TUESDAY 19 MAY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Janan Ganesh BT finds its mojo The silent giants

The analysis paralysis of Will the telecoms behemoth’s £20bn The new breed of hedge fund
Labour’s clever fools — PAGE 11 reinvention pay off? — PAGE 12 investor — INSIDE FINANCE, PAGE 16

Oil slide puts more than $100bn of Briefing

i Cooper in pro-business Labour push

projects on ice as majors retreat

Shadow home secretary Yvette Cooper is today to
strongly criticise Ed Miliband and urge Labour to
“reset” its relationship with business, in an attempt
to position herself as the main modernising
leadership candidate.— PAGE 2; JANAN GANESH, PAGE 11

i Thomas Cook to hand Unicef £1.5m

3 Highest-cost areas targeted 3 Canada hit hardest 3 Analysts forecast price rebound Thomas Cook will pay £1.5m to Unicef to try to
draw a line under the deaths of two children in
Corfu in 2006 and the reputational damage from
the affair.— PAGE 20; EDITORIAL COMMENT, PAGE 10
The new
oil order i Cardoso speaks out over Brazil crisis
Former president Fernando Henrique
Cardoso has told the Financial Times
THE NEW OIL OR that Brazil’s political system,
crippled by the Petrobras scandal
CHRISTOPHER ADAMS — ENERGY EDITOR and party bickering, is facing a “crisis
of legitimacy”.— PAGE 5
More than $100bn of spending on new
projects by the world’s energy compa- i Hackers test banks’ computer defences
nies has been slowed, postponed or axed “Ethical hackers”, advised by the security services,
following the oil price plunge, evidence reporting to the Bank of England and paid for by
of the drastic industry action that will their victims, have been testing the cyber defences
curb output in coming years. of several big UK financial companies. — PAGE 3
Companies including Royal Dutch
Shell, BP, ConocoPhillips and Statoil i $8bn deal sealed in latest drugs tie-up
have led moves to curtail capital spend- Dublin-based Endo is set to buy US drugmaker Par
ing on 26 major projects in 13 countries, from private equity firm TPG Capital for $8.05bn,
according to analysis commissioned for the latest move in a frenetic round of dealmaking as
the Financial Times. rivals jostle for lucrative generics patents.— PAGE 15
The delays and cancellations, many
disclosed quietly in recent weeks and
26 13 $118bn i Europe steps up drone technology drive
Projects on Countries Capital
months, come amid a wider retrench- France, Italy and Germany agreed to a joint project
hold, delayed or affected expenditure
ment by the industry that has seen to thrash out requirements for an unmanned
axed curtailed
thousands lose their jobs and led to a surveillance aircraft, moving Europe a step closer to
slowdown in the US shale boom. competing with US and Israeli technology. — PAGE 16
The research by consultancy Rystad
Energy shows that producers have tar- i Xi crackdown hauls in 115 executives
geted some of the highest cost areas, President Xi Jinping’s graft crackdown has netted
with nine Canadian oil sands projects 115 executives from China’s biggest state-owned
delayed, each ranging from $1bn-$10bn companies, most of whom have disappeared into
in planned expenditure. “The particular the feared internal party discipline system.— PAGE 6
area that is suffering is western Canada,”
said Alastair Syme, energy analyst at Tar sands mines future production, with as much as 17 countries, including Angola, Nigeria, precipitous drop in the oil price” had Datawatch
Citigroup. “It is one area of the world belonging to 1.5m barrels a day — nearly 2 per cent of Australia and Algeria, were likely to see rendered uneconomic the production of
outside US shale where companies are Syncrude global oil output in 2013 — to come two investment in projects fall by more than a possible 2bn-3bn barrels.
actually stopping investment in train.” Canada and years later than planned, said Rystad. 50 per cent between now and 2020, Other data illustrate the speed with Global gold demand The jewellery
After reaching $115 a barrel last June, Suncor Energy The data focused only on projects with assuming prices stayed low. which oil companies have reacted to the Q1 2015 (tonnes) industry is the main
Central banks source of demand
the price of oil plummeted to a low of — Veronqiue de Viguerie/
reserves of at least 50m barrels of oil Of the projects that Rystad said had crude price collapse. According to Mor-
Getty Images Investment* for gold,
$45 in January, as surging output of US equivalent. been put back or cut, one of the largest gan Stanley, which has looked at capex
shale oil and softening demand in Asia The project deferrals already was Shell’s Arrow liquefied natural gas guidance for 2015 from more than 120 Other industrial 12 outstripping private
278.8 investors, official
stoked a glut in the market. The decline announced could be just the start of a plant in Australia, which accounted for companies, their investment is
Dentistry 4.7 119.4 bodies and use in
accelerated after Opec, led by Saudi big wave of delays. Goldman Sachs has almost a quarter of the total investment expected to fall a quarter this year, from tech industries. India
Arabia, decided not to cut production to identified 61 new projects, more than curbed. The list also featured several $520bn to $389bn.
Electronics and China are the
support prices. Crude has since half awaiting final approval, as uneco- “heavy” oil projects, where extraction is The severity of the capex cuts could 63.7 largest markets,
rebounded to about $66. nomic at an oil price of $60 a barrel, closer to mining than conventional drill- lead to a substantial rebound in Brent 600.8 accounting for
While the $118bn in total expenditure putting more than $750bn of capital ing. Carlos Cabrera, executive chairman crude. The bank expects oil to rise from Jewellery two-fifths of
affected would be spread over several expenditure and 10.5m barrels a day of of Ivanhoe Energy, told the FT that its $66 a barrel to $85 in 2017. * bars, coins, exchange-traded funds demand over the
Source: World Gold Council past five years
years, the impact of deferring invest- peak production at risk. Pungarayacu project in Ecuador had Additional reporting by Guy Chazan
ment on such projects would be to delay Goldman’s Michele della Vigna said been suspended in part because “the Echoes of 1986 page 19

Deutsche Bank reviews UK operation

in warning shot over EU referendum
MARTIN ARNOLD — BANKING EDITOR “I think the banks will be more vocal It also has an office in Birmingham.
about the risks than they were on the The bank said that clients had
Deutsche Bank is reviewing whether to
Scottish referendum,” said a UK bank- recently approached it looking for
move chunks of its large British opera-
ing executive. “This could be an early advice on the consequences of a UK exit
tions to Germany if the UK leaves the
sign of them gearing up.” from the EU, but the working group was
EU, underlining the potential fallout in
It comes as HSBC is undertaking a separate from that.
Syriza hard-left faction the City of London in the event of
review of whether to move its domicile Other foreign banks with large UK
raises option of ‘Grexit’ “Brexit”.
out of the UK because of the growing operations — including Goldman Sachs,
Members of the hard-left segment of The biggest German lender by assets, burden of tax and regulation. JPMorgan Chase, Bank of America, BNP
Greece’s ruling Syriza party have called which employs 9,000 people in the UK, Deutsche Bank has established a Paribas and UBS — said they had not
for a ‘rupture’ with creditors, even is the first big bank to start formally working group to plan for what an EU launched a formal contingency
raising the option of a ‘Grexit’ from the examining the consequences of a exit would mean for its presence in the planning process for the EU referen-
euro. The move lays down a public referendum on EU membership, which country. dum. London hosts more than 250
challenge to premier Alexis Tsipras as is due in the next two years. The working group, reporting to the foreign banks.
he moves closer to striking a new The move is seen by rivals as an early management board, will look at JCB, the construction equipment
bailout deal. The rebel group’s text attempt to sway the debate in favour of whether it would be better to repatriate company, has dismissed concerns about
suggests an escalation of anti- the UK staying in the EU. some activities to the eurozone, most the impact on business of the country
austerity campaigning within Syriza Most big financial services groups probably to Germany, in the event of voting to leave the EU, saying it would
that, if sustained, could split the party. support the status quo and are likely to Britain leaving the EU. not make a “blind bit of difference” to
Report i PAGE 8 speak up about the risks of the referen- The German bank has been in the UK trading with Europe.
Editorial Comment i PAGE 10 dum for the sector, as they did before since 1873 and much of its investment JCB exposes division page 3
last year’s Scottish independence vote. banking operation is based in London. Gérard Errera page 11

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2 ★ FINANCIAL TIMES Tuesday 19 May 2015

LABOUR LEADERSHIP

Modernising candidate Burnham rival

Centrist sets
Cooper looks to rebuild links with business her sights on
Shadow home secretary former leader sounded “anti-business, competition from two other candidates business up, not knock them down,” she headquarters in London that her party wavering
Blairites
anti-growth and ultimately anti-worker — Liz Kendall and Mary Creagh — who will say. “People knew how we wanted to had asked the wrong question in 2010.
to criticise Miliband’s for the many people employed by large are both seen as Blairites. stop exploitation in the workplace, but “We asked ourselves ‘who do we like?’”
anti-corporate approach companies in the UK”. While Ms Cooper wants to see off her not how we’d grow our workplaces to she said. “We should have asked — as we
She will argue that Mr Miliband made rivals on the right of the party, she wants create more jobs and stronger growth.” made our choice — who does the coun-
GEORGE PARKER AND JIM PICKARD “a mistake” in dividing companies into to differentiate herself from Mr Burn- Meanwhile Harriet Harman, Labour’s try like?”
“predators and producers” and in ham, the shadow health secretary, who interim leader, has promised to “let the Ms Harman admitted on that basis JIM PICKARD
Yvette Cooper will today strongly opposing the plan by George Osborne, is winning the backing of dozens of MPs. public in” to help choose a successor to the party might have chosen Alan John- — CHIEF POLITICAL CORRESPONDENT
criticise Ed Miliband for “anti-business” the chancellor, to cut the corporation While Ms Cooper still hopes to win the Mr Miliband, in an attempt to dilute the son instead of her for the deputy leader-
policies, in an attempt to position her- tax rate to 20p. backing of some trade unions, she hopes influence of trade unions. ship, but she was also plainly referring Ten days into the Labour leadership
self as the main modernising candidate Her promise to lead a pro-business an overtly pro-business stance will help Ms Harman in effect admitted the to the choice of Mr Miliband over his race, Andy Burnham is frontrunner,
to lead the Labour party. Labour party is a bold first move in the to persuade mainstream Labour mem- party chose the wrong leader in 2010 by brother, David. but Yvette Cooper is breathing down
While Andy Burnham, the frontrun- leadership contest and an attempt to bers that she has learnt the lessons of opting for Mr Miliband — the unions’ The stand-in leader repeated the his neck.
ner, has widespread trade union sup- portray herself as a “change” candidate the party’s defeat. choice — and said she wanted to open up party’s offer that any member of the
port, the shadow home secretary will try by adopting a Blairite approach to She will promise to set up a business the process. The comments came after a public could become a registered sup- The shadow home secretary has
to occupy the centre ground with a com- corporate Britain. advisory group, including inviting veiled threat by Len McCluskey, head of porter for just £3 and have a vote in the already secured the support of dozens
mitment to “reset” Labour’s relation- The 46-year-old former work and senior figures who backed the Tories at the Unite union, to withdraw funding if leadership contest on September 12. of as yet unnamed MPs, even before the
ship with business. pensions secretary in Gordon Brown’s the election to help her draw up a Labour failed to appoint the “correct” Labour’s figures, as of last week, show it first Commons hustings, and is now
Ms Cooper, the bookmakers’ second- government hopes to become Labour’s pro-growth Labour strategy. leader. has 500 of these registered supporters. making a pitch to wavering Blairites.
favourite, will claim Labour under its first full-time female leader. She faces “Labour has to show we want to build Ms Harman said in a speech at Labour Janan Ganesh page 11 She has called for Labour and the busi-
ness world to “unite” around a shared
vision of creating jobs and economic
growth.
The MP for Normanton, Pontefract

Q&A and Castleford is part of a generation of

Labour politicians who went to
Oxbridge — she was awarded a first
McCluskey class degree in philosophy, politics and
economics at Oxford — worked as polit-

flexes muscles ical advisers and then entered parlia-

ment at a young age.
Her first role was as an economics
in quest to be adviser to former Labour leader John
Smith, after a brief stint as a writer on

kingmaker The Independent newspaper. Her

father, Tony Cooper, was general
secretary of the Prospect union.
Ms Cooper entered the government
Len McCluskey, general secretary of in 1999 as a junior health minister. She
Unite, has suggested the union could was housing minister under former
end its financial support for Labour, prime minister Gordon Brown, when
depending on the result of the party’s she unsuccessfully tried to force
leadership election. The Financial through the unpopular home informa-
Times takes a closer look at the issue. tion pack scheme.
In 2008 she became chief secretary
What would it mean if Unite to the Treasury, before promotion to
decides to “rethink” its link? secretary of state for work and pen-
The end of the party in its current sions in 2009.
form. For most of the last parliament she
was shadow home secretary, facing
Will this happen? off across the despatch box against
Union leaders have made similar Theresa May, her Conservative coun-
threats before. Paul Kenny, general terpart. In that role one
secretary of the GMB, has promised to of her challenges was adopting a
cut funding to Labour several times. tougher stance on immigration without
Last autumn Mr McCluskey said Unite alienating swaths of Labour support-
would cut funding if Labour entered a ers.
coalition with the Liberal Democrats. Ms Cooper is married to Ed Balls,
In 2014 he said Unite could take its former shadow chancellor, who lost his
money elsewhere unless Labour seat in the election in one of the big
created a convincing anti-austerity surprises of the night. The pair, who
message. were the first married couple to sit in
the cabinet, live with their three
So what is Mr McCluskey trying children in Stoke Newington, northeast
to achieve this time? London.
He wants to influence the contest for From left: Andy Burnham, Yvette Cooper, Mary Creagh, Tristram Hunt and Liz Kendall on Saturday and, below, Unite’s Len McCluskey — Leon Neal/AFP/Getty The departure of Mr Balls from the
the next Labour leader. He told the Commons has coincided with his
BBC it was “essential” the correct wife’s long-expected bid for the
leader emerge. “If they kind of inject is flexing his muscles again. He wants Unite alone gave £3.5m in the run-up But the changes fell short of a So the power of the unions has leadership.
more disillusionment in the party, to stop moderniser candidates such as to the general election. revolution. been broken for ever? With a pleasant but ultra-careful
then the pressure will grow from our Mary Creagh and Liz Kendall. manner, Ms Cooper does not fit the
members to rethink. It is certainly Why does he still have so much The devil was in the detail? And now for the small print. This says label of either “Blairite” or “union
already growing in Scotland.” Has this happened before? power? I thought Ed Miliband There were two big changes. The first unions can sign up members for free apparatchik”, allowing her to stake her
In 2010 Unite launched a “Stop broke with the unions. was 3m members would be invited to as “affiliated supporters”. They will claim as centrist candidate. “I still have
What is the Scottish angle? David” campaign to prevent the Mr Miliband set out a new process to opt in to Labour membership rather have the same vote as members no idea what she stands for,” says one
Unite has a rules conference in July. Blairite David Miliband becoming modernise Labour’s structures. It was than having to opt out, as at present. paying £46.50 a year. Unite already party aide. One of the main concerns
There will be resolutions from leader. his response to the dispute over a That could mean an instant loss of has a call-centre to recruit as many about both Mr Burnham and Ms
Scotland demanding the union The main unions all backed candidate selection in Falkirk that income if most union members do not supporters as possible. It would take Cooper among colleagues is that they
rethinks a rule preventing it from Ed Miliband, even though MPs brought to the fore Unite’s influence. sign up. However, the missing cash less than a 10th of union members to both represent “continuity Labour”.
donating to other parties. and grassroots preferred the More than half of Labour’s current will still be retained by the unions in sign up for them to outnumber the “We need a big debate we have
elder brother. MPs — 147 out of 232 — have their political funds — and can still be 220,000 paying members. been deprived of for the past five years
Such as the Scottish National links to the union. donated to Labour. “We will have and that requires more than two
party? How democratic is this? more financial clout than before,” said But the “block vote” has gone? candidates,” said Lord Hutton, former
Yes. There has been a surge in support Mr McCluskey, a softly Mr Miliband won some one senior union figure at the time. Labour business secretary. “I have
for the nationalists among Scottish spoken Liverpudlian, argues positive headlines at the The general secretaries do not speak already said we need to skip a
union members. that the unions created the time. And the second change? for members any more. But they can generation.”
Labour party as their political Former prime Mr Miliband also brought in a new send emails or leaflets telling One senior insider said he was
But that is a sideshow? wing a century ago. They have minister Tony voting system for electing a leader. members who they would like them “depressed” by the lack of any serious
Yes. This is all about Labour’s national kept it afloat financially. Blair Now there is a one member, one to vote for. They can no longer send intellectual debate or ideas. “It has just
leadership contest. Many Blairite Their 3m members applauded vote system in which an MP has out the ballot papers but they still become a race between the two main
figures are angry that Mr McCluskey deserve a strong voice. his bravery. no more influence than an activist. have tremendous clout. Jim Pickard continuity candidates,” the person
said.

House of Commons
A private bank unlike
any other. ‘Giant’ Bercow back in the Speaker’s chair as MPs reconvene
KIRAN STACEY been the subject of personal abuse, with not incur his wrath for the next five such a move would be “self-indulgent”.
— POLITICAL CORRESPONDENT
Simon Burns, the Tory MP, calling him a years. Although yesterday’s Commons busi-
John Bercow, the colourful and often “stupid, sanctimonious dwarf”. His reappointment was greeted ness only lasted about 45 minutes, it
contentious Speaker of the House of David Cameron, the prime minister, enthusiastically by Harriet Harman, the gave a glimpse of the radically altered
Commons, was returned to his post and made a failed last-minute attempt acting Labour leader, who said he was state of the chamber since the election.
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hailed as a “giant” and a “champion of before the election to change the rules of the best of the five Speakers of her time Gesturing to his new, albeit slim, major-
the Commons” as MPs convened for the Commons to allow MPs to vote in in the Commons. ity of Tory MPs, Mr Cameron said: “I
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Tuesday 19 May 2015 ★ FINANCIAL TIMES 3

NATIONAL

‘Ethical’ hackers put bank defences

Boundary reform

Cameron to
drop plans
to the test with secret cyber attack to cut MP
numbers
Regulators urge financial institutions to complete GCHQ-vetted exercises to stop breaches
ELIZABETH RIGBY
MARTIN ARNOLD — DEPUTY POLITICAL EDITOR
Screen grab David Cameron is likely to drop plans
A new cyber challenge confronts British to reduce the number of MPs to 600 as
banks. It comes from elite hackers, the prime minister tries to avoid an
advised by the British security services, early stand-off with his backbenchers.
reporting to the Bank of England and
being paid for by the banks themselves. A government figure told the Financial
Several of the UK’s biggest lenders, Times that discussions on dropping a
payment systems providers, clearing commitment to reduce the House of
houses and securities exchanges have Commons by 50 MPs were at “very early
endured repeated attacks from this stages”. But expectations on the back-
band of expert hackers, since the start of benches are growing that No 10 will
the year. scrap the plan.
But unlike many criminals and state- “The whips’ office said it wasn’t hap-
sponsored actors that are bombarding pening,” said one Conservative MP. In a
such companies almost every day, this joke using terminology to describe
group is made up of “ethical hackers”, attacks on Nato forces in Afghanistan,
working in an official capacity to help he said: “They want to avoid blue-on-
institutions improve their defences. blue action when the government has
As well as probing the companies’ just a majority of 12.”
electronic defences, the tests include Gerald Tessier, head of policy and
attempts to breach physical security, database manager at the Boundary
such as by entering a data centre build- Commission for England, said there had
ing under false pretences. been “discussions internally as to
Lloyds Banking Group this year whether 600 is the right number” of
became the first big lender to put itself MPs.
through these cyber war games, which Mr Tessier said any change would
regulators are urging the country’s 36 require primary legislation — which
systemically most important financial could form part of the Queen’s Speech
institutions to complete. A hackathon event in next week. “That’s possible, but it’s
Other institutions, such as Barclays, Shoreditch, London — Anna Gordon up to the politicians to work out.”
have completed the exercises or are in Mr Cameron committed in the Tory
the process of doing so. The BoE’s Finan- manifesto to enact a boundary review
cial Policy Committee plans to publish a
Risks facing banks Banks’ investment in risk management Bank recruitment that would reduce the size of the
report on the first set of tests this sum- Types of risk expected to become more severe over Change in investment expected in next two years Types of expertise recruited Commons and equalise the size of con-
mer. the next two years (% of banking respondents) (% of banking respondents) stituencies. Such a move would help his
This will be followed by a transatlan- (% of banking respondents) Past two years Expected in next two years party because the average Conservative
tic cyber exercise, organised by US and 0 20 40 60 constituency is bigger than the average
UK authorities, which will, for the first 0 20 40 60 Labour one but the reform would still
time, test the vulnerabilities of large Cyber/IT Cyber risk experts end up making some Conservative MPs
financial institutions of both countries Credit Significant increase Moderate increase Business analysts redundant.
in a co-ordinated way. 23 The reforms are deeply unpopular
Fraud/financial crime Moderate Regulators
Concern about a state-sponsored 60 with many Conservative MPs: Graham
Strategic (eg new products) decrease 3 Security specialists
attack on the financial system has inten- Brady, chairman of the 1922 backbench
sified since last year’s theft of data on 14 Strategic planners committee, told the Financial Times
Liquidity
76m customers from computer systems No change Accountants last week that he was opposed to reduc-
Regulatory
at JPMorgan Chase, the biggest US bank Fraud experts ing the size of the House of Commons.
by assets. “I think it would be easier and simpler
Cyber and IT risk were identified as to maintain the House at its current size
the biggest danger for banks over the Source: Accenture 2015 Global Risk Management Study at the moment,” he says. “There are so
next two years, ahead of credit risk, many big constitutional questions that
fraud and strategic risks in a recent sur- only after they have detected the intru- A set of key performance indicators — process and has supplied some of the and businesses to exchange information need to be tackled.”
vey of 470 senior risk management sion and raise the alarm. including how far the hackers were able staff they employ. on threats. Professor Ron Johnston of Bristol uni-
executives by Accenture. The tests are designed with input to penetrate and how soon they were Ross Anderson, Cambridge univer- “It is public knowledge that GCHQ versity said the Conservatives had most
The “ethical hacking” tests at UK from GCHQ, the UK’s cyber intelligence spotted — is then sent to the BoE. sity’s head of cryptography, said: “There supports the Bank of England in its to gain from boundary reform even if
financial groups are the latest indication and defence agency, and commercial Only a handful of specialist consult- is always a suspicion that these consult- work on cyber security,” the govern- the prime minister decided not to
of how seriously cyber threats are being intelligence providers to simulate real- ants can carry out the tests, which ants are very close to GCHQ and just ment said. “They also meet, from time reduce the number of seats.
taken. life threats that big financial institutions typically cost more than £100,000 each, report back to the intelligence services to time, with banks or groups of banks at “With 650 [seats] . . . it would still
A survey by professional services firm have faced from cyber “hacktivists” and and they are vetted by GCHQ before- on any vulnerabilities they find in the their request to discuss the issue. This is benefit the Tory party because it
PwC found that 81 per cent of large state-backed groups. hand. banks.” Mr Anderson, who is also chair- all in support of GCHQ’s legal duty to involves reducing seats in Wales where
organisations suffered a cyber security These approved consultants, such as man of the Foundation for Information promote information security.” Some Labour is strong and getting rid of
breach last year, costing them each BAE Systems Applied Intelligence, Con- Policy Research, a UK internet think- senior bankers grumble about the smaller seats in inner cities, so they
£600,000-£1.1m on average. text Information Security and MWR tank, said that since leaks from former pressure to co-operate more closely would still see a 15-20 seat gain.”
Bankers and government officials are Infosecurity, employ people including US intelligence worker Edward Snow- with the security services. The four Boundary Commissions will
reluctant to talk in detail about the tech-savvy graduates and ex-security den revealed GCHQ’s extensive online But Brian Lord, a former GCHQ dep- start a fresh review of constituencies
latest exercises, which the BoE calls services staff to carry out the tests. eavesdropping activities, it was clear uty director who is now working for PGI, next year, and submit a report to
CBEST penetration testing. Ollie Whitehouse, technical director that “intelligence agencies sometimes a private sector security group, said: “It parliament on proposed boundary
One executive at a group that has of NCC Group, which is authorised to access bank data without knocking on would be sad if the knowledge and skills changes in 2018.
experienced the test said it took place carry out the tests, said some groups the front door”. of people who come from the intelli- The commissions’ review in the last
“in quite a controlled environment”. were nervous about the process: “With GCHQ has been stepping up its work gence agencies were prevented from parliament was postponed by five years
Lasting six weeks to three months, the anything that is new there is always a with the financial sector on cyber secu- being part of the testing process.” after the Liberal Democrats blocked
tests are broken down into phases. certain amount of anxiety,” he said. rity and recently gave a presentation Some banks have even hired ex-spies boundary changes following a rebellion
The hackers are given the data they “There is a question of how they do about the issue to Royal Bank of Scot- to help them deal with cyber attacks and by Conservative backbenchers. Draft
need to break into computer systems at against competitors as security is a key land’s board, part of regular briefings it financial crime. Sir Iain Lobban, former proposals would have reduced the
each stage. differentiator in financial services.” gives in the City of London. director of GCHQ, is advising Standard number of parliamentary constituen-
They remain in regular contact with However, the tests have attracted The intelligence agency also partici- Chartered’s board, while HSBC has cies in England by 31 to 502, with
the target’s management, while its criticism in some quarters, mainly over pates in the UK government’s Cyber hired Lord Evans, former director of Wales losing 10 seats, Scotland losing
frontline cyber security staff are una- the role of GCHQ, which both approves Security Information Sharing Partner- MI5, the UK intelligence agency, to join seven and Northern Ireland shedding
ware of the exercise and are told about it and advises the consultants running the ship, a venue for the security services its board of directors. two.

Referendum EU reform

JCB exposes business divisions on Brexit Premier warned on dangers of ‘fast’ settlement
TANYA POWLEY entrepreneur, last year said he would Carr, chairman of BAE Systems, the GEORGE PARKER — POLITICAL EDITOR He was speaking at the publication of Open Europe is also encouraging
— MANUFACTURING CORRESPONDENT
vote to leave, in order to escape the defence company. He recently told the an report which ranked potential EU about Mr Cameron’s plan to restrict
David Cameron, the prime minister,
JCB has sent tremors through parts of dominance of large German companies. FT: “Silence, to me, does not seem a reforms according to a range of criteria, access to benefits for EU migrant work-
has been urged not to press ahead at
the British business world after it However, the anti-EU stance of these good option. If big business believes intended to show whether Mr Cameron ers, in spite of warnings from central
breakneck speed to negotiate a new
became the first big manufacturer to two companies does not appear repre- something, they have a responsibility to should pursue them vigorously. and eastern Europe about such a move.
British deal in the EU, amid fears it
back an EU exit if the government fails sentative of the manufacturing sector as say why they believe it.” It argues most of Mr Cameron’s objec- The report claims Britain could ban
could undermine his chances of
to negotiate reforms with Brussels. a whole. The EEF, the manufacturers’ Keith Cochrane, the straight talking tives could be achieved without the “full the payment of child benefit to non-resi-
securing genuine reform.
organisation, has been vociferous about Scottish boss of Weir, an engineering on treaty change” he ordained. dent children without full-scale treaty
The construction-equipment company wishing to remain in Europe. group, also believes that business must Open Europe, a think-tank with close Mr Hammond softened that line last change, although some UK officials fear
yesterday broke ranks with much of the Terry Scuoler, the EEF chief execu- play a role in the debate. “For me, it links to moderate Conservative euro- week when he said Britain did not need there will be problems in making such a
manufacturing industry by dismissing tive, told the Financial Times he was starts from a very simple perspective. sceptics, said there were “dangers” in “treaty change for the politics”, rather change legally watertight.
concerns about the impact on business “slightly puzzled and mildly surprised” The EU has a population of 500m, the trying to act too quickly, especially that it might be necessary to ensure that The think-tank also says Britain could
if the country votes to leave the single by JCB’s comments. “I think some of the UK 60m. The EU economy is seven when substantial reforms were within reforms were legally watertight. introduce a four-year qualification
market in the referendum that has been economic arguments are lost here. The times the size of the UK economy and grasp. Philip Hammond, the foreign “The issue is how to protect the period before migrant workers can
promised by the end of 2017. it’s 50 per cent of our trade,” Mr secretary, told the Financial Times last [measures] from legal challenge,” Mr claim in-work benefits without treaty
Graeme MacDonald, chief executive Cochrane said yesterday. week that some of the EU’s leading pow- change, although the legal route could
of JCB, said it would not make a “blind Graeme Macdonald, “It’s far better in my view to be inside ers favoured a “fast” settlement of the be more complex, requiring the consent
bit of difference” to trading with
JCB chief executive:
the tent influencing the direction of British question.
‘To try and achieve a quick of the European Parliament.
‘There has been too
Europe. “There has been far too much much scaremongering travel than outside. I’m sure we would Mr Cameron is eyeing a possible refer- win . . . the less likely Open Europe makes the point that
scaremongering about things like jobs. I continue to be successful on the outside endum in 2016 and Mr Hammond said there are different ways of achieving
don’t think it’s in anyone’s interest to
about things like jobs’
but I think the question is, can we be the timing would depend on Britain’s
there is to be big reform’ objectives without full treaty change.
stop trade. I don’t think we or Brussels more successful being part of that larger partners. “If they enthusiastically Raoul Ruparel, Open Europe One option is for a postdated treaty
will put up trade barriers,” he said. open market of 500m people, the huge trading block, with the ability to directly embrace the [reform] agenda . . . we change — enshrined in a legally binding
Lord Bamford, the JCB chairman who opportunity for trade deals,” he said. “I influence the direction of travel, and as a would move as fast as possible.” Hammond said on the margins of a Nato protocol — which could be added to the
is a Conservative party donor, told the just wonder if they are aware of the home for inward investment for compa- But Open Europe yesterday said it summit in Turkey. treaty after the British referendum the
BBC that the UK “could negotiate as our success of some of those deals.” nies looking to invest in the EU to feared ministers could sacrifice their Open Europe’s report considered five next time the EU changes its rules.
own country rather than being one of 28 According to the EEF, more than 75 expand their operations?” reform ambitions for speed, with Mr criteria for judging reforms: “achiev- Alternatively a “simplified proce-
nations in Brussels as we are today”. per cent of its members want Britain to With a referendum on whether to stay Cameron hoping to capitalise on this ability in Europe”, whether treaty dure” would allow smaller tweaks,
Matthew Elliott, chief executive of remain within the EU. “We have in the EU certain to take place following month’s election victory. change is required, UK public priority, possibly to a treaty on eurozone govern-
campaign group Business for Britain, touched base with hundreds, if not this month’s election, business leaders “There are some who are urging to UK business priority and MPs’ priority. ance, without triggering a wave of
which wants changes to the terms of EU thousands, of manufacturers around now want it to happen as soon as possi- bring the vote forward, to try and The report suggests Mr Cameron’s ratification referendums across Europe.
membership, said the views coming out the country and our evidence is that the ble to remove uncertainty. Mr Scuoler achieve a quick win — this has its dan- easiest wins will be measures to raise EU Germany has warned such a treaty is
of JCB showed that “real business lead- majority want to stay,” said Mr Scuoler. said the EEF is calling on the govern- gers, however,” said Raoul Ruparel, competitiveness, including amending not foreseeable in the near term.
ers and entrepreneurs are not slavish to A number of bosses of UK companies ment to commit to a vote in autumn Open Europe’s head of economic existing rules such as the working time The prime minister is expected to give
the European project”. have spoken up in favour of Britain 2016 rather than waiting until 2017. research. “The faster the deal the less directive, liberalising trade in services more details of his plans to his EU coun-
Sir James Dyson, the engineering staying in the bloc, including Sir Roger Gérard Errera page 11 likely there is to be big reform.” and accelerating free trade deals. terparts at a summit in Brussels in June.
4 ★ FINANCIAL TIMES Tuesday 19 May 2015

NATIONAL

Migration debate Fossil fuel

Foreign students give London £2bn boost University of

Oxford to
Universities fear visa tuition fees, subsistence spending and
income from visiting friends and family
recovery will provide a solid basis to
tackle wider immigration concerns.”
negative responses. More than a third
said difficulty with visas had under-
target, Jo Johnson, the new universities
minister, argued three years ago that
spurn coal
reforms will reduce their
income from abroad
members.
This is offset by an estimated £540m
According to the report, the benefits
spread beyond the exchequer: 60 per
mined their experiences of studying in
the UK, and many of them complained
Britain should follow the example of
Australia, Canada and the US in classify-
and tar sands
HELEN WARRELL
— PUBLIC POLICY CORRESPONDENT
cost to public services, such as the
National Health Service, of their stay in
Britain. However, foreign students have
cent of students said they were more
likely to do business with the UK as a
result of studying here.
about the difficulty of securing a visa to
work here after graduation.
Baroness Valentine, chief executive of
ing students as temporary immigrants.
The Tories have already promised in
their manifesto to “reform the student
investments
no recourse to welfare benefits and do But the difficulty of navigating the London First, said she was concerned visa system” with new measures to
International students make a net not compete for housing with other immigration system prompted some the curbs — such as the closure four tackle abuse, and “clamp down” on uni- PILITA CLARK
— ENVIRONMENT CORRESPONDENT
contribution of £2.3bn a year to the UK Londoners. years ago of the post-study work visa — versities outside the capital which are
economy in London alone and support Despite Home Office concerns about Economic impact were “turning people off” the UK. opening satellite campuses in London to The University of Oxford, one of the
70,000 jobs in the capital, according to students overstaying visas, the report of international students “We remain opposed to the net migra- attract more overseas students. world’s oldest and wealthiest academic
research published just as ministers are calculates only 12 per cent of foreign stu- in London tion target, on the grounds that it is Responding to the research, James institutions, is to shun direct invest-
considering even stricter visa curbs. dents remain in the country after they Spending of non-EU students at higher manifestly just a number,” she said. “It Brokenshire, immigration minister, ments in coal and oil sands companies
The study, carried out by economists graduate. Those who do are earning education institutions, 2013-14 is not founded on any sort of analysis of said it was right to include students in a move hailed as a victory by fossil
at the consultancy PwC and the business average salaries of £19,000 and contrib- Value added Jobs supported what the net situation has been and within the net migration figure because fuel divestment campaigners.
lobby London First, comes at a time of ute £9m a year in income tax and £17m (£bn) (000s) should be . . . The end game needs to be “all immigrants who are in the UK have
uncertainty for universities, which rely in national insurance payments. 1.4 35 valuing students who want to come here an impact on our communities, on The council, Oxford university’s execu-
heavily on overseas students to boost Julia Onslow-Cole, head of global 1.2 30 for genuine reasons and contribute in housing and on our public services”. tive body, said yesterday it had asked
research income. However, they are immigration at PwC Legal, said so far 1.0 25 many ways to higher education, but are He added: “The latest Office for managers of its £2bn endowment fund
anticipating further reforms to the visa there had been a “dearth of data” about 0.8 20 absolutely vital to [the UK’s] long-term National Statistics estimate shows that to bolster oversight of environmental
system as the Conservative government the value that foreign students bring. 0.6 15 relationship with the rest of the world.” while 133,000 non-EU students came to factors in their investment policies.
revives its aim of cutting net migration “Our report blows out of the water 0.4 10 Under the coalition there was a dis- Britain in the last year, only around “Given the importance of carbon
0.2 5
by more than two-thirds to meet its any suggestion that their effect on the 0 0 pute between Tories and Liberal Demo- 48,000 left the country — a gap of emissions and climate change to society
“tens of thousands” target. economy is marginal,” she said. Minis- Fees Subsistence Spending crats over whether overseas students 85,000. The government will pursue . . . council has also called for the level of
Researchers found that international ters looking for growth would not want spending by visitors should be included in the net migration further reforms to tackle abuse while engagement and public reporting on
students in London contribute £2.8bn a to “choke” successful sectors such as Source: London First/PwC to students figures. While Theresa May, home sec- continuing to attract the brightest and these issues to be strengthened,” the
year to gross domestic product through higher education. “A strong economic retary, fought to keep students in the the best to our world-class universities.” university said.
It would “avoid direct investments
in coal and oil sands companies”, reveal-
ing it currently had none, and would
Skyline. Property also bar investment in “sectors with
high social and environmental risks”.

Gotham City and

Many campaigners welcomed the
Aiming high move, the latest response from inves-
tors facing an international campaign to

Scalpel to form part of

stigmatise the use of fossil fuels.

72 9.5m 37% 2.6m

“It’s definitely a massive step forward
for Oxford,” said Andrew Taylor, fossil

capital’s office boom

free campaigns manager at the People
schemes under square feet of offices of the space under square feet completed & Planet student network.
construction under construction construction is let since the last survey Bill McKibben, the US environmental
campaigner who helped kick off the
fossil fuel divestment movement, said
Anthony Duggan, head of real estate that Oxford’s decision was “unbeliev-
Footage built in central areas strategy at Deloitte, said: “We are now able”.
rose by 24 per cent in the six seeing the start of the supply response But other campaigners said that
the market has been expecting, thanks they would like to see Oxford go further
months to the end of March to the robust economic conditions [and] and sell out of all types of fossil fuel
strength of London as a global city.” company.
Sophy Moffat, DTZ’s senior analyst During the past 12 months, Califor-
KATE ALLEN
for central London, said the market was nia’s Stanford University, the heirs
Office construction in London has likely to see “pronounced rental
jumped sharply as developers seek to growth” with the cost of the highest-
take advantage of rising demand from quality buildings experiencing “double-
‘Our investment managers
business tenants. digit rises”. . . . take into account
The amount of office space being built Mr Duggan predicted that the market
in central areas of the capital rose by would see “further rises in rents and
global risks, including
24 per cent in the six months to the end more pre-let deals on schemes under City
climate change’
of March, a survey of construction construction as tenants compete for the
activity by advisory firm Deloitte has limited amount of available space”. 4.5 to the Rockefeller oil fortune and the
found — the second-largest increase in “We expect the development pipeline Space let, by sector London commercial development Total Church of England have all announced
20 years. to continue to increase as developer plans to sell or cut their holdings in coal
In total, 9.5m sq ft is under construc- confidence translates to more active Six months
to end West End
9.5 companies and, in some cases, oil sands
tion, with nearly half of all development construction sites across London,” he Telecom/ March 2015 groups.
located in the City, where several new added. The University of Edinburgh has
skyscrapers are under way. A number of large developments are
media/
tech 49%
(million sq ft)
2.3 ‘Midtown’ ruled out such a broad step, saying last
Property developers are responding planned for the City, inspired by the week it would only ditch coal and oil
to rising demand from businesses since commercial success of some new land- 1.3 King’s Cross Docklands
sands companies if “realistic alternative
Britain’s economy returned to growth, marks, such as the “Cheesegrater” and
0.4 South Bank 0.7 sources of energy are available” and if
the research showed.
In particular, the increase in occupier
the “Walkie Talkie”. The Cheesegrater
has broken the City’s record for rents. 25% Paddington
0.3 the businesses fail to invest in measures
to address climate change.
demand came from the technology and Earlier this year Axa Real Estate, the 0.1 Professor Andrew Hamilton, vice-
creative sectors, which comprised half
of all new lettings in the period.
French investor, backed veteran prop-
erty developer Sir Stuart Lipton in his 8% The largest . . . New construction starts
chancellor of Oxford, said that the
university was already “a leading force
Little new space was built in central plan for a new tower on Bishopsgate. He Millions of sq ft in the global fight against climate
London in the half-decade after the has taken over the site on which a K New start since change”, and believed the main purpose
5%
financial crisis, meaning that occupiers Middle Eastern consortium had the last survey 5 of its investment fund was to generate
face a supply shortage. planned to build the tallest building in Financial 1 Bank Street financial resources to support its
Due to strong tenant demand, the City the Square Mile, dubbed the “Pinnacle”. 688,000 sq ft 4 academic purpose.
has the lowest proportion of space
under construction that is available to
Meanwhile, the Canadian property
investor Brookfield is building a rival 5% 3
“However, our investment managers
take a long-term view and take into
let of any area in central London. Just tower just a few doors up the street. Building to complete I account global risks, including climate
half is unlet, compared with 84 per cent Further to the south, in Leadenhall 5 Broadgate 2 change, when considering what invest-
in the West End and 59 per cent in the
Docklands, according to Deloitte.
Street, US financial group TIAA-CREF
has plans for a set of chunky, slab-style
Professional 4% 700,000 sq ft
1
ments to make,” he said.
“The university believes that
The amount of space available in the office buildings, dubbed “Gotham City”. Legal approach to be the right one, and today’s
City is at its lowest level for more than a And next door to the City’s most rec- K New speculative 0 decision reinforces it by encouraging
decade, separate figures from property
adviser DTZ showed.
ognisable tower, the “Gherkin”, global
insurance company WR Berkley is
Corporate
Government
2%
Insurance
scheme under
construction 2002 05 10 15
greater engagement and reporting on
this crucial issue to the environment
1 Angel Court
As a result, rents in the area have risen building a new high-rise headquarters Other 1% 300,000 sq ft and all of society,” he said.
14 per cent in the past two years. for itself, nicknamed the “Scalpel”. Source: Deloitte Oxford university added that it still
supported the continued inclusion of a
broad range of energy investments
“where financially prudent”.
Enterprise bill At the end of last year, it said its fund
had an estimated 3 per cent exposure

Javid to continue ‘red tape to the wider energy sector. This was
made up of 1.7 per cent in exploration
and extraction activities; 0.2 per cent in
challenge’ with £10bn cuts refining and marketing; 0.4 per cent in
storage and transportation and 0.7 per
cent in equipment and services.
The University of Cambridge, mean-
ELIZABETH RIGBY in enterprise, opportunity and reward.” while, said yesterday that it had agreed
The commitment to cutting £10bn of to set up a working group to “explore its
Sajid Javid will pledge to cut at least
red tape is a continuation of the last position in the light of developments in
£10bn in red tape over the next five
government’s “red tape challenge”. It the understanding of the integration of
years as part of the business secretary’s
said it would target independent regula- environmental, social and governance
efforts to “roll back the state”.
tors for the first time. aspects in investment decisions”.
The plan to cut regulation is part of a “This will be the first time in modern
wider enterprise bill that will be in the history that government has succes-
Queen’s Speech next week. It will also sively reduced red tape costs for busi-
include a new small business concilia- ness over successive parliamentary
tion service to help settle disputes over terms. And business will be our partner
payments. giving us the evidence we need to roll
In a highly personal speech Mr Javid back the state.”
will travel to Bristol, where he grew up However, calculations released last
above his parents’ shop, to make his first December by Reform, a pro-market
speech as business secretary after his think-tank, suggested the government
promotion in last week’s reshuffle. has increased the total burden on
Mr Javid — a Thatcherite — will draw business by at least £3.1bn since coming
the link between his own childhood to power. However, the government said
experience and his Conservative values. it cut red tape by £10bn in the last
“[My parents] came to this country in parliament.
1964 with dreams of a better life. Anna Soubry, the new small business
“My dad started off working in a minister, is also committed to creating a
cotton mill. Then he drove buses. And, small business conciliation service to
at weekends, ran a clothing stall at the help resolve disputes. She described the
local market,” he will tell his audience. new legislation as a “no-nonsense bill to
“It instilled in me an unwavering belief back small businesses”.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 5

INTERNATIONAL

Interview. Fernando Henrique Cardoso China-Brazil

Li to ratify
Brazil politics $50bn trade
deals during
stuck in ‘crisis regional trip
of legitimacy’ JAMIL ANDERLINI — BEIJING

Chinese premier Li Keqiang arrived in

Brazil yesterday on his first official trip
to Latin America, bearing tens of bil-
But he remains highly respected by
Elder statesman finds fault in business leaders.
lions of dollars of trade and investment
deals in the latest sign of China’s rising
blend of parliamentarism Mr Cardoso said the problem with
influence in the continent.
Brazil’s political system was that it had
and a presidential system become an awkward blend of parlia- During his three-day visit, Mr Li is
mentary democracy and a presidential expected to witness the signing of at
JOE LEAHY — NEW YORK system. Although officially a presiden- least $50bn in Chinese investments in
Brazil’s political system is broken and tial system with no formal links Brazil’s infrastructure, a Brazilian offi-
reforms are needed to restore its credi- between the executive and legislative cial said last week. Brazil is trying to
bility in the eyes of voters, according to branches, in practice presidents are speed up the overhaul of its creaking
Fernando Henrique Cardoso, a former forced to award ministries to their allies infrastructure as it gears up for the
president of Latin America’s largest in Congress or face policy paralysis. Olympic Games next year amid an eco-
country. In the case of weaker presidents, the nomic slowdown exacerbated by slow-
A vast corruption scandal at Petro- situation becomes increasingly difficult. ing commodity demand in China.
bras, the state-owned oil company, Ms Rousseff, who won re-election in Mr Li will then continue his eight-day
coupled with a slowing economy and October 2014 by one of the narrowest South American tour with visits to
bickering between President Dilma margins in recent history, has an Colombia, Peru and Chile.
Rousseff of the Workers’ party (PT) and unwieldy cabinet of 39 ministers. The four countries account for 57 per
Congress are crippling the system, said “We are living now as if we were a mix cent of China’s booming trade with
Mr Cardoso, who served two terms of parliamentarianism and presiden- Latin America and Beijing is increas-
between 1995 and 2002. tialism — it cannot go on for a long time, ingly interested in boosting its direct
“We have a crisis of legitimacy,” Mr forever,” said Mr Cardoso. investment in the region, particularly
Cardoso told the Financial Times. “The He said the most outward sign of the Demonstrators protest against the government of Dilma Rousseff in Porto Alegre last month — Jefferson Bernardes/AFP in the roads, bridges and railways it has
point is that today the population just crisis was Ms Rousseff’s sinking popu- already built across its own country.
doesn’t care about political life, they larity. Between December and March, A proposed accord on a cross-Andes
consider it altogether bad, so there is a the number of people who regarded her practice, this has made it more difficult number of people voted for him, many railway linking Brazil’s Atlantic coast
lack of legitimacy and this is because of government as bad or terrible rose to for Ms Rousseff to push through an as a protest vote. But under the propor- to Peru’s Pacific coast is expected to be
so many mistakes that have been occur- 64 per cent from 27 per cent. This has urgent fiscal adjustment programme to tional system, Tiririca’s high percentage a centrepiece of the visit. If built, it
ring in the last years.” led to demonstrations in cities demand- restore Brazil’s sinking public finances, of the overall vote gave his party the would allow China to increase direct
Mr Cardoso is credited by many with ing her impeachment. “The fact that analysts say. right to place a large number of other, imports of commodities such as soya
implementing reforms in the 1990s that they are speaking about it six months Mr Cardoso backed a proposal by virtually unknown, people in Congress. and iron ore from Brazil and Argentina
stabilised runaway inflation in Brazil after the election is a signal that some- José Serra, a senator from the PSDB Mr Cardoso said experimenting with while avoiding the Panama Canal,
and laid the groundwork for the coun- thing is wrong.” and a former presidential candidate, direct elections, in which each candi- which Beijing regards as a US-controlled
try’s economic success during the first Ms Rousseff’s main coalition partner, to introduce direct elections in Brazil’s date for the city council would be strategic choke point.
decade of this century. the Brazilian Democratic Movement municipal polls next year, as a first step elected by people living in his or her China’s rising influence in a region
A sociologist and professor by train- party (PMDB), a collection of regional- to national reform. district, could be a first step to national once considered America’s “backyard”
ing, the 83-year-old is considered an ist politicians, has used her political Brazil elects its federal and state law- reforms to make politicians more indi- is seen by some as a challenge to the
elder statesman but remains the key fig- weakness to seize control of both makers and city councillors via an open- vidually accountable. two-centuries-old “Monroe Doctrine”,
ure in Brazil’s centrist opposition party, speaker positions in the upper and list proportional system. Each party or “Let’s try to see at least at local level if which Washington set up to discourage
the Brazilian Social Democracy party lower houses of Congress. ‘Today the population coalition registers a list of candidates. it is possible to try another electoral sys- foreign, particularly European, influ-
(PSDB), which he helped to found. Meanwhile, the vice-president, Voters can choose individuals or a party tem. If it is OK, let’s extend it,” he said. ence in the region. Some policy makers
The scholarly son of a former general, Michel Temer, also of the PMDB, just doesn’t care about but in practice the system allows many Mr Cardoso said in spite of the PT’s in Beijing have argued China should
he was not as popular with voters as has taken control of political co-ordina- political life’ virtually anonymous candidates to win problems, he expected it to try to per- ramp up its involvement in Latin Amer-
his successor, the PT’s Luiz Inácio Lula tion between the presidential palace seats. suade Mr Lula da Silva to run again in ica as a counterbalance to the US’s con-
da Silva, a metal worker and unionist and Congress, in effect taking charge Fernando Henrique Cardoso For instance, when a clown, Tiririca 2018. “The PT has no alternative other tinued diplomatic, military and eco-
who hailed from the working classes. of the third leg of the triumvirate. In stood for election in 2010, a record than Lula,” Mr Cardoso said. nomic presence in Asia.
6 ★ FINANCIAL TIMES Tuesday 19 May 2015

INTERNATIONAL
GLOBAL INSIGHT
Corruption
NEW DELHI

China purge nets scores of executives Victor

Mallet
Fifth of those held as part system of internal party “discipline armies of employees and control budg- Xi has tor is clearly linked to Mr Zhou’s down-
inspection”, where they can be held ets worth hundreds of billions of dollars. fall, as many of those detained were his
of president’s crackdown vowed to
come from energy sector
indefinitely without trial and where tor-
ture is believed to be rife.
Since ascending to the top of the Chi-
They are often accused of acting like rul-
ers over mini-states within the state.
The enormous influence of compa-
tackle high-
protégés or allies.
Other sectors where senior SOE offi-
cials have been toppled include machin-
India employs soft
JAMIL ANDERLINI — BEIJING nese system in late 2012, President Xi
Jinping has been engaged in a ferocious
nies such as Sinopec and PetroChina
over government policy is sometimes
ranking
‘tigers’
ery and manufacturing, construction,
telecoms, transport and finance.
power to help contain
More than 100 top executives from
some of China’s largest state-owned
enterprises have been detained on sus-
anti-corruption campaign that has gone
further and continued for longer than
any other since the founding of the Peo-
blamed as one reason for weak enforce-
ment of environmental standards and
China’s shocking levels of pollution.
as well as
“Since industries like energy and tele-
coms provide daily necessities and
involve huge sums of money and
resurgent neighbour
picion of corruption since the start of ple’s Republic in 1949. But the energy sector is also the
lowly ‘flies’ because these companies occupy
last year, according to official statistics. Mr Xi has vowed to tackle high-rank- former power base of Zhou Yongkang, monopoly positions . . . it is easy for

T
Since the beginning of 2014, authori- ing corrupt “tigers” as well as lowly the most senior casualty of Mr Xi’s them to become severe disaster zones of o those who wonder why Narendra Modi,
ties have publicly named 115 C-suite “flies” in his quest to clean up the purge and the most senior party official rent-seeking and power abuse,” He India’s prime minister, was in distant Mongo-
officials from state groups including glo- sprawling party bureaucracy. to go on trial for corruption. Xiarong , assistant professor, China Dis- lia this week trying his hand at archery, play-
bal giants such as PetroChina, China According to official announcements Until Mr Xi took power, Mr Zhou was cipline, Inspection and Supervision ing a traditional fiddle and receiving the gift of
Southern Airlines, China Resources, from China’s Central Commission for a member of the all-powerful Politburo Institute was quoted as saying by Chi- a racehorse called Kanthaka (after Buddha’s
FAW and Sinopec, who have been Discipline and Inspection, more than a Standing Committee and controlled the nese media. China is also looking out- mount), the short answer is: China.
placed under investigation for graft. fifth of the SOE tigers who have been Chinese courts, police, secret police, side its borders for officials who have Just as a resurgent China fears containment and encir-
Because virtually all of them are also “toppled from their horses” came from paramilitary and intelligence services. absconded to other countries. So far this clement by the US and its Asian allies, so New Delhi bristles
senior Communist party officials, they the energy sector. Executives at China’s He is awaiting trial. The preponderance year, 150 corruption suspects have been at the rapid extension of China’s military and economic
have mostly disappeared into the feared state energy monopolies command vast of corruption suspects in the energy sec- repatriated from 32 countries. influence to the Indian Ocean and to India’s neighbours in
Pakistan, Sri Lanka, Bangladesh and Nepal.
Mr Modi’s trip to Ulan Bator — the first official visit by
any Indian prime minister to Mongolia — is the latest
Negligence charges Rural unrest Indian attempt to turn the tables and show that it can play
the same games in China’s backyard as China does in
Former Thai India’s, albeit on a more modest scale befitting its weaker
army and an economy one-fifth the size.

premier faces
India, Mr Modi insisted, was a “third neighbour” of Mon-
golia (which lies between China and Russia), while Mongo-
lia was an integral part of India’s “Act East” policy. He not
criminal trial only emphasised defence co-operation, upgraded Mongo-
lia to a “strategic partner” and said India would help the
country’s armed forces with cyber security, but also
praised Mongolia as the “new bright light of democracy” in
MICHAEL PEEL — BANGKOK the world, implicitly linking his hosts to India and the US
and distancing them from communist China.
Thailand’s ousted prime minister faces
“This is counter-containment,” says Brahma Chellaney,
a criminal trial and up to 10 years in jail
strategic studies professor at the Centre for Policy
as the ruling generals and establish-
Research in New Delhi. “Modi is repaying [Chinese presi-
ment allies seek to tighten their hold on
dent] Xi Jinping in the same coin. Remember he [Xi] came
the country a year after seizing power.
to India after visiting the
Yingluck Shinawatra is due in court Maldives and Sri Lanka.”
today on negligence charges widely seen It is no accident, then,
‘This is counter-
as an effort to drive her electorally that Mr Modi, who has containment.
powerful family out of public life. been unexpectedly active
The case falls on the eve of the first on the foreign policy
Modi is repaying
anniversary of the May 22 military coup front in his first year in Xi Jinping in
that deepened a long-running political office, is combining his
battle gripping and crippling Southeast landmark trip to China
the same coin’
Asia’s second-largest economy. this month with visits to
Ms Yingluck is charged with negli- Mongolia and South Korea, another of China’s near neigh-
gence over her stewardship of a multi- bours where he arrived yesterday.
billion-dollar rice subsidy scheme that “South Korea is part of the same game,” says Mr Chel-
authorities allege was plagued with laney. “India is trying to augment its limited power by join-
graft. She has denied wrongdoing and ing hands with countries around China’s periphery.”
accused her pursuers of a witch-hunt. The first phase of Mr Modi’s foreign policy campaign was
Ms Yingluck has already been banned quickly to rebuild India’s frayed relations with its south
from politics for five years by the Asian neighbours, and where possible he exploited com-
military’s puppet parliament. Rights mon adherence to Buddhism and Hinduism (both of
groups have raised concerns that she is which originated in India) as a cultural calling card. He
not herself being accused of corruption, invited all the leaders (including — to Beijing’s fury — the
but rather of failing to prevent it. Tibetan prime minister in exile) to his inauguration in
Analysts say the action is a means of
attacking her family, particularly her
brother Thaksin Shinawatra, a self-ex-
Street battles break out over Sichuan rail line New Delhi a year ago and chose the Himalayan kingdom of
Bhutan as his first foreign destination as prime minister.
He went on to visit Nepal, Myanmar, Mauritius and Sri
iled former prime minister. His parties Lanka — where Beijing’s influence and port visits by Chi-
have won every election since 2001 nese submarines had worried the Indian security estab-
thanks to popular policies such as the JAMIL ANDERLINI — BEIJING state media reports. Mr Deng died in Visitors in front confrontations. But on Saturday the lishment and galvanised discreet Indian support for the
rice scheme and subsidised healthcare, China has deployed hundreds of secu- 1997 but there is a long tradition of Bei- of a statue of demonstration turned violent, with coalition that defeated the pro-China government of Mahi-
shattering the traditional aristocratic rity force personnel and shut down the jing building monuments and heaping Deng Xiaoping scores of protesters and police injured in nda Rajapaksa in a January election. Mr Modi is expected
elite’s dominance of politics. internet in a rural part of Sichuan prov- largesse on remote locations favoured in Guang’an, the the clashes, according to a statement soon in Dhaka to seal a long-awaited agreement on realign-
Thai courts and institutions have ince after street battles between police by current and former senior Commu- town that will from the local government, which ing the India-Bangladesh border. Only India’s post-1947
deposed three Thaksin-allied prime and residents protesting against a deci- nist party leaders. benefit from denied online reports that four people, enemy and awkward neighbour Pakistan has been
ministers in the past 10 years, including sion not to build a railway line through Even global companies are not the rail route including a schoolgirl, had died. excluded from Mr Modi’s latest advances.
Ms Yingluck. This has drawn accusa- their county. immune to the allure of investing in the rethink — Reuters The protesters’ demand for develop- Phase two of India’s strategy has been to engage with glo-
tions they are acting for the elite. hometowns of party grandees. Volkswa- ment is the reverse of more common bal and Pacific powers, including neighbouring China, of
Some analysts believe the courts will The demonstrators in Linshui county gen owns a large factory in Yangzhou, demonstrations against state invest- course, but also nations such as Japan and the US that
not impose a long jail term, as this would were incensed by a decision to change the home town of former president ment that often takes away land from share Indian concerns about Beijing’s maritime and terri-
risk turning Ms Yingluck into a martyr. the railway route to pass through the Jiang Zemin, in a move that senior peasant farmers and is accompanied by torial ambitions. Mr Modi’s foray to Ulan Bator and Seoul
“The eventual outcome depends nearby town of Guang’an, the birthplace Volkswagen executives have privately worsening pollution. shows he is well into the third phase: bringing the diplo-
partly on timing, partly on reactions of of former paramount leader Deng described as a “gift” to Mr Jiang, who Yesterday, the local Linshui govern- matic tussle between the two most populous countries in
different power groups, and how the Xiaoping, considered the architect of still wields enormous influence behind ment said the “riot” was under control the world to China’s own doorstep.
current regime evaluates the impact of a modern free-market China. the scenes despite retiring from his last and that 30 police officers, as well as 38 Chinese policy makers responded sourly to India’s offer
guilty verdict on stability,” said Ambika Residents complained that Guang’an post in 2004. demonstrators, had been injured by the of naval ships to Vietnam last year and to the US-India
Ahuja, Southeast Asia analyst at Eurasia is already served by several rail lines In the peaceful protests that preceded violent crowd on Saturday night. joint statement demanding freedom of navigation in the
Group, the political risk consultancy. despite having half the population of the bloodshed, thousands of residents Police arrested more than 40 people South China Sea. They will not have failed to notice Mr
“Putting her behind bars would be a Linshui, while Linshui does not have carried signs saying “We want develop- but protests continued on Sunday, when Modi’s newfound fascination with the horses and bows and
very provocative and destabilising any. They accused the government of ment, prosperity and a railway”, accord- several dozen more demonstrators, arrows of the Mongolian steppe.
move, and this remains an unlikely favouring Guang’an for purely senti- ing to pictures and videos posted online some of whom the government said
scenario for now.” mental political reasons, according to of the protest and subsequent violent were armed, were arrested. [email protected]

Macroprudential tools

Financial chiefs urge action as instability fears rise

SAM FLEMING — WASHINGTON ing asset values, especially in the hous- prudential policies in policy makers’ only to regulated entities could “limit
ing market. tool kits “helps to address emerging credit formation and push credit
A group of leading financial executives
The statement also urges authorities market inefficiencies in the financial intermediation outside to the shadow
has urged authorities around the world
to strengthen their systems of govern- system, such as over-exuberance within banking sector and thus be a source
to bolster their crisis-busting arsenals
ance over macroprudential rules — even asset classes, for example in real estate of systemic risk”, the finance chiefs
amid fears that ultra-low interest rates
as Senate Republicans seek to impose lending”. say, adding that the effectiveness of the
have increased the risk of financial
new fetters on the Financial Stability In the words of Mr Flint, the policies tools has yet to be proven, especially in
instability.
Oversight Council, the main body in the have the capacity to “lean against some- countries with complex financial sys-
The heads of companies including US responsible for dealing with systemic thing that is making people feel good tems. Shadow banks encompass a broad
HSBC, UBS and BlackRock yesterday risks. but is actually going to give them a hang- array of institutions conducting bank-
released a joint statement backing the Some analysts are warning of exuber- like activities, including money-market
use of macroprudential tools, but warn ance building up in parts of the global funds, finance companies and real
that rules, if too narrowly applied, could markets following the long period of
Authorities have been estate investment trusts.
push risks into the more thinly regu- ultra-low rates that resulted from the making greater use of The statement also argues that if mac-
lated realm of shadow banks. Great Recession. roprudential tools are poorly co-ordi-
Macroprudential tools are used to This month, Janet Yellen, Federal
these regulatory levers to nated, they could end up being a source
guard against emerging dangers such as Reserve chairwoman, said that share curb rising asset values of systemic risk in themselves. The US is
overvalued property assets, in theory prices were “quite high” and that there among the markets with the most frag-
reducing the need for authorities to was a risk of a sharp jump in longer- over they will find difficult to cope with”. mented systems of governance — regu-
raise interest rates to rein in investor term bond yields, while arguing that The decision by finance chiefs to issue lation is split among agencies, raising
exuberance. Among the most devel- overall financial risks were contained. a joint endorsement of regulation is questions over the effectiveness of its
oped are counter-cyclical capital The statement from finance chiefs unusual, but it comes with caveats. macroprudential regime.
requirements on banks and caps on the including Douglas Flint, HSBC chair- The statement says macroprudential The FSOC, which co-ordinates the
amount customers can borrow relative man; Anshu Jain, Deutsche Bank co- policies need to be deployed across the agencies, is facing the possible imposi-
to their incomes. chief executive; Michel Liès, head of financial system, not just on companies tion of new restrictions and more com-
Authorities in countries ranging from Swiss Re; and Larry Fink, chairman and such as commercial banks that fall plex processes. If passed, the pro-
the UK and Switzerland to Israel and chief executive of BlackRock, is being within traditional regulatory perime- cedures would apply when the FSOC
Hong Kong have been making greater co-ordinated by the World Economic ters. designates a company as systemically
use of these regulatory levers to curb ris- Forum. It says the inclusion of macro- Applying macroprudential measures important.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 7

INTERNATIONAL

Republicans seek to garner growing Latino electorate

Candidates face challenge of appealing to increasingly powerful Hispanic voters, who tend to favour the Democrats
DEMETRI SEVASTOPULO Pew, Alabama saw the biggest increase
AND MEGAN MURPHY — WASHINGTON from 2000 to 2011 with growth of 158
per cent, and South Carolina, Tennessee
As former vice-president Dick Cheney and Kentucky were close behind.
prepared to address a big Republican Presidential candidates in 2016 plan
congressional dinner, a group of Latinos to focus their attention on the key swing
protested outside carrying placards that states where the Latino electorate has
read: “We immigrants vote.” increased since 2004.
The demonstrators back in March Since 2010, the proportion of eligible
were making a point that is now openly Hispanic voters in New Mexico has
accepted in the Republican party: the grown 4.1 percentage points to 39.7 per
GOP must make inroads with Latino cent. In Colorado, the increase was
voters to have a credible shot at taking 3 percentage points to 14.4 per cent
the White House in 2016. and Nevada saw a rise of 7.5 percentage
“There’s a great recognition that points to 17.1 per cent.
there’s a need for our party to become But the most important swing state
more aggressive to push for Hispanic is Florida, which has 29 electoral college
support,” says Mel Martínez, a Cuban- votes — joint third after California and
born former senator from Florida. Texas — where the gain was 6.3 percent-
The challenge facing the Republican age points, talking it to 17.6 per cent.
party is illustrated by the tightrope its In the 17 presidential elections since
White House contenders are walking on the second world war, Florida has voted
— the issue of the legal status of the more Republican 11 times and Democrat on
than 11m unauthorised immigrants in six occasions. But three of the Demo-
the US, many of whom are Hispanics. cratic victories came in the past five
Candidates who are seen as being US Latinos are a elections, leading some to suggest that
“soft” on a group that the GOP’s con- force in politics — Sunshine State Hispanics are now lean-
servative base views as lawbreakers risk Bill Clark/CQ Roll Call ing that way. Mr Lopez says Hispanic
losing key support in the Republican registered Democratic voters surpassed
primaries. But the party’s chances registered Republican voters in 2008
in the election will suffer if candidates Mark Lopez, head of Hispanic and have since stayed ahead.
take a tough line, alienating a vocal and Divisive issue means the issue is now resurfacing in comprehensive immigration reform. research at Pew, says the issue became There are several reasons for the shift.
increasingly powerful minority group. Immigration reform the 2016 race. For the Republican contenders, evident in 2012 when Mitt Romney, the Unlike other states, Florida Latinos
Between 1980 and 2013, the number For Hillary Clinton, the Democratic winning back Hispanic support is also Republican presidential candidate, won have tended to vote Republican, partly
of Latinos jumped from 6.5 per cent of resurfaces in 2016 race frontrunner, maintaining and even essential. Whit Ayres, a Republican only 27 per cent of the Latino vote com- due to a presence of large numbers of
the US population to 17 per cent, or expanding the overwhelming backing pollster working with Marco Rubio, the pared with Barack Obama’s 71 per cent. Cuban Americans who favour the GOP.
54m people. By 2060, Hispanic origin Hispanics mirror the wider US Barack Obama received from Latino Cuban American presidential hopeful, That marked a sharp fall from 2004 But, over the past two decades,
citizens will make up 29 per cent. population by ranking the economy as voters will be critical to winning the says Republicans “have got to signal in when the George W Bush rode much Cubans have fallen as a share of the
“People know it’s the elephant in the their top concern, but they are more White House, particularly as white tone and substance on immigration stronger Hispanic support in the states state’s Hispanic population. Also, 57 per
room and that ignoring it isn’t going sensitive on immigration and how to working class voters desert the reform that they want Hispanics as part of Texas and Florida to take 44 per cent cent of Cubans who arrived in the
to work,” says Erica Bernal-Martinez, deal with the 11m illegal immigrants in Democratic party in droves. of a centre-right coalition”. of the Latino vote. US since 1990 lean Democrat, compared
deputy executive director of the the US. Speaking in Nevada this month, she One problem for Republicans is that Just under half of all Latinos still live to 35 per cent for those who arrived
National Association of Latino Elected George W Bush won 44 per cent of vowed to go further than Mr Obama the evangelical Christians who have in California and Texas. But with His- before that year, according to Pew.
and Appointed Officials. the Hispanic vote in 2004 because of has in taking executive action to sway in the early presidential primaries panics fanning out across the US, they Mr Martínez says that while Florida’s
The Hispanic electorate has grown his support for comprehensive shield millions of unauthorised see any policy that would help illegal have a more potent block. William Frey, Latino population is “changing dramati-
3.9m over the past four years alone and immigration reform. But Republicans immigrants from deportation. She said immigrants as “amnesty”. In swing a demographer at the Brookings Institu- cally”, the state is “very gettable” for
now comprises 11 per cent of eligible have suffered since an acrimonious she would expand those protections to states with growing Latino populations tion think-tank, says the two cities with Republicans, adding that the situation
voters, according to Pew Research, immigration debate during the 2008 cover the parents of so-called Mr Ayres found that more than half the the fastest growing Latino populations has changed significantly since 2008
a Washington think-tank. The growth election that was perceived as being “Dreamers” — immigrants who were respondents polled saw Republicans as between 1990 and 2010 were in North when frustration over the GOP’s
is particularly problematic for the aggressive towards Hispanics. The brought in to the country unlawfully as “anti-immigrant”. Demetri Sevastopulo Carolina: Charlotte and Raleigh saw immigration stance prompted him to
Republican party, because Hispanics growth of the Hispanic electorate youths — if Congress failed to pass and Megan Murphy respective Latino growth of 1,715 per comment that “sometimes I feel like a
in most states tend to vote Democrat. cent and 1,548 per cent. According to man without a party”.

Property
8 ★ FINANCIAL TIMES Tuesday 19 May 2015

INTERNATIONAL

Greece Iraq

Syriza’s left urges break with creditors Shia militias

mobilise to
Faction presses Tsipras option of a “Grexit” from the euro. free movement of capital, putting banks been slow amid disagreements about the IMF contributing money to Greece.
take on Isis
just as he appears to be “We have to choose between signing
what is obviously an austerity agree-
under state control, taxing capital and
the wealthy to finance measures to sup-
reforms the creditors are demanding.
As the Syriza rebels released their
Mr Milios, a Marxist economist, has
sharpened his arguments against aus-
in Ramadi
nearing compromise ment and making a break with lenders port ordinary people . . . and even a plea, Greek newspaper To Vima pub- terity since he was ousted as head of Syr-
. . . Syriza can’t become a party of aus- break with the euro,” it said. lished details on its website of a sup- iza’s economic policy team this year in a
KERIN HOPE — ATHENS terity and this government cannot Greece’s cash-strapped government posed breakthrough in the talks — a new shake-up of the political bureau. ERIKA SOLOMON — BEIRUT
BORZOU DARAGAHI — ISTANBUL
implement a memorandum (bailout has been locked in negotiations with its €5bn austerity plan it claimed was pro- Mr Tsipras insists he will carry out his
Leading members of the hard-left agreement),” the Syriza rebels said in a international creditors for the last four posed by the European Commission. mandate to end seven years of austerity Shia militias were mobilising to battle
faction of Greece’s ruling Syriza party text published yesterday on a leftwing months to unlock some €7.2bn in undis- As reported by To Vima, the draft deal while ensuring Greece remains a mem- fighters from the Islamic State of Iraq
have called for an immediate “rupture” Greek website. bursed bailout funds. But progress has would free about €5bn in aid to Greece ber of the single currency. and the Levant, Isis, in the Iraqi city of
with the country’s creditors, laying Syriza hardliners have been foment- — €3.7bn immediately — and avert a But even mainstream Syriza politi- Ramadi yesterday as hundreds of resi-
down a public challenge to Alexis ing opposition to a possible deal with the default on a €1.2bn loan repayment to cians, including Zoi Konstantopoulou, dents remained trapped by fighting.
Tsipras, the prime minister, as he moves EU and International Monetary Fund the IMF due in June, provided the Greek the Speaker of parliament, have criti-
closer to striking a new bailout deal. for several weeks. parliament approves reforms to imple- cised the government over its apparent Iraqi media said 3,000 members of the
The rebels include five members of But the rebel group’s text, which is ment the plan by the end of this month. willingness to compromise. Shia militias known as the Hashad
Syriza’s political bureau and central due to be discussed at a public meeting Athens did not immediately com- Editorial Comment page 10 Shaabi, or popular mobilisation force,
committee, led by John Milios, a former today, points to an escalation of anti- ment on the proposal. In Brussels, his had reached the Habbaniya military
shadow finance minister. austerity campaigning within Syriza officials played down its importance, base outside Ramadi, the day after the
Brussels blog
Their gambit marked the first time that, if sustained, could split the party in noting that several proposals have been jihadis took control of the city, which is
Peter Spiegel on what to make
since the party came to power in Janu- a parliamentary vote. exchanged by the parties in recent of the new “Juncker Plan” for only an hour’s drive from Baghdad.
ary that the faction has publicly voiced “Our only choice is a rupture with the months. Greece? But a spokesperson for Asaib Ahl al-
its opposition to the government’s eco- creditors — suspending loan repay- Alexis Tsipras wants to end austerity If accurate, the most interesting www.ft.com/brusselsblog
Haq, one of Iraq’s most powerful Shia
nomic policy choices, even raising the ments, (imposing) measures to restrict and keep Greece in the eurozone aspect may be that it does not envision forces, said the fighters had not yet been
given permission to start operations.
“We already sent out a general call-up
and mobilised our elite forces last
night,” said Naim al-Obodi, speaking by
Germany. US intelligence ties phone. “But unfortunately we have
been stopped at the entrance of Anbar

Merkel struggles to shake off espionage scandal [province]. Our government will not
allow us to go forward because is dealing
with political resistance, principally
from the US-led coalition.” He added
that most of the main Shia militias were
prepared to fight and were organising
Pressure is growing on the with local tribes for a three-pronged
chancellor over how much her offensive.
The loss of Ramadi comes less than
officials knew about the spying two months after the Iraqi army and
militias, backed by US air power, ousted
Isis from the city of Tikrit. If the jihadis
STEFAN WAGSTYL — BERLIN
can hold Ramadi, it would be the group’s
Germany’s BND foreign intelligence most significant victory since it seized
service suffered an embarrassment this Mosul and other northwestern cities last
year when water flooded out of broken June. It will also have symbolic reso-
pipework at its near complete new nance for Washington. During the US
headquarters in central Berlin. occupation, some of their costliest bat-
But the damage to the high-tech €1bn tles were fought to capture Fallujah and
office block is nothing compared with Ramadi, now both in Isis hands.
the harm done by a different sort of After resisting the growing influence
leak: revelations that the BND may have of the Shia militias for months, Prime
helped the US National Security Agency Minister Haider al-Abadi on Sunday
(NSA) target thousands in Germany, called for militia-affiliated volunteer
France and elsewhere in the EU. forces to join the fight for the city. The
For Angela Merkel, the tables have governor of Anbar province also called
turned: in 2013 the chancellor cast for volunteer Shia militias to move into
herself as a victim when whistleblower the mostly Sunni region, despite the
Edward Snowden revealed widespread fears of locals and the US-led coalition
American surveillance, including the that their involvement could result in
tapping of her mobile phone. “Spying sectarian violence. In the aftermath of
among friends is not at all acceptable,” Tikrit’s recapture, militias looted the
she said at the time. city and summarily executed people in
Today she is under pressure to the streets. “We expect this will happen
explain how much her officials knew to Ramadi too. But what choice do we
about Germany assisting the US in have?” asked one resident, who asked
spying on the country’s EU allies. “This not to be named.
affair is getting more and more danger- Officials say about 8,000 of the city’s
ous because it is affecting the chancel- residents have fled and 500 fighters and
lery more and more,” said an MP close to civilians have been killed in fighting in
Ms Merkel. the past three days. Over the past month
“There is a real fight between the BND as many as 100,000 have left in the face
and the chancellery. Both are leaking of the Isis advance, according to the UN.
information.” Hundreds of locals remained trapped
Reinhard Bütikofer, the German All ears: a BND modernised the BND’s listening post at with the ending .de, suggesting they people from around her or from the in the Khalidiya area outside the city
chairman of Greens in the European listening centre Bad Aibling, Bavaria, and Germany were German-based. BND,” said Hans-Georg Wieck, a yesterday and said that shelling had
Parliament, said the claims had pro- at Bad Aibling in agreed to supply electronic data to the This is highly sensitive because the former BND head. “If something went worsened in the area. They said that the
voked “astonishment and sheer horror Bavaria. NSA, principally from terrorist BND is banned by law from operating wrong, certainly somebody will be sanc- jihadis were trying to move into the city
in Brussels”. They would “bring increas- Angela Merkel, hotspots. domestically. That is the job of the BfV, tioned.” towards the Habbaniya base. “Isis is still
ing trouble between Germany and its below, has been The latest scandal broke in March, the domestic agency, which works So far, though, Ms Merkel has been advancing toward Habbaniya, and now
European partners”. cautious in her when Der Spiegel magazine reported under tighter legal rules. cautious. She has asked Washington for lots of rockets are coming down in Kha-
The scandal has also harmed relations response to the the BND had also helped the NSA snoop Ms Merkel, while largely avoiding permission to disclose information lidiya. People are trying to figure out
with the US, with Berlin blocking any claims on European targets, including the comment on the episode, has said that about the selector lists, knowing full where to move next,” said Abu Abbas, a
further internet data transfers to the Angelika Warmuth/EPA
French presidency, the European spying on allies is something “that well that this is unlikely. Ramadi resident who had fled to the
NSA (phone data, governed by tighter Commission and Airbus, the aerospace should not have happened”. Her spokes- That prompted Sigmar Gabriel, head city’s outskirts, speaking by phone.
rules, is not affected). group. man says the chancellery has asked the of the Social Democrats, Ms Merkel’s “Our people were abandoned by their
Spying is a particularly fraught sub- According to media reports, the NSA BND for explanations and “identified coalition partners, to demand the chan- government and are stranded in the
ject in Germany, where many still provided the BND with “selectors” — technical and organisational deficien- cellor show some “backbone” in her streets,” he said.
remember the intrusive espionage of including internet, website and email cies in the BND”. ‘There is a dealings with Washington, in one of his Sunni leaders in Anbar have com-
Nazi and then East German communist addresses, and phone numbers — for Gerhard Schindler, the BND spy chief, strongest personal criticisms since the plained for months that tribal forces
rule. electronic tracking. has denied the service had ever real fight government was formed after the 2013 who could have helped prevent the Isis
Still, Germany has for decades German MPs are asking whether the betrayed Germany. German media have between election. takeover in the province have been
enjoyed a symbiotic intelligence rela- NSA did not slip into these selector lists reported that the BND kept the chancel- A poll in Bild newspaper published ignored, despite promises by the gov-
tionship with the US, fostered by a targets unconnected to suspected lery informed of the US link, citing, for the BND this month showed 62 per cent of those ernment to provide them with weapons.
shared cold war history, the dependence security threats. example, a confidential chancellery and the surveyed said the latest scandal “The Isis advances in Anbar could
with EU allies on American intelligence The 2002 pact specifically excluded document from 2008. had damaged the chancellor’s reputa- have been avoided if they supported the
and the fight against Islamist terrorism. German and US targets, and Berlin The parliamentary committee super- chancellery. tion. tribes,” said tribal sheikh Bulaisim al-
These links were reinforced after the reportedly also later expressed vising the secret services is demanding Both are But, if the aftermath of the Snowden Gaoud. “Tribes are the ones who helped
September 11 2001 terror attacks in the concern about targets in EU states. to see the selector lists so MPs can judge affair is any guide, the chancellor seems push out al-Qaeda in 2006 when the US
US, especially when it emerged that six Der Spiegel said that in 2013 the whether the co-operation was legiti- leaking likely to limit the damage to a relation- occupied Iraq. But there is no trust left
conspirators had previously lived in BND deleted 12,000 selectors, mate. information’ ship that is too important to Germany’s between Shia and Sunnis to do this
Hamburg. Under a 2002 accord, the US including some email addresses “The chancellor may have to dismiss spy services to put at risk. now.”

Balkans

Russia accuses west of interference after Macedonia violence

NEIL BUCKLEY — LONDON exploded in clashes between police and the government’s refusal to join the pol- tion”. The claims echo the Russian nar-
ANDREW BYRNE — BUDAPEST
Albanian gunmen in the town of icy of sanctions against Russia and the rative surrounding last year’s protests
Macedonia is emerging as a new poten- Kumanovo in which at least 18 people vigorous support Skopje gave to the that toppled former Ukrainian presi-
tial flashpoint in the geopolitical stand- died. The instability has prompted con- Turkish Stream gas pipeline project”. dent Viktor Yanukovich, who had ini-
off between Russia and the west, with cerns in EU capitals that unrest in Mace- Turkish Stream is a replacement Mos- tially claimed to be pro-western but
Moscow accusing western capitals of donia could spill over into neighbouring cow is promoting for the South Stream, swung towards Russia. Moscow says he
attempting to foment a “coloured” rev- countries such as Serbia and destabilise a gas pipeline project to bring Russian was removed by a “US-backed coup”.
olution in the ex-Yugoslav republic. the rest of the western Balkans. gas into southeast Europe which was Analysts said Moscow routinely
But Moscow has constructed an alter- abandoned after EU opposition. blamed regime changes, including those
The 2m-strong western Balkans state native narrative in recent days. Senior Russia’s foreign ministry followed Mr during the “Arab Spring”, on western
has been rocked by violence and dem- Russian officials and media have sug- Lavrov’s comments on Saturday with a interference. But they cautioned that
onstrations in the past 10 days, amid gested the west is behind the protests statement citing Serbian media reports the implicit parallels being drawn with
accusations that Prime Minister Nikola against a Macedonian leader it had ini- of the arrest of a Montenegrin citizen Ukraine could provide a pretext for Rus-
Gruevski is becoming authoritarian. tially backed as someone who would alleged to have “assisted Kosovo-Alba- sia to claim its interests were at stake
Tens of thousands of demonstrators accelerate his country’s progress nian extremists” in Macedonia. should Mr Gruevski be forced out.
took to the streets of the capital, Skopje, towards EU membership. It said the arrest was “convincing Meanwhile, western-mediated talks
on Sunday to demand Mr Gruevski’s Speaking on a visit to Serbia on Fri- proof of plans launched from outside to between Mr Gruevski and Zoran Zaev,
resignation. The mass demonstration day, Russia’s foreign minister, Sergei destabilise the internal political situa- leader of the opposition Socialists, broke
came a week after tensions between eth- Lavrov, said events in Macedonia were tion in this country, an attempt to push up yesterday without agreement on how
nic Albanians and Macedonians “unfolding against the background of it into the abyss of a coloured revolu- to end the year-long political impasse.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 9

FT BIG READ.TURKEY

Recep Tayyip Erdogan has blamed the central bank and his opponents in parliament for the end of a
long growth spurt. But critics say the president has allowed the country’s competitiveness to slip.
By Daniel Dombey

O
sman Yildirim remembers
life before the wave of for-
eign money came to the

A flagging
heart of Turkey.
When Mr Yildirim, who
runs a medical lens manufacturer in
Sivas, took over the local chamber of
commerce in 2001, the industrial zone
where he works had 36 factories, 1,220

growth story
workers and exports of $16m. It now
boasts 200 factories employing 7,000
people and almost $200m in exports.
Ten years ago there was no airport;
now there are flights to Istanbul every
day. A high-speed train is due to arrive
by 2017, while a new road to the Black
Sea coast should also help local industry.
There is little doubt in this Anatolian
city about the scope of the economic
change that this century has wrought in
Turkey, a bellwether emerging market.
“The economy has been the govern-
ment’s greatest success,” Mr Yildirim
says, sitting in his office, a floor up from
the technicians working on $100 cata-
ract lenses exported to 36 countries.
“Sivas has become an investable city.”
Turkey’s progress has stood apart
from many other emerging markets
that saw strong growth over the past
decade. In resource-rich countries such
as Brazil, South Africa and Chile, growth
was driven in large part by Chinese
demand for commodities, which has
slowed.
But Turkey’s economic model —
largely built on domestic demand and
an active construction sector — has
nonetheless come under increasing
strain. Growth has fallen sharply from 9
per cent in 2010 and 2011 to just under 3
per cent in 2014. “Things are still devel-
oping, but not as fast as they used to,”
Mr Yildirim says. “There is still
improvement, but not as much as we
want.”
Nationwide, consumer confidence is
near a five-year low and unemployment
has risen to 11 per cent, around a five-
year high. Gross domestic product per
capita has been stuck around $10,000
for several years. The lira has lost some
40 per cent of its value against the dollar
since May 2013.
Against this backdrop, a debate is
smouldering within the government
about whether the recipe that has Supporters of President Recep screwed up all of this, for what? For out. The $5bn deficit in March was Mr Erdogan’s enemies sought to kill him
driven growth in recent years — a period Tayyip Erdogan’s AKP party at a seeking a fairy tale.” Interest rates and inflation financed by the central bank selling off via telekinesis. Cemil Ertem, another
marked by low interest rates, high-pro- rally in Istanbul on Sunday — Bulent As with other developing countries, Overnight lending rate (%) reserves to shore up the lira, which has Erdogan adviser, has warned US Presi-
file infrastructure projects and flashy Kilic/AFP/Getty Images
the financing of the Turkish economy Inflation (annual % change) since staged a limited recovery. dent Barack Obama of “serious and
residential development — can keep has changed almost beyond recognition 12 The Turkish government maintains undesirable political consequences for
working. Some argue the country needs over the past decade. The country has 11
that public finances remain exception- humanity” should the Fed raise rates.
a fundamental shift towards producing become notably more dependent on rel- ally strong — far more impressive than is Mr Babacan is widely expected to
higher-value goods, while also stepping atively short-term capital flows, rather 10 the case for eurozone economies, with leave office after next month’s elections;
up structural economic and legal than foreign direct investment, to 9 government debt of only 33 per cent of one possible candidate to replace him is
reforms. underwrite its traditionally large cur- GDP and a deficit of just 1.4 per cent. Berat Albayrak, Mr Erdogan’s son-in-
8
As with other emerging markets, eco- rent account deficit. But some economists say the govern- law and a proponent of lower interest
nomic policy makers in Turkey have A variety of factors lie behind this 7 ment eased off structural reform as the rates. But the stakes in next month’s
conceded that the next decade is likely shift. One is the economic travails of the 6 money poured in. “We have the private vote go far beyond interest rate policy.
to be less rewarding than the previous EU, which accounts for more than 70 sector taking on a lot of debt and most of
one — though they argue the country per cent of FDI in Turkey. Diplomats 2013 14 15 that debt obviously is external debt,” Presidential overreach
will still outshine industrialised econo- add that doubts about the rule of law says Murat Ucer at GlobalSource Part- Turkey’s political future — and in large
mies. The question is what the govern- have inhibited several prospective Real GDP growth ners, a consultancy, highlighting corpo- part its economic future — depends on
Annual % change
ment should do to turn things around. large-scale investments, as Mr Erdogan rates’ $178bn in net foreign exchange whether Mr Erdogan will introduce a
Two tests loom: possible US Federal has consolidated his power following Turkey liabilities, up from $6.5bn in 2002. presidential system in which he brooks
Reserve interest rate rises later this year the 2013 Gezi park protests against his Brazil Mexico Sani Sener, chief executive of TAV little opposition from courts or parlia-
Chile South Africa
and June general elections, which Presi- leadership and a later corruption inves- 10 Airports, a leading infrastructure group, ment. The concern is that the president
dent Recep Tayyip Erdogan, the coun- tigation into his personal circle. 8 notes the chief peril of borrowing in for- may double down on the politics and
try’s paramount leader, hopes will But there was a ready source of alter- 6 eign currency. “In some projects the rev- economics of easy money despite
deliver a big enough majority to trade in native funds. US quantitative easing pol- enues are in Turkish lira but the debt is changes in the outside world.
4
Turkey’s parliamentary system for a icies created a pool of international cap- in dollars, so [with the lira’s fall] these This is Turkey’s dilemma. A period of
presidential one. He argues that the ital on the hunt for higher returns; in the 2 kind of projects may have difficulties,” economic success has helped its leader
economy is spinning its wheels because years after the 2008 financial crisis, 0 he says. “[It is] a big concern for the concentrate power. Now, critics warn,
of high domestic interest rates and the much of this ended up in emerging mar- -2 Turkish economy.” further concentration of power will
failures of a parliamentary system of kets. This ushered in a new and more 2010 11 12 13 14 15 Turkish businesses are renowned for damage Turkey’s prospects — and
government in which judges can rule uncertain, debt-fuelled world for Turk- (forecast) their flexibility in hunting for new mar- increase the risk of policies that in the
against big investment projects. ish businesses and consumers, contrib- Foreign direct investment kets but, as the domestic economy has long run are no longer tenable. At the
uting to a collapse in the savings rate — $bn slowed, big, enduring increases in same time, foreign funds are more dis-
Looking for a breakthrough the biggest such fall in the group of 20
200
exports are proving difficult to achieve. criminating than before, the country
Mr Erdogan’s critics argue that invest- largest economies. Some Turkish companies have devel- remains vulnerable to external and
ment has faltered because of more pro- 150 oped a niche in below-premium brands, internal shocks and growth is mediocre
found failures of competitiveness. Many Funding issues such as the Beko brand of household by recent standards — all problems
international bankers say there is still Sometimes Turkey has been left 100 appliances, part of Koc, Turkey’s biggest shared with other major emerging mar-
more than enough global liquidity to scrambling for funds. February’s cur- conglomerate. But overall, exports are kets. With memories still fresh of the
allow the Turkish economy to prosper rent account deficit of $3.5bn was 50 often low-value added; less than 4 per glory years, it will be difficult to adjust to
in the short term, provided that the underwritten by funds of unknown cent of total manufactured goods sold a less forgiving world.
country comes up with a “story” — a origin — known as “net errors and abroad are in the technology sector. Back in Sivas, Mr Yildirim complains
0
convincing investment case or a politi- omissions” — which some econo- Demand has also been hurt by the eco- that his region — which retains both an
cal or economic breakthrough. mists suggest were partly Turkey’s 2000 02 04 06 08 10 12 14 nomic problems afflicting the eurozone unemployment problem and a skills gap
But his campaign for lower interest corporate elite repatriating off- Sources: Thomson Reuters Datastream: and the chaos engulfing many markets — needs to do much more to develop
IMF; Haver Analytics
rates has already eclipsed the fall in the shore cash to help their businesses in the Middle East and North Africa. high-tech, value-added products. But
oil price, one of the most favourable Such trends have fuelled a growing there are more fundamental concerns
recent economic developments for a consensus that the country’s economic on his mind. “In order to improve
country with a $55bn energy import bill. Elections of uncertainty to his goals. The AKP needs to shore up support in Sunni status quo is not sustainable — but there investment and bring foreign capital to
Almost as soon as Turkey’s technocrats must win 330 out of 550 parliamentary heartlands such as Sivas. is little agreement as to the solution. Turkey, there has to be justice,” he says.
had hailed the slide for its impact on Erdogan urged to shore up seats if it is to put a new presidential The deal does not yet seem done. One technocratic group gathered “There has to be rule of law.”
growth, inflation and the current support for political plans constitution to a referendum. “Those who trust Erdogan say that, if it around Ahmet Davutoglu, prime minis-
account deficit, Mr Erdogan redoubled A key factor is how many parties is what the president wants, it is good ter, and Ali Babacan, his deputy respon-
his offensive on the central bank for not Kicking off its campaign for Turkey’s make it to parliament. If a pro-Kurdish enough for us,” says Sevgi, another sible for the economy, calls for improv-
cutting rates more aggressively, even general election, the AK party filled group passes the 10 per cent threshold party supporter. ing the education system and bolstering
labelling Erdem Basci, the bank’s gover- Sivas’s main square, the scene to enter the legislature, it could be “But we still don’t know if a the rule of law to boost productivity and
nor, a traitor. The lira duly steepened its testifying to the appeal and difficult for the AKP to get all the MPs it presidential system will expand our investment. They are also pushing for
fall against the dollar. organisational heft of the party that requires. But the ruling party also rights or restrict them.” tax and labour market reforms.
“We are a culture of politics, but not a dominates Turkey’s politics. Ms Ozturk and others also complain Mr Babacan also argues Turkey has Monetary demands The president and
culture of policy,” complains Cevdet But, as President Recep Tayyip RUSSIA that local candidates were excluded become too dependent on the construc- his advisers have been vociferous in
Akcay, chief economist of Yapi Kredi, Erdogan pushes for powers that critics when the leadership selected nominees tion sector. But this is not an agenda arguing that the US and Turkish central
one of Turkey’s biggest banks and a say are near-dictatorial, there are hints for the five MPs’ seats in Sivas. enthusiastically embraced by Mr banks should keep rates low
long-standing sympathiser of the coun- of unease among the ranks of his Black Sea GEORGIA
Tbilisi
Ziya Sahin, Sivas’s AKP head, Erdogan, the real power in the land, who
try’s ruling Justice and Development followers. Sadiye Ozturk, a long-time dismisses the internal tensions as the is close to construction magnates and
party (AKP). He argues that politicians AKP organiser in Sivas, says the party Istanbul TURKEY frustration of disappointed candidates. has championed the sector as the motor
Economic focus Erdogan has pressed
the central bank to lower rates as well
and their advisers are falsely suggesting risks losing votes to the nationalists if it Sivas But even he does not sound wholly of the economy. Nor is it shared by the as urged political reforms to encourage
that Turkey can just opt for lower inter- fails to explain its plans to introduce a Ankara Diyarbakir
convinced: “If the people think the men who advise the president. investment in big projects
Kayseri
est rates: “Instead of coming up with a presidential system for Turkey. Izmir Ceyhan
Gazientep presidential system is more beneficial, Yigit Bulut, the president’s chief eco-
story, you are coming up with a fairy Such concerns, voiced in a city that IRAQ that’s fine,” he says. “If they [instead] nomic adviser, is one of the main propo- Sound finances Ankara’s debt is only
tale . . . We were provided with the best voted 70 per cent for Mr Erdogan in Mediterranean
SYRIA want to improve the current system, we nents of the theory that a rapacious 33% of GDP while its deficit is just 1.4%,
possible story maybe ever to face Tur- elections last August, add an element Sea CYPRUS 400 km
will improve the current system.” “interest rate lobby” is seeking to hold but economists worry the private sector
key, which is the oil shock and then we Turkey back, as well as suggesting that is taking on too much debt
10 ★ † FINANCIAL TIMES Tuesday 19 May 2015

Letters
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Include daytime telephone number and full address
Corrections: [email protected]

Private equity funds take a safer approach Upgrading rail network

will boost productivity
Sir, Jeremy Paxman, in his familiar
Sir, Gillian Tett is mistaken to not a phrase that can in any way, We are only rewarded if the style, dismisses the High Speed 2
compare the plight of the banking shape or form gain credence in a businesses we back are ultimately project as a folly (“Folly of a £50bn
industry during the financial crisis private equity context. successful. project must hit the buffers”,
with the state of present-day private Private equity funds are not Ms Tett also highlights the work of Comment, May 15). Perhaps he would
equity (“How savvy asset managers systemically risky. They are closed- the Financial Stability Board; we are like to consider a few facts.
can fend off the regulators”, May 15). ended, thus removing issues of “run- in complete agreement with its Rail travel in this country has
Public anger directed towards the risk”. Our long-term investments in activity-based approach, exempting doubled in the past 20 years and is
TUESDAY 19 MAY 2015 banking sector was born from a businesses are matched by the as it does closed-ended funds from forecast to keep growing at 5 per cent
perception of cavalier individuals commitments of our investors. those asset classes which may, in minimum per year. The result is a rail
gambling away large amounts of Furthermore, the industry- addition to banks, continue to pose network that is so full that incremental
money in pursuit of exorbitant established carried interest incentive systemic risk. improvements, while very welcome,
bonuses. model effectively aligns the interests Tim Hames will not deliver the step change in

Athens staggers closer to This notion of “heads, banks win,

tails, society loses” gained more
traction following the spate of
of investors and employees to a
greater degree than even that which is
mandated in new (post-crisis)
Director-General
British Private Equity and Venture Capital
Association
capacity that is needed.
He might also want to consider why
productivity in countries such as

the financial precipice bailouts during 2008, but this is banking regulation. London WC2, UK France, Germany and the Netherlands,
which have invested in high-speed rail,
is higher than in this country. HS2 will
UK government must find Church is in denial over help relieve the housing, commercial
Greece’s predicament is not complex, and nor should it be impossible property and transport pressure on
balance on strike proposals its pensions problems London while improving connectivity,
Nothing is easier than a posture of pes- plus to be able to repay its debts over a Sir, Balance is indeed the key word to Sir, The FT reports that the Church and therefore productivity, in the
simism towards Greece. The debts longer time scale, and for private inves- your editorial on industrial relations Commissioners’ stellar performance Midlands and the north. That is why
maturing this summer are enough to tors to assume more of the burden. (“A softly, softly approach to UK for 2014, with the Church of England’s HSBC is moving its UK headquarters to
pitch it into bankruptcy. Some €1.5bn Last year this plan was working well industrial disruption”, May 18) financial assets up to a record £6.7bn, Birmingham by 2018 and why, elected,
must be repaid to the International enough for the Greek government to Certainly, cases of public service thanks to property revaluations (May local authority leaders across the
Monetary Fund next month, with the issue three and five-year debt at afford- strikes triggered by low turnouts of 15). Although the commissioners’ Midlands and the north, as well as an
first €300m due on June 5. These are able prices. But since then every ele- their respective members when voting investment income is used for pastoral overwhelming majority of MPs,
mere hors d’oeuvres to the €3.4bn and ment of the plan has fallen apart. can have the effect of inflicting and charitable work, the first call is to support the scheme.
€3.6bn coming due to the European Greece is no longer growing. The mar- “collateral damage” on the reputation pay clergy pensions earned before Passengers who queue on a daily
Central Bank in following months. It ket is closed to its debt, which now of responsible unions — such as my 1998. (A separate clergy pension basis at Paddington and London
took extraordinary measures for Ath- trades at distressed levels. The credi- own — which have good relationships scheme was set up from 1998, funded Bridge, or those who have to stand on
ens to scrape through the past fortnight tors no longer agree that keeping Ath- with employers. In addition, trade by individual dioceses and parishes, the West Coast Mainline, are paying the
— such as plundering local government ens on life support is in their interest. union members, including the ones I not centrally. This change followed price of dithering and delay by
and using IMF reserves to repay that The IMF, which played honest bailiff in represent, are also travelling members huge property losses by the previous generations. Imagine what it
same institution. the original deal, quietly admits that its of the public. The rationale behind commissioners, with pensions will be like in 20 years’ time if we fail
To make it to the autumn, Greece calculations were awry. Most signifi- minimum thresholds is therefore easy ‘Do you ever have days when you becoming an unsustainable drain on once again to seize the chance for
needs its loans renewed. But the cantly, in Athens a reluctant reformer to comprehend. wish Iran had nuclear weapons’ investment income). change.
reserves of goodwill needed to arrange has been replaced by radical left-wing- However, on its own, such legislation According to the commissioners, Sir David Higgins
this are even more depleted than those ers Syriza. Now the Greek government will represent a lost opportunity to £1.8bn of its assets must be earmarked Chairman, HS2
of the financial sort. is committed neither to economic make a “nod” to responsible trade of heart and a sense of humour. A child to pay clergy pensions, with London E14, UK
There are only two reasons for opti- reform nor to forswearing extrava- unionists. The government may has a natural and abundant capacity investment income from the balance
mism. First, as impossible as Greece’s gance, and even the IMF at its most therefore care to consider balancing for delight. If anything in childhood is available for pastoral work. However, EU should repay UK’s
debts appear to Athens, they are dis- emollient is loath to release funds. the proposed provisions with clauses to crucial, it is keeping this alive. It will in calculating the value of its clergy
armingly small when seen on a conti- Perhaps the intransigence of Syriza reduce the hurdles of obtaining union sustain him best in the long run. pension liabilities it is not required to exceptionalism in kind
nental scale. Greek gross domestic and the exasperation of its eurozone recognition from irrationally anti- Maggie McGirr apply the same accounting as private Sir, The UK’s place in the EU, currently
product is just 2 per cent of the euro- partners renders a lasting settlement union employers, and to strengthen the Greenwich, CT, US companies. under review (“Hammond eyes ‘fast’
zone’s. Whether defaulted or delayed, impossible. But given the damage that unions’ role in non-contentious fields Using the standard corporate bond settlement on UK’s future within
Greek debts do not threaten the wider would result from Greece leaving the such as learning/training, safety and Film critic needs to write discount rate required for private Europe”, May 15), has to reflect not
economy. Talk of Europe facing a “Leh- eurozone, all sides must continue to pensions companies, not the Church’s made-up only its political and economic
man moment” is wide of the mark. The press for one. Exit from the single cur- Such a balanced outcome will pass more for the everyman rate, increases the value of its pension weight, but also its historical
liabilities of the US investment bank rency would not bring an end to the famous conservative “one nation” Sir, In your Arts section on Friday liabilities by a third to about £2.4bn, so exceptionalism.
permeated the global financial system. Europe’s problems with Greece, but test. The “one nation” prime minister (May 15) your film critic managed to the value of investment income Historically, the UK has developed
Past bailouts have shifted Greece’s only change their form. Although ele- Benjamin Disraeli — who in the 1870s review five films while referring or available for pastoral work is much less and evolved almost linearly. Its ancient
crumbling debts on to sturdy sovereign ments of Syriza may still be drawn to gave unions their basic rights — would alluding to the style or content of no than the Church claims. The Church institutions such as monarchy and
balance sheets that can easily afford to “Grexit”, their leadership must under- nod sagely in approval no doubt from less than 12 other films, film roles, also underestimates the deficit in the universities have survived with
provide further financial relief. stand this would doom their plans. his famous “Elysian Fields”. actors and their delivery in certain clergy pension scheme. scarcely a break over many centuries.
The second cause for hope is that Nor can Syriza survive in govern- John Barstow films, and film directors (Duel, Darth The Archbishop of Canterbury has Contrast this to continental Europe,
Greece’s financial mess is ultimately a ment without the courage to speak Member, Usdaw Executive Council Vader, Bane, Russell Crowe, Peter warned that many UK banks are “in where civil wars, revolution and radical
simple one, as is the potential solution. frankly to voters. The country does not Pulborough, W Sussex, UK Jackson, Irma Vep, Clean, Something in denial”. Sadly, however, the Church constitutional changes have often
At core, Greece resembles the arche- have the funds to protect its pensioners the Air, The Master Builder, All About itself is in denial about the scale of its broken such continuities.
typal struggling business. Its creditors, as Syriza promised, and so these prom- Smaller children gain more Eve, Gustav von Aschenbach and Death pension problems, which threaten to In addition, Britain — unlike Europe
like a typical banking consortium, saw ises must be modified. in Venice), of which I had seen only undermine its finances, and in turn, — has not been torn apart by invasion
their interests as being sufficiently Five torrid years have seen billions of from playful education Russell Crowe in a film in which his the future of the Church itself. since 1066. Nor has its public ever
aligned with the country that they were euros invested in keeping Greece inside Sir, “It does not matter where your role was nothing like what is meant to John Ralfe favoured the intense nationalism that
happy to reshape its debts — on condi- the euro and the European project on child goes to nursery school” — this be explained by reference (I saw Mr Nottingham, Notts, UK has consumed many European
tion that Athens used the breathing track. The appalling collapse of Greek was the candid and refreshing view of Crowe in The Efficiency Expert) and countries. Fascism and anti-Semitism
space to spruce up its economy and cut living standards is already tragedy the head of a highly regarded nursery Darth Vader. Risk assessment on naval never struck deep root here, nor did
down on extravagances. The plan was enough. It would be still more tragic if school programme in Manhattan in an It may be fine and well for a seasoned communism or republicanism.
for Greece to generate enough of a sur- its sacrifices were all for nothing. article about the madness of nursery critic to pronounce on a film with such threat in Libya holds true However, notwithstanding these
school admissions there. (“Paid to references before an audience of his Sir, I note with sadness the distinct lack differences, Britain has always been a
advise on the ‘right’ nursery”, May 15) professional equals — but how about of hindsight in your front page piece partner of Europe — witness how it
Nevertheless, the persistent belief the rest of us? Often today’s critics are (News, May 16) covering the Libyan honoured its guarantee to Poland in
among parents is that every decision more bent on explaining to us a film’s coastguard’s efforts to resist the tide of 1939 at a huge cost to itself — but
they make on behalf of their small exact place in the constellations of migrants with 12 inflatable vessels after without being a full participant in it or

Thomas Cook mislays children is crucial. Finding the perfect

school is a matter of urgency. Building
skills across all categories must begin
films, actors and directors than in
addressing its content and quality. It
would be much more helpful to the
Nato sank the Libyan naval fleet. I
would suggest the reason for Nato’s
action was to prevent the Islamic state
driven by it.
It would be a pity if the reformed EU
were to deny Britain such

its moral compass as soon as possible even though every

expert will tell you that free play is the
work of childhood and instructs best. It
average film-goer, like yours truly, to
simply be able to read what the movie
is about and whether one should go see
or al-Qaeda capturing and operating
gun boats in the Mediterranean Sea
and the threat to shipping, trade and
exceptionalism.
Randhir Singh Bains
Gants Hill, Essex, UK
is as if a memo were handed down — it or not. If nothing else, the method of our southern Nato partners. I suggest
Tour operator should have handled deaths with more compassion Kill the joy as soon as possible! There is such critics would impel one to also see that this risk assessment still holds true
no time to lose! a large number of bad films just to and therefore I am pleased that the EU COMMENT ON FT.COM
The Exchange
The corporate world is littered with investors’ interest. It felt an obligation One day, there will be indisputable understand what is meant by his or her has stepped up patrols to help with the Policy makers lack the firepower to fight
examples of companies that jeopard- to them to seek recompense from the evidence that the character traits from allusions. refugees. another US recession, says Stephen King,
ised hard won reputations with a single hotel owner for its loss of earnings and childhood that correlate most strongly Dov Frishberg Sam Billington HSBC Chief Global Economist
lapse. Whether banks that peddled reputation. Nor did it even benefit with success are playfulness, lightness New York, NY, US Portishead, Somerset, UK www.ft.com/theexchange
toxic products, producers of defective directly from the amounts reported. Its
pharmaceuticals or sellers of contami- arrangements with its insurers, who
nated foods, many businesses have funded the litigation, mean that it
come to rue the initial evasion, slippery
explanation, or legalistic reluctance to
retained only £1.5m of the compensa-
tion it received — a sum it has now Sarko’s bruising Nicolas Sarkozy is embracing Twitter
— for better or worse.
Victor Hugo’s book, Ninety-Three, as
“1793”. @MexStand posted: “Have
partly age related: neither Mr Sarkozy
nor Mr Hollande, both 60, is a tech
acknowledge mistakes.
A tragedy that occurred nearly a dec-
shamefacedly donated to charity.
The snag was that shareholders’ battle with the With his 750,000 or so followers, the
former French president lags behind
you read Omelette by Shakespeare?”
Mr Sarkozy’s son, Louis, joined in,
wizard. Ms Le Pen, 46, who has
promoted a new generation of
ade ago has now caused Thomas Cook
to join their penitent ranks. The UK
tour operator has been excoriated for
near-term interest was in direct con-
flict with the company’s wider com-
mercial one. The advice management
Twitter trolls Socialist incumbent François
Hollande, who boasts almost 1m. He
has yet to catch up with the — younger
asking for a bigger television in his
room, which the former president said
would be OK if his son got rid of his
executives since taking over the FN in
2011, has taken to the technology
faster, notes Mr Thieulin. “Her anti-
mishandling a case involving two chil- received seems to have blinded it to — Italian and UK prime ministers “computer addiction” in return. system stance fits with the internet
dren, Bobby and Christi Shepherd, who how its behaviour might be perceived. Matteo Renzi and David Cameron, It was the irreverent queries, rather culture.” The web has long attracted
died from carbon monoxide poisoning, The group gave the impression of who have 1.86m and more than 1m than Mr Sarkozy’s replies, that made outsiders, he said, citing the powerful
killed by a faulty boiler at a hotel on a heartlessly shrugging off its duty of respectively. But he fares better than headlines that day. So is it worth it? — and successful — online campaign of
holiday it arranged. care towards those involved. When Marine Le Pen, leader of the far right Yes, say three digital communication those opposing the European
The group was not directly responsi- invited to apologise at the inquest, the National Front (FN) (577,000) and experts who advise politicians of the Constitution in 2005.
ble for the deaths. The hotel’s owner boss, Peter Fankhauser, asserted he Alain Juppé, his main rival in the UMP left and right. “Nicolas Sarkozy is a Now the erosion of traditional
acknowledged its culpability and paid
compensation to the children’s parents.
had “nothing to apologise for”.
Thomas Cook would have done bet- Paris party primaries (184,000).
Mr Sarkozy’s sallies on to Twitter
divisive character, so trolls were to be
expected,” said Arnaud Dassier, who
media, especially among the young,
and the resulting fragmentation of
Where Thomas Cook went wrong was
in the extraordinarily tin-eared and
ter had it looked beyond the small print
of “shareholder value”. A better read- Notebook have been bruising, however. On
Friday, ahead of a meeting designed to
advises Mr Juppé. “But that’s the game
on Twitter. Haters are going to hate;
news outlets are forcing the political
elite to adapt. Mr Hollande last year
heartless way it handled the case. ing of the responsibilities of directors is rebrand his centre-right party for the you just have to accept it.” revamped his communications team,
The management stuck narrowly to that they have a wider interest in the by Anne-Sylvaine 2017 presidential election, he offered Failing to engage on Twitter would appointing thirtysomething Gaspard
a legal brief. Executives exercised their long-term future of the company. This Chassany to answer questions on the social be more problematic, said Edouard Gantzer chief. Mr Sarkozy has
right to silence at the children’s long- sometimes means doing things that are network for an hour. The hashtag Fillias, head of Jin, a Paris-based recently beefed up his digital staff.
delayed inquest, which concluded ear- rarely suggested by professional advis- #NSDirect was flooded by thousands digital strategy agency. “It’s not The tweets themselves are not the
lier this month. No apology was offered ers, and carry immediate risks or costs. of trolls and spoofs seizing the chance possible nowadays to do politics the key, says Mr Thieulin. Presidential
until this week, when it also emerged In this case, more compassion would to poke fun or lash out at him. Many way Churchill used to.” hopefuls are all working to build
that the company had received £3m in have been in order. The company could reminded him of the judicial probes Benoît Thieulin, who led the 2007 databases with personal details of
compensation from the hotel owner — have climbed out of its legal trenches he faces. @htan987 asked: “If you lose digital campaign of Ségolène Royal — sympathisers, who can then be
nearly 10 times the amount received by and apologised to the parents directly. again in 2017, would you quit politics now energy minister — said French mobilised when needed, he says. It
the parents of the children who died. That chance has now been lost. for a second time to come back for a politicians awoke to the power of can make a difference in a tight
While the impact on its business has Consumer businesses have their own second time?” Twitter one day in June 2012, when a election. A good digital campaign can
yet to be gauged, monthly Google logic. As companies such as Starbucks There was irony aplenty. Mr tweet by Valérie Trierweiler, then Mr help win an extra 2 to 3 percentage
searches for “Thomas Cook” have have found in the area of corporate Sarkozy criticised Mr Hollande for Hollande’s official partner, made the points, Mr Dassier estimates — the
dropped 18 per cent compared with the taxation, it is not always enough to meeting Fidel Castro in Cuba, writing: front pages. Ms Trierweiler had amount by which Mr Hollande beat
same time last year, according to Digi- stick strictly to the letter of the law. “Congratulating Castro, getting caused controversy for expressing her Mr Sarkozy in 2012.
talis Reputation, a consultancy. The Outrage your customers and sanctions inspired by him, admiring him: no, no support to a candidate opposing Ms That may explain why Mr Sarkozy
group has been denounced publicly for can follow. and no!”, @Maputo78 snapped back: Royal, the president’s previous looked unfazed by the backlash on
its lack of human decency — and for Thomas Cook’s mistake was in pay- “But welcoming Gaddafi, yes, yes and partner, in local elections. Friday. “It worked well,” he said on a
putting profits first. ing too close attention to its lawyers. yes?”, referring to the late Libyan French political leaders have been short video posted on his account.
Yet by the standards of most modern The company should have remem- dictator who pitched his tent near the slower than their US and UK “We’ll do it again.”
corporations, Thomas Cook did little bered that it was in the eyes of the pay- Elysée in 2007. There were jokes counterparts to engage with voters
out of the ordinary. The board acted in ing public, not the law, that it would about Mr Sarkozy recently misquoting online, according to Mr Fillias. This is [email protected]
a way it thought would protect the ultimately be judged.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 11

Comment

Analysis paralysis blights a party of clever fools Show real

remorse and the
POLITICS
and something about the internet.
This is not sophistication, it is soph-
the Tories as stupid. The Liberals closed
down in 1988. The Tories are still run-
with blinding new thoughts about glo-
balisation and the modern state. The
not to settle the big questions and then
choose a leader. It must choose a leader bank bashing
Janan
Ganesh
istry. It is not big thinking, it is analysis
paralysis. Labour lost the election for
reasons that any bus driver or part-time
ning the country.
The Labour mind is nothing but clut-
ter. It is geared for analysis over judg-
truth is plainer: their man was a super-
star whose gut instincts on everything
but foreign policy were those of the
who will then settle the big questions.
That might be Liz Kendall, Labour’s
plain-speaking emissary to the Home
will soften
florist could diagnose in a sentence: its ment. Five summers ago, a decisive average voter. With those things going Counties. Tristram Hunt, if he runs, will
prospectus was too leftwing and its number of people in the party thought for him, it would have been weird had he challenge her for possession of the cen-
leader, Ed Miliband, was a liability. If it Mr Miliband was a plausible prime min- not swept the electoral board. tre ground. Then there is the puzzle of
had chosen his brother David in 2010, ister. These individuals are still allowed And still the waffle keeps coming, like Andy Burnham, a potential star with OPINION

P
olitics is a simple game over- and not spent five years openly goading to handle flammable liquids and walk so much guitar noodling. It is already volatile beliefs. If his mawkish leftwing-
complicated by its worst employers with price interventions and customary among Labour MPs and ery is just a passing gambit to win the Robert
players. Pity the UK Labour other intellectual remnants of the mid- activists to say that choosing a new race, he should worry the Tories more Jenkins
party as it settles down for
another term of opposition
20th century, it would now be in govern-
ment or thereabouts. There is nothing
Labour’s job is not to settle leader matters less than mulling the
larger questions. What is the point of the
than he does. If he actually believes this
stuff, they are right to pray for his vic-
the big questions and then

A
like an old man easing into a familiar structurally wrong with the left that left when there is no money to spend? tory. Yvette Cooper has all the virtues nother month, another
pair of slippers. With all summer to
choose a new leader, the party is already
leadership and moderation cannot fix.
Judgment, not intellect or hard work
choose a leader. It is the How can Labour simultaneously take
on nationalism in Scotland, populism in
and vices of experience and Mary Cre-
agh will struggle to make the cut.
fine. Last week it was
announced that five of the
over-thinking it. or even charisma, is the winning trait in other way around northern England and conservatism in At the first hustings on Saturday, the world’s biggest banks
In seminars and newspapers, “pro- politics. Judgment is why John Major the south? Can Englishness ever be a candidates talked about Steve Jobs. How would pay $6bn to settle
gressives” grope for a “critique” of their became prime minister and his more our streets unescorted. Some of them left-leaning identity? can Britain produce an entrepreneur as allegations that they manipulated the
election loss. They “work towards” an luminous peers — Michael Heseltine, are in the shadow cabinet and likely to This gets it the wrong way around. As monstrously successful as the late foreign exchange markets. Will the
“analysis” of modern Britain and an Michael Portillo, Ken Clarke — never be promoted. Labour, the party of clever important as these questions are, the founder of Apple, they wondered? The expected admissions of guilt, together
“agenda” for “renewal”, which must be did. And judgment is why the Conserva- fools, will seemingly excuse any mis- answers will emerge fitfully through more pressing question is why the with the accompanying payments, per-
“radical” or at least “empowering”. The tives have steered Britain for much of judgment, however catastrophic, if it is tinkering, improvisation, trial and Labour party ignores his central insight. mit the banks to put the past behind
candidates themselves, reared in this the past two centuries. They tend to backed up by exhaustive analysis. error. They always do. And new ques- “Simple can be harder than complex,” them? They hope it will; I fear it will not.
junk language of abstract nouns and read the national will acutely and know Even Blairites fall for this culture of tions will turn up that we cannot even Jobs once said. “You have to work hard This is a big settlement that settles lit-
undergraduate sociology, go along with by instinct what a winner looks like. overelaboration. They kid themselves imagine now. They always do. The point to get your thinking clean.” tle. Once again the fines are likely to be
the joyless charade, always primed with Their uncluttered minds help. John that New Labour was an intellectual is to have a leader in place with the right paid with shareholders’ money. No sen-
an allusion to the “changing workforce” Stuart Mill, the great Liberal, described project, that three elections were won instincts. Labour’s job this summer is [email protected] ior managers will go to jail. The details of
who did what, and who failed in their
responsibilities, are likely to be swept
under an already lumpy carpet.
The link between responsibility and

Obama’s Pacific
accountability will remain broken. This
looks once again like a two-tier justice
system that has one set of penalties for
the public, and another for the financial
establishment that claims to serve it.
Seven years after the crash, it is this

trade deal will

utter unfairness that feeds the well of
resentment against the banks.
Bankers, take note. You cannot make
peace with the public just by paying
fines. And as long as the bank bashing

not tame China

continues, you can expect there to be
ever more such penalties. But you are
not helpless. Here, in 10 easy steps, is
what you need to do.
First, admit publicly that you screwed
up. Even if your particular institution
did nothing wrong, acknowledge that
the industry to which you belong most
omy is just not open enough to merit certainly did.
FOREIGN AFFAIRS inclusion. A couple of weeks ago, how- Next, make people believe that you
ever, Mr Obama came closer to are truly sorry for the damage done. To
Gideon acknowledging that the TPP is about
Rachman much more than trade when he told The
Wall Street Journal that it was crucial to
get the deal because: “If we don’t write
Admit publicly that you
the rules, China will write the screwed up. Even if your
rules . . . We will be shut out . . . We institution did nothing

W
hy is Barack Obama so don’t want China to use its size to muscle
desperate to secure a other countries in the region.” wrong, your industry did
Trans-Pacific Partner- Mr Obama still framed the argument
ship trade deal? The in economic terms. But others in the US see the TPP as crucial to strengthening sponsored Asian Infrastructure Invest- and strategic gains that implies. China date, words of regret have in the main
long-winded official foreign policy establishment are willing the US-Japan alliance and its role in ment Bank turned into a humiliation for is already the biggest trading partner been dragged out of you by congres-
answer is that the US president thinks to spell out the broader issues of power Asia. In a recent speech to the US Con- the US. It now fears that the AIIB could of most of the important nations in the sional or parliamentary committees.
that it would break down barriers politics. A much-discussed recent gress, the Japanese leader argued that become the instrument for promoting TPP negotiations — including Japan, You can do better.
between 12 leading Pacific economies report for the Council on Foreign Rela- the agreement was ultimately about China’s policy of “one belt, one road” — Singapore and Australia — and it is the Once you are done saying sorry, say
and so increase prosperity. The short, tions argued that decades of effort by “democracy and freedom”, adding:“Its the effort to build new infrastructure second-biggest partner of the US itself. thank you. Taxpayers and their elected
real, answer is: China. America to “integrate China into the lib- strategic value is awesome.” networks across the Asia- Pacific region, China is also the biggest trade partner of representatives kept the system afloat
The crucial fact about the TPP is that eral international order” had in effect The notes of anxiety in these pleas by which centres on China. South Korea and India — two leading during the crisis. That is what kept your
it is a trade deal that would include the backfired because China’s power now the US and Japanese leaders reflects the Faced with these setbacks, the Obama Asian economies that are not even institution above water. Repeat all of the
US, Japan and 10 other Pacific-rim econ- threatened US “primacy in Asia”. Rob- fact that both Washington and Tokyo administration is now determined to parties to the TPP negotiations. Indeed above 100 times.
omies — but exclude China. Much of the ert Blackwill and Ashley Tellis, the fear China is on the march in Asia. While secure the TPP as a visible sign of US last week, as Mr Obama was struggling Next, clean house. Discharge any and
Washington controversy surrounding report’s authors and two of America’s the direct territorial dispute between influence in the Asia-Pacific region. The to keep the TPP alive in Congress, all executives who failed in their super-
the TPP is the standard stuff thrown up most prominent Asia-watchers, argue Japan and China has cooled down a lit- president has made a “rebalance” to Narendra Modi, the Indian prime minis- visory duties in areas where wrongdoing
by trade negotiations: arguments about for various measures to push back, tle, Chinese claims in the South China Asia one of his signature initiatives in ter, was in China, signing $22bn of busi- took place. Dismiss any culpable non-
farmers, currency and intellectual including “new preferential trading Sea are being pushed with renewed foreign policy. His senior officials now ness deals. executive board members, too. Tainted
property. But the underlying motiva- arrangements among US friends and energy through controversial “land rec- accept that the TPP has become critical Mr Modi’s eagerness to do business chairmen should set an example and be
tions of Mr Obama and Shinzo Abe, the allies . . . through instruments that con- lamation” projects, with clear military to signalling that the rebalance is alive with China does not mean that India is the first to go.
Japanese prime minister, are strategic. sciously exclude China”. That is a implications. On the economic front, and well. completely at ease with the country’s Accept that you were subsidised by
Unfortunately for Washington and description of the TPP. America’s recent failure to prevent However, the TPP cannot really meet rise. Like most of America’s friends and the public purse in the past, and that
Tokyo, however, the TPP — even if it This strategic motivation is even important allies from joining a China- the strategic hopes that are now pinned allies in the region, India is encouraging you will not be in future.
happens — is not a significant enough more powerful for Japan, which is on it. First, it is still far from clear that the US to step up its military presence in Remind yourselves every day that
step to justify all the geopolitical hopes embroiled in bitter territorial and diplo- the 12 countries involved will be able Asia. But while the US is still the domi- you work for the shareholder. The
invested in it.
Debating the strategic logic behind
matic disputes with China. Initially,
Tokyo steered clear of the TPP negotia-
The TPP is not a significant both to strike a deal and secure approval
at home. Mr Obama’s struggles with
nant military power in the Asia-Pacific
region, China is now the pre-eminent
shareholder does not work for you. You
should not get rich unless the share-
the TPP has been difficult because, until tions to avoid upsetting powerful enough step to justify all Congress give due warning. economic power. A TPP deal would do holder does.
recently, the US has not been frank
about the reasons for China’s exclusion.
domestic constituencies. But Mr Abe’s
fear of the rise of China has trumped his
the geopolitical hopes More important, it is too late to pre-
vent China becoming the core of the
too little, too late to change that. Change your performance targets —
the last ones got you into trouble and did
The official line is that the Chinese econ- fear of Japanese farmers. He has come to invested in it Asian economy — with all the political [email protected] little for your owners. You are in busi-
ness to serve customers and produce
adequate risk-adjusted returns. If you
cannot do this, find another line of
work.

Cameron should not expect Europe to fix a problem of his making Stand on your own two feet. Managing
liquidity is your responsibility, not the
government’s. Central banks are lend-
ers of resort, not contingent credit facili-
ties. Do not blame accounting rules for
ernment in Europe is democratically So what is surprising is that the more but nobody will help the prime minister not repeat the mistake of 2011 when he inadequate loan provisioning. Your job,
OPINION elected as well, and they also have to we see a Europe à l’anglaise, the more undo Europe. The more Britain won- vetoed the fiscal compact and was left and your duty, is to marshal enough
respect the rules. One cannot seriously the British are willing to leave. It seems ders if it is in its interest to remain in the out in the cold; or when he failed last loss-absorbing capital to deal with risk.
Gérard ask for the maximum of benefits, the beyond reason that the UK is now ready EU, the more EU countries will be enti- year to block the appointment of Jean- Acknowledge that the safety of your
Errera minimum of obligations and be always to take the risk of giving up all the tled to ask the reverse: is it worth keep- Claude Juncker as EU Commission pres- institution depends on a more stable
at the table to check EU initiatives. advantages of membership. This espe- ing in the union a country whose main ident. In both cases, he had hoped — in financial system, and that a more stable
Britain has never been at ease with the cially so given that, even in the event interest in the EU is to secure the return vain — to be rescued by Angela Merkel, financial system depends on a reduction

D
omestic problems about European project — Conservatives and of Brexit, the UK would in effect be of even more money? The answer will German chancellor. He should not make in banking leverage.
your country’s relationship Labour alike, with the exception of the compelled to abide by the union’s rules depend on how Mr Cameron behaves at that mistake a third time. And lastly, buck up. Regulation is not
with the rest of Europe? If Tory Edward Heath and to some extent in dealing with EU trading partners home and with his European partners. Surprisingly, all the positive decisions a game of cat and mouse. Regulators do
you are British the answer is Labour’s Mr Blair. Yet, thanks to the At home, he has to resist the provoca- in favour of the European project have not want to do your job; they want you
easy: just press the referen- negotiating skills of its leaders and the tive demands of his rightwingers, been taken by Conservatives: Harold to do your job. Governments are inter-
dum button. It is, after all, the British
way. Harold Wilson did it in 1975; Tony
tolerance of its partners, the UK has
enjoyed a special status in the EU for the
Yes, the prime minister helped by the UK Independence party
and an influential europhobic press, and
Macmillan initiated the negotiations for
membership in 1962; Heath made Brit-
ceding because too many among you
failed in their duties. Stop fighting
Blair promised it in 2004; and now past 30 years. In addition to the benefits has a democratic finally explain to his own people that ain a member of what was then the reform. Start leading it instead. Banking
David Cameron is also promising it.
This time the stakes are higher and
of being part of a single market of 500m
people. Britain alone secured a reduc-
mandate — but so do his Europe is not some zero sum game.
Mr Cameron can discuss with his
Common Market; Margaret Thatcher
signed the Single European Act in 1986
leaders of the west: the future is not
what it was. Embrace this fact and you
the UK prime minister cannot afford to tion in its contribution to the communal European counterparts partners ways to make the EU work bet- and John Major endorsed the Maas- will begin to put the past behind you.
play games. In the spirit of constructive budget (the “British rebate”). It is not ter, and be stronger in defending its col- tricht treaty in 1992. Follow these instructions and your crit-
co-operation, here are some thoughts part of the Schengen passport-free area withoutbeingatthetabletodefinethem. lective interests. Here he could find Mr Cameron should surprise us and ics will have no place to go — the time for
for his consideration as he embarks on nor of the euro. It is also allowed to pick This, however, is the risk that Mr many allies because there is a lot to do. follow the path of his predecessors. The remorse really will be over. Indeed, live
the most high-risk policy of his second and choose on judicial co-operation. Cameron has taken by promising a ref- But he will lose if he wants to change decision is his. He cannot seriously ask up to your responsibilities to sharehold-
term in Downing Street. At the same time, Britain has influ- erendum. He thus now faces the chal- core elements of EU treaties; or to ask his European partners to pay a price for ers, clients and communities, and the
With his EU partners, Mr Cameron enced the course of the EU — encourag- lenge of avoiding turning a brilliant gen- for an overhaul in the balance of power solving a problem of his own making public will applaud you. The alternative
should refrain from any form of black- ing its enlargement without strengthen- eral election victory into a fiasco, with between core institutions — the council and thus weakening Europe. is unpleasant for us all.
mail and avoid making the same mis- ing its integration; giving a more liberal potentially grave consequences for the of ministers, the commission and par-
take as Alexis Tsipras, Greek prime flavour on trade and competition; future of relations with Europe as well as liament; or change the relationship The writer is chairman of the Blackstone The writer is a senior fellow at Better Mar-
minister. Yes, he has a mandate from the enjoying the increased prominence of the unity of the UK itself. between EU and national governments. Group in France and a former French kets and a former member of the Financial
British people. But every head of gov- English as the lingua franca in the EU. Nobody in Europe wants Britain out Mr Cameron needs allies. He should ambassador to the UK Policy Committee of the Bank of England
12 ★ FINANCIAL TIMES Tuesday 19 May 2015

BUSINESS LIFE

Strategy in action The fit executive

The reinvention of BT
Women leaders feel under
more stress in the workplace
CHARLES WALLACE

Tetra Images/Alamy
An increasing amount of taken on more
attention is being paid to responsibilities at work
the troubling fact that while retaining their
women in the workplace, responsibilities at home.
especially in management or “That doubling or tripling of
leadership roles, report things on women’s plates is
being stressed out more a huge stress accelerator.”
often than men. In addition, women face a
A number of speakers at challenge about how to be
last month’s Simmons different from men and still
Leadership Conference in fit in. Ms Devereux-Mills
Boston, an event to promote says that at crucial
women leaders, pointed out moments, such as when a
that despite recent strides in company downsizes, it is
equality in the office, women often the men who have
experience a lot more stress socialised with the boss
than men. outside of work who keep
While anecdotal, the their jobs, while women who
impression that women are have responsibilities to
often dealing with more children at home have not
Daniel Thomas and to make some £20bn of investments
pay off.
one had figured out how to make money
from digital. So we created a purpose —
Symbol of the
past: a red BT BT
stress is borne out by an
annual survey called Stress
been able to bond in the
same way with colleagues.
Andrew Hill examine Insiders are acutely aware this is the broadband.” telephone box Share price (pence) in America, conducted by In addition, some recent
how the UK telecoms third time BT has embarked on expan-
sion in 20 years. The first two ended in
But this important wager on the
future was offset by a less auspicious
on the Isle of
Skye, Scotland.
BT Group 1000
the American Psychological
Association.
medical studies show that
women are more prone to
group got its swagger ignominy. Successive chairmen and attempt to chase international sales Below: current The latest found that stress-based disorders than
800
back — for now at least chief executives, for all their promise,
were haunted by the ghosts of their
through BT’s Global Services arm. For a
while it looked to be working. Revenues
chief executive
Gavin Patterson
FTSE 100 women reported a higher
level of stress than men, and
men for apparent organic
reasons.
(rebased) 600
predecessors’ blunders. grew. But profits did not. In 2009, just Viewpoint/REX_Shutterstock
the gap between the sexes One paper found that

I
t was over a meal at Barcelona’s Many current and former executives months into the tenure of Ian Living- has widened in the past women have a more
400
Hotel Arts last November that interviewed for this article believe the ston, Mr Verwaayen’s successor as chief year. Women were more sensitive adrenal system,
Gavin Patterson, BT’s chief execu- latest transformation of BT is more pro- executive, BT shares fell to an all-time 200
likely to say they were which controls the stress
tive, first glimpsed the deal he found and more durable. But this partic- low after encountering severe difficul- nervous or anxious, felt response, than men.
believes will transform the UK tele- ular study in culture change is far from ties in the Global Services unit. 0 overwhelmed or that they Another blamed hormones:
coms group: a £12.5bn purchase of EE, over and some outsiders wonder could cry. “Epidemiological reports
the country’s largest mobile group. whether the former monopoly is, in the Cost cuts fuel big bets Why do they feel more consistently indicate that
1990 95 2000 05 10 15
He and Tim Höttges, his counterpart words of one analyst, just “a slow mov- With hindsight, the Global Services Source: Thomson Reuters Datastream stressed? According to women are at about a
at Deutsche Telekom, EE’s co-owner, ing supertanker given a new paint job”. debacle was the making of today’s BT. It Errica Moustaki, executive twofold higher risk for any
had to break off their secret talks each strengthened the mandate of Lord Liv- coach at Careers in Depth, a anxiety-related disorder
time the overattentive waiters brought Tackling incumbent mentality ingston (made a peer — and a trade min- its network — the genesis of the acquisi- London executive compared to men,” said the
more dishes, Mr Patterson recalls. But in Speaking from his book-filled London ister — in 2013) for deep cost cuts. tion in 2012 of the Premier League foot- development firm, part of study, headed by
between courses came “the moment apartment, Sir Christopher Bland The group stripped more than £6bn ball rights and the birth of BT Sport. the explanation is that Mohammed Milad, professor
when I thought there was a chance to describes the company where he from costs in five years. Mr Chanmu- Sky was rapidly siphoning off custom- “women may express stress of psychiatry at Harvard
make this happen”. arrived as chairman in 2001, at the tail- gam, finance director since 2008, gave a ers with its combination of sports TV in psychological or Medical School.
Investors’ appetite for BT’s transfor- end of a string of acquisitions and just roving team of young accountants and keenly priced broadband packages. behavioural ways, while men What can women do to
mation is strong. When the EE deal — after the bursting of the dotcom bubble: licence to “work between the lines” of “Sky was disrupting telecoms so we bottle up feelings and have counter these trends?
the group’s largest ever — was finalised “BT had £20bn of debt but had lost the the divisions to find areas to centralise needed to disrupt TV. We moved from more heart attacks and Obviously, there are no easy
in February, they pushed its shares up 5 art of generating cash. It had a lot of being the disrupted to the disrupter,” strokes”. solutions. As I have written
per cent, part of a six-month surge to assets, which we had to sell. BT’s future Lord Livingston says. “Content cannot But Ms Moustaki also says in earlier columns, exercise
near their 15-year high. In the space of was not really in question but some- be commoditised or regulated in the that many of her female and meditation can reduce
four weeks, BT also laid out almost £1bn times it felt like that.” way that fibre could be.” clients, especially in the stress. In addition, behaviour
on rights to broadcast Premier League Such concerns preoccupied Sir Chris- If the broadband strategy can be financial sector, experience therapy can help women
football games, placed £1bn of shares in topher when he was recruiting a new traced back to Mr Verwaayen, and Lord stressful work situations deal with stressful
the market, and revealed plans to roll chief executive early in his tenure to Livingston’s cost cutting helped pay for because of a constant sense workplace situations.
out the next generation of “ultrafast” lead what he hoped would be a transfor- it, Mr Patterson — a former marketing of having their confidence Ms Moustaki asks the
broadband around the UK in the next mation of the group. At interview, he whizz in the consumer businesses of BT, undermined by men. female executives she works
decade. presented Ben Verwaayen, the live-wire Telewest and Procter & Gamble — looks “Women have to with to find situations in
Only a few years ago, any one of these Dutch executive who eventually got the well placed to sell the revived BT to cus- continuously prove their past, such as in
big bets might have prompted anxiety. job, with a piece of paper. It listed the tomers. themselves in the community or school
The group was on the brink of financial problems and asked, bluntly: “How do Much is made of the stylistic differ- workplace,” she says. organisations, where they
calamity, weighed down by pension lia- you solve this?” Privatisation fever A queue for BT ences between Lord Livingston and Mr Anne Devereux-Mills, have been successful
bilities, heavy costs, disincentivised One answer was obvious as soon as Mr shares during the landmark 1984 sale Patterson, which irritates them both: chief strategy officer of leaders and link mentally to
staff and a lack of strategy. BT was “too Verwaayen arrived at BT’s 1980s head- one an intense, somewhat buttoned-up Lantern, a Silicon Valley that experience, which she
big to be small, and not big enough to be quarters behind St Paul’s Cathedral in Scot, with the short back and sides and start-up that offers online says helps overcome the
big,” says one former executive. early 2002: strip away the culture of and pare back. Free cash flow rocketed love of Celtic football club; the other the cognitive behaviour therapy, feelings of poor confidence.
“You either change or you die,” entitlement at the top, typified by a ded- from just £700m in 2008 (when there Cheshire-born Liverpool supporter says a key piece of the
remembers BT finance director Tony icated elevator to take the chief execu- were worries BT may not be able to fund with the flowing hair and open-necked puzzle is that women have [email protected]
Chanmugam of the options after BT had tive to lunch in the boardroom. its massive pension deficit) to more shirts. Put their PowerPoint strategy
to absorb £2bn of charges in 2008 and Beneath the senior staff were demor- than £2.5bn last year. slides alongside each other, however,
2009, leaving it vulnerable to “venture alised footsoldiers, many of whom had By the time of Lord Livingston’s and the objectives are similar. Great place to meet
capitalists and asset strippers”. been part of the old Post Office, from departure, he had replaced almost all of “Ian had to rebuild a business; Gavin
But having cut costs and laid the foun- which British Telecommunications, Mr Verwaayen’s top management. BT has to expand the business,” summa-
dations for its growth during the tenure later BT, was spun out in the landmark had 125,000 staff in 1999. By the start of rises Mr Chanmugam, who is seen by BT Britannia & Co, Mumbai
of Ian Livingston, BT has its swagger privatisation of 1984. “They had been this year, it had just 88,000. insiders to provide some steel to offset
back under Mr Patterson. Now it needs civil servants and they still felt like “I used to say we want to be a big com- Mr Patterson’s more relaxed man-
that,” says Sir Christopher. pany acting like a small company: quick agement approach.
A £6bn emergency fundraising and and agile,” Lord Livingston says now. The decision to buy EE fits a
demerger of its mobile telecoms arm But in fact, it was from the less agile, grandiose vision of BT as the
helped BT’s balance sheet. Regulatory more regulated Openreach division that future gatekeeper of the internet,
pressure eased after Mr Verwaayen BT’s shiny fibre future emerged. Lord offering access at home, in the office
struck a 2005 deal to give rivals access to Livingston launched a £2.5bn invest- or on the move, underpinned by fast
BT’s network on the same terms as BT’s ment in superfast broadband in the fibre broadband. Soon — probably by
own retail operations, through a new teeth of the financial crisis in June 2008. 2025 — BT will switch off its voice-
unit, Openreach, owned by BT but oper- Compared with investment in televi- based network. Traffic will simply
ated at arm’s length. sion, or even the EE deal, the 2008 be a vast collection of 1s and 0s car- Danish Siddiqu/Reuters

Slowly, BT started to shed its incum- investment in fibre was “far more rying anything from the latest epi- Where Ballard Estate WiFi No
bent mentality, became more consum- risky”, he says. sode of Game of Thrones to a chat
er-focused, and cut broadband prices to Lord Livingston’s team also saw with a friend. All will be data, Plug sockets No Fresh lime soda Rs100 (£1)
Openreach An engineer lays fibre drive growth. Mr Verwaayen says every- that there needed to be a reason for piped down BT’s fibre optic Open 11.30am-4pm Mon to Sat Privacy points AEEEE
optic broadband cable one knew the era of voice-dominated people to buy fibre services from BT cables and over its masts and
telecoms was coming to an end. “But no rather than from rivals that could use WiFi hotspots.
Tucked away on a back foreign guests, before
street in Ballard Estate, one launching into a well-
of south Mumbai’s less rehearsed nostalgic patter
those who have worked there for 50 chaotic business enclaves, about India’s long-departed
Seven obstacles 3. Stalled growth 4. Brand weakness years — and it is too early to declare it stands Britannia & Co, one British colonialists.
Macquarie analyst Guy Peddy says: “For BT generates more customer com- has met its aim of becoming “a non-hier- of a dwindling number of The pro-British theme is
that could trip BT all the investments, BT hasn’t actually plaints than the industry average. archical meritocracy”. There has been delightful old Parsee cafés, hard to miss: a stern picture
evolved into a growth business yet and it Meanwhile, Mr Patterson is still work- Video an influx of new people. Has the culture which used to dominate of the Queen hangs on a
will be hard for them given competition ing on eliminating what is known inter- Daniel Thomas been totally transformed? “It’s like a eating options in India’s wall and incongruous life-
and regulations.” The group has prom- nally as the “BT shunt”, where custom- visits BT’s shoe: once you’ve changed the upper, financial capital. size cut-outs of Prince
1. Executive over-reach ised finally to return to sales growth this ers are pushed between departments,
research centre
changed the inner, and changed the sole Inside, the decor is William and his wife hang
in Ipswich
“BT has been guilty of hubris in the year but analysts question how substan- damaging its reputation. “We have www.ft.com/ — is it still the same shoe?” says Sean spartan. Old fans whirr awkwardly from the ceiling.
past,” admits Lord Livingston. “And it’s tial this will be. made big progress on the BT brand in bt-broadband Williams, head of strategy, gnomically. high above, there is Those looking to do
easy when the newspapers love you. But the last year or so,” Mr Patterson insists. nothing so modern as some serious work may be
the team won’t feel complacent.” Mr 7. Regulatory challenge air conditioning in an disappointed. There are no
Patterson says he wants to guard against 5. Integration risk Ofcom is reviewing Britain’s digital tele- establishment that opened sockets, it is hot in the
the arrogance that has impeded BT in The EE/BT overlap is limited by the lat- coms market. Mr Patterson will need to in 1923, as part of a wave of summer and you can forget
the past: “The risk is you put your feet ter’s mobile weakness. But Mr Patterson fight claims that “the new, old BT”, as eateries founded by Iranian about free WiFi. But the food
up and you admire your work.” says “the biggest challenge is how do Vodafone’s chief executive Vittorio Zoroastrian immigrants. makes up for it, especially
you ensure that you keep the best of Colao calls it, will dominate to the detri- For more contemporary the Irani dhansak and berry
2. Slow payback both companies as you bring them ment of competitors. Rivals have international visitors, and pulao rice dishes — topped
One analyst says it can take 10 years to together . . . ensuring the company already started calling for BT to spin off especially those from the off by what must surely be
know whether such big investments remains market leader in mobile and we Openreach. BT reckons Openreach and UK, lunch at Britannia & Co the most delicious crème
worked. Mr Chanmugam says the case don’t miss a beat in [fixed-line]”. its investment in next-generation net- comes with an added bonus: caramel anywhere in the
for fibre has been proven, but admits works are crucial to its, and the UK’s, Boman Kohinoor, the café’s subcontinent.
the verdict on sports TV is at least a year 6. Monopoly culture vision of the fibre broadband future. eccentric nonagenarian
BT Sport TV channel is trying to
away. The “jury is still out” on its mobile compete with Sky on its own turf BT’s roots go deep — the group still occa- “The case for the current structure is owner. He is quick to spot James Crabtree
bet but it “looks good on paper”. sionally celebrates the long service of compelling,” says Mr Patterson.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 13

ARTS

Moretti’s dying Mother brings Cannes to life POP

Electric Wizard
Roundhouse, London
Nemes’s mise-en-scène. The cinema of aaaae
CANNES FILM genocidewillneverbethesameagain.
FESTIVAL There have been power and calibre too Ludovic Hunter-Tilney
intheCannessideshows.TheAfghanwar
Nigel is the subject of French first-time film- What rough beast slouches towards us
maker Clément Cogitore’s Ni le ciel ni la from Bournemouth? It is Electric Wiz-
Andrews terre (The Wakhan Front), shown in the ard, Dorset’s heaviest export since Port-
Critics’ Week section. In the cinema of — land stone, prime adepts of the school of
what shall we call it? — coalition versus heavymetalknownasdoommetal.

G
reat weather. Great fire- Caliphate, this is a true, weird original. The foursome took their positions at
works. Great glitter. Great French soldiers “disappear” in the the Roundhouse amid sepulchral gloom
glitterati (Blanchett, McCo- desert, inexplicably stolen away while and forbidding howls of feedback. Out of
naughey, Woody, Joaquin, sleeping. Who is kidnapping them? the noise emerged the churning form of
Julianne Moore and more to Human enemies? Ghosts? Allah himself? a song with slow riffs and a grinding
date). But what about the movies? By the The further the film moves from mun- groove. Singer Justin Oborn chanted
close of day three we were getting anx- dane credibility, the more mysteriously about witchcraft. Deep in the aether a
ious. Could we have a good one, please? A compelling it becomes: as if we too, west- mighty spirit stirred. The unquiet spirit
really good one? Then along it came; ern audiences disoriented in the mid- ofBlackSabbathwasabroadoncemore.
prayerdoeswork. orient like our soldiers, are falling into Electric Wizard are unabashed devo-
The film was Nanni Moretti’s My theotherrealitiesofanotherculture. tees of the 1970s heavy metallers.
Mother (Mia Madre). If no more films IntheDirectors’Fortnight,Frenchvet- FormedbyObornin1993—heistheonly
were coming, as I write, the Palme would eran Arnaud Desplechin throws off remaining original member — they
be in his palm. What is it with this Italian another magical mega-sketch, partly channelSabbath’smonolithicblues-rock
actor-filmmaker and the bereavement inspiredbyhisownchildhood.MyGolden withuncompromisingcommitment.
theme? His reputation is for funny films Days (Trois souvenirs de ma jeunesse) Black Sabbath laid down deeper roots
(Dear Diary, April). But he won the Palme seems penned or pencilled straight on to in the US than in their native UK. Elec-
d’Or 14 years ago with a death-in-the- the screen: an irresistible riff about tric Wizard restore a particularly British
family drama The Son’s Room. Now young love, young adventure (spy story tang to the style, an atmosphere of
comes My Mother, a tragical comedy prelude), young pretensions and pas- occultism, 1970s erotic horror films, bad
about a fortyish filmmaker (Margherita sions. Passion, of course, is always young drugs and Anglican churchyards. At the
Buy) and her brother (Moretti taking the and Desplechin’s cinema has a passion of Roundhouse they verged on Spinal Tap
smaller role) finding their lives first pin- the mind as well as heart. Along with the parody, performing tracks with titles
pricked, then increasingly impaled, by kiss-kiss and (all senses) bang-bang, we such as “Satanic Rites of Drugula”
the realisation of their hospitalised beam up references to Homer, Yeats, backed by schlocky movie footage and
mum’simminentdeath. Lévi-Straussandmuch,muchelse. bathed in psychedelic lighting. Yet the
There’s room for humour here. But it’s In the extreme, sometimes lunatic music was played with total rigour, an
the calamitous, wistfully cockeyed kind fringesofthemaineventitself—thenon- imposing wall of noise that
at which Moretti excels. John Turturro competitive Palais midnight slot — there made the smirk freeze on
erupts into Buy’s new movie as a was Asif Kapadia’s Amy. This tells us all one’s face. Malevolent riffs
Hollywood-Italian star culture-shocked we wanted to know about Amy Wine- were animated by supple drums
in the real Italy, stubbing his ego while house and even, at times, makes us want and bass. Guitar solos oozed out of the
vaunting his vanity, oblivious of the real to know more. Did she really sing this sludge. Oborn’s vocals lacked the
drama(s) off-screen. Away from the set, Highlights: I exaggerate the competition’s early any concentration camp film before. A well? Yes. Did she really crash her showy theatrics of traditional
Buy’s life is intersected with dreams, rev- clockwise, from woes. Japan’s contribution wasn’t bad nonstop camera is hustled and hurtled life so badly? Yes. It’s an inspiring, heavymetal.
eries and flashbacks in a movie with a top, John (Hirokazu Koreeda’s Our Little Sister). into the very midst of hell — executions, harrowing, soul-boggling movie; Occasionally the pace broke
blithe, even Proustian disregard for the Turturro in ‘My Italy’s first entry was daft but fun (Mat- gassings, shootings, burials alive — while though it wouldn’t be the testa- into a Motörhead-style gallop.
continuitiesofdiurnalrealism. Mother’; ‘Amy’ teo Garrone’s Tale of Tales). But with the Jewish prisoner at whose back the ment it is without copious use of But mostly it remained at the
Every family member is lightly, lov- tells the story Italy’s second we levitated to a new level headlonglensmostlyhastens(GézaRöh- the paparazzi film and photo same hypnotic tempo, ending with
ingly sketched; each gets what seems a of Amy anditwascontagious. rig) pursues his semi-deranged quest. coverage the documentary con- the pared-down clatter of “Funera-
complete backstory of their relationship Winehouse; Hungary’s Son of Saul was another day That’s for a rabbi to bless the dead “son” demns as helping to ruin Amy’s lopolis”, illustrated by film of a
to dying mama. And underlying even Géza Röhrig in four wonderwork. For most of its span heclaimstohavefound. life. Ah well. That’s life; that’s art mushroom cloud. The deathly
these are larger, subtler themes: mem- ‘Son of Saul’. we marvel at the bravura of László Another part of ourself thinks once or and cinema. Sometimes you’ve imagery couldn’t disguise the signs of
ory, perception and the need for the Far right: Justin Nemes’s first feature, the only debut film twice: oh dear, this is another scrambled- got to take the guilt with the life in Electric Wizard’s act of Black
human senses and human art not just to Oborn of in competition: a Holocaust drama set in priorities war fresco like Spielberg’s Sav- gingerbread. Sabbathrevivalism.
be all-observing but to care about the Electric Wizard an Auschwitz whose horrors are more ing Private Ryan. But you can’t deny, nor
“all”thattheyobserve. immersive and rending than in almost can you resist, the screaming power of festival-cannes.fr electricfuckinwizard.com

THIS EVENING’S TELEVISION

Pick of the day

No Offence (C4 9pm) brings desperation make this a
its police-issue boots heavily tougher watch than most
down on another delicate hospital sagas, transcending
area tonight: race relations, the usual profession-
with a dash of Islam. Joanna personal-medical mix with
Scanlan continues to exude breathless urgency.
the menace of a grenade Starter for 10 (BBC2
camouflaged as a roly-poly, 11.20pm), a romantic
ably seconded by two 1980s-set comedy, centres
sharply delineated officers, on University Challenge.
Elaine Cassidy (pictured) Mark Gatiss plays Bamber
and Alexandra Roach. Gascoigne among other
Just as gutsy, sometimes future stars — James
literally so, is Critical (Sky1 McAvoy, Rebecca Hall,
9pm), tonight reaching its Benedict Cumberbatch . . .
series finale. Gore and MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 Beat the Brain. Quiz. 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. 7.00 Antiques Road Trip. R 7.00 Emmerdale. 7.00 Channel 4 News.
7.00 The One Show. 8.00 RHS Chelsea Flower Show 7.30 The Air We Breathe: 8.00 Kirstie and Phil's Love
7.30 EastEnders. 2015. Monty Don and Joe Tonight. Fiona Foster It or List It. The duo
8.00 Holby City. Swift present coverage of reports on the rise comes to the aid of a
9.00 24 Hours in the Past. medals day. in fatal illnesses linked family in Harrow divided
Alistair McGowan, Ann 9.00 The Detectives. The series to air pollution, examining over what to do about
Widdecombe, Zöe Lucker, concludes with the trial of a the causes of the issue their home, which features
Colin Jackson, Miquita DJ for a string of historical and whether enough a fridge freezer in the
Oliver and Tyger Drew- offences. Plus, a detective is being done to hallway and a single
Honey face their final has a breakthrough in a protect the nation’s room for their two
Victorian experience — life case he has been pursuing health. children.
in the workhouse. Last in for a year. Last in the series. 8.00 Midsomer Murders. R 9.00 No Offence. The team
the series. 10.00 Later Live — with Jools 10.00 ITV News at Ten and goes undercover to
10.00 BBC News. Holland. Jools introduces Weather. investigate a racially
10.25 BBC Regional News and live performances from 10.30 ITV News London. motivated murder, and
Weather. Simply Red, celebrating 10.40 Benidorm. R Deering returns to the
10.45 The Dog Factory. An their 30th anniversary, 11.10 The Big Fish Off. New serial killer case.
investigation into the singer-songwriter Joan series. Game show in 10.00 Benefits Street. R
illegal dog trade, using Armatrading, drum and which celebrities take 11.00 The Island with Bear
secret filming to follow bass group Rudimental and part in fishing challenges. Grylls. Hunger and
the supply chain — from grime artist Skepta. The first episode features disorganisation prompt
small-time sellers to puppy 10.30 Newsnight. owner of the Sugar Lauren and Beth to
farmers. 11.15 Weather. Hut nightclub Mick suggest electing a leader
11.45 FILM The Resident. Horror, 11.20 FILM Starter for 10. Norcross and actor Tamer for the women's island,
starring Hilary Swank, Comedy drama, starring Hassan. but some of the survivors
Jeffrey Dean Morgan and James McAvoy, Alice Eve are less than keen on the
Christopher Lee. and Catherine Tate. Regional variations apply idea. R

Other channels
BBC3 Channel 5 Sky Atlantic 9.00 Critical. 10.00 Forever.
7.00 Don’t Tell the Bride — Best 6.00 Car Crash TV. 6.30 5 News 6.00 House. 7.00 Without a 11.00 Hawaii Five-0.
Ever. 8.00 Eurovision Song Tonight. 7.00 Police Interceptors. Trace. 8.00 Blue Bloods. 9.00 The
Contest 2015: Semi-Final 1. 8.00 The Dog Rescuers with Alan Following. 10.00 Penny Dreadful. Sky Arts 1
10.00 EastEnders. 10.30 Nick Davies. 9.00 Blinging Up Baby: 11.10 The Following. 6.20 ZZ Top Live from Texas.
Helm’s Heavy Entertainment. You Won’t Believe It! 10.00 Big 8.00 Classic Albums Special. 9.00
11.00, 11.25 Family Guy. 11.45 Brother: Timebomb. 11.00 Big Sky Sports 1 Duran Duran — Working for the
American Dad! Brother’s Bit on the Side. 6.00 Barclays Premier League Skin Trade. 10.00 1992. 11.05
Review. 7.00 Fantasy Football — Monty Python’s Personal Best.
BBC4 More4 The Highlights. 7.30 Sky Sports
7.00 World News Today. 7.30 6.50 Selling Houses with Amanda Boxing Gold. 8.00 Boxing: Sky Arts 2
Great British Railway Journeys. Lamb. 7.55 Grand Designs. 9.00 Mayweather v Pacquiao. 10.00 7.00 Nation’s Best Am Dram.
8.00 The Secret History of Building the Dream. 10.00 Sex Sky Sports Boxing Gold. 10.30 8.00 Frank Sinatra: The Vintage
Our Streets. 9.00 The Other Party Secrets. 11.05 24 Hours in Barclays Premier League Review. Years. 9.00 Dean Martin: A
Boleyn Girl. 10.50 The Fairytale A&E. 11.30 League One Play-Off Final. Legend in Concert. 10.00 Tony
Castles of King Ludwig II with Bennet’s Duets. 11.30 South Bank
Dan Cruickshank. 11.50 World War Film4 Sky 1 Masterclasses: Joan Armatrading.
Two: 1945 & the Wheelchair 6.45 Shallow Hal. 9.00 Welcome to 6.00 Futurama. 6.30, 7.00, 7.30 11.45 Beethoven 9: The Complete
President. the Punch. 11.00 The Running Man. The Simpsons. 8.00 The Flash. Symphonies.
14 ★★★ FINANCIAL TIMES Tuesday 19 May 2015

Doctor’s orders Does the recent bounce in copper prices hint at a major rebound in
economic activity? Probably not. The recent weakness in the US
dollar, which tends to move in the opposite direction to commodity
prices, very probably sparked a speculative rally in copper

Copper versus new orders Price change in past 12 months

Twitter: @FTLex Email: [email protected] Global new industrial LME 3-month Per cent
orders index Copper price ($/t)

0.2 7000
Alibaba and Intime: 30 times 2017 forecast earnings per
share. That is more expensive than Zinc 9.1 Endo/Par:
virtual reality Alibaba, which trades on just 23 times 0.0 too much of a good thing
for more than 30 per cent growth per 6500 Endo should know what it is doing. In
Real and unreal collide frequently in
Chinese markets. Yesterday, shares in
year. Intime needs real delivery to
justify its unreal valuation. -0.2
Aluminium 4.6 2010 it drew nearly half of its revenues
from a single drug, Lidoderm, with a
Hong Kong-listed Chinese department soon to expire patent, and was valued
store and mall operator Intime Retail 6000 at less than $5bn. A little over four
rose as much as one quarter when it Belgian banks: -0.4 -7.4 Copper years and (on Dealogic data) $9.5bn in
said that Daniel Zhang, the new chief acquisitions later, Endo has a diverse
executive of Alibaba, would become its lowland life -0.6 5500 line-up of drugs and devices and a
chairman. The stock closed up a fifth,
taking the total return since March to Name 10 famous Belgians. The May 2013 14 May
-38.6 Iron ore
value more than three times as much.
Why, then, is the market so tepid on
more than 260 per cent. Unreal. memory usually goes blank after Eddy 15 Endo’s $8bn cash and stock purchase of
The Intime-Alibaba connection goes Merckx, Georges Simenon, Hergé, Par, a generics company? After
back to March 2014. The ecommerce Jacky Ickx, Adolphe Sax and King *Calculated as an index of new orders minus finished goods **May 2015 price is an average to 15 May 2015
yesterday’s announcement, Endo’s
company invested more than $600m in Baudouin I. Now try the Belgian shares fell 5 per cent. Endo says it is
Sources: Barclays, Bloomberg, FT research
Intime’s shares and a convertible bond. banking equivalent. There are only two paying just 11 times projected 2016
Together, they could give Alibaba a listed lenders — KBC and Dexia, though earnings before interest, tax,
26 per cent stake in the mall operator. the latter is Franco-Belgian and is Dr Copper is in danger of looking out how to split up its business. Those balance since 2011. Excluding depreciation and amortisation —
The two also set up a joint venture, being wound up. of touch. For years the metal, with all assets that did not make the first team South32, copper provided a fifth of similar to (or should that be on par
owned 80 per cent by Alibaba and By European standards Belgium has its industrial uses, has been seen as a ended up in South32, BHP’s newly- BHP’s earnings before interest, tax, with?) Teva’s recent offer for Mylan.
20 per cent by Intime, to combine the a highly consolidated domestic bank bellwether for the global economy. listed vehicle. It incorporates the depreciation and amortisation last Maybe the response is to the $175m
former’s ecommerce nous with the sector. State-owned Belfius (the But since peaking in 2011, the aluminium and manganese divisions, year. BHP plans to commit much of cost and tax savings target. That
latter’s physical infrastructure. rebranded former retail arm of Dexia) copper price has fallen 40 per cent, as well as a collection of other metals. its capital spending to two areas in amounts to more than half of Par’s
The deal may seem curious. Listed and mutual savings bank Argenta while global economic growth has South32 began trading yesterday — it the next five years: copper and overhead and research costs. Endo’s
bricks and mortar retailers have been Spaarbank are the main domestic held steady between 3 per cent and 4 had a ho-hum reception, trading in the petroleum. By contrast, iron ore, one biggest deal yet, an ambitious savings
losing their appeal. Same-store sales lenders alongside KBC, a bancassurer per cent, according to the middle of the expected price range. of BHP’s other big businesses, will target — and in a hot deal environment.
growth at Intime has slowed from a created through the 1998 merger of International Monetary Fund. BHP’s new core businesses were receive only maintenance spending Tepid seems about right.
peak of 23 per cent in 2011 to 3 per cent Kredietbank, ABB insurance and Still, the good doctor is not entirely chosen with a view towards those and a sliver of cash for growth.
in 2014. Profits have stalled. Alibaba, agricultural mutual Cera. The banks’ irrelevant. For miners such as BHP commodities that have better supply — A 19 per cent bounce in the copper
meanwhile, has reaped double-digit fortunes are rising with Belgium’s Billiton it remains a big seller, used in and therefore pricing — prospects. price since the end of January on the Cranswick:
growth on the top and bottom lines. gradual recovery. French bank BNP everything from microelectronics to Copper qualifies as every year back of a weaker US dollar has bang on
The company’s latest numbers showed Paribas (which took over Fortis) and long-distance power lines. Its price miners must dig more ore to create the helped BHP. So has the improvement Delicious, not glamorous. True of a
that it is also successfully navigating Dutch group ING report higher lending. collapse in recent years has more to same amount of copper (as the quality in the oil price. BHP has outpaced the good sausage and of Cranswick, which
the shift from desktop to mobile sales. The turnround is most pronounced do with the views of speculative of the ore is declining). World mined FTSE All-share Mining index by 12 makes bangers and other meaty treats.
A tie-up with an old economy retailer at KBC as it shakes off its crisis funk, traders than with its supply outlook. copper supply will expand just 2 per percentage points this year. If the The company has increased its sales
looks like a very strange way to allocate when it took a €7bn state bailout. Its No surprise then that BHP chose to cent this year, leading Wood Mackenzie doctor returns to form, BHP’s bet and profit at a double-digit average
capital. €510m first-quarter net profit was keep copper when it was working out to expect the tightest supply/demand might look wise. rate over a decade. It has better returns
But consider the wider backdrop. almost 50 per cent higher than a year on capital than US rival Tyson. It raised
Last year, China’s retail sales totalled earlier as its integrated banking- pre-tax profit in the fiscal year
$4.2tn. Over the same period, Alibaba’s insurance model meant that it could reported yesterday 10 per cent, despite
websites facilitated $370bn in offer investment products to palliate rated attributes of Scandinavia’s banks. consolidate industries, he claims. One years with weakening sales as falling pork prices and a poor UK retail
transactions; 9 per cent of the total. By subdued net interest income growth. Try naming other European banks in way to better assess successful workplace fashion tastes have become market; its integrated farm-to-store
tying up with Intime, Alibaba gains But KBC’s costs rose as it had to pay a the same position. platforms is to examine those that have less formal, and retail has become model and focus on the high end is
access to Intime’s 44 locations in six big chunk of bank levy and taxes in the struggled, such as Ascena Retail Group. more competitive. working. Relative to its earnings,
provinces (and Beijing) for a token first quarter, lifting its cost-to-income Ascena, like other platforms, has an Private equity group Golden Gate Cranswick’s shares are at a small
investment. It can distribute through ratio to an unpalatable 63 per cent, Ascena/Ann Taylor: unremarkable name. Yet it owns Capital bought a stake last year and premium to the market. Pass the gravy.
those stores and use Intime’s inventory. from 52 per cent without the charges. several famous women’s and girls’ some smaller funds have been agitating Cranswick is dependent on the UK,
The benefits to Intime could be even Even so, steady profit generation has platform blues specialist chains including Lane for a sale of the company. though. Low-cost production on the
greater. Its sales last year were $2.5bn, worked wonders for capital generation. Bryant, Dress Barn, Charming Shoppes Still, Ann’s operating margin of continent and in the US limits those
a fraction of Alibaba’s. Strip out the last remaining €3bn slug Activist investor Bill Ackman likes and Justice. 10 per cent is ahead of Ascena’s overall. markets’ appeal. Most growth will have
Still, there has been little clear of state aid and its common equity tier “platform” companies. These are serial That medley has not created much Ascena estimates there are $150m of to come from its speciality divisions,
progress, despite both sides’ one capital ratio was still a tidy 11.6 per acquirers which he says are good at value of late. Ascena shares are down cost savings to be extracted and that, from charcuterie to sandwiches. Too
enthusiasm for their tie-up. Yesterday’s cent, Berenberg estimates — up a solid cutting costs and improving efficiency. nearly 40 per cent since the start of accounting for those synergies, it is bad Cranswick does not disclose profits
proposed management change suggests 80 basis points in just one quarter. He is thinking of outfits such as 2014 as Justice and Lane Bryant are in only paying about five times Ann’s by segment. However high-end it may
that concrete strategies may yet ensue. Keep up that pace and KBC’s targets of Valeant Pharmaceuticals, Liberty the midst of turnrounds. trailing earnings before interest, tax, be, it is always nice to know exactly
Intime’s share price move may look repaying the state by year-end and Media and Danaher Corp, as well as Yesterday, Ascena added Ann Inc, depreciation and amortisation of what goes into the sausage.
unreal, but the market has not been paying dividends from 2016 begin to smaller companies he has invested in, the parent of chains Ann Taylor and $250m.
expecting much. Moribund revenue look conservative. such as Platform Specialty Products. Loft, to its stable. This is a big deal — The market appears unconvinced.
growth to 2017 at Intime is forecast to Already on 1.8 times tangible book Many of these companies are under- Ann will expand Ascena’s revenue by After rallying early yesterday, Ascena Lex on the web
For notes on today’s breaking
garner, at best, flat earnings growth. value for a return on equity of 17 per appreciated and undervalued relative roughly 50 per cent to $7bn. shares fell 4 per cent. The platform stories go to www.ft.com/lex
After recent moves, the stock trades on cent, KBC is fast gaining the highly- to their potential to successfully Ann has also been struggling for may already be full.

40 Forecasts by

11 16
10 1000 12
LOW 9 11 1010
13
2 Luxembourg Fair 14 57
12
12 Lyon Cloudy 16 61
12 Madrid Fair 21 70
12
12 14 24 21 Manchester Shower 11 52
18
10 14 Miami Fair 30 87
12 2 14 16 Milan Shower 25 77
HIGH
11 Montreal Thunder 25 77
1020 15 29
12 14 Moscow Cloudy 11 52
13 12 28 Mumbai Fair 33 91
12 16 23 34 Munich Shower 16 61
13 22 30
14 New York Drizzle 25 77
22
26 Nice Fair 20 68
13 20 1 0 1 0 21 26 Paris Shower 15 59
25 25 LOW
24 38 Prague Shower 19 66
L W
Reykjavik Drizzle 8 46
29 30 25 36
Rio Fair 26 79
Wind speed in MPH at 12 BST 26 1010 Rome Sun 26 79
Temperatures max for day˚C Wind speeds in KPH 27 1010 San Francisco Cloudy 17 63
Stockholm Rain 10 50
Today’s temperatures Strasbourg Cloudy 18 64
Abu Dhabi Sun 37 99 Belgrade Sun 30 86 Copenhagen Shower 14 57 Hamburg Shower 16 61 Sydney Shower 21 70
Amsterdam Shower 14 57 Berlin Cloudy 18 64 Delhi Sun 41 106 Helsinki Fair 16 61 Tokyo Thunder 24 75
Athens Sun 25 77 Brussels Shower 14 57 Dubai Sun 36 97 Hong Kong Thunder 30 86 Toronto Fair 18 65
B’ham Shower 13 55 Budapest Sun 29 84 Dublin Fair 12 54 Istanbul Sun 25 77 Vancouver Sun 20 69
Bangkok Fair 37 99 Buenos Aires Fair 26 79 Edinburgh Shower 12 54 Jersey Shower 12 54 Vienna Thunder 22 72
Barcelona Fair 21 70 Cardiff Shower 13 55 Frankfurt Fair 18 64 Lisbon Sun 20 68 Warsaw Shower 24 75
Beijing Sun 27 81 Chicago Fair 13 55 Geneva Shower 16 61 London Shower 14 57 Washington Cloudy 31 88
Belfast Shower 10 50 Cologne Fair 16 61 Glasgow Shower 12 54 Los Angeles Fair 20 68 Zurich Rain 14 57

CROSSWORD
No. 14,934 Set by SAYANG
        ACROSS DOWN
1, 4 A tad sad museum’s 1 Cheese churning unrest with

rearranged to display waxy me (8)
  effigies (6,8) 2 Biscuit I have shortly after
10 Involves sex in space stations break down (9)
ultimately (9) 3 Setter accepting article on
  11 Solid equation (5) hair (4)
12 Cut left out of window frame 5 Outshine at college drama (7)
 (4) 6 Tear down cult cynics in a
  
13 To remove salt entailed a small concise manner (10)
adjustment (10) 7 Hesitate to support uninvited
 15 Section of good turf in guest (5)
deserted Emirate (7) 8 Victim’s audible relief (6)
  
16 Former tax is just too much (6) 9 Remove obstruction in river (6)
 19 Swordsman in the Grand 14 Critical not to linger after meet
National? (6) (5-3-2)
   21 Energy unit – do not feature in 17 Art rogues knocked off

air-cooled device (7) substitute (9)
23 Fascination of king in a dry 18 Silver bat I’m holding literally
  process (10) (8)
25 A mistake, whichever way you 20 Have second thoughts about
look at it (4) the endless writing material
  27 Cold dish for South American (7)
boy (5) 21 Military jail’s not so warm (6)
28 Creole barred from general 22 Hostility sighted in capital (6)
election conducted without 24 Message from Hotel Excelsior
JOTTER PAD grace (9) (5)
29, 30 A UK mum with sex rows 26 Beano number substituted
unfolding like 1, 4 in London with socially acceptable Dandy
(8,6) (4)
Solution to Saturday’s prize puzzle on Saturday May 30
Solution to yesterday’s prize puzzle on Monday June 1
Winners’ names will be printed in Weekend FT
Tuesday 19 May 2015 ★★★ 15

Blinkx Ann Inc Alibaba Dollar index US 10-year Xetra Dax New Zealand Brent oil
Fallout Rising rates likely to Treasury dollar
hurt bond-heavy managers 10.3% 19.87% 1.53% 1.1% 9bp 1.3% 1.3% 0.8%
SMART MONEY, PAGE 28
35p $46.40 $87.11 94.17 2.23% 11,594 US$0.7373 $66.27

Endo to buy Par from TPG for $8bn Short

View
Deal is latest in feverish round of pharmaceuticals M&A as groups vie for generics patents
assumption of an undisclosed amount familiar with TPG’s investment said, its generics business and also join its
James
ELIZABETH PATON
of Par debt. The deal, subject to regula- calling its growth rate “exceptional”. ‘TPG have executive leadership team. Mackintosh
Endo is set to buy US drugmaker Par tory approval, is expected to close in the Endo says it expects its generic drug put a huge The deal is the latest in a game of
from private equity firm TPG Capital for second half of this year. unit to see double-digit revenue growth brinkmanship being played out by some
$8.05bn in cash and shares, the latest Par was taken private by TPG in 2012 with the addition of Par’s four manufac- amount of of the biggest groups in the drugs sector. Investment banks, regulators and fund managers have
buyout in a frenetic round of dealmak- for $1.9bn and it had debt of $2.35bn turing facilities and portfolio of 100 time, They are vying for the makers of gener- sounded repeated warnings over the past couple of years
ing as companies battle for lucrative when it filed for an initial public offering products, including oral solids and ics — those whose patents have expired about the dangers to corporate bond markets of the with-
generics patents. in the US in March. injectables, to its own market offerings. money and — and taking advantage of cheap debt to drawal of market makers. As liquidity dries up it becomes
The acquisition will make Endo a top- Assuming the debt number has not “This transaction with Par builds energy into boost revenues. Last month Mylan, one harder to trade, raising the risk of wild swings in prices at
five global generic drugmaker by US changed significantly, Par’s enterprise upon our generics growth, adding a of the world’s biggest generic-drug the next panic.
sales, the company said yesterday. The value is more than $10bn meaning the strong portfolio of high barrier-to-entry Par’ groups, made an unsolicited $28.9bn Bond panic duly arrived with the recent rout in German
deal comes less than two months after private equity firm has roughly quintu- and attractive gross margin products buyout offer for Perrigo, a maker of Bunds, but the corporate bond markets have sailed
the Dublin-based group dropped out of pled its investment. while also creating a powerful corporate cough medicines and allergy remedies. serenely on. Even junk bonds, the hardest to buy and sell,
its $10bn pursuit of Salix after a bidding “TPG have put a huge amount of time, platform for future growth and strategic Barclays, Deutsche Bank, and Houli- have stayed calm.
war with Valeant Pharmaceuticals. money and energy into Par, with R&D M&A,” said Rajiv De Silva, president han Lokey acted as financial advisers to This is not to say owners of junk bonds have not lost
Endo is paying about $6.5bn in cash development tripling in three years plus and chief executive of Endo. Endo. JPMorgan acted as financial money, of course. But the spread over government bonds,
and 18m of its own shares for Par, in a a number of smaller acquisitions that He added that Paul Campanelli, Par’s adviser to Par and its shareholders. the extra yield offered for their additional risks, has stayed
transaction valued at $8.05bn plus the broadened it as a platform,” a person chief executive, would join Endo to lead Lex page 14 flat. In spite of all the warnings, the lack of liquidity in
corporate bonds did not lead to bigger price moves.
This does not conclusively show that worries about cor-
porate bond trading are misplaced. There are two aspects
to bond yields: interest rate risk, and default risk, with
very little of the latter in (most) government paper.
On the ball The sell-off has been about rate risk, where bondholders
WPP eyes net gain had become excessively worried about deflation, and too
confident about the effects of central bank buying. Corpo-
from sports rights rate bonds are more about credit risk, so were not in focus.
Even had they been, a common feature of markets is
that when investors turn fearful they sell what they can,
WPP has stepped into the lucrative not what they should. The result is that the most liquid
arena of sports rights, setting up an markets can be the hardest hit by the rising desire to hold
agency that already includes the cash. On this view, corporate credit would suffer later.
Cleveland Cavaliers basketball team, There is a danger that some investors are taking too little
Manchester City Football Club, and the account of the lack of liquidity in corporate credit, too, par-
England and Wales Cricket Board among ticularly junk bonds. The individuals and hedge funds
its clients using junk exchange traded funds can sell instantly, but
ESP, or Entertainment Sports and the underlying bonds are much harder to trade. If there
Partnerships, will be a 150-strong unit was a rush for the exit — perhaps triggered by fears of ris-
inside GroupM, WPP’s media-buying ing defaults — the move in the junk market could be far
arm. The business aims to take on IMG, bigger.
Wasserman and Infront in selling sports For now there is no such fear. Indeed, the weakness in
rights globally. The growing value of the the US economy is supportive of junk, suggesting slow
business was underlined in February growth supported by easy monetary policy. This keeps
when Sky and BT paid a combined defaults low and avoids putting bonds under pressure
£5.1bn to televise three seasons of through rising rates. Junk thrives on secular stagnation.
English Premier League football.
“This is a meaningful number of Well-behaved junk
people in terms of specialist capability,” JPMorgan German
said Jonathan Lenson, the head of euro high-yield 10-year bond
strategy for ESP Properties. “We have spread (bp) yield (%)
just started working with the Cleveland 500 1.5
Cavaliers to help them sell outside North
America.” WPP is already the single 450 1.0
biggest investor in Bruin Sports Capital Bond panic duly
and the two groups will work together. arrived with the
400 0.5
Bruin, led by George Pyne, the former rout in German
president of IMG, aims to spend some Bunds, but junk
350 0
$250m on buying up sports rights. “This bonds, the hardest
is semi-connected . . . Bruin will buy up May 2014 15 May to buy and sell,
Source: Bloomberg
sports rights from the sales side,” said have stayed calm
Mr Lenson.
[email protected]
Nam Y Huh/AP Photo

Plus500 hit by suspension of customer

accounts for money laundering checks
HARRIET AGNEW AND MILES JOHNSON were still able to maintain or close open ously said that its approach is within the
positions. rules and that it uses online verification
Plus500, the London-listed Israel-
Until the review has been carried out, methods to assess potential customers.
based contract for difference broker,
customers will be unable to open any Plus500 has divided hedge funds,
suffered a 36 per cent share price fall
new trades on their account, deposit or some of which have taken out large bets
yesterday after it announced it had
withdraw funds. The company said that on its success, while others have sold
suspended some UK accounts pending
about half of its revenue came from its short its shares because of concerns
money-laundering checks.
Rocket failures hit UK division, Plus500UK. About 45 per over its business model.
satellite group Inmarsat The fall in its share price is a setback for cent of Plus500UK’s customers have Odey Asset Management, a London-
a company that has been one of the big- passed its electronic verification process based hedge fund, is the largest single
The failure of another Russian rocket gest successes on the junior Aim market and are therefore allowed to trade. institutional shareholder in Plus500
saw shares in satellite maker Inmarsat since its initial public offering in 2013. Plus500 offers contracts for with a 12.69 per cent stake, largely
fall more than 3 per cent. Analysts are Plus500 said on its website: “We have difference on currencies, stocks, through James Hanbury’s £956.3m CF
questioning the risks for businesses no alternative but to place a restriction indices, exchange traded funds and Odey Absolute Return Fund.
that use such rockets. Inmarsat was on your trading account until such time commodities. Plus500’s shares are up 190 per cent
forced to lower its financial outlook as we have been able to undertake a Its approach to customer verification since the IPO, with the gains being
after delaying its own rocket launch. complete review of the documentation is such that it requires documents to shaved to 120 per cent after the fall
Analysis iPAGE 16 and information we hold currently withdraw cash but not to deposit and yesterday.
on you.” The company said that clients start trading. The company has previ- Lombard page 20

Companies / Sectors / People

Companies Bwin....................................................20,21,29 HDFC Bank.................................................18 Metro...............................................................21 Standard Chartered...............................18 Investment Comp.......................21,28,30
888 .....................................................20,21,29 Catlin...............................................................17 HSBC.......................................................1,6,28 Montpelier Re............................................17 State Bank of India................................18 Media..................................................15,16,20
ABB.................................................................29 Chesapeake Energy..............................29 Houlihan Lokey........................................15 Morgan Stanley...................................16,18 Statoil.............................................................1,9 Mining......................................................14,28
Affiliated Managers Group.........16,28 Chevron.........................................................19 ICICI.................................................................18 Mylan..............................................................15 Suntory..........................................................18 Oil & Gas....................................................1,19
Ahab................................................................18 China Resources........................................6 IDFC Bank ..................................................18 Newedge......................................................30 Swiss Re........................................................16 Pharmaceuticals..................................14,15
Airbus.............................................................16 China Southern Airlines........................6 IMG...................................................................15 Nielsen...........................................................16 TPG Capital..........................................15,29 Real Estate..............................................4,14
Alibaba.....................................................14,16 Coca-Cola....................................................28 ING...................................................................14 Northrop Grumman...............................16 Tengizchevroil...........................................19 Support Services.....................................18
AllianceBernstein....................................28 ConocoPhillips..............................................1 ITV...................................................................20 Old Mutual..................................................16 Thomas Cook......................................10,20 Technology HW & Equ........................19
Allianz............................................................28 Context Information Security............3 IndiGo.............................................................18 P2P Global Investments......................21 Thorntons...................................................20 Travel & Leisure.....................10,18,20,21
Amaya Gaming.........................................21 Cranswick..............................................14,20 Infront.............................................................15 Par........................................................14,15,29 Tradition......................................................30 People
Anbang..........................................................17 Danaher.........................................................14 Inmarsat........................................................16 PartnerRe.....................................................17 Tyson..............................................................14 Al-Sanea, Maan........................................18
Ann Inc..........................................................29 Dassault Aviation....................................16 Integral Ad Science................................16 Perrigo............................................................15 UBS.................................................................1,6 Andrews, Giles...........................................21
Apple...............................................................19 Deutsche Bank.......................................1,15 Intelsat...........................................................16 PetroChina.....................................................6 UKTV.............................................................20 Buffett, Warren..........................................17
Arm Holdings...........................................20 Dexia...............................................................14 Intime Retail...............................................14 Pimco.............................................................28 United Technologies.............................28 Campanelli, Paul.......................................15
Arrowgrass Capital Partners......16,21 DoubleVerify..............................................16 Invesco..........................................................28 Platform Specialty Products............14 Valeant Pharmaceuticals...............14,15 Carr, Sir Roger.............................................3
Ascena Retail Group.......................14,29 Emerson.......................................................29 Ironshore.......................................................17 Platinum Underwriters.........................17 Vodafone......................................................12 Childs, Darren...........................................20
Aveva.............................................................29 Endo....................................................14,15,29 JCB..................................................................1,3 Plus500............................................15,20,29 WPP.................................................................15 Colao, Vittorio............................................12
Axa Real Estate.........................................4 Endurance....................................................17 JD.com............................................................16 Premier Oil..................................................29 WR Berkley...................................................4 De Silva, Rajiv............................................15
BAE Systems............................................3,3 England & Wales Cricket Board.....15 JPMorgan..........................................1,3,15,16 Principal Global Investors..................16 Warburg Pincus........................................18 Dyson, Sir James.......................................3
BHP Billiton................................................14 Eskom.............................................................18 Janus Capital.............................................28 Procter & Gamble..................................28 Wasserman..................................................15 Elkann, John...............................................17
BNP Paribas.......................................1,14,18 Euroclear......................................................30 Japan Post...................................................18 RBS ................................................................30 Weir....................................................................3 Fankhauser, Peter..................................20
BP...................................................................1,19 EutelSat.........................................................16 KBC..................................................................14 RenaissanceRe...........................................17 William Hill............................................20,21 Guangchang, Guo....................................17
BT......................................................................12 Exor..................................................................17 Kering.............................................................16 Rolls-Royce.................................................20 WisdomTree...............................................28 Hart, Jonathan.........................................20
Babcock........................................................20 FAW...................................................................6 Koc.....................................................................9 Royal Bank of Scotland.......................21 Wonga............................................................21 Haste, Andy................................................21
Bain Capital................................................29 Ferrero Rocher..........................................16 LVMH..............................................................16 Royal Dutch Shell.................................1,19 XL......................................................................17 Healey, Sean...............................................16
Bandhan........................................................18 Fiat...................................................................17 Lansdowne Partners.............................16 Saad Group ...............................................18 Jaffe, David................................................29
Bank of America.........................................1 Finmeccanica..............................................16 Lawson .........................................................18 Salix.................................................................15 Sectors Kneafsey, Tara...........................................21
Bank of New York Mellon..................16 Forensiq .......................................................16 Legg Mason................................................16 Samsung.......................................................19 Aerospace & Defence....................16,20 Lall, Rajiv......................................................18
Barclays......................................................3,15 Fosun..............................................................17 Lending Club..............................................21 Santander.....................................................21 Banks.........................................1,3,6,14,18,21 MacDonald, Graeme.................................3
Berkshire Hathaway..............................17 Franklin Templeton...............................28 Liberty Media............................................14 Schneider Electric..................................29 Construction.............................................3,4 McCluskey, Len...........................................2
BlackRock...........................................6,16,28 Funding Circle...........................................21 Lloyds Banking Group...........................3 Sephora.........................................................16 Electricity.....................................................18 Mukherjee, Brian......................................16
Blackstone...................................................28 GVC Holdings......................................21,29 L’Oréal............................................................16 Sinopec............................................................6 Food Producers.................................14,20 Niinami, Takeshi.......................................18
Blinkx........................................................16,29 General Atomics......................................16 MWR Infosecurity......................................3 Skyworks Solutions...............................29 Gen Financial...........15,16,17,18,21,28,30 Nishimuro, Taizo......................................18
Brevan Howard.........................................16 General Electric.......................................29 Manchester City Football Club.......15 Soco International..................................29 Gen Industrials..........................................18 Patterson, Gavin.......................................12
British American Tobacco.................28 Goldman Sachs......................................1,16 Marks and Spencer...............................29 South 32.........................................................14 Gen Retailers........................................14,16 Pearce, Rupert..........................................16
Brookfield.......................................................4 Google............................................................16 McDonald’s.................................................28 SpaceX...........................................................16 Insurance...........................................17,18,28 Wilson, John..............................................30

© The Financial Times Limited 2015 Week 21

16 ★ FINANCIAL TIMES Tuesday 19 May 2015

COMPANIES
INSIDE BUSINESS
Aerospace & defence
FINANCE

European countries step up drone plan Patrick

Jenkins
France, Italy and vital European know-how in unmanned end of the two years, a decision would be 2013 sance drone programme involving
vehicles. taken whether to start development of EADS, Airbus’ predecessor company,
Germany agree project The year that

on unmanned aircraft
European industry has been increas-
ingly alarmed by government purchases
of US-made drones, such as the Reaper,
the actual aircraft.
Britain and France are already study-
ing the potential to develop a combat
three European
defence
contractors called
and Northrop Grumman, the US
defence contractor, blaming the escala-
tion in costs to get the aircraft certified
Funds of hedge funds
PEGGY HOLLINGER — INDUSTRY EDITOR fearing that it could be left behind in the
race to develop the next generation of
drone, but this is at a far earlier stage
than the surveillance project, said one
on governments
to back the
development of a
for flight.
People close to the Male project said
reap benefits from
Europe moved a step closer to develop-
ing a drone to compete with US and
Israeli technology after France, Italy
aircraft. Eric Trappier, chief executive
of Dassault, said last year that France’s
purchase of the General Atomics-built
industry figure. The aim would be to
start producing a Male aircraft by 2023
or 2024, while the combat vehicle was
medium range,
long endurance
aircraft
the difference this time was that indus-
try was united in developing a joint pro-
gramme and each had years of research
the hunger for yield
and Germany agreed to a joint project to Reaper had “slightly traumatised us”. unlikely to be ready before the 2040s. to bring to the table.
thrash out requirements for an Airbus, Finmeccanica and Dassault Europe faces significant challenges in 2024 The project would also incorporate

I
unmanned surveillance aircraft. will now conduct a two-year “definition keeping up with more developed US and The year by technology to enable the drone to be t is the fastest-growing asset manager you’ve probably
The announcement yesterday was study” for the Male drone, which they Israeli technology. Previous attempts at which a ‘Male’ flown in the same airspace as manned never heard of. Affiliated Managers Group, with some
welcomed by the three European said was an important step in reducing a European surveillance drone have aircraft could be aircraft, which has not yet been done for $638bn of assets to its name, is at the vanguard of a
defence contractors — Airbus, Finmec- the financial and development risks of failed as individual nations continued to produced an unmanned vehicle, one person said. new trend of investing in other money managers,
canica and Dassault Aviation — that in the programme. They would consult pursue their own efforts in tandem with This would extend the functionality of most notably those that run hedge funds. Over the
2013 called on governments to back the with customer countries, their armed joint projects. the Male drone, allowing it to be used in past decade, AMG has grown from nothing to rank on a par
development of a medium range, long forces and procurement agencies to In 2013, the German government also the domestic market for security and with the world’s top 20 fund managers. Its share price has
endurance (Male) aircraft to preserve define the needs and capabilities. At the pulled out of the Euro Hawk reconnais- not just in military situations. risen 20 per cent over the past year, and over five years it is
up 188 per cent — double the rate of the S&P 500.
Now, the group is planning to expand in Europe and
increase the share of assets it allocates to European money
General retailers managers from the current 25 per cent. Its chief executive
Analysis. Aerospace Sean Healey is set to move to London next month.

Alibaba opens AMG is not alone. Legg Mason, Bank of New York Mel-

new front Rocket failure downs satellite launches lon, Old Mutual, Principal Global Investors and a clutch of
other companies have similar operations
Most of them are in rapid growth mode. But are these
“managers of managers” effectively parasites or useful

in war on intermediaries?
So far, with investors examining all ways of eking out
better yields, the general view is positive.
fake goods The hunger for yield is helping most fund managers.
BlackRock, the world’s biggest, now has $4.8tn of assets
under management, an increase of 8 per cent year on year.
However, the appeal of the “multi-boutiques” can be
CHARLES CLOVER — BEIJING even greater. Shares in OM Asset Management — Old
Mutual’s US arm, which has just this remit — have risen
Alibaba has launched technology
37 per cent since the business was floated last autumn.
designed to fight fakes, as it looks to
BlackRock shares are up 14 per cent over the same period.
battle mounting pressure over the
Such firms are taking over the role that banks and insur-
prevalence of counterfeit goods on its
ance companies have played in recent years. Under pres-
websites.
sure from post-crisis regulations — such as the US Volcker
The Chinese ecommerce group unveiled rule that limits banks’ ownership of hedge funds — Morgan
new, hard-to-copy symbols that are Stanley has been exploring a sale of its 19 per cent stake in
similar to QR codes — the square, cross- UK hedge fund Lansdowne Partners. AMG is among a
word puzzle-like bar codes that can be handful of potential buyers.
scanned and read by a smartphone cam- Similarly, Deutsche Bank is selling its 17.5 per cent stake
era — will become part of product labels in Arrowgrass Capital Partners, Highbridge has been seek-
to ensure authenticity if Alibaba’s online ing a buyout from JPMorgan and Swiss Re may sell its
sellers request them. 15 per cent stake in Brevan Howard.
The announcement was designed to True to form, one bank that appears an outlier with its
woo luxury brands to Alibaba’s market- commitment to the multi-
places — L’Oréal and Ferrero Rocher, the boutique strategy, is Gold-
chocolatier, already use the technology man Sachs.
These firms are
— and comes as the world’s second-larg- By structuring its invest- taking over the
est internet company by market capital- ments via third-party Peter-
isation is bedevilled by accusations that shill private equity funds, it
roles banks and
merchants on its platforms peddle fake avoids the proscriptions of insurers played
goods. the Volcker rule. After a
The latest setback came in the form of decent, if patchy, record with
in recent years
a lawsuit filed in a New York court by Petershill I, Goldman is now
Kering, the Paris-based group whose raising $1bn for Petershill II and has already bought stakes
luxury brands include Gucci and Balen- in a few managers including Caxton Associates.
ciaga, alleging the Hangzhou-based The growing appeal of such stakes comes even as hedge
company was complicit in the sale of funds’ own performance has attracted criticism. Last year,
counterfeit goods on its sites. Alibaba the industry as a whole returned an average of 3 per cent —
said it would fight the suit, which it December 2012, a catastrophic record of High hopes: small negative effect” on 2015 revenues less than a quarter of the total return of the S&P 500.
called “baseless” and “wasteful litiga-
Inmarsat, Intelsat and EutelSat failure that will surely precipitate a seis- work on the and earnings, he added. Some of the world’s largest pension funds, such as Calp-
tion”. halt schedules as authorities mic shift in the launch landscape.” construction of Jefferies said a delay of a few months ers in the US and PFZW in the Netherlands, have
As concern over fakes has mounted in Inmarsat, Intelsat and EutelSat pro- a Mexican would not change the basic economics announced plans to axe their hedge fund holdings alto-
recent months, Alibaba’s share price has investigate Siberia crash vide satellite communications systems satellite that was of Inmarsat’s Global Xpress investment gether, criticising their returns, manager pay and fees.
dropped a third from a mid-November for businesses, governments and con- destroyed after but did “beg yet another question But if the standard “2 and 20” fee structure — a 2 per
high of $119 to $79 on May 5, its lowest DANIEL THOMAS sumers. the latest Proton around the impact on Inmarsat’s com- cent annual management fee plus a 20 per cent slice of
point since its record-breaking New — TELECOMS CORRESPONDENT Orbital satellites bring connectivity to rocket failed petitive positioning”. investment gains — is off-putting for some investors, it is a
York listing in September last year. remote areas where fixed-line services on Saturday But the satellite group was “likely to draw for those taking stakes in the funds themselves.
Alibaba’s appointment of a new chief On Saturday morning the fiery remains struggle to reach, and are used for mari- retain enough breathing space to sus- AMG and OM get some of the diversification benefits of
executive on May 7 has driven a partial of a rocket fell over Siberia as the latest time and emergency services. tain its first-mover advantage and, hedge funds of funds (which invest in other hedge funds)
recovery in the share price. attempt to establish an orbital ring of With its scheduled launch this week clearly, a later launch date does nothing but with a steady stream of income and far less of the
In January, criticism by a Chinese reg- communication satellites came crash- Inmarsat would have put into orbit the to diminish Inmarsat’s structural investment risk.
ulator that counterfeit goods were ubiq- ing back to earth. third satellite in its Global Xpress high- advantages”, the broker added. From the hedge funds’ point of view, investment from
uitous on Alibaba’s marketplace sites The Russia-made Proton-M rocket, capacity network, completing its global EutelSat has two launches using the these multi-boutiques brings two obvious pluses.
spooked investors and contributed to a which lost power eight minutes after coverage. Proton system lined up this year, and First, it helps them manage the often delicate process of
share sell-off that month. launch from the Baikonur Cosmodrome The failure will be scrutinised by Jefferies warned that a launch delay of succession. Thanks to the valuation and equity injection
Worries over fake goods also cost Ali- in Kazakhstan, was the fourth crash authorities in Russia and the US. “A Rus- 100 days would “remove a lot of growth” that come with an outside investment, it becomes easier
baba business opportunities. This since 2012. sian State Commission has begun the from its 2016 guidance. for a founding team of managers to pass the reins to the
month, global beauty retailer Sephora, It has led analysts to re-examine the process of determining the reasons for Intelsat is preparing to use a Proton next generation.
part of French luxury goods group risks for businesses that use such rock- the anomaly,” said International rocket in the first quarter of next year, Second, it can help with distribution and back-office
LVMH, chose Alibaba’s rival JD.com to ets. Shares in Inmarsat, which launches Launch Services, the rocket launch pro- which could also be pushed back. functions. The hedge fund wins a new outlet to market,
host its first online store in China, citing its communications satellites from the vider, in a statement. One positive for the satellite industry plus a partner who may take on some of the bureaucracy
in part concerns over fighting fakes. same site, fell more than 3 per cent yes- Jefferies said a delay of 80 to 130 days is that there will soon be more competi- that might otherwise distract the fund’s crack investment
Global luxury brands such as these terday after the UK company delayed a was likely. tion for delivery services. SpaceX, Elon team.
are the target of Alibaba’s new “Blue launch using similar rocket systems and Rupert Pearce, Inmarsat chief execu- Musk’s space transport group, is Judging by the stock market performance of the listed
Stars” platform, aimed at helping mer- lowered its financial outlook. tive, said the failure was “extremely expected to open launch services during multi-boutique vehicles, this formula is a winning one.
chants with marketing, tracing sales, The rocket failure has grounded unfortunate and will inevitably delay 2016. Some are reckoned to trade at a premium of about 40 per
and fighting counterfeit, and which will launches by Luxembourg-based Intel- our launch plans”. The company hopes to use reusable cent to the value of their underlying funds.
include the QR-type code technology sat, the world’s largest satellite services He added: “This is the third time our rockets, raising the possibility of lower- The big question is how sustainable it is for an asset man-
developed by Visualead, an Israeli company, and EutelSat of France, as Global Xpress programme has suffered cost space flights. ager (the multi-boutique firm) to invest in asset managers
start-up. authorities investigate the crash. launch delays because of Proton launch But that is next year. For now the sat- (the hedge funds) that in turn manage the money of asset
Alibaba took a $5m-$10m stake in the “It feels incredible to be writing this, failures.” ellite communications industry will managers (the pension funds) on behalf of individuals.
company in January. The technology is but exactly a year after the last, there Mr Pearce said it would not be possi- have to await the outcome of the Rus- Investment performance has to be good to offset one set of
currently given away to sellers for free, has been yet another Proton rocket fail- ble to determine the length of the delay sian investigation — and hope this week- fees, let alone three.
say both companies. ure,” said analysts at Jefferies. until the cause of the launch failure was end’s accident proves to be the last time
See Lex “This is the fourth Proton failure since established. The failure would “have a a rocket falls from the skies. [email protected]

Legal Notices Business Opportunities

Readers are strongly recommended to take appropriate professional advice before entering into obligations.
Media

Blinkx falls into loss as online ads go unseen

ROBERT COOKSON real people, and that ads are often dis- $247m the previous year but in line with
played in parts of a web page that cannot guidance that Blinkx issued in a trading
Blinkx, the video advertising company,
be seen. This month Google said it found update last month.
swung to a loss last year as it grappled
that just 54 per cent of video ads across Blinkx acts as a middleman between
with growing concern among market-
the web were viewable. advertisers and online publishers. It
ers that a large proportion of online
Seeking to “combat and remove sus- buys and sells ad space through ad
advertisements go unseen.
Businesses For Sale The Aim-listed company, whose shares
picious activity within the supply
chain”, Blinkx said it had teamed up
exchanges, which aggregate thousands
of advertisers and publishers.
have fallen more than 80 per cent with verification groups including Brian Mukherjee, chief executive,
since the start of last year, said it had Nielsen, Integral Ad Science, Forensiq said an “intense focus on quality” by
taken a “decisive stance in addressing and DoubleVerify. marketers meant that the price of pre-
FT BUSINESS
the industrywide issue of supply quality However, this added to the company’s mium advertising placements had risen
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
and brand safety”. costs for the year to the end of March, by about 30 per cent in the past year.
......................................................................................................................................................................................................................................................................... Advertisers have become increasingly contributing to a pre-tax loss of $25m — Rising demand for premium place-
Classified Business Advertising worried that many online ads are compared with an $18m profit in the ments also meant that publishers were
UK: +44 20 7873 4000 | Email: [email protected] “viewed” by automated computer pro- previous year. taking a bigger cut of ad sales brokered
grammes known as “bots”, rather than Revenues fell to $215m, down from by Blinkx.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 17

COMPANIES

Outside investors swoop on insurance assets

The year is on course to be the busiest for dealmaking in the sector since 2010, with the Agnellis and Fosun to the fore
ARASH MASSOUDI AND ALISTAIR GRAY
industry. This month Exor sweetened sector that others do not. Not much,
its offer for PartnerRe, a US-listed rein- admit people close to the investment
The Italian dynasty behind the car- surer, to $6.8bn as it tries to scupper a vehicle. Crucially, however, they say the
maker Fiat and China’s largest privately rival proposal from Axis Capital. Agnellis have a longer-term investment
owned conglomerate seemingly have In its latest transactions in the sector, horizon that sets them apart.
little in common. Fosun struck a deal to buy the 80 per “They’re not buying it [PartnerRe] for
Yet the Agnelli family — through its cent of Ironshore, another Bermuda- next year’s underwriting profits,” one
investment vehicle Exor — and Shang- based insurer, that it did not already sector banker puts it. “They’re looking
hai-based Fosun are the latest global own for $1.84bn. at it over the next 20 years.”
investors to enter insurance, launching For Fosun the attraction of insurance Mr Elkann recently told investors:
multibillion-dollar bids for prized assets lies in part in what it can do with the pre- “Being long-term-oriented provides a
in recent months. mium income. Guo Guangchang, its great advantage. It will allow [Part-
Their interest has helped put 2015 on founder and chairman, is a known nerRe] to have flexibility and the right
course to become the busiest year for admirer of the Berkshire model of using discipline across market cycles and the
insurance dealmaking since 2010. A insurance premiums to finance other financial resources to grow opportunis-
total of 257 transactions, worth a com- businesses. tically when needed.”
bined $32.7bn, have been announced so This month Fosun raised $1.2bn to Price to book values have recovered
far this year, according to the data pro- fund further deals — and is expected to from lows of 75 per cent in 2009 to 104
vider Dealogic. focus on insurance. per cent as of the start of this year,
However, some old insurance hands Also said to be pursuing a Buffett-like according to the insurance rating
are questioning why outsiders are so agency AM Best.
eager to enter the sector. Yet they remain beneath the indus-
Warren Buffett, whose Berkshire
The hope is that try’s historical average of about 117 per
Hathaway conglomerate has grown on bulking up through cent — lending weight to Mr Elkann’s
the back of its reinsurance business, claim that Exor is making a contrarian
cautioned this month that the industry’s
acquisitions will bolster bet on what he calls an “out-of-favour”
prospects had “turned for the worse”. At pricing power and returns industry.
his annual shareholder meeting in So far much of the dealmaking has
Omaha, the veteran investor said rein- strategy is Anbang, a compatriot of been focused on reinsurance and spe-
surance had become “a fashionable Fosun’s, which acquired New York’s cialist corporate insurance done from
asset class” — a trend that threatens to Waldorf Astoria hotel as part of a series New York flooding after Hurricane Sandy in 2012. Instruments such as cat bonds have been snapped up — Victor J. Blue Bermuda and the Lloyd’s of London
crimp long-term returns. of recent purchases. This year the Chi- market, where the pricing pressures
Low interest rates have pushed yield- nese financial services group also agreed have been greatest.
hungry investors into the industry, to to buy and recapitalise Dutch insurer Yet bankers say that as the pricing
snap up instruments such as catastro- Vivat in a deal worth as much as €1.7bn.
Global reinsurance strains spread to primary insurers, so
phe bonds, creating a wave of capital John Elkann, the Agnelli family scion M&A volumes by deal value ($bn) Valuation (ratio of price to book value) Top M&A deals this year ($bn) too will the mergers and acquisition
that has pushed down premiums. who runs Exor, has also studied Mr Buf- 150 1.4 activity.
As premiums tumble, insurers are fett’s approach closely. However, people Price to book Kevin McLoughlin, head of global
turning to dealmaking as an alternative close to Exor have denied that he is plan- 6.5 5.4 insurance investment banking at Mer-
to organic expansion. By bulking up ning to try to replicate Berkshire’s style 1.2 rill Lynch International, says: “Most of
through acquisitions, they also hope to with the planned acquisition of Part- 100 those same drivers pertain also to pri-
PartnerRe (Exor) Axis Capital
increase their pricing power — and nerRe. Average Apr 14** (PartnerRe) mary insurance. With marginal top-line
1.0
boost returns by cutting costs. They say he is keen on reinsurance Jan 25 growth and extremely low interest
Examples include XL’s purchase of not as a cheap source of funding for 50 rates, profitability is under quite a lot of
UK-listed Catlin for £2.8bn, Endur- other transactions but for its own sake 0.8 3 1.9 1.8 pressure.
ance’s acquisition of Montpelier Re for as Exor seeks to diversify beyond the “The major insurance groups have
$1.8bn, and RenaissanceRe’s deal to buy industrial sector. AXA Brit (Fairfax Ironshore done a remarkable job in reducing costs.
0 0.6 (5% stake, Financial) (80% stake,
Platinum Underwriters for $2bn. Mr Elkann has acknowledged that BlackRock) Feb 17 Fosun Intl) But I think it’s just a matter of time
The appeal for the likes of the Agnellis profitability in reinsurance is not as 2010 11 12 13 14 15* 2005 07 09 11 13 15 before pressure to increase earnings
* Year to date
Feb 20 May 3
and Fosun is less obvious. Yet both have strong as it has been historically — rais- Sources: Dealogic; Bloomberg ** Date of deal leads them to consider large-scale con-
been moving aggressively into the ing the question of what Exor sees in the solidation.”

Property
18 ★ FINANCIAL TIMES Tuesday 19 May 2015

COMPANIES

Banks Analysis. New entrants

Japan Post aims

to shift more
of portfolio into
riskier assets
Pressure for rule change to enaka, Japan Post’s financial arm was
bigger than the Government Pension
lift Y10m cap on savings Investment Fund, the public fund that
deposits of individuals has signalled that it will direct more of
its portfolio towards higher-risk, more
LEO LEWIS — TOKYO profitable assets.
Investors are building forecasts
Japan Post, the country’s largest bank of the GPIF’s investment strategies
and insurer, is in talks to shift more of its into their own asset allocations, and
$1.7tn investment portfolio out of gov- may be tempted to follow suit with
ernment bonds and into riskier assets Japan Post.
after it completes this year’s initial The effect of a more aggressive risk
public offering. profile at Japan Post, said Mr Takenaka, State Bank of India’s Kolkata regional office. Public lenders control three-quarters of $1.5tn in bank assets, but IDFC wants to change that — Rupak de Chowdhuri/Reuters
The state-owned conglomerate, could eventually be as significant for the
which is the biggest employer in the stock market as that of the GPIF.
third-biggest economy, is pushing for a
rule change that could lift the cap on
individuals’ savings deposits from the
current Y10m ($84,000).
In February, Taizo Nishimuro, presi-
dent of Japan Post Holdings, said that
the group would aim to double the Nimble lenders take on India’s static banks
The changes under discussion were
outlined yesterday by Heizo Takenaka,
A decade in the making, Kolkata-based microlender. More will — which means taking on both lumber- too, Mr Lall hints. “No bank is putting its
the former communications minister the IPO has taken longer A wave of upstarts is set follow as part of Reserve Bank of India ing public-sector groups such as State money where its mouth is,” he says.
and financial architect of Japan’s postal governor Raghuram Rajan’s wider plans Bank of India, and nimble private oper- He plans to be “parsimonious” above
privatisation.
to reach fruition than to shake up the country’s to bolster competition. Will this new ators including HDFC Bank and ICICI. all, opening relatively few branches,
Mr Takenaka is a figure who, while no many had expected dominant state institutions generation succeed? Mr Lall thinks his Only about half of adults in India have investing in technology and relying on
longer a politician, remains close to venture can, by pushing a radically new bank accounts, and IDFC’s research mobile phones to connect with custom-
internal government discussions on the proportion of earnings it pays in divi- low-cost model, inspired by budget air- shows even those who do are unhappy. ers. “Over a five to six-year range our
impending IPO of Japan Post Holdings — dends — from about 25 per cent to 50 JAMES CRABTREE — MUMBAI lines and mobile telecoms operators. A blizzard of forms greets those opening cost-to-income ratio should be 40 per
a stock sale that could raise at least per cent — by the end of the 2016/17 With its jaunty branding and steward- At least initially, IDFC Bank will focus an account and applying for items such cent lower than the best in class in
$20bn and is on course to be the world’s financial year. esses sporting identical 50s-style wigs, on corporate lending, tapping its par- as credit cards. India,” he says. “That would be huge.”
largest in 2015. The changes of invest- A decade in the making, Japan Post’s India’s IndiGo airline seems a world ent’s infrastructure contacts. Strict “Customers are not satisfied Despite its vast unbanked population,
ment strategy at Japan Post’s financial IPO has taken longer to reach fruition aaway from the sober image most finan- rules require it to open a quarter of its . . . Banks are seen as product pushers,” the upper end of India’s retail and whole-
arm, he said, could have a “high impact” than Mr Takenaka and many others had cial institutions are keen to project. branches in rural areas so it also will tar- says Mr Lall, who cut his teeth at finan- sale markets in its richest cities is satu-
on the country’s stock market. expected. But for Rajiv Lall, as he prepares to get India’s potentially vast but generally cial institutions including Morgan rated and competitive. Picking off cus-
More than half of Japan Post Bank’s Delays were extended when the Dem- launch the country’s first full-service unprofitable rural market. Stanley and Warburg Pincus. tomersfromincumbentswillbetough.
historically conservative asset portfolio ocratic Party of Japan came to power in private sector bank in a decade, the But to deliver his “new-age universal IDFC Bank will focus on basic serv- Regulations also mean that if new
is invested in Japanese government 2009. profitable budget carrier — whose clock- bank”, Mr Lall needs a stable retail fran- ices, delivered quickly. Some type of institutions want to build up their bal-
bonds. Yoshihide Suga, Mr Takenaka’s work punctuality and spotless planes chise and the deposits that come with it money-back guarantee may be offered ance sheets quickly, they must take on
With Y200tn in capital, said Mr Tak- former vice-minister, is the chief cabi- quickly made it India’s most popular — poorer customers too — an area where
net secretary and the driving force is nothing less than an inspiration. few institutions have made money.
behind an acceleration in Japan Post’s “We want to be a totally new kind of
Top banks in India India’s earlier generation of private
IPO schedule. bank, one which is lower-cost, higher Deposits, FY 2015 banks often gained scale through acqui-
The share sale will come in tranches, technology, which gives customers a Public sector banks Private sector banks sitions, according to analysis from bro-
and is slated to see the holding com- basic service they like, just like IndiGo,” ker Investec, suggesting IDFC Bank and
pany, bank and insurance arms listed as says Mr Lall, who launches IDFC Bank others may have to consider buying out
three separate entities. in October. “It sounds simple but it is rivals — or be snapped up themselves.
One of the biggest post-IPO challenges going to be horribly difficult to deliver.” Mr Lall dismisses that prospect, envi-
for Japan Post is expected to be the quest India’s banking system has been $239.7bn* $98bn $71.6bn $57.4bn $51.4bn sioning growth done “aggressively” but
to find a new president. largely static in the past 20 years. Pri- State Bank of India Bank of Baroda HDFC Bank ICICI Bank Axis Bank organically in the next decade, again cit-
It is understood that a search has been vate lenders have chipped away at dom- ing IndiGo as an example of how to rise
under way since early 2014 to find a inant state institutions, but today, pub- quickly in a highly competitive sector.
replacement for Mr Nishimuro. lic banks still control three-quarters of “It isn’t as if they do anything which is
At one point, a favourite candidate the Rs96tn ($1.5tn) in bank assets. $84.2bn* $79.6bn $73.4bn* $18.9bn* $11.9bn crazily fancy,” he says. “But IndiGo
was Takeshi Niinami, former head of That may soon change, however, with Canara Bank Punjab Bank of India Kotak Bank Kotak Bank . . . redefined what service is. They
National Bank (including ING)
the Lawson convenience store chain a profusion of upstarts about to enter have hit a sweet spot. It is no-nonsense,
Delays to the float were extended who became president of Suntory, the the market, starting with IDFC, an infra- $1=Rs63 * Q3 2015 straightforward. You get what you pay
Source: Investec
when the DPJ came to power in 2009 drinks group. structure financier, and Bandhan, a for. We can do that too.”

Property Electricity

South Africa considers state power stake sale

ANDREW ENGLAND — JOHANNESBURG Eskom in particular. We are concerned utility faces a funding gap of more than
about the negative impact the electric- R200bn ($16.9bn) up to 2018 and is
South Africa is considering selling a
ity constraint is having on our growth,” enforcing almost daily power cuts as it
stake in Eskom, its struggling state util-
he said. “Ensuring that Eskom returns battles with an under-maintained, age-
ity, as the government grapples with a
to full financial and operational stability ing infrastructure. It has also been
power crisis that poses the gravest
is our top priority as government.” blighted by instability within its leader-
tthreat to the country’s ailing economy.
Any form of privatisation is highly ship after its chief executive and three
Nhlanhla Nene, the finance minister, sensitive for the ruling African National other senior officials were suspended.
said the Treasury had been asked to Congress and it is likely to face resist- Eskom said yesterday that the com-
explore the option of selling a minority ance from members of its governing tri- pany and the suspended chief execu-
holding in Eskom, as well as the possibil- partite alliance, which includes power- tive, Tshediso Matona, had “mutually
ity of disposing of non-core businesses ful unions and the Communist party. agreed to part ways”.
or power stations. The National Union of Mineworkers The Treasury said that forming part-
He said a “policy decision” had been has already said it would oppose any pri- nerships with strategic investors “would
made “on the 30 per cent allocation to vatisation of Eskom, which produces enable the company to harness techni-
the private sector”, adding that the about 95 per cent of the nation’s power. cal expertise to improve the perform-
debate was about how to structure the The government could also struggle ance of the power system”.
relationship between the private sector to find private sector investors for what In this year’s budget, Mr Nene slashed
and Eskom. a senior banker described as a “highly his economic growth forecast for 2015
“The most pressing risk facing us at financially challenged asset” that is from 2.5 per cent to 2 per cent, citing
the moment is energy generation — and grappling with myriad problems. The energy as a critical challenge.

General industrials

Algosaibi proposes enhanced offer for creditors

SIMEON KERR — DUBAI Since the estimated $20bn default in tial for an estimated SR3bn once the
JANE CROFT — LONDON
2009 of Ahab and the Saad Group Saudi stock market opens to foreign
owned by Maan al-Sanea, a relative of institutional investors next month.
of one of the region’s largest corporate the Algosaibis by marriage, both sides The proposal would also offer Ahab’s
collapses has proposed a more gener- have been fighting court battles in sev- real estate assets — valued at SR3.5bn —
ous repayment offer for creditors on eral countries and blaming each other. and an operational business valued at
debts of SR24bn ($6.4bn). One person familiar with the proposal SR300m to raise guaranteed recovery to
said Ahab would pledge to guarantee SR6.8bn, the person added.
Ahmad Hamad Algosaibi & Brothers repayment of about 28 cents on the dol-
has agreed the enhanced proposal with lar, an improvement on the 20 cents
leading creditors, including Standard offer made last year.
Chartered and BNP Paribas. The company then proposed a guar-
It said it planned to present the poten- anteed repayment of 20 cents on the
tial deal to broader creditors at a meet- dollar over five years, including an
ing on June 2 in Dubai. immediate repayment of SR2.4bn, or 10
The proposal is another step towards cents on the dollar, with targeted longer-
resolving the six-year saga of the Gulf’s term recovery of between 40 cents and
most complicated restructuring, which 60 cents on the dollar.
has encompassed litigation across sev- The person said the new proposal
eral jurisdictions amid allegations and would pledge Ahab’s entire share port-
denials of fraud. folio, valued at SR2.8bn, with the poten-
Tuesday 19 May 2015 ★ FINANCIAL TIMES 19

COMPANIES

Scale of Big Oil’s retrenchment echoes 1986

More than $100bn of spending has been slowed, delayed or abandoned as costs are slashed with breathtaking speed
The new
oil order
ft.com/indepth
THE NEW OIL OR
CHRISTOPHER ADAMS — ENERGY EDITOR

Judged by the pace at which energy

groups have slashed spending and
delayed new projects, 2015 has echoes
of 1986.
Almost 30 years ago, Saudi Arabia
triggered a slide in oil prices by making
an aggressive bid for market share, and
western energy groups were forced into
sweeping cuts in capital spending.
Now the industry is being obliged to
take similar action after Opec, the oil
producers’ cartel led by Saudi Arabia,
flexed its muscles in November by
deciding to keep output steady in the
face of rising supply from higher-cost
rivals. The move prompted a collapse in
the value of crude.
Analysis of planned oil and gas
projects by Rystad Energy, a Norwegian Construction at the Suncor Fort Hills tar sands project in Alberta, Canada. Similar schemes have been among those delayed because of the high costs of production — ToddKorol/Reuters
energy consultancy, shows that more

Upstream investment Projects on hold*

Count by country
in countries outside Opec Number
NORWAY
3
is expected to fall by Total: 26 projects
10 CANADA KAZAKHSTAN
about 22% this year 34.5 19.3 1 8.8
Capex ($bn)** 1 US IRAQ
2 CHINA
than $100bn of capital spending has 1
been slowed, delayed or ditched by 0.8 1 MAURITANIA
energy companies desperate to cut costs 2.7
in the face of dwindling returns. This is
1.0
affecting 26 large projects. 12.5 ECUADOR
1 ANGOLA
INDONESIA
Morgan Stanley analysts, who have 1 0.8
scrutinised 121 energy groups’ capital
1
spending guidance for 2015, say these AUSTRALIA
1.6 NAMIBIA 1
groups are planning to invest $129bn, or 2
25 per cent less than they did last year.
This retrenchment extends far
Source: Rystad Energy
FALKLAND
29.2
*Delayed, slowed, postponed or axed 2.3 1 ISLANDS 1.5 3.1
beyond the falling rig counts in US **Rystad estimates
shale-producing heartlands. In Canada,
tens of billions of dollars of spending on
extracting oil from bitumen-rich tar “If we are correct in our assessment, project, Carmon Creek, by a couple of be felt, although not immediately. Per still go ahead, the output will come
sands has been shelved since the start of the industry is set up for a confluence of years. In Australia it has scrapped the Magnus Nysveen, head of analysis at later than expected. Some 500,000
the year, and thousands of jobs lost, as trends that is rare by historical stand- $20bn-plus Arrow liquefied natural gas Rystad, says: “We are seeing very steep b/d of anticipated production will be
producers have delayed the highest-cost ards: rising prices and falling costs,” says project. spending cuts by everyone now, but we available in 2022 rather than 2020.
projects first. Spending has been pushed Martijn Rats, analyst at Morgan Stanley. BP has deferred a final investment don’t expect visible production declines Factor in reduced spending on US
back in Australia, Norway, Iraq, Angola, This prognosis owes much to the decision on the second phase of the before next year.” shale, and total upstream investment
Ecuador, China and the Falklands. breathtaking speed at which companies company’s deepwater Mad Dog devel- In fact, the nature of the spending in countries outside Opec is expected
The cuts’ effects will be far-reaching. have acted since crude tumbled from opment in the Gulf of Mexico, aiming to cuts — or deferrals — means it could to fall by about 22 per cent this year
By postponing final decisions on last summer’s $115-a-barrel peak. reduce its projected spending of $14bn. take several years for their effects to compared with 2014.
whether to proceed with certain Discerning this is an inexact science. Statoil has put off a decision on its Johan filter through. Canada, Australia and From its 2014 peak to 2016, Rystad
projects, oil producers hope to shore up Some operators trumpet their cost- Castberg field, in the Norwegian Arctic, Norway account for nearly three- estimates non-Opec spending will
cash flow, protect dividends and benefit cutting credentials while others bury to 2016. quarters of the total delayed capital slide by $200bn.
from lower development costs later. the information in annual reports. In Kazakhstan, a senior executive at spending that Rystad has identified. All this is good news for Saudi Ara-
The act of waiting itself will send sup- Rystad has sought to identify projects Chevron’s joint venture Tengizchevroil This is no coincidence. Oil sands, bia, whose production costs are much
pliers’ charges — rates levied by oilfield slowed by the falling oil price from was quoted by Reuters last month as LNG projects and the Arctic require lower than for non-Opec countries.
services groups for labour and equip- those delayed by red tape or political saying that it had slowed expansion hefty, upfront capital investment and Indeed, with global demand still
ment such as drilling rigs — lower, pull- wrangling. plans and cut projected spending this the payback from such projects Saudis spend healthy, Rystad estimates that the
ing down the break-even price for new While Shell is continuing to spend year in response to lower oil prices. A comes much later. It makes sense to If lower oil prices producers’ cartel could gain 2m b/d
projects. So, not only should groups through the downturn, it ditched plans Chevron spokeswoman referred the wait, renegotiate contracts with sup- are straining of market share in five years as a
Saudi Arabia’s
such as Royal Dutch Shell, Chevron and in February to build an oil sands mine in Financial Times to its latest annual pliers and capture the benefits of cost economy, it does result of the spending cuts elsewhere.
BP protect their dividends, they should northern Alberta — the 200,000- report, which said that a final decision deflation. not show Riyadh could win its battle for domi-
reap substantial gains from cost defla- barrels-a-day Pierre River project. It has on expansion should be made this year. As such, while many of the 26 ft.com/indepth
nance in the end.
tion and, in time, a recovery in oil prices. delayed the start-up of another oil sands The consequences for the market will projects identified by Rystad could Additional reporting by Guy Chazan

Technology hardware Contracts & Tenders

Apple damages at risk after

Samsung patent case ruling
TIM BRADSHAW — SAN FRANCISCO also denied all its South Korean rival’s
claims. The $930m damages order,
More than a third of nearly $1bn in
which has already been reduced from
damages awarded to Apple against
an original award of more than $1bn, is
Samsung is at risk, after the latest
one of the biggest to be doled out by a
chapter of a 2012 patent case between
jury in a US intellectual-property case.
the world’s two leading smartphone
However, Apple has not been able to
makers.
use the ruling to persuade the courts to
A US appeals court in Washington DC ban the sale of the infringing smart-
said yesterday that the San Jose court phones. Most of the devices involved in
which delivered the original verdict the case were phased out as Samsung
must reconsider the portion of the case introduced newer models, including
relating to the iPhone’s “trade dress”, some changes which mean the patents
or overall physical appearance of its at issue are no longer seen as infringing.
product. The case is one of the only remaining
Apple had successfully argued that it court battles over smartphone designs
had suffered “irreparable harm”, alleg- between Apple and Samsung after the
ing Samsung had copied the look and pair agreed to drop all litigation outside
feel of the iPhone for its smartphones. It the US last year.
was awarded $382m in damages. “We are pleased the Federal Circuit Public Notice
But the Court of Appeals for the Fed- Court of Appeal confirmed Samsung
eral Circuit said that the iPhone’s design blatantly copied Apple products. This is
of rounded corners and simple glass a victory for design and those who
front could not be trademarked, strik- respect it,” Apple said.
ing a blow against one of Apple’s central Samsung did not comment.
arguments.
The court upheld the other patent
infringement violations, which included
the iPhone’s pinching to zoom in or
expand an image, also known as the
“rubberbanding” scrolling effect.
In court in 2012, Apple argued that a
victory in the patent case would reaf-
firm the US legal system’s protection for
Silicon Valley’s investment in innova-
tion. Samsung countered that Apple was
distorting competition by seeking a
“monopoly on a rectangle with rounded
corners on a large screen”.
In the sweeping verdict that followed,
a jury mostly sided with Apple on sev-
eral counts of patent infringement Apple had claimed that Samsung
against a number of Samsung devices. It copied the look and feel of its iPhone
20 ★★★ FINANCIAL TIMES Tuesday 19 May 2015

UK COMPANIES

Briefs

Market gives Plus500 a C-minus for glitch that points to related flaw UKTV
Dave shifts gear
The owners of British TV channel
Dave have promised to shrug off
pay a $65m dividend. If that had been bets on sterling versus the dollar need grocers are half of revenues. But vying latest aspirant to take a seat at the the demise of Top Gear, even
true, the Israeli company could have deposit only 0.5 per cent of their for space on supermarket shelves green baize by making a bid approach. though the broadcaster currently
been in serious financial difficulties. exposure. This makes betting on horses alongside other sweetie manufacturers With a market capitalisation of some shows six hours a day of the
The shares still tumbled 36 per cent. a safer activity. Here, the punter has done little to help the brand, £600m compared with £820m for motoring show. Top Gear has been
Plus500’s difficulties result from generally only stands to lose money he earnings volatility, margins or the Bwin, 888 would probably pay for a one of the most successful TV
making it too easy for new customers possesses in the first place. balance sheet. In March, Thorntons large part of the deal in shares. The shows of the past decade in the UK,
to sign up. As chronicled by FT said problems with two big customers question is then how advantageous the but its lead presenter Jeremy
Alphaville, a blog with a sensitive nose had caused a 12 per cent drop in first- issuance of equity in a combined group Clarkson, pictured below, was
The models that appear in adverts for for impending small-cap disasters, the Sweet surrender half commercial sales and admitted the would be to Bwin shareholders such as effectively sacked this year after
own-account financial trading always company allowed would-be traders to relationship with customers needed to co-founder Ruth Parasol, who has a 6 attacking a producer.
look sleekly knowing. We never see register without proof of identity. This After four years at Thorntons, be improved. per cent stake according to S&P CIQ. His departure has left both its
them banging their wrinkle-free is permissive, given that some banks Jonathan Hart, head chocolatier, has Now the search is on for someone A price of £1bn has been mooted for maker, the BBC, and UKTV, the
foreheads on their keyboards in require frail oldies to totter into quit on full pay and rations, writes Kate who can do just that. But wooing Bwin, formed through the fraught parent company of Dave, with a big
frustration. But some customers of branches to prove they are not Burgess. There hasn’t even been time to supermarket bosses won’t make a grain merger of Ms Parasol’s PartyGaming challenge in filling the hole in their
spread betting firm Plus500 must feel members of the Sinaloa Cartel. Plus500 arrange a successor to take on the job (or cocoa bean) of difference if it does and Bwin Interactive in 2011. That schedules. But Darren Childs,
tempted to do just that. They are took the view that anti-money of turning the Belper bonbon maker not boast must-have pralines and looks expensive, given that the UKTV’s chief executive, said
suffering delays in opening accounts, laundering regulations were met as round. Again. toffees. enterprise value of Bwin is already 11 yesterday that Dave had “moved on
placing trades or withdrawing funds. long as traders proved who they were It is a tough job. There is little of the times forecast earnings before nasties. significantly” from its diet of Top
People tend to get nervous when they when they withdrew cash. sweet smell of success that Mr Hart The Israeli Shaked family, which has Gear repeats. His stance came as
cannot get their money back speedily. The Financial Conduct Authority might have hoped for when he left Café Poker face-off a big stake in 888, will be alert to that UKTV reported a 9.9 per cent rise in
Recent events foster jitters because appears to have nudged Plus500 Nero in 2011. The shares are where danger. They fended off an approach full-year earnings before interest,
Alpari, a retail forex broker, went into towards a stricter policy, whose they were then and there have been no Internet poker has lost some of its gloss from William Hill this year, judging it taxation, depreciation and
administration in January, broken implementation has created an admin dividends. Thorntons still makes most with Britons since they twigged too tight-fisted. But sitting out amortisation, to £74.1m in 2014.
along with the Swiss franc’s link to the bottleneck. But the real issue is the of its money between Christmas and professional players were lying in wait consolidation altogether could leave Total TV viewing in the UK fell 3.7
euro. IG, a much larger spread betting rock-bottom margin requirements with Mother’s Day and spends the next six to fleece novices. Asset transfers of a 888 too small to compete effectively in per cent in 2014 excluding online
firm than Plus500, suffered heavy which retail forex brokers and spread months controlling costs. different sort are accordingly under a maturing and increasingly regulated audiences, but UKTV said its total
losses in the same rout. betting firms lure punters aspiring to Mr Hart’s grand plan was to smooth way among businesses spawned by the industry. viewing had increased by 6 per
Plus500, which is listed on Aim, was the gym-buffed savoir faire of those the earnings and recast Thorntons as a noughties boom in online gaming. cent. Henry Mance
today forced to issue a statement folks in the adverts. According to supplier of chocolates to supermarkets. Bwin.party is the current prize in the [email protected]
dismissing rumours that it had failed to Plus500’s website, customers laying He has succeeded in part. Sales to the consolidation card school, with 888 the Thorntons: [email protected]

Travel & leisure

Thomas Cook to Thorntons

Chief out as sales melt

pay Unicef after

Thorntons has served up more
bitter news for shareholders, with
the UK chocolate maker’s chief
executive Jonathan Hart stepping
down after months of melting sales.

deaths furore
Thorntons said he would leave on
June 27, sending the shares down 3
per cent to 92.11p. Mr Hart was
responsible for trimming its high
street stores to concentrate on
growing sales in its lower-margin
Group donates £1.5m to The company confirmed it had but higher-volume fast-moving
received £3m from Louis Hotels in com- consumer goods channel, which
children’s charity to draw pensation between 2013 and 2014. was seen as a growth sector.
line under Corfu tragedy Half of the money was returned to its But the group issued a profit
insurance company, which underwrote warning just before Christmas,
MALCOLM MOORE Thomas Cook’s £6m legal bill for the saying cuts in orders by the big
incident under the agreement it would grocers had hit sales. In March,
Thomas Cook will pay £1.5m to the chil- receive half of any compensation. Thorntons said it had seen an
dren’s charity Unicef as it tries to draw a Thomas Cook will now give the “unexpected reduction” in orders
line underneath the deaths of two chil- remaining £1.5m to Unicef, it said. “I from supermarkets of 12 per cent
dren in Corfu in 2006. believe this is the right thing to do and I that persisted into the second half
Peter Fankhauser, the travel com- apologise to the family for all they have of its trading year. Three weeks ago,
pany’s chief executive, denied accusa- gone through,” Mr Fankhauser said. management cut production to
tions that the company had profited Two Thomas Cook employees were reduce costs. But as net debt
from the deaths of Bobby and Christi put on trial in Greece for their role in the increased £11m to nearly £31m and
Shepherd, aged six and seven. The chil- incident. But in 2010 Nicola Gibson and the group’s pension deficit grew
dren died of carbon monoxide poison- Richard Carson were found not guilty of from £28.3m to £36.7m, analysts
ing caused by a faulty boiler. manslaughter by negligence. speculated a leadership reshuffle
Neil Shepherd, the children’s father, Four people, including the hotel’s was imminent. Elizabeth Paton
and his wife Sharon Wood said their manager and its maintenance team,
compensation was only a 10th of the were found guilty and sentenced to up Babcock
sum Thomas Cook received from the to seven years in jail.
Greek hotel where the poisoning Last week, at an inquest in Wakefield,
Defence dividend
occurred. Yorkshire, a coroner returned a verdict The biggest shake-up in decades at
Dreamstime
“What parent would not be heartbro- of unlawful killing. Ms Wood said she the Ministry of Defence benefited
ken by a worldwide multibillion-pound
organisation making money from their
children’s deaths?” they asked.
would “always hold Thomas Cook
responsible” for the deaths of the chil-
dren, and added that the company had
Perky sales Cranswick, the British pork producer,
reported full-year sales of over £1bn
for the first time, helped by the £17.7m
Cranswick, which exports a third
of what it produces, said Asia, west
Africa and Australia had taken up
Babcock, which posted a 43 per
cent rise in full-year pre-tax profits.
The FTSE 100-listed company that
Thomas Cook’s struggle to overcome
reputational damage from its handling
not offered the family either practical or
financial support. Cranswick acquisition in October of Benson Park,
which makes poultry products.
the slack from Europe. Exports not
to Europe rose 23 per cent in the
runs the Devonport, Faslane and
Rosyth naval bases, also reported a
of the incident yesterday wiped another
3.2 per cent from its share price, which
closed at 156.1p. Thomas Cook reports
A statement from Thomas Cook said:
“The Greek authorities launched a thor-
ough criminal investigation in 2010
tops £1bn The Hull-based FTSE 250 company,
which was started in the 1970s by
farmers to produce pig feed, is
year to March 31.
Demand for fresh pork fell but
sales rose for all other products,
rise in revenues and dividends.
The group, the MoD’s second-
biggest supplier, raised its full-year
its first-half financial results tomorrow.
“Thomas Cook has not in any way
which found three of the Louis Corcyra
Beach Hotel employees guilty of man- for first time benefiting from rising protein demand,
especially from China. It said yesterday
including sausages and bacon. But a
drop in pig prices led to a 4 per cent
dividend by 10 per cent to 23.6p a
share. Babcock’s order book rose
profited from our claim against the slaughter; that investigation cleared it had appointed a business decline in pre-tax profits to £52.8m. from £11.5bn to £20bn in the year to
hotel owner,” said Mr Fankhauser. Thomas Cook’s employees of any development manager in Shanghai. Charles Hall, analyst at Peel Hunt, March 2015. Statutory pre-tax profit
“In late 2012, we brought a claim wrongdoing. The coroner had directed China’s appetite for British food — said: “Price will continue to be a improved to £313.1m for the year to
against the hotelier for breaching their thejury that the only conclusion to including pork — leapt 12 per cent in negative feature as the lower pig March 31, on revenue 20 per cent
contract to provide safe accommoda- reach was unlawful killing as legally it terms of sales in 2014 from the price flows through to customers.” higher at almost £4bn. On an
tion to our customers and to comply had to be consistent with the Greek previous year, according to the Food Scheherazade Daneshkhu underlying basis, pre-tax profit rose
with all applicable laws, which was verdicts.” and Drink Federation. See Lex 32 per cent to £417.7m. Gill Plimmer
decided in our favour.” Editorial Comment page 10

Travel Aerospace & defence

Rolls-Royce to cut 600 jobs at marine division

TANYA POWLEY “We are transforming our marine by shipbuilders,” said Sandy Morris, an
— MANUFACTURING CORRESPONDENT
business and while we are making good analyst at Jefferies.
Rolls-Royce is to cut a tenth of its progress on cost, the effect of low oil Rolls-Royce’s marine business has
6,000-strong marine workforce as the prices means we have to continue to come under scrutiny in the past year, as
British engineering group grapples look for further efficiencies,” said certain investors have expressed
with falling oil prices. Mikael Mäkinen, head of the unit. concern over the company’s strategic
About 60 per cent of its £1.7bn under- direction and its desire to expand the
The company yesterday announced lying revenue is connected to the off- unit. Some have called for the group to
proposals to cut 600 jobs at its marine shore oil and gas industry. focus on its core aerospace business.
engine business, adding to plans The company said half of the 600 job But the group has remained commit-
unveiled last November to reduce the cuts would be in Norway, where most of ted to the division, sticking to its belief
group workforce by almost 5 per cent the unit’s workforce are located. that further expansion is the answer to
through the removal of 2,600 roles. Rolls-Royce said that the marine cuts balancing the cyclical nature of the
Rolls-Royce made a series of profit would have a broadly neutral impact on aerospace business.
warnings last year, and reported its first profit in 2015, but would achieve “The future prospects for the marine
earnings decline in more than a decade. benefits of £25m from 2016 onwards. business remain bright, and we are
Last month, it surprised investors by “Accelerated restructuring in marine focused on maintaining our position as a
announcing that chief executive John appears the inevitable response to the technology leader, but we must drive
Rishton would step down in July to be slow start to year flagged in the recent further cost reduction today so that we
replaced by Warren East, the former [interim management statement] and are ready to grow tomorrow,” Mr
boss of Arm Holdings. to the dearth of offshore orders reported Mäkinen said.
Tuesday 19 May 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Amaya Gaming joins battle for bwin.party

Canadian group teams up with GVC in contest to gain control of proprietary betting platforms and add scale
KADHIM SHUBBER AND JOHN AGLIONBY William Hill’s joint takeover of Sport-
ingbet in 2013, when the British book-
Leading online gambling companies are maker took control of Sportingbet’s
competing to buy bwin.party digital Australian and Spanish operations and
entertainment, one of the few acquisi- GVC’s management restructured the
tion opportunities in an industry rest of the business.
searching for scale as regulation tight- 888 has been under pressure to
ens and development costs rise. become involved in industry consolida-
Amaya Gaming, the Canadian heavy- tion after rejecting a takeover approach
weight that owns the PokerStars web- from William Hill in February.
site, has teamed up with London-listed Avi Shaked, 888 founder, had held out
GVC Holdings against 888 Holdings, the for a higher bid from the British book-
Gibraltar-based company that con- maker, but the company said yesterday
firmed its interest in bwin yesterday that shareholders holding 59 per cent
morning. had “irrevocably committed” to back a
Both sides are eager to get their hands bid for bwin.party.
on bwin’s proprietary betting platforms In March, Brian Mattingley, 888’s
and add scale in an industry where ris- executive chairman, said acquiring
ing taxes and the need to market heavily a business with proprietary sports
and develop new products across a betting operations would be “an ideal

‘It’s a business that has ‘Bwin.party is where it

massively underachieved is today is because it
since its own merger’ is effectively a failed
Gavin Kelleher, analyst M&A deal’
range of digital devices means bigger is opportunity”. The company runs its
better. sports betting operations in partnership
“You have to spend big on marketing with Kambi Group, the Swedish busi-
and you have to spend big on product to ness-to-business software provider,
get good traction in the market, so oper- which takes what 888 calls a “big slug”
ators are looking for as much scale as of its sports revenues.
possible,” said Gavin Kelleher, an ana- Yesterday the company said there
lyst at Goodbody Stockbrokers. was “significant industrial logic” in the
Bwin.party, the product of a merger two companies combining. It has sub-
between bwin, the sports book operator, mitted a bid comprising both cash and
and PartyGaming, the online poker spe- 888 shares, it added.
cialist, in 2011, put itself up for sale last In the running: the race is on to acquire bwin.party, one of few targets in an industry facing tightening regulations — Alan Crowhurst/Getty GVC confirmed last week it was mak-
year after years of declining revenues. ing a bid for bwin.party, which would
“It’s a business that has massively constitute a reverse takeover due to
underachieved since its own merger,” its sports betting operations, which €50m in overheads by combining casino, sports book and bingo opera- bwin’s £860m market cap.
said Nick Batram, an analyst at Peel made €237.1m in revenues in 2014, 38 offices, development and licensing tions with a plan to turn round the Bwin.party’s shares jumped 8.6 per
Hunt, who warned that whoever won per cent of its sales, primarily from reg- costs, he estimated. sports book division for further sale to cent to close at 108p yesterday. They
the bidding faced execution risks. “The ulated markets. However, the entry of Amaya, the big- Amaya after two years. climbed 11.24 per cent on Friday follow-
reason why bwin.party is where it is “Not many people have proprietary gest listed online gaming group, with a A special purpose vehicle would be set ing the GVC announcement.
today is because it is effectively a failed sports books. Getting hold of that, which market capitalisation of C$4.3bn, has up for the bid, with GVC owning the The gambling industry is expecting
M&A deal,” he added. means you don’t have to give millions stacked the odds against 888, with majority of the shares. consolidation after several countries
The company has sizeable sports bet- away to third-party providers, has a lot Amaya and GVC preparing a €1.5bn bid Amaya, which spent $4.9bn acquiring tightened regulation on online opera-
ting and online gaming operations as of appeal,” said Mr Batram. in cash and newly issued GVC shares, PokerStars last year, would have an tions. Last year the UK required compa-
well as smaller poker and bingo divi- A deal had synergy benefits for 888 said a person familiar with the matter. option to take immediate control of nies operating in the country to pay
sions, which have varied exposures to and bwin.party, which share operations The deal would see GVC, based on the bwin’s shrinking €81.7m poker division, duty on bets placed by UK customers
regulated and unregulated markets. in places such as Gibraltar and Israel, he Isle of Man with a market capitalisation said the person. even if their operations are based in low-
The gem in bwin.party’s portfolio is added. The companies could cut at least of £282.2m, take control of bwin’s The arrangement mirrors GVC and tax jurisdictions such as Gibraltar.

General financial

Wonga rolls out its revamped payday loans

EMMA DUNKLEY accesses the right type of customer and in the country who do not have access to
— RETAIL BANKING CORRESPONDENT reduces the risk of inadvertently mainstream banking.
Wonga has unveiled a revamp of its attracting the very young or vulnera- Widening Wonga’s proposition away
payday loans and a new advertising ble.” She added that the group would be from one payday product that targeted
drive as the lossmaking credit provider lossmaking this year, but expected to up to 3m consumers would enable the
attempts to survive tougher regula- “come out of the other side” in 2016. group to capture parts of this larger
tions designed to stamp out irresponsi- Under chairman Andy Haste, who audience, Ms Kneafsey said.
ble lending. joined the lender last July, Wonga will The changes come after the regulator
now target people who can afford to bor- found last year that Wonga was not
The group, which last month row, based on a recently concluded properly assessing customers’ ability to
announced that 2014 had seen its first research project into its customer base. meet debt repayments sustainably. The
annual loss, revealed its enhanced The research, headed by Ms Kneafsey, group subsequently wrote off debt for
short-term credit product and refreshed found that there are about 13m people thousands of customers totalling
marketing plans today, marking the £220m.
first of a series of developments focused Wonga’s marketing drive marks a
on reshaping the company. return to advertising after the lender
Wonga confirmed it would retain its withdrew its controversial puppet com-
name for the payday loans, but was mercials from television last summer.
exploring alternative brands for the Payday lenders are seeking approval
group and a set of longer-term credit from the regulator to continue to oper-
products that it planned to offer later in ate under a tougher regime designed to
the year. protect consumers from spiralling into
It has updated its payday loan product high-cost debt.
with features such as freezing balances Many short-term credit providers
in arrears after seven days, to protect 13m £220m have not even applied for authorisation,
customers from snowballing interest. People in UK that Level of customer while a number have submitted forms
Tara Kneafsey, UK chief executive, Wonga said had debt written off without ticking the payday lending box,
said: “We’re re-presenting our short- no access to a by company after according to people familiar with the
term loans to the public in a way that mainstream bank regulator’s ruling situation.

Banks

Metro customers to borrow through P2P site

EMMA DUNKLEY Metro signalled his intention to become land have forged partnerships with
a “mainstream service”. The partner- Funding Circle, whereby businesses
Metro is to become the first British
ship was “the first of its kind in the retail that are refused loans are referred to the
bank to lend through a peer-to-peer
banking sector and a clear sign that P2P platform.
platform, fuelling concerns that insti-
Zopa is a trusted platform not only for In the US Lending Club has teamed
tutions are crowding individual inves-
consumers but also for institutions to up with several banks that can buy loans
tors out of the rapidly growing sector.
deploy their funds”, he said. originated through the platform or refer
The collaboration brings together two Zopa provides about £45m of con- customers to it as an alternative source
challenger lenders that are seeking to of funding.
disrupt the high-street stronghold of Mr Andrews said that Zopa, in con-
the “big four”. Zopa is one of the UK’s
Partnership is ‘the first trast, randomly allocated loans between
biggest P2P platforms. Metro was of its kind in the retail individual and institutional investors to
launched in 2010. ensure fairness.
P2P platforms are digital sites that
banking sector’ Institutions gained the same rates of
match lenders to borrowers directly, in a Giles Andrews, Zopa founder interest of up to 5 per cent depending on
more efficient way than traditional the length of the loan, he said.
banking and with lower fees. sumer loans a month and could boost But while individuals spread their
Some industry participants have that substantially by bringing in more investments across several borrowers,
claimed that financial institutions are institutions. institutions — which tended to place
muscling in on the market and captur- For Metro the partnership broadens much larger lump sums — were allo-
ing the best loans, forcing out individual its customer base as it seeks to acceler- cated entire loans.
investors. ate lending growth. The bank has about Loan sizes on Zopa range from £1,000
Zopa has links with hedge fund £3bn in deposits but lends only about to £25,000, with an average of about
Arrowgrass Capital Partners and P2P half that amount. £8,000.
Global Investments, an investment The tie-up differs from those already Borrowers typically use the loan to
trust, among other institutions. formed between established banks and finance a car, for home improvement, or
Giles Andrews, Zopa founder and P2P platforms in the UK. to consolidate existing debts — such as
chief executive, said the tie-up with Santander and Royal Bank of Scot- credit cards.
22 ★★★ FINANCIAL TIMES Tuesday 19 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 $

-0.83% -0.699% -0.697%

No change
0.30% 0.60% 0.14% 0.12% 0.43% 0.80% 0.06% 0.457% 0.85% 0.25%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Apr 19 - May 18 Index All World Apr 19 - May 18 Index All World Apr 19 - May 18 Index All World Apr 19 - May 18 Index All World Apr 19 - May 18 Index All World Apr 19 - May 18 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,129.20 11,998.86
15,386.77 7,060.45 19,905.46 19,890.27 2,143.50
15,108.12 6,968.87 11,594.28 2,113.72
2,081.18
Day 0.30% Month 0.62% Year NaN% Day 0.53% Month -2.22% Year 3.56% Day 0.12% Month -0.36% Year 1.66% Day 1.29% Month -0.81% Year 20.41% Day 0.80% Month 1.21% Year 41.10% Day 0.34% Month -1.39% Year 4.98%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,078.44
45,408.34 3,539.95
1,607.03 11,359.40 11,345.00 27,739.71 27,591.25
45,012.37 1,579.92 3,463.10
4,931.81
Day 0.60% Month NaN% Year NaN% Day 0.17% Month 0.88% Year 8.38% Day 0.43% Month -1.74% Year 15.97% Day 0.24% Month -0.13% Year 8.27% Day -0.83% Month -0.22% Year 21.48% Day -0.10% Month -1.86% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
18,298.88 23,610.81 28,666.04
56,204.23 5,143.26 23,198.10 4,283.49 27,687.30
54,674.21 5,012.31 4,194.82
17,826.30
Day 0.14% Month NaN% Year NaN% Day -1.82% Month 4.17% Year 4.13% Day 0.37% Month -2.55% Year 12.48% Day -1.17% Month 0.67% Year 12.35% Day -0.58% Month -0.09% Year 111.37% Day 1.33% Month -2.65% Year 14.78%

Country Index May 18 May 15 Country Index May 18 May 15 Country Index May 18 May 15 Country Index May 18 May 15 Country Index May 18 May 15 Country Index May 18 May 15
Argentina Merval 12097.38 12375.82 CyprusCSE M&P Gen 77.45 77.41 Italy FTSE Italia All-Share 24785.74 25053.63 Philippines Manila Comp 7910.43 7881.95 Taiwan Weighted Pr 9606.10 9579.48 Cross-Border DJ Global Titans ($) 247.68 247.44
Australia All Ordinaries 5660.00 5730.00 Czech Republic
PX 1022.23 1025.94 FTSE Italia Mid Cap 33155.09 33267.70 Poland Wig 57044.04 56901.42 Thailand Bangkok SET 1510.41 1512.19 Euro Stoxx 50 (Eur) 3589.22 3573.07
S&P/ASX 200 5659.20 5735.50 OMXC Copenahgen 20
Denmark 965.22 957.84 FTSE MIB 23198.10 23473.46 Portugal PSI 20 6106.30 6120.58 Turkey BIST 100 87604.89 87243.66 Euronext 100 ID 982.01 979.85
S&P/ASX 200 Res 3560.10 3587.90 Egypt EGX 30 8260.92 8303.37 Japan 2nd Section 4841.87 4825.07 PSI General 2768.18 2771.51 UAE Abu Dhabi General Index 4614.22 4584.48 FTSE 4Good Global ($) 5856.39 5850.32
Austria ATX 2637.55 2681.44 Estonia
OMX Tallinn 863.09 860.11 Nikkei 225 19890.27 19732.92 Romania BET Index 7483.25 7449.65 UK FT 30 3026.30 3019.50 FTSE All World 292.01 291.83
Belgium BEL 20 3685.78 3674.05 Finland
OMX Helsinki General 8561.86 8577.66 S&P Topix 150 1371.39 1354.31 Russia Micex Index 1678.55 1691.46 FTSE 100 6968.87 6960.49 FTSE E300 1579.92 1573.09
BEL Mid 5800.26 5791.57 FranceCAC 40 5012.31 4993.82 Topix 1626.66 1607.11 RTX 1075.47 1074.73 FTSE 4Good UK 6240.24 6233.69 FTSE Eurotop 100 3153.61 3139.01
Brazil Bovespa 56204.23 57248.63 SBF 120 3956.17 3944.10 Jordan Amman SE 2142.18 2129.03 Saudi-Arabia TADAWUL All Share Index 9807.87 9814.65 FTSE All Share 3784.33 3779.96 FTSE Global 100 ($) 1390.03 1387.89
Canada S&P/TSX 60 879.18 874.82Germany M-DAX 20654.75 20602.57 Kenya NSE 20 4979.71 4980.48 Singapore FTSE Straits Times 3459.57 3463.10 FTSE techMARK 100 3985.08 3967.67 FTSE Gold Min ($) 1288.01 1293.75
S&P/TSX Comp 15108.12 15028.12 TecDAX 1689.36 1669.30 Kuwait KSX Market Index 6349.80 6364.09 Slovakia SAX 244.00 239.47 USA DJ Composite 6430.36 6409.46 FTSE Latibex Top (Eur) 3621.00 3648.20
S&P/TSX Met & Min 794.05 790.54 XETRA Dax 11594.28 11447.03 Latvia OMX Riga 438.33 440.68 Slovenia SBI TOP 802.11 806.69 DJ Industrial 18298.88 18272.56 FTSE Multinationals ($) 1613.38 1612.30
Chile IGPA Gen 19907.00 19936.17Greece Athens Gen 825.10 811.98 Lithuania OMX Vilnius 497.26 495.69 South Africa FTSE/JSE All Share 54409.43 54028.17 DJ Transport 8740.68 8680.78 FTSE World ($) 514.15 513.80
China FTSE A200 11807.32 11963.82 FTSE/ASE 20 247.02 243.42 Luxembourg LuxX 1725.51 1733.23 FTSE/JSE Res 20 44440.12 43834.17 DJ Utilities 587.48 585.74 FTSEurofirst 100 (Eur) 4528.07 4515.60
FTSE B35 14872.81 14625.84Hong Kong Hang Seng 27591.25 27822.28 Malaysia FTSE Bursa KLCI 1823.50 1811.92 FTSE/JSE Top 40 48262.00 47935.39 Nasdaq 100 4512.95 4494.29 FTSEurofirst 80 (Eur) 4799.22 4776.48
Shanghai A 4485.04 4512.17 HS China Enterprise 13926.28 14009.76 Mexico IPC 45408.34 45332.80 South Korea Kospi 2113.72 2106.50 Nasdaq Cmp 5078.44 5048.29 MSCI ACWI Fr ($) 442.36 441.22
Shanghai B 468.47 452.58 HSCC Red Chip 5286.65 5345.63 Morocco MASI 9851.73 9845.67 Kospi 200 261.97 261.33 NYSE Comp 11227.90 11228.35 MSCI All World ($) 1807.06 1803.42
Shanghai Comp 4283.49 4308.69Hungary Bux 22251.28 22393.01 Netherlands AEX 490.15 490.96 Spain IBEX 35 11345.00 11317.30 S&P 500 2129.20 2122.73 MSCI Europe (Eur) 1533.55 1527.52
Shenzhen A 2615.74 2554.24India BSE Sensex 27687.30 27324.00 AEX All Share 748.18 749.22 Sri Lanka CSE All Share 7255.02 7258.67 Wilshire 5000 22492.02 22402.17 MSCI Pacific ($) 2571.44 2570.06
Shenzhen B 1555.89 1531.47 S&P CNX 500 6910.85 6827.05 New Zealand NZX 50 5772.71 5760.38 Sweden OMX Stockholm 30 1622.57 1616.48 Venezuela IBC 5699.58 5695.46 S&P Euro (Eur) 1588.17 1581.18
Colombia COLCAP 1357.00 1360.76Indonesia Jakarta Comp 5237.81 5227.10 Nigeria SE All Share 34439.40 34414.18 OMX Stockholm AS 533.99 531.88 Vietnam VNI 528.95 537.44 S&P Europe 350 (Eur) 1623.70 1616.09
Croatia CROBEX 1719.23 1716.58Ireland ISEQ Overall 6150.90 6185.97 Norway Oslo All Share 703.40 704.85 Switzerland SMI Index 9196.55 9109.92 S&P Global 1200 ($) 2004.27 2005.26
Israel Tel Aviv 100 14.39 14.36 Pakistan KSE 100 32886.06 33039.20 Stoxx 50 (Eur) 3430.74 3412.57
(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 18 %Chg %Chg May 18 %Chg %Chg May 18 %Chg %Chg May 18 %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 64.9 130.19 1.42 Bhp Billiton 245.0 1463.00 -70.00 Telefonica 1660.4 13.05 0.06 Mitsubishi Ufj Fin,. 1748.3 911.80 39.90 Fresnillo 792.50 13.0 3.5 Bwin.party Digital Entertainment 108.00 22.6 -8.3 Goodwin 2965.00 19.9 19.1 Forestry & Paper 15726.18 10.4 39.0
At&t 20.8 34.87 0.54 Glaxosmithkline 163.7 1432.00 13.50 Santander 436.8 6.61 -0.03 Mizuho Fin,. 1135.8 245.70 11.10 Mondi 1460.00 10.4 39.0 Crest Nicholson Holdings 511.00 10.6 31.6 Aga Rangemaster 113.25 19.5 -4.0 Oil Equipment & Services 18970.01 4.3 15.4
Facebook Class A 15.9 80.88 0.46 Lloyds Banking 137.9 88.14 -0.86 Eni 429.1 16.41 0.02 Sumitomo Mitsui Fin,. 708.7 5322.00 182.00 Persimmon 1874.00 6.0 18.8 Centamin 67.80 8.7 15.1 Batm Advanced Communications Ld 14.25 14.0 -9.5 Real Estate Investment Trusts 3444.19 3.1 12.8
Gilead Sciences 13.8 111.00 1.70 Vodafone 128.6 234.10 -0.40 Intesa Sanpaolo 410.1 3.24 -0.01 Toyota Motor 518.0 8352.00 56.00 Barratt Developments 583.00 4.7 23.8 Acacia Mining 310.00 8.2 21.4 Tt Electronics 151.50 13.9 46.4 Real Estate & Investment Servic 3189.91 2.9 19.2
Netflix 11.9 617.87 4.62 Bp 120.5 452.30 -0.10 Novartis N 378.0 90.58 0.00 Sharp 475.0 169.00 -17.00 3i 539.00 4.6 19.7 Bovis Homes 1064.00 7.2 20.3 Kenmare Resources 4.00 11.1 23.5 Household Goods 14922.69 1.9 16.6
Microsoft 11.1 48.01 -0.29 Astrazeneca 108.8 4390.00 22.50 Roche Gs 372.1 261.14 0.00 Thb Dai-ichi Life Insurance , 425.1 2197.50 210.00 Randgold Resources Ld 4908.00 4.4 12.1 Redrow 429.60 6.8 45.4 4imprint 1150.00 11.0 42.9 Industrial Engineering 9320.77 1.7 5.3
Johnson & Johnson 10.8 103.42 1.12 Royal Dutch Shell 104.0 2011.00 -15.00 Unicredit 355.5 6.32 0.12 Fanuc 410.9 25450.00 -520.00 Experian 1225.00 4.1 12.6 Countrywide 593.00 6.7 35.8 Carpetright 519.50 9.7 29.7 Electricity 9930.49 1.5 1.3
Google Class C Capital Stock 9.8 532.30 -1.55 Rio Tinto 98.6 2925.00 -5.50 Bbva 313.4 9.03 -0.05 Softbank . 386.4 7320.00 74.00 Land Securities 1311.00 4.0 13.3 Dairy Crest 507.50 6.6 1.7 Anglo Pacific 100.75 9.2 0.8 Electronic & Electrical Equip. 4401.01 1.2 9.0
Bank Of America 8.3 16.51 0.16 Hsbc Holdings 97.9 618.60 1.70 Nestle N 302.7 68.58 0.00 Toshiba 369.6 416.10 4.50 Taylor Wimpey 187.20 3.8 35.8 Bellway 2251.00 6.5 16.1 Moss Bros 98.25 9.2 11.6 Food Producers 7891.12 1.0 -3.2
Pfizer 8.2 33.98 -0.01 Royal Dutch Shell 84.2 1981.50 -10.00 Volkswagen Ag Vzo O.n. 301.5 215.70 0.00 Takeda Pharmaceutical 356.7 6067.00 -159.00 British Land 875.50 3.7 12.7 Berkeley Holdings (the) 2922.00 6.3 17.8 Ashley (laura) Holdings 33.75 8.9 13.9 Industrial Transportation 3051.53 0.9 7.8
Dixons Carphone 472.80 3.4 2.2 Aveva 2000.00 6.2 52.2 Braemar Shipping Services 489.00 8.7 18.6 General Industrials 4425.75 0.8 13.6
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
Marks And Spencer 581.00 3.0 21.3 Petra Diamonds 176.10 5.8 -9.2 Anite 92.00 8.6 15.7 Software & Computer Services 1536.71 0.8 23.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Altera 46.93 2.51 5.65 Aveva 2000.00 165.00 8.99 Orange 14.74 0.53 3.73 Thb Dai-ichi Life Insurance , 2197.50 210.00 10.57 Easyjet 1678.00 -8.5 0.4 Rotork 262.90 -89.4 -88.7 Brammer 311.75 -22.1 -8.7 Industrial Metals 1924.44 -3.8 26.2
Skyworks Solutions 103.03 5.47 5.61 Bwin.party Digital Entertainment 108.00 8.55 8.60 Volvo , Ab Ser. B 11.91 0.36 3.15 Sumitomo Electric Industries, 1845.00 130.00 7.58 Bhp Billiton 1463.00 -6.9 5.4 Kier 1345.00 -16.8 -9.8 Utv Media 160.00 -9.1 -8.6 Food & Drug Retailers 3136.38 -3.7 10.7
Discovery Communications Series C 30.64 1.18 4.01 Fresnillo 792.50 40.50 5.39 Peugeot 17.60 0.46 2.65 T&d Holdings, . 1777.50 94.00 5.58 Sainsbury (j) 266.20 -5.4 7.9 Nostrum Oil & Gas 552.00 -7.9 31.4 Circassia Pharmaceuticals 288.25 -8.4 3.4 Oil & Gas Producers 7273.20 -2.4 1.9
Discovery Communications Series A 32.98 1.23 3.86 Al Noor Hospitals 888.00 45.00 5.34 Unicredit 6.32 0.12 1.93 Oji Holdings 543.00 27.00 5.23 Tui Ag 1202.00 -5.4 12.3 Bank Of Georgia Holdings 1684.00 -6.4 -18.9 Oxford Biomedica 11.00 -6.4 109.5 Technology Hardware & Equip. 1332.41 -2.3 11.9
Tenet Healthcare New 50.14 1.69 3.49 Mitie 298.70 11.00 3.82 Technip 62.23 1.16 1.90 Nksj Holdings,. 4133.00 202.50 5.15 Anglo American 1077.00 -4.5 -10.3 Colt S.a. 148.50 -6.1 10.8 Ferrexpo 73.25 -6.1 38.2 Fixed Line Telecommunication 5259.11 -1.8 14.9
Tesco 222.10 -4.5 17.5 Fidessa 2257.00 -5.9 -5.6 Management Consulting 17.75 -5.3 11.8 Pharmaceuticals & Biotech. 13243.52 -1.7 4.2
Downs Downs Downs Downs
Kingfisher 355.00 -4.2 4.3 Grafton 800.50 -5.0 25.5 Sdl 442.50 -5.1 6.6 Mining 14490.69 -1.7 1.5
Endo Int 80.77 -4.58 -5.37 Rotork 262.90 -2256.10 -89.56 Omv Ag 27.80 -2.52 -8.31 Sharp 169.00 -17.00 -9.14
Aberdeen Asset Management 433.60 -3.6 0.3 Euromoney Institutional Investor 1195.00 -4.8 14.1 Johnston Press 150.50 -5.0 -9.3 Aerospace & Defense 5164.49 -1.2 8.5
Keurig Green Mountain 90.42 -3.84 -4.07 Kier 1345.00 -312.00 -18.83 Credit Agricole 13.79 -0.44 -3.06 Dentsu . 5920.00 -240.00 -3.90
Royal Dutch Shell 2011.00 -3.5 -9.9 Inmarsat 967.00 -4.7 21.0 Mccoll's Retail 168.25 -4.9 -6.5 Tobacco 43053.17 -0.8 6.0
Transocean 20.15 -0.64 -3.08 Bhp Billiton 1463.00 -70.00 -4.57 Arcelormittal 10.13 -0.25 -2.41 Takeda Pharmaceutical 6067.00 -159.00 -2.55
Rio Tinto 2925.00 -3.5 -2.5 Cairn Energy 179.20 -4.7 0.4 Enquest 54.50 -4.8 53.5 Banks 4613.96 -0.8 5.4
Freeport-mcmoran 22.13 -0.70 -3.07 Colt S.a. 148.50 -6.50 -4.19 Erste Bank Ag 26.41 -0.57 -2.11 Fanuc 25450.00 -520.00 -2.00
Admiral 1456.00 -3.4 10.1 Premier Oil 171.00 -4.6 2.3 Aberdeen New Thai Investment Trust 425.00 -4.6 -3.4 Construction & Materials 4837.66 -0.6 17.1
Windstream Holdings 8.36 -0.25 -2.90 Soco Int 186.50 -7.90 -4.06 Unibail-rodamco 238.90 -4.95 -2.03 Nec 403.00 -8.00 -1.95
Royal Dutch Shell 1981.50 -3.4 -8.0 Regus 250.80 -4.6 20.3 Tribal 150.00 -4.3 -6.7 Mobile Telecommunications 5325.39 -0.6 6.0
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 18 Currency Mid Change Mid Change Mid Change May 18 Currency Mid Change Mid Change Mid Change May 18 Currency Mid Change Mid Change Mid Change May 18 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.9478 0.0028 10.1683 -0.0657 14.0338 -0.0922 Indonesia Indonesian Rupiah 13137.0000 48.0000 14928.9383 -46.1881 20604.1550 -66.0986 Poland Polish Zloty 3.5797 0.0382 4.0679 0.0161 5.6143 0.0216 ..Three Month 0.6375 0.0044 0.7244 0.0001 - -
Australia Australian Dollar 1.2488 0.0070 1.4191 -0.0015 1.9585 -0.0024 Israel Israeli Shekel 3.8326 0.0216 4.3554 -0.0048 6.0111 -0.0073 Romania Romanian Leu 3.9184 0.0341 4.4529 0.0089 6.1456 0.0115 ..One Year 0.6373 0.0044 0.7239 0.0001 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4285 -0.0029 0.5914 -0.0041 Japan Japanese Yen 119.8450 0.5450 136.1921 -0.2989 187.9656 -0.4335 Russia Russian Ruble 49.0403 -0.4748 55.7295 -0.9206 76.9150 -1.2793 United States United States Dollar - - 1.1364 -0.0077 1.5684 -0.0108
Bolivia Bolivian Boliviano 6.9000 - 7.8412 -0.0531 10.8220 -0.0745 ..One Month 119.8450 0.5449 136.1922 -0.2989 187.9655 -0.4337 Saudi Arabia Saudi Riyal 3.7501 -0.0001 4.2616 -0.0290 5.8817 -0.0407 ..One Month - - 1.1364 -0.4428 1.5684 -0.0108
Brazil Brazilian Real 3.0188 0.0413 3.4305 0.0240 4.7346 0.0325 ..Three Month 119.8449 0.5447 136.1922 -0.2989 187.9653 -0.4342 Singapore Singapore Dollar 1.3250 0.0054 1.5057 -0.0040 2.0781 -0.0057 ..Three Month - - 1.1363 -0.4428 1.5683 -0.0108
Canada Canadian Dollar 1.2132 0.0125 1.3787 0.0049 1.9028 0.0066 ..One Year 119.8441 0.5432 136.1920 -0.2991 187.9655 -0.4354 South Africa South African Rand 11.8497 0.0720 13.4660 -0.0088 18.5851 -0.0143 ..One Year - - 1.1356 -0.4428 1.5681 -0.0108
Chile Chilean Peso 600.4500 3.5100 682.3528 -0.6058 941.7494 -0.9413 Kenya Kenyan Shilling 96.3500 0.3500 109.4924 -0.3412 151.1159 -0.4878 South Korea South Korean Won 1085.7000 -0.0500 1233.7921 -8.4138 1702.8186 -11.8034 Venezuela Venezuelan Bolivar Fuerte 6.2925 0.0025 7.1508 -0.0456 9.8692 -0.0640
China Chinese Yuan 6.2043 -0.0018 7.0506 -0.0498 9.7309 -0.0698 Kuwait Kuwaiti Dinar 0.3013 0.0005 0.3424 -0.0017 0.4726 -0.0025 Sweden Swedish Krona 8.2255 -0.0125 9.3475 -0.0776 12.9010 -0.1086 Vietnam Vietnamese Dong 21792.5000 27.5000 24765.1030 -136.2255 34179.5039 -191.9623
Colombia Colombian Peso 2430.0000 13.9250 2761.4583 -2.7717 3811.2269 -4.2520 Malaysia Malaysian Ringgit 3.5690 0.0050 4.0558 -0.0217 5.5976 -0.0306 Switzerland Swiss Franc 0.9220 0.0061 1.0477 -0.0002 1.4460 -0.0004 European Union Euro 0.8800 0.0059 - - 1.3802 -0.0002
Costa Rica Costa Rican Colon 531.8000 0.0500 604.3388 -4.0360 834.0784 -5.6639 Mexico Mexican Peson 15.1283 0.1073 17.1918 0.0063 23.7272 0.0060 Taiwan New Taiwan Dollar 30.4360 -0.0270 34.5875 -0.2652 47.7360 -0.3713 ..One Month 0.8799 0.0059 - - 1.3801 -0.0002
Czech Republic Czech Koruna 24.1139 0.1728 27.4030 0.0120 37.8203 0.0124 New Zealand New Zealand Dollar 1.3523 0.0158 1.5367 0.0077 2.1209 0.0104 Thailand Thai Baht 33.3300 -0.2200 37.8763 -0.5082 52.2750 -0.7074 ..Three Month 0.8798 0.0059 - - 1.3800 -0.0002
Denmark Danish Krone 6.5668 0.0433 7.4625 -0.0011 10.2994 -0.0026 Nigeria Nigerian Naira 199.0500 - 226.2009 -1.5321 312.1912 -2.1495 Tunisia Tunisian Dinar 1.9170 0.0111 2.1784 -0.0021 3.0066 -0.0033 ..One Year 0.8792 0.0059 - - 1.3795 -0.0002
Egypt Egyptian Pound 7.6044 -0.0047 8.6417 -0.0639 11.9268 -0.0895 Norway Norwegian Krone 7.3733 0.0551 8.3790 0.0062 11.5642 0.0073 Turkey Turkish Lira 2.5775 0.0003 2.9291 -0.0196 4.0426 -0.0274
Hong Kong Hong Kong Dollar 7.7511 0.0003 8.8084 -0.0593 12.1569 -0.0832 Pakistan Pakistani Rupee 101.9350 0.0850 115.8392 -0.6873 159.8755 -0.9666 United Arab Emirates UAE Dirham 3.6731 - 4.1741 -0.0283 5.7608 -0.0397
Hungary Hungarian Forint 271.6033 3.0910 308.6506 1.4458 425.9843 1.9482 Peru Peruvian Nuevo Sol 3.1515 0.0030 3.5814 -0.0208 4.9428 -0.0293 United Kingdom Pound Sterling 0.6376 0.0044 0.7246 0.0001 - -
India Indian Rupee 63.6550 0.1300 72.3377 -0.3412 99.8369 -0.4821 Philippines Philippine Peso 44.4900 -0.0100 50.5585 -0.3539 69.7784 -0.4962 ..One Month 0.6376 0.0044 0.7245 0.0001 - -
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 18 May 15 May 14 May 13 May 12 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 3026.30 3019.50 3015.30 2993.50 2990.10 0.00 3110.40 2669.30 Forestry & Paper 38.19 Support Services 11.13 Equity Invest Instr 5.63 FTSE 100 Price Change FTSE 100 Price Change
May 18 chge% Index May 15 May 14 ago yield% Cover ratio adj Return FT 30 Div Yield 1.71 1.71 1.71 1.73 1.73 0.00 3.93 2.74 Industrial Metals & 27.79 Travel & Leisure 10.53 Banks 5.57 3I Group PLC 539.00 4.50 Land Securities Group PLC 1311 2.00
FTSE 100 (101) 6968.87 0.12 7498.76 6960.49 6973.04 6844.55 3.44 1.92 15.13 116.12 5349.94 P/E Ratio net 26.16 26.09 26.10 25.85 25.87 0.00 19.44 14.26 Software & Comp Serv 19.53 Industrials 10.51 Chemicals 5.26 Aberdeen Asset Management PLC 433.60 0.10 Legal & General Group PLC 266.00 -0.10
FTSE 250 (250) 18022.21 0.01 19392.54 18020.42 17929.33 15379.44 2.38 2.20 19.09 165.76 12343.21 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Real Est Invest & Se 17.26 Tech Hardware & Eq 10.38 Industrial Eng 4.78 Admiral Group PLC 1456 -7.00 Lloyds Banking Group PLC 88.14 -0.86
FTSE 250 ex Inv Co (211) 19617.27 0.01 21108.88 19614.64 19511.50 16675.90 2.40 2.33 17.88 182.60 13699.39 FT 30 hourly changes Construct & Material 16.27 Telecommunications 9.72 Pharmace & Biotech 3.61 Aggreko PLC 1619 18.00 London Stock Exchange Group PLC 2461 -1.00
FTSE 350 (351) 3849.70 0.10 4142.41 3845.77 3848.30 3698.41 3.27 1.95 15.67 59.37 5961.22 8 9 10 11 12 13 14 15 16 High Low Household Goods & Ho 15.85 General Retailers 9.24 Health Care 3.44 Anglo American PLC 1077 -13.50 Marks And Spencer Group PLC 581.00 13.00
FTSE 350 ex Investment Trusts (312) 3828.73 0.10 4119.85 3824.73 3827.60 3685.17 3.29 1.96 15.49 59.62 3052.41 3019.5 3036.1 3033.4 3023.4 3017.3 3015.7 3016.3 3021.3 3025 3040.3 3007.3 Financial Services 15.66 Personal Goods 8.94 Oil & Gas 2.90 Antofagasta PLC 793.00 4.00 Meggitt PLC 513.50 0.50
FTSE 350 Higher Yield (95) 3641.01 0.06 3917.86 3638.74 3650.64 3765.01 4.65 1.73 12.40 80.79 5737.39 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 15.38 Financials 8.57 Automobiles & Parts 2.85 Arm Holdings PLC 1111 10.00 Merlin Entertainments PLC 465.00 2.10
FTSE 350 Lower Yield (256) 3682.53 0.14 3962.54 3677.35 3670.30 3273.62 1.90 2.48 21.17 32.03 3852.78 Media 14.47 Aerospace & Defense 8.56 Oil & Gas Producers 2.52 Ashtead Group PLC 1183 6.00 Mondi PLC 1460 9.00
FTSE SmallCap (289) 4734.35 0.51 5094.33 4710.13 4714.85 4417.08 2.53 1.96 20.14 47.61 6377.68 Oil Equipment & Serv 14.10 Nonlife Insurance 8.55 Basic Materials 2.27
FTSE SmallCap ex Inv Co (151) 4231.56 0.54 4553.31 4208.93 4222.01 3983.86 2.40 3.02 13.78 40.43 5986.28 FX: EFFECTIVE INDICES Technology 14.01 FTSE SmallCap Index 7.88 Beverages 1.67
Associated British Foods PLC 2912 3.00 Morrison (Wm) Supermarkets PLC 178.80 -0.50
Astrazeneca PLC 4390 22.50 National Grid PLC 895.00 1.40
FTSE All-Share (640) 3784.33 0.12 4072.08 3779.96 3782.49 3632.11 3.24 1.95 15.79 57.67 5928.41 Real Est Invest & Tr 12.54 FTSE All{HY-}Share Index 7.00 Health Care Eq & Srv 1.53
May 15 May 14 Mnth Ago May 18 May 15 Mnth Ago Aviva PLC 535.00 -7.50 Next PLC 7355 10.00
FTSE All-Share ex Inv Co (463) 3750.50 0.11 4035.67 3746.28 3749.26 3608.22 3.27 1.98 15.45 57.97 3039.68 Electronic & Elec Eq 12.28 Industrial Transport 6.74 Electricity 0.92 Babcock International Group PLC 1111 30.00 Old Mutual PLC 229.80 -
FTSE All-Share ex Multinationals (575) 1260.04 0.02 1123.75 1259.78 1256.02 1115.42 2.54 2.12 18.52 12.58 2110.56 Australia 98.88 99.28 95.89 Sweden 77.87 78.11 77.62 FTSE 250 Index 12.03 Consumer Goods 6.55 Mining 0.67 Bae Systems PLC 502.00 -1.50 Pearson PLC 1325 10.00
FTSE Fledgling (96) 7744.69 0.43 8333.56 7711.84 7683.22 6827.02 2.25 -0.53 -83.12 56.88 13743.21 Canada 97.31 97.70 94.46 Switzerland 165.54 166.34 165.50 Consumer Services 11.62 NON FINANCIALS Index 6.46 Leisure Goods 0.45 Barclays PLC 261.15 -0.50 Persimmon PLC 1874 26.00
FTSE Fledgling ex Inv Co (54) 10250.47 0.82 11029.88 10167.09 10122.72 8471.41 2.21 -2.02 -22.38 66.27 17686.03 Denmark 105.65 105.47 104.65 UK 91.87 91.96 89.65 Food & Drug Retailer 11.46 Mobile Telecomms 6.38 Utilities 0.04 Barratt Developments PLC 583.00 6.50 Prudential PLC 1637 10.00
FTSE All-Small (385) 3279.29 0.51 3528.63 3262.64 3265.22 3050.66 2.52 1.86 21.32 32.56 5672.69 Japan 125.58 125.84 129.47 USA 99.53 99.59 103.40 Life Insurance 11.14 Tobacco 6.04 Gas Water & Multi -0.21 Bg Group PLC 1163.5 -13.50 Randgold Resources LD 4908 40.00
FTSE All-Small ex Inv Co Index (205) 3151.16 0.55 3390.76 3133.95 3142.75 2946.69 2.40 2.83 14.75 29.67 5648.66 New Zealand 122.18 122.69 126.86 Euro 86.76 86.38 84.14 FTSE 100 Index 6.01 Food Producers -2.18 Bhp Billiton PLC 1463 -70.00 Reckitt Benckiser Group PLC 5764 15.00
FTSE AIM All-Share Index (833) 759.99 -0.26 817.77 762.00 759.47 791.42 1.30 1.23 62.60 3.22 810.94 Norway 96.07 95.67 93.79
BP PLC 452.30 -0.10 Reed Elsevier PLC 1101 4.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3595.5 3.50 Rio Tinto PLC 2925 -5.50
Oil & Gas (19) 7730.88 -0.45 8318.71 7765.96 7853.44 9305.84 4.87 1.39 14.74 184.32 6298.23 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 875.50 -2.50 Rolls-Royce Holdings PLC 1010 -3.00
Oil & Gas Producers (12) 7320.68 -0.52 7877.31 7358.99 7441.45 8815.07 4.91 1.39 14.69 177.32 6167.27 Bt Group PLC 461.35 -1.65 Royal Bank Of Scotland Group PLC 351.30 -0.50
Oil Equipment Services & Distribution (7)19633.92 1.32 21126.80 19377.94 19625.85 23511.27 3.86 1.58 16.35 278.35 14040.38 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1892 2.00 Royal Dutch Shell PLC 2011 -15.00
Basic Materials (31) 4874.62 0.64 5245.27 4843.49 4896.47 5490.99 3.91 2.73 9.38 110.88 4668.33 Burberry Group PLC 1776 3.00 Royal Dutch Shell PLC 1981.5 -10.00
Chemicals (7) 12648.16 -0.40 13609.87 12699.48 12743.99 11556.88 2.06 2.49 19.47 86.72 10738.66 May 18 No of US $ Day Mth YTD Total
YTD Gr Div May 18 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1263 - Royal Mail PLC 499.00 13.60
Forestry & Paper (1) 17160.15 0.62 18464.94 17054.37 17077.88 12023.86 2.13 3.38 13.89 241.11 17707.44 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3171 24.00 Rsa Insurance Group PLC 435.30 1.40
Industrial Metals & Mining (2) 1997.48 0.37 2149.36 1990.04 2104.21 1301.46 0.52 -20.25 -9.42 5.46 1733.68 FTSE Global All Cap 7611 500.29 0.1 2.0 6.5 675.06
7.6 2.3 Oil & Gas 165 410.48 -0.4 -0.4 3.1 612.96 4.4 3.5 Centrica PLC 280.70 -0.30 Sabmiller PLC 3632 8.50
Mining (21) 13868.49 0.77 14922.99 13762.30 13925.12 16272.02 4.23 2.75 8.59 349.03 6933.76 FTSE Global All Cap 6975 513.86 0.1 1.8 6.1 681.04
7.1 2.2 Oil & Gas Producers 116 371.32 -0.5 -0.5 2.5 563.96 3.8 3.6 Coca-Cola Hbc AG 1419 28.00 Sage Group PLC 561.50 17.50
FTSE Global Large Cap 1360 441.07 0.0 2.0 5.8 608.28
7.0 2.4 Oil Equipment & Services 39 433.19 0.0 0.0 4.5 590.97 5.7 3.2 Compass Group PLC 1146 -1.00 Sainsbury (J) PLC 266.20 0.30
Industrials (114) 4766.46 0.23 5128.88 4755.58 4753.74 4400.22 2.29 1.38 31.51 48.88 4667.07
Construction & Materials (13) 5005.95 0.26 5386.58 4993.04 4970.23 4481.78 2.56 -0.40 -98.32 77.03 5072.33 FTSE Global Mid Cap 1665 669.23 0.2 2.2 8.4 864.37
9.3 1.8 Basic Materials 274 466.94 -0.3 -0.3 7.2 673.69 8.6 2.7 Crh PLC 1816 - Schroders PLC 3378 -5.00
Aerospace & Defense (9) 5350.93 -0.19 5757.79 5360.87 5354.20 4945.35 2.08 1.35 35.65 69.13 5477.31 FTSE Global Small Cap 4586 705.81 0.4 2.2 8.2 884.54
8.9 1.8 Chemicals 124 685.30 0.0 0.0 9.9 994.68 11.1 2.2 Diageo PLC 1793.5 7.50 Severn Trent PLC 2174 8.00
General Industrials (6) 3593.70 0.42 3866.95 3578.54 3571.91 3442.02 3.15 1.82 17.42 48.72 3836.59 FTSE All-World 3025 292.01 0.1 2.0 6.2 415.59
7.4 2.3 Forestry & Paper 17 232.76 0.0 0.0 11.8 368.31 13.5 2.7 Direct Line Insurance Group PLC 323.90 0.70 Shire PLC 5375 -10.00
Electronic & Electrical Equipment (12) 5732.85 -0.17 6168.75 5742.33 5729.85 5104.10 2.00 2.08 23.97 29.32 4990.11 FTSE World 2530 514.15 0.1 2.2 5.8 982.92
7.0 2.3 Industrial Metals & Mining 71 425.50 -0.7 -0.7 3.2 613.89 4.1 2.4 Dixons Carphone PLC 472.80 1.90 Sky PLC 1074 -2.00
Industrial Engineering (14) 9763.04 0.95 10505.39 9670.79 9679.23 10773.54 2.47 2.03 19.99 151.58 11306.40 FTSE Global All Cap ex UNITED KINGDOM In 7277 511.93 0.1 1.8 6.4 681.50
7.4 2.2 Mining 62 587.43 -0.8 -0.8 3.1 841.29 5.3 4.0 Easyjet PLC 1678 -22.00 Smith & Nephew PLC 1135 10.00
Industrial Transportation (8) 4503.97 1.65 4846.44 4430.94 4426.52 4711.18 3.45 1.47 19.72 29.35 3670.03 FTSE Global All Cap ex USA 5645 488.32 -0.2 2.0 9.2 698.08
10.6 2.7 Industrials 530 334.24 0.1 0.1 6.2 458.85 7.2 2.0 Experian PLC 1225 -1.00 Smiths Group PLC 1148 7.00
Support Services (52) 7055.65 0.21 7592.14 7040.75 7047.97 6264.36 2.14 1.53 30.54 52.81 6965.81 FTSE Global All Cap ex JAPAN 6355 511.45 0.0 2.1 5.7 695.96
6.8 2.3 Construction & Materials 110 473.31 -0.2 -0.2 9.7 681.22 10.9 2.0 Fresnillo PLC 792.50 40.50 Sports Direct International PLC 664.50 -1.00
FTSE Developed 2088 464.35 0.1 2.2 5.9 631.63
7.1 2.3 Aerospace & Defense 29 530.72 0.0 0.0 6.8 722.40 7.7 1.9 G4S PLC 294.00 0.60 Sse PLC 1667 6.00
Consumer Goods (40) 17281.39 0.27 18595.39 17235.21 17209.16 15900.45 2.93 1.79 19.03 251.27 11985.76
FTSE Developed All Cap 5657 488.28 0.1 2.2 6.2 657.18
7.3 2.2 General Industrials 57 227.69 -0.1 -0.1 4.7 334.96 5.9 2.5 Gkn PLC 357.40 3.60 St. James's Place PLC 936.00 -8.00
Automobiles & Parts (1) 8399.07 1.02 9037.70 8314.46 8415.52 8713.97 2.35 1.72 24.67 131.60 7650.09
FTSE Developed Large Cap 884 428.89 0.1 2.2 5.4 590.99
6.6 2.4 Electronic & Electrical Equipment 68 361.15 0.3 0.3 11.0 457.59 11.8 1.5 Glaxosmithkline PLC 1432 13.50 Standard Chartered PLC 1052.5 1.00
Beverages (6) 14483.54 0.38 15584.81 14428.44 14401.43 14392.35 2.43 1.85 22.20 94.19 9665.03
FTSE Developed Europe Large Cap 206 381.79 -0.2 3.5 8.0 593.90
10.2 3.2 Industrial Engineering 103 667.76 -0.1 -0.1 8.0 903.18 9.3 2.0 Glencore PLC 297.00 3.70 Standard Life PLC 481.00 -
Food Producers (10) 8035.39 0.06 8646.37 8030.39 7942.75 8056.23 1.99 1.59 31.61 8.94 6601.09
FTSE Developed Europe Mid Cap 307 562.80 -0.4 5.2 12.5 798.20
14.1 2.3 Industrial Transportation 93 587.94 0.0 0.0 -1.5 803.15 -0.9 2.1 Hammerson PLC 688.50 -2.00 Taylor Wimpey PLC 187.20 2.50
Household Goods & Home Construction (13)12454.11 0.66 13401.07 12372.96 12339.71 9510.46 2.25 2.36 18.81 127.23 8369.90
FTSE Dev Europe Small Cap 722 782.97 -0.5 6.9 13.7 1080.05
15.1 2.1 Support Services 70 293.59 0.4 0.4 7.7 388.18 8.7 1.9 Hargreaves Lansdown PLC 1265 16.00 Tesco PLC 222.10 -2.40
Leisure Goods (2) 5068.34 0.59 5453.71 5038.78 5115.34 5161.56 4.17 1.05 22.75 109.73 4193.28
FTSE North America Large Cap 314 458.19 0.2 2.1 3.0 594.88
3.9 2.1 Consumer Goods 406 435.74 0.1 0.1 7.6 611.39 8.8 2.3 Hikma Pharmaceuticals PLC 2071 -30.00 Travis Perkins PLC 2169 15.00
Personal Goods (6) 23433.61 0.29 25215.40 23366.10 23387.73 20839.95 2.79 2.74 13.08 279.57 14876.01
FTSE North America Mid Cap 399 711.05 0.4 1.3 4.8 868.29
5.4 1.5 Automobiles & Parts 98 430.36 0.5 0.5 10.4 580.79 11.8 2.1 HSBC Holdings PLC 618.60 1.70 Tui AG 1202 -8.00
Tobacco (2) 43053.24 -0.11 46326.83 43100.75 43068.37 40153.92 4.07 1.28 19.18 1201.25 25767.58
FTSE North America Small Cap 1486 728.95 0.7 1.2 5.8 866.08
6.4 1.5 Beverages 48 565.24 -0.2 -0.2 5.1 801.22 5.9 2.4 Imperial Tobacco Group PLC 3220 -18.00 Unilever PLC 2855 10.00
Health Care (21) 9659.09 0.53 10393.53 9608.52 9648.18 9091.26 3.55 3.47 8.13 203.17 6934.05
FTSE North America 713 308.81 0.2 2.0 3.3 411.10
4.1 2.0 Food Producers 102 584.31 -0.1 -0.1 5.9 848.16 7.3 2.2 Intercontinental Hotels Group PLC 2776 16.00 United Utilities Group PLC 998.50 6.00
Health Care Equipment & Services (9) 6966.46 0.72 7496.16 6916.87 6876.33 5225.04 1.41 2.33 30.37 55.16 5864.63
FTSE Developed ex North America 1375 256.40 -0.1 2.5 9.9 394.01
11.6 2.7 Household Goods & Home Construction 43 403.88 0.0 0.0 1.9 564.03 3.1 2.4 International Consolidated Airlines Group S.A. 568.50 1.50 Vodafone Group PLC 234.10 -0.40
Pharmaceuticals & Biotechnology (12)13128.64 0.51 14126.88 13062.23 13128.46 12579.37 3.75 3.51 7.61 292.29 8365.43
FTSE Japan Large Cap 174 352.86 0.8 1.9 15.7 436.64
16.7 1.7 Leisure Goods 26 146.09 -0.1 -0.1 16.0 185.98 16.5 1.2 Intertek Group PLC 2667 -28.00 Weir Group PLC 1936 38.00
Consumer Services (96) 5107.03 0.10 5495.35 5102.04 5072.93 4441.98 2.11 1.96 24.23 47.58 4546.81 FTSE Japan Mid Cap 304 496.21 0.5 1.2 16.7 594.67
17.7 1.4 Personal Goods 76 633.35 0.4 0.4 8.6 848.50 9.5 1.9
Food & Drug Retailers (7) 3270.45 -0.78 3519.13 3296.01 3324.25 4102.86 2.13 0.33 143.11 36.49 3718.73 Intu Properties PLC 343.40 -1.50 Whitbread PLC 5290 -35.00
FTSE Global wi JAPAN Small Cap 778 522.15 0.4 1.2 11.4 645.54
12.4 1.6 Tobacco 13 1162.37 -0.7 -0.7 8.3 2210.41 10.0 4.0 Itv PLC 265.00 3.00 Wolseley PLC 3940 13.00
General Retailers (31) 3167.01 0.45 3407.81 3152.95 3138.58 2748.70 2.01 2.51 19.87 14.58 3405.23
FTSE Japan 478 144.89 0.8 1.8 15.9 201.56
16.9 1.6 Health Care 159 480.03 0.5 0.5 10.5 662.79 11.6 1.7 Johnson Matthey PLC 3360 -15.00 Wpp PLC 1560 9.00
Media (23) 7620.62 0.37 8200.06 7592.87 7568.78 6052.82 2.58 1.78 21.77 93.21 4429.37
FTSE Asia Pacific Large Cap ex Japan 492 664.79 -0.5 -1.4 8.0 971.83
8.9 2.8 Health Care Equipment & Services 56 649.25 0.6 0.6 9.9 739.02 10.2 1.0 Kingfisher PLC 355.00 1.10
Travel & Leisure (35) 8702.14 -0.05 9363.82 8706.25 8590.74 7025.40 1.76 2.44 23.19 79.00 7841.78
FTSE Asia Pacific Mid Cap ex Japan 444 908.76 0.0 0.0 12.7 1284.50
13.5 2.4 Pharmaceuticals & Biotechnology 103 369.68 0.4 0.4 10.7 530.11 12.0 2.0
Telecommunications (8) 4077.66 -0.36 4387.70 4092.50 4108.35 3578.32 3.82 2.51 10.43 3.18 4108.10 FTSE Asia Pacific Small Cap ex Japan 1376 604.45 0.2 1.6 13.1 842.33
13.8 2.4 Consumer Services 383 402.56 0.1 0.1 7.6 517.82 8.3 1.6
Fixed Line Telecommunications (6) 5332.51 -0.38 5737.97 5352.92 5377.10 4350.80 2.59 1.87 20.62 0.00 4493.04
Mobile Telecommunications (2) 5317.32 -0.35 5721.63 5336.02 5354.42 4870.83 4.63 2.75 7.86 6.89 4749.69
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
936
1954
526.98
752.48
-0.4
-0.2
-1.3
0.4
8.6 819.07
9.5 2.7 Food & Drug Retailers
9.1 1049.36
9.8 2.7 General Retailers
54 326.09
121 522.39
-0.3
0.3
-0.3
0.3
8.4 436.28
9.3 656.57
9.2
10.0
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8838.05 0.21 9510.06 8819.23 8766.60 8836.33 4.61 1.01 21.45 81.24 9058.30 FTSE Emerging Large Cap 476 715.45 -0.3 0.2 9.4 1003.20
10.1 2.7 Media 88 316.92 0.1 0.1 5.4 408.02 6.1 1.5 May 18 May 15 May 14 May 13 May 12 Yr Ago
Electricity (3) 9902.75 0.37 10655.72 9866.15 9841.46 9789.13 5.03 0.95 20.89 157.74 12672.35 FTSE Emerging Mid Cap 461 935.23 0.0 1.8 8.6 1302.68
9.5 2.5 Travel & Leisure 120 386.03 0.2 0.2 7.2 501.25 8.0 1.6 SEAQ Bargains 7891.00 8210.00 8210.00 8333.00 8908.00 7314.00
Gas Water & Multiutilities (5) 8101.73 0.17 8717.75 8088.15 8031.78 8125.16 4.49 1.03 21.62 58.66 8338.88 FTSE Emerging Small Cap 1017 763.85 0.3 0.3 8.0 1026.99
8.6 2.5 Telecommunication 94 177.95 0.0 0.0 6.5 305.12 8.1 3.8 Order Book Turnover (m) 34.68 26.04 26.04 31.39 40.40 53.87
Financials (282) 5040.48 0.01 5423.73 5040.21 5023.78 4562.60 3.09 1.86 17.44 83.24 4328.06 FTSE Emerging Europe 99 377.41 0.0 8.6 21.1 535.04
21.8 4.0 Fixed Line Telecommuniations 44 144.97 0.2 0.2 5.8 271.84 7.9 4.3 Order Book Bargains 738479.00 3.00 3.00 710032.00 853640.00 970728.00
Banks (8) 4555.82 -0.10 4902.22 4560.30 4560.40 4490.94 3.58 1.34 20.85 84.25 3076.45 FTSE Latin America All Cap 242 889.86 -2.0 3.7 -1.3 1293.87
0.1 3.3 Mobile Telecommunications 50 194.44 -0.1 -0.1 7.5 302.37 8.3 3.3 Order Book Shares Traded (m) 1283.00 1.00 1.00 1131.00 1380.00 1402.00
Nonlife Insurance (11) 2411.66 -0.05 2595.03 2412.75 2394.85 2122.65 2.85 1.43 24.55 46.33 4009.06 FTSE Middle East and Africa All Cap 213 817.47 0.3 -0.6 6.2 1200.50
7.6 2.7 Utilities 162 262.56 -0.1 -0.1 -1.8 469.81 -0.4 3.7 Total Equity Turnover (£m) 2615.45 - - - 0.04 5590.37
Life Insurance/Assurance (11) 8502.54 -0.08 9149.04 8509.64 8476.42 7303.03 3.16 1.77 17.92 200.42 7712.99 FTSE Global wi UNITED KINGDOM All Cap In 334 386.92 -0.6 5.0 7.7 599.47
9.4 3.3 Electricity 112 279.35 0.1 0.1 -1.5 494.49 -0.3 3.6 Total Mkt Bargains 847712.00 5.00 5.00 - 23.00 1108647.00
Index- Real Estate Investment & Services (24) 3152.02 0.71 3391.68 3129.92 3114.00 2676.42 1.75 4.94 11.56 28.04 8017.08 FTSE Global wi USA All Cap 1966 529.19 0.4 2.1 4.0 669.66
4.7 1.9 Gas Water & Multiutilities 50 291.14 -0.5 -0.5 -2.1 534.32 -0.5 3.9 Total Shares Traded (m) 5020.00 1.00 1.00 - 0.00 6461.00
Real Estate Investment Trusts (22) 3098.06 0.05 3333.62 3096.38 3059.54 2502.22 2.60 6.27 6.13 37.65 3600.63 FTSE Europe All Cap 1389 436.53 -0.3 4.2 9.6 658.49
11.6 3.0 Financials 670 226.79 -0.1 -0.1 5.1 346.92 6.5 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8439.14 0.12 9080.82 8429.13 8368.56 6550.31 2.64 2.04 18.55 82.55 9005.55 FTSE Eurobloc All Cap 636 403.56 -0.3 3.9 9.5 616.55
11.4 2.8 Banks 241 210.12 -0.2 -0.2 4.5 341.74 6.0 3.1 (c) Market closed.
Equity Investment Instruments (177) 7956.50 0.20 8561.48 7940.43 7919.04 7139.20 2.44 1.06 38.80 74.69 4115.71 FTSE RAFI All World 3000 3027 6262.05 -0.1 2.2 6.3 7758.71
7.7 2.8 Nonlife Insurance 70 220.17 0.3 0.3 2.8 304.24 4.4 2.2
Non Financials (358) 4371.22 0.15 4703.59 4364.48 4373.40 4279.02 3.30 1.98 15.29 64.66 5997.18 FTSE RAFI US 1000 1004 9528.62 0.3 1.9 2.5 11862.25
3.5 2.3 Life Insurance 49 230.44 0.0 0.0 9.2 344.58 10.5 2.4
Technology (21) 1423.27 1.16 1531.49 1406.97 1407.55 1100.94 1.26 2.27 34.99 10.78 1768.01 FTSE EDHEC-Risk Efficient All-World 3025 343.53 0.1 2.0 7.5 455.82
8.4 2.1 Financial Services 138 247.92 0.3 0.3 7.1 326.43 7.9 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1661.29 1.74 1787.61 1632.85 1636.21 1258.08 1.89 1.88 28.17 21.54 2160.47 FTSE EDHEC-Risk Efficient Developed Europe 513 306.49 -0.4 4.8 10.0 442.37
11.6 2.5 Technology 182 181.84 0.4 0.4 5.6 214.52 6.3 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) 1690.91 0.74 1819.48 1678.52 1677.21 1327.40 0.79 2.96 42.47 5.94 1930.52 Software & Computer Services 80 289.72 0.1 0.1 6.7 330.05 7.1 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 146.67 0.6 0.6 4.7 177.33 5.6 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 [email protected]
FTSE 100 6988.25 6994.52 6997.60 7007.79 7004.78 6997.97 6978.43 6962.41 6951.50 7009.30 6937.21 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 17964.11 17991.59 18011.72 18033.53 18048.09 18042.79 18013.26 18002.37 17980.91 18048.87 17954.94 (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 4714.61 4714.25 4714.40 4719.08 4720.00 4721.92 4721.79 4720.59 4719.12 4722.49 4710.13
FTSE All-Share 3790.31 3793.97 3796.00 3801.31 3800.54 3797.42 3787.87 3780.47 3774.93 3802.35 3768.27 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:10:12:15 Day's Low14:33:30 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:10:12:00 Day's Low14:21:00 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 1Spatial Pre 19.598 17.266 1.522L 2.254L 0.23L 0.41L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Actual Experience Int 0.329 0.272 1.005L 0.836L 3.12L 2.51L - - - - - 04/27 10.00 OPRA Opera Investments PLC 10.13 -0.65 13.00 10.00 174.7
858p Nil 02-06-15 1399.68 1260.00 Kier Group PLC 1345.00 -312.00 Babcock International Group Pre 3996.6 3321 313.1 218.8 52.9 44.3 18.1 16.4 Aug 12 23.6 23.16 04/27 10.00 OPRA Opera Investments PLC 10.13 -0.65 13.00 10.00 174.7
A$0.005 Nil 08-05-15 0.27 0.27 Metminco Ltd 0.26 0.00 Blinkx Pre 214.969 247.214 24.8L 17.609 0.052L 0.032 - - - - -
EGP2.035 Nil 18-05-15 1.50 1.50 Palm Hills Developments SAE 1.50 0.00 Cranswick Pre 1003.336 994.905 52.836 54.757 84.1 88.7 23.4 22 Sep 4 34 33.111
e2v technologies Pre 224.92 217.745 30.103 33.082 10.94 11.59 3.6 3 Aug 4 5.1 4.556
Equatorial Palm Oil 1st - - - - - - - - - - -
Equatorial Palm Oil Int - - 0.439L - 0.001L - - - - - -
Future Int 30.8 35.8 1.3L 24.3L 0.3L 9L - - - - 0.2
Investors Capital Trust Pre 6.735 10.945 3.95 3.73 1.15 1.1225 May 1 2.26 2.205
IXICO Int 1.602 1.175 0.772L 1.517L 4.1L 10.5L - - - - -
MITIE Group Pre 2273.8 2221.1 41.5 68.4 9.7 13.4 6.5 6.1 Aug 4 11.7 11
ProVen Planned Exit VCT Pre 0.228 0.172 0.124 0.072 2.6 1.5 3 3 Jun 26 9 6
Tower Resources Pre - - 56.603L 3.336L 0.016L 0.002L - - - - -

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.
Tuesday 19 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 22.83 0.04 24.64 16.43 3.80 10.32 63626.97 Denso 6364 110.00 6408 4223 1.66 19.62 46945.75 SEB 101.10 -0.60 111.50 82.30 4.73 11.05 26911.3 Biogen 395.42 4.18 480.18 285.01 - 27.02 93014.45 Lyondell 104.40 -0.34 115.40 70.06 2.83 11.33 49412.62
ANZ♦ 32.28 -0.84 37.25 30.47 7.94 12.25 71500.17 BNP Parib 56.65 -0.09 59.69 43.14 2.84-791.48 80211.25 EastJpRwy 11270 315.00 11270 7436 1.07 21.91 37004 SvnskaHn 379.40 0.40 426.00 305.10 1.11 48.86 29320.28 BkNYMeln 43.47 0.38 43.67 33.55 1.65 17.93 48752.11 Marathon Ptl♦ 104.27 0.82 108.32 74.64 1.95 8.65 28323.6
BHPBilltn 30.13 -2.36 39.74 26.50 7.14 12.81 77492.1 ChristianDior 178.35 1.60 185.35 126.10 1.86 12.81 36831.96 Fanuc 25450 -520.00 28575 16800 0.94 27.02 50861.42 Swedbank 194.40 -1.80 223.90 166.20 5.88 12.61 26110 BlackRock 370.71 -0.14 382.84 293.39 2.27 17.81 61024.89 Marsh&M 58.49 0.63 58.74 48.56 1.97 20.58 31402.21
CmwBkAu 83.00 -1.75 96.69 73.57 7.09 14.95 108180.34 Cred Agr 13.79 -0.44 14.49 9.76 2.53 14.84 40374.2 FastRetail 49035 470.00 50650 31225 0.67 43.77 43400.41 TeliaSonera 51.40 0.50 55.85 45.36 - 15.48 27057.92 Boeing♦ 146.71 -0.17 158.83 116.32 2.23 17.35 101452.5 MasterCard 93.08 -0.14 94.50 69.64 0.61 27.12 103887.84
CSL 88.18 -1.18 96.60 63.77 1.44 27.28 33028.4 Danone♦ 62.76 0.25 67.74 49.84 2.47 31.58 45915.64 Fuji Hvy Ind 4399 25.50 4617 2380 1.35 15.85 28735.67 Volvo 111.30 3.40 120.50 71.00 2.72 42.63 27459 BrisMySq 68.00 0.36 69.20 46.30 2.27 47.78 113354.27 McDonald's 98.02 -0.02 103.39 87.62 3.58 20.80 93953.63
NatAusBk♦ 34.00 -0.52 39.71 31.33 8.39 14.01 65920.18 EDF 22.52 -0.31 29.08 20.90 5.95 10.56 47600.93 Hitachi 852.60 12.80 939.90 660.00 1.27 15.12 34386.18 Switzerland (SFr) Broadcom 47.73 0.35 47.80 29.32 1.11 39.38 26238.04 McGraw Hill 107.22 1.52 109.13 73.96 1.21-119.46 29387.3
Telstra 6.18 -0.02 6.74 5.16 7.01 16.15 60504.16 GDF Suez 17.80 -0.03 21.19 16.17 7.04 16.68 49260.85 HondaMtr 4236.5 58.50 4400 3239 2.09 12.75 64033.69 ABB 20.51 0.17 22.31 16.75 3.58 19.75 51494.54 CapOne♦ 84.56 0.53 85.39 72.77 1.50 10.32 46205.64 McKesson 242.75 2.82 242.89 175.83 0.42 30.47 56209.62
Wesfarmers 44.50 -0.47 46.95 40.26 6.72 31.57 40045.64 Hermes Intl 344.40 4.25 350.20 229.00 0.84 39.25 41317.44 JapanTob 4458.5 88.00 4505 3101 2.37 18.70 74404.44 CredSuisse♦ 24.30 -0.16 27.81 18.57 2.89 19.99 42360.44 CardinalHlth 87.85 0.30 91.91 64.82 1.65 24.32 29063.72 Medtronic 77.47 1.05 79.50 58.32 1.61 23.79 76255
Westpc♦ 32.22 -0.83 40.07 31.33 8.13 13.71 80506.18 LOreal 169.80 1.40 181.30 117.05 1.58 33.52 108295.64 Kao 5658 -29.00 6270 3855 1.31 40.82 23794.33 Nestle 72.30 0.45 77.00 64.15 2.78 17.13 252891.2 Carnival 47.91 0.01 49.21 33.11 2.12 28.17 28395.69 Merck 60.01 -0.22 63.62 52.49 3.13 14.76 169541.56
Woolworths 28.85 -0.15 38.05 27.02 6.97 14.63 29262.74 LVMH 160.15 1.40 175.40 121.40 2.11 13.34 92435.79 KDDI 2819 72.50 3048 1780 1.78 17.37 63295.27 Novartis 96.55 1.65 102.70 78.60 2.65 24.16 280344.56 Caterpillar♦ 88.29 -0.14 111.46 78.19 3.23 13.39 53450.67 Metlife♦ 53.06 0.48 57.57 46.10 2.79 8.17 59205.34
Belgium (€) Nmrcble-SFR 56.24 -0.16 60.01 26.38 - -68.00 31120.9 Keyence 64780 -490.00 69480 38065 0.20 35.61 32865.35 Richemont 84.20 0.60 94.75 68.80 1.55 23.61 47673.3 CBS 60.78 0.83 65.24 48.83 0.99 24.04 27613.32 MicronTech 26.76 0.43 36.59 25.54 - 8.09 28942.02
AnBshInBv 108.05 0.60 118.80 78.75 2.80 24.51 197473.29 Orange 14.74 0.53 16.45 10.20 5.09 38.23 44370.34 MitsbCp 2739.5 65.50 2739.5 1942.5 2.50 13.03 37123.35 Roche 277.00 3.40 295.80 238.80 2.63 27.45 211085.05 Celgene 116.37 0.84 129.06 72.65 - 37.63 92298.21 Microsoft 48.01 -0.29 50.05 39.27 2.60 18.88 388380.51
KBC Grp 60.89 0.31 61.61 36.53 - 13.47 28908.56 PernodRic 109.45 0.90 117.75 82.23 1.60 27.85 33012.94 MitsubEst 2614 18.00 2975 2151.5 0.46 35.24 30326.66 Swiss Re 82.25 0.35 96.95 69.25 4.91 9.63 33071.91 Cernr Crp 68.26 0.92 75.72 50.24 - 43.78 23486.79 MondelezInt 40.00 -0.45 40.51 31.83 1.56 27.36 65064.91
Renault 91.81 1.00 99.19 49.50 2.01 12.43 30853.62 MitsubishiEle 1628.5 39.50 1631 1083 0.80 28.09 29176.99 Swisscom 545.00 -4.50 587.50 500.00 4.05 16.80 30622.12 CharlesSch♦ 31.86 0.65 32.18 23.35 0.80 32.21 41848.72 Monsanto 120.32 -0.50 128.79 105.76 1.55 25.43 57284.69
Brazil (R$)
Safran 64.15 0.43 70.72 43.24 2.00-197.94 30401.54 MitsuiFud 3558 10.00 3809.5 2854.5 0.62 38.73 29433.76 Syngent 403.80 3.90 418.90 273.20 2.60 24.75 40708.77 ChevrnTx♦ 106.65 -1.38 135.10 98.88 4.24 11.03 200552.95 MorganStly 38.33 0.48 39.19 29.51 1.10 17.70 75511.13
Ambev 19.36 -0.22 20.29 14.99 8.04 24.90 100801
Sanofi 89.23 1.15 99.23 69.58 3.36 25.26 132608.07 MitUFJFin 911.80 39.90 911.80 542.00 1.98 11.32 107798.91 UBS 19.53 0.17 20.43 13.58 1.28 16.90 79230.41 Cigna 133.27 1.21 135.00 85.75 0.03 15.88 34299.31 MylanNV 71.38 0.71 76.69 44.80 - 31.82 34978.58
Bradesco♦ 29.25 -0.57 41.30 28.70 3.27 8.84 24459.68
Schneider 68.44 0.03 75.29 52.59 3.59 20.81 45476.54 Mizuho Fin 245.70 11.10 245.70 178.10 2.86 13.58 50478.58 Zurich Fin 299.80 0.70 334.60 259.50 - 12.02 48884.1 Cisco 29.76 0.21 30.31 22.49 2.67 17.02 151917.02 Netflix 617.87 4.62 619.74 315.54 - 152.26 37457.29
Cielo 42.50 -0.40 49.06 36.21 2.29 15.13 26561.9
SocGen 44.03 -0.63 46.95 31.85 2.27 12.06 40284.63 Murata Mfg 19440 -125.00 19730 8192 0.73 36.94 36539.9 Citigroup♦ 54.67 0.43 56.95 46.08 0.08 19.21 165876.42 News Corp A 33.68 -0.31 39.27 31.01 0.86 7.51 42401.09
ItauHldFin 35.11 -0.54 38.74 28.46 1.43 8.53 32217.3 Taiwan (NT$)
Total 46.67 0.20 54.71 38.25 5.99 32.24 127060.59 NipponTT 8410 136.00 8499 5734 2.15 16.85 79766.56 CME Grp 94.92 -0.07 100.61 67.90 2.13 25.39 32040.71 NextEraE 102.30 0.16 112.64 90.33 3.04 15.97 45433.86
Petrobras 14.64 -0.41 23.50 7.88 4.92 -8.54 36093.6 HonHaiPrc 96.80 3.70 113.00 83.00 1.71 9.95 47049.54
UnibailR 238.90 -4.95 262.00 180.70 3.99 13.87 26734.15 Nissan Mt 1287 11.50 1311.5 883.00 2.46 11.83 48547.37 Coca-Cola 41.32 -0.20 44.87 39.06 3.18 24.68 180101.52 Nike 104.75 -0.23 105.50 72.83 1.01 29.51 71459.37
Vale 20.24 -1.04 33.25 17.17 12.80 -6.57 21570.48 TaiwanSem 146.50 - 155.00 118.00 2.10 12.95 124812.78
Vinci 53.40 -0.20 57.66 39.65 3.55 11.26 35885.99 NTTDCMo 2210.5 43.00 2296 1612.5 2.73 21.63 75360.68 Cognizant 64.74 1.17 65.55 41.51 - 25.49 39524.91 NorfolkS♦ 97.97 0.41 117.64 96.04 2.45 14.93 29866.1
Canada (C$) Vivendi 22.26 -0.10 24.42 17.26 4.49 -86.16 34462.16 Orintllnd 8007 -38.00 9890 3895 0.41 38.89 24298.61 Thailand (THB) ColgtPlm 68.61 -0.02 71.56 62.53 2.22 25.63 62062.54 Northrop 158.02 0.01 172.30 117.50 1.87 15.69 30621.86
BCE 53.53 0.29 60.20 46.43 4.72 18.86 37471.52 Panasonic 1702.5 26.00 1740 1030 0.83 71.76 34847.71 PTT Explor 360.00 -1.00 398.00 291.00 2.63 19.29 30851.12 Comcast 56.97 0.33 60.85 49.33 1.72 16.35 121410.92 NXP 103.11 0.39 108.50 53.81 - 73.68 25958.1
Germany (€)
BkMontrl♦ 77.36 -0.12 85.71 72.87 4.02 11.98 41505.04 Seven & I 5285 41.00 5494 3794.5 1.37 26.40 39090.88 United Arab Emirates (Dhs) ConocPhil 66.04 0.28 87.09 60.57 4.61 19.94 81423.79 Occid Pet 77.24 0.40 101.38 71.70 3.94 -37.96 59329.54
Allianz 148.80 1.85 170.15 115.05 3.56 10.57 77277.18
BkNvaS 65.00 -0.17 74.93 60.75 3.98 11.47 65490.31 ShnEtsuCh 7390 3.00 8529 5913 1.36 25.83 26644.99 Emirtestele 11.40 - 11.55 9.41 6.19 10.19 26991.89 Corning 21.35 0.06 25.16 17.03 2.08 11.23 26870.11 Oracle 44.24 0.09 46.71 35.82 1.10 18.23 193199.18
BASF 86.86 0.88 97.22 64.27 3.10 16.42 90661.11
Brookfield 43.92 0.23 48.64 30.57 1.26 9.93 35866.67 Softbank 7320 74.00 8760 6683 0.55 14.28 73335 Costco 145.06 0.23 156.85 113.51 0.99 27.93 63822.67 Pepsico 98.05 -0.17 100.76 85.36 2.82 21.61 144726.79
Bayer 133.90 3.45 146.45 94.22 1.57 33.50 125831.92 United Kingdom (p)
CanadPcR 215.75 1.80 247.56 172.52 0.65 23.82 29462.85 Sony 3900 8.00 3934 1588 0.64 -26.66 38066.8 CrownCstl 83.59 -0.21 89.44 72.43 2.96 71.71 27899.09 Pfizer♦ 33.98 -0.01 35.53 27.51 3.30 22.29 209237.62
BMW 103.35 1.35 123.75 74.74 2.51 12.64 70702.64 AscBrFd 2912 3.00 3293 2407 1.20 30.19 36157.33
CanImp 94.41 -0.21 107.37 88.04 4.23 13.06 31231.46 SumitomoF 5322 182.00 5566 3800 2.36 9.73 62794.48 CSX 35.73 0.23 37.99 28.94 1.89 17.13 35300.58 PG&E 52.52 0.51 60.21 42.92 3.66 19.05 25208.21
Continental 212.85 3.60 234.25 136.85 1.17 17.45 48378.1 AstraZen 4390 22.50 4931.68 4075 4.31 64.44 86954
CanNatRs 37.98 0.18 49.57 31.00 2.40 13.52 34569.98 Takeda Ph 6067 -159.00 6657 4337.5 2.98 89.52 39988.87 Cummins 143.21 0.44 161.03 124.30 2.19 14.52 25965.66 Phillips66♦ 81.33 0.28 87.98 57.33 2.60 10.36 44050.94
Daimler 86.47 1.44 96.07 55.10 5.43 11.73 105127.27 Barclays♦ 261.15 -0.50 269.94 201.75 2.49 -0.84 67389.41
CanNatRy 74.96 1.39 88.89 63.78 1.43 18.75 50110.72 TokioMarine 5100 141.50 5155 2885 1.58 15.69 32236.43 CVS 102.44 0.37 105.46 74.64 1.21 23.65 115586.2 PhilMorris 86.03 -0.54 91.63 75.27 4.84 17.18 133272.95
Deut Bank 28.99 -0.06 33.42 22.66 2.46 34.81 45431.35 BG♦ 1163.5 -13.50 1420 780.55 1.74 -30.67 62296.6
Enbridge♦ 61.84 1.40 66.14 47.43 2.47 136.14 44035.28 Toyota 8352 56.00 8783 5376 2.11 13.00 238200.31 Danaher 87.26 0.81 90.25 70.12 0.53 22.88 61738.7 PNCFin 94.63 0.89 96.71 76.69 2.14 12.31 49010.8
Deut Tlkm 16.44 0.46 17.63 10.07 3.26 23.50 84735.63 BP♦ 452.30 -0.10 526.80 364.40 6.01 43.35 129383.99
GtWesLif 36.50 - 37.64 28.61 3.45 13.60 30324.86 Deere 89.18 0.05 93.78 78.88 2.70 10.68 30276.27 PPG Inds♦ 230.93 -0.77 237.90 171.56 1.23 25.83 31389.38
DeutsPost 28.34 0.19 31.19 21.55 3.02 16.13 38999.96 Mexico (Mex$) BrAmTob 3595.5 3.50 3894 3303 4.03 21.58 108171.76
ImpOil 48.84 0.01 57.96 44.08 1.07 12.64 34475.73 Delta♦ 47.37 0.37 51.06 30.12 0.74 31.53 38668.22 Praxair 121.85 -0.55 134.84 117.19 2.31 20.42 35130.6
E.ON♦ 13.73 - 15.46 12.23 4.36 -9.93 31221.2 AmerMvl 15.69 -0.12 17.64 12.39 1.60 - 70033.24 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52
Manulife♦ 22.62 -0.29 23.25 18.91 2.65 12.99 37113.44 DevonEngy 66.24 0.38 80.63 51.76 1.53 -10.98 27227.4 Prec Cast 219.02 3.53 275.09 186.17 0.06 16.77 31049.96
Fresenius Med 77.91 1.71 82.32 46.70 1.25 24.24 27544.27 FEMSA UBD 147.73 2.88 149.93 116.20 - 30.38 34941.99 BT 461.35 -1.65 472.85 351.90 2.23 18.82 58923.24
Potash 39.63 0.90 47.10 35.25 4.51 16.62 27533.19 DirectTV 92.10 0.64 92.36 82.00 - 15.14 46424.16 Priceline 1216.84 18.04 1329.9 990.69 - 25.12 63077.14
Fresenius SE 56.40 1.82 57.62 35.10 0.74 27.10 27960.21 WalMrtMex 38.00 0.18 40.00 28.26 1.44 24.88 43955.67 Compass 1146 -1.00 1223.36 924.41 2.36 22.25 32563.46
RylBkC♦ 78.78 -0.10 83.87 71.74 3.69 12.62 94677.81 DiscFinServ♦ 59.80 0.30 66.75 54.02 1.70 11.63 26461.8 ProctGmbl 80.74 -0.31 93.89 77.29 3.37 20.33 219047.26
HenkelKgaA 89.74 0.91 99.44 66.70 - 23.67 26494.18 Netherlands (€) Diageo 1793.5 7.50 2055 1689.5 2.88 23.11 70634.46
Suncor En 36.58 0.28 47.18 30.89 2.95 60.57 44029.1 Disney 110.33 0.03 113.30 78.54 1.10 22.47 187203.67 Prudntl 86.43 0.97 94.30 74.51 2.71 16.70 39152.79
Linde 174.25 -0.05 195.55 142.85 1.72 29.25 36778.53 Altice 113.80 -0.60 115.10 40.21 - 412.23 32065.56 GlaxoSmh♦ 1432 13.50 1658.39 1296.5 5.59 6.84 109228.37
ThmReut 49.27 0.37 53.00 37.24 3.44 16.07 32376.87 DominRes 72.26 0.07 80.89 64.71 3.58 27.33 42585.03 PublStor 199.48 -0.59 206.92 162.34 2.97 34.56 34489.27
MuenchRkv 173.10 0.60 206.50 141.10 4.49 8.83 34019.76 ASML Hld 97.63 0.35 103.45 58.66 0.62 31.69 48624.93 Glencore♦ 297.00 3.70 379.45 236.20 3.69 26.39 61460.48
TntoDom 55.36 -0.12 58.20 49.67 3.38 13.39 85296.52 DowChem 51.00 -0.51 54.97 41.45 3.27 14.96 58796.92 Qualcomm 70.42 -0.64 81.97 62.26 2.52 15.76 114754.26
SAP 68.02 0.54 70.81 50.08 1.47 25.82 94961.03 Heineken 71.22 0.37 76.14 50.43 1.34 25.26 46618.53 HSBC 618.60 1.70 674.57 550.67 5.54 12.97 189320.33
TrnCan 54.59 0.98 63.86 49.30 3.62 22.38 32229.63 DukeEner♦ 76.03 -0.12 89.97 68.81 4.40 20.48 52577.59 Raytheon 107.05 0.03 113.36 89.17 2.45 14.71 32665.45
Siemens 96.48 0.60 106.35 80.17 3.34 14.52 96592.93 ING♦ 14.50 -0.01 14.77 9.34 - 31.47 63703.49 ImpTob 3220 -18.00 3385 2474 3.98 16.12 48373.52
ValeantPh 270.02 2.67 274.55 116.01 - 71.93 76650.97 DuPont♦ 69.99 -0.26 80.65 63.70 2.81 19.04 63357.54 Regen Pharm 496.74 7.73 500.36 269.50 - 150.65 50322.56
Volkswgn 223.05 7.75 254.50 147.35 1.79 9.69 74797.76 Philips 24.61 -0.09 28.00 20.69 - 118.80 26138.65 LlydsBkg♦ 88.14 -0.86 89.20 70.72 0.85 -2.32 98666.7
China (HK$) Natl Grid 895.00 1.40 965.00 827.50 4.88 15.68 52804.7 Eaton♦ 73.46 0.14 79.98 57.11 2.91 18.13 34343.7 ReynoldsAm 76.36 -1.19 77.68 55.22 3.71 25.78 40624.52
Hong Kong (HK$) Unilever♦ 38.40 0.20 42.75 28.75 3.14 20.03 74817.29
AgricBkCh 4.17 -0.01 4.55 3.30 5.66 5.65 16537.18 Prudential♦ 1637 10.00 1761.5 1287 2.14 18.85 65896.72 eBay 59.46 0.05 60.93 46.34 - 23.47 72233.3 Salesforce 72.80 0.40 78.46 49.62 - -165.64 47724.48
AIA♦ 52.45 0.10 58.20 37.80 0.85 23.52 81520.61 Norway (Kr)
Bk China 5.12 -0.04 5.68 3.37 5.06 6.68 55236.69 RBS 351.30 -0.50 414.00 308.00 - -32.37 35058.05 Ecolab 115.85 -0.27 118.46 97.78 1.10 26.86 34495.57 Schlmbrg 92.75 0.61 118.76 75.60 1.94 22.70 117767.16
BOC Hold 30.50 -0.10 31.70 22.30 3.33 13.05 41603.15 DNB 139.50 0.70 143.00 98.10 1.87 10.82 30816.45
BkofComm 7.61 -0.04 8.09 4.92 4.51 6.41 34374.65 ReckittB♦ 5764 15.00 6130 4895 2.38 25.33 64960.39 EMC 26.78 -0.10 30.92 25.07 1.81 20.08 52008.4 SempraEgy 107.42 0.56 116.30 96.13 2.64 18.89 26595.05
Ch OSLnd&Inv 28.80 -0.75 34.05 18.50 1.71 8.46 30371.23 Statoil 151.80 -2.70 195.80 118.20 6.78 -13.42 65647.68
Ch Evrbrght 4.86 -0.10 5.65 3.26 4.68 5.93 4306.77 Reed Els♦ 1101 4.00 1199 877.50 2.27 25.90 35928.71 Emerson♦ 60.20 0.01 68.80 54.95 3.16 15.03 40231.96 Shrwin-Will♦ 291.05 -0.17 292.51 197.08 0.84 30.16 27121.87
ChngKong 167.50 -1.00 171.80 124.60 2.12 7.16 50051.93 Telenor 179.10 0.70 183.50 128.90 3.78 29.74 36471.18
Ch Yangtze RMB 12.01 -0.15 14.12 5.80 2.47 14.33 18865.71 RioTinto 2925 -5.50 3530.5 2600 4.48 12.99 64861.75 EOG Res 91.80 1.33 118.89 81.07 0.67 22.83 50392.19 SimonProp♦ 184.78 -0.83 206.31 162.43 3.03 37.81 57514.77
Citic Ltd 15.00 -0.12 16.88 12.60 1.78 9.07 48193.16
ChCommsCons 13.22 0.20 17.00 5.04 1.78 12.17 7551.37 Qatar (QR) RollsRoyce 1010 -3.00 1094 777.00 2.22-258.97 29932.04 EquityResTP 74.80 -0.38 82.53 60.44 2.90 36.87 27226.36 SouthCpr♦ 32.23 -0.56 33.90 23.60 1.44 19.39 25720.38
Citic Secs 31.90 0.15 40.50 15.60 0.63 19.20 4849.46
ChConstBk 7.39 -0.05 7.93 5.34 5.36 6.09 229216.28 QatarNtBk 200.00 0.20 237.00 160.00 3.96 12.38 38446.14 RylDShlA 1981.5 -10.00 2475.5 1916.79 6.66 12.59 121055.22 Exelon♦ 34.49 -0.01 38.93 30.66 3.80 12.69 29704.29 SouthwestAir 42.14 0.25 47.17 24.41 0.60 19.14 28162.02
CNOOC 12.42 -0.16 15.88 9.72 4.61 7.34 71540.85
China Vanke - - - - - - - Russia (RUB) SABMill 3632 8.50 3857 3105 1.78 26.20 91904.37 ExpScripts 87.43 0.06 89.59 65.08 - 29.13 63761.91 Starbucks♦ 51.18 0.38 52.09 34.91 1.20 28.54 76795.59
Hanergythn 7.28 0.10 9.07 1.11 - 96.43 39177.4
ChinaCitic 6.61 -0.07 7.40 4.44 5.10 5.75 12691.21 Gzprm neft 151.90 -1.08 166.94 113.73 3.90 26.73 73327.76 Shire 5375 -10.00 5755 3227 0.28 13.73 49737.78 ExxonMb♦ 86.85 -0.50 104.76 82.68 3.36 12.33 363129.25 StateSt 78.69 0.84 80.92 62.67 1.61 15.95 32395.06
HangSeng 157.20 -0.80 159.60 123.20 3.52 19.76 38774.06
ChinaCNR 15.86 0.78 21.95 4.99 - 25.31 4365.88 Lukoil 2550 -45.00 3297.7 1881 - 7.21 44227.67 StandCh 1052.5 1.00 1355.5 867.50 5.25 15.53 40812.88 Facebook 80.88 0.46 86.07 57.31 - 74.52 181890.75 Stryker 96.59 1.08 98.24 77.87 1.42 52.34 36550.54
HK Exc&Clr♦ 286.40 -3.20 305.60 138.10 1.25 64.27 43566.3
ChinaLife 36.65 -0.35 41.00 19.72 1.08 21.19 35184.55 MmcNrlskNckl 10248 -40.00 12247 6451 8.96 45.12 33068.75 Tesco 222.10 -2.40 320.75 155.40 6.88 21.04 28295.87 Fedex 177.18 2.04 183.51 136.97 0.34 19.99 50276 Sychrony Fin 31.84 0.03 33.96 22.60 - 11.95 26547.06
Hutchison 113.80 -1.40 117.10 85.90 2.08 7.19 62593.92
ChinaMBank 22.35 -0.30 24.75 13.12 3.66 7.32 13237.68 Rosneft 256.10 -1.35 294.20 183.95 6.02 5.76 55346.23 Vodafone 234.10 -0.40 245.90 179.10 5.96 64.49 97330.88 FordMtr♦ 15.58 0.10 18.12 13.26 3.56 19.00 60832.17 Target♦ 78.36 -0.17 83.98 55.25 2.53 19.59 50286.65
MTR 37.80 -0.10 40.00 28.30 2.45 14.00 28478.22
ChinaMob 105.90 -3.10 118.00 73.75 2.99 15.74 279741.24 Surgutneftegas 35.35 -0.59 39.80 21.82 2.04 3.13 25752.73 WPP 1560 9.00 1616 1091 2.26 19.37 32249.42 Franklin 52.10 0.31 59.43 49.12 1.10 12.88 32226.94 TE Connect 70.68 0.47 73.73 51.03 1.73 14.71 28737.87
SandsCh 32.05 -0.50 61.65 29.50 5.43 13.03 33362.31
ChinaPcIns 40.70 -0.45 44.50 23.65 1.30 21.84 14572.74 GenDyn 140.28 0.17 145.92 112.43 1.87 16.08 46114.63 TexasInstr 55.79 0.18 59.99 41.47 2.42 18.92 58041.87
SHK Props 131.00 -1.10 135.70 99.60 2.57 11.92 48567.81 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 14.26 -0.06 17.70 6.50 1.20 11.46 3819.84 GenElectric 27.31 0.04 28.68 23.41 3.48 212.97 275173.62 TheTrvelers 103.17 0.49 110.49 88.81 2.25 9.42 32880.1
Tencent♦ 161.10 -1.20 171.00 104.50 0.16 46.53 194851.49 AlRajhiBnk 67.25 -0.28 79.50 48.40 2.88 16.46 29140 3M 162.87 -0.43 170.50 130.60 2.33 20.43 103315.11
ChinaRailGp 10.06 0.06 12.30 3.57 0.87 15.52 5460.69 GenGrwthPrp 28.53 0.03 31.70 22.92 2.33 26.96 25283.37 ThrmoFshr 129.97 -0.19 139.03 107.33 0.49 28.54 51735.46
India (Rs) Natnlcombnk 69.01 -0.59 72.75 49.50 - 15.82 36705.61 AbbottLb 48.84 0.13 49.09 38.84 1.95 34.66 72710.91
ChMinsheng 10.80 -0.28 11.88 6.73 2.17 6.49 9660.9 GenMills 56.85 -0.29 57.73 48.32 2.93 24.26 33887.71 TimeWrnr 85.30 0.01 88.25 67.60 1.61 20.21 70338.58
Bhartiartl 397.45 5.45 427.00 326.60 0.88 32.00 24959.01 SaudiBasic 107.90 -0.69 136.50 70.25 4.93 13.24 86317.71 Abbvie 65.61 -0.38 70.76 51.37 2.82 55.05 104521.72
ChMrchSecs RMB 32.37 -2.29 40.00 9.88 0.50 29.73 24318.59 GenMotors 35.05 0.14 39.00 28.82 3.62 15.43 56332.63 TimeWrnrC 157.51 1.07 161.14 128.78 2.52 21.05 44499.43
HDFC Bk 1009.85 19.75 1109.3 730.00 0.69 26.38 38301.84 SaudiTelec 70.79 0.05 76.50 55.00 5.22 12.12 37753.66 Accenture 97.46 0.44 97.74 73.98 2.03 21.63 77519.1
ChShenEgy 19.06 -0.18 24.40 18.62 6.31 8.93 8357.15 GileadSci 111.00 1.70 116.83 78.50 - 11.97 163126.26 TJX Cos♦ 67.26 1.31 71.03 51.91 1.04 20.46 45888.82
Hind Unilevr 852.70 7.90 981.00 551.55 1.35 46.64 28970.72 Singapore (S$) Ace 108.74 0.59 117.89 99.45 2.53 12.37 35513.66
ChShpbldng RMB 14.01 -0.32 16.60 4.36 0.35 123.16 40550.81 GoldmSchs 204.66 1.69 205.18 154.84 1.19 10.21 88416.37 T-MobileUS 34.83 0.43 35.50 24.26 - 83.95 28226.77
HsngDevFin 1264.3 30.00 1402.3 810.00 1.12 23.03 31223.87 DBS♦ 21.05 0.06 21.23 16.72 2.81 12.60 39856.85 Actavis 295.76 -0.84 317.72 201.91 - -30.77 116069.43
ChStConEng RMB 9.22 -0.29 12.52 2.77 1.64 11.02 44363.97 Google 546.67 0.18 608.91 490.91 - 25.68 157585.65 Twitter 37.28 0.18 55.99 30.38 - -36.14 24409.98
ICICI Bk 316.25 3.90 393.40 266.66 2.95 14.95 28764.06 JardnMt US$ 61.53 -0.97 67.88 57.00 2.31 13.27 42985.27 Adobe 79.41 0.49 80.30 58.51 - 129.87 39726.37
ChUncHK♦ 13.80 -0.32 16.00 10.04 1.56 21.76 42635.14 Halliburton 46.72 0.02 74.33 37.21 1.49 17.31 39752.85 UnionPac 103.95 0.12 124.52 95.99 2.04 16.77 91017.64
Infosys 1993.05 31.30 2336 1440 1.96 17.77 35781.45 JardnStr US$ 34.74 -0.26 38.10 32.33 0.75 11.42 38912.36 AEP♦ 55.88 0.28 65.38 49.06 3.89 15.20 27360
CSR 15.00 0.94 20.70 5.51 0.79 28.61 3916.87 HCA Hold 81.00 1.16 81.00 51.00 - 16.09 33559.96 UPS B♦ 101.91 -0.22 114.40 94.05 2.84 28.18 71491.5
ITC 333.00 6.60 409.95 312.50 1.58 29.94 41605.72 OCBC♦ 10.49 0.03 10.92 9.38 3.36 9.94 31555.11 Aetna 113.73 0.99 113.89 71.81 1.09 17.80 39714.52
Daqin RMB 12.14 -0.17 14.72 6.24 3.74 11.96 29090 Hew-Pack 33.25 -0.35 41.10 31.00 1.96 12.17 60433.83 USBancorp 44.20 0.27 46.10 38.10 2.34 13.43 78368.15
L&T 1612.35 20.40 1893.8 1401 0.90 26.69 23478.24 SingTel 4.33 -0.03 4.57 3.63 3.90 18.38 52099.3 Aflac♦ 63.93 0.26 65.10 54.99 2.51 9.44 27738.23
GF Secs RMB 25.97 -0.53 32.88 9.50 0.81 21.58 24777.03 HiltonWwde 29.51 0.01 31.60 20.72 - 39.37 29139.62 Utd Cntl Hldg 62.25 0.65 74.52 36.65 - 10.32 23779.59
OilNatGas 321.75 2.85 471.85 298.80 3.04 10.36 43244.49 UOB 24.20 0.02 25.05 21.53 2.95 11.67 29262.58 AirProd 147.93 -0.55 158.20 116.29 2.23 29.39 31770.15
GuosenSec - - - - - - - HlthcareREIT♦ 71.83 -0.58 84.88 61.42 4.72 57.63 25185.51 UtdHlthcre 119.80 0.47 123.76 76.01 1.32 18.72 114038.13
RelianceIn 891.55 17.60 1140 796.45 1.08 11.20 45310.71 Alexion 163.16 2.60 203.30 150.06 - 52.89 32562.95
HaitongSecs 22.40 -0.40 27.90 10.90 0.72 15.51 9853.35 South Africa (R) HomeDep 114.33 0.98 117.99 76.37 1.72 23.23 148441.34 UtdTech♦ 118.51 0.02 124.45 97.30 2.15 15.84 105497.81
SBI NewA 289.75 2.30 336.00 234.61 1.03 13.47 33983.11 Allstate 68.09 0.49 72.87 56.63 1.77 9.89 27849.69
HuataiSec RMB 27.31 0.21 34.30 7.38 0.58 25.40 24650.02 Firstrand 54.77 0.85 58.47 38.60 3.27 14.74 25927.5 Honywell 106.77 -0.08 107.10 82.89 1.91 18.52 83462.91 ValeroEngy♦ 60.41 0.79 64.49 42.53 2.10 7.84 30725.82
SunPhrmInds 956.95 10.60 1200.8 572.00 0.16 33.01 31136.59 Altria 51.95 -0.87 56.70 39.96 4.15 19.79 102162.68
In&CmBkCh 6.61 - 7.10 4.74 5.23 6.41 74016.23 MTN Grp 235.74 0.89 263.44 198.00 4.85 13.13 36752.87 HumanaInc 176.61 0.71 183.05 115.51 0.67 21.40 26452.87 Verizon 49.60 -0.19 53.66 45.09 4.64 19.70 202292.96
Tata Cons 2520.4 9.25 2839.7 1999.5 1.37 22.62 77555.23 Amazon 425.24 -0.76 452.65 284.00 - -459.24 198026.17
IndstrlBk RMB 17.75 -0.15 21.42 9.43 2.74 6.59 46288.59 Naspers N 1849.46 26.39 2029.97 1129.96 0.23 64.17 65428.1 IBM♦ 173.06 -0.20 196.40 149.52 2.69 10.45 170418.08 VertexPharm 127.31 1.10 137.50 63.60 - -40.55 31032.1
Tata Motors 520.70 0.80 612.40 407.05 0.39 11.09 26569.02 AmerAir 49.00 0.34 56.20 28.10 0.65 10.13 33947.14
Kweichow RMB 241.14 -4.03 269.00 139.22 1.92 16.27 44385.57 South Korea (KRW) IllinoisTool 96.94 -0.18 100.14 79.06 2.04 18.79 35643.99 VF Cp 71.77 0.51 77.83 59.82 1.71 28.58 30500.47
AmerExpr 80.17 -0.05 96.24 76.53 1.37 13.20 81436.34
PetroChina 9.49 -0.06 11.70 7.93 4.54 16.88 25832.23 Indonesia (Rp) HyundMobis 227000-3500.00 312000 226000 1.31 10.21 19975.09 Illumina 200.76 1.69 213.33 140.60 - 65.61 28929.52 Viacom 65.76 0.19 89.76 63.11 2.12 14.65 22791.94
AmerIntGrp 58.89 0.53 59.88 48.56 0.90 9.47 78523.66
PingAnIns 109.30 -1.10 114.40 55.80 0.85 14.65 52509.95 Astra Int♦ 7550 50.00 8575 6325 2.98 14.33 23266.3 KoreaElePwr 46700 -100.00 50200 36650 1.06 10.96 27613.26 Intcntl Exch 237.68 -1.09 241.98 182.40 0.87 24.73 26456.06 Visa Inc♦ 70.00 0.43 70.69 48.80 0.66 29.67 137020.16
Amerisrcbrgn♦ 113.31 -0.87 120.68 67.31 0.98 -36.23 24892.57
PngAnBnk RMB 15.18 -0.27 17.50 7.69 0.93 9.69 28880.86 Bk Cent Asia 13600 75.00 15600 10700 0.98 18.71 25523.85 SK Hynix 45450 150.00 52400 40300 0.66 8.71 30475.9 Intel♦ 33.41 0.42 37.90 25.74 2.89 13.45 158497.04 Walgreen 86.36 -0.11 93.42 57.75 1.56 24.80 94197.73
AmerTower 95.20 -0.31 105.20 87.05 1.55 46.39 40278.07
SaicMtr RMB 23.82 -0.45 29.18 14.25 5.33 8.73 42330.13 BnkRakyat 12000 200.00 13450 9850 4.88 11.41 22534.05 SmsungEl 1320000-6000.00 1510000 1078000 1.08 8.23 158303.46 Intuit 102.34 0.01 104.24 73.50 0.90 35.37 28320.15 WalMartSto 79.92 0.68 90.97 72.61 2.51 15.34 257782.21
Amgen♦ 163.44 1.08 173.60 110.59 1.69 20.88 124267.3
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John 103.42 1.12 109.49 95.10 2.86 17.54 286788.35 WasteMgmt 49.85 0.02 55.93 43.24 3.20 23.24 22822.43
Anadarko 84.98 0.31 113.51 71.00 1.34 -17.35 43164.38
ShgPdgBk RMB 16.38 -0.40 19.05 8.90 4.26 6.08 39397.62 TevaPha 228.70 -4.80 267.40 172.80 2.36 17.59 50888.9 BBVA 9.03 -0.05 9.99 7.21 0.89 15.23 64673.9 JohnsonCn 50.46 -0.02 53.41 38.60 2.01 20.86 33042.75 Wellpoint 128.71 0.94 129.96 81.84 1.59 12.63 34744.16
Aon Cp 101.05 1.50 107.08 78.26 1.05 20.12 28480.18
Sinopec 6.85 -0.08 8.23 5.90 4.66 17.62 22547.5 BcoSantdr 6.61 -0.03 7.96 5.77 8.54 13.60 105681.75 JPMrgnCh 66.42 0.54 66.54 52.97 2.55 11.51 246490.41 WellsFargo♦ 55.75 0.23 56.29 46.44 2.65 12.90 287068.18
Italy (€) AppldMat 20.19 -0.01 25.71 18.63 2.07 20.46 24807.39
Denmark (kr) CaixaBnk 4.42 0.00 5.00 3.71 - 31.91 28980.05 Kimb-Clark 112.04 0.24 119.01 99.20 3.21 27.12 40793.67 Williams Cos 53.69 -0.11 59.77 40.07 4.20 18.42 40211.74
Enel 4.21 0.00 4.49 3.36 3.31 78.54 44945.32 Apple 130.19 1.42 134.54 83.63 1.53 15.30 750028.5
DanskeBk 194.20 -0.60 200.30 139.20 2.82 32.56 29827.92 Iberdrola 6.21 0.02 6.27 5.09 2.49 16.90 45112.91 KinderM 42.83 0.21 44.71 33.13 4.29 49.20 92862.07 Yahoo 44.36 -0.39 52.62 32.93 - 5.71 41629.32
ENI♦ 16.41 0.02 20.46 12.98 6.75 113.98 67771.6 ArcherDan 53.13 0.09 53.91 41.63 1.99 13.21 33210.05
MollerMrsk 13390 -120.00 16450 11020 2.25 15.98 43754.72 Inditex 29.00 0.35 31.05 19.29 1.37 34.82 102711.35 Kraft 85.49 0.05 91.32 53.33 2.66 50.29 50604.95 Yum!Brnds 93.59 -0.37 94.88 65.81 1.76 39.36 40468.39
Generali♦ 17.48 0.14 19.21 14.40 2.57 14.95 30926.21 AT&T 34.87 0.54 37.48 32.07 5.64 29.83 181079.91
NovoB 373.50 5.50 400.20 229.40 1.34 32.77 150724.1 Repsol 17.85 -0.06 21.07 14.26 2.14 19.35 27877.56 Kroger♦ 73.09 -0.01 77.74 46.27 0.97 20.13 35828.83
IntSPaolo♦ 3.24 -0.01 3.35 2.00 1.65 36.17 58416.45 AutomData 87.48 -0.29 90.23 70.50 2.34 24.58 41073.96
Telefonica 13.05 0.06 14.00 10.76 3.03 20.82 73236.98 L Brands 88.90 0.67 95.78 55.33 1.60 24.35 25997.01 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica♦■ 58.20 0.65 62.50 34.74 1.12 40.22 31886.54 Avago Tech 130.18 2.31 136.28 66.92 0.99 66.28 33402.52
LasVegasSd 50.66 -0.31 78.50 49.82 4.48 14.95 40458.91 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia♦ 6.09 0.04 7.87 5.22 1.80 20.66 25434.66 Unicred♦ 6.33 0.12 6.89 4.82 - 16.19 42261.4 Sweden (SKr) BakerHu 66.02 0.17 75.64 47.51 1.06 34.13 28697.28
LibertyGbl 51.94 0.34 55.86 39.95 - -35.32 13092.34 based on intraday trading over a rolling 52 week period.
SampoA 43.82 0.22 49.40 34.77 3.76 15.13 27826.65 Japan (¥) AtlasCpcoB 226.30 4.40 270.00 165.20 2.45 21.62 33509.42 BankAm 16.51 0.16 18.21 14.37 1.02 23.10 173389.67
Lilly (E)♦ 72.94 0.04 77.46 57.81 2.85 33.76 80944.52 ♦ ex-dividend
France (€) AstellasPh 1775 15.00 2047 1187 1.59 40.15 33469.79 Ericsson 94.70 0.10 120.00 77.90 3.35 25.33 38050.17 Baxter 68.25 -1.11 77.31 65.95 3.22 19.01 37145.35
LinkedIn 198.38 2.72 276.18 143.11 - -518.83 21876.91 ■ ex-capital redistribution
Airbus Grpe 61.50 0.64 66.10 39.64 1.22 17.91 55029.36 Bridgestne 4703 62.00 5175 3328 2.24 11.62 31908.05 H&M 334.40 1.30 368.50 269.60 2.84 26.41 67285 BB & T♦ 39.23 0.51 40.21 34.50 2.59 13.59 28369.55
Lockheed 193.08 0.72 207.06 156.23 3.10 16.49 60773.97 # price at time of suspension
AirLiquide♦ 116.00 -1.30 123.95 87.17 2.14 22.41 45338.4 Canon 4297.5 36.00 4539 3172 3.69 18.62 47827.18 Investor♦ 326.90 1.70 363.40 219.30 2.47 3.41 30489.09 BectonDick 141.61 0.13 149.98 112.15 1.71 24.59 29651.1
Lowes 73.06 -0.03 76.25 44.31 1.24 25.67 69531.54
CntJpRwy 21215 245.00 24800 12535 0.57 15.08 36466.19 Nordea Bk 108.90 -0.30 115.50 82.40 5.31 13.02 53262.79 BerkshHat 219125.33 485.33 229374 185005 - 16.76 187670.55

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
Altice 113.80 114.40 -0.60 -0.52 17.58 18.3 13.07 Firstrand 54.77 53.92 0.85 1.58 -5397.23 -99.0 -3.74 May 18 date Coupon S* M* F* price yield yield yield US May 18 date Coupon S* M* F* price yield yield yield US
Murata Mfg 19440.00 19565.00 -125.00 -0.64 2140.00 12.4 17.50 MTN Grp 235.74 234.85 0.89 0.38 -22919.26 -99.0 3.26 High Yield US$ US$
Nmrcble-SFR 56.24 56.40 -0.16 -0.28 4.99 9.7 12.84 Naspers N 1849.46 1823.07 26.39 1.45 -177926.54 -99.0 0.84 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.98 4.45 -0.01 -0.16 3.90 Wachovia Corporation 08/26 6.82 A A3 A+ 128.59 4.37 -0.09 0.48 2.20
Williams Cos 53.69 53.80 -0.11 -0.20 4.05 8.2 3.81 Brookfield 43.92 43.69 0.23 0.53 -22.05 -33.4 -7.64 High Yield Euro Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 100.93 4.24 -0.10 0.27 2.07
Sony 3900.00 3892.00 8.00 0.21 277.00 7.6 9.69 HaitongSecs 22.40 22.80 -0.40 -1.75 -2.30 -9.3 -11.11 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 99.80 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 120.80 4.50 0.00 0.48 -
Denso 6364.00 6254.00 110.00 1.76 438.00 7.4 11.51 Vale 21.28 21.28 0.00 0.00 -2.00 -8.6 13.71 SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 121.11 4.41 -0.10 0.30 -
MitsbCp 2739.50 2674.00 65.50 2.45 177.50 6.9 9.71 DuPont 69.99 70.25 -0.26 -0.37 -5.41 -7.2 -2.18 Emerging US$ Kimberly-Clark Corp. 01/28 6.38 A A2 A 121.32 4.23 0.00 0.48 -
McKesson 242.75 239.93 2.82 1.18 14.21 6.2 6.22 BMW 102.00 102.00 0.00 0.00 -7.30 -6.7 -5.44 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.68 GTE Corporation 04/28 6.94 BBB+ Baa2 A- 122.08 4.70 -0.10 0.45 -
Fuji Hvy Ind 4399.00 4373.50 25.50 0.58 255.00 6.2 10.02 ChMrchSecs 32.37 34.66 -2.29 -6.61 -2.29 -6.6 -12.04 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.70 0.90 0.01 0.39 0.36
Brazil 01/18 8.00 BBB- Baa2 BBB 107.73 4.86 0.00 0.00 4.31 Euro
Avago Tech 130.18 127.87 2.31 1.81 7.37 6.0 6.84 SaicMtr 23.82 24.27 -0.45 -1.85 -1.52 -6.0 -13.60 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 110.62 1.81 -0.05 0.39 -0.37
HumanaInc 176.61 175.90 0.71 0.40 9.99 6.0 -0.49 Telefonica 13.05 13.00 0.06 0.42 -0.81 -5.8 -3.15 Russia 07/18 11.00 BB+ Ba1 BBB- 123.41 3.22 -0.02 -0.25 2.67
Peru 03/19 7.13 BBB+ A3 BBB+ 118.20 2.20 -0.03 -0.03 0.72 Citigroup Inc. 09/26 2.13 A- Baa2 A 102.67 1.86 -0.05 0.46 -0.31
GileadSci 111.00 109.30 1.70 1.56 6.27 6.0 9.49 ChStConEng 9.22 9.51 -0.29 -3.05 -0.55 -5.6 2.10 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 97.68 2.86 -0.05 0.48 -
Woolworths 28.85 29.00 -0.15 -0.52 1.47 5.4 1.12 CanadPcR 215.75 213.95 1.80 0.84 -12.47 -5.5 -7.07 Brazil 01/21 7.88 BBB- Baa2 BBB 106.35 3.63 0.00 0.00 2.16
Turkey 03/21 5.63 - Baa3 BBB- 109.59 3.82 -0.06 -0.12 2.34 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 111.92 1.90 -0.06 0.64 -
JapanTob 4458.50 4370.50 88.00 2.01 218.50 5.2 7.88 DeutsPost 28.15 28.15 0.00 0.00 -1.62 -5.4 -4.79
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.15 Yen
SBI NewA 289.75 287.45 2.30 0.80 13.70 5.0 -0.69 Westpc 32.22 33.05 -0.83 -2.51 -1.83 -5.4 -17.17
Colombia 07/21 4.38 BBB Baa2 BBB 105.56 3.36 0.00 0.00 1.89 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.13 0.25 0.00 -0.05 -
Mizuho Fin 245.70 234.60 11.10 4.73 11.60 5.0 10.38 Lukoil 2550.00 2595.00 -45.00 -1.73 -141.60 -5.3 -1.01
Netflix 617.87 613.25 4.62 0.75 27.93 4.7 8.10 Deut Tlkm 15.98 15.98 0.00 0.00 -0.88 -5.2 -2.49 Turkey 04/26 4.25 - Baa3 BBB- 98.76 4.44 -0.10 -0.19 2.27 £ Sterling
Prec Cast 219.02 215.49 3.53 1.64 9.79 4.7 8.88 Kweichow 241.14 245.17 -4.03 -1.64 -13.03 -5.1 3.69 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.81 3.23 -0.01 0.18 1.06
EastJpRwy 11270.00 10955.00 315.00 2.88 500.00 4.6 4.65 CanNatRy 74.96 73.57 1.39 1.89 -3.82 -4.8 -7.88 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- 113.63 4.21 -0.06 0.41 2.04
GenGrwthPrp 28.53 28.50 0.03 0.11 1.26 4.6 -0.11 MitsubEst 2614.00 2596.00 18.00 0.69 -127.50 -4.7 -9.39 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.95 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+ 111.36 2.90 -0.01 0.21 1.42 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- 120.23 3.44 -0.05 0.38 1.27
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 18 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 18 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 12.73 0.35 12.38 31.06 10.28 May 18 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 12.85 0.41 12.44 23.19 7.04 Tr 2pc '16 101.02 0.49 0.00 4.26 22.50 -27.94 102.23 101.02 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 180.51 0.10 -0.79 1.25 -0.51 1.68 VXN 13.95 0.06 13.89 31.17 9.66 Tr 1.75pc '17 102.02 0.54 5.88 -3.57 14.89 -48.57 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 296.63 -0.29 -0.49 1.06 -2.24 8.20 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.65 0.79 5.33 -4.82 17.91 -44.37 113.65 111.50 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 253.39 0.60 -0.48 1.17 -0.48 1.17 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.70 1.08 3.85 -3.57 20.00 -37.21 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 213.01 0.01 -0.73 0.14 -1.60 4.18 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.96 1.31 3.15 -2.24 21.30 -32.12 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.69 -0.27 -2.29 0.46 -3.66 7.66 Tr 8pc '21 137.45 1.50 2.74 -0.66 20.97 -29.58 142.92 135.65 0.24
Gilts( £) 283.31 -0.43 -0.79 -0.82 -2.95 9.33 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.36 1.61 3.21 0.00 21.97 -29.39 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 252.27 0.85 -0.01 0.57 0.88 -1.17 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.03 1.96 3.16 1.55 22.50 -26.59 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.87 -0.28 -0.54 0.81 -2.25 8.09 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.74 2.17 2.36 1.88 19.89 -25.43 131.90 112.61 0.31
May 18 (Libor: May 15) night Day Week Month month month month year Overall ($) 225.97 0.49 -0.49 0.80 -0.49 0.80 Australia 10/18 3.25 103.69 2.12 0.01 -0.09 0.28 -1.03 Tr 4.25pc '32 125.55 2.41 1.69 2.55 15.87 -23.49 136.85 112.95 0.35
US$ Libor 0.12400 0.000 0.001 0.000 0.18620 0.27650 0.41275 0.72335 Overall( £) 284.42 -0.39 -0.71 -0.31 -2.73 8.92 04/26 4.25 112.10 2.95 0.02 -0.12 0.49 -0.94 Tr 4.25pc '36 127.81 2.52 1.61 2.44 14.03 -22.94 140.37 113.08 0.26
Euro Libor -0.17786 0.000 -0.005 0.000 -0.06286 -0.01500 0.05357 0.17429 Overall(€) 219.34 -0.17 -1.76 0.38 -2.94 6.42 Austria 10/18 1.15 103.65 0.08 0.03 0.03 0.01 0.00 Tr 4.5pc '42 137.67 2.58 1.57 2.79 12.66 -22.29 153.16 118.96 0.26
£ Libor 0.48125 0.000 0.000 0.000 0.50663 0.56688 0.70675 0.99681 Treasuries ($) 216.29 0.49 -0.54 0.57 -0.54 0.57 10/24 1.65 107.66 0.80 0.12 0.12 0.59 0.00 Tr 3.75pc '52 127.76 2.58 1.57 2.79 11.69 -22.52 145.21 106.18 0.22
Swiss Fr Libor 0.000 -0.81900 -0.79200 -0.70260 -0.58160 FTSE Belgium 06/18 0.75 101.62 0.22 0.00 -0.01 0.13 -0.66 Tr 4pc '60 138.62 2.55 2.00 3.24 11.84 -22.26 159.23 113.50 0.21
Yen Libor 0.000 0.06857 0.09786 0.13500 0.25400 Sterling Corporate (£) 113.18 -0.24 - - -2.62 3.15 06/25 0.80 98.56 0.95 0.03 0.07 0.59 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.05000 -0.01000 0.05800 0.16700 Euro Corporate (€) 108.75 -0.07 - - -2.35 1.83 Canada 05/17 0.25 99.22 0.65 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 1080.63 12.79 - - 2.00 12.46 06/25 2.25 104.99 1.71 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.16000
-0.15000
0.23000
-0.04500
0.35000
0.01500
Eurozone Govt Bond 114.06 -0.42 - - -4.09 4.89 Denmark 11/16 2.50 104.34 -0.40 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 1.75 109.21 0.83 0.00 0.10 0.64 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 1.13 103.69 0.01 0.01 0.01 -0.12 0.00
Fixed Coupon May 18 chg % Return 1 month 1 year Yield
May 18 term notice month month month year Markit iTraxx 07/25 4.00 130.99 0.80 0.13 0.13 0.60 0.00
1 Up to 5 Years 99.21 -0.08 2346.40 -0.38 2.35 0.99
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 280.88 4.86 4.05 1.48 296.41 242.25 France 11/16 0.25 100.59 -0.14 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.24 -0.29 3176.18 -1.98 6.12 1.72
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 60.92 0.90 0.73 -0.67 65.07 52.94 11/19 0.50 101.49 0.17 0.00 0.01 0.00 0.00
3 10 - 15 Years 206.23 -0.48 3702.15 -3.64 9.91 2.16
Swiss Franc - - - - - - - - - - - - Japan 5Y 52.17 -0.02 0.48 3.86 59.45 48.09 05/25 0.50 95.84 0.94 0.02 0.05 0.58 0.00
4 5 - 15 Years 185.38 -0.33 3304.18 -2.31 7.26 1.84
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 74.56 1.46 1.63 -0.75 77.83 62.28 05/45 3.25 134.92 1.75 0.03 0.07 0.79 0.00
5 Over 15 Years 295.73 -0.79 4189.15 -5.07 17.12 2.54
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 0.25 100.51 -0.23 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.29 -0.43 3161.04 -2.82 9.04 2.28
Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.05 0.15 -0.05 0.15 0.05 0.25 10/19 0.25 100.92 0.04 0.02 0.00 0.00 0.00
Emerging Markets 5Y 287.00 -0.72 -2.94 -17.99 321.49 287.00 02/25 0.50 98.51 0.66 0.03 0.04 0.58 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 337.11 -4.29 0.40 -2.98 350.53 329.17 08/46 2.50 130.97 1.29 0.03 0.06 0.83 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked May 18 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 62.58 -1.20 -0.45 -0.94 65.82 60.22 Greece 07/17 3.38 70.31 22.08 1.64 1.22 -5.99 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 313.38 0.01 -0.06 -2.41 2372.97 0.07 -0.78
02/25 3.00 56.30 10.94 0.34 0.18 -2.16 0.00 2 Over 5 years 569.51 -0.38 -3.63 14.28 4189.10 -3.48 15.23
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 113.41 -0.05 0.00 0.00 0.00 0.00 3 5-15 years 433.27 -0.16 -1.94 3.36 3277.10 -1.66 4.68
03/25 5.40 137.69 1.29 0.02 0.02 0.59 0.00 4 Over 15 years 698.96 -0.46 -4.20 20.10 5048.58 -4.09 20.87
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.99 0.14 0.01 -0.02 -0.05 0.00 5 All stocks 528.61 -0.32 -3.10 12.61 3934.95 -2.95 13.65
05/20 0.70 99.39 0.83 0.04 0.00 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.86 1.85 0.06 0.10 0.37 0.00 Yield Indices May 18 May 15 Yr ago May 18 May 15 Yr ago
Crude Oil† Jun 60.37 0.51 Corn♦ Jul 368.25 3.25 May 15 May 15 Prev return stock Market stocks
09/46 3.25 106.03 2.97 0.05 0.17 0.60 0.00 5 Yrs 1.34 1.30 1.78 20 Yrs 2.54 2.50 3.26
Brent Crude Oil‡ 66.38 -0.56 Wheat♦ Jul 522.00 11.25 Can 4.25%' 21 132.61 -0.624 -0.541 -0.15 5.18 71092.10 7
Japan 05/17 0.10 100.22 -0.01 0.00 0.00 0.00 0.00 10 Yrs 2.04 1.99 2.67 45 Yrs 2.57 2.52 3.32
RBOB Gasoline† May 2.04 -0.01 Soybeans♦ Jul 954.50 1.75 Fr 2.25%' 20 116.76 -0.890 -0.888 -0.95 20.31 222288.71 15
05/20 0.05 99.72 0.11 0.00 -0.01 0.02 0.00 15 Yrs 2.39 2.34 3.08
Heating Oil† May 2.00 0.00 Soybeans Meal♦ Jul 308.00 4.70 Swe 0.25%' 22 108.26 -0.801 -0.810 -2.81 29.96 226296.49 6
03/25 0.40 100.19 0.38 -0.01 -0.02 0.07 0.00
Natural Gas† May 3.02 0.01 Cocoa (ICE Liffe)X Jul 2079.00 11.00 UK 2.5%' 16 326.34 -1.811 -1.803 0.16 7.90 494486.98 24
03/45 1.50 102.07 1.40 -0.03 -0.03 0.13 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3145.00 7.00 UK 2.5%' 24 344.04 -0.907 -0.817 -0.05 6.82 494486.98 24
Netherlands 04/17 0.50 101.26 -0.16 0.00 0.00 0.00 0.00 Real yield May 18 Dur yrs Previous Yr ago May 18 Dur yrs Previous Yr ago
Uranium May 35.75 0.00 Coffee(Robusta)X May 1728.00 27.00 UK 2%' 35 232.96 -0.797 -0.706 -0.65 9.08 494486.98 24
07/25 0.25 94.37 0.83 0.02 0.05 0.60 0.00 Up to 5 yrs -1.17 2.96 -1.16 -1.43 -1.73 2.98 -1.73 -2.02
Carbon Emissions - - Coffee (Arabica)♥ Jul 142.50 3.60 US 0.625%' 21 104.26 -0.064 -0.007 -0.54 35.84 1077048.53 36
Diesel Jun 121.25 0.00 White SugarX 367.00 -0.80 New Zealand - - - - - - - Over 5 yrs -0.79 23.61 -0.81 -0.17 -0.81 23.68 -0.83 -0.20
US 3.625%' 28 138.68 0.524 -0.007 -1.45 16.78 1077048.53 36
Unleaded Jun - - Sugar 11♥ 13.15 -0.03 12/17 6.00 107.22 3.06 -0.01 -0.04 -0.13 -0.82 5-15 yrs -0.85 9.80 -0.86 -0.37 -0.91 9.81 -0.93 -0.47
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.67 0.86 0.01 -0.02 0.11 0.00 Over 15 yrs -0.79 28.28 -0.80 -0.13 -0.80 28.34 -0.82 -0.15
Base Metals (♠ LME 3 Months) Cotton♥ Jul 64.88 -1.72 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 3.00 111.06 1.64 0.00 0.03 0.30 0.00 All stocks -0.80 20.47 -0.82 -0.18 -0.84 20.60 -0.85 -0.22
Aluminium 1820.00 -37.00 Orange Juice♥ Jul 108.60 -3.10 amount.
Aluminium Alloy 1800.00 50.00 Palm Oil♣ Jun 610.75 -1.50 Portugal 02/16 6.40 104.69 0.03 0.01 0.02 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 6380.00 -31.50 Live Cattle♣ Jun 151.58 -0.95 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.58 2.38 0.09 0.02 0.38 0.00
Lead 1965.00 -14.50 Spain 10/17 0.50 100.77 0.18 0.01 -0.02 -0.02 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 216.73 -1.68
Nickel 13725.00 -140.00 Lean Hogs♣ Jun 82.60 -0.73 Spread Spread Spread Spread 04/25 1.60 98.21 1.80 0.06 0.05 0.34 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15950.00 110.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.18 -0.35 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 2280.00 -11.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.85 0.74 -0.01 -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 15 Month Year Australia 2.95 2.29 0.77 Italy 1.85 1.19 -0.32 Switzerland 10/16 2.00 103.94 -0.80 0.00 0.00 0.00 0.00 [email protected]
Gold 1223.50 3.00 S&P GSCI Spt 448.74 1.10 - Austria 0.80 0.14 -1.37 Japan 0.38 -0.28 -1.79 05/26 1.25 112.52 0.11 0.00 -0.02 0.00 -0.80
Silver (US cents) 1770.00 45.00 DJ UBS Spot 105.09 0.95 - Belgium 0.95 0.29 -1.22 Netherlands 0.83 0.17 -1.34 United Kingdom 07/18 1.25 100.97 0.94 0.04 -0.09 0.13 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1174.00 16.00 R/J CRB TR 231.27 3.01 -24.58 Canada 1.71 1.05 -0.46 Norway 1.64 0.98 -0.53 07/20 2.00 102.98 1.40 0.04 -0.08 0.22 0.00
Palladium 797.00 12.00 Rogers RICIX TR 2771.95 - - Denmark 0.83 0.17 -1.34 Portugal 2.38 1.72 0.20 09/25 2.00 99.91 2.01 0.03 -0.05 0.33 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 333.24 4.26 -28.32 Finland 0.80 0.14 -1.37 Spain 1.80 1.14 -0.37 01/45 3.50 118.85 2.59 0.03 0.02 0.26 0.00
Iron Ore (Platts) 59.75 -1.50 UBS Bberg CMCI TR 16.31 2.58 -23.89 France 0.94 0.28 -1.23 Switzerland 0.11 -0.55 -2.06 United States 04/17 0.50 99.91 0.55 0.01 -0.08 0.00 0.00
Iron Ore (The Steel Index) 59.00 -2.00 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.66 0.00 -1.51 United Kingdom 2.01 1.35 -0.16 04/20 1.38 99.51 1.48 0.02 -0.12 0.00 0.00
GlobalCOAL RB Index 63.10 -2.90 LEBA CER Carbon 0.45 -10.00 275.00 Greece 10.94 10.28 8.77 United States 2.17 1.51 0.00 02/25 2.00 98.50 2.17 0.01 -0.11 0.29 0.00
Baltic Dry Index 630.00 -4.00 LEBA UK Power 3170.00 20.03 87.02 Ireland 1.29 0.63 -0.88 02/45 2.50 90.60 2.98 0.03 -0.06 0.42 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 Tuesday 19 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 CoatsGrp 27.50 - 36.00 19.00 - 41.67 11.4 SKF SKr 203.90 1.20 231.70 134.80 2.72 20.56 1341.0 EVRAZ 195.40 1.70 209.90 86.20 - -3.90 1346.5 Shaftbry 881.50 - 899.00 632.17 1.45 5.36 440.3 Lavendon 194.50 -1.75 233.47 155.50 1.95 23.79 75.2
AvonRub 813.50 6.00 825.00 609.00 0.69 18.46 4.5 DBAG € 29.00 0.11 34.50 19.20 1.06 7.87 40.3 Spirax-S♦ 3425 11.00 3633 2548 1.77 25.94 96.1 FstQuant 967.00 -6.00 1512 581.50 0.91 13.82 0.2 Town Ctr 308.00 3.00 324.65 230.00 3.39 5.77 6.6 MngCnslt♦ 17.75 - 30.00 13.75 4.79 10.20 0.4
BAE Sys♦ 502.00 -1.50 549.00 403.70 4.04 21.54 6259.3 El Oro 55.00 - 78.00 40.00 6.73 -4.71 0.2 Tex 105.00 0.50 107.00 81.88 4.29 7.69 3.8 Fresnillo♦ 792.50 40.50 1037 630.50 - 83.97 2420.8 Wkspace 883.00 9.50 916.00 542.00 1.20 4.28 80.0 MearsGp 429.75 - 497.00 354.75 2.13 17.43 686.4
Chemring 217.00 1.00 248.00 181.50 2.86 -310.00 122.0 Hargr Lans 1265 16.00 1300 827.00 1.77 37.14 725.3 Trifast 106.50 0.50 134.00 88.63 1.31 18.27 94.9 GemDmnd♦ 145.00 -2.00 223.00 135.00 - 9.47 132.3 Real Estate Inv & Services MenziesJ 425.00 7.25 703.00 306.25 6.33 18.77 251.0
Cobham♦ 293.20 0.20 349.10 258.30 3.39 113.47 2093.8 HBM Hlth SFr 104.60 1.10 113.30 77.65 - 2.62 8.6 Vitec 647.00 17.00 670.00 539.00 3.62 22.03 2.5 Harmony R 19.10 -0.49 38.50 16.60 - -6.51 1209.5 Cap&Count 427.10 0.70 429.40 313.00 0.35 7.77 597.4 MichaelPge 551.50 1.50 560.50 358.70 1.93 28.85 389.8
Meggitt 513.50 0.50 593.50 421.70 2.54 23.65 1530.0 HenderGp♦ 273.50 -5.70 303.30 180.10 3.09 24.64 1727.9 Weir♦ 1936 38.00 2848 1574 2.22 12.62 979.2 Hochschild 109.00 0.25 181.91 60.97 - -9.06 238.8 Cardiff 1045 -10.00 1090 950.00 1.24 4.53 1.4 MITIE 298.70 11.00 337.80 263.90 3.68 86.13 4798.6
RollsRoyceX 1010 -3.00 1094 777.00 2.22 -258.97 4478.5 ICAP 563.50 1.50 573.00 338.70 3.90 32.80 1021.1 Kenmr 4.00 0.09 17.05 2.18 - -1.72 9400.7 CLS 1950 12.00 1965 1270 - 4.34 6.0 PayPoint 900.00 -3.00 1192 779.82 4.06 16.48 13.3
Indvardn SKr 167.40 1.20 183.50 111.40 3.31 6.68 486.9
Industrial General Lonmin 140.30 -1.70 267.00 105.70 - -18.41 1727.2 PremFarn 198.60 -1.70 220.80 147.00 5.24 15.43 674.6
Senior♦ 320.20 0.20 361.70 248.90 1.65 21.26 879.1 Daejan 5640 10.00 5995 4650 1.75 4.93 1.0
ICG 550.00 3.50 556.00 361.70 3.69 15.43 496.7 BritPoly 698.50 0.50 730.00 565.00 2.15 12.14 11.7 Petra 176.10 -2.50 220.87 150.00 - 21.30 691.2 Rentokil♦ 144.90 0.10 150.00 109.80 1.64 20.85 961.2
UltraElc 1801 12.00 1909.1 1646 2.37 60.63 90.1 DvlptSec 256.00 5.75 259.25 179.00 3.33 16.36 84.0
IPF 487.80 -7.40 636.50 412.00 1.99 16.60 1186.3 JardnMt $X 61.53 -0.97 67.88 57.00 2.31 13.27 90.9 Petropvlsk 6.20 0.05 66.00 4.21 - -0.10 3107.1 Ricardo 875.00 6.50 875.00 597.70 1.74 23.81 41.4
Grainger 219.00 1.70 226.90 167.80 1.14 25.39 531.5
Automobiles & Parts Investec 615.00 2.50 628.50 477.20 3.23 19.38 1050.3 Jard Str $X 34.74 -0.26 38.10 32.33 0.75 11.42 103.7 PolymtIntl♦ 558.50 6.50 634.00 315.18 1.85 -16.58 188.5 HelclBar 398.75 1.50 410.00 320.00 1.69 7.01 16.2 RbrtWlts 415.50 19.50 417.00 270.00 1.33 29.83 41.1
FordMtr $X♦ 15.58 0.10 18.12 13.26 3.56 19.00 19375.5 Jupiter 454.90 -2.30 458.00 313.70 2.81 16.75 603.7 Macfrlne♦ 42.75 - 46.00 34.00 3.74 11.29 114.2 RndgldRs♦ 4908 40.00 5752.1 3638 0.81 32.34 460.1 RPS♦ 226.70 1.00 301.80 181.50 3.48 14.99 573.4
REXAM♦ 567.00 2.00 603.00 424.60 3.34 15.79 713.1 HK Land $ 8.33 -0.01 8.40 6.46 2.17 14.68 1445.4
GKN 357.40 3.60 397.60 281.10 2.27 34.94 3725.3 Liontrust 280.00 4.50 306.25 208.00 1.07 24.77 3.2 RioTintoX 2925 -5.50 3530.5 2600 4.48 12.99 3369.7 Lon&Assc# 41.50 2.00 50.00 36.50 0.30 71.92 23.8 Shanks 106.25 -0.50 113.25 84.50 3.25 -24.15 222.8
Man 175.40 -0.30 217.80 87.45 3.40 13.33 4875.2 RPC 614.50 - 672.90 488.20 2.31 23.50 212.3 Troy Res A$ 0.41 0.01 1.32 0.35 - -0.90 1057.3 SIG♦ 202.40 -2.10 212.20 143.40 1.89 36.26 1350.2
Banks Smith DS 370.20 0.50 383.50 231.82 2.80 20.71 1285.2 MacauPrp 214.50 7.50 270.00 206.25 - 11.29 6.8
NB GFRIF♦ 96.75 -0.25 100.40 93.75 3.99 24.22 996.8 VedantaRs 663.00 -12.00 1201 353.21 5.96 358.96 791.3 Mntview 12100 40.00 12900 7481.95 1.70 13.72 0.3 SpeedyHr 74.00 -0.50 80.50 50.75 0.86 80.09 1617.6
ANZ A$X♦ 32.28 -0.84 37.25 30.47 7.94 12.25 6505.5 Smiths 1148 7.00 1363 1006 3.51 20.37 824.0
Paragon 450.00 -5.50 461.50 313.70 1.73 14.45 729.0 Q'tainEst 104.50 2.75 104.50 75.00 - 23.76 429.4 St Ives 172.00 -1.50 225.00 156.68 4.16 49.38 27.8
BcoSant 479.88 -1.38 758.00 416.37 8.53 13.62 1107.1
Providnt 3095 14.00 3268 1942 2.85 24.85 266.4 SmurfKap € 27.64 -0.32 30.31 14.78 1.67 26.48 152.9 Oil & Gas TribalGrp 150.00 5.25 190.07 138.72 1.13 -18.20 247.8
BankAm $X 16.51 0.16 18.21 14.37 1.02 23.10 50539.3 Vesuvius♦ 457.00 6.10 530.00 388.80 3.34 12.45 141.5 Afren 3.15 -0.04 157.10 2.65 - -0.03 8638.0 RavenRuss 53.75 0.75 78.00 37.25 - -6.80 109.4
RathbnBr♦ 2264 -8.00 2348 1774 2.21 30.05 74.5 RavenR Prf 142.50 0.75 156.00 101.50 8.42 - 23.2 Vp 665.00 20.00 690.00 539.00 2.17 16.12 0.8
BnkGeorgia 1684 -66.00 2604 1675 4.00 7.35 220.0 Aminex 2.13 0.08 3.17 0.75 - -9.75 2468.9
Record 35.75 0.75 37.50 28.38 4.20 14.27 80.5 Industrial Transportation RavenR Wrt 29.00 0.75 51.89 25.00 - - 22.0 Watermn 71.75 1.50 76.00 50.00 1.39 54.77 36.8
BankIre € 0.36 0.00 0.39 0.07 - 13.83 10970.4 BGX♦ 1163.5 -13.50 1420 780.55 1.74 -30.67 4646.2
S&U 2089 4.00 2255.5 1700 2.73 13.54 6.2 BBA Aviat♦ 336.90 -0.70 362.10 293.70 2.97 15.42 405.2 Safestre 279.50 2.25 304.75 184.25 2.16 12.16 160.4 Wolseley 3940 13.00 4242 2966 2.09 35.57 1595.4
BkNvaS C$X 65.00 -0.17 74.93 60.75 3.98 11.47 927.5 BPX♦ 452.30 -0.10 526.80 364.40 6.01 43.35 26639.7
Schroder 3378 -5.00 3412 2086 1.95 22.84 246.1 Braemar 489.00 19.00 557.23 390.00 5.52 36.32 7.1 Savills 911.50 11.50 935.50 567.52 1.18 20.12 125.1
BarclaysX♦ 261.15 -0.50 269.94 201.75 2.49 -0.84 23762.3
..N/V 2569 1.00 2611 1692 2.57 17.37 41.0 Cadogan 8.50 -0.25 12.44 8.36 - -0.52 7.5 Tech - Hardware
CanImp C$X 94.41 -0.21 107.37 88.04 4.23 13.06 605.3 Clarkson 2409 55.00 2689 1835 2.41 26.84 20.5 CairnEng 179.20 -4.30 210.70 141.00 - -4.20 925.6 SchroderRE♦ 60.50 0.25 63.00 51.50 4.10 4.82 361.0 ARM Hldgs 1111 10.00 1233 778.50 0.55 56.81 2827.6
SVG Cap 509.50 4.00 518.50 226.00 - 12.71 186.2 Eurotunnl € 13.53 -0.04 14.57 8.62 1.19 119.54 938.2 Smart(J)♦ 100.00 1.50 104.00 86.00 2.96 41.55 24.6
HSBCX 618.60 1.70 674.57 550.67 5.54 12.97 15831.5 Cape 259.50 8.00 327.25 177.00 5.39 13.95 221.3 CSR 883.50 -1.00 890.00 506.00 1.04 24.98 395.4
TullettPre 374.00 -2.80 393.10 234.40 4.51 33.54 486.7 Fisher J 1344 -4.00 1445 1003 1.54 16.97 7.1 StModwen 460.00 6.60 492.10 324.59 0.90 8.92 600.9
LlydsBkgX♦ 88.14 -0.86 89.20 70.72 0.85 -2.32 156471.4
Tungsten 117.75 -2.25 409.75 98.20 - -5.83 4038.1 DragnOil 638.00 -4.00 656.58 447.50 3.80 7.52 438.6 Laird 375.10 -3.90 395.25 259.45 3.24 20.17 690.5
RylBkC C$X♦ 78.78 -0.10 83.87 71.74 3.69 12.62 1130.8 Flybe Grp 57.25 -0.75 146.25 52.00 - -4.19 661.3 Endeav Int' $ 0.02 - 1.96 0.02 - 0.00 0.4 UNITE Gp♦ 614.50 2.50 624.50 388.30 0.88 11.76 248.8 Pace 417.00 2.70 476.70 284.20 0.89 14.26 544.6
WlkrCrip 46.00 - 50.94 37.50 3.41 8.53 8.7 Goldenpt 118.50 0.50 380.00 113.80 - -0.64 1.2 Urban&C 254.50 0.75 280.00 215.00 - 8.29 5.2
RBSX 351.30 -0.50 414.00 308.00 - -32.37 9207.6 EnQuest 54.50 -1.25 145.40 21.50 - -3.73 3049.7 SpirentCM 86.25 -0.25 111.23 65.95 2.73 40.19 309.2
StandChX 1052.5 1.00 1355.5 867.50 5.25 15.53 4216.0 Food & Beverages OceanWil♦ 915.00 17.50 1240 835.00 4.20 21.76 7.4 Exillon 113.00 4.50 175.57 105.00 - 5.47 36.1
RoyalMail 499.00 13.60 576.50 388.00 2.67 27.42 3493.0
Retailers Tech - Software & Services
..7.375%Pf 124.00 - 128.00 108.50 5.95 - 123.7 AngloEst 680.00 5.00 722.00 539.00 0.43 3.65 3.8 ExxonMb $X♦ 86.85 -0.50 104.76 82.68 3.36 12.33 6371.0 AA 409.00 4.00 434.50 225.50 - 30.84 2059.8
..8.25%Pf 138.25 - 140.50 124.50 5.97 - 7.8 AscBrFdX 2912 3.00 3293 2407 1.20 30.19 563.4 UK Mail 512.00 5.00 639.43 380.00 4.31 27.07 8.3 FastnetO&G 2.38 0.05 8.70 1.97 - -3.82 435.2 Anite 92.00 1.00 98.75 69.25 2.07 28.79 141.1
AO World 178.80 -0.50 336.00 149.60 - -270.91 252.0 AVEVA 2000 165.00 2460 1183.9 1.38 30.53 494.2
TntoDom C$X 55.36 -0.12 58.20 49.67 3.38 13.39 1446.0 Barr(AG)♦ 625.50 -4.50 699.36 548.00 1.81 24.19 5.7 Insurance GenelEgy 572.50 -5.50 1084 452.75 - -7.90 685.1 AshleyL 33.75 1.75 34.19 24.50 6.25 14.89 1200.6
VirginMoney 407.50 -0.40 432.93 278.00 - -1018.75 135.6 Britvic 758.00 3.50 788.00 600.72 2.52 20.91 271.3 GeoPark $ 5.59 0.05 11.00 3.60 - 43.53 45.0 Computcnt 742.00 -3.00 802.40 651.67 2.78 16.36 55.8
Admiral♦■ 1456 -7.00 1640 1175.33 3.30 14.16 788.0 Brown N 342.70 1.90 476.30 282.50 4.34 12.94 211.3 DRS Data 13.75 0.50 26.50 12.10 2.91 -2.81 36.9
Westpc A$X♦ 32.22 -0.83 40.07 31.33 8.13 13.71 7883.8 C&C € 3.64 -0.02 5.02 3.16 3.01 12.28 118.0 GrnDnGas 350.00 -2.50 585.00 320.65 - -23.78 0.2 Caffyns 592.50 2.50 670.00 480.00 3.04 10.36 1.0
Amlin■ 472.70 -1.60 533.08 418.20 5.56 10.14 739.2 Elecdata 69.50 - 86.50 64.00 2.88 21.99 11.8
CarrsGroup 171.00 3.00 174.00 136.00 1.99 13.13 57.7 Aviva GulfKeyst 38.00 -1.00 143.00 32.00 - -2.08 2004.8 Card Factor♦ 340.50 -2.00 345.00 195.50 - 32.06 193.6
Basic Resource (Ex Mining) 535.00 -7.50 578.68 458.20 2.85 11.22 7886.3 MicroFoc 1294 -2.00 1364 771.50 2.34 23.98 173.0
Coca-Cola H 1419 28.00 1472 1051 1.94 22.68 612.1 Beazley 285.30 -0.40 322.33 232.60 3.39 10.65 576.7 HellenPet € 4.42 -0.01 6.32 3.40 - -5.30 343.3 Dairy Fm $ 9.26 -0.08 10.90 8.49 2.50 24.46 46.2
Ferrexpo♦ 73.25 -3.25 148.60 47.60 5.78 3.76 703.9 NCC Grp 219.00 0.25 234.50 169.80 1.60 26.11 164.0
Cranswk 1551 -37.00 1595 1164 2.13 18.46 44.4 Brit Plc 279.00 -0.50 309.08 216.00 2.24 8.02 99.8 Hunting♦ 606.50 11.00 918.83 383.90 3.15 21.11 428.2 Debenhm 94.90 0.85 95.10 56.85 3.58 12.91 2234.7
IntFerMet 2.95 -0.01 9.80 2.65 - -1.80 148.3 RM 146.75 2.50 174.00 120.00 2.57 11.27 8.1
Dairy Cr 507.50 7.50 520.50 367.39 4.33 22.10 459.0 Chesnar♦ 327.00 -1.50 364.75 287.00 5.52 14.81 90.9 ImpOil C$X 48.84 0.01 57.96 44.08 1.07 12.64 562.9 Dignity 2140 1.00 2284 1291 0.93 -20.58 41.6
Mondi♦ 1460 9.00 1471 919.00 2.11 19.37 1488.9
Devro 293.00 0.25 316.00 230.00 3.00 111.79 43.3 JKX 28.50 -1.50 63.00 10.23 - -0.96 38.9 Sage♦ 561.50 17.50 564.00 346.70 2.16 30.74 2895.0
Vale BRLX 20.24 -1.04 33.25 17.17 12.80 -6.57 9951.1 DirectLine 323.90 0.70 343.30 239.70 3.95 13.61 2439.2 DixonsCar 472.80 1.90 476.10 319.20 1.11 55.62 2773.3 SDL♦ 442.50 -6.50 472.00 284.25 - 54.56 60.6
Glanbia € 17.70 0.37 18.00 10.52 0.63 33.51 29.9 Eccles prf 143.25 - 144.97 122.00 6.02 - 20.0 Lamprell 150.25 -0.25 178.00 93.50 - 7.94 212.7 Dunelm 948.00 - 960.00 745.97 2.11 20.19 98.2 Telecity 1070 1.00 1130 652.50 1.07 36.44 720.9
Chemicals Grncore 348.60 4.70 357.20 228.50 1.46 30.24 604.6 Hansard 94.00 -0.75 102.78 80.00 8.94 15.56 99.7 Lukoil RUBX 2550 -45.00 3297.7 1881 - 7.21 671.8 Findel 214.00 1.00 290.00 188.41 - -16.18 10.9
HiltonFd 448.00 13.00 529.00 342.25 2.88 17.94 430.6 Nostrum 552.00 -21.00 825.00 370.00 4.07 10.86 35.9 TriadGp 13.00 - 19.00 7.00 - 5.86 23.7
Alent♦ 356.00 -1.40 406.20 294.56 2.56 20.96 76.0 Hiscox 827.00 1.00 890.00 615.50 3.19 11.27 214.8 Halfords 474.30 -4.70 515.00 417.10 3.01 15.46 429.7
Bayer €X 133.90 3.45 146.45 94.22 1.57 33.50 1970.9 Kerry € 66.10 1.15 69.24 49.30 0.89 22.63 53.6 JardineL 1046 -8.00 1112 815.00 2.65 21.87 44.6 OphirEgy 139.00 -2.60 270.20 112.70 - 22.83 2910.8 Inchcape 882.50 -6.50 891.50 589.50 2.04 22.63 670.8 Telecommunications
Carclo 153.00 4.75 169.75 80.00 1.73 -5.41 118.1 Nestle SFrX 72.30 0.45 77.00 64.15 2.78 17.13 4413.7 Lancashire 640.00 -1.00 703.45 506.00 1.46 8.35 299.8 Petrofac♦ 885.50 6.50 1288 594.00 4.78 39.58 1375.0 JDSportsF 631.00 -0.50 641.50 355.94 1.07 25.69 48.3 BTX 461.35 -1.65 472.85 351.90 2.23 18.82 13561.6
Croda♦ 2785 -6.00 3027 1965 2.33 22.96 237.7 PremFds 47.00 - 63.00 26.13 - -2.18 1988.6 Leg&Gen♦ 266.00 -0.10 296.02 209.20 3.68 16.08 6677.5 PremOil 171.00 -6.20 358.60 119.60 3.15 -6.62 5214.9 Lookers♦ 163.50 1.25 165.00 117.50 1.63 13.91 497.0 Colt Grp 148.50 -6.50 165.00 113.10 - -60.74 73.7
Elemntis♦■ 310.90 -2.20 324.10 225.50 1.68 12.86 502.2 REA 315.00 -13.50 488.87 293.00 2.57 12.18 5.4 NovaeGp 704.50 -0.50 750.00 495.50 3.28 9.01 231.4 RylDShlAX 1981.5 -10.00 2475.5 1916.79 6.66 12.59 4248.6 Marks&Sp 581.00 13.00 581.50 380.80 2.93 18.88 6172.5 Inmarsat♦ 967.00 -28.50 1041.24 653.00 3.31 21.48 2223.7
Porvair♦ 327.50 12.50 329.00 237.53 0.92 23.12 11.5 SABMillX 3632 8.50 3857 3105 1.78 26.20 1370.7 Old Mut♦ 229.80 - 241.60 163.80 3.68 18.38 9582.0 ..B♦ 2011 -15.00 2613.5 1984.5 6.39 12.78 5172.3 Morrison♦ 178.80 -0.50 215.20 150.60 7.38 -5.48 6140.0 KCOM Gp 96.00 -0.50 102.41 78.50 5.08 13.08 145.1
Syngent SFrX 403.80 3.90 418.90 273.20 2.60 24.75 366.9 StckSpirit♦ 185.00 -3.00 316.50 178.25 0.52 13.55 265.9 PermTSB 0.06 - 0.10 0.05 - -0.20 0.0 Schlmbrg $X 92.75 0.61 118.76 75.60 1.94 22.70 3982.1 MossBros 98.25 3.75 126.18 77.50 6.51 25.84 92.8 TalkTalk 379.60 1.40 415.10 261.00 3.16 70.57 900.8
Synthomer 333.20 -1.60 350.00 176.64 1.98 25.19 2543.9 Tate&Lyl 599.50 -4.50 744.50 551.50 4.75 15.38 732.9 PhoenixGrp 851.50 4.00 935.00 614.85 6.27 8.82 458.6 SEPLAT 121.75 - 270.00 97.50 3.32 4.32 15.6 Next 7355 10.00 7625 6130 1.94 17.96 288.6 TelePlus 828.50 -2.50 1564 725.50 4.44 21.39 470.3
Victrex 2036 -12.00 2202.55 1536 2.34 21.59 128.8 TongtHu R 129.00 0.49 174.93 120.26 2.83 11.57 72.0 PrudntlX♦ 1637 10.00 1761.5 1287 2.14 18.85 2082.7 Soco Int 186.50 -7.90 450.89 134.00 - 68.52 845.2 Ocado 379.80 -2.40 452.40 216.80 - 319.70 883.5
Unilever♦ 2855 10.00 3087 2397 3.06 20.55 1506.5 RSA Ins 435.30 1.40 500.50 400.30 - -30.23 1758.4 TrnCan C$X 54.59 0.98 63.86 49.30 3.62 22.38 1307.7 Pendragn♦ 38.50 - 41.50 27.00 1.56 11.25 14162.5 Tobacco
Construction & Materials ..NV €♦ 38.28 0.18 42.98 28.81 3.14 19.97 9.1 Tullow 417.00 0.10 891.00 278.10 3.07 -3.80 5055.9 Photo-Me 144.75 1.25 155.26 107.85 2.73 20.99 145.9 BrAmTobX 3595.5 3.50 3894 3303 4.03 21.58 1892.3
SagicFin 66.50 - 76.50 55.00 4.05 5.61 2.3
Alumasc 147.50 1.00 160.00 108.66 3.39 12.75 25.7 Wood(J)♦ 713.50 16.50 825.00 517.60 2.14 12.00 1254.2 Saga 210.00 0.10 211.94 143.75 - 39.39 647.2 ImpTobX 3220 -18.00 3385 2474 3.98 16.12 1541.7
Health Care Equip & Services StJmsPl 936.00 -8.00 998.00 637.00 1.98 26.04 1036.2
BalfourB 248.80 0.90 263.00 145.59 5.67 -5.67 1468.9 SignetJwl♦ 8500 30.00 9499 5611.48 0.56 26.85 6.0
Bioquell 148.00 11.50 150.90 80.00 2.23 -61.87 202.3 Stan Life♦ 481.00 - 487.40 354.96 4.11 25.07 2562.7 Pharmaceuticals & Biotech Travel & Leisure
..CvPf 122.75 0.25 123.88 101.00 7.88 - 83.6 SuperGroup 1100 -1.00 1262 750.00 - 22.88 87.8
Boot(H)♦ 225.00 4.00 237.75 170.00 2.33 14.10 10.5 ConstMed 936.00 12.00 1045 650.00 2.01 20.56 20.4 Media BTG 783.00 -1.00 835.87 508.50 - 71.87 497.4 888 Hldg 167.00 -2.75 185.75 109.19 3.90 16.33 477.0
GNStre kr 141.00 -0.30 164.10 122.50 0.64 28.39 762.3 CathayIn 24.50 0.50 38.75 16.00 - -111.36 50.0 TescoX 222.10 -2.40 320.75 155.40 6.88 21.04 19649.9 AirPrtnr♦ 370.13 -14.00 519.00 245.00 5.58 13.46 14.2
ClarkeT 80.00 3.50 84.01 37.50 3.25 -55.21 261.6 4imprint 1150 39.00 1160 610.50 1.64 30.83 1.8 Thorntns 98.63 3.63 127.00 62.00 - 15.09 357.9
Costain♦ 322.50 -3.50 336.75 248.00 3.41 14.85 76.5 Optos 340.00 0.25 355.00 157.00 - 48.67 7.5 Blmsbury 178.00 2.50 190.00 140.50 3.27 18.04 21.0 Dechra 1053 -4.00 1068 677.00 1.46 41.83 54.8 bwin.party♦ 108.00 8.55 128.00 70.40 3.31 -12.36 15874.5
UDGHlthC 546.00 -3.50 551.50 315.20 1.34 15.44 739.9 Genus 1484 2.00 1495 1001 1.19 28.42 21.4 VertuMotor 59.00 -1.00 62.00 50.50 1.44 12.35 336.6 Cineworld 503.50 0.50 508.00 298.40 2.03 22.98 739.7
CRH 1816 - 2478.5 1220 2.67 5.94 1106.2 Centaur♦ 82.00 5.00 83.50 55.75 3.25 -3.19 22.2
GalfrdT 1540 -2.00 1575 1044 3.44 15.69 238.7 ChimeCm 288.25 -8.25 377.00 239.00 2.66 30.03 20.9 GlaxoSmhX♦ 1432 13.50 1658.39 1296.5 5.59 6.84 11432.4 Support Services CompassX 1146 -1.00 1223.36 924.41 2.36 22.25 3818.5
House, Leisure & Pers Goods HikmaPhm♦■ 2071 -30.00 2617 1564 0.62 23.23 554.8 EntInns 133.00 -3.00 142.80 96.85 - 22.27 1530.6
Keller♦ 1020 18.00 1075 742.00 2.39 -242.11 351.0 Creston 121.00 - 131.95 102.62 3.22 10.12 28.7 Acal 295.00 -1.75 418.00 180.00 2.37 250.64 50.1
AGARmst 113.25 3.75 178.25 78.44 - 786.46 361.5 Oxfd Bio 11.00 -0.50 13.38 1.91 - -25.64 7725.4 FirstGrp 113.50 0.70 141.82 88.65 - 23.47 1274.6
KierGp 1345 -312.00 1886 1260 4.28 34.79 558.2 DlyMailA 914.00 4.00 940.00 699.00 2.30 15.18 246.6 Aggreko♦ 1619 18.00 1841.76 1388.75 1.69 19.65 421.0
BarrttDev♦ 583.00 6.50 585.88 323.50 1.77 15.44 2919.2 RichterG $ 16.08 -0.15 19.31 12.20 1.22 25.84 0.0 Fuller A 1005 -10.00 1057.62 830.50 1.50 20.96 8.4
Kingsp € 19.28 0.21 19.50 11.03 0.82 29.34 45.8 HaynesPb 130.50 - 200.00 110.00 5.75 15.07 0.4 APR Engy 368.75 5.25 820.00 146.00 2.87 -0.72 69.0
Bellway 2251 21.00 2296 1333 2.31 11.63 230.5 ShireX 5375 -10.00 5755 3227 0.28 13.73 1163.7 Go-Ahead 2634 -32.00 2680 1813 3.21 17.00 66.3
LowBonr 69.75 1.00 90.60 44.25 3.87 20.28 51.0 ITE Grp 189.50 -3.50 248.30 125.00 3.91 15.14 592.5 AshtdGp 1183 6.00 1219 763.00 1.04 20.77 1009.7
Berkeley 2922 30.00 2933 2033 6.50 11.17 320.2 VecturGp 163.50 4.00 164.00 113.25 - -93.11 2030.7 GreeneKg 842.00 1.50 891.00 712.00 3.37 20.08 324.8
Marshlls 278.50 0.50 287.79 151.00 1.97 28.16 38.7 ITV♦■ 265.00 3.00 274.18 167.10 1.43 22.97 12867.5 AtknsWS 1391 20.00 1416 1225 2.51 17.47 134.2
BovisHme♦ 1064 18.00 1074 717.43 2.02 13.61 444.6 IrishCtl € 4.25 -0.07 29.50 2.50 2.56 13.18 9.1
MorgSdl♦ 800.00 -4.50 875.00 570.00 3.38 19.23 13.8 JohnstnP 150.50 -3.25 175.00 2.90 - -342.05 133.0 Real Estate Babcock 1111 30.00 1252.3 924.50 2.08 24.61 2838.3
CrestNic 511.00 5.00 549.00 291.98 2.07 13.22 411.4 Ladbrokes 118.60 1.30 155.04 101.02 7.50 26.72 5867.0
Norcros 16.75 -0.25 20.50 14.69 3.16 7.08 70.5 News Corp A $ 15.68 0.13 18.41 14.28 - 35.35 3422.3 Berendsen 1030 - 1161 895.50 2.79 19.64 235.7
GamesWk 510.50 0.50 683.50 487.25 7.05 23.20 1.9 Harworth Gr 10.63 0.13 11.25 5.35 - 18.58 1310.1 MandarO $ 1.57 -0.02 1.95 1.55 4.24 16.16 93.5
StGobn € 41.09 0.43 45.00 29.51 1.62 22.55 2237.2 NewsCpB $ 15.35 0.05 17.82 14.09 - 34.62 1138.4 Brammer 311.75 -17.25 509.00 265.00 3.34 34.95 313.3
Gleeson 407.50 - 411.07 322.35 1.47 12.74 12.1 REITs Marstons 168.60 1.10 174.30 134.50 3.97 -35.70 1304.4
Tyman♦ 309.00 2.50 342.00 228.25 2.10 56.20 457.3 Pearson 1325 10.00 1517.42 1082 3.70 44.31 1697.0 Bunzl 1892 2.00 1969 1517 1.77 29.68 367.8
Headlam 467.00 2.00 494.00 390.00 3.39 16.41 16.5 Assura 58.00 0.75 62.25 41.50 2.93 11.13 1581.9 Natl Exp♦ 305.40 3.10 311.90 213.40 3.31 26.46 1081.8
Quarto♦ 195.00 -1.50 213.35 136.66 4.29 6.72 1.0 Capita♦ 1263 - 1284 1000.5 2.17 35.59 1561.4
Electronic & Electrical Equip McBride 96.00 2.00 105.75 74.00 - -10.29 295.2 BigYellw 655.50 8.50 708.50 451.40 2.50 15.38 249.2 Carillion♦ 329.70 -0.40 386.60 294.03 5.34 25.94 1630.0 Playtech♦ 850.00 -6.50 868.50 570.50 2.22 23.00 678.2
Persimn 1874 26.00 1900 1176 - 15.40 1147.0 Reed ElsX♦ 1101 4.00 1199 877.50 2.27 25.90 2455.9
Dialight♦ 754.00 14.00 992.00 605.00 1.95 25.82 48.6 BritLand 875.50 -2.50 885.28 649.00 3.19 5.45 4122.4 Comnsis 52.50 1.50 70.00 47.00 3.56 -6.85 51.5 PPHE Htl 580.00 - 589.00 360.00 2.81 7.50 4.4
Philips €X 24.61 -0.09 28.00 20.69 - 118.80 2578.2 ReedElsNV €♦ 22.10 0.07 24.17 14.91 2.54 24.68 1821.4
e2v Tech 238.75 -2.25 244.00 145.44 1.91 19.47 433.9 Cap&Reg 56.50 - 58.06 42.25 1.33 4.35 1763.7 ConnectGp 162.75 1.50 208.75 128.02 5.77 12.76 42.3 Rank Gp 201.00 -0.60 204.00 151.90 2.24 16.64 54.0
PZCusns 370.30 -1.60 392.10 289.76 2.10 17.34 135.6 STV Grp♦ 370.00 5.00 393.75 322.00 1.08 9.84 5.0
Halma 742.00 2.00 760.00 552.50 1.51 25.22 464.5 Countrywd 593.00 -4.00 603.50 404.30 1.85 19.76 194.3 DCC 4390 20.00 4499 3015 1.75 28.84 191.8 Restaurt 709.00 -3.00 748.70 551.50 2.09 23.70 649.5
ReckittBX♦ 5764 15.00 6130 4895 2.38 25.33 1051.5 ThmReut C$X 49.27 0.37 53.00 37.24 3.44 16.07 278.9
MorganAd♦ 325.20 -13.00 359.50 258.10 3.26 119.08 277.0 DrwntLdn♦ 3609 6.00 3639 2530 1.04 5.04 258.7 DeLaRue 558.00 - 891.91 467.40 7.86 14.42 180.8 SpiritPub 116.50 -0.40 121.80 68.75 1.91 8.10 1466.4
Redrow 429.60 3.30 433.50 224.00 0.70 11.20 304.8 UTV Med 160.00 1.75 235.75 149.00 4.42 11.13 133.9
OxfordIn 1065 10.00 1452.92 671.58 1.16 91.00 55.1 Gt Portld 852.00 5.00 859.00 600.04 1.03 5.64 684.0 Diploma 790.50 -20.00 916.50 603.84 2.15 24.14 178.3 Sportech 67.50 0.50 93.00 47.00 - -6.49 3.0
TaylorWm♦ 187.20 2.50 188.78 101.70 0.38 16.28 18711.4 WPPX 1560 9.00 1616 1091 2.26 19.37 3328.5
Renishaw 2483 -17.00 2672.9 1470 1.66 16.21 24.1 Green Reit € 1.62 -0.02 1.70 1.20 - - 74.6 Elctrcmp 247.50 -1.50 297.84 197.20 4.97 13.60 571.1 Stagech 403.10 4.60 437.90 331.60 2.36 17.72 892.7
Spectris 2289 2.00 2420 1606 1.92 20.18 126.0 TedBaker 2880 - 2986 1648 1.23 35.54 27.2 Mining Hammersn 688.50 -2.00 708.00 537.00 2.85 7.19 1521.7 ThomasCook 156.10 -5.20 167.10 99.40 - -19.05 5842.1
EnergyAst 510.00 2.50 524.50 325.00 - 25.95 11.7
TT Elect 151.50 -1.25 211.50 96.00 3.63 -22.95 146.5 Industrial Engineering Acacia♦ 310.00 1.50 318.90 191.70 0.74 24.45 486.4 Hansteen♦■ 117.80 -0.10 128.95 98.25 4.16 6.95 1161.8 Essentra 975.00 -31.00 1069 624.50 1.67 33.21 702.5 TUI 1202 -8.00 1294.78 1004.81 - 82.71 658.4
XP Power 1598 45.00 1610 1340 3.63 15.81 6.2 AngloAmer 1077 -13.50 1662 923.00 5.08 -8.58 4957.9 HIBERNIA 1.29 0.01 1.29 1.02 - - 1899.6 Experian 1225 -1.00 1235 909.95 1.88 23.99 2242.8 Whitbrd 5290 -35.00 5475 3767 1.36 26.09 480.1
Bodycote 727.50 -6.00 797.59 542.50 1.88 17.43 159.0
AngloPacif 100.75 1.50 193.75 74.75 10.12 -2.39 640.4 Highcrft♦ 930.00 10.00 940.00 776.00 3.71 12.79 0.5 G4S♦ 294.00 0.60 309.60 239.70 3.05 50.69 2088.3 Willim H♦ 400.40 4.60 404.30 321.70 2.97 17.11 3476.7
Financial General Castings 391.63 6.63 525.00 360.00 3.31 10.37 14.0
INTU♦ 343.40 -1.50 376.50 299.10 4.25 7.68 1800.5
Fenner 220.00 -2.00 401.80 180.50 5.45 1067.96 1615.8 AnGoldA R 130.26 -0.19 200.05 88.36 - -42.86 718.6 Grafton 800.50 -2.00 868.00 527.00 1.16 23.55 503.2
3i 539.00 4.50 540.00 343.61 3.02 8.42 2190.0
Antofagasta♦ 793.00 4.00 861.50 620.00 7.88 26.51 1473.6 LandSecs 1311 2.00 1321 988.50 2.36 5.92 2295.8 Utilities
AberAsM♦ 433.60 0.10 509.64 383.40 4.15 19.10 2826.6 Goodwin 2965 165.00 4100 2120 1.43 11.89 1.3 HarvyNah 94.50 2.00 121.87 66.32 3.54 12.21 10.4 Centrica♦ 280.70 -0.30 348.18 234.40 6.12 -13.93 15653.1
Hill&Sm 708.00 5.00 710.18 495.00 2.32 20.44 22.6 ..5%Pf 0.60 - 0.60 0.60833.33 - - LondonMtrc 167.60 -0.40 173.20 132.30 4.18 6.95 1174.1 Hays 163.60 1.00 170.10 108.15 1.61 24.31 2424.3
Ashmore 322.30 -2.70 379.40 249.00 5.10 15.42 399.9 McKaySec 248.00 11.00 260.00 210.35 3.47 6.39 13.6 DeeVally 1322.5 52.50 1589 1135 4.73 14.78 5.2
IMI♦ 1196 - 1613 1108 3.02 17.43 842.6 AquarsPl 9.00 -0.11 26.40 8.51 - -3.83 2989.8 Homesve 406.00 0.20 415.00 293.80 2.78 48.32 401.6
BrewDlph 351.00 - 360.50 236.80 2.48 146.56 450.5 MucklGp 474.00 - 510.00 417.00 4.27 5.52 62.6 Drax 416.60 1.70 741.00 347.40 3.26 13.18 1755.4
MelroseInd 265.20 -2.20 314.78 252.54 3.17 31.57 1548.6 AsiaResM 40.13 0.63 210.00 3.61 - -1.69 250.7 HowdenJny 501.00 1.30 505.00 287.50 1.28 21.78 1183.4
Canaccord 355.00 - 729.00 300.00 3.12 16.28 0.0 PrimyHth 390.00 -0.50 407.00 324.00 5.00 13.13 164.4 Natl GridX 895.00 1.40 965.00 827.50 4.88 15.68 5960.6
Renold 64.00 1.50 69.00 49.00 - -19.31 29.7 Barrick C$ 15.80 -0.01 21.14 11.67 1.62 -4.90 1430.7 Intserve♦ 622.50 0.50 878.50 487.20 3.57 19.64 165.6
CtyLonInv 359.50 7.00 362.00 251.25 7.17 16.87 14.8 Redefine 57.50 -0.30 59.90 48.00 5.57 5.68 394.7 Pennon 869.00 2.00 925.00 745.30 3.49 29.95 740.6
Rotork 262.90 -2256.10 2890 253.20 1.87 22.19 1849.7 BHP Bltn 1463 -70.00 2102.53 1247.5 4.69 9.65 16745.5 Intertek 2667 -28.00 3003 2141 1.76 24.52 447.4
CloseBrs 1588 7.00 1857.39 1217 3.09 14.55 170.3 SEGRO 420.00 -0.50 454.80 330.90 3.52 4.57 1639.6 UtdUtils 998.50 6.00 1045 784.00 3.61 19.24 1344.9
Severfd 66.00 0.50 72.05 52.60 - 149.66 86.3 BisichMg 90.50 - 113.00 60.15 3.31 8.85 1.1 Latchways 755.00 - 1156 705.01 5.25 19.02 8.8

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 400.00 2.00 531.00 351.00 6.25 13.88 13.7 Insurance EuropaOil 8.63 0.25 10.75 4.65 - -12.25 1012.7 Lok'nStor♦ 286.00 - 295.00 199.17 2.45 121.55 1.3 Utilityws 254.00 -2.00 328.49 192.34 1.57 17.71 571.0
Cohort 275.50 1.50 285.00 189.00 1.58 20.66 20.2 Share♦ 38.00 - 46.00 29.44 1.37 84.07 5.1 Gable 38.50 -0.75 90.00 37.00 - 10.19 235.3 FalkldO&G 30.50 2.00 45.00 16.75 - -78.41 2427.3 LXB Retail 144.25 1.25 149.00 119.25 - 7.63 1111.4
ShoreCap 415.00 - 431.50 405.00 2.17 19.97 0.6 FaroePet 82.00 - 148.00 58.00 - -103.80 263.1 MirLand 55.50 1.50 245.00 50.00 - -0.98 0.4
Tech - Hardware
Helios 160.00 - 165.00 120.00 0.94 32.10 0.0
Banks STM Group 52.00 2.50 54.22 16.00 - 31.29 237.2 GETECH 55.50 -1.00 71.70 32.00 3.96 8.41 65.6 NewRiver 314.00 -5.00 322.00 271.00 3.26 29.44 109.6 AminoTech 132.00 -1.50 146.00 75.24 2.73 17.32 597.6
BCB Hldgs 9.50 -0.50 14.17 8.00 - -1.61 30.0 WH Ireland 98.50 - 130.00 79.00 1.52 73.29 88.9 Media GlobalPet 2.00 - 5.00 1.75 - -0.43 104.8 Palace Cap 380.00 - 395.00 255.25 - -7.00 1.8 IQE 22.75 0.50 23.75 12.08 - 94.40 750.2
STB 2875 17.50 3024 2245 2.19 23.92 1.8 Avesco 143.00 - 148.00 94.00 3.85 -11.17 0.9 Gulfsands 15.25 0.50 71.91 14.53 - -1.27 18.5 PnthrSec 337.50 - 357.00 295.00 3.56 12.93 22.2 Tech - Software & Services
Food & Beverages Cello Gp♦ 93.00 0.50 100.00 81.00 2.59 35.32 118.8 Indus Gas 124.50 -4.50 510.00 79.25 - 23.71 3.3 PSPI 29.00 - 30.00 21.00 - -5.37 12.8
Basic Resource (Ex Mining) FinsbryFd 83.50 3.5085.00 53.25 1.20 11.19 341.2 M&Csaatc 330.25 1.00 395.00 235.00 1.71 -1393.46 40.0
Blinkx 35.00 -4.00 82.25 23.25 - -29.76 11123.2
Infrastrata 4.25 0.25 10.00 2.75 - -3.71 375.2 SiriusRE € 0.49 - 0.50 0.28 0.66 7.44 219.7 BondInt 146.50 - 153.75 83.00 1.37 38.99 3.2
CropperJ 425.00 - 490.00 355.00 1.86 21.26 0.7 Nichols 1151 8.00 1235 834.56 1.77 30.02 26.0 MissionMk 43.00 -1.00 56.90 37.00 2.33 8.50 61.0 Iofina 37.50 2.00 67.50 26.13 - -16.58 403.7 SumGermny €♦ 0.95 - 0.99 0.50 2.00 3.72 76.4 Brady♦ 97.50 - 104.00 64.00 1.74 174.73 6.1
PureCircle 452.50 - 635.00 442.00 - 352.41 14.4 Next15Cm 182.50 3.00 184.00 109.00 1.51 118.05 44.2
Chemicals Ithaca Engy 57.00 -0.25 153.75 26.25 - -11.89 2608.9 TaliesinPr 2297.5 5.00 2389.6 1750 - 9.41 2.2 Datatec 332.50 - 350.80 261.25 3.38 20.51 3.3
RealGdFd 45.50 - 48.00 23.00 - -5.69 75.6 YouGov 118.00 - 133.00 98.50 0.68 212.23 154.6 KBC Adv 109.50 2.50 142.00 77.00 0.91 19.79 140.0 Winkworth 168.50 1.00 177.00 115.00 3.50 14.28 1.0
Scapa 171.25 -0.75 179.75 107.00 0.58 -44.05 265.2 DDD 2.00 - 8.00 1.25 - -2.08 237.5
Ukrproduct 5.26 0.06 9.01 4.41 - -0.73 10.5 Max# 0.16 0.01 2.26 0.08 - -0.08 4916.6
Construction & Materials Wynnstay 512.50 5.00 628.00 474.52 1.87 14.80 6.7 Mining Retailers Eckoh 38.50 - 48.50 33.00 0.81 90.80 62.8
NewWldO&G 0.26 -0.02 0.95 0.06 - -0.71 114813.2 EgSoltns 75.50 - 84.00 50.35 - 21.44 1.3
Abbey 885.00 - 927.30 800.00 0.97 9.13 0.5 AMC 10.00 -1.25 14.50 2.29 - -10.29 2518.7 ASOS 3785 13.00 4633 1742 - 87.02 651.5
Health Care Equip & Services PetrelRes 3.13 - 11.81 2.75 - -7.35 46.0 Iomart 234.25 -1.75 288.21 159.93 0.75 29.01 23.4
AccsysTch 79.75 -0.50 81.50 0.92 - -7.86 23.2 BeowMin 1.40 - 4.78 1.15 - -1.20 178.0 Koovs 75.00 - 171.00 60.00 - - 3.7
Advnc Med♦ 155.75 -1.00 158.00 106.85 0.40 25.61 254.7 Petroceltic 121.00 - 224.00 98.50 - -6.08 15.4 K3BusTc 252.50 5.00 252.00 203.59 0.50 28.02 13.1
Aukett 7.50 -0.13 9.50 5.76 2.67 11.54 106.4 BotswanaD 1.05 -0.03 4.15 0.87 - -2.25 110.0 Majestic 435.00 8.00 470.00 280.00 3.79 17.17 452.7
AVO 9.88 -0.25 16.90 2.40 - -15.10 30101.2 PetroNeft 4.38 - 6.79 3.60 - -38.72 3.0 Monitise 12.00 -0.25 70.25 11.85 - -2.38 7674.9
CentAsiaM 193.50 1.75 198.00 135.16 5.42 5.47 31.6 StanlGib 257.50 - 329.00 215.00 2.62 22.87 45.3
Plexus 225.50 1.38 325.00 165.00 0.49 36.29 103.8
Electronic & Electrical Equip CareTech 242.00 -2.00 268.00 190.00 1.93 10.15 37.1 Connema 1.63 - 3.81 0.25 - -2.44 60.6 OMG 42.00 - 49.00 25.00 0.95 158.49 58.6
ImmunDiag 305.00 - 540.00 285.00 2.79 16.10 0.8 PresidentEn 11.75 -0.25 39.48 10.50 - -52.93 746.4 Support Services Progility 4.50 -0.38 11.49 4.00 - 4.77 565.0
CeresPow 9.20 -0.20 11.75 5.91 - -6.69 352.3 C'royG&NR 0.75 - 1.65 0.50 - -8.15 102.0
SphereMed 16.63 0.13 31.00 15.50 - -2.00 169.2 Rockhop 62.00 -0.25 100.25 51.00 - -12.12 965.6 AndSyks 317.50 - 385.00 260.00 6.86 14.10 5.2 Pub Tech 176.50 - 335.00 125.50 - -75.78 0.0
Densitrn 6.75 - 7.20 3.50 1.48 -7.65 12.7 GrekaDrill 8.40 -0.28 16.80 7.20 - -38.01 3150.7
Tristel 77.50 -2.00 90.50 61.00 2.09 19.32 103.7 Sound Oil 23.75 - 26.73 7.78 - -8.69 3927.3 Augean 50.00 - 56.75 37.65 0.70 11.09 9.8 SciSys 82.50 0.50 96.75 76.24 1.82 11.36 19.3
ElektronT 6.75 0.50 7.20 3.25 - -1.90 609.9 Herencia 0.21 - 0.55 0.18 - -2.50 5197.4
TowerRes 0.18 -0.03 3.58 0.09 - -0.18 13217.5 Begbies 44.88 0.13 55.00 40.60 5.05 17.54 69.6 WANdisco 292.50 17.50 614.24 197.00 - -2.86 30.0
FlowGp 28.25 -0.38 50.00 23.25 - -7.13 492.8 House, Leisure & Pers Goods HighldGld♦ 50.50 - 74.54 17.73 10.50 -10.27 339.5
TrinityE 15.75 -0.13 111.06 13.25 - -0.74 23.1 Christie 124.00 -2.00 162.00 104.00 1.41 13.79 49.6
LPA 76.50 0.50 123.00 60.00 1.90 33.15 5.0 KarelianDd 1.25 -0.10 2.65 0.80 - -17.86 1427.4 Telecommunications
Airea 15.50 0.2516.42 10.25 3.87 10.10 45.1 UnJackOil 0.22 -0.01 0.52 0.14 - -5.50 9474.7 Empres 64.50 - 68.00 38.13 0.54 8.57 525.7
ThorpeFW 169.50 -2.50 180.00 120.00 1.92 18.76 6.3 KEFI Min 0.90 -0.03 1.99 0.87 - -1.70 2200.0
Churchll♦ 575.00 - 630.00 425.00 2.57 18.69 5.6 VictorOil 70.50 -1.25 89.05 0.96 - -2.04 205.9 Hargreaves 431.50 -8.00 850.00 405.00 5.91 4.58 25.6 AltNetwks 509.00 -2.50 540.00 415.00 2.84 30.62 13.0
Zytronic 298.50 4.50 310.00 197.00 3.32 15.32 67.1 OracleC 1.48 - 1.71 0.25 - -7.16 35.5
gamingrealm 32.50 - 41.70 20.00 - -6.95 24.5 VolgaGas♦ 66.00 0.50 143.00 55.00 3.64 6.49 20.4 Hydrogen♦ 55.00 - 100.32 48.25 8.36 -130.95 15.3 AvantiCom 220.00 -1.25 325.00 162.75 - -3.93 18.4
RamblMtls 12.25 0.50 27.40 9.00 - 140.80 80.3
Financial General HavelckE 14.00 - 25.00 13.00 - -1.00 1.8
ShantaGold 7.50 - 15.74 7.25 - 6.19 840.4 Pharmaceuticals & Biotech Impellam 812.50 -22.50 850.00 430.00 1.63 13.63 9.9 Peoples Op 135.00 - 145.00 122.50 - -89.64 5.0
Ambrian 11.25 - 12.50 5.25 - 4.99 348.4 Mulberry 902.50 0.50 969.00 562.50 0.55 175.86 5.5 ISG 147.50 1.00 356.00 140.00 6.41 -5.39 208.5
Portmern♦ 932.50 2.50 960.00 725.00 2.63 16.27 1.7
SierraRut 27.63 3.38 56.85 17.00 - 105.04 628.6 Abcam 536.50 5.50 542.00 270.88 1.44 30.54 196.7 Travel & Leisure
Arbuthnot 1537.5 20.00 1608.58 1000.00 1.69 27.54 1.0 Sirius Min 18.50 1.50 19.75 6.40 - -362.75 41348.6 JhnsnSrv 80.00 0.75 80.00 55.00 1.64 27.59 388.0
SinclairW 24.50 - 112.00 22.00 6.12 1.36 11.5 AllcePharm 44.25 - 45.00 30.00 2.12 14.02 71.7 CastleStIn 28.50 - 28.40 17.00 10.53 - 13.6
Aurora 9.75 - 24.00 8.00 - -0.57 45.8 SolGold 2.83 -0.10 10.00 2.01 - -5.36 3876.6 JourneyGp 147.00 -0.50 155.22 113.00 1.96 12.74 11.3
TelfordHms 488.00 3.00 490.00 245.50 1.80 17.99 303.5 Epistem 290.00 -27.50 340.00 220.00 - -9.69 10.9 Celtic 76.50 - 78.00 72.00 - -19.91 0.7
BP Marsh 140.50 -1.00 155.00 116.75 1.96 9.96 26.8 Stratex 1.18 - 4.00 1.12 - -2.25 959.8 LonSec 2325 125.00 2600 2050 2.67 22.49 0.2
WalkerGb 196.50 - 215.00 151.05 0.98 23.75 173.2 e-Thera 37.00 - 49.40 24.25 - -12.57 10.6 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 0.5
BrooksMac 1630 10.00 1705 1300 1.60 26.03 9.8 Xtract Res 0.37 0.01 0.42 0.06 - -7.93 393264.3 Matchtech 552.50 -5.00 620.00 495.00 3.62 17.23 21.6
GW Phrms 596.00 3.50 697.00 299.11 - -78.82 180.5 ..Cv Pf 135.00 - 150.00 120.00 - - 0.9
Camellia 9365 -135.00 11300 8450 1.33 91.22 0.8 Industrial Engineering ZincOx 15.38 1.50 15.75 6.00 - -1.14 854.8 NewmkSec 3.18 - 3.23 1.60 2.36 6.76 56.7
HtchChMd 1665 - 1865 740.00 - 315.04 6.7 Dalata 265.00 - 275.00 111.15 - 93.94 38.0
CaptlMgt 123.50 - 230.00 103.00 - 3.06 3.8 NormanBr 20.50 - 35.00 19.00 - -1.84 10.2
600 Grp 17.88 0.38
23.70 14.60 - 4.77 299.0 ImmuPhar 46.50 -2.50 67.00 41.00 - -13.54 38.8 Dart 404.75 -5.25 410.00 177.75 0.69 18.41 179.1
Charlemgn 13.00 -0.25 19.50 8.70 7.40 40.00 126.0 Oil & Gas NWF 134.50 - 163.00 120.00 3.79 13.79 14.5
CoracGrp 4.25 - 8.88 3.00 - -4.81 128.7 ReNeuron 5.00 -0.13 5.70 2.75 - -11.11 2814.6 GoalsSocc♦ 211.50 -1.00 242.00 206.00 0.87 23.79 46.9
Fairpoint 132.00 4.50 159.00 105.66 4.66 20.21 282.0 AlkneEng 25.25 -0.25 44.50 19.50 0.79 11.30 386.5 Optimal Pay 259.50 -4.75 575.00 255.25 - 21.58 4429.5
Molins 89.50 2.50 187.50 74.50 6.15 -58.15 49.2 Sareum 0.42 0.02 0.68 0.25 - -7.16 1967.8 MinoanGp 12.13 - 17.00 7.25 - -19.75 83.9
ImpaxGp 50.88 - 59.00 44.50 2.56 18.40 10.0 AmeriRes 32.75 0.25 67.25 19.10 - 20.04 3003.2 PennaCns 150.50 -2.00 155.00 111.00 1.77 91.55 14.5
MS Intl 150.00 - 217.00 116.00 5.44 20.27 1.0 SinclairIS 40.50 -1.25 45.33 23.30 - -15.53 605.0 PeelHtls 103.50 - 110.00 70.00 - 22.16 2.3
Leeds 35.50 1.50 43.79 29.00 - 8.69 5.5 AndesEnrg 31.00 0.25 53.90 16.50 - -3100.00 15.0 Petards 11.00 - 15.99 8.25 - 9.92 0.2
Pres Tech 330.00 20.25 790.00 203.00 2.42 11.82 70.1 Vernalis 69.50 1.50 70.60 28.59 - -24.07 1541.0
MattioliWds 515.00 - 520.00 414.00 1.77 23.06 3.9 BahamasP 1.81 0.11 4.70 1.50 - -8.12 3812.6 RedhallGp 10.25 - 42.00 9.00 - -0.72 23.3 Utilities
Miton♦ 28.25 0.25 44.00 18.50 1.91 -8.64 44.5 Industrial General BorSthnPet 5.25 -0.13 14.50 3.90 - -82.03 105.5 Real Estate Renew 300.50 -0.50 327.13 220.00 1.42 18.11 112.3 ModernWtr 13.75 - 35.00 13.25 - -0.62 7.1
MAB♦ 219.63 1.63 230.75 160.00 - 22.91 2.5 Powerflte 66.63 1.63 68.00 35.00 1.57 41.43 509.5 Circle Oil 13.25 0.13 28.70 8.75 - 5.43 260.7 Conygar 182.50 - 195.00 160.00 0.91 7.79 21.4 Restore 268.50 -0.50 286.40 170.13 0.78 44.79 173.2 RenEnGen 59.00 - 71.00 58.50 3.73 -41.23 30.7
Numis 266.00 11.25 299.75 196.09 3.95 20.20 153.8 RM2 69.50 - 82.00 46.00 - -5.40 453.9 ClontarfEn 0.73 - 1.50 0.30 - -0.46 96.5 FltchKng 59.50 - 65.00 37.27 5.04 8.28 15.0 SafeCharge♦ 276.00 -4.00 285.50 162.00 0.67 41.49 41.9 Rurelec 3.50 -0.13 8.75 3.00 - -0.47 398.2
Park Grp 57.00 -1.00 64.98 47.00 4.04 13.79 41.5 Symphny 9.88 1.00 11.33 6.50 - -42.20 787.1 Egdon Res 12.50 -0.75 30.70 6.24 - -8.01 390.2 InlandHms 68.25 - 69.50 43.00 0.88 21.58 312.1 Servoca 22.00 - 26.03 10.50 - 22.75 12.0 SeaEnergy 20.50 -0.50 39.98 18.68 - -4.55 104.1
Plus500 478.00 -272.00 781.00 344.67 5.17 8.36 8420.3 Enegi Oil 0.88 0.03 7.25 0.65 - -0.33 243.4 Synectics 157.50 -2.50 435.00 105.00 3.49 -7.65 6.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv♦ 687.50 - 699.50 565.20 3.50 712.3 -3.5 JPM Inc&Gr 112.50 - 114.85 98.50 1.96 121.2 -7.2 ScottMort 265.20 -1.20 283.40 189.00 1.15 258.9 2.4 AlbionVCT 65.50 - 68.65 63.00 7.63 67.7 -3.2 MMP 3.38 - 5.00 3.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 456.00 5.25 469.90 332.25 0.44 496.9 -8.2 JPM Ind 517.50 2.00 605.50 384.50 - 576.7 -10.3 ScottOrtll 827.00 1.50 900.00 763.13 1.39 939.1 -11.9 Amati VCT 67.50 - 80.50 66.50 7.41 70.7 -4.5 Marwyn Val 225.75 - 232.92 184.56 - - -
3i Infra 166.00 1.00 166.00 132.60 4.04 149.3 11.2 EP Global♦ 257.00 3.50 262.10 207.04 1.05 255.7 0.5 JPM JpSm 255.00 2.00 261.75 176.00 - 271.6 -6.1 SecTstScot 142.50 2.00 149.00 129.86 3.46 151.4 -5.9 AmatiVCT2 103.25 - 120.98 101.79 6.54 108.5 -4.8 TerraCat 98.00 - 126.70 62.11 - - -
AbnAsianIn♦ 196.25 0.75 213.80 192.25 4.03 202.1 -2.9 Estabmt 181.00 - 188.00 163.00 2.60 223.5 -19.0 JPM Jap 284.00 2.00 307.95 195.00 0.99 312.1 -9.0 Seneca I&G 143.25 - 144.61 131.00 3.93 152.4 -6.0 ArtemisVCT 68.00 2.50 68.77 59.23 5.88 76.1 -10.6
AbnAsian 859.00 -0.50 1014 800.04 1.16 967.4 -11.2 Euro Ast♦ 1125 5.00 1160 800.00 5.39 1119.8 0.5 JPM Mid 879.50 4.00 885.00 669.10 2.05 1024.8 -14.2 Shires Inc 252.25 0.25 261.75 216.26 4.76 267.3 -5.6 Baronsmd 72.75 - 75.49 69.50 13.06 77.4 -6.0 ISDX
AbnJapInv 503.00 0.50 531.00 320.00 0.89 539.2 -6.7 EuroInvT 830.00 - 849.00 659.33 1.69 882.3 -5.9 JPM O'seas 1087 4.00 1159 890.95 1.38 1178.8 -7.8 StdLf Eqt 423.25 5.25 425.50 362.50 3.31 458.6 -7.7 ..VCT 2 94.38 - 97.51 91.00 13.25 100.6 -6.2
F&C Cp&I 268.00 3.25 277.00 231.75 3.64 271.7 -1.4 JPMRussian 367.00 7.50 485.00 223.25 4.17 432.6 -15.2 StdLf Sml 300.00 - 307.24 256.00 1.50 332.7 -9.8 ..VCT 3 97.13 - 105.51 94.00 15.96 103.7 -6.3 52 Week Vol
AbnLatAmIn 64.25 0.13 85.68 57.50 6.61 70.0 -8.2
F&CGblSmlr 995.50 1.50 1028.92 781.00 0.83 987.6 0.8 JPMSnrSec 92.25 -0.25 101.00 89.22 - 96.8 -4.7 StrategicEq 215.50 2.50 215.50 152.85 0.36 212.0 1.7 ..VCT 4 90.63 - 92.75 86.75 9.93 97.1 -6.7 Price +/-Chg High Low Yld P/E 000s
..Sub 0.38 - 5.50 0.25 - - -
F&CMgdG 153.50 0.50 157.00 130.00 - 152.2 0.9 JPM Smlr 817.50 2.00 819.50 527.00 1.17 976.9 -16.3 Temp Bar 1207 -8.00 1274 1101 3.16 1259.6 -4.2 ..VCT 5 74.50 - 77.94 72.00 8.05 77.6 -4.0 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewDn 185.50 1.25 205.23 169.75 1.94 212.0 -12.5
F&CMgdI 127.00 1.00 130.00 110.00 3.82 125.6 1.1 JPM US Sml 174.50 -1.50 193.75 134.50 0.40 187.3 -6.8 TempEmerg 555.00 1.00 626.64 511.50 1.31 631.9 -12.2 BSC VCT 87.00 - 92.20 84.00 6.32 104.6 -16.8 ShephdNm 1062.5 -2.50 1260 1000.00 2.44 23.57 6.2
AbnNewThai 425.00 7.00 489.88 366.00 1.88 506.3 -16.1
FidAsian 260.00 -0.25 285.50 209.50 0.42 290.5 -10.5 JupDv&G 117.00 - 120.00 107.00 - 126.3 -7.4 TRIG 107.50 0.50 108.00 99.00 5.12 - - ..VCT2♦ 55.50 2.00 61.00 51.98 8.11 62.0 -10.5 Thwaites 121.50 - 132.00 112.50 3.67 -25.90 150.0
AbnSmlCo 212.00 1.75 216.03 174.00 3.10 259.3 -18.2
Abn UK 333.00 3.00 334.00 288.00 3.98 348.1 -4.3 FidChiSpS 163.20 -0.20 173.00 97.60 0.70 189.8 -14.0 JupEur 550.50 0.50 562.00 371.25 0.64 545.9 0.8 ThreadUKSel 175.50 1.00 187.70 163.00 2.45 197.7 -11.2 Crown Place 29.75 - 30.50 29.00 8.40 28.2 5.5
Abf Gd Inc 190.25 1.25 190.25 138.25 3.77 226.5 -16.0 Fid Euro♦■ 183.50 -0.50 187.50 137.40 1.62 192.8 -4.8 JupGrn 149.00 0.50 151.00 133.20 0.74 152.7 -2.4 TREurGth 639.00 7.50 639.00 438.00 1.02 714.9 -10.6 FrsightSol 101.50 2.00 112.02 95.00 5.91 107.5 -5.6
Abf Sml 1173 3.00 1174 966.00 2.04 1300.2 -9.8 Fid Jap 85.25 2.75 88.00 64.00 - 94.7 -10.0 JupPrim 321.50 0.50 332.50 268.34 1.99 328.1 -2.0 TroyInc&G 72.75 1.00 72.96 60.00 3.13 72.3 0.6 Inc&GthVCT 96.00 - 106.24 93.50 18.75 103.0 -6.8 Guide to FT Share Service
AcenciADbt♦ 106.50 0.25 114.00 103.25 3.67 118.8 -10.4 Fid Spec♦ 971.00 1.00 976.00 796.84 1.70 1050.7 -7.6 JupUSSmCo 650.00 3.00 704.03 596.99 - 734.4 -11.5 UtilicoEmg♦ 189.00 1.00 206.09 178.50 3.23 210.4 -10.2 KingsAYVCT 18.50 - 19.50 17.25 5.41 19.7 -6.1
AdvDvpMk 465.00 3.00 483.00 401.00 - 519.8 -10.5 FinsG&I 596.00 1.00 609.36 464.25 1.96 594.2 0.3 KeystoneInv 1862 12.00 1862 1651.76 2.71 1971.5 -5.6 UtilicoInv♦ 119.25 2.38 133.80 103.00 6.29 170.7 -30.1 Maven I&G 63.00 - 67.50 59.50 7.14 67.5 -6.7
Alliance 505.00 1.50 531.50 420.20 1.93 578.6 -12.7 FstPacfic H HK$ 7.29 0.01 9.48 7.22 2.89 - - Law Deb 530.00 0.50 545.50 465.10 2.87 499.3 6.1 ValAndInc 258.75 0.50 278.45 238.43 3.29 310.7 -16.7 MavenVCT2 54.00 - 56.75 48.00 7.13 60.6 -10.9
AllianzTech 616.00 4.00 640.43 463.07 - 636.5 -3.2 For & Col 448.00 - 467.90 365.00 2.08 485.9 -7.8 LinTrain £ 469.00 1.00 480.00 331.00 1.44 402.3 16.6 Witan 819.00 -1.00 850.00 642.00 1.87 817.1 0.2 MavenVCT3♦ 75.25 - 79.00 70.00 5.65 82.1 -8.3 For queries about the London Share Service pages e-mail
AltAstsOps 41.25 - 47.00 35.50 - 43.0 -4.1 Geiger 21.63 - 27.95 17.00 - 24.0 -9.9 Ln&StLaw♦ 367.00 7.00 410.50 330.80 3.76 385.3 -4.7 WitanPac 267.50 3.00 274.75 212.25 1.68 292.5 -8.5 MavenVCT4♦ 83.88 - 89.00 82.00 5.66 94.9 -11.6 [email protected].
Art Alpha 269.25 -0.25 308.00 257.00 1.19 331.5 -18.8 GenEmer 544.00 -5.00 583.00 500.00 - 608.5 -10.6 Lowland 1375 2.00 1473.5 1219 2.65 1461.3 -5.9 WorldTst 272.00 - 285.25 212.00 - 312.1 -12.8 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
..Sub 20.75 - 45.25 18.10 - - - GFIS 18.63 - 35.99 16.25 - 48.6 -61.7 M&GHighInc♦ 168.50 - 177.00 148.00 1.78 180.6 -6.7 WwideHlth 1876 -23.00 1992.4 1235 0.84 2001.9 -6.3 MobeusI&G 83.50 - 107.90 82.01 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 200.00 -0.25 224.00 171.25 1.63 218.7 -8.6 GRIT 15.00 -1.00 65.00 11.00 - - - Majedie 277.00 1.00 277.00 206.41 3.36 265.8 4.2 ..I&G 2VCT 104.50 - 119.50 101.08 1.20 117.9 -11.4 100 constituent stocks are shown in bold.
Conventional - Private Equity 52 Week Dis(-)
Aurora 152.50 1.00 169.00 144.00 2.49 182.5 -16.4 GoldenPros 26.75 - 42.59 25.25 - 33.0 -18.9 Man&Lon 249.25 4.75 277.00 219.00 3.00 294.0 -15.2 ..I&G 4VCT 99.00 -0.50 116.00 97.00 6.06 109.2 -9.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Price +/-Chg High Low Yld NAV or Pm
BG Japan 453.75 -3.25 493.25 316.50 - 445.9 1.8 Hansa♦ 860.00 10.00 1010 836.50 1.93 1180.1 -27.1 MCGlobPort 186.50 0.50 195.00 158.00 2.14 188.6 -1.1 Nthn 2 VCT 77.50 - 79.00 73.50 7.10 89.8 -13.7 are based on intra-day trading over a rolling 52 week period. Price/earnings
..A 835.00 - 981.50 810.00 0.67 1187.4 -29.7 MCurPac 315.00 8.00 336.00 267.45 2.06 350.2 -10.1 AbnPvtEq 89.50 0.38 96.00 79.04 2.29 115.7 -22.6 Nthn 3 VCT 95.75 - 99.48 92.50 5.74 110.0 -13.0
BG Shin 378.00 - 407.00 282.50 - 377.2 0.2 ratios (PER) are based on latest annual reports and accounts and are updated
Hen Div 93.00 0.50 95.50 89.50 5.43 91.2 2.0 MercantIT 1664 7.00 1669.77 1316.55 2.40 1889.7 -11.9 Altamir € 11.31 0.02 11.99 9.43 - 16.6 -31.9 NthnVent 79.50 - 82.00 75.00 7.55 87.4 -9.0
BSRT 27.00 - 43.00 25.00 - 43.9 -38.5 with interim figures. PER is calculated using the company’s diluted earnings
HenEuroF 1092 7.00 1148.5 816.47 2.15 1083.9 0.7 MrchTst♦ 487.00 -3.00 519.00 422.18 4.87 510.1 -4.5 Dun Ent♦ 342.00 2.00 434.75 329.81 4.82 499.0 -31.5 ProVenGI 78.50 - 81.00 76.00 8.28 85.3 -8.0
Bankers♦ 653.50 2.50 655.00 506.00 2.23 658.6 -0.8 from continuing operations. Yields are based on closing price and on dividends
HenEuro 919.00 14.00 957.00 678.25 1.90 905.3 1.5 Mid Wynd 344.00 - 352.50 256.00 1.10 333.3 3.2 Electra 3134 -1.00 3249 2338 - 3152.8 -0.6 ProVenVCT 92.63 - 96.99 89.50 7.56 99.4 -6.8
BrngEmEu 592.00 7.00 711.00 432.00 3.21 675.2 -12.3 paid in the last financial year and updated with interim figures. Yields are
HenFarEs♦ 337.75 -2.75 362.00 308.38 5.48 331.3 1.9 MitonWw 163.25 - 164.50 147.00 - 181.0 -9.8 ElectraPrf 148.63 - 151.00 143.30 - - - UnicornAIM 125.50 - 133.00 122.00 4.78 143.2 -12.4
BH Global 1320 - 1330 1162 - 1393.0 -5.2 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HendGlob 402.00 5.00 416.81 336.20 2.49 450.4 -10.7 MMP 3.38 - 5.00 3.00 - - - F&C PvtEq♦ 222.25 0.25 230.50 197.00 4.84 263.0 -15.5
..EUR € 12.00 - 14.00 11.80 - - - Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenHigh 190.00 - 191.75 156.50 4.53 187.7 1.2 Monks 429.00 0.10 458.90 348.40 0.93 476.6 -10.0 GraphEnt 581.00 6.00 619.00 536.10 1.29 686.7 -15.4
..USD $ 13.10 -0.06 13.35 11.46 - 13.7 -4.4 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
HenInt Inc♦ 127.38 -0.38 137.69 103.00 3.38 125.7 1.3 MontanSm 520.00 6.00 542.50 390.50 1.35 592.1 -12.2 HVPE $ 13.09 - 13.65 11.25 - 16.1 -18.7
BH Macro 2081 -14.00 2191 1919 - 2182.0 -4.6 Trading volumes are end of day aggregated totals, rounded to the nearest
Hen Opp 995.00 -3.50 1029.81 755.00 1.10 1080.7 -7.9 Mur Inc 754.50 -5.50 806.50 699.86 4.35 814.2 -7.3 HgCapital 1087 2.00 1169 1003 2.67 1213.5 -10.4 JPM I&C 104.25 0.25 106.00 86.00 6.31 -15.8 -0.9
..EUR € 19.98 -0.06 21.10 18.60 - 21.1 -5.3 1,000 shares.
HenSmlr 665.00 8.00 665.00 468.13 1.65 744.5 -10.7 Mur Int 1045 5.00 1123 980.00 4.31 991.2 5.4 JPM Pvt Eq $ 0.95 -0.01 0.96 0.75 - 1.3 -26.9 JupiterDv&G♦ 4.38 - 5.70 3.50 16.46 4.1 -28.9
..USD $ 19.73 -0.29 21.10 18.60 - 21.0 -6.0
HendVal 235.50 3.00 254.00 218.00 0.64 285.3 -17.5 ..B 1025 - 1499.48 885.89 - 991.1 3.4 JZ Capital 450.00 0.50 452.00 390.00 - 711.1 -36.7 M&GHI&Gt♦ 61.75 - 68.80 55.00 - -17.1 1.6 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 770.00 -2.00 874.50 430.00 - 833.0 -7.6
Herald 707.50 -2.50 722.00 594.00 - 862.7 -18.0 NB DDIF $ 1.20 0.01 1.25 1.00 - - - LMS Capitl 76.75 1.25 87.25 74.25 - 93.2 -17.7 Rghts&Icp 4375 5.00 4900 3800 - -70.0 0.5 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 89.75 -2.25 119.88 80.54 6.67 87.2 2.9
HICL Infra 155.50 0.90 161.40 135.50 5.73 132.6 17.3 NewCtyEgy 18.38 - 42.00 16.00 - 24.4 -24.7 Mithras 146.50 - 149.00 130.00 0.68 158.0 -7.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 240.00 13.00 280.00 169.25 0.97 272.5 -11.9 Income Shares 52 Week HR
Impax Env.♦ 160.50 3.00 167.75 136.00 0.75 181.7 -11.7 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.69 0.01 12.20 10.40 - - - yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt 118.00 3.50 133.28 103.50 3.52 118.4 -0.3 Price +/-Chg High Low Yld WO GRY 0%
Ind IT 305.50 - 308.00 268.00 1.64 343.6 -11.1 NewCityHY♦ 59.75 -0.50 67.50 59.50 7.08 59.3 0.8 Nthn Invs 535.00 5.00 555.00 376.10 1.87 516.6 3.6 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur♦ 257.50 5.50 264.50 201.75 1.83 264.5 -2.6 JPM In&Gr 98.75 -0.13 100.49 90.15 4.46 -63.5 8.4
Intl PP♦ 137.70 -0.10 140.59 127.60 4.52 121.1 13.7 NewIndia 319.25 6.75 371.30 238.00 - 356.8 -10.5 Pantheon 1290 1.00 1355 1109 - 1493.2 -13.6 in pence.
..Sub 18.00 -1.00 25.63 8.00 - - - M&GHghIc 58.50 - 62.75 53.00 - -17.1 1.7
InvAsTr 198.50 -0.50 213.58 167.75 1.74 224.8 -11.7 New Star IT 73.50 - 77.01 65.45 - 115.1 -36.1 PantheonR 1285 - 1300 1045 - 1493.2 -13.9
BlckR I&G 190.50 1.50 193.00 158.01 3.20 193.0 -1.3 Rghts&I 1125 20.00 1216 895.00 2.76 - 23.3
Inv Inc 297.75 3.00 299.00 255.00 4.01 321.2 -7.3 NorthAmer♦ 840.00 5.00 906.45 790.45 3.39 931.9 -9.9 PrincssPE € 8.08 0.08 8.12 6.45 7.16 8.9 -9.2 X FT Global 500 company
BlckRIncStr 136.75 1.25 143.00 119.25 4.82 142.2 -3.8
InvPerp 74.75 -0.38 79.00 69.00 6.69 73.1 2.3 NthAtSml 1893 35.00 1953 1625.86 - 2443.1 -22.5 Riverstone 1057 5.00 1114 822.00 - 1037.7 1.9 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckLat 378.75 -1.25 508.45 355.00 5.10 429.5 -11.8
IPST BalR 121.50 -0.75 123.00 111.00 - 123.7 -1.8 Oryx Int 470.00 - 473.00 375.00 - 600.8 -21.8 StdLfEuPv 205.00 - 236.42 200.00 2.71 250.8 -18.3 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckNrAm 114.25 1.25 124.50 98.75 2.63 125.5 -9.0
IPST Gbl Eq 167.50 - 172.00 138.00 2.63 164.6 1.8 PacAsset 207.50 3.00 226.15 155.00 1.25 207.4 0.0 JPM Inc&Gr 14.00 0.13 14.75 9.00 0.4 -6.0 13.1 # price at time of suspension from trading
BlckRSmlr 884.00 6.00 886.44 697.00 1.46 1018.9 -13.2 Conventional - Property ICs 52 Week Dis(-)
BlckRThrmt 317.00 -0.50 319.47 238.00 1.28 373.8 -15.2 IPST Mngd 101.13 - 101.81 100.75 - 103.2 -2.0 PacHorzn 193.00 4.00 223.77 164.75 0.73 215.3 -10.4 Price +/-Chg High Low Yld NAV or Pm M&GHghIc 4.85 -0.05 6.10 3.00 7.2 5.8 -
The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 321.10 2.10 510.00 285.44 6.54 357.2 -10.1 IPST UK Eq 170.25 - 173.00 143.00 3.32 172.1 -1.1 Perp I&G 420.00 - 421.00 350.81 2.90 429.2 -2.1 Direct Property Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 188.00 -0.30 194.60 177.60 - 197.9 -5.0 InvPpUK♦ 371.00 5.50 372.00 281.00 1.75 399.1 -7.0 PerAsset 35420 -10.00 36313.1 33050 1.62 35137. 0.8 Price +/-Chg High Low SP WO TAV 0%
AseanaPr $ 0.50 0.01 0.51 0.39 - 0.7 -28.6 guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 535.00 -3.00 557.08 475.40 1.96 594.0 -9.9 Invs Cap A 98.50 - 102.00 87.00 4.61 105.8 -6.9 7 Abf Gd Inc 148.75 0.13 152.00 143.00 -41.0 - 159.7
AXA Propty 44.25 - 45.22 39.45 - - - responsibility and will not be liable for any loss arising from the reliance on
Brunner 565.00 11.00 580.00 486.00 3.15 659.1 -14.3 Invs Cap B 102.00 - 103.00 87.03 - 105.8 -3.6 PolarFins♦ 105.50 - 107.75 92.00 2.30 115.3 -8.5 EcofinWatr 154.00 - 154.50 146.25 -76.5 -97.0 160.7
CustdnREIT♦ 109.75 1.75 115.50 104.00 - - - or use of the information.
Calednia 2372 -24.00 2475 2093 2.13 2916.7 -18.7 Invs CapU 393.00 - 404.95 347.00 0.92 423.2 -7.1 ..Sub 8.48 - 16.00 5.00 - - - JPM I&C 172.88 - 174.00 165.50 -19.9 - 192.1
F&CComPrp 139.10 0.20 148.40 117.50 4.31 122.8 13.3
CanGen C$ 20.10 -0.22 21.72 17.80 1.25 28.2 -28.7 JLaingInf♦ 123.20 0.10 128.60 114.10 5.28 104.3 18.1 PolarHealth♦ 177.00 2.75 182.50 142.50 2.01 187.8 -5.8 JupiterDv&G 111.50 - 114.00 99.50 -7.4 - 135.4 The London Share Service is a paid-for-print listing service and may not be
F&CUKRealE 99.50 -0.50 104.50 82.00 5.03 93.3 6.6
Cap Gear 3573 - 3573 3080 0.45 3244.7 10.1 JPM Amer 280.30 2.30 296.14 231.30 0.96 290.5 -3.5 PolarTech 582.00 -2.50 602.59 444.00 - 598.7 -2.8 JZ Capital 356.75 - 358.30 337.73 -91.2 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.30 - 4.39 0.15 - 8.9 -96.6
City Merch♦ 186.50 0.50 194.00 182.15 5.36 186.0 0.3 JPM Asn 246.00 1.00 268.92 198.83 1.17 274.4 -10.3 ProspJap $ 1.02 - 1.19 0.91 - 1.3 -21.5 M&GHghIc 113.63 - 114.70 108.50 -20.5 -93.7 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow♦ 104.00 1.00 106.75 100.50 5.53 - -
CityNatRs♦ 103.00 1.00 146.75 95.00 5.44 134.3 -23.3 JPM Brazil 56.75 0.38 76.49 48.50 1.76 60.8 -6.7 QatarInvF $ 1.32 0.01 1.49 1.15 - 1.6 -17.5 UtilicoFn16 184.75 - 186.00 174.75 -61.4 -95.7 192.8 please email [email protected] or call 020 7873 4012.
PictonProp♦ 71.75 - 74.25 58.81 4.18 67.6 6.1
City Lon♦ 408.90 -0.10 411.90 345.00 3.64 402.4 1.6 JPM China 204.50 -0.75 233.96 143.43 0.78 233.2 -12.3 RIT Cap 1587 3.00 1615 1265.55 1.85 1570.0 1.1 UtilicoFn18 141.88 - 146.50 120.00 -20.5 -32.4 160.5
SLIPropInc♦ 88.00 - 90.25 72.90 5.25 76.7 14.7
DexionAb 187.75 1.75 188.00 165.00 - 196.6 -4.5 JPMElct MC 99.75 - 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 - 30.91 27.21 - - - UtilicoFn20 116.50 - 117.50 100.00 -10.2 -12.7 154.9
UKComPrp♦ 88.80 0.05 94.00 79.00 4.59 83.7 6.1
..EUR € 2.48 0.02 2.50 2.36 - 2.7 -8.1 ..MG 616.00 - 635.00 507.66 1.15 637.1 -3.3 RolincoNV € 28.32 - 28.98 25.15 - - -
Property Securities
Data provided by Morningstar
..USD $ 3.85 0.09 3.75 3.53 - 4.2 -8.3 ..MI 105.00 -1.00 109.00 93.01 1.62 109.6 -4.2 Ruffer Inv 221.75 -0.75 226.00 193.50 - 217.7 1.9
SchdrGlbRe 120.00 -3.00 132.98 29.00 2.94 131.7 -8.9
Investment Companies - AIM
DiverseInc♦ 85.00 0.50 87.95 73.02 2.83 85.6 -0.7 JPM Emrg 612.50 -1.50 674.65 548.50 0.90 689.5 -11.2 SchdrAsiaP 290.00 1.25 321.50 241.48 1.16 323.2 -10.3
JPM EurGth 252.00 - 263.00 193.00 2.66 268.5 -6.1 Schdr Inc 285.00 0.75 285.00 235.50 3.54 297.4 -4.2 TR Prop 312.10 0.20 325.00 232.40 2.39 316.7 -1.5 52 Week Dis(-)
Dun Inc♦ 263.75 2.75 371.25 239.00 4.21 282.8 -6.7
Dun Sml 210.00 -0.50 216.75 171.30 2.48 250.5 -16.2 JPM EurInc 137.50 2.00 147.50 104.75 - 143.2 -4.0 SchdrJap 159.00 0.50 164.50 109.87 1.13 171.2 -7.1 VCTs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm
EcofinWatr♦ 147.00 1.00 176.75 132.56 4.67 181.6 -19.1 JPM EuSm 248.00 1.25 253.78 42.40 1.17 276.1 -10.2 SchdrOrient 200.25 0.25 215.25 173.25 3.82 199.1 0.6 Price +/-Chg High Low Yld NAV or Pm AdFrntMkt 59.13 -0.13 65.50 55.00 - 63.0 -6.1
..CULS 103.50 -1.50 111.70 102.75 - - - JPM Clavr♦ 620.00 2.00 632.50 534.51 3.15 671.2 -7.6 SchdrUK 170.75 -0.50 183.50 146.83 2.64 189.1 -9.7 AlbionDev♦ 69.00 - 70.89 67.00 7.25 71.9 -4.0 CrysAmber 151.50 - 155.50 129.81 0.3 160.8 -5.8
JPMGIConv 105.00 0.75 112.50 99.00 5.36 104.4 0.6 SchdrUKMd 478.00 3.00 478.75 402.49 1.66 537.2 -11.0
EdinDragn
..CULS
286.50
106.75
-0.50 311.00 253.00
- 107.70 102.50
0.77
-
320.7
- -
-10.7
JPM GEI 115.25 -0.25 130.00 111.00 4.25 118.0 -2.3 ScotAmer 265.00 2.00 265.24 221.99 3.94 262.4 1.0
Albion Ent 87.50 - 92.00 85.00 5.71 95.6 -8.5 GLI Finance♦
IndiaCap
54.50
57.88
-0.38 65.00 52.00 9.2 -
0.13 69.40 43.50 - 71.5
-
-19.0
www.morningstar.co.uk
AlbionTech 76.00 - 81.00 71.25 6.58 81.3 -6.5
JPM I&C Uni 364.00 1.00 370.50 330.06 - 386.0 -5.7 Scottish In 653.00 -2.00 670.00 536.00 1.89 719.6 -9.3 Infra India 14.50 - 17.00 10.00 - 43.2 -66.4
Tuesday 19 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 135.35 136.96 -0.03 4.22 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.11 - 0.01 - Frk Technology $ 11.36 - -0.02 0.00
Practical Investment Inc 214.36 219.15 -0.08 3.72 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.12 - 0.01 - Frk U.S. Focus Fund $ 17.56 - -0.01 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 1021.02 1043.88 -0.39 3.63 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.17 - 0.01 - Frk US Equity $ 25.70 - -0.01 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 - 0.00 3.58 Frk US Opportunities $ 12.59 - 0.00 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 117.58 - 0.36 0.00 Authorised Inv Funds Authorised Inv Funds
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 4.36 Frk US Sml Mid Cap Gth F $ 20.53 - 0.03 0.00
CF Heartwood Cautious B Acc X 131.12 - 0.43 0.34 Authorised Corporate Director - Carvetian Capital Management
ACPI Global Credit UCITS Funds USD A $ 13.96 - 0.03 0.00
Electric&General Net Income A 147.00 - 0.80 1.99 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 3.52 Frk Wrld Perspective Fd $ 20.49 - 0.06 0.00
Barings (Luxembourg) (LUX) CF Heartwood Cautious Income B Inc X 114.47 - 0.35 2.02
ACPI Global Fixed Income UCITS Fund USD A $ 151.47 - 0.29 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.07 - 0.00 4.43 Tem Africa $ 10.92 - 0.03 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Heartwood Growth B Acc X 151.87 - 0.61 0.63
Q ACPI India Fixed Income UCITS Fund USD A $ 10.07 - 0.02 - Russia A GBP Inc F £ 28.35 - -0.31 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 4.39 Tem Asian Sml Comp Fd $ 42.23 - 0.19 0.00
CF Heartwood Balanced Income B Inc X 118.64 - 0.39 2.41 Ennismore Smaller Cos Plc (IRL)
ACPI India Fixed Income UCITS Fund USD A3 $ 85.90 - 0.16 0.00 Authorised Inv Funds Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.00 3.98 Tem BRIC $ 15.25 - 0.14 0.00
CF Heartwood Balanced B Acc X 130.93 - 0.49 0.50 5 Kensington Church St, London W8 4LD 020 7368 4220
ACPI International Bond UCITS Fund USD A $ 18.07 - 0.06 0.00 Artemis Capital R ACC 1340.11 1416.42 -3.10 1.23 Institutional OEIC Funds
FCA Recognised Tem China $ 26.31 - 0.17 0.00
Barmac Asset Management Ltd (UK) CF Heartwood Defensive Multi Asset Fund B Accumulation 111.16 - 0.20 0.01 Crèdit Andorrà Asset Management (LUX)
Artemis European Growth R Acc 260.40 275.03 -0.22 1.14 Ennismore European Smlr Cos NAV £ 92.26 - 0.67 0.00 America £ 3.96 - 0.01 0.40
40 Dukes Place, London, EC3A 7NH www.creditandorra.com Tem Eastern Europe € 20.45 - 0.05 0.00
Artemis European Opps R Acc 78.23 82.58 0.17 1.26 CF JM Finn Gbl Opps A Acc ♦ 276.83 - 1.05 1.54
Authorised Corporate Director - Capita Financial Managers FCA Recognised Ennismore European Smlr Cos NAV € 127.34 - 0.52 0.00 Emerging Markets £ 3.39 - 0.01 0.48
ACPI Select UCITS Funds PLC (IRL) Tem Emerging Mkts Sml Comp Fd $ 11.08 - 0.07 0.00
Artemis Global Emg Mkts I GBP Acc 94.42 - 0.64 - Dealing: 0845 922 0044 CF Richmond Core X 195.65 - 0.31 0.00 Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00
Regulated Europe £ 4.27 - -0.02 2.30 Tem Euroland € 21.11 - -0.09 0.00
Authorised Inv Funds CF Seneca Diversified Growth A ACC 225.96 - 0.70 1.30
ACPI Balanced UCITS Fund USD Retail $ 14.66 - 0.08 0.00 Artemis Global Emg Mkts I GBP Dist 94.42 - 0.64 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 117.10 - 0.70 1.56
Retail Accumulation 2 117.40 - 0.13 0.00 Tem European EUR € 22.87 - -0.11 0.00
CF Seneca Diversified Growth B ACC 133.23 - 0.42 2.25 Ennismore European Smlr Cos Hedge Fd
ACPI Balanced UCITS Fund EUR Retail € 11.07 - 0.05 0.00 Artemis Global Energy R Acc 29.08 30.84 0.14 0.00 Crediinvest SICAV Fixed Income Eur € 10.93 - 0.02 0.00 Global Focus £ 2.88 - 0.00 0.51
Retail Income 2 116.13 - 0.14 0.00 Other International Funds Tem Frontier Mkts Fund $ 18.74 - -0.02 0.00
ACPI Balanced UCITS Fund GBP Retail £ 11.18 - 0.06 0.00 Artemis Global Growth R Acc 189.40 199.98 0.53 0.78 CF Seneca Diversified Growth N ACC 132.09 - 0.41 1.94 Crediinvest SICAV Fixed Income Usd $ 10.71 - 0.02 0.00 NAV € 449.55 - -4.04 0.00 Index Linked Bond £ 2.63 - 0.04 0.64 Tem Growth (Euro) € 17.01 - -0.10 0.00
The Castleton Growth Fund Ret Acc X F 113.84 - 0.13 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Acc 99.70 105.33 0.42 3.65 CF Seneca Diversified Income A INC 91.81 - 0.27 5.94 Crediinvest SICAV Spanish Value € 290.62 - -0.83 0.00 Index Linked Bond Gross £ 3.17 - 0.05 0.64 Tem Korea $ 5.83 - 0.01 0.00
The Castleton Growth Fund Ret Inc X F 114.34 - 0.13 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Income R Inc 82.44 87.09 0.35 3.77 CF Seneca Diversified Income B INC 108.68 - 0.32 5.14 Crediinvest SICAV International Value € 256.24 - -0.88 0.00 Index-Linked Bond Fund Gross Inc £ 12.41 - 0.18 0.64 Tem Thailand $ 20.49 - 0.13 0.00
CF Seneca Diversified Income N INC 107.71 - 0.32 5.14 Equinox Fund Mgmt (Guernsey) Limited (GSY)
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis Global select R Acc 72.06 76.07 0.26 0.00 Crediinvest SICAV Big Cap Value € 19.62 - -0.16 0.00 Japan £ 2.17 - 0.03 0.69
Regulated
BlackRock (JER) Investment Adviser - DSM Capital Partners
ACPI Focused Equity UCITS Fund $ 13.91 - 0.02 0.00 Artemis High Income R Inc 81.14 86.35 0.02 5.53 Crediinvest SICAV US American Value $ 18.79 - 0.02 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 $ 27.98 - 0.05 0.00 Frontier Capital (Bermuda) Limited
Artemis Income R Inc 215.25 228.09 -1.30 3.93 Crediinvest SICAV Sustainability € 16.65 - 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 £ 19.32 - 0.09 0.00 Other International
Artemis Income R Acc 360.70 382.22 -2.17 3.82 Long Bond Fund Gross Inc £ 11.15 - 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 £ 19.35 - 0.09 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 64.48 68.37 0.16 4.70 Pacific (Ex Japan) £ 3.92 - -0.03 1.79
BLK Intl Gold & General $ 5.34 5.63 0.05 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 104.93 - -0.23 - Regulated Pan European £ 2.79 - 0.00 1.95
CF Morant Wright Japan A X 280.94 - 5.34 0.00 Smaller Cos Cls One Shares (Est) € 34.37 - 0.00 0.00
Insurances
Artemis Strategic Assets R Acc 81.44 86.28 0.06 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Smaller Cos Cls Two Shares (Est) € 24.14 - 0.00 0.00 Reduced Duration UK Corporate Bond £ 10.71 - 0.01 3.09
Life Funds CF Morant Wright Japan A Inc X 276.79 - 5.25 0.00
Artemis Strategic Bond R M Acc 84.60 89.75 0.07 3.96 Smaller Cos Cls Three Shares (Est) € 12.15 - 0.08 - Reduced Duration UK Corporate Bond Gross £ 10.85 - 0.01 3.09
Prop. Acc. Ser 2 1503.10 1582.20 2.10 - CF Morant Wright Japan B X 298.11 - 5.67 0.50
Artemis Strategic Bond R M Inc 55.44 58.82 0.04 4.03 Smaller Cos Cls Four Shares (Est) € 15.62 - 0.09 0.00 Reduced Duration UK Corporate Bond Inc £ 10.19 - 0.01 3.09
Selective Acc. Ser 2 1617.20 1702.40 5.50 - CF Morant Wright Japan B Inc X 281.12 - 5.35 0.52 DAVIS Funds SICAV (LUX)
Artemis Strategic Bond R Q Acc 84.68 89.84 0.07 3.96 Regulated Reduced Duration UK Corp Bond Gross Inc £ 10.20 - 0.01 3.09
American Ser. 4 1678.30 1766.60 10.70 - CF Morant Wright Nippon Yield ACC A X 285.13 - 4.14 2.01
Artemis Strategic Bond R Q Inc 55.54 58.93 0.04 4.04 Davis Value A $ 42.21 - 0.32 0.00 Select Emerging Markets Equities £ 1.37 - 0.01 0.89
Custodian Ser. 4 500.20 526.50 1.30 - CF Morant Wright Nippon Yield ACC B X 294.87 - 4.30 2.01
Artemis UK Growth R Acc 459.24 486.31 -1.72 0.56 Davis Global A $ 31.84 - 0.44 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Equity Ser. 4 595.50 626.90 0.80 - CF Morant Wright Nippon Yield Fund A Inc X 250.31 - 3.64 2.05
BlueBay Asset Management LLP (LUX) Fundsmith LLP (1200)F (UK)
Artemis UK Smaller Cos R Acc 1095.48 1178.04 0.41 0.51 Select Global Equities £ 3.09 - 0.01 0.93
European Ser 4 606.30 638.20 2.30 - Regulated CF Morant Wright Nippon Yield Fund B Inc X 258.94 - 3.78 2.05 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Artemis UK Special Sits R Acc 530.94 564.47 -3.41 1.63 South East Asia £ 3.93 - 0.00 0.64 www.fundsmith.co.uk, [email protected]
Fixed Int. Ser. 4 886.40 933.00 2.40 - BlueBay EmMkt B-USD $ 296.45 - 1.20 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
Artemis US Abs Ret I Acc 101.03 - 0.12 - 1 Poultry, London EC2R 8JR 020 7 415 4130 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.01 3.61 Authorised Inv Funds
Intl Ser. 4 454.60 478.50 2.50 - BlueBay EmMktCrp B-USD $ 166.51 - -0.36 0.00
Artemis US Equity I Acc 111.06 - 0.26 -
Cavendish Asset Management Limited (1200)F (UK) Authorised Inv Funds Fundsmith Equity T Acc 211.16 - -0.07 1.09
Japan Ser 4 386.60 406.90 6.40 - BlueBay EmMktSel B-USD $ 156.58 - 1.53 0.00 Sterling Core Plus Bond Inc £ 1.35 - 0.01 3.73
Chelsea House, Westgate, London W5 1DR Disc Inc 1483.00 1528.90 9.10 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith Equity T Inc 201.02 - -0.06 1.10
Artemis US Select I Acc 110.81 - 0.15 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Regulated UK £ 3.66 - -0.02 1.83
Man. Ser. 4 1718.40 1808.80 6.70 - BlueBay EmMkLocCy B-USD $ 150.93 - 1.91 0.00
Authorised Inv Funds Do Accum 5564.00 5736.10 34.20 0.00
Artemis US Select I Inc 98.96 - 0.13 - (LF) Absolute Return € 1.31 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.81 - 0.01 3.10
Money Ser. 4 524.20 551.80 0.00 - BlueBay GlblConv I-USD $ 199.18 - 0.79 0.00
Artemis US Smlr Cos I Acc 119.25 - 0.15 - Cavendish Opportunities Fund B Class 1094.00 - -2.00 1.32
Prop. Ser. 4 1073.70 1130.20 1.20 - BlueBay GlblHgYd B-USD $ 133.50 - -0.45 0.00
(LF) Balanced - Active Fund (RON)RON 16.55 - -0.05 0.00 UK Aggregate Bond Inc £ 1.24 - 0.01 3.17 GAM Limited (2300)F (UK)
Artemis US Ex Alpha I Acc 112.67 - 0.29 - Cavendish Opportunities Fund A Class 1089.00 - 2.00 0.53 GAM Sterling Management Limited
(LF) Cash Fund € € 1.33 - 0.01 0.00 UK Corporate Bond £ 1.25 - 0.00 3.97
Custodian Ser 5 480.90 506.30 1.20 - 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 1129.00xd - 5.00 1.20
(LF) Cash Fund (RON) RON 15.70 - 0.01 0.00 UK Corporate Bond - Gross £ 2.27 - 0.01 3.83 Internet: gam.com
International Ser 5 437.10 460.10 2.40 - BlueBay HgYieldCp B-EUR € 143.46 - -0.40 0.00
Cavendish Worldwide Fund B Class 323.40 - 0.50 0.90
(LF) Eq Emerging Europe € 0.91 - -0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.37 - 0.04 3.95 Authorised Inv Funds
Managed Ser 5 1652.20 1739.20 6.40 - Artemis Fund Managers Ltd (CYM) BlueBay InvGr B-EUR € 173.59 - 0.24 0.00
Cavendish Worldwide Fund A Class 323.20 - 1.40 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 € 149.68 - 0.66 0.00
Cavendish Worldwide Fund C Acc 330.70xd - 1.40 0.80 GAM Global Diversified Acc 4131.63 - 9.56 0.00
Artemis Gbl Hedge Fd Ltd GBP £ 54.66 - -1.07 - (LF) Global Bond Fd € 12.10 - 0.01 0.00 UK Gilt Gross £ 2.01 - 0.01 1.86
Property Ser 5 1032.40 1086.70 1.10 - BlueBay InvGEurAg I-EUR € 150.03 - 0.48 0.00
Cavendish AIM Fund B Class 159.50 - 0.30 0.39 GAM North American Gwth Acc 3254.19 - -4.59 0.00
Pension Funds
Artemis Gbl Hedge Fd Ltd EUR € 50.84 - -1.06 - Dodge & Cox Worldwide Funds (IRL) (LF) Global Equities € 1.21 - 0.00 0.00 UK Long Corp Bond £ 1.41 - 0.01 4.36
BlueBay InvGLibor B-EUR € 126.40 - 0.34 0.00
Cavendish AIM Fund A Class 155.00 - 0.20 0.00 6 Duke Street,St.James,London SW1Y 6BN GAM UK Diversified Acc 2010.64 - 5.06 1.02
Artemis Gbl Hedge Fd Ltd USD $ 54.93 - -1.13 -
Asset Management
American 1931.40 2033.10 11.00 - (LF) Eq Mena Fund € 15.01 - -0.23 0.00 UK Long Corp Bond - Gross £ 2.49 - 0.02 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 183.80 - 0.70 1.31
Equity 5302.80 5581.90 8.70 - FCA Recognised (LF) Greek Government Bond € 15.55 - -0.22 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.29 - 0.07 4.33
Cavendish Asia Pacific Fund A Class 183.10 - 0.70 0.60 Dodge & Cox Worldwide Funds plc - Global Bond Fund
European 1231.90 1296.80 4.30 - 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 189.00 - 0.70 1.30 EUR Accumulating Class € 11.81 - 0.00 - Retail Share Classes FCA Recognised
Fixed Int. 1621.30 1706.60 7.30 - (LF) Greek Corporate Bond € 10.84 - 0.01 0.00
Other International Funds GAM Fund Management Ltd
Cavendish European Fund B Class 148.40 - 0.40 1.22 EUR Accumulating Class (H) € 9.69 - 0.02 - Emerging Markets - retail £ 1.36 - 0.01 0.00
International 971.80 1023.00 4.70 - Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6901.00 - 43.00 2.43 (LF) FOF Balanced Blend € 1.46 - 0.00 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Cavendish European Fund A Class 146.70 - 0.30 0.35 EUR Distributing Class € 11.51 - -0.01 - Europe Long Term Growth £ 1.54 - 0.00 1.84
Japan 408.00 429.50 6.90 - (LF) FOF Equity Blend € 1.38 - 0.00 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 163.10 - 3.00 0.75 EUR Distributing Class (H) € 9.45 - 0.03 - {*}CAR - Net income reinvested
Managed 4470.40 4705.70 18.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland (LF) FOF Glob. Emerging Mkts € 0.99 - 0.00 0.00 GAM Star Asia-Pacific Eqty USD Acc F $ 13.66 - 0.12 0.68
Tel: 44 (0) 207 766 7130 Cavendish Japan Fund A Class 161.80 - 2.90 0.00 GBP Distributing Class £ 10.19 - 0.05 -
Property 2764.70 2910.20 3.80 - (LF) FOF Dynamic Fixed Inc € 11.91 - -0.10 0.00 GAM Star Asian Eqty USD Ord Acc F $ 16.65 - 0.12 0.00
FCA Recognised Braemar Group PCC Limited (GSY) Cavendish North American Fund B Class 192.70 - 0.70 0.58 GBP Distributing Class (H) £ 9.50 - 0.03 -
Security 1476.90 1554.60 -0.10 - Artisan Partners Global Funds plc (LF) FOF Real Estate € 16.84 - 0.10 0.00 FIL Fund Management (LUX) GAM Star Balanced GBP Acc £ 10.74 - 0.01 0.00
Regulated
Cavendish North American Fund A Class 187.20 - 0.70 0.00 USD Accumulating Class $ 9.75 - 0.03 - 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Selective 2073.90 2183.00 9.50 - Artisan Emerging Markets I USD Acc $ 8.31 - 0.01 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 19.01 - 0.01 0.00
UK Agricultural Class A £ 1.27 - 0.00 0.00 Phone: 800 22 089, 800 22 088
Cavendish Technology Fund B Class 278.10 - 0.50 0.09 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Formerly Hill Samuel Life Assurance Ltd Artisan Global Equity Fund Class I USD Acc $ 15.75 - 0.04 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 $ 17.86 - -0.01 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cavendish Technology Fund A Class 265.30 - 0.50 0.00
Artisan Global Opportunities I USD Acc $ 12.69 - 0.04 0.00 China Consumer A-GBP £ 17.10 - 0.17 0.00 GAM Star Cautious GBP Acc £ 10.72 - 0.01 0.00
Student Accom Class B £ 0.55 - -0.17 0.00 GBP Accumulating Share Class £ 18.68 - 0.04 0.00
Managed Ser A (Life) 1619.70 1713.90 12.50 - Cavendish UK Balanced Income Fund B Class 145.10 - -2.10 5.02
Artisan Global Value Fund Class I USD Acc $ 16.88 - -0.04 0.00 China Focus A-GBP £ 5.11 - 0.02 0.20 GAM Star China Equity USD Acc F $ 28.65 - 0.26 0.38
Managed Ser A (Pensions) 1090.10 1147.40 10.00 - Cavendish UK Balanced Income A Class 138.40 - -2.00 5.26 GBP Distributing Share class £ 13.68 - 0.03 0.72
Artisan US Value Equity Fund Class I USD Acc $ 12.06 - 0.00 0.00 Global Financial Services A-GBP £ 0.45 - 0.00 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.62 - 0.02 0.00
Formerly Target Life Assurance Ltd CAF Financial Solutions (UK) Cavendish UK Select Fund B Class 168.50 - -1.20 1.65 EUR Accumulating Share Class € 23.43 - -0.09 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Global Health Care A-GBP £ 0.57 - 0.01 0.00 GAM Star Cred Opportunities GBP Acc £ 13.00 - 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 168.40 - -0.60 0.86
Managed (Life) 1639.70 1726.00 12.50 - Property & Other UK Unit Trusts Global Industrials A-GBP £ 0.69 - 0.00 0.00 GAM Star Defensive GBP Acc £ 11.15 - 0.03 0.00
Ashmore Sicav (LUX) USD Accumulating Share Class $ 16.36 - 0.00 0.00 FIL Investment Services (UK) Limited (1200)F (UK)
Managed Growth (Life) 527.20 554.90 4.80 - 2 rue Albert Borschette L-1246 Luxembourg CAF UK Equitrack Inc Fd 75.74 75.74 -0.28 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 $ 12.80 - 0.02 0.00
EUR Accumulating Share Class € 16.82 - -0.07 0.00
FCA Recognised CAF UK Equitrack Acc Fd 105.50 105.50 -0.40 3.10 Callfree: Private Clients 0800 414161 GAM Star Dynamic Gbl Bd USD Acc H $ 10.46 - 0.03 1.47
Managed (Pensions) 6539.80 6884.00 59.70 - Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Real Asset Securities £ 1.50 - 0.00 0.00
Regulated Broker Dealings: 0800 414 181
Managed Growth (Pensions) 651.00 685.30 7.00 - Ashmore SICAV Emerging Market Debt Fund $ 101.31 - 0.30 8.50 FP CAF Alternative Strategies A Class Acc 111.78 - 0.12 0.41 USD Accumulating Share Class $ 19.04 - -0.04 0.00 Global Technology A-GBP £ 0.25 - 0.00 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.62 - 0.04 0.00
Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 158.56 - 0.30 0.85 Cedar Rock Capital Fd Plc $ 367.29 - 8.03 0.00
additional fund prices can be found on our website FP CAF Alternative Strategies A Class Inc 111.22 - 0.11 0.46 GBP Accumulating Share Class £ 18.83 - 0.01 0.00 Unit Trust Global Telecomms A-GBP £ 0.29 - 0.00 0.98 GAM Star European Eqty USD Acc F $ 24.80 - 0.15 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 89.34 - 0.51 6.28 Cedar Rock Capital Fd Plc £ 365.96 - -1.06 0.00 Cash Accum Units 186.28 186.28 0.00 0.00
FP CAF Fixed Interest A class Acc 113.94 - 0.25 2.95 GBP Distributing Share Class £ 12.02 - 0.00 0.44 India Focus A-GBP £ 4.37 - 0.01 0.00 GAM Star Flexible Gbl Port GBP Ac £ 13.10 - 0.03 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 149.37 - 0.92 0.00 Cedar Rock Capital Fd Plc € 335.98 - 2.23 0.00 Cash Fund £ 1.00 1.00 0.00 0.12
FP CAF Fixed Interest A class Inc 101.26 - 0.22 2.99 EUR Accumulating Share Class € 21.59 - -0.12 0.00 Latin America A-GBP £ 1.72 - 0.01 0.18 GAM Star GAMCO US Equity Acc F $ 14.49 - 0.04 0.00
Ashmore SICAV Local Currency Fund $ 89.81 - 0.65 0.29 FP CAF Fixed Interest B class Acc 114.41 - 0.25 2.95 Gross Accum Cash £ 1.28 1.28 0.00 0.00 GAM Star Global Conv Bond USD Acc F $ 11.71 - -0.02 0.00
EM Mkts Corp.Debt USD F $ 102.50 - 0.24 7.05 FP CAF Fixed Interest B class Inc 101.56 - 0.23 2.99 Charles Schwab Worldwide Funds Plc (IRL) MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.12 GAM Star Global Rates USD Acc F $ 12.76 - 0.10 0.00
Findlay Park Funds Plc (IRL)
EM Mkts Loc.Ccy Bd USD F $ 90.03 - 1.07 5.79 FP CAF International Equity A Class Acc 145.38 - 1.17 0.70 Regulated MoneyBuilder Global £ 2.74 2.74 0.01 0.18 GAM Star Global Selector USD Acc F $ 14.79 - -0.02 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 141.55 - 1.15 0.71 GAM Star Japan Eqty USD Acc F $ 13.68 - 0.06 0.34
American £ 27.90 - 0.09 0.00 American Fund USD Class $ 82.28 - 0.18 0.00
Alceda Fund Management S.A. FP CAF UK Equity A Class Acc 156.13 - 0.92 1.99 GAM Star Keynes Quant Strat USD Acc F $ 12.39 - -0.02 0.00
www.alceda.lu American Special Sits £ 11.39 - 0.03 0.00 American Fund GBP Hedged £ 44.80 - 0.10 0.00
FP CAF UK Equity A Class Inc 143.50 - 0.84 2.01 Chartered Asset Management Pte Ltd GAM Star Local EM Rates and FX USD Acc $ 11.98 - 0.08 0.00
FCA Recognised Other International Funds Asia Pacific Ops W-Acc £ 1.11 - 0.00 - American Fund GBP Unhedged £ 52.46 - 0.36 -
FP CAF UK Equity B Class Acc 156.13 - 0.92 1.99 GAM Star North of South EM Equity Acc F $ 12.38 - 0.05 0.02
AC Opp - Aremus Fund EUR A € 112.07 - 0.08 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 - 0.00 1.25 Latin American Fund USD Class $ 15.76 - 0.16 0.00
FP CAF UK Equity B Class Inc 143.48 - 0.84 2.01 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port GAM Star Technology USD Acc F $ 16.73 - 0.03 0.00

Asset Management
AC Risk Parity 7 Fund EUR A € 123.21 - 0.70 0.00 CAM GTi Limited $ 741.85 - 21.46 0.00 Fidelity Asian Dividend Fund A-Income £ 1.16 - 0.00 2.59 Latin American Fund GBP Unhedged £ 10.05 - 0.15 -
Guernsey - Channel Islands United Kingdom GY1 3PU GAM Star US All Cap Eqty USD Acc F $ 14.40 - 0.02 0.00
AC Risk Parity 12 Fund EUR A € 149.97 - 1.49 0.00 Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54 +44(0)1481 734343 [email protected] www.dominion-funds.com China Consumer £ 1.74 - 0.01 0.06
Aspect Capital Ltd (UK) GAM Star Worldwide Eqty USD Acc F $ 3596.06 - 16.87 0.34
AC Risk Parity 17 Fund EUR A € 98.33 - 1.62 0.00 FCA Recognised
Other International Funds Emerging Asia £ 1.30 - 0.00 0.13
DGT Luxury Consumer - £ I £ 135.31 - 0.61 0.00
ACQ Risk Parity Bond Fund EUR A € 101.64 101.64 0.20 0.00 Emerg Eur, Mid East & Africa H £ 1.53 - 0.01 0.86
Aspect Diversified USD $ 374.89 - -48.59 0.00
DGT Luxury Consumer - £ R £ 130.19 - 0.59 0.00 GYS Investment Management Ltd (GSY)
Aspect Diversified EUR € 225.25 - -0.62 - Enhanced Income - Acc £ 1.94 - -0.01 7.90
DGT Managed - £ I £ 1.14 - 0.00 0.00 Regulated
Aspect Diversified GBP £ 114.57 - -0.38 0.00 Enhanced Income - Inc £ 1.28 - -0.01 7.04 Taurus Emerging Fund Ltd $ 215.52 219.92 -6.84 0.00
DGT Managed - £ R £ 1.16 - 0.00 0.00
Aspect Diversified CHF SFr 108.11 - -0.27 0.00 European - Inc £ 1.53 - 0.00 1.46
CCLA Investment Management Ltd (UK)
Aspect Diversified Trends USD $ 111.11 - -0.07 0.00 European £ 17.30 - -0.02 1.10
Senator House 85 Queen Victoria Street London EC4V 4ET Fleming Financial Trust Investment Fund Limited (NZ) Generali International Limited
Aspect Diversified Trends EUR € 111.49 - -0.06 0.00 Authorised Inv Funds Dominion Fund Management Limited European Opportunities £ 3.92 - -0.01 0.23 Incorporated in New Zealand, Reg No 5141841
Cheyne Capital Management (UK) LLP (IRL)
Other International Funds PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
The Public Sector Deposit Fund Regulated Extra Income £ 0.27 - 0.00 3.45 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Aspect Diversified Trends GBP £ 114.98 - -0.06 0.00 International Insurances
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.49 DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 115.73 115.73 0.53 0.00 www.fftinvestmentfund.com
Cheyne Convertibles Absolute Return Fund € 1399.11 - 0.90 0.00 Extra Income - Gross £ 0.27 - 0.00 3.45 Global Multi-Strategy Managed $ 5.04 5.43 0.03 0.00
Allianz Global Investors GmbH(1200) F (UK)
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 116.41 116.41 3.01 0.00 [email protected]
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.29 Cheyne European Real Estate Bond Fund € 112.64 - -0.02 0.00 Global Dividend - Acc £ 1.57 - 0.00 3.14 Other International Funds UK Multi-Strategy Managed £ 5.01 5.40 0.03 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 € 121.72 - 0.06 0.00 Global Dividend - Inc £ 1.42 - 0.00 3.24 EU Multi-Strategy Managed € 3.07 3.31 0.03 0.00
OEIC Regulated
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.39 Fleming Fund $ 3.81 3.91 0.01 -
Allianz BRIC Stars A Acc 164.33 - 1.85 0.60 American Dynamic $ 3603.08 - -4.59 0.00 Global Focus £ 13.56 - 0.00 0.00 Global Bond USD $ 3.56 3.84 0.00 0.00
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.28
Allianz BRIC Stars C Acc 175.60 - 1.99 1.02 American One $ 3315.92 - 3.73 0.00 Cheyne Capital Management (UK) LLP Global High Yield Fund - A Gross Acc £ 12.39 - 0.01 4.73

Allianz Brazil Fund A Acc 61.29 - 0.75 0.97 Bond Global € 1383.28 - -9.80 0.00 Other International Funds Global High Yield Fund - A Gross Inc £ 10.57 - 0.01 4.95 Foord Asset Mgt (Guernsey) Ltd (GSY)
Genesis Asset Managers LLP
Cheyne European Event Driven Fund € 149.26 - 0.23 0.00 Regulated
Allianz Brazil Fund C Acc 62.85 - 0.77 1.64 Eurocroissance € 914.76 - 6.85 0.00 CCLA Investment Management Ltd (UK) Global High Yield Fund - A Net Acc £ 12.00 - 0.01 4.77 Other International Funds
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 136.21 - 2.45 0.00 Foord International Trust $ 36.40 - 0.15 0.00
Allz Continental European A Acc 927.33 - 2.46 0.19 Far East $ 755.92 - 3.07 0.00 Global High Yield Fund - A Net Inc £ 10.56 - 0.01 4.95 Emerging Mkts NAV £ 6.04 - 0.02 0.00
Property & Other UK Unit Trusts Dragon Capital Group
Cheyne Malacca Asia Equity Fund Class A $ 1449.88 - -36.38 0.00 Global Property - Acc £ 1.52 - 0.01 1.22
Allz Continental European C Acc 149.79 - 0.41 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 £ 1.26 - 0.01 2.77 Franklin Templeton International Services Sarl (IRL)
Allz European Eq Inc A Inc 142.44 - 0.13 3.59 Investment Inc 1401.67 1417.17 1.18 3.78 Fund information, dealing and administration: [email protected] Guardian (UK)
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 £ 26.11 - 0.05 0.00 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Allz European Eq Inc A Acc 193.44 - 0.19 3.75 BLME Sharia'a Umbrella Fund SICAV SIF Investment Acc 2791.12 2822.00 2.32 -
Other International Funds
Regulated Cheyne Real Estate Debt Fund Class A1 £ 131.59 - 0.22 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.33 - -0.05 0.00 Index Emerging Markets P-Acc £ 1.17 - 0.01 2.19 Insurances
Allz European Eq Inc C Acc 108.79 - 0.12 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 $ 1140.10 - 0.44 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 202.64 - 0.65 0.00 Vietnam Growth Fund (VGF) NAV $ 21.81 - -0.36 0.00 Guardian Assurance
Allz European Eq Inc C Inc 104.84 - 0.10 3.32 Global Equity Acc 235.96 238.56 -1.48 - Index Europe ex UK P-Acc £ 1.09 - 0.00 2.33 Franklin Emg Mkts Debt Opp CHFSFr 17.84 - -0.09 6.47
$ Income Fund - Share Class B Acc $ 1159.91 - 0.46 0.00 Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Equity S-GH Class B £ 13.38 - -0.08 -
Vietnam Property Fund (VPF) NAV $ 0.77 - -0.03 0.00 Index Japan P-Acc £ 1.17 - 0.01 1.50 Franklin Emg Mkts Debt Opp EUR € 12.63 - -0.08 6.51
Allianz EcoTrends A Acc 93.18 - 0.04 0.00 UK Equity Inc 157.09 158.67 1.99 4.05
$ Income Fund - Share Class C Acc $ 1008.82 - 0.37 0.00 Managed Fund Bond £ 23.99 24.99 0.19 -
Allianz EcoTrends C Acc 98.02 - 0.05 0.00 UK Equity Acc 227.04 229.32 2.88 - Index Pacific ex Japan P-Acc £ 1.16 - -0.01 3.39 Franklin Emg Mkts Debt Opp GBP £ 10.54 - -0.02 6.36
$ Income Fund - Share Class D Dis $ 1002.47 - 0.38 0.77 Choices Wth-Pfts Lg-tm 318.20 335.00 0.00 -
Allianz Gilt Yield Fund C Inc 165.38 - 0.73 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 £ 1078.70 - 0.42 0.00 Choices Wth-Pfts St-tm 269.80 284.10 0.00 -
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 - 0.00 2.95 Franklin Emg Mkts Debt Opp USD $ 17.86 - 0.15 6.27
Allianz Gilt Yield Fund I Inc 171.01 - 0.76 1.93
$ Income Fund - Share Class M Acc € 1016.47 - 0.39 0.00 FCA Recognised Regulated Choices Managed 639.89 673.57 6.32 -
Allianz Japan A Acc 548.62 - 8.74 0.00 Property Fund Inc 126.92 131.18 0.00 6.51 Index US A-Acc £ 1.62 - 0.00 1.44
CMI Global Network Fund (u) Global Growth I2 Acc € 134.12 - 1.06 0.00 Choices Equity 741.92 780.97 6.99 -
$ Income Fund - Share Class W DisA$ 1032.72 - 0.58 - Index US P-Acc £ 1.25 - 0.00 1.65
Allianz Japan C Acc 123.85 - 1.98 0.00 Property Fund Acc 224.08 231.59 2.52 - Regional Equity Sub Funds
Gl Sukuk Fund - Share Class A Acc $ 1230.35 - 1.11 0.00
Franklin Templeton Investment Funds (LUX) Freedom With Pfts Long-Tm 218.60 230.10 0.00 -
Allz RiskMaster Conservative A Acc 117.89 - -0.29 0.00 CMI Continental Euro Equity € 31.24 - -0.30 0.84 Index World A-Acc £ 1.47 - 0.00 1.75 8A rue Albert Borschette / L-1246 Luxembourg
Gl Sukuk Fund - Share class B Acc £ 1095.30 1095.30 0.98 0.00 Freedom With Pfts Short-Tm 196.70 207.00 0.00 -
Allz RiskMaster Conservative C Acc 119.63 - -0.28 0.31 CMI Pacific Basin Enhanced Equity $ 47.28 - -0.11 2.19 Ecclesiastical Inv Mgt Ltd (1200)F (UK) Index World P-Acc £ 1.20 - 0.01 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 Managed 369.39 388.83 2.97 -
Japan £ 2.89 - 0.03 0.00
Asset Management
Allz RiskMaster Defensive A Acc 110.65 - -0.03 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Single Country Equity Sub Funds Authorised Inv Funds Class A Dis Freedom Equity 426.25 448.68 3.24 -
Allz RiskMaster Defensive C Acc
Allz RiskMaster Growth A Acc
112.46
125.03
-
-
-0.03 0.14
-0.52 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
¥ 4696.48
£ 12.90
-
-
61.26 0.76
-0.06 2.03
Amity UK Cls A Inc
Amity UK Cls B Inc
220.70
220.40
-
-
-0.50 1.40
-0.50 2.20
Japan Smaller Companies
MoneyBuilder Asset Allocator Asset Management
£
£
2.00
1.23
-
-
0.01 0.00
0.01 0.50
Frk Gbl R.Estate (USD) A Dis
Frk High Yield
$ 10.21
$ 6.87
-
-
0.09 2.36
0.00 5.16
Corp Pens Mananged Asset Management 225.90 225.90 2.23 -

Global Liquidity USD $ 1.00 - 0.00 0.00 Investment Inc 1268.21 1282.23 -1.06 3.48 Corp Pens Equity 242.21 242.21 2.28 -
Allz RiskMaster Growth C Acc 128.20 - -0.53 0.02 CMI US Enhanced Equity F $ 81.04 - 0.10 0.55 Higher Income Cls A Inc 133.50 - 0.00 4.61 MoneyBuilder Balanced £ 0.51 - 0.00 3.98 Frk Euro Gov. Bond € 11.35 - 0.03 1.01
Investment Acc 11951.25 12083.45 -9.99 - Corp Pens Fixed Interest 295.23 295.23 1.22 -
Allz RiskMaster Moderate A Acc 122.86 - -0.65 0.00 Index Tracking Sub Funds Higher Income Cls B Inc 137.10 - 0.00 4.55 Money Builder Dividend £ 2.68 - -0.01 4.12 Frk Euro High Yield € 6.74 - 0.01 4.48
Ethical Invest Inc 197.15 199.33 0.02 3.59 Corp Pens Index Linked 338.48 338.48 1.36 -
Allz RiskMaster Moderate C Acc 125.09 - -0.66 0.48 Barclays Investment Funds (CI) Ltd (JER) Euro Equity Index Tracking € 20.94 - -0.31 1.86 UK Equity Growth Cls A Inc 246.60 - -0.80 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 248.58 251.32 0.03 - Corp Pens Deposit 190.50 190.50 0.00 -
Allz Sterling Total Return Fund A Inc 150.29 - 0.40 2.92 Japan Index Tracking ¥ 861.04 - 10.72 0.83 UK Equity Growth Cls B Inc 251.90 - -0.80 1.21 MoneyBuilder Growth ISA £ 0.80 - 0.00 2.34 Frk Euro Short Dur Bond Fd € 10.20 - 0.01 0.00
FCA Recognised Global Equity Inc 154.86 156.58 -0.19 4.35 Corp Pens Protector 351.12 351.12 2.57 -
Allz Sterling Total Return Fund C Inc 150.93 - 0.40 3.59 UK Eqty Index Tracking £ 16.54 - -0.09 2.78 Amity Balanced For Charities A Inc 113.90 - -0.10 5.45 MoneyBuilder Income £ 0.36 - 0.00 3.25 Frk Europ Corp Bond Fd € 11.49 - 0.03 1.64
Bond Funds
Global Equity Acc 224.02 226.50 -0.26 - Corp Pens UK Index Tracker £ 2.09 2.09 0.02 -
Allz Total Return Asian A Acc 708.05 - 4.91 1.20 Sterling Bond F £ 0.46 - 0.00 2.53 US Eqty Index Tracking $ 59.71 - 0.05 0.77 Amity European Fund Cls A Inc 210.50 - 0.00 1.19 MoneyBuilder Income -Gross £ 0.36 - 0.00 3.25 Frk European Total Return € 10.26 - 0.03 1.31
Fixed Interest Inc 134.76 135.30 0.16 4.08 Guardian Linked Life Assurance Ltd
Allz Total Return Asian C Inc 652.66 - 4.57 1.10 Managed Sub Funds Multi Asset Adventurous A-Acc £ 1.40 - 0.01 0.45
Amity European Fund Cls B Inc 212.70 - 0.00 2.02 Frk Global Aggr.Inv.Grd Bond Fd $ 10.58 - 0.05 0.00 Managed Acc £ 18.61 19.59 0.16 -
Fixed Interest Acc 756.89 759.93 0.91 -
Global Bond £ 1.44 - 0.01 0.87 Multi Asset Alloc Adventurous A-Acc £ 3.95 - 0.03 2.30
Allz UK Corporate Bond A Inc 105.90 - 0.40 3.87 Amity Global Equity Inc for Charities A Inc 110.70 - 0.40 3.80 Frk Global Aggregate Bond Fd $ 10.00 - 0.04 1.09
Baring Fund Managers Ltd (1200)F (UK) Property Inc 109.16 112.82 0.00 5.84 Equity Acc £ 34.67 36.49 0.27 -
Global Network Mgd Global Mxd £ 2.35 - 0.01 0.19 Multi Asset Alloc Strategic A-Acc £ 1.22 - 0.00 0.27
Allz UK Corporate Bond C Inc 106.29 - 0.29 3.47 Dealing and Enquiries 020 7214 1004 Amity International Cls A Inc 226.40 - 0.50 1.23 Frk Global Income Fd $ 10.41 - 0.01 5.23
Property Acc 238.02 246.00 0.00 - Fixed Interest Acc £ 16.97 17.86 0.06 -
Fund Information: www.barings.com Global Equity £ 2.63 - 0.01 0.02 Multi Asset Alloc Def - Gross A £ 1.13 - 0.00 0.27
Allz UK Equity Income A Inc 296.33 - -0.80 4.46 Amity International Cls B Inc 228.50 - 0.50 2.01 Frk Income $ 12.75 - 0.03 3.11
Authorised Inv Funds Local Authorities Property Fd (LAMIT) (UK) International Acc £ 13.43 14.14 0.15 -
Bond Sub Funds Multi Asset Alloc Def - Net A £ 1.13 - 0.00 0.24
Allz UK Equity Income C Inc 106.29 - -0.29 3.01 Property 274.76 295.14 2.73 3.59 Amity Sterling Bond Fund A Inc 109.60 - 0.20 5.17 Frk US Government $ 9.46 - 0.01 2.09
Dynamic Capital Growth Acc 681.90 720.50 0.90 1.22 International S-NA Acc £ 6.90 7.27 0.07 -
CMI Euro Bond F € 46.27 - -0.12 1.78 Multi Asset Alloc Growth A £ 1.28 - 0.00 0.00
Allianz UK Growth A Acc 4626.30 - -5.00 1.58 Amity Sterling Bond Fund B Inc 118.00 - 0.10 5.15 Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Dynamic Capital Growth Inc 275.60 291.20 0.30 1.23 International S-PA Acc £ 4.17 4.39 0.05 -
CMI UK Bond £ 8.04 - 0.04 2.11 Multi Asset Defensive £ 1.24 - 0.00 0.35
Allianz UK Growth C Acc 107.28 - -0.11 1.26 Frk US Low Duration Fd $ 9.92 - 0.00 0.46
Eastern Acc GBP 719.70 - 5.30 0.00 International S-EU Acc £ 3.36 3.54 0.04 -
CG Asset Management Limited (IRL) CMI US Bond $ 13.25 - 0.02 1.54 Multi Asset Defensive - Gross £ 1.24 - 0.00 0.35
Allianz UK Unconstrained C Acc 106.09 - -0.12 0.70 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Frk US Total Return $ 11.40 - 0.04 1.34
Eastern Inc GBP 706.30 - 5.20 0.00 Eclectica Asset Management (UK) Managed S-PR Acc £ 7.07 7.44 0.06 -
Currency Reserve Sub Funds Multi Asset Growth £ 1.43 - 0.00 0.33
Allianz UK Unconstrained A Acc 220.37 - -0.26 0.81 00 353 1 434 5098 40 Dukes Place, London EC3A 7NH Tem Asian Bond $ 13.49 - -0.01 2.84
Europe Select Inc GBP 2681.00 - 10.00 0.60 CMI Euro Currency Reserve € 24.94 - 0.00 0.65 Fixed Interest S-IL Acc £ 6.41 6.75 0.02 -
FCA Recognised Order desk: 0845 6080941 Switchboard 0870 6072555 MultiManager Balanced £ 1.09 - 0.00 0.56
Allianz UK Index C Acc 1908.55 - -10.34 2.80 Tem Asian Growth $ 32.88 - 0.02 0.28
European Growth Inc 1091.00 1150.00 -1.00 1.00 CMI Stlg Currency Reserve £ 4.94 - 0.01 0.96 Deposit Accum £ 4.45 4.68 0.00 -
Capital Gearing Portfolio Fund Plc £ 26400.65 26400.65 -185.84 0.62 Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.49 - 0.01 0.76
Allianz UK Index C Inc 1350.12 - -7.37 2.33 Tem Emerging Markets $ 33.58 - 0.13 0.26 Guardian Pensions Management Ltd
German Growth Acc GBP 612.30 - 0.40 0.71 CG Portfolio Fund Plc CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds
Allianz UK Mid Cap A Acc 4104.35 - -21.85 0.83 Multi Asset Open Strategic A-Acc £ 1.27 - 0.01 1.37 Tem Emg Mkts Balanced AQdis $ 7.86 - 0.01 2.58
German Growth Inc GBP 563.80 - -0.90 0.52 CF Eclectica Agriculture A EUR Acc ♦ € 1.55 - 0.00 0.00 Pens. Managed Acc. £ 24.17 25.44 0.24 -
Real Return Cls A £ 166.67 166.67 -3.41 2.33 CMI Access 80% Gu F € 5.69 - -0.02 0.00
Allianz UK Mid Cap Fund C Acc 4177.00 - -21.97 1.59 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.02 Tem Emg Mkts Bd $ 16.90 - 0.00 6.63
Strategic Bond Inc 119.00 125.00 0.20 1.89 CF Eclectica Agriculture A GBP Acc ♦ 113.04 - 0.91 0.00 Pens. Equity Acc. £ 37.37 39.33 0.35 -
Dollar Fund Cls D £ 127.65 127.65 -2.92 1.59
Allianz US Equity A Acc 410.85 - 2.09 0.13 Multi Asset Strategic £ 1.57 - 0.00 0.51 Tem Global $ 37.43 - -0.02 0.43
Global Growth Inc 393.70 414.90 0.80 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.77 - 0.01 0.00
Capital Value Fund Cls V £ 128.85 128.85 -0.94 0.27
Allianz US Equity C Acc 190.10 - 0.98 0.79 Cohen & Steers SICAV (LUX) Open World A-Acc £ 1.25 - 0.01 0.00 Tem Global (Euro) € 20.50 - -0.05 0.33
Japan Growth Acc 142.30 149.80 2.80 0.26 CF Eclectica Agriculture C EUR Acc ♦ € 1.61 - 0.00 0.30
Yield expressed as CAR (Compound Annual Return)
Regulated Multi Asset Income A Gross Acc £ 1.59 - 0.01 3.63 HPB Assurance Ltd
CF Eclectica Agriculture C GBP Acc ♦ 117.01 - 0.95 0.35 Tem Global Balanced $ 24.12 - 0.01 0.60 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
All transactions to Ser A units the sell price will be used Korea Acc 293.20 311.00 6.50 0.00 European Real Estate Securities € 23.4419 - 0.4482 1.13
Multi Asset Income A Gross Inc £ 1.13 - 0.00 5.11 Tem Global Bond $ 20.92 - 0.01 2.17 International Insurances
Multi Asset A Acc ... C 162.90 - 0.80 1.44 Europ.RealEstate Sec. IX € 30.8591 - 0.5900 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.82 - 0.01 0.35
Multi Asset Income A Net Acc £ 1.50 - 0.00 3.65 Tem Global Bond (Euro) € 10.26 - -0.01 2.90 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
Multi Asset A Inc ... C 155.80 - 0.70 1.46 Gbl RealEstate Sec. I $ 11.4494 - 0.2366 1.16
Amundi Funds (LUX) Multi Asset Income A Net Inc £ 1.13 - 0.00 5.12 Tem Global Equity Income A(Mdis) $ 10.78 - -0.02 3.57 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 UK Growth Inc 260.80 275.70 -1.80 1.33 Gbl RealEstate Sec. IX $ 13.4056 - 0.2770 0.00 Edinburgh Partners Limited (IRL) South East Asia £ 8.88 - 0.01 0.10 Tem Global High Yield Fd F $ 9.44 - 0.01 4.73
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 £ 31.34 - -0.12 0.78 Tem Global Income $ 14.86 - 0.01 1.65
Dealing - Fax only - +353 1 434 5230 Hamon Investment Group
Bd. Euro Corporate AE Class - R - EUR € 18.89 - 0.08 0.00 Targeted Return Fund Acc 150.20 151.10 0.30 3.14 Canada Life Investments (UK) FCA Recognised Strategic Bond £ 0.32 - 0.00 3.08 Tem Global Smaller Cos $ 36.31 - 0.10 0.00 Other International Funds
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Edinburgh Partners Opportunities Fund PLC Strategic Bond Gross £ 0.32 - 0.00 3.08
Bd. Global AU Class - R - USD $ 26.65 - 0.25 0.00 Targeted Return Fund Inc 117.60 118.30 0.20 3.21 Tem Global Total Return $ 17.61 - 0.01 3.49 Asian Market Leaders - USD $ 29.43 - 0.11 0.00
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 £ 0.51 - 0.01 0.27 Tem Latin America $ 53.08 - 0.31 0.84 Asian Market Leaders - GBP £ 14.64 - 0.12 0.00
Asia Pacific B Acc 966.36 - 6.32 0.78 European Opportunities I GBP £ 2.08 - -0.01 2.17
Eq. Emerging World AU Class - R - USD $ 99.59 - 1.17 0.00 Target 2015 - Gross £ 0.51 - 0.00 0.30 Class A Acc Greater China - USD $ 13.70 - -0.01 0.00
Baring International Fd Mgrs (Ireland) (IRL) Balanced B Acc 152.38 - 0.14 0.90 European Opportunities I USD $ 3.31 - 0.00 1.77
Eq. Greater China AU Class - R - USD $ 689.09 - 8.18 0.00 Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Target 2020 £ 0.59 - 0.00 0.48 Frk Biotech Discovery $ 35.73 - 0.15 0.00 Greater China - GBP £ 5.51 - 0.03 0.00
Corporate Bond B Inc 210.31 - 0.79 4.01 European Opportunities A EUR € 2.82 - -0.02 1.40
Eq. Latin America AU Class - R - USD $ 459.95 - 10.55 0.00 FCA Recognised Comgest SA (LUX) Target 2025 £ 1.39 - 0.01 0.27 Frk Brazil Opportunities Fd $ 10.27 - -0.01 0.00 Selected Asian P'folio $ 54.97 54.98 0.51 0.00
European B Acc 261.88 - 0.33 0.00 Global Opportunities I USD $ 1.82 - 0.00 1.92
ASEAN Frontiers A GBP Inc £ 120.84 - 0.76 0.93 17 square Edouard VII - 75009 Paris, www.comgest.com
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.00 - 0.16 0.00 Target 2030 £ 1.49 - 0.01 0.24 Frk Euro S-Term Money Mkt Fd € 1011.86 - 0.00 0.00
Global Bond B Inc 92.87 - 0.55 2.67 FCA Recognised Global Opportunities I GBP £ 1.16 - 0.01 1.81
Asia Growth A GBP Inc H £ 48.79 - 0.35 0.00 UK Select £ 2.50 - -0.01 0.87 Frk Euroland Fund € 21.05 - -0.07 0.00
Global Equity B Acc 614.52 - 1.94 1.61 Comgest Asia F $ 4477.90 - 40.25 0.00 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Australia A GBP Inc £ 72.57 - -0.90 2.19 Global Opportunities I EUR € 1.59 - -0.01 1.88
UK Growth £ 3.81 - -0.01 0.00 Frk European Growth € 16.56 - -0.05 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
The Antares European Fund Limited Global Equity Income B Inc 126.24 - 0.22 4.01 Comgest Europe F SFr 5892.39 - 33.57 0.00
Baring China Bond Fund $ 10.33 - 0.01 0.00 Global Opportunities A GBP £ 1.09 - 0.00 1.37
UK Smaller Companies £ 2.09 - 0.00 0.19 Frk European Sml Mid Cap Gth € 37.22 - 0.10 0.00 Enquiries 0117 90090000
Other International Global High Yield Bond B Inc 101.18 - 0.12 4.65
Baring Emerging Markets Corporate Debt Fund $ 9.58 - 0.01 0.00 Pan European Opportunities I EUR € 1.75 - -0.02 - Authorised Inv Funds
AEF Ltd Usd (Est) $ 640.29 - 3.87 - WealthBuilder A Acc £ 1.07 - 0.01 0.59 Frk Gbl Equity Strategies Fd $ 12.03 - 0.01 0.00
Global Infrastructure B Acc 122.13 - 0.90 1.21 Hargreaves Lansdown Funds
Baring European Opportunities Fund Class A EUR Acc € 13.70 - -0.09 0.00 Comgest SA (FRA) Fidelity PathFinder Frk Gbl Fundamental Strat Fd $ 13.70 - -0.01 0.00
AEF Ltd Eur (Est) € 642.92 - 3.93 0.00 Unit Trust
Global Resource B Acc 94.62 - 0.58 0.11 17 square Edouard VII - 75009 Paris
Baring Global Mining Fund - Class A GBP Inc £ 5.45 - 0.02 0.69 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - 0.00 - Frk Global Conver.Securities $ 12.08 - 0.02 0.00
Japan B Acc 53.59 - 0.88 0.61 FCA Recognised HL Multi-Manager Special Situations Trust A Acc 272.64 286.98 0.37 0.38
Dynamic Emerging Markets A GBP Acc F £ 10.36 - 0.08 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.10 - 0.00 - Frk Global Growth $ 14.96 - -0.05 0.00
Comgest Magellan € 22.55 - 0.04 0.00 HL Multi-Manager Income & Growth Trust A Acc 170.06 178.91 0.03 3.69
Arbiter Fund Managers Limited (LUX) Portfolio III B Acc 108.89 - 0.25 2.08
Eastern Europe A GBP Inc £ 49.10 - 0.63 0.68 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.13 - 0.01 - Frk Global Gth & Val $ 26.66 - -0.05 0.00
FCA Recognised Portfolio IV B Acc 111.45 - 0.24 2.29 HL Multi-Manager Income & Growth Trust A Inc 104.43 109.87 0.02 3.79
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.65 - 0.05 6.48 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.14 - 0.00 - Frk Global Sml Mid Cap Gth $ 31.94 - 0.12 0.00
Arbiter Global Emerging Markets Fund Class A USD $ 113.73 - 2.08 0.00 HL Multi-Manager Balanced Managed Trust A Acc 188.16 197.90 0.08 0.93
Portfolio V B Acc 112.70 - 0.18 1.43 Comgest AM International Ltd (IRL)
Emerging Opportunities A GBP Inc H £ 20.58 - 0.09 0.00 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.17 - 0.01 - Frk Gold and Precious Mtls Fd F $ 4.16 - -0.02 0.00
Arbiter Global Emerging Markets Fund Class B GBP £ 101.89 - 1.45 - 46 St Stephen's Green, Dublin 2, Ireland HL Multi-Manager Equity & Bond Trust A Inc 111.78 117.47 -0.05 2.30
Portfolio VI B Acc 114.17 - 0.20 1.46
Glb Emerging Markets A GBP Inc H £ 20.86 - 0.09 0.42 FCA Recognised EFG Hermes Fidelity PathFinder Foundation 5 Acc (clean) £ 1.22 - 0.00 - Frk India $ 32.41 - 0.27 0.00
Portfolio VII B Acc 113.17 - 0.17 1.16 HL Multi-Manager Equity & Bond Trust A Acc 149.52 157.14 -0.08 2.26
Glb Resources A GBP Inc H £ 13.09 - 0.06 0.32 Comgest Gth Asia Pac ex Jap DIS F $ 8.65 - 0.05 0.11 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - 0.01 - Frk Japan Fd ¥ 935.51 - 10.80 0.00 HL Multi-Manager Strategic Bond Trust A Acc 168.21 173.40 -0.41 1.74
Asset Management
Arisaig Partners North American B Acc 835.92 - 2.29 0.99
Comgest Gth Emerging Mkt DIS F $ 35.84 - 0.41 0.38
Contact: Telephone + 971 4 363 4029 Email [email protected]
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.01 -
High Yield Bond A GBP Hedged Inc H £ 6.91 - 0.01 6.61 Frk K2 Alt Strat Fd $ 10.56 - 0.01 -
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.22 - 0.01 0.00 Hong Kong China A GBP Inc £ 705.61 - -1.21 0.49
Strategic Return B Acc
Total Return B Acc
105.80
109.24
-
-
0.38
0.88 2.78
-
Comgest Gth Europe DIS F € 20.94 - 0.10 0.00
Other International Funds
The EFG-Hermes Egypt Fund Asset Management
$ 29.93 - - 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.15 - 0.01 - Frk MENA Fund Asset Management $ 7.23 - 0.00 0.00
HL Multi-Manager Strategic Bond Trust A Inc
HL Multi Manager Emerging Markets A Acc £
141.42 145.78 -0.34 1.76
0.96 0.99 -0.01 -
India Fund - Class A GBP Inc £ 14.50 - 0.19 0.00 Comgest Gth GEM PC DIS F € 13.60 - 0.02 0.13 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.17 - 0.01 -
Arisaig Asia Consumer Fund Limited $ 66.65 - 0.21 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Frk Mutual Beacon $ 74.16 - -0.13 0.00 HL Multi-Manager European A Acc 102.97 106.13 0.31 0.14
UK Equity B Inc 117.96 - -0.54 1.44
Latin America A USD Inc H $ 36.00 - -0.15 1.20 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.19 - 0.00 - Frk Mutual European EUR € 26.00 - -0.07 0.00
Arisaig Global Emerging Markets Consumer Fund $ 11.02 - 0.10 0.00 Saudi Arabia Equity Fund SR 16.16 - -0.17 0.00 HL Multi-Manager UK Growth A Acc 105.78 109.05 0.25 0.17
UK Equity & Bond Income B Inc 243.84 - -0.69 4.38
MENA A GBP Inc F * £ 14.40 - 0.26 1.09 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.20 - 0.00 - Frk Mutual Gbl Disc $ 18.71 - -0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.50 - 0.04 0.00
UK Equity Income B Inc 436.06 - -1.86 4.20 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.09 - 0.00 - Frk Natural Resources Fd F $ 8.14 - 0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.65 - 0.07 0.00
UK Government Bond B Inc 47.04 - 0.20 2.13 Dealing & Client Services 0845 0264281 Haussmann
Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.00 - Frk Real Return Fd F $ 10.56 - 0.01 0.00
Arisaig Latin America Consumer Fund $ 23.85 - 0.06 0.00 Authorised Inv Funds Other International Funds
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.86 - 0.02 0.00
Consistent UT Inc 59.77 60.48 -0.01 4.36 Haussmann Cls A $ 2800.83 - -49.61 0.00
 26 ★ FINANCIAL TIMES Tuesday 19 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

Haussmann Cls C € 2457.52 - -46.30 0.00 High Yield Fund Acc (Gross) 127.27 - 0.06 4.46 Invesco US Structured Equity A $ 22.28 - 0.11 0.00 JB BF Abs Ret-EUR B € 132.21 - -0.19 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.37 - 0.21 0.00 Emerging Markets Eq.A1 $ 12.28 - 0.12 0.00 Japan Specialist Fund X £ 10.44 - 0.06 0.51
Haussmann Cls D SFr 1306.78 - -25.20 0.00 High Yield Fund Inc 44.35 - 0.02 4.60 Invesco US Value Eq Fd A $ 33.91 - -0.03 0.00 JB BF Abs Ret Pl-EUR B € 131.13 - -0.27 0.00 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.75 - 0.12 0.00 European Concentrated A1 € 18.67 - 0.05 0.00 Pacific Basin Specialist Equity Fund £ 24.89 - 0.03 1.15
McInroy & Wood Portfolios Limited (UK)
High Yield Fund Inc (Gross) 44.39 - 0.02 4.59 Invesco USD Reserve A $ 87.02 - 0.00 0.00 JB BF EM Corporate-USD B $ 109.93 - 0.28 0.00 Gbl.5B Fdmt (EUR) PA € 11.86 - -0.01 0.00 European Core Eq A1 € 32.25 - 0.19 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Sovereign Bd Index Fund £ 11.04 - 0.10 2.54
Hong Kong & China Acc ♦ F 532.73 - 11.81 0.64 JB BF EM Infl Link-USD B $ 96.33 - 2.06 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.17 - 0.06 0.00 European Res.A1 € 33.67 - 0.06 0.00 Authorised Inv Funds UK Specialist Equity Income Fund £ 11.08 - 0.09 3.30
Heartwood Wealth Management Limited (IRL)
Balanced Fund Personal Class Units 3989.10 - 10.50 1.82
Regulated Income & Growth Acc ♦ F 990.70 - 5.95 3.60 JB BF EM Inv Grade-USD B $ 102.43 - 0.50 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.16 - 0.04 0.00 European Smaller Companies A1 € 51.05 - 0.26 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.38 - 0.04 3.08
Invesco Global Asset Management Ltd (IRL)
Income Fund Personal Class Units 2488.70 - -0.30 2.76
Heartwood Caut Multi Asset B Acc 143.06 - 0.34 0.00 Income & Growth Inc ♦ F 439.57 - 2.64 3.70 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 JB Emerging (EUR)-EUR B € 344.06 - 1.16 0.00 Generation Global (CHF) PA F SFr 13.12 - 0.12 0.00 European Value A1 € 36.80 - 0.19 0.00 Inflation Lkd Sov Bd Fund £ 12.73 - 0.23 0.70
FCA Recognised Emerging Markets Fund Personal Class Units 1844.60 - 14.40 2.13
Income Acc ♦ F 3255.19 - 23.86 3.18 JB Emerging (USD)-USD B $ 420.62 - 1.16 0.00 Generation Global (EUR) PA F € 20.63 - 0.05 0.00 Global Conc.A1 $ 38.08 - 0.57 0.00 Global Emerg Mkts Equity Fund X £ 12.72 - 0.12 0.63
Invesco Stlg Bd A QD F £ 2.65 - 0.01 3.45 Smaller Companies Fund Personal Class Units 3686.50 - 6.70 1.68 The initial charge you will pay will depend on the amount you invest
Income Inc ♦ F 1838.50 - 13.48 3.25 JB BF Local EM-USD B $ 289.20 - 3.61 0.00 Generation Global (USD) PA F $ 16.07 - 0.16 0.00 Global Credit Fund $ 10.76 - 0.14 0.00
Henderson Global Investors (UK)
**Address and Telephone number for series 1 only
Invesco Asian Equity A $ 7.23 - 0.02 0.45
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Japan Acc ♦ F 325.90 - 0.88 0.29 JB BF Total Ret-EUR B € 99.68 - -0.17 0.00 Global Energy (USD) PA F $ 9.23 - -0.03 0.00 Global Energy Fund A1 $ 14.90 - -0.01 0.00
www.henderson.com Invesco ASEAN Equity A $ 106.36 - 0.68 0.37
Japanese Smlr Cos Acc ♦ F 66.04 - 0.18 0.00 JB EF Abs Ret Eur-EUR B € 119.72 - 0.07 0.00 Golden Age (CHF) PA F SFr 22.81 - 0.29 0.00 Global Equity A1 $ 48.47 - 0.62 0.00 Meridian Fund Managers Ltd
Authorised Inv Funds Invesco Bond A $ 27.80 - 0.06 2.30
Latin America Acc ♦ F 130.35 - 2.52 1.21 JB EF Euro Value-EUR B € 213.51 - 2.05 0.00 Golden Age (EUR) PA € 15.44 - 0.20 0.00 Global Equity A1 € 27.04 - 0.39 0.00 Other International Funds
Asia Pacific Capital Growth A Acc 770.80 - 4.00 0.81
Invesco Continental Eurp Small Cap Eqty A $ 214.81 - 0.12 0.00 Global Gold & Resources Fund $ 183.86 - -6.85 -
Latin America Inc ♦ F 109.63 - 2.12 1.22 JB EF Japan-JPY B ¥ 18656.00 - 254.00 0.00 Golden Age (USD) PA F $ 21.47 - 0.27 0.00 Global High Yield Fund $ 25.97 - 0.05 0.00
Asian Dividend Income Inc 97.19 102.57 0.30 5.56
Invesco Emerging Markets Equity A $ 41.57 - 0.16 0.00 Global Energy & Resources Fund $ 42.61 - -3.25 -
Managed Growth Acc ♦ F 170.70 - 1.53 0.77 JB EF Luxury B-EUR B € 233.57 - 1.44 0.00 Sh.T- Money Mkt EUR PA € 112.38 - 0.00 0.00 Global High Yield Fund € 16.64 - 0.06 0.00
Cautious Managed A Acc 247.90 - -0.50 3.13
Invesco Emerging Markets Bond A $ 21.88 - 0.06 4.60
Managed Growth Inc ♦ F 142.96 - 1.27 0.77 JB Ms EF Special Val. EUR/A € 154.10 - 0.07 0.71 Sh.T- Money Mkt CHF PA SFr 129.14 - -0.01 0.00 Global Multi-Asset A1 $ 16.60 - 0.09 0.00
Cautious Managed A Inc 155.60 - -0.30 3.19
Invesco Continental European Equity A € 9.38 - -0.08 0.19
Managed Income Acc ♦ F 166.19 - 1.20 2.99 JB Strategy Balanced-CHF/B SFr 155.87 - 0.94 0.00 Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 Global Res.A1 $ 27.66 - 0.26 0.00 Metage Capital
China Opportunities A Acc 949.50 - -4.00 0.33
Invesco Gilt A £ 14.92 - 0.07 1.53 Other International Funds New Capital Fund Management Ltd (IRL)
Managed Income Inc ♦ F 103.59 - 0.75 3.05 JB Strategy Balanced-EUR € 162.43 - 0.77 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Global Total Return A1 € 17.97 - 0.18 0.00
Emerging Markets Opportunities A Acc 158.80 - 0.70 0.40 MGS -Master Series (Est) $ 226.61 - 2.15 - Leconfield House, Curzon Street, London, W1J 5JB
Invesco Global Small Cap Equity A NAV $ 132.26 - 0.32 0.00
Money Acc ♦ F 90.08 - 0.00 0.24 JB Strategy Balanced-USD/B $ 136.72 - 0.96 0.00 Sw.Fr.Bd(For) PA SFr 23.93 - 0.01 0.00 Inflation-Adjusted Bond A1 $ 14.22 - 0.11 0.00 FCA Recognised
European Growth A Acc 173.40 - 0.50 0.78 MEMO - Master Series $ 494.19 - -0.49 0.00
Invesco Global High Income A NAV $ 13.24 - 0.02 5.11
Money Acc (Gross) ♦ F 95.18 - 0.00 0.24 JB Strategy Growth-CHF/B SFr 97.04 - 0.75 0.00 Sw.Fr.Credit Bd(For) PA SFr 13.77 - 0.00 0.00 Japan Equity A1 $ 10.83 - 0.08 0.00 New Capital UCITS Funds
European Selected Opportunities A Acc 1344.00 - 3.00 0.48 MEMO - MEMV Series $ 117.28 - -0.07 0.00
Invesco Gbl R/Est Secs A GBP F F £ 7.98 - 0.07 0.87 Asia Pac Bd USD Inst Inc $ 96.29 - 0.02 3.06
Monthly Income Plus Acc ♦ F 302.03 - 0.62 4.65 JB Strategy Growth-EUR € 123.50 - 0.70 0.00 Tactical Alpha (CHF) PA SFr 10.14 - -0.03 0.00 Latin American Equity Fd A1 $ 15.91 - 0.35 0.00
European Special Situations A Acc 93.03 - 0.33 1.08
Invesco Global Health Care A $ 139.80 - 0.23 0.00 Asia Pac Bd USD Ord Inc $ 98.16 - 0.01 2.36
Monthly Income Plus Acc (Gross) ♦ F 353.33 - 0.73 4.63 JB Strategy Inc-CHF/B SFr 122.73 - 0.34 0.00 Tactical Alpha (EUR) PA € 10.42 - -0.03 0.00 Limited Maturity A1 $ 14.08 - 0.01 0.00
Fixed Interest Monthly Income A Inc 22.38 23.47 0.05 5.52
Invesco Global Select Equity A $ 14.55 - -0.04 0.00 Asia Pac Eq EUR Ord Inc € 107.10 - 0.55 2.68
Monthly Income Plus Inc ♦ F 113.56 - 0.23 4.75 JB Strategy Inc-EUR/B € 165.22 - 0.34 0.00 Tactical Alpha (USD) PA $ 14.94 - -0.05 0.00 Prudent Wealth Fd A1 $ 14.71 - 0.13 0.00 Ministry of Justice Common Investment Funds (UK)
Global Care Growth A Inc 210.20 - 0.40 0.11
Invesco Jap Eqty Core A $ 2.01 - 0.04 0.00 Property & Other UK Unit Trusts Asia Pac Eq GBP Ord Inc £ 110.75 - 0.58 3.03
Monthly Income Plus Inc (Gross) ♦ F 113.72 - 0.24 4.75 JB Strategy Inc-USD/B $ 152.24 - 0.66 0.00 Technology PA € 14.33 - 0.11 0.00 Research Bond A1 $ 16.76 - 0.09 0.00
Global Equity Income A Inc 51.76 - 0.02 3.71 The Equity Idx Tracker Fd Inc 1426.00 1426.00 0.00 2.56
Invesco Japanese Equity A $ 19.67 - 0.27 0.00 Asia Pac Eq USD Ord Inc $ 111.50 - 0.59 2.49
Pacific Acc ♦ F 1072.71 - 8.88 0.34 Technology PA $ 21.76 - 0.17 0.00 UK Equity A1 £ 8.50 - 0.04 0.00
Global Growth Fund 2077.39 2171.36 5.92 0.00 Distribution Units
Invesco Korean Equity A $ 34.40 - 0.53 0.00 Asia Pac Eq USD Inst Acc $ 115.67 - 0.63 0.00
Pacific Inc ♦ F 985.27 - 8.16 0.34 Wld Gold Expertise PAF SFr 12.65 - 0.01 0.00 US Conc.Growth A1 $ 15.89 - 0.20 0.00
Global Technology A Acc 935.20 - 1.00 0.00
Invesco PRC Equity A $ 62.94 - -0.33 0.00 Asia Pac Eq USD Inst Inc $ 123.97 - 0.44 3.08
Tactical Bond Acc ♦ F 69.24 - 0.06 1.75 Wld Gold Expertise PA € 10.05 - 0.00 0.00 US Government Bond A1 $ 17.10 - 0.08 0.00
Multi-Manager Absolute Return A Acc 138.20 - 0.20 0.30
Tactical Bond Inc ♦ F 60.26 - 0.06 1.77
Invesco Pacific Equity A $ 54.95 - 0.34 0.16
Wld Gold Expertise PA $ 13.27 - 0.01 0.00 Value A1 $ 22.76 - 0.23 0.00 Mirabaud Asset Management (LUX) Dyn Europ Eq EUR Ord Inc € 180.78 - 1.17 1.10
Multi-Manager Active A Acc ▲ 183.10 - 0.70 0.00 www.mirabaud.com, [email protected]
Invesco Global Technology A $ 15.97 - -0.02 0.00 LO Selection Dyn Europ Eq GBP Ord Inc £ 192.53 - 1.25 1.64
Tactical Bond Acc (Gross) ♦ F 71.76 - 0.07 1.75 Regulated
Multi-Manager Distribution A Inc 133.50 - 0.90 2.98
Invesco UK Eqty A £ 8.99 - -0.04 1.26 Balanced (CHF) PA F SFr 109.67 - 0.13 0.00 Dyn Europ Eq USD Ord Inc $ 180.94 - 1.20 1.13
Tactical Bond Inc (Gross) ♦ F 60.30 - 0.06 1.77 Mir. Conv. Bds Eur A EUR € 139.30 - -0.13 0.00
Multi-Manager Diversified A Acc 79.84 - 0.38 2.22 MMIP Investment Management Limited (GSY)
UK Aggressive Acc ♦ F 224.64 - 1.48 1.67 Balanced (EUR) PA F € 129.84 - 0.16 0.00 China Equity EUR Ord Acc € 180.99 - -0.58 0.00
Kames Capital ICVC (UK) Regulated Mir. Conv. Bds Glb A USD $ 117.57 - -0.08 0.00
Multi-Manager Global Select Acc 189.00 - 0.80 0.00
UK Aggressive Inc ♦ F 187.08 - 1.23 1.70 Conservative (CHF) PA F SFr 105.40 - 0.22 0.00 Multi-Manager Investment Programmes PCC Limited China Equity GBP Ord Acc £ 187.06 - -0.58 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Mir. - Eq Asia ex Jap A $ 200.01 - -0.43 0.00
Multi-Manager Income & Growth A Acc 157.50 - 1.10 1.93
0800 45 44 22 www.kamescapital.com Conservative (EUR) PA F € 116.64 - -0.08 0.00 European Equity Fd Cl A Initial Ser € 2638.52 2649.11 13.06 0.00 China Equity USD Ord Acc $ 183.53 - -0.61 0.00
UK Growth Acc ♦ F 610.09 - 4.31 1.71 Mir. - Eq Glb Emrg Mkt A USD $ 107.41 - 0.26 0.00
Multi-Manager Income & Growth A Inc 147.00 - 0.90 1.95 Authorised Funds Global Allocation (GBP) PA F £ 10.15 - 0.01 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 365209.00 366439.00 12499.00 0.00 China Equity USD Inst Acc $ 187.71 - -0.63 0.00
UK Growth Inc ♦ F 387.07 - 2.74 1.74 Mir. - Eq Global Focus A USD $ 106.08 - 0.40 0.00
Multi-Manager Managed A Acc 238.80 - 0.50 0.40 Diversified Income B Acc 114.55 - 0.17 4.82
Growth (CHF) PA F SFr 114.98 - 0.56 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1364.73 1368.76 19.53 0.00 Global Val.Cr.Fd GBP Ord Inc £ 115.70 - 0.19 3.75
UK Smaller Cos Equity Acc ♦ F 848.32 - 4.02 0.57 Mir. -Eq Spain A € 29.08 - -0.06 0.00
Multi-Manager Managed A Inc 234.40 - 0.50 0.39 Diversified Income B Inc 107.88 - 0.16 4.96
Growth (EUR) PA F € 142.06 - 0.19 0.00 Pacific Basin Fd Cl A Initial Ser $ 2509.01 2524.35 115.12 0.00 Global Val.Cr.Fd USD Inst Acc $ 125.42 - 0.01 0.00
UK Smaller Cos Equity Inc ♦ F 654.22 - 3.09 0.58 Mir. - Eq Swiss Sm/Mid A SFr 319.72 - 3.85 0.00
Sterling Bond Acc 198.03 206.92 0.70 2.81 Diversified Growth A Acc 136.89 - 0.27 2.41
Vantage 1500 (EUR) MA € 10.44 - 0.02 0.00 UK Equity Fd Cl A Series 01 £ 2340.54 2364.75 44.05 0.00 Global Val.Cr.Fd GBP Ord Acc £ 181.25 - 0.30 0.00
UK Strategic Income Acc ♦ F 188.64 - 1.57 3.37 Invest AD Mir. - Glb High Yield Bds A $ 111.71 - 0.10 -
Sterling Bond Inc 62.10 64.88 0.22 2.85 Ethical Cautious Managed A Acc 168.74 - -0.16 1.68
Client services: +971 2 692 6101 [email protected] Vantage 3000 (EUR) MA € 10.73 - -0.01 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1651.01 - 5.94 0.00 Global Val.Cr.Fd USD Ord Acc $ 170.37 - 0.29 0.00
UK Strategic Income Inc ♦ F 141.45 - 1.19 3.45 Mir. - Glb Eq High Income A USD $ 109.76 - 0.48 0.00
Strategic Bond A Inc 129.10 - 0.10 5.41 Other International Funds Ethical Cautious Managed A Inc 140.11 - -0.14 1.70 PrivilEdge Diversified Absolute Return Stlg Cell AF2 £ 1670.13 - 7.07 0.00 Global Val.Cr.Fd EUR Ord Acc € 159.12 - 0.25 0.00
US Equity Acc ♦ F 555.43 - 5.15 0.00 Mir. - Glb Strat. Bd A USD $ 107.58 - 0.12 0.00
UK & Irish Smaller Companies A Acc 551.80 - 3.40 0.05 Invest AD - Iraq Opportunity Fund $ 62.80 - 1.79 0.00 Ethical Corporate Bond A Acc 196.41 - 0.75 3.15 Inc.Pt.RMB Dt.CNH PA CNH 101.65 - 0.18 -
Invesco Perpetual Funds (No Trail) Swiss Select Equity Inst Acc SFr 118.56 - 0.02 0.00
UK Absolute Return A Acc 147.40 - -0.30 0.00 Invest AD - Emerging Africa Fund $ 1125.45 - -5.83 0.00 Ethical Corporate Bond A Inc 112.20 - 0.43 3.15 Inc.Pt.RMB Dt.SH CHF PA SFr 10.12 - 0.01 -
Asian (No Trail) Acc ♦ F 204.24 - 3.05 1.26 Swiss Select Equity Ord Acc SFr 117.66 - 0.01 0.00
UK Alpha A Acc ♦ 119.60 - -0.50 0.96 Invest AD - GCC Focus Fund $ 1788.79 - 9.51 0.00 Ethical Equity A Acc 180.55 - -0.94 1.01
Manek Investment Mgmt Ltd (1000)F (UK)
Asian (No Trail) Inc ♦ F 185.71 - 2.77 1.28 Inc.Pt.RMB Dt.SH EUR PA € 10.16 - 0.01 -
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 US Growth USD Ord Acc $ 211.11 - 0.06 0.00
UK Equity Income & Growth A Inc 643.80 - -2.10 3.50 High Yield Bond A Acc 118.08 - 0.50 4.21 Inc.Pt.RMB Dt.USD PA $ 10.22 - 0.02 - Authorised Inv Funds
Asian Equity Income (No Trail) Acc ♦ F 133.77 - 1.41 3.82 US Growth EUR Ord Acc € 202.00 - 0.05 0.00
UK Index A Acc 530.50 - -2.80 1.91 High Yield Bond A Inc 54.65 - 0.23 4.21 Jenn. US Eq.Opp. USD PA $ 10.35 - 0.07 - Growth Fd Acc 58.49 61.90 -0.26 0.00
Asian Equity Income (No Trail) Inc 115.94 - 1.22 3.93 US Growth GBP Ord Acc £ 211.56 - 0.07 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Investment Grade Bond A Acc 160.15 - 0.59 2.97 Neubrg.Berman US Core PA $ 14.85 - 0.08 0.00
Asset Management
Balanced Risk 6 No Trail Acc 111.20 - 0.81 0.15 US Growth USD Inst Acc $ 194.08 - 2.13 0.00

Asset Management
UK Property A Inc 97.68 102.81 0.03 4.16 Investment Grade Bond A Inc 118.06 - 0.44 2.97
Asset Management
Sands US Growth PA € 14.13 - 0.13 0.00
Balanced Risk 8 No Trail Acc 115.83 - 1.15 0.40 Manulife Global Fund (LUX) Wealthy Nat Bd EUR Inst Inc € 113.68 - 0.37 3.82
UK Tracker A Acc 239.70 - -1.50 1.37 Sterling Corporate Bond A Acc 69.99 - 0.24 2.84 Sands US Growth PA $ 17.12 - 0.16 0.00 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg Montello Real Estate Opportunity Fund (LUX)
Balanced Risk 10 No Trail Acc 120.54 - 1.49 0.54 Wealthy Nat Bd GBP Inst Inc £ 117.54 - 0.39 3.69
Sterling Corporate Bond A Inc 31.45 - 0.11 2.83 www.manulife.com.hk 101 New Cavendish Street,London W1W 6XH
US Growth A Acc 768.50 - 3.90 0.00 Will.Blair Gbl. Ldrs PA € 16.21 - 0.07 0.00
Corporate Bond (No Trail) Acc ♦ F 164.23 - 0.22 3.91 FCA Recognised Regulated Wealthy Nat Bd EUR Ord Inc € 112.53 - 0.16 3.55
Strategic Bond A Acc 182.80 - 0.56 2.16 Will.Blair Gbl. Ldrs PA $ 13.83 - 0.16 0.00
Corporate Bond (No Trail) Inc ♦ F 118.15 - 0.16 4.00 JPMorgan Asset Mgmt (1200)F (UK) American Growth Fund Class A F $ 30.2138 - 0.1527 0.00 Montello Real Estate Opportunity Fund II £ 1100.80 - 7.38 0.00 Wealthy Nat Bd GBP Ord Inc £ 118.12 - 0.38 3.45
60 Victoria Embankment, London EC4Y 0JP Strategic Bond A Inc 121.87 - 0.38 2.16
Distribution (No Trail) Acc ♦ F 171.14 - 0.65 4.11
Brokerline: 0800 727 770, Clients: 0800 20 40 20
American Growth Fund Class AA F $ 1.7170 - 0.0087 0.00 Wealthy Nat Bd USD Ord Inc
Asset Management
Managemen $ 114.77 - 0.17 3.41

Asset Management
UK Equity Absolute Return A Acc 119.06 - -0.19 0.00
Distribution (No Trail) Inc ♦ F 115.63 - 0.44 4.19 Authorised Inv Funds Lothbury Property Trust (UK) American Growth Fund Class AA (HKD) FHK$ 10.7504 - 0.0524 - New Capital Alternative Strategies
Morant Wright Management Ltd
Asset Management
(CYM)
Emerging Countries (No Trail) Acc ♦ F
Emerging Countries (No Trail) Inc ♦ F
171.68
161.81
-
-
2.35 0.97
2.21 0.98
JPM Retail OEIC (A class unless stated)
America Equity Acc 59.12 - 0.06 0.00
UK Equity A Acc
UK Equity Income A Acc
Asset Management 241.77
210.37
-
-
-1.62 1.12
-1.20 4.27
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Asian Equity Fund Class A F $ 3.5019 - 0.0392 0.36 Regulated
MW Japan Fd Ltd A $ 24.95 - -0.20 0.00
All Weather Fd USD Cls
All Weather Fd EUR Cls
$ 121.54
€ 109.59
-
-
0.44 0.00
0.39 0.00
Asian Equity Fund Class AA F $ 1.1272 - 0.0126 0.00
UK Equity Income A Inc 165.54 - -0.95 4.40 Lothbury Property Trust GBP £ 1692.43 1813.44 10.02 3.35
Emerging European (No Trail) Acc ♦ F 79.97 - 0.51 3.23 America Equity Inc 59.11 - 0.06 0.00 MW Japan Fd Ltd B $ 25.24 - -0.21 0.00 All Weather Fd GBP Cls £ 117.94 - 0.49 0.00
Asian Small Cap Equity Fund Class AA F $ 2.4424 - 0.0282 0.00
Asia Acc 129.80 - 0.30 0.30 UK Opportunities A Acc 176.62 - -1.24 0.97 Tactical Opps USD Cls $ 182.02 - -0.77 0.00
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Inc ♦ F 72.89 - 0.46 3.33 Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.8795 - 0.1123 -
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Asia Inc 72.02 - 0.18 0.29 UK Smaller Companies A Acc 269.14 - -0.91 0.26 Tactical Opps EUR Cls € 152.91 - -0.64 0.00
European Equity (No Trail) Acc ♦ F 158.22 - 1.61 2.61 China Value Fund Class A F $ 10.3770 - 0.1013 0.58
FCA Recognised Morant Wright Funds (Ireland) PLC (IRL)
European Equity (No Trail) Inc ♦ F 133.62 - 1.36 2.68 Cautious Managed Rt Acc 68.03xd - 0.11 0.18 Tactical Opps GBP Cls £ 171.20 - -0.72 0.00
Hermes Active UK Inflation Fund Class F Acc £ 1.29 1.29 0.02 0.00 China Value Fund Class AA F $ 3.2511 - 0.0317 0.39 FCA Recognised
Cautious Managed Rt Inc 59.86xd - 0.10 0.18
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.70 1.70 0.02 0.00
European Equity Income (No Trail) Acc ♦ F 160.28 - 1.37 3.02 Kames Capital Investment Portfolios ICVC (UK) Dragon Growth Fund Class A F $ 2.4118 - 0.0416 0.51 Morant Wright Fuji Yield CHF Acc HedgedSFr 12.06 - 0.12 -
Diversified Real Ret Acc 53.87 - 0.35 1.03 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Morant Wright Fuji Yield EUR Acc Hedged € 11.86 - 0.12 -
European Equity Income (No Trail) Inc ♦ F 124.11 - 1.07 3.09 Dragon Growth Fund Class AA HKDHK$ 11.6719 - 0.1993 0.49
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.71 3.71 -0.01 0.00 0800 45 44 22 www.kamescapital.com
Diversified Real Ret Inc 52.59 - 0.35 1.02 Morant Wright Fuji Yield GBP Acc Hedged £ 12.05 - 0.13 -
Asset Management
European High Income (No Trail) Acc ♦ F 168.80 - 0.89 3.35 Authorised Funds Emerging Eastern Europe Fund Class AA F $ 1.5869 - -0.0112 0.45
Hermes Global Emerging Markets Fund Class F Acc £ 1.30 1.30 0.01 0.00
M & G Securities (1200)F
Asset Manageme
European High Income (No Trail) Inc ♦ F 124.67 - 0.66 3.41 Emerging Mkts Acc 155.20 - 1.00 0.67 (UK) Morant Wright Fuji Yield USD Acc Hedged $ 11.80 - 0.12 -
Hermes Global Emerging Markets Fund Class R Acc € 3.31 3.31 0.00 0.00 Property Income B Acc 114.39 - 0.02 - Emerging Eastern Europe Fund Class A F $ 3.6951 - -0.0261 0.79
Emerging Mkts Inc 66.75 - 0.43 0.67 PO Box 9039, Chelmsford, CM99 2XG
Invesco Perpetual High Yield Fund acc (No trail) 226.68 - 0.09 4.48 Property Income B Inc 109.14 - 0.02 - European Growth Fund Class A F $ 11.6230 - 0.0418 1.16 Morant Wright Fuji Yield USD Dist Hedged $ 11.95 - 0.12 -
Hermes Global Equity Fund Class F Acc £ 1.56 1.56 0.00 0.00 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Invesco Perpetual High Yield Fund inc (No trail) 170.77 - 0.07 4.58 Emrg Mkts Inc Acc... C 57.30xd - 0.21 3.89 Authorised Inv Funds Morant Wright Fuji Yield YEN Acc ¥ 1209.41 - 12.26 -
Hermes Global Equity Fund Class R Acc € 4.14 4.14 -0.02 0.00 European Growth Fund Class AA F $ 0.8411 - 0.0030 0.56
European Opportunities (No Trail) Acc ♦ F 180.67 - 1.81 0.68 Emrg Mkts Inc Inc... C 51.54xd - 0.19 4.00 Charifund Inc 1533.97 - -4.25 4.39 Morant Wright Fuji Yield YEN Dist ¥ 1196.09 - 12.12 -
Hermes Global ESG Equity Fund Class F Acc £ 1.21 1.21 0.00 - Global Contrarian Fund Class AA F $ 0.9855 - 0.0071 0.00 Northwest Investment Management (HK) Ltd
Europe Acc 1087.00 - -2.00 1.43
Kames Capital VCIC (IRL)
European Opportunities (No Trail) Inc ♦ F 171.45 - 1.71 0.68 Charifund Acc 20592.32 - -57.11 4.27 Global Property Fund Class AA F $ 1.0596 - 0.0092 0.73 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.61 - 0.23 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Hermes Global High Yield Bond Fund Class F Acc £ 1.11 1.11 0.00 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Europe Inc 62.59 - -0.11 1.43 FCA Recognised M&G Corporate Bond A Acc 62.82xd - 0.20 3.06 Morant Wright Sakura Fund Euro Acc Hedged € 14.57 - 0.23 0.00 Other International Funds
European Smaller Companies (No Trail) Acc ♦ F 232.46 - 2.39 0.47 Global Property Fund Class AA (HKD)HK$ 9.9578 - 0.0851 -
Hermes Global High Yield Bond Fund Class R Acc € 2.93 2.93 0.00 0.00 Northwest $ class $ 2524.44 - 175.73 0.00
Global Balanced Index (No Trail) Acc ♦ F 161.71 - 1.27 1.72 Eur Dynamic exUK Acc 168.20 - 0.20 0.78 Absolute Return Bond B GBP Acc 1076.94 - 0.30 - M&G Corporate Bond A Inc 39.95xd - 0.12 3.06 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1485.27 - 23.01 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.04 1.04 0.00 - Global Resources Fund Class AA F $ 0.8569 - -0.0067 0.00

Asset Management
Eur Dynamic exUK £ hdg Acc 193.20 - -1.20 0.68 Eq Market Neutral B Acc 1018.23 - -1.65 - Northwest Warrant $ class $ 2845.65 - 562.86 0.00
Global Bond (No Trail) Acc ♦ F 134.95 - 0.43 1.31 M&G Dividend A Inc 65.73 - -0.37 3.92 Greater China Opportunities Class AA $ 1.1876 - 0.0148 - Morant Wright Sakura Fund Dollar Acc Hedged $ 14.58 - 0.22 0.00

set Management
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00 -
Global Bond (No Trail) Inc ♦ F 122.71 - 0.39 1.32 Eur Dynamic exUK Inc 77.22 - 0.08 0.77 Eq Market Neutral Plus B Acc 1027.71 - -3.00 - M&G Dividend A Acc 638.42 - -3.64 3.78 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.53 - 0.23 0.00

Asset Management Asset Management

Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.35 1.35 0.00 0.00 Healthcare Fund Class AA F $ 2.0072 - 0.0196 0.00
Glbl Distribution Acc (No Trail) 109.06 - 0.59 - Eur Smaller Cos Acc 470.50 - 1.20 0.00 High Yield Global Bond A GBP Inc 545.56 - 0.59 3.45 M&G Episode Growth X Inc 53.94xd - -0.11 1.83
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.33 1.33 0.00 1.74 India Equity Fund Class AA F $ 1.3901 - 0.0183 0.00
Glbl Distribution Inc (No Trail) 105.48 - 0.58 - Eur Smaller Cos Inc 61.19 - 0.16 0.00 High Yield Global Bond B GBP Inc 1133.17 - 1.28 3.95 M&G Episode Income A Acc 144.99xd - -0.12 3.39
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.30 3.30 -0.02 0.00 International Growth Fund Class A F $ 4.9174 - 0.0279 0.13
Global Equity (No Trail) acc ♦ F 220.56 - 2.55 0.95 Fusion Balanced Acc 56.74xd - 0.16 0.00 Investment Grade Global Bd A GBP Inc 567.20 - 2.51 2.27 M&G Episode Income A Inc 123.03xd - -0.10 3.45
Hermes Sourcecap EX UK Fund Class F Acc £ 1.41 1.41 0.00 0.00 International Growth Fund Class AA F $ 1.1293 - 0.0064 0.00
Global Equity (No Trail) inc ♦ F 206.41 - 2.38 0.96 Fusion Balanced Inc 56.73xd - 0.17 0.00 Kames Global Equity Income B GBP Acc 1170.52 - 0.99 - M&G Extra Income A Inc 782.18 - -2.28 4.11
Hermes Sourcecap EX UK Fund Class R Acc € 3.34 3.34 -0.02 0.00 Japanese Growth Fund Class A F $ 3.5516 - -0.0110 0.59
Global Equity Income (No Trail ) Acc ♦ F 257.47 - 3.19 3.13 Fusion Conservative Acc 55.85xd - 0.16 0.00 Kames Global Equity Income B GBP Inc 1127.79 - 0.96 - M&G Extra Income A Acc 6226.51 - -18.16 4.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.64 1.64 -0.01 0.00 Japanese Growth Fund Class AA F $ 0.9137 - -0.0028 0.00
Global Equity Income (No Trail) Inc ♦ F 214.63 - 2.66 3.21 Fusion Conservative Inc 55.74xd - 0.17 0.00 Strategic Global Bond A GBP Inc 1119.09 - 2.91 1.13 M&G Global Basics A Inc 691.06 - 2.55 0.26 Oasis Crescent Management Company Ltd
Hermes UK Small & Mid Cap Fund Class R Acc € 4.98 4.98 -0.05 0.00 Latin America Equity Fund Class AA F $ 0.9371 - 0.0080 1.42
Fusion Growth Acc 58.55xd - 0.20 0.00 Strategic Global Bond B GBP Inc 634.49 - 1.68 1.63 Other International Funds
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 175.41 - 2.17 1.26 M&G Global Basics A Acc 1043.24 - 3.85 0.27 Russia Equity Fund Class AA F $ 0.5023 - -0.0111 0.00
Hermes US SMID Equity Fund Class F Acc £ 1.61 1.61 0.00 0.00 Morgan Stanley Investment Funds (LUX) Oasis Crescent Equity Fund R 9.97 - 0.02 0.00
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 204.86 - 2.54 1.67 Fusion Growth Inc 58.55xd - 0.20 0.00 M&G Global Dividend Fund A Acc 208.95xd - 0.34 3.06 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Hermes US SMID Equity Fund Class R Acc € 3.48 3.48 -0.03 0.00 Taiwan Equity Fund Class AA F $ 1.7194 - 0.0035 0.19
Fusion Growth + Acc 60.38xd - 0.23 0.00 M&G Global Dividend Fund A Inc 167.25xd - 0.27 3.12 www.morganstanleyinvestmentfunds.com
Gbl Fin Cap No Trail Acc 180.99 - 0.38 4.18 Kleinwort Benson Bank (UK) Turkey Equity Fund Class AA F $ 0.8773 - 0.0268 0.00
FCA Recognised
Gbl Fin Cap No Trail Inc 155.45 - 0.33 4.31 Fusion Growth + Inc 60.38xd - 0.22 0.00 14 St. George Street, Mayfair, London W1S1FE M&G Glbl Emrgng Mkts A Acc 221.43 - 1.56 0.75 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
US Bond Fund Class AA F $ 1.2190 - 0.0022 3.89 US Advantage A F $ 56.66 - -0.09 0.00
Hermes Property Unit Trust (UK) Fusion Income Acc...C 55.13xd - 0.16 2.50 Dealing and enquiries: 0800 024 2400 Regulated
Global Opportunities (No Trail) Acc ♦ F 260.44 - 3.08 0.93 M&G Glbl Emrgng Mkts A Inc 213.93 - 1.51 0.75 U.S. Bond Fund Class AA Inc F $ 0.9978 - 0.0018 -
Property & Other UK Unit Trusts Authorised Inv Funds Asian Equity A F $ 48.69 - 0.13 0.00 Oasis Global Investment (Ireland) Plc
Global Smaller Companies (No Trail) Acc ♦ F 255.93 - 2.41 0.38 Fusion Income Inc...C 52.70xd - 0.14 2.60 M&G Global Macro Bond Fund A Acc 106.42xd - 0.58 0.78
Property £ 5.46 5.79 0.03 3.08 Unit Trust Manager/ACD - Host Capital US Bond Fund Class AA (HKD) HK$ 9.9713 - 0.0155 - Asian Property A F $ 20.29 - -0.02 0.00 Oasis Global Equity $ 29.28 - 0.13 0.22
Global Smaller Companies (No Trail) Inc ♦ F 246.17 - 2.32 0.38 Global Allocation Acc 55.19 - -0.03 0.63 HC KB Capital Growth A Acc 171.44 - -0.16 1.36 M&G Global Macro Bond Fund A Inc 73.95xd - 0.40 0.78 U.S. Bond Fund Class AA (HKD) IncHK$ 9.9173 - 0.0160 - Asian Property AX F £ 11.96 - 0.02 0.52 Oasis Crescent Global Investment Fund (Ireland) plc
Global Targeted Rets (No Trail) Acc 115.11 - 0.51 0.82 Global Allocation Inc 54.83 - -0.03 0.64 HC KB Capital Growth A Inc 160.54 - -0.14 1.38 M&G Global High Yield Bond X Inc 51.23xd - 0.05 4.42 Oasis Crescent Global Equity Fund $ 29.78 - 0.12 0.00
U.S. Special Opportunities Fund Class AA F $ 0.9300 - 0.0012 7.00 Diversified Alpha Plus A F € 32.46 - -0.11 0.00
Impax Asset Management (IRL)
High Income (No Trail) Acc ♦ F 179.33 - 1.43 3.39 Global Bond exUK Acc 250.10 - 0.70 0.83 HC KB Enterprise Equity Income A Inc 116.33 - 0.89 3.78 M&G Global High Yield Bond X Acc 118.79xd - 0.12 4.41 OasisCresGl Income Class A $ 11.14 - 0.01 2.49
U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - Emerg Europ, Mid-East & Africa Eq A F € 74.67 - 0.35 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR
High Income (No Trail) Inc ♦ F 134.24 - 1.07 3.48 Global Bond exUK Inc 197.30 - 0.50 0.83 HC KB Enterprise Equity Income A Acc 169.04 - 1.29 3.69 M&G Managed Growth X Inc 83.19xd - 0.22 0.63 OasisCresGl LowBal D ($) Dist $ 12.42 - 0.03 0.00
FCA Recognised U.S. Special Opportunities Fund Class AA Inc $ 0.9280 - 0.0012 - Emerging Markets Debt A F $ 79.75 - 0.32 0.00
Env Mkts (Ire) Stl A £ 2.30 - 0.01 0.00 Hong Kong & China (No Trail) Acc ♦ F 210.74 - 4.67 1.07 Global Bond Opport. Acc 50.65xd - 0.04 - HC KB Endeavour Multi Asset Balanced A Acc 136.24 - 0.03 0.81 M&G Optimal Income A Inc 144.98xd - 0.24 2.23 OasisCresGl Med Eq Bal A ($) Dist $ 12.72 - 0.03 0.04
US Small Cap Equity Fund Class AA F $ 1.1634 - 0.0054 0.00 Emerging Markets Domestic Debt AX F £ 11.65 - 0.02 5.38
Env Mkts (Ire) Euro A € 2.18 - 0.00 0.00 Income & Growth (No Trail) Acc ♦ F 232.65 - 1.40 3.59 Global Bond Opport. Inc 50.59xd - 0.04 - HC KB Endeavour Multi Asset Balanced A Inc 129.48 - 0.03 0.81 M&G Optimal Income A Acc 190.08xd - 0.32 2.23 Oasis Crescent Gbl Property Eqty $ 10.02 - 0.06 2.09
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2889 - 0.0002 0.06 Emerging Markets Equity A F $ 39.44 - 0.10 0.00
Env Mkts (Ire) USD A $ 1.90 - 0.01 0.00 Income & Growth (No Trail) Inc ♦ F 188.35 - 1.13 3.68 Global Eq Income £ hdg Acc... C 70.06xd - -0.06 3.75 HC KB Enterprise Fixed Income A Acc 124.38 - 0.71 3.44 M&G Recovery GBP A Inc 133.44 - -0.30 0.89
Euro Bond A F € 15.72 - 0.00 0.00
Income (No Trail) Acc ♦ F 178.43 - 1.31 3.17 Global Eq Income £ hdg Inc ... C 50.86xd - -0.04 3.85 HC KB Enterprise Fixed Income A Inc 111.79 - 0.64 3.44 M&G Recovery GBP A Acc 298.55 - -0.69 0.89
Manulife Global Fund Euro Corporate Bond AX F £ 21.96 - -0.02 1.76
Income (No Trail) Inc ♦ F 132.66 - 0.97 3.24 Global Eq Income Acc... C 72.83xd - 0.17 3.74 M&G Strategic Corp Bond A Inc 74.46 - 0.19 2.82
INDIA VALUE INVESTMENTS LIMITED (INVIL) Other International Funds Euro Strategic Bond A F € 43.76 - -0.01 0.00
Japan (No Trail) Acc ♦ F 154.46 - 0.41 0.74 Global Eq Income Inc ... C 63.91xd - 0.15 3.84 M&G Strategic Corp Bond A Acc 105.71 - 0.26 2.82
www.invil.mu Asia Total Return Fund Class AA $ 1.0030 - 0.0032 -
Lloyds Investment Fund Managers Limited (1000)F (JER) European Currencies High Yield Bd A F € 22.11 - 0.02 0.00
Other International Funds Japanese Smaller Companies (No Trail) Acc ♦ F 167.81 - 0.46 0.00 Global Equity Acc 1026.00 - 2.00 0.15 M&G Global Leaders GBP A Inc 200.95 - 0.12 1.36
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Asia Total Return Fund Class AA (HKD) Inc FHK$ 10.0525 - 0.0305 - European Equity Alpha A F € 48.51 - 0.13 0.00
NAV £ 7.34 - 0.04 0.00 Global Equity Inc 76.22 - 0.14 0.14 Other International Funds M&G Global Leaders GBP A Acc 468.82 - 0.29 1.34
Latin American (No Trail) Acc ♦ F 125.73 - 2.44 1.84 Asia Total Return Fund Class AA Inc $ 0.9571 - 0.0031 3.18 European Property A F € 35.88 - -0.12 0.00
Global Financials Acc 769.30 - -0.70 0.81 Lloydstrust Gilt £ 12.2500xd - 0.0700 2.44 M&G UK Inflation Lnkd Corp Bnd A Acc 114.96xd - 0.06 0.75
Latin American (No Trail) Inc ♦ F 114.82 - 2.23 1.86 Asia Value Dividend Equity Fund Class AA F $ 1.8661 - 0.0241 0.00
Lloyds Investment Funds Limited Eurozone Equity Alpha A F € 12.63 - 0.07 0.00 Odey Asset Management LLP (UK)
Global Financials Inc 43.75 - -0.04 0.82 M&G UK Inflation Lnkd Corp Bnd A Inc 113.31xd - 0.06 0.75
Intrinsic Value Investors (IVI) LLP (IRL) Managed Growth (No Trail) Acc ♦ F 206.52 - 1.85 1.19 Asia Value Dividend Equity Fund Class AA Inc $ 1.1445 - 0.0155 - Global Bond A F $ 39.52 - -0.05 0.00
40 Dukes Place, London, EC3A 7NH
Euro High Income € 1.6750xd - 0.0000 3.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Managed Growth (No Trail) Inc ♦ F 191.92 - 1.72 1.21 Global High Yield Bd Mth Inc 39.53xd - 0.06 6.42 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Strategic Income Fund Class AA F $ 1.0862 - 0.0025 4.41 Global Brands A F $ 99.28 - -0.19 0.00
FCA Recognised European £ 8.1980 - 0.0330 1.07 Authorised Corporate Director - Capita Financial Managers
Managed Income (No Trail) Acc ♦ F 198.78 - 1.45 2.98 Global High Yield Bd Acc 101.90xd - 0.10 6.36
IVI European Fund EUR € 18.62 - -0.02 0.00 High Income £ 0.8891xd - 0.0030 4.95 M & G Securities Ltd (UK) Global Convertible Bond A F $ 44.75 - 0.04 0.00 Authorised Inv Funds
Managed Income (No Trail) Inc ♦ F 166.17 - 1.21 3.04 Global High Yield Bd Inc 39.51xd - 0.05 6.45 Property & Other UK Unit Trusts
Global Property A F $ 29.85 - -0.04 0.00 CF Odey Continental European R Acc ♦ 745.10 - 1.20 0.18
IVI European Fund GBP £ 18.30 - 0.04 0.98
Global Property Secs Acc 60.02 - 0.25 0.70
International £ 4.4640 - 0.0160 1.16 Marlborough Fd Managers Ltd (1200)F (UK)
Monthly Income Plus (No Trail) Acc ♦ F 173.77 - 0.36 4.64 Charibond 125.04xd - 0.51 5.17 CF Odey Continental European I Acc ♦ 127.45 - 0.21 0.73
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Indian Equity A F $ 36.19 - 0.21 0.00
North American £ 16.1200 - 0.1000 0.14
Monthly Income Plus (No Trail) Inc ♦ F 111.65 - 0.23 4.74 Global Property Secs Inc 52.03 - 0.21 0.70 (Accum Units) 3605.65xd - 14.61 5.17 www.marlboroughfunds.com
Latin American Equity A F $ 51.77 - 0.02 0.00 CF Odey Continental European I Inc ♦ 122.48 - 0.20 0.73
Sterling Bond £ 1.4990xd - 0.0060 3.59 Authorised Inv Funds
Pacific (No Trail) Acc ♦ F 198.50 - 1.64 0.78 Income Acc 50.98xd - 0.17 - NAACIF 80.01xd - -0.07 4.30
Short Maturity Euro Bond A F € 20.48 - 0.00 0.00 CF Odey Opus R Inc ♦ 3872.30 - 15.34 0.00
UK £ 7.5580 - 0.0080 1.40 Balanced 159.34 168.48 0.69 0.05
Pacific (No Trail) Inc ♦ F 188.41 - 1.57 0.85 Income Inc 48.74xd - 0.16 - (Accum Units) 6999.71xd - -5.55 4.18
Lloyds Gilt Fund Limited US Dollar Liquidity A F $ 13.03 - 0.00 0.00 CF Odey Opus Fund A Accumulation 138.06 - 0.55 0.00
Japan Acc 285.70 - 3.20 0.00 Bond Income 51.54 54.54 0.12 4.44
Tactical Bond (No Trail) Acc ♦ F 141.44 - 0.14 2.22 M&G Property Portfolio A Acc 128.16xd 134.90 0.02 3.75 CF Odey Opus Fund I Acc 177.64 - 0.71 0.25
Lloyds Gilt Fund Quarterly Share £ 1.2730 - 0.0070 2.02 US Growth A F $ 67.49 - -0.02 0.00
Japan Inc 68.76 - 0.76 0.00 Cash 50.13 - 0.00 0.48
Tactical Bond (No Trail) Inc ♦ F 120.60 - 0.12 2.26 Property Portfolio A 119.24xd 125.51 0.02 3.83 CF Odey Opus Fund I Inc 173.94 - 0.70 0.25
Monthly Share £ 1.2250xd - 0.0070 2.02 US Growth AH F € 46.59 - 0.35 0.00
Multi-Asset Inc Mth Inc 67.32xd - -0.02 3.70 Cautious Inc 85.60 90.10 0.32 1.58
UK Aggressive (No Trail) Acc ♦ F 184.36 - 1.22 2.18 Lloyds Money Fund Limited Property Portfolio X 119.24xd 119.24 0.02 3.83 CF Odey Absolute Return Fund Euro Hedged € 1.80 - -0.02 0.00
Defensive A Inc 115.93 - 0.16 0.98 US Growth AX F £ 42.87 - 0.19 0.00
Invesco Fund Managers Ltd (UK)
UK Aggressive (No Trail) Inc ♦ F 155.12 - 1.02 2.22 Multi-Asset Inc Acc... C 88.15xd - -0.03 3.60 Sterling Class £ 52.5690 - 0.0010 0.21
US Property A F $ 68.84 - 0.23 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.67 - -0.01 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Emerging Markets 254.08 - 0.90 1.50
UK Enhanced Index (No Trail) Acc ♦ F 424.40 - 3.63 3.37 Multi-Asset Inc Inc... C 67.32xd - -0.02 3.70 Lloyds Multi Strategy Fund Limited
Dealing: 0800 085 8571 M & G (Guernsey) Ltd (GSY) CF Odey Absolute Return R 303.18 - -2.45 0.00
Multi-Asset Macro Acc 62.38 - 0.26 0.00 Conservative Strategy £ 1.1370 - 0.0060 2.30 ETF Global Growth A 156.46 - 0.07 0.00
Investor Services: 0800 085 8677 UK Enhanced Index (No Trail) Inc ♦ F 269.63 - 2.30 3.45 Regulated CF Odey Absolute Return I 312.68 - -2.54 0.00
www.invescoperpetual.co.uk Multi-Asset Macro Inc 62.38 - 0.26 0.00 Growth Strategy £ 1.5600 - 0.0060 1.64 The M&G Offshore Fund Range ETF Commodity A 82.86 - 0.34 0.00 Morgens Waterfall Vintiadis.co Inc
UK Growth (No Trail) Acc ♦ F 160.96 - 1.14 2.20 CF Odey Portfolio Fund Class P Institutional Acc 107.49 - 0.46 -
Authorised Inv Funds Corporate Bond 1329.96 1371.09 4.00 3.07 European Multi-Cap 271.35 - 1.57 0.20 Other International Funds
Multi-Manager Growth Acc 740.60 - -0.30 0.45 Aggressive Strategy £ 1.9050 - 0.0020 0.00
INVESCO PERPETUAL Funds UK Growth (No Trail) Inc ♦ F 131.70 - 0.93 2.25 CF Odey Portfolio Fund Class P Retail Acc 106.95 - 0.50 -
Extra Income 82.37 87.16 -0.14 4.10 Phaeton Intl (BVI) Ltd (Est) $ 444.18 - 6.34 0.00
Multi-Manager Growth Inc 691.20 - -0.30 0.45 Global USD Growth Strategy $ 1.5050 - 0.0030 0.00 Global Basics 2543.68 2622.35 9.26 0.00
Asian Acc ♦ F 488.59 - 7.29 0.78 UK Smaller Companies Equity (No Trail) Acc ♦ F 275.50 - 1.31 1.06 CF Odey Portfolio Fund I Acc 152.25 - 0.72 0.06
Natural Resources Acc 496.30 - 1.90 0.08 Dealing Daily Global Leaders 3491.91 3637.41 2.03 1.21 Far East Growth A Inc 179.11 - 0.69 1.66
Asian Inc ♦ F 438.84 - 6.55 0.79 UK Smaller Companies Equity (No Trail) Inc ♦ F 257.11 - 1.22 1.07 CF Odey Portfolio Fund I Inc 149.84 - 0.71 0.06
Natural Resources Inc 35.15 - 0.14 0.08 Global High Yield Bond 1007.30 1038.45 0.99 4.42 Global 186.57 196.45 1.02 0.00
Asian Equity Income Acc ♦ F 65.51 - 0.69 3.83 UK Strategic Income (No Trail) Acc ♦ F 747.45 - 6.26 3.36 CF Odey Portfolio Fund R Acc 148.21 - 0.69 0.00
New Europe Acc 160.40 - 1.90 2.26 Global Macro Bond Fund 11107.03 11450.55 59.90 0.79 Global Bond Inc 139.36 147.47 0.55 3.16
Asian Equity Income Inc ♦ F 56.77 - 0.60 3.94 UK Strategic Income (No Trail) Inc ♦ F 560.49 - 4.69 3.45 CF Odey Portfolio Fund R Inc 147.96 - 0.69 0.00
New Europe Inc 38.13 - 0.44 2.23 North American Dividend Fund 162.88 169.67 0.94 0.58 High Yield Fixed Interest 74.86 79.43 0.13 5.96
Balanced Risk 6 Acc 54.71 - 0.40 0.00 US Equity (No Trail) Acc ♦ F 230.72 - 2.14 0.04
Portfolio Acc 207.30xd - 0.50 0.63 Optimal Income Fund 143.66 148.11 0.23 2.23 Multi Cap Income A Inc 160.22 - -0.44 4.20
Balanced Risk 8 Acc 57.00 - 0.56 0.00
Sterling Corporate Bond Acc 83.38xd - 0.34 2.36 Recovery Fund Limited 'A' Participating Shares 11517.36 11997.25 -25.76 0.57 Nano-Cap Growth A Acc 98.8603 108.7100 0.5456 - Odey Asset Management LLP (CYM)
Balanced Risk 10 Acc 59.33 - 0.74 0.11 Regulated
Sterling Corporate Bond Inc 52.68xd - 0.22 2.37 Recovery Fund Limited 'I' Participating Shares 11562.71 11679.51 -26.14 1.32 Special Situations A Acc 1118.11 1183.19 1.31 0.29 Natixis International Funds (Lux) I SICAV (LUX)
Childrens Acc ♦ F 443.89 - 1.76 1.65 OEI MAC Inc A £ 341.80 - -97.57 0.00
Asset Management
Strategic Corporate Bond Fund 135.10 140.73 0.34 2.83 UK Multi-Cap Growth A Inc 237.57 251.40 -1.87 0.41 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Corporate Bd Acc (Gross) ♦ F 206.80 - 0.29 3.65
Strategic Bond Acc 69.43xd - 0.06 3.01 Lombard Odier Funds (Europe) S.A (LUX)

set Management
FCA Recognised OEI Mac Inc B £ 190.21 - -62.33 0.00
www.loim.com UK Growth 1669.42 1738.98 -7.57 0.97 UK Micro Cap Growth A 450.83 477.07 1.36 0.00
Strategic Bond Inc 58.11xd - 0.05 3.03
Corporate Bd Inc (Gross) ♦ F
Corporate Bond Acc ♦ F
89.47
184.73
-
-
0.12 3.75
0.25 3.67
Asset Management UK Active Index + E Acc 295.70 - -1.60 2.90
Regulated
Lombard Odier Funds
Asset Management US Multi-Cap Income
MFM - Third Party Funds
318.21 - 0.80 0.17
Harris Global Equity R/A (USD) $ 283.70 283.70 2.56 0.00
Harris Concentrated US Equity H-N/A (GBP) £ 155.79 155.79 0.67 0.00
OEI MAC Inc USD
Odey European Inc EUR
$ 1836.48
€ 785.47
-
-
-545.41 0.00
-133.62 0.00
UK Active Index + E Inc 55.77 - -0.29 2.90 Absolute Ret Bond (EUR) PA € 12.04 - 0.01 0.00 Harris Concentrated US Equity R/D (GBP) £ 107.30 107.30 0.01 32.04
Corporate Bond Inc ♦ F 89.40 - 0.13 3.76 Odey European Inc A GBP £ 300.36 - -50.76 -
Invesco (LUX) Junior Oils 108.16 114.45 1.51 0.00
UK Dynamic Acc 165.20 - -0.90 1.29 Absolute Ret Bond (USD) PA $ 17.65 - 0.01 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.18 100.18 0.07 1.61
Distribution Acc ♦ F 111.83 - 0.42 4.12 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Junior Gold C Acc 28.88 - 0.59 0.00 Odey European Inc B GBP £ 170.44 - -28.81 0.00
FCA Recognised UK Dynamic Inc 136.30 - -0.70 1.30 All Roads (CHF) PA SFr 18.14 - 0.09 0.00
Distribution Acc (Gross) ♦ F 127.43 - 0.48 4.10 MFM Artorius Fund 144.72 - 1.83 0.19 Odey European Inc USD $ 361.96 - -63.67 0.00
Invesco Management SA UK Eq & Bond Inc Acc ... C 144.60xd - -0.50 3.19
Distribution Inc ♦ F 66.37 - 0.25 4.20 All Roads (USD) PA $ 11.50 - 0.06 0.00 Giano Capital EUR Inc € 4569.06 - -154.60 0.00
Invesco Active Multi-Sector Credit Fund A € 2.98 - 0.01 0.00 MFM Bowland 149.04 161.12 0.90 0.00 Natixis International Funds (Dublin) I plc (IRL)
UK Eq & Bond Inc Inc ... C 85.54xd - -0.28 3.25 All Roads (GBP) PA £ 11.73 - 0.06 0.00
Distribution Inc (Gross) ♦ F 66.38 - 0.25 4.20 MFM Hathaway Inc 105.17 110.13 2.22 1.40 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Invesco Asia Balanced A dist $ 15.93 - -0.02 3.37
UK Higher Inc Acc ... C 936.20 - -5.10 3.75 All Roads (EUR) PA € 11.67 - 0.06 0.00 MFS Investment Funds (LUX) Regulated
Emerging Countries Acc ♦ F 262.59 - 3.59 0.48 MFM SGWM Managed A Acc 128.07 - 1.30 0.15
Invesco Asia Consumer Demand Fund A income $ 14.36 - 0.03 0.18
UK Higher Inc Inc ... C 557.30 - -3.00 3.86 FCA Recognised Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.53 13.53 0.04 1.06 Odey Asset Management LLP (IRL)
Emerging Countries Inc ♦ F 238.90 - 3.26 0.48 Alpha Japan (EUR) PA F € 12.04 - 0.05 0.00
Invesco Asia Infrastructure (A) $ 14.33 - 0.01 1.35 MFM Techinvest Special Situations Acc 114.98 - 0.75 0.08 FCA Recognised
Blend.Research Gb.Eq.Fd. € 106.03 - -0.13 - Loomis Sayles High Income R/D (USD) $ 9.75 9.75 0.02 12.81
UK Managed Equity Acc 69.98xd - -0.48 1.96 Alpha Japan (CHF) PA F SFr 15.09 - 0.06 0.00 Odey Pan European EUR R € 355.19 - 0.44 0.00
Emerging European Acc ♦ F 38.53 - 0.24 2.65 MFM Techinvest Technology Acc 373.89 - -5.61 0.00
Invesco Asia Opportunities Equity A $ 116.52 - 0.42 0.00 Blend.Research Gb.Eq.Fd. £ 103.20 - 0.24 - Loomis Sayles Multisector Income R/D (GBP) £ 13.54 13.54 0.00 4.28
UK Managed Equity Inc 59.14xd - -0.41 1.98 Alpha Japan (JPY) PA F ¥ 1427.00 - 5.00 0.00 Odey Allegra European EUR O € 280.43 - 1.20 0.00
Emerging European Inc ♦ F 36.05 - 0.22 2.72 MFM UK Primary Opportunities A Inc 337.03 - -0.99 1.31
Invesco Balanced Risk Allocation Fund A € 15.68 - 0.00 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10481.00 - 114.00 -
UK Smaller Cos Acc 365.10 - 0.00 0.00 Alpha Japan (USD) PA F $ 17.29 - 0.07 0.00 Odey Allegra International EUR O € 181.05 - -0.07 0.00
European Equity Acc ♦ F 898.32 - 9.13 2.12 Slater Investments Ltd - Investment Adviser
Invesco Capital Shield 90 (EUR) A € 12.35 - 0.00 0.00 Blend.Research Gb.Eq.Fd. $ 107.09 - 0.70 -
UK Smaller Cos Inc 70.90 - 0.00 0.00 Alternative Beta PA F SFr 120.18 - 0.42 0.00
European Equity Inc ♦ F 760.05 - 7.73 2.17 MFM Slater Growth 383.25 406.63 0.43 0.12 Natixis International Funds (UK) Odey Allegra Developed Markets USD I $ 140.10 - 0.98 0.00
Invesco Emerging Europe Equity Fund A $ 9.47 - 0.10 0.00 Em.Mk.Eq.Fund Euro € 124.47 - 0.17 0.00
UK Strategic Eq Inc Acc ... C 157.50xd - -0.80 3.34 Alternative Beta PA F € 80.84 - 0.29 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
European Equity Income Acc ♦ F 78.00 - 0.67 3.03 MFM Slater Income A Inc 158.38 - -0.05 3.64 Odey Atlas Fund GBP I S £ 1.26 - 0.00 0.00
Invesco Emerging Local Currencies Debt A Inc $ 8.18 - 0.03 6.12 Em.Mk.Eq.Fund Sterling £ 106.04 - 0.53 0.00 Authorised Funds
UK Strategic Eq Inc Inc ... C 103.70xd - -0.50 3.45 Alternative Beta PA F $ 120.90 - 0.44 0.00 MFM Slater Recovery 165.05 175.12 -0.18 0.11 Odey Giano European Fund EUR R € 118.14 - 0.13 0.00
European Equity Income Inc ♦ F 60.37 - 0.51 3.10
Invesco Emerging Mkt Quant.Eq. A $ 11.64 - 0.04 0.00 Em.Mk.Eq.Fd.US Dollar $ 108.76 - 0.99 0.00 H2O MultiReturns Fund N/A (GBP) $ 12.96 12.96 0.07 1.72
UK Strategic Gth Acc 115.00 - -0.50 1.14 Commodities (CHF) PA SFr 6.27 - 0.01 0.00 Odey Naver Fund EUR I € 125.43 - 0.06 0.00
European High Income Acc ♦ F 82.10 - 0.43 3.36
Invesco Energy A $ 23.98 - 0.08 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9281.00 - 106.00 5.95 H2O MultiReturns Fund I/A (GBP) £ 1.25 - -0.02 1.95
UK Strategic Gth Inc 107.20 - -0.60 1.16 Commodities (EUR) PA € 6.34 - 0.01 0.00 Odey Odyssey USD I $ 167.21 - 0.31 0.00
European High Income Inc ♦ F 60.64 - 0.32 3.42
Invesco Euro Corporate Bond Fund (A) € 17.46 - 0.03 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11118.00 - 145.00 5.80 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.10 - -0.01 -
US Acc 723.00 - 1.80 0.00 Commodities (USD) PA $ 6.53 - 0.02 0.00 Odey Orion Fund EUR I € 129.80 - 0.12 0.00
European Opportunities Inc ♦ F 84.49 - 0.85 0.16 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Invesco Euro Inflation Linked Bond A € 15.69 - -0.03 0.00 Gb.Conc.Eq.Fd.Euro € 280.41 - 2.08 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.11 - 0.00 -
US Inc 100.10 - 0.28 0.00 Convertible Bd P A € 17.80 - 0.06 0.00 FCA Recognised Odey Swan Fund EUR I € 87.55 - 0.58 0.00
European Opportunities Acc ♦ F 86.51 - 0.86 0.16
Invesco Euro Reserve A € 322.89 - 0.00 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 169.68 - 1.88 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.48
US Equity Income Acc ... C 120.90xd - 0.40 2.03 Convertible Bd Asia PA F SFr 14.66 - 0.01 0.00 Marlborough North American Fund Ltd £ 30.44 30.74 -0.75 0.00
European Smlr Cos Acc ♦ F 189.76 - 1.95 0.00 Odey European Absolute Return GBP S £ 96.68 - 0.61 0.00
Invesco European Bond A € 7.17 - -0.01 0.00 Gb.Conc.Eq.Fd.Sterling £ 257.24 - 2.82 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.07 - 0.00 4.63
US Equity Income £ hdg Inc ... C 103.30xd - 0.10 2.09 Convertible Bd Asia PA F € 15.58 - 0.02 0.00 Marlborough Tiger Fund Ltd F £ 28.54 28.83 -1.22 0.00
Global Bd Acc (Gross) ♦ F 127.78 - 0.41 1.07
Invesco European Growth Equity A € 25.34 - -0.21 0.00 Gb.Conc.Eq.Fd.US $ 203.06 - 3.07 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.39 - 0.00 0.28
US Equity Income Inc ... C 103.70xd - 0.40 2.05 Convertible Bd Asia PA F $ 15.69 - 0.02 0.00
Global Bd Inc (Gross) ♦ F 79.15 - 0.25 1.08
Invesco Global Absolute Return Fund A Class € 11.62 - -0.06 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 190.88 - 1.70 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.37 - 0.00 0.47 Odey Wealth Management (CI) Ltd (IRL)
US Select Acc 112.10 - 0.40 0.00 Emerg. Consumer (CHF) PA SFr 13.13 - 0.10 0.00
Global Bond Acc ♦ F 120.21 - 0.38 1.07
Invesco Global Bond A Inc $ 5.58 - 0.00 0.96
Martin Currie Fund Management Ltd (1200)F (UK) www.odey.com/prices
Gb.Eq.Euro Hdg Fd. € 270.71 - 2.43 0.00
US Select Inc 110.70 - 0.40 0.00 Emerg. Consumer (EUR) PA € 13.23 - 0.10 0.00 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 FCA Recognised
Global Bond Inc ♦ F 79.11 - 0.25 1.08
Invesco Global Equity Income Fund A $ 63.75 - -0.21 0.00 Gb.Eq.Fund Euro € 291.36 - 1.53 0.00 Authorised Inv Funds
Glbl Distribution Acc 54.27 - 0.30 4.40
US Smaller Cos Acc 389.10 - 0.50 0.00 Emerg. Consumer (USD) PA $ 13.23 - 0.10 0.00 NatWest (2230)F (UK) Odey Opportunity EUR I € 221.53 - 0.92 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.72 - 0.02 2.14 Gb.Eq. Fd Euro IRE T € 184.21 - 0.97 0.00 Martin Currie Investment Funds (OEIC) PO Box 23873, Edinburgh EH7 5WJ**
US Smaller Cos Inc 101.90 - 0.10 0.00 Emerg.Eq. Risk Par.(EUR) PA € 9.32 - 0.01 0.00
Glbl Distribution Acc (Gross) 54.74 - 0.30 4.40 Class A (Retail) Enquiries: 0800 085 5588
Invesco Global Inv Grd Corp Bond A Dist $ 11.85 - 0.03 2.99 Gb.Eq.Fd.Sterling UK T £ 213.20 - 1.88 0.00
Glbl Distribution Inc 52.48 - 0.29 4.42 Emerg. Eq. Risk Par.(USD) PA $ 7.46 - 0.07 0.00 Asia Pacific 124.90 - 0.00 1.02 Authorised Inv Funds Omnia Fund Ltd
Invesco Global Leisure A $ 36.62 - 0.17 0.00 Gb.Eq.Fd.US Dollar $ 333.21 - 4.31 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.13 - 0.01 0.00 Series 1(Minimum initial investment 16375,000) Other International Funds
Glbl Distribution Inc (Gross) 52.49 - 0.28 4.42 JPMorgan Charity Funds (UK) China 127.10 - -0.60 0.00
Invesco Global Smaller Comp Eq Fd A $ 59.67 - -0.05 0.00 Gb.Eq.Fund Sterling £ 211.06 - 1.86 0.00 United Kingdom Equity Index Fund £ 13.56 - -0.01 2.44
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.68 - 0.05 0.00 Estimated NAV $ 1013.95 - -11.27 0.00
Global Equity (acc) ♦ F 500.90 - 5.77 0.46 Emerging Mkts 212.40 - 0.70 0.01
Invesco Global Structured Equity A $ 48.28 - 0.00 0.73 Property & Other UK Unit Trusts Gb.Val.Ex-Jap.Fd.USD $ 124.05 - 1.35 0.00 UK Specialist Equity Inc £ 20.44 - 0.12 0.33
Global Equity (inc) ♦ F 456.86 - 5.26 0.46 Emerg.Loc.Cur.Bd.Fdt PA € 11.93 - 0.00 0.00 European Equity Income A acc 365.10 - -0.70 3.41
Invesco Global Total Ret.(EUR) Bond Fund A € 13.47 - 0.02 0.00 UK Equity Fund for Charities I...C £ 2.971840xd 2.983580 -0.016040 3.26 Gb.Val.Ex-Japan Fd.Yen ¥ 14551.00 - 182.00 0.00 Contl Europe Spec Equity £ 16.78 - 0.13 0.00
Global Equity Income Acc ♦ F 124.78 - 1.55 3.14 Emerg.Loc.Cur.Bd.Fdt PA $ 9.48 - 0.07 0.00 Global Alpha 142.10 - 0.30 0.28
Invesco Gold & Precious Metals A $ 5.08 - 0.01 0.00 Bond Fund for Charities £ 1.362110xd 1.368420 0.006280 3.67 Low Volatility Gb.Eq.Fd. € 103.64 - 0.34 - US Spec Equity Fund £ 13.72 - 0.02 0.00
Global Equity Income Inc ♦ F 104.02 - 1.29 3.22 Euro BBB-BB Fdt PA SFr 15.86 - 0.02 0.00 Global Equity Income Inc 111.00 - 0.30 3.85
Invesco Greater China Equity A $ 52.01 - 0.00 0.00 Low Volatility Gb.Eq.Fd. £ 100.88 - 0.69 - Japan Specialist Fund X £ 9.87 - 0.06 0.00
Gbl Financial Capital Acc 89.03 - 0.18 4.20 Euro BBB-BB Fdt PA € 12.56 - 0.02 0.00 Global Equity Income acc 140.50 - 0.30 3.76
Invesco India Equity A $ 54.22 - 0.48 0.00 Low Volatility Gb.Eq.Fd. $ 104.67 - 1.15 - Pacific Basin Specialist Equity Fund £ 25.03 - 0.04 0.58
Gbl Financial Capital Inc 76.45 - 0.16 4.33 Euro BBB-BB Fdt PA £ 11.08 - 0.02 0.00 Japan Alpha 110.50 - 1.50 0.05
Invesco Japanese Equity Adv Fd A ¥ 3968.00 - 24.00 0.00 UK Sovereign Bd Index Fund £ 10.88 - 0.10 2.54
Gbl Financial Cap Acc Gross 92.62 - 0.19 4.68 Euro BBB-BB Fdt PA $ 17.81 - 0.03 0.00 North American 262.30 - 0.50 0.00
Invesco Japanese Value Eq Fd A ¥ 1311.00 - 17.00 0.00 UK Specialist Equity Income Fund £ 10.32 - 0.08 3.36
Gbl Financial Cap Inc Gross 76.57 - 0.16 4.86 Euro Credit Bd PA F € 13.05 - 0.04 0.00 MFS Meridian Funds SICAV (LUX) European Equity Income A Inc 329.60 - -0.50 3.49 Optima Fund Management
Invesco Latin American Equity A $ 7.89 - 0.07 0.00 Regulated Global Spec Inv Grade Bd Fund GBP £ 10.25 - 0.05 3.08
Global Opportunities Acc ♦ F 101.46 - 1.20 0.45 Euro Government Fdt PA € 12.53 - 0.08 0.00 Other International Funds
Invesco Nippon Small/Mid Cap Equity A ¥ 1062.00 - 14.00 0.00 Absolute Return A1 € 19.92 - 0.03 0.00 Inflation Lkd Sov Bd Fund £ 12.61 - 0.23 0.70 JENOP Global Healthcare Fund Ltd $ 15.92 - -0.97 0.00
Global Smaller Cos Acc ♦ F 1756.16 - 16.49 0.00 Euro Inflation-Lk Fdt PA € 12.09 - 0.04 0.00
Invesco Pan European Equity A EUR Cap NAV € 21.26 - -0.26 0.00 Asia ex-Japan A1 $ 26.30 - 0.19 0.00 Marwyn Asset Management Limited (CYM) Global Emerg Mkts Equity Fund X £ 13.19 - 0.13 0.45 Optima Fd NAV $ 94.15 - 0.43 0.00
Global Smaller Cos Inc ♦ F 1679.93 - 15.78 0.00 Swiss & Global Asset Management (LUX) Euro Resp.Corp. Fdt PA € 18.47 - 0.04 0.00
Invesco Pan European High Income Fd A € 14.51 - -0.01 1.89 Regulated Series 2 (Investment Management customers only)
[email protected], www.jbfundnet.com Bond A1 $ 10.54 - 0.06 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Global Targeted Rets Acc 57.08 - 0.25 0.29 Europe High Conviction PA € 12.18 - 0.02 0.00 Marwyn Value Investors £ 509.98 - 4.82 0.00
Invesco Pan European Small Cap Equity A € 23.00 - -0.08 0.00 Regulated China Equity Fd A1 $ 11.60 - 0.19 0.00 United Kingdom Equity Index Fund £ 13.55 - -0.01 2.78
Eurozone Small&Mid Caps PA € 52.08 - 0.38 0.00 The Dorset Energy Fd Ltd NAV $ 48.65 - 1.27 0.00
High Income Acc ♦ F 840.74 - 6.69 3.40 JB BF ABS-EUR B € 105.48 - -0.01 0.00
Invesco Pan European Structured Equity A € 17.67 - -0.14 0.00 Continental European Eqty A1 € 18.52 - 0.13 0.00 UK Specialist Equity Inc £ 20.58 - 0.13 1.46
Fdmt.Eq.L/S SH Sd EUR PA € 10.62 - 0.09 - Platinum Fd Ltd $ 93.26 - -0.29 0.00
High Income Inc ♦ F 472.19 - 3.75 3.49 JB BF Abs Ret Def-EUR B € 112.62 - -0.11 0.00
Invesco UK Eqty Income A £ 32.47 - -0.08 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 12.98 - 0.18 0.00 Contl Europe Spec Equity £ 17.56 - 0.13 0.58
Fdmt.Eq.L/S SH Sd USD PA $ 10.62 - 0.09 - Platinum Fd Ltd EUR € 18.20 - -0.08 0.00
High Yield Fund Acc 109.66 - 0.04 4.49 JB BF Abs Ret EM-USD B $ 119.91 - 0.29 0.00
Invesco UK Investment Grade Bond A £ 1.00 - 0.01 2.91 Emerging Markets Debt A1 $ 34.32 - 0.11 0.00 US Spec Equity Fund £ 14.26 - 0.02 0.16
Gbl.Gvt.Fdmt PA € 10.65 - 0.04 0.00 Platinum Japan Fd Ltd $ 55.39 - -0.58 0.00
Tuesday 19 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

Optima Partners Global Fd $ 14.86 - 0.00 0.00 Euro Bond - Inst Acc € 22.60 - 0.10 0.00 Recovery Inc 443.64 459.94 0.08 2.29 Santander Atlas Port 3 Acc Inst 165.50 - 0.40 - Investments IV - Global Private Eq. € 428.48 449.91 0.00 -
Optima Partners Focus Fund A $ 17.01 - -0.33 0.00 Euro Credit - Inst Acc € 14.76 - 0.05 0.00 Recovery Acc 526.64 545.55 0.10 2.26 Santander Atlas Port 4 Acc Ret 185.00 - 0.50 -
Smith & Williamson Fd Admin Ltd (1200)F (UK) The Hartford International Funds (IRL) Money Market
Euro Income Bond - Inst Acc F € 13.12 - 0.03 0.00 Strategic Bond Ret Acc £ 1.19 1.20 0.01 3.80 Santander Atlas Port 4 Inc Ret 134.10 - 0.30 - 25 Moorgate, London, EC2R 6AY 0141 222 1150 Regulated
Unicorn Asset Management Ltd
Trusts and
(UK)
Euro Long Average Duration - Inst Acc € 21.89 - 0.39 0.00 Strategic Bond Ret Inc £ 1.06 1.08 0.00 3.84 Santander Atlas Port 4 Acc Inst 167.70 - 0.40 - Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1566.14 - 8.50 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Orbis Investment Management Ltd (BMU)
S&W Deucalion Fd (OEIC) 2171.00 - 16.00 0.37
Euro Low Duration Fund Inst Acc € 11.31 - 0.00 0.00 Santander Atlas Port 5 Acc Ret 200.20 - 0.80 - UK Corporate Bond £ 1572.12 - 4.81 0.00 Authorised Inv Funds
Bank Accounts
Regulated
S & W Magnum 395.10 418.10 0.20 1.45 Gilt £ 1564.60 - 9.63 0.00 UK Growth A Inc 371.26 - -0.01 0.00
Orbis Global Equity $ 189.04 - 4.14 0.00 Euro Real Return - Inst Acc € 13.50 - 0.06 0.00 Santander Atlas Port 5 Acc Inst 169.60 - 0.60 -
Gross
S & W Marathon Trust 192.40 203.60 0.20 1.85 Mastertrust A Inc X F 368.26 - 0.39 0.00
Orbis Optimal (US$) $ 76.52 - 0.29 0.00 Euro Short-Term Inst Acc € 12.30 - 0.00 0.00 Santander Atlas Port 6 Acc Ret 276.70 - 1.40 - Global Eq (Ex Japan) Index Fund ¥ 1.44 - 0.00 0.00 Gross Net AER Int Cr
Orbis Optimal (Euro) € 26.19 - 0.05 0.00 Charity Value and Income Fund Acc 143.20 144.10 -0.50 4.48 Global Eq (ex Japan) Class HJ4 ¥ 1.50 - 0.00 0.00 UK Growth B Inc 373.06 - 0.01 0.25
Euro Short-Term Inv Acc € 11.92 - 0.00 0.00 Santander Atlas Port 6 Acc X 197.50 - 1.00 -
Charity Value and Income Fund Inc 98.60 99.22 -0.35 4.60 Mastertrust B Inc X F 331.15 - 0.37 0.39 CCLA Investment Management Ltd
Orbis Optimal (Yen) ¥ 1093.00 - 3.00 0.00 Euro Ultra Long Duration - Inst Acc € 29.67 - 0.55 0.00 Santander Atlas Port 6 Acc Inst 169.60 - 0.80 - Global Eq (ex Japan) Class JP5 ¥ 1.63 - 0.00 0.00
Outstanding British Cos A Acc X F 248.69 - 0.69 0.45 Senator House 85 Queen Victoria Street, London EC4V 4ET
Orbis Japan Equity (US$) $ 47.50 - 0.61 0.00 Global Advantage - Inst Acc $ 12.65 - 0.07 0.00 Santander Atlas Port 7 Acc Ret 217.60 - 1.30 - Global Eq Ex Japan Index Fund (Hedge) ¥ 1.50 - 0.01 0.00
CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
*Orbis Prices as of May 14th Outstanding British Cos B Acc X F 258.73 - 0.73 1.16
Global Advantage Real Return Fund Inst Acc $ 9.40 - 0.08 0.00 Santander Atlas Port 7 Acc Inst 172.30 - 1.10 - SMT Fund Services (Ireland) Limited Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.01 0.00
Robeco Asset Management (LUX)
Authorised Inv Funds Regulated UK Smaller Cos A Inc X F 424.93 - -0.71 0.08
Global Bond - Inst Acc $ 27.77 - 0.13 0.00 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.01 0.00 CCLA Fund Managers Ltd
www.robeco.com/contact Max 70% Shs Acc Ret 170.30 - 0.10 - Monthly Dividend High Yield $ 7.02 - 0.01 0.00 UK Smaller Cos B Inc X F 416.99 - -0.67 0.81 Senator House 85 Queen Victoria Street, London EC4V 4ET
Orbis Sicav (LUX) Global Bond Ex-US - Inst Acc $ 19.28 - 0.10 0.00 Japan Equity Index Fund ¥ 1.11 - 0.01 0.00
FCA Recognised Max 70% Shs Inc Ret 144.30 - -0.90 - Daiwa Gaika MMF UK Income A Acc X F 259.35 - 0.59 4.47 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Regulated Global Fundam.Index StocksPLUSInst Acc $ 12.37 - 0.03 0.00 Japan Equity Class JP3 ¥ 1.35 - 0.02 0.00
Asia-Pacific Equities (EUR) € 147.38 - -0.28 0.00 AU$ Portfolio A$ 0.01 - 0.00 -
Orbis Japan Equity (Yen) ¥ 4640.00 - 58.00 0.00 Investments Inc Acc Ret 155.70 - 0.50 - UK Income A Inc X F 238.43 - 0.55 4.62
Global High Yield Bond - Inst Acc $ 20.47 - 0.04 0.00
Chinese Equities (EUR) € 93.64 - 0.33 0.00 US$ Portfolio $ 0.01 - 0.00 -
Orbis Japan Equity (Euro) € 30.73 - 0.38 0.00 Investments Inc Inc Ret 104.20 - 0.40 - UK Income B Acc X F 274.31 - 0.65 4.45
Global Investment Grade Credit - Inst Income $ 12.45 - 0.07 3.49
Em Stars Equities (EUR) € 197.56 - -0.48 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - The National Investor (TNI)
Orbis Asia ex-Japan - Investor Shares $ 24.51 - 0.59 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.50 - 0.01 0.00 Equity Inc Inc Inst 255.70 - -1.30 -
www.tni.ae
UK Income B Inc X F 252.29 - 0.60 4.60 Data Provided by
Emerging Markets Equities (EUR) € 168.58 - -0.07 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Orbis Global Equity - Investor Shares € 163.96 - 1.55 0.00 Equity Inc Inc Ret 220.10 - -1.10 - Other International Funds
Global Investment Grade Credit Fund Inst Acc $ $ 16.71 - 0.09 0.00
Flex-o-Rente (EUR) € 108.65 - -0.38 0.00 Daiwa Bond Series
N&P UK Gwth Inc Ret 172.00 - -0.90 - TNI Blue Chip UAE Fund * AED 11.23 - -0.03 0.00
Global Multi-Asset - Inst Acc $ 15.39 - 0.11 0.00
Glob.Consumer Trends Equities (EUR) € 155.83 - -0.38 0.00 Monthly Dividend AUD Bd A$ 10.35 - 0.01 0.00 Value Partners Hong Kong Limited (IRL)
Stckmkt 100 Track Gwth Acc Inst 99.82 - -0.58 - TNI Funds Ltd (BMU) www.valuepartners.com.hk / [email protected]
Oryx International Growth Fund Ltd Global Real Return - Inst Acc $ 18.26 - 0.16 0.00 Monthly Dividend EUR Bd € 10.72 - 0.00 0.00
High Yield Bonds (EUR) € 127.54 - 0.14 0.00 MENA Hedge Fund $ 994.16 - -14.08 0.00 Regulated
Other International Funds Income Fund Inst Acc $ 12.35 - 0.03 0.00 Stckmkt 100 Track Gwth Acc Ret 184.20 - -1.10 -
Lux -O- Rente (EUR) € 138.27 - 0.09 0.00 Monthly Dividend CAD Bd C$ 10.21 - -0.02 0.00 TNI Funds Plc (Ireland) Value Partners Classic Equity USD Hedged $ 16.29 - -0.11 0.00
NAV (Fully Diluted) £ 5.76 - 0.24 0.00 UK Growth Acc Inst 293.80 - -1.50 -
Inflation Strategy Fund Inst Acc $ 9.80 - 0.07 0.00 Mthly Div US Preferred Secs $ 7.94 - 0.01 0.00 MENA UCITS Fund * $ 1383.00 - 1.95 0.00
New World Financials (EUR) € 57.42 - -0.13 0.00
Low Average Duration - Inst Acc $ 14.76 - 0.01 0.00 UK Growth Acc Ret 341.60 - -1.70 -
Daiwa Equity Fund Series
US Premium Equities (EUR) € 190.37 - -0.17 0.00
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.95 - 0.06 0.00
US Premium Equities (USD) $ 213.32 - -0.19 0.00
UK Growth Inc Ret 227.20 - -1.20 - New Major Economies $ 9.65 - 0.01 0.00 Veritas Asset Management LLP (IRL) www.morningstar.co.uk
Managed OEIC HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 16.86 - -0.02 0.00 Veritas Funds Plc Data as shown is for information purposes only. No
Glob Em Shs Port Acc Ret 179.30 - 1.60 -
PIMCO EqS Pathfinder.Fd Inst Acc F $ 15.31 - 0.02 0.00 www.veritas-asset.com offer is made by Morningstar or this publication.
Max 70% Shs Port Acc Ret 262.80 - 0.90 - Standard Life Wealth (JER)
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.37 - 0.07 0.00 Royal Bank of Scotland (2230)F (UK)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
+353 1 635 6799
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Max 70% Shs Port Acc X 188.70 - 0.60 - FCA Recognised
StocksPLUS{TM} - Inst Acc $ 23.95 - 0.02 0.00 FCA Recognised
Authorised Inv Funds Institutional
Max 70% Shs Port Acc S 152.50 - 0.60 - Standard Life Offshore Strategy Fund Limited
Permal Investment Mgmt Svcs Ltd Total Return Bond - Inst Acc $ 27.08 - 0.12 0.00 Series 5 (Minumum Initial Investment £75,000) Veritas Asian Fund A USD H $ 340.31 - -0.81 0.60
Investment Port Acc Ret 232.50 - 0.80 - Bridge Fund £ 1.6667 - 0.0007 2.39 The Resolution Fund (1200) (UK)
www.permal.com United Kingdom Equity Index Fund £ 16.97 - -0.01 2.44
UK Corporate Bond - Inst Acc £ 17.27 - 0.11 0.00 Tel 0870 870 8434 Veritas Asian Fund A GBP H £ 401.26 - -0.15 0.44
Other International Funds Investment Port Acc X 164.80 - 0.60 - Diversified Assets Fund £ 1.2108 - 0.0017 2.97

Guide to Data
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.19 - 0.21 0.00 UK Specialist Equity Inc £ 20.45 - 0.12 0.33 Authorised Inv Funds Veritas Asian Fund A EUR H € 346.58 - -2.57 0.37
Offshore Fund Class A US $ Shares Global Equity Fund £ 1.9012 - 0.0045 1.28
Max 50% Shs Port Acc Ret 249.50 - 0.90 -
Investment Holdings N.V. $ 5663.13 - 47.15 0.00 UK Real Return - Inst Acc £ 22.97 - 0.47 0.00 Contl Europe Specialist Fund £ 24.78 - 0.19 0.00 Global Fixed Income D Acc F 103.40 - 0.20 2.58 Veritas China Fund A USD $ 158.33 - -0.68 0.00
Max 50% Shs Port Inc Ret 224.30 - 0.90 - Global Balanced Fund - Income Units £ 1.3818 - -0.0002 1.61
Macro Holdings Ltd $ 4207.21 - -73.70 0.00 UK Sterling Long Average Duration - Inst Acc £ 21.63 - 0.36 0.00 Japan Specialist Fund X £ 14.93 - 0.07 0.00 Global Fixed Income D Inc F £ 1.01 - 0.01 2.63 Veritas China Fund A GBP £ 163.31 - -0.76 0.00
Max 50% Shs Port Acc X 180.60 - 0.70 - Global Balanced Fund - Accumulations Units £ 1.5838 - -0.0002 1.58 The fund prices quoted on these pages are supplied by
Fixed Income Holdings N.V. $ 398.25 - -1.12 6.03 UK Sterling Low Average Duration - Inst Acc £ 14.10 - 0.01 0.00 US Spec Equity Fund £ 18.54 - 0.03 0.00 Global Yield B Acc F 120.30 - 0.40 2.13 Veritas China Fund A EUR € 157.83 - -0.79 0.00
Max 50% Shs Port Acc S 151.20 - 0.60 - Global Fixed Interest Fund £ 1.0480 - 0.0031 3.90 the operator of the relevant fund. Details of funds
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Unconstrained Bond - Inst Acc $ 12.20 - 0.00 0.00 Pacific Basin Specialist Equity Fund £ 44.13 - 0.06 0.59 Global Yield B Inc F 112.40 - 0.30 2.17 Veritas Global Equity Income Fund D USD $ 134.05 - -0.73 4.27 published on these pages, including prices, are for the
Max 100% Shs Port Acc Ret 290.60 - 2.00 - Sterling Fixed Interest Fund £ 0.8647 - 0.0037 3.09 purpose of information only and should only be used
US Fundam.Index StocksPLUS Inst Inc $ 12.97 - 0.03 0.00 UK Sovereign Bd Index Fund £ 10.66 - 0.10 2.54 Global Balanced B Acc F 133.10 - 0.50 1.22 Veritas Global Equity Income Fund D EUR € 228.06 - -2.42 3.59
UK Equity Fund £ 2.0777 - -0.0073 2.67 as a guide. The Financial Times Limited makes no
Max 100% Shs Port Acc X 208.70 - 1.40 -
US High Yield Bond Fund Inst Acc $ 28.47 - 0.05 0.00 Inflation Lkd Sov Bd Fund £ 12.85 - 0.23 0.70 Global Balanced B Inc F 127.40 - 0.40 1.23 Veritas Global Equity Income Fund D GBP £ 166.04 - -0.49 4.18 representation as to their accuracy or completeness
Max 100% Shs Port Acc S 151.90 - 1.10 - and they should not be relied upon when making an
UK Specialist Equity Income Fund £ 10.30 - 0.08 3.36 Global Growth B Acc F 142.50 - 0.40 0.68 Veritas Global Focus Fund D USD $ 26.95 - -0.08 2.67 investment decision.
Enhanced Inc Inc Ins 220.40 - -1.00 -
Global Emerg Mkts Equity Fund X £ 12.74 - 0.12 0.42 Global Growth B Inc F 133.20 - 0.40 0.64 Veritas Global Focus Fund D EUR € 23.77 - -0.19 2.47
Enhanced Inc Inc Ret 209.20 - -0.90 - The sale of interests in the funds listed on these pages
Global Spec Inv Grade Bd Fund GBP £ 10.10 - 0.05 3.08 Global Equity Fund B Acc F 136.70 - 0.50 0.30 Veritas Global Focus Fund D GBP £ 29.15 - -0.02 2.33 may, in certain jurisdictions, be restricted by law and
Series 6 (Investment Management Customers Only) Enhanced Inc Inc X 177.30 - -0.70 - the funds will not necessarily be available to persons
Global Equity Fund B Inc F £ 1.36 - 0.01 0.30 Veritas Global Focus Fund A GBP £ 28.12 - -0.01 2.12
Managed Investments OEIC in all jurisdictions in which the publication circulates.
United Kingdom Equity Index Fund £ 16.73 - -0.01 2.78 UK Income Focus B Inc F 66.60 - -0.20 2.42 Veritas Global Focus Fund A EUR € 13.83 - -0.12 1.96 Persons in any doubt should take appropriate
Pictet Funds (Europe) SA (LUX) Max 30% Shs Port Acc Ret 157.40 - 0.40 -
UK Specialist Equity £ 20.58 - 0.12 1.46 professional advice. Data collated by Morningstar. For
15, Avenue J.F. Kennedy L-1855 Luxembourg UK Income Focus B Acc F 88.40 - -0.20 2.36 Veritas Global Focus Fund A USD $ 25.97 - -0.08 2.24
Max 30% Shs Port Acc X 157.40 - 0.40 - other queries contact [email protected] +44
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 25.71 - 0.20 0.58 Stenham Asset Management Inc UK Balanced B Inc F 70.80 - 0.00 1.92 (0)207 873 4211.
Veritas Global Focus Fund C GBP £ 30.36 - -0.02 0.00
FCA Recognised Platinum Capital Management Ltd Japan Specialist Fund X £ 15.67 - 0.08 0.51
Max 30% Shs Port Acc S 151.10 - 0.40 - www.stenhamassetmanagement.com
Other International Funds UK Balanced B Acc F 77.80 - 0.00 1.89 Veritas Global Focus Fund C EUR € 24.86 - -0.20 0.00 The fund prices published in this edition along with
Pictet-Absl Rtn Fix Inc-HI EUR € 106.99 - -0.03 0.00 Max 30% Shs Inc Port Inc Ret 157.20 - 0.30 - Other International Funds
US Spec Equity Fund £ 19.31 - 0.03 0.16 UK Growth B Acc F 79.80 - -0.10 1.55 additional information are also available on the
Platinum All Star Fund - A (Est) $ 119.13 - - - Stenham Asia USD $ 140.69 - 4.63 - Veritas Global Focus Fund C USD $ 28.12 - -0.08 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 128.65 - 0.47 0.00 Max 30% Shs Inc Port Inc X 157.30 - 0.30 - Financial Times website, www.ft.com/funds. The
Pacific Basin Specialist Equity Fund £ 43.92 - 0.07 1.15 UK Growth B Inc F 87.50 - -0.10 1.55
Platinum Global Dividend Fund - A (Est) $ 61.12 - - - Stenham Credit Opportunities A Class USD $ 107.29 - 0.94 0.00 Veritas Global Equity Income Fund A GBP £ 159.35 - -0.48 4.20 funds published on these pages are grouped together
Pictet-Agriculture-I EUR F € 204.59 - -0.23 0.00 Max 30% Shs Inc Port Inc S 150.70 - 0.20 -
UK Sovereign Bd Index Fund £ 10.76 - 0.10 2.54 UK Equity B Acc F 91.20 - -0.60 2.29 by fund management company.
Platinum Global Dividend UCITS Fund $ 73.59 73.59 0.54 6.69 Stenham Emerging Markets USD B1 $ 109.76 - -0.49 0.00 Veritas Global Equity Income Fund A EUR € 221.87 - -2.36 3.61
Pictet-Asian Equities Ex Japan-I USD F $ 237.28 - -0.68 0.00 Max 60% Shs Port Acc Ret 275.10 - 0.60 -
Inflation Lkd Sov Bd Fund £ 12.71 - 0.22 0.70 UK Equity B Inc F 83.30 - -0.50 2.32
Platinum Arbitrage Opportunities Fund Ltd Class A $ 83.29 - - - Stenham Gold USD $ 158.71 - 4.08 0.00 Veritas Global Equity Income Fund A USD $ 129.18 - -0.71 4.29 Prices are in pence unless otherwise indicated. The
Pictet-Asian Local Currency Debt-I USD F $ 155.67 - 0.45 0.00 Max 60% Shs Port Inc Ret 221.70 - 0.40 -
UK Specialist Equity Income Fund £ 11.08 - 0.09 3.30 change, if shown, is the change on the previously
Platinum Essential Resources UCITs Fund $ 7.07 7.07 -0.02 - Stenham Growth USD $ 220.81 - -1.15 - Veritas Global Equity Income Fund C GBP £ 185.80 - -0.55 -
Pictet-Biotech-I USD F $ 894.66 - -1.17 0.00 Max 60% Shs Port Inc X 171.60 - 0.30 - quoted figure (not all funds update prices daily). Those
Global Spec Inv Grade Bd Fund GBP £ 10.35 - 0.04 3.08 designated $ with no prefix refer to US dollars. Yield
Platinum Maverick Enhanced Fund Limited (Est) $ 98.96 - - 0.00 Stenham Healthcare USD $ 184.90 - -4.43 0.00 Veritas Global Equity Income Fund C EUR € 257.95 - -2.74 -
Pictet-Brazil Index I USD $ 59.79 - 1.22 0.00 Max 60% Shs Port Inc S 151.30 - 0.30 - Thesis Unit Trust Management Limited (UK)
percentage figures (in Tuesday to Saturday papers)
Global Emerg Mkts Equity Fund X £ 12.72 - 0.12 0.61
Platinum Navigator Fund Ltd Class A (Est) $ 93.08 - - - Stenham Helix USD $ 31.00 - -73.66 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Veritas Global Equity Income Fund C USD $ 149.68 - -0.82 - allow for buying expenses. Prices of certain older
Pictet-CHF Bonds I CHF SFr 503.34 - 0.50 0.00 Address and telephone number for Series 5 only Eq Inc Port Acc Ret 307.80 - 1.00 -
Authorised Funds insurance linked plans might be subject to capital
Eq Inc Port Inc Ret 243.10 - 0.80 - Stenham Managed Fund USD $ 117.64 - -0.53 - Veritas Global Real Return Fund A USD $ 20.61 - -0.02 2.02
Pictet-China Index I USD $ 139.94 - 1.92 0.00 TM New Court Fund A 2011 Inc £ 13.19 - -0.01 0.00 gains tax on sales.
Managed Investments OEIC 2 Stenham Multi Strategy USD $ 122.00 - -0.40 - Veritas Global Real Return Fund A GBP £ 11.49 - -0.01 2.00
Pictet-Clean Energy-I USD F $ 98.26 - 0.29 0.00 TM New Court Fund - A 2014 Acc £ 13.21 - -0.02 0.00
Royal London Unit Managers (CIS) (1200) F (UK) Investments Inc Port Inc Ret 167.10 - 0.20 -
Guide to pricing of Authorised Investment Funds:
Stenham Quadrant USD A $ 396.06 - -4.89 - Veritas Global Real Return Fund A EUR € 12.15 - -0.01 0.16 (compiled with the assistance of the IMA. The
Pictet-Digital Communication-I USD F $ 263.34 - -0.37 0.00 PO Box 105, Manchester M4 8BB 08457 464646 TM New Court Equity Growth Fund - Inc £ 13.30 - -0.02 0.00
Authorised Inv Funds Investments Inc Port Inc X 151.40 - 0.20 - Stenham Trading Inc USD $ 114.61 - -1.41 - Retail Investment Management Association, 65 Kingsway,
Pictet-Eastern Europe-I EUR F € 346.29 - 0.89 0.00 London WC2B 6TD.
CIS Sustainable Diversified Trust A £ 1.58 - 0.00 1.71 £ Gov Bond Inc Inst (gross) 176.80 - 0.80 - Stenham Universal USD $ 454.60 - -1.42 - Veritas Asian Fund B USD $ 238.29 - -0.56 0.43
Pictet-Em Lcl Ccy Dbt-I USD F $ 173.16 - 1.00 0.00 Tel: +44 (0)20 7831 0898.)
CIS Sustainable World Trust A 171.50 - -0.20 0.67 £ Gov Bond Inc Inst 145.00 - 0.60 - Stenham Universal II USD $ 168.91 - -0.59 0.00 Veritas Asian Fund B GBP £ 295.31 - -0.14 0.03
Pictet-Emerging Markets-I USD F $ 591.02 - 0.95 0.00 OEIC: Open-Ended Investment Company. Similar to a
Corporate Bd Inc Tst 91.13 95.93 0.31 4.05 £ Gov Bond Acc Inst 145.00 - 0.60 - Veritas Asian Fund B EUR € 254.92 - -1.90 0.00
Polar Capital Funds Plc (IRL) unit trust but using a company rather than a trust
Pictet-Emerging Markets Index-I USD F $ 267.17 - 1.99 0.00
Regulated European Growth X 111.20 117.10 0.10 1.64 Strat Bond Inc Inst 185.70 - 0.10 - Veritas China Fund B GBP £ 156.84 - -0.68 0.00 structure.
Pictet-Emerging Corporate Bonds I USD $ 108.66 - 0.28 0.00 Stratton Street Capital (CI) Limited (GSY)
Asian Financials I USD $ 324.82 324.82 0.38 0.00 Sustainable Leaders X A 467.50 - -2.40 0.68 Managed Investments OEIC 3 Veritas China Fund B EUR € 163.22 - -0.71 0.00 Different share classes are issued to reflect a different
Regulated
Pictet-Emerging Markets High Dividend I USD $ 118.02 - 0.27 0.00 currency, charging structure or type of holder.
Biotechnology I USD $ 19.07 19.07 0.04 0.00 UK Growth X 511.10 538.00 -3.20 1.06 Div Inc Port Inc Ret 182.20 - -0.90 - Japan Synthetic Warrant Yen Class ¥ 1451.08 - -10.16 0.00 Veritas Global Focus Fund B USD $ 18.73 - -0.06 1.63
Pictet-Emerging Markets Sust Eq I USD $ 101.23 - 0.62 0.00
European Income Acc EUR € 12.15 12.15 -0.05 - UK Income With Growth X 232.20 244.40 -0.80 4.31 Corp Bond Acc Inst (gross) 214.10 - 0.80 - Japan Synthetic Warrant GBP Hedged Class £ 171.75 - 4.87 0.00 Toscafund (CYM) Veritas Global Focus Fund B GBP £ 21.47 - -0.01 1.68 Selling price: Also called bid price. The price at which
Pictet-Environmental Megatrend Sel I EUR € 164.93 - -0.27 0.00 Regulated units in a unit trust are sold by investors.
Financial Opps I USD $ 13.40 - 0.00 1.85 US Growth 156.80 164.90 0.80 0.00 Corp Bond Inc Inst 145.60 - 0.50 - Japan Synthetic Warrant USD Class $ 15.70 - -0.26 0.00 Veritas Global Focus Fund B EUR € 16.46 - -0.14 1.57
Pictet-EUR Bonds-I F € 552.35 - 1.16 0.00 Tosca $ 290.97 - -4.51 0.00
GEM Growth I USD $ 10.29 - 0.07 0.00 Additional Funds Available Corp Bond Acc Inst 145.90 - 0.50 - Japan Synthetic Warrant USD Hedged Class $ 170.12 - 4.91 0.00 Veritas Global Equity Income Fund B GBP £ 146.99 - -0.44 4.25 Buying price: Also called offer price. The price at
Pictet-EUR Corporate Bonds Ex Fin i EUR € 144.83 - 0.39 0.00 Please see www.cis.co.uk for details Multi-Manager OEIC Tosca Mid Cap GBP £ 249.82 - 12.44 0.00 which units in a unit trust are bought by investors.
GEM Income I USD $ 11.46 - 0.11 0.00 Renminbi Bond Fund AUD Cls A A$ 123.89 - -0.34 3.78 Veritas Global Equity Income Fund B EUR € 204.15 - -2.18 3.65
Includes manager’s initial charge.
Pictet-EUR Corporate Bonds-I F € 200.99 - 0.52 0.00 Bal Intl Track Acc Ret 276.20 - 1.10 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Global Alpha I USD $ 13.68 13.68 0.01 0.00 Renminbi Bond Fund AUD Cls B A$ 125.85 - -0.35 3.52 Veritas Global Equity Income Fund B USD $ 128.40 - -0.71 4.33
Pictet-EUR Government Bonds I EUR € 156.93 - 0.79 0.00 Bond Mthly Inc Acc Ret 143.60 - 0.50 - Single price: Based on a mid-market valuation of the
Global Convertible I USD $ 12.02 12.02 0.04 0.00 Ruffer LLP (1000)F (UK) Renminbi Bond Fund CHF Cls A SFr 122.42 - -0.37 3.79 Veritas Global Real Return Fund B USD $ 19.99 - -0.01 1.58 underlying investments. The buying and selling price
Pictet-EUR High Yield-I F € 247.01 - 0.51 0.00 40 Dukes Place, London EC3A 7NH Bond Mthly Inc Inc Ret 93.32 - 0.33 - for shares of an OEIC and units of a single priced unit
Global Insurance I GBP £ 3.78 - -0.02 0.00 Renminbi Bond Fund CHF Cls B SFr 122.29 - -0.38 3.54 Veritas Global Real Return Fund B GBP £ 11.27 - -0.01 1.60
Pictet-EUR Short Mid-Term Bonds-I F € 136.99 - 0.06 0.00 Order Desk and Enquiries: 0845 601 9610 trust are the same.
Global Technology I USD $ 23.52 - -0.05 0.00 Authorised Inv Funds Renminbi Bond Fund CNH Cls A CNH 126.10 - -0.45 3.38 Veritas Global Real Return Fund B EUR € 13.00 - -0.01 1.41
Pictet-EUR Short Term HY I EUR € 119.52 - 0.13 0.00 Treatment of manager’s periodic capital charge:
Healthcare Blue Chip Fund I USD Acc $ 11.30 11.30 0.01 - Authorised Corporate Director - Capita Financial Managers Santander Asset Management UK Limited (1200)F (UK) Renminbi Bond Fund CNH Cls B CNH 125.94 - -0.44 3.14
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.14 - 0.00 0.00 The letter C denotes that the trust deducts all or part
Healthcare Opps I USD $ 40.85 - 0.18 0.00 CF Ruffer Investment Funds 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 of the manager’s/operator’s periodic charge from
Renminbi Bond Fund Euro Cls B € 123.54 - -0.37 3.56 Veritas Asset Management LLP
Pictet-Euroland Index IS EUR € 140.76 - -0.55 0.00 CF Ruffer Gold Fund C Acc 86.41 - -1.49 0.00 Authorised Inv Funds capital, contact the manager/operator for full details
Income Opportunities B2 I GBP Acc £ 1.75 1.75 0.00 0.00 Renminbi Bond Fund GBP Cls B £ 125.31 - -0.36 3.36 www.veritas-asset.com
Santander Premium Fund (OEIC) of the effect of this course of action.
Pictet-Europe Index-I EUR F € 183.61 - 0.45 0.00 CF Ruffer Gold Fund O Acc 85.70 - -1.44 0.00 Other International Funds
Japan Alpha I JPY ¥ 226.36 226.36 3.96 0.00 A Shares Renminbi Bond Fund SGD Cls B S$ 124.30 - -0.36 3.32 TreeTop Asset Management S.A. (LUX)
Pictet-European Equity Selection-I EUR F € 666.95 - -1.64 0.00 Equity & General C Acc 387.23 - -1.65 0.25 Regulated Real Return Asian Fund USD (Est) € 309.43 - -6.72 0.00 Exit Charges: The letter E denotes that an exit charge
Japan I JPY ¥ 2246.90 - 46.35 0.00 Europe (ex-UK) 291.00 - -0.20 - Renminbi Bond Fund USD Cls B $ 124.89 - -0.36 3.12 may be made when you sell units, contact the
Pictet-European Sust Eq-I EUR F € 253.52 - 0.90 0.00 TreeTop Convertible Sicav Real Return Asian Fund GBP (Est) £ 329.34 - -7.08 0.00
North American I USD $ 17.98 17.98 -0.01 0.00 Equity & General C Inc 357.36 - -1.53 0.24 manager/operator for full details.
Japan Equities 161.30 - 2.30 - Renminbi Bond Fund YEN Cls B ¥ 13794.25 - -40.54 0.00 International A € 315.03 - 1.21 0.00
Pictet-Global Bds Fundamental I USD $ 123.55 - 0.32 0.00 Equity & General O Inc 356.37 - -1.54 0.00 Real Return Asian Fund EUR (Est) $ 329.34 - -2.36 0.00
UK Absolute Equity I GBP £ 11.13 11.13 0.01 - Pacific Bas (ex-Japan) 567.60 - 0.80 - Renminbi Bond Fund USD Cls A $ 172.04 - -0.49 3.36 Time: Some funds give information about the timing of
International B $ 406.80 - 1.83 0.00
Pictet-Global Bonds-I EUR € 160.00 - 0.07 0.00 Equity & General O Acc 384.04 - -1.66 0.00 price quotes. The time shown alongside the fund
Sterling Bonds 265.30 - 1.00 - Renminbi Bond Fund GBP Cls A £ 166.88 - -0.48 3.60 International C £ 140.42 - 0.60 0.00
Pictet-Global Emerging Currencies-I USD F $ 101.05 - 0.52 0.00 manager’s/operator’s name is the valuation point for
European C Acc 511.67 - -2.30 0.21
Polar Capital LLP (CYM)
UK Equities 276.80 - -1.10 - Renminbi Bond Fund SGD Cls A S$ 164.51 - -0.47 3.56 International D € 300.50 - 1.15 0.00 Waverton Investment Funds Plc (1600)F (IRL) their unit trusts/OEICs, unless another time is
Pictet-Global Emerging Debt-I USD F $ 354.30 - 1.26 0.00 European O Acc 507.50 - -2.31 0.00 [email protected] indicated by the symbol alongside the individual unit
Regulated US Equities 264.40 - 0.90 - Renminbi Bond Fund YEN Cls A ¥ 20399.03 - -59.78 0.00 Pacific A € 310.01 - 1.33 0.00 FCA Recognised trust/OEIC name.
Pictet-Global Megatrend Selection-I USD F $ 243.51 - 0.64 0.00 Japanese Fund C Acc 191.10 - -3.69 0.01
ALVA Convertible A USD $ 129.60 - 1.41 0.00 B Shares Renminbi Bond Fund EUR Cls A € 113.52 - -0.34 3.80 Pacific B $ 394.14 - 1.85 0.00 Waverton Asia Pacific A USD $ 21.05 - 0.00 0.96
Pictet-Greater China-I USD F $ 540.33 - -1.29 0.00 Japanese Fund O Acc X 189.31 - -3.67 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
European Conviction A EUR € 158.59 - -1.91 0.00 Pacific Bas (ex-Japan) 566.80 - 0.90 - Poland Geared Growth £ 0.51 - -0.02 0.00 TreeTop Global Sicav Waverton European Fund A Eur € 18.82 - -0.13 0.50 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-Health-I USD $ 304.06 - 0.69 0.00 Pacific C Acc 332.95 - -8.33 0.42
European Forager A EUR € 177.78 - -0.72 0.00 Global Opp.A € 154.56 - -0.25 0.00 midnight. Daily dealing prices are set on the basis of
Pictet-High Dividend Sel I EUR F € 162.32 - -0.20 0.00 Waverton Global Bond Fund Cls A $ 9.17 - -0.02 5.32 the valuation point, a short period of time may elapse
Pacific O Acc 329.92 - -8.28 0.16
Global Opp.B $ 156.27 - 0.05 0.00 before prices become available. Historic pricing: The
Pictet-India Index I USD $ 103.88 - 0.72 0.00 Saracen Fund Managers Ltd (1000)F (UK) Waverton Global Equity Fund A GBP £ 14.59 - -0.01 0.35
Total Return C Acc 409.14 - -1.57 1.36 letter H denotes that the managers/operators will
19 Rutland Square, Edinburgh EH1 2BB Global Opp.C £ 190.55 - -0.30 0.00
Pictet-Indian Equities-I USD F $ 475.17 - 2.88 0.00 Polunin Capital Partners Ltd Waverton UK Fund A GBP £ 13.85 - -0.10 1.82 normally deal on the price set at the most recent
Total Return C Inc 286.15 - -1.10 1.37 Dealing: 00 353 1 603 9921
Other International Funds Sequoia Equity A € 151.09 - 0.37 0.00 valuation. The prices shown are the latest available
Pictet-Japan Index-I JPY F ¥ 17291.21 - 216.94 0.00 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Waverton Equity Fund A GBP £ 15.65 - 0.07 0.00
Emerging Markets Active $ 43.94 - 0.40 - Total Return O Inc 283.69 - -1.10 1.38 before publication and may not be the current dealing
Authorised Inv Funds Sequoia Equity B $ 159.86 - 0.66 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 10296.01 - 127.30 0.00 Waverton Sterling Bond Fund A GBP £ 9.79 - 0.00 5.32 levels because of an intervening portfolio revaluation
Luxcellence Em Mkts Tech $ 1044.98 - -19.03 0.00 Total Return O Acc 405.74 - -1.58 1.36 or a switch to a forward pricing basis. The
Saracen Growth Fd Alpha Acc £ 3.70 - 0.02 1.00 Sequoia Equity C £ 173.16 - 0.39 3.46
Pictet-Japanese Equity Selection-I JPY F ¥ 15688.57 - 213.33 0.00 managers/operators must deal at a forward price on
Polunin Developing Countries $ 930.78 938.69 7.13 0.00 Saracen Growth Fd Beta Acc £ 5.89 - 0.03 1.51
E.I. Sturdza Strategic Management Limited (GSY) request, and may move to forward pricing at any time.
Pictet-LATAM Index I USD $ 70.34 - 0.92 0.00 WA Fixed Income Fund Plc (IRL)
Polunin Discovery - Frontier Markets $ 1459.97 - 6.26 - Saracen Global Income & Growth Fund A - Acc £ 1.26 - 0.00 2.72 Forward pricing: The letter F denotes that that
Regulated Regulated
Pictet-LATAM Lc Ccy Dbt-I USD F $ 129.04 - 1.41 0.00 managers/operators deal at the price to be set at the
Polunin Small Cap $ 1489.20 1507.82 -32.85 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.20 - 0.00 2.78 Nippon Growth Fund Limited ¥ 108348.00 - -1243.00 0.00 next valuation.
Pictet-Pacific Ex Japan Index-I USD F $ 390.96 - 3.66 0.00 European Multi-Sector € 119.56 - 0.73 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.56 - 0.00 3.07 Strat Evarich Japan Fd Ltd JPY ¥ 101496.00 - 1610.00 0.00
Pictet-Premium Brands-I EUR F € 163.29 - 0.18 0.00 Investors can be given no definite price in advance of
Private Fund Mgrs (Guernsey) Ltd (GSY) Saracen Global Income and Growth Fund -Dist # £ 1.40 - 0.00 3.15 Strat Evarich Japan Fd Ltd USD $ 1012.83 - 16.03 0.00 the purchase or sale being carried out. The prices
Pictet-Quality Global Equities I USD $ 140.82 - -0.02 0.00 Winton Capital Management appearing in the newspaper are the most recent
Regulated Saracen UK Income Fund - Acc £ 1.03 - 0.00 -
Pictet-Russia Index I USD $ 63.85 - 1.33 0.00 Other International Funds provided by the managers/operators. Scheme
Monument Growth 12/05/2015 £ 479.39 484.76 -5.20 1.01 S W Mitchell Capital LLP (CYM) Saracen UK Income Fund - Dist £ 1.03 - 0.00 - particulars, prospectus, key features and reports: The
Pictet-Russian Equities-I USD F $ 54.68 - 0.55 0.00 E.I. Sturdza Funds PLC (IRL) Troy Asset Mgt Ltd (UK) Winton Futures USD Cls B $ 1027.49 - -43.43 0.00
most recent particulars and documents may be
Regulated . Regulated 40 Dukes Place, London EC3A 7NH Winton Futures EUR Cls C € 288.90 - -11.85 0.00 obtained free of charge from fund
Pictet-Security-I USD F $ 208.88 - 0.07 0.00 S W Mitchell European Fund Class A EUR € 336.82 - 20.48 - For Save & Prosper please see Countrywide Assured Order desk: 0845 608 0950, Enquiries 0845 608 0950
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1193.86 - 4.33 0.00 managers/operators. * Indicates funds which do not
Pictet-Select-Callisto I EUR € 106.34 - -0.07 0.00
Prusik Investment Management LLP (IRL)
Authorised Inv Funds Winton Futures GBP Cls D £ 315.73 - -12.86 0.00 price on Fridays.
S W Mitchell Small Cap European Fund Class A EUR € 229.05 - 9.70 -
Enquiries - 0207 493 1331 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1401.04 - 5.10 0.00
Pictet-Small Cap Europe-I EUR F € 1125.55 - 4.26 0.00 ACD Capita Financial Mgrs Winton Futures GBP Cls F £ 121.78 - -4.96 0.00
Regulated The Charlemagne Fund EUR € 333.22 - 22.97 - Charges for this advertising service are based on the
Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS) Fund JPY Class A shares ¥ 109494.00 - 395.00 0.00 Trojan Investment Funds
Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Winton Evolution USD Cls F $ 1758.24 - -100.39 0.00 number of lines published and the classification of the
Prusik Asian Equity Income B Dist $ 171.36 - 0.16 4.30 Other International Funds
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 91788.00 - 347.00 0.00 Spectrum Fund 'O' Acc ♦ 164.35 - 1.33 0.22 fund. Please contact [email protected] or
Pictet-ST.MoneyMkt JPY I USD ¥ 101562.64 - 2.11 0.00 Indirect Real Estate SIRE £ 127.74 133.58 0.40 2.51 Winton Evolution EUR Cls H € 1386.04 - -76.67 0.00
Prusik Asia A $ 212.60 - -0.08 0.00 call +44 (0)20 7873 3132 for further information.
S W Mitchell Capital LLP (IRL) Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 89216.00 - 322.00 0.00 Spectrum Fund 'O' Inc ♦ 160.33 - 1.30 0.22 Winton Evolution GBP Cls G £ 1408.28 - -77.53 0.00
Pictet-ST.MoneyMkt-ICHF SFr 124.86 - 0.00 0.00 Prusik Asian Smaller Cos A $ 169.01 - 0.85 0.00 Regulated
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 59287.00 - 225.00 0.00 Spectrum Income Fund 'O' Acc 99.68 - 0.33 -
Pictet-ST.MoneyMkt-IUSD $ 134.98 - 0.00 0.00 Winton Futures JPY Cls E ¥ 20173.05 - -862.54 0.00
SWMC European Fund B EUR € 16686.37 - -57.74 0.00
Asset Management
Scottish Friendly Asset Managers Ltd (UK) Strategic China Panda Fund USD $ 2692.89 - 13.76 0.00 Spectrum Income Fund 'O' Inc 99.68 - 0.33 -

Asset Management Asset Management

Pictet-Timber-I USD F $ 164.52 - 0.65 0.00 SWMC UK Fund B £ 11826.16 - -57.80 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Purisima Investment Fds (UK) (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2617.93 - 13.05 0.00 Trojan Fund O Acc ♦ 258.91 - 0.67 0.54
Pictet Total Ret-Agora I EUR € 110.32 - 0.31 - SWMC Small Cap European Fund B EUR € 14018.03 - 26.58 0.00 Authorised Inv Funds
40 Dukes Place, London EC3A 7NH
Managed Growth ♦ 239.30 - -0.90 0.00 Strategic China Panda Fund Hedged Sterling £ 2653.94 - 12.94 0.00 Trojan Fund O Inc ♦ 215.47 - 0.55 0.55
Pictet Total Ret-Corto Europe I EUR € 134.18 - 0.52 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 SWMC Emerging European Fund B EUR € 9849.51 - 13.15 0.00
Authorised Inv Funds UK Growth ♦ 260.50 - -1.50 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1009.10 - 1.77 0.00 Trojan Global Equity O Acc 212.50 - 0.40 0.89
Pictet Total Ret-Divers Alpha I EUR € 105.72 - 0.33 -
Authorised Corporate Director - Capita Financial Managers Strategic Euro Bond Institutional Class EUR € 1027.96 - 1.89 0.00 Trojan Global Equity O Inc 182.29 - 0.34 0.90
Pictet Total Ret-Kosmos I EUR € 109.05 - -0.03 0.00 Global Total Fd PCG A 167.86 - 0.15 0.34 Strategic Euro Bond Fund Accumulating Class Shares € 1154.56 - 2.10 0.00 Trojan Income O Acc ♦ 276.11 - -0.67 3.55
Pictet Total Ret-Mandarin I USD $ 127.34 - 0.26 0.00 Global Total Fd PCG B 166.57 - 0.14 0.13 SIA (SIA Funds AG) (LUX)
Strategic Euro Bond Fund Distributing Class Shares € 1042.05 - 1.90 0.00 Trojan Income O Inc ♦ 177.65 - -0.43 3.67
Regulated
Pictet-US Equity Selection-I USD $ 195.81 - 0.19 0.00 Global Total Fd PCG INT 164.62 - 0.14 0.00 Yuki International Limited (IRL)
LTIF Alpha € 172.56 - -0.24 0.00 Strategic Global Bond RMB Acc CNY 1094.68 - 5.27 0.00
Pictet-US High Yield-I USD F $ 149.45 - 0.21 0.00 Tel +44-20-7269-0207 www.yukifunds.com
LTIF Classic € 371.58 - -0.52 0.00 Strategic Global Bond USD Acc $ 1051.76 - 5.17 0.00 Regulated
Pictet-USA Index-I USD F $ 186.27 - 0.16 0.00 UBS Global Asset Mgmt Fds Ltd (UK)
Strategic US Momentum and Value Fund $ 859.72 - 1.13 0.00 Yuki Mizuho Umbrella Fund
Purisima Investment Fds (CI) Ltd (JER) LTIF Natural Resources € 89.63 - 0.53 0.00 21 Lombard Street, London, EC3V 9AH
Pictet-USD Government Bonds-I F $ 632.37 - 3.12 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 7255.00 - 71.00 0.00
Regulated RobecoSAM (LUX) Strategic US Momentum and Value EUR Hedged Class EUR € 599.37 - 0.73 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet-USD Short Mid-Term Bonds-I F $ 129.55 - 0.04 0.00 PCG B X 172.75 - 1.79 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/ www.ubs.com/retailfunds Yuki Mizuho Japan Large Cap ¥ 7572.00 - 69.00 0.00
Strategic US Momentum and Value CHF Hedged Class CHFSFr 600.02 - 0.75 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.55 - 0.01 0.00 Regulated SIA (SIA Funds AG) (CH) Authorised Inv Funds
PCG C X 170.51 - 1.77 0.00 Yuki Japan Low Price ¥ 26383.00 - -152.00 0.00
RobecoSAM Sm.Energy/A £ 12.90 - 0.12 1.15 Other International Fds OEIC
Pictet-Water-I EUR F € 282.08 - -0.83 0.00 Yuki Japan Value Select ¥ 13285.00 - 77.00 0.00
RobecoSAM Sm.Materials/A £ 133.47 - 0.18 1.82 LTIF Stability Growth SFr 208.80 - -0.20 - Global Emerg Mkts Eqty B Acc £ 1.47 - 0.01 1.42
Taube Hodson Stonex Ptnrs UT (1200)F (UK) YMR Umbrella Fund
Putnam Investments (Ireland) Ltd (IRL) LTIF Stability Inc Plus SFr 185.40 - -0.20 5.28 50 Bank Street, Canary Wharf, London E14 5NT Global Optimal B Acc £ 1.05 - 0.00 0.79
RobecoSAM Gl.Small Cap Eq/A £ 84.23 - 0.06 1.61 YMR N Growth ¥ 17777.00 - 160.00 0.00
Pimco Fds: Global Investors Series Plc (IRL) Regulated Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS UK Opportunities Fund B Acc £ 0.96 - -0.01 2.53
RobecoSAM Sustainable Gl.Eq/B € 187.01 - 0.21 0.00 Yuki Asia Umbrella Fund
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Putnam New Flag Euro High Yield Plc - E € 1047.25 - 1.33 4.72 Dealing & Enquiries: 0870 870 8433
US Equity B Acc £ 1.52 - 0.01 0.26 Yuki Japan Rebounding Growth Fund ¥ 24552.00 - 91.00 0.00
http://gisnav.pimco-funds.com/ RobecoSAM S.HealthyLiv/B € 185.85 - 0.20 0.00 Authorised Inv Funds
Smith & Williamson Investment Management (1200)F (UK)
Dealing: +44 20 3640 1000 THS Growth & Value Funds UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.45
RobecoSAM S.Water/A £ 173.32 - 0.32 2.17 25 Moorgate, London, EC2R 6AY 020 7131 8100
PIMCO Funds: +44 (0)20 3640 1407 Rathbone Unit Trust Mgmt (1200)F (UK) www.sandwfunds.com International UBS S&P 500 Index C Acc £ 0.53 - 0.00 -
FCA Recognised PO Box 9948, Chelmsford, CM99 2AG Authorised Inv Funds IGV - Inc A 353.20 - 0.80 2.27 Zadig Gestion (Memnon Fund) (LUX)
UBS Targeted Return B Acc £ 1.28 - 0.00 1.20
Asia Local Bond Fund - Inst Acc $ 10.09 - 0.04 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 FCA Recognised
European Growth Trust A Class 532.00 - -3.20 1.27 IGV - Inc B 353.60 - 0.80 1.48 UBS Sterling Corporate Bond Indexed Fund 51.59 - 0.21 3.27 Memnon European Fund I GBP £ 117.11 - 0.80 0.00
Capital Securities Inst Acc $ 14.98 - 0.02 0.00 Authorised Inv Funds
Far Eastern Income and Growth Trust A Class 428.10 - 1.30 3.04 IGV - Acc X 432.20 - 0.90 1.76
Blue Chip Income Inc 158.71 163.88 -0.66 4.02 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.63
Commodity Real Return Fund Inst Acc $ 7.76 - -0.01 0.00 Fixed Interest Trust A Class 123.60xd - 0.40 3.87 IGV - Acc Y 462.50 - 1.00 0.00 UBS UK Equity Income B Inc Net £ 0.43 - 0.00 4.57
Blue Chip Income Acc 230.45 237.77 -0.95 3.90
Credit Absolute Return Fund Inst Acc $ 11.53 - 0.01 0.00 Global Gold and Resource Trust A Class 167.30 - 1.00 0.00 Zebedee Capital Partners LLP (CYM)
IGV - Acc Z 429.90 - 0.90 1.49 Corporate Bond UK Plus B Inc Net £ 0.53 - 0.00 4.00
Ethical Bond Inc 92.05 94.06 0.22 4.83 Regulated
Diversified Income - Inst Acc $ 19.98 - 0.09 0.00 MM Endurance Balanced Fund A Class 219.70 - 1.20 1.15 European UBS Global Allocation (UK) B Acc £ 1.12 - 0.01 1.76
Ethical Bond Acc 172.82 176.27 0.42 4.70 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.76 - 0.01 0.00 MM Global Investment Fund A Class 2286.00 - 0.00 1.49 EGV - Acc S 291.30 - -0.50 - UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.01 -
Global Opportunities Acc 134.81 139.10 0.20 0.12 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 11.45 - 0.12 0.00 North American Trust A Class 1747.00 - 0.00 0.00 EGV - Acc Z 291.30 - -0.50 0.55 UBS US Growth Fund B Acc £ 1.46 - 0.01 0.00
Income Inc 876.46 907.02 -3.40 3.94 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Emerging Asia Bond Fund Inst Acc $ 10.51 - 0.08 0.00 Oriental Growth Fund A Class 157.80 - 0.80 1.47 Continental
Income Acc 1331.95 1376.94 -5.17 3.77 UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.00 4.94
Emerging Multi-Asset Fund Inst Acc $ 9.12 - 0.10 0.00 Santander Asset Management UK Limited (1200)F (UK)
UK Equity Growth Trust A Class 434.70 - -1.90 0.78 CVG - Acc S 118.70 - -0.20 -
Multi Asset Enhanced Growth Acc 128.30 - 0.22 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Emerging Local Bond - Inst Acc $ 12.55 - 0.11 0.00 UK Equity Income Trust A Class 241.00 - -0.80 4.46 CVG - Acc X 118.70 - -0.20 -
Authorised Funds
Multi Asset Strategic Growth inc 151.97 - 0.47 1.34 Unicapital Investments (LUX)
Emerging Markets Bond - Inst Acc $ 40.11 - 0.15 0.00 Santander Atlas Range
Multi Asset Strategic Growth acc 160.27 - 0.49 1.33 Regulated
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.72 - 0.04 0.00 Santander Atlas Port 3 Acc Ret 150.90 - 0.40 -
Multi Asset Total Return inc 127.98 - 0.41 1.80 Investments III € 27.41 - 0.58 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.91 - 0.06 0.00 Santander Atlas Port 3 Inc Ret 105.50 - 0.30 -
Multi Asset Total Return acc 139.70 - 0.45 1.78 Investments IV - European Private Eq. € 282.02 296.12 0.00 -
28 ★ FINANCIAL TIMES Tuesday 19 May 2015

MARKETS & INVESTING

SMART MONEY Capital markets

Stephen
Foley EU money funds look to corporate debt
Regulations constrain that is both attractively creditworthy, Average portfolio exposure to unse-
397 Procter & Gamble, the US multina-
and attractively priced,” said Dennis cured financial issuance in European tional consumer goods company,
supply of short-dated Gepp, a managing director who runs the money market funds dropped below Days to maturity of became the largest unsecured exposure
the highly rated
Spotlight on listed asset issuance by banks European money market fund for Fed-
erated Investors of the US.
“What alternative highly creditwor-
60 per cent for the first time in the first
quarter, according to Fitch.
“A key driving factor for this reduced
debt that money
markets funds
typically invest in
for euro-denominated money market
funds in the first quarter, according to
Fitch, with funds having an average
managers with large THOMAS HALE
European money market funds have
thy options are there?”
Money market funds typically invest
supply results from the regulatory envi-
ronment,” said Charlotte Quiniou, a 14 %
exposure of 3.5 per cent at the end of the
month.

fixed income franchises increased their exposure to short-term

corporate debt in a move that under-
lines a changing universe of supply and
in highly rated debt that matures in up
to 397 days. They aim to provide inves-
tors with liquidity — allowing them to
director at Fitch. “Basel regulations are
constraining the supply of short-dated
bank issuance.”
Companies as a
share of issuers in
euro-denominated
“It is the first time we saw a corporate
issuer become the top-held unsecured
exposure in money market funds on
the ever more difficult hunt for yield. withdraw funds easily — and modest Extremely low borrowing costs — money market fund average,” said Ms Quiniou.
Companies accounted for 14 per cent returns, which have come under pres- fuelled by large asset purchases by the portfolios Joe McConnell, a money-market fund

P
reparing for an era of rising interest rates of issuers in euro-denominated money sure as central bank rates and bond European Central Bank — have made it portfolio manager at JPMorgan Asset
involves more than reducing exposure to fixed market fund portfolios, at the end of the yields have turned negative. more attractive for companies to issue Management, said any rise in exposure
income or limiting the duration of a bond port- first quarter — more than twice the level The rise of corporate exposure in debt in the single currency. to corporate debt was likely to be lim-
folio to insulate against falling prices. of a year ago, according to data from euro-denominated funds — which Fitch “Yields are so low in the euro you have ited by the credit ratings of corporate
From the relative values of fixed income-like Fitch, the rating agency. deemed “unusual” — is closely tied to a money funds that are trying to find issuers.
dividend stocks, to the manifold effects that higher bor- The rise in corporate exposure is reduced supply of unsecured paper higher-yielding securities among their “A lot of corporates are rated below
rowing costs will have on mortgage real estate investment linked to the pressures facing money issued by financial institutions, which investable universe,” Ms Quiniou said. levels money funds typically will buy,”
trusts (Reits), there will be plenty to think about for equity market funds from negative rates. still accounts for most of the assets held “They are able to find that among corpo- he said. “Corporates aren’t necessarily
investors, too — and one issue will be their exposure to “It’s a question of what is available in money market fund portfolios. rate issuers.” looking to move their ratings upwards.”
asset management company stocks.
Asset managers have outpaced the wider stock market
since 2009, enjoying both the benefit of rebounding equi-
ties and huge investor interest in fixed income. Morning-
star calculates that funds that specialise in bonds have Analysis. Commodities
attracted $1.6tn in the US alone over the past six years.
Fund managers get paid a percentage fee based on the
value of assets under management.
Rising interest rates could bring an end to the fixed
income bonanza, and may present a headwind for many.
Traders warn on gold liquidity as banks stay away
The expectation of a “great rotation” out of bonds and into
equities never materialised; more likely, a lot of the money
in bond funds comes from conservative investors for
whom a few negative monthly statements will be enough Fall in volumes has led to a Gold price
to scare them back to bank accounts or money funds. ‘thin, nervous’ market — and $ per troy ounce
Smart investors are trying to identify potential losers
2000
and any winners in the asset management industry, so as a reduced role for London
to be ready to move when the time is right. The bond mar-
ket sell-off of the past few weeks may be in a pause, but the
HENRY SANDERSON
speed with which it developed is a reminder that in fragile, 1500
illiquid markets, investors have to stay vigilant. A few years ago London’s precious met-
A first step is separating the asset managers with large als traders would arrive at their desks to
fixed income franchises from those for whom it is a side- find the phones flashing. On the other
line. Pimco is the king of bond-fund management — and end of the line were rival banks looking 1000
last week it gave up even trying to diversify, shutting most to buy and sell gold. Today the trading
of its equities business after failing to gain traction with floors are a lot quieter.
investors — but it is part of the Not only is most trading screen-based 500
German life assurer Allianz, but there has also been a fall in bank-
which has other strings to its
Investors to-bank activity — the anchor of the
bow. Among listed US manag- are trying to over-the-counter bullion market — as
0
ers, exposure ranges from many institutions have scaled down or
barely anything at Wisdom-
identify winners exited commodities. 2005 07 09 11 13 15
Tree and Affiliated Managers and losers in This has made the gold market more
Group (AMG) to more than frenetic and pushed up the costs of
Gold clearing volumes
half at AllianceBernstein.
the industry hedging and doing larger trades, accord- LBMA monthly data ($bn)
But screening for fixed ing to market participants. 50
income exposure only gets you so far. Managers with large “If you’re just transacting in small
institutional clients will be more insulated than those with sizes then probably you have benefited
the strongest retail investor franchises. Pension funds are from the changes as you can transact 40
itching to take on more fixed income exposure, to lock in directly through a bank’s electronic
the income to pay retirees, and will do so just as soon as platform,” says one veteran trader. “The 30
yields are high enough to make the mathematics work. issue is if you want to transact in a
There are other factors to consider. Some managers — decent size, which used to be 100,000 to
notably BlackRock — have established popular “uncon- 200,000 ounces. That has become 20
strained” bond funds, which can make more diverse fixed harder to get away with without influ-
income trades and, therefore, may escape the drag of fall- encing the price unduly.” 10
ing bond prices. It will take time to discover if these funds The fall in interbank trading has
really do deliver what they promise for investors, but in prompted a debate about the most
the meantime, managers who market them successfully appropriate structure for the gold mar- 0
could persuade many of their fixed-income clients to stay. ket, with some suggesting the physical 2005 07 09 11 13 15
There is also a secular shift happening as domestic inves- metal should be traded on an exchange.
Source: Thomson Reuters Datastream
tors open their minds to international bond funds. This In April the London Bullion Market
aids managers with global offerings, though this may not Association, a trade body, launched a
extend as far as Franklin Templeton (owned by Franklin strategic review with the aim of enhanc- Ingots at a Swiss year Deutsche Bank said it would exit electronic fix as run by ICE and the gold Getting it right is crucial if London’s
Resources), which is heavily exposed to emerging mar- ing liquidity and improving transpar- refiner: there precious metals trading after it with- futures run by Comex in New York, ana- role as the centre for the world’s gold
kets, where the fallout from rising US rates could be messy. ency. The review comes as the UK gov- are calls for the drew from participating in the gold fix. lysts say. “A lot of the trading centres trade is to be maintained, and to satisfy
Dan Fannon, analyst at Jefferies, who ran this screening ernment examines the functioning of physical metal Banks are less willing to take the risk around the fixing and the futures mar- regulators looking at OTC markets. It
exercise for his clients last week, likes Janus Capital, Affili- the City’s fixed income, currency and to be traded on on their books for gold options further ket,” says Ross Norman, head of broker faces competition after the Shanghai
ated Managers Group, WisdomTree and Invesco the best. commodity markets and prepares to an exchange as into the future, say market participants. Sharps Pixley, referring to the twice- Gold Exchange launched an interna-
The exchange-traded fund specialist WisdomTree looks regulate financial benchmarks includ- regulators The notional outstanding amount of daily gold auction used to set a price. tional trading board in the city’s free
interesting. When investors cottoned on to the dollar’s ing the LBMA’s gold and silver prices. scrutinise OTC OTC gold derivatives held by banks fell “London has already seen that mas- trade zone, which allows for freer flow of
rise, WisdomTree saw money rush into its currency- Algorithm-based hedge funds are markets to $300bn at the end of 2014 — the low- sive decline in trading liquidity and vol- capital than in the rest of China.
hedged overseas equities ETFs. It may well repeat the trick more active, which has created a “fre- Adrian Moser/Bloomberg
est since June 2005, according to the umes. The fix has more prominence In September HSBC, one of the largest
with its new suite of interest rate-hedged funds. netic liquidity”, market participants say, Bank for International Settlements. than ever given that the spot rate has bullion banks, said it was approved to be
The wild card is indexing. Vanguard’s bond market causing choppiness in the market. That “Real money funds investment peo- less of a role.” a member of the board.
tracker eclipsed Pimco’s actively managed Total Return exacerbates any price moves on lower ple just aren’t playing the gold market,” Data on the OTC gold market in Lon- That could fracture the global mar-
Bond fund as the world’s largest bond mutual fund last volumes but also means liquidity can says David Govett, head of precious don are hard to obtain. But February’s ket, given that China is the largest pro-
month, emblematic of the shift to passive investing. disappear when it is most needed, for metals at trader Marex Spectron. “Cen- clearing statistics — collected by the ducer and consumer of gold.
As John Authers said, there are good reasons to think the example in the event of a market rout. tral banks, the whole lot of them, aren’t LBMA — showed that the volume trans- “We will undoubtedly have a Chinese
shift will not be as dramatic in fixed income as equities, but “The algos use similar sorts of trading the way they used to. They’ve ferred between banks fell to a 12-month fixing price before the end of the year
whether it is full index trackers or “smart beta” funds that momentum-driven models,” one partic- pulled back from investing in gold and low of 17.8m ounces. and we will see a rapid development of a
follow specially designed benchmarks, the new competi- ipant says. “It can all be liquidity in the trading in gold — and because of the heat The LBMA says it would like to see Chinese gold options market,” says one
tion to active bond fund managers means pressure on fees. same way, particularly around eco- the volumes have lessened.” greater liquidity when it comes to the market participant. “They’ve got a very
Given these risks, investors may want to think about nomic data releases or when gold prices The result, he says, is the creation of forward market, which has suffered deep, liquid lending market and so the
lightening exposure to bond-heavy asset managers sooner are at well-identified technical levels.” “thin, nervous” markets. “The algos can since the forward rate, known as the idea that liquidity is moving east is cor-
rather than later. At the same time banks have scaled jump in and push it around and make a Gofo rate, was discontinued in January. rect. They do need to take stock of
down operations in the gold market, in mess of it.” It was referred to by miners using gold where the London market is going and
[email protected] the face of greater regulatory costs. Last Liquidity is more concentrated on the to borrow US dollars from banks. what role it’s got to play.”

Commodities Capital markets

Saudi oil exports soar to highest in a decade McDonald’s joins US blue-chip euro bond party
ANJLI RAVAL AND DAVID SHEPPARD producers of oil from Brazil’s deep tion in defence of prices was “only the GAVIN JACKSON AND JOEL LEWIN years. The sales provided further 20-year offering from McDonald’s.
waters. Brent crude oil, the interna- first step” of a plan that includes ramp- evidence of the eurozone bond market Investors’ waning appetite for long-
Saudi Arabia increased its oil exports McDonald’s and United Technologies
tional benchmark, has fallen to about ing up output and aggressively investing stabilising after deal activity contracted term, euro-denominated debt comes
to the highest level in almost a decade were the latest big US companies to
$66 a barrel, about half its level in June in future production capacity. sharply in late April as yields, which after the sector has been hit in recent
in March as the kingdom stepped up its take advantage of lower borrowing
2014. But by lowering its own official Saudi Arabia and its Gulf allies have move inversely to prices, rose sharply. weeks. The price of longer-dated debt is
attempt to win back more customers. costs in the eurozone yesterday, with
selling prices for crude in recent months expanded drilling programmes, the The US companies, which are both more sensitive to changes in underlying
hefty debt sales that suggest recent
Oil exports tallied 7.89m barrels a day in Saudi, the world’s largest exporter, has energy watchdog said. constituents of the Dow Jones Industrial yields than shorter-term issues, and the
market turmoil has abated.
March, a more than 10 per cent rise on helped secure more buyers. Saudi Arabia produced more than Average, join other blue-chips such as sector has led the bond market lower.
the same month a year ago, according to “They were offering attractive rates in 10.3m b/d in April, according to infor- The issuance of debt in euros by US Coca-Cola, Blackstone and BlackRock in British American Tobacco issued a
the Joint Organisations Data Initiative March,” said Giovanni Staunovo, com- mation provided by Riyadh to Opec. companies, called “reverse Yankee’’ crossing the Atlantic and selling reverse 30-year bond in March at par, which
(JODI) oil database. Monthly exports modity analyst at UBS. “But exports and That is an increase of about 500,000 b/d bonds, has been increasingly popular, Yankees in recent months. after rising to 103 cents in mid-April,
were at their highest since Riyadh sent the uptick in production, of course, also from the second quarter of last year. this year, as borrowing costs in dollars The total raised by US companies has fallen to 86 cents on the dollar.
7.96m b/d overseas in November 2005. are related to the wider push for market Analysts have said production may and euros have diverged thanks to the issuing euro-denominated debt so far “Investors have been forced by the
Saudi Arabia led Opec in its landmark share.” rise further ahead of the summer launch of the European Central Bank’s this year is slightly more than €34bn, dynamics of QE to buy the type of
decision in November to keep output Saudi exports to the US have fallen months when the country burns more quantitative easing programme. not including the latest two deals. This is instruments that are very sensitive to
steady in the face of rising supply from below 1m b/d in the past 12 months to oil to keep cool as air conditioning usage Fast-food group McDonald’s sold a more than double the previous record rate volatility — this is an unintended
rivals, rather than play its traditional the lowest level since 2009. The king- rises. Domestic demand has also risen as triple-tranche deal worth €2bn, while for the same period of €17bn in 2007. consequence of QE,” said Frazer Ross, a
role of cutting production to support dom has also lost market share in China Saudi has boosted refining capacity. United Technologies Corporation, But the recent period of higher volatil- managing director on the global risk
prices. to fellow Opec members Iraq and Iran Saudi is widely expected to push Opec which produces aircraft engines and ity in eurozone government bonds has syndicate desk at Deutsche Bank. “The
The kingdom has been determined since 2011. to maintain its stance of not cutting pro- helicopters, sold its inaugural euro- left investors reluctant to own longer- long end is currently facing challenges
not to cede market share to high-cost The International Energy Agency duction when the cartel meets in Vienna denominated bond yesterday, with a term debt, with underwriters unable to and demand will take some time to
rivals, such as the US shale industry and noted last week that not cutting produc- next month, despite lower prices. size of €750m and a maturity of eight attract sufficient demand for a proposed recover.”
Tuesday 19 May 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Dollar rallies off four-month low S&P 500 index
Change on day 0.30%

as Treasuries surrender gains

2120
2110
2100
The S&P 500 started the week at
2090
another record. Halfway though the
2080
month, any equity bull who was Apr 2015 May
tempted to “sell in May and go away”
will be worried about being left behind US stocks climb to record US government bond, which moves US equities The S&P 500 and the Dow
should the benchmark burst, inversely to its price, was up 8 basis Jones Industrial Average climbed to
decisively, through the top of its highs while Greek bond points at 2.22 per cent after sliding 10bp record levels as the debate continued
recent range. yields soar amid growing on Friday. The more policy-sensitive over when the Federal Reserve might
They were warned. two-year Treasury yield was 3bp higher raise interest rates
In a note at the start of the month, concerns about the state at 0.57 per cent as the market awaited
Barclays said this summer was likely to of Athens’ finances the minutes of the Fed’s Open Market FTSE 100 index
be better than usual for stocks. Committee meeting last month. Change on day 0.12%
The bank does recognise the sell-in- DAVE SHELLOCK There was a much calmer tone to the 7100
May phenomenon. “There is a clear German sovereign debt market follow-
seasonal pattern of diminished The dollar rallied off a four-month low, ing the wild gyrations seen over the past 7000
performance for US equities from May Treasury bonds handed back most of couple of weeks. The 10-year Bund yield 6900
through September,” it says. “Since Friday’s gains and US stocks had yet edged up 1bp to 0.65 per cent after hold-
6800
1947, median returns in the summer another record-breaking session, ing in a relatively narrow 5bp range. Apr 2015 May
have been about 200bp lower than bolstered by strength for Apple shares. But Greek yields soared, pulling those
median returns in the winter.” Across the Atlantic, much of the day’s of other “peripheral” eurozone coun- UK equities The FTSE 100 pared an
Credible explanations for the trend focus was on Greece as Athens’ implied tries along with them, as concerns grew early advance, although gains for
include seasonality of economic borrowing costs shot higher amid fresh about the lack of progress in talks mining stocks provided support.
activity, the quarterly earnings concerns about the parlous state of the between Athens and its creditors aimed Lloyds Banking Group fell 1 per cent
reporting schedule and patterns in nation’s finances. at securing desperately-needed funding after a broker downgrade, traders said
fund flows, says the bank. In New York, the dollar index, a gauge for the country.
Barclays gives three reasons to think of the US currency against a “Discussions are nearing breaking Eurofirst 300 index
2015 may be different. “First, while basket of peers, was up 1.1 per cent at point,” said Alberto Gallo, head of Euro-
Change on day 0.43%
historical returns are lower from May 94.20, after ending last week at its pean macro credit research at RBS. “The 1650
to September, they are still positive. lowest since January 22. In mid-March, main hurdle remains reconciling Greek,
Second, the sell-in-May pattern is the index hit a 12-year high of 100.39 European Union and International 1600
Alamy
most pronounced when returns are after climbing more than 25 per cent Monetary Fund ‘red lines’. 1550
negative in the winter. This year they since May 2014. Rest of the world catches up: FT.com/video “Syriza holds that pension reform
were positive. The dollar’s decline over the past John Authers says the common element of market moves is remains one of its ‘red lines’; disagree- 1500
Apr 2015 May
“Third, periods of prolonged couple of months has come as a spate of investors are retreating from a rush to buy US and sell Europe ment among creditors has played an
summer weakness have coincided with weak US economic data pushed back important role in delaying an agree- European equities A steadier tone in
a sharp deterioration in economic data market expectations of when the Fed- ment too. If talks stall again, Greece “core” European government bond
starting in May. We do not expect that eral Reserve might start raising interest chief economic strategist at Miller euro was down 1.2 per cent versus the could be presented with final ‘take it or markets helped the Eurofirst 300 start
to occur this year.” rates, prompting many investors with Tabak. dollar at $1.1310, after hitting a three- leave it’ deal by creditors, as occurred the week on firmer note, but gains
Investors seem more hopeful too. “long” positions in the currency to exit Vasileios Gkionakis, global head of FX month high of $1.1466 on Friday. with Cyprus in 2013.” were limited by concerns about Greece
According to Bank of America Merrill the increasingly crowded trade. strategy at UniCredit, argued that the Sterling was trading at $1.5654, down But Greek equities reversed an early
Lynch, last week US equity funds A soft reading of US homebuilder dollar’s correction still had some way to 0.5 per cent on the day — but still up slide to finish 1.6 per cent higher,
ended an eight-week run of outflows. sentiment in May, released yesterday, go. “We see another 6-7 per cent drop about 4 cents, or 2.6 per cent, from easily outperforming a 0.4 per cent rise Nikkei 225 index
did little to calm the unease. from here on a trade-weighted basis,” he where its stood before the UK’s general for the pan-European FTSE Eurofirst (’000) Change on day 0.80%
20.5
[email protected] “We find it increasingly hard to said, highlighting that among the con- election last month. 300 index.
envision a Fed willing to proceed with stituents of the dollar index, the euro The New Zealand dollar suffered a On Wall Street, the S&P 500 had a 20.0
US equities the first step of its rate normalisation and sterling had the biggest misalign- sharp fall against its US namesake after choppy morning, but bulls took charge 19.5
S&P 500 index process before the fourth quarter, as — ments with fundamentals. the government said it would impose a in the afternoon and it ended 0.3 per
given the surprisingly inconsistent per- “From that perspective, the euro and new capital gains tax on property cent higher at 2,129, a third successive 19.0
2100 Apr 2015 May
2050 formance of the economy — policy mak- the pound should be trading at measur- investments. The “kiwi” was down 1.3 record close. The index hit an all-time
2000 ers are likely to require enough time ably higher levels against the dollar. per cent at US$0.7374. intraday high of 2,131.78, and the Dow Japanese equities Gains for insurers
until they have solid evidence that Additionally, the ‘momentum factor’ The US dollar’s firmer tone failed to Jones Industrial Average also ended in helped propel the Nikkei to a
1950
Nov 2014 2015 May
growth is on the right track before they that pushed the dollar beyond funda- dent gold as the metal edged up $2 to a record territory. Apple rose 1.1 per cent. three-week high after Dai-Ichi Life
Source: Thomson Reuters Datastream
contemplate any potentially destabilis- mental prices during the December- three-month high of $1,225 an ounce Brent oil fell 0.8 per cent to settle at announced it was raising its dividend
ing action,” said Anthony Karydakis, March period has now evaporated.” The Meanwhile, the yield on the 10-year $66.27 a barrel.

Aveva however, noting noted talk that the

Trading Directory
Share price (pence) retailer’s infrastructure upgrade could
2500 need more time and investment.
Bwin climbed 8.6 per cent to 108p on
2000 news that both 888 and Amaya of
1500 Canada were still in the auction for the
1000 online bookmaker, which has been
London May 2014 2015 May
Source: Thomson Reuters Datastream
running for at least six months. GVC,
which said on Friday it had proposed a
Revival of bid hopes Day's
reverse takeover for the whole of Bwin,
boosts Aveva as Indices
FTSE 100
Close
6968.87
change
8.38
edged 0.7 per cent higher to 461.5p on
reports that it has been talking to
FTSE 100 edges higher FTSE 250 18022.21 1.79 Amaya about a special purpose vehicle
that would buy Bwin for €1.5bn then
FTSE 350 3849.70 3.93
FTSE All-Share 3784.33 4.37 carve it up.
FTSE All-Share Yield 3.27 - Premier Oil lost 3.5 per cent to 171p on
FTSE 100 Futures 6953.50 3.00 a downgrade to “sell” from Goldman
Bryce Elder 10 yr Gilt Yield
20yr Gilt All-Share Ratio
2.53
0.77
-0.29
-
Sachs, which repeated a “sell” rating
on Soco International, down 4.1 per
cent to 186.5p.
A revival of bid hopes helped Aveva to But Schneider had yet to rebuild its Plus500 slumped 36.3 per cent to
an eight-month high yesterday. balance sheet after last year’s purchase 478p on volume that was about 40
Schneider Electric, Emerson and of Invensys, said RBC. Emerson might times the daily average. The Israeli-
General Electric are reported to have “still be bruised” from the 2010 bidding based contracts for difference broker
weighed an offer for the design software war with ABB for Chloride, the UK warned UK customers that it had
maker, which was the subject of power supply maker, and GE was busy stopped taking bets from some accounts
takeover rumours in April. exiting financial services, said RBC. while it put in place tighter identity
Private equity funds including Bain “We suspect Aveva will go at some checks.
Capital have also been linked with stage, but we’re not so sure it’s in the With the shares in freefall, Plus500
Aveva, about half whose revenue is from next few months,” it added. rushed out a statement. About 55 per
oil and gas customers. Aveva rose 9 per cent at £20, its cent of customers using its UK website
“A takeover of Aveva by one of the highest closing level since a September had not yet passed “certain enhanced
major industrial names is realistic,” said profit warning. The group releases full- client on boarding and anti-money
Jefferies. “It features market-leading year results today. laundering processes,” the company
technology, a top-tier customer base A mixed, slow wider market edged said, adding that was in “close
and strong market positions.” the FTSE 100 higher by 0.1 per cent, or dialogue”with the Financial Conduct
Schneider and ABB of Switzerland 8.38 points, to 6,968.87. Authority.
were “the most likely buyers of software Marks and Spencer gained 2.3 per Blinkx, the lossmaking online video
assets at the moment”, said UBS. cent to 581p on hopes that management advertising group, fell 10.3 per cent to
“Software solutions are outgrowing will flag a cash return with results 35p after saying it did not expect a
traditional automation end markets.” tomorrow. Some dealers were cautious, sustained return to growth before 2017.

price represents a 21.4 per cent company “in a lower oil/gas

premium to Ann’s closing price on environment”.
Friday and values Ann at about $2bn. Endo International shares fell 5.37 per
Ascena said it intended to finance the cent to $80.77 after the drugmaker
deal through bank debt, with announced that it would acquire
Guggenheim Securities and Goldman privately held Par Pharmaceutical for
Sachs acting as financial advisers. $8.05bn in shares and cash, from TPG.
Together, the companies reported a The deal would help to create a
Wall Street combined $7.3bn in sales in the past 12 pharmaceutical company with a fast-
Ann leaps after Ascena months. Ascena expects that the deal
will be “significantly accretive” to
growing generics business and it is also
expected to drive long-term double-
declares intentions earnings in the first year after the deal is digit sales growth, according to Endo.
closed. Shares of chipmaker Skyworks
The transaction is expected to close in Solutions gained 5.61 per cent to
the second half of the year and Ann $103.03, as the company unveiled
stockholders will own about 16 per cent switches for the so-called “internet of
Mamta Badkar of Ascena on closing. things” — a new generation of
Shares of Ann Inc, which have connectivity. The company said that the
advanced 15 per cent in the past year, devices supported high data rates and
Investors shopped for shares of Ann Inc were up 19.87 per cent to $46.40 by the operations across broad frequency
after Ascena Retail Group said it would close last night. Ascena Retail Group’s ranges and elevated temperatures.
acquire the retailer behind the Ann shares fell 0.99 per cent to $14.07. US stocks advanced, with the S&P 500
Taylor and Loft chains for $47 a share. Shares of Chesapeake Energy fell 0.73 telecoms and healthcare sectors leading
Ascena Retail Group, the company per cent to $14.89 after analysts at the benchmark index higher.
behind brands like Dressbarn and Lane Goldman Sachs downgraded the stock The S&P 500 gained 0.30 per cent to
Bryant, said that Ann investors would to “neutral” from “buy” and lowered 2,129.20, the Dow Jones Industrial
receive $37.34 in cash and 0.68 of a share their price target to $16 from $19. Average was up 0.14 per cent at
of Ascena common stock, in exchange Analysts said they saw less upside for 18,298.88 and the Nasdaq Composite
for each share of Ann they hold. The shares of the Oklahoma City-based rose 0.60 per cent to 5,078.44.
30 ★ Tuesday 19 May 2015

INSIGHT Analysis. Currencies

Frederic
Neumann
Asia forex looks beyond ‘temporary reversal’
Focus on bond and oil outlook Downward shift
after investors pull $2.3bn
Reform is imperative from regional funds in a week
Asian currencies
Against the dollar and the euro (% change)

as region risks sliding JOSH NOBLE — HONG KONG

Thai baht Indonesian rupiah Indian rupee South Korean won Malaysian ringgit

deeper into deflation Just in time for the summer holidays,

the price of Thai beer is tumbling. Over
the past month the baht has fallen 2.9
per cent against the dollar and 7.9 per

I
t is easy to shrug off tumbling inflation across Asia as cent against the euro, making it the
merely representing the collapse in oil prices. But that world’s worst-performing currency.
is to ignore deeper and more pernicious factors. Last week it dropped as low as Bt33.7 per
Growth across the region continues to slow, and tradi- dollar, a level last seen during the finan- Against
tional measures to stave off a slide into outright defla- cial crisis in 2009. the dollar
tion appear to be losing their punch. The rationale is that Thailand’s stut-
Two misconceptions hold sway. The first is that tum-
bling inflation readings are a temporary phenomenon.
tering economy and low inflation could
push the central bank to follow its unex- -2.91 -2.20 -1.95 -0.17 1.55
Steadying, or even slightly rising, crude prices, the reason- pected April rate cut with further eas-
ing goes, will push up inflation gauges by the second half, ing. Fast-rising household debt and poor
these factors being allegedly connected. The fall in the cost export demand have dented activity,
of oil over the past nine months is a windfall for Asia, leading some economists to forecast Against
which imports most of its energy. So headline inflation growth below 3 per cent this year. the euro
may fall for a while, but should eventually be offset by a But Thailand’s situation is not unique
boost to growth and a pick-up in broader price pressures.
The trouble is there are no signs that growth is benefiting
in Asia. Several currencies in the region
have been sinking against both dollar
-7.85 -7.17 -6.92 -5.24 -3.61
FT graphic. Sources: Bloomberg (Apr 18 to May 18 2015)
from lower oil prices. Demand should have started to and euro as oil prices and developed-
strengthen by now. But in the first quarter there was what market bond yields have risen and
is probably a fresh low in the region’s growth since the Asian central banks have moved to
financial crisis. The question is: how much weaker would lower rates amid sputtering growth. ‘India and regional currencies have been under Some investors also have lost enthusi- People’s Bank of China. Others are
growth have been if oil prices had been unchanged? And As a net importer of crude oil, Asia is pressure since oil prices started to creep asm as political realities in New Delhi expected to follow.
the answer is: a lot, possibly up to half a percentage point in more vulnerable to higher energy costs Indonesia back up in late March, with the Indian and Jakarta set in following last year’s “We are still in a low-rate environ-
Korea, India and Thailand, where spending tends to than other parts of the emerging world, [were] seen rupee and the Indonesian rupiah the euphoria-inducing elections. ment,” says Ben Sy, head of Asian FX at
respond to changes in energy costs more than elsewhere. while better yields in the US and Europe poorest performers. “India and Indonesia had come to be JPMorgan Private Bank. “Rates in Asia
This hints at broader, structural factors weighing on diminish the appeal of lending to as relative The rupee has fallen 2 per cent against seen as relative darlings thanks largely look likely to decrease further.”
Asia’s growth. Not only has headline inflation slowed emerging market borrowers. darlings . . . the dollar in a month, while the rupiah is to the election of new, reformist govern- But with the sell-off in global bond
sharply but core price pressures, which strip out energy For much of the past year, most Asian down 2.2 per cent. Over the same period ments,” Barclays wrote in a report. markets expected to be shortlived, and
costs, have declined as well. Central banks have cut inter- currencies comfortably outperformed However, the Turkish lira has added 3.9 per cent “However, sentiment has cooled.” the oil price capped by weak growth in
est rates and injected liquidity the rest of the emerging world. sentiment and the Polish zloty is up 5.3 per cent, Although growth in India is expected China, many analysts think Asian cur-
into financial markets. Yet “Starting in March, there has been a while the South African rand and Mexi- to accelerate this year, an escalating row rencies will soon find their feet.
investment has failed to
There are no notable reversal,” says Ju Wang, senior has cooled’ can peso have each gained 2 per cent. over tax is contributing to worries in the Malaysia’s ringgit and the Singapore
bounce back and consumers signs that FX strategist at HSBC. Indonesia and India — economies that business community that economic and Taiwan dollars have risen against
continue to curtail purchases. An immediate trigger was the sudden run current account deficits — rely on reforms may be slow to materialise. the US dollar over the past month.
Equity markets have rallied,
Asian growth is rise in US and European bond yields. On external financing to balance the books, The rising cost of imported fuel is set Ms Wang sees the weakness as a “tem-
but that in itself will not cure benefiting from Monday last week, US Treasuries suf- making them particularly vulnerable to to drag Indonesia’s terms of trade, espe- porary reversal” of previous trends, a
Asia’s growth malaise. fered their sharpest one-day decline in higher yields in the west. Both are also cially given that coal — a key export — response to an overshoot caused by
The second misconception
lower oil prices months, a knock-on effect of sliding importers of refined fuel. has yet to see a similar rebound. unwarranted deflationary fears. Once
is that the tilt towards defla- eurozone government debt prices. Having been founding members of Interest rates play a part. Several oil prices settle, regional currencies are
tion does not matter. In a recent paper the Bank for Inter- Investors responded by pulling the “fragile five” economies, the two are Asian central banks have lowered rates likely to outperform other emerging
national Settlements notes that deflation is rarely associ- $2.3bn out of Asia funds last week, again in the spotlight as borrowing costs this year in an effort to support growth markets in the longer term. “Asia is still
ated with economic weakness. Since the second world war, according to data from EPFR. But some in the developed world tick higher. and stir inflation — most recently the fundamentally stronger,” she says.
the authors found, prices have often fallen during periods
of robust growth. This factor has reinforced the impression
among many that the region’s bout of declining price pres-
sures can be safely ignored. Trading room
Far from it. As the BIS authors concede, if deflation coin-
cides with a bursting asset bubble the effects on financial
stability and economic growth can be highly destructive.
And it is on this score that Asia looks a lot more vulnerable.
Swiss broker to set up
Not only has debt increased sharply in recent years, expos-
ing borrowers that are counting on rising revenues and
London repo venue
incomes to service their obligations; but property prices
have had a spectacular run, often underpinned by specula-
tive borrowing. Prolonged deflation, therefore, is bound to PHILIP STAFFORD can be traded in several cur-
exert a drag on growth and, if asset prices take a tumble, rencies over standard matu-
could lead to escalating financial challenges. Tradition, the Swiss inter- rity dates, akin to the futures
At the heart of the debate is the distinction between dealer broker, is looking to market.
“positive” and “negative” deflation. The former is associ- reinvigorate Europe’s repo The trades will be con-
ated with leaps in productivity that preserve profit mar- market with an electronic ducted as repo trades, with
gins even as prices decline. The latter is reflective of a drop trading venue where pen- the assets returned via a
in demand, thus harming company profits. In Asia it is dif- sion funds and companies repurchase agreement.
ficult to argue that a positive deflation shock is under way. can pawn high-quality It will be regulated in the
True, falling commodity prices are good for profits, but assets for cash. UK as a multilateral trading
these in large part reflect slowing demand. Productivity The venue, DBV-X, aims to facility and be headed by
growth, meanwhile, has slowed in recent years. supplement the role played John Wilson, a managing
What, then, is to be done? It is tempting to think further by banks, which have used director at Tradition and
monetary easing will do the trick. Alas, this has lost its the repurchase market for former head of over-the-cou-
punch amid high levels of debt. In the short term extra fis- cheap financing by tempo- nter derivatives clearing at
cal easing would help. And financial reforms are needed rarily lending assets to inves- RBS and Newedge.
that allocate capital to more efficient uses. tors in exchange for short- “The current regulatory
In China the crackdown on shadow banking has reduced term loans. and economic environment
risks but left smaller companies, the engine of job creation, New trading rules have is driving fundamental
with little recourse to borrowing. In India overburdened made it harder for investors change in funding and collat-
banks have been reluctant to pass on rate cuts. to find “margin”, which pro- eral markets,” Mr Wilson
Regulatory changes may be needed to allow financial tects against defaults, to back said. “This is driving the
institutions to shoulder more risk, at least temporarily. their over-the-counter deriv- need for all firms to reassess
That also means, however, that opportunities for private atives trades. their treasury strategies and
companies will need to be expanded, primarily by pruning The supply of high-quality consider diversifying their
the privileges of state-owned enterprises and opening assets in Europe has also counterparties.”
more sectors to foreign investors. A tall order indeed. But been depleted by the Euro- Regulators want swaps,
without such reforms, Asia risks sliding deeper into defla- pean Central Bank’s quanti- often used by asset managers
tion and the dire consequences this entails. tative easing programme, and companies for hedging,
which has taken assets out of to be backed by margin or
Frederic Neumann is co-head of Asia economic research the industry’s available pool “insurance” for trading. The
at HSBC for lending at a rate of about rules are expected to lead to a
€60bn a month. big rise in daily margin calls
The anonymised London- and high-quality collateral
based venue was likely to go for them, executives say.
live in the fourth quarter, Other rules will limit times
Tradition said. collateral can be recycled for
More comment and data on ft.com The intention is to match other trades. The combina-
treasurers and asset manag- tion is expected to result in
ers sitting on billions of high- rising demand for immedi-
Y Fast FT Our global economies, headed quality assets with investors ate access to collateral, regu-
team gives you market- by Brazil, Russia, India such as hedge funds and pen- lators and executives admit.
moving news and views, and China. sion funds in need of short- Tradition is exploring new
24 hours a day, five days ft.com/beyondbrics term funds to back deriva- markets as it and rivals adapt
a week. ft.com/fastft tives trades. to structural change. Regula-
Y Podcast The Hard
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irreverent financial blog. look at what is driving age trading in standardised and electronic trading, and
Join Paul Murphy and the global currency collateral baskets or other are forcing banks — the main
Bryce Elder for the daily market. ft.com/podcasts secured deposits, in users of OTC markets — to
Markets Live session at exchange for cash or other deleverage their balance
Y Lex Video Analysis collateral. sheets.
11am. ft.com/alphaville
and opinion from the DBV-X will focus on liquid Euroclear, the Belgian-
Y beyondbrics News and team on the hot issues “general collateral” baskets, based settlement house, has
comment from more affecting companies and consisting of assets such as been appointed as a triparty
than 40 emerging markets. ft.com/lexvideo government and high-grade repo agent for Tradition, pro-
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