WORLD BUSINESS NEWSPAPER

WEDNESDAY 11 FEBRUARY 2015

Snoop TV

UK 2.50 Channel Islands 2.80; Republic of Ireland 3.00

The $1,000 pill

The smart devices reaping our

personal data COMMENT, PAGE 11

Being in trade

Waging war against high drug

prices in the US BIG READ, PAGE 9

Once an insult, now a

compliment JASON GISSING, PAGE 12

Strauss-Kahn
takes stand in
pimping case

Briefing
i Putin urged to seize chance for peace
Barack Obama has warned Vladimir Putin that he
must seize the opportunity this week to negotiate a
diplomatic resolution to the conflict in eastern
Ukraine or risk the consequences. PAGE 5

Ex-IMF chief Dominique Strauss-Kahn,

centre, arrives at court in Lille, northern
France, yesterday to give evidence for
the first time in his trial on pimping
charges, saying he rarely attended sex
parties because he was saving the
world and had other things to do.
The former Socialist presidential candidate began to lose his composure during the tearful testimony of a former
prostitute, who detailed her encounter.
It wasnt violence, it was a relationship
of force. He was smiling from the beginning until the end, she said. Mr StraussKahn is accused with 12 others of aggravated pimping as part of a group. He
faces 10 years in jail if convicted.

i Ranks close over HSBC tax scandal

The government has insisted ministers did not
know the full facts about the HSBC tax scandal until
this week, in a collective closing of ranks in
parliament and in the financial services industry
over the affair. PAGE 15; PRESSURE GROWS, PAGE 21

i Apple sets $710bn market cap record

Tech group has become the first US company to
record a stock market valuation above $700bn at
the close of trade, exceeding the combined value of
rivals Google and Microsoft. PAGE 15

i Ex-Nigerian leader raises election fears

Pimping trial page 6

AP Photo/Michel Spingler

Donations slump as Labours

wealthy business backers flee
3 Private benefactors contributions halve 3 Party left more reliant on union funds
JIM PICKARD AND GAVIN JACKSON

Donations to Labour from individuals

have slumped to less than half their
level during the last parliament, highlighting the partys difficulty in appealing to wealthy business figures.
The opposition party received just
8.7m from private donors in the current legislative session, compared with
20.7m in the same period of the last
parliament, according to an analysis by
the Financial Times of Electoral Commission figures.
The news comes as Labour is fighting
accusations that it has become hostile to
wealth creation under the leadership of
Ed Miliband, in contrast to the warm
relations the party enjoyed with many
business leaders under Tony Blair.

The business community has been

alarmed by Mr Milibands proposals for
raising the top rate of income tax, freezing energy prices, imposing a new levy
on expensive homes, doubling paid
paternity leave, imposing rent controls
and giving workers a statutory right to
bid for their company if it is sold.
In the wake of allegations that HSBC,
Europes biggest bank, colluded in taxdodging by clients of its Swiss operation,
Labour will also today promise an
urgent crackdown on tax avoidance,
laying out plans to close loopholes,
increase transparency and toughen
penalties. Among the proposals are
changes in the way hedge funds pay tax
on UK shares they trade.
The collapse in donations from
wealthy individuals has left Labour

more financially dependent on Britains

unions than it was before Mr Miliband
took over as leader.
Unions gave 72 per cent of the donations to Labour in this parliament up
from 61 per cent in the equivalent
period of the last parliament although
their contribution in cash terms rose
much less sharply.
Of the 20 biggest donations since
2010, nine were from unions compared with just six between 2005 and
2010. The party insists it has a wide base
of membership subscriptions and
receives many small donations that are
not picked up by the commission
because they are below the 7,500 a
year threshold for being recorded.
Labour party members and small
donors give us the largest proportion of

8.7m
Private donations
in this parliament,
compared with
20.7m in the last

72%
Share of Labours
donations coming
from trade unions
this parliament,
compared with
61% in the last

all our donations, it said. We welcome

support from millions of nurses, cleaners, cooks, shopworkers, paramedics,
teaching assistants and building workers who are members of trade unions.
The FT analysis of the donations
comes amid accusations that Labour
has tacked to the left under Mr Miliband. The party spent last week defending itself against charges from business
leaders including one Monaco-based
billionaire that its policies were bad
for business. The Lib Dems claimed yesterday that Mr Miliband had snubbed
the annual British Chambers of Commerce conference; shadow chancellor
Ed Balls spoke instead and dismissed
the attack as trivial.
Loopholes and fines page 2
Benefactor breakdown page 3

Sky pays high price to beat BT in 5bn

battle for Premier League TV rights
HENRY MANCE AND ROGER BLITZ

San Francisco Fed chief

urges boldness on rates
A Fed policy maker whose views are
closely watched by markets has said
the US central bank should not shy
away from raising rates for fear
of provoking market turbulence.
John Williams, president of the San
Francisco Fed, was head of research
there under Janet Yellen, the current
US Fed chairwoman. He also said the
US would reach full employment as
soon as the end of the year and that
wage gains were set to accelerate.
Interview i PAGE 7

For Premier League footballers, it may

be time to order another Bentley. Englands biggest clubs and their star performers are set for a cash windfall after
the value of Premier League television
rights smashed through forecasts
and increased by more than 2bn.
In a fraught auction, Sky and BT agreed
to pay 5.136bn over three years to
show Premier League games, in a stark
demonstration of how much live sporting events mean to broadcasters bottom lines. Three years ago, the two of
them paid 3bn for the rights.
Most of the increase will be paid by
Sky, which had faced the biggest challenge in its history from BTs emergence
as a sports broadcaster. Sky, whose biggest shareholder is Rupert Murdochs
Twenty-First Century Fox, will pay

1.4bn each year to show 126 matches,

including all the most-watched Sunday
kick-offs.
That sum drew gasps from analysts,
who had expected Sky to forgo some
games rather than enter an arms race
with BT. In the next auction, you might
have someone like YouTube [bidding].
How do you justify paying this now?
said Sarah Simon of Berenberg Bank.
Overall, the rights are now worth
10m a game, five times the cost of
making an episode of Sherlock. BT,
which had stunned observers three
years ago by bidding for rights, will pay
320m a year to broadcast 42 games.
The rights cover three seasons starting
in 2016-17.
Premier League revenues have spiralled over the past two decades, as the
competition has emerged as the mostwatched of the worlds major domestic

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leagues. Some of the additional cost is

likely to be passed on to subscribers,
although Sky said it would seek to fund
most of the additional spending by saving costs. Both Sky and BT make a loss
on their football coverage, but compensate by selling customers bundles of TV
entertainment channels and high-speed
broadband respectively.
The rights deal also threatens to
widen the gap between Englands top
clubs and those in lower divisions. However, Richard Scudamore, the leagues
chief executive, said the increased television revenues would help English
clubs reassert themselves in European
competitions.
Our clubs are having to compete with
Real Madrid and Barcelona, therefore,
this will get our top clubs nearer to the
European clubs, he said.

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1.99

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109.57

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1.345 Ger Gov 10 yr

135.067 134.411 Jpn Gov 10 yr

101.31

0.37

0.01

99.15

0.39

0.04

108.70

2.58

0.03

100.60

-0.19

0.00

price

prev

chg

Fed Funds Eff

0.12

0.11

0.01

%chg US 3m Bills
-3.31 Euro Libor 3m

0.02

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0.00

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0.00

-1.92 UK 3m
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0.883

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0.742

0.744 per

1.348

1.06 per
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119.275 118.575 per

182.008 180.733 index
87.212

1.048
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1.07 $ per
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1.413

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57.22

58.34

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Data provided by Morningstar

Former president Olusegun Obasanjo

has sounded an alert over the
postponement of the countrys
election and given his backing to
former military ruler Muhammadu
Buhari in the contest. PAGE 8

i Grangemouth needs shale, says owner

Scotlands most important industrial complex, the
Grangemouth petrochemicals plant, is unlikely to
survive in the long term without development of
local shale gas, owner Ineos has warned. PAGE 4

i Bankers face base salary clawback

Reckless bankers face being forced to repay their
base salaries as well as bonuses under plans to
combat misconduct considered by the financial
watchdog in the wake of the EU bonus cap. PAGE 4

i Rosneft chief firm on debt repayment

Rosneft chief Igor Sechin has insisted the Russian
state oil group would meet a $7bn repayment this
week in a speech in which he also lashed out at the
Opec cartel. PAGE 16; SHALE PULLBACK, PAGE 30

Datawatch
US-EU trade
$bn

US imports from the EU

EU imports from the US
Balance

400
300
200
100
0
-100

1990 95

2000

05

10 13

Source: Thomson Reuters Datastream

Since the late

1990s the EU has
been running a
trade surplus
with the US.
Talks between
the two over the
proposed
Transatlantic
Trade and
Investment
Partnership are
thought to have
stalled

Wednesday 11 February 2015

FINANCIAL TIMES

NATIONAL

Business groups applaud benefits of

European club but also urge reform

Tax avoidance

Opposition
vows to close
loopholes and
step up fines

Companies across country fear Brexit while seeking a renegotiated relationship with Brussels

VANESSA HOULDER

If Britain goes
The implications
of the UK leaving
the EU

British Chambers of Commerce

Business EU Barometer
Survey of 3,299 companies

ft.com/uknews
Withdrawal

SARAH GORDON BUSINESS EDITOR

One idea that unites almost all UK businesses is that they do not want to keep
the status quo on Europe.
David Cameron has promised to negotiate big reforms to Britains relationship with the EU ahead of a proposed
vote on membership in 2017.
Business voices calling for renegotiation of key elements of terms of membership span companies small and large
across the UK.
The Institute of Directors says most of
its members want serious renegotiation.
John Longworth, director-general of
the British Chambers of Commerce,
which represents companies employing
5m people, agrees. The vast majority of
businesses in our network believe correctly that the very best place to be
would be in the EU in a renegotiated
position, he says.
Even if they fear the consequences of
Brexit, small businesses complain
particularly bitterly about what they
regard as the gold-plating of EU regulations by the UK government and the
burden this puts on them. Health and
safety rules and the working-time directive are often quoted as restrictions
businesses would like eased.
Adrian Maxwell runs a Birminghambased coffee machine manufacturing
business, Fracino, founded by his father
in 1963 and employing 55 staff. He
wants serious reform and agrees with
the many businesses that would like the
UK to have more control over employment rules. Some 65 per cent of London
businesses would like to see employment law powers transferred back to
Westminster, according to the London
Chamber of Commerce.
Every time the EU [limits the working week], it puts the costs up for business, says Mr Maxwell. But he adds that
leaving the trading bloc would make
running his business more complex.
At the moment its very easy to trade
into Europe, with documentation, certification nothing is required, all the
VAT is sorted locally, he says.
Lucy Thomas, campaign director at
Business for New Europe, a pro-EU
lobby group, says EU regulations
impact more on small and mediumsized businesses.
She argues that if Britain left the bloc,
youd have to comply with two sets of
regulation for your widgets.
If we dont get any change in the EU,
it would be better for business to leave,
says Matthew Elliott, chief executive of
Business for Britain, a lobby group that
has signed up more than 1,000 company
bosses in favour of a referendum on
membership.
The IoD notes that many EU rules are
global in nature and that with the
notable exceptions of the bankers
bonus cap and the proposed financial
transaction tax British business
would have to continue to comply after
it left the bloc.
What is clear is that, since EU
legislation is transposed into UK law,
there would be no overnight change to
what many regard as its regulatory

Remain in EU Integrate
but transfer further
powers back

60
50
40
30
20
10
0
2013

70
60
50
40
30
20
10
0
2013

Grounds for change: an employee tests an espresso machine at Fracinos Birmingham factory Chris Ratcliffe/Bloomberg

Downing St takes lesson

from Scottish referendum
One lesson the government learnt
from the Scottish referendum was that
if it wants to get a coherent message
from business across to voters, coordination needs to start early.
David Cameron has promised the
UK a referendum on EU membership
by the end of 2017. Daniel Korski, the
prime ministers Europe adviser, and Jo
Johnson, a Tory MP and head of the
governments policy unit, are among
those in Downing Street co-ordinating
with business on how to present the
case for staying in the bloc.
Despite significant differences of
opinion, many company bosses are
willing to lend their voice in support.
I think its important and hence I am
speaking up. We have a responsibility
to say what our concerns are, said
Juergen Maier, chief executive of
Siemens UK, and a non-executive
director at the business department.
We think that in the end we will
hopefully persuade an electorate to
ultimately make the right decision.
Sarah Gordon and George Parker

30 global locations www.efginternational.com

EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)

Published by: The Financial Times Limited,

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Copyright The Financial Times Limited 2015. All
rights reserved. Reproduction of the contents of this

2014

... and which scenario will have

the biggest positive impact?

straitjacket. But businesses forget how

cumbersome trading was before Britain
became a member of the single market,
argue those in favour of staying.
Membership made the whole process of selling into Europe economically
viable, says Roland Rudd, chairman of
PR company Finsbury and the founder
of Business for New Europe.
Mike Cherry, policy chairman of the
Federation of Small Businesses, says his
familys manufacturing company,
which he has run since 1983, benefited
from the freeing up of the market in the
1970s and 1980s when we were exporting a lot of timber into Europe.
Simon Poyser, who runs VelocityRDT,
a small technology company based in
Farnham, Surrey, is similarly sanguine.
His company is involved in a project
with the French health service installing
censors in hospitals to reduce energy
costs.
If we were outside the EU, I would
probably still be able to do the project
but it would delay things and create barriers, he says.
James Sproule, director of policy at
the IoD, says that, in the event of Brexit,
government policy would be key to safeguarding the UKs ability to attract foreign direct investment.
So far, say industry groups, investors
have not been put off by the prospect
of a referendum. We are not picking
up any evidence as yet that inward
investment . . . is being affected,
says Terry Scuoler, chief executive of

newspaper in any manner is not permitted without

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Newspapers support recycling
The recycled paper content of UK newspapers in
2013 was 83.5%

the EEF manufacturers organisation.

Juergen Maier, UK chief executive of
Siemens, which employs 14,000 people
in the country, says the group is not
delaying investment because of the
elections or an EU referendum.
However, Mr Maier warns, that if the
UK were to have another Conservativeled government, it would trigger more
caution.
While companies such as Siemens
assess a range of factors when making a
decision to invest taxation, skills,
proximity to market the cost of trading is a significant consideration.

If we were outside the EU,

I would probably still be
able to do the project but
it would create barriers
The European Roundtable of Industrialists, which represents more than 50
multinationals including BP, Vodafone
and Rolls-Royce, says Brexit would create cost and put pressure on British
companies to transform the way they
trade with, recruit from, move between
and innovate with their EU partners.
The predicted cost of Brexit varies
from source to source, but it would most
certainly outweigh the savings made by
no longer contributing to the EU
budget, the group says. Should Britain
leave the EU trading bloc, its position as
an export hub may falter, losing it bil-

UK detention policy

2014

Source: BCC

lions of pounds of annual investment,

immigration and skills.
Eurosceptics argue that, freed from
the constraints imposed by Brussels, the
UK would be able to make better decisions for its economy.
There will be more free trade deals
done across the world if Britain is in
charge of [its own] deals, says Alan
Halsall, chairman of Silver Cross, a British pram maker. How many trade deals
has the EU done in the past 20 years?
Mr Elliott of Business for Britain adds
that when you negotiate as part of a big
bloc, there are advantages . . . but there
are a lot of vested interests.
Allie Renison, head of Europe and
Trade Policy at the IoD, suggests optimism over trade deals is misplaced.
Theres a lot of trade fatigue in Washington right now, she says. A separate
deal with the UK would be far down the
priority list.
Claims and counter-claims make it
difficult for voters to weigh up the
opposing cases. The Financial Stability
Board says that, while all businesses
have benefited from the trading relationship with the EU, there is a need for
an independent body to outline the benefits and disadvantages of Brexit.
Without it, as in the Scottish referendum, business fears that emotion may
dominate the debate, and its aftermath
if Britain votes to leave.
There is no easy separation, says Mr
Rudd. Any divorce would be painful. It
would be bad-tempered [and] nasty.

Ed Balls, shadow chancellor, will seek to

address public anger over tax dodging in
a parliamentary debate in which Labour
will promise to legislate in the first
finance bill of the parliament if elected.
The plans drawn up by Labour, which
have been previously announced, range
from introducing more penalties for tax
abuse to changing the way that hedge
funds pay tax on UK shares they trade.
Shabana Mahmood, shadow exchequer secretary, will lead a debate in the
Commons that will call for a statement
about the HSBC tax-dodging scandal, as
well as pressing the government over its
record on closing loopholes.
Specific measures proposed by
Labour have sparked anger from
affected businesses, such as the hedge
fund industry. But Labours overall
approach to business taxation has been
relatively calmly received by the City.
After a recent meeting with Ms Mahmood, a City law firm said there is generally good news from Labour on the
corporate tax front.
Campaigners called on Labour to go
further in adopting a tough approach to
avoidance. Jennie Ricks, of campaign
group ActionAid, said: The Labour
announcement today has set a marker
for what it would do to tackle tax dodging if elected. However, the public want
and expect all parties to go further.
Labour welcomed proposals by charities and campaigning organisations for
an anti-tax-dodging bill, which would
make it harder to use tax havens and
curb tax breaks for big companies.
Mr Balls said David Cameron, prime
minister, and Chancellor George
Osborne had totally failed to tackle
avoidance in the past five years. They
have failed to close the loopholes we
have highlighted. And the amount of
uncollected tax has risen under this government. I am determined that the next
Labour government will act where the
Tories have failed.
A Financial Times analysis that examined the record of Labour and coalition
governments on legislating against
avoidance and evasion found they
raised similar amounts in an average
year from closing loopholes.
On Friday, Ed Miliband, Labour
leader, announced plans to put the UKs
offshore financial centres on a tax haven
blacklist if they did not comply with new
transparency measures. But the plan
was attacked as unworkable by Mr
Osborne, who seized on it as further evidence that Mr Miliband was unfit to be
prime minister.
Labour will highlight plans to hit
hedge funds by closing an exemption
known as intermediaries relief, which
means banks can buy and sell shares on
their behalf without paying stamp duty
reserve tax. It also intends to close an
exemption for quoted eurobonds,
which allows some companies to move
profits out of the UK.
Labours proposals involve fining
taxpayers who fall foul of the new general anti-abuse rule. Mr Balls said the
party would introduce penalties of up to
100 per cent of the value of tax dodged.
HSBC tax scandal page 15
Pressure grows on UK page 21

House of Lords

Voting ban violates prisoners Cameron advised to give up

rights, European court rules the right to nominate peers
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT

Number One Southwark Bridge,

London SE1 9HL

No
change

Which scenario will have the biggest

negative impact on your business?

A private bank unlike

any other.

FINANCIAL TIMES

Withdrawal &
new trade deal

Labour will promise an urgent crackdown on tax avoidance today, as it lays

out plans to close loopholes, increase
transparency and toughen penalties.

The UK has violated the human rights

of more than 1,000 prisoners by denying them the vote, according to a ruling
by Strasbourg judges which will
inflame political battles over the
impact of European law on British sovereignty.
The judgment, handed down yesterday
by the European Court of Human
Rights, marks the fourth time the UK
has been found guilty of breaching the
rights of prisoners through its blanket
ban on allowing inmates to vote. The
court ruled there had been a violation of
Article 3 of the European Convention on
Human Rights, which enshrines the
right to a free election.
However, the court rejected the applicants claims for compensation and legal
costs, sparing the British government
from paying significant sums to the 1,015
inmateswhohadbroughtthecase.
The latest judgment, relating to
claimants who were barred from voting

between 2009 and 2011, comes after the

Council of Europe formally rebuked the
UK for having failed to legislate in
favour of its previous rulings. In September, the council noted with profound concern and disappointment
that the government had not introduced
a bill at the start of its 2014-2015 session.

ELIZABETH RIGBY
DEPUTY POLITICAL EDITOR

The prime minister should give up his

right to nominate new peers to the
House of Lords before the next election
to avoid the size of the upper chamber
spiralling completely out of control,
according to a study.
The report by the University College
London Constitution Unit said that
David Cameron has handed out peerages at a faster rate than any prime minister since life peerages began in 1958.
This was to bolster Tory representation
in the upper chamber after three terms
of Labour governments.
It warned that if peers continue to be
created in the next parliament at the
same rate as the current one, there will
be up to 2,207 peers in the upper chamber by 2025. Professor Meg Russell,
leading author of the report, said it
would simply be irresponsible for the
new prime minister post-May 2015 to
continue with the present system.
The report recommended responsi-

bility for nominating peers should be

handed to an independent House of
Lords appointment commission. It also
said a size limit should be placed on the
chamber of 550 to 600 and a formula
applied that bases appointments on the
share of party votes in the election.
Prof Russell said the system should
operate until a broader overhaul of the
House of Lords was agreed.
The chamber is bigger than it has
been since most hereditary peers were
removed in 1999, with the number of
peers swelling from 666 at the turn of
the century to nearly 850 potentially
eligible voting members today. It grew
by 69 members during the Brown-Blair
years between 2000 and 2010. Since
2010 the chamber has grown by 112. Mr
Cameron did seek to reform the Lords in
2012 in exchange for cutting the
number of MPs in the Commons.
Labour said yesterday it wanted to
have a formal constitutional convention to consider House of Lords reform
alongside other issues.
Editorial Comment page 10

Wednesday 11 February 2015

FINANCIAL TIMES

NATIONAL

Donor data flag rising Labour reliance on unions

FT analysis Business support wilts while the halt on automatic subscriptions has no impact, Electoral Commission figures show
JIM PICKARD AND GAVIN JACKSON

When Ed Miliband promised to recast

relations with the trade unions in July
2013, it was portrayed as a big gamble
that could see Labour lose millions of
pounds.
Mr Miliband pledged to end a system
under which 3m trade union members
automatically gave money to the
Labour party. At the time, the shake-up
was compared positively with reform in
the 1990s that abolished the trade union
block vote at Labour party conferences.
Tony Blair said it was bold.
But suggestions that Labour would no
longer depend on the unions for its
financial health were exaggerated, judging by Electoral Commission data
examined by the Financial Times.
An analysis of all donations recorded
by the commission shows that union
funding has jumped from 61 per cent of
the total in the last parliament to 72 per
cent in this one. Major individual donations have more than halved.
What few observers noticed two years
ago was that members would pay as
much money into union political funds
as before. Instead of flowing directly to
Labour, the money would be available
to union leaders to distribute in an ad
hoc fashion: say, as donations to Labour.
Mr Miliband has not published a list of
his meetings with donors since 2012.
The list then of 43 included eight meetings with Len McCluskey, Unites leader,
five with Dave Prentis, head of Unison,
and six with Paul Kenny, the GMB boss.
According to the FTs calculations,
Unite has given 16.3m to Labour in this
parliament, equivalent to 27 per cent of
total donations. The next biggest donor
was Unison, with 8.2m, then the Union
of Shop, Distributive and Allied Workers at 6.7m, the GMB at 6.5m and the
Communication Workers Union at
2.8m. All the big unions are expected
to give further large sums towards the
partys general election campaign.
Union leaders like the path that Mr
Miliband has taken since becoming
leader in 2010, although some would
prefer it if he were more radical.

Benefactor breakdown Where the money comes from

Top 15 biggest Labour party donors

Trade union

Company

Individual

May 2005 - Jan 2010 (Total donated, m)

May 2010 - Jan 2015 (Total donated, m)

Unite (including
Amicus and TGWU)

16.78
7.97

Unison

Lord David Sainsbury

Lakshmi Mittal
Communication
Workers Union

Union of Shop Distributive

and Allied Workers

6.74

5.30

GMB

6.51

5.07

Communication
Workers Union

4.00
2.79

Nigel Doughty

1.33

J. K. Rowling

1.00

John Mills

Composition of
all donations
above 7,500

1.00

Company

Mahmoud Khayami

0.98

Other

0.75

Union of Construction, Allied

Trades & Technicians

0.56

Community

0.56

David Abrahams

0.47

5 5
30
Trade
union
61

1.66
0.86

Union of Construction, Allied

Trades & Technicians

0.77

Community

0.71

Sir David Garrard

0.69

Other

PwC

0.65

Company

Martin Taylor
Individual

2.84

Andrew Rosenfeld

May 2005 - Jan 2010 (%)

Sir Ronald Cohen

Jon Aisbitt

8.20

Unison

6.55

GMB
Union of Shop Distributive
and Allied Workers

16.28

Unite

0.49

Transport and Salaried

Staff Association

0.38

Saatchi and Saatchi Group

0.32

KPMG

0.32

Composition of
all donations
above 7,500
May 2010 - Jan 2015 (%)

Individual 14
Trade
union
72
FT graphic Source: Electoral Commission

Green energy tycoon

gives party 250,000
Dale Vince, the green energy
entrepreneur, is giving the Labour party
250,000 to fight the general election
campaign.
The millionaire founder of the

Ecotricity independent energy supplier

in the UK is also donating 20,000 to
Caroline Lucas, the Green party MP, but
said it was important to stop a
Conservative victory on May 7.
The donation provides a fillip for
Labour, which has had an increasingly
strained relationship with business
under the leadership of Ed Miliband.
We believe both Labour and Greens
are committed to renewable energy, the
green economy and action on climate
change, said a spokesman for Mr Vince,
a vegan who prefers biker boots and
jeans to a suit. Pilita Clark

All these people, Chuka Umunna,

Andy Burnham, Ed Miliband, they had
a good education, went to university,
went into politics as a researcher, and
they all believe the neoliberal dogma,
said one senior union figure. They need
more fire in their bellies.
The partys largest private donor this
parliament was John Mills, a businessman who gave Labour 1.7m in shares.
Andrew Rosenfeld, a property magnate
and former tax exile, who died on Sunday, was seventh, giving nearly 1m.
The rising influence of the unions as
donors to Labour will be used as ammunition by the Tory leadership as it seeks

to brand Red Ed as an unreconstructed leftwinger, a charge that Mr Miliband denies.

However, FT analysis last week found
that the Conservatives had also become
more financially dependent on a small
number of big City hedge fund backers
during this parliament.
The FT data show the number of top
20 Tory donors who have made their
fortunes in the City and hedge fund
industry has risen significantly in the
past five years, compared with 2005- 10.
Eight of the top 20 donors, who account
for 35 per cent of all party funding, are
from a City background.

The union leaders are unapologetic

on their role in sustaining Labour, given
the historic links between the two.
Labour was formed in 1900 as a way for
the trade union movement to represent
its interests in Westminster.
Mr McCluskey told the FT that Unite
would give more money in the run-up to
the election: We dont want them to go
into the election with one arm tied
behind their back.
Im sure if you ask the Labour party
they would be much happier if money
was flowing in from all over the place,
but does it bother me? Not really.
Mr McCluskey said that he hoped
Labour would be able to raise large
sums through grassroots members in an
Obama-style fundraising effort soon.
Under the leadership of Mr Blair,
Labour tried to distance itself from the
unions, not only in terms of rhetoric but
also in financial dependence although
the general secretaries continued to
donate tens of millions of pounds.
Many of the big donors from the last
parliament have not given since 2010,
including Lord Sainsbury, who is understood to have been disappointed that
David Miliband, a fellow Blairite, did not
win the leadership contest.
Others to have disappeared include
Lakshmi Mittal, the steel tycoon, who
gave 4m between 2005 and 2010, and
Sir Ronald Cohen, the private equity
grandee, who gave 1m in that period
but who has no intention of donating to
the party again, according to his spokeswoman.
Labour argues that the Electoral
Commission figures are misleading
because they include small donations
below the 7,500 annual disclosure figure and annual subscriptions from its
189,531 members. That income has
risen sharply from 7.6m in 2006 to
11.9m last year.
Labour party members and small
donors give us the largest proportion of
all our donations, the party said. It
would be wrong to suggest that their
contribution gains trade unions any
undue influence over policy or that they
are the sole source of party funding.

Wednesday 11 February 2015

FINANCIAL TIMES

NATIONAL
Grangemouth

Misconduct

Ineos says Scots fracking delay imperils plant

Watchdog
threatens
to claw back
bank salaries

Holyrood moratorium
will hinder petrochemicals
units survival, says chief
MURE DICKIE EDINBURGH

The Grangemouth petrochemicals

plant, Scotlands most important industrial complex, is unlikely to survive in
the long term without the development
of local shale gas resources, its owner
Ineos has warned.
The warning from Gary Haywood,
chief executive of the Switzerlandbased chemicals groups upstream unit,
follows the Scottish governments
announcement of a moratorium on
shale gas fracking. It makes clear the
high stakes involved in the fierce debate
on whether and how the UK should
adopt unconventional oil and gas
drilling techniques.

The Scottish moratorium and a simultaneous tightening of controls south of

the border were a response to continuing public doubts on the safety and environmental impact of fracking, in which
high pressure fluids are used to extract
gas from rock.
While dwindling output from the
North Sea has long threatened Grangemouths future, Ineos announced in
2013 that the plants fortunes would be
transformed by a rescue based on
imports of cheap US shale gas. The
plants cracker uses the gas to produce
ethylene.
But Mr Haywood said increasing
demand from US ethane buyers and the
cost of liquefying gas for transport
meant such imports could keep Grangemouth competitive only for 10 to 15
years.
Unless we can develop an indigenous
source, it is unlikely that the cracker has

a long-term future, he told a conference

in Edinburgh.
The prospect of closure is likely to fuel
industry pressure for use of fracking.
Ineos supports thousands of other jobs
in central Scotland and supplies a host
of chemical businesses, some of which
would struggle if forced to switch to
more expensive imports.
When Ineos announced closure of the
plant during a bitter labour dispute in
2013, the news sent shockwaves
through Scotlands manufacturing sector and the wider chemicals industry in
the UK.
Ineos reversed the announcement
after workers agreed new terms and the
UK and Scottish governments said they
would support investment in the plant
to allow it to use imported gas.
In November, Ineos unveiled plans to
spend $1bn exploring for exploitable
shale gas reserves using hundreds of

wells in Scotland and northern England.

Scotlands moratorium freezes all
planning consents for fracking pending
a full public consultation and more
research into the impact on health. But
experts for the Scottish government
concluded last July that unconventional
drilling could be safe.
As far as the expert panel could discern, there were no issues of health,
panel chair Chris Masters told the
conference.
Some proponents of onshore gas
development have offered a positive
view of the moratorium, with industry
group UK Onshore Oil and Gas saying it
offered a chance to assuage concerns.
John Glen, managing director of landowner Buccleuch Estates, which hopes
to develop coal bed methane under
some of its holdings in southwest
Scotland, said the freeze appeared

politically cowardly but could end up

being good for development.
Its really an opportunity to take a
pause for breath and to ensure that the
regulatory capability is in place, so that
when we do go ahead we can it monitor
properly, Mr Glen said last week.
But Gordon Hughes of the University
of Edinburgh said that even without
substantive scientific reason to block
fracking, it was likely to be 15 to 20 years
before there would be any commercialscale output simply because in the end
its easier politically to duck a decision.
Maria Montinaro, a campaigner
against unconventional drilling, was
unconvinced by speakers assurances
that fracking was safe.
She said it threatened to turn Scotlands central heartland into a gasfield,
adding that Grangemouth had failed to
ensure prosperity and that tourism was
amorepromisingeconomicprospect.

LSE Jolie Pitt

opens women
in war centre
Europes first academic centre
studying violence against women in
war zones has been opened in
London by the actor and UN special
envoy Angelina Jolie Pitt.
The centre for women, peace and
security, part of the London School
of Economics, aims to develop data
and influence policy.
The academics will work on
ending impunity for sexual violence
by developing strategies to bring
more prosecutions against
perpetrators and enhance political
participation for women affected by
war. The centre will also look into
how military training could help
reduce war crimes against women.
It will be partly funded in the first
year by a 1m government grant
drawn from fines levied on those
involved in the Libor scandal. The
Defence Academy, a military
training facility in Shrivenham,
Wiltshire, will contribute expertise.
The LSE will offer 40 places on a
masters in Women, Peace and
Security from 2016. Helen Warrell

European first: Angelina Jolie Pitt and William Hague at the LSE yesterday during the opening of the centre studying war crimes against women Nigel Stead/LSE

Turbine industry accused of using subsidy loophole for extra cash

PILITA CLARK
ENVIRONMENT CORRESPONDENT

A loophole in a popular subsidy scheme

for small wind power projects is boosting the spread of bigger turbines and
could end up costing energy consumers
more than 400m, it has been claimed.
The feed-in tariff scheme that began
operating in 2010 is designed to encourage smaller wind projects at places such
as farms or businesses that can have as
few as one or two turbines.
It pays out nearly twice as much for a
turbine capable of generating up to 500
kilowatts of electricity than for a
machine that can pump out more than
that amount.
But according to a study by the Institute for Public Policy Research thinktank, which the energy department has

The UK financial watchdog is considering whether to force reckless bankers

to repay their base salary as well as
bonuses to combat misconduct.
The move by the Financial Conduct
Authority follows the introduction of an
EU-wide bonus cap, in the teeth of fierce
opposition from the British government. The EU measure, which was
designed to curb high pay in the financial sector as well as errant behaviour,
has instead led to a rise in base salaries.
We have lost the tool we had, which
was clawback of a significant component of compensation [through
bonuses], so being able to claw back
fixed pay would be a substitute, to a
degree, Martin Wheatley, the FCAs
chief executive, told MPs on the Treasury select committee.
There are all sorts of contractual
issues as to whether that could be
imposed in practice, but are we sympathetic? Yes.
The bonus cap is due to come into
force across the EU this year and stipulates bonuses should be no more than
100 per cent of salary, or 200 per cent
with shareholder approval. This had led
to the wrong outcome and would
hurt the ability of regulators to hold
people to account, Mr Wheatley said.
Britains arguments with Brussels
over the issue of pay culminated in
George Osborne, the chancellor, taking
legal action over the bonus cap, a challenge since abandoned. Meanwhile,
Britain is introducing some of the stiff-

We have lost the tool we

had, which was clawback
of a significant component
of compensation

Wind energy

Derating gives developers up

to 25% return and could cost
consumers 400m, says study

CAROLINE BINHAM FINANCIAL

REGULATION CORRESPONDENT

questioned, the capacity rating of each

turbine needs only to be declared by the
installer of the machines, based on
information from the manufacturer,
and the subsidy scheme is poorly monitored.
That means developers can install
larger turbines which are more efficient in less windy areas with smaller
generators than would normally go into
a machine of that size, in order to get the
higher subsidy payments.
The practice is known as derating and
is legal, but critics have long charged
that it means that developers are able to
put in bigger turbines and get a better
rate of return than originally intended.
Some derated projects are getting as
much as a 25 per cent rate of return
when the feed-in tariff scheme was only
supposed to ensure a return of about 5-8
per cent, according to the IPPR.
Ministers should act immediately to
close down what is becoming a feed-in
frenzy, said one of the reports authors,
Joss Garman. It is distorting the energy
market, lining the pockets of investors

and undermining public confidence in

Britains vital clean energy sector.
The energy department said it was
aware of the issue and investigating it,
but disputed some of the reports findings, including the claim that it could
cost energy users more than 400m.
This report is based on incorrect and

Turbines deployed and derated

(Sep 2014)
200
103 derated

150
Onshore wind
turbines
100

50

Derated onshore
wind turbines
(Sep 2014 only)

0
2010

11

12

13

14

Source: Institute for Public Policy Research

secondhand information the numbers just dont add up, the energy
department said.
We keep this issue under constant
review to make sure consumers are getting the best possible deal, and an indepth investigation is currently under
way. We will take any action necessary if
wind developers are found to be
unfairly exploiting the Fits scheme.
Because the overall amount of subsidies is capped, the developers taking
advantage of the loophole are denying
support to other clean energy projects,
the IPPR report claims.
Another impact of this design flaw in
the feed-in tariff is that wind turbines
are being erected that are much larger
than they need to be, and perhaps larger
than host communities are expecting,
the report says.
The resulting impact on the landscape may well be exacerbating local
opposition to new wind projects.
Regulators have been warned about
the practice since at least 2012, but have
failed to take sufficient action according

to the IPPR, which estimates each

derated turbine gets about 100,000 in
excessive subsidy payments each
year.
That could add up to more than
400m over the 20 years that subsidies
can be paid, it says.
According to Freedom of Information
data the institute obtained, 103 wind
turbines have been derated between the
time the feed-in tariff scheme began in
2010 and September last year.
But that figure suggests the practice of
derating is not widespread, according to
RenewableUK, the wind industry trade
body.
Were talking about 103 operational
turbines at the most, said Maf Smith,
RenewableUKs deputy chief executive.
Thats less than 1 per cent of the 12,000
small, medium and large-scale onshore
wind turbines generating in the UK.
Mr Smith said derating was a complex
issue and in some cases it might be necessary because of limits in the capacity
of the grid to cope with the amount of
electricity being generated.

est rules in the world over bonus clawbacks, with the regulator having the
ability to revoke bonuses up to seven
years after they are awarded.
But the European Banking Authority
is expected to pass new guidelines on
pay in early March, while the eurozones
new banking supervisors within the
European Central Bank also said last
month that they would examine banks
variable pay.
We are going to need to persist in trying to explain to our EU colleagues just
how misguided what they have done is,
and the long-term deleterious effects,
Andrew Tyrie, chairman of the parliamentary committee, said during yesterdays hearing.
Mr Wheatley said anecdotal evidence
showed bankers fixed pay had
increased by 100 per cent since 2008,
in the wake of bonus restrictions introduced since the financial crisis and a
series of scandals that have destroyed
trust in big banks. Britain had argued a
bonus cap would create perverse
incentives to raise fixed pay when it
was preparing its scrapped lawsuit.
I would be interested to know how
the FCA think a clawback on fixed
salaries might practically work, but
ultimately the current system is not
sustainable, said Alok Sharma, a Conservative member of the committee,
after the hearing. We need to get back
to a remuneration system where
rewards are given for achieving longterm success and not just for clocking in
on a daily basis.
Legal experts questioned the ability of
the regulator to revoke salaries.
A fixed-pay clawback regime would
be a sea-change in the UK and create
administrative and legal costs for the
banks, said Caroline Doran of Royds,
the London law firm.
Additional reporting by Kiran Stacey

Council levy

Supermarkets to launch legal challenge over 200m business rates on in-store cash machines
JIM PICKARD AND ANDREA FELSTED

Cash-strapped councils are forcing

supermarkets to pay an estimated
200m of business rates on their instore cash machines, prompting a legal
challenge by the industry.
Local authorities collect about 26bn a
year through total business rates, making the levy a bigger money-spinner
than even fuel duty.
But supermarkets are to make thousands of claims against council charges
on about 8,000 in-store machines.
The Valuation Office Agency, which
assesses the levy, used to regard cash
machines as part of each stores overall
rating, but in 2013 it changed the way it
made its calculations.
The number of machines liable for

business rates has risen from 3,080 in

2010 to 12,196 today out of a total of
69,000 cash machines nationwide. Each
machine is liable for an average of
3,600 a year in business rates.
John Webber, head of rating at Colliers
International, the property agency, said
most of these were controlled by the big
supermarket chains, which were challenging the claims through valuation
tribunals. Their total appeal amounted
to about 200m, given that they were
fighting retrospective charges from
2010 up to 2017, he said.
The question of which company is liable for the charge the supermarket or
the bank depends on the agreement
between the two. Many of the claims
relate to machines that are branded
under the name of the supermarket.

Experts have blamed the trend on a

change in the rules governing business
rates introduced by the coalition.
In 2012 ministers announced councils
would be able to keep 50 per cent of any
net increase in the levy in an attempt
to encourage economic growth. The theory was that local authorities would be
given incentives to attract new companies into their area. Instead, this localism has inspired councils to carve out
cash machines from stores as a new way
to raise revenue.
Until 18 months ago there was no
incentive to carve out the ATMs with a
new rating assessment, but now there is
a financial benefit to doing it, Mr Webber said.
David Cameron announced yesterday
that a future Conservative government

would let councils keep two-thirds of

any increase in business rates.
Meanwhile, cash machine operators
have warned that the introduction of

3,600

330,000

Average business
rate levied on
each of the
countrys ATMs

Total appeals
against rates
expected from
companies

separate business rates will lead to the

withdrawal of thousands of machines
because they will be uneconomic.
Bank Machine, a subsidiary of
Cardtronics, told the Commons business committee that the trend of councils imposing rates on cash points could
lead to the removal of 800 machines.
Imposing business rates on cash
machines is like imposing a tax on people accessing their cash, it said.
The VOA said it was reviewing sites to
ensure they were all correctly rated in
the wake of the appeals. The agency
acknowledged there were inconsistencies in the way sites are assessed.
Paul Turner-Mitchell, a business
rates expert, said the problem was
affecting small family stores as well as
the supermarket chains.

While the big supermarket operators might be able to swallow the costs of
these rates bills while they wait for their
appeals to be heard, imposing these
charges on small convenience stores
. . . could be enough to force their closure, he said. As a minimum this is
likely to lead to the removal of the ATM
machine, denying access to cash to
those in rural communities.
The rush of claims comes amid a
wider pile-up of 32,800 appeals against
business rates. Some experts are predicting up to 330,000 appeals from
companies across Britain.
Ministers introduced a change to the
system in the Autumn Statement, such
that companies aiming to appeal against
their bills must do so by March 31 or
miss any refund on overpayments.

Wednesday 11 February 2015

FINANCIAL TIMES

INTERNATIONAL
Ukraine conflict

Obama warns
Putin to seize
chance for peace
in Minsk talks
Call comes as tension rises
around prospect of US
supplying arms to Kiev
KATHRIN HILLE MOSCOW
MEGAN MURPHY WASHINGTON

Barack Obama has warned Vladimir

Putin that he must seize the opportunity
this week to negotiate a diplomatic resolution to the conflict in eastern Ukraine
or risk the consequences.
The US president telephoned his Russian counterpart on the eve of peace
talks in Minsk to express concern about
the deepening crisis.
On Monday, Mr Obama confirmed for
the first time that he had asked his officials to consider supplying lethal weapons to a Ukrainian military at war with
Russia-backed separatists.
If Russia continues its aggressive
actions in Ukraine, including by sending
troops, weapons, and financing to support the separatists, the costs for Russia
will rise, the White House said in a
statement, while refusing to be drawn

The Americans are trying

to draw Russia into an
interstate conflict to
achieve regime change
on what those costs would be. Mr
Obamas call to Mr Putin, pictured
below, came after a security adviser to
the Russian leader had accused the US
of seeking to drag Russia into war in
Ukraine through the possible plan to
arm Kiev, underlining the seriousness of
such a move for Moscow.
The Americans are trying to draw
the Russian Federation into an interstate military conflict, to achieve regime
change through the events in Ukraine
and to ultimately dismember our country, said Nikolai Patrushev, head of the
Kremlins security council.
The start of such arms supplies would
be one more confirmation that the US
is a direct participant in the conflict,
Mr Patrushev said, warning that if
Washington took this step, the conflict
would escalate only further.
Mr Patrushev is one of Mr Putins closest associates a former head of the
FSB intelligence agency, and one of the
security officials with whose help the
president runs the country.
His comments add to a drumbeat of
bellicose warnings that have convinced many in Moscow that the
Russian leadership is preparing
the country for a wider war.
Yet even as Moscow toughens its rhetoric, it is still
pursuing a deal with Kiev
to stop the fighting. At
the summit in Minsk
today with Ukrainian
president Petro Poroshenko, German chancellor Angela Merkel and
French president
Franois Hollande,
Mr Putin will try to
revive the collapsed

Minsk manoeuvres
Both sides on offensive
as peace talks approach
Russia-backed rebels and pro-Kiev
forces launched new offensives in east
Ukraine yesterday as both sides
fought over territory on the eve of
critical peace talks in Minsk.
At least seven civilians and four
soldiers were killed, reported local
media, as separatists staged a rocket
attack on government-held
Kramatorsk, north of the rebel front.
The assault came hours after Ukrainian
forces began a counter-offensive near
the southern port of Mariupol.
The fighting flared as German
chancellor Angela Merkel, French
president Franois Hollande and
Ukraines president Petro Poroshenko
prepared to meet Russian president
Vladimir Putin for talks in the
Belarusian capital aimed at reviving
last Septembers ceasefire.
Video posted on the internet
showed a rocket attack on a
government aerodrome and base in
Kramatorsk, 100km north of the rebel
stronghold of Donetsk, and nearby
civilian neighbourhoods.
It shook the entire city, Svetlana, a
Kramatorsk resident, said by

ceasefire agreement signed in the city

last September.
In talks in Kiev late last night with the
foreign minister of Spain, Mr Poroshenko described todays Minsk talks as
one of the last chances to forge a lasting ceasefire. He also called for more
decisive actions in support of Ukraine
from the world community while discussing the fresh violence with European Council president Donald Tusk.
Dmitri Trenin, head of the Moscow
Carnegie Center, an arm of the US thinktank, said a move by the US to supply
the Ukrainian army with lethal weapons
would be viewed as a real game
changer by the Russian government.
Last weekend, Dmitry Kiselev, one of
Mr Putins propaganda managers, once
again invoked the threat of nuclear warfare. Commenting on the US debate
about arming Ukraine on his state television news show, Mr Kiselev read out
the paragraph in Russias military doctrine which states that the country
reserves the right to use nuclear weapons not only in response to a nuclear
weapons attack but also if, in a conventional weapons conflict, the very existence of the state is under threat.
Mr Kiselev shocked the world 11
months ago when he warned that Russia
was still the only country capable of
turning the US into radioactive dust.
Since then, dire warnings about war
have become standard fare in Moscow.
As relations with the west have worsened during the Ukraine crisis, foreign
policy officials have repeatedly asked
western counterparts if they really
wanted to risk a third world war, or an
unthinkable nuclear stand-off.
Russia has increased the frequency of
what foreign military officials call
nuclear signalling testing missiles
and the readiness of its nuclear arsenal
infrastructure. It is a fact that any theoretical conflict between Russia and Nato
would have to turn nuclear very quickly,
because thats the only sphere where
they can still match Nato, said one foreign defence official in Moscow.
Defence experts said the main difficulty for Moscow should the US opt to
arm Ukraine would be that a drawn-out,
larger war makes it more vulnerable on
other flanks, such as the restive North
Caucasus and Central Asia. There are
just not enough Russian soldiers to fight
a war of attrition in Ukraine, said one
foreign defence expert in Moscow.
However, Russian analysts said western guns for Ukrainian soldiers would
give Mr Putin a weapon. It would
help him win his propaganda war
because, finally, the US would indeed
be what he has claimed it to be: a
party in the conflict, said
Alexander Golts, an independent defence analyst.
Russian analysts add that
Washington would have to
send military officers to
train Ukrainian soldiers on
the weapons. Otherwise it
will be just a waste, said
Ruslan Pukhov, head of the
defence think-tank Cast.
Martin Wolf page 11

telephone. The city is in panic. We

havent had fighting here. Now there is
no telling whats ahead.
A separatist military commander
denied being behind the attack, but
Kiev officials alleged it involved
Smerch rockets supplied by Russia.
As each side battled to gain ground
and leverage ahead of todays talks,
analysts warned that the violence
could undermine peace prospects.
Each side is trying to secure tactical
advantages on the ground and
momentum ahead of [the] talks, said
Vadym Karasiov, a Ukrainian political
analyst. He warned that the talks were
unlikely to deliver a global solution to
this deepening crisis.
Germany made last-minute efforts
to help the talks, with foreign minister
Frank-Walter Steinmeier calling his
Russian and Ukrainian counterparts,
Sergei Lavrov and Pavlo Klimkin,
urging compromise. Officials from
Germany, France, Russia and Ukraine
met yesterday ahead of the summit.
Chancellor Merkel was cautious
about the outcome. During a visit to
Canadas prime minister Stephen
Harper, after meeting President
Barack Obama in Washington on
Monday, she said: We will see if we
make progress in the next few days
. . . and if this doesnt happen, we will
see how we go forward. FT reporters

Bystanders
gather around
a rocket
embedded
in a street in
Kramatorsk,
eastern Ukraine,
after an attack
yesterday that
killed several
citizens. Who
was responsible
for the raid
remains unclear
Gleb Garanich

Video
Courtney
Weaver
reports from
rebel-controlled
Donetsk on the
escalation of
fighting in
Ukraine and how
residents in the
city are coping
ft.com/video

Wednesday 11 February 2015

FINANCIAL TIMES

INTERNATIONAL
GLOBAL INSIGHT

Greek debt crisis

US presses Athens and EU to reach deal

Lew remarks underline
international concern
over bailout stand-off
DANIEL DOMBEY ISTANBUL
KERIN HOPE ATHENS

The US has urged Athens and its eurozone creditors to strike a deal over
Greeces financial future, underlining
international concern about the global
economic fallout from a stand-off over
the countrys bailout.
Jack Lew, US Treasury secretary, yesterday called on both sides to be practical and pragmatic in seeking to resolve
their differences and warned that a prolonged confrontation risked destabilising the EU.
I dont think that there should be casual talk about the kind of resolution that
would end up leaving Greece in a place
that is unstable or the EU in a place that

is unstable, said Mr Lew, speaking on

the margins of the Group of 20 finance
ministers meeting in Istanbul.
The administration of President
Barack Obama has intervened regularly
in the five-year-old eurozone crisis but
has largely kept a low profile since market calm returned to the currency bloc
two years ago. The sudden public intervention by Mr Lew is a sign of how concerned Washington has become with
open talk of a possible Greek exit from
the euro.
EU leaders appeared to disregard the
US warnings, however. There was little
sign of a breakthrough ahead of todays
emergency meeting of eurozone finance
ministers, despite a revised proposal
from Yanis Varoufakis, the Greek
finance minister, that sparked a relief
rally in the financial markets.
Wolfgang Schuble, the German
finance minister, appeared to dismiss
the new Greek plan, saying he expected

Athens to live up to the terms of its existing 172bn bailout before he would consider new proposals.
We are not negotiating a new programme, Mr Schuble said. We
already have a programme.
Greeces bailout is due to expire at the
end of the month. Alexis Tsipras, the
new prime minister, has vowed not to
request an extension.
Eurozone officials said todays eurogroup meeting was a way to kick-start
negotiations that until now have largely
been conducted through public pronouncements. EU officials have grown
frustrated with what they believe is a
misunderstanding of EU procedures by
the new Greek government and hope
the meeting will offer Mr Varoufakis a
chance to begin more formal talks over
how Athens wants to proceed.
It is the occasion for ministers to
know what Mr Varoufakis will propose,
said Pierre Moscovici, the European

The World blog

Alan Beattie on
Syriza and the
rent-seekers
ft.com/theworld

Commissions economic chief. It will

also be the occasion for him to see how,
in the other member states, the ministers will react to that.
Officials remain hopeful that, if Mr
Varoufakis can be convinced to present
a road map, formal talks could be signed
off at the eurogroups meeting on Monday. Markets yesterday clawed back
some of their heavy losses from earlier
in the week after Mr Varoufakis
unveiled his plans. The Athens stock
exchange rose 8 per cent. Yields on
Greeces benchmark 10-year debt,
which had been climbing towards 11 per
cent , dropped to 10.01 per cent.
Mr Varoufakiss plan would use debt
swaps to reduce Greeces debt burden
and raise 5bn-8bn by issuing treasury bills to keep the country afloat while
a new deal is worked out.
Additional reporting by Peter Spiegel in
Brussels and Elaine Moore in London
Tony Blair page 11

Strauss-Kahn trial

Former IMF chief too busy saving world to attend many orgies
MICHAEL STOTHARD LILLE

Dominique Strauss-Kahn said he

rarely attended sex parties because he
was saving the world and had other
things to do, as he gave evidence for
the first time in his trial on charges of
participating in orgies with prostitutes.
The former head of the International
Monetary Fund, who with 12 others is
accused of aggravated pimping as part
of a group, insisted yesterday at his trial
in the northeastern city of Lille that he
was unaware the women he had sex
with were prostitutes.
When you read the criminal complaint, you get the impression it was this
frenetic activity, the 65-year-old Mr
Strauss-Kahn, wearing a black suit and
silver tie, told the court in a calm voice.
But it was four times a year, not more
than that. It wasnt this out-of-control
activity.
The so-called Carlton affair, which
centres on allegations that Mr StraussKahn and a group of businessmen and
police officials supplied women for sex
parties in Lille, Paris and Washington
between 2008 and 2011, has gripped the
French establishment since details
emerged four years ago.
If convicted, Mr Strauss-Kahn faces
up to 10 years in prison and fines of
more than 1.5m. He denies any criminal offence.
Three topless feminist protesters,
with slogans on their bodies, jumped on
to Mr Strauss-Kahns car as it approached the court and had to be removed
by the police. One woman had pimps,
clients, guilty daubed on her chest.
The former Socialist frontrunner in
the 2012 French presidential election
also said his contacts with Fabrice Paszkowski, a businessman accused of supplying prostitutes for group sex, paying
them and travelling with them to meet
the former IMF boss, were infrequent.
I had other things to do, he said in a
letter read to the court. [I was] saving
the world . . . I had political ambitions.
Mr Strauss-Kahns composure began
to break following the testimony of a
former prostitute, known as Mounia to
protect her privacy, who said she
attended one of the evenings with all
four men and had sex with Mr StraussKahn. She choked back tears as she was

A feminist
protester
clambers on
to Dominique
Strauss-Kahns
car outside the
court in Lille
Denis Charlet/AFP/Getty

drawn into giving a detailed account of

her sexual encounter with the man
known as DSK, describing the brutal
nature of the sex and unnatural practices I had never experienced before.
Mr Strauss-Kahn began biting his lip,
looking at his watch and talking to his
lawyer as she described their encounter
in explicit terms. It was brutal but consensual until the end because I needed
the money, she said. He saw that it was
not what I wanted. I cried.
There were activities . . . against
nature. I wasnt used to doing things of
that nature, said the woman, speaking
softly and hesitantly. It wasnt violence,
it was a relationship of force. He was
smiling from the beginning until the
end. Mounia said she never discussed
money with Mr Strauss-Kahn, however,
and was paid afterwards.

Testimony by a professional escort

identified as F, who was also present
the night with Mounia, was read aloud
in court. She said Mr Strauss-Kahn was
very attentive and never brutal,
adding that it wasnt clear the girls
were prostitutes.
Mr Strauss-Kahns fall from power
began when a New York hotel chambermaid accused him of sexual assault in
2011. Charges were dropped before the
French allegations emerged. The maid
and former French finance minister settled a civil suit out of court.
In court yesterday he said he played
no part organising the parties but would
just give others a date when he was
available.
When I told them I was going to be in
Paris, Fabrice [Paszkowski] would suggest either a lunch or an afternoon, a

bit more festive and sexually playful.

He said he had no idea that any of the
women at the parties were prostitutes
and that the organisers hid this to make
him happy. Its true that many people
wanted to make me happy, he said.
Mr Strauss-Kahn said he never had
sex with prostitutes, in part because it
was too dangerous as they were liable
to talk and hurt his political ambitions. He added that sleeping with prostitutes was not my idea of a sexual relationship because I like it to be a party.
Other defendants in court were a local
police chief, the head of a medical supplies company and a former executive
at a construction company.
The trial began last week and is
expected to last three weeks.
Additional reporting by John Aglionby in
London

BEIRUT

David
Gardner

Putin and Sisi linked

by common thread
of illiberal leadership

hen strongmen get together, pomp and

mutual admiration are never far behind.
So it was when President Vladimir Putin of
Russia arrived in Cairo this week for a twoday visit to Abdel Fattah al-Sisi, the former
army chief who toppled Egypts elected Islamist government in mid-2013 and went on to be elected president.
Welcome banners festooned the streets, as the stateowned Al-Ahram newspaper greeted the Russian leader
with a fawning profile titled A Hero of our Times. Mr
Putin returned the compliment, calling Egypt an old and
trusted partner. That was once the case, when the
(Soviet) Russians were the allies of Gamal Abdel Nasser,
but after they were kicked out by his successor, Anwar
Sadat, in the 1970s, Egypt became the trusted partner in
the Middle East of the US, which since 1979 has subsidised
its army to the tune of $1.3bn a year.
A momentary curtailment of US largesse, in response to
the Sisi coup, rekindled some tactical warmth in Cairos
relationship with Moscow signalled by the arrival of a
Russian warship at Alexandria for the first time in decades. Washington seems to have got the message, restoring
the military stipend to Egypt. Yet the hiccup with the US
was enough to open another Middle Eastern door for Russia. Mr Putin spent Monday evening at Cairos opera house,
the war in Ukraine banished by the strains of Swan Lake
and Aida. The two leaders, both former intelligence men
with a penchant for conspiracy theories, doubtless find
much to admire in each other: in particular their implacable hostility to any form of Islamism.
Former Field Marshal
Sisi banned the Muslim
We need to take
Brotherhood as a terrorist group. His govern- this challenge
ment shot Islamist proseriously, not
testers and jailed thousands, widening the net to be content
trawl in liberals and leftwith caricatures
ists. He has twice visited
Russia since the coup,
and Mr Putin supported his presidential bid.
While they will no doubt discuss the parlous state of the
Middle East, rising trade between their countries and, possibly, the Egyptian purchase of Russian arms, their relationship is an assertion of the virtues of illiberal democracy. This is of a piece with Mr Putins relationship with
Recep Tayyip Erdogan, the increasingly authoritarian
Turkish president, whom he visited in December.
Russia and Turkey may be backing opposite sides in the
Syrian civil war, and Mr Erdogan, a neo-Islamist who supports the Muslim Brotherhood and excoriates President
Sisi as a tyrant, also takes a different view of Egypt. But
that seems little impediment to their warmth, even though
Turkey is a Nato member. Indeed, Yigit Bulut, a close aide
to the Turkish president, has described Mr Putin and Mr
Erdogan as the worlds only true leaders.
Rebuffed by the EU, Mr Erdogan occasionally flirts with
the idea of joining the Shanghai Co-operation Organisation, dominated by Russia and China. While that seems
unlikely, the vogue of illiberalism is real enough extending even to EU members such as Viktor Orbns Hungary.
While Messrs Putin, Sisi and Erdogan are unlikely to
start a club of tsars, field marshals and sultans, they are
linked by a common thread. They regard the rule of law as
nice rather than necessary, see strong independent institutions as obstacles rather than buttresses, monopolise
power and constrict freedoms. Mr Sisi, for example, has
endowed military tribunals with more power than at any
time since the army first took over in 1952.
Turkey is part of a larger illiberal trend, warns Hakan
Altinay, former head of the Open Society Foundation
in Turkey and now at the Brookings Institution in
Washington. Orbn and Putin have made public their
sympathies and benchmarking of this governance mode.
We need to take this challenge seriously, not wish it away
or be content with caricatures. The old canons of liberalism are in need of review in response to this intellectual
and political challenge.
david.gardner@ft.com

Malaysia

Opposition leader Anwar faces oblivion after court setback

JEREMY GRANT SINGAPORE

Anwar Ibrahim, Malaysias veteran

opposition leader, faced a five-year jail
sentence and political oblivion after a
court yesterday rejected his appeal
against a sodomy conviction, following
a decades-long saga that will send
shockwaves through Malaysias political system.
The 66-year-old politician, seen as a
future prime minister by his supporters
but as a political nuisance by many in
the countrys ruling United Malays
National Organisation, last year had
appealed against the overturning of an
acquittal two years ago on charges that
he sodomised a male aide. Sodomy is
illegal in Muslim-majority Malaysia.
The overturning of Mr Anwars
acquittal came after an appeal by the
government, dominated by Umno, and
which critics and human rights activists
say has quietly backed legal action
against Mr Anwar for political reasons.
Yesterdays verdict, viewed by critics
as politically motivated, is the latest sign
of increasing authoritarian instincts in
Malaysia, such as the recent decision by
Prime Minister Najib Razak to retain a

sedition act that traces its roots to a draconian internal security act in place
during British colonial times.
At a packed federal court hearing in
Putrajaya, Malaysias seat of government near Kuala Lumpur, a judge ruled
that there was overwhelming scientific
and corroborative evidence that the
aide had been sodomised by Mr Anwar.
Supporters wept as Mr Anwar hugged
members of the opposition Pakatan
Anwar Ibrahim:
the US said his
prosecution raised
serious concerns
regarding the rule
of law in Malaysia

Rakyat coalition, made up of three parties including his own Keadilan (Justice) party.
The government said after the decision was announced: The judges will
have reached their verdict only after
considering all the evidence in a balanced and objective manner. It added:
Malaysia has an independent judiciary,
and there have been many rulings
against senior government figures.

Mr Anwars battles with the Malaysian political and judicial system stretch
back to the late 1990s, when an ill-fated
attempt by him to challenge then prime
minister Mahathir Mohamad led to
his removal from the posts of deputy
prime minister and finance minister.
The two men remained political archenemies in the years that followed,
including after Mr Mahathir stepped
down in 2003. The former prime minister, 89, still wields considerable influence behind the scenes in Umno, which
is chaired by the current prime minister.
Phil Robertson, deputy Asia director
of Human Rights Watch, said: Najib
Razaks government has persisted in its
politically motivated prosecution of
opposition leader Anwar Ibrahim at the
expense of democratic freedoms and
the rights to non-discrimination and
privacy for all Malaysians.
Allowing this travesty of justice to
stand will further undermine respect
for rights and democracy in Malaysia.
The US said it was deeply disappointed and concerned by the rejection
of Mr Anwars final appeal and his conviction. The decision to prosecute Mr
Anwar, and his trial, have raised serious

concerns regarding the rule of law and

the independence of the courts [in
Malaysia], the embassy said.
The court decision appears to end, for
now, one of the most remarkable political careers in Asia. Mr Anwar had
repeatedly bounced back from previous
setbacks, including from a six-year jail
term after being convicted in 1998 in a
separate sodomy case.
Mr Anwar led Pakatan Rakyat to its
best electoral performance at a general
election in 2013 against Umno and a
coalition of smaller parties known as
Barisan Nasional.
While Pakatan Rakyat won the popular vote, Malaysias federal electoral system and the way constituency boundaries have been drawn meant that
Barisan garnered most seats in parliament. Umno was alarmed that significant numbers of urban Malays voted for
the opposition.
Video
Malaysias veteran opposition
leader is facing a five-year jail
sentence after the legal ruling
ft.com/anwar-verdict

Wednesday 11 February 2015

FINANCIAL TIMES

INTERNATIONAL
Monetary policy

US must not be slow to raise rates, warns top official

Full employment will be
reached by years end, says
head of San Francisco Fed
SAM FLEMING SAN FRANCISCO

The US Federal Reserve should not shy

away from raising rates for fear of provoking turbulence in financial markets,
a leading policy maker said as he predicted the US would reach full employment as soon as the end of the year and
that wage gains were set to accelerate.
John Williams, the president of the
Federal Reserve Bank of San Francisco,
said the time for the US central bank
to start raising rates was getting closer
and closer after wages rose faster than
expected in January and really strong
hiring. Some investors might
be caught out by a rate increase,
but that should not stop the Fed from

tightening policy if necessary, he said.

Many bond investors are sceptical
about the prospects for significant rate
rises in the US given deflationary forces
clouding the global picture and sharply
diverging fortunes between America
and its big economic partners.
However, the latest indicators suggest
the countrys labour market is gathering
steam, with employers adding the most
jobs in a three-month period since 1997,
according to figures last week, and
wages rebounding more sharply than
expected.
Economic conditions are getting
closer and closer to those where it
makes sense to really start thinking
seriously about starting this process of
normalisation, said Mr Williams in an
interview with the Financial Times.
I dont think we can go into this
assuming we will have smooth sailing
and there wont be some kind of market

reaction and upset mainly because we

are in this extraordinary period where
much of the globe is moving in one
direction and we are moving in the
other.
I wouldnt see this as being a huge
risk or a danger or an argument against
doing what is the appropriate thing.
Mr Williams spoke amid speculation
about when the Fed will pull the trigger
following more than six years of rates at
near-zero levels.
Economists including Lawrence Summers, a former US Treasury secretary,
have urged the Fed to leave rates
unchanged until there is clear evidence
that inflation, and inflation expectations, are set to breach its 2 per cent
target.
However, Mr Williams dismissed
such calls, warning of the risk that the
Fed gets behind the curve on inflation
and that it could end up being forced to

increase rates much more dramatically to rein in inflation, provoking

market turmoil. Given the lags with
which monetary policy operated it was
better to start raising interest rates
gradually, thoughtfully, he said.
While the plunge in the oil price and
John Williams:
people positioned
for rates to stay on
hold for some time
may be caught off
guard by a rise

the strong dollar had pulled down inflation, the influence of those factors was
likely to be temporary, he argued.
Those influences will wane and
this basic force of a strong labour
market, strong economy, will
. . . become the dominant theme, and
to my mind push wages up to 3-3.5 per

cent and push inflation back to 2 per

cent.
One question preoccupying the financial markets is whether the Fed pulls the
trigger in the middle of the year or waits
longer. Mr Williams did not commit
himself to voting for a move in June, saying instead that the decision of whether
to raise or to delay a bit longer would be
in play at that point.
An early test for the Fed comes in
March, when policy makers, including
Mr Williams, need to decide whether to
remove language in the Feds policy
statement promising that it will be
patient in starting to raise rates
meaning that it will wait for at least two
meetings before acting.
Handling language would be a challenge during the process of normalising
rates, Mr Williams said, and policy makers would in future meetings try to come
up with appropriate words that stressed

Overseas shopping Three big continental investments

decisions were data dependent. However, he argued that the Fed should
wean the public and markets off the
notion that it would always lay out a specific plan about what it would do and
when on policy. My hope would be,
down the road, we can find a way to basically loosen up the language.
Mr Williams was Fed chairwoman
Janet Yellens head of research when she
led the San Francisco Fed, and his views
are closely watched by markets.
He acknowledged there was a risk
that people positioned for the Fed to
keep rates on hold for some time would
be caught off guard by a rate rise. The
answer was for the Fed to communicate
its intentions clearly.
Policy makers also needed to bear in
mind that past episodes of volatility,
such as the so-called taper tantrum in
bond markets in 2013, proved fleeting.
These things pass, he said.

Syria

$1.48bn

$2.79bn

$1.1bn

Family of
aid worker
held hostage
by Isis confirm
her death
GEOFF DYER WASHINGTON
ERIKA SOLOMON BEIRUT

The White House said yesterday that

American hostage Kayla Jean Mueller,
who was being held by jihadi militants
in Syria, had been killed.

CDP Reti
(Italy)

PizzaExpress
(UK)

Peugeot
(France)

State Grid Corp

took a 35% stake
in the energy
group in
November 2014

Beijing-based
Hony Capital
bought the
British restaurant
chain in July

Dongfeng Motor
took an 18% stake in
Europes secondlargest carmaker in
February last year
Matthias Scholz/Alamy; Antoine Antoniol/Bloomberg

Chinese go on spending spree and double investment in Europe

CLAIRE JONES FRANKFURT
JAMIL ANDERLINI BEIJING

Investors from China went on a record

spending spree in Europe in 2014,
pouring money into sectors from the
UK property market to the Italian
energy industry.
Chinese foreign direct investment into
Europe hit $18bn last year, almost double the 2013 level, according to Rhodium, a China-focused research group.
Chinese investors have spent an average
of $12bn in the region over the past four
years.
According to the research, which was
compiled for the law firm Baker &
McKenzie, Britain was the top destination for Chinese money with $5.1bn in
new investment.
The figures suggest that Chinas economic slowdown has not hurt Chinese
interest in Europe. On the contrary, the
domestic situation may have boosted
the desire of Chinese investors to diversify overseas, according to Rhodium.
Europe will welcome the continued
strength of Chinese investment, particularly as FDI from other sources has
dried up following the global financial
crisis. Since the eurozone debt crisis
began in 2009, Chinese groups have
poured capital into the region, buying
world-class brands as prices plunged
because of fleeing investors.

Rhodium said Chinese interest in

advanced economies would be sustained by two factors: recent moves by
Beijing to abolish most approvals for
outbound investment coupled with an
aggressive reform agenda under President Xi Jinping.
Were now at the stage where we can
see say that this is a structural trend,
said Thilo Hanemann at Rhodium. Its
a new area and its changing fast.
Thomas Gilles, a China expert, at
Baker & McKenzie cautioned that the
scale of Chinese investment in Europe in
the coming years would depend on
European leaders implementing eco-

Chinese foreign direct

investment into the EU
Number of
transactions

Total
investment ($bn)

200

20

150

15

100

10

50

0
2004 06

08

10

12

14

nomic reforms to improve the regions

growth prospects.
The trend is going to continue no
matter what, said Mr Gilles. But the
magnitude and shape of Chinese investment will depend on developments in
Europe.
Over the past decade, 70 per cent of
Chinese investment in Europe has gone
to economies that have emerged relatively unscathed from the financial crisis. But more recently, Chinese investors
have targeted assets being privatised in
Europes weaker periphery.
This trend has fed concerns that European countries are selling off assets too

cheaply. Greeces new government, led

by the leftwing Syriza party, has
suspended parts of its privatisation
programme, which it has dubbed a fire
sale.
Rhodium said that despite the recent
Chinese appetite for fire sale assets, the
push would probably end soon as Chinese investors became more attracted
to European businesses with long-term
growth potential, such as technology
companies. The group said that Chinese
investments into Europe were also
becoming more diverse, with areas such
as real estate, food and financials growing in popularity.

Destinations for Chinese FDI

Sectors for Chinese FDI

Top five, 2014 ($bn)

Top five, 2014 ($bn)

UK

5.1

Italy
Netherlands
Portugal
Germany

3.5
2.3
2.0
1.6

Agriculture
and Food

4.1

Energy

3.7

Real Estate
Automotive
Finance and
Business Services

3.0
2.2
1.7

Source: Baker & McKenzie

Since 2000, Britain has easily been

the biggest recipient of Chinese investment. It has attracted a total of $16bn,
compared with $8.4bn in Germany,
$8bn in France, $6.7bn in Portugal and
$5.6bn in Italy.
Chinese investors last year found the
UK property market particularly attractive. They spent $2.6bn in the sector,
including several office space acquisitions in London. The biggest purchase
was Chiswick Park, an office development in the west of London, by China
Investment Corporation, Beijings sovereign wealth fund.
Italian companies were the second
largest beneficiary of Chinese investment last year, though this was largely
down to a $2.8bn acquisition of a share
of CDP Reti, an Italian energy-grid holding company, by State Grid Corp, Beijings largest electricity utilities company. Italian investments totalled
$3.5bn.
The Netherlands was the third most
popular investment destination, with
most of the Chinese capital invested
in the countrys food and agriculture
sectors.
Next was Portugal, where three insurance companies received $1.3bn from
Chinese backers. Germany, the eurozones largest economy was fifth. Across
Europe, 153 deals involving Chinese
companies were done in 2014.

Draft legislation

Congress urges punitive import taxes on nations manipulating currencies

SHAWN DONNAN WASHINGTON

Foreign products from places such as

China and Japan would be subject to
punitive US import taxes if their governments were found guilty of currency manipulation by Washington
under draft legislation unveiled
yesterday.
The measures contained in bipartisan
bills presented in both houses of Congress come amid an escalation in rhetoric in Washington surrounding recent
foreign exchange swings. That mood is
fed by concerns over the impact on
American competitiveness and the US
recovery of a rising dollar.
Few actions by foreign governments

do more to disrupt free and fair trade

and to harm US job growth than currency manipulation, said Sander Levin,
the veteran Democrat from Michigan
leading the push in the lower House of
Representatives.
Currency manipulation has had a
major impact on millions of American
middle-class jobs. We are sending an
unequivocal message today that action
is needed to rein in this abuse.
A majority of both houses of Congress
have called for the US to introduce binding currency provisions into trade
agreements being negotiated by Washington, including the Trans-Pacific Partnership with Japan and 10 other countries now nearing completion.

But that push, backed heavily by the

US auto industry, has been resisted by
the White House and the US Treasury in
particular, which insists that forums
such as the G20 and institutions such as
the International Monetary Fund are
better suited to deal with currency matters than trade agreements.
If passed by Congress and signed by
President Barack Obama, the new legislation would allow US industries to
lobby Washington to impose countervailing duties on goods from countries
that met a series of tests for currency
manipulation. Similar legislation
passed the House of Representatives in
2010 and the Senate in 2011 though it
has never become law.

However, Mr Levin, who has spent

decades fighting on behalf of the US auto
industry against alleged currency
manipulation by countries such as
Japan, said the proposed measures
would apply only to direct intervention
in currency markets by governments.
They would explicitly not apply to
any currency swings linked to central
banks decisions on monetary policy,
raising the question of just how relevant
the proposed legislation would be.
The recent surge in the dollar and
slumps in currencies such as the euro
and the yen have been attributed largely
to the introduction of unorthodox monetary measures by central banks. The
US faced its own accusations of feeding a

currency war in the wake of the 2008

global financial crisis as a result of the
quantitative easing programme.
The recent moves by some central
banks, aimed largely at stimulating
domestic growth, have been explicitly
cheered by some governments eager to
see their currencies weaken in order to
benefit exporters. Italys prime minister, Matteo Renzi, said last month that
he dreamt of parity between the US
dollar and the euro and the benefits it
would provide to Italian exporters.
Fred Bergsten, the former head of the
Peterson Institute think-tank, said the
proposed US legislation would probably
not apply to any countries today.
Editorial Comment page 10

The family of Mueller, who is believed to

be the last American being held by
Islamic State in Iraq and the Levant, or
Isis, said they had received information
over the weekend that confirmed the
death of the 26-year-old aid worker. The
US intelligence community verified the
claim.
However, neither the White House
nor Muellers family gave an indication
of how she died. Nor did they confirm
the claims made by Isis last week that
she was killed in Jordanian air strikes
against the groups bases in Syria.
Josh Earnest, the White House
spokesman, said the US intelligence
community had no firm idea of when
Mueller died. He said that the air strike
that Isis had claimed last week was
responsible for her death had been
aimed at an Isis weapons compound.
The information we have is that
there is no evidence of civilians in the
target area prior to the coalition strike
taking place, he said.
President Barack Obama said: Kayla
represents what is best about America.
No matter how long it takes, the United
States will find and bring to justice the
terrorists who are responsible for
Kaylas captivity and death.
Muellers family said: Kayla was a
compassionate and devoted humanitarian . . . She lived with purpose, and we
will work every day to honour her
legacy.
Mueller, who had worked as a volunteer in India and the Palestinian territories after graduating, travelled to the
Turkish border with Syria in 2012 to
work for organisations helping refugees
from the Syrian civil war. She was captured by Isis more than a year ago, along
with a group of aid workers all of whom
have since been released, possibly after
the payment of a ransom.
Isis at one stage asked for a multimillion-dollar reward in return for her
release, but the US has a strict policy of
not paying ransoms for hostages.
The aid worker is the eighth foreign
hostage killed in Isis captivity, and the
fourth American. The other three
American hostages were killed in
beheadings that were released on video.
On Friday, social media sites used by
Isis said Mueller had been killed in air
strikes on Raqqa, the north Syrian city
that has been Isiss stronghold. Isis supporters posted photographs showing a
flattened building, alongside claims that
Mueller had been buried beneath. However, the pictures provided no evidence
to support the claim.
The air strikes near Raqqa were seen
by locals as revenge attacks following
the killing last week by Isis of a Jordanian fighter pilot, Muath al-Kasaesbeh.
Some Jordanian officials mooted the
sending of ground troops to fight Isis
after the group posted a graphic video
showing Kasaesbeh being burned alive.
Isis members have since posted rallying calls on social media sites, while
some media outlets reported discussions between the US and Gulf coalition
allies on potential ground forces. The
United Arab Emirates meanwhile said
its F-16s based in Jordan launched air
strikes on Isis targets yesterday.
Additional reporting by Simeon Kerr in
Dubai

Wednesday 11 February 2015

FINANCIAL TIMES

INTERNATIONAL
Nigeria

Cyber crime

Obasanjo voices concern over election delay

Chinese hack
on Forbes
targets banks
and blue-chip
companies

Former president backs

Buhari campaign to defeat
his former protg
KATRINA MANSON NAIROBI
WILLIAM WALLIS LAGOS

Olusegun Obasanjo, Nigerias former

president, has raised alarm about the
postponement of presidential elections
and has publicly endorsed former military ruler Muhammadu Buharis campaign to unseat Goodluck Jonathan.
Gen Obasanjo was in Nairobi to
launch an autobiography highly critical
of Mr Jonathan, a former protg whose
ascent to the presidency he helped to
engineer. The book has been banned in
Nigeria pending libel hearings brought
by an ally of the president.
The signs are not auspicious in the
wake of the six-week postponement of
the general election, said Gen Obasanjo,
who remains an influential, if contentious, figure at home. I dont know
whether a script is being played.
Coming from a founding member of

the ruling Peoples Democratic party, his

public endorsement of the main opposition challenger underscores the extent
to which Mr Jonathan has lost backing
from sections of the establishment.
Nigerians were due to go to the polls
this Saturday, with the campaign of Gen
Buhari gathering steam in what was
expected to be the countrys closest
electoral contest since the restoration of
civilian rule in 1999.
But the Independent National Electoral Commission last weekend postponed the vote until March 28 after
security chiefs said they could not safeguard the polls while launching a
regional military campaign to reclaim
territory from Islamist extremists.
The delay should also enable biometric voter cards to be distributed to the
millions of voters who have yet to
receive them and who were at risk of
being disenfranchised.
However, the hold-up has raised fears
among civil society and opposition
activists that the government might
seek to use security concerns as a pretext to extend its mandate beyond a

four-year term that ends on May 29, and

risk plunging the country back into the
hands of the military rather than tempt
fate at the polls.
Mr Jonathan and the army have publicly pledged to abide by the constitution. Gen Obasanjo said in an interview:
I sincerely hope that the president is
not going for broke and saying look
Olusegun
Obasanjo:
I hope that we
will not have
a coup . . . I hope
we can avoid it

dammit, its either I have it or nobody

has it. I hope that we will not have a
coup . . . I hope we can avoid it.
Gen Obasanjo, the military ruler in
the late 1970s, returned to power as
elected president between 1999 and
2007 after his release from prison where
he was held as a political prisoner by
Sani Abacha, the penultimate and most
brutal of Nigerias military dictators.
He was instrumental in Mr Jonathans

ascent from provincial governor to the

presidency. But relations between the
two men have soured since he chose
Mr Jonathan as a vice-presidential
candidate in 2007 and backed him as
president when Umaru YarAdua, the
incumbent, died in office three years
later.
Gen Obasanjo, 77, continues to play an
active international role but says he has
no ambition to return to the political
centre stage. I am an old man and Im
enjoying what Im doing now . . . And
then you forget I am a farmer; I have to
manage my farm.
This is the first time Gen Obasanjo has
come out openly to support Gen Buhari,
72, who ruled Nigeria briefly in the
1980s after taking power in a coup and
has tried three times since then to win
the presidency, including once against
Gen Obasanjo.
The circumstances [Buhari] will be
working under if he wins the election
are different from the one he worked
under before, where he was both the
executive and the legislature he
knows that, said Gen Obasanjo.

Hes smart enough. Hes educated

enough. Hes experienced enough. Why
shouldnt I support him?
He also believes Gen Buhari would be
well equipped to combat corruption and
restore fighting spirit to an army that
has struggled in the face of the
onslaught by Boko Haram, which has
seized a swath of territory in the northeast.
Its a question of leadership political and military, Gen Obasanjo said of
the crisis facing the army.
I think that you need to ask [Mr
Jonathan] how has he let [the army] go
to this extent . . .
Many things went wrong: recruitment went wrong; training went wrong;
morale went down; motivation not
there; corruption was deeply ingrained;
welfare was bad.
The former leader also expressed dismay at the extent to which billions of
dollars in oil revenues had all disappeared since he left office, when
reserves had reached $45bn and the
government had $20bn more in rainy
day savings.

India. Delhi vote

Modi loses image of invincibility after poll drubbing

Embarrassing defeat for ruling
BJP ends run of state wins as
Common Man party triumphs
AMY KAZMIN AND VICTOR MALLET
NEW DELHI

Narendra Modis Bharatiya Janata party

has suffered a crushing defeat in Delhis
city election, undermining the Indian
prime ministers image of political
invincibility and showing the extent of
disillusionment among the capitals voters after only eight months of BJP
national government.
Arvind Kejriwals upstart Aam Aadmi
(Common Man) party, which has campaigned against corruption, won 67 of
Delhis 70 assembly seats, with Mr
Modis BJP taking only three.
The Congress party of Sonia Gandhi,
which once dominated the city and the
country, did not win a single constituency, according to the Election Commission of India. Working-class voters and
religious minorities once loyal to Congress abandoned the party en masse and
voted for the AAP.
The AAPs victory was particularly
embarrassing for Mr Modi since he had
personally thrown his weight behind the
BJPs campaign he loomed larger in
the election posters than last-minute
BJP chief ministerial candidate Kiran
Bedi and had asserted the importance
of the Indian capital because of its international profile.
The National Capital Territorys 17m
inhabitants comprise a tiny fraction of
Indias 1.3bn people and the Delhi
election was fought largely on local
issues, but the BJPs defeat ends a string
of Modi triumphs in state polls since his
sweeping general election victory in
May last year.
Indian business leaders and foreign
investors remain solid supporters of Mr
Modi and his agenda for developing the
economy, even if they are as frustrated
as the government by the difficulties the
BJP faces in pushing reformist legislation through parliament.
The middle-class voters of Delhi,
however, have declared their preference
for Mr Kejriwal and his promise of clean
government in spite of the failure of
his shortlived minority administration
in the city a year ago.
We are beginning to worry about a
strong Modi, and Kejriwal is a low-cost,
local investment in opposition, says
sociologist Dipankar Gupta. For the socalled middle-class and above, some of
them are beginning to think we do need

Hu Xiaolian and Li Dongrong will vacate

their posts, leaving Pan Gongsheng and
Yi Gang as the remaining deputies to
Zhou Xiaochuan, PBoC governor, who is
also expected to step down in a few
years after holding the post since 2003.
Analysts say the move is unlikely to
affect monetary policy in a system
where senior Communist party officials

During a four-day period from November 28 to December 1 last year, any visitor to the Forbes business website would
have been infected by the Chinese
attack.
Forbes said the vulnerability had
been closed.
The company launched an investigation immediately after discovering files
on its system had been tampered with
and had subsequently found there was
no indication of additional or ongoing
compromise, it added
Visitors to Forbes during the period it
was infiltrated who have not cleaned or
scanned their systems are still probably
infected, however, and may be being
spied on by the Chinese group.
The attack is the latest evidence of a
cyber espionage war against western
businesses from groups within China
that has expanded dramatically in
recent months and left many governments struggling to stem the threat.
As well as online espionage attempts
from state-backed groups, security officials are also having to grapple with a
deluge of blunter, damaging attacks that
have grown in impact against the backdrop of an increase in geopolitical tensions in the past 12 months.
Hackers sympathetic to Islamic State
of Iraq and the Levant (Isis), the jihadi
group that has taken over much of eastern Syria and western Iraq, took over

Patrick McBride, iSight

Arvind Kejriwal
acknowledges
supporters after
his victory in
Delhis city
election. The
AAPs ambitions
go beyond Delhi
to a wholesale
shake-up
of Indias
money-driven
political system
Money Sharma/AFP

some kind of opposition in politics.

Mr Modi now faces the prospect of Mr
Kejriwal emerging as a lightning rod for
dissent, especially over controversial
policies seen as favouring big business at
the expense of ordinary people.
The AAP, for example, has already
criticised the governments recent land
acquisition ordinance, which seeks
to make it easier for businesses to
acquire farmland for infrastructure and
industry. Youll have a party in power
in Delhi which has the capacity to mobilise street protests right outside Race
Course Road, says Pratap Bhanu
Mehta, president of the Centre for Policy
Research, referring to Mr Modis official
residence. But its a weapon theyll
have to use extremely sparingly, with
careful political judgment.
Mr Kejriwal will also face headaches
in trying to govern Indias unwieldy capital city, whose inhabitants struggle with

shortages of housing, water, power and

lack of security and where the
national government controls important agencies, including the city police.
The people of Delhi have done something amazing. Its a victory for honesty
and truth, Mr Kejriwal told cheering
supporters. But he added the unexpectedly strong mandate was very scary.
The AAPs ambitions go beyond
Delhi to a fundamental transformation
of Indias money-driven political system. The party has called for a clean-up
of Indias opaque campaign financing
and tough action against corrupt officials.
Its a big leap for a small party like us
but a small step in the direction of transforming Indian politics, says Yogendra
Yadav, a senior AAP leader.
Well sit down and think about how
do we move forward from this victory.
The AAPs landslide victory was ena-

The people
of Delhi
have done
something
amazing.
Its a victory
for honesty
and truth
Arvind
Kejriwal

bled by a near-total collapse of support

for the Congress party, which could once
rely on the support of the poor and of
the Muslim minority, especially in contests against the Hindu nationalist BJP.
The BJPs vote share of about a third was
barely changed from a year ago.
The failure of Congress to win a single
seat in a city it ruled for 15 years until
2013 highlights the problems for the
leadership of Mrs Gandhi and her son
Rahul.
Congress faces a crisis of its existence, says Mr Yadav. They dont seem
to have the political will to lead the
opposition, and that vacuum is waiting
for a new player to come in. AAP would
strive to occupy that space.
The curve for Congress is becoming
steeper and steeper, says Mr Mehta.
AAP will set the agenda for debate
much more than Congress on issues like
land acquisition and secularism.

Two deputy governors axed as Communist party reshuffles central bank

Two of the four deputy governors at
Chinas central bank will be replaced in
the coming months, local media have
reported, in a reshuffle that highlights
the Peoples Bank of Chinas lack of
independence.

Chinese hackers hijacked the Forbes

website and used it to target thousands
of computers linked to blue-chip companies, including US defence contractors and banks, in one of the most brazen cyber espionage campaigns
launched by Beijing-linked groups.

Its one of the most brazen

[attacks] we have seen in
terms of what it targeted

China monetary policy

GABRIEL WILDAU SHANGHAI

SAM JONES LONDON

HANNAH KUCHLER SAN FRANCISCO

outside the central bank approve key

decisions such as changes to the benchmark interest rate and adjustments of
the overall monetary stance from
loose and steady to tight, and
nuanced variations in between.
PBoC officials are thought to have
greater latitude, however, to make less
profound policy changes such as adjustments to the required reserve ratio.
Akin to senior positions at other government agencies, central bank deputies are selected by the partys organisation department, an organ of the Central
Committee and its secretariat.
Caixin, the financial magazine,
reported that Ms Hu, 56, who heads

PBoCs Shanghai branch as well as two

divisions responsible for monetary policy, will become chairman of the China
Export-Import Bank, replacing Li

Peoples Bank of China: action is

unlikely to affect policy, say analysts

Ruogu, retiring chairman, himself a

former PBoC deputy governor. Ms Hu
has served as deputy governor since
2005.
Mr Li, 60, will retire and be replaced
by Guo Qingping, who serves as a PBoC
governors assistant, Caixin reported.
Mr Li has served in his current role since
2012.
Ms Hus move would fit a pattern in
which senior central bank roles are used
as training grounds for important positions at state-owned banks.
Liu Shiyu, who was appointed last
year as chairman of Agricultural Bank
of China, the countrys third-largest
commercial bank, had served as a dep-

uty PBoC governor since 2006. Wang

Hongzhang, chairman of China Construction Bank, the second-largest
bank, also served at PBoC for 12 years.
Apart from heading large banks,
former central bank officials are also
frequently posted to China UnionPay,
the state-owned payments clearing network that has a near-monopoly within
China and increasingly competes with
Visa and MasterCard abroad.
Rumours have also swirled around
the timing of Mr Zhous retirement. At
67, he has already passed the usual
retirement age of 65, a threshold that is
codified in party rules but that is not
always binding.

Newsweeks Twitter account yesterday,

broadcasting threats to the family of
Barack Obama, US president.
Details of the attack on Forbes were
released by the cyber security company
iSight Partners, which had detected the
intrusion on some of its clients networks, among them a top-tier US arms
manufacturer.
The hackers used two zero day
exploits loopholes in widely used software to crack security systems such as
firewalls and antivirus software and
indiscriminately infect readers of the
business news site.
The attack was launched through
Forbes thought for the day pop-up
screen, which welcomes visitors to the
site and is run using Adobe software.
The Chinese hacking group, known by
iSight as Codoso, was able to exploit the
pop-up because of a loophole they had
discovered in Adobes software.
A second loophole enabled them to
bypass security on Microsoft operating
systems that would ordinarily have
blocked the attack.
iSight said it was confident the attack
was state-backed. Codoso is one of the
more prominent and well-resourced
hacking groups in China and has been
followed by western security analysts
and cyber security agencies for years.
In 2010 the group performed a similar
attack on the Nobel Prize website after
the honour was awarded to a leading
Chinese dissident, Liu Xiaobo.
Its one of the most brazen [attacks]
we have seen in terms of what it
targeted, said Patrick McBride, vicepresident at iSight.
Its probably one of the most popular
websites we have ever seen leveraged
for an attack like this. Using [Forbes]
gave them a tremendous amount of
options after they had got their initial
foothold [in visitors systems].
Visitors to Forbes who worked for
defence companies and banks were
those who were subsequently targeted
most, Mr McBride said.
An attacker would choose to use a
major publisher because it is a legitimate website that earns the trust of
users who visit on a regular basis with
confidence, said Oren Falkowitz, a
former National Security Agency
employee who runs Area 1 Security,
another cyber security company.
What they want is a platform with a
large audience, so they can get the users
that they want in that pool and then be
very discriminating about who they
want to go to the next stage with.
Software exploits identical to those
used to target Forbes had also been used
to infiltrate websites associated with the
Hong Kong protests and the restive
Uighur minority population in western
China in recent weeks, iSight said.

Wednesday 11 February 2015

FINANCIAL TIMES

FT BIG READ. PHARMACEUTICALS

The high price for Gileads miracle hepatitis C drug drew heated criticism from politicians, doctors and
the public. Now critics are asking if the US pharma industrys premium pricing model can endure.
By David Crow and Andrew Ward

The race to
cure rising
drug costs

ince contracting hepatitis C

25 years ago, Lucinda Porters
biggest fear has been that she
would infect someone else
with the deadly virus. Whenever I cut myself and saw the smeared
blood, I would panic, she says.
Within days of contracting the illness,
Ms Porter was hit with severe fatigue,
weakness and a loss of appetite. She
spent most of the next two decades
trapped in a low-level brain fog,
unable to concentrate and prone to
severe bouts of muscle-pain and fever.
She tried two courses of treatment,
both of which failed. By 2003, she had to
face up to the possibility that she would
die from hepatitis C, which can lead to
cirrhosis and liver cancer.
Ive seen people die from this . . . it is
one of the worst deaths there is, says Ms
Porter, a nurse.
Ten years later, she took part in a clinical trial for a new drug called Harvoni.
Within days she knew the treatment
was working and after three months
doctors declared her effectively cured.
Ms Porter is one of 140,000 Americans that have been treated by one of
Gilead Sciences hepatitis C drugs since
they were launched two years ago. Harvoni and Sovaldi, an older version of the
pill, are seen as miracle drugs, offering
cure rates of over 94 per cent.
But Gilead has become the symbol of
out-of-control drug prices in the US. A
12-week treatment costs $94,500, or
$1,125 a pill, attracting unwanted attention from politicians and doctors, who
identify the group as one of the most
hated companies in pharmaceuticals.
Peter Bach, a doctor and director at
the Memorial Sloan-Kettering Cancer
Center in New York, reflects the views of
many in his profession when he accuses
it of corrupting behaviour.
Gilead is a test case in the court of
public opinion, he says. It has become
the poster child for high drug prices.
The controversy has also highlighted
the broader question of whether pharmaceutical companies can defend their
premium pricing model in the worlds
biggest healthcare market. The evidence of recent weeks suggests it is a
battle that big pharma risks losing, raising questions over the economic model
of an industry that relies heavily on US
profits to reward investors and finance
new drugs.
After less than a year on the market,
Gilead has faced a concerted push to
lower the price of Harvoni. Seizing an
opportunity created by the approval in
December of a rival hepatitis C treatment from AbbVie, another US drugs
group, the insurers and employers who
fund US healthcare have forced deep
discounts from both companies in
return for access to patients.
Such aggressive tactics had not been
commonplace in the US , where patient
choice has reigned supreme. Yet there
are growing signs of similar behaviour in

Drugmakers such as Gilead have

faced protests against the expensive
cost of medicines John Amis/AP

C Prized model Big pharma companies

say they rely heavily on US profits to
reward investors and finance research
C Price war A new hepatitis C drug
enabled insurers to push for discounts
to ensure access to patients
C Heavy burden The US has 4.6% of
the worlds population but is
responsible for 33% of drug spending

other areas, including treatments for

asthma and diabetes, as the groups that
fund US healthcare take a tougher
approach to containing costs.
Without any doubt there is pressure
on price in the US, says Pascal Soriot,
chief executive of AstraZeneca, which
has been in a price battle over respiratory drugs with its UK rival GlaxoSmithKline. Weve seen what has happened
in [hepatitis C] and insulin, we see it in
respiratory; it is going to be an issue in
oncology. The market is . . . more challenging than it was five years ago.

US drug prices
Indices (rebased)
200
Brand prescription
150
100
50
Generic prescription

Price pressures

Direct federal government intervention

in drug prices is barred under US law
testament, critics say, to big pharmas
lobbying power on Capitol Hill. But
President Barack Obamas health
reform the Affordable Care Act has
created incentives to control costs,
while consolidation among healthcare
providers has also shifted bargaining
power from drug companies to their
customers.

2008 09 10 11 12 13 14

Pharmaceutical spending
Spend per capita ($)
2013

US
Japan
Germany

Without any doubt there

is pressure on price in
the US . . . The market is
more challenging than it
was five years ago
The combination of these forces could
result in the US applying the brake to
rising healthcare costs which, at 18 per
cent of gross domestic product, far
exceed those of any other nation.
Prescription medicine prices account
for about a tenth of these costs and rose
almost 11 per cent last year, according to
the Truveris National Drug Index. This
makes drug companies a prime target
for an efficiency drive that many
experts see as long overdue.
Gileads hepatitis C pills proved so
controversial because they combined
an expensive drug with a large patient
population. A pill at $1,000 each is not
unheard of but very expensive drugs are
usually aimed at rare diseases, as the
company has to charge more per patient
to recoup its costs.
The number of people with hepatitis C
is huge, with more than 3m infected in
the US alone. As soon as Gilead
launched its new drugs, medical professionals warned that they risked busting
the system. But the return for Gileads
investors has been huge, as demonstrated by the companys 2014 profits,
which more than tripled to $13.3bn.
Steve Miller, chief medical officer at
Express Scripts, the largest of the pharmacy benefits managers which negotiate with drug companies, has had Gilead
in his sights for more than a year after it
refused to offer meaningful discounts.
A self-styled scourge of high drug
costs, he set out to engineer a price war
as soon as AbbVie launched its rival
Vikera drug in December. Dr Miller
agreed to treat Express Scripts patients
exclusively with Vikera in exchange for
a hefty, but undisclosed, discount. The
market reaction was swift: investors
wiped more than $20bn off Gileads
market value in a single day.
Gilead then unveiled its own exclusive
deals with many of Express Scripts
rivals but this month it warned investors it was being forced to offer discounts of almost 50 per cent, a revelation that again sent its shares tumbling
and prompted a sharp sell-off of other
pharmaceutical stocks.
GSK has been another victim of Dr
Millers emboldened approach to negotiations. The UK group saw a sharp fall
in revenues last year after its asthma
drug, Advair, was taken off Express
Scripts list of preferred medicines
effectively removing it from many

2018 (forecast)

France
UK
Brazil
China
0

500

1000

1500

Pharmaceutical research and

development spending
As % of sales
18
16
14
12

Funding research

10

Pharmaceutical executives say their

ability to price drugs in the US according
to what the market will bear allows
them to cover the considerable cost of
finding new, often revolutionary, treatments; the cost of developing and winning approval for a new drug now runs
at $2.6bn, according to the Tufts Center
for the Study of Drug Development,
compared with $802m in 2003.
If there is one thing that the pharma
industry and those who foot the US
healthcare bill agree on, it is that the US
is paying too much relative to other
western countries, especially Europe.
With only 4.6 per cent of the worlds
population, the US is responsible for 33
per cent of global drug spending.
The rest of the world is hardly rushing
to pick up a bigger share of the bill.
Europe and Japan, faced with ageing
populations and big fiscal challenges,
are trying to contain rising healthcare
costs. Developing economies such as
China and Brazil also want to keep a
tight lid on drug prices as they expand
still-fragile health systems.
In India, meanwhile, western drugmakers have faced aggressive patent
challenges in an attempt to open their
drugs to low-cost competition from
local generic rivals.
If the US price premium is reduced, it
will have to come straight from industry
margins. With average gross profit margins of about 67 per cent, critics argue
big pharma can afford the hit. But
industry executives warn that, with
activist investors circling the industry in
search of efficiency savings, any dent to
earnings would inevitably put pressure
on research and development.
Such arguments fail to sway Dr Miller,
who says the status quo is unsustainable. The US worker is being gouged to
fund innovation for everyone. America
can no longer be solely responsible for
all of pharmas profits.

8
1980

90

2000

13

Sources: Express Scripts prescription price index;

IMS Health; PhRMA

insurance plans. It regained access this

year after offering a discount.
You are going to see a lot more of
this, says Andrew Witty, chief executive of GSK. I dont particularly like it
because I think patient choice is important but ultimately if a market is going
to move in that direction we have to
engage with it . . . it is definitely something which has moved dramatically
over the past 18 months.

Confronting big pharma

Express Scripts and its rivals say these
skirmishes are only the start of a more
confrontational relationship with big
pharma. The next battleground is can-

Treatment
Specialist labs and big
data aid focus on pricing
Healthcare companies are
experimenting with different ways of
charging for treatment in an attempt to
move ahead of the debate over the
rising cost of drugs and therapies.
Medtronic, a medical devices
company, has started offering to treat
patients with cardiac conditions at a
single fixed price through its network of
so-called catheterisation laboratories,
where doctors can visualise a patients
arteries and heart chambers and treat
abnormalities.
Omar Ishrak, Medtronic chief
executive, says the company works out

cer drugs one of the most profitable

areas of the industry, with many treatments priced at more than $100,000 a
year.
Yet Dr Miller admits it will be much
harder to tame the cost of cancer drugs.
In the case of hepatitis C, there was a
competing product that also offered an
effective cure, but demonstrating the
success of a cancer drug is much more
ambiguous, says Dr Miller. If you have
a tumour shrinkage but it doesnt prolong survival, is that a good response
or not?
Then there are several cancer drugs
that do prolong survival, but not by very
long, such as Eli Lillys Cyramza, which
what a cath lab patient is costing the
hospital, and then offers to reduce that
by X amount, depending on the
situation inside the hospital.
We commit to that fixed price. Any
benefit beyond that we share with the
customer in some way. Any
underperformance we have to absorb,
says Mr Ishrak.
Express Scripts is also using its trove
of big data it has claims records for
85m Americans to guarantee that
those patients deemed less likely to
finish a course of treatment still take
their medication.
We have predictive models that
show us if a patient is going to be
adherent to a drug before they even
take their first dose, says Steve Miller,
chief medical officer. If you let us fill

extends the life of patients with lung

cancer by less than six weeks at a cost of
around $24,000.
John Lechleiter, Eli Lillys chief executive, dismisses as hogwash the idea
that incremental improvements are not
worth paying for. If you go back to the
mid-1990s, I think median survival

If we take away too much

decision-making from
physicians, then we start
to go down a slippery
slope in healthcare
the prescription, we will guarantee
adherence and will refund the cost of
any wasted drugs.
Several of the companies that are
developing expensive immunotherapy
cancer drugs, which encourage a
patients white blood cells to attack
their tumours, are also developing
diagnostic tests to ensure the
treatment is only given to those who
are likely to benefit.
That would enable them to charge
high prices but cut the overall cost to
the healthcare system by reducing
wastage.
Genentech, for example, has a
companion diagnostic test that
determines whether a patient has the
right biomarker to respond to a drug
it is developing to treat bladder cancer.

times were nine months. But in these

increments of one or two months, weve
got to the point now of 16 or 18 months.
Also under fire are industry tactics
that critics say keep drug prices artificially high. In December, Eric Schneiderman, New Yorks attorney-general,
won a preliminary injunction against
Actavis, which prevented it from instigating a so-called forced switch on
Namenda, its Alzheimers drug. Actavis
had stopped selling the pill and told doctors to move patients to a newer version,
Namenda XR.
The patent on the older drug expires
in July, at which point it will face competition from generic copycat versions,
whereas the newer pill is protected
until 2025.
If we start to take away too much
decision making from physicians to prescribe what they think their patients
need, then we start to go down a slippery
slope that is not good for healthcare,
says Brent Saunders, Actavis chief executive, of the injunction.
Much of the drug price inflation is
down to the structure of the US healthcare system, which lacks the kind of
central government negotiator seen in
many of the single-payer set-ups that
are common in Europe. The Food and
Drug Administration only has to consider whether a medicine is safe and
effective, not whether it is good value
for money.
That decision is left up to individual
insurance companies that have done a
poor job of controlling prices which
cynics put down to the fact that higher
drug prices are used to justify higher
premiums.
Medicare, a government programme
that funds healthcare coverage for
almost 50m, mostly senior, Americans,
is banned from negotiating any discounts on drugs.

10

Wednesday 11 February 2015

FINANCIAL TIMES

Letters
Review policy to allow planned release of land

WEDNESDAY 11 FEBRUARY 2015

Britains House of Lords

needs to be downsized
The expanding number of peers is damaging parliaments reputation
The British public has become deeply
cynical about the political class at
Westminster. Few issues ought to provoke its ire as much as the growth in the
size of the House of Lords. Membership
of Britains unelected upper house has
soared from 666 peers in 1999 to nearly
850 today, well in excess of the House of
Commons. The Lords is now the second
largest parliamentary chamber in the
world, more than twice as big as the
French and Italian upper houses and
overshadowed only by the 3,000member Chinese Peoples Congress.
Unless something is done to reduce its
size, it will soon become an object of
public scorn and ridicule.
The subject of Lords reform has been
batted around by Britains politicians
for more than 15 years with limited success. An important step was taken in
1999 when most hereditary peers were
removed from the chamber but it
remains wholly appointed. The most
recent attempt to reform the chamber
creating a mainly elected House
collapsed amid coalition infighting in
2012. As the UK now tries to forge a
new devolution settlement, an overhaul of the upper chamber is again
under consideration. Ed Miliband, the
Labour leader, has proposed, for example, that the upper house should
become a Senate of the nations and
regions while the Liberal Democrats
also want change.
But a major reform of the Lords may
take years to complete and past efforts
certainly give no cause for optimism. In
the meantime, as a report from the
Constitution Unit at University College
London points out, the size of the Lords
risks spiralling completely out of control unless Britains political leaders
agree among themselves to stop it.
The reason why membership has
grown so fast is that a British prime
minister can create as many peerages
as he wants, when he wants and with

whatever balance between the parties

and the nonaligned cross-benchers he
desires. David Cameron has made
extensive use of this right to give his
party control of the Lords and reward
political allies. If Mr Miliband wins the
election in May he, too, will probably
create more Labour peers to ensure the
upper chamber does not obstruct government legislation. The size of the
house will ratchet up again. Regardless
of the wider argument over reform this
uncapped growth must stop.
Peers receive a daily allowance of
300 for each sitting day they attend
the House. Ideally, some of them would
voluntarily retire. But only five have
taken up the opportunity to do so provided by legislation passed last year.
The only way ahead is for Mr Cameron
and Mr Miliband to strike an agreement, preferably before polling day on
how to stop peer inflation continuing
into the next parliament.
The Constitution Unit at UCL suggests the two parties agree to declare
their intention to reduce the size of the
chamber to around 550 in the short
term. Both leaders would pass their
right to create peers to the independent
House of Lords Appointments commission. The report proposes a one
in/two out system for creation of new
peers. Other ideas sometimes discussed include time limits on how long
each member can sit in the House.
An accord is probably too much to
hope for. Mr Cameron and Mr Miliband
barely collaborated over last years
Scottish referendum a matter of
huge significance for the UK and are
unlikely to do so over reform of the
upper house. It is the reputation of
the Lords that will suffer. The chamber
has long been renowned for the quality
of its debates it is more reflective and
courteous than the Commons. It is now
becoming better known as an expanding repository of political patronage.

Congress threatens trade

deals with currency row
Obama must head off alliance of unions and Tea Party Republicans
We have seen this film before. The US
Congress is threatening a trade war to
punish currency manipulators, those
it deems to be boosting their trade balance artificially at the expense of
America. Ordinarily, a threat of legislative action like this folds in the face of a
presidential veto. In the past this has
resembled a good cop-bad cop routine.
The White House would point to anger
on Capitol Hill in order to persuade the
likes of China and Japan to curb manipulation against the dollar.
This time, however, the number of
Democrats and Republicans pledging
their support for legislation looks unusually potent. President Barack Obama
rightly insists that dealing with currency devaluation should be separated
from matters of trade. He must hold
firm both on the Trade Promotion
Authority he seeks from Congress
that enables him to submit fast track
deals to an up-or-down vote as well
as the Transpacific Partnership talks
that are in their final stages. Both
Atlantic and Pacific trade deals are at a
crossroads. It would be a setback to global growth prospects if they were sabotaged by politics in the very country
that initiated them.
However, Mr Obama should take
nothing for granted. John Boehner, the
Speaker of the US House of Representatives, has said he needs at least 50
Democratic votes to pass TPA. Yet 150
of the 188-strong Democratic caucus
have already signed a petition opposing
it. Unlike on previous rounds, they are
joined by a growing number of Republicans who object to anything that
increases Mr Obamas authority.
Their motives may be different. The
left smells a multinational rat that
would gnaw at US labour and environmental standards. The right wishes to
poke Mr Obama in the eye. Combined,
they are an unholy alliance capable of
wrecking global trade negotiations.

The main problem is that such a

measure is unworkable. It would slap
duties on imports from countries
deemed to be manipulators, this being
defined as central bank interventions
aimed at providing a currency subsidy.
In practice these are hard to prove. One
persons devaluation is anothers monetary policy.
It could also rebound on the US.
Many, including China, objected to the
US quantitative easing programmes on
precisely such grounds. The US is now
complaining about the impact of the
European Central Banks QE. Both
actions were launched to stimulate
demand but also boosted exports.
Deciding which are manipulations is
not a precise science, as the IMF has
made clear. Shunting adjudication to
the World Trade Organisation would
not alter that objection.
The second problem is that it would
ruin any chances of a trade deal. The
13-member TPP talks are nearing conclusion. If Congress inserted a currency
clause into the final deal it would
prompt Japan to abandon the process
and possibly others.
The same applies to the Transatlantic Trade and Investment Partnership
talks, which are at an earlier stage. Germanys record export growth is partly
helped by the euros recent depreciation. Any measure that punished the
eurozone for its currencys downward
drift would only hasten the protectionism US lawmakers say that they are
trying to stop.
The dollar is currently riding high
because US growth outpaces most of its
partners. If the recovery has returned
fewer middle class jobs than hoped to
US shores, it is because of automation,
not competitive devaluation. In any
case, trade is not the forum with which
to address US currency concerns. Mr
Obama knows this. So do cooler heads
in Congress. Let us hope they prevail.

Sir, I was sorry to see that Martin

Wolfs article on green belts did not
reflect the contested nature of the
research evidence about their impact
on the supply and price of housing
(The solution to Englands housing
crisis lies in the green belt, February
6).
Inevitably restricting the supply of
development to achieve wider
objectives will have both short and
long-term impacts, including
massively increasing the value of the
land that is developed, enabling
landowners to reap the financial
benefits from planning decisions.
But to address the negative impacts
of restraint policies by creating a
presumption in favour of development

throughout green belts will be no

guarantee of achieving the twin
objectives we must all endorse of
increasing our miserably low output of
new homes and of ensuring that the
matching infrastructure needed to
support these new homes is also
provided.
Far better to have a strategic review
of greenbelt policy leading to the
planned release of land within them
(enabling, for example, the building of
planned new settlements along public
transport corridors within green belts).
The identified land should then be
acquired by joint public-private sector
bodies charged with acquiring the land
at its existing use value, putting in the
infrastructure and then selling it on to

The secret of Londons

success is that precious
half million hectares
Sir, Martin Wolf is a great economist
and unrivalled commentator on
economics on the FT but he is wrong
even morally wrong on the green belt
(The solution to Englands housing
crisis lies in the green belt, February
6).
First a historical correction: a Tory
cabinet in 1938 drafted the The Green
Belt (London and Home Counties) Act,
nine years before the 1947 planning law
(of which there was much to be modest
about) quoted by Mr Wolf.
Second, many other markets have
more than 100 to one variations: the
market for compensating economists is
indeed a hugely distorted one, with
only a few economists earning more
than a million a year; however, the
solution surely is not to pour concrete
over the London School of Economics.
Third, one critical reason for the
overvaluation of property is surely the
post-2008 monetary easing supported
by Mr Wolf, with McKinsey reminding
us last week that global debt grew from
$142tn in 2007 to $199tn now,
therefore the deleveraging is a myth
and much of this extra debt was used
to buy property globally, some within
the M25.
Fourth, Mr Wolfs micro-proposal
whereby developers should pay fees to
local councils is deeply flawed: they
already do that and not always
adopting best practices, alas. Much
better would be to abolish the Planning
Inspectorate, a central government
agency that has outlived its logic
whose abolition would save taxpayers
money and to enhance the
democratic oversight by the electorate
over local councils.
Last, Mr Wolf is factually wrong in
denying that the green belt around
London is an area of outstanding
amenity: it is a vital lung for London, a
precious area of merely half a million
hectares that is a secret of the success
of the largest city in Europe, founded
by the Romans as Londinium two
millennia ago.
Londons future is best served by
making the green belt a Unesco
World Heritage Site, therefore
protected from the rapaciousness of
greedy local developers and mad urban
planners advocating chaotic urban
sprawl over Englands green and
pleasant land.
Paolo di Montorio-Veronese
Singapore

Bitter times
for French
haute cuisine

Paris
Notebook
by Adam Thomson

Hes used up all the duct tape to

repair a duct

British offshore centres

have the worlds trust
Sir, Labour party leader Ed Miliband
is quite right to insist that the British
offshore centres should know the
beneficial owners of companies
established in their jurisdictions (Tax
havens hit back at Miliband blacklist,
February 9).
He threatens to call on the OECD to
blacklist the British offshore centres if
they do not adopt central registries of
beneficial ownership. If this were the
requisite criterion for blacklisting, the
OECD would be forced to blacklist the
majority of its own members.
Mr Miliband claims that our
authorities cannot even discover the
true ownership of firms in the British
offshore centres. Mr Miliband is
poorly informed. The British offshore
centres have systematically collected
and verified beneficial ownership
information through licensed and
regulated service providers for more
than a decade. The information is held
for local government access and
provided to the UK (and other)
governments on request. From this
year British offshore centres will
provide such information to the UK,
automatically and annually updated,
on all companies with British owners.
Next year those British finance
centres will participate in the OECD
Global Forum early adopters group
to provide beneficial ownership
information to more than 90
governments.
Pending UK legislation to collect
beneficial ownership information will
rely on self-reported data, with no

The Michelin guide awarded its

coveted stars last week to 609
restaurants throughout France as part
of its annual appraisal of culinary
standards in the country that invented
haute cuisine.
The elite three-star category, which
in Michelin speak means worth a
special journey, had two new entries
this year. Two stars mean worth a
detour and one-star places are said to
merit a stop if they are on your route.
When it comes to fine food,
however, it is no longer the case that
all roads lead to France. Globalisation
has made a world of difference to
restaurants in London.
The flow of ideas has helped spice
up the citys insipid menu;
international commerce has provided
fresh and plentiful ingredients
unavailable to the generations who
grew up with the legacy of second
world war rationing.
But time has not been so kind to
Paris. For one thing, new styles have
made traditional French cuisine, with
its rich sauces, look out of step with
modern life much like the countrys
big-state economic model.
For another, globalisation has given
France an appetite for junk food. A
study found that 970m hamburgers
were eaten in France in 2013, almost
half of all sandwiches sold, up from
one in seven in 2007. Moreover, sales
at fast-food outlets in 2012 exceeded
those of traditional sit-down
restaurants for the first time.
Frances claim to the throne of good
food and wine began to look shaky as

developers at market prices, thus

recouping the development value for
further investment in the community
and other facilities needed to support
the new development, including
affordable rented and shared
ownership housing for those unable to
pay full market prices.
This is a better and more effective
way of securing the homes we need,
while also dealing with negative
externalities and the provision of
public goods, than a market-led
assumption in favour of development
throughout green belts.
Tony Crook
Emeritus Professor of Town and Regional
Planning,
University of Sheffield, UK
provision for systematic verification.
Fraudsters are unlikely to self-report
the true owners of companies
established for criminal purposes so
the UK plan is flawed. Unlike the
systems operating in the British
offshore centres, the proposed UK
approach will not comply with
international obligations to verify
identity data as required by the
Financial Action Task Force standards
endorsed by both the G20 and the G7.
British offshore centres flourish
because the world trusts the British
trained professionals, courts and the
British inspired laws which
predominate in those jurisdictions.
The widely recognised probity and
fairness of the UK legal system adopted
by its financial centres projects British
institutions throughout the global
system. The UK should be cautious in
damaging this pivotal role in world
affairs.
Richard Hay
Stikeman Elliott,
London EC2, UK
Counsel to IFC Forum

Moscows own red lines

lie a lot further west
Sir, Your closing editorial volley
Moscow must be left in no doubt that
Natos red lines mean what they say
(This time Minsk must be made to
work, February 9) is all very robust
and laudable but the key issue for our
politicians is understanding exactly
wheres Moscows red lines lie. And its
probably a lot further west than many
of them would care to admit.
Vladimir Putins Wagnerian angst
over the demise of the Soviet Union is
well documented, but his seething
anger over the abrupt exit of ally
President Viktor Yanukovich of
Ukraine is underestimated. He wants
Ukraine back in the Federation fold
and nothing would suit his aims better
than for the US or Nato to arm
President Petro Poroshenkos troops. In
that end game logic he would have an
ideal pretext for a more robust Russian
push to Kiev and a change of
government there.
To counter a Russian first move Nato
would need to be already positioned in
Ukraine, or invade soon after, neither
of which Nato is capable of; nor are its
leaders politically willing. Meanwhile,
Ukraine bleeds itself insolvent on its
eastern fringe and Mr Putin watches
his ratings rise with every new sanction
the west can muster.
Frazer McKimm
Blackrock, Co Dublin, Ireland

long ago as 1976. That was when

Steven Spurrier, a British wine
merchant, organised a blind winetasting in Paris with 11 judges nine
were French of high-end
Chardonnays and red wines from
France and California. California won.
Then, in 2007, the Michelin guide
showered Tokyo with three-star
awards in its inaugural guide to an
Asian city, giving more top ratings to
the Japanese capital than to Paris.
In a knife-twisting moment for
France, Jean-Luc Naret, then
Michelins international editorial
director, described Tokyo as by far
the worlds capital of gastronomy.
The guide has come in for the same
criticism as French cuisine. Europes
oldest hotel and restaurant guide was
first published in 1900 by the
Michelin brothers to encourage people
to use cars and therefore more of
their companys tyres more often.
Today it faces competition from
TripAdvisor, Zagat and other portals
based on users reviews that many
think more objective, less stuffy and
generally more 21st century.
Last week I cycled to a new
restaurant overlooking the Arc de
Triomphe to meet Francis Luzin,
founder of Le Chef magazine. He told
me that when it comes to business,
Michelin still packs a punch: a star
means an immediate and enduring
increase in revenue of 20 to 30
per cent.
An additional star has the same
effect. In France, where the margins of
high-quality restaurants rarely exceed

Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com

Is Brown trying to shift

blame for break-up of
union away from himself?
Sir, in your article Tories eye voting
curbs on Scottish MPs (February 4)
you quote Gordon Brown as saying that
David Cameron may have lit the fuse
that eventually blew the union apart.
This is disingenuous of Mr Brown as it
shifts the blame that lies firmly on his,
and Tony Blairs, shoulders. If the
union breaks apart it is because they
started the process of devolution,
which was resisted by the Tories.
It was the establishment of the
Scottish parliament that gave the Scots
a reason to vote for the Scottish
National Party, and the SNP victory in
that parliament that made them a
credible party of government. What
has happened since is simply a
consequence of those first fateful
changes. Mr Brown may not have
realised the consequences of his actions
at the time, but it was he who lit the
fuse with the Scotland Act 1998.
Without that act, we would never have
got to the current position and Labour
might still have a stronghold north of
the border.
It was the 1998 act that established
Scotland as a separate political region,
and which pushed the West Lothian
question to the fore. That Mr Cameron
is trying to answer the question,
something Mr Brown has never
bothered to even attempt, is only
because Messrs Brown and Blair
created the conditions that he need do
so. One would have thought Mr Brown
might have more sense than to blame
others for his actions, but then maybe
that is the point. He does not want
history to record him as the architect of
the demise of the union.
Rod Price
Worcester Park, Surrey, UK

Swansea tidal lagoon

contract is too short
Sir, Thirty-five years is the wrong
length of contract for the Swansea tidal
lagoon it is too short (Investors
splash out on tidal lagoon power,
February 5). Your senior Tory figure
has forgotten that while the power will
be cheap to produce once consumers
have paid off the capital costs, it will be
sold at a market price, probably well
above the lagoons operating cost.
Does the company really need the
prospect of very high profits in 2070,
after the contract has ended, to make
its investment case? A really long
contract could have a high initial price
to pay back the capital cost and a lower
price in its later decades: high enough
to cover the companys ongoing costs
and a decent profit margin, but sharing
the benefit of the lagoon with
consumers.
The European Commission
recognised this argument when
approving state aid for the Hinkley
Point C nuclear plant (report,
October 2 2014), thus getting better
terms for future consumers than our
own government was able to negotiate.
Richard Green
Alan and Sabine Howard Professor of
Sustainable Energy Business,
Imperial College Business School, UK

COMMENT ON FT.COM
The Exchange
Ahmed Rashid laments Pakistans slide into
failed state status
blogs.ft.com/the-exchange

about 6 per cent, it can separate

success from failure.
Mr Luzin says that the biggest
enemy to fine French cuisine is not
the lack of invention but Frances tax
and labour laws. A top chef in Paris
recently confirmed his estimate that it
is almost twice as expensive to employ
a team of chefs in the French capital
as it is in London.
I glance around the deserted
restaurant and count seven waiters
with time to spare.
That is the 39-hour week, says Mr
Luzin. The catering industry works 39
hours in France rather than the
standard 35, with little to show for the
extra time spent on the job).
More important, Mr Luzin believes
that the Michelin guides approach
in France it employs anonymous
reviewers, each clocking every year
about 30,000km, 160 hotel stays and
250 restaurant meals still produces
the ultimate reviews.
If that is true, French cuisine is still
kicking: this year, the country has 26
three-star restaurants, four more than
in 2000. There are 80 two-star
restaurants compared with 70 in
2000. And it has 25 per cent more
one-star restaurants.
But what, I ask, if your wallet
doesnt stretch to Michelin stars?
Mr Luzin pulls out a dog-eared card
with a 20-strong list of his favourite
and moderately priced Paris
eateries. Keep it, he says with a
smile. Bon apptit.
adam.thomson@ft.com

Wednesday 11 February 2015

11

FINANCIAL TIMES

Comment
A grand bargain on Greece could be Europes triumph
OPINION

Tony
Blair

urope as an entity and as an

ideal is more needed than
ever. The individual countries of Europe need the collective power of Europe to
assert their interests, influence and values. Yet, as the impasse over Greece confirms, the continent is in crisis.
Many assume that some form of compromise is in the offing. Debt can somehow be kicked down the road. The new
Greek government will bend; the troika
of creditors the EU, ECB and International Monetary Fund will bend and
somewhere in the middle the two will
come together. I do not see it. Greece is
part of a much wider problem. Athens is

right to say that the situation is unsustainable; but the solution it proposes is
wrong. The rest of Europe has imposed a
burden on Greece that could never be
borne for any length of time. I do not
know what would happen in the UK if
our economy contracted by 25 per cent;
but I suspect it would be revolutionary.
The dilemma confronting Greece mirrors the dilemma confronting Europe.
The country knows that departing the
euro would in the short term at least
be catastrophic; but the pain of keeping
to the constraints is unbearable. However the structural reforms desired by
the rest of Europe are indeed necessary.
That is why the problem with the Greek
government is not simply debt repayment; it is opposition to reform.
As has been obvious for some time,
unless the eurozone can grow strongly,
with a significant improvement in
employment, political tensions will
mount. It is true that some economies

show real signs of recovery. But unfortunately not far enough or fast enough for
the politics. Some of the politics will
break to the left; some to the right; and
as often happens in this situation, far
left and far right find common ground.
The only solution is for the centre
ground in European politics to retake

Austerity plus reform was

never a good choice. We
have to offer member
states growth plus reform
the initiative. This requires a grand bargain in which the European economy is
stimulated, both by fiscal and monetary
means; and in return there is in each
country a clear, verifiable and enforceable programme of structural reform.
This cannot be done by a series of

steps, manoeuvre by manoeuvre, country by country. For the bargain to work,

everyone has to see that they benefit.
The countries which must reform need
the comfort of a Europe-wide agreement. Germany needs to be able to justify any forbearance by saying the others have agreed to its position on reform
in the way genuinely necessary to
achieve long-term competitive change.
What is needed is more than a technical
programme. The impact of the bargain
has to be big enough to represent a new
way forward; big enough to dominate
European political debate and bigger
than an isolated deal over Greece.
Otherwise Europe is in a fix over
Greece: either it makes a deal which is
seen as a major concession to the Greek
government and then sets a benchmark
for others to aim at, undermining those
governments that have tried to comply
with Europes conditions; or Greece
caves in; or Greece leaves the eurozone.

Austerity plus reform was never a

good choice to offer Europe. We have to
offer growth plus reform. Macroeconomic policy should do what it takes to
get there. This is essentially what the
leadership in Italy and France have been
arguing. Many others now agree.
The platform of the nationalists and
anti-reform parties of left and right offer
what they always offer: anger but not
answers. They peddle ghastly and reactionary myths about immigrants; they
pretend that complex problems have
easy pain-free solutions; and there is a
worrying authoritarianism (evident in
their admiration for the Vladimir Putin
brand of leadership) which lurks only a
little beneath the surface. But if the centre does not lead, the extremes will be
followed. The Greek crisis is an opportunity. It has to be seized.
The writer was prime minister of Britain
from 1997 to 2007

Help Ukraine
seize this
chance
ECONOMICS

Martin
Wolf
he west does not like to think
it is at war with Russia. Yet
the Russian government
seems to think it is at war
with the west. For President
Vladimir Putin, his cronies and, increasingly, a large part of the Russian people,
the history of the past two and a half
decades is a sad affront rather than a
tragically lost opportunity. Russia has,
perhaps inevitably, thrown away the
chance of living under an honest government subject to the rule of law.
Instead of seeking to remedy that failure, its rulers now wish to deprive
Ukraine of that opportunity.
The question is how the west should
respond. Nothing would do more to
shake the Russian kleptocracy than the
transformation of Ukraine into a stable
and prosperous democracy. Mr Putin
and his associates fear this possibility.
Nato, regardless of their huffing and
puffing, does not threaten them. But the
emergence of a democratic and law-governed Ukraine does. Evidently, there are
risks in seeking that outcome but do
not ignore the long-run benefits.
The starting point has to be the economy. Ukraine at last seems to have a
competent and determined team of
reformers. The revolution that threw
President Viktor Yanukovich out of
office a year ago, and the subsequent
onslaught, has had a purifying effect.
The government seems to understand
that this is their countrys last chance. A
quarter of a century of corruption and
incompetence has to end if Ukraine is to
have not just a good future but, quite
possibly, any future.

In 1990 Poland and Ukraine had similar standards of living. Polands soared;
Ukraines fell. By 2013, Polands real
gross domestic product per head (at
purchasing power parity) was 160 per
cent higher than its eastern neighbours.
Russia has done far better than Ukraine,
though in part because of its abundant
natural resources. (See chart.)
Long-term performance has been
chronically poor. Since the onset of war,
this condition has turned critical. Real
GDP shrank 8 per cent between the
fourth quarter of 2013 and the third
quarter of last year. The war was bound
to have such a big impact, since Donetsk
and Lugansk the most affected
regions used to generate 16 per cent of
GDP. The war has also savaged confidence. Foreign currency reserves collapsed to $6.6bn in December 2014, or
about one months imports, as capital
fled. The hryvnia has collapsed (see
chart). The result will, inevitably, be a
big spike in inflation and further pressure on living standards.
These, then, are the unhappy conditions in which the International Monetary Fund is seeking to negotiate a new
multiyear extended fund facility. The
aim, as Christine Lagarde, managing
director, has noted, is to support
immediate macroeconomic stabilisation measures as well as broad and deep
economic reforms over several years.
So what should such a programme
look like? Far and away the most important feature must be a comprehensive
set of reforms aimed at ending the corruption and clientelism that have
marred the government, the private
sector and the far-too-cosy relationship
between the two. As Anders Aslund of
the Peterson Institute for International
Economics notes, important reforms
are under way. These include the unification of all energy prices at the market
level, which would eliminate the greatest cause of top-level corruption and the
need for vast subsidies.

Ukraine currency and reserves

Hryvnia
per
5
10
15
20
25
30
2004 06

08

Foreign exchange
reserves ($bn)
35
30
25
20
15
10
5
10 12
15

1990 95 2000 05

Sources: Thomson Reuters Datastream; The Conference Board; World Bank

Another reform is the elimination of

dozens of inspection agencies, permits,
licences and certifications. A third
important one is cleaning up the
remaining large state enterprises from
corruption. Also important will be the
reform of banking, particularly the
elimination of lending by banks to the
connected parts of larger business entities. This is aimed at limiting the dominance of the oligarchs, most of whom
seized wealth in the early years after
independence.
The government has made a strong
effort to contain the fiscal deficit. Yet, as
Mr Aslund also notes, Ukraine will need
more money to manage its foreign

It is a small price for the

chance of securing a stable
large democracy on the
continents eastern flank

Governance

GDP per head

In 2013 constant dollars,

at purchasing power parity
Ukraine
Lithuania
Poland
Russia

10000

World Bank governance indicators.

Percentile rank, 2012
(100 = better governance)
Control of corruption
Rule of law
60
Government
effectiveness
40

5000

20

20000
15000

10 13

exchange crisis. He argues that it needs

at least $27bn this year from the IMF,
the US and the EU. It will also need substantial relief from private creditors.
The aim of this support is to allow
Ukraine to carry through the necessary
reforms, even under assault. This support would have exactly the same purpose and justification as US support for
western Europe in the early years of the
cold war. The aim is to show that the
west simply will not abandon Ukraine,
so long as it sticks to its newfound goals.
Providing the assistance Ukraine
needs not just to survive but also to
carry through such an ambitious programme of reforms is a necessary condition for strategic success. It is not a sufficient one. There are obviously other big
questions. Should Russia be threatened
with tougher sanctions? Should Ukraine
be armed, even if only defensively? My
response to both questions would be
yes. Yet it is clear there are arguments
against these options, which carry some

Ukraine Russia Poland Lithuania

big risks and might also fail to deter Russias frightening revanchism.
Whatever one thinks of these options,
the case for helping Ukraine economically is morally and politically overwhelming. The west has the resources to
stabilise the economy against all but a
massive Russian invasion. Even $27bn
would be far less than 0.1 per cent of the
combined economic output of the US
and the EU a small price to pay for the
chance of securing a stable large democracy on Europes eastern flank.
Moreover, if that were achieved, the
chances of persuading Russia to join this
club would surely also increase, if only
in the long run. Whatever one thinks of
diplomacy, tougher sanctions or arming
Ukraine, the west should at least give
Kiev the help it needs to achieve a
reformed economy. That may well
prove to be insufficient. But it is evidently essential.
martin.wolf@ft.com

Why couch potatoes choose to relinquish their private lives

OPINION

Helen
Lewis

ig Telly is watching you. Consumers have been put on

alert about Samsungs sinister SmartTV, a model
operated by the owners voice
commands which, along with private
conversations conducted in its presence, might end up being transmitted to
unknown third parties.
To some ears, Samsungs small print
echoes a passage in which George Orwell
describes a dystopian state that installs
a telescreen in every party members
home: Any sound that Winston made,
above the level of a very low whisper,
would be picked up by it . . . there was
of course no way of knowing whether

you were being watched at any given

moment. But, in truth, it is not quite
1984. Samsung asks users to agree that
some voice commands may be transmitted . . . to a third-party service
sensible, when you consider that it
would otherwise have to equip the box
with expensive innards enabling it to
understand the instructions itself.
Still, even if we have not fallen prey
to the thought police that were the
torment of Oceania, we have with no
real public debate created a world
where we volunteer swaths of personal
information to the makers of our gadgets, offering ourselves up to be monitored by everyone from advertisers to
security services in a way that would
have been unthinkable 10 years ago.
Any smartphone can be turned into a
bug by the right software: this is one of
the reasons alongside the Beyonc
ringtone favoured by Michael Gove,
the chief whip that they have been

banned from cabinet meetings in the

UK.
The Samsung TV is part of the internet of things which connects up ever
more gadgets and home appliances.
There are two problems with this
trend. The first is that all tech companies like to gather user data. It allows

Legislators were slow to

realise the effects that the
original, ethereal internet
would have on our lives
them to refine their products and makes
their platforms more valuable to advertisers. Perhaps one day personally
targeted services will cross the line from
helpful to downright creepy, while
under repressive governments, such
tracking puts dissidents in danger.

The second worry is hackers and

trolls. The possibilities for lulz cruel
pranks are huge: people have already
worked out a way to hack a popular
internet-connected doll to make it
swear. Just think what they could do
with something like a smoke alarm,
which people rely on for their safety.
The idea of the internet of things gone
awry can be as absurd as it is sinister
visions of the dishwasher illicitly placing orders on eBay. But it presents a serious challenge to legislators and regulators, who were slow to realise the effects
that the original, ethereal internet
would have on our lives.
It would be dangerous for consumers
to make the same mistake. Although
Samsungs sinister sounding legalese
provoked a reaction on Twitter, it was
a small one smaller than a politician
tweeting an inappropriate photo, say.
Lacking concrete evidence that we are
being harmed, most of us have accepted

the implicit bargain where we give up

our personal data in exchange for free
services or a better experience. Unlike
Winston Smith, who had no choice in
the matter, we have chosen to install the
telescreen because we cannot be bothered to reach for the remote control.
This trade is neither involuntary nor
irrevocable. Anyone who wants to protect their privacy can disable voice commands on their smart TV, use software
such as Tor to mask their browsing habits or buy an old-fashioned phone that
just makes calls. But we do not. Tor has
about 2m users; Apple sold 74m iPhones
in the last quarter of 2014 alone.
Our dirtiest little secret is one we
might reveal in front of a Samsung TV
even if we do not put it into words. It is
that, in the battle between security and
convenience, the latter wins every time.
The writer is the deputy editor of the
New Statesman

English votes
for English
laws is easier
said than done
BUSINESS

John
Kay

very state with devolved

institutions of government,
redistributes revenues
among subsidiary jurisdictions. These allocations promote equalisation of resources taking
money from places with a large tax base
and giving to those with less taxable
capacity. Or they recognise differences
in needs: grants compensate poor or
scattered regions for the extra costs of
achieving levels of welfare or public
service provision available elsewhere.
The financial arrangements between
Scotland and the UK as a whole are
not determined by either needs nor
resources but by historic accident,
based on a formula named for Joel
Barnett, a Treasury minister in 1978.
The Barnett formula takes the level of
public expenditure in Scotland in 1977
and adds annually a share, pro rata to
population, of the additional expenditure in that year in England on functions
devolved to Scotland. The base year was
generous and Scotlands population has
since declined relative to Englands. The
outcome has been a level of per capita
public expenditure in Scotland between
10 and 15 per cent above English levels.
This is not justified by reference to Scottish needs. Average incomes in Scotland
are much the same as the rest of the UK
and Scotlands remote areas would justify only a more modest subsidy.
Yet retention of the Barnett formula
was part of the vow made by UK party
leaders in the panic preceding last Septembers independence referendum.
However, the devolution of income tax
rates and bands to Scotland requires
adjustments to the Barnett formula.
The white paper published by the UK
government on January 22, optimistically entitled An Enduring Settlement,
begins to describe these adjustments.
The complex principle is this. First

Devolution of income tax

rates and bands to Scotland
requires adjustments to the
Barnett formula
you estimate what income tax would
have raised in Scotland under the
old rules. Then, since Holyrood now
receives income tax receipts directly,
you deduct this amount from the grant
paid to Scotland by the UK government
under the Barnett formula. In subsequent years, you make a similar deduction, indexed in line with the evolution
of the tax base in the UK as a whole.
Scotland therefore retains any extra
revenue its tax policy generates.
But what if the rest of the UK changes
its income tax structure? The paper recognises that this would require further
adjustments to the Barnett formula but
does not describe what they would be.
This vagueness is probably deliberate.
The requirement is that any increase or
reduction in revenues from income tax
outside Scotland will result in a proportionate reduction or increase in the
grant to Scotland.
Suppose the rest of the UK cuts
income tax and abolishes the National
Health Service (health is a devolved
function). The Barnett formula cuts the
grant to Scotland in line with reduced
expenditure in England. Unless compensated, Scotland cannot either maintain its health service or reduce its own
income tax. If the UK increases expenditure on a reserved function it declares
war on the EU, say, and raises income
tax outside Scotland to pay for it then
a corresponding amount must be
deducted from the block grant. This cut
forces Scotland either to implement a
similar increase in its income tax or
to make a compensating reduction in its
non-military expenditure.
So even with income tax devolved, the
Scottish government will be under fiscal
pressure to match changes in tax elsewhere in the UK. Any action by the UK
government that has tax or expenditure
implications anywhere in the UK,
whether related to reserved or devolved
functions, will have consequences for
tax and expenditure decisions in Scotland through the Barnett formula.
Lord Barnett, who died recently,
hoped his funding mechanism would
not be his legacy. But it is, and it taints
any concept of English votes for English laws.
johnkay@johnkay.com

12

Wednesday 11 February 2015

FINANCIAL TIMES

BUSINESS LIFE

The fear of not

delivering that
accompanied
Ocados rise

Jason Gissing
Entrepreneurship

Dont talk to him. Hes in trade! This

was the tongue-in-cheek comment
made by a baronet to his wife as he
walked past me in a London club last
year. Despite the industrial revolution
being driven by self-made men, it took
centuries (and the rise and fall of an
empire) before entrepreneurship took
its rightful place as an aspirational
occupation in Britain.
The established wisdom today is that
wealth and job creation, innovation
and enterprise should all be lauded.
The gradual change in how British
society views those who make their
fortunes in trade is welcome. But
turning an idea into a viable business is
not for everyone.
A good place to start is a book by Ben
Horowitz, the Silicon Valley
entrepreneur and investor. The Hard
Thing about Hard Things talks about the
challenges rarely discussed when
people start a business. The pressure of
being a founder from investors, staff,
board and personal pride weighed on
Mr Horowitz for years.
At one point he writes: I had a great
deal of trouble sleeping as I thought
about our fate. I tried to make myself
feel better by asking, Whats the worst
thing that could happen? The answer
always came back the same: Well go
bankrupt, Ill lose everybodys money
including my mothers, Ill have to lay
off all the people who have been
working so hard . . . and my reputation
will be ruined. Funny, asking that
question never made me feel any
better.
This strikes a chord with my own
experience starting the online grocer

Ocado, which last week announced its

first full-year profit after 15 years. I was
often terrified but was lucky to have in
Tim Steiner a partner who was both
resolute and fearless. Many are not so
fortunate.
In fact, taking an idea and
transforming it into a commercial
enterprise requires many traits:
perseverance, self-belief, persuasion,
risk-taking, clinical focus and obsessive
attention to detail. Most self-employed
business people have stared into the
abyss of failure and bankruptcy more
than once. Many live through the
trauma of dishonest or mismatched
partnerships, hiring the wrong people,
being let down by friends and trying to
juggle the competing demands of work
and home. I certainly have.
Entrepreneurship often requires a
degree of commitment and self-belief
that borders on the sociopathic.
Entrepreneurs are often characterised
by their persuasiveness, grit and
willingness to take risk. But there is
evidence that entrepreneurs share an
important trait with psychopaths: a
persistent willingness to take risks in
adversity, something psychologists call
disinhibition.
There are times when the only
people who believe something is
possible are those running the show.
We were told time and again that
Ocado would never work. Public
commentary often ridiculed what we
were doing but we kept going and
believed in ourselves. Although not
psychopaths, depending on ones
perspective we might have been
characterised as such sometimes.

There are
times when
the only
ones who
believe
something
is possible
are those
running the
show

There is one other aspect of being in

trade that is rarely discussed: being
forced to make tough decisions every
day, driven by economics. This leaves
little room for emotion and empathy.
Unremitting commercial pressure does
not lend itself to softness, delicacy or
introspection.
I struggled with this at times. After a
decade, the pension fund of John Lewis,
our corporate partner, made 170m in
profit from its shareholding in Ocado.
John Lewis then pumped money into
Waitrose.com, its online grocery
service, to compete with us. I
understood why but it was a bitter pill
to swallow. Being thick-skinned is an
asset.
For all the negatives, when a business
that you have helped create is doing
well, there are times of euphoria.
British society has evolved to the point
where being in trade is now a highly
respected career choice.
Perhaps if we were to talk more
openly about the challenges too, we
might nudge the current narrative
along. In so doing, we might not
disappoint a generation of young,
ambitious people dreaming of being
the next Richard Branson or Charles
Dunstone because they will go into
their chosen career with their eyes
wide open.
And when they succeed, as we
should all hope they will, their
achievements will be better
understood and appreciated by society
at large.
The writer co-founded Ocado in 2000 and
left the company last summer

Entrepreneurship. AMS Neve

From an attic to the red carpet

Mark Crabtrees sound
recording kit may be more
famous in Hollywood than
its home town of Burnley,
writes Andrew Bounds

Newcastle upon Tyne, UK

iStock

Population 282,000 Wider area 1.1m

Digital jobs (inc wider area) 26,856
Highly qualified people (Newcastle area) 31.1 %

From some of the first

lightbulbs and the
windscreen wiper to the
steam turbine and railways,
inventors and entrepreneurs
in the Newcastle area had a
strong record. That
continues today with digital
technology and software
engineering. An example is
business software company
Sage born, bred and still
based in Newcastle. Named
after a poster in a local pub,
it serves millions of
businesses worldwide.
The case for: A powerful
sense of identity and good
networking make this a
supportive place for startups. There is ample scope
for ideas sharing and
support for growth through
organisations such as
Dynamo, Ignite (Europes
first 1m tech accelerator
programme) and
Sunderland Software City, as
well as workspaces such as
Campus North in central
Newcastle.
Access to finance is good
and five regional universities
constantly refresh the skills
base. People who are based
here tend to stay, thanks to
the good quality of life;
employees are loyal, living
and premises costs low.
The case against:
Perceptions of the area
rooted in its heavy industrial
past linger. The northeast is
Englands smallest region by
population so lack of critical
mass can be an issue for
skills availability.

he clocks in the lobby of

AMS Neve show the time in
London, Los Angeles and
Burnley. It is based in the
former textile town in
northwest England but its customers
are in Tinseltown and beyond.
Founder Mark Crabtree and his staff
will be watching the imminent Oscars
ceremony in Hollywood with interest.
Of 28 films nominated for the February
22 awards from the Academy of Motion
Picture Arts and Sciences, 19 had music
or sound recorded or mixed through
AMS Neve equipment. They include
Golden Globe winners The Grand Budapest Hotel, How to Train Your Dragon 2
and The Theory of Everything.
The softly spoken engineer, who retains his Lancashire burr, trod the red
carpet himself when he picked up technical Oscars for engineering from the
Academy in 2000 and 2004.
We have changed the sound of
music, TV and film, he says matter-offactly, at the Burnley factory where the
equipment is made and tested.
AMS Neve was responsible for breakthroughs such as kit that digitally
records and replays clips, creating a
sound beloved of hip hop artists. We
invented sampling in Burnley, says 62year-old Mr Crabtree, wiry in a dark
open-neck shirt. Whether that ruined
music or enhanced it is a source of
debate. It created groundbreaking
tracks such as Paul Hardcastles staccato
N-n-n- in 19, Phil Collinss In the
Air Tonight with its eerie drum reverb.
AMS floated on the London Stock
Exchange in 1985, but his brush with the
stock exchange left him bruised. At one
stage it was worth 30m; then in the late
1980s the shares fell and Mr Crabtree
needed finance for a new product. Four
year development cycles did not chime
with quarterly reporting. The City fell
out of love with tech stocks, he says.
AMS was bought in 1990 by Siemens,
the German engineering conglomerate,
which merged it in 1992 with Neve,
which was twice the size and based in
Cambridge on the other side of the
country. It was matching AMSs expertise in digital recording with Neves own
sound consoles to open up new markets.
By 1995, Mr Crabtree was frustrated
with corporate ownership and bought
the merged group from Siemens. He
remains the sole owner and the company employs about 70 people, turning
over just under 10m, he says.
AMS Neves mirror-clad building,
which would look more at home in LA
than the Pennine hills, was originally a
concrete-pipe spinning works.
The journey to the red carpet began in
Mr Crabtrees attic. His father died
when he was 16 and he threw himself
into his studies at Burnley grammar
school, a state school that selected by
ability, and studied engineering at Cambridge university. He did a masters deg-

Lets launch in . . .

Show me the money:

Newcastle is the base for
venture capitalists investing
the northeasts 142m of
Europe-backed Jeremie
funds; a new 160m fund will
run 2016-20.
The local digital sector
has strong links too with
London-based angel
investors.

Local strengths: A recent

report by Tech City UK, Tech
Nation, highlights software
development, advertising
and marketing, healthcare
and games development.
Local heroes: Eutechnyx, a
computer and video games
developer specialising in
racing games, including the
Nascar franchise. It also has
a studio base in Chengdu,
China and has spawned
Zerolight, which applies 3D
visualisation to virtual car
industry showrooms.
Performance Horizon,
based in nearby South
Shields allows global brands
to manage their online sales
partners. It was founded by
two of the team who set up
affiliate marketing network
Buy.at in Newcastle, which
was sold to AOL for $125m.
SpecifiedBy.com, an Ignite
start-up, standardises online
information about
thousands of construction
products and materials so
architects and suppliers can
select the most appropriate
quickly, rather than having
to trawl through catalogues.
Getting there: There are
excellent rail links to London
and Scotland; and direct air
links to Heathrow, Schiphol,
Paris and, soon, New York.
But Newcastle is 280 miles
from London so some digital
companies have two bases
tech development in
Newcastle; sales and
networking in London.
What the locals say: Paul
Smith, Ignite chief executive:
We have a more rounded
investment environment
than a lot of other cities.
Alasdair Greig, director of
North Star venture capital:
Were all trying to discover
the next Sage. A lot of
analysis goes into trying to
work out how it was done.
Chris Tighe

Innovation to watch

App to find the perfect hotel

SALLY DAVIES

Sound and
vision: Mark
Crabtrees kit
was used on
films such as
Grand Budapest
Hotel, below
Jon Super

In his own
words

From
mentor to
MBWA

ree in digital electronics at Manchester

university before returning to Burnley,
though by then his mother had died too.
The cotton industry in the Lancashire
town was in decline but there was a thriving engineering sector. Aerospace
companies had moved there in the second world war to escape the range of
German bombers. He worked at Lucas
Aerospace on the electronic engine controls of the Tornado fighter jet. There
was an awful lot of technology developed within 10 miles of here, he says.
There is a parallel with California,
where engineers working at defence
companies mixed with visionary entrepreneurs to create a tech sector.
He formed a band that rehearsed in
his attic. Unhappy with the quality
of their recorded sound, he
made his own box, the tape
phase simulator, which
enabled them to add a
special effect that
would have previously required two
tape machines. It
was the first
Advanced Music
Systems product.

I thought, If it makes us sound better,

just think what it could do for people
who can really play.
It was the mid-1970s and a friend who
was a university entertainment secretary called Abbey Road studios: Paul
McCartney said he would try it. He
plugged his guitar into it and thought it
was fantastic. The following week we got
six orders, says Mr Crabtree.
Still working for Lucas in 1978, he
visited Intel on a work trip. He came
back with a microchip processor and
used it to create a box that enabled
sounds to change and created reggaestyle echo effects. Then came the ability
to change pitch.
AMS was now a full-time job. In 1984
it made a breakthrough into television
with AudioFile, which allowed recorded
sounds to be stored and dubbed over
pictures, saving hours for engineers who
previously had to synchronise the two
live.
Film followed with a sale to Warner
Brothers. James Camerons Titanic in
1998 was the first film with a digital
soundtrack. When the film-maker
wanted to break boundaries again with
2009s Avatar, which relied on motion

AMS Neve founder Mark Crabtree on

entrepreneurship:

Executive tech: I work on a Lenovo

Carbon X1 Touch. I live on email and
sync to a BlackBerry Passport which
frankly knocks spots off the iPhone,
which I keep trying. This allows me to
do the donkey-work from anywhere
and to MBWA (manage by walking
about).

Best mentor: Peter Ryan, who

established an electronics lab at Lucas
Aerospace in Burnley where I did my
university industrial experience. He was
an inventive entrepreneur trapped in a
multinational and this really inspired me.
Biggest mistake: Allowing myself to be
persuaded the way to grow AMS was by
acquisition . . . To me, corporate culture
is all-important and it was wrecked for
quite a time by the purchase of a bigger,
old-fashioned and lossmaking company.

Travel tip: If you are flying out to an

overseas exhibition, dont talk loudly
about your confidential plans on the
plane. I once went to a show in LA
sitting a row in front of a competitors
staff, and by the time I arrived I had
heard all of their inside information.

capture and computer imaging, he

called Mr Crabtree.
He was very keen that the sound
should be immaculate to persuade the
audience this was real. Our digital console has up to 500 sound sources. Jim
wanted over 1,000.
AMS Neve did it and is now working
with Dolby, the sound company, on a
system, Atmos, that uses hundreds of
spheres of sound to be more realistic.
The noise of an aeroplane going overhead will move over the audience.
None of his three children is involved
in the business though Joe, the eldest, is
the drummer for rock group Wishbone
Ash and offers advice. AMS Neve products range from 600 for the enthusiast
to hundreds of thousands for studios.
Mr Crabtrees strategy is to focus on
quality. Everybody wants to make zillions of things and sell them everywhere, he says. We make equipment
and sell only to professionals . . . We
have a reputation for sound. You know if
you record on one of our bits of equipment no one is going to criticise you.
AMS Neve is one of those British companies that has not moved manufacturing overseas. In 2007 Mr Crabtree
invested 500,000 in a new production
line to reduce labour costs.
We had to make the decision to
invest here and automate or send it
abroad, he says. We should be making
this stuff in Britain.
As for Burnley, he says: The image of
the place is completely out of line with
what it is really like. We have lots of
famous people, pop stars and the like,
coming up here who absolutely love it.
Video
Tinseltowns debt to textile town:
many films up for Oscars this
year used machines from Burnley
ft.com/burnley

The foibles of footloose

young professionals offer
rich pickings for start-ups,
provided they can make
products that are classy,
time-saving and curated to
an individuals tastes.
Top10, an online hotel
booking app that has raised
$12m in venture capital, is
trying to tick all those boxes.
Flight search engines such
as Skyscanner and Kayak
have simplified the process
of choosing an airline but
picking a hotel is still an
ordeal in which the average
person visits 38 sites, says
Tom Leathes, Top10 cofounder.
Plane seats vary in just a
few ways, based on price
and degrees of discomfort,
but slicing up all the kinds of
hotels into searchable
categories is much more
challenging. (In a trendy
part of town? With an
infinity pool?)
Top10s approach is to
serve up just 10 options of
where to stay in a given city,
based on broad styles
ranging from boutique to

trending, saving customers

time while giving them an
impression of choice.
The clever part is an
algorithm that lets Top10
understand the character of
different hotels. It sucks in
information from more than
20 sources, including review
sites and social media,
covering hard data points
like the number of rooms as
well as the stuff people say
about it, says Mr Leathes.
The company then uses
the insights it extrapolates
from this data to apply to
new cities and to put hotels
in the appropriate category.
Anything with martini in
the name, for example, is
likely to belong to the
boutique camp.
A big step forward was
creating an in-app booking
process, which has tripled
the proportion of people
who follow through and pay
once they have started. On
mobile devices jumping
around to different websites
just doesnt work the way it
does on desktop, explains
Mr Leathes.

Wednesday 11 February 2015

13

FINANCIAL TIMES

ARTS

Casting a cool eye over humanitys shapes and mysteries

are alien and the angles are impossible.)
But mostly she is simply denying narrative. Not only is the content of her pictures enigmatic, there are no labels in the
gallery,andthesumptuouscataloguehas
just one single brief text by Sassen herself. As a result, we encounter objects
and people in all their essential mystery.
She has said that she has no interest in
playing with western misconceptions of
the ethnic other. Instead, unknowability
ispositedasauniversalstateofbeing.
All this makes sense given that key
influences are Mondrian, whose
geometries always propel us towards
spiritual territory, and the surrealists,
whose concerns were with the unconscious forces that moulded the human
mind but remained hidden. Yet she is
best encapsulated by Diane Arbuss
observation that a photograph is a
secretaboutasecret.
Arbus, that champion of the extreme
misfit, ultimately found alienation
unbearable. Sassen is a cooler customer.
She knows that we are all outsiders yet
somehow in it together. And the shapes
wemakearebeautiful.

Dutch photographer Viviane

Sassens images from a
Suriname village reject
exoticism in favour of a sense
of enigma. By Rachel Spence

young boy stands in profile,

his skin a brown so deep it is
almost black, glowing
against the marine blues of
the towel flopped over his
shoulder, and the eau-de-nil stripes on
his cream cotton shirt. A line of stones,
their nubbly texture reminiscent of vertebrae, ripple across a rectangle of dirty,
shadow-splashedsand.
At first glance the photographs of VivianeSassenannounceherasaformalistof
the purest kind. The Dutch photographerisclearlyentrancedbythecontrasts
and permutations of shape, form and
colourthatshespiesaroundher.
Now at Londons Institute of Contemporary Arts, her latest exhibition, Pikin
Slee, takes its name from the village in
Suriname where she spent time in 2012
and 2013. Deep in the heart of the rainforest, the place could only be reached
via a three-hour river journey by canoe.
The villagers lived without running
water, electricity, roads or internet. How
easy, then, it would be for a western
image-maker to exoticise them, particularly one with a background in fashion
photographylikeSassen.
But Sassen is as far from Mario Testino
as Van Gogh from Rubens. Now in her
43rd year, she started out as a student of
fashion design before modelling for the
likes of Viktor and Rolf. Soon becoming
aware that life behind the camera would
be a lot more nourishing, she enrolled in
a photography degree course at the
Utrecht School of the Arts and Ateliers
Arnhem where she found inspiration in
such chroniclers of the dark side as Larry
Clark,NobuyoshiArakiandNanGoldin.
As a fashion photographer she has
admitted that she finds the clothes far
less interesting than the models, props
andlandscapes.Defiantlyuncommercial
yet so extravagantly beautiful no magazine could resist them, her images have

Until April 12, ica.org.uk

Pulse of
intimacy: from
left, Viviane
Sassens Blue
Shoulder, Hti
and Giallo (all
2013)

gracedVogue,Dazed&Confusedandi-D.
Her formal skills, which encapsulate
Cartier-Bressonsobservationthatagood
photographer finds the structure of the
world, are partly responsible for saving
her Suriname images from any taint of
exploitation. Her other virtue is that her
own past ties her into the history of her
South American subjects. From the age
of three to six, Sassen lived in a village in
Kenya where her father worked as a doctor at a polio clinic. When she returned
she used to cry herself to sleep, longing
for the home she had left behind. Since
her twenties, she has visited Africa twice
a year and speaks of it as somewhere that
isinmyspine,myblueprint.
Writing in the catalogue to her exhibition, she explains that Pikin Slees inhabitants are mainly of the Saramacca tribe
descended from the Maroons, slaves of
African origin who escaped from the
plantations and formed their own settlements. When she first visited Suriname,
formerly a Dutch colony, she found
herselfcaptivatedbythestrangelinesof

faith which tied together my own history

andtheirs,intheformofourmutualconnections to Africa and the Netherlands.
How strange to be able to speak Dutch in
themiddleoftheSouth Americanjungle,
withpeopleofAfricandescent.
The result is that these images beat out
their expressions with the quiet pulse of
intimacy. You witness it in Sassens
unapologetic delight in the tone of her
subjects skin. She frames one mans profile against a fuchsia swatch, held by two
fingers, laid on a white background so
that any sense of portrait is eclipsed by
an abstract encounter of curve, line and
colour. Another man is naked from the
waist up, the darkness of his chest perfectly contrasted with his daffodil-yellow
rubber glove and Prussian blue trousers.
Theres no romance here, no sentimentality, but also no politically correct
desire to flatten difference. Instead, Sassen responds to the demand of Lszl
Moholy-Nagy that photography teach us
theartofintensiveseeing.
Her commitment to the truth of what

THIS EVENINGS TELEVISION

Pick of the day

Wolf Hall (BBC2 9pm) does
for the Tudors what Ingmar
Bergmans The Seventh Seal
did for the Middle Ages: if
this is not exactly how it was,
you feel, then it should have
been. Peter Kosminskys
direction and Peter
Straughans adaptation
impose an unshakeable
reality; the brilliantly
portrayed characters have
the bonus that their
personalities fit the originals
perfectly, down to Bernard
Hills bullying Norfolk, the

power-seeker who trotted

out two nieces as royal
brides and victims (to lose
one, as Lady Bracknell might
say . . . ). Tonight: Thomas
More meets his fate, but
both his and Cromwells
reactions are unexpectedly
moving. A palpable hit. (Left:
Mark Rylance as Cromwell.)
Marathon Mans cruelty,
scheming and intrigues
include Laurence Oliviers
Nazi dentist. Henry VIII looks
tame (Sky Greats 9pm).
MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show.
8.00 The Great Comic Relief
Bake Off. New series. Sue
Perkins hosts this celebrity
edition of the baking show,
as Dame Edna Everage,
Lulu, Joanna Lumley and
Jennifer Saunders show off
their culinary skills.
9.00 Can You Cure My Cancer?
Panorama visits the Royal
Marsden Hospital and
Institute of Cancer
Research, revealing how
advances in genetics are
transforming doctors
understanding of the
disease.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 Match of the Day. Stoke
City v Manchester City
and Crystal Palace v
Newcastle United.

6.00 Eggheads. Quiz.

6.30 The Great Antiques Map
of Britain. Tim Wonnacott
visits an antiques fair in
the grounds of Kedleston
Hall.
7.00 Antiques Road Trip. Paul
Laidlaw and Thomas Plant
travel through Norfolk,
Essex and Buckinghamshire
before ending their trip at
their final auction in
Bedford.
8.00 Alaska Earths Frozen
Kingdom. Summer arrives
and grizzly bears fatten up
on a sudden wealth of
salmon, a caribou calf joins
a vast herd on its
migration and a male
moose finds unlikely ways
to impress a female.
9.00 Wolf Hall.
10.00 Up the Women.
10.30 Newsnight. Presented by
Emily Maitlis.
11.15 Weather.
11.20 Inside the Commons. R

6.00 ITV News London.

6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Midsomer Murders. The
organiser of a folk festival
is found dead and the
murder may have been
inspired by a ballad.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Exposure. The story of a
coalition military unit that
captured insurgents in Iraq
and Afghanistan by tracing
them via mobile phones.
11.40 I Never Knew That About
Britain. Paul Martin
uncovers the story of the
pioneer who invented the
worlds first aeroplane,
while Suzannah Lipscomb
investigates whether a man
from Bristol gave America
its name. R

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 The Restoration Man.
George Clarke revisits Nik
Huddy and Vanessa Ford
Robbins, who set out to
transform a Victorian gate
lodge in Surrey, but found
they needed an extension
to live there comfortably.
9.00 24 Hours in A&E. Patients
include a 27-year-old tree
surgeon who fell 40ft to
the ground, hitting several
branches on the way down.
10.00 Bodyshockers: Nips, Tucks
and Tattoos. Katie Piper
meets a man who has gone
to extreme lengths to look
like Kim Kardashian, and a
woman who regrets having
thick, dark eyebrows
tattooed on her face. Last
in the series.
11.00 Hestons Recipe for
Romance. R
12.00 Ramsays Hotel Hell. R

Regional variations apply

Other channels
BBC3
7.00 Dont Tell the Bride.
8.00 Bangkok Airport. 9.00 An
Idiots Guide to Politics. 10.00,
10.30 Russell Howards Good
News. 11.00, 11.25 Family Guy.
11.45 American Dad!

5 News Tonight. 7.00 Cowboy

Builders. 8.00 GPs: Behind Closed
Doors. 9.00 The Ten Faces of
Michael Jackson. 10.00 My Family
Disapprove Age Gap Love.
11.00 Trauma Doctors: Every
Second Counts.

BBC4
7.00 World News Today. 7.30
Great Continental Railway
Journeys. 8.00 Cleopatra: Portrait
of a Killer. 9.00 Space Shuttle: The
Final Mission. 10.00 The Horizon
Guide to Space Shuttles. 11.00
Wonders of the Solar System.

More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 Tiny House
Nation. 10.00 Ramsays Costa del
Nightmares. 11.00 Gogglebox.

Channel 5
6.00 Home and Away. 6.30

Film4
6.50 Three Men and a Baby.
8.55 Shame Interview Special.
9.00 Byzantium. 11.20 Max
Payne.

Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00 Blue
Bloods. 10.00 Fortitude. 11.00
Oliver Stones Untold History of
the United States.
Sky Sports 1
6.00 Fantasy Football The
Highlights. 6.30 Premier League
100 Club. 7.00 Footballs Greatest
Teams. 7.30 Live SPFL Football.
10.00 Ford Football Match
Choice. 11.30 Ford Football
Match Choice.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30
The Simpsons. 8.00 The Fanatics.

9.00 Stella. 10.00, 11.00 NCIS:

Los Angeles.
Sky Arts 1
7.00 Classic Albums. 8.00 Portrait
Artist of the Year 2013. 9.00
Discovering: Marilyn Monroe.
10.00 Charlotte Rampling: The
Look. 11.50 Rock n Roll Exposed.
Sky Arts 2
7.00 In Search of the Messiah. 8.00
Andrea Bocelli: Love in Portofino.
9.55 Masters of American Music.
11.55 Segovia at Los Olivos. 6.00
Mythbusters. 7.00 Wheeler Dealers.
8.00 Railroad Alaska. 9.00 Running
Wild with Bear Grylls. 10.00
Moonshiners. 11.00 Fast N Loud.

she sees is there in Sassens gift for the

indecisive moment. In a community
whereeveryobject servesa purpose, Sassen allows her lens to pause on scenes
that most eyes would pass over as unremarkable. Her black-and-white shot of a
curved metal plank propped in an old oil
barrelbecomesahomagetomismatched
angles and shabby surfaces, their scuff,
grit, dust and rust made enthralling by
the close, skewed crop and chiaroscuro.
A plastic bowl of snow-white powder,
lonely as a substance in a sacred ritual, is
balanced on a wooden cavalletto which
seemstohoveraboveitsownshadow.
As you spend time with her images,
however, Sassens demanding forms
gradually make way for a delicate metaphysics. These are photographs that
raise more questions than they answer.
What is contained in the white stuff that
it deserves such respect? At times she is
technically playing with our perceptions.
A forked branch sticking out of a swatch
of water is clearly bleeding back into a
different pool altogether. (The ripples

ARTS IN FT WEEKEND
Magnificent Obsessions

What does an accumulation of objects

mean today, when
there is too much
stuff, everywhere?
Jackie Wullschlager
grapples with
The Artist as
Collector at the
Barbican in London
The Life of a Song
In the first of a
new series, David
Cheal charts the
history of the very
adaptable Always
on my Mind

14

Wednesday 11 February 2015

FINANCIAL TIMES

Clockwork movement
Forward price to book ratios

Twitter: @FTLex Email: lex@ft.com

UBS shares used to trade in line with those of local

rival Credit Suisse, but since UBS announced a new
strategy in 2012 its shares have enjoyed a healthy
premium. The banks returns have not yet lived up
to the high expectations though

1.6
1.4
1.2
1.0

chunk of Sprints large high-frequency

(that is, low-quality) spectrum
portfolio be worth? More guesswork.
And maybe, when the Sprint job is
polished off, the analyst can get busy
with SoftBanks portfolio of start-ups.

SoftBank & Sprint:

the analysts nightmare
I wanted to write down the assets; the
accountants wouldnt let me. Coming
from most executives it would sound
rich. Masayoshi Son, SoftBanks boss,
tends not to fiddle around with
rhetoric, however. And the explanation
makes some sense. Sprint, majority
owned by the Japanese telecoms group
and consolidated into its accounts, took
a $2.1bn impairment charge in its most
recent quarter, mostly because of
wireless customer losses. SoftBank
didnt recognise the loss in its most
recent quarter, reported yesterday.
Sprint uses US GAAP, which allows
impairment of individual assets, while
SoftBank uses IFRS accounting which
requires Sprint be treated as one entity.
So SoftBank did a discounted cash flow
analysis on Sprint, and determined no
writedown was needed.
Fair enough. But how, exactly, does
an analyst do a DCF analysis of Sprint?
There is a question mark in the middle
of the spreadsheet. Will US antitrust
authorities ever let the company merge
with T-Mobile US? Not under this
administration, but things change. If
the answer is yes, Sprint may be worth
much more than its enterprise value of
$48bn. But would a combined
Sprint/T-Mobile undercut the current
wireless oligopoly of AT&T and Verizon
or join it in an act of co-opetition?
This would have a huge effect on its
pattern of future cash flows and is
the very question regulators will ask
themselves before approving a merger.
Next, the analyst (busy up until this
point assigning probabilities to events
that do not admit of quantification)
will have to solve the problem of how
bad Sprints economics will get in the
meantime. Mr Son took pains to point
out that losses of contract customers at
Sprint are declining the company
lost just 19,000 contract customers in
the quarter, compared with 336,000
the quarter before. Yet it managed this,
it appears, by buying customers.
Revenue per user fell 8 per cent from
the same period a year before.
Most important, Sprint keeps
burning cash: $1.9bn in the quarter. So
the analyst has to model in the
possibility that the company will have
to raise equity. Yesterday, Mr Son
raised the possibility that it could sell
spectrum instead. How much would a

0.8
0.6
2010

Michelin:
two-lane highway

9.1%

10

12

25

A well-made Swiss watch is a thing of

beauty, with countless tiny parts
working together to produce a
precise, aesthetically pleasing
instrument. UBS chief executive
Sergio Ermotti has been taking
lessons from the watchmakers and
has spent the past three years trying
to turn his bank into a smoothly
performing machine. Here are the
net profits, rising from SFr3.2bn to
SFr3.6bn last year. That in turn has
pushed the tier one capital ratio up to
a healthy 13.4 per cent. And as a
consequence of that strong capital
position, UBS doubled the regular
dividend to 50c and will also make a
25c special payout. Just like
clockwork.
But somehow the mechanism is not

But with too many sub-scale

factories keeping unit costs higher,
Michelin needs to get a better grip.

Goldman Sachs:
without peer
The most interesting nugget in
Goldman Sachs investor presentations
appears (surprise, surprise) in the
footnotes. Its benchmarking slides, in
which it invariably shows superior
returns and profits, reference a peer
average comprised of luminaries Bank
of America, Citigroup, JPMorgan and
Morgan Stanley (although there is no
mention of recent standout Wells
Fargo).
Yesterday, Goldmans investor

5
Wind speed in MPH at 12 GMT
Temperatures max for dayC

9
1
11

14

16

1020

-2

7
1020

17

19

33
14

17
Wind speeds in KPH

8
45

LOW

12
15

1010

14

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Cloudy
Fair
Cloudy
Sun
Sun
Sun
Cloudy

32
6
7
6
33
14
8
6

90
43
45
43
91
57
46
43

Belgrade
Berlin
Brussels
Budapest
Buenos Aires
Cardiff
Chicago
Cologne

Rain
Fog
Fair
Fair
Sun
Cloudy
Cloudy
Fair

6
4
7
9
32
7
1
6

43
39
45
48
90
45
34
43

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

CROSSWORD

No. 14,852 Set by IO
































JOTTER PAD







Cloudy
Sun
Sun
Cloudy
Cloudy
Fair
Fair
Cloudy

3
23
29
7
7
6
5
6

37
73
84
45
45
43
41
43

7.2%

13

14

12

FT graphic. Sources: S&P Capital IQ; company

HIGH

15

10

14

11

6.7%

-10
2010

17

0.4

-5.1%

1020

15

10

4
2

14

20

Forecasts by

1010

13

16.7%

When Im good, Im very good, but

when Im bad, Im better. So said Mae
West. Michelin, the French tyremaker,
has always aimed to be very good:
make the highest quality tyres and
customers would pay up. That kept it
ahead of rivals. However, European
competitors such as Continental and
Pirelli have found ways to pass
Michelin, winning customers with less
quality. The latter has work to do to get
back in front.
Its fourth-quarter results yesterday
did not impress. Although full-year
operating earnings of 2.2bn missed
consensus by only 3 per cent, the
market had clearly hoped for a clearer
sign of improvement in the last
quarter. The shares fell as much as
5 per cent. Promises of better pricing
(due to product mix) and lower raw
material costs in 2015, saving 100m,
did not turn heads. That 100m is only
5 per cent of operating earnings.
UBS believes that Michelin simply
did not react quickly enough to
customer needs, especially in truck
tyres. A couple of years ago
Continental, its German rival, began
selling a cheaper, less durable truck
tyre. It sold well to cash-strapped
European hauliers, hurting Michelin.
This division represents nearly a third
of sales and more than a fifth of
operating income. Together with weak
sales of speciality tyres for miners,
farmers and others another quarter
of profits Michelin could be forgiven
for wanting to forget the past year.
Although its shares had a good run
from late October, up 26 per cent, they
still trailed those of Continental and
Japans Bridgestone. They have been
trailing for several years, too. Valuation
for Michelin seems reasonable at
4.5 times forward earnings before
interest, tax, depreciation and
amortisation, below an average of
6 times for its global peers.
Understandably, the market may see
Michelin as a recovery story.

12

UBS return on equity (%)

1000

11

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Fog
Sun
Sun
Snow
Fair
Cloudy
Cloudy
Sun

ACROSS
6 Au naturel: later, a la mode,
dishabille (SA being active at
night!) (4)
8 Alan Turings heart flutters,
attaching not all blame for
having 23 tendencies (10)
10 See 7
11 Noble, noble gas will (6)
12 23 is made of sterner stuff for a
start (8)
14 At intervals unsubdued? (4)
15 Hipsters Incorporated not all
boisterous (2-5)
17 Means to carry corrosive chaps
to service? (7)
20 See 24
21 See 18
23 Is he out of pants? I dunno,
from behind . . . . (6)
24, 20, 27 . . . . a bods 2, say,
well turned out in my 5 1!
(2,3,3,1,3,4)
26 See 21 down
DOWN
1 See 5
2 21 26, with chafing, wear thin
(2,3,3)
3 Footsie, expressing Deft X,
suggests how to locate here?
(2,5)
4 Accepted a blessing in disguise
that may be referred (10)
5, 1 7 10, this hit ground with
absurdity (8,4)

4
4
20
3
5
14
7
32

39
39
68
37
41
57
45
90

Luxembourg
Lyon
Madrid
Manchester
Miami
Milan
Montreal
Moscow
Mumbai
Munich
New York
Nice
Paris
Prague
Reykjavik
Rio
Rome
San Francisco
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zurich

Fair
Sun
Cloudy
Cloudy
Sun
Sun
Fair
Cloudy
Sun
Fair
Sun
Sun
Fair
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Snow
Sun
Sun
Sun
Fair
Fair
Sun
Fair
Snow
Cloudy
Cloudy
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Cloudy

6
12
10
6
22
11
-10
2
30
5
0
14
7
6
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35
15
20
3
5
28
10
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11
5
3
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4

7, 10 12 little fellow follows when

Number 100 comes round
(3,1,6,2)
9 Brings up what 23s dont hide
but derriere and arse, put
together, do (5)
13 Caught in drift, Mr E is
exercising muscle (5,5)
16 Modern house the wife and I
erected in rejuvenated Dublin
(3,5)
18, 21 across 14 entertained us
and made merry (2,6,8)
19 Junior ambassador worried
about army check (7)
21, 26 Between covers fitness
keeps love secure, 18 21
across! (2,3,10)
22 Rock musicals not Harry Hills
concern! (4)
25 Competent looking up part of
Tuscany? (4)
Solution 14,851
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quite working as it should. The number

on the front of the dial is showing a
7.2 per cent return on equity for 2014.
UBS had promised 15 per cent from
2015 onwards. This watch looks slow.
So get out the loupe and look at what
is gumming up the system. There are
some familiar problems. The charges
for litigation rose from SFr1.7bn in
2013 to SFr2.5bn in 2014. Overall costs
are looking sticky the cost to income
ratio increased from 88 per cent to
91 per cent.
And there are some new
imperfections in the mechanics. Risk
weighted assets in the investment
bank, which Mr Ermotti has been
cutting back, are starting to tick up
again. That is partly due to exchange
rates and technical changes, but it is a

worrying sign. More seriously, the

recent appreciation of the Swiss
Franc will hurt returns in UBSs
wealth management business
two-thirds of its costs are in the
domestic currency but only one-third
of its income. And lower Swiss
interest rates will damage net interest
margins.
So Mr Ermotti has reset the watch.
The banks return on equity targets
have now become return on tangible
equity targets (as tangible equity is
lower, it should be easier to hit
double digits). ROTE was 8.4 per cent
last year. If all goes well that should
tick along to 10 per cent this year and
15 per cent from 2016. But there
might still be more tinkering to be
done.

presentation had an air of triumph. As

interesting as who did appear on
Goldmans peer list is who did not. Bear
Stearns, Lehman Brothers and Merrill
Lynch all tried to emulate Goldmans
trading prowess of the early 2000s only
to fail to replicate its even more
legendary risk management. Morgan
Stanley, Goldmans most relevant
competitor, has spent the post-crisis
years retrenching.
So with Goldman measuring itself
against maladroit universal banks, it
looks heroic. It points to earnings
volatility nearly two-thirds less than its
selected peers. Return on equity in the
past three years has been about 11 per
cent as it has been able to buy back
$16bn of shares since 2012.
But Goldmans perch is not just a
function of its wayward competitors.

While the company, for regulatory or

economic reasons, has exited trading
businesses in recent years, its
longstanding dominance in work for
clients equity underwriting, M&A
advice, asset management and the like
now drives the firm.
Goldman opens its investor
presentation with a section called
Safety & Soundness, something that
would have been inconceivable in
2007. In it, the bank highlights that
total common equity has nearly
doubled since 2007 and points to a
leverage ratio that has more than
halved to 10 times. Figures such as
those would terrify bank investors a
decade ago. That Goldman, of all firms,
is touting those up front now tells you
all need to know about present-day
bank investing.

Qualcomm:
pyrrhic victory
Qualcomm is in the enviable position
of owning intellectual property used in,
effectively, every mobile phone. That
envy may soon make itself felt anew.
Yesterday, the company which
makes chips for phones, too settled
its pricing dispute with Chinese
regulators after more than a year of
haggling. It will pay a fine of $975m,
and has agreed to new royalty rates for
its patents in China. Phonemakers
using its 3G technology will pay 5 per
cent; those using 4G will pay 3.5 per
cent. This looks rosy. The fine is
modest next to the companys $30bn
cash pile, and the royalties are in line
with estimates of the companys
average rates, at something over 3 per
cent. After market, the stock bounced
3 per cent.
Consider the fine print, though.
Elsewhere in the world, Qualcomm
customers pay licensing levies on
100 per cent of the net selling price of a
handset. In China, they will pay it on
65 per cent, cutting the realised fee to
2.28 per cent for its 4G technology.
This sets a worrying precedent.
Qualcomm insists that there will be no
spillover into its other markets. It says
that regulators in the US and the EU,
where it is under investigation for
monopolistic practices, do not interfere
with pricing. Maybe so, but customers
worldwide will question why they are
paying more than those in China.
Qualcomms revenues are under
pressure already. Phone prices are
falling. International Data Corporation
thinks average handset prices will fall
from $297 in 2014 to $241 by 2018.
Competition, on the other hand, is
rising. Also yesterday, Taiwanese
semiconductor designer MediaTek
disclosed rising costs, including
spending on research for its next
generation of chips. Qualcomm has
said that a large customer has decided
not to use its next-generation chips,
favouring an in-house alternative.
Qualcomms settlement could resolve
royalty collection issues in China,
providing a near-term fillip. Happy
days, if so, but relief may be short lived.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

15

Wednesday 11 February 2015

Market Insight India bucks

rising Asian debt trend
HENNY SENDER, PAGE 30

Downing Street
denies knowing
of HSBC Swiss
tax scandal

Michelin

ICAP

Coca-Cola

US 10-year
Treasury

Brent oil

Greek stocks
(ATG index)

Euro / Dollar

Shanghai
Composite

2.56%
84.13

0.26%
462.7p

2.84%
$42.42

5bp
2.00%

3.3%
$56.53

8%
826.31

0.1%
$1.1311

1.5%
3,141.27

Core value
Apple sets US record with $710bn market cap

James
Mackintosh
The technology revolution about to hit in 1900 was
extraordinary: electricity, motor cars, flight. Rather than
chase exciting inventions, though, investors should have
stuck with what they knew: tobacco companies were the
best-performing shares over the past 115 years in the US,
while in Britain brewers and distillers topped the table.
The pattern of new technologies tending to disappoint is
not new: disruptive technology is associated with bubbles
and busts, from canals and railways to dotcoms and, most
recently, 3D printing.
As Elroy Dimson, Paul Marsh and Mike Staunton of London Business School point out in the latest Credit Suisse
investment yearbook, newly-floated companies tend to do
badly over the early years of their lives. New industries are
by definition dominated by newly-listed stocks, while clusters of initial public offerings typically show overexcitement by investors willing to pay too much for a theme.
Investing in the old offers no guarantee, unfortunately.
The three worst-performing US industries were steel, textiles and shipbuilding, the latter two of which were already
ancient industries by 1900. In the UK, the worst-performing industry of those still around now was engineering, the
foundation of the industrial revolution.
Instead, Messrs Dimson, Marsh and Staunton find value
works for industries, just as for companies: buy cheap and
make money over the long run. The priciest one-fifth of
industries returned 9 per cent a year since 1900 in the US
and UK, while the cheapest fifth of industries returned
12 per cent.
The message for the investor should be familiar: avoid
getting sucked into the hype surrounding new industries
and discoveries, while watching for damage done to old
businesses by the rise of technology.
Messrs Dimson, Marsh and Staunton show one neat
strategy: avoid new companies entirely. A policy of each
year buying only companies that had been listed for at
least 20 years would have turned 1 into 60 since 1980. A
similar approach that only bought young companies listed
for less than three years would have made only 20 (see
chart). Be wary of any industry seeing a flood of flotations,
such as biotechnology over the past couple of years.

Government and City close ranks with

claim that full facts emerged this week
GEORGE PARKER POLITICAL EDITOR

The government insisted yesterday that

ministers did not know the full facts
about the HSBC tax scandal until this
week, in a collective closing of ranks in
parliament and in British financial services over the affair.
No government minister had any
knowledge that HSBC may have been
involved in wrongdoing in regard to its
Swiss banking arm prior to the reports
of the last couple of days, a spokesman
for David Cameron, the prime minister,
said.
Downing Street added that this assertion applied to all ministers, including
Lord Green, who served as trade minister in the coalition from 2011 to 2013.
Lord Green was chief executive and
chairman of HSBC from 2003 to 2010,
which includes the period when its
Swiss private bank allegedly colluded
with clients to conceal black accounts
from tax authorities. Lord Green has
declined to comment.
He was at the helm of HSBC when the
bank tried to use the French courts to
prevent the transfer of data revealing
alleged tax evasion by its clients to HM
Revenue & Customs. The data stolen
by a former bank employee was
passed on by French authorities to the
British in 2010.
HSBC said at the time: We are doing
all we can to protect the interests and
confidentiality of our clients.
Shabana Mahmood, Labour Treasury
spokesman, demanded a statement
from the Tory peer.
She said: As chairman of the bank,
Mr Green would either have been aware
of malpractice or, if not, surely questions would arise as to why not and his

fitness for such a senior post as trade

minister.
Downing Streets statement rests on
the assertion that HMRC received the
information on the HSBC Swiss private
bank in 2010 from France on the condition it could only use it for tackling tax
evasion; it could not pass it to law
enforcement agencies.
The transfer of the data was reported
in the media, including the Financial
Times, in 2010. Downing Street and the
Treasury argue that while ministers
were aware of the transfer, they did not
know that HSBC itself might have been
complicit in tax evasion.
Later yesterday the UK government
qualified its position, saying ministers
were not told by HMRC about any
alleged wrongdoing by HSBC.
Despite media reports in 2010 about
alleged tax issues at HSBCs Swiss operation, Mr Camerons spokesman insisted
the prime minister was unaware of the
allegations against the bank when he
ennobled Lord Green and made him a
trade minister in 2011.
Meanwhile, Martin Wheatley, head of
the watchdog that regulates bank conduct, told MPs he was not aware that
the Financial Conduct Authority had
been told of specific claims of collusion
in tax evasion involving HSBC.
Andrew Tyrie, chairman of the Commons Treasury committee, said: I find
it extraordinary that the FCA was unaware of the HMRC investigation.
While the UK closed ranks, across the
Atlantic politicians demanded action as
the Swiss-originated scandal reverberated around the world.
Additional reporting by Caroline Binham
in London and Gina Chon in Washington
Pressure grows on UK page 21

Kimihiro Hoshino/AFP;Getty

TIM BRADSHAW
SAN FRANCISCO

Apple became the first US

company to record a stock
market valuation above
$700bn at the close of trading,
prompting its chief executive
Tim Cook to say it could overcome the law of large numbers to keep growing rapidly.
Shares in the worlds most valuable company closed up 1.9 per
cent at $122.02 yesterday,

giving it a market capitalisation

exceeding $710bn. Apple is now
worth $300bn more than
ExxonMobil, the next most valuable US company, and just
exceeds the combined value of
Google and Microsoft, its fiercest tech-industry rivals.
Yet, Apple could still continue to grow at speeds more
akin to a start-up than the
worlds most valuable company, even after reporting the
most profitable quarter on

record with a 46 per cent jump

in iPhone sales, Mr Cook suggested at a Goldman Sachs
technology and internet conference in San Francisco.
Mr Cook said Apple would
not hoard its $142bn net cash
pile and would announce plans
for returning capital to shareholders. But he said any returns
would come only after investing in research and development, making acquisitions and
maintaining its infrastructure.

William Hill places 700m online bet

with approach to acquire 888 Holdings
ROGER BLITZ, ARASH MASSOUDI
AND AARON STANLEY

US chipmaker pays record

fine in China settlement
Qualcomm has agreed to pay a record
$975m fine to settle allegations that it
violated Chinas anti-monopoly law,
ending a two-year patent battle over
technology that phones use to connect
to networks. It could have been worse.
Lex i PAGE 14
Chipped but not broken i PAGE 17

William Hill is in talks to acquire 888

Holdings in a 700m deal that would
give the UKs biggest-listed betting
operator a leading technology platform
for online gambling.
People close to the talks said the proposed offer would value shares in 888 at
more than 200p each. Shares in 888
climbed 18.6 per cent to 172p yesterday,
giving the Gibraltar-based company a
market value of 600m.
William Hills approach comes as
both high-street and online gambling
companies look to add customers and
boost growth to offset industry profits
being hit by new taxes and regulations.

In the UK, a point-of-consumption tax

introduced at the end of last year is
expected to cut the profitability of gambling companies.
A deal would allow William Hill to
combine its strong position in sports
betting with 888s strength in technology and expertise in online poker,
casino and other gaming products.
However, any deal would require the
support of the three main shareholders
in 888. The company was founded by
the Israel-based Ben-Yitzhak and
Shaked families, which control almost
60 per cent of the business.
The Shaked holding makes up
48.6 per cent, split evenly between Avi
Shaked and the children of his late
brother. The Ben-Yitzhak family have

about 10.5 per cent. Bid talk has been

hovering over 888 for nearly a decade,
leaving some industry observers sceptical about the willingness of the majority
owners to sell.
William Hill is expected to offer a
combination of cash and stock because
an all-cash offer would require pushing
the companys leverage to an uncomfortable level. It may also consider a
placement of shares to help fund its bid.
Shares in the FTSE 250 company fell
3.1 per cent to 377p, giving it a market
value of 3.34bn.
888 confirmed the talks, which were
earlier reported by The Times. William
Hill declined to comment.
Citi is advising William Hill. Investec
and Morgan Stanley are advising 888.

Companies / Sectors / People

Companies

888 Holdings..............................................15
AMS Neve....................................................12
AT&T...............................................................14
AbbVie.............................................................9
Actavis.............................................................9
Aena................................................................18
Agricultural Bank of China.................8
Air Europa...................................................18
Aldi..................................................................20
Alibaba...........................................................16
Allen & Overy...........................................28
Amazon ........................................................16
Andreessen Horowitz..........................20
Appaloosa Management.....................19
Apple....................................................15,17,28
Asda.........................................................20,29
AstraZeneca.................................................9
Aropostale................................................29
BP.....................................................................16
BT........................................................................1
BSG Resources..........................................15
BTG Pactual...............................................28
Baidu .............................................................16
Bank of America................................14,16
Bank of China...........................................28
Bank of Piraeus.......................................29
Bellway..........................................................20
Bessemer Venture Partners.............19

Bridgestone................................................14
Brightstar......................................................17
Celtic..............................................................20
China Construction Bank...............8,28
China Merchants Securities.............28
Chinalco........................................................28
Cisco................................................................17
Citi....................................................................28
Citigroup.................................................14,16
Coca-Cola...............................................17,29
Continental..................................................14
Credit Suisse..............................................28
Dolby...............................................................12
Drax................................................................29
Dunnhumby...............................................20
Export-Import Bank of China .......28
Express Scripts...........................................9
Ferrovial........................................................18
Flipkart .........................................................16
GDF Suez.....................................................29
Genentech.....................................................9
General Motors.........................................19
Gilead ..............................................................9
GlaxoSmithKline.........................................9
Goldman.......................................................28
Goldman Sachs.............................14,16,28
Google............................................................19
Grupo Alba..................................................18
HG Vora ......................................................19

The Financial Times Limited 2015

HSBC.........................................................15,21
Hayman Capital Management........19
HK Ex.............................................................28
Huawei...........................................................17
IBM...................................................................17
ICBC................................................................28
Iberia...............................................................18
Ineos..................................................................4
J Sainsbury................................................20
JPMorgan................................................14,16
LME.................................................................28
Lidl..................................................................20
Marks and Spencer...............................29
Matrix Partners........................................16
MediaTek......................................................14
Medtronic.......................................................9
Michelin.........................................................14
Microsoft.......................................................17
Morgan Stanley...................................14,16
National Bank of Greece....................29
Nestl.............................................................28
New Look.....................................................21
Petrobras.....................................................30
Piraeus Bank ..............................................6
Pirelli...............................................................14
PostNL...........................................................29
Poundland...................................................29
Qualcomm.........................................14,17,29
RWE................................................................29

Short
View

Rangers .......................................................20
Reliance Industries................................30
Rosneft..........................................................16
Royal Mail....................................................29
Saab.................................................................19
Sky...................................................................20
SoftBank.......................................................14
Sprint.........................................................14,17
St Modwen.................................................20
Standard Bank..........................................28
Starwood Hotels.....................................29
Supercell ......................................................17
Supergroup..................................................21
T-Mobile US................................................14
TCI....................................................................18
Taconic Capital.........................................19
Tata Group..................................................16
Tencent..........................................................16
Tesco.......................................................20,29
Thomas Cook......................................20,21
TransferWise.............................................20
Tui Group...............................................20,21
Twenty-First Century Fox....................1
Twitter ..........................................................16
UBS.............................................................14,16
Urban Ladder ..........................................16
Urban Outfitters......................................29
Vedanta........................................................29
Verizon...........................................................14

Warburg Pincus.......................................29
William Hill..................................................15
Wm Morrison......................................20,29
Xiaomi.............................................................17
ZTE...................................................................17
ZipDial............................................................16
Zoopla............................................................29

Sectors

Aerospace & Defence...........................19

Automobiles..........................................14,19
Banks.........................8,14,15,16,17,21,28,29
Construction..............................................20
Electricity.....................................................29
Gen Financial...............................28,29,30
Gen Retailers......................................20,29
Industrial Metals................................16,28
Investment Comp........................18,19,30
Media......................................................1,16,19
Mobile & Telecoms.........................1,14,17
Oil & Gas...............................................16,30
Personal Goods........................................21
Pharmaceuticals.........................................9
Real Estate.................................................20
Software..............................................16,17,19
Technology HW & Equ............14,17,29
Travel & Leisure...................1,15,18,20,21

People

Aberle, Derek.............................................17

Ambani, Mukesh.....................................30
Ayres, Ted...................................................20
Blankfein, Lloyd........................................16
Buskhe, Hkan..........................................19
Chearavanont, Dhanin.........................20
Darroch, Jeremy......................................20
Ermotti, Sergio....................................14,16
Fankhauser, Peter..................................20
Giancarlo, Christopher..........................21
Green, Harriet............................................21
Jones, Garry...............................................28
Joussen, Friedrich.............................20,21
Kristiansen, Anders................................21
Lewis, Dave................................................20
Long, Peter...........................................20,21
Manuel Vargas, Jos.............................18
Massad, Timothy.....................................21
Patterson, Gavin.....................................20
Pateman, Tim............................................28
Philips, Dalton..........................................20
Schmidt, Eric..............................................19
Scudamore, Richard..................................1
Sechin, Igor.................................................16
Singh, Tom...................................................21
Son, Masayoshi.........................................17
Steiner, Tim.................................................12
Wilson, Harry.............................................19
Woodall, Martin........................................28

Week 7

Old is the new black

Value of 1 invested in UK companies
3 years or less seasoning
4 to 7 years seasoning
8 to 20 years seasoning
More than 20
years seasoning

60
40
20
0

1980

90

2000

Source: Dimson, Marsh & Staunton

james.mackintosh@ft.com

14

A policy of each
year buying only
companies that
had been listed
for at least 20
years would have
turned 1 into 60
since 1980

16

FINANCIAL TIMES

Wednesday 11 February 2015

COMPANIES
INSIDE BUSINESS

Oil & gas

ASIA

Rosneft confident on debt repayment

Chief says $7bn will be
paid despite sanctions
and plunging oil price
CHRISTOPHER ADAMS LONDON
JACK FARCHY BAKU

Igor Sechin, chief executive of Rosneft,

has sought to allay investor fears that
the Russian state-owned oil producer
might default on its debt as western
sanctions bite, declaring that it would
meet a $7bn repayment due this week.
Speaking yesterday at an oil industry
conference in London, Mr Sechin
painted a picture of a company that was
thriving despite a plunge in oil prices

to less than $60 a barrel and US-led

moves to restrict Rosnefts access to
long-term dollar financing following
Russias intervention in Ukraine.
He said Rosneft was managing our
debt fine and had increased revenues
over the past year due to growth in overall output of hydrocarbons and selling
through high-margin channels.
It had built its business plan for 2015
on oil at $50 a barrel, he added. In wideranging remarks that included allegations that speculators were manipulating oil prices, he lashed out at Opec, saying the producers cartel had lost its
teeth, and that its policy had led to the
markets destabilisation. Supply and
demand fundamentals did not tally with

the fall in prices, he said, adding that billions of dollars in capital spending cuts
could lead to a supply shortage this year.
Mr Sechin said Opecs November
decision to keep output at 30m barrels a
day, rather than cut production to shore
up prices, had been dictated by a few
members who were forcing others to
agree with them.
He warned that medium-sized oil
producers would suffer more from the
price fall than the majors because they
dont have a diversified resource base.
Their shares are falling and soon
they will experience severe financial
problems, which may lead to mergers
and acquisitions, Mr Sechin told delegates at International Petroleum Week.

Rosneft
generated
revenues of
more than
$146bn in
2014, with
ebitda
exceeding
$28bn

James
Crabtree

They are firing people, tens of thousands of staff, people who manage technological equipment . . . they are all
suffering.
Rosneft generated revenues of more
than $146bn in 2014 with earnings
before interest, tax, depreciation and
amortisation exceeding $28bn,
Mr Sechin disclosed. The unaudited
numbers appeared to be in line with
forecasts.
Mr Sechin said Rosneft would meet
the repayment on Friday, due under the
loan Rosneft raised with banks when it
bought BP out of joint venture TNK-BP
in 2013, in a $55bn deal.
Additional reporting by Neil Hume and
Anjli Raval

Banks. Restructuring

UBS off the pace as earnings disappoint

UBS
Dividends per share (SFr)
2.5
2.0
1.5
1.0
0.5
0 0 0 0
2006 08
10

0
12

14

Wealth management business (SFr bn)

8
6
4
2
0
2007

09

11

13 14

Source: company

Swiss banks results fall short

of analysts expectations in
almost all operating divisions
MADISON MARRIAGE ZURICH
LAURA NOONAN LONDON

Disappointing fourth-quarter earnings

and fears times could be even tougher in
2015 overshadowed news of a bumper
dividend that will see UBS pay out three
times as much this year as in 2014.
Switzerlands biggest bank missed
analysts expectations in almost all
operating divisions in the fourth quarter, and warned future earnings could
be hit by negative interest rates in the
eurozone and Switzerland and the fallout from the Swiss National Banks
abrupt abandonment of a currency peg
with the euro. Shares in the lender, in
the red from the open, ended 1.6 per
cent lower at SFr15.75.
Kian Abouhossein, banks analyst at
JPMorgan, said: The long-term story
is intact, but the key focus is the

Legal Notices

results and the results are disappointing

in all divisions except the investment
bank.
UBS changed dramatically after the
financial crisis, axing thousands of jobs
and slimming its investment banking
division. It promised to pay at least half
its earnings in dividends once its key
capital ratio hit 13 per cent. It passed the
threshold in 2014, resulting in an ordinary dividend of SFr0.50, plus a special
dividend of SFr0.25 linked to an organisational restructuring.
Today I would like to declare the
banks strategic transformation complete, Sergio Ermotti, chief executive,
said on a conference call, describing
2014s ordinary dividend as the baseline for the future.
The finished product did not meet
universal approval, nor did its revised
performance goals, which include
return on tangible equity of about 10 per
cent in 2015 and above 15 per cent from
2016 less ambitious targets than previous ones which were based on return
on equity.
Investment banking results were

better than expected which is positive,

but the company is aiming to be a major
wealth manager and investors will be
focused on what wealth management is
doing, said Guy de Blonay, portfolio
manager at Jupiter in London.
Martin Moeller, Geneva-based fund
manager at Union Bancaire Prive,
described the wealth management
result as very disappointing.
The division, the mainstay of UBS,
delivered pre-tax profits of SFr646m
($697m) against expectations of
SFr674m. UBSs net income for the
quarter, of SFr963m, easily beat consensus expectations of SFr753m, but only
because of an unexpectedly high
SFr493m tax windfall.
UBS also faced questions about a fresh
investigation for possibly helping clients
evade US taxes. Mr Ermotti said it was
premature to comment on that
probe but the bank warned of
the risk of litigation costs as it
set aside another SFr176m
in legal provisions, on top
of the SFr1.86bn in the
third quarter.

UBS chief
executive Sergio
Ermotti, below,
says the banks
strategic
transformation
is complete Getty

Some analysts expected UBS to follow

Julius Baers example and announce
new cost cuts to deal with the rising
franc. Knee-jerk reactions to events
are hazardous, Tom Naratil, UBSs chief
financial officer, told reporters in
Zurich. You cant make strategic
changes on short-term moves in foreign
exchange [rates].
UBS still has another SFr1.1bn left on
a cost-cutting plan, and said it would try
to accelerate that.
The bank did manage to calm fears
about a Swiss review of bank capital
requirements that some feared could
see local lenders forced to hold more
capital than called for by the global
standards set by the Financial Stability
Board. Mr Ermotti said he expected the
Swiss rules to not be dramatically different to global ones. The fact UBS was
allowed to pay such a big dividend suggests regulators agree.
There is no frustration, said Mr
Ermotti. When the stock went up
8 per cent we also did not go on a
victory lap.
See Lex

Banks

Chief hails Goldmans stable returns

TOM BRAITHWAITE NEW YORK

Lloyd Blankfein took aim at Goldman

Sachs rivals yesterday, telling investors that his bank was producing better
and more stable returns than Bank of
America, Citigroup, JPMorgan Chase
and Morgan Stanley.

Business For Sale

We are not simple, but we are simpler,

the Goldman chief executive said.
He noted that the four other banks
had an average of about 190,000 staff,
with an equal split between retail and
institutional businesses, while Goldman
had 34,000 employees, was focused on
serving companies and had a balance
sheet half the average size.
The presentation, at a conference in
Miami, reflected frustration among
Goldman executives that the banks
stock has failed to outperform in recent
years despite more resilient earnings.
Morgan Stanley has benefited from
selling investors a restructuring story,
even though its return on equity continues to lag behind its closest rival. In the
past three years, Morgan Stanleys stock
is up 52 per cent compared with a 22 per
cent rise at Goldman, while its credit
spreads have traded more tightly than
Goldmans after years of being wider on
the belief that Morgan Stanley is more
likely to collapse.

Mr Blankfein
criticised
regulations
that have put
investment
banks under
pressure

Goldman has bragged about its superior performance before, but the presentation by Mr Blankfein was unusual
for the number of times he noted that
his bank was better than or different to
its Wall Street rivals.
He pointed to a track record of lower
earnings volatility than peers and reiterated that Goldman was retaining businesses where it could, while rivals were
ceding ground. Consider the numerous
business exits that have been
announced by our peers such as shedding commodities divisions, he said.
Mr Blankfein struck an optimistic
note on prospects, saying that diverging
central bank interest rate policies
helped make conditions more conducive to our businesses than in recent
memory. However, unlike some of
those competitors and contrary to the
wishes of some of its investors, Mr
Blankfein did not offer any profit targets
in the presentation.
He criticised regulations that have put
investment banks under pressure, saying that aspects of stress tests could be
too redundant and too stressful.
However, Mr Blankfein said, investors were more impressed by tougher
regulatory scrutiny: Were a beneficiary of the market seeing that as a better
validation.

Watch out for the

froth in Indias
technology sector

witter makes its first Indian acquisition.

Alibaba sinks about $500m into a local digital
payments company. Silicon Valley venture
capital funds write ever-larger cheques to
Bangalore-based start-ups. And all this after
Amazon pumped $2bn into the country last year, while
domestic rival Flipkart was valued at about $11bn at its
most recent fundraising. Indias technology scene may not
be in bubble mode, but it is certainly getting frothy.
The bull case for all this investment is easy to make.
India had about 300m internet users last year, but most
analysts think the total will exceed 500m by 2020, second
only to China. Most of these will be on handheld devices.
Already the fastest-growing smartphone market in Asia,
Indias mobile growth is set to be especially rapid part of
the reason Twitter bought ZipDial, a mobile marketing
start-up, last month.
Most Indian e-commerce businesses do not yet turn a
profit, but many can claim impressive user growth. Broker
CLSA predicts the online retail market as a whole will
increase threefold to $44bn by 2018. And while the types
of businesses now raking in fresh funding are often not terribly original from shopping websites to ride-hailing
apps they have at least been well tested abroad, reassuring investors.
At a deeper level, optimists see strengths in what is often
perceived as Indias great weakness: its chaotic economy.
Online companies will prosper, the reasoning goes,
because offline competitors are small and fragmented.
Flipkart is already much more valuable that any bricksand-mortar Indian retailer and analysts believe its revenue will shoot past them soon enough too.
This leapfrogging applies just as much to other sectors.
Take furniture. Shelves and couches are annoyingly hard
to buy in India, given a paucity of decent shops. The online
retailer that figures out how to bring them to the massmarket be that Flipkart or a niche business such as
Urban Ladder could dominate the sector. Such is the
excitement this creates that even Indias old-fashioned
tycoons are piling in. Ratan
Tata, former chairman of
Flipkart is
Tata Group, announced his
latest tech investment this already more
week, in the car portal
valuable that any
CarDekho.
Yet the other big rationale bricks-andfor this funding influx has
mortar retailer
more to do with China than
India and this is where the
red lights ought to begin flashing. Chinas internet economy has grown quickly over the past decade, giving birth
to technology titans such as Baidu and Tencent. Many
investors made more than tidy returns, and are betting
heavily that India will be next, including an array of hedge
funds with little experience in the country.
Elsewhere, Alibabas decision last week to buy 25 per
cent of New Delhi-based mobile payment platform Paytm
prompted speculation that other Chinese internet groups
may soon follow. And debates over which local start-up
will win the title of Indias Alibaba look set to continue
at least until Flipkart makes good on rumoured plans to
file for a blockbuster US flotation this year or next.
Yet it bears repeating that India and China are different.
The Indian economy is smaller $2tn versus $10tn
and much poorer. It remains a tough place to do business.
Amazon and Flipkart are efficient, but they must still cope
with creaking infrastructure and convoluted regulations.
Hopes for a largely mobile-first model of e-commerce
also rest on questionable assumptions. To take only the
most obvious: just 10 per cent of Indias 1.2bn population is
estimated to speak English. Yet its myriad languages tend
to work badly on mobile devices. Until that changes,
Indias market could be much smaller than it looks.
There are signs of more immediate problems too. Indias
recent rush of venture funding means weaker companies
are getting as much money as the best. This ramps up competition, making it tougher to acquire customers and hire
good people. Investors mutter darkly about increasing
burn rates. It is getting dangerously overexcited, says
Rishi Navani of Matrix Partners, a US-based fund that has
operated in India since 2006. Some of these valuations
are extraordinary.
So what if ebullient investors plough cash into Indian
start-ups on half-baked hopes of Chinese-style growth?
More fool them, you might say. Yet this exuberance risks
damaging the fledgling companies too, tempting them to
pile on costs and target growth rates beyond their capacities. The potential of these businesses is far-reaching, but
not unlimited.
And if Indias incipient funding bubble pops, as these
things often do, hopes for the countrys internet economy
will burst with it.
james.crabtree@ft.com

Businesses
For Sale
FT BUSINESS
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities,
Business Services,
Business Wanted, Franchises

...............................................................................................................................................................................................

Classified Business Advertising

UK: +44 20 7873 3920 | Email: jenny.fazakerley@ft.com

Wednesday 11 February 2015

17

FINANCIAL TIMES

COMPANIES
Beverages

Qualcomm chipped but not broken

Coke upbeat
amid dollar
challenge

Record $975m fine in China antitrust case but our business and licensing model is intact
CHARLES CLOVER BEIJING

Chinas biggest antitrust case landed

Qualcomm with a record Rmb6.1bn
($975m) fine and forced the US chipmaker to lower sharply the royalties it
charges Chinese companies, but the outcome could have been much worse.
Weve obviously had to make
changes to some practices, said Derek
Aberle, president of Qualcomm, which
earns half of its revenues in China. But
the result is that our business model and
licensing model is intact, and actually
more certain than it was before the
investigation.
Investors seemed to agree. The US
groups share price was up 4.5 per cent
by mid-afternoon yesterday on news
that the 15-month government investigation had been resolved.
Chinas National Development and
Reform Commission had accused Qualcomm in 2013 of abusing its dominant
market position and of unfair licensing
practices. Analysts said the company
accounted for about 60 per cent of the
market in mobile phone chipsets and
Qualcomm also charged the highest royalty rate in the smartphone industry
up to 5 per cent of the wholesale price of
a handset.
The case came to symbolise the barriers faced by US technology companies
in China in the wake of revelations by
Edward Snowden, the contractor for the
US National Security Agency who lifted
the lid on the complicity of many western technology groups in surveillance.
Some believed the probe into Qualcomm was inspired by anti-Americanism but Xu Kunlin, head of the NDRCs
anti-monopoly and pricing department,
told the China News Agency it was
prompted by complaints from two
unnamed US groups. The NDRC could
not be reached for comment.
Microsoft was charged with an antimonopoly investigation similar to Qualcomms last year, and Chinese media
have reported that state officials have
been trying to ban the use of IBM, Apple
and Cisco by government agencies.
Qualcomm said the NDRC judgment
had already been priced in to its share
price by most analysts.
According to the terms agreed
between Qualcomm and the NDRC, the
headline royalty rates of 5 per cent for
3G devices and 3.5 per cent for 4G
devices remain roughly unchanged.
But, the royalty base on which they are

Patently clear
Cross-licensing shake-up
opens royalties door
As part of its deal with the NDRC,
Qualcomm also agreed to change the
way it handles cross-licensing, where
customers surrender their patents to
the chipmaker in exchange for its
technology.
This has penalised Chinese
smartphone makers with large patent
portfolios such as telecoms equipment
group Huawei, and benefited those
with fewer patents, such as Xiaomi, the
four-year-old smartphone maker.
Qualcomm president Derek Aberle
said the group had agreed to provide

NEIL MUNSHI CHICAGO

Situation well in hand

Largest fines imposed
on foreign companies
Rmb m
Qualcomm (US)
6,088
Sumitomo Electric and nine other
car parts suppliers (Japan)
1,240
Mead Johnson (US)
304
Audi JV and dealerships (Germany)
278
Danone Dumex (France)
172
LG (South Korea)
118
Samsung (South Korea)
101

Global smartphone shipments

Units, 2014
China

424m
860m

Share price ($)

80
75
70
65
60
55
2012

Pandoras box: some analysts fear that accepting lower royalties in China could start a trend Patrick T Fallon/Bloomberg
charged fell from 100 per cent of the net
sale price to 65 per cent. Basically, we
ended up with an agreement covering a
subset of our Chinese patents and sales
for use in China, Mr Aberle said.
But some analysts questioned what
this meant for Qualcomms prospects.
If you put the fine aside, what bothers me is that theyre now explicitly taking a royalty on something that is lower
fair value in cross-licensing deals
allowing companies with larger patent
portfolios to offset those against
Qualcomms charges.
The NDRC said in its decision that
cross-licensing deals were no longer
required by Qualcomm.
Lawyers said this could potentially
change the competitive landscape.
For Chinese companies that own a
lot of patents, like Huawei and ZTE, it
is really good news, because they can
now charge competitors like Xiaomi,
Meizu and Oppo royalties, said You
Yunting, a property rights lawyer at
Shanghai Debund. For these
companies without many patents, it
means that the protection bubble has
popped.

than the wholesale price of the phone,

said Stacy Rasgon, semiconductor analyst for Sanford Bernstein. He said this
change might prompt demands for similar treatment by other Qualcomm customers. Its like opening Pandoras Box.
If 65 per cent is right for China, whats to
stop that from being right everywhere?
he said.
Chinese smartphone makers were
disappointed the NDRCs decision did
not force greater changes to Qualcomms licensing procedures. The fine
will hardly make a dent in Qualcomms
profits, no groundbreaking changes
have been made, said Wang Yanhui,
head of the Mobile Phone China Alliance, an industry lobbying body.
Qualcomm said other countries regulators did not try to influence pricing,
and rejected the idea it would put pressure on its royalty agreements elsewhere. The resolution has also removed
a roadblock to normal collection of royalties from Chinese manufacturers.
Many smartphone makers had been
delaying payment until the investigation was resolved. Qualcomm has not
taken the initiative to collect and the
manufacturers have not taken the initiative to pay, said Mr Wang.

Mining

US deport man linked to BSGR probe

A French businessman who served two
years in a US prison for obstructing a
corruption investigation into a multibillion-dollar African mining deal has
been released and deported moving
him out of reach of prosecutors who are
probing bribery allegations.
Frederic Cilins departure from US jurisdiction raises questions about the fate of
the two-year grand jury investigation
into whether the mining arm of Israeli
tycoon Beny Steinmetzs family conglomerate paid millions of dollars in
bribes to win rights to iron ore prospects
in Guinea.
Mr Cilins pleaded guilty in March to
one count of obstructing the US investigation. He was sentenced to two years in
jail, including time served awaiting trial
after he was detained in Florida in an
FBI sting the previous year. He arrived
in France yesterday after being
deported, people familiar with the matter said.
Foreign convicts are routinely
deported from the US after completing
their sentences. The Department of Justice declined to comment on whether
Mr Cilins was still of interest to its
inquiries and on the status of the grand
jury investigation.
Neither BSG Resources nor Geneva-

Rest of
the world

Qualcomm

See Lex

TOM BURGIS LONDON

Coca-Cola cautioned that the strong

dollar would hit its profits and revenues in 2015, a transition year where
its restructuring efforts would take
time to pay off in a volatile macroeconomic environment.

based billionaire Mr Steinmetz the

companys main financial beneficiary
has been charged in the US investigation, nor in a parallel investigation in
Switzerland. Both deny wrongdoing.
At the heart of the investigation are
allegations that BSGR paid bribes to the
wife of the then-dictator to advance its
cause in Guinea. In 2008, the government stripped rights to half of the coveted Simandou iron ore deposit from
Anglo-Australian mining house Rio
Tinto and handed them to BSGR.
Vale of Brazil agreed a $2.5bn deal to
buy a stake in BSGRs Guinean assets in
2010. But the deal fell apart last year

Israeli tycoon Beny Steinmetz has

denied any wrongdoing

with only $500m paid when the current

Guinean government cancelled BSGRs
rights after a two-year inquiry concluded they had been won corruptly.
Vale has begun international arbitration
against BSGR, and BSGR has done the
same against Guinea, claiming its assets
have been illegally expropriated. It says
it paid no bribes.
Mr Cilins, who worked as an intermediary for BSGR when it was seeking mineral rights in Guinea, is the only person
convicted in relation to a corruption
probe that spans three continents. With
Guinea in the grip of the Ebola pandemic and a key figure in the case now
back in France, US prosecutors who
have stated they believe crimes were
committed appear to face difficulties.
They have one asset in Mamadie
Tour, the fourth wife of the late Guinean dictator who handed BSGR its
Simandou rights. She has said in a sworn
statement published by the Guinean
inquiry that she took cash and shares to
advance BSGRs cause. Ms Tour moved
to Florida after the death of her husband
Lansana Cont in 2008 and is a co-operating witness in the US investigation.
Mr Cilins refused to co-operate with
the US investigation. He pleaded guilty
to obstructing justice and served his
time. His lawyer declined to comment
following his release, as did BSGR.

Contracts & Tenders

13

14

Sources: FT research; Strategy Analytics;

Thomson Reuters Datastream

15

Muhtar Kent, chief executive of the

worlds largest beverage group, said it
could see more volatility in 2015 amid
geopolitical disruptions, a potential
deflationary environment in Europe,
[and] continued softness in developing
markets.
Against this backdrop, what remains
to be seen is how quickly and to
what extent lower oil prices trickle
down to impact consumer discretionary
spending.
The Atlanta-based company reported
a 55 per cent drop in fourth-quarter
earnings, reflecting foreign-exchange
accounting adjustments for Cokes Venezuelan business, a $3bn cost-cutting
programme and the refranchising of its
North American bottling operations.
Price increases helped the earnings beat
analysts expectations, however.
Coke forecast full-year earnings per
share growth in the mid-single digits
before currency effects, roughly in line
with 2014. Exchange rate headwinds
were likely to hit profits before tax by up
to 8 per cent, it said.
Mr Kent said he remained optimistic
about the companys growth prospects
because just 1.4 of the 26 beverages the
average global household drinks each
day are Coke products.
In October the company outlined
plans to cut annual costs by as much as
$3bn by 2019. Mr Kent also said Coke
would sell back most of its companyowned North American bottling plants
to independent bottlers by the end of
2017 in an effort to streamline costs.
Shares in the company were up more
than 3 per cent at $42.60 in lunchtime
New York trading.

18

FINANCIAL TIMES

Wednesday 11 February 2015

COMPANIES

Interview. Jos Manuel Vargas

Spanish economy now fully airborne, says Aena head

same period in 2013. In 2011, by contrast, ebitda was only 883m over the
full financial year.
Passenger numbers are finally on the
rise at Aenas biggest hub, the architecturally praised but often deserted airport at Madrid-Barajas. Expanded at
great cost during the boisterous years of
the Spanish property boom, Barajas
continues to operate far below capacity.
Last year it was used by 42m passengers, 28m fewer than it can handle.
The airport that is always most
affected by a domestic crisis is the
domestic hub, said Mr Vargas, pointing
out that Madrid took an additional hit
from the restructuring at Spanish flag
carrier Iberia, which resulted in the loss
of several routes.
Iberias retrenchment, however, has
largely come to an end. Iberia and carriers such as Air Europa are increasing
routes, and the latest passenger traffic
numbers are very encouraging.
For Mr Vargas, the gulf between
capacity and actual passenger numbers

Burst of enthusiasm for

Madrid float as investors
bet on sustained recovery
TOBIAS BUCK AND THOMAS HALE
MADRID

Airports operator Aena will today notch

up the biggest flotation on the Madrid
stock market since 2007, highlighting
how investors are betting on a sustained
economic recovery in Spain.
The initial public offering by Aena,
the worlds largest airports operator by
number of passengers, has been finalised at 58 a share, the top end of its
anticipated price range and reflecting a
last-minute burst of investor interest in
the IPO.
It means the group will have an equity
value of 8.7bn, enabling the Spanish
government, which is selling a 49 per
cent stake in Aena after years of delay,
to raise up to 4.3bn.
Aena represents the comeback of the
Spanish economy, and that is clearly
appreciated by the market, Jos
Manuel Vargas, executive chairman,
told the Financial Times in an interview.
Aena runs hubs in Madrid and Barcelona as well as smaller Spanish facilities
such as Mlaga, Palma de Mallorca and
Alicante. It operates Luton airport, outside London, and some hubs in Latin
America.
The Spanish government had envisaged the sale of 21 per cent of Aenas
shares to three anchor investors TCI, a
London-based hedge fund, Grupo Alba,
a Spanish fund, and Ferrovial, the Spanish infrastructure group.
But the spike in demand for Aenas
stock fuelled by the groups latest
results and a broader improvement in
investor sentiment towards Spain has
propelled the IPO price far above the
level the three investors had committed
to pay last year. Only TCI has
signalled its readiness to
buy into the float at the
current price.

Contracts & Tenders

Aena represents the

comeback of the Spanish
economy, and the market
appreciates that
For the sake of the company, it would
be good to have anchor investors, Mr
Vargas said. But the government has to
sell at the best price. That is a legal obligation, and the government has no
other option.
For Aena itself, he argued, the listing
will help in two ways: by keeping the
pressure on the group to improve performance, and by preparing it for future
rounds of consolidation.
What I see is that there is a
clear trend towards global
airport infrastructure platforms, said Mr Vargas. If
you look at the profile of

our customers and suppliers, they are

already becoming increasingly global,
whether it is the duty-free operators, or
the airlines, or the providers of infrastructure.
The next logical step, Mr Vargas said,
would be for Aena to deepen its overseas
expansion. He cautioned, however, that
any acquisition would only come after a
further reduction in the groups net
debt, which stood at 10.4bn at September 30.
You have to be extremely careful
. . . It is better to go to the markets that
you know. Our natural markets are
Europe, where synergies and economies

of scale are clear, and Latin America,

where the company has had a presence
for many years.
For the moment, however, the groups
success stands or falls on the performance of its 46 airports in Spain, which
account for the vast majority of its passengers and revenues. Performance in
the home market has improved markedly in recent years, fuelled by cost-cutting measures undertaken after Spains
financial crisis.
Aenas earnings before interest, tax,
depreciation and amortisation reached
1.46bn in the first nine months of
2014, up 15.4 per cent compared to the

The executive
chairman of
the airports
operator says
the logical step
for the group
after reducing
its net debt
would be
to deepen
overseas
expansion

at Barajas points to one of the great

attractions of Aena: after the building
frenzy of the boom years, he argued, the
group had little need of additional
investment.
The airport can grow a lot without
further capex, which is quite different
from other European hubs, he said.
Another attraction for investors, at
least in the long run, could be Aenas
dividend policy. The group told investors during the IPO roadshow that it was
targeting a payout ratio the portion of
a companys net income that it returns
to shareholders of about 50 per cent in
the coming years.

Wednesday 11 February 2015

19

FINANCIAL TIMES

COMPANIES
Cars

Activist joins
funds in push for
GM board seat
Surprise effort to force
manufacturer to spend
$8bn on share buybacks
ROBERT WRIGHT NEW YORK

A central figure in the 2009 restructuring of the US car industry is seeking a

seat on General Motors board in a surprise effort to force the company to
spend $8bn on share buybacks, the
company said yesterday.
Harry Wilson is working with four
hedge funds Taconic Capital, Appaloosa Management, HG Vora and Hayman Capital Management that
together own 2.1 per cent of GMs ordinary shares. News of his initiative sent
GMs shares up 2.6 per cent to $36.94.

GM said it was evaluating

Mr Wilsons proposal and
advised shareholders to
take no immediate action
GM said it was evaluating his proposal
and advised shareholders to take no
immediate action. However, his plans
appear to run counter to GMs insistence
that it needs to maintain a fortress balance sheet given the car industrys
cyclicality.
News of Mr Wilsons candidacy
emerged less than a week after GM said
it would increase its dividend from this
years second quarter 20 per cent to 36
cents. Some analysts have voiced
unhappiness with the speed of distribution of the $25.2bn cash GM held at the
end of 2014.

Contracts & Tenders

GM had $15.8bn net cash at December

31, excluding financing operations. It
has $30.6bn in underfunded pension liabilities.
At its investor day last October GM
said it wanted to maintain cash reserves
from automotive operations near the
top of its $20bn to $25bn target range to
deal with the future costs of its botched
recall of faulty ignition switches in compact cars.
The companys intention to increase
the dividend is consistent with its balanced capital allocation strategy, the
company said. Its goal is to maximise
long-term shareholder value through
both stock price appreciation and
return of capital via dividends and share
repurchases.
Mr Wilson wrote in a letter published
on GMs website that the carmakers
shares were substantially undervalued, the company was substantially
overcapitalised and a repurchase
would create substantial shareholder
value. Documents published alongside
the letter show that he will receive up to
4 per cent of the appreciation in value of
the hedge funds shares following the
announcement of his candidacy.
Mr Wilson was part of the car industry task force under Steven Rattner that
managed the bankruptcy of GM and
Chrysler and funnelled resources to a
series of suppliers during the collapse in
demand after the financial crisis.
GM restarted dividend payments last
year, after the US Treasury disposed of
the last of the holdings it acquired during the bankruptcy. The companys performance was overshadowed for much
of last year by revelations about its failure for more than a decade to recall
vehicles with an ignition switch fault.

Slow climb Military spending up

Software. Civilian applications

Israeli cyber security

foundry launched
Intelligence corps veterans
launch start-up to assist new
companies in growing sector
JOHN REED TEL AVIV

Western military spending is picking

up amid tensions in Ukraine and the
Middle East, but Saab is warning that
recovery in the defence market will
take time.
The Swedish aerospace and defence
group, maker of the Gripen combat
jet (pictured), missiles and

submarines, said years of deep cuts to

military spending were finally coming
to an end.
However, Hkan Buskhe, chief
executive, said the turnround in the
market is expected to be slow and
there would be no benefit to Saab in
the short term. Peggy Hollinger
Leon Neal/AFP/Getty

A group of veterans of Unit 8200, the

Israeli militarys elite intelligence corps,
has launched a cyber security foundry
to help new companies in the expanding
industry, with seed money from investors including a fund backed by Eric
Schmidt, Googles executive chairman.
Team8, which described itself as a
start-up for start-ups, announced its
launch in Tel Aviv yesterday with $18m
of investment from Cisco Investments,
Market LLC, Bessemer Venture Partners and Innovation Endeavors, Mr
Schmidts venture capital fund.
Team8 is a new model to initiate and
build cyber security companies, said
Nadav Zafrir, co-founder of the fund,
who headed Unit 8200, Israels equivalent of the US National Security Agency
and the UKs GCHQ, for four and a half
years. We are here to solve big problems through disruptive technologies.
The new company will be the latest to
build on Israels expertise in cyber security, which was developed in response to
what it sees as a growing threat but is
also being promoted as an economic
opportunity.
Total spending on information security worldwide is forecast to grow 8.2 per
cent in 2015 to $76.9bn, according to
research by Gartner, and prominent
cyber attacks last year, including
breaches at Target, JPMorgan and Sony
Pictures, pushed cyber security up the
corporate agenda.
Team8 said it aimed to act as an operational think-tank for companies
threatened by both organised crime and
state-backed hackers. A team of
researchers, entrepreneurs and others

will also advise on new ventures. Israels

cyber security sector has been built
largely on the military, many of whose
graduates move into business after their
compulsory service. Israeli companies
have been pioneers in internet firewalls
and antivirus software.
Israelis who served in Unit 8200 are
particularly useful in the industry
because of the cutting-edge skills they
learn in the army and networks with fellow soldiers they maintain after leaving.
Team8s founders include Israel
Grimberg, another veteran of Unit
8200, and Liran Grinberg, an entrepreneur who served five years in the intelligence corps.
Unit 8200 recruits its soldiers straight
from Israeli secondary schools, picking
students with superior quantitative and
problem-solving skills. The unit is so
secretive that soldiers are forbidden
from discussing most aspects of their
service, even with family members.
A group of dissenting military reservists from 8200 last year provided a partial and unflattering glimpse of the
units activities, including intrusive surveillance of Palestinians.
Mr Zafrir declined to speak about
details of his service in 8200. However,
he said that members of the Israel
Defence Forces intelligence units had
special expertise in self-learning and
working together on unknown problems. He added: Intelligence is one of
the biggest issues for Israels security
survivability. A lot of intelligence happens in the cyber arena, but I dont want
to go more into that.
Team8s first company will focus on
fighting advanced persistent threats
attacks against the core of an organisations network and be headed by
Ofer Israeli, formerly of Check Point,
the Tel Aviv-based cyber security company. It hopes its customers will be large
companies, including banks, insurers
and e-retailers.

20

FINANCIAL TIMES

Wednesday 11 February 2015

UK COMPANIES

Briefs

Shankly denialist Sky pays fat price for football rights dominance

Football is a matter of life and death to

Sky, if not to Bill Shankly, who rated it
more highly. For all its talk of Arctic
drama Fortitude and Formula One,
soccer remains central to attracting
and retaining subscriptions. Chief
executive Jeremy Darroch cannot have
wanted to pay an eye-watering 4.2bn
for broadcasting rights to the bulk of
Premier League matches in 2016-19.
But featuring as the underbidder to
BTs Gavin Patterson will have
appealed even less.
Sky is spending more on its own than
the City has estimated the entire
auction would realise. It will stump up
a price 70 per cent higher than for a
similar franchise for 2013-16. Investors
will be irked that it will cost the
company 330m a year more than
expected to hold its ground. They
might have found a business

dependent on polar bears and

Sebastian Vettel to lure eyeballs even
less to their taste
BT will argue it is paying 960m
just 17 per cent more than last time
for a better package of matches. It
must have amused Mr Patterson to
make Mr Darroch sweat. But as
Michael Underhill of Enders Analysis
points out, Sky retains its key
monopoly over Sunday afternoon
matches. BT emerges from the
goalmouth confrontation as the bested
gentleman amateur, Sky as the shinkicking pro.
The group expects to cover that extra
330m through price increases and
cost savings. Trimming yearly
overheads could involve customers
wiring their own Sky boxes and waiting
longer on helplines. As ever, football
fans could teach the Greeks a thing
about stoicism. As for millionaire
players, compensation for in-play
knocks and bruises will now get even
fatter. Bentley sales will surge.
Skys net debt is four times trailing
earnings, according to S&P CIQ. The
group could start looking stretched if
economies turn down sharply. A

historic capacity to absorb punishment

would help here. Oldsters will
remember the days when, as a plucky
start-up, Sky was losing money at a
rate that prompted prophecies of its
demise. These were regular and wrong.

Tui becomes one

It is easier to utter such tongue twisters
as One Tui is better than two Tuis if
English is your mother tongue. But this
advantage cannot alone explain the
greater lan with which Peter Long, cochief executive of Tui AG, fronted up
the holiday companys first quarterly
results since merging with UK affiliate
Tui Travel.
Fritz Joussen, co-chief executive of
the London and Frankfurt-listed group,
sounded ill at ease. He burrowed into
detail even as Mr Long, architect of the
more successful UK arm of the group,
extolled the strategic advantages of the
merger.
Yoda-like, Mr Long aims to instil the
Jedi reflexes of a travel trade veteran in
Mr Joussen, an ex-telecoms boss,
before stepping up to chairman.

Investor confidence depends on this

and on Tui disposing of non-core
businesses valued at 1.3bn. Tuesdays
results were underwhelming. Summer
bookings were thinner than expected,
though Tui maintained a forecast that
full-year underlying operating profits
would rise 10-15 per cent.
Peter Fankhauser, who recently
became chief executive of Thomas
Cook, the group he joined in 2001,
should give Mr Joussen a run for his
money. Both companies are under
attack from online-only travel agents.
Shares in Tui are fully valued at a 70
per cent forward earnings premium to
Thomas Cook. Next time, practise in
front of your bathroom mirror, Mr
Joussen.

Blue noses, red mist

Rangers lost 2-0 in its latest derby with
fellow Glaswegians Celtic. Life off the
pitch is equally challenging. A hotel in
Kensington has cancelled the football
clubs reservation to hold a meeting
there, fearing rowdiness.
Rangers says the Millennium

Gloucester received false information

from individuals purporting to be
shareholders. However, the hotel
manager was right to feel nervous. A
bad-tempered battle is under way at
the Glasgow club. Dave King, a rebel
shareholder, has called the meeting
with the aim of deposing a board
supported by the Easdale brothers and
Sports Directs Mike Ashley.
Demonstrations were possible. Fans
have already threatened to picket WH
Ireland, Rangers nominated adviser, in
a rare example of the public caring a
hoot about an Aim broker. Moreover,
the Millennium Gloucester has a
tasteful bronze stag in its foyer. Could
this have headed north as a souvenir of
an away match, just as chunks of
Wembley turf have in the past?
Holding the meeting hundreds of
miles from Ibrox was a gambit
intended to discourage angry fans from
attending. Rangers should now look
further afield. A venue in a city that is
teetotal, aggressively policed and
suspicious of foreigners might suit.
How about Riyadh?
jonathan.guthrie@ft.com

General retailers

Hope for Tesco as

sales grow for the
first time in a year
Turnround plan starts to
bear fruit amid fierce
supermarket price war
NATHALIE THOMAS, NAOMI ROVNICK
AND KADHIM SHUBBER

Tesco finally appears to be turning a corner after the toughest year in its history,
with industry data showing a return to
sales growth for the first time since January 2014 as the supermarket wages a
price war with rivals.
Britains biggest supermarket chain
increased its UK sales by 0.3 per cent in
the 12 weeks to February 1 compared
with the same period a year earlier, outperforming its rivals, according to market share and sales data published yesterday by Kantar Worldpanel.
Shares rose 2 per cent to 238p after
the rare piece of good news for Tesco,
which was left reeling last year after four
profit warnings and the discovery of a
263m profit misstatement.
Since taking over the business in September, chief executive Dave Lewis has
set about closing stores, reducing its
ranges, selling non-core businesses and
cutting head office costs as he tries to
improve Tescos fortunes amid an intensifying supermarket price war.
Tesco is closing 40 stores, putting
2,000 jobs at risk, and has sold non-core
businesses, including Blinkbox Movies
to TalkTalk and Blinkbox Music to

Business Leaders

Guvera. The supermarket is reportedly

seeking to sell a majority share of Dunnhumby, the data analytics business it
bought in 2004, rather than exit it outright, while it has rebuffed an initial
offer for Lotus, its business in Thailand,
from Thai billionaire Dhanin Chearavanont.
An additional 236,000 shoppers
walked through the doors of a Tesco
during the 12-week period, but despite
the sales rise Kantar said Tescos overall
share of the UK grocery market fell
0.2 percentage points to 29 per cent.
Asda, which is investing 300m in
price cuts in the first quarter of this year,
leapfrogged J Sainsbury to reclaim its
spot as Britains second-biggest grocery
retailer with a 16.9 per cent share of the
market. But both chains experienced a
sales decline during the 12 weeks yearon-year, Asdas by 1.7 per cent and Sainsburys by 1 per cent.
Sales at Wm Morrison were also down
0.4 per cent, although Kantar said this
was the best performance for the group
which recently ousted chief executive
Dalton Philips since December 2013.
Shares in the Bradford-based retailer
rose almost 4 per cent to 185p yesterday
morning after the sales figures were
published.
For once, the news was not quite so
good for the German discounters Lidl
and Aldi either, even though they
recorded 14.2 per cent and 21.2 per cent
growth respectively over the 12 weeks.

Pension deficits
Shortfalls hit record
Pension deficits at UK private
companies have ballooned to a
record 367.5bn prompting calls
for policy makers to help companies
close the gap.
Yesterday, the Pension Protection
Fund the statutory body that
acts as the safety net for
employees retirement savings
reported that the aggregate deficit
of the 6,057 private sector defined
benefit schemes it covers rose by
more than 100bn in January.
This represents a 38 per cent
increase on the 266bn deficit at

the end of December, and a near

eightfold rise on the 46bn shortfall
a year ago.
Most of the increase has been
caused by changes in pension
schemes liability calculations, to
reflect historically low bond yields.
Its clear that the policy of
artificially inducing ultra-low long
gilt yields is causing significant
damage to UK pensions, said Ros
Altmann, an independent
economist and pensions expert,
after the figures were published.
Josephine Cumbo

InvestUp
Crowdfunding launch

Bellway nails it
Robust rise
in off-plan
completions

Bellway, one of the UKs biggest

housebuilders, said sales of off-plan
homes had risen by a quarter in the
first half, signalling that the UK
housing market remains robust despite
slowdown fears.
The housebuilder said that it had
increased the number of completions
by 15.7 per cent in the six months
ended January 31 to 3,754 compared
with the previous year, taking an
average of 139 reservations a week.
It sold 4,200 off-plan properties
worth 975m, a 25 per cent rise, it said
in a trading update.
Ted Ayres, chief executive, said he
expected to deliver further earnings
growth helped by plans to open a new

regional division. The Newcastlebased company has seen strong

growth in the north, with 1,822
homes completed 23.6 per cent
ahead compared with last year.
Data by the National House
Building Council showed that
Yorkshire and the Humber, Wales,
Northern Ireland and the West
Midlands are now outpacing London
in year-on-year percentage growth
in new builds registered.
Stephen Rawlinson, analyst at
Whitman Howard, said: All is set
well for the housebuilders in our
view and we remain positive.
Shares rose 42p, or 2.3 per cent, to
close at 18.71. Elizabeth Paton

A new crowdfunding supermarket

has launched that allows people to
invest across the sector in one place
and provides high street banks with
a route into alternative financing
amid mounting pressure to lend to
small businesses.
InvestUp, which is backed by a
group of former bankers, pools
crowdfunding and peer-to-peer
investments in one place so people
can scan the market and lend
through a number of sites in a
single portfolio.
A range of 13 peer-to-peer sites,
such as ThinCats, which facilitates
loans from individuals to
businesses, will be accessible
through the supermarket, although
InvestUp is still in talks with a
number of other platforms.
So-called P2P platforms match
individuals to borrowers through a
digital site, offering higher rates of
return and lower interest rates than
high street banks. Crowdfunding is
expected to raise 4.4bn in the UK
this year, according to research by
Nesta, an innovation charity.
Although the supermarket is free
for investors and crowdfunding
sites, it will charge banks and funds
that want to sell their loans or units
to a crowd of investors.
The platform will give traditional
banks a springboard into the
crowdfunding market as pressure
rises to extend lending to small and
medium-sized businesses.
It comes after George Osborne,
the chancellor, unveiled plans to
make it compulsory for banks to
refer small businesses that are
rejected loans to alternative sources
of finance. Emma Dunkley

Technology

US venture capital pours into UK start-ups

MURAD AHMED EUROPEAN
TECHNOLOGY CORRESPONDENT

US technology investors provided

more than half of all the money raised
by London-based start-ups last year, as
American venture capital groups look
to cash in on the citys fledgling digital
groups.
Data suggest that London-based technology companies obtained $1.4bn in
funding in 2014, with $795.2m from USbased investors. The American influx is
more than double the previous record
figures.
The figures are the latest illustration
of how US venture funds, which have a
history of lavishing cash on Silicon Valley groups with spectacular results, are
seeing similar opportunities across the
Atlantic.
Overall, investment from the US into
the UK as a whole has also increased to
$1.35bn compared with $582m in 2012.
The research was collated by CB
Insights, a research group, and commissioned by London & Partners, the Mayor
of Londons promotional body.

However, the cash received by Londons start-ups is still dwarfed by what

has been invested in west coast tech
companies. US venture capital funds
have invested $160bn since 2012, with
$70bn of it in Silicon Valley, according
to the National Venture Capital Association.
The availability of finance for companies as they become bigger is often cited
by European start-ups as the reason
they relocate to Silicon Valley.
But US VCs have been stepping in to
fill the funding gap. A Financial Times
analysis last year revealed that European tech companies had raised more
funding rounds of $10m or more than
four years ago, thanks to US investors.
In 2010, European start-ups received

Londons status as a tech

hub means weve been
able to grow the company
to 250 employees

$808m during growth funding rounds,

either from US investors or through
joint investments between US and European venture groups.
By 2013, this figure had increased to
$1.9bn and was projected to rise to
$3.5bn by 2014.
Londons start-ups, in particular, are
beginning to benefit from this trend. In
January, TransferWise, an online
money transfer group, raised $58m
from Andreessen Horowitz, the US venture capital group, which was an early
backer of Facebook.
People familiar with the matter suggests the investment valued the company at close to $1bn.
Taavet Hinrikus, TransferWise chief
executive, said yesterday that the
company was opening offices in
New York and Tampa, Florida, as
part of its plans for international expansion.
Londons status as both a tech and
financial hub means weve been able
to grow the company from just my cofounder and I, to a company of 250
employees, he said.

Wednesday 11 February 2015

21

FINANCIAL TIMES

UK COMPANIES

Banks. Tax questions

General financial

Pressure grows on UK to investigate HSBC

British authorities appear
reluctant to probe activities
of Swiss private bank

PHILIP STAFFORD

A recent changing of the guard at the

main US derivatives regulator should
give new impetus to ICAPs efforts to
roll back post-financial crisis swaps
reforms, Michael Spencer, chief executive of the interdealer broker, said yesterday.

VANESSA HOULDER AND MARTIN

ARNOLD LONDON
GINA CHON WASHINGTON

The US, France, Belgium and Argentina

are all doing it. So why do UK authorities
seem reluctant to formally investigate
HSBCs Swiss private bank over allegations that it proactively helped thousands of clients to dodge the taxman?
This is becoming a tough question for
prime minister David Camerons government to answer, when faced with
revelations of tax avoidance at HSBCs
Swiss unit that have emerged out of a
vast cache of leaked client account data
published by the media this week.
One key to understanding why the UK
seems to be going easy on HSBC dates
back to a multibillion-pound deal over
tax evasion Switzerland signed with the
UK in 2011. In it, the Swiss state tried to
insist its banks would be immune from
prosecution.
But the Swiss settled for a commitment that it would be highly unlikely
that their banks would be subjected to a
criminal investigation regarding tax
evasion although the agreement did
not apply to money laundering.
Mario Tuor, a spokesman for Switzerlands State Secretariat for International
Financial Matters in Bern, said: It was
the official position of Switzerland. For
us it was important. We would have
liked to have had a strict guarantee that
there would not be any prosecution. But
the British said it was not possible.
At the time, this was not considered a
significant concession by the British
because of the difficulties there would
be in bringing a prosecution against a
Swiss subsidiary and because the agreement with Switzerland did not provide
an absolute assurance against a criminal investigation.
Another complication is that when
the leaked data originally taken from

Up in the air: a fairground ride close to HSBCs London headquarters. Both the bank and the UK government face questions this week Toby Melville/Reuters
HSBC by IT engineer Herv Falciani in
2007 was shared between the French
and UK governments in 2010, Paris did
so under strict conditions that prevented HMRC from sharing it with other
law enforcement agencies.
However David Gauke, the UK Treasury minister responsible for tax matters, said this obstacle was being lifted,
telling MPs: The French authorities
have today confirmed that they will provide all assistance necessary to allow
HMRC to exploit the data to its fullest.
Jonathan Fisher, a QC specialising in
Conditions change:
Treasury minister
David Gauke said
obstacle to sharing
the leaked data
was being lifted

tax fraud, said it would not be straightforward at all to pursue a Swiss entity,
even if it was a subsidiary of a UK company. In addition, a prosecution would
require evidence that a controlling
influence a director of the bank
knew what was going on. He said: I just
dont think it is a runner.
In France, where HSBC was placed
under formal investigation in November for allegedly aiding people to evade
taxes through its Swiss private bank, it is
much easier to establish corporate liability than the UK. There is a concept of
vicarious liability under French law
whereby a company is automatically
liable for the acts of an employee.
The British government has been
floating the idea of extending the concept of corporate criminal liability. Jeremy Wright, the attorney-general, said

Travel & leisure

Tui buoyed by hotels and cruises arms

JOEL LEWIN LONDON

Tui Group is on track to achieve 1bn

in full-year operating profits for the
first time after a strong performance
by its hotels and cruises businesses
helped it narrow losses during the winter months.
The biggest European tour operator by
revenue and market capitalisation said
it cut underlying operating losses 15 per
cent to 108m in the first quarter, down
from 141m in the same period the previous year.
The company, which is reporting its
first set of results since German parent
Tui AG merged with UK affiliate Tui
Travel in December, said it expected
synergies to have an impact during this
financial year, which, coupled with the
strength of its hotel and cruise
businesses, would deliver earnings
growth of 10-15 per cent for the full year.
The fortunes of Tui are in contrast to
its rival Thomas Cook, which saw its
shares plunge last November following

the surprise departure of chief executive Harriet Green and a warning that
growth would be slower in a tougher
trading environment.
Were very excited. Were on a great
journey, said Peter Long, Tuis co-chief
executive.
Germans took to the water in greater
numbers this winter, with passenger
growth in luxury cruises helping the
division notch up 2m in operating
profit from a loss of 16m in the same
period last year. The company took
delivery of a new cruise ship, which further boosted capacity.
The market has adapted to the luxury capacity were providing. We are
looking at how to build a leading company in cruises, said Friedrich Joussen,
co-chief executive.
The groups underlying revenue
jumped 5.4 per cent to 3.5bn in
the three months to February 1, up
from 3.36bn in the same period last
year.
The holiday operator reported strong

performance in its hotels and resorts

division, with operating profit almost
doubling to 51m, up from 26m in
the same period last year, due to rising
occupancy rates and growth in revenue
per bed.
This surge was driven largely by the
UK market, which saw sales increase 6
per cent, with more Britons taking longhaul holidays as the economy grew and
wages began to rise.
However, Tuis German and Nordic
customers failed to follow the holidaytaking trend.
German customer numbers grew
1 per cent and prices came under pressure from a surge in capacity in the
Canaries, linked to unrest in Egypt,
which saw companies shift focus away
from that region.
Nordic customer numbers declined 7
per cent and sales fell 3 per cent.
Tui Group shares dropped 7p, or
0.8 per cent, to close at 11.40 in London
trading yesterday.
See Lombard

Personal goods

New Look dressed and ready for IPO, says chief

KADHIM SHUBBER

New Look is ready for a stock market

float, according to its chief executive, as
the fashion retailer blamed warm
autumn weather for a dip in thirdquarter sales.
The company, which was bought by private equity firms Apax and Permira 11
years ago, has been the subject of speculation about its sale plans since it pulled
an initial public offering at the last
moment in 2010. Investors at the time
balked at the retailers 1.1bn debt,
which is now 1.02bn.
I think this business is a business
thats ready, said Anders Kristiansen,
chief executive, adding that he did not
think there was currently an IPO market. There might be an IPO market
later. Those things are very difficult to
predict.
The retailer is the latest to feel a hit
from last years warm autumn weather
as it reported a 1.7 per cent fall in likefor-like sales to December 27. However,
it said Christmas trading was strong
with record online sales and that the
return of cold weather in January had
helped it clear leftover stock. It was a
quarter of two halves. October and

Swaps reform
push by ICAP
gains impetus

November were unseasonably warm,

which led to widespread discounting on
the high street, while the Christmas
trading period was exceptionally strong
for us, said Mr Kristiansen.
Warm weather last October and
November contributed to falling sales in
the fashion sector as retailers struggled
to shift coats, hats and scarves. Supergroup was among those forced to warn
on profits, citing the weather as a cause.
Sales for the year to date are 3.6 per
cent up on a like-for-like basis as the
retailer completed the sale of its struggling French business, Mim. Adjusted

New Look sales fell during last

years warm autumn weather

earnings before interest, depreciation

and amortisation are up 3.4 per cent to
192.6m this year so far.
New Look, which in November said it
had pulled out of Russia and Ukraine
due to instability in the two countries,
said adjusted ebitda fell 2.7 per cent to
76.8m in the quarter. However, it said its
international expansion programme
was on track as it launched four stores in
China, bringing it closer to its year-end
target of 20 in the country, and also
opened outlets in France, Germany and
Poland. Mr Kristiansen said the retailer
would have 70 stores in China by the end
of the next financial year, making it the
companys second largest market.
Mobile and tablet sales overtook
desktop sales on Boxing Day, the company said, as online sales rose by a third
over the Christmas trading period. New
Look said it was unaffected by the disruption and website outages that hit
other retailers during the Black Friday
sales but warned that next years event
could be even bigger. It is not going to
go away, said Mr Kristiansen.
Apax and Permira, the private equity
firms that own New Look with founder
Tom Singh, acquired the company in
2004 for 800m.

last September that the government

was considering changes that would
allow companies to face prosecution for
failing to prevent crimes such as fraud
and money laundering.
In the US yesterday, lawmakers
ramped up their pressure on regulators
to be tough on HSBC. The bank is being
investigated by the Justice Department
as part of a broader probe into dozens of
Swiss groups that allegedly helped their
clients avoid US taxes.
Maryann Hunter, a deputy director at
the Federal Reserve, said she could not
talk about the HSBC case, but generally,
if the agency is provided with evidence
of legal violations, it would be committed to imposing penalties.
After this weeks publication of the
leaked data, there is a renewed focus on
the Swiss/UK deal and the officials who

negotiated it. Richard Murphy, a tax

campaigner, said the Swiss deal gave
HSBC virtually guaranteed immunity
from prosecution.
He drew attention to a key role played
in the negotiation of the Swiss deal by
Dave Hartnett, the top tax official at
HMRC who later advised HSBC on tackling financial crime. He said: I am just
commenting on revolving doors. I am
not suggesting any impropriety.
Mr Hartnett was appointed a non-executive adviser to HSBCs newly-created
financial systems vulnerability committee in January 2013.
With both HSBC and the UK government facing growing questions about
the tax-dodging affair this week, the
pressure is mounting on British authorities to match other countries by launching a formal investigation.

ICAP, which operates the biggest US

swaps trading venue from London
rather than the US, has been a prominent critic of parts of the new rules and
has backed a plan to rewrite part of the
US Dodd-Frank financial reform act.
Banks, brokers and even some regulators say that the prescriptive US standards have contributed to a split in the
global swaps market, between a largely
US-based one and a market that consists
of the rest of the world. As a result the
financial services industry has sharply
stepped up pressure on US authorities
to alter parts of the act.
Christopher Giancarlo, a former
interdealer broker who was appointed
to the five-member Commodity Futures
Trading Commission last year, has
called for a radical overhaul of the
Dodd-Frank rules, while the new CFTC
chair, Timothy Massad, has indicated an
openness to reform.
Mr Spencer said Mr Giancarlos proposal provided good illumination and
slight tweaking of the Dodd-Frank act
would be a good thing as it has bifurcated the market.
ICAP said trading in the US repo market in the three months to December 31
had risen 5 per cent, compared to an 18
per cent rise in US Treasury trading volumes.
ICAPs total revenue in the last three
months fell 2 per cent on a reported
basis. Trading on its electronic platforms saw low double-digit growth in
the period. It also reported further
declines in its core broking business.
However, the fall was offset by volatility
in foreign exchange markets, which
boosted turnover at its electronic currency trading venue.

22

FINANCIAL TIMES

Wednesday 11 February 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

1.07%

Dow Jones Ind

1.30%

FTSE 100

FTSE Eurofirst 300

-0.12%

0.79%

Nikkei

Hang Seng

-0.33%

0.57%

FTSE All World $

0.03%

$ per

$ per

-0.176%

0.46%

0.131%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Index

Jan 11 - Feb 10
S&P 500

All World

Index

Jan 11 - Feb 10
S&P/TSX COMP

New York

All World

Toronto

Day 1.07%

Month 1.16%

Nasdaq Composite

Year 15.11%

Day 0.08%

New York

IPC

4,787.64

4,704.07

All World

London

Month 1.78%

Month 5.06%

Year 9.56%

Month 5.01%

Year 3.57%

FTSE Eurofirst 300

Dow Jones Industrial

New York

Month 0.60%

Year 6.28%

Bovespa

Day 0.79%
Country

Month 0.74%

Year 13.14%

Index

Day -1.77%

Year 14.35%

CAC 40

Month -0.68%

Year 1.68%
Feb 10

Feb 09

Country

Apple
Medtronic
Qualcomm
Pfizer
Albertsons Llc
Bank Of America
Micron Technology
Coca-cola
Microsoft
Johnson & Johnson

stock
traded m's
75.0
26.6
24.7
19.9
18.4
13.6
13.5
13.5
12.6
12.3

close
price
122.02
106.71
70.26
34.15
35.10
16.42
31.09
42.40
42.60
100.35

Day's
change
2.30
-1.36
3.15
1.08
-0.04
0.07
2.74
1.17
0.24
0.57

Close
price

Day's
change

Day's
chng%

45.27
31.09
88.07
75.93
77.23

4.34
2.74
7.06
4.70
3.85

10.60
9.66
8.71
6.60
5.24

8.20
19.16
60.89
12.20
30.41

-0.76
-1.28
-3.95
-0.63
-1.52

-8.48
-6.26
-6.09
-4.91
-4.76

BIGGEST MOVERS
Ups
Sealed Air
Micron Technology
Wyndham Worldwide
Starwood Hotels & Resorts
Marriot Int Class A Common Stock
Downs
Denbury Resources
Transocean (switzerland)
Computer Sciences
Nabors Industries
Ensco

Month 12.36%
Index

Year 11.06%

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

-4.14%

-0.32%

Year 15.76%

Day -0.33%

Madrid

Month 8.04%

Month 2.65%

Year 22.06%

Hang Seng

Seoul
1,935.86

Day -0.57%

Hong Kong

Month 0.58%

Year 0.69%

FTSE Straits Times

Singapore
3,434.24

24,528.10

Year 4.25%

FTSE MIB

All World

1,920.95

3,344.89

24,026.46

Day 1.30%

Index

Jan 11 - Feb 10
Kospi

Day 0.03%

Milan

Month 2.54%

Year 13.36%

Shanghai Composite

Day 0.47%

Shanghai

Month 2.77%

Year 13.71%

BSE Sensex

Mumbai

20,725.63
18,349.15
Day 1.76%
Country
Philippines
Poland
Portugal
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland
Taiwan

Month 14.02%
Index
Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index
Weighted Pr

Year 5.30%
Feb 10

Feb 09

7723.14
52140.43
5227.12
2305.23
7103.56
1742.35
825.89
9300.50
3434.24
230.66
779.55
52109.54
44267.09
45916.40
1935.86
247.66
10500.10
7304.70
1602.74
520.41
8620.42
9393.70

7782.57
52137.58
5220.72
2299.62
7024.53
1748.55
840.48
9390.26
3418.02
227.77
775.34
52105.38
44909.35
45875.33
1947.00
249.26
10364.90
7198.44
1591.40
516.16
8632.14
9421.50

Day 1.50%
Country
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

28,355.62

3,141.59
Month -4.38%
Index
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
Russell 2000
S&P 500
Wilshire 5000
IBC
VNI

27,458.38

Year 53.66%
Feb 10

Feb 09

1594.96
84574.27
4627.91
2938.40
6829.12
6068.83
3669.54
3668.09
6440.14
17868.76
8916.62
620.63
4281.16
4787.64
10915.14
1204.70
2068.59
21813.97
3494.12
574.52

1601.77
83769.88
4647.04
2920.10
6837.15
6071.23
3670.27
3636.28
6375.15
17729.21
8840.63
607.77
4216.09
4726.01
10826.59
1213.05
2046.74
21602.52
3616.92
573.55

Day 0.45%
Country

Month 3.27%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year 39.16%
Feb 10

Feb 09

239.64
3383.13
921.47
5615.08
277.35
1488.39
2990.01
1332.91
1308.78
3394.60
1527.20
490.17
4310.71
4514.48
418.86
1714.23
1454.12
2350.00
1480.75
1526.34
1912.87
3252.69

238.25
3347.75
912.45
5581.32
276.08
1480.01
2979.64
1324.45
1326.87
3409.70
1531.60
487.48
4287.93
4470.30
420.50
1720.55
1447.29
2359.39
1465.34
1517.74
1901.61
3250.30

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

EURO MARKETS
ACTIVE STOCKS

stock
traded m's
198.1
193.6
190.7
159.1
152.9
136.4
133.0
125.2
124.3
115.7

close
price
597.80
2992.50
446.35
1495.00
1519.50
4488.00
253.20
2152.50
230.95
271.05

Day's
change
-12.80
-102.50
-10.75
-47.50
-6.50
21.50
-0.45
-34.00
2.15
-4.55

Ups
Drax
Rps
Marks And Spencer
Zoopla Property
Micro Focus Int

Close
price

Day's
change

Day's
chng%

412.60
230.40
498.70
182.00
1152.00

22.70
12.50
23.20
7.90
50.00

5.82
5.74
4.88
4.54
4.54

Ups
National Bank (cr)
Piraeus Bank (cr)
Alpha Bank (cr)
Telecom Italia
Acs Const.

Downs
Hunting
Vedanta Resources
Soco Int
Royal Mail
Ophir Energy

505.50
431.80
294.50
432.20
144.20

-43.00
-28.20
-15.50
-22.30
-6.80

-7.84
-6.13
-5.00
-4.91
-4.50

Downs
Galp Energia-nom
Statoil
Tenaris
Michelin
Oci

Hsbc Holdings
Rio Tinto
Bp
Bhp Billiton
Glaxosmithkline
Astrazeneca
Barclays
Royal Dutch Shell
Vodafone
Glencore
BIGGEST MOVERS

Based on the constituents of the S&P500 and the Nasdaq 100 index

Gold $

17,652.68

10,500.10

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

All World

Tokyo

3,229.32
4,228.24
Day 0.96%

21705.19
28346.62
20366.64
4398.91
17711.93
1196.12
1424.92
2191.37
5296.07
6748.72
418.18
470.04
1614.55
1811.58
42810.29
10353.17
450.96
689.73
5769.57
29985.08
664.51
34570.30

9119.95
5770.10
5814.90
3546.40
2287.74
3511.57
5273.51
49382.58
880.77
15100.70
669.23
19103.93
8825.39
10320.93
3242.71
289.13
3095.12
1556.07
1072.74
1437.03
1756.97

Index

Month 11.46%

Ibex 35

Paris

FTSE Italia All-Share

22079.00
CSE M&P Gen
76.34
76.26
Italy
FTSE Italia Mid Cap
28789.46
PX
990.45
980.72
OMXC Copenahgen 20
796.80
787.96
FTSE MIB
20725.63
EGX 30
9884.46
9957.93
Japan
2nd Section
4397.54
OMX Tallinn
831.31
826.67
Nikkei 225
17652.68
Austria
OMX Helsinki General
8577.80
8522.61
S&P Topix 150
1199.23
Belgium
CAC 40
4695.65
4651.08
Topix
1427.72
SBF 120
3701.09
3664.04
Jordan
Amman SE
2191.89
Brazil
Germany
M-DAX
18908.09
18726.17
Kenya
NSE 20
5296.07
Canada
TecDAX
1499.73
1478.95
Kuwait
KSX Market Index
6735.01
XETRA Dax
10753.83
10663.51
Latvia
OMX Riga
420.58
Chile
Greece
Athens Gen
826.31
765.22
Lithuania
OMX Vilnius
470.42
China
FTSE/ASE 20
244.75
226.17
Luxembourg
LuxX
1612.45
Hong Kong
Hang Seng
24528.10
24521.00
Malaysia
FTSE Bursa KLCI
1811.12
HS China Enterprise
11695.26
11647.42
Mexico
IPC
42635.19
HSCC Red Chip
4533.79
4536.66
Morocco
MASI
10294.48
Hungary
Bux
17942.13
17665.69
Netherlands
AEX
453.80
India
BSE Sensex
28355.62
28227.39
AEX All Share
692.67
S&P CNX 500
6959.90
6922.35
New Zealand
NZX 50
5784.09
Colombia
Indonesia
Jakarta Comp
5321.47
5348.47
Nigeria
SE All Share
29360.55
Croatia
Ireland
ISEQ Overall
5639.69
5581.83
Norway
Oslo All Share
659.84
Israel
Tel Aviv 100
12.85
12.87
Pakistan
KSE 100
34432.89
(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.
9017.02
5757.40
5800.60
3547.00
2327.22
3543.84
5306.85
48510.28
883.35
15112.52
645.66
19032.84
8982.52
10395.76
3291.49
291.24
3141.59
1580.28
1080.43
1425.57
1761.49

Country

9,781.90
Day 0.85%

4,695.65

Feb 09

Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Feb 09

Month 10.32%

Feb 10

Argentina
Australia

Feb 10

Index

10,753.83

Europe

48,510.28

48,139.74

-0.269%

0.590%

Jan 11 - Feb 10
Nikkei 225

9,797.50

Day 0.57%

So Paulo

17,868.76

17,737.37

Frankfurt

1,488.39

42,635.19

Day -0.41%

Oil Brent $ Sep

17,197.73

Day -0.12%

Mexico City

42,382.41

Year 16.04%

All World

6,829.12

1,357.09

Day 1.30%

Index

Jan 11 - Feb 10
Xetra Dax

6,501.42

14,265.01

per

ASIA
Index

Jan 11 - Feb 10
FTSE 100

15,112.52

2,068.59

2,044.81

per $

Novartis N
Intesa Sanpaolo
Unicredit
Roche Gs
Total
Daimler Ag Na O.n.
Nestle N
Santander
Allianz Se Vna O.n.
Eni

stock
traded m's
653.4
518.4
417.1
407.9
387.9
336.5
320.9
305.7
294.5
291.4

close
price
90.61
2.59
5.49
234.45
47.35
80.64
67.86
6.07
146.90
15.42

Day's
change
0.00
0.10
0.08
0.00
-0.60
0.00
0.00
0.06
0.00
-0.03

stock
close
traded m's
price
Toyota Motor
458.5 7713.00
Nippon Telegraph And Telephone
369.7 7314.00
Fanuc
355.1 20755.00
Daikin Industries,
336.2 7676.00
Japan Tobacco .
323.3 3503.50
Softbank .
301.4 7130.00
Sony
289.2 3073.50
Hitachi,
288.0
792.00
Mitsubishi Ufj Fin,.
274.3
683.30
Kddi
271.2 7604.00

Day's
change
13.00
102.00
720.00
-450.00
60.00
-6.00
9.50
-6.70
3.40
-182.00

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

1.10
0.60
0.33
1.00
32.09

0.19
0.08
0.02
0.05
1.54

20.75
15.58
7.10
5.16
5.06

Ups
Kajima
Sumitomo Chemical ,
Nissan Motor Co.,
Fanuc
Ntt Docomo,.

10.00
16.72
13.20
84.13
30.91

-0.42
-0.67
-0.41
-2.21
-0.59

-3.98
-3.83
-3.01
-2.56
-1.86

Downs
Daikin Industries,
Tokyo Electron
Sumitomo Metal Mining Co.,
Thb Japan Steel Works,
Minebea Co.,

BIGGEST MOVERS

Based on the constituents of the FTSE 350 index

TOKYO
ACTIVE STOCKS

Based on the constituents of the FTSEurofirst 300 Eurozone index

Close
price

Day's
change

Day's
chng%

484.00
540.00
1104.50
20755.00
2068.00

29.00
27.00
40.50
720.00
71.50

6.37
5.26
3.81
3.59
3.58

7676.00
8234.00
1744.00
488.00
1723.00

-450.00
-306.00
-43.50
-12.00
-42.00

-5.54
-3.58
-2.43
-2.40
-2.38

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Bt
Glaxosmithkline
Marks And Spencer
Aberdeen Asset Management
Tesco
Capita
Intercontinental Hotels
Kingfisher
Rolls-royce Holdings
Ashtead
Johnson Matthey
Burberry

Feb 10
price(p)

%Chg
week

%Chg
ytd

443.80
1519.50
498.70
443.00
241.85
1157.00
2665.00
341.50
918.00
1090.00
3314.00
1812.00

5.4
4.6
4.5
4.2
4.2
3.3
2.9
2.9
2.7
2.4
2.3
2.3

10.5
10.4
4.2
2.5
28.0
7.0
2.7
0.3
5.5
-5.4
-2.4
10.8

FTSE 250
Winners
Rexam
Poundland
Serco
Rps
Kaz Minerals
Drax
Supergroup
Colt S.a.
Micro Focus Int
Ao World
Countrywide
Bank Of Georgia Holdings

Losers
Randgold Resources Ld
Hargreaves Lansdown
National Grid
Bhp Billiton
Sports Direct Int
United Utilities
Royal Mail
Astrazeneca
Hsbc Holdings
Shire
Unilever
Hammerson

5225.00
995.50
891.80
1495.00
690.00
960.50
432.20
4488.00
597.80
4744.00
2811.00
685.00

-5.6
-4.7
-4.1
-4.1
-3.6
-3.4
-3.4
-3.3
-3.2
-3.2
-3.0
-2.8

19.3
-1.6
-2.9
7.7
-3.0
4.9
0.5
-1.5
-1.8
4.7
7.0
13.2

Losers
Afren
Tate & Lyle
Ocado
Nostrum Oil & Gas
Jimmy Choo
Premier Farnell
Bwin.party Digital Entertainment
Infinis Energy
Vedanta Resources
Man
Tr Property Investment Trust
Pennon

Feb 10
price(p)

%Chg
week

%Chg
ytd

534.00
416.90
195.40
230.40
242.50
412.60
1074.00
143.60
1152.00
330.00
518.00
2236.00

21.7
19.0
13.9
10.9
10.2
10.0
9.6
8.5
7.9
7.7
7.3
7.1

17.7
27.0
21.6
10.2
-5.9
-10.4
20.7
7.2
6.7
17.8
18.6
7.7

FTSE SmallCap
Winners
888 Holdings
Ferrexpo
Carclo
Lsl Property Services
Xaar
Ite
Low & Bonar
Raven Russia Ltd
Findel
Mears
Brammer
Skyepharma

9.31
570.50
399.90
551.50
167.50
161.70
102.40
190.00
431.80
172.70
298.00
828.00

-21.4
-14.2
-8.1
-7.9
-5.9
-5.3
-4.5
-4.4
-4.3
-4.3
-4.2
-4.1

-80.3
-5.4
0.0
31.3
-4.3
-8.1
-13.1
-13.6
-24.8
7.6
4.7
-10.0

Losers
Aquarius Platinum Ld
Boot (henry)
Int Biotechnology Trust
Jpmorgan Indian Investment Trust
Biotech Growth Trust (the)
Carpetright
Huntsworth
Aga Rangemaster
Kofax
Ashley (laura) Holdings
New India Investment Trust
Marshalls

Feb 10
price(p)

%Chg
week

%Chg
ytd

171.50
60.50
117.00
318.00
345.50
151.25
59.00
43.00
221.50
458.00
357.50
283.50

21.8
16.9
14.4
13.0
12.6
12.0
10.3
9.6
9.4
9.1
8.3
8.1

23.8
14.2
30.7
6.7
-10.4
-5.5
17.4
-9.5
-1.2
22.0
4.7
-15.4

Feb 10
Industry Sectors
price(p)
Winners
Fixed Line Telecommunication 5025.62
Industrial Metals
1799.36
General Industrials
4149.54
General Retailers
3026.53
Food & Drug Retailers
3294.15
Chemicals
11377.65
Construction & Materials
4707.64
Technology Hardware & Equip. 1252.08
Support Services
6761.45
Forestry & Paper
13216.46
Software & Computer Services 1319.06
Aerospace & Defense
5084.70

12.75
195.00
461.00
547.50
704.50
461.75
41.25
97.00
456.50
27.75
346.00
250.25

-8.9
-8.1
-7.2
-6.3
-6.1
-6.0
-5.7
-5.6
-5.3
-5.1
-4.9
-4.8

-13.6
-2.0
4.1
9.7
3.9
15.3
-15.8
-17.8
1.2
-6.3
8.1
6.9

Losers
Food Producers
Gas Water & Multiutilities
Mobile Telecommunications
Mining
Tobacco
Personal Goods
Beverages
Industrial Transportation
Real Estate Investment Trusts
Oil & Gas Producers
Banks
Equity Investment Instruments

%Chg
week

%Chg
ytd

5.1
4.5
4.3
1.9
1.8
1.7
1.6
1.6
1.4
1.4
1.3
1.3

9.9
17.9
6.5
1.8
16.1
0.7
13.8
5.0
5.0
16.9
5.5
6.8

-4.1
-3.1
-2.4
-2.2
-2.0
-1.9
-1.6
-1.5
-1.5
-1.3
-1.2
-0.6

-3.5
-0.3
4.0
-0.8
5.6
7.5
3.0
-2.0
8.5
3.3
-0.9
1.9

7858.12
6111.71
5226.13
14173.39
42878.06
26511.23
14578.67
2770.42
3316.60
7385.41
4334.06
7396.24

Based on last week's performance. Price at suspension.

CURRENCIES
Feb 10
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Mid
8.6655
1.2855
0.3770
6.9100
2.8346
1.2518
626.7250
6.2416
2377.9250
538.7150
24.4380
6.5740
7.6301
7.7540
272.8851
62.0850

Day's
Change
0.0070
0.0070
0.0476
0.0056
1.7900
-0.0056
6.0500
0.0500
-0.0171
0.0070
0.0001
1.2561
-0.0700

EURO
Closing
Mid
9.8128
1.4557
0.4269
7.8249
3.2099
1.4175
709.7036
7.0680
2692.7635
610.0410
27.6735
7.4443
8.6403
8.7806
309.0151
70.3051

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0021
13.2231
0.0258
0.0064
1.9616
0.0129
-0.0004
0.5753
0.0007
-0.0080
10.5443
0.0121
0.0506
4.3255
0.0774
0.0050
1.9102
0.0108
1.3050 956.3503
3.8215
-0.0136
9.5244
0.0024
4.1108 3628.5919
13.3687
-0.5657 822.0515
1.0159
-0.0476
37.2911
0.0166
0.0003
10.0315
0.0221
-0.0088
11.6431
0.0133
-0.0088
11.8321
0.0137
1.1085 416.4086
2.3905
-0.1511
94.7385
0.0016

Feb 10
Indonesia
Iran
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru

Currency
Indonesian Rupiah
Iranian Rial
Israeli Shekel
Japanese Yen

Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol

DOLLAR
Closing
Mid
12670.0000
9740.5000
3.8681
119.2750
119.2750
119.2749
119.2741
91.5500
0.2955
3.5795
14.9280
1.3501
199.9500
7.5570
101.3750
3.0715

Day's
Change
22.5000
-0.0131
0.7000
0.6999
0.6997
0.6983
0.0001
0.0180
0.1190
0.0030
3.7000
-0.0324
0.2000
0.0090

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
14347.5111
10.8607 19333.7961
56.3903
11030.1498 -11.2532 14863.5231
16.9917
4.3803
-0.0193
5.9026
-0.0132
135.0670
0.6557 182.0075
1.2750
135.0670
0.6557 182.0075
1.2748
135.0670
0.6557 182.0072
1.2744
135.0670
0.6556 182.0075
1.2734
103.6712
-0.1058 139.7006
0.1597
0.3346
-0.0002
0.4509
0.0007
4.0534
0.0163
5.4621
0.0337
16.9045
0.1176
22.7794
0.2074
1.5288
0.0018
2.0601
0.0069
226.4234
3.9632 305.1135
5.9884
8.5575
-0.0454
11.5315
-0.0361
114.7971
0.1096 154.6931
0.4817
3.4782
0.0067
4.6870
0.0191

DOLLAR
Closing
Mid
44.3100
3.7080
3.9178
66.3128
3.7518
1.3553
11.6818
1089.7500
8.3043
0.9258
31.4665
32.6200
1.9343
2.4958
3.6731
0.6553

Feb 10
Currency
Philippines
Philippine Peso
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling

EURO
Closing
Mid
50.1767
4.1989
4.4365
75.0926
4.2485
1.5347
13.2284
1234.0333
9.4038
1.0484
35.6327
36.9389
2.1903
2.8262
4.1594
0.7421

Day's
Change
-0.0450
0.0115
0.0122
0.6437
0.0018
0.0765
-5.2950
-0.0507
0.0008
-0.0335
-0.0100
0.0018
0.0127
-0.0008

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.1022
67.6148
0.0087
0.0088
5.6581
0.0240
0.0092
5.9784
0.0254
0.6531 101.1899
1.0969
-0.0043
5.7251
0.0065
0.0005
2.0680
0.0051
0.0732
17.8258
0.1370
-7.2610 1662.9027
-6.1699
-0.0671
12.6719
-0.0629
-0.0002
1.4128
0.0028
-0.0743
48.0163
0.0038
-0.0490
49.7764
0.0417
-0.0002
2.9516
0.0061
0.0116
3.8085
0.0238
-0.0042
5.6049
0.0064
-0.0016
-

Feb 10
..One Month
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte

Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.6553
0.6552
0.6551
12.0000
21335.0000
0.8831
0.8830
0.8830
0.8823

Day's
Change
-0.0007
-0.0007
-0.0008
-5.0000
0.0009
0.0009
0.0009
0.0009

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7421
-0.0016
0.7420
-0.0016
0.7415
-0.0016
1.1324
-0.0012
1.5259
0.0017
1.1324
-0.3918
1.5259
0.0017
1.1323
-0.3918
1.5259
0.0017
1.1316
-0.3918
1.5258
0.0017
13.5888
-0.0139
18.3114
0.0209
24159.7831 -30.3318 32556.2164
29.6504
1.3475
0.0029
1.3475
0.0029
1.3474
0.0029
1.3469
0.0029

Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Feb 10 chge%
Index
Feb 09
Feb 06
ago yield% Cover
FTSE 100 (100)
6829.12 -0.12 7172.37 6837.15 6853.44 6672.66 3.41 1.84
FTSE 250 (250)
16658.74
0.48 17496.05 16579.21 16685.63 16078.28 2.57 2.03
FTSE 250 ex Inv Co (212)
18020.92
0.52 18926.70 17927.70 18040.59 17525.38 2.61 2.15
FTSE 350 (350)
3736.78 -0.02 3924.61 3737.65 3748.94 3643.97 3.28 1.86
FTSE 350 ex Investment Trusts (312) 3716.95 -0.03 3903.77 3717.99 3728.89 3629.07 3.30 1.88
FTSE 350 Higher Yield (96)
3643.38 -0.44 3826.50 3659.64 3661.96 3627.16 4.52 1.64
FTSE 350 Lower Yield (254)
3465.18
0.43 3639.34 3450.46 3469.67 3301.84 1.96 2.40
FTSE SmallCap (291)
4455.03
0.08 4678.95 4451.53 4469.72 4511.45 2.46 1.53
FTSE SmallCap ex Inv Co (151)
3922.46
0.32 4119.61 3909.92 3921.43 4164.57 2.31 2.10
FTSE All-Share (641)
3669.54 -0.02 3853.98 3670.27 3681.48 3582.50 3.25 1.86
FTSE All-Share ex Inv Co (463)
3637.90 -0.02 3820.75 3638.70 3649.36 3556.86 3.28 1.88
FTSE All-Share ex Multinationals (575) 1183.46
0.71 1030.17 1175.12 1184.78 1154.64 2.76 2.04
FTSE Fledgling (99)
7093.45
0.11 7449.99 7085.57 7074.04 6733.46 2.31 0.74
FTSE Fledgling ex Inv Co (55)
8942.31
0.33 9391.77 8912.61 8884.62 8299.63 1.68 0.86
FTSE All-Small (390)
3082.02
0.08 3236.93 3079.55 3091.28 3109.20 2.45 1.49
FTSE All-Small ex Inv Co Index (206) 2913.06
0.32 3059.47 2903.72 2911.51 3067.46 2.28 2.06
FTSE AIM All-Share Index (838)
699.95
0.10
735.13
699.23
700.50
868.23 1.31 1.62
FTSE Sector Indices
Oil & Gas (21)
7808.84
Oil & Gas Producers (14)
7431.70
Oil Equipment Services & Distribution (7)17288.16
Basic Materials (29)
4733.22
12156.42
Chemicals (7)
Forestry & Paper (1)
14421.58
Industrial Metals & Mining (2)
1836.02
Mining (19)
13563.33
Industrials (114)
4539.94
Construction & Materials (13)
4832.15
Aerospace & Defense (9)
5271.95
General Industrials (6)
3369.96
Electronic & Electrical Equipment (12) 5051.11
Industrial Engineering (14)
9626.44
Industrial Transportation (8)
4118.26
Support Services (52)
6644.97
16891.87
Consumer Goods (40)
Automobiles & Parts (1)
8847.92
Beverages (6)
14617.49
Food Producers (10)
7962.92
Household Goods & Home Construction (13)11139.46
Leisure Goods (2)
4984.03
Personal Goods (6)
23082.17
Tobacco (2)
42878.13
Health Care (20)
9723.22
Health Care Equipment & Services (9) 6833.00
Pharmaceuticals & Biotechnology (11)13248.61
Consumer Services (96)
4860.50
Food & Drug Retailers (7)
3434.47
General Retailers (30)
2945.04
Media (24)
7194.99
Travel & Leisure (35)
8178.01
Telecommunications (8)
3959.87
Fixed Line Telecommunications (6) 5091.80
Mobile Telecommunications (2)
5218.22
Utilities (8)
8764.74
Electricity (3)
9640.42
Gas Water & Multiutilities (5)
8077.25
Financials (283)
4783.83
Banks (7)
4279.44
Nonlife Insurance (12)
2355.63
Life Insurance/Assurance (12)
8307.90
Index- Real Estate Investment & Services (25) 2832.96
Real Estate Investment Trusts (20) 2983.74
General Financial (29)
7703.30
Equity Investment Instruments (178) 7648.16
Non Financials (358)
4270.12
Technology (22)
1300.78
Software & Computer Services (14) 1437.40
Technology Hardware & Equipment (8) 1604.77

-1.96
-1.93
-2.90
-2.30
0.74
1.83
0.97
-2.80
0.81
1.10
1.52
0.70
1.12
-0.29
-2.39
0.82
0.68
1.46
0.07
-0.18
1.10
0.50
0.58
1.13
0.03
-0.48
0.08
1.49
2.74
1.78
1.27
1.07
1.21
1.63
0.94
0.32
1.05
0.11
-0.15
-1.29
0.92
1.22
0.44
0.21
0.84
0.03
0.02
0.67
1.31
0.24

8201.34
7805.24
18157.11
4971.12
12767.44
15146.45
1928.31
14245.06
4768.13
5075.03
5536.94
3539.34
5304.99
10110.30
4325.26
6978.96
17740.90
9292.65
15352.21
8363.15
11699.36
5234.54
24242.34
45033.30
10211.94
7176.44
13914.52
5104.80
3607.10
3093.06
7556.63
8589.06
4158.91
5347.73
5480.50
9205.28
10124.97
8483.24
5024.28
4494.54
2474.03
8725.48
2975.35
3133.71
8090.49
8032.58
4484.75
1366.16
1509.65
1685.42

7965.04
7577.86
17804.40
4844.41
12066.91
14163.00
1818.46
13954.43
4503.34
4779.47
5193.17
3346.45
4995.02
9654.44
4219.20
6590.95
16777.01
8721.02
14607.75
7976.96
11018.17
4959.36
22948.93
42399.10
9720.06
6866.19
13238.12
4789.05
3342.83
2893.56
7104.97
8091.43
3912.60
5009.90
5169.52
8736.89
9540.45
8068.03
4790.90
4335.23
2334.24
8208.12
2820.44
2977.44
7639.10
7645.57
4269.11
1292.06
1418.87
1600.86

7848.28
7471.31
17233.55
4733.82
12105.03
14304.05
1827.58
13576.47
4522.65
4721.92
5232.74
3404.95
5092.90
9653.47
4239.81
6612.06
16863.56
8923.13
14655.43
8034.90
11126.21
4874.30
22989.13
42574.68
9766.88
6899.04
13301.91
4818.72
3318.61
2923.53
7167.56
8143.92
3959.70
5077.41
5227.12
8893.55
9629.77
8232.08
4843.50
4387.76
2358.36
8287.65
2840.02
3033.74
7714.54
7694.48
4270.59
1310.02
1431.36
1628.69

8504.74
8034.84
23021.99
5553.50
11702.88
11494.95
1203.36
16489.07
4580.86
4758.77
5486.35
3616.17
5559.95
10526.87
4894.74
6337.72
14701.36
9585.84
13410.73
7407.74
9686.52
5005.02
21588.70
34006.42
8890.20
5306.86
12271.19
4626.15
4363.13
2759.05
6457.77
7237.81
3784.96
4645.13
5145.63
8177.19
9173.47
7491.65
4618.77
4657.52
2139.53
7054.82
2862.51
2457.20
6605.24
7164.45
4185.88
1177.78
1325.81
1435.55

P/E
ratio
15.92
19.19
17.79
16.36
16.16
13.47
21.19
26.56
20.67
16.57
16.22
17.79
58.65
68.96
27.28
21.31
47.41

X/D
adj
7.35
17.46
17.19
4.00
3.94
4.66
2.96
11.35
6.59
4.11
3.89
1.18
7.17
0.95
7.62
4.69
0.55

Total
Return
5160.81
11312.98
12475.39
5702.67
2919.96
5622.47
3596.22
5954.41
5503.09
5666.68
2905.64
1963.83
12503.37
15326.28
5289.96
5178.99
744.15

4.32 1.90 12.20

4.33 1.89 12.20
4.10 1.97 12.39
3.83 2.77
9.41
2.13 2.43 19.38
2.63 3.19 11.92
0.54 14.52 12.69
4.10 2.77
8.80
2.43 2.04 20.15
3.15 0.23 135.94
2.06 3.92 12.36
3.36 1.82 16.37
2.25 2.19 20.33
2.47 2.34 17.32
3.67 1.45 18.83
2.27 1.75 25.14
2.93 1.83 18.63
2.15 3.62 12.83
2.35 1.76 24.20
2.01 1.83 27.18
2.35 2.46 17.25
4.29 1.05 22.29
2.88 2.72 12.81
4.03 1.30 19.12
3.46 0.82 35.26
1.30 2.46 31.35
3.66 0.77 35.66
2.55 2.04 19.29
4.68 2.08 10.26
2.24 2.43 18.40
2.65 1.68 22.41
1.84 2.16 25.14
3.94 2.51 10.11
2.71 1.88 19.66
4.71 2.74
7.74
4.88 1.23 16.60
5.21 0.68 28.35
4.79 1.41 14.86
3.05 1.78 18.41
3.47 1.18 24.34
2.84 1.40 25.21
3.07 1.84 17.69
1.69 5.48 10.78
2.78 5.83
6.18
2.86 1.87 18.70
2.43 1.03 39.83
3.32 1.88 16.03
1.25 2.07 38.55
1.89 2.04 25.92
0.81 2.12 58.07

0.00
0.00
0.00
0.87
22.19
0.00
0.00
0.00
2.90
0.00
1.29
0.00
0.00
8.25
0.00
7.25
61.52
0.00
0.00
3.84
0.00
0.00
137.64
377.80
0.17
1.43
0.00
7.59
0.00
3.13
1.11
29.70
0.00
0.00
0.00
32.81
142.09
5.10
3.36
0.00
0.00
0.00
2.08
6.53
12.32
19.00
5.39
0.96
2.59
0.00

6214.01
6113.56
12192.18
4428.59
10268.67
14655.90
1589.08
6607.38
4401.80
4819.72
5329.43
3549.17
4373.03
10984.51
3332.51
6516.73
11589.39
7932.62
9693.09
6537.30
7408.96
4034.27
14567.03
25189.11
6837.16
5708.26
8259.02
4292.88
3862.44
3154.93
4131.13
7326.48
3986.36
4290.23
4655.19
8932.18
12315.96
8257.22
4041.30
2833.80
3841.22
7365.89
7143.04
3431.95
8150.84
3928.27
5778.89
1604.32
1846.10
1826.01

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6836.29 6799.51 6815.90 6803.69 6803.62 6816.73 6833.55 6818.22 6806.61 6842.23 6790.11
FTSE 250
16590.63 16566.85 16617.23 16614.06 16619.61 16643.90 16667.25 16653.54 16622.53 16677.69 16565.66
FTSE SmallCap
4448.97 4454.79 4456.25 4456.92 4456.73 4458.98 4460.95 4460.54 4460.02 4463.51 4448.97
FTSE All-Share
3670.21 3653.48 3662.39 3656.96 3657.12 3663.73 3671.92 3664.75 3658.61 3675.77 3649.81
Time of FTSE 100 Day's high:14:09:30 Day's Low08:55:45 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015)
Time of FTSE All-Share Day's high:14:10:00 Day's Low08:56:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS
Issue
price
KZT1150.4
5p
A$0.05

Amount
paid
up
Nil
Nil
Nil

Latest
renun.
date
n/a
13-03-15
30-01-15

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Feb 10
Feb 09
Feb 06
Feb 05
Feb 04 Yr Ago
High
Low Year to date percentage changes
FT 30
2938.40 2920.10 2937.80 2954.70 2952.50
0.00 2957.00 2669.30 Industrial Metals &
17.36
FT 30 Div Yield
1.74
1.75
1.73
1.73
1.73
0.00
3.93
2.74 Forestry & Paper
15.90
P/E Ratio net
25.65
25.47
25.87
25.65
25.65
0.00
19.44
14.26 Food & Drug Retailer
12.23
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Automobiles & Parts
10.38
FT 30 hourly changes
Real Est Invest & Tr
10.26
8
9
10
11
12
13
14
15
16
High
Low Construct & Material
9.95
2920.1 2921 2928.7 2927 2929.6 2933.4 2937.9 2935.3 2928.7 2941.7 2917.7 Fixed Line Telecomms
9.44
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Life Insurance
8.24
Media
8.05
Personal Goods
7.18
Tech Hardware & Eq
7.11
Real
Est
Invest
&
Se
6.40
Feb 09 Feb 06 Mnth Ago
Feb 10 Feb 09 Mnth Ago
Technology
6.16
Australia
96.52
96.48
99.27 Sweden
77.73
77.59
79.09 Telecommunications
6.16
Canada
93.89
93.70
98.75 Switzerland
165.55 165.52 146.17 Nonlife Insurance
6.10
Denmark
106.32 106.36 108.14 UK
89.62
89.76
86.85 Aerospace & Defense
5.97
Japan
127.28 126.78 124.59 USA
100.95 101.08
98.89 Financial Services
5.85
New Zealand
122.33 121.65 127.41 Euro
87.21
87.27
91.76
Norway
93.74
93.95
91.00
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Pharmace & Biotech

Consumer Services
Health Care
Industrials
Software & Comp Serv
Tobacco
Industrial Eng
FTSE 100 Index
Support Services
Financials
Consumer Goods
Mobile Telecomms
FTSE All{HY-}Share Index
Household Goods & Ho
NON FINANCIALS Index
Oil & Gas Producers
Oil & Gas
FTSE 250 Index

Low
3.21
13.30
2.88

Stock
JSC Kazkommersbank GDR
Petropavlovsk PLC
Wildhorse Energy Ltd

closing
Price p
3.21
14.50
2.88

+or0.00
1.00
0.00

Travel & Leisure

Beverages
FTSE SmallCap Index
Equity Invest Instr
Industrial Transport
Banks
Gas Water & Multi
Oil Equipment & Serv
General Retailers
Health Care Eq & Srv
Utilities
Chemicals
Basic Materials
Electronic & Elec Eq
Mining
Electricity
Food Producers
Leisure Goods

3.39
3.27
2.38
2.36
2.13
1.58
1.57
1.47
1.29
1.27
0.89
0.33
-0.05
-0.42
-0.69
-1.49
-2.12
-2.83

FTSE GLOBAL EQUITY INDEX SERIES

Feb 10
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7574
6937
1357
1671
4546
3028
2545
7234
5594
6331
2117
5669
905
202
318
723
332
399
1494
731
1386
174
301
768
475
481
446
1332
927
1905
452
459
994
86
245
212
340
1980
1390
637
3024
1027
3028
520

US $
indices
474.54
488.64
420.42
627.44
659.42
277.53
490.17
485.75
452.97
488.20
442.55
464.31
410.09
359.49
514.06
704.83
445.58
685.68
694.36
299.88
237.82
310.05
438.75
473.47
127.47
630.20
821.47
543.25
496.59
696.36
662.75
859.93
707.70
316.89
843.31
797.89
365.43
512.63
405.87
374.14
5925.20
9307.56
325.49
285.03

Day
%
0.5
0.5
0.5
0.6
0.4
0.5
0.6
0.5
0.0
0.6
0.6
0.6
0.6
0.4
1.0
0.8
1.0
0.9
0.5
1.0
0.2
-0.4
-0.6
-0.6
-0.4
-0.2
0.0
-0.1
-0.2
-0.6
-0.7
-0.5
-0.3
-1.4
-2.4
-0.9
0.1
1.0
0.5
1.0
0.4
0.9
0.6
0.9

Mth
%
2.3
1.9
2.2
2.9
2.4
2.3
2.3
2.0
3.2
2.2
2.4
2.5
2.3
5.6
5.8
5.0
1.1
2.0
2.2
1.2
4.3
2.8
4.3
1.9
3.1
1.7
0.7
0.9
1.6
0.7
1.0
-0.5
0.1
-1.6
-4.6
3.3
5.7
1.5
5.4
6.1
2.4
1.1
2.7
5.3

YTD
Total
%
retn
1.0 634.71
0.9 642.41
0.8 574.31
1.6 804.42
1.1 821.32
1.0 391.40
0.9 928.31
0.9 641.28
1.3 639.60
0.9 658.49
1.0 596.32
1.0 619.28
0.8 559.52
1.7 548.65
2.8 719.37
2.4 961.71
0.2 575.07
1.1 833.56
0.8 821.16
0.3 396.94
1.9 360.08
1.6 380.31
3.2 521.65
1.0 580.05
2.0 175.81
2.4 913.84
1.9 1154.63
1.7 753.19
2.3 765.86
1.0 965.35
1.3 923.89
-0.1 1189.32
0.0 946.56
1.7 446.46
-6.4 1212.18
3.7 1157.62
1.7 557.89
0.7 645.20
1.9 601.95
1.5 562.99
0.6 7261.03
0.2 11509.72
1.8 428.55
2.3 405.87

YTD Gr Div Feb 10

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
1.1
2.3 Oil & Gas
177 400.52
-0.8
-0.8
0.6 591.58
0.8
3.5
1.1
2.2 Oil & Gas Producers
121 365.96
-0.9
-0.9
1.0 549.37
1.2
3.5
1.0
2.5 Oil Equipment & Services
47 408.42
-0.6
-0.6
-1.5 552.59
-1.2
3.3
1.7
1.9 Basic Materials
270 445.60
-0.4
-0.4
2.3 634.85
2.4
2.8
1.2
1.8 Chemicals
115 649.00
0.3
0.3
4.1 931.88
4.1
2.3
1.1
2.4 Forestry & Paper
18 221.47
1.0
1.0
6.3 345.14
6.3
2.6
1.0
2.3 Industrial Metals & Mining
75 398.03
-1.0
-1.0
-3.4 570.35
-3.3
2.8
1.1
2.2 Mining
62 577.44
-1.8
-1.8
1.4 810.14
1.4
3.9
1.4
2.7 Industrials
534 317.27
0.4
0.4
0.8 431.93
0.9
2.1
1.1
2.3 Construction & Materials
114 438.14
0.5
0.5
1.6 624.34
1.6
2.1
1.1
2.3 Aerospace & Defense
29 517.66
0.9
0.9
4.1 699.10
4.2
1.9
1.1
2.2 General Industrials
56 216.82
0.5
0.5
-0.3 316.41
0.0
2.6
1.0
2.4 Electronic & Electrical Equipment
67 328.68
0.0
0.0
1.0 413.61
1.1
1.6
1.8
3.2 Industrial Engineering
103 615.47
-0.2
-0.2
-0.5 822.65
-0.4
2.1
2.8
2.4 Industrial Transportation
94 592.49
0.4
0.4
-0.8 804.87
-0.7
1.9
2.4
2.2 Support Services
71 277.60
0.6
0.6
1.9 364.13
2.0
2.0
0.4
2.1 Consumer Goods
407 414.88
0.6
0.6
2.5 576.72
2.6
2.3
1.2
1.6 Automobiles & Parts
98 401.34
0.6
0.6
3.0 535.55
3.0
2.1
0.9
1.5 Beverages
48 553.79
1.1
1.1
2.9 778.88
3.0
2.4
0.5
2.0 Food Producers
100 561.38
0.2
0.2
1.7 804.70
1.8
2.2
2.0
2.8 Household Goods & Home Construction
45 393.82
0.6
0.6
-0.6 545.88
-0.2
2.3
1.7
1.8 Leisure Goods
26 133.27
-0.1
-0.1
5.8 169.19
6.0
1.3
3.2
1.4 Personal Goods
77 595.20
0.8
0.8
2.1 792.44
2.2
2.0
1.0
1.6 Tobacco
13 1116.94
1.0
1.0
4.1 2097.58
4.3
4.1
162 446.71
1.0
1.0
2.8 611.39
2.9
1.8
2.0
1.7 Health Care
2.4
2.9 Health Care Equipment & Services
58 604.64
1.3
1.3
2.4 686.43
2.4
1.0
2.0
2.5 Pharmaceuticals & Biotechnology
104 343.94
0.9
0.9
3.0 487.99
3.1
2.1
1.7
2.6 Consumer Services
379 382.74
1.0
1.0
2.3 489.38
2.4
1.6
2.4
2.8 Food & Drug Retailers
55 312.89
0.9
0.9
4.0 415.94
4.1
2.0
1.0
2.8 General Retailers
117 495.29
1.0
1.0
3.6 618.53
3.6
1.4
1.4
2.9 Media
88 303.08
0.7
0.7
0.8 387.88
0.8
1.5
-0.1
2.6 Travel & Leisure
119 363.54
1.7
1.7
1.0 469.63
1.1
1.7
0.1
2.6 Telecommunication
95 174.43
0.5
0.5
4.4 295.86
4.8
3.8
1.7
3.9 Fixed Line Telecommuniations
45 143.57
1.0
1.0
4.8 265.69
5.5
4.3
-6.3
3.7 Mobile Telecommunications
50 188.10
-0.1
-0.1
4.0 290.20
4.0
3.2
162 262.11
1.2
1.2
-1.9 463.31
-1.8
3.6
3.8
2.6 Utilities
113 280.04
1.4
1.4
-1.3 490.80
-1.0
3.5
1.8
3.3 Electricity
49 288.70
0.9
0.9
-3.0 521.45
-2.9
3.8
0.9
1.9 Gas Water & Multiutilities
665 212.78
0.2
0.2
-1.4 321.79
-1.2
2.7
2.0
3.0 Financials
242 193.91
0.0
0.0
-3.6 311.48
-3.4
3.1
1.7
2.8 Banks
69 214.58
0.4
0.4
0.2 292.17
0.3
2.1
0.7
2.8 Nonlife Insurance
50 209.78
0.6
0.6
-0.6 310.09
-0.6
2.4
0.4
2.3 Life Insurance
138 229.40
0.5
0.5
-0.9 300.02
-0.8
1.7
1.9
2.1 Financial Services
177 173.09
1.4
1.4
0.6 203.34
0.7
1.6
2.4
2.6 Technology
Software & Computer Services
77 269.32
0.9
0.9
-0.8 305.92
-0.7
1.1
Technology Hardware & Equipment
100 142.37
1.7
1.7
1.7 171.23
1.9
1.9
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/
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
(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
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
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
High
3.21
14.50
2.88

5.51
5.42
5.15
5.10
4.78
4.74
4.59
4.38
4.37
4.34
4.25
4.21
4.21
4.18
4.17
4.08
3.99
3.73

FTSE 100 SUMMARY

Company
Celtic
Guscio

FTSE 100

Closing Day's
Price Change FTSE 100

3i Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Aggreko PLC
Anglo American PLC
Antofagasta PLC
ARM Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
AstraZeneca PLC
Aviva PLC
Babcock International Group PLC
BAE Systems PLC
Barclays PLC
Barratt Developments PLC
BG Group PLC
BHP Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
British Sky Broadcasting Group PLC
BT Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola HBC AG
Compass Group PLC
CRH PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
easyJet PLC
Experian PLC
Fresnillo PLC
Friends Life Group Ltd
G4S PLC
GKN PLC
GlaxoSmithKline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
InterContinental Hotels Group PLC
International Consolidated Airlines Group SA
Intertek Group PLC
Intu Properties PLC
ITV PLC
Johnson Matthey PLC

474.00
443.00
1476
1638
1149
693.50
1056
1090
3009
4488
538.00
1054
522.50
253.20
459.70
934.30
1495
446.35
3647.5
826.50
954.00
443.80
1899
1812
1157
2911
293.30
1102
1142
1782
1888
317.00
424.80
1738
1187
859.50
410.60
284.90
376.50
1519.5
271.05
685.00
995.50
597.80
3078
2665
539.00
2450
368.90
227.50
3314

2.70
4.90
14.00
9.00
-35.00
-23.00
1.00
2.00
-1.00
21.50
6.00
26.00
8.00
-0.45
4.10
-28.70
-47.50
-10.75
42.50
2.00
2.00
7.20
16.00
37.00
2.00
29.00
0.20
23.00
16.00
26.00
-8.00
4.00
10.80
63.00
2.00
-36.50
7.60
3.10
5.40
-6.50
-4.55
-4.50
-12.80
31.00
55.00
2.50
2.00
2.30
1.40
35.00

Closing Day's
Price Change

Kingfisher PLC
Land Securities Group PLC
Legal & General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
Marks and Spencer Group PLC
Meggitt PLC
Mondi PLC
Morrison (Wm) Supermarkets PLC
National Grid PLC
Next PLC
Old Mutual PLC
Pearson PLC
Persimmon PLC
Prudential PLC
Randgold Resources Ltd
Reckitt Benckiser Group PLC
Reed Elsevier PLC
Rio Tinto PLC
Rolls-Royce Holdings PLC
Royal Bank Of Scotland Group PLC
Royal Dutch Shell PLC (A)
Royal Dutch Shell PLC (B)
Royal Mail PLC
RSA Insurance Group PLC
SABMiller PLC
Sage Group PLC
Sainsbury (J) PLC
Schroders PLC
Severn Trent PLC
Shire PLC
Smith & Nephew PLC
Smiths Group PLC
Sports Direct International PLC
SSE PLC
St. James's Place PLC
Standard Chartered PLC
Standard Life PLC
Taylor Wimpey PLC
Tesco PLC
Travis Perkins PLC
Tui AG
Tui AG New Shs
Tullow Oil PLC
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
Weir Group PLC
Whitbread PLC
Wolseley PLC
WPP PLC

341.50
1269
270.60
75.01
2387
498.70
546.50
1227
184.10
891.80
7250
215.50
1384
1613
1621.5
5225
5590
1178
2992.5
918.00
382.50
2152.5
2245
432.20
444.50
3532.5
478.70
265.20
2963
2059
4744
1184
1164
690.00
1619
880.00
915.40
400.90
136.90
241.85
1967
1140
1114
414.30
2811
960.50
230.95
1839
4956
3874
1462

5.60
-3.00
3.30
0.09
53.00
23.20
3.00
22.00
6.10
1.70
170.00
2.20
18.00
26.00
20.50
-190.00
55.00
23.00
-102.50
16.00
1.50
-34.00
-27.00
-22.30
5.50
22.50
2.60
-2.60
38.00
9.00
3.00
-10.00
2.00
-11.00
10.00
15.00
-24.00
2.90
2.40
8.45
27.00
-7.00
-7.00
-7.70
7.00
-2.00
2.15
-40.00
102.00
68.00
23.00

UK STOCK MARKET TRADING DATA

Feb 10
Feb 09
Feb 06
Feb 05
Feb 04
Yr Ago
SEAQ Bargains
5455.00
5669.00
5669.00
5669.00
5116.00
5211.00
Order Book Turnover (m)
50.68
45.53
45.53
45.53
44.41
46.48
Order Book Bargains
929648.00 777114.00 777114.00 777114.00 839749.00 943157.00
Order Book Shares Traded (m)
1539.00
1283.00
1283.00
1283.00
1423.00
1538.00
Total Equity Turnover (m)
2034.45
1856.79
Total Mkt Bargains
1040137.00
- 993139.00
Total Shares Traded (m)
3642.00
3458.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES

Int
Pre

Turnover
44.798
31.293
-

Pre-tax
21.313
6.601
0.113L
0.177L

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata

EPS(p)
23.33
7.12
17.04L
29.13

Div(p)
-

Pay day
-

Total
-

Issue
date
02/03

Issue
price(p)
70.00

Sector
AIM

Stock
code
AFG

Stock
Aquatic Foods Group PLC

Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir

For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)
64.50

+/1.70

High
71.50

Low
60.00

Mkt
Cap (m)
7303.1

Wednesday 11 February 2015

23

FINANCIAL TIMES

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
WoodsdPet
Woolworths
Belgium ()
AnBshInBv
Brazil (R$)
Ambev
BncBrasil
BncoDoBrasl
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
Alimentation
BCE
BkMontrl
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
Ch Evrbrght
Ch Yangtze RMB
ChCommsCons
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChinaRailCons
ChinaRailGp
ChMinsheng
ChMrchSecs RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
Daqin RMB
GF Secs RMB
HaitongSecs
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
PetroChina
PingAnIns
PngAnBnk RMB
SaicMtr RMB
ShgPdgBk RMB
Sinopec
Denmark (kr)
DanskeBk
MollerMrsk
NovoB
Finland ()
Nokia
SampoA
France ()
Airbus Grpe
AirLiquide
AXA
BNP Parib

52 Week
High
Low

Price Day Chg

34.90
31.39
92.59
90.00
37.03
6.51
44.17
36.81
35.20
32.29

Yld

P/E MCap m

-0.08
0.16
-0.34
-0.16
-0.17
-0.28
-0.24
-0.47
-0.04

35.27
39.79
93.96
90.84
37.44
6.74
46.69
37.05
44.23
38.92

29.86
26.50
73.57
63.77
31.33
4.96
40.26
31.33
31.97
29.11

5.28
4.22
4.48
1.39
5.60
4.74
4.72
5.12
6.35
4.56

107.20

1.05

109.95

71.21

1.64 23.60 195229.84

17.98
21.71
29.31
34.49
42.40
31.66
8.83
20.40

-0.18
-0.75
-0.72
-0.67
0.80
-0.34
-0.37
-1.19

18.16
38.19
35.98
41.30
47.10
38.74
23.50
35.20

47.15
55.68
77.81
65.50
66.00
236.56
93.32
38.63
87.36
61.22
33.99
49.68
21.72
45.87
76.42
38.42
49.76
54.56
58.04
206.81

1.35
0.88
-0.11
0.03
1.24
4.15
-0.50
-0.84
0.83
0.43
0.22
-0.60
-0.17
0.13
0.02
-0.88
0.21
0.04
0.56
7.44

50.58
60.20
85.71
74.93
66.49
247.56
107.37
49.57
88.36
65.13
34.00
57.96
23.09
47.10
83.87
47.18
50.53
58.20
63.86
207.01

3.81
4.31
6.38
4.12
9.48
8.09
6.29
16.90
5.67
31.05
17.66
103.70
37.70
8.50
5.69
9.13
27.53
20.70
8.32
5.80
12.64
10.15
23.28
17.64
5.56
14.37
182.88
8.57
82.25
13.77
22.99
14.43
6.14

0.04
0.06
0.18
0.19
-0.01
0.24
0.02
0.15
0.12
-0.20
0.10
0.13
-0.09
0.10
-0.16
-0.05
0.13
0.18
-0.26
0.44
0.32
0.12
0.02
0.25
-1.42
-0.02
0.50
0.25
0.51
0.27
0.03

169.50
2.50
13060 -200.00
281.40
5.10

14.99 1.79
18.61 6.68
22.07 4.41
27.63 1.06
31.61 3.11
25.42 1.70
7.88 6.64
17.65 10.17

Stock

ChristianDior 163.55
Cred Agr
11.00
Danone
58.67
EDF
24.17
Essilor Intl
95.77
GDF Suez
18.96
Hermes Intl
293.40
Kering
183.40
LOreal
157.55
LVMH
156.15
Nmrcble-SFR
47.01
Orange
16.08
PernodRic
107.15
Safran
60.53
Sanofi
85.27
Schneider
67.70
SocGen
36.55
StGobn
38.82
Total
47.35
UnibailR
254.10
Vinci
51.34
Vivendi
20.65
Germany ()
Allianz
146.20
BASF
80.67
Bayer
123.75
BMW
104.70
Continental
204.45
Daimler
82.16
Deut Bank
26.77
Deut Tlkm
15.78
DeutsPost
28.28
E.ON
13.00
Fresenius
48.34
HenkelKgaA
90.54
Linde
174.05
MuenchRkv
180.00
SAP
59.12
Siemens
94.51
Volkswgn
207.40
Hong Kong (HK$)
AIA
44.20
BOC Hold
27.60
Ch OSLnd&Inv
23.15
ChngKong
149.00
Citic Ltd
13.14
Citic Secs
25.80
CNOOC
10.94
Galaxy Enter
42.35
HangSeng
142.80
HK & Ch Gas
17.46
HK Exc&Clr
176.50
Hutchison
104.20
MTR
34.25
SandsCh
37.70
SHK Props
124.80
Tencent
133.00
India (Rs)
HDFC Bk
1054.45
Hind Unilevr 887.75
HsngDevFin 1246.15
ICICI Bk
331.05
Infosys
2278.3
ITC
369.90
OilNatGas
354.65
RelianceIn
882.00
SBI NewA
287.30
SunPhrmInds 919.55
Tata Cons
2441.15
Tata Motors 564.10
Indonesia (Rp)
Astra Int
7625
Bk Cent Asia
13750
Israel (ILS)
TevaPha
221.00
Italy ()
Enel
3.84
ENI
15.42
Generali
18.15
IntSPaolo
2.59
Luxottica
51.95
Unicred
5.49
Japan ()
AstellasPh
1822
Bridgestne
4561
Canon
3771
CntJpRwy
19590
Denso
5409
EastJpRwy
9310
Fanuc
20755

12.83 75092.93
10.56 78424.1
16.38 116776.96
29.09 33177.86
16.02 69691.16
16.73 61912.43
28.68 38612.02
14.88 89344.86
12.24 22560.43
15.25 31728.48

21.44
4.31
16.71
9.44
17.37
7.93
4.72
-9.85

99665.93
21946.03
20680.16
25596
23517.46
30938.87
23183.84
23153.4

27.51
46.43
69.15
60.75
41.35
156.64
87.40
31.00
59.66
46.29
28.61
44.08
18.91
35.25
69.71
30.89
36.86
48.51
48.15
116.01

0.35 25.45
4.61 17.75
4.19 11.14
4.14 10.93
1.20 13.51
0.62 35.65
4.47 11.21
2.39 12.77
1.16 23.21
2.35 64.67
3.82 12.38
1.10 9.61
2.65 9.53
3.60 24.42
3.94 12.03
2.58 17.56
3.11 85.08
3.57 12.46
3.45 22.88
- 118.68

15739.98
37377.85
40244.34
63582.55
33204.74
31392.86
29609.59
33693.6
56478.6
41650.16
27063.28
33638.53
34179.67
30422.61
88056.84
44337.28
31642.25
80499.86
32857.32
55456.51

4.10
4.57
7.36
4.52
11.32
10.24
6.62
20.35
6.34
32.80
19.96
108.50
41.95
10.68
6.68
10.70
32.98
24.40
10.35
7.57
14.22
12.32
29.42
23.20
5.90
17.49
204.24
11.70
88.70
16.39
25.98
16.75
8.23

3.04
3.03
4.53
2.68
5.54
4.88
4.89
12.84
3.75
19.72
12.12
63.65
23.55
5.57
2.99
6.73
9.71
19.12
4.36
2.71
9.03
6.24
9.50
9.50
4.33
8.60
132.10
7.54
55.60
8.36
12.22
8.39
5.81

5.58
5.41
4.84
4.47
2.55
2.33
5.67
5.35
1.03
4.17
2.84
1.14
1.64
1.38
1.32
4.70
0.48
2.12
1.53
3.65
0.74
0.82
5.04
2.76
2.05
4.53
0.98
1.00
4.50
3.94
4.23

178.50
15390
305.80

135.20
11020
226.20

1.23 42.20 26005.84

2.44 16.44 43337.43
1.68 27.26 113434.07

5.73 15103.83
6.25 46481.44
6.17 28808.11
5.54 3649.63
14.92 14802.53
9.12 4619.39
5.81 195026.53
10.14 2865.98
5.48 10882.43
25.96 29797.52
6.45 10456.01
16.27 273681.74
28.33 13493.62
8.22 2276.08
9.95 3087.47
6.03 8164.01
45.48 20558.85
8.44 9072.89
65.19 23937.64
7.80 27877.5
20.88 39036.92
11.17 24176.23
40.44 22077.83
27.04
3395.6
6.00 62235.67
6.18 37250.17
14.79 33460.75
10.18 23319.35
15.70 39500.08
8.27 21701.46
9.73 40611.02
6.14 34500.12
9.85 20202.82

6.89
42.92

0.22
0.01

7.23
43.84

5.13
34.72

1.68 26.44 29219.64

4.04 14.79 27159.14

49.74
113.60
20.86
46.17

1.50
1.35
0.43
0.47

55.00
114.00
21.33
61.82

39.64
86.12
16.43
43.14

1.58 22.34 44200.85

2.42 22.03 44364.68
4.19 9.32 57677.32
3.41 -53.52 65142.31

52 Week
High
Low

Price Day Chg

126.10
9.76
49.04
20.90
70.51
16.17
229.00
136.95
114.55
121.40
23.87
8.85
79.56
43.24
69.58
52.59
31.85
29.51
38.25
180.65
39.65
17.26

1.54
3.34
2.67
5.58
1.06
8.54
0.99
2.21
1.71
2.14
5.37
1.68
2.00
3.45
3.65
2.87
1.72
5.67
3.78
3.72
5.09

-0.70
0.40
2.15
2.20
6.25
1.52
-0.10
0.22
0.16
0.14
0.20
0.57
0.35
0.65
0.31
0.39
2.65

151.45
88.28
131.70
108.35
209.20
84.69
36.35
15.99
29.75
15.46
51.66
92.15
175.60
184.25
61.63
103.30
211.90

115.05
64.27
91.31
74.74
136.85
55.10
22.66
10.07
21.55
12.23
34.52
66.67
138.15
141.10
50.08
80.17
147.35

3.81 10.14 75659.51

3.51 14.22 83903.7
1.78 26.65 115883.94
2.61 11.22 71373.94
1.28 18.15 46305.23
2.88 11.15 99535.54
2.07-220.29 41811.77
2.50 29.32 81021.68
2.97 15.43 38787.18
4.85 -45.01 29445.8
0.68 22.83 23880.09
1.04 13.58 26636.23
1.81 27.11 36590.33
4.23 8.26 35251.25
1.31 20.47 82245.29
3.33 14.56 94287.4
1.52 13.35 69304.74

-0.15
0.10
-0.35
0.50
-0.06
-0.05
0.60
-0.40
0.04
-0.50
0.60
-0.50
1.60
0.40

46.45
27.95
26.70
152.00
16.88
33.95
15.88
80.45
148.40
18.90
189.00
113.50
34.70
68.00
129.40
138.00

34.90
21.50
17.52
113.10
9.52
13.72
9.72
36.70
118.10
14.00
112.80
85.90
26.90
34.50
83.40
93.00

0.88
3.27
1.81
2.09
2.38
0.70
4.64
3.44
1.73
1.89
1.97
2.40
4.32
2.40
0.17

30.83 68660.86
14.16 37633.6
8.47 24404.06
8.95 44507.43
8.57 42201.67
30.18
3920.7
7.89 62992.65
17.87 23220.08
18.33 35209.3
29.34 23670.7
46.75 26593.76
30.42 57292.5
15.06 25748.89
15.62 39225.49
11.24 45487.25
47.90 160731.04

14.35 1100.6
-12.40 968.85
-25.80 1361.85
11.00 393.40
29.40
2298
2.00 400.30
-1.70 471.85
-14.70 1145.25
7.80 336.00
-21.90 965.95
-71.75 2839.7
21.45 612.40

629.35
542.00
755.00
192.40
1440
311.40
270.85
793.10
145.51
552.55
1999.5
370.65

0.61
1.23
1.06
2.67
1.62
1.35
2.62
1.04
0.99
0.15
1.34
0.33

30.71
51.17
24.99
16.49
21.40
35.05
12.03
11.68
14.07
33.42
23.09
9.28

50.00
-50.00

8100
14000

6325
10075

2.36 15.42 24363.81

0.38 21.53 26756.6

-4.90

237.70

152.20

2.16 16.36 48684.06

0.04
-0.03
0.31
0.10
1.25
0.08

4.49
20.46
18.79
2.68
53.55
6.89

3.36
12.98
14.40
2.00
34.74
4.82

2.84
6.16
2.08
1.62
1.05
-

12.20
10.14
17.34
-9.35
40.71
-2.46

40932.35
63458.73
31998.51
46475.31
28341.5
36043.66

-8.00
2.00
38.50
115.00
-42.00
170.00
720.00

1906
4774
4045
20785
5995
9523
21440

1062
3328
2986
10935
4223
7105
16105

3.59
1.57
3.17
0.50
1.58
1.05
0.89

42.56
15.05
16.48
14.32
16.22
17.89
22.76

34520.2
31092.51
42168.28
33833.91
40091.61
30714.61
41676.76

Week
change change %
36.99
15.9
4.36
15.3
3.37
13.9
375.00
13.9
3.54
10.4
2.03
9.6
35.90
9.5
19.93
9.4
58.30
9.3
293.50
9.1
90.50
8.9
7.35
8.4
7.82
8.3
11.65
8.1
18.70
7.8
1.61
7.7
0.90
7.7
157.40
7.4
2.15
7.4
170.00
7.2

Month
change %
18.76
10.43
0.44
18.28
5.68
-10.12
-6.24
4.36
7.98
9.50
8.66
6.57
8.14
22.28
24.42
-4.08
12.86
9.83
-7.26
6.28

INTEREST RATES: OFFICIAL

Current
0.00-0.11
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Feb 10 (Libor: Feb 09)

US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs
LA 7Day Notice

52 Week
High
Low

Price Day Chg

FastRetail
43435 -500.00 46325 30950
Fuji Hvy Ind
3956.5 -26.50
4617
2380
Hitachi
792.00 -6.70 939.90 660.00
HondaMtr
3843 22.50
3848
3239
JapanTob
3503.5 60.00
4193
2997
KDDI
7604 -182.00
8449
5000
Keyence
56470 -730.00 58390 36095
MitsbCp
2207.5 -15.50
2356
1805
MitsubEst
2546 32.00
2930 2151.5
MitsubishiEle 1300.5 -4.00
1550
1083
Mitsui
1591.5
3.00
1820
1399
MitsuiFud
3136.5 10.50 3809.5 2854.5
MitUFJFin
683.30
3.40 700.30 519.00
Mizuho Fin
199.90 221.00 178.10
Murata Mfg
12820 40.00 13780
8192
NipponTT
7314 102.00
7405
5051
Nissan Mt
1104.5 40.50 1146.5 842.00
NpnStlSmMtl 295.80 -0.70 333.00 243.30
NTTDCMo
2068 71.50 2069.5
1515
Panasonic
1318.5 1610
1030
Seven & I
4378 -8.00 4592.5
3611
ShnEtsuCh
7969 14.00
8529
5267
Softbank
7130 -6.00
8760
6683
Sony
3073.5
9.50
3269
1588
SumitomoF
4179.5
2.50
4910
3800
Takeda Ph
5950 28.00
5970 4337.5
TokioMarine 4102.5 26.00 4218.5
2884
Toyota
7713 13.00
7873
5205
Malaysia (RM)
Maybank
9.10
0.10 10.20
8.25
Mexico (Mex$)
AmerMvl
16.16 -0.02 17.64 12.39
FEMSA UBD 132.13
0.39 135.75 108.90
WalMrtMex
33.03
0.23 35.75 27.71
Netherlands ()
ASML Hld
89.55
2.29 95.81 57.51
Heineken
64.60
0.43 67.28 45.90
ING
11.21
0.17 11.95
9.34
Philips
24.76
0.23 26.99 20.69
Unilever
37.14
0.30 38.81 27.45
Norway (Kr)
DNB
119.30 126.90 98.10
Statoil
143.10 -5.70 195.80 118.20
Telenor
165.20
2.50 170.40 123.90
Qatar (QR)
Inds Qatar
154.40 -0.60 202.90 143.50
QatarNtBk
196.00
2.90 237.00 160.00
Russia (RUB)
Gzprm neft
149.31
0.01 154.47 113.73
Lukoil
3000 -16.00 3297.7
1715
Rosneft
257.05
0.05 269.80 183.95
Saudi Arabia (SR)
SaudiBasic
95.75
1.97 136.50 70.25
SaudiTelec
65.50
0.46 76.50 55.00
Singapore (S$)
DBS
19.50
0.05 20.67 15.65
JardnMt US$
66.23
1.33 67.88 52.55
JardnStr US$
35.62
0.33 38.10 31.05
OCBC
10.60 -0.01 10.65
9.20
SingTel
4.12
0.01
4.16
3.49
UOB
23.48 -0.04 24.72 19.55
South Africa (R)
Firstrand
51.90 53.19 30.85
MTN Grp
212.74 -5.25 263.44 190.48
Naspers N
1669.73
9.73 1744.64 983.25
Sasol
459.24 -9.84 652.99 360.00
South Korea (KRW)
HyundMobis 236000 -500.00 323500 226000
KoreaElePwr
42550 500.00 50200 36000
SK Hynix
45150 -50.00 52400 35550
SmsungEl
1378000-17000.00 1495000 1078000
Spain ()
BBVA
8.10
0.10
9.99
7.21
BcoSantdr
6.07
0.06
7.96
5.77
CaixaBnk
3.96
0.06
5.00
3.71
GasNatur
20.55
0.29 24.45 18.07
Iberdrola
5.91
0.05
6.24
4.51
Inditex
26.41
0.78 27.13 19.29
Repsol
16.35 -0.12 21.07 14.26
Telefonica
13.15
0.15 13.43 10.76
Sweden (SKr)
AtlasCpcoB
239.20
0.60 239.40 161.10
Ericsson
104.30
3.00 104.80 77.55
H&M
338.60
2.20 343.50 261.00
Investor
304.50
4.20 305.80 215.80
Nordea Bk
108.30
1.60 110.10 82.40
SEB
99.75
0.15 103.00 82.30
SvnskaHn
380.10
1.00 396.90 305.10
Swedbank
201.20 -1.00 203.00 165.70

41004.78
30924.26
31489.71
30871.61
41936.9
47384.75
48871.78
45958.9
3454.79
30676.32
77016.17
23138.77

Yld

P/E MCap m

0.81
1.16
1.12
1.33
2.92
1.53
0.18
2.39
0.38
0.43
3.30
0.57
2.05
2.72
0.83
1.91
2.32
1.31
2.26
0.87
1.28
1.03
0.46
0.66
2.32
2.47
1.54
1.76

44.59 38627.62
14.72 25968.63
37.19 32094.78
11.95 58363.61
15.18 58746.6
16.13 57183.07
32.06 28786.29
10.84 30057.1
46.58 29678.9
23.17 23411.73
7.81 23971.09
33.18 26070.87
8.76 81169.56
11.41 40979.98
25.16 24211.94
15.13 69702.82
10.37 41862.32
13.62 23567.78
20.90 75680.72
57.39 27116.76
22.58 32536.93
28.22 28869.91
12.24 71772.86
-14.32 29831.02
7.89 49549.74
51.36 39397.76
13.05 26468.02
12.40 221027.17

8.92 12.19 23691.52

1.40 16.67 75100.09
0.79 28.16 31671.42
0.82 20.85 38781.89
0.61
1.26
2.70

27.46
25.43
11.59
97.10
19.15

44439.13
42136.35
48978.61
26210.68
72116.89

1.88 8.14 25713.51

5.46 9.03 60380.89
4.69 34.01 32822.88
6.70 15.57 25652.07
3.49 13.42 37662.22
6.92
7.91

2.60 53303.28
6.45 38479.63
2.94 41082.03

5.41 12.07 76563.24

2.87 11.50 34916.58
2.98
1.89
0.64
3.26
4.08
2.98

7.38
17.16
14.13
9.92
18.05
11.21

35598
45749.61
39898.05
31157.57
48468.95
27768.99

2.55 15.92 25048.42

4.05 14.88 33643.77
0.21 60.40 59673.64
3.86 9.84 25587.51
0.69 10.28 20689.87
0.18 9.64 24326.77
10.12 30096.12
0.81 8.80 165603.61
0.82
8.81
1.05
3.62
2.77
1.21
4.91
4.73

-52.65
12.62
40.24
12.53
16.70
32.61
16.08
13.10

57125.94
94796.03
25595.23
23286.86
42718.64
93208.75
25444.33
69324.35

2.49
3.12
3.07
2.85
3.92
4.35
3.28
5.44

22.84
22.83
26.44
4.13
13.71
11.42
14.95
12.42

34955.6
40681.06
67484.01
28130.58
52521.79
26311.74
30094.77
26705.89

Last
0.06
3.25
0.75
0.15
0.50
0.03
0.00-0.75

Mnth Ago
0.00-0.25
3.25
0.75
0.05
0.50
0.00-0.10
0.00-0.25

Year Ago
0.00-0.25
3.25
0.75
0.5
0.50
0.00-0.10
0.00-0.25

Day
-0.001
0.000
0.000

Change
Week
0.002
-0.113
0.002

0.40%-0.35%

Month
0.001
-0.003
-0.001
-0.010
-0.004
-0.003
0.000
0.000
0.000

One
month
0.17220
-0.01000
0.50350
-0.92900
0.07143
-0.00100
0.50000
0.15000
-0.15000

Three
month
0.25835
0.02429
0.56369
-0.91300
0.10429
0.05100
0.55000
0.22000
-0.00500

Six
month
0.37340
0.09143
0.68088
-0.78060
0.14214
0.13100
0.70500
0.29000
0.08500

One
year
0.65600
0.23286
0.96900
-0.68260
0.26186
0.26100

COMMODITIES
Energy
Price*
Crude Oil
Feb
50.50
Brent Crude Oil
56.95
RBOB Gasoline
Heating Oil
Feb
1.87
Natural Gas
Feb
2.69
Ethanol
Mar
1.39
Uranium
Feb
38.20
Carbon Emissions
Diesel
Mar
121.25
Unleaded
Mar
56.35
Base Metals ( LME 3 Months)
Aluminium
1839.00
Alluminum Alloy
1850.00
Copper
5628.50
Lead
1834.00
Nickel
14780.00
Tin
18200.00
Zinc
2117.00
Precious Metals (PM London Fix)
Gold
1234.50
Silver (US cents)
1680.00
Platinum
1206.00
Palladium
794.00
Bulk Commodities
Iron Ore (Platts)
62.75
Iron Ore (The Steel Index)
62.20
GlobalCOAL RB Index
64.00
Baltic Dry Index
556.00

Day
change change %
-1.36
-1.26
-6.70
-0.84
1.42
1.47
1.41
2.54
0.56
0.42
-26.50
-0.67
21.45
3.95
0.00
0.00
-4.00
-0.31
0.00
0.00
-14.70
-1.64
-34.00
-6.97
-182.00
-2.34
0.04
1.10
1.07
1.84
-500.00
-0.21
0.00
0.00
0.52
1.51
0.43
0.56
0.18
1.94

Week
change change %
-85.00
-9.7
-8.86
-8.3
-4.76
-7.7
-10.59
-7.3
-308.50
-7.2
-39.20
-6.5
-8.05
-6.2
-83.50
-6.0
-0.59
-6.0
-55.60
-5.9
-28.50
-5.9
-450.00
-5.6
-0.22
-5.5
-3.45
-5.5
-13500.00
-5.4
-3.08
-5.3
-1.93
-5.2
-4.26
-5.2
-0.47
-4.7

Month
change %
3.39
-10.38
-3.81
-13.44
-6.02
-8.02
8.00
9.37
-8.06
-5.06
2.52
-6.97
1.28
11.10
-3.78
-0.84
2.45
-4.08
-2.50
-11.32

www.ft.com/commodities

Change
-2.18
-1.13
0.00
0.08
0.02
0.00
0.00
-33.00
0.00
-56.00
-16.50
-385.00
-300.00
-40.50
-4.00
-17.00
13.00
3.00
1.00
0.60
0.00
2.00

Agricultural & Cattle Futures

Corn
Wheat
Soybeans
Soybeans meal
Cocoa (ICE Liffe)X
Cocoa (ICE US)
Coffee(Robusta)X
Coffee (Arabica)
White SugarX
Sugar 11
Cotton
Orange Juice
Palm Oil
Live Cattle
Feeder Cattle
Lean Hogs

S&P GSCI Spt

DJ UBS Spot
R/J CRB TR
Rogers RICIX TR
M Lynch MLCX Ex. Rtn
UBS Bberg CMCI TR
LEBA EUA Carbon
LEBA CER Carbon
LEBA UK Power

Mar
Mar

Mar
Mar

Feb 09
408.59
102.12
224.21
2715.51
318.97
15.86
6.95
0.44
2559.00

Price*
1993.00
1937.00
641.25
202.03
-

Change
-15.00
-7.00
-8.25
-1.60
-

% Chg
Month
3.30
0.79
-0.85
6.19
0.13
2.81
-4.35
-1.88

% Chg
Year
-22.79
-28.08
-22.33
21.08
266.67
50.97

Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

Price Day Chg

52 Week
High
Low

TeliaSonera
52.50
0.20 54.15 43.98
Switzerland (SFr)
ABB
19.19
0.12 23.35 16.75
CredSuisse
19.93 -0.07 29.75 18.57
Nestle
71.45
0.30 74.60 63.85
Novartis
94.55 -0.45 99.75 70.85
Richemont
80.40
0.25 94.75 68.80
Roche
245.00 -0.80 295.80 238.80
SwatchGpI
413.30
0.80 592.50 350.00
Swiss Re
84.35
0.10 86.55 69.25
Swisscom
536.00
3.50 587.50 496.00
Syngent
314.60 -2.20 350.30 273.20
UBS
15.68 -0.42 17.84 13.58
Zurich Fin
312.80
0.80 323.50 244.20
Taiwan (NT$)
HonHaiPrc
85.50 -1.50 113.00 80.30
MediaTek
454.00 -34.00 545.00 396.50
TaiwanSem
142.50
0.50 147.00 104.00
Thailand (THB)
PTT Explor
361.00 -5.00 398.00 285.00
United Kingdom (p)
AngloAmer
1149 -35.00 1678.5 923.00
AscBrFd
3009 -1.00
3293
2407
AstraZen
4488 21.50
5750 3718.5
Barclays
253.20 -0.45 278.00 201.75
BG
934.30 -28.70
1420 780.55
BP
446.35 -10.75 526.80 364.40
BrAmTob
3647.5 42.50
3818
2935
BSkyB
850.50 -12.00 954.00 782.50
BT
443.80
7.20 451.00 350.30
Compass
1142 16.00
1179 924.41
Diageo
1888 -8.00
2055 950.00
GlaxoSmh
1519.5 -6.50
1709 1200.67
Glencore
271.05 -4.55 379.45 236.20
HSBC
597.80 -12.80 737.00 573.54
ImpTob
3078 31.00
3183
2220
LlydsBkg
75.01
0.09 85.53 70.02
Natl Grid
891.80
1.70 965.00 790.66
Prudential
1621.5 20.50 1649.5
1223
RBS
382.50
1.50 403.90 291.60
ReckittB
5590 55.00
5745
4697
Reed Els
1178 23.00
1185 851.53
RioTinto
2992.5 -102.50 3680.56
2600
RollsRoyce
918.00 16.00
1219 777.00
RylDShlA
2152.5 -34.00
2864
1929
SABMill
3532.5 22.50
3857
2725
Shire
4744
3.00
5470
2827
SSE
1619 10.00
1858
1329
StandCh
915.40 -24.00 1355.5 867.50
Tesco
241.85
8.45 341.58 155.40
Vodafone
230.95
2.15 435.82 179.10
WPP
1462 23.00
1565
1091
United States of America ($)
3M
165.82
0.98 168.16 128.66
AbbottLb
44.92
0.40 46.50 36.65
Abbvie
56.89
1.41 70.76 45.50
Accenture
87.52
0.16 91.94 73.98
Ace
111.75 -0.22 117.89 93.93
Actavis
279.14
6.83 285.09 184.71
Adobe
72.76
0.43 77.56 57.15
AEP
59.31
1.07 65.38 47.53
Aetna
95.75
2.01 97.71 64.68
Aflac
61.45
0.31 66.01 54.99
AirProd
150.29
0.52 151.78 109.00
Alexion
176.39
4.97 203.30 136.37
Allergan
226.54
3.43 228.43 115.94
Allstate
70.05
0.02 72.87 51.50
Altria
53.77
0.61 55.18 34.74
Amazon
373.00
2.44 383.11 284.00
AmerAir
48.05
1.52 56.20 28.10
AmerExpr
85.84
0.86 96.24 78.41
AmerIntGrp
52.41
0.27 56.79 48.00
Ameriprise
136.17
1.48 137.33 100.94
AmerTower
96.37 -0.33 105.20 79.76
Amgen
152.57
2.56 173.14 108.20
Anadarko
84.34
0.88 113.51 71.00
Aon Cp
98.19
1.55 98.34 78.26
AppldMat
24.28
0.77 25.71 17.11
Apple
122.02
2.30 122.15 73.05
ArcherDan
47.58
0.20 53.91 39.51
AT&T
34.85
0.21 37.48 31.76
AutomData
86.52
0.51 87.35 70.50
Avago Tech
107.04
4.80 108.34 55.57
BakerHu
62.06 -0.80 75.64 47.51
BankAm
16.42
0.07 18.21 14.37
Baxter
70.23
0.51 77.31 66.34
BB & T
37.81
0.16 41.04 34.50
BectonDick
141.81
0.86 146.74 109.58
BerkshHat
225140 1140.12 229374 168000
Biogen
395.13 -1.75 407.94 272.02

Yld

P/E MCap m

6.20 15.24 27374.93

3.60
3.20
1.82
2.64
0.10
2.90
1.10
4.50
2.43
2.97
1.45
5.34

20.70 47977.45
58.99 34596.19
25.75 248865.33
24.21 276362.84
23.08 45330.02
24.85 185913.34
13.26 13766.99
8.22 33773.43
17.97 29989.57
21.60 31582.55
18.74 62953.69
12.98 50562.05

1.83 11.17 40196.35

2.57 15.64 22674.42
1.64 16.90 117427.21
1.90 11.02 31610.18
4.31 252.08 24487.97
1.08 31.20 36350.35
3.89 89.16 86488.7
2.57 57.13 63675.61
1.98 17.80 48670.51
5.34 14.59 124225.52
3.90 19.04 106765.6
3.76 9.03 23005.52
2.23 18.10 55147.38
2.31 23.45 29061.66
2.74 24.32 72343.36
5.40 17.74 112765.08
3.56 16.44 54571.96
5.02 11.61 175062.37
3.90 20.78 44988.54
- 227.99 81695.39
4.71 15.62 51191.59
2.07 19.46 63517.39
-6.73 37138.32
2.45 21.59
61294
2.09 25.45 36882.66
3.79 15.38 64562.21
2.40 7.59 26469.1
5.45 13.70 125524.85
1.83 25.48 86966.89
0.27 24.77 42710.44
5.36 78.36 24395.53
5.38 9.00 34535.63
6.10 22.92 29977.98
6.04 63.62 93421.89
2.34 19.44 29405.34
1.82 24.17 106260.58
1.68 37.30 67640.11
2.71 26.20 90640.87
2.17 20.46 69329.89
2.16 12.30 37071.67
- -55.80 73989.16
- 141.47 36257.33
3.17 17.20 29016.85
0.86 16.96 33675.28
2.27 10.23 27688.55
2.01 32.34 32203.25
55.32 35656.98
0.08 56.09 67485.96
1.46 12.03 29381.3
3.43 26.20 106274.8
- -730.64 173212.89
0.20 92.88 34464.51
1.07 16.84 88816.63
0.85 9.21 73369.41
1.52 19.17 25127.73
1.28 55.85 38207.13
1.42 25.51 116055.42
1.00 -21.26 42714.03
0.81 24.53 27997.57
1.57 29.23 29657.34
1.48 16.87 710735.75
1.80 17.35 30713.88
4.97 11.33 180766.95
2.18 27.38 41110.16
1.01 96.74 27330.69
0.94 22.30 26847.09
0.46 44.45 172680.12
2.71 22.31 38063.13
2.34 14.69 27234.48
1.54 24.88 27360.65
18.99 192821.83
32.63 92703.22

Stock

52 Week
High
Low

Price Day Chg

BkNYMeln
BlackRock
Boeing
BrisMySq
Broadcom
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
ChevrnTx
Chubb
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
Covidien
CrownCstl
CSX
Cummins
CVS
Danaher
Deere
Delta
DevonEngy
DirectTV
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
EMC
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
FreeportMc
GenDyn
GenElectric
GenGrwthPrp
GenMills
GenMotors
GileadSci
GoldmSchs
Google
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HlthcareREIT
HomeDep
Honywell
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft
Kroger
L Brands
LasVegasSd
LibertyGbl
Lilly (E)
LinkedIn
Lockheed
Lowes

39.08
370.67
148.04
59.83
44.68
77.06
85.12
43.55
83.90
57.00
120.16
29.19
110.18
100.73
113.70
27.49
49.39
94.62
42.40
58.40
69.44
57.41
67.99
24.85
148.22
106.71
87.17
35.53
134.96
101.68
85.46
88.75
45.32
64.18
87.82
58.76
101.92
76.66
48.50
84.18
75.98
70.74
55.27
108.33
27.24
58.04
95.26
77.70
35.00
82.24
91.01
75.19
173.30
16.09
53.54
18.71
138.16
24.72
29.50
53.23
37.52
98.32
184.56
540.16
42.60
69.01
37.89
27.46
77.50
110.67
102.44
158.56
97.05
194.01
231.30
33.70
89.14
100.35
48.22
58.46
109.22
41.55
66.89
71.69
93.28
57.64
48.89
70.50
269.75
195.67
71.76

0.60
9.80
0.46
0.98
1.31
0.34
0.90
0.90
-0.77
0.24
2.04
0.40
-0.25
0.36
2.68
0.37
0.18
0.80
1.17
0.95
0.37
0.32
0.14
0.61
0.68
-1.36
0.98
0.23
0.56
2.12
1.01
-0.20
0.87
-0.55
0.57
0.06
0.19
1.43
0.24
1.48
0.26
0.60
0.94
1.09
-0.08
0.69
-0.69
-0.17
0.52
1.00
-0.55
0.75
1.66
0.17
0.50
-0.80
1.22
0.08
0.23
1.52
1.42
2.34
10.88
-0.91
1.75
0.25
0.97
0.43
2.33
0.85
2.81
0.23
1.74
2.27
0.77
1.30
0.57
0.03
0.64
1.00
0.35
0.85
0.84
0.98
1.92
0.34
0.89
2.32
2.65
0.81

41.79
372.05
148.89
64.44
44.70
85.39
87.33
47.44
111.46
68.10
124.60
31.00
135.10
105.30
113.93
28.70
56.95
95.21
44.87
59.64
71.31
59.30
87.09
25.16
156.85
108.57
88.86
37.99
161.03
101.88
87.49
94.89
51.06
80.63
89.46
66.75
102.99
80.89
54.97
89.97
76.45
79.98
59.70
118.46
30.92
69.94
118.89
81.03
38.93
86.64
104.76
82.17
183.51
18.12
59.43
39.32
145.92
27.53
31.70
55.64
38.15
116.83
198.06
614.44
74.33
76.18
41.10
27.47
84.88
110.85
103.92
199.21
97.84
213.33
231.95
37.90
95.84
109.49
51.60
63.49
119.01
43.18
67.74
71.91
93.51
88.28
88.19
75.10
274.19
198.88
72.25

Bid
yield

Mth's Spread
chge
vs
yield
US

Feb 10
High Yield US$
Windstream Corporation

S*

Ratings
M*

F*

Bid
price

11/17

7.88

B1

BB

108.51

4.56

0.05

-0.12

3.91

High Yield Euro

Kazkommerts Intl BV

02/17

6.88

Caa1

83.50

0.00

0.00

Emerging US$
Peru
Mexico
Brazil
Russia
Peru
Brazil
Turkey
Poland
Colombia
Turkey

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
03/24

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
2.75

BBB+
BBB+
BBBBB+
BBB+
BBBABBB
-

A3
A3
Baa2
Baa3
A3
Baa2
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

108.54
116.41
108.98
112.26
119.24
104.45
109.50
114.23
105.67
111.01

1.33
0.96
4.68
7.06
2.24
4.03
3.91
2.64
3.38
4.32

0.10
-0.01
0.10
0.00
-0.03
0.03
0.09
0.05
0.07
0.20

0.34
-0.08
-0.01
0.04
-0.24
0.26
0.08
-0.16
-0.13
0.18

0.67
0.31
4.03
6.40
0.73
2.52
2.39
1.12
1.87
2.33

Red
date Coupon

Index
Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)

180.65
302.16
254.35
214.95
226.12
289.68
248.56
301.10
227.06
290.39
221.96
217.76

-0.07
-0.38
-0.02
-0.04
-0.08
-0.66
-0.19
-0.36
-0.04
-0.57
-0.06
-0.04

-0.05
-1.95
-0.97
0.21
-0.25
-3.34
-1.57
-1.99
-1.30
-2.93
-0.11
-1.58

1.33
2.95
1.55
1.06
2.01
1.41
-0.91
2.59
1.29
1.78
1.59
1.25

1.20
1.64
-0.97
0.88
1.69
-0.41
-0.59
1.38
-1.30
0.14
1.33
-1.58

5.90
13.36
1.55
7.82
12.77
13.98
1.76
12.78
1.29
13.60
10.72
1.25

FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond

116.48
110.86
978.00
116.70

-0.52
-0.20
-8.10
-0.15

0.78
0.62
-0.20
1.56

7.55
5.76
5.43
9.97

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

311.11
57.92
63.39
66.43

-3.79
-1.19
0.09
-1.43

7.05
1.90
-1.84
3.82

-35.74
-5.52
-5.14
-4.47

419.37
80.45
79.33
85.99

290.75
51.98
58.50
56.40

Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y

Month's
change

Year
change

Return
1 month

Return
1 year

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.84
Mexico
02/20
5.50
BBB+
BBB+ 112.90
2.71
0.01
-0.39
1.20
Bulgaria
09/25
5.75
BB+
BBB- 122.37
3.27
0.00
-0.45
1.28
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

Markit CDX
Emerging Markets 5Y
379.75
3.75
-18.68
-14.46
420.12
238.47
Nth Amer High Yld 5Y
350.84
0.21
-12.93
-18.58
406.42
328.06
Nth Amer Inv Grade 5Y
66.45
0.31
-2.25
-4.33
75.99
60.32
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
181.74
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Sep 02
Sep 02
Prev
return
stock
Market
stocks
Can 4.25%' 21
134.64
-0.710
-0.650
0.18
5.18
73364.62
7
Fr 2.25%' 20
115.96
-0.619
-0.645
0.20
19.98 214297.93
14
Swe 0.25%' 22
106.61
-0.525
-0.532
0.16
28.76 220469.27
5
UK 2.5%' 16
327.88
-1.297
-1.285
0.17
7.90 479223.35
24
UK 2.5%' 24
345.71
-0.865
-0.852
-1.39
6.82 479223.35
24
UK 2%' 35
233.17
-0.765
-0.768
-3.55
9.08 479223.35
24
US 0.625%' 21
104.00
0.003
-0.022
-1.40
35.84 1088394.19
35
US 3.625%' 28
140.72
0.440
-0.022
-2.01
16.78 1088394.19
35
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.57
2.20
0.57 Italy
Austria
0.48
0.11 -1.51 Japan
Belgium
0.69
0.32 -1.31 Netherlands
Canada
1.45
1.08 -0.54 Norway
Denmark
0.21 -0.16 -1.78 Portugal
Finland
0.50
0.13 -1.49 Spain
France
0.70
0.33 -1.30 Switzerland
Germany
0.37
0.00 -1.62 United Kingdom
Greece
10.11
9.73
8.11 United States
Ireland
1.05
0.68 -0.95
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.69
0.39
0.45
1.31
2.55
1.67
-0.01
1.67
1.99

Spread Spread
vs
vs
Bund T-Bonds
1.31
0.02
0.08
0.94
2.18
1.30
-0.38
1.30
1.62

-0.31
-1.60
-1.54
-0.69
0.56
-0.33
-2.01
-0.33
0.00

P/E MCap m

Stock

1.54 16.90 43992.73

1.90 20.37 61239.87
1.70 22.53 105542.23
2.27 39.04 99244.6
1.05 42.08
24574
1.47 11.02 43255.22
1.53 26.87 28100.73
2.24 28.13 25809.88
2.80 14.41 50792.97
0.84 23.45 27384.18
67.17 95972.3
0.77 33.10 38115.39
3.54 10.78 208286.96
1.81 12.55 23753.52
0.03 16.43 29741.49
2.57 19.55 140572.54
0.08 17.62 149626.42
1.85 33.29 31794.15
2.65 25.00 185716.78
27.11 35560.8
1.90 32.36 63287.5
1.43 19.21 123407.18
3.88 12.38 83689.77
1.52 20.62 31853.93
0.90 31.61 65291.56
1.54 28.15 48500.47
1.13 175.10 29102.39
1.64 20.41 35366.47
1.85 16.11 24656.09
0.97 27.94 116564.27
0.36 23.82 60052.02
2.39 10.77 30390.93
0.56 4.16 37930.18
1.35 12.55 26256.04
17.20 44106.43
1.41 11.87 26646.47
1.10 23.13 173219.5
2.90 31.71 44667.32
2.78 17.19 57160.19
3.51 20.28 59539.72
2.37 19.91 68793.36
2.51 21.25 33573.2
- 1549.19 66879.29
0.96 30.55 32511.62
1.49 23.20 55430.91
2.97 18.81 39769.12
0.43 18.18 52203.38
2.60 89.58 28155.62
3.33 15.27 30081.27
34.91 60356.76
2.73 12.16 385384.45
69.98 167217.77
0.39 22.48 49098.08
2.78 11.27 61925.38
0.93 14.62 33292.61
6.29 9.23 19441.9
1.71 18.03 45784.81
3.35 17.69 248242.99
1.82 123.06
341.39
2.95 22.85 32137.49
3.13 23.07 60420.93
18.59 148331.88
1.12 11.34 80384.28
27.23 153846.31
1.33 11.67 36101.81
18.78 29920.24
1.54 15.15 69493.37
52.40 27037.59
3.83 104.76 25394.74
1.55 26.49 145843.95
1.65 20.48 80191.09
2.43 10.82 156920.56
1.69 23.45 37940.11
- 108.50 27549.42
1.10 27.94 25907.63
2.51 17.11 162939.5
0.88 32.55 25449.15
2.55 17.67 280890.72
1.87 22.21 31518.13
2.51 11.51 218534.51
2.87 20.55 40679.55
3.78 36.67 42722.94
2.96 17.97 39386.42
0.88 23.15 35223.05
1.35 30.09 27301.42
3.02 18.47 46227.18
- -37.93 10518.93
2.62 29.98 78496.8
- -2329.98 29220.65
2.75 17.84 61817.08
1.09 29.69 69815.93

52 Week
High
Low

Price Day Chg

Lyondell
88.21
Marathon Ptl 102.18
Marsh&M
55.49
MasterCard
84.23
McDonald's
94.02
McGraw Hill
97.81
McKesson
222.45
Medtronic
74.87
Merck
58.85
Metlife
50.03
MicronTech
31.09
Microsoft
42.60
MondelezInt
35.81
Monsanto
121.47
MorganStly
36.16
News Corp A
34.46
NextEraE
107.83
Nike
92.75
NorfolkS
108.60
Northrop
164.89
NtlOilVarc
52.35
Occid Pet
81.31
Oracle
43.99
Paccar
63.16
Pepsico
97.99
Pfizer
34.15
PG&E
56.81
Phillips66
75.67
PhilMorris
81.08
PNCFin
90.20
PPG Inds
228.24
PPL
35.30
Praxair
124.91
Prec Cast
201.51
Priceline
1057.62
ProctGmbl
85.39
Prudntl
78.08
PublStor
203.68
Qualcomm
70.26
Raytheon
107.60
Regen Pharm 400.71
ReynoldsAm
70.29
Salesforce
58.79
Schlmbrg
85.22
SempraEgy
110.38
Shrwin-Will
280.06
SimonProp
194.75
SouthCpr
29.54
SouthwestAir
43.78
SpectraEn
36.50
Starbucks
91.18
StateSt
77.27
Stryker
93.06
Sychrony Fin
33.11
Target
76.65
TE Connect
69.56
TeslaMotors 216.29
TexasInstr
55.82
TheTrvelers
106.52
ThrmoFshr
125.03
TimeWrnr
80.81
TimeWrnrC
145.86
TJX Cos
68.29
UnionPac
120.87
UPS B
101.08
USBancorp
44.52
Utd Cntl Hldg
67.63
UtdHlthcre
108.97
UtdTech
119.40
ValeroEngy
55.52
Verizon
49.51
VertexPharm 108.43
VF Cp
69.64
Viacom
68.14
Visa Inc
264.55
Walgreen
76.05
WalMartSto
87.29
Wellpoint
128.71
WellsFargo
54.57
WestrnDigl
104.08
Williams Cos
47.35
Yahoo
43.07
Yum!Brnds
74.08

-0.13 115.40
2.01 102.61
0.19 58.74
-0.36 89.87
1.30 103.78
0.91 99.61
4.19 225.06
1.25 77.39
0.52 63.62
0.48 57.57
2.74 36.59
0.24 50.05
0.10 39.54
0.22 128.79
0.53 39.19
0.41 39.27
3.31 112.64
1.58 99.50
0.61 117.64
1.92 165.08
-0.43 86.55
0.05 101.38
0.59 46.71
71.15
2.02 100.57
1.08 34.22
1.04 60.21
-0.26 87.98
0.25 91.63
0.69 93.45
1.42 233.98
0.65 38.14
-0.13 135.24
-0.01 275.09
24.47 1378.96
0.34 93.89
0.82 94.30
1.08 206.92
3.15 81.97
0.85 111.47
0.99 437.64
1.84 70.70
0.81 67.00
-0.60 118.76
2.50 116.30
5.67 280.79
0.64 206.31
-0.05 33.90
0.52 47.17
0.49 43.12
2.36 91.38
1.11 80.92
1.16 98.24
0.71 33.13
1.26 77.75
0.33 69.96
-1.19 291.42
1.55 56.00
0.75 108.24
1.63 131.12
0.27 88.13
-0.01 155.95
0.97 69.84
1.42 123.61
0.62 114.40
0.35 46.10
3.06 74.52
2.48 114.32
0.08 121.02
1.07 59.69
0.42 53.66
0.55 127.69
0.93 76.89
-0.10 89.76
-0.91 272.45
-0.74 77.98
1.38 90.97
0.94 129.96
0.36 55.95
1.48 114.69
1.30 59.77
0.50 52.62
0.97 83.58

Yld

70.06
74.64
45.39
68.68
87.62
71.93
162.90
55.30
52.49
46.10
21.02
36.29
31.83
105.76
28.31
31.01
89.81
70.60
89.76
113.12
49.25
72.32
35.82
55.34
77.01
27.51
41.41
57.33
77.55
76.69
171.56
30.16
117.32
186.17
990.69
77.00
74.51
159.70
62.26
89.17
269.50
46.55
48.18
75.60
91.02
180.82
156.70
23.60
20.88
32.43
67.93
62.67
75.78
22.60
55.25
51.03
177.22
41.47
80.65
107.33
62.44
128.78
51.91
87.28
94.05
38.10
36.65
69.57
97.30
42.53
45.09
59.79
55.14
63.11
194.84
55.27
72.61
81.84
45.22
80.78
39.31
32.15
65.81

P/E MCap m

2.77 11.01 44163.92

1.62 13.49 28630.09
1.75 22.14 30014.5
0.49 30.70 93741.27
3.24 19.62 92320.99
1.14 31.56 26555.42
0.42 31.03 51796.26
1.49 27.13 73695.78
2.82 34.22 167773.9
2.35 10.87 56836.18
10.36 33493.67
2.64 17.58 349481.26
1.50 35.54 60158.05
1.43 24.70 58704.74
0.78 15.29 70779.7
0.71 8.36 45749.6
2.47 25.72 47065.89
1.01 28.37 63661.8
1.88 18.01 33605.39
1.61 17.27 33307.66
2.59 9.09 22540.54
3.24 12.00 63050.06
1.06 18.85 193176.23
1.25 18.40 22365.23
2.35 23.03 146652.42
2.81 22.42 215167.44
3.02 20.15 26989.75
2.21 12.60 41884.36
4.43 17.27 125975.22
1.92 12.92 47464.12
1.06 24.12 31322.53
3.96 25.95 23477.04
1.92 21.11 36395.34
0.06 15.86 28567.6
25.38 55372.78
2.90 23.11 230596.54
2.56 16.30 35604.48
2.59 43.13 35180.76
2.24 15.18 115898.09
2.07 17.40 33180.4
- 139.31 39947.54
3.54 25.24 37343.92
- -121.23 36038.27
1.84 20.20 109660.58
2.23 25.63 27141.75
0.72 34.13 26885.11
2.44 43.19 60525.95
1.47 18.81 24168.66
0.49 27.41 29595.01
3.38 26.00 24491.51
1.18 28.25 68366.76
1.36 17.55 32259.86
1.23 59.04 35206.51
14.51 27605.95
2.25 33.67 48823.32
1.58 15.50 28256.72
- -140.44 27118.83
2.02 25.76 58962.66
1.86 10.89 35300.33
0.45 32.02 50015.19
1.44 17.93 67758.07
1.87 21.76 40912.93
0.89 23.64
47045
1.55 21.49 106520.8
2.45 26.64 70992.97
2.01 15.53 79663.48
22.74 24960.26
1.13 20.83 104588.44
1.93 17.89 108314.55
1.70 8.25 28939.52
4.07 11.37 205452.82
- -51.38 26079.78
1.42 25.30 30075.58
1.85 12.79 24200.23
0.62 30.22 129884.07
1.71 36.06 72276.92
2.09 19.24 281352.25
1.27 16.42 34744.16
2.24 14.21 283088.67
1.27 17.28 24170.53
3.51 18.69 35392.36
6.08 40802.43
1.88 24.56 32569.2

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
ex-dividend
ex-capital redistribution
# price at time of suspension

Feb 10
US$
Bear Stearns Cos, LLC
Wachovia Corporation
JPMorgan Chase & Co.
Halliburton Company
SouthTrust Bank
Duke Energy Florida, Inc.
Euro
Goldman Sachs Group, Inc. (The)
Eni SpA
BG Energy Capital plc
Ireland
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
Barclays Bank plc

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

03/26
08/26
12/26
02/27
12/27
02/28

6.00
6.82
4.13
6.75
6.57
6.75

A
A
AA
A+
BBB+

A3
A3
Baa1
A2
A1
A3

A+
A+
A
AA+
A-

100.42
133.94
103.22
122.33
125.25
127.00

6.04
3.92
3.82
4.39
4.07
4.09

0.00
-0.03
0.09
0.02
0.02
0.02

0.05
-0.05
-0.22
0.14
-0.11
-0.13

4.04
1.92
1.83
-

06/26
01/29
11/29
05/30

2.88
3.63
2.25
2.40

AA
AA

Baa1
A3
A2
Baa1

A
A+
AA-

112.91
125.04
107.37
110.71

1.62
1.61
1.68
1.60

0.00
0.00
0.00
0.01

-0.16
-0.39
-0.28
0.00

-0.38
-

07/15

0.94

AA

Aa2

AA

100.26

0.31

0.00

-0.07

03/26
09/26

6.88
5.75

AA
BBB-

Aa2
Baa3

AA
A-

132.55
117.67

3.32
3.83

0.02
-0.02

-0.31
-0.31

1.32
1.84

S*

Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.

GILTS: UK CASH MARKET

Feb 10
Day Chng
Prev
52 wk high
52 wk low
VIX
17.23
-1.32
18.55
31.06
10.28
VXD
17.03
-0.91
17.94
23.19
7.64
VXN
17.46
-1.66
19.12
31.17
9.66
VDAX
20.90
0.00
20.90
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
Australia
10/18
3.25 104.42
04/25
3.25 106.09
Austria
10/18
1.15 104.27
10/24
1.65 111.03
Belgium
06/18
0.75 101.84
12/24
1.10 103.90
Canada
11/16
1.00 100.92
06/25
2.25 107.63
Denmark
11/16
2.50 105.74
11/25
1.75 116.33
Finland
09/18
1.13 104.28
07/25
4.00 135.29
France
11/16
0.25 100.67
11/19
0.50 102.09
05/25
0.50 98.06
05/45
3.25 145.02
Germany
06/16
0.25 100.59
10/19
0.25 101.61
02/25
0.50 101.27
08/46
2.50 141.85
Greece
07/17
3.38 72.11
02/25
2.00 59.08
Ireland
10/17
5.50 114.32
03/24
3.40 120.31
Italy
05/17
1.15 101.68
12/19
1.05 100.72
12/24
2.50 107.39
09/46
3.25 111.47
Japan
01/17
0.10 100.11
02/20
0.05 99.59
12/24
0.30 99.10
12/44
1.50 101.78
Netherlands
04/17
0.50 101.38
07/24
2.00 114.25
New Zealand
12/17
6.00 107.58
Norway
05/17
4.25 107.82
03/24
3.00 114.40
Portugal
02/16
6.40 106.14
10/25
2.88 102.99
Spain
10/17
0.50 100.09
04/25
1.60 99.39
Sweden
08/17
3.75 109.78
05/25
2.50 118.03
Switzerland
10/16
2.00 105.05
05/26
1.25 114.28
United Kingdom
07/18
1.25 101.06
07/20
2.00 103.82
09/24
2.75 109.54
01/45
3.50 123.95
United States
01/17
0.50 99.70
01/20
1.25 98.73
11/24
2.25 102.26
11/44
3.00 108.68
Data provided by SIX Financial Information & Tullett Prebon Information

30.82
292.20
116.32
46.30
28.86
70.21
63.06
33.11
78.81
48.83
66.85
23.35
98.88
83.99
73.47
21.27
45.18
66.44
36.89
41.51
60.81
47.74
60.64
17.03
110.36
65.97
71.29
26.90
124.30
66.36
70.12
78.88
30.12
51.76
69.87
54.02
75.57
64.71
41.45
68.10
62.79
57.11
46.34
97.78
24.35
55.81
81.07
56.51
28.79
64.64
86.03
54.66
129.34
13.26
49.12
16.43
102.44
23.41
20.61
47.84
28.82
63.50
151.65
490.91
37.21
47.17
28.64
20.72
56.01
74.61
82.89
149.52
77.95
127.69
182.40
24.06
69.02
89.80
38.60
52.97
99.20
30.81
52.11
35.98
53.03
49.82
37.98
52.29
136.02
153.52
44.13

Yld

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

VOLATILITY INDICES
Day's
change

CREDIT INDICES

Short
7 Days
One
Three
Six
One
Feb 10
term
notice
month
month
month
year
Euro
-0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29
Sterling
Swiss Franc
Canadian Dollar
US Dollar
0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58
Japanese Yen
-0.04 0.06 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days
notice: Tradition (UK).

Stock

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
Covidien
106.71
108.07
Hitachi
792.00
798.70
GileadSci
98.32
96.90
Abbvie
56.89
55.48
Cummins
134.96
134.40
Fuji Hvy Ind
3956.50
3983.00
Tata Motors
564.10
542.65
Bayer
121.60
121.60
MitsubishiEle
1300.50
1304.50
Petrobras
9.20
9.20
RelianceIn
882.00
896.70
MediaTek
454.00
488.00
KDDI
7604.00
7786.00
Enel
3.84
3.80
AEP
59.31
58.24
HyundMobis
236000.00 236500.00
BCE
54.80
54.80
Exelon
35.00
34.48
HlthcareREIT
77.50
77.07
Ch Yangtze
9.48
9.30
Based on the FT Global 500 companies in local currency

BOND INDICES
Since
16-12-2008
16-12-2008
18-02-2010
05-05-2014
05-03-2009
05-10-2010
03-08-2011

INTEREST RATES: MARKET

Over
night
0.11700
-0.09643
0.47188

18.02 33656.59
12.60 32092.24
30.17 42772.2
11.80 50898.11
19.26 23413.54
-4.93 52286.32
34.86 35075.04
25.39 26215.69
30.01 100128.92
21.61 89775.77
-58.22 20736.4
25.41 48218.53
26.00 32205.38
14.92 28584.96
26.33 127787.26
18.90 44812.04
7.63 33326.92
21.25 24697.63
10.33 127896.13
21.12 28218.28
10.57 34334.83
-12.19 31598.26

163.55
12.22
60.53
29.90
100.50
21.19
317.40
184.20
160.55
156.45
57.50
16.19
108.75
60.75
89.95
72.22
48.69
46.40
54.71
260.15
57.36
21.43

Stock

FT 500: BOTTOM 20
Day
change change %
2.32
0.87
0.00
0.00
-0.16
-0.58
9.50
0.31
1.52
4.22
0.32
1.39
0.00
0.00
2.27
0.99
3.40
0.50
60.00
1.74
40.50
3.81
0.80
0.85
0.19
0.19
5.55
3.69
0.05
0.02
0.00
0.00
-0.26
-2.02
29.40
1.31
2.74
9.66
32.00
1.27

Close
Prev
price
price
LinkedIn
269.75
267.43
WalMrtMex
32.80
32.80
ChMrchSecs
27.53
27.69
Sony
3073.50
3064.00
GenMotors
37.52
36.00
GF Secs
23.28
22.96
SwatchGpI
412.50
412.50
Intcntl Exch
231.30
229.03
MitUFJFin
683.30
679.90
JapanTob
3503.50
3443.50
Nissan Mt
1104.50
1064.00
CME Grp
94.62
93.82
Disney
101.92
101.73
LVMH
156.15
150.60
Rosneft
257.05
257.00
BncBrasil
22.46
22.46
ChUncHK
12.64
12.90
Infosys
2278.30
2248.90
MicronTech
31.09
28.35
MitsubEst
2546.00
2514.00
Based on the FT Global 500 companies in local currency

Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target

P/E MCap m

5.10
0.16
0.17
0.36
0.67
0.28
5.65
2.90
1.60
5.55
0.62
0.48
1.35
1.35
0.45
0.46
0.12
0.57
-0.60
3.60
0.86
0.15

FT 500: TOP 20

Feb 10
US
US
US
Euro
UK
Japan
Switzeland

Yld

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
2.00
-0.01
0.09
-0.15
-1.44
2.57
-0.01
0.15
-0.10
-1.70
0.01
-0.01
0.00
-0.02
0.00
0.48
0.03
0.05
-0.12
0.00
0.19
0.00
-0.01
-0.07
-0.95
0.69
0.00
0.01
-0.34
0.00
0.46
-0.02
0.03
-0.42
0.00
1.45
0.01
0.14
-0.26
0.00
-0.73
0.00
0.00
0.00
0.00
0.21
0.02
0.02
-0.53
0.00
0.07
-0.01
0.02
0.07
-0.72
0.50
0.02
0.03
-0.16
-1.61
-0.12
0.00
0.00
0.00
0.00
0.06
-0.01
0.01
-0.06
0.00
0.70
0.03
0.00
0.00
0.00
1.41
0.01
0.01
-0.27
-1.85
-0.19
0.00
0.00
0.00
0.00
-0.09
0.00
0.00
0.00
0.00
0.37
0.01
0.03
0.00
0.00
0.96
0.01
-0.01
-0.27
0.00
18.67
-2.03
2.69
8.15
0.00
10.11
-0.48
0.73
0.90
2.40
0.14
-0.01
0.01
-0.15
-1.26
1.05
0.01
0.08
-0.12
-2.24
0.40
-0.01
0.00
-0.18
0.00
0.90
0.01
0.06
-0.07
0.00
1.69
0.03
0.09
-0.12
0.00
2.73
-0.01
0.08
0.00
0.00
0.05
0.00
0.02
0.00
0.00
0.13
0.02
0.01
0.11
0.00
0.39
0.04
0.03
0.12
0.00
1.42
0.05
0.07
0.28
0.00
-0.13
0.00
0.00
0.00
0.00
0.45
0.02
0.06
-0.11
0.00
3.21
0.00
0.06
-0.37
-1.38
0.76
0.03
0.06
0.04
-0.93
1.31
0.05
0.04
-0.08
0.00
0.29
0.07
0.06
-0.02
-2.14
2.55
0.03
-0.02
0.00
0.00
0.47
-0.02
0.00
-0.11
0.00
1.67
0.04
0.15
0.00
0.00
-0.15
0.00
0.00
0.00
0.00
0.67
0.04
0.05
-0.15
0.00
-0.99
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
0.00
0.94
0.02
0.10
0.09
-0.63
1.27
0.03
0.14
0.08
0.00
1.67
0.05
0.21
0.08
0.00
2.38
0.07
0.24
0.08
0.00
0.66
0.00
0.15
0.00
0.00
1.52
0.01
0.22
0.00
0.00
1.99
0.01
0.21
0.09
0.00
2.58
0.03
0.21
0.08
0.00

Red
52 Week
Amnt
Change in Yield
Feb 10
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 3.5pc 'WL
100.22
0.41
5.13
0.00
-14.58
-6.82 102.17 100.00
0.02
Tr 2pc '16
101.50
0.41
2.50
5.13
2.50
-30.51 102.67 101.49
0.32
Tr 1.75pc '17
102.32
0.55
1.85
12.24
10.00
-42.11 102.68 101.07
0.29
Tr 5pc '18
112.75
0.78
2.63
11.43
8.33
-43.48 114.12 111.68
0.35
Tr 4.5pc '19
113.98
0.98
3.16
12.64
4.26
-43.35 115.07 111.17
0.36
Tr 4.75pc '20
117.56
1.17
3.54
13.59
3.54
-41.79 119.04 113.53
0.33
Tr 8pc '21
140.68
1.28
3.23
13.27
3.23
-43.86 142.92 135.65
0.24
Tr 4pc '22
117.57
1.38
3.76
14.05
2.22
-42.98 119.85 110.38
0.38
Tr 5pc '25
131.12
1.63
3.16
13.19
0.00
-42.20 134.70 119.37
0.35
Tr 4.25pc '27
127.59
1.83
3.39
12.96
-1.08
-40.39 131.90 112.04
0.31
Tr 4.25pc '32
131.12
2.10
3.45
12.30
-0.47
-36.56 136.85 111.72
0.35
Tr 4.25pc '36
133.66
2.24
3.23
11.44
-0.44
-34.69 140.37 111.54
0.26
Tr 4.5pc '42
144.56
2.32
3.11
11.00
-0.43
-33.52 153.16 117.05
0.26
Tr 3.75pc '52
135.01
2.34
3.08
10.90
-0.85
-33.14 145.21 104.09
0.22
Tr 4pc '60
146.89
2.32
3.11
11.54
-1.28
-32.75 159.23 111.06
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
on Saturdays, and can be found daily on ft.com/bond&rates.

GILTS: UK FTSE ACTUARIES INDICES

Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs

Day's
chg %
-0.06
-0.28
-0.51
-0.35
-1.22
-0.62

Feb 10
100.32
183.32
213.25
190.18
308.95
177.30
Feb 10
312.74
559.42
433.78
679.96
519.19
Feb 10
1.13
1.70
2.05

Day's
chg %
-0.07
-1.22
-0.55
-1.51
-1.10
Feb 09
1.09
1.65
1.99

Yr ago
1.75
2.77
3.21

Total
Return
2344.60
3209.15
3799.02
3352.87
4362.56
3226.68

Month
chg %
-0.83
-3.67
-1.97
-4.39
-3.38

Return
1 month
-0.18
-0.49
-0.42
-0.47
-0.59
-0.46

Year's
chg %
-2.20
18.03
6.21
24.35
15.70

20 Yrs
45 Yrs

inflation 0%
Feb 10
Dur yrs Previous
Yr ago
Feb 10
Real yield
Up to 5 yrs
-0.94
2.43
-0.97
-1.27
-1.53
Over 5 yrs
-0.68
22.59
-0.73
0.06
-0.71
5-15 yrs
-0.75
9.07
-0.81
-0.14
-0.87
Over 15 yrs
-0.67
28.40
-0.72
0.09
-0.69
All stocks
-0.68
20.43
-0.74
0.04
-0.72
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2364.94
4103.71
3264.73
4902.00
3854.92
Feb 10
2.24
2.34

Return
1 year
2.43
8.52
15.21
10.45
26.35
13.26

Yield
0.85
1.40
1.76
1.54
2.28
2.03

Return
1 month
-0.24
-3.60
-1.97
-4.29
-3.25

Return
1 year
-0.48
19.06
7.52
25.20
16.81

Feb 09
2.18
2.27

Yr ago
3.41
3.48

inflation 5%
Dur yrs Previous
2.45
-1.56
22.70
-0.77
9.10
-0.93
28.47
-0.74
20.57
-0.78

Yr ago
-1.85
0.02
-0.28
0.07
-0.01

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

24

FINANCIAL TIMES

Wednesday 11 February 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week
High
Low

Price +/-Chg

Yld

P/E

Vol
000s

0.61
3.85
3.09
2.87
2.33
2.40
1.62
2.31

18.47
90.27
-12.56
32.60
20.91
7.59
17.92
29.76

42.0
7870.2
1111.4
1104.7
1561.7
5514.9
690.3
124.6

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

781.50
522.50
233.25
337.20
546.50
918.00
315.50
1829

-8.50
8.00
13.00
4.50
3.00
16.00
4.10
45.00

810.00
528.00
289.50
345.10
552.10
1219
324.80
1985

580.00
374.10
181.50
258.30
421.70
777.00
248.90
1642

Automobiles & Parts

FordMtr $X
GKN

16.09
376.50

0.17 18.12 13.26 2.78 11.27 27792.9

5.40 468.00 281.10 2.10 12.82 3444.8

Banks
ANZ A$X
BcoSant
BankAm $X
BnkGeorgia
BankIre
BkNvaS C$X
BarclaysX
CanImp C$X
HSBCX
LlydsBkgX
RylBkC C$X
RBSX
StandChX
..7.375%Pf
..8.25%Pf
TntoDom C$X
Westpc A$X

34.90
450.00
16.42
2236
0.30
65.50
253.20
93.32
597.80
75.01
76.42
382.50
915.40
122.00
135.00
54.56
36.81

-0.08
-1.75
0.07
-21.00
0.00
0.03
-0.45
-0.50
-12.80
0.09
0.02
1.50
-24.00
0.13
0.25
0.04
-0.24

35.27
758.00
18.21
2795.69
0.39
74.93
278.00
107.37
737.00
85.53
83.87
403.90
1355.5
124.00
139.75
58.20
37.05

29.86
416.37
14.37
1774
0.24
60.75
201.75
87.40
573.54
70.02
69.71
291.60
867.50
108.50
124.50
48.51
31.33

5.28
8.77
0.46
3.12
4.14
2.57
4.47
5.02
3.94
5.38
6.05
6.11
3.57
5.12

12.83
12.61
44.45
9.80
-11.53
10.93
57.13
11.21
11.61
227.99
12.03
-6.73
9.00
12.46
14.88

2943.8
2252.8
82722.3
88.5
41677.6
1953.7
52510.7
882.1
33144.1
97003.5
2607.0
8184.3
7227.1
46.9
20.4
2553.1
3661.1

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet
Mondi
Vale BRLX

60.50
3.90
1227
20.40

0.75 175.00 47.60 6.73 2.49 1669.9

-0.36 13.25
2.65 8.95 643.1
22.00
1239 919.00 2.35 16.52 1735.7
-1.19 35.20 17.65 10.17 -9.85 5655.5

Chemicals
Alent
Bayer X
Carclo
Croda
Elemntis
Porvair
Syngent SFrX
Synthomer
Victrex

355.30
123.75
117.00
2735
277.10
294.00
314.60
243.60
2038

-1.60
2.15
7.00
13.00
2.10
-1.50
-2.20
0.20
11.00

393.61
131.70
219.75
2849
305.10
347.75
350.30
302.08
2202.55

294.56
91.31
80.00
1965
225.50
237.53
273.20
176.64
1536

2.53
1.78
2.26
2.36
1.72
0.99
2.97
2.46
2.16

15.16 121.9
26.65 2182.6
-4.14 313.8
21.57 385.6
19.41 925.5
21.51
19.3
21.60 289.8
18.17 145.4
21.62 194.3

139.72
322.20
119.50
229.00
88.56
324.58
1811
1369
1299
1903
16.74
96.00
264.00
875.00
23.38
46.40
325.00

108.66
145.59
101.00
170.00
37.50
248.00
1220
1044
742.00
1374
11.03
44.25
151.00
570.00
14.69
29.51
228.25

3.86
6.08
8.15
2.62
4.05
4.04
2.81
3.00
2.62
4.18
0.96
4.41
2.10
3.97
3.14
1.72
1.97

11.19
5.7
88.55 1425.8
60.4
15.90 368.2
54.85
5.1
15.14 718.9
-16.82 6155.4
14.36 191.4
45.32 389.3
90.20
87.1
25.81
42.6
13.97 132.6
27.52 418.2
12.33
4.9
6.87 993.9
21.25 1566.2
89.88 330.6

647.00
145.44
552.50
258.10
671.58
1470
1606
96.00
1340

2.20
2.35
1.62
3.46
1.76
1.72
2.04
4.52
3.63

27.80
38.3
15.25
99.1
23.44 1057.4
20.76 407.8
60.24 368.0
15.64
31.2
17.85 381.3
46.17 241.5
14.87
8.0

Construction & Materials

Alumasc
BalfourB
..CvPf
Boot(H)
ClarkeT
Costain
CRH
GalfrdT
Keller
KierGp
Kingsp
LowBonr
Marshlls
MorgSdl
Norcros
StGobn X
Tyman

129.50
232.00
118.75
195.00
76.63
285.00
1782
1335
916.50
1649
15.80
59.00
250.25
680.50
16.25
38.82
304.50

0.60
0.25
-3.00
-0.25
26.00
11.00
3.00
19.00
-0.01
0.25
-4.50
-0.13
0.57
0.50

Electronic & Electrical Equip

Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris
TT Elect
XP Power

655.00
187.00
689.50
303.50
705.00
2396
2093
119.50
1542

-11.00
0.25
11.00
0.30
-5.00
36.00
27.00
-0.75
2.00

992.00
193.53
708.00
366.65
1598
2420
2493
225.00
1798

474.00
443.00
301.70
287.90
310.00
337.25
327.00
1520
27.78
55.00

FriendsLf
Gimv Nv
GuinPeat
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG
IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
Tungsten
WlkrCrip

410.60
40.95
23.25
995.50
95.50
248.90
462.70
148.70
507.00
448.00
556.50
389.70
285.75
172.70
95.00
430.00
2616
2240
34.75
2035
2963
2259
465.00
325.10
217.75
44.00

52 Week
High
Low

7.60 413.63
0.25 41.21
36.63
-4.50
1513
1.45 105.80
1.50 275.40
-1.20 477.20
0.30 150.20
4.00 512.00
2.00 636.50
-4.50 606.50
5.40 447.60
-7.00 306.25
4.70 183.44
-0.05 102.30
-2.50 439.80
32.00
2692
5.00
2250
0.25 45.50
-17.50
2129
38.00
2973
35.00
2277
3.00 480.00
-1.00 348.60
2.00 409.75
0.50 53.60

Yld

P/E

Vol
000s

286.60
34.16
19.00
827.00
70.25
180.10
338.70
111.40
361.70
412.00
412.60
313.70
208.00
81.40
93.75
313.70
1661
1623
28.38
1700
2086
1692
226.00
234.40
200.25
37.50

5.15
5.00
2.25
3.21
4.75
4.01
4.00
2.08
3.41
3.23
1.05
2.72
3.76
1.81
3.25
2.19
4.32
2.65
1.96
2.57
5.18
3.20

49.31
59.96
-54.58
29.23
2.45
32.10
26.94
10.29
14.23
15.48
17.54
22.59
25.28
100.82
20.51
13.81
23.39
25.30
13.87
15.65
22.68
17.29
11.60
25.13
-10.78
8.16

3932.0
10.5
19.2
978.5
24.1
1186.1
1701.0
409.7
698.4
335.5
1870.0
715.5
16.4
9119.4
1180.6
979.7
109.5
31.8
80.0
0.8
309.3
12.0
416.3
279.2
584.8
12.9

539.00
2407
510.13
600.72
3.16
137.50
1051
1148.42
367.39
203.88
10.40
228.50
342.25
49.30
63.85
312.00
26.13
295.25
2725
193.44
551.50
107.00
2337
27.47

0.49
1.08
1.72
2.62
2.90
2.18
2.50
2.37
4.22
3.08
0.74
1.66
3.25
0.68
1.82
1.24
2.40
1.83
4.84
1.85
3.11
2.69

3.19
31.20
24.05
20.14
12.72
12.17
21.86
16.08
21.97
21.44
26.11
26.68
15.80
63.67
25.75
19.91
-2.07
8.91
25.48
14.96
14.64
15.02
20.19
19.22

0.7
710.5
19.2
549.4
73.3
64.8
724.3
53.2
357.8
97.3
6.3
459.0
14.7
66.2
4727.9
465.9
1822.7
7.1
2315.8
207.2
3814.1
173.2
3095.3
14.1

80.00
650.00
122.50
147.25
315.20

4.00
2.10
0.57
1.73

14.91
18.93
33.71
36.14
12.26

33.9
36.7
538.9
9.3
603.6

95.25
323.50
1333
2033
717.43
291.98
470.25
322.35
390.00
74.00
1176
20.69
289.76
4697
224.00
101.20
1634.12

1.24
1.98
7.24
1.56
1.53
6.97
0.83
3.49
2.50
2.45
0.67
0.50
1.37

26.04
15.12
11.96
9.50
13.83
13.52
23.47
11.34
22.39
-9.59
15.46
97.10
14.56
21.59
10.53
16.12
33.92

81.5
2442.2
404.6
621.6
320.2
263.4
1.0
21.2
0.3
152.3
1141.8
3332.9
174.3
1408.1
631.2
12157.2
25.6

Food & Beverages

AngloEst
AscBrFdX
Barr(AG)
Britvic
C&C
Carr'sMill
Coca-Cola H
Cranswk
Dairy Cr
Devro
Glanbia
Grncore
HiltonFd
Kerry
Nestle SFrX
NewBrPlm
PremFds
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever
..NV

593.00
3009
642.00
730.00
3.68
150.00
1102
1351
504.50
285.50
14.55
307.50
392.50
63.14
71.45
707.50
44.75
296.00
3532.5
198.00
570.50
160.66
2811
37.28

9.75
-1.00
7.00
-2.50
0.04
3.13
23.00
1.00
6.10
1.50
-0.03
0.50
-1.75
-0.22
0.30
12.50
0.50
-10.50
22.50
0.25
-10.00
0.66
7.00
0.59

725.00
3293
672.00
784.00
5.02
194.50
1614
1499
537.50
318.50
15.53
319.90
534.50
65.96
74.60
707.50
165.71
488.87
3857
316.75
790.00
174.93
2993.13
38.76

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
Optos
UDGHlthC

82.50
862.00
154.00
252.50
433.30

-1.00
2.00
1.10
9.50
7.50

142.00
1084
164.10
271.53
435.00

House, Leisure & Pers Goods

AGARmst
BarrttDev
Bellway
Berkeley
BovisHme
CrestNic
GamesWk
Gleeson
Headlam
McBride
Persimn
Philips X
PZCusns
ReckittBX
Redrow
TaylorWm
TedBaker

97.00
459.70
1870
2486
867.50
426.00
516.50
372.00
438.50
89.50
1613
24.76
311.00
5590
296.80
136.90
2459

0.50
4.10
41.00
14.00
2.00
-5.50
-4.75
0.50
-0.50
26.00
0.23
-2.60
55.00
7.80
2.40
33.00

190.75
477.80
1965
2808
946.00
427.00
683.50
467.25
495.50
115.00
1625
26.99
392.10
5745
352.60
139.50
2482

Industrial Engineering

Financial General
3i
AberAsM
Ashmore
BrewDlph
Canaccord
CharlsSt
CtyLonInv
CloseBrs
DBAG
El Oro

Price +/-Chg

2.70
4.90
-0.90
5.30
-15.00
4.75
-8.25
-13.00
0.08
-

478.30
481.74
379.40
357.60
729.00
493.00
349.75
1580
28.21
87.00

343.61
360.76
249.00
236.80
305.00
289.20
225.00
1217
18.25
47.00

3.38
3.78
5.37
3.02
3.57
3.63
7.34
3.03
1.12
6.55

52 Week
High
Low

Yld

7.41 1485.3
19.44 3339.6
16.35 1416.2
120.21 490.2
14.22
3.7
-56.84
11.9
15.34
16.8
15.20 323.3
7.54
22.4
4.56
6.7

Bodycote
Castings
Fenner
Goodwin
Hill&Sm
IMI
MelroseInd
Renold
Rotork
Severfd

720.00
376.50
205.00
2800
595.00
1383
272.30
55.50
2351
68.00

2.00
-23.50
-2.00
-30.00
1.00
-0.70
-0.75
11.00
-

832.00
525.00
451.70
4250
620.25
1755.43
330.90
69.00
2890
72.05

542.50
373.00
180.50
2375
495.00
1108
234.50
49.00
2146
52.60

1.88
3.44
5.61
1.51
2.69
2.68
3.03
2.04
-

52 Week
High
Low

Yld

17.66 170.8
9.97
5.0
17.59 484.1
10.20
0.6
20.56
10.8
19.45 946.1
22.28 2989.6
-16.74
7.5
20.81 132.7
154.20
12.1

Price +/-Chg
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

197.20
3156
88.50
108.00
629.00
1839

-1.30
40.00
-2.25
7.50
-40.00

52 Week
High
Low

Yld

P/E

Vol
000s

200.00 134.80 3.02 49.20 1934.2

3175
2548 1.87 23.94
69.0
101.50 72.55 4.52 8.01
0.4
134.00 73.00 1.30 18.53 302.5
690.00 539.00 3.66 15.72
7.0
2848
1574 2.28 11.99 839.8

Industrial General
BritPoly
JardnMt $X
Jard Str $X
Macfrlne
REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

664.00
66.23
35.62
37.75
534.00
564.50
305.60
1164
22.49
450.00

2.50 690.00
1.33 67.88
0.33 38.10
49.50
15.50 603.00
5.00 672.90
-3.00 359.10
2.00
1429
0.46 22.96
-1.40 493.60

565.00
52.55
31.05
33.00
424.60
488.20
231.82
1006
14.78
388.80

2.18
1.89
0.64
4.24
3.67
2.44
3.27
3.41
2.15
3.33

14.65
17.16
14.13
12.67
13.29
21.59
17.10
20.02
18.03
11.19

9.0
281.3
274.2
3026.7
4924.8
372.4
4237.6
1069.9
497.8
115.7

16.24 657.4
33.95
33.9
20.23
9.1
56.55 864.8
14.51
22.1
-4.28 2281.8
-5.10
7.7
9.59
82.0
23.75 8780.1
28.55
85.6

Industrial Transportation
BBA Aviat
Braemar
Clarkson
Eurotunnl
Fisher J
Flybe Grp
Goldenpt
OceanWil
RoyalMail
UK Mail

340.00
457.00
2016
12.27
1152
58.50
168.00
945.00
432.20
540.00

-1.50
-8.00
-28.00
0.30
15.00
-0.75
-17.50
-32.50
-22.30
5.00

362.10
557.23
2750
12.27
1565
151.56
500.00
1290
617.00
715.00

293.70
390.00
1835
8.11
1003
55.68
167.00
936.00
388.00
380.00

2.64
5.69
2.78
1.32
1.74
3.71
3.08
3.94

1476
499.40
538.00
295.90
268.00
703.00
341.00
317.00
140.00
80.50
745.50
957.50
607.50
270.60
608.00
215.50
0.06
833.00
1621.5
444.50
64.00
880.00
400.90

14.00
8.90
6.00
0.60
-1.70
0.25
4.00
-3.00
9.50
1.50
-2.50
3.30
-3.00
2.20
9.50
20.50
5.50
3.00
15.00
2.90

1583
506.50
571.50
301.70
275.00
719.00
363.25
319.60
142.00
107.25
795.72
1108.23
766.50
273.01
620.00
216.30
0.14
853.50
1649.5
500.50
78.00
908.50
429.30

1175.33
418.20
442.40
232.60
195.00
479.50
267.25
227.70
118.50
78.50
615.50
815.00
506.00
193.00
495.50
163.80
0.05
560.52
1223
83.05
55.00
637.00
340.70

3.18
5.21
2.79
3.27
4.21
5.24
3.97
6.16
10.12
3.16
2.84
1.52
3.44
3.70
3.76
6.41
2.07
2.28
3.61
1.81
3.94

13.79
8.58
13.73
11.04
11.68
8.62
7.13
14.16
13.33
11.61
19.24
9.58
17.24
12.27
20.30
-6.03
5.87
19.46
-6.85
20.37
31.00
15.66

549.9
1295.7
5452.6
885.4
438.4
2995.0
32.6
5276.0
65.1
57.2
388.2
64.9
437.1
10751.1
14.4
7629.3
43.5
560.1
3453.4
4352.6
34.3
798.8
2494.3

871.00
151.75
64.50
253.50
116.50
869.00
114.00
151.25
227.50
169.75
16.77
16.30
1384
162.00
1178
22.23
365.00
49.76
193.25
1462

-8.00
-1.75
1.50
2.25
8.50
2.25
1.40
-2.50
0.06
0.13
18.00
23.00
0.47
-3.75
0.21
-0.75
23.00

892.50
190.00
77.00
377.00
131.95
1074
230.00
289.20
233.00
175.00
18.53
18.02
1395
176.47
1185
22.29
393.75
50.53
263.00
1565

610.50
142.00
55.75
239.00
100.50
699.00
110.00
125.00
167.10
2.90
14.28
14.09
981.00
136.66
851.53
14.51
322.00
36.86
166.99
1091

1.95
3.84
3.72
2.90
3.35
2.24
6.58
4.76
1.54
3.47
4.70
2.09
2.09
0.55
3.11
3.62
2.34

32.17
15.38
-2.51
-81.07
9.74
14.44
13.16
11.00
23.40
-4.60
36.98
35.94
41.23
12.49
25.45
23.46
9.98
85.08
9.84
19.44

2.3
2.2
34.7
459.0
14.6
1017.8
2.7
278.2
19360.0
34.3
3838.7
1433.2
2926.6
3.5
5335.1
2417.4
9.0
554.7
23.9
3509.0

Acacia
271.30
1149
AngloAmerX
AngloPacif
85.75
AnGoldA R
141.00
Antofagasta 693.50
..5%Pf
0.60
AquarsPl
12.75
AsiaResM
17.63
AvocetMng
5.48
Barrick C$
15.30
1495
BHP Bltn

0.80
-35.00
0.25
-0.90
-23.00
0.25
-1.25
-0.13
-0.26
-47.50

318.90
1678.5
214.01
209.52
959.50
0.60
42.50
245.35
14.25
23.78
2102.53

222.90 0.78
923.00 4.31
74.75 11.90
88.36 620.00 7.99
0.60833.33
12.25 3.61 4.19 11.67 1.54
1247.5 4.59

-52.47
252.08
-2.48
-17.08
19.63
95.86
-0.45
-0.14
-5.15
9.86

428.1
4823.8
258.7
1334.5
3278.1
2372.9
282.4
744.6
3072.0
10641.3

P/E

Vol
000s

Insurance
Admiral
Amlin
Aviva
Beazley
Brit Plc
CatlinGp
Chesnar
DirectLine
Eccles prf
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen
NovaeGp
Old Mut
PermTSB
PhoenixGrp
PrudntlX
RSA Ins
SagicFin
StJmsPl
Stan Life

Media
4imprint
Blmsbury
Centaur
ChimeCm
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
News Corp A $
NewsCpB $
Pearson
Quarto
Reed ElsX
ReedElsNV
STV Grp
ThmReut C$X
UTV Med
WPPX

Mining

52 Week
High
Low

Price +/-Chg
BisichMg
CoalfieldR#
EVRAZ
FstQuant
Fresnillo
GemDmnd
Harmony R
Hochschild
Kenmr
Lonmin
Petra
Petropvlsk
PolymtIntl
RndgldRs
RioTintoX
Troy Res A$
VedantaRs

68.00
-4.50 126.00 67.00
5.43
6.60
5.35
182.70
1.70 187.80 51.35
666.00 -24.00
1512 581.50
859.50 -36.50
1037 675.50
150.00
-3.50 223.00 139.75
31.59
-0.34 40.98 16.60
89.75
-4.75 207.46 77.80
3.34
0.01 17.29
2.18
172.40
-6.80 336.60 149.74
159.20
-3.30 220.87 140.81
14.50
1.00 98.25
6.00
598.50
-7.00 690.00 315.18
5225 -190.00 5752.1
3638
2992.5 -102.50 3680.56
2600
0.60
0.02
1.53
0.35
431.80 -28.20
1201 353.21

Yld

P/E

Vol
000s

5.88
1.22
0.33
0.87
0.58
3.79
8.80

-9.83
4.74
-13.33
12.46
47.92
11.03
-11.22
-5.01
-2.36
-8.47
21.92
0.39
25.29
29.40
15.38
-1.62
233.78

21.0
2408.5
17.0
1590.5
55.6
2466.7
614.7
4061.7
1483.1
942.7
3694.4
561.0
551.9
6470.6
1126.4
2413.8

0.31
-2.48
1.98 17.80
5.34 14.59
-2.59
-5.12
6.19 48.53
3.31 8.70
3.44
7.67
2.73 12.16
-3.50
- -9760.00
20.21
5.88
12.41
-9.28
-19.13
-5.23
3.38 11.60
1.10 9.61
12.58
7.78
6.45
3.33 9.92
14.65
5.02 8.44
2.96 6.52
5.45 13.70
5.08 14.29
-5.96
1.84 20.20
3.84
12.84 21.11
3.45 22.88
2.76 -32.46
2.13 13.79

40246.7
8156.3
10944.5
42714.7
15.0
1384.2
583.6
298.9
5742.9
1066.3
12923.7
262.1
683.5
1274.6
49.0
13.5
6.3
1727.7
142.5
923.6
726.5
516.6
128.9
1268.9
45.9
3395.7
2731.3
4272.5
5818.3
3479.2
2305.3
7185.7
101.9
457.8
950.7
8835.5
1262.6

Oil & Gas

Afren
Aminex
BGX
BPX
Cadogan
CairnEng
Cape
DragnOil
Endeav Int' $
EnQuest
Exillon
ExxonMb $X
FastnetO&G
Fortune
GenelEgy
GeoPark $
GreatEEgy
GrnDnGas
GulfKeyst
HellenPet
Hunting
ImpOil C$X
JKX
Lamprell
Lukoil RUBX
Nostrum
OphirEgy
Petrofac
PremOil
RylDShlAX
..B
Salamand
Schlmbrg $X
SEPLAT
Soco Int
TrnCan C$X
Tullow
Wood(J)

9.31
2.28
934.30
446.35
10.63
204.00
226.00
580.00
39.50
133.00
91.01
2.18
9.76
614.50
4.00
107.50
342.50
45.50
4.26
505.50
49.68
30.63
113.25
3000
551.50
144.20
780.00
166.10
2152.5
2245
83.00
85.22
130.00
294.50
58.04
414.30
604.50

-0.06
-0.18
-28.70
-10.75
0.25
-4.30
-0.50
-9.00
-2.00
5.50
-0.55
-25.00
-0.07
-37.50
-0.25
0.40
-43.00
-0.60
-0.38
-1.00
-16.00
6.50
-6.80
-25.00
-5.10
-34.00
-27.00
-2.00
-0.60
-5.00
-15.50
0.56
-7.70
-26.00

166.60
3.17
1420
526.80
12.44
210.70
335.00
632.50
5.92
148.40
175.57
104.76
13.00
14.50
1100
11.00
137.00
675.00
162.85
7.79
918.83
57.96
70.50
178.00
3297.7
825.00
319.70
1483
358.60
2864
2990.5
155.95
118.76
270.00
477.10
63.86
918.78
825.00

4.01
0.64
780.55
364.40
8.50
141.00
177.00
447.50
0.02
21.50
103.25
86.03
2.00
6.25
593.50
3.70
100.00
265.00
42.25
3.41
383.90
44.08
10.23
93.50
1715
370.00
112.70
594.00
124.50
1929
1984.5
52.75
75.60
97.50
234.80
48.15
345.30
517.60

Pharmaceuticals & Biotech

BTG
CathayIn
Dechra
Genus
GlaxoSmhX
HikmaPhm
Oxfd Bio
RichterG $
ShireX
VecturGp

793.00
21.13
860.50
1296
1519.5
2429
8.13
13.91
4744
144.00

3.00 835.87 490.20 72.79 692.3

-0.88 41.06 21.00 -46.02
3.0
2.00 888.60 655.00 1.67 38.87 140.1
34.00
1382 924.50 1.28 27.23
30.3
-6.50
1709 1200.67 5.40 17.74 10064.9
96.00
2500 1196.76 0.48 26.83 404.3
0.25 10.13
1.77 -11.81 6348.7
-0.01 19.31 12.20 1.43 21.45
0.0
3.00
5470
2827 0.27 24.77 2291.4
-1.00 171.50 113.25 -82.00 446.8

54.25
626.00
826.50
54.00
518.00
3300
787.00
1.41
685.00
115.70
1.13
845.00
368.90
1269
160.00
238.00
485.00

0.50
-8.00
2.00
0.25
12.00
-7.00
4.50
1.30
-0.01
2.30
-3.00
-0.70
5.50
-4.50

Real Estate

REITs

Assura
BigYellw
BritLand
Cap&Reg
Countrywd
DrwntLdn
Gt Portld
Green Reit
Hammersn
Hansteen
HIBERNIA
Highcrft
INTU
LandSecs
LondonMtrc
McKaySec
MucklGp

55.25
668.00
855.50
55.00
701.00
3384
810.00
1.52
708.00
116.69
1.18
869.75
374.90
1312
162.80
245.00
542.00

38.55
451.40
645.36
42.25
404.30
2530
600.04
1.16
532.50
98.25
0.99
741.00
270.10
988.50
132.30
187.00
417.00

3.05
2.62
3.29
1.20
1.54
1.11
1.12
2.79
4.15
3.99
3.94
2.44
4.38
3.61
4.10

10.41
14.69
5.15
10.20
17.35
5.72
5.21
10.52
8.05
7.18
11.64
6.13
5.73
6.63
6.13
7.30

207.6
246.5
2164.6
10.6
374.3
216.5
467.4
40.2
3169.9
1195.0
292.9
1.0
2888.9
3007.1
1054.7
1481.8
3.0

Yld

P/E

Vol
000s

Price +/-Chg

52 Week
High
Low

Yld

PrimyHth
Redefine
SEGRO
Shaftbry
Town Ctr
Wkspace

385.00
56.00
417.70
795.50
278.00
794.00

387.00
59.20
425.60
815.50
288.00
818.00

5.00 14.49
54.3
5.60 7.01 488.2
3.54 7.51 1161.4
1.60 4.83 881.1
3.76 5.39
4.2
1.34 3.85 425.8

Cap&Count
Cardiff
CLS
Daejan
DvlptSec
Grainger
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
Q'tainEst
RavenRuss
RavenR Prf
RavenR Wrt
Safestre
Savills
SchroderRE
Smart(J)
StModwen
UNITE Gp
Urban&C

384.10
-1.10 397.60 313.00 0.39
1045
1099.5 825.00 1.21
1595 35.00
1600
1250 5630 45.00
5800
4650 1.58
239.75
6.75 267.25 179.00 3.34
201.50
-3.00 250.00 167.80 1.03
390.00
3.00 405.06 320.00 1.73
7.90
0.02
8.30
6.01 2.03
39.50
61.50 36.50 0.32
214.50
-1.00 270.00 212.00 11720 -130.00 12200
6675 1.71
97.25
108.50 75.00 43.00
-0.50 82.50 37.25 123.25
160.75 101.50 9.74
29.00
61.98 27.00 271.75
-0.75 277.25 184.25 2.12
713.00
3.00 742.00 567.52 1.47
59.50
62.00 50.50 4.17
91.00
106.50 86.00 3.22
459.70 14.90 459.70 324.59 0.90
502.00
512.00 388.30 0.96
273.50
-1.50 276.00 215.00 -

2.75
-0.15
5.60
6.50
-4.00
7.00

Real Estate Inv & Services

324.00
47.75
325.30
620.00
221.00
542.00

P/E

Vol
000s

11.22 1069.7
4.42
1.1
6.75
5.6
4.92
2.0
15.32
18.7
11.23 934.0
6.86
96.4
18.05 1431.9
68.46
6.7
4.82
58.2
13.29
1.1
22.11 788.4
-35.86 198.3
17.5
2.5
13.62 210.8
17.83 352.2
4.74 505.0
41.74
11.5
12.49 490.4
10.90 134.0
8.91 158.8

Retailers
AA
AO World
AshleyL
Brown N
Caffyns
Card Factor
Dairy Fm $
Debenhm
Dignity
DixonsCar
Dunelm
Findel
Halfords
Inchcape
JDSportsF
Lookers
Marks&Sp
Morrison
MossBros
Next
Ocado
Pendragn
Photo-Me
Saga
SignetJwl
SuperGroup
TescoX
Thorntns
VertuMotor

362.25
2.25 365.00 225.50 16.88
-500.00
330.00
0.50 412.38 149.60 27.75
-1.00 32.38 22.00 7.21 12.24
439.80
-1.70 600.00 282.50 3.24 16.61
545.00 -10.00 670.00 480.00 3.30 9.53
270.00
-1.00 296.00 195.50 - 102.27
8.72
0.12 10.90
8.60 2.35 26.15
77.00
0.50 82.40 56.85 4.42 10.85
1868 23.00
1950
1291 0.69 22.70
424.80 10.80 470.00 319.20 1.24 49.98
867.00
-1.00
1045 745.97 1.90 19.86
221.50
1.50 330.25 188.41 -16.75
453.00
1.00 515.00 417.10 3.16 14.76
723.50
5.00 732.50 587.50 2.40 15.43
504.00
8.70 520.00 336.00 1.34 20.52
151.50
1.00 153.00 117.50 1.70 13.43
498.70 23.20 512.00 359.20 3.41 16.20
184.10
6.10 250.00 150.60 7.06 -13.33
91.50
126.18 77.50 5.46 28.15
7250 170.00
7967
6130 1.83 18.72
399.90
9.90 624.93 216.80 - -1941.26
36.50
-0.25 37.00 27.00 1.10 10.25
140.00
2.00 153.15 107.85 2.68 20.30
187.10
4.10 195.00 143.75 35.10
7874 61.00
9180
4700 0.55 30.77
1074 14.00
1749 750.00 22.34
241.85
8.45 341.58 155.40 6.10 22.92
82.00
-0.50 167.94 77.00 11.54
58.25
1.50 66.00 51.00 1.37 12.61

325.2
184.9
84.0
502.9
0.2
261.7
53.6
3063.5
31.4
5833.1
54.1
42.2
282.7
900.7
11.4
201.5
11179.5
28316.0
32.5
449.8
2074.2
377.6
98.8
255.9
3.2
173.2
47431.7
159.8
15217.4

Support Services
Acal
Aggreko
APR Engy
AshtdGp
AtknsWS
Babcock
Berendsen
Brammer
Bunzl
Capita
Carillion
Comnsis
ConnectGp
DCC
DeLaRue
Diploma
Elctrcmp
EnergyAst
Essentra
Experian
G4S
Grafton
HarvyNah
Hays
Homesve
HowdenJny
Intserve

256.75
1638
244.25
1090
1310
1054
1140
357.50
1899
1157
351.50
56.00
149.00
3758
521.00
790.00
211.50
450.00
871.50
1187
284.90
707.50
78.50
156.00
335.00
416.10
543.50

1.75
9.00
11.75
2.00
25.00
26.00
20.00
9.50
16.00
2.00
2.80
-0.50
7.00
-2.00
8.50
0.90
10.00
-0.50
2.00
3.10
13.50
3.60
4.90
2.00

418.00
1841.76
959.00
1219
1511
1476
1145
509.00
1943
1248
396.54
75.00
208.75
3778
891.91
807.00
371.00
504.00
924.00
1222
289.24
707.50
124.75
158.80
354.50
440.00
751.50

180.00
1388.75
146.00
763.00
1225
979.65
895.50
265.00
1381
997.50
294.03
47.00
128.02
2720
467.40
603.84
197.20
295.50
624.50
909.95
225.40
527.00
66.32
108.15
293.80
287.50
487.20

2.65
1.69
3.94
1.06
2.58
2.13
2.46
2.85
1.71
2.29
4.98
3.21
5.69
2.04
8.12
2.04
5.56
1.77
1.94
3.14
1.20
4.09
1.60
3.37
1.32
3.96

218.14
17.46
4.77
20.67
16.45
23.35
22.08
20.25
30.39
45.57
30.10
18.38
9.20
24.69
13.47
25.12
11.62
22.90
32.31
23.24
-57.09
28.81
10.14
26.00
39.87
23.22
15.32

24.4
790.2
229.6
1975.0
196.5
3126.5
170.1
205.4
1023.3
1675.7
979.9
51.6
34.2
530.3
125.8
33.5
1989.0
14.5
690.2
2123.4
2894.5
628.7
161.2
3186.9
279.4
1289.4
252.0

P/E

Vol
000s

Intertek
Latchways
Lavendon
MngCnslt
MearsGp
MenziesJ
MichaelPge
MITIE
PayPoint
PremFarn
Rentokil
Ricardo
RbrtWlts
RPS
Shanks
SIG
SpeedyHr
St Ives
TribalGrp
Vp
Watermn
Wolseley

Price +/-Chg

52 Week
High
Low

Yld

2450
717.50
166.50
15.50
458.00
372.25
485.40
279.10
870.00
161.70
121.80
692.50
340.00
230.40
102.75
190.00
68.75
180.00
161.75
586.00
67.50
3874

0.25
-0.13
12.50
0.25
6.40
0.10
11.00
-7.60
0.40
-5.00
2.75
12.50
1.00
1.20
-0.25
-0.50
0.25
68.00

3111
1156
247.75
30.00
540.00
714.75
511.50
345.90
1212
242.40
133.60
800.00
363.00
359.37
120.00
214.80
83.00
225.00
204.00
690.00
79.00
4038

2141
705.01
155.50
14.50
354.75
306.25
358.70
263.90
809.39
147.00
109.80
597.70
270.00
181.50
84.50
143.40
50.75
168.00
141.10
539.00
50.00
2966

1.88
5.52
2.13
5.32
1.92
7.12
2.16
3.94
4.06
6.43
1.90
2.06
1.59
3.19
3.36
1.87
0.89
3.69
0.99
2.39
1.04
1.88

1.00
6.50
4.40
0.80
2.25

1098
890.00
335.00
487.00
112.70

778.50
506.00
259.45
284.20
65.95

0.58 85.01 4419.7

1.02 -2827.36 1757.5
3.66 25.56 312.9
0.97 18.38 979.9
2.32 31.98 420.6

69.25
1183.9
575.00
12.50
64.00
723.00
169.80
120.00
346.70
284.25
625.00
7.00

2.09
1.77
2.53
3.08
2.90
3.04
1.59
2.51
2.41
1.24
-

2.00

P/E

Vol
000s

20.29 629.6
18.07
0.6
13.73
83.9
8.90
8.5
20.83
55.3
8.42 166.7
33.98 713.0
80.48 825.5
15.93 406.9
11.85 774.4
21.01 1722.4
19.04
7.2
38.72
1.7
17.06 807.9
-23.35
98.0
-170.10
670.0
74.40 140.1
21.63 279.4
-82.53
4.0
14.21
6.9
112.50
6.2
20.52 733.0

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

1056
868.00
327.60
335.00
89.25

Tech - Software & Services

Anite
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM
Sage
SDL
Telecity
TriadGp

88.00
1522
691.00
13.00
69.00
1152
220.50
150.00
478.70
453.00
848.50
15.50

6.50
31.00
8.50
50.00
0.50
6.50
2.60
7.00
-5.50
-

98.75
2460
720.00
28.50
86.75
1172
234.41
174.00
487.80
455.50
888.50
19.00

27.54 5168.3
23.23 293.0
18.33 110.4
-5.88
10.8
21.84
12.5
21.35 547.0
26.29
48.0
14.70
25.1
28.09 3925.0
-14.82
60.1
24.53 528.2
6.99
6.5

Telecommunications
BTX
Colt Grp
Inmarsat
KCOM Gp
TalkTalk
TelePlus

443.80
143.60
874.00
85.50
315.10
1162

7.20 451.00 350.30 2.23

3.60 155.00 113.10 8.50 887.00 653.00 3.35
105.50 78.50 5.71
1.40 334.30 261.00 3.81
6.00
1920 968.50 3.01

3647.5
3078

42.50
31.00

18.10
59.83
36.50
11.65
58.58
29.99

15696.4
336.6
1153.0
2115.2
1943.0
107.8

Tobacco
BrAmTobX
ImpTobX

3818
3183

2935 3.90 19.04 2989.6

2220 3.90 20.78 1529.2

Travel & Leisure

888 Hldg
AirPrtnr
bwin.party
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl
Ladbrokes
MandarO $
Marstons
Natl Exp
Playtech
PPHE Htl
Rank Gp
Restaurt
SpiritPub
Sportech
Stagech
ThomasCook
TUI
Whitbrd
Willim H

171.50 26.50 185.75

280.00
-0.13 583.51
102.40
4.05 134.00
423.70
-0.90 445.00
1142 16.00
1179
107.80
-1.30 158.50
101.80
-1.10 146.14
1019 24.50
1020
2423
-5.00
2655
854.00
8.00 926.00
3.36
32.05
119.70
-2.30 167.30
1.69
0.01
1.95
147.50
1.20 157.34
269.70
7.10 309.27
732.00 13.50 847.50
475.00
1.00 476.00
187.50
2.50 187.50
704.00
-3.50 742.98
117.00
0.80 118.90
63.75
-0.25 93.00
342.60
1.70 416.90
133.20
5.60 189.40
1140
-7.00 1215.78
4956 102.00
5140
377.40 -12.20 398.50

109.19
245.00
79.00
290.00
924.41
98.70
99.00
830.50
1813
712.00
2.50
102.20
1.62
134.50
213.40
570.50
307.00
119.69
551.50
68.75
47.00
332.80
99.40
1004.81
3767
314.52

3.25
6.70
3.40
2.38
2.31
1.48
3.34
3.33
3.21
7.44
3.71
4.41
3.71
2.54
2.82
2.40
1.99
1.79
2.77
1.39
3.07

21.62
11.41
-26.93
38.57
23.45
20.16
21.05
21.26
14.92
20.37
25.42
25.50
22.30
-16.61
28.38
17.85
6.83
15.52
21.31
7.77
1.94
15.06
-16.26
57.65
26.46
17.31

8715.6
8.0
5766.2
208.3
5004.0
965.2
2873.1
3.9
25.1
573.3
0.8
8041.3
672.9
724.7
480.9
813.2
9.7
116.3
178.6
342.5
14.8
507.4
13280.8
1476.2
447.4
6253.9

257.90
1135
348.37
790.66
681.00
729.00

5.80
4.95
4.27
4.71
3.66
3.75

22.61
14.11
-13.96
15.62
28.53
18.51

16702.2
1.1
5136.1
10589.5
1362.1
2658.9

P/E

Vol
000s

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

293.30
1262.5
412.60
891.80
828.00
960.50

0.20
22.70
1.70
-2.50
-2.00

348.80
1610
828.50
965.00
925.00
1045

AIM
P/E

Vol
000s

243.50

1.00 251.87 160.00 1.72 18.26

11.2

10.50
2969.5

-0.50
-7.50

20.0
0.6

Price +/-Chg

Aerospace & Defence

Cohort

Banks
BCB Hldgs
STB

14.17
3009

10.00 -2.15
2245 2.09 29.95

Basic Resource (Ex Mining)

CropperJ

462.50

-10.00 490.00 355.00 1.71 23.14

1.5

Chemicals
Scapa

134.75

3.75 150.00 107.00 0.74 -34.66

120.9

Construction & Materials

Abbey
AccsysTch
Aukett

872.50
61.00
7.88

927.30 800.00 0.90 9.00

1.00 76.50
0.88 -6.01
9.50
5.88 2.54 12.12

0.6
51.1
30.0

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

9.53
5.38
5.50
36.50
64.50
147.50
295.00

0.03

11.75
5.90 -6.92
25.6
6.70
4.00 1.86 -6.09
6.0
7.50
3.25 -1.55
3.5
1.25 50.00 16.87 -9.22 1549.9
-0.50 148.00 61.00 2.09 4.41
19.6
150.00 120.00 2.07 16.91
2.0
308.00 197.00 3.12 15.14
12.4

Financial General
Ambrian
Arbuthnot
Ashcourt Rw
Aurora
BP Marsh
BrooksMac
Camellia
CaptlMgt
Charlemgn
Fairpoint
ImpaxGp
Leeds
MattioliWds
Miton
MAB
Numis
Park Grp

6.00
1555
266.50
9.75
135.00
1412.5
9025
112.50
11.13
111.50
58.00
38.00
495.50
24.25
176.50
212.75
59.88

-1.50
45.00
34.00
-0.50
-0.50
-1.13
-3.25
-0.25

12.50
1590.97
270.00
25.08
155.00
1817
11300
278.00
19.50
164.00
59.00
43.79
510.00
49.50
187.23
419.50
64.98

5.25
1000.00
166.00
8.00
116.75
1300
8450
103.00
9.50
109.00
44.50
29.00
414.00
18.50
160.00
196.09
46.00

1.67
2.04
1.63
1.39
7.93
5.38
2.07
1.84
2.23
4.70
3.84

2.66
20.14

2239.50

-0.57
9.57
20.57
13.86
2.78
13.82
13.13
20.98
9.30
22.19
-4.08
21.51
12.43
14.49

335.0
5.1
22.2
4.4
8.0
1.6
1.4
0.8
10.0
32.3
0.5
55.6
91.3
2125.4
16.3
503.5
35.3

Price +/-Chg
Plus500
PolarCap
Share
ShoreCap
STM Group
WH Ireland

575.00
380.50
36.00
422.50
26.50
82.50

17.50
-8.75
-0.13
-

P/E

Vol
000s

707.00 283.25 2.24 12.58

531.00 353.00 6.57 13.20
53.00 23.78 1.44 35.86
430.00 345.00 1.89 23.92
34.00 15.00 - 243.12
143.00 79.00 1.82 16.96

324.0
16.9
60.4
0.7
18.9
3.2

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Ukrproduct
Wynnstay

66.50
1085
576.50
41.50
7.01
555.00

70.00 52.98
11.00
1204 834.56
1.50 655.00 455.00
69.00 23.00
0.46 10.50
5.95
-2.50 690.52 535.00

1.13
1.81
1.73

10.56
45.69
700.49
-5.19
-0.97
16.03

81.1
10.2
60.1
7.5
111.6
9.6

2.75 140.00 106.85 0.46 22.52

-2.50 268.00 193.00 2.11 9.29
-7.50 593.00 286.00 2.62 17.16
-1.00 31.00 20.00 -2.55
-1.50 90.50 39.00 0.91 22.95

119.6
37.8
22.4
19.2
100.1

Health Care Equip & Services

Advnc Med
CareTech
ImmunDiag
SphereMed
Tristel

130.00
221.50
325.00
21.50
74.50

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
HavelckE
Mulberry
Portmern
SinclairW
TelfordHms
WalkerGb

14.25
580.00
31.75
15.00
845.00
902.50
46.50
367.00
192.50

-0.50
-5.00
2.50
5.50
-

15.00
630.00
41.70
25.00
900.00
930.00
120.00
379.00
219.00

9.03
425.00
19.50
15.10
562.50
724.00
35.00
245.50
151.05

3.86
2.52
0.59
2.66
6.45
2.40
0.96

21.89
21.34
-6.79
27.17
164.65
16.08
-3.04
13.53
21.74

3.9
1.3
20.3
1.6
4.0
3.1
4.0
332.6
23.7

Industrial Engineering
600 Grp
CoracGrp
Molins
MS Intl
Pres Tech

15.50
3.75
90.00
125.00
247.50

24.01 14.60 4.14 115.3

14.30
3.00 -4.18 1699.3
1.00 188.00 75.00 6.11 6.81
11.3
6.00 217.00 116.00 6.40 16.89
43.4
-10.00 790.00 215.00 3.23 8.86
64.2

Industrial General
API Group
Powerflte
RM2
Symphny

59.00
51.00
50.25
10.13

77.00
58.38
93.00
11.33

42.00
27.43
46.00
5.90

106.50
653.00
405.00
240.75
178.50
999.00
753.50
265.00
931.50
146.50
121.75
245.00
133.40
169.00
74.50
860.00
569.00
7.86
457.50
18.88
538.00
21.25
23.50
30.00
855.00
831.50
93.25
995.00
849.00
336.00
398.00
183.75
128.38
813.50
557.00
225.00
676.00
153.50
152.00
286.00
136.80
191.50
290.00
76.00
117.13
158.00
102.00
159.13
331.00
94.50
94.00
372.50
123.80
286.20
235.00
56.25
182.50
99.50
588.50
102.50
609.50
235.50
128.00
213.00
595.00
102.25
119.50
351.50

107.70
670.50
452.45
249.00
188.00
1040
797.00
271.75
934.00
148.00
125.00
255.00
142.68
174.08
77.50
966.00
583.00
9.48
464.00
34.89
583.00
35.99
70.00
49.00
1010
986.00
93.50
1037.24
865.00
351.00
405.00
187.25
132.89
971.99
616.39
254.00
747.00
156.39
156.50
296.00
139.50
198.00
294.70
77.50
117.80
160.00
101.81
162.00
346.98
99.00
103.00
378.00
155.35
296.14
248.27
76.49
194.00
101.99
600.01
104.99
632.37
240.00
132.55
246.80
633.50
112.50
130.00
370.50

101.75
565.20
332.25
207.04
163.00
800.00
659.33
231.75
781.00
130.00
110.00
196.75
97.20
137.40
54.17
796.84
464.25
7.37
361.90
17.00
476.00
19.00
18.45
26.50
833.25
823.00
88.67
816.47
678.25
289.25
336.20
156.50
103.00
755.00
468.13
224.04
594.00
133.30
136.00
265.84
125.60
151.00
255.00
69.00
108.50
138.00
100.00
143.00
281.00
87.00
87.03
347.00
113.60
227.20
191.00
52.56
139.25
98.00
507.66
93.01
501.00
193.00
104.75
164.00
534.51
99.00
105.00
330.06

3.75
-0.13

3.39 9.77
26.0
2.12 19.85
17.5
-3.91 1035.0
-24.28
65.6

Price +/-Chg

52 Week
High
Low

Yld

Insurance
Gable
Helios

46.50
124.00

-1.50 90.00 46.00 12.31

-3.50 160.00 120.00 1.21 24.88

118.00
85.50
335.25
41.00
162.50
114.75

-3.00
0.25

10.00
9.13
1.90
1.25
148.75
1.00
0.90
8.03
0.22
39.50
0.95
1.10
0.75
2.88
14.50
10.25
21.00
7.70
2.05
1.70
0.08
12.63

166.50
9.12 -0.33 13.47
2.29 6.45
1.15 -0.13
4.15
1.03 3.75 190.71 135.16 5.81
5.00
0.25 -0.03
2.30
0.50 -0.48 20.00
7.20 0.60
0.18 -0.50 84.25 17.73 12.21
4.90
0.90 2.05
0.90 -0.03
2.41
0.25 11.50
2.75 31.50 10.00 -0.13 16.00
8.50 64.00 19.75 0.03 14.50
7.26 -0.05 14.75
2.03 4.27
1.68 0.01
0.30
0.06 0.38 24.00
6.00 -

281.7
1.0

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

126.50 94.00 4.66 -9.22

17.1
100.00 81.00 2.63 14.82
51.6
344.75 235.00 1.63 85.48
7.1
56.90 31.50 0.61 8.45
0.4
164.00 94.00 1.57 105.11
0.7
133.00 98.50 0.52 274.52 1041.1

Mining
AfricanMin#
AMC
BeowMin
BotswanaD
CentAsiaM
Connema
C'royG&NR
GrekaDrill
Herencia
HighldGld
KarelianDd
KEFI Min
OracleC
PatagonG
RamblMtls
ShantaGold
SierraRut
Sirius Min
SolGold
Stratex
Xtract Res
ZincOx

-1.11
-9.39 350.3
-1.63
91.9
-2.20 139.2
2.78
20.8
-1.50
5.0
-9.00 908.3
-36.31
42.7
-2.68 828.1
3.81 173.7
-9.31 428.6
-2.08 209.1
-2.08 243.1
-4.96 1645.7
6.76 287.7
13.01 1376.2
79.85
38.2
-150.98 2295.5
-4.65 2750.0
-1.33 270.5
-1.74 12370.6
-1.71 517.7

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Cluff NR

22.75
32.00
29.50
1.78
6.58
12.00
0.73
4.00

0.88
-1.00
-0.13
0.08
0.05
-

46.50
67.25
70.59
4.70
15.89
28.70
1.50
5.48

21.35
19.10
27.00
1.47
4.69
9.64
0.35
3.00

0.88 3.67 1038.9

9.84 3417.8
- -2950.00 125.0
-7.96 1827.5
-102.73
178.0
4.91 568.3
-0.46 264.7
-2.77 392.4

52 Week
High
Low

Price +/-Chg
Egdon Res
Enegi Oil
EuropaOil
FalkldO&G
FaroePet
GETECH
GlobalPet
Gulfsands
Indus Gas
Infrastrata
Iofina
Ithaca Engy
KBC Adv
Max
NewWldO&G
PetrelRes
Petroceltic
PetroNeft
Plexus
PresidentEn
Rockhop
Sound Oil
TowerRes
TrinityE
UnJackOil
VictorOil
VolgaGas

9.13
1.13
5.50
27.38
79.50
48.00
2.25
37.00
125.00
3.88
30.25
69.50
88.00
0.12
0.18
4.25
130.00
4.00
171.00
13.75
62.00
11.38
0.50
19.38
0.21
62.00
70.50

0.25
-0.13
0.38
-2.00
4.50
0.13
-0.50
-5.00
-0.13
-3.75
-0.50
0.01
0.03
4.25
-0.23
5.50
-0.75
-0.75
0.50
-0.25
-0.02
-

30.80
8.50 10.25
0.85 10.75
4.65 33.75 16.75 154.89 58.00 105.00 32.00 4.25
7.50
2.00 71.91 21.00 735.00 120.00 10.00
3.75 93.98 20.75 160.50 44.75 142.00 79.00 2.26
0.08 0.99
0.11 18.25
3.85 224.00 98.50 7.25
3.75 325.00 165.00 0.60
40.00 10.75 126.50 51.00 14.00
4.50 7.25
0.43 129.75 17.08 0.52
0.14 71.40
0.94 143.00 55.00 -

-30.02
-0.38
-26.19
-57.39

265.3
348.2
575.2
846.0
-100.63
910.3
9.69 305.4
-0.57
50.0
-3.09 408.4
23.81
7.0
-3.06
35.2
-13.37 566.6
5.38 675.2
12.45
33.1
-0.06 111737.5
-0.49 2220.2
-10.00
25.0
-6.53 300.1
-35.40 360.0
29.73 229.5
-61.94 232.4
-12.12 1244.2
-4.16 2354.0
-0.49 4536.3
-0.91
31.1
-2.66 24266.7
-65.75
67.1
8.60
1.0

Pharmaceuticals & Biotech

Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ImmuPhar
ReNeuron
Sareum
SinclairIS
Vernalis

436.75
34.00
272.50
32.50
410.00
1260
54.50
3.75
0.53
35.00
48.50

-0.75 503.00 270.88 1.66

0.13 37.50 30.00 2.67
342.00 260.00 0.25 36.55 19.02 -1.00 541.00 205.00 5.00
1550 670.00 67.00 41.00 4.39
2.75 -0.02
0.70
0.27 -0.38 39.18 23.30 -1.50 53.00 28.59 -

Conygar
FltchKng

183.50
57.50

ScottOrtll
SecTstScot
Seneca I&G
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilicoInv
ValAndInc
Witan
WitanPac
WorldTst
WwideHlth

857.50
139.00
138.50
249.75
398.00
276.50
195.50
1185
562.00
102.00
177.50
532.00
69.25
189.25
118.75
253.00
775.00
243.00
253.00
1766

-7.50 900.00 717.00

0.50 149.00 129.86
139.50 131.00
4.25 261.75 216.26
0.75 431.00 362.50
-3.50 348.75 256.00
0.25 201.90 152.85
14.00
1287
1101
-0.50 626.64 493.20
-0.50 412.00 99.00
-0.50 187.70 163.00
3.25 601.00 438.00
-0.38 70.75 60.00
-1.00 202.23 173.50
133.80 101.00
-2.88 288.00 238.43
2.00 791.95 642.00
248.00 205.75
1.50 257.00 211.00
-6.00
1884 1180.01

25.66 305.4
10.63 297.5
-15.71 100.0
-12.46
13.2
-60.53 291.1
155.00
33.4
-11.92 134.2
-8.33 3042.9
-11.67 81445.8
-38.04 151.1
-16.79 3501.3

Real Estate
191.00 160.00 0.82
65.00 35.00 5.22

7.83
8.00

62.7
0.5

911.0
148.4
146.4
256.8
431.6
308.1
191.6
1227.2
633.7
191.5
622.2
69.0
206.4
177.5
298.9
777.2
276.5
289.5
1816.1

-5.9
-6.3
-5.4
-2.7
-7.8
-10.3
2.0
-3.4
-11.3
-7.3
-14.5
0.4
-8.3
-33.1
-15.4
-0.3
-12.1
-12.6
-2.8

InlandHms
Lok'nStor
LXB Retail
MirLand
NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
Songbird
SumGermny
TaliesinPr
UnitchCP
Winkworth

Price +/-Chg

52 Week
High
Low

Yld

56.50
247.50
136.75
64.00
300.00
358.50
337.50
26.00
0.43
349.25
0.80
2222.5
3.10
126.50

-0.50
2.75
3.50
0.00
2.50
0.20
-

63.00
255.00
147.50
255.00
322.00
370.00
357.00
28.75
0.44
359.26
0.82
2250
54.80
189.10

0.48
2.56
3.42
3.56
0.73
0.83
4.43

3159
139.00
335.00
287.50

42.00
7195
1742 71.07 1005.1
237.40 120.00 0.2
4.00 524.00 311.96 4.78 13.22
48.5
-0.50 387.00 240.00 2.35 25.54
87.5

43.00
194.00
119.25
61.00
264.75
245.00
295.00
21.00
0.28
177.25
0.50
1605.35
2.25
115.00

20.91 479.6
313.69
11.8
7.22 138.6
4.78
3.3
28.13
71.7
-6.61
22.4
9.73
0.4
-2.85
11.0
6.75 3075.2
4.08
37.7
4.61
15.0
16.40
0.2
0.61 255.0
11.39
2.0

Retailers
ASOS
Koovs
Majestic
StanlGib

Support Services
AndSyks
Augean
Begbies
Christie
Empres
Hargreaves
Hydrogen
Impellam
ISG
JhnsnSrv
JourneyGp
LonSec
Matchtech
NewmkSec
NormanBr
NWF
Optimal Pay
PennaCns
Petards
RedhallGp
Renew
Restore
SafeCharge

287.50
46.50
44.88
150.00
44.00
574.00
72.50
607.50
233.00
69.00
122.50
2335
510.00
2.78
22.50
142.00
381.00
137.00
11.88
9.75
278.50
273.75
278.25

-2.50
-0.63
-0.50
1.00
-0.50
-1.00
0.03
3.00
2.25
1.00
-0.75
3.25

385.00
56.75
55.00
162.00
60.50
906.50
113.00
620.00
356.00
71.65
167.00
2600
640.00
2.95
40.00
163.00
558.09
155.00
15.99
53.54
327.13
284.00
285.50

260.00
42.00
37.54
85.15
38.13
522.50
68.00
365.50
215.00
52.00
113.00
1939
495.00
1.50
20.00
120.00
270.00
111.00
8.25
9.00
200.00
170.13
162.00

7.23
0.75
4.90
1.00
0.80
3.90
6.34
1.98
3.92
1.75
2.24
2.96
3.58
2.70
3.59
1.82
1.44
0.91
-

12.77
11.97
17.54
27.44
7.45
4.70
-26.45
106.95
17.81
17.31
17.98
20.55
14.58
5.90
-2.02
14.56
22.78
83.33
-1.85
-0.68
16.79
39.25
229.96

1.2
3.5
29.5
0.4
110.8
46.4
111.0
0.6
116.0
579.8
1.2
0.1
54.1
138.8
0.0
35.1
889.6
0.4
75.0
34.0
160.9
81.9
776.0

Amati VCT
AmatiVCT2
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
Frsight3VCT
Frsight4VCT
Frsight4C
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
MobeusI&G
..I&G 2VCT
..I&G 4VCT
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

67.25
102.75
62.00
70.75
91.75
95.00
88.88
72.75
87.00
56.00
30.00
41.63
43.13
50.00
100.50
101.00
18.00
63.50
54.00
77.50
85.75
35.75
86.50
105.50
102.00
76.25
94.13
79.00
79.00
93.50
125.00

-0.88
0.75
1.00
-

80.50 66.50 7.43 70.2

123.50 102.53 6.57 107.6
69.50 60.00 6.45 70.5
77.80 69.50 13.43 73.5
101.49 91.00 13.62 94.8
110.10 94.00 16.32 97.7
96.10 86.75 14.63 91.9
78.39 71.62 8.25 74.7
92.20 83.00 6.32 101.1
61.00 53.50 8.04 62.4
30.50 29.00 8.33 33.0
67.90 38.00 4.80 72.1
64.69 40.00 86.1
52.00 30.00 82.5
113.00 95.00 5.97 104.0
106.24 93.50 17.82 109.9
19.50 17.00 5.56 19.6
69.00 60.00 7.09 68.2
56.75 43.00 4.63 58.1
79.00 70.00 5.48 82.6
89.00 80.75 5.42 95.9
37.00 26.50 5.59 39.5
107.90 84.00 4.05 95.6
119.50 97.00 1.18 131.2
116.00 99.00 5.15 111.0
81.00 73.50 7.21 85.8
99.48 92.00 5.84 105.9
88.88 75.00 7.59 86.8
81.00 76.00 8.23 83.1
97.00 89.50 7.49 98.1
133.00 120.00 4.80 138.1

-4.2
-4.5
-12.1
-3.7
-3.2
-2.8
-3.3
-2.6
-13.9
-10.3
-9.1
-42.3
-49.9
-39.4
-3.4
-8.1
-8.2
-6.9
-7.1
-6.2
-10.6
-9.5
-9.5
-19.6
-8.1
-11.1
-11.1
-9.0
-4.9
-4.7
-9.5

Price +/-Chg
Servoca
Synectics
Utilityws

22.50
142.50
210.25

52 Week
High
Low

Yld

23.50
7.13 23.27
580.00 115.00 5.96 37.43
-9.75 373.28 195.00 1.43 17.28

0.1
3.8
150.3

Tech - Hardware
AminoTech
IQE

134.50
19.50

139.00
-1.25 26.25

75.24 2.68 17.65

30.5
12.08 -53.72 1499.4

Tech - Software & Services

Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
Monitise
OMG
Progility
Pub Tech
SciSys
WANdisco

28.50
94.00
86.00
320.00
3.00
40.50
75.00
180.00
217.50
19.50
35.25
7.13
200.00
88.00
395.00

0.75 125.00
153.75
0.50 86.75
330.85
-0.25
8.00
-1.50 48.50
84.00
2.63 294.50
0.50 239.63
0.25 80.50
37.00
11.49
399.70
97.00
-2.50
1390
-

23.25
83.00
57.17
260.00
2.50
33.00
42.00
159.93
170.00
12.75
25.00
4.00
125.50
73.00
255.15

1.91
1.98
3.24
0.77
0.97
0.46
1.13
1.66
-

-24.23 1771.6
25.02
2.0
30.54
55.8
19.74
0.0
-2.57 330.8
95.52 803.5
-128.42
10.0
22.29 796.7
26.98
12.6
-5.48 8102.5
133.02 226.7
-45.38
26.2
-85.87
0.8
14.36
10.6
-5.08
8.0

Telecommunications
AltNetwks
AvantiCom

491.63
224.25

0.88 547.00 415.00 2.75 29.58

-2.50 329.25 162.75 -4.00

2.4
134.3

-2.18
-19.78
230.77
13.32
21.43
-13.00
18.73

13.2
52.5
0.5
0.4
3.4
305.2
12.4
270.0
0.3

-3.15
3.56 -43.24
-0.43
-28.35

3.4
47.5
218.3
21.5

Travel & Leisure

CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

18.63
76.00
62.50
135.00
225.00
292.75
217.00
7.88
87.50

19.00
77.27
75.00
150.00
2.50 249.00
4.75 304.50
235.70
-0.63 18.22
90.00

17.00
72.00
50.00
120.00
209.24
177.75
206.00
7.65
66.00

16.11
5.18
0.94
0.85
-

Utilities
ModernWtr
RenEnGen
Rurelec
SeaEnergy

19.25
61.88
3.25
22.00

Infra India
MMP
Marwyn Val
TerraCat
Tiger Res

13.75
4.13
204.50
97.00
0.88

-0.25
0.13
0.25

38.75
81.00
9.75
44.00

18.10
61.00
3.25
18.68

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra
156.20
1.20 161.50 132.60
AbnAsianIn
198.00
213.80 179.00
AbnAsian
915.00
-3.50
1014 771.07
AbnJapInv
454.00
470.00 319.00
AbnLatAmIn
65.75
-0.50 85.68 60.25
..Sub
1.00
5.89
0.50
AbnNewDn
182.75
-0.25 195.00 154.00
AbnNewThai 468.00
482.75 344.38
AbnSmlCo
186.75
229.39 174.00
Abn UK
322.00
2.50 324.50 288.00
Abf Gd Inc
167.50
2.38 185.25 138.25
Abf Sml
1046
1237 966.00
AcenciADbt
105.00
-0.75 109.00 102.00
AdvDvpMk
441.75
0.25 473.66 383.00
Alliance
489.00
-0.80 499.40 420.20
AllianzTech
551.50
-2.50 584.50 463.07
AltAstsOps
45.00
47.00 35.50
Art Alpha
275.00
-5.00 312.00 269.00
..Sub
29.50
-0.50 46.00 28.00
AsianToRt
201.50
-4.50 213.50 165.00
Aurora
146.75
-0.25 171.21 144.00
BG Japan
386.00
-2.75 398.48 313.50
BG Shin
319.00
-4.00 334.75 282.50
BSRT
33.00
0.50 47.75 27.00
Bankers
609.50
4.00 614.50 506.00
BrngEmEu
502.00 -10.00 711.00 432.00
BH Global
1290
1304
1162
..EUR
12.00
14.00 11.80
..USD $
12.80
-0.01 12.95 11.20
BH Macro
2136 14.00 2141.66
1919
..EUR
20.50
-0.08 20.70 18.40
..USD $
20.60
0.05 20.75 18.40
BiotechGth
704.50
-5.50 792.86 390.01
BlckRCom
92.00
0.75 119.88 80.54
BlckREmEur
210.75
-2.13 280.00 169.25
BlckRFrnt
110.75
133.28 103.50
BlckRGtEur
235.25
2.00 254.15 201.75
..Sub
12.00
0.50 28.25
8.00
BlckRHSUK#
134.75
0.25 142.50 120.00
BlckR I&G
183.75
0.25 188.33 158.01
BlckRckLat
381.00
-4.00 508.45 355.00
BlckRckNrAm 117.75
-0.50 120.75 98.75
BlckRSmlr
817.50
4.50 912.30 697.00
BlckRThrmt
280.00
-1.38 320.75 238.00
BlckRWld
321.00
-3.00 520.99 286.00
Bluecrest A
187.80
-0.20 188.50 173.00
Brit Ast
131.25
-1.00 143.50 119.25
Brit Emp
523.00
3.50 528.00 474.30
Brunner
534.50
-3.75 552.50 486.00
Calednia
2325
7.00
2337
1923
CanGen C$
19.38
-0.17 21.00 17.40
Cap Gear
3330
3465
3080
CayenneTst
153.50
153.75 138.00
CayenCULS
106.50
106.00 105.25
City Merch
189.25
0.13 191.50 182.15
CityNatRs
101.50
-1.50 146.75 95.00
City Lon
395.30
2.40 399.00 345.00
DexionAb
179.75
182.00 157.75
..EUR
2.46
2.50
2.26
..USD $
3.76
3.75
3.35
DiverseInc
80.00
0.25 90.75 73.02
Dun Inc
263.00
0.50 371.25 239.00
Dun Sml
177.75
-3.75 243.50 171.30
EcofinWatr
151.00
-3.00 176.75 124.19
..CULS
105.25
111.70 102.52
EdinDragn
279.50
-0.25 291.79 229.60

Yld
4.29
3.99
1.09
0.99
6.46
1.97
1.71
3.37
3.20
4.28
2.28
3.61
1.97
1.16
1.61
2.59
2.40
3.78
6.51
0.98
1.24
2.55
3.10
4.53
2.55
1.47
1.43
6.54
4.86
2.01
3.27
2.11
0.76
0.48
0.78
5.28
5.42
3.70
2.94
4.22
2.93
4.43
0.79

NAV
149.3
203.5
979.1
474.7
73.6
206.4
537.9
232.4
337.5
197.0
1195.3
111.1
493.7
563.8
603.4
48.8
320.4
222.6
166.0
392.1
331.0
43.3
622.8
576.9
1408.0
13.9
2209.0
21.4
21.3
735.8
87.8
234.5
116.1
244.3
137.7
186.0
434.1
126.6
915.7
340.8
351.6
197.5
142.3
585.4
627.9
2765.9
28.0
3244.1
159.8
185.4
130.4
388.0
193.2
2.7
4.1
81.4
279.5
221.1
183.5
315.0

Dis(-)
or Pm
4.6
-2.7
-6.5
-4.4
-10.7
-11.5
-13.0
-19.6
-4.6
-15.0
-12.5
-5.5
-10.5
-13.3
-8.6
-7.8
-14.2
-9.5
-11.6
-1.6
-3.6
-23.8
-2.1
-13.0
-8.4
-7.9
-3.3
-4.2
-3.3
-4.3
4.8
-10.1
-4.6
-3.7
-2.1
-1.2
-12.2
-7.0
-10.7
-17.8
-8.7
-4.9
-7.8
-10.7
-14.9
-15.9
-30.8
2.6
-3.9
2.1
-22.2
1.9
-7.0
-8.9
-8.3
-1.7
-5.9
-19.6
-17.7
-11.3

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
HendVal
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr
JPMGIConv
JPM GEI
JPM I&C Uni

3.50
-2.38
0.50
-6.00
-1.50
0.25
6.00
-0.25
-0.25
-2.00
1.30
-0.70
-0.50
4.50
-2.00
-0.04
-0.10
0.38
1.00
-9.50
-2.50
0.13
-2.50
4.00
1.00
-1.50
-1.88
-0.25
-1.00
-2.50
-2.00
0.30
-0.30
0.50
-3.00
1.00
0.38
1.75
0.50
-1.20
-1.00
-0.50
1.50
5.50
-2.50
1.50
-0.25
-0.50
-

3.60
0.49
1.12
2.63
5.20
1.86
3.68
0.86
3.98
0.45
0.86
1.76
1.89
1.90
2.38
2.45
1.87
0.60
5.42
2.74
2.00
5.33
2.51
4.63
3.27
1.29
1.97
0.67
5.80
0.79
1.75
4.50
1.80
4.12
6.58
3.55
1.96
4.81
0.87
5.15
0.94
1.11
1.78
0.88
1.27
0.83
0.90
2.85
1.36
3.28
4.46
-

678.2
459.9
240.2
224.9
999.7
830.4
259.6
919.8
143.7
119.9
278.4
151.6
181.0
85.8
949.1
571.9
471.2
25.3
585.8
54.1
33.9
1152.5
1152.5
90.4
996.2
839.5
333.2
437.6
179.0
125.3
975.1
655.1
283.2
826.7
132.8
173.3
318.3
120.9
216.4
310.2
74.0
121.8
159.8
103.3
164.4
375.4
103.8
103.8
415.5
105.7
286.9
264.0
59.9
206.5
101.2
600.6
104.9
680.6
249.1
135.4
249.4
635.6
101.0
118.2
368.2

-3.7
-11.9
0.2
-20.6
-0.1
-9.3
2.1
1.3
1.9
1.5
-12.0
-12.0
-6.6
-13.2
-9.4
-0.5
-2.9
-25.4
-8.2
-60.7
-11.5
-25.8
-27.9
3.2
-0.1
1.1
0.8
-9.0
2.7
2.5
-16.6
-15.0
-20.6
-18.2
15.6
-12.3
-10.1
13.2
-11.5
-6.5
2.7
-3.8
-1.1
-1.3
-3.2
-11.8
-9.0
-9.4
-10.3
17.1
-0.2
-11.0
-6.1
-11.6
-1.7
-2.0
-2.3
-10.4
-5.5
-5.5
-14.6
-6.4
1.2
1.1
-4.5

JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupDv&G
JupEur
JupGrn
JupPrim
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

106.50
547.50
219.50
242.75
788.50
1067
305.25
93.50
745.00
179.50
113.00
493.50
139.25
302.00
652.00
1775
521.00
416.50
375.00
1317
162.00
233.00
236.25
180.50
303.25
1530
480.75
315.00
158.75
4.13
396.00
482.00
787.00
1048
1050
1.18
20.25
0.13
61.75
346.00
70.50
869.00
1868
464.00
193.50
195.75
393.60
35430

3.50
-1.50
0.75
5.50
6.50
-2.50
-0.25
10.50
-1.50
-0.25
1.00
6.00
5.00
0.50
-0.50
18.00
-2.13
-4.13
-1.00
-5.75
5.00
-1.75
0.13
-0.40
-5.00
7.00
-0.02
-3.50
-9.50
-1.88
-3.75
2.60
-60.00

112.00
605.50
224.75
248.38
842.00
1076
518.22
102.50
877.00
182.87
115.00
502.63
145.89
306.16
701.50
1848.64
553.68
424.00
410.50
1547.5
173.50
243.00
281.50
182.50
316.23
1666
524.00
319.00
160.08
8.75
406.00
551.49
808.00
1150
1523.37
1.25
42.00
0.15
68.00
371.30
76.24
906.45
1894.33
473.00
199.00
204.75
403.60
36313.1

98.50
312.50
174.50
195.00
669.10
890.95
223.25
93.50
632.40
134.50
104.50
371.25
133.20
268.34
596.99
1651.76
465.10
331.00
330.80
1219
148.00
202.50
219.00
157.75
257.00
1316.55
422.18
256.00
147.00
4.00
348.40
390.50
699.86
970.00
900.00
1.00
16.75
0.06
61.53
194.03
65.45
777.28
1618.54
375.00
145.85
159.20
350.81
32020

2.07
1.15
2.16
1.41
5.01
1.28
0.39
0.88
0.71
0.79
2.57
2.82
2.88
1.62
3.60
2.70
0.93
5.92
5.82
2.22
2.14
2.09
4.91
1.08
1.00
1.45
3.91
4.10
6.74
3.16
1.34
0.77
3.02
1.58

PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd
ScotAmer
Scottish In
ScottMort

95.25
7.63
166.50
577.00
1.09
1.33
1463
30.38
28.32
217.75
289.25
271.00
137.00
196.50
162.25
436.00
241.00
615.00
253.40

-0.75
-1.13
2.00
0.00
0.00
5.00
-0.50
-0.75
-1.00
-2.00
0.75
-1.75
-1.75
2.20

109.50
19.40
172.59
590.74
1.19
1.49
1470
30.91
28.98
222.50
298.00
278.50
139.10
201.59
198.50
527.50
257.50
626.00
258.70

92.00
5.00
142.50
431.00
0.91
1.15
1265.3
26.74
24.80
193.50
225.12
235.50
106.79
162.03
146.83
402.49
221.99
536.00
189.00

2.07
2.15
1.96
1.16
3.62
1.28
3.82
2.77
1.82
4.27
1.89
1.14

115.6
603.7
247.7
275.2
910.4
1126.3
354.6
94.2
898.5
182.9
124.0
487.5
144.6
306.5
719.9
1873.4
488.9
370.8
371.3
1379.9
174.7
249.0
280.6
182.4
348.1
1692.6
488.6
320.0
179.0
461.6
541.7
793.0
997.4
997.4
24.1
58.5
372.8
113.1
945.1
2296.3
551.4
203.2
212.3
406.7
35104.
0
108.7
180.3
576.5
1.2
1.6
1537.9
214.0
322.4
282.9
149.8
199.7
179.9
488.5
251.9
680.5
251.5

-7.9
-9.3
-11.4
-11.8
-13.4
-5.3
-13.9
-0.7
-17.1
-1.9
-8.9
1.2
-3.7
-1.5
-9.4
-5.3
6.6
12.3
1.0
-4.6
-7.3
-6.4
-15.8
-1.0
-12.9
-9.6
-1.6
-1.6
-11.3
-14.2
-11.0
-0.8
5.1
5.3
-16.0
5.6
-7.2
-37.7
-8.1
-18.7
-15.9
-4.8
-7.8
-3.2
0.9
-12.4
-7.7
0.1
-9.2
-16.9
-4.9
1.8
-10.3
-4.2
-8.5
-1.6
-9.8
-10.7
-4.3
-9.6
0.8

1.34
3.45
3.96
4.80
3.37
1.51
0.77
3.19
1.29
2.39
1.13
2.38
3.22
7.89
3.36
1.99
1.83
0.85

Conventional - Private Equity

Price +/-Chg
AbnPvtEq
90.75
Altamir
10.40
-0.05
Dun Ent
365.00
-2.00
Electra
3021
1.00
ElectraPrf
149.00
F&C PvtEq
220.00
-0.25
GraphEnt
575.50
3.50
HVPE $
12.80
HgCapital
1075
1.00
JPM Pvt Eq $
0.87
JZ Capital
400.00
-3.00
LMS Capitl
76.00
-0.75
Mithras
141.50
NB PE Ptnr $
12.05
Nthn Invs
480.00
Pantheon
1290
-5.00
PantheonR
1235 10.00
PrincssPE
7.14
-0.01
Riverstone
920.00
-9.00
StdLfEuPv
206.00
-

52 Week
High
Low
96.00 74.25
11.99
9.43
434.75 332.84
3052
2338
149.68 141.91
233.00 197.00
619.00 536.10
12.85 10.65
1145.75 990.00
0.88
0.72
449.00 390.00
88.75 72.75
148.23 130.00
12.11 10.10
487.00 374.50
1301.86
1056
1240
1010
7.25
6.20
960.50 822.00
236.42 195.75

Yld
2.25
4.52
2.44
1.30
2.70
0.71
2.08
7.94
2.43

NAV
117.2
15.7
499.0
3175.2
140.4
260.1
669.4
15.5
1143.7
1.1
649.1
93.1
156.7
489.3
1511.7
1511.7
8.9
1052.0
257.4

Dis(-)
or Pm
-22.6
-33.8
-26.9
-4.9
6.1
-15.4
-14.0
-17.4
-6.0
-20.9
-38.4
-18.4
-9.7
-1.9
-14.7
-18.3
-19.8
-12.5
-20.0

Conventional - Property ICs

Price +/-Chg

52 Week
High
Low

Yld

NAV

Dis(-)
or Pm

Direct Property

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
IndMultiPr
InvistaERET
Longbow
PictonProp
SLIPropInc
UKComPrp

0.45
43.13
104.00
145.90
94.75
54.50
0.98
105.00
69.75
79.75
89.80

0.47
0.39 0.6
0.25 43.63 37.00 -0.25 115.50 103.50 0.70 148.40 116.50 4.11 120.2
0.25 97.00 81.00 5.28 90.2
73.00 48.00 -0.03
4.40
0.35 10.6
-0.63 106.75 100.50 0.25 71.50 56.00 4.30 66.0
0.75 82.00 72.00 5.72 75.4
-0.20 92.65 77.80 5.41 80.4

-25.0
21.4
5.0
-90.8
5.7
5.8
11.7

SchdrGlbRe
TR Prop

124.38
298.00

126.25 29.00 3.38 136.2

-3.50 313.50 230.00 2.50 311.4

-8.7
-4.3

VCTs

52 Week
Price +/-Chg
High
Low
70.00
70.89 67.00
100.00
101.00 98.00
89.00
92.00 85.00
77.00
81.00 71.25
66.00
68.75 64.00

Property Securities

AlbionDev
..D
Albion Ent
AlbionTech
AlbionVCT

Yld NAV
7.14 71.3
2.50 104.8
5.62 92.8
8.12 83.3
7.58 67.6

Dis(-)
or Pm
-1.8
-4.6
-4.1
-7.6
-2.4

Ordinary Income Shares

52 Week
Price +/-Chg
High
Low
JPM I&C
97.25
100.80 86.00
JupiterDv&G
4.25
5.83
3.50
M&GHI&Gt
59.00
68.80 55.00
Rghts&Icp
3940 -90.00
4900
3800

Yld
6.43
16.94
2.08

HR
WO GRY 0%
-13.6
-1.1
5.6
-34.8
-13.9
-3.6
-62.6
2.1

Price +/-Chg
95.00
55.50
1040 -12.50

52 Week
High
Low Yld
97.00 90.15 4.63
63.00 53.00 1252 895.00 2.88

HR
WO GRY 0%
-56.7
8.8
-13.9
-4.3
19.5

Price +/-Chg
11.50
4.15
0.05

52 Week
High
Low
15.50
9.00
6.54
3.00

SP
1.4
7.6

Zero Dividend Preference Shares 52 Week

Price +/-Chg
High
Low
Abf Gd Inc
149.13
149.75 138.00
EcofinWatr
153.50
154.25 144.27
F&C PvtEq
151.50
152.14 146.25
JPM I&C
171.50
171.75 159.70
JupiterDv&G
111.25
113.00 97.75
JZ Capital
355.25
356.00 333.65
M&GHghIc
113.13
114.70 105.00
UtilicoFn16
185.88
0.13 185.45 170.75
UtilicoFn18
142.13
142.50 117.00
UtilicoFn20
111.50
0.13 112.50 100.00

SP
-33.8
-68.7
-17.5
-5.3
-90.7
-17.2
-56.7
-20.2
-10.5

Income Shares
JPM In&Gr
M&GHghIc
Rghts&I
Capital Shares
JPM Inc&Gr
M&GHghIc

HR
WO TAV 0%
-3.2
8.0
6.5
HR
WO TAV 0%
159.7
-92.5 160.7
192.1
129.2
369.8
-90.4 122.8
192.8
-31.7 160.5
-12.9 154.9

17.25
9.50 8.75
4.00 -1.00 240.70 184.56 126.70 60.00 0.05
1.80
0.75 -

45.5
1.3

-69.8
-32.3

52 Week
Price +/-Chg
High
Low Yld
P/E
1515000
2500 1550000 1400000 - 129.64
1142.5 17.50
1260
1025 2.21 27.49
123.50
3.00 132.00 112.50 3.61 -26.33

Vol
000s
0.0
1.4
8.0

ISDX
ArsenalFC
ShephdNm
Thwaites

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap

52 Week
Price +/-Chg
High
Low Yld NAV
57.63
65.50 55.00 62.5
150.88
157.66 129.81 0.3 148.3
61.63
65.00 50.30 8.1 66.50
2.00 69.40 33.48 73.7

Dis(-)
or Pm
-7.8
1.7
-9.8

www.morningstar.co.uk

Wednesday 11 February 2015

25

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Barings (Luxembourg)

(IRL)

(LUX)

FCA Recognised

www.acpi.com
Regulated

Russia A GBP Inc F

ACPI Emerging Mkts FI UCITS Fund USD A $ 107.61

0.12 0.00

ACPI Global Credit UCITS Funds USD A $ 13.84

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.33

0.04 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 88.38

ACPI International Bond UCITS Fund USD A $ 18.35

-0.56 0.00
-0.01 0.00

(IRL)

Regulated

0.34 1.46

Barmac Asset Management Ltd

Artemis Fund Managers Ltd (1200)F

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051

Authorised Inv Funds
Artemis Capital R ACC

ACPI Select UCITS Funds PLC

23.12

1206.88 1275.22 3.48 1.50

240.72 254.04 0.58 3.62

Artemis European Growth R Acc

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Dealing: 0845 922 0044
Authorised Inv Funds
113.09

Retail Accumulation 2
Retail Income 2

0.07 0.00

111.69

0.07 0.00

Artemis European Opps R Acc

71.47 75.41 0.37 1.36

The Castleton Growth Fund Ret Acc

109.69

0.06 0.00

Artemis Global Energy R Acc

28.77 30.51 0.09 0.00

-0.03 0.00

The Castleton Growth Fund Ret Inc

110.12

0.06 0.00

Artemis Global Growth R Acc

175.88 185.62 -0.40 0.76

-0.02 0.00

Artemis Global Income R Acc

94.66 100.00 0.15 3.76

BlackRock

Artemis Global Income R Inc

78.29 82.71 0.12 3.87

Regulated

Artemis Global select R Acc

69.38 73.23 -0.09 0.00

BlackRock UK Property

38.89

0.00 3.88

Artemis High Income R Inc

80.36 85.57 0.07 5.54

Blackrock UK Long Lease

1043.11

2.31 0.00

Artemis Income R Inc

210.42 222.89 0.70 4.04

BLK Intl Gold & General

5.71 0.00 0.00

Artemis Income R Acc

345.67 366.15 1.15 3.93

ACPI Balanced UCITS Fund USD Retail $ 14.08

-0.03 0.00

ACPI Balanced UCITS Fund EUR Retail 10.65

ACPI Balanced UCITS Fund GBP Retail 10.75

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

ACPI Focused Equity UCITS Fund $ 12.72

-0.02 0.00

Abbey Life Assurance Company Limited

(JER)

Fund

Bid

Offer

+/- Yield

CF Heartwood Balanced B Acc

127.48

-0.15 0.63

Comgest Gth Emerging Mkt DIS F $ 33.74

-0.14 0.29

CF Heartwood Defensive Multi Asset Fund B Accumulation

110.71

-0.20 0.01

Comgest Gth Europe DIS F

19.22

-0.20 0.00

CF JM Finn Gbl Opps A Acc

273.83

-0.36 1.56

Comgest Gth GEM PC DIS F

13.01

-0.14 0.00

CF Richmond Core

194.37

-0.22 0.00

CF Seneca Diversified Growth A ACC

214.17

0.09 1.18

Consistent Unit Tst Mgt Co Ltd (1200)F

CF Seneca Diversified Growth B ACC

126.06

0.06 2.01

CF Seneca Diversified Growth N ACC

125.07

0.06 1.74

PO BOX 10117, Chelmsford, Essex, CM1 9JB

Dealing & Client Services 0845 0264281
Authorised Inv Funds

CF Seneca Diversified Income A INC

89.01

0.02 5.46

Consistent UT Inc

57.81 58.51 -0.08 4.34

CF Seneca Diversified Income B INC

105.22

0.02 6.06

Consistent UT Acc

CF Seneca Diversified Income N INC

104.33

0.01 6.06

Practical Investment Inc

Investment Adviser - DSM Capital Partners

Fund

Bid

Practical Investment Acc

Offer

+/- Yield

0.50

0.00 0.30

Frk Biotech Discovery

$ 32.11

-0.24

0.57

0.00 0.49

Frk Brazil Opportunities Fd

$ 10.25

0.00 0.00

Target 2025

1.33

0.00 0.28

Frk Euro S-Term Money Mkt Fd

1012.29

-0.01 0.00

European Opportunities I EUR

2.70

-0.02 1.28

Target 2030

1.41

0.00 0.25

Frk Euroland Fund

19.10

-0.19 0.00

European Opportunities I GBP

2.00

-0.02 1.58

UK Select

2.35

0.01 1.12

Frk European Growth

15.07

-0.11 0.00

European Opportunities I USD

3.07

-0.03 1.38

UK Growth

3.58

0.01 0.05

Frk European Sml Mid Cap Gth

32.78

-0.28 0.00

130.92 132.49 -0.16 4.20

European Opportunities A EUR

2.63

-0.02 0.91

UK Smaller Companies

1.93

0.01 0.25

Frk Gbl Equity Strategies Fd

$ 11.39

-0.04 0.00

208.34 213.19 -0.10 3.76

Global Opportunities I USD

1.70

0.00 1.15

WealthBuilder A Acc

1.01

-0.01 0.62

Frk Gbl Fundamental Strat Fd

$ 13.09

-0.04 0.00

981.71 1004.55 -0.48 3.66

Global Opportunities I GBP

1.12

0.01 1.00

Fidelity PathFinder

Frk Global Conver.Securities

$ 11.62

-0.06 0.00

(UK)

-0.13 0.00

Global Opportunities I EUR

1.50

0.00 0.99

Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.11

0.00

Frk Global Growth

$ 14.38

-0.05 0.00

The Westchester Class 1 GBP Acc 18.61

-0.10 0.00

Global Opportunities A GBP

1.05

0.00 0.59

Fidelity PathFinder Foundation 1 Acc (clean)

1.11

0.00

Frk Global Gth & Val

$ 24.82

-0.08 0.00

The Westchester Class 2 GBP Acc 18.64

-0.10 0.00

Pan European Opportunities I EUR

1.63

-0.01

Fidelity PathFinder Foundation 2 Acc (clean)

1.12

0.00

Frk Global Sml Mid Cap Gth

$ 28.17

-0.09 0.00

Fidelity PathFinder Foundation 3 Acc (clean)

1.12

0.00

Frk Gold and Precious Mtls Fd F

4.13

0.04 0.00

Fidelity PathFinder Foundation 4 Acc (clean)

1.13

0.00

Frk India

$ 32.84

-0.49 0.00

Fidelity PathFinder Foundation 5 Acc (clean)

1.18

0.01

Frk Japan Fd

800.34

6.11 0.00

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.12

0.00

Frk K2 Alt Strat Fd

$ 10.35

-0.04

Fidelity PathFinder Focussed 1 Acc (clean)

1.11

-0.01

Frk MENA Fund

7.14

0.06 0.00

Fidelity PathFinder Focused 2 Acc (Clean)

1.13

0.00

Frk Mutual Beacon

$ 71.40

-0.24 0.00

Fidelity PathFinder Focussed 3 Acc (clean)

1.14

0.00

Frk Mutual European EUR

23.94

-0.23 0.00

Fidelity PathFinder Focussed 4 Acc (clean)

1.15

0.00

Frk Mutual Gbl Disc

$ 17.46

-0.10 0.00

Fidelity PathFinder Focussed 5 Acc (clean)

1.14

0.00

Frk Natural Resources Fd F

7.81

0.06 0.00

$ 10.57

-0.01 0.00

Investment Adviser Lacomp Plc

Coupland Cardiff Funds Plc

(IRL)

31/32 St James's Street, London, SW1A 1HD

FCA Recognised

CF Morant Wright Japan A Inc

242.83

0.39 0.00

CC Asia Alpha Fd - Cls I USD

CF Morant Wright Japan B

261.19

0.42 0.43

CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00

62.76 66.60 0.03 4.74

CF Morant Wright Japan B Inc

247.61

0.40 0.45

CC Asian Evolution Fd. Cls B GBP 13.67 13.67 -0.12 0.00

Artemis Pan-Euro Abs Ret GBP

98.23

EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

CF Lacomp World

9.64

9.64 -0.10 0.00

CF Morant Wright Nippon Yield ACC A

253.47

0.16 2.15

CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00

CF Morant Wright Nippon Yield ACC B

261.77

0.16 2.15

Life Funds

CC Japan Alpha Fd - Cls A Euro

Artemis Strategic Bond R M Acc

83.52 88.68 0.03 3.99

CF Morant Wright Nippon Yield Fund A Inc

225.06

0.14 2.20

CC Japan Alpha Fd - Cls B GBP

10.84 10.84 0.01 0.00

Artemis Strategic Bond R M Inc

55.17 58.58 0.02 4.06

CF Morant Wright Nippon Yield Fund B Inc

232.51

0.15 2.19

CC Japan Alpha Fd - Cls C JPY

1062.94 1062.94 1.05 0.00

Artemis Strategic Bond R Q Acc

83.60 88.77 0.03 3.99

Custodian Ser. 4

487.90 513.50 -0.40

Equity Ser. 4

566.60 596.40 3.30

European Ser 4

570.20 600.20 2.90

Fixed Int. Ser. 4

900.80 948.20 -7.40

Intl Ser. 4

438.40 461.50 0.40

Japan Ser 4

354.00 372.60 -0.50

Man. Ser. 4

1666.10 1753.80 3.30

Money Ser. 4

524.10 551.70 0.00

Prop. Ser. 4

1051.80 1107.10 -1.60

Custodian Ser 5

469.40 494.10 -0.40

International Ser 5

421.80 444.00 0.40

Regulated

Managed Ser 5

1603.00 1687.40 3.20

Artemis Gbl Hedge Fd Ltd GBP

55.60

0.34

Money Ser 5

513.20 540.20 0.00

Artemis Gbl Hedge Fd Ltd EUR

51.90

0.27

Property Ser 5

1012.00 1065.20 -1.60

Artemis Gbl Hedge Fd Ltd USD

$ 55.96

0.33

Artemis Pan-Euro Hdg EUR

179.43

3.22

Artemis Strategic Bond R Q Inc

55.27 58.69 0.02 4.08

Artemis UK Growth R Acc

425.59 450.72 0.60 0.59

Artemis UK Smaller Cos R Acc

1011.90 1089.47 1.30 0.55

Artemis UK Special Sits R Acc

507.97 539.67 4.03 1.70

Artemis US Abs Ret I Acc

101.03

-0.08

Artemis US Equity I Acc

109.45

-0.05

Artemis US Select I Acc

109.68

-0.02

Artemis US Smlr Cos I Acc

114.77

0.29

Artemis US Ex Alpha I Acc

111.97

-0.35

Artemis Fund Managers Ltd

(CYM)

American

1912.60 2013.30 -4.80

Artemis Pan-Euro Hdg GBP

199.42

3.79

Equity

5014.60 5278.60 23.60

Artemis Pan-Euro Hdg USD

$ 188.04

3.46

European

1149.80 1210.30 4.10

Fixed Int.

1652.90 1739.90 -12.60

International

931.30 980.30 0.80

Japan

369.00 388.50 0.30

Managed

4318.70 4546.00 6.30

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc

Property

2693.10 2834.80 -5.20

Artisan Emerging Markets I USD Acc $

7.55

-0.03 0.00

Security

1477.00 1554.70 0.10

Artisan Global Equity Fund Class I USD Acc $ 14.33

-0.10 0.00

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed Ser A (Life)

1577.40 1669.20 -3.60

Managed Ser A (Pensions)

1057.70 1113.40 -2.80

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed (Life)

1599.00 1683.10 -3.30

Managed Growth (Life)

506.80 533.50 -1.30

Managed (Pensions)

6347.60 6681.70 -16.10

Managed Growth (Pensions)

621.60 654.30 -1.90

additional fund prices can be found on our website

Artisan Partners Global Funds PLC

Artisan Global Opportunities I USD Acc $ 11.63

-0.05 0.00

Artisan Global Value Fund Class I USD Acc $ 16.00

-0.03 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.90

0.02 0.00

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg

FCA Recognised

BlueBay Asset Management LLP

(LUX)

$ 293.39

-0.42 0.00

CC Japan Inc & Grwth Fd - GBP Founder Acc 16.43 16.43 0.05 0.00

BlueBay EmMktCrp B-USD

$ 164.40

0.63 0.00

CC Japan Inc & Grwth Fd - GBP Founder Inc 15.60 15.60 0.05 0.00

BlueBay EmMktSel B-USD

$ 157.22

-0.59 0.00

CC Japan Inc & Grwth Fd - JPY Founder Acc 1662.57 1662.57 4.59 0.00

BlueBay EmMkLocCy B-USD

$ 152.50

-0.72 0.00

CC Japan Inc & Grwth Fd - JPY Founder Inc 1567.01 1567.01 4.32 0.00

BlueBay GlblConv I-USD

$ 187.46

-0.43 0.00

CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.35 16.35 0.04 0.00

BlueBay GlblHgYd B-USD

$ 130.35

0.24 0.00

BlueBay HgYield B-EUR

331.82

0.18 0.00

9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda

Authorised Funds

BlueBay HgYieldCp B-EUR

140.59

0.14 0.00

CATCo Re Opps Fund Ords

BlueBay InvGr B-EUR

175.57

0.02 0.00

BlueBay InvGEurGv B-EUR

151.57

-0.42 0.00

BlueBay InvGEurAg I-EUR

151.69

-0.32 0.00

BlueBay InvGLibor B-EUR

126.14

-0.06 0.00

HighIncomeLoan H-EUR

190.76

-0.07 0.00

BONHOTE

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 10120.00

-25.00 2.46
16.00 0.84

Braemar Group PCC Limited

0.00 0.95

Cavendish Worldwide Fund C Acc

313.30

-0.10 0.90

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts

Cavendish AIM Fund B Class

150.50

0.00 0.40

0.00 0.00

Emerging Markets

3.33

-0.01 0.49

Tem Euroland

18.96

-0.18 0.00

Europe

3.97

0.02 2.44

Tem European EUR

20.68

-0.14 0.00

Fidelity Pre-Retirement Bond Fund 119.10

-0.80 1.50

Tem Frontier Mkts Fund

$ 18.14

-0.01 0.00

Global Focus

2.76

0.01 0.53

Tem Growth (Euro)

16.06

-0.06 0.00

Index Linked Bond

2.58

-0.03 0.63

Tem Korea

5.24

-0.02 0.00

Index Linked Bond Gross

3.10

-0.04 0.63

Regulated

Tem Thailand

$ 21.75

-0.05 0.00

Index-Linked Bond Fund Gross Inc 12.15

-0.17 0.63

Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00

Japan

1.96

0.00 0.76

Frontier Gottex

Long Bond

0.52

-0.01 2.64

Authorised Inv Funds

Long Bond Gross

0.84

-0.01 2.58

FP Frontier MAP Balanced Fund

Long Bond Fund Gross Inc

11.63

-0.14 2.63

Pacific (Ex Japan)

3.80

-0.02 1.88

Pan European

2.62

0.01 2.05

Reduced Duration UK Corporate Bond 10.60

0.00 3.43

Reduced Duration UK Corporate Bond Gross 10.72

0.00 3.43

Reduced Duration UK Corporate Bond Inc 10.15

-0.01 3.44

Reduced Duration UK Corp Bond Gross Inc 10.16

0.00 3.43

Select Emerging Markets Equities

1.30

0.00 0.96

Select European Eqts

1.73

0.01 1.88

Ennismore European Smlr Cos Hedge Fd

Cavendish AIM Fund A Class

146.70

0.10 0.00

CAF UK Equitrack Inc Fd

73.50 73.50 0.09 3.41

Cavendish Asia Pacific Fund B Class

170.00

0.10 1.44

CAF UK Equitrack Acc Fd

100.70 100.70 0.10 3.34

Cavendish Asia Pacific Fund A Class

169.70

0.20 0.66

DAVIS Funds SICAV

FP CAF Alternative Strategies A Class Acc

110.06

Cavendish Asia Pacific Fund C Acc

174.90

0.20 1.42

Regulated

NAV

444.39

Euronova Asset Management UK LLP

Smaller Cos Cls One Shares (Est) 31.58

0.41 0.00

Crediinvest SICAV Sustainability 15.45

-0.01 0.00

Smaller Cos Cls Two Shares (Est) 22.40

0.26 0.00

Regulated

Smaller Cos Cls Three Shares (Est) 11.24

(GSY)

Dantrust II Limited

Smaller Cos Cls Four Shares (Est) 14.51

Davis Value A

$ 40.29

-0.11 0.00

Davis Global A

$ 29.42

-0.12 0.00

-0.48 2.20

Cavendish UK Balanced Income Fund B Class

141.80

0.00 4.84

(LF) Eq Flexi Style Greece

-0.53 2.17

Cavendish UK Balanced Income A Class

135.60

0.10 5.06

FP CAF UK Equity B Class Inc

135.24

-0.49 2.20

Cavendish UK Select Fund B Class

160.20

1.10 1.75

Cavendish UK Select Fund A Class

159.90

1.10 0.91

Other International Funds

Atlantas Sicav

(LUX)

CCLA Investment Management Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Authorised Inv Funds
The Public Sector Deposit Fund

Charles Schwab Worldwide Funds Plc

1.37 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds

Eurocroissance

831.33

11.60 0.00

-1.03 1.86

$ Income Fund - Share Class M Acc 1016.04

-0.78 0.00

Allianz Gilt Yield Fund I Inc

176.03

-1.06 1.86

$ Income Fund - Share Class W DisA$ 1027.44

-0.72

Allianz Japan A Acc

487.72

-3.65 0.00

Gl Sukuk Fund - Share Class A Acc $ 1209.82

-1.56 0.00

Allianz Japan C Acc

110.07

-0.82 0.00

Gl Sukuk Fund - Share class B Acc 1076.60 1076.60 -0.56 0.00

Bank of America Cap Mgmt (Ireland) Ltd

(IRL)

Regulated
$

1.00

0.00 0.22

Investment Inc

1.97 0.01 6.57

Investment Acc

2662.50 2691.94 14.00

Global Equity Inc

159.96 161.72 0.39 4.31

Global Equity Acc

225.56 228.06 0.54

UK Equity Inc

148.06 149.54 1.21 4.05

UK Equity Acc

212.41 214.55 1.72

Fixed Interest Inc

170.25 170.93 -3.10 3.96

Fixed Interest Acc

501.23 503.23 -9.12

Property Fund Inc

124.33 128.50 0.10 6.51

Property Fund Acc

216.50 223.76 2.85

CCLA Fund Managers Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)

Cheyne Capital Management (UK) LLP

(IRL)

Regulated

Allz UK Corporate Bond C Inc

109.54

-0.42 3.56

Dynamic Capital Growth Acc

656.30 693.40 0.10 1.28

Allz UK Equity Income A Inc

286.10

-0.15 4.55

Dynamic Capital Growth Inc

266.50 281.50 0.10 1.29

Allz UK Equity Income C Inc

102.39

-0.05 3.21

Eastern Acc GBP

675.40

Allianz UK Growth A Acc

4368.91

-13.01 1.67

Eastern Inc GBP

662.80

Allianz UK Growth C Acc

101.18

-0.30 1.33

Europe Select Inc GBP

Allianz UK Unconstrained C Acc

100.39

-0.30 0.74

European Growth Inc

Allianz UK Unconstrained A Acc

208.83

-0.62 0.85

Allianz UK Index C Acc

1825.49

0.47 0.00

Ethical Invest Acc

235.83 238.43 1.84

Cheyne Real Estate Debt Fund Class A1 128.31

-0.27 0.00

CMI Asset Mgmt (Luxembourg) SA

(LUX)

23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311

FCA Recognised
CMI Global Network Fund (u)

Local Authorities Property Fd (LAMIT) (UK)

Regional Equity Sub Funds

Property

CMI Continental Euro Equity

28.87

0.22 0.91

CMI Pacific Basin Enhanced Equity $ 44.59

-0.06 2.37

2.30 0.54

Capital Value Fund Cls V

129.33 129.33 -1.07 0.27

UK Eqty Index Tracking

15.79

0.02 2.90

US Eqty Index Tracking

$ 57.50

-0.24 0.80

Targeted Return Fund Inc

114.10 114.70 -0.10 3.22

Managed Sub Funds

Global Bond

1.50

-0.01 0.84

Global Network Mgd Global Mxd

2.37

0.00 0.19

Global Equity

2.63

0.01 0.02

Bond Sub Funds

-1.31 0.95

0.10 0.00

Corporate Bond B Inc

216.80

-0.80 3.81

European B Acc

241.66

1.19 0.00

-0.04 0.00

GBP Accumulating Share Class

18.27

-0.02 0.00

GBP Distributing Share class

13.42

-0.01 0.63

EUR Accumulating Share Class

22.42

-0.05 0.00

96.52

-0.39 2.18

Global Equity B Acc

604.99

-1.63 1.45

USD Accumulating Share Class

$ 15.10

-0.04 0.00

EUR Accumulating Share Class

15.69

-0.06 0.00

USD Accumulating Share Class

$ 18.35

-0.04 0.00

GBP Accumulating Share Class

18.76

-0.02 0.00

EUR Accumulating Share Class

21.03

-0.06 0.00

PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port

Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
FCA Recognised
DGT - Consumer I Class

130.41

-0.27 0.00

DGT - Consumer R Class

125.81

-0.27 0.00

DGT Managed - I

1.13

-0.01 0.00

DGT Managed - R

1.15

0.00 0.00

Dragon Capital Group

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Inv. (VEIL) NAV $

3.47

Global Telecomms A-GBP

0.29

0.00 1.01

Gross Accum Cash

1.28

1.28 0.00 0.00

India Focus A-GBP

4.70

-0.08 0.00

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.11

Latin America A-GBP

1.71

0.02 0.18

MoneyBuilder Global

2.60

2.60 -0.01 0.19

0.06 0.77

GAM Star Asian Eqty USD Ord Acc F $ 14.18

-0.12 0.00

10.34

-0.03

GAM Star Cap.Appr.US Eqty USD Inc F $ 17.47

-0.09 0.00

GAM Star Cat Bond USD Acc

$ 12.42

0.00 0.00

GAM Star Cautious GBP Acc

10.41

-0.01

GAM Star China Equity USD Acc F $ 22.05

-0.18 0.50

GAM Star Cont European Eqty GBP Acc F

-0.04 0.00

3.31

GAM Star Cred Opportunities GBP Acc 12.63

0.02 4.12

GAM Star Defensive GBP Acc

10.92

-0.01 0.00

GAM Star Discretionary FX USD Acc F $ 12.97

0.05 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.54

-0.01 1.44

GAM Star Emerging Asia USD Class ACCU $ 13.10

-0.14 0.47

GAM Star Emerg. Market Rates USD Acc F $ 11.53

-0.03 0.00

GAM Star European Eqty USD Acc F $ 21.99

-0.26 0.00

GAM Star Flexible Gbl Port GBP Ac 12.66

-0.03 0.00

GAM Star GAMCO US Equity Acc F $ 13.71

-0.04 0.00

GAM Star Global Conv Bond USD Acc F $ 11.30

-0.04 0.00

CMI Access 80% Gu F

5.66

0.01 0.00

Amity UK Cls A Inc

206.20

0.70 1.47

Amity UK Cls B Inc

205.50

0.80 2.31

Higher Income Cls A Inc

130.10

-0.10 4.72

Higher Income Cls B Inc

133.50

-0.10 4.65

UK Equity Growth Cls A Inc

228.40

0.90 0.48

UK Equity Growth Cls B Inc

232.90

1.00 1.29

Amity Balanced For Charities A Inc

113.10

0.00 5.36

Amity European Fund Cls A Inc

196.50

0.70 1.25

-0.5338 0.00

Amity European Fund Cls B Inc

198.20

0.80 2.13

9.18

-0.03 0.00

Japan B Acc

48.38

-0.15 0.00

Gbl RealEstate Sec. I

$ 11.2581

-0.1172 1.29

Amity Global Equity Inc for Charities A Inc

106.40

0.00 3.92

Baring European Opportunities Fund Class A EUR Acc 12.15

0.10 0.00

Portfolio III B Acc

108.69

-0.30 1.37

Gbl RealEstate Sec. IX

$ 13.1295

-0.1367 0.00

Amity International Cls A Inc

218.80

-0.10 1.28

Baring Global Mining Fund - Class A GBP Inc

5.17

-0.02 0.74

Portfolio IV B Acc

109.34

-0.18 1.82

Amity International Cls B Inc

220.40

-0.10 2.09

Dynamic Emerging Markets A GBP Acc F

9.79

-0.02 0.00

Portfolio V B Acc

109.79

-0.10 0.87

Amity Sterling Bond Fund A Inc

110.10

-0.10 5.19

43.20

-0.15 0.79

Portfolio VI B Acc

110.02

-0.04 1.00

Amity Sterling Bond Fund B Inc

118.40

-0.10 5.18

8.79

-0.07 6.60

Portfolio VII B Acc

107.91

0.04 0.78

Emerging Opportunities A GBP Inc H 19.85

-0.07 0.00

North American B Acc

862.77

-5.98 0.45

Eclectica Asset Management

105.29

-0.27

Arbiter Global Emerging Markets Fund Class B GBP 101.65

-0.53

Glb Resources A GBP Inc H

0.02 0.34

Total Return B Acc

106.12

0.00 1.24

6.82

0.00 6.62

UK Equity B Inc

110.24

0.54 1.51

17 square Edouard VII - 75009 Paris, www.comgest.com

FCA Recognised

Comgest SA

Arisaig Partners

Hong Kong China A GBP Inc

606.47

1.43 0.58

UK Equity & Bond Income B Inc

237.94

0.72 4.59

Comgest Asia F

Other International Funds

India Fund - Class A GBP Inc

15.42

0.07 0.00

UK Equity Income B Inc

421.15

1.74 4.51

Comgest Europe F

UK Government Bond B Inc

48.37

-0.28 2.18

(LUX)

$ 4069.60

-22.05 0.00

SFr 5384.02

-98.38 0.00

Comgest SA

(FRA)

17 square Edouard VII - 75009 Paris

FCA Recognised
Comgest Magellan

Comgest AM International Ltd

CF Heartwood Growth B Acc

145.97

0.00 0.65

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised

CF Heartwood Balanced Income B Inc

116.28

-0.09 2.38

Comgest Gth Asia Pac ex Jap DIS F $

8.11

Asset Management

-0.08 0.00

(IRL)

(UK)

40 Dukes Place, London EC3A 7NH

Order desk: 0845 6080941 Switchboard 0870 6072555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Eclectica Agriculture A EUR Acc

CF Eclectica Agriculture A GBP Acc

1.49

0.00 0.00

110.16

-0.26 0.00

CF Eclectica Agriculture A USD Acc

1.67

-0.01 0.00

CF Eclectica Agriculture C EUR Acc

1.54

0.00 0.32

113.88

-0.27 0.36

1.72

0.00 0.38

CF Eclectica Agriculture C GBP Acc

CF Eclectica Agriculture C USD Acc

21.33

0.01 0.37

Extra Income

0.27

0.00 3.59
0.00 3.59

Fleming Financial Trust Investment Fund Limited (NZ)

2.81

13.00

0.05 0.00

Global High Yield Fund - A Gross Acc 11.95

0.00 4.67

Foord Asset Mgt (Guernsey) Ltd

Global High Yield Fund - A Gross Inc 10.35

0.00 4.84

Regulated

Global High Yield Fund - A Net Acc 11.61

0.00 4.74

Global High Yield Fund - A Net Inc 10.34

0.00 4.83

Global Property - Acc

1.56

0.00 1.23

Global Property W Inc

1.30

0.00

Global Special Sits

24.57

0.11 0.04

Index Emerging Markets P-Acc

1.12

0.00

0.00 0.25

-0.4056 1.35

Strategic Return B Acc

-0.02 0.44

0.03 1.58

3.59

2.58

29.3102

Glb Emerging Markets A GBP Inc H 20.01

16.03

European Opportunities

Japan

22.2679

-0.76 0.00

European

0.00 2.10

Europ.RealEstate Sec. IX

-24.48 0.37

0.01 1.70

European Real Estate Securities

Arbiter Global Emerging Markets Fund Class A USD $ 109.72

0.76 0.07

Regulated

GAM Star Worldwide Eqty USD Acc F $ 3262.35

(UK)

0.12 1.72

(LUX)

0.01 2.35

1.16

-0.77 0.00

Cohen & Steers SICAV

1.43

Asset Management
0.00 0.50

-0.03 0.00

1.42

PO Box 3733, Swindon, SN4 4BG, 0845 604 4056

Authorised Inv Funds

-0.06 1.51

9.80

GAM Star US All Cap Eqty USD Acc F $ 13.95

Index World P-Acc

0.00 6.90

Index World A-Acc

$ 13.40

CMI US Dllr Currency Reserve

-0.16 0.00

0.00 1.73

CMI US Bond

Ecclesiastical Inv Mgt Ltd (1200)F

0.00

GAM Star Technology USD Acc F $ 15.93

1.24

-0.06 2.02

-0.07 0.02

0.01 6.74

-0.13 1.80

4.93

-0.01 0.00

Index US P-Acc

125.72

GAM Star North of South EM Equity Acc F $ 11.76

0.01 1.32

CMI Stlg Currency Reserve

GAM Star Local EM Rates and FX USD Acc $ 11.86

8.21

0.00 0.24
-0.01 0.84

1.61

0.00

0.12 0.38
-0.05 0.00

47.06

Index US A-Acc

www.dsmsicav.com
Regulated

CMI UK Bond

24.96

GAM Star Japan Eqty USD Acc F $ 12.08

0.00 0.97

CMI Euro Bond F

CMI Euro Currency Reserve

Asset Management

GAM Star Keynes Quant Strat USD Acc F $ 12.32

0.00 1.18

Global Growth I2 Acc

Currency Reserve Sub Funds

-0.20 2.08

0.00 0.00

94.01

-0.17 0.37

1.00 0.00 0.12

1.05

117.32

0.24

1.00

0.86

Global Resource B Acc

Global Infrastructure B Acc

112.89

Global Technology A-GBP

Cash Fund

-0.01 0.00

129.23

0.00 0.00

Index UK P-Acc

(LUX)

-0.62 2.27

CF Heartwood Cautious B Acc

Index UK A-Acc

DSM Capital Partners Funds

CF Heartwood Cautious Income B Inc

0.00 0.51

1.51

0.00

0.14 0.00

0.00 0.02

$ 10.11

1.20

Global Real Asset Securities

74.82

5.70

Global Inflation-Linked Bd A-GBP-Hdg

Baring China Bond Fund

-0.01 0.00

1.15

Australia A GBP Inc

China A-Share A GBP Inc

0.00 0.00

1.06

2.20 0.00

0.08 0.00

0.69

-0.04 0.00

0.54

Arisaig Latin America Consumer Fund $ 22.93

Global Industrials A-GBP

Index Pacific ex Japan P-Acc

40 Dukes Place, London EC3A 7NH

Order Desk 08459 220044 Switchboard 0870 607 2555
Authorised Inv Funds

Global Health Care A-GBP

Index Japan P-Acc

Gl. Macro Bds & Curr Low Vol AHG - GBP 99.14

(IRL)

130, Tonbridge Rd, Tonbridge TN11 9DZ

Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

0.00 0.00

Eq. Latin America AU Class - R - USD $ 436.93

Regulated

0.00 0.00

-0.10 0.00

-0.20 5.04

Baring International Fd Mgrs (Ireland)

-0.07 0.00

0.43

0.80

101.40

-0.08 0.00

Global Financial Services A-GBP

Vietnam Growth Fund (VGF) NAV $ 22.62

Global High Yield Bond B Inc

FIL Investment Services (UK) Limited (1200)F (UK)

Vietnam Property Fund (VPF) NAV $

-0.04 0.00

0.00 0.24

186.23 186.23 0.00 0.00

GAM Star Asia-Pacific Eqty USD Acc F $ 11.97

GAM Star Balanced GBP Acc

-0.09 0.00

0.00 0.16

Arisaig Global Emerging Markets Consumer UCITS STG 11.37

(LUX)

Cash Accum Units

(IRL)
FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc

45.96

Arisaig Global Emerging Markets Consumer UCITS 11.94

0.00 1.84

4.30

1.02

Asia Growth A GBP Inc H

(UK)

15.14

-5.03 0.00

Capita Asset Services

1.54

Index Europe ex UK P-Acc

-0.09 0.00

{*}CAR - Net income reinvested

China Focus A-GBP

-0.04 0.00

Eq. Greater China AU Class - R - USD $ 618.83

Europe Long Term Growth

China Consumer A-GBP

0.81 3.90

Arisaig Global Emerging Markets Consumer Fund $ 10.42

0.00 0.00

Global Focus

0.14 0.00

Fleming Fund

127.11

17.11

0.00 2.98

Global Equity Income B Inc

-0.01

11.82

(LF) FOF Real Estate

0.00 3.20

-0.41 0.91

-0.21

(LF) FOF Dynamic Fixed Inc

-0.01 0.00

1.41

125.66

ASEAN Frontiers A GBP Inc

$ 34.36

1.33

Global Dividend - Inc

-0.62 0.00

14.84

DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 108.48 108.48 1.78 0.00

MENA A GBP Inc F *

Emerging Markets - retail

Eq. Emerging World AU Class - R - USD $ 93.63

Latin America A USD Inc H

0.00 0.00

-0.24 0.00

-0.23 0.00

0.01 1.22

1.55

-0.33 0.00

0.92

0.27

Eq. Emerging Europe AE Class - R - EUR 26.83

1.83

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

(LF) FOF Glob. Emerging Mkts

Asset Management
GAM Limited

-0.06 0.00

Arisaig Asia Consumer Fund Limited $ 63.19

Retail Share Classes

Global Dividend - Acc

Arisaig Africa Consumer Fund Limited $ 16.52

UK Specialist

0.00 0.00

Extra Income - Gross

$ 26.78

High Yield Bond A GBP Hedged Inc H

0.01 0.00

Other International Funds

Bd. Global AU Class - R - USD

12.83

1.30

DX EVOLUTION PCC LIIMITED - DXE () FUND 108.11 108.11 1.20 0.00

Dominion Fund Management Limited

0.01 0.00

Emerging Mkt Debt LC A GBP Hedged Inc

1.43

Incorporated in New Zealand, Reg No 5141841

Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund

Baring Emerging Markets Corporate Debt Fund $

(LF) FOF Equity Blend

Asset Management

Dominion Fund Management Limited

Bd. Euro Corporate AE Class - R - EUR 19.07

Global Bond B Inc

(LF) FOF Balanced Blend

147.27

-2.97 1.08

European - Inc

Cheyne Real Estate Credit Holdings Fund 139.97

898.29

1.28

190.84 192.96 1.50 3.80

Balanced B Acc

1884.53

Ethical Invest Inc

Asia Pacific B Acc

GAM UK Diversified Acc

Enhanced Income - Inc

-0.92

144.70 145.60 -0.10 3.15

-0.01 4.18

120.40 126.50 -0.60 1.82

Targeted Return Fund Acc

1.89

Cheyne Multi Strategy Liquid Fund $ 124.67

530.20

Charity Fund
0800 032 6347 (charity enquiries)

UK Long Corporate Bond Fund - Gross Income 11.57

11493.97 11621.11 90.16

(UK)
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Authorised Inv Funds

-0.24 0.00

Enhanced Income - Acc

Investment Acc

Canada Life Investments

Global Bond Inc

-0.20 0.74

10.40

German Growth Inc GBP

9.06 0.00

(LF) Greek Corporate Bond

2.75 0.00

1.48

2.33 2.93

249.80 264.20 0.70 1.37

1.25

1.26 0.94

151.40

3277.18

UK Growth Inc

GAM North American Gwth Acc

1.23

752.02

Multi Asset A Inc ... C

0.00 4.04

Emerg Eur, Mid East & Africa H

-50.85 0.00

Japan Index Tracking

-0.20 0.73

Emerging Asia

Cheyne Long/Short Credit Fund

132.01 132.01 -3.79 1.55

2.55

0.03 0.00

Dollar Fund Cls D

156.80

2.60 0.74

Multi Asset A Acc ... C

UK Long Corp Bond - Gross

$ 15.74

-0.73 0.81

0.00 0.00

Latin American Fund USD Class

574.50

0.00 2.60

German Growth Acc GBP

185.45

3953.79

1.22

0.01 0.21

171.44 171.44 -4.28 2.28

Allianz US Equity C Acc

GAM Global Diversified Acc

Real Return Cls A

260.30 275.90 -0.50 0.00

-0.01 4.19

(LF) Income Plus $

999.00 1052.00 6.80 1.07

Korea Acc

1.53

0.18 2.00

-1.58 0.13

1.44

1.12

-1.84 0.00

0.00 0.00

19.57

401.59

UK Long Corp Bond

China Consumer

Cheyne European High Yield Fund 134.71

Euro Equity Index Tracking

Allianz US Equity A Acc

-0.54 0.00

Fidelity Asian Dividend Fund A-Income

Cheyne European Event Driven Fund 143.98

Index Tracking Sub Funds

34.19 1.69

0.05 0.00

CG Portfolio Fund Plc

14.43

-0.05 0.00

-0.32 0.57

3824.73

-0.01 1.79

(LF) Greek Government Bond

Allianz UK Mid Cap Fund C Acc

GAM Star Global Selector USD Acc F $ 14.32

$ 78.38

128.70 135.60 -1.20 0.00

2.05

-0.13 0.00

CMI US Enhanced Equity F

373.90 393.90 -1.00 0.00

Capital Gearing Portfolio Fund Plc 26652.64 26652.64 -216.18 0.62

Japan Growth Acc

UK Gilt Gross

42.78

0.10 0.00

Global Growth Inc

0.00 0.00

American Fund GBP Hedged

0.20 0.00

33.58 0.88

0.00 0.48

0.01 2.11

15.51

3765.68

-0.01 1.82

(LF) Eq Mena Fund

1.16

12.27

Allianz UK Mid Cap A Acc

Fidelity Asian Dividend Fund A-Accumulation

CMI UK Equity

1.65 2.47

1.30

Other International Funds

6.44 0.86

1296.17

-0.05 3.89

UK Gilt Bond

GAM Star Global Rates USD Acc F $ 12.65

Single Country Equity Sub Funds

Allianz UK Index C Inc

0.00 0.00

-0.24 0.00

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

18.00 0.64

UK Corporate Bond Fund Gross Inc 11.42

4097.01

0.04 0.00

1.14

$ 78.55

CMI Japan Enhanced Equity F

2451.00

American Fund USD Class

230.09 237.80 0.09

-0.42 3.66

12.23

(LF) Global Equities

(UK)

0.00

Property Acc

(LF) Global Bond Fd

GAM Sterling Management Limited

12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

GAM Limited (2300)F

106.95 110.53 0.04 6.12

109.21

-0.01 3.77

1.07

781.05 784.19 -8.88

Allz UK Corporate Bond A Inc

268.44 288.35 2.60 4.55

2.28

Asia Pacific Ops W-Acc

Property Inc

Dealing and Enquiries 020 7214 1004

Fund Information: www.barings.com
Authorised Inv Funds

Cheyne Capital Management (UK) LLP

Fixed Interest Acc

-0.81 1.15

UK Corporate Bond - Gross

0.04 0.00

Sterling Bond F

-0.89

0.02

140.44 141.00 -1.60 3.91

11.19

Fixed Interest Inc

1.22

-0.74 1.10

American Special Sits

-1.32

634.05

-0.01 3.90

(IRL)
Findlay Park Funds Plc
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FCA Recognised

-0.92 0.00

687.34

-0.01 3.08

0.01 0.00

Allz Total Return Asian C Inc

1.26

Allz Total Return Asian A Acc

1.25

27.71

Cheyne Total Return Credit Fund December 2019 $ 133.38

(UK)

UK Corporate Bond

American

Cheyne Total Return Credit Fund - December 2017 Class $ 197.75

Baring Fund Managers Ltd (1200)F

UK Aggregate Bond Inc

0.01 0.00

-0.78 1.09

-0.05 0.00

-0.10 0.00

195.09

120.70

$ 213.53

204.94

Fundsmith Equity T Inc

Cheyne Global Credit Fund

215.86 218.24 1.15

0.00 3.25

RON 15.58

(LF) Cash Fund (RON)

Fundsmith Equity T Acc

OEIC Funds

151.11 152.79 0.79 4.29

-0.01 3.03

0.16 0.00

Global Equity Acc

0.48

Global Equity Inc

1.82

Cheyne European Real Estate Bond Fund 112.50

Cheyne Malacca Asia Equity Fund Class A $ 1441.37

-4.39 0.00

(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

Barclays Investment Funds (CI) Ltd

UK Aggreg Bond Gr Accum

1232.30 1245.94 9.66 3.73

-0.02 0.00

Cheyne Convertibles Absolute Return Fund 1344.62

Investment Inc

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg

Phone: 800 22 089, 800 22 088
Regulated

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

1.30

FIL Fund Management

Dodge & Cox Worldwide Funds plc-International Stock Fund

1347.35 1362.25 7.08 3.78

0.01 1.91

(LF) Cash Fund

$ 16.90

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

0.01

USD Accumulating Share Class

Fundsmith LLP (1200)F

$ 737.96

1.38

10.59

$ 340592.92 340592.92 -8106.27 0.00

-0.50

3.47

GBP Distributing Class

CAM GTi Limited

-0.53

CAM-GTF Limited

45.26

0.00

71.42

Global Real Estate-GBP C Class

UK

Dodge & Cox Worldwide Funds plc-Global Stock Fund

Commercial Property-GBP Class

Sterling Core Plus Bond Inc

9.51

Other International

-0.04 0.00

0.00

Frontier Capital (Bermuda) Limited

EUR Distributing Class (H)

0.00

-0.61 0.66

(LF) Balanced - Active Fund (RON)RON 16.25

1.97

-0.02 3.53

0.00 0.00

0.00

Raffles-Asia Investment Company $

-0.02 3.43

141.03

9.74

(UK)

(UK)

1.30

11.70

9.55

-0.80 0.00

2.09

EUR Distributing Class

Sterling Core Plus Bond Gr Accum

(LF) Absolute Return

0.00 0.27

Regulated

USD Accumulating Class

Eurobank Fund Management Company (Luxembourg) S.A.

-0.01 0.68

0.00

GBP Distributing Class (H)

100.00

0.01 0.97

-0.01

Other International Funds

The Public Sector Deposit Fund-share class 5 F

3.75

Chartered Asset Management Pte Ltd

0.00 0.01

2.97

0.00 0.37

South East Asia

9.70

0.00 0.32

1.00

Select Global Equities

11.92

Schwab USD Liquid Assets Fd

0.17 0.00

EUR Accumulating Class (H)

100.00

58.96 0.00

(IRL)

Regulated

EUR Accumulating Class

100.00

170.32

23.16 0.00

The Public Sector Deposit Fund-share class 4 F

Allianz Gilt Yield Fund C Inc

The Public Sector Deposit Fund-share class 3 F

1361.43

-0.82 0.00

321.18

0.00 0.27

$ 3176.46

Cedar Rock Capital Fd Plc

Bond Global

$ Income Fund - Share Class G Acc 1076.09

15.70 0.00

100.00

American One

6 Duke Street,St.James,London SW1Y 6BN

www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund

The Public Sector Deposit Fund-share class 2 F

CCLA Investment Management Ltd

(LUX)

363.94

(IRL)

0.00 0.47

30.72 0.00

BLME Asset Management

Cedar Rock Capital Fd Plc

Dodge & Cox Worldwide Funds

-5.72 0.00

10.71 0.00

(UK)

100.00

$ 3403.20

Discretionary Unit Fund Mngrs (1000)F

The Public Sector Deposit Fund-share class 1 F

American Dynamic

$ 689.93

$ 348.17

0.16

(LUX)

Cedar Rock Capital Fd Plc

kr 459.40 459.50 -1.10 0.00

Regulated

(CYM)

-0.05 0.00
-0.08 0.00

146.58

Aspect Capital Ltd (UK)

(GSY)

135.26

(IRL)

3.95 0.00

FP CAF UK Equity B Class Acc

Cedar Rock Capital Limited

Equinox Fund Mgmt (Guernsey) Limited

FP CAF UK Equity A Class Inc

0.43 0.00

-0.65 10.67

(LUX)

Tem Emerging Mkts Sml Comp Fd $ 10.14

91.98

FCA Recognised

0.01 0.42

$ 91.05

Allianz EcoTrends C Acc

Arbiter Fund Managers Limited

0.81

EM Mkts Loc.Ccy Bd USD F

Eastern Europe A GBP Inc

3.87

Crediinvest SICAV Big Cap Value 17.86

Regulated

Institutional OEIC Funds

Crediinvest SICAV US American Value $ 18.20

Dantrust Management (Guernsey) Ltd

America

-0.77

4.91 0.00

-0.43 0.00

(LF) Eq Emerging Europe

-0.80 0.00

$ Income Fund - Share Class D Dis $ 1000.61

591.65

0.06 0.00

Ennismore European Smlr Cos NAV 122.24

0.40 0.00

AEF Ltd Eur

-0.24 0.00

253.20

18.12

Cavendish Technology Fund A Class

87.62

4.87

-0.07 0.00

Tem Eastern Europe

0.20 2.10

Ennismore European Smlr Cos NAV 90.91

-0.53 2.18

Allianz EcoTrends A Acc

-0.79 0.00

$ 589.68

$ 22.68

146.58

AEF Ltd Usd

Tem China

FP CAF UK Equity A Class Acc

$ Income Fund - Share Class C Acc $ 1007.63

Other International

0.00 1.89

0.17 9.77

0.03 3.48

The Antares European Fund Limited

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

1.06

$ 95.25

EM Mkts Corp.Debt USD F

100.35

Amundi Funds

-0.02 0.00

Fidelity PathFinder Income 3 Income (clean)

5099.80 5257.50 35.90 0.00

Allz European Eq Inc C Inc

Yield expressed as CAR (Compound Annual Return)

All transactions to Ser A units the sell price will be used

Do Accum

-0.89 0.00

$ 13.85

-0.80 0.10

-0.35 3.54

Tem BRIC

$ Income Fund - Share Class B Acc $ 1157.39

0.00

265.00

0.04 3.56

154.63

Cavendish Technology Fund B Class

Allz Sterling Total Return Fund C Inc

1.06

0.05 0.71

103.77

-0.36 2.99

-0.08 0.00

Fidelity PathFinder Income 2 Gross Income (clean)

(IRL)

Allz European Eq Inc C Acc

-0.02 0.48

-0.13 0.00

137.15

-0.87 0.00

$ 39.08

FP CAF International Equity A Class Inc

$ 10.67

Tem Asian Sml Comp Fd

-0.08 1.95

$ Income Fund - Share Class A Acc $ 1138.01

153.78

Tem Africa

0.06 3.75

125.61

0.00 4.28

1372.10 1414.50 9.70 0.00

Allz RiskMaster Moderate C Acc

0.00

Disc Inc

184.82

Allz Sterling Total Return Fund A Inc

1.07

-0.70 0.00

Allz European Eq Inc A Acc

-0.02 0.00

1.06

Fidelity PathFinder Income 2 gross

0.05 3.59

Fidelity PathFinder Income 2 Income (clean)

137.30

185.80

123.56

Electric&General Net Income A

Cavendish North American Fund A Class

136.61

Allz RiskMaster Moderate A Acc

-0.08 0.00

0.05 0.70

Allz European Eq Inc A Inc

0.11 0.03

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated

-0.92 0.00

-0.10 0.16

Regulated

127.86

$ 19.07

140.64

-0.78 0.00

Allz RiskMaster Growth C Acc

Frk Wrld Perspective Fd

FP CAF International Equity A Class Acc

0.10 0.00

1 Poultry, London EC2R 8JR 020 7 415 4130

Authorised Inv Funds

124.53

0.00

-0.70 0.59

Aspect Diversified Trends GBP

125.17

-0.73 0.00

Allz RiskMaster Growth A Acc

1.06

190.90

Ashmore SICAV Local Currency Fund $ 86.60

Global Liquidity USD

-0.15

Fidelity PathFinder Income 1 Gross Income (clean)

Cavendish North American Fund B Class

-0.23 0.14

-0.16 2.81

120.53

$ 19.32

Aspect Diversified Trends EUR

114.43

-1.12 0.00

-0.08 0.47

Frk US Sml Mid Cap Gth F

102.40

-0.75 0.00

Allz RiskMaster Defensive C Acc

Crediinvest SICAV International Value 232.97

FP CAF Fixed Interest B class Inc

-0.23 0.00

Crediinvest SICAV Spanish Value 263.40

306.80

(UK)

0.00

-0.45 0.07

$ 120.60

-0.01 0.00

307.30

CAF Financial Solutions

-0.32 0.60

Ashmore SICAV Global Small Cap Equity Fund $ 130.33

Aspect Diversified Trends USD

112.90

Cavendish Worldwide Fund A Class

0.00 0.00
-0.28 0.00

1.06

-0.40 0.00

-1.99 0.00

Allz RiskMaster Defensive A Acc

Crediinvest SICAV Fixed Income Usd $ 10.65

Cavendish Worldwide Fund B Class

-0.09 0.00

Fidelity PathFinder Income 1 Income (clean)

-0.30 0.82

-2.07 0.00

-0.16 0.31

0.00 0.00

-3.00 1.30

1.38

-2.00 0.57

0.72

$ 11.72

120.67

Crediinvest SICAV Fixed Income Eur 10.95

Frk US Opportunities

146.60

125.95

Allz RiskMaster Conservative C Acc

0.00 0.00

147.50

SFr 119.23

-0.16 0.00

1019.00

Student Accom Class B

0.00

Cavendish Japan Fund A Class

Aspect Diversified CHF

Crediinvest SICAV Money Market Usd A $ 10.02

987.90

UK Agricultural Class B

Cavendish Japan Fund B Class

Aspect Diversified GBP

119.11

0.00 0.00

Cavendish Opportunities Fund C Acc

-0.01 0.00

1.13

-0.17 2.76

-4.05

Allz RiskMaster Conservative A Acc

Cavendish Opportunities Fund A Class

-

Fidelity PathFinder Freedom 5 Acc (clean)

-0.16 2.81

0.41 1.04

Crediinvest SICAV Money Market Eur I 11.23

-2.00 1.43

1.26

-0.07 0.00

Stuart House St.John's Street Peterborough PE1 5DD

Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management

Other International Funds

(LUX)

www.creditandorra.com
FCA Recognised

993.50

UK Agricultural Class A

-0.05 0.00

Ashmore SICAV Global Equity Fund $ 109.70

Far East

Crdit Andorr Asset Management

Cavendish Opportunities Fund B Class

(GSY)

Regulated

-0.07 0.00

247.34

Chelsea House, Westgate, London W5 1DR

IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

0.00 0.00

114.74

Aspect Diversified EUR

138.41

Cavendish Asset Management Limited (1200)F (UK)

$ 10.66

$ 23.83

102.12

ACQ Risk Parity Bond Fund EUR A 103.90 103.90 -0.09 0.00

Allz Continental European C Acc

12.7443 0.00

$ 14.77

Frk Technology

$ 16.21

FP CAF Fixed Interest A class Inc

-6.81 0.00

2.48 0.20

Frk Strategic Income Fd

Frk US Equity

FP CAF Fixed Interest B class Acc

0.32 1.65

$ 1434.4695

0.00

Frk U.S. Focus Fund

-1.37 2.11

Ashmore SICAV Emerging Market Total Return Fund $ 86.49

$ 412.71

CATCo Re Fund Ltd Series E

0.00

-0.04 10.25

Ashmore SICAV Emerging Market Frontier Equity Fund $ 156.89

Aspect Diversified USD

11.9140 0.00

1.09

0.50 0.38

0.14 0.00

59.94

1.09

Fidelity PathFinder Freedom 1 Acc (clean)

0.00

0.50 1.32

0.06 0.00

858.74

$ 1408.6155

Fidelity PathFinder Freedom 2 Acc (clean)

0.00

Allz Continental European A Acc

CATCo Re Fund Ltd Series D

0.00

Allianz Brazil Fund C Acc

0.07 0.00

132.80

102.39

0.31 0.97

14.6326

Frk Real Return Fd F

1.09

134.00

153.60

1.09

Cavendish European Fund A Class

AC Risk Parity 17 Fund EUR A

58.58

$ 1688.2146

0.00

Fidelity PathFinder Freedom 4 Acc (clean)

Cavendish European Fund B Class

AC Risk Parity 12 Fund EUR A

Allianz Brazil Fund A Acc

CATCo Re Fund Ltd Series B

Fidelity PathFinder Freedom 3 Acc (clean)

-0.18 2.76

0.04 0.00

0.11 1.04

1.09

(UK)

-0.07 0.33

13.5508

Fidelity PathFinder Freedom 1 Gross Acc (clean)

Electric & General (1000)F

125.39

170.68

0.00

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised

Regulated
$ 1643.1807

SR 14.80

Ennismore Smaller Cos Plc

(BMU)

CATCo Re Fund Ltd Series A

Saudi Arabia Equity Fund

AC Risk Parity 7 Fund EUR A

Allianz BRIC Stars C Acc

CATCo Reinsurance Fund Ltd.

Other International Funds

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6810.00

0.10 0.61

0.0105 17.06

Middle East & Developing Africa Fund (Final) $ 19.81

114.28

-0.84

109.69

0.18 13.57

160.08

$ 1.1981

CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.53 15.53 0.04 0.00

$ 29.93

FP CAF Fixed Interest A class Acc

104.54

Allianz BRIC Stars A Acc

CATCo Reinsurance Opportunities Fund Ltd. (UK)

The EFG-Hermes Egypt Fund

FP CAF Alternative Strategies A Class Inc

Ashmore SICAV Emerging Market Debt Fund $ 97.11

AC Opp - Aremus Fund EUR A

(UK)

9.94 0.01 0.00

BlueBay EmMkt B-USD

www.alceda.lu
FCA Recognised

199 Bishopsgate, London, EC2M 3TY,0800 073 2001

Authorised Inv Funds
OEIC

9.94

CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.95 15.95 0.05 0.00

Regulated

Alceda Fund Management S.A.

Allianz Global Investors GmbH(1200) F

12.07 12.07 -0.12 0.00

$ 26.17

The Westchester

$ 12.21 12.21 -0.12 0.00

1664.10 1751.70 -3.50

0.58 0.89

Target 2020

CC Asia Alpha Fd - Cls C GBP

1558.50 1640.50 -3.50

Target 2015 - Gross

CC Asia Alpha Fd - Cls B USD

American Ser. 4

$ 50.93

Tem Latin America

Class A Acc

0.39 0.00

Selective Acc. Ser 2

+/- Yield

0.00 3.23

Offer

0.00 0.27

246.47

1466.00 1543.20 -2.90

Bid

CF Morant Wright Japan A

Prop. Acc. Ser 2

Fund

Investment Adviser - Morant Wright Management Limited

+/- Yield

0.33

12.44 12.44 -0.13 0.00

0.12

Offer

0.50

CC Asia Alpha Fd - Cls A Euro

Bid

Edinburgh Partners Limited

104.10 109.30 -0.07 0.00

5.41

Fund

77.66 82.18 0.45 0.00

+/- Yield

Target 2015

Artemis Strategic Assets R Acc

1996.30 2101.40 -5.00

Offer

Strategic Bond Gross

Artemis Monthly Dist R Inc

Selective

Bid

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances

Pension Funds

Fund

Japan Smaller Companies

1.80

-0.01 0.00

MoneyBuilder Asset Allocator

1.22

0.00 0.50

MoneyBuilder Balanced

0.51

0.00 4.04

Money Builder Dividend

2.65

0.01 4.39

MoneyBuilder Growth

0.75

0.01 2.17

MoneyBuilder Growth ISA

0.75

0.00 2.33

MoneyBuilder Income

0.37

0.00 3.23

MoneyBuilder Income -Gross

0.37

0.00 3.23

Multi Asset Adventurous A-Acc

1.35

0.00 0.46

Multi Asset Alloc Adventurous A-Acc

3.67

0.00 2.29

Multi Asset Alloc Strategic A-Acc

1.21

0.00 0.27

Multi Asset Alloc Def - Gross A

1.14

0.00 0.27

Multi Asset Alloc Def - Net A

1.14

0.00 0.24

Multi Asset Alloc Growth A

1.26

0.00 0.00

Multi Asset Defensive

1.24

0.00 0.35

Multi Asset Defensive - Gross

1.24

-0.01 0.34

Multi Asset Growth

1.40

0.00 0.34

MultiManager Balanced

1.09

0.00 0.56

Multi Asset Open Growth A-Acc

0.48

0.00 0.77

Multi Asset Open Strategic A-Acc

1.26

0.00 1.60

Multi Asset Open Strategic A-Inc

0.31

0.00 2.32

Multi Asset Strategic

1.55

-0.01 0.51

Open World A-Acc

1.22

0.00 0.00

Multi Asset Income A Gross Acc

1.57

0.00 3.66

Foord International Trust

1.13

0.00 5.06

Multi Asset Income A Net Acc

1.49

0.00 3.67

Multi Asset Income A Net Inc

1.13

0.00 5.06

South East Asia

8.42

0.02 0.45

Special Situations

28.49

0.01 1.77

Strategic Bond

0.00 3.23

0.33

(GSY)
-

-0.15 0.00

Taurus Emerging Fund Ltd

$ 246.03 251.05 -5.28 0.00

Generali International Limited

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed

4.86

5.24 0.01 0.00

UK Multi-Strategy Managed

4.84

5.22 0.01 0.00

EU Multi-Strategy Managed

2.93

3.16 0.01 0.00

Global Bond USD

3.60

3.88 0.01 0.00

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

Genesis Asset Managers LLP

Franklin Emg Mkts Debt Opp CHFSFr 17.80

-0.86 6.29

Emerging Mkts NAV

Franklin Emg Mkts Debt Opp EUR 12.66

0.00 5.94

Franklin Emg Mkts Debt Opp GBP 10.61

0.00 5.96

Franklin Emg Mkts Debt Opp SGD S$ 23.02

-0.10 5.97

Franklin Emg Mkts Debt Opp USD $ 17.85

-0.19 6.03

Other International Funds

(LUX)

8A rue Albert Borschette / L-1246 Luxembourg

www.franklintempleton.co.uk UK freephone 0 800 305 306
FCA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis

$ 10.33

-0.09 2.19

Frk High Yield

6.79

-0.02

Frk Euro Gov. Bond

11.53

-0.03 1.01

Frk Euro High Yield

6.62

0.01 4.58

Frk Euro Liquid Reserve

4.37

0.00

Frk Euro Short Dur Bond Fd

10.20

-0.01

Frk Europ Corp Bond Fd

11.61

0.01 1.64

Frk European Total Return

10.39

-0.03 1.48

Frk Global Aggr.Inv.Grd Bond Fd

$ 10.71

-0.02 0.00

-0.01 0.00

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
Property Bond

Franklin Templeton Investment Funds

5.87

Guardian

23.36 24.33 0.01

Choices Wth-Pfts Lg-tm

317.00 333.60 0.10

Choices Wth-Pfts St-tm

269.00 283.10 0.00

Choices Managed

625.56 658.48 -2.28

Choices Equity

707.92 745.18 -1.92

Freedom With Pfts Long-Tm

217.80 229.30 0.00

Freedom With Pfts Short-Tm

196.10 206.50 0.00

Freedom Managed

361.84 380.89 -1.58

408.18 429.67 -2.40

Corp Pens Mananged

220.84 220.84 -0.80

Corp Pens Equity

231.11 231.11 -0.62

Corp Pens Fixed Interest

304.15 304.15 -1.25

Corp Pens Index Linked

353.88 353.88 -5.15

Corp Pens Deposit

190.28 190.28 0.00

372.50 372.50 -3.89

Freedom Equity

Asset Management

Frk Global Aggregate Bond Fd

$ 10.13

-0.02 1.27

Frk Global Income Fd

$ 10.29

-0.05 5.55

Frk Income

$ 12.66

-0.04 3.09

Guardian Linked Life Assurance Ltd

Frk US Government

9.47

-0.01 2.29

Frk US Liquid Reserve Inc

9.67

0.00 0.00

Frk US Low Duration Fd

9.89

Frk US Total Return

$ 11.49

Tem Asian Bond

Corp Pens Protector

Corp Pens UK Index Tracker

1.98 -0.02

Managed Acc

18.15 19.10 -0.08

Equity Acc

33.20 34.95 -0.19

-0.01 0.53

Fixed Interest Acc

17.38 18.29 -0.05

-0.01 1.56

International Acc

13.23 13.93 -0.03

$ 13.52

-0.06 3.04

Nth American Acc

6.78

7.14 0.02

Tem Asian Growth

$ 32.64

-0.34 0.29

Pacific Acc

3.90

4.10 0.01

Tem Emerging Markets

$ 32.71

-0.24 0.27

European Acc

3.31

3.48 -0.03

Tem Emg Mkts Balanced AQdis

7.82

-0.04 2.87

Property Acc

6.75

7.10 0.01

Tem Emg Mkts Bd

$ 17.20

-0.02 6.69

Index-Linked Acc

6.67

7.02 -0.07

Tem Global

$ 34.02

-0.08 0.47

Deposit Accum

4.46

4.69 0.00

Tem Global (Euro)

18.81

-0.07 0.37

Guardian Pensions Management Ltd

1.98

Tem Global Balanced

$ 22.76

-0.05 0.64

Pens. Managed Acc.

23.63 24.87 -0.08

Tem Global Bond

$ 20.93

-0.07 2.32

Pens. Equity Acc.

35.66 37.53 -0.09

Tem Global Bond (Euro)

10.37

0.00 2.89

Tem Global Equity Income A(Mdis) $

9.95

-0.07 3.69

HPB Assurance Ltd

Tem Global High Yield Fd F

9.45

-0.03 4.99

Tem Global Income

$ 14.15

-0.03 1.64

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

Tem Global Smaller Cos

$ 33.24

-0.16 0.00

Tem Global Total Return

$ 17.77

-0.07 3.56

Holiday Property Bond Ser 1

0.53

0.00 0.00

Holiday Property Bond Ser 2

0.62

0.00 0.00

-0.04 0.30

Asset Management

(GSY)

Regulated

Franklin Templeton International Services Sarl (IRL)

Asset Management

Multi Asset Income A Gross Inc

$ 34.51

2.91 0.02

GYS Investment Management Ltd

Asset Management

26

FINANCIAL TIMES

Wednesday 11 February 2015

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Fund

Bid

European Opportunities Acc

Hamon Investment Group

European Smlr Cos Acc

Other International Funds

Asian Market Leaders - USD

$ 26.09

0.12 0.00

Asian Market Leaders - GBP

13.38

0.09 0.00

Greater China - USD

$ 10.67

0.04 0.00

Greater China - GBP

0.03 0.00

Selected Asian P'folio

$ 49.03 49.04 -0.26 0.00

4.42

Hargreaves Lansdown Fd Mgrs (1100)F

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
Multi-Manager Spec Sits Tst

259.14 272.77 -0.52 0.22

HL Multi-Manager Income & Growth Trust (Accumulation units)

161.55 169.96 -0.84 3.75

HL Multi-Manager Income & Growth Trust (Income units)

100.07 105.28 -0.53 3.75

Multi-Manager Bal Mgd Tst

180.76 190.11 -0.48 0.89

HL Multi-Manager Equity & Bond Trust (Income units)

108.93 114.46 -0.31 2.24

HL Multi-Manager Equity & Bond Trust (Accumulation units)

144.96 152.33 -0.41 2.24

Multi-Manager Strategic Bond Trust A Acc

169.57 174.81 -0.20 1.75

Multi-Manager Strategic Bond Trust A Inc

143.10 147.52 -0.16 1.75

HL Multi Manager UK Growth

99.73 102.81 -0.44 0.00

Haussmann
Other International Funds
Haussmann Cls A

Offer

+/- Yield

Fund

Bid

Offer

77.63

0.53 0.18

Invesco Euro Corporate Bond Fund (A) 17.60

165.45

0.97 0.00

Invesco Euro Inflation Linked Bond A 15.71

+/- Yield

Fund

Bid

Offer

+/- Yield

-0.02 0.00

UK Smaller Cos Inc

65.02xd

-0.09 0.00

New Zealand Dollar

-0.09 0.00

UK Strategic Eq Inc Acc ... C

148.30xd

-1.10 3.39

Sterling Class

UK Strategic Eq Inc Inc ... C

99.02xd

-0.73 3.47

US Dollar Class

-0.02 0.00

UK Strategic Gth Acc

107.30xd

-1.10 1.23

Lloyds Multi Strategy Fund Limited

0.16 0.00

UK Strategic Gth Inc

100.10xd

-1.00 1.24

Conservative Strategy

1.1540

-0.0070 2.30

Global Bond Acc

122.19

-0.16 1.06

Invesco European Growth Equity A 23.39

Global Bond Inc

80.80

-0.10 1.07

Invesco Global Absolute Return Fund A Class 11.81

0.03 0.00

US Acc

717.90xd

2.30 0.00

Growth Strategy

1.5340

-0.0080 1.64

M & G (Guernsey) Ltd

52.69

-0.03 4.45

Invesco Global Bond A Inc

5.56

-0.01 1.12

US Inc

99.37xd

0.33 0.00

Aggressive Strategy

1.8300

-0.0050 0.00

Glbl Distribution Acc (Gross)

53.01

-0.02 4.45

Invesco Global Equity Income Fund A $ 59.51

0.04 0.00

US Equity Income Acc ... C

123.10xd

0.60 1.84

Global USD Growth Strategy

$ 1.4110

-0.0070 0.00

Regulated
The M&G Offshore Fund Range

Glbl Distribution Inc

51.48

-0.03 4.46

Invesco Global Inc Real Estate Sec A dist $

9.78

-0.03 2.26

US Equity Income hdg Inc ... C

102.60xd

-0.20 2.01

Glbl Distribution Inc (Gross)

51.48

-0.03 4.46

Invesco Global Inv Grd Corp Bond A Dist $ 12.29

-0.01 3.04

US Equity Income Inc ... C

106.10xd

0.50 1.86

Global Equity (acc)

469.65

0.87 0.50

Invesco Global Leisure A

$ 35.85

-0.16 0.00

US Select Acc

111.90xd

0.60 0.00

Global Equity (inc)

428.37

0.80 0.50

Invesco Global Smaller Comp Eq Fd A $ 53.45

-0.07 0.00

US Select Inc

110.50xd

0.50 0.00

0.16 3.23

Invesco Global Structured Equity A $ 45.58

0.08

US Smaller Cos Acc

379.30xd

2.50 0.00

US Smaller Cos Inc

99.40xd

0.66 0.00

Global Equity Income Acc

119.86

Global Equity Income Inc

100.73

0.13 3.31

Invesco Global Total Ret.(EUR) Bond Fund A 13.46

0.00 0.00

85.90

-0.07 4.37

Invesco Gold & Precious Metals A $

4.99

0.03 0.00

Gbl Financial Capital Acc

Gbl Financial Capital Inc

75.15

-0.06 4.50

Invesco Greater China Equity A

$ 46.72

-0.12 0.00

JPMorgan Asset Management (Europe) S.. r.l. (FRA)

Gbl Financial Cap Acc Gross

89.13

-0.07 4.87

Invesco India Equity A

$ 52.99

0.47 0.00

Gbl Financial Cap Inc Gross

75.42

-0.06 5.06

Invesco Japanese Equity Adv Fd A 3547.00

16.00 0.00

6 route de Trves L - 2633 Senningerberg - Luxembourg

FCA Recognised
Star Capitol America

Global Opportunities Acc

94.57

0.44 0.49

Invesco Japanese Value Eq Fd A 1139.00

-2.00 0.00

1666.38

-3.21 0.00

Invesco Latin American Equity A $

7.55

0.01 0.00

Global Smaller Cos Inc

1594.04

-3.07 0.00

Invesco Nippon Small/Mid Cap Equity A 1000.00

1.00 0.00

JPMorgan Charity Funds

57.45

-0.21 0.28

Invesco Pan European Equity A EUR Cap NAV 19.43

0.14 0.00

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts

Global Targeted Rets Acc

High Income Acc

797.83

3.24 3.51

Invesco Pan European High Income Fd A 14.21

0.01 1.97

High Income Inc

448.09

1.82 3.60

Invesco Pan European Small Cap Equity A 19.92

0.05 0.00

High Yield Fund Acc

107.95

-0.16 4.20

Invesco Pan European Structured Equity A 16.47

0.13 0.00

124.96

-0.18 4.17

Invesco UK Eqty Income A

0.13 0.00

Star Capitol America D

2631.06

-5.19 0.00

(UK)

UK Equity Fund for Charities I...C 2.843320xd 2.854130 -0.019480 3.32

1.405790xd 1.412820 -0.005770 3.65

Bond Fund for Charities

-0.06 4.29

Invesco UK Investment Grade Bond A

1.02

-0.01 2.72

44.11

-0.06 4.28

Invesco US Structured Equity A

$ 22.18

-0.05 0.00

11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626

FCA Recognised

472.40

-0.21 0.73

Invesco US Value Eq Fd A

$ 32.77

-0.05 0.00

Europe Convertible Bd A (Dis) - D - EUR F 13.54

Invesco USD Reserve A

$ 87.02

0.00 0.00

Europe Convertible Bd B (Cap)

Global Convertible A (Dis) F

Hong Kong & China Acc

Cautious Managed A Acc

243.00

0.10 3.22

Cautious Managed A Inc

153.90

0.10 3.28

China Opportunities A Acc

857.70

2.40 0.38

Emerging Markets Opportunities A Acc

154.10

-0.90 0.40

European Growth A Acc

163.70

0.70 0.80

European Selected Opportunities A Acc

1252.00

6.00 0.49

European Special Situations A Acc

88.38

0.22 1.13

Fixed Interest Monthly Income A Inc

22.38 23.47 -0.05 5.99

Global Care Growth A Inc

201.80

0.50 0.12

Global Equity Income A Inc

50.39

0.09 3.81

Global Growth Fund

1982.41 2071.47 -7.85 0.00

Global Technology A Acc

906.80

-3.10 0.00

Multi-Manager Absolute Return A Acc

136.20

-0.20 0.00

Multi-Manager Active A Acc

175.50

0.00 0.00

Multi-Manager Distribution A Inc

131.80

-0.30 2.49

Multi-Manager Diversified A Acc

78.74

-0.08 2.61

Multi-Manager Global Select Acc

182.20

0.20 0.00

Multi-Manager Income & Growth A Acc

153.20

-0.30 2.03

Multi-Manager Income & Growth A Inc

143.50

-0.30 2.05

Multi-Manager Managed A Acc

229.50

0.20 0.00

Multi-Manager Managed A Inc

225.30

0.20 0.00

Sterling Bond Acc

203.51 212.64 -0.85 2.84

Sterling Bond Inc

64.15 67.02 -0.26 2.88

Income & Growth Acc

952.53

4.68 3.66

Income & Growth Inc

422.64

2.08 3.76

Income Acc

3083.78

12.93 3.33

Income Inc

1765.95

7.40 3.41

Japan Acc

F
F

Japanese Smlr Cos Acc

Latin America Acc

Latin America Inc

292.92

0.88 0.33

65.27

-0.15 0.00

130.40

0.41 1.21

109.67

0.33 1.22

Managed Growth Acc

161.66

0.28 0.82

Managed Growth Inc

135.40

0.24 0.82

Managed Income Acc

159.36

0.30 3.17

Managed Income Inc

99.68

0.18 3.24

90.08

0.00 0.26

95.17

0.00 0.26

298.41

0.01 4.79

348.23

0.02 4.76

113.25

0.00 4.89

113.39

0.00 4.89

1011.18

0.07 0.37

Money Acc

Money Acc (Gross)

Monthly Income Plus Acc

Monthly Income Plus Acc (Gross)

Monthly Income Plus Inc

Monthly Income Plus Inc (Gross)

Pacific Acc
Pacific Inc

F
F

928.75

0.06 0.37

Tactical Bond Acc

69.63

0.02 1.76

Tactical Bond Inc

60.76

0.01 1.77

Tactical Bond Acc (Gross)

72.13

0.02 1.75

Tactical Bond Inc (Gross)

60.82

0.01 1.78

30.84

Invesco Global Asset Management Ltd

(IRL)

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200

FCA Recognised
Invesco Stlg Bd A QD F

2.66

Invesco Asian Equity A

6.79

0.01 0.10

Invesco ASEAN Equity A

$ 103.56

-0.60 0.38

Invesco Bond A

$ 27.65

-0.14 2.30

Invesco Continental Eurp Small Cap Eqty A $ 188.01

0.56 0.00

Invesco Emerging Markets Equity A $ 39.51

-0.13 0.00

Invesco Emerging Markets Bond A $ 21.34

-0.07 4.72

Invesco Continental European Equity A

0.05 0.07

Invesco Gilt A

8.48

-0.01 3.56

Invesco PRC Equity A

$ 51.52

0.15

Invesco Pacific Equity A

$ 49.87

-0.02 0.18

Invesco Global Technology A

$ 15.18

-0.14 0.00

Invesco UK Eqty A

0.02 1.11

8.36

338.29

-0.60 0.00

JB Emerging (USD)-USD B

$ 409.09

-0.41 0.00

UK Smaller Cos Equity Inc

598.75

2.10 0.62

JB BF Local EM-USD B

$ 287.13

-1.34 0.00

UK Strategic Income Acc

180.46

0.87 3.49

JB BF Total Ret-EUR B

99.13

-0.12 0.00

UK Strategic Income Inc

137.42

0.66 3.58

Invest AD

JB EF Abs Ret Eur-EUR B

118.57

-0.27 0.00

550.03

-1.86 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds

JB EF Euro Value-EUR B

188.40

-1.46 0.00

JB EF Japan-JPY B

16270.00

37.00 0.00

JB EF Luxury B-EUR B

225.11

-2.49 0.00

JB Ms EF Special Val. EUR/A

145.28

-0.34 0.77

JB Strategy Balanced-CHF/B

SFr 152.07

-0.36 0.00

JB Strategy Balanced-EUR

158.27

-0.45 0.00

JB Strategy Balanced-USD/B

$ 133.19

-0.41 0.00

SFr 94.04

-0.26 0.00

119.53

-0.44 0.00

JB Strategy Inc-CHF/B

SFr 121.10

-0.08 0.00

JB Strategy Inc-EUR/B

162.98

-0.17 0.00

JB Strategy Inc-USD/B

$ 149.54

-0.18 0.00

0.10 3.45

Asian Equity Income (No Trail) Acc

130.70

0.21 3.99

Invest AD - GCC Focus Fund

18.03 0.00

UK Index A Acc

506.90

0.60 1.99

Asian Equity Income (No Trail) Inc

113.29

0.19 4.10

UK Property A Acc

193.08 203.24 0.05 4.04

Balanced Risk 6 No Trail Acc

109.76

0.02 0.20

UK Property A Inc

97.68 102.81 0.03 4.16

Balanced Risk 8 No Trail Acc

113.92

0.00 0.45

120.32

-0.08 4.00

Distribution (No Trail) Acc

169.00

0.13 4.13

Distribution (No Trail) Inc

115.27

0.10 4.21

169.51

0.01 0.99

Emerging Countries (No Trail) Inc

159.76

0.01 1.00

70.12

-0.41 3.92

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

Emerging European (No Trail) Inc

63.92

-0.37 4.03

European Equity (No Trail) Acc

143.74

0.93 2.87

Hermes Active UK Inflation Fund Class F Acc

1.26

1.26 -0.01 0.00

European Equity (No Trail) Inc

121.40

0.78 2.94

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.57

1.57 0.02 0.00

European Equity Income (No Trail) Acc

147.96

0.99 3.23

Hermes Asia Ex-Japan Equity Fund Class R Acc

3.38

3.38 0.04 0.00

European Equity Income (No Trail) Inc

116.04

0.78 3.31

Hermes Global Emerging Markets Fund Class F Acc

1.24

1.24 0.00 0.00

European High Income (No Trail) Acc

165.57

-0.08 3.35

Hermes Global Emerging Markets Fund Class R Acc

3.11

3.11 0.02 0.00

European High Income (No Trail) Inc

123.32

-0.06 3.41

Hermes Global Equity Fund Class F Acc

1.50

1.50 -0.01 0.00

Invesco Perpetual High Yield Fund acc (No trail)

222.87

-0.33 4.26

Hermes Global Equity Fund Class R Acc

3.91

3.91 0.00 0.00

Invesco Perpetual High Yield Fund inc (No trail)

169.52

-0.25 4.35

Hermes Global ESG Equity Fund Class F Acc

1.15

1.15 0.00

European Opportunities (No Trail) Acc

161.91

1.10 0.76

Hermes Global High Yield Bond Fund Class F Acc

1.11

1.11 0.00 0.00

European Opportunities (No Trail) Inc

153.65

1.04 0.77

Hermes Global High Yield Bond Fund Class R Acc

2.86

2.86 0.01 0.00

European Smaller Companies (No Trail) Acc

202.43

1.20 0.54

Hermes Multi Asset Inflation Fund Class F GBP Acc

1.00

1.00 0.00

Global Balanced Index (No Trail) Acc

156.46

0.15 1.78

Hermes Multi Strategy Credit Fund Class F Acc Hed

1.02

1.02 0.00

Global Bond (No Trail) Acc

137.11

-0.17 1.30

Hermes Sourcecap EU Alpha Fund Class F Acc

1.24

1.24 0.00

Global Bond (No Trail) Inc

125.38

-0.16 1.31

Hermes Sourcecap EU Alpha Fund Class F Dis

1.22

1.22 0.00 1.84

Glbl Distribution Acc (No Trail)

105.77

-0.04

Hermes Sourcecap EU Alpha Fund Class R Acc

2.98

2.98 0.02 0.00

Glbl Distribution Inc (No Trail)

103.33

-0.05

Hermes Sourcecap EX UK Fund Class F Acc

1.28

1.28 0.01 0.00

Global Equity (No Trail) acc

206.54

0.39 1.03

Hermes Sourcecap EX UK Fund Class R Acc

2.98

2.98 0.01 0.00

Global Equity (No Trail) inc

193.29

0.37 1.04

Hermes UK Small & Mid Cap Fund Class F Acc

1.49

1.49 0.01 0.00

Global Equity Income (No Trail ) Acc

247.00

0.33 3.21

Hermes UK Small & Mid Cap Fund Class R Acc

4.42

4.42 0.02 0.00

Global Equity Income (No Trail) Inc

207.59

0.28 3.30

Hermes US SMID Equity Fund Class F Acc

1.56

1.56 -0.01 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

171.12

-0.14 1.32

Hermes US SMID Equity Fund Class R Acc

3.31

3.31 -0.01 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

199.35

-0.06 1.74

Gbl Fin Cap No Trail Acc

174.39

-0.14 4.35

Gbl Fin Cap No Trail Inc

152.60

-0.12 4.48

Global Opportunities (No Trail) Acc

242.45

1.14 1.01

Global Smaller Companies (No Trail) Acc

242.53

-0.47 0.40

Global Smaller Companies (No Trail) Inc

233.28

-0.45 0.40

Global Targeted Rets (No Trail) Acc

115.71

-0.42 0.81

High Income (No Trail) Acc

169.95

0.69 3.50

127.23

0.52 3.59

Env Mkts (Ire) Stl A

2.22

0.00 0.00

Env Mkts (Ire) Euro A

2.05

0.01 0.00

Hong Kong & China (No Trail) Acc

186.64

-0.08 1.23

Env Mkts (Ire) USD A

1.77

0.00 0.00

Income & Growth (No Trail) Acc

223.40

1.10 3.65

Income & Growth (No Trail) Inc

180.86

0.89 3.74

INDIA VALUE INVESTMENTS LIMITED (INVIL)

Income (No Trail) Acc

168.82

0.71 3.31

www.invil.mu
Other International Funds

Income (No Trail) Inc

127.26

0.53 3.40

Japan (No Trail) Acc

138.66

0.42 0.85

Japanese Smaller Companies (No Trail) Acc F

165.62

-0.40 0.00

Latin American (No Trail) Acc

125.61

0.39 1.84

Latin American (No Trail) Inc

114.71

0.36 1.86

Managed Growth (No Trail) Acc

195.37

0.34 1.27

Managed Growth (No Trail) Inc

181.57

0.32 1.29

Managed Income (No Trail) Acc

190.41

0.36 3.17

Managed Income (No Trail) Inc

159.73

0.30 3.23

Monthly Income Plus (No Trail) Acc

171.46

0.01 4.78

Monthly Income Plus (No Trail) Inc

111.20

0.01 4.88

Pacific (No Trail) Acc

186.88

0.02 0.84

Pacific (No Trail) Inc

177.37

0.01 0.92

Tactical Bond (No Trail) Acc

142.08

0.04 2.23

Tactical Bond (No Trail) Inc

121.72

0.03 2.26

UK Aggressive (No Trail) Acc

171.42

0.02 2.32

UK Aggressive (No Trail) Inc

144.23

0.01 2.37

UK Enhanced Index (No Trail) Acc

404.82

0.56 3.29

UK Enhanced Index (No Trail) Inc

260.68

0.36 3.37

Asian Acc

471.74

-0.53 0.82

UK Growth (No Trail) Acc

149.76

0.47 2.34

Asian Inc

423.71

-0.47 0.83

UK Growth (No Trail) Inc

122.54

0.38 2.39

Asian Equity Income Acc

64.09

0.10 4.00

UK Smaller Companies Equity (No Trail) Acc

251.80

0.88 1.14

Asian Equity Income Inc

55.54

0.09 4.11

UK Smaller Companies Equity (No Trail) Inc

235.00

0.83 1.15

Balanced Risk 6 Acc

54.06

0.00 0.00

UK Strategic Income (No Trail) Acc

714.09

3.44 3.47

Balanced Risk 8 Acc

56.13

0.00 0.04

UK Strategic Income (No Trail) Inc

543.85

2.61 3.56

Balanced Risk 10 Acc

58.24

0.00 0.27

US Equity (No Trail) Acc

228.18

-0.77 0.04

412.86

1.32 1.75

207.20

-0.14 3.65

91.23

-0.06 3.75

185.42

-0.13 3.67

Corporate Bond Inc

91.00

-0.06 3.75

110.58

0.09 4.14

125.69

0.11 4.12

66.25

0.05 4.22

66.25

0.05 4.22

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282

FCA Recognised
Invesco Management SA

259.61

0.01 0.49

Invesco Active Multi-Sector Credit Fund A

0.01 0.49

Invesco Asia Balanced A dist

Distribution Acc (Gross)

Distribution Inc

Distribution Inc (Gross)

Emerging Countries Acc

F
F

Emerging Countries Inc

236.19

Invesco

(LUX)

2.93

0.00 0.00

$ 15.61

0.00 3.48

Emerging European Acc

33.83

-0.20 3.21

Invesco Asia Consumer Demand Fund A income $ 13.97

0.01 0.18

Emerging European Inc

31.66

-0.18 3.29

Invesco Asia Infrastructure (A)

0.08 1.51

$ 13.38

European Equity Acc

817.18

5.25 2.33

Invesco Asia Opportunities Equity A $ 105.48

0.12 0.00

European Equity Inc

691.37

4.45 2.38

Invesco Balanced Risk Allocation Fund A 15.48

-0.04 0.00

0.48 3.25

Invesco Capital Shield 90 (EUR) A 12.11

-0.01 0.00

European Equity Income Acc

72.10

European Equity Income Inc

56.53

0.38 3.32

Invesco Emerging Europe Equity Fund A $

7.98

-0.05 0.00

European High Income Acc

80.61

-0.04 3.36

Invesco Emerging Local Currencies Debt A Inc $

8.27

-0.04 5.97

European High Income Inc

60.04

-0.03 3.42

Invesco Emerging Mkt Quant.Eq. A $ 10.91

-0.01 0.00

75.81

0.51 0.18

Invesco Energy A

0.00

European Opportunities Inc

JB Strategy Growth-EUR

JPMorgan Asset Mgmt (1200)F

(UK)

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Eq Fd A - Net Acc

58.87xd

0.23 0.00

America Eq Fd A - Net Inc

58.86xd

0.23 0.00

$ 23.46

6.45

0.06 0.00

Convertible Bd P A

17.13

-0.06 0.00

Convertible Bd Asia PA F

SFr 13.57

-0.02 0.00

Convertible Bd Asia PA F

14.39

-0.02 0.00

Convertible Bd Asia PA F

$ 14.47

-0.02 0.00

Emerg. Consumer (CHF) PA

SFr 12.73

-0.07 0.00

Emerg. Consumer (EUR) PA

12.80

-0.06 0.00

Emerg. Consumer (USD) PA

$ 12.78

-0.06 0.00

Emerg.Eq. Risk Par.(EUR) PA

-0.04 0.00

9.00

SFr

Emerg.Loc.Cur.Bd.Fdt PA

+/- Yield
-1.32 4.24

(GSY)

American Fund

163.94 170.78 -0.32 0.00

Corporate Bond

1356.55 1398.50 -4.99 3.05

Global Basics

2435.59 2510.92 0.27 0.00

Global Leaders

3360.59 3500.62 -5.40 1.31

Global High Yield Bond

1000.07 1031.00 0.00 4.65

Global Macro Bond Fund

11398.88 11751.43 0.00 0.55

Optimal Income Fund

145.41 149.90 -0.18 2.37

Recovery Fund Limited 'A' Participating Shares

10723.91 11170.74 2.49 0.67

Recovery Fund Limited 'I' Participating Shares

10737.07 10845.53 2.51 1.47

Strategic Corporate Bond Fund

137.29 143.01 -0.38 2.90

UK Growth

1539.51 1603.66 4.19 1.06

MFS Investment Funds

(LUX)

FCA Recognised

-2.20 0.63

Eur Dynamic exUK hdg Acc

173.80xd

-1.70 0.54

Eur Dynamic exUK Inc

71.18xd

-0.98 0.62

Eur Smaller Cos Acc

425.80xd

-4.80 0.00

Eur Smaller Cos Inc

55.38xd

-0.62 0.00

Fusion Balanced Acc

54.60

0.08 0.00

Fusion Balanced Inc

54.59

0.08 0.00

Fusion Conservative Acc

54.17

0.07 0.00

54.14

0.06 0.00

Fusion Growth Acc

55.87

0.09 0.00

Fusion Growth Inc

55.87

0.09 0.00

Fusion Growth + Inc

Fusion Income Acc...C
Fusion Income Inc...C
Global Allocation A-Net Acc
Global Allocation A-Net Inc

116.27

High Yield Bond A Inc

54.41

57.33
57.34
54.12

0.11 0.00
0.11 0.00
0.03 2.44

52.34

0.03 2.49

54.32xd

-0.20 0.64

Gb.Conc.Eq.Fd.Sterling

-0.02 0.00

-0.65 0.00

Asia Pacific

119.70

-0.20 1.02

Japan Specialist Fund

8.99

0.04 0.00

Gb.Conc.Eq.Fd.US

$ 194.31

-0.82 0.00

China

114.30

0.30 0.06

Pacific Basin Specialist Equity Fund 24.11

0.00 0.60

Gb.Eq.Hdg Fd.Euro IRE T

180.70

-0.76 0.00

Emerging Mkts

209.50

0.00 0.27

UK Sovereign Bd Index Fund

0.03 2.58

Gb.Eq.Euro Hdg Fd.

256.32

-1.08 0.00

European Equity Income A acc

345.00

1.30 3.59

UK Specialist Equity Income Fund

9.93

-0.06 3.49

Gb.Eq.Fund Euro

277.18

-1.05 0.00

Global Alpha

134.60

-0.20 0.38

Global Spec Inv Grade Bd Fund GBP 10.39

0.00 3.13

Gb.Eq. Fd Euro IRE T

175.18

-0.66 0.00

Global Equity Income Inc

108.70

-0.20 3.91

Inflation Lkd Sov Bd Fund

12.54

0.00 0.71

Gb.Eq.Fd.Sterling UK T

208.09

-0.61 0.00

Global Equity Income acc

137.10

-0.10 3.82

Global Emerg Mkts Equity Fund

12.69

0.01 0.47

Gb.Eq.Fd.US Dollar

$ 314.09

-1.44 0.00

Japan Alpha

101.80

0.00 0.05

Series 2 (Investment Management customers only)

Gb.Eq.Fund Sterling

206.12

-0.60 0.00

North American

256.00

-0.60 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 118.64

-0.50 0.00

European Equity Income A Inc

311.80

1.20 3.67

0.00 0.00

Euro BBB-BB Fdt PA

11.07

0.00 0.00

Euro BBB-BB Fdt PA

$ 17.81

0.01 0.00

Euro Credit Bd PA F

13.16

0.00 0.00

Euro Government Fdt PA

12.75

-0.02 0.00

Euro Inflation-Lk Fdt PA

12.10

-0.04 0.00

Absolute Return A1

19.66

0.03 0.00

Euro Resp.Corp. Fdt PA

18.66

0.02 0.00

Asia ex-Japan A1

$ 24.96

-0.08 0.00

McInroy & Wood Portfolios Limited

Europe High Conviction PA

11.12

-0.08 0.00

Bond A1

$ 10.56

0.00 0.00

Eurozone Small&Mid Caps PA

46.95

-0.49 0.00

China Equity Fd A1

$ 10.06

-0.06 0.00

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds

Fdmt.Eq.L/S SH Sd EUR PA

10.38

-0.05

Continental European Eqty A1

16.90

-0.05 0.00

Fdmt.Eq.L/S SH Sd USD PA

$ 10.37

-0.05

Emer Mkts Debt Lo Curr Fd A1

$ 12.93

-0.07 0.00

Gb.Val.Ex-Japan Fd.Yen

13832.00

-111.00 0.00

Marwyn Asset Management Limited

MFS Meridian Funds SICAV

(LUX)

Regulated

-0.05 0.00

European Concentrated A1

17.37

0.01 0.00

-0.04 0.00

European Core Eq A1

29.65

-0.17 0.00

Gbl.5B Fdmt (EUR) PA

11.81

0.01 0.00

European Res.A1

30.85

-0.10 0.00

Global Gold & Resources Fund

$ 204.84

-17.30

Gbl.5B Fdmt (CHF) PA

SFr 10.13

0.00 0.00

European Smaller Companies A1 45.57

-0.31 0.00

Global Energy & Resources Fund $ 51.93

-5.53

$ 11.13

0.00 0.00

European Value A1

34.47

-0.14 0.00

SFr 12.48

-0.06 0.00

Global Bond A1

$ 10.72

0.00 0.00

Generation Global (EUR) PA F

19.61

-0.08 0.00

Global Conc.A1

$ 36.53

-0.15 0.00

Generation Global (USD) PA F

$ 15.14

-0.08 0.00

Global Energy Fund A1

$ 14.55

0.05 0.00

Global Energy (USD) PA F

0.04 0.00

Global Equity A1

$ 45.83

-0.19 0.00

SFr 21.25

-0.17 0.00

Global Equity A1

25.73

-0.07 0.00

Golden Age (EUR) PA

14.35

-0.11 0.00

Global Multi-Asset A1

$ 16.09

0.00 0.00

Golden Age (USD) PA F

$ 19.96

-0.15 0.00

Global Res.A1

$ 26.02

-0.09 0.00

Sh.T- Money Mkt EUR PA

112.41

-0.01 0.00

Global Total Return A1

17.58

0.00 0.00

Sh.T- Money Mkt CHF PA

SFr 129.34

-0.01 0.00

High Yield A1

$ 25.29

0.00 0.00

Sh.T- Money Mkt GBP PA

10.25

0.00 0.00

High Yield Fund A1

Sh.T- Money Mkt USD PA

$ 10.30

0.00 0.00

Inflation-Adjusted Bond A1

16.27

0.03 0.00

$ 14.34

-0.01 0.00

0.02 0.00

Japan Equity A1

9.51

-0.06 0.00

Balanced (EUR) PA F

125.71

-0.41 0.00

0.04 4.41

Conservative (CHF) PA F

SFr 103.95

-0.17 0.00

0.02 4.41

LO Selection

MMIP Investment Management Limited

Regulated
Multi-Manager Investment Programmes PCC Limited

0.02

Manek Investment Mgmt Ltd (1000)F

UK Equity Absolute Return A Acc

116.57

0.04 0.00

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.90

-0.01

UK Equity A Acc

224.67

0.12 1.18

Inc.Pt.RMB Dt.SH EUR PA

9.91

-0.01

P.O.Box 100, Swindon SN1 1WR 0844 800 9401

Authorised Inv Funds

UK Equity Income A Acc

200.79

0.70 3.80

Inc.Pt.RMB Dt.USD PA

9.94

-0.02

UK Equity Income A Inc

160.95

0.56 3.90

Jenn. US Eq.Opp. USD PA

9.76

-0.06

UK Opportunities A Acc

163.12

1.05 1.03

Neubrg.Berman US Core PA

$ 14.52

-0.06 0.00

UK Smaller Companies A Acc

236.84

0.72 0.28

Sands US Growth PA

13.75

-0.07 0.00

0.03 0.37

Absolute Return Bond B GBP Acc

-0.59 3.79

Asset Management

Global Eq Income hdg Inc ... C

49.25xd

Global Eq Income Acc... C

70.64xd

Global Eq Income Inc ... C

62.83xd

Global Financials Acc

728.20xd

Global Financials Inc

0.01

Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58

11.56 0.00

Diversified Absolute Return Stlg Cell AF2 1632.60

12.04 0.00

-0.12 2.38

Asia Pac Eq EUR Ord Inc

100.89

-0.42 2.88

Ministry of Justice Common Investment Funds (UK)

Asia Pac Eq GBP Ord Inc

103.80

-0.42 3.27

Property & Other UK Unit Trusts

Asia Pac Eq USD Ord Inc

$ 104.72

-0.43 2.68

The Equity Idx Tracker Fd Inc

1389.00 1389.00 0.00 2.74

Distribution Units
(LUX)

www.mirabaud.com, marketing@mirabaud.com
Regulated

-0.44 0.00

Asia Pac Eq USD Inst Inc

$ 116.88

-0.46 3.32

Dyn Europ Eq EUR Ord Inc

163.20

-1.38 1.21

Dyn Europ Eq GBP Ord Inc

173.99

-1.41 1.80

Dyn Europ Eq USD Ord Inc

$ 163.62

-1.33 1.24

-0.49 0.00

China Equity EUR Ord Acc

146.66

-1.44 0.00

Mir. Conv. Bds Glb A USD

$ 113.33

-0.12 0.00

China Equity GBP Ord Acc

150.80

-1.43 0.00

Mir. - Eq Asia ex Jap A

$ 185.67

0.44 0.00

China Equity USD Ord Acc

$ 148.79

-1.44 0.00

Mir. - Eq Glb Emrg Mkt A USD

$ 103.41

-0.12 0.00

China Equity USD Inst Acc

$ 151.88

-1.45 0.00

Mir. - Eq Global A USD

$ 126.70

-0.71 0.00

Global Val.Cr.Fd GBP Ord Inc

114.14

-0.15 3.81

Mir. -Eq Spain A

26.21

-0.38 0.00

Global Val.Cr.Fd USD Inst Acc

$ 123.92

-0.16 0.00

Mir. - Eq Swiss Sm/Mid A

SFr 278.20

0.49 0.00

Global Val.Cr.Fd GBP Ord Acc

178.71

-0.23 0.00

Mir. - Glb High Yield Bds A

$ 109.53

0.06

Global Val.Cr.Fd USD Ord Acc

$ 168.22

-0.22 0.00

Mir. - Glb Eq High Income A USD $ 105.00

-0.13 0.00

Global Val.Cr.Fd EUR Ord Acc

157.41

-0.22 0.00

Mir. - Glb Strat. Bd A USD

0.07 0.00

Swiss Select Equity Inst Acc

SFr 102.62

0.05

Swiss Select Equity Ord Acc

SFr 102.01

0.05

$ 106.69

Asset Management

Montello Real Estate Opportunity Fund

Growth Fd Acc

(LUX)

101 New Cavendish Street,London W1W 6XH

Regulated

6.88 0.00

58.39 61.84 -0.01 0.00

Manulife Global Fund

(LUX)

31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg

www.manulife.com.hk
FCA Recognised

(CYM)

All Weather Fd USD Cls

$ 119.43

-0.22 0.00

$ 23.08

0.00 0.00

All Weather Fd EUR Cls

107.75

-0.24 0.00

MW Japan Fd Ltd B

$ 23.36

0.00 0.00

All Weather Fd GBP Cls

115.84

-0.23 0.00

Tactical Opps USD Cls

$ 174.12

6.82 0.00

Tactical Opps EUR Cls

146.50

5.76 0.00

Tactical Opps GBP Cls

164.55

6.38 0.00

Morant Wright Funds (Ireland) PLC

(IRL)

FCA Recognised

American Growth Fund Class A F $ 28.6662

-0.0670 0.00

Morant Wright Fuji Yield CHF Acc HedgedSFr 10.60

0.03

American Growth Fund Class AA F $ 1.6301

-0.0038 0.00

Morant Wright Fuji Yield EUR Acc Hedged 10.40

0.02

American Growth Fund Class AA (HKD) FHK$ 10.2212

-0.0230

Morant Wright Fuji Yield GBP Acc Hedged 10.59

0.02

Asset Management

Asian Equity Fund Class A F

$ 3.1467

-0.0233 0.40

Morant Wright Fuji Yield USD Acc Hedged $ 10.32

0.02

Asian Equity Fund Class AA F

-0.0076 0.00

Morant Wright Fuji Yield USD Dist Hedged $ 10.57

0.02

Asian Small Cap Equity Fund Class AA F $ 2.1941

-0.0257 0.00

Morant Wright Fuji Yield YEN Acc 1059.35

2.32

Lothbury Property Trust GBP

Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.8789

-0.1031

Morant Wright Fuji Yield YEN Dist 1059.35

2.32

China Value Fund Class A F

$ 8.6047

-0.0393 0.70

Morant Wright Sakura Fund Sterling Acc Hedged 12.49

0.08 0.00

China Value Fund Class AA F

$ 2.6976

-0.0123 0.48

Morant Wright Sakura Fund Euro Acc Hedged 12.48

0.08 0.00

Dragon Growth Fund Class A F

$ 1.9895

-0.0200

Morant Wright Sakura Fund Yen Acc Unhedged 1270.34

8.01 0.00

-0.0959 0.59

Morant Wright Sakura Fund Dollar Acc Hedged $ 12.46

0.08 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.46

0.07

994.29

0.39

-0.44 3.85

Eq Market Neutral Plus B Acc

984.72

0.80

Emerging Eastern Europe Fund Class AA F $ 1.3719

-0.0056

-0.42 3.66

High Yield Global Bond A GBP Inc

543.66

0.16 4.28

Emerging Eastern Europe Fund Class A F $ 3.1924

-0.0131 0.93

-0.37 3.75

High Yield Global Bond B GBP Inc

1129.27

0.36 4.80

3.30 0.80

Investment Grade Global Bd A GBP Inc

570.39

-0.28 2.40

41.44xd

0.18 0.80

Kames Global Equity Income B GBP Acc

1123.20

-1.01

Global High Yield Bond A Mth Net Inc

39.43xd

0.11 6.99

Kames Global Equity Income B GBP Inc

1094.82

-0.98

Global High Yield Bond Acc ... C

100.40xd

0.30 6.93

Strategic Global Bond A GBP Inc

1125.36

Global High Yield Bond Inc ... C

39.42xd

0.12 7.02

Global Property Secs Acc

61.21xd

-1.51 0.68

Global Property Secs Inc

53.06xd

-1.31 0.68

Kleinwort Benson Bank

Income Fd A - Net Acc

50.43xd

0.04

Income Fd A - Net Inc

48.79xd

0.04

Japan Acc

258.00xd

0.40 0.00

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

Japan Inc

62.09xd

0.08 0.00

HC KB Capital Growth A Acc

170.27

Multi-Asset Inc A Mth Net Inc

66.83xd

-0.19 3.70

HC KB Capital Growth A Inc

161.92

Multi-Asset Inc Acc... C

86.57xd

-0.24 3.64

HC KB Capital Growth B Acc

164.85

Multi-Asset Inc Inc... C

66.83xd

-0.18 3.73

HC KB Capital Growth B Inc

Multi-Asset Macro Acc

59.93xd

-0.20 0.00

Multi-Asset Macro Inc

59.93xd

Multi-Manager Growth Acc

707.70xd

Multi-Manager Growth Inc

660.40xd

Natural Resources Acc

Natural Resources Inc

European Growth Fund Class A F $ 10.6170

-0.0954 1.24

European Growth Fund Class AA F $ 0.7688

-0.0069 0.60

(UK)
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds

Global Contrarian Fund Class AA F $ 0.9399

-0.0022 0.00

Charifund Inc

1489.87

-0.08 4.49

Global Property Fund Class AA F $ 1.0421

-0.0143 0.73

-0.01 1.56

Charifund Acc

19772.34

-1.12 4.36

Global Resources Fund Class AA F $ 0.8579

0.0001 0.00

0.01 2.04

M&G Corporate Bond A Acc

63.70xd

-0.23 3.07

Greater China Opportunities Class AA $ 1.0132

-0.0075

M&G Corporate Bond A Inc

40.75xd

-0.15 3.07

Healthcare Fund Class AA F

$ 1.8913

-0.0123 0.00

M&G Dividend A Inc

61.80xd

0.20 4.16

India Equity Fund Class AA F

$ 1.4499

M&G Dividend A Acc

600.29xd

1.94 4.02

International Growth Fund Class A F $ 4.6158

M&G Episode Growth X Inc

51.10xd

0.15 1.94

International Growth Fund Class AA F $ 1.0607

M&G Episode Income A Acc

144.39xd

-0.08 3.31

Japanese Growth Fund Class A F $ 3.1594

0.02 1.36

M&G Episode Income A Inc

123.64xd

-0.07 3.38

0.01 1.38

M&G Extra Income A Inc

757.57

-6.41 4.19

0.00 1.10

M&G Extra Income A Acc

5984.60

159.26

0.00 1.07

M&G Global Basics A Inc

660.70

HC KB Capital Growth C Acc

171.88

0.00 2.01

M&G Global Basics A Acc

-0.20 0.00

HC KB Capital Growth C Inc

159.94

0.00 2.00

-3.10 0.46

HC KB Enterprise Equity Income A Inc

111.81

-3.00 0.46

HC KB Enterprise Equity Income A Acc

161.29

473.10xd

-5.20 0.09

HC KB Endeavour Multi Asset Balanced A Acc

134.20

33.51xd

-0.37 0.09

HC KB Endeavour Multi Asset Balanced A Inc

128.09

New Europe Acc

143.30xd

-0.60 2.53

HC KB Enterprise Fixed Income A Acc

125.17

New Europe Inc

34.07xd

-0.13 2.49

HC KB Enterprise Fixed Income A Inc

113.18

Portfolio Acc

198.20

0.20 0.99

Sterling Corporate Bond Acc

85.21xd

-0.25 2.51

Sterling Corporate Bond Inc

54.09xd

-0.15 2.52

Strategic Bond Acc

69.28xd

0.17 3.32

Strategic Bond Inc

58.35xd

0.14 3.34

Lloyds Investment Funds Limited

UK Active Index + E Acc

280.20xd

-2.10 2.92

Euro High Income

1.7170xd

UK Active Index + E Inc

52.84xd

-0.38 3.01

European

7.7490

UK Dynamic Acc

152.20xd

-1.30 1.40

High Income

UK Dynamic Inc

125.50xd

-1.20 1.41

UK Eq & Bond Inc Acc ... C

140.50xd

UK Eq & Bond Inc Inc ... C

84.08xd

UK Focus Acc
UK Focus Inc

New Capital Alternative Strategies

MW Japan Fd Ltd A

Regulated

$ 1.0135

M & G Securities (1200)F

$ 108.46

132.89

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Property & Other UK Unit Trusts
1654.97 1776.10 10.45 3.28

Asset Management
Managemen

Asia Pac Eq USD Inst Acc

Mir. Conv. Bds Eur A EUR

Morant Wright Management Ltd

Eq Market Neutral B Acc

638.16

(UK)

Dragon Growth Fund Class AA HKDHK$ 9.6374

Strategic Global Bond B GBP Inc

$ 98.33

Montello Real Estate Opportunity Fund II 1086.84

(IRL)

1077.81

Asia Pac Bd USD Ord Inc

-0.13 3.51

-0.10 3.10

-3.32 0.00

-0.15 3.55

CNY 99.72

66.94xd

Inc.Pt.RMB Dt.CNH PA

88.18xd

$ 96.28

$ 114.18

$ 111.79

0.07 2.71

Global Eq Income hdg Acc... C

Asia Pac Bd USD Inst Inc

MEMO - MEMV Series

Wealthy Nat Bd USD Ord Inc

Global Consumer Trends Inc

3.97 0.00

10.16

-0.14 3.65

122.88

0.02 0.40

Strategic Bond A Inc

$ 484.95

114.61

PrivilEdge

92.90xd

$ 223.20

MEMO - Master Series (Est)

Wealthy Nat Bd GBP Ord Inc

0.10 2.71

Global Consumer Trends Acc

MGS -Master Series (Est)

-0.14 3.80

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised

Asset Manageme
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class

$ 2282.96

24.66 0.00

Northwest Warrant $ class

$ 2016.80

163.93 0.00

Oasis Crescent Management Company Ltd

Other International Funds

Morgan Stanley Investment Funds

Oasis Crescent Equity Fund

-0.0249 0.00

(LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

-0.0263 0.14

US Advantage A F

$ 55.23

-0.0061 0.00

Asian Equity A F

$ 44.71

0.00 0.00

Regulated
Oasis Global Investment (Ireland) Plc

0.0457 0.66

Asian Property A F

$ 19.47

0.04 0.00

Japanese Growth Fund Class AA F $ 0.8133

0.0117 0.00

Asian Property AX F

11.85

0.03 0.56

Latin America Equity Fund Class AA F $ 0.9047

0.0003 1.46

Diversified Alpha Plus A F

33.31

0.02 0.00

-50.61 4.08

Russia Equity Fund Class AA F

$ 0.3997

0.0044 0.00

Emerg Europ, Mid-East & Africa Eq A F 66.22

-0.20 0.00

0.08 0.28

Taiwan Equity Fund Class AA F

$ 1.5437

-0.0079 0.22

Emerging Markets Debt A F

$ 76.65

0.05 0.00

997.40

0.12 0.28

Turkey Equity Fund Class AA F

$ 0.8814

-0.0174 0.00

Emerging Markets Domestic Debt AX F 12.39

-0.13 5.21

M&G Global Dividend Fund A Acc

199.77xd

0.50 3.20

US Bond Fund Class AA F

$ 1.2191

-0.0007

Emerging Markets Equity A F

$ 36.99

-0.04 0.00

-0.51 3.78

M&G Global Dividend Fund A Inc

161.60xd

0.40 3.27

U.S. Bond Fund Class AA Inc F

$ 1.0090

-0.0006

Euro Bond A F

15.93

0.00 0.00

-0.73 3.69

M&G Glbl Emrgng Mkts A Acc

210.44xd

0.10 0.70

U.S. Bond Fund Class AA (HKD) IncHK$ 10.0162

-0.0047

Euro Corporate Bond AX F

22.77

-0.04 1.93

-0.15 0.81

M&G Glbl Emrgng Mkts A Inc

203.55xd

0.09 0.70

U.S. Special Opportunities Fund Class AA F $ 0.9150

0.0016 7.19

Euro Strategic Bond A F

44.14

-0.05 0.00

-0.14 0.81

M&G Global Macro Bond Fund A Acc

109.22xd

0.01 0.54

U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4592

0.0181

European Currencies High Yield Bd A F 21.59

0.01 0.00

0.14 3.44

M&G Global Macro Bond Fund A Inc

75.94xd

0.00 0.54

U.S. Special Opportunities Fund Class AA Inc $ 0.9278

0.0017

0.12 3.44

M&G Global High Yield Bond X Inc

50.86xd

0.00 4.65

US Small Cap Equity Fund Class AA F $ 1.1045

M&G Global High Yield Bond X Acc

116.99xd

0.00 4.64

US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3079

(UK)

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds

183.30

Kames Capital VCIC

Other International Funds

109.80

Strategic Bond A Acc

-0.70 0.69

New Capital Fund Management Ltd

Metage Capital

Wealthy Nat Bd EUR Ord Inc

Vantage 3000 (EUR) MA

-0.90 0.69

0.01 0.65

-0.15 3.93

-0.06 2.99

12.22

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

113.99

31.93

199.30xd

Global Emerg Mkts Equity Fund

Wealthy Nat Bd GBP Inst Inc

Sterling Corporate Bond A Inc

252.60xd

-0.01 0.71

-0.79 0.00

Vantage 1500 (EUR) MA

Global Bond exUK Inc

-0.13 2.99

Global Bond exUK Acc

12.65

110.44

Lothbury Property Trust (UK)

0.00 3.13

Inflation Lkd Sov Bd Fund

Wealthy Nat Bd EUR Inst Inc

70.68

-0.06 0.00

-0.05 3.45

2170.61 2191.95 -0.26 0.00

Sterling Corporate Bond A Acc

Global Spec Inv Grade Bd Fund GBP 10.50

UK Equity Fd Cl A Series 01

Growth (EUR) PA F

$ 12.92

UK Specialist Equity Income Fund 10.61

-0.86 0.00

-0.22 3.22

Will.Blair Gbl. Ldrs PA

0.02 2.58

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

$ 185.35

119.50

-0.06 0.00

11.35

US Growth USD Inst Acc

Investment Grade Bond A Inc

-0.08 0.00

0.00 1.19

UK Sovereign Bd Index Fund

$ 2374.79 2394.11 -48.62 0.00

-0.43 0.00

Pacific Basin Fd Cl A Initial Ser

0.03 0.56

Pacific Basin Specialist Equity Fund 23.92

-0.85 0.00

SFr 110.31

15.28

Growth (CHF) PA F

$ 16.64

9.47

-0.29 3.22

Will.Blair Gbl. Ldrs PA

202.11

Sands US Growth PA

-0.02 0.16

Japan Specialist Fund

193.54

161.19

Kames Capital Investment Portfolios ICVC (UK)

US Growth GBP Ord Acc

Investment Grade Bond A Acc

0.01 0.00

14.12

US Growth EUR Ord Acc

-0.02 0.00

-0.15 0.63

US Spec Equity Fund

Other International Funds

Asset Management

10.66

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00

-0.22 0.00

9.97

0.00 0.00

16.30

Japanese Equity Fd Cl A Initial Ser 315452.00 316508.00 -1147.00 0.00

-0.11 1.52

Contl Europe Spec Equity

-0.88 0.00

114.71

10.36

Global Allocation (GBP) PA F

-0.60 0.00

-0.04 2.86

19.75

$ 201.93

Conservative (EUR) PA F

UK Specialist Equity Inc

US Growth USD Ord Acc

-0.32 1.69

135.78

United Kingdom Equity Index Fund 13.20

European Equity Fd Cl A Initial Ser 2208.68 2217.55 1.10 0.00

Asset Management

(GSY)

11.21

Meridian Fund Managers Ltd

Asset Management
Mirabaud Asset Management

0.94 1.07

4.00 1.78

SFr 27.33

-0.30 0.00

-0.03

SFr 22.68

3482.60xd

Gbl.Gvt.Fdt.SH (CHF) PA

SFr 106.56

107.71

Smaller Companies Fund Personal Class Units

Gbl.Gvt.Fdmt.(CHF) PA

Balanced (CHF) PA F

Property Income B Inc

-0.90 2.08

-0.06 0.00

-0.09 0.00

0.16 0.14

-4.10 2.81

-0.01 0.00

1851.50

$ 21.98

72.48xd

2439.80xd

Emerging Markets Fund Personal Class Units

Value A1

Global Equity Inc

Income Fund Personal Class Units

$ 11.70

0.11 0.00

-11.80 1.84

$ 33.24

0.09 0.00

-0.03

Emerging Markets Eq.A1

3933.30

Emerging Markets Debt A1

111.56

Balanced Fund Personal Class Units

-0.02 0.00

$ 13.49

Property Income B Acc

(UK)

-0.04 0.00

10.30

2.00 0.15

-59.78 0.00

Wld Gold Expertise PA

Wld Gold Expertise PA

975.20xd

465.60

$ 19.16

0.00 0.00

Global Equity Acc

Marwyn Value Investors

10.79

Regulated

Gbl.Gvt.Fdmt PA

$ 17.16

-0.01

(CYM)

Gl Aggregate High Conv PA

Wld Gold Expertise PAF

(UK)

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

255.04

US Government Bond A1

27.02 27.29 -0.32 0.00

NatWest (2230)F

-0.15 0.00

-0.08 0.00

50.25

0.01 0.50

Global Bond Opport. A - Net Inc

13.63

$ 15.27

1.32

US Spec Equity Fund

US Conc.Growth A1

-0.01

Loomis Sayles US Equity Leaders I/A (GBP)

Marlborough International Management Limited (GSY)

Class A (Retail)

0.11 0.00

-0.21 0.65

0.01 0.29

0.61 3.75

-0.43 0.00

-0.20 0.00

1.34

168.11

50.25

0.00 4.75

Loomis Sayles US Equity Leaders N/A (GBP)

Gb.Conc.Eq.Fd.Sterl.UK T

$ 20.52

53.96xd

0.00 4.61

158.01 167.65 2.40 0.11

-0.11 0.34

SFr 12.99

Global Bond Opport. A - Net Acc

1.06

151.80

MFM Slater Recovery

133.26

Inflation Linked A Acc

Asset Management

Fusion Conservative Inc

Fusion Growth + Acc

High Yield Bond A Acc

0.99

Loomis Sayles Strategic Income H-N/A (GBP)

359.81 381.76 3.54 0.00

15.63

-0.02 0.00

Loomis Sayles Strategic Income H-N/D (GBP)

MFM Slater Growth

MFM Slater Income A Inc

Contl Europe Spec Equity

154.70xd

-0.92 0.00

8.22

Eur Dynamic exUK Acc

0.01

270.83

UK Equity A1

166.59

1.07

Gb.Conc.Eq.Fd.Euro

-0.13 0.00

Ethical Equity A Acc

0.00

Harris Associates Global Concentrated Equity Fund I/A(GBP)

Slater Investments Ltd - Investment Adviser

0.00 2.05

-0.04 2.50

-0.72 1.37

13.53

-13.00 1.36

1.06

Technology PA

Harris Associates Global Concentrated Equity Fund N/A (GBP)

19.57

-0.48 1.02

-0.29 1.33

UK Specialist Equity Inc

58.27xd

United Kingdom Equity Index Fund 13.19

54.12xd

1011.00xd

1.22

319.97

Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125

Authorised Inv Funds
Martin Currie Investment Funds (OEIC)

Diversified Real Ret Acc

Europe Acc

H2O MultiReturns Fund I/A (GBP)

MFM UK Primary Opportunities A Inc

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

Martin Currie Fund Management Ltd (1200)F (UK)

0.00 0.00

Europe Inc

H2O MultiReturns Fund N/A (GBP) $ 13.04 13.04 0.00 1.68

-0.42 0.00

-0.65 0.00

-0.04 0.00

-0.21 3.35

-1.05 0.09

-122.00 5.93

358.61

113.41

107.05

MFM Techinvest Technology Acc

$ 14.16

Ethical Corporate Bond A Inc

MFM Techinvest Special Situations Acc

$ 92.61

$ 16.79

-0.37 3.35

-0.38 0.16

11178.00

Research Bond A1

Em.Mk.Loc.Ccy Debt Fd II

Prudent Wealth Fd A1

197.29

124.21

Em.Mk.Loc.Ccy Debt Fd.FD

-0.02 0.00

Ethical Corporate Bond A Acc

101.94 106.74 -0.57 1.44

MFM SGWM Managed A Acc

Marlborough Tiger Fund Ltd F

-0.01 0.00

-0.19 3.92

137.09 148.21 0.36 0.00

12.57

Technology PA

9.61 0.00 13.02

MFM Bowland

Euro BBB-BB Fdt PA

9.61

MFM Hathaway Inc

-0.63 0.00

Loomis Sayles Multisector Income R/D (GBP) 13.92 13.92 0.02 4.20

-68.00 6.30

52.48xd

0.10 0.20

$ 15.25

Emrg Mkts Inc Inc... C

10.64

0.25 1.51

136.98

9379.00

Tactical Alpha (USD) PA

Loomis Sayles High Income R/D (USD) $

MFM Artorius Fund

$ 103.46

Tactical Alpha (EUR) PA

135.01

0.12 0.00

Em.Mk.Loc.Ccy Debt Fd.FC

-0.29 0.17

Ethical Cautious Managed A Inc

Em.Mk.Eq.Fd.US Dollar

-0.21 3.83

Loomis Sayles Global Opportunistic Bond R/D (GBP) 14.11 14.11 0.02 0.96

27.89

0.01 0.00

SFr 24.02

Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) 100.00 100.00 -0.02 1.89

106.79 113.00 1.93 0.00

-0.03 0.00

Sw.Fr.Bd(For) PA

Harris Concentrated US Equity R/D (GBP) 104.87 104.87 0.10 34.05

Junior Gold C Acc

Golden Age (CHF) PA F

$ 267.54 267.54 -0.77 0.00

Harris Concentrated US Equity H-N/A (GBP) 146.75 146.75 -0.09 0.00

Natixis International Funds (Dublin) I plc (IRL)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

MFM - Third Party Funds

Junior Oils

Harris Global Equity R/A (USD)

-0.91 0.17

Marlborough North American Fund Ltd 30.78 31.09 0.44 0.00

58.64xd

318.75

-0.47 0.00

Cautious Managed Rt Inc

57.69xd

406.32 429.97 0.88 0.00

US Multi-Cap Income

-0.63 0.00

0.00 0.00

Emrg Mkts Inc Acc... C

UK Micro Cap Growth A

0.31 1.49

222.35 235.29 0.63 0.44

$ 14.04

UK Multi-Cap Growth A Inc

104.51

Limited Maturity A1

161.48

1020.52 1079.92 13.64 0.25

119.51

-0.32 0.17

Ethical Cautious Managed A Acc

96.5664 106.2700 0.2759

Em.Mk.Eq.Fund Sterling

-0.38 0.66

Nano-Cap Growth A Acc

Special Situations A Acc

Em.Mk.Eq.Fund Euro

66.64xd

0.21 4.30

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

Cautious Managed Rt Acc

67.63xd

-2.00 0.00

0.12 0.00

Emerging Mkts Inc

149.42

-59.00 0.00

0.00 0.00

73.49 77.97 -0.01 5.97

Multi Cap Income A Inc

$ 15.39

High Yield Fixed Interest

Latin American Equity Fd A1

106.58

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

15055.00

0.01 0.00

Diversified Income B Inc

143.27 151.61 -0.37 3.51

-0.10 1.94

10372.00

-0.02 0.00

-0.90 0.66

Natixis International Funds (Lux) I SICAV (LUX)

Global Bond Inc

Em.Mk.Debt Fund Yen 4

-0.47 1.02

180.31 189.89 -0.35 0.00

8.96

+/- Yield

166.59

9.39

Generation Global (CHF) PA F

Offer

Global

SFr 15.96

Gbl.5B Fdmt SH (USD) PA

Bid

Far East Growth A Inc

Em.Mk.Debt Fund Yen 3

0.86 0.22

Fund

80.49 85.17 0.08 4.09

-59.00 0.00

SFr 10.40

-0.07 0.00

SFr 13.81

157.20xd

15055.00

Tactical Alpha (CHF) PA

52.83xd

84.05
242.14

Em.Mk.Debt Fd.Yen 2

Sw.Fr.Credit Bd(For) PA

Emerging Mkts Acc

-0.38 0.00

-2.00 0.00

-0.24 0.30

Diversified Real Ret Inc

0.01 1.70

-0.02 0.00

-0.40 0.31

-0.01 0.00

158.70

242.97

ETF Global Growth A

111.55

Emerging Markets

10346.00

69.60xd

Diversified Income B Acc

+/- Yield

$ 122.01

125.40xd

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

Offer

Em.Mk.Debt Fd.Yen 1

Asia Inc

(UK)

Bid

Euro BBB-BB Fdt PA

Asset Management
Kames Capital ICVC

Fund

Em.Mk.Debt Fd.US Dollar

Asia Acc

Asset Management

0.08 0.00

European Equity Alpha A F

45.10

0.30 0.00

0.0002 0.00

European Property A F

34.85

0.36 0.00

-0.0002 0.06

Eurozone Equity Alpha A F

11.52

0.12 0.00

-0.02 0.00

Oasis Global Mgmt Co (Ireland) Ltd

(IRL)

Oasis Global Equity

9.99

$ 28.02

-0.09 0.18

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Equity Fund $ 28.54

-0.04 0.00

OasisCresGl Income Class A

$ 11.05

-0.02 2.44

OasisCresGl LowBal D ($) Dist

$ 12.20

-0.02 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 12.34

-0.01 0.04

Oasis Crescent Gbl Property Eqty $

-0.05 1.55

9.96

Odey Asset Management LLP

79.65

0.05 0.62

Global Bond A F

$ 39.71

-0.13 0.00

M&G Optimal Income A Inc

146.74

-0.18 2.37

Manulife Global Fund

Global Brands A F

$ 94.07

0.51 0.00

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

M&G Optimal Income A Acc

190.79

-0.22 2.37

Other International Funds

Global Convertible Bond A F

$ 42.68

0.08 0.00

CF Odey Continental European R Acc

722.66

5.26 0.18

M&G Recovery GBP A Inc

124.02xd

0.03 0.96

Global Property A F

$ 29.44

0.05 0.00

CF Odey Continental European I Acc

123.44

0.90 0.75

-0.0010 2.91

M&G Recovery GBP A Acc

277.47xd

0.05 0.95

Indian Equity A F

$ 36.72

0.15 0.00

CF Odey Continental European I Inc

118.63

0.86 0.75

0.0390 1.12

M&G Strategic Corp Bond A Inc

75.66

-0.21 2.92

Latin American Equity A F

$ 49.31

-0.20 0.00

CF Odey Opus R Inc

3840.97

3.03 0.00

0.9108xd

-0.0036 4.95

M&G Strategic Corp Bond A Acc

106.83

-0.30 2.92

Short Maturity Euro Bond A F

20.44

0.01 0.00

CF Odey Opus Fund A Accumulation

137.03

0.11 0.00

International

4.4660

0.0200 1.25

M&G Global Leaders GBP A Inc

193.44

-0.31 1.46

US Dollar Liquidity A F

$ 13.03

0.00 0.00

CF Odey Opus Fund I Acc

175.97

0.14 0.25

-0.80 3.22

North American

16.0900

-0.0600 0.05

M&G Global Leaders GBP A Acc

449.37

-0.73 1.44

US Growth A F

$ 64.56

-0.02 0.00

CF Odey Opus Fund I Inc

172.30

0.14 0.25

-0.47 3.32

Sterling Bond

1.5390xd

-0.0070 3.46

M&G UK Inflation Lnkd Corp Bnd A Acc

112.77

-0.08 0.23

US Growth AH F

44.63

-0.01 0.00

CF Odey Absolute Return Fund Euro Hedged

1.77

-0.01 0.00

73.54xd

-0.15 1.13

UK

7.1340

0.0560 1.06

M&G UK Inflation Lnkd Corp Bnd A Inc

111.15

-0.08 0.23

US Growth AX F

42.37

-0.03 0.00

CF Odey Absolute Return Fund US Dollar Hedged $

1.63

-0.01 0.00

62.95xd

-0.13 1.12

Lloyds Gilt Fund Limited

US Property A F

$ 71.48

-0.58 0.00

CF Odey Absolute Return R

297.40

-1.98 0.00

UK Higher Inc Acc ... C

884.40xd

-6.80 3.97

Lloyds Gilt Fund Quarterly Share 1.3060xd

-0.0090 1.96

M & G Securities Ltd

CF Odey Absolute Return I

306.42

-2.03 0.00

UK Higher Inc Inc ... C

526.40xd

-4.10 4.09

Monthly Share

1.2570xd

-0.0090 1.96

Property & Other UK Unit Trusts

UK Managed Equity Acc

67.40xd

-0.43 2.09

UK Managed Equity Inc

57.50xd

-0.36 2.12

UK Smaller Cos Acc

334.90xd

-0.40 0.00

Asset Management

Corporate Bond Acc

Distribution Acc

JB Strategy Growth-CHF/B

Asset Management

High Income (No Trail) Inc

$ 1757.46

Asset Management

Emerging Countries (No Trail) Acc

Emerging European (No Trail) Acc

-0.14 0.00

JB Emerging (EUR)-EUR B

Corporate Bd Inc (Gross)

-0.12 0.00

2.72 0.62

617.30

Corporate Bd Acc (Gross)

128.24

1.10 1.85

UK Equity Income & Growth A Inc

set Management

130.02

JB BF Abs Ret Pl-EUR B

-5.82 0.00

JB BF Abs Ret-EUR B

Childrens Acc

-0.02 0.00

776.34

Invest AD - Emerging Africa Fund $ 1169.62

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH

Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds

-0.08 0.00

360.58

-0.20 1.34

(UK)

$ 118.07

Invesco Fund Managers Ltd

111.18

JB BF Abs Ret EM-USD B

UK Smaller Cos Equity Acc

179.08

-0.06 1.07

JB BF Abs Ret Def-EUR B

-0.18 0.00

0.14

Corporate Bond (No Trail) Inc

Commodities (USD) PA

-0.01 0.00

$ 102.09

-0.12 3.90

0.06 0.00

$ 28.73

JB BF EM Inv Grade-USD B

Invesco Korean Equity A

105.46

JB BF ABS-EUR B

1.75 1.82

164.76

6.30

-0.10 0.00

568.35

Corporate Bond (No Trail) Acc

Commodities (EUR) PA

$ 17.28

0.07 0.00

-4.00 0.00

0.06 0.00

Invesco Japanese Equity A

-0.48 0.00

0.00 0.00

773.30

6.25

US Growth A Acc

SFr

1.71

$ 96.42

0.00 0.67

-0.22 0.00

Commodities (CHF) PA

(LUX)

funds@swissglobal-am.com, www.jbfundnet.com
Regulated

$ 106.17

-0.15 0.00

Invesco Jap Eqty Core A

Swiss & Global Asset Management

JB BF EM Infl Link-USD B

118.19

$ 119.17

0.02 0.00

JB BF EM Corporate-USD B

Balanced Risk 10 No Trail Acc

79.76

Alternative Beta PA F

-0.77 0.00

0.02 1.81

0.10 1.42

Alternative Beta PA F

-0.23 0.00

174.18

231.10

$ 13.24

UK Tracker A Acc

SFr 119.04

$ 128.39

UK Aggressive Inc

Alternative Beta PA F

Invesco Global Select Equity A

0.02 1.78

US Equity Acc

0.06 0.00

Invesco Global Health Care A

-0.04 0.00

209.15

UK Growth Inc

$ 15.41

Alpha Japan (USD) PA F

11.92

UK Aggressive Acc

UK Growth Acc

5.00 0.00

Emerg.Loc.Cur.Bd.Fdt PA

-0.11 0.00

0.06 0.00

-0.01 0.70

Asian (No Trail) Inc

17.01

1274.00

0.30 1.05

IVI European Fund GBP

Global Convertible B Hdg CHF (Cap) FSFr 25.00

SFr 13.50

Alpha Japan (JPY) PA F

8.24

-0.06 0.00

-0.10 0.00

Alpha Japan (CHF) PA F

Invesco Gbl R/Est Secs A GBP F F

108.50

0.04 0.00

-0.03 0.00

UK Alpha A Acc

16.87

Global Convertible A Hdg CHF (Dis) FSFr 22.66

-0.07 0.00

IVI European Fund EUR

-0.07 0.00

10.75

8.68

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised

Alpha Japan (EUR) PA F

Emerg.Loc.Cur.Bd.Fdt PA

Invest AD - Iraq Opportunity Fund $ 70.63

Intrinsic Value Investors (IVI) LLP

Global Convertible B Hdg EUR (Cap) F 17.06

0.00 0.00

-0.02 0.00

-0.22 1.33

0.06 0.00

-0.10 0.00
-0.18 0.25

0.01 0.00

-0.02 5.30

11.56

196.94

7.32

$ 22.72

Global Convertible A Hdg EUR(Dis) F 15.47

11.61

All Roads (EUR) PA

Invesco Global High Income A NAV $ 12.84

-0.09 0.00

All Roads (GBP) PA

-0.04 0.00

Asian (No Trail) Acc

NAV

-0.06 0.00

0.00 0.00

0.30 0.00

Norfolk House, 31 St James's Square, London, SW1Y 4JR

FCA Recognised

Global Convertible Hdg A (Cap) F $ 19.09

(IRL)

Global Convertible B Hdg GBP (Cap) F 15.19

$ 11.38

7.13

143.90

Impax Asset Management

-0.12 0.00
-0.05 0.00

All Roads (USD) PA

8.27

UK Absolute Return A Acc

5.68 0.04 4.90

0.00 0.00

Invesco Perpetual Funds (No Trail)

5.34

$ 22.70

-0.02 0.00

Emerg. Eq. Risk Par.(USD) PA

-1.00 0.05

-0.10 0.00

SFr 18.03

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

-0.20 5.74

Property

-0.09 0.00

$ 17.88

All Roads (CHF) PA

-0.26 0.00

Property & Other UK Unit Trusts

-0.01 0.00

-0.11 1.50

(UK)

15.56
$ 19.12

520.90

Hermes Property Unit Trust

-0.08 0.96

Absolute Ret Bond (USD) PA

12.21

129.80

set Management

Global Convertible A Hdg GBP(Dis) F 12.92

Global Convertible B Hdg (Dis) F

www.loim.com
Regulated
Lombard Odier Funds

15.30

Strategic Bond A Inc

Global Convertible B (Cap) F

(LUX)

(LUX)

Invesco Global Small Cap Equity A NAV $ 120.83

UK & Irish Smaller Companies A Acc

Hermes Investment Funds Plc

Jefferies Umbrella Fund

Lombard Odier Funds (Europe) S.A

Absolute Ret Bond (EUR) PA

Global Smaller Cos Acc

Dealing Daily

Offer

Extra Income

Glbl Distribution Acc

44.08

96.48 101.82 0.06 5.81

European Multi-Cap

0.00 0.00

High Yield Fund Inc (Gross)

Asian Dividend Income Inc

ETF Commodity A

117.98xd 117.98 0.01 4.02

7.12

High Yield Fund Inc

-1.40 0.82

117.98xd 124.18 0.01 4.03

Property Portfolio X

322.89

12.22 0.00

Property Portfolio A

Invesco Euro Reserve A

Invesco European Bond A

13.53 0.00

779.50

0.0000 -0.32

-0.16 1.06

Asia Pacific Capital Growth A Acc

125.91xd 132.53 0.01 3.94

-0.10 1.07

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

6777.98xd

M&G Property Portfolio A Acc

2382.32

Henderson Global Investors

(Accum Units)

0.0000 0.19

SFr 1271.53

-0.20 0.00

$ 60.5760

0.0190 2.66

80.88

Haussmann Cls D

Bid

129.81

Haussmann Cls C

141.75

52.5360

Fund

High Yield Fund Acc (Gross)

Heartwood Caut Multi Asset B Acc

NZ$ 209.8670

+/- Yield

15.59 0.00

(IRL)

Offer

Global Bd Inc (Gross)

Regulated

Bid

Global Bd Acc (Gross)

$ 2716.34

Heartwood Wealth Management Limited

Fund

Asset Management
Lloyds Investment Fund Managers Limited (1000)F
(JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt

12.5800xd

-0.1000 2.45

Lloyds Money Fund Limited

Australian Dollar
Euro

M&G Managed Growth X Inc

(UK)

Asia Total Return Fund Class AA $ 0.9959

-0.0010

Asia Total Return Fund Class AA Inc $ 0.9591

-0.0010 3.45

Asia Value Dividend Equity Fund Class AA F $ 1.6515

-0.0049 0.00

Asia Value Dividend Equity Fund Class AA Inc $ 1.0086

-0.0035

Strategic Income Fund Class AA F $ 1.0932

-0.0016 4.40

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
Balanced

153.04 161.82 -0.37 0.08

Bond Income

52.03 55.06 -0.13 4.25

Morgens Waterfall Vintiadis.co Inc

CF Odey Portfolio Fund Class P Institutional Acc

103.90

0.19

Other International Funds

CF Odey Portfolio Fund Class P Retail Acc

103.64

0.18

CF Odey Portfolio Fund I Acc

146.72

0.29 0.06

CF Odey Portfolio Fund I Inc

144.40

0.29 0.06

Charibond

129.30xd

-0.56 5.02

Cash

50.08

84.38 88.85 -0.20 1.60

A$ 173.4570

0.0090 1.47

(Accum Units)

3681.12xd

-15.98 5.02

Cautious Inc

52.7290

0.0000 -0.06

NAACIF

78.28xd

-0.01 4.37

Defensive A Inc

116.34

0.00 0.62

-0.09 0.97

Phaeton Intl (BVI) Ltd (Est)

$ 427.82

1.11 0.00

Wednesday 11 February 2015

27

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

CF Odey Portfolio Fund R Acc

CF Odey Portfolio Fund R Inc

143.02

0.28 0.00

Pictet-EUR Bonds-I F

142.78

0.28 0.00

Odey Asset Management LLP

(CYM)

Regulated
OEI MAC Inc A

471.36

0.00 0.00

OEI Mac Inc B

269.35

0.00 0.00

OEI MAC Inc USD

$ 2568.71

0.00 0.00

Odey European Inc EUR

994.88

0.00 0.00

Odey European Inc A GBP

380.40

0.00

Odey European Inc B GBP

215.94

0.00 0.00

Odey European Inc USD

$ 463.59

0.00 0.00

Giano Capital EUR Inc

4955.50

77.78 0.00

Fund

Bid

Offer

560.18

-0.49 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 146.77

Pictet-EUR Corporate Bonds-I F

202.94

Pictet-EUR Government Bonds I EUR 159.28

Pictet-EUR High Yield-I F

(IRL)

FCA Recognised

Fund

Bid

Offer

Luxcellence Em Mkts Tech

$ 956.73

0.17 0.00

Polunin Developing Countries

$ 853.88 861.14 -6.70 0.00

0.24 0.00

Polunin Discovery - Frontier Markets $ 1497.35

-0.23 0.00

Polunin Small Cap

-0.05 0.00

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0845 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
CF Ruffer Investment Funds

-0.22 0.00

Private Fund Mgrs (Guernsey) Ltd

Pictet-EUR Short Mid-Term Bonds-I F 136.71

-0.03 0.00

Regulated

Pictet-EUR Short Term HY I EUR

-0.57 0.00

116.80

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.20

0.00 0.00

Pictet-Euroland Index IS EUR

128.87

-2.01 0.00

Pictet-Europe Index-I EUR F

169.97

-1.21 0.00

+/- Yield

Monument Growth 03/02/2015

-4.51

(GSY)

460.93 466.02 3.20 1.07

Prusik Investment Management LLP

(IRL)

Enquiries - 0207 493 1331

Regulated

Pictet-European Equity Selection-I EUR F 594.57

-2.30 0.00

Prusik Asian Equity Income B Dist $ 161.73

0.36 4.59

Pictet-European Sust Eq-I EUR F

-1.62 0.00

Prusik Asia A

$ 200.01

0.63 0.00

236.34
$ 277.67

-1.52 0.00

Pictet-Global Bds Fundamental I USD $ 123.35

-0.02 0.00

-0.01 0.00

162.39

Prusik Asian Smaller Cos A

$ 158.36

Fund

Bid

Offer

+/- Yield

-13.78 0.00

$ 1429.44 1447.31 1.42 0.00

Pictet-EUR Inflation Linked Bonds I EUR 127.21

Pictet-Generics-I USD F

Odey Asset Management LLP

241.53

+/- Yield

0.69 0.00

Purisima Investment Fds (UK) (1200)F

CF Ruffer Gold Fund C Acc

85.63

1.34 0.00

CF Ruffer Gold Fund O Acc

84.96

1.32 0.00

Equity & General C Acc

378.77

2.61 0.25

Equity & General C Inc

349.56

2.41 0.25

Equity & General O Inc

348.92

2.39 0.00

Equity & General O Acc

375.96

2.58 0.00

European C Acc

491.41

2.50 0.22

European O Acc

487.81

2.46 0.00

Japanese Fund C Acc

174.09

0.66 0.01

Japanese Fund O Acc

172.62

0.65 0.00

Pacific C Acc

294.43

-2.13 0.48

Pacific O Acc

292.00

-2.12 0.18

339.49

-3.15 0.00

Pictet-Global Bonds-I EUR

Odey Pan European GBP R

202.71

-1.72 0.00

Pictet-Global Emerging Currencies-I USD F $ 98.49

-0.04 0.00

Odey Allegra European EUR O

264.41

-2.57 0.00

Pictet-Global Emerging Debt-I USD F $ 352.58

-0.52 0.00

Odey Allegra European EUR A

159.03

-1.55 0.00

Pictet-Global Megatrend Selection-I USD F $ 226.54

-1.23 0.00

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk 08459 220044, Enquiries: 0870 607 2555
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

Total Return C Acc

398.15

0.49 1.60

$ 472.19

0.65 0.00

Global Total Fd PCG A

161.36

-0.57 0.35

Total Return C Inc

279.62

0.34 1.62

Odey Allegra European GBP O

281.94

-2.51 0.00

Pictet-Greater China-I USD F

Odey Allegra European USD O

$ 230.46

-2.43 0.00

Pictet-High Dividend Sel I EUR F 153.77

-0.36 0.00

Global Total Fd PCG B

160.23

-0.57 0.13

Total Return O Inc

277.46

0.33 1.61

Odey Allegra European EUR I

252.21

-2.46 0.00

Pictet-India Index I USD

$ 109.14

-2.07 0.00

Global Total Fd PCG INT

158.45

-0.57 0.00

Total Return O Acc

395.18

0.47 1.60

Odey Allegra European EUR A I

161.69

-1.57 0.00

Pictet-Indian Equities-I USD F

$ 478.42

4.33 0.00

Odey Allegra European GBP D

(JER)

169.79

-1.50 0.00

Pictet-Japan Index-I JPY F

15076.33

26.93 0.00

Odey Allegra International Euro Class 173.93

-0.70 0.00

Pictet-Japanese Equities Opp-I JPY F 8786.84

0.98 0.00

Odey Allegra International GBP Class 202.11

-0.64 0.00

Pictet-Japanese Equity Selection-I JPY F 13510.53

9.14 0.00

Odey Allegra International USD

$ 155.11

-0.75 0.00

Pictet-LATAM Index I USD

$ 66.42

0.39 0.00

Odey Allegra International Euro I Class 159.14

-0.65 0.00

Pictet-LATAM Lc Ccy Dbt-I USD F $ 133.64

-0.39 0.00

Odey Allegra International GBP D inc 183.11

-0.57 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 369.89

-1.41 0.00

Odey Allegra International GBP A D 135.04

-0.43 0.00

Pictet-Premium Brands-I EUR F

159.48

-1.46 0.00

Odey Allegra Developed Markets Fund USD I $ 130.78

-0.16 0.00

Pictet-Quality Global Equities I USD $ 135.73

-0.42 0.00

Odey Allegra Developed Markets Fund GBP I 133.11

0.05 0.00

Pictet-Russia Index I USD

$ 49.94

0.63 0.00

Rathbone Unit Trust Mgmt (1200)F

Odey Atlas Fund GBP I

105.19

-0.13

Pictet-Russian Equities-I USD F

$ 42.48

0.73 0.00

Odey Atlas Fund GBP I S

1.26

0.00 0.00

Pictet-Security-I USD F

$ 190.26

-1.10 0.00

PO Box 9948, Chelmsford, CM99 2AG

Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

Odey Atlas Fund GBP R S

1.08

0.00 0.00

Pictet-Select-Callisto I EUR

105.25

-0.15 0.00

Blue Chip Income Inc

154.53 159.52 0.33 4.08

Odey Giano European Fund EUR R 121.34

-0.66 0.00

Pictet-Small Cap Europe-I EUR F 988.71

-5.13 0.00

Blue Chip Income Acc

224.38 231.43 0.47 3.95

Odey Giano European Fund GBP R 121.85

-0.67 0.00

Pictet-ST.MoneyMkt-I

140.56

0.00 0.00

Ethical Bond Inc

93.74 95.84 -0.12 4.80

101563.62

-1.57 0.00

Ethical Bond Acc

174.41 178.03 -0.22 4.67

Regulated
PCG B

163.01

-0.12 0.00

PCG C

160.99

-0.11 0.00

Bid

UK Growth

242.30

Offer

+/- Yield

1.40 0.00

Ruffer LLP (1000)F

Odey Pan European EUR R

Purisima Investment Fds (CI) Ltd

Fund

SIA (SIA Funds AG)

(LUX)

Regulated
LTIF Alpha

168.10

-0.72 0.00

LTIF Classic

347.46

-2.46 0.00

LTIF Natural Resources

83.60

-0.18 0.00

SIA (SIA Funds AG) (CH)

Other International Fds
LTIF Stability Growth

SFr 204.10

4.10

LTIF Stability Inc Plus

SFr 181.20

3.60 5.70

(IRL)

Regulated

S W Mitchell Capital LLP

(CYM)

Regulated

Putnam New Flag Euro High Yield Plc - E 1030.33

-0.72 4.82

(UK)

S W Mitchell European Fund Class A EUR 298.90

-2.66

S W Mitchell Small Cap European Fund Class A EUR 215.99

-2.86

The Charlemagne Fund EUR

-12.15

279.88

S W Mitchell Capital LLP

(IRL)

Smith & Williamson Investment Management (1200)F (UK)

25 Moorgate, London, EC2R 6AY 020 7131 8100
www.sandwfunds.com
Authorised Inv Funds

14970.65

-241.61 0.00

SWMC UK Fund B

10299.38

-19.98

SWMC Small Cap European Fund B EUR 12979.10

-103.87 0.00

SWMC Emerging European Fund B EUR 8627.31

67.29 0.00

-0.23 1.75

116.60

-1.38 0.00

Odey Odyssey Fund USD R

$ 121.90

-1.45 0.00

Pictet Total Ret-Mandarin I USD $ 116.97

0.33 0.00

Multi Asset Total Return acc

138.06

Odey Orion Fund Euro I Class

124.28

-0.61 0.00

Pictet-US Equity Selection-I USD $ 187.20

-1.46 0.00

Recovery Inc

410.73 426.16 0.53 2.40

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated

Odey Orion Fund USD I Class

$ 124.30

-0.61 0.00

Pictet-US High Yield-I USD F

$ 148.18

0.84 0.00

Recovery Acc

484.46 502.27 0.62 2.36

RobecoSAM Sm.Energy/A

12.02

0.00 1.23

Odey Swan Fund Euro I Class

108.04

-0.55 0.00

Pictet-USA Index-I USD F

$ 179.05

-0.77 0.00

Strategic Bond Ret Acc

1.19

1.21 0.00 3.85

RobecoSAM Sm.Materials/A

129.23

0.02 1.94

Odey Swan Fund Euro R Class

107.04

-0.55 0.00

Pictet-USD Government Bonds-I F $ 637.33

-0.02 0.00

Strategic Bond Ret Inc

1.07

1.09 0.00 4.13

RobecoSAM Gl.Small Cap Eq/A

Odey Swan Fund GBP I Class

108.26

-0.55 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 128.88

0.00 0.00

Odey Swan Fund GBP R Class

112.51

-0.58 0.00

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

$ 102.49

-0.01 0.00

RECM Global Management Limited

Odey Swan Fund USD I Class

$ 107.77

-0.55 0.00

Pictet-Water-I EUR F

263.65

-1.39 0.00

www.recmglobal.com Enquiries: info@recmglobal.com

Regulated

Odey Swan Fund USD IR Class

$ 107.34

-0.55 0.00

Odey Swan Fund USD R Class

$ 106.86

-0.55 0.00

Odey European Absolute Return Fund EUR I 98.62

-0.95 0.00

Odey European Absolute Return Fund GBP I 98.07

-0.94 0.00

Odey European Absolute Return Fund USD I $ 99.05

-0.95 0.00

Odey European Absolute Return Fund EUR R 93.81

-0.90 0.00

Odey European Absolute Return Fund GBP R 97.80

-0.94 0.00

Odey European Absolute Return Fund USD R $ 98.65

-0.95

Odey European Absolute Return Fund EUR S 98.83

-0.94 0.00

Odey European Absolute Return Fund GBP S 99.53

-0.95 0.00

Odey European Absolute Return Fund USD S $ 99.09

-0.94 0.00

Odey Wealth Management (CI) Ltd

(IRL)

www.odey.com/prices
FCA Recognised

Pimco Fds: Global Investors Series Plc

(IRL)

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH

http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised

(GSY)

RobecoSAM

(LUX)

80.57

-0.15 1.70

-0.76 0.00

RobecoSAM S.HealthyLiv/B

177.17

-1.46 0.00

RobecoSAM S.Water/A

165.57

-0.89 2.26

2.30 0.80

Veritas Global Focus Fund C USD $ 26.36

-0.01 0.00

1.20 5.63

Veritas Global Equity Income Fund A GBP 156.84

0.26 4.57

Veritas Global Equity Income Fund A EUR 214.05

0.89 4.07

Veritas Global Equity Income Fund A USD $ 123.38

0.16 4.76

Veritas Global Equity Income Fund C GBP 180.36

0.30

Veritas Global Equity Income Fund C EUR 245.90

1.01

Veritas Global Equity Income Fund C USD $ 140.96

0.18

Veritas Global Real Return Fund A USD $ 20.30

-0.01 2.07

Veritas Global Real Return Fund A GBP 11.28

-0.01 2.06

Veritas Global Real Return Fund A EUR 11.96

-0.01 0.17

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds

The Resolution Fund (1200)

S&W Deucalion Fd (OEIC)

2076.00

15.00 0.45

Global Fixed Income D Acc F

(UK)

Tel 0870 870 8434

Authorised Inv Funds
103.70

382.10 403.60 0.40 1.50

Global Fixed Income D Inc F

1.03

0.00 0.58

187.20 198.10 -0.10 1.66

Global Yield B Acc F

118.90

-0.10 1.60

Charity Value and Income Fund Acc

136.50 137.40 0.30 4.57

Global Yield B Inc F

112.20

-0.10 1.60

Charity Value and Income Fund Inc

95.01 95.59 0.21 4.70

Global Balanced B Acc F

130.40

-0.30 0.37

Global Balanced B Inc F

125.90

-0.20 0.36

Veritas Asian Fund B USD

$ 216.72

0.31 0.47

Global Growth B Acc F

138.50

-0.30 0.29

Veritas Asian Fund B GBP

277.30

0.36 0.04

Global Growth B Inc F

129.80

-0.30 0.29

Veritas Asian Fund B EUR

233.58

1.01 0.00

Global Equity Fund B Acc F

131.80

-0.40 0.31

Veritas China Fund B GBP

131.30

0.28 0.00

1.31

-0.01 0.31

Veritas China Fund B EUR

138.38

0.30 0.00

UK Income Focus B Inc F

65.90

-0.10 3.22

Veritas Global Focus Fund B USD $ 17.60

-0.01 1.75

UK Income Focus B Acc F

86.80

-0.20 3.14

Veritas Global Focus Fund B GBP 20.78

-0.01 1.76

UK Balanced B Inc F

70.40

0.00 1.34

Veritas Global Focus Fund B EUR 15.65

0.04 1.71

UK Balanced B Acc F

76.50

0.00 1.32

Veritas Global Equity Income Fund B GBP 144.88

0.24 4.62

SMT Fund Services (Ireland) Limited

Regulated
Monthly Dividend High Yield

6.98

0.00 0.00

Daiwa Gaika MMF

AU$ Portfolio

A$

0.01

0.00

US$ Portfolio

0.01

0.00

Global Equity Fund B Inc F

A$ 10.53

0.00 0.00

UK Growth B Acc F

77.50

0.00 1.19

Veritas Global Equity Income Fund B EUR 197.23

0.81 4.11

Monthly Dividend EUR Bd

10.97

-0.01 0.00

UK Growth B Inc F

85.60

0.00 1.18

Veritas Global Equity Income Fund B USD $ 122.82

0.15 4.81

Monthly Dividend CAD Bd

C$ 10.53

0.01 0.00

UK Equity B Acc F

86.70

0.20 2.28

Veritas Global Real Return Fund B USD $ 19.69

-0.02 1.62

7.98

0.01 0.00

UK Equity B Inc F

79.90

0.20 2.31

Veritas Global Real Return Fund B GBP 11.08

-0.01 1.64

9.06

0.03 0.00

Veritas Global Real Return Fund B EUR 12.82

0.00 1.44

Daiwa Equity Fund Series

New Major Economies

Standard Life Wealth

(JER)

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130

FCA Recognised
Standard Life Offshore Strategy Fund Limited
Bridge Fund

1.6072

-0.0015 2.48

Thesis Unit Trust Management Limited

(UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc

13.21

0.00 0.00

TM New Court Fund - A 2014 Acc 13.24

0.01

TM New Court Equity Growth Fund - Inc 13.35

0.01 0.00

1.8355

-0.0049 1.32

Global Balanced Fund - Income Units 1.3675

-0.0015 1.62

Global Balanced Fund - Accumulations Units 1.5680

-0.0017 1.60

Global Fixed Interest Fund

1.0485

-0.0009 3.59

Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL

www.virginmoney.com
Authorised Inv Funds

Sterling Fixed Interest Fund

0.8878

-0.0031 3.23

Virgin UK Index Tracking Trust

246.60

0.00 2.62

UK Equity Fund

1.9441

0.0083 2.85

-0.10 2.20

(IRL)

Regulated
European Opportunities Fund A

141.82

-0.04 0.00

European Opportunities Fund B

-0.06 0.00

Capital Securities Inst Acc

$ 14.58

-0.04 0.00

7.63

0.06 0.00

Credit Absolute Return Fund Inst Acc $ 11.35

-0.01 0.00

Diversified Income - Inst Acc

$ 19.52

-0.03

Diversified Income Durat Hdg Fund Inst Acc $ 11.38

-0.02 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.67

-0.12 0.00

Santander Atlas Port 3 Acc Ret

149.80

-0.30

Emerging Asia Bond Fund Inst Acc $ 10.00

0.00 0.00

Santander Atlas Port 3 Inc Ret

105.00

-0.20

Emerging Multi-Asset Fund Inst Acc $

104.90

-0.02 0.00

Renaissance Eastern European Allocation Fund 411.10

-0.02

Renaissance Eastern European Fund A 396.86

-3.05

Renaissance Eastern European Fund B 85.20

-0.65 0.00

Renaissance Ottoman Fund

-1.62 0.00

123.05

Virgin Money Unit Trust Managers Limited (1700)F (UK)

Toscafund

(CYM)

Virgin Income Trust

126.20

Tosca

$ 266.99

-4.47 0.00

Virgin Pension Growth Fund

279.50

0.00 2.55

Santander Asset Management UK Limited (1200)F (UK)

Tosca Mid Cap GBP

227.59

-4.38 0.00

Virgin Pension Income Protector Fund

268.50

-0.20 2.37

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range

Tosca Opportunity B USD

$ 313.41

20.23 0.00

Virgin Climate Change Fund

106.73

0.79 0.00

Regulated

Waverton Investment Funds Plc (1600)F

Stenham Asset Management Inc

Emerging Markets Bond - Inst Acc $ 38.33

-0.03 0.00

www.stenhamassetmanagement.com
Other International Funds

Santander Atlas Port 4 Inc Ret

131.70

-0.30

-0.02 0.00

$ 131.74

-1.80

Odey Wealth Management UK

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.98

Stenham Asia USD

Santander Atlas Port 4 Acc Inst

164.30

-0.40

Authorised Funds

Emerging Markets Curr.Fd- Inst Acc $ 12.39

0.00 0.00

Stenham Credit Opportunities A Class USD $ 105.26

Santander Atlas Port 5 Acc Ret

193.00

-0.50

Euro Bond - Inst Acc

-0.07 0.00

Stenham Emerging Markets USD B1 $ 108.18

Santander Atlas Port 5 Acc Inst

163.30

-0.40

Stenham Gold USD

$ 159.09

0.93 0.00

Santander Atlas Port 6 Acc Ret

266.80

-0.90

TreeTop Asset Management S.A.

Stenham Growth USD

$ 212.93

-0.95

Santander Atlas Port 6 Acc X

190.50

-0.60

Stenham Healthcare USD

$ 170.84

2.73 0.00

Regulated
TreeTop Convertible Sicav

Santander Atlas Port 6 Acc Inst

163.30

-0.50

Stenham Helix USD

$ 104.66

0.71 0.00

Santander Atlas Port 7 Acc Ret

208.10

-0.80

Stenham Managed Fund USD

$ 113.25

-0.09

Santander Atlas Port 7 Acc Inst

164.50

-0.60

Stenham Multi Strategy USD

$ 118.17

0.09

Stenham Quadrant USD A

$ 389.49

2.32

Stenham Trading Inc USD

$ 113.02

0.64

Stenham Universal USD

$ 439.88

0.40

Stenham Universal II USD

$ 163.71

0.08 0.00

VT Odey Total Return Fund Class I 100.00

0.00

VT Odey Total Return Fund Class R 104.85

0.24

VT Odey Total Return Fund Class R $ 104.11

0.25

VT Odey Total Return Fund Class I $ 107.45

0.25

Omnia Fund Ltd

Other International Funds
Estimated NAV

$ 877.58

50.31 0.00

Euro Credit - Inst Acc

14.88

0.01 0.00

Euro Income Bond - Inst Acc F

12.99

-0.02 0.00

Euro Long Average Duration - Inst Acc 23.32

-0.01 0.00

Euro Low Duration Fund Inst Acc 11.36

0.00 0.00

Euro Real Return - Inst Acc

13.37

-0.03 0.00

Euro Short-Term Inst Acc

12.28

-0.01 0.00

Euro Short-Term Inv Acc

11.91

-0.01 0.00

Euro Ultra Long Duration - Inst Acc 31.19

0.03 0.00

Global Advantage - Inst Acc

-0.03 0.00

$ 12.59

Global Advantage Real Return Fund Inst Acc $

Global Bond - Inst Acc
Global Bond Ex-US - Inst Acc

Optima Fund Management

Other International Funds
JENOP Global Healthcare Fund Ltd $ 15.83
Optima Fd NAV

-0.10 0.00

9.43

-0.05 0.00

$ 27.97

-0.09 0.00

$ 19.59

-0.07

Global Fundam.Index StocksPLUSInst Acc $ 11.77

-0.06 0.00

Global High Yield Bond - Inst Acc $ 20.12

-0.02 0.00

Global Investment Grade Credit - Inst Income $ 12.55

-0.01 3.23

Global Investment Grade Credit Fund Inst Acc 11.53

0.00 0.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.70

-0.01 0.00

Global Multi-Asset - Inst Acc

-0.09 0.00

$ 14.67

$ 89.97

-0.85 0.00

Global Real Return - Inst Acc

$ 18.37

-0.03 0.00

Optima Discretionary Macro Fund Limited $ 86.61

0.42 0.00

High Yield Bond - Inst Acc

$ 28.05

-0.01 0.00

The Dorset Energy Fd Ltd NAV

$ 38.33

0.00 0.00

Income Fund Inst Acc

$ 12.01

-0.01 0.00

Platinum Fd Ltd (Est)

$ 88.17

0.00 0.00

Inflation Strategy Fund Inst Acc

9.80

-0.04 0.00

Platinum Fd Ltd EUR (Est)

17.23

0.00 0.00

Low Average Duration - Inst Acc $ 14.75

-0.01

Platinum Japan Fd Ltd

$ 50.25

0.00 0.00

PIMCO EqS Emerging Markets Fund Inst Acc $

8.40

-0.03 0.00

Optima Partners Global Fd

$ 14.42

0.00 0.00

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 15.35

-0.01 0.00

Optima Partners Focus Fund A

$ 16.51

-0.16 0.00

PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.09

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.90

Orbis Investment Management Ltd

(BMU)

Regulated
Orbis Global Equity

$ 175.50

6.53 0.00

Orbis Optimal (US$)

$ 74.34

1.12 0.00

Orbis Optimal (Euro)

25.51

0.31 0.00

Orbis Optimal (Yen)

1062.00

16.00 0.00

Orbis Japan Equity (US$)

$ 40.60

0.92 0.00

*Orbis Prices as of February 5th

Orbis Sicav

(LUX)

-0.02 0.00
-0.02 0.00

StocksPLUS{TM} - Inst Acc

$ 22.96

-0.14 0.00

Total Return Bond - Inst Acc

$ 27.29

-0.04 0.00

17.48

0.02 0.00

UK Long Term Corp. Bnd Inst-Inst Acc 19.77

UK Corporate Bond - Inst Acc

0.04 0.00

22.89

-0.05 0.00

UK Sterling Long Average Duration - Inst Acc 22.62

UK Real Return - Inst Acc

0.00 0.00

UK Sterling Low Average Duration - Inst Acc 14.13

-0.02 0.00

Unconstrained Bond - Inst Acc

$ 12.18

-0.02 0.00

US Fundam.Index StocksPLUS Inst Inc $ 12.64

-0.07 0.00

Regulated
Orbis Japan Equity (Yen)

3969.00

89.00 0.00

Orbis Japan Equity (Euro)

26.23

0.59 0.00

Orbis Asia ex-Japan - Investor Shares $ 22.50

0.27 0.00

Orbis Global Equity - Investor Shares 151.24

NAV (Fully Diluted)

5.44

0.05 0.00

Asia-Pacific Equities (EUR)

$ 4255.49

Macro Holdings Ltd

78.36

0.32 0.00

Em Stars Equities (EUR)

186.77

0.89 0.00

Emerging Markets Equities (EUR) 156.69

-0.15 0.00

Flex-o-Rente (EUR)

-0.07 0.00

Glob.Consumer Trends Equities (EUR) 145.19

-0.84 0.00

High Yield Bonds (EUR)

124.85

-0.02 0.00

Lux -O- Rente (EUR)

139.75

-0.29 0.00

New World Financials (EUR)

52.46

-0.30 0.00

US Premium Equities (EUR)

181.07

-0.53 0.00

US Premium Equities (USD)

$ 202.64

-0.59 0.00

Royal Bank of Scotland (2230)F

-0.04 7.99

$ 157.82

-0.85 0.00

Regulated

Pictet Funds (Europe) SA

(LUX)

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR

107.77

-0.08 0.00

Pictet-Absl Rtn Glo Div-I EUR F

124.16

-0.09 0.00

Pictet-Agriculture-I EUR F

195.18

0.32 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 225.11

0.84 0.00

Pictet-Asian Local Currency Debt-I USD F $ 156.58

-0.89 0.00

Pictet-Biotech-I USD F

-4.36 0.00

$ 55.52

0.39 0.00

SFr 506.79

0.28 0.00

Pictet-China Index I USD

$ 115.86

-0.89 0.00

Pictet-Clean Energy-I USD F

$ 89.75

-0.52 0.00

20.95 0.00

20586.28

479.03 0.00

1.29 0.00

Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03

10.54 0.00

UK Growth Acc Ret

326.10

0.10

Renminbi Bond Fund AUD Cls A A$ 116.58

0.87 4.08

UK Growth Inc Ret

219.40

0.10

Renminbi Bond Fund AUD Cls B A$ 118.49

0.88 3.80

Renminbi Bond Fund CHF Cls A SFr 116.15

0.85 4.05

Renminbi Bond Fund CHF Cls B SFr 116.11

0.85 3.79

Renminbi Bond Fund CNH Cls A CNH 119.96

0.91 3.59

Renminbi Bond Fund CNH Cls B CNH 119.88

0.90 3.34

Renminbi Bond Fund Euro Cls B

117.01

0.87 3.81

Renminbi Bond Fund GBP Cls B

118.40

0.88 3.61

Renminbi Bond Fund SGD Cls B S$ 117.37

0.88 3.57

Renminbi Bond Fund USD Cls B

$ 118.00

0.89 3.35

Renminbi Bond Fund YEN Cls B

13048.09

98.04 0.00

Renminbi Bond Fund USD Class

$ 162.44

1.23 3.61

Trojan Investment Funds

Renminbi Bond Fund GBP Class

157.56

1.16 3.87

Spectrum Fund 'O' Acc

159.30

-0.91 0.26

Renminbi Bond Fund SGD Class S$ 155.23

1.16 3.83

Spectrum Fund 'O' Inc

155.35

-0.89 0.26

Renminbi Bond Fund YEN Class

19290.00

145.00 0.00

Trojan Fund O Acc

257.17

-0.40 0.59

Yuki Asia Umbrella Fund

Renminbi Bond Fund EUR Class

107.45

0.81 4.07

Trojan Fund O Inc

213.94

-0.34 0.59

Poland Geared Growth

-0.02 0.00

Trojan Capital O Acc

206.18

-0.03 0.92

Trojan Capital O Inc

176.87

-0.02 0.92

Zadig Gestion (Memnon Fund)

Trojan Income O Acc

261.73

-0.82 3.75

FCA Recognised

Trojan Income O Inc

168.40

-0.52 3.87

Max 50% Shs Port Acc Ret

246.60

-0.90

0.00 0.44

Max 50% Shs Port Inc Ret

222.50

-0.70

Global Spec Inv Grade Bd Fund GBP 10.23

0.00 3.13

Max 50% Shs Port Acc X

178.50

-0.60

Max 100% Shs Port Acc Ret

282.00

-0.80

Max 100% Shs Port Acc X

202.40

-0.70

Enhanced Inc Inc Ins

211.70

0.10

Enhanced Inc Inc Ret

201.40

0.10

Enhanced Inc Inc X

170.30

0.00

Contl Europe Specialist Fund

23.85

-0.23 0.63

Japan Specialist Fund

14.22

0.05 0.56

US Spec Equity Fund

19.11

-0.03 0.16

Managed Investments OEIC

Pacific Basin Specialist Equity Fund 42.20

0.00 1.19

Max 30% Shs Port Acc Ret

157.10

-0.40

UK Sovereign Bd Index Fund

11.07

0.02 2.58

Max 30% Shs Port Acc X

157.10

-0.40

Inflation Lkd Sov Bd Fund

12.64

0.00 0.71

Max 30% Shs Inc Port Inc Ret

158.20

-0.50

UK Specialist Equity Income Fund 10.61

-0.05 3.45

Max 30% Shs Inc Port Inc X

158.20

-0.50

Global Spec Inv Grade Bd Fund GBP 10.47

0.00 3.13

Max 60% Shs Port Acc Ret

270.00

-0.90

12.22

0.01 0.63

Max 60% Shs Port Inc Ret

219.20

-0.80

Max 60% Shs Port Inc X

169.80

-0.50

Eq Inc Port Acc Ret

292.70

-1.20

Eq Inc Port Inc Ret

233.30

-0.90

Managed Investments OEIC 2

Investments Inc Port Inc Ret

173.00

-0.90

Investments Inc Port Inc X

156.80

-0.70

Gov Bond Inc Inst

181.20

-1.10

Strat Bond Inc Inst

187.50

-0.20

Managed Investments OEIC 3

(UK)

40 Dukes Place, London EC3A 7NH

Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs

UBS Global Asset Mgmt Fds Ltd

Nippon Growth Fund Limited

95373.00

-76.00 0.00

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC

Strat Evarich Japan Fd Ltd JPY

84819.00

-823.00 0.00

Global Emerg Mkts Eqty B Acc

Strat Evarich Japan Fd Ltd USD

$ 845.92

-8.17 0.00

Global Optimal B Acc

E.I. Sturdza Strategic Management Limited (GSY)

Regulated

E.I. Sturdza Funds PLC

(IRL)

Regulated
Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1046.02

3.02 0.00

1.41

0.00 1.50

1.01

0.00 0.81

UBS UK Opportunities Fund B Acc

0.92

0.00 2.64

US Equity B Acc

1.46

-0.01 0.28

UBS Asian Consumption Fund - B Acc

0.59

0.01 0.44

UBS S&P 500 Index C Acc

0.52

0.00

UBS Targeted Return B Acc

1.26

0.00 1.15

170.80

0.40

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1225.04

3.54 0.00

217.90

-1.00

Nippon Growth (UCITS) Fund JPY Class A shares 95757.00

269.00 0.00

270.40

-0.50

Nippon Growth (UCITS) Fund JPY Class B Acc shares 80321.00

226.00 0.00

Nippon Growth (UCITS) Fund JPY Class C Dis shares 78023.00

219.00 0.00

Nippon Growth (UCITS Fund Class D Institutional JPY) 51794.00

148.00 0.00

Strategic China Panda Fund USD $ 2240.97

-11.47 0.00

Strategic China Panda Fund Hedged EURO 2181.94

-11.24 0.00

Strategic China Panda Fund Hedged Sterling 2211.22

-11.35 0.00

Strategic Euro Bond Accumulating Class CHFSFr 1020.25

-0.42 0.00

Strategic Euro Bond Institutional Class EUR 1034.70

-0.26 0.00

Strategic Euro Bond Fund Accumulating Class Shares 1163.04

-0.32 0.00

Strategic Euro Bond Fund Distributing Class Shares 1063.44

-0.30 0.00

Strategic Global Bond RMB Acc CNY 1088.36

-0.40 0.00

Investments III

Strategic Global Bond USD Acc

$ 1065.44

-0.71 0.00

Investments IV - European Private Eq. 307.74 323.13 0.00

Strategic US Momentum and Value Fund $ 818.82

-3.19 0.00

Investments IV - Global Private Eq. 429.57 451.05 0.00 0.00

Strategic US Momentum and Value EUR Hedged Class EUR 571.10

-2.26 0.00

Strategic US Momentum and Value CHF Hedged Class CHFSFr 567.33

-2.30 0.00

Multi-Manager OEIC
Bal Intl Track Acc Ret
Bond Mthly Inc Acc Ret

146.40

-0.50

Bond Mthly Inc Inc Ret

95.75

-0.36

Asset Management
Santander Asset Management UK Limited (1200)F
(UK)

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400

Authorised Inv Funds
Santander Premium Fund (OEIC)
A Shares

0.20 3.70
-0.50 3.02

Biotechnology I USD

$ 16.68 16.68 -0.13 0.00

FTSE 100 Tracker Special 1

300.60

0.20 3.01

European Income Acc EUR

11.30 11.30 -0.07

FTSE 100 Tracker Special 3

208.40

0.10 2.77

Financial Opps I USD

$ 12.02

-0.12 2.03

FTSE 100 Tracker Standard

284.40

0.10 2.53

GEM Growth I USD

9.78

-0.08 0.00

Growth

315.10

0.70 2.06

GEM Income I USD

$ 11.05

-0.12 0.00

High Yield

127.10

-0.40 3.52

Global Alpha I USD

$ 12.84 12.84 -0.08 0.00

International Growth

407.90

-0.70 0.61

Global Convertible I USD

$ 11.39 11.39 -0.03 0.00

Stakeholder Investment

169.40

-0.30 1.39

Global Insurance I GBP

3.77

-0.01 0.00

Adventurous Growth

149.80

0.20 0.50

Global Technology I USD

$ 21.78

-0.14 0.00

Balanced Growth

146.20

0.30 0.70

Cautious Growth

134.90

-0.10 1.20

Income

123.00

0.10 2.20

(UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds

1.66

Troy Asset Mgt Ltd

Corp Bond Acc Inst

Income Opportunities B2 I GBP Acc

0.51

Yuki International Limited

Div Inc Port Inc Ret

-0.26 0.00

26.33 0.00

Japan Synthetic Warrant Fund USD Class $ 13.06

110.20

332.80

$ 36.77

$ 1757.18

Extra Income

Healthcare Opps I USD

Winton Evolution USD Cls F

0.10

Equity Income

3.07 0.00

-0.44 0.00

Winton Futures JPY Cls E

Regulated

0.00

$ 305.19 305.19 0.26 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.57 10.57 -0.09

Asian Financials I USD

141.91

123.83

-0.05 3.49

0.20 1.11

Sequoia Equity A

7.96 0.00

Winton Futures GBP Cls F

280.10

0.20 1.10

-0.18 0.00

177.30

UK Growth Acc Inst

9.91

183.04

Stckmkt 100 Track Gwth Acc Ret

12.26

289.00

Global Opp.C

7.46 0.00

321.03

20.77 0.00

354.30

Winton Futures GBP Cls D

-0.70

Balanced Inc

-0.34 0.00

Balanced Acc

25.08 0.00

1401.48

167.80

PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585

Authorised Inv Funds

$ 144.11

1379.72

Investment Port Acc X

(UK)

Global Opp.B

$ 1047.49
294.06

Winton Evolution GBP Cls G

RBS Collective Investment Fds Ltd

Winton Futures EUR Cls C

Winton Evolution EUR Cls H

-1.00

151.40 159.20 -0.60 0.00

-0.29 0.00

-0.52 3.53

233.30 245.60 0.40 4.35

-0.70 0.00

236.70

US Growth

145.25

Investment Port Acc Ret

UK Income With Growth

Winton Futures USD Cls B

Global Opp.A

(GSY)

268.20

Europe (ex-UK)

1.30

Japan Equities

146.20

-0.20

Pacific Bas (ex-Japan)

541.90

-0.80

Sterling Bonds

270.50

-1.20

UK Equities

262.70

0.20

US Equities

261.70

-0.90

541.10

-0.80

B Shares
Pacific Bas (ex-Japan)

Saracen Fund Managers Ltd (1000)F

Taube Hodson Stonex Ptnrs UT (1200)F

(UK)

50 Bank Street, Canary Wharf, London E14 5NT

Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds

UBS Sterling Corporate Bond Indexed Fund

53.27

-0.24 3.16

UBS Multi Asset Income B Inc (net)

0.52

0.00 3.71

UBS UK Equity Income B Inc Net

0.42

0.00 4.88

Corporate Bond UK Plus B Inc Net

0.54

0.00 4.00

UBS Global Allocation (UK) B Acc

1.10

0.00 1.58

UBS Global Enhanced Equity Income C Inc

0.50

0.00

UBS US Growth Fund B Acc

1.41

-0.01 0.00

UBS Emerging Markets Equity Income B Inc

0.44

0.00 5.03

Unicapital Investments

(LUX)

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
UK Growth A Inc
F

UK Growth B Inc
Mastertrust B Inc

369.73

-2.01 0.00

350.23

-0.47 0.00

370.80

-2.00 0.25

314.38

-0.41 0.40
1.53 0.48

Outstanding British Cos A Acc

229.74

238.61

1.59 1.24

1.66 0.00 0.00

Capital Protected Accelerator Fund 2

125.30

3.00 0.00

Saracen Growth Fd Alpha Acc

3.45

-0.03 1.05

188.50 188.50 -0.19 0.00

IGV - Inc A

335.10

0.60 1.83

Outstanding British Cos B Acc

Capital Protected Accelerator Fund 3

117.10

2.90 0.00

Saracen Growth Fd Beta Acc

5.48

-0.05 1.57

Japan I JPY

1882.80

-0.37 0.00

IGV - Inc B

333.80

0.70 1.09

UK Smaller Cos A Inc

399.42

-3.24 0.09

Capital Protected Fund 4

133.90

3.20 0.00

Saracen Global Income & Growth Fund A - Acc

1.22

0.00 2.86

North American I USD

$ 17.00 17.00 -0.06 0.00

IGV - Acc X

402.40

0.80 1.33

UK Smaller Cos B Inc

391.29

-3.16 0.84

Capital Protected Fund 6

172.20

0.00 0.00

Saracen Global Income & Growth Fund A - Dist

1.15

-0.01 2.92

UK Absolute Equity I GBP

10.60 10.60 0.03

IGV - Acc Y

430.10

0.90 1.79

UK Income A Acc

242.76

-0.18 6.27

Your Portfolio Fund II Class 1

112.90

0.00 0.90

Saracen Global Income and Growth Fund -Acc

1.50

-0.01 3.23

IGV - Acc Z

400.50

0.80 1.07

UK Income A Inc

224.11

-0.17 6.53

Your Portfolio Fund II Class 2

112.60

0.00 1.00

Saracen Global Income and Growth Fund -Dist

1.35

-0.01 3.32

European

UK Income B Acc

256.24

-0.19 6.24

Your Portfolio Fund III Class 1

118.70

-0.10 0.90

UK Income B Inc

236.66

-0.18 6.50

Your Portfolio Fund III Class 2

118.60

-0.10 1.10

Your Portfolio Fund IV Class 1

124.30

-0.20 0.80

Your Portfolio Fund IV Class 2

124.00

-0.20 1.10

Your Portfolio Fund V Class 1

128.80

-0.20 0.60

Your Portfolio Fund V Class 2

128.40

-0.30 0.90

Your Portfolio Fund VI Class 1

128.10

-0.30 0.60

Your Portfolio Fund VI Class 2

128.40

-0.30 0.90

Polar Capital LLP

Pictet-Digital Communication-I USD F $ 241.99

-0.88 0.00

Pictet-Eastern Europe-I EUR F

290.13

0.21 0.00

ALVA Convertible A USD

Pictet-Em Lcl Ccy Dbt-I USD F

(CYM)

Regulated
$ 126.35

0.10 0.00

$ 175.00

-0.34 0.00

European Conviction A EUR

164.81

2.42 0.00

Pictet-Emerging Markets-I USD F $ 552.57

0.51 0.00

European Forager A EUR

181.04

0.47 0.00

Pictet-Emerging Markets Index-I USD F $ 248.14

-1.44 0.00

Pictet-Emerging Corporate Bonds I USD $ 105.16

0.00 0.00

Polunin Capital Partners Ltd

Pictet-Emerging Markets High Dividend I USD $ 110.24

0.03 0.00

Other International Funds

Pictet-Emerging Markets Sust Eq I USD $ 99.60

-0.57 0.00

Developing Countries 'A'

Pictet-Environmental Megatrend Sel I EUR 155.06

-0.91 0.00

Emerging Markets Active

$ 38.29
$ 42.90

0.63 0.00
0.70

.
For Save & Prosper please see Countrywide Assured

Schroder Property Managers (Jersey) Ltd

Other International Funds
Indirect Real Estate SIRE

124.74 129.81 1.55 3.32

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth

228.40

0.90 0.00

EGV - Acc S

267.60

1.70

EGV - Acc Z

267.60

1.70 0.26

CVG - Acc S

107.40

0.70

CVG - Acc X

107.40

0.70

0.77 0.00

Continental

Value Partners Hong Kong Limited

The Hartford International Funds

(IRL)

Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1629.17

-30.00 0.00

Yuki Mizuho Japan Large Cap

6866.00

-28.00 0.00

Yuki Japan Low Price

24613.00

32.00 0.00

Yuki Japan Value Select

12021.00

(IRL)

www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
Value Partners Classic Equity USD Hedged $ 13.65

0.04 0.00

Selling price:Also called bid price. The price at which

units in a unit trust are sold by investors.
Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes managers initial charge.
Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.
Treatment of managers periodic capital charge:
The letter C denotes that the trust deducts all or part of
the managers/operators periodic charge from capital,
contact the manager/operator for full details of the
effect of this course of action.
Exit Charges: The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is indicated
by the symbol alongside the individual unit trust/OEIC
name.
The symbols are as follows: 0001 to 1100 hours;
1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available.Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation or
a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be obtained
free of charge from fund managers/operators. *
Indicates funds which do not price on Fridays.
Charges for this advertising service are based on the
number of lines published and the classification of the
fund. Please contact data@ft.com or call
+44 (0)20 7873 3132 for further information.

-1.00 0.00

15910.00

-71.00 0.00

Yuki Japan Rebounding Growth Fund 21670.00

-93.00 0.00

YMR Umbrella Fund

YMR N Growth

Memnon European Fund I GBP

110.74

(LUX)
-

Zebedee Capital Partners LLP

-0.80 0.00

(CYM)

Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78

-0.96 0.00

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

-0.82 0.00

Money Market
Trusts and
Bank Accounts
Gross Net

Gross
AER Int Cr

CCLA Investment Management Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

CCLA Fund Managers Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
COIF Charities Deposit Fund
0.45
- 0.45 Qtr

Data Provided by

Japan Alpha I JPY

Yuki Mizuho Japan Dynamic Growth 6595.00

-51.77 0.00

Unicorn Asset Management Ltd

Mastertrust A Inc

International

Different share classes are issued to reflect a different

currency, charging structure or type of holder.

(IRL)

Regulated
24.78

OEIC: Open-Ended Investment Company. Similar to a

unit trust but using a company rather than a trust
structure.

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund

Asset Management
-

Guide to pricing of Authorised Investment Funds

(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD. Tel: +44 (0)20 7831 0898.)

Other International Funds

167.19

Stratton Street Capital (CI) Limited

Prices are in pence unless otherwise indicated. The

change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital gains
tax on sales.

Winton Capital Management

$ 148.57

0.02 2.58

489.00 514.70 2.80 1.07

1.67 0.00

Sequoia Equity C

-0.01 0.71

UK Growth

1.37

-0.07 0.00

Sequoia Equity B

$ 357.06

10.64 0.00

7.14 0.04

283.17

Pacific B

125.10

10.98

Platinum Essential Resources UCITs Fund $

Pacific A

European Multi-Sector

Japan Synthetic Warrant GBP Hedged Participating Shares 144.31

12.78

1.80 0.68

-1.08 0.00

Inflation Lkd Sov Bd Fund

-0.49 0.00

0.04

UK Sovereign Bd Index Fund

458.50

280.65

TreeTop Global Sicav

The fund prices published in this edition along with

additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together by
fund management company.

(IRL)

131.35

International D

The sale of interests in the funds listed on these pages

may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons in
all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.

Regulated

96.39

Stckmkt 100 Track Gwth Acc Inst

-0.50

Sustainable Leaders

International C

WA Fixed Income Fund Plc

125.51 0.00

-1.42 0.00

183.60

-1.11 0.00

1183.28

Max 70% Shs Port Acc X

Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93

$ 378.59

Japanese Synthetic Warrant

-0.01 0.61

92.70 97.58 -0.30 3.96

295.03

International B

101.00 106.40 0.70 1.74

International A

9.91

0.00

Pacific Basin Specialist Equity Fund 42.51

European Growth

0.00 5.21

Waverton Sterling Bond Fund A GBP

Corporate Bd Inc Tst

164.40

-0.80

0.10 0.77

-0.01 0.00

N&P UK Gwth Inc Ret

0.00 1.74

255.60

15.04

0.50

Max 70% Shs Port Acc Ret

0.05 1.86

Waverton Equity Fund A GBP

(LUX)

-0.03 0.00

1.58

209.00

168.80

0.01 0.24

13.26

Equity Inc Inc Ret

18.42

-0.11 1.52

Waverton UK Fund A GBP

US Spec Equity Fund

Waverton Global Equity Fund A GBP 14.75

-2.11 0.00

19.76

-0.12 0.00

0.50

-0.40

UK Specialist Equity

-0.01 5.15

-0.50

-0.05 2.86

173.40

0.13 0.33

9.26

Waverton Global Bond Fund Cls A $

The fund prices quoted on these pages are supplied by

the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used as
a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness and
they should not be relied upon when making an
investment decision.

-0.01 1.05

Glob Em Shs Port Acc Ret

United Kingdom Equity Index Fund 16.29

242.40

0.04 0.00

Series 6 (Investment Management Customers Only)

17.59

107.30

Global Emerg Mkts Equity Fund

$ 19.81

Waverton European Fund A Eur

Equity Inc Inc Inst

13.60

UK Specialist Equity Income Fund

Waverton Asia Pacific A USD

Investments Inc Inc Ret

Japan Specialist Fund

(IRL)

Managed OEIC

Polar Capital Funds Plc

-0.80

-0.22 0.00

-0.12 0.35

Platinum Global Dividend UCITS Fund $ 74.41 74.41 -0.14 6.85

0.00

159.40

Platinum Global Dividend Fund - A $ 62.83

Investments Inc Acc Ret

23.08

-0.20

19.57

-0.20

Contl Europe Specialist Fund

$ 114.01

Platinum Navigator Fund Ltd Class A $ 98.72

142.20

UK Specialist Equity Inc

Platinum All Star Fund - A

Platinum Maverick Enhanced Fund Limited $ 92.87

166.60

Max 70% Shs Inc Ret

-0.05 2.50

CIS Sustainable World Trust A

7.14

Max 70% Shs Acc Ret

CIS Sustainable Diversified Trust A

Authorised Inv Funds

United Kingdom Equity Index Fund 16.51

Other International Funds

56.56 0.00

$ 400.36

Pictet-CHF Bonds I CHF

(UK)

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072

Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)

PO Box 105, Manchester M4 8BB 08457 464646

Authorised Inv Funds

-35.05 0.00

Jubilee Absolute Return Fund

Pictet-Brazil Index I USD

108.79

Additional Funds Available

Please see www.cis.co.uk for details

Fixed Income Holdings N.V.

$ 784.68

0.35 0.00

Royal London Unit Managers (CIS) (1200) F (UK)

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
$ 5401.83

Chinese Equities (EUR)

Permal Investment Mgmt Svcs Ltd

Investment Holdings N.V.

133.24

Address and telephone number for Series 5 only

Platinum Capital Management Ltd

Other International Funds

(LUX)

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.

www.robeco.com/contact
FCA Recognised

Global Emerg Mkts Equity Fund

3.20 0.00

Oryx International Growth Fund Ltd

Robeco Asset Management

(IRL)

waverton.investments@citi.com
FCA Recognised

-6.54 0.00

Global Equity Fund

0.02 0.00

-0.40

0.24

-6.90 0.00

Real Return Asian Fund EUR (Est) $ 302.47

9.05

-0.40

0.26

-6.79 0.00

RECM Global Equity Fund Limited - Class A $

Real Return Asian Fund GBP (Est) 307.54

-0.0008 3.02

Real Return Asian Fund USD (Est) 289.51

181.40

VT Odey Total Return Fund Class I 104.16

www.veritas-asset.com
Other International Funds

1.1913

164.00

VT Odey Total Return Fund Class A 109.19

Veritas Asset Management LLP

Diversified Assets Fund

22.89

Guide to Data

Retail

Monthly Dividend AUD Bd

Santander Atlas Port 4 Acc Ret

0.10 0.59

S & W Magnum

Santander Atlas Port 3 Acc Inst

0.23

S & W Marathon Trust

-0.07

0.00 2.45

229.50

-0.03 0.00

VT Odey Total Return Fund Class A 102.58

0.05 2.69

0.05 0.00

$ 10.14

Emerging Local Bond - Inst Acc

Veritas Global Focus Fund D GBP 28.17

411.00

-1.61 0.00

Veritas Global Focus Fund D EUR 22.55

UK Equity Income Trust A Class

-0.01 2.87

UK Equity Growth Trust A Class

MENA UCITS Fund *

8.73

218.48

0.27 4.55

0.00 0.00

TNI Funds Plc (Ireland)

$ 12.52

Odey Opportunity EUR I

Veritas Global Focus Fund D USD $ 25.26

Renasset Select Funds Plc

Veritas Global Equity Income Fund D GBP 163.30

RECM Global Fund Limited - Class A $ 17.67

Asia Local Bond Fund - Inst Acc

CommoditiesPLUS111sp Strategy - Inst Acc $

0.92 4.05

0.06 0.00

Mthly Div US Preferred Secs

RobecoSAM Sustainable Gl.Eq/B 178.13

-3.21 0.00

Daiwa Bond Series

Odey Odyssey Fund EUR R

0.16 4.74

Veritas Global Equity Income Fund D EUR 219.86

Veritas Global Focus Fund C EUR 23.59

-0.21 1.63

$ 1355.27

-0.70 1.59

0.00

-0.25 1.04

-0.63 0.00

0.28 0.00

Veritas Global Equity Income Fund D USD $ 127.94

146.10

0.01

$ 965.83

131.77

Oriental Growth Fund A Class

NZ$

126.99

MENA Hedge Fund

0.31 0.00

Veritas China Fund A EUR

-0.01 2.41

New Zealand Dllr Pfolio

156.40

0.12 0.00

0.29 0.00

-0.23 0.00

Multi Asset Total Return inc

135.74

Multi Asset Strategic Growth acc

AED 10.62

$ 133.49

Veritas China Fund A GBP

Veritas Global Focus Fund C GBP 29.34

123.53

www.tni.ae
Other International Funds

Veritas China Fund A USD

Veritas Global Focus Fund A USD $ 24.36

Multi Asset Enhanced Growth Acc

0.02 0.00

0.01 0.00

1.00 1.53

0.08

1.37 0.41

-8.00 0.00

0.00

1.18

317.33

0.01

108.92

Japan Equity Class JP3

0.49 0.48

Veritas Asian Fund A EUR H

1742.00

C$

Pictet Total Ret-Kosmos I EUR

0.00 0.00

2238.00

Canadian Dllr Pfolio

Pictet Total Ret-Divers Alpha I EUR 101.36

0.45 0.66

North American Trust A Class

1283.19 1326.63 0.87 3.82

-1.66 0.00

0.97

376.17

MM Global Investment Fund A Class

Income Acc

-1.83 0.00

$ 308.23

Veritas Asian Fund A GBP H

0.00 2.23

855.26 885.07 0.58 3.94

Japan Equity Index Fund

Veritas Asian Fund A USD H

0.04 2.14

Income Inc

-0.01 0.00

-0.44 0.00

153.67

-0.01 0.00

-0.01 0.00

140.10

Veritas Global Focus Fund A EUR 13.14

Odey Odyssey EUR I

1.34
1.31

Veritas Global Focus Fund A GBP 27.19

Odey Odyssey Fund GBP R

Gbl Govt Bond (Ex Japan) Index

0.40 0.96

$ 160.62

-0.24 1.19

Gbl Govt Bond (ex Japan) Class JP4

0.90 0.00

$ 134.82

-0.01 0.00
-0.01 0.00

Pictet-ST.MoneyMkt-IUSD

148.85

-1.06 0.00

Multi Asset Strategic Growth inc

1.54
1.41

213.70

-0.39 0.00

170.90

124.85

Global Eq (ex Japan) Class JP5

Global Eq Ex Japan Index Fund (Hedge)

MM Endurance Balanced Fund A Class

Odey Naver Fund GBP I Class

Pictet Total Ret-Corto Europe I EUR 127.73

-0.01 0.00

Global Gold and Resource Trust A Class

124.76 128.67 -0.28 0.00

-0.40 3.89

Global Opportunities Acc

0.35

1.43

-1.30 2.79

0.00 0.00

107.05

Global Eq (ex Japan) Class HJ4

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional

SFr 125.19

Pictet Total Ret-Agora I EUR

0.00 0.00

125.90xd

Pictet-ST.MoneyMkt-ICHF

-1.85 0.00

-10.68 0.00

410.60

-0.98 0.00

1.38

Fixed Interest Trust A Class

155.99

1594.15

+/- Yield

Far Eastern Income and Growth Trust A Class

124.40

Odey Odyssey Fund GBP I

Gilt

TNI Funds Ltd (BMU)

Odey Naver Fund Euro I Class

-1.86 0.00

-5.04 0.00

Offer

2.60 1.37

-0.67 0.00

Bid

$ 156.52

1598.62

Fund

487.30

Odey Giano European Fund USD R $ 122.59

Odey Odyssey USD I

+/- Yield

European Growth Trust A Class

Pictet-ST.MoneyMkt JPY I USD

Pictet-Timber-I USD F

Offer

Global Eq (Ex Japan) Index Fund

UAE Blue Chip Fund *

Regulated
SWMC European Fund B EUR

UK Corporate Bond

Bid

The National Investor (TNI)

Smith & Williamson Fd Admin Ltd (1200)F

Putnam Investments (Ireland) Ltd

Fund

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Asset Management

28

FINANCIAL TIMES

Wednesday 11 February 2015

MARKETS & INVESTING

Capital markets

Alphaville

Cassandras of the currency

wars echo earlier policy spats
Economic analysis is the
art of recycling old ideas
under new names, and so it
is with the debate over
currency wars, writes Barry
Eichengreen, professor of
economics and political
science at the University of
California, Berkeley.
Ragnar Nurkse, in his
1944 book International
Currency Experience,
argued that the
reflationary policies that
followed the collapse of
the gold standard in the
1920s operated by
depreciating the
exchange rate.
But the policy was a case
of beggar thy neighbour.
One countrys additional
external demand was
another countrys loss. If all
countries followed suit,
none was able to depress
its exchange rate on a
sustained basis.
These are the arguments
made today by the
Cassandras of the
currency wars. In the
current environment, they
warn, the only way for
central banks to stave off
deflation is by using
monetary policy to
depreciate the exchange
rate. With interest rates
already at or below zero,

there is no scope for policy,

conventional or
unconventional, to push up
the prices of risk assets.
The main way for central
banks to transform
expectations and signal
that the future will be
different is by depreciating
the exchange rate, which
under normal
circumstances they
hesitate to do.
Monetary policy failed to
work more powerfully in
the 1930s because it was
not tried. Central banks in
the 1930s were reluctant to
use their newfound
monetary freedom, fearing
uncontrollable inflation.
Because, in this
deflationary environment,
they failed to make openended commitments to
raise prices, they failed to
transform expectations.
Today, in contrast, the
likes of the Bank of Japan
and the European Central
Bank are making
commitments to do what it
takes to raise inflation
expectations. With
aggressive monetary
action and supportive
fiscal steps, policy can
produce results, even in
this environment.
www.ft.com/alphaville

Demand high as US group

offers positive yields
amid low funding costs
ANDREW BOLGER

Apple has taken advantage of the drop

in Swiss funding costs to issue SFr1.25bn
($1.35bn) of bonds, its first offering in
the currency.
The iPhone maker has sold SFr875m
of bonds maturing in November 2024
with a coupon of 0.375 per cent, and
SFr375m of notes due in February 2030
with a coupon of 0.75 per cent. Lead
managers were Credit Suisse and Goldman Sachs.
Benjamin Heck, a director on Credit
Suisses Swiss debt syndicate desk, said
the amount of bonds sold had been
increased amid strong demand. In

spite of some noise around Greece and

Ukraine, we were confident it would not
affect Apples [Swiss] debut.
Analysts said the combination of the
US groups high credit ratings it is
rated Aa1 by Moodys and AA plus by
Standard & Poors and the inclusion of
longer-dated tranches appealed to pension funds and insurers.
Michal Novak, portfolio manager at
Swiss & Global Asset Management, said
the market for foreign issuers in Swiss
francs was thin because unfavourable
cross-currency basis swaps made the
currency costly. The Apple issue had
been well received.
The high rating and positive yield
will attract institutional investors, he
said. For private investors, the long
maturities of close to 10 years and 15
years may be a bit too long, but given
negative yields on Swiss government

bonds up to 12 years, it is an attractive

alternative.
Corporate bonds remain more attractive to some investors than sovereigns,
even though they are riskier, because
they tend to offer a higher income.
Apple returned to the US dollardenominated debt capital markets last
week with the sale of $6.5bn in bonds as
it took advantage of a drop in borrowing
costs to fund share buybacks.
The worlds most valuable company
sold $1.5bn of 10-year notes and $2bn of
30-year bonds, in addition to debt
maturing in five and seven years. Yields
had ranged from 1.6 per cent to 3.5 per
cent, people familiar with the sale said.
Apple sold 2.8bn in bonds in November, in its first sale in a currency other
than US dollars. The group has issued
about $32bn in bonds since April 2013.
Last week bonds issued by Nestl

$1.35bn
Dollar value of
groups offering,
notable for its
long maturities

0.75

%
Coupon on
the 30-year
component; the
2024 tranche
offered 0.375%

started trading at negative yields, demonstrating investors hunger for cashconserving investments following the
European Central Banks move to drive
down borrowing costs across the continent. The Switzerland-based chocolateto-cereals food manufacturer is one of
Europes most highly rated companies.
Record volumes of government debt
have moved into negative yields since
the ECB became the first central bank to
charge banks to hold surplus cash in
June. More than 1.5tn of euro-area
debt maturing in more than a year pays
a negative yield, according to JPMorgan,
compared with none a year ago.
Germany has negative yields on
bonds with maturities up to six years, as
does Denmark. The Netherlands, Sweden and Austria have negative yields on
debt up to five years, while Swiss bonds
are negative up to 12 years.

Analysis. Commodities

Chinese banks stake their claim on the LME

The likes of ICBC are filling a
gap left by western groups
exit from physical trading

Commodities
Prices (rebased)
100

HENRY SANDERSON

Sterling

Against the euro ( per )

Jan

Apple in maiden Swiss franc debt issue

1.34
1.32
1.30
1.28
1.26
1.24
1.22
1.20
1.18

2014

Feb
2015

Source: Thomson Reuters Datastream

fastFT

Sterling heads towards

seven-year high against euro
The pound is nearing its
highest level against the
euro since February 2008,
highlighting how the UKs
robust growth diverges
from stagnation and
instability in the eurozone.
Sterling gained 0.5 per
cent against the common
currency so it would
take 74.094p to buy one
euro the highest level
since February 14 2008,
when a euro cost 74.3p.
The euro has weakened
since January 22 when
Mario Draghi, president of
the European Central
Bank, announced a 60bna-month quantitative
easing programme to
increase the money supply
in an attempt to kickstart
corporate borrowing and
stave off the threat of
prolonged deflation.
Meanwhile, tensions
over the future of the
19-nation common
currency area are rising
amid brinksmanship
between indebted,
recession-scarred Greece
and its eurozone creditors.

Surveys of purchasing
managers for British
manufacturing, services
and construction sectors all
came in ahead of forecasts
last week, and the National
Institute of Economic and
Social Research, an
economic think-tank, has
said Britain is on track for
its strongest growth in
nearly a decade in 2015,
forecasting a 2.9 per cent
expansion in gross
domestic product.
All this comes as lower
global oil prices reduce
petrol and energy bills,
while rising house prices
have underpinned the
construction sector.
The Ernst & Young Item
club, however, is warning
that the UK economy is
unbalanced and too
dependent on consumer
spending.
Optimism may fade as
the May general election
draws closer, with the
biggest area of uncertainty
being the nations future
in the EU.
www.fastft.com

Under large chandeliers in Londons

ornate Gibson Hall this month, Chinas
largest bank celebrated its $690m purchase of a 60 per cent stake in Standard
Banks global markets unit.
The acquisition will help Industrial
and Commercial Bank of China offer a
full range of commodity services to its
clients, some of Chinas largest natural
resources companies, as it moves to
compete with the likes of Citigroup and
Goldman Sachs.
ICBCs purchase is the latest foray by a
Chinese entity into Londons commodities market, seizing on an opportunity
to service Chinese clients, which produce and consume the bulk of the
worlds resources, as western banks
withdraw from the sector.
China consumes more than 40 per
cent of most of the worlds metals, is the
largest oil importer and is the foremost
producer of many commodities. Yet
while its banks have financed billions in
resource deals from Africa to Latin
America in the past decade, they have
lagged behind western institutions in
providing access to commodity finance,
hedging and related services.
After Chinalco acquired the Toromocho copper mine in Peru, the stateowned Export-Import Bank of China
provided a $2bn 15-year loan. ICBC set
up an office in the country to serve Chinese clients there. Yet it was western
banks that helped Chinalco hedge its
exposure to fluctuating copper prices,
according to a person familiar with the
matter.
A lot of their clients have exposure to
commodities, so its a natural progression because a lot of these commodities
are still priced on overseas exchanges,
says Jeremy East, global head of metals
trading at Standard Chartered in Hong
Kong. If you are importing copper from
Chile, you are buying that according to
the London Metal Exchange so you
would be looking to hedge on the LME.
China Merchants Securities, a unit of
one of the countrys largest securities
companies, became a member of the
LME and started trading last month. It
joins Chinese entities GF Financial Markets and Bank of China in gaining access
to the 138-year-old exchange, which was
bought by Hong Kong Exchanges and
Clearing in 2012.

80

Brent oil
3-month
copper
Coal
Iron ore
Jan

60

40
Feb
2015

2014

Consumption of six base

metals
Tons (m)

50
China
40
30

OECD
20
10
Other
0
1990 95

2000

05

10

14

Sources: Thomson Reuters Datastream;

Bloomberg; World Bureau of Metal
Statistics

Copper plates
in Shanghai:
China consumes
much of the
worlds metals,
and is seeking to
catch up in the
provision of
related finance
and hedging
Kevin Lee/Bloomberg

The business strategy of China Merchants Securities UK is to start with providing commodities risk management
platforms and services to meet demand
from China to hedge the global natural
resources price risks, says Stephen
Kan, chief executive of the London unit.
Chinese banks and securities companies have been encouraged to expand
overseas in part to help the renminbi
become a global currency. The LME has
submitted a plan to UK authorities to
allow the acceptance of renminbi collateral and is working with China Construction Bank on investment options
for its clearing house, according to
Garry Jones, the exchanges head.
Western banks have steadily exited
physical commodities trading amid
growing regulatory scrutiny. Last year
Barclays said it would give up most
of its metals trading, and JPMorgan
agreed to sell its physical commodities
business to Mercuria, a Swiss commodities trading group. Morgan Stanley

is seeking to sell its oil trading assets.

Western banks have booked losses
stemming from an alleged fraud that
came to light last year involving metal
held in two Chinese ports. Citi faces
potential losses of $270m, while Standard Bank made a capital injection of
$300m into its UK unit last month to
make up for losses from exposure to aluminium held in the ports in question.
[Chinese banks] have a strategic
advantage because a lot of western
banks have run screaming from China
having been completely burnt, says a
veteran metals broker.
ICBC was particularly interested in
Standard Banks physical commodities
business, says a person familiar with the
matter. Having a physical commodities
business, which involves financing and
shipping metals around the world, gives
banks an insight into the market, allowing them to manage risk better.
The Chinese banks still face competition from established players that

remain. Goldman had won more commodities business as its rivals exited,
chief financial officer Harvey Schwartz
said last month.
Banks from other emerging markets
have expanded in the UK. Brazils BTG
Pactual is doing an increased amount of
trading on the LME.
It will take time for the entrants to
master the market, analysts say. In London the Chinese entities have hired
experienced traders. GF Financial has
hired Martin Woodall, former head of
trading at Natixis. And Tim Pateman,
who used to trade at Mitsubishi UFJ
Securities and RBS Sempra Commodities, has been hired by China Merchants
Securities.
The latter group plans to attract European clients, not just Chinese ones,
according to a person familiar with its
thinking. If youve got lots of Chinese
clients short nickel, youd like someone
on the other side of your client book,
the person says.

Capital markets

Equities

Corporate loans rise above pre-crisis levels

Tobacco and alcohol healthy for long-term gain

ANDREW BOLGER

Seven years after the financial crisis,

the value of loans made globally to corporates has finally exceeded the precrisis peak, according to Allen & Overy.
The international law firm said, however, that rather than demonstrating a
return to normality, its latest Corporate
Funding Monitor showed continuing
structural shifts in how companies
accessed finance, with balance sheets
now looking very different.
The total value of loans made globally
to corporates, excluding financial institutions and real estate companies, last
year reached $3.9tn, exceeding the precrisis peak of $3.87tn. The total value of
finance, across loans, bonds and equity,
provided to business globally also
reached a new high water mark, exceeding $6tn for the first time in 2014.

The report said the type of financial

products used had changed with the
value of bonds issued by businesses
increasing 70 per cent since 2007 to
more than $1.5tn, in spite of a 10 per
cent fall year on year in 2014.
While loans remain the predominant
source of funding for corporates globally, accounting for 63 per cent of the
total, it is not just banks that provide
them. According to a recent McKinsey
report the value of outstanding bank
loans to non-financial corporates in
advanced economies decreased $4tn
between 2007 and the second quarter of
2014 to $41tn. Other loans (those provided by non-bank lenders) accounted
for a further $29tn.
Allen & Overy said the findings of the
McKinsey report were in keeping with
research the law firm had conducted
during 2014 into the prevalence of alter-

native finance providers, which showed

that, while on average bank lending
remains the largest source of funding
among European corporates, alternative finance now accounts for 41 per
cent of their total funding mix.
Another stark structural change that
is yet to show any meaningful signs of
reversal is that of the dynamic between
bonds and loans in the investment grade
space, said the report.
Investment grade loans have fallen
from a pre-crisis peak of $1.39tn to just
$748bn in 2014, said the report. Over
the same period investment grade
bonds have ballooned from $717bn to
$1.15tn last year.
While alternative providers remain
largely confined to the mid-market, the
size of deals they were taking on had
been steadily increasing from about
$100m$150m to about $300m$350m.

JAMES MACKINTOSH LONDON

JOHN AUTHERS NEW YORK

The wages of sin is exorbitant profit.

Research into the best equity market
performers over the very long term
shows that nothing beats tobacco and
alcohol stocks.
A dollar invested in US tobacco companies in 1900, with dividends prudently
reinvested, would have turned into
$6.28m, according to a work of financial
archaeology by Elroy Dimson, Paul
Marsh and Mike Staunton of London
Business School.
The study, produced for Credit Suisse,
also shows that brewers and distillers
were the best-performing UK shares of
the past 115 years, turning 1 into
243,152, including dividends.
US alcohol stocks could not match
their British peers because the countrys

alcohol industry was shut from 1920 to

1933 during the prohibition era.
Sober, solid industries fared far worse.
The engineering companies that helped
build Britains global dominance during
the industrial revolution of the 19th century were the UKs worst performers
over the following 115 years, turning 1
into just 2,280.
The shipbuilders who helped define
the American century, meanwhile,
only managed to turn $1 into $1,225
since 1900. The US textile and steel
industries were not far behind, while
food currently attracting ethical
investors ire as a sin sector turned
$1 into $384,027.
Prof Dimson said the strong performance of tobacco and alcohol companies
had not been solely related to the sale
of addictive products. It might also
have reflected the refusal of some ethi-

cally minded investors to buy the

shares, artificially depressing prices and
so ensuring higher returns for those
with fewer scruples.
Bizarrely, this would be evidence
that faith-based investors in the first
half of the 20th century, and all sorts of
ethical investors in the second half, had
an effect, he said.
Stock markets have transformed
since 1900, when two-thirds of the US
market by value was in railways, and
half in the UK. Once-important industries such as the telegraph and textiles
have all but vanished. New industries
including airlines and software have
risen to take their place, along with new
sin stocks, such as casinos.
Despite a century of medical, social
and legal disapproval of their very existence, however, the appeal of tobacco
and alcohol has remained constant.

Wednesday 11 February 2015

29

FINANCIAL TIMES

MARKETS & INVESTING

Global overview

TRADING POST

Jamie
Chisholm
Two issues exercising traders will be in
sharp focus today. The Greek finance
minister will meet his peers at an
emergency meeting in Brussels in an
attempt to make progress on a new
bailout deal.
Meanwhile, the leaders of Russia,
France, Germany and Ukraine will
gather in Minsk to try and prevent a
widening of the conflict in the latter.
So plenty of opportunity for risk
headlines to rattle investors. But
are those crises really the reason
equity markets notably that of Wall
Street have had a cautious few
sessions?
The performance of anxiety gauges
in the past few days suggests not. The
rouble has not weakened markedly
and the Moscow stock market is firm.
Spreads for Italian and Spanish paper
have not widened in a way that
suggests widespread fears of
peripheral eurozone contagion.
Instead, note the sharp move in
Treasuries. For many years Tina has
held sway across dealing rooms. (Hat
tip to Strategas Research for the
acronym.) Tina stands for There Is No
Alternative; the argument that equities
should be bought because yields on
bonds are so unattractively low.
But by mid-session yesterday the
10-year Treasury yield was back above
2 per cent. Less than two weeks ago it
was below 1.65 per cent.
The two-year US note yields 88
basis points more than its German
peer, the widest such spread since the
start of the credit crunch in 2007.
US equities have more of a fight on
their hands.
jamie.chisholm@ft.com

US-German two-year bond

spread

Basis points

2012

13

14

15

100
50
0

Source: Thomson Reuters Datastream

Sentiment bolstered as Athens

shares rally on compromise hopes
Possibility of deal to avert
Greek exit from eurozone
sends Wall Street sharply
higher even as oil prices
give back early gains
DAVE SHELLOCK

Hopes of a possible compromise

between Greeces new government and
its international creditors provided the
main talking point in the markets and
fuelled strong relief rallies for Athens
equity and government bond markets.
The heightened optimism came as
reports suggested the European Commission was prepared to offer a sixmonth debt extension to Greeces bailout programme, during which the European Central Bank could potentially
readmit Greek bonds as collateral in its
refinancing operations.
Furthermore, unconfirmed talk in
the Greek media suggested that Athens
would propose a four-part plan to the
Eurogroup meeting of EU finance ministers today in which it would scale back
some of its demands.
If Greek politicians can play their
cards right then the Eurogroup may
actually accept this plan, and Athens
may be able to buy itself some much
needed time to sort out its financing
needs over the coming months, rather
than days, said Kathleen Brooks,
research director at Forex.com.
We think that this plan looks more
realistic as it concentrates on the structural side of Greeces debt dynamics and
not on public spending.
But Jonathan Loynes at Capital Economics sounded a note of scepticism.
It could take some wrangling to finalise such a deal and even this would simply kick the can down the road a bit, he
said.
A lasting solution to Greeces debt
burden, which will ensure its future in

Wall Street
Holiday spin-off sends
Starwood Hotels higher
Mamta Badkar
The decision by Starwood Hotels &
Resorts Worldwide to spin-off its
vacation ownership business, alongside
better than expected fourth-quarter
earnings, pushed shares of the company
higher yesterday.
Starwood Hotels, which owns the St
Regis and Sheraton brands, said it
would spin-off its timeshare business
vacation properties with shared

Effects of the rising dollar: FT.com/video

Stephanie Flanders, chief market strategist at JPMorgan
Asset Management, discusses shifts in investor sentiment
the currency union, still appears as
remote as ever.
Nevertheless, the possibility of a deal
that could avert a Greek exit from the
eurozone even if it should prove only
temporary was enough to bolster the
countrys recently battered banking
stocks. National Bank of Greece leapt
more than 20 per cent and Bank of
Piraeus climbed 15.6 per cent as the Athens General index rose 8 per cent.
The yield on Greeces three-year government bond fell 163 basis points to
19.46 per cent, according to Bloomberg.
The reports helped bolster sentiment
more broadly, with the FTSE Eurofirst
300 equity index reversing an early fall
to close 0.6 per cent higher and the S&P

market lost faith in the miners ability to

refinance, we see 100 per cent
downside to Vedantas equity.
Oil and mining stocks weighed on the
wider market, leading the FTSE 100
8.03 points lower to 6,829.12.
Supermarkets outperformed after the
first Kantar industry data of the year
showed volume growth, with Asda and
the discounters slowing. Wm Morrison
added 3.4 per cent to 184.1p and Tesco
rose 3.6 per cent to 241.9p.
Marks and Spencer gained 4.9 per
cent to 498.7p after RBC turned
positive. On 2015 earnings M&S was at a
15 per cent discount to the sector, it said.
We expect ecommerce trends to
improve, we see potential for multiyear
gross margin gains, and it remains the
default play on an improving UK
consumer, at an undemanding

ownership into a separate publicly

traded company as part of its assetlight strategy.
The announcement accompanied
better than expected fourth-quarter
earnings. The leisure group reported
profits of $245m, or $1.40 a share, on
sales of $1.49bn. Analysts on Wall Street
had forecast earnings of 76 cents a share,
on sales of $1.52bn.
With the earnings beat and news of
the spin-off investors overlooked
guidance that missed Wall Street
estimates. Starwood now expects fullyear earnings in the range of $2.87-$2.97
a share, short of forecasts for $3.13 a
share, and first-quarter earnings
outlook in the range of 53-57 cents a
share, below forecasts for 63 cents a
share. Analysts added that Starwoods
$609m in share buybacks in the fourth
quarter, also helped reverse the recent
slide in the stock price. Starwood Hotels
shares climbed 7 per cent to $75.89.
Qualcomm agreed to pay $975m to
resolve allegations by Chinese
authorities that it had violated the
nations anti-monopoly law, pushing
shares of the US chipmaker higher.

The company said it would

implement a rectification plan that
would modify some of its business
practices in China to satisfy
requirements from the NDRCs order.
Qualcomm stocks, which have
declined nearly 6 per cent in the past
year, gained 5 per cent to $70.24.
Urban Outfitters gained more than 2
per cent to $37.25, after the company
which owns the Anthropologie and Free
People brands, said same-store sales
rose 6 per cent across the companys
labels. Aropostale shares popped 16.7
per cent to $3.08 after the teen retailer
said it was poised to report a fourthquarter loss of between 1 and 6 cents a
share, narrower than its earlier
guidance for a loss of 31 cents per share.
Coca-Cola advanced 3 per cent to
$42.40, after the beverage maker
reported adjusted fourth-quarter
earnings and sales that topped
expectations.
The S&P 500 rose 1.1 per cent to
2,068.52, the Dow Jones Industrial
Average climbed 0.8 per cent to
17,868.63 and the Nasdaq Composite
was up 1.3 per cent to 4,787.65.

Feb

2014

Source: Thomson Reuters Datastream

600
550
500
450
400
Feb
2015
Day's

Indices

Close

change

FTSE 100

6829.12

-8.03

FTSE 250

16658.74

79.53

FTSE 350

3736.78

-0.87

FTSE All-Share

3669.54

-0.73

FTSE All-Share Yield

Vedanta shares are worth either 10 or

10p, according to its own house broker.
Fears that Zambia will defer, rather than
cut, royalty payments in a tax dispute
helped drag the miner 6.1 per cent lower
to 431.8p yesterday. Last month the
African country raised mining taxes,
which led Vedanta to say it was
reviewing its copper operations there.
If Zambia did not water down its tax
regime, Vedantas Konkola Copper
Mines unit would be worthless, said
Morgan Stanley, and such regulatory
risks added to the difficulty of pricing
the shares.
While Vedanta appeared to have no
immediate refinancing risk, worries
about its debt levels were exacerbated
by a group structure that complicated
cash transfers, said Morgan Stanley. If
commodity prices stayed low and the

Mark Wilson/Getty Images)

valuation, the broker told clients.

JPMorgan Cazenove took Royal Mail,
down 4.9 per cent to 432.2p, off its
buy list to reflect slowing UK
economic growth.
Weaker mail and parcel revenue had
not been factored in by the consensus,
with competition from PostNLs Whistl
direct delivery joint venture providing
a further risk to forecasts, said the
broker.
Power station operator Drax gained
5.8 per cent to 412.6p, with the stock
initially squeezed higher by speculation
that GDF Suez or RWE might bid.
We would be surprised if either RWE
or GDF were to bid for Drax because it
would be a significant investment, yet
strategically both groups have
expressed a desire to reduce exposure to
European generation, said JPMorgan.
Instead, analysts highlighted that
Drax shares had lagged behind a small
recovery for UK wholesale power prices.
Macquarie, repeating an outperform
rating, said Drax was more efficient
than many coal power stations so
should benefit from a tighter market if
industry profit margins fell further.
Zoopla, the property website,
bounced 4.5 per cent to 182p on buy
advice from Nomura. While
competition from OnTheMarket meant
Zoopla might lose a fifth of its
advertisers in 2015, a target price of
250p left significant upside if the startup failed to gain consumer traction, the
broker said.
Poundland edged 0.5 per cent lower to
416.9p. After the close Warburg Pincus
said it was selling a 10 per cent stake.

Share price (pence)

Bryce Elder

S&P 500 index

Change on day

3.28

6770.50

-17.00

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.67

FTSE 100 Futures

500 in New York rising 1.1 per cent to

2,068, in spite of a retreat for oil prices
following three days of gains. Brent, the
international crude benchmark, fell
$1.91, or 3.3 per cent, to settle at $56.43 a
barrel, after earlier rising to $58.57.
Optimism over Greece also helped the
euro recover from an early slide against
the dollar. The single currency bounced
off a low of $1.1274 to trade flat on the
day at $1.1318. But Ulrich Leuchtmann,
FX strategist at Commerzbank, raised
the question of whether a Grexit
would really be so bad for the euro.
It is assumed that once contamination effects required the activation of
the [ECBs] Outright Monetary Transaction programme, a notable weakening

Trading Directory

of the euro would really become unavoidable, he said.

However, I am wondering whether
there is not a possibility of a euro-positive Grexit. If the safety measures and
in particular the OMT work as
intended, any initial spread widening
would be used as an opportunity to
secure higher yields.
At that stage the contagion effects
would have ended before they have
really taken off and before they can have
a truly euro-negative effect.
Meanwhile, the mood of moderate
risk appetite also knocked back several
haven assets. The German 10-year
Bund yield which moves inversely to
its price rose 2bp to 0.37 per cent, the
yen fell 0.6 per cent against the dollar
and gold shed $5 to $1,234 an ounce.
The dollar index, a gauge of the US
currencys value against a weighted basket of its peers, was up 0.3 per cent and
in sight of last months 11-year high.
The 10-year US Treasury yield was up
5bp at a one-month high of 2 per cent as
the markets continued to weigh up the
likelihood of a Federal Reserve interest
rate this year, particularly after Fridays
robust non-farm payrolls report.
By contrast, hopes for further policy
easing in China following a round of
weak inflation data helped push the
Shanghai Composite index up 1.5 per
cent.
Consumer price inflation fell to 0.8
per cent year on year in January, a fiveyear low, while Chinese factory gate
prices fell for a 35th successive month.
Economists at ANZ acknowledged
that the timing of the Lunar new year
holiday compared with 2014 had contributed to the falling CPI, but argued
that deflation had become a real risk
for China.
Producer price inflation suggested
that the out-of-factory prices remained
extraordinarily soft due to sluggish
demand for manufactured goods, they
said.

1.07%
2100
2050
2000

Jan

Royal Mail

London
Vedanta price is
undermined by tax
concerns in Zambia

Markets update

2015

Feb

1950

US equities Wall Street shrugged off

falling oil prices and instead took heart
from growing optimism that the new
Greek government would reach a deal
with its international creditors

FTSE 100 index

Change on day

0.12%
7000
6800
6600

Jan

2015

Feb

6400

UK equities Weakness for commodityrelated stocks amid renewed concerns

about the Chinese economy and a
retreat for crude oil prices weighed on
the FTSE 100

Eurofirst 300 index

Change on day

0.57%

1500
1450
1400

Jan

2015

Feb

1350

European equities A more hopeful

view of Greeces forthcoming
negotiations with its international
creditors helped lift major stock
indices across the eurozone

Nikkei 225 index

(000) Change on day

0.33%

18.0
17.5
17.0

Jan

2015

Feb

16.5

Japanese equities Nissan Motor

bucked the weaker trend with a rise of
3.8 per cent after the carmaker raised
its full-year earnings guidance

30

Wednesday 11 February 2015

INSIGHT

Analysis. Currencies

Henny
Sender

Cold front blows in for EM carry trade

n two weeks recently Mukesh Ambanis Reliance

Industries raised a total of $1.75bn in the US dollar
bond market. Both the first $1bn 10-year transaction
and the second 30-year deal were priced at what the
company said were the lowest interest rates for
an Asian corporate issuer yields of 4.125 per cent and
4.875 per cent respectively. The costs were a fraction of
what Reliance would pay in its home market of India if
such long-term debt were available.
For years and at an accelerated pace since the financial
crisis Asian companies have sought to take advantage of
the low cost of capital in the US thanks to the generosity
of the Federal Reserve.
Today, however, Reliance and India itself are among the
few Asian names to enjoy a warm reception in international capital markets. That is because India and some
though perhaps a minority of its companies have a happier story to tell than most of their emerging market peers.
The Indian balance of payments is improving, the current account and fiscal deficits are dropping, and inflation
is coming down, much of this thanks to sliding oil prices.
Where else could the central bank cut rates a quarter of a
percentage point and see the currency strengthen, as has
happened in India?
Meanwhile, everywhere else in Asian markets, concern
is growing over heavy corporate debt loads, signs of deflation and weakening currencies. The growth of debt has
been far greater than growth in nominal gross domestic
product for the region.
From 2007 to the end of
Only in India
2014, the ratio of total debt
to GDP has gone from 144 per could a 25bp
cent to an estimated 205 per
rate cut precede
cent, a rise of more than 6 percentage points, according to currency
Morgan Stanley. In the past
strengthening
10 years, the investment
banks study adds, the rise
amounts to $2.2tn- $2.5tn, with most of the claims taken
in the past five years.
In the past regional corporate borrowing was not particularlyhighbutit was productive. Also Asia had reasonable
demographics and the prospect of improved productivity.
But that past has become a mirror image of a present in
which debt levels are high, productivity is not growing and
demographics have worsened. Meanwhile, even as debt
and investment levels increase, return on investment
keeps dropping.
Two developments make the situation worse. First is the
unexpected drop in demand from China. Trade has been
virtually flat for several years. Growth in trade-dependent
emerging markets was 4 per cent in 2014 the worst since
2009, in spite of the accumulation of so much debt, according to data from JPMorgan. At the same time deflation and
disinflation make the real burden of debt much heavier
and make it harder for monetary policy to be effective.
China and South Korea are worrisome. Chinas debt to
GDP has gone from 156 per cent in 2008 to 244 per cent in
2014, while South Koreas is even higher at 254 per cent,
though the speed at which it has grown is much lower. By
contrast, Indias ratio is lower and has moved little, from
133 per cent in 2008 to 135 per cent last year.
As the central banks in Europe and Japan try to weaken
their currencies through large asset purchases, and the US
dollar rises, Asian central banks are driving down the
value of their currencies, making it even more challenging
for them to repay their dollar debt.
Singapore just cut rates, while analysts expect more
reductions from South Korea, Thailand, Malaysia and
even China itself. (It is a sign of the times, though,
that some analysts note that China cannot drive its currency down too much because of the size of its corporate
dollar debt.)
Numerous hedge funds are short many Asian emerging
market currencies. Morgan Stanley is recommending
going long on the US dollar against the Singapore dollar,
the Thai baht and the South Korean won, and a long position in the Indian rupee against the Singapore dollar. This
last trade would have been inconceivable 18 months ago.
It is easy to imagine worse to come. But any such scenario assumes that the Fed will indeed start raising rates.
That was among the worst bets last year and may prove to
be so again this year.
henny.sender@ft.com

More comment and data on ft.com

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Carried away
Five-year sovereign CDS v average sovereign ratings

Turkish and Brazilian currencies

Feb 9 2015

Against the dollar (currencies per $)

Lira
Real

Russia
JONATHAN WHEATLEY

Are we watching the last gasp of the

carry trade? Yield-hungry investors
have again been borrowing cheaply in
developed markets and investing the
proceeds in high-yielding emerging
markets such as Turkey, where 10-year
local currency government bonds, for
example, offer high single-digits.
The EM carry trade has a proud history and has made many fortunes. EM
specialists gained not only from the
bonds but also from the currencies.
Many EM units appreciated steadily
against the US dollar before and after
the global financial crisis, driven by
money pulled into emerging economies
by fast growth and latterly pushed in by
the tide of central bank bond buying, or
quantitative easing.
But the commodities supercycle and
the US Federal Reserves QE programme
are over, and EM investors face a less
certain world.
When the price of oil fell last year Turkey was spotted as a winner. It has struggled for years with a current account
deficit consisting almost entirely of
energy imports. Cheap oil would ease
that pressure, help tackle inflation and
give a boost to consumer spending.
Investors piled in. Yields (which
move inversely to prices) on 10-year lira
bonds fell from about 9.8 per cent in
September to about 6.8 per cent last
month. But cheap oil was not enough to
prop up the currency. The lira did
strengthen periodically as carry traders
came in, but in the past year it has been
on a steady path of weakness.
Analysts blame severe political pressure on the central bank to cut interest
rates even though inflation has failed to
fall as much as expected. This month
the lira has gone from about 2.28 to the
dollar to about 2.48 a body blow to

Emerging market

300
South
Africa

Supply build-up would grind

to a halt as early as July, the
International Energy Agency
said in its closely watched
annual report. But while the
price correction will cause
the North American supply
party to mark a pause; it
will not bring it to an end,
the report said.
Maria van der Hoeven, IEA
executive director, said the
shale industry might emerge
stronger towards the end
of the decade as prices recovered. Shale oil has changed
the market, she said.
Opecs move to let the market rebalance itself is a
reflection of that fact. It may
have effectively turned light
tight oil into the new swing
producer, but it will not drive
it out of the market.
She added that Opec would
never regain the oil market
share it had before the global
financial crisis.
Jorge Montepeque, global
director of market reporting
at Platts, the commodities
information group, echoed
this sentiment at a London
conference on Monday. The
price at which US shale plays
were profitable, he said, were
a moving target as technological advances improved
the longevity of wells and
costs fell. The whole pricing
structure is coming down,
he said. A rethink was
needed.
Oil prices have halved
since June as relentless US
production and sustained
Opec output coincided with a

Brazil
200
Portugal

China

Mexico

Czech
Rep

France
Japan

UK
AAA

AA+

AA

Indonesia
Spain

Germany
AA-

Poland

Hungary
100

Italy

Ireland

A+
A
A- BBB+ BBB BBBAverage rating of S&P and Moodys

BB+

BB

BB-

2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8

2.0
2.1
2.2
2.3
2.4
2.5
Feb

2014

Feb
15

Interest rates
2016 forecasts
2016 nominal rate forecast
Real rate (less CPI)
0
5 10
Brazil Selic
Turkey Interbank rate
South Africa repo rate
Russia minimum rate
India repo rate
China lending rate

15

FT graphic Sources: Commerzbank; Thomson Reuters Datastream; Nordea; Bloomberg

Cheap oil
looked set
to favour
Turkey, but
the lira
remains
vulnerable

US shale pullback to be
limited, says watchdog
The slump in the oil price
will lead to a swift pullback
in US shale oil production,
though the decline will be
limited in scope, according to the worlds leading
energy forecaster.

Nigeria
400

Commodities

ANJLI RAVAL

500

Developed market

Five-year CDS in basis points

New Delhi has happier

tale to tell than some
of its Asian neighbours

Emerging market investors

shy away from local-currency
strategy as US rate rise looms

demand slowdown in Asia

and Europe. The rout gathered pace in November when
the producers cartel said it
would maintain production
at 30m barrels a day, rather
than cut to shore up prices.
A period of lower prices as
dictated by the market, Opec
said, would put pressure on
higher-cost producers in the
US, Brazil and Russia.
In recent weeks the worlds
biggest oil companies have
announced investment cuts,
and data have shown a drop
in drilling activity. The IEA
predicts that non-Opec oil
supply will grow 3.4m b/d to
60m b/d in 2020, at an
annual average 570,000 b/d.
Over the past five years
growth has been 1m b/d, with
a record 1.9m b/d in 2014.
Total oil growth from the
US and Canada will slow to
about 500,000 b/d a year
until 2020 compared with
average growth of 1.1m b/d in
the past four years, but it will
remain the backbone of nonOpec supply growth.
However, as cuts in spending take a toll on non-Opec
growth the IEA estimates
that the call on Opec and
stock change will rise in
2016, reaching 32.1m b/d by
2020 or 2.7m b/d above the
call in 2014. On Monday,
Opec said demand for its own
oil would rise as soon as this
year amid a slowdown in the
US oil industry.
Opecs battle for market
share may only just be starting, said the IEA. A bigger
challenge would be an
expanding Iraq and an Iran
that, at some stage, becomes
unshackled from rigorous
international sanctions.
Lower oil prices would not
provide as strong a boon to
oil demand growth as might
be expected, it added.

carry traders. Bond yields, meanwhile,

have retraced to about 7.8 per cent.
The lira remains vulnerable, says
Luis Costa, strategist at Citi Research.
Given the inflation dynamics and the
pressures on the central bank, you have
to be a lot more cautious.
In Brazil, previously a carry trade
favourite, the real has begun to undo
years of gains against the dollar as
promised growth has not materialised
and investors have lost faith in the governments ability to turn the economy
round. The central banks interest rate
is expected to stay high over the next
year. Even after discounting expected
inflation, real returns look generous.
But investors are nervous not least
because of a corruption scandal at
Petrobras, the state oil company and
the real has devalued sharply against
the dollar this month.
In other carry trade countries it is

similar story. If inflation expectations (a

proxy for currency fluctuations) are
netted out of expected interest rates, the
returns rarely match the risks. Foreign
funds are flooding out of China.
The heydays of the carry trade are
largely behind us, says Aroop Chatterjee, currency strategist at Barclays. A
lot of funding was in dollars, and with US
interest rates potentially heading higher
the carry is less attractive.
Most EMs face slower growth and falling inflation, he adds. So they will cut
[interest rates], and that puts downward pressure on their currencies and
reduces the attraction.
Carry traders have not given up yet.
The European Central Bank has taken
up the QE baton, providing an alternative source of funding. Simon QuijanoEvans, a strategist at Commerzbank,
says bond markets in countries such as
Austria, the Netherlands and even Ger-

many may dry up under QE, leaving

pension funds and others looking elsewhere for investment opportunities.
Yield is already hard to find. If you
look at yields in places like Poland and
even Hungary, they have come down to
historically low levels, he says. In many
EMs the price of credit default swaps, a
form of insurance against default, are on
a par with those in developed markets,
says Mr Quijano-Evans.
There may be a window of opportunity, he says, between the start of ECB
QE and when the US Fed starts raising
interest rates, probably in the third
quarter. But Mr Quijano-Evans says that
even in a low-yield environment investors will keep EM local currency bonds,
moving in and out of riskier markets
such as Turkey, Brazil and Russia.
However, for the carry trade as it used
to be, there are just too many moving
parts blowing the story.