THURSDAY 14 MAY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Change of steppe The Picasso paradox Bring it on

Central Asia’s scary succession Those seeking intrinsic value in art should Being stressed out is good
prospects — BIG READ, PAGE 9 look elsewhere — JOHN GAPPER, PAGE 11 for you — BUSINESS LIFE, PAGE 12

Saudi Arabia sees success in fight Briefing

i O’Neill warns drug groups on antibiotics

to retain dominance of global oil

Drugs groups would be hit by a backlash similar to
that suffered by banks if they refused to develop
new antibiotics, former Goldman Sachs chief
economist Jim O’Neill, who leads an inquiry into
antimicrobial resistance, has warned.— PAGE 4

i Uber picks up Google’s Whetstone

3 Output strategy squeezes US shale 3 Price fall ‘deterred’ investment in costly sources
The new
oil order
ft.com/new-oil
THE NEW OIL OR
ANJLI RAVAL — RIYADH
Saudi Arabia says its strategy of squeez-
ing high-cost rivals such as US shale
producers is succeeding, as the world’s
largest crude exporter seeks to reassert
itself as the dominant force in the global
oil market.
The kingdom’s production rose to a
record high of 10.3m barrels a day in
April and there is no sign that it plans to
reverse its policy at next month’s meet-
ing of Opec, the producers’ cartel.
“There is no doubt about it, the price
fall of the last several months has
deterred investors away from expensive
oil, including US shale, deep offshore
and heavy oils,” a Saudi official told the
Financial Times in Riyadh, giving a rare
insight into the kingdom’s thinking on
oil strategy.
The International Energy Agency, the
world’s leading forecaster, released data
yesterday backing up the Saudi posi-
tion. It said that with the number of rigs
running in the US plunging 60 per cent
in response to lower oil prices, US shale
production had “buckled” in April,
“bringing a multiyear winning streak to
an apparent close”.
But the IEA also cautioned that it
would be “premature” to suggest that
Opec had “won the battle for market
share”. It said global crude supply was
growing, even from high-cost areas such
as Brazil, as well as from other Opec
member states such as Iran and Iraq.
However, the Saudi official said he
expected the kingdom to maintain its
dominance of global energy, despite the
growth of alternatives to fossil fuels and
competition from rival oil producers
within Opec and beyond. “Saudi Arabia
wants to extend the age of oil,” he said.
“We want oil to continue to be used as a
Uber has poached Google’s Rachel Whetstone, less
than a year after the car-hailing service hired
former presidential adviser David Plouffe to
smooth its relationship with regulators.— PAGE 15
i Rebel investors seek to block Diamond
Former Barclays chief Bob Diamond
suffered a rebellion at the annual
meeting of his African financial
services vehicle after 9 per cent of
votes opposed his re-election to the
board.— PAGE 18; LOMBARD, PAGE 20
i Osborne makes offer to English cities
Chancellor George Osborne will announce a law
offering big English cities unprecedented tax and
spending powers if they follow Greater Manchester
and elect a metro-mayor.— PAGE 2
i Shoppers boost eurozone growth
A spending spree triggered by the plunge in energy
prices helped boost eurozone growth to 0.4 per cent
in the first quarter, as the region made further
strides towards a meaningful recovery.— PAGE 6
i Concern at Netanyahu justice choice
Moderates are worried over the appointment as
justice minister of Ayelet Shaked, who supports
deporting African immigrants and believes Israel’s
Army Radio has a leftwing bias.— PAGE 8
US president major source of energy and we want to oil price to be economic such as US shale about $45 in January, Brent, the interna-
Barack Obama be the major producer of that energy.” drillers and companies operating in tional crude benchmark, is now back up i Red light over national house prices
met Saudi He was speaking nearly six months Brazil’s offshore fields. at about $68. The official said the price The affordability of homes “is a national
Crown Prince after Opec decided to keep output Expectations are already rising that of oil had “reached a bottom” and it emergency” the Royal Institute of Chartered
Mohammed bin steady rather than play its traditional the market could start to tighten by “doesn’t look like it is going back”. Surveyors has warned, as prices rise all over the
Nayef at the role of cutting production to support midyear, which the IEA identified yes- But US shale producers would disa- country for the first time since the summer.— PAGE 4
White House prices. Saudi officials later explained terday as one of the reasons for the gree that Saudi Arabia has succeeded in
yesterday — Kevin that the policy was designed to put pres- recent rally in the oil price. Having squeezing them. The US oil industry has Datawatch
Lamarque/Reuters
sure on producers that require a higher crashed from $115 a barrel last June to slowed down but EOG Resources, the
country’s largest shale oil producer,
recently forecast a return to “double- Largest media companies
Saudi oil production By global ad revenues ($bn)
Google is the largest
Million barrels per day digit” production growth if the US media owner, with
Google advertising
10 benchmark — West Texas Intermediate 15.8%
revenues more than
— rises to $65 per barrel or higher. It is Walt Disney
5.5% double those of
8 currently trading at about $61. Comcast Disney last year. It
The Saudi official admitted -3.9%
21st Century Fox has benefited from
6 “increased efficiencies” were likely as 11.6% making its search
US shale and other producers adjusted CBS Corp
6.2% 2013 2014 functions more
4 to lower prices. He also said the impact Bertelsmann Numbers on bars available via mobile,
of the price rebound remained -3.2% = annual % change but the main
Facebook
2 “unknown” and “there is not yet any 63.3% beneficiary of the
clarity on the US supply curve and 0 10 20 30 40 50 rise of the mobile
1975 80 90 2000 10 15 drivers”. Source: ZenithOptimedia has been Facebook
Sources: IEA; Opec (Apr) Trouble brews page 7

Rigour of BoE’s forex probe called into

Fishy tales show how Charles
sought to reel in ministers
The dominance of supermarkets,
herbal medicine, the badger, the
albatross and the Patagonian toothfish
(pictured) are among subjects covered
in 27 letters from Prince Charles to
ministers that have been released after
a 10-year legal battle. The heir to the
throne also wrote to then premier
Tony Blair in 2004 to protest about a
defence budget that left troops
without the ‘necessary resources’.
Report i PAGE 3
question by US move to quiz trader
CAROLINE BINHAM AND
LINDSAY FORTADO — LONDON
GINA CHON — WASHINGTON
The integrity of a Bank of England
inquiry is in question as US prosecutors
probe what the bank knew about trad-
ers’ behaviour in the foreign exchange
market.
The US Department of Justice has
requested an interview with a senior
Royal Bank of Scotland forex trader
questioned as part of the BoE’s probe
into whether any of its officials knew of
or connived in manipulation of forex,
one of the world’s biggest financial mar-
kets. US prosecutors are concerned over
the thoroughness of the BoE’s report
and the way its inquiry was handled, say
people familiar with the situation.
The DoJ request, made without
informing the UK authorities, comes at
a sensitive time for the bank, which is
trying to reform its image to be a more
transparent and accountable institu-
tion, even as it has been drawn into an
unprecedented criminal investigation
by the UK Serious Fraud Office. The SFO
is separately looking at the extent of any
BoE officials’ involvement in the alleged
manipulation of money-market auc-
tions at the onset of the financial crisis.
The BoE’s earlier £3m forex inquiry,
led by Lord Grabiner QC, a veteran City
litigator, cleared bank officials of any
wrongdoing but said an official — who
has since been dismissed for unrelated
matters — should have escalated con-
cerns to superiors.
Questions have already been asked
about the thoroughness of the forex
report, with the Treasury select com-
mittee this year raising concerns over
whether the terms of the inquiry were
too narrow. At the time Mark Carney,
BoE governor, told the committee that
the original Grabiner report was “thor-
ough and comprehensive” and that the
barrister had “free rein to investigate
absolutely anything”. The bank
declined to comment further yesterday
and the DoJ declined to comment.
The DoJ has asked to interview James
Pearson, head of RBS’s European forex
trading, at the US embassy, according to
people familiar with the situation.
Mr Pearson is in an unusual position
as he is not being investigated by the DoJ
as part of its criminal probe. Part of that
investigation is due to be settled immi-
nently with five banks, including RBS,
paying a total of $6bn in fines.
However, the DoJ, as well as the SFO,
are continuing with their criminal
investigations into individuals.
BoE predicts inflation rise page 3

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2 ★★★ FINANCIAL TIMES Thursday 14 May 2015

NATIONAL

Manchester speech Scotland

Osborne offers big cities a deal on self-rule Sturgeon calls

Tax and spending powers The cities devolution bill is being pre-
sented as an English counterweight to
to be given to regions only
if they elect metro-mayors
the promise by David Cameron, the
prime minister, of the transfer of new
fiscal powers to the Scottish parliament.
GEORGE PARKER, ANDREW BOUNDS But Mr Osborne will make clear in a
AND CHRIS TIGHE speech in Manchester that he will give
cities power over issues such as trans-
George Osborne will announce a law port, housing, skills and healthcare only
today offering the big cities of England if they embrace his “radical new model
unprecedented new powers, but only if of city government”.
they follow Greater Manchester in He will say: “It’s right people have a
adopting an elected metro-mayor. single point of accountability: someone
The chancellor will claim “the old they elect, who takes the decision and
model of trying to run everything in our carries the can. I will not impose this
country from the centre is broken” and model on anyone but nor will I settle for
that he wants to transfer tax and spend- less. London has a mayor.”
ing powers from Westminster to a new Mr Osborne sees Greater Manchester
group of big-city mayors. as “the blueprint” for this new model.
Labour party. Emotional appeals
The city and its surrounding towns have
opted for an elected metro-mayor and
are at the heart of the chancellor’s
“northern powerhouse” plan. He has
offered Manchester £1bn of spending
power over transport, skills and other
areas, as well as joint control of £6bn of
health and social care spending.
But other cities such as Leeds, Liver-
pool, Sheffield and Birmingham have so
far resisted the idea of elected mayors.
Mr Osborne’s offer is intended as a big
inducement to change their minds.
Many cities have formed so-called
combined authorities along the lines of
Greater Manchester that pool decision-
making across city regions such as West
Yorkshire and Merseyside. Combined
authorities centred on Leeds and Shef-
field have been granted some additional
powers, but not on the scale of those
offered to Manchester.
There remains fierce debate on how
far devolution should go and which cit-
ies should be eligible.
The Core Cities group, representing
England’s eight largest city economies
outside London as well as Glasgow and
Cardiff, will launch a “devolution decla-
ration” today for further and faster
reform. The Key Cities body, comprising
26 smaller cities, is arguing they should
have control over taxes ranging from
VAT to stamp duty and council tax.
Meanwhile, Conservative-led author-
ities in the south and Midlands want to
be included in the process.
“They are saying; why are you giving
all this stuff to Labour councils in the
north?” said Jonathan Carr-West of the
Local Government Information Unit, a
local democracy think-tank.
In 2012 the Conservatives offered ref-
erendums on single-city mayors in 12
places but only Liverpool (the city, but
not the Merseyside city region) and
Bristol adopted the model.
Last week’s local elections showed
how voters’ choice of elected mayors
can be radically different from their
choice of MPs and councillors. The six
elected mayors comprised two inde-
pendents, one Liberal Democrat, one
Labour and one Conservative.
Manchester’s interim mayor will be
chosen by councillors on May 29. A city-
wide election will be held in 2017.
for fresh talks
with London
on devolution
MURE DICKIE — EDINBURGH
The Scottish government has
demanded a new round of devolution
discussions, saying last week’s general
election result showed powers already
promised by the UK government “do
not go far enough”.
In a parliamentary statement Nicola
Sturgeon, first minister and leader of
the triumphant Scottish National party,
said the election had left the Conserva-
tive party with “no mandate” in Scot-
land.
Ms Sturgeon’s call sets the ground for
the first confrontation between Edin-
burgh and London in the new political
era ushered in by the SNP’s crushing vic-
tory in Scotland last Thursday.

Burnham and Cooper enter leadership race
Shadow ministers add to
crowded field for competition
set to run through the summer
JIM PICKARD
— CHIEF POLITICAL CORRESPONDENT
Andy Burnham and Yvette Cooper have
joined the race for the leadership of
Labour as it seeks to claw its way back
from an election defeat that has left
party members emotionally flattened.
Mr Burnham, shadow health secre-
tary, has been building a strong support
base for years, fuelling claims of disloy-
alty from Ed Miliband’s inner circle.
He has garnered the backing of many
left-leaning and northern MPs who
believe that he can reach out to alien-
ated former voters.
The bigger Labour-supporting
unions, who still wield huge financial
clout over the party, are also expected to
endorse him.
In a 90-second video message
Mr Burnham warned that his party had
“lost its emotional connection with mil-
lions of people” in its worst election
defeat for 30 years.
The 45-year-old Liverpudlian said
that Labour’s challenge was to go nei-
ther left nor right. He said voters could
relate to him because he could “under-
stand their lives”, arguing that his party
needed to reach out both to people on
zero-hours contracts and John
Lewis shoppers.
Mr Miliband stepped down on Friday,
just hours after leading his party to a
defeat of historic proportions, leaving a
crowded field of potential candidates to
replace him.
Yvette Cooper, shadow home secre-
tary, also declared her candidacy. Writ-
ing in the Daily Mirror, she pledged to
make life better for families, saying she
wanted Labour to be “credible, compas-
sionate, creative and connected to the
day-to-day realities of life”.
Ms Cooper worked closely under
Gordon Brown with the triumvirate that
ran the party until last Thursday;
Mr Miliband, Douglas Alexander and
Ed Balls, her husband.
Until last week she was the bookmak-
ers’ favourite for the post but she faces
a strong challenge for the position of
“continuity candidate” against Mr
Burnham, who was health secretary
under Mr Brown.
Labour’s governing body announ-
Andy Burnham, ced yesterday that there would be a con-
above, and test through the summer, with the result
Yvette Cooper, announced at a special conference on
below, will vie September 12. That would allow the new
for the mantle leader to make a speech at the party
of ‘continuity conference at the end of September.
candidate’ Ms Cooper’s odds have drifted as
Carl Court/Getty Images attention turns to other frontrunners
such as Chuka Umunna, shadow busi-
ness secretary. Mr Umunna launched
his bid with a video shot on a high street
in Swindon, the Wiltshire town that
Labour failed to seize from the Tories
last week.
The Facebook clip appeared delib-
erately amateurish in what was
seen as an attempt to deflect criti-
cism of the Streatham MP’s
overly smooth reputation.
With the backing of Lord
Mandelson, the co-architect of
New Labour, Mr Umunna has
distanced himself from Mr
Miliband’s leadership with a
promise to enshrine “aspiration”
at the heart of his leadership bid. He
faces competition from Liz Kendall, the
Blairite shadow social care minister,
who has already declared her candi-
dacy. Tristram Hunt, shadow education
secretary, is an outside bet.
Mr Miliband, who thought he could
win the election up until 10pm last
Thursday, is now on holiday in Ibiza,
leaving behind a party struggling to
come to terms with defeat.
The scale of Labour’s humiliation,
sinking from 258 seats to 232, is worse
than any scenario envisaged by most of
its MPs. Marc Stears, speech writer to
Mr Miliband, had written several drafts
for his speech last Friday — but none of
them involved resignation.
“I never thought we would be in this
position,” said one member of the
shadow cabinet. “It’s taking a while to
come to terms with it.”
But in the corridors of the House
of Commons, talk among Labour MPs
and activists has turned to Mr Mili-
Timetable of vote
June 9 MPs’ nominations open
June 17 Hustings period starts
August 12 Cut-off for new
members to be eligible
September 12 Conference to
announce result
band’s successor. The Financial Times
revealed on Tuesday that the unions are
racing to sign up “affiliated supporters”
to take part in the leadership election.
In the past the influence of union
members was limited to only a third of
the electoral college, with MPs and
members each having another third.
Labour’s new election process has
introduced a “one member one vote”
5/4 system. Union members, who can affili-
Chuka Umunna ate for free, will have the same voting
rights as those paying full £46.56 mem-
9/4 bership. It means they could end up out-
Andy Burnham numbering full members.
5/1 Unite has engaged an external “pro-
Yvette Cooper fessional engagement operation” — sim-
6/1 ilar to a call-centre — to sign up as many
of its 1m-plus members as possible
Liz Kendall
before the contest begins.
8/1 Unions will no longer send out ballot
Tristram Hunt papers: in 2010 they stuffed envelopes
(expected to with pro-Miliband leaflets. Yet they can
declare)
still contact members via letters, calls or
Odds: Paddy Power
emails recommending a candidate.
David Mundell, the UK secretary of
state for Scotland, said this week that
the new Conservative government
would rapidly implement a cross-party
deal on powers brokered last year by
Lord Smith of Kelvin, but would not go
further.
Ms Sturgeon, whose party won 56 of
Scotland’s 59 Westminster seats,
insisted the election showed a “signifi-
cant proportion” of voters were not sat-
isfied with the Smith package, which
would allow Edinburgh to set the rates
and bands of income tax and give it con-
trol over about £2.5bn worth of welfare
spending.
“If the prime minister and his govern-
ment mean what they say about
respecting the outcome of the election
in Scotland, they must now agree with
us a process that looks again at the
Smith Commission proposals, with a
view to extending devolution even fur-
ther,” Ms Sturgeon said.
“That must be a process that is made
in Scotland — and one that involves
wider Scottish society,” she said, adding
she would make the case directly to
David Cameron, prime minister, when
they meet for the first time since the
election this week.
Mr Mundell, who was promoted to Mr
Cameron’s cabinet on Monday, said he
would aim to pass legislation on the
Smith proposals within months.
But Mr Mundell said the UK govern-
ment hoped this would be the last act of
devolution to Scotland this parliament.
“I don’t think people in Scotland want to
have a constant constitutional debate,”
he said.
The SNP has called for “full fiscal
autonomy” from the UK for Scotland,
but Ms Sturgeon made clear this was not
a priority amid an oil price fall that
experts say would mean an annual gov-
ernment funding gap of more than
£7bn.
Instead, Ms Sturgeon said she would
first seek power over “employment pol-
icy, including the minimum wage, wel-
fare, business taxes, national insurance
and equality policy”.
In a move to build momentum for
more powers, Ms Sturgeon yesterday
signed an agreement with the Scottish
Trades Union Congress to campaign for
“full devolution” of powers over the
minimum wage, trade union and
employment law, health and safety law
and equality legislation.
“The STUC strongly believes that the
programme of the new UK government
will inevitably result in a weaker econ-
omy and a significant increase in ine-
quality,” said Grahame Smith, STUC
general secretary.

House of Lords. Policy

A private bank unlike
any other. Ennobled opponents intent on disrupting Cameron’s plans
atives have 224, against 213 on the to oppose government legislation prom- said one Conservative peer. Downing
In the upper chamber, the Labour benches, 101 Lib Dems and 178 ised in an election manifesto. The doc- Street said: “We are very hopeful we will
losers in the election have the cross-benchers who are not affiliated to trine was devised after Labour’s land- be able to get our legislation through
any party and vote as they please. slide election victory in 1945 to protect and we are focused on our manifesto
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EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) ment in 2005-2010 fared less well in Lords — there were only 16 Labour peers ernment can deliver its manifesto.”
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Tel: 020 7873 3000; Fax: 020 7407 5700 outright majority for 18 years and a the last parliament was House of Lords our bills. So the convention will apply,” finding £12bn of welfare savings.
Editor: Lionel Barber Reprints mandate to implement their manifesto reform. That aim was thwarted by Con- “It will be difficult for Cameron,” said
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Thursday 14 May 2015
BoE cuts growth outlook and predicts
steady inflation rise by end of year
Central bank indicates interest rates are likely to start increasing in mid-2016
CHRIS GILES — ECONOMICS EDITOR
The Bank of England has sounded a
more cautious note on Britain’s econ-
omy, replacing extremely optimistic
growth forecasts from February with
steady expansion and stable inflation.
Although it downgraded its forecast,
the central bank said yesterday that
“the outlook for growth remains solid”,
with its quarterly inflation report ini-
tially predicting expansion would come
from more falls in unemployment and,
subsequently, a pick-up in productivity
growth.
Forecasting that inflation would
remain close to zero before rising
towards the end of this year to move
back to its 2 per cent target, the BoE sug-
gested interest rates were likely to rise
for the first time in the middle of 2016
and continue on a gradual path higher to
about 1.5 per cent in three years’ time.
George Osborne, chancellor, will be
disappointed the BoE has downgraded
its forecast, but the change brings the
BoE outlook more into line with that of
other forecasters, including the Office
for Budget Responsibility.
The BoE’s forecasts have been more
positive than the OBR’s for some time.
In March, the OBR forecasted that real
gross domestic product growth for 2015
and 2016 would be 2.5 and 2.3 per cent
respectively.
After relatively weak 0.3 per cent
growth in the first quarter of 2015, the
Predicting any ‘pick-up
in productivity growth
remains our most
difficult judgment’
BoE yesterday reduced its central fore-
cast for the full year to 2.6 per cent, from
its 2.9 per cent estimate in February.
It has also revised its prediction for
expansion in 2016 and 2017, cutting it by
a similar amount to average 2.5 per cent
— because of a more pessimistic outlook
for growth in productivity (the amount
of output per worker or hour worked)
and labour supply.
“Productivity growth has been per-
sistently weak since the start of the crisis
and, despite the pickup in output
growth, has remained subdued in recent
years,” the inflation report said.
Mark Carney, governor, said the BoE
had limited tools to raise productivity
growth. “Monetary policy . . . can only
provide a foundation,” he said, adding
that “the timing and extent of any pro-
spective pick-up in productivity growth
remains our most difficult judgment”.
Ben Broadbent, deputy governor for
monetary policy, said that he still held
out hope that the BoE would be right
about a productivity pick-up this time
even though it has been wrong many
times before. He reasoned that because
the BoE could blame weak productivity
on a temporary increase in low-wage
jobs last year, there was more scope for a
pick-up in future.
The central bank’s more pessimistic
productivity outlook is why its medi-
um-term inflation forecast held up even
though the BoE now expects a slower
recovery.
Self-employed
Doubt cast on entrepreneurs’ Centrica extends supply deals
benefits to local economies with Gazprom and Statoil
CHRIS TIGHE
Many areas with low rates of self-em-
ployment in 1921 still had low rates 90
years later, according to a new study
which casts doubt on the effectiveness
of entrepreneurship in boosting flag-
ging local economies.
The research — which defines entrepre-
neurship as being self-employed —
implies it may be a response to wealth
creation rather than a cause of it. It also
shows that five of the 10 English and
Welsh local authority districts with the
lowest self-employment rates in 1971
were still in the bottom 10.
Every London borough increased its
league table position by 2011 compared
with 1971 while several towns in north-
west England slid down the table.
But the study, based on census data,
does not reveal a simple north-south
divide; the decline in self-employment
has hit coastal towns in the south as well
as the north. Big fallers included Black-
pool, Bournemouth, and Weymouth
and Portland.
The researchers, Professor David Sto-
rey from Sussex university and Georgios
Fotopoulos at Sheffield university,
Mixed bag Productivity conundrum remains amid expansion
The bank cut its forecast for growth ...
Annual % change in real GDP
Actual Feb 2015 May 2015
forecast forecast
2010 11 12 13 14 15
... productivity growth is expected
to be lower this year ...
Annual % change in GDP per hour worked
Actual
Feb 2015 forecast
May 2015 forecast
2000 02 04 06 08 10 12
FT graphic Source: Bank of England
Jobs
Pay packets swell and
unemployment falls to 5.5%
Workers enjoyed slightly higher pay
growth than expected in the first quarter
while unemployment fell and the
employment rate rose to a fresh high.
The workforce expanded 202,000 and
offered some hope that wage growth —
long missing from the economic
recovery — is beginning to pick up.
After six years of falling real pay, the
pick-up in nominal salaries, along with
inflation’s slide to zero, means real
wages are rising at the fastest pace since
2007.
argue the prime factor influencing lev-
els of self-employment is employee
wages. Their analysis raises doubt about
a central assumption of successive UK
governments from the 1979 Thatcher
administration onwards.
“Governments have been continually
saying that we need to create an entre-
preneurial environment in which new
and small firms can thrive,” says Prof
Storey. “But the evidence is that the big
factors which influence entrepreneurial
activity are not those which relate to
government policy.”
Entrepreneurship falls when wages
do so, the researchers contend, and con-
versely, it rises along with pay. Coastal
towns have been hit by changing holi-
day patterns with more families opting
to go abroad. London, on the other
hand, has seen increasing economic
activity, driving up incomes. Areas
experiencing a rise in the proportion of
55 to 64-year-olds are also more likely to
have an increase in entrepreneurship.
In 1921, about 2.5 per cent to 3 per
cent of the economically active popula-
tion was self-employed, a figure which
doubles to 5-6 per cent in 1971. In 2011 it
had grown to 13.7 per cent.
★ FINANCIAL TIMES
NATIONAL
... but the outlook for inflation is almost
unchanged ...
Annual % change in CPI
3.0
2.5
2.0
1.5
1.0
0.5
0 0
16 17 2011 12
... with the first rise in interest
rates now expected in mid-2016
Level of bank rate implied by forward market interest rates
6
(%)
Feb 2015 forecast
4 May 2015 forecast
2 1.0
0 Andrew Benito of Goldman Sachs said
-2
14 17 2015
But economists warned there was still
no improvement in productivity, which
has flatlined since the 2008 recession,
raising questions over the sustainability
of the recovery in living standards.
Average weekly pay (excluding
bonuses) between January and March
was 2.2 per cent higher than a year ago.
This is the highest growth rate since
mid-2011. Pay including bonuses was up
1.9 per cent. The figures were slightly
higher than economists expected but
were much lower than the wage growth
seen before the financial crisis, when it
averaged about 4 per cent a year.
The employment rate rose from 73.4
to 73.5 per cent, a record, and the
unemployment rate fell to 5.5 per cent,
the lowest level since 2008 and near the
pre-crisis average of 5.3 per cent.
Almost all the jobs created in the past
year were “traditional” full-time roles, in
sharp contrast with the earlier stages of
Energy
CHRISTOPHER ADAMS
— ENERGY EDITOR
Millions of UK households are to
receive more gas sourced from the Rus-
sian state-controlled energy group
Gazprom after Centrica, owner of Brit-
ish Gas, agreed to buy greater volumes
from the group’s marketing arm.
Centrica said yesterday it had extended
a gas supply contract with Gazprom
Marketing & Trading (GM&T), a UK-
based subsidiary, taking the average
volume of gas supplied by the Russian
group to 4.16bn cubic metres (bcm) a
year and the total volume delivered
under a long-term deal to 29.1 bcm.
This marks a 70 per cent increase in
average annual volumes from Gazprom
to Britain’s biggest domestic supplier,
and points to growing commercial links
between the two companies amid a
heightened risk of tighter sanctions
against Russia over the Ukraine conflict.
The deal also highlights Britain’s
increased reliance on imports to meet
consumption needs as production from
North Sea fields declines. Offshore UK
oil and gas output fell 1.1 per cent last
year to 1.42m barrels of oil per day
Alex Segre/Alamy
Actual
Feb 2015 forecast
May 2015 forecast
13 14 15 16 17
16 17 18
the recovery when self-employment and
part-time work accounted for most of
the growth.
Matthew Whittaker, chief economist at
the Resolution Foundation think-tank,
said Britain’s pay recovery appeared to
be on a “surer footing”. But he warned
that “the longer-term challenge —
arguably the key one facing the new
government — is encouraging
productivity gains to ensure that the
current level of real wage growth holds
as inflation returns to normal.”
John Philpott of the Jobs Economist
consultancy said the “most encouraging
[news] of all” was that pay was rising
fastest in low-wage sectors.
The Conservatives want to see
another 2m jobs created by 2020. But
independent watchdog the Office for
Budget Responsibility forecasts
employment will only rise half as quickly
as the Tories hope. Sarah O’Connor
equivalent, extending a longer-term
slide, according to figures from industry
group Oil & Gas UK.
Gazprom has had a formal trading
relationship since at least 2012 with
Centrica, which has nearly 15m UK
accounts for gas and electricity.
That contract was due to run for three
years from October 2014, and has been
extended until 2021, with the greater
volumes being supplied from this year.
The gas is sourced from a global port-
folio by London-based GM&T and is not
managed by Moscow.
However, it comes amid increased
scrutiny of Gazprom’s role in European
gas markets, with the European Com-
mission accusing the group of illegally
overcharging customers.
“Without Russian volumes coming
into Europe, Europe’s supply-demand
balance would change significantly,”
said Iain Conn, Centrica chief executive.
Centrica added it was also increasing
the volume of gas it was buying from
Norway’s Statoil. The UK group signed a
10-year deal with Statoil in 2011 for the
supply of 5 bcm of gas a year, from Octo-
ber 2015. The new deal will increase that
by a further 2.3 bcm a year.
Inflation is still more likely than not to
fall into negative territory in the coming
months, Mr Carney said, but he once
again rejected that this was a sign of
damaging deflation, particularly when
household spending was robust.
The BoE’s forecasts were based on the
assumption that interest rates would
begin to rise gradually next summer and
reach 1.4 per cent by spring 2018. Even
though the BoE judged there to be only a
little slack left in the labour market for
unemployment to fall, Mr Carney said
he was not worried about inflationary
pressure and slack was only one indica-
tor the BoE looked at when setting rates.
Instead, Mr Carney said that the lim-
ited rise in expected interest rates
stemmed from “persistent headwinds
[after the financial crisis] which con-
tinue to weigh on the UK economy from
weaker global demand, sustained fiscal
consolidation, ongoing private delever-
aging and, with time, higher financial
intermediation costs”.
5 The governor’s concern about the
impact of the government’s efforts to
4 reduce the UK’s deficit came as the
European Commission cited Britain as a
3 country “not taking effective action” to
quickly lower its deficit below 3 per cent
2 of national income.
The bank does not publish forecasts
1 for when it is likely to raise interest rates
from their historical low of 0.5 per cent,
but said its outlook implied “only grad-
18 ual rises in [the] bank rate over the next
‘Persistent headwinds
continue to weigh on
the UK economy from
weaker global demand’
1.4
few years”. Most economists said the
1.2 BoE’s report validated the market’s
existing expectations for interest rates
and should be viewed as neutral for
0.8 interest rates.
0.6 the Monetary Policy Committee still
0.4 thought that inflation could be lower
than its forecasts. “The first step of the
committee to actively prepare the way
for a rate rise will be to remove that
downside risk,” he added.
David Tinsley at UBS said the report
was “straight down the middle”.
Questioned on recent moves higher in
government bond prices, Mr Carney
said there was little to be worried about
yet. “If you look at the broad brush in
terms of where the bond market is, even
with the moves upwards, it is only par-
tial retracement of moves over the
course of the past year . . . More broadly
real interest rates are still flat to nega-
tive for quite some time”.
Interest rates set at 0.5 per cent were
still providing a stimulus to the econ-
omy, he added.
On the UK’s intensifying discussions
with Europe, the governor said that the
BoE had not yet seen any caution in
companies regarding the possibility of
an in-out referendum on membership
of the EU but conceded that the bank
would continue to look at the matter
closely as “it could be an important
determinant of the forecast”.
Editorial Comment page 10
3
Charles letters
Chronicles of
the prince and
the Patagonia
toothfish
MARK ODELL AND JIM PICKARD
Prince Charles wrote to Tony Blair
while he was prime minister in 2004 to
protest at “pressure on the defence
budget” that was leaving troops with-
out the “necessary resources”, accord-
ing to private correspondence released
by the government yesterday.
The letter is one of 27 that have been
released following a lengthy legal battle.
The correspondence between the heir to
the throne and seven government
departments covers an eight-month
period and includes subjects as diverse
as badger culling, herbal medicine and
the dominance of supermarkets.
In one letter to the environment
department, he tells Elliot Morley, the
fisheries minister: “I particularly hope
the illegal fishing of the Patagonian
toothfish will be high on your list of pri-
orities because until that trade is
stopped, there is little hope for the poor
old albatross, for which I shall continue
to campaign.” He also asked if there was
any role the Royal Navy might play in
preventing illegal fishing.
Dubbed the “black spider memos”
because of the prince’s distinctive hand-
writing, the letters offer a glimpse at the
private views and beliefs of the heir to
the throne, but few big surprises.
There is an unwritten rule that British
monarchs never speak out on political
matters and the Queen has never com-
mented in public on political issues dur-
ing her 60-year reign. But Prince
Charles has for decades sought to influ-
ence public opinion on issues such as
architecture and the environment
through speeches and articles.
In the letter to Mr Blair, Prince
Charles raised concerns about the per-
formance of the Lynx, one of the army’s
main helicopters, which could not cope
with the high temperatures encoun-
tered in Iraq and Afghanistan.
The prince also complained to Mr
Blair about the delay in replacing the
ageing Lynx aircraft, writing: “The pro-
curement of new aircraft to replace the
Lynx is subject to further delays and
uncertainty due to the significant pres-
sure on the defence budget.”
Mr Blair replied about a month later,
assuring Prince Charles, who holds an
honorary five-star rank in all three
armed services, that “our future invest-
ment in helicopters will be substantial”.
The letters have been released follow-
ing a 10-year legal battle between the
government and the Guardian newspa-
per. Ministers sought to protect Prince
Charles from scrutiny in late 2012 when
Dominic Grieve, then attorney-general,
blocked the release of the letters
months after the Guardian won a tribu-
nal that ordered their publication.
But in March, the Supreme Court
overturned the government veto.
Clarence House said the prince’s 600-
plus engagements a year gave him “a
unique perspective” and said Prince
Charles believed he “should have the
right to communicate privately”.
It said this view was supported by par-
liament, which amended the Freedom
of Information Act in 2010 to exempt
the prince and the Queen from further
publication of correspondence.
Additional reporting by Jane Croft and
Helen Warrell
4 ★
Antibiotics commission
Drugmakers face backlash like banks, warns O’Neill
Former Goldman chief
economist says rise in
deaths will hit reputations
ANDREW WARD
— PHARMACEUTICALS CORRESPONDENT
Pharmaceuticals companies risk a
backlash similar to the one experienced
by banks after the financial crisis if they
fail to invest more in new antibiotics,
according to the head of a government-
backed commission looking into the
problem of antimicrobial resistance.
Jim O’Neill, former chief economist at
Big hurdles ahead for Tories’ home ownership pledge
Promise to protect greenbelt
and localist approach to
planning are main obstacles
KATE ALLEN AND JIM PICKARD
Greg Clark, the new communities secre-
tary, faces the difficult task of fulfilling
his party’s election promise to get more
people on to the housing ladder without
causing another property bubble.
The appointment of the MP for Tun-
bridge Wells marks a striking change of
tone compared with his predecessor
Eric Pickles. He had waged war on his
own ministry, attacking what he saw as
wasteful spending at the Department
for Communities and Local Govern-
ment. The gruff rightwinger relished the
deep cuts that he was tasked with
administering to social housing and
local councils.
The more mild-mannered Mr Clark is
likely to adopt a less combative
approach, even as he has to conduct
another round of spending reductions.
A Tory moderniser who attended a
state school in Middlesbrough, he was in
the shadow cabinet before the 2010
election but failed to reach the top table
because space had to be made for Lib-
eral Democrats. He worked in a series of
second-tier ministerial briefs including
universities and cities, where he
devolved powers through several “city
deals”, including Manchester’s flagship
settlement. More such agreements,
handing down power and money from
Whitehall, are expected during the next
five years.
The first thing on Mr Clark’s desk is
how to execute a set of potentially con-
flicting policies. Election promises on
home ownership and housebuilding
included selling 200,000 new homes to
first-time buyers at a 20 per cent dis-
count, continuing the Help to Buy sub-
sidy and giving housing association ten-
ants the right to buy their homes.
But a pledge to protect the greenbelt
and a localist approach to planning
introduced by the previous coalition
will make it harder to expand the supply
of new homes, market observers say.
Meanwhile, a vow to keep mortgage
costs low could add to the upward pres-
sure on house prices from the lack of
new supply.
Gavin Smart, deputy chief executive
of the Chartered Institute of Housing,
said the Conservatives know there is a
housing supply crisis and that the coun-
try needs to build a lot more homes. But
without increasing housebuilding vol-
umes, the new government’s support for
home ownership risks pushing up
prices. “Supporting people into home
ownership helps the people it helps, but
if we don’t match that with a coherent
supply plan, then the most likely result
will be house price rises,” he said.
Matthew Pointon of Capital Econom-
ics said the Conservatives’ austerity
plans were “likely to allow interest rates
Obituary
Milton Keynes
pioneer who
blended utopia
and nostalgia
Derek Walker
Architect
1929-2015
Goldman Sachs, said drug companies
would be blamed for the rising number
of deaths from drug-resistant superbugs
if they refused to contribute to global
efforts to develop a new generation of
anti-infective medicines.
Drug companies have cut investment
in antibiotic research in recent decades
and focused instead on higher-margin
products such as cancer drugs. Mr
O’Neill said this reminded him of the
way banks concentrated on exotic
financial instruments before the 2008
crash while neglecting their broader
social responsibilities.
“If we get closer to 2050 and there are
Housing. Lack of supply
In demand: a housing estate being built in north London. The shortfall in new home starts is set to hit 180,000 a year over the rest of this decade — Neil Hall/Reuters
Right to Buy
Legal advice sought
over extending scheme
The Conservatives’ high-profile
election promise to extend the Right
to Buy to housing associations could
get bogged down by legal wrangling,
experts have warned.
The plan is the biggest extension
to date of one of Margaret Thatcher’s
policies, which has seen nearly 2m
council tenants become homeowners
in the past three decades. Now 1.3m
housing association tenants are set to
get the same opportunity.
But before the election, the CBI
employers’ group said the Right to
Buy plan “doesn’t solve the problem of
boosting supply of affordable homes”.
The Institute for Fiscal Studies called
it “a significant giveaway to tenants”,
which “would worsen the UK’s
underlying public finance position”.
Senior figures in the sector have
sought legal advice in recent weeks
on how to challenge any government
move to force them to sell homes.
Housing associations are
independent not-for-profit private
organisations, and many are charities.
Milton Keynes took a while to be recog-
nised as a pivotal work of British mod-
ernism but, in the end, it was. Its chief
architect, Derek Walker, who died on
Monday at age 85, lived to see it reas-
sessed and his most prominent build-
ing, the Central Milton Keynes shopping
centre, given protected heritage status.
The Buckinghamshire development
was the last of the postwar new towns
and became the most successful. It
embodied the ambitions of a complex
moment when Britain was looking back
nostalgically to an idealised past of coun-
try roads and villages and forward to a
utopian future of a gridded city domi-
nated by the car and based on a rather
English interpretation of Los Angeles.
Walker’s architectural and urban vision
was at the heart of that success.
The original designs for Walker’s
shopping centre featured a façade of
LED lighting to make it a huge electric
billboard and the sketch showed an
animated horse — a symbol that could
FINANCIAL TIMES
NATIONAL
10m people around the world dying
[from drug-resistant infections], guess
who is going to be blamed?”
The warning was made as he unveiled
a multibillion-dollar plan to revive anti-
biotic research and development, with
industry expected to help finance the
scheme along with taxpayers.
Mr O’Neill was appointed by David
Cameron, prime minister, last year to
find solutions to the market failures that
have caused the antibiotics pipeline to
dry up.
In its most detailed proposals so far,
his commission today said drug compa-
nies should receive lump-sum, upfront
A move to control their activities risks
bringing their finances on to the public
sector balance sheet; associations
have borrowed more than £62bn from
banks and bond investors to date.
Moody’s, the credit rating agency,
which rates 43 of the country’s largest
housing associations, said the move
could hit their financial viability,
risking their ability to raise private
finance to pay for new housebuilding.
Jeanne Harrison, Moody’s analyst,
said Right to Buy sales would “give
housing associations short-term
cash flow upside”, but may “erode their
rental income streams and potentially
impair their balance sheets and future
borrowing capacity” if they could not
afford to replace homes they sold.
The government has vowed to
ensure all homes sold are replaced,
with councils being ordered to sell
their properties to subsidise housing
associations’ Right to Buy sales.
But Gavin Smart, deputy chief
executive of the Chartered Institute of
Housing, said: “If there is a timing gap
between housing association sales and
council sales, can the Treasury’s books
take the strain, or will they make
housing associations carry the can?”
Kate Allen
be traced back to the ancient chalk
horses inscribed in the British land-
scape. That blend of technology and
archaeology characterised the architec-
tural approach. Streets were named
after Neolithic monuments — Avebury
Boulevard and Silbury Arcade — while
Midsummer Boulevard was aligned to
the sun at the summer solstice. He also
apparently redesigned the town’s sew-
age works to align with the ley lines at
Avebury.
The town’s trees were originally
intended to be festooned with lights and
to double up as advertising platforms.
This was a kind of pop art/folk rock
hybrid, a very English modernity never
quite realised in its full, colourful and
commercial vibrancy. Despite the fasci-
nation with technology, though, the
rural was given equal prominence in the
vision, with fast roads posing as tree-
lined country lanes and the height of
buildings being subjugated to the height
of the tallest trees, so architecture was
payments from governments for suc-
cessful new antibiotics once they have
been proved effective. This would
remove the link between sales volume
and profits which encourages overuse of
medicines, which in turn fuels
resistance.
However, Mr O’Neill said that in
return for this guaranteed reward, the
industry should foot a large part of the
development costs, estimated at
between $16bn and $37bn to produce
four major new antibiotics over 10
years.
In addition, the industry should com-
mit $2bn over five years to a new R&D
to stay lower for longer”, leading to “a
further dip in already record low mort-
gage rates” that could provide a “tangi-
ble boost to the [housing] market”.
As a result, estate agents say the Tory
victory will reignite the housing market,
which has slowed in the past year after
mortgage rules were tightened.
The top end of the London market
was particularly badly hit by the pros-
pect of a Labour government imposing a
tax on homes worth more than £2m.
That market is seeing a relief rally with
buyers returning to the market within
hours of the Tory victory. Estate agents
predict that prices of homes worth more
than £2m could rise as much as 20 per
cent in the coming 12 months.
Mark Hayward, chief executive of the
National Association of Estate Agents,
said he was concerned about whether
the Tories were going to be able to “cash
the cheque of promises they’ve made for
home ownership within just five years”.
“Without tackling issues over plan-
ning, infrastructure and skills capacity,
we worry that they will be unable to
meet the growing demand [from] first-
time buyers,” he said.
Susan Emmett of Savills said continu-
ation of Help To Buy would cause house-
builders to “breathe a sigh of relief”.
About 35 per cent of sales by big house-
builders have been backed by Help To
kept in check by natural dimensions.
Walker was born in Blackburn, Lan-
cashire, on June 15 1929 and studied
architecture in the city in which he grew
up, Leeds. Unusually, he set up in
private practice immediately on quali-
fying, displaying confidence in his own
ability. He began by designing houses,
then churches, some of which (notably
the elegant Holy Family church in
Pontefract, 1964) have been listed. He
was appointed chief architect to Milton
Keynes in 1970 after difficult beginnings
when the town plan failed to take off. He
recruited a team of young designers,
giving them the responsibility for big
projects. Walker indulged his love of the
US west coast by teaching at both UCLA
and USC. When he became head of
architecture at the Royal College of Art
in London (1984-1990), he befriended
artists and filled the walls of his Ham-
mersmith house with their work.
Walker also ran a successful and very
international architectural practice,
fund to spur more early stage research.
He acknowledged that governments
and their taxpayers would also have to
contribute but the sums involved were
“peanuts” compared with the price of
inaction. An initial report by his com-
mission last year predicted drug resist-
ance would cost the global economy
$100tn over the next 35 years and cause
10m deaths a year by 2050 if no new
antibiotics were produced. Mr Cameron
has warned of a return to “the dark ages
of medicine” with minor infections
proving fatal.
While UK-led, the commission is aim-
ing to win international support for its
Buy since it launched two years ago, she
said. But she warned that despite Help
To Buy, the government would find it
hard to boost housebuilding. Last year
about 160,000 homes were started on
site by housebuilders, but the consensus
among economists and academics is
that Britain needs to build at least
200,000-300,000 a year. The shortfall is
set to increase to 180,000 over the rest of
this decade, she forecast.
The Conservatives have promised to
increase housebuilding but refused to
specify a target for the number of homes
they believe they should aim for.
Alison Platt, chief executive of Coun-
trywide, said the government would
need to build garden cities to meet its
promise to increase housebuilding, and
called on it to “take this a step further by
reviewing precisely what we call green-
belt today and look to free up more land
for sustainable development”.
This would put the government on a
collision course with some of its voters
in the shires, where new development is
unpopular. Mr Pickles blocked the con-
struction of nearly 10,000 homes before
the election in a bid to avoid antagonis-
ing voters. “The government faces an
implementation challenge to resolve the
relationship between its ambition to
build and how the localist planning
framework operates,” Mr Smart said.
more renowned abroad than at home.
He designed everything from the city of
Jubail in Saudi Arabia and the aborted
futuristic Wonder World theme park in
Corby to a ski resort in Telluride, Colo-
rado, and the Happy Valley Racecourse
and Kowloon Park development for the
Hong Kong Jockey Club. His most recent
significant UK building was the Royal
Armouries in Leeds (1996).
Walker was unusual in that he was
Derek Walker: his practice was more
renowned abroad than at home
Thursday 14 May 2015
plans. Mr O’Neill, best known for coin-
ing the “Brics” label for big emerging
economies, is hoping to persuade China
to embrace the issue as part of its chair-
manship of the Group of 20 large econo-
mies next year.
Roche and GlaxoSmithKline, two of
the world’s biggest drugmakers, today
promised to work with the commission
on its ideas, without making firm finan-
cial commitments.
Mr O’Neill said the industry needed
greater incentives to invest because
returns from antibiotics were so low; it
takes about a decade of sales before
development costs are recouped.
Surveyors
Values on rise
nationwide
for first time
since last
summer
EMILY CADMAN
House prices are rising in every part of
the UK for the first time since last sum-
mer as a lack of property coming on the
market drives prices upwards.
Jeremy Blackburn, head of policy at the
Royal Institution of Chartered Survey-
ors, said that the affordability and avail-
ability of homes in the UK was “now a
national emergency”, adding that
addressing the shortage of new homes
must be a priority for the new govern-
ment.
He called on the Conservatives to put
forward a “coherent and co-ordinated
housebuilding” strategy using both the
public and private sectors.
Rics’ monthly survey reports house
price momentum increasing nation-
wide, mainly as a result of a shift in tone
in the London market.
In March, a net balance of 6 per cent of
surveyors in the capital were reporting
prices falling, but in April this has
reversed to a net balance of 28 per cent
seeing prices rise.
Rics puts the reason for this firmly on
a shortage of supply: it says while buyer
demand remains broadly flat, the
number of new instructions of proper-
ties for sale has slipped for eight consec-
utive months out of the past nine.
The organisation also held out little
hope that estate agents’ reports of surg-
ing post-election activity would lead to
new homes coming on to the market
and damp prices.
Simon Rubinsohn, chief economist at
Rics, said he doubted any pick-up in
instructions “will be substantive
enough to provide anything more than
temporary relief”.
He added: “Alongside an increased
flow of second-hand stock, it is abso-
lutely critical that the new government
focuses on measures to boost the flow of
new build.”
About 160,000 new homes were
started on site in 2014, about 100,000
short of what analysts estimate is
needed. UK properties cost roughly five
times an average first-time buyer’s
earnings, close to the previous record
high in 2007 as prices have continued to
rise faster than incomes.
This has particularly hit young peo-
ple: calculations by campaign group
PricedOut suggest that rising prices
have prevented more than 1.2m people
owning their own homes since 2010
while separate recent research by Hali-
fax found more young renters were giv-
ing up on owning a home.
As surveyors become involved at the
early stage in the house-buying process,
the Rics data are considered one of the
best forward-looking indicators.
interested in the architecture of com-
merce, the malls, theme parks, leisure
centres, car parks and the roads — com-
ponents of the contemporary city many
architects disdained. He bridged the era
between the state sponsorship of archi-
tecture (housing estates and public arts
buildings of the 1960s) and the pure pri-
vate enterprise of the Thatcher era.
He was a utopian with a pronounced
streak of realism. For the heart of Milton
Keynes he had intended a futuristic
structure to house a festival park, run by
organisers of the Isle of Wight Festival,
but it was never realised. It was where
folk rock and psychedelia were to come
together with LA utopia and the mod-
ernist avant-garde. Milton Keynes may
have had difficulty shaking off its boring
image but at its heart was a cocktail of
fascinating architectural ideas.
He is survived by his third wife, Eve
Happold Walker, and two sons, Mat-
thew and Alex, from his first marriage.
Edwin Heathcote
Thursday 14 May 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Thursday 14 May 2015

INTERNATIONAL
GLOBAL INSIGHT
Asylum seekers
EASTERN EUROPE

EU states told to share refugee burden Tony

Britain resists Brussels
plan to relocate migrants
across the continent
DUNCAN ROBINSON — BRUSSELS
STEFAN WAGSTYL — BERLIN
ALEX BARKER — ANTALYA
EU states that have until now accepted
few asylum seekers will have to shoul-
der a heavier burden under a manda-
tory system Brussels is proposing to
be triggered when a country faces a
“mass influx”, such as that now bearing
down on Italy, which is expected to
receive more than 200,000 migrants via
the Mediterranean this year.
Asylum seekers will be spread among
EU states via a quota system based on
population, GDP, unemployment and
the number of asylum claims, as Brus-
sels bids to fix a system that results in
huge discrepancies between countries.
Last year, Germany gave 40,560 people
Barber
column in The Times yesterday. “We ugees from camps outside the EU, who
must — and will — resist calls for the will be distributed among EU members
mandatory relocation or resettlement
of migrants across Europe,” she wrote.
Victory in last week’s general election
over the next two years. This will receive
funding of €50m from the EU.
Frans Timmermans, commission
Balkan turmoil raises
has given David Cameron’s government
what it believes is a mandate to renego-
vice-president, said: “This is a toolbox
designed to respond to the immediate
Europe’s second
tiate the UK’s relationship with the EU.
The UK position will irritate politi-
cians in Germany, which received
challenge, but is also a blueprint to deal
with any future emergencies.”
Meanwhile, military options to stem
Eastern Question
200,000 asylum applications last year — the flow of people attempting the dan-
a third of the EU’s total figure. gerous crossing from Libya to Italy are
‘We must —

address the surge of migrants crossing
the Mediterranean from north Africa.
But the proposal, unveiled yesterday
by the European Commission, faces stiff
opposition from the UK, which has
threatened to reject it. That has put Brit-
ain on a collision course with several
member states, led by Germany, that
have accepted large numbers of refu-
gees and are clamouring for relief.
At the heart of the proposal is an
emergency distribution plan that would
asylum, while Portugal accepted just 40. Objections from the UK were unwel-
London has vowed to oppose the pro- come but expected, according to offi-
posals — the only large country to do so. cials in Brussels. While Britain opts out
The UK, along with Ireland and Den- of most EU migration rules, it does par-
mark, has the right to opt out of the EU’s ticipate in the bloc’s asylum system,
justice and home affairs policies and has which says arrivals must claim asylum
said it will do so unless the measures are in the first EU country in which they
watered down. Ireland is likely to sign arrive. This has enabled Britain to send
up to the scheme, according to one per- thousands of potential refugees back to
son familiar with the discussions. other EU states.
Theresa May, home secretary, reiter- The commission also introduced a
ated British opposition to the moves in a resettlement programme of 20,000 ref-
Eurozone. Spending surge
L
set to be proposed on Monday.
A consensus has emerged among EU
and will ministers to establish a military mission
— resist next week to hit networks of human
traffickers in the country. It would pre-
calls for pare for operations to be launched —
mandatory including destroying boats in Libyan
waters before they can take on refugees
relocation’ — if a UN mandate were secured.
Theresa May, There remain serious doubts about
UK home the effectiveness and feasibility of such
secretary an operation, say senior diplomats.
ike the great powers of the 19th and early 20th
centuries, the EU faces an Eastern Question.
Political and ethnic violence that erupted in
Macedonia last weekend is the latest symptom
of a deep-seated disorder shaking an area of
southeastern Europe that stretches from Greece to Bosnia-
Herzegovina.
The deaths of 14 ethnic Albanians and eight police offic-
ers in the northern Macedonian town of Kumanovo were
followed yesterday by the resignations of the nation’s intel-
ligence chief — who happens to be a first cousin of Nikola
Gruevski, the prime minister — and the interior minister.
But the true source of tension in the former Yugoslav
republic is that it is a young state regarded with suspicion
by its neighbours since its birth in 1991 and harnessed,
under Mr Gruevski, to the causes of glorifying Slav Mace-
donian identity and neutering his political opponents.
In this sense, the turmoil harks back to the first Eastern

Confident consumers open throttle for growth
Sharply accelerating new car
sales in Ireland and elsewhere
epitomise the bloc’s recovery
VINCENT BOLAND — DUBLIN
Just after Colm Quinn opened his first
BMW dealership in 2008 in Athlone,
central Ireland, “the world crashed”. As
eurozone consumers finally open their
wallets after years of austerity the pros-
pects for Mr Quinn’s second outlet,
opened this year after an investment “in
excess of €3m”, are more promising.
Figures published yesterday showed
the eurozone economy grew 0.4 per cent
in the first quarter, as the fall in energy
prices helped to revive consumer confi-
dence. The strong start to the year
means the eurozone grew at a faster
pace than the US or UK, reversing the
trend of recent years when the region
was a laggard. The flash estimate for
gross domestic product, produced by
Eurostat, was broadly as expected and
beat the 0.3 per cent expansion recor-
ded for the final quarter of last year.
A sturdier performance from the
French and Italian economies boosted
the single currency area and fuelled
hopes that confidence is strengthening
in weaker parts of the region.
Nowhere is the revival more evident,
arguably, than in sales of new cars.
In Ireland, new-car sales reached
nearly 66,000 in the first four months of
this year. That is more than for the full
year of 2009, when the industry was
ravaged by the global credit squeeze and
Ireland’s financial collapse.
“There was a period when you
couldn’t be seen to be driving a new car,
even if you could afford it,” Mr Quinn
says, such was the backlash by hard-hit
families against years of austerity, reces-
sion and pay cuts. But with the Irish
economy rebounding quickly, “it has
become acceptable to have a new car
again”.
The relatively confident picture in
Ireland is repeated across much of the
eurozone, where consumer confidence
is rising again after years of hardship
and recession. In April it reached a
record high in Spain, exceeding levels
A Porsche seen during the pre-crisis boom. House-
outside Spain’s hold spending is also rising fast. The
parliament government’s forecast is for a 3.3 per
in Madrid cent increase in private consumption
Oli Scarff/Getty Images this year, following a 2.4 per rise in 2014.
Italian household expenditure rose 0.1
per cent in the fourth quarter of last
year. Domestic demand grew strongly in
Germany, providing most of the lift to
economic growth even though exports
‘There was disappointed.
Yet it is sales of new cars that stand
a period out. Between January and April, overall
when you car sales in Spain rose 24 per cent com-
pared with the same period last year.
couldn’t be Italian car sales were also up 24 per cent
seen to be in the same period. Nor is it just mass-
market brands: there is also a surge in
driving a sales of luxury marques. Spanish Por-
new car, sche dealers, for example, sold 43 per
cent more cars in the first four months
even if than in the previous year.
you could Economists say this rebound in eco-
nomic activity reflects factors that are at
afford it’ play across the eurozone: unemploy-
ment is falling, disposable incomes are
Colm Quinn.
Irish car dealer on the rise and there is significant
pent-up demand. Tax cuts, cheaper oil ple are taking advantage of low borrow-
and low interest rates have also helped. ing costs.”
“The eurozone’s economy has been so Industry experts say the rise in car
weak for so long that we’re likely to see a sales should not be exaggerated. Cyril
lot of pent-up demand released,” says Molloy, who owns four Ford outlets in
Erik Nielsen of UniCredit. “Car sales are suburban Dublin, says the surge comes
the best evidence of that. They indicate from a low base. Government incentives
that confidence is growing and that peo- help and so does the arrival, at least in
Ireland, of “personal contract pur-
chases” — a manufacturer-led financing
Private consumption incentive that makes it worthwhile to
spending buy a new rather than a used car.
In constant price terms (annual % Moreover, Irish car sales are still a
change) long way from the nearly 250,000 sold
in 2000. An industry body forecasts
Ireland Italy 4 123,000 this year and perhaps 145,000
Spain Germany
in 2016 if the recovery continues. Never-
2 theless, buying a new car is an
undoubted sign of confidence. After a
0 home, it is probably the biggest expend-
iture a family will make. Alan McQuaid
-2 of Merrion Stockbrokers in Dublin says:
“They are the most obvious sign that
-4 people have confidence in the recovery.”
Additional reporting by Claire Jones in
2010 11 12 13 14 Frankfurt, Tobias Buck in Madrid and
Source: Thomson Reuters Datastream
James Politi in Rome
Question, which centred on how to accommodate the aspi-
rations of rival Balkan nationalities, not least the Slav Mac-
edonians themselves, as the Ottoman Empire lost control
of its European territories.
The first Eastern Question found a bloody and incom-
plete answer in the first world war and the peace treaties
that followed. In the second half of the 20th century, com-
munist rule and the cold war kept a lid, more or less, on
frictions among the region’s states and on social and eco-
nomic tensions within each of them.
Now a second Eastern Question is taking shape. It
encompasses issues such as Greece’s struggle to reform
itself, Kosovo’s struggle to survive as a functioning state
and Macedonia’s struggle
to persuade its neigh-
bours that its grandiose
The powers of
nation-building effort is western Europe
no threat to their territo-
rial integrity or cultural
find themselves
identity. acting as political
It also involves the EU’s
struggle to square the cir-
schoolmasters
cle of upholding regional
stability while sticking to its plan, announced last year, to
deny membership to more Balkan countries until 2019 —
indeed, for most if not all of them, probably much longer.
Just as in the pre-1914 era, the powers of western Europe
find themselves acting, with questionable success, as polit-
ical schoolmasters and financial treasurers to the region.
They construct minutely detailed aid-for-reform deals for
Greece, covering everything from fiscal rectitude to the
timeframe within which professional tourist guides should
be issued with identity cards.
None of it seems to achieve lasting improvements in
Greek public administration. But it has produced a 25 per
cent collapse in economic output, as well as bringing to
power the most radical leftist government in a European
democracy since 1945.
The US and its European allies have also poured billions
of dollars and euros into Kosovo, doubtless to justify their
controversial decision in 2008 to recognise its independ-
ence. But all this money did not prevent the sudden exodus
last winter of tens of thousands of desperate Kosovars — an
estimated 5 per cent of the population — into the EU,
mostly without the required visas.
According to the World Bank, 29.7 per cent of Kosovo’s
1.8m people were, in 2011, on the poverty line of €1.72 per
day. Jobless rates in Kosovo, Macedonia and Greece are at
catastrophic levels, ranging from 25 to 30 per cent.
Clientelism, corruption and public suspicion of state
authority look much the same in Greece, an EU member
since 1981, as they do in Macedonia, a candidate member
since 2005, and in Kosovo, which is far from EU member-
ship because five of the EU’s 28 countries do not recognise
its independence.
These defects point to the essence of the second Eastern
Question. At heart, it is about how to promote good gov-
ernance in a region beset with fragile democratic and civil
institutions, severe economic distress and states that are,
paradoxically, both weak and overbearing to citizens.
tony.barber@ft.com

Britain and Germany

Subscribe to FT Weekend today
Cameron risks misreading Merkel again over EU treaty change
STEFAN WAGSTYL — BERLIN
David Cameron might have felt encour-
aged about engaging Berlin in his drive
for big EU reforms after German chan-
cellor Angela Merkel hailed the British
premier’s recent election victory as
“simply great”.
Yet the first post-election encounter
between a top UK minister and his Ger-
man counterpart suggests Berlin’s co-
operation in one of Mr Cameron’s most
delicate second-term undertakings is
Read beyond the expected hardly assured. On the sidelines of a
finance ministers’ meeting in Brussels
FT Weekend brings art and culture to life through intelligent on Tuesday, George Osborne got short
and thought-provoking writing. Our editors bring the best of shrift from his tough German counter-
the world to you – from news and interviews, to extensive part, Wolfgang Schäuble.
coverage of property, gardens, books, style, travel and arts. Specifically, the German finance min-
Together with the award-winning How to Spend It magazine, ister said eurozone governments would
there is something to delight all readers. not be rushed into changing EU treaties
to enable the substantial reforms —
Subscribe now and save 23% at notably, limiting free movement of
ft.com/weekendsub labour — that Mr Cameron seeks. Mr
Schäuble also criticised Mr Osborne’s
“silly comments” during the eurozone
crisis.
As the EU’s most influential member,
Germany will be crucial to Mr Cam-
eron’s campaign. Its willingness to
accommodate him may determine
whether the UK stays in the EU or leaves
via a referendum the prime minister has
promised to hold by the end of 2017.
While relations are cordial between
the two leaders, the German public
backs a firm approach to London. The
country’s political leaders are far more
concerned with enhancing a crisis-
strained eurozone than reopening the
EU treaties to placate UK Conservatives.
Mr Cameron has misread Ms Merkel
before: he failed to secure her backing
last year to block Jean-Claude Juncker
becoming European Commission presi-
dent.
Norbert Röttgen, chairman of the
Bundestag foreign affairs committee
and a senior MP in Ms Merkel’s conserv-
ative bloc, said that Germany should
“make clear what is not realistic —
treaty changes, including changes to the
fundamental principles of the union,
including the free movement of people”.
He added: “We have to consider wider
issues, the erosion of the EU’s standing.
We have problems with other countries
including Greece and Hungary. France
does not comply with the rules. So we
must say [to the UK]: ‘We can help you
remain in the EU, but not in a way which
will satisfy the eurosceptics.’ ”
German concerns are not just tactical.
Coalition MPs fear the treaty changes
that the UK seeks — such as restricting
migration — would dilute the EU. Nor-
bert Spinrath, who sits on the Bundestag
EU committee for the Social Democrats,
Ms Merkel’s coalition partner, said: “I
don’t think the image of the EU that
David Cameron wants is possible . . . It
must be made clear to him that there is
Short shrift: George Osborne, left,
with the tough Wolfgang Schäuble
no British special road. He cannot sepa-
rate the EU from its values, or the eco-
nomic union from the social.”
There are more conciliatory voices in
the Bundestag. Even without treaty
changes, they say, Mr Cameron can
negotiate reforms such as migrant wel-
fare restrictions.
Stephan Mayer, conservative head of
the British-German parliamentary
group said: “It is important that Ger-
many has an ally on economic policies
which is a big country.”
Germans also see the difficulties of
closing the gap between the expecta-
tions of Britain and its partners.
Describing the UK election result as
“bad news for Europe”, Der Spiegel mag-
azine predicted Mr Cameron would be a
weak prime minister held to ransom by
his eurosceptic MPs.
German MPs say they want to see
quick movement, and welcome Mr
Cameron’s push to bring the date of the
referendum forward, so that the uncer-
tainties caused by the Brexit question
are lifted. Yet this would require rapid
compromise. And if the meeting
between Mr Osborne and Mr Schäuble is
any guide, compromise is not in the air.
Thursday 14 May 2015
Trouble brews as Saudis maintain
spending despite crude price fall
In the first in a series on oil’s decline, Riyadh faces calls to diversify but insists it can withstand shock
High ambitions: a view from the Kingdom Tower, Riyadh, where the King Abdullah Financial District, with about 60 towers and its own monorail, is being built — Shawn Baldwin/Eyevine
The new
oil order
ANJLI RAVAL AND SIMEON KERR
— RIYADH
If lower oil prices are straining Saudi
Arabia’s economy, it certainly does not
show.
In Riyadh, dozens of cranes loom over
the King Abdullah Financial District,
destined to be the kingdom’s answer to
London’s Canary Wharf, with around 60
gleaming towers and a monorail. Across
the city, immigrant workers toil on resi-
dential developments aimed at plugging
the country’s acute housing gap.
Meanwhile, roads are being dug up
for a new metro system.
It is quite a transformation for a place
that started as a mud-brick stopover on
a desert trading route. With glass-clad
skyscrapers, spanking new universities,
five-star hotels and outposts of western
department stores like Harvey Nichols,
Riyadh is transforming itself from a
somewhat shabby city into a gleaming
symbol of the kingdom’s oil wealth.
But below the prosperous surface,
trouble is brewing. Saudi Arabia is try-
ing to digest the dramatic plunge in the
price of crude oil since last June. Despite
a recent rebound in Brent, the inter-
national benchmark, to about $65 a bar-
rel, the price of oil is still down more
than 40 per cent since last summer.
So far the impact on Riyadh’s 5.7m
residents has been muted. “For me,
it’s business as usual,” says Abdallah
Muhammad al-Amri, a social media
entrepreneur. “But although we’re not
affected right now, lower oil prices are
bound to have an impact on the broader
economy.” The only solution, he says, is
Oil exploration
Fracking holds promise of unlocking 140bn
barrels of reserves across globe, says report
CHRISTOPHER ADAMS — ENERGY EDITOR
Fracking, which is blamed by some for
causing earthquakes in the US, could
unlock nearly 140bn barrels of global
oil supplies — equivalent to Russia’s
known reserves, says a study.
Countries such as Iran, Russia, Mexico
and China stand to gain most from
exploiting techniques used by modern-
day wildcatters in America’s shale revo-
lution to breathe life into their ageing oil
and gasfields, according to analysis by
IHS, the research company.
Two-thirds of the extra recoverable
oil would come from the Middle East
and Latin America, it has estimated.
Fracking, or hydraulic fracturing,
involves pumping a mixture of water,
sand and chemicals at high pressure
into rocks deep underground to open up
tiny fissures, allowing oil and gas to flow
more freely to the wellhead. Horizontal
drilling — sinking a well a mile or more
straight down, then a mile or more side-
ways — has made it possible to expose a
greater area of resource-bearing rock.
These processes have contributed to a
for Saudi Arabia to diversify away from
oil exports, which account for 43 per
cent of its gross domestic product.
The irony is that Saudi Arabia itself
played a role in the price decline. Brent
was driven downwards by the glut cre-
ated by surging US shale oil production.
But it went into freefall last November
after Opec, the Saudi-dominated pro-
ducers’ cartel, decided to keep produc-
tion steady rather than cut it to prop up
prices. Riyadh made clear it was pre-
pared to endure a period of cheap crude
rather than forgo market share.
But Saudi Arabia, the world’s largest
oil exporter, is much more vulnerable to
low oil prices than other producers with
more diversified economies: in recent
years, oil revenues have accounted for
more than 90 per cent of government
income. Moreover, its economic health
is predicated on crude prices staying
high. Saudi’s break-even point — the oil
price required to balance the budget in
any given year — has been rising fast,
from $68 a barrel in 2012 to between $95
and $106 a barrel this year, according to
a report by Khalid Alsweilem of the
Belfer Center. With oil now trading far
Fiscal break-even oil price
Estimated price needed to balance
2015 budget* ($ per barrel)
Norway
Kuwait
Abu Dhabi
Russia
Saudi Arabia
Nigeria
Iran
Algeria
Venezuela
0 50 100
* 2014 Budget for Venezuela
Sources: IMF, Deutsche Bank, Fitch Ratings; Official data, SAMA; BP
boom in US output, with companies
using technological advances to cut
costs and improve productivity. But it is
less widely used elsewhere, in part due
to environmental opposition but also
the need for specialist equipment.
In the UK, more densely populated
than the US, drillers hoping to frack
shale gas reserves have met public wari-
ness amid concern over the risk of
minor earth tremors — which can be
triggered by injecting waste water back
underground — and the noise and dis-
ruption from transporting materials to
and from sites.
IHS says as much as 141bn barrels
could be unlocked from known fields
outside North America, with 135bn of
these in plays likely to require fracking.
As much as 40bn of these barrels lie in
Two-thirds of the extra
recoverable oil would
come from the Middle
East and Latin America
★ FINANCIAL TIMES
INTERNATIONAL
below that level, the budgetary implica-
tions for Riyadh are worrying.
Saudi officials insist the kingdom is
well-insulated from the oil shock. But it
has been burning through its huge
buffer of foreign exchange reserves,
which peaked at around $800bn in mid-
2014. Reserves dropped by $36bn in
March and April alone. Economists
forecast that without a change of course,
they could dwindle to $500bn within
two years.
The state’s largesse moved up a gear
when Salman bin Abdulaziz al-Saud, the
new king, ascended to the throne in Jan-
uary and quickly announced bonus pay-
ments for public officials and, later, the
military — a big outlay in a country
where a third of all jobs are in the public
sector. The six-week military campaign
against Yemen’s Houthi rebels has also
imposed a growing fiscal burden on
Riyadh. The result is that Saudi Arabia’s
2015 budget assumes a deficit of $40bn;
it could be even bigger if oil prices stay
low. “People may not be feeling the oil
price fall but they are asking questions
about what happens to the country’s
budget,” said Aldo Flores-Quiroga,
Oil share of Saudi government
revenue
% (barrels bn)
90
80
70
60
50
150 1991 95 2000 05 10 13
Iran, where the government is hoping to
attract foreign investment if and when
sanctions are lifted following a deal on
its nuclear ambitions. Mexico, which is
opening its energy sector to foreign
investment, follows with 14bn of poten-
tially recoverable barrels, Russia with
12bn and China 6bn.
IHS has examined more than 170
mature oil plays worldwide and three
fields in France, Tunisia and China
where operators have revived old assets
with new technologies. In France, where
fracking is not allowed, the Saint Martin
de Bossenay field near Paris, abandoned
in 1996, has been redeveloped with hori-
zontal drilling, boosting its rate of oil
recovery from 40 to 44 per cent and
swelling its reserves by 1m barrels, or
about 10 per cent.
According to IHS, the fields that could
benefit from the new technologies are
relatively evenly distributed across the
world. The other top 10 countries, each
with more than 4bn in additional
resources, are the United Arab Emir-
ates, Kuwait, Kazakhstan, Algeria,
Libya and Venezuela.
secretary-general of the Riyadh-based
International Energy Forum.
Yet the oil drop has not affected
Riyadh’s ambitious capital expenditure
plans. Ibrahim al-Assaf, Saudi finance
minister, acknowledged at a conference
in the capital this month that the low oil
price presented a “challenge for export-
ing countries” and that the government
would have to “rationalise” spending.
However, he insisted that his country’s
‘While headline projects
are going ahead,
others will be cut or
put on hold indefinitely’
financial position was “very strong” and
it would press on with the almost 2,600
projects valued at $50bn it committed
itself to last year.
On the other hand, signs of a slow-
down are emerging in some quarters.
Companies reliant on government con-
tracts are forecasting lower revenues
this year, while the oil sector is already
feeling the effects. “[State-owned oil
Oil reserves
Proven Per capita
reserves (’000 barrels
per person)
250 40
200
30
150
20
100
10
50
0 0
Saudi Iraq UAE Qatar
Arabia
Iran Kuwait Libya
Downward trend
Economies in emerging markets slow to pace
not seen since aftermath of financial crisis
JONATHAN WHEATLEY — LONDON
Growth in emerging markets has fallen
to its slowest pace in six years, return-
ing to levels not seen since the after-
math of the global financial crisis,
according to data from the Institute of
International Finance.
The IIF said average growth in gross
domestic product across emerging mar-
kets fell to 1.6 per cent in the three
months to the end of April compared
with the previous three months, down
from 1.9 per cent in the three months to
March.
“This suggests that EM growth in
Q2 could turn out even weaker,” the IIF
said.
The figures follow recent data sug-
gesting that growth and confidence are
at post-crisis lows across the emerging
world. But the IIF’s survey did point to
some signs of a recovery later this year.
The IIF said its EM Coincident Indic-
ator — a compilation of 41 macroeco-
nomic and financial variables — fell to
its lowest level since the spring of 2009
in the aftermath of the global financial
company] Saudi Aramco and other gov-
ernment agencies are not greenlighting
all projects,” says one western diplomat.
“While headline projects are going
ahead, others will be cut or put on hold
indefinitely.” Analysts say these include
plans for deepwater drilling in the Red
Sea. Meanwhile, dozens of foreign con-
tractors hired by Saudi Aramco to build
sports stadiums across the country still
waiting to be given the green light.
The slowdown has stoked fears of
fewer job opportunities for young
adults. “Students already point out that
Aramco had a freeze on hiring for some
divisions and (the local branch of inter-
national oil services group) Schlum-
berger has been laying off some of its
most recently hired graduates,” said one
professor in the kingdom’s eastern prov-
ince, home to the bulk of the country’s
oil industry. “So there is real concern
about the negative impact this could
have for employment.”
Changes instituted by King Salman
are designed to help cope with the oil
price challenges. As part of a shake-up
earlier this year, the king appointed his
son, Deputy Crown Prince Mohammed
bin Salman al-Saud, head of the council
on economic and development affairs,
which has the job of improving co-ordi-
nation between the ministries and
spearheading economic reforms.
Prince Mohammed, aged just 30, has
impressed western officials, who say he
seems aware of the need to boost the
kingdom’s employment rate and diver-
sify its economy. But he has yet to set out
a vision for how to reach that goal.
For now, work continues on the King
Abdullah Financial District and most of
Riyadh’s other big projects. “When the
cranes come down then we’ll really
know that things are bad,” says John Sfa-
kianakis, director of Riyadh-based Ash-
more Group. “Until then, for Saudi citi-
zens . . . they haven’t yet felt the pinch.”
crisis, continuing a downward trend
observed since the third quarter of
2014.
Earlier this month, it was reported
that capital outflows from emerging
markets amounted to more than
$600bn in the three quarters to the end
of March, more than the $545bn of out-
flows seen in the three quarters to the
end of March 2009, immediately after
the crisis.
On Monday, Capital Economics said
that its latest GDP tracker, which is
compiled from monthly data on output
and spending, suggested that average
GDP growth across emerging markets
had fallen below an annual rate of 4 per
cent in the first quarter.
This, too, would be the slowest pace of
growth since the 2008-09 crisis. Capital
warned that average growth in emerg-
Data-driven news
and analysis on
emerging markets
SQUARED
SSQ
Q AR
from the FT
ft.com/em-squared
7
Slowdown
Gloomy China
data prompt
predictions of
fresh stimulus
JAMIL ANDERLINI — BEIJING
The Chinese economy continued to
slow in April, prompting predictions of
more fiscal and monetary stimulus
from Beijing, much of which is likely to
boost its booming stock market.
Fixed asset investment, a key driver of
the economy, expanded by 12 per cent
in the first four months of the year from
a year earlier, the slowest pace since
2000 and down from 13.5 per cent in the
first quarter.
That was driven largely by sliding
investment and construction in the cru-
cial real estate sector, which is suffering
from oversupply and tepid demand.
Overall, property investment in the
country grew 6 per cent in the first four
months from a year earlier, a sharp
deceleration from 8.5 per cent growth in
the first quarter and the slowest pace
since May 2009.
Growth in retail sales came in at
10 per cent in April from a year earlier,
down slightly from 10.2 per cent in
March but the weakest monthly reading
in nine years.
China is almost certain to grow at its
slowest pace in 25 years this year and
the government will struggle to meet its
already lowered target of “around 7 per
cent” expansion.
“Today’s activity data suggest that the
momentum of growth during the first
month of the second quarter could have
slowed further to below 7 per cent,” said
Liu Ligang, economist at ANZ bank.
“Thus, more growth stabilisation poli-
cies could be expected to roll out.”
On Sunday, China cut benchmark
interest rates for the third time in six
months to shore up flagging activity.
The central bank has also lowered the
proportion of deposits that banks must
hold in reserve (known as the reserve
ratio requirement) twice since the start
of the year, including a 100-basis-point
cut last month that was the biggest since
the height of the financial crisis in 2008.
Most analysts expect Beijing to con-
tinue cutting interest rates and the RRR
in the coming months.
“We expect sequential growth
momentum to improve in the coming
months, but given the deep-rooted chal-
lenges such as the severe overcapacity
problem in upstream industries, any
improvement will still be rather fragile,”
said Yang Zhao, an economist at
Nomura. “Hence, we expect policy to
remain accommodative.”
While the government has tried to
target its stimulus policies to benefit the
economy and keep construction going
across the country, much of the fresh
liquidity has found its way into the
booming stock market, helping the
benchmark index to double in the past
year.
After the data release yesterday, the
Shanghai Composite Index fell 0.58 per
cent after rising 1.6 per cent on Tuesday.
Japan’s Nikkei stock index erased
early losses to end up 0.7 per cent on
hopes of fresh Chinese stimulus.
On the bright side, some analysts
highlighted data suggesting the year-
long slump in demand for Chinese real
estate could be coming to an end.
For example, the floor area of prop-
erty sold in the first four months of the
year fell 4.8 per cent from a year earlier,
an improvement on the 9.2 per cent
year-on-year decline in the first quarter.
ing markets could fall to an annual rate
of 3.5 per cent in the coming months.
The IIF said industrial output had been
the biggest drag on growth and that
trade data for March and April contin-
ued to show broad weakness with only
one out of 18 readings being positive.
Business sentiment had declined
sharply for the second consecutive
month, wiping out gains registered at
the start of the year.
But the IIF said that financial market
indicators had continued a recent
upwards trend, led by a rebound in
commodity prices.
“The pace of deceleration has at least
eased and a pickup in financial market
variables provides grounds for cautious
optimism that the downturn has now
almost run its course,” said Kristina
Morkunaite, lead author of the IIF’s
report.
The downturn was strongest in Latin
America, led by negative growth in
Brazil. The pace of GDP growth was
strongest in emerging Asia, although
there, too, the IIF’s indicator suggested
the pace had slowed sharply.
8 ★★★
Trans-Pacific Partnership
Senate compromise gives Obama ‘fair’ deal
Timetable for ‘fast-track’
authority law slips but
glimmer of hope remains
SHAWN DONNAN AND MEGAN MURPHY
— WASHINGTON
Less than a day after delivering a firm
rebuke to President Barack Obama over
the trade legislation he needs to seal a
Pacific Rim trade accord that is one of
his signature economic priorities, Sen-
ate Democrats forged a compromise
with Republicans that would allow the
legislation to move forward.
But even as leaders from both parties
outlined what Senate minority leader
Harry Reid described as a “fair” deal, it
is hard to escape a hardening reality: Mr
Obama and the Trans-Pacific Partner-
ship he is trying to close with Japan and
10 other countries are running out of
time.
Israel’s rising star prompts liberal concerns
Democracy fears voiced over
new justice minister who has
been likened to Sarah Palin
JOHN REED — JERUSALEM
She has criticised the Israeli military-
run Army Radio for its “left-leaning
agenda”, supports the deportation of
African immigrants and is seeking to
curb the power of non-governmental
organisations and the Supreme Court.
Ayelet Shaked, a 39-year-old political
newcomer some have likened to Sarah
Palin, the former Alaska governor, has
been named justice minister in Ben-
jamin Netanyahu’s new coalition gov-
ernment. The powerful role will give her
a say in judicial appointments and
chairmanship of a Knesset committee
that decides which bills become law.
The rapid rise of Ms Shaked — sealed
in a last-minute coalition deal between
Mr Netanyahu’s Likud and her party,
Naftali Bennett’s far-right Jewish Home
— has raised concerns among moderate
and leftwing Israelis over democratic
checks and balances.
Nachman Shai, an MP with the cen-
tre-left Zionist Union, said handing Ms
Shaked the justice portfolio was “like
giving the fire and rescue services to a
pyromaniac”. Saeb Erekat, the Palestin-
ians’ chief negotiator, has accused her of
“openly calling for the genocide and eth-
nic cleansing of the Palestinian people”.
During last summer’s Israeli military
operation in Gaza, Ms Shaked was criti-
cised after quoting on her Facebook
page the words of a pro-settler journalist
who likened the children of Palestinians
who harmed Israelis to “little snakes”.
She posted the quote a day before
Mohammed Abu Khdeir, a Jerusalem
Arab teenager, was beaten and burnt to
death by a group of Jews in revenge for
the killing of three Israeli teenagers in
the West Bank.
Recep Tayyip Erdogan, Turkey’s
prime minister and a fierce critic of
Israel, compared her behaviour to that
of Adolf Hitler. Ms Shaked, who was not
available for comment, said her words
were taken out of context.
With Mr Netanyahu’s government
about to be sworn in, critics have
Intelligence reports
North Korea executes defence minister
SIMON MUNDY — SEOUL
North Korea has executed its defence
minister by anti-aircraft fire for crimes
including falling asleep at a meeting in
front of Kim Jong Un, the supreme
leader, Seoul’s intelligence agency has
reported.
Hyon Yong Chol, 66, had enjoyed a rapid
rise under Mr Kim: relatively unknown
when he was promoted to vice-marshal
in 2012, he became one of Pyongyang’s
top officials last year with a ministerial
position and a seat on the National
Defence Commission, the most power-
ful organ in North Korea. His name reg-
ularly appeared near the top of the list of
officials accompanying Mr Kim to pub-
lic events.
Hyon was executed in front of hun-
dreds of people near the end of last
month, South Korea’s National Intelli-
gence Service (NIS) told lawmakers yes-
terday. It appears to be the latest in a
series of executions interpreted as part
of efforts by the young leader to protect
his authority since taking power on his
father’s death in December 2011.
“Every time we hear rumours of more
On Tuesday, all but one Democrat in
the Senate voted to block progression of
a bill that would grant the president the
so-called “fast-track” authority he
needs to wrap up the TPP negotiations
and guarantee the smoothest path pos-
sible through Congress for a deal.
Fearing that a core piece of Mr
Obama’s economic agenda — and poten-
tially his legacy — was in danger, the
White House scrambled overnight to
rally support for a compromise. Under
the deal announced by Mr Reid and
Mitch McConnell, the Senate majority
leader, the chamber will now vote first
on a trade enforcement deal that
includes a controversial currency
manipulation provision, before voting
on trade promotion authority.
Many Democrats, particularly on the
party’s left, have a longstanding aver-
sion to trade agreements. Mr Obama
has, as a result, been waging an increas-
ingly ugly and public fight on trade with
Profile. Ayelet Shaked
Rightwing: the appointment of Ayelet Shaked has disturbed some, but the issues have been partly clouded by sexist comments about her looks — Gali Tibbon/AFP
pointed to Ms Shaked’s lack of formal
legal training and political experience;
she was elected as an MP only in 2013.
In her justice role, Ms Shaked will sit
on the committee that appoints judges,
and has called for a stronger govern-
ment role in the body. She is among a
number in the incoming government
who think Israel’s Supreme Court is too
powerful and has a leftwing bias,
although she had conciliatory words for
the institution on Tuesday, saying: “We
are proud of our Supreme Court.”
“Judicial reforms should make us
worried,” said Mikhael Manekin, man-
aging director of Molad, a think-tank.
“The minute the executive is stronger
and the judiciary becomes less power-
ful, it becomes more difficult, for exam-
ple, to protect minorities.”
Ms Shaked has previously backed a
“nation state” bill enshrining Israel as a
executions, we have to wonder whether
it’s a sign of authority or an inability to
keep things under control,” Victor Cha,
a White House adviser on Asia under
George W Bush, said.
The executions are part of a broader,
unusually extensive, turnover of posi-
tions in North Korea’s senior ranks.
About half of the top 218 military and
civilian bureaucrats were replaced
within two years of Mr Kim taking
power, according to South Korean esti-
mates. The most spectacular purge was
that of Jang Song Thaek, Mr Kim’s uncle
Hyon Yong Chol: fell asleep during
a meeting with Kim Jong Un
FINANCIAL TIMES
INTERNATIONAL
figures such as Elizabeth Warren, the de
facto leader of the Democratic left, that
amounts to a battle for the party’s eco-
nomic soul.
The more immediate consequence
may be that this week’s unexpectedly
dramatic machinations have added to
the frustrations in other TPP countries
where governments now stand ready to
close the deal. “What happened [on
Tuesday] at the US Congress will not be
helpful to close the TPP negotiations,”
one senior Japanese official told the
Financial Times after the vote.
“Even if they sort it out it’s pushing
the timetable out,” New Zealand’s trade
‘What happened at
the US Congress will
not be helpful to close
the TPP negotiations’
Jewish state, despite its Arab minority.
She also favours a proposed law limiting
foreign funding for NGOs, which critics
say if approved would put Israel in a
league with Vladimir Putin’s Russia.
Yet much of the criticism directed at
her has been of a sexist nature. Yosef
Paritsky, a former minister, said Ms
Shaked could “star as a calendar pin-up
in garages”. A gossip column in the
newspaper Yedioth Ahronoth, report-
ing a visit by Ms Shaked to a spa, said she
took a dip in the pool but “unfortunately
‘The left want to show
how terrible things are
with Shaked, but her
power is limited’
and top adviser, who was executed in
December 2013 on charges ranging
from distributing pornography to plot-
ting a coup.
The suggestion that Hyon was exe-
cuted for falling asleep in front of Mr
Kim — as well as disobeying orders —
echoes the state denunciation of Jang,
who was condemned for “halfheartedly
clapping” the supreme leader.
Shin Kyung-min, a South Korean law-
maker, cited NIS claims that 15 officials
had been killed this year, 41 last year
and 10 the year before. “Kim seems to
be maintaining a reign-of-terror strat-
egy, executing people . . . when he feels
threatened,” he said.
This extreme response to signs of dis-
respect reflects the struggle faced by Mr
Kim, generally believed to be 32, to
assert his authority over much older
senior figures, said Ahn Myeong-chul, a
former North Korean prison camp
guard who heads the non-profit group
NK Watch.
“He’s not being paranoid — from high-
level officials to ordinary people, they
really don’t respect him.”
Additional reporting by Tae-jun Kang
minister, Tim Groser, said in a radio
interview yesterday.
The consensus view in Washington
has long been that for the TPP to have a
chance the negotiations need to be con-
cluded before the summer so that a rati-
fication vote can be held before the
political heat rises in the 2016 US presi-
dential campaign year.
Before Tuesday’s vote the hope was
that Congress would give Mr Obama
Trade Promotion Authority by the end
of May, or early June. TPP trade minis-
ters could gather shortly afterwards for
a final ministerial meeting to seal the
deal, triggering a six-month race to get a
final agreement before Congress for rat-
ification. So hopeful was everybody that
progress would be made in Congress
that what has been billed as a final meet-
ing of chief negotiators from the TPP
countries was scheduled to begin in
Guam tomorrow.
Even with a quick resolution to the
kept her clothes on”. The Knesset
Speaker this week ordered bodyguards
be assigned to Ms Shaked after she
received death threats. He said he was
especially worried by faked images of
her on social media wearing a Nazi SS
uniform, which reminded some of post-
ers of Yitzhak Rabin that circulated
before he was assassinated in 1995.
The tawdry tone of much of the dis-
cussion has detracted from the weight-
ier issues at stake and obscured a more
salient fact: Mr Netanyahu’s govern-
ment, with 61 of the Knesset’s 120 seats,
will probably struggle to get much of
anything done. Animosity between Mr
Netanyahu and Ms Shaked’s party
remains after a bitter election campaign
and tough coalition talks.
The prime minister, after ruling out a
coalition with the Zionist Union during
the campaign, now says he would wel-
Summer of legislation
Japan military shake-up challenges Abenomics
ROBIN HARDING — TOKYO
Shinzo Abe, Japan’s prime minister,
will this week push ahead with plans to
loosen rules governing the military,
even as analysts warn this could squan-
der political capital needed to pursue
tough economic reforms.
The military reform, a significant shift
in Japan’s pacifist outlook, is just one
piece of legislation scheduled for
approval this summer. Parliament nor-
mally closes in June but, according to
political analysts, Mr Abe is set to pro-
long the current session into August as
he pursues economic reform.
The summer of legislation will be cru-
cial for the prime minister’s Abenomics
stimulus, which is aimed at ending 20
years of on-and-off deflation and restor-
ing the country to sustainable growth.
But if Mr Abe sacrifices too much
political capital on the security changes,
it could threaten his ability to pass
structural economic reforms — the
“third arrow” of Abenomics.
“This could well lead to a 10 percent-
age-point fall in the approval rating for
the Abe cabinet,” said Takao Toshikawa,
current procedural stand-off in the Sen-
ate, the timeline has slipped, says Daniel
Ikenson, head of the libertarian Cato
Institute’s trade analysis unit. By his cal-
culations, the earliest a ratification vote
could be held in Congress is December.
He argues that the Obama adminis-
tration is now paying the price for its
procrastination on trade. Mr Obama
could have sought fast-track authority,
which last expired in 2007, years ago. Mr
Ikenson says the president now looks
like a student scrambling to catch up the
night before an exam. “He has taken the
‘No Doze’ [pills] to stay up all night and
cram for his exams. But it’s making him
jittery. It’s having ill effects.”
US trade officials have also said they
are working to compress the process
needed to get a TPP bill before Congress.
Lawyers are already poring over those
of the 29 TPP chapters that have been
closed as part of a needed “legal scrub”.
Editorial Comment page 10
come it — a move that would allow him
to expel Jewish Home.
Ms Shaked, whose background is in
Israel’s technology industry, worked as
director of his office from 2006 to 2008,
leaving after a reported dispute with
Sara, Mr Netanyahu’s wife.
She will face serious constraints.
Moshe Kahlon, incoming finance minis-
ter, who heads the centre-right Kulanu
party, won as part of his coalition deal
with Likud the right to vote against any
measure to weaken the Supreme Court.
“The left want to show how terrible
things are with Shaked, but her power is
limited,” said Yehuda Ben-Meir, senior
fellow at the Institute for National Secu-
rity Studies, a think-tank.
“There is no majority in this Knesset
for any law that would change the com-
position of the committee that chooses
Supreme Court judges.”
editor of the political newsletter Tokyo
Insideline.
The ruling Liberal Democratic party
and its Komeito coalition partner signed
off on the package of security bills on
Monday. They are set for cabinet
approval today and could reach parlia-
ment by tomorrow.
The bills will put into effect a new US-
Japan defence agreement and last sum-
mer’s reinterpretation of Japan’s pacifist
constitution by Mr Abe. They are based
on the principle that Japan can and
10 46%
Number of laws Share of public
governing Japan’s in recent poll
military being opposed to
revised by one bill security changes
Thursday 14 May 2015
GDP
First-quarter
data deepen
conundrum
for the Fed
SAM FLEMING — WASHINGTON
How much weight should the Federal
Reserve put on the economy’s first-
quarter swoon? The conundrum has
deepened after an analyst report
claimed to have found problems with
the seasonal adjustments of some of
the data that go into the gross domestic
product calculation.
The US economy grew a meagre 0.2 per
cent in the first three months of the year,
confounding analyst forecasts for an
annualised expansion of 1 per cent and
making a June rate increase by the Fed
appear less likely.
Michael Gapen, chief US economist at
Barclays, said that while this sharp
deceleration was in part because of a
port strike and freezing weather, it may
also be a reflection of calculation issues
that are skewing first-quarter numbers.
GDP data from the Bureau of Eco-
nomic Analysis (BEA) are seasonally
adjusted to strip out some of the volatil-
ity from factors such as annual holidays.
But the regularity of first-quarter
slowdowns in recent years has raised
questions over how good a job the sea-
sonal adjustments are doing. From 2010
to 2015 growth in first-quarter GDP has
averaged only 0.6 per cent as against an
average 2.9 per cent in the remaining
quarters. Some of this can be explained
by one-off events but analysts have been
searching for other explanations.
JPMorgan Chase last month said first-
quarter GDP growth averaged 1.6 per-
centage points lower than in other quar-
ters over 20 years. It concluded that
while it was possible the data reflected a
deeper problem, “it does not seem like
the most likely explanation to us” and
that the pattern may be a coincidence.
Barclays calculates that removing
“residual seasonality” from the num-
bers would lead to growth of 1.8 per cent
in the quarter, instead of 0.2 per cent.
The main source of this seasonality is
a monthly construction survey from the
Census Bureau which is fed into the GDP
data, the report argues, with the rest
coming from exports and defence. The
origin of issues with the construction
numbers may lie in the boom-to-bust
cycle in construction between 2005 and
2010, which could have made it harder
for statisticians to perform seasonal
adjustment calculations, it claims.
The BEA has said it may introduce
improvements to seasonal adjustment
methods as part of its regular revision of
the national income and product
accounts this summer. Nicole Mayer-
hauser, chief of BEA’s national income
and wealth division, said it was aware of
the potential for residual seasonality in
GDP and its components and was “con-
tinually looking for ways to minimise
this phenomenon”.
She said the BEA was reviewing the
possibility of residual seasonality in
measures of defence spending, after
research suggested the first- and fourth-
quarter growth rates were lower than
those of the third and second quarters
on average. “As BEA continues its sea-
sonal adjustment review, should it iden-
tify other areas of potential residual sea-
sonality, BEA will develop methods to
address these findings,” she said.
A spokesman for the US Census
Bureau said: “We are working with BEA
to attempt to identify areas of residual
seasonality in source data provided for
the GDP. Anything we identify will be
shared as soon as possible.”
should fight to protect its allies, rather
than merely fend off direct attacks on its
territory. One bill creates a framework
for Japan’s military to provide logistical
support for multinational peacekeeping
forces. Another revises 10 different laws
governing Japan’s military and its
response to armed attacks.
The security changes are unpopular
with the public. A recent poll for Japan
News Network showed 46 per cent of
the public against the changes com-
pared with 36 per cent in favour. That
may get worse as the measures go
through parliament. “Opposition par-
ties will likely leverage public sentiment
to prolong the debate,” said Tobias Har-
ris, an analyst at Teneo Intelligence.
Mr Abe’s approval ratings are hover-
ing above 50 per cent and he has gener-
ally moved cautiously on reforms to
keep it there. After a strong LDP per-
formance in April’s local elections, Mr
Abe has a breathing space before his
own re-election as party leader in Sep-
tember, and then upper house elections
next year. That makes it one of the best
opportunities he will have to pass legis-
lation to reform the economy.
Thursday 14 May 2015
The question of who will succeed the septuagenarian leaders of Uzbekistan and Kazakhstan is growing
more urgent for an oil-rich region delicately balanced between Russia, China, Afghanistan and Iran.
Islam Karimov of Uzbekistan, left, and Nursultan Nazarbayev of Kazakhstan — Reuters
T
urgun Syzdykov, a 68-year-
old former farm mechanic,
stood in front of a small
crowd in the northern
Kazakh city of Pavlodar last
month and praised the president for the
country’s achievements. Outpourings of
devotion for Nursultan Nazarbayev are
not unusual in Kazakhstan, where he is
known officially as “leader of the
nation” and unofficially as “papa”. What
is more remarkable is that Mr Syzdykov
himself was running for president.
With Mr Syzdykov and another little-
known figure as opponents, Mr
Nazarbayev won the recent elections
with 97.7 per cent of the vote, extending
his 25-year rule over Central Asia’s larg-
est economy and the world’s top ura-
nium producer. A month earlier, Presi-
dent Islam Karimov of neighbouring
Uzbekistan won 90.4 per cent of votes in
similarly uncompetitive elections.
“Elections are a game they all have to
play,” says Daniil Kislov, editor of the
independent Fergana.ru news site. “It’s
theatre. Pure artifice.”
But if the barely believable voting
numbers are a pantomime, underlying
it is a real drama. With every passing
election, the question of who will suc-
ceed the two septuagenarian strong-
men, each of whom has ruled his coun-
try since before the break-up of the
Soviet Union, grows more urgent.
The answer will shape the future of a
region delicately balanced between Rus-
sia, China, Afghanistan and Iran, which
supplies more than half of China’s gas
imports and whose collective oil
reserves are twice the size of Brazil’s.
The prospect of a political transition is
also a threat to stability: the existence of
a large ethnic Russian minority has
raised fears of a “Ukraine scenario” in
Kazakhstan; in Uzbekistan, any loosen-
ing of Mr Karimov’s hold on society
could open the door to radical Islam.
“These presidents have done spectac-
ularly well at maintaining stability and
preserving their regimes,” says a Euro-
pean diplomat. “If you take them away,
what happens next?”
The question comes as Central Asia
faces one of the greatest economic chal-
lenges in its post-Soviet history amid
recession in Russia, falling energy prices
and cooling growth in China. In Kaza-
khstan, which shares 4,250 miles of bor-
der with Russia, the rouble’s drop has
triggered a surge of imported Russian
goods, hollowing out local industry and
sparking criticism of the newly estab-
lished Eurasian Economic Union with
Russia, Belarus and Armenia.
“Local firms are suffering because
who would buy cars in Astana when
they could go to Russia?” says Agris Prei-
manis, chief Central Asia economist at
the European Bank for Reconstruction
and Development, who predicts the
Kazakh central bank will allow further
weakening of the currency — on the
heels of a 19 per cent drop in February
2014.
By Jack Farchy
After the strongmen
RUSSIA
KAZAKHSTAN
UZBEKISTAN
GEORGIA Caspian
Sea
ARMENIA Tashkent
TURKMENISTAN
AZERBAIJAN
IRAN AFGHANISTAN
Rakhat, a confectionery company, in
March announced 286 lay-offs, citing
increased competition from lower-cost
Russian goods. ArcelorMittal’s Kazakh
unit, one of the country’s top employers,
said it would cut wages by a quarter,
only to reverse the decision after pres-
sure from unions and local government.
In Uzbekistan, the effect of the Rus-
sian downturn is being felt through the
more than 2m migrant labourers —
nearly a tenth of the total Uzbek popula-
tion — who work in Russia and send
money home.
According to Russian central bank
data, remittances from Uzbek migrants
in Russia fell 43 per cent in dollar terms
‘These presidents have
done spectacularly well
at maintaining stability. If
you take them away,
what happens next?’
in the final three months of last year
from a year earlier. “Everyone is wor-
ried,” says a businessman based in the
capital Tashkent.
The prospect of a mass return of
migrant workers from Russia or wide-
spread lay-offs at home could threaten
Kazakhstan and Uzbekistan’s hard-won
social stability. Kazakhstan’s govern-
ment, fearful of a repeat of bloody
clashes between striking oil workers
and police in 2011, is closely monitoring
reports of unrest around the country.
‘Challenging times to come’
This febrile economic and social back-
drop would seem to be the worst possi-
ble environment for the first handover
of power since independence. Erlan
Idrissov, Kazakhstan’s urbane foreign
minister, says economic and political
concerns were behind the government’s
decision to hold presidential elections a
year earlier than scheduled.
“We believe the climax [of economic
and political turbulence] is not yet
★ FINANCIAL TIMES
FT BIG READ. CENTRAL ASIA
Astana
KYRGYZSTAN CHINA
TAJIKISTAN
500 km
reached,” he told the Financial Times on
the eve of the vote. “We are expecting
some challenging times to come.”
Nonetheless, there are growing signs
that both countries are preparing for
change at the top. Neither Mr
Nazarbayev, 74, and a former steel-
worker, nor Mr Karimov, 77, is in
entirely good health. Mr Karimov has
disappeared from public view for weeks
at a time, including during the run-up to
March’s elections. Officials say Mr
Nazarbayev, while not obviously
unwell, appears to be slowing down.
At Mr Nazarbayev’s behest, the uni-
versity in Astana that bears his name is
researching a modern-day “elixir of
life”. “I read somewhere Nursultan
Nazarbayev is doing something to pro-
mote his life to 200 years. If it happens I
personally will be very happy!” says Mr
Idrissov before adding: “This is a joke.”
Even so, Mr Nazarbayev has begun
talking in public about succession. “I’ve
led Kazakhstan for many years already,”
he told a gathering of Kazakh women in
March. “Maybe it’s time to change the
scenery, as they say in the theatre.”
Dosym Satpayev, a Kazakh political
scientist who heads the Almaty-based
Risk Assessment Group, says last
month’s election may have been Mr
Nazarbayev’s last. “During this term,
Nursultan Nazarbayev will organise the
project of succession.”
Central Asia’s presidents are often
criticised as authoritarian, corrupt and
repressive. Nonetheless, the prospect of
their departure fills many foreigners
and locals alike with dread.
Succession is “the highest political
risk issue” for foreign investors in Kaza-
khstan, says Livia Paggi, Central Asia
and Caucasus analyst at risk consul-
tancy GPW. “He has managed to hold
the country together, and the real fear is
what comes after Nazarbayev.”
There is no precedent for a transfer of
power in either Kazakhstan or
Uzbekistan — both countries have had
just one president since independence,
making Nazarbayev and Karimov two
of the world’s longest-serving leaders.
Academics and officials point to sev-
eral examples of power transitions in
former Soviet countries as likely mod-
els. First, an inheritance of the presi-
dency by a family member, as occurred
in Azerbaijan in 2003, when an ailing
Heydar Aliyev passed the presidency to
his son, Ilham.
A large inheritance
In Kazakhstan and Uzbekistan there is
no clear family heir to the presidency,
and the expectation of an eventual
handover of power has triggered a
struggle for the presidents’ loyalties
among their children and families.
Even if the next president is not a rela-
tive, family is likely to play an important
role in any succession, says Andrei Gro-
zin, director for Central Asia at Mos-
cow’s CIS Institute. Both men “are con-
cerned about their own security, the
security of their families, and of their
money”, he says.
A second model of transition was
demonstrated in Russia in 1999, when
an ailing Boris Yeltsin publicly endorsed
Vladimir Putin as his successor, who
duly won the subsequent election.
Observers say a similar managed
transition is likely to be the preferred
option of Kazakhstan’s president. “He
will have a plan. He knows what the
dangers of not having a plan are,” says a
long-time adviser to Mr Nazarbayev.
A growing consensus among execu-
tives and analysts holds that Mr
Nazarbayev may step aside during the
course of his current five-year term,
passing the presidency on to a curator
figure who would balance the interests
of business and political elites as well as
of Russia and China. One such figure is
Kassym-Jomart Tokayev, the speaker of
the Senate and the constitutionally
mandated successor should the presi-
dent die or become incapacitated.
A third possible model for transition
was demonstrated when Saparmurat
Niyazov, Turkmenistan’s egomaniacal
dictator, died suddenly in December
2006. With no obvious succession plan,
the country’s political elites proposed
Gurbanguly Berdymukhamedov, a lit-
tle-known figure who was a dentist by
profession, as a compromise candidate.
GDP growth Uzbekistan
Annual % change Kazakhstan
Russia
10
Forecast
5 Tajikistan
0 he says. “For Uzbekistan the moment of
-5
2000- 12 13 14 15 16
2011
average
Uzbekistan
Tough times for self-
styled ‘first daughter’
Foreign investors and diplomats
are not the only ones worrying
about succession in Central Asia:
expectations of a handover in
power have set the stage for
Shakespearean intrigue within the
presidents’ families.
Most dramatic has been the fall
from grace of Gulnara Karimova,
who for years travelled the world as
the self-styled “first daughter” of
Uzbekistan, variously playing the
roles of pop star, fashion designer,
diplomat and businesswoman, and
widely viewed as a potential
successor to her father.
However, she has come under
pressure at home since 2012, when
prosecutors in Sweden and
Switzerland began investigating
corruption in deals linked to her in
the Uzbek telecoms sector, from
which she received over $1bn in
payments and shares, according to
a recent investigation by the
Organised Crime and Corruption
Reporting Project.
Her businesses have been seized,
and her associates arrested. Ms
Karimova has been under house
arrest since early last year, local
press reports say.
She has linked her downfall to
the struggle for presidential
succession, lashing out at her
mother and sister — whom she
accused of sorcery — as well as the
head of the security services, who
she said was “already fighting” for
the presidency. Her enemies had
“tried to poison me with heavy
metals like mercury”, she claimed.
Alexei Malashenko of the
Carnegie Moscow Centre says Ms
Karimova had “compromised her
father” by becoming embroiled in a
corruption scandal. “I don’t think
she will play a role in the
presidential succession.”
Remittances from Russia
$bn
0 2 4 6
Uzbekistan
Ukraine
Kyrgyzstan
Armenia
Moldova
Sources: IMF; Central Bank of Russia
9
Such a backroom deal looks plausible
in Uzbekistan, where Mr Karimov
shows no signs of relinquishing power
voluntarily. Observers expect a circle of
three men to call the shots: Rustam Ino-
yatov, the head of the security services;
Shavkat Mirziyoyev, the prime minis-
ter; and finance minister Rustam Azi-
mov — seen as the most western-
friendly of Mr Karimov’s likely succes-
sors. “A few people will discuss among
themselves and there will be a decision.
Some elections will be held soon after,
and the person who needs to, will win
those elections,” says Mr Kislov.
A ‘Ukraine scenario’?
There is, however, a fourth possibility:
unmanaged chaos.
Mr Putin last autumn threw Kazakhs
into a panic when he took a question at a
highly choreographed event. “Do we
need to expect a Ukrainian scenario if
Mr Nazarbayev leaves the post of presi-
dent?” Mr Putin’s answer, which implied
that the existence of a Kazakh state was
intrinsically linked to Mr Nazarbayev,
did little to reassure. The “Ukrainian
scenario” centres on Kazakhstan’s Rus-
sian minority, which accounts for one-
fifth of the country’s population of 17m.
If Mr Nazarbayev’s successor were to
take a nationalist turn, Kazakhs worry a
newly expansionist Kremlin could
intervene in northern Kazakhstan
under the guise of protecting the Rus-
sian population. The head of one of
Kazakhstan’s largest companies warns
that the Russian minority is “a poten-
tially explosive thing if you don’t handle
it properly”.
Mr Nazarbayev’s response has been to
propose reforms aimed at strengthening
Kazakhstan’s institutions and making
the country less vulnerable to national-
ist sentiments. Some analysts say he led
Kazakhstan into the Eurasian Economic
Union to prevent any future leader from
pulling too far away from Russia.
“We do have concerns but I hope we
will not be caught unprepared,” says Mr
Idrissov. “We have developed a number
of measures to safeguard ourselves
politically and economically.”
A perhaps greater threat to the region
comes from radical Islam, especially in
Uzbekistan, the region’s most populous
country. Up to 4,000 Central Asians
have travelled to Syria to fight with Isis,
according to an International Crisis
Group estimate. Religious organisations
are tightly controlled in Uzbekistan, but
that could change if clan warfare re-
emerges after president Karimov’s
death, warns Alexei Malashenko of the
Carnegie Moscow Centre, a think-tank.
“The weaker clan can turn to Islam,”
transition is much more problematic
because of Islam.”
As one European diplomat with
responsibility for the former Soviet
region says: “My biggest fear is that
Uzbekistan becomes the next
Afghanistan.”
10
THURSDAY 14 MAY 2015
Walk on the supply side
needed for UK economy
Carney can do little about the effect of low productivity on Britain
Mark Carney ran a blistering time in
the London marathon, trouncing most
of the City as well as the handful of MPs
so foolhardy as to run 26 miles just
before an election. Take it as a coded
expression of monetary dominance.
The governor of Britain’s central bank
holds sway over the City and economy
unmatched by any of his forebears.
Thankfully this is not an influence
felt directly at the ballot box. Tradition
and common sense require silence
from the Bank of England during elec-
tion season. Not every governor has
managed to stay aloof: in 2010, Mervyn
King thrilled headline writers with
forecasts of political doom for whom-
ever would emerge victorious, and
then played no small role in the subse-
quent formation of the coalition.
Now the election has been decided,
attention can return to what the BoE
says about the UK economy, and by
implication what it may do. A glance at
May’s inflation report contains little to
surprise economists or alarm the mar-
kets. Bullish forecasts for growth have
been lowered, in the light of a disap-
pointing GDP report; at 2.4 per cent
they remain comfortably higher than
in Europe and broadly match the US.
Letters will continue to wing between
Mr Carney and George Osborne, as
inflation returns gently to its mandated
level of 2 per cent. They will respec-
tively explain and forgive a failure that
worked out well for the chancellor:
zero inflation, caused by cheaper fuel,
gave the government a longed-for spell
of rising living standards.
The BoE expects interest rates to lift
off from next year, but has little to fear
from acting too late. Yesterday brought
news of yet another record employ-
ment rate and even signs of higher
earnings growth. But wages have been
so weak for so long that Mr Carney now
describes the prospect of their remain-
ing depressed as a risk. Unless the
Obama’s fast-track battle
with the Democrats
US president must defeat the left to save America’s global credibility
It is not just President Barack Obama’s
trade agenda that hangs in the balance.
The Senate’s rebuff to his request for a
vote on the fast-track negotiating
authority also casts doubt on his “pivot
to Asia”. The White House downplayed
the defeat as a “procedural snafu”. It
insists common sense will prevail. But
the goal of enacting Trade Promotion
Authority — an essential step to wrap-
ping up both the Pacific and transatlan-
tic deals — is starting to look arduous.
The Senate was supposed to be the
easy part. Moreover, Mr Obama’s
toughest opponents are within his own
party — a new challenge after years of
grappling with reflex Republican
obstructionism. What remains of his
trade agenda will depend on persuad-
ing Democrats to climb down and
keeping Republicans onside. It also
poses a test of America’s authority in an
era of geopolitical rivalry. China does
not suffer from procedural mishaps.
Mr Obama must retrieve the initiative.
Hillary Clinton’s ambivalence is one
measure of how tough that will be. As
secretary of state, Mrs Clinton
described the 12-nation Trans-Pacific
Partnership (TPP) as the “gold stand-
ard” of global trade rules. As the Demo-
cratic frontrunner to replace Mr
Obama, she has stayed ominously
silent on the deal. Her stance owes
much to political calculation. Mr
Obama is opposed by the entire spec-
trum of Democratic interest groups —
from trade unions to environmental-
ists and consumer organisations.
The president may have erred in pre-
senting it as a personal fight with Eliza-
beth Warren, the populist senator from
Massachusetts. Mrs Warren has made
defeat of the TPA into her own cause.
Dismissing her as misinformed — and
opponents in general as “calcified” —
Mr Obama has only encouraged other
Democrats to fall in line with her. Their
view is that TPP will lower US labour
prime minister finds some way of
repelling migrant labour (which hap-
pily eluded him for five years), the BoE
can hold fire a while longer. In the
meantime, the Conservatives’ decisive
win confirms the pursuit of fiscal sur-
plus that they had pencilled in. The
expected lay-offs, pay freezes, welfare
cuts and broader austerity to come will
dampen demand for some time.
With no immediate need for action,
Mr Carney’s thoughts have turned to
the longer term, and a productivity
challenge that concerns him as much
as the chancellor. Weak productivity
explains how exuberant job growth,
middling GDP and disappointing fiscal
revenues arrived together in one con-
fusing package. If this pattern contin-
ues, Britain will experience price pres-
sures long before wages lift off, forcing
Mr Carney’s hand. This would also
make Mr Osborne’s already tricky fis-
cal challenge nigh-on impossible, forc-
ing him either to raise taxes or abandon
his pursuit of a surplus.
But Mr Carney can do little about
productivity, apart from keeping the
financial system healthy. The chancel-
lor on the other hand has an inbox
stuffed with untried supply-side meas-
ures, none of them easy. The more
obvious include beginning another
runway at Heathrow, freeing up land
for development around Britain’s cities
and committing now to support EU
membership in the promised in-out
referendum. Each would draw
resounding applause from business —
and inflame plenty of Tories in parlia-
ment. Between Mr Carney’s race time
and Mr Osborne’s election win, the lat-
ter is the more remarkable. But having
now outmanoeuvred his enemies at the
polls, the chancellor will need all his
cunning to nudge his friends in a more
growth-friendly direction. Otherwise,
the news from Threadneedle Street will
not always be so pleasant.
and environmental standards. They
are wrong. Mr Obama needs to do a bet-
ter job of explaining why.
He must also set out how the Pacific
deal would differ from the North
American Free Trade Agreement,
which was passed during Bill Clinton’s
administration. Nafta has become a
touchstone on the US left for all that is
wrong with free trade. It was sold as a
deal that would generate millions of US
jobs. It fell far short.
The left sees TPP as another “giant
sucking sound” for corporate offshor-
ing. This is in spite of the fact that China
is not a part of TPP. The left says never
again. Even moderate Democrats say
they will only support a deal if it
includes a provision to punish China
for manipulating its currency. That
would kill any chance of a Pacific agree-
ment and would rightly invite Mr
Obama’s veto.
Mr Obama must also be careful not
to oversell the economic benefits of
TPP. At the margins it will create jobs
and open up Japan, Vietnam and other
markets to US exports and investment.
Nor should it be seen as a geopolitical
counter to a China that is increasingly
willing to make up its own rules and set
up its own clubs. It is vital for the US to
make clear that TPP will be open to all,
including Beijing. Mr Obama should be
careful to avoid a game of zero-sum
rivalry with the Chinese.
Mr Obama’s challenge is novel. He
must rely on Republican support to sal-
vage the centrepiece of his economic
diplomacy. The clock is against him.
America’s partners know there is no
chance that Congress will ratify a trade
agreement in 2016, which is a presiden-
tial election year. TPA must be passed
within the next few weeks if a deal is to
be concluded and enacted before the
end of 2015. Capitol Hill’s obstacles
must be overcome. America’s global
credibility is at stake.
★ FINANCIAL TIMES
Early vote on EU could help UK avoid Brexit
Sir, For those who wish to avoid a
Brexit there are powerful reasons for
holding an EU referendum in 2016
rather than 2017 (News, May 13).
Unpopular governments tend to
lose a referendum because a No vote is
seen as a chance to vote against the
them. In two years’ time, the
government may well be deeply
unpopular because of continued
austerity and heavy cuts in public
spending. Furthermore, uncertainty
about the result of a referendum
will deter investment, particularly
foreign investment, and will hamper
economic recovery. Indeed a major
economic crisis cannot be ruled out.
‘Keynesian’ report a key
moment in UK politics
Sir, Despite being a Conservative, my
reading of postwar British history
differs somewhat from Niall Ferguson’s
(Comment, May 11). It has five
Conservative chancellors losing control
of the money supply and so the
economy: Rab Butler (1955), Derick
Heathcoat Amory (1959), Reginald
Maudling (1963), Anthony Barber
(1972) and Nigel Lawson (1987).
Among Labour chancellors, only Denis
Healey (1974) falls into this category.
As for the 1945 election, it was lost
because Winston Churchill and the
Conservatives failed to convincingly
embrace the Beveridge report in 1942.
This piece of doctrinaire Keynesianism
dominated British politics as soon as
the defeat of Germany was a question
of when rather than if. The subsequent
success of Clement Attlee’s Labour
government in making Beveridge’s
vision a reality is quite an omission in
any survey of Keynes and postwar
Britain.
Dominic Caldecott
London SW3, UK
New government should
act on volunteering pledge
Sir, During the UK general election
campaign the Conservative party
pledged to give people three days of
paid volunteering to help them to do
more for their communities (News,
April 10).
Tomorrow thousands of people will
leave their places of work to volunteer
in their local communities as part of
Give and Gain Day, a celebration of the
power of volunteering. As a company
which already offers its people up to six
days’ paid volunteering leave each
year, Carillion not only supports Give
and Gain Day but would encourage
other businesses to do more to help
their employees to volunteer. We do
not do this simply because it is a “nice
thing to do” but because we have found
it generates real and lasting benefits for
our business, our people and the
communities where we work.
Many recent studies have shown that
employee and stakeholder engagement
improves when there is a strong ethos
of social responsibility and this,
coupled with the fact that more and
more people are interested in a new
work-life balance, means that
embracing these opportunities is vital
for corporate, social, and individual,
prosperity.
David Picton
Chief Sustainability Officer, Carillion
Bracknell, Berks, UK
Art replaces
adverts in the
Islamic Republic
Tehran
Notebook
by Roula Khalaf
Letters
Our huge trade deficit, much the
largest of any OECD country, has been
largely financed by a massive inflow of
hot money, and hot money would flow
out very rapidly if polls show a real
chance of Brexit. It follows that the
longer the referendum is delayed, the
more likely it is that a majority will
vote to leave the EU.
It may be argued that next year is too
soon, because Mr Cameron is unlikely
to achieve major reforms by then that
would be acceptable to most of his
MPs. Of course, if he insists on reforms
that would involve major treaty change
this would require an elaborate
process, including referendums in
Ministry’s mission often
unclear to businesses
Sir, Your Editorial on the business
ministry, the Department for Business,
Innovation and Skills (May 13),
reminds me that I have always
wondered what it did. After running
my own (very) small business for
nearly 30 years I am none the wiser. It
never bothers me and I have no need to
bother it.
Philip Cresswell
Oxford, Oxon, UK
Security concerns add to
task for app makers
Sir, Recent findings from Eurecom that
certain apps in specific app stores can
connect to a mind-boggling 250,000
different URLs across almost 2,000 top
level domains comes as no surprise. We
recently undertook research into
banking apps on similar app stores.
RiskIQ uses its proprietary technology
to constantly crawl the internet looking
at the digital footprint of a brand.
Everything that sits outside the firewall
is a potential attack surface for
criminals looking for opportunities to
defraud businesses and customers.
Indeed, from our own research into
banking apps we found that only 5 per
cent of mobile applications were found
in the official app stores (Googleplay,
Apple, etc). The rest were hosted on
secondary, tertiary, affiliate or foreign
app stores. With statistics like this, it is
clear that app makers are going to have
to think harder about tracking and
managing their mobile apps, and that
app stores need to do more to vet what
they pass as fit for distribution in their
inventory.
Ben Harkett
RiskIQ
London SE1, UK
It’s the first thing I noticed in Tehran.
Rather than seethe at the slow-moving
traffic, I was captivated by the
billboards that have transformed the
Islamic Republic’s capital into an
open-air art fair. Art seems to be
everywhere, almost as prevalent as
the portraits of the late Ayatollah
Ruhollah Khomeini, founder of the
Islamic republic, and Ayatollah Ali
Khamenei, supreme leader.
I stared at the cluster of rocks from
poet and painter Sohrab Sepehri at
one highway junction and calligraphy
from contemporary visual artist Reza
Mafi at a street corner. There were
copies of paintings from international
painters, including René Magritte’s
“The Son of Man” and Rembrandt’s
“Landscape with a Stone Bridge”.
“A Gallery as Big as a City” is the
latest creation of Mohammad Baqer
Qalibaf, Tehran’s ambitious mayor.
Formerly a commander of the
powerful Revolutionary Guard, in
recent years he has thrust his energies
into a campaign to beautify Tehran.
For 10 days, from May 5, the city’s
commercial billboards are displaying
artworks instead of adverts. In all 700
copies of paintings from renowned
artists, 500 of them Iranians, are being
displayed. The objective, according to
the municipality, is to encourage
Iranians to talk art and visit the city’s
galleries.
It’s not exactly what you’d expect
from a hardline, isolated state with a
sprawling nuclear programme that
world powers have been struggling to
contain. But then this is a land of
several EU member states, and would
be impossible to complete by next year,
or indeed by 2017. In fact 2017 is the
worst year for expecting major
concessions, as it is the year of German
and French elections.
But in any case, no reforms will
satisfy the significant number of arch
europhobes. They just want out. The
basic arguments for staying in or
leaving are likely to be much the same
in 2016 and 2017.
Robert Maclennan
Matthew Oakeshott
David Steel
Dick Taverne
House of Lords, UK
Nations suffer from poor
policies on elderly citizens
Sir, Your Editorial (“Abenomics is only
a risk if it is allowed to fail”, May 12)
completely misses how to think about
Japan, or any other nation’s “ageing
population”. Neither Japan nor anyone
else “suffers from an ageing
population”, as you assert. Rather, we
“suffer” from the failure of the past
century’s policies and institutions to
work in our 21st century when there
are more old than young. We all must
reimagine health, education,
transportation and infrastructure,
pension and labour policies to take
account of 21st century demographics.
The Japanese structural failure is to
believe it can have economic growth if
it is taking care of its huge over-55
population. About 30-40 per cent of
any population must be active,
engaged and working or of course there
will be decades of economic failure.
Michael Hodin
Executive Director,
Global Coalition on Aging
New York, NY, US
Digging in to the data will
drive capital’s development
Sir, The Campaign to Protect Rural
England supports the conclusion of the
London Chamber of Commerce and
Industry that a lack of data on the
capital’s brownfield sites is holding
back crucial progress on meeting
London’s housing need (“Brownfield
data holding back housing
development”, May 12). As the report
illustrates, the public sector is
estimated to own 40 per cent of the
brownfield land in London, but 15 of 32
London boroughs do not have data on
the amount of brownfield land within
their ownership. Much of this land
could be brought forward for
development, and provide the location
for much needed affordable homes.
To stimulate an increase of
housebuilding on brownfield land,
local authorities must restructure the
way they collect data on brownfield
land in both public and private
ownership.
As the CPRE argued in a recent
report, a return to mandatory
reporting on available brownfield land
to a national land use database would
provide a publicly accessible and
accurate record, and the obligatory
registration of land would make land
ownership more transparent.
Luke Burroughs
Research and Policy Adviser,
Campaign to Protect Rural England
London SE1, UK
contradictions. On the surface, there’s
little sign of pain from sanctions. Sure,
the economy is in crisis, inflation is
still at about 15 per cent and there’s no
McDonald’s or Starbucks. But there
are plenty of local fast food joints, new
cafés, fashion boutiques and malls.
You can even spot a few Maseratis and
Porsches on the streets.
One taxi driver I spoke to grumbled
about the Tehran art project precisely
because of the country’s economic
troubles, telling me that the money
could have been better spent helping
people cope with the sanctions. For
many others, however, the exhibition
is a welcome distraction from their
daily travails. One Iranian journalist
noted that the aesthetic taste of the
municipality also had improved, given
that some of the works shown in the
past were more suited to a
kindergarten than the metropolis.
Iran’s clerical regime is not exactly a
patron of the arts, except when it
serves its revolutionary purpose.
Films about the 1980-1988 Iran-Iraq
war, poetry about morality and
religious books are celebrated. Artsy
cinema, foreign blockbusters, pop
music and contemporary art are only
barely tolerated. But what the regime
doesn’t like usually attracts ordinary
Iranians. As the younger generation
becomes more enamoured with
artistic expression, and galleries
spring up all over the city, the
government apparently sees benefit in
following the trend.
Some people I spoke to this week
say Mr Qalibaf’s artistic pursuit is not
Thursday 14 May 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Beijing needs to keep
building infrastructure
Sir, Your Editorial (“The challenge of
China’s dwindling workforce”, May 6)
offers a view that the Chinese
government should reduce its reliance
on capital investment, especially on
infrastructure, and instead focus more
on productivity growth. The view is
based on the fact that capital
investment’s contribution to gross
domestic product growth has been in
decline.
I totally agree but I do not see how
practically it will happen, at least for
the near term.
First, the migration of workers since
the adoption of Beijing’s “opening
policy” in the late 1970s is itself a result
of the infrastructure-building back
then, specifically along the coastal
cities, where deepwater docks were
built to accommodate large container
ships. Jobs were created as trade
started. However, since then we have
seen a huge (and increasing) gap
between inland and coastal provinces
in the construction of infrastructure.
The slowing economy and increasing
wages in coastal areas may provide an
opportunity to relocate some of China’s
manufacturing inland, and in order to
do that infrastructure such as highways
and high-speed trains needs to be
further developed inland.
These investments in infrastructure
may also help redistribute wealth
between the rich and poor provinces
and reignite strong GDP growth for
China. In addition, the establishment
of the Asian Infrastructure Investment
Bank makes it possible for China to
export its infrastructure abroad to
maintain the contribution to growth
from capital investment. It is worth
noting that the exact reason we have
not seen India or Nigeria add to their
workforces sufficiently is the lack of
infrastructure in these countries.
Second, to drive the economic
growth from productivity is easier said
than done. It is getting more difficult to
develop new technology. According to
Tyler Cowen in The Great Stagnation,
mankind seems to have picked most, if
not all, of the low-hanging fruit from
the trees, which implies that it may
take longer than ever to see new
technology being developed into
something that makes business sense.
Without a technology breakthrough,
even if China can produce more from
less, a lack of jobs usually does not look
good to the Chinese policy maker, as
abundant employment is considered
pivotal to stability.
Nor is technology transfer easy. An
example would be in the auto
industry, where the core technology in
crucial parts such as engines is still
locked up in a vault room that has
restricted access for Chinese
companies, as has been the case since
1980s.
It is therefore my opinion that China
would still rely heavily on
infrastructure in the near term.
Jun Liu
Toronto, ON, Canada
Ecological blow from
emerging technology?
Sir, Will the incorporation of printable
electronics into packaging (“Printable
electronics offer a look into the future”,
May 11) mean that even less
packaging can be recycled than at
present?
Christine Eborall
London W13, UK
without political motivation. His 2013
bid for the presidency failed, and few
voted for him outside Tehran. But
there are parliamentary elections
early next year, and the mayor could
be positioning himself to promote his
own candidates.
Although a fundamentalist, he has
done well in managing an
overcrowded city in need of
beautification. Signs of development
or progress are also part of the
hardliners’ defiance of the west.
Thanks to the open-air exhibition —
but also the spring sun and less
suffocating smog — Tehran has a
brighter, lighter feel these days. Still,
the grey, dusty capital cannot compete
with the historic charm of cities such
as Isfahan or Shiraz.
Since taking over in 2005, Mr
Qalibaf has expanded roads and
added a second level to the east-west
Sadr highway. He’s also carved out
more green spaces. But it’s the three-
level pedestrian bridge linking two of
the main parks that Tehran residents
are most excited about. Designed by a
young Iranian female architect and
inaugurated last year, it has become a
prime entertainment spot. “The
bridge has become a new symbol of
Tehran,” says an urban planning
student I meet on the bridge. The view
of northern Tehran and the Alborz
mountains beyond is spectacular.
And, as a bonus this week, visitors
can glimpse a few of the arts
billboards on the highway below.
roula.khalaf@ft.com
Thursday 14 May 2015
OPINION
Danny
Kruger
T
here are two ways to reduce
spending on public serv-
ices: make them more effi-
cient, or ask them to do less.
The first way, technically
hard but morally easy, was David Cam-
eron’s focus in his first term at Number
10. But you can only take it so far.
While UK government spending will
need to fall further, there are dangers to
shaving budgets and outsourcing man-
agement: we may end up with less
accountable services, whose managers
make things worse by shunting costs
elsewhere in the system or into the
future. And this is where the moral mis-
sion for this parliament comes in.
Instead of vainly clinging to the idea of a
“comprehensive, universal” welfare
state, we need political leadership to
design a system — a culture, no less — in
which society heals itself.
Picasso is only
valuable in the
abstract sense
BUSINESS
John
Gapper
W
hen a group of wealthy
investors compete with
each other to buy an
asset, surely they have a
clear idea of its financial
value? Jussi Pylkkänen, president of
Christie’s, who on Monday night auc-
tioned Picasso’s “Les Femmes d’Alger”
(Version O) to an anonymous buyer for
$179.4m, thinks they do.
“People sometimes think of buying
art as a frivolous occupation but these
bidders are very conscious of what the
object is worth, and they make decisions
in an extremely considered way,” Mr
Pylkkänen assured me afterwards. He
emphasised that the final bids for the
Picasso, in a New York auction that
raised $706m for 34 works of 20th-cen-
tury art, proceeded in careful, $500,000
increments.
Amid record-breaking auctions in
London and New York, art is increas-
ingly treated as a financial asset.
“Swamped”, a painting by Peter Doig, a
56-year-old Scottish artist, sold for
$25.9m on Monday night. Billionaires
fly to Art Basel Miami Beach to buy from
big galleries, private bankers tell clients
to diversify into art; masterpieces clog
free port warehouses in Geneva.
ASIA
David
Pilling
B
enjamin Franklin said the
only things that were certain
in life were death and taxes.
Obviously he had never been
to India. As any foreign inves-
tor knows, the one thing you can say
about India’s tax regime is that it lacks
any certainty at all. One minute a com-
pany thinks it has settled its bill, the
next it is being hit up for billions in ret-
roactive levies. If it is lucky, after an
excruciatingly lengthy (and doubtless
costly) sojourn in the courts, the threat
evaporates. If not, it pays up — and vows
never to invest in India again.
India has got itself into a terrible mess
over taxes. Many of the problems are a
hangover from previous administra-
tions. The government of Narendra
Smaller government is a moral mission
Britain’s welfare state was founded on
the ambition of meeting all the needs of
all the people. But that was when only a
few people received only a little help.
The system was designed to deliver
reactive, acute services, meeting occa-
sional, exceptional needs. Now the need
is neither occasional nor exceptional:
more and more people need more and
more help for longer and longer.
The National Health Service was built
in an age when doctors were for births,
death and emergencies — not for the
management of ongoing conditions. Yet
a majority of over-fifties now receive
regular treatment and are expected to
live for decades. Welfare was designed
to cover short periods of unemployment
for a small minority. It now covers long
periods of unemployment for a large
minority. Pensions were for the lucky
few who lived beyond working age.
The same goes for adult social care,
mental health treatment, prison and
probation. Services designed for tiny
minorities are overwhelmed. Systems
built for the few are being used for the
many. We cannot afford this burden,
and the services will not be adequate.
But paintings are not securities. The
financial value of any work of art
remains as unknowable and intangible
as the Mona Lisa’s smile. As the econo-
mist William Baumol put it 30 years
ago, the prices of paintings “float more
or less aimlessly . . . exacerbated by the
activities of those who treat such art
objects as ‘investments’”. Those seeking
intrinsic value, in the financial sense,
must look elsewhere.
Although we do not know who bought
the Picasso, beyond the fact that he or
she can afford to drop $179m on a work
that would be difficult to shift for the
same price in a market panic, we can
speculate on the motive. The true value
lies in owning a painting that the Tate or
Getty museums would love to display in
public, and being able to dazzle yourself
and others in private.
The only way to prove that you are the
kind of person who is both cultured and
wealthy enough to own a major Picasso
is to buy one. Auction houses prosper by
holding it in front of you briefly, while
offering to sell it to your rival. “They
suddenly say, ‘I am never going to get
this chance again’, and go all the way,”
Mr Pylkkänen says of the world’s ulti-
mate art collectors.
Works of art are “a very rational
choice for those who derive a high rate
of return in the form of aesthetic pleas-
ure,” Mr Baumol concluded. The econo-
mist John Picard Stein wrote in 1977:
“Any superior performance derivable
from paintings can be attributed
entirely to the viewing pleasure they
provide, not capturable by speculators.”
India should carve its tax code in stone
Modi likes to call them “legacy issues”.
Whatever you call them, the fallout is
damaging Mr Modi’s own reputation for
getting things done. Far from cooling
things down, Arun Jaitley, his finance
minister, has sometimes poured oil on
the fire. His aside that he could solve
India’s irrigation problems with a one-
time tax on global fund managers might
be true. Equally, his remarks have sent
foreign funds scrambling for the exits.
The rupee is down to levels not seen
since late 2013.
There are three areas of concern. One
is that fund managers are suddenly
being asked to pay the so-called mini-
mum alternative tax, a levy introduced
in the mid-1990s to ensure that domes-
tic companies don’t get away scot-free.
The MAT was never intended for foreign
funds, but a 2012 ruling from one tax
body opened the door to charging them.
Instead of knocking that on the head, as
he should have done, Mr Jaitley has
stressed the tax authorities’ independ-
ence. True, he has ruled out levying the
tax after this April. But that leaves open
the possibility of more than $6bn in
★ † FINANCIAL TIMES
Comment
Public services will have to do less.
But if we are going to cut the supply of
services, we need to reduce the demand
for them too. That means shifting the
focus of our attention upstream.
Consider services such as social care
for young people who are in trouble. The
Early Intervention Foundation has cal-
culated that each year we spend £17bn
managing problems that would not exist
If we are going to cut the
supply of public services,
we need to reduce the
demand for them too
if we had spent £5bn earlier on proven
preventive measures.
The fiscal calculation is obvious: the
taxpayer should invest in prevention
not cure. But the state’s priority is to
provide urgently needed ambulances
at the foot of the cliff (like prisons and
police), not the nice-to-have fences
at the top (family support and good
youth work). Preventive spending is the
There are social as well as aesthetic
rewards. The status value of buying art
— being invited to gallery and museum
dinners, and regarded as a person of
exquisite taste — is alluring. Sixty one
per cent of collectors surveyed last year
by Deloitte, the accounting firm, admit-
ted to this motivation.
The financial returns are murkier,
despite the efforts to explain rationally
the tide of money flowing into art. Sales
of fine art globally rose to €51bn last
year, according to the European Fine
Art Foundation, overtaking the previ-
ous peak of €48bn in 2007. This is
minuscule compared with the $294tr of
global financial assets, but it demands to
be justified financially.
That is hard to do. The Mei Moses
World All Art index, which tracks the
The financial worth of any
work of art remains as
unknowable and intangible
as the Mona Lisa’s smile
back taxes. Retroactivity more gener-
ally is a big problem. Time and again,
companies have been hit by retrospec-
tive tax demands. Overzealous tax offic-
ers, perhaps annoyed at how adept mul-
tinationals are at minimising their tax
bill, are chancing their arm. The tax
authorities are playing whack-a-mole.
No sooner had some cases, including
one affecting Vodafone, been settled in
One minute a company
thinks it has settled its bill,
the next it is being hit for
billions in retroactive levies
the courts, than they sent a summons to
Edinburgh-based Cairn Energy for
$1.6bn related to the reorganisation of a
former Indian division.
Tax was in the news again this week
when parliament’s upper house rejected
a bill to introduce a unified national
goods and services tax. The so-called
GST has been 10 years in the making.
first thing to go when budgets are tight.
We need to look beyond the public
sector. That means that the social sector
— the complicated ecology of services
and institutions that surround disad-
vantaged communities — needs to work
far better.
The charity I run, Only Connect,
works with young people at risk of
offending, in prisons and the commu-
nity. We are not here to meet young peo-
ple’s “needs” or address their “prob-
lems”, but to help them maximise their
assets — their talents, creativity and nat-
ural resilience — by empowering them
to sort their own lives out and make a
positive contribution. We call our model
“handshake not handout”. We work
closely with local and national govern-
ment, but are independent of it.
Sustainable public services will also
require far more private capital. There
are three ways to obtain it. The first is
co-payment: asking users to meet some
of the costs. The second is social invest-
ment, whereby working capital is pro-
vided by private finance, and the tax-
payer pays for success in arrears. This
offers better value for money, and a sys-
prices of works sold at auction, rose
7 per cent between 2003 and 2013 —
slightly less than the Standard & Poor’s
500 index (contemporary art achieved
a higher return at 10.5 per cent). Art has
performed better than bonds on some
measures over some decades, but there
are reasons for scepticism.
One is that measuring financial
returns on works that are sold and later
resold at auction ignores those that
never resurface, possibly because they
have fallen in value. A second is that the
art market is highly illiquid and opaque
— no painting, even by the same artist, is
exactly equivalent to another work. A
third is that the transaction costs are
extremely high — auction houses charge
buyers about 20 per cent.
The oddest aspect of the market
(among many) is that the wealthiest
collectors take the least predictable
financial risks, at least when bidding at
auctions rather than buying works pri-
vately through galleries. Masterpieces
such as “Les Femmes d’Alger” often
underperform in the long term, while
less-glamorous paintings stand a better
Now it is being held hostage by a Con-
gress party that once championed it.
New Delhi, of course, is hardly the only
capital where politics trumps sensible
lawmaking. And some details of the GST
have been rightly criticised, including a
1 per cent cross-state levy that makes it
cheaper to import from abroad than
from elsewhere in India. Still, the idea of
a uniform tax is absolutely correct.
India should pass a sensible version of
the GST forthwith.
Thankfully, the government is aware
of its tax problem. Arvind Subrama-
nian, chief economic adviser, says
India’s reputation as a place to invest has
“been hurt very badly”. So what should
be done? First, national priorities and
those of the tax authorities need to
meld. Too often, the government sets a
policy only to have it undermined by a
righteous tax official seeking his pound
of flesh. The system needs to be ration-
alised so that the government and its tax
bureaucracy pull in the same direction.
Second, it goes without saying that
foreign and domestic companies, armed
with the cleverest lawyers, do their
tem that will bring costs down over the
long term. And the third is a reinvigor-
ated culture of philanthropy, whereby
wealthy individuals and corporates
make good their responsibilities to soci-
ety directly — instead of just settling
their taxes as cheaply as possible.
Tony Blair regretted wasting his first
term as prime minister by delaying pub-
lic sector reforms. Mr Cameron will
have no such grounds for self-reproach.
In the past five years, huge chunks of the
state — welfare administration, many
schools, probation services, prison man-
agement — have crashed off the iceberg
of government and floated into the pri-
vate and voluntary sectors.
But the focus has been efficiency and
cost saving. That was a sensible start,
but something more imaginative is now
needed. Public sector reform, a more
professional and better connected char-
itable sector, and a lot of private cash —
this is the recipe for social change and a
worthy mission for a second term of
government.
The writer is a former speech writer for
David Cameron
chance of achieving a stable return.
Masterpieces can lose their lustre —
postwar art is celebrated as older works
have faded. Mr Doig has surpassed
Damien Hirst but the buyer of Mr Doig’s
“Swamped” cannot know whether that
will last. Jianping Mei and Michael
Moses, the economists, warned in one
study of art prices between 1955 and
2004 that “investors should not be
obsessive [about] masterpieces and they
need to guard against overbidding”.
Or perhaps they need not. Defying the
odds, making a bravura public state-
ment and finally taking possession of a
revered Picasso painting is sufficient.
“Standing in front of the object and hav-
ing people know that you’re the buyer is
worth all the money in the world,” says
Jeff Rabin, co-founder of Artvest, a New
York art advisory firm.
There is no doubt that “Les Femmes
d’Alger” is an extraordinary work of art.
Whether it will be an exceptional invest-
ment is another question. To the bidder,
it may not matter.
john.gapper@ft.com
utmost to pay as little tax as possible.
Poor countries such as India have every
right to levy reasonable levels of tax. In
doing so, however, they should not
resort to retroactivity. If tax laws were
unduly lax in the past, so be it. They can
always be amended in future. India
would do better to swallow the potential
losses than to send out the signal that its
regulations are subject to whim. The tax
code should be simplified. The latest
budget goes some way towards this by
cutting corporate tax levels while clos-
ing loopholes and declaring war on
black money. India’s goal should be fair
taxes, consistently implemented.
Mr Jaitley may have seen the light. He
has set up a high-level committee to
look into the issue. If it acts swiftly and
decisively, it could solve the MAT prob-
lem and put an end to retroactivity at a
stroke. Its task is urgent. India must
send out the message that its tax code is
both rational and carved in stone. Rede-
ployed, Ed Miliband’s missing “Ed
Stone” could be put to good use yet.
david.pilling@ft.com
11
Unanswered
questions on
Nigeria’s
missing billions
OPINION
Lamido
Sanusi
J
ust over a year ago President
Goodluck Jonathan suspended
me from my position as gover-
nor of the Central Bank of
Nigeria after I questioned an
estimated $20bn shortfall in oil reve-
nues due to the treasury from the state
oil company. As I said then, you can sus-
pend a man, but you cannot suspend the
truth. The publication last month of a
PwC audit into the “missing billions”
brings us a step closer to it.
When I was central bank governor I
raised three broad questions. First, did
the Nigerian National Petroleum Corpo-
ration remit to the government the
entire proceeds of its crude oil sales?
Second, if it did not, is there proof of the
purpose to which the unremitted
amounts were applied? And third, did
NNPC have the legal authority to with-
hold these funds?
Contrary to the claims of petroleum
minister Diezani Alison-Madueke, the
audit report does not exonerate the
NNPC. It establishes that the gap
between the company’s oil revenues
between January 2012 and July 2013 and
cash remitted to the government for the
same period was $18.5bn. And it goes
into detail about the NNPC’s account of
how it used that money, which raises
serious questions about the legality of
the state oil company’s conduct.
The auditors say a significant part of
the unremitted funds is supposed to
have gone towards a kerosene subsidy
that had been stopped two and a half
years earlier by the late President
Umaru Yar’Adua. His decree never
appeared in the official gazette, leading
The state oil company
withheld $3.4bn to pay for
a subsidy that effectively
did not exist
some to question whether it ever had
legal force.
Evidence disclosed in the report sug-
gests this is a sideshow. The executive
secretary of the agency charged with
administering subsidies confirmed that,
acting on Yar’Adua’s orders, it had
ceased granting subsidies on kerosene.
There was no appropriation for such a
subsidy in the 2012 or 2013 budgets.
Throughout all this, Nigerians paid
120-140 naira a litre of kerosene, far
more than the supposed subsidised
price of 50 naira. Yet the state oil com-
pany withheld $3.4bn to pay for a sub-
sidy that in effect did not exist. I have
consistently held that this was a scam
that violated the constitution and
siphoned off money from the treasury.
The second major item raised in the
report relates to the transfer of oil assets
belonging to the federation to the Nige-
rian Petroleum Development Company,
a subsidiary of the NNPC.
NPDC has paid $100m for these
assets, from which it extracted crude
valued at $6.8bn but paid tax and royal-
ties worth $1.7bn in the period scruti-
nised by the auditors. PwC was unable
to establish how much of the remaining
$5.1bn should have been remitted to the
government. But the report showed
that, along with the private companies
NPDC partnered with, it was extracting
crude worth billions of dollars but yield-
ing very little revenue for the treasury. I
was investigating related transactions
when I was suspended.
The third major item is a claim of
$2.8bn by NNPC for expenses not
directly attributable to crude oil opera-
tions; PwC said “clarity is required” on
whether such upfront deductions from
remittances to the federation accounts
are allowed, or whether the money
should have been remitted to the gov-
ernment. Finally, there are duplicated
expenses, “unsubstantiated” costs,
computation “errors” and tax shortfalls;
a total of $1.48bn has to be refunded.
Of the $18.5bn in revenues that the
state oil company did not send to the
government, about $12.5bn appears by
my calculations to have been diverted.
And this relates only to a random 19-
month period, not the five-year term of
Mr Jonathan, the outgoing president.
Nigerians did not vote for an amnesty
for anyone. The lines of investigation
suggested by this audit need to be pur-
sued. Any officials found responsible for
involvement in this apparent breach of
trust must be charged.
The writer is the emir of Kano and a former
governor of the Central Bank of Nigeria
12 ★ FINANCIAL TIMES Thursday 14 May 2015

BUSINESS LIFE

‘
The Tories’ “UK Border” is the sign that greets
passengers arriving at Heathrow. The
domestic product and 10 per cent of
employment in 2013, according to
Ms May also proposed visa
restrictions for Brazilians, which she The review
internal battle airport is not on the border. It is in a
west London suburb. But the wording
carries a message: “You are approaching
figures cited in a Commons committee
report in March.
Almost one-third of UK jobs created
put on hold after protests from cabinet
members and Robert Halfon, Tory MP
and co-chairman of the British-Brazil Bold thesis with little comfort
on tourism and a barrier. Do not expect an easy time.”
The government’s online visa and
over the past three years have been in
tourist-related businesses.
parliamentary group.
In addition, she abandoned a scheme
for the put-upon at work
universities immigration page is just as forbidding.
This week, below the link to visa
Tourists have a choice of countries to
visit, and they are put off by being told
Tourists for a £3,000 bond for visitors from
India, Nigeria, Pakistan, Kenya, Sri
STEFAN STERN

applications, were three news stories.
The first was about a health surcharge
for temporary migrants. The second
reported on a London-based Moldovan
accountant who was fined for
providing unregulated immigration
advice. The third said that “nearly 800
foreign criminals are being kicked out
they are not welcome. Some in the
previous and current Tory
administration understand this. Battles
over the balance between controlling
immigration and attracting tourists
have pitted top Conservatives against
each other.
For years, the argument was over
have a Lanka and Bangladesh.
choice of All these proposals left a residue of kind. What safe conclusions
hurt, as have the government’s policies should we draw from that?
countries to on foreign students at UK universities McGonigal says that
visit, and — like tourism, a sector of great stress is an important
importance to the British economy. signifier, not something to
they are put The government has included be ignored. “You don’t stress
off the UK foreign students in its immigration out about things you don’t

of the country”.
These are all important issues. But
what would it cost, apart from a few
buckets of paint and a little computer
work, if the government’s information
page and the sign at Heathrow — and
all Britain’s entry points — said
“Welcome to the UK”?
The overwhelming majority of those
visiting have no intention of
committing crimes or using UK
hospitals. They want to do business or
have a good time.
But these visitors have been lumped
with immigrants. I do not object to
immigrants; I am one. But large
numbers of Britons do. The
Conservatives went into the election
Michael Skapinker repeating their commitment to reduce
annual net migration to tens of
Businessandsociety thousands and they won a majority.
But this government is committed to
business too — and tourism is one of
the UK’s most important. The industry
accounted for 9 per cent of gross
John Neill believes the
‘Unipart Way’ can stop
UK businesses lagging
behind foreign rivals,
writes Peggy Hollinger
’
visas for Chinese visitors. Tourists from target, in spite of representatives from care about, and you can’t
China can apply for a Schengen visa, every corner of UK business asking it create a meaningful life
which gives them the right to travel to not to. The Upside of Stress without experiencing some
26 European countries. They need a It also restricted the right of foreign — Why stress is good for you and stress,” she writes.
separate visa for the UK, which is not graduates to work for a limited period how to get good at it She suggests a three-step
party to the Schengen border-free after their degrees. The all-party By Kelly McGonigal approach to change our
Vermilion
travel agreement. parliamentary group on migration, £12.99/Avery $26.95 “mindset”: acknowledge
It is a hassle. Of Chinese travellers to which includes Conservatives, said stress when you experience
Europe, 94 per cent apply for a some students were instead going to it, welcome the stress by
Schengen visa only, Paul Barnes of the university in Australia. Kelly McGonigal is a convert. recognising that it is a
UK China Visa Alliance lobbying group In January, we reported that Mr A health psychologist who response to something you
told me. The group asked the Osborne had quashed plans by Ms May teaches at Stanford care about, then make use of
government to agree to joint UK and to clamp down further. University, for years she had the energy it gives you.
Schengen visa applications. In 2012, What will the new government’s held to the conventional McGonigal has the zeal of
the Financial Times reported that direction be? John Whittingdale, the view that stress is bad for a convert, which possibly
David Cameron and George Osborne, new culture secretary whose brief you. leads her to believe she has
the chancellor, were frustrated that includes tourism, chaired the But when a few years ago cracked the problem. There
Theresa May, then — as now — home committee that produced the report
secretary, had not made progress explaining the sector’s importance.
she came across research
which suggested that stress
are some big claims.
Working better with stress
on this. Both Mr Osborne and Ms May would is bad for you only when you “could even mean the
She eventually budged. Chinese like to succeed Mr Cameron. The believe it to be damaging, difference between having a
tourists can now fill in one form, but battles are likely to continue. she had to reconsider. heart attack at 50 or living
they still have to make a special visit to Indeed, the same research into your nineties,” she says.
a UK-appointed company to be michael.skapinker@ft.com found that people who lived She acknowledges that
photographed and fingerprinted. Twitter: @Skapinker with stress but did not view not all life events can be
it as harmful were the managed away: “Not every
healthiest people of all. trauma has an
McGonigal started upside . . . you shouldn’t
digging deeper into the force a positive
subject and the result is this interpretation on every
book, which argues that by instance of suffering.” But
recognising and working only a few pages on she
with stress, rather than writes: “Choosing to see the
trying to ignore or suppress upside in our most painful
it, we can perform better experiences is part of how
and achieve more. we can change our
It is a bold and counter- relationship with stress.”
intuitive thesis, and she “Stress is harmful, except
makes quite a good case for
it. In particular, she forces
when it’s not,” she
concludes. But something is
the reader to take a more missing: any reference to the
nuanced view. For example,
there is more than one kind
large body of work carried
out by Sir Michael Marmot
of response to stress. There over recent decades. He has
are alternatives to “fight or shown that stress can be

J
ohn Neill bristles at the sugges- flight”. We can also rise to hard to avoid, or deal with,
tion that he is the leader of a the challenge. especially for those with
cult. But he is messianic about What is more, some of our lower status in an
the need to save British compa- fundamental concepts could organisation.
nies from their benighted ways. be misconceived. The McGonigal does concede
“In 2011 the US was 39 per cent more Hungarian endocrinologist that stress can be harmful
productive than the UK. This isn’t a fail- Hans Selye carried out when three things are true:
ure to invest in IT. It is about the attitude significant research into the you feel inadequate to it, it
to change,” says the chairman and chief subject in the 1930s, isolates you and it feels
executive of Unipart, the global car studying the behaviour of meaningless and against
parts and logistics group that was spun rats in experiments. But, as your will. Unfortunately, for
out of British Leyland in 1987. McGonigal points out, some quite a lot of people at work,
“If only the UK could achieve the of these tests involved that unholy trinity can apply
average of best practice, the prize is randomised electric shocks all too often.
£300bn.” and near-death by
Mr Neill has been preaching the gos- drowning, hardly the The writer is visiting
pel of productivity for decades, ever common experience of many professor in management
since he led the management buyout of humans. The stress the rats practice at Cass Business

A productivity evangelist
British Leyland’s spare parts business. endured was of the worst School
The methods he used to take what
was once labelled the UK’s worst factory
to its best in six years (as voted by The riff
Management Today) have been

eyeing a £300bn prize

expanded and codified to form the basis
of what Mr Neill calls the Unipart “U”: a
shop floor university where employees
learn to analyse and resolve problems
that get in the way of doing their jobs
more efficiently.
The resulting improvement in pro-
ductivity and quality meant the survival
of Unipart’s car parts factory despite the
demise of British Leyland. The stand-
ardised disciplines have since been
applied to its distribution warehouses,
and that expertise is being sold in a con-
sultancy arm that takes staff off the
packing line to offer advice and guid-
ance to other companies.
Earlier this month Unipart an-
Kill the passion for work
EMMA JACOBS
Messianic: John waste out of the process. We are masters and come back a different leader. Bring- reap the full benefits of lean processes.
Neill says of our own destiny.” ing those war stories with you really Mr Neill more than bristles at sugges-
engagement Yoann Reveleau, the chef who trained helps. It makes you better at under- tions that Unipart’s methods failed in
among as an engineer in France and now runs standing the whole picture.” any way. But he does acknowledge that
employees is the the canteen kitchen, admits that he was HM Revenue & Customs was a client creating a lean company takes time and
key to initially sceptical. and the National Audit Office acknowl- that efforts are bound to fail if both
introducing “At the beginning it was a bit weird, a edged Unipart’s contribution in helping management and employees do not buy
better bit scary,” he says. “But afterwards you the tax collection agency cut costs by into the programme.
production realise it is just common sense. You £400m. “Less than 10 per cent of companies
methods solve problems as a team and we are Yet the transition to lean working that embark on ‘lean’ journeys sustain Bloomberg

nounced its biggest rise in profits for Mark Bassett

10 years, thanks not just to new
business but to continued productivity
improvements.
The key, says Mr Neill, is staff engage-
ment in the system he has branded the
Unipart Way, which was inspired by the
lean manufacturing processes devel-
oped in Japan in the 1950s. “It has got to
be practised every day in the workplace
in a deliberate manner, not from time to
time when management inspect it. It
has got to be part of the DNA of the way
the business works,” he says.
A trip round Unipart’s Cowley distri-
bution centre in Oxfordshire — once
British Leyland headquarters — shows
that Mr Neill has devoted followers.
From the man on the packing line to the
billing clerk in finance, each speaks the
same Unipart language.
They describe the “journey” from fac-
tory “Gate to Great” as they practise the
oft-mentioned Unipart Way. They talk
about the “tools and techniques” they
are given in the classroom, which em-
power them to resolve problems that in
other companies might have to wait for
a supervisor’s sanction.
Neil Pinnell, a team leader in the dis-
tribution centre, agrees that outsiders
might consider these mantras and the
obsessive focus on the Unipart Way a bit
“cultish”.
But he says: “It means we are all
joined up. We all understand the tools
and techniques and we can really drive
continuously improving. This is just an
industrial way of working.”
In the kitchen, the back office and in
the warehouse, billboards with task
sheets are filled in hourly, setting out the
job, the time it should take and the time
it has actually taken. Charts marking
progress against benchmarks are col-
oured red or green depending on that
day’s performance.
“Wherever you go you will see people
writing up data . . . every day,” Mr Neill
says.
It all appears intensely bureaucratic —
Orwellian, even, with its continuous
assessments in plain view.
But Mr Neill insists the culture is not
one of blame or humiliation. “In most
companies it is about who screwed up.
With us, if it has gone wrong we are ask-
ing what went wrong with the process.
Then it is about teaching people and
helping them to find solutions.”
Certain practices — such as observing
staff at work to spot more efficient
ways of doing things — are classic lean
techniques.
Other practices, such as giving gradu-
ates of the shop floor faculty the chance
to work as consultants to outside
Video businesses, are pure Unipart. This
Unipart chief has enriched both employees and
executive John the company, says Andy Hicks, a 21-
Neill tells Peggy
Hollinger about year veteran.
its ‘faculties on “I’ve been an operator. Then I’ve gone
the floor’ out and been a consultant. I’ve come
ft.com/faculty back as a manager. I’ve gone out again
practices in the civil service was contro-
versial. Unions claimed that the stand-
ardised methods — such as clearing
desks of personal material and placing
necessary objects in designated
positions — dehumanised and deskilled
workers.
The debate still rages among academ-
ics today, with some arguing that the
introduction of lean processes to the
civil service did not make HMRC more
efficient.
Others say the failure was HMRC’s
management, which did not under-
stand the extent of change needed to
At sixes and nines
One Unipart warehouse supervisor
tells how £40,000 was saved
in a single shift by appointing a
colleague to stand in one place for
several hours to watch how goods
were packed and collected. The
monitor observed that the number
“9” scribbled on the box was being
read as a “6” when the forklift truck
approached it from a different
angle, which meant the goods went
to the wrong truck. A simple line
under the “9” cleared up the
confusion and the team found it
could do the same work with six
people instead of seven.
it because the grass grows back,” Mr
Neill says.
“You have to have a whole range of
ingredients in place: unambiguous lead-
ership from the top, a design system
with all the tools and techniques. To
make it work takes thousands and thou-
sands of hours of deliberate practice.”
Mr Neill estimates that his company
has spent a total of £100m over 25 years
in designing the system, maintaining it
with regular training sessions and
developing the database of techniques
and solutions that can now be accessed
globally from any Unipart site for train-
ing purposes.
The group is now extending this shop
floor faculty approach to the training of
young engineers. Working in partner-
ship with Coventry University, students
will learn theory in the classroom and
step out into Unipart’s components fac-
tory to apply it practically. It is just like
the Unipart U, but with a focus on skills
in addition to lean processes.
Mr Neill says he will have access to
new technologies and to the brightest
engineering students. But Unipart’s
evangelist will also have a whole new
crop of potential converts. When the
students graduate, they will take
with them the lessons learned in Uni-
part factories.
And, as each finds a place in the wider
world of manufacturing, Britain may be
that little bit closer to closing the pro-
ductivity gap.
Follow your passion. It is a
platitude that falls freely
from the lips of career
advisers and businessmen.
Take the advice of
entrepreneur Sir Richard
Branson (pictured): “Since
80 per cent of your life is
spent working, you should
start your business around
something that is a passion.”
The sharing economy makes
a virtue of turning hobbies
into start-ups. I mean the
likes of Etsy and YouTube,
not Airbnb or Uber, though
perhaps cleaning your flat in
preparation for the arrival of
a guest, or driving in fume-
filled city centres might be
some people’s idea of fun.
The magazine Fast
Company earlier this month
advised readers how to turn
a passion into profit. I hear it
all the time when I interview
people about their working
lives.
I find this talk of passion
in the workplace rather
disturbing. Such emotions
are for the bedroom surely?
When I left university,
finding my footing on the
career ladder, I had soaked
up these platitudes. One of
my happiest pastimes was
watching television. So I
tried my hand at researching
documentaries. I didn’t last
long. Aside from the
insecure, short-term
contracts and the cut-throat
competition, it ruined my
downtime. Instead of
relaxing, I dissected my
favourite programmes‘
production values or the
merits of its interviewees.
A football-fanatic friend
tried a stint as a football
reporter. He gave it up for
the energy industry; not just
for the money. Making a
career out of his favourite
pursuit turned out to be a
total buzzkill.
Joanna Biggs, in her
recent book All Day Long: A
Portrait of Britain at Work,
felt worried by people’s
talk of love for their jobs.
“It felt as if work was
becoming more insecure
on one hand, and the work
ethic increasingly revered
on the other.”
It also signifies the
encroachment of work on
life. If your passion becomes
your work, what time does it
leave for undiluted passion?
Thursday 14 May 2015 ★ FINANCIAL TIMES 13

ARTS

Terrifying glimpse into a world of bewilderment IN THIS WEEKEND’S

THEATRE
The Father
Tricycle Theatre, London
aaaaa
Sarah Hemming
It starts lightheartedly. In a smart Paris
flat, octogenarian André is having a bit
of a tiff with his daughter Anne. She’s
exasperated because he has alienated
his latest carer; he is grouchy because he
believes his watch has been stolen.
Familiar territory, probably, to many of
us — prickly, tricky, but funny. Cut to the
next scene and we await developments.
Here’s André. But wait, who’s this?
Someone who calls herself Anne, but has
a different face. And why does this man
claimtobeherhusbandwhenearliershe
was single? Where are we? Is this before
or after the previous scene?
The brilliance of Florian Zeller’s play,
translated from the French by Christo-
pher Hampton, is that it doesn’t just
show us the impact of dementia, it uses
the nature of theatre to put us in the
same boat as André. Every time we
think we have a grip of what is happen-
ing, something slips: a piece of furni-
ture, a plot detail, the time of day, the
place. Characters merge, change, time
spools back and forth. Just as André
loses the plot, so do we, until we are
thoroughly disorientated. Even once we
grasp this, we still try to piece things
together — just as André does. It is sim-
ple, very clever and upsetting: this neat,
understated play gives an inkling of just
how terrifying it would be to have no
idea where you are.
James Macdonald’s excellent, precise
staging (first seen at the Theatre Royal,
Bath) shifts the tone imperceptibly,
while Miriam Buether’s set subtly
changes from scene to scene. The laughs
gradually dry up. There are echoes of
King Lear and there’s a Pinteresque edge
to the uncertainty — particularly in the
presence of Anne’s smooth but menacing
partner (Colin Tierney) and another
man (Jim Sturgeon) who — well, we are
never quite sure who he is. But it is in the
Uncertainty: ordinarinessthattherealhorrorlies,Zel-
Claire Skinner ler reminding us that, if it comes for us or
and Kenneth our loved ones, it won’t be in the storm
Cranham in on the heath but in the unremarkable
‘The Father’ confinesofthelivingroom.
Simon Annand
Claire Skinner is quietly moving as
Anne, increasingly worn out, until she
disappears altogether. And Kenneth
Cranham is shattering as André. We see
this mischievous, crusty, clever, trucu-
lent man gradually receding until he’s
left, in his pyjamas, weeping, “I’m losing
all my leaves.” It’s devastating.
To June 13, tricycle.co.uk
DA N C E
Rambert
Sadler’s Wells, London
aaaae
Clement Crisp
The Rambert Dance Company’s
spring season this week brings two
intriguing creations: Mark Baldwin,
with a fine brass band on stage, consid-
ering the Dark Arteries of Glamorgan’s
coal mining past; and Alexander
LIFE & ARTS
Conrad Shawcross
Whitley’s Frames studying the transient
nature of dance — writ on air, as we ‘I dip into things, I
know — and exploring movement read. I’m not an
inspired by and built around metallic academic, I wish I
structures assembled by his cast. Both was more of one. I’m
pieces challenge ideas about what a jack of all trades.’
dance (even in the adventurous sur- Ahead of new works
roundings of Rambert’s creativity) can at the Royal
express, even suggest. Academy
Baldwin’s response to coal mining’s and London’s Crick
ardours and tragedies, its implicit Institute, the artist
strength of identity — inspired by talks to Jackie
Mervyn Peake’s poem about the Rhon- Wullschlager
dda Valley in south Wales, whence the
title — is bold dance, born of the brass
band as symbol of a society. Gavin
Higgins’ strong score is played by
the magnificent Tredegar Town Band,
who are placed at the back of the stage
as reminder of the history of mining
communities.
The effect is highly emotional in
considering shared griefs, the inevita-
bility of tragedy, and is oddly reminis-
cent of the German expressionistic
dance of the 1920s, and of the voice of
the then Prince of Wales saying: “Some-
thing must be done.” There is an
allusive design by Michael Howells,
with the journey down into the pits
hauntingly evoked.
Whitley’s Frames is about what we A foot in the past his own work as performed
see, even what we assume, with chore- today. Now, the movement
ography. A bare stage. Dancers acquir- The earliest known ballets to reconstruct works to
ing metal rods which they assemble have reached us through their original forms is
into structures as adjuncts that shelter, productions that are pieced gaining impetus, led by
frame, inspire movement. Small bright together from surviving Alexei Ratmansky and the
lamps are added. Choreography blos- sequences and additions, American Ballet Theatre.
soms, expands, awakens memories. to the extent that a 19th- Laura Cappelle reports
Whitley has a bold score by Daníel century choreographer on ballet’s relationship
Bjarnason, a fecundity of ideas, the might not even recognise with its repertoire
skill to make them theatrical, and he
floods the stage with feelings and vivid,
stimulating dance. Here is a dance-
work of mercurial imagination, of eager The life of a song
bravura in light or dark, and of bright-
est possibilities. Peter Aspden looks at the
The evening also exhumes the history of ‘A Whiter Shade
antique posturings (from 1990) of of Pale’, the melancholy
Lucinda Childs’ glum Four Elements. 1967 Procol Harum song
The choreography would fit into Whit- whose keyboard melody
ley’s back pocket. But bravos for the was ‘sparked by Bach’, and
soaring, vivid Dane Hurst. which set off a legal battle
that went all the way to the
To May 16, rambert.org.uk House of Lords

THIS EVENING’S TELEVISION

Pick of the day

After a slow start, historian
David Reynolds’ mixture of
portentous and chatty casts
an Ancient Mariner spell in
World War Two: 1945 & the
Wheelchair President
(BBC4 9pm). Franklin D
Roosevelt’s (pictured)
struggle against polio,
climaxing in horrific health
problems as he flew across
the world to confer with
Churchill and Stalin, makes
an engrossing story. The 90-
minute documentary tries to
combine the public image
with a psychological study of
FDR’s emotional needs. Part
idealistic crusader for a new
order, part secretive
Machiavel, FDR has a stature
that is unassailable. Thank
God he was around.
Awakenings (Movie Mix
6.30pm), Oliver Sacks’s
powerful and disturbing
account of how sleeping
sickness victims awoke after
30 years, survives starry
Hollywood casting.
Incredible but true.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Watchdog. Claudia
Winkleman discusses the
Halloween 2014 accident
that left her daughter
badly burnt, as the team
investigates the rules
on safety testing for
fancy-dress costumes.
9.00 Shark. Examining the
creatures’ intricate social
lives, which involve
complicated courtship
rituals, as well as taking a
look at their powers of
navigation.
10.00 BBC News.
10.30 BBC Regional News and
Weather.
10.45 Question Time. David
Dimbleby chairs the debate
from Uxbridge.
11.45 This Week. Andrew Neil
discuss developments from
the past seven days.
6.00 Eggheads. Quiz.
6.30 Beat the Brain. Four
London Tube drivers try to
outwit the show’s resident
genius — the Brain.
7.00 Antiques Road Trip. Paul
Laidlaw and Margie Cooper
embark on the second and
third legs of their antique-
hunting quest.
8.00 The Great Chelsea Garden
Challenge. The finalists
visit the RHS Headquarters
in Wisley for one last clash,
during which they are
given five days and a big
budget to put together
showpiece gardens.
9.00 The Game. The team
discovers a sleeper agent
with lethal connections in
the US military.
10.00 W1A. David Wilkes seeks
help in fleshing out the
concept for new show One
Big Family.
10.30 Newsnight. .
11.15 Weather.
11.20 Wastemen. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 How to Get Into a Good
School: Tonight. Aasmah
Mir investigates the
extreme measures some
parents take to ensure their
children secure a place at
their preferred school.
8.00 Emmerdale.
8.30 You’ve Been Framed! R
9.00 Fraud Squad. The crime
documentary concludes
with an insight into a
police operation to shut
down a large-scale bank-
cheque fraud empire run
by a Zimbabwean gang.
Last in the series.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Newzoids. R
11.10 Piers Morgan’s Life Stories:
Felicity Kendal. R
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 Born Naughty? Dr Ravi
Jayaram and Dr Dawn
Harper investigate troubled
children, to diagnose
whether their behavioural
problems might be the
result of undiagnosed
medical conditions.
9.00 The Island with Bear
Grylls. Hunger and
disorganisation prompt
Lauren and Beth to
suggest electing a leader
for the women’s island, but
some of the survivors are
less than keen on the idea.
10.00 The Secret World of
Tinder. Documentary
exploring how the digital
world has integrated itself
into the dating scene,
giving people seeking
romance a chance to find
love — or lust — at the
touch of a button.
11.05 The Night Bus. R

BBC3
7.00 Top Gear. 8.00 Don’t Tell
the Bride. 9.00 Live at the
Apollo. 9.30 Live at the Apollo.
10.00 EastEnders. 10.30 Family
Guy. 10.55 Family Guy. 11.15
American Dad! 11.40 Family Guy.
BBC4
7.00 World News Today. 7.30 The
Sky at Night. 8.00 Wild China.
9.00 World War Two: 1945 & the
Wheelchair President. 10.30 The
Dark Charisma of Adolf Hitler.
11.30 The Comet’s Tale.
Channel 5
6.00 Car Crash TV. 6.30 5 News
Other channels
Tonight. 7.00 World War II in
Colour. 8.00 The Last Days of
Guy Fawkes. 9.00 The Hotel
Inspector. 10.00 Big Brother:
Timebomb. 11.00 Big Brother’s
Bit on the Side.
More4
6.50 Selling Houses with
Amanda Lamb. 7.55 Grand
Designs. 9.00 The Good
Wife. 10.00 Inglourious
Basterds.
Film4
7.00 Run Fat Boy Run. 9.00
X-Men Origins: Wolverine. 11.05
Law Abiding Citizen.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
The Jinx: The Life and Deaths
of Robert Durst. 10.00 Mad Men.
11.00 Last Week Tonight with
John Oliver. 11.35 Regarding
Susan Sontag.
Sky Sports 1
6.00 Ringside. 7.00 Live Premier
League Darts. 10.00 Ringside.
11.00 Barclays Premier League
World. 11.30 FL72 Highlights.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 Arrow.
9.00 Forever. 10.00 Futurama.
10.30 Futurama. 11.00 Hawaii
Five-0.
Sky Arts 1
6.00 Edward Hopper and the
Blank Canvas. 7.00 The Music
of Buddy Holly and the Crickets.
9.00 History of the Eagles.
11.25 Dave Matthews Band —
Weekend on the Rocks.
Sky Arts 2
6.45 George Balanchine
Forever. 8.00 Bolshoi Unseen:
Spartacus. 10.15 Europa Konzert
2013.
14 ★ FINANCIAL TIMES Thursday 14 May 2015

Bus drivers
Transport companies with a high exposure to the UK bus market, such as
Go-Ahead and Stagecoach, have done well. Bus fares have risen faster
than rail, and much more than motoring costs

Twitter: @FTLex Email: lex@ft.com

Long-term trends in UK passengers’ transport costs 2014 earnings breakdown*
Rebased % of total
UK regional & UK rail US & other
SABMiller: a decent long-term play on emerging 200 Danaher:
London bus
markets. But anyone buying in
the beer necessities expectation of a frothy takeover
All motor filtered out
premium could end up with the Rail fares 180
Emerging markets are about as investment equivalent of a flat pint. Bus and coach fares Stagecoach It just so happens that a successful
fashionable as Watney’s Red Barrel 160 conglomerate does not have to have a
right now. But when they return to rollicking bank on the side (looking at
favour, are shares in brewing group you, General Electric) to drive
SABMiller the right way to play the Mondi: 140 Go-Ahead spectacular returns. It is excusable not
emerging consumer story from the to have heard of industrial group
safety of a developed-world exchange? a world of its own 120
Danaher until Tuesday, when it spent
The brewer, which has a South $14bn in cash to buy filtration
African heritage, tells a plausible The sheer volume of deliveries by FirstGroup company Pall Corporation. There is no
enough story. About 70 per cent of its online retailers such as Amazon should 100 Danaher brand per se. Rather it is a
revenue comes from Asia, Africa and be working wonders for the purveyors collection of the $44bn of businesses it
Latin America, where middle-class of the specially corrugated cardboard 1997 2000 05 10 13 0 20 40 60 80 100 has bought since 2000 in a handful of
incomes are growing but per-capita they use with such abandon. In the FT graphic Source: Nomura research * FY 2014 earnings before interest, taxes and amortisation
industries — from environmental and
beer consumption is way below US or paper and packaging industry, where water equipment to laboratory test kit
European levels. To this it has added newsprint and coated paper face and dental products. That sounds
more muscle in soft drinks, via a joint overcapacity and digitally induced First class upgrades all around. of their earnings before interest, tax may see less urgency for this shift plain, but over the past decade
venture with Coca-Cola in Africa. decline, packaging is the place to be. Shares in UK transport companies and amortisation from their UK bus but it could still be on the agenda. Danaher’s total shareholder return has
Revenues in local currency terms Take the example of Johannesburg have staged a relief rally since the divisions. And buses have provided Rail is likely to be more of a been 203 per cent.
grew by useful increments in the year and London-listed Mondi, which has Conservative party won the general exceptional returns. Bus fares in UK struggle, though. The rail companies Its secret sauce is something called
to March: up 7 per cent in Latin operations in central Europe, North election last week. There had been cities have climbed at twice the pace of have captive customers who will the Danaher Business System, which
America and 9 per cent in Africa. Even America, Russia and South Africa, and worries that challengers Labour inflation over the past decade. On the always complain, particularly on the sounds like the usual vacuous
in mature markets, there was a little derives about 70 per cent of its revenue would be less business friendly in other hand rail, often in the news for congested networks into London. corporate-speak. But the method has
growth, helped by what the brewer from packaging. Its share price leapt general, and would target the wrong reasons (usually delays), Both Go-Ahead (Thameslink) and produced returns, allowing Danaher to
terms “romancing” — giving key 10 per cent yesterday, leading the FTSE government-regulated sectors, provides less than a quarter Stagecoach (South West) own rail wring cost savings out of businesses
brands such as Pilsner Urquell and 100 index. The trigger? A near-30 per especially transport. Shares in of their profits. franchises that score poorly on the that are not growing quickly. Between
Miller Lite some extra love. cent surge from a year earlier in its Stagecoach, Go-Ahead, National But the threat to the bus operations national customer satisfaction 2012 and its forecast for 2015, annual
At group level, the rampant US dollar first-quarter operating profit to €236m. Express and FirstGroup have risen has not gone away with Labour’s surveys. Stagecoach has two organic revenue growth will average
reversed all of this progress; sales in Mondi reported steady demand for an average of 5 per cent since defeat. The previous (Conservative- franchises, East Midlands and South about 3 per cent. But earnings per
dollar terms fell slightly. But many its packaging products across all but its the election. led) administration had planned to West, up for renewal by 2017. share will have jumped about 10 per
investors are unlikely to care. A South African home market, at selling Go-Ahead and Stagecoach have devolve more bus regulation to local Unhappy customers do not make cent each year.
headwind in the operational business prices broadly the same as a year ago. been the sector’s stars lately, authorities. That could have led renewal bids easy. Regardless of The Pall deal is in some ways a
is a tailwind for them; 72 per cent of Its margins increased as it benefited outperforming the latter pair by to lower fares (threatening the the benefits of a Conservative departure for Danaher. Like much of
the free float receives dividends in from dollar strength against the euro 40 percentage points over the past profitability of franchises), or even government, the transport Danaher’s business, Pall makes money
sterling, and will enjoy a near 20 per and lower input costs, including wood five years. The secret ingredient? retendering existing agreements. A companies still have work to from “consumables” — filtration
cent increase against a 9 per cent rise in (it grows its own), recycled paper, Buses. Both companies generate most more business-friendly government do in the cheap seats. products that are used and then
the dollar payout. resin (used in plastic packaging), reordered, creating a steady income.
SABMiller’s returns are reasonable. energy (it generates its own in South But the Pall deal is big compared with
Margins improved in Latin America, Africa) and chemicals. After pushing previous buyouts, which have been in
Europe and North America, but fell in through price increases it should be is anyone’s guess, but it is hard not to market had improved — suggested in the first quarter all the telecoms the $1bn to $6bn range. Pall is also
Asia and Africa. At group level, the able to sustain its momentum in the want to bag some of Mondi’s returns — that matchmaking is some way off. companies added subscribers in expensive at 21 times cash flow.
return on capital is around 17 per cent; current quarter, even if maintenance yours for 17 times this year’s earnings. Bouygues’ results for the first quarter wireless and fixed except Numericable, Still, Danaher shares rose a few
comparable with, say, Diageo but less costs and a higher oil price (used in yesterday showed that its telecoms unit which lost out on both, says Oddo percentage points on news of the deal.
than Unilever or Nestlé, other popular resin) are drags. had managed to grow its subscriber Securities. That may be because of another
plays on emerging consumer growth. Mondi looks to be in a sweet spot. French telecoms: numbers in mobile and fixed line, but No one is complaining, though. announcement the company made.
Consolidation is another But can it really sustain last year’s at a cost. Average revenue per user has Numericable’s cost-cutting efforts have Danaher will ditch its conglomerate
imponderable. SABMiller has in the punchy return on capital employed of mating calls fallen 5 per cent and 13 per cent, pleased the market. Its merger with status by separating into two listed
past made overtures to Heineken. Such more than 17 per cent — 10 percentage respectively, year on year. Earnings SFR closed only in late November. It companies. One will be a life sciences
a deal — rejected by the Dutch group — points above its low mid-crisis, when a Is there anything more romantic before interest, tax, depreciation and promised it would not cut prices to win company with $16bn in revenue
would have given it a dominant global good deal of surplus capacity fell away? than Paris in the spring? There is if amortisation from telecoms did hold new customers. Numericable’s share (including Pall), the other will house
beer brand. And SABMiller is itself The risk is that, tempted by such you are a mergers & acquisitions up, which is important for pricing these price has risen 11 per cent since the remaining industrial businesses.
seen as a potential target for AB InBev, returns, rivals restore some of that banker. These cupids have been trying assets. Numericable, controlled by Monday’s close. Its promise to deliver Life science companies trade at higher
for which its emerging market closed capacity. So far, there is little to put French telecoms companies holding company Altice, has been one value not volume (of subscribers) valuations. It seems that even the best
exposure would be a valuable addition. evidence — and the lead time for such together for years. With four of them of the companies mooted as a bidder received a sympathetic response from conglomerates can sometimes struggle
That said, there is no obvious sign of projects is up to three years. Moreover, vying for customers, the competition is for Bouygues’ business. the rest of France’s telecoms sector too. to get the credit they crave.
a bid premium embedded in the share the latest sector consolidation, evident wearing away profitability. But Numericable seems distracted by Given the optimistic noises from
price, which is at comparable levels in the merger of RockTenn and Consolidation makes sense. other projects. On Tuesday, Eric these two companies, any hope for
relative to earnings as peers. Two big MeadWestvaco of the US, should help But statements this week from Denoyer, its chief executive, said the romance between them or the other Lex on the web
For notes on today’s breaking
shareholders own more than 40 per to cut capacity and underpin pricing. Numericable/SFR and conglomerate price war in French telecoms had two (Orange and Iliad) seems more stories go to www.ft.com/lex
cent of the group’s equity. SABMiller is What happens in two to three years Bouygues — in which both said the ended. That was good to hear, because distant than ever.

LOW
HIGH Forecasts by
1020 1000
1010
13 14
12 1010
14
11 19
10 29
3 Luxembourg Shower 18 64
13
10 1010 Lyon Drizzle 24 75
13 11 Madrid Sun 32 90
11 16 16 18 Manchester Cloudy 12 54
16
LOW 11 Miami Fair 31 88
11
13 23 18 19 LO Milan Sun 30 86
12 Montreal Sun 18 64
16 22
12 22 Moscow Cloudy 19 66
12 1020 27
10 Mumbai Fair 33 91
15 1 LOW 23 Munich Shower 20 68
12 28 28 20
11 New York Sun 21 70
25 Nice Fair 21 70
12 22 32 24 Paris Rain 16 61
30 25
26 Prague Fair 18 64
19 Reykjavik Rain 9 48
39 34 27 24 25
Rio Fair 26 79
1020 Rome Fair 25 77
Wind speed in MPH at 12 BST 38
Temperatures max for day˚C Wind speeds in KPH 25 San Francisco Shower 18 64
Stockholm Fair 13 55
Today’s temperatures Strasbourg Shower 20 68
Abu Dhabi Sun 42 108 Belgrade Thunder 26 79 Copenhagen Sun 16 61 Hamburg Cloudy 13 55 Sydney Sun 18 64
Amsterdam Fair 16 61 Berlin Cloudy 16 61 Delhi Sun 37 99 Helsinki Fair 14 57 Tokyo Sun 28 82
Athens Sun 25 77 Brussels Shower 17 63 Dubai Sun 40 104 Hong Kong Fair 31 88 Toronto Sun 17 63
B’ham Rain 10 50 Budapest Shower 22 72 Dublin Shower 11 52 Istanbul Sun 20 68 Vancouver Shower 17 63
Bangkok Fair 33 91 Buenos Aires Fair 23 73 Edinburgh Cloudy 10 50 Jersey Shower 13 55 Vienna Fair 20 68
Barcelona Fair 26 79 Cardiff Rain 12 54 Frankfurt Fair 20 68 Lisbon Sun 22 72 Warsaw Fair 16 61
Beijing Sun 27 81 Chicago Cloudy 18 64 Geneva Shower 24 75 London Rain 11 52 Washington Fair 23 73
Belfast Fair 13 55 Cologne Sun 20 68 Glasgow Fair 13 55 Los Angeles Shower 18 64 Zurich Shower 22 72

This newspaper is not 3 Grouse, and how it’ll get

CROSSWORD mentioned in the clues worried now? (8,7)
No. 14,930 Set by LOROSO ACROSS 4 Putting crests on water tower
1 Tie up item at back of lorry outside home (7)
        (4,4) 6 Film shot in my area, so he

5 More than one vintage dog had to be included (7,2,3,3)
show (6) 7 Motorsport supported by
  10 Nearly become the same unknown cardinal (5)
golfer (5) 8 Window cord – it’s left in beam
11 Pays nurses to blow plate (4,4)
  warmers (9) 9 Detective is first person seen
12 Solitude, before it is embraced during vacation (6)
by French men (9) 16 What’s beyond death is a sort
  
13 Poem writer would finish in of relief (9)
twenty lines (5) 17 Viz alternative is Celtic comic
 14 Way to get crossbar (8)
connected (6) 19 Fold party dress (3-3)
  
15 Feed us dirty sandwiches (7) 20 Cool fizzy drink for princess
 18 Made love, roughly taken from (7)
behind (7) 21 Gutted legume that is red (6)
  
20 The score? Mostly it’s 23 Is switching pens with novelist
hysterical (2,4) (5)
22 Some material is leathery
  material (5)
24 Soldier’s socks about right as Solution 14,929
worthwhile present (4,5) 9 ( 5 $ 1 ' $ < 2 5 .
  25 Governor’s urge to feed 9 1 $ ) 5 $ 2
4 8 ( ( 1 $ 1 1 ( / 2 * 2
murderer (9)
CROSSWORD
No. 14,845 Set by NEO
        ACROSS DOWN
1 Important Viking one among best 1 Hard maths topic written up to find
friends (5,4) circumference (5)
  6 Socialite with appeal makes left- 2 Love comes in no time, wildly, for
side entry (5) passion (7)
9 Brazilian city as far as we’re 3 Disagreed also with a thousand
concerned ungovernable (7) children (4,5)
  
10 Obscure English knight against 4 Bond gets to a casino and is
European rebuffed (7) beaten (11)
11 Poor nation’s little island in hot 5 Beast summarising Tokyo-London-
   current (5) Tokyo trip? (3)
12 Caught flamboyant cardinal in 6 Painter died hungry (5)
Seventh Heaven? (5,4) 7 Discount supermarket name in
  
14 Notice flock encircles houses (3) GB’s upturn with loss on top (7)
15 Alarmist financier reversed into 8 As 007 mission to Spectre might
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

8 5 $ 7 6 7 (
26 “Bones” has one meaning (5) 9 , 5 * , / ( ; 7 5 $ ' 5 <
JOTTER PAD 27 Little time, long year (6) 5 5
5 ( 9 ( 5 (
,
' ( 9 , & (
6

28 Gay men, fancy of French 6 ( 1 , $ + &

serving boy (8) . 1 $ 9 ( 6 / $ , ' 2 1
' ( 1 0
DOWN . , & . ) / , 3 + ( $ 9 ( 1
1 Latin dictionary launched (6) 9 1 2 ( ( 7 '
2 Movie star? No skin’s a bonus 0 , 5 (
1
3
/ , (
8 5 * $ 7 2 5 <
2 9 :
(4,5) + ( / / , 1 ) ( 5 1 2
Thursday 14 May 2015 ★★★ 15

Deutsche Mondi Pall Corp Dollar index US 10-year Sterling / Gold Brent oil
Lombard Admiral’s founder Telekom Treasury bond dollar
pulls down the flag 3.58% 8.94% 4.44% 0.9% 2bp 0.4% $22 0.1%
JONATHAN GUTHRIE, PAGE 20
€16.01 £14.14 $123.89 93.71 2.29% $1.5729 $1,215 $66.81

Peltz defeated in DuPont board bid Short

View
3 Chemicals group sees off activist investor 3 Fund’s plans challenged as short-termist
several corporate defence tactics: pressure to prove this strategy can actu- board directors had been re-elected.
James
RICHARD BLACKDEN, STEPHEN FOLEY
AND ED CROOKS — NEW YORK aggressively challenging activists’ finan- ally deliver high quality and consistent
DuPont has Chief executive Ellen Kullman — who Mackintosh
cial plans as short-termist, appointing earnings growth.” rejected the had earlier offered Trian one seat on the
Nelson Peltz has been defeated in his shareholder-friendly directors of the Trian has sought to persuade DuPont call for a board, though not to Mr Peltz himself —
attempt to win a board seat at chemicals board’s own choosing and warning that investors that the company would be bigger said: “We are pleased with the outcome Poor retail sales in the US came as a shock to investors pin-
company DuPont, in the highest-profile an activist’s presence on the board better placed splitting off some of its of the vote and especially appreciate the ning their hopes for a rebound on the American consumer.
battle with a hedge fund activist at this would be disruptive. businesses with rosier growth pros- break-up of strong expressions of support from so The dollar duly tumbled more than 1 per cent against the
year’s annual shareholder meetings in Shareholders, meanwhile, seemed pects, while also lambasting the com- the company, many of our shareholders.” euro, helped by a further rise in European bond yields.
the US. content that Trian’s presence on the pany’s internal cost controls. accusing Trian scored public support for some A weaker US economy hit the dollar across the foreign
Trian Fund Management, the invest- share register was enough to hold DuPont has rejected the call for a big- or all of its nominees from the influen- exchanges. But there are fashions in currency trading, and
ment firm run by Mr Peltz, said yester- DuPont management to a high stand- ger break-up of the company, accusing Trian of a tial proxy voting advisers ISS and Glass the euro is currently the place to be seen. Against the
day that the four nominees it put up for ard, without granting board seats. Trian of a lack of understanding of its lack of Lewis and from a number of DuPont rather passé yen, the dollar rose only half as much.
election to DuPont’s board had not “DuPont’s board and management industry. It is already spinning off its knowledge of shareholders, including the California The yen has been comatose since the end of March,
secured enough backing from fellow team have staked their reputations on performance chemicals division, which pension fund Calstrs. stuck in a range of not much more than Y1 either side of
shareholders. executing the company’s current strat- makes paint pigments and Teflon. its industry Fellow California fund Calpers, how- Y120 to the dollar. Since the start of the year it has moved a
DuPont scored its victory against a egy,” Trian said in a statement after it The company confirmed, at the ever, backed DuPont, saying that Trian’s little more, but compared with the ructions in the euro and
tide of increasingly successful hedge became clear it had lost the vote. opening of its annual meeting in plans smacked of short-termism. sterling it looks staid indeed.
fund activism, showing the power of “Our efforts have created appropriate Wilmington, Delaware, that all 12 of its BNY Mellon chief faces heat page 17 The calm descended as the world’s attention moved else-
where. The “macro tourists”, fast-moving hedge funds that
bet big on the early days of Abenomics in 2012-13 by
crowding into bets on rising shares and a weaker currency,
have long since moved on.
After the excitement of last year’s recession and another
Miller fight surprise round of central bank money-printing that
slammed the yen, the economy is in waiting mode.
Brewer aims to put a This has been a good time for shareholders. Since the
start of the year the currency is unchanged, but shares are
cork in lager lout ads up 14 per cent. Japan is the best-performing developed
market when currency effects are stripped out.
The tight inverse link between the yen and Japanese
Brewers must “modernise beer” to stop shares that held for years seems to have been severed
insulting women, ending advertising (see chart).
campaigns that celebrate the lager lout, Investors have been attracted in part by the prospect of
according to the boss of SABMiller, the more domestic pension money heading for shares and
second-biggest beer maker by sales. partly by valuations lower than in Europe or the US. The
Reporting flat full-year profits, Alan prospect of improving corporate governance is also help-
Clark stressed the need to target female ing sentiment towards stocks — although there can be few
drinkers as a way to generate growth, investors left who are not aware of the efforts to improve
citing SABMiller’s Peroni brand, right. the use of corporate cash in Japan.
He criticised the industry’s tendency to One risk is that the yen snaps out of its zen moment. If
use dismissive marketing that only the outlook for the US keeps deteriorating, the yen will
treated women as the butt of jokes. strengthen further, which should be bad for shares. Such a
Group sales excluding excise rose 5 per reaction would surely prompt yet more monetary easing,
cent, despite lower revenues in North though, weakening the yen and helping shares.
America and a flat performance in No wonder the currency has gone nowhere.
Europe. Pre-tax profits were steady at
$4.83bn. SABMiller shares jumped Currency trade
sharply last week on rumours of a Topix (’000) Yen per $
takeover bid by Anheuser-Busch InBev.
Full report page 19 1.8 140
1.6
120
1.4
1.2 100

‘Anyone buying in 1.0 The tight inverse

80 link between the
0.8
expectation of a frothy yen and Japanese
0.6 60
takeover premium could shares that held
end up with a flat pint’ 2010 11 12 13 14 15 for years seems to
Source: Thomson Reuters Datastream have been severed
Page 14
james.mackintosh@ft.com
Tom Parker/OneRedEye

Whetstone move from Uber to Google

reflects tension between companies
TIM BRADSHAW AND RICHARD WATERS and pushes into new lines of business joined SoftBank as vice-chairman last
— SAN FRANCISCO
such as food delivery. Her appointment summer; Jill Hazelbaker, a senior mem-
Uber has poached Google’s communi- highlights the growing overlap and ten- ber of its communications team took a
cations and policy chief Rachel Whet- sion between Uber, which is investing in similar role at Snapchat, and Patrick
stone — after the car-hailing service its own mapping and autonomous-driv- Pichette, unveiled his retirement as
last August hired former presidential ing technology, and Google, one of its finance chief in March.
adviser David Plouffe to smooth its largest investors after leading a 2013 Uber has also seen management
Williams in $14bn move rocky relationship with regulators. $258m funding round. Uber has been changes with the departure of its chief
for energy associate seen as a potential buyer of Nokia’s financial officer Brent Callinicos, a
Mr Plouffe, an architect of President mapping unit, Here, to reduce its former Google treasurer, in March — a
In the latest restructuring of US energy Barack Obama’s 2008 election, will take dependence on Google Maps. signal that it may be looking to hire
infrastructure companies, Williams, the a seat on its board. He will continue as a At Google, Ms Whetstone’s policy somebody with more public-company
oil and gas pipelines group, is to take full-time employee, advising chief exec- team will now report to David Drum- experience.
full ownership of its associated utive Travis Kalanick on policy and mond, its chief legal officer and an Uber The San Francisco group is home to
company Williams Partners in a strategy, as well as advocating for Uber board member. Ms Whetstone’s move, many former Google staffers, while also
$13.9bn deal, valuing the entire externally, although he will no longer the latest executive departure over the recruiting from around Silicon Valley
partnership at $34.7bn. hold a day-to-day communications role. past year, comes as Google faces off with including from Facebook, Apple and
Report i PAGE 16 Ms Whetstone arrives as Uber pre- European regulators. Nikesh Arora, Amazon, as well as the finance industry
pares to raise another round of funding another long-serving Google executive from the likes of Goldman Sachs.

Companies / Sectors / People

Companies
3M....................................................................28
ABN Amro....................................................17
AOL..................................................................18
AT&T...............................................................18
Acromas........................................................29
Admiral.........................................................20
Advent International.............................21
Airbnb.............................................................12
Aldermore....................................................21
Alfa Group...................................................18
Altice...............................................................14
Anheuser-Busch InBev...................15,19
Atlas Mara............................................18,20
Atom................................................................21
Azimo..............................................................21
BHP Billiton................................................28
BNP Paribas...............................................16
BRD Commercial Bank.........................18
BT Group ....................................................21
Bain Capital.................................................21
Banca Monte dei Pasch......................16
Banca Popolare di Milano..................16
Bank of England........................................3
Bank of New York Mellon..................17
Banque Populaire du Rwanda........18
Barclays.............................................16,20,21
Barratt Developments...................20,29
BlackRock....................................................30
Blackstone...................................................28
Bouygues.....................................................14
Bovis Homes.............................................29
C&C Group.................................................20
CVC.................................................................20
CVC Capital Partners............................21
Centrica...........................................................3
Charter Savings........................................21
Charterhouse Capital Partners......20
Citigroup.......................................................16
Clough Capital Partners......................18
Compass.................................................21,29
Countrywide.................................................4
Credit Suisse.......................................16,20
Danaher..................................................16,29
David Lloyd Leisure.............................20
Delta Air Lines.........................................29
Deutsche Bank.........................................28
Deutsche Telekom..................................18
DirecTV.........................................................18
DuPont...........................................................15
EE......................................................................21
Elliott Management................................21
Eon...................................................................19
Etsy..................................................................12
Facebook.................................................18,19
FirstGroup....................................................14
GSM Systems.............................................21
Gazprom..........................................................3
General Electric........................................14
Glass Lewis.................................................18
GlaxoSmithKline.........................................4
Go-Ahead.....................................................14
Google......................................................18,19
Guggenheim Partners..........................18
HSBC.........................................................16,21
Hargreaves Lansdown.........................29
Honda........................................................15,19
Hutchison Whampoa.............................18
ING....................................................................17
IP Group.......................................................20
Iliad..................................................................14
Incitec Pivot...............................................28
Isis Innovation..........................................20
JC Flowers...................................................21
JPMorgan................................................16,17
Janus Capital Management..............18
Kinder Morgan..........................................16
LEK Consulting.........................................21
Lansdowne Partners............................20
Lloyds Banking Group...................21,29
Macy’s............................................................29
Maersk Line................................................19
Man Group..................................................29
Mara Group.................................................18
Marcato Capital Management.........17
MeadWestvaco..........................................14
Microsoft.......................................................19
Mondi.......................................................14,29
Morgan Stanley........................................16
National Express.....................................14
Nestlé............................................................30
Nissan........................................................15,19
Numericable...............................................14
OakNorth................................................21,21
OneSavings Bank....................................21
Open Bank...................................................21
Orange...........................................................14
Owl Creek Asset Management.......18
Oxford Nanopore Technologies....20
Pall........................................................14,16,29
Paragon Group..........................................21
Permira....................................................20,21
Persimmon..................................................29
RWE.................................................................19
Ralph Lauren.............................................29
Roche................................................................4
RockTenn.....................................................14
Royal Bank of Scotland........1,16,21,29
SABMiller...........................................14,15,19
Saga.........................................................20,29
Saudi Aramco..............................................7
Schlumberger...............................................7
Shawbrook...................................................21
Small World Financial Services.......21
SoftBank.......................................................18
Sprint..............................................................18
Stagecoach..................................................14
State Street.................................................17
Statoil................................................................3
T-Mobile US................................................18
TSB...................................................................21
Takata.............................................................15
Taylor Wimpey.........................................29
Telecity..........................................................29
Time Warner..............................................18
Toyota.......................................................15,19
Trafigura Holding....................................18
Trian Fund Management...............15,17
UBS.............................................................16,17
Uber.................................................................12
Unilever........................................................30
Unipart...........................................................12
University of Oxford............................20
Verizon...........................................................18
VimpelCom..................................................18
Virgin Money..............................................21
VocaLink.......................................................21
WPP.................................................................19
Wellcome Trust........................................20
Wellington Management.....................18
Wilbur Ross.................................................21
Williams Partners....................................16
Woodford Investment M’nt..............20
Sectors
Automobiles..........................................15,19
Banks.............................................16,17,21,28
Beverages...................................................20
Construction..........................................4,20
Electricity.....................................................19
Food Producers.......................................28
Gen Financial.....................17,18,20,21,30
Gen Industrials..........................................16
Ind Metals...................................................28
Ind Transport.............................................19
Investment Comp....................................17
Mining............................................................28
Mobile & Telecoms...........................18,21
Nonlife Insurance...................................20
Oil & Gas........................................................7
Oil Equipment...........................................16
Support Services......................................21
Travel & Leisure................................19,20
People
Andersen, Nils...........................................19
Armstrong, Tim........................................18
Castagna, Giuseppe...............................16
Charlier, Jean-Yves.................................18
Clare, Mark.................................................20
Clark, Alan..............................................15,19
Clark, Greg....................................................4
Conn, Iain.......................................................3
Cousins, Richard.......................................21
De Lorenzo, Domenic...........................19
Denoyer, Eric..............................................14
Diamond, Bob............................................18
Earlam, Glenn...........................................20
Engelhardt, Henry..................................20
Francesco Saviotti, Pier.......................16
Fridman, Mikhail.................................18,19
Garden, Ed...................................................17
Ghosn, Carlos.............................................19
Günther, Bernhard..................................19
Hassell, Gerald..........................................17
Hooley, Jay..................................................17
Höttges, Timotheus...............................18
Joyce, Thomas..........................................16
Khosla, Rishi...............................................21
Knox, Ricky..................................................21
Kullman, Ellen............................................15
Lonergan, Ian.............................................21
Massiah, Victor.........................................16
McGuire, Mick............................................17
Mittal, Lakshmi.........................................21
Norwood, David......................................20
Patterson, Gavin.......................................21
Peltz, Nelson.........................................15,17
Prior, Jim.......................................................19
Sandberg, Sheryl.....................................19
Stevens, David.........................................20
Thakkar, Ashish........................................18
Thompson, Mark......................................19
Viola, Fabrizio............................................16
Yates, David................................................21
Zalm, Gerrit.................................................17

© The Financial Times Limited 2015 Week 20

16 ★★★ FINANCIAL TIMES Thursday 14 May 2015

COMPANIES
INSIDE BUSINESS
Oil equipment
EUROPE

Williams to buy out affiliate for $13.9bn Rachel

Sanderson
Infrastructure move minority holdings in three linked part- capital, and they have proliferated in $34.7 bn corporation. It added that as a result of
nerships. the US oil and gas boom of the past dec- buying out the partnership it expected
follows revamp last year Value of entire

by rival Kinder Morgan

ED CROOKS — NEW YORK
Williams, the US oil and gas pipelines
group, plans to take full ownership of its
associated company Williams Partners
in a $13.9bn deal, marking the latest
restructuring of US energy infrastruc-
William Partners owns and operates
gas pipelines and processing plants. It
was created through a restructuring of
the Williams group in 2010, in which it
received several large assets from its
parent, including the Transco gas pipe-
line system that stretches from Texas to
New York.
It is a master limited partnership, a
tax-advantaged business structure that
ade. There were 71 at the end of 2009
and there are now 121.
However, the disadvantages of the
partnership
following
all-share deal
to be able to increase its dividend to 64
cents a quarter for the second half of this
year, and then raise it by 11 per cent next
Italy’s MPS eyes tie-up
structure have also become increasingly
apparent. 121
year, and “approximately” 10-15 per
cent a year to 2020.
that may well prove
In particular, investors have become
more aware of “incentive distribution
rights”: terms in the partnership agree-
Number of
master limited
partnerships, up
The deal offers Williams Partners unit
holders 1.115 Williams shares for every
unit.
harder than expected
ment that give the controlling general from 71 in 2009 That values each unit at about $59.83
partner a rising share of the MLP’s prof- based on the Williams share price yes-

ture groups.
The two businesses have agreed an
all-share deal for Williams to purchase
the 40 per cent of Williams Partners
that it does not own already, at a price
that values the entire partnership at
$34.7bn.
The move follows similar deals
announced last year by Kinder Morgan,
in which the company bought out the
has become increasingly popular in the
US energy industry in recent years. It
has units instead of shares, and unlike a
conventional company pays no corpo-
rate tax. Investors instead pay income
tax on their share of the partnerships’
profits.
The tax benefits of MLPs, which are
available only to energy businesses,
have made them a low-cost way to raise
Banks. DoJ probe
its.
As the general partner, the Williams
parent company benefited from that
arrangement, but investors wanted to
be compensated for that, so it increased
the cost of capital for the partnership.
Williams said the cost of capital would
be lower if it abandoned the MLP struc-
ture, and the incentive distribution
rights, and was structured as a regular
I
terday morning, and thereby giving a
premium of about 25 per cent to the
closing price of the units on Tuesday
evening.
However, Williams Partners units
have been losing value for the past six
months, having peaked above $65 in
November.
The companies both expect the acqui-
sition to close in the autumn.
taly’s Banca Monte dei Paschi di Siena, the biggest
bank to fail last year’s European bank health check,
achieved its first quarterly profit for nearly three
years in the first three months of 2015. Now, the
accepted wisdom is that MPS will move swiftly
towards a tie-up — a deal with northern Italian lender UBI
Banca, for example, has been much touted.
But it may well prove harder than expected — not least
because the Italian economy’s return to growth is threat-
ening to reduce the need for dealmaking among Italy’s
fiercely territorial midsized banks.
For MPS — the bank that calls itself the world’s oldest —
even a quarterly profit of €72.6m represents a milestone
after a torrid and, at times, tragic three years. Fabrizio
Viola, MPS chief executive, has also said that after the
bank’s €3bn capital raising, which is slated for this month

Timing vital to size of UBS settlement
Hundreds of millions of dollars
could rest on exactly when
traders sought to rig markets
FT REPORTERS
Timing, as the adage has it, is every-
thing.
For UBS, one of five banks trying to
settle with US prosecutors over alleged
manipulation of foreign-exchange
benchmarks, a criminal conviction and
hundreds of millions of dollars in extra
penalties could rest on exactly when its
traders attempted to rig one of the
world’s biggest financial markets.
Wrangling over the details of an
expected $6bn settlement has gone
down to the wire, as the US Department
of Justice has threatened to tear up an
earlier 2012 deal in which it agreed not
to file criminal charges against the Swiss
Others will be watching
closely. HSBC is one of
several banks still being
investigated over forex
bank for manipulating Libor, another
major benchmark.
Scrapping the non-prosecution agree-
ment, or NPA, could theoretically put
UBS’s ability to operate in the US in jeop-
ardy — although pulling its licence,
described by legal experts as the
“nuclear option”, is not understood to be
under consideration in this case.
According to people familiar with the
negotiations, the decision on whether to
scrap the NPA hinges partly on a ques-
tion of dates: did any of the alleged
wrongdoing in the forex markets occur
after the NPA on Libor was signed in
December 2012?
The discussions have also been com-
plicated by the fact that UBS has immu-
nity from prosecution for antitrust vio-
lations connected to the forex probe
because it was the first bank to alert
authorities to possible misbehaviour in
that market.
Prosecutors could still punish the
bank on other grounds. The allegations
in the forex probe have expanded
beyond collusion to claims that UBS
may have committed fraud by failing to
make adequate disclosures to clients
and counterparties. UBS has no immu-
nity against fraud charges and is
expected to pay up to $800m in penal-
ties as part of the broader deal.
Barclays, JPMorgan Chase, Citigroup,
and Royal Bank of Scotland are also
expected to settle with the DoJ as soon as
next week.
UBS and three of those banks were
also part of a separate $4.3bn forex deal
in November with US and UK regula-
Wrangling over tors, as opposed to criminal prosecu-
the details of an tors. The wrongdoing covered by that
expected $6bn settlement stretched into 2013 but it
settlement punished the banks for having poor sys-
between UBS tems in place to prevent rigging rather
and the DoJ has than manipulation per se.
gone down to NPAs, and similar deals called
the wire — Michael deferred prosecution agreements, have
Buholzer/Reuters
been used by US prosecutors for years.
They are supposed to act like a “sword of
Damocles” hanging over the banks.
They carry the threat of renewed crimi-
nal prosecution if the institutions com-
mit any further illegal acts for a fixed
period of time; in the Libor cases, two
years from the signing date. In NPAs and
DPAs, the institutions admit wrongdo-
ing, pay hefty fines and may be required
to overhaul their compliance structures
and install someone to monitor their
behaviour.
DPAs were introduced in the UK last
year but have yet to be used.
It is extremely rare for a DPA to be
torn up, but that could change. DoJ offi-
cials have been taking a harder public
line lately, at a time when there has been
criticism that such deals reward banks
that are “too big to jail”.
“Let me be clear: the criminal division
will not hesitate to tear up a DPA or NPA
and file criminal charges where such Some banks have pleaded guilty to
action is appropriate and proportional DoJ charges in the past year without it
to the breach,” assistant attorney- having a significant knock-on effect on
general Leslie Caldwell said last month. their US operations, notably BNP Pari-
UBS is not the only bank worried bas and Credit Suisse.
about the long shadow of a Libor settle- If the DoJ does tear up the UBS agree-
ment; Barclays also signed a Libor NPA ment, it would mark the first time it has
in 2012. Both the banks’ deals expired brought criminal charges against a bank
last year, but the DoJ extended them that breached the terms of an NPA.
partially to allow it to examine whether Others will be watching closely. HSBC
the deals had been voided by alleged is one of several banks still being investi-
criminal activity in forex trading. gated by the DoJ over forex, and author-
ities are understood to be considering
tearing up its 2012 DPA for sanction
Interbank lending fines breaches and money laundering.
$bn RBS, meanwhile, has been breathing a
sigh of relief.
0 1 2 3 4
It agreed to a DPA over Libor in 2013,
Deutsche Bank but the two-year period has already
UBS expired, meaning it will not be affected
RBS by the expected forex settlement.
Rabobank As part of deal, all five banks involved
Société Générale are expected to commit to “assurances
Barclays of good behaviour in the future” with an
Lloyds Banking EU understanding that if they break this
US & UK promise they will pay a heavy toll,
JPMorgan
according to a person familiar with the
Citigroup matter.
Reporting by Caroline Binham, Martin
Source: FT Research Arnold and Laura Noonan in London and
Gina Chon in Washington
after gaining ECB approval yesterday, it will finally be able
to pay back the Italian state’s bailout bonds. Profitability,
as at most Italian banks, remains weak, however. MPS now
predicts net profit of about €880m in 2018, having previ-
ously hoped for €900m in 2017. By 2018, it expects its
return on tangible equity to
have reached about 8 per
cent. But forecasts for what
Consolidation
happens between now and among popolari
2018 are scant on detail.
Bankers close to MPS
banks could lead
insist that when its capital to €1.8bn in
raising is completed, it will at
least be able to take a seat at
savings
the dealmaking table. A big-
ger question, though, is whether anyone will want it there.
Banks are being drawn to the table by a government
reform of Italy’s popolari mutual banks which, by no coin-
cidence, coincides with MPS’s cash call. A change in the law
will force the 10 largest, with a combined €525bn in assets,
to become joint stock companies.
For now, popolari are popular with investors. Shares in
the largest popolari have risen about 35 per cent this year.
Shares in MPS are up 20 per cent. But consolidation among
popolari banks could lead to €1.8bn in savings, or 15 per
cent of their current cost base, according to Bernstein ana-
lysts Johan De Mulder and Priyanka Agnihotri.
Bankers argue that, as well as paving the way for cost
cutting, consolidation will also result in bigger banks bet-
ter placed for any cash calls that may be required under a
new single banking supervisor.
But Italy’s return to growth in the first quarter is remov-
ing the pressure for consolidation and raising expectations
that the burden of Italy’s more than €300bn in non-per-
forming loans will start to lighten in an economic upturn.
Giuseppe Castagna, chief executive of Banca Popolare di
Milano, has indicated on several occasions that he is ready
to consider tie-ups. So has Banca Popolare CEO Pier Franc-
esco Saviotti who has even
indicated that Banca Popo-
lare di Milano would be a
The last round of
suitable partner. Banca Italian banking
Popolare di Vicenza and
Veneto Banca have hired
mergers in 2007
advisers. Mr Castagna is varied wildly in
expected to announce his
adviser next week, according
their outcome
to people close to him.
With a more than 60 per cent jump in BPM’s share price
this year giving BPM a market value of €4.1bn, Mr Cast-
agna’s enthusiasm is clear. In any all-paper deal, he will
come out on top, bankers say.
On the subject of Monte Paschi and its much-mooted tie-
up with UBI Banca, the situation is more complex. Victor
Massiah, UBI’s tough but well-respected chief executive,
has given no indication of appointing advisers soon. Along
with Intesa Sanpaolo, UBI emerged as one of Italy’s strong-
est banks in last year’s stress tests — a position that people
close to UBI say it is not planning on giving up. Its common
equity Tier 1 stands at 12.6 per cent. But MPS’s pro forma
ratio fell to 10.9 per cent as of March 31, from 11.4 per cent
at the end of December.
Neither Mr Massiah nor his shareholders are keen to
consider a tie-up with MPS unless it comes very cheap,
according to people close to them. Meanwhile, the MPS
shareholders about to pump €3bn into the bank, having
put €5bn in only last June, appear unlikely to have the
appetite to sell the bank in a fire sale. Haunting the minds
of popolari executives is also the realisation that the last
round of Italian banking mergers in 2007 varied wildly in
their outcome. The tie-up of Intesa and Sanpaolo to create
Italy’s most strongly capitalised bank was deemed a suc-
cess, while MPS’s €9bn cash buyout of Antonveneta irrev-
ocably weakened its capital base. No one wants to be on the
losing side this time.
rachel.sanderson@ft.com

General industrials Banks

Danaher to acquire Pall in $13.8bn all-cash deal Morgan Stanley fined over reporting lapses
ANNA NICOLAOU AND PAN YUK
— NEW YORK
Danaher, a US industrial and health-
care equipment company, is to acquire
Pall, a maker of water-filtration sys-
tems, in a $13.8bn all-cash deal.
Announcing the merger on Tuesday,
Danaher also said that it would split
itself into a science and technology com-
pany, including Pall, and an industrial
company before the end of next year.
The science and technology arm,
which will retain the Danaher name,
will add Pall to Danaher’s dental, life sci-
ences and water quality businesses,
which combined had revenues of about
$16.5bn last year, the company said.
The businesses being spun into the
industrial company, which takes the
name NewCo, had revenues of about
$6bn last year. The price of $127.20 a
share represents a 28 per cent premium
to Pall’s closing price on Monday, before
the Wall Street Journal reported Pall
may sell itself. Ryan Mendy, chief oper-
ating officer of The Edge Consulting
Group, a corporate research company,
said investors should welcome the deal
because Danaher had “basically cleaned
up its business”. “Danaher had a hand-
ful of unrelated businesses with abso-
lutely no synergies whatsoever,” he said.
Shares in Danaher — with a market
capitalisation of about $62bn — rose
2 per cent yesterday. Pall’s share price
climbed 5 per cent to $124.25.
Acquiring Pall would “likely please”
Danaher’s investors because it would
complement Danaher’s water quality
unit, analysts at Jefferies wrote in a note
last week. Pall is the largest “pure-play
fluid filtration asset” in the public arena
and has a scarcity value, they wrote.
For the fiscal year that ended in July
2014, Pall generated revenues of $2.8bn.
Thomas Joyce, Danaher’s chief execu-
tive, said that Pall’s “best in class tech-
nology” makes it the “premier brand in
the filtration industry”.
See Lex
BEN MCLANNAHAN — NEW YORK
Morgan Stanley misled investors over
the scale of its short positions for more
than six years, according to the US
Financial Industry Regulatory Author-
ity, which has extracted its biggest ever
penalty for this type of violation.
Finra said yesterday that the bank had
agreed to pay $2m and submit to a
toughening of its internal processes,
after it admitted lapses in its aggregat-
ing of short positions — bets that a com-
pany’s stock will fall — across its various
business units.
The lapses affected “billions” of
shares, and meant that investors were
unable to get an accurate sense of the
market’s sentiment towards certain
stocks and of the cost of putting on short
trades, said Thomas Gira, executive
vice-president of market regulation at
Finra. “There was no bias to under-
or over-report, but their supervisory
system had flaws in it. Over time, if
you don’t realise those flaws, the
‘There was no bias to
under- or over-report, but
their supervisory system
had flaws in it’
numbers can get pretty large,” he said.
In a statement, Morgan Stanley said it
had “co-operated fully with Finra’s
investigation, self-reported many of the
issues raised in the settlement,
and . . . revised its short-interest
reporting policies, procedures and
internal controls to address these
issues.”
The fine is the largest levied for this
type of violation by Finra, an independ-
ent, not-for-profit organisation funded
by the firms it regulates. Last year it
brought 1,397 disciplinary actions
against registered brokers and other
firms, which paid a total of $134m in
fines.
Thursday 14 May 2015
BNY Mellon chief faces activist heat
Strong quarter at oldest US bank gives breathing room but Trian and Marcato remain dissatisfied
TOM BRAITHWAITE AND STEPHEN FOLEY
— NEW YORK
The Wall Street offices of Bank of New
York Mellon are steeped in the history of
its founder, Alexander Hamilton. Yet
among the 18th-century artefacts, there
is no sign of the founding father’s duel-
ling pistols.
“JPMorgan has those,” says Gerald
Hassell, who has silently entered the
room and answers the query.
The pistols, says BNY Mellon’s chief
executive, belonged to Aaron Burr, who
killed Hamilton and founded his own
bank, which today is part of JPMorgan
Chase.
Mr Hassell is involved in his own bat-
tle for survival and needs all the fire-
power he can muster.
He is threatened by activists who are
mounting an unusually fierce challenge
at the oldest US bank, in a sector usually
considered too tough for campaigning
shareholders to take on, on the grounds
that returns are too low and costs out of
control.
Trian Fund Management, led by
Nelson Peltz, fought for and won
$28.5 tn $585 m its executives to waive bonuses for
Value of assets Sum paid
managed by for the lender’s
Bank of New 1 Wall Street
York Mellon building
a seat on the board last year — a perch
from which to orchestrate change at
the world’s largest custody bank,
which does foreign exchange, securities
lending and clearing for institutional cli-
ents and looks after some $28.5tn
of assets.
Marcato Capital Management, an
upstart San Francisco-based group,
has gone further, arguing for
thousands of job cuts among the 50,000
workforce.
“This management team has time and
again both failed to reach its own, tepid
goals and failed to keep up with its com-
petition,” says Mick McGuire, who
founded Marcato in 2010.
“We sincerely doubt that meaningful
progress will be achieved without new
executive talent. Bank of New York is a
great business and a great franchise. It
deserves great management.”
Trian is ostensibly friendlier.
“Everyone seems open to new per-
spectives and constructive debate,” says
Ed Garden, chief investment officer of
Trian and the new BNY Mellon director.
“To be clear — the board supports
Gerald and the management team and
we will hold them accountable for meet-
ing the company’s financial targets. We
are on the right path now but need to
stay very focused on continuing to
improve operating performance.”
It has suited both Trian and BNY Mel-
lon to play down the hostility between
them.
“When I first met the
Trian team I said,
‘Look, if you’ve
got ideas to make
us better I’m all
ears,’ ” says Mr
Hassell.
“I like dealing
with people who are
smart and knowl-
edgeable and factual
because you may dis-
agree but you can
General financial
Banks still struggling with finance ethics
CAROLINE BINHAM AND
LINDSAY FORTADO — LONDON
Nearly half of the world’s biggest finan-
cial institutions are still not doing
enough at board level to address risk
management and bonuses, even as reg-
ulators clamp down.
Despite a wave of new regulations
around the world introduced in the
wake of the financial crisis that focus on
improving culture in institutions from
the top down, just 60 per cent of boards
have “open discussions” about their risk
management, new research shows.
Only half of respondents to Deloitte’s
biennial risk survey thought it was their
risk management team’s responsibili-
ties to assess pay against culture.
“This new focus on risk culture and
ethics is more than just ‘buzzwords’— it
is a very real thing with teeth,” said
Edward Hilda, who leads Deloitte’s glo-
bal risk group. The firm surveyed 71
financial institutions around the world
with a total of $18tn of aggregate assets.
US regulators have moved beyond
Demand for change
BNY Mellon
Return on equity (%)
12
State Street
10
8 120
6 €30bn used to bail the bank out in the
BNY Mellon
4 60
2011 12 13 14 15
Source: Bloomberg
have a constructive dialogue, and we’ve
had a constructive dialogue.” According
to two people familiar with the matter,
Mr Hassell resisted giving Trian a seat
on the board and Trian threatened a
damaging “proxy fight” to rally other
shareholders.
The bank merged with The Mellon
Financial Corporation in 2007 and has
never since produced a return on equity
of 10 per cent.
Mr Hassell, 63, a 40-year veteran of
Bank of New York, was appointed after
his predecessor Bob Kelly was ousted in
2011.
Everyone accepts that BNY Mellon
has been hit hard by the ultralow inter-
est rate environment, which depresses
the margins between the rate the bank
pays on its large deposit base and the
rate it earns on its investment.
The question is whether Mr Hassell
could have done more to mitigate the
impact.
He concedes that the results could
have been better but says that
Gerald Hassell:
BNY Mellon
chief executive
looking purely at banks’ capital and
liquidity levels when assessing their
safety and soundness and now include
“qualitative” assessments of their risk
management in annual stress tests, an
approach that UK supervisors will also
follow.
Meanwhile the UK, which has intro-
duced a criminal offence of recklessly
mismanaging a bank in an attempt to
hold the highest echelons of manage-
ment to account, has some of the tough-
est laws on remuneration in the world.
Tougher regulation, including the fall-
out from global probes and subsequent
litigation, is also an increasing concern
for leading companies.
In a separate survey by Norton Rose
Fulbright, regulatory investigations and
litigation were the top concern for gen-
60% 71
Proportion of Number of
boardrooms that financial groups
openly discuss surveyed by
risk management Deloitte
★ FINANCIAL TIMES
COMPANIES
Ratio of expenses to revenues (%)
BNY Mellon 85
80
75
70
65
State Street
2011 12 13 14 15
‘This management team
has time and again both
failed to reach its own,
tepid goals and to keep up
with its competition’
Mick McGuire, Marcato
that is a side-effect of a structural over-
haul, which is starting to pay dividends.
“I was very focused on changing some
of the culture, some of the dynamics,
putting a stake in the ground on the
operations, dealing
with the regulatory
environment,
dealing with liti-
gation environ-
ment and invest-
ing in things for
the future, all
simultaneously,” he
says.
“I think
eral counsel, and the third-highest type
of dispute their company was facing.
Even though investigations into
manipulation of Libor and the foreign-
exchange market are wrapping up,
financial institutions are concerned
about ongoing regulatory probes into
other benchmarks — including precious
metals — and over reviews around com-
modities trading, said Chris Warren-
Smith, the head of investigations for
Europe, Middle East and Asia at the law
firm.
There is also an increasing interest in
the UK to look at sanctions compliance,
he said.
Authorities including the US Depart-
ment of Justice and the UK Financial
Conduct Authority are also looking at
past wrongdoing to see if something is a
repeat issue in order to ratchet up penal-
ties, he said.
UBS is at risk of having its 2012 non-
prosecution agreement with the DoJ
over Libor annulled as part of negotia-
tions on a deal over forex manipulation,
the F T reported earlier this week.
Share prices (rebased)
State Street
160
140
100
BNY Mellon 80
60
2011 12 13 14 15
shareholders said, ‘That’s great, but I’d
like more current performance as
well.’ ” Mr Hassell said he always
believed that changes he made would
pay off.
“What I could see that the investor
couldn’t see was that I knew it [the
improved performance] was coming
but it wasn’t coming fast enough.”
A strong first quarter has given Mr
Hassell breathing room from the activ-
ist attacks, after the bank handily beat
analysts’ expectations.
But Marcato, in particular, remains
dissatisfied.
Reasonable people can disagree about
the health of the business and the
strength of management.
Mike Mayo, analyst at CLSA, agrees
with Marcato that the bank’s expenses
are too high and suggests it should con-
sider spinning off its asset management
arm.
Betsy Graseck, an analyst at Morgan
Stanley, says expenses are not out
of line with rivals such
Nelson Peltz:
head of
Trian Fund
Jonathan Fickies/Bloomberg
Selected key shareholders,
as at May 13 (% ownership)
Massachusetts BlackRock 5.2
Financial Svs 5.2
Trian Fund 2.7
Dodge & Cox 6 Marcato
Capital 1.6
Other
79.3
as State Street. “The truth is that the
investment servicing business is labour-
intensive,” she wrote.
But the activists have brought — or at
least coincided with — a more intense
focus on costs.
The 1 Wall Street building where Mr
Hassell sits, with its grand art deco
entrance hall bedecked in blood red and
gold mosaics, has been sold for $585m
and BNY Mellon is moving.
Mr Hassell has resisted the calls from
Marcato to cull thousands of people, but
he has frozen a defined-benefit pension
scheme and says that “the number of
employees should come down” with
increased automation.
Still some analysts and shareholders
contrast BNY Mellon’s cost-cutting
effort unfavourably with those of State
Street, which has had its own brush with
Trian. It has launched three rounds of
redundancies in three years and said it
would wring further savings through
technological improvements.
“We have not stepped down our
efforts at all,” Jay Hooley, State Street
chief executive, said.
“You should do everything you can to
drive efficiency, and if you don’t, some-
one else will.”
17
Banks
ABN Amro
chairman in
apology over
pay furore
MARTIN ARNOLD
The chairman of ABN Amro has apolo-
gised for the uproar over executive pay
that is disrupting the Dutch bank’s
planned privatisation.
Gerrit Zalm said the state-owned bank
had cancelled a salary increase for top
executives that caused a political storm
and led to the postponement of its
planned flotation.
But he sought to reassure potential
investors in ABN’s planned initial public
offering that political interference
would not spread from pay to other
areas of the bank’s operations.
“Pay is the only issue that the govern-
ment is sensitive about,” said Mr Zalm.
“We will have to live with that as long as
the government is a shareholder.”
But Dutch politicians had a “com-
pletely hands-free” approach to the
bank on other issues, including its lend-
ing policy, he said.
Comparing ABN’s pay controversy
with the political pressure on Royal
Bank of Scotland that has forced
several years, Mr Zalm said: “The cul-
ture in the Netherlands is a bit different.
We have shown that, even without any
variable pay, we have still managed
a good performance.”
The former Dutch finance minister
Gerrit Zalm, the
lender’s chairman,
says that political
interference will
not spread from
pay to other areas
said a rebound in the Dutch economy
had helped ABN achieve its highest
quarterly profit in four years.
The improvement in performance
prompted the government to start pre-
paring for an IPO to recover some of the
financial crisis. However, the listing
was postponed after it emerged that
ABN planned a €100,000 salary rise for
most senior executives — excluding Mr
Zalm — fuelling criticism from the
media and politicians.
Bankers pitching to advise the Dutch
government on the IPO said the affair
had damaged the bank’s listing pros-
pects in the eyes of potential investors.
“The government will still own a major-
ity of ABN after the IPO, and this kind
of political interference in the bank
sends the wrong message to investors,”
said one banker.
The Netherlands has some of the
strictest rules on banker bonuses in
Europe — capped at 20 per cent of
salary — well below the level set by EU
rules. Banks that have not repaid gov-
ernment aid, such as ABN and until
recently ING, are banned from paying
any bonuses to staff.
Jeroen Dijsselbloem, finance minister,
said last month that calm was required
before the listing of ABN — which is
expected to value it at about €15bn —
could move ahead this year. He needs a
majority in parliament to vote in favour
of privatisation.
In the three months to March, ABN,
bailed out by the government in 2008,
increased its net profit 44 per cent year
on year to €543m, helped by a 30 per
cent drop in loan impairments, reflect-
ing an improving Dutch economy.
Revenues went up 9 per cent year
on year, while operating expenses rose
7 per cent.
18 ★ FINANCIAL TIMES Thursday 14 May 2015

COMPANIES

General financial

Diamond faces investor mini-rebellion at Atlas Mara

Re-election of ex-Barclays Atlas Mara co-founder Ashish Thakkar, a $1bn conglomerate with business in 19 the proxy company. Atlas Mara said in a cent and Owl Creek Asset Management private placement, less than the $400m
received more than 0.91 per cent African countries, does not sit on the statement after the vote on Tuesday: 7.99 per cent. it was aiming for. It is seeking to become
chief to Africa-focused of votes cast against their reappoint- audit committee. “We have always been committed to lis- The other shareholders with more “sub-Saharan Africa’s premier financial
group’s board is opposed ment. A person familiar with the situation tening to shareholders and addressing than 5 per cent of the voting rights are services institution”.
The London-listed company said it said that most of the investors that any fundamental concerns they have. Guggenheim Partners Investment Man- Last month it said that it was in exclu-
JOHN AGLIONBY AND MARTIN ARNOLD did not know who voted against the voted through Glass Lewis had voted in We will continue to engage closely with agement, which has 11.22 per cent, sive talks to buy a 45 per cent stake in
former Barclays chief executive or why, favour of Mr Diamond’s re-election, but them.” Janus Capital Management, with 11.15 Banque Populaire du Rwanda for
Bob Diamond suffered a mini-rebellion but that the votes were cast through US- that some smaller ones appeared to The votes cast against Mr Diamond per cent and Wellington Management $22.5m, which it plans to merge with
at the annual meeting of his Africa- based proxy agent Glass Lewis. have delegated their voting decision to but not other directors account for Company, with 10.04 per cent. BRD Commercial Bank Ltd, the Rwan-
focused financial services vehicle Atlas The agent recommended investors approximately 5.6 per cent of the issued Atlas Mara represented a dramatic dan bank that it acquired in 2014.
Mara when a small percentage of vote against his re-election to the board share capital. return to the London Stock Exchange Atlas Mara’s share price was
attending shareholders voted against because it judged that as Atlas Mara’s Board walk: According to the shareholder register for Mr Diamond, who raised $325m for unchanged yesterday at $7.10.
of the votes cast,
him being re-elected to the board. founder he did not meet the proxy 8.8% opposed issued on April 13 no one has that sized the business after he was ousted from It is down 37.7 per cent from its peak
Of the votes cast, 8.8 per cent opposed group’s requirement for members of the investment banker voting rights. Barclays at the height of the Libor rate- reached shortly after listing last year but
the American investment banker. audit committee to be independent. Bob Diamond’s Trafigura Holding has 6.23 per cent, rigging scandal. off its April low of $6.
None of the other directors, including Mr Thakkar, the head of Mara Group, re-election Clough Capital Partners has 6.86 per Last year it raised another $300m in a See Lombard

Mobile & telecoms. Digital drive

Verizon looks to AOL for mobile ads edge

Telecoms group hopes $4.4bn Strategic difference
purchase will help it compete Alternative approaches
to building platforms
with Facebook and Google
Content is king. On that, Verizon
SHANNON BOND — SAN FRANCISCO
and AT&T, the two largest US
“A mobile phone is almost like having a telecoms groups, agree.
cable box in your pocket,” Tim Arm- But their approaches to building
strong said in a recent interview. But the their video platforms could not be
AOL chief executive is not your typical more different.
cable guy. AT&T is trying to complete a
True, his company creates video megadeal that will radically change
series. But Mr Armstrong’s focus is on the company profile, the $48.5bn
advertising. And those handheld cable takeover of DirecTV, one of the
boxes are at the centre of a dramatic largest US satellite TV groups.
change in the way ads are sold, fuelled If the acquisition goes through,
by floods of data and new tools to target DirecTV would account for roughly
messages at customers. a fifth of sales and video would
Verizon, the largest US telecoms become one of the combined
group, is betting on that transformation group’s main sources of revenue.
with its proposed $4.4bn purchase of AT&T reckons buying DirecTV
AOL. The wireless company is most will help it build a leading content
interested in the group’s advertising group, able to distribute video over
technology, which will allow Verizon to mobile, broadband and satellite. It
sell more ads as people watch more vid- would also provide cross-selling
eos on their mobile phones — and com- opportunities, not least in Latin
pete with Google and Facebook, the America, where DirecTV has 18.1m
dominant forces in online advertising. customers, and where demand for
Since spinning off from Time Warner pay-TV and wireless services is
five years ago, AOL has remade itself Growth call: Verizon’s proposed bid for AOL could allow the telecoms group to generate more money from its wireless network — Don Ryan/AP higher than in the US.
from internet pioneer into digital media Verizon has been charting a
powerhouse, with an emphasis on data- different course, building OnCue, a
driven advertising. ital display ad market, according to and Michael Nathanson, analysts at per cent, MoffettNathanson said. “The Mr Armstrong has said that AOL’s long-awaited “mobile first” video
Mr Armstrong, who was Google’s top eMarketer, the research firm. MoffettNathanson. strategy speaks to a possible sea change investments in programmatic technolo- platform due to launch this
advertising executive before joining the The move comes as internet advertis- For Verizon, they suggested, tapping in wireless monetisation . . . By acquir- gies and video will be the keys to closing summer. This will be delivered
company, has rolled up a number of ad ing catches up with television, long the AOL’s ad technology opens the door to ing AOL, Verizon is pointing to a future the gap between the amount of time “over the top” of traditional pay-TV
tech groups, including digital video ad largest slice of marketers’ budgets. generating more money from its wire- where advertisers, rather than users, people spend with their smartphones services including Verizon’s own
company Adap.tv, which he bought for “This is the year when TV and web less network. Even as wireless usage has carry a heavier burden.” and the amount of money advertisers product, FioS.
$405m in 2013. Last month, the com- budgets are going to collide,” Mr Arm- nearly doubled in the past year, average Verizon is also likely to use AOL’s ad devote to mobile. Mobile-video consumption will
pany revealed a new platform, One by strong said — and AOL wants to be the revenue per user has declined about 7 tech platform to monetise customer “If we are going to lead, we need to keep customers glued to
AOL, that unites those technologies into place where that collision takes place. data in its broadband internet service, lead in mobile,” Mr Armstrong told staff smartphones and tablets, driving
a single system. Mobile presents the next challenge. which touches 70 per cent of US internet on Tuesday. up usage of its wireless network
At a time when consumers have Smartphones and tablets have replaced US programmatic digital traffic, says Anthony DiClemente, an The highly personal nature of smart- and boosting data revenues.
seemingly endless choices in how they PCs as the primary way most people get display ad spend analyst at Nomura. phones in contrast to cable boxes or PCs, So while AT&T is trying to lessen
get news and entertainment, advertis- online, and mobile video consumption $bn AOL, in turn, will gain access to Veri- presents other challenges. its reliance on US mobile
ers are keen to reach them on whatever is soaring. Content creators and adver- Forecasts zon’s 100m mobile customers and the Verizon’s advertising efforts have hit consumers, Verizon is doubling
20
device they are using and at the right tisers alike are scrambling to keep up telecoms group’s forthcoming mobile roadblocks in the past. A tracking down on them.
time. They are also eager to see the with consumers’ changing habits. video service aimed at younger millen- “supercookie” used for targeted mobile Acquisition of AOL is a relatively
impact of each dollar they spend on But at $12.5bn, mobile advertising 15 nial viewers. ads drew an outcry from privacy advo- immaterial one financially for
every format. accounts for only a quarter of total Digital video advertising, a ripe cates last year when it was revealed that Verizon — the internet group will
AOL’s One platform says that it can internet ad revenues, according to the growth area for programmatic buying, consumers could not opt out of being account for little more than 1 per
meet both of those needs through “pro- Internet Advertising Bureau. Mobile 10 is projected to increase 34 per cent to tracked. The company has since cent of $350bn enterprise value.
grammatic” advertising. These are tech- growth is also tied to automated ad buy- nearly $8bn this year. amended the programme. However, Jennifer Fritzsche, an
nologies that use data and algorithms to ing: more than half of programmatic 5 “The majority of [digital] video con- “Verizon will need to tread carefully analyst at Wells Fargo, says it offers
automatically place and measure ads display dollars this year will be spent on sumption is on mobile and if you have a here given the privacy assumptions that “further evidence around the
across media and devices. mobile. younger millennial audience, that skew most consumers and regulators will widening gap in the strategy”
Programmatic spending will increase “AOL is a tantalising first step towards 0 will be quite stark, as much as 60 or 70 have with respect to mobile device between AT&T and Verizon.
nearly 50 per cent this year to $14.9bn — creating a mobile advertising platform 2013 14 15 16 per cent,” says Scott Button, chief execu- activity,” says Brian Wieser, analyst at David Crow
representing more than half of the dig- that is truly unique,” said Craig Moffett Source: eMarketer tive of Unruly, a video ad tech company. Pivotal Research Group.

Contracts & Tenders

Mobile & telecoms Mobile & telecoms

Deutsche Telekom buoyed VimpelCom in merger talks

by 1.8m new US customers
JEEVAN VASAGAR — BERLIN
Deutsche Telekom has posted a 13 per
cent increase in revenue on the back of
strong customer growth in the US.
Europe’s largest telecoms operator by
revenue beat analysts’ expectations,
with earnings increasing from €4.1bn to
Businesses For Sale €4.6bn, excluding interest, tax, depreci-
ation and amortisation.
Analysts polled by Reuters had fore-
cast pre-tax earnings of €4.4bn. Reve-
nues rose from €14.9bn to €16.8bn.
The group benefited from the euro’s
weakness. It was also boosted by T-Mo-
bile US, the fourth-largest wireless car-
rier in the US and in which the German
company has a majority stake, which
gained a net 1.8m customers in the first
quarter, taking its total to 56.8m.
Deutsche Telekom has pledged to
return more cash to shareholders over
the next four years as it expects growth
of its US subsidiary to boost profits.
Timotheus Höttges, chief executive,
FT BUSINESS said: “It has been some time since we
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services, have seen positive indications for reve-
Business Wanted, Franchises nue and earnings in our industry. Our
.........................................................................................................................................................................................................................................................................
clear strategy with strong investment is
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
paying off.”
T-Mobile US contributed 41 per cent
of the group’s net revenue in the last
quarter, the single biggest contribution
and an increase of 7 percentage points
on the prior year.
Germany remains the operating seg-
ment with the best profit margin.
Deutsche Telekom last year rejected a
$15bn takeover offer from Iliad, the
T-Mobile US accounted
for 41% of net revenue in
the last quarter, the single
biggest contribution
French telecoms group, for its American
unit.
Sprint, the third-biggest US wireless
carrier, which is owned by SoftBank of
Japan, abandoned a takeover last year
after failing to win over regulators.
Deutsche Telekom’s net profit for the
quarter fell by 56.7 per cent year on year
to €787m.
The relative decline was due to the
company booking income from the sale
of a stake in Scout24, the German classi-
fieds portal, in the first quarter of 2014.
Shares closed down 3.6 per cent
to €16.01 yesterday.
with Hutchison Whampoa
DANIEL THOMAS
VimpelCom has confirmed talks to
merge its Italian mobile business with
rival Hutchison Whampoa.
The deal has been discussed for more
than two years, although those with
knowledge of the situation said that
talks had progressed more rapidly in
recent months as longstanding issues
over valuation and structure have
been resolved.
VimpelCom chief executive Jean-Yves
Charlier said in a statement yesterday
that discussions were under way to
merge Italy’s third- and fourth-largest
mobile groups.
But he added that “there can be no
assurances that an agreement will be
signed and any transaction would be
subject to, among other things, achiev-
ing satisfactory debt levels and obtain-
ing all required corporate and regula-
tory approvals”.
The combination of VimpelCom’s
Wind and Hutchison Whampoa’s Three
would create a mobile operator with
about a third of the mobile market,
roughly the same sort of share as larger
rivals Telecom Italia and Vodafone.
The merger would be welcomed
by VimpelCom’s rivals, however, given
that there is evidence from other coun-
tries that such a reduction of competi-
tion can lead to higher profits for the
remaining groups.
Italy has been a difficult market for
mobile telecoms groups in the wake of a
price war that has slashed profitability
and revenues in the past few years.
Similar deals have reduced the
number of telecoms groups in
Germany, Ireland and Austria from
four to three.
One of the sticking points in negotia-
tions has been arguments over the
structure of the deal between Vimpel-
Com’s biggest shareholder, Russian bil-
lionaire Mikhail Fridman’s Alfa Group,
and Hutchison Whampoa, which is con-
trolled by Hong Kong billionaire Li Ka-
shing.
However, VimpelCom indicated that
the combined company would be split
equally between the two sides.
Hutchison Whampoa has been
acquiring businesses across the Euro-
pean telecoms market during the past
few years.
This culminated in its £10bn offer
made earlier this year for O2, Tele-
fónica’s UK business.
Thursday 14 May 2015
Beverages
SABMiller calls time on lager lout ads
Brewer’s chief attacks
‘insulting’ material that
puts women off beer
KADHIM SHUBBER
SABMiller’s chief executive has blamed
brewers’ “insulting” and “dismissive”
advertising for putting women off beer
— and said it is time to consign the “lager
lout, laddish, college frat” image of
beer-drinking to history.
Alan Clark, who has run the world’s
second-largest brewer by sales since
2013, criticised marketing material in
which women were “either not present
at all or entered as a butt of a joke”, and
claimed the industry had to “modernise
beer”.
Speaking after the group reported flat
full-year profits, as dollar strength offset
higher sales in newer markets, Mr Clark
said: “We have to acknowledge that core
lager, for many years, was either dis-
missive of, or insulting to, women.”
Brewers have been targeting female
drinkers as a way of eking out sales
Media
Rising numbers of readers rely on Facebook as the main portal through which they receive news, and publishers hope to tap into that audience — Dado Ruvic/Reuters
Publishers strike digital content deal with Facebook
HENRY MANCE — LONDON
MATTHEW GARRAHAN — NEW YORK
In their quest to build profitable and
more far-reaching digital audiences,
publishers in the US and Europe have
turned to the world’s largest social net-
work for help.
Nine media organisations, including the
BBC through its youth-oriented News-
beat service, the Guardian and the New
York Times, have struck a deal with
Facebook to publish some of their con-
tent directly through the social network
rather than simply hosting it on their
own sites as part of a trial.
Facebook says the publishers will be
able to keep 100 per cent of any revenue
from advertising they sell directly. Pub-
lishers will also be able to sell remaining
ad space via Facebook, which will take a
30 per cent cut.
The nine publishers initially partici-
pating in Instant Articles are the New
York Times, National Geographic, Buzz-
Feed, NBC News, The Atlantic, The
Guardian, BBC News, Spiegel and Bild,
the German tabloid newspaper.
The move comes as increasing num-
Social responsibility
Tech group suppliers told
to pay $15 minimum wage
Facebook plans to require its large US
contractors and vendors to pay their
workers hourly wages well above the
legal minimum and provide them with
parental and vacation benefits.
The social networking company’s
announcement comes after Microsoft
told its big US suppliers to give their
employees paid holiday or leave.
Both moves are part of broader
efforts by leading tech companies to
show they are taking on the greater
social responsibility that comes with
their surging wealth and corporate
power.
growth in mature markets such as
North America and Europe — where
alcohol consumption rates are falling
and beer is still overwhelmingly the
drink of choice for men.
Mr Clark pointed to the Peroni lager
brand as an example of SABMiller’s suc-
cess in appealing to female drinkers. Of
the brand’s affluent London consumers,
30 per cent are women, the company
found — double the industry average for
beer -drinking.
Earlier this year, Sue Clark, SAB-
Miller’s managing director in Europe,
wrote in a blog that the brewer had
taken a “huge step” away from the
“misogynistic marketing that became
the industry norm”.
But Jim Prior, chief executive of Lam-
bie Nairn and The Partners, advertising
agencies owned by WPP, said that it was
time to move beyond the “outmoded”
approach of dividing beer drinkers by
gender. “Why on earth would it be a
product defined by gender?” he said.
“There’s nothing inherent to make
that so.” He argued that alcohol adver-
tising should focus on the events where
bers of readers rely on the social net-
work as the main portal through which
they receive news. Facebook wants not
only to point users to news sites but to be
the place where they stay and consume
it, too.
Facebook already accounts for nearly
20 per cent of the Guardian’s web traffic,
excluding visits to its own apps, and
about 15 per cent of traffic to the New
York Times site.
The BBC and Bild declined to reveal
their figures.
Mark Thompson, the chief executive
9 100%
Groups including
the BBC and New
York Times taking
part in initial trial
Share of revenue
publishers will
keep from ads
they sell directly
of the New York Times, says it made
sense to tap into Facebook’s audience.
“History suggests that judicious engage-
ment with other platforms makes
sense,” he told the Financial Times, add-
ing that the newspaper will have com-
plete control over which stories appear
While Microsoft focused on vacation
time, Facebook yesterday went further
and said that it would force its
contractors to pay a minimum wage of
$15 an hour and provide benefits to new
parents.
The move puts Facebook at the
forefront of a national movement to
raise minimum wage levels in the US,
which has become the focus of White
House attempts to tackle rising
inequality. San Francisco and Seattle
have already passed laws that will
impose local $15 minimum wage
requirements in three years’ time, the
highest in the country.
In a blog post announcing the move,
Sheryl Sandberg, Facebook’s chief
operating officer, positioned the
minimum pay move partly as a gender
★★★ FINANCIAL TIMES
COMPANIES
people drink, instead of whether those
drinking were male or female.
SABMiller’s marketing move has not
had an effect on beer volumes in mature
markets. In the 12 months to March 31,
its volumes were flat in Europe and
down 2 per cent in North America.
Despite this, overall group net pro-
ducer revenue — a measure of sales that
excludes excise — rose 5 per cent to
Women were ‘either
not present at all or
entered as a butt of
a joke’ in marketing
$26.3bn as a strong performance in
Latin America and Africa, where SAB-
Miller makes two-thirds of its operating
profits, made up for sluggish trading in
its other markets.
Group NPR rose 7 per cent in Latin
America and 9 per cent in Africa, com-
pared with a flat performance in North
America, 1 per cent growth in Asia-
Pacific and a 2 per cent rise in Europe.
as “Instant Articles” in the Facebook
feed.
The deal will give the company
“access to new pools of users, people dis-
covering your journalism and monetis-
ing through advertising”, he says.
The Facebook deal follows com-
plaints by some publishers that internet
groups such as Google and Facebook
undermine their own online businesses.
Rupert Murdoch’s News Corp, for
example, a critic of Google and Face-
book, is not participating.
Others have expressed concern that
Facebook would have too much power
over which stories appear and where
they are placed.
Jeff Jarvis, a professor of journalism at
City University of New York, says the
distrust reflects “deal points that can be
negotiated. And at least Facebook wants
to negotiate”.
Facebook says the scheme will give
publishers “control over their stories,
brand experience and monetisation
opportunities”, including access to some
user data.
It will also offer “a suite of interactive
features”, such as easily zoomed photos
issue. “Women, because they comprise
about two-thirds of minimum wage
workers nationally, are particularly
affected by wage adjustments,” she
said.
The Facebook executive’s personal
campaign to encourage women to take
more responsibility for advancing their
own interests at work, outlined in her
2013 book Lean In, has attracted
controversy over whether those in low-
paying or less influential jobs have the
power to improve their personal
positions.
Facebook also said that its
contractors would be told to make a
$4,000 payment to new parents who do
not already have paid parental leave so
that they can afford to take time off.
Ms Sandberg called the paternity
On a reported basis, currency effects —
principally the strength of the dollar —
pulled revenues down 2 per cent.
Nevertheless, the brewer said that it
would increase its final dividend by 9
per cent to 87 cents, bringing the total
dividend to 113 cents, up 8 per cent. Mr
Clark said that the move showed “our
confidence in the underlying business”.
SABMiller’s shares rose 2.1 per cent to
close at £35.76 in London. Last week,
they had jumped above £36 on rumours
that Anheuser-Busch InBev, the world’s
largest brewer, was preparing a takeo-
ver bid for SABMiller. Domenic De
Lorenzo, SABMiller’s acting chief finan-
cial officer, said that the merger and
acquisition activity reflected the fact
that “everyone’s positioning for oppor-
tunities for scale, everyone’s looking for
growth opportunities”.
SABMiller’s pre-tax profits for the full
year were flat at $4.83bn, excluding
exceptional costs, and adjusted earnings
per share were down 1 per cent to 239.1
cents — slightly ahead of analysts’
expectations of 237.1 cents.
See Lex
and auto-play videos. Facebook says
that will help improve the experience of
news users who currently have to wait
an average of eight seconds for stories to
load.
“There’s a potential to give a more
superior user experience,” says Mr
Thompson.
Online sharing of news articles has
already lured some readers away from
publishers’ homepages towards social
media sites.
According to the Pew Research
Center, 39 per cent of Americans use
Facebook for political news — signifi-
cantly more than the proportion who
use Yahoo News, Google News or Twit-
ter to do so.
Tony Danker, the Guardian’s interna-
tional director, says it is “great to see
Facebook trialling new ways for quality
journalism to flourish on mobile”.
Google is considering changes to its
own news service. In a bid to build
bridges with publishers, last month it
announced €150m in grants to
digital initiatives. The FT is part of that
initiative, but not of Facebook’s Instant
Articles.
benefit “an important step for stronger
families and healthier children”. She was
writing less than two weeks after the
sudden death of her husband, fellow
tech executive Dave Goldberg. The
couple had talked openly about their
efforts to make adequate time for their
family.
The attention to pay levels, paid
vacation and other benefits for
contractors follows the spotlight that
big tech companies shone last year on
the gender imbalance in their own
workforces. By disclosing the scarcity of
women employed in engineering and
senior leadership positions, the tech
companies said they wanted to set a
mark they would later be judged by as
they try to change their hiring practices.
Richard Waters
Electricity
RWE warns emissions tax rise
will have ‘drastic consequences’
JEEVAN VASAGAR — BERLIN
RWE has warned of “drastic” conse-
quences for the energy group if plans
by the German government to increase
emissions charges for older coal-fired
power stations go ahead.
The overall operating result, earnings
before interest and tax, at the company
dropped 5 per cent from €1.7bn to
€1.6bn in the first quarter with the
group blaming a “persistent drop” in
margins for conventional electricity
generation.
Like its rival Eon, which last week
reported a fall of 15% in underlying net
income for the first quarter, earnings at
RWE have been squeezed by the Ger-
man government backing renewable
energy.
The subsidised expansion of clean
energy, which now accounts for more
than a quarter of electricity generation
in Germany, has led to a glut of power
production that has pushed down
wholesale prices.
Utilities are also under pressure as
Berlin seeks to cut carbon dioxide emis-
sions by imposing penalties on older
and more polluting plants.
Bernhard Günther, RWE’s chief finan-
cial officer, said that the emissions pro-
posals would have “drastic economic
consequences”.
Mr Günther said in a statement yes-
terday: “We would have to shut down
two out of our three lignite mines and
17 out of our 20 lignite-fired power sta-
tions.”
Thousands of coal miners and work-
ers in power plants marched against the
Cars
Nissan and Toyota broaden
recall over faulty airbags
KANA INAGAKI — TOKYO
Two of Japan’s biggest carmakers are
expanding recalls to replace poten-
tially faulty airbags made by Takata, a
Tokyo manufacturer, deepening a
safety crisis that is set to affect 30m
vehicles worldwide.
Toyota and Nissan said yesterday that
they would collectively recall another
6.6m vehicles. Honda, the carmaker
most affected by the airbag problems,
with 14m vehicles recalled so far, said it
was considering taking similar action to
its rivals.
Carmakers are investigating the cause
of incidents in which some Takata air-
bags have exploded when deploying,
scattering shrapnel inside cars. The
problems are linked to at least six
deaths in the US and Malaysia.
Recalls of vehicles with potentially
faulty airbags began in 2008, but the
bulk of the recalls have taken place over
the past two years, and Takata has been
criticised strongly by US regulators for
its response to the safety crisis.
Takata declined to comment on the
broadened recalls, saying that the deci-
sions were made by the carmakers. Toy-
ota said it would widen its recalls to
include 35 car models produced
between 2003 and 2007.
The latest recall affects 5m vehicles,
including 1.4m in Japan and 1.3m in
Industrial transport
Maersk Line feels the squeeze
but stays ahead of the pack
RICHARD MILNE
— NORDIC CORRESPONDENT
Maersk Line, the world’s largest con-
tainer shipping company, missed earn-
ings forecasts and lost market share in
the first quarter but remained the most
profitable operator in an industry
bedevilled by overcapacity and low
prices.
Nils Andersen, chief executive of Danish
conglomerate AP Møller-Maersk, said
he was untroubled by weaker-than-
expected volumes at its container-
shipping business in a sluggish period
for global trade.
Container demand — a proxy for glo-
bal trade — increased by only 1 per cent
in the first quarter while Maersk Line’s
volumes dropped by 1.6 per cent.
“We will be able to hold our own and
also able to hold our share. As long as we
make a return that is 10 percentage
points higher almost than the rest of the
industry it’s the right approach,” said Mr
Andersen.
Maersk Line’s operating profit mar-
gin, which reached 11.8 per cent in the
quarter, was 9.3 percentage points
higher than the industry average at the
19
plans in Berlin last month, warning of
job losses.
The German economics ministry has
promised to review the impact on
employment before going ahead with
the plans.
RWE’s operating result from conven-
tional power generation dropped 23 per
cent from €559m to €428m in the first
quarter.
Mr Günther said: “As expected the
crisis in conventional power
generation continues and this leads
€1.6 bn €27.7 bn
RWE’s first- RWE’s net debt at
quarter earnings the end of March
before interest this year after sale
and tax, down 5% of gas arm Dea
to shrinking profits there.” However,
RWE’s gas supply business benefited
from a colder winter compared with the
mild first quarter of 2014.
The company’s net income rose to
more than 2bn in the first quarter, a one-
off effect from the €5.1bn sale of its oil
and gas arm Dea to Russian billionaire
Mikhail Fridman’s fund L1 Energy.
The disposal of Dea has reduced
RWE’s net debt from €31bn at the end of
last year to €27.7bn at the end of March
this year.
Recurrent net income for the first
quarter rose 10 per cent to €877m from
€797m.
RWE confirmed a forecast for 2015 of
an operating result between €3.6bn and
€3.9bn and recurrent net income of
between €1.1bn and €1.3bn.
Europe, and Toyota will replace the
front passenger side and front driver
side inflators with new equipment.
“Among the parts collected from the
Japanese market, certain types of airbag
inflators were found to have a potential
for moisture intrusion over time,” Toy-
ota said. It did not know whether there
was a relationship between moisture
getting into the airbag and the possibil-
ity of inflators rupturing.
Takata has previously admitted that,
in the event of an accident, the front
passenger side airbag inflators can rup-
ture and disperse metal shrapnel.
In its latest recall, Nissan said its deal-
ers will test the airbag inflators and
replace them if necessary on 1.6m vehi-
cles made between 2004 and 2007.
A Japanese transport ministry official
said the expanded recalls were a precau-
tion. Both companies said that no acci-
dents or injuries had been reported.
Meanwhile, Nissan yesterday pledged
to restore domestic Japanese car pro-
duction to more than 1m vehicles in
2016-17, in a move that analysts viewed
as a political nod to the government of
Shinzo Abe. Carlos Ghosn, Nissan’s chief
executive, revealed the new production
plans as the company reported a net
profit of Y457.6bn ($3.8bn) for the year
to March 2015, up 17.6 per cent com-
pared with the previous 12 months. Rev-
enue rose 8.5 per cent to Y11.4tn.
end of last year as most container
shipping groups operated at a loss. Still,
Maersk Line’s quarterly net profit of
$714m lagged behind analyst estimates
of $783m.
Mr Andersen counselled investors not
to be worried, saying that Maersk Line
had lost market share because of staying
clear of a price war as well as being
exposed to some of the worst-hit routes
such as imports into Europe. “The mar-
ket is very difficult, the industry is very
difficult . . . I don’t see an end in sight.
But we make very good money [and]
I’m confident of a good full-year result.”
Maersk Line’s cost-cutting and scale
have allowed it to withstand a depressed
environment for container shipping
companies since 2008-09. Freight rates
were 5.1 per cent lower compared with a
year earlier while industry capacity was
up 7.2 per cent.
Mr Andersen declined to confirm
reports that Maersk Line was on the
verge of ordering up to 11 large ships
capable of carrying about 20,000 con-
tainers. At a group level, Maersk’s
underlying net profit rose from $1.1bn
to $1.3bn despite a fall in earnings at its
oil division on lower crude prices.
20
The admirable Engelhardt will leave Admiral with grown-up issues
When a child grows up, it leaves home.
When a business grows up, its parent
leaves home. Henry Engelhardt, co-
founder and driving force behind
insurer Admiral Group for 24 years, is
to step down in a year. His monument
is a FTSE 100 company that shook up
the staid motor insurance market, but
which is now struggling with the
challenges maturity brings.
Anyone with the least interest in
sales should study the American
marketer for insights. Daytime TV ads
featuring such mascots as a naval
officer with a cheeky parrot showed
how to build brands cheaply.
After flotation in 2004, Mr
Engelhardt’s ebullient personality
helped promote the stock to an adoring
City fan base. Apt to compare results to
a “snowball running like an express
train” or a “baked Alaska”, Mr
Admiral chief exits with pledge not to ‘go cold turkey’
Engelhardt signals he will keep
12% shareholding and retain a
role at the group he founded
ALISTAIR GRAY
— INSURANCE CORRESPONDENT
Admiral’s founder Henry Engelhardt
has indicated that he will stay on at the
FTSE 100 insurer despite disclosing
plans yesterday to step aside as chief
executive after 25 years, saying he “can’t
quite go cold turkey”.
The American, who started Admiral
in Cardiff with 57 people and turned it
into the UK’s second-largest motor
insurer, also signalled he will retain his
12 per cent shareholding after he steps
down a year from now.
In a further sign of continuity, Admi-
ral has picked its chief operating officer
David Stevens to succeed the colourful
entrepreneur. The former McKinsey
consultant has worked closely with
Admiral’s chief since they launched the
insurer in 1991.
Explaining why now was the time to
pass the reins to his old business school
friend, Mr Engelhardt said: “You don’t
want to outstay your welcome. I won’t
stay on the board — that would be unfair
to the next generation, to have me hang-
ing over the edge,” he said.
Even so, the 57-year old added he may
still have “parts of the business report-
ing to me” in a yet-to-be-determined
role, possibly part-time executive. “I
can’t quite go cold turkey.”
The announcement about his depar-
ture yesterday knocked 1.4 per cent off
shares in Admiral to £14.42.
It prompted immediate questions
about the insurer’s strategy — particu-
larly whether the group could change its
approach to its underperforming inter-
national divisions, which include Italy
and France.
Since Admiral launched its first over-
General financial
‘Flash crash’ trader’s case heads to High Court University of Oxford in £300m science venture
JANE CROFT
— LAW COURTS CORRESPONDENT
Navinder Singh Sarao, the trader
accused of playing a role in the “flash
crash” of 2010, is set to go before the
High Court next Wednesday as he seeks
to be released on bail.
Mr Sarao, 36, who is contesting an
attempt by the US authorities to extra-
dite him to Chicago for trial, has been in
custody for the past month after he
failed to provide £5.05m as part of bail
conditions set by Westminster magis-
trates following his arrest.
The trader earlier this month lost an
application to vary his bail conditions.
His legal team had argued he could not
raise the £5m because his funds had
been frozen by US authorities. They said
he should be granted bail without the
Engelhardt modestly describes his
career as “like hot-buttered toast —
ordinary but at times delicious”.
Admiral has maximised returns by
basing itself in south Wales, selling on
chunks of risk at good prices to
reinsurers and reaping large returns
from “ancillaries”, including, in the
past, referral fees from personal injury
lawyers. It prospered by selling cover to
younger drivers who could not obtain it
affordably from incumbents. The total
shareholder return since the IPO has
exceeded 800 per cent.
However, the stock has never
recovered the heights reached in the
summer of 2011. It has been held back
by Admiral’s scale, underwriting
overcapacity and reforms to curb the
merry-go-round of referral fees.
Moreover, Mr Engelhardt’s talent for
inventing spokesmodels faltered with
Cara, the ditsy cartoon woman who
promoted comparison website
Confused.com. She was blown out of
the water by the Russian meerkats of
Comparethemarket.com, then axed in
favour of Brian, a robot with a higher
quotient of annoying memorability.
Life is a harsh Darwinian struggle for
Insurance. Motoring on
Motor insurer Admiral was founded in Wales in 1991 with 57 people and has since become the second-largest operator in the segment
seas operation in Spain in 2006, the
overseas ventures have been lossmak-
ing overall.
“My main concern is everything out-
side the UK,” said the chief executive of
his last 12 months at the helm.
He does not expect the international
businesses to break even, in aggregate,
in his final year — partly because of the
heavy investment in the US, which he
described as a “potential gold mine.”
“Part of it is just time,” said Mr Engel-
hardt. “The businesses are using the
techniques we use in the UK. Now they
just need the experience and data.”
“The strategy is always moving,” he
added.
“We’re very open minded. We don’t
have Soviet, 10-year-plans.”
Mr Engelhardt, a marketeer, has
£5m security, but with £50,000 pro-
vided by his father and two brothers.
But District Judge Elizabeth Roscoe
refused to vary the condition, and Mr
Sarao remains in custody. His lawyers
want to appeal against her decision to
the High Court.
Joel Smith, representing Mr Sarao,
told the magistrates’ court yesterday
that a date had been set at the High
Court for next week. He added that Mr
Sarao had been granted legal aid.
Mr Sarao, dressed in a grey tracksuit
and canary yellow T-shirt, appeared in
Trader Navinder
Singh Sarao will
appear in the High
Court next week as
he seeks to be
released on bail
★ FINANCIAL TIMES
UK COMPANIES
cute financial services mascots.
Admiral has notably failed to make
profits from most of its overseas
ventures. These include the US
operation run by Kevin Chidwick, a
former finance director once tipped to
replace Mr Engelhardt. Instead, chief
operating officer David Stevens will get
the job. Mr Englehardt, 57, says he is
stepping down to give younger
colleagues a chance. But charity is
required to describe Mr Stevens as one
of these. He is 51, and may lack the
radicalism needed to pull out of failed
diversifications, particularly with his
old boss on hand as a part-timer.
Bob bushwhacked
Another mechanical failure has stranded
African explorer Bob Diamond at the No. 1
Ladies Detective Agency in Botswana*
“I’m unhappy your husband didn’t
fix my car properly last time,” the ex-
banker grumbled, sipping bush tea as
Mr JLB Maketone laboured over his
shiny Mercedes.
“But you drove into a termite
focused on running the international
arm in recent years, while the more
technically minded Mr Stevens — and
fellow Insead MBA graduate — has
assumed responsibility for the UK.
However, asked if Admiral would be
any more likely to jettison underper-
News of Henry Engelhardt’s coming
departure hit Admiral’s share price
the dock but said nothing, except to con-
firm his name and date of birth. Last
week he said that he had “done nothing
wrong” and “I am just good at my job”.
A full extradition hearing is due to be
held on September 24 and 25.
Mr Sarao, who traded from his par-
ents’ modest home close to Heathrow
airport, has been charged by the US Jus-
tice Department with wire fraud, com-
modities fraud and market manipula-
tion over a period of several years.
In total, he is facing 22 charges that
carry sentences totalling a maximum of
380 years in prison. The US Justice
Department alleges that he made £26m
illegally over five years.
Mr Sarao has already said in
court that he will fight attempts to
extradite him.
See Lombard
mound,” said chief detective Precious
Ramotswe gently. “Perhaps you were
going too fast? It could be the same
with the censure vote at your African
investment vehicle Atlas Mara. Maybe
you were in such a hurry to do deals
you did not notice the obstacle ahead.”
“Jiminy Cricket!” the former
Barclays boss exclaimed. “Just wait till I
find out which investor voted against
my reappointment to the board. I’m
gonna add their name to the shortlist of
people who’ve teed me off, alongside
Sir Mervyn King, George Osborne and
the entire British establishment.”
“There could be many culprits, or
perhaps none,” said Mma Ramotswe,
consulting the Bloomberg terminal she
used for forensic accounting cases. “I
deduce from the relative size of
shareholdings that some small
investors must have delegated voting
to a proxy agency. This probably
opposed your reappointment on the
tick-box basis that founders should not
sit on audit committees.”
“That was fast, Mma,” enthused
assistant Grace Makutsi. “Normally,
readers of the heartwarming tales in
which you feature solve your cases
forming businesses under Mr Stevens
than he was, the outgoing chief said: “I
don’t think so.
“We’re all comfortable with where the
businesses are, and what their future
holds. But if that changes, then attitudes
could change.”
Admiral’s largest investor explained
he had “no intention” of selling down his
shareholding, which is worth £485m.
He also downplayed the suggestion
that his departure would make it any
more likely Admiral could itself be sold.
“Everything except my wife is for sale,”
he said, but added “not much has really
changed” as a result of his move.
Paul Hewitt, manager at the corpo-
rate governance researchers Manifest,
said that some shareholders may raise
an eyebrow if Admiral’s founder exerted
General financial
HARRIET AGNEW
The University of Oxford has lined up a
roster of high-profile investors to back
a £300m joint venture that will
develop science and technology busi-
nesses, one of the largest-ever attempts
to commercialise intellectual property
in the UK.
The university and Isis Innovation, its
technology commercialisation subsidi-
ary, are partnering with a new company,
Oxford Sciences Innovation (OSI) to
develop research from the university’s
mathematical, physical, life sciences
and medical sciences divisions, and
commercialise their ideas into compa-
nies. The divisions will also advise com-
panies as they grow.
OSI is raising £300m, of which £210m
has already been committed by six cor-
many pages before you do.”
“You know, this bush tea has lifted
my spirits,” Mr Diamond said. Shortly
afterwards he was thrashing the Merc
away across the potholes while Mr JLB
Maketone wept silently in a corner.
Mma Ramotswe wondered whether
to supply her advice for free. She
reflected that Mr Diamond could afford
to pay, even if Atlas shares had tanked
since the IPO. She went inside and
started typing an invoice.
*Apologies to Alexander McCall Smith
Clothes maketh the man
Navinder Sarao, the independent
trader who is fighting US extradition
attempts on legal aid, appears to have
only one T-shirt for court appearances.
What would big hedge fund managers
wear, in the unlikely event that charges
resulted from suspicions that some of
them made similar alleged trades?
Suits almost expensive as those worn
by their lawyers, presumably.
jonathan.guthrie@ft.com
ongoing managerial influence. How-
ever, he added that other investors
would welcome the continuity.
“My instinct is you’re more likely to
have people with a glass-half-full per-
spective,” he said.
In recent years, Admiral has come
under pressure — because of falling pre-
mium levels in its fierce domestic mar-
ket as well as the overseas losses. Yet
over the long term, it ranks among
Wales’s most flourishing companies.
Mr Engelhardt, who still meets each
new employee in South Wales, puts the
success of the business, which employs
7,200 people, down to its staff.
“If people don’t get recognition they
don’t feel valued. If people like what
they do they’ll do it better.”
See Lombard
nerstone investors. These include hedge
fund Lansdowne Partners; Woodford
Investment Management, an asset man-
ager, and the Wellcome Trust.
IP Group, a London-listed intellectual
property business that invests in tech-
nology companies is also backing the
venture. David Norwood, who founded
IP Group is also chairman of OSI.
The new venture seeks to replicate on
a much larger and broader scale what IP
Group did 15 years ago when it was
established to provide early-stage capi-
tal to technology companies.
£210 m 100
Sum already Spinout
committed by six companies based
cornerstone on technology
investors from research
Thursday 14 May 2015
Briefs
Barratt
Expectations build
Barratt Developments, Britain’s
biggest housebuilder by volume,
said it expected to construct more
houses in 2015 than previously
forecast amid surging demand and
rising house prices.
A week after the general election,
the company has upgraded its
expectations for the number of
homes it will sell this year.
Barratt, which has previously said
it will build about 15,700 in the year
to end of June 2015, said yesterday
it now expected about 16,100
completions over the same period,
sending its shares up 3 per cent.
“The strong consumer demand
we are seeing for new-build
properties is supported by an
improved mortgage market,” said
Mark Clare, chief executive.
Total forward sales including joint
ventures rose 17.9 per cent to
£2.59bn in the 19 weeks to May 10,
and the group launched 64
developments during the period.
Elizabeth Paton
Saga
Stake sold
Saga’s biggest shareholder — a
consortium involving Charterhouse
Capital Partners, CVC and Permira
— has sold an 11 per cent stake in
the group, which sells insurance and
holidays to the over 50s, after its
share price reached a record high
this month.
The consortium, which also
includes some Saga employees, has
raised £239m through the sale of
122.5m shares at 195p apiece,
according to a filing to the London
Stock Exchange.
Following the sale, the
consortium, Acromas, will still own
more than half of Saga. FastFT
C&C Group
Into the drink
C&C Group, the Irish company
behind Magners cider and
Tennent’s lager, has revealed a
€67.8m full-year loss.
The pre-tax loss for the year to
February 28, announced yesterday,
compares with a €95.5m profit
previously.
It comes after C&C booked a
€150m impairment charge related
to its US operations, where its cider
business has come up against stiff
competition from drinks majors and
a burgeoning craft cider movement.
Net revenue during the year rose
10.3 per cent to €683.9m. FastFT
David Lloyd Leisure
Team change
The order of play is being revised
at David Lloyd Leisure, the UK
gym chain.
Scott Lloyd, son of the chain’s
founder David — the former British
tennis player — is stepping off
centre court and making way for
Glenn Earlam, a director of Merlin
Entertainments, the listed leisure
company behind Madame
Tussauds.
Mr Lloyd heads towards more of
an umpire’s chair, becoming non-
executive deputy chairman. FastFT
It also highlights how investors are
increasingly looking to provide early-
stage capital and scaling expertise to
companies long before an initial public
offering. OSI is expected to float further
down the line.
“Spinouts based on our research have
an impressive record of generating
innovative breakthroughs and new
employment regionally, nationally and
internationally,” said Professor Andrew
Hamilton, vice-chancellor of the Uni-
versity of Oxford.
Since 2000, Isis has developed more
than 100 spinout companies based on
technology developed by the University
of Oxford research, including Oxford
Nanopore Technologies, which devel-
ops genome sequencing technologies.
Credit Suisse is acting as the sole
placement agent.
Thursday 14 May 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Banks. Start-up push Mobile & telecoms

BT awards
Entrepreneurs back new wave of lenders chief almost
£2m in shares
Investors emerge as private
DANIEL THOMAS
equity retreats amid fears over — TELECOMS CORRESPONDENT

challengers’ chances of success BT Group chief executive Gavin Patter-

EMMA DUNKLEY
Entrepreneurs are backing a second
wave of start-up banks attempting to
break into the UK, just as private equity
groups retreat from the market.
OakNorth is one of the latest lenders
to have obtained a licence from regula-
tors, while Atom and Open Bank are
among four undergoing the application
process.
Regulators have eased requirements
to encourage more start-up banks and
boost choice for consumers. As a result
6 80 % British mobile and TV markets.
Number of new Proportion of
lenders approved current accounts
in the UK over that are opened
the past year in branches
six new banks have been approved in
the past year.
Many of the new outfits are backed
by entrepreneurs, keen to enter the
fast-growing sector. But doubts are sur-
facing over the long-term viability of
these competitors as a number of pri-
vate equity groups are selling down
their positions in so-called challenger
banks.
JC Flowers and Wilbur Ross have
offloaded parts of their stake in OneSav-
ings Bank and Virgin Money respec-
tively in the past month.
Some critics question whether
start-up banks can gain enough scale to
challenge the UK’s “big four” — and
cover the significant fixed costs
involved in banking operations — espe-
cially if private equity backers are
retreating.
Andrew Lowe, an analyst at Beren-
berg, says that 80 per cent of current
accounts are opened in branches, mean-
ing a vast network is important to
banks.
“You need to have scale in banking —
but how much scale do you need? That’s
the real question mark over these
smaller players. Can they make it
work?” he says.
Ricky Knox, co-founder of Open
Bank, says some new lenders are “not
really trying to change the way banking
works” in terms of serving customers.
Open Bank will launch a full-service
retail operation, providing current
accounts, savings and loans among
other products.
In a number of cases, new banks are
already established lending businesses.
The licence allows them to bring in
cheap retail deposits in the low interest-
rate environment to help fund loan
growth.
Charter Court Financial Services,
which is backed by US hedge fund Elliott
Management, launched a retail bank
brand called Charter Savings in January.
The group already has established
lending arms under the Precise and
US billionaire Exact mortgage brands, which are
Wilbur Ross has known among brokers. With Charter
offloaded part of Savings Bank, it can offer deposit
his stake in accounts to help fund lending.
Virgin Money, as Ian Lonergan, chief executive of the
critics question group, dismisses the notion that its new
whether banking arm is designed merely to grow
challenger and diversify funding.
banks can take “From a retail savings perspective,
on the UK’s big we’re a fresh proposition entirely,” he
four groups says, stating that the bank’s savings
bonds and notice accounts have been
top of the interest rate tables over the
past month.
“Clearly we’re an established lender,
providing us with solidity and a strong
base. We will use retail funds to increase
the mortgage lending we can do year on
year and consider new lending areas
when the opportunity arises.”
Charlotte Nelson, of consumer web-
Dubbed an entrepreneur and start-up
investor, Rishi Khosla, founder of
OakNorth, cut his teeth in the banking
industry.
After a year at ABN Amro, he joined GE
Spreading Capital to focus on mergers and
success acquisitions.
Still in his early 20s, Mr Khosla, pictured
Founders’ top, moved to run steel tycoon Lakshmi
solid record Mittal’s private office.
of start-ups There he built a private equity venture
portfolio before joining forces with an old
university friend in 2002 to start-up
Copal, an outsource research business for
investment banks.
The business was sold to Moody’s last
year, allowing Mr Khosla to focus on the
launch of OakNorth, a bank designed to
address the lending gap for small and
medium-sized businesses.
site Moneyfacts, says challenger banks
are seen as an “attractive alternative” to
‘You need
the mainstream banks, with many scale in
products appearing in best-buy tables. banking —
But many challengers have restrictive
access, operating only online, which but how
makes it tough for customers who rely much?
on a branch network, she says.
“It can be difficult for people to trust That’s the
unknown brand names, particularly if question
they are unfamiliar with what their
ethos is, and can dismiss them in favour mark over
of their local bank,” she adds. smaller
Other new entrants are expected to
grow faster by targeting underserved players’
markets.
OakNorth, which is set to launch
this summer, will focus on lending
to fast-growing smaller businesses.
The bank, which was founded by
entrepreneur Rishi Khosla and recently
With a background in economics and a
number of languages under his belt,
Ricky Knox’s first foray into the
corporate world was as an associate at
LEK Consulting, a global management
consultancy.
After a brief stint, he joined a venture
capital fund investing in high-growth
early stage British companies.
Three years later, Mr Knox, pictured
bottom, founded his first business, Small
World Financial Services, a global
money-transfer business.
He has also launched GSM Systems, a
company that supports mobile networks
and Azimo, a social digital payments
platform.
His latest venture, Open Bank, will
provide retail banking products and
services to consumers.
appointed Lord Adair Turner, the
former head of the UK’s financial watch-
dog, to its board, will lend against a wide
range of collateral.
In contrast, high street banks typi-
cally accept only property as collateral,
making it tough for smaller businesses
launching in the digital age to obtain
loans.
Mr Khosla says that he is targeting
this sector as he believes it has always
been “structurally underserved” by
banks.
But the start-up, which had planned
to lend £1bn within a few years, has
already seemingly scaled back its ambi-
tions by pushing this out to five years.
The bank has lost two chief executives
within a year, and is now run by Mr Kho-
sla.
Nigel Terrington, chief executive
of the Paragon Group, which gained
a banking licence last year, says that
specialist lenders “have a role that is less
about challenging the high street
banks and more about complementing
them”.
“I also think there’s a danger of spe-
cialist lenders getting too big — a danger
they move away from being specialist,”
he warns.
Branch-based banks that offer full
retail services, such as TSB, differ mark-
edly from lending specialists such as
Paragon, Shawbrook, Aldermore and
OneSavings, even though all are covered
by the term “challenger bank”, Mr Ter-
rington says.
The latest wave of entrepreneur-
backed start-ups will provide another
alternative. But while they will bring
new names to the market, there is scep-
ticism among analysts over how much
they will boost competition.
son has been awarded close to £2m in
shares under a long-term incentive
plan that paid out this week for about
1,000 employees of the telecoms group.
In total, BT awarded about 16.7m shares
at £4.69 each, which took the payout
across eligible staff to approximately
£78m. Mr Patterson was awarded the
largest allocation at 416,719 shares, just
ahead of finance director Tony Chan-
mugam, who received 391,131 shares,
equating to £1.8m.
Staff have benefited from the strength
of the shares, which are trading near a
15-year peak given optimism among
investors about plans to break into the
The group recently agreed the
£12.5bn acquisition of EE, and is looking
to launch a further onslaught on the
pay-TV market this year bolstered by
the addition of Champions League foot-
ball. The performance-based shares
relate to a three-year period from 2012.
BT said: “More than a thousand BT
employees have received performance-
based shares after helping to transform
‘BT employees have
received performance-
based shares after helping
to transform the company’
the company over the past three years.”
BT added: “BT is a much better and
stronger company than it was three
years ago and this is reflected in the
share price.”
The level of share vesting through the
scheme was 67.4 per cent, which means
BT did not meet all of its targets in the
period. This was a lower payout of
shares than last year, when about 80 per
cent of shares vested, but a stronger BT
share price means that the cash equiva-
lent is broadly the same.
Since August, more than 22,000 staff
also benefited from a savings-related
share option plan in which they could
buy shares at 61p. The average gain was
about £41,000 per employee.
The £2m will be part of Mr Patterson’s
overall pay packet when it is unveiled in
BT’s annual report in a week’s time. Last
year, he was paid about £4.3m, includ-
ing close to £2m in shares under the
incentive plan.
Mr Patterson immediately sold some
shares to cover tax on shares vesting and
has also transferred some shares to his
wife.
The incentive plan has paid out at
about 46 per cent since it was intro-
duced in 2004. Last year, the company
paid 78.7 per cent in the 2011 plan and
all of the 2010 plan two years ago.
John Petter, head of BT’s consumer
business, received 111,854 shares worth
about £524,000, with a similar amount
given to the heads of its wholesale, glo-
bal services and technology arms.

Banks

Private equity funds circle VocaLink as new regulator considers breaking up banks’ ownership
EMMA DUNKLEY AND JOSEPH COTTERILL
Private equity funds are eyeing stakes
in VocaLink, which underpins Britain’s
payment systems, as a new regulator
considers breaking up the banks’ own-
ership of the company.
VocaLink is run by a group of 17 banks,
with the “big four” — Lloyds Banking
Group, Barclays, HSBC and Royal Bank
of Scotland — dominating ownership.
The group provides the infrastructure
supporting financial transactions across
the UK, from salaries to mortgage pay-
ments. The Payment Systems Regulator
(PSR) has launched a review scrutinis-
ing VocaLink’s ownership after raising
“questions of competitiveness of the
infrastructure” that could be detrimen-
tal to consumers.
A number of private equity funds
including CVC Capital Partners and Per-
mira are already in talks with VocaLink
about potentially acquiring stakes, say
people familiar with the situation.
Private equity funds have snapped up
stakes in other payment systems across Nordic payment services group Nets
Europe in the past 18 months as the Holding from a group of banks last year.
trend away from bank-owned struc- A number of private equity firms
tures gains momentum. recently entered into talks to buy Isti-
Advent International and Bain Capi- tuto Centrale delle Banche Popolari, the
tal led a consortium that purchased the Italian payment systems provider
owned by several co-operative banks.
Permira, CVC, Bain Capital and Advent
VocaLink helps to International are among the interested
make payments
safe across the UK, parties, according to one source.
from salaries to David Yates, chief executive at
mortgages VocaLink, said that the company was
“supportive of the regulatory objective
of opening up access to payment sys-
tems”.
He added: “Though we’re open to a
PSR-driven change of ownership, there
needs to be a large degree of care. Our
infrastructure works in a resilient way.”
VocaLink processes payments to
the value of three times the UK’s GDP
each year.
The regulator has the power to force
divestment of certain payment compa-
nies — such as VocaLink — if it finds the
market is not competitive due to owner-
ship structures. The PSR’s review is set
to complete within a year.
Hannah Nixon, managing director of
the regulator, previously said the review
could lead to breaking up the banks’
control. “All options are on the table.
We’re looking carefully at what impact
the options could have,” she said.
Banks controlling VocaLink could
choose to put it up for sale without wait-
ing for the PSR’s judgment.
CVC Capital Partners and Permira
declined to comment.

Support services

Compass profits head north as it fixes on path to US growth

MAGGIE FICK
A strong performance in North Amer-
ica and returning growth in Europe and
Japan helped Compass, the world’s
largest catering company by sales,
report a 4.9 per cent increase in under-
lying pre-tax profit.
The FTSE 100 group that feeds staff at
Google, Amazon and other blue-chip
companies said yesterday that underly-
ing profit before tax rose to £637m in
the first half, from £621m a year earlier.
Underlying revenue rose 5.7 per cent to
£9.1bn.
Richard Cousins, chief executive, said
North America, where sales increased
8.2 per cent, would continue to be Com-
pass’s principal source of growth. He
also pointed to the positive trend in
Europe and Japan as a sign of “healthy
momentum” going into the second half
of the year and 2016.
But the shares fell 3.7 per cent to
£11.20 after the group highlighted the
“uncertain” environment in some of its
emerging markets and said that lower
commodity prices were affecting its
businesses that serve offshore and
remote locations.
North America sales now account for
52 per cent of total revenue. Organic
revenue growth in the region rose 8.2
per cent on the back of new business
wins and high retention rates. In Europe
and Japan, which account for 31 per cent
of revenues, organic revenue was up 0.9
per cent, though like-for-like volumes
remain negative.
The group’s overall operating margin
climbed 10 basis points to 7.5 per cent.
Stephen Rawlinson, an analyst at
Whitman Howard, said that the results
were ahead of expectations, adding: “As
the economies recover we should proba-
bly expect further improvement.”
“Compass remains high on the list for
investors seeking defensive growth,”
said Keith Bowman of Hargreaves
Lansdown. He said targeting of the non-
outsourced catering market, its cash
generation and its progressive dividend
policy were positives for investors.
4.9% 8.2%
Increase in Sales rise in North
underlying pre- America, the
tax profit at the group’s principal
catering company source of growth
Mr Cousins said that economic chal-
lenges in emerging markets, which
account for 17 per cent of revenue, made
for a “patchy” picture there.
Business in Australia, where it is heav-
ily exposed to the mining and oil and gas
sectors, had been hit by weak commod-
ity prices. Its Brazil and Turkey opera-
tions also faced challenges because of
economic environments, he said.
Against that, Mr Cousins highlighted
growth of 16 per cent in Latin America
and an accelerating trend towards out-
sourcing in South Africa, the Middle
East and China.
The interim dividend rises 11.4 per
cent from last year to 9.8p, payable from
earnings per share that rose 12.3 per
cent to 28.4p. Underlying free cash flow
was down 4.2 per cent to £323m.
22 ★★★ FINANCIAL TIMES Thursday 14 May 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.03% -0.04% -0.28% -0.58% -0.655% -0.78%

0.11% 0.23% 0.71% 0.34% 0.889% 0.447% 0.557% 1.59%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Apr 14 - May 13 Index All World Apr 14 - May 13 Index All World Apr 14 - May 13 Index All World Apr 14 - May 13 Index All World Apr 14 - May 13 Index All World Apr 14 - May 13 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul

15,389.28 12,338.73
7,064.30 19,789.81 19,764.72
2,102.06 2,098.48 6,949.63 2,111.72 2,114.16
14,980.72 11,351.46
Day -0.03% Month 0.43% Year NaN% Day -0.42% Month -2.62% Year 2.05% Day 0.23% Month -1.73% Year 1.00% Day -1.05% Month -8.00% Year 16.37% Day 0.71% Month -0.72% Year 39.68% Day 0.83% Month 1.26% Year 7.59%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,639.80 11,704.70
4,995.98 28,016.34 3,484.39
4,981.69 45,004.52 45,038.14 1,570.13 11,324.60 3,453.17
27,249.28
Day 0.11% Month NaN% Year NaN% Day 0.19% Month 0.10% Year 6.63% Day -0.28% Month -4.78% Year 14.59% Day 0.02% Month -3.61% Year 7.17% Day -0.58% Month -0.08% Year 22.40% Day 0.31% Month -0.55% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
28,879.38
56,372.04 5,218.06 24,008.91 4,375.76
18,057.65 18,060.49
23,210.97 27,251.10
54,239.77 4,121.72
4,961.86
Day -0.04% Month NaN% Year NaN% Day -0.74% Month 3.93% Year 4.57% Day -0.26% Month -5.32% Year 10.42% Day 0.46% Month -3.32% Year 9.20% Day -0.58% Month 8.46% Year 113.15% Day 1.39% Month -5.64% Year 15.71%

Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12
Argentina Merval 12192.15 12237.66 Cyprus CSE M&P Gen 77.53 78.06 Italy FTSE Italia All-Share 24791.58 24690.17 Philippines Manila Comp 7808.35 7794.55 Taiwan Weighted Pr 9724.11 9680.73 Cross-Border DJ Global Titans ($) 245.22 244.46
Australia All Ordinaries 5710.80 5673.10 Czech Republic
PX 1034.44 1035.10 FTSE Italia Mid Cap 33077.86 33062.04 Poland Wig 57246.74 57304.71 Thailand Bangkok SET 1495.95 1485.72 Euro Stoxx 50 (Eur) 3553.42 3573.10
S&P/ASX 200 5715.10 5674.70 Denmark OMXC Copenahgen 20 957.84 961.26 FTSE MIB 23210.97 23104.87 Portugal PSI 20 6156.09 6101.98 Turkey BIST 100 85363.47 84752.83 Euronext 100 ID 973.53 974.74
S&P/ASX 200 Res 3609.30 3598.00 Egypt EGX 30 8674.34 8691.85 Japan 2nd Section 4830.77 4818.15 PSI General 2785.41 2758.92 UAE Abu Dhabi General Index 4614.36 4594.19 FTSE 4Good Global ($) 5802.92 5782.31
Austria ATX 2659.57 2633.03 Estonia OMX Tallinn 851.82 848.42 Nikkei 225 19764.72 19624.84 Romania BET Index 7526.17 7557.47 UK FT 30 2993.50 2990.10 FTSE All World 289.09 288.12
Belgium BEL 20 3657.91 3670.56 Finland OMX Helsinki General 8546.36 8480.31 S&P Topix 150 1351.52 1349.45 Russia Micex Index 1682.26 1704.62 FTSE 100 6949.63 6933.80 FTSE E300 1570.13 1574.61
BEL Mid 5672.19 5645.48 France CAC 40 4961.86 4974.65 Topix 1604.21 1602.27 RTX 1082.21 1070.19 FTSE 4Good UK 6216.15 6196.43 FTSE Eurotop 100 3136.86 3149.49
Brazil Bovespa 56372.04 56792.05 SBF 120 3918.66 3922.07 Jordan Amman SE 2128.02 2128.05 Saudi-Arabia TADAWUL All Share Index 9671.97 9627.41 FTSE All Share 3769.69 3756.45 FTSE Global 100 ($) 1373.83 1370.61
Canada S&P/TSX 60 871.82 876.65 Germany M-DAX 20296.81 20317.95 Kenya NSE 20 4980.48 5012.94 Singapore FTSE Straits Times 3453.17 3442.33 FTSE techMARK 100 3940.59 3926.19 FTSE Gold Min ($) 1254.64 1239.67
S&P/TSX Comp 14980.72 15043.15 TecDAX 1656.91 1654.47 Kuwait KSX Market Index 6379.54 6382.62 Slovakia SAX 244.48 240.86 USA DJ Composite 6319.79 6349.98 FTSE Latibex Top (Eur) 3608.90 3672.40
S&P/TSX Met & Min 785.27 793.54 XETRA Dax 11351.46 11472.41 Latvia OMX Riga 440.29 437.84 Slovenia SBI TOP 802.01 802.90 DJ Industrial 18060.49 18068.23 FTSE Multinationals ($) 1592.11 1597.57
Chile IGPA Gen 19872.74 19949.93 Greece Athens Gen 828.87 829.10 Lithuania OMX Vilnius 495.72 490.04 South Africa FTSE/JSE All Share 54053.92 53934.41 DJ Transport 8559.51 8649.87 FTSE World ($) 508.99 507.25
China FTSE A200 12238.43 12350.25 FTSE/ASE 20 248.94 247.95 Luxembourg LuxX 1711.79 1695.49 FTSE/JSE Res 20 44974.98 45457.91 DJ Utilities 572.55 578.05 FTSEurofirst 100 (Eur) 4509.16 4534.95
FTSE B35 14310.23 14305.32 Hong Kong Hang Seng 27249.28 27407.18 Malaysia FTSE Bursa KLCI 1803.02 1798.61 FTSE/JSE Top 40 47993.01 47868.91 Nasdaq 100 4426.56 4420.65 FTSEurofirst 80 (Eur) 4748.09 4774.97
Shanghai A 4583.85 4610.69 HS China Enterprise 13859.55 13973.00 Mexico IPC 45038.14 44950.49 South Korea Kospi 2114.16 2096.77 Nasdaq Cmp 4981.69 4976.19 MSCI ACWI Fr ($) 436.87 438.10
Shanghai B 423.62 421.82 HSCC Red Chip 5320.18 5385.62 Morocco MASI 9888.33 9885.16 Kospi 200 263.25 261.42 NYSE Comp 11117.00 11113.17 MSCI All World ($) 1784.91 1789.09
Shanghai Comp 4375.76 4401.22 Hungary Bux 22393.97 22529.13 Netherlands AEX 486.69 488.97 Spain IBEX 35 11324.60 11322.60 S&P 500 2098.48 2099.12 MSCI Europe (Eur) 1521.28 1521.88
Shenzhen A 2557.81 2536.90 India BSE Sensex 27251.10 26877.48 AEX All Share 744.07 745.60 Sri Lanka CSE All Share 7245.05 7258.61 Wilshire 5000 22159.94 22169.36 MSCI Pacific ($) 2564.26 2538.80
Shenzhen B 1499.26 1490.11 S&P CNX 500 6780.40 6689.40 New Zealand NZX 50 5751.76 5746.23 Sweden OMX Stockholm 30 1622.01 1600.10 Venezuela IBC 5633.82 5692.00 S&P Euro (Eur) 1571.31 1577.43
Colombia COLCAP 1361.80 1366.06 Indonesia Jakarta Comp 5246.13 5205.61 Nigeria SE All Share 34115.49 34341.88 OMX Stockholm AS 531.55 526.15 Vietnam VNI 542.82 544.41 S&P Europe 350 (Eur) 1613.30 1618.03
Croatia CROBEX 1714.30 1713.21 Ireland ISEQ Overall 6096.84 6082.66 Norway Oslo All Share 710.69 703.74 Switzerland SMI Index 9050.66 9044.98 S&P Global 1200 ($) 1986.61 1980.29
Israel Tel Aviv 100 14.25 14.36 Pakistan KSE 100 32915.44 33023.80 Stoxx 50 (Eur) 3413.61 3427.95
(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 May 13 %Chg %Chg May 13 %Chg %Chg May 13 %Chg %Chg May 13 %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 42.4 126.01 0.15 Lloyds Banking 221.9 88.74 1.72 Telefonica 1205.7 13.30 0.00 Toshiba 1082.1 422.80 22.10 Taylor Wimpey 182.30 12.5 32.3 Telecity 1115.00 24.0 38.6 Foxtons 257.25 12.3 60.5 Forestry & Paper 15230.70 7.6 34.3
Pall 40.1 123.89 5.27 Hsbc Holdings 168.2 614.00 -6.00 Intesa Sanpaolo 778.9 3.27 0.07 Toyota Motor 785.5 8196.00 -88.00 Persimmon 1820.00 11.1 15.3 Nmc Health 875.00 15.1 90.2 Anite 93.00 12.0 17.0 Electricity 9770.12 5.4 -0.5
E.i. Dupont De Nemours And 23.3 69.33 -5.03 Vodafone 153.5 235.85 2.25 Unicredit 457.4 6.30 -0.01 Sumitomo Mitsui Fin,. 668.7 5258.00 -142.00 Barratt Developments 564.00 11.0 19.7 Berkeley Holdings (the) 2813.00 13.4 13.4 Mountview Estates 11678.50 10.2 10.8 Software & Computer Services 1515.55 4.9 21.3
Williams Companies 19.4 53.21 3.11 Royal Dutch Shell 145.7 2045.50 12.00 Roche Gs 447.0 254.40 0.00 Mitsubishi Ufj Fin,. 652.4 865.20 0.50 Capita 1272.00 8.4 17.7 Paypoint 900.00 12.6 0.0 Tt Electronics 145.25 9.0 40.3 Real Estate & Investment Servic 3124.76 4.6 16.8
Danaher 16.5 87.35 1.35 Bp 125.0 456.00 -0.05 Santander 367.2 6.67 -0.02 Sony 584.2 3881.00 48.00 Babcock Int 1081.00 8.2 2.2 Bellway 2183.00 12.5 12.6 Goodwin 2655.00 8.9 6.6 Household Goods 14579.89 4.3 13.8
Facebook Class A 15.7 78.44 0.98 Royal Dutch Shell 118.3 2081.50 13.50 Inditex 363.6 28.60 -0.20 Softbank . 453.4 7330.00 -19.00 Mondi 1414.00 7.9 34.7 Redrow 420.30 11.9 42.2 Henderson Smaller Companies Investment Trust 661.00 8.9 19.1 Real Estate Investment Trusts 3370.51 4.2 10.2
Microsoft 15.5 47.63 0.28 Rio Tinto 114.2 2978.50 -16.50 Ing Groep 340.8 14.34 0.00 Mizuho Fin,. 355.7 234.70 -0.60 Lloyds Banking 88.74 7.3 17.0 Fisher (james) & Sons 1325.00 11.7 10.5 Lsl Property Services 391.00 8.6 31.2 Support Services 7140.26 3.7 10.8
Comcast 12.7 56.28 -1.05 Barclays 110.8 260.25 2.80 Bayer Ag Na 330.7 130.50 0.00 Sharp 350.0 202.00 -9.00 Sports Direct Int 669.00 7.0 -5.9 Genus 1421.00 11.5 13.6 Quintain Estates And Development 100.75 7.2 5.8 Gas Water & Multiutilities 6051.75 3.0 -1.4
Union Pacific 11.8 102.39 -3.38 Bhp Billiton 103.9 1569.50 -5.50 Dt.telekom Ag Na 317.0 16.60 0.00 Mitsubishi Estate , 319.1 2623.00 -47.50 Dixons Carphone 460.10 6.7 -0.5 Firstgroup 111.70 11.3 4.7 Xp Power 1605.00 7.0 14.8 Fixed Line Telecommunication 5320.39 2.8 16.3
At&t 11.8 33.90 0.24 Glaxosmithkline 101.9 1450.50 5.00 Novartis N 313.9 91.06 0.00 Kddi 318.4 2786.50 -69.50 British Land 859.50 6.7 10.6 Bovis Homes 1035.00 11.2 17.0 Carpetright 491.75 7.0 22.8 General Retailers 3227.15 2.7 8.4
Centrica 276.60 6.3 -0.9 Crest Nicholson Holdings 479.90 10.5 23.6 Low & Bonar 68.63 6.8 36.6 General Financial 9742.06 2.2 14.0
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Experian 1218.00 6.3 11.9 Countrywide 579.50 9.8 32.7 Jpmorgan Mid Capital Investment Trust 865.00 6.7 9.8 Electronic & Electrical Equip. 4381.87 2.1 8.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Owens Illinois 25.98 2.19 9.21 Mondi 1414.00 116.00 8.94 Altice 112.05 7.20 6.87 Toho Z Co., 489.00 44.00 9.89 Easyjet 1653.00 -6.8 -1.1 Lonmin 141.50 -6.2 -20.4 Aberdeen New Thai Investment Trust 428.00 -7.4 -2.7 Oil & Gas Producers 7439.51 -2.4 4.2
Williams Companies 53.21 3.11 6.21 Acacia Mining 304.00 17.20 6.00 Iliad 216.60 6.65 3.17 Pacific Metals Co., 397.00 28.00 7.59 Morrison (wm) Supermarkets 176.90 -6.6 -4.0 Just Eat 458.50 -3.9 48.0 Communisis 51.00 -7.3 2.3 Pharmaceuticals & Biotech. 13199.69 -2.0 3.7
Transocean 21.39 1.18 5.84 Centamin 65.90 3.45 5.52 Gecina Nom. 119.65 3.60 3.10 Shimizu 896.00 55.00 6.54 Admiral 1452.00 -6.3 9.8 Marston's 163.40 -3.4 13.8 Carclo 153.00 -6.7 70.9 Construction & Materials 4789.56 -1.9 16.0
Vimpelcom Ltd 5.79 0.25 4.51 Ted Baker 2872.00 144.00 5.28 Swedbank Ab Ser A 20.95 0.59 2.89 Ngk Insulators, 2860.00 167.00 6.20 Glaxosmithkline 1450.50 -4.2 5.4 Bba Aviation 333.10 -3.4 -7.5 Darty 73.00 -6.4 6.6 Mining 14665.90 -1.7 2.6
Pall 123.89 5.27 4.44 Fresnillo 749.50 36.00 5.05 Kbc 60.46 1.64 2.79 Trend Micro orporated 4470.00 245.00 5.80 Bp 456.00 -3.7 10.9 Imi 1200.00 -3.2 -5.0 Charles Taylor 220.00 -5.5 -12.0 Food & Drug Retailers 3163.17 -0.8 11.5
Glencore 300.90 -3.1 0.7 Ted Baker 2872.00 -3.0 29.3 Enquest 57.75 -4.9 62.7 Industrial Engineering 9150.59 -0.7 3.4
Downs Downs Downs Downs
Crh 1802.00 -3.0 16.7 Templeton Emerging Markets Investment Trust 553.00 -3.0 0.9 Mckay Securities 240.00 -4.8 0.8 Technology Hardware & Equip. 1330.66 -0.7 11.6
E.i. Dupont De Nemours And 69.33 -5.03 -6.76 Man 169.50 -6.80 -3.86 Aegon 6.93 -0.22 -3.05 Mitsumi Electric Co., 873.00 -77.00 -8.11
Hsbc Holdings 614.00 -2.9 0.9 Millennium & Copthorne Hotels 583.50 -2.8 -1.0 Spirent Communications 85.75 -4.7 13.2 Aerospace & Defense 5143.62 -0.7 8.0
Frontier Communications 5.46 -0.24 -4.21 Compass 1119.00 -44.00 -3.78 Renault 90.89 -2.43 -2.60 Yokogawa Electric 1370.00 -76.00 -5.26
Compass 1119.00 -2.4 1.6 Amec Foster Wheeler 904.50 -2.4 6.0 Fidelity Asian Values 258.50 -4.6 8.6 Industrial Metals 2023.91 -0.3 32.7
Consol Energy 31.29 -1.26 -3.87 Tui Ag 1207.00 -46.00 -3.67 Investor Ab Ser. B 34.39 -0.89 -2.52 Nippon Soda Co., 726.00 -40.00 -5.22
Smiths 1128.00 -2.3 2.7 Regus 246.00 -2.3 18.0 Chemring 217.00 -4.3 -9.2 Tobacco 42716.97 -0.3 4.9
Southwestern Energy 28.17 -1.08 -3.69 Mitie 292.30 -7.60 -2.53 Gdf Suez 17.79 -0.46 -2.49 Hokuetsu Kishu Paper Co., 620.00 -32.00 -4.91
Diageo 1754.50 -2.1 -5.1 Bank Of Georgia Holdings 1779.00 -2.3 -14.3 Jpmorgan Chinese Investment Trust 202.00 -4.0 13.5 Oil Equipment & Services 18950.80 -0.3 15.2
Union Pacific 102.39 -3.38 -3.20 Morrison (wm) Supermarkets 176.90 -4.30 -2.37 Luxottica 57.25 -1.45 -2.47 Sharp 202.00 -9.00 -4.27
Anglo American 1131.50 -1.9 -5.7 Grafton 805.00 -2.2 26.2 Hilton Food 432.50 -3.9 12.3 Personal Goods 26580.29 0.2 7.8
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.9354 0.0004 10.1440 0.0952 14.0518 0.0565 Indonesia Indonesian Rupiah 13137.5000 -60.5000 14914.4211 71.3494 20660.0472 -12.5567 Poland Polish Zloty 3.6041 -0.0398 4.0915 -0.0065 5.6677 -0.0397 ..Three Month 0.6358 -0.0025 0.7218 0.0039 - -
Australia Australian Dollar 1.2349 -0.0187 1.4019 -0.0079 1.9420 -0.0215 Israel Israeli Shekel 3.8346 -0.0228 4.3532 0.0150 6.0302 -0.0118 Romania Romanian Leu 3.9292 -0.0416 4.4606 -0.0052 6.1791 -0.0407 ..One Year 0.6356 -0.0025 0.7213 0.0039 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4280 0.0040 0.5929 0.0024 Japan Japanese Yen 119.1050 -0.7850 135.2145 0.3808 187.3044 -0.4844 Russia Russian Ruble 49.2112 -0.8973 55.8672 -0.4871 77.3894 -1.0977 United States United States Dollar - - 1.1353 0.0106 1.5726 0.0063
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.8333 0.0620 10.8509 0.0275 ..One Month 119.1050 -0.7851 135.2145 0.3809 187.3043 -0.4846 Saudi Arabia Saudi Riyal 3.7501 - 4.2573 0.0398 5.8974 0.0235 ..One Month - - 1.1352 -0.4311 1.5726 0.0063
Brazil Brazilian Real 3.0156 -0.0192 3.4235 0.0103 4.7423 -0.0113 ..Three Month 119.1049 -0.7853 135.2145 0.3809 187.3041 -0.4851 Singapore Singapore Dollar 1.3252 -0.0106 1.5044 0.0021 2.0840 -0.0083 ..Three Month - - 1.1351 -0.4311 1.5725 0.0063
Canada Canadian Dollar 1.1977 -0.0022 1.3596 0.0103 1.8834 0.0041 ..One Year 119.1041 -0.7869 135.2144 0.3807 187.3043 -0.4863 South Africa South African Rand 11.8828 -0.1845 13.4899 -0.0814 18.6868 -0.2146 ..One Year - - 1.1344 -0.4311 1.5723 0.0063
Chile Chilean Peso 600.3000 -4.9500 681.4931 0.8021 944.0312 -3.9976 Kenya Kenyan Shilling 96.4000 -0.1000 109.4385 0.9103 151.5985 0.4465 South Korea South Korean Won 1099.7000 3.9500 1248.4391 16.1100 1729.3872 13.0674 Venezuela Venezuelan Bolivar Fuerte 6.2900 -0.0025 7.1407 0.0639 9.8916 0.0354
China Chinese Yuan 6.2044 -0.0048 7.0436 0.0604 9.7570 0.0313 Kuwait Kuwaiti Dinar 0.3011 -0.0007 0.3418 0.0024 0.4735 0.0008 Sweden Swedish Krona 8.2214 -0.0737 9.3334 0.0043 12.9290 -0.0640 Vietnam Vietnamese Dong 21740.0000 30.0000 24680.4499 264.4203 34188.3848 182.9916
Colombia Colombian Peso 2377.5000 -12.0000 2699.0670 11.7293 3738.8545 -3.9210 Malaysia Malaysian Ringgit 3.5965 -0.0210 4.0829 0.0145 5.6559 -0.0104 Switzerland Swiss Franc 0.9175 -0.0082 1.0417 0.0006 1.4429 -0.0070 European Union Euro 0.8809 -0.0083 - - 1.3852 -0.0075
Costa Rica Costa Rican Colon 531.7000 -0.0500 603.6146 5.5850 836.1510 3.2483 Mexico Mexican Peson 15.2374 -0.0790 17.2983 0.0728 23.9623 -0.0284 Taiwan New Taiwan Dollar 30.6815 -0.0355 34.8313 0.2856 48.2497 0.1364 ..One Month 0.8808 -0.0083 - - 1.3852 -0.0075
Czech Republic Czech Koruna 24.1925 -0.1761 27.4646 0.0587 38.0450 -0.1244 New Zealand New Zealand Dollar 1.3374 -0.0214 1.5183 -0.0098 2.1032 -0.0251 Thailand Thai Baht 33.5900 -0.2300 38.1332 0.0977 52.8236 -0.1501 ..Three Month 0.8807 -0.0083 - - 1.3851 -0.0075
Denmark Danish Krone 6.5734 -0.0624 7.4625 -0.0004 10.3373 -0.0565 Nigeria Nigerian Naira 199.0500 - 225.9723 2.1119 313.0258 1.2454 Tunisia Tunisian Dinar 1.9133 -0.0084 2.1720 0.0109 3.0088 -0.0012 ..One Year 0.8801 -0.0083 - - 1.3846 -0.0075
Egypt Egyptian Pound 7.6080 0.0015 8.6370 0.0824 11.9643 0.0499 Norway Norwegian Krone 7.3697 -0.1041 8.3664 -0.0389 11.5895 -0.1169 Turkey Turkish Lira 2.6269 -0.0422 2.9821 -0.0196 4.1310 -0.0497
Hong Kong Hong Kong Dollar 7.7517 -0.0015 8.8002 0.0806 12.1904 0.0462 Pakistan Pakistani Rupee 101.7800 0.0050 115.5462 1.0855 160.0591 0.6446 United Arab Emirates UAE Dirham 3.6731 - 4.1698 0.0390 5.7762 0.0230
Hungary Hungarian Forint 271.1606 -1.2709 307.8362 1.4477 426.4268 -0.2941 Peru Peruvian Nuevo Sol 3.1510 -0.0015 3.5772 0.0317 4.9553 0.0173 United Kingdom Pound Sterling 0.6359 -0.0025 0.7219 0.0039 - -
India Indian Rupee 63.9950 -0.1700 72.6506 0.4878 100.6385 0.1341 Philippines Philippine Peso 44.7350 -0.0450 50.7856 0.4240 70.3502 0.2094 ..One Month 0.6359 -0.0025 0.7219 0.0039 - -
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 May 13 May 12 May 11 May 08 May 07 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 2993.50 2990.10 3033.60 3029.00 2949.30 0.00 3110.40 2669.30 Industrial Metals & 32.88 Electronic & Elec Eq 10.96 Equity Invest Instr 6.09 FTSE 100 Price Change FTSE 100 Price Change
May 13 chge% Index May 12 May 11 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.73 1.70 1.70 1.74 0.00 3.93 2.74 Forestry & Paper 28.29 Industrials 10.91 Mobile Telecomms 6.06 3I Group PLC 512.00 6.00 Land Securities Group PLC 1281 23.00
FTSE 100 (100) 6949.63 0.23 7501.72 6933.80 7029.85 6878.49 3.42 1.93 15.15 104.14 5325.98 P/E Ratio net 25.85 25.87 26.25 26.30 25.69 0.00 19.44 14.26 Software & Comp Serv 20.16 Support Services 10.74 Health Care 5.98 Aberdeen Asset Management PLC 443.60 9.10 Legal & General Group PLC 264.10 0.70
FTSE 250 (250) 17861.53 0.97 19280.48 17689.23 17870.64 15974.61 2.40 2.05 20.31 156.79 12227.02 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Construct & Material 19.34 Personal Goods 10.47 Chemicals 5.79 Admiral Group PLC 1452 -23.00 Lloyds Banking Group PLC 88.74 1.72
FTSE 250 ex Inv Co (211) 19433.74 1.09 20977.59 19223.32 19420.43 17378.58 2.42 2.16 19.12 171.43 13563.42 FT 30 hourly changes Fixed Line Telecomms 16.85 Aerospace & Defense 10.14 Oil & Gas 5.48 Aggreko PLC 1624 -24.00 London Stock Exchange Group PLC 2460 -20.00
FTSE 350 (350) 3835.11 0.35 4139.78 3821.69 3872.36 3735.11 3.25 1.95 15.82 53.54 5929.61 8 9 10 11 12 13 14 15 16 High Low Technology 16.41 Telecommunications 10.08 Industrial Transport 5.33 Anglo American PLC 1131.5 -0.50 Marks And Spencer Group PLC 564.50 4.00
FTSE 350 ex Investment Trusts (311) 3814.40 0.36 4117.42 3800.88 3851.52 3721.22 3.27 1.96 15.63 53.69 3036.27 2990.1 3010.3 3007.8 3007.9 3007.2 3002.6 2999.6 3001.8 2985.1 3013.9 2983.6 Financial Services 15.88 Real Est Invest & Tr 9.62 Oil & Gas Producers 5.25 Antofagasta PLC 798.50 7.00 Meggitt PLC 517.00 1.50
FTSE 350 Higher Yield (94) 3649.52 0.08 3939.45 3646.64 3697.70 3779.41 4.58 1.75 12.44 70.51 5734.59 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Se 14.81 Financials 9.12 Industrial Eng 4.70 Arm Holdings PLC 1109 -7.00 Merlin Entertainments PLC 453.20 1.00
FTSE 350 Lower Yield (256) 3646.38 0.62 3936.06 3623.77 3669.13 3327.15 1.92 2.40 21.68 31.20 3814.09 Media 14.31 Nonlife Insurance 8.99 Automobiles & Parts 4.13 Ashtead Group PLC 1171 32.00 Mondi PLC 1414 116.00
FTSE SmallCap (289) 4705.06 0.39 5078.83 4686.89 4720.12 4503.20 2.52 1.99 19.99 44.59 6334.14 Household Goods & Ho 14.24 General Retailers 8.85 Basic Materials 3.59
FTSE SmallCap ex Inv Co (151) 4206.92 0.45 4541.12 4187.90 4213.36 4092.57 2.39 3.05 13.69 38.20 5948.26 FX: EFFECTIVE INDICES Tech Hardware & Eq 13.96 FTSE All{HY-}Share Index 7.97 Mining 2.40
Associated British Foods PLC 2852 13.00 Morrison (Wm) Supermarkets PLC 176.90 -4.30
Astrazeneca PLC 4390 -10.00 National Grid PLC 882.10 -8.50
FTSE All-Share (639) 3769.69 0.35 4069.17 3756.45 3805.48 3669.17 3.23 1.95 15.93 52.05 5896.67 Food & Drug Retailer 13.39 Tobacco 7.62 Health Care Eq & Srv 2.04
May 12 May 11 Mnth Ago May 13 May 12 Mnth Ago Aviva PLC 530.00 1.00 Next PLC 7340 65.00
FTSE All-Share ex Inv Co (462) 3736.31 0.36 4033.13 3723.01 3772.11 3644.52 3.25 1.97 15.59 52.24 3023.54 Life Insurance 12.13 NON FINANCIALS Index 7.58 Beverages 1.59 Babcock International Group PLC 1081 -2.00 Old Mutual PLC 227.20 0.60
FTSE All-Share ex Multinationals (575) 1251.29 0.83 1119.48 1240.94 1254.35 1145.70 2.57 2.06 18.96 12.00 2094.93 Australia 98.67 98.16 96.85 Sweden 78.38 79.00 77.66 Oil Equipment & Serv 12.13 FTSE SmallCap Index 7.55 Gas Water & Multi 0.44 Bae Systems PLC 500.00 2.00 Pearson PLC 1302 1.00
FTSE Fledgling (96) 7697.50 0.39 8309.01 7667.54 7662.74 6954.82 2.27 -0.54 -82.03 45.23 13638.81 Canada 97.59 96.94 93.69 Switzerland 166.07 165.72 164.75 Consumer Services 11.92 FTSE 100 Index 7.32 Utilities 0.38 Barclays PLC 260.25 2.80 Persimmon PLC 1820 72.00
FTSE Fledgling ex Inv Co (54) 10161.44 0.76 10968.69 10085.09 10030.87 8711.88 2.23 -2.01 -22.21 37.33 17482.47 Denmark 105.23 104.99 104.68 UK 92.17 92.07 89.19 FTSE 250 Index 11.50 Consumer Goods 6.95 Electricity 0.19 Barratt Developments PLC 564.00 18.50 Prudential PLC 1610.5 2.50
FTSE All-Small (385) 3259.01 0.39 3517.92 3246.43 3268.32 3110.00 2.51 1.88 21.17 30.33 5633.76 Japan 125.75 126.16 128.77 USA 100.29 100.85 104.27 Travel & Leisure 11.08 Banks 6.87 Leisure Goods -0.60 Bg Group PLC 1182.5 7.50 Randgold Resources LD 4881 140.00
FTSE All-Small ex Inv Co Index (205) 3132.44 0.47 3381.29 3117.91 3135.42 3027.32 2.39 2.86 14.65 27.71 5611.60 New Zealand 121.01 121.49 127.30 Euro 85.83 85.40 84.16 Pharmace & Biotech 6.34 Food Producers -2.07 Bhp Billiton PLC 1569.5 -5.50 Reckitt Benckiser Group PLC 5667 -52.00
FTSE AIM All-Share Index (833) 759.91 0.39 820.28 756.94 759.20 807.97 1.28 1.39 56.29 3.02 810.64 Norway 95.21 94.76 92.53
BP PLC 456.00 -0.05 Reed Elsevier PLC 1080 12.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3572 14.50 Rio Tinto PLC 2978.5 -16.50
Oil & Gas (19) 7900.68 0.55 8528.32 7857.19 7903.84 9220.93 4.53 1.47 15.07 134.38 6395.87 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 859.50 13.00 Rolls-Royce Holdings PLC 1005 -
Oil & Gas Producers (12) 7488.23 0.46 8083.11 7453.91 7501.94 8721.39 4.55 1.46 15.02 128.15 6267.01 Bt Group PLC 467.95 3.25 Royal Bank Of Scotland Group PLC 353.00 2.10
Oil Equipment Services & Distribution (7)19606.74 3.02 21164.33 19032.51 18890.02 24243.48 3.87 1.58 16.33 278.35 14020.95 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1871 -3.00 Royal Dutch Shell PLC 2045.5 12.00
Basic Materials (30) 4922.71 0.33 5313.78 4906.60 4935.84 5642.24 3.87 2.51 10.28 110.48 4714.00 Burberry Group PLC 1757 1.00 Royal Dutch Shell PLC 2081.5 13.50
Chemicals (7) 12691.01 0.66 13699.21 12608.27 12714.31 11786.23 2.06 2.49 19.53 76.36 10766.24 May 13 No of US $ Day Mth YTD Total
YTD Gr Div May 13 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1272 22.00 Royal Mail PLC 487.40 3.90
Forestry & Paper (1) 16619.49 8.94 17939.77 15256.08 15538.17 12270.69 2.20 3.38 13.45 241.11 17149.54 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3034 13.00 Rsa Insurance Group PLC 426.50 0.50
Industrial Metals & Mining (2) 2105.11 2.88 2272.34 2046.20 2077.25 1354.89 0.50 -20.25 -9.93 5.46 1827.09 FTSE Global All Cap 7611 495.05 0.3 0.8 5.4 667.60
6.4 2.3 Oil & Gas 165 412.54 0.2 0.2 3.6 614.61 4.7 3.5 Centrica PLC 276.60 -1.70 Sabmiller PLC 3576 73.50
Mining (20) 14034.39 -0.04 15149.31 14040.40 14112.58 16733.87 4.18 2.52 9.49 349.03 7016.71 FTSE Global All Cap 6975 508.54 0.3 0.8 5.0 673.72
6.0 2.2 Oil & Gas Producers 116 373.61 0.1 0.1 3.1 565.77 4.2 3.6 Coca-Cola Hbc AG 1401 3.00 Sage Group PLC 543.00 2.00
FTSE Global Large Cap 1359 436.74 0.3 0.8 4.8 601.92
5.9 2.5 Oil Equipment & Services 39 433.80 0.4 0.4 4.6 591.81 5.8 3.2 Compass Group PLC 1119 -44.00 Sainsbury (J) PLC 275.50 -3.50
Industrials (114) 4731.91 0.58 5107.82 4704.81 4753.47 4540.07 2.31 1.37 31.57 47.73 4632.12
Construction & Materials (13) 4958.23 -0.51 5352.12 4983.87 5028.97 4624.40 2.63 -0.40 -95.86 77.03 5023.98 FTSE Global Mid Cap 1667 661.96 0.5 1.0 7.2 854.53
8.0 1.9 Basic Materials 272 465.22 0.4 0.4 6.8 670.76 8.2 2.7 Crh PLC 1802 -16.00 Schroders PLC 3313 3.00
Aerospace & Defense (9) 5329.18 0.21 5752.53 5317.83 5412.25 4984.70 2.09 1.35 35.50 69.13 5455.05 FTSE Global Small Cap 4585 695.94 0.4 0.7 6.7 871.86
7.4 1.8 Chemicals 124 676.70 0.0 0.0 8.5 981.23 9.6 2.3 Diageo PLC 1754.5 -1.50 Severn Trent PLC 2158 32.00
General Industrials (6) 3552.00 1.24 3834.18 3508.37 3565.15 3520.79 3.19 1.82 17.21 48.72 3792.08 FTSE All-World 3026 289.09 0.3 0.8 5.2 411.19
6.2 2.4 Forestry & Paper 17 229.55 2.3 2.3 10.2 363.24 11.9 2.7 Direct Line Insurance Group PLC 320.00 1.00 Shire PLC 5170 -15.00
Electronic & Electrical Equipment (12) 5698.86 1.24 6151.58 5629.04 5646.14 5321.16 2.01 2.10 23.66 29.32 4960.52 FTSE World 2531 508.99 0.3 1.1 4.7 972.43
5.8 2.3 Industrial Metals & Mining 71 427.09 0.8 0.8 3.6 615.90 4.4 2.4 Dixons Carphone PLC 460.10 9.50 Sky PLC 1068 5.00
Industrial Engineering (14) 9584.71 1.24 10346.13 9467.61 9590.23 11294.59 2.51 2.03 19.62 151.58 11099.87 FTSE Global All Cap ex UNITED KINGDOM In 7278 506.19 0.3 0.4 5.2 673.52
6.2 2.2 Mining 60 596.96 0.8 0.8 4.8 854.83 7.0 3.9 Easyjet PLC 1653 -1.00 Smith & Nephew PLC 1112 -12.00
Industrial Transportation (8) 4411.85 0.83 4762.33 4375.35 4455.06 4827.45 3.53 1.47 19.32 29.35 3594.96 FTSE Global All Cap ex USA 5645 485.55 0.7 1.7 8.6 693.48
9.9 2.7 Industrials 531 331.06 0.6 0.6 5.2 454.34 6.2 2.1 Experian PLC 1218 4.00 Smiths Group PLC 1128 5.00
Support Services (52) 7020.05 0.66 7577.74 6973.84 7018.31 6515.08 2.15 1.49 31.09 49.22 6927.12 FTSE Global All Cap ex JAPAN 6355 505.96 0.3 0.7 4.6 688.05
5.6 2.3 Construction & Materials 110 469.18 0.8 0.8 8.8 674.96 9.9 2.0 Fresnillo PLC 749.50 36.00 Sports Direct International PLC 669.00 13.00
FTSE Developed 2089 459.61 0.3 1.0 4.9 624.77
5.9 2.3 Aerospace & Defense 29 524.32 0.2 0.2 5.5 713.54 6.4 2.0 G4S PLC 292.20 1.30 Sse PLC 1636 11.00
Consumer Goods (40) 17021.64 0.53 18373.87 16932.23 17215.60 15733.37 2.97 1.77 19.05 251.27 11805.61
FTSE Developed All Cap 5657 483.08 0.3 1.0 5.1 649.78
6.1 2.2 General Industrials 57 225.71 0.9 0.9 3.8 332.04 5.0 2.6 Gkn PLC 354.50 2.90 St. James's Place PLC 925.00 -1.50
Automobiles & Parts (1) 8330.91 0.82 8992.74 8262.76 8342.66 9042.98 2.37 1.72 24.47 131.60 7588.02
FTSE Developed Large Cap 883 424.59 0.3 1.0 4.4 584.67
5.5 2.4 Electronic & Electrical Equipment 68 355.95 1.0 1.0 9.4 450.99 10.2 1.5 Glaxosmithkline PLC 1450.5 5.00 Standard Chartered PLC 1039.5 3.50
Beverages (6) 14220.72 0.82 15350.44 14104.86 14389.74 14214.82 2.48 1.72 23.43 94.19 9489.65
FTSE Developed Europe Large Cap 205 379.32 0.6 2.3 7.3 589.07
9.3 3.2 Industrial Engineering 103 666.17 1.4 1.4 7.7 900.64 9.0 2.0 Glencore PLC 300.90 -1.10 Standard Life PLC 468.70 0.20
Food Producers (10) 7883.71 0.33 8510.01 7857.48 7950.85 7880.31 2.03 1.59 31.02 8.94 6476.49
FTSE Developed Europe Mid Cap 307 557.68 1.3 3.8 11.5 789.87
12.9 2.3 Industrial Transportation 94 580.36 -0.9 -0.9 -2.8 791.80 -2.3 2.1 Hammerson PLC 671.00 7.50 Taylor Wimpey PLC 182.30 4.30
Household Goods & Home Construction (13)12165.45 0.84 13131.89 12064.12 12214.76 9514.31 2.31 2.36 18.38 127.23 8175.90
FTSE Dev Europe Small Cap 722 776.10 1.5 5.8 12.7 1069.32
13.9 2.1 Support Services 70 290.64 0.5 0.5 6.6 384.28 7.6 1.9 Hargreaves Lansdown PLC 1221 23.00 Tesco PLC 224.70 -2.75
Leisure Goods (2) 5080.42 1.17 5484.02 5021.78 5032.87 5083.67 4.16 1.05 22.80 109.73 4203.28
FTSE North America Large Cap 314 452.05 -0.1 0.4 1.6 586.73
2.4 2.1 Consumer Goods 407 430.25 0.3 0.3 6.3 603.42 7.4 2.3 Hikma Pharmaceuticals PLC 2030 4.00 Travis Perkins PLC 2149 43.00
Personal Goods (6) 23142.29 0.08 24980.76 23124.12 23437.92 20898.24 2.83 2.74 12.92 279.57 14691.08
FTSE North America Mid Cap 400 701.21 0.0 -0.3 3.4 856.10
3.9 1.6 Automobiles & Parts 99 425.68 0.1 0.1 9.2 573.63 10.4 2.1 HSBC Holdings PLC 614.00 -6.00 Tui AG 1207 -46.00
Tobacco (2) 42717.04 0.29 46110.56 42594.13 43418.50 39627.95 4.11 1.28 19.03 1201.25 25566.36
FTSE North America Small Cap 1485 716.96 0.0 -0.9 4.1 851.67
4.6 1.6 Beverages 48 557.33 0.6 0.6 3.6 789.99 4.5 2.5 Imperial Tobacco Group PLC 3186 1.00 Unilever PLC 2817 -2.00
Health Care (21) 9617.08 0.06 10381.08 9611.67 9816.98 9363.57 3.56 3.47 8.10 154.41 6868.89
FTSE North America 714 304.65 -0.1 0.3 1.9 405.44
2.7 2.0 Food Producers 102 578.94 0.6 0.6 4.9 840.27 6.3 2.2 Intercontinental Hotels Group PLC 2728 -7.00 United Utilities Group PLC 988.50 5.00
Health Care Equipment & Services (9) 6843.84 -0.22 7387.52 6859.09 6937.54 5282.24 1.44 2.33 29.85 55.16 5761.40
FTSE Developed ex North America 1375 254.97 0.8 2.1 9.3 391.35
10.9 2.7 Household Goods & Home Construction 43 397.79 0.4 0.4 0.4 555.25 1.5 2.4 International Consolidated Airlines Group S.A. 556.00 5.50 Vodafone Group PLC 235.85 2.25
Pharmaceuticals & Biotechnology (12)13087.98 0.08 14127.72 13077.22 13368.68 12971.29 3.76 3.51 7.58 219.75 8293.31
FTSE Japan Large Cap 174 349.86 0.8 2.5 14.7 432.89
15.7 1.7 Leisure Goods 26 145.81 0.5 0.5 15.7 185.64 16.3 1.2 Intertek Group PLC 2666 28.00 Weir Group PLC 1903 7.00
Consumer Services (96) 5041.81 0.02 5442.34 5040.89 5120.28 4508.42 2.16 1.93 24.00 42.13 4483.89 FTSE Japan Mid Cap 304 493.85 1.1 1.0 16.2 591.77
17.1 1.4 Personal Goods 76 620.19 0.0 0.0 6.3 830.70 7.2 1.9
Food & Drug Retailers (7) 3298.42 -1.24 3560.45 3339.74 3397.41 3950.95 2.29 0.30 144.34 24.24 3736.60 Intu Properties PLC 340.30 4.10 Whitbread PLC 5220 15.00
FTSE Global wi JAPAN Small Cap 778 520.22 0.6 2.0 11.0 643.00
12.0 1.6 Tobacco 13 1148.26 0.4 0.4 7.0 2183.45 8.6 4.0 Itv PLC 260.00 -0.80 Wolseley PLC 3900 4.00
General Retailers (31) 3136.99 1.12 3386.19 3102.10 3142.35 2829.51 2.02 2.51 19.68 5.53 3363.23
FTSE Japan 478 143.77 0.8 2.2 15.0 199.98
16.0 1.6 Health Care 159 471.44 0.2 0.2 8.5 650.64 9.5 1.8 Johnson Matthey PLC 3345 7.00 Wpp PLC 1525 10.00
Media (23) 7504.40 0.53 8100.56 7464.88 7585.61 6097.58 2.62 1.77 21.53 93.21 4361.82
FTSE Asia Pacific Large Cap ex Japan 492 662.97 0.7 -1.5 7.7 968.47
8.5 2.8 Health Care Equipment & Services 56 633.72 0.1 0.1 7.3 721.34 7.6 1.0 Kingfisher PLC 361.00 3.50
Travel & Leisure (35) 8530.69 -0.65 9208.38 8586.29 8728.32 7310.38 1.80 2.43 22.84 79.00 7687.28
FTSE Asia Pacific Mid Cap ex Japan 445 902.96 1.1 -0.5 12.0 1275.76
12.7 2.4 Pharmaceuticals & Biotechnology 103 363.72 0.2 0.2 8.9 521.27 10.1 2.0
Telecommunications (8) 4121.18 0.91 4448.58 4083.97 4120.37 3640.92 3.77 2.52 10.55 0.00 4148.75 FTSE Asia Pacific Small Cap ex Japan 1376 595.94 1.0 0.9 11.5 830.35
12.2 2.4 Consumer Services 383 396.87 0.0 0.0 6.1 510.35 6.8 1.6
Fixed Line Telecommunications (6) 5393.65 0.71 5822.13 5355.80 5425.90 4390.93 2.56 1.86 21.00 0.00 4544.55
Mobile Telecommunications (2) 5371.31 1.05 5798.02 5315.66 5348.31 4978.50 4.57 2.76 7.94 0.00 4791.76
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
937
1954
525.29
745.95
0.7
0.6
-1.4
-0.9
8.2 815.89
9.0
8.2 1040.00
8.9
2.7 Food & Drug Retailers
2.7 General Retailers
54 320.83
121 516.59
0.3
0.0
0.3
0.0
6.7 428.92
8.0 649.02
7.4
8.7
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8718.25 -0.21 9410.84 8736.85 8843.95 8676.60 4.67 1.01 21.16 81.24 8935.51 FTSE Emerging Large Cap 476 709.78 0.5 -1.0 8.5 995.04
9.2 2.7 Media 88 311.84 0.2 0.2 3.7 401.44 4.4 1.5 May 13 May 12 May 11 May 08 May 07 Yr Ago
Electricity (3) 9742.83 0.70 10516.81 9674.97 9752.08 9699.49 5.12 0.95 20.55 157.74 12467.70 FTSE Emerging Mid Cap 461 927.06 1.0 0.2 7.7 1290.74
8.5 2.5 Travel & Leisure 120 380.13 -0.2 -0.2 5.6 493.56 6.3 1.7 SEAQ Bargains 8908.00 8943.00 7852.00 7852.00 7852.00 7645.00
Gas Water & Multiutilities (5) 7998.00 -0.47 8633.38 8036.08 8144.44 7958.03 4.54 1.03 21.34 58.66 8232.12 FTSE Emerging Small Cap 1017 752.93 0.8 -1.3 6.4 1011.99
7.0 2.6 Telecommunication 94 176.79 0.4 0.4 5.8 303.05 7.4 3.9 Order Book Turnover (m) 40.40 35.66 57.29 57.29 57.29 62.84
Financials (282) 4994.40 0.32 5391.17 4978.52 5049.17 4624.11 3.11 1.86 17.32 82.10 4287.51 FTSE Emerging Europe 99 374.33 1.0 7.4 20.1 530.55
20.8 4.0 Fixed Line Telecommuniations 44 144.09 0.7 0.7 5.2 270.12 7.2 4.3 Order Book Bargains 853640.00 839600.00 1245328.00 1245328.00 1245328.00 7.00
Banks (8) 4538.91 0.16 4899.49 4531.72 4590.13 4500.82 3.60 1.34 20.77 84.25 3065.04 FTSE Latin America All Cap 242 887.49 0.2 4.2 -1.5 1290.16
-0.2 3.3 Mobile Telecommunications 50 193.05 0.0 0.0 6.7 300.13 7.5 3.3 Order Book Shares Traded (m) 1380.00 1357.00 2141.00 2141.00 2141.00 0.00
Nonlife Insurance (11) 2376.33 0.31 2565.11 2369.02 2407.79 2160.66 2.89 1.43 24.19 46.33 3950.34 FTSE Middle East and Africa All Cap 213 810.15 1.5 -1.1 5.3 1189.41
6.6 2.7 Utilities 162 258.59 -0.2 -0.2 -3.2 462.07 -2.0 3.7 Total Equity Turnover (£m) 2778.44 8763.07 5933.66 5933.66 5933.66 -
Life Insurance/Assurance (11) 8388.88 0.18 9055.31 8373.95 8557.07 7450.14 3.20 1.77 17.68 200.42 7609.89 FTSE Global wi UNITED KINGDOM All Cap In 333 386.55 0.8 6.0 7.6 597.95
9.2 3.3 Electricity 112 274.19 -0.2 -0.2 -3.3 484.79 -2.3 3.6 Total Mkt Bargains 993496.00 940165.00 1374900.00 1374900.00 1374900.00 7.00
Index- Real Estate Investment & Services (24) 3093.22 1.05 3338.95 3061.22 3079.58 2737.41 1.72 5.27 11.03 22.83 7854.28 FTSE Global wi USA All Cap 1966 521.21 0.0 -0.1 2.4 659.38
3.1 1.9 Gas Water & Multiutilities 50 288.37 -0.3 -0.3 -3.1 528.29 -1.6 3.7 Total Shares Traded (m) 6459.00 5697.00 6347.00 6347.00 6347.00 0.00
Real Estate Investment Trusts (22) 3034.34 1.33 3275.39 2994.42 3012.97 2571.54 2.66 6.24 6.03 37.65 3526.57 FTSE Europe All Cap 1388 433.38 0.8 3.0 8.8 652.75
10.6 3.0 Financials 671 225.41 0.4 0.4 4.5 344.57 5.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8323.84 0.38 8985.10 8292.18 8455.21 6828.53 2.66 1.99 18.83 71.52 8870.75 FTSE Eurobloc All Cap 636 398.96 0.7 0.8 8.3 608.11
9.9 2.8 Banks 242 209.86 0.7 0.7 4.4 341.03 5.8 3.1 (c) Market closed.
Equity Investment Instruments (177) 7907.27 0.22 8535.43 7890.03 7964.19 7241.46 2.44 1.06 38.54 72.04 4088.86 FTSE RAFI All World 3000 3028 6224.40 0.4 1.9 5.7 7704.54
6.9 2.8 Nonlife Insurance 70 217.62 0.3 0.3 1.6 300.49 3.1 2.2
Non Financials (357) 4362.36 0.36 4708.91 4346.53 4401.54 4318.18 3.26 1.98 15.50 56.25 5973.48 FTSE RAFI US 1000 1005 9408.36 0.0 0.3 1.3 11707.07
2.1 2.3 Life Insurance 49 228.86 -0.1 -0.1 8.4 342.01 9.7 2.4
Technology (21) 1414.76 0.00 1527.15 1414.75 1439.04 1134.66 1.24 2.33 34.80 8.23 1754.27 FTSE EDHEC-Risk Efficient All-World 3026 339.43 0.3 0.6 6.2 450.15
7.1 2.1 Financial Services 138 245.72 0.3 0.3 6.1 323.29 6.9 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1641.45 0.78 1771.85 1628.73 1651.16 1289.48 1.85 1.95 27.86 14.47 2125.47 FTSE EDHEC-Risk Efficient Developed Europe 512 303.85 1.0 3.6 9.1 438.01
10.5 2.5 Technology 182 178.87 0.6 0.6 3.9 210.97 4.5 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1688.12 -0.55 1822.23 1697.54 1730.78 1373.28 0.80 2.96 42.40 5.94 1927.34 Software & Computer Services 80 285.80 0.6 0.6 5.3 325.49 5.6 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 143.92 0.5 0.5 2.8 174.00 3.6 2.0 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 6955.13 6978.15 6974.21 6976.44 6968.96 6961.67 6951.04 6957.05 6924.86 6989.54 6920.74 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 17764.43 17814.77 17820.85 17837.26 17827.31 17845.74 17862.18 17871.35 17845.70 17887.13 17754.84 (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 4695.65 4698.01 4701.31 4702.93 4704.48 4702.81 4706.64 4707.25 4708.78 4709.10 4694.61
FTSE All-Share 3768.56 3780.39 3778.96 3780.54 3776.97 3774.37 3770.39 3773.30 3758.43 3785.67 3757.19 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:08:23:00 Day's Low15:00:45 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:23:00 Day's Low15:02:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Amati VCT Pre 0.686 0.704 0.211 0.235 0.41 0.48 3 3 Aug 14 5 5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Cardiff Property (The) Int 0.296 0.257 0.548 0.635 38.6 45.2 3.5 3.4 Jul 8 13.05 13.678 04/27 10.00 OPRA Opera Investments PLC 11.13 0.15 13.00 10.00 191.9
858p Nil 02-06-15 1646.00 1596.20 Kier Group PLC 1645.00 35.00 Compass Group Int 9062 8659 621 594 27.7 24.8 9.8 8.8 Jul 27 27.5 27.689 04/02 149.00 AIM MMH Marshall Motor Holdings PLC 188.00 1.00 194.00 160.00 14520.4
A$0.005 Nil 08-05-15 0.27 0.26 Metminco Ltd 0.27 -0.01 New World Resources 1st 135.249 172.535 25.519 25.829L 0.004 0.03L - - - - - 04/02 20.00 AIM MTFB Motif Bio PLC 29.25 -2.25 50.00 25.00 1879.0
EGP2.035 Nil 18-05-15 1.50 1.50 Palm Hills Developments SAE 1.50 0.00 President Energy Pre 12.588 13.408 14.326 4.532L 0.037 0.006L - - - - -
SABMiller Pre 22130 22311 4830 4823 2.057 2.118 87 78.11 Aug 14 113.6 103.1
Titon Holdings Int 10.699 8.84 0.792 0.551 4.59 2.39 1.25 1 Jun 23 2.75 2
Vertu Motors Pre 2074.912 1684.532 20.998 15.842 4.87 4.15 0.7 0.5 Jul 28 1.05 0.8

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 14 May 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) AXA 22.47 0.31 24.64 16.43 3.88 10.12 62574.09 Denso 6214 136.00 6220 4223 1.69 19.22 46124.03 SEB 101.60 0.70 111.50 82.30 4.72 11.08 27058.04 Biogen 390.04 -5.26 480.18 285.01 - 26.58 91748.92 Lyondell 104.40 1.17 115.40 70.06 2.84 11.30 49412.62
ANZ♦ 33.11 0.70 37.25 30.47 7.68 12.68 74162.96 BNP Parib 55.99 -0.12 59.69 43.14 2.88-779.39 79196.66 EastJpRwy 10925 10.00 11025 7370 1.10 21.31 36094.1 SvnskaHn 378.50 6.90 426.00 305.10 3.34 16.21 29265.49 BkNYMeln♦ 43.27 0.09 43.67 33.27 1.66 17.80 48527.81 Marathon Ptl 102.28 0.95 108.32 74.64 1.99 8.47 27783.05
BHPBilltn 32.50 -0.03 39.74 26.50 6.56 13.94 84527.09 ChristianDior 173.45 -0.20 185.35 126.10 1.92 12.41 35783.84 Fanuc 26245 445.00 28575 16800 0.91 27.96 52776.09 Swedbank 195.50 5.50 223.90 166.20 5.86 12.66 26270.99 BlackRock 365.13 -0.04 382.84 293.39 2.31 17.50 60106.33 Marsh&M♦ 57.42 -0.05 58.74 48.17 2.01 20.15 30827.75
CmwBkAu 83.98 1.10 96.69 73.57 6.95 15.25 110687.96 Cred Agr 14.06 0.27 14.49 9.76 2.49 15.08 41123.1 FastRetail 49515 1180 50650 31120 0.67 44.36 44097.54 TeliaSonera 51.50 0.60 55.85 45.36 - 15.47 27124.26 Boeing♦ 145.62 0.19 158.83 116.32 2.26 17.17 100698.75 MasterCard 92.52 0.13 94.33 69.64 0.62 26.89 103262.81
CSL 88.45 0.06 96.60 63.77 1.43 27.59 33500.96 Danone♦ 62.01 -0.16 67.74 49.84 2.51 31.09 45321.1 Fuji Hvy Ind 4367 56.00 4617 2380 1.35 15.79 28703.88 Volvo 109.50 1.30 120.50 71.00 2.77 41.85 27028.56 BrisMySq 67.40 -0.10 69.20 46.30 2.29 47.23 112354.08 McDonald's 97.35 -0.60 103.78 87.62 3.61 20.61 93311.42
NatAusBk 35.65 1.11 39.71 31.33 7.93 14.82 69896.15 EDF 22.49 0.14 29.08 20.90 5.98 10.50 47478.93 Hitachi 831.80 7.10 939.90 660.00 1.29 14.80 33755.7 Switzerland (SFr) Broadcom 46.66 0.67 47.09 29.30 1.14 38.39 25647.1 McGraw Hill 104.97 -1.11 109.13 73.96 1.24-116.64 28770.61
Telstra 6.15 0.04 6.74 5.16 6.98 16.21 60887.19 GDF Suez 17.80 -0.46 21.19 16.17 7.07 16.62 49197.26 HondaMtr 4191 20.00 4400 3239 2.10 12.66 63739.53 ABB 20.28 0.01 22.31 16.75 3.62 19.57 51161.24 CapOne♦ 83.65 0.74 85.39 72.77 1.52 10.18 45708.4 McKesson 232.38 2.83 236.00 175.83 0.44 29.09 54108.41
Wesfarmers 44.15 0.65 46.95 40.26 6.71 31.58 40177.24 Hermes Intl 333.10 1.90 350.20 229.00 0.87 37.82 39921.41 JapanTob 4334 31.50 4505 3101 2.43 18.24 72776.12 CredSuisse♦ 24.47 -0.07 27.81 18.57 2.86 20.17 42861.35 CardinalHlth 86.48 0.32 91.91 64.65 1.68 23.88 28610.48 Medtronic 74.86 -0.34 79.50 58.32 1.67 22.93 73685.94
Westpc♦ 33.27 -0.79 40.07 31.33 7.81 14.28 84064.15 LOreal 166.25 -2.00 181.30 117.05 1.62 32.70 105924.38 Kao 5573 -58.00 6270 3756 1.26 35.55 23582.49 Nestle 71.70 -0.10 77.00 64.15 2.79 17.02 251995.16 Carnival 45.77 -0.03 49.21 33.11 2.22 26.84 27127.34 Merck 59.18 -0.26 63.62 52.49 3.19 14.51 167196.62
Woolworths 28.50 0.73 38.05 27.02 7.00 14.58 29232.66 LVMH 154.40 -1.50 175.40 121.40 2.19 12.81 89012.52 KDDI 2786.5 -69.50 3048 1780 1.80 17.23 62954.25 Novartis 94.55 -0.30 102.70 78.55 2.70 23.71 278862.8 Caterpillar♦ 88.44 0.28 111.46 78.19 3.23 13.38 53541.48 Metlife♦ 53.10 -0.01 57.57 46.10 2.79 8.15 59249.97
Belgium (€) Nmrcble-SFR 56.58 4.93 60.01 26.38 - -68.16 31277.41 Keyence 64630 -120.00 69480 37795 0.20 35.65 32992.97 Richemont 81.35 0.35 94.75 68.80 1.60 22.86 46280.53 CBS 59.72 - 65.24 48.83 1.01 23.56 27131.75 MicronTech 27.19 0.32 36.59 25.25 - 8.20 29407.08
AnBshInBv 106.35 -1.10 118.80 78.75 2.85 24.04 194169.96 Orange 14.33 0.03 16.45 10.20 5.25 37.03 43092.57 MitsbCp 2693 10.00 2698 1942.5 2.53 12.85 36719.96 Roche 268.90 3.90 295.80 238.80 2.70 26.70 205895.17 Celgene 113.40 -0.18 129.06 72.65 - 36.57 89942.57 Microsoft 47.63 0.28 50.05 39.27 2.62 18.68 385266.02
KBC Grp 60.46 1.64 60.80 36.53 - 13.32 28675.41 PernodRic 108.25 -0.75 117.75 82.23 1.63 27.44 32618 MitsubEst 2623 -47.50 2975 2151.5 0.46 35.49 30620.15 Swiss Re 81.65 -0.15 96.95 69.25 4.94 9.58 32988.09 Cernr Crp 67.27 0.03 75.72 49.87 - 43.03 23146.15 MondelezInt 39.31 - 39.63 31.83 1.59 26.82 63942.54
Renault♦ 90.89 -2.43 99.19 49.50 2.03 12.26 30513.59 MitsubishiEle 1580.5 2.00 1623.5 1083 0.82 27.36 28492.94 Swisscom 551.00 5.50 587.50 500.00 4.00 17.02 31107.7 CharlesSch♦ 31.70 -0.07 32.18 23.35 0.80 31.96 41638.56 Monsanto 118.25 2.19 128.79 105.76 1.58 24.93 56299.16
Brazil (R$)
Safran 63.77 -1.23 70.72 43.24 2.02-196.05 30190.92 MitsuiFud 3595 75.00 3809.5 2854.5 0.61 39.27 29924.62 Syngent 403.00 0.40 418.90 273.20 2.60 24.75 40822.95 ChevrnTx 107.70 0.14 135.10 98.88 4.21 11.11 202527.45 MorganStly♦ 37.78 0.06 39.19 29.26 1.12 17.40 74427.61
Ambev 19.42 -0.12 20.29 14.99 8.03 24.94 101219.09
Sanofi 88.19 -0.50 99.23 69.58 3.41 24.87 130930.07 MitUFJFin 865.20 0.50 911.60 542.00 2.08 10.78 102925.1 UBS 19.39 -0.32 20.43 13.58 1.29 16.82 79039.66 Cigna 131.69 -0.17 135.00 85.75 0.03 15.65 33892.67 MylanNV 70.85 0.52 76.69 44.80 - 31.50 34718.86
Bradesco♦ 28.87 -0.41 41.30 28.70 3.32 8.71 24167.13
Schneider 68.08 0.47 75.29 52.59 3.62 20.62 45191.62 Mizuho Fin 234.70 -0.60 241.00 178.10 2.99 13.02 48518.19 Zurich Fin 295.60 -1.90 334.60 256.80 - 11.87 48430.4 Cisco 29.35 0.12 30.31 22.49 2.71 16.74 149824.08 Netflix 580.11 -3.53 594.00 315.54 - 142.58 35168.15
Cielo 42.00 -0.20 49.06 36.21 2.32 14.93 26276.85
SocGen 44.14 0.33 46.95 31.85 2.27 12.04 40344.48 Murata Mfg 18450 360.00 18480 8192 0.76 35.18 34894.53 Citigroup♦ 54.20 0.46 56.95 46.08 0.08 18.99 164450.37 News Corp A 32.92 0.32 39.27 31.01 0.88 7.32 41444.29
ItauHldFin 34.85 -0.04 38.74 28.46 1.44 8.45 32012.12 Taiwan (NT$)
Total 47.03 0.05 54.71 38.25 5.96 32.36 127911.32 NipponTT 8103 -58.00 8490 5734 2.23 16.29 77332.25 CME Grp 95.14 0.09 100.61 67.90 2.13 25.38 32114.97 NextEraE 100.20 0.29 112.64 90.33 3.11 15.60 44501.2
Petrobras 14.92 0.22 23.50 7.88 4.66 13.01 36822.36 HonHaiPrc 94.50 1.80 113.00 83.00 1.67 11.03 45564.14
UnibailR 237.15 1.80 262.00 180.70 4.03 13.72 26511.5 Nissan Mt 1246.5 -12.00 1311.5 883.00 2.53 11.49 47311.82 Coca-Cola 41.05 0.36 44.87 39.06 3.21 24.45 178924.67 Nike 102.16 -0.21 103.79 72.37 1.04 28.71 69692.5
Vale 21.60 -0.73 33.25 17.17 12.01 -7.00 23043.92 TaiwanSem 148.00 0.50 155.00 118.00 1.98 15.41 125081.68
Vinci 52.66 -0.01 57.66 39.65 3.61 11.06 35352.94 NTTDCMo 2145.5 -32.50 2296 1612.5 2.80 21.07 73599.14 Cognizant 61.85 -0.28 65.55 41.51 - 24.28 37760.51 NorfolkS♦ 97.72 -1.32 117.64 95.57 2.46 14.85 29789.89
Canada (C$) Vivendi 22.25 -0.12 24.42 17.26 4.50 -85.82 34417.66 Orintllnd 7954 68.00 9890 3872.5 0.41 38.76 24287.74 Thailand (THB) ColgtPlm♦ 67.60 -0.28 71.56 62.53 2.26 25.19 61148.93 Northrop 155.22 -0.22 172.30 117.50 1.91 15.37 30079.26
BCE 52.91 -0.05 60.20 46.43 4.74 18.77 37133.38 Panasonic 1699.5 11.00 1740 1030 0.83 71.89 35002.42 PTT Explor 354.00 9.00 398.00 291.00 2.11 17.78 30102.11 Comcast 56.28 -1.05 60.85 49.16 1.74 16.11 119940.44 NXP 101.64 -0.14 108.50 53.81 - 72.43 25588.02
Germany (€)
BkMontrl♦ 77.62 -0.19 85.71 72.87 3.98 12.10 41752.32 Seven & I 5205 36.00 5494 3794.5 1.38 26.09 38738.35 United Arab Emirates (Dhs) ConocPhil 65.39 -0.01 87.09 60.57 4.67 19.69 80622.38 Occid Pet 76.17 -0.51 101.38 71.70 4.01 -37.33 58507.65
Allianz 145.15 -0.35 170.15 115.05 3.66 10.27 75305.44
BkNvaS 65.09 -0.10 74.93 60.75 3.95 11.57 65750.75 ShnEtsuCh 7372 81.00 8529 5903 1.36 25.86 26745.23 Emirtestele 11.35 - 11.55 9.41 6.24 10.12 26873.53 Corning 21.08 0.09 25.16 17.03 2.11 11.06 26530.3 Oracle 43.79 0.22 46.71 35.82 1.12 18.00 191234
BASF 84.77 -1.14 97.22 64.27 3.19 15.97 88390.26
Brookfield 43.32 -0.25 48.64 43.11 1.27 9.85 23645.5 Softbank 7330 -19.00 8760 6683 0.55 14.35 73891.45 Costco♦ 143.24 -0.83 156.85 113.51 1.01 27.51 63021.91 Pepsico 96.41 0.21 100.76 85.36 2.88 21.19 142306.06
Bayer 128.85 -1.65 146.45 94.22 1.63 32.12 120963.86 United Kingdom (p)
CanadPcR 214.26 -5.18 247.56 172.00 0.65 23.82 29335.11 Sony 3881 48.00 3914.5 1588 0.65 -26.63 38116.7 CrownCstl 82.34 -0.61 89.44 72.43 3.01 70.45 27481.89 Pfizer♦ 33.53 -0.25 35.53 27.51 3.35 21.94 206466.67
BMW 104.90 -1.45 123.75 74.74 2.48 12.78 71690.5 AscBrFd 2852 13.00 3293 2407 1.22 29.57 35507
CanImp 94.79 0.01 107.37 88.04 4.18 13.21 31438.33 SumitomoF 5258 -142.00 5566 3800 2.38 9.65 62424.79 CSX 34.78 -0.91 37.99 28.84 1.95 16.63 34361.99 PG&E 50.94 -0.74 60.21 42.86 3.78 18.43 24449.86
Continental 210.10 0.35 234.25 136.85 1.19 17.16 47704.81 AstraZen 4390 -10.00 4931.68 4075 4.31 64.44 87186.48
CanNatRs 38.29 0.20 49.57 31.00 2.45 10.25 34942.36 Takeda Ph 6215 -5.00 6657 4337.5 2.90 92.03 41218.88 Cummins 142.31 1.08 161.03 124.30 2.21 14.39 25802.48 Phillips66 80.77 0.27 87.98 57.33 2.62 10.26 43747.62
Daimler 84.36 -1.32 96.07 55.10 5.58 11.40 102458.38 Barclays♦ 260.25 2.80 269.94 201.75 2.50 -0.84 67336.76
CanNatRy 74.11 -2.42 88.89 63.68 1.44 18.66 49670.73 TokioMarine 4924 -62.50 5155 2885 1.63 15.20 31317.32 CVS 99.81 -0.43 105.46 74.64 1.25 22.98 112618.69 PhilMorris 84.53 0.40 91.63 75.27 4.94 16.84 130949.24
Deut Bank 28.79 -0.03 33.42 22.66 2.49 34.44 45072.29 BG♦ 1182.5 7.50 1420 780.55 1.71 -31.18 63483.17
Enbridge♦ 61.04 -1.04 66.14 47.43 2.49 135.30 43578.12 Toyota 8196 -88.00 8783 5376 2.14 12.80 235203.45 Danaher 87.35 1.35 90.25 70.12 0.53 22.84 61802.37 PNCFin 94.19 0.32 96.71 76.69 2.16 12.22 48782.92
Deut Tlkm 16.01 -0.60 17.63 10.07 3.36 22.79 82410.15 BP♦ 456.00 -0.05 526.80 364.40 5.96 43.70 130791.11
GtWesLif 36.24 -0.21 37.64 28.61 3.45 13.60 30186.78 Deere 90.64 0.23 94.06 78.88 2.67 10.83 30771.93 PPG Inds♦ 225.40 0.91 237.90 171.56 1.26 25.14 30637.71
DeutsPost 27.59 -0.88 31.19 21.55 3.12 15.65 37936.18 Mexico (Mex$) BrAmTob 3572 14.50 3894 3303 4.06 21.44 107752.06
ImpOil 49.18 -0.20 57.96 44.08 1.06 12.81 34805.59 Delta♦ 46.78 0.68 51.06 30.12 0.75 31.05 38186.6 Praxair 117.81 -0.03 134.84 117.19 2.40 19.69 33965.82
E.ON♦ 13.77 -0.09 15.46 12.23 4.37 -9.92 31280.53 AmerMvl 15.49 -0.06 17.64 12.39 1.64 - 68645.58 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52
Manulife 22.92 -0.10 23.25 18.91 2.60 13.25 37703 DevonEngy 65.95 -1.62 80.63 51.76 1.54 -10.91 27108.2 Prec Cast 208.20 0.27 275.09 186.17 0.06 15.90 29516.03
Fresenius Med 74.82 -0.45 82.32 46.70 1.31 23.20 26425.11 FEMSA UBD 144.18 0.26 149.93 116.20 - 29.36 33858.04 BT 467.95 3.25 472.85 351.90 2.20 19.09 59926
Potash 38.59 0.01 47.10 35.25 4.60 16.29 26874.74 DirectTV 90.90 0.29 91.79 82.00 - 14.90 45819.29 Priceline 1177.75 -5.72 1329.9 990.69 - 24.25 61050.84
Fresenius SE 53.58 -0.55 57.62 35.10 0.78 25.65 26535.37 WalMrtMex 37.70 0.14 40.00 28.26 1.46 24.44 43296.3 Compass 1119 -44.00 1223.36 924.41 2.42 21.72 31881.27
RylBkC♦ 78.44 -0.28 83.87 71.74 3.68 12.65 94513.21 DiscFinServ♦ 59.72 0.83 66.75 54.02 1.70 11.58 26426.4 ProctGmbl♦ 79.70 -0.25 93.89 77.29 3.42 20.02 216225.75
HenkelKgaA 87.50 -1.93 99.44 66.70 - 22.99 25806.76 Netherlands (€) Diageo 1754.5 -1.50 2055 1689.5 2.95 22.60 69283.23
Suncor En 36.24 -0.20 47.18 30.89 2.96 60.42 43732.78 Disney 109.19 -0.05 113.30 78.54 1.12 22.18 185269.36 Prudntl 86.08 -0.15 94.30 74.51 2.73 16.59 38994.24
Linde 173.50 -3.15 195.55 142.85 1.73 29.02 36583.23 Altice 112.05 7.20 114.20 40.21 - -52.84 31540.56 GlaxoSmh 1450.5 5.00 1658.39 1200.67 5.52 6.93 110935.3
ThmReut 47.95 -0.45 53.00 37.24 3.51 15.75 31591.02 DominRes 70.90 -0.19 80.89 64.71 3.66 26.75 41783.54 PublStor 193.23 -2.96 206.92 162.34 3.07 33.38 33408.67
MuenchRkv 171.50 -0.70 206.50 141.10 4.54 8.71 33671.25 ASML Hld 95.58 -0.97 103.45 58.59 0.64 30.91 47555.82 Glencore♦ 300.90 -1.10 379.45 236.20 3.64 26.73 62433.94
TntoDom 55.34 -0.03 58.20 49.67 3.36 13.47 85486.41 DowChem 50.73 -0.22 54.97 41.45 3.30 14.84 58485.65 Qualcomm 69.73 0.95 81.97 62.26 2.55 15.56 113629.85
SAP 66.82 -0.20 70.81 50.08 1.50 25.27 93191.48 Heineken 69.69 -0.39 76.14 50.37 1.37 24.63 45570.94 HSBC 614.00 -6.00 674.57 550.67 5.58 12.87 188414.92
TrnCan 53.49 -0.36 63.86 49.30 3.67 22.07 31661.93 DukeEner♦ 74.44 -1.07 89.97 68.81 4.50 20.00 51478.04 Raytheon 106.77 -0.31 113.36 89.17 2.47 14.63 32580.01
Siemens 94.56 -1.29 106.35 80.17 3.42 14.18 94575.03 ING♦ 14.34 -0.01 14.49 9.34 - 31.01 62936.67 ImpTob 3186 1.00 3385 2474 4.02 15.95 47990.71
ValeantPh 263.34 -4.29 274.55 116.01 - 70.63 74948.2 DuPont♦ 69.33 -5.03 80.65 63.70 2.84 18.81 62760.08 Regen Pharm 477.46 -1.94 495.50 269.50 - 144.42 48369.38
Volkswgn 218.15 -0.20 254.50 147.35 1.84 9.44 73080.68 Philips 24.24 -0.18 28.00 20.69 - 116.61 25724.88 LlydsBkg♦ 88.74 1.72 89.00 70.72 0.85 -2.33 99603.84
China (HK$) Natl Grid 882.10 -8.50 965.00 827.50 4.95 15.45 52182.77 Eaton♦ 72.81 0.87 79.98 57.11 2.94 17.92 34039.81 ReynoldsAm 76.13 0.19 77.62 55.22 3.73 25.63 40502.16
Hong Kong (HK$) Unilever♦ 38.14 -0.54 42.75 28.75 3.17 19.82 74245.29
AgricBkCh 4.18 - 4.55 3.30 5.67 5.65 16575.3 Prudential♦ 1610.5 2.50 1761.5 1287 2.18 18.55 65003.29 eBay 58.81 0.51 60.93 46.34 - 23.15 71443.66 Salesforce 71.79 0.02 78.46 49.62 - -162.90 47062.36
AIA♦ 50.45 -0.25 58.20 37.80 0.89 22.56 78405.57 Norway (Kr)
Bk China 5.07 -0.04 5.68 3.37 5.12 6.60 54693.15 RBS 353.00 2.10 414.00 308.00 - -32.53 35321.85 Ecolab 114.01 0.56 118.46 97.78 1.12 26.37 33947.69 Schlmbrg 92.51 0.04 118.76 75.60 1.95 22.58 117462.43
BOC Hold 29.65 -0.15 31.70 22.20 3.43 12.65 40440.25 DNB 139.80 2.10 143.00 98.10 1.87 10.82 30897.81
BkofComm 7.55 -0.07 8.09 4.86 4.56 6.34 34100.5 ReckittB♦ 5667 -52.00 6130 4807 2.42 24.90 64037.95 EMC 26.52 - 30.92 25.07 1.84 19.83 51503.46 SempraEgy 104.26 -1.12 116.30 96.13 2.72 18.29 25812.7
Ch OSLnd&Inv 28.80 -0.70 34.05 18.50 1.72 8.44 30368.69 Statoil 158.90 1.30 195.80 118.20 6.49 -14.02 68751.7
Ch Evrbrght 4.89 -0.07 5.65 3.17 4.66 5.95 4333 Reed Els♦ 1080 12.00 1199 875.00 2.31 25.41 35245.06 Emerson♦ 60.34 0.63 68.80 54.95 3.16 15.03 40325.53 Shrwin-Will♦ 287.93 -0.11 292.51 195.85 0.85 29.76 26831.13
ChngKong 161.70 -0.30 171.80 124.60 2.21 6.90 48314.74 Telenor 178.70 -1.80 183.50 128.90 3.79 29.61 36407.5
Ch Yangtze RMB 12.45 -0.41 14.12 5.80 2.39 14.82 19556.6 RioTinto 2978.5 -16.50 3530.5 2600 4.40 13.22 66224.68 EOG Res 91.60 -1.81 118.89 81.07 0.68 22.72 50282.4 SimonProp♦ 181.34 -1.59 206.31 162.43 3.10 37.01 56444.03
Citic Ltd 14.96 -0.12 16.88 12.60 1.79 9.02 48060.68
ChCommsCons 12.56 -0.18 17.00 5.04 1.88 11.53 7173.79 Qatar (QR) RollsRoyce 1005 - 1094 777.00 2.23-257.69 29863.49 EquityResTP 73.40 -0.41 82.53 60.44 2.96 36.09 26716.78 SouthCpr♦ 32.41 0.05 33.90 23.60 1.44 19.44 25864.02
Citic Secs 32.70 -0.55 40.50 15.60 0.61 19.62 4970.66
ChConstBk 7.35 0.05 7.93 5.34 5.41 6.04 227956.49 QatarNtBk 198.50 -2.40 237.00 160.00 4.00 12.26 38157.8 RylDShlA 2045.5 12.00 2475.5 1916.79 6.45 13.00 125299.2 Exelon♦ 33.09 -0.25 38.93 30.66 3.97 12.15 28498.55 SouthwestAir 41.27 -0.98 47.17 24.41 0.62 18.70 27580.6
CNOOC 12.78 0.04 15.88 9.72 4.49 7.54 73608.47
China Vanke - - - - - - - Russia (RUB) SABMill 3576 73.50 3857 3105 1.80 25.79 90729.25 ExpScripts 85.78 -0.12 89.59 65.08 - 28.50 62558.58 Starbucks♦ 49.59 -0.12 52.09 34.64 1.24 27.58 74409.8
Hanergythn 7.13 0.07 9.07 1.11 - 94.19 38366.92
ChinaCitic 6.67 -0.09 7.40 4.44 5.06 5.79 12805.36 Gzprm neft 151.74 -2.46 166.94 113.73 3.93 26.54 72996.09 Shire 5170 -15.00 5755 3227 0.29 13.20 47968.7 ExxonMb♦ 86.56 -0.46 104.76 82.68 3.38 12.25 361916.73 StateSt 78.00 0.24 80.92 62.67 1.63 15.77 32111
HangSeng 155.80 4.40 156.00 123.20 3.56 19.53 38425.53
ChinaCNR 15.86 0.78 21.95 4.99 - 25.24 4365.52 Lukoil 2620 -78.60 3297.7 1881 - 7.37 45283.96 StandCh♦ 1039.5 3.50 1355.5 867.50 5.31 15.34 40416.56 Facebook 78.44 0.98 86.07 57.31 - 72.08 176403.44 Stryker 92.91 -0.17 98.24 77.87 1.48 50.21 35157.99
HK Exc&Clr♦ 278.80 -5.20 305.60 138.10 1.28 62.40 42406.66
ChinaLife 36.80 -0.60 41.00 19.72 1.08 21.21 35325.64 MmcNrlskNckl 10435 -245.00 12247 6451 8.85 45.66 33555.23 Tesco 224.70 -2.75 320.75 155.40 6.80 21.29 28703.65 Fedex 171.93 -1.49 183.51 136.97 0.36 19.34 48786.28 Sychrony Fin 32.90 -0.22 33.96 22.60 - 12.31 27430.85
Hutchison 110.30 -0.30 117.10 85.90 2.16 6.95 60663.72
ChinaMBank 22.30 -0.55 24.75 13.12 3.68 7.29 13206.97 Rosneft 252.45 -5.90 294.20 183.95 6.14 5.64 54367.91 Vodafone 235.85 2.25 245.90 179.10 5.91 64.97 98320.45 FordMtr♦ 15.41 -0.15 18.12 13.26 3.61 18.74 60168.41 Target 79.81 -1.00 83.98 55.25 2.49 19.90 51217.17
MTR 37.45 -0.10 40.00 28.30 2.48 13.83 28212.16
ChinaMob 105.20 -1.00 118.00 73.75 3.02 15.59 277868.81 Surgutneftegas 35.13 -0.32 39.80 21.82 2.06 3.09 25499.79 WPP 1525 10.00 1616 1091 2.31 18.94 31610.17 Franklin 51.56 0.02 59.43 49.12 1.11 12.71 31892.92 TE Connect 69.46 0.67 73.73 51.03 1.77 14.42 28241.83
SandsCh 32.70 -0.20 61.65 29.50 5.33 13.25 34036.03
ChinaPcIns 40.35 -0.50 44.50 23.65 1.31 21.60 14446.21 GenDyn 139.02 -0.41 145.92 112.43 1.89 15.89 45700.43 TexasInstr♦ 54.69 0.53 59.99 41.47 2.48 18.50 56897.47
SHK Props 129.20 -0.70 135.70 99.00 2.61 11.73 47896.43 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 14.04 -0.22 17.70 6.50 1.23 11.25 3760.59 GenElectric 27.21 0.18 28.68 23.41 3.50 211.63 274166.03 TheTrvelers 101.97 0.30 110.49 88.81 2.29 9.28 32497.67
Tencent 156.80 -0.20 171.00 99.76 0.16 45.16 189634.67 AlRajhiBnk 64.95 1.75 79.50 48.40 2.99 15.86 28143.39 3M 161.31 1.24 170.50 130.60 2.36 20.18 102325.54
ChinaRailGp 9.99 0.09 12.30 3.57 0.88 15.37 5422.23 GenGrwthPrp 27.43 0.05 31.70 22.92 2.43 25.86 24308.55 ThrmoFshr 129.85 0.24 139.03 107.33 0.49 28.43 51687.69
India (Rs) Natnlcombnk 68.75 0.01 72.75 49.50 - 15.72 36567.3 AbbottLb♦ 47.03 -0.10 48.62 38.84 2.03 33.28 70016.26
ChMinsheng 11.18 -0.06 11.88 6.73 2.10 6.70 9999.95 GenMills 56.22 -0.18 57.73 48.32 2.97 23.93 33512.18 TimeWrnr 83.41 0.18 88.25 67.53 1.65 19.71 68780.09
Bhartiartl 382.55 -9.00 427.00 318.45 0.92 30.56 23895.7 SaudiBasic 105.14 2.28 136.50 70.25 5.07 12.87 84109.77 Abbvie♦ 65.30 0.49 70.76 51.37 2.84 54.64 104027.87
ChMrchSecs RMB 34.66 - 40.00 9.88 0.47 31.75 26038.58 GenMotors 34.80 0.06 39.00 28.82 3.65 15.28 55930.83 TimeWrnrC 152.82 -2.05 161.14 128.78 2.60 20.37 43174.42
HDFC Bk 990.25 18.30 1109.3 730.00 0.71 25.66 37358.91 SaudiTelec♦ 70.07 0.32 76.50 55.00 5.29 11.96 37369.68 Accenture♦ 95.68 0.26 96.78 73.98 2.07 21.17 76103.3
ChShenEgy 19.34 0.14 24.40 18.62 6.23 9.04 8479.19 GileadSci 106.39 0.83 116.83 78.50 - 11.45 156351.38 TJX Cos♦ 65.87 -0.52 71.03 51.91 1.07 19.98 44940.48
Hind Unilevr 841.05 -2.90 981.00 551.55 1.38 45.64 28423.08 Singapore (S$) Ace 107.20 0.15 117.89 99.45 2.57 12.16 35010.71
ChShpbldng RMB 14.53 -0.59 16.60 4.36 0.34 127.39 42055.32 GoldmSchs 201.43 0.90 202.87 154.84 1.21 10.02 87020.96 T-MobileUS 33.93 -0.63 35.50 24.26 - 81.56 27497.39
HsngDevFin 1219.4 28.05 1402.3 810.00 1.17 22.04 29955 DBS♦ 20.93 0.07 21.23 16.72 2.84 12.49 39623.65 Actavis 295.69 -1.10 317.72 201.91 - -30.68 116041.96
ChStConEng RMB 9.95 -0.39 12.52 2.77 1.52 11.86 47875.61 Google 539.49 0.76 608.91 490.91 - 25.28 155515.91 Twitter 37.72 0.24 55.99 30.38 - -36.47 24698.08
ICICI Bk 317.65 9.45 393.40 266.66 2.96 14.90 28737.9 JardnMt US$ 62.20 0.70 67.88 57.00 2.29 13.38 42970.66 Adobe 77.08 0.51 80.30 58.51 - 125.72 38560.74
ChUncHK♦ 13.96 -0.20 16.00 10.04 1.54 21.95 43125.82 Halliburton 47.29 -0.20 74.33 37.21 1.48 17.48 40237.85 UnionPac 102.39 -3.38 124.52 95.23 2.07 16.47 89651.72
Infosys 1956.7 9.60 2336 1440 2.01 17.31 34942.22 JardnStr US$ 34.71 0.06 38.10 32.33 0.76 11.38 38878.76 AEP♦ 54.28 -0.67 65.38 49.06 4.02 14.72 26576.6
CSR 15.00 0.94 20.70 5.51 0.79 28.53 3916.54 HCA Hold 77.73 1.22 80.20 51.00 - 15.40 32205.13 UPS B 99.43 -0.54 114.40 94.05 2.92 27.42 69751.74
ITC 327.85 3.60 409.95 312.50 1.62 29.24 40744.63 OCBC♦ 10.38 -0.01 10.92 9.38 3.40 9.80 31221.84 Aetna 109.79 -0.29 111.12 71.81 1.13 17.14 38338.67
Daqin RMB 12.59 -0.33 14.72 6.24 3.62 12.37 30167.84 Hew-Pack 33.30 0.38 41.10 31.00 1.97 12.16 60524.71 USBancorp 44.14 0.24 46.10 38.10 2.35 13.38 78261.76
L&T 1589.7 30.30 1893.8 1371 0.92 26.11 23025.44 SingTel 4.36 0.04 4.57 3.63 3.89 18.46 52452.43 Aflac 63.60 0.23 65.10 54.99 2.53 9.37 27595.04
GF Secs RMB 27.87 -0.55 32.88 9.50 0.76 23.09 26589.28 HiltonWwde 29.11 -0.32 31.60 20.72 - 38.74 28744.64 Utd Cntl Hldg 61.23 -0.63 74.52 36.65 - 10.13 23389.95
OilNatGas 311.10 1.45 471.85 298.80 3.17 9.93 41590.98 UOB 24.15 0.06 25.05 21.53 2.97 11.61 29197.71 AirProd 144.95 0.47 158.20 116.29 2.28 28.72 31130.15
GuosenSec - - - - - - - HlthcareREIT♦ 70.09 -0.84 84.88 61.42 4.85 56.08 24575.42 UtdHlthcre 115.86 1.22 123.76 76.01 1.37 18.05 110287.63
RelianceIn♦ 885.10 16.40 1145.25 796.45 1.10 11.03 44743.92 Alexion 159.41 -1.67 203.30 150.06 - 51.54 31814.53
HaitongSecs 23.85 -0.35 27.90 10.90 0.67 16.47 4592.28 South Africa (R) HomeDep 111.19 -1.33 117.99 75.32 1.77 22.53 144364.49 UtdTech♦ 117.37 0.65 124.45 97.30 2.18 15.65 104482.98
SBI NewA 274.30 6.90 336.00 226.73 1.10 12.65 32000.14 Allstate 66.99 0.08 72.87 56.63 1.80 9.70 27399.78
HuataiSec RMB 28.48 -0.85 34.30 7.38 0.56 26.41 25705.62 Firstrand 54.20 -0.27 58.47 38.60 3.33 14.50 25586.16 Honywell 104.44 2.13 106.15 82.89 1.96 18.07 81641.53 ValeroEngy♦ 58.28 0.75 64.49 42.53 2.18 7.54 29642.46
SunPhrmInds 954.05 4.40 1200.8 572.00 0.16 32.65 30877.33 Altria 51.00 -0.15 56.70 39.96 4.24 19.38 100294.45
In&CmBkCh 6.47 -0.03 7.10 4.70 5.36 6.26 72442.65 MTN Grp 230.58 -0.92 263.44 198.00 4.99 12.78 35848.26 HumanaInc 173.50 0.12 183.05 115.51 0.68 20.97 25987.05 Verizon 49.73 0.11 53.66 45.09 4.64 19.70 202823.16
Tata Cons 2515.4 -7.50 2839.7 1999.5 1.38 22.40 76990.15 Amazon 426.87 -4.15 452.65 284.00 - -459.78 198785.23
IndstrlBk RMB 18.37 -0.43 21.42 9.43 2.65 6.80 47904.61 Naspers N 1841 64.00 2029.97 1055.01 0.24 63.53 64947.39 IBM♦ 172.28 1.73 196.40 149.52 2.71 10.38 169649.99 VertexPharm 125.52 1.44 137.50 63.60 - -39.87 30595.78
Tata Motors 520.45 6.90 612.40 407.05 0.39 11.00 26415.19 AmerAir♦ 48.49 -0.36 56.20 28.10 0.66 9.99 33593.82
Kweichow RMB 256.40 1.98 269.00 139.22 1.81 17.25 47193.65 South Korea (KRW) IllinoisTool 95.79 0.17 100.14 79.06 2.07 18.52 35221.15 VF Cp 70.25 -1.06 77.83 59.82 1.76 27.90 29890.52
AmerExpr 79.86 0.78 96.24 76.53 1.38 13.11 81121.44
PetroChina 9.42 0.02 11.70 7.93 4.59 16.71 25639.59 Indonesia (Rp) HyundMobis 235000-1000.00 312000 226000 1.29 10.40 20415.8 Illumina 198.23 1.26 213.33 139.80 - 64.62 28564.94 Viacom 64.39 -0.09 89.76 63.11 2.17 14.30 22317.11
AmerIntGrp 58.74 -0.02 59.88 48.56 0.90 9.42 78323.65
PingAnIns 108.40 -2.80 114.40 55.80 0.86 14.49 52073.23 Astra Int♦ 7525 150.00 8575 6325 3.00 14.24 23188.57 KoreaElePwr 47200 100.00 50200 36650 1.07 10.90 27553.61 Intcntl Exch 240.08 0.14 241.98 182.40 0.86 24.91 26723.2 Visa Inc♦ 68.65 0.08 70.16 48.80 0.68 29.02 134377.62
Amerisrcbrgn 114.30 -0.75 120.68 66.05 0.97 -36.45 25110.06
PngAnBnk RMB 15.88 -0.08 17.50 7.69 0.89 10.11 30212.12 Bk Cent Asia 13725 - 15600 10700 0.97 18.84 25757.58 SK Hynix 45250 -800.00 52400 40300 0.67 8.54 29955.52 Intel♦ 32.64 0.39 37.90 25.74 2.97 13.11 154844.16 Walgreen 84.07 -0.11 93.42 57.75 1.61 24.08 91699.9
AmerTower 92.94 -0.66 105.20 87.05 1.60 45.17 39321.89
SaicMtr RMB 25.13 -0.58 29.18 14.25 5.06 9.18 44657.41 BnkRakyat 12175 150.00 13450 9850 4.83 11.54 22861.9 SmsungEl 1333000 2000 1510000 1078000 1.08 8.19 157827.34 Intuit 102.24 -0.02 103.10 73.50 0.90 35.24 28292.47 WalMartSto 78.16 -0.80 90.97 72.61 2.57 14.96 252105.33
Amgen♦ 158.39 0.15 173.60 109.92 1.75 20.18 120427.67
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John 100.55 0.08 109.49 95.10 2.95 17.01 278829.71 WasteMgmt 49.37 -0.14 55.93 43.24 3.24 22.96 22602.68
Anadarko 85.11 -1.08 113.51 71.00 1.34 -17.33 43230.42
ShgPdgBk RMB 17.07 -0.17 19.05 8.90 4.10 6.32 41056.59 TevaPha 236.60 -0.60 267.40 172.30 2.29 18.13 52013.48 BBVA 9.03 -0.01 9.99 7.21 0.89 15.19 64665.83 JohnsonCn 49.96 0.02 53.41 38.60 2.04 20.60 32715.34 Wellpoint 128.71 0.94 129.96 81.84 1.59 12.63 34744.16
Aon Cp♦ 98.63 -0.48 107.08 78.26 1.07 19.59 27798.12
Sinopec 6.90 -0.04 8.23 5.90 4.64 17.70 22710.02 BcoSantdr 6.67 -0.02 7.96 5.77 8.50 13.66 106420.92 JPMrgnCh 65.52 0.16 65.65 52.97 2.59 11.32 243150.43 WellsFargo♦ 55.60 0.13 56.29 46.44 2.67 12.83 286295.8
Italy (€) AppldMat 19.93 0.04 25.71 18.48 2.10 20.14 24487.93
Denmark (kr) CaixaBnk 4.44 -0.02 5.00 3.71 - 31.90 29049.04 Kimb-Clark 110.40 0.65 119.01 99.20 3.26 26.65 40196.55 Williams Cos 53.21 3.11 59.77 40.07 4.25 18.21 39852.24
Enel 4.19 0.03 4.49 3.36 3.34 77.96 44729.14 Apple♦ 126.01 0.15 134.54 83.63 1.58 14.77 725947.39
DanskeBk 194.80 2.10 200.30 139.20 2.83 32.54 29890.04 Iberdrola 6.16 0.05 6.27 5.09 2.52 16.69 44675.75 KinderM♦ 42.16 -0.54 44.71 32.29 4.37 48.30 91409.41 Yahoo 44.40 0.56 52.62 32.93 - 5.70 41662.16
ENI 16.99 0.01 20.46 12.98 6.55 117.57 70096.06 ArcherDan 52.16 0.24 53.91 41.63 2.03 12.94 32603.73
MollerMrsk 13510 -60.00 16450 11020 2.24 16.06 44341.26 Inditex 28.60 -0.20 31.05 19.29 1.40 34.21 101174.6 Kraft 84.15 -0.88 91.32 53.33 2.71 49.37 49811.75 Yum!Brnds 89.90 -0.49 94.13 65.81 1.84 37.70 38872.83
Generali 17.35 0.06 19.21 14.40 2.79 14.28 30665.2 AT&T 33.90 0.24 37.48 32.07 5.81 28.92 176042.7
NovoB 368.00 -4.40 400.20 229.40 1.36 32.17 148355.51 Repsol 18.07 -0.05 21.07 14.26 2.13 19.53 28200.53 Kroger♦ 71.23 0.08 77.74 45.97 1.00 19.57 34981.52
IntSPaolo 3.27 0.07 3.28 2.00 1.64 36.34 58861.09 AutomData 86.31 -0.45 90.23 70.50 2.38 24.19 40524.62
Telefonica 13.30 -0.01 14.00 10.76 3.20 19.04 74564.57 L Brands 87.01 -1.00 95.78 55.33 1.64 23.77 25444.32 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica 57.25 -1.45 62.50 34.74 1.14 39.42 31334.36 Avago Tech 123.13 0.18 136.28 66.92 1.05 62.52 31593.58
LasVegasSd 52.04 -0.05 78.50 49.82 4.38 15.32 41561.03 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia♦ 6.12 -0.02 7.87 5.22 1.80 20.70 25555.12 Unicred 6.30 -0.01 6.89 4.82 - 16.07 42051.8 Sweden (SKr) BakerHu 66.50 -0.49 75.64 47.51 1.05 34.28 28905.93
LibertyGbl 50.23 -0.13 55.86 39.95 - -34.06 12660.05 based on intraday trading over a rolling 52 week period.
SampoA 43.63 0.37 49.40 34.77 3.79 15.01 27678 Japan (¥) AtlasCpcoB 229.90 3.70 270.00 165.20 2.42 21.91 34059.68 BankAm 16.47 0.04 18.21 14.37 1.03 22.99 172969.59
Lilly (E) 72.80 0.36 77.46 57.81 2.87 33.61 80789.15 ♦ ex-dividend
France (€) AstellasPh 1755 -0.50 2047 1175 1.60 39.84 33298.27 Ericsson 94.50 1.25 120.00 77.90 3.36 25.22 37988.96 Baxter 68.10 -0.54 77.31 65.95 3.24 18.92 37063.71
LinkedIn 196.87 -3.37 276.18 143.11 - -513.51 21710.39 ■ ex-capital redistribution
Airbus Grpe 60.20 -0.51 66.10 39.64 1.25 17.47 53811.7 Bridgestne 4650.5 -99.00 5175 3328 2.15 12.09 31747.89 H&M 338.30 5.80 368.50 269.60 2.82 26.66 68104.08 BB & T♦ 39.09 0.24 40.21 34.50 2.60 13.51 28268.3
Lockheed 191.00 0.39 207.06 156.23 3.14 16.27 60119.26 # price at time of suspension
AirLiquide 116.65 -0.50 123.95 87.17 2.14 22.45 45546.39 Canon 4253 -11.00 4539 3172 3.71 18.54 47626.01 Investor♦ 321.00 -8.30 363.40 219.30 2.52 3.34 29953.92 BectonDick 138.86 -0.30 149.98 112.15 1.75 24.05 29075.29
Lowes 73.11 -0.56 76.25 44.13 1.25 25.62 69579.13
CntJpRwy 21250 -175.00 24800 12365 0.57 15.16 36753.28 Nordea Bk 108.50 2.40 115.50 82.40 5.35 12.95 53093.94 BerkshHat 217200 -600.00 229374 185005 - 16.57 186021.59

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
Syngent 402.60 402.60 0.00 0.00 68.40 20.5 16.99 Vale 22.33 22.33 0.00 0.00 -2.60 -10.4 18.42 May 13 date Coupon S* M* F* price yield yield yield US May 13 date Coupon S* M* F* price yield yield yield US
Altice 112.05 104.85 7.20 6.87 17.51 18.5 3.75 ChShpbldng 14.53 15.12 -0.59 -3.90 -1.49 -9.3 42.59 High Yield US$ US$
Nmrcble-SFR 56.58 51.65 4.93 9.55 8.15 16.8 3.51 ChStConEng 9.95 10.34 -0.39 -3.77 -0.85 -7.9 31.27 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.98 4.46 -0.02 0.12 3.89 Wachovia Corporation 08/26 6.82 A A3 A+ 128.17 4.41 0.00 0.59 2.15
IntSPaolo 3.27 3.20 0.07 2.19 0.26 8.7 2.38 ChinaRailCons 14.04 14.26 -0.22 -1.54 -1.14 -7.5 -6.28 High Yield Euro Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 97.66 4.62 -0.03 0.67 2.35
Murata Mfg 18450.00 18090.00 360.00 1.99 1370.00 8.0 6.16 Bridgestne 4650.50 4749.50 -99.00 -2.08 -355.50 -7.1 -7.99 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 99.75 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 119.93 4.59 -0.03 0.57 -
Fuji Hvy Ind 4367.00 4311.00 56.00 1.30 318.00 7.9 8.53 Priceline 1177.75 1183.47 -5.72 -0.48 -86.40 -6.8 -1.83 SouthTrust Bank 12/27 6.57 A+ A1 A+ 120.33 4.49 -0.14 0.36 -
Williams Cos 53.21 50.10 3.11 6.21 3.77 7.6 5.74 AstellasPh 1755.00 1755.50 -0.50 -0.03 -120.00 -6.4 -10.13 Emerging US$ Kimberly-Clark Corp. 01/28 6.38 A A2 A 120.45 4.31 -0.03 0.56 -
LlydsBkg 88.74 87.02 1.72 1.98 6.06 7.3 11.76 Ch OSLnd&Inv 28.80 29.50 -0.70 -2.37 -1.90 -6.2 -1.71 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.66 GTE Corporation 04/28 6.94 BBB+ Baa2 A- 122.37 4.67 -0.03 0.42 -
Nokia 6.12 6.14 -0.02 -0.24 0.41 7.1 -21.24 Surgutneftegas 35.13 35.44 -0.32 -0.89 -2.23 -6.0 -4.55 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.85 0.90 -0.05 0.12 0.33
Brazil 01/18 8.00 BBB- Baa2 BBB 107.81 4.87 0.26 0.29 4.30 Euro
Sony 3881.00 3833.00 48.00 1.25 252.50 7.0 5.08 ChinaMob 105.20 106.20 -1.00 -0.94 -6.50 -5.8 -4.88 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 111.10 1.76 0.00 0.32 -0.50
Yahoo 44.40 43.84 0.56 1.27 2.74 6.6 -0.84 Westpc 33.27 34.06 -0.79 -2.32 -2.01 -5.7 -16.57 Russia 07/18 11.00 BB+ Ba1 BBB- 123.17 3.32 -0.03 -0.24 2.74
Peru 03/19 7.13 BBB+ A3 BBB+ 118.18 2.22 -0.03 0.09 0.66 Citigroup Inc. 09/26 2.13 A- Baa2 A 103.67 1.76 -0.01 0.33 -0.50
Kweichow 256.40 254.42 1.98 0.78 15.45 6.4 28.06 Allianz 145.50 145.50 0.00 0.00 -8.70 -5.6 -5.87 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 97.98 2.83 0.04 0.50 -
HumanaInc 173.50 173.38 0.12 0.07 10.43 6.4 -2.83 ChUncHK 13.96 14.16 -0.20 -1.41 -0.80 -5.4 2.20 Brazil 01/21 7.88 BBB- Baa2 BBB 106.04 3.72 -0.04 0.12 2.17
Turkey 03/21 5.63 - Baa3 BBB- 108.49 4.03 -0.04 0.10 2.48 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 112.54 1.85 0.05 0.54 -
Delta 46.78 46.10 0.68 1.48 2.72 6.2 8.61 MitsubEst 2623.00 2670.50 -47.50 -1.78 -143.00 -5.2 -9.73
Poland 04/21 5.13 A- A2 A- 113.44 2.68 -0.04 0.27 1.13 Yen
Danaher 87.35 86.00 1.35 1.57 5.01 6.1 2.49 PetroChina 9.42 9.40 0.02 0.21 -0.51 -5.1 -5.33
Colombia 07/21 4.38 BBB Baa2 BBB 105.26 3.42 0.07 0.23 1.87 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.14 0.24 0.00 -0.01 -
RBS 353.00 350.90 2.10 0.60 19.90 6.0 -0.06 ChCommsCons 12.56 12.74 -0.18 -1.41 -0.68 -5.1 -17.91
Nordea Bk 108.50 106.10 2.40 2.26 5.80 5.6 -1.36 OilNatGas 311.10 309.65 1.45 0.47 -16.80 -5.1 0.44 Turkey 04/26 4.25 - Baa3 BBB- 96.31 4.74 -0.03 0.16 2.47 £ Sterling
Intcntl Exch 240.08 239.94 0.14 0.06 12.82 5.6 4.03 Anadarko 85.11 86.19 -1.08 -1.25 -4.55 -5.1 -4.03 Emerging Euro Southern Water Services (Fin) Limited 03/26 6.64 A- Baa1 A- 130.41 3.27 0.05 0.44 1.01
Swedbank 195.50 190.00 5.50 2.89 10.40 5.6 -3.93 Cernr Crp 67.27 67.24 0.03 0.04 -3.58 -5.1 -9.74 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 113.01 4.27 0.06 0.61 2.01
Iberdrola 6.16 6.11 0.05 0.85 0.32 5.5 -0.50 ChinaRailGp 9.99 9.90 0.09 0.91 -0.53 -5.0 -0.10 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.92 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+ 111.37 2.91 0.01 0.23 1.35 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- 119.66 3.51 0.04 0.54 1.24
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
May 13 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 13 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.13 16-12-2008 0.13 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 13.76 -0.10 13.86 31.06 10.28 May 13 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 13.70 -0.10 13.80 23.19 7.04 Tr 2pc '16 101.04 0.49 2.08 4.26 25.64 -33.78 102.28 101.04 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 178.82 0.20 -1.71 0.30 -0.55 1.34 VXN 15.62 -0.34 15.96 31.17 9.66 Tr 1.75pc '17 102.00 0.56 -1.75 -1.75 27.27 -50.44 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 295.89 0.14 -0.74 0.81 -2.51 8.53 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.57 0.83 -3.49 -2.35 27.69 -45.39 113.65 111.50 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 251.71 -0.04 -1.14 0.49 -1.14 0.49 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.53 1.13 -1.74 -0.88 28.41 -38.59 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 212.59 -0.05 -0.93 -0.05 -1.75 4.05 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.72 1.37 -0.72 0.74 26.85 -33.50 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.22 -0.20 -2.50 0.24 -3.91 7.59 Tr 8pc '21 137.16 1.56 -0.64 1.30 26.83 -30.97 142.92 135.65 0.24
Gilts( £) 282.78 0.18 -0.98 -1.00 -3.06 10.02 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.01 1.66 -0.60 1.22 25.76 -31.12 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 250.03 0.04 -0.90 -0.33 1.22 -1.09 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.65 2.00 0.00 1.01 25.00 -28.32 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.20 0.13 -0.77 0.58 -2.48 8.51 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.47 2.19 -0.45 0.46 20.99 -27.48 131.90 112.61 0.31
May 13 (Libor: May 12) night Day Week Month month month month year Overall ($) 224.69 0.03 -1.05 0.23 -1.05 0.23 Australia 10/18 3.25 103.42 2.21 -0.02 0.03 0.46 -0.98 Tr 4.25pc '32 125.40 2.42 -0.82 0.00 16.35 -25.31 136.85 112.95 0.35
US$ Libor 0.12300 0.000 0.001 0.000 0.18560 0.27500 0.41455 0.73460 Overall( £) 283.85 0.16 -0.91 -0.51 -2.88 9.53 04/26 4.25 111.32 3.03 -0.05 0.01 0.64 -0.96 Tr 4.25pc '36 127.66 2.53 -0.78 -0.39 14.48 -24.25 140.37 113.08 0.26
Euro Libor -0.17714 -0.001 -0.081 0.000 -0.06000 -0.01500 0.05357 0.17429 Overall(€) 218.93 -0.16 -1.94 0.19 -3.10 6.39 Austria 10/18 1.15 103.79 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.53 2.59 -0.38 -0.38 13.10 -23.60 153.16 118.96 0.26
£ Libor 0.48125 0.000 -0.002 -0.003 0.50663 0.56750 0.70563 1.00369 Treasuries ($) 215.06 0.08 -1.10 0.00 -1.10 0.00 10/24 1.65 108.86 0.68 0.00 0.00 0.00 0.00 Tr 3.75pc '52 127.68 2.59 -0.77 -0.38 12.12 -23.60 145.21 106.18 0.22
Swiss Fr Libor -0.003 -0.81900 -0.79200 -0.70160 -0.58260 FTSE Belgium 06/18 0.75 101.59 0.23 0.02 0.01 0.15 -0.70 Tr 4pc '60 138.77 2.54 -1.17 -0.78 11.89 -24.18 159.23 113.50 0.21
Yen Libor 0.003 0.07143 0.10071 0.13929 0.25400 Sterling Corporate (£) 113.07 0.22 - - -2.84 3.93 06/25 0.80 98.17 0.99 0.03 0.11 0.64 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.04500 -0.00900 0.06100 0.16900 Euro Corporate (€) 108.70 0.08 - - -2.20 2.00 Canada 05/17 0.25 99.13 0.70 -0.01 -0.02 0.13 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 1054.79 23.27 - - -2.29 6.76 06/25 2.25 103.91 1.82 0.03 0.00 0.48 0.00
US$ CDs
Euro CDs
0.000
0.000
0.16000
-0.15000
0.23000
-0.04500
0.35000
0.01500
Eurozone Govt Bond 114.19 0.12 - - -4.13 5.18 Denmark 11/16 2.50 104.32 -0.36 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 1.75 108.89 0.86 0.01 0.17 0.65 0.00
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 09/18 1.13 103.77 0.00 0.00 0.00 0.00 0.00
Fixed Coupon May 13 chg % Return 1 month 1 year Yield
May 13 term notice month month month year Markit iTraxx 07/25 4.00 132.50 0.67 0.00 0.00 0.00 0.00
1 Up to 5 Years 99.10 0.04 2343.59 -0.48 2.44 1.03
Euro -0.20 -0.10 -0.20 -0.10 -0.17 -0.02 -0.12 0.03 -0.06 0.09 0.07 0.22 Crossover 5Y 285.97 -0.11 0.76 41.45 296.41 242.25 France 11/16 0.25 100.56 -0.12 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.64 0.06 3165.58 -2.11 6.49 1.77
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.52 0.62 0.66 0.81 0.98 1.13 Europe 5Y 61.57 0.19 -1.47 8.26 65.07 52.94 11/19 0.50 101.40 0.19 0.01 0.02 0.00 0.00
3 10 - 15 Years 205.66 0.06 3692.04 -3.59 10.64 2.19
Swiss Franc - - - - - - - - - - - - Japan 5Y 52.66 -0.05 1.23 1.32 59.45 48.09 05/25 0.50 95.32 0.99 0.02 0.09 0.63 0.00
4 5 - 15 Years 184.78 0.06 3293.56 -2.40 7.72 1.89
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.83 -0.31 -1.36 11.33 77.83 62.28 05/45 3.25 132.73 1.82 0.05 0.14 0.83 -1.09
5 Over 15 Years 295.38 0.32 4184.09 -5.03 18.23 2.55
US Dollar 0.12 0.22 0.12 0.22 0.13 0.23 0.20 0.30 0.29 0.39 0.55 0.65 Germany 06/16 0.25 100.49 -0.21 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.99 0.16 3155.45 -2.86 9.59 2.30
Japanese Yen -0.05 0.05 -0.05 0.00 -0.05 0.15 -0.05 0.15 -0.05 0.15 0.05 0.25 10/19 0.25 100.68 0.10 0.05 0.06 0.00 0.00
Emerging Markets 5Y 296.20 3.17 -3.16 -1.65 321.49 289.94 02/25 0.50 97.90 0.72 0.04 0.13 0.61 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 347.01 0.79 4.84 13.44 350.53 329.17 08/46 2.50 127.93 1.39 0.09 0.19 0.86 -0.97
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked May 13 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 65.10 0.21 1.26 3.29 65.82 60.22 Greece 07/17 3.38 72.33 20.34 -0.67 -1.03 -3.85 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 312.80 0.04 -0.17 -2.43 2368.60 -0.03 -0.80
02/25 3.00 58.69 10.36 -0.39 -0.73 -1.54 4.00 2 Over 5 years 570.32 -0.44 -3.43 15.49 4195.04 -3.27 16.46
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 113.29 0.02 0.00 0.01 0.00 -0.73 3 5-15 years 431.68 -0.10 -2.01 3.70 3265.09 -1.73 5.03
03/25 5.40 136.92 1.36 0.00 0.07 0.71 -1.44 4 Over 15 years 701.16 -0.56 -3.89 21.72 5064.49 -3.78 22.50
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.96 0.17 0.00 -0.02 0.02 0.00 5 All stocks 529.10 -0.37 -2.93 13.65 3938.55 -2.78 14.70
05/20 0.70 99.27 0.85 0.01 -0.07 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.56 1.89 0.02 -0.04 0.61 0.00 Yield Indices May 13 May 12 Yr ago May 13 May 12 Yr ago
Crude Oil† May 60.09 -0.47 Corn♦ Jul 362.25 1.50 Dec 05 Dec 05 Prev return stock Market stocks
09/46 3.25 105.73 2.99 0.05 -0.01 0.79 0.00 5 Yrs 1.39 1.41 1.88 20 Yrs 2.55 2.56 3.33
Brent Crude Oil‡ 66.90 -0.21 Wheat♦ Jul 481.75 0.50 Can 4.25%' 21 131.97 -0.537 -0.520 -0.72 5.18 70233.74 7
Japan 05/17 0.10 100.21 0.00 0.00 0.00 0.00 0.00 10 Yrs 2.07 2.08 2.76 45 Yrs 2.56 2.58 3.37
RBOB Gasoline† May 2.03 0.00 Soybeans♦ Jul 957.50 1.00 Fr 2.25%' 20 117.06 -0.936 -0.956 -0.83 20.31 221725.00 15
05/20 0.05 99.52 0.15 0.04 0.04 0.06 0.00 15 Yrs 2.40 2.41 3.16
Heating Oil† May 1.92 -0.02 Soybeans Meal♦ Jul 302.40 -1.40 Swe 0.25%' 22 107.76 -0.735 -0.882 -3.26 29.96 225388.41 6
03/25 0.40 99.49 0.45 -0.01 0.00 0.13 0.00
Natural Gas† May 2.94 0.04 Cocoa (ICE Liffe)X Jul 2035.00 5.00 UK 2.5%' 16 326.27 -1.784 -1.774 0.12 7.90 495224.89 24
03/45 1.50 99.95 1.50 0.01 0.00 0.16 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3064.00 5.00 UK 2.5%' 24 342.51 -0.854 -0.898 -0.50 6.82 495224.89 24
Netherlands 04/17 0.50 101.25 -0.15 0.00 0.00 0.00 0.00 Real yield May 13 Dur yrs Previous Yr ago May 13 Dur yrs Previous Yr ago
Uranium May 36.00 0.00 Coffee(Robusta)X May 1681.00 -7.00 UK 2%' 35 232.99 -0.798 -0.867 -0.65 9.08 495224.89 24
07/25 0.25 93.84 0.89 0.03 0.12 0.65 0.00 Up to 5 yrs -1.10 2.97 -1.09 -1.36 -1.68 2.99 -1.67 -1.98
Carbon Emissions - - Coffee (Arabica)♥ Jul 135.80 -0.05 US 0.625%' 21 103.68 0.028 0.046 -1.14 35.84 1069789.70 36
Diesel Jun 121.25 0.00 White SugarX 370.10 -13.20 New Zealand - - - - - - - Over 5 yrs -0.80 23.63 -0.82 -0.12 -0.82 23.71 -0.84 -0.16
US 3.625%' 28 137.55 0.600 0.046 -2.33 16.78 1069789.70 36
Unleaded Jun - - Sugar 11♥ 13.26 -0.62 12/17 6.00 107.15 3.10 0.00 -0.09 -0.03 -0.79 5-15 yrs -0.81 9.81 -0.82 -0.29 -0.88 9.82 -0.89 -0.40
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.71 0.86 -0.05 0.05 0.09 -0.85 Over 15 yrs -0.80 28.31 -0.82 -0.09 -0.82 28.37 -0.84 -0.11
Base Metals (♠ LME 3 Months) Cotton♥ Jul 65.73 0.52 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 111.28 1.62 -0.10 0.02 0.27 -1.14 All stocks -0.81 20.49 -0.82 -0.14 -0.84 20.63 -0.86 -0.18
Aluminium 1884.00 -8.00 Orange Juice♥ Jul 114.45 -2.50 amount.
Aluminium Alloy 1750.00 -80.00 Palm Oil♣ Jun 610.50 -3.75 Portugal 02/16 6.40 104.76 0.05 0.01 0.00 0.00 -1.10 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 6419.00 -2.00 Live Cattle♣ Jun 152.40 1.33 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.08 2.43 0.03 -0.10 0.73 0.00
Lead 2026.00 -33.00 Spain 10/17 0.50 100.61 0.25 0.05 0.02 0.08 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 218.83 0.98
Nickel 14080.00 -220.00 Lean Hogs♣ Jun 84.73 -0.58 Spread Spread Spread Spread 04/25 1.60 97.75 1.85 0.01 -0.05 0.58 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15725.00 -175.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.17 -0.32 0.00 0.00 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 2338.00 -15.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.78 0.75 -0.08 0.01 0.48 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) May 12 Month Year Australia 3.03 2.30 0.76 Italy 1.89 1.16 -0.38 Switzerland 10/16 2.00 103.98 -0.81 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1210.50 19.00 S&P GSCI Spt 451.52 0.01 - Austria 0.68 -0.05 -1.59 Japan 0.45 -0.27 -1.81 05/26 1.25 112.15 0.14 -0.02 -0.03 0.00 0.00
Silver (US cents) 1665.00 19.00 DJ UBS Spot 104.98 0.24 - Belgium 0.99 0.27 -1.27 Netherlands 0.89 0.16 -1.38 United Kingdom 07/18 1.25 100.67 1.04 0.01 0.00 0.25 -0.69 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1143.00 9.00 R/J CRB TR 231.73 6.46 -24.32 Canada 1.82 1.10 -0.44 Norway 1.62 0.89 -0.65 07/20 2.00 102.41 1.52 0.02 0.03 0.35 0.00
Palladium 786.00 0.00 Rogers RICIX TR 2757.32 - - Denmark 0.86 0.14 -1.40 Portugal 2.43 1.71 0.16 09/25 2.00 98.87 2.12 0.03 0.02 0.44 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 332.55 8.21 -28.38 Finland 0.67 -0.05 -1.59 Spain 1.85 1.13 -0.42 01/45 3.50 117.16 2.66 0.03 0.01 0.36 0.00
Iron Ore (Platts) 63.00 0.50 UBS Bberg CMCI TR 16.35 5.48 -23.74 France 0.99 0.27 -1.27 Switzerland 0.14 -0.58 -2.13 United States 04/17 0.50 99.86 0.57 -0.03 -0.07 0.00 0.00
Iron Ore (The Steel Index) 62.00 -0.30 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.72 0.00 -1.54 United Kingdom 2.12 1.40 -0.14 04/20 1.38 99.16 1.55 -0.01 -0.03 0.00 0.00
GlobalCOAL RB Index 65.25 -0.50 LEBA CER Carbon 0.47 -11.32 291.67 Greece 10.36 9.64 8.10 United States 2.27 1.54 0.00 02/25 2.00 97.69 2.27 0.01 0.02 0.37 0.00
Baltic Dry Index 634.00 45.00 LEBA UK Power 2450.00 -23.32 44.54 Ireland 1.36 0.64 -0.90 02/45 2.50 89.26 3.05 0.04 0.06 0.51 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Thursday 14 May 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 28.90 -0.30 34.50 19.20 1.07 7.81 23.1 Spirax-S♦ 3354 54.00 3633 2548 1.80 25.40 113.0 FstQuant 960.00 -24.00 1512 581.50 0.92 13.72 14.7 Town Ctr 304.00 2.00 324.65 230.00 3.43 5.69 5.9 MngCnslt 18.13 -0.13 30.00 13.75 4.70 10.41 47.8
AvonRub 800.00 -4.00 825.00 609.00 0.70 18.15 14.9 El Oro 55.00 - 78.00 40.00 6.73 -4.71 2.8 Tex 104.50 - 107.00 81.88 4.31 7.66 0.6 Fresnillo♦ 749.50 36.00 1037 630.50 - 79.41 2767.3 Wkspace 851.50 13.50 916.00 542.00 1.25 4.13 276.7 MearsGp 430.00 -1.00 501.50 354.75 2.13 17.44 84.1
BAE Sys♦ 500.00 2.00 549.00 403.70 4.06 21.45 6409.7 Hargr Lans 1221 23.00 1300 827.00 1.83 35.85 1109.4 Trifast 107.50 -0.25 134.00 88.63 1.30 18.44 54.9 GemDmnd♦ 146.50 3.75 223.00 135.00 - 9.57 84.5 Real Estate Inv & Services MenziesJ 426.50 1.00 703.00 306.25 6.31 18.84 49.4
Chemring 217.00 0.50 248.00 181.50 2.86 -310.00 112.4 HBM Hlth SFr 102.90 2.90 113.30 74.25 - 2.59 22.7 Vitec♦ 631.00 -16.00 670.00 539.00 3.71 21.48 1.8 Harmony R 21.19 0.19 38.50 16.60 - -7.18 1876.4 Cap&Count 418.20 6.00 426.10 313.00 0.36 7.60 745.4 MichaelPge 549.50 8.00 560.50 358.70 1.94 28.74 376.7
Cobham♦ 292.40 0.40 349.10 258.30 3.40 113.16 2018.2 HenderGp♦ 272.40 -0.30 303.30 180.10 3.10 24.54 2481.0 Weir♦ 1903 7.00 2848 1574 2.26 12.40 653.7 Hochschild 113.00 9.50 181.91 60.97 - -9.39 1085.5 Cardiff 1055 10.00 1090 950.00 1.23 4.58 0.6 MITIE 292.30 -7.60 337.80 263.90 3.76 84.28 2848.9
Meggitt 517.00 1.50 593.50 421.70 2.52 23.81 1917.7 ICAP 560.00 - 573.00 338.70 3.93 32.60 1389.1 Kenmr 3.82 0.22 17.05 2.18 - -1.64 3098.5 CLS 1860 9.00 1926 1270 - 4.14 9.0 PayPoint 900.00 23.50 1192 779.82 4.06 16.48 46.9
Indvardn SKr 163.50 3.20 183.50 111.40 3.40 6.51 611.2
Industrial General Lonmin 141.50 2.40 273.96 105.70 - -18.57 3115.9 PremFarn 200.00 1.90 234.40 147.00 5.20 15.54 456.3
RollsRoyceX 1005 - 1094 777.00 2.23 -257.69 4231.7 Daejan 5615 45.00 5995 4650 1.76 4.90 1.0
ICG 540.00 5.00 556.00 361.70 3.76 15.15 659.5 BritPoly♦ 695.00 -15.00 730.00 565.00 2.16 12.08 9.1 Petra 174.50 5.00 220.87 150.00 - 21.11 1152.1 Rentokil♦ 144.70 0.80 150.00 109.80 1.64 20.82 2227.3
Senior♦ 315.00 0.90 361.70 248.90 1.67 20.91 861.9 DvlptSec 252.50 4.25 259.25 179.00 3.38 16.14 35.4
IPF 498.00 5.30 636.50 412.00 1.95 16.95 391.1 JardnMt $X 62.20 0.70 67.88 57.00 2.29 13.38 233.4 Petropvlsk 6.16 0.10 69.10 4.21 - -0.10 4725.0 Ricardo 868.50 5.50 875.00 597.70 1.75 23.64 7.7
UltraElc 1786 12.00 1909.1 1646 2.39 60.13 113.7 Grainger 213.40 1.40 226.90 167.80 1.05 11.89 777.6
Investec 604.00 10.50 628.50 477.20 3.29 19.04 1140.0 Jard Str $X 34.71 0.06 38.10 32.33 0.76 11.38 298.4 PolymtIntl♦ 566.00 18.50 634.00 315.18 1.82 -16.81 193.8 RbrtWlts 388.00 11.00 405.00 270.00 1.42 27.86 62.6
HelclBar 395.25 2.25 410.00 320.00 1.71 6.95 12.3
Automobiles & Parts Jupiter 445.90 2.40 452.60 313.70 2.87 16.41 1094.4 Macfrlne♦ 42.75 0.25 46.00 34.00 3.74 11.29 26.9 RndgldRs♦ 4881 140.00 5752.1 3638 0.81 32.16 546.4 HK Land $ 8.14 0.13 8.36 6.46 2.23 14.31 1355.9 RPS♦ 216.10 1.60 306.70 181.50 3.65 14.29 521.6
FordMtr $X♦ 15.41 -0.15 18.12 13.26 3.61 18.74 20850.8 Liontrust 285.13 -4.88 306.25 208.00 1.05 25.23 3.0 REXAM♦ 565.00 3.00 603.00 424.60 3.36 15.74 1375.9 RioTintoX 2978.5 -16.50 3530.5 2600 4.40 13.22 3833.3 Shanks 107.75 - 113.25 84.50 3.20 -24.49 87.9
RPC 609.50 5.00 672.90 488.20 2.33 23.31 300.5 Lon&Assc# 41.50 2.00 50.00 36.50 0.30 71.92 23.8
GKN♦ 354.50 2.90 397.60 281.10 2.28 34.66 5082.8 Man♦ 169.50 -6.80 217.80 87.45 3.52 12.88 14784.8 Troy Res A$ 0.41 0.02 1.32 0.35 - -0.92 942.1 MacauPrp 211.25 0.13 270.00 206.25 - 11.11 48.8 SIG♦ 211.20 6.70 212.20 143.40 1.81 37.84 1898.5
NB GFRIF♦ 96.90 -0.20 100.40 93.75 3.99 24.26 2678.5 Smith DS 363.40 12.30 383.50 231.82 2.85 20.33 2734.1 VedantaRs 660.00 2.50 1201 353.21 5.99 357.34 673.0 SpeedyHr 72.00 -1.50 80.50 50.75 0.89 77.92 339.6
Banks Smiths 1128 5.00 1363 1006 3.57 20.01 928.6 Mntview 11678.5 238.50 12900 7481.95 1.76 13.24 2.2
Paragon 447.10 9.10 449.80 313.70 1.74 14.36 389.7 Q'tainEst 100.75 0.75 101.50 75.00 - 22.91 3616.9 St Ives 175.00 -2.75 225.00 156.68 4.09 50.24 71.7
ANZ A$X♦ 33.11 0.70 37.25 30.47 7.68 12.68 7413.9
Providnt 3027 -8.00 3268 1942 2.91 24.31 211.6 SmurfKap € 27.24 0.43 30.31 14.78 1.70 26.00 423.7 Oil & Gas TribalGrp 147.75 -1.50 198.00 141.10 1.15 -17.93 34.6
BcoSant 479.50 0.25 758.00 416.37 8.54 13.61 6683.7 Vesuvius♦ 455.80 5.90 530.00 388.80 3.35 12.42 168.7 Afren 3.20 - 162.10 2.65 - -0.03 14483.5 RavenRuss 52.25 - 78.00 37.25 - -6.61 105.2
RathbnBr♦ 2228 38.00 2348 1774 2.24 29.57 12.1 RavenR Prf 140.25 - 156.00 101.50 8.56 - 63.3 Vp 657.50 2.50 690.00 539.00 2.19 15.94 0.2
BankAm $X 16.47 0.04 18.21 14.37 1.03 22.99 46712.6 Aminex 2.08 -0.03 3.17 0.75 - -9.52 6884.5
Record 35.00 - 37.50 28.38 4.29 13.97 28.5 Industrial Transportation RavenR Wrt 29.00 0.75 51.89 25.00 - - 22.0 Watermn 70.25 - 76.00 50.00 1.42 53.63 22.0
BnkGeorgia 1779 -1.00 2604 1675 3.79 7.77 117.6 BGX♦ 1182.5 7.50 1420 780.55 1.71 -31.18 6883.7
S&U 2041 -1.50 2255.5 1700 2.79 13.23 0.5 BBA Aviat♦ 333.10 1.60 362.10 293.70 3.01 15.24 1388.1 Safestre 273.00 2.00 304.75 184.25 2.22 11.88 95.1 Wolseley 3900 4.00 4242 2966 2.12 35.21 436.4
BankIre € 0.35 0.01 0.39 0.07 - 13.49 11257.0 BPX♦ 456.00 -0.05 526.80 364.40 5.96 43.70 27419.3
Schroder 3313 3.00 3412 2086 1.99 22.40 356.7 Braemar 450.00 - 557.23 390.00 6.00 33.43 2.4 Savills♦■ 903.50 4.00 935.50 567.52 1.19 19.95 629.4
BkNvaS C$X 65.09 -0.10 74.93 60.75 3.95 11.57 1236.8
..N/V 2518 6.00 2600 1692 2.62 17.03 17.4 Cadogan 8.75 - 12.44 8.36 - -0.53 30.0 Tech - Hardware
BarclaysX♦ 260.25 2.80 269.94 201.75 2.50 -0.84 42586.8 Clarkson 2307 13.00 2750 1835 2.51 25.70 5.5 CairnEng 185.90 -0.30 210.70 141.00 - -4.36 1687.6 SchroderRE♦ 60.00 0.75 63.00 51.50 4.13 4.78 519.3 ARM Hldgs♦ 1109 -7.00 1233 778.50 0.55 56.71 5289.4
SVG Cap 500.50 -1.50 518.50 226.00 - 12.49 90.5 Eurotunnl € 13.53 -0.03 14.57 8.62 1.19 119.05 923.7 Smart(J)♦ 98.50 - 104.00 86.00 3.01 40.92 24.0
CanImp C$X 94.79 0.01 107.37 88.04 4.18 13.21 615.9 Cape 257.25 1.75 327.25 177.00 5.44 13.83 357.1 CSR 882.00 0.50 890.00 506.00 1.04 24.94 705.5
TullettPre♦ 374.60 0.70 393.10 234.40 4.50 33.59 975.9 Fisher J 1325 38.00 1445 1003 1.56 16.73 28.4 StModwen 440.70 5.20 492.10 324.59 0.94 8.54 281.8
HSBCX 614.00 -6.00 674.57 550.67 5.58 12.87 27390.9 DragnOil 610.00 -10.00 656.58 447.50 3.97 7.19 283.5 Laird 381.10 -1.90 395.25 259.45 3.19 20.49 336.8
Tungsten 145.00 -5.00 409.75 136.70 - -7.18 1928.2 Flybe Grp 56.25 1.25 146.25 52.00 - -4.12 3057.5 UNITE Gp♦ 590.00 1.50 624.50 388.30 0.92 11.29 977.7
LlydsBkgX♦ 88.74 1.72 89.00 70.72 0.85 -2.33 250038.3
WlkrCrip 46.00 - 51.00 37.50 3.41 8.53 15.5 Endeav Int' $ 0.02 - 1.96 0.02 - 0.00 0.4 Pace 417.50 -3.90 476.70 284.20 0.89 14.27 1065.8
RylBkC C$X♦ 78.44 -0.28 83.87 71.74 3.68 12.65 1426.4 Goldenpt 118.50 -2.00 380.00 113.80 - -0.64 2.5 EnQuest 57.75 1.00 145.40 21.50 - -3.95 3108.6 Urban&C 255.00 2.00 280.00 215.00 - 8.30 35.2 SpirentCM 85.75 -0.50 111.23 65.95 2.75 39.96 650.7
RBSX 353.00 2.10 414.00 308.00 - -32.53 9353.5 Food & Beverages OceanWil♦ 897.50 - 1240 835.00 4.28 21.35 1.9 Exillon 108.00 -0.13 175.57 105.00 - 5.23 97.5
RoyalMail 487.40 3.90 577.00 388.00 2.73 26.78 2652.7
Retailers Tech - Software & Services
StandChX♦ 1039.5 3.50 1355.5 867.50 5.31 15.34 3550.6 AngloEst 671.00 21.00 724.00 539.00 0.44 3.61 12.9 ExxonMb $X♦ 86.56 -0.46 104.76 82.68 3.38 12.25 8570.2 AA 409.30 0.50 434.50 225.50 - 30.87 2236.3
..7.375%Pf 123.50 0.50 128.00 108.50 5.97 - 101.0 AscBrFdX 2852 13.00 3293 2407 1.22 29.57 755.4 UK Mail 505.50 -1.50 639.43 380.00 4.37 26.72 1.0 FastnetO&G 2.35 -0.05 8.70 1.97 - -3.78 584.8 Anite 93.00 1.75 98.75 69.25 2.05 29.11 788.3
AO World 181.00 - 336.00 149.60 - -274.24 891.8 AVEVA 1857 13.00 2460 1183.9 1.48 28.34 147.4
..8.25%Pf 137.75 0.50 140.50 124.50 5.99 - 110.8 Barr(AG)♦ 628.50 -1.00 699.36 548.00 1.80 24.30 32.1 Insurance GenelEgy 603.50 22.00 1084 452.75 - -8.33 694.0 AshleyL 31.50 0.38 32.50 24.50 6.70 13.90 645.5
TntoDom C$X 55.34 -0.03 58.20 49.67 3.36 13.47 1926.3 Britvic 753.00 1.50 788.00 600.72 2.54 20.78 425.1 GeoPark $ 5.50 0.26 11.00 3.60 - 42.71 36.1 Computcnt 735.00 -1.00 802.40 651.67 2.81 16.21 28.8
Admiral♦■ 1452 -23.00 1640 1175.33 3.31 14.12 1320.6 Brown N 343.80 -2.50 476.60 282.50 4.32 12.98 458.8 DRS Data 13.25 0.50 26.50 12.10 3.02 -2.71 35.0
VirginMoney 411.50 9.50 432.93 278.00 - -1028.75 561.7 C&C € 3.58 0.11 5.02 3.16 3.07 12.03 180.9 GrnDnGas 350.00 - 585.00 320.65 - -23.78 1.0 Caffyns 585.00 - 670.00 480.00 3.08 10.23 0.4
Amlin■ 466.30 12.10 533.08 418.20 5.64 10.01 1604.3 Elecdata 69.50 - 86.50 64.00 2.88 21.99 1.0
Westpc A$X♦ 33.27 -0.79 40.07 31.33 7.81 14.28 7231.4 CarrsGroup♦ 174.00 2.00 174.00 136.00 1.95 13.36 65.9 GulfKeyst 38.00 -0.50 143.00 32.00 - -2.08 1346.8 Card Factor♦ 335.90 10.40 342.00 195.50 - 31.63 224.1
Aviva♦ 530.00 1.00 578.68 458.20 2.88 11.11 10118.7 MicroFoc 1292 12.00 1364 771.50 2.35 23.95 213.6
Coca-Cola H 1401 3.00 1471 1051 1.96 22.39 448.1 HellenPet € 4.67 0.22 6.32 3.40 - -5.58 321.7 Dairy Fm $ 9.34 -0.11 10.90 8.49 2.48 24.61 48.2
Basic Resource (Ex Mining) Beazley 281.10 1.80 322.33 232.60 3.44 10.49 898.8 NCC Grp 215.00 2.75 234.50 169.80 1.63 25.64 476.3
Cranswk 1517 3.00 1550 1148.42 2.18 18.05 11.4 Brit Plc 279.50 0.20 309.08 216.00 2.24 8.03 63.1 Hunting♦ 609.00 17.00 918.83 383.90 3.13 21.20 618.7 Debenhm 93.40 0.30 94.65 56.85 3.64 12.70 2902.3
Ferrexpo♦ 78.75 2.75 153.40 47.60 5.38 4.04 665.7 RM 143.50 -0.88 174.00 120.00 2.63 11.02 42.9
Dairy Cr 487.20 6.20 520.50 367.39 4.51 21.21 259.6 Chesnar♦ 321.00 3.50 364.75 287.00 5.62 14.54 41.9 ImpOil C$X 49.18 -0.20 57.96 44.08 1.06 12.81 429.8 Dignity 2088 53.00 2284 1291 0.96 -20.08 129.4
IntFerMet 2.93 0.02 9.80 2.65 - -1.79 22.4 Sage 543.00 2.00 564.00 346.70 2.23 29.73 4501.6
Devro♦ 289.50 -3.00 316.00 229.75 3.04 110.45 46.8 DirectLine 320.00 1.00 343.30 239.70 4.00 13.45 3700.4 JKX 30.00 - 63.00 10.23 - -1.01 2.5 DixonsCar 460.10 9.50 470.00 319.20 1.14 54.13 3047.7
Mondi♦ 1414 116.00 1450.3 919.00 2.18 18.76 3892.0
Glanbia €♦ 16.78 -0.10 18.00 10.52 0.67 31.65 13.0 Lamprell 150.00 -3.00 178.00 93.50 - 7.92 258.5 SDL♦ 445.00 -18.00 472.00 284.25 - 54.86 122.8
Vale BRLX 21.60 -0.73 33.25 17.17 12.01 -7.00 9246.3 Eccles prf 141.50 0.75 144.00 122.00 6.10 - 102.2 Dunelm 935.00 7.00 960.00 745.97 2.14 19.91 87.8 Telecity 1115 36.00 1130 652.50 1.03 37.98 4493.5
Grncore 341.00 -0.60 357.20 228.50 1.50 29.58 717.0 Hansard 89.00 -1.50 102.78 80.00 9.44 14.73 94.7 Lukoil RUBX 2620 -78.60 3297.7 1881 - 7.37 1263.8 Findel 212.25 0.25 290.00 188.41 - -16.05 12.6 TriadGp 13.00 0.25 19.00 7.00 - 5.86 0.5
Chemicals HiltonFd 432.50 -3.50 530.00 342.25 2.98 17.32 0.6 Hiscox 807.00 0.50 890.00 615.50 3.27 11.00 627.8 Nostrum 591.00 -6.50 825.00 370.00 3.80 11.62 25.2 Halfords 464.00 9.50 515.00 417.10 3.08 15.12 235.0
Alent 357.50 -3.10 406.20 294.56 2.55 21.05 277.4 Kerry €♦ 64.11 0.19 69.24 49.30 0.92 21.87 58.4 JardineL 1021 -21.00 1112 815.00 2.71 21.35 88.1 OphirEgy 142.50 3.20 270.20 112.70 - 23.41 2989.7 Inchcape 867.50 13.50 890.00 589.50 2.07 22.25 903.1 Telecommunications
Bayer €X 128.85 -1.65 146.45 94.22 1.63 32.12 2534.3 Nestle SFrX 71.70 -0.10 77.00 64.15 2.79 17.02 4183.7 Lancashire 631.50 14.00 703.45 506.00 1.48 8.24 696.2 Petrofac♦ 892.00 40.00 1288 594.00 4.74 39.87 2031.7 JDSportsF 618.50 -1.00 622.50 355.94 1.10 25.18 42.7 BTX 467.95 3.25 472.85 351.90 2.20 19.09 11447.2
Carclo 153.00 -1.50 169.75 80.00 1.73 -5.41 53.8 PremFds 47.00 0.25 63.00 26.13 - -2.18 1963.3 Leg&Gen♦ 264.10 0.70 296.02 209.20 3.71 15.97 7477.3 PremOil 187.50 7.00 358.60 119.60 2.88 -7.26 6512.1 Lookers♦ 156.75 0.75 165.00 117.50 1.70 13.34 199.0 Colt Grp 151.90 1.70 165.00 113.10 - -62.13 139.2
Croda♦ 2834 10.00 3027 1965 2.29 23.37 393.1 REA 327.50 12.50 488.87 293.00 2.47 12.66 3.5 NovaeGp♦■ 690.00 2.00 750.00 495.50 3.35 8.82 34.1 RylDShlAX 2045.5 12.00 2475.5 1916.79 6.45 13.00 7124.3 Marks&Sp 564.50 4.00 577.50 380.80 3.01 18.34 5609.9 Inmarsat 1014 22.00 1041.24 653.00 3.16 22.52 1614.8
Elemntis♦■ 310.70 4.70 324.10 225.50 1.68 12.85 952.1 SABMillX 3576 73.50 3857 3105 1.80 25.79 2581.2 Old Mut♦ 227.20 0.60 241.60 163.80 3.72 18.18 6977.7 ..B 2081.5 13.50 2613.5 1984.5 6.17 13.23 5681.3 Morrison♦ 176.90 -4.30 215.20 150.60 7.46 -5.42 10773.1 KCOM Gp 95.50 -0.25 102.41 78.50 5.11 13.01 423.3
Porvair♦ 313.00 -1.50 329.00 237.53 0.96 22.10 116.1 StckSpirit♦ 192.50 7.50 316.50 178.25 0.50 14.09 167.1 PermTSB 0.06 - 0.10 0.05 - -0.20 0.0 Schlmbrg $X 92.51 0.04 118.76 75.60 1.95 22.58 5853.9 MossBros 91.00 1.88 126.18 77.50 7.03 23.93 66.8 TalkTalk 363.20 4.80 415.10 261.00 3.30 67.52 882.1
Syngent SFrX 403.00 0.40 418.90 273.20 2.60 24.75 458.3 Tate&Lyl 594.00 0.50 744.50 551.50 4.79 15.24 1046.7 PhoenixGrp 845.50 5.50 935.00 614.85 6.32 8.76 650.8 SEPLAT♦ 117.50 - 270.00 97.50 3.44 4.17 211.5 Next 7340 65.00 7625 6130 1.95 17.92 390.8 TelePlus 810.00 -1.00 1575 725.50 4.54 20.91 421.9
Synthomer 336.60 1.10 350.00 176.64 1.96 25.45 552.8 TongtHu R 128.00 - 174.93 120.26 2.87 11.42 62.6 PrudntlX♦ 1610.5 2.50 1761.5 1287 2.18 18.55 2701.3 Soco Int 197.00 3.40 450.89 134.00 - 72.37 369.5 Ocado 387.30 1.30 452.40 216.80 - 326.01 1873.7 Peoples Op 131.75 - 145.00 122.50 - -87.48 1.7
Victrex 2043 70.00 2202.55 1536 2.33 21.67 213.7 Unilever♦ 2817 -2.00 3087 2397 3.10 20.28 2602.5 RSA Ins♦ 426.50 0.50 500.50 400.30 - -29.62 1772.2 TrnCan C$X 53.49 -0.36 63.86 49.30 3.67 22.07 908.4 Pendragn♦ 38.00 0.25 41.50 27.00 1.58 11.11 121.4
..NV €♦ 38.24 -0.41 42.98 28.81 3.16 19.87 7.1 SagicFin♦ 66.50 - 76.50 55.00 3.86 6.25 3.6 Tullow 429.80 10.20 900.50 278.10 2.98 -3.92 5379.8 Photo-Me♦ 143.00 1.25 155.26 107.85 2.76 20.74 63.7 Tobacco
Construction & Materials Wood(J)♦ 715.00 15.00 825.00 517.60 2.13 12.03 1749.3 Saga 201.00 2.00 204.30 143.75 - 37.70 3531.2 BrAmTobX 3572 14.50 3894 3303 4.06 21.44 2625.8
Health Care Equip & Services StJmsPl♦ 925.00 -1.50 998.00 637.00 2.00 25.73 1841.5
Alumasc 146.50 2.00 160.00 108.66 3.41 12.66 49.8 SignetJwl♦ 8657.5 2.50 9499 5611.48 0.55 27.35 8.4 ImpTobX 3186 1.00 3385 2474 4.02 15.95 1442.7
Bioquell 131.50 -0.50 150.90 80.00 2.51 -54.97 30.8 Stan Life♦ 468.70 0.20 487.40 354.96 4.22 24.43 2869.4 Pharmaceuticals & Biotech
BalfourB 241.90 0.80 263.00 145.59 5.83 -5.51 1408.7 SuperGroup 1093 21.00 1262 750.00 - 22.73 108.8
..CvPf 122.75 0.75 123.25 101.00 7.88 - 179.7 ConstMed 903.50 -4.50 1045 650.00 2.08 19.84 64.9 Media BTG 755.00 9.00 835.87 508.50 - 69.30 485.6 Travel & Leisure
GNStre kr 141.30 1.70 164.10 122.50 0.64 28.35 760.1 CathayIn 24.00 0.50 38.75 16.00 - -109.09 70.0 TescoX 224.70 -2.75 320.75 155.40 6.80 21.29 23240.6 888 Hldg♦■ 165.00 5.50 185.75 109.19 3.95 16.13 224.2
Boot(H)♦ 223.00 5.38 237.75 170.00 2.35 13.98 41.5 4imprint 1048 10.00 1160 610.50 1.80 28.10 1.6 Thorntns 93.13 3.88 127.00 62.00 - 14.25 275.2
ClarkeT♦ 72.50 - 81.80 37.50 3.59 -50.03 30.3 Optos 339.00 -0.88 355.00 157.00 - 48.53 34.7 Blmsbury 177.50 1.00 190.00 140.50 3.28 17.99 53.6 Dechra 1017 19.00 1059 677.00 1.51 40.40 112.3 AirPrtnr 399.75 29.75 519.00 245.00 5.17 14.54 117.8
UDGHlthC 538.50 -3.00 550.00 315.20 1.39 15.24 389.5 Genus 1421 33.00 1468 1001 1.25 27.22 73.7 VertuMotor 60.00 2.50 62.00 50.50 1.33 12.99 2712.2 bwin.party♦ 86.80 1.20 128.50 70.40 4.12 -9.93 1201.5
Costain♦ 329.00 4.00 336.75 248.00 3.34 15.15 864.5 Centaur♦ 79.25 4.25 83.50 55.75 3.37 -3.08 16.0
CRH 1802 -16.00 2478.5 1220 2.69 5.89 2431.1 ChimeCm 297.00 -6.00 377.00 239.00 2.58 30.94 23.1 GlaxoSmhX 1450.5 5.00 1658.39 1200.67 5.52 6.93 7026.7 Support Services Cineworld 494.00 0.50 508.00 298.40 2.06 22.54 251.4
House, Leisure & Pers Goods HikmaPhm♦■ 2030 4.00 2617 1564 0.63 22.77 359.8 CompassX 1119 -44.00 1223.36 924.41 2.42 21.72 8596.8
GalfrdT 1510 24.00 1575 1044 3.51 15.39 369.8 Creston 124.00 0.50 131.95 102.62 3.15 10.37 21.3 Acal 299.25 -15.50 418.00 180.00 2.34 254.25 61.4
AGARmst 95.50 1.50 183.50 78.44 - 663.19 113.3 Oxfd Bio 12.00 0.25 13.38 1.91 - -27.97 2615.9 EntInns 134.20 -1.80 151.30 96.85 - 22.47 1020.7
Keller♦ 1029 -8.00 1075 742.00 2.37 -244.24 45.9 DlyMailA 897.00 7.00 940.00 699.00 2.34 14.90 662.0 Aggreko♦ 1624 -24.00 1841.76 1388.75 1.69 19.71 576.9
BarrttDev♦ 564.00 18.50 571.00 323.50 1.83 14.93 9133.1 RichterG $ 16.17 -0.09 19.31 12.20 1.22 25.91 0.0 FirstGrp 111.70 1.50 141.82 88.65 - 23.10 2691.3
KierGp♦ 1645 35.00 1886 1374 4.38 34.00 148.4 HaynesPb 130.50 - 200.00 110.00 5.75 15.07 0.0 APR Engy 363.00 -6.00 820.00 146.00 2.92 -0.71 105.6
Bellway 2183 74.00 2296 1333 2.38 11.28 427.2 ShireX 5170 -15.00 5755 3227 0.29 13.20 1306.4 Fuller A 1030 -3.00 1057.62 830.50 1.47 21.49 7.5
Kingsp €♦ 18.83 0.03 19.50 11.03 0.84 28.55 19.8 ITE Grp 192.00 0.25 248.30 125.00 3.85 15.34 211.3 AshtdGp 1171 32.00 1219 763.00 1.05 20.56 1807.9
Berkeley 2813 80.00 2850 2033 6.75 10.75 565.3 VecturGp 158.00 0.50 161.00 113.25 - -89.98 1096.4 Go-Ahead 2565 8.00 2655 1813 3.29 16.56 32.8
LowBonr 68.63 1.38 91.50 44.25 3.93 19.95 27.9 ITV♦■ 260.00 -0.80 273.90 167.10 1.46 22.54 11265.4 AtknsWS 1355 16.00 1416 1225 2.58 17.01 340.3
BovisHme♦ 1035 34.00 1049 717.43 2.08 13.24 602.7 GreeneKg 832.50 2.50 891.00 712.00 3.41 19.86 649.2
Marshlls 272.75 -6.50 287.79 151.00 2.02 27.58 117.1 JohnstnP 151.50 0.50 175.00 2.90 - -344.32 29.8 Real Estate Babcock 1081 -2.00 1254 924.50 2.14 23.95 1120.6
CrestNic 479.90 19.90 481.30 291.98 2.21 12.41 738.2 IrishCtl € 4.03 0.07 29.50 2.50 2.71 12.44 43.4
MorgSdl♦ 813.00 5.00 875.00 570.00 3.32 19.54 10.2 News Corp A $ 15.26 -0.09 18.41 14.28 - 34.33 2721.1 Berendsen 1028 -2.00 1161 895.50 2.79 19.60 157.5
GamesWk 524.50 8.50 683.50 487.25 6.86 23.84 7.3 Harworth Gr 10.50 - 11.25 5.35 - 18.36 424.7 Ladbrokes♦ 115.10 2.20 155.04 101.02 7.73 25.94 6516.9
Norcros 16.50 -0.25 21.00 14.69 3.21 6.97 181.2 NewsCpB $ 15.10 -0.08 17.82 14.09 - 33.97 1458.7 Brammer 405.25 5.25 509.00 265.00 2.57 45.44 137.2
Gleeson 388.50 -4.00 410.17 322.35 1.54 12.15 23.4 REITs MandarO $ 1.57 - 1.95 1.55 4.24 16.17 16.2
StGobn € 41.09 -0.03 45.00 29.51 1.67 21.88 1954.8 Pearson 1302 1.00 1517.42 1082 3.76 43.55 1880.5 Bunzl 1871 -3.00 1969 1517 1.79 29.35 678.0
Headlam 464.00 -1.00 494.00 390.00 3.41 23.69 9.3 Assura 57.50 -0.50 62.25 41.50 2.96 11.03 771.2 Marstons 163.40 0.40 174.30 134.50 4.26 -18.40 1260.9
Tyman♦ 302.00 2.00 342.00 228.25 2.15 54.93 368.1 Quarto 196.50 - 213.35 136.66 4.26 6.77 6.2 Capita♦ 1272 22.00 1284 1000.5 2.15 35.85 2477.2
McBride 94.00 - 106.50 74.00 - -10.08 122.9 BigYellw 645.00 8.50 708.50 451.40 2.54 15.14 151.9 Natl Exp♦ 295.80 0.80 311.90 213.40 3.41 25.63 588.0
Persimn Reed ElsX♦ 1080 12.00 1199 875.00 2.31 25.41 5453.7 Carillion 338.90 0.90 386.60 294.03 5.19 26.66 1979.4
Electronic & Electrical Equip 1820 72.00 1900 1176 - 14.96 2191.1 BritLand 859.50 13.00 880.00 649.00 3.25 5.35 3537.8 Comnsis♦ 51.00 - 70.00 47.00 3.67 -6.65 54.3 Playtech♦ 845.00 2.50 868.50 570.50 2.23 22.86 1244.2
Philips €X 24.24 -0.18 28.00 20.69 - 116.61 3982.6 ReedElsNV €♦ 21.63 -0.03 24.17 14.84 2.61 24.07 2311.4
Dialight♦ 745.00 6.50 992.00 605.00 1.97 25.51 36.8 Cap&Reg♦ 56.25 - 58.06 42.25 1.33 4.33 246.8 ConnectGp 162.25 3.25 208.75 128.02 5.79 12.72 14.9 PPHE Htl 578.50 3.50 589.00 273.00 2.82 7.48 9.9
PZCusns 366.60 2.40 392.10 289.76 2.12 17.16 206.1 STV Grp♦ 350.00 0.63 393.75 322.00 1.14 9.31 15.0
e2v Tech 229.75 -0.25 239.81 145.44 1.98 18.73 214.7 Countrywd 579.50 24.50 591.00 404.30 1.90 19.31 734.3 DCC 4310 19.00 4499 3015 1.78 28.31 123.1 Rank Gp 199.70 -3.50 204.00 151.90 2.25 16.53 59.6
ReckittBX♦ 5667 -52.00 6130 4807 2.42 24.90 1142.2 ThmReut C$X 47.95 -0.45 53.00 37.24 3.51 15.75 861.9
Halma 740.00 10.00 760.00 552.50 1.51 25.15 428.0 DrwntLdn♦ 3498 48.00 3638 2530 1.07 4.89 150.3 DeLaRue 562.00 -3.00 891.91 467.40 7.81 14.53 326.6 Restaurt 719.50 10.50 748.70 551.50 2.06 24.05 1309.7
Redrow 420.30 13.70 422.30 224.00 0.71 10.96 1212.9 UTV Med 177.00 - 239.25 162.50 3.99 12.32 44.1
MorganAd♦ 333.00 5.70 359.50 258.10 3.18 121.93 229.7 Gt Portld 824.00 10.00 849.50 600.04 1.07 5.45 625.0 Diploma 804.50 4.00 916.50 603.84 2.11 24.56 112.8 SpiritPub 115.10 0.10 121.80 68.75 1.93 8.00 1032.9
TaylorWm♦ 182.30 4.30 183.70 101.70 0.39 15.85 34586.6 WPPX 1525 10.00 1616 1091 2.31 18.94 3343.1
OxfordIn 1070 -7.00 1452.92 671.58 1.16 91.43 107.2 Green Reit € 1.60 0.05 1.70 1.20 - 6.90 31.9 Elctrcmp 249.90 1.90 306.50 197.20 4.92 13.73 713.0 Sportech 66.88 -0.13 93.00 47.00 - -6.43 21.7
Renishaw 2550 40.00 2672.9 1470 1.62 16.65 57.6 TedBaker 2872 144.00 2986 1634.12 1.24 35.45 31.5 Mining Hammersn 671.00 7.50 708.00 537.00 2.92 7.01 1753.0 Stagech 396.80 -3.20 437.90 331.60 2.39 17.44 1588.8
EnergyAst 520.00 10.50 520.00 325.00 - 26.46 20.2
Spectris 2243 38.00 2420 1606 1.96 19.77 202.5 Industrial Engineering Acacia♦ 304.00 17.20 318.90 191.70 0.76 23.97 807.2 Hansteen♦■ 117.60 1.00 128.95 98.25 4.17 6.94 1736.8 Essentra 996.50 -3.50 1069 624.50 1.64 33.94 358.8 ThomasCook 156.60 0.50 184.76 99.40 - -19.11 8794.3
TT Elect 145.25 4.50 221.75 96.00 3.79 -22.01 125.0 AngloAmer 1131.5 -0.50 1678.5 923.00 4.84 -9.01 4795.8 HIBERNIA 1.24 0.03 1.29 1.01 - - 1756.5 Experian 1218 4.00 1225 909.95 1.89 23.85 2893.4 TUI 1207 -46.00 1294.78 1004.81 - 83.06 1418.5
Bodycote 729.00 17.50 797.59 542.50 1.88 17.47 204.7
XP Power 1605 55.00 1680 1340 3.61 15.88 8.8 AngloPacif 93.50 0.75 193.75 74.75 10.91 -2.22 1157.4 Highcrft♦ 920.00 -5.00 930.00 776.00 3.75 12.65 3.0 G4S♦ 292.20 1.30 309.60 239.70 3.07 50.38 2644.9 Whitbrd 5220 15.00 5475 3767 1.38 25.74 501.4
Castings 389.00 9.00 525.00 360.00 3.33 10.30 7.4
AnGoldA R 132.79 -0.62 200.05 88.36 - -43.45 1927.7 INTU♦ 340.30 4.10 376.50 299.10 4.29 7.61 2658.1 Grafton 805.00 -16.00 868.00 527.00 1.15 23.68 697.5 Willim H♦ 389.30 7.50 404.30 321.70 3.06 16.63 4104.6
Financial General Fenner 217.50 3.50 420.26 180.50 5.52 1055.83 575.5
LandSecs 1281 23.00 1312 988.50 2.42 5.79 1893.5
Goodwin 2655 175.00 4100 2120 1.60 10.64 2.0 Antofagasta♦ 798.50 7.00 861.50 620.00 7.82 26.70 1854.5 HarvyNah 96.50 1.25 124.50 66.32 3.47 12.47 117.3
3i 512.00 6.00 518.00 343.61 3.18 8.00 1447.4
..5%Pf 0.60 - 0.60 0.60833.33 - - LondonMtrc 165.30 0.50 173.20 132.30 4.23 6.85 831.4 Utilities
AberAsM 443.60 9.10 509.64 383.40 4.06 19.54 5477.8 Hill&Sm 701.50 7.50 710.18 495.00 2.34 20.25 39.7 Hays 161.20 1.80 170.10 108.15 1.63 23.96 3148.7 Centrica♦ 276.60 -1.70 348.18 234.40 6.21 -13.73 16012.9
IMI♦ 1200 26.00 1613 1108 3.01 17.49 670.6 AquarsPl 9.31 -0.13 26.40 8.51 - -3.96 714.7 McKaySec 240.00 -0.75 260.00 210.35 3.58 6.18 343.5 Homesve 403.90 5.10 414.60 293.80 2.80 48.07 95.0
Ashmore 321.00 1.40 379.40 249.00 5.12 15.36 1300.2 MucklGp 482.50 8.00 510.00 417.00 4.19 5.62 7.2 DeeVally 1285 - 1590 1135 4.86 14.36 0.4
MelroseInd♦ 260.20 1.30 319.63 252.54 3.23 30.98 2086.6 AsiaResM 40.00 0.25 210.00 3.61 - -1.69 43.3 HowdenJny 491.40 11.60 495.98 287.50 1.30 21.37 2902.6
BrewDlph 351.50 6.60 360.50 236.80 2.48 146.76 107.9 PrimyHth 389.00 2.00 407.00 324.00 5.01 13.09 54.3 Drax♦ 418.40 3.70 741.00 347.40 3.25 13.24 1249.6
Renold 62.75 - 69.00 49.00 - -18.93 40.8 Barrick C$ 15.84 0.43 21.14 11.67 1.60 -4.95 2841.2 Intserve♦ 606.50 7.50 878.50 487.20 3.66 19.14 475.1
Canaccord 365.00 -2.50 729.00 300.00 3.03 16.74 0.1 Redefine 57.75 0.90 59.90 48.00 5.54 5.71 443.7 Natl GridX 882.10 -8.50 965.00 827.50 4.95 15.45 6189.4
Rotork♦ 2470 41.00 2890 2146 1.99 20.84 200.6 BHP Bltn 1569.5 -5.50 2102.53 1247.5 4.38 10.36 6617.1 Intertek 2666 28.00 3110 2141 1.76 24.51 215.7
CtyLonInv 350.50 -4.25 362.00 251.25 7.35 16.45 25.8 SEGRO 415.00 4.00 454.80 330.90 3.57 4.51 3677.4 Pennon 866.00 -0.50 925.00 745.30 3.50 29.84 879.7
Severfd 65.00 -0.50 72.05 52.60 - 147.39 179.5 BisichMg 90.50 - 113.00 60.15 3.31 8.85 5.8 Latchways 755.00 - 1156 705.01 5.25 19.02 2.4
CloseBrs 1562 13.00 1857.39 1217 3.14 14.31 174.9 Shaftbry 855.50 15.50 899.00 632.17 1.49 5.20 387.8 UtdUtils 988.50 5.00 1045 784.00 3.65 19.05 2087.2
SKF SKr 205.10 4.00 231.70 134.80 2.71 20.63 1033.7 EVRAZ 205.50 5.60 209.90 86.20 - -4.11 1762.2 Lavendon 184.25 3.00 239.25 155.50 2.06 22.54 703.3
CoatsGrp 27.50 -0.25 36.00 19.00 - 41.67 611.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Plus500♦ 770.00 10.50 781.00 344.67 3.21 13.46 714.4 Insurance Enegi Oil 0.85 - 7.25 0.65 - -0.32 42.3 InlandHms 67.25 0.50 69.50 43.00 0.89 21.26 915.8 Synectics 160.00 15.00 435.00 105.00 3.44 -7.78 111.0
Cohort 261.00 - 285.00 189.00 1.67 19.58 79.8 PolarCap 400.00 - 531.00 351.00 6.25 13.88 80.7 Gable 40.25 - 90.00 39.00 - 10.65 146.9 EuropaOil 8.63 1.63 10.75 4.65 - -12.25 7921.3 Lok'nStor♦ 287.00 -0.50 295.00 199.17 2.44 121.97 4.5 Utilityws 243.75 15.75 357.50 192.34 1.64 17.00 434.6
Share 38.00 - 46.00 29.44 1.37 84.07 4.6 Helios 160.00 - 165.00 120.00 0.94 32.10 0.0 FalkldO&G 27.25 0.38 45.00 16.75 - -57.13 421.5 LXB Retail 142.00 -2.50 149.00 119.25 - 7.51 1202.4
Banks ShoreCap 415.00 - 431.50 405.00 2.17 19.97 0.2 FaroePet 84.00 -2.25 148.00 58.00 - -106.33 555.3 MirLand 52.00 -2.00 245.00 50.00 - -0.92 0.4
Tech - Hardware
BCB Hldgs 10.00 - 14.17 8.75 - -1.69 4.2 STM Group 45.50 3.00 48.75 16.00 - 27.38 168.5 Media GETECH 56.50 -1.50 71.70 32.00 3.89 8.56 25.0 NewRiver♦ 311.50 1.00 322.00 271.00 3.29 29.20 74.8 AminoTech 133.50 -0.50 146.00 75.24 2.70 17.52 83.3
STB♦ 2855 -12.50 3024 2245 2.21 23.76 0.5 WH Ireland 99.50 - 130.00 79.00 1.51 74.03 1.6 Avesco 138.00 3.50 141.00 94.00 3.99 -10.78 30.9 GlobalPet 2.00 - 5.00 1.75 - -0.43 114.4 Palace Cap 385.00 -2.50 395.00 255.25 - -7.09 7.9 IQE 22.50 - 24.00 12.08 - 93.36 400.3
Cello Gp♦ 88.50 - 100.00 81.00 2.72 33.61 0.8 Gulfsands 17.75 - 71.91 17.00 - -1.48 2.8 PnthrSec 337.50 - 357.00 295.00 3.56 12.93 22.2 Tech - Software & Services
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 330.25 2.25 395.00 235.00 1.71 -1393.46 47.3 Indus Gas 129.00 4.00 520.00 79.25 - 24.57 5.5 PSPI 29.00 0.50 30.00 21.00 - -5.37 126.4 Blinkx 39.75 2.00 82.25 23.25 - -33.80 6265.0
CropperJ 420.00 - 490.00 355.00 1.88 21.01 1.6 FinsbryFd 79.50 - 81.00 53.25 1.26 10.66 47.7 MissionMk 44.00 - 56.90 37.00 2.27 8.70 8.9 Infrastrata 4.13 -0.13 10.00 2.75 - -3.60 142.6 SiriusRE € 0.48 0.01 0.49 0.28 0.68 7.25 803.7 BondInt 146.50 2.00 153.75 83.00 1.37 38.99 28.9
Nichols 1127 4.00 1235 834.56 1.81 29.39 12.9 Next15Cm 179.50 - 181.38 109.00 1.54 116.11 43.5
Chemicals Iofina 34.50 2.00 67.50 26.13 - -15.25 580.4 SumGermny €♦ 0.96 - 0.99 0.50 1.98 3.77 52.6 Brady♦ 97.00 - 104.00 64.00 1.75 173.84 34.4
PureCircle 455.00 -2.50 635.00 450.00 - 354.36 9.2 YouGov 118.00 -1.50 133.00 98.50 0.68 212.23 29.9 Ithaca Engy 57.50 1.25 153.75 26.25 - -12.00 2128.1 TaliesinPr 2295 -27.50 2389.6 1750 - 9.40 0.3
Scapa 176.00 6.00 179.75 107.00 0.57 -45.27 213.7 Datatec 330.00 5.00 340.88 261.25 3.40 20.35 0.5
RealGdFd 46.00 0.50 47.20 23.00 - -5.75 52.8 KBC Adv 106.25 0.25 142.00 77.00 0.94 19.20 263.3 Winkworth 167.50 11.50 177.02 115.00 3.52 14.20 6.0
Construction & Materials Ukrproduct 5.20 - 9.01 4.41 - -0.72 10.5 Mining DDD 1.88 -0.25 8.00 1.25 - -1.95 1176.4
Max# 0.16 0.01 2.26 0.08 - -0.08 4916.6 Eckoh 39.13 - 48.50 33.00 0.80 92.28 17.9
Abbey 885.00 10.00 927.30 800.00 0.97 9.13 0.0 Wynnstay 512.50 5.00 628.00 474.52 1.87 14.80 6.8 AMC 11.50 -0.25 14.50 2.29 - -11.83 911.2
NewWldO&G 0.29 0.13 0.95 0.06 - -0.78 984984.9
Retailers
BeowMin 1.40 - 5.00 1.15 - -1.20 1363.9 ASOS 3788 14.00 4633 1742 - 87.09 508.9 EgSoltns 75.50 - 84.00 50.35 - 21.44 2.0
AccsysTch 80.25 - 81.50 0.92 - -7.91 115.1 Health Care Equip & Services PetrelRes 3.13 - 11.81 2.75 - -7.35 380.5
BotswanaD 1.05 -0.13 4.15 0.87 - -2.25 692.2 Koovs 75.00 1.00 171.00 60.00 - - 4.0 Iomart 227.50 1.38 288.21 159.93 0.77 28.17 43.5
Aukett 6.88 - 9.50 5.76 2.91 10.58 61.2 Petroceltic 120.25 0.25 224.00 98.50 - -6.04 50.2
Advnc Med♦ 153.75 10.00 155.00 106.85 0.41 25.28 274.9 CentAsiaM 190.00 1.50 198.00 135.16 5.52 5.37 414.6 Majestic 413.00 20.00 470.00 280.00 3.99 16.30 211.5 K3BusTc 245.00 10.00 247.00 203.59 0.51 27.19 83.7
PetroNeft 4.35 0.08 6.79 3.60 - -38.50 300.0
Electronic & Electrical Equip CareTech 242.00 -0.50 268.00 190.00 1.93 10.15 47.9 Connema 1.38 - 3.81 0.25 - -2.06 25.0 StanlGib 265.50 - 342.00 215.00 2.54 23.58 238.1 Monitise 13.25 -0.25 70.25 12.50 - -2.63 5850.3
ImmunDiag 305.00 5.00 540.00 285.00 2.79 16.10 2.4 Plexus 227.75 0.38 325.00 165.00 0.48 36.66 0.4 OMG 42.00 - 49.00 25.00 0.95 158.49 77.8
CeresPow 9.28 -0.08 11.75 5.91 - -6.75 179.8 C'royG&NR 0.78 - 1.65 0.50 - -8.42 166.3
SphereMed 16.50 - 31.00 15.50 - -1.99 176.4 PresidentEn 11.75 - 39.48 10.50 - -52.93 1720.2 Support Services Progility 5.00 - 11.49 4.00 - 5.30 150.3
Densitrn 6.75 - 7.20 3.50 1.48 -7.65 11.7 GrekaDrill 8.95 0.54 16.80 7.20 - -40.50 1024.9
Tristel 80.00 -0.50 90.50 61.00 2.03 19.94 32.4 Rockhop 63.00 0.75 100.25 51.00 - -12.32 983.2 AndSyks 317.50 -5.00 385.00 260.00 6.86 14.10 6.2 Pub Tech 176.50 - 335.00 125.50 - -75.78 8.2
ElektronT 5.63 - 6.35 3.25 - -1.59 10.0 Herencia 0.21 0.01 0.55 0.18 - -2.56 4211.1
Sound Oil 22.25 -0.63 26.73 7.78 - -8.14 1681.7 Augean 48.00 0.75 56.75 37.65 0.73 10.64 88.2 SciSys 82.50 - 96.75 76.24 1.82 11.36 14.1
FlowGp 29.13 0.50 50.00 23.25 - -7.35 175.9 House, Leisure & Pers Goods HighldGld♦ 49.00 - 74.54 17.73 10.82 -9.96 271.4
TowerRes 0.22 - 3.58 0.09 - -0.21 3107.7 Begbies 44.50 - 55.00 40.60 5.09 17.40 11.3 WANdisco 235.00 -15.00 655.00 197.00 - -2.30 43.3
LPA 76.00 4.50 127.93 60.00 1.91 32.93 8.1 KarelianDd 1.15 - 2.65 0.80 - -16.43 1246.8
Airea 15.25 -0.50 16.42 10.25 3.93 9.94 15.0 TrinityE 16.00 0.13 113.00 13.25 - -0.75 28.4 Christie 127.50 - 162.00 104.00 1.37 14.18 11.9
ThorpeFW 170.00 2.50 175.00 120.00 1.91 18.81 13.1 KEFI Min 0.95 - 1.99 0.87 - -1.80 485.5 Telecommunications
Churchll♦ 575.00 - 630.00 425.00 2.57 18.69 11.3 UnJackOil 0.24 0.02 0.52 0.14 - -3.05 15951.2 Empres 66.00 -0.50 68.00 38.13 0.53 8.77 14.7
Zytronic 288.50 -1.50 310.00 197.00 3.43 14.81 37.0 OracleC 1.48 - 1.73 0.25 - -7.16 274.8
gamingrealm 32.50 -1.00 41.70 19.50 - -6.95 80.8 VictorOil 69.25 -2.00 89.05 0.96 - -2.01 328.3 Hargreaves 418.25 -6.50 860.00 405.00 6.10 4.44 98.5 AltNetwks 509.00 17.50 540.00 415.00 2.84 30.62 7.0
RamblMtls 11.75 0.25 27.40 9.00 - 135.06 10.2
Financial General HavelckE 14.00 - 25.00 13.00 - 25.36 20.5
ShantaGold 7.50 - 16.00 7.25 - 6.19 1139.0
VolgaGas 65.50 - 143.00 55.00 3.67 6.44 0.2 Hydrogen♦ 55.50 - 102.50 53.00 8.29 -132.14 3.2 AvantiCom 230.00 -5.00 325.00 162.75 - -4.11 216.8
Ambrian 11.50 - 12.50 5.25 - 5.10 5.8 Mulberry 900.00 - 969.00 562.50 0.56 175.37 3.3 Impellam 835.00 -5.00 850.00 430.00 1.59 14.01 0.8
Portmern♦ 942.50 - 960.00 724.00 2.60 16.45 2.5
SierraRut 22.00 -0.50 56.85 17.00 - 83.65 42.7 Pharmaceuticals & Biotech Travel & Leisure
Arbuthnot♦ 1517.5 42.50 1608.58 1000.00 1.71 27.18 0.5 Sirius Min 14.00 -0.25 16.50 6.40 - -274.51 3880.9 ISG 145.00 1.00 356.00 140.00 6.52 -5.29 192.4
SinclairW 24.50 -1.00 114.00 22.00 6.12 1.36 35.3 Abcam 521.00 -4.50 542.00 270.88 1.49 29.65 159.0 CastleStIn 25.25 - 26.39 17.00 11.88 - 0.6
Aurora 9.75 - 24.15 8.00 - -0.57 17.7 SolGold 3.13 0.33 10.00 2.01 - -5.93 6717.0 JhnsnSrv♦ 79.25 - 80.00 55.00 1.65 27.33 106.4
TelfordHms 480.50 1.50 485.00 245.50 1.83 17.71 334.7 AllcePharm 42.25 - 44.00 30.00 2.22 13.38 190.2 Celtic 76.50 - 78.00 72.00 - -19.91 1.3
BP Marsh 141.50 - 155.00 116.75 1.94 10.03 1.0 Stratex 1.23 - 4.00 1.00 - -2.35 1200.4 JourneyGp 147.50 - 155.22 113.00 1.95 12.78 0.5
WalkerGb 197.50 1.50 215.00 151.05 0.94 22.30 491.8 Epistem 317.50 - 340.50 220.00 - -10.61 0.1 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 1.5
BrooksMac 1567.5 2.50 1710 1300 1.66 25.03 2.4 Xtract Res 0.35 0.03 0.42 0.06 - -7.50 688895.7 LonSec 2325 125.00 2600 2050 3.15 20.46 0.2
e-Thera 37.00 - 49.40 24.25 - -12.57 41.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.9
Camellia 9850 2.50 11300 8450 1.27 95.94 3.3 Industrial Engineering ZincOx 13.13 0.50 14.04 6.00 - -0.97 752.7 Matchtech 553.50 8.50 620.00 495.00 3.61 17.26 5.7
GW Phrms 591.50 0.50 697.00 299.11 - -87.33 182.0 Dalata 265.00 - 275.00 111.15 - 93.94 38.0
CaptlMgt 123.50 - 230.00 103.00 - 3.06 10.0 NewmkSec 3.13 - 3.23 1.60 2.40 6.65 223.0
600 Grp 17.00 - 23.70 14.60 - 4.54 161.7 HtchChMd 1712.5 -2.50 1865 740.00 - 324.03 37.2 Dart 392.75 -1.75 410.00 177.75 0.71 17.87 132.5
Charlemgn 13.00 - 19.50 8.70 7.40 40.00 100.5 Oil & Gas NormanBr 20.50 - 35.00 19.00 - -1.84 10.2
CoracGrp 4.25 - 9.20 3.00 - -4.81 154.3 ImmuPhar 46.50 -0.50 67.00 41.00 - -13.54 78.4 GoalsSocc 212.50 - 242.00 206.00 0.87 23.90 17.3
Fairpoint 127.50 0.50 159.00 105.66 4.82 19.52 55.5 AlkneEng 25.00 - 44.50 19.50 0.80 11.19 320.4 NWF 131.00 1.00 163.00 120.00 3.89 13.43 27.7
Molins 82.00 2.50 187.50 74.50 6.71 -53.28 68.8 ReNeuron 5.50 0.13 5.70 2.75 - -12.22 11708.4 MinoanGp 12.38 -0.25 17.00 7.25 - -20.15 106.1
ImpaxGp 51.88 -0.88 59.00 44.50 2.51 18.76 0.8 AmeriRes 32.50 0.25 67.25 19.10 - 19.89 2049.5 Optimal Pay 284.75 5.00 575.00 255.25 - 23.68 2480.8
MS Intl 143.50 3.50 217.00 116.00 5.69 19.39 10.3 Sareum 0.42 0.01 0.68 0.25 - -7.16 17157.2 PeelHtls 103.50 - 110.00 70.00 - 22.16 5.0
Leeds 34.00 - 43.79 29.00 - 8.32 12.0 AndesEnrg 28.50 - 53.90 16.50 - -2850.00 107.5 PennaCns 145.00 1.00 155.00 111.00 1.84 88.20 1.5
Pres Tech 302.50 30.00 790.00 203.00 2.64 10.83 168.1 SinclairIS 42.75 0.50 45.33 23.30 - -16.39 96.2
MattioliWds 510.00 - 518.00 414.00 1.78 22.84 3.7 BahamasP 1.71 0.04 4.70 1.50 - -7.65 111.3
Vernalis 63.50 1.25 63.88 28.59 - -21.99 1651.4 Petards 11.00 -0.13 15.99 8.25 - 9.92 75.0 Utilities
Miton♦ 28.00 0.25 44.00 18.50 1.93 -8.57 30.7 Industrial General BorSthnPet 4.16 0.01 14.50 3.90 - -65.00 213.5 RedhallGp 9.75 - 42.00 9.00 - -0.68 25.7 ModernWtr 13.75 - 35.00 13.25 - -0.62 16.1
MAB♦ 220.50 1.25 230.75 160.00 - 23.00 3.4 Powerflte 56.00 - 58.38 35.00 1.87 34.83 9.5 Circle Oil 13.50 0.88 28.70 8.75 - 5.53 3770.6 Real Estate Renew 301.50 -1.00 327.13 220.00 1.42 18.17 128.5 RenEnGen 59.25 - 71.00 59.00 3.71 -41.40 16.1
Numis 245.50 -16.50 299.75 196.09 4.28 18.64 320.0 RM2 68.25 - 82.00 46.00 - -5.30 144.0 ClontarfEn 0.88 0.23 1.50 0.30 - -0.55 11104.8 Conygar 182.00 1.00 195.00 160.00 0.92 7.77 40.6 Restore 273.50 -1.50 286.40 170.13 0.77 45.62 712.9 Rurelec 3.75 -0.13 8.75 3.00 - -0.50 370.6
Park Grp 57.38 0.38 64.98 47.00 4.01 13.88 20.3 Symphny 8.63 0.13 11.33 6.50 - -36.86 61.5 Egdon Res 11.63 0.13 30.80 6.24 - -7.45 168.7 FltchKng 59.50 - 65.00 37.27 5.04 8.28 2.4 SafeCharge♦ 269.00 - 285.50 162.00 0.69 40.43 52.1 SeaEnergy 21.00 - 39.98 18.68 - -4.66 2.2
Servoca 23.00 - 26.03 10.50 - 23.78 3.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv♦ 678.50 2.00 699.50 565.20 3.55 704.8 -3.7 JPM Inc&Gr 112.50 - 114.85 98.50 1.96 119.9 -6.2 ScottMort 262.80 -0.60 283.40 189.00 1.16 255.9 2.7 AlbionTech 76.00 - 81.00 71.25 6.58 81.2 -6.4 Infra India 14.50 - 17.00 9.52 - 43.1 -66.4
Price +/-Chg High Low Yld NAV or Pm Edin WWd 447.25 -3.38 469.90 332.25 0.45 487.8 -8.3 JPM Ind 509.00 4.00 605.50 377.75 - 559.7 -9.1 ScottOrtll 825.00 2.00 900.00 763.13 1.39 917.4 -10.1 AlbionVCT 65.50 - 68.65 64.00 7.63 67.6 -3.1 MMP 3.38 - 5.00 3.00 - - -
3i Infra 163.70 0.70 164.90 132.60 4.09 149.0 9.9 EP Global♦ 257.75 -1.00 262.10 207.04 1.05 252.6 2.0 JPM JpSm 255.00 1.75 261.75 176.00 - 268.5 -5.0 SecTstScot 139.00 -2.25 149.00 129.86 3.55 149.7 -7.1 Amati VCT 67.50 - 80.50 66.50 7.41 70.3 -4.0 Marwyn Val 225.75 -1.50 232.92 184.56 - - -
AbnAsianIn♦ 196.00 - 213.80 192.25 4.03 201.3 -2.6 Estabmt 181.00 - 188.00 163.00 2.60 220.9 -18.1 JPM Jap 284.25 2.25 307.95 195.00 0.99 307.3 -7.5 Seneca I&G 143.00 0.50 144.00 131.00 3.94 151.7 -5.7 AmatiVCT2 103.25 - 120.98 101.79 6.54 107.4 -3.9 TerraCat 98.00 - 126.70 62.11 - - -
AbnAsian 862.00 4.00 1014 800.04 1.16 959.4 -10.2 Euro Ast 1125 5.00 1160 800.00 5.39 1109.0 1.4 JPM Mid 865.00 15.00 867.50 669.10 2.08 1003.3 -13.8 Shires Inc 248.50 0.50 261.75 216.26 4.83 265.1 -6.3 ArtemisVCT 65.50 - 68.77 59.23 6.11 74.7 -12.3
AbnJapInv 502.50 1.50 531.00 320.00 0.90 530.2 -5.2 EuroInvT 816.00 3.50 849.00 659.33 1.72 875.1 -6.8 JPM O'seas 1077 11.00 1159 890.95 1.39 1161.5 -7.3 StdLf Eqt 418.00 -1.00 426.00 362.50 3.21 454.0 -7.9 Baronsmd 72.75 - 75.49 69.50 13.06 77.3 -5.9 ISDX
AbnLatAmIn 64.00 -1.13 85.68 57.50 6.64 69.7 -8.2 F&C Cp&I 266.38 0.38 277.00 231.75 3.66 269.2 -1.0 JPMRussian 365.00 3.50 485.00 223.25 4.19 432.2 -15.5 StdLf Sml 296.25 4.75 308.75 256.00 1.52 329.2 -10.0 ..VCT 2 94.38 - 97.51 91.00 13.25 100.4 -6.0
F&CGblSmlr 980.00 4.50 1028.92 781.00 0.84 973.4 0.7 JPMSnrSec 92.25 - 101.00 89.22 - 96.9 -4.8 StrategicEq 211.25 1.25 213.00 152.85 0.37 209.2 1.0 ..VCT 3 97.13 - 105.51 94.00 15.96 103.5 -6.2 52 Week Vol
..Sub 0.38 - 5.50 0.25 - - -
F&CMgdG 153.00 -1.00 157.00 130.00 - 150.5 1.7 JPM Smlr 811.75 7.50 813.00 527.00 1.18 975.2 -16.8 Temp Bar 1213 4.00 1274 1101 3.15 1256.6 -3.5 ..VCT 4 90.63 - 92.75 86.75 9.93 96.9 -6.5 Price +/-Chg High Low Yld P/E 000s
AbnNewDn 186.75 3.75 205.23 169.36 1.93 209.7 -10.9
F&CMgdI 126.00 -3.00 130.00 110.00 3.85 124.3 1.4 JPM US Sml 177.00 - 193.75 134.50 0.40 183.2 -3.4 TempEmerg 553.00 1.00 626.64 511.50 1.31 627.5 -11.9 ..VCT 5 74.50 - 77.94 72.00 8.05 77.3 -3.6 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewThai 428.00 3.00 489.88 366.00 1.87 505.1 -15.3
FidAsian 258.50 -1.00 285.50 208.00 0.43 289.0 -10.6 JupDv&G 117.00 - 120.00 107.00 - 126.2 -7.3 TRIG 107.25 0.25 108.00 99.00 5.13 - - BSC VCT 87.00 - 92.20 83.00 6.32 104.5 -16.7 ShephdNm 1055 - 1260 1000.00 2.45 23.40 9.2
AbnSmlCo 210.50 0.25 217.98 174.00 3.12 256.5 -17.9
FidChiSpS 163.40 -0.20 173.00 97.60 0.70 186.9 -12.6 JupEur 544.00 7.50 562.00 371.25 0.64 536.1 1.5 ThreadUKSel 174.50 - 187.70 163.00 2.46 196.7 -11.3 ..VCT2♦ 53.50 - 61.00 53.00 8.41 61.0 -12.3 Thwaites 121.50 - 132.00 112.50 3.67 -25.90 0.0
Abn UK 326.75 1.00 334.00 288.00 4.06 346.2 -5.6
Abf Gd Inc 187.50 1.50 188.40 138.25 3.82 222.9 -15.9 Fid Euro♦■ 182.00 0.50 187.50 137.40 1.63 189.3 -3.9 JupGrn 148.25 -0.25 151.00 133.20 0.74 150.5 -1.5 TREurGth 630.00 0.50 633.50 438.00 1.03 699.8 -10.0 Crown Place 29.75 - 30.50 29.00 8.40 28.2 5.5
Abf Sml 1148 16.00 1169.56 966.00 2.08 1281.9 -10.4 Fid Jap 81.50 -1.50 88.00 64.00 - 92.9 -12.3 JupPrim 319.13 3.13 332.50 268.34 2.01 323.8 -1.4 TroyInc&G 71.88 -0.38 72.96 60.00 3.17 71.6 0.4 FrsightSol 101.50 2.00 112.02 95.00 5.91 107.5 -5.6
AcenciADbt♦ 108.00 -0.25 114.00 103.25 3.62 118.8 -9.1 Fid Spec♦ 960.00 4.50 966.00 796.84 1.72 1044.7 -8.1 JupUSSmCo 642.00 1.00 704.03 596.99 - 724.0 -11.3 UtilicoEmg 190.25 -0.88 206.09 178.50 3.21 209.8 -9.3 Inc&GthVCT 96.00 - 106.24 93.50 18.75 103.0 -6.8 Guide to FT Share Service
AdvDvpMk 464.63 2.63 483.00 401.00 - 516.0 -10.0 FinsG&I 589.50 2.00 609.36 464.25 1.98 582.8 1.1 KeystoneInv 1839 4.00 1851.33 1651.76 2.75 1952.8 -5.8 UtilicoInv 113.13 -0.63 133.80 103.00 6.63 169.0 -33.1 KingsAYVCT 17.75 - 19.50 17.25 5.63 18.8 -5.6
Alliance 501.00 1.00 531.50 420.20 1.95 570.8 -12.2 FstPacfic H HK$ 7.37 -0.02 9.48 7.30 2.87 - - Law Deb 520.00 3.00 545.50 465.10 2.92 495.4 5.0 ValAndInc 257.75 -2.75 280.39 238.43 3.30 310.7 -17.0 Maven I&G 63.00 - 67.50 59.50 7.14 67.5 -6.7
AllianzTech 612.25 3.75 640.43 463.07 - 626.7 -2.3 For & Col 444.50 7.50 467.90 365.00 2.09 480.7 -7.5 LinTrain £ 468.00 - 480.00 331.00 1.44 399.3 17.2 Witan 811.50 -3.50 850.00 642.00 1.89 808.1 0.4 MavenVCT2 54.00 - 56.75 48.00 4.63 60.5 -10.7
AltAstsOps 40.50 -0.50 47.00 35.50 - 44.1 -8.2 Geiger 21.50 0.13 27.95 17.00 - 24.2 -11.2 Ln&StLaw♦ 362.00 -2.00 410.50 330.80 3.81 381.7 -5.2 WitanPac 264.75 0.25 274.75 212.25 1.70 290.5 -8.9 MavenVCT3♦ 75.25 - 79.00 70.00 5.65 82.1 -8.3 For queries about the London Share Service pages e-mail
Art Alpha 273.25 -2.25 308.00 257.00 1.17 329.7 -17.1 GenEmer 547.50 2.00 583.00 500.00 - 603.9 -9.3 Lowland 1362 8.00 1473.5 1219 2.68 1450.6 -6.1 WorldTst 272.75 -0.25 285.25 212.00 - 308.4 -11.6 MavenVCT4♦ 82.75 - 89.00 82.00 5.74 94.9 -12.8 ft.reader.enquiries@morningstar.com.
..Sub 20.75 - 45.25 18.10 - - - GFIS 18.63 - 35.99 16.25 - 48.6 -61.7 M&GHighInc♦ 166.00 1.00 177.00 148.00 1.81 180.1 -7.8 WwideHlth 1890 -2.00 1992.4 1235 0.83 1946.2 -2.9 MavenVCT5♦ 32.88 - 37.00 26.50 6.54 38.8 -15.3 All data is as of close of the previous business day. Company classifications
AsianToRt 201.00 -2.00 224.00 171.25 1.62 217.8 -7.7 GRIT 15.00 -1.00 65.00 11.00 - - - Majedie 274.75 2.25 276.00 206.41 3.38 261.7 5.0 MobeusI&G 83.50 - 107.90 82.50 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
Conventional - Private Equity 52 Week Dis(-)
Aurora 152.00 0.50 169.00 144.00 2.50 180.3 -15.7 GoldenPros 26.75 0.13 42.59 25.25 - 32.5 -17.7 Man&Lon 244.50 -1.50 277.00 219.00 3.06 293.4 -16.7 ..I&G 2VCT 104.50 - 119.50 101.08 1.20 117.9 -11.4 100 constituent stocks are shown in bold.
Price +/-Chg High Low Yld NAV or Pm
BG Japan 453.00 1.63 493.25 316.50 - 437.7 3.5 Hansa♦ 850.00 -10.00 1010 836.50 1.95 1180.1 -28.0 MCGlobPort 188.00 2.50 195.00 158.00 2.13 186.8 0.6 ..I&G 4VCT 99.50 - 116.00 97.00 6.03 109.9 -9.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 833.50 - 981.50 810.00 0.67 1180.1 -29.4 MCurPac 307.38 -0.25 336.00 266.36 2.11 346.7 -11.3 AbnPvtEq 89.00 - 96.00 79.04 2.30 116.2 -23.4 Nthn 2 VCT 77.50 - 79.00 73.50 7.10 89.7 -13.6
BG Shin 381.00 0.50 407.00 282.50 - 369.6 3.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.75 - 95.50 89.50 5.39 90.4 3.7 MercantIT 1636 3.00 1649 1316.55 2.44 1853.6 -11.7 Altamir € 11.30 -0.05 11.99 9.43 - 16.5 -31.5 Nthn 3 VCT 95.75 - 99.48 92.50 5.74 109.9 -12.9
BSRT 27.00 - 43.00 25.00 - 43.8 -38.4 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF 1080 15.00 1148.5 816.47 2.75 1062.6 1.6 MrchTst♦ 487.00 0.50 519.00 422.18 4.87 508.9 -4.3 Dun Ent♦ 340.00 -3.25 434.75 329.81 4.85 498.4 -31.8 NthnVent 80.00 - 82.00 75.00 7.50 87.4 -8.5
Bankers♦ 639.50 1.00 653.50 506.00 2.28 652.9 -2.1 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 895.00 -5.00 957.00 678.25 1.96 890.3 0.5 Mid Wynd 343.50 -1.00 352.50 256.00 1.11 327.7 4.8 Electra 3129 8.00 3249 2338 - 3149.6 -0.7 ProVenGI 78.50 - 81.00 76.00 8.28 85.3 -8.0
BrngEmEu 593.50 20.50 711.00 432.00 3.20 667.5 -11.1 from continuing operations. Yields are based on closing price and on dividends
HenFarEs♦ 339.50 -1.50 362.00 308.38 5.45 328.9 3.2 MitonWw 163.25 - 164.50 147.00 - 179.8 -9.2 ElectraPrf 148.50 - 151.00 143.00 - - - ProVenVCT 92.63 - 96.99 89.50 7.56 99.4 -6.8
BH Global 1325 14.00 1330 1162 - 1393.0 -4.9 paid in the last financial year and updated with interim figures. Yields are
HendGlob 396.00 -1.00 416.81 336.20 2.53 447.2 -11.4 MMP 3.38 - 5.00 3.00 - - - F&C PvtEq♦ 222.00 -2.00 230.50 197.00 4.84 262.3 -15.4 UnicornAIM 125.00 1.00 133.00 122.00 4.80 143.1 -12.6
..EUR € 12.00 - 14.00 11.80 - - - shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 187.00 3.00 191.75 156.50 4.60 185.9 0.6 Monks 430.00 -2.60 458.90 348.40 0.93 471.3 -8.8 GraphEnt 579.00 -2.00 619.00 536.10 1.30 685.2 -15.5
..USD $ 13.18 -0.04 13.35 11.46 - 13.7 -3.8 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 128.25 -0.50 137.69 103.00 3.35 124.1 3.3 MontanSm 512.00 -1.50 543.00 390.50 1.37 583.0 -12.2 HVPE $ 13.13 -0.10 13.65 11.25 - 16.1 -18.4
BH Macro 2086 -18.00 2191 1919 - 2182.0 -4.4 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 938.25 7.75 971.99 755.00 1.16 1074.0 -12.6 Mur Inc 756.00 1.00 808.00 699.86 4.34 808.1 -6.4 HgCapital♦ 1089 3.00 1169 1003 2.66 1210.9 -10.1
..EUR € 20.08 -0.16 21.10 18.60 - 21.1 -4.8 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 661.00 16.00 662.00 468.13 1.66 736.1 -10.2 Mur Int 1023 -2.00 1123 980.00 4.40 984.1 4.0 JPM Pvt Eq $ 0.95 0.00 0.96 0.75 - 1.3 -26.9 JPM I&C 104.00 0.25 105.50 86.00 6.33 -15.8 -2.1
..USD $ 20.03 -0.08 21.10 18.60 - 21.0 -4.6 1,000 shares.
HendVal 233.13 -0.38 254.00 218.00 0.64 283.7 -17.8 ..B 1025 - 1499.48 885.89 - 984.1 4.2 JZ Capital 447.50 2.00 450.00 390.00 - 711.9 -37.1 JupiterDv&G♦ 4.38 - 5.70 3.50 16.46 4.7 -28.6
BiotechGth 760.50 -14.50 874.50 430.00 - 818.6 -7.1
Herald 702.50 6.50 722.00 594.00 - 858.9 -18.2 NB DDIF $ 1.20 0.01 1.25 1.00 - - - LMS Capitl 75.25 -0.13 87.75 74.25 - 95.3 -21.0 M&GHI&Gt♦ 61.75 - 68.80 55.00 - -16.6 1.4 Net asset value per share (NAV) and split analytics are provided only as a
BlckRCom 89.75 -2.63 119.88 80.54 6.67 87.9 2.1
HICL Infra 153.40 - 161.40 135.50 5.81 134.4 14.1 NewCtyEgy 18.38 - 42.00 16.00 - 24.2 -24.0 Mithras♦ 146.50 - 149.00 130.00 0.68 157.3 -6.9 Rghts&Icp 4355 15.00 4900 3800 - -69.6 2.6 guide. Discounts and premiums are calculated using the latest cum fair net
BlckREmEur 229.00 -3.00 280.00 169.25 1.01 267.4 -14.4
Impax Env.♦ 158.25 - 167.75 136.00 0.76 177.4 -10.8 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.65 0.10 12.20 10.40 - - - asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRFrnt 116.50 - 133.28 103.50 1.18 118.7 -1.9 Income Shares 52 Week HR
Ind IT 304.50 1.50 305.94 268.00 1.64 338.6 -10.1 NewCityHY♦ 60.25 - 67.50 59.50 7.02 59.0 2.1 Nthn Invs 522.50 - 550.00 376.10 1.91 516.6 1.1 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRGtEur♦ 254.00 - 264.50 201.75 1.85 259.3 -2.0 Price +/-Chg High Low Yld WO GRY 0%
Intl PP♦ 137.60 0.10 140.59 127.60 4.52 120.8 13.9 NewIndia 311.75 -0.75 371.30 232.75 - 348.9 -10.6 Pantheon 1285 -9.00 1355 1100 - 1497.7 -14.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..Sub 18.38 0.13 25.63 8.00 - - - JPM In&Gr 98.75 0.25 100.49 90.15 4.46 -63.0 7.8
InvAsTr 196.25 0.25 213.58 166.44 1.76 221.8 -11.5 New Star IT 73.50 - 77.01 65.45 - 114.0 -35.5 PantheonR 1285 - 1300 1045 - 1497.7 -14.2 in pence.
BlckR I&G 188.50 0.88 193.00 158.01 3.23 191.3 -1.5 M&GHghIc 58.50 - 62.75 53.00 - -16.6 0.7
Inv Inc 291.50 -1.75 299.00 255.00 4.10 319.5 -8.8 NorthAmer♦ 836.00 -2.00 906.45 790.45 3.41 919.9 -9.1 PrincssPE € 8.01 0.05 8.12 6.45 7.25 9.0 -11.0
BlckRIncStr 134.25 2.25 143.00 119.25 4.91 141.3 -5.0 Rghts&I 1105 30.00 1216 895.00 2.81 - 27.7
InvPerp 76.00 -0.25 79.00 69.00 6.58 72.9 4.3 NthAtSml 1880 2.50 1953 1625.86 - 2428.0 -22.6 Riverstone 1068 4.00 1114 822.00 - 1038.0 2.9 X FT Global 500 company
BlckRckLat 383.13 3.00 508.45 355.00 5.04 425.7 -10.0
IPST BalR 121.50 -0.75 123.00 111.00 - 122.3 -0.7 Oryx Int 465.00 10.00 473.00 375.00 - 594.2 -21.7 StdLfEuPv 206.00 -0.50 236.42 200.00 2.70 250.8 -17.9 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckNrAm 113.00 - 124.50 98.75 2.65 123.5 -8.5
IPST Gbl Eq♦ 165.50 - 172.00 138.00 2.66 162.3 2.0 PacAsset 206.00 - 226.15 155.00 1.26 204.7 0.6 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRSmlr 870.00 -2.25 879.50 697.00 1.48 1003.5 -13.3 Conventional - Property ICs 52 Week Dis(-)
IPST Mngd 101.13 - 101.81 100.75 - 103.2 -2.0 PacHorzn 189.75 - 223.77 163.00 0.74 211.2 -10.2 JPM Inc&Gr 13.88 - 14.75 9.00 0.8 -5.4 11.9 # price at time of suspension from trading
BlckRThrmt 313.75 2.25 314.47 238.00 1.29 370.7 -15.4 Price +/-Chg High Low Yld NAV or Pm
BlckRWld 320.90 1.60 510.00 285.44 6.54 360.0 -10.9 IPST UK Eq♦ 169.50 - 173.00 143.00 3.33 169.9 -0.2 Perp I&G 416.00 - 419.13 350.81 2.93 424.1 -1.9 M&GHghIc 4.90 - 6.10 3.00 7.2 5.8 -
Direct Property The prices listed are indicative and believed accurate at the time of publication.
Bluecrest A 189.10 0.20 194.60 176.70 - 197.9 -4.4 InvPpUK♦ 366.00 11.00 366.00 281.00 1.78 395.3 -7.4 PerAsset 35210 -100.00 36313.1 33050 1.63 34730. 1.4 Zero Dividend Preference Shares 52 Week HR
AseanaPr $ 0.50 0.02 0.49 0.39 - 0.7 -28.6 No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 541.50 -2.00 557.08 475.40 1.94 593.4 -8.7 Invs Cap A 98.50 - 102.00 87.00 4.61 105.1 -6.3 7 Price +/-Chg High Low SP WO TAV 0%
AXA Propty 44.25 - 45.22 39.45 - - - guarantee that the information is reliable or complete. The FT does not accept
Brunner 557.00 2.75 580.00 486.00 3.20 652.6 -14.6 Invs Cap B 102.00 - 103.00 87.03 - 105.1 -2.9 PolarFins 106.25 1.25 107.75 92.00 2.29 114.3 -7.0 Abf Gd Inc 148.63 0.13 152.00 142.75 -40.5 - 159.7
CustdnREIT♦ 108.00 -0.88 115.50 104.00 - - - responsibility and will not be liable for any loss arising from the reliance on
Calednia 2422 -5.00 2475 2093 2.09 2906.1 -16.7 Invs CapU 393.00 - 404.95 347.00 0.83 420.5 -6.5 ..Sub 8.38 -0.38 16.00 5.00 - - - EcofinWatr 154.00 - 154.50 146.00 -75.7 -96.9 160.7
F&CComPrp 138.50 0.10 148.40 117.50 4.33 123.3 12.3 or use of the information.
CanGen C$ 20.36 -0.01 21.72 17.80 1.23 27.7 -26.5 JLaingInf♦ 123.00 0.20 155.35 114.10 5.28 104.2 18.0 PolarHealth 177.00 3.25 182.50 142.50 2.01 185.8 -4.7 JPM I&C 172.88 -0.13 174.00 165.50 -19.7 - 192.1
F&CUKRealE 99.50 - 104.50 82.00 5.03 93.3 6.6
Cap Gear 3375 - 3504 3080 0.47 3243.0 4.1 JPM Amer♦ 274.50 -1.70 296.14 231.30 0.98 285.9 -4.0 PolarTech 585.50 3.50 602.59 444.00 - 588.6 -0.5 JupiterDv&G 112.00 0.13 114.00 99.50 -6.7 - 133.6 The London Share Service is a paid-for-print listing service and may not be
IndMultiPr 53.00 - 73.00 45.00 - - -
City Merch♦ 187.00 0.50 194.00 182.15 5.35 185.8 0.6 JPM Asn 247.50 - 268.92 195.29 1.17 272.4 -9.1 ProspJap $ 1.02 -0.02 1.19 0.91 - 1.3 -21.5 JZ Capital 356.75 - 358.30 336.72 -90.9 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.35 -0.08 4.39 0.15 - 8.9 -96.1
CityNatRs♦ 102.00 -1.50 146.75 95.00 5.49 134.4 -24.1 JPM Brazil 55.88 - 76.49 48.50 1.79 60.3 -7.3 QatarInvF $ 1.30 0.02 1.49 1.15 - 1.6 -18.8 M&GHghIc 113.63 - 114.70 107.40 -20.3 -93.6 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow♦ 103.38 -0.13 106.75 100.50 5.56 - -
City Lon♦ 406.10 1.10 411.90 345.00 3.66 398.4 1.9 JPM China 202.00 -1.75 233.96 143.43 0.79 232.1 -13.0 RIT Cap 1590 -9.00 1615 1265.55 1.85 1550.0 2.6 UtilicoFn16 184.75 -0.13 186.00 174.50 -60.8 -95.6 192.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
PictonProp 72.00 -0.25 74.25 58.50 4.17 68.5 5.1
DexionAb 186.38 -0.25 188.00 165.00 - 196.3 -5.1 JPMElct MC 99.75 - 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 - 30.91 27.21 - - - UtilicoFn18 141.75 0.50 146.50 119.00 -20.2 -32.1 160.5
SLIPropInc♦ 87.50 - 90.25 72.90 5.28 76.7 14.1
..EUR € 2.48 0.02 2.50 2.36 - 2.7 -8.1 ..MG 613.50 0.50 635.00 507.66 1.16 627.0 -2.2 RolincoNV € 28.32 - 28.98 25.15 - - - UtilicoFn20 116.50 -0.13 117.50 100.00 -10.0 -12.6 154.9
UKComPrp 90.15 0.25 94.00 79.00 4.52 84.7 6.4
..USD $ 3.85 0.09 3.75 3.42 - 4.2 -8.3 ..MI 105.50 -0.50 109.00 93.01 1.61 108.8 -3.0 Ruffer Inv 220.50 -0.25 226.00 193.50 - 221.0 -0.2
Property Securities
Data provided by Morningstar
DiverseInc♦ 83.00 0.38 87.95 73.02 2.90 84.4 -1.7 JPM Emrg 613.00 2.00 674.65 546.50 0.90 682.8 -10.2 SchdrAsiaP 290.00 -0.25 321.50 241.48 1.16 320.3 -9.5
SchdrGlbRe♦ 124.63 -0.38 132.98 29.00 2.83 130.2 -4.3
Investment Companies - AIM
Dun Inc♦ 261.00 -0.75 371.25 239.00 4.25 281.6 -7.3 JPM EurGth 247.25 1.25 263.00 193.00 2.71 263.9 -6.3 Schdr Inc 280.75 -0.25 283.00 235.50 3.60 294.9 -4.8
JPM EurInc 136.50 2.00 147.50 104.75 - 141.0 -3.2 SchdrJap 157.50 - 164.50 109.87 1.14 167.9 -6.2 TR Prop 307.40 0.90 325.00 232.40 2.42 310.8 -1.1 52 Week Dis(-)
Dun Sml 210.50 5.00 218.00 171.30 2.47 248.4 -15.3
EcofinWatr♦ 148.00 -0.13 176.75 132.56 4.64 184.8 -19.9 JPM EuSm 246.75 2.50 253.78 164.00 1.18 270.3 -8.7 SchdrOrient 203.00 1.50 215.25 173.25 3.77 199.3 1.9 VCTs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm
..CULS 103.50 -1.50 111.70 102.75 - - - JPM Clavr♦ 616.00 1.50 632.50 534.51 3.17 663.1 -7.1 SchdrUK 170.25 1.75 183.75 146.83 2.64 188.0 -9.4 Price +/-Chg High Low Yld NAV or Pm AdFrntMkt 58.50 - 65.50 55.00 - 62.6 -6.5
EdinDragn 284.50 -0.25 311.00 250.60 0.77 317.1 -10.3 JPMGIConv 104.50 0.50 112.50 99.00 5.38 103.6 0.9 SchdrUKMd 471.00 8.63 478.59 402.49 1.69 531.4 -11.4 AlbionDev♦ 69.00 - 70.89 67.00 7.25 71.8 -3.9 CrysAmber 151.50 - 155.50 129.81 0.3 158.1 -4.2
JPM GEI 116.25 - 130.00 111.00 4.22 117.4 -1.0 ScotAmer 254.00 3.75 260.00 221.99 4.11 260.1 -2.3
..CULS 106.75 - 107.70 102.50 - - -
JPM I&C Uni 363.00 - 370.50 330.06 - 382.2 -5.0 Scottish In 651.00 5.50 670.00 536.00 1.90 712.9 -8.7
Albion Ent 87.50 - 92.00 85.00 5.71 95.5 -8.4 GLI Finance♦
IndiaCap
55.50
57.75
- 65.00 52.00 9.0 -
0.25 69.40 41.25 - 69.8
-
-17.3
www.morningstar.co.uk
Thursday 14 May 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

Consistent UT Acc 134.38 135.97 1.20 4.22 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.10 - 0.00 - Frk Technology $ 11.20 - -0.06 0.00
Practical Investment Inc 212.10 216.71 -2.36 3.72 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.11 - -0.01 - Frk U.S. Focus Fund $ 17.38 - -0.03 0.00
ACPI Global UCITS Funds Plc (IRL) Baring International Fd Mgrs (Ireland) (IRL) Capita Asset Services (UK) Electric & General (1000)F (UK)
www.acpishard.com Regulated 40 Dukes Place, London EC3A 7NH Practical Investment Acc 1010.26 1032.26 -11.28 3.63 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.16 - -0.01 - Frk US Equity $ 25.45 - -0.04 0.00
Regulated China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Order Desk 08459 220044 Switchboard 0870 607 2555 Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.01 3.60 Frk US Opportunities $ 12.49 - -0.05 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 116.39 - -0.03 0.00 Authorised Inv Funds Authorised Inv Funds
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.01 4.38 Frk US Sml Mid Cap Gth F $ 20.32 - -0.07 0.00
CF Heartwood Cautious B Acc X 130.48 - -0.21 0.34 Authorised Corporate Director - Carvetian Capital Management
ACPI Global Credit UCITS Funds USD A $ 13.93 - -0.02 0.00
Electric&General Net Income A 144.40 - 0.00 1.99 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.01 3.54 Frk Wrld Perspective Fd $ 20.16 - -0.04 0.00
Barings (Luxembourg) (LUX) CF Heartwood Cautious Income B Inc X 113.80 - -0.16 2.03
ACPI Global Fixed Income UCITS Fund USD A $ 151.32 - -0.06 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.07 - 0.00 4.45 Tem Africa $ 10.86 - 0.03 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Heartwood Growth B Acc X 150.47 - -0.06 0.63
Q ACPI India Fixed Income UCITS Fund USD A $ 9.96 - -0.06 - Russia A GBP Inc F £ 28.46 - -0.10 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 4.41 Tem Asian Sml Comp Fd $ 41.50 - -0.25 0.00
CF Heartwood Balanced Income B Inc X 117.79 - -0.04 2.43 Ennismore Smaller Cos Plc (IRL)
ACPI India Fixed Income UCITS Fund USD A3 $ 85.05 - -0.48 0.00 Authorised Inv Funds Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.01 4.00 Tem BRIC $ 15.06 - -0.14 0.00
CF Heartwood Balanced B Acc X 129.82 - 0.03 0.50 5 Kensington Church St, London W8 4LD 020 7368 4220
ACPI International Bond UCITS Fund USD A $ 17.99 - -0.01 0.00 Artemis Capital R ACC 1328.56 1403.93 17.18 1.23 Institutional OEIC Funds
FCA Recognised Tem China $ 26.25 - -0.17 0.00
Barmac Asset Management Ltd (UK) CF Heartwood Defensive Multi Asset Fund B Accumulation 110.79 - -0.07 0.01 Crèdit Andorrà Asset Management (LUX)
Artemis European Growth R Acc 257.49 271.96 3.13 1.14 Ennismore European Smlr Cos NAV £ 90.68 - -0.04 0.00 America £ 3.92 - 0.02 0.40
40 Dukes Place, London, EC3A 7NH www.creditandorra.com Tem Eastern Europe € 20.35 - 0.03 0.00
Artemis European Opps R Acc 76.93 81.21 0.62 1.26 CF JM Finn Gbl Opps A Acc ♦ 273.49 - 1.19 1.56
Authorised Corporate Director - Capita Financial Managers FCA Recognised Ennismore European Smlr Cos NAV € 126.30 - -0.30 0.00 Emerging Markets £ 3.34 - 0.02 0.48
ACPI Select UCITS Funds PLC (IRL) Tem Emerging Mkts Sml Comp Fd $ 10.90 - -0.01 0.00
Artemis Global Emg Mkts I GBP Acc 93.41 - 0.31 - Dealing: 0845 922 0044 CF Richmond Core X 194.25 - -0.68 0.00 Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00
Regulated Europe £ 4.23 - 0.05 2.30 Tem Euroland € 21.01 - -0.19 0.00
Authorised Inv Funds CF Seneca Diversified Growth A ACC 224.59 - 0.28 1.31
ACPI Balanced UCITS Fund USD Retail $ 14.53 - -0.05 0.00 Artemis Global Emg Mkts I GBP Dist 93.41 - 0.30 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.70 - 0.70 1.56
Retail Accumulation 2 116.70 - 0.24 0.00 Tem European EUR € 22.82 - -0.23 0.00
CF Seneca Diversified Growth B ACC 132.41 - 0.16 2.25 Ennismore European Smlr Cos Hedge Fd
ACPI Balanced UCITS Fund EUR Retail € 10.98 - -0.04 0.00 Artemis Global Energy R Acc 29.29 31.05 0.37 0.00 Crediinvest SICAV Fixed Income Eur € 10.92 - -0.02 0.00 Global Focus £ 2.85 - 0.02 0.51
Retail Income 2 115.39 - 0.26 0.00 Other International Funds Tem Frontier Mkts Fund $ 18.72 - 0.00 0.00
ACPI Balanced UCITS Fund GBP Retail £ 11.08 - -0.04 0.00 Artemis Global Growth R Acc 187.11 197.51 0.60 0.78 CF Seneca Diversified Growth N ACC 131.28 - 0.16 1.94 Crediinvest SICAV Fixed Income Usd $ 10.69 - 0.00 0.00 NAV € 449.55 - -4.04 0.00 Index Linked Bond £ 2.65 - 0.00 0.64 Tem Growth (Euro) € 17.14 - -0.17 0.00
The Castleton Growth Fund Ret Acc X F 113.17 - 0.23 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Acc 98.51 104.06 0.20 3.65 CF Seneca Diversified Income A INC 91.22 - -0.18 5.98 Crediinvest SICAV Spanish Value € 289.27 - -0.30 0.00 Index Linked Bond Gross £ 3.19 - 0.00 0.64 Tem Korea $ 5.67 - -0.02 0.00
The Castleton Growth Fund Ret Inc X F 113.65 - 0.23 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Income R Inc 81.45 86.05 0.16 3.77 CF Seneca Diversified Income B INC 107.98 - -0.21 5.19 Crediinvest SICAV International Value € 256.03 - -2.46 0.00 Index-Linked Bond Fund Gross Inc £ 12.49 - -0.02 0.64 Tem Thailand $ 20.19 - -0.19 0.00
CF Seneca Diversified Income N INC 107.02 - -0.21 5.19 Equinox Fund Mgmt (Guernsey) Limited (GSY)
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis Global select R Acc 71.15 75.12 0.01 0.00 Crediinvest SICAV Big Cap Value € 19.66 - -0.11 0.00 Japan £ 2.14 - 0.03 0.69
Regulated
BlackRock (JER) Investment Adviser - DSM Capital Partners
ACPI Focused Equity UCITS Fund $ 13.71 - 0.02 0.00 Artemis High Income R Inc 80.90 86.10 0.14 5.53 Crediinvest SICAV US American Value $ 18.61 - -0.05 0.00 Equinox Russian Opportunities Fund Limited $ 114.28 117.61 13.94 0.00 Long Bond £ 0.50 - 0.01 2.84
Regulated The Westchester X $ 27.56 - -0.14 0.00 Frontier Capital (Bermuda) Limited
Artemis Income R Inc 214.78 227.62 1.91 3.93 Crediinvest SICAV Sustainability € 16.68 - 0.00 0.00 Long Bond Gross £ 0.81 - 0.01 2.78
BlackRock UK Property £ 39.63 - 0.21 3.67 The Westchester Class 1 GBP Acc £ 19.06 - -0.08 0.00 Other International
Artemis Income R Acc 359.92 381.43 3.20 3.82 Long Bond Fund Gross Inc £ 11.13 - 0.10 2.83
Abbey Life Assurance Company Limited (UK) Blackrock UK Long Lease £ 1049.11 - 1.20 0.00 The Westchester Class 2 GBP Acc £ 19.09 - -0.07 0.00 Euronova Asset Management UK LLP (CYM) Commercial Property-GBP Class £ 71.42 - -0.53 -
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Artemis Monthly Dist R Inc 64.12 67.99 0.15 4.70 Pacific (Ex Japan) £ 3.92 - 0.08 1.79
BLK Intl Gold & General $ 5.18 5.47 0.04 0.00 Investment Adviser - Morant Wright Management Limited Dantrust Management (Guernsey) Ltd (GSY) Regulated Global Real Estate-GBP C Class £ 45.26 - -0.50 -
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 104.45 - 0.83 - Regulated Pan European £ 2.76 - 0.02 1.95
CF Morant Wright Japan A X 276.23 - 0.80 0.00 Smaller Cos Cls One Shares (Est) € 34.37 - 0.25 0.00
Insurances
Artemis Strategic Assets R Acc 80.82 85.61 0.28 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Smaller Cos Cls Two Shares (Est) € 24.14 - 0.15 0.00 Reduced Duration UK Corporate Bond £ 10.69 - 0.00 3.10
Life Funds CF Morant Wright Japan A Inc X 272.16 - 0.80 0.00
Artemis Strategic Bond R M Acc 84.50 89.67 0.13 3.96 Smaller Cos Cls Three Shares (Est) € 12.15 - 0.08 - Reduced Duration UK Corporate Bond Gross £ 10.83 - -0.01 3.10
Prop. Acc. Ser 2 1498.40 1577.20 -1.50 - CF Morant Wright Japan B X 293.11 - 0.86 0.51
Artemis Strategic Bond R M Inc 55.38 58.77 0.08 4.03 Smaller Cos Cls Four Shares (Est) € 15.62 - 0.09 0.00 Reduced Duration UK Corporate Bond Inc £ 10.18 - 0.00 3.10
Selective Acc. Ser 2 1609.40 1694.10 4.00 - CF Morant Wright Japan B Inc X 276.40 - 0.81 0.53 DAVIS Funds SICAV (LUX)
Artemis Strategic Bond R Q Acc 84.59 89.76 0.14 3.96 Regulated Reduced Duration UK Corp Bond Gross Inc £ 10.18 - -0.01 3.10
American Ser. 4 1653.20 1740.20 -11.60 - CF Morant Wright Nippon Yield ACC A X 281.78 - 0.31 2.04
Artemis Strategic Bond R Q Inc 55.48 58.87 0.09 4.04 Davis Value A $ 41.86 - -0.16 0.00 Select Emerging Markets Equities £ 1.35 - 0.01 0.89
Custodian Ser. 4 497.20 523.40 2.10 - CF Morant Wright Nippon Yield ACC B X 291.38 - 0.32 2.03
Artemis UK Growth R Acc 455.62 482.52 6.11 0.56 Davis Global A $ 31.29 - -0.23 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Equity Ser. 4 591.40 622.50 7.00 - CF Morant Wright Nippon Yield Fund A Inc X 247.37 - 0.27 2.08
BlueBay Asset Management LLP (LUX) Fundsmith LLP (1200)F (UK)
Artemis UK Smaller Cos R Acc 1086.99 1169.26 5.65 0.51 Select Global Equities £ 3.06 - 0.02 0.93
European Ser 4 595.20 626.50 3.60 - Regulated CF Morant Wright Nippon Yield Fund B Inc X 255.88 - 0.29 2.07 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Artemis UK Special Sits R Acc 531.35 564.80 4.96 1.63 South East Asia £ 3.92 - 0.04 0.64 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Fixed Int. Ser. 4 883.60 930.10 3.10 - BlueBay EmMkt B-USD $ 294.73 - -1.64 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
Artemis US Abs Ret I Acc 100.35 - -0.37 - 1 Poultry, London EC2R 8JR 020 7 415 4130 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.02 3.61 Authorised Inv Funds
Intl Ser. 4 448.40 472.00 0.10 - BlueBay EmMktCrp B-USD $ 166.51 - -0.36 0.00
Artemis US Equity I Acc 109.90 - 0.32 -
Cavendish Asset Management Limited (1200)F (UK) Authorised Inv Funds Fundsmith Equity T Acc 208.32 - 0.27 1.09
Japan Ser 4 379.40 399.30 -0.60 - BlueBay EmMktSel B-USD $ 154.26 - -0.55 0.00 Sterling Core Plus Bond Inc £ 1.35 - 0.01 3.73
Chelsea House, Westgate, London W5 1DR Disc Inc 1473.90 1519.50 19.80 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith Equity T Inc 198.31 - 0.26 1.10
Artemis US Select I Acc 109.54 - 0.28 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Regulated UK £ 3.65 - 0.04 1.83
Man. Ser. 4 1702.70 1792.30 7.00 - BlueBay EmMkLocCy B-USD $ 147.87 - -0.17 0.00
Authorised Inv Funds Do Accum 5529.80 5700.80 74.10 0.00
Artemis US Select I Inc 97.83 - 0.25 - (LF) Absolute Return € 1.31 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.01 3.10
Money Ser. 4 524.20 551.80 0.00 - BlueBay GlblConv I-USD $ 197.39 - 0.13 0.00
Artemis US Smlr Cos I Acc 117.56 - 0.44 - Cavendish Opportunities Fund B Class 1088.00 - 9.00 1.32
Prop. Ser. 4 1071.00 1127.40 -0.90 - BlueBay GlblHgYd B-USD $ 133.50 - -0.45 0.00
(LF) Balanced - Active Fund (RON)RON 16.60 - 0.00 0.00 UK Aggregate Bond Inc £ 1.23 - 0.00 3.17 GAM Limited (2300)F (UK)
Artemis US Ex Alpha I Acc 111.10 - 0.14 - Cavendish Opportunities Fund A Class 1079.00 - 8.00 0.53 GAM Sterling Management Limited
(LF) Cash Fund € € 1.32 - 0.00 0.00 UK Corporate Bond £ 1.25 - 0.01 3.97
Custodian Ser 5 478.10 503.30 2.10 - BlueBay HgYield B-EUR € 339.02 - -0.97 0.00 12 St James's Place London SW1A 1NX. 0800 919 927
Cavendish Opportunities Fund C Acc 1116.00 - 9.00 1.20
(LF) Cash Fund (RON) RON 15.67 - 0.01 0.00 UK Corporate Bond - Gross £ 2.26 - 0.01 3.83 Internet: gam.com
International Ser 5 431.20 453.90 0.10 - BlueBay HgYieldCp B-EUR € 143.46 - -0.40 0.00
Cavendish Worldwide Fund B Class 320.70 - 0.90 0.90
(LF) Eq Emerging Europe € 0.90 - -0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.33 - 0.04 3.95 Authorised Inv Funds
Managed Ser 5 1637.20 1723.40 6.60 - Artemis Fund Managers Ltd (CYM) BlueBay InvGr B-EUR € 173.38 - -0.73 0.00
Cavendish Worldwide Fund A Class 319.50 - 0.80 0.15 GAM Funds OEIC
Regulated (LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Gilt Bond £ 1.28 - 0.01 1.89
Money Ser 5 513.20 540.30 0.00 - BlueBay InvGEurGv B-EUR € 149.24 - -0.92 0.00
Cavendish Worldwide Fund C Acc 327.00 - 0.90 0.80 GAM Global Diversified Acc 4127.50 - -22.20 0.00
Artemis Gbl Hedge Fd Ltd GBP £ 54.66 - -1.07 - (LF) Global Bond Fd € 12.10 - -0.05 0.00 UK Gilt Gross £ 2.01 - 0.01 1.86
Property Ser 5 1029.80 1084.00 -0.90 - BlueBay InvGEurAg I-EUR € 149.70 - -0.83 0.00
Cavendish AIM Fund B Class 158.60 - 1.20 0.39 GAM North American Gwth Acc 3249.37 - -33.92 0.00
Pension Funds
Artemis Gbl Hedge Fd Ltd EUR € 50.84 - -1.06 - Dodge & Cox Worldwide Funds (IRL) (LF) Global Equities € 1.21 - -0.01 0.00 UK Long Corp Bond £ 1.40 - 0.01 4.36
BlueBay InvGLibor B-EUR € 126.05 - -0.15 0.00
Cavendish AIM Fund A Class 154.20 - 1.10 0.00 6 Duke Street,St.James,London SW1Y 6BN GAM UK Diversified Acc 1992.32 - -16.05 1.02
Artemis Gbl Hedge Fd Ltd USD $ 54.93 - -1.13 -
Asset Management
American 1902.90 2003.10 -16.30 - (LF) Eq Mena Fund € 15.41 - -0.12 0.00 UK Long Corp Bond - Gross £ 2.47 - 0.01 4.19
HighIncomeLoan H-EUR € 194.61 - 0.04 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Artemis Pan-Euro Hdg EUR € 176.28 - -3.15 - Cavendish Asia Pacific Fund B Class 182.40 - 0.60 1.31
Equity 5258.20 5534.90 49.30 - FCA Recognised (LF) Greek Government Bond € 15.36 - 0.05 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.24 - 0.06 4.33
Cavendish Asia Pacific Fund A Class 181.60 - 0.50 0.60 Dodge & Cox Worldwide Funds plc - Global Bond Fund
European 1207.60 1271.10 5.00 - Artemis Pan-Euro Hdg GBP £ 199.00 - 2.97 - (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Specialist £ 1.94 - 0.02 1.17 GAM Limited (IRL)
Artemis Pan-Euro Hdg USD $ 187.83 - 2.86 - BONHOTE Cavendish Asia Pacific Fund C Acc 187.50 - 0.50 1.30 EUR Accumulating Class € 11.97 - -0.07 - Retail Share Classes FCA Recognised
Fixed Int. 1613.70 1698.70 3.10 - (LF) Greek Corporate Bond € 10.76 - 0.04 0.00
Other International Funds GAM Fund Management Ltd
Cavendish European Fund B Class 145.70 - 1.60 1.22 EUR Accumulating Class (H) € 9.63 - 0.00 - Emerging Markets - retail £ 1.34 - 0.01 0.00
International 958.10 1008.50 -1.00 - Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6901.00 - 43.00 2.43 (LF) FOF Balanced Blend € 1.46 - -0.01 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Cavendish European Fund A Class 144.20 - 1.70 0.35 EUR Distributing Class € 11.67 - -0.07 - Europe Long Term Growth £ 1.54 - 0.00 1.84
Japan 400.80 421.90 -1.00 - (LF) FOF Equity Blend € 1.38 - -0.02 0.00 GAM Star Fund Plc
Artisan Partners Global Funds PLC (IRL) Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10472.00 - 123.00 0.81
Cavendish Japan Fund B Class 160.30 - -0.10 0.75 EUR Distributing Class (H) € 9.38 - 0.00 - {*}CAR - Net income reinvested
Managed 4423.60 4656.50 10.90 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland (LF) FOF Glob. Emerging Mkts € 0.99 - -0.01 0.00 GAM Star Asia-Pacific Eqty USD Acc F $ 13.52 - 0.03 0.68
Tel: 44 (0) 207 766 7130 Cavendish Japan Fund A Class 159.00 - -0.20 0.00 GBP Distributing Class £ 10.16 - -0.06 -
Property 2756.10 2901.10 -2.60 - (LF) FOF Dynamic Fixed Inc € 11.99 - -0.16 0.00 GAM Star Asian Eqty USD Ord Acc F $ 16.44 - -0.12 0.00
FCA Recognised Braemar Group PCC Limited (GSY) Cavendish North American Fund B Class 190.80 - -0.70 0.58 GBP Distributing Class (H) £ 9.43 - -0.01 -
Security 1477.00 1554.80 0.00 - Artisan Partners Global Funds plc (LF) FOF Real Estate € 16.65 - -0.29 0.00 FIL Fund Management (LUX) GAM Star Balanced GBP Acc £ 10.73 - -0.10 0.00
Regulated
Cavendish North American Fund A Class 185.40 - -0.60 0.00 USD Accumulating Class $ 9.68 - 0.00 - 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Selective 2063.80 2172.40 4.60 - Artisan Emerging Markets I USD Acc $ 8.21 - -0.03 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 18.82 - -0.10 0.00
UK Agricultural Class A £ 1.27 - 0.00 0.00 Phone: 800 22 089, 800 22 088
Cavendish Technology Fund B Class 274.30 - -1.50 0.09 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Formerly Hill Samuel Life Assurance Ltd Artisan Global Equity Fund Class I USD Acc $ 15.56 - -0.05 0.00 Regulated GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
UK Agricultural Class B £ 1.39 - 0.00 0.00 USD Accumulating Share Class $ 17.60 - -0.06 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cavendish Technology Fund A Class 261.60 - -1.50 0.00
Artisan Global Opportunities I USD Acc $ 12.44 - -0.05 0.00 China Consumer A-GBP £ 17.04 - -0.26 0.00 GAM Star Cautious GBP Acc £ 10.79 - 0.01 0.00
Student Accom Class B £ 0.55 - -0.17 0.00 GBP Accumulating Share Class £ 18.48 - -0.15 0.00
Managed Ser A (Life) 1604.40 1697.80 -17.80 - Cavendish UK Balanced Income Fund B Class 146.20 - 1.00 5.02
Artisan Global Value Fund Class I USD Acc $ 16.71 - -0.08 0.00 China Focus A-GBP £ 5.15 - -0.07 0.20 GAM Star China Equity USD Acc F $ 28.59 - -0.42 0.38
Managed Ser A (Pensions) 1077.80 1134.60 -14.40 - Cavendish UK Balanced Income A Class 139.50 - 1.00 5.26 GBP Distributing Share class £ 13.53 - -0.11 0.72
Artisan US Value Equity Fund Class I USD Acc $ 11.95 - -0.01 0.00 Global Financial Services A-GBP £ 0.45 - -0.01 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.55 - -0.04 0.00
Formerly Target Life Assurance Ltd CAF Financial Solutions (UK) Cavendish UK Select Fund B Class 168.70 - 1.90 1.65 EUR Accumulating Share Class € 23.57 - -0.21 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Global Health Care A-GBP £ 0.56 - 0.00 0.00 GAM Star Cred Opportunities GBP Acc £ 12.96 - 0.01 4.01
Kings Hill, West Malling, Kent 03000 123 222 Dodge & Cox Worldwide Funds plc-International Stock Fund
Cavendish UK Select Fund A Class 168.00 - 1.90 0.86
Managed (Life) 1624.50 1710.00 -18.30 - Property & Other UK Unit Trusts Global Industrials A-GBP £ 0.69 - -0.01 0.00 GAM Star Defensive GBP Acc £ 11.12 - -0.06 0.00
Ashmore Sicav (LUX) USD Accumulating Share Class $ 16.05 - -0.08 0.00 FIL Investment Services (UK) Limited (1200)F (UK)
Managed Growth (Life) 521.00 548.50 -7.90 - 2 rue Albert Borschette L-1246 Luxembourg CAF UK Equitrack Inc Fd 75.43 75.43 0.71 3.10 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - 0.00 0.51 GAM Star Discretionary FX USD Acc F $ 12.77 - -0.12 0.00
EUR Accumulating Share Class € 16.84 - -0.19 0.00
FCA Recognised CAF UK Equitrack Acc Fd 105.10 105.10 1.00 3.10 Callfree: Private Clients 0800 414161 GAM Star Dynamic Gbl Bd USD Acc H $ 10.34 - 0.00 1.47
Managed (Pensions) 6467.40 6807.80 -87.00 - Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Real Asset Securities £ 1.50 - -0.01 0.00
Regulated Broker Dealings: 0800 414 181
Managed Growth (Pensions) 641.90 675.70 -11.60 - Ashmore SICAV Emerging Market Debt Fund $ 100.67 - -0.46 8.50 FP CAF Alternative Strategies A Class Acc 111.68 - -0.03 0.41 USD Accumulating Share Class $ 18.89 - -0.04 0.00 Global Technology A-GBP £ 0.25 - 0.00 0.00 GAM Star Emerging Asia USD Class ACCU $ 12.67 - 0.04 0.48
Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.87 - 0.49 0.85 Cedar Rock Capital Fd Plc $ 359.26 - 3.13 0.00
additional fund prices can be found on our website FP CAF Alternative Strategies A Class Inc 111.12 - -0.03 0.46 GBP Accumulating Share Class £ 18.75 - -0.14 0.00 Unit Trust Global Telecomms A-GBP £ 0.29 - 0.00 0.98 GAM Star Emerg. Market Rates USD Acc F $ 11.57 - -0.01 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 88.38 - -0.26 6.28 Cedar Rock Capital Fd Plc £ 367.02 - -11.00 0.00 Cash Accum Units 186.28 186.28 0.00 0.00
FP CAF Fixed Interest A class Acc 113.79 - -0.33 2.95 GBP Distributing Share Class £ 11.98 - -0.08 0.44 India Focus A-GBP £ 4.28 - -0.11 0.00 GAM Star European Eqty USD Acc F $ 24.17 - -0.12 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 146.68 - -0.22 0.00 Cedar Rock Capital Fd Plc € 333.75 - -12.90 0.00 Cash Fund £ 1.00 1.00 0.00 0.12
FP CAF Fixed Interest A class Inc 101.13 - -0.29 2.99 EUR Accumulating Share Class € 21.87 - -0.16 0.00 Latin America A-GBP £ 1.71 - 0.00 0.18 GAM Star Flexible Gbl Port GBP Ac £ 13.03 - -0.04 0.00
Ashmore SICAV Local Currency Fund $ 88.48 - 0.14 0.29 FP CAF Fixed Interest B class Acc 114.27 - -0.33 2.95 Gross Accum Cash £ 1.28 1.28 0.00 0.00 GAM Star GAMCO US Equity Acc F $ 14.32 - -0.05 0.00
EM Mkts Corp.Debt USD F $ 102.02 - -0.08 7.05 FP CAF Fixed Interest B class Inc 101.43 - -0.29 2.99 Charles Schwab Worldwide Funds Plc (IRL) MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.12 GAM Star Global Conv Bond USD Acc F $ 11.71 - -0.02 0.00
Findlay Park Funds Plc (IRL)
EM Mkts Loc.Ccy Bd USD F $ 87.97 - -0.27 5.79 FP CAF International Equity A Class Acc 144.24 - -1.42 0.71 Regulated MoneyBuilder Global £ 2.70 2.70 -0.01 0.18 GAM Star Global Rates USD Acc F $ 12.66 - 0.09 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 OEIC Funds FCA Recognised
FP CAF International Equity A Class Inc 140.44 - -1.38 0.71 GAM Star Global Selector USD Acc F $ 14.71 - -0.07 0.00
American £ 27.61 - 0.10 0.00 American Fund USD Class $ 81.28 - -0.34 0.00
Alceda Fund Management S.A. FP CAF UK Equity A Class Acc 153.79 - -1.58 2.02 GAM Star Japan Eqty USD Acc F $ 13.63 - 0.03 0.34
www.alceda.lu American Special Sits £ 11.27 - 0.04 0.00 American Fund GBP Hedged £ 44.25 - -0.19 0.00
FP CAF UK Equity A Class Inc 141.35 - -1.46 2.04 Chartered Asset Management Pte Ltd GAM Star Keynes Quant Strat USD Acc F $ 12.43 - -0.04 0.00
FCA Recognised Other International Funds Asia Pacific Ops W-Acc £ 1.11 - 0.01 - American Fund GBP Unhedged £ 51.77 - -0.68 -
FP CAF UK Equity B Class Acc 153.79 - -1.58 2.02 GAM Star Local EM Rates and FX USD Acc $ 11.78 - -0.06 0.00
AC Opp - Aremus Fund EUR A € 111.76 - -0.44 0.00 CAM-GTF Limited $ 332303.23 332303.23 -10492.59 0.00 Dominion Fund Management Limited
Asset Management
Fidelity Asian Dividend Fund A-Accumulation £ 1.20 - 0.01 1.25 Latin American Fund USD Class $ 15.49 - 0.10 0.00
FP CAF UK Equity B Class Inc 141.34 - -1.45 2.04 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port GAM Star North of South EM Equity Acc F $ 12.29 - -0.08 0.02

Asset Management
AC Risk Parity 7 Fund EUR A € 122.55 - -0.30 0.00 CAM GTi Limited $ 720.39 - -33.02 0.00 Fidelity Asian Dividend Fund A-Income £ 1.16 - 0.01 2.59 Latin American Fund GBP Unhedged £ 9.87 - -0.02 -
Guernsey - Channel Islands United Kingdom GY1 3PU GAM Star Technology USD Acc F $ 16.42 - -0.20 0.00
AC Risk Parity 12 Fund EUR A € 148.62 - -0.64 0.00 Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com China Consumer £ 1.71 - 0.00 0.06
Aspect Capital Ltd (UK) GAM Star US All Cap Eqty USD Acc F $ 14.22 - -0.05 0.00
AC Risk Parity 17 Fund EUR A € 96.79 - -0.76 0.00 FCA Recognised
Other International Funds Emerging Asia £ 1.29 - 0.01 0.13
DGT Luxury Consumer - £ I £ 134.24 - -1.64 0.00 GAM Star Worldwide Eqty USD Acc F $ 3540.90 - -11.68 0.34
ACQ Risk Parity Bond Fund EUR A € 101.33 101.33 -0.29 0.00 Emerg Eur, Mid East & Africa H £ 1.51 - 0.03 0.86
Aspect Diversified USD $ 391.13 - -32.35 0.00
DGT Luxury Consumer - £ R £ 129.17 - -1.58 0.00
Aspect Diversified EUR € 225.25 - -10.25 - Enhanced Income - Acc £ 1.94 - 0.02 7.90
DGT Managed - £ I £ 1.14 - 0.00 0.00 GYS Investment Management Ltd (GSY)
Aspect Diversified GBP £ 114.57 - -5.36 0.00 Enhanced Income - Inc £ 1.28 - 0.01 7.04
DGT Managed - £ R £ 1.16 - -0.01 0.00 Regulated
Aspect Diversified CHF SFr 108.11 - -4.84 0.00 European - Inc £ 1.51 - 0.01 1.46
Taurus Emerging Fund Ltd $ 215.52 219.92 -6.84 0.00
CCLA Investment Management Ltd (UK)
Aspect Diversified Trends USD $ 112.63 - -0.23 0.00 European £ 17.07 - 0.16 1.10
Senator House 85 Queen Victoria Street London EC4V 4ET Fleming Financial Trust Investment Fund Limited (NZ)
Aspect Diversified Trends EUR € 112.99 - -0.22 0.00 Authorised Inv Funds Dominion Fund Management Limited European Opportunities £ 3.87 - 0.02 0.23 Incorporated in New Zealand, Reg No 5141841
Cheyne Capital Management (UK) LLP (IRL)
The Public Sector Deposit Fund Other International Funds Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Generali International Limited
Aspect Diversified Trends GBP £ 116.53 - -0.23 0.00 Regulated Extra Income £ 0.27 - 0.00 3.45
DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 115.20 115.20 -0.50 0.00 www.fftinvestmentfund.com PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.49 Cheyne Convertibles Absolute Return Fund € 1395.57 - 0.06 0.00
Allianz Global Investors GmbH(1200) F (UK) Extra Income - Gross £ 0.27 - 0.00 3.45 International Insurances
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 113.40 113.40 0.14 0.00 info@fftinvestmentfund.com
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.28 Cheyne European Real Estate Bond Fund € 112.64 - -0.02 0.00 Global Dividend - Acc £ 1.55 - 0.00 3.14 Other International Funds Global Multi-Strategy Managed $ 5.01 5.40 -0.06 0.00
Authorised Inv Funds Atlantas Sicav (LUX) The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.34 Fleming FT Investment Fund
Cheyne Global Credit Fund € 121.56 - -0.14 0.00 Global Dividend - Inc £ 1.40 - 0.00 3.24 UK Multi-Strategy Managed £ 4.98 5.36 -0.03 0.00
OEIC Regulated
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.39 Fleming Fund $ 3.75 3.85 0.01 -
Allianz BRIC Stars A Acc 161.78 - 0.64 0.60 American Dynamic $ 3603.08 - -4.59 0.00 Global Focus £ 13.41 - 0.09 0.00 EU Multi-Strategy Managed € 3.04 3.28 -0.07 0.00
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.28
American One $ 3315.92 - 3.73 0.00 Global High Yield Fund - A Gross Acc £ 12.35 - 0.01 4.73 Global Bond USD $ 3.56 3.84 -0.03 0.00
Allianz BRIC Stars C Acc 172.86 - 0.69 1.02 Cheyne Capital Management (UK) LLP
Allianz Brazil Fund A Acc 60.15 - 0.36 0.97 Bond Global € 1383.28 - -9.80 0.00 Other International Funds Global High Yield Fund - A Gross Inc £ 10.54 - 0.01 4.95 Foord Asset Mgt (Guernsey) Ltd (GSY)
Cheyne European Event Driven Fund € 149.26 - 0.23 0.00 Regulated
Allianz Brazil Fund C Acc 61.68 - 0.38 1.64 Eurocroissance € 914.76 - 6.85 0.00 CCLA Investment Management Ltd (UK) Global High Yield Fund - A Net Acc £ 11.96 - 0.00 4.77
Genesis Asset Managers LLP
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 133.76 - 2.30 0.00 Foord International Trust $ 36.40 - -0.06 0.00
Allz Continental European A Acc 911.83 - 7.97 0.19 Far East $ 755.92 - 3.07 0.00 Global High Yield Fund - A Net Inc £ 10.53 - 0.00 4.95 Other International Funds
Property & Other UK Unit Trusts Dragon Capital Group
Cheyne Malacca Asia Equity Fund Class A $ 1486.26 - -3.00 0.00 Global Property - Acc £ 1.50 - 0.01 1.22 Emerging Mkts NAV £ 6.00 - -0.06 0.00
Allz Continental European C Acc 147.26 - 1.29 0.99 CBF Church of England Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Cheyne Multi Strategy Liquid Fund $ 128.39 - 0.66 - Global Property W Inc £ 1.24 - 0.01 2.77 Franklin Templeton International Services Sarl (IRL)
Allz European Eq Inc A Inc 141.12 - 0.99 3.59 Investment Inc 1401.67 1417.17 1.18 3.78 Fund information, dealing and administration: funds@dragoncapital.com
BLME Asset Management (LUX)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Cheyne Real Estate Credit Holdings Fund £ 144.75 - 1.87 0.00 Other International Funds Global Special Sits £ 25.86 - 0.15 0.00
Allz European Eq Inc A Acc 191.64 - 1.35 3.75 BLME Sharia'a Umbrella Fund SICAV SIF Investment Acc 2791.12 2822.00 2.32 - Guardian (UK)
Other International Funds
Regulated Cheyne Real Estate Debt Fund Class A1 £ 131.37 - 0.81 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.33 - -0.05 0.00 Index Emerging Markets P-Acc £ 1.16 - 0.01 2.19 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Allz European Eq Inc C Acc 107.77 - 0.76 3.53 Global Equity Inc 166.09 167.93 -1.04 4.31 Franklin Emerging Market Debt Opportunities Fund Plc
$ Income Fund - Share Class A Acc $ 1139.13 - -0.64 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 201.99 - 0.81 0.00 Vietnam Growth Fund (VGF) NAV $ 21.81 - -0.36 0.00 Index Europe ex UK P-Acc £ 1.08 - 0.01 2.33 Insurances
Allz European Eq Inc C Inc 103.87 - 0.73 3.32 Global Equity Acc 235.96 238.56 -1.48 - Franklin Emg Mkts Debt Opp CHFSFr 17.84 - -0.09 6.47
$ Income Fund - Share Class B Acc $ 1158.90 - -0.65 0.00 Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Vietnam Property Fund (VPF) NAV $ 0.77 - -0.03 0.00 Guardian Assurance
Allianz EcoTrends A Acc 92.21 - 1.10 0.00 UK Equity Inc 157.09 158.67 1.99 4.05 Index Japan P-Acc £ 1.16 - 0.02 1.50 Franklin Emg Mkts Debt Opp EUR € 12.63 - -0.08 6.51
$ Income Fund - Share Class C Acc $ 1007.99 - -0.58 0.00 Equity S-GH Class B £ 13.35 - 0.12 -
Allianz EcoTrends C Acc 96.99 - 1.16 0.00 UK Equity Acc 227.04 229.32 2.88 - Index Pacific ex Japan P-Acc £ 1.16 - 0.02 3.39 Franklin Emg Mkts Debt Opp GBP £ 10.54 - -0.02 6.36
$ Income Fund - Share Class D Dis $ 1001.62 - -0.56 0.77 Managed Fund Bond £ 23.76 24.75 -0.33 -
Allianz Gilt Yield Fund C Inc 165.18 - 0.81 1.93 Fixed Interest Inc 165.61 166.27 -0.26 3.96 CMI Asset Mgmt (Luxembourg) SA (LUX) DSM Capital Partners Funds (LUX) Index UK A-Acc £ 0.90 - 0.01 2.71 Franklin Emg Mkts Debt Opp SGD S$ 22.88 - -0.05 6.31
$ Income Fund - Share Class G Acc £ 1077.81 - -0.57 0.00 Choices Wth-Pfts Lg-tm 318.20 334.90 0.10 -
Fixed Interest Acc 492.36 494.34 -0.76 - 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 www.dsmsicav.com Index UK P-Acc £ 1.10 - 0.02 2.95 Franklin Emg Mkts Debt Opp USD $ 17.86 - 0.15 6.27
Allianz Gilt Yield Fund I Inc 170.80 - 0.84 1.93
$ Income Fund - Share Class M Acc € 1015.59 - -0.65 0.00 FCA Recognised Regulated Choices Wth-Pfts St-tm 269.80 284.00 0.00 -
Allianz Japan A Acc 539.55 - 4.86 0.00 Property Fund Inc 126.92 131.18 0.00 6.51 Index US A-Acc £ 1.61 - 0.01 1.44
CMI Global Network Fund (u) Global Growth I2 Acc € 134.27 - -1.81 0.00 Choices Managed 632.05 665.32 -12.38 -
$ Income Fund - Share Class W DisA$ 1031.65 - -0.35 - Index US P-Acc £ 1.24 - 0.01 1.65
Allianz Japan C Acc 121.79 - 1.10 0.00 Property Fund Acc 224.08 231.59 2.52 - Regional Equity Sub Funds
Gl Sukuk Fund - Share Class A Acc $ 1227.96 - -0.12 0.00
Franklin Templeton Investment Funds (LUX) Choices Equity 729.22 767.60 -18.51 -
Allz RiskMaster Conservative A Acc 117.81 - 0.84 0.00 CMI Continental Euro Equity € 31.42 - 0.39 0.84 Index World A-Acc £ 1.46 - 0.01 1.75 8A rue Albert Borschette / L-1246 Luxembourg
Gl Sukuk Fund - Share class B Acc £ 1093.21 1093.21 -0.07 0.00 Freedom With Pfts Long-Tm 218.50 230.00 0.00 -
Allz RiskMaster Conservative C Acc 119.53 - 0.85 0.31 CMI Pacific Basin Enhanced Equity $ 47.00 - 0.28 2.19 Ecclesiastical Inv Mgt Ltd (1200)F (UK) Index World P-Acc £ 1.18 - 0.00 1.86 www.franklintempleton.co.uk UK freephone 0 800 305 306
CCLA Fund Managers Ltd (UK) PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 FCA Recognised Freedom With Pfts Short-Tm 196.60 207.00 0.00 -
Japan £ 2.85 - 0.05 0.00
Asset Management
Allz RiskMaster Defensive A Acc 110.39 - 0.72 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Single Country Equity Sub Funds Authorised Inv Funds Class A Dis Freedom Managed 365.73 384.98 -5.21 -
Allz RiskMaster Defensive C Acc
Allz RiskMaster Growth A Acc
112.19
124.82
-
-
0.73 0.14
1.09 0.00
Bank of America Cap Mgmt (Ireland) Ltd
Regulated
(IRL) Property & Other UK Unit Trusts
COIF Charity Funds (UK)
CMI Japan Enhanced Equity F
CMI UK Equity
¥ 4635.53
£ 12.84
-
-
1.40 0.76
0.12 2.03
Amity UK Cls A Inc
Amity UK Cls B Inc
218.90
218.50
-
-
1.70 1.40
1.70 2.20
Japan Smaller Companies
MoneyBuilder Asset Allocator Asset Management
£
£
1.97
1.22
-
-
0.04 0.00
0.00 0.50
Frk Gbl R.Estate (USD) A Dis
Frk High Yield
$
$
9.99
6.85
-
-
-0.01 2.36
-0.02 5.16
Freedom Equity Asset Management 420.37 442.49 -6.79 -

Global Liquidity USD $ 1.00 - 0.00 0.00 Investment Inc 1269.27 1283.31 0.07 3.48 Corp Pens Mananged 223.13 223.13 -4.37 -
Allz RiskMaster Growth C Acc 127.97 - 1.12 0.02 CMI US Enhanced Equity F $ 80.17 - -0.25 0.55 Higher Income Cls A Inc 132.80 - 0.50 4.61 MoneyBuilder Balanced £ 0.51 - 0.00 3.98 Frk Euro Gov. Bond € 11.33 - -0.07 1.01
Investment Acc 11961.24 12093.54 0.60 - Corp Pens Equity 238.06 238.06 -6.05 -
Allz RiskMaster Moderate A Acc 122.96 - 0.98 0.00 Index Tracking Sub Funds Higher Income Cls B Inc 136.50 - 0.60 4.55 Money Builder Dividend £ 2.67 - 0.03 4.12 Frk Euro High Yield € 6.72 - -0.02 4.48
Ethical Invest Inc 197.13 199.31 -0.30 3.59 Corp Pens Fixed Interest 294.84 294.84 -2.68 -
Allz RiskMaster Moderate C Acc 125.19 - 1.01 0.48 Barclays Investment Funds (CI) Ltd (JER) Euro Equity Index Tracking € 21.19 - 0.29 1.86 UK Equity Growth Cls A Inc 244.70 - 3.20 0.45 MoneyBuilder Growth £ 0.79 - 0.01 2.18 Frk Euro Liquid Reserve € 4.36 - 0.00 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ethical Invest Acc 248.55 251.29 -0.38 - Corp Pens Index Linked 338.04 338.04 -2.97 -
Allz Sterling Total Return Fund A Inc 150.05 - 0.32 2.92 Japan Index Tracking ¥ 848.90 - 1.17 0.83 UK Equity Growth Cls B Inc 249.90 - 3.20 1.21 MoneyBuilder Growth ISA £ 0.79 - 0.00 2.34 Frk Euro Short Dur Bond Fd € 10.19 - -0.01 0.00
FCA Recognised Global Equity Inc 155.05 156.77 -0.88 4.34 Corp Pens Deposit 190.49 190.49 0.00 -
Allz Sterling Total Return Fund C Inc 150.69 - 0.33 3.59 UK Eqty Index Tracking £ 16.50 - 0.15 2.78 Amity Balanced For Charities A Inc 113.40 - 0.50 5.45 MoneyBuilder Income £ 0.36 - 0.00 3.25 Frk Europ Corp Bond Fd € 11.46 - -0.04 1.64
Bond Funds
Global Equity Acc 224.28 226.76 -1.28 - Corp Pens Protector 350.91 350.91 -7.18 -
Allz Total Return Asian A Acc 696.94 - -1.43 1.20 Sterling Bond F £ 0.46 - 0.00 2.53 US Eqty Index Tracking $ 59.10 - -0.17 0.77 Amity European Fund Cls A Inc 207.90 - 2.30 1.19 MoneyBuilder Income -Gross £ 0.36 - 0.00 4.06 Frk European Total Return € 10.24 - -0.06 1.31
Fixed Interest Inc 134.60 135.14 -1.28 4.08 Corp Pens UK Index Tracker £ 2.05 2.05 -0.04 -
Allz Total Return Asian C Inc 642.35 - -1.30 1.10 Managed Sub Funds Multi Asset Adventurous A-Acc £ 1.38 - 0.00 0.45
Amity European Fund Cls B Inc 210.10 - 2.30 2.02 Frk Global Aggr.Inv.Grd Bond Fd $ 10.49 - -0.02 0.00
Fixed Interest Acc 755.98 759.02 -7.20 - Guardian Linked Life Assurance Ltd
Global Bond £ 1.43 - 0.01 0.87 Multi Asset Alloc Adventurous A-Acc £ 3.90 - 0.03 2.30
Allz UK Corporate Bond A Inc 105.68 - 0.35 3.87 Amity Global Equity Inc for Charities A Inc 109.60 - 0.30 3.80 Frk Global Aggregate Bond Fd $ 9.94 - -0.02 1.09
Baring Fund Managers Ltd (1200)F (UK) Property Inc 109.16 112.82 0.00 5.84 Managed Acc £ 18.42 19.39 -0.30 -
Global Network Mgd Global Mxd £ 2.33 - 0.01 0.19 Multi Asset Alloc Strategic A-Acc £ 1.21 - 0.00 0.27
Allz UK Corporate Bond C Inc 106.23 - 0.35 3.47 Dealing and Enquiries 020 7214 1004 Amity International Cls A Inc 224.70 - 0.40 1.23 Frk Global Income Fd $ 10.35 - -0.02 5.23
Property Acc 238.02 246.00 0.00 - Equity Acc £ 34.19 35.99 -0.73 -
Fund Information: www.barings.com Global Equity £ 2.60 - 0.01 0.02 Multi Asset Alloc Def - Gross A £ 1.13 - 0.00 0.27
Allz UK Equity Income A Inc 295.20 - 2.38 4.46 Amity International Cls B Inc 226.70 - 0.40 2.01 Frk Income $ 12.69 - -0.04 3.11
Authorised Inv Funds Local Authorities Property Fd (LAMIT) (UK) Fixed Interest Acc £ 16.95 17.84 -0.12 -
Bond Sub Funds Multi Asset Alloc Def - Net A £ 1.13 - 0.00 0.24
Allz UK Equity Income C Inc 105.88 - 0.85 3.01 Property 274.76 295.14 2.73 3.59 Amity Sterling Bond Fund A Inc 109.40 - 0.20 5.17 Frk US Government $ 9.45 - 0.00 2.09
Dynamic Capital Growth Acc 678.50 716.90 3.00 1.22 International Acc £ 13.28 13.98 -0.24 -
CMI Euro Bond F € 46.50 - 0.24 1.78 Multi Asset Alloc Growth A £ 1.27 - 0.00 0.00
Allianz UK Growth A Acc 4617.27 - 25.73 1.58 Amity Sterling Bond Fund B Inc 117.90 - 0.30 5.15 Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Dynamic Capital Growth Inc 274.30 289.70 1.20 1.23 International S-NA Acc £ 6.82 7.18 -0.13 -
CMI UK Bond £ 8.03 - 0.04 2.11 Multi Asset Defensive £ 1.23 - 0.00 0.35
Allianz UK Growth C Acc 107.06 - 0.60 1.26 Frk US Low Duration Fd $ 9.91 - -0.01 0.46
Eastern Acc GBP 708.80 - -0.70 0.00 International S-PA Acc £ 4.12 4.34 -0.07 -
CG Asset Management Limited (IRL) CMI US Bond $ 13.23 - 0.07 1.54 Multi Asset Defensive - Gross £ 1.24 - 0.01 0.35
Allianz UK Unconstrained C Acc 105.91 - 0.56 0.70 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Frk US Total Return $ 11.36 - -0.01 1.34
Eastern Inc GBP 695.60 - -0.70 0.00 Eclectica Asset Management (UK) International S-EU Acc £ 3.32 3.50 -0.06 -
Currency Reserve Sub Funds Multi Asset Growth £ 1.42 - 0.01 0.33
Allianz UK Unconstrained A Acc 220.00 - 1.15 0.81 00 353 1 434 5098 40 Dukes Place, London EC3A 7NH Tem Asian Bond $ 13.39 - -0.03 2.84
Europe Select Inc GBP 2632.00 - 32.00 0.60 CMI Euro Currency Reserve € 24.94 - 0.00 0.65 Managed S-PR Acc £ 7.00 7.37 -0.11 -
FCA Recognised Order desk: 0845 6080941 Switchboard 0870 6072555 MultiManager Balanced £ 1.09 - 0.00 0.56
Allianz UK Index C Acc 1904.29 - 17.64 2.80 Tem Asian Growth $ 32.72 - -0.22 0.28
European Growth Inc 1076.00 1135.00 9.00 1.00 CMI Stlg Currency Reserve £ 4.93 - 0.00 0.96 Fixed Interest S-IL Acc £ 6.40 6.74 -0.05 -
Capital Gearing Portfolio Fund Plc £ 26586.49 26586.49 -108.59 0.62 Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - -0.01 0.76
Allianz UK Index C Inc 1347.21 - 12.47 2.33 Tem Emerging Markets $ 33.08 - -0.15 0.26
German Growth Acc GBP 606.20 - 8.20 0.71 CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds Deposit Accum £ 4.45 4.68 0.00 -
CG Portfolio Fund Plc Multi Asset Open Strategic A-Acc £ 1.26 - -0.01 1.37
Allianz UK Mid Cap A Acc 4069.26 - 61.04 0.83 CF Eclectica Agriculture A EUR Acc ♦ € 1.56 - 0.01 0.00 Tem Emg Mkts Balanced AQdis $ 7.80 - -0.03 2.58 Guardian Pensions Management Ltd
German Growth Inc GBP 559.50 - 7.60 0.52 Real Return Cls A £ 170.08 170.08 -3.10 2.33 CMI Access 80% Gu F € 5.71 - 0.02 0.00
Allianz UK Mid Cap Fund C Acc 4140.84 - 62.20 1.59 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.02 Tem Emg Mkts Bd $ 16.84 - -0.04 6.63
Strategic Bond Inc 118.60 124.60 0.10 1.89 CF Eclectica Agriculture A GBP Acc ♦ 111.25 - -0.04 0.00 Pens. Managed Acc. £ 23.87 25.13 -0.47 -
Dollar Fund Cls D £ 130.57 130.57 -2.50 1.59
Allianz US Equity A Acc 406.03 - -1.65 0.13 Multi Asset Strategic £ 1.57 - 0.01 0.51 Tem Global $ 36.87 - -0.18 0.43
Global Growth Inc 389.70 410.60 1.40 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.74 - 0.00 0.00 Pens. Equity Acc. £ 36.73 38.66 -0.93 -
Capital Value Fund Cls V £ 129.79 129.79 -0.60 0.27
Allianz US Equity C Acc 187.85 - -0.76 0.79 Cohen & Steers SICAV (LUX) Open World A-Acc £ 1.24 - -0.01 0.00 Tem Global (Euro) € 20.60 - -0.23 0.33
Japan Growth Acc 139.30 146.80 0.80 0.26 CF Eclectica Agriculture C EUR Acc ♦ € 1.61 - 0.01 0.30
Regulated Multi Asset Income A Gross Acc £ 1.58 - 0.00 3.63
Yield expressed as CAR (Compound Annual Return) Tem Global Balanced $ 23.83 - -0.08 0.60
Korea Acc 283.70 300.90 1.50 0.00 CF Eclectica Agriculture C GBP Acc ♦ 115.15 - -0.04 0.36
All transactions to Ser A units the sell price will be used European Real Estate Securities € 22.8102 - -0.3037 1.13
Multi Asset Income A Gross Inc £ 1.13 - 0.00 5.11 HPB Assurance Ltd
CF Eclectica Agriculture C USD Acc ♦ $ 1.79 - 0.00 0.36 Tem Global Bond $ 20.82 - -0.08 2.17 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Multi Asset A Acc ... C 161.30 - -1.00 1.44 Europ.RealEstate Sec. IX € 30.0275 - -0.3998 0.00
Multi Asset Income A Net Acc £ 1.50 - 0.01 3.65 Tem Global Bond (Euro) € 10.31 - -0.03 2.90 International Insurances
Multi Asset A Inc ... C 154.30 - -1.00 1.46 Gbl RealEstate Sec. I $ 11.1906 - -0.0076 1.16
Amundi Funds (LUX) Multi Asset Income A Net Inc £ 1.13 - 0.00 5.12 Tem Global Equity Income A(Mdis) $ 10.62 - -0.05 3.57 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 UK Growth Inc 260.30 275.30 2.20 1.33 Gbl RealEstate Sec. IX $ 13.1025 - -0.0090 0.00 Edinburgh Partners Limited (IRL) South East Asia £ 8.80 - 0.03 0.10 Tem Global High Yield Fd F $ 9.40 - -0.03 4.73 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
www.amundi-funds.com Charity Fund 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
FCA Recognised 0800 032 6347 (charity enquiries) Special Situations £ 31.19 - 0.15 0.78 Tem Global Income $ 14.74 - -0.08 1.65
Dealing - Fax only - +353 1 434 5230
Bd. Euro Corporate AE Class - R - EUR € 18.84 - -0.06 0.00 Targeted Return Fund Acc 149.40 150.30 0.40 3.14 Canada Life Investments (UK) FCA Recognised Strategic Bond £ 0.32 - 0.00 3.08 Tem Global Smaller Cos $ 35.84 - 0.00 0.00
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Edinburgh Partners Opportunities Fund PLC Hamon Investment Group
Bd. Global AU Class - R - USD $ 26.36 - -0.01 0.00 Targeted Return Fund Inc 117.00 117.70 0.30 3.21 Strategic Bond Gross £ 0.32 - 0.00 3.08 Tem Global Total Return $ 17.54 - -0.08 3.49 Other International Funds
Authorised Inv Funds European Opportunities I EUR € 2.88 - -0.02 2.02
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Target 2015 £ 0.50 - 0.00 0.27 Tem Latin America $ 52.13 - 0.17 0.84 Asian Market Leaders - USD $ 29.05 - -0.01 0.00
Asia Pacific B Acc 957.01 - 2.28 0.78 European Opportunities I GBP £ 2.06 - -0.01 2.17
Eq. Emerging World AU Class - R - USD $ 97.90 - -0.87 0.00 Target 2015 - Gross £ 0.51 - 0.00 0.30 Class A Acc Asian Market Leaders - GBP £ 14.49 - -0.09 0.00
Baring International Fd Mgrs (Ireland) (IRL) Balanced B Acc 151.33 - 1.04 0.90 European Opportunities I USD $ 3.25 - 0.00 1.77
Eq. Greater China AU Class - R - USD $ 682.86 - -4.45 0.00 Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Target 2020 £ 0.59 - 0.01 0.48 Frk Biotech Discovery $ 35.50 - 0.07 0.00 Greater China - USD $ 13.70 - -0.01 0.00
Corporate Bond B Inc 209.78 - 0.64 4.01 European Opportunities A EUR € 2.82 - -0.02 1.40
Eq. Latin America AU Class - R - USD $ 448.55 - -3.33 0.00 FCA Recognised Comgest SA (LUX) Target 2025 £ 1.37 - 0.00 0.27 Frk Brazil Opportunities Fd $ 10.21 - 0.00 0.00 Greater China - GBP £ 5.52 - -0.04 0.00
European B Acc 258.68 - 2.68 0.00 Global Opportunities I USD $ 1.80 - -0.01 1.92
ASEAN Frontiers A GBP Inc £ 119.63 - 0.87 0.93 17 square Edouard VII - 75009 Paris, www.comgest.com
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.90 - -0.04 0.00 Target 2030 £ 1.47 - 0.00 0.24 Frk Euro S-Term Money Mkt Fd € 1011.86 - -0.01 0.00 Selected Asian P'folio $ 54.50 54.51 -0.51 0.00
Global Bond B Inc 92.20 - 0.11 2.67 FCA Recognised Global Opportunities I GBP £ 1.15 - -0.01 1.81
Asia Growth A GBP Inc H £ 48.04 - -0.01 0.00 UK Select £ 2.48 - 0.02 0.87 Frk Euroland Fund € 20.92 - -0.20 0.00
Global Equity B Acc 609.00 - 1.94 1.61 Comgest Asia F $ 4402.88 - -9.36 0.00
Australia A GBP Inc £ 74.03 - 0.96 2.19 Global Opportunities I EUR € 1.60 - -0.02 1.88
UK Growth £ 3.80 - 0.03 0.00 Frk European Growth € 16.49 - -0.11 0.00
The Antares European Fund Limited Global Equity Income B Inc 125.05 - 0.31 4.01 Comgest Europe F SFr 5854.38 - -48.33 0.00 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Baring China Bond Fund $ 10.31 - 0.01 0.00 Global Opportunities A GBP £ 1.09 - -0.01 1.37
Other International UK Smaller Companies £ 2.08 - 0.01 0.19 Frk European Sml Mid Cap Gth € 37.09 - -0.18 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Global High Yield Bond B Inc 100.86 - -0.20 4.65 Pan European Opportunities I EUR € 1.76 - -0.01 -
Baring Emerging Markets Corporate Debt Fund $ 9.54 - 0.01 0.00 WealthBuilder A Acc £ 1.05 - -0.01 0.59 Frk Gbl Equity Strategies Fd $ 11.89 - -0.05 0.00 Enquiries 0117 90090000
AEF Ltd Usd (Est) $ 640.29 - 3.87 - Global Infrastructure B Acc 120.91 - -0.21 1.21
Baring European Opportunities Fund Class A EUR Acc € 13.69 - 0.21 0.00 Comgest SA (FRA) Fidelity PathFinder Frk Gbl Fundamental Strat Fd $ 13.57 - -0.06 0.00
Authorised Inv Funds
AEF Ltd Eur (Est) € 642.92 - 3.93 0.00
Global Resource B Acc 94.95 - 0.90 0.11 17 square Edouard VII - 75009 Paris Hargreaves Lansdown Funds
Baring Global Mining Fund - Class A GBP Inc £ 5.45 - 0.05 0.69 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - 0.01 - Frk Global Conver.Securities $ 11.96 - -0.07 0.00
Japan B Acc 52.86 - 0.24 0.61 FCA Recognised Unit Trust
Dynamic Emerging Markets A GBP Acc F £ 10.25 - 0.09 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.10 - 0.00 - Frk Global Growth $ 14.83 - -0.01 0.00
Comgest Magellan € 22.51 - -0.36 0.00 HL Multi-Manager Special Situations Trust A Acc 271.19 285.46 -2.81 0.38
Arbiter Fund Managers Limited (LUX) Portfolio III B Acc 108.60 - 0.34 2.08
Eastern Europe A GBP Inc £ 48.22 - 0.58 0.68 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 - Frk Global Gth & Val $ 26.35 - -0.07 0.00
FCA Recognised Portfolio IV B Acc 111.03 - 0.48 2.29 HL Multi-Manager Income & Growth Trust A Acc 168.72 177.50 -2.95 3.69
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.51 - 0.07 6.48 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.14 - 0.01 - Frk Global Sml Mid Cap Gth $ 31.28 - -0.10 0.00
Arbiter Global Emerging Markets Fund Class A USD $ 111.70 - -0.76 0.00 HL Multi-Manager Income & Growth Trust A Inc 103.61 109.00 -1.81 3.79
Portfolio V B Acc 112.09 - 0.55 1.43 Comgest AM International Ltd (IRL)
Emerging Opportunities A GBP Inc H £ 20.30 - -0.06 0.00 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.16 - 0.01 - Frk Gold and Precious Mtls Fd F $ 4.09 - 0.07 0.00
Arbiter Global Emerging Markets Fund Class B GBP £ 100.88 - -1.36 - 46 St Stephen's Green, Dublin 2, Ireland HL Multi-Manager Balanced Managed Trust A Acc 187.36 197.05 -1.98 0.93
Portfolio VI B Acc 113.48 - 0.66 1.46
Glb Emerging Markets A GBP Inc H £ 20.60 - 0.02 0.42 FCA Recognised EFG Hermes Fidelity PathFinder Foundation 5 Acc (clean) £ 1.21 - 0.01 - Frk India $ 31.24 - -0.69 0.00
Portfolio VII B Acc 112.42 - 0.73 1.16 HL Multi-Manager Equity & Bond Trust A Inc 111.35 117.02 -1.04 2.30
Glb Resources A GBP Inc H £ 13.04 - 0.06 0.32 Comgest Gth Asia Pac ex Jap DIS F $ 8.53 - -0.07 0.11 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.11 - 0.00 - Frk Japan Fd ¥ 926.81 - 1.27 0.00 HL Multi-Manager Equity & Bond Trust A Acc 148.95 156.53 -1.39 2.26
Asset Management
Arisaig Partners North American B Acc 826.92 - -1.07 0.99
Comgest Gth Emerging Mkt DIS F $ 35.20 - -0.26 0.38
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.11 - 0.00 -
High Yield Bond A GBP Hedged Inc H £ 6.89 - -0.01 6.61 Frk K2 Alt Strat Fd $ 10.52 - -0.01 -
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.19 - -0.01 0.00 Hong Kong China A GBP Inc £ 700.01 - -2.45 0.49
Strategic Return B Acc
Total Return B Acc
104.68
107.78
-
-
1.16
0.00 2.78
-
Comgest Gth Europe DIS F € 20.93 - -0.18 0.00
Other International Funds
The EFG-Hermes Egypt Fund Asset Management
$ 29.93 - - 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.01 - Frk MENA Fund Asset Management $ 7.21 - 0.02 0.00
HL Multi-Manager Strategic Bond Trust A Acc
HL Multi-Manager Strategic Bond Trust A Inc
168.60 173.80 -0.46 1.74
141.74 146.12 -0.39 1.76
India Fund - Class A GBP Inc £ 14.14 - 0.29 0.00 Comgest Gth GEM PC DIS F € 13.58 - -0.19 0.13 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.16 - 0.01 -
Arisaig Asia Consumer Fund Limited $ 66.10 - -0.16 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Frk Mutual Beacon $ 73.63 - -0.31 0.00 HL Multi Manager Emerging Markets A Acc £ 0.97 0.99 -0.01 -
UK Equity B Inc 117.47 - 1.41 1.44
Latin America A USD Inc H $ 35.80 - 0.28 1.20 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.18 - 0.01 - Frk Mutual European EUR € 25.95 - -0.27 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.84 - -0.02 0.00 Saudi Arabia Equity Fund SR 16.07 - 0.11 0.00 HL Multi-Manager European A Acc 101.53 104.65 -1.65 0.14
UK Equity & Bond Income B Inc 242.79 - 2.32 4.38
MENA A GBP Inc F * £ 14.16 - 0.07 1.09 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.19 - 0.00 - Frk Mutual Gbl Disc $ 18.49 - -0.10 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.39 - -0.13 0.00
UK Equity Income B Inc 434.00 - 4.95 4.20 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) HL Multi-Manager UK Growth A Acc 104.72 107.95 -1.49 0.17
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.09 - 0.00 - Frk Natural Resources Fd F $ 8.21 - 0.08 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.44 - -0.11 0.00
UK Government Bond B Inc 47.00 - 0.24 2.13 Dealing & Client Services 0845 0264281 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.00 - Frk Real Return Fd F $ 10.51 - 0.00 0.00
Arisaig Latin America Consumer Fund $ 23.61 - -0.22 0.00 Authorised Inv Funds
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.80 - -0.03 0.00
Consistent UT Inc 59.34 60.04 0.53 4.36
 26 ★ FINANCIAL TIMES Thursday 14 May 2015

MANAGED FUNDS SERVICE

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

High Income Acc ♦ F 834.11 - 8.23 3.40 Invesco Pan European Structured Equity A € 17.83 - 0.20 0.00 Euro BBB-BB Fdt PA € 12.55 - -0.02 0.00 Low Volatility Gb.Eq.Fd. £ 100.29 - -0.88 - Global Equity Income Inc 110.10 - 0.50 3.85 UK Specialist Equity Income Fund £ 10.16 - -0.17 3.41
High Income Inc ♦ F 468.47 - 4.62 3.49 Invesco UK Eqty Income A £ 32.30 - 0.30 0.00 Euro BBB-BB Fdt PA £ 11.07 - -0.01 0.00 Low Volatility Gb.Eq.Fd. $ 103.21 - -0.23 - Global Equity Income acc 139.40 - 0.60 3.76 Global Spec Inv Grade Bd Fund GBP £ 10.17 - 0.01 3.08
Haussmann
Other International Funds High Yield Fund Acc 109.64 - 0.04 4.49 Invesco UK Investment Grade Bond A £ 1.00 - 0.01 2.91 Euro BBB-BB Fdt PA $ 17.79 - -0.03 0.00 Japan Alpha 108.80 - 0.40 0.05 Inflation Lkd Sov Bd Fund £ 12.63 - -0.20 0.70
Haussmann Cls A $ 2800.83 - -49.61 0.00 High Yield Fund Acc (Gross) 127.24 - 0.06 4.46 Invesco US Structured Equity A $ 22.00 - -0.06 0.00 Euro Credit Bd PA F € 13.03 - -0.03 0.00 North American 260.00 - -0.90 0.00 Global Emerg Mkts Equity Fund X £ 12.97 - -0.04 0.46
MFS Meridian Funds SICAV (LUX)
Haussmann Cls C € 2457.52 - -46.30 0.00 High Yield Fund Inc 44.34 - 0.02 4.60 Invesco US Value Eq Fd A $ 33.77 - -0.07 0.00 Euro Government Fdt PA € 12.49 - -0.05 0.00 Regulated European Equity Income A Inc 326.20 - 2.90 3.49 Series 2 (Investment Management customers only)

Haussmann Cls D SFr 1306.78 - -25.20 0.00 High Yield Fund Inc (Gross) 44.38 - 0.02 4.59 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Euro Inflation-Lk Fdt PA € 12.06 - -0.02 0.00 Absolute Return A1 € 20.13 - -0.06 0.00 United Kingdom Equity Index Fund £ 13.45 - -0.18 2.80

Hong Kong & China Acc ♦ F 526.53 - -4.32 0.64 Euro Resp.Corp. Fdt PA € 18.45 - -0.03 0.00 Asia ex-Japan A1 $ 25.98 - -0.06 0.00 UK Specialist Equity Inc £ 20.29 - -0.32 1.48
Swiss & Global Asset Management (LUX) Marwyn Asset Management Limited (CYM)
Income & Growth Acc ♦ F 988.41 - 12.69 3.60 Europe High Conviction PA € 12.14 - -0.12 0.00 Bond A1 $ 10.48 - 0.00 0.00 Contl Europe Spec Equity £ 17.27 - -0.19 0.59
funds@swissglobal-am.com, www.jbfundnet.com Regulated
Heartwood Wealth Management Limited (IRL) Invesco Global Asset Management Ltd (IRL)
Income & Growth Inc ♦ F 438.56 - 5.64 3.70 Regulated Eurozone Small&Mid Caps PA € 51.67 - -0.43 0.00 China Equity Fd A1 $ 11.50 - -0.13 0.00 Marwyn Value Investors £ 509.98 - 4.82 0.00 US Spec Equity Fund £ 14.22 - -0.16 0.16
Regulated Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised JB BF ABS-EUR B € 105.48 - 0.00 0.00 Japan Specialist Fund X £ 10.38 - -0.07 0.51
Heartwood Caut Multi Asset B Acc 142.58 - -0.70 0.00 Income Acc ♦ F 3230.21 - 30.34 3.18 Fdmt.Eq.L/S SH Sd EUR PA € 10.54 - 0.00 - Continental European Eqty A1 € 18.40 - -0.17 0.00
Invesco Stlg Bd A QD F £ 2.64 - 0.00 3.45 JB BF Abs Ret Def-EUR B € 112.58 - -0.01 0.00 Pacific Basin Specialist Equity Fund £ 24.65 - -0.08 1.16
Income Inc ♦ F 1824.39 - 17.14 3.25 Fdmt.Eq.L/S SH Sd USD PA $ 10.54 - 0.00 - Emer Mkts Debt Lo Curr Fd A1 $ 12.67 - 0.00 0.00
JB BF Abs Ret EM-USD B $ 119.44 - 0.00 0.00
McInroy & Wood Portfolios Limited (UK)
Invesco Asian Equity A $ 7.10 - 0.00 0.45 Emerging Markets Debt A1 $ 34.13 - -0.14 0.00 UK Sovereign Bd Index Fund £ 10.95 - -0.09 2.54
Japan Acc ♦ F 327.77 - -0.21 0.29 Gbl.Gvt.Fdmt PA € 10.64 - -0.08 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Henderson Global Investors (UK)
JB BF Abs Ret-EUR B € 132.17 - 0.04 0.00
Invesco ASEAN Equity A $ 104.56 - 0.87 0.37 Emerging Markets Eq.A1 $ 12.08 - -0.06 0.00 Authorised Inv Funds UK Specialist Equity Income Fund £ 10.90 - -0.19 3.36
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Japanese Smlr Cos Acc ♦ F 65.93 - 0.40 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.21 - -0.17 0.00
www.henderson.com Invesco Bond A $ 27.62 - 0.04 2.30 JB BF Abs Ret Pl-EUR B € 131.06 - 0.06 0.00 Balanced Fund Personal Class Units 3949.50xd - 32.20 1.83 Global Spec Inv Grade Bd Fund GBP £ 10.30 - 0.01 3.08
Latin America Acc ♦ F 129.67 - 0.55 1.21 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.65 - -0.08 0.00 European Concentrated A1 € 18.66 - -0.16 0.00
Authorised Inv Funds Invesco Continental Eurp Small Cap Eqty A $ 210.97 - 1.68 0.00 JB BF EM Corporate-USD B $ 109.48 - -0.08 0.00 Income Fund Personal Class Units 2474.80 - 20.90 2.78 Inflation Lkd Sov Bd Fund £ 12.75 - -0.20 0.70
Latin America Inc ♦ F 109.06 - 0.47 1.22 Gbl.5B Fdmt (EUR) PA € 11.93 - -0.06 0.00 European Core Eq A1 € 32.13 - -0.35 0.00
Asia Pacific Capital Growth A Acc 759.30 - 0.50 0.81
Invesco Emerging Markets Equity A $ 40.84 - 0.19 0.00 JB BF EM Infl Link-USD B $ 93.42 - -0.41 0.00 Emerging Markets Fund Personal Class Units 1813.50xd - 20.50 2.15 Global Emerg Mkts Equity Fund X £ 12.52 - -0.03 0.64
Managed Growth Acc ♦ F 169.72 - 0.80 0.77 Gbl.5B Fdmt (CHF) PA SFr 10.16 - -0.05 0.00 European Res.A1 € 33.68 - -0.34 0.00
Asian Dividend Income Inc 96.28 101.60 0.52 5.56 The initial charge you will pay will depend on the amount you invest
Invesco Emerging Markets Bond A $ 21.75 - -0.03 4.60 JB BF EM Inv Grade-USD B $ 101.81 - -0.59 0.00 Smaller Companies Fund Personal Class Units 3642.40 - 23.90 1.70
Managed Growth Inc ♦ F 142.14 - 0.66 0.77 Gbl.5B Fdmt SH (USD) PA $ 11.13 - -0.01 0.00 European Smaller Companies A1 € 50.81 - -0.44 0.00
Cautious Managed A Acc 247.50 - 1.30 3.13 **Address and Telephone number for series 1 only
Invesco Continental European Equity A € 9.42 - 0.10 0.19 JB Emerging (EUR)-EUR B € 342.28 - -1.61 0.00
Managed Income Acc ♦ F 165.34 - 0.73 2.99 Generation Global (CHF) PA F SFr 13.12 - -0.14 0.00 European Value A1 € 36.72 - -0.43 0.00
Cautious Managed A Inc 155.30 - 0.80 3.19
Invesco Gilt A £ 14.91 - 0.08 1.53 JB Emerging (USD)-USD B $ 418.45 - -2.10 0.00
Managed Income Inc ♦ F 103.06 - 0.45 3.05 Generation Global (EUR) PA F € 20.76 - -0.22 0.00 Global Conc.A1 $ 37.43 - -0.19 0.00 Meridian Fund Managers Ltd
China Opportunities A Acc 945.10 - -9.40 0.33
Invesco Global Small Cap Equity A NAV $ 130.41 - 0.36 0.00 JB BF Local EM-USD B $ 282.81 - -0.24 0.00 Other International Funds
Money Acc ♦ F 90.09 - 0.00 0.24 Generation Global (USD) PA F $ 15.91 - -0.03 0.00 Global Credit Fund $ 10.58 - 0.00 0.00
Emerging Markets Opportunities A Acc 156.20 - 1.10 0.40
Invesco Global High Income A NAV $ 13.18 - -0.03 5.11 JB BF Total Ret-EUR B € 99.80 - 0.09 0.00 Global Gold & Resources Fund $ 183.86 - -6.85 -
Money Acc (Gross) ♦ F 95.19 - 0.00 0.24 Global Energy (USD) PA F $ 9.31 - 0.09 0.00 Global Energy Fund A1 $ 14.91 - 0.06 0.00
European Growth A Acc 170.80 - 1.60 0.78 Global Energy & Resources Fund $ 42.61 - -3.25 -
Invesco Gbl R/Est Secs A GBP F F £ 7.85 - 0.04 0.87 JB EF Abs Ret Eur-EUR B € 119.59 - -0.19 0.00
Monthly Income Plus Acc ♦ F 301.90 - 0.49 4.65 Golden Age (CHF) PA F SFr 22.54 - -0.10 0.00 Global Equity A1 $ 47.73 - -0.21 0.00
European Selected Opportunities A Acc 1323.00 - 14.00 0.48
Invesco Global Health Care A $ 138.56 - -0.18 0.00 JB EF Euro Value-EUR B € 211.57 - -2.03 0.00
Monthly Income Plus Acc (Gross) ♦ F 353.16 - 0.58 4.63 Golden Age (EUR) PA € 15.25 - -0.07 0.00 Global Equity A1 € 26.91 - -0.19 0.00
European Special Situations A Acc 91.61 - 1.01 1.08
Invesco Global Select Equity A $ 14.44 - 0.05 0.00 JB EF Japan-JPY B ¥ 18379.00 - -3.00 0.00
Monthly Income Plus Inc ♦ F 113.51 - 0.18 4.75 Golden Age (USD) PA F $ 21.21 - -0.10 0.00 Global High Yield Fund $ 25.86 - -0.09 0.00 Metage Capital
Fixed Interest Monthly Income A Inc 22.33 23.42 0.00 5.52 New Capital Fund Management Ltd (IRL)
Invesco Jap Eqty Core A $ 1.98 - 0.00 0.00 JB EF Luxury B-EUR B € 234.03 - -2.86 0.00 Other International Funds
Monthly Income Plus Inc (Gross) ♦ F 113.67 - 0.19 4.75 Sh.T- Money Mkt EUR PA € 112.38 - 0.00 0.00 Global High Yield Fund € 16.75 - -0.09 0.00
Global Care Growth A Inc 206.80 - -0.50 0.11 Leconfield House, Curzon Street, London, W1J 5JB
Invesco Japanese Equity A $ 19.32 - 0.16 0.00 JB Ms EF Special Val. EUR/A € 154.32 - -1.23 0.71 MGS -Master Series (Est) $ 226.61 - 2.15 -
Pacific Acc ♦ F 1067.72 - 3.91 0.34 Sh.T- Money Mkt CHF PA SFr 129.15 - 0.00 0.00 Global Multi-Asset A1 $ 16.51 - -0.02 0.00 FCA Recognised
Global Equity Income A Inc 51.24 - 0.14 3.71 MEMO - Master Series $ 494.19 - -0.49 0.00
Invesco Korean Equity A $ 33.01 - 0.08 0.00 JB Strategy Balanced-CHF/B SFr 155.24 - -1.08 0.00 New Capital UCITS Funds
Pacific Inc ♦ F 980.68 - 3.59 0.34 Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 Global Res.A1 $ 27.29 - -0.08 0.00
Global Growth Fund 2045.02 2137.51 6.43 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00 Asia Pac Bd USD Inst Inc $ 95.85 - -0.51 3.06
Invesco PRC Equity A $ 62.56 - -0.31 0.00 JB Strategy Balanced-EUR € 162.04 - -1.14 0.00
Tactical Bond Acc ♦ F 69.38 - 0.01 1.75 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Global Total Return A1 € 17.94 - -0.09 0.00
Global Technology A Acc 919.90 - -3.60 0.00 Asia Pac Bd USD Ord Inc $ 97.73 - -0.51 2.36
Invesco Pacific Equity A $ 54.19 - 0.22 0.16 JB Strategy Balanced-USD/B $ 135.60 - -0.50 0.00
Tactical Bond Inc ♦ F 60.38 - 0.01 1.77 Sw.Fr.Bd(For) PA SFr 23.93 - -0.01 0.00 Inflation-Adjusted Bond A1 $ 14.13 - 0.02 0.00
Multi-Manager Absolute Return A Acc 137.90 - -0.40 0.30 Asia Pac Eq EUR Ord Inc € 105.83 - -0.46 2.68
Invesco Global Technology A $ 15.79 - -0.07 0.00 JB Strategy Growth-CHF/B SFr 96.56 - -0.92 0.00
Tactical Bond Acc (Gross) ♦ F 71.90 - 0.01 1.75 Sw.Fr.Credit Bd(For) PA SFr 13.77 - -0.01 0.00 Japan Equity A1 $ 10.63 - -0.02 0.00 Ministry of Justice Common Investment Funds (UK)
Multi-Manager Active A Acc ▲ 181.50 - 0.60 0.00 Asia Pac Eq GBP Ord Inc £ 109.42 - -0.46 3.03
Invesco UK Eqty A £ 8.94 - 0.08 1.26 JB Strategy Growth-EUR € 123.20 - -1.14 0.00 Property & Other UK Unit Trusts
Tactical Bond Inc (Gross) ♦ F 60.42 - 0.01 1.77 Tactical Alpha (CHF) PA SFr 10.21 - -0.02 0.00 Latin American Equity Fd A1 $ 15.63 - 0.03 0.00
Multi-Manager Distribution A Inc 132.40 - -1.20 2.98 The Equity Idx Tracker Fd Inc 1419.00 1419.00 1.00 2.56 Asia Pac Eq USD Ord Inc $ 110.11 - -0.49 2.49
JB Strategy Inc-CHF/B SFr 122.65 - -0.53 0.00
UK Aggressive Acc ♦ F 223.11 - 2.02 1.67 Tactical Alpha (EUR) PA € 10.48 - -0.02 0.00 Limited Maturity A1 $ 14.07 - 0.00 0.00
Multi-Manager Diversified A Acc 79.36 - -0.48 2.22 Distribution Units Asia Pac Eq USD Inst Acc $ 114.21 - -0.51 0.00
JB Strategy Inc-EUR/B € 165.29 - -0.76 0.00
UK Aggressive Inc ♦ F 185.81 - 1.68 1.70 Tactical Alpha (USD) PA $ 15.03 - -0.03 0.00 Prudent Wealth Fd A1 $ 14.53 - -0.05 0.00
Multi-Manager Global Select Acc 187.70 - -0.70 0.00 Asia Pac Eq USD Inst Inc $ 123.07 - -0.55 3.08
JB Strategy Inc-USD/B $ 151.48 - -0.28 0.00
UK Growth Acc ♦ F 605.44 - 5.46 1.71 Technology PA € 14.13 - -0.08 0.00 Research Bond A1 $ 16.67 - -0.01 0.00
Multi-Manager Income & Growth A Acc 156.10 - -1.30 1.93
UK Growth Inc ♦ F 384.12 - 3.47 1.74 Technology PA $ 21.45 - -0.11 0.00 UK Equity A1 £ 8.45 - -0.11 0.00 Mirabaud Asset Management (LUX) Dyn Europ Eq EUR Ord Inc € 179.51 - -1.99 1.10
Multi-Manager Income & Growth A Inc 145.70 - -1.30 1.95 www.mirabaud.com, marketing@mirabaud.com Dyn Europ Eq GBP Ord Inc £ 191.17 - -2.07 1.64
UK Smaller Cos Equity Acc ♦ F 841.66 - 6.03 0.57 Wld Gold Expertise PAF SFr 12.38 - 0.20 0.00 US Conc.Growth A1 $ 15.66 - -0.04 0.00 Regulated
Multi-Manager Managed A Acc 237.10 - 0.90 0.42 Dyn Europ Eq USD Ord Inc $ 179.63 - -2.05 1.13
UK Smaller Cos Equity Inc ♦ F 649.09 - 4.65 0.58 Wld Gold Expertise PA € 9.83 - 0.15 0.00 US Government Bond A1 $ 17.03 - 0.01 0.00 Mir. Conv. Bds Eur A EUR € 139.06 - -0.51 0.00
Multi-Manager Managed A Inc 232.70 - 0.90 0.41 China Equity EUR Ord Acc € 182.38 - -3.59 0.00
UK Strategic Income Acc ♦ F 186.99 - 1.85 3.38 Invest AD Wld Gold Expertise PA $ 12.98 - 0.21 0.00 Value A1 $ 22.50 - -0.07 0.00 Mir. Conv. Bds Glb A USD $ 117.29 - -0.29 0.00
Sterling Bond Acc 197.67 206.54 0.74 2.81 China Equity GBP Ord Acc £ 188.47 - -3.64 0.00
UK Strategic Income Inc ♦ F 140.21 - 1.39 3.47 Client services: +971 2 692 6101 clientservices@InvestAD.com LO Selection Mir. - Eq Asia ex Jap A $ 198.46 - 0.39 0.00
Sterling Bond Inc 61.99 64.76 0.24 2.85 Other International Funds China Equity USD Ord Acc $ 185.02 - -3.76 0.00
US Equity Acc ♦ F 554.44 - -1.11 0.00 Balanced (CHF) PA F SFr 109.54 - -0.59 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 106.39 - 1.04 0.00
Strategic Bond A Inc 129.00 - 0.00 5.41 Invest AD - Iraq Opportunity Fund $ 61.01 - 0.82 0.00 MMIP Investment Management Limited (GSY)
China Equity USD Inst Acc $ 189.23 - -3.83 0.00
Invesco Perpetual Funds (No Trail) Kames Capital ICVC (UK) Balanced (EUR) PA F € 130.03 - -0.83 0.00
Regulated Mir. - Eq Global Focus A USD $ 104.92 - -0.34 0.00
UK & Irish Smaller Companies A Acc 543.50 - 1.40 0.05 Invest AD - Emerging Africa Fund $ 1134.62 - -0.41 0.00
Asian (No Trail) Acc ♦ F 202.46 - 0.76 1.26 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Conservative (CHF) PA F SFr 105.34 - -0.26 0.00 Multi-Manager Investment Programmes PCC Limited Global Val.Cr.Fd GBP Ord Inc £ 115.43 - -0.16 3.75
Mir. -Eq Spain A € 28.94 - -0.14 0.00
UK Absolute Return A Acc 147.20 - 0.40 0.00 Invest AD - GCC Focus Fund $ 1770.10 - 5.38 0.00 0800 45 44 22 www.kamescapital.com
Asian (No Trail) Inc ♦ F 184.09 - 0.68 1.28 Conservative (EUR) PA F € 116.72 - -0.37 0.00 European Equity Fd Cl A Initial Ser € 2625.46 2636.00 94.84 0.00 Global Val.Cr.Fd USD Inst Acc $ 125.31 - -0.18 0.00
Authorised Funds Mir. - Eq Swiss Sm/Mid A SFr 315.87 - -3.33 0.00
UK Alpha A Acc ♦ 119.10 - 1.30 0.96 Global Val.Cr.Fd GBP Ord Acc £ 180.80 - -0.24 0.00
Asian Equity Income (No Trail) Acc ♦ F 132.84 - 0.34 3.82 Global Allocation (GBP) PA F £ 10.14 - -0.06 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 352710.00 353884.00 7640.00 0.00
Diversified Income B Acc 113.84 - 0.29 4.82 Mir. - Glb High Yield Bds A $ 111.42 - -0.23 -
UK Equity Income & Growth A Inc 641.10 - 4.90 3.50 Global Val.Cr.Fd USD Ord Acc $ 169.95 - -0.24 0.00
Asian Equity Income (No Trail) Inc 115.14 - 0.29 3.93 Growth (CHF) PA F SFr 114.76 - -0.89 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1345.20 1349.17 -35.49 0.00
Diversified Income B Inc 107.21 - 0.27 4.96 Mir. - Glb Eq High Income A USD $ 108.19 - -0.06 0.00
UK Index A Acc 529.30 - 5.00 1.91 Global Val.Cr.Fd EUR Ord Acc € 158.75 - -0.22 0.00
Balanced Risk 6 No Trail Acc 110.62 - 0.84 0.15 Growth (EUR) PA F € 142.35 - -1.23 0.00 Pacific Basin Fd Cl A Initial Ser $ 2393.89 2408.48 -0.43 0.00
Diversified Growth A Acc 136.10 - 0.38 2.41 Mir. - Glb Strat. Bd A USD $ 107.41 - -0.21 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Swiss Select Equity Inst Acc SFr 118.13 - -1.35 0.00
Balanced Risk 8 No Trail Acc 115.01 - 1.20 0.40 Vantage 1500 (EUR) MA € 10.43 - -0.02 0.00 UK Equity Fd Cl A Series 01 £ 2296.49 2320.54 -34.12 0.00
Ethical Cautious Managed A Acc 168.10 - 1.26 1.68
UK Property A Inc 97.68 102.81 0.03 4.16 Swiss Select Equity Ord Acc SFr 117.24 - -1.35 0.00
Balanced Risk 10 No Trail Acc 119.47 - 1.56 0.53 Vantage 3000 (EUR) MA € 10.74 - -0.03 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1651.01 - 5.94 0.00
Ethical Cautious Managed A Inc 139.58 - 1.05 1.70
UK Tracker A Acc 239.60 - 2.20 1.37 PrivilEdge US Growth USD Ord Acc $ 208.83 - -0.88 0.00
Corporate Bond (No Trail) Acc ♦ F 164.32 - 0.12 3.91 Diversified Absolute Return Stlg Cell AF2 £ 1670.13 - 7.07 0.00
Ethical Corporate Bond A Acc 195.87 - 0.41 3.15
US Growth A Acc 761.00 - -2.90 0.00 Inc.Pt.RMB Dt.CNH PA CNH 101.41 - 0.02 -
Corporate Bond (No Trail) Inc ♦ F 118.21 - 0.09 4.00 JPMorgan Asset Mgmt (1200)F (UK) US Growth EUR Ord Acc € 199.87 - -0.82 0.00
Ethical Corporate Bond A Inc 111.89 - 0.23 3.15
60 Victoria Embankment, London EC4Y 0JP Inc.Pt.RMB Dt.SH CHF PA SFr 10.09 - 0.01 -
Distribution (No Trail) Acc ♦ F 170.82 - 0.66 4.11
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Ethical Equity A Acc 179.68 - 2.13 1.01 Manek Investment Mgmt Ltd (1000)F (UK)
US Growth GBP Ord Acc
Asset Management
Managemen
£ 209.30 - -0.83 0.00

Asset Management
Distribution (No Trail) Inc ♦ F 115.41 - 0.44 4.19 Inc.Pt.RMB Dt.SH EUR PA € 10.13 - 0.01 - P.O.Box 100, Swindon SN1 1WR 0844 800 9401 US Growth USD Inst Acc $ 192.04 - -0.80 0.00
Authorised Inv Funds High Yield Bond A Acc 117.82 - -0.37 4.21
Emerging Countries (No Trail) Acc ♦ F 169.90 - 0.09 0.97 JPM Retail OEIC (A class unless stated)
America Equity Acc 59.06 - -0.19 0.00
High Yield Bond A Inc Asset Management 54.53 - -0.17 4.21
Inc.Pt.RMB Dt.USD PA
Jenn. US Eq.Opp. USD PA
$ 10.18
$ 10.29
-
-
0.00
-0.02
-
-
Authorised Inv Funds
Growth Fd Acc
Asset Management
Montello Real Estate Opportunity Fund
58.89 62.49 -0.09 0.00 (LUX)
Wealthy Nat Bd EUR Inst Inc
Wealthy Nat Bd GBP Inst Inc
€ 112.90
£ 116.72
-
-
-0.20 3.82
-0.20 3.69
Emerging Countries (No Trail) Inc ♦ F 160.13 - 0.08 0.98
Investment Grade Bond A Acc 158.26 - -1.01 2.97 101 New Cavendish Street,London W1W 6XH
Emerging European (No Trail) Acc ♦ F 80.34 - 0.78 3.23 America Equity Inc 59.05
Asset Management
- -0.19 0.00 Neubrg.Berman US Core PA $ 14.76 - -0.01 0.00
Regulated Wealthy Nat Bd EUR Ord Inc € 112.12 - -0.20 3.55

Asset Management
Investment Grade Bond A Inc 116.67 - -0.74 2.97

Hermes Investment Funds Plc (IRL)

Emerging European (No Trail) Inc ♦ F
European Equity (No Trail) Acc ♦ F
73.23
156.40
-
-
0.70 3.33
1.44 2.61
Asia Acc
Asia Inc
128.70
71.40
-
-
0.10 0.30
0.05 0.29
Sterling Corporate Bond A Acc 69.83 - 0.19 2.84
Sands US Growth PA
Sands US Growth PA
Asset Management€ 14.00
$ 16.96
-
-
-0.02 0.00
-0.03 0.00
Manulife Global Fund
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
(LUX) Montello Real Estate Opportunity Fund II £ 1100.80 - 7.38 0.00 Wealthy Nat Bd GBP Ord Inc
Wealthy Nat Bd USD Ord Inc
£ 117.30
$ 114.32
-
-
-0.20 3.45
-0.21 3.41
Sterling Corporate Bond A Inc 31.38 - 0.09 2.83 www.manulife.com.hk
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Cautious Managed Rt Acc 67.79xd - 0.22 0.18 Will.Blair Gbl. Ldrs PA € 16.27 - -0.21 0.00 New Capital Alternative Strategies
European Equity (No Trail) Inc ♦ F 132.09 - 1.21 2.68 FCA Recognised
FCA Recognised Strategic Bond A Acc 182.25 - -0.14 2.16 Morant Wright Management Ltd (CYM)
All Weather Fd USD Cls $ 121.54 - 0.44 0.00
European Equity Income (No Trail) Acc ♦ F 158.27 - 1.23 3.02 Cautious Managed Rt Inc 59.65xd - 0.20 0.18 Will.Blair Gbl. Ldrs PA $ 13.64 - -0.07 0.00
Hermes Active UK Inflation Fund Class F Acc £ 1.29 1.29 0.00 0.00 Strategic Bond A Inc 121.50 - -0.10 2.16 American Growth Fund Class A F $ 30.0611 - 0.2430 0.00 Regulated
Diversified Real Ret Acc 53.62 - 0.21 1.03 All Weather Fd EUR Cls € 109.59 - 0.39 0.00
European Equity Income (No Trail) Inc ♦ F 122.55 - 0.95 3.09 American Growth Fund Class AA F $ 1.7083 - 0.0138 0.00 MW Japan Fd Ltd A $ 24.95 - -0.20 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.69 1.69 0.00 0.00 UK Equity Absolute Return A Acc 119.06 - 0.07 0.00
Diversified Real Ret Inc 52.34 - 0.20 1.03 All Weather Fd GBP Cls £ 117.94 - 0.49 0.00
European High Income (No Trail) Acc ♦ F 167.78 - 0.71 3.35 Lothbury Property Trust (UK) American Growth Fund Class AA (HKD) FHK$ 10.6980 - 0.0847 - MW Japan Fd Ltd B $ 25.24 - -0.21 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.75 3.75 0.01 0.00 UK Equity A Acc 240.90 - 2.47 1.12
Emerging Mkts Acc 153.40 - 0.60 0.68 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Tactical Opps USD Cls $ 182.02 - -0.77 0.00
European High Income (No Trail) Inc ♦ F 123.92 - 0.53 3.41 Asian Equity Fund Class A F $ 3.4627 - -0.0074 0.36
Hermes Global Emerging Markets Fund Class F Acc £ 1.29 1.29 0.00 0.00 UK Equity Income A Acc 209.90 - 2.01 4.27
Emerging Mkts Inc 65.96 - 0.26 0.68 Property & Other UK Unit Trusts Tactical Opps EUR Cls € 152.91 - -0.64 0.00
Invesco Perpetual High Yield Fund acc (No trail) 226.64 - 0.09 4.48 Asian Equity Fund Class AA F $ 1.1146 - -0.0024 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.35 3.35 0.03 0.00 UK Equity Income A Inc 165.18 - 1.58 4.40 Lothbury Property Trust GBP £ 1692.43 1813.44 10.02 3.35 Morant Wright Funds (Ireland) PLC (IRL)
Emrg Mkts Inc Acc... C 56.79xd - 0.26 3.92 Tactical Opps GBP Cls £ 171.20 - -0.72 0.00
Invesco Perpetual High Yield Fund inc (No trail) 170.74 - 0.08 4.58 Asian Small Cap Equity Fund Class AA F $ 2.4142 - 0.0090 0.00 FCA Recognised
Hermes Global Equity Fund Class F Acc £ 1.55 1.55 0.00 0.00 UK Opportunities A Acc 176.01 - 1.46 0.97
European Opportunities (No Trail) Acc ♦ F 177.72 - 2.17 0.68 Emrg Mkts Inc Inc... C 51.08xd - 0.23 4.04 Morant Wright Fuji Yield CHF Acc HedgedSFr 11.94 - 0.00 -
Hermes Global Equity Fund Class R Acc € 4.17 4.17 0.02 0.00 UK Smaller Companies A Acc 267.78 - 3.52 0.26 Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.7672 - 0.0353 -
European Opportunities (No Trail) Inc ♦ F 168.65 - 2.05 0.68 Europe Acc 1075.00 - 10.00 1.45 Morant Wright Fuji Yield EUR Acc Hedged € 11.73 - -0.01 -
Hermes Global ESG Equity Fund Class F Acc £ 1.20 1.20 0.00 - China Value Fund Class A F $ 10.2757 - -0.0363 0.58
Europe Inc 61.90 - 0.60 1.45 Morant Wright Fuji Yield GBP Acc Hedged £ 11.97 - -0.01 -
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 229.18 - 3.71 0.47 China Value Fund Class AA F $ 3.2194 - -0.0114 0.39
Hermes Global High Yield Bond Fund Class F Acc £ 1.10 1.10 0.00 0.00
Kames Capital Investment Portfolios ICVC (UK)
Asset Manageme
Global Balanced Index (No Trail) Acc ♦ F 160.88 - 0.85 1.72 Eur Dynamic exUK Acc 165.80 - 1.90 0.79 Morant Wright Fuji Yield USD Acc Hedged $ 11.68 - 0.00 -
Hermes Global High Yield Bond Fund Class R Acc € 2.93 2.93 0.00 0.00 Dragon Growth Fund Class A F $ 2.3702 - -0.0037 0.51
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Global Bond (No Trail) Acc ♦ F 134.99 - 0.06 1.31 Eur Dynamic exUK £ hdg Acc 193.40 - 2.90 0.68 Morant Wright Fuji Yield USD Dist Hedged $ 11.82 - -0.01 -
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.04 1.04 0.01 - 0800 45 44 22 www.kamescapital.com Dragon Growth Fund Class AA HKDHK$ 11.4726 - -0.0194 0.49
Global Bond (No Trail) Inc ♦ F 122.75 - 0.05 1.32 Eur Dynamic exUK Inc 76.11 - 0.87 0.79 Authorised Funds
Asset Management
Emerging Eastern Europe Fund Class AA F $ 1.5981 - 0.0357 0.45 Morant Wright Fuji Yield YEN Acc ¥ 1196.57 - -0.87 -

set Management
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00 -
Glbl Distribution Acc (No Trail) 108.73 - 0.19 - Eur Smaller Cos Acc 461.90 - 5.80 0.00 Property Income B Acc 114.10 - 0.27 - M & G Securities (1200)F (UK) Morant Wright Fuji Yield YEN Dist ¥ 1183.40 - -0.86 - Northwest Investment Management (HK) Ltd
Asset Management Asset Management
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.34 1.34 0.02 0.00 Emerging Eastern Europe Fund Class A F $ 3.7212 - 0.0831 0.79
Eur Smaller Cos Inc 60.08 - 0.76 0.00 Property Income B Inc 108.86 - 0.25 - PO Box 9039, Chelmsford, CM99 2XG 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Glbl Distribution Inc (No Trail) 105.15 - 0.18 - European Growth Fund Class A F $ 11.5812 - 0.0901 1.16 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.35 - -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.31 1.31 0.01 1.74 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Other International Funds
Global Equity (No Trail) acc ♦ F 219.10 - 0.78 0.95 Fusion Balanced Acc 56.50xd - -0.23 0.00 Authorised Inv Funds Morant Wright Sakura Fund Euro Acc Hedged € 14.31 - -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.32 3.32 0.05 0.00 European Growth Fund Class AA F $ 0.8381 - 0.0066 0.56 Northwest $ class $ 2348.71 - -47.97 0.00
Global Equity (No Trail) inc ♦ F 205.05 - 0.74 0.96 Fusion Balanced Inc 56.49xd - -0.23 0.00 Charifund Inc 1527.83 - 12.68 4.41 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1458.37 - -1.06 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.39 1.39 0.01 0.00 Kames Capital VCIC (IRL) Global Contrarian Fund Class AA F $ 0.9784 - 0.0079 0.00 Northwest Warrant $ class $ 2282.79 - 2.11 0.00
Global Equity Income (No Trail ) Acc ♦ F 254.26 - 0.52 3.13 Fusion Conservative Acc 55.61xd - -0.27 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Charifund Acc 20509.99 - 170.24 4.28 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.32 - -0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.35 3.35 0.04 0.00 Global Property Fund Class AA F $ 1.0504 - 0.0164 0.73
Fusion Conservative Inc 55.50xd - -0.26 0.00 FCA Recognised
Global Equity Income (No Trail) Inc ♦ F 211.95 - 0.43 3.21 M&G Corporate Bond A Acc 62.71xd - 0.21 3.06 Global Property Fund Class AA (HKD)HK$ 9.8727 - 0.1523 - Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.26 - -0.01 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 0.02 0.00 Absolute Return Bond B GBP Acc 1076.99 - -0.67 -
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 174.33 - 0.01 1.26 Fusion Growth Acc 58.26xd - -0.29 0.00 M&G Corporate Bond A Inc 39.88xd - 0.13 3.06
Hermes UK Small & Mid Cap Fund Class R Acc € 5.01 5.01 0.07 0.00 Global Resources Fund Class AA F $ 0.8636 - 0.0110 0.00
Eq Market Neutral B Acc 1018.03 - 0.62 -
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 203.47 - 0.06 1.67 Fusion Growth Inc 58.26xd - -0.29 0.00 M&G Dividend A Inc 65.91 - 1.19 3.93
Hermes US SMID Equity Fund Class F Acc £ 1.60 1.60 0.00 0.00 Greater China Opportunities Class AA $ 1.1728 - -0.0014 -
Eq Market Neutral Plus B Acc 1027.38 - 1.08 -
Gbl Fin Cap No Trail Acc 180.65 - 0.12 4.18 Fusion Growth + Acc 60.08xd - -0.35 0.00 M&G Dividend A Acc 640.17 - 11.54 3.80
Hermes US SMID Equity Fund Class R Acc € 3.50 3.50 0.00 0.00 Healthcare Fund Class AA F $ 1.9876 - 0.0099 0.00
High Yield Global Bond A GBP Inc 544.37 - -1.83 4.05
Gbl Fin Cap No Trail Inc 155.15 - 0.10 4.31 Fusion Growth + Inc 60.09xd - -0.34 0.00 M&G Episode Growth X Inc 53.91xd - 0.32 1.84 India Equity Fund Class AA F $ 1.3718 - 0.0257 0.00
High Yield Global Bond B GBP Inc 1130.62 - -3.78 4.56
Global Opportunities (No Trail) Acc ♦ F 258.41 - 1.14 0.93 Fusion Income Acc...C 54.89xd - -0.30 2.50 M&G Episode Income A Acc 144.49xd - 0.48 3.40 International Growth Fund Class A F $ 4.8895 - 0.0473 0.13
Hermes Property Unit Trust (UK) Investment Grade Global Bd A GBP Inc 564.43 - 0.54 2.43 Oasis Crescent Management Company Ltd
Global Smaller Companies (No Trail) Acc ♦ F 253.82 - 0.63 0.38 Fusion Income Inc...C 52.48xd - -0.28 2.57 M&G Episode Income A Inc 122.61xd - 0.41 3.47 International Growth Fund Class AA F $ 1.1229 - 0.0109 0.00
Property & Other UK Unit Trusts Kames Global Equity Income B GBP Acc 1161.59 - 5.85 - Other International Funds
Global Smaller Companies (No Trail) Inc ♦ F 244.14 - 0.61 0.38 Global Allocation Acc 55.02 - 0.29 0.64 M&G Extra Income A Inc 780.56 - 6.00 4.12
Property £ 5.46 5.79 0.03 3.08 Japanese Growth Fund Class A F $ 3.5626 - 0.0295 0.59 Morgan Stanley Investment Funds (LUX) Oasis Crescent Equity Fund R 9.99 - -0.08 0.00
Kames Global Equity Income B GBP Inc 1119.18 - 5.64 -
Global Targeted Rets (No Trail) Acc 114.45 - 0.17 0.82 Global Allocation Inc 54.66 - 0.29 0.64 M&G Extra Income A Acc 6213.64 - 47.78 4.01 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Japanese Growth Fund Class AA F $ 0.9165 - 0.0076 0.00
Strategic Global Bond A GBP Inc 1116.00 - 0.56 1.11 www.morganstanleyinvestmentfunds.com
High Income (No Trail) Acc ♦ F 177.91 - 1.76 3.39 Global Bond exUK Acc 249.20 - 0.40 0.84 M&G Global Basics A Inc 682.70 - 0.99 0.27 Latin America Equity Fund Class AA F $ 0.9291 - 0.0072 1.42
Impax Asset Management (IRL) Strategic Global Bond B GBP Inc 632.70 - 0.33 1.60 FCA Recognised Oasis Global Mgmt Co (Ireland) Ltd (IRL)
High Income (No Trail) Inc ♦ F 133.18 - 1.32 3.48 Global Bond exUK Inc 196.70 - 0.30 0.84 M&G Global Basics A Acc 1030.63 - 1.50 0.27 Russia Equity Fund Class AA F $ 0.5134 - 0.0129 0.00 US Advantage A F $ 56.38 - 0.41 0.00 Regulated
Norfolk House, 31 St James's Square, London, SW1Y 4JR
Hong Kong & China (No Trail) Acc ♦ F 208.29 - -1.70 1.07 Global Bond Opport. Acc 50.56xd - -0.04 - M&G Global Dividend Fund A Acc 206.23xd - 0.68 3.09
FCA Recognised Taiwan Equity Fund Class AA F $ 1.7159 - 0.0081 0.19 Asian Equity A F $ 48.10 - 0.17 0.00 Oasis Global Investment (Ireland) Plc
Env Mkts (Ire) Stl A £ 2.27 - -0.01 0.00 Income & Growth (No Trail) Acc ♦ F 232.10 - 2.98 3.59 Global Bond Opport. Inc 50.50xd - -0.04 - Kleinwort Benson Bank (UK) M&G Global Dividend Fund A Inc 165.08xd - 0.55 3.15 Turkey Equity Fund Class AA F $ 0.8505 - 0.0299 0.00 Oasis Global Equity $ 28.82 - -0.13 0.22
14 St. George Street, Mayfair, London W1S1FE Asian Property A F $ 20.23 - 0.19 0.00
Env Mkts (Ire) Euro A € 2.17 - -0.01 0.00 Income & Growth (No Trail) Inc ♦ F 187.91 - 2.42 3.68 Global Eq Income £ hdg Acc... C 69.40xd - 0.38 3.79 M&G Glbl Emrgng Mkts A Acc 218.95 - 0.31 0.75 Oasis Crescent Global Investment Fund (Ireland) plc
Dealing and enquiries: 0800 024 2400 US Bond Fund Class AA F $ 1.2168 - 0.0014 3.89 Asian Property AX F £ 11.94 - 0.08 0.52
Env Mkts (Ire) USD A $ 1.86 - 0.01 0.00 Global Eq Income £ hdg Inc ... C 50.38xd - 0.28 3.89 M&G Glbl Emrgng Mkts A Inc 211.53 - 0.30 0.76 Oasis Crescent Global Equity Fund $ 29.35 - -0.12 0.00
Income (No Trail) Acc ♦ F 177.05 - 1.66 3.17 Authorised Inv Funds U.S. Bond Fund Class AA Inc F $ 0.9960 - 0.0012 - Diversified Alpha Plus A F € 32.57 - 0.14 0.00
Global Eq Income Acc... C 71.82xd - 0.34 3.79 Unit Trust Manager/ACD - Host Capital M&G Global Macro Bond Fund A Acc 105.85xd - -0.03 0.79 OasisCresGl Income Class A $ 11.11 - 0.01 2.49
Income (No Trail) Inc ♦ F 131.64 - 1.24 3.24 US Bond Fund Class AA (HKD) HK$ 9.9558 - 0.0098 - Emerg Europ, Mid-East & Africa Eq A F € 74.32 - 1.15 0.00
Global Eq Income Inc ... C 63.02xd - 0.30 3.89 HC KB Capital Growth A Acc 170.83 - 0.63 1.36 M&G Global Macro Bond Fund A Inc 73.56xd - -0.01 0.79 OasisCresGl LowBal D ($) Dist $ 12.29 - -0.03 0.00
Japan (No Trail) Acc ♦ F 155.35 - -0.09 0.74 U.S. Bond Fund Class AA (HKD) IncHK$ 9.9013 - 0.0102 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) HC KB Capital Growth A Inc 159.96 - 0.59 1.38
Emerging Markets Debt A F $ 79.27 - -0.49 0.00
Global Equity Acc 1016.00 - -2.00 0.15 M&G Global High Yield Bond X Inc 51.09xd - -0.02 4.43 OasisCresGl Med Eq Bal A ($) Dist $ 12.57 - -0.04 0.04
www.invil.mu Japanese Smaller Companies (No Trail) Acc ♦ F 167.51 - 1.02 0.00 U.S. Special Opportunities Fund Class AA F $ 0.9288 - 0.0000 7.00 Emerging Markets Domestic Debt AX F £ 11.63 - 0.08 5.38
Other International Funds Global Equity Inc 75.51 - -0.15 0.14 HC KB Enterprise Equity Income A Inc 114.69 - -1.88 3.78 M&G Global High Yield Bond X Acc 118.47xd - -0.05 4.42 Oasis Crescent Gbl Property Eqty $ 9.80 - -0.01 2.09
Latin American (No Trail) Acc ♦ F 125.07 - 0.54 1.84 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - Emerging Markets Equity A F $ 39.05 - 0.37 0.00
NAV £ 7.36 - -0.04 0.00 Global Financials Acc 764.10 - 0.80 0.82 HC KB Enterprise Equity Income A Acc 166.67 - -2.72 3.69 M&G Managed Growth X Inc 82.27xd - 0.20 0.63
Latin American (No Trail) Inc ♦ F 114.22 - 0.49 1.86 U.S. Special Opportunities Fund Class AA Inc $ 0.9268 - 0.0000 - Euro Bond A F € 15.72 - 0.04 0.00
Global Financials Inc 43.46 - 0.05 0.82 HC KB Endeavour Multi Asset Balanced A Acc 135.67 - -0.06 0.81 M&G Optimal Income A Inc 144.66xd - 0.02 2.23
Managed Growth (No Trail) Acc ♦ F 205.33 - 0.97 1.19 US Small Cap Equity Fund Class AA F $ 1.1580 - 0.0137 0.00 Euro Corporate Bond AX F £ 21.98 - 0.14 1.76
Global High Yield Bd Mth Inc 39.40xd - -0.13 6.44 HC KB Endeavour Multi Asset Balanced A Inc 128.94 - -0.06 0.81 M&G Optimal Income A Acc 189.66xd - 0.02 2.23
Intrinsic Value Investors (IVI) LLP (IRL) Managed Growth (No Trail) Inc ♦ F 190.81 - 0.90 1.21 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2887 - 0.0057 0.06 Euro Strategic Bond A F € 43.77 - 0.12 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Global High Yield Bd Acc 101.60xd - -0.30 6.38 HC KB Enterprise Fixed Income A Acc 123.80 - -0.21 3.44 M&G Recovery GBP A Inc 132.80 - 1.16 0.90
Managed Income (No Trail) Acc ♦ F 197.76 - 0.88 2.98
FCA Recognised European Currencies High Yield Bd A F € 22.09 - 0.02 0.00
Global High Yield Bd Inc 39.39xd - -0.12 6.47 HC KB Enterprise Fixed Income A Inc 111.27 - -0.19 3.44 M&G Recovery GBP A Acc 297.12 - 2.58 0.89
Managed Income (No Trail) Inc ♦ F 165.32 - 0.74 3.04
IVI European Fund EUR € 18.55 - -0.14 0.00 Manulife Global Fund European Equity Alpha A F € 48.38 - 0.15 0.00
Monthly Income Plus (No Trail) Acc ♦ F 173.69 - 0.28 4.64 Global Property Secs Acc 59.12 - 0.29 0.71 M&G Strategic Corp Bond A Inc 74.33 - 0.17 2.83
IVI European Fund GBP £ 18.07 - -0.10 0.98 Other International Funds European Property A F € 35.41 - 0.48 0.00
Global Property Secs Inc 51.25 - 0.25 0.71 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Strategic Corp Bond A Acc 105.53 - 0.24 2.83
Monthly Income Plus (No Trail) Inc ♦ F 111.60 - 0.19 4.74 Asia Total Return Fund Class AA $ 0.9998 - 0.0036 - Eurozone Equity Alpha A F € 12.56 - 0.08 0.00 Odey Asset Management LLP (UK)
Income Acc 50.78xd - -0.05 - PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Global Leaders GBP A Inc 198.72 - 0.39 1.37 40 Dukes Place, London, EC3A 7NH
Pacific (No Trail) Acc ♦ F 197.57 - 0.72 0.78 Asia Total Return Fund Class AA (HKD) Inc FHK$ 10.0220 - 0.0348 -
Other International Funds Global Bond A F $ 39.53 - 0.26 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Pacific (No Trail) Inc ♦ F 187.52 - 0.68 0.85 Income Inc 48.55xd - -0.05 - M&G Global Leaders GBP A Acc 463.62 - 0.91 1.35 Asia Total Return Fund Class AA Inc $ 0.9540 - 0.0034 3.18 Global Brands A F $ 98.47 - 0.99 0.00 Authorised Corporate Director - Capita Financial Managers
Lloydstrust Gilt £ 12.1900xd - 0.0100 2.46
Tactical Bond (No Trail) Acc ♦ F 141.71 - 0.03 2.22 Japan Acc 281.50 - 1.70 0.00 M&G UK Inflation Lnkd Corp Bnd A Acc 114.99xd - -0.05 0.75 Authorised Inv Funds
Lloyds Investment Funds Limited Asia Value Dividend Equity Fund Class AA F $ 1.8420 - 0.0074 0.00 Global Convertible Bond A F $ 44.61 - 0.07 0.00
Tactical Bond (No Trail) Inc ♦ F 120.83 - 0.02 2.26 Japan Inc 67.76 - 0.41 0.00 M&G UK Inflation Lnkd Corp Bnd A Inc 113.34xd - -0.05 0.75 CF Odey Continental European R Acc ♦ 735.04 - 6.93 0.18
Euro High Income € 1.6760xd - 0.0020 3.01 Asia Value Dividend Equity Fund Class AA Inc $ 1.1290 - 0.0046 - Global Property A F $ 29.59 - 0.50 0.00
UK Aggressive (No Trail) Acc ♦ F 183.10 - 1.67 2.18 Multi-Asset Inc Mth Inc 67.02xd - 0.16 3.72 CF Odey Continental European I Acc ♦ 125.72 - 1.19 0.74
European £ 8.0580 - 0.0290 1.07 Strategic Income Fund Class AA F $ 1.0837 - 0.0010 4.41 Indian Equity A F $ 35.07 - 0.55 0.00
UK Aggressive (No Trail) Inc ♦ F 154.06 - 1.40 2.22 Multi-Asset Inc Acc... C 87.76xd - 0.22 3.66 CF Odey Continental European I Inc ♦ 120.82 - 1.14 0.74
High Income £ 0.8853xd - 0.0011 4.96 M & G Securities Ltd (UK) Latin American Equity A F $ 51.45 - 0.36 0.00
Invesco Fund Managers Ltd (UK)
UK Enhanced Index (No Trail) Acc ♦ F 421.51 - 3.89 3.37 Multi-Asset Inc Inc... C 67.02xd - 0.17 3.75 Property & Other UK Unit Trusts CF Odey Opus R Inc ♦ 3840.85 - 37.03 0.00
International £ 4.4070 - -0.0080 1.14 Short Maturity Euro Bond A F € 20.48 - 0.00 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Marlborough Fd Managers Ltd (1200)F (UK)
UK Enhanced Index (No Trail) Inc ♦ F 267.80 - 2.47 3.45 Multi-Asset Macro Acc 62.22 - 0.00 0.00 Charibond 124.83xd - 0.51 5.18 CF Odey Opus Fund A Accumulation 136.94 - 1.32 0.00
Dealing: 0800 085 8571 North American £ 15.9300 - -0.1600 0.16 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Investor Services: 0800 085 8677 UK Growth (No Trail) Acc ♦ F 159.73 - 1.44 2.20 Multi-Asset Macro Inc 62.22 - 0.00 0.00 (Accum Units) 3599.72xd - 14.85 5.18 www.marlboroughfunds.com CF Odey Opus Fund I Acc 176.19 - 1.70 0.25
Sterling Bond £ 1.4920xd - 0.0020 3.61 US Growth A F $ 67.00 - 0.48 0.00
www.invescoperpetual.co.uk Multi-Manager Growth Acc 737.60 - 3.20 0.45 NAACIF 79.57xd - 0.52 4.32 Authorised Inv Funds CF Odey Opus Fund I Inc 172.51 - 1.66 0.25
UK Growth (No Trail) Inc ♦ F 130.70 - 1.18 2.25 UK £ 7.5070 - 0.0530 1.43
Authorised Inv Funds Balanced 158.66 167.76 -0.70 0.05 US Growth AH F € 46.24 - 0.33 0.00
UK Smaller Companies Equity (No Trail) Acc ♦ F 273.33 - 1.96 1.06 Multi-Manager Growth Inc 688.40 - 3.00 0.45 Lloyds Gilt Fund Limited (Accum Units) 6961.19xd - 45.80 4.20 CF Odey Absolute Return Fund Euro Hedged € 1.82 - 0.00 0.00
INVESCO PERPETUAL Funds US Growth AX F £ 42.68 - 0.19 0.00
Bond Income 51.41 54.40 0.03 4.45
Asian Acc ♦ F 484.34 - 1.80 0.78 UK Smaller Companies Equity (No Trail) Inc ♦ F 255.09 - 1.83 1.07 Natural Resources Acc 494.60 - 4.20 0.08 Lloyds Gilt Fund Quarterly Share £ 1.2670xd - 0.0020 2.05 M&G Property Portfolio A Acc 128.12xd 134.86 0.01 3.75 CF Odey Absolute Return Fund US Dollar Hedged $ 1.68 - 0.00 0.00
Cash 50.13 - 0.00 0.48 US Property A F $ 68.17 - 1.48 0.00
Asian Inc ♦ F 435.02 - 1.62 0.79 UK Strategic Income (No Trail) Acc ♦ F 740.90 - 7.35 3.38 Natural Resources Inc 35.03 - 0.30 0.08 Monthly Share £ 1.2190xd - 0.0020 2.05 Property Portfolio A 119.20xd 125.47 0.01 3.83 CF Odey Absolute Return R 306.05 - 0.86 0.00
Lloyds Money Fund Limited Cautious Inc 85.09 89.58 -0.51 1.59
Asian Equity Income Acc ♦ F 65.06 - 0.17 3.83 UK Strategic Income (No Trail) Inc ♦ F 555.58 - 5.52 3.46 New Europe Acc 158.00 - 1.70 2.29 Property Portfolio X 119.20xd 119.20 0.01 3.83 CF Odey Absolute Return I 315.65 - 0.89 0.00
Sterling Class £ 52.5670 - 0.0000 0.19 Defensive A Inc 115.97 - -0.03 0.98 Morgens Waterfall Vintiadis.co Inc
Asian Equity Income Inc ♦ F 56.38 - 0.14 3.94 US Equity (No Trail) Acc ♦ F 230.30 - -0.46 0.04 New Europe Inc 37.56 - 0.39 2.26 CF Odey Portfolio Fund Class P Institutional Acc 106.50 - 0.39 -
Lloyds Multi Strategy Fund Limited Emerging Markets 252.78 - 1.39 1.51 Other International Funds
Balanced Risk 6 Acc 54.42 - 0.41 0.00 Portfolio Acc 205.30xd - -0.20 0.63 CF Odey Portfolio Fund Class P Retail Acc 105.97 - 0.43 -
Conservative Strategy £ 1.1320 - -0.0030 2.30 M & G (Guernsey) Ltd (GSY) ETF Global Growth A 155.12 - 1.50 0.00 Phaeton Intl (BVI) Ltd (Est) $ 437.84 - 4.53 0.00
Balanced Risk 8 Acc 56.60 - 0.59 0.00 Sterling Corporate Bond Acc 83.16xd - 0.23 2.37 Regulated CF Odey Portfolio Fund I Acc 150.85 - 0.62 0.06
Growth Strategy £ 1.5500 - -0.0120 1.64 ETF Commodity A 82.90 - 0.47 0.00
Sterling Corporate Bond Inc 52.54xd - 0.14 2.38 The M&G Offshore Fund Range CF Odey Portfolio Fund I Inc 148.45 - 0.60 0.06
Balanced Risk 10 Acc 58.80 - 0.77 0.11
Aggressive Strategy £ 1.8930 - -0.0200 0.00 Corporate Bond 1327.63 1368.69 4.33 3.05 European Multi-Cap 266.19 - 2.48 0.20
Childrens Acc ♦ F 445.00 - 7.12 1.65 Strategic Bond Acc 69.39xd - -0.14 3.01 CF Odey Portfolio Fund R Acc 146.85 - 0.59 0.00

Corporate Bd Acc (Gross) ♦ F 206.90 - 0.16 3.65 Strategic Bond Inc 58.08xd - -0.12 3.03
Global USD Growth Strategy $ 1.4870 - -0.0040 0.00 Global Basics 2513.26 2590.99 3.58 0.00 Extra Income
Asset Management 81.91 86.68 0.52 4.12
CF Odey Portfolio Fund R Inc 146.61 - 0.60 0.00
set Management UK Active Index + E Acc 295.00 - 2.80 2.91
Dealing Daily
Global Leaders 3453.30 3597.19 6.73 1.20 Far East Growth A Inc 178.60 - 0.91 1.67
Corporate Bd Inc (Gross) ♦ F
Corporate Bond Acc ♦ F
89.51
184.82
-
-
0.06 3.75
0.13 3.67
Invesco
Asset Management (LUX)
UK Active Index + E Inc 55.62 - 0.53 2.91 Asset Management Global High Yield Bond 1004.55 1035.62 -0.39 4.43 Global 185.04 194.87 -1.73 0.00
Odey Asset Management LLP (CYM)
Global Macro Bond Fund 11050.13 11391.88 -103.32 0.00 Global Bond Inc 138.90 146.98 0.22 3.17
Corporate Bond Inc ♦ F 89.44 - 0.06 3.76 UK Dynamic Acc 164.40 - 2.20 1.30 Regulated
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
North American Dividend Fund 160.47 167.16 -0.30 0.00 High Yield Fixed Interest 74.63 79.18 -0.03 5.98 Natixis International Funds (Lux) I SICAV (LUX)
Distribution Acc ♦ F 111.63 - 0.43 4.12 FCA Recognised UK Dynamic Inc 135.60 - 1.80 1.31 OEI MAC Inc A £ 341.80 - -97.57 0.00
Invesco Management SA Optimal Income Fund 143.35 147.78 0.02 2.23 Multi Cap Income A Inc 158.86 - 1.25 4.24 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Distribution Acc (Gross) ♦ F 127.19 - 0.49 4.10 UK Eq & Bond Inc Acc ... C 144.20xd - 1.20 3.19 OEI Mac Inc B £ 190.21 - -62.33 0.00
FCA Recognised
Invesco Active Multi-Sector Credit Fund A € 2.97 - 0.00 0.00 Recovery Fund Limited 'A' Participating Shares 11463.57 11941.22 98.31 0.57 Nano-Cap Growth A Acc 97.9356 107.6000 0.7344 -
Distribution Inc ♦ F 66.25 - 0.26 4.20 UK Eq & Bond Inc Inc ... C 85.31xd - 0.73 3.26 Harris Global Equity R/A (USD) $ 280.08 280.08 -1.24 0.00 OEI MAC Inc USD $ 1836.48 - -545.41 0.00
Invesco Asia Balanced A dist $ 15.88 - 0.03 3.37 Recovery Fund Limited 'I' Participating Shares 11506.40 11622.63 98.92 1.32 Special Situations A Acc 1108.32 1172.83 6.98 0.29
Distribution Inc (Gross) ♦ F 66.26 - 0.26 4.20 UK Higher Inc Acc ... C 932.50 - 9.40 3.76 Harris Concentrated US Equity H-N/A (GBP) £ 154.93 154.93 -0.80 0.00 Odey European Inc EUR € 785.47 - -133.62 0.00
Invesco Asia Consumer Demand Fund A income $ 14.13 - -0.02 0.18
UK Higher Inc Inc ... C 555.10 - 5.60 3.88
Lombard Odier Funds (Europe) S.A (LUX) Strategic Corporate Bond Fund 134.87 140.49 0.31 2.82 UK Multi-Cap Growth A Inc 235.61 249.32 1.34 0.42
Emerging Countries Acc ♦ F 259.87 - 0.12 0.48 Harris Concentrated US Equity R/D (GBP) £ 107.58 107.58 -1.27 32.04 Odey European Inc A GBP £ 300.36 - -50.76 -
Invesco Asia Infrastructure (A) $ 14.25 - 0.03 1.35 www.loim.com
UK Growth 1652.37 1721.22 21.86 0.98 UK Micro Cap Growth A 446.44 472.42 1.05 0.00
Emerging Countries Inc ♦ F 236.43 - 0.11 0.48 UK Managed Equity Acc 69.89xd - 0.68 1.96 Regulated Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.10 100.10 -0.09 1.61 Odey European Inc B GBP £ 170.44 - -28.81 0.00
Invesco Asia Opportunities Equity A $ 115.26 - 0.36 0.00 Lombard Odier Funds US Multi-Cap Income 316.36 - -0.06 0.17
Emerging European Acc ♦ F 38.71 - 0.37 2.65 UK Managed Equity Inc 59.07xd - 0.57 1.98 Odey European Inc USD $ 361.96 - -63.67 0.00
Invesco Balanced Risk Allocation Fund A € 15.62 - 0.14 0.00 Absolute Ret Bond (EUR) PA € 12.05 - 0.00 0.00 MFM - Third Party Funds
Emerging European Inc ♦ F 36.22 - 0.34 2.72 UK Smaller Cos Acc 362.50 - 2.20 0.00 Giano Capital EUR Inc € 4723.66 - 111.37 0.00
Invesco Capital Shield 90 (EUR) A € 12.35 - 0.03 0.00 Absolute Ret Bond (USD) PA $ 17.66 - -0.01 0.00
Junior Oils 107.25 113.49 -1.98 0.00 Natixis International Funds (Dublin) I plc (IRL)
European Equity Acc ♦ F 888.01 - 8.12 2.12 UK Smaller Cos Inc 70.40 - 0.43 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Invesco Emerging Europe Equity Fund A $ 9.38 - 0.09 0.00 Junior Gold C Acc 27.83 - 0.47 0.00
UK Strategic Eq Inc Acc ... C 156.90xd - 0.60 3.35 All Roads (CHF) PA SFr 18.06 - -0.05 0.00 Regulated
European Equity Inc ♦ F 751.32 - 6.87 2.17 MFM Artorius Fund 144.72 - 1.83 0.19 Odey Asset Management LLP (IRL)
Invesco Emerging Local Currencies Debt A Inc $ 8.06 - 0.06 6.12 All Roads (USD) PA $ 11.45 - -0.03 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.50 13.50 -0.09 1.06
European Equity Income Acc ♦ F 77.02 - 0.59 3.03 UK Strategic Eq Inc Inc ... C 103.30xd - 0.40 3.46 FCA Recognised
Invesco Emerging Mkt Quant.Eq. A $ 11.52 - 0.05 0.00 MFM Bowland 148.14 160.15 3.28 0.00
UK Strategic Gth Acc 114.30 - 1.30 1.15 All Roads (GBP) PA £ 11.67 - -0.04 0.00 Loomis Sayles High Income R/D (USD) $ 9.67 9.67 -0.04 12.81
European Equity Income Inc ♦ F 59.62 - 0.46 3.10 Odey Pan European EUR R € 355.26 - -4.72 0.00
Invesco Energy A $ 24.24 - 0.22 0.00 MFM Hathaway Inc 102.95 107.80 -0.20 1.43
UK Strategic Gth Inc 106.60 - 1.20 1.17 All Roads (EUR) PA € 11.61 - -0.04 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.55 13.55 -0.11 4.28 Odey Allegra European EUR O € 278.52 - -4.14 0.00
European High Income Acc ♦ F 81.61 - 0.35 3.36 MFS Investment Funds (LUX)
MFM SGWM Managed A Acc 126.41 - -1.90 0.15
Invesco Euro Corporate Bond Fund (A) € 17.44 - 0.00 0.00 Alpha Japan (EUR) PA F € 11.93 - 0.03 0.00 FCA Recognised
European High Income Inc ♦ F 60.27 - 0.25 3.42 US Acc 714.20 - -2.20 0.00 Odey Allegra International EUR O € 181.37 - -1.99 0.00
Invesco Euro Inflation Linked Bond A € 15.77 - 0.10 0.00 Blend.Research Gb.Eq.Fd. € 106.70 - -1.28 - MFM Techinvest Special Situations Acc 114.98 - 0.75 0.08
US Inc 98.85 - -0.30 0.00 Alpha Japan (CHF) PA F SFr 14.94 - 0.03 0.00 Odey Allegra Developed Markets USD I $ 138.45 - -1.26 0.00
European Opportunities Inc ♦ F 83.11 - 1.01 0.16 MFM Techinvest Technology Acc 373.89 - -5.61 0.00 Natixis International Funds (UK)
Invesco Euro Reserve A € 322.89 - 0.00 0.00 Alpha Japan (JPY) PA F ¥ 1414.00 - 4.00 0.00 Blend.Research Gb.Eq.Fd. £ 102.93 - -1.03 -
US Equity Income Acc ... C 119.70xd - -0.50 2.05 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey Atlas Fund GBP I S £ 1.26 - 0.01 0.00
European Opportunities Acc ♦ F 85.10 - 1.03 0.16 MFM UK Primary Opportunities A Inc 336.11 - 2.82 1.31
Invesco European Bond A € 7.19 - 0.03 0.00 Alpha Japan (USD) PA F $ 17.12 - 0.04 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10449.00 - -33.00 - Authorised Funds
European Smlr Cos Acc ♦ F 187.08 - 3.02 0.00 US Equity Income £ hdg Inc ... C 102.20xd - -0.40 2.11 Odey Giano European Fund EUR R € 118.93 - 0.30 0.00
Slater Investments Ltd - Investment Adviser H2O MultiReturns Fund N/A (GBP) $ 12.82 12.82 -0.01 1.72
Invesco European Growth Equity A € 25.52 - 0.30 0.00 Alternative Beta PA F SFr 119.77 - -0.07 0.00 Blend.Research Gb.Eq.Fd. $ 105.93 - -0.37 -
Global Bd Acc (Gross) ♦ F 127.82 - 0.06 1.07 US Equity Income Inc ... C 102.70xd - -0.40 2.07 MFM Slater Growth 381.00 404.24 3.01 0.12 Odey Naver Fund EUR I € 125.19 - -0.82 0.00
Invesco Global Absolute Return Fund A Class € 11.70 - 0.00 0.00 Alternative Beta PA F € 80.55 - -0.05 0.00 Em.Mk.Eq.Fund Euro € 124.53 - -1.79 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.27 - 0.00 1.95
Global Bd Inc (Gross) ♦ F 79.18 - 0.04 1.08 US Select Acc 110.70 - -0.50 0.00 MFM Slater Income A Inc 157.62 - 0.97 3.65 Odey Odyssey USD I $ 166.79 - 0.13 0.00
Invesco Global Bond A Inc $ 5.57 - 0.01 0.96 Alternative Beta PA F $ 120.47 - -0.06 0.00 Em.Mk.Eq.Fund Sterling £ 105.14 - -1.30 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.10 - 0.01 -
Global Bond Acc ♦ F 120.25 - 0.06 1.07 US Select Inc 109.30 - -0.50 0.00 MFM Slater Recovery 162.44 172.35 -1.81 0.11 Odey Orion Fund EUR I € 128.63 - -0.29 0.00
Invesco Global Equity Income Fund A $ 63.10 - 0.29 0.00 Commodities (CHF) PA SFr 6.24 - 0.05 0.00 Em.Mk.Eq.Fd.US Dollar $ 106.96 - -0.62 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.10 - 0.00 -
Global Bond Inc ♦ F 79.14 - 0.04 1.08 US Smaller Cos Acc 386.50 - -0.60 0.00 Odey Swan Fund EUR I € 86.84 - -0.83 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.62 - 0.03 2.14 Commodities (EUR) PA € 6.31 - 0.06 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9054.00 - -26.00 5.95 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.48
Glbl Distribution Acc 54.10 - 0.09 4.41 US Smaller Cos Inc 101.30 - -0.10 0.00 Odey European Absolute Return GBP S £ 95.71 - -0.49 0.00
Invesco Global Inv Grd Corp Bond A Dist $ 11.82 - 0.02 2.99 Commodities (USD) PA $ 6.49 - 0.06 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10900.00 - -35.00 5.80 Marlborough International Management Limited (GSY) Loomis Sayles Strategic Income H-N/A (GBP) £ 1.07 - 0.00 4.63
Glbl Distribution Acc (Gross) 54.57 - 0.10 4.41 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Invesco Global Leisure A $ 36.32 - -0.06 0.00 Convertible Bd P A € 17.74 - -0.05 0.00 Gb.Conc.Eq.Fd.Euro € 280.47 - -3.56 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.38 - 0.01 0.28
Glbl Distribution Inc 52.32 - 0.09 4.43 FCA Recognised
Invesco Global Smaller Comp Eq Fd A $ 59.23 - 0.31 0.00 JPMorgan Charity Funds (UK) Loomis Sayles US Equity Leaders I/A (GBP) £ 1.35 - 0.00 0.47 Odey Wealth Management (CI) Ltd (IRL)
Convertible Bd Asia PA F SFr 14.65 - -0.08 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 168.17 - -1.80 0.00 Marlborough North American Fund Ltd £ 31.19 31.50 -0.01 0.00
Glbl Distribution Inc (Gross) 52.33 - 0.09 4.43 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 www.odey.com/prices
Invesco Global Structured Equity A $ 48.03 - 0.02 0.73 Property & Other UK Unit Trusts Convertible Bd Asia PA F € 15.57 - -0.08 0.00 Gb.Conc.Eq.Fd.Sterling £ 254.99 - -2.74 0.00 FCA Recognised
Marlborough Tiger Fund Ltd F £ 29.76 30.06 -0.10 0.00
Global Equity (acc) ♦ F 497.60 - 1.77 0.46
Invesco Global Total Ret.(EUR) Bond Fund A € 13.46 - 0.02 0.00 UK Equity Fund for Charities I...C £ 2.959850xd 2.971190 0.028210 3.28 Convertible Bd Asia PA F $ 15.67 - -0.09 0.00 Gb.Conc.Eq.Fd.US $ 199.65 - -0.82 0.00 Odey Opportunity EUR I € 221.47 - -1.15 0.00
Global Equity (inc) ♦ F 453.86 - 1.62 0.46
NatWest (2230)F (UK)
Invesco Gold & Precious Metals A $ 4.97 - 0.07 0.00 Bond Fund for Charities £ 1.359480xd 1.365850 0.006140 3.67 Emerg. Consumer (CHF) PA SFr 12.98 - -0.09 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 189.68 - -1.54 0.00 PO Box 23873, Edinburgh EH7 5WJ**
Global Equity Income Acc ♦ F 123.22 - 0.25 3.14
Invesco Greater China Equity A $ 51.69 - 0.01 0.00
Martin Currie Fund Management Ltd (1200)F (UK) Enquiries: 0800 085 5588
Emerg. Consumer (EUR) PA € 13.08 - -0.09 0.00 Gb.Eq.Euro Hdg Fd. € 268.99 - -2.20 0.00
Global Equity Income Inc ♦ F 102.72 - 0.21 3.22 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Authorised Inv Funds Omnia Fund Ltd
Invesco India Equity A $ 52.43 - 0.59 0.00 Emerg. Consumer (USD) PA $ 13.08 - -0.09 0.00 Gb.Eq.Fund Euro € 291.90 - -3.53 0.00 Authorised Inv Funds Series 1(Minimum initial investment 16375,000) Other International Funds
Gbl Financial Capital Acc 88.87 - 0.06 4.20
Invesco Japanese Equity Adv Fd A ¥ 3931.00 - 7.00 0.00 Emerg.Eq. Risk Par.(EUR) PA € 9.32 - -0.11 0.00 Gb.Eq. Fd Euro IRE T € 184.54 - -2.24 0.00 Martin Currie Investment Funds (OEIC) United Kingdom Equity Index Fund £ 13.46 - -0.18 2.46 Estimated NAV $ 1013.95 - -11.27 0.00
Gbl Financial Capital Inc 76.31 - 0.05 4.33 Class A (Retail)
Invesco Japanese Value Eq Fd A ¥ 1288.00 - 8.00 0.00 Emerg. Eq. Risk Par.(USD) PA $ 7.33 - -0.02 0.00 Gb.Eq.Fd.Sterling UK T £ 211.66 - -2.15 0.00 UK Specialist Equity Inc £ 20.15 - -0.33 0.33
Gbl Financial Cap Acc Gross 92.45 - 0.06 4.68 Asia Pacific 124.00 - 0.70 1.02
Invesco Latin American Equity A $ 7.75 - 0.02 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.10 - -0.01 0.00 Gb.Eq.Fd.US Dollar $ 328.15 - -1.18 0.00 Contl Europe Spec Equity £ 16.50 - -0.18 0.00
Gbl Financial Cap Inc Gross 76.42 - 0.05 4.86 China 125.60 - -0.70 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1043.00 - 5.00 0.00 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.63 - -0.07 0.00 Gb.Eq.Fund Sterling £ 209.56 - -2.13 0.00 US Spec Equity Fund £ 13.68 - -0.16 0.00
Global Opportunities Acc ♦ F 100.67 - 0.44 0.45 Emerging Mkts 210.10 - 1.00 0.01
Invesco Pan European Equity A EUR Cap NAV € 21.46 - 0.26 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 11.94 - -0.09 0.00 Gb.Val.Ex-Jap.Fd.USD $ 122.34 - -0.36 0.00 Japan Specialist Fund X £ 9.81 - -0.07 0.00
Global Smaller Cos Acc ♦ F 1741.74 - 4.31 0.00 European Equity Income A acc 361.40 - 3.20 3.41
Invesco Pan European High Income Fd A € 14.51 - 0.04 1.89 Emerg.Loc.Cur.Bd.Fdt PA $ 9.33 - 0.01 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 14421.00 - -49.00 0.00 Pacific Basin Specialist Equity Fund £ 24.79 - -0.07 0.58
Global Smaller Cos Inc ♦ F 1666.13 - 4.12 0.00 Global Alpha 140.40 - 0.30 0.28
Invesco Pan European Small Cap Equity A € 22.96 - 0.33 0.00 Euro BBB-BB Fdt PA SFr 15.85 - -0.03 0.00 Low Volatility Gb.Eq.Fd. € 103.96 - -1.12 - UK Sovereign Bd Index Fund £ 10.80 - -0.09 2.54
Global Targeted Rets Acc 56.75 - 0.08 0.29
Thursday 14 May 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

Strategic Global Bond RMB Acc CNY 1089.67 - 0.71 0.00

Strategic Global Bond USD Acc $ 1048.51 - 0.48 0.00
Pimco Fds: Global Investors Series Plc (IRL) Putnam Investments (Ireland) Ltd (IRL) SIA (SIA Funds AG) (LUX) UBS Global Asset Mgmt Fds Ltd (UK)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Regulated Regulated Strategic US Momentum and Value Fund $ 852.42 - -5.70 0.00 21 Lombard Street, London, EC3V 9AH
http://gisnav.pimco-funds.com/ Putnam New Flag Euro High Yield Plc - E € 1044.25 - -1.78 4.72 LTIF Alpha € 172.20 - -2.14 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 594.35 - -4.01 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112
Dealing: +44 20 3640 1000 www.ubs.com/retailfunds
LTIF Classic € 370.81 - -4.54 0.00 Strategic US Momentum and Value CHF Hedged Class CHFSFr 594.93 - -4.00 0.00
PIMCO Funds: +44 (0)20 3640 1407 Authorised Inv Funds
FCA Recognised LTIF Natural Resources € 88.94 - 0.77 0.00 OEIC
Rathbone Unit Trust Mgmt (1200)F (UK)
Asia Local Bond Fund - Inst Acc $ 9.96 - -0.05 0.00 PO Box 9948, Chelmsford, CM99 2AG Global Emerg Mkts Eqty B Acc £ 1.46 - 0.01 1.42
Optima Fund Management RobecoSAM (LUX) Taube Hodson Stonex Ptnrs UT (1200)F (UK) Yuki International Limited (IRL)
Capital Securities Inst Acc $ 14.91 - -0.04 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Tel. +41 44 653 10 10 http://www.robecosam.com/ Global Optimal B Acc £ 1.04 - 0.00 0.79 Tel +44-20-7269-0207 www.yukifunds.com
Other International Funds 50 Bank Street, Canary Wharf, London E14 5NT
Authorised Inv Funds SIA (SIA Funds AG) (CH)
JENOP Global Healthcare Fund Ltd $ 15.92 - -0.97 0.00 Commodity Real Return Fund Inst Acc $ 7.71 - 0.09 0.00 Regulated Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS UK Opportunities Fund B Acc £ 0.96 - 0.01 2.53 Regulated
Other International Fds
Blue Chip Income Inc 157.81 162.96 1.48 4.02 RobecoSAM Sm.Energy/A £ 12.74 - -0.14 1.15 Dealing & Enquiries: 0870 870 8433 Yuki Mizuho Umbrella Fund
Optima Fd NAV $ 93.72 - -0.32 0.00 Credit Absolute Return Fund Inst Acc $ 11.52 - -0.02 0.00 LTIF Stability Growth SFr 208.80 - -0.20 - US Equity B Acc £ 1.50 - -0.01 0.26
Blue Chip Income Acc 229.14 236.42 2.15 3.90 Authorised Inv Funds Yuki Mizuho Japan Dynamic Growth ¥ 7231.00 - 24.00 0.00
Diversified Income - Inst Acc $ 19.84 - -0.04 0.00 RobecoSAM Sm.Materials/A £ 133.13 - -1.31 1.82
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 LTIF Stability Inc Plus SFr 185.40 - -0.20 5.28 THS Growth & Value Funds UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.45
Ethical Bond Inc 91.91 93.91 0.08 4.83 RobecoSAM Gl.Small Cap Eq/A £ 83.81 - -0.65 1.61 Yuki Mizuho Japan Large Cap ¥ 7538.00 - 45.00 0.00
The Dorset Energy Fd Ltd NAV $ 48.65 - 1.27 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 11.73 - -0.03 0.00 International UBS S&P 500 Index C Acc £ 0.52 - -0.01 -
Ethical Bond Acc 172.55 176.01 0.15 4.70 RobecoSAM Sustainable Gl.Eq/B € 187.48 - -2.33 0.00 Yuki Japan Low Price ¥ 26464.00 - 215.00 0.00
Platinum Fd Ltd $ 93.26 - -0.29 0.00 EM Fundam.Ind StocksPLUS Fund Inst Acc $ 11.26 - -0.13 0.00 IGV - Inc A 348.80 - 0.70 2.27 UBS Targeted Return B Acc £ 1.28 - 0.00 1.26
Global Opportunities Acc 132.99 137.25 0.05 0.12 RobecoSAM S.HealthyLiv/B € 186.91 - -2.31 0.00
Smith & Williamson Investment Management (1200)F (UK) Yuki Japan Value Select ¥ 13277.00 - 198.00 0.00
Platinum Fd Ltd EUR € 18.20 - -0.08 0.00 Emerging Asia Bond Fund Inst Acc $ 10.31 - 0.01 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100 IGV - Inc B 349.20 - 0.70 1.48 UBS Sterling Corporate Bond Indexed Fund 51.95 - 0.20 3.27
Income Inc 870.99 901.28 7.03 3.94 YMR Umbrella Fund
Emerging Multi-Asset Fund Inst Acc $ 8.97 - -0.05 0.00 RobecoSAM S.Water/A £ 172.15 - -0.90 2.17 www.sandwfunds.com IGV - Acc X 426.80 - 0.80 1.76
Platinum Japan Fd Ltd $ 55.39 - -0.58 0.00 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.01 3.63 YMR N Growth ¥ 17562.00 - 66.00 0.00
Income Acc 1323.64 1368.22 10.68 3.77 Authorised Inv Funds
Optima Partners Global Fd $ 14.86 - -0.06 0.00 Emerging Local Bond - Inst Acc $ 12.26 - -0.02 0.00 IGV - Acc Y 456.70 - 0.90 0.00 UBS UK Equity Income B Inc Net £ 0.43 - 0.00 4.57 Yuki Asia Umbrella Fund
Multi Asset Enhanced Growth Acc 127.73 - -0.22 0.00 European Growth Trust A Class 528.30 - 4.10 1.27
Optima Partners Focus Fund A $ 17.01 - -0.33 0.00 Emerging Markets Bond - Inst Acc $ 39.80 - -0.22 0.00 IGV - Acc Z 424.60 - 0.90 1.49 Corporate Bond UK Plus B Inc Net £ 0.53 - 0.00 4.00 Yuki Japan Rebounding Growth Fund ¥ 24420.00 - 174.00 0.00
Multi Asset Strategic Growth inc 151.29 - -0.30 1.34 Far Eastern Income and Growth Trust A Class 423.90 - 0.50 3.04
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.63 - -0.03 0.00 European UBS Global Allocation (UK) B Acc £ 1.11 - 0.00 1.76
Multi Asset Strategic Growth acc 159.56 - -0.31 1.33 Fixed Interest Trust A Class 123.40xd - 0.40 3.87
Emerging Markets Curr.Fd- Inst Acc $ 12.72 - 0.02 0.00 EGV - Acc S 288.20 - 1.60 - UBS Global Enhanced Equity Income C Inc £ 0.49 - -0.01 -
Orbis Investment Management Ltd (BMU) Multi Asset Total Return inc 127.59 - -0.37 1.80 Global Gold and Resource Trust A Class 163.50 - 1.90 0.00 Zadig Gestion (Memnon Fund) (LUX)
Euro Bond - Inst Acc € 22.56 - -0.15 0.00 EGV - Acc Z 288.20 - 1.60 0.55 UBS US Growth Fund B Acc £ 1.44 - 0.00 0.00
Regulated FCA Recognised
Multi Asset Total Return acc 139.27 - -0.41 1.78 MM Endurance Balanced Fund A Class 218.40 - -1.30 1.15
Orbis Global Equity $ 184.90 - -2.36 0.00 Euro Credit - Inst Acc € 14.74 - -0.07 0.00 Continental UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.01 5.02 Memnon European Fund I GBP £ 115.46 - -0.98 0.00
Recovery Inc 438.54 455.14 4.25 2.29 MM Global Investment Fund A Class 2286.00 - 4.00 1.49 CVG - Acc S 117.30 - 0.50 -
Orbis Optimal (US$) $ 76.23 - -0.11 0.00 Euro Income Bond - Inst Acc F € 13.08 - -0.05 0.00
Recovery Acc 520.59 539.85 5.05 2.26 North American Trust A Class 1737.00 - -11.00 0.00 CVG - Acc X 117.30 - 0.50 -
Orbis Optimal (Euro) € 26.14 - -0.04 0.00 Euro Long Average Duration - Inst Acc € 21.73 - -0.48 0.00
Strategic Bond Ret Acc £ 1.18 1.20 0.00 3.80 Oriental Growth Fund A Class 154.70 - 0.60 1.47 Unicapital Investments (LUX) Zebedee Capital Partners LLP (CYM)
Orbis Optimal (Yen) ¥ 1090.00 - -1.00 0.00 Euro Low Duration Fund Inst Acc € 11.31 - -0.02 0.00 Regulated Regulated
Strategic Bond Ret Inc £ 1.06 1.08 0.00 3.84 UK Equity Growth Trust A Class 432.00 - 5.10 0.78
Orbis Japan Equity (US$) $ 46.89 - -0.49 0.00 Euro Real Return - Inst Acc € 13.43 - -0.06 0.00 Santander Asset Management UK Limited (1200)F (UK) The Hartford International Funds (IRL) Investments III € 26.83 - -49.72 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 UK Equity Income Trust A Class 240.10 - 2.00 4.46
*Orbis Prices as of May 7th Euro Short-Term Inst Acc € 12.30 - -0.01 0.00 Regulated Investments IV - European Private Eq. € 282.02 296.12 0.00 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Authorised Funds
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1557.71 - -8.67 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Euro Short-Term Inv Acc € 11.92 - -0.01 0.00 Santander Atlas Range Investments IV - Global Private Eq. € 428.48 449.91 0.00 -
Santander Atlas Port 3 Acc Ret 150.40 - -0.70 - Smith & Williamson Fd Admin Ltd (1200)F (UK) UK Corporate Bond £ 1567.32 - 5.14 0.00
Orbis Sicav (LUX) Euro Ultra Long Duration - Inst Acc € 29.59 - -0.66 0.00
Regulated
Orbis Japan Equity (Yen) ¥ 4582.00 - -48.00 0.00
Global Advantage - Inst Acc $ 12.50 - -0.01 0.00 Santander Atlas Port 3 Inc Ret 105.10 - -0.50 -
25 Moorgate, London, EC2R 6AY 0141 222 1150
Authorised Inv Funds
Gilt
Global Eq (Ex Japan) Index Fund
£ 1561.22
¥ 1.43
-
-
8.52 0.00
-0.01 0.00
Unicorn Asset Management Ltd (UK) Money Market
Global Advantage Real Return Fund Inst Acc $ 9.25 - -0.01 0.00 Santander Atlas Port 3 Acc Inst 165.00 - -0.80 - PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
S&W Deucalion Fd (OEIC) 2171.00 - 16.00 0.37
Orbis Japan Equity (Euro) € 30.35 - -0.31 0.00
Global Bond - Inst Acc $ 27.66 - -0.13 0.00 Santander Atlas Port 4 Acc Ret 183.90 - -1.10 -
S & W Magnum 392.80 415.10 1.40 1.45
Global Eq (ex Japan) Class HJ4 ¥ 1.48 - -0.01 0.00 Authorised Inv Funds Trusts and
Orbis Asia ex-Japan - Investor Shares $ 23.92 - -0.46 0.00 Robeco Asset Management (LUX) Santander Atlas Port 4 Inc Ret 133.40 - -0.70 - Global Eq (ex Japan) Class JP5 ¥ 1.62 - 0.00 0.00 UK Growth A Inc 370.47 - 1.55 0.00
Global Bond Ex-US - Inst Acc $ 19.21 - -0.15 0.00
Orbis Global Equity - Investor Shares € 162.41 - -2.68 0.00
Global Fundam.Index StocksPLUSInst Acc $ 12.25 - -0.03 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
www.robeco.com/contact
Santander Atlas Port 4 Acc Inst 166.80 - -0.90 -
S & W Marathon Trust
Charity Value and Income Fund Acc
191.50 202.60 0.80 1.85
142.30 143.10 1.40 4.48
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.48 - -0.01 0.00 Mastertrust A Inc X F 366.65 - 1.24 0.00 Bank Accounts Gross
Santander Atlas Port 5 Acc Ret 198.70 - -1.30 - Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.01 0.00 UK Growth B Inc 372.24 - 1.56 0.25
Global High Yield Bond - Inst Acc $ 20.39 - -0.06 0.00 FCA Recognised Charity Value and Income Fund Inc 97.99 98.55 0.98 4.60 Gross Net AER Int Cr
Asia-Pacific Equities (EUR) € 148.53 - -1.47 0.00 Santander Atlas Port 5 Acc Inst 168.30 - -1.20 - Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.00 0.00 Mastertrust B Inc X F 329.67 - 1.12 0.39
Oryx International Growth Fund Ltd Global Investment Grade Credit - Inst Income $ 12.38 - -0.03 3.49
Other International Funds Chinese Equities (EUR) € 94.71 - -1.44 0.00 Santander Atlas Port 6 Acc Ret 273.90 - -2.40 - Japan Equity Index Fund ¥ 1.10 - 0.00 0.00 Outstanding British Cos A Acc X F 244.75 - 2.07 0.45 CCLA Investment Management Ltd
Global Investment Grade Credit Fund Inst Acc € € 11.58 - -0.10 0.00
NAV (Fully Diluted) £ 5.76 - 0.24 0.00 Em Stars Equities (EUR) € 199.73 - -2.54 0.00 Santander Atlas Port 6 Acc X 195.60 - -1.70 -
SMT Fund Services (Ireland) Limited Japan Equity Class JP3 ¥ 1.33 - 0.00 0.00 Outstanding British Cos B Acc X F 254.63 - 2.16 1.16 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Investment Grade Credit Fund Inst Acc $ $ 16.63 - -0.04 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Regulated
Emerging Markets Equities (EUR) € 170.55 - -1.57 0.00 Santander Atlas Port 6 Acc Inst 167.90 - -1.50 - UK Smaller Cos A Inc X F 423.63 - 3.18 0.08
Global Multi-Asset - Inst Acc $ 15.25 - -0.06 0.00 Monthly Dividend High Yield $ 7.00 - -0.02 0.00
Flex-o-Rente (EUR) € 109.12 - 0.14 0.00 Santander Atlas Port 7 Acc Ret 215.10 - -2.30 - UK Smaller Cos B Inc X F 415.67 - 3.10 0.81
Global Real Return - Inst Acc $ 18.21 - -0.10 0.00 Daiwa Gaika MMF The National Investor (TNI) CCLA Fund Managers Ltd
Glob.Consumer Trends Equities (EUR) € 156.04 - -1.77 0.00 Santander Atlas Port 7 Acc Inst 170.30 - -1.80 - AU$ Portfolio A$ 0.01 - 0.00 - www.tni.ae UK Income A Acc X F 257.27 - 0.87 4.47 Senator House 85 Queen Victoria Street, London EC4V 4ET
Income Fund Inst Acc $ 12.28 - -0.03 0.00
Authorised Inv Funds Other International Funds UK Income A Inc X F 236.51 - 0.79 4.62 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Inflation Strategy Fund Inst Acc $ 9.66 - 0.01 0.00 High Yield Bonds (EUR) € 127.22 - -0.31 0.00 US$ Portfolio $ 0.01 - 0.00 -
Max 70% Shs Acc Ret 169.40 - 1.00 - TNI Blue Chip UAE Fund * AED 11.22 - -0.06 0.00
Lux -O- Rente (EUR) € 138.08 - -0.16 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - UK Income B Acc X F 272.08 - 0.93 4.45
Low Average Duration - Inst Acc $ 14.76 - -0.01 0.00
TNI Funds Ltd (BMU)
Max 70% Shs Inc Ret 144.60 - 0.90 - UK Income B Inc X F 250.24 - 0.85 4.60
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.79 - -0.06 0.00 New World Financials (EUR) € 57.66 - -0.64 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - MENA Hedge Fund $ 994.16 - -14.08 0.00
Permal Investment Mgmt Svcs Ltd PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 16.73 - -0.17 0.00 US Premium Equities (EUR) € 188.34 - -0.64 0.00
Investments Inc Acc Ret 155.50 - 0.70 - Daiwa Bond Series TNI Funds Plc (Ireland) Data Provided by
www.permal.com Investments Inc Inc Ret 104.10 - 0.50 - Monthly Dividend AUD Bd A$ 10.31 - 0.03 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 15.09 - -0.07 0.00 US Premium Equities (USD) $ 211.06 - -0.70 0.00 MENA UCITS Fund * $ 1377.28 - -2.25 0.00 Value Partners Hong Kong Limited (IRL)
Other International Funds Equity Inc Inc Inst 254.40 - 3.10 - Monthly Dividend EUR Bd € 10.74 - -0.05 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.25 - -0.08 0.00 www.valuepartners.com.hk / vpl@vp.com.hk
Offshore Fund Class A US $ Shares
Equity Inc Inc Ret 219.00 - 2.70 - Monthly Dividend CAD Bd C$ 10.23 - -0.01 0.00 Regulated
Investment Holdings N.V. $ 5663.13 - 47.15 0.00 StocksPLUS{TM} - Inst Acc $ 23.70 - -0.03 0.00
Royal Bank of Scotland (2230)F (UK) Value Partners Classic Equity USD Hedged $ 16.49 - 0.09 0.00
N&P UK Gwth Inc Ret 171.30 - 2.10 - Mthly Div US Preferred Secs $ 7.92 - 0.00 0.00
Macro Holdings Ltd $ 4207.21 - -73.70 0.00 Total Return Bond - Inst Acc $ 27.02 - -0.04 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds Stckmkt 100 Track Gwth Acc Inst 99.76 - 0.86 - Daiwa Equity Fund Series
Fixed Income Holdings N.V. $ 398.25 - -1.12 6.03 UK Corporate Bond - Inst Acc £ 17.17 - -0.11 0.00
Series 5 (Minumum Initial Investment £75,000) Stckmkt 100 Track Gwth Acc Ret 184.10 - 1.60 - New Major Economies $ 9.53 - 0.00 0.00
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 UK Long Term Corp. Bnd Inst-Inst Acc £ 19.01 - -0.19 0.00 Veritas Asset Management LLP (IRL)
United Kingdom Equity Index Fund £ 16.84 - -0.22 2.45
UK Real Return - Inst Acc £ 23.02 - -0.45 0.00
UK Specialist Equity Inc £ 20.16 - -0.32 0.34
UK Growth Acc Inst 292.50 - 3.40 - HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.morningstar.co.uk
UK Growth Acc Ret 340.00 - 3.90 - Standard Life Wealth (JER)
UK Sterling Long Average Duration - Inst Acc £ 21.36 - -0.40 0.00 www.veritas-asset.com Data as shown is for information purposes only. No
Contl Europe Specialist Fund £ 24.36 - -0.28 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 The Resolution Fund (1200) (UK)
UK Growth Inc Ret 226.20 - 2.60 - +353 1 635 6799 offer is made by Morningstar or this publication.
UK Sterling Low Average Duration - Inst Acc £ 14.07 - -0.04 0.00 Tel 0870 870 8434
Japan Specialist Fund X £ 14.85 - -0.11 0.00 Managed OEIC FCA Recognised FCA Recognised
Authorised Inv Funds
Unconstrained Bond - Inst Acc $ 12.21 - -0.02 0.00 Standard Life Offshore Strategy Fund Limited Institutional
US Spec Equity Fund £ 18.48 - -0.22 0.00 Glob Em Shs Port Acc Ret 177.60 - -2.20 - Global Fixed Income D Acc F 103.20 - 0.00 2.58
US Fundam.Index StocksPLUS Inst Inc $ 12.88 - -0.06 0.00 Bridge Fund £ 1.6545 - 0.0042 2.41 Veritas Asian Fund A USD H $ 340.86 - 2.09 0.60
Pacific Basin Specialist Equity Fund £ 43.71 - -0.13 0.60 Max 70% Shs Port Acc Ret 261.00 - -1.20 - Global Fixed Income D Inc F £ 1.00 - 0.00 2.63
US High Yield Bond Fund Inst Acc $ 28.36 - -0.10 0.00 Diversified Assets Fund £ 1.2019 - 0.0015 3.00 Veritas Asian Fund A GBP H £ 402.10 - 1.70 0.44
UK Sovereign Bd Index Fund £ 10.58 - -0.09 2.54 Max 70% Shs Port Acc X 187.40 - -0.80 - Global Yield B Acc F 119.70 - -0.40 2.13
Global Equity Fund £ 1.8792 - 0.0009 1.29 Veritas Asian Fund A EUR H € 352.97 - 2.42 0.37
Pictet Funds (Europe) SA (LUX) Inflation Lkd Sov Bd Fund £ 12.87 - -0.20 0.70 Max 70% Shs Port Acc S 151.50 - -0.60 - Global Yield B Inc F 111.90 - -0.40 2.17
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
UK Specialist Equity Income Fund £ 10.14 - -0.17 3.41 Investment Port Acc Ret 232.20 - -0.10 -
Global Balanced Fund - Income Units £ 1.3739
Global Balanced Fund - Accumulations Units £ 1.5747
-
-
0.0024 1.62
0.0027 1.59
Global Balanced B Acc F 132.30 - -0.70 1.22
Veritas China Fund A USD
Veritas China Fund A GBP
$ 159.78
£ 164.96
-
-
-0.45 0.00
-0.49 0.00
Guide to Data
Global Emerg Mkts Equity Fund X £ 12.53 - -0.04 0.43 Investment Port Acc X 164.60 - 0.00 - Global Balanced B Inc F 126.70 - -0.60 1.23
FCA Recognised
Global Fixed Interest Fund £ 1.0445 - -0.0011 3.92 Veritas China Fund A EUR € 159.55 - -0.50 0.00
Pictet-Absl Rtn Fix Inc-HI EUR € 106.95 - -0.03 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.01 - 0.01 3.08 Max 50% Shs Port Acc Ret 248.30 - -0.60 - Global Growth B Acc F 141.60 - -0.90 0.68 The fund prices quoted on these pages are supplied by
Sterling Fixed Interest Fund £ 0.8621 - 0.0029 3.10 Veritas Global Equity Income Fund D USD $ 133.09 - 1.23 4.27
Pictet-Absl Rtn Glo Div-I EUR F € 128.22 - -0.38 0.00 Series 6 (Investment Management Customers Only) Max 50% Shs Port Inc Ret 223.20 - -0.60 - the operator of the relevant fund. Details of funds
Global Growth B Inc F 132.40 - -0.80 0.64
United Kingdom Equity Index Fund £ 16.60 - -0.22 2.80 UK Equity Fund £ 2.0632 - 0.0224 2.69 Veritas Global Equity Income Fund D EUR € 230.31 - 2.72 3.59 published on these pages, including prices, are for the
Pictet-Agriculture-I EUR F € 203.75 - -2.51 0.00 Max 50% Shs Port Acc X 179.70 - -0.50 - Global Equity Fund B Acc F 135.70 - -1.10 0.30 purpose of information only and should only be used
UK Specialist Equity £ 20.29 - -0.32 1.48 Veritas Global Equity Income Fund D GBP £ 164.88 - 1.44 4.18 as a guide. The Financial Times Limited makes no
Pictet-Asian Equities Ex Japan-I USD F $ 236.05 - 0.59 0.00 Platinum Capital Management Ltd Max 50% Shs Port Acc S 150.40 - -0.40 - Global Equity Fund B Inc F £ 1.35 - -0.01 0.30 representation as to their accuracy or completeness
Other International Funds Contl Europe Specialist Fund £ 25.28 - -0.28 0.59 Veritas Global Focus Fund D USD $ 26.72 - 0.10 2.67
Pictet-Asian Local Currency Debt-I USD F $ 154.73 - 1.02 0.00 Max 100% Shs Port Acc Ret 287.80 - -2.60 - UK Income Focus B Inc F 66.60 - 0.30 2.42 and they should not be relied upon when making an
Platinum All Star Fund - A (Est) $ 119.13 - - - Japan Specialist Fund X £ 15.59 - -0.11 0.51 Veritas Global Focus Fund D EUR € 23.98 - 0.16 2.47 investment decision.
Pictet-Biotech-I USD F $ 889.54 - 2.13 0.00 Max 100% Shs Port Acc X 206.70 - -1.90 - UK Income Focus B Acc F 88.30 - 0.30 2.36
Platinum Global Dividend Fund - A (Est) $ 61.12 - - - US Spec Equity Fund £ 19.25 - -0.22 0.16 Veritas Global Focus Fund D GBP £ 28.92 - 0.10 2.33
Pictet-Brazil Index I USD $ 58.17 - -0.59 0.00 Max 100% Shs Port Acc S 150.40 - -1.40 - UK Balanced B Inc F 70.70 - 0.00 1.92 The sale of interests in the funds listed on these pages
Platinum Global Dividend UCITS Fund $ 72.99 72.99 -0.42 6.69 Pacific Basin Specialist Equity Fund £ 43.49 - -0.13 1.16 Veritas Global Focus Fund A GBP £ 27.89 - 0.09 2.12 may, in certain jurisdictions, be restricted by law and
Pictet-CHF Bonds I CHF SFr 504.06 - 0.87 0.00 Enhanced Inc Inc Ins 219.60 - 2.40 - UK Balanced B Acc F 77.70 - 0.00 1.89 the funds will not necessarily be available to persons
Platinum Arbitrage Opportunities Fund Ltd Class A $ 83.29 - - - UK Sovereign Bd Index Fund £ 10.68 - -0.09 2.54 Veritas Global Focus Fund A EUR € 13.96 - 0.09 1.96
Pictet-China Index I USD $ 138.72 - -1.82 0.00 Enhanced Inc Inc Ret 208.40 - 2.20 - in all jurisdictions in which the publication circulates.
UK Growth B Acc F 79.60 - 0.10 1.55
Platinum Essential Resources UCITs Fund $ 7.04 7.04 0.00 - Inflation Lkd Sov Bd Fund £ 12.73 - -0.21 0.70 Veritas Global Focus Fund A USD $ 25.76 - 0.10 2.24 Persons in any doubt should take appropriate
Pictet-Clean Energy-I USD F $ 96.40 - -0.39 0.00 Enhanced Inc Inc X 176.60 - 1.90 - Stenham Asset Management Inc professional advice. Data collated by Morningstar. For
UK Growth B Inc F 87.40 - 0.20 1.55
Platinum Maverick Enhanced Fund Limited (Est) $ 98.96 - - 0.00 UK Specialist Equity Income Fund £ 10.90 - -0.19 3.36 www.stenhamassetmanagement.com Veritas Global Focus Fund C GBP £ 30.11 - 0.09 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-Digital Communication-I USD F $ 259.00 - -0.84 0.00 Managed Investments OEIC
Other International Funds UK Equity B Acc F 91.30 - 0.80 2.29 (0)207 873 4211.
Platinum Navigator Fund Ltd Class A (Est) $ 93.08 - - - Global Spec Inv Grade Bd Fund GBP £ 10.27 - 0.01 3.08 Max 30% Shs Port Acc Ret 156.90 - -0.10 - Veritas Global Focus Fund C EUR € 25.08 - 0.16 0.00
Pictet-Eastern Europe-I EUR F € 345.84 - 3.58 0.00 Stenham Asia USD $ 140.69 - 4.63 - UK Equity B Inc F 83.30 - 0.70 2.32
Global Emerg Mkts Equity Fund X £ 12.52 - -0.03 0.62 Max 30% Shs Port Acc X 156.90 - -0.10 - Veritas Global Focus Fund C USD $ 27.88 - 0.10 0.00 The fund prices published in this edition along with
Pictet-Em Lcl Ccy Dbt-I USD F $ 169.90 - -0.21 0.00 Stenham Credit Opportunities A Class USD $ 107.29 - 0.94 0.00 additional information are also available on the
Address and telephone number for Series 5 only Max 30% Shs Port Acc S 150.60 - -0.10 - Veritas Global Equity Income Fund A GBP £ 158.24 - 1.37 4.20
Pictet-Emerging Markets-I USD F $ 586.41 - 1.66 0.00 Stenham Emerging Markets USD B1 $ 109.76 - -0.49 0.00 Financial Times website, www.ft.com/funds. The
Max 30% Shs Inc Port Inc Ret 156.90 - 1.00 - Thesis Unit Trust Management Limited (UK) Veritas Global Equity Income Fund A EUR € 224.06 - 2.64 3.61 funds published on these pages are grouped together
Pictet-Emerging Markets Index-I USD F $ 263.44 - -1.79 0.00 Stenham Gold USD $ 158.71 - 4.08 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP by fund management company.
Royal London Unit Managers (CIS) (1200) F (UK) Max 30% Shs Inc Port Inc X 156.90 - 0.90 - Veritas Global Equity Income Fund A USD $ 128.25 - 1.18 4.29
Pictet-Emerging Corporate Bonds I USD $ 108.09 - -0.16 0.00 Stenham Growth USD $ 220.81 - -1.15 - Authorised Funds
PO Box 105, Manchester M4 8BB 08457 464646 Max 30% Shs Inc Port Inc S 150.40 - 0.90 - Veritas Global Equity Income Fund C GBP £ 184.50 - 1.61 - Prices are in pence unless otherwise indicated. The
Pictet-Emerging Markets High Dividend I USD $ 117.03 - 0.44 0.00 Stenham Healthcare USD $ 184.90 - -4.43 0.00 TM New Court Fund A 2011 Inc £ 13.17 - -0.01 0.00 change, if shown, is the change on the previously
Authorised Inv Funds
Max 60% Shs Port Acc Ret 273.40 - -0.70 - TM New Court Fund - A 2014 Acc £ 13.20 - 0.00 0.00 Veritas Global Equity Income Fund C EUR € 260.50 - 3.08 - quoted figure (not all funds update prices daily). Those
Pictet-Emerging Markets Sust Eq I USD $ 100.24 - -0.53 0.00 CIS Sustainable Diversified Trust A £ 1.57 - 0.00 1.71 Stenham Helix USD $ 31.00 - -73.66 -
Veritas Global Equity Income Fund C USD $ 148.60 - 1.37 - designated $ with no prefix refer to US dollars. Yield
Polar Capital Funds Plc (IRL) Max 60% Shs Port Inc Ret 220.30 - -0.60 - TM New Court Equity Growth Fund - Inc £ 13.28 - -0.01 0.00
Pictet-Environmental Megatrend Sel I EUR € 164.67 - -2.07 0.00 CIS Sustainable World Trust A 170.00 - 0.70 0.67 Stenham Managed Fund USD $ 117.64 - -0.53 - percentage figures (in Tuesday to Saturday papers)
Regulated Max 60% Shs Port Inc X 170.60 - -0.40 - Veritas Global Real Return Fund A USD $ 20.47 - -0.23 2.02 allow for buying expenses. Prices of certain older
Pictet-EUR Bonds-I F € 552.27 - -3.22 0.00 Corporate Bd Inc Tst 90.94 95.73 0.20 4.05 Stenham Multi Strategy USD $ 122.00 - -0.40 - insurance linked plans might be subject to capital
Asian Financials I USD $ 321.80 321.80 1.08 0.00 Veritas Global Real Return Fund A GBP £ 11.41 - -0.12 2.00
Max 60% Shs Port Inc S 150.30 - -0.40 - gains tax on sales.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 144.68 - -0.05 0.00 European Growth X 109.80 115.60 1.30 1.64 Stenham Quadrant USD A $ 396.06 - -4.89 -
Biotechnology I USD $ 18.78 18.78 0.11 0.00 Veritas Global Real Return Fund A EUR € 12.06 - -0.14 0.16
Eq Inc Port Acc Ret 304.20 - -2.50 -
Pictet-EUR Corporate Bonds-I F € 200.33 - -0.96 0.00 Sustainable Leaders X A 465.10 - 3.90 0.68 Stenham Trading Inc USD $ 114.61 - -1.41 - Guide to pricing of Authorised Investment Funds:
European Income Acc EUR € 12.14 12.14 -0.21 - Retail
Eq Inc Port Inc Ret 240.30 - -1.90 - (compiled with the assistance of the IMA. The
Pictet-EUR Government Bonds I EUR € 156.52 - -0.74 0.00 UK Growth X 508.80 535.60 5.70 1.06 Stenham Universal USD $ 454.60 - -1.42 -
Financial Opps I USD $ 13.20 - -0.02 1.85 Managed Investments OEIC 2 Veritas Asian Fund B USD $ 238.53 - 1.46 0.43 Investment Management Association, 65 Kingsway,
Pictet-EUR High Yield-I F € 245.22 - -1.37 0.00 UK Income With Growth X 231.80 244.00 2.00 4.31 Stenham Universal II USD $ 168.91 - -0.59 0.00 London WC2B 6TD.
GEM Growth I USD $ 10.11 - -0.08 0.00 Investments Inc Port Inc Ret 167.30 - 0.70 - Veritas Asian Fund B GBP £ 295.91 - 1.20 0.03
Tel: +44 (0)20 7831 0898.)
Pictet-EUR Short Mid-Term Bonds-I F € 136.95 - -0.03 0.00 US Growth 155.10 163.20 -0.70 0.00
GEM Income I USD $ 11.30 - -0.06 0.00 Investments Inc Port Inc X 151.50 - 0.60 - Veritas Asian Fund B EUR € 259.63 - 1.77 0.00
Pictet-EUR Short Term HY I EUR € 119.29 - 0.00 0.00 Additional Funds Available Toscafund (CYM) OEIC: Open-Ended Investment Company. Similar to a
Global Alpha I USD $ 13.47 13.47 -0.07 0.00 £ Gov Bond Inc Inst (gross) 176.60 - 0.90 - Stratton Street Capital (CI) Limited (GSY) Veritas China Fund B GBP £ 158.32 - -0.41 0.00
Please see www.cis.co.uk for details Regulated unit trust but using a company rather than a trust
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.15 - 0.00 0.00 Regulated structure.
Global Convertible I USD $ 11.92 11.92 0.00 0.00 £ Gov Bond Inc Inst 144.80 - 0.70 - Veritas China Fund B EUR € 164.73 - -0.40 0.00
Tosca $ 295.48 - 1.92 0.00
Pictet-Euroland Index IS EUR € 139.98 - -1.90 0.00 Japan Synthetic Warrant Yen Class ¥ 1451.08 - -10.16 0.00
Global Insurance I GBP £ 3.78 - -0.05 0.00 £ Gov Bond Acc Inst 144.80 - 0.70 - Veritas Global Focus Fund B USD $ 18.58 - 0.07 1.63 Different share classes are issued to reflect a different
Ruffer LLP (1000)F (UK) Tosca Mid Cap GBP £ 249.82 - 12.44 0.00
Pictet-Europe Index-I EUR F € 183.51 - -2.35 0.00 Japan Synthetic Warrant GBP Hedged Class £ 171.75 - 4.87 0.00 currency, charging structure or type of holder.
Global Technology I USD $ 23.15 - -0.10 0.00 Strat Bond Inc Inst 185.40 - 0.30 - Veritas Global Focus Fund B GBP £ 21.30 - 0.07 1.68
40 Dukes Place, London EC3A 7NH Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Pictet-European Equity Selection-I EUR F € 666.81 - -8.44 0.00 Japan Synthetic Warrant USD Class $ 15.70 - -0.26 0.00
Healthcare Blue Chip Fund I USD Acc $ 11.12 11.12 -0.08 - Order Desk and Enquiries: 0845 601 9610 Managed Investments OEIC 3 Veritas Global Focus Fund B EUR € 16.61 - 0.11 1.57 Selling price: Also called bid price. The price at which
Pictet-European Sust Eq-I EUR F € 252.90 - -3.00 0.00 Authorised Inv Funds Div Inc Port Inc Ret 181.40 - 2.30 - Japan Synthetic Warrant USD Hedged Class $ 170.12 - 4.91 0.00 units in a unit trust are sold by investors.
Healthcare Opps I USD $ 39.96 - -0.17 0.00 Veritas Global Equity Income Fund B GBP £ 145.97 - 1.26 4.25
Pictet-Global Bds Fundamental I USD $ 122.04 - 0.29 0.00 Authorised Corporate Director - Capita Financial Managers Renminbi Bond Fund AUD Cls A A$ 123.47 - 0.81 3.78
Income Opportunities B2 I GBP Acc £ 1.74 1.74 -0.01 0.00 Corp Bond Acc Inst (gross) 213.70 - 0.90 - Veritas Global Equity Income Fund B EUR € 206.18 - 2.43 3.65 Buying price: Also called offer price. The price at
CF Ruffer Investment Funds
Pictet-Global Bonds-I EUR € 160.65 - -1.38 0.00 Corp Bond Inc Inst 145.40 - 0.60 - Renminbi Bond Fund AUD Cls B A$ 125.43 - 0.83 3.52 which units in a unit trust are bought by investors.
Japan Alpha I JPY ¥ 220.36 220.36 0.65 0.00 Veritas Global Equity Income Fund B USD $ 127.49 - 1.17 4.33
CF Ruffer Gold Fund C Acc 86.41 - -1.49 0.00 Includes manager’s initial charge.
Pictet-Global Emerging Currencies-I USD F $ 100.29 - 0.01 0.00 Corp Bond Acc Inst 145.70 - 0.60 - Renminbi Bond Fund CHF Cls A SFr 122.05 - 0.80 3.79
Japan I JPY ¥ 2189.05 - 3.26 0.00 Veritas Global Real Return Fund B USD $ 19.85 - -0.22 1.58
CF Ruffer Gold Fund O Acc 85.70 - -1.44 0.00
Pictet-Global Emerging Debt-I USD F $ 353.90 - -2.08 0.00 Multi-Manager OEIC Renminbi Bond Fund CHF Cls B SFr 121.93 - 0.80 3.54 Single price: Based on a mid-market valuation of the
North American I USD $ 17.75 17.75 -0.07 0.00 Veritas Global Real Return Fund B GBP £ 11.19 - -0.13 1.60 underlying investments. The buying and selling price
Equity & General C Acc 387.23 - -1.65 0.25
Pictet-Global Megatrend Selection-I USD F $ 239.06 - -0.73 0.00 Bal Intl Track Acc Ret 274.50 - -1.90 - Renminbi Bond Fund CNH Cls A CNH 125.93 - 0.83 3.38 for shares of an OEIC and units of a single priced unit
UK Absolute Equity I GBP £ 11.02 11.02 0.02 - Veritas Global Real Return Fund B EUR € 12.90 - -0.15 1.41
Equity & General C Inc 357.36 - -1.53 0.24 trust are the same.
Pictet-Greater China-I USD F $ 535.46 - 0.02 0.00 Bond Mthly Inc Acc Ret 143.30 - -0.40 - Renminbi Bond Fund CNH Cls B CNH 125.77 - 0.83 3.14 TreeTop Asset Management S.A. (LUX)
Equity & General O Inc 356.37 - -1.54 0.00 Regulated
Pictet-Health-I USD $ 300.53 - -0.91 0.00 Bond Mthly Inc Inc Ret 93.17 - -0.24 - Renminbi Bond Fund Euro Cls B € 123.16 - 0.80 3.56 Treatment of manager’s periodic capital charge:
Polar Capital LLP (CYM) Equity & General O Acc 384.04 - -1.66 0.00 TreeTop Convertible Sicav Veritas Asset Management LLP The letter C denotes that the trust deducts all or part
Pictet-High Dividend Sel I EUR F € 162.31 - -1.95 0.00 Renminbi Bond Fund GBP Cls B £ 124.91 - 0.82 3.36
Regulated International A € 313.18 - -3.84 0.00 www.veritas-asset.com of the manager’s/operator’s periodic charge from
European C Acc 511.67 - -2.30 0.21
Pictet-India Index I USD $ 101.12 - -2.73 0.00 Renminbi Bond Fund SGD Cls B S$ 123.90 - 0.81 3.32 Other International Funds capital, contact the manager/operator for full details
ALVA Convertible A USD $ 129.60 - 1.41 0.00
European O Acc 507.50 - -2.31 0.00
Santander Asset Management UK Limited (1200)F (UK) International B $ 403.59 - -4.62 0.00 of the effect of this course of action.
Pictet-Indian Equities-I USD F $ 465.17 - 10.18 0.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Renminbi Bond Fund USD Cls B $ 124.49 - 0.81 3.12 Real Return Asian Fund USD (Est) € 309.43 - -6.72 0.00
European Conviction A EUR € 158.59 - -1.91 0.00 International C £ 139.43 - -1.66 0.00
Japanese Fund C Acc 191.10 - -3.69 0.01 Authorised Inv Funds
Pictet-Japan Index-I JPY F ¥ 17046.17 - 23.64 0.00 Renminbi Bond Fund YEN Cls B ¥ 13751.72 - 89.96 0.00 Real Return Asian Fund GBP (Est) £ 329.34 - -7.08 0.00 Exit Charges: The letter E denotes that an exit charge
European Forager A EUR € 177.78 - -0.72 0.00 Santander Premium Fund (OEIC) International D € 298.74 - -3.65 0.00 may be made when you sell units, contact the
Japanese Fund O Acc X 189.31 - -3.67 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 10127.60 - 53.10 0.00 Renminbi Bond Fund USD Class $ 171.49 - 1.13 3.36 Real Return Asian Fund EUR (Est) $ 329.34 - -2.36 0.00 manager/operator for full details.
A Shares Pacific A € 305.88 - -0.72 0.00
Pacific C Acc 332.95 - -8.33 0.42
Pictet-Japanese Equity Selection-I JPY F ¥ 15434.79 - 39.39 0.00 Renminbi Bond Fund GBP Class £ 166.34 - 1.10 3.60
Europe (ex-UK) 287.50 - 2.40 - Pacific B $ 388.33 - -0.74 0.00 Time: Some funds give information about the timing of
Pictet-LATAM Index I USD $ 68.72 - -0.60 0.00 Polunin Capital Partners Ltd Pacific O Acc 329.92 - -8.28 0.16
Renminbi Bond Fund SGD Class S$ 163.98 - 1.09 3.56
Japan Equities 159.10 - 0.10 - TreeTop Global Sicav price quotes. The time shown alongside the fund
Other International Funds Total Return C Acc 409.14 - -1.57 1.36 Waverton Investment Funds Plc (1600)F (IRL)
manager’s/operator’s name is the valuation point for
Pictet-LATAM Lc Ccy Dbt-I USD F $ 126.37 - -0.52 0.00 Renminbi Bond Fund YEN Class ¥ 20335.84 - 133.57 0.00 Global Opp.A € 154.28 - -0.94 0.00 waverton.investments@citi.com
Emerging Markets Active $ 43.94 - 0.40 - Pacific Bas (ex-Japan) 564.60 - 1.20 - their unit trusts/OEICs, unless another time is
Total Return C Inc 286.15 - -1.10 1.37 FCA Recognised
Pictet-Pacific Ex Japan Index-I USD F $ 382.26 - 2.52 0.00 Renminbi Bond Fund EUR Class € 113.17 - 0.74 3.80 Global Opp.B $ 154.80 - -0.42 0.00 indicated by the symbol alongside the individual unit
Luxcellence Em Mkts Tech $ 1044.98 - -19.03 0.00 Sterling Bonds 264.90 - 1.00 -
Total Return O Inc 283.69 - -1.10 1.38 Waverton Asia Pacific A USD $ 20.65 - 0.10 0.96 trust/OEIC name.
Pictet-Premium Brands-I EUR F € 163.16 - -2.39 0.00 Poland Geared Growth £ 0.51 - -0.02 0.00 Global Opp.C £ 190.05 - -1.55 0.00
Polunin Developing Countries $ 923.65 931.50 -4.90 0.00 UK Equities 275.20 - 2.40 -
Total Return O Acc 405.74 - -1.58 1.36 Waverton European Fund A Eur € 18.89 - 0.21 0.50
Pictet-Quality Global Equities I USD $ 139.12 - -0.31 0.00 Sequoia Equity A € 150.17 - -1.27 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Polunin Discovery - Frontier Markets $ 1453.71 - -12.39 - US Equities 261.50 - -1.00 -
Waverton Global Bond Fund Cls A $ 9.19 - 0.01 5.32 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-Russia Index I USD $ 63.47 - 0.67 0.00 B Shares Sequoia Equity B $ 157.70 - -0.88 0.00 midnight. Daily dealing prices are set on the basis of
Polunin Small Cap $ 1489.20 1507.82 -32.85 0.00
Pictet-Russian Equities-I USD F $ 54.39 - 0.73 0.00 Waverton Global Equity Fund A GBP £ 14.50 - -0.03 0.35 the valuation point, a short period of time may elapse
Pacific Bas (ex-Japan) 563.80 - 1.20 - Sequoia Equity C £ 172.15 - -2.09 3.46
Waverton UK Fund A GBP £ 13.77 - 0.15 1.82 before prices become available. Historic pricing: The
Pictet-Security-I USD F $ 205.22 - -0.34 0.00 letter H denotes that the managers/operators will
Pictet-Select-Callisto I EUR € 106.34 - -0.07 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) Waverton Equity Fund A GBP £ 15.58 - -0.05 0.00 normally deal on the price set at the most recent
Regulated Saracen Fund Managers Ltd (1000)F (UK) valuation. The prices shown are the latest available
Pictet-Small Cap Europe-I EUR F € 1108.75 - -13.90 0.00 Waverton Sterling Bond Fund A GBP £ 9.81 - 0.01 5.32
Monument Growth 05/05/2015 £ 484.59 490.02 -0.79 1.01 19 Rutland Square, Edinburgh EH1 2BB before publication and may not be the current dealing
levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Dealing: 00 353 1 603 9921
E.I. Sturdza Strategic Management Limited (GSY) or a switch to a forward pricing basis. The
Pictet-ST.MoneyMkt JPY I USD ¥ 101559.78 - 0.59 0.00 S W Mitchell Capital LLP (CYM) Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 managers/operators must deal at a forward price on
Regulated WA Fixed Income Fund Plc (IRL)
Prusik Investment Management LLP (IRL) Regulated Authorised Inv Funds request, and may move to forward pricing at any time.
Pictet-ST.MoneyMkt-ICHF SFr 124.87 - -0.01 0.00 Nippon Growth Fund Limited ¥ 108348.00 - -1243.00 0.00 Regulated
Enquiries - 0207 493 1331 Saracen Growth Fd Alpha Acc £ 3.61 - -0.03 1.00 Forward pricing: The letter F denotes that that
S W Mitchell European Fund Class A EUR € 336.82 - 20.48 - European Multi-Sector € 118.94 - -0.91 0.00
Pictet-ST.MoneyMkt-IUSD $ 134.97 - 0.01 0.00 Regulated Strat Evarich Japan Fd Ltd JPY ¥ 101496.00 - 1610.00 0.00 managers/operators deal at the price to be set at the
S W Mitchell Small Cap European Fund Class A EUR € 229.05 - 9.70 - Saracen Growth Fd Beta Acc £ 5.76 - -0.04 1.51 Troy Asset Mgt Ltd (UK) next valuation.
Pictet-Timber-I USD F $ 160.72 - -0.81 0.00 Prusik Asian Equity Income B Dist $ 169.03 - 0.17 4.30 Strat Evarich Japan Fd Ltd USD $ 1012.83 - 16.03 0.00 40 Dukes Place, London EC3A 7NH
The Charlemagne Fund EUR € 333.22 - 22.97 - Saracen Global Income & Growth Fund A - Acc £ 1.25 - -0.02 2.72
Pictet Total Ret-Agora I EUR € 110.01 - -0.26 - Prusik Asia A $ 211.62 - -0.51 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950 Investors can be given no definite price in advance of
Saracen Global Income & Growth Fund A - Dist £ 1.19 - -0.01 2.78 Winton Capital Management
Authorised Inv Funds the purchase or sale being carried out. The prices
Pictet Total Ret-Corto Europe I EUR € 133.46 - -0.53 0.00 Prusik Asian Smaller Cos A $ 167.85 - 0.03 0.00 Other International Funds appearing in the newspaper are the most recent
Saracen Global Income and Growth Fund -Acc # £ 1.55 - -0.02 3.07 E.I. Sturdza Funds PLC (IRL) ACD Capita Financial Mgrs
S W Mitchell Capital LLP (IRL) Winton Futures USD Cls B $ 1027.49 - -43.43 0.00 provided by the managers/operators. Scheme
Pictet Total Ret-Divers Alpha I EUR € 105.34 - -0.15 - Regulated Trojan Investment Funds
Saracen Global Income and Growth Fund -Dist # £ 1.39 - -0.02 3.15 particulars, prospectus, key features and reports: The
Regulated Winton Futures EUR Cls C € 288.90 - -11.85 0.00
Pictet Total Ret-Kosmos I EUR € 109.18 - 0.17 0.00 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1195.46 - 3.93 0.00 most recent particulars and documents may be
Purisima Investment Fds (UK) (1200)F (UK) Saracen UK Income Fund - Acc £ 1.02 - 0.00 - Spectrum Fund 'O' Acc ♦ 163.16 - -0.82 0.22
SWMC European Fund B EUR € 16599.36 - -134.06 0.00 Winton Futures GBP Cls D £ 315.73 - -12.86 0.00 obtained free of charge from fund
Pictet Total Ret-Mandarin I USD $ 126.59 - 0.11 0.00 40 Dukes Place, London EC3A 7NH Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1402.85 - 4.63 0.00
Saracen UK Income Fund - Dist £ 1.02 - 0.00 - Spectrum Fund 'O' Inc ♦ 159.17 - -0.79 0.22 managers/operators. * Indicates funds which do not
SWMC UK Fund B £ 11761.87 - -11.77 0.00 Winton Futures GBP Cls F £ 121.78 - -4.96 0.00
Pictet-US Equity Selection-I USD $ 194.17 - -0.73 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 109632.00 - 370.00 0.00 price on Fridays.
. Spectrum Income Fund 'O' Acc 99.37 - -0.71 -
Authorised Inv Funds SWMC Small Cap European Fund B EUR € 13930.32 - -29.30 0.00 Winton Evolution USD Cls F $ 1758.24 - -100.39 0.00
Pictet-US High Yield-I USD F $ 149.03 - -0.34 0.00 For Save & Prosper please see Countrywide Assured Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 91892.00 - 307.00 0.00 Charges for this advertising service are based on the
Authorised Corporate Director - Capita Financial Managers Spectrum Income Fund 'O' Inc 99.37 - -0.71 -
SWMC Emerging European Fund B EUR € 9810.06 - -27.05 0.00 Winton Evolution EUR Cls H € 1386.04 - -76.67 0.00
Pictet-USA Index-I USD F $ 184.14 - -0.54 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 89328.00 - 1745.00 0.00 number of lines published and the classification of the
Global Total Fd PCG A 166.01 - -0.10 0.35 Trojan Fund O Acc ♦ 256.71 - 0.35 0.55 fund. Please contact data@ft.com or
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 59352.00 - 199.00 0.00 Winton Evolution GBP Cls G £ 1408.28 - -77.53 0.00
Pictet-USD Government Bonds-I F $ 628.65 - 0.58 0.00 Global Total Fd PCG B 164.75 - -0.09 0.13 Schroder Property Managers (Jersey) Ltd Trojan Fund O Inc ♦ 213.64 - 0.29 0.55 call +44 (0)20 7873 3132 for further information.

Asset Management
Other International Funds Strategic China Panda Fund USD $ 2692.80 - -24.70 0.00 Winton Futures JPY Cls E ¥ 20173.05 - -862.54 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 129.35 - 0.01 0.00 Global Total Fd PCG INT 162.82 - -0.10 0.00 Trojan Global Equity O Acc 209.42 - 0.33 0.90
Pictet-USD Sov.ST.Mon.Mkt-I
Pictet-Water-I EUR F
$ 102.54
€ 282.13
-
-
0.00 0.00
-1.79 0.00
Indirect Real Estate SIRE £ 127.35 133.16 1.49 3.20 Strategic China Panda Fund Hedged EURO € 2617.91
Strategic China Panda Fund Hedged Sterling £ 2654.22
-
-
-24.35 0.00
-24.25 0.00
Trojan Global Equity O Inc Asset Management 179.64 - 0.28 0.91 Asset Management
Trojan Income O Acc ♦ 274.14 - 1.81 3.58
Purisima Investment Fds (CI) Ltd (JER)
Strategic Euro Bond Accumulating Class CHFSFr 1008.50 - 0.75 0.00
Regulated Scottish Friendly Asset Managers Ltd (UK) Trojan Income O Inc ♦ 176.38 - 1.16 3.69
PCG B X 172.01 - -2.15 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic Euro Bond Institutional Class EUR € 1027.23 - 0.82 0.00
Authorised Inv Funds
PCG C X 169.79 - -2.11 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1153.77 - 0.90 0.00
Managed Growth ♦ 238.40 - 2.70 0.00
Strategic Euro Bond Fund Distributing Class Shares € 1054.94 - 0.84 0.00
UK Growth ♦ 258.80 - 2.90 0.00
28 ★ FINANCIAL TIMES Thursday 14 May 2015

MARKETS & INVESTING

INSIGHT Capital markets

Jay
Pelosky Eurozone debt sales coaxed back to life
US companies line up to the €25.1bn in the two weeks from April will be more of these deals in the
€7.3bn However, Ms de Zeeuw warned that
14, before eurozone yields rose sharply, coming weeks.” as the summer holidays approached
issue in euros after rise in according to Dealogic. As yields show signs of consolidating Value of euro- the tempting yield environment in the
denominated
Why an open Iran yields suppresses activity With yields higher and a pipeline of
deals, the market expects a restoration
of debt pricings in the coming weeks if
in Europe, US companies have pro-
pelled eurozone bond market activity.
Yields for eurozone credit remain well
corporate bonds
sold in the past two
weeks
eurozone could lead to a flood of over-
issuance.
“There is still volatility going on,” she
would offer a winning JOEL LEWIN
US companies are coaxing eurozone
interest rates stabilise. In the past three
weeks holders of high-grade euro credit
below US investment-grade offerings,
enticing multinational companies to €25.1 bn
said. “On quiet days there will be win-
dows of opportunity, and I fear those

solution for everyone debt markets back to life after the

recent rise in bond yields squeezed
credit sales to a trickle.
Yesterday 3M, the vinyl-tape maker,
mandated a €1.3bn triple-tranche deal
have seen their total returns for the year
erased, according to UBS.
“We have gone through a period
where we saw a significant and dramatic
sell-off in yields,” said one head of syndi-
spread issuance across the Atlantic.
“The return of these deals makes the
case that there is strong underlying
appetite for bonds,” said Thibault Colle,
strategist at UBS. “It’s just that over the
Total sold in the
two weeks from
April 14, before
days a little bit because there could be
more issuance than markets can digest.”
Corporate credit was among the big-
regional yields fell gest beneficiaries of the European Cen-
sharply tral Bank’s full-blown quantitative eas-

I
ran has been closed for about 35 years, so a recent visit
was an unusual event. On the ground it reminded one
of earlier economic and market transitions, such as
Latin America at the turn of the 1990s or Russia and
central Europe in the mid-1990s. Salient features
include underutilised labour, a state-controlled economy,
brain-drain and immature capital markets. However,
some unique characteristics suggest a nuclear deal could
stimulate an accelerated transition.
Iran is opening because it has to. Four main factors
have left its economy in tatters: economic mismanage-
ment, US troops on two of its borders, economic sanctions
and an oil price collapse. Eight years of populist economic
policies under Mahmoud Ahmadi-Nejad resulted in spi-
ralling inflation, currency collapse, recession and an
empty treasury.
Hassan Rouhani was elected president in June 2013 on a
platform of restoring economic stability and engagement
with the west. The two are related. Economic progress has
been made: inflation has fallen from more than 40 per cent
to less than 20 per cent and the currency is stabilising. But
the costs have been steep.
Chief among these are an economy in recession, youth
unemployment above 15 per cent and a frozen property
sector, with many half-finished buildings dotting Tehran’s
wealthier neighbourhoods.
Progress on the engagement front has occurred. The
final outcome of the nuclear talks remains uncertain but
Iran clearly hopes a deal can help restore economic
growth. In meetings with religious leaders and industrial-
ists, in cities throughout the country, similar hopes were
voiced — first, for a nuclear deal that restores international
financial ties and oil exports. Second, Iran and the US
should work together to combat terrorism, which suggests
that Iran sees engagement as a pathway to regional power
status. Third, it is hoped that
once these two objectives are
met, Iran will open up to for-
It has public and
eign — and in particular US private capital
— capital.
Should a deal come to frui-
markets, though
tion Iran has several building these are under-
blocks, including its human
capital (a population of 80m,
developed
highly educated, young and
friendly), deeply rooted business culture, a huge natural
resource base (oil and gas reserves in the top five world-
wide), a cheap currency and significant diaspora connec-
tions throughout the west.
The country’s needs are tremendous, with estimates
suggesting capital requirements of close to $1tn. The oil
and gas sector alone is estimated to require $400bn or
more to upgrade and expand; turning the oil spigot on will
take time. Domestic air travel is stunted by lack of aircraft
(one flight per day between Shiraz and Tehran); estimates
suggest 300 to 500 are needed.
Iran has active public and private capital markets,
although these are under-developed. The stock market is
commodity heavy, trades about $100m per day and has a
market capitalisation to gross domestic product ratio of
less than 30 per cent.
Valuation seems cheap with a price/earnings ratio of six
times — but with an annual interest rate on deposits of
23 per cent, stocks should be cheap. Investor demand for
new markets is huge, however, and capital inflows are
likely upon any easing of sanctions, the timing of which
remains unclear.
Iran has an active technology sector with more than 100
incubators throughout the country. Domestic venture cap-
ital and private equity money exists and, while deal size is
quite low, the Iranian equivalents of eBay, Kayak, Groupon
and others are active.
Engineers are cheap at $25,000 a year, smartphones are
everywhere, as is 3G service; given lack of external compe-
tition, the locals have been able to build up a significant
online presence. This space could prove interesting.
Iran’s upside has two parts: first a deal would probably
cement Mr Rouhani’s re-election and provide a six-year
runway to economic transformation. Second, there is
another Gulf stock market opening to foreign investors —
Saudi Arabia.
Imagine a future with Saudi and Iranian capital markets
open to foreign investors, allowing Gulf capital markets to
drive employment, growth and regional economic integra-
tion, and reducing terrorism and violence: a true win-win.
Jay Pelosky is principal of J2Z Advisory
through Deutsche Bank, following Tues-
day’s €300m inaugural euro issue from
Blackstone, the US private equity group.
The deals follow a barren fortnight for
eurozone credit as heightened market
volatility slowed activity to its lowest
pace all year with just €7.3bn of euro-
denominated corporate bonds sold in
two weeks. That is less than a third of
Winds of doubt blow up as El Niño threatens
As some investors overhaul
hedging and positions, others
are wary of a false alarm
EMIKO TERAZONO
After a five-year absence, El Niño is
back. The last time the weather event
emerged, in 2009-10, droughts dam-
aged crops in Southeast Asia and Aus-
tralia, sending agricultural commodity
prices soaring.
First observed in the 19th century by
Peruvian fishermen, the recurring
weather phenomenon is known to affect
Australasia and South America. Its cli-
matic effects can reach west Africa.
This week’s announcement by the
Australian Bureau of Meteorology
(BOM) of a “moderate to strong” El
Niño this year may lead to farmers and
commodity investors adjusting their
hedging and positions.
“Potential shocks to commodities
markets [such as El Niño] tend to shape
the risk profiles of market participants,”
says Mark Keenan, head of commodity
research for Asia at Société Générale.
But some investors may be hesitant to
react, after the false alarm in 2014,
when weather forecasters warned of a
potential development of El Niño, say
brokers and traders.
In March last year weather experts
pointed to the rapid warming of the
tropical Pacific Ocean, the key signal for
El Niño, only for some of the conditions
to peter out. With sea temperatures ris-
ing again since the end of 2014, the US
federal National Oceanic and Atmos-
pheric Administration in February this
year that El Niño had developed.
Some commodity market partici-
pants are suffering from “the ‘boy who
cried wolf’ effect”, says Jonathan Park-
man, co-head of agriculture at com-
modities broker Marex Spectron. “The
threat of El Niño has been in the market
for a year, and as a result people have
tended to take it less seriously.”
They may be forced to adjust their
portfolios, however, if — as climate
experts predict — the tropical Pacific
continues to warm in the next few
months and through to the end of this
year. The weather phenomenon can last
for as little as six months or as long as
two years, according to Andrew Wat-
kins, manager of climate change predic-
tion services at the BOM.
Farmers in Australia are among those
who are likely to feel the most pain. The
country has suffered significantly lower
rainfall for the 2012-13 season and
cate at a large bank. “Issuance is lower last three weeks there was too much vol- ing programme announced in January,
than you’d otherwise expect.” atility, so investors pushed back. The with prices rising steeply, yields falling
Hyung-Ja de Zeeuw, senior credit pipeline has been building up.” and issuance soaring.
strategist at ABN Amro, said: “Volatility In stark contrast to the slowdown in But a sharp fall in the price of govern-
makes it challenging to place a deal. eurozone credit sales, in the US bond ment bonds quickly hit credit markets
There are still many issuers waiting sales are running at a healthy rate. In the in recent weeks as the sustained rally in
to issue in euros, and there are many past two weeks $85.1bn of bonds were eurozone debt markets, which had been
sidelined waiting to use the current sold in the US, compared with $8bn in fuelled by aggressive monetary easing,
low-yield environment. I think there the eurozone, according to Dealogic. went into reverse.
Analysis. Commodities
Hotting up
Typical El Niño effects on world weather Dec-Feb
Warm
Warm Warm
Wet Wet and cool
Dry
Dry and warm
Wet Dry and warm
Warm
Warm
Wet and warm
Dry and warm
Wet
Warm
FT graphic Sources: NOAA; FT research
below average precipitation in 2013-14. could affect crops including rice, wheat, ered, the country’s fishing industry
‘The threat The country’s wheat crop has already cotton, and sugar. remains on high alert.
has been taken a hit from dry weather, and could Indian farmers are large buyers of Elsewhere in Latin America, El Niño
see further drought damage. Incitec gold, and analysts at UBS last year tends to bring wetness to Brazil, and
[with us] Pivot, an Australian fertiliser group, this raised concerns that a potential weak rains could hamper sugar cane harvest-
for a year, week cautioned that “Australian grow- monsoon could hit purchases of the pre- ing, lowering the level of sucrose in
ing conditions at the moment look quite cious metal. the plants.
and people challenging” for the wheat crop. El Niño has tended to affect cocoa It is not just agriculture that will be
tend to Australia’s dairy and beef industry production in west Africa. During peri- affected. In the past droughts in Indone-
could also be affected by the potential ods of the climatic event, weather in the sia, a leading nickel and copper pro-
take it less for reduced production of grass fodder region has tended to be dry, leading to a ducer, have led to output declines as
seriously’ through the winter, according to Tracey fall in bean output. hydroelectric power facilities were
Allen, analyst at Rabobank in London. Meanwhile Peru’s anchovy catch is affected, as were the levels of inland
In the northern part of the country almost always affected by the weather waterways used for ore transportation.
sugar cane will also be impacted. event, says David Streit at the Commod- In Peru heavy rains flooded into zinc
Dryness in Southeast Asia could ity Weather Group, a consultant. mines, triggering sharp price rises.
depress harvest levels of crops including Peru’s fishermen are already feeling At BOM Mr Watkins is still “fairly cau-
rice and sugar in Thailand and robusta the impact of warming waters, as a tious” about its latest forecast. What
coffee in Vietnam, and will add stress to sharp drop in fish stocks late last year makes it harder for weather forecasters
rubber and palm oil trees in Indonesia prompted fishing authorities to close its and commodity investors is the fact that
and Malaysia. fishing season for anchovies — the main the effects of El Niño on the weather in
El Niño has been linked to a weaker ingredient of fishmeal. different parts of the world are as hard
Indian monsoon. The annual rainy sea- The price of fishmeal hit a record high to predict as the strength of the phe-
son is critical for the country’s agricul- last November, and, although stocks off nomenon itself. Says Mr Watkins: “No
ture, but lower than average rainfall the Peruvian coast have since recov- two El Niños are the same.”

Commodities Currencies

Unloved manganese augurs ill for steel outlook Sterling volatile after jobs data and BoE report
NEIL HUME — COMMODITIES EDITOR
When BHP Billiton completes the sepa-
ration of its smaller businesses into a
new listed company called South32
next week, it will be jettisoning 2015’s
worst-performing mined commodity.
Benchmark manganese ore, used in
steelmaking, has dropped 30 per cent
since the start of the year to less than a
$3 per dry metric tonne, weighed down
by weak demand and high stocks at
ports in China.
That is a worse performance than the
26 per cent drop in metallurgical coal
and a 12.5 per cent decline for iron ore.
Analysts say the metal, which rode
the construction and property boom in
China, could remain in the doldrums for
five years. “We don’t see the price get-
ting back to $4.50 — last year’s average
price — until 2020,” Macquarie said.
Manganese is the 12th most abundant
element in the earth’s crust. Most of the
manganese produced each year — Aus-
tralian and South Africa are the biggest
suppliers after China — is used in steel-
making, either as an alloying agent to
increase strength or to remove residual
sulphur or oxygen.
South32, named after the line of lati-
tude of Perth and Johannesburg, will be
the biggest producer of manganese
when it starts trading in Australia,
South Africa and London on Monday.
Forecasts for the company’s market
value have dropped sharply since the
demerger was announced last year, as
prices for its main products, which also
include aluminium, have dropped. Ana-
lysts’ valuations are in an unusually
wide range from $7bn to $14bn.
The 19m tonne a year manganese
market has been struggling to digest a
supply glut for two years. Encouraged
by prices that reached $18 a tonne
before the financial crisis, output surged
as new mines, mainly in South Africa,
came on line.
CRU, a consultant, estimates the mar-
ket was oversupplied by 843,000 tonnes
of contained manganese in 2013 and
350,000 tonnes in 2014. Struggling pro-
ducers have benefited from lower costs
after the oil price fall and the weakening
of most commodity currencies, it adds.
Many analysts are forecasting flat or
negative growth in Chinese steel con-
sumption this year, and demand has
also been hurt by the closure of fer-
roalloy plants in India.
Unlike iron ore, the price of manga-
nese is set by transactions in the physi-
cal market. Some analysts say it more
accurately reflects conditions in the
steel industry.
ROGER BLITZ
The Bank of England took the wind out
of sterling’s sails by lowering its growth
forecasts for the UK economy, but
could not halt the momentum behind
the resurgent pound, the favoured cur-
rency in the forex market.
Volatile trading saw sterling surge to a
21-week high against the dollar, reach-
ing $1.5744 on UK unemployment data
showing the jobless rate falling to 5.5 per
cent, its lowest level since the summer
of 2008.
The data also showed a rise of 2.2 per
cent in average weekly wages, the fastest
rate of expansion in four years.
Sterling then dipped to $1.5631 fol-
lowing the publication of the BoE’s latest
inflation report, which has given rise to
expectations that interest rates could
stay at historic lows well into next year.
The BoE said it now expected 2015
GDP to grow by 2.5 per cent, down from
its previous guidance of 2.9 per cent,
while it also revised downwards fore-
casts for 2016 and 2017.
But sterling found a second wind — at
least against the dollar — after the
release of lacklustre US sales data, ena-
bling the pound to resume its upward
momentum and again climb above
£1.57, a level last reached on December
17.
The pound has been in demand in the
wake of last week’s Conservative elec-
tion victory, boosted by an uplift in
industrial production during March.
A fluctuating day against the euro saw
the pound move above €1.40 for the
first time in two weeks despite news of
improving eurozone GDP growth, which
increased 0.4 per cent during the first
quarter.
It later subsided to €1.3837 after the
Bank of England report, in which it
warned that although the growth out-
look remained solid, productivity
growth had been persistently weak
since 2008.
Inflation would “remain subdued” for
most of 2015, said BoE governor Mark
Carney, among the reasons being “the
likely persistent drag from the strength
of sterling”.
Nonetheless, the sterling index, meas-
ured against a basket of its peers,
remained healthily placed at above 157.
Two key factors could weigh on ster-
ling, say currency strategists.
The market has one eye on the new
Conservative administration’s plans for
another round of austerity cuts, and
another on the prospect of “Brexit”, a
British exit from the EU in a forthcom-
ing referendum.
Thursday 14 May 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Dollar hits three-month low while S&P 500 index
Change on day 0.03%

equities and bonds turn choppy

2120

Those who like to use charts as a guide
to future asset performance — and
there are just as many who ridicule the
idea — may be keeping a close eye on
the S&P 500.
For all the market’s recent bond-
induced wobble, the Wall Street
benchmark by Wednesday’s open sat
less than 1 per cent shy of its record
close.
The first-quarter corporate earnings
season has delivered its . . . shall we be
kind and say, traditional
outperformance of expectations.
And stocks are coping with a pick-up
in bond yields because, in historical
terms, they remain at very low levels.
Sure, interest-rate sensitive groups
such as utilities and real estate
investment trusts may be struggling
but, on the other hand, the steepening
yield curve of late is helping lenders.
The rebound in oil has lifted energy
stocks, too. Which leaves the S&P 500
once again bumping up against the top
of its recent range, just shy of 2,120.
The action has created a flat-topped
pennant, with higher lows beneath. It’s
a shape that can get technical types
betting on a significant spike through
the upper resistance should it be
decisively broken.
Other technicals may be supportive
of such a move. The S&P 500’s 14-day
relative strength index, a momentum
gauge, is about 50, leaving plenty of
room for a bounce before conditions
become “overbought”.
It’s perhaps also significant that a
similar chart pattern is on show for the
US dollar/yen, a currency proxy for
investors’ risk appetite.
jamie.chisholm@ft.com
US equities
S&P 500 index
2100
2000
1900
1800
May 2014 2015 May
Source: Thomson Reuters Datastream
Disappointing US retail
sales figures add to
expectations of delay to
Fed rates lift-off as growth
forecasts are downgraded
DAVE SHELLOCK
The dollar sank to its lowest level in
three months and the price of gold
touched its highest point since early
April as disappointing US retail sales fig-
ures played to the view that the Federal
Reserve would hold back from raising
interest rates for some time.
Equity and bond markets put in more
mixed performances while oil prices
were volatile after data showed a further
sharp drop in US crude inventories last
week.
The dollar index was down 0.9 per
cent at 93.72, after touching its lowest
point since the start of February. The
index — a gauge of the US currency’s
value against a basket of peers — has
fallen 6.5 per cent from a 12-year high
reached in March.
The euro was up 1.1 per cent at $1.1341
and the dollar was down 0.6 per cent
versus the yen at Y119.13. Gold jumped
$21 to $1,214 a Troy ounce.
Headline retail sales were unchanged
last month, against expectations for a
0.2 per cent gain, after an upwardly
revised 1.1 per cent increase in March.
Sales in the “control group”, which strips
out cars, petrol and building materials,
were also flat on the month.
“The continuing weakness of retail
sales in April brings into question our
working assumption that the [eco-
nomic] soft patch through the winter
months was largely due to the unsea-
sonably cold temperatures in the north-
east,” said Paul Ashworth at Capital Eco-
nomics.
“Alongside the surge in long-term
interest rates over the past few weeks,
Emerging market currencies under stress: FT.com/video
An Asia sell-off seems a result of nerves over expected US
interest rate rises. FT writers discuss the moves
the ongoing softness of retail sales is
another reason to believe that the Fed
will delay the first rate hike until Sep-
tember at least.”
Weak data on business inventories
added to the gloom and prompted many
economists to lower their forecasts for
first-quarter US GDP growth.
Jesse Hurwitz, an economist at Bar-
clays, said: “We now expect that total
private inventory investment contrib-
uted just 0.2 percentage points to
growth in the first quarter, well below
the 0.7 points reported in the advance
estimate.
“This cuts our first quarter real GDP
tracking estimate two-tenths, to minus
0.8 per cent.”
— Dario Pignatelli/Bloomberg
The Bank of England also down-
graded its growth forecast for the UK for
the next three years — although it said
the outlook was “solid” — and said infla-
tion would stay close to zero before
starting to rise at the end of the year.
In its quarterly inflation report, the
Bank said its outlook implied there
would be only “gradual” rises in interest
rates “over the next few years”.
Vatsala Datta, UK rates strategist at
RBC Capital Markets, said: “Although
the Bank’s medium-term outlook is rel-
atively unchanged compared to the Feb-
ruary report, the acknowledgment of
weaker activity and low near-term
inflation leaves some wiggle room if
things deteriorate further.
2100
2080
Apr 2015 May
“In this respect, today’s report can be US equities The S&P 500 lost its
judged as slightly dovish compared with hold on to an early advance as trade
market expectations.” turned uneven amid fluctuating bond
Sterling gave back gains against the prices in the wake of the release of
dollar — prompted by encouraging UK disappointing US retail sales data
data on jobs and wages — but rallied
anew after the US sales figures to stand FTSE 100 index
0.4 per cent firmer at $1.5733, the high- Change on day 0.23%
est level since December. 7100
The yield on the 10-year UK govern-
ment bond initially fell but was subse- 7000
quently dragged 3 basis points higher to
2.02 per cent as German sovereign debt 6900
suffered a late burst of selling. Apr 2015 May
US Treasuries also fell victim to the
sell-off across the Atlantic, with the UK equities The London market
10-year yield making a post-sales data outperformed its continental European
low of 2.19 per cent to stand 2bp higher counterparts as participants weighed
on the day at 2.28 per cent. the prospects for interest rate rises
The 10-year Bund yield finally settled in the UK and US
4bp higher at 0.72 per cent.
Preliminary data yesterday showed Eurofirst 300 index
eurozone first-quarter GDP growing by
Change on day 0.28%
0.4 per cent — a modest acceleration 1650
from the 0.3 per cent pace of the final
three months of 2014, but slightly below 1600
the consensus forecast. A sharp drop in
German growth was offset by sturdier
1550
performance from France and Italy.
Apr 2015 May
Marco Valli, chief eurozone econo-
mist at UniCredit said: “The pace of European equities A renewed rise for
eurozone GDP growth is likely to be the euro and a late bout of selling in
maintained in the second quarter, when German Bunds unsettled the region’s
the support from low oil prices will stock markets, with the Xetra Dax in
probably start diminishing, but the Frankfurt sliding a further 1.1 per cent
impulse from past currency deprecia-
tion will likely strengthen.”
European equities were unimpressed Nikkei 225 index
with the FTSE Eurofirst 300 index fall- (’000) Change on day 0.71%
20.5
ing 0.3 per cent and the Xetra Dax in
Frankfurt 1.1 per cent. 20.0
On Wall Street, the S&P 500 edged 19.5
down fractionally to 2,098 points.
US energy stocks were lower as Brent 19.0
Apr 2015 May
oil swung in and out of negative terri-
tory. The benchmark settled 0.1 per Japanese equities The Nikkei rose to
cent lower at $66.81 a barrel, even after levels not seen for two weeks as
figures showed that US crude stockpiles optimism grew about the outlook for
shrank by 2.2m barrels last week, far Japan’s economy and corporate profits
more than expected.

Telecity Barratt climbed 3.4 per cent to 564p,

London
Hargreaves bounces
ahead of statement as
FTSE 100 steadies
Bryce Elder
A more stable London market helped
Hargreaves Lansdown bounce
yesterday.
Shares in the financial services group
have been volatile ahead of a trading
statement due next week, which will be
its first to include the April tax-year
deadline to invest in an Isa.
About 15 per cent of Hargreaves’
annual fund flows fell in April as a
result, RBC estimated. But data from
the Investment Association, a UK
investment management industry
body, suggested the usual late rush to
invest in Isas was muted this year.
Just £585m went into funds between
the start of March and the April 5
deadline, down 29 per cent from 2014,
the data show.
With shareholders expecting
Hargreaves’ Vantage fund platform to
Persimmon was up 4.1 per cent to Trading Directory
Share price (pence)
1200 £18.20, Taylor Wimpey added 2.4 per
cent to 182.3p and Bovis Homes took on
1000
3.4 per cent to £10.35.
800 Royal Bank of Scotland edged 0.6 per
600 cent to 353p. JPMorgan Cazenove
May 2014 2015 May
Source: Thomson Reuters Datastream
argued for passive sales of RBS shares by
the Treasury, similar to its strategy of
Day's
dripping its Lloyds stake into the
Indices
FTSE 100
Close
6949.63
change
15.83
market gradually.
Telecity gained 3.3 per cent to
FTSE 250 17861.53 172.30 £11.15 on a report that Digital Reality, a
San Francisco real estate investment
FTSE 350 3835.11 13.42
FTSE All-Share 3769.69 13.24 trust, has been “looking seriously” at
FTSE All-Share Yield 3.25 - the datacentre operator.
FTSE 100 Futures 6916.00 8.50 Last week Equinix bid $3.5bn for
10 yr Gilt Yield
20yr Gilt All-Share Ratio
2.53
0.79
-0.29
-
Telecity, superseding its previous plan
to merge with Interxion of the
Netherlands.
collect £5.5bn of net flows for 2015, any Compass lost 3.8 per cent to £11.19
number below £2.5bn in the update was after cautioning that the dollar’s
likely to disappoint, RBC said. weakness would be a headwind to
Hargreaves ended at £12.21, up earnings.
1.9 per cent, which put the stock on a Management also flagged up the fact
valuation of nearly 27 times expected that Brazil and Turkey had started to
2016 earnings. weaken and there was a slowdown
The wider market steadied after two among oil and gas customers, which
days of sharp falls, which lifted the FTSE account for about 5 per cent of group
100 by 0.2 per cent, or 15.83 points, to revenue.
6,949.63. Man Group faded 3.9 per cent to
Mondi jumped 8.9 per cent to £14.14 169.5p as volatility continued to take its
on a reassuring update. The paper and toll on AHL, the group’s trend-following
packaging maker has been widely fund set. The funds have slipped about
rumoured to be a possible bid target. 9 per cent from high-water marks hit in
Volumes and pricing had been stronger March, having risen only once in the
than expected, Mondi said. past nine sessions.
Housebuilders gained after Barratt Saga edged up 1 per cent to 201p after
Developments said sales rates had Acromas, its private equity backer and
improved in March and April, allowing majority shareholder, sold an 11 per
it to sell legacy sites more quickly. cent stake in the insurer at 195p apiece.

Wall Street
Macy’s dips as profits
and sales miss forecasts
Mamta Badkar
Shares of Macy’s fell, after the US
department store chain reported first-
quarter results that missed analyst
forecasts and blamed a slowdown in
sales on factors including the West Coast
port disputes and lower spending by
international tourists.
The Cincinnati company reported
profits of $193m, or 56 cents a share,
compared with profits of $224m, or 60
cents a share, in the same period a year
ago. Sales slid 0.7 per cent to $6.2bn.
Analysts on Wall Street had forecast
earnings of 62 cents a share, on sales of
$6.3bn.
Macy’s said same-store sales,
including its licensed divisions, fell
0.1 per cent. Excluding licensed
departments, same-store sales fell
0.7 per cent, missing expectations for a
1.2 per cent gain. It also reported a 15 per
cent rise in its dividend and announced
a $1.5bn increase in its share buyback
programme. Shares, which have gained
10 per cent in the past year, fell 2.5 per
cent to $63.73.
Ralph Lauren fell 3 per cent to
$129.18, after the retailer said same-
store sales declined in its fiscal fourth-
quarter and profits fell nearly 19 per
cent from the year before.
The New York company reported
profits of $124m, or $1.41 a share,
compared with $153m, or $1.68 a share,
in the same period a year ago. Excluding
foreign currency impact, the company
reported earnings of $1.69 a share. Sales
rose 1 per cent to $1.9bn. Wall Street
analysts had forecast earnings of $1.32 a
share, on sales of $1.9bn. The company
said consolidated same-store sales fell 4
per cent, after a 2 per cent drop in the
previous quarter. On a constant
currency basis, comparable sales rose 1
per cent in the financial fourth quarter.
Based on current exchange rates,
however, the company expected foreign
currency would have about a 450 basis
point negative affect on sales growth.
Shares of Delta Air Lines gained 1.5
per cent to $46.78, after the US carrier
boosted its quarterly dividend by 50 per
cent to 13.5 cents a share, which will be
payable starting in September. The
company also announced a $5bn share
buyback programme to be completed
no later than December.
Pall Corp shares climbed 4.4 per cent
to $123.89, after Danaher Corp agreed to
acquire the water group in a $13.8bn all-
cash deal. Shares of Danaher Corp
climbed 1.6 per cent to $87.35.
US stocks showed barely any
movement. The S&P 500 and Dow Jones
Industrial Average were little changed
at 2,098.48 points and 18,060.49 points,
respectively. The Nasdaq Composite
gained 0.1 per cent to 4,981.69 points.
30 ★ Thursday 14 May 2015

INSIGHT Analysis. Capital markets

John
Authers
Investors scramble to keep up as trends reverse
‘ECB unwind’ leads fund German equities
Xetra Dax 30 index (’000)
managers to switch strategies
Complex multi-factor amid shake-up in asset prices
12.5

funds promise us all DAVID OAKLEY

12.0

a beta mousetrap — INVESTMENT CORRESPONDENT

Everything has changed. Since mid-
April asset prices have dramatically 11.5
altered. Everything that was going up
seems to be going down, and vice versa.
11.0

S
mart beta is getting smarter. In the process, The shifting sands between bonds,
while at risk of becoming more esoteric and equities, currencies and commodities 1 Apr 2015 12 May
harder to sell, it may be putting itself on a firmer have prompted some fund managers to
footing when it comes to claims that it can beat reverse their strategy. A list of what they German government bonds
the market in the longer term. Smart beta is the must address includes: sell-offs in equi- 10-year Bund yield (%)
catch-all term for rules-driven quantitative strategies that ties and government bonds; the 0.8
take major indices and reweight them to create a better rebound in the euro after it came close
chance of beating the market in the long term. to parity with the dollar; a renewed
They cost more than a standard passive (or “beta”) appetite for cyclical stocks, rather than 0.6
fund, but not much more, and the hope is that they can defensives; and the strengthening of the
beat the benchmark by a little more than the difference in oil price, in a reversal of a trend that has 0.4
fees. Typical strategies include weighting towards value dominated markets since last summer.
(cheap) stocks, or those with momentum, or stocks with “A lot of correlations are changing, 0.2
high dividends or low volatility. with trillions of dollars moving around,”
The greatest problem with the concept is that if it is suc- says James Sym, a European equity fund 0
cessful, it should carry the seeds of its own demise. Once manager at Schroders. “Interpreting the
investors have cottoned on that cheap stocks outperform, changes in this market will define suc- 1 Apr 2015 12 May
more will buy them and the anomaly will disappear. Even- cess or failure for some fund managers Source: Thomson Reuters Datastream
tually you will run out of the greater fools prepared to buy over the coming months.”
what you are selling and sell what you are buying. In just a few weeks large-scale bets Turning point: billed by some as the end of the QE trade increase rates for the first time in a dec- in sectors such as banking and insur-
Further, even as these factors should logically lose their that had prospered for some time — Nestlé, maker after the €1.1tn bond-buying pro- ade at some point this year. ance because they are relatively cheap,
power in the longer run, there is also the problem that they driven largely by the European Central of Nescafé gramme pushed yields to record lows “Some investors have been caught on and says it is time to scale down posi-
tend to be cyclical. The momentum effect, for example, Bank announcing and launching quan- coffee, is in mid-April, with more than $3tn the wrong side of the Bund trade,’’ says tions in the more expensive defensive
usually works beautifully, but occasionally crashes. titative easing in the first quarter — have considered a of bonds trading with negative yields John Stopford, co-head of multi-assets sectors, such as Nestlé and Unilever,
A new answer is multi-factor funds. Combine several backfired, sparking a comprehensive defensive stock; at its peak. at Investec Asset Management. “They which have long been in vogue because
factors in one fund, and the dominant factor of the scramble among investors. recent moves Certainly, it has meant one of the big- will be less inclined to hold such aggres- they are bond-like and safe yet deliver
moment will always pull you through. And you might At one investment committee meet- favour rotation gest shifts in portfolio weightings for a sive positions in Bunds again.” high yields.
just have reached the holy grail of a fund that stays ahead ing late last month, portfolio managers into cyclicals long time, particularly in government He does not expect the benchmark Finally, the oil price is likely to influ-
of the market all the time. at a big European asset management such as banks bond markets. German Bunds, which Bund yield to return to its low. ence other assets. Michael Hulme, a
How do they do it? Two group changed positions in a range of Denis Balibouse/Reuters
largely led the market moves, have Mr Amey advises switching into cor- commodity fund manager at Carmignac
recent offerings use different
In theory the trades as they grappled with the sea experienced a spectacular jump in porate bonds. Because the world econ- Gestion, says oil should provide some
approaches. Global X is dominant factor change. yields, which have an inverse relation omy is expected to grow and default stability and trade around $70 a barrel.
launching a fund that com- Mike Amey, a senior bond fund man- to prices, since mid-April. German 10- rates to fall, he backs buying both He does not expect it to drop back to the
bines four factors, using an
of the moment ager at Pimco, says: “In essence the year yields have risen from a low of investment-grade and high-yield bonds. lows of around $50 at the start of the
approach designed by the will always pull market has been hit by the ECB unwind. 0.05 per cent to a recent intraday peak In equities Germany’s Dax has year. If he is right, oil should have a
Edhec-Risk Institute, with The German Bund market has sold off, of 0.80 per cent. dropped more than 5 per cent since calming influence on other markets.
“scientific beta” indices com-
you through the euro is strengthening, and periph- With inflation expectations rising and mid-April as a strengthening euro has However, after the recent volatility,
bining value, size (small eral spreads against Germany have eurozone deflation fears no longer dog- hurt exporters and helped trigger a pull- bold predictions are rare. “Some inves-
stocks do well), low volatility and momentum. widened.” ging the market, managers are trim- back in a market that hit record highs tors are still very overweight cash,” says
The method takes an existing index, and constructs four Other managers say the unwind is a ming positions in Bunds, particularly above 12,000 a few weeks ago. Mr Stopford. “Until we know when the
indices from it. For example, the value index includes only turning point for the market. It has been with the US Federal Reserve expected to Mr Sym recommends cyclical stocks Fed will move, that might make sense.”
those stocks that show up as cheapest. Edhec’s system then
allocates weightings to each sub-index. Over time, some
do better than others, so there is periodic rebalancing.
This can be once a quarter, but in historical back-tests EM squared
rarely happens more than once a year (to limit turnover).
Rebalancing can be tweaked to take advantage of factors’
cyclicality. If Edhec’s algorithm sees that the parent index
is being driven by one factor — for example, value — it will
‘Fragile five’ currencies
overweight value slightly. The result, if all works well, is a
fund that keeps its nose slightly ahead of the market.
down to three or four
BlackRock’s iShares, the giant of the exchange-traded
fund market, has a multi-factor offering, FactorSelect
ETFs, based on indices produced by MSCI. Like Global X JONATHAN WHEATLEY was well above target in Bra-
the funds use four factors, but substitute “quality” (a zil, Turkey and Indonesia.
measure of balance-street strength) for low volatility. The sell-off in Asian curren- Brazil stands out as much
The method for blending the factors, however, is very cies this week was a more vulnerable than on the
different. For each factor it takes the base index and ranks reminder of the nervous agi- eve of the taper tantrum.
it. The cheapest stock will score one for value, while the tation among investors in Inflation has risen to more
most expensive will get the highest rank, and so on. Four emerging markets, driven than 3 percentage points
scores are then added together. The top 25 per cent on this by uncertainty over the tim- above target, and the deficit
combined ranking go on to make up the new multi-factor ing of US Federal Reserve is almost 1 percentage point
index. This exercise is repeated twice a year. interest rate rises. of gross domestic product
This is more like a traditional quantitative screen. The But which EM currencies will bigger than two years ago.
difference is that a stock that shows up as cheap, but is a big be most exposed when the India has worked hard to
company with a poor balance sheet and lousy momentum, Fed makes its move? tackle both imbalances, with
will not get into the final index; under the Global X The “taper tantrum” two striking success, although its
approach, a stock that ranked high on value would do so. years ago, after the Fed said it inflation target, at 6 per cent,
Both approaches have been back-tested, and have would begin reducing its is easier to hit than Brazil’s
beaten parent indices in the past. The all-world version of $85bn-a-month quantitative 4.5 per cent.
the MSCI ETFs has returned 10.56 per cent per year versus easing programme, was led Mr Trivedi and his col-
6.98 per cent for the all-world index itself — although it did by the “fragile five” of Brazil, leagues say their analysis is a
underperform slightly during the crash of 2008. India, Indonesia, South snapshot. South African
ETFs have largely been used as vehicles for investors (or Africa and Turkey. inflation, for example, had
investment advisers) to do their own asset allocation. This But analysis by Goldman enjoyed the full benefit of
is an attempt to do something different and offer a new and Sachs suggests conditions lower oil prices at the end of
improved version of a “total market” fund — possibly even have changed, and at least March. Since then it has
a better mousetrap. Both offerings aspire to give you the some of this group may no begun to rise again, sending
only fund you should ever need. Time will tell if this is longer be the most exposed. the country in the same
hubris. But simplicity was left behind a while ago. These Kamakshya Trivedi and direction as Brazil, Colombia
funds are fascinating, and deserve to be watched closely. colleagues at Goldman have and Turkey.
But explaining what they do is difficult, and when it comes devised a scale of vulnerabil- For these countries, Gold-
to finding a market for them, that could be a problem. ity that combines a country’s man argues, pressure for
external balance — its cur- weaker currencies will per-
john.authers@ft.com rent account deficit or sur- sist, because depreciation
plus — and its internal bal- would bring them closer to
ance, as measured by its rate external balance. But this
of inflation. would threaten to push infla-
They calculated a sustain- tion even higher.
able range for each country’s With its policy interest
More comment and data on ft.com deficit (or surplus), and rate at 13.25 per cent a year,
compared this with the Brazil cannot tighten much
actual level. And they com- further. Turkey’s central
Y Fast FT Our global economies, headed pared actual inflation with bank would surely have
team gives you market- by Brazil, Russia, India the country’s inflation target. raised interest rates were it
moving news and views, and China. Countries that are way off not for political pressure.
24 hours a day, five days ft.com/beyondbrics both targets are most at risk. A big current account defi-
a week. ft.com/fastft Among the fragile five, cit and high inflation are not
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a India’s current account defi- the only imbalances. In
irreverent financial blog. look at what is driving cit is smaller than its sustain- South Korea, Hungary, Thai-
Join Paul Murphy and the global currency able level, while Indonesia’s land and Israel, inflation has
Bryce Elder for the daily market. ft.com/podcasts is very close. But Brazil, been below target for a long
Markets Live session at South Africa and Turkey are time. Scope for easing is lim-
Y Lex Video Analysis running deficits far beyond ited because interest rates
11am. ft.com/alphaville
and opinion from the their sustainable levels. are low, so currency weak-
Y beyondbrics News and team on the hot issues Indian inflation at the end ness may be encouraged.
comment from more affecting companies and of March was inside the gov- Continued low interest rates
than 40 emerging markets. ft.com/lexvideo ernment’s target, as was will fuel credit expansion.
South Africa’s. But inflation www.ft.com/em2

www.ft.com/recruit
Employees flock to private clubs
Behind closed
doors As working
patterns change,
membership is
burgeoning, writes
Maxine Boersma
P
rivate club membership is
flourishing, even in an age of
cyber networking on Linked-
In and Facebook.
London is its undisputed
capital, but international expansion is
afoot, as the way we work is shifting and
the daily commute directly from home
to the office and back gives way to a
more entrepreneurial lifestyle, even for
those employed by big corporations.
Jeffrey Young is the managing direc-
tor of Allegra Strategies, a strategic con-
sultancy in consumer and lifestyle
trends. He has witnessed a “quite sub-
stantial acceleration” in private club
membership over the past three years.
Nothing seems to draw a crowd like a
crowd. Clubs’ success in attracting
members is self-reinforcing, he notes.
US billionaire Ron Burkle agrees that
the business model is working: in 2012
he acquired a majority stake in the Soho
House Group as it planned international
expansion.
As Starbucks provided the catalyst for
the increase in coffee outlets, so, Mr
Young says, the Soho House Group set
the trend for club membership with
Soho House and Shoreditch House. It is
a move away from formal office struc-
tures, as people want to conduct busi-
ness in a more informal environment,
such as a club, and then seamlessly
blend into evening activity, he says. As
the concept of community becomes
more important, he says, we seek out
the different “tribes” offered by the
diverse mix of clubs that have become
more broadly affordable as wealth has
increased.
For Richard Cope, senior trends con-
sultant at Mintel, the global market
research company, increasing urbanisa-
tion leading to smaller houses means
people crave a discreet venue outside
EXECUTIVE
APPOINTMENTS
the home — “a refuge from the digital
world, where they can seal themselves
As we travel off and relax”. He draws parallels with
more for the Bang concept in South Korea, where
people seek private areas in restaurants
work to carve out their own space.
a club can Mr Cope thinks clubs also meet our
desire for individuality; creating an
provide the impression of ourselves in a digitised
world. Similar forces spur events such
guarantee
as secret cinema, which stages elaborate
of home movie screenings, and the secret speak-
comforts easy bars in New York and Tokyo.
He adds that we are looking to the past
THURSDAY 14 MAY 2015
www.exec-appointments.com
to be different, revisiting the gentle-
men’s club concept in the way that we
now embrace vinyl records.
Antonia Plunkett is head of market-
ing and memberships at the newly
opened South Kensington Club. She says
many prospective members are in their
early 30s and tend to be local bankers
and property developers. However, a
growing number of entrepreneurs are
also adopting the club as their work-
space.
For some members, planned links
with other clubs in Shanghai, Hong
Twitter: @carola_hoyos
Inside
In a Blink
Employers say they are
feeling generous. Time
to ask for a pay rise?
Kong, Paris and New York are a draw. As PAGE 2
we travel more for work, a club can pro-
vide the guarantee of home comforts
Workplace Haiku
when we most need them, she notes.
Virginia Eastman is a partner at head- This week’s theme is
hunter Saxton Bampfylde. She is seeing ‘bring your child to work’
more companies offering club member-
ship to potential candidates as a benefit
PAGE 2
and to avoid burnout.
Club membership can be a deal- Reader Reaction
breaker in recruiting, she says. “I once Closing the skills gap will
had a candidate who insisted on mem-
bership of a Tokyo club as the final perk. take more than choosing
It really can be the icing on the cake.” between classics and
And clubs, historically an all-male computer science
environment, are increasingly attract- PAGE 2
ing women.
Two years ago, Kate Percival co-
founded Grace Belgravia to help women At Work with the FT
“juggle travel, stress and strain”. Julie Bentley
She says 80 per cent of her 500 mem- injects some
bers are businesswomen; with 80 per
cent of those working in professional feminism
services, including a number of lawyers, into
accountants, bankers and hedge fund Girlguiding
managers. Many of them are looking for PAGE 3
an alternative to male-dominated clubs.
Meanwhile, Covent Garden’s Garrick
Club is soon to vote on whether to admit
women as members.
Suzanne Ferlic Johnson has worked in
the UK and the US and is a member of Stern on Boards
Mayfair’s Arts Club. She sees clubs as
more integral to business life in London To encourage a
than in Houston or New York. good governance
“As a working mother with children at conversation, consider
two schools and as a volunteer in vari-
ous charities, a club provides some- with care those sitting
where central to bring people, no matter around the table
which part of my life they belong in,” she PAGE 3
says.
And it can help women’s careers by Mrs Moneypenny
Clubbing providing a more neutral space than the
together: office. “Many jobs are set in hierarchical MP or not, there are
the South organisations,” she says, “but a club some concrete steps to
Kensington Club removes that and can provide a more take if you
attracts local level playing field. For me, it’s a space for
bankers and better brainstorming, and, as a woman, suddenly
property it also provides somewhere comfortable find
developers where I can interact more informally yourself
SKC with people in my working life.”
Finally, for both men and women
out of
work
working in a world where a job for life is
rare, a club allows meetings with pro- PAGE 3
spective employers away from the gaze
of current ones.
2 ★
Reader reaction Will classics or
computer science close the skills gap?
Our debate over whether the UK should
emphasise the study of classics or computer
science elicited more than 180 reader
comments. Here is a selection:
The world is evolving rapidly. To be
“successful” needs the ability to think.
Computational, scientific and classical
thinking may all have their roots in
logical reasoning, but are quite distinct
in practice — better to be familiar with
them all. rageofreason
The reason this country and so many
others are led by lawyers, those who
studied philosophy, politics and
economics, classicists and historians is
simple: they are more able to craft
effective narratives that engage the
public. Until engineers and physicists
learn the stories of the past and how to
tell their own stories, they’ll continue to
play second fiddle. Even then, there is
still the question of attitude. Too many
well-educated people suffer from a
sense of entitlement, a resistance to
change and discomfort with challenge
from others. ActuaryOnFire
The danger of choosing one discipline is
that it shapes a single, very narrow
mindset, eliminating alternatives and
paths of inquiry that lead to new
discoveries and better understanding.
DuchessofTesco
Many technology courses strive to
provide at least some exposure to the
liberal arts; the converse does not seem
to be the case and many non-scientists
seem to have an aversion to scientific
knowledge. This reveals a failing in our
education system. Engineer
My seven-year -old son wants to be a
robotic programmer (and a ninja). My
first recommendation to him was to do
his maths homework. Having ignored
that, his question back was whether the
robot would have free will. Now that was
the more interesting question. Fulham
Learning coding without maths,
physics, philosophy of science is like
learning Latin without classical history,
literature, philosophy. rationalbloke
The best thing I personally learnt, which
has fed me and my family, has been how
to precis — that almost forgotten word —
which is essential. Learn to summarise
arguments, books, theses and you can
do almost anything in many spheres.
Properly to understand abstruse
subjects, a freedom of thought is
required, coupled with a scientific will
to unearth the truth. aegian
These comments have been edited and
shortened to fit the available space. For
the full versions go to www.ft.com/recruit
FINANCIAL TIMES Thursday 14 May 2015
Executive Appointments
In a Blink: it may be time to negotiate a better salary
Survey of human resources directors
What the directors say 67%
Haiku at Work
Weekly Competition
‘We are now more willing to negotiate salaries with leading job candidates compared with this time last year’ This week the topic was “bring your
child to work day” and the winning
49% haiku is by one of our most prolific
poets, David Dayson.
next day at school —
show and tell a memory
stick from the office
“The third line is often the “pay-off”
in haiku, with a shift to reveal the
unexpected that is somehow more
‘We are operating in a job market where salaries are increasing’ obvious than the expected. The
poet here plays us, and we, childlike
22% in our trust and innocence, are
grateful,” says judge Jim Kacian,
founder of the Haiku Foundation.
Sarah Leavesley is runner up:
Typing nonsense, lost
pens, spinning on chairs —
that’s just my boss!
Next topic: “the office retreat”.
‘My company anticipates an average wage increase of more than 10 per cent over the next 12 months' Email workplace.haiku@ft.com.
T&Cs at www.ft.com/haiku
FT graphic. Source: Robert Half, the recruiter
Thursday 14 May 2015 ★ FINANCIAL TIMES 3

Executive Appointments

A guiding light who is determined Mrs Moneypenny Advice for those

suddenly made jobless in Westminster

to make a lasting difference Losing a job is not

At Work with the FT
Julie Bentley
Chief executive, Girlguiding Career Clips
It is important that young What was your first big break?
women’s concerns are Joining Charterhouse-in-Southwark, a
heard, reports Ruth Sullivan charity, as a sexual health and drugs
worker. I had applied for but not got a
job. Five days later, I had a phone call
from the chief executive to say that
What is your best career advice to
others?
Have confidence in yourself, but also
remember there is space to learn
more. Be bold on behalf of your
organisation and always be authentic.
easy. Even if you
have never
transfer and how does one
even start to think about
moving sectors?
been fired (and I My advice: Take time to
the sexual images of women that appear have, twice) we decide what you want to do
in the media. “We did an airbrushing all know friends next. Although it is not the
exercise, with our younger members, or family who moment to go on a three-
looking at the same woman [before and have month yoga retreat, you will
after airbrushing] to help girls under- experienced need a plan.
stand the images they are surrounded the loss of a For a start, how much
by in media are not honest,” she says. job they money do you need to live on?
The exercise also helped the girls loved and Knowing your outgoings will
express their opinions. that paid allow you to judge whether
Ms Bentley is well-placed to lead on their bills. you could take that great job
such difficult topics, having tackled So spare with the Cairngorms National

T
here is one thing in particu-
lar that drives Julie Bentley
— giving young people a
chance to be heard on
issues they believe are
important.
In her two-and-a-half years as chief
executive of Girlguiding, Ms Bentley has
helped girls to speak out on issues such
as equality, sexual harassment and the
media’s distortion and sexualisation of
young women’s bodies.
In the process, she has shaken up the
105-year-old UK organisation many
Britons over the age of 35 remember for
its little material badges celebrating
horsewomanship to hiking.
Ms Bentley points to Girls Matter —
Girlguiding’s campaign to have girls’
concerns heard in the run-up to last
week’s UK General Election. She asked
Guides aged 7 to 25 what worried them
most and what they wanted changed.
Sexual bullying and harassment at
school were high on their agenda.
Under Ms Bentley’s guidance,
the girls turned their discus-
sions into a report, which
they presented at each of the
UK political parties’ confer-
ences. One recommenda-
tion was that schools intro-
duce guidance on sexual
harassment.
“About 10,000 of our
members are first-time
voters this year. Under-
standing how the demo-
cratic model works and
the power of young people
talking about these issues
themselves is vital,” she
says as we sit in her tempo-
rary office near the move-
ment’s headquarters in
London’s BuckinghamPalace
Road, which are being refur-
bished.
She says she hopes the experi-
ence will inspire some of the young
women to become politicians. On Ms
Bentley’s watch, the organisation
also signed up to the No More Page 3
campaign, protesting over women
being portrayed as sexual objects in
The Sun newspaper.
Feedback from the Guides on the
topic showed her members felt an
enormous pressure to match up to
the first candidate had changed her
mind. She said I was second choice
and young, but offered me the role on
condition I did a huge amount of
learning. She became one of my most
significant role models and gave me
the confidence to do a diploma in
management and train as a counsellor.
issues such as drugs, alcohol abuse and
What is the biggest lesson you have sexual health over 20 years as a youth
learnt? worker and counsellor in not-for-profit
I spent a lot of time thinking: Why organisations, including as chief execu-
have I taken this on? Of course, I could tive of the Family Planning Association,
do it and I think I have learnt that now. the sexual health charity. But her man-
So I did not have that with this job [at agement skills are now being tested.
Girlguiding]. As Girlguiding has rejuvenated its
antiquated image, the 560,000-strong
membership of five-to-26-year-olds has
grown by 30,000 in the past four years.
This has caused problems that Ms Bent-
‘Everything we do helps ley has not yet solved. Girlguiding has
make girls and young developed a long waiting list because it
has been unable to find enough volun-
women more aware, teers to match the number of girls inter-
more confident and ested in joining.
“There are 80,000 girls knocking on
gives them a voice’ our door and we can’t take them in as
quickly as we would like to,” Ms Bentley
says, noting that today’s volunteers
need a more flexible work model.
“Traditionally, women [volunteers]
didn’t work, but now they have jobs and
a family,” she says.
Her own commitment to helping oth-
ers was triggered by parents with “a
strong moral compass who taught me to
be responsible for myself and the world
around me”. At 19, she became aware
that “young people got a raw deal and
were underestimated” and decided she
wanted to “make a difference”.
“Everything we do helps make girls
and young women more aware,
more confident and gives them a voice.”
For more girls’ voices to be heard,
however, she knows she will not only
have to find more Girlguiding volun-
teers, but also attract more girls from
diverse cultures, faiths, socio-economic
backgrounds and those with disabilities.
a thought for
all the people who lost their
seats in parliament last week
and had five working days to
‘For clear their possessions before
employers, their Westminster passes
stopped working.
this is a rare Some were expecting to
opportunity depart; many were not. What
is going to happen now? Will
to acquire they be employable? How will
some they get a job? Many have
been MPs for many years.
exceptional Vince Cable was in the
talent’ Commons more than 18 years.
He is now 72 and it is unlikely
that he will be looking for a
full-time job. Ed Balls may
jump into leading his wife
Yvette Cooper’s campaign to
head the Labour party.
But for many of the others
who hoped to be back in
parliament, the future may be
less clear, despite the help of
the Association of Former
Members of Parliament, set up
by a group that lost their
seats in 1997.
From an employer’s
perspective, this is a rare
opportunity to acquire some
exceptional talent. Every
survey I see identifies the
availability of talent as the
greatest constraining factor
on business, and there is a lot
of talent out there as a result
of this election.
But how does someone
suddenly out of a job know
which of their skills will
Park authority (where Danny
Alexander, former chief
secretary to the Treasury, was
working before he became an
MP), or should try for the
chief economist of Shell UK
(Mr Cable’s old job).
Then, what contacts do you
have? Getting a job is like a
campaign. Draw up a list of all
your best contacts on a
spreadsheet and update it
every time you are in touch.
This will remind you whom
you have seen and what
follow-up may be needed.
It sounds a bit clinical, but it
works. Just ask Lynton
Crosby, the political strategist,
who saw David Cameron
re-elected as prime minister
with a majority, no less.
Finally, what are you going
to do in the meantime? Job
hunting may be a full-time
job, but it still leaves many
free hours. Use these to offer
extra time to your “third
dimension”: the charities you
support or your pursuits in
areas such as sport or the
arts. You will gain useful
experience and it will keep
you occupied, giving you less
time to fret.
And there is no need to fret.
The job market is strong,
almost certainly because of
some of the actions of the last
government, which is just as
well for those jobless MPs and
for everyone else.

On the trolley
Ms Bentley proudly wheels a white plastic She has even persuaded her directors me a confidential report, they will email
trolley into the room. She calls it her to adopt the practice. Fixed desks and me to say they have posted it . . .
“cutting edge hot desk”. private offices for senior staff Hot-desking makes sure you
The trolley desk is a practice she have become a thing of the don’t accumulate a lot of
started when Girlguiding moved into past at Girlguiding. unnecessary stuff.”
temporary offices. “It has a [pull-up] She intends to
“I don’t think chief executives should be handle and I can sit on it continue the hot-
remote or disengaged from the and chat to someone,” desking culture and
team . . . The more you are visible to she says. keep her trolley when
people, the more they feel able to come It also has a filing the renovation of
to you and share things when they need drawer and a confidential Girlguiding’s
to,” she says. “I don’t want to be shut letterbox on the back. headquarters is complete.
away in a posh office.” “If someone wants to send RS

Effective conversation is vital to success

STERN ON BOARDS
Stefan
Stern
There is a mismatch between the calm
formality of the phrase “corporate
governance” and the powerful forces
that operate both inside and outside
the boardroom. The term suggests
order, when the world is in fact
dynamic and volatile.
I was reminded of this last week,
chairing a panel covering corporate
governance. Our discussion covered
almost every aspect of the subject.
And the conclusion? While great
efforts have been made to improve and
modernise governance, it remains
difficult ensuring that conversations in
the boardroom are relevant, effective
and useful.
Why is this? Hierarchy, long declared
dead by some commentators, clings on
resolutely. Eve Poole, author of
Capitalism’s Toxic Assumptions,
reminded us that boardroom gender
imbalance is still exercising a powerful
(if unnoticed) effect.
Research seems to indicate men
enjoy aspects of game-playing — with
power and information — which some
women find odd.
You can of course find exceptions in
both sexes to this. But compare and
contrast the male “fight or flight”
response to challenges with the more
female “tend and befriend” response.
Overwhelmingly male boardrooms are
likely to operate in a limited and
potentially destructive way.
Is the boardroom a safe place for
honest and open discussions about the
business? It should be. Over-dominant
chief executives or chairmen can
suppress the conversations that need to
take place, creating a “cabal of one”.
Jennifer Sundberg, managing
director of Board Intelligence, a
consultancy, drew a contrast between
the “single intelligence” model of an
all-powerful chief executive and the
“swarm intelligence” that can operate
very successfully in nature.
A board with collective authority,
displaying a “federation of leadership”,
might be stronger.
Lastly, Giles Gibbons, founder of
Good Business, which advises
companies on responsible practice,
noted that “the crowd”, embodied in
social media, is imposing its concerns
on the corporate world ever more
powerfully. He suggested non-
executives could be emboldened to
play a stronger role, in part
representing the voice of the public.
The public and non-governmental
organisations are a bit like activist
investors, he added. Companies can
find it uncomfortable being on the
receiving end of their questions. But,
he says, it is probably a good thing for
them to be tested in this way.
If board-level discussions are as
important as everybody says they are,
then the onus is on chairmen and
colleagues to make sure they work.
But my hour of conversation last
week was enough to remind anyone
listening how much more progress is
needed to make governance as lively
and effective as it ought to be.
4 ★ FINANCIAL TIMES Thursday 14 May 2015

EXECUTIVE
APPOINTMENTS