Euro 2016

How To
Spend It

Simon Kuper’s
alternative guide

The latest cars
from Rolls-Royce
and Bentley

Magazine

LIFE & ARTS

Europe edition

House & Home LGBT special issue | Big Read The story of a jihadi recruiter
SATURDAY 4 JUNE / SUNDAY 5 JUNE 2016

Art treasures
saved as Paris
floods worsen

Briefing
i Noble Group’s chairman to step down
Beleaguered Hong Kong-based commodities trader
Noble said that founder Richard Elman would quit
as chairman as it also revealed plans for a $500m
rights issue to cut its debt load. — PAGE 10

Artworks from the Louvre museum
store rooms in Paris were packed in
boxes yesterday among ancient statues
after they were evacuated from the
basement to avert the risk of flooding
from the River Seine.
The museum was closed as it carried
out the first such evacuation of artefacts
since the Louvre underwent renovation
in 1989. The Seine, which flows directly
past the museum, rose to the highest
levels seen since 1910 after a week of
heavy rain that swept across large parts
of France and Germany.

i Japan’s ‘womenomics’ push all at sea
Miho Otani, Japan’s first female captain of a
destroyer-class warship, is a success story of the
country’s gender equality drive, although she sees it
as a work in grindingly slow progress. — PAGE 4

i Clinton aide in the spotlight
Hillary Clinton’s principal adviser,
Huma Abedin, is to be thrust into the
spotlight with the release of a film on
the political comeback of Anthony
Weiner,her disgraced husband . — PAGE 9

i JPMorgan chief rails against Brexit


Louvre removes treasures page 2
Geoffroy van der Hassel/AFP/Getty Images

Blatter and Fifa chiefs ‘paid $80m’
3 US probe alleges ‘problematic’ bonuses 3 Football body keen to highlight reform drive
MURAD AHMED — LONDON

Fifa’s disgraced former president Sepp
Blatter was among a group of football
chiefs who secretly paid themselves
$80m in a “co-ordinated effort to enrich
themselves”, an internal investigation at
the sport’s world governing body says.
Attorneys hired by Fifa to probe
alleged widespread corruption at the
organisation found that Mr Blatter,
former secretary-general Jerome Valcke
and former deputy general Markus Kattner, approved a “problematic” series of
bonuses, contract changes and exceptional payments over five years.
Although the US justice department
indicted more than two dozen top Fifa

executives on corruption charges last
year, the new revelations include some
of the most detailed allegations to date
against Mr Blatter. He was not charged
as part of the US investigation, but he
was removed from Fifa and banned
from football last year.

The US firm Quinn Emanuel said
some of the actions represented “evidence of breaches of fiduciary duty” and
could be in breach of Swiss law.
Mr Blatter’s lawyers said: “We look
forward to showing Fifa that Mr Blatter’s compensation payments were
proper, fair and in line with the heads of
major professional sports leagues
around the world.”
Fifa released the details as part of its

effort to show its commitment to
reform, but its current leadership continues to face allegations of interference
with investigations into its conduct.
It is facing the most serious corruption investigation in its history. In addition to the US charges, Swiss authorities
have also launched a criminal inquiry
into alleged bribes paid to football executives. Fifa said it would pass on the latest information it has found in the internal probe to US and Swiss investigators.
Quinn Emanuel said it found that Mr
Blatter, Mr Valcke and Mr Kattner had
received retroactive special bonuses
worth a total of SFr23m ($23.5m), four
months after the World Cup in South
Africa in 2010, “apparently without an

‘It’s almost
as if these
payments
materialised
out of
thin air’


underlying contract provision stipulating such bonuses”.
“It’s almost as if these payments
materialised out of thin air,” said a person close to Fifa’s internal investigation.
The men also received bonuses
related to the 2014 World Cup in Brazil
and the 2018 tournament in Russia, as
well as contact enhancements that lifted
the total to $80m, Fifa said.
The probe found that in April 2011 Mr
Valcke and Mr Kattner were given contract extensions until 2019, with large
increases in base salaries and bonuses.
Two new clauses were also inserted
into contracts, including guarantees of
the full value of contracts even if terminated for “just cause”.

Weak jobs growth is ‘smack in the face’
for US economy and Fed rate increase
SAM FLEMING — WASHINGTON
ADAM SAMSON — NEW YORK

The woman looking to win
Rome and shake up Italy
Populist trouble i PAGE 3
Austria
Bahrain
Belgium
Bulgaria
Croatia
Cyprus
Czech Rep

Denmark
Egypt
Finland
France
Germany
Gibraltar
Greece
Hungary
India
Italy
Kazakhstan
Kenya
Kuwait
Latvia
Lebanon
Lithuania
Luxembourg

€4.50
Din2.0
€4.50
Lev8.75
Kn29.50
€3.95
Kc120
DKr41
E£25
€5.30
€4.50
€4.50

£3.50
€4.00
Ft1190
Rup220
€4.00
US$7.00
Kshs300
KWD1.50
€7.59
LBP9000
€5.00
€4.50

Macedonia
Malta
Morocco
Netherlands
Nigeria
Norway
Oman
Pakistan
Poland
Portugal
Qatar
Romania
Russia
Saudi Arabia
Serbia
Slovak Rep
Slovenia

South Africa
Spain
Sweden
Switzerland
Tunisia
Turkey
UAE

Den240
€4.00
Dh50
€4.50
Naira715
NKr39
OR2.00
Rupee 320
Zl 22
€4.00
QR20
Ron19
€5.00
Rls15
NewD480
€4.50
€4.00
R60
€4.00
SKr50
SFr6.90
Din9.00

TL12.75
Dh20.00

Hiring by US employers slowed last
month to the weakest pace since 2010,
clouding the economic picture and
dealing a blow to the prospect of a Federal Reserve rate increase this month.
Non-farm payrolls rose by a seasonally
adjusted 38,000 in May, below a revised
123,000 figure for April and well below
expectations for growth of about
160,000. Employers took on 59,000
fewer workers in March and April than
previously reported.
The unemployment rate slid to 4.7 per
cent from 5 per cent but the declines
were driven by people quitting the
labour force, rather than hiring. The
number of people working part time
because they could not find a full-time
post rose by 468,000. Stocks sold off and

the dollar fell on the report, which also
sent 10-year bond yields sliding from
1.7938 per cent to 1.728 per cent.
The latest payrolls numbers were
affected by a strike by 35,000 Verizon
Communications workers that began in
late April and stretched through May.
But even excluding that effect, the jobs

report was poor and contrasted sharply
with the robust gains that have been
seen for much of the decade.
“This is a smack in the face for the US
economy,” said Diane Swonk of DS Economics. “They [the Fed] need to see a
much better June number to keep July
on the table . . . When you are losing
momentum going into the meeting, that
is not when you raise rates.”
The strength of the US’s labour market recovery has sat at the heart of Fed
chair Janet Yellen’s case for higher interest rates, and a single month’s number

STOCK MARKETS

1DVGDT&RPSRVLWH

Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai

2 2



SUHY FKJ


-XQ


INTEREST RATES
SUHY

-XQ

 SHUé
 SHUe



 éSHU





 eSHU



 eSHUé
 gSHU



 éSHUe








'RZ-RQHV,QG





)76(XURILUVW





(XUR6WR[[





)76(





)76($OO6KDUH






&$&





;HWUD'D[







-XQ

SUHY

1LNNHL










+DQJ6HQJ





 2LO:7,
 2LO%UHQW













)76($OO:RUOG

9 770174 736166

CURRENCIES
-XQ

63


© THE FINANCIAL TIMES LTD 2016
No: 39,181 ★

Fed Brexit warning page 6
Global overview page 14

World Markets

Subscribe In print and online
www.ft.com/subscribetoday
email:
Tel: +44 20 7775 6000
Fax: +44 20 7873 3428

will not force the bank completely to
ditch its assessment of the economy.
The central bank’s anecdotal Beige
Book report on Wednesday indicated
that “tight labour markets were widely
noted” in most of the Fed’s dozen districts around the country. Yesterday’s
data from the Bureau of Labor Statistics
showed that average hourly earnings
grew 2.5 per cent compared with the
previous year, marking a bright spot.
But the jobs data make a Fed move on
rates this month highly unlikely — and
the odds were already very low given
market risks surrounding Britain’s referendum on its EU membership. Traders now also see a July move as less probable, given that the downward revisions
to March and April numbers suggest a

broader slowing in hiring.

 gSHUe
 éLQGH[

  gSHUé
  eLQGH[



 6)USHUé
 COMMODITIES

 *ROG

 LQGH[
 6)USHUe

SUHY

SULFH

\LHOG

FKJ







































SULFH

SUHY

FKJ

)HG)XQGV(II







FKJ 86P%LOOV
 (XUR/LERUP




















 86*RY\U
 8.*RY\U

 *HU*RY\U
  -SQ*RY\U


 86*RY\U
  *HU*RY\U




 8.P
 3ULFHVDUHODWHVWIRUHGLWLRQ

'DWDSURYLGHGE\0RUQLQJVWDU

Jamie Dimon said Britain’s exit from the EU would be
a “terrible deal for the British economy”, the latest
top business leader to highlight risks facing service
industries.— PAGE 6; EDITORIAL COMMENT, PAGE 8


i Myanmar probes jade fraud claims
Myanmar has launched a probe into the possible
disappearance of almost $100m linked to its flagship
annual jade auction.— PAGE 4

i Walmart pilots Uber grocery deliveries
Walmart is raising the stakes in grocery delivery,
announcing a tie-up with car-hailing services Uber
and Lyft in a pilot scheme. — PAGE 10

Datawatch
UK sporting attendances

Most popular spectator sports, (2015, m)
0 2 4 6 8
Football
43.4
Equestrian
Rugby Union
Cricket
Rugby League
Greyhound racing
Motorsport
Tennis
Golf
Other
Source: Deloitte

A huge crowd is
expected today

for the Epsom
Derby, perhaps
exceeding last
year’s record
125,000. The
number of
spectators at
horseracing and
equestrian events
is exceeded only
by those at
football matches.


2

★

FTWeekend

4 June/5 June 2016

INTERNATIONAL
Migrant crisis

Emerging markets

Breakthrough in EU-Turkey talks on visas

South Africa

avoids rating
downgrade
to junk status

Ankara mood change on
antiterrorism laws aims to
meet Brussels’ concerns
ALEX BARKER — BRUSSELS

Negotiations to grant 80m Turks visafree travel to Europe are back on track,
with Turkey this week signalling its willingness to reform its broadly drafted
terrorism laws to meet EU conditions.
The overture has broken a stalemate
in talks that endangered a crucial EU
deal with Turkey that has dramatically
cut migrant flows to Greece, according
to senior officials involved.
If the breakthrough is matched by
substantial concessions, the stage is set
for Ankara to meet some remaining visa
waiver conditions and for the European
Commission to make a positive recommendation on granting travel rights,
potentially within weeks.

80m
Turks set to be
granted visa-free
travel to Europe in
effort to cut
migrant flows


72
Conditions for visa
rights set for
Turkey by the
European
Commission

The travel rights are Turkey’s main
upside from the EU migration deal. But
its fulfilment has become bogged down
inpolitics,asAnkararefusedtheEUconditions attached, immigration-wary
European politicians fretted over the electoral consequences, and fears mountedoverAnkara’sauthoritarianism.
Even taking account of recent progress, some diplomats warn there is still
only a small chance of EU members and
the European Parliament being ready to
vote on travel rights for Turks by early
July. But the path to a final deal by the
autumn is open again, teeing up a
fraught and unpredictable debate within
the EU, where unease over the deal is
mounting on both left andright.
“The mood has changed, we’re talking seriously, it’s much more positive,”
said a senior diplomat involved. One
Turkish official said that despite recent
setbacks “we’re now back to business”.
The progress came despite a highly

charged diplomatic spat between Berlin
and Ankara over this week’s Bundestag

vote recognising an Armenian “genocide” by Ottoman-era Turkey.
The thaw over visas started last week
when Recep Tayyip Erdogan, Turkey’s
president, told Angela Merkel, German
chancellor, he intended to uphold the
migration deal and work to find a solution to the stand-off over visas. Mr
Erdogan also retreated on a threat to
retaliate against European foot-dragging
over visas and allowed a planned EUTurkey migrant returns deal to come
into force on June 1 asplanned.
Further headway was made in Brussels this week in meetings with Omer
Celik, Turkey’s newly appointed Europe
minister, an ally of Mr Erdogan who is
more straightforward in seeking a deal
to ensure Turkey meets the final conditions demanded by the EU.
Mr Celik said in Brussels that he made
clear that “we would not make changes

‘We are not
short of
tough
terror laws
in Europe
[for the
Turks]
to copy’

to Turkey’s antiterrorism law”. But officials are in discussions on reforms to
satisfy the EU’s concerns about catch-all
terrorism definitions and the pre-trial

detention of journalists or academics.
The compromise hinges on changes
that can be cast as strengthening Turkey’s antiterrorist toolkit. “As long as it
doesn’t hurt antiterrorism, we may
tweak things here and there,” said an
officialfamiliarwithTurkey’sposition.
One option is reform of Turkish terrorism legislation to strengthen parts,
such as curbs against foreign fighters,
while refining the definition of terrorism to be more EU-compliant. “We are
not short of tough terror laws in Europe
to copy,” said a senior EU diplomat.
However, Turkey is yet to meet five of
72 conditions for visa rights, including
on terrorism laws, data protection rules,
anti-corruption efforts and the framework for co-operation with European
law enforcement agencies.

Europe floods

Louvre removes treasures to escape rising Seine

ADAM THOMSON — PARIS
JAMES SHOTTER — FRANKFURT

Staff at Paris’s Louvre moved to evacuate 150,000 objects from the museum’s
priceless collection yesterday as water
levels in the Seine river were expected
to reach their highest point since 1910.
The evacuation from the museum’s
store rooms, where the majority of the

Louvre’s collection is kept, took place as
city authorities battled against the highest water levels in living memory.
Marion Benaiteau, Louvre press
officer, said it was the first such evacuation since the museum’s 1989 makeover,
when it acquired its glass pyramid. “It’s
a first,” she told the FT. The Louvre’s
doors were closed to the public yesterday, as were those of the Musée d’Orsay
on the opposite bank of the river.
After days of intense rain, the interior
ministry said that 20,000 citizens had
been evacuated from their homes across
France. François Hollande, France’s

Socialist president, declared a “natural
catastrophe”.
The emergency measures in Paris,
just days before the country prepares to
host the Euro 2016 football tournament,
came as Europe endured a week of
heavy rains.
In Germany the worst damage was in
Bavaria, where houses and roads have
been wrecked, and at least seven people
have died, according to local media.
Angela Merkel, chancellor, expressed
her condolences for the victims. “We
mourn those for whom help came too
late,” she said on Thursday, adding that
she was following the situation closely.
In the Bavarian town of Simbach am

Inn, houses were flooded and roads
were damaged after local rivers burst
their banks, while in nearby Triftern,
about 30 children had to sleep in their
school’s sport hall on Wednesday night
after bridges became impassable.
Siegfried Schmied, managing director
at the town hall in Triftern, said that the

River traffic
was
suspended
as water
filled the
normally
spacious
arches of
the city’s
bridges

clean-up exercise was in full swing and
the weather had improved, although the
forecast for the weekend was uncertain.
In North Rhine-Westphalia, the river
Issel rose from its normal depth of half a
metre to over 2m on Thursday. Local
officials said yesterday morning that
water levels were falling. However, Germany’s weather service had warned of
further rains last night.
The GDV trade body for Germany’s

insurance industry said that the insured
losses caused by storm Elvira, which
caused localised flooding in BadenWürttemberg last weekend, would
come to about €450m.
It added that this did not include the
subsequent damage in Bavaria and
North Rhine-Westphalia.
In the French capital, traffic was
thrown into chaos as authorities closed
inundated tunnels and the road running
along the side of the river. The RER C, a
rapid transit line serving Paris, was
closed and authorities opened two gym-

JOHN AGLIONBY — NAIROBI

NOVEMBER 7 2015

High profits and relatively low detection rates are driving a sharp increase
in global environmental crime, with
corporates and organised gangs
becoming increasingly involved,
according to the UN and Interpol.

Spain; Fabripress, C/ Zeus 12, Polígono Industrial MecoR2, 28880 Meco, Madrid. Legal Deposit Number
(Deposito Legal) M-32596-1995; Publishing Director,
Lionel Barber; Publishing Company, The Financial Times
Limited, registered office as above. Local Representative
office; C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid.
ISSN 1135-8262..

UAE; Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor
in Chief: Roula Khalaf. Origin of publication, twofour54,
Media Zone, Abu Dhabi.
France; Publishing Director, Dominic Good, 40 Rue La
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
5376 8253; Commission Paritaire N° 0909 C 85347; ISSN
1148-2753.
Turkey; Dunya Super Veb Ofset A.S. 100. Yil Mahallesi
34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24.
ROLLING IN THE DEEP

Subscriptions & Customer service:
Tel: +44 207 775 6000, ,
www.ft.com/subscribetoday
Advertising:
Tel: +44 20 7873 3794 ,

Letters to the editor:
Fax: +44 20 7873 5938,

Executive appointments:
Tel: +44 20 7873 4909
www.exec-appointments.com
Published by: The Financial Times Limited, 1 Southwark
Bridge, London SE1 9HL, United Kingdom. Tel: +44 20
7873 3000; Fax: +44 20 7407 5700. Editor: Lionel Barber.
Belgium; BEA Printing sprl, 16 Rue de Bosquet, Nivelles
1400.
Germany; Dogan Media Group, Hurriyet AS Branch
Germany, An der Brucke 20-22, 64546 Morfelden Walldorf. Responsible Editor, Lionel Barber. Responsible

for advertising content, Dominic Good.
Italy; Poligrafica Europa, S.r.l, Villasanta (MB), Via Enrico
Mattei 2, Ecocity - Building No.8. Milan.
Owner, The Financial Times Limited; Rappresentante e
Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy.
Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in
Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1
.comma 1, DCB Milano.

361_Cover.PRESS.indd 1

Standard & Poor’s, the rating agency,
affirmed South Africa’s foreign currency
bond rating at one notch above subinvestment grade, or “junk” status, citing
improvements in the energy sector,
pending labour and mining reforms,
and the government’s resolve to reduce
fiscal deficits at a faster-than-expected
pace.
S&P, however, maintained its negative outlook, noting low gross domestic
product growth, rising political tensions
and warning it could lower its ratings
this year or next “if policy measures do
not turn the economy around”.
A rating downgrade, which could
raise the country’s borrowing costs, has
loomed over Africa’s most industrialised nation all year.
Government officials and business
leaders have been working to boost confidence in the economy since President
Jacob Zuma in December sacked a wellrespected finance minister and replaced

him with a little known backbencher,
sending the rand plummeting. The
drive has been led by Pravin Gordhan,
the finance minister brought in after the
tumult.
The government welcomed the S&P
decision. “The rating outcome demonstrates that South Africans can unite,
especially during difficult times, to
achieve a common mission,” the Treasury said.
“It’s a reprieve, certainly,” said David
Faulkner, economist at HSBC Africa,
who said it gave time to see if growth
measures set in motion this year, including improvements in the energy, mining
and tourism sectors, would have an
effect.
But he added: “To durably remove the
risk of a downgrade, you need more
aggressive structural reforms that significantly raise the country’s growth
potential.”
South Africa’s rand strengthened to a
three-week high yesterday, to 15.14 per
dollar.
Yet international investors remain
wary of South Africa’s dysfunctional
economic and political environment.
Foreign portfolio flows into the country
have been volatile and equity funds in
South Africa suffered larger outflows
than any other emerging market in late
May.

But international investors have been
net buyers of the country’s bonds in the
past week, helping to send the yield on
benchmark 10-year government bonds,
denominated in rand, to a three-week
low of 9.19 per cent yesterday.
While the S&P decision gives politicians and business leaders time, some
doubt whether they will be able to turn
things round quickly enough to avoid a
downgrade later this year. The economy
is forecast to grow 0.6 per cent in 2016.
The political backdrop is also fraught,
with the governing African National
Congress facing a tough fight in August
municipal elections with an energised
opposition and increasingly pessimistic
voters.
Additional reporting by Elaine Moore in
London

UN and Interpol detect big jump in environmental crime

Subscribe to the FT today at ft.com/subscription

1 Southwark Bridge,
London SE1 9HL

Philippe Wojazer/Reuters

nasiums to shelter the city’s homeless.

The tip of the Seine’s two main islands
in central Paris, traditional picnic spots
for tourists during the summer months,
were under water yesterday as the
river’s swirling brown water partially
covered benches and trees.
River traffic, including the city’s
famous bateaux mouches open-air tourist boats, was suspended as water levels
filled the normally spacious arches of
the city’s numerous bridges.
Anne Hidalgo, Paris mayor, said that
the river levels were not a threat to the
population but conceded that the state
of alert remained “very very high”.
By yesterday evening, the water in the
Seine was expected to reach 6.5m, one of
the highest readings since the great
Paris flood of 1910.
Ms Hidalgo told journalists water levels were expected to subside from today.
But she added: “What we expect is that
the decrease is going to be very slow and
very long.”

South Africa yesterday avoided a
downgrade to its credit rating to junk
status in a reprieve to officials who
have been trying to restore confidence
in one of the world’s most traded
emerging markets.


Organised gangs

MAKE A SMART INVESTMENT

FINANCIAL TIMES

Paris yesterday:
after days of
intense rain,
20,000 citizens
have been
evacuated from
their homes
across France

KRISTA MAHR — JOHANNESBURG

21/10/2015 10:51

©Copyright The Financial Times 2016.
Reproduction of the contents of this newspaper in any
manner is not permitted without the publisher’s prior
consent. ‘Financial Times’ and ‘FT’ are registered trade
marks of The Financial Times Limited.
The Financial Times adheres to a self-regulation regime
under the FT Editorial Code of Practice:
www.ft.com/editorialcode
Reprints are available of any FT article with your
company logo or contact details inserted if required
(minimum order 100 copies).

One-off copyright licences for reproduction of FT articles
are also available.
For both services phone +44 20 7873 4816, or email


The value of environmental crime is
growing by 5-7 per cent annually and is
worth $91bn-$259bn a year, 26 per cent
more than the previous estimate in
2014, the two agencies conclude in The
Rise of Environmental Crime, a report
published today.
It is now the fourth largest area of
criminal activity behind drugs, counterfeit crimes and human trafficking but
few governments see it as a priority, the
study says. Forestry — particularly the
pulp and paper industry in China and
Southeast Asia — fisheries and mining
are the largest areas of illegal activity.
Davyth Stewart, a senior Interpol
investigator who contributed to the
report, said: “These three industries
have a legal component to them
so the sheer volume passing through
their legal channels provides the
corporate infrastructure to hide

illegal activity and illicit proceeds.”
Christian Nellemann, the report’s
chief editor, said forestry-sector crime

highlighted how sophisticated corporate criminals were becoming. “Unlike
10 to 15 years ago when they were just
cutting down trees illegally, these networks are becoming so organised they
ensure their activities have some form
of legal permit.”
Up to 86 per cent of all suspected illegal tropical wood entering the EU and
US arrives as paper, pulp or wood chips
and not, as previously thought, in the
form of roundwood (logs), sawn wood
or furniture products, the report says.
It gives a case study of an investigation
last year by environmental group WWF
Germany, which tested 144 paper products. Tropical timber was found in
almost 20 per cent, despite most of the
companies having ruled this out.
The scale of organised gangs’ involvement in environmental crime is demonstrated by the illegal mining in the eastern Democratic Republic of Congo, Mr
Nellemann said. Of the estimated
$660m accrued in illegal activity annually from the region only 2 per cent is
kept by the groups fighting there, with

the rest going to criminal syndicates.
“It’s now seen more as a criminallydriven conflict than a political one,” he
said, adding there was evidence of fighting breaking out between gold-smuggling cartels in neighbouring countries.
Mr Stewart said environmental crime
had proliferated largely because of the
lack of political will to address it. “There
are enough international agreements,

An open-pit mine in the southern
Democratic Republic of Congo


there are enough laws on the books,” he
said. “What there’s a lack of is capacity
and willingness to treat it as a high-priority crime.”
Julian Newman, campaigns director
of the London-based Environmental
Investigation Agency, welcomed the
report but said law enforcement agencies “need to use new tactics”.
“Why can’t institutions follow the
money?” he said. “You’re not going to
get the bosses by targeting the guys on
the ground because they’re replaceable.
You need to use anti-money-laundering
and other financial legislation.”
Corruption is also a “key enabler” of
environmental crime, Mr Newman said.
“We don’t see many places where anticorruption laws are being used against
port officials or customs agents.”
The Amazon is one place where law
enforcers have succeeded in tackling
environmental crime, Mr Nellemann
said. There Brazilian police used satellites to monitor deforestation, deployed
swat teams to arrest gangs and threatened supermarkets with prosecution
for selling goods that they could not
prove came from environmentally
sound sources.


★


Saturday 4 June 2016

†

FINANCIAL TIMES

3

INTERNATIONAL

Populist aims to serve large slice
of trouble to Italy’s establishment
Victory in Rome’s mayoral election for Five Star candidate could raise concerns over PM’s prospects

Referendums

Swiss Yes vote
on non-profit
groups would
hit ‘fat cat’ pay
RALPH ATKINS — ZURICH

JAMES POLITI AND DAVIDE GHIGLIONE
ROME

Virginia Raggi was cheerfully serving
pizza last month to a packed house at
the Giapasi restaurant in a middle-class
area of north-eastern Rome. But the 37year-old was no ordinary waitress.
Instead, the lawyer was rallying dozens of supporters who had paid €20

each to back her populist campaign for
mayor of the Italian capital in a race that
could raise concerns about the political
prospects for Matteo Renzi, the country’s centre-left prime minister.
“Rome is a disaster. Public transport
is completely destroyed, garbage is everywhere and schools are breaking
down,” Ms Raggi told the Financial
Times as she headed back to the kitchen
to grab another tray of pizza. “Liberals
or Democrats, they don’t really care
about us. They only care about their
interests, the lobbies. The citizens don’t
really count.”
Though unreliable, polls suggest Ms
Raggi will come first when Romans vote
in the first round of municipal elections
tomorrow. She would then face a run-off
on June 19, which could crown her as the
first female mayor of Rome.
But the significance of her possibly
becoming the first woman to govern the
capital is being overshadowed by her
threat to Italy’s political establishment.
Ms Raggi represents the Five Star
Movement, the populist party led by
comedian Beppe Grillo. Drawing support from left and right, it has grown to
be Italy’s second strongest political force
in recent years and is expected to be the
main challenger to Mr Renzi’s government in national elections due in 2018.
“In the short term a Raggi win would

be an immediate success for the Five
Star Movement and an immediate hit
for Renzi,” says Giovanni Orsina, professor of political science at Luiss university in Rome. “But then we have to see
what happens in six months. Rome is a
city that is impossible to administer.”
Ms Raggi’s lead in the polls has been
driven by Romans’ distress with the way
the city has been governed over the
years, most recently under Ignazio
Marino of the ruling Democratic party,
who was forced to resign in October
amid an expenses scandal. Since then,
the city has been managed by a special
commissar chosen by Mr Renzi.
During Mr Marino’s tenure, it also
emerged that many of the city’s biggest
public contracts — from rubbish collection to migrant centres — had been
rigged by administrations from the left
and right over the years to benefit criminal organisations. The so-called Mafia
Capitale affair shook confidence in the
city’s political class to its core.
For Ms Raggi, this has provided ample
fodder to argue for a clean break from

‘Rome is a
disaster.
Public
transport is
completely
destroyed,

garbage is
everywhere
and schools
are breaking
down’
VIRGINIA RAGGI,
MAYORAL
CANDIDATE

‘We have to
see what
happens in
six months.
Rome is a city
that is
impossible to
administer’
GIOVANNI ORSINA,
PROFESSOR, LUISS
UNIVERSITY, ROME

Waiting game:
Virginia Raggi
at a fundraising
event in Rome
Tony Gentile/Reuters

Milan race
Renzi faces challenge in
finance and fashion capital

If a win for Virginia Raggi in the Rome
mayoral race would deal a big symbolic
blow to Matteo Renzi, the political
stakes may be even higher in the race
for Milan, Italy’s capital of finance and
fashion.
While retaining political control of
Rome always seemed difficult for Mr

Renzi’s Democratic party given the
scandals that unfolded under the
previous administration of Ignazio
Marino, Italy’s prime minister has been
counting on sealing a victory in the
country’s second-largest city.
This is because Mr Renzi has
invested a lot of political energy in
boosting the prospects of Milan since
he took power in February 2014,
particularly by rebooting last year’s
Expo world fair, which was initially
dogged by corruption but eventually

turned into a success. Manager of Expo,
Giuseppe Sala, is running as the
Democratic party candidate to replace
Giuliano Pisapia, also from Mr Renzi’s
party and generally well regarded.
But Mr Sala only has a slight lead
compared to Stefano Parisi, a centreright candidate, according to the latest

opinion polls, suggesting a neck-andneck race in the run-off. Unlike in Rome,
the Five Star Movement of the
comedian Beppe Grillo is far behind.
James Politi and Davide Ghiglione

the past, a return to honesty among
public officials and a return to efficiency
in the provision of basic services, which
may seem normal in other European
capitals, but in Rome has long seemed
elusive.
“Corruption has ruined everything,
this is the main problem,” Ms Raggi
says. “Every city in the world tries to
apply the law, why can’t we?”
Yet despite these advantages, Ms
Raggi’s campaign has been far from
smooth, offering hope to her opponents
— Roberto Giachetti, a Democratic
party lawmaker and Mr Renzi’s ally, as
well as rightwingers Giorgia Meloni and
Alfio Marchini — that she may be vulnerable.
This week, she got into a verbal tussle
with Giovanni Malagò, head of Italy’s
Olympic committee, after saying it was
“criminal” to even speak of a Rome bid
for the 2024 games while the city was
“drowning in traffic and potholes”.
Mr Malago responded that her comments were “humiliating, offensive and
incomprehensible” and Ms Raggi was

forced to backtrack, saying she wouldn’t
“prejudge” an Olympic bid. “It’s not a
priority now, then we’ll see,” she said.
Ms Raggi has also had to defend proposals that have seemed a little outlandish, such as incentivising the use of
washable nappies to reduce rubbish,
and introducing a barter system modelled around Sardex, the complementary currency launched on the island of
Sardinia in recent years. “It’s not her
lack of experience that’s a problem, it’s
her lack of awareness,” Mr Giachetti said
at a recent press conference.
Ms Raggi has struggled to distance
herself from charges that she is not sufficiently independent from the Five Star
Movement’s brusque and often secretive leadership. Critics have said her
decisions would be “remote-controlled”
by Mr Grillo or Davide Casaleggio, son of
the movement’s co-founder Gianroberto Casaleggio, who died in April.
And she has been vague about important national issues, such as whether
Italy should exit the euro. “I don't know
the issue really well [enough] to reply,
sorry,” she said at the recent pizza party.
But the big headaches for Ms Raggi
and the Five Star Movement may come,
ironically, if she wins, because the prize
of governing Rome could well be a poisoned chalice. Mr Renzi could turn this
to his advantage nationally by making
Ms Raggi a lightning rod for criticism.
“If the Five Star Movement wins, on
one side, it’s a great affirmation,” says
Oreste Massari, professor of political
science at Rome’s La Sapienza university. “But it’s also a test of their ability to

govern and I’m not sure it’s worth it for
them to win. Disappointment could
come quickly.”

Life should be easy, and lucrative, for
the boss of a large telecoms company in
affluent and pro-business Switzerland.
However, in a referendum tomorrow,
the country will vote on a proposal to
turn Swisscom and other state-owned
companies into non-profit organisations. The proposal, if approved, would
also ban them from paying salaries
higher than those of comparable government officials.
The “pro-service public” initiative is
the latest populist proposal to scare
business leaders in Switzerland, where
just 100,000 signatures are required to
put an idea to a referendum.
Despite the country’s free-market
instincts, opinion polls this year suggested that a majority of voters would
approve the measure. Support has
declined as the No campaign has picked
up, but nevertheless as many as 46 per
cent of voters could come out in favour,
according to a survey published last
week by the GFS polling organisation in
Bern.
Patrick Emmenegger, a political scientist at the University of St Gallen, said
the support highlighted how a European
backlash against excessive executive

pay, as well as nostalgia for the pre-privatisation era, had reached Switzerland.
“It is very popular because it taps two
themes — ‘fat cats’ on one hand and the
idea that certain things were great in the
past when they were publicly provided.”
In another example of Switzerland
acting as a laboratory for radical economic ideas, the Swiss will also vote
tomorrow on whether to introduce an
unconditional “basic income” for all citizens regardless of whether they work,
their wealth, or their contributions to
the welfare system.
The concept of an unconditional basic
income has enjoyed rising global support in recent years, with some economists and commentators arguing it
could help overhaul inefficient welfare
states and manage job market disruption to caused by technological change.
However, the Swiss government is
opposing the idea on both cost and practical grounds, and opinion polls suggest
it will be rejected decisively.
The “pro-service public” initiative,
where the referendum outcome is likely
to be far tighter, would affect Switzerland’s railway and post companies as
well as Swisscom. Despite operating like
private sector telecoms companies in
other countries, Swisscom is 51 per cent
owned by the federal government.
If the initiative is approved, the most
immediate impact would be on pay —
employees’ salaries would no longer be
allowed to exceed comparable levels in
the federal government.

Alan Beattie page 9


4

★

FTWeekend

4 June/5 June 2016

INTERNATIONAL
Japan

Abe ‘womenomics’ programme looks all at sea
Target of putting females
into 30% of top posts by
2020 dramatically reduced
LEO LEWIS — YOKOSUKA

As a success story of Japan’s “womenomics” programme, Miho Otani seems
to offer it all: a working, mid-forties
mother with a stellar career, the respect
of male colleagues — and control of a
3,500-tonne warship.
Japan’s first female captain of a
destroyer-class vessel, however, sees the
country’s gender equality drive as a
work in grindingly slow progress. Her
control over 220 crew, an anti-submarine torpedo system and six types of

missile launcher may have won the
grudging approval of her father, she
says, “but the wider mentality of Japan’s
male community still has to change”.
Her comments come amid deepening
disappointment with the progress of
Prime Minister Shinzo Abe’s reform

programmes, particularly the “womenomics” efforts to address Japan’s longstanding failure to promote women to
senior positions.
Mr Abe’s initially stated target of
putting women into 30 per cent of management positions by 2020 has been
dramatically scaled back, with officials
conceding that the ambition “was not
shared by society as a whole”.
Despite that, says Commander Otani,
her career has been an example of what
Japan can do if it abandons preconceptions over what its women can and
should do. As a lieutenant with aspirations of higher rank, she married at the
age of 29 and was immediately asked
when she intended to quit.
“Once people realised I was not going
to do that, I took on the duty of making
way for the next generations of women
to follow me. I felt a responsibility to
open the doors.”
For Japan’s military, cajoled into fundamental change under the more
nationalistic policy stance of Mr Abe,

Cdr Otani is a powerful symbol of changing times.

Over her 20 years with the Marine Self
Defence Force, she has watched China
become more potently armed and
assertive while Japan has shifted from
postwar pacifism to a country whose

Commander
Miho Otani:
wider mentality
of Japan’s male
community ‘still
has to change’

leadership has reinterpreted the “peace
clause” of the constitution and is comfortable with the idea of deploying military force overseas.
Cdr Otani is a self-declared patriot
who decided while studying at university to enter the National Defence Academy after seeing television coverage of
the 1990s Gulf war. She became one of
the academy’s first female graduates.
“I was shocked to discover what was
going on in the world, and how different
it was to the peaceful life I led here in
Japan,” Cdr Otani said in her first interview since being made captain of the JS
Yamagiri earlier this year.
“I will do everything to protect my
country.”
From the bridge of the Yamagiri, currently preparing to slip into the Pacific
for a month-long training mission under
Cdr Otani, the means to do that are close
at hand.

The ship bristles with the weaponry
that Japan would need in the sort of conflict she and her colleagues must now

30%
Initially stated
target of putting
women into
management
positions by 2020

$533bn
Amount annual
defence spending in
Asia-Pacific region
could reach by 2020
from $435bn in 2015

actively imagine: a maritime clash over
disputed territorial waters or islands,
very possibly involving a Chinese vessel.
The escalation of tensions in the region,
say analysts at IHS Jane’s, could push
annual defence spending in the AsiaPacific region from $435bn in 2015 to
$533bn by 2020.
In common with other MSDF captains, Cdr Otani has a growing body of
experiences to consider as the training
mission begins: foremost among them
an incident in 2010 when a Japanese
Coast Guard ship was rammed by a Chinese fishing vessel near the Senkaku
Islands (Diaoyu in China) whose sovereignty is disputed between Beijing and

Tokyo.
A diplomatic dispute erupted at the
time and military analysts have spent
subsequent years warning that the
build-up of military and civilian vessels
in the disputed region raises the risk of
“accidental” clashes on the high seas.
“I keep that incident in my mind all
the time,” says Cdr Otani.

Peru. Presidential election

Fujimori struggles to escape from father’s shadow
Many people worry that poll
frontrunner has inherited
authoritarian tendencies
ANDRES SCHIPANI — HUANCAYO, PERU

It was outside a school that members of
the Maoist-inspired Shining Path riddled the woman’s parents with bullets.
At the time in the 1990s, the Peruvian
city of Huancayo was the centre of a war
that claimed 70,000 lives.
“I lived through violent deaths and
explosions and rapes all around me,”
she says. “Fujimori brought order.”
The woman, now a 46-year-old police
officer who declined to be named, credits Alberto Fujimori, Peru’s disgraced
former president, with defeating the
Shining Path rebels, as well as taming

hyperinflation, building Peru’s infrastructure and setting the stage for the
country’s economic success of the
2000s.
She is convinced that the autocrat’s
daughter, Keiko Fujimori, can do the
same as president by turning round the
economy and bringing Peru’s rampant
crime under control. “If she follows in
her father’s footsteps, she can straighten
things out,” she says.
Ms Fujimori has opened up a 4 to 8
point lead in tomorrow’s election to
replace leftwing president Ollanta
Humala, after winning almost 40 per
cent of the votes in the first round in
April. The 41-year-old US-trained lawmaker, who would be Peru’s first female
president, has run a campaign promising to be tough on crime: “There’s been
no leader to face the problem head-on —
well, here I am,” she has said.
Speaking from prison, where he is
serving a 25-year sentence after being
found guilty on human rights charges
related to killings and kidnappings carried out by a state death squad, her
father says Keiko “is the president Peru
needs”.
But the legacy of the man who dissolved congress, sent in tanks and soldiers and later resigned by fax from
Japan to avoid trial over alleged corruption and human rights violations continues to split the country and cast a
cloud over his daughter’s campaign.

Keiko Fujimori

campaigning
this week in
Lima. Below: a
1992 bombing
by Shining Path
in the same city
Mariana Bazo/Reuters;
Jaime Razuri/AFP

“This is, once again, an election between
those favouring Fujimorismo and those
against Fujimorismo,” says Luis Nunes,
a Lima-based political analyst.
In Huancayo, capital of the Junín
region, security is a big issue because of
a Shining Path offshoot that swapped
ideology for drugs and is active in

remote areas. They killed eight soldiers
and two civilians in an ambush the day
before the first round of the presidential
vote in April.
“People think she will bring security
here because it’s in her blood,” says Carlos Tello, the local co-ordinator of her
Fuerza Popular party.
Ms Fujimori has attracted large
crowds of supporters in Huancayo. But
those numbers have been matched
across Peru at rallies in which protesters
chant: “Fujimori, never again.”

Despite her efforts over the past decade, Ms Fujimori has been unable to
escape the shadow of her father and the
corruption and abuses of his regime.
Many Peruvians worry that she has
his authoritarian tendencies. Ms Fujimori insists that she is a different kind of
politician.
“It’s crazy to see another Fujimori

heading for the presidency. We never
learn,” says a torture survivor and witness in a new trial of members of a military death squad.
His hope is that Verónika Mendoza, a
leftwing congresswoman who finished
third in the first round and who has
urged her supporters to vote against Ms
Fujimori, can act as kingmaker on Sunday.
“We don’t want a country of corruption and violence, so today, to block
Fujimorismo, the only option is to vote
PPK,” she said recently, referring to
Pedro Pablo Kuczynski, the centre-right
candidate and former World Bank economist. Mr Kuczynski, who leads among
Peru’s wealthy and won 21 per cent of
the vote in April, has been gaining support. But he is also seen by many as out
of touch.
Ms Fujimori dominates among the

‘This is, once
again, an
election
between
those

favouring
Fujimorismo
and those
against
Fujimorismo’

poor. After narrowly losing in the 2011
election, she spent time building her
party and honing her image, getting to
know the urban shantytowns and travelling to some of the country’s most
remote corners. Her party now controls
congress.
However, her opponents warn of the
party’s historical links to drug-trafficking in a country that is a major cocaine
producer.
Vladimiro Montesinos, Mr Fujimori’s
right-hand man and spymaster, was
imprisoned for more than 40 offences,
including drug trafficking. Recently,
Joaquín Ramírez, a Peruvian congressman, stood down amid allegations that
he was being investigated in the US for
money laundering.
Thanks to growth driven by the mining boom, Peru has in this century been
able to slash poverty, although it has at
the same time failed to strengthen its
political institutions.
Even after China’s slowdown and
lower mineral prices crimped growth, it
remains one of South America’s top economic performers, partly thanks to prudent policymaking and a boost in copper output.
Yet the incoming president faces a

reckoning. Peru has slowed with the end
of the commodities supercycle and
growth has been tentative.
Ms Fujimori’s proposed finance minister, Elmer Cuba, wants to boost public
spending and increase taxes. Mr Kuczynski’s choice, Alfredo Thorne, pledges
to lower them.
But both focus their economic platforms on “popular capitalism” — small,
medium and informal businesses.
Mr Nunes also notes that modern
Peru is very different from the one Mr
Fujimori ruled in the 1990s. It is a “less
submissive, more awakened and
empowered society”, he says.
For the survivor of the Huancayo
death squads, whoever becomes president must bridge the gulfs in Peruvian
society.
“If Keiko wins I hope she corrects her
father’s mistakes,” he says. “Peru is still
so divided.
“But if she implements real policies
for social inclusion and reconciliation
and justice, she could fix part of the
dark past.”

Gems business

Myanmar investigates claims of $96m jade auction discrepancy
MICHAEL PEEL
BANGKOK REGIONAL CORRESPONDENT


Myanmar has launched an investigation into the possible disappearance of
almost $100m linked to the annual jade
auction, sparking debate over a US decision to loosen sanctions on the muchcriticised gembusiness.

Businesses For Sale

Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
Runs Daily

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

Classified Business Advertising
UK: +44 20 7873 4000 | Email:

The Southeast Asian country has set up a
committee to probe claims that levies
from its multibillion-dollar annual jade
trade were misappropriated under previous governments. The allegations highlight the challenges for international
powers as they try to support Myanmar’s
new civilian-led government, even as
questions remain about how much some
institutions and industries have changed
after decadesofmilitary rule.
Win Htein, director-general of Myanmar’s department of mines and a
former army colonel, confirmed yesterday that he had been asked to investigate an apparent discrepancy in the
state coffers of $96m, relating to a 1 per

cent levy paid by companies on sales at
the annual jade auction in the capital

Naypyidaw. The country’s gems industry has long been dogged by allegations
of corruption and rights abuses.
Members of the Myanmar Gems and
Jewellery Entrepreneurs Association
claimed this week that the funds might
have been diverted from their stated
purpose of improving the annual gem
auction with projects such as constructing administrative buildings and
expanding CCTV surveillance.
“We can complain because the government has changed and we have the
right to talk,” said Kyaw Kyaw Oo, one of
the group that made the claims. The
country’s first civilian-led government
for more than 50 years, an administration led by Aung San Suu Kyi’s National
League for Democracy, was inaugurated
two months ago. “Previously if I talked
like this, they would put me in jail.”
Figures from the former government
have dismissed the allegations. Ye Htut,
the ex-information minister, this week

suggested the claims might have been to
exploit tensions in the former ruling
party, the military-backed Union Solidarity and Development party.
Neither the gem association nor the
state-owned Myanmar Gems Enterprise, which runs the annual auction,
responded to a request for comment.
The jade auction can generate revenues of billions of dollars each year.
The misappropriation claims come


Traders check a big stone for auction

barely two weeks after the US lifted
sanctions on Myanmar Gems Enterprise, as part of its annual review of
measures put in place during the military era. The US still bans imports of
jade and rubies from Myanmar.
Global Witness, the campaign group,
has criticised the delisting of Myanmar
Gems Enterprise. It said in a report last
year that Myanmar’s jade production in
2014 might have been worth as much as
$31bn, or almost half the official size of
the economy, once a vast trade in smuggled gems was taken into account.
Juman Kubba of Global Witness, said:
“The removal of Myanmar Gems Enterprise from the sanctions list removes an
important source of leverage for making
it more transparent and accountable to
the new government and to people.”
The US embassy in Myanmar said
state-owned institutions such as Myanmar Gems Enterprise that reported to
the democratically elected civilian government had been culled from the sanctions list.


4 June/5 June 2016

★

FTWeekend

5



6

★

FTWeekend

4 June/5 June 2016

INTERNATIONAL
Republicans

Ryan backing for Trump boosts party unity hopes
Elite starts to rally around
candidate in effort to
focus on Clinton fight
DEMETRI SEVASTOPULO — WASHINGTON

Shortly after Hillary Clinton fired a
scathing salvo at Donald Trump on
Thursday, The Washington Post published an editorial which declared it was
a “sad day for America”.
The paper was not referring to the bitter battle between the presidential
rivals but the fact that Paul Ryan, the
Republican Speaker of the House of
Representatives, had tweeted during
her speech that he would back the New
York mogul.
As the Democratic frontrunner was

lambasting Mr Trump as an undisciplined braggart whose thin skin could
spark nuclear war, Mr Ryan, the most
powerful Republican in Congress,
tweeted: “I’ll be voting for @realDonaldTrump this fall. I’m confident he will
help turn the House GOP’s agenda into
laws.”
The Wisconsin congressman and running mate for Mitt Romney in 2012 was

one of many establishment Republicans
who expressed unease about Mr Trump,
refusing to endorse him after he effectively won the party’s nomination. On
several occasions, he chastised him for
his rhetoric on Hispanics and Muslims
and for failing to disavow white
supremacists.
His move to support Mr Trump
comes as many in the party elite rally
around the de facto nominee, not
because they are happy with him as a
candidate but because they are more
concerned about electing Mrs Clinton.
Many Republican foreign policy
experts in Washington remain opposed
to Mr Trump because of his isolationist
“America First” policy and some senior
members have privately said they
would vote for Mrs Clinton. But Republicans more focused on pursuing their
party’s domestic agenda believe that Mr
Trump would preserve the conservative
balance on the Supreme Court, which

was upended with the recent death of
the arch-conservative Antonin Scalia.
One veteran operative said Mr Trump
had appeased many Republicans by
unveiling a list of conservative judges
for consideration for vacancies on the

Donald Trump in San Jose on Thursday. Many Republicans believe he will
struggle to beat Hillary Clinton in November’s US election — David Paul Morris/Bloomberg

court where the average age of the current eight justices is 69.
Many Republicans remain concerned
that Mr Trump will struggle to beat Mrs
Clinton in the November election
because of his divisive rhetoric about
large swaths of voters, particularly Hispanics and women. Many were incensed
when he attacked Susana Martinez, the
governor of New Mexico, who is the only
female Hispanic governor in the country and also chairs the Republican governors association.
Mitch McConnell, Republican Senate
majority leader, this week said he was
worried Mr Trump would drive Hispanics away from the party in the same way
African-Americans were repelled by the
candidacy of Barry Goldwater in 1964.
Mr Trump has made it very difficult
for Republicans to reach out to Hispanic
voters, the fastest growing segment of
the electorate, which the party determined after its 2012 loss needed more
attention. Mr Trump has since tried to
make peace with Ms Martinez, telling a

New Mexico newspaper that he would
like her endorsement. “I respect her. I
have always liked her,” he said.
Mr Ryan’s endorsement should pro-

vide more momentum for Republican
holdouts to express support for Mr
Trump, but some party members worry
that it will not be enough to generate the
kind of grass roots vote-getting operations that helped Barack Obama win the
presidency in 2008 and 2012.
Mr Trump has signed joint-fundraising agreements with the Republican
National Committee, which will help
Paul Ryan:
‘I’m confident
[Trump] will
help turn the
House GOP’s
agenda into laws’

the party raise money that can be used
to help his campaign, particularly in
terms of using data to target potential
voters. But some people worry that Mr
Trump is placing too much emphasis on
the kind of big rallies he generated in the
primary race, believing his “movement” will overturn the traditional way
elections are won in the US.
Gillian Tett page 8
Jacob Weisberg page 9


JPMorgan chief

Dimon warns Brexit is ‘terrible
deal for the British economy’
HENRY MANCE — LONDON

The chief executive of JPMorgan yesterday called a British exit from the EU
a “terrible deal for the British economy” as he becomes the latest international business leader to emphasise the
risks facing service industries.
Speaking at an event with George
Osborne, UK chancellor, ahead of the
June 23 In-Out referendum on membership of the bloc, Jamie Dimon said the
bank “may have no choice but to reorganise our business model” in the country should Britain vote to leave.
He said that “Brexit could mean fewer
JPMorgan jobs in the UK and more jobs
in Europe”, referring to the bank’s
16,000 UK employees.
“At a minimum, a Brexit will result in
years of uncertainty and I believe that
this uncertainty will hurt the economies
of both Britain and the EU.”
Mr Dimon added: “In a bad scenario —
and this is not the worst-case scenario —
trade retaliation against Britain by
countries in the European Union is possible, even though this would not be in
their own self-interest.”
Mr Dimon warned of the risks of
Brexit earlier this year, telling the FT in
February that it could cause “massive

dislocation” to London’s status as financial centre. The heads of HSBC, BT,
Ocado, PwC, Adecco and UPS also
backed a statement in favour of EU
membership yesterday.
Vote Leave, the official Out campaign,
responded that there was no “significant
evidence that the EU has benefited the
UK’s service exporters, but it has benefited the giant multinational companies
which spend millions lobbying Brussels
each year”.
The interventions are in tune with the
Remain campaign’s strategy of emphasising the economic risks of leaving the
EU to counter concerns over immigration.
In a Sky News debate on Thursday
evening, David Cameron, prime minis-

ter, rejected the argument that other EU
countries would swiftly enter a trade
deal with the UK post-Brexit, saying
that Britain had a substantial services
surplus with them. But Mr Cameron
struggled to land his message that Brexit
would lead to “a decade of uncertainty”.
In an attempt to build momentum for
the Remain campaign, Mr Osborne said
at the event with Mr Dimon that Britons’
livelihoods, dreams and aspirations
were “on the ballot paper” in the poll.
Leave campaigners were deceiving
voters by claiming jobs would not be lost

if Britain pulled out of the EU, he added;
400,000 service sector jobs would be at
risk. “Today, 10 of the largest companies
in our services sector . . . are all telling
us that there will be damage to our econ-

16,000

400,000

Number of staff
JPMorgan
employs in
Britain

Service sector
jobs at risk if
Britain leaves EU,
say campaigners

omy and jobs will be at risk if we leave
the EU. So let’s end this deception that
somehow if we quit the EU that jobs
won’t be at risk. It’s deceiving people to
pretend that we can leave the EU and
jobs won’t be at risk.”
Unlike some rivals, JPMorgan has so
far opted to keep a large number of less
skilled jobs in the UK — at a site in
Bournemouth — meaning there may be

more scope for job losses. JPMorgan,
Morgan Stanley, Citi and Goldman
Sachs have all donated to the Remain
campaign. However, Bank of America
backtracked on a plan to donate
£100,000 in an apparent attempt to
avoid the limelight. Citigroup, Bank of
America and Morgan Stanley have considered Ireland as a potential alternative
base to the UK, while Goldman has considered the Netherlands.
Additional reporting by Laura Noonan
Editorial Comment page 8
Comment page 9

Monetary policy

Fed official fears vote to leave
EU risks global markets shock
SAM FLEMING — WASHINGTON

A vote by UK voters to leave the EU
could deliver a “significant adverse
reaction” to global markets and impact
the US economic recovery, a senior
Federal Reserve official has warned.
Lael Brainard, a member of the Fed’s
board of governors, signalled yesterday
that she wanted the central bank to hold
fire in its rate-setting meeting this
month as it assesses signs of slower US
hiring and below-target inflation at

home and hazards overseas.
She highlighted the “fragility” of the
global economic environment while
homing in on particular risks brewing in
the EU and China.
Her words on the UK were stark. If
Britain votes to leave the EU on June 23,
it could deliver a shock to global markets that may reverberate to the US, Ms
Brainard said at a speech at the Council
on Foreign Relations in Washington, as
she noted warnings by the International
Monetary Fund about the risks and pro-

tracted economic uncertainty a Brexit
could entail. “Although the economic
effects of this uncertainty and the costs
of adjusting to altered trade and financial ties are difficult to quantify, we cannot rule out a significant adverse reaction to such an outcome in the near
term, such as a substantial jump in
financial risk premiums,” she said.
“Because international financial markets are tightly linked, an adverse reaction in European financial markets
could affect US financial markets, and,
through them, real activity in the
United States.”
Concern about the ramifications of
the UK vote has been growing at the Fed,
as a procession of senior officials argue
that it is possible grounds for the central
bank to leave rates unchanged at its
June 14-15 meeting. The idea that US
monetary policy could be influenced by

a vote in a foreign country is highly unusual, but officials worry a Brexit could
have destabilising consequences across
Europe and global markets.


★

4 June/5 June 2016

7

FTWeekend

FT BIG READ. RADICALISATION
The trial of Jean-Louis Denis, one of Brussels’ most notorious terror recruiters, revealed the depth of the
challenges facing Belgian security forces. For parents of his followers, it unearthed missed chances.
By Jim Brunsden

T

he last time Yasmeen saw
Fouad she thought she was
dropping him off in the centre of Brussels for an afternoon of cinema and bowling with a friend. One of the final things
her son said to her was that he would be
back later than normal that evening,
about 6 or 7pm. His friend was still carrying a sponge bag and some pyjamas
from a sleepover the previous night.
A few hours later she received the
news. Fouad’s friend had called his
mother to say the boys, both then 16,

would not be coming home. They were
already hundreds of miles away, in Ataturk Airport, Istanbul, and on their way
to Syria.
For Yasmeen, the timing of the departure was a shock but the possibility that
he would go had been in the back of her
mind. Fouad was the second of her sons
to have made the trip to join an Islamist
group. His older brother, Slimane, had
left Belgium that January. Both of them
are still in Syria.
She is haunted by the sense that, given
the delays in Fouad’s journey, including
a long stop in Ataturk airport, it should
have been possible for the authorities to
intercept him. “The Belgians had from
Thursday, Friday, Saturday until Sunday morning to geolocate their cell
phones and to ask the Turkish authorities [to intervene]. It’s two adolescents,
minors,” says Yasmeen, who spoke to
the Financial Times on condition of
using pseudonyms for her and her sons.
“We said, you geolocate them and we
will take the plane to go find them.”
The departures in 2013 of Slimane,
Fouad and his friend are just three of
more than a dozen such journeys chronicled in court documents relating to the
trial of Jean-Louis Denis, one of Brus-

Journeys
to jihad


‘Even if they do not have
a wish to fight at the
start, they are obliged
to fight because
there is no option left’
sels’ notorious jihadist recruiters. He
was sentenced in January to 10 years in
prison.
Denis and his associates were in one of
a number of interconnected groups
operating in Belgium with the goal of
radicalising and recruiting people to
wage jihad in Syria. Their activities have
left Belgium with the unwelcome distinction of being the country with the
highest number of foreign fighters per
head of population in the western
world. More than 600 Belgians have
gone to support Islamist groups, such as
Isis, in Syria or Iraq.
The problem has been put in even
sharper focus since jihadis murdered 32
people in a triple suicide bombing in
Brussels on March 22. The cell that carried out the deadly assaults at the city
airport and Maalbeek metro station, as
well as the larger attacks in Paris on
November 13, included many people
who had grown up in Brussels.
Isis operatives such as Abdelhamid
Abaaoud, the mastermind of the Paris
attacks, and Najim Laachraoui, one of

the Brussels airport bombers, had
already been pursued by Belgium in a
series of trials it has held over the past
two years in an attempt to break up the
radicalisation networks. Many of the
defendants came from Belgium’s
Moroccan community, the main source
of departees to the Middle East.

Ozana
Rodrigues with a
picture of her
son Brian De
Mulder, who left
Belgium after
being
indoctrinated.
Many parents of
those who have
left for Syria or
Iraq say their
children should
be treated as
victims of
radicalisation by
men like JeanLouis Denis,
below, rather
than as
accomplices of
terror — Yves Herman/

Reuters

Over 12 months, at least 11 young men
connected to Denis slipped out of
Belgium.
Denis sought exposure on social
media. He made sure that film clips of
the food bank were posted on sites such
as YouTube and Daily Motion. Images of
the charity’s work were shown alongside
recordings of his preaching. One of his
videos for Resto du Tawhid was entitled
“choose your parents or choose Allah”.
In another, he urged Muslims “to understand that they are at war with the deviants here and are in danger”. His pitch
involved a comprehensive rejection of
democracy and Belgian law.
His other activities included the use of
an online chatroom, Le Phare au Milieu
Des Ténèbres (the lighthouse among the
shadows), managed by Michaël Devred,
an associate who received a suspended
prison sentence. The site was monitored
by police from 2010.
According to Yasmeen, young people
were attracted to Denis and his activities by a “boy scout spirit”. Going to
Syria, she says, was portrayed as contributing to a higher cause.
Denis’s message to followers at the
food bank was that charitable work was

Tools of recruitment

Using court documents, interviews with
Belgian officials and with the parents of
those who have gone to the Middle East,
the FT has assembled a detailed account
of how jihadis are recruited in Belgium
and what the country is doing to stop it.
Rather than having to deal with problems such as extremist preachers in a
particular mosque or prisoners becoming radicalised by fellow inmates, Belgian security forces are up against a
more complex phenomenon of informal
groups led by people who have mastered social media and are adept at targeting the young.
Denis embodies the challenges the
Belgian authorities are facing. He had an
effective recruitment weapon: a food
bank, known as the Resto du Tawhid,
that he started in September 2012 to distribute meals to the homeless around
Brussels’ Gare du Nord.
According to the court judgment on
the Denis case, obtained by the FT, the
aim of Resto du Tawhid “consisted
primarily in offering a platform, via
charitable actions . . . for attracting
candidates for jihad, most often young
men”.
The investigation into Denis began
after a wave of departures of young
people for Syria, many of whom had
helped at Resto du Tawhid or a previous
food bank in which Denis was involved.

Informant

allegations
Why was key
player absent
from trial?

Jean-Louis Denis did not act alone and
key associates were sentenced
alongside him. One person, however,
was conspicuously absent from the
January trial: Abdelkader El Farssaoui.
The man, whose whereabouts is
unknown, is cited in the court
judgment as having been a key
member of Denis’s gang who helped
young people reach Syria.
In the case of Murat, who was aged
19 when he caught a plane for Turkey
in November 2013, El Farssaoui, also
known as Abou Jaber, helped him to
buy his plane ticket, offered to keep it
so his parents wouldn’t find it and
even drove him to the airport.
Murat, who returned from Syria after
three weeks, told investigators that
Denis and El Farssaoui promoted “the
same religious message. They

“all well and good, but it’s for the Belgian state to do that, not you,” she says.
“You have your brothers in Palestine, in
Iraq and in Syria, your Muslim brothers, there is no one to help them.”


Zeal of a convert
Denis, 41, a former farmworker, converted to Islam 10 years ago. He became
a rabble rouser in the poorer areas of
central Brussels, including the district
of Molenbeek that was home to some of
the Paris and Brussels attackers. In one
instance, he organised a protest —
which later turned violent — outside a
police station after a woman was
arrested for wearing a face-covering
niqab in the street, which is illegal in
Belgium.
Denis was also connected to other key
figures who recruited fighters for Isis,
such as Fouad Belkacem, leader of
Sharia4Belgium, and Khalid Zerkani,
Molenbeek’s most notorious recruiter,
also known as Papa Noël.
Those who knew Denis describe him
as charismatic. They say his cartoonish
personality enthralled youngsters and
convinced adults that he was harmless.
Murat, a student from Brussels who
travelled to Syria in November 2013 but
quickly changed his mind and
returned, described to investigators
how he had been “fascinated” by Denis.
“It was [like seeing] a Muslim hero
known everywhere.”

Relatives of those who eventually left
for Syria describe rapid changes in the
children’s behaviour once they became
involved with Resto Du Tawhid. One
mother told judges that Denis convinced her son, Hamza, “to no longer go
to school, to no longer work but
[only] . . . to distribute tracts or food”.
He even taught him to no longer play
sport or respect his parents.
“Hamza went to the point of saying
explained to me the benefits of jihad”.
The mystery surrounding El Farssaoui
is all the more curious given his past.
The same man is cited in a report by the
Spanish parliament as having provided
information to police before the 2004
Madrid train bombings, warning that an
attack was being prepared.
El Farssaoui’s absence from the dock
in Belgium infuriated defence lawyers.
They claimed he was a police informant
— something the Belgian authorities
have not denied.
Lawyers for Denis said the case
should be thrown out on the grounds of
entrapment, arguing that someone
working with the Belgian police had
encouraged people to break the law by
travelling to Syria.
This was rejected by judges on the

grounds that the man was not an

that a woman like me, she should have
her head chopped off.”
According to Yasmeen, “the people in
the street, in the mosques, in the schools
[were always] asking the police to arrest
Jean-Louis, because they found that he
had a rhetoric that was totally crazy and
that it was toxic . . . and the police again
did nothing to arrest him at this
moment.”
By the time of his arrest in December
2013, Denis had become an international reference point for people seeking
to reach Syria, and had contact with
groups in France and Tunisia.
For Corinne Torrekens, an expert on
Islam at the Université Libre de Bruxelles, “he was someone who was really
larger than life and I think that he wasn’t
taken seriously. That realisation came
too late”.

Victim or accomplice?
The profile of many of those who travelled to Syria is very different from that
of hardened terrorists. According to
academics and relatives of those who
have left, they are often young people
who depart with little idea of what they
will encounter in Syria.
Their motivations can range from

concern about the humanitarian crisis
in Syria to a search for identity or disillusionment with western policies in the
Middle East. In some cases they are
lured by recruiters’ promises of a “full
package” — a better life with money, a
wife and independence.
The Denis case shows that Belgian
authorities, which have faced intense
criticism for intelligence failings, were
able to follow and piece together the
activities of jihadi recruitment networks in great detail. The case comes up
for appeal this year.
The fact they knew so much has led to
conflict with the parents of the young
employee of the police, and also that
there was no evidence that the
authorities had encouraged him to
instigate departures.
Still, the ruling notes that “given the
manifest indications of the participation
of Abdelkader El Farssaoui in the
activity of a terrorist group, it seems
strange that he has not been charged in
the present matter”, describing this as
“unusual, even curious”.
Parents are outraged, saying the
police should have targeted Denis’s
network sooner.
Eric Van Der Sypt, of the Belgian
federal prosecutor’s office, rejects the

defence lawyers’ claims. “We have
always been clear about El Farssaoui:
he is charged in another file and will
have to explain himself later before
court,” he says.

Recruitment ground Over 12 months,
at least 11 young men connected to
Jean-Louis Denis left Belgium
No great expectations Many of those
recruited leave with little idea of what
they will encounter, say academics
Rehab route Denmark is experimenting
with an ‘exit programme’ for fighters
who return to the country

Europeans
fighting in
Syria and Iraq
Estimated numbers
and country of
origin

470
Belgium
The man thought to
have organised the
November 2015
attacks in Paris,
Abdelhamid

Abaaoud (below),
was born in Belgium
and fought with Isis
in Syria

1,700
France

760
Germany

760
UK

220
Netherlands

133
Spain

87
Italy
Source: The Soufan Group,
December 2015

people who went to Syria, who argue
that the Belgians closely monitored
their children, only to prosecute them
as foreign fighters once they had left.
They also dispute the prosecution of

those who go, saying they should be
treated as victims rather than accomplices of people like Denis. Both of Yasmeen’s children, for instance, have been
given prison sentences in absentia. In
the Denis trial, nine people who had
travelled were given jail terms ranging
from five to 15 years.
According to Yasmeen, the notification from the authorities in November
2014 that Slimane, her elder son, was
going to be tried was “a shock out of the
blue”. She had been led to believe he
would be treated as a victim, she says.
The Belgian approach of criminalising
people who join groups fighting in Syria
is in step with policies in other EU
nations, says Claude Moniquet, a former
French spy and co-founder of the European Strategic Intelligence and Security
Centre.
“It’s a common position for Europe,”
he says, adding that a notable outlier is
Denmark, which has experimented
with an “exit programme” for foreign
fighters — a safe harbour for returnees
who can be rehabilitated without fear of
prosecution.
Belgium argues that tough measures
are needed to disincentivise people, and
that these are justified given that Isis is a
dangerous terrorist group.
Saliha Ben Ali, founder of the Society
Against Violent Extremism in Belgium,

whose son Sabri left for Syria in August
2013 and died there four months later,
told the FT that the position of the Belgian authorities is that “we will do everything so that they don’t come
back . . . to say, you are condemned, it’s
not worth coming back.”
This leads to a situation where young
people are effectively “trapped,” she
says.
“Finally, even if they do not have a
wish to fight at the start they are obliged
to fight because there is no option left.”


8

★

FTWeekend

4 June/5 June 2016

Letters

Email: or
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections:

SATURDAY 4 JUNE 2016


The Fed faces bigger
problems than Brexit
There is little case for raising US rates regardless of UK referendum
Two reasons exist for the US Federal
Reserve to leave interest rates on hold
when it meets in mid-June: a moderately significant short-term justification and a much stronger long-term
rationale.
The short-term reason is the little
local difficulty of its transatlantic
cousin, the UK, which will hold a
potentially destabilising referendum
about its EU membership the week
after the Fed meets. But a more compelling long-term argument is for the
US central bank to hold interest rates
down until inflation is convincingly rising towards or above target, rather
than raising them in the expectation
that it will one day happen.
The referendum, to the extent that it
will have any influence at all, essentially just creates a timing issue. It is
possible that a Leave vote will spark
some volatility in financial markets as
investors digest not merely the prospect of the UK leaving the EU but a general sense of political unease and
uncertainty within Europe.
However, the chance that a vote to
leave will be such a seismic event that it
will shake the mighty US economy is
rather small.
True, the Fed has been paying more
attention than usual to international
events over the past year, expressing

concern about volatility in financial
markets and the threat of global economic turmoil.
But that mainly reflected a fear that
the turbulence was a sign of major dislocation in the Chinese economy. China
has been grappling with the need to
reduce its debt load without triggering
a rapid deleveraging which could
imperil growth and encourage capital
flight, pushing the renminbi sharply
lower and affecting half the emerging
world.
By contrast, a one-off event in a
smaller economy such as the UK,

which does not seem to have any similar underlying vulnerability or widespread spillover effects, is rather less
worrisome. Given that the Fed’s Open
Market Committee has another meeting due at the end of July, there is nothing to lose and potentially a moderate
amount to gain by postponing any rate
rise until then. A more important question than pausing for the UK vote is
whether the US central bank should be
considering raising rates at all.
Gross domestic product seems to be
growing healthily. But doubts about the
momentum of the real economy were
underlined by Friday’s release of
labour market data, in which non-farm
payrolls rose well below expectations.
The unemployment rate fell only
because more workers stopped looking
for jobs. Were we living in the world

before the global financial crisis, the
Fed might well be justified in raising
borrowing costs now, given how low
they are.
But we are in an environment of
chronically low inflation where the risk
of tightening too soon and threatening
a destabilising deflation comfortably
exceeds the danger of letting price rises
get out of control.
Charles Evans, president of the Chicago Federal Reserve, said this week
that, while he was quite relaxed about
the two quarter-point rises this year
that Fed officials were expecting, there
was a case for leaving tightening until
inflation had risen above the Fed’s 2 per
cent target.
That is a strong argument. For the
Fed to postpone a rate rise for six weeks
to see a single source of moderate risk
being resolved is reasonable. Yet even
after the UK’s referendum, there is precious little reason to push ahead with
rises in interest rates in an economy
whose recovery is less than certain and
where inflation continues to run stubbornly below target.

Port Talbot steel cannot
be saved at any price
UK should only offer incentives to Tata in return for firm pledges
Sajid Javid has expended a great deal of

political energy trying to keep Tata’s
steel plant at Port Talbot from closing.
Now, after weeks of lobbying, the business secretary’s efforts may be about to
pay off. In March, the Indian conglomerate caused shockwaves when it
announced it would no longer support
its lossmaking UK operations, putting
15,000 employees at risk.
Following the offer of generous
financial incentives by the government, Tata appears open to the idea of
remaining in the UK after all.
The effort that Mr Javid has put in
trying to keep the steelworks’ existing
owners in the UK is understandable.
South Wales is so dependent on steel
production that a sudden closure of the
Port Talbot works could cause considerable hardship. The government is
also determined to avoid a collapse of
the company with thousands of job
losses in the run-up to this month’s EU
referendum.
Even so, as he tries to secure an
agreement with Tata’s Indian owners
over Port Talbot’s future, Mr Javid
should proceed with caution. While he
is rightly going to some lengths to convince the company to stay in the UK, he
needs to extract more from Tata than
the willingness to pocket a large
cheque.
A final deal between the government
and Tata may still be some weeks from

completion. From what can be gleaned,
the business secretary’s plan, if it
comes off, would be highly favourable
to the Indian group. Its UK operation
has struggled to compete in an industry
facing global oversupply and low prices
and is said to be losing £1m a day.
The company is also hampered by
the legacy of the £15bn British Steel
pension scheme with an estimated deficit of £700m. Were it to sell this business to another enterprise for what
would likely be a nominal sum, Tata

would face a substantial write off on its
investment.
Mr Javid is now offering to legislate in
order to change the conditions of the
pensions fund, watering down benefits
for its members in order to slash its liabilities. Unusually Tata would be able
to shrug these off while remaining the
owner of the steel company’s assets.
Even better for the Indian company,
the business secretary is considering
offering Tata a loan worth hundreds of
millions of pounds on “commercial
terms”. That would be used to refinance an existing £900m loan that
Tata’s parent company has made to
Tata Steel UK. It would effectively
reduce the Indian group’s financial
exposure, substituting the British taxpayer in its place.
Mr Javid’s largesse may be necessary

to keep the blast furnaces running. But
it cannot give Tata an upside-only
option on the plant’s future survival. A
viable business plan must also guarantee a long-term future for Port Talbot.
The company has already introduced job cuts and cost savings that
have narrowed losses and improved
performance. It now needs to go further, demonstrating that it will invest
in ways that will make the South Wales
steel mill internationally competitive
for years to come.
The future of the British steel industry is an issue that the Conservatives
cannot ignore. The party’s future will
overwhelmingly depend on the outcome of the June 23 referendum. Even
so, many Tory MPs believe they cannot
afford to evoke memories of the
Thatcher years when the death of mining and manufacturing communities
created social blight across Britain.
Mr Javid is a committed free market
politician who is to be commended for
doing everything he can to save Port
Talbot. But Britain’s steel industry cannot be saved at any price.

We salute the courage and integrity of the boy who escaped
Sir, We were profoundly impressed and
moved by Edward Luce’s article “This
is Trump country” (Life & Arts, May
28), and wish to salute the courage,
drive, intelligence and integrity of
Daniel Justus from our perspectives as
a father and retired educator, and as a

daughter and American abroad.
From David: Reading Mr Luce’s
forceful and fair-minded article
inspired me, and made me wish that I
were back in the classroom. I could
have taught (and learned from) Daniel.
At the same time I am saddened and
frightened by Mr Luce’s careful portrait
of that profoundly depressed and

depressing corner of Virginia where
Daniel grew up, and miraculously
threw off all the blinkers and barriers
that would have led him to be yet
another victim. And maybe there will
be a second miracle. Daniel has so
much talent and energy, and he just
might come home after his studies, and
become the leader that Buchanan
County desperately needs.
From Laura: Daniel’s tenacity in the
face of a blinkered and backwards
school system is admirable, and
humbling. Growing up in Poughkeepsie,
NY, I too benefited from a loving and
supportive family, but did not confront

the same obstacles in my route “out”.
Currently I work for a multinational
company in Paris, after stints in London

and Hong Kong, and it was never a
question that I would go to college,
coming from an academic background.
My big moment of school activism
came in fifth grade when I spoke out
against a dictum that forbade girls
from wearing shorts to class, while
boys could. A far cry from “fighting to
be taught extracurricular courses that
would let him apply to college” as
Daniel did in eighth grade. It’s a
damning indictment of America’s
educational system that a bright

student would have to fight to learn a
foreign language, to get himself to
college from a school that has no
science lab. Kudos to Daniel and his
family (and to Mr Luce for his
outstanding reporting). I’ve sent the
article to all my friends with teenage
children. Daniel clearly doesn’t need a
leg up or further inspiration on his way
to a graduate degree and an
international career, but he will serve
as inspiration to many others.
David Schalk
Father — New York, NY, US
Laura Schalk
Daughter — Paris, France


A silly snobbishness about
red wine that has even
spread as far as California

I would like to remind both Mr
Paxman and your readers (who,
being cosmopolitan, may well visit
Amsterdam at some point) about the
following law of the land: tyranny
by bike in the form of loud bell
ringing or dangerously whooshing past
you is exercised only upon those
who do not understand that
pedestrians should stick to the
sidewalk at all times.
It is in fact Amsterdam that suffers
from tyranny by visitors who seem to
think that all roads in our fair city are
laid out specifically for them.
Casper Thomas
Amsterdam, The Netherlands

Everyone in Greece should
see Ai Weiwei’s show

to a global arena in the wake of the
destruction of cultural heritage by Isis.
In recognition of Greece’s heritage
and within a short distance of the

marble-columned Parthenon, Ai uses
marble to create new works that build
on his past work but acquire particular
poignancy in their Athenian context —
the marble gas mask is both a reference
to environmental pollution but also the
silencing of citizens, in a space a stone’s
throw from the modern Greek
parliament in the city where democracy
was born; a surveillance camera is
deactivated when rendered in marble; a
life-size standing figure imitates the
Cycladic statues in the museum, but
with arms outstretched dropping a
vessel recalls his photographic series
“Dropping a Han Dynasty urn”,
questioning and celebrating national
identity and cultural difference as well
as the value of art.
Ai wants us to become “obsessed
citizens” forever questioning and
asking for accountability. This is as
relevant for us in Britain on the eve of
the Brexit referendum as we try to
reflect as individuals, national and
global citizens untrammelled by
insular fears and scaremongering.
Rea Stavropoulos
London NW5, UK


Sir, Ben Hunting (Letters, May 27)
wonders how such a “gourmand” as
Carlo Ancelotti could order a Tuscan
blend of Cabernet Sauvignon and
Merlot to drink with tagliolini and
lobster (Lunch with the FT, May 21).
Perhaps Mr Ancelotti is merely
suffering from a bad case of red
wine snobisme, a gustatory disease
whose main symptom is the
boring insistence that a decent red
wine can be successfully paired with
any food.
Once confined to the Paris
metropolitan area of France, it has now
spread its silliness throughout the EU
— and even as far as California.
Stan Trybulski
Branford, CT, US

Visitors to Amsterdam —
don’t walk in the road
Sir, Jeremy Paxman states, in The
Diary (Life & Arts, May 28), that in
Amsterdam “young people on bicycles
exercise a particular tyranny”.
Being one of these alleged tyrants,

Overturning
assumptions

about Mexican
migration

Notebook
by Gillian Tett

Extreme commissioning
by the FT’s Lycra wearers
Sir, In recent weeks the FT Weekend’s
Travel pages have taken us on cycling
holidays in central Myanmar, across
Argentina and, most recently, through
the hills of Mallorca. Isn’t this extreme
level of coverage of a minority activity
totally out of proportion? Am I right in
assuming that the Travel
commissioning editors are Lycra
wearers?
Simon Hall
Madrid, Spain

Enrique de la Madrid Cordero,
Mexico’s secretary of tourism, visited
New York last week with a sales pitch.
It was not to proclaim the joys of
Mexico’s beaches or culture; instead,
Mr de la Madrid is part of a cohort of
Mexican ministers who are being
quietly dispatched this summer to
America on a mission to persuade

voters to feel grateful for their trade
partnership.
Recently, the word Mexico has
stirred up all manner of political
tension: Donald Trump has said he
will force the country to pay for a
border wall and continues to make
derogatory comments about Mexican
immigrants. Unfortunately, this antiMexican tone has infected other
corners of the Republican debate.
So now the Mexicans are trying to
fight back — but not with more insults
or by mentioning Trump by name.
“We are not focused on any
particular candidate,” Mr de la Madrid
told me.
Instead, they are marshalling data
to show why the relationship with
Mexico is good for Americans. An
attack by a statistical shock troop that
aims to “set the record straight”.
Will it work? By any standard, the
statistics that Mr de la Madrid and
others are waving around are
fascinating. Most Americans assume
that Mexicans have been flooding into
the US in recent years and, if you look
back, that is half right: 16m Mexicans
moved north between 1965 and 2015.


Sir, The greatest strength of the Ai
Weiwei show that opened in Athens
last week is its role as a catalyst forcing
us to reflect and discuss what is
happening to the morale and identity
of Greeks during the current crisis. But
it also contains a message for the rest of
us in a world where increasing
globalisation and the elimination of
borders has created new barriers.
I visited the exhibition with an 84year-old Athenian friend who did not
know Ai’s work but whose reaction by
the end of our visit was that everyone
in Greece should see the show.
You mention the artist’s response to
the refugee and migrant crisis in
Greece, but not the other interventions
and works created specifically for the
Museum of Cycladic Art, where in the
context of the permanent display of
archaic Greek and Cycladic sculptures
and artefacts, the artist forces us to
reflect on cultural history, the wilful
destruction of art and its relationship
to national identity — issues of
particular urgency today, going beyond
Greece (where the destruction is not of
artefacts but a more insidious one
relating to national pride and dignity),


But last year more Mexicans left than
arrived.
Trade flows, too, are no longer a
one-way street. Yes, the US imports
about $315bn of goods each year from
Mexico. But what tends to be
overlooked in the debate is that
exports from the US to Mexico have
soared to $270bn a year.
That apparently leaves Mexico the
“second-biggest export destination for
the US”, which “supports 6m
American jobs”.
“Texas exports $90bn to Mexico,
which is 38 per cent of their exports.
In Arizona, there are $9bn exports, or
41 per cent of the total,” Mr de la
Madrid said. “Even Wisconsin exports
$3bn — Wisconsin!” And then about
“20m Mexicans come each year for
tourism and business travel: that
represents $20bn of expenditure”.
It is striking stuff. And the Mexican
government deserves credit for trying
to take the moral high ground in
fighting back. However, as I listened to
Mr de la Madrid speak, I could not
help but feel cynical about whether it
will work. After all, many Trump
supporters are driven by anger,

frustration and fear. Like the debate
over the UK’s EU membership, this is
not a fight about numbers.
And in any case, if you dig into the
trade data, they are often not entirely
what they might seem. These days,
America “imports” finished cars from
Mexican factories. But, as the Wilson
Center think-tank points out, the

components used to make those cars
often originate in the US — and can
end up crossing the border eight times
during the assembly process. Indeed,
if you look at Mexican exports to the
US, about 40 per cent of these were
created with “Made in America”
components.
The crucial point, then, is that it
seems outdated to talk about
“imports” and “exports” as in the 21st
century, countries are linked by
complex supply chains that do not fit
into traditional statistical boxes, or
political rhetoric. This would not
reassure Mr Trump and his
supporters: they want the entire car to
start and finish in America, even if
that makes it more expensive.
But the existence of these

interconnected supply chains raises
the likelihood that disentangling those
“trade” ties could cause a shock and
increase consumer prices. “Made in
America” might make powerful
politics but it is no longer a clear idea
in economic terms.
The tragedy is that it is painfully
hard to communicate this messy
reality to a sceptical voter base;
phrases such as “supply-chain
integration” do not pack much
rhetorical punch. Therein lies the
challenge for the Mexican government
as it embarks on its sales pitch. I wish
it the best of luck; in a world of
Trumpian soundbites, it will need it.



★

4 June/5 June 2016

9

FTWeekend

Comment
Messy lives will receive little benefit from a basic income

GLOBAL ECONOMY

Alan
Beattie

P

erhaps it is the paucity of
other interesting ideas in politics; perhaps it is the thrill of
an idea that appeals to idealists of both right and left. The
basic or citizen’s income, by which multi-faceted welfare systems are replaced
by an unconditional fixed payment per
head, has been gaining a respectful
audience across the developed world.
Switzerland will vote this weekend on
whether to adopt a basic income system
based on a SFr30,000 annual payout to
all residents. If the opinion polls are correct, it will be comfortably defeated.
That is to the good.
With any luck, such a decision will
help put the idea on the side table of

interesting thought experiment rather
than occupying the main workbench of
practical proposition.
The basic income idea, which has
been around for about a century,
appeals to the kind of person who wants
to stand above all the messy politics of
who gets what and instead run things on

clean, simple lines.
In theory, rather than encouraging
idleness, handing out a fixed payment
will provide an incentive to work more.
Even if it is withdrawn as recipients’
wages rise beyond the minimum (the
“negative income tax” variation on the
same idea), effective marginal tax rates
will be less steep than for those who at
present would receive targeted meanstested benefits.
Eliminating a multiplicity of welfare
programmes may reduce bureaucracy.
But it will also require either politically
improbable rises in taxation or a severe
cut in the amount of help given to the
badly off. In both cases, a pure basic
income will remove support from

groups in society in particular need of
help.
Modelling shows that, if low-income
households are not to lose out relative to
the current arrangements, overall taxation will have to rise sharply. In the UK,
if tax-free allowances are kept, this
would probably mean pushing the combined tax and national insurance rate to
50 per cent across the range of incomes,
compared with a basic combined rate of
32 per cent now.
Of course, some would welcome lower
payments instead, even at the cost of

making the poor much poorer. The libertarian-leftist alliance in favour of a
basic income would soon fall apart when
it became clear that the Milton Friedmanites wanted to use it to turn the
economy into a small-state paradise and
the social democrats to create a Scandinavian welfare wonderland.
Even if rises in taxes or cuts in benefits
were politically manageable, a BI might
well result in a reduction in labour supply if households decide to cut back on

hours of work in response to higher nonwage income. This would depress the
amount of tax revenue available for
redistribution, requiring yet higher tax
rates. Reintroducing work requirements to prevent this would mean resurrecting the apparatus of coercion that
the BI is supposed to eliminate.

Handing out free cash to
any old punter rather than
looking after the needy
seems an unlikely sell
Moreover, the payments that most
societies make to particular groups —
the long-term disabled, parents, the elderly — would either have to be ditched or
separately added at extra expense.
Some associated bureaucracy such as
fitness-to-work requirements on the
disabled would also have to be retained.
This gets to the heart of the problem

with BI. The complexity in welfare systems directly reflects the fact that we, as
collective democratic societies, have

decided that we are going to support
certain groups. To each, as the saying
goes, according to their needs.
We compensate the long-term disabled because their lives are often more
expensive and challenging, and their
ability to work circumscribed. We give
extra money to parents because having
children is expensive and yet has general benefit in generating future taxpayers to fund public spending. We subsidise housing costs because rents differ
so much across the UK and failing to do
so will in effect drive out or impoverish
lower-income families in the richer
areas, such as London. We support the
elderly because they are less able to
work and because being old has often
been associated with poverty.
Shifting from this to a basic income
system is essentially saying that we consider the challenges of disability, old
age, parenthood and prohibitive rent

less important than administrative simplicity and the inefficiencies associated
with means-testing. Handing out free
cash to any old punter rather than looking after the elderly and disabled seems
an unlikely political sell.
Declan Gaffney, a policy consultant
who advised the previous Labour government, has put it best: basic income,
he argues, is a thought experiment
allowing us to imagine what kind of
social welfare system we want. In reality, it will probably show us that the public desires something closer to the current arrangements than to the neat but
highly problematic idea of a single
unconditional income for all.

The system is messy but then so are
people’s lives and needs. Throwing out
that complexity in pursuit of a simple
system ignores this fundamental fact of
the human condition. The basic income
is an idea against which the reality can
be tested. It is not a replacement for it.


A missed opportunity
for America’s libertarians
After two decades behind
the scenes, Clinton’s most
trusted aide is risking
public scrutiny, writes
Courtney Weaver

OPINION

Jacob
Weisberg

T

A

t a 2013 Manhattan fundraiser, Anthony Weiner, a
New York mayoral candidate and disgraced former
congressman, introduced
the guests to a woman they had often

seen, but seldom heard: his wife, Huma
Abedin.
It had been two years since the revelation that Mr Weiner had accidentally
sent a photograph of his bulging boxer
shorts to his 45,000 followers on Twitter, a fact made only more ridiculous by
the congressman’s last name. He
resigned shortly afterwards.
When Mr Weiner launched his political comeback, he allowed documentary
makers to make a fly-on-the-wall
account of the campaign. That film has
now been released to great reviews —
and an uncomfortable spotlight for Ms
Abedin, who turns 40 next month.
She has lurked behind the scenes for
two decades as Hillary Clinton’s chief
“body woman” and confidante, following Mrs Clinton from her office as first
lady to her role as senator, then secretary of state — and has been by her side
for two presidential runs.
The footage from Weiner of Ms Abedin
speaking on her husband’s behalf at that
2013 fundraiser shows Mr Weiner joking to the audience that by seeing Ms
Abedin take the floor, they had just witnessed a rare occurrence; a sensation
akin to “seeing talkies for the first time”.
In the background, his wife looks
uncomfortable.
It is a revealing moment, one of many
in the film. Its release has come just in
time to wreak havoc on Mrs Clinton’s
presidential campaign as she prepares
to take on Donald Trump. Officially, Ms

Abedin serves as the campaign’s vice
chairwoman. Unofficially, she is one of
Mrs Clinton’s closest advisers.
Ms Abedin is already facing scrutiny
for her involvement in Mrs Clinton’s use
of a private email server and email
address during her time as secretary of
state, and for her own unusual work
agreement while working for Mrs Clinton at the state department. A US federal court is expected to hear Ms Abedin
testify later this year about Mrs Clinton’s email server and the terms of her
own state department contract, which
allowed Ms Abedin to receive a government salary while simultaneously
working as a contractor for private consulting firm Teneo. It is a case brought
by a conservative watchdog.
The Federal Bureau of Investigation
deposed Ms Abedin last month as part
of its own investigation into Mrs Clinton’s server, a probe that is expected to
wrap up in the coming weeks, potentially with major repercussions for some
Clinton staffers.
The consequences of Weiner look less
dire. But the film is an illuminating tale
of a key figure in the Clinton apparatus
who has come to resemble her boss in
more ways than one.
Ms Abedin was born in 1976 in Michigan, to a mother of Indian descent and
father of Pakistani descent. Both parents were academics and she spent
much of her childhood in Saudi Arabia,
where her father founded a think-tank.

Person in the news | Huma Abedin


A reluctant star of
the political screen
She returned to the US to attend George
Washington University. In 1996, she
began interning for Mrs Clinton.
Colleagues say Ms Abedin regards
Mrs Clinton as part friend, part boss and
part surrogate mother. Mrs Clinton
reciprocates. “I have one daughter,” the
Democratic frontrunner famously said
at Ms Abedin’s 2010 nuptials to Mr
Weiner. “But if I had a second daughter
it would be Huma.”
It was the Clintons who helped facilitate the introduction of Ms Abedin to
her future husband, a favour they might
now regret. While Mr Weiner’s original
sexting scandal caused little collateral
damage to the Clinton empire, the later
surfacing of yet more sexting revelations during his mayoral run, did.
The documentary unfolds over the
course of that later scandal, with Ms
Abedin torn between loyalty to the Clintons, who reportedly asked her to distance herself from Mr Weiner’s campaign, and loyalty to her husband,
whose entreaties for her to appear

with him at public events are rebuffed.
Ms Abedin remains eerily poised and
unflappable, even as personal scandal
breaks around her; a lesson in the thick
skin that both she and her mentor have

developed. When Ms Abedin learns the
new scandal has broken, she does not
scream or cry. And when her husband’s

She remains eerily poised
and unflappable even as
personal scandal
breaks around her
staff wrap up a difficult meeting, she
reminds the communications director
to smile when leaving the building so as
not to hurt the campaign’s “optics”.
One of the underlying questions of the
film is why she has chosen to stay with
her husband, with whom she has a
young son. An even bigger one is why
they agreed to participate in the docu-

mentary. It is a question the film-maker
at one point asks Mr Weiner directly.
For him, the answer is simple. After
being the butt of many jokes, both for
his sexting scandal and his unfortunate
last name, Mr Weiner is ready to be
viewed as a complete human being,
however imperfect.
Ms Abedin’s reasoning is harder to
judge. It appears rooted in the hope that
the documentary and mayoral run
would provide a vehicle for her own

redemption. Mr Weiner reveals that she
wanted him to get back in the limelight.
“She was very eager to get her life back
that I had taken from her,” he explains,
an oblique reference to their former status as a Washington golden couple.
By the end of the film, it is clear that
Mr Weiner’s failed mayoral run did not
bring back the life that Ms Abedin had in
mind. Whether she will find better luck
with Mrs Clinton is another question.
The writer is the FT’s US political
correspondent

he Libertarian party’s nominating convention, held
last weekend in Orlando,
Florida, was typical of its
gatherings. One of its more
popular presidential candidates, software magnate John McAfee, is wanted
for questioning by the police in Belize as
a “person of interest” in connection
with his neighbour’s murder. Another
candidate, who goes by the name of Vermin Supreme, wore a rubber boot on his
head while explaining his platform of
time travel, self-defence against zombies and free ponies for all.
It is all good fun, if observed from a
safe distance. But, unlike in previous
elections, the Libertarians do not have
to be a total joke this time around — they
have an unprecedented opportunity to
play an actual role. Republicans with

any moral sense are desperate for a supportable alternative to Donald Trump.
Libertarianism, the political philosophy
of rugged individualism, ought to hold a
natural appeal to tolerant, anti-statist,
free-trade conservatives who deplore
the turn taken by the party of Abraham
Lincoln towards racial prejudice,
authoritarianism and mercantilism.
Libertarians also happen to have crucial
infrastructure in place for the “neverTrump” crowd: probable ballot placement in all 50 states, alongside Democrats and Republicans.
In Orlando, the Libertarians ended up
nominating the most mainstream candidates on offer: former New Mexico
governor Gary Johnson for president
and former Massachusetts governor Bill
Weld for vice-president. Both are affable, reasonable-seeming politicians
with governing experience. Yet the
party is poised to remain entirely marginal this year. Why can it not harness
the Jeffersonian instinct for individual
liberty, even in a year when the leading
parties have put forward the most disliked nominees in memory?
The problem starts, of course, with
the Libertarians themselves — a Halloween parade of cryptocurrency enthusiasts and conspiracy nuts of every permutation. These eccentrics regard their
party not as an expanding tent but as a
private playground for diffuse forms of
self-expression. People who devote
their greatest passion to the cause of
legalising drugs, challenging the age of
consent and removing limitations on
the ownership of fully automatic weaponry are not really in the business of
attracting a broader following. As a

political party, the Libertarians have
always been more party than political.
Beyond the adolescent antics, their
difficulty is at the level of ideas. Today’s
Libertarians are not so much extreme
left or extreme right as they are lost in
the clouds of utopian anarchism. Their
platform calls for the abolition of gov-

ernment-funded schools and statesanctioned marriage. During their nominating debate, delegates booed Mr
Johnson for endorsing the Civil Rights
Act of 1964.
Like academic Marxists, who are their
sisters under the skin, libertarians are
far more interested in an ideal world
than in the one where ordinary humans
live. They regard the failure of policies
they support, such as the self-regulation
of financial markets in the 2008 crisis,
as evidence that government still managed to play some corrupting role.
When facts come into conflict with theory, they reject the facts. The failure of
any libertarian state to ever actually
exist anywhere in the world supports
their faith that it would all work only if it
could be tried. To a country beset by rising inequality, stagnant wages and the
hollowing out of the middle class, libertarians have literally nothing to say.
And in a way the party is right to mistrust supporters who have compromised their principles by moving into
mainstream politics. David Koch, the
party’s nominee for vice-president in
1980, has become with his brother

Charles the American face of oligarchy.
For the Koch brothers, libertarianism
became a convenient guise for the economic interests of their family oil and
gas conglomerate. Though the Kochs
are thus far staying aloof from Mr
Trump, they have been generous
patrons of climate-change denial and
moralising evangelical Republicans.
A somewhat different style of liber-

They are not so much
extreme left or right
as lost in the clouds of
utopian anarchism
tarianism flourishes in Silicon Valley,
where it meets the feeling of the rich and
immature that Washington should leave
them alone. The leading exemplar of
this set is Peter Thiel, the billionaire cofounder of PayPal and a Trump delegate
to the Republican convention. Mr Thiel
contends that extending the franchise to
women in the 1920s destroyed American capitalism. He helped found the
Seasteading Institute, an organisation
devoted to creating a law-free floating
community in the middle of the ocean.
More recently, Mr Thiel has been
exposed as the financier of a libel suit
against Gawker Media that threatens
the free press.
In practice, wherever libertarianism

has moved beyond the defence of sexual
perversity and antisocial behaviour, it
has revealed itself as a mask for selfinterest and the abuse of economic
power.
This is a shame because an intellectually coherent alternative to the Republican party, grounded in the principled
restraint of classical liberalism, has
never been more wanted.
The writer is chairman of the Slate group
and author of ‘Ronald Reagan’

Top reads at FT.com/comment
3 The lessons from the suicides at Zurich
Insurance
It is natural to flounder when you find that
you are fallible, writes John Gapper

3 Turkey has changed — today it wants to
be less European, not more
The country’s democracy is in a downward
spiral, writes Elif Shafak


10

★

Name game Sponsors put their
shirts on the Premier League
ANALYSIS, PAGE 12


FTWeekend

4 June/5 June 2016

Idea Cellular

Kweichow
Moutai

Indivior

Dollar index

Gold

Xetra Dax

Brent oil

Two-year
US Treasury

11.05%
Rs105.45

6.07%
Rmb284.00

36.21%
235.10p


1.6%
94.07

$28
$1,238

1.0%
10,103

0.5%
$49.81

11bp
0.78%

Noble announces chairman to
step down days after chief goes
Commodities trader unveils proposals for $500m rights issue to slash debts

Walmart pilots grocery
delivery tie-up with Uber
LINDSAY WHIPP — NEW YORK

Walmart is raising the stakes in grocery
delivery, announcing a tie-up with carbooking apps Uber and Lyft in a pilot
scheme based in Denver and Phoenix.
Doug McMillon, the retailer’s chief executive, was due to announce details of the
test service at the company’s annual
meeting yesterday. A Walmart

employee will pack the grocery items
and prepare them for delivery by an
Uber or Lyft driver.
The service will cost $7-$10 payable to
Walmart rather than the delivery companies.
The move comes as competition for
last-mile delivery intensifies, with startups such as Deliv competing against the
likes of Silicon Valley companies Instacart and DoorDash.
According to a Walmart company
blog post, the move comes after a similar pilot project between its Sam’s Club
stores with Deliv in Miami.
Uber has been expanding into ondemand delivery, introducing it into a
number of US cities last year after testing it in New York. Earlier this week the
company announced a $3.5bn investment from Saudi Arabia’s sovereign
wealth fund partly to further expand
the range of its services.
Walmart has committed $2bn in a
drive to catch up with Amazon, the
ecommerce group that has invested
heavily in logistics technology. Amazon
launched Prime Now more than a year

ago in a number of cities, offering members of its annual subscription scheme
two-hour delivery on a range of items.
Walmart’s pilot programmes include
drones for delivery and for use in warehouses and an annual membership
service to compete with Amazon Prime.
The company has also spent $2.7bn to
increase staff wages and improve customer service, while also revamping
stores and creating an integrated physical and digital offering.

Its most recent quarterly results suggested these investments were starting
Last-mile delivery:
Walmart customers
will be able to get
their groceries
delivered by car
for $7-$10

to pay off on top line sales, a relief for
investors who had seen disappointing
earnings from US retailers.
However, some continue to raise concerns about low wages and understaffing.
Making Change At Walmart, a campaign representing some existing and
former Walmart employees, union
members and small business owners,
said yesterday: “Many Walmart workers are still struggling with poverty
wages, erratic schedules and understaffing at their stores, and many customers
don’t want to shop at a store that treats
workers so poorly.”

Airlines

Lucrative business class gone
for good, says Emirates head
The resignation of Yusuf Alireza, chief executive at Hong Kong-based Noble Group, was announced earlier this week — Bryan van der Beek/Bloomberg

PETER WELLS — HONG KONG
JEEVAN VASAGAR — SINGAPORE
DAVID SHEPPARD — VIENNA


Noble Group, the beleaguered commodities trader, yesterday announced its
founder would step down as chairman
within a year as it also unveiled plans for
a $500m rights issue to cut its debt load.
Richard Elman intends to relinquish
his position of executive chairman,
which follows Noble’s announcement
on Monday that Yusuf Alireza was
resigning as chief executive.
Hong Kong-based Noble slumped to
its first net loss in almost 20 years last
year, as the commodities crash took its
toll on the company. But Asia’s biggest
commodities trader has also been contending with questions about its
accounting since early last year, and
credit rating agencies have cut Noble to
junk status partly because of concerns
about its ability to refinance its debts.
The proposed rights issue to raise net
proceeds of $500m, which must be
approved by shareholders, is deeply discounted.
Noble’s shares fell 13 per cent yesterday to S$0.260. The stock has dropped
64 per cent during the past year.
Singapore-listed Noble said in a statement that Mr Elman, a UK-born former
scrap metal dealer who founded the

company in 1986, “wishes to step down
as executive chairman within the next
12 months”.
Noble outlined changes to its corporate governance, saying its next chairman would have non-executive status,

and that it was adding another non-executive director to the board.
Mr Elman is Noble’s largest shareholder, with a 22.28 per cent stake,
but that is expected to be diluted in the
rights issue.
He has committed to buying 9.6 per
cent of the new shares being issued, and

could buy more stock through a socalled “tail swallow” arrangement.
One analyst said this may indicate Mr
Elman, 76, is constrained by lack of capital. Noble declined to comment on this,
or explain why he had decided to step
down as chairman. Mr Elman’s future
role at Noble is unclear.
China Investment Corporation, the
Chinese sovereign wealth fund that is
Noble’s third-largest shareholder with a
9.65 per cent stake, has agreed to buy 9.6
per cent of the new shares. It will secure
a second seat on Noble’s board.

Noble
Share price and index (rebased)

Straits Times

Net income ($bn)
120

1.0


100

0.5
0

80

-0.5
60
Noble

Jan

2015

-1.0

40

-1.5

20

-2.0

2016 Jun

2005 07

09


11

13

15

Sources: Thomson Reuters Datastream; Bloomberg

Noble said proceeds from the rights
issue would be partly used to repay
debts falling due in 2017 and 2018. At
March 31, Noble had net debt of $3.7bn.
Mr Elman said Noble had “moved
firmly to reposition our balance sheet”,
adding: “Combined with focusing our
operations on our high return market
leading franchises, we are confident we
now have the profile and capital structure to enable us to best capture the
opportunities we see going forward.”
Under new joint chief executives Will
Randall and Jeff Frase, Noble intends to
focus on trading in commodities including oil, gas and coal.
Noble also said yesterday it was planning to cut headcount, sales, administration and operating expenses by more
than 20 per cent during 2016.
On Monday, Noble announced plans
to sell its electricity supply business in
the US, called Noble Americas Energy
Solutions.
This and other disposals, plus further

measures, are intended to raise $1.5bn
for Noble.
Under the proposed rights issue, one
new share will be issued for every existing Noble share at a price of S$0.11
each, representing a 63 per cent discount to the company’s closing stock
price on Thursday.

PEGGY HOLLINGER
INDUSTRY EDITOR

The “good old days” of lucrative business class revenues are numbered as
companies rein in spending and low
cost competition intensifies on long
haul routes, the head of one of the
world’s biggest airlines has said.
Sir Tim Clark, president of Emirates Air
Line, said airlines would have to adapt
their strategies as business class passengers migrated to cheaper seats. Airline
profits may be rising, but average fares
paid per mile, known as yields, are
under pressure, he added. “I see a
change out in the way corporate business is going to develop which of course
will affect our yields because the high
end stuff isn’t going to come through as
it was in the good old days,” Sir Tim said.
“We have to recognise that things are
going to be slightly different for the
mix,” the Emirates boss said on the sidelines of the annual meeting of Iata, the
aviation industry trade body.
He predicted passenger volumes

would continue to grow despite a weak
global economy, but air fares — forecast
to fall by 7 per cent this year — would
remain depressed. “We are going to be
there for a long time on these fare levels,” he said.
Sir Tim’s warning means airlines will

have to work hard to keep costs down,
while finding new ways to drive revenue. Business and first class fares are by
far the most profitable for airlines, especially on long haul routes.
Jonathan Wober of Capa, the aviation
consultancy, estimates premium cabins
for a major European carrier on long
haul might account for 15 to 20 per cent
of passengers, but up to 50 per cent of
revenue. “The numbers will be much
lower on short haul,” he said.
Emirates is considering introducing a
premium economy class between business and ordinary coach, Sir Tim said.
The carrier is also looking at new seating
and cabin layouts that would allow a
greater segmentation of fares in its fleet
of A380 superjumbos. That plane is certified to carry more than 800 passengers
although no airline is operating at that
capacity.
“We are mapping where we think [the
market] is going to go,” Sir Tim said.
Chris Tarry, aviation analyst, said the
shift to premium economy was accelerating across the industry. “A number of
established airlines are introducing or

increasing the size of premium economy,” he said. “In some respect airlines
are no different from retailers in measuring the revenue per square meter and
here premium economy is the highest
yielding cabin on an aircraft.”

Obituary Fatalistic Pepsi chief executive who led the charge in the cola wars of the 1980s
Roger Enrico
Former head of PepsiCo
1944-2016

“You’re the Pepsi generation,” sang
Michael Jackson to the tune of “Billie
Jean”, as a child clutching a can of the
cola drink expressed astonishment to
find he had moonwalked into the pop
icon.
Securing Jackson for this gamechanging 1984 advertisement was the
brainchild of Roger Enrico, then chief
executive of PepsiCo’s beverage and
foods division. Enrico, who has died
aged 71, contacted Jackson himself to
seal his co-operation.
As a follow-on from the hugely successful Pepsi Challenge, in which Enrico
had been involved, his pioneering move
for a soft drinks company to endorse
celebrities helped Pepsi usurp — albeit
temporarily — arch-rival Coca-Cola
from the top spot in supermarket share
in the cola wars.
In 1985, Coke tweaked its recipe for

the first time in almost a century in
response to flagging growth, only to
reverse course months later amid consumer horror at the change. The retreat

enabled it to re-establish its historically
higher market share.
“That era was pretty much the golden
age of the cola wars,” said Duane Stanford, editor of Beverage Digest. “What
was revolutionary was the number two
player went for such a huge star.
Michael Jackson was the kind of talent
you’d expect Coca-Cola to grab and here
was the number two company signing
him.”
It was unusual for an executive running an entire division to be involved in
negotiations for an ad campaign as
Enrico was with Jackson. This was what
made him so different, recalled Allen
Rosenshine, chairman emeritus and
former chief executive of ad agency
BBDO, who worked with Enrico when
his company was responsible for PepsiCo’s account and was a close friend.
“He enabled Pepsi to stand out.”
Roger Enrico was born on November
11 1944 in the town of Chisholm, Minnesota, close to the Canadian border. His
path to the top — before he retired he

was chairman of DreamWorks — was
peppered with pit stops. Having wanted
to be an actor — to the disapproval of his

factory worker father — he started out
working at General Mills before serving
with the navy in the Vietnam war. He
joined Pepsi in 1971 as a brand manager
for Funyuns at the company’s Frito-Lay
division.
After his success at Pepsi, where he
became group chief executive in 1996,
he stepped down in 2001 following a
heart attack but stayed on for two years
in the less demanding role of chairman.
“I think ‘career path’ are the two worst
words invented,” he told Fortune magazine in 1996. “I’ve always believed you
ought to go with the flow. Be a bit fatalistic. Don’t overprogramme yourself.”
This meant taking risks, even if they
did not always pan out. Other celebrity
endorsements included Madonna,
which he admitted did not work so well
amid a backlash from some religious
groups in the US, despite the resulting
advert’s popularity overseas.

He also said in the Fortune article that
he should not have written his book The
Other Guy Blinked: How Pepsi Won the Cola
Wars, explaining that he had written it to
sell Pepsi but it had morphed into personal publicity.
His legacy at Pepsi includes many successes besides commercials. In 1997 he
engineered the sale of the restaurant
division — what is now Yum Brands

(KFC, Pizza Hut and Taco Bell) — as a

Pepsi chief Roger Enrico made life
hard for its rival company, Coke

means to help the company sell more
fizzy drinks to a broader range of restaurants with soda fountains. And he was
instrumental in the acquisition of Tropicana and Gatorade, a move that has
proved crucial as soda suffered a decade
long decline in US sales.
“[Enrico] was a risk-taker, never
afraid to challenge the status quo or
make bold moves to get ahead,” Indra
Nooyi, PepsiCo’s current chief executive. “He was tough as nails, always prepared to get the job done and beat the
competition. At the same time, he had a
true love for our people and a passion
for empowering them to reach their full
potential.”
Enrico is survived by his wife Rosemary and son Aaron.
His death comes just weeks after the
passing of Bill Backer, another important marketing guru from a similar era,
who made ads for Coca-Cola. Both left
an indelible mark on American advertising history.
Lindsay Whipp


★

4 June/5 June 2016


11

FTWeekend

COMPANIES. WEEK IN REVIEW

Banks have to show
recruits the benefits
of sticking around

The Top Line
Brooke Masters
Companies Editor

This week Morgan Stanley started
offering month-long paid sabbaticals
to junior bankers who make it to the
vice-president level — a step that
usually requires five years and lots of
long hours.
Meanwhile Credit Suisse is
encouraging all European employees to
make sure they take Friday night and
Saturday morning off. Swiss rival UBS
is telling employees to set aside two
hours a week for personal business —
like teacher conferences or marathon
training. And JPMorgan, which in
January told employees to take every
weekend off unless they were working

on a “live deal”, this week relaxed its
dress code to business casual.
It is easy for non-bankers to sneer at
a lot of these work-life balance efforts
(two hours a week? Friday nights off?),
but they may genuinely improve the lot
of many young Wall Street and City
employees. Many still remember the

death of a Bank of America intern three
years ago from an epileptic fit that may
have been triggered by fatigue.
The banks are also taking specific
steps to improve retention at a time
when hedge funds and asset managers
have been poaching some of their
young stars. Goldman Sachs seems to
have set the pace on this front last year
when it unveiled a junior banker
retention initiative that included
swifter promotions, fewer menial tasks
and more diverse work experiences.
Royal Bank of Scotland and Barclays
followed suit.
Now Morgan Stanley plans to start
telling top first-year analysts that they
have a bright future at the bank
within a few months of arrival and,
crucially, before hedge funds start
their annual recruiting season.

These retention efforts make perfect
sense in light of the recent survey of
millennials in 25 countries by

Manpower Group. It found that 21- to
36-year-olds prioritise job security
above everything except money when
choosing their employers.
Before the financial crisis, Wall Street
could rely on huge bonuses to keep
their young employees around. Now,
pressed to cut costs and boost capital,
the banks have to find other levers to
pull. Humane working environments
and proper career development are a
good way to start.
It makes me think back to when I
was deciding whether to jump from my
US newspaper to the Financial Times.
The higher salary was attractive, but I
could have secured a raise by moving
to any number of media outlets.
Instead, the FT stuck out for two
other reasons. It promised a paid
month-long sabbatical every four
years, and it was willing to let me — at
the time a mother of preschoolers —
start off by working four days a week.

Billionaire Russian oil trader breaks final link with Gunvor

Gennady Timchenko amassed a
fortune in oil trading as he and
Torbjörn Törnqvist built up Gunvor

Corporate
person in
the news

Chris Ratcliffe/Bloomberg

Gennady Timchenko
Joint founder of Gunvor

When Gennady Timchenko and
Torbjörn Törnqvist started working
together in 1997, the first was a
former Soviet trade official based in
Finland, and the second was an ex-BP
trader from Sweden.
Gunvor, the business that grew out
of their partnership in the next two
decades, became the dominant trader
of Russian oil. It broke into the top
five of global independent oil trading
houses and made them billionaires.
“We already had certain business
for many years in Russia — him and
me. He did his business, I did mine.
But when we joined forces, it was
synergy,” Mr Timchenko recalled in

a 2008 interview.
But the last ties between the two
men have finally been severed, the
FT reported this week.
Mr Törnqvist agreed to buy out
Mr Timchenko’s stake in March 2014
— the day before the US Treasury
imposed sanctions on Mr Timchenko
over Russia’s annexation of Crimea.
But Mr Törnqvist only made the final
payment this year after receiving a
special $1bn dividend from Gunvor.
“Payment to [Mr Timchenko] is
final and there are absolutely no
remaining commitments to [him] by
either Mr Törnqvist or the group,”
says Gunvor.
Born in Armenia in 1952, Mr
Timchenko trained as an engineer
before working as an official at the

Leningrad department of the Soviet
ministry of foreign trade in the 1980s.
He got his start in the trading
business as the Soviet Union was
collapsing in the late 1980s, getting
a job in the trading arm of an oil
refinery at Kirishi in the Leningrad
region. He then moved to Finland in
1991 to head a trading company.

It was in St Petersburg — as
Leningrad was renamed after the fall
of the Soviet Union — that Mr
Timchenko first met Vladimir Putin,
then an official in the mayor’s office.
The relationship continued: Mr

‘My career of
more than 20
years in the
oil industry
has not been
built on
favours’

Timchenko co-founded a judo club
where Mr Putin is honorary president.
But as Gunvor enjoyed spectacular
growth Mr Timchenko was forced to
deny suggestions it had benefited from
his relationship with Mr Putin, who
became Russia’s president in 2000.
“My career of more than 20 years in
the oil industry has not been built on
favours or political connections,” he
declared in a letter to the FT in 2008.
The US Treasury disagreed, and in
March 2014 imposed sanctions on Mr
Timchenko, calling him a member of
Vladimir Putin’s “inner circle” and


suggesting Mr Putin’s involvement
in Gunvor was substantial.
“Timchenko’s activities in the energy
sector have been directly linked to
Putin. Putin has investments in
Gunvor and may have access to
Gunvor funds,” the Treasury said.
Gunvor repeatedly denied that
claim, but Mr Timchenko recognised
that his political connections had
become a liability to the company. In
the hours following the US Treasury’s
announcement, Gunvor announced
that Mr Timchenko had sold his stake
to Mr Törnqvist just one day before the
sanctions were imposed.
Since then, Gunvor has focused on
its international business, while Mr
Timchenko retrenched to Russia. He
sold many of his international assets
and moved much of his business
empire from offshore jurisdictions. His
wealth — estimated by Forbes at
$12.9bn — is largely held through
stakes in Novatek, Russia’s largest
independent gas producer; Sibur, its
top petrochemicals company; and
Stroytransgaz, a construction group.
His relationship with Mr Putin has

also become more public. He appears
in ice hockey games with him, and
revealed his Labrador is the daughter
of Mr Putin’s. “Frankly speaking, I
was not a dog lover, but Vladimir
Vladimirovich wanted to hand over a
puppy to a reliable master and I, of
course, agreed,” he said. Jack Farchy

Insurance

My prospective boss told me she
viewed it as an investment in my
career and that she assumed I would go
full-time when my personal
responsibilities allowed. I appreciated
the flexibility, of course, but valued the
long-range perspective even more.
There has been a lot of talk about the
need to change banking culture to get
away from the smash-and-grab
attitudes that led to the 2008 crash.
Much of it has taken the form of
platitudes from the top but largely
ignored by traders who continued to
put themselves first.
But the current crop of initiatives
could actually make a real difference.
The best way to get staff members to
care whether their employer prospers

over the long term is to convince
them that they will be around to
benefit if it does.

Pressed to cut
costs and
boost capital,
the banks
have to
find levers
to pull
[other than
bonuses] to
keep young
employees



Financials

LSE-Deutsche Börse seek to
cut 1,250 jobs in merger plan
ARASH MASSOUDI
AND JAMES SHOTTER

The London Stock Exchange
Group and Deutsche Börse
unveiled plans this week
to lay off 1,250 employees,
or about 14 per cent of their

combined workforce, as
part of a €450m cost-savings
initiative in their proposed
merger.
The two companies released
the figures on Wednesday as
they outlined the intended
synergies from a £21bn allstock combination agreed
this year.
The potential savings are a
big factor in winning support
for the tie-up, on which LSE
shareholders will vote on
July 4, and Deutsche Börse
investors by July 12.
That means shareholders
will cast their votes after the
June 23 UK referendum on
whether the country should
leave the EU.
While the deal does not
hinge on the outcome, many
investors and analysts

The job losses may pose
problems for the LSE and
Deutsche Börse as they
seek government blessings
for the creation of a
European trading champion


believe that a vote to leave
the EU would hurt the prospects of an LSE-Deutsche
Börse combination.
The job losses may also
produce extra problems for
the two companies, as they
are set to begin persuading
governments and regulators
to bless the creation of a
champion for European
trading.
The deal combines
Europe’s two largest
exchange operators by market value and would create a
more powerful rival to leading US and Chinese groups in
what is already a heavily consolidated industry.
“The strategic rationale for
this merger is very clear. We
firmly believe that this
merger allows the shareholder substantial long-term
growth through diversified
and resilient revenue
streams,” said Carsten
Kengeter, the chief executive
of Frankfurt-based Deutsche
Börse.
Hans-Walter Peters, head
of Germany’s banking association, said the merger was “a
chance for Europe”, but

insisted it was important
that business was divided
fairly between London and
Frankfurt.
He also warned the merger
would be endangered if Britain votes to leave the EU later
this month.
“I hope Britain will vote to
stay,” he said.

Financials

Banks

Pharmaceuticals

Former Barclays director
charged with leaking tips

Ousted Valeant chief’s $10m Suicides at Zurich put focus Alliance Trust confirms RIT
pay-off causes controversy on senior managers’ stress made takeover approach

FT REPORTERS

A former Barclays director
stands accused by US prosecutors of allegedly committing insider trading to pay
for home improvements.
Steven McClatchey, 58, was
charged in a criminal complaint filed in Manhattan this
week with conspiracy, wire

fraud and securities fraud.
Prosecutors alleged he
passed insider information
on upcoming mergers to his
friend, a plumber, who did
up his bathroom.
The plumber, Gary Pusey,
has pleaded guilty and
agreed to co-operate with
authorities.
The government alleges
that Mr McClatchey, who

Barclays says it ‘wholly
supports’ the investigation
into allegations that Steven
McClatchey passed tips to
his plumber to pay for
bathroom renovations

Companies this
week on ft.com

worked in a back office role,
gave tips to Mr Pusey, 47,
ahead of at least 10 separate
transactions before they
became public, including
deals involving Petsmart,
CVS Health and Duke

Energy.
In exchange for the tips,
which allegedly earned Mr
Pusey $76,000 in trading
profits, the plumber made
cash payments totalling
thousands of dollars to Mr
McClatchey by occasionally
placing cash in a gym bag or
handing over the cash
directly in Mr McClatchey’s
garage, it is alleged.
He also allegedly provided
a free refitting of Mr
McClatchey’s bathroom at
his home in Freeport, on the
south shore of Long Island.
Barclays said in a statement that it “wholly supports” the investigation.
“Barclays will take appropriate action when employees do not hold themselves to
the conduct and control
standards which are embedded in our culture,” it added.
A lawyer for Mr
McClatchey could not be
reached for comment.

DAVID CROW

Valeant, the besieged Canadian drugmaker, handed
former chief executive Mike
Pearson a severance package worth more than $10m

— just months after the company’s board blamed the
“tone at the top” for a collapse in its market value.
Mr Pearson, who held the
role from 2008 until he was
ousted in March, earned
plaudits for turning the
group from a small drugmaker into one of the biggest
forces in global pharmaceuticals by embarking on a
debt-fuelled deals spree.
However, Valeant came
close to collapse after it was
forced to delay the publica-

Valeant’s market value has
plummeted since last year,
with former chief executive
Mike Pearson being held
partly responsible for the
company’s woes

tion of its earnings, after an
accounting scandal at a pharmacy chain controlled by the
drugmaker, taking the company close to a default on its
more than $30bn of debt.
Mr Pearson paid for the
crisis with his job after big
investors and the company’s
directors concluded that his
hard-charging management
style was partly to blame for

the fact that the group had
reported inflated revenues.
Nonetheless, this week the
board signed off on $9m in
severance and agreed to pay
him $850,000 over the next
two years for consultancy
services. He will also receive
a bonus for 2016, taking the
total package above $10m.
Valeant’s market value —
roughly $90bn this time last
year — has plummeted since
then and now stands at just
$10.5bn, resulting in billions
of dollars of paper losses.
“This is the sort of action
by directors that leads to
calls for legislation and to
suspicions that they act in
the best interests of their
CEO buddies,” said Erik Gordon, a business professor at
the University of Michigan.

RALPH ATKINS

The suicide of Zurich Insurance’s former chief executive Martin Senn last week
has focused attention on the
stresses placed on senior
managers in the close-knit

world of Swiss business.
Senn took his life just over a
week ago, less than six
months after stepping down
and three years after the
group’s finance director also
killed himself.
“Our thoughts are with his
bereaved family and friends,
to whom we extend our
deepest sympathies,” Zurich
said in a statement on Monday. Senn was 59.
Senn resigned in December after coming under pres-

While Martin Senn was
Zurich’s chief executive, the
company was hit by the
suicide of Pierre Wauthier,
its finance director, who was
found dead in August 2013

sure over a failed bid for RSA,
the UK insurer, and a series
of problems in Zurich’s general insurance division. He
was replaced earlier this year
by Mario Greco, former chief
executive of Italian rival
Generali.
While Senn was Zurich’s
chief executive, the company

was hit by the suicide of
Pierre Wauthier, its finance
director, who was found dead
at his house in August 2013.
People who knew Senn
said he had difficulties coping with his sudden altered
status. Such life upheavals
could have contributed to
depression, experts said.
“If you are high in a hierarchy and have a dominant
psychology, and you define
your life and values as such,
it can be very damaging for
your psychological wellbeing
if you lose your position,”
said Dr Thomas Heinsius,
head doctor at Winterthur’s
Polyclinic for integrated psychiatry, near Zurich.
“You become depressed if
your psychological repertoire is not sufficiently
equipped to deal with the
new challenge.”

ARASH MASSOUDI,
CHRIS NEWLANDS AND
OLIVER RALPH

Alliance Trust this week
confirmed that it had
received an approach from

the investment trust of British financier Jacob Rothschild about a takeover to
create a publicly listed company with a market value of
more than £5bn.
The Financial Times
reported over last weekend
that RIT Capital Partners,
the 55-year-old investment
trust chaired by Lord Rothschild, made an informal
approach and remains interested in a combination.
In a statement Alliance
Trust said RIT had approa-

A takeover of Alliance
Trust, one of the UK’s
oldest and largest trusts,
would end years of
speculation over the
future of the company

ched its board “with an informal proposal for a merger of
the two companies”, but
added “no detailed terms
have been provided”.
A takeover of Dundeebased Alliance Trust, one of
the UK’s oldest and largest
trusts, would end years of
speculation over the future
of the company.
It would also combine two
of the UK’s best-known

investment trusts, a type of
publicly listed closed-end
fund that dates back almost
150 years and allows investors to avoid double taxation.
Alliance Trust, which had
a market value of £2.6bn at
the end of last week, declined
to comment. RIT Capital,
which was worth £2.5bn, did
not immediately respond to
a request for comment.
RIT Capital disclosed a
stake of less than 3 per cent
in Alliance Trust last year,
say UK regulatory filings.
Alliance Trust has overhauled its leadership after
agreeing last year to appoint
two of the three independent
directors nominated by
Elliott Advisors, the US activist investor.

c Net gains
SoftBank plans to sell $7.9bn
worth of its stake in Alibaba
to raise cash — NEWS

c French rise
Vivendi chairman Bolloré’s
master plan to take on global
media players — COMMENT


c Death defying
The zombie fitness app that
gives joggers motivation to
run a bit faster — PERSONAL TECH

c Rich market
Saint Laurent chief Francesca
Bellettini on the challenges
facing luxury brands — VIDEO

c Driven out
Ford issues ‘elitist’ warning
over costs to car industry of
EU green targets — ANALYSIS

Y ft.com/technology

Y ft.com/comment

Y ft.com/management

Y ft.com/video

Y ft.com/automobiles


12

★


FTWeekend

4 June/5 June 2016

COMPANIES

Sponsors put their shirts on top-flight football
Kit branding is
proving lucrative for
advertisers and clubs
as the sport’s global
audience balloons

The winners

Teams wearing well
NBA courts partners to
break commerce barrier
US sports like baseball and
American football are already
awash with billions of dollars of
advertising money, but putting
advertising on uniforms has always
been off limits — until now.
Deals with equipment suppliers
are agreed on a leaguewide basis,
and the proceeds are divided up
among the individual teams, much
as they do with revenue

broadcasting rights. Team jerseys
have always carried only one
corporate logo — that of the
manufacturer.
However, that firm barrier to
commercialisation has just cracked.
The National Basketball
Association voted in April to allow
its member teams to sell shirt
sponsorships, and the Philadelphia
76ers have followed up with the
first partnership, a deal with online
ticket site StubHub.
The team is owned by private
equity billionaires Josh Harris and
David Blitzer, who last year bought
a stake in London-based Premier
League football team Crystal
Palace. Such cross-sport tie-ups are
increasingly common, as owners
look to secure more sophisticated
advertising deals with global
brands.
Once the new NBA rules come in,
all teams will be able to sell a 2.5 sq
in advertising space on their jerseys
from the 2017-18 season. This is
when the league shifts its uniform
supply deal from Adidas to Nike.
Adam Silver, NBA commissioner,

said that jersey sponsorships would
help “provide deeper engagement
with partners”. Josh Noble

JOSH NOBLE — LONDON

When surprise champions Leicester
City lifted the Premier League trophy
last month, there were plenty of
unlikely winners. Manager Claudio
Ranieri’s previous job had ended when
his Greek national side lost to the lowly
Faroe Islands, while Jamie Vardy, one of
the league’s top goalscorers, only made
the jump from amateur football in 2012.
Two corporate partners also had good
reason to celebrate — Leicester’s kit
maker Puma and its shirt sponsor King
Power. Both are likely to have struck
bargain basement rights deals with the
Midlands club, only to ride an unimaginable wave of media coverage as the
minnows conquered all.
Their unexpected good fortune
comes at a time when the cost of kit and
sponsorship deals has been rising rapidly, as the audience for Premier League
and other European football games has
ballooned.
Manchester United set the tone when
it switched from Nike to Adidas kits in
2013, in a deal worth around £75m a

year. Barcelona did even better. By
extending its Nike supply deal last
month, the club more than doubled its
annual revenue from kit to more than
€150m a year.
Other teams have raced to catch up.
Chelsea paid to end its deal with Adidas
six years early so it could seek more
money elsewhere. Last month, it agreed
a contract with Nike worth more than
double its previous arrangement.
“I think shirt deals were undervalued
for a long time,” says Carsten Thode,
chief strategy officer at Synergy Sponsorship. “But in the past three years, the
value of these deals has escalated
quickly.”
Kit deal costs have risen as viewing
figures have soared and clubs’ clout on
social media has grown. The top 32
teams in Europe have a combined Twitter following of almost 600m, according
to KPMG, while Nike, Adidas and Puma,
the top three sportswear makers, can
muster only a combined 67m.
Meanwhile, challenger brands such as
Under Armour and New Balance have
pushed up the competition for kit deals,
as they use football sponsorship as a way
to build relationships with new retailers
and expand their distribution networks.
Mega-deals involving kit supply

remain the preserve of a select handful
of clubs with global cachet. Arsenal’s
deal with Puma, at €40m-€50m a year,
is more than double that of north London rival Tottenham, despite them finishing second and third in the league
respectively.
Though Man Utd and Real Madrid can
command large fees thanks to their global fan base, a typical lower half of the
table Premier League team might give
away their shirt manufacturing rights
for nothing and simply take a slice of the
profits from shirts sold to supporters.
But all teams are benefiting from the
broader growth in sponsorship, such as
the branding across the belly of a shirt,
as a new breed of advertisers looks to
secure prime real estate in the world’s

Back of
the net
Barcelona
heads
the deals
league

Despite being dumped out of the most
prestigious club competition in Europe by
Spanish rivals Atlético Madrid this year,
FC Barcelona remains the footballing
world’s number one, at least when it
comes to sponsorship deals.

The club signed a new 10-year kit
agreement with Nike last month, which
it expects to bring in €150-€155m
(£116-£120m) annually, compared with
the current €60m. When the arrangement
takes effect in 2018, it will be football’s
most lucrative shirt deal ever, far
outstripping Manchester United’s
£75m-a-year agreement with Adidas.
Barcelona soon expects to become the
world’s top club for on-shirt advertising
as well. At present, Manchester United is,
thanks to its £47m-a-year contract with
US carmaker Chevrolet. But the Catalan
club is in “advanced talks” with several
companies, including Qatar Airways,
whose deal expires this year, says Manel
Arroyo, club vice-president of marketing.
Though Barcelona’s new Nike kits for
the 2016-17 season have been unveiled
without sponsors, a new agreement is
due to be signed some time this summer.
The sale of naming rights for Camp Nou,
Barcelona’s stadium, is also in the works.
Mr Arroyo attributes Barcelona’s
commercial triumphs to several factors,
not least the team’s success on the
pitch. Despite disappointment in the
pan-European Champions League, they


won La Liga and the Copa Del Rey,
Spain’s two domestic competitions.
The club has ambitions to become
the first with annual revenue of €1bn.
Aside from Nike and Qatar Airways,
the club’s main partners, Barcelona
lists a further five “Premium Partners”,
10 “Official Partners”, and 23 “Regional
Partners”. The names range from
global brands Coca-Cola and Gillette
to local Catalan companies La Caixa
bank and Estrella Damm beer.
There are also far-flung sponsors,
such as Brazilian foot deodorant Tenys
Pé and Chinese smartphone maker
Oppo, pointing to a growing overseas
audience for European football. The
club has an office in Hong Kong,
another opening soon in New York,
and plans for a third in São Paulo.
Revenue from “marketing” —
principally sponsorship — rose by a
third in the 2014-15 season to €225m,
the most recent for which figures are
available. Media rights and match-day
revenue from tickets and concessions
rose at a much slower pace.
Marketing — at 37 per cent of the
total — is the largest revenue source
for the club.

The team has some of the world’s
most recognisable on-field stars and
a dominant social-media presence
including 2.3m YouTube subscribers
and 18m Twitter followers.

most watched sport. Total shirt sponsorship fees earned by clubs in Europe’s
top six divisions have more than doubled since 2010 to €830m last year,
according to data from sports consultancy Repucom. Revenue increased 45
per cent in the past two years alone.
England’s Premier League takes the
largest chunk of that, roughly the same
as Germany’s Bundesliga, Spain’s La
Liga and Italy’s Serie A combined. That
increased commercial income, combined with the fast-rising prices of TV
rights, has helped push many UK clubs
into profit, attracting investors from
across the world, notably the US.
Those in rights management say that
football’s pull as a live spectator sport
with a broad and dedicated worldwide
following has given it a special place in
international marketing.
“If you look at the advertising
world, audiences are becoming more
fragmented and diversified, so to
reach a mass audience is increasingly difficult,” says Christopher
Satterthwaite, chief executive of
Chime Communications, which
includes La Liga among its clients.

“Football attracts more eyeballs than
anything that’s ever existed.”
The globalisation of fans is translating
into quirkier commercial deals too. Man
Utd, for example, now has its own “official Indonesian sports drink partner”,
and recently helped to promote superhero films including X-Men and Dead-

Leicester City’s
Jamie Vardy,
below, was one
goal behind the
Premier
League’s top
scorer,
Tottenham
Hotspur striker
Harry Kane

pool as part of a partnership with 20th
Century Fox.
Overseas companies now account for
more than 80 per cent of all the sponsorship fees brought in by Premier League
clubs, says Repucom, often from brands
with little or no presence in the UK.
Those willing to pay the most, says Mr
Thode, are companies that treat the
“shirt as billboard” and sponsorship as a
“global brand awareness play”.
Liverpool’s main sponsor, Standard
Chartered, though a UK-listed bank, has

no branches in the county, while King
Power is a Thailand-based retail chain —
part of Leicester City owner Vichai Srivaddhanaprabha’s business empire.
Next season, at least six clubs, including
newly-promoted Burnley, will feature
Chinese characters on their shirts.
But as the rewards of sponsorship
rise, so do the expectations. The fee
paid by Adidas to Man Utd will drop
30 per cent if the team fails to qualify
for the Champions League for more
than two years in a row, putting new
manager José Mourinho on a tight deadline. Analysts say such performance
clauses are increasingly commonplace.
“Brands we work with are getting far
more demanding of their sponsorships,”
says Glenn Lovett, chief strategy officer
at Repucom. “It’s being driven by brands
— particularly when they spend a lot of
money — demanding a return, and wanting to know what that return might be.”
See Lex

Trading Directory

Trading Directory

Trading Directory
Runs Daily

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


Classified Business Advertising
UK: +44 20 7873 4000 | Email:


★

4 June/5 June 2016

13

FTWeekend

MARKETS & INVESTING
ON WALL STREET

Capital markets

Ben
McLannahan

Sub-zero state debt passes $10tn mark

Banks’ belt-tightening
threatens to drive a
terminals decline

C

all it terminal anxiety. Big banks are cutting

traders and analysts; hedge funds are struggling. And providers of financial information —
the raw material of these firms — are nervously
adjusting their collars.
According to a survey by Burton-Taylor International
Consulting, 2016 could turn out to be the roughest year for
the financial-data industry since the company started
scanning the horizon in 2011. Burton-Taylor asked around
six dozen executives on their projections for market
growth this year and next. The responses were bleak. In
most categories, bar compliance, spending in major markets looked set to be flat or only slightly up, respondents
said. So who wins and who loses?
The incumbents — Bloomberg and Thomson Reuters,
with a 33 per cent and 24 per cent market share, respectively — look vulnerable. Challengers such as FactSet and
S&P Capital IQ are gaining traction. And the staff cuts at
Wall Street investment banks are so deep that the terminals giants may find it hard to offset them by selling more
units to asset managers or companies.
Total headcount in fixed-income trading, investment
banking and equity trading at the world’s top 12 banks
dropped just over 20 per cent between the first quarter of
2011 and the first quarter this year, according to Coalition,
a London-based consultancy.
“Lower numbers of people equals lower numbers of terminals. That’s the reality of it,” says a senior executive at a
Wall Street bank.
And the cuts could keep coming.
This week Deutsche Bank chief John Cryan said he
would need to “step up attention” to the bank’s trading
businesses, noting that market volumes had “probably
fallen off by anything between 20 and up to 50 per cent”.
Deutsche’s trading revenue, its biggest source of income,
fell 29 per cent from a year

earlier in the first quarter to ‘Lower numbers
€2.8bn. Citigroup chief Mike
Corbat, too, said trading and of people equals
investment-banking revenue lower numbers of
for the second quarter should terminals. That’s
be up only “slightly” from the
the reality of it’
miserable opening period.
Given that backdrop,
Bloomberg will do well to keep its 327,000 subscriptions
flat this year, says Douglas B Taylor of Burton-Taylor.
According to his estimates, the three functions of debt,
equity trading and investment banking accounted for just
under half of the $26.6bn financial-data market last year.
“If [Bloomberg] went through the year with one terminal positive, they’d probably say it’s not a bad year,” he
says. Then again, Bloomberg and Reuters have seen off
plenty of challengers in the past. Even if staff are under
orders to cut back, it can be tough to persuade a senior
trader to surrender his status symbol.
And sheer inertia can be a powerful force, says Mr Taylor. “Even when you see a better information service
launched, maybe at a lower price, you don’t see people
migrate because the cost of an error in transition can pay
for a thousand terminals for a year. One has to have a really
compelling argument to make that change.”
Besides, the dominant duo will do everything they can to
stay on top. Bloomberg, for example, has long insisted that
it never cuts prices: the first terminal will cost $25,000 a
year for a two-year lease, and every one after that another
$21,000. But market chatter suggests the firm has been
more willing to do deals.

A spokesperson for Bloomberg said the company does
not bundleservicesinexchange for terminal subscriptions.
However, a little flexibility could be smart. Hamza
Khan, head of commodities strategy at ING in Amsterdam,
is a customer of Money.net, a rival set up in 2014 by an exBloomberg executive. He says the browser-based tool can
do all that the terminals can, at about one-twentieth of the
cost. A trial involving dozens of people “was easy to justify
to upper management”, he says. “It’s all data from the
same exchanges; it’s just that the pipeline has changed.”
Morgan Downey, Money.net’s founder, argues that the
incumbents’ clunky hardware could soon go the way of the
Quotron. That machine, with its wobbly green text on a
tiny black screen, played a starring role in the 1987 movie
Wall Street. But a decade later it was almost extinct.
The moral of the story for any customer approaching a
cancellation notice on a terminal: if you’ve been looking to
cut a deal, now could be a good time to try.


Rise in negative-yielding
sovereign paper fuelled by
central bank stimulus
ERIC PLATT AND MAMTA BADKAR
NEW YORK

Negative-yielding government debt has
risen above $10tn for the first time,
enveloping an increasingly large part of
financial markets after being fuelled by
central bank stimulus and a voracious

investor appetite for sovereign paper.
The amount of sovereign debt trading
with a sub-zero yield climbed 5 per cent
in May from a month earlier to $10.4tn,
buoyed by rising bond prices in Italy,
Japan, Germany and France, according
to rating agency Fitch. Yields fall as the
price of the underlying bonds climbs.
The ascent of the negative yield first

affected only the shortest maturing
notes from highly rated sovereigns. It
now encompasses seven-year German
Bunds and 10-year Japanese government bonds as the European Central
Bank and Bank of Japan cut benchmark
interest rates and launch bond-buying
programmes.
On Wednesday the ECB left its main
deposit rate for bank reserves
unchanged at minus 0.4 per cent.
“Central bank actions are certainly a
part of it, but the global search for yield,
the desire to find high-quality securities, is [also] part of what is going on
here,” said Robert Grossman, an analyst
with Fitch.
Mr Grossman added that regulations
requiring banks to increase capital buffers were intensifying the flight into
these securities.
Portfolio managers, pension funds


and insurers have struggled with negative-yielding notes, which when held to
maturity will lose an investor money.
Fund managers have nonetheless dived
in, as central bank buying increases
prices on the debt.
German government debt, which on
average yields minus 0.1 per cent, has
returned 4.2 per cent since the beginning of the year mainly because of rising
prices, Barclays data show. Japanese
government debt, which yields minus
0.06 per cent, has returned 5.2 per cent
over the same period.
Japan and Italy fuelled the increase in
negative-yielding debt in May, with
three-year bonds issued by the latter
sliding below the zero mark.
Negative rates have not been confined
to the sovereign debt market. Corporate
bonds with a negative yield have
climbed to $380bn, according to

5%
Increase in May in
sovereign debt
trading with
a sub-zero yield

-0.4

%

European Central
Bank’s current main
deposit rate for
bank reserves

Tradeweb. “You have central banks
which have gone through the looking
glass and gone through . . . zero that
many people thought was unbreakable,” said Sameer Samana, a strategist
with Wells Fargo Investment Institute.
Mr Samana added that he was optimistic that recent stability in oil and the
fragile economic rebound in the developed world would cap the rise of negative-yielding bonds.
“Both [the ECB and BoJ] are telling
you there are limits to what they can do
in taking short-term rates into negative
territory. The spread [of negative rates]
further out on the curve is probably
behind us.”
Although sovereign bonds make up
most of those with negative yields, more
than $36bn of corporate bonds with a
short-term maturity trade with a subzero yield, according to Barclays data.

Analysis. Commodities

Saudi energy chief aims to calm Opec discord
Kingdom’s new minister tries
to unify a cartel struggling to
agree on oil output targets


Oil prices

$ per barrel

140
Brent
120

ANJLI RAVAL AND DAVID SHEPPARD

When Khalid al-Falih was brought in as
the Saudi health minister last year, the
technocrat was charged with rejuvenating the kingdom’s inefficient healthcare
sector, which had gone off course. Now,
in his role as energy minister, Mr Falih is
bringing his skills to Opec, a once
mighty organisation that had been written off as dead by many industry
observers.
At the Vienna meeting of ministers
this week, Mr Falih demonstrated why
he has the hard-won reputation for
being a safe pair of hands. Although
Opec did not agree on a new output target, he was able to harness the group’s
disparate members whose economies
have been battered by a two-year fall in
oil prices and present a unified front.
“Despite the lack of co-operation
between member countries and the
free-for-all output policy, Khalid al-Falih did his best to calm nerves,” said
Tamas Varga at London-based broker

PVM about Saudi Arabia’s first new oil
minister in more than 20 years.
His predecessor, the veteran Ali alNaimi, had the unenviable task of persuading Opec in 2014 not to cut production to bolster prices, in the face of growing supply from rival producers. Mr
Falih, in contrast, has to lead the group
as members endure the fallout of a protracted price slide that is deeper and
more drawn out than even the kingdom
had expected.
The message he brought was clear.
After 18 months of letting market
forces balance supply and demand,
Opec now needs to “steward” the trajectory of the recovery and reassert its relevance to the global oil industry. He later
told reporters the reintroduction of an
output cap for the group was “premature”. But it was Saudi Arabia that raised
the prospect in the first instance,
according to Gulf delegates.
The remarks from the softly-spoken
but assured 56-year-old were a fillip to
Opec’s economically weaker members
as well as the broader oil industry. Mr
Falih said while market forces have
eased the global oil glut, the group
should now “encourage the rebalancing”. Although it is limited in what it can
do, analysts say, it suggests Saudi Arabia
has not entirely abandoned its role as
the market’s guiding hand.

100
80
WTI


60
40

2011 12

13

14

20
15 16

Crude production

Million barrels per day

80

60
Non Opec
40

Opec
201011

12

13

14


15 16

20

Sources: Thomson Reuters Datastream; Bloomberg

Saudi Arabia’s
new energy
minister Khalid
al-Falih has
made it clear
that the
kingdom is not
about to flood
the market
Remy Steinegger

The kingdom is not immune to economic pressures and limiting sharp
price swings is of utmost importance.
Just as heightened inventory levels are a
concern for Mr Falih, so is a future spike
in prices should investment cutbacks by
companies lead to a supply shortage.
In Vienna, Mr Falih had to repair the
image of the kingdom after the collapse
of talks in Doha for a production freeze,
following demands from Saudi Arabia
that arch rival Iran be part of any deal.
Opec, too, looked ineffective.

“He had to come here and improve
the tone inside Opec in the wake of
Doha,” said Bob McNally, a former
White House adviser and consultant at
Rapidan Group. “He succeeded and
Opec is on a better footing.”
The new minister had to play the diplomat and show the kingdom was still
engaged with Opec. Mr Falih met Opec
secretary-general Abdalla El Badri and
then other ministers, to eliminate the
discord and co-ordinate a message.

During the meeting, Mr Falih proposed a new output ceiling, but gave no
number, said one Gulf delegate. Iran had
argued that without quotas a target was
pointless, while Venezuela urged an “oil
supply range” for individual countries.
The minister showed co-operation
and flexibility, according to one Gulf
delegate. “The situation is different
under the new minister . . . he had to
make clear that it is not about just leaving it to the market. It needs gentle support,” he added.
Rather than focus on the failure to
agree, Mr Falih drew attention to the
ongoing market recovery. He also reassured Opec’s peers that the kingdom
would not flood the market, easing fears
Saudi Arabia aimed to increase its output further. This gave even Iran’s minister Bijan Zanganeh reason to claim he
was largely happy with the outcome of
the meeting.
Even if the newfound unity is just

superficial, it is significant. Gary Ross,

executive chairman at New York-based
consultancy PIRA Energy, said Saudi
Arabia was delivering an important
message: “Its behaviour will be responsible and if anything, constructive
towards oil prices.”
Just as price still matters for Saudi
Arabia, Mr Falih said Opec’s role was
also vital. “Managing in the traditional
way we have tried in the past may never
come again,” said Mr Falih, referring to
price targets and other tactics Opec has
used to manage the market. But action
in response to short-term shifts in
dynamics is still on the cards.
“Saudi oil policy will adapt depending
on what it can get from the market,” said
Bassam Fattouh, who heads the Oxford
Institute for Energy Studies. “But the
minister has dispelled many notions:
that Opec doesn’t matter to Saudi, they
don’t care about price, that they are
going to flood the market.”
“Opec is not a ship without any captain,” he said.

Capital markets

Capital markets


Soft job data send Treasury yields tumbling

Corporate bond flows slow on fears over rally

ADAM SAMSON

A gloomy report on the American
labour market sent the policy-sensitive
US two-year Treasury note tumbling at
its fastest rate since September, when
the Federal Reserve pulled back from
raising interest rates.
The yield, which moves in the opposite
direction to the bond’s price, fell as
much as 12.3 basis points to 0.76 per
cent, the biggest fall since September 17.
The decline in the benchmark yield
reflected interest rate futures assigning
lower odds of a rate rise by the end of
July. Expectations for tighter policy next
month eased to about one-third, having
climbed to half recently on the back of
strong signals from policymakers.
“The Fed rhetoric, which pushed hard
to convince the market that they will
move in the coming few meetings, just

hit a wall,” said Marvin Loh, global markets strategist at BNY Mellon. “While
the Fed has generally stated that no one
number decides monetary policy, we

think that the across-the-board weakness will require a reassessment of this
recently hawkish rhetoric.”
Sharply lower bond yields helped spur
a dramatic slide in the US dollar. The
benchmark DXY dollar index fell 1.5 per
cent yesterday, its biggest one-day drop
in six months. The decline retraces
much of the index’s recent gains and
leaves it down 4.6 percent thisyear.
Concerns that the broader economy
had slipped into a lower gear was compounded by a report showing growth in
the US services sector in May had eased
to its slowest pace since February 2014.
Paul Ashworth, chief US economist at
Capital Economics, said a June rate rise
looked “very unlikely” and would rely

on clear proof of an improvement in
June, as well as other factors including
the UK voting to remain in the EU.
Longer-dated Treasury yields also fell,
with the 10-year note yielding 1.71 per
cent, down from 1.85 per cent earlier this
week. Disappointing US jobs data also
ignited firmer prices for eurozone and
UKbonds.
Germany’s five-year government
yield fell to a record low of minus 0.403
per cent. Technically, the paper is no
longer eligible for the European Central

Bank’s quantitative easing programme,
which limits sovereign bond purchases
to debt that yields nothing below its
main deposit rate of minus 0.4 per cent.
The UK’s two-year Gilt yield fell to
0.31 per cent, its lowest level since February when global markets were rocked
by heightened volatility in commodities
and equities.

ERIC PLATT — NEW YORK

The pace of flows into high-grade corporate bond funds slowed in the past
week as investors worried that a recent
rally had run out of steam before a
series of big economic and political
events.
Investment-grade bond funds recorded
$1.5bn of fresh capital in the week to
June 1, the smallest weekly addition
since the end of March and about a fifth
below the previous week’s take, data
from EPFR and Wells Fargo showed on
Thursday. The funds have collected
roughly $54bn since the beginning of
the year.
Investors added a further $1bn to US
money market accounts, often seen as a
proxy for cash. That lifted the haul for
the asset class over the past five weeks to
nearly $25bn.


Fund managers have said they are
uncomfortable with the rapid rally in
bond prices since a sell-off in January
and February, which was sparked by the
drop in commodity prices and fears of a
slowdown in China.
Despite the stabilisation in oil, a
weakening renminbi, coupled with a
looming vote on UK membership of the
EU days after a Federal Reserve meeting, has put the market on edge.
The US payrolls report yesterday and
a speech from Fed chair Janet Yellen
early next week have also damped activity, as investors wait for a clearer snapshot of US economic activity and insight
into how the central bank may act.
“We see the upside as limited. You
want to focus on protecting capital,” said
Todd Lowenstein, a portfolio manager
with HighMark Capital Management.
“We think stability and safety are over-

valued. It’s getting more difficult to find
bargains.”
Investment-grade debt has returned
5.4 per cent since the beginning of the
year, outpacing US indices and the asset
class’s own performance last year, states
BankofAmericaMerrillLynch.
Demand has nonetheless remained
positive for corporate bonds, which

have benefited from sliding sovereign
debt yields in Europe and Asia.
Funds invested in European investment-grade debt saw an acceleration of
investor interest over the past week,
with $550m of inflows. Investors added
$128m to emerging market credit funds.
Pressure on US equity funds also
eased, with portfolio managers counting
their first fresh capital since late April.
Investors added roughly $1.7bn to the
asset class, which has suffered $58bn of
redemptions since the year began.


14

★

FTWeekend

4 June/5 June 2016

MARKETS & INVESTING
Global overview

Securitisation

Warning shot fired
over US car loans
“Auto is clearly a little stretched in my

opinion,” Jamie Dimon, chief executive
of JPMorgan, told a conference in New
York on Thursday. “Someone is going
to get hurt. It won’t be us, we have very
little subprime, we are very careful.”
Competition among auto lenders
looking to give credit to lower-quality
borrowers has resulted in continued
easing of lending quality, according to
Fitch Ratings. This has fuelled fears
about the sector, which this year hit its
highest delinquency rate since 1996 for
loans overdue by more than 60 days.
The auto loan market passed the
$1tn mark in 2015 and now stands at
about $1.05tn, up from $750bn in 2011,
according to data from the US Federal
Reserve. Subprime auto loans are the
fastest-growing part of the market,
according to credit reporting agency
Experian, and account for 18.79 per
cent of outstanding loans and leases.
Mr Dimon’s warning comes at a
delicate moment for the US economy,
with the Federal Reserve grappling
over whether to raise interest rates.
Despite growth in recent years, the
size of the auto loan market is much
smaller than mortgages were in the
build-up to the financial crisis, easing

fears that it could pose a systemic risk.
“If the subprime gets bad in auto and
someone gets hurt . . . [its size is] not
that big of a deal,” Mr Dimon added.
JPMorgan said in its 2015 annual
report that it was the third-largest bank
auto lender. It had $60bn in auto loan
assets, with a 30-plus day delinquency
rate of 1.35 per cent. Fitch’s 30-plus day
delinquency rate for lenders it covers
was 3.82 per cent at the end of 2015.
Much of the auto loan market is
securitised, meaning a group of loans
is bundled up together into a bond and
sold to investors. There were $107.5bn
of outstanding auto asset-backed
securities at the end of the first
quarter, says the Securities Industry
and Financial Markets Association —
$39.6bn of that was subprime, up from
$13bn at the start of 2010.
Joe Rennison

Markets update

Weak US jobs data dominate as
dollar and Treasury yields drop

S&P 500 index
Change on week


2100
2080
2060
May

Crude surpasses $50,
but non-farm payrolls
fall short of forecasts,
knocking expectations
of summer Fed rate rise
DAVE SHELLOCK

The dollar and stocks sank, while Treasury prices and gold rose after a strikingly weak US jobs report prompted
participants to rapidly review their
expectations for the timing of the next
Federal Reserve interest rate rise.
A further blow to those expecting a
Fed policy shift over the summer came
from an unexpected dip in a closely
watched gauge of US service sector
activity.
The data releases capped a week of
important “risk events” for markets —
including European Central Bank and
Opec meetings on Thursday — and
added to nerves ahead of a speech from
Fed chair Janet Yellen on Monday.
Non-farm payrolls rose by a meagre
38,000 last month, well short of the consensus forecast of 160,000 — even after

taking into account the impact of striking workers at Verizon — and the smallest increase since September 2010.
Furthermore, the previous two
months’ readings were revised down by
a net 59,000, while a drop in the jobless
rate to 4.7 per cent from 5 per cent was
driven by a big fall in the labour force.
“We see this report as taking a June
rate hike off the table and likely does the
same for July since Federal Open Market Committee members will probably
want to see at least two months of evidence that hiring has rebounded before
moving to another rate hike,” said
Michael Gapen, economist at Barclays.
“The May employment report also
poses risks to our baseline outlook for a
September rate hike and increases the
likelihood that any subsequent move by

Reuters/Leonhard Foeger

Cautious ECB keeps rates on hold: FT.com/video
The FT’s Claire Jones explains that the ECB’s Mario Draghi is
still cautious, despite strong eurozone growth earlier this year
the Fed to raise rates may not happen
until December.”
The dollar took a heavy hit as Fed
funds futures moved to reduce the probability of a June rate rise to just 4 per
cent, from about 22 per cent before the
data were released, according to
Bloomberg calculations.
The dollar index — a gauge of the US

currency against a weighted basket of its
peers — was down 1.5 per cent on the
day at 94.15, after hitting a two-month
intraday high of 95.97 on Monday.
The euro was up 1.6 per cent at $1.330,
while the dollar was down 2 per cent
against the yen at a one-month low of
¥106.70.
“Data like this are obviously going to

take all the steam out of the dollar’s
rally,”saidDeutscheBank’sAlanRuskin.
“The data are more mixed for emerging market and commodity currencies
that are dependent on global growth,
but the market is likely to take a view
that the a reduced probability of a Fed
rate hike just about outweighs growth
concerns.”
The dollar was down 1.6 per cent
against the Russian rouble, while the
Australian dollar climbed 1.5 per cent.
Meanwhile, the yield on the two-year
US Treasury, which is particularly sensitive to the outlook for Fed policy, was
down 11 basis points at 0.78 per cent, the
lowest for nearly three weeks.
“Core” sovereign debt yields across

the Atlantic also fell sharply, with the
German five-year briefly slipping below
the ECB’s deposit rate of minus 0.40 per

cent — technically making it ineligible
for its quantitative easing programme.
But Lena Komileva at G+ Economics
argued that the US jobs report was more
likely to have been an aberration, rather
than a trend change.
“Despite the adverse strike and
weather effects, aggregate hours
worked rose 1.1 per cent annualised in
the three months to May,” she noted.
“This confirms all other evidence
pointing to a recovery in second-quarter
GDP growth, with no sign of easing in
labour cost pressures. This means that
market pessimism on the prospects for
US growth and Fed rates this year is possibly an overreaction.”
However, there was further bad news
for US growth bulls as the Institute for
Supply Management’s non-manufacturing index for May came in its lowest
level since February 2014.
Nevertheless, US stocks pared initial
losses, possibly as some in the equity
markets welcomed the prospects of Fed
rates being “lower for longer”.
The S&P 500 equity index was down
0.4 per cent at midday at 2,097 — off a
low of 2,085.36 — after closing at a seven-month high on Thursday. The panEuropean Stoxx 600 fell 0.9 per cent,
not helped by the surging euro.
The single currency slipped on Thursday after “the ECB press conference saw
president Mario Draghi maintain his

usual very dovish tone”, according to Kit
Juckes at Société Générale.
The failure of Opec to agree output
caps at its meeting on Thursday could
not keep Brent oil from closing above
$50 a barrel for the first time since
November, although on Friday the
crude benchmark was down 0.7 per cent
at $49.70.
The dollar’s weakness helped gold
rally $28 to $1,239 and copper rise 1.7
per cent in London to $4,688 a tonne.

S&P 500 industry groups

Tesco and J Sainsbury slumped
yesterday after investors were given the
clearest signal yet that Asda is planning
to launch a supermarket price war.
David Cheesewright, chief executive
of Asda’s parent company Walmart
International, said the company is
“very disappointed” at its UK division’s
weak performance against revitalised
competition.

US equities Financials led the way
lower on Wall Street yesterday as weak
jobs data heightened doubts about
whether the Federal Reserve would

raise interest rates this summer

FTSE 100 index
Change on week

0.98%

6300
6200
6100
6000

May

2016

Jun

UK equities Gains for mining stocks
helped the FTSE 100 outperform most
of its continental European peers
yesterday as metals prices got a boost
from hefty losses for the dollar

Eurofirst 300 index
Change on week

May

2.93%


2016

1380
1360
1340
1320
1300
Jun

European equities Uncertainty about
the outlook for the US economy
helped drive the Eurofirst 300 lower
yesterday as a run of three weekly
gains for the index came to a halt

Nikkei 225 index
(’000) Change on week

1.14%

17.5
17.0
16.5
16.0

May

2016


Jun

Japanese equities The Nikkei’s 0.5 per
cent rise yesterday, helped by a 6.9 per
cent jump for Fast Retailing, could not
keep it from recording a weekly fall

Worse than expected USjobsdata
jolted the wider market as investors
switched from financials to precious
metals, miners and dividend yield
plays such as National Grid, up 2 per
cent to 979p.
The FTSE 100 pared a 1.1 per cent
gain to end 0.4 per cent higher, up 24.02
points at 6,209.63. For the shortened
week, the FTSE was down 1 per cent.
Indivior soared 36.2 per cent to 235.1p
after the drugmaker won a patent trial
that could keep generic versions of its
Suboxone film for treating heroin
addiction off the US market until 2024.
While generic drugmakers Actavis
and Par are expected to appeal against
the verdict, Indivior will now have at
least another year to launch its
successor treatment, a monthly
injection, said Deutsche Bank.
Dechra Pharmaceuticals, the
veterinary medicines maker, was down

3.7 per cent to £11.34 after Jefferies
restarted coverage with “hold” advice.
Dechra’s purchase of US peer Putney
makes sense but the shares, priced at
nearly 25 times next year’s underlying
earnings, are “priced to execute”, it said.
Soap maker PZ Cussons faded 2.8 per
cent to 331p after Canaccord advised
taking profit.

Jun 2016

Day's
Indices
S & P 500

Close

change

2097.64

-7.62

DJ Industrials

17807.30

-31.26


Nasdaq Comp

4939.96

-31.41

Russell 2000

1204.70

-8.35

13.63

-

US 10 yr Treas Bd

1.71

-0.10

US 2 yr Treas Bd

0.78

-0.12

Mamta Badkar


Bryce Elder

2040

“With the US business recovering,
you can expect that we will shift the
balance from protecting profit to
protecting share,” he told reporters at
Walmart’s annual investor meeting.
This comments mark “a key
development for the UK grocery
market,” said Goldman Sachs.
“Thisisthefirsttimetoourknowledge
that Walmart has publicly stated that
Asda was instructed to protect profits.
Even more important, it is the first time
it has stated this will change.”
Sainsbury was down 4.2 per cent to
246.2p and Tesco lost 4.4 per cent to
162p, while Ocado — which price
matches Tesco on branded products —
faded 5 per cent to 263.6p.
Asda has lost more market share than
its rivals over the past two years yet is
still generating the highest operating
margin, which gives it the capacity to
invest heavily in prices to the detriment
of the other big-four grocers, Goldman
said. It advised selling Sainsbury’s ahead
of a trading update next week.

Home Retail Group, soon to be bought
by Sainsbury’s, fell 1.9 per cent to 159.2p
ahead of a trading update scheduled for
Thursday. Stifel cut its current-year
earnings forecast for the Argos owner by
more than half to reflect muted trading.

2

102
Utilities 100
98
96
3

Source: Bloomberg

VIX

London
Asda signals launch of
supermarket price war
to protect market share

Jun

expectations of a rate rise this summer,
with interest rate futures showing odds
of a shift in July at one-third, soured
bank shares. Lower interest rates press

margins for banks as they generate
profits on the difference in the rates
they charge for loans and what they pay
for deposits.
By contrast, rate-sensitive utilities
rallied as Treasury bond yields fell
sharply. The S&P 500 utilities index rose
1.8 per cent — on track for its biggest
one-day gain since January. Sempra
Energy led the index with a 2.6 per cent
gain pushing its shares to $109.46.
Dividend paying utilities typically
benefit in a low rate environment as
investors flock to the sector in search of

Banks

Bank stocks fell and utilities rallied
yesterday after the May employment
report showed the slowest pace of US job
growth since 2010.
The S&P 500 banks index of 17
lenders fell as much as 3.9 per cent and
was down 2.4 per cent at midday. The
index was poised for its biggest one-day
drop since early April as the jobs data
cast doubt over the timing of the next
interest rate rise by the Federal Reserve.
Citigroup shares led declines across
the sector, falling 5 per cent to $44.55.

Meanwhile, Bank of America shares
were 4.6 per cent lower at $14.26,
JPMorgan shares slid 3 per cent to
$63.78 and Wells Fargo shares slipped
2.7 per cent to $49.74. Lower

2016

income. “We have been in this
oscillating environment for seemingly
years now,” said Peter Stournaras,
portfolio manager of the BlackRock
Large Cap Series Funds, noting good
news and expectations of a rate rise hurt
utilities and a dose of bad news tends to
drive a reversal. “Asset prices are at the
will of monetary policy right now,” he
added.
But some warned investors were
letting monetary policy cloud other
factors that could sway the fortunes of
these sectors. “Transaction activity has
picked up in profitable areas like high
yield and there are indications of a
backlog in refinance activity at some
institutions,” said Peter Tchir at Brean
Capital. “Those would be positive for
bank earnings and outweigh current
interest rate concerns.”
The disappointing jobs report

sparked a modest retreat across the
broad market. By midday, the S&P 500
had dropped 0.4 per cent to 2,097.45, the
Dow Jones Industrial Average was 0.2
per cent lower to 17,802.92. The Nasdaq
Composite fell 0.6 per cent to 4,941.45 as
technology shares faltered.
Elsewhere, Gap shares advanced 4
per cent to $19.11, after the apparel
retailer reported better than expected
like-for-like sales in May. Sales slid 6 per
cent in May, which was narrower than
the 8 per cent fall that analysts were
expecting. The group said comparisons
were made harder by the timing of the
Memorial day holiday shifting to June.

Rebased

Wall Street
Citigroup leads declines
across banking sector
as report fails to cheer

0.20%


4 June/5 June 2016

★


FTWeekend

15


16

FTWeekend

4 June/5 June 2016

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500

Nasdaq Composite

-0.36%

Dow Jones Ind

-0.63%

FTSE 100


-0.18%

FTSE Eurofirst 300

Nikkei

-0.85%

0.39%

Hang Seng

0.48%

FTSE All World $

0.42%

$ per €

0.38%

$ per £

1.523%

Index

All World


New York

Index

May 04 - Jun 03
S&P/TSX COMP

All World

Toronto

All World

London

Year -0.72%

Day 0.43%

New York

IPC

Nasdaq Composite

Month 3.58%

Year -6.31%

Month 2.45%


Year -2.77%

Dow Jones Industrial

17,807.30

Day -0.18%
Country

Month -0.56%
Latest

FTSE Eurofirst 300

Month 0.22%

Year 2.27%

Bovespa

Day 0.89%

Day -0.85%

São Paulo

Month 1.49%

Year -14.78%


CAC 40

Index

Year -5.96%
Latest

Previous

4,421.78
4,319.46

Day's
change
-0.18
0.45
-0.59
-0.01
-5.03
-1.81
-0.47
9.42
-1.39
-1.11

BIGGEST MOVERS

Close
price


Day's
change

Day's
chng%

34.98
164.33
19.15
26.50
10.99

2.63
9.42
0.82
0.85
0.33

8.13
6.08
4.47
3.31
3.05

Ups
Indivior
Acacia Mining
Centamin
Glencore

Anglo American

29.15
26.69
88.33
14.35
45.16

-1.69
-1.44
-3.90
-0.59
-1.81

-5.48
-5.12
-4.23
-3.95
-3.85

Downs
Interserve
Ocado
Sainsbury (j)
Dechra Pharmaceuticals
Sophos

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

-0.17%


16,642.23

16,147.38
Day 0.48%

Madrid

Month 3.06%

All World

Seoul
1,985.84

1,976.71

Year -18.99%

Hang Seng

Index

May 04 - Jun 03
Kospi

Day 0.04%

Hong Kong


Month 0.39%

Year -4.46%

FTSE Straits Times

Singapore

Month -2.44%

Year -21.91%

FTSE MIB

Day -0.99%

Month -0.47%

Country

Index

Year -11.64%

2,767.81

Day 0.42%

Milan


Month -0.57%

Year -23.74%

Shanghai Composite

Country

Month -2.63%
Index

Philippines
Poland
Portugal

Latest

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

Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland

Year -25.90%
Previous

7514.22
45505.40
4775.20
2467.09
6544.99

1884.37
898.62
6488.79
2809.23
318.96
692.77
54259.36
31464.99
48083.54
1985.84
244.39
8801.60
6519.23
1340.86
479.38
8148.40

Day 0.51%

Shanghai

2,997.84

17,923.90
Day -1.53%

2,809.23

20,449.82


Month -1.03%

Year -15.91%

BSE Sensex

Mumbai

26,843.03

2,938.68
25,262.21

Day 0.47%
Country

7464.59
44772.72
4850.00
2492.85
6574.40
1890.78
885.93
6457.95
2795.09
318.96
690.99
53716.91
30658.63
47677.99

1985.11
244.18
8957.90
6523.84
1359.14
485.01
8205.82

Taiwan
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month 0.01%

Year -40.16%

Index

Latest

Weighted Pr
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
S&P 500
Wilshire 5000
IBC
VNI

Day 0.00%

Previous

8587.36
1436.43
78028.90
4254.76
2819.60
6209.63
5611.51
3416.10

3843.55
6258.55
17807.30
7722.45
673.08
4509.99
4939.96
10474.98
2097.64
21224.32
15521.19
621.88

Country

8556.02
1424.06
78035.63
4284.92
2822.80
6185.61
5599.71
3406.05
3843.00
6254.11
17838.56
7763.08
661.53
4531.35
4971.36

10487.58
2105.26
21238.05
15555.12
623.37

Month 5.53%
Index

Cross-Border

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)

Year -1.27%
Latest

Previous

235.94
2997.00
872.61
5305.22
266.92
1339.47
2628.94
1310.27
1523.04
2388.20
1500.45
473.66
3757.96
4079.64
402.49
1673.77
1351.38
2217.81
1365.03
1375.86
1855.75

2850.29

236.01
3033.86
880.09
5299.41
265.92
1350.99
2652.55
1308.89
1518.25
2378.00
1499.23
471.97
3791.32
4125.85
402.18
1672.86
1351.67
2243.38
1379.63
1387.10
1850.40
2877.49

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS


close
price
46.02
98.17
14.35
89.95
723.21
45.16
118.46
164.33
64.42
50.01

Downs
The Charles Schwab
E*trade Fin
Signet Jewelers
Bank Of America
Citigroup

All World

Tokyo

17,495.09

Cyprus
Czech Republic
Denmark
Egypt

Estonia
Finland
France

stock
traded m's
Baxalta orporated
93.4
Apple
13.5
Bank Of America
13.0
Hospira
11.8
Amazon.com
11.2
Citigroup
10.2
Facebook
8.9
Broadcom
8.5
J P Morgan Chase & Co
7.3
Wells Fargo &
7.3

Ups
Newmont Mining
Broadcom

Gap
Mosaic (the)
Freeport-mcmoran

Index

May 04 - Jun 03
Nikkei 225

8,801.60

Day -1.74%

STOCK MARKET: BIGGEST MOVERS
AMERICA
ACTIVE STOCKS

Year NaN%

Ibex 35

Paris

19531.65
32108.51
17767.30
4361.88
16562.55
1084.63
1331.81

2118.44
3860.94
5400.33
636.63
513.97
1488.90
1630.53
45508.31
9757.92
447.59
687.51
7003.12
28877.47
665.18
37223.00

12717.90
5354.20
5278.90
2618.50
2231.54
3512.48
6046.36
49887.24
825.94
14136.99
509.91
19324.55
8107.14
9417.10

3061.37
350.14
2924.84
1992.66
1078.24
1301.18
1712.03

Country

Month -3.69%

Month -1.78%

8,689.40

52,552.80
50,330.75

Day -1.03%

1,339.47
1,306.87

Day 0.51%

-0.08%

20,947.24


FTSE Italia All-Share
19253.88
CSE M&P Gen
69.32
69.44
Italy
FTSE Italia Mid Cap
31891.25
PX
879.51
888.41
OMXC Copenahgen 20
989.52
996.35
FTSE MIB
17495.09
EGX 30
7572.39
7572.39
Japan
2nd Section
4385.89
OMX Tallinn
1006.24
995.34
Nikkei 225
16642.23
Austria
OMX Helsinki General
7979.44

8001.14
S&P Topix 150
1088.46
Belgium
CAC 40
4421.78
4466.00
Topix
1337.23
SBF 120
3505.71
3539.00
Jordan
Amman SE
2119.14
Brazil
Germany
M-DAX
20525.71
20703.34
Kenya
NSE 20
3827.80
Canada
TecDAX
1688.37
1698.00
Kuwait
KSX Market Index
5374.47

XETRA Dax
10103.26
10208.00
Latvia
OMX Riga
646.77
Chile
Greece
Athens Gen
648.63
639.19
Lithuania
OMX Vilnius
515.13
China
FTSE/ASE 20
179.04
176.07
Luxembourg
LuxX
1492.20
Hong Kong
Hang Seng
20947.24
20859.22
Malaysia
FTSE Bursa KLCI
1636.46
HS China Enterprise
8809.81

8756.38
Mexico
IPC
45739.34
HSCC Red Chip
3640.20
3614.52
Morocco
MASI
9783.23
Hungary
Bux
27134.17
27208.42
Netherlands
AEX
445.31
India
BSE Sensex
26843.03
26843.14
AEX All Share
684.24
S&P CNX 500
6627.95
6634.30
New Zealand
NZX 50
7024.38
Colombia

Indonesia
Jakarta Comp
4853.92
4833.23
Nigeria
SE All Share
28902.25
Croatia
Ireland
ISEQ Overall
6402.55
6435.54
Norway
Oslo All Share
663.11
Israel
Tel Aviv 100
12.52
12.55
Pakistan
KSE 100
37223.00
(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.
12806.71
5392.50
5318.90
2650.90
2215.77
3490.55
6064.54

50330.75
829.16
14198.18
536.82
19405.61
8164.20
9464.60
3075.87
351.34
2938.68
2003.17
1088.23
1303.00
1711.32

Frankfurt
10,103.26

Europe

Previous

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

Previous

Year -10.70%

Latest

Argentina
Australia

Index

Year -1.23%

Month 0.34%

45,739.34


New York

17,651.26

Day 0.39%

Mexico City

45,147.97

Day -0.63%

All World

9,828.25

4,939.96
4,725.64

Index

May 04 - Jun 03
Xetra Dax

6,185.61

13,632.00
Month 0.96%


Gold $

ASIA
Index

May 04 - Jun 03
FTSE 100
6,185.59

2,065.30

Oil Brent $ Sep

1.035%

14,198.18

2,097.64

Day -0.36%

£ per €

-1.667%

0.484%

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

May 04 - Jun 03
S&P 500

¥ per $

stock
traded m's
Shire
225.4
Hsbc Holdings
143.5
Bp
124.5
Glaxosmithkline
111.8
Glencore
96.8
Rio Tinto
94.8
Royal Dutch Shell
90.3
British American Tobacco
87.0
Bhp Billiton
83.1
Vodafone
81.9

close
price

4407.00
444.80
358.55
1459.00
135.65
1895.00
1676.00
4206.00
833.60
228.40

Day's
change
-43.82
1.57
8.38
11.14
6.11
29.29
22.45
50.93
25.51
-0.41

BIGGEST MOVERS

Close
price

Day's

change

Day's
chng%

235.10
329.80
106.40
135.65
617.90

62.50
22.80
6.80
6.11
27.68

36.21
7.42
6.83
4.75
4.71

319.20
263.60
246.20
1134.00
192.10

-16.60

-13.54
-10.70
-44.00
-6.85

-4.94
-4.88
-4.17
-3.74
-3.46

Based on the constituents of the FTSE 350 index

EURO MARKETS
ACTIVE STOCKS

TOKYO
ACTIVE STOCKS

stock
traded m's
471.0
310.8
309.9
296.7
282.2
277.6
272.5
245.5
236.6

232.6

close
price
88.14
71.89
234.43
60.61
4.05
66.25
2.77
46.32
2.25
42.30

Day's
change
0.00
0.00
0.00
0.00
-0.15
0.00
0.00
-1.19
0.00
-0.04

stock
close

traded m's
price
Toyota Motor
570.7 5675.00
Fast Retailing Co.,
424.8 30120.00
Softbank .
296.3 6020.00
Mitsubishi Ufj Fin,.
279.0
531.20
Sony
215.3 3072.00
Toshiba
203.6
271.60
Sumitomo Mitsui Fin,.
188.7 3411.00
Kddi
166.9 3150.00
Honda Motor Co.,
154.6 2962.50
Fuji Heavy Industries
143.5 3949.00

Day's
change

Day's
chng%


BIGGEST MOVERS

Ups
Accor
Deutsche Wohnen Ag
Rwe Ag
Pandora A/s
Delhaize Sa

Close
price
40.45
28.23
8.83
130.53
94.30

2.55
1.12
0.24
3.02
1.88

6.73
4.15
2.81
2.37
2.03


Downs
Grifols Sa
Bayerische Motoren Werke Ag
B.popular
Publicise Sa
Industrivarden Ab

14.99
64.40
1.57
62.04
16.14

-14.40
-4.15
-0.10
-3.59
-0.82

-48.99
-6.05
-5.81
-5.47
-4.81

Bayer Ag Na
Novartis N
Roche Gs
Daimler Ag Na O.n.
Santander

Nestle N
Unicredit
Bnp Paribas Act.a
Intesa Sanpaolo
Total
BIGGEST MOVERS

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups
Fast Retailing Co.,
Maruha Nichiro
Nippon Suisan Kaisha,
Komatsu
Toho Z Co.,
Downs
Yokogawa Electric
J.front Retailing Co.,
Tokyo Gas Co.,
Fujitsu
Alps Electric Co.,

Day's
change
6.00
1940.00
-21.00
4.00
49.00
-4.80

10.00
21.00
11.50
-37.00

Close
price

Day's
change

Day's
chng%

30120.00
2780.00
646.00
1885.00
351.00

1940.00
121.00
27.00
63.50
11.00

6.88
4.55
4.36
3.49

3.24

1158.00
1232.00
418.60
418.00
2143.00

-67.00
-52.00
-17.50
-14.70
-67.00

-5.47
-4.05
-4.01
-3.40
-3.03

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Fresnillo
Randgold Resources Ld
Worldpay
Sage
Shire
Mediclinic Int

Johnson Matthey
Gkn
Merlin Entertainments
Paddy Power Betfair
Bae Systems
Unilever

Jun 03
price(p)

%Chg
week

%Chg
ytd

1123.00
6250.00
280.00
622.50
4407.00
889.00
2942.00
278.70
434.50
9400.00
490.90
3199.00

7.1

6.3
2.8
2.8
2.7
2.1
2.0
1.9
1.9
1.9
1.6
1.5

Losers
Sainsbury (j)
Wolseley
Marks And Spencer
Taylor Wimpey
Royal Bank Of Scotland
Prudential
Standard Life
Inmarsat
Bt
Sky
Barclays
Rio Tinto

246.20
3746.00
356.60
190.50

237.20
1330.00
327.20
715.00
431.85
938.50
179.65
1895.00

-8.6
-8.4
-8.2
-7.5
-5.6
-4.7
-4.5
-4.5
-4.0
-3.6
-3.5
-3.5

Jun 03
price(p)

%Chg
week

%Chg
ytd


53.8
47.2
-8.9
2.9
-6.2
4.5
-9.6
-5.4
1.7
-1.8
9.3

FTSE 250
Winners
Indivior
Centamin
Supergroup
Acacia Mining
Allied Minds
Hikma Pharmaceuticals
Softcat
Dairy Crest
Ao World
Worldwide Healthcare Trust
Fidelity China Special Situations
Ip

235.10
106.40

1496.00
329.80
352.60
2331.00
360.50
574.00
175.00
1827.00
137.10
167.40

36.7
11.4
7.0
6.5
5.5
4.8
4.0
3.6
2.9
2.9
2.8
2.6

25.2
65.2
-9.5
83.3
-11.9
1.3

6.0
-15.6
12.1
-6.6
-3.5
-18.3

FTSE SmallCap
Winners
Dialight
Game Digital
Hochschild Mining
Sthree
Puretech Health
Cambian
Topps Tiles
Tt Electronics
Rps
Exillon Energy
Jpmorgan Chinese Investment Trust
Lavendon

-4.9
1.4
-21.6
-6.2
-21.4
-13.2
-16.0
-37.1

-8.0
-15.7
-18.0
-4.3

Losers
Cobham
Sophos
Halfords
Investec
Thomas Cook
Virgin Money Holdings (uk)
Moneysupermarket.com
Brown (n)
Millennium & Copthorne Hotels
Marshalls
Drax
Galliford Try

139.00
192.10
408.30
454.70
71.50
354.20
309.70
237.10
417.80
312.90
295.30

1328.00

-15.5
-12.5
-9.1
-6.7
-6.6
-6.3
-6.3
-5.9
-5.6
-5.5
-5.4
-5.4

-50.9
-27.2
21.7
-5.2
-41.0
-7.0
-15.8
-23.3
-9.8
-4.2
20.9
-12.9

Losers
Sportech

Mckay Securities
Nanoco
Fisher (james) & Sons
Kainos
Servelec
Rm
Hilton Food
Lakehouse
Ferrexpo
Severfield
Premier Farnell

Jun 03
price(p)

%Chg
week

%Chg
ytd

580.00
93.25
151.00
350.00
128.75
65.25
148.50
133.00
193.00

77.50
160.00
132.50

11.5
11.0
8.8
8.8
7.3
7.0
6.5
6.4
5.1
5.1
4.7
4.7

28.9
-22.9
212.9
7.4
-21.0
-53.3
-6.0
-15.0
-18.7
-27.6
-4.6
-9.9


Jun 03
Industry Sectors
price(p)
Winners
Automobiles & Parts
6516.19
Software & Computer Services 1709.04
Pharmaceuticals & Biotech.
12599.41
Personal Goods
27425.65
Health Care Equip.& Services 7251.56
Electronic & Electrical Equip.
4341.03
Chemicals
10917.21
Technology Hardware & Equip. 1216.64
Food Producers
8264.38
General Industrials
4666.00
Aerospace & Defense
4005.18
Nonlife Insurance
2551.35

74.00
215.00
43.00
1328.00

181.75
360.00
130.00
560.00
34.13
31.00
47.00
114.50

-8.9
-8.7
-8.4
-7.6
-7.6
-6.5
-6.1
-6.1
-5.0
-4.6
-4.6
-4.4

21.0
-18.6
-28.7
13.7
-29.5
8.0
-21.2
5.1

-64.2
44.2
-27.5
17.1

Losers
Industrial Metals
1099.12
Fixed Line Telecommunication 4918.18
Food & Drug Retailers
2640.56
Life Insurance
6883.27
General Retailers
2726.05
Forestry & Paper
14282.82
Gas Water & Multiutilities
6041.97
Banks
3302.40
General Financial
8813.04
Oil Equipment & Services
12773.75
Real Estate Investment Trusts 3133.69
Mobile Telecommunications
5113.80

%Chg

week

%Chg
ytd

2.0
1.2
0.9
0.9
0.6
0.5
0.5
0.4
0.3
0.2
0.2
0.1

-9.6
3.3
-2.5
6.1
-0.1
2.5
1.3
-4.8
-6.7
6.1
-3.4
3.6


-4.7
-4.3
-3.8
-3.6
-3.0
-2.4
-2.4
-2.3
-2.3
-2.3
-1.9
-1.8

51.5
-7.6
5.5
-12.1
-9.3
-0.6
1.7
-13.6
-6.8
-1.6
-3.9
0.3

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

CURRENCIES

Jun 3
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
Day's
Mid
Change
13.8950
-0.0325
1.3649
-0.0187
0.3771
6.8850
-0.0050
3.5492
-0.0396
1.2955
-0.0154
682.7750
-9.2250
6.5853
0.0059
3025.8500
-91.4400
537.5100
0.2100

23.8482
-0.3673
6.5647
-0.1005
8.8774
0.0246
7.7714
0.0007
275.3144
-4.8827
67.3150
0.0188

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
15.7465
0.2034
20.1722
0.0518
1.5468
0.0027
1.9815

-0.0173
0.4273
0.0065
0.5474
0.0027
7.8024
0.1132
9.9954
0.0417
4.0221
0.0170
5.1525
-0.0320
1.4681
0.0052
1.8807
-0.0130
773.7529
1.4831 991.2242
-8.4725
7.4628
0.1202
9.5603
0.0553
3429.0366 -49.8499 4392.8027
-110.5861
609.1317
9.5067 780.3345
4.1250
27.0259

0.0015
34.6218
-0.3611
7.4394
0.0011
9.5303
-0.0985
10.0602
0.1805
12.8878
0.0986
8.8069
0.1348
11.2822
0.0563
311.9993
-0.6998 399.6899
-5.0964
76.2845
1.1821
97.7251
0.5057

Jun 3
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year

Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines

Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen

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

DOLLAR
Closing
Day's

Mid
Change
13591.5000
-53.5000
3.8364
-0.0239
106.7550
-1.8100
106.7549
-1.8103
106.7547
-1.8107
106.7534
-1.8134
101.0500
0.1000
0.3021
0.0001
4.1455
-0.0025
18.6380
0.0306
1.4414
-0.0251
199.0500
-0.1450
8.2098
-0.1341
104.6250
-0.0600

3.3428
-0.0332
46.4675
-0.0675

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
15402.5297 174.7372 19731.5717
19.3310
4.3476
0.0395
5.5696
-0.0073
120.9798
-0.1784 154.9824
-1.8558
120.9798
-0.1784 154.9823
-1.8561
120.9798
-0.1783 154.9821
-1.8565

120.9797
-0.1787 154.9823
-1.8578
114.5146
1.8548 146.7002
0.8629
0.3424
0.0053
0.4386
0.0022
4.6979
0.0687
6.0183
0.0259
21.1215
0.3557
27.0579
0.1767
1.6335
-0.0031
2.0926
-0.0259
225.5729
3.2719 288.9725
1.2057
9.3037
-0.0080
11.9186
-0.1353
118.5660

1.7379 151.8902
0.6572
3.7882
0.0207
4.8529
-0.0241
52.6592
0.7263
67.4596
0.2329

Jun 3
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South African Rand
South Africa
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
..One Month

DOLLAR
Closing
Mid
3.8641
3.9857
66.0063
3.7504
1.3605
15.3140
1183.6500
8.1728
0.9783
32.5965
35.6300
2.1246

2.9128
3.6731
0.6888
0.6889

Day's
Change
-0.0661
-0.0606
-1.5175
-0.0147
-0.2710
-3.0000
-0.1496
-0.0115
-0.0120
0.0350
-0.0204
-0.0360
-0.0034
-0.0034

EURO
Closing
Mid
4.3789
4.5167
74.8014
4.2501
1.5417

17.3545
1341.3681
9.2617
1.1087
36.9399
40.3776
2.4077
3.3009
4.1625
0.7806
0.7805

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0071
5.6097
-0.0680
0.0011
5.7862
-0.0593
-0.5549
95.8251
-1.7230
0.0647
5.4446

0.0267
0.0071
1.9750
-0.0115
-0.0383
22.2322
-0.2826
17.0706 1718.3737
4.0817
-0.0260
11.8649
-0.1580
0.0040
1.4203
-0.0097
0.5489
47.3222
0.2144
0.6537
51.7261
0.3039
0.0139
3.0844
-0.0143
0.0101
4.2286
-0.0313
0.0634
5.3325
0.0261

0.0081
0.0081
-

Jun 3
..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
Day's
Mid

Change
0.6889
-0.0034
0.6894
-0.0035
9.9900
0.0200
22412.5000
-27.5000
0.8824
-0.0136
0.8823
-0.0136
0.8821
-0.0136
0.8808
-0.0136

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7804
0.0081

0.7798
0.0081
1.1332
0.0173
1.4518
0.0071
1.1331
-0.3114
1.4518
0.0071
1.1329
-0.3114
1.4519
0.0071
1.1316
-0.3113
1.4523
0.0070
11.3211
0.1947
14.5031
0.0999
25398.9541 355.9427 32537.5728
119.6145
1.2811
-0.0134
1.2810
-0.0134
1.2809
-0.0134

1.2802
-0.0134

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

£ Strlg Day's
Euro
£ Strlg
£ Strlg
Year
Div
P/E
Jun 03 chge%
Index
Jun 02
Jun 01
ago yield% Cover
ratio
FTSE 100 (100)
6209.63
0.39 6202.13 6185.61 6191.93 6859.24 4.00 0.71 35.21
FTSE 250 (250)

17067.93 -0.05 17047.34 17076.26 17061.47 18090.42 2.69 2.09 17.79
FTSE 250 ex Inv Co (208)
18547.03
0.00 18524.65 18546.13 18529.79 19691.56 2.70 2.23 16.57
FTSE 350 (350)
3466.46
0.31 3462.28 3455.64 3458.04 3801.73 3.77 0.88 30.15
FTSE 350 ex Investment Trusts (308) 3442.89
0.33 3438.74 3431.57 3434.08 3779.69 3.80 0.87 30.08
FTSE 350 Higher Yield (105)
3171.12
0.71 3167.29 3148.83 3157.85 3581.87 5.31 0.45 42.25
FTSE 350 Lower Yield (245)
3434.22 -0.10 3430.07 3437.78 3432.18 3650.34 2.13 2.03 23.10
FTSE SmallCap (284)
4576.62 -0.21 4571.10 4586.10 4569.78 4796.24 2.98 1.27 26.45
FTSE SmallCap ex Inv Co (152)
4158.12 -0.28 4153.10 4169.64 4159.48 4307.77 2.96 1.59 21.23
FTSE All-Share (634)
3416.10
0.29 3411.98 3406.05 3407.91 3740.39 3.74 0.89 30.00
FTSE All-Share ex Inv Co (460)
3378.37
0.32 3374.30 3367.66 3369.91 3704.58 3.78 0.89 29.84
FTSE All-Share ex Multinationals (569) 1144.14 -0.17
947.14 1146.05 1145.62 1259.74 3.05 1.43 22.95
FTSE Fledgling (98)
7729.32
0.60 7719.99 7683.07 7660.76 7944.80 2.65 0.65 57.62
FTSE Fledgling ex Inv Co (49)

10496.41
0.88 10483.75 10405.12 10381.24 10604.40 2.69 0.12 301.03
FTSE All-Small (382)
3174.84 -0.17 3171.01 3180.10 3168.89 3324.04 2.96 1.24 27.21
FTSE All-Small ex Inv Co Index (201) 3102.64 -0.23 3098.90 3109.84 3102.28 3210.03 2.95 1.54 22.03
FTSE AIM All-Share Index (825)
742.35
0.33
741.45
739.94
737.16
777.33 1.71 0.49 118.54
FTSE Sector Indices
Oil & Gas (17)
6478.29
Oil & Gas Producers (10)
6183.65
Oil Equipment Services & Distribution (7)13142.37
Basic Materials (27)
3237.52
11676.01
Chemicals (7)
Forestry & Paper (1)
15585.18
Industrial Metals & Mining (2)
1109.73
Mining (17)
8631.84
Industrials (119)
4397.64

Construction & Materials (14)
5392.29
Aerospace & Defense (9)
4154.32
General Industrials (6)
3787.84
Electronic & Electrical Equipment (10) 5452.70
Industrial Engineering (14)
8501.25
Industrial Transportation (8)
4466.65
Support Services (58)
6634.42
19155.72
Consumer Goods (41)
Automobiles & Parts (1)
6549.58
Beverages (6)
15785.00
Food Producers (10)
8342.68
Household Goods & Home Construction (14)14337.51
Leisure Goods (2)
5153.24
Personal Goods (6)
23878.31
Tobacco (2)
50341.32
Health Care (20)
9285.18

Health Care Equipment & Services (8) 7314.07
Pharmaceuticals & Biotechnology (12)12507.22
Consumer Services (96)
4705.37
Food & Drug Retailers (7)
2754.43
General Retailers (32)
2679.26
Media (22)
7344.33
Travel & Leisure (35)
8333.07
Telecommunications (6)
3880.47
Fixed Line Telecommunications (4) 5000.50
Mobile Telecommunications (2)
5106.06
Utilities (7)
8552.54
Electricity (2)
8965.69
Gas Water & Multiutilities (5)
7985.08
Financials (282)
4157.22
Banks (9)
3260.78
Nonlife Insurance (10)
2935.22
Life Insurance/Assurance (10)

6984.11
Index- Real Estate Investment & Services (21) 2751.08
Real Estate Investment Trusts (26) 2841.01
General Financial (32)
7537.24
Equity Investment Instruments (174) 7587.72
Non Financials (352)
4069.30
Technology (19)
1433.15
Software & Computer Services (13) 1913.89
Technology Hardware & Equipment (6) 1520.55

1.09
1.16
-1.03
2.95
-0.87
-0.15
1.05
3.80
-0.34
-0.97
-0.22
0.08
0.02
-0.73
0.13
-0.33
0.75

-1.35
0.17
0.95
0.47
-1.36
0.86
1.42
0.42
0.60
0.40
-0.41
-3.69
-0.31
-0.36
0.44
-0.21
-0.34
-0.13
1.46
1.09
1.56
-0.37
-0.53
0.02
-1.11
0.01
0.99
-0.11
-0.28
0.51

0.22
-0.14
0.57

6470.48
6176.19
13126.52
3233.61
11661.93
15566.38
1108.39
8621.42
4392.33
5385.79
4149.31
3783.27
5446.12
8491.00
4461.26
6626.42
19132.61
6541.68
15765.95
8332.61
14320.22
5147.03
23849.50
50280.59
9273.98
7305.24

12492.13
4699.69
2751.11
2676.03
7335.47
8323.01
3875.79
4994.47
5099.90
8542.22
8954.87
7975.44
4152.20
3256.85
2931.68
6975.68
2747.76
2837.59
7528.15
7578.57
4064.39
1431.42
1911.58
1518.72

6408.47
6112.65
13279.09
3144.85
11778.68

15608.69
1098.17
8316.10
4412.76
5444.89
4163.60
3784.97
5451.61
8563.47
4461.06
6656.35
19014.05
6638.88
15758.51
8263.91
14270.77
5224.55
23674.11
49635.40
9246.36
7270.44
12457.26
4724.81
2860.06
2687.71
7371.19
8296.68
3888.49
5017.36
5112.59

8429.54
8868.68
7862.63
4172.51
3278.00
2934.50
7062.41
2750.74
2813.17
7545.65
7608.87
4048.75
1429.95
1916.50
1511.89

6416.72
6120.10
13322.78
3138.35
11446.43
15596.93
1121.96
8333.21
4402.53
5452.11
4141.11
3782.18
5427.67
8516.00

4455.60
6644.04
19051.26
6490.83
15816.57
8276.05
14211.65
5295.41
23743.01
49897.28
9212.29
7267.29
12406.79
4714.62
2834.02
2681.90
7376.77
8274.98
3886.51
4989.12
5125.84
8640.11
8868.24
8111.85
4174.65
3276.23
2949.83
7069.83
2760.58
2815.61

7580.55
7590.10
4051.00
1424.19
1908.57
1505.97

7435.09
7030.87
19539.37
4635.98
12717.33
16443.19
1654.37
13110.22
4792.85
5051.28
5302.63
3590.09
5813.20
9887.33
4480.06
7131.07
17166.29
8659.92
14057.63
8023.78
12724.88
4939.86
23295.17

42642.55
9570.33
6844.79
13018.23
5032.91
3177.61
3201.74
7463.90
8524.78
4167.38
5157.65
5626.79
8551.77
9515.19
7855.13
5022.48
4565.77
2485.59
8319.98
3124.74
3008.74
8460.21
7999.09
4308.19
1447.66
1668.48
1735.65

6.87
6.93

5.11
4.25
2.55
3.00
0.52
4.62
2.56
2.36
2.75
3.04
2.26
3.19
3.72
2.33
2.84
3.12
2.46
1.97
2.17
5.01
2.87
3.71
3.58
1.59
3.79
2.50
1.45
2.77
2.89
2.32

4.26
3.14
4.94
4.73
5.48
4.53
4.03
5.15
2.82
4.22
2.48
3.21
3.28
2.76
3.65
1.52
1.95
1.12

X/D
adj
125.39
214.54
235.11
65.37
65.50
85.51
34.87
57.90
52.04

63.68
63.85
14.59
75.69
94.86
39.70
38.42
4.41

Total
Return
4966.48
12031.86
13333.31
5580.61
2854.37
5279.06
3672.72
6355.61
6062.30
5562.11
2846.88
1975.77
14068.05
18567.22
5660.19
5730.59
803.90

-0.68 -21.46 228.00 5624.67

-0.70 -20.59 218.77 5552.95
0.25 79.53 387.17 9933.51
0.23 104.28
49.24 3227.08
1.72 22.87 138.95 10162.90
2.97 11.22 347.94 16551.60
2.79 69.50
0.00
968.44
-0.02-1343.03 132.94 4507.67
1.45 26.83
55.75 4426.05
0.05 793.62
85.50 5601.81
1.53 23.75
71.61 4365.18
1.56 21.12
48.86 4177.95
1.92 23.06
49.42 4873.17
1.30 24.01 163.97 10157.16
0.91 29.63
40.84 3794.80
1.77 24.24
67.85 6727.02
1.78 19.74 264.06 13703.80
1.81 17.69 136.30 6149.33
1.59 25.61 102.47 10822.60
1.86 27.34
33.17 7008.99

2.66 17.30 153.86 9862.20
1.22 16.40 129.52 4467.00
2.93 11.86 316.89 15616.45
1.19 22.77 1163.34 31417.98
0.56 50.04 208.00 6928.29
1.80 35.09
56.53 6249.93
0.50 52.37 300.81 8303.91
1.76 22.79
59.07 4301.00
2.56 27.02
22.92 3176.00
2.13 17.00
30.54 2970.31
1.32 26.31 100.17 4394.83
1.85 23.39 111.82 7699.60
-0.28 -83.48
3.65 4070.02
1.80 17.75
0.00 4336.69
-1.08 -18.78
7.87 4783.06
1.55 13.66 195.13 9320.00
1.26 14.52 146.48 12150.89
1.64 13.44 196.49 8748.69
1.54 16.15
98.18 3719.08
0.86 22.65 101.66 2320.61
2.31 15.30
53.63 5027.59

1.53 15.44 201.97 6595.34
5.32
7.57
35.46 7166.35
4.94
6.31
44.41 3412.08
2.01 15.12 126.53 8319.63
1.04 34.74
93.38 4040.92
0.66 41.29
69.35 5798.75
1.69 38.85
13.78 1810.33
1.59 32.30
24.03 2543.29
1.86 48.27
10.68 1758.00

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

6224.76 6233.16 6242.38 6244.28 6243.20 6245.38 6203.86 6185.23 6206.71 6251.47 6168.33
FTSE 250
17107.96 17116.91 17146.01 17131.41 17149.53 17140.12 17066.68 17022.11 17069.35 17162.93 16994.19
FTSE SmallCap
4587.39 4592.18 4590.10 4593.27 4592.00 4575.49 4573.49 4574.37 4573.56 4594.32 4571.30
FTSE All-Share
3424.36 3428.48 3433.44 3433.88 3433.97 3434.19 3413.44 3404.17 3414.78 3437.17 3395.44
Time of FTSE 100 Day's high:07:37:15 Day's Low14:21:00 FTSE 100 2010/11 High: 6410.26(20/04/2016) Low: 5536.97(11/02/2016)
Time of FTSE All-Share Day's high:07:37:00 Day's Low14:21:00 FTSE 100 2010/11 High: 3504.16(20/04/2016) Low: 3046.53(11/02/2016)
Further information is available on © 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
Amount
Latest
Issue
paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS


Jun 03 Jun 02 Jun 01 May 31 May 27 Yr Ago
High
Low Year to date percentage changes
FT 30
2819.60 2822.80 2824.90 2850.30 2868.20
0.00 2876.90 2547.10 Industrial Metals &
51.70
FT 30 Div Yield
1.73
1.73
1.73
1.71
1.70
0.00
3.93
2.74 Mining
22.47
P/E Ratio net
25.83
25.73
25.84
26.13
26.21
0.00
19.44
14.26 Basic Materials
18.07
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Industrial Transport

13.48
FT 30 hourly changes
Industrial Eng
11.20
8
9
10
11
12
13
14
15
16
High
Low Tobacco
9.34
2822.8 2835.8 2838.4 2839.2 2838.8 2838.8 2818.3 2806.9 2819.7 2841.9 2799.5 Oil & Gas Producers
8.58
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Oil & Gas
8.16
Personal Goods
6.16
Food & Drug Retailer
5.56
Consumer Goods
4.67
Household
Goods
&

Ho
4.02
Jun 02 Jun 01 Mnth Ago
Jun 03 Jun 02 Mnth Ago
Software & Comp Serv
3.67
Australia
88.29
88.73
91.85 Sweden
79.54
79.78
80.72 Nonlife Insurance
3.55
Canada
89.03
89.23
92.88 Switzerland
156.44 156.72 157.94 Beverages
2.31
Denmark
106.57 106.63 106.66 UK
86.92
86.65
86.25 NON FINANCIALS Index
2.16
Japan
140.92 139.73 141.16 USA
100.76 100.92
98.08 Electricity

2.02
New Zealand
112.16 112.18 112.56 Euro
87.22
87.45
88.09
Norway
86.26
86.51
87.31
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

Utilities
Gas Water & Multi
Electronic & Elec Eq
Chemicals
Industrials
Construct & Material
Mobile Telecomms
FTSE 100 Index
Support Services
Technology
Forestry & Paper
FTSE All{HY-}Share Index
Health Care Eq & Srv
FTSE SmallCap Index
Equity Invest Instr

FTSE 250 Index
Health Care
Media

+or-

Pharmace & Biotech
Telecommunications
Aerospace & Defense
Oil Equipment & Serv
Real Est Invest & Tr
Consumer Services
Tech Hardware & Eq
Travel & Leisure
Leisure Goods
Food Producers
Financial Services
Fixed Line Telecomms
General Retailers
Financials
Automobiles & Parts
Real Est Invest & Se
Life Insurance
Banks

-2.31
-2.95
-3.58
-3.71
-3.82

-4.25
-4.45
-5.82
-5.93
-6.45
-6.77
-7.50
-8.91
-9.08
-9.63
-10.80
-12.04
-13.50

FTSE GLOBAL EQUITY INDEX SERIES
Jun 03
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 Global All Cap ex Eurozone
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 Eurozone 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
US $
stocks indices
7703 456.18
7079 462.39
1427 400.32
1641 619.16
4635 649.98
3068 265.92
2544 471.97
7382 470.28
5749 412.47
6440 466.94
7058 471.42
2095 429.55
5665 452.05
900 395.70
223 318.29
305 505.20
695 720.56
292 449.39
395 677.83
1482 682.52
687 301.44
1408 219.00
176 306.75
307 481.12

780 526.96
483 128.81
549 537.15
421 739.00
1430 492.62
970 426.15
2038 584.99
527 552.33
446 739.65
1065 612.16
112 294.08
238 674.56
222 635.53
321 319.25
1954 517.43
1411 371.17
645 348.25
3049 5470.92
1005 9237.57
3068 323.51
528 275.71

Day
%
0.1
0.3
0.0
0.2
0.4
0.1

0.1
0.1
-0.2
0.2
0.1
0.1
0.1
0.0
-0.1
0.1
0.2
0.3
0.6
0.6
0.3
-0.4
-1.5
-1.3
-1.0
-1.4
0.0
-0.2
0.0
0.0
0.2
0.2
0.1
0.0
-0.8
0.9

0.4
0.2
0.4
0.0
-0.1
0.0
0.3
0.2
0.0

Mth
%
-0.2
7.3
-0.4
-0.3
0.9
-0.4
-0.3
-0.1
-2.0
-0.3
0.0
-0.1
0.0
-0.2
-2.4
-2.1
-0.4
1.0

1.2
1.7
1.0
-1.9
0.3
1.0
2.7
0.5
-1.8
-3.4
-1.7
-2.0
-2.9
-2.7
-5.2
-1.9
-8.2
-8.5
-5.9
-2.0
1.4
-2.3
-2.6
-2.1
0.4
-0.2
-1.9

YTD
%

1.2
-0.3
0.4
2.9
3.6
0.8
0.9
1.5
-1.1
1.7
1.6
0.7
1.1
0.2
-3.6
-1.5
-1.5
3.0
5.9
6.4
3.4
-3.4
-6.4
-2.1
0.1
-5.5
-0.7
-1.1
-1.3
-0.8

2.4
2.5
4.2
-0.6
10.1
12.7
2.7
-2.9
3.2
-2.7
-2.9
0.8
4.5
2.5
-1.3

Total
retn
632.21
624.68
568.07
817.50
832.00
388.99
927.24
642.40
608.87
652.97
641.06
600.31

624.62
560.87
515.05
737.64
1021.36
597.65
843.14
825.71
410.66
347.86
387.71
586.59
664.37
182.89
812.17
1076.70
706.71
684.80
841.16
798.82
1060.58
848.32
435.57
1009.01
962.05
514.43
669.26
580.80
551.57
7001.69

11808.55
439.73
409.86

YTD Gr Div Jun 03
No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
2.5
2.6 Oil & Gas
153 331.97
-0.2
-0.2
8.9 516.08
10.7
3.8
0.2
2.5 Oil & Gas Producers
111 311.20

-0.2
-0.2
9.1 492.58
11.0
4.0
1.8
2.7 Oil Equipment & Services
32 302.30
-0.1
-0.1
8.9 428.13
10.6
3.4
4.0
2.2 Basic Materials
255 367.26
0.1
0.1
4.5 546.30
6.1
3.0
4.6
2.0 Chemicals
124 581.63
0.2
0.2
-1.7 869.21
0.0
2.8
2.2

2.6 Forestry & Paper
16 200.82
0.6
0.6
2.4 330.82
5.1
3.8
2.3
2.6 Industrial Metals & Mining
62 286.81
-0.3
-0.3
11.5 424.96
12.2
2.9
2.7
2.5 Mining
53 402.40
0.1
0.1
24.4 597.72
26.1
3.8
0.6
3.2 Industrials
536 309.47
-0.1
-0.1
3.4 435.44
4.7

2.3
3.1
2.6 Construction & Materials
111 446.43
-0.5
-0.5
6.5 657.73
7.9
2.2
2.8
2.5 Aerospace & Defense
26 511.88
0.1
0.1
1.0 714.61
2.4
2.4
2.1
2.6 General Industrials
55 224.27
-0.1
-0.1
3.4 339.46
4.8
2.6
2.4
2.5 Electronic & Electrical Equipment
69 313.06
-0.4
-0.4

-1.1 404.95
-0.2
2.0
1.7
2.7 Industrial Engineering
104 568.75
-0.3
-0.3
6.1 787.87
7.5
2.5
-0.9
3.8 Industrial Transportation
98 516.20
-0.1
-0.1
4.3 724.87
5.6
2.5
0.5
2.8 Support Services
73 285.36
0.1
0.1
3.4 385.29
4.5
2.0
424 421.65
0.0
0.0

1.2 607.24
2.5
2.5
0.1
2.6 Consumer Goods
4.0
2.2 Automobiles & Parts
104 343.19
-0.3
-0.3 -10.1 476.47
-8.6
3.1
6.7
1.8 Beverages
48 592.20
0.1
0.1
3.6 862.53
4.5
2.5
7.1
1.7 Food Producers
103 583.92
0.0
0.0
4.5 868.02
6.2
2.2
4.4
2.2 Household Goods & Home Construction

48 418.83
0.1
0.1
4.3 599.44
5.6
2.3
-1.4
3.3 Leisure Goods
31 138.86
0.6
0.6
5.3 179.54
5.8
1.4
-5.4
2.3 Personal Goods
79 605.80
0.1
0.1
1.4 829.45
2.4
2.1
-1.2
1.9 Tobacco
11 1330.20
0.0
0.0
9.3 2634.21
10.8
3.6

1.2
2.1 Health Care
178 452.78
0.9
0.9
-1.2 638.26
0.0
2.0
-4.6
2.2 Health Care Equipment & Services
64 702.77
1.0
1.0
8.2 808.93
8.6
0.9
0.4
3.3 Pharmaceuticals & Biotechnology
114 333.26
0.8
0.8
-4.2 489.49
-2.8
2.3
-0.1
3.1 Consumer Services
393 390.96
0.3
0.3
0.3 512.55

1.2
1.8
-0.5
2.8 Food & Drug Retailers
55 298.08
0.4
0.4
-0.6 406.96
0.5
1.9
0.3
3.3 General Retailers
122 533.51
0.5
0.5
0.1 681.99
1.0
1.6
3.3
3.1 Media
86 299.32
0.3
0.3
3.5 393.21
4.4
2.0
3.4
3.2 Travel & Leisure
130 372.41
0.0

0.0
-2.4 493.37
-1.4
1.9
5.3
3.0 Telecommunication
91 164.48
0.0
0.0
4.4 294.57
6.3
4.1
0.2
3.0 Fixed Line Telecommuniations
42 140.72
0.3
0.3
6.1 276.44
8.4
4.5
11.1
4.1 Mobile Telecommunications
49 168.08
-0.4
-0.4
2.0 271.80
3.4
3.5
14.1
3.3 Utilities

163 252.74
-0.3
-0.3
6.5 470.96
8.4
3.8
111 276.78
0.0
0.0
6.9 509.82
8.7
3.7
4.4
3.0 Electricity
52 266.52
-0.6
-0.6
5.8 510.10
7.8
4.0
-1.0
3.9 Gas Water & Multiutilities
689 193.30
-0.1
-0.1
-3.7 305.51
-2.0
3.2
4.2
2.1 Financials

246 166.05
-0.1
-0.1
-7.0 280.53
-5.0
3.8
-0.3
3.5 Banks
68 214.87
-0.3
-0.3
0.2 304.76
2.1
2.5
-0.5
3.4 Nonlife Insurance
50 183.84
0.0
0.0
-7.3 283.94
-5.6
3.3
2.4
3.3 Life Insurance
150 219.89
0.0
0.0
-1.1 295.94
-0.1
2.1

5.6
2.5 Financial Services
186 175.57
-0.2
-0.2
0.7 211.16
1.6
1.8
3.7
2.3 Technology
89 316.79
-0.2
-0.2
2.1 365.73
2.8
1.1
0.6
2.7 Software & Computer Services
Technology Hardware & Equipment
97 125.32
-0.2
-0.2
-0.8 155.44
0.3
2.7
Alternative Energy
10 100.30
-0.6
-0.6
-3.0 133.67

-2.4
1.3
Real Estate Investment & Services
103 275.00
-0.3
-0.3
-2.8 445.14
-1.4
2.7
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
closing
Price p

1.82
1.75
1.46
1.41
0.74
0.34
0.12
-0.52
-0.54
-0.59

-0.60
-0.82
-0.83
-1.25
-1.55
-2.08
-2.15
-2.25

FTSE 100 SUMMARY

Company
Baron Oil
Chrysalis VCT
DCD Media
Norman Broadbent
Personal Assets Trust
Roxi Petroleum
Value and Income Trust
Verona Pharma
YOLO Leisure and Technology

FTSE 100

Closing Day's
Price Change FTSE 100

Closing Day's
Price Change


3I Group PLC
Admiral Group 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
Berkeley Group Holdings (The) PLC
Bhp Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Dcc PLC
Diageo PLC
Direct Line Insurance Group PLC

Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
Imperial Brands PLC
Informa PLC
Inmarsat PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC
Kingfisher PLC
Land Securities Group PLC

545.00 -2.00 Legal & General Group PLC
1977 15.00 Lloyds Banking Group PLC
617.90 30.40 London Stock Exchange Group PLC
428.30 10.90 Marks And Spencer Group PLC
991.50
7.50 Mediclinic International PLC
977.50 -2.00 Merlin Entertainments PLC
2951 51.00 Mondi PLC

4039 -3.00 Morrison (Wm) Supermarkets PLC
439.30 -4.30 National Grid PLC
1032 -4.00 Next PLC
490.90 -1.90 Old Mutual PLC
179.65 -0.75 Paddy Power Betfair PLC
578.00 -7.00 Pearson PLC
3239 30.00 Persimmon PLC
833.60 28.00 Provident Financial PLC
358.55
5.45 Prudential PLC
4206 63.50 Randgold Resources LD
738.00
8.00 Reckitt Benckiser Group PLC
431.85 -1.65 RELX PLC
2047
8.00 Rexam PLC
1070 -5.00 Rio Tinto PLC
1052 -7.00 Rolls-Royce Holdings PLC
3357 -37.00 Royal Bank Of Scotland Group PLC
202.10
1.20 Royal Dutch Shell PLC
1332 -3.00 Royal Dutch Shell PLC
1300
6.00 Royal Mail PLC
2052 -21.00 Rsa Insurance Group PLC
6285
5.00 Sabmiller PLC
1861.5 10.00 Sage Group PLC
375.30
1.30 Sainsbury (J) PLC

432.40
1.80 Schroders PLC
1524 10.00 Severn Trent PLC
Shire PLC
1296 1123 79.00 Sky PLC
278.70 -3.80 Smith & Nephew PLC
1459 14.50 Sse PLC
135.65
7.10 St. James's Place PLC
573.50
6.50 Standard Chartered PLC
1321 10.00 Standard Life PLC
444.80 -1.35 Taylor Wimpey PLC
3761.5 44.00 Tesco PLC
678.00
1.50 Travis Perkins PLC
715.00
5.50 Tui AG
2679 41.00 Unilever PLC
530.00 -2.00 United Utilities Group PLC
3167 11.00 Vodafone Group PLC
298.20
3.20 Whitbread PLC
213.50
1.00 Wolseley PLC
2942 -53.00 Worldpay Group PLC
364.80 -0.30 WPP PLC
1163 15.00

232.80

70.00
2661
356.60
889.00
434.50
1326
188.90
979.00
5350
178.20
9400
836.50
2057
2851
1330
6250
6930
1260
633.00
1895
605.50
237.20
1683
1676
531.50
484.50
4313
622.50
246.20
2656

2263
4407
938.50
1188
1540
904.00
527.20
327.20
190.50
162.00
1860
1049
3199
959.00
228.40
4182
3746
280.00
1581

-2.90
-0.53
-39.00
9.50
15.20
-2.00
-7.50
19.40
-35.00
1.10

190.00
-13.00
-15.00
2.00
-20.00
400.00
88.00
5.00
5.50
29.50
-1.50
-2.60
17.50
15.00
0.50
-0.20
-7.00
2.00
-10.70
3.00
18.00
-42.00
-0.50
10.00
19.00
-5.00
-6.50
-6.40
-1.90
-7.50

-12.00
7.00
35.00
13.00
-0.40
18.00
-40.00
1.80
-16.00

UK STOCK MARKET TRADING DATA
Jun 03
Jun 02
Jun 01
May 31
May 27
Yr Ago
SEAQ Bargains
4577.00
4520.00
4568.00
5321.00
5330.00
5330.00
Order Book Turnover (m)
109.29
261.15
180.94
158.39
158.37

158.37
Order Book Bargains
837739.00 883593.00 824212.00 658755.00 658650.00 658650.00
Order Book Shares Traded (m)
1420.00
1559.00
2155.00
1230.00
1226.00
1226.00
Total Equity Turnover (£m)
2790.33
3054.56
3733.42
2581.68
2662.60
2662.60
Total Mkt Bargains
916533.00 978229.00 926531.00 731770.00 733153.00 733153.00
Total Shares Traded (m)
5190.00
5396.00
6255.00
5456.00
5418.00
5418.00
† 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

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

UK RECENT EQUITY ISSUES
Pre
Int
Pre
Pre
Pre
Pre
Pre
Pre
Int

Turnover
2.83
1.048
0.35
0.365
9.708
11.115
7.396
8.644
1.051

1.623


-

-

Pre-tax
3.347L
1.775L
0.168
0.176
1.188L
2.352L
1.447L
0.425L
37.815
39.149
20.094
1.869L
4.588
0.617
3.763L
8.926L
0.031
0.439L

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)
0.15L

0.5
254L
2.59L
478
0.009
10.97
0.73L
0.29L

0.31L
0.5
177L
9.85L
365
0.002
9.48
0.32L
0.03

Div(p)
1.75
140
6
-

1.75
140
4.7
-


Pay day
Jul 29
Apr 21
Jul 15
-

Total
4.982
280
10.5
-

5
280
9
-

Issue
date
05/27
05/26
05/18
05/13
05/12
05/10
05/10
05/06
05/05

Issue

price(p)
75.00
160.00
130.00
200.00
9.00
148.00
8.00
208.00
108.00

Sector
AIM
AIM
AIM
AIM
AIM
AIM
AIM

Stock
code
DCTA
JOUL
ONC
MOTR
GSH
HOTC
TOOP
MIDW

MCL

Stock
Directa Plus PLC
Joules Group PLC
Oncimmune Holdings PLC
Motorpoint Group PLC
Green & Smart Holdings PLC
Hotel Chocolat Group PLC
Toople PLC
Midwich Group PLC
Morses Club 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)
156.00
197.00
130.50
231.00
10.38
205.50
8.50
262.50
103.25

+/7.00
-2.50

0.00
1.36
-0.13
-1.45
-0.05
7.61
1.38

High
166.00
198.20
140.00
238.00
11.00
225.00
10.00
270.00
116.50

Low
83.00
160.00
126.00
200.00
10.00
148.00
8.00
209.48
100.00


Mkt
Cap (£m)
6897.2
17237.5
6658.7
23100.0
2870.4
23188.2
850.0
20855.2
13370.9


17

FTWeekend

4 June/5 June 2016

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ♦
BHPBilltn
CmwBkAu
CSL
NatAusBk♦
Telstra
Wesfarmers

Westpc♦
Woolworths
Belgium (€)
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco♦
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
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
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic♦
ChinaLife
ChinaMBank
ChinaMob♦
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK♦
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec RMB

HaitongSecs
Hngzh HikVDT RMB
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina♦
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB

52 Week
High
Low

Price Day Chg

Yld


P/E MCap m

25.09
18.53
75.75
117.11
26.48
5.59
40.44
29.96
21.71

0.33
0.29
0.17
0.79
0.14
0.06
0.38
0.04
0.14

33.86
28.98
88.88
117.61
34.90
6.53
44.12

35.15
29.22

21.86 10.93 10.67 53631.06
14.06 12.02 22.52 43601.89
69.79 7.73 14.75 95187.23
85.40 1.37 28.86 39254.29
23.82 11.33 10.62 51318.97
4.98 7.62 16.50 50070.3
36.65 6.91 18.90 33365.38
27.69 9.42 11.96 73220.83
20.50 8.95-261.11 20339.69

113.10
52.62

-1.40
-0.40

124.20
66.00

87.73
44.15

3.01 26.24 206128.82
3.86 14.73 24931.15

19.42
25.44

32.52
26.25
10.82
15.77

0.14
0.24
0.27
-0.23
0.12
0.82

20.46
32.00
38.56
33.78
15.05
22.19

15.99
16.27
23.36
21.49
5.67
8.60

2.76
4.13
1.47
2.82

6.82

24.82
7.89
20.19
6.03
-3.70
-2.49

86002.55
19903.86
20744.6
22536.34
22689.21
14295

60.80
82.57
65.41
45.58
171.13
102.39
38.29
77.44
53.00
34.98
41.36
19.09
21.48
79.13

35.76
54.56
57.31
55.48
37.86

0.29
-0.09
-0.04
-0.64
0.47
0.18
-0.26
0.29
0.04
-0.03
-0.13
-0.33
-0.15
-0.49
-0.20
-0.54
-0.27
-0.20
-0.69

61.10
84.55
66.99
47.27

212.06
104.30
39.59
83.81
60.97
37.70
49.89
24.20
39.82
80.97
40.35
55.92
58.13
55.78
347.84

51.56
64.01
51.17
37.70
140.02
82.19
21.27
66.62
40.03
30.42
37.25
15.32
20.03
64.52

27.32
47.25
47.75
40.58
30.22

4.38
4.12
4.39
1.41
0.83
4.54
2.43
1.71
3.67
3.83
0.87
3.68
9.26
4.09
3.25
3.23
3.72
3.87
-

19.02
12.10
11.63
18.26

16.99
10.95
-84.55
16.86
29.18
12.85
57.96
15.60
14.10
11.64
-36.75
27.21
12.73
-28.21
-34.86

40781.12
41019.37
60732.69
34726.7
20221.27
31192.77
32435.83
46595.62
38012.26
26815.15
27061.4
29064.75
13914.07
90907.52

43672.28
31684.17
82008.89
30086.16
10024.88

2.85
3.22
4.89
2.00
8.81
3.32
9.81
5.90
5.09
18.68
4.55
17.56
16.04
88.10
26.70
7.37
16.44
3.97
12.74
6.17
5.44
8.55
7.03
7.20

6.49
0.17
15.48
13.04
21.38
5.24
2.98
4.19
16.16
283.89
1.74
26.90
5.38
35.05
10.50
5.98
20.55
0.17
18.01
5.42
4.01

0.01
0.02
0.04
-0.05
0.15
-0.01
0.17
0.04

-0.02
0.20
0.02
0.10
0.18
-1.15
-0.05
0.07
0.05
0.01
0.28
0.02
0.02
0.13
0.01
0.02
-0.01
0.06
0.34
0.42
0.06
-0.02
0.03
0.08
16.15
0.01
0.20
-0.04
0.15
0.04

0.02
0.33
-0.01
0.01
-

4.32
5.48
8.61
4.78
13.90
5.30
15.10
10.62
7.98
24.10
6.78
37.30
26.85
104.90
42.20
11.12
34.59
10.67
20.35
19.97
10.55
13.72
14.38
16.98

15.15
0.45
34.20
25.80
40.99
11.08
7.34
6.86
20.82
286.74
2.59
50.85
9.20
57.85
17.45
16.85
27.36
0.40
20.12
6.92
14.23

2.50
2.83
4.24
1.55
5.77
3.07
6.72
4.21

4.31
15.52
4.00
16.12
12.72
79.00
23.70
6.13
13.45
3.82
10.12
5.66
4.88
7.87
4.07
6.61
6.30
0.13
13.28
10.00
19.77
4.96
2.66
3.72
11.90
166.20
1.65
22.00
4.16
30.50

9.30
5.60
14.00
0.12
11.91
3.86
3.77

7.87
7.27
6.80
0.99
2.37
6.91
1.88
1.63
7.29
3.28
2.76
5.15
3.16
2.21
3.08
4.81
1.74
7.05
0.63
3.25
2.88
2.02

7.61
1.33
2.36
1.28
8.89
7.52
3.63
1.58
5.67
0.93
3.60
2.38
1.70
1.72
6.51
4.32
4.51
-

4.33 11272.85
4.81 34648.05
4.48 22030.51
34.49
51.20
7.49 5019.19
4.34 2934.39
8.30 2620.95
9.22 3194.21
4.61 157466.13
9.31 3160.74

4.26 8713.21
14.80 16813.86
5.65 9475.53
14.10 232119.08
11.58 9535.01
4.74 6575.46
10.02 11990.8
31.82 12778.58
14.01 5571.43
-39.00 16825.43
6.23 24699.57
21.41 26346.34
27.39 4153.76
13.82 4049.66
8.52 14651.67
-3.43
296.31
10.80 5159.91
8.95 5721.09
21.16 15328.4
5.06 3169.33
-21.47 7123.58
4.48 46795.88
5.88 46753.48
21.63 54154.26
10.28
48.15
8.28 3579.47
52.75 14606.35
9.50 33589.54

6.46 19440.69
15.13 8717.57
7.28 34406.27
-0.23
55.33
6.35
51015
14.62 17793.84
-37.69 1085.92

188.10 -2.60
8485 -115.00
369.70 -1.80

218.00
13560
415.00

168.30
7355
305.10

4.31 13.79 28186.79
- -50.68 13756.23
1.76 27.12 113341.14

Stock

Price Day Chg


Week
change change %
31.18
12.3
1.56
9.9
1.10
9.2
1.06
7.4
11.03
7.2
12.40
7.1
12.45
6.8
11.60
6.5
5.16
6.4
81000.00
6.3
1.45
5.7
6.38
5.6
0.85
5.5
3.47
5.1

11.57
4.9
1.60
4.8
0.23
4.7
0.84
4.7
0.66
4.6
4.05
4.6

Month
change %
13.01
1.28
1.09
0.98
14.86
5.18
5.70
-3.21
2.57
10.16
5.70
4.83
-1.73
-9.89
15.16

-4.37
2.00
-3.91
-15.49
-5.46

INTEREST RATES: OFFICIAL
Current
0.25-0.50
3.50
0.75
0.00
0.50
0.00-0.00
0.00-0.25

Jun 03 (Libor: Jun 02)
US$ Libor
Euro Libor
£ Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

Stock

52 Week

High
Low

Price Day Chg

Japan (¥)
AstellasPh
1501.5
Bridgestne
3663
Canon
3117
CntJpRwy
18970
Denso
4124
EastJpRwy
9776
Fanuc
16180
FastRetail
30120
Fuji Hvy Ind
3949
Hitachi
491.60
HondaMtr
2962.5
JapanTob
4434

KDDI
3150
Keyence
69020
MitsbCp
1906.5
MitsubEst
2046
MitsubishiEle 1296.5
MitsuiFud
2621.5
MitUFJFin
531.20
Mizuho Fin
168.60
Murata Mfg
12340
NipponTT
4707
Nissan Mt
1078
Nomura
454.20
Nppn Stl
2071
NTTDCMo
2743
Panasonic
964.50
Seven & I

4703
ShnEtsuCh
6136
Softbank
6020
Sony
3072
SumitomoF
3411
Takeda Ph
4627
TokioMarine
3699
Toyota
5675
Mexico (Mex$)
AmerMvl
11.31
FEMSA UBD 170.31
WalMrtMex
43.67
Netherlands (€)
Altice
15.29
ASML Hld
88.75
Heineken
83.59
ING
10.84

Unilever
40.46
Norway (Kr)
DNB
105.80
Statoil
131.90
Telenor
136.60
Qatar (QR)
QatarNtBk
134.20
Russia (RUB)
Gzprm neft
143.50
Lukoil
2577
MmcNrlskNckl
8849
Novatek
648.60
Rosneft
313.70
Sberbank
131.77
Surgutneftegas
33.03
Saudi Arabia (SR)
AlRajhiBnk
58.31

Natnlcombnk
40.99
SaudiBasic
82.56
SaudiTelec
62.22
Singapore (S$)
DBS♦
15.50
JardnMt US$
54.95
JardnStr US$
29.00
OCBC♦
8.67
SingTel
3.90
UOB
18.30
South Africa (R)
Firstrand
45.65
MTN Grp
127.28
Naspers N
2296
South Korea (KRW)
HyundMobis 255000
KoreaElePwr
60100

SK Hynix
27600
SmsungEl
1377000
Spain (€)
BBVA
5.71
BcoSantdr
4.05
CaixaBnk
2.40
Iberdrola
5.98
Inditex
29.90
Repsol
11.29
Telefonica
9.04

Yld

P/E MCap m

19.00
-4.00
95.00
-15.00
194.00
-20.00

1940
-37.00
-3.70
11.50
87.00
21.00
-220.00
3.50
6.00
-7.00
-11.00
4.00
0.70
-95.00
27.00
-2.00
2.50
-35.00
34.00
-11.60
82.00
-52.00
-21.00
49.00
10.00
53.00
19.00
6.00

2009

4934
4279.5
22960
6439
12815
27685
61970
5223
851.00
4499
4850
3446
70880
2837
2968
1696.5
3879
932.40
276.00
22220
5419
1339.5
909.20
3504
2888
1798
5998
7790
7800
3905

5770
6609
5504
8564

1358
3561
2977.5
18255
3879
9162
15300
26320
3275
431.00
2726
3551
2519
50500
1565
1962.5
947.00
2260.5
431.90
149.30
11610
4005
922.00
435.10
1773.5

1961
799.00
4168
5160
4133
2199
2819.5
4550
3310
5256

1.86
3.40
4.62
0.55
2.61
1.12
4.18
1.18
2.41
2.13
2.60
2.55
1.66
0.25
2.52
0.64
1.82
0.93
2.96

4.02
1.42
1.76
3.04
4.43
2.74
2.23
1.81
1.61
1.50
0.58
0.64
3.97
3.40
2.54
3.47

0.02
1.29
0.21

16.94
176.84
47.44

10.87
133.52
35.50

2.53 21.61 25497.71

1.42 35.47 32697.04
1.41 26.20 40914.68

-0.32
-0.40
-0.02
-0.20
0.01

47.73
101.20
86.95
16.00
42.84

9.98
70.25
64.54
9.19
32.86

-0.30
0.60
-2.00

138.80
148.00
186.10

90.10

97.25
116.80

3.60 7.47 20990.4
5.48 55.19 51229.31
2.79 53.77 24982.23

-

163.17

122.50

2.62

-0.50
-20.00
-76.00
-12.20
2.35
-0.53
0.12

170.43
2902
11284
673.50
356.95
135.98
41.16


122.75 4.47 4.71 51467.16
2040.1 5.49 7.19 33207.49
7840 18.22 11.22 21214.87
530.10 9.01 15.39 29835.78
214.80 2.33 10.52 50368.69
66.50 0.33 14.72 43094.67
30.31 2.91 17877.65

-0.07
0.32
0.91
-0.28

69.00
68.50
107.25
73.25

44.70
36.60
59.50
52.75

2.59 12.36 25265.31
3.80 8.92 21859.3
6.70 13.49 66041.85
6.46 13.55 33180.9

0.01

-0.90
-0.49
0.07
0.01
0.02

21.50
61.03
33.00
10.48
4.44
23.60

13.01
45.00
25.24
7.41
3.38
16.80

3.95 8.74 28542.05
2.60 11.61 39080.21
0.93 9.05 32255.39
4.24 9.34 26215.11
4.24 17.05 45705.45
4.74 9.40 21620.38

0.80
1.33
3.14

2.78

20.13 31249.74
11.10 27899.34
16.56 38942.83
14.06 36605.5
14.34 34152.03
18.85 35942.86
19.53 31213.01
59.57 29927.76
8.61 28959.18
10.00 22257.81
11.75 50267.97
18.88 83068.7
18.96 77322.43
39.71 39310.09
10.78 28396.63
58.87 26647.49
13.16 26076.97
23.77 24345.65
5.86 70502.52
6.61 39538.75
14.06 26038.62
16.93 92433.41
9.05 45387.14
8.25 16263.47
10.16 18435.82
23.44 101712.19
12.82 22162.63
26.22 39051.44

20.62 24836.37
14.83 67706.2
32.69 36330.41
9.57 45181.44
-37.12 34252.68
14.90 26247.79
8.80 177444.94

-13.24
31.86
26.81
8.32
24.91

14224.74
43582.71
54563.65
47629.19
78622.29

9.79 30955.13

1.04 57.80 34.08 4.48 11.76 16721.49
2.04 237.32 109.56 11.39 6.56 15338.54
15.71 2334.11 1521.98 0.22 67.97 65656.56
272000 185500
300.00 63700 40800
-450.00 51700 25650
12000 1393000 1033000
-0.13

-0.15
-0.09
-0.03
-0.28
-0.15
-0.18

9.48
6.89
4.50
6.71
35.38
17.61
14.31

5.24
3.31
2.33
5.66
26.00
7.95
8.48

1.43 12.99 20971.31
5.13 2.92 32595.82
1.89 5.94 16462.34
1.42 10.55 166323.47
6.58 21.63 41955.39
7.52 10.23 66298.35
5.08 19.78 16054.52

2.67 15.15 42308.57
1.31 33.14 105604.92
8.55 -10.22 18446.69
8.37-233.84 50974.35

Last
1.00
3.50
0.75
0.05
0.50
0.00
0.00-0.75

Mnth Ago
0.25-0.50
3.50
1.00
0.05
0.50
0.00-0.10
-1.25--0.25

Year Ago
0.00-0.25
3.50
0.75
0.05
0.50
0.00-0.10

0-0.25

Day
0.000
0.000
0.000

Change
Week
-0.001
0.001
-0.001

Month
-0.007
0.004
-0.002
0.000
-0.017
-0.001
0.000
0.000
0.000

One
month
0.46305
-0.35071
0.50975
-0.77460

-0.08057
-0.35000
0.50000
0.43000
-0.39500

Three
month
0.68010
-0.27829
0.58731
-0.73520
-0.03129
-0.26200
0.60000
0.62500
-0.30500

Six
month
0.98390
-0.16300
0.72875
-0.64200
-0.00843
-0.15300
0.77500
0.87500
-0.20500


One
year
1.33240
-0.02757
0.99650
-0.51580
0.08829
-0.01700

Short
7 Days
One
Three
Six
One
Jun 03
term
notice
month
month
month
year
Euro
-0.45 -0.35 -0.45 -0.35 -0.47 -0.32 -0.38 -0.23 -0.28 -0.13 -0.09 0.06
Sterling
0.45 0.55 0.45 0.55 0.55 0.65 0.70 0.85 0.93 1.08
Swiss Franc
Canadian Dollar
US Dollar
0.35 0.45 0.35 0.45 0.40 0.50 0.55 0.65 0.90 1.00 1.25 1.35

Japanese Yen
-0.50 -0.20 -0.30 -0.05 -0.50 -0.20 -0.30 -0.10 -0.20 0.00 -0.10 0.10
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.

COMMODITIES
Energy
Price*
Crude Oil†
Jun
48.94
Brent Crude Oil‡
49.84
RBOB Gasoline†
Jun
1.62
Heating Oil†
Jun
1.51
Natural Gas†
Jun
2.43
Ethanol♦
Uranium†
Jun
28.20
Carbon Emissions‡
Diesel†
Unleaded (95R)
Base Metals (♠ LME 3 Months)

Aluminium
1552.00
Aluminium Alloy
1540.00
Copper
4673.00
Lead
1726.50
Nickel
8505.00
Tin
16525.00
Zinc
1998.00
Precious Metals (PM London Fix)
Gold
1212.40
Silver (US cents)
1598.00
Platinum
965.00
Palladium
538.00
Bulk Commodities
Iron Ore (Platts)
50.70
Iron Ore (The Steel Index)
49.50
GlobalCOAL RB Index
56.75

Baltic Dry Index
610.00

www.ft.com/commodities

Change
-0.04
-0.02
0.00
0.00
0.02
0.00
12.50
-60.00
76.00
22.00
95.00
285.00
20.50
-2.10
3.00
-11.00
-8.00
1.40
1.60
0.50
4.00

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

Jun
Aug
Jun


Price*
416.50
487.00
1162.25
429.10
2231.00
3067.00
1642.00
123.20
508.20
18.25
63.50
157.10
121.70
146.38
82.00

Change
2.75
4.00
18.25
10.20
-18.00
15.00
10.00
0.40
11.60
0.09
0.26
-0.20

0.00
0.05
0.00

Jun 02
374.01
87.10
189.32
2221.00
231.14
13.45
5.01
0.40
3504.00

% Chg
Month
5.24
2.77
3.24
-9.84
1.68
-0.99
0.00
21.04

% Chg
Year
-15.73
-14.69

-16.43
-33.05
-15.25
-26.32
-4.76
51.16

Jul
Jul
Jul
Jul
Jul
Jul
Jul
Jul
Jul
Jul

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

Stock

Price Day Chg

Sweden (SKr)
AtlasCpcoB
193.80 -3.50
Ericsson
62.60 -0.40

H&M
251.20 -1.00
Investor
282.40 -3.90
Nordea Bk
79.35 -1.85
SEB
77.85 -1.75
SvnskaHn
102.60 -3.20
Swedbank
179.40 -4.20
Telia Co
38.71 -0.47
Volvo
92.50 Switzerland (SFr)
ABB
20.48 -0.11
CredSuisse
13.03 -0.33
Nestle
73.35 -0.10
Novartis
79.00 -0.70
Richemont
59.05
0.50
Roche
258.20 -1.70
Swiss Re

87.60 -0.35
Swisscom
478.60
7.00
Syngent
394.10 -2.70
UBS
14.41 -0.50
Zurich Fin
235.00 -2.60
Taiwan (NT$)
Chunghwa Telecom 112.00
1.00
Formosa PetChem
87.30 -0.90
HonHaiPrc
80.00
0.70
MediaTek
219.00
4.00
TaiwanSem
160.50
1.50
Thailand (THB)
PTT Explor
306.00
1.00
United Arab Emirates (Dhs)
Emirtestele

18.15
0.05
United Kingdom (p)
AscBrFd♦
2951 51.00
AstraZen
4039 -3.00
Aviva
439.30 -4.30
Barclays
179.65 -0.75
BP♦
358.55
5.45
BrAmTob
4206 63.50
BSkyB
938.50 -0.50
BT
431.85 -1.65
Compass
1300
6.00
Diageo
1861.5 10.00
GlaxoSmh♦
1459 14.50
Glencore
135.65
7.10

HSBC♦
444.80 -1.35
Imperial Brands 3761.5 44.00
LlydsBkg
70.00 -0.53
Natl Grid♦
979.00 19.40
Prudential
1330 -20.00
RBS
237.20 -2.60
ReckittB
6930 88.00
RELX
1260
5.00
RioTinto
1895 29.50
RollsRoyce
605.50 -1.50
RylDShlA♦
1676 15.00
SABMill
4313 -7.00
Shire
4407 -42.00
StandCh
527.20 -6.50
Tesco
162.00 -7.50

Vodafone
228.40 -0.40
WPP
1581 -16.00
United States of America ($)
21stC Fox A
29.22 -0.34
3M♦
168.36
0.32
AbbottLb
39.20 -0.33
Abbvie
64.65 -0.44
Accenture
118.86 -0.38
Adobe
98.88 -1.29
AEP♦
65.97
1.29
Aetna
119.63 -0.40
Aflac
69.23 -0.35
AirProd
142.97 -0.54
Alexion
152.59 -4.18
Allegran

247.51
0.39
Allstate♦
67.44 Alphabet
737.07 -7.21
Altria
65.42
1.11
Amazon
723.21 -5.03
AmerAir
30.74 -0.93
AmerExpr
65.64 -0.77
AmerIntGrp
57.25 -0.59
AmerTower
106.80
0.24
Amgen♦
159.18 -0.69
Anadarko
51.29 -0.40
Anthem
132.47 -0.82
Aon Cp
108.60 -0.83
Apple
98.17
0.45

ArcherDan♦
43.67
0.20

52 Week
High
Low

Yld

P/E MCap m

230.90
97.40
362.00
343.70
114.60
111.10
137.10
208.00
52.95
114.00

162.60
60.70
249.50
256.80
72.40
72.75
95.85

150.80
36.61
72.20

3.15
5.53
3.85
3.25
7.59
5.70
4.47
5.91
7.89
3.30

20.35
14.23
21.15
-8.04
10.16
10.40
12.16
13.62
19.09
12.66

22.16
28.94
76.95
103.20

86.75
283.90
99.75
572.00
434.50
22.57
307.10

15.94
12.23
65.70
67.00
55.65
229.90
76.85
452.70
288.50
14.01
194.70

5.45
2.89
3.39
2.59
2.98
5.10
4.74
2.86
5.37
-


24.50 48457.46
-5.24 26070.37
26.36 239056.67
28.49 212145.64
19.86 31507.82
26.09 185425.42
8.09 33194.24
17.47 25342.34
28.16 37442.38
10.79 56712.26
23.74 36148.37

112.00
94.50
99.70
439.50
163.00

93.10 4.44 19.67 26654.2
63.90 1.00 14.36 25512.43
72.50 4.63 8.57 38380.27
192.00 10.28 14.51 10558.7
112.50 2.87 14.09 127677.05

367.00

197.00

3.34 40.64 24530.67


19.10

11.35

4.43 19.05 42973.53

3606
2850
4634
3746
537.50 400.10
289.90 143.91
453.55 249.44
4357.13 3231.5
1180 917.97
502.60 404.00
1312 963.00
1964.38 1592.5
1532.1 1227.5
290.25 66.67
633.22 413.95
3898
2926
89.35 55.84
1015.5 806.40
1665.19 1045.99
370.00 204.30
7069.82
5403

1323 988.50
2917.5
1557
996.00 497.00
1950
1256
4590.8
2773
5870
3423
1102.75 373.40
227.35 137.00
258.00 197.70
1690
1273

1.15 41.35 33916.41
4.65 25.14 74150.15
4.33 19.70 25880.55
3.62 -87.98 44105.29
7.80 -9.80 97060.71
3.57 18.27 113836.75
3.49 25.70 23420.95
2.99 14.54 62238.55
2.26 23.70 31003.98
3.03 18.94 68023.92
5.48 116.13 103191.07
9.00 -5.36 28347.71
7.91 10.94 127937.84
3.75 31.88 52353.17

3.21 -1.18 72532.13
4.38 17.06 53253.18
2.86 13.18 49732.17
-6.31 40418.25
1.87 28.77 70962.05
2.10 26.59 37072.79
8.11 -58.85 37815.3
2.33 135.16 16163.08
7.76 -78.50 104025.65
1.72 35.73 101548.24
0.41 28.17 57489.27
8.52 -9.10 25114.56
58.70 19224.39
4.91 -42.77 88072.98
2.69 17.89 29624.07

34.70
171.27
51.74
71.60
119.72
100.56
67.19
134.40
70.09
152.16
208.88
340.34
69.48
810.35

65.53
728.28
47.09
81.92
64.93
107.29
181.81
85.36
173.59
109.65
132.97
52.93

22.66
134.00
36.00
45.45
88.43
71.27
52.29
92.42
51.41
114.64
124.16
195.50
54.12
538.85
47.31
419.14
30.37

50.27
50.20
83.07
130.09
28.16
115.63
83.83
89.47
29.86

9253.24
23310.43
44895.64
15738.73
39321.35
20670.65
23498.37
24848.66
20509.32
18368.58

1.04 24.86 32011.63
2.51 21.40 102115.52
2.53 27.26 57590.76
3.28 19.18 104562.23
1.86 20.89 96622.83
60.20 49460.72
3.34 19.48 32411.94
0.63 17.86 41942.28
2.33 11.29 28660.32

2.32 21.74 30892.05
- 231.08 34183.21
- -39.48 97904.29
1.84 16.32 25247.33
30.72 216457.68
3.42 23.36 127979.53
- 295.37 341230.7
1.31 2.73
17773
1.78 12.99 62425.81
1.77-173.73 64064.6
1.71 68.53 45349.93
2.14 16.67 119578.73
1.69 -5.79 26179.78
1.93 14.75 34832.49
1.12 21.98 28770.5
2.14 10.83 537691.43
2.64 16.64 25659.71

Stock

52 Week
High
Low

Price Day Chg

AT&T
AutomData
Avago Tech

BakerHu♦
BankAm♦
Baxter♦
BB & T
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock♦
Boeing
BrisMySq
CapOne
CardinalHlth
Carnival♦
Caterpillar
CBS
Celgene
CharlesSch
Charter Communications
ChevrnTx♦
Chubb
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil

Corning♦
Costco
CrownCstl
CSX♦
CVS
Danaher♦
Deere
Delphi
Delta
Devon Energy
DiscFinServ
Disney
DominRes♦
DowChem
DukeEner♦
DuPont♦
Eaton
eBay
Ecolab
EMC
Emerson♦
EOG Res
EquityResTP
Exelon♦
ExpScripts
ExxonMb♦
Facebook
Fedex
FordMtr
Franklin

GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs♦
Halliburton♦
HCA Hold
Hew-Pack
HiltonWwde♦
HomeDep♦
Honywell♦
HumanaInc
IBM♦
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John♦
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft Heinz♦
Kroger
L Brands♦
LasVegasSd
LibertyGbl


39.16
0.32 39.72 30.97
87.28 -0.81 91.00 64.29
164.33
9.42 166.00 100.00
46.03
0.13 65.90 37.58
14.35 -0.59 18.48 10.99
43.50
0.07 46.95 32.18
36.05 -0.88 41.90 29.95
169.13
0.38 169.21 128.87
210870-1485.00 221985 186900
289.84
0.11 420.99 242.07
41.31 -0.85 45.45 32.20
356.35 -4.76 369.33 275.00
127.41
0.56 150.59 102.10
73.03
0.03 73.06 51.82
71.20 -2.18 92.10 58.49
79.94
0.05 91.23 74.73
47.46 -0.87 55.77 40.52
74.63
1.01 88.81 56.36
54.50 -0.90 62.51 38.51
107.75 -0.49 140.72 92.98

29.15 -1.69 35.72 21.51
226.39 -1.43 233.70 156.13
100.50 -0.03 104.26 69.58
127.56 -0.25 128.14 96.00
130.00
0.43 170.68 123.54
29.16
0.08 29.49 22.46
45.16 -1.81 60.95 34.52
96.43 -1.12 100.87 81.87
44.93
0.21 47.13 36.56
60.89 -0.45 69.80 51.22
71.66
0.24 72.72 50.84
63.72
0.06 64.99 50.01
44.07 -0.31 64.33 31.05
21.04 -0.12 21.29 15.42
151.28 -0.24 169.73 117.03
92.31
0.51 92.54 75.71
26.60
0.18 35.67 21.33
96.28 -0.12 113.65 81.37
98.09 -0.55 100.50 81.25
85.66
1.60 98.23 70.16
66.85 -1.49 90.57 55.59
41.83 -0.62 52.77 34.61

36.09 -0.72 65.01 18.07
56.41 -0.74 59.88 42.86
98.70 -0.03 122.08 86.25
73.04
1.55 76.59 64.54
52.93
0.69 57.10 35.11
80.23
1.29 81.39 65.50
68.43
0.33 75.72 47.11
61.49 -0.26 73.28 46.19
23.85 -0.40 29.83 21.52
118.42 -0.45 122.48 98.62
27.80 -0.13 28.77 22.66
52.06 -0.18 60.70 41.25
79.72 -0.77 91.48 57.15
65.11 -1.39 82.39 61.90
35.07
0.35 35.95 25.09
75.56 -0.71 94.61 65.55
88.31 -0.22 90.46 66.55
118.46 -0.47 135.60 72.00
163.31 -1.49 185.19 119.71
12.98 -0.23 15.84 10.44
35.43 -0.35 51.94 31.00
140.35
0.22 153.76 121.61
30.03 -0.02 32.05 19.37
63.71

0.48 65.49 47.43
29.56 -0.70 36.88 24.62
86.42 -0.30 123.37 81.28
155.61 -3.67 218.77 139.05
42.17
0.04 46.69 27.64
78.46 -0.52 95.49 43.91
13.38 -0.17 15.55
8.91
21.52 -0.09 29.55 16.16
131.96 -0.45 137.82 92.17
114.64
0.11 116.56 87.00
186.14 -1.22 219.48 155.24
152.53 -0.97 173.78 116.90
107.09 -0.03 107.12 78.79
145.13 -1.97 242.37 127.10
265.76 -1.48 271.95 220.28
31.60 -0.17 35.59 24.87
107.60 -0.52 108.68 79.63
115.04
0.55 115.39 81.79
44.83 -0.14 54.52 33.62
64.42 -1.39 70.61 50.07
129.59
1.59 138.76 103.04
17.89 -0.07 41.19 11.20
84.93
0.15 86.66 61.42
36.07 -0.37 42.75 27.32

71.39
0.06 101.11 60.00
46.70 -0.07 57.77 34.88
38.53
0.10 57.87 30.65

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
BcoSantdr
4.05
4.20
Unicred
2.77
2.77
Nppn Stl
2071.00
2106.00
BOE Tech
2.00
2.05
BNP Parib
46.32
47.51
GenMotors
29.56
30.26

BBVA
5.71
5.84
CredSuisse
13.36
13.36
RBS
237.20
239.80
SunPhrmInds
737.35
737.35
EquityResTP
65.11
66.50
Franklin
35.43
35.78
Telefonica
9.04
9.22
Statoil
131.30
131.30
Cred Agr
8.65
8.88
CharlesSch
29.15
30.84

Airbus Grpe
53.35
55.30
ING
10.84
11.04
SandsCh
27.70
27.95
Repsol
11.29
11.44
Based on the FT Global 500 companies in local currency

Day
change change %
-0.15
-3.59
0.00
0.00
-35.00
-1.66
-0.05
-2.44
-1.19
-2.50
-0.70
-2.32
-0.13
-2.19

0.00
0.00
-2.60
-1.08
0.00
0.00
-1.39
-2.09
-0.35
-0.98
-0.18
-1.92
0.00
0.00
-0.23
-2.58
-1.69
-5.48
-1.95
-3.53
-0.20
-1.81
-0.25
-0.89
-0.15
-1.27

Week
change change %
-0.35

-7.9
-0.22
-7.4
-158.00
-7.1
-0.15
-7.0
-3.45
-6.9
-1.83
-5.8
-0.35
-5.7
-0.79
-5.6
-14.00
-5.6
-42.00
-5.4
-3.61
-5.3
-1.93
-5.2
-0.49
-5.1
-6.80
-4.9
-0.45
-4.9
-1.48

-4.8
-2.67
-4.8
-0.54
-4.7
-1.35
-4.6
-0.55
-4.6

Month's
change

Year
change

Return
1 month

Return
1 year

Month
change %
-2.57
-14.91
-10.36
-6.98
1.80
-5.41

-0.04
-5.78
6.62
-9.17
-6.04
-3.80
-2.26
-3.37
-5.83
3.93
-0.39
4.43
-0.36
5.75

BOND INDICES
Since
16-12-2015
16-12-2008
16-12-2015
10-09-2014
05-03-2009
05-10-2010
15-01-2015

INTEREST RATES: MARKET
Over
night
0.38550
-0.39571

0.48313

P/E MCap m

FT 500: BOTTOM 20

Close
Prev
Day
price
price
change change %
Kweichow
283.89
267.74
16.15
6.03
Citic Secs
17.36
16.82
0.54
3.21
HaitongSecs
13.04
12.70
0.34
2.68
GuosenSec
15.48
15.42

0.06
0.39
Avago Tech
164.33
154.91
9.42
6.08
HumanaInc
186.14
187.36
-1.22
-0.65
SBI NewA
196.60
196.60
0.00
0.00
HK Exc&Clr
190.00
188.20
1.80
0.96
Deere
85.66
84.06
1.60
1.90
SmsungEl
1377000.00 1365000.00 12000.00
0.88

New Ch Life Ins
26.90
26.70
0.20
0.75
Aetna
119.63
120.03
-0.40
-0.33
ChMrchSecs
16.44
16.39
0.05
0.31
L Brands
71.39
71.33
0.06
0.08
Allegran
247.51
247.12
0.39
0.16
PingAnIns
35.05
34.90
0.15
0.43

ChConstBk
5.09
5.11
-0.02
-0.39
China Vanke
18.68
18.48
0.20
1.08
Vale
14.95
14.95
0.00
0.00
SHK Props
92.70
92.20
0.50
0.54
Based on the FT Global 500 companies in local currency

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


Yld

Finland (€)
Nokia
5.03 -0.05
7.11
4.52 2.83 28.42 32891.53
SampoA
39.54 -0.35 47.67 36.76 5.01 13.77 25039.04
France (€)
Airbus Grpe
53.35 -1.95 68.50 49.96 2.28 17.96 47131.86
AirLiquide
95.23 -1.77 123.65 90.77 2.53 19.78 37168.21
AXA
21.76 -0.56 26.02 18.80 4.12 10.01 59883.48
BNP Parib♦
46.32 -1.19 61.00 37.00 3.29 8.67 65425.26
ChristianDior 147.45
1.65 195.35 140.80 2.05 18.27 30366.1
Cred Agr♦
8.65 -0.23 14.48
7.59 4.11 6.84 25860.28
Danone
62.87 -0.04 66.50 51.73 2.25 31.69 46730.5
EDF
11.81 -0.10 22.13
9.13 9.61 6.84 25709.24
Engie SA

13.51
0.01 18.40 12.96 6.99 -7.18 37270.82
Esslr Intl♦
117.65 -0.50 125.15 95.01 0.82 35.65 28862.25
Hermes Intl♦ 324.30
0.80 365.55 281.20 0.86 37.11 38798.03
LOreal
168.10
0.35 178.95 140.40 1.52 30.49 107247.69
LVMH
145.25 -0.10 176.60 130.75 2.15 21.74 83472.52
Nmrcble-SFR
27.97
0.24 56.64 25.57 - -36.43 13888.55
Orange
15.37 -0.13 16.98 12.21 3.69 21.71 46332.89
PernodRic
98.01
0.21 111.70 88.00 1.73 28.80 29480.26
Renault
80.28 -3.23 98.87 59.59 2.23 8.26 26903.95
Safran
61.74 -0.99 72.45 48.87 1.90 -64.40 29178.18
Sanofi
72.49 -0.89 101.10 66.44 3.71 22.99 105712.62
Sant Gbn
39.83 -0.10 44.84 31.47 1.47 63.91 24820.53
Schneider
57.01 -0.99 68.96 45.32 3.18 24.55 38036.03
SocGen

35.61 -0.62 48.77 26.61 3.42 7.71 32592.69
Total
42.30 -0.05 47.40 35.21 5.75 27.48 118808.51
UnibailR
240.40
2.00 257.85 212.05 3.77 10.94 26999.07
Vinci
66.69 -0.10 68.29 50.08 2.53 19.27 44909.71
Vivendi
17.30 -0.22 24.83 16.30 17.62 14.91 26824.3
Germany (€)
Allianz
142.65 -2.35 170.00 126.55 4.53 10.38 73877.57
BASF
68.35 -1.19 85.97 56.01 4.16 14.75 71143.02
Bayer
89.34
1.20 138.00 83.45 2.56 17.28 83723.76
BMW
72.27 -1.78 105.45 66.00 4.08 7.20 49303.27
Continental
188.45 -2.40 231.90 171.30 1.75 13.23 42713.37
Daimler
59.28 -1.33 87.63 56.19 5.57 7.99 71870.49
Deut Bank
15.00 -0.60 32.31 13.03 5.08 -2.79 23445.86
Deut Tlkm♦
15.65 -0.14 17.57 13.39 3.25 12.59 81674.33
DeutsPost
26.03 -0.44 29.10 19.55 19.21 35774.32

E.ON
8.69
0.07 13.64
7.08 1.64 -2.41 19696.62
Fresenius Med
76.09 -0.92 83.17 63.10 1.00 24.86 26413.09
Fresenius SE
66.32 -0.70 70.00 52.39 0.67 25.55 41016.11
HenkelKgaA
93.92 -0.11 95.37 75.76 1.40 20.32 27651.26
Linde
131.75 -2.40 182.55 113.50 2.43 20.89 27730.95
MuenchRkv
160.65 -2.80 193.65 154.65 4.90 9.49 30374.97
SAP
71.56 -0.60 75.75 53.91 1.56 26.20 99625.76
Siemens
95.29 -1.16 100.90 77.91 3.27 16.02 91789.06
Volkswgn
134.95 -5.25 220.05 95.00 3.36 -45.29 45128.59
Hong Kong (HK$)
AIA
46.15
0.25 53.50 36.85 1.10 27.47 71554.93
BOC Hold
24.05
0.10 33.30 18.82 4.60 10.74 32719.37
Ch OSLnd&Inv
23.50
0.05 29.00 20.45 2.31 6.59 29817.51

ChngKng
49.30
0.40 71.45 38.20 0.70 11.26 24399.05
Citic Ltd
11.12
0.16 15.28 10.02 2.66 6.98 41624.97
Citic Secs
17.36
0.54 32.55 12.82 2.00 9.56 6519.05
CK Hutchison
91.35
1.00 119.00 87.95 4.02 7.81 45369.14
CNOOC
9.53
0.03 12.22
6.41 5.71 17.84 54750.73
HangSeng♦
140.10
0.20 162.10 121.10 3.95 9.86 34466.01
HK Exc&Clr
190.00
1.80 298.00 160.10 2.72 28.98 29547.04
MTR♦■
37.25 39.25 33.10 2.78 16.99 28172.63
SandsCh♦
27.70 -0.25 37.55 20.75 7.09 20.01 28763.39
SHK Props
92.70
0.50 134.00 79.00 2.56 8.99 34533.15
Tencent

170.80
0.60 173.70 124.00 0.20 42.76 206755.26
India (Rs)
Bhartiartl
358.15 452.45 282.30 0.62 26.23 21268.21
HDFC Bk
1171.75 1195 928.00 0.68 25.90 44069.95
Hind Unilevr 884.85 944.00 766.40 1.60 41.73 28448.52
HsngDevFin
1254.9 1372.4 1011.45 1.20 21.30 29462.25
ICICI Bk
243.75 321.00 180.75 2.06 11.06 21060.15
Infosys
1266.9 2055 932.65 3.30 20.76 43229.58
ITC♦■
353.90 364.00 268.00 1.78 28.03 42307.14
L&T
1460.6 1888 1016.05 1.03 27.06 20222.7
OilNatGas
211.85 323.40 187.75 4.59 9.40 26925.33
RelianceIn
959.65 1089.75 818.00 1.04 10.59 46208.12
SBI NewA♦
196.60 291.80 148.25 1.78 9.53 22671.97
SunPhrmInds 737.35 966.00 704.00 0.41 45.51 26362.28
Tata Cons
2629.55 2770
2115 1.52 23.92 76971.54
Indonesia (Rp)
Bk Cent Asia

13125 -25.00 14025 11000 1.13 18.49 23808.85
Israel (ILS)
TevaPha♦
201.90
1.80 275.90 189.40 2.58 27.05 53509.27
Italy (€)
Enel
4.02 -0.03
4.45
3.33 3.54 16.48 46292.86
ENI
13.42 -0.11 16.99 10.93 7.27 -5.24 55269.34
Generali
12.52 -0.36 18.27 10.90 4.87 9.97 22132.03
IntSPaolo
2.21 -0.04
3.65
2.12 3.21 14.24 39755.83
Luxottica
47.55 -0.35 67.80 46.58 1.43 30.19 26066.8
Unicred
2.64 -0.13
6.61
2.64 4.62 9.24 18454.63

FT 500: TOP 20

Jun 03
US
US

US
Euro
UK
Japan
Switzerland

52 Week
High
Low

Bid
yield

Mth's Spread
chge
vs
yield
US

Jun 03
High Yield US$
Navient Corporation

S*

F*

Bid
price


06/18

8.45

BB-

Ba3

BB

108.03

4.31

0.00

-0.48

3.53

High Yield Euro
Kazkommerts Intl BV

02/17

6.88

B

Caa1


B

97.50

-

0.00

0.00

-

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

09/16
01/18
07/18
03/19
03/19

07/21
01/22
03/22
09/22
10/26

11.40
8.00
11.00
7.13
7.13
4.38
12.50
5.00
6.25
4.88

BBB+
BB+
BB+
BBB+
BBB+
BBB
BB+
A-

A3
Ba2
Ba1
A3

A3
Baa2
Ba2
A2
Baa3
Baa3

BBB+
BB
BBBBBB+
BBB+
BBB
BB
ABBBBBB-

106.80
105.11
117.53
128.75
114.01
104.10
106.43
117.38
110.39
101.25

1.49
4.69
2.50
1.95

2.60
3.52
10.94
2.80
4.39
4.77

0.03
-0.07
0.00
0.00
0.00
0.00
-0.04
0.00
0.00
0.00

0.01
0.12
-0.23
0.00
0.20
0.02
0.18
0.00
0.00
-0.06

0.44

3.92
1.73
1.18
0.84
2.29
9.71
1.57
3.16
3.06

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
0.72

Mexico
02/20
5.50
BBB+
A3
BBB+ 121.63
2.06
0.00
0.00
0.82
Bulgaria
09/25
5.75
BB+
BBB- 118.02
3.50
0.00
-0.12
1.79
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

VOLATILITY INDICES
Index

Day's
change

Markit IBoxx
ABF Pan-Asia unhedged

Corporates( £)
Corporates($)
Corporates(€)
Eurozone Sov(€)
Gilts( £)
Global Inflation-Lkd
Markit iBoxx £ Non-Gilts
Overall ($)
Overall( £)
Overall(€)
Treasuries ($)

180.06
313.11
262.29
218.50
233.81
307.93
249.02
312.22
233.91
306.41
228.28
224.34

0.18
0.47
0.22
0.21
0.31

0.61
0.24
0.46
0.22
0.56
0.26
0.24

0.35
1.16
0.16
0.33
0.44
1.49
0.13
1.12
0.17
1.38
0.38
0.19

3.91
6.08
5.14
3.41
3.78
7.34
4.49
5.86
3.95

6.91
3.44
3.48

-2.31
1.70
0.16
0.34
0.96
2.49
-0.50
1.77
0.17
2.28
0.76
0.19

0.68
6.69
5.14
3.57
6.20
9.94
1.02
6.56
3.95
8.92
5.14
3.48


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

114.02
108.55
882.25
116.42

0.54
0.30
8.54
0.39

-

-

1.37
0.15
0.91
0.76

1.94
0.86
-8.35
3.55


Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

328.33
76.02
67.27
95.70

7.55
1.24
-0.49
1.33

22.82
5.24
1.46

6.99

-1.36
-2.46
-6.64
-3.22

339.86
82.07
93.03
102.83

288.69
67.59
64.22
80.36

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

Markit CDX
Emerging Markets 5Y
296.60
-2.76
-2.29
0.76

313.33
271.25
Nth Amer High Yld 5Y
438.50
0.94
6.82
-21.70
463.54
415.17
Nth Amer Inv Grade 5Y
77.31
-0.07
0.27
-7.41
85.25
72.99
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
Jun 02
Jun 02
Prev
return
stock
Market

stocks
Can 4.25%' 21
126.55
-0.509
-0.498
0.14
5.18
73867.86
7
Fr 2.25%' 20
113.84
-1.005
-1.016
-0.16
20.31 227646.13
15
Swe 0.25%' 22
112.11
-1.422
-1.424
0.07
29.70 237329.39
8
UK 2.5%' 20
360.17
-1.534
-1.503
0.14
6.58 518607.02
27

UK 2.5%' 24
342.65
-1.040
-1.018
0.29
6.82 518607.02
27
UK 2%' 35
233.68
-0.853
-0.849
0.22
9.08 518607.02
27
US 0.625%' 21
104.04
-0.162
-0.130
0.01
35.84 1160006.28
37
US 3.625%' 28
136.30
0.475
-0.130
0.15
16.78 1160006.28
37
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
2.36
2.29
0.65 Italy
Austria
0.44
0.36 -1.28 Japan
Belgium
0.46
0.39 -1.25 Netherlands
Canada
1.20
1.12 -0.51 Norway
Denmark
0.31
0.24 -1.40 Portugal
Finland
0.35
0.27 -1.36 Spain

France
0.42
0.35 -1.29 Switzerland
Germany
0.07
0.00 -1.64 United Kingdom
Greece
7.23
7.15
5.51 United States
Ireland
0.74
0.67 -0.97
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.42
-0.11
0.17
1.28
3.14
1.46
-0.40
1.41
1.71

Spread Spread
vs
vs

Bund T-Bonds
1.35
-0.19
0.09
1.20
3.07
1.39
-0.47
1.33
1.64

-0.29
-1.82
-1.55
-0.43
1.43
-0.25
-2.11
-0.31
0.00

Stock

4.90 16.44 241038.18
2.36 27.22 39759.08
1.02 31.86 64162.35
1.49 -8.49 20157.17
1.41 11.41 147401.99
2.01 6.50 24023.43
3.03 13.96 28204.76

1.50 44.78 35889.75
14.00 170099.97
17.64 63489.88
1.66 14.79 44494.28
2.50 18.69 58215.74
3.03 17.04 81161.59
2.07 77.17 121909.51
2.27 10.27 36461.48
1.96 18.90 26045.68
2.52 19.12 26679.58
4.07 38.98 43575.83
1.11 17.42 22634.57
51.84 83465.33
0.83 26.18 38527.29
- -60.07 61215.86
4.30 143.93 189412.59
2.12 17.46 59248.88
0.03 15.82 33346.7
3.03 14.65 146641.25
0.45 8.91 132541.4
2.20 25.14 32653.34
3.01 26.87 194376.11
21.96 36891.4
2.14 46.73 63993.65
1.62 19.10 154059.11
5.64 -8.79 54575.72
2.38 56.78 22625.33
1.09 28.65 66268.37
3.73 73.40 31160.14
2.73 13.68 25426.06

1.55 20.66 103406.85
0.58 24.39 67554.14
2.78 17.33 26919.42
1.57 15.49 18248.52
1.20 6.94 32275.71
2.69 -1.09 18911.16
2.01 10.75 23253.59
1.40 17.99 160126.79
3.65 22.83 45008.58
3.36 10.35 59426.23
4.12 20.17 55270.82
2.41 28.93 59770.06
3.65 14.75 28162.42
14.37 27401.37
1.16 35.21 34733.2
1.67 26.81 54298.87
3.67 17.52 33492.86
0.85 -8.93 43868.04
3.35 5.75 23798.58
3.57 18.01 31115.88
19.68 47791.26
3.34 28.12 366187.25
72.05 273863.54
0.61 44.35 43836.28
4.67 5.93 50647.74
1.88 12.71 20724.12
2.53 14.98 42897.55
3.09 47.13 276145.58
2.88 24.91 37869.32
4.99 4.41 45513.39

2.01 7.31 115096.01
1.69 17.43 64641.13
1.72 -14.65 36235.21
14.64 30682.36
4.87 5.36 23094.05
0.99 13.48 21299.81
1.85 23.38 164159.2
1.96 18.42 87368.92
0.63 25.71 27741.68
3.44 11.36 146422.98
2.01 20.34 38484.97
51.65 21363.14
1.18 22.59 31637.57
3.13 13.32 149046.3
1.06 39.44 27531.75
2.63 20.77 316434.12
2.48 68.05 29066.43
2.76 10.80 235561.6
2.77 42.98 46668.96
9.06 529.57 39922.54
2.71 156.75 103271.08
1.12 16.94 34403.08
2.87 16.53 20489.21
5.77 20.76 37113.37
- -34.75 9757.08

52 Week
High
Low


Price Day Chg

Lilly (E)♦
74.44
Lockheed♦
239.40
Lowes
79.99
Lyondell♦
79.66
Marathon Ptl♦
35.37
Marsh&M
66.06
MasterCard
96.04
McDonald's♦ 121.32
McKesson♦
187.21
Medtronic
82.79
Merck
56.64
Metlife♦
44.38
Microsoft♦
51.96
Mnstr Bvrg
152.95
MondelezInt

45.05
Monsanto
110.68
MorganStly
26.46
MylanNV
44.55
Netflix
99.23
NextEraE♦
121.85
Nike♦
53.95
NorfolkS♦
83.24
Northrop♦
215.51
NXP
92.33
Occid Pet
74.71
Oracle
39.11
Pepsico♦
102.49
Perrigo♦
96.93
Pfizer
34.61
Phillips66

80.03
PhilMorris
100.98
PNCFin
88.07
PPG Inds♦
107.51
Praxair♦
110.07
Priceline
1291
ProctGmbl
82.45
Prudntl♦
76.39
PublStor
260.49
Qualcomm♦
54.78
Raytheon
133.40
Regen Pharm 400.06
ReynoldsAm
51.20
S&P Global♦ 108.84
Salesforce
82.68
Schlmbrg♦
75.30
Sempra Energy 109.50

Shrwin-Will
291.61
SimonProp
199.07
SouthCpr
26.40
Starbucks
55.05
StateSt
61.00
Stryker
113.30
Sychrony Fin
30.69
Target♦
68.89
TE Connect♦
60.20
Telsa Mtrs
218.71
TexasInstr
60.48
TheTrvelers
114.75
ThrmoFshr
152.89
TimeWrnr♦
75.55
TJX Cos
76.85

T-MobileUS
43.32
UnionPac♦
85.87
UPS B
102.81
USBancorp
42.24
UtdHlthcre
136.80
UtdTech♦
100.59
ValeroEngy♦
54.94
Verizon
50.97
VertexPharm
93.65
VF Cp
62.26
Viacom
44.79
Visa Inc♦
79.88
Walgreen♦
78.66
WalMartSto
70.99
WellsFargo
50.01

Williams Cos
22.42
Yahoo
36.75
Yum!Brnds
82.66
Venezuela (VEF)
Bco de Vnzla 127.98
Bco Provncl
3750
Mrcntl Srvcs
5600

-1.02 92.85
1.57 245.37
-0.77 80.76
-0.92 106.50
-1.31 60.38
-0.38 66.44
-0.84 101.76
0.15 131.96
-0.58 238.99
-0.20 83.29
-0.18 60.88
-1.34 58.23
-0.53 56.85
0.49 160.50
-0.02 48.58
0.32 117.11
-0.82 41.04

-0.41 74.66
-2.02 133.27
2.04 121.92
-0.58 68.20
0.07 98.75
2.13 218.84
-1.17 111.97
-0.50 79.72
0.45 45.24
0.49 106.94
-1.22 198.42
-0.26 36.46
-0.80 94.12
1.72 102.55
-1.94 100.52
-0.69 118.69
0.26 124.17
1.00 1476.52
0.50 83.87
-2.34 92.60
2.51 277.60
-0.11 70.05
1.24 133.48
-7.07 605.93
1.28 52.54
-1.61 112.75
-0.56 84.48
-0.15 92.47
2.77 109.50
-0.42 309.00

1.67 214.80
0.13 31.35
0.43 64.00
-2.00 81.26
0.64 113.85
-0.59 36.40
0.57 85.81
0.03 69.88
-0.25 286.65
-0.28 61.24
-0.12 118.28
-0.66 153.70
-1.20 91.34
-0.15 79.20
0.13 43.43
1.26 102.85
-0.24 107.32
-0.82 46.26
0.76 136.95
-0.20 119.12
-0.78 73.88
0.20 54.49
-2.17 143.45
-0.48 77.40
-0.30 69.17
-0.07 81.73
-0.44 97.30
0.04 75.20
-1.11 58.77
-0.18 61.38

-0.40 43.78
0.20 93.33
50.00
-

143.95
4400
6200

Yld

P/E MCap m

67.88 2.73 33.84 82169.63
181.91 2.66 20.98 72886.05
62.62 1.39 26.94 70879.52
69.10 3.96 8.26 33993.08
29.24 3.46 9.59 18737.93
50.81 2.32 21.78 34432.66
74.61 0.74 28.60 103561.37
87.50 2.90 23.12 106501.68
148.29 0.58 18.84 42126.09
55.54 1.79 47.59 115992.37
45.69 3.25 34.32 156780.96
35.00 3.41 9.44 48753.33
39.72 2.61 39.58 408390.56
113.08 43.07 31055.37
35.88 1.48 9.62 69920.49
81.22 1.94 34.22 48349.96
21.16 2.29 11.49 51253.66

37.59 28.16 22647.78
79.95 - 339.50 42500.09
93.74 2.64 20.16 56226.27
47.25 1.16 24.01 71832.81
64.51 2.86 15.16 24617.22
152.31 1.50 19.38 38889.13
61.61 20.52 31946.44
58.22 4.06 -6.82 57059.13
33.13 1.60 18.52 162301.22
76.48 2.77 28.97 148038.3
84.85 0.47 100.17 13882.21
28.25 3.33 28.14 209904.44
69.79 2.83 11.86 42062.28
76.54 4.06 23.52 156646.67
77.67 2.34 11.87 43975.44
82.93 1.35 20.08 28604.48
95.60 2.66 21.09 31399.11
954.02 25.16 64084.44
65.02 3.25 26.57 219480.33
57.19 3.38 7.01 33764.38
182.08 2.64 41.39 45163.42
42.24 3.54 17.17 80459.83
95.32 2.08 20.64 39615.65
348.96 62.84 41272.37
35.39 2.91 10.71 73072.73
78.55 1.25 25.58 28799.06
52.60 - -4364.11 56015.7
59.60 2.68 59.18 94300.76
86.72 2.63 22.10 27319.89
218.27 0.99 25.37 26972.5

170.99 3.17 34.56 61594.02
21.55 1.03 32.18 20425.87
42.05 1.32 32.22 80642.75
50.73 2.25 13.80 24152.36
86.68 1.29 26.32 42372.06
23.74 11.32 25593.02
65.50 3.16 13.17 41056.29
51.70 2.21 19.57 21528.5
141.05 - -27.66 31026.12
43.49 2.40 20.92 60735.64
95.21 2.15 10.66 33552.28
117.10 0.40 30.40 60164.08
55.53 1.94 15.17 59412.09
63.53 1.08 22.75 50804.27
33.23 29.36 35617.08
67.06 2.59 15.90 72219.62
87.30 2.92 18.54 70985.29
37.07 2.44 13.21 72923.27
95.00 1.48 21.78 130070
83.39 2.57 22.54 84180.32
51.68 3.49 7.55
25811
38.06 4.45 11.47 207748.02
75.90 - -56.28 23164.31
52.21 2.24 22.07 25963.56
30.11 3.61 7.95 15517.78
60.00 0.66 28.03 152154.71
71.50 1.88 24.62 86152.03
56.30 2.83 15.18 223200.63
44.50 3.03 12.17 253877.77

10.22 11.31 -23.57 16827.77
26.15 -7.65 34909.53
64.58 2.13 27.05 33679.05
85.00
2200
4300

0.60
0.22 20.12

880.09
745.18
613.04

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

Jun 03
US$
Korea Electric Power Corporation
Korea Electric Power Corporation
FleetBoston Financial Corp.
SunTrust Banks, Inc.
FleetBoston Financial Corp.
SunTrust Banks, Inc.
Euro

Electricite de France (EDF)
Electricite de France (EDF)
Credit Agricole S.A.
Credit Agricole S.A.
Yen
Wal-Mart Stores, Inc.
£ Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*


Bid
price

08/27
08/27
01/28
01/28
01/28
01/28

6.75
6.75
6.88
6.00
6.88
6.00

AAAABBB
BBB+
BBB
BBB+

Aa2
Aa2
Baa3
Baa1
Baa3
Baa1


AAAAAAAA-

103.10
103.10
122.48
117.10
122.48
117.10

6.46
6.46
4.43
4.17
4.43
4.17

0.00
0.00
0.00
0.00
0.00
0.00

0.03
0.03
0.04
-0.06
0.04
-0.06


4.75
4.75
-

03/27
03/27
03/27
03/27

4.13
4.13
2.63
2.63

A+
A+
BBB
BBB

A2
A2
Baa3
Baa3

A
A
AA-

122.21
122.21

100.03
100.03

1.91
1.91
2.62
2.62

0.00
0.00
0.00
0.00

0.00
0.00
0.09
0.09

0.20
0.20
0.91
0.91

07/15

0.94

NR

WR


NR

100.00

0.31

0.00

0.00

-

03/26
09/26

6.88
4.00

AA
A-

Aa2
A3

AA
A-

122.65
104.67


4.11
3.47

0.06
0.06

0.12
0.29

1.82
1.18

S*

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

GILTS: UK CASH MARKET

Jun 03
Day Chng
Prev
52 wk high
52 wk low
VIX
13.63
0.00
13.63
53.29
10.88

VXD
12.82
-0.27
13.09
56.32
7.76
VXN
15.16
0.01
15.15
46.72
12.06
VDAX
19.15
0.41
18.74
32.55
16.71
† 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
3.25 103.75
11/27

2.75 103.87
Austria
10/19
0.25 99.98
10/26
0.75 103.18
Belgium
06/18
0.75 101.52
06/26
1.00 105.26
Canada
08/18
0.50 99.93
06/26
1.50 102.85
Denmark
11/18
0.25 101.68
11/25
1.75 113.34
Finland
05/18
1.00 99.82
04/26
0.50 101.48
France
05/19
1.00 104.23
11/20

0.25 102.33
05/26
0.50 100.74
05/45
3.25 145.73
Germany
04/19
0.50 103.01
10/20
0.25 103.17
02/26
0.50 104.12
08/46
2.50 147.28
Greece
07/17
3.38 96.49
02/26
3.00 75.47
Ireland
10/17
5.50 108.05
05/26
1.00 102.47
Italy
04/19
0.10 100.15
06/21
0.45 100.12
06/26

1.60 101.73
03/47
2.70 104.10
Japan
05/18
0.10 100.66
06/21
0.05 101.30
03/26
0.10 102.11
03/46
0.80 113.17
Netherlands
01/19
1.25 104.50
07/25
0.25 100.77
New Zealand
03/19
5.00 107.80
04/27
4.50 117.66
Norway
05/19
4.50 111.55
02/26
1.50 102.02
Portugal
06/19
4.75 111.04

07/26
2.88 97.70
Spain
01/19
0.25 100.67
04/26
1.95 104.50
Sweden
10/18
1.00 99.69
05/25
2.50 118.21
Switzerland
05/19
3.00 111.61
05/26
1.25 116.80
United Kingdom
07/18
1.25 101.91
01/21
1.50 103.34
07/26
1.50 100.89
12/46
4.25 149.03
United States
05/18
0.88 100.20
05/21

1.38 100.69
05/26
1.63 99.22
05/46
2.50 99.47
Data provided by SIX Financial Information & Tullett Prebon Information

P/E MCap m

BONDS: GLOBAL INVESTMENT GRADE
Day's
chge
yield

Ratings
M*

Red
date Coupon

Yld

Bid Day chg Wk chg Month
Year
Yield
yield
yield chg yld chg yld
1.63
0.01
0.00

0.05
-0.47
2.36
0.00
-0.02
-0.06
0.00
0.26
0.00
0.00
0.00
0.00
0.44
-0.05
-0.06
0.00
0.00
-0.01
0.00
0.00
0.00
0.00
0.46
-0.03
-0.05
-0.11
0.00
0.53
-0.05
-0.14

-0.03
0.00
1.20
-0.05
-0.15
-0.16
0.00
-0.43
0.00
0.00
0.00
0.00
0.31
-0.05
-0.07
-0.07
-0.66
1.10
0.00
0.01
0.15
-0.09
0.35
-0.04
-0.07
0.00
0.00
-0.41
0.00
0.00

0.00
0.00
-0.27
0.00
0.00
0.00
0.00
0.42
-0.04
-0.05
-0.10
0.00
1.34
-0.07
-0.10
-0.15
-0.60
-0.54
0.00
0.00
0.00
0.00
-0.47
0.00
0.00
0.00
0.00
0.07
-0.04
-0.07

-0.07
0.00
0.75
-0.06
-0.11
-0.09
-0.74
6.75
0.04
0.02
-2.72 -15.34
7.23
0.01
0.06
-1.11
-3.41
-0.38
0.00
0.00
0.00
0.00
0.74
-0.04
-0.03
-0.18
0.00
0.05
-0.01
-0.02
-0.04

0.00
0.43
-0.03
-0.01
-0.08
0.00
1.42
-0.05
-0.02
-0.14
0.00
2.52
-0.05
-0.04
-0.18
0.00
-0.24
0.00
0.00
0.00
0.00
-0.21
0.00
0.00
0.00
0.00
-0.11
0.00
0.00
0.00

0.00
0.32
0.00
0.01
0.04
0.00
-0.46
0.00
0.00
0.00
0.00
0.17
-0.04
-0.06
-0.08
-0.84
2.09
-0.01
0.01
0.08
-1.09
2.62
-0.02
0.05
0.00
-1.21
0.55
-0.02
-0.06
-0.03

-0.46
1.28
-0.04
-0.11
-0.07
0.00
1.02
-0.01
-0.02
-0.14
-0.14
3.14
-0.01
0.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.46
-0.04
-0.04
-0.12
0.00
1.14
0.00
0.00
0.17

0.00
0.42
-0.07
-0.11
-0.10
-0.52
-0.89
0.00
0.00
0.00
0.00
-0.40
0.00
0.00
0.00
0.00
0.35
-0.03
-0.12
-0.07
-0.64
0.76
-0.05
-0.16
-0.07
0.00
1.41
-0.07
-0.16
-0.15

0.00
2.07
-0.05
-0.14
-0.16
-0.62
0.78
-0.12
-0.14
0.00
0.00
1.23
-0.13
-0.15
0.00
0.00
1.71
-0.10
-0.14
0.00
0.00
2.53
-0.06
-0.12
0.00
0.00

Red
52 Week
Amnt

Change in Yield
Jun 03
Price £
Yield
Day
Week
Month
Year
High
Low
£m
Tr 4pc '16
100.90
0.43
0.00
2.38
7.50
-12.24 102.23 100.00
0.35
Tr 1.75pc '17
100.88
0.34
-5.56
-12.82
-15.00
-37.04 101.96 100.87
0.29
Tr 5pc '18
108.38
0.21

-12.50
-30.00
-22.22
-72.73 111.52 108.25
0.35
Tr 4.5pc '19
111.46
0.32
-13.51
-28.89
-25.58
-70.37 112.71 111.04
0.36
Tr 4.75pc '20
115.68
0.52
-10.34
-21.21
-17.46
-60.61 117.12 114.45
0.33
Tr 1.5pc '21
103.38
0.76
-7.32
-14.61
-12.64
-50.33 137.29
99.91
0.29

Tr 4pc '22
118.06
0.78
-8.24
-16.13
-13.33
-52.44 119.14 113.65
0.38
Tr 5pc '25
131.86
1.16
-5.69
-10.77
-14.71
-42.29 132.97 124.47
0.35
Tr 4.25pc '27
129.57
1.45
-4.61
-8.81
-11.59
-35.27 130.43 119.79
0.31
Tr 4.25pc '32
133.66
1.82
-2.67
-6.19
-9.00

-26.61 134.41 121.93
0.35
Tr 4.25pc '36
136.84
1.99
-2.45
-6.13
-8.72
-23.46 137.18 123.52
0.29
Tr 4.5pc '42
149.42
2.07
-2.36
-6.33
-8.81
-22.18 149.42 132.20
0.26
Tr 3.75pc '52
145.77
1.97
-2.48
-7.08
-10.05
-25.94 145.77 121.95
0.23
Tr 4pc '60
161.70
1.91
-2.55

-7.28
-10.33
-26.82 161.70 131.72
0.22
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.

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 %
0.13

0.43
0.63
0.49
1.00
0.59

Jun 03
98.57
184.40
213.92
191.44
323.76
179.91
Jun 03
309.62
593.56
440.33
735.77
546.71
Jun 03
0.66
1.39
1.87

Day's
chg %
0.13
0.95
0.68
1.05

0.83
Jun 02
0.73
1.46
1.92

Yr ago
1.43
2.15
2.51

Total
Return
2405.85
3390.45
4050.40
3551.18
4769.42
3424.74

Month
chg %
0.13
2.22
1.37
2.54
1.92

Return
1 month

0.42
1.43
2.45
1.75
4.41
2.40

Year's
chg %
-0.72
6.63
2.97
8.07
5.52

20 Yrs
45 Yrs

inflation 0%
Jun 03
Dur yrs Previous
Yr ago
Jun 03
Real yield
Up to 5 yrs
-1.35
1.96
-1.28
-0.90
-1.93

Over 5 yrs
-0.97
23.71
-0.93
-0.68
-0.99
5-15 yrs
-1.01
9.26
-0.94
-0.68
-1.12
Over 15 yrs
-0.96
29.24
-0.92
-0.68
-0.98
All stocks
-0.97
20.77
-0.93
-0.69
-1.00
See the FTSE website for more details: />
Total
Return
2386.92
4395.43
3365.88

5342.44
4103.88
Jun 03
2.06
1.92

Return
1 year
2.61
7.34
10.63
8.20
16.42
9.52

Yield
0.50
1.02
1.56
1.25
1.99
1.74

Return
1 month
0.27
2.37
1.61
2.66
2.08


Return
1 year
1.07
7.35
4.06
8.63
6.41

Jun 02
2.11
1.97

Yr ago
2.68
2.69

inflation 5%
Dur yrs Previous
1.97
-1.88
23.80
-0.95
9.27
-1.05
29.28
-0.94
20.88
-0.97


Yr ago
-1.54
-0.71
-0.77
-0.71
-0.73

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


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


18

FTWeekend

4 June/5 June 2016

FINANCIAL TIMES SHARE SERVICE
Main Market
Price

52 Week
High
Low


+/-Chg

Yld

P/E

Vol
000s

0.82
4.22
2.65
6.60
3.62
2.33
2.66
2.61

14.60
16.96
-57.40
-48.89
17.02
135.16
19.00
48.36

16.9
4987.7
90.6

6715.2
880.3
5097.8
963.8
86.5

Aerospace & Defence
AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

889.00
490.90
135.75
139.00
389.20
605.50
218.00
1723

-1.00
-1.90
2.00
-0.50
-1.50

-2.00
-7.00

1180
535.89
240.45
309.10
514.00
996.00
327.80
2044

705.50
419.30
113.75
130.00
337.60
497.00
189.50
1627

12.98
278.70

-0.23
-3.80

15.84
374.90


10.44 4.67 5.93 21164.9
245.80 3.05 23.79 4182.8

25.09
317.00
2500
0.26
65.41
179.65
102.39
444.80
70.00
79.13
237.20
527.20
111.50
124.50
57.31
354.20
29.96

0.33 33.86
-9.00 514.00
2.00
2650
-0.01
0.39
-0.04 66.99
-0.75 289.90
0.18 104.30

-1.35 633.22
-0.53 89.35
-0.49 80.97
-2.60 370.00
-6.50 1102.75
126.75
140.50
-0.27 58.13
1.60 472.90
0.04 35.15

Automobiles & Parts
FordMtr $X
GKN

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

TntoDom C$X
VirginMoney
Westpc A$X♦

21.86
238.69
1538
0.23
51.17
143.91
82.19
413.95
55.84
64.52
204.30
373.40
99.00
109.00
47.75
267.30
27.69

10.93
7.53
1.96
4.39
3.62
4.54
7.91
3.21

4.09
8.52
6.61
6.63
3.72
0.40
9.42

10.67
10.25
9.82
12.99
11.63
-87.98
10.95
10.94
-1.18
11.64
-6.31
-9.10
12.73
15.60
11.96

8762.6
376.2
113.9
18159.1
727.2
29555.3

460.5
32272.6
98812.6
1072.0
10300.4
7173.3
35.9
35.5
1270.0
908.0
4601.5

12.50 14.45 8.12
1108 2.41 14.54

242.2
1221.7

138.00 83.45 2.56 17.28
159.75 105.00 1.76 52.14
3262.5 2729.11 2.37 21.33
312.40 196.90 2.73 15.01
434.50 288.50 2.86 28.16
374.80 272.66 2.24 20.29
2117.4 1275.58 3.20 15.63

5343.8
29.1
173.8
440.1

233.6
141.8
462.2

221.83
245.00
91.00
2101
1824
1105
1520
26.07
76.00
379.80
865.00
227.60
44.84
337.25

14.8
5.7
17.3
1090.2
95.0
87.0
142.9
74.7
35.1
117.7
3.3

13.3
2383.5
6.5

Basic Resource (Ex Mining)
Ferrexpo
Mondi

31.00
1326

-1.50 80.00
-2.00 1614.36

Chemicals
Bayer €X
Carclo
Croda
Elemntis
Syngent SFrX
Synthomer♦
Victrex

89.34
156.00
2923
208.20
394.10
357.90
1462


1.20
1.50
-12.00
-1.30
-2.70
15.00

Construction & Materials
Alumasc
Boot(H)
ClarkeT
CRH
GalfrdT
Keller♦
KierGp
Kingsp €
LowBonr
Marshlls♦■
MorgSdl
Norcros
StGobn €X
Tyman

152.50
208.00
83.88
2052
1328
940.00

1234
25.14
57.38
312.90
777.00
176.50
39.83
261.00

-

0.50

1.13
-21.00
-22.00
-4.50
-14.00
-0.01
-0.38
-2.00
-12.00
2.50
-0.10
-2.00

135.62
121.00
72.00
1581

1256
720.50
1145.1
18.50
55.00
258.41
695.00
158.20
31.47
221.25

3.93
2.79
3.70
2.24
5.12
2.72
4.47
0.68
4.76
2.00
3.47
3.17
1.47
3.32

9.61
12.01
12.92
31.38

10.98
26.73
49.13
25.37
33.75
22.19
-34.38
12.43
63.91
57.36

Electronic & Electrical Equip
Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris♦
TT Elect
XP Power

580.00
201.75
946.00
242.20
661.50
1962
1674
133.00

1615

40.00
0.50
4.00
-3.10
16.50
12.00
-17.00
0.25
-35.00

760.00
268.00
961.00
375.84
1092
2550
2304
168.25
1750

380.00
192.00
707.61
187.50
502.62
1577
1441
122.50

1396.8

1.69
2.53
1.26
4.54
1.97
2.37
2.86
4.14
3.96

-94.26
18.34
33.56
20.40
-77.22
14.64
17.55
20.37
15.72

522.8
31.3
426.7
146.8
62.5
38.0
148.5
97.8

8.8

545.00
268.70
253.00
303.63
1308
27.15

-2.00
1.10
-3.30
-6.13
-6.00
-0.82

571.00
443.00
332.60
380.37
1663
30.05

389.10
208.50
240.10
265.00
1159
23.30


1.49
7.26
4.74
7.90
4.09
1.34

6.40
16.26
19.94
12.67
10.97
11.24

1810.5
6223.6
471.4
3.2
239.7
23.7

Price

+/-Chg

52 Week
High
Low

Yld


P/E

Vol
000s

259.50 1.45 25.33

22.8

Financial General
3i
AberAsM♦
BrewDlph♦
CtyLonInv
CloseBrs
DBAG €

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
WlkrCrip

52 Week
High
Low

Yld

P/E

Vol
000s

1.64
3.66
5.21
4.74
3.94
4.41
4.40
3.12

2.88
5.84
4.31
3.59
3.62
2.84
6.73
2.99
3.13
4.14
5.15
3.68

38.29
32.39
18.43
20.96
-10.14
10.22
10.58
12.98
15.17
20.62
19.66
22.88
8.13
19.04
19.71
8.83
17.45

15.95
12.05
10.27
9.83
27.51

370.6
12.8
1888.9
1250.4
235.4
921.2
249.6
6991.6
667.3
9.1
7066.6
2825.3
375.0
196.2
23.7
4.5
0.4
320.6
30.7
115.0
159.2
5.0

-7.25 679.00 420.00 0.69 -18.15

51.00
3606
2850 1.15 41.35
-5.00 642.50 482.80 2.33 18.01
-9.50 761.50 632.00 3.46 16.16
0.07
4.21
3.30 2.59 -16.66
-2.25 178.25 136.43 2.60 10.70
-3.00
1638
1236 1.99 23.55
21.00 2608.91 1512.48 1.45 27.73
6.00 700.00 509.24 3.78 41.50
5.50 325.00 245.50 3.36 30.19
0.18 19.59 15.50 0.59 34.28
-4.50 396.70 262.80 1.81 26.68
-9.00 610.00 410.00 2.43 20.62
-0.28 84.80 62.17 0.54 28.83
-0.10 76.95 65.70 2.89 26.36
62.00 29.65 -1.67
9.00 449.00 272.50 83.40
-11.38 325.00 232.00 1.48 -35.53
-7.00 4590.8
2773 1.72 35.73
2.75 207.50 97.75 1.68 23.25
-2.50 641.85 492.20 4.41 65.90
1.97 137.25 77.85 3.55 13.81
35.00 3334.5
2450 2.78 25.24

-0.10 42.79 32.92 2.78 24.94

43.2
786.8
28.2
670.2
47.5
17.2
498.0
29.6
444.4
102.5
60.3
2223.2
247.2
35.8
4190.8
2311.6
140.5
10.0
1729.5
132.8
1753.3
191.1
1543.0
1.9

Price

+/-Chg


1321
102.20
259.80
422.00
134.40
652.00
281.00
454.70
433.00
278.00
133.00
91.75
306.40
2851
1903
24.50
2310
2656
2007
528.50
327.50
46.25

10.00
0.20
1.10
6.40
-3.40
-0.50

-0.30
7.40
2.00
0.60
-0.05
-2.40
2.00
-6.00
-25.00
3.00
-1.00
-7.50
-0.20
-

1533
111.20
314.30
566.00
170.00
706.42
502.00
624.50
481.30
393.50
184.80
98.85
449.00
3654
2373

41.00
2595
3378
2596
565.00
415.90
55.00

1024
90.70
209.90
390.30
122.10
485.70
215.60
402.20
359.70
245.00
126.50
84.25
284.70
2641
1868
20.30
1996.5
2320
1792
435.30
287.10
38.00


Food & Beverages
AngloEst
AscBrFdX♦
Barr(AG)♦
Britvic♦
C&C €♦
CarrsGroup
Coca-Cola H
Cranswk
Dairy Cr
Devro
Glanbia €
Grncore♦
HiltonFd♦
Kerry €
Nestle SFrX
PremFds
PureCircle
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever
..NV €

462.75
2951
531.50

664.00
4.15
142.25
1332
2346
574.00
261.75
16.90
339.00
560.00
81.20
73.35
42.50
334.00
269.50
4313
164.75
635.00
113.60
3199
40.50

Health Care Equip & Services
Bioquell
ConstMed
GNStre kr
UDGHlthC♦

170.50
948.50

137.30
596.00

-1.50
-20.50
1.10
-1.00

178.00
1155
152.50
629.50

126.00
872.50
108.20
452.20

1.94
1.91
0.73
1.46

493.90
2218
2823
813.50
1.00
218.43
462.29

455.00
408.00
456.00
98.00
180.00
1772
20.48
240.70
5403
351.30
166.01
2244

2.61
2.88
5.56
3.69
2.84
10.64
1.85
3.81
2.42
1.87
1.45
0.95
1.75

113.67
94.30
25.29

34.32

17.6
3.3
532.0
909.7

House, Leisure & Pers Goods
BarrttDev
Bellway♦
Berkeley
BovisHme
Cairn Homes €
CtrySide
CrestNic
GamesWk
Gleeson
Headlam♦
McBride
McCarthy&S
Persimn
Philips €♦
PZCusns
ReckittBX
Redrow
TaylorWm■
TedBaker♦

578.00
2677

3239
994.50
1.08
278.50
584.00
488.50
541.00
479.75
149.50
237.50
2057
23.87
331.00
6930
415.00
190.50
2413

-7.00 673.50
-18.00 2897.51
30.00
3788
-11.50
1206
0.00
1.23
1.50 287.00
607.50
-1.25 625.00
-9.00 630.00

1.25 550.00
-1.50 181.50
0.60 295.00
-15.00
2255
-0.24 26.10
-9.50 370.00
88.00 7069.82
-1.80 504.50
-1.90 211.90
-14.00
3650

11.21 3048.6
9.70 217.0
10.75 529.2
10.44 249.1
-7.20 2821.2
63.86 451.9
12.07 400.0
12.76
52.0
16.11
8.3
14.24
8.6
85.28 169.4
19.91 769.4
12.36 699.2
63.03 2038.0

25.83 324.1
28.77 1159.3
8.74 449.6
12.74 11478.2
24.31
27.1

Industrial Engineering
Bodycote
Castings
Fenner

587.00
445.00
146.25

-8.00
3.00
1.50

Price

+/-Chg

777.00
514.50
237.00

489.90 2.49 19.84
385.00 2.99 13.04

95.25 8.21 -12.95

200.3
32.3
126.4

Price
Goodwin
Hill&Sm♦
IMI
MelroseInd
Renold
Rotork
Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir♦

1975
909.50
989.00
388.90
40.38
193.30
47.00
144.70
3459

123.50
134.00
500.00
1180

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

1410
636.00
717.00
274.00
28.20
150.30
46.75
120.00
2664
99.30
101.96
485.00

764.50

2.14
2.06
3.83
14.28
2.61
1.06
3.87
1.95
4.86
1.57
4.84
3.73

16.18
29.74
22.27
-35.45
15.80
22.45
102.40
16.80
26.74
6.74
16.03
17.11
-

0.7

43.0
363.0
777.5
89.4
1978.0
57.9
1335.2
61.1
16.8
12.1
163.9
1658.5

755.00
31.00
195.00
61.03
33.00
69.82
644.50
864.50
423.70
1243
1948
447.90

606.25
21.25
123.00
45.00

25.24
40.00
502.50
614.00
329.10
858.00
18.24
265.10

2.36
1.75
2.60
0.93
2.73
2.80
1.77
2.94
3.67
2.51
4.95

11.28
23.80
25.07
11.61
9.05
14.13
24.63
41.52
28.14

15.40
13.50
18.79

12.4
922.2
2.3
176.8
149.9
41.6
4976.2
2727.8
856.5
764.7
1613.0
81.7

238.22
511.00
2855
13.88
1523
99.00
924.90
544.00
543.00

149.70
410.00
1710

8.84
894.50
49.98
696.50
412.80
245.25

3.94
5.90
2.69
1.49
1.71
5.42
3.95
6.71

25.91
20.05
33.68
60.37
16.78
17.67
26.53
18.49
21.53

1599.7
7.1
11.2
812.8

64.2
164.8
0.6
2112.8
4.3

25.00
2802
-19.50 1000.00
-9.00
1282
-2.90 2046.17
0.13 86.00
-3.90 260.30
-0.25 75.00
-1.50 209.90
-18.00 3725.04
132.00
-0.50 140.50
-4.00 670.85
6.00
2001

Industrial General
BritPoly
Coats Group
ExovaGroup♦
JardnMt $X
Jard Str $X
Macfrlne♦

REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

720.00
28.75
171.00
54.95
29.00
61.50
633.00
810.00
387.20
1117
1896
328.90

-

0.50

2.00
-0.90
-0.49
5.50
-0.50
-1.60

1.00
-1.00
-5.10

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

202.70
441.00
2266
11.40
1328
53.00
787.50
531.50
325.00

0.50
-4.00
-0.07
18.00
0.50

0.50
3.00

Insurance
Admiral
AvivaX
Beazley
Chesnar
Eccles prf♦
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen♦
NovaeGp
Old Mut
PermTSB €
PhoenixGrp
PrudntlX
RSA Ins
SagicFin
StJmsPl
Stan Life

1977
439.30
359.40
304.00
139.00
113.50

973.50
912.50
559.50
232.80
835.50
178.20
2.06
865.00
1330
484.50
63.50
904.00
327.20

15.00
1993
1370 2.41 18.45 699.5
-4.30 537.50 400.10 4.33 19.70 7359.8
-1.40 402.08 290.80 2.78 11.22 529.5
-0.50 367.81 265.75 6.12 9.66
51.4
145.00 123.50 6.21 69.2
1.00 123.24 93.00 7.71 11.81
23.1
-3.00
1067 819.00 2.36 13.81 270.1
-7.00
1074 769.50 3.22 19.42
57.7
-0.50 772.90 512.00 1.83 10.39 318.4

-2.90 277.50 199.50 5.07 12.90 12143.7
-4.50 914.39 695.00 3.05 10.56
37.0
1.10 230.00 148.07 4.99 14.14 8627.2
-0.06
5.46
1.81 -2.18 235.9
-6.00 952.00 777.00 6.17 9.65 523.6
-20.00 1665.19 1045.99 2.86 13.18 4144.9
-0.20 528.00 371.00 1.14 70.22 3039.0
63.50 53.00 8.77 5.10
0.0
-5.00
1031 800.50 2.78 23.44 811.5
-6.40 487.10 309.58 5.33 24.42 3525.0

1327
50.13
91.00
679.00
101.50
145.25
213.50
34.75
836.50
237.50
15.45
1260
353.00
54.56

177.25
1581

-43.00
-2.88
1.50
6.75
1.00
-0.75
-13.00
-0.05
5.00
-18.00
-0.54
-0.75
-16.00

1385
87.09
163.00
989.50
129.90
196.00
281.90
160.00
1320
274.00
16.75
1323
520.00

55.92
267.92
1690

1039.3
47.93
86.00
601.50
95.00
125.25
201.64
34.75
644.50
183.38
12.64
988.50
344.33
47.25
160.00
1273

329.80

22.70

355.18

154.00 0.88

Price


+/-Chg

Media
4imprint
Centaur
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
Pearson
Quarto♦
RELX NV €
RELX PLCX
STV Grp
ThmReut C$X♦
Wireless Gr♦■
WPPX

1.73
5.59
4.62
3.15
7.39
5.09
2.44
6.22
3.62

2.37
2.10
2.55
3.23
5.73
2.69

24.22
1.0
-10.40 803.5
11.83
14.9
9.78 465.8
-1.94
3.0
14.29 468.4
17.26 13540.4
-72.55
23.5
-19.32 2145.4
7.79
1.0
25.45 1636.4
26.59 2045.1
12.17 348.5
27.21 254.0
7.00
49.6
17.89 3305.5


Mining
Acacia

-7.47

686.5

P/E

Vol
000s

Price
AngloAmer
AngloPacif
AnGoldA R
Barrick C$♦
BHP Bltn
BisichMg
EVRAZ
Fresnillo
GemDmnd♦■
Harmony R
Hochschild
Kenmr
Lonmin
Petra
Petropvlsk
PolymtIntl
RndgldRs

RioTintoX
Troy Res A$
VedantaRs

617.90
83.25
236.14
24.29
833.60
70.50
111.60
1123
138.00
51.29
151.00
0.85
180.50
118.00
7.79
849.00
6250
1895
0.55
375.00

52 Week
High
Low

+/-Chg


30.40 1058.53
2.50 97.00
17.05 244.44
2.06 25.44
28.00 1418.03
5.00 94.70
1.70 171.00
79.00
1171
5.00 159.75
4.66 62.89
7.00 163.15
0.10
4.10
4.25 14790
2.00 176.60
0.14
9.11
17.00 850.72
400.00
6885
29.50 2917.5
-0.02
0.77
2.20 628.00

215.55
49.00
71.59

7.89
571.60
60.00
54.00
569.63
94.75
7.92
38.75
0.27
35.75
52.77
5.09
424.20
3546
1557
0.19
195.16

Yld

P/E

Vol
000s

9.41
9.61
0.59
9.55
7.09

0.31
2.46
1.72
1.69
0.72
8.11
11.10

-2.09
-5.92
195.68
-7.26
20.08
-29.06
-3.67
172.96
5.54
-3.90
-4.26
-0.58
-0.22
62.93
-1.64
23.97
42.99
-58.85
-1.21
-0.74

9357.2

694.4
3240.6
4564.3
9962.9
3.3
1532.1
1527.3
194.5
1770.5
1555.2
4531.4
1250.8
923.8
2612.6
885.1
649.4
5005.0
1079.1
310.7

Oil & Gas
Aminex
BPX♦
Cadogan
CairnEng
Cape♦
ExxonMb $X♦
GenelEgy
GeoPark $
GrnDnGas

GulfKeyst
HellenPet €
Hunting
ImpOil C$X♦
IE Hldgs
JKX
Nostrum
OphirEgy
PremOil
RylDShlAX♦
..B♦
Schlmbrg $X♦
SEPLAT♦
Soco Int♦
TrnCan C$X
Tullow

1.30
358.55
8.25
196.00
205.00
88.31
133.00
2.30
242.50
4.26
4.13
310.50
41.36

13.75
21.50
324.50
71.55
69.00
1676
1683
75.30
90.63
119.75
55.48
236.30

-

5.45

0.70
-2.00
-0.22
5.25
-0.01
-0.05
0.11
-5.00
-0.13
0.50
-1.25
0.70
1.00

15.00
17.50
-0.15
2.38
-0.75
-0.20
5.60

2.33
1.18 -9.56 2095.2
453.55 249.44 7.80 -9.80 34736.1
13.25
7.75 -1.21
5.0
232.00 124.70 -3.20 614.9
262.50 199.00 6.83 12.06
41.6
90.46 66.55 3.34 28.12 3846.1
564.50 71.75 -0.47 2752.6
5.40
1.90 -0.63
0.6
6736.11
362.50 200.00 2.6
40.99
3.52 -0.44 3688.9
5.65
2.74 20.44 115.5
677.00 232.00 5.89 -2.93 594.9
49.89 37.25 0.87 57.96 143.4

127.99
4.00 -0.29 131.2
29.50 14.40 -0.67
1.6
623.50 203.00 5.72 -8.18 174.5
136.40 63.49 -2.24 1595.8
170.50 19.00 -0.49 4601.5
1950
1256 7.76 -78.50 5385.2
1970.01 1261.03 7.73 -78.83 4725.0
92.47 59.60 2.68 59.18 1327.6
126.90 54.80 9.83 31.22
2.6
201.40 115.00 8.68 -17.19 385.4
55.78 40.58 3.87 -28.21 519.5
400.50 116.26 -3.07 5367.4

Pharmaceuticals & Biotech
BTG
CathayIn
Dechra
Genus
GlaxoSmhX♦
HikmaPhm
Oxfd Bio
RichterG $♦
ShireX
VecturGp

673.50

17.25
1134
1556
1459
2331
5.45
20.72
4407
161.80

-8.00
-44.00
21.00
14.50
31.00
-0.06
0.07
-42.00
0.10

716.00
28.29
1250
1629
1532.1
2520
10.96
20.76
5870
200.10


504.00
7.10
902.50
1256
1227.5
1575
5.00
14.10
3423
145.30

-

143.70

92.00

-0.10
13.50
8.00
57.00
11.00
-0.03
6.50
-0.40
-0.01
3.20
15.00
1.80

-3.50

64.00
893.50
879.00
71.50
608.00
3891
892.50
1.64
689.50
126.16
1.45
1090
355.70
1355
172.10
279.75

50.00
620.00
642.27
55.00
312.20
2904
681.00
1.30
531.00
99.68
1.18

910.00
269.20
963.00
152.20
210.00

1.49
1.25
5.48
0.76
0.59
0.41
-

56.58
-7.07
49.42
31.44
116.13
27.40
-10.76
20.42
28.17
134.39

634.2
12.1
362.4
14.9
7660.0

464.4
2017.0
0.0
5114.3
1666.5

3.12

11.0

Real Estate
Harworth Gr

96.50

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

McKaySec♦

55.95
854.50
738.00
60.75
370.00
3301
747.00
1.46
573.50
103.10
1.28
955.00
298.20
1163
161.70
215.00

REITs

3.49
2.54
3.77
3.46
4.05
1.23
1.20
3.68
4.95

3.88
4.59
2.76
4.33
4.05

10.13 814.8
10.17 101.2
5.38 3356.7
4.43 373.8
19.66 137.8
4.77 211.3
4.06 895.3
24.7
6.19 1744.6
5.82 347.1
11641.2
17.19
0.0
8.08 1909.1
4.41 1620.1
6.55 3593.4
3.75 245.4

Price

+/-Chg
-4.88
-0.25
0.02

6.30
11.00
2.00

52 Week
High
Low

Yld

530.00
113.50
57.95
466.70
975.50
336.75
989.50

4.53 6.72
4.66 10.15
7.24 15.75
3.37 4.92
1.49 7.01
3.48 7.15
1.42 3.95

207.5
947.5
1826.8
1073.5

430.0
0.1
201.1

0.44
1.37
1.14
1.84
3.11
0.62
2.53
9.50
2.32
1.44
4.22
2.74
1.55
3.07
2.23
1.06

674.1
2.9
2.0
623.9
48.9
1890.9
2.9
8.0
0.4

33.5
6.8
4.0
113.3
101.3
245.1
10.1
210.1
47.5
202.4
18.1

MucklGp♦
PrimyHth
Redefine♦
SEGRO
Shaftbry
Town Ctr♦
Wkspace

460.13
107.25
44.91
439.70
921.00
300.00
850.00

Cap&Count♦
CLS

Daejan
Grainger♦
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
RavenRuss
RavenR Prf♦
RavenR Wrt
Safestre
Savills
SchroderRE
Smart(J)
StModwen
U+I■
UNITE Gp
Urban&C

340.20
2.50 475.10 312.10
1557 -43.00
2037 195.00
5965 -35.00 6614.2
5380
241.20
2.80 256.00 201.40
394.00
-0.75 475.50 355.00
6.02

-0.02
8.63
5.55
25.00
40.10 19.50
115.13
-1.63 222.00 111.00
10850 -100.00 12439.08 10774.94
32.00
58.00 28.50
126.25
143.00 115.00
15.00
-0.50 34.00
8.15
357.00
-3.00 370.00 269.50
780.00
-5.00 990.50 650.85
58.75
-0.50 62.00 54.50
108.00
1.00 114.80 97.25
326.00
1.60 499.40 285.60
192.00
0.25 293.00 178.50
650.50
2.00 706.00 567.00
250.00

-1.50 291.00 235.50

Real Estate Inv & Services

445.00
95.00
41.83
394.51
809.36
272.00
705.50

P/E

6.68
5.09
6.14
19.23
4.18
7.15
-8.77
-1.80
11.81
-1.64
6.87
16.83
7.19
16.76
3.71
11.00

4.33
8.14

Vol
000s

Retailers
AA♦
AO World
AshleyL
Caffyns
Card Factor♦
Dairy Fm $
Debenhams♦
Dignity♦
DixonsCar
Dunelm
Findel
Halfords
Inchcape♦
JDSportsF
Lookers
Marks&Sp♦■
MossBros♦
Next
Ocado
Photo-Me
Saga♦
SuperGroup
TescoX


280.50
175.00
24.00
582.50
363.50
6.61
70.80
2553
432.40
940.00
165.00
408.30
675.50
1307
142.80
356.60
106.00
5350
263.60
152.25
209.50
1496
162.00

-3.90 423.30 246.00 1.25 278.55 808.9
1.00 198.00 118.60 -75.82 543.0
-0.25 35.00 22.00 8.33 9.34
63.6
2.50 665.00 480.00 3.48 1.70

1.8
4.00 401.50 269.00 2.56 18.68 185.3
-0.16
8.98
5.56 3.43 21.39 203.9
-0.50 95.15 63.75 4.80 8.87 2590.1
-11.00
2643 2038.44 0.79 22.30
38.8
1.80 506.50 398.90 20.40 2077.3
-11.00
1023 803.50 2.18 19.88
57.3
-0.75 254.75 162.00 -23.84
8.8
-6.00 563.51 310.80 3.58 12.25 855.3
-3.50 874.00 657.50 3.05 17.14 670.1
3.00
1321 635.00 0.54 30.10 216.5
0.50 188.80 130.28 2.06 11.35 437.4
585.32 347.70 5.05 13.66 12434.7
-0.25 112.00 88.00 5.05 23.56
42.8
-35.00
8175
4900 2.86 12.32 509.6
-13.90 478.50 226.80 - 231.03 1784.4
-3.00 185.50 131.75 3.21 21.91 430.3
-0.50 225.10 170.80 3.01 15.87 2722.5
66.00 1733.49

1128 30.57 250.0
-7.50 227.35 137.00 58.70 31356.2

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

258.00

1131
977.50
1340
1032
1225
190.25
2047
1052
271.70
39.75
157.50
6285
546.00
756.00
283.60
670.00
829.00
1296
69.63
134.50
488.00
503.00
319.20

3.00 334.75 235.25 2.95 24.23
-10.00 1574.2 762.05 2.40 17.87
-2.00
1168 749.00 1.66 13.20
-13.00
1677

1110 2.72 13.77
-4.00 1152.76 840.00 2.29 19.26
1235 946.50 2.49 23.66
-5.00 330.00 136.50 5.62 26.56
8.00
2108
1665 1.77 29.18
-7.00
1336 982.00 2.86 133.86
-2.20 363.90 243.80 6.57 9.72
0.50 57.00 36.25 5.18 5.70
-2.50 175.00 129.75 5.84 14.79
5.00
6740 4522.72 1.35 40.94
-1.50 585.00 395.50 4.58 14.07
6.00 846.50 600.29 2.41 23.41
-3.80 293.86 167.55 4.14 29.84
-12.00 695.00 433.64 22.90
-6.50
1038 660.00 2.28 32.13
1307
1017 2.03 28.59
-0.75 107.00 68.00 5.30 7.42
-0.70 173.70 112.60 2.05 17.55
-2.00 501.50 353.68 2.54 27.89
2.00 538.50 440.46 1.85 18.49
-16.60 673.00 276.00 7.33 6.76

15.6
523.7

1294.4
81.5
630.9
198.5
828.6
505.6
936.7
1018.0
128.7
228.5
197.9
102.3
99.7
409.7
2.2
476.3
1238.2
6.9
2551.3
316.5
813.4
1550.1

Price
Intertek
Lavendon
MngCnslt
MearsGp
MenziesJ♦
MichaelPge♦

MITIE
PayPoint
PremFarn♦
Rentokil
Ricardo
RbrtWlts♦
RPS
Shanks#
SIG
SpeedyHr
St Ives
Vp
Watermn
Wolseley

3167
132.50
16.75
384.25
522.00
389.80
280.70
978.00
114.50
178.50
844.00
320.00
193.00
80.50
133.60

39.00
96.25
719.75
96.00
3746

52 Week
High
Low

+/-Chg

11.00
3377
0.25 211.50
0.25 17.25
-3.00 475.00
-1.50 535.00
-4.00 568.00
-2.10 341.00
20.00 1112.15
-2.25 197.40
-1.10 183.30
-18.00 958.00
478.00
-0.25 246.75
-0.50 113.50
0.40 209.90
-0.50 77.00
-4.75 248.17

-10.25 816.00
-1.00 101.68
-40.00
4398

Yld

2296
120.75
12.94
361.75
357.50
358.30
236.50
709.00
87.75
138.70
764.60
298.00
162.00
68.75
117.00
27.94
96.00
640.00
65.00
3214

1.58
3.70

3.55
2.67
2.51
2.87
4.17
3.94
9.08
1.51
1.97
1.97
4.70
4.29
3.50
1.79
7.43
2.29
2.08
2.42

P/E

Vol
000s

-14.13
27.12
-10.47
19.12
31.73
18.48

14.04
33.16
9.64
26.21
21.02
17.10
62.46
-42.17
21.94
-14.18
27.63
14.52
14.82
16.80

325.7
88.3
187.6
72.7
43.4
433.2
659.7
53.6
493.5
1572.9
65.3
16.8
282.8
0.7
5602.9

138.3
109.5
1.3
45.9
893.1

811.50 0.77 40.66
314.90 3.77 -107.92
64.25 3.30 53.93

3816.4
314.0
60.2

2350
885.00
13.95
79.60
1645
326.00
185.00
639.00
463.75
43.00

1221
705.00
7.10
62.00
1150

208.00
130.00
363.39
315.00
14.50

1.88
2.33
6.67
1.92
1.37
3.26
2.10
0.60
-

36.66
10.21
-1.32
40.41
40.81
45.50
7.30
38.37
-11.02
8.82

114.1
106.8
9.0

38.6
425.5
219.3
247.4
2452.5
4.2
8.5

502.60
1153
124.50
412.70
1215

404.00
700.50
86.00
184.00
780.00

2.99
4.75
4.84
5.74
3.89

14.54 11274.1
18.68 2102.0
44.45 2313.7
45.23 1058.7

25.08
97.1

Tech - Hardware
ARM Hldgs
Laird♦
SpirentCM

991.50
335.20
79.50

7.50
-8.90
-0.25

1332.5
413.30
98.75

Tech - Software & Services
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM
Sage
SDL

TriadGp

1621
838.50
8.00
75.00
1621
289.80
130.00
622.50
417.00
25.25

1.00
-1.50
1.50
-14.00
4.80
-3.50
2.00
-3.00
-

Telecommunications
BTX
Inmarsat
KCOM Gp
TalkTalk
TelePlus


431.85
715.00
111.00
240.30
1029

-1.65
5.50
2.25
-0.90
2.00

4206
3761.5

63.50 4357.13
44.00
3898

Tobacco
BrAmTobX
Imperial BrX

3231.5 3.57 18.27
2926 3.75 31.88

2067.8
1374.8

Travel & Leisure

888 Hldg
AirPrtnr
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl €♦
Ladbrokes
MandarO $
Marstons♦
Natl Exp
PPHE Htl
Restaurt
Stagech
ThomasCook
TUI
Whitbrd♦
Willim H

234.00
410.00
568.50
1300
96.25
106.50
1026
2541

886.00
5.72
134.60
1.43
151.70
335.10
822.50
357.60
256.30
71.50
1049
4182
308.00

-0.25
7.25
3.00
6.00
-0.75
-0.90
-4.00
-9.00
1.50
0.17
-1.20
0.01
-0.70
-0.50
32.50
3.00

-1.50
-0.45
7.00
18.00
1.50

237.00 146.08 2.33 42.06 279.6
470.00 345.00 5.54 21.58
50.3
599.00 451.32 2.37 19.04 275.5
1312 963.00 2.26 23.70 2134.4
135.10 69.80 -13.38 556.1
129.90 79.55 19.24 1610.1
1250 993.75 1.53 20.35
5.2
2758 2134.59 3.54 18.96
32.2
985.00 766.00 3.24 21.82 347.2
5.72
3.80 1.76 21.28
17.3
150.00 92.85 4.16 256.38 7410.4
1.72
1.18 4.82 19.58
85.1
177.00 142.70 4.42 -32.12 746.6
353.10 268.50 3.17 16.08 292.3
840.00 464.50 2.43 11.53
7.8
728.00 265.00 4.50 10.44 1686.0

420.20 240.60 4.10 11.13 728.5
147.77 69.96 19.56 13915.5
1287 956.50 4.23 50.69 587.6
5315
3641 2.04 19.54 634.2
432.10 294.10 3.99 14.36 2372.1

202.10
1295
295.30
979.00
850.50
959.00

1.20
-2.60
19.40
8.50
13.00

286.67
1484
394.60
1015.5
901.00
1003

Utilities
Centrica♦
DeeVally

Drax
Natl GridX♦
Pennon
UtdUtils

182.50
1270
205.10
806.40
711.90
816.50

5.92
4.83
4.17
4.38
3.80
3.93

-13.56 17191.7
16.89
0.3
21.36 695.2
17.06 6562.0
23.08 1522.5
23.37 1134.1

AIM
Aerospace & Defence
Cohort


344.00

-5.00

432.04

Banks
Caribbean I
STB

7.75
2640

-12.00

9.50
3425

3.25 -0.70
2537 2.61 25.36

0.7
31.7

Basic Resource (Ex Mining)
CropperJ

772.50


2.50

790.00

430.00 1.10 35.57

8.6

Chemicals
Scapa

284.50

11.50

287.75

174.75 0.53 57.41

1359.4

Construction & Materials
Abbey
AccsysTch
Aukett

1052.5
65.50
6.25


-10.00
1.38
-0.25

1300
78.47
8.50

845.00 0.82 6.39
56.00 -41.91
5.50 3.52 6.25

0.9
9.7
57.0

4.20 -6.44
5.05 9.63
9.75 -2.54
58.00 1.21 23.36
165.00 1.54 22.25
273.00 3.44 13.85

3.4
799.0
482.8
42.3
4.5
62.0


10.00
3.25 -0.91
1650 1251.29 1.84 29.73
167.00 131.00 1.75 6.97
9812 7844.85 1.56 17.91
195.00 117.00 5.46 -8.40
41.00 30.25 10.42
653.00 509.00 1.62 34.13
36.00 23.50 2.31 34.44
278.00 191.00 7.57 10.14

6.0
2.2
160.5
3.7
5.3
5.0
4.4
6.9
91.3

Electronic & Electrical Equip
CeresPow
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

9.03

6.38
13.50
128.00
237.38
349.00

0.18
0.25
-0.25
0.50
2.38
-2.50

10.00
8.70
27.69
142.00
250.70
440.00

Financial General
Ambrian
Arbuthnot
BP Marsh
Camellia
Fairpoint♦
Leeds
MattioliWds
Miton
Numis


3.50
1525
157.00
8074.5
120.00
39.50
649.00
26.00
224.50

-25.00
-2.00
24.50
6.25

Park Grp
PolarCap
Share♦
ShoreCap
STM Group♦
WH Ireland

74.25
326.25
28.00
317.50
40.00
92.50


-0.25
1.88

-

0.50

52 Week
High
Low
97.97
489.75
37.70
429.40
73.00
130.00

52.00
317.00
25.00
300.00
39.00
81.10

Yld

P/E

Vol
000s


3.23
7.66
2.21
1.57
2.16

14.77
12.73
61.14
12.17
10.56
-32.99

135.1
370.1
70.9
0.9
159.2
238.9

116.50
1408
35.50
410.00

-

124.00
5.00 1496.81

-0.50 59.40
610.00

79.08 2.15 17.34
1086 1.65 23.37
34.10 25.71
396.00 2.56 11.96

190.8
11.5
101.1
0.4

Health Care Equip & Services
Advnc Med♦
AVO
CareTech
CircleHldgs
ImmunDiag
Tristel

199.50
6.75
241.50
20.25
149.00
116.50

-1.25
0.13

10.00

202.26
10.25
262.15
48.98
320.69
152.00

135.00
4.75
210.00
9.00
135.00
80.50

0.37
3.31
2.01
2.33

29.85
-14.67
17.50
-4.30
34.21
30.22

214.5
2151.2

5.3
3.8
23.2
135.8

23.00
860.00
34.80
1050
1275
492.75
244.85

15.50
502.00
17.50
825.00
880.00
306.85
184.00

4.62
2.13
2.33
3.00
1.25

14.52
21.12
-6.01

17.75
7.70
20.22

131.4
3.4
106.2
4.5
17.9
456.3
57.1

19.50
227.50
275.42
5.96

7.00 6.48
137.40 4.38 22.26
90.00 6.22 28.05
1.76 -8.55

1.0
4.8
6.2
60.5

180.00
1197
844.36

273.00
1025
158.00
129.50
271.96
173.80
187.50
92.00
217.00
613.00
7.08
459.00
20.33
542.00
20.53
17.00
37.75
917.00
860.00
241.75
93.49
1119
928.00
347.00
193.46
129.75
1059.1
703.00
750.00
166.00

200.00
175.50
410.00
620.00
148.20
205.50
304.36
78.00
120.89
168.89
104.00
175.50
395.35
100.00
103.00
394.00
126.50
379.75
252.51
54.54
208.56
101.72
631.46
110.00
608.52
259.51
140.25
294.46
645.18


138.00
950.00
593.85
234.00
859.00
137.01
107.50
195.50
105.06
152.00
70.25
174.50
522.00
4.56
390.00
10.00
391.70
11.00
1.67
17.00
722.00
706.00
199.00
84.50
891.00
775.00
238.25
159.83
103.77
740.68

561.00
617.00
149.90
178.00
139.00
320.70
369.33
130.00
147.00
245.00
63.00
108.50
144.50
100.00
155.00
335.75
81.00
83.00
330.00
113.10
238.90
182.00
32.25
134.51
98.25
541.40
92.00
478.20
211.75
110.00

219.85
526.38

House, Leisure & Pers Goods
Airea
Churchll
gamingrealm
Mulberry
Portmern
TelfordHms
WalkerGb

19.50
780.00
20.75
1037.5
1162.5
369.50
192.50

-0.25
12.50
-0.25
-0.50

-713.55

Industrial Engineering
600 Grp
MS Intl

Pres Tech
TP Group

9.00
182.50
135.00
3.88

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

Hend Alt
Hen Div♦
HenEuroF♦
HenEuro
HenFarEs
HenHigh
HenInt Inc
Hen Opp
HenSmlr
Herald
HICL Infra♦
Highbridge
Impax Env.
Ind IT
IntBiotech
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

161.00
1075
665.00
259.75
1001
148.00
112.50
263.63
137.10
165.70
90.00
192.00
594.00
5.21
438.40
13.50
485.30
12.50
6.25

33.00
742.00
722.50
218.00
89.00
979.00
863.50
284.50
174.13
128.50
825.50
609.00
697.00
162.80
178.50
171.00
400.00
455.00
146.50
186.63
270.00
71.63
120.00
156.50
101.00
162.00
389.00
90.00
89.50
353.00

122.30
288.50
214.50
43.00
160.00
100.25
596.50
98.00
578.00
233.63
119.25
274.63
562.50

Yld

Industrial General
Powerflte
RM2

71.50
24.00

-

180.00

-

1.00


100.98
73.00

64.00 1.55 11.15
23.00 -2.42

87.1
130.9

210.00

157.00 0.83 23.38

0.3

Insurance
Helios

Media

Food & Beverages
FinsbryFd
Nichols
RealGdFd
Wynnstay

52 Week
High
Low


-

0.50

Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

213.50
98.50
343.50
39.50
272.50
183.50

-

6.00

254.00
106.70
374.75
50.00
305.00
187.00


140.00
77.10
278.75
38.14
177.00
101.50

4.35
1.73
162.50
2.40
28.00
2.11
90.00
0.98
3.20
5.88
22.50
19.25
1.93
0.63

0.02
-0.18
5.50
0.03
-0.50
-0.10
2.75
0.50

-0.25
-

44.58
2.99
188.00
4.30
38.50
8.48
100.25
1.54
3.30
8.75
30.33
29.50
2.66
18.00

3.89 4.33 619.7
0.63 -11.90 1056.0
118.21 7.67 12.10
87.8
1.00 -6.82 436.0
0.28 -6.48
29.4
1.75 -2.03 582.6
37.00 4.61 -41.82 994.3
0.50 -36.11 2107.0
1.10 -27.12 17156.5
4.00 -2.32 1527.8

15.00 -13.12 114.9
10.28 -56.95 5495.8
1.06 -22.38 402.7
0.47 -0.16 420.7

27.50
19.38
1.65
2.01

0.25
-0.13
0.01

39.75
33.50
3.25
6.19

-

4.75

3.04
2.68
1.89
2.91
1.36
0.54


17.36
28.60
38.00
8.44
48.91
40.95

18.5
61.3
15.4
19.7
4.8
44.1

Mining
AMC
BotswanaD
CentAsiaM♦
Connema
C'royG&NR
GrekaDrill
HighldGld
KarelianDd
OracleC
ShantaGold
SierraRut
Sirius Min
Stratex
ZincOx


Oil & Gas
AmeriRes
AndesEnrg
BahamasP
BorSthnPet

16.69
14.94
0.92
1.25

-

-16.17
-14.28
-6.27
-4.06

1560.9
297.0
1643.9
157.2

104.75 84.25 4.99 96.5
116.00 72.94 5.34 97.9
370.00 318.25 337.9
113.45 96.00 4.65 107.5
554.50 430.00 609.0
289.00 210.00 319.5
305.00 233.50 0.98 338.2

1100 876.09 2.00 1032.0
221.20 170.50 1.52 365.00 259.50 3.86 395.4
101.05 82.00 7.03 88.0
929.20 805.00 1.35 989.4
185.22 148.00 203.5
1900 190.00 3.08 1805.2
538.00 432.50 3.42 517.2
280.45 227.00 1.41 291.4
655.00 435.00 0.99 459.1
374.10 314.76 4.23 360.7
1440
1095 3.33 1320.5
174.00 140.00 4.27 166.0
281.21 230.75 3.11 269.8
250.25 225.00 1.33 312.0
190.50 155.00 2.27 182.8
319.24 236.73 2.76 321.1
1845 1532.56 2.77 1926.8
493.88 374.50 5.97 429.1
346.59 312.00 1.16 346.0
166.44 145.00 182.7
60.97 51.50 3.73
2.25 446.00 360.50 0.94 483.2
590.00 458.03 1.34 650.0
762.00 595.00 4.92 708.1
1047 739.42 6.08 921.2
1.21
0.95 19.30
8.00 15.6
61.66 51.00 7.58 54.8

350.00 263.00 378.8
81.90 65.00 0.39 120.0
919.90 729.50 3.51 1017.4
2385 1898.35 - 2748.1
660.00 490.25 696.8
208.99 156.25 1.36 202.3
200.48 142.50 0.21 193.2
431.00 358.00 3.30 396.9
37600 33000 1.51 36734.
8
112.84 83.50 3.21 109.6
9.50
1.00 187.50 151.50 2.16 182.7
647.00 487.40 649.4
1.07
0.90 1.3
1.31
0.90 6.95
1.2
1703 1393.64 1.88 1555.2
225.00 196.50 1.65 206.6
295.50 226.25 1.01 307.2
348.25 220.29 4.23 266.5
165.00 127.00 1.45 156.6
205.50 154.00 4.26 190.7
171.75 136.63 3.30 172.6
503.81 415.00 2.08 518.4

-6.5
-6.3

-5.0
-6.0
-11.7
-15.4
-15.1
-3.1
-14.8
-0.6
-17.8
-12.5
-8.3
-8.4
-15.6
41.0
-5.6
-4.5
-5.4
-4.7
-23.2
-1.0
-15.4
-12.1
-6.3
-0.1
-9.1
-12.8
-13.7
-8.2
1.0
-26.3

4.5
-13.1
-35.8
-11.8
-14.7
-9.6
-5.6
-12.7
-5.3
1.0

ClontarfEn
Egdon Res
EuropaOil
GETECH
Infrastrata
Iofina
Ithaca Engy
PetrelRes
Petroceltic#
PetroNeft
Rockhop
Sound Oil
UnJackOil
VictorOil

Price

+/-Chg


0.19
10.88
4.13
26.00
2.33
17.63
59.75
6.38
7.50
2.13
38.50
16.75
0.17
35.50

-

0.13
0.13
0.13
1.63

-0.08
1.00
-0.13
0.01
0.50

52 Week
High

Low
0.57
17.00
9.72
61.00
4.45
33.17
60.00
7.18
120.50
5.00
80.00
21.75
0.27
75.00

Yld

P/E

Vol
000s

0.13 -3.85 383.8
6.60 -5.09
25.2
2.31 -7.05 752.5
21.75 8.46 21.21
0.4
1.01 -0.47 318.9

4.25 -11.13 238.1
16.00 41.99 1205.8
2.00 -3.12 1921.8
3.50 -0.10
49.0
1.86 -3.13 1200.0
24.00 15.58 672.1
12.50 -10.63 927.6
0.10 -6.88 16919.9
23.11 33.27 100.7

Pharmaceuticals & Biotech
Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ReNeuron
Sareum
SinclairIS
Vernalis

657.00
47.75
90.00
14.75
536.50
1912.5
3.38

0.87
35.00
45.25

7.00
-0.13
-4.00
-10.00
0.25
-1.00
0.50

690.00
63.00
288.00
42.40
708.55
2896.6
6.50
1.20
61.33
88.29

493.75 1.25 36.22
38.00 2.16 10.50
70.00 -2.06
12.00 -4.42
211.00 -20.37
1560 -44.01
2.26 -7.02

0.17 -18.02
32.00 -14.33
41.58 -68.05

454.0
969.6
3.0
14.3
645.2
5.8
2279.9
6478.0
134.4
0.0

FltchKng
InlandHms
Lok'nStor♦
LXB Retail
NewRiver
Palace Cap
PnthrSec
PSPI

47.50
76.25
327.50
63.00
317.00
360.00

392.50
53.00

-0.50
0.50

62.00
89.00
374.00
104.00
362.00
405.00
403.00
54.52

38.00
64.37
279.04
60.38
300.00
320.00
303.00
28.20

4.74 4.08
1.31 3.65
2.44 22.30
5.44 8.42
3.61 6.20
4.59 10.15

-15.81

20.0
60.8
10.6
2227.2
549.1
8.8
0.3
7.8

ScotAmer♦
Scottish In
ScottMort
ScottOrtll
SecTstScot♦
Seneca I&G♦
Shires Inc
StdLf Eqt♦
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG♦
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg♦
UtilEmSubs
UIL Inv♦

ValAndInc
Witan♦
WitanPac♦
WwideHlth

268.00
607.00
260.50
754.50
133.25
146.50
204.50
419.63
346.38
214.63
1044
456.50
97.45
164.50
654.00
72.50
169.25
15.50
112.50
227.00
745.00
233.00
1827

-4.00

-8.00
-4.40
4.50
-0.75
-0.25
-0.25
1.38
1.38
2.13
-6.00
3.00
0.15
-1.00
0.75
-1.25
1.00
-3.00
0.50
2.00

277.59
665.00
281.90
875.00
141.00
150.00
252.00
471.46
386.00
241.50

1229
544.50
109.00
179.50
661.00
74.03
199.25
22.89
122.00
263.50
834.50
265.25
2108.5

230.00
540.00
218.80
660.00
118.00
136.35
180.78
402.00
294.25
179.61
921.96
368.60
93.80
156.00
559.80
64.43

142.94
7.01
92.50
219.00
676.78
203.03
1541

3.97
2.06
1.12
1.52
4.35
3.92
5.99
3.55
1.67
0.36
4.51
1.81
6.32
2.67
1.07
3.28
3.60
6.67
3.96
2.17
1.97
0.68


258.2
696.0
257.8
883.6
143.4
145.7
231.9
428.5
371.3
216.3
1120.1
524.4
189.0
751.2
71.4
195.6
294.1
791.9
275.0
1975.0

3.8
-12.8
1.0
-14.6
-7.1
0.5
-11.8
-2.1

-6.7
-0.8
-6.8
-12.9
-13.0
-12.9
1.5
-13.5
-22.8
-5.9
-15.3
-7.5

Conventional - Private Equity
Price +/-Chg
AbnPvtEq
87.63
-0.13
Altamir €
10.75
-0.03
Dun Ent
330.50
Electra♦
3815
-6.00
ElectraPrf
153.38
F&C PvtEq
252.50

-0.75
HVPE
932.00
0.50
HgCapital
1238
-6.00
ICG Ent Tr♦
538.50 -13.50
JPEL Pvt Eq $
0.94
JZ Capital♦
385.00
-4.50
Mithras
155.00
NB PE Ptnr $
10.30
Nthn Invs
705.00
Pantheon
1302
2.00
PantheonR
1175
PrincssPE €♦
7.47
0.02
Riverstone
866.00

-8.00
StdLfEuPv
227.00
-4.50

52 Week
High
Low
91.50 82.00
11.31
8.86
360.00 285.00
3968
3131
153.60 149.10
264.00 214.00
949.00 822.00
1250 981.00
615.94 506.86
1.07
0.90
475.00 376.00
166.00 126.50
12.11
9.85
725.00 465.00
1395
1175
1295
1120

8.15
5.72
1060 719.50
231.50 191.00

Yld
2.56
4.39
1.42
3.04
4.37
2.58
2.79
0.65
2.41
6.83
2.31

NAV
131.2
18.7
483.9
4358.7
153.6
293.3
1175.2
1360.6
731.2
1.2
689.3

174.1
685.3
1744.4
1744.4
9.6
1098.3
306.7

Dis(-)
or Pm
-33.2
-42.5
-31.7
-12.5
-0.1
-13.9
-20.7
-9.0
-26.4
-21.7
-44.1
-11.0
2.9
-25.4
-32.6
-22.2
-21.2
-26.0

Conventional - Property ICs

Price +/-Chg

52 Week
High
Low

Yld

NAV

Dis(-)
or Pm

Real Estate

Price
SIR
SiriusRE €
SumGermny €
TaliesinPr

+/-Chg

52 Week
High
Low

Yld

P/E


Vol
000s

0.50
0.01
-2.00

300.00
0.54
1.03
2915

235.40 13.95
0.42 2.89 8.80
0.84 3.39 8.04
2208.5 5.39

45.3
679.5
30.0
0.1

3490
53.25
13.38

-5.00
5.50
-0.50


4076
75.18
262.00

2443 77.35
10.66 -1.79
13.05 37.38 -5.99

604.6
1928.3
928.7

-0.75
-1.50
0.50
3.00
-0.13
-0.08
5.75
-1.00
3.25
-0.50

355.00
51.08
155.00
106.90
403.25
870.00

99.75
208.72
2400
587.80
4.93
206.75
15.00
13.25
418.00
352.60
297.00
34.75
164.00
288.25

236.00
38.50
88.00
64.00
155.00
692.00
81.50
140.00
1800
393.50
2.65
128.13
10.00
5.00
297.40

235.29
225.00
20.00
19.16
115.00

12.62
-34.52
9.62
9.63
7.52
12.25
30.70
17.21
20.74
13.90
10.27
12.42
6.21
-1.02
16.38
52.88
22.67
15.55
-1.72
7.23

3.3
167.2
20.7

16.4
37.5
4.6
278.0
24.2
0.0
3.3
837.7
1.0
2.5
551.8
188.2
234.7
15.1
20.0
215.2
102.5

101.00
19.00

-0.25

171.00
27.00

100.00 5.06 167.77
15.78 6.54

150.7

429.5

Utilities

Price
68.00
87.50
69.00
66.50
70.00
96.63
77.63
91.25
94.00
59.00
27.50
93.50
97.00
18.50
66.50
47.50
90.00
78.50
97.00
74.00
77.00
95.75
135.00

+/-Chg

1.50
0.50
2.25
-

Dis(-)
or Pm
-4.2
-10.8
-4.8
-7.1
-3.3
-4.6
-10.7
-11.3
-7.6
-3.6
-4.8
-11.4
-7.1
-5.1
-1.5
-6.5
-8.3
0.8
-5.1
-7.4
-5.5
-5.9
-12.7


Support Services
AndSyks♦
Begbies
Christie
Empres
Hargreaves
Impellam
JhnsnSrv
JourneyGp
LonSec
Matchtech♦
NewmkSec
NWF
Petards
RedhallGp
Renew♦
Restore
SafeCharge
Servoca
Tribal Grp
Utilityws♦

322.50
43.50
97.00
88.50
174.50
750.00
98.25

197.50
2075
418.75
2.88
153.00
13.63
6.38
368.00
349.00
227.50
27.00
59.50
149.50

7.38
5.06
2.58
0.79
17.19
0.83
1.88
0.84
3.28
5.25
3.48
3.53
1.90
0.74
2.82
2.30

3.34

Tech - Hardware
AminoTech
IQE

52 Week
High
Low

+/-Chg

Yld

P/E

Vol
000s

Tech - Software & Services

284.50
0.53
1.01
2850.5

Retailers
ASOS
Koovs
StanlGib


Price
Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Ingenta
Iomart
K3BusTc
mporium
OMG
Progility
SciSys
WANdisco

21.50
99.50
66.50
210.50
0.45
53.50
56.00
127.00
275.00
348.50
8.75
45.00

0.78
72.00
167.50

-1.50
12.00
-0.03
0.50
2.50
7.75
1.00
0.25
0.50
-2.50

36.00
144.73
110.13
370.00
3.94
56.00
75.40
147.55
310.00
377.00
11.25
51.56
6.09
84.50
257.50


14.75
84.00
33.60
158.00
0.25
35.89
48.00
114.00
198.82
232.00
3.62
39.00
0.55
38.50
69.75

2.21
2.78
2.47
0.69
0.91
0.43
1.44
1.63
-

-1.35
18.53
-31.86

9.90
-0.35
78.45
75.57
-11.26
32.18
27.47
-5.37
26.90
-0.51
60.00
-2.38

173.4
82.8
5.5
1.0
3276.9
345.2
10.0
0.0
140.6
8.8
249.6
30.5
11.9
15.8
2.0

-0.50

-

545.00
142.92

279.16 4.57 14.17
15.00 -1.65

10.7
23.0

138.75
74.00
65.00
135.00
37.25
372.50
628.00
110.00
6.88
99.00

-3.25
-20.50
6.50
-0.13
-

186.00
79.00

80.00
150.00
41.50
410.00
684.00
222.00
14.47
110.00

54.30
70.68
35.00
120.00
26.00
251.50
385.77
83.14
6.00
90.00

ModernWtr
SeaEnergy#

5.13
2.38

-0.38
-

14.00

15.75

5.00
1.00

Marwyn Val

165.25

251.93

162.00

Telecommunications
AltNetwks
Peoples Op

330.50
18.25

Travel & Leisure
32Red PLC
Celtic
..6%CvPf
..Cv Pf
Cortex Hold
Dalata
Dart
GoalsSocc
MinoanGp

PeelHtls

1.80
4.98
0.48
1.82
1.52

121.50
88.84
6.64
34.92
9.93
-10.57
-7.73
19.52

97.2
0.7
0.5
0.8
114.1
65.4
301.3
1619.3
174.9
0.1

-


-1.08
-0.25

1407.6
70.5

-

-

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra♦
169.50
0.10 189.56 163.40
AbnAsianIn
163.00
0.75 198.75 137.50
AbnAsian
792.50
-2.00 876.00 653.77
AbnEmgMkts 393.25
-6.75 467.50 350.00
AbnJapInv
460.50
1.50 571.00 400.00

AbnLatAmIn
51.25
0.25 64.50 41.25
AbnNewDn
153.50
-0.75 187.25 128.25
AbnNewThai♦ 378.00
-7.00 434.00 324.00
AbnSmlInCo
197.00
-1.00 229.00 186.00
Abn UK
289.00
-3.25 329.00 265.19
Abf Gd Inc
198.50
-1.50 212.00 165.50
Abf Sml
1054 -11.00
1235 965.00
AcenciADbt $
1.39
1.72
1.25
Alliance♦
513.00
-2.00 528.00 437.00
AllianzTech
603.00
-7.00 650.00 507.00

AltAstsOps
37.00
-1.00 46.95 29.00
Art Alpha
235.00
283.00 214.00
..Sub
4.50
19.83
3.50
AsianToRt
205.50
-0.50 212.00 163.25
Aurora Inv
169.00
170.00 146.00
Axiom
95.50
103.00 90.00
BG Japan
450.00
2.25 482.75 385.00
BG Shin
526.50 18.00 547.50 318.50
BSRT
25.50
-0.25 28.00 12.00
Bankers
581.50
1.00 674.50 522.00

BH Global
1251
1.00 1343.6
1227
..USD $
12.27
13.19 12.15
BH Macro
1936 -18.00
2110
1925
..EUR €
18.70
-0.15 20.35 18.65
..USD $
18.70
0.05 20.43 18.36
BiotechGth
637.00
-2.00 898.92 524.64
BlckRCom
61.25
0.25 90.50 43.25
BlckREmEur
220.75
2.88 236.18 164.58
BlckRFrnt♦
113.00
0.75 118.00 93.00
BlckRGtEur

249.00
-1.00 262.00 224.00
BlckR I&G
178.00
191.00 160.50
BlckRIncStr
122.50
0.50 141.00 114.19
BlckRckLat
315.38
-4.63 367.23 242.50
BlckRckNrAm♦ 123.50
127.00 101.00
BlckRSmlr♦
902.75
-4.25
1010 827.00
BlckRThrmt
334.00
2.00 370.00 300.00
BlckRWld
230.00
5.25 313.90 157.17
Brit Emp
466.00
532.50 405.00
Brunner
525.75
0.75 584.12 463.66
Caledonia I

2398
-1.00
2530 2098.85
CanGen C$♦
18.00
0.10 22.00 15.73
Cap Gear
3440 -10.00
3470 3152.28
City Merch
179.00
0.50 192.50 167.00
CityNatRs
91.75
2.75 105.15 63.70
City Lon
379.50
-0.50 416.80 338.46
DiverseInc
92.50
0.50 97.50 84.00
Dun Inc
214.13
-1.13 266.00 190.00
Dun Sml
197.13
-2.88 229.00 179.50
EcofinWatr
125.50
-2.50 147.34 104.00

..CULS
100.00
104.50 98.63
EdinDragn
250.00
2.50 287.50 211.00
..CULS
104.00
107.89 99.50
Edin Inv
688.50
-3.50 737.00 630.85
Edin WWd
429.50
2.50 502.44 378.00
EP Global
227.00
1.00 260.73 204.29

Yld
4.51
5.28
1.32
0.56
8.05
2.48
2.17
4.21
3.77
4.03

2.39
4.29
1.96
1.51
26.67
1.58
2.28
2.68
9.86
3.92
2.01
3.31
5.50
6.45
3.40
1.77
1.41
9.13
2.51
2.91
2.11
3.57
0.47
5.59
6.10
4.07
2.70
5.25
2.69
5.78

1.20
3.51
0.35
1.45

NAV
175.0
903.9
472.7
529.5
58.6
180.2
462.9
241.3
313.9
214.2
1194.3
1.6
567.7
676.0
50.5
302.5
220.5
164.9
465.7
514.1
36.6
624.6
1350.0
13.3

2085.0
20.2
20.0
688.2
62.2
247.2
110.6
263.2
181.5
125.7
352.9
132.4
1042.8
393.3
256.6
538.2
623.3
2853.1
25.1
3388.9
177.9
114.7
372.6
90.7
239.3
233.3
150.3
286.8
694.0
484.7

237.9

Dis(-)
or Pm
-6.9
-12.3
-16.8
-13.0
-12.5
-14.8
-18.3
-18.4
-7.9
-7.3
-11.7
-13.1
-9.6
-10.8
-26.7
-22.3
-6.8
2.5
-3.4
2.4
-30.3
-6.9
-7.3
-7.7
-7.1
-7.4

-6.5
-7.4
-1.5
-10.7
2.2
-5.4
-1.9
-2.5
-10.6
-6.7
-13.4
-15.1
-10.4
-13.4
-15.7
-16.0
-28.3
1.5
0.6
-20.0
1.9
2.0
-10.5
-15.5
-16.5
-12.8
-0.8
-11.4
-4.6


1.50
2.50
-2.00
-11.00
-0.50
-0.50
-0.38
-1.80
-1.30
2.00
1.75
-2.50
0.05
-0.60
0.25
-4.70
1.75
2.25
-1.00
-1.00
-4.50
1.00
0.13
1.50
2.00
-2.00
-0.50
0.30
0.10
2.50

1.00
-5.00
-0.30
0.88
-1.00
0.13
1.00
-2.50
0.50
1.50
0.30
-1.40
-2.50
-2.00
-1.00
-0.25
3.00
1.63
-4.00
0.63
1.00

3.04
5.20
2.11
3.91
0.96
5.56
0.76
0.95

1.87
1.74
2.14
3.98
2.19
2.16
1.51
5.73
2.52
2.14
6.82
5.11
3.54
1.67
2.22
4.58
0.82
1.25
4.35
1.96
3.76
8.73
3.19
3.86
4.87
5.11
5.14
3.91
5.52
1.30

1.03
0.93
1.13
0.35
1.16
3.88
1.04
2.61
3.98
1.17
3.82

215.5
1066.0
752.5
258.5
1009.5
146.8
115.0
302.5
168.6
183.2
107.1
593.0
488.3
18.7
559.5
36.8
38.7
1100.6

1100.6
272.4
87.2
1027.7
909.0
288.8
170.9
127.5
964.8
726.7
899.1
139.8
200.2
195.9
398.5
529.5
131.2
214.6
298.5
69.4
122.4
159.2
103.1
163.3
409.8
96.7
96.7
387.4
108.1
298.6

246.7
48.7
188.0
101.5
610.6
100.6
661.6
255.9
133.3
311.9
606.5

-25.3
0.8
-11.6
0.5
-0.8
0.8
-2.2
-12.8
-18.7
-9.6
-16.0
0.2
-10.2
-27.8
-13.3
-66.0
-14.7
-32.6

-34.4
-20.0
2.1
-4.7
-5.0
-1.5
1.9
0.8
-14.4
-16.2
-22.5
16.5
-10.8
-12.7
0.4
-14.1
11.7
-13.0
-9.5
3.2
-2.0
-1.7
-2.0
-0.8
-5.1
-6.9
-7.4
-8.9
13.1
-3.4

-13.1
-11.7
-14.9
-1.2
-2.3
-2.6
-12.6
-8.7
-10.5
-11.9
-7.3

JPMGIConv♦
90.25
JPM GEI
91.75
JPM I&C Uni♦■ 321.00
JPM Inc&Gr
101.00
JPM Ind
537.50
JPM JpSm
270.25
JPM Jap
287.00
JPM Mid
1000.00
JPM O'seas
211.00
JPMRussian

337.00
JPMSnrSec
87.50
JPM Smlr
813.50
JPM US Sml
178.00
KeystoneInv♦
1655
Law Deb
474.00
Lazard Worl
245.88
LinTrain £
647.50
Ln&StLaw
340.50
Lowland
1261.5
M&GHighInc
157.00
Majedie
257.00
Man&Lon
239.75
MCGlobPort
181.00
MCurPac
271.50
MercantIT

1694
MrchTst
402.00
Mid Wynd
345.75
Miton Globa
166.00
MitonUKMic
56.50
MMP
2.38
Monks
421.40
MontanSm
561.00
Mur Inc♦
650.00
Mur Int
930.00
NB DDIF $
1.05
NewCtyEgy
11.50
NewCityHY
57.25
NewIndia
329.00
New Star IT
77.00
NorthAmer♦

897.00
NthAtSml
2343
Oryx Int
630.00
PacAsset♦
191.00
PacHorzn
168.75
Perp I&G
376.00
PerAsset
37100
PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV €
RolincoNV €
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd


99.75
2.70
171.00
596.00
0.99
1.06
1597
30.38
28.32
206.00
271.25
243.50
138.00
187.75
151.50
442.00

-

1.00
0.25

2.00
-1.75
-4.50
-10.00
2.00
-5.25
-5.50
-0.50

5.00
-1.25
0.13
10.00
5.50
1.50
3.75
-2.13
-1.00
-3.50
-8.00
1.25
1.50
-2.40
-3.00
-6.50
0.01
-0.25
-1.00
-12.00
-11.00
-1.00
-0.75
0.20
210.00
-0.25
-1.00
-3.00
0.01
-6.00

1.25
1.25
-2.00
1.00
0.75
5.75

-

-9.0

-6.4
-8.2
-23.8
-11.7
2.7
-0.3
-11.7
-8.6
-11.9
-1.5
-12.2
-14.7

Direct Property
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
Longbow

PictonProp
SLIPropInc
UKComPrp

56.25
106.25
128.10
99.50
101.25
73.25
84.25
82.00

-

SchdrGlbRe#
TR Prop

135.00
296.40

-

Property Securities

0.90
-0.25
-1.25
-0.85


0.40

58.00
109.75
149.00
105.50
106.75
74.75
88.50
92.00

43.75
104.50
124.60
92.75
100.50
64.75
80.25
77.00

5.18 4.68 136.6
5.03 99.1
5.93 4.30 76.9
6.73 83.4
4.49 85.3

137.00
316.00

111.90 1.61 258.32 2.60 335.8


-

-6.2
0.4
-4.7
1.0
-3.9

-11.7

VCTs
AlbionDev
Albion Ent
AlbionTech
AlbionVCT
ArtemisVCT
Baronsmead
Baronsmead
Baronsmead
BSC VCT
..VCT2
Crown Place
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2♦
MavenVCT4
Nthn 2 VCT

Nthn 3 VCT
NthnVent♦■
ProVenGI
ProVenVCT
UnicornAIM

52 Week
High
Low
70.89 66.00
92.90 86.00
77.99 67.50
68.50 63.00
74.00 55.00
103.49 91.50
82.49 73.50
99.00 87.50
96.00 82.00
60.97 53.00
30.44 27.00
106.00 89.00
105.00 88.25
19.00 17.50
75.00 60.00
64.00 42.00
93.00 80.00
88.00 67.25
104.00 86.50
85.36 72.00
81.25 73.00

97.89 90.50
145.00 127.50

Yld
7.35
5.71
7.25
7.52
5.71
7.76
7.73
10.96
5.85
7.63
9.09
6.42
12.37
5.41
8.87
8.74
5.67
7.01
5.67
8.11
5.84
5.22
4.63

NAV
71.0

98.1
72.5
71.6
72.4
101.3
86.9
102.9
101.7
61.2
28.9
105.5
104.4
19.5
67.5
50.8
98.1
77.9
102.2
79.9
81.5
101.8
154.7

Ordinary Income Shares
Price +/-Chg
JPM I&C♦■
77.50
JupiterDv&G
3.00
M&GHI&Gt

46.50
Rghts&Icp
5620 10.00

52 Week
High
Low Yld
105.90 70.00 8.77
5.40
1.75 27.67
65.50 40.00 5660
4410 -

HR
WO GRY 0%
-19.4
1.0
11.6
-28.3
-30.0
3.7
-22.5
-0.3

Income Shares

52 Week
High
Low Yld
101.20 92.50 4.76

63.00 38.25 7.62
1407.5 985.00 2.50

HR
WO GRY 0%
-94.7
18.6
-30.0
-1.1
-53.9
5.3

JPM In&Gr♦
M&GHghIc
Rghts&I

Price
98.75
47.25
1440

+/-Chg
5.00

Price
4.63
1.13

+/-Chg
0.13

-

Capital Shares
JPM Inc&Gr
M&GHghIc

HR
52 Week
High
Low SP WO TAV 0%
14.50
3.00 5.9 -0.9
0.8
4.97
0.50 24.4 23.6
-

Zero Dividend Preference Shares 52 Week
Price +/-Chg
High
Low
Abf Gd Inc
154.25
154.50 148.75
EcofinWatr
158.13
159.00 153.50
JPM I&C
178.50
179.79 171.91

JupiterDv&G
117.00
119.00 108.17
JZ Capital
371.00
1.75 370.00 354.75
M&GHghIc
118.25
118.52 112.75
UILFn16
190.00
191.00 183.50
UILFn18
147.13
148.25 137.00
UILFn20
127.63
0.13 128.00 116.65

HR
SP
-62.1
-24.0
-5.4
-33.4
-

WO TAV 0%
159.7
160.7

192.1
127.2
373.5
122.8
-

AbnFrntrMkt
CrysAmber
GLI Finance♦
IndiaCap
Infra India
MMP

Price
53.50
160.50
31.38
61.75
14.00
2.38

+/-Chg
0.13
0.25
-

ShephdNm
Thwaites

Price

1215
128.50

+/-Chg
-

52 Week
High
Low Yld
P/E
1250
1090 2.14 24.92
133.00 112.00 3.47 7.74

Dis(-)
or Pm
-9.5
-1.2
-18.6
-71.5
-

-

Vol
000s
3.0
5.3

Guide to FT Share Service

For queries about the London Share Service pages e-mail

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 company’s 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 Editor’s discretion. For new sales enquiries
please email or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM
52 Week
High
Low Yld NAV
54.41 52.50 59.1
173.96 141.00 1.6 162.5
59.24 27.05 15.9 63.17 52.00 75.9
21.99 12.00 49.1
3.73
2.25 -

-

ISDX

www.morningstar.co.uk



19

FTWeekend

4 June/5 June 2016

MANAGED FUNDS SERVICE
Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 113.67

-

0.16 0.00

ACPI Global Credit UCITS Funds USD A $ 14.35


-

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 156.17

-

0.19 0.00

Q ACPI India Fixed Income UCITS Fund USD A $ 10.18

-

0.03 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 86.80

-

0.20 0.00

ACPI International Bond UCITS Fund USD A $ 18.49

-

0.03 0.00

ACPI Select UCITS Funds PLC


(IRL)

Regulated
ACPI Balanced UCITS Fund USD Retail $ 14.18

-

0.00 0.00

ACPI Balanced UCITS Fund EUR Retail € 10.63

-

0.00 0.00

ACPI Balanced UCITS Fund GBP Retail £ 10.80
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 Horizon UCITS Fund

$ 12.85

-

Bid

Artemis US Select I Acc


120.57

-

0.46 0.25

1.00

-

0.00

Artemis US Select I Inc

107.48

-

Artemis US Smlr Cos I Acc

126.98

-

Artemis US Select I Hedged Acc £

Offer

+/- Yield


Offer

+/- Yield

Brown Advisory American Fund USD B $ 15.73

-

0.10 0.33

Brown Advisory US Smaller Companies Fund USD B $ 18.32

-

0.21 0.00

0.41 0.20

Brown Advisory US Small Cap Blend Fund USD B $ 12.70

-

0.11 0.00

0.56 0.00

Brown Advisory US Flexible Equity Fund USD B $ 10.90

-


0.04 0.00

Brown Advisory Global Leaders Fund $ 10.01

-

0.01 0.00

-

-

-

-

-

-

-

0.09 0.00

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances

Bid


Artisan Global Equity Fund Class I USD Acc $ 14.51

-

0.05 0.00

Artisan Global Opportunities I USD Acc $ 12.66

-

0.01 0.00

Artisan Global Value Fund Class I USD Acc $ 16.32

-

0.02 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.76

-

0.08 0.00

Artisan Global Opportunities Class I EUR Acc € 17.06

-

0.07 0.00


Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 95.00

-

0.41 8.67

Ashmore SICAV Emerging Market Frontier Equity Fund $ 143.92

-

0.45 1.17

Ashmore SICAV Global Small Cap Equity Fund $ 124.09
EM Mkts Corp.Debt USD F

$ 85.89

EM Mkts Loc.Ccy Bd USD F

$ 78.77

-


0.32 6.47

-

0.21 0.00

-

0.27 9.03

-

0.13 3.71

Life Funds
1510.00 1589.50 0.00

-

Selective Acc. Ser 2

1580.70 1663.90 0.90

-

American Ser. 4

1794.40 1888.80 5.90

-


Custodian Ser. 4

495.90 522.00 1.00

-

560.90 590.50 3.10

Equity Ser. 4

585.90 616.70 -1.50

European Ser 4

-

CCLA Investment Management Ltd

$ 404.73

-

-7.24 0.00

929.60 978.50 1.50

-

Aspect Diversified USD


Intl Ser. 4

454.50 478.40 1.50

-

Aspect Diversified EUR

€ 242.19

-

-4.68 0.00

£ 124.82

-

-2.29 0.00

SFr 115.20

-

-2.32 0.00

(UK)

100.00


-

0.00 0.42

CF Seneca Diversified Growth A ACC

216.45

-

0.55 1.63

The Public Sector Deposit Fund-share class 4 ♦ F

100.00

-

0.00 0.47

CF Seneca Diversified Growth B ACC

128.50

-

0.33 2.54

The Public Sector Deposit Fund-share class 5 ♦ F


100.00

-

0.00 0.38

CF Seneca Diversified Growth N ACC

127.06

-

0.32 2.26

CF Seneca Diversified Income A INC

86.87

-

0.12 5.35

www.cpglobal.com.sg, Tel: +65 6466 6990
International Mutual Funds

CF Seneca Diversified Income B INC

103.34


-

0.15 6.33

CP Multi-Strategy Currency Fund $ 119.02

CF Seneca Diversified Income N INC

102.24

-

0.15 6.33

Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
CBF Church of England Funds
1337.14 1351.93 0.36 3.78

Investment Inc

2779.92 2810.67 0.75

-

155.27 156.98 -0.03 4.31
232.03 234.60 -0.05

-


UK Equity Inc

145.40 146.72 -0.54 4.05

UK Equity Acc

220.32 222.31 -0.81

-

165.78 166.61 0.27 3.96

Fixed Interest Acc

514.87 517.45 0.84

-

Property Fund Inc

135.32 139.86 0.10 6.51

Property Fund Acc

234.22 242.07 2.73

-

Prop. Ser. 4


1078.90 1135.70 0.00

-

Aspect Diversified Trends EUR

€ 119.61

-

-0.02 0.00

Custodian Ser 5

475.60 500.60 1.00

-

Aspect Diversified Trends GBP

£ 124.86

-

-0.01 0.00

Investment Inc

1223.16 1236.69 5.57 3.62


International Ser 5

435.90 458.80 1.40

-

Investment Acc

11983.53 12116.08 54.55

Managed Ser 5

1625.90 1711.50 5.00

-

Ethical Invest Inc

187.90 189.98 0.76 3.73

Money Ser 5

513.60 540.60 0.00

-

Ethical Invest Acc

246.45 249.18 1.00


Property Ser 5

1034.70 1089.20 0.00

-

Global Equity Inc

146.78 148.40 0.65 4.41

American

2095.70 2206.00 6.60

-

Equity

4908.30 5166.60 27.40

-

European

1183.40 1245.70 -3.60

-

Fixed Int.


1716.60 1806.90 3.50

-

International

970.40 1021.50 2.40

-

396.60 417.50 2.00

Japan

4406.30 4638.20 12.70

Managed

-

Property

2789.00 2935.80 0.00

-

Security

1477.90 1555.70 0.00


-

Selective

2020.90 2127.30 4.60

-

Eurocroissance

€ 894.54

-

18.43 0.00

Far East

$ 670.89

-

18.99 0.00

Atlantis Investment Management Ltd

(IRL)

2nd Floor, 13 St Swithin's Lane, London EC4N 8AL
www.atlantis-investmenet.com, Tel: 0207 877 3377

Regulated
$

6.44

-

0.00 0.00

Atlantis China Healthcare Fund

$

1.90

-

0.02 0.00

Atlantis Japan Opportunities Fund $

3.07

-

0.06 0.00

Atlantis Asian Fund

6.18


-

0.02 0.00

Formerly Hill Samuel Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
1604.60 1698.00 4.00

-

BLME Asset Management

Managed Ser A (Pensions)

1070.60 1127.00 2.70

-

BLME Sharia'a Umbrella Fund SICAV SIF
Regulated

Managed (Life)

1628.00 1713.70 4.10

-

(LUX)


Income Fund - Share Class A Acc $ 1140.34

-

-0.12 0.00

Income Fund - Share Class G Acc £ 1081.68

-

-0.08 0.00

Managed Growth (Life)

508.80 535.60 1.50

-

Gl Sukuk Fund - Share Class A Acc $ 1253.01

Managed (Pensions)

6424.80 6762.90 16.70

-

Gl Sukuk Fund - Share class B Acc £ 1118.67 1118.67 -0.31 0.00

623.90 656.70 1.90


Managed Growth (Pensions)

-

Bank of America Cap Mgmt (Ireland) Ltd
Global Liquidity USD

(IRL)

Regulated

$

Sterling Bond F

Fixed Interest Inc

136.86 137.55 0.68 4.14

-

Fixed Interest Acc

801.14 805.15 4.03

Property Inc

116.23 120.13 0.08 5.79

Property Acc


-

248.62 256.95 2.77

-

Local Authorities Property Fd (LAMIT) (UK)
290.66 315.17 1.83 4.81

(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
Capital Gearing Portfolio Fund Plc £ 27649.66 27649.66 52.47 0.60

Algebris Financial Income Fund - Class I EUR € 114.69

-

-0.07 0.00

Baring Asset Management

Algebris Financial Equity Fund - Class B EUR € 93.86

-

-0.18 0.00


Authorised Funds
UK Authorised Unit Trust

Algebris Asset Allocation Fund - Class B EUR € 97.16

-

-0.07

Baring Eastern Trust

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Bd. Euro Corporate AE Class - R - EUR € 18.88

-

0.02 0.00

Bd. Global AU Class - R - USD

$ 26.61

-

-0.01 0.00


Eq. Emerging Europe AE Class - R - EUR € 26.83

-

-0.24 0.00

Eq. Emerging World AU Class - R - USD $ 81.43

-

0.33 0.00

Eq. Greater China AU Class - R - USD $ 538.74

-

0.66 0.00

Eq. Latin America AU Class - R - USD $ 327.78

-

2.14 0.00

Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.57

-

-0.05 0.00


The Antares European Fund Limited

0.47

0.00 0.61

-

0.01 3.21

(UK)

AEF Ltd Usd (Est)

$ 636.65

-

-0.76

-

AEF Ltd Eur (Est)

€ 639.31

-

-0.81 0.00


-

0.31 0.00

Arisaig Global Emerging Markets Consumer Fund $ 10.16

-

0.03 0.00

Arisaig Global Emerging Markets Consumer UCITS € 11.81

-

0.06 0.00

Arisaig Global Emerging Markets Consumer UCITS STG £ 11.63

-

0.01 0.00

Arisaig Latin America Consumer Fund $ 22.25

-

0.06 0.00

Artemis Fund Managers Ltd (1200)F


(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds

CF Morant Wright Japan A Inc X

271.57

-

0.35 0.19

CF Morant Wright Japan B X

294.59

-

0.39 0.80

CF Morant Wright Japan B Inc X

275.63

-

0.36 0.77

CF Morant Wright Nippon Yield ACC A X


287.90

-

0.29 2.43

CF Morant Wright Nippon Yield ACC B X

299.29

-

0.30 2.42

CF Morant Wright Nippon Yield Fund A Inc X

246.38

-

0.25 2.48

CF Morant Wright Nippon Yield Fund B Inc X

256.22

-

0.26 2.47


Carmignac Gestion

(FRA)

€ 624.75

-

1.95 0.00

Carmignac Gestion

(FRA)

www.carmignac.co.uk
Regulated
Carmignac Eur-Entr A EUR Acc

€ 283.47

-

1.16 0.00

Carmignac Eur-Pat A EUR Acc

€ 290.91

-


1.06 0.00

CarmignacSécurité A EUR Acc

€ 1736.19

-

0.49 0.00

Carmignac Portfolio

(LUX)

www.carmignac.co.uk
FCA Recognised

1.01

-

-0.01 0.87

Pan European Opportunities I EUR €

1.39

-


0.00

EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email
Other International Funds
$ 29.93

-

-

0.00

EFG-Hermes Frontier Equity UCITS Fund Class I $ 1021.85

-

-3.01

-

0.27

-

Middle East & Developing Africa Fund (Final) $ 19.81

-


-

0.00

Saudi Arabia Equity Fund

-

SR 11.99

Crèdit Andorrà Asset Management

(LUX)

www.creditandorra.com
FCA Recognised
Crediinvest SICAV Money Market Eur I € 11.21

-

0.00 0.00

Crediinvest SICAV Money Market Usd A $ 10.06

-

0.00 0.00

Crediinvest SICAV Fixed Income Eur € 10.75


-

0.00 0.00

Crediinvest SICAV Fixed Income Usd $ 10.70

-

0.01 0.00

Crediinvest SICAV Spanish Value € 247.57

-

0.90 0.00

Crediinvest SICAV International Value € 230.79

-

1.93 0.00

Crediinvest SICAV Big Cap Value € 15.32

-

0.05 0.00

DAVIS Funds SICAV


(LUX)

Regulated
Davis Value A

$ 40.77

-

0.09 0.00

Davis Global A

$ 29.08

-

0.03 0.00

(UK)

Stuart House St.John's Street Peterborough PE1 5DD
Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management
Electric&General Net Income A

157.10

(UK)


1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180
Authorised Inv Funds

ENISO Partners AG
Clairdenstrasse 34, Postfach CH-8022 Zurich
Tel: +41 (0)44 286 17 17
www.eniso-partners.com
Other International Funds
ENISO Forte CH SMI Expanded SFr 148.14
ENISO Forte E

€ 115.21 119.82 -0.04

Deutsche Asset Management

(LUX)

-

(UK)

1.89 0.00

-

1.05 0.00

Artemis Global Emg Mkts I GBP Dist


82.15

-

0.67

-

Artemis Global Energy R Acc

23.75 25.35 0.04 0.00

Artemis Global Growth R Acc

187.38 197.77 1.13 1.07

Artemis Global Income R Acc

96.24 101.68 0.40 4.17

Artemis Global Income R Inc

76.61 80.94 0.32 4.34

BONHOTE

Artemis Global select R Acc

76.29 80.57 0.49 0.00


Other International Funds

Artemis High Income R Inc

76.20 81.18 0.07 6.05

€ 1693.10

-

2.04 0.00

BL-Global 75 B

€ 2287.32

-

3.47 0.00

BL-Global Flexible EUR B

€ 149.45

-

0.29 0.00

Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6419.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9539.00


-

-58.00 1.71
-93.00 0.84

(GSY)

Regulated
UK Agricultural Class A

£

1.23

-

-0.01 0.00

Artemis Strategic Assets R Acc

73.70 77.95 -0.03 0.00

UK Agricultural Class B

£

1.36

-


0.00 0.00

Artemis Strategic Bond R M Acc

85.36 90.67 0.12 4.02

Student Accom Class B

£

0.55

-

-0.17 0.00

54.00 57.36 0.07 4.09
85.44 90.76 0.11 4.04

Artemis UK Select Fund Class R Acc

438.79 464.94 2.09 1.49

Artemis UK Smaller Cos R Acc

1170.62 1261.86 4.30 0.95

Artemis UK Special Sits R Acc


523.18 556.34 2.30 1.65

Brown Advisory Funds plc

Artemis US Abs Ret I Acc

107.85

-

0.01 0.00

Tel: 020 3301 8130
FCA Recognised

Artemis US Equity I Acc

120.78

-

0.34 0.42

Brown Advisory US Equity Growth Fund USD B $ 22.99

-

0.13 0.00

Artemis US Ex Alpha I Acc


131.31

-

0.55 0.02

Brown Advisory US Equity Value Fund USD B $ 11.68

-

0.07 0.96

1.03

-

0.01

Brown Advisory US Flexible Equity SRI Fund USD B $ 14.59

-

0.06 0.39

(IRL)

-

0.00 4.36


MoneyBuilder Dividend Y-INC-GBP £

1.29

-

0.01 4.91

MoneyBuilder Growth Fund Y-INC-GBP £

0.73

-

0.01 3.05

(UK)
23 St Andrew Square, Edinburgh, EH2 1BB

Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds

MoneyBuilder Income Fund Y-ACC-GBP £ 11.93

-

0.03 3.56

Emerging Markets Bond A Accumulation £


1.24

-

MoneyBuilder Income Fund Y-GACC-GBP £ 13.69

-

0.04 3.55

Emerging Markets Bond A Income £

1.05

-

0.00 4.81

MoneyBuilder Income Fund Y-GINC-GBP £

1.21

-

0.01 3.62

Global Agribusiness Fund A Accumulation

121.04


-

-0.05 0.00

MoneyBuilder Income Fund Y-INC-GBP £

1.21

-

0.01 3.62

Global Listed Infrastructure Acc

198.51

-

1.01 2.91

Multi Asset Adventurous N-ACC-GBP £

1.15

-

0.00 1.18

Global Listed Infrastructure Inc


152.34

-

0.77 2.98

Multi Asset Alloc Advent N-ACC-GBP £

1.11

-

0.01 1.18

Global Opportunities A Shares

334.80

-

1.45 0.17

Multi Asset Alloc Def N-ACC-GBP £

1.12

-

0.01 1.31


Global Property Securities A Accumulation

180.31

-

1.01 2.03

Multi Asset Alloc Def N-GACC-GBP £

1.13

-

0.01 1.31

Global Property Securities A Income

139.01

-

0.78 2.06

Multi Asset Alloc Growth N-ACC-GBP £

1.10

-


0.01 1.14

Global Resources A Shares

202.28

-

1.58 1.37

Multi Asset Alloc Strat N-ACC-GBP £

1.11

-

0.00 1.25

Greater China Growth A Shares

514.09

-

4.04 1.05

Multi Asset Balanced Inc N-GINC-GBP £

1.05


-

0.00 3.95

Indian Subcontinent A Acc

356.13

-

0.18 0.00

Multi Asset Balanced Inc N-INC-GBP £

1.05

-

0.00 3.52

Multi Asset Defensive N-ACC-GBP £

1.13

-

0.01 0.97

Multi Asset Defensive N-GACC-GBP £


1.14

-

0.01 0.98

$ 34.81

-

0.05 0.00

Multi Asset Growth Fund N-ACC-GBP £

1.14

-

0.01 1.07

Foord Global Equity Fund_Class B $ 12.53

-

0.03 0.00

Multi Asset Inc & Growth N-INC-GBP £

1.06


-

0.01 4.12

Multi Asset Income Fund N-GINC-GBP £

1.03

-

0.00 4.78

Multi Asset Income Fund N-INC-GBP £

1.03

-

0.00 4.82

Multi Asset Open Advent N-ACC-GBP £

1.08

-

0.01 0.68

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

Multi Asset Open Defen N-ACC-GBP £

1.10

-

0.01 1.40

Franklin Emg Mkts Debt Opp CHFSFr 16.87

-

-0.17 9.07

Multi Asset Open Defen N-GACC-GBP £

1.11

-

0.01 1.39

Franklin Emg Mkts Debt Opp EUR € 11.89

-

-0.12 7.00


Multi Asset Open Growth N-ACC-GBP £

1.08

-

0.01 1.39

Franklin Emg Mkts Debt Opp GBP £ 10.15

-

-0.13 6.99

Multi Asset Open Strat N-ACC-GBP £

1.10

-

0.01 1.65

Franklin Emg Mkts Debt Opp SGD S$ 22.01

-

-0.20 5.46

Franklin Emg Mkts Debt Opp USD $ 17.00


-

-0.15 6.98

-

€ 123.35

-

0.16 0.81

Open World Fund N-ACC-GBP

£

1.16

-

0.00 0.21

ENISO Systematic Risk Class 1

€ 95.74

-

0.03


South-East Asia Fund W-ACC-GBP £

Ennismore European Smlr Cos NAV £ 107.41

-

-0.04 0.00

Ennismore European Smlr Cos NAV € 139.05

-

0.45 0.00

€ 501.33

-

4.17 0.00

Equinox Fund Mgmt (Guernsey) Limited

(GSY)

Regulated
-

5.99 0.00


(CYM)

8.28

-

0.05 1.24

Special Situations Fund W-ACC-GBP £ 28.73

-

0.11 1.92

Sterling Core Plus Bond GMACC £ 11.05

-

0.05

-

Sterling Core Plus Red Dur

-

€ 35.01

-


0.21 0.00

Smaller Cos Cls Two Shares

€ 24.44

-

0.13 0.00

Smaller Cos Cls Three Shares

€ 12.22

-

0.08 0.00

Smaller Cos Cls Four Shares

€ 15.82

-

0.10 0.00

Foord Asset Management
Other International Funds
Foord International Trust


Franklin Templeton International Services Sarl (IRL)

Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class

£ 71.42

-

-0.53

-

Global Real Estate-GBP C Class

£ 45.26

-

-0.50

-

-

0.01

Strategic Bond Fund Y-ACC-GBP £


1.15

-

0.01 3.25

Strategic Bond Fund Y-GACC-GBP £

1.15

-

0.00 3.24

Strategic Bond Fund Y-GINC-GBP £

1.23

-

0.01 3.28

Strategic Bond Fund Y-INC-GBP

£

1.23

-


0.01 3.28

Target 2020 A-ACC-GBP

£

0.58

-

0.00 0.52

Target 2025 A-ACC-GBP

£

1.35

-

0.01 0.32

Target 2030 A-ACC-GBP

£

1.45

-


0.01 0.40

UK Growth Fund W-ACC-GBP

£

3.34

-

-0.05 1.26

Fundsmith Equity T Acc

252.14

-

1.23 1.04

UK Invest Grade Long Credit GACC £ 104.10

-

0.50 1.63

Fundsmith Equity T Inc

237.37


-

1.16 1.05

UK Opportunities Fund W-ACC-GBP

-

1.70 1.26

190.60

UK Opportunities Fund W-INC-GBP

Fundsmith LLP (1200)F

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk,
Authorised Inv Funds

109.90

-

0.90 1.31

£

2.42


-

0.01 1.88

UK Smaller Companies W-ACC-GBP £

1.94

-

0.01 1.48

WealthBuilder Fund N-ACC-GBP £

1.20

-

0.01 1.35

Fidelity PathFinder Foundation 1 Gross Acc (clean) £

1.14

-

0.01

-


PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances

Fidelity PathFinder Foundation 1 Acc (clean) £

1.13

-

0.00

-

Global Multi-Strategy Managed

$

4.75

5.12 0.02 0.00

Fidelity PathFinder Foundation 2 Acc (clean) £

1.13

-

0.00


-

UK Multi-Strategy Managed

£

4.84

5.21 -0.01 0.00

UK Select Fund W-ACC-GBP

Smaller Cos Cls One Shares

£ 10.32

0.00 4.67

Asset Management

Asset Management

ENISO Forte G (CHF)

5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised

First State Investments (UK) (1200)F

Fidelity PathFinder


GYS Investment Management Ltd

(GSY)

Regulated
Taurus Emerging Fund Ltd

$ 186.52 190.33 4.60 0.00

Generali Worldwide

Asset Management

1.24

-

0.01

-

1.14

-

0.00

-


Fidelity PathFinder Focussed 1 Acc (clean) £

1.13

-

0.00

-

Fidelity PathFinder Focused 2 Acc (Clean) £

1.16

-

0.01

-

Fidelity PathFinder Focussed 3 Acc (clean) £

1.16

-

0.01

-


Fidelity PathFinder Focussed 4 Acc (clean) £

1.18

-

0.01

-

Fidelity PathFinder Focussed 5 Acc (clean) £

1.20

-

0.00

-

Fidelity PathFinder Freedom 1 Gross Acc (clean) £

1.11

-

0.01

-


Equity S-GH Class B

£ 12.06

0.05

-

Fidelity PathFinder Freedom 2 Acc (clean) £

1.10

-

0.00

-

Managed Fund Bond

£ 23.89 24.88 0.00

-

Fidelity PathFinder Freedom 1 Acc (clean) £

1.10

-


0.00

-

Choices Wth-Pfts Lg-tm

323.20 340.20 0.00

-

Fidelity PathFinder Freedom 3 Acc (clean) £

1.09

-

0.00

-

Choices Wth-Pfts St-tm

273.40 287.80 0.00

-

Fidelity PathFinder Freedom 4 Acc (clean) £

1.09


-

0.01

-

Choices Managed

629.95 663.11 1.67

-

Fidelity PathFinder Freedom 5 Acc (clean) £

1.17

-

0.00

-

Choices Equity

685.14 721.20 3.14

-

Fidelity PathFinder Income 1 Income (clean) £


1.03

-

0.00 3.83

Freedom With Pfts Long-Tm

221.40 233.10 0.00

-

Cavendish Worldwide Fund C Acc

314.00xd

-

1.90 0.70

0.49 4.08

Cavendish AIM Fund B Class

166.30

-

1.00 0.69


European B Acc

260.99

-

-0.18 1.68

Cavendish Asia Pacific Fund B Class

157.20

-

1.10 1.77

98.76

-

0.10 2.93

Cavendish Asia Pacific Fund C Acc

164.30

-

1.20 1.74


Global Equity B Acc

644.80

-

1.47 1.24

Cavendish European Fund B Class

148.70

-

0.20 1.09

Global Equity Income B Inc

128.25

-

0.21 3.69

Cavendish Japan Fund B Class

164.60

-


0.90 0.72

Eurobank Fund Management Company (Luxembourg) S.A.
Regulated

Dodge & Cox Worldwide Funds

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

Regulated
Cedar Rock Capital Fd Plc
Cedar Rock Capital Fd Plc

$ 382.64
£ 412.75

-

2.52 0.00
-3.18 0.00

1.31

-

-0.01 0.00


(LF) Eq Emerging Europe

€

0.73

-

0.00 0.00

(LF) Eq Flexi Style Greece

€

0.94

-

-0.05 0.00

(LF) Eq Mena Fund

€ 12.29

-

-0.04 0.00

€ 20.20


-

0.03

€ 11.88

-

0.05 0.00

(LF) Greek Government Bond

EUR Accumulating Class (H)

€

-

0.01 0.00

(LF) Greek Corporate Bond

EUR Distributing Class

GBP Distributing Class
(IRL)

€

EUR Accumulating Class


EUR Distributing Class (H)

Cedar Rock Capital Limited

(IRL)

(LF) Absolute Return

GBP Distributing Class (H)
USD Accumulating Class

9.43

€ 11.13
€

8.83

£ 10.48
£

8.95

$

9.56

-


0.05 3.98
0.01 3.98

(LF) FOF Dynamic Fixed Inc
(LF) FOF Real Estate

€ 12.67
€ 11.84
€ 16.69

-

0.00

-

-0.01 0.00
-0.04 0.00

0.00 3.83
0.01 4.00
0.01 0.00

Dodge & Cox Worldwide Funds plc-Global Stock Fund

Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV

£


5.60

-

0.02 0.00

Guardian

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
-

USD Accumulating Share Class

$ 15.91

-

0.10 0.00

Fidelity PathFinder Income 1 Gross Income (clean) £

1.03

-

0.00 4.76


Freedom With Pfts Short-Tm

198.70 209.20 0.00

-

5.79 0.84

GBP Accumulating Share Class

£ 18.14

-

0.09 0.00

FIL Investment Services (UK) Limited (1200)F (UK)

Fidelity PathFinder Income 2 Income (clean) £

1.05

-

0.00 3.13

Freedom Managed

366.27 385.55 -0.05


-

-

0.99 0.00

GBP Distributing Share class

£ 13.16

-

0.06 0.85

Fidelity PathFinder Income 2 Gross Income (clean) £

1.05

-

0.00 3.87

Freedom Equity

403.14 424.36 -0.26

-

102.31


-

0.59 1.58

EUR Accumulating Share Class

€ 21.42

-

0.21 0.00

Fidelity PathFinder Income 3 Income (clean) £

1.06

-

0.01 3.67

Corp Pens Mananged

222.39 222.39 0.59

-

UK Equity B Acc

107.64


-

0.74 1.89

130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Unit Trust

Corp Pens Equity

223.69 223.69 1.03

-

UK Equity & Bond Income B Inc

233.18

-

1.03 5.15

Corp Pens Fixed Interest

311.78 311.78 0.50

-


UK Equity Income B Inc

416.14

-

2.03 5.07

Corp Pens Index Linked

334.16 334.16 -2.94

-

48.93

-

0.15 1.85

Corp Pens Deposit

191.47 191.47 0.00

-

Corp Pens Protector

391.72 391.72 1.63


-

UK Government Bond B Inc

Cedar Rock Capital Fd Plc

€ 357.82

-

7.58 0.00

Charles Schwab Worldwide Funds Plc

(IRL)

Regulated
Schwab USD Liquid Assets Fd

$

1.00

-

0.00 0.01

Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class


$ 13.13

-

0.07 0.00

Chartered Asset Management Pte Ltd

EUR Accumulating Share Class

€ 13.86

-

0.12 0.00

Other International Funds

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

CAM-GTF Limited
CAM GTi Limited

$ 276618.62 276618.62 -1840.21 0.00
$ 725.46

Raffles-Asia Investment Company $

1.61


-

53.03 0.00

1.61 0.00 5.34

USD Accumulating Share Class
GBP Accumulating Share Class

$ 18.54
£ 19.99

-

Cash Fund
Gross Accum Cash

0.06 0.00

MoneyBuilder Cash ISA

0.04 0.00

MoneyBuilder Global
OEIC Funds

GBP Distributing Share Class

£ 12.68


-

0.02 0.63

EUR Accumulating Share Class

€ 21.56

-

0.14 0.00

Candriam Investors Group

£
£
£
£

Allocator World Fund N-ACC-GBP £

Asia Pacific Ops W-Acc

(LUX)

1.00
1.28
1.00
2.70


-

8.88 0.00

Candriam Eqts L Sust World Cap € 283.49

-

0.71 0.00

Cheyne Capital Management (UK) LLP

€ 1161.33

-

0.34 0.00

Cheyne Convertibles Absolute Return Fund € 1344.61

-

1.07 0.00

Candriam Bds Euro Infl Linked Cap € 143.25

-

-0.05 0.00


Cheyne Global Credit Fund

€ 120.51

-

€ 2254.94

-

5.29 0.00

Cheyne European Mid Cap Fund

€ 1125.40

-

Candriam Bds Euro Cap

Candriam Qt-Eqts Europe Cap

-

0.15 0.00

$ 2405.38

-


Candriam Investors Group

Emerging Asia Fund W-ACC-GBP £

-0.08 0.00
-4.40 0.00

Vietnam Property Fund (VPF) NAV $

8.97 0.00

(BE)

FCA Recognised
Candriam Sust Euro Bonds Cap

€ 367.25

-

0.13 0.00

Candriam Sust North America Cap $ 40.90

-

0.18 0.00

Candriam Sust World Cap


-

0.07 0.00

€ 26.25

Candriam Investors Group

Vietnam Enterprise Inv. (VEIL) NAV $

3.82

-

-0.06 0.00

Candriam Eqts L Emerging Mkts Cap € 617.87

-

3.34 0.00

Candriam Eqts L Euro 50 Cap

-

-0.17 0.00

€ 510.90


Candriam Eqts L Europe Cap

€ 926.18

-

1.57 0.00

Candriam Eqts L Japan Cap

¥ 18319.00

-

57.00 0.00

Candriam Bonds Credit Opportunities € 193.55

-

0.15 0.00

Candriam Bds Euro Conv. Classic Cap € 3462.50

-

2.33 0.00

Candriam Bds Euro Corp ExFin Cap € 167.45
€ 2329.35


Candriam Bds Euro High Yield Cap € 1034.33
Candriam Bds Euro High Yield R Cap € 115.17
Candriam Bds Euro Long Term Cap € 8321.52
Candriam Bds Euro Sh.Term Cap € 2087.32

Cheyne European Event Driven Fund € 130.50

-

-5.05 0.00

Cheyne Real Estate Credit Holdings Fund £ 166.60

-

1.13 0.00

Cheyne Real Estate Credit Holdings Fund III £ 109.71

-

0.68 0.00

-

0.15 0.00
1.32 0.00

1.68

0.96

-

0.01 2.31
0.01 3.31
0.01 1.16
0.00 0.81

1.56

-

0.01 2.22

Enhanced Income Fund W-ACC-GBP £

1.35

-

0.00 7.41

Enhanced Income Fund W-INC-GBP £

European Fund W-INC-GBP

1.05

-


0.00 7.88

£ 11.46

-

0.00 1.98

£ 13.16

European Opportunities W-ACC-GBP £

3.58

-

0.00 2.02
0.00 1.58

Global Growth I2 Acc

€ 133.72

-

0.97 0.00

Extra Income Fund Y-ACC-GBP


£

1.13

-

0.00 4.01

Global Growth I1 Eur

€ 99.94

-

0.73

Extra Income Fund Y-GACC-GBP

£

1.16

-

0.00 3.98

-

0.31 0.00


Cheyne Total Return Credit Fund - December 2017 Class $ 186.74

-

14.87 0.00

Extra Income Fund Y-GINC-GBP

£

1.22

-

0.00 4.15

-1.96

Extra Income Fund Y-INC-GBP

£

1.22

-

0.00 4.15

-


-

Global Dividend Fund W-ACC-GBP £

Cohen & Steers SICAV

(LUX)

Regulated
European Real Estate Securities

€ 23.7798

-

-0.0296 1.73

Europ.RealEstate Sec. IX

€ 31.8921

-

-0.0397 0.00

Gbl Listed Infrastructure I

$ 10.4354

-


-0.0197

-

Gbl Listed Infrastructure IX

$ 10.4807

-

-0.0198

-

Gbl RealEstate Sec. I

$ 11.1306

-

-0.0015 1.61

Gbl RealEstate Sec. IX

$ 13.2529

-

-0.0018 0.00


Consistent Unit Tst Mgt Co Ltd (1200)F

(UK)

-1.99 0.00

53.56 54.18 0.09 4.82
126.54 127.99 0.21 4.66

Candriam Bds International Cap

€ 1014.21

-

0.50 0.00

Consistent UT Inc

Candriam Bds USD Cap

$ 961.64

-

2.11 0.00

Consistent UT Acc


-0.06 0.00

Practical Investment Inc

200.12 205.47 0.16 4.10

Practical Investment Acc

989.11 1015.57 0.78 3.98

-

1.11

-

0.01 1.45

-

PO BOX 10117, Chelmsford, Essex, CM1 9JB
Dealing & Client Services 0845 0264281
Authorised Inv Funds

11.12 0.00

(LUX)

www.dsmsicav.com
Regulated


1.20

-

0.03 0.81

Cheyne Real Estate Debt Fund Class A1 £ 131.56

1.25 0.00
0.14 0.00

DSM Capital Partners Funds

1.24

-

Emerging Eur Mid East and Africa W £

European Fund W-ACC-GBP

Other International Funds

Cheyne Total Return Credit Fund 2020 $ 104.25

Other International Funds

£


China Consumer Fund W-ACC-GBP £

-0.01 0.00

2.70 0.00 0.19

£ 28.96

1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration:
Other International Funds
-

1.00 0.00 0.16

0.00 0.96

Dragon Capital Group

0.91

1.28 0.00 0.00

-

Asian Dividend Fund W-INC-GBP £

(IRL)

Regulated


1.00 0.00 0.17

1.21

Asian Dividend Fund W-ACC-GBP £

A$ 1031.15

Candriam Eqts L Australia Cap

Institutional OEIC Funds

186.54 186.54 0.00 0.00

Cash Accum Units

American Fund W-ACC-GBP

Candriam Total Return Bond Cap € 132.24

54.22 57.59 0.07 4.12

0.58

Fidelity PathFinder Focussed 1 Gross Acc (clean) £

0.60 1.90

-


Candriam Bds Euro Gov.Cl.Cap

Braemar Group PCC Limited

MoneyBuilder Balanced Y-INC-GBP £

0.01 0.95

6389.02 6845.94 23.96 0.81

Cheyne Capital Management (UK) LLP

-

0.00

Fidelity PathFinder Foundation 5 Acc (clean) £

-

208.47

Do Accum

FCA Recognised

€ 1411.70

-


-

American Special Sits W-ACC-GBP £ 11.61

€ 751.45

0.52

1.15

1681.67 1801.94 6.30 0.82

FCA Recognised

BL-Global 30 B

0.00 2.74

MoneyBuilder Balanced Y-ACC-GBP £

Multi Asset Strategic N-ACC-GBP £

Equinox Russian Opportunities Fund Limited $ 116.66

(LUX)

BL-Global Equities B

-


3.18 0.00 0.00

152.86

111.30 111.80 0.20 2.94

-

9.72

3.79 0.00 0.00

Corporate Bond B Inc

146.00 146.80 0.20 2.89

0.69

0.00 2.74

Mbuilder Inc Red Duration Y-INC £

2.95

Balanced B Acc

Common Investment Fund

-


-

3.52

260.90 275.30 0.50 2.06

84.32

9.73

€

658.30 694.70 1.30 2.02

Artemis Global Emg Mkts I GBP Acc

0.01 2.57

MBuilder Inc Red Duration Y-GINC £

$

Baring Dynamic Capital Growth Fund

78.14 82.48 0.11 0.74

0.01 2.62

-


11.19 0.00

Global Bond USD

Baring Dynamic Capital Growth Fund

Artemis European Opps R Acc

-

MBuilder Inc Red Duration Y-GACC £ 10.69

-

EU Multi-Strategy Managed

Total Return B Acc

0.55 0.00

MBuilder Inc Red Duration Y-ACC £ 10.50

TFI GCC Equity Opportunities Fund (Q)QAR 1245.70

-

115.10 121.10 0.10 0.72

22.32 0.00


0.02 0.27

-

106.46

-

-

0.01

Strategic Return B Acc

$ 5727.34

2.37

0.01

243.40 257.30 1.50 1.35

16.95 0.00

0.02 0.58

Japan Smaller Cos Fund W-ACC-GBP £

-


-

-

0.01 2.14

-

-

974.63

€ 6090.71

-

2.81

1.15

North American B Acc

6.28 0.04 0.00

1.24

£

1.13


265.80 281.50 3.10 0.00

5.95

£

Japan Fund W-ACC-GBP

5th Floor, Barwa Bank Building, Grand Hamad Street
, P.O. Box 16034, Doha, State of Qatar
+ 974 4459 6111
/>Other International Funds

Fidelity PathFinder Foundation 4 Acc (clean) £

0.58 1.46

$

Index World P-Acc

The First Investor QSCC

Fidelity PathFinder Foundation 3 Acc (clean) £

-

BLK Intl Gold & General


0.00 2.19

1.80 0.95

6.38 1.41

105.53

-0.21 0.00

-

-

-

Portfolio VII B Acc

-

1.14

303.90

747.06

143.90 151.60 1.10 0.01

£ 1078.90


£

Cavendish Worldwide Fund B Class

Asia Pacific B Acc

0.53 1.75

Blackrock UK Long Lease

Index World Fund P-Inc-GBP

6.00 1.60

-

0.02 3.09

0.01 1.87
0.01 1.84

-

110.28

-

-

1116.00xd


Portfolio VI B Acc

£ 41.80

1.27
1.38

Cavendish Opportunities Fund C Acc

396.30 417.50 2.70 0.00

Regulated

£
£

0.29 0.51

(IRL)

+/- Yield

Index US P-Acc

-

Ennismore Smaller Cos Plc

Offer


Index US Fund P-Inc-GBP

SFr 136.64

-

Bid

6.00 1.54

0.47 1.67

(JER)

-

Fund

-

-

BlackRock

-0.25 0.00

+/- Yield

1066.00


112.67

-0.13 0.00

-

Offer

ENISO Forte G (CHF)

NAV

Disc Inc

Bid

Cavendish Opportunities Fund B Class

Portfolio V B Acc

-

0.70 2.24

Other International Funds

1 Poultry, London EC2R 8JR 020 7 415 4130
Authorised Inv Funds


-0.40 1.00

£ 29.34

-

Ennismore European Smlr Cos Hedge Fd

Discretionary Unit Fund Mngrs (1000)F

Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

-0.20 0.00

Electric & General (1000)F

Cavendish Asset Management Limited (1200)F

(UK)

-

-

Deutsche Invest I Global Bonds GBP CH (P) RD £ 100.78 100.78 0.05

0.39 2.43


77.00 0.00

-

£

$ 145.07

Some Funds have distribution units and/or units denominated in other currencies
The full list can be found at www.carmignac.com

-

-

-

Global Opportunities A GBP

Regulated

113.12

-

0.27

0.00 1.45

Euronova Asset Management UK LLP


Portfolio IV B Acc

€ 156.52

63.01 66.84 0.21 4.61

-

Deutsche Invest I Multi Opportunities GBP CH RD £ 95.34 95.34 0.07 0.00

-0.40 1.00

¥ 15287.00

199.35 211.23 0.89 4.25

1.08

Deutsche Invest I Top Euroland GBP RD £ 102.18 102.18 0.08 1.58

616.90

BL-Emerging Markets B

Artemis Income R Inc

£

0.20 0.00


0.36 2.05

BL-Equities Japan B

347.93 368.65 1.57 4.12

Global Opportunities I GBP

4.28 0.00

-

252.39 266.41 0.14 1.31

Artemis Income R Acc

0.00 1.25

-

111.52

BL-Global 50 B

-

-

Portfolio III B Acc


BL-Equities America B

1.56

€ 104.57

1041.00 1098.00 1.00 0.93

BL-Equities Europe B

$

€ 1312.77

0.90 2.10

Russia A GBP Inc F

Global Opportunities I USD

Carmignac Em Pat A EUR Acc

-

Barings (Luxembourg)

0.01 1.02

Carmignac GblBd A EUR Acc


146.40

0.50 1.04

-

£ 134.20 134.20 0.28 0.26

Cavendish UK Select Fund B Class

-

2.27

£ 139.11 139.11 -0.02 1.55

0.26 0.47

147.40

€

CP Global Alpha Fund

Tel: + 44 207 545 9070 www.dws.co.uk
FCA Recognised

-


Baring Multi Asset Fund

European Opportunities A EUR

-

6.24 0.00

53.28

0.50 1.26

0.01 1.69

-3.68

-

Japan B Acc

-

0.00 1.69

-

Capital Value Fund Cls V

7.00 0.61


155.50

-

2.60

Dollar Fund Cls D

4.50 0.00

Baring Multi Asset Fund

1.78

$

-

€ 1109.22

0.30 4.79

Baring Strategic Bond Fund

£

European Opportunities I USD

EFG-Hermes MENA Equity UCITS Fund Class A $ 1004.13


Carmignac Invest A EUR Acc

-

Baring UK Growth Trust

European Opportunities I GBP

-

1.39 0.00

134.90

Baring Korea Trust

0.01 1.57

0.26

-

Cavendish UK Balanced Income Fund B Class

Baring Japan Growth Trust

-

-


€ 782.91

0.66 0.69

Baring Global Growth Trust

2.32

$ 165.20

Carmignac Emerg A EUR Acc

-

-

€

CPS Master Private Fund

0.11 0.00

91.45

562.20

www.cpgbl.com, email:
International Mutual Funds

-0.03 0.00


Global Resource B Acc

-

European Opportunities I EUR

The EFG-Hermes Egypt Fund

-

1.30 0.02

Baring German Growth Trust GBP

-

-

1.40 0.51

-

-2.60

Crediinvest SICAV Sustainability € 15.21

-

Baring German Growth Trust


-

Crediinvest SICAV US American Value $ 18.48

-

-

0.00 0.97

Fund

Asset Management

www.carmignac.co.uk
FCA Recognised

299.10

Artemis European Growth R Acc

Artemis US Extended Alpha I Hedged Acc £

0.36 0.19

Carmignac Patrim A EUR Acc

-


Deutsche Invest I Top Dividend GBP RD £ 113.97 113.97 -0.29 2.53

Global Infrastructure B Acc

1246.08 1316.38 5.45 1.68

Artemis Strategic Bond R Q Inc

-

201.90

Baring European Growth Trust

0.70 0.00

1.05

0.03 0.00

Global High Yield Bond B Inc

Artemis Capital R ACC

Artemis Strategic Bond R Q Acc

276.15

Cavendish Technology Fund B Class


2912.00

-

-0.09 0.00

$

-

4.60 0.00

FCA Recognised

Artemis Strategic Bond R M Inc

CF Morant Wright Japan A X

Cavendish North American Fund B Class

Baring Europe Select Trust

-

0.17 0.00

Emerging Opportunities I USD $

€ 1148.90


Canada Life Investments

+/- Yield

(IRL)

Carmignac Cap + A EUR Acc

BLI - Banque de Luxembourg Investments S.A.

-

0.12 0.00

0.09 1.45

656.10

Offer

£ 177.81 177.81 0.49 1.65

Candriam Qt-Eqts USA Cap

111.34

-

Investment Adviser - Morant Wright Management Limited


0.20 4.93

BlackRock UK Property

Artemis Pan-Euro Abs Ret GBP

0.12 0.00

0.02 0.00

Arisaig Asia Consumer Fund Limited $ 63.47

Artemis Monthly Dist R Inc

-

-

Baring Targeted Return Fund

Other International Funds

The Westchester Class 2 GBP Acc £ 20.83

0.13 0.00

-

Baring Targeted Return Fund


Arisaig Partners

The Westchester Class 1 GBP Acc £ 20.77

-

94.68

-

UK Authorised Open-Ended Investment Company

Other International

$ 27.62

122.40

668.60

Baring Eastern Trust

Amundi Funds

-

Bid

Real Return Cls A


Global Bond B Inc

1.32 0.00

-

1.00

£

-

-

221.99 224.45 0.98

(IRL)

(JER)
Barclays Investment Funds (CI) Ltd
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

Algebris Financial Credit Fund - Class I EUR € 134.86

Arisaig Africa Consumer Fund Limited $ 13.51

Global Equity Acc


-

0.31 0.00

-0.38 0.00

Regulated

Algebris Investments

-

-

additional fund prices can be found on our website

The Westchester X

-

CP Capital Asset Management Limited

-

CG Portfolio Fund Plc

Managed Ser A (Life)

Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603


(UK)

Property

Atlantis China Fund

$

CCLA Fund Managers Ltd

Fund

Asset Management
CP Global Asset Management Pte. Ltd.

Investment Adviser - DSM Capital Partners

Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
COIF Charity Funds (UK)

9.83 0.00

0.32 0.32

The Public Sector Deposit Fund-share class 3 ♦ F

-0.02 0.00


-

-

0.91 0.00

-

€ 1410.05

125.34

$ 16.22

-

$ 119.85

Bond Global

CF Heartwood Balanced B Acc X

Africa Frontiers

174.99

Aspect Diversified Trends USD

Pension Funds


0.27 3.43

$ 14.14

CF Richmond Core X

-

90.30 0.00

-

All Africa

0.00 0.38

524.60 552.20 0.00

-

0.37 0.75

-

Money Ser. 4

$ 3322.05

-


Global Emerging Markets - Class A $ 12.65

100.00

Aspect Diversified CHF

American One

109.98

0.18 2.84

The Public Sector Deposit Fund-share class 2 ♦ F

-

99.74 0.00

144.66

-

Global Equity Fund of Funds - Class A $ 14.08

0.13 0.03

1695.40 1784.60 5.20

-


CF Heartwood Growth B Acc X

0.25 0.34

-

Man. Ser. 4

$ 3530.72

109.08

-

109.86

-

American Dynamic

128.44

CF Heartwood Defensive Multi Asset Fund B Accumulation

(UK)

+/- Yield

+44 (0)20 7389 8840 www.coronation.com
Enquiries: +27 (21) 680 2837/2457

Other International Funds

0.00 0.53

CCLA Investment Management Ltd

Offer

Coronation Fund Managers

-

376.20 396.00 3.00

Regulated

Bid

100.00

Japan Ser 4

(LUX)

Fund

The Public Sector Deposit Fund-share class 1 ♦ F

Aspect Diversified GBP


Atlantas Sicav

(UK)

CF Heartwood Balanced Income B Inc X

Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
The Public Sector Deposit Fund

Fixed Interest Inc

Fixed Int. Ser. 4

+/- Yield

27-31 Melville Street, Edinburgh EH3 7JF
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

CF Heartwood Cautious Income B Inc X

Global Equity Acc

Other International Funds

Offer

Edinburgh Partners Limited


CF Heartwood Cautious B Acc X

Global Equity Inc

Aspect Capital Ltd (UK)

Bid

40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds

Investment Acc

Prop. Acc. Ser 2

Fund

Capita Asset Services

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc

Ashmore SICAV Emerging Market Total Return Fund $ 82.06

Abbey Life Assurance Company Limited


Fund

Artisan Partners Global Funds PLC

0.01 0.00

-

-

Fund

EdenTree Investment Management Ltd

(UK)

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Authorised Inv Funds
211.80

-

1.00 1.70

Amity UK Cls B Inc

211.60

-


1.10 2.60

Higher Income Cls A Inc

123.50

-

0.30 5.16

Higher Income Cls B Inc

127.50

-

0.30 5.11

UK Equity Growth Cls A Inc

233.80

-

1.20 0.88

UK Equity Growth Cls B Inc

239.00


-

1.20 1.77

Amity Balanced For Charities A Inc

107.60

-

0.30 6.12

Amity European Fund Cls A Inc

208.60

-

-0.30 1.60

Amity European Fund Cls B Inc

210.90

-

-0.30 2.48

Amity Global Equity Inc for Charities A Inc


102.50

-

0.40 4.16

Amity International Cls A Inc

211.70

-

1.00 1.59

Amity International Cls B Inc

213.80

-

1.10 2.45

Amity Sterling Bond Fund A Inc

104.90

-

0.20 5.19


Amity Sterling Bond Fund B Inc

113.70

-

0.20 5.20

-

0.00 3.21

Global Dividend Fund W-INC-GBP £

1.45

-

0.01 3.34

Global Enhanced Income W-ACC-GBP £

1.34

-

0.01 4.31

Global Enhanced Income W-INC-GBP £

Global Focus Fund W-ACC-GBP

Amity UK Cls A Inc

1.61

1.17

-

0.01 5.47

£ 14.97

-

0.08 0.66

Global High Yield Fund Y-ACC-GBP £ 12.24

-

0.08 5.68

Global High Yield Fund Y-GACC-GBP £ 12.79

-

0.08 5.63


Global High Yield Fund Y-GINC-GBP £ 10.10

-

0.06 5.76

Global High Yield Fund Y-INC-GBP £ 10.11

-

0.06 5.76

Global Property Fund W-ACC-GBP £

1.44

-

0.01 2.07

Global Property W Inc

£

1.28

-

0.01 2.97


Global Special Sits W-ACC-GBP

£ 25.52

-

0.13 0.57

Index Emerging Markets P-Acc

£

1.01

-

0.00 2.53

Index Emerging Markets P-Inc-GBP £

0.88

-

0.01 2.62

Index Europe ex UK Fund P-Inc-GBP £

1.02


-

-0.01 2.86

Index Europe ex UK P-Acc

£

1.05

-

0.00 2.75

Index Japan Fund P-Inc-GBP

£

1.12

-

0.00 1.83

Index Japan P-Acc

£

1.15


-

0.01 1.77

Index Pacific ex Japan P-Acc

£

1.09

-

0.01 3.81

Index Pacific ex Japan P-INC-GBP £

0.91

-

0.01 3.95

Index UK Fund P-INC-GBP

£

0.97

-


0.01 3.74

Index UK P-Acc

£

1.03

-

0.00 3.64

America

£

4.28

-

0.02 0.50

Emerging Markets

£

3.27

-


0.01 0.80

Europe (ex-UK) Fund ACC-GBP

£

4.09

Fidelity Pre-Retirement Bond Fund £ 124.80
Global Focus

£

2.95

-

0.00 1.58
0.50 2.90
0.01 1.59

Index Linked Bond

£

2.72

-

0.02 0.76


Index Linked Bond Gross

£

Corp Pens UK Index Tracker

£

1.94

1.94 0.01

-

Managed Acc

£ 18.25 19.21 0.05

-

Equity Acc

£ 32.69 34.41 0.14

-

Fixed Interest Acc

£ 17.71 18.64 0.03


-

International Acc

£ 13.85 14.58 0.02

-

International S-NA Acc

£

7.12

7.49 0.01

-

International S-PA Acc

£

4.30

4.52 0.01

-

International S-EU Acc


£

3.47

3.65 0.01

-

Managed S-PR Acc

£

6.93

7.30 0.01

-

Guardian Linked Life Assurance Ltd

3.29

-

0.02 0.75

Index-Linked Bond Fund Gross Inc £ 12.81

-


0.09 0.75

Japan

£

2.08

-

0.01 0.79

Long Bond

£

0.54

-

0.00 2.74

Long Bond Gross

£

0.90

-


0.00 2.69

Long Bond Fund Gross Inc

£ 12.12

-

0.07 2.74

Pacific (Ex Japan)

£

3.68

-

0.03 1.84

Pan European

£

2.69

-

0.00 2.04


Reduced Duration UK Corporate Bond £ 10.51

-

0.00 3.47

Reduced Duration UK Corp Bond Gross £ 10.73

-

0.00 3.47

Reduced Duration UK Corp Bond Inc £

9.74

-

0.00 3.47

Guardian Pensions Management Ltd

Reduced Dur UK Corp Bond Gross Inc £

9.75

-

0.00 3.46


Select Emerging Markets Equities £

1.21

-

0.01 1.61

Select Global Equities

£

3.14

-

0.02 1.09

South East Asia

£

3.76

-

0.03 1.95

HPB Assurance Ltd


Sterling Core Plus Bond Gr Accum £

2.25

-

0.01 2.83

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

Fixed Interest S-IL Acc

£

6.69

7.04 0.01

-

Deposit Accum

£

4.43

4.67 0.00


-

Pens. Managed Acc.

£ 23.79 25.05 0.06

-

Pens. Equity Acc.

£ 34.51 36.32 0.16

-

Sterling Core Plus Bond Inc

£

1.44

-

0.01 2.91

Holiday Property Bond Ser 1

£

0.51


-

-0.01 0.00

UK

£

3.63

-

0.02 2.22

Holiday Property Bond Ser 2

£

0.61

-

-0.01 0.00

UK Aggreg Bond Gr Accum

£

1.90


-

0.01 4.47

UK Aggregate Bond Inc

£

1.26

-

0.01 3.10

UK Corporate Bond

£

1.25

-

0.01 3.83

UK Corporate Bond - Gross

£

2.35


-

0.01 3.70

UK Corporate Bond Fund Gross Inc £ 11.31

-

0.03 3.81

UK Gilt Fund Inc

£

1.33

-

0.00 1.95

UK Gilt Gross

£

2.14

-

0.01 1.92


UK Long Corp Bond

£

1.43

-

0.01 4.21

UK Long Corp Bond - Gross

£

2.64

-

0.01 4.05

UK Long Corporate Bond - Gross Inc £ 11.48

-

0.05 4.19

Retail Share Classes
Emerging Markets - retail

£


1.30

-

0.01 0.07

{*}CAR - Net income reinvested

Findlay Park Funds Plc

(IRL)

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American Fund USD Class

$ 84.42

-

0.32 0.00

American Fund GBP Hedged

£ 45.92

-

0.17 0.00


American Fund GBP Unhedged

£ 58.49

-

0.25 0.00

Latin American Fund USD Class

$ 12.87

-

0.21 0.00

-

0.16 0.00

Latin American Fund GBP Unhedged £

9.05

Hargreaves Lansdown Fd Mgrs (1100)F

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000

www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
HL Multi-Manager Special Situations Trust A Acc

274.93 289.39 -0.08 0.51

HL Multi-Manager Special Situations Trust M Acc

274.93 289.40 -0.09 0.51

HL Multi-Manager Income & Growth Trust A Acc

164.85 173.44 0.16 3.95

HL Multi-Manager Income & Growth Trust M Acc

164.86 173.44 0.16 3.65

HL Multi-Manager Income & Growth Trust A Inc

97.02 102.08 0.10 4.04

HL Multi-Manager Income & Growth Trust M Inc

97.01 102.07 0.09 3.73

HL Multi-Manager Balanced Managed Trust A Acc


187.98 197.71 0.03 1.11

HL Multi-Manager Balanced Managed Trust M Acc

187.99 197.72 0.04 1.11

HL Multi-Manager Equity & Bond Trust A Inc

108.46 114.02 -0.10 2.28

HL Multi-Manager Equity & Bond Trust M Inc

108.46 114.02 -0.10 2.11

HL Multi-Manager Equity & Bond Trust A Acc

148.69 156.31 -0.14 2.25

HL Multi-Manager Equity & Bond Trust M Acc

148.69 156.30 -0.14 2.09

HL Multi-Manager Strategic Assets A Acc

104.30 107.49 0.04

-

HL Multi-Manager Strategic Assets A Inc


104.30 107.48 0.05

-

HL Multi-Manager Strategic Bond Trust A Acc

170.57 175.84 0.00 1.79

HL Multi-Manager Strategic Bond Trust M Acc

170.57 175.84 0.00 1.66


20

FTWeekend

4 June/5 June 2016

MANAGED FUNDS SERVICE
Fund

Bid

Offer

+/- Yield

Fund


Bid

Offer

+/- Yield

HL Multi-Manager Strategic Bond Trust A Inc

140.64 144.98 0.00 1.81

Corporate Bd Inc (Gross) ♦ F

HL Multi-Manager Strategic Bond Trust M Inc

140.63 144.97 0.00 1.68

Corporate Bond Acc ♦ F

HL Multi Manager Emerging Markets A Acc

91.84 94.68 0.28 0.51

Corporate Bond Inc ♦ F

HL Multi-Manager European A Acc

107.61 110.92 0.60 0.59

HL Multi-Manager UK Growth A Acc


104.80 108.04 0.23 1.84

Fund

Bid

Offer

+/- Yield

88.62

-

188.24

-

88.51

Distribution Acc ♦ F
Distribution Acc (Gross) ♦ F

Fund

Bid

0.11 3.60

Income & Growth (No Trail) Acc ♦ F


0.22 3.52

Income & Growth (No Trail) Inc ♦ F

225.33

-

175.47

-

-

0.10 3.59

Income (No Trail) Acc ♦ F

172.78

109.70

-

126.32

-

0.24 4.88


Income (No Trail) Inc ♦ F

0.27 4.85

Japan (No Trail) Acc ♦ F

Offer

+/- Yield

1.00 4.23

Emrg Mkts Inc Acc... C

0.78 4.36

Emrg Mkts Inc Inc... C

-

0.92 3.26

Europe Acc

124.47

-

0.66 3.34


Europe Inc

151.89

-

1.40 0.84

Eur Dynamic exUK Acc

177.80
74.94

Fund

Bid

Offer

+/- Yield

51.25

-

0.21 4.64

44.00


-

0.18 4.78

Kames Capital VCIC

1090.00

-

-3.00 1.15

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised

62.02

-

-0.13 1.16

Absolute Return Bond B GBP Acc

1088.89

-

164.30

-


-0.10 0.62

Eq Market Neutral B Acc

1011.50

-

-

0.40 0.74

Eq Market Neutral Plus B Acc

1014.53

-

-0.06 0.63

High Yield Global Bond A GBP Inc

518.05

Fund

Bid

NAACIF


Offer

+/- Yield
0.33 4.63

-

30.16 4.48

M&G Property Portfolio A Acc

138.26 145.53 8.76 3.24

Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds

-0.28 1.58

Property Portfolio A

125.16 131.74 7.92 3.31

Balanced Fund Personal Class Units

4158.10xd

-1.73

-


Property Portfolio X

125.16 125.16 7.92 3.30

Income Fund Personal Class Units

2452.70

-

1.43

-

Emerging Markets Fund Personal Class Units

-

0.31 3.84

M & G (Guernsey) Ltd

Smaller Companies Fund Personal Class Units

-

Distribution Inc ♦ F

62.39


-

0.14 4.98

Japanese Smaller Companies (No Trail) Acc ♦ F

234.28

-

3.41 0.00

Eur Dynamic exUK £ hdg Acc

-

Distribution Inc (Gross) ♦ F

62.39

-

0.14 4.97

Latin American (No Trail) Acc ♦ F

105.78

-


0.41 1.75

Eur Dynamic exUK Inc

Emerging European Acc ♦ F

37.30

-

0.25 2.65

Latin American (No Trail) Inc ♦ F

95.00

-

0.37 1.78

Eur Smaller Cos Acc

546.80

-

0.80 0.03

High Yield Global Bond B GBP Inc


1079.20

-

0.65 4.34

Regulated
The M&G Offshore Fund Range

Emerging European Inc ♦ F

34.00

-

0.22 2.72

Managed Growth (No Trail) Acc ♦ F

200.85

-

0.53 1.21

Eur Smaller Cos Inc

71.10


-

0.10 0.02

Investment Grade Global Bd A GBP Inc

569.17

-

0.73 2.20

Corporate Bond

1352.92 1394.77 2.99 3.02

European Equity Acc ♦ F

856.79

-

-7.26 1.51

Managed Growth (No Trail) Inc ♦ F

182.79

-


0.48 1.23

Global Allocation Acc

53.42

-

0.12 0.91

Kames Global Equity Income B GBP Acc

1255.30

-

4.23

-

Global Basics

2499.44 2576.74 6.82 0.25

European Equity Inc ♦ F

714.90

-


-6.05 1.53

Managed Income (No Trail) Acc ♦ F

195.62

-

0.57 2.76

Global Allocation Inc

52.60

-

0.12 0.92

Kames Global Equity Income B GBP Inc

1176.95

-

3.98

-

Global Leaders


3481.26 3626.31 13.33 1.07

European Equity Income Acc ♦ F

73.28

-

-0.33 3.72

Managed Income (No Trail) Inc ♦ F

157.69

-

0.46 2.81

Global Bond exUK Acc

261.60

-

0.50 0.56

Strategic Global Bond A GBP Inc

1105.44


-

0.52 0.37

Global High Yield Bond

968.36 998.31 9.43 4.24

European Equity Income Inc ♦ F

54.74

-

-0.24 3.83

Monthly Income Plus (No Trail) Acc ♦ F

172.89

-

0.21 5.26

Global Bond exUK Inc

205.10

-


0.40 0.56

Strategic Global Bond B GBP Inc

627.20

-

0.30 0.87

Global Macro Bond Fund

11957.08 12326.89 17.94 1.45

European High Income Acc ♦ F

83.29

-

-0.12 3.82

Monthly Income Plus (No Trail) Inc ♦ F

106.13

-

0.13 5.37


Global Bond Opport. Acc

50.28

-

0.11 2.83

North American Dividend Fund

171.03 178.15 1.21 2.13

European High Income Inc ♦ F

58.85

-

-0.09 3.90

Pacific (No Trail) Acc ♦ F

190.41

-

0.80 0.90

Global Bond Opport. Inc


48.26

-

0.11 2.92

Optimal Income Fund

141.96 146.35 0.05 2.45

European Opportunities Inc ♦ F

83.04

-

-0.03 1.14

Pacific (No Trail) Inc ♦ F

179.14

-

0.75 1.01

Global Eq Income £ hdg Acc... C

68.32


-

0.26 2.82

Recovery Fund Limited 'A' Participating Shares

10005.58 10422.48 32.33 0.49

European Opportunities Acc ♦ F

85.89

-

-0.03 1.13

Tactical Bond (No Trail) Acc ♦ F

143.26

-

0.01 1.76

Global Eq Income £ hdg Inc ... C

48.18

-


0.18 2.87

Recovery Fund Limited 'I' Participating Shares

10026.51 10127.79 32.57 1.29

European Smlr Cos Acc ♦ F

192.79

-

-0.02 0.23

Tactical Bond (No Trail) Inc ♦ F

120.42

-

0.01 1.78

Global Eq Income Acc... C

75.18

-

0.32 2.72


Global Bd Acc (Gross) ♦ F

135.66

-

0.03 1.16

UK Focus (No Trail) Acc F

162.28

-

1.14 2.63

Global Eq Income Inc ... C

64.14

-

0.27 2.76

Global Bd Inc (Gross) ♦ F

83.04

-


0.02 1.17

UK Focus (No Trail) Inc F

133.24

-

0.94 2.69

Global Financials Acc

711.20

-

-0.10 1.05

Global Bond Acc ♦ F

127.31

-

0.03 1.16

UK Enhanced Index (No Trail) Acc ♦ F

401.23


-

1.71 3.67

Global Financials Inc

40.01

-

0.00 1.07

Global Bond Inc ♦ F

83.00

-

0.02 1.17

UK Enhanced Index (No Trail) Inc ♦ F

245.83

-

1.04 3.77

Global High Yield Bd Mth Inc C


36.13

-

-0.13 7.32

Glbl Distribution Acc

53.74

-

0.06 5.13

UK Growth (No Trail) Acc ♦ F

140.37

-

0.41 2.87

Global High Yield Bd Acc C

98.62

-

-0.36 7.26


Glbl Distribution Acc (Gross)

54.77

-

0.06 5.12

UK Growth (No Trail) Inc ♦ F

111.86

-

0.34 2.95

Global High Yield Bd Inc C

36.27

-

-0.14 7.35

Glbl Distribution Inc

49.79

-


0.05 5.17

UK Smaller Companies Equity (No Trail) Acc ♦ F

296.53

-

1.61 1.22

Global Macro Opp. A Net Acc

65.88

-

0.08 0.00

Haussmann Cls C
Haussmann Cls D

€ 2204.59
SFr 1163.02

-

0.85 0.00
0.11 0.00
-0.19 0.00


Heartwood Wealth Management Limited

(IRL)

Regulated
Heartwood Caut Multi Asset B Acc

139.55

-

0.30 0.00

Henderson Global Investors

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc

748.80

Asian Dividend Income Inc

-

-0.70 0.16

86.72 91.51 0.85 6.57

239.20

Cautious Managed A Acc

145.70

Cautious Managed A Inc

-

0.60 3.19
0.40 3.25

China Opportunities A Acc

844.50

-

7.10 0.67

Emerging Markets Opportunities A Acc

152.70

-

0.90 0.62

179.70


European Growth A Acc
European Selected Opportunities A Acc

1291.00

Fixed Interest Monthly Income A Inc

-

0.70 0.52
2.00 0.68

21.60 22.66 0.02 5.71

Global Care Growth A Inc

208.70

-

1.10 0.00

Global Equity Income A Inc

50.88

-

0.09 3.95


Global Growth Fund

2145.85 2242.73 13.91 0.00

Global Technology A Acc

1007.00

Multi-Manager Absolute Return A Acc

135.40

-

4.00 0.00
0.00 0.34

Multi-Manager Active A Acc ▲

180.00

-

0.50 0.00

Multi-Manager Distribution A Inc

127.30


-

0.20 3.42

Multi-Manager Diversified A Acc

78.57

-

0.10 3.41

Multi-Manager Global Select Acc

180.40

-

0.40 0.00

Multi-Manager Income & Growth A Acc

155.10

-

0.20 2.34

Multi-Manager Income & Growth A Inc


140.90

-

0.20 2.37

Multi-Manager Managed A Acc

232.90

-

0.60 0.21

Multi-Manager Managed A Inc

228.20

-

0.60 0.21

Sterling Bond Acc

202.68 211.77 0.63 2.79

Sterling Bond Inc

62.12 64.90 0.19 2.83


Strategic Bond A Inc

125.20

-

0.30 4.81

UK & Irish Smaller Companies A Acc

519.60

-

-1.20 0.00

UK Absolute Return A Acc

153.50

-

0.20 0.00

UK Alpha A Acc ♦

115.60

-


0.50 1.86

UK Equity Income & Growth A Inc

589.60

-

1.90 4.15

UK Index A Acc

497.60

-

2.20 2.67

UK Property A Acc

193.08 203.24 0.05 4.04

UK Property A Inc

97.68 102.81 0.03 4.16

UK Tracker A Acc

222.50


-

0.90 2.80

US Growth A Acc

788.30

-

4.20 0.00

1.06

1.06 -0.01 0.00

Hermes Abs Return Credit Fund Class R Acc € €

1.96

1.96 0.00 0.00

Hermes Active UK Inflation Fund Class F Acc £

1.31

1.31 0.01 0.00

Hermes Asia Ex-Japan Equity Fund Class F Acc £


1.64

1.64 0.02 0.00

Hermes Asia Ex-Japan Equity Fund Class R Acc €

3.35

3.35 0.04 0.00

Hermes Global Emerging Markets Fund Class F Acc £

1.21

1.21 0.00 0.00

Hermes Global Emerging Markets Fund Class R Acc €

2.90

2.90 0.03 0.00

Hermes Global Equity Fund Class F Acc £

1.61

1.61 0.01 0.00

Hermes Global Equity Fund Class R Acc €


3.98

3.98 0.03 0.00

set Management
Hermes Global ESG Equity Fund Class F Acc £

1.23

1.23 0.01 0.00

Hermes Global High Yield Bond Fund Class F Acc £

1.16

1.16 0.00 0.00

Hermes Global High Yield Bond Fund Class R Acc €

2.84

2.84 0.00 0.00

Hermes Global Small Cap Fund Class F Acc £ £

1.10

1.10 0.01 0.00

Hermes Global Small Cap Fund Class R Acc € €


2.03

2.03 0.02 0.00

Hermes Multi Asset Inflation Fund Class F GBP Acc £

0.99

0.99 0.00 0.00

Hermes Multi Strategy Credit Fund Class F Acc Hed £

1.05

1.05 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Acc £

1.34

1.34 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Dis £

1.30

1.30 0.00 1.30

Hermes Sourcecap EU Alpha Fund Class R Acc €


3.07

3.07 0.02 0.00

Hermes Sourcecap EX UK Fund Class F Acc £

1.43

1.43 0.00 0.00

Hermes Sourcecap EX UK Fund Class R Acc €

3.16

Hermes UK Small & Mid Cap Fund Class F Acc £

1.52

Hermes UK Small & Mid Cap Fund Class R Acc €

4.30

Hermes US All Cap Equity Class F Stg £ Acc £

1.08

Hermes US All Cap Equity Class R € Acc €

2.00


3.16 0.01 0.00
1.52 0.03 0.00
4.30 0.08 0.00
1.08 0.00 0.00
2.00 0.02 0.00

-

(IRL)
Intrinsic Value Investors (IVI) LLP
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

€ 18.22

-

0.00 0.00

IVI European Fund GBP

£ 18.96

-

-0.07 0.62

Invesco Fund Managers Ltd

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

-

0.01 0.00

0.61 0.00

Japan Specialist Fund X

£ 10.10

-

-0.11 0.00

0.03 0.00

Pacific Basin Specialist Equity Fund £ 22.28

-

0.14 0.90

0.82 0.81


UK Sovereign Bd Index Fund

-

0.02 2.46

-

0.18 3.44

UK Specialist Equity Income Fund £

9.22

-

0.02 4.20

-

0.16 3.44

Global Spec Inv Grade Bd Fund GBP £

9.99

-

0.01 2.91


Global Emerg Mkts Equity Fund X £ 11.17

-

0.05 0.08

-

0.08 3.06

Milltrust India A

$ 126.52

-

0.69 0.00

HC KB Enterprise Equity Income A Acc

159.03

-

0.13 3.69

Milltrust Latin America A

$ 73.99


-

HC KB Endeavour Multi Asset Balanced A Acc

133.51

-

0.87 0.81

HC KB Endeavour Multi Asset Balanced A Inc

126.18

-

HC KB Enterprise Fixed Income A Acc

125.71

HC KB Enterprise Fixed Income A Inc

110.47

Milltrust ASEAN A

$ 93.53

Milltrust Keywise China Fund


Majedie Asset Management LTD

£

(UK)

$ 108.01

-

-

0.12 0.00

Ministry of Justice Common Investment Funds (UK)
Property & Other UK Unit Trusts
1339.00 1339.00 2.00 3.04

The Equity Idx Tracker Fd Inc
1.17

-

Distribution Units

0.01 0.57

£ 11.35


Series 2 (Investment Management customers only)

UK Strategic Income (No Trail) Inc ♦ F

525.99

-

2.45 3.55

Global Property Secs Inc

51.11

-

0.30 0.93

Global Focus X Acc GBP

1.17

-

0.00 0.35

United Kingdom Equity Index Fund £ 12.20

-


0.00 3.60

244.21

-

1.64 0.10

Global Unconstrained Eq. Acc

1029.00

-

8.00 0.07

UK Equity X Acc

142.58

-

0.09 2.86

UK Specialist Equity Inc

£ 19.00

-


0.04 1.62

Global Equity (inc) ♦ F

428.04

-

0.34 0.65

Global Unconstrained Eq. Inc

76.44

-

0.61 0.07

UK Focus X Acc

160.13

-

-0.04 1.85

Contl Europe Spec Equity

£ 17.00


-

0.12 1.16

Global Equity Income Acc ♦ F

124.81

-

0.07 3.74

Income Acc ... C

50.05

-

0.07 6.41

Lazard Fund Managers Ltd (1200)F

UK Income X Inc

148.88

-

0.54 5.02


US Spec Equity Fund

£ 15.46

-

0.02 0.35

Global Equity Income Inc ♦ F

100.23

-

0.06 3.86

Income Inc ... C

45.16

-

0.07 6.43

UK Smaller Companies A Acc

263.77

-


1.25 1.14

Japan Specialist Fund X

Gbl Financial Capital Acc

87.14

-

-0.15 4.58

Japan Acc

342.40

-

6.80 0.00

Gbl Financial Capital Inc

71.54

-

-0.12 4.75

Japan Inc


82.44

-

1.63 0.00

Mellon House Ingrave Rd Brentwood Essex CM15 8TG
Dealing: 0870 6066408, Info: 0870 6066459
Authorised Inv Funds
Lazard Investment Funds (OEIC) Retail Share Class

Gbl Financial Cap Acc Gross

91.76

-

-0.15 5.40

Invesco

Multi-Asset Inc Mth Inc ... C

62.91

-

0.11 3.73

Gbl Financial Cap Inc Gross


71.72

-

-0.12 5.64

Multi-Asset Inc Acc... C

85.86

-

0.15 3.65

Global Opportunities Acc ♦ F

99.25

-

0.47 0.46

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA

Multi-Asset Inc Inc... C

63.18


-

0.11 3.73

Global Smaller Cos Acc ♦ F

1784.92

-

7.87 0.20

Multi-Manager Growth Acc

727.20

-

3.10 0.65

Global Smaller Cos Inc ♦ F

1704.39

-

7.52 0.20

Multi-Manager Growth Inc


674.10

-

2.90 0.66

57.89

-

-0.07 0.42

Natural Resources Acc

396.20

-

2.20 0.40

High Income Acc ♦ F

819.23

-

4.42 3.50

Natural Resources Inc


27.91

-

0.15 0.39

High Income Inc ♦ F

445.69

-

2.40 3.59

Global Targeted Rets Acc

106.72

High Yield Fund Acc
High Yield Fund Acc (Gross)

125.36

-

0.06 5.66
0.07 5.62

High Yield Fund Inc


41.21

-

0.02 5.83

High Yield Fund Inc (Gross)

41.28

-

0.02 5.83

Hong Kong & China Acc ♦ F
Income & Growth Acc ♦ F
Income & Growth Inc ♦ F
Income Acc ♦ F

479.19
954.51
407.35
3135.41

Income Inc ♦ F

1715.76

Japan Acc ♦ F


318.76

Japanese Smlr Cos Acc ♦ F
Latin America Acc ♦ F

91.72
109.10
90.81
165.27

-

0.52 0.78
4.23 4.25
1.80 4.37
16.49 3.27
9.02 3.35
2.92 0.29
1.34 0.00
0.43 1.08
0.35 1.10
0.43 0.70

Managed Growth Inc ♦ F

136.79

-


0.36 0.71

Managed Income Acc ♦ F

162.86

-

0.47 2.77

Money Acc ♦ F

97.89
90.29

Money Acc (Gross) ♦ F

95.45

Monthly Income Plus Acc ♦ F
Monthly Income Plus Acc (Gross) ♦ F

298.91
353.63

-

0.29 2.82
0.01 0.25
0.01 0.25

0.36 5.27
0.43 5.24

Monthly Income Plus Inc ♦ F

107.37

-

0.13 5.39

Monthly Income Plus Inc (Gross) ♦ F

107.50

-

0.13 5.39

Pacific Acc ♦ F

1023.61

Pacific Inc ♦ F

936.71

Tactical Bond Acc ♦ F

69.84


Tactical Bond Inc ♦ F

60.16

Tactical Bond Acc (Gross) ♦ F

-

4.31 0.40
3.94 0.40
0.01 1.26
0.01 1.27
0.01 1.26

Invesco Active Multi-Sector Credit Fund A €
Invesco Asia Balanced A dist

2.94

-

0.00 0.00

$ 13.92

-

0.03 3.73


Invesco Asia Consumer Demand Fund A income $ 12.22
Invesco Asia Infrastructure (A)

$ 12.43

60.22

196.71
160.71

UK Focus Inc F
UK Growth Acc ♦ F

529.22

-

-

0.01 1.28

1.39 2.05
1.13 2.09
1.57 2.29

UK Growth Inc ♦ F

328.76

-


0.97 2.34

UK Smaller Cos Equity Acc ♦ F

908.25

-

4.92 0.75

UK Smaller Cos Equity Inc ♦ F
UK Strategic Income Acc ♦ F
UK Strategic Income Inc ♦ F
US Equity Acc ♦ F

695.51
182.11
132.04
584.81

-

3.77 0.75
0.84 3.47

197.24

Asian (No Trail) Inc ♦ F


177.42

Asian Equity Income (No Trail) Acc ♦ F
Asian Equity Income (No Trail) Inc

124.14
101.33

-

0.01 0.25

-

0.06 0.77

-

0.08 0.00

Invesco Balanced Risk Allocation Fund A € 15.49

-

0.11 0.00

Invesco Emerging Europe Equity Fund A $

8.23


-

0.05 0.00

Invesco Emerging Local Currencies Debt A Inc $

6.78

-

0.00 6.47

Invesco Emerging Mkt Quant.Eq. A $

9.22

-

0.02 0.00

$ 18.31

-

0.06 0.00

Invesco Euro Corporate Bond Fund (A) € 17.30

-


0.04 0.00

Invesco Euro Inflation Linked Bond A € 15.74

-

0.03 0.00

Invesco Euro Reserve A

€ 322.36

-

0.00 0.00

Invesco Euro Bond A

€

7.24

-

0.02 0.00

Invesco European Growth Equity A € 24.08

-


0.08 0.00

Invesco Global Absolute Return Fund A Class € 11.16

-

-0.04 0.00

Invesco Global Bond A Inc

5.52

-

-0.01 0.60

Invesco Global Conservative Fund 90 (EUR) A € 11.73

-

0.01 0.00

Invesco Global Equity Income Fund A $ 58.66

-

-0.06 0.00

Invesco Global Inc Real Estate Sec A dist $


9.38

-

0.05 2.24

Invesco Global Inv Grd Corp Bond A Dist $ 11.92

-

0.03 3.10

Invesco Global Leisure A

$ 37.37

-

0.21 0.00

Invesco Global Smaller Comp Eq Fd A $ 59.65

-

0.13 0.00

Invesco Global Structured Equity A $ 45.22

-


0.23 1.17

Invesco Global Total Ret.(EUR) Bond Fund A € 13.27

-

0.02 0.00

Invesco Gold & Precious Metals A $

5.42

-

0.03 0.00

Invesco Greater China Equity A

$ 45.12

-

-0.02 0.00

Invesco India Equity A

$ 52.33

-


-0.06 0.00

Invesco Energy A

$

202.20

-

0.50 1.18

Sterling Corporate Bond Acc

86.25

-

0.26 2.13

Sterling Corporate Bond Inc

53.40

-

0.16 2.14

Strategic Bond Acc


69.60

-

0.08 2.96

Strategic Bond Inc

57.05

-

0.06 2.98

157.60

-

0.60 1.48

Portfolio Acc

UK Dynamic Acc

128.20

UK Dynamic Inc

141.60


UK Eq & Bond Inc Acc ... C
UK Eq & Bond Inc Inc ... C

80.89

UK Equity Blue Chip Acc

64.92

UK Equity Blue Chip Inc

53.55
282.80

UK Equity Core Acc
UK Equity Core Inc

51.54
111.90

UK Equity Growth Acc

103.00

UK Equity Growth Inc

-

0.50 1.46


0.25 3.47
0.19 2.49
0.16 2.53
1.00 3.26

0.50 1.42

905.80

-

4.30 4.32

UK Higher Inc Inc ... C

516.50

-

2.40 4.47

369.50

UK Smaller Cos Inc

71.56
148.50

UK Strategic Eq Inc Acc ... C
UK Strategic Eq Inc Inc ... C


94.12
750.20

US Acc

-

0.80 0.29
0.16 0.29
0.50 3.89
0.32 3.99
2.20 0.00

132.90

-

0.60 5.49

Global Equity Income Inc

88.20

-

0.39 5.65

Managed Bal Inc


137.00

-

0.60 2.25

UK Income Acc

1164.00

-

3.00 4.77

UK Income Inc

560.90

-

1.70 4.86

UK Omega Acc

204.30

-

0.70 2.31


UK Omega Inc

191.10

-

0.70 2.33

UK Smaller Cos Inc

1689.00

-

7.00 1.45

LF Funds (Banque Libano-Francaise Group) (LUX)
www.eblf.com -
Regulated
-

0.15 0.00

LF Total Return Bond Fund - Class D $ 114.78

-

0.15 0.00

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555

Other International Funds
£ 12.6100

Lloydstrust Gilt

-

0.0300 2.19

Lloyds Investment Funds Limited
€ 1.6390

Euro High Income
European

£ 7.7560
£ 0.8703xd

High Income

£ 4.2040

International

£ 16.7900

North American

-


0.0030 2.80
-0.0110 1.14
0.0017 4.92
0.0130 0.64
0.0600 0.02

3.92 0.00

0.71 1.11
0.63 1.12

Invesco Pan European High Income Fd A € 13.68

-

0.01 2.60

Invesco Pan European Small Cap Equity A € 21.39

-

0.15 0.00

Invesco Pan European Structured Equity A € 17.06

-

0.10 0.00

Invesco UK Eqty Income A


-

0.16 0.00

1.01

-

0.00 2.64

Invesco US Structured Equity A

$ 21.82

-

0.08 0.00

Invesco US Value Eq Fd A

$ 31.14

-

0.16 0.00

Lohengrin Management Ltd

Invesco USD Reserve A


$ 87.06

-

0.00 0.00

Tel: 242-502-7020
Other International Funds

100.80

US Equity Income £ hdg Inc ... C

110.90

US Equity Income Inc ... C

119.80

US Select Acc

118.30

US Select Inc

381.70

US Smaller Cos Acc
US Smaller Cos Inc


-

0.30 2.27
0.50 2.17
0.60 0.00
0.60 0.00
5.10 0.00

Lloyds Gilt Fund Limited
-

0.0030 1.70

Monthly Share

-

0.0030 1.70

£ 1.2640xd

Lloyds Money Fund Limited
£ 52.6400

Sterling Class

0.84 4.65
0.68 4.81


Invesco ASEAN Equity A
Invesco Bond A

$ 92.39
$ 27.59

-

99.98

-

1.34 0.00

£ 1.1120xd

Conservative Strategy
Growth Strategy

JPMorgan Charity Funds

(UK)

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts
-

1.678317 3.71

Bond Fund for Charities


-

0.329356 3.55

£ 1.394863

£ 1.5020xd
£ 1.8580xd

Aggressive Strategy
Global USD Growth Strategy

UK Equity Fund for Charities I...C £ 2.743824

-

0.0000 0.09

$ 1.3920

-

0.0020 1.67
0.0010 1.22
-0.0010 0.00
0.0020 0.00

Dealing Daily


-

0.01 1.91

GAM

Lothbury Property Trust GBP

, www.jbfundnet.com
Regulated
Ms EF Special Val. EUR/A

€ 140.05

-

-0.06 1.11

Strategy Balanced-CHF/B

SFr 149.57

-

0.23 0.00

Strategy Balanced-EUR

€ 154.15


-

0.20 0.00

Strategy Balanced-USD/B

$ 130.03

-

0.16 0.00

Strategy Growth-CHF/B
Strategy Growth-EUR

SFr 91.93

-

0.17 0.00

€ 114.63

-

0.16 0.00

-0.01 5.77

Emerging European (No Trail) Acc ♦ F


77.81

-

0.52 3.17

Invesco Gbl R/Est Secs A GBP F F £

8.41

-

0.07 0.93

Emerging European (No Trail) Inc ♦ F

68.75

-

0.45 3.28

Invesco Global Health Care A

$ 121.08

-

1.42 0.00


European Equity (No Trail) Acc ♦ F

151.71

-

-1.28 2.04

Invesco Global Select Equity A

$ 12.54

-

-0.01 0.07

European Equity (No Trail) Inc ♦ F

125.74

-

-1.07 2.08

Invesco Jap Eqty Core A

$

1.77


-

0.01 0.09

European Equity Income (No Trail) Acc ♦ F

151.39

-

-0.67 3.71

Invesco Japanese Equity A

$ 18.70

-

0.09 0.00

European Equity Income (No Trail) Inc ♦ F

113.11

-

-0.51 3.82

Invesco Korean Equity A


$ 31.06

-

0.03 0.00

European High Income (No Trail) Acc ♦ F

171.99

-

-0.26 3.82

Invesco PRC Equity A

$ 48.93

-

0.18 0.00

European High Income (No Trail) Inc ♦ F

121.54

-

-0.18 3.89


Invesco Pacific Equity A

$ 47.43

-

0.13 0.07

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds

European Opportunities (No Trail) Acc ♦ F

180.33

-

-0.05 1.67

Invesco Global Technology A

$ 15.21

-

0.13 0.00

Diversified Monthly Inc B Acc


117.06

-

0.34 0.00

European Opportunities (No Trail) Inc ♦ F

168.59

-

-0.05 1.69

Invesco UK Eqty A

£

-

0.03 1.52

Diversified Monthly Inc B Inc

103.89

-

0.31 0.00


European Smaller Companies (No Trail) Acc ♦ F

237.43

-

-0.02 0.73

£

1.42

-

0.01 2.90

Global Balanced Index (No Trail) Acc ♦ F

161.04

-

0.62 2.03

Invest AD

Ethical Cautious Managed B Acc £

1.24


-

0.01 2.17

Global Bond (No Trail) Acc ♦ F

143.23

-

0.04 1.40

Client services: +971 2 692 6101
Other International Funds

Ethical Cautious Managed B Inc

£

1.16

-

0.01 2.20

Global Bond (No Trail) Inc ♦ F

128.75


-

0.03 1.42

Invest AD - Emerging Africa Fund $ 948.17

-

1.89 0.00

Ethical Corporate Bond B Acc

£

1.76

-

0.01 3.50

Glbl Distribution Acc (No Trail)

108.57

-

0.11 4.15

Invest AD - GCC Focus Fund


-

-0.61 0.00

Ethical Corporate Bond B Inc

£

1.01

-

0.00 3.57

Glbl Distribution Inc (No Trail)

100.60

-

0.10 4.24

Ethical Equity B Acc

£

2.00

-


0.01 2.12

SFr 119.53

Strategy Inc-CHF/B

€ 27.95

-

6.54 0.00

0.18 0.00

Charifund Inc

1425.80

-

6.32 4.89

-

0.19 0.00

Charifund Acc

20099.63


-

89.03 4.72

Kames Capital ICVC

209.01

-

0.17 1.21

Investment Grade Bond B Acc

193.38

-

0.15 1.22

Investment Grade Bond B Inc
(UK)

Global Equity Income (No Trail) Inc ♦ F

207.92

-

0.13 3.84


Global ex UK Core Equity Index ( No Trail) Acc ♦ F

183.73

-

0.73 1.51

Global ex UK Enhanced Index ( No Trail) Acc ♦ F

212.61

-

0.77 2.00

America Equity Acc

64.80

-

0.42 0.00

Gbl Fin Cap No Trail Acc

178.07

-


-0.31 4.58

America Equity Inc

64.80

-

0.42 0.00

Gbl Fin Cap No Trail Inc

146.21

-

-0.25 4.74

Asia Acc

123.30

-

0.50 0.37

Global Opportunities (No Trail) Acc ♦ F

256.11


-

1.22 1.00

Asia Inc

68.18

-

0.28 0.37

469.35

-

1.67 0.57

Global Smaller Companies (No Trail) Acc ♦ F

261.50

-

1.16 0.72

Cautious Managed Rt Acc

69.37


-

0.20 0.35

Asian Inc ♦ F

419.26

-

1.49 0.57

Global Smaller Companies (No Trail) Inc ♦ F

249.85

-

1.10 0.73

Cautious Managed Rt Inc

61.00

-

0.17 0.35

Asian Equity Income Acc ♦ F


60.47

-

0.40 4.67

Asian Equity Income Inc ♦ F

49.35

-

0.33 4.82

Balanced Risk 6 Acc

53.53

-

0.23 0.00

Balanced Risk 8 Acc

55.38

-

0.32 0.00


Balanced Risk 10 Acc

57.26

-

0.41 0.00

High Yield Fund (No Trail) Inc

Childrens Acc ♦ F

384.76

-

1.24 2.22

Hong Kong & China (No Trail) Acc ♦ F

Corporate Bd Acc (Gross) ♦ F

212.33

-

0.24 3.50

-0.14 0.86

0.95 3.49
0.68 3.58
0.12 5.64
0.09 5.81

Diversified Real Ret Acc
Diversified Real Ret Inc
Emerging Mkts Acc
Emerging Mkts Inc

53.23
51.44
144.90
61.83

-

0.26 0.96

£

Sterling Corporate Bond B Acc

£
£

2.47
0.96

-


-0.01 4.88
-0.01 4.99

164.67

-

0.30 1.50

1.19

-

0.01 3.45

0.76

-

0.00 3.33

Sterling Corporate Bond B Inc

£

0.32

-


0.00 3.39

Strategic Bond B Acc

£

1.13

-

0.00 2.69

Strategic Bond B Inc

£

UK Equity B Acc

1.17

-

0.00 2.73

£

2.63

-


0.02 2.35

UK Equity Absolute Return B Acc £

1.23

-

0.00 0.00

UK Equity Income B Acc

£

2.19

-

0.01 4.32

UK Equity Income B Inc

£

1.65

-

0.01 4.44


UK Opportunities B Acc

£

1.75

-

0.01 2.30

UK Smaller Companies B Acc

£

2.94

-

0.03 1.44

M&G Corporate Bond A Acc

65.51

-

0.15 3.00

M&G Corporate Bond A Inc


40.64

-

0.09 3.00

M&G Dividend A Inc

60.41

-

0.69 4.54

M&G Dividend A Acc

613.32

-

7.02 4.38

M&G Episode Growth X Inc

49.62xd

-

0.12 2.08


M&G Episode Income A Acc

140.00xd

-

0.26 3.92

M&G Episode Income A Inc

113.83xd

-

0.21 4.05

713.47xd

M&G Extra Income A Inc
M&G Extra Income A Acc
M&G Global Basics A Inc
M&G Global Basics A Acc
M&G Global Dividend Fund A Acc
M&G Global Dividend Fund A Inc

6063.69xd
676.64
1028.15
202.94
156.82


-

2.81 4.58
23.93 4.34
1.85 0.56
2.82 0.52
1.09 3.32
0.85 3.39

0.70 0.68
0.28 0.70

145.30

-

0.50 3.01

Emrg Eur Eq Inc

33.35

-

0.11 3.11

-

-51.00 0.00

0.33

-

0.75 0.00

Em.Mk.Eq.Fund Sterling

£ 99.50

-

0.34 0.00

Em.Mk.Eq.Fd.US Dollar

$ 93.35

-

0.53 0.00

€ 286.36

Gb.Conc.Eq.Fd.Euro
Gb.Conc.Eq.Fd.Sterl.UK T

£ 185.05
£ 280.11
$ 202.34


Gb.Conc.Eq.Fd.US

€ 187.16

Gb.Eq.Hdg Fd.Euro IRE T

€ 265.22
€ 287.59

Gb.Eq.Fund Euro

-

1.12 0.00
0.07 0.00
0.12 0.00
0.56 0.00

0.63 0.00
0.91 0.00

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
123.39

-

0.13 4.58


Property Income B Inc

111.78

-

0.12 4.69

€ 116.49

-

0.71 0.00

Mir. - Eq Spain A

€ 24.94

-

0.18 0.00

Mir. - Eq Swiss Sm/Mid A

SFr 345.78

-

-1.01 0.00


Mir. - Glb High Yield Bds A

$ 110.61

-

0.04

Mir. - Glb Eq High Income A USD $ 97.52

-

-0.06 0.00

Mir. - Glb Inv Grade Bds A

€ 103.14

-

0.03

Mir. - Glb Strat. Bd A USD

$ 106.95

-

0.06 0.00


Asia Pac Bd USD Inst Inc

$ 93.81

-

0.03 3.31

Mir. Opp.- Activ.Strategies I

$ 96.61

-

2.20 0.00

Asia Pac Bd USD Ord Inc

$ 95.62

-

0.03 2.61

MIR. OPP.- EMERG.MKT HO

$ 104.65

-


0.00 0.00

Asia Pac Eq EUR Ord Inc

€ 85.51

-

0.02 3.17

Mir. - US Shrt Term Credit Fd

$ 101.12

-

0.04

Asia Pac Eq GBP Ord Inc

£ 88.76

-

0.02 3.71

MirAlt Sicav-Diversified A Cap.

$ 106.02


-

0.61 0.00

Asia Pac Eq USD Ord Inc

$ 89.82

-

0.02 3.15

MirAlt Sicav-Europe A dis

€ 67.65

-

-0.90 0.00

Asia Pac Eq USD Inst Acc

$ 96.92

-

0.03 0.00

MirAlt Sicav - North America A dis $ 145.86


-

0.90 0.00

Asia Pac Eq USD Inst Inc

$ 100.34

-

0.03 3.82

Dyn Europ Eq EUR Ord Inc

€ 171.87

-

0.02 0.69

Dyn Europ Eq GBP Ord Inc

£ 182.47

-

0.04 1.04

Dyn Europ Eq USD Ord Inc


$ 171.66

-

0.03 0.69

China Equity EUR Ord Acc

€ 115.84

-

-0.17 0.00

China Equity GBP Ord Acc

£ 121.02

-

-0.16 0.00

China Equity USD Ord Acc

$ 118.30

-

-0.16 0.00


China Equity USD Inst Acc

$ 122.10

-

-0.15 0.00

Europ. Equity Fd EUR

€ 102.68

-

0.01

-

Europ. Equity Fd GBP

£ 101.10

-

0.02

-

Europ. Equity Fd USD


$ 101.54

-

0.02

-

Global Val.Cr.Fd GBP Ord Inc

£ 111.94

-

-0.06 3.53

Global Val.Cr.Fd USD Inst Acc

$ 126.25

-

-0.06 0.00

Global Val.Cr.Fd GBP Ord Acc

£ 181.54

-


-0.09 0.00

Global Val.Cr.Fd USD Ord Acc

$ 170.49

-

-0.08 0.00

Global Val.Cr.Fd EUR Ord Acc

€ 157.96

-

-0.09 0.00

Swiss Select Equity Inst Acc

SFr 120.07

-

0.20 0.00

Swiss Select Equity Ord Acc

SFr 118.35


-

0.20 0.00

US Growth USD Ord Acc

$ 198.04

-

1.06 0.00

US Growth EUR Ord Acc

€ 188.65

-

1.01 0.00

US Growth GBP Ord Acc

£ 198.77

-

1.06 0.00

US Growth USD Inst Acc


$ 183.58

-

0.99 0.00

Wealthy Nat Bd EUR Inst Inc

€ 110.97

-

-0.09 3.60

Wealthy Nat Bd GBP Inst Inc

£ 115.75

-

-0.08 3.55

Wealthy Nat Bd EUR Ord Inc

€ 110.19

-

-0.09 3.35


Wealthy Nat Bd GBP Ord Inc

£ 116.34

-

-0.08 3.29

Wealthy Nat Bd USD Ord Inc

$ 113.60

-

-0.08 3.27

-

MW Japan Fund Plc

(IRL)

FCA Recognised
MW Japan Fund PLC A

$ 24.25

-


0.02 0.00

0.04 0.00

¥ 13156.00
€ 136.75

Gb.Val.Fd. Euro

-

0.66 0.00

-104.00 0.00
0.28 0.00

Low Volatility Gb.Eq.Fd.Sterl
Low Volatility Gb.Eq.Fd.USD
Low Volatility Gb.Eq.Fd.Yen

€ 108.22
£ 112.32
$ 106.62
¥ 9027.00

-

0.25 0.00
-0.14 0.00
0.13 0.00

-67.00

-

Morant Wright Funds (Ireland) PLC

MMIP Investment Management Limited

(GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01

£ 2305.23 2333.13 -7.29 0.00

Diversified Absolute Rtn Fd USD Cl AF2 $ 1531.02

-

-6.75 0.00

(IRL)

FCA Recognised
Morant Wright Fuji Yield EUR Acc Hedged € 10.54

-

0.01


Morant Wright Fuji Yield EUR Dist Hedged €

9.48

-

0.00 2.62

Morant Wright Fuji Yield GBP Acc Hedged £

9.96

-

0.01 0.00

Morant Wright Fuji Yield GBP Dist Hedged £

9.15

-

0.00 6.56

Morant Wright Fuji Yield USD Acc Hedged $

9.72

-


0.01 0.00

Morant Wright Fuji Yield USD Dist Hedged $

9.61

-

0.01 2.57

Morant Wright Fuji Yield YEN Acc ¥ 1009.81

-

0.74 0.00

Morant Wright Fuji Yield B YEN Acc ¥ 891.90

-

0.66 0.00

Morant Wright Fuji Yield YEN Dist ¥ 974.14

-

0.72 2.60

Morant Wright Sakura Fund Sterling Acc Hedged £ 11.99


-

0.00 0.00

Morant Wright Sakura Fund Euro Acc Hedged € 12.00

-

0.00 0.00

Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1235.35

-

0.07 0.00

Morant Wright Sakura Fund Dollar Acc Hedged $ 11.95

-

0.01 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 11.85

-

-0.01 0.00

Asset Management


-

-6.53 0.00
-

Manek Investment Mgmt Ltd (1000)F

(UK)

P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Authorised Inv Funds
52.75 55.96 0.30 0.00

Marlborough Fd Managers Ltd (1200)F

(UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
156.73 165.16 0.02 0.64

Bond Income

50.03 52.94 0.04 4.89

Cash

50.12 50.12 0.00 0.32

Cautious Inc


82.65 86.99 0.03 1.07

Defensive A Inc

113.19 113.19 -0.47 0.18

Emerging Markets

226.92 226.92 0.90 1.47

ETF Global Growth A

151.49 151.49 0.73 0.00

ETF Commodity A

72.61 72.61 0.46 0.00
317.35 317.35 0.25 0.26

European Multi-Cap
Extra Income

78.50 83.07 0.18 4.59

Far East Growth A Inc

161.75 161.75 0.70 1.87

Global


184.69 194.43 0.57 0.00

Global Bond Inc

142.42 150.69 0.33 3.06

High Yield Fixed Interest

73.18 77.64 -0.02 5.67

Multi Cap Income A Inc

152.90 152.90 0.73 4.76

Nano-Cap Growth A Acc

106.6232 117.4300 0.0725 0.00

Special Situations A Acc

1226.38 1297.76 5.69 0.45

UK Multi-Cap Growth A Inc

252.08 266.75 0.34 0.63

UK Micro Cap Growth A

492.10 520.74 1.50 0.00


US Multi-Cap Income

341.70 341.70 1.52 0.59

MFM - Third Party Funds
Junior Oils

63.84 67.56 -1.25 0.00

Junior Gold C Acc

38.48 38.48 0.02 0.00

M&G Glbl Emrgng Mkts A Inc

186.86

-

1.07 0.80

MFM Artorius Fund

151.62 151.62 0.55 0.32

M&G Global Macro Bond Fund A Acc

116.00xd


-

0.18 1.46

MFM Bowland

M&G Global Macro Bond Fund A Inc

79.83xd

-

0.12 1.45

MFM Hathaway Inc

109.81 114.98 -0.25 1.82

M&G Global High Yield Bond X Inc

49.26xd

-

0.48 4.24

MFM Techinvest Special Situations Acc

146.48 146.48 1.38 0.00


167.07 180.62 2.79 0.00

Asset Management

(LUX)
Morgan Stanley Investment Funds
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F

$ 57.51

-

0.07 0.00

Asian Equity A F

$ 40.04

-

0.13 0.00

Asian Property A F

$ 17.71

-


-0.05 0.00

Diversified Alpha Plus A F

€ 28.70

-

0.04 0.00

Emerg Europ, Mid-East & Africa Eq A F € 65.96

-

0.29 0.00

Emerging Markets Debt A F

$ 79.02

-

-0.02 0.00

Emerging Markets Domestic Debt AX F £ 10.95

-

0.04 4.34


Emerging Markets Equity A F

$ 33.38

-

0.23 0.00

Euro Bond A F

€ 16.14

-

0.00 0.00

Euro Corporate Bond AX F

£ 23.41

-

-0.06 1.44

Euro Strategic Bond A F

€ 44.49

-


-0.02 0.00

European Currencies High Yield Bd A F € 22.19

-

0.02 0.00

European Equity Alpha A F

€ 41.23

-

0.06 0.00

European Property A F

€ 34.89

-

-0.01 0.00

Eurozone Equity Alpha A F

€ 11.15

-


0.02 0.00

Global Bond A F

$ 40.00

-

-0.07 0.00

1.03 0.00

€ 20.38

-

0.00 0.00

$ 13.03

-

0.00 0.00

US Growth A F

$ 66.20

-


0.19 0.00

US Growth AH F

€ 45.70

-

0.13 0.00

US Growth AX F

£ 45.83

-

0.07 0.00

US Property A F

$ 70.81

-

-0.51 0.00

Oasis Crescent Equity Fund

-


-0.01 0.00

Oasis Global Mgmt Co (Ireland) Ltd

0.07 2.45
0.38 0.80

M&G Recovery GBP A Acc

260.47

-

0.85 0.79

M&G Strategic Corp Bond A Inc

74.22xd

-

0.12 2.76

M&G Strategic Corp Bond A Acc

108.31xd

-


0.18 2.75

M&G Global Leaders GBP A Inc

200.44

-

0.77 1.36

M&G Global Leaders GBP A Acc

474.56

-

1.82 1.34

M&G UK Inflation Lnkd Corp Bnd A Acc

112.26

-

0.03 1.24

M&G UK Inflation Lnkd Corp Bnd A Inc

110.65


-

0.03 1.24

Other International Funds
$ 376.43

-

8.31 0.00

Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised
Harris Global Equity R/A (USD)

$ 239.83 239.83 -0.27 0.00

R 10.23

(IRL)

Regulated
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $
Oasis Global Equity

0.99

-


0.00 1.03

$ 27.35

-

0.08 0.34

Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 28.07

-

0.08 0.11

Oasis Crescent Variable Balanced Fund £ 10.40

-

0.01 0.84

Asset Management

-

10.49 3.63

-


US Dollar Liquidity A F

-

-

$ 2280.74

Short Maturity Euro Bond A F

115.53

3827.46

Northwest $ class

0.51 0.00

190.99

0.35 3.63

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

0.23 0.00

M&G Recovery GBP A Inc

-


Northwest Investment Management (HK) Ltd

-

M&G Optimal Income A Acc

126.92

2.95 0.00

-

Slater Investments Ltd - Investment Adviser

Property & Other UK Unit Trusts

-

$ 40.29

0.05 2.45

-

£ 121.99

$ 35.68

-


£ 437.31

2.71 0.00

Tactical Opps GBP Cls

Latin American Equity A F

143.26

Marwyn Value Investors

-

Indian Equity A F

M&G Optimal Income A Inc

(CYM)

€ 109.19

Other International Funds

Phaeton Intl (BVI) Ltd (Est)

Regulated

3.20 0.00


Tactical Opps EUR Cls

-0.10 0.00

332.99 332.99 1.05 1.30

£ 25.20 26.85 1.03 0.00

-

-

MFM UK Primary Opportunities A Inc

Marlborough North American Fund Ltd £ 34.43 36.69 0.81 0.00

$ 130.38

$ 28.02

Morgens Waterfall Vintiadis.co Inc

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

0.64 0.00

Tactical Opps USD Cls


Global Property A F

351.97 351.97 6.47 0.00

Marlborough International Management Limited (GSY)

-

Oasis Crescent Management Company Ltd

MFM Techinvest Technology Acc

169.43 179.77 -1.45 0.24

£ 110.45

-0.31 0.00

0.34 0.42

152.92 152.92 0.29 4.44

0.49 0.00

All Weather Fd GBP Cls

-0.03 0.00

1.15 4.23


MFM Slater Recovery

0.00 0.00

-

-

-

405.08 429.79 2.10 0.12

-

€ 102.47

-

-

MFM Slater Income A Inc

$ 114.53

All Weather Fd EUR Cls

$ 102.55

78.67xd


MFM Slater Growth

All Weather Fd USD Cls

$ 41.36

118.70xd

(UK)

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised
New Capital UCITS Funds

Global Brands A F

M&G Global High Yield Bond X Acc

M & G Securities Ltd

New Capital Fund Management Ltd

Global Convertible Bond A F

M&G Managed Growth X Inc

Marlborough Tiger Fund Ltd F


The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

New Capital Alternative Strategies

1.12 0.80

(Accum Units)

-

0.02 0.00

-

Charibond

-

-

195.16

Asset Management

Property Income B Acc

0.23 0.00

Mir. - EqPanEuropeSm&Mid


-

Marwyn Asset Management Limited
Kames Capital Investment Portfolios ICVC (UK)

0.34 0.00

-

$ 84.29

Gb.Val.Ex-Japan Fd.Yen

0.04 0.89

-

$ 24.39

0.08 0.00

0.01 2.91

-

$ 96.18

MW Japan Fund PLC C


-

-

Global Emerg Mkts Equity Fund X £ 10.76

$ 87.59

MW Japan Fund PLC B

$ 123.24

Global Spec Inv Grade Bd Fund GBP £ 10.19

Mir. - Eq Global Focus A USD

0.58 0.00

Gb.Val.Ex-Jap.Fd.USD

0.03 4.12

Mir. - Eq Glb Emrg Mkt A USD

-

-0.08 0.00

-0.07 0.00


-

0.34

-

-

0.03 2.46

UK Specialist Equity Income Fund £ 10.07

-

-

£ 222.23

-

£ 112.46

£ 224.77

Gb.Eq.Fund Sterling

£ 11.57

Mir.- EqEurope ExUK Sm&Mid


€ 181.97

-

0.13 1.86

UK Sovereign Bd Index Fund

0.30 0.00

Gb.Eq.Fd.Sterling UK T

$ 320.83

-0.12 0.63

-

Asset Management

Gb.Eq. Fd Euro IRE T

Gb.Eq.Fd.US Dollar

-

-

0.43 0.00


M&G Glbl Emrgng Mkts A Acc

0.25 0.98

Emrg Eur Eq Acc

Asset Management
0.21 1.35

(UK)

£

Global Equity (No Trail) inc ♦ F

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)

(UK)
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds

-

High Yield Bond B Inc

JPMorgan Asset Mgmt (1200)F


0.14 0.00

M & G Securities (1200)F

$ 147.87

Global Equity (No Trail) acc ♦ F

0.15 3.73

€ 109.53

Em.Mk.Eq.Fund Euro

Balanced

€ 159.89

High Yield Bond B Acc

0.67 1.55

-

£ 1825.96 1969.24 9.24 3.12

Strategy Inc-USD/B

Asset Management


0.72 1.52

-

Growth Fd Acc

Strategy Inc-EUR/B

Diversified Growth B Acc

$ 1391.61

$ 103.05

-

£ 10.77

Pacific Basin Specialist Equity Fund £ 22.15

$ 167.08

(BAH)

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts

-


7.71

Blend.Research U.S.Core Eq.Fd.

0.08

Global Equity Fund A Lead Series £ 1047.03 1050.69 -1.09

Lothbury Property Trust (UK)

0.25 0.28

-

Diversified Absolute Return Stlg Cell AF2 £ 1549.30

(IRL)

0.01 0.00

¥ 9446.00

Lloyds Multi Strategy Fund Limited

Asset Management

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised

6.30


-

Blend.Research U.S.Core Eq.Fd.

Low Volatility Gb.Eq.Fd.Euro

Lloyds Gilt Fund Quarterly Share £ 1.3160

Lohengrin Fund Ltd - Class C

$

£ 103.35

0.11 0.00

-0.01 0.00

Invesco Asian Equity A

Blend.Research U.S.Core Eq.Fd.

-

-0.18 0.00

-

0.00 3.37


0.46

-

Invesco Pan European Equity A EUR Cap NAV € 17.62

-

0.23 0.00

-

-

15.00 0.00

2.61

-

€ 104.50

$ 109.79

-

£

$ 99.58


£ 128.41

Invesco Nippon Small/Mid Cap Equity A ¥ 1208.00

Invesco Stlg Bd A QD F

-0.01 0.00

Gb.Val.Fd.USD

0.02 0.00

Invesco Global Asset Management Ltd

-

0.34 0.00

Blend.Research U.S.Core Eq.Fd.

Gb.Eq.Euro Hdg Fd.

Lloyds Investment Fund Managers Limited (1000)F (JER)

£ 104.90

-

Blend.Research Gb.Eq.Fd.


Gb.Conc.Eq.Fd.Sterling

LF Total Return Bond Fund - Class A $ 116.77

-

Invesco UK Investment Grade Bond A £

Blend.Research Gb.Eq.Fd.

€ 101.07

Gb.Val.Fd.Sterling

Invesco Global High Income A NAV $ 11.90

-

Global Equity Income Acc

Blend.Research Gb.Eq.Fd.

0.0380 1.50

0.24 4.96

-

1.50 0.45


0.0030 3.58

-

190.57

-

-

109.27

159.56

466.30

(LUX)

FCA Recognised

-

Distribution (No Trail) Inc ♦ F

-

European Smaller Cos Acc

MFS Investment Funds


£ 6.5140

0.38 0.00

221.77

-0.80 1.44

£ 1.4960

-

High Yield Fund (No Trail) Acc

-0.80 1.45

-

UK

Invesco Global Small Cap Equity A NAV $ 121.77

-

-

609.60

Sterling Bond


0.37 4.86

127.37

671.20

European Alpha Inc

-0.14 0.00

0.50 2.13

-

High Income (No Trail) Inc ♦ F

European Alpha Acc

-

0.30 0.00

168.77

-

0.90 1.38

$ 111.54


Mir. - Eq Asia ex Jap A

-

Distribution (No Trail) Acc ♦ F

175.67

-

Mir. - Conv. Bds Glb A USD

0.00 0.00

-

0.14 3.84

High Income (No Trail) Acc ♦ F

208.80

0.00 0.00

132.20

-

-


Emg Mkts Inc

0.12 0.00

103.80

116.99

117.22

-

-

US Equity Income Acc ... C

Corporate Bond (No Trail) Inc ♦ F

Global Targeted Rets (No Trail) Acc

-

1.01

(LUX)

www.mirabaud.com,
Regulated
€ 133.55


US Inc

Invesco Gilt A

-

1.32

£

6.00

-0.28 0.00

258.91

£

Tortoise Z Acc GBP

Invesco Latin American Equity A $

-

-

US Equity Z Acc GBP

1.00 1.37


5.00 0.00

Invesco Continental Eurp Small Cap Eqty A $ 204.38

153.34

0.54 0.00

-

Mirabaud Asset Management

Mir. - Conv. Bds Eur A EUR

FCA Recognised

Asset Management

-

0.47 0.01

Gbl Emerging Markets (No Trail) Inc ♦ F

-

239.30

Invesco Japanese Value Eq Fd A ¥ 1147.00


-

-

77.97

Emerging Markets Acc

17.00 0.00

109.34

165.02

Developing Markets Inc

-

Balanced Risk 6 No Trail Acc

Gbl Emerging Markets (No Trail) Acc ♦ F

0.54 0.00

Invesco Japanese Equity Adv Fd A ¥ 3520.00

£ 31.35

(IRL)


-

0.19 3.37
0.50 1.40

Majedie Asset Management LTD

78.92

0.50 3.37

UK Higher Inc Acc ... C

UK Smaller Cos Acc

Developing Markets Acc

(UK)

0.61 3.56

Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F

-

Invesco Asia Opportunities Equity A $ 104.68

Asset Management


Tactical Bond Inc (Gross) ♦ F
UK Focus Acc F

72.59

-

(LUX)

Asian Acc ♦ F

set Management

£ 14.72

105.00

US Equity (No Trail) Acc ♦ F

Global Equity Income (No Trail ) Acc ♦ F

(UK)

0.12 0.00

US Spec Equity Fund

HC KB Enterprise Equity Income A Inc


0.37 0.65

0.06 1.30

0.43

(UK)

PO Box 23873, Edinburgh EH7 5WJ**
Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

0.98 0.96

-

-

NatWest (2230)F

-

£ 15.69

Capital Two Equity Fund (Ex-YU) HRK 92.56

0.00 3.44

-


-

-0.02 1.17

-

-

2.74

472.16

-

0.12

1.00

-

226.41

8.15

-

0.00 2.08

Seeyond Factor Plus U.K Equity Fund N/A (GBP) £


Global Energy & Resources Fund $ 34.58

-

Global Emerging Markets Inc ♦ F

Invesco Continental European Equity A €

Capital One Bond Fund (Ex-YU) HRK 209.39

-

23.12

Global Equity (acc) ♦ F

0.19 3.76

Masarykova ul. 1, 10000, Zagreb, Croatia
www.icam.hr, Tel; +385 1 4825 868
Other International Funds

1.02

-

0.04 0.40

£


-

(HRV)

0.00 0.27

Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £

$ 234.18

-

Global Equity X Acc GBP

167.71

Intercapital Asset Management Ltd

-

£ 16.19

0.35 0.92

Corporate Bond (No Trail) Acc ♦ F

0.04 0.00

1.61


Contl Europe Spec Equity

-

0.04 4.44

-

0.00 4.19

Loomis Sayles US Equity Leaders N/A (GBP) £

Other International Funds

1459.15 1519.95 6.03 1.10

59.53

0.10 0.00

7.95

-

UK Select

Global Property Secs Acc

-


£

0.93

0.74 1.38

3.37 3.46

-

NAV

0.01 4.07

Loomis Sayles Strategic Income H-N/D (GBP) £

-

-

Invesco Emerging Markets Bond A $ 20.83

www.invil.mu
Other International Funds

-

160.85


725.40

Invesco Emerging Markets Equity A $ 35.96

INDIA VALUE INVESTMENTS LIMITED (INVIL)

1.02

HC KB Capital Growth A Inc

UK Strategic Income (No Trail) Acc ♦ F

0.85 0.29

-

0.00 1.35

Loomis Sayles Strategic Income N/D (GBP) £

0.00 2.95

1.09 0.95

0.66 0.19

1.06 0.03

-0.01 1.64


-

-

-

-

1.02

-

1.07

-

251.07

-

VISTA UK Residential Real Estate £

1.30

Harris Associates Global Concentrated Equity Fund N/A (GBP) £

£ 18.81

Global Emerging Markets Acc ♦ F


116.93

(UK)

H2O MultiReturns Fund N/A (GBP) £

29.10 1.54

UK Specialist Equity Inc

0.08 0.00

113.07

Property & Other UK Unit Trusts

11.30 1.97

-

United Kingdom Equity Index Fund £ 12.20

-

Balanced Risk 10 No Trail Acc

Hermes UK Residential Real Estate

-


3848.20

,+44(0)20 8123 8369 www.emmaplc.com
Regulated

65.88

Balanced Risk 8 No Trail Acc

6.36 0.01 4.53

1724.20xd

Emerging Markets Managed Accounts PLC (IRL)

Global Macro Opp. A Net Inc

3.70 0.03 0.00

5.91

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

134.75 140.37 0.22 2.76

1.48 1.23


1.84 0.01 0.00

£

12.30 2.88

Strategic Corporate Bond Fund

-

3.70

Property

20.30 1.74

0.79 1.36

273.54

1.84

Property & Other UK Unit Trusts

8.17 0.02 11.13

-

-


UK Smaller Companies Equity (No Trail) Inc ♦ F

Hermes US SMID Equity Fund Class R Acc €

(UK)

+/- Yield

-

Meridian Fund Managers Ltd
Global Gold & Resources Fund

8.17

Offer

Loomis Sayles Multisector Income R/D (GBP) $ 12.15 12.15 0.02 5.60

173.66

0.05 5.17

Hermes US SMID Equity Fund Class F Acc £

Hermes Property Unit Trust

Bid

(UK)


McInroy & Wood Portfolios Limited

HC KB Capital Growth A Acc

-

Managed Income Inc ♦ F

Hermes Abs Return Credit Fund Class F Acc £ £

14 St. George Street, Mayfair, London W1S1FE
Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

49.79

Glbl Distribution Inc (Gross)

Managed Growth Acc ♦ F

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

(UK)

www.majedie.com
Authorised Inv Funds


Latin America Inc ♦ F

Hermes Investment Funds Plc

Kleinwort Benson Bank

(GSY)

Fund
Loomis Sayles High Income R/D (USD) $

-

99.97 103.06 0.09

$ 2535.25

+/- Yield

75.58

99.59 102.67 0.09

Haussmann Cls A

Offer

6929.95


HL Multi-Manager High Income A Acc

Other International Funds

Bid

(Accum Units)

(IRL)

HL Multi-Manager High Income A Inc

Haussmann

Fund

OasisCresGl Income Class A

$ 10.83

-

0.00 2.51

OasisCresGl LowBal D ($) Dist

$ 11.75

-


0.02 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 11.98

-

0.03 0.53

Oasis Crescent Gbl Property Eqty $

-

0.00 1.74

9.72

Odey Asset Management LLP

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk and Enquiries: 0345 300 2106
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

Harris US Equity Fund R/A (USD) $ 209.98 209.98 0.60 0.00

CF Odey Continental European GBP R Acc

743.00


-

0.86 0.03

Harris Concentrated US Equity R/A (USD) $ 158.39 158.39 0.40 0.00

CF Odey Opus GBP R Inc

3546.64

-

5.72 0.00

Loomis Sayles Strategic Alpha R/A (USD) $ 111.54 111.54 -0.01

CF Odey Absolute Return GBP R

316.47

-

0.78 0.00

CF Odey Portfolio Fund GBP R Inc

140.49

-


0.59 0.07

-

-6.34 0.00

Asset Management

Natixis International Funds (Dublin) I plc

(IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.94 12.94 0.02 1.23


21

FTWeekend

4 June/5 June 2016

MANAGED FUNDS SERVICE
Fund

Bid

Offer

+/- Yield


Odey Asset Management LLP

(CYM)

Regulated
OEI Mac Inc GBP A
OEI Mac Inc GBP B
OEI MAC Inc USD
Odey European Inc EUR

£ 246.93
£ 138.88
$ 1309.83
€ 576.30

-

-15.09 0.00
-10.06 0.00
-82.10 0.00
-37.06 0.00

Odey European Inc GBP A

£ 224.13

-

-13.80 0.00


Odey European Inc GBP B

£ 127.20

-

-7.83 0.00

Odey European Inc USD

$ 267.52

-

-16.85 0.00

Giano Capital EUR Inc

€ 4413.43

-

-216.41 0.00

Fund

Bid

Offer


Pictet-ST.MoneyMkt-I

€ 140.34

-

0.00 0.00

Pictet-ST.MoneyMkt JPY I USD

¥ 101478.29

-

-1.46 0.00

Pictet-ST.MoneyMkt-ICHF

SFr 123.79

-

0.00 0.00

Pictet-ST.MoneyMkt-IUSD

$ 135.73

-


0.00 0.00

Pictet-Timber-I USD F

$ 147.67

-

0.26 0.00

B Shares

Pictet Total Ret-Agora I EUR

€ 114.54

-

0.03 0.00

Pictet Total Ret-Corto Europe I EUR € 134.70

-

-0.02 0.00

Pictet Total Ret-Divers Alpha I EUR € 104.61

-


0.05 0.00

€ 109.89

-

-0.03 0.00

Pictet Total Ret-Kosmos I EUR

Pictet Total Ret-Mandarin I USD $ 113.29
Pictet-US Equity Selection-I USD $ 193.21
Pictet-US High Yield-I USD F

Odey Asset Management LLP

(IRL)

FCA Recognised

Pictet-USA Index-I USD F

€ 298.33

-

0.52 0.00

Odey Absolute Return Focus Fund $ 90.30


-

-2.89

€ 249.90

-

-0.04 0.00

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

Odey Allegra International EUR O € 157.75

-

-0.03 0.00

Pictet-Water-I EUR F

Odey Allegra Developed Markets USD I $ 128.58

-

0.41 0.00

Odey Pan European EUR R

Odey Allegra European EUR O


Odey European Focus Fund

€ 17.24

-

-

0.02 0.00

$ 146.40
$ 187.14

+/- Yield

-

0.13 0.00

-

0.54 0.00

RAM Systematic Emerg Markets Eq $ 143.26

-

-0.07


-

0.01 0.00

€ 294.04

-

0.89 0.00

Pimco Fds: Global Investors Series Plc

(IRL)

Odey Swan Fund EUR I

€ 69.40

-

-0.40 0.00

Capital Securities Inst Acc

Odey Opportunity EUR I

-

0.34 0.00


Omnia Fund Ltd
Other International Funds
Estimated NAV

-

0.06 0.00

Credit Absolute Return Fund Inst Acc $ 11.14

-

0.02 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 11.51
€ 210.95

$ 845.76

-

23.33 0.00

Other International Funds

-

RAM Systematic European Eq

€ 376.09


-

0.00 0.00

-

-0.27

-

RAM Systematic Long/Short European Eq € 138.44

-

-0.04

-

RAM Systematic North American Eq $ 238.72

-

0.63

-

RAM Tactical Convertibles Europe € 143.14

-


0.11

-

RAM Tactical Global Bond Total Return € 141.85

-

0.10

-

RAM Tactical II Asia Bond Total Return $ 130.43

-

-0.04

-

Rathbone Unit Trust Mgmt (1200)F

(UK)

(LUX)

Tel. +41 44 653 10 10 />Regulated
RobecoSAM Sm.Energy/A


£ 11.72

-

-0.03 1.64

RobecoSAM Sm.Energy/N

€ 11.54

-

0.02 0.00

RobecoSAM Sm.Materials/A

£ 128.97

-

RobecoSAM Sm.Materials/N

€ 144.30

-

1328.76 1371.95 5.62 3.85

RobecoSAM S.HealthyLiv/N


€ 166.94

-

1.04 0.00

-

£ 112.49

-

0.31

-

-0.38 1.11

25 Moorgate, London, EC2R 6AY 020 7131 8100
www.sandwfunds.com
Authorised Inv Funds

Euro Low Duration Fund Inst Acc € 11.32

-

-0.01 0.00

Multi Asset Strategic Growth acc


161.63

-

0.32 1.25

RobecoSAM S.Water/N

€ 174.19

-

0.26 0.00

European Equity Fund A Class

0.00 0.00

Multi Asset Total Return inc

127.18

-

0.19 1.89

Far Eastern Income and Growth Fund A Class

453.00


-

4.30 2.35

Euro Short-Term Inst Acc

€ 12.25

-

-0.01 0.00

Multi Asset Total Return acc

141.24

-

0.21 1.87

Fixed Interest Fund A Class

123.20xd

-

0.30 2.56

Euro Ultra Long Duration - Inst Acc € 31.95


-

0.07 0.00

Recovery Inc

424.64 440.82 2.63 2.66

Global Gold and Resources Fund A Class

217.70

-

1.30 0.00

-

0.02 0.00

Recovery Acc

516.64 535.71 3.20 2.61

MM Endurance Balanced Fund A Class

207.30

-


0.00 1.33

8.63

0.00 0.00

Strategic Bond I-Class Acc

127.63 128.47 0.02 4.24

-

0.04 0.00

Strategic Bond I-Class Inc

109.92 110.72 0.03 4.44

-

0.02 0.00

-

$

9.05

-


-

0.01 0.00

-

0.04 0.00

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.27

-

0.03 0.00

StocksPLUS{TM} - Inst Acc

-

0.07 0.00

$ 23.97

Total Return Bond - Inst Acc

$ 27.88

-

0.04 0.00


UK Corporate Bond - Inst Acc

£ 18.01

-

0.02 0.00

UK Long Term Corp. Bnd Inst-Inst Acc £ 20.31

-

0.04 0.00

UK Low Duration - Inst Acc

£ 14.18

-

0.01 0.00

UK Real Return - Inst Acc

£ 22.94

-

-0.04 0.00


UK Sterling Long Average Duration - Inst Acc £ 23.19
Unconstrained Bond - Inst Acc

-

0.00 0.00

$ 12.05

-

0.01 0.00

US High Yield Bond Fund Inst Acc $ 28.63

-

0.03 0.00

Other International Funds
Platinum All Star Fund - A

$ 115.01

Platinum Global Dividend Fund - A $ 49.22

-

-


-

-

-

(LUX)

Santander Atlas Inc Port Acc Inst

296.70

-

0.40

-

Santander Atlas Inc Port Inc Inst

223.20

-

0.30

-

Santander Atlas Port 3 Acc Ret


151.10

-

0.30

-

Santander Atlas Port 3 Inc Ret

103.30

-

0.20

-

Santander Atlas Port 3 Acc Inst

166.50

-

0.40

-

Santander Atlas Port 4 Acc Ret


184.70

-

0.20

-

Asia-Pacific Equities (EUR)

€ 126.19

-

0.69 0.00

Santander Atlas Port 4 Inc Ret

130.80

-

0.10

-

Chinese Equities (EUR)

€ 68.50


-

0.31 0.00

Santander Atlas Port 4 Acc Inst

168.00

-

0.30

-

Em Stars Equities (EUR)

€ 162.27

-

0.76 0.00

Santander Atlas Port 5 Acc Ret

192.30

-

0.20


-

Emerging Markets Equities (EUR) € 138.39
Flex-o-Rente (EUR)

€ 110.71

Glob.Consumer Trends Equities (EUR) € 149.18

-

0.75 0.00
-0.16 0.00
0.58 0.00

Santander Atlas Port 5 Acc Inst
Santander Atlas Port 6 Acc Ret
Santander Atlas Port 6 Acc X

163.40
263.30
188.00

-

0.20
0.40
0.30

-


401.80

-

2.90 0.40

UK Equity Income Fund A Class

219.40

-

1.20 4.97

Smith & Williamson Fd Admin Ltd (1200)F

(JER)

Diversified Assets Fund

£ 1.1904

-

0.0023 3.19

Global Equity Fund

£ 1.9644


-

0.0106 0.94

New World Financials (EUR)

€ 49.49

-

0.15 0.00

Santander Atlas Port 7 Acc Inst

161.50

-

0.10

-

Global Balanced Fund - Income Units £ 1.3882

-

0.0057 1.95

US Premium Equities (USD)


$ 208.54

-

0.97 0.00

Royal Bank of Scotland (2230)F

(UK)

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds
Series 5 (Minumum Initial Investment £75,000)

Global Balanced Fund - Accumulations Units £ 1.6243
-

0.50

-

Max 70% Shs Inc Ret

142.90

-

0.50


-

Investments Inc Acc Ret

161.20

-

0.50

-

Investments Inc Inc Ret

105.20

-

0.30

-

Equity Inc Inc Inst

244.00

-

1.30


-

United Kingdom Equity Index Fund £ 15.27

-

0.00 2.95

Equity Inc Inc Ret

208.50

-

1.10

-

UK Specialist Equity Inc

£ 18.82

-

0.04 0.41

Equity Inc Acc Inst

150.80


-

0.80

-

Contl Europe Specialist Fund

£ 23.91

-

0.17 0.00

N&P UK Gwth Inc Ret

165.70

-

0.80

-

Japan Specialist Fund X

£ 15.29

-


-0.17 0.00

Stckmkt 100 Track Gwth Acc Inst

91.82

-

0.39

-

£ 19.89

-

0.02 0.00

Stckmkt 100 Track Gwth Acc Ret

171.50

-

0.70

-

Pacific Basin Specialist Equity Fund £ 39.28


-

0.23 0.88

UK Growth Acc Inst

290.50

-

1.50

-

UK Sovereign Bd Index Fund

-

0.02 2.46

UK Growth Acc Ret

335.80

-

1.70

-


9.20

-

0.02 4.20

UK Growth Inc Ret

219.00

-

1.10

-

Global Emerg Mkts Equity Fund X £ 10.79

-

0.05 0.07

Managed OEIC

Global Spec Inv Grade Bd Fund GBP £

-

0.01 2.91


£ 11.12

UK Specialist Equity Income Fund £

Series 6 (Investment Management Customers Only)

Max 70% Shs Port Acc Ret

259.70

-

0.40

-

0.93 0.00

United Kingdom Equity Index Fund £ 15.06

-

0.00 3.60

Max 70% Shs Port Acc X

186.50

-


0.30

-

UK Specialist Equity

-

0.03 1.62

Max 70% Shs Port Acc S

151.00

-

0.30

-

9.84

£ 19.00

Glob Em Shs Port Acc Ret

159.60

-


0.50

-

Contl Europe Specialist Fund

£ 24.88

-

0.18 1.16

Investment Port Acc Ret

240.40

-

0.70

-

Japan Specialist Fund X

£ 16.18

-

-0.18 0.63


Investment Port Acc X

170.40

-

0.50

-

£ 20.93

-

0.02 0.35

Max 50% Shs Port Acc Ret

250.90

-

0.60

-

Pacific Basin Specialist Equity Fund £ 39.08

US Spec Equity Fund


-

0.24 1.86

Max 50% Shs Port Inc Ret

221.60

-

0.50

-

Global Fixed Interest Fund

£ 1.0002

-

0.0018 4.61

£ 0.8599

-

0.0025 3.86

UK Equity Fund


£ 1.9026

-

0.0083 2.72

Stenham Asset Management Inc
www.stenhamassetmanagement.com
Other International Funds
$ 122.12

-

-1.29 0.00

Stenham Credit Opportunities A Class USD $ 99.58

-

1.93 0.00

Stenham Growth USD

$ 196.98

-

Stenham Healthcare USD

$ 162.72


-

3.22 0.00

Stenham Managed Fund USD

$ 106.75

-

-0.25 0.00

Stenham Macro UCITS USD

$ 99.72

-

0.06 0.00

Stenham Multi Strategy USD

$ 108.98

-

-0.90

-


Stenham Quadrant USD A

$ 399.31

-

3.86

-

Stenham Trading Inc USD

$ 115.63

-

1.12

-

Stenham Universal USD

$ 409.59

-

-1.20

-


Stenham Universal II USD

$ 151.42

-

-0.51 0.00

UK Sovereign Bd Index Fund

£ 11.28

-

0.02 2.46

Max 50% Shs Port Acc X

181.60

-

0.40

-

Biotechnology I USD

$ 16.92 16.92 0.32 0.00


UK Specialist Equity Income Fund £ 10.06

-

0.02 4.12

Max 50% Shs Port Acc S

152.10

-

0.40

-

European Income Acc EUR

€ 11.24 11.24 0.01 0.00

Global Spec Inv Grade Bd Fund GBP £ 10.18

-

0.02 2.91

Max 100% Shs Port Acc Ret

293.90


-

0.70

-

Stratton Street Capital (CI) Limited

-0.83 0.00

European Ex UK Inc EUR Acc

€

Global Emerg Mkts Equity Fund X £ 10.77

-

0.05 0.89

Max 100% Shs Port Acc X

210.90

-

0.50

-


Japan Synthetic Warrant Yen Class ¥ 1243.57

-

-34.21 0.00

-

1.21 0.00

Financial Opps I USD

$ 11.48

-

0.03 1.93

Max 100% Shs Port Acc S

154.00

-

0.30

-

Japan Synthetic Warrant GBP Hedged Class £ 132.09


-

-9.67 0.00

-

0.60 0.00

GEM Growth I USD

$

-

0.02 0.00

Enhanced Inc Inc Ins

207.10

-

1.00

-

Japan Synthetic Warrant USD Class $ 15.86

-


1.30 0.00

Enhanced Inc Inc Ret

194.60

-

1.00

-

Japan Synthetic Warrant USD Hedged Class $ 132.10

-

-8.49 0.00

Enhanced Inc Inc X

165.80

-

0.80

-

Enhanced Inc Acc Inst


159.80

-

0.80

-

Max 30% Shs Port Acc Ret

158.30

-

0.40

-

9.71

8.49

9.71 0.01

-

Pictet-Emerging Corporate Bonds I USD $ 112.14

-


0.10 0.00

GEM Income I USD

$

Pictet-Emerging Markets High Dividend I USD $ 93.06

-

0.34 0.00

Global Alpha I USD

$ 12.99 12.99 0.03 0.00

Pictet-Emerging Markets Sust Eq I USD $ 84.84

-

0.19 0.00

Global Convertible I USD

$ 11.39 11.39 0.00 0.00

9.40

-


0.02 0.00

€ 575.41

-

1.59 0.00

Global Insurance I GBP

£

4.48

-

-0.01 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR € 147.74

-

0.11 0.00

Global Technology I USD

$ 24.19

-


0.09 0.00

€ 204.75

-

0.11 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.72 10.72 0.14 0.00

Pictet-EUR Government Bonds I EUR € 163.22

-

0.15 0.00

Healthcare Opps I USD

€ 247.65

-

0.30 0.00

Income Opportunities B2 I GBP Acc £

Pictet-EUR Short Mid-Term Bonds-I F € 137.27

-


-0.01 0.00

Japan Alpha I JPY

¥ 174.88 174.88 -0.23 0.00

€ 122.67

-

0.08 0.00

Japan I JPY

¥ 1728.24

Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.77

-

0.00 0.00

North American I USD

$ 17.91 17.91 0.06 0.00

Pictet-Euroland Index IS EUR

€ 126.64


-

0.14 0.00

UK Absolute Equity I GBP

£ 13.17 13.17 0.07 0.00

Pictet-Europe Index-I EUR F

€ 163.17

-

0.22 0.00

Pictet-European Equity Selection-I EUR F € 602.13

-

1.11 0.00

€ 241.58

-

-0.03 0.00

Pictet-Global Bds Fundamental I USD $ 123.14


-

0.22 0.00

-

0.77 0.00

Pictet-Global Emerging Currencies-I USD F $ 98.81

-

0.05 0.00

Pictet-Global Emerging Debt-I USD F $ 375.92

-

0.92 0.00

€ 163.77

-

0.52 0.00

Pictet-Global Megatrend Selection-I USD F $ 223.91

-


0.95 0.00

$ 421.27

-

1.34 0.00

$ 35.96
1.73

-

1.73 0.00 0.00

-

Polar Capital LLP
ALVA Convertible A USD

$ 128.55

-

0.41 0.00

European Conviction A EUR

€ 143.45


-

-1.26 0.00

European Forager A EUR

€ 172.73

-

Private Fund Mgrs (Guernsey) Ltd

(GSY)

Monument Growth 31/05/2016

£ 490.79 495.88 2.37 1.23

3.16 0.00

Prusik Investment Management LLP

-

0.58 0.00

Enquiries - 0207 493 1331
Regulated


Pictet-India Index I USD

-

0.64 0.00

Prusik Asian Equity Income B Dist $ 161.83

49.35 0.00

Pictet-Japanese Equities Opp-I JPY F ¥ 8446.19

-

15.43 0.00

Pictet-Japanese Equity Selection-I JPY F ¥ 12332.47

-

14.18 0.00

Pictet-LATAM Index I USD

$ 54.05

-

0.23 0.00


Pictet-LATAM Lc Ccy Dbt-I USD F $ 116.27

-

0.23 0.00

Pictet-Multi Asset Global Opportunities-I EUR € 116.39

-

0.16 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 331.08

-

-1.94 0.00

€ 140.64

-

0.33 0.00

Pictet-Quality Global Equities I USD $ 140.25

-

0.53 0.00


Pictet-Russia Index I USD

$ 51.92

-

-0.52 0.00

Pictet-Russian Equities-I USD F

$ 48.09

-

-0.22 0.00

Pictet-Security-I USD F

$ 207.91

-

1.12 0.00

Pictet-Select-Callisto I EUR

€ 103.71

-


0.60 0.00

Pictet-Small Cap Europe-I EUR F € 1125.53

-

2.71 0.00

1.78 0.00

Regulated

-

-

(UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds
Royal London Sustainable Diversified A Inc £
Royal London Sustainable World A Inc

1.60

-

0.01 2.01

176.20


-

0.90 0.90

Prusik Asia A
Prusik Asian Smaller Cos A

$ 188.48
$ 145.22

-

(IRL)

0.65 3.99
1.01 0.00
1.05 0.00

Purisima Investment Fds (UK) (1200)F

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
Global Total Fd PCG A

174.16

-


0.46 0.48

Global Total Fd PCG B

172.80

-

0.46 0.24

Global Total Fd PCG INT

170.74

-

Purisima Investment Fds (CI) Ltd

0.45 0.00

(JER)

Regulated
PCG B X

166.17

-


0.43 0.00

PCG C X

163.73

-

0.43 0.00

Managed Investments OEIC

Royal London Corporate Bond Mth Income

89.37 90.73 0.21 4.18

Royal London European Growth Trust

112.60 114.30 0.00 0.07

Max 30% Shs Port Acc X

158.20

-

0.30

-


Royal London Sustainable Leaders A Inc

458.40

Max 30% Shs Port Acc S

152.00

-

0.30

-

Royal London UK Growth Trust

477.80 485.10 3.20 1.46

Max 30% Shs Inc Port Inc Ret

155.70

-

0.50

-

-


2.60 1.38

Royal London UK Income With Growth Trust

219.80 223.10 0.80 4.78

Max 30% Shs Inc Port Inc X

155.80

-

0.50

-

Royal London US Growth Trust

159.20 161.60 1.30 0.00

Max 30% Shs Inc Port Inc S

149.60

-

0.50

-


Additional Funds Available
Please see www.royallondon.com for details

Max 60% Shs Port Acc Ret

273.00

-

0.80

-

Max 60% Shs Port Inc Ret

212.70

-

0.70

-

Max 60% Shs Port Inc X

164.60

-

0.50


-

Max 60% Shs Port Inc S

(CYM)

$ 267.93

-0.53 0.00

-5.97 1.14

Royal London Unit Managers Ltd. (1200) F

146.30

-

0.40

-

Managed Investments OEIC 2

Regulated

Pictet-High Dividend Sel I EUR F € 158.48

-


0.34 0.00

Address and telephone number for Series 5 only

Ruffer LLP (1000)F

(UK)

40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
CF Ruffer Investment Funds
CF Ruffer Gold Fund C Acc

131.13

-

2.48 0.31

CF Ruffer Gold Fund O Acc

129.60

-

2.45 0.20


(GSY)

Regulated

Renminbi Bond Fund AUD Cls A A$ 122.08

-

0.21 3.35

Renminbi Bond Fund AUD Cls B A$ 124.02

-

0.21 3.13

Renminbi Bond Fund CHF Cls A SFr 117.16

-

0.19 3.47

0.20

149.20

-

0.10


153.70

-

0.20 4.19

368.71

-

-0.03 0.06

Equity & General C Inc

340.07

-

-0.03 0.06

Div Inc Port Inc Ret

171.30

-

0.90

-


Equity & General O Inc

338.23

-

-0.03 0.00

Corp Bond Acc Inst (gross)

222.70

-

0.60

-

Managed Investments OEIC 3

-

Renminbi Bond Fund YEN Cls B

¥ 13735.69

-

24.64 0.00


Renminbi Bond Fund USD Cls A

$ 167.49

-

0.28 3.23

Renminbi Bond Fund GBP Cls A

£ 162.16

-

0.25 3.45

2.24 1.36

UK Smaller Cos A Inc X F

433.82

-

1.19 0.35

Memnon European Fund I GBP

EGV - Acc S


280.40

-

-0.60 0.00

UK Smaller Cos B Inc X F

425.64

-

1.18 1.23

EGV - Acc Z

280.40

-

-0.60 1.51

UK Income A Acc X F

256.82

-

0.81 4.61


117.10

-

-0.40 1.63

UK Income A Inc X F

226.56

-

0.72 4.73

UK Income B Acc X F

273.78

-

0.87 4.58

UK Income B Inc X F

241.64

-

0.77 4.71


Money Market
Trusts and
Bank Accounts

115.50

-

-0.50 0.00

CGV Inc A

115.10

-

-0.50 1.62

CGV Inc B

115.10

-

-0.50 0.00

-

-2.02 0.00


UK Corporate Bond

£ 1645.87

-

4.44 0.00

Gilt

£ 1667.94

-

6.43 0.00

Global Eq (Ex Japan) Index Fund

¥

1.39

-

0.00 0.00

Value Partners Hong Kong Limited

Global Eq (ex Japan) Class HJ4


¥

1.45

-

0.00 0.00

www.valuepartners.net,
Regulated

Global Eq (ex Japan) Class JP5

¥

1.41

-

-0.01 0.00

Value Partners Asia ex-Japan Equity Fund $

8.35

-

0.01

Global Eq Ex Japan Index Fund (Hedge) ¥


1.30

-

0.00 0.00

Value Partners Classic Equity Fund USD Z Unhedged $ 10.36

-

0.09 0.00

(IRL)

1.24

-

-0.01 0.00

Value Partners Classic Equity Fund CHF HedgedSFr 10.73

-

0.08 0.00

1.22

-


-0.01 0.00

Value Partners Classic Equity Fund EUR Hedged € 10.87

-

0.08 0.00

Japan Equity Index Fund

¥

0.93

-

0.00 0.00

Value Partners Classic Equity Fund GBP Hedged £ 11.17

-

0.09 0.00

Japan Equity Class JP3

¥

1.13


-

0.01 0.00

Value Partners Classic Equity Fund GBP Unhedged £ 12.01

-

0.02 0.00

Value Partners Classic Equity USD Hedged $ 12.71

-

0.10 0.00

Value Partners Greater China Equity Fund $

7.88

-

0.01

Value Partners Health Care Fund RMB Class Z UnhedgedCNH

9.39

-


0.04 0.00

Value Partners Health Care Fund HKD Class A UnhedgedHK$

8.79

-

0.04 0.00

Value Partners Health Care Fund USD Class A Unhedged $

8.80

-

0.04 0.00

-

-0.01 0.00

Thesis Unit Trust Management Limited

£ 12.98

-

0.04 0.00


TM New Court Fund - A 2014 Acc £ 13.01

-

0.04 0.00

TM New Court Equity Growth Fund - Inc £ 13.10

-

0.05 0.00

Toscafund Asset Management LLP

(UK)

www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc

£

2.99

-

0.01 4.47

Aptus Global Financials B Inc


£

2.61

-

0.00 4.62

Tosca A USD

$ 268.48

-

3.15

Tosca Mid Cap GBP

£ 261.94

-

2.08 0.00

-

Tosca Opportunity B USD

$ 359.70


-

3.16 0.00

Pegasus Fund Ltd A-1 GBP

£ 61.78

-

0.66 0.00

TreeTop Asset Management S.A.

(LUX)

Regulated
TreeTop Convertible Sicav

Veritas Asian Fund A USD H

$ 321.75

-

0.80 0.42

Veritas Asian Fund A GBP H


£ 415.71

-

1.64 0.23

Veritas Asian Fund A EUR H

€ 329.99

-

2.55 0.21

Veritas China Fund A USD

$ 123.71

-

0.62 0.41

Veritas China Fund A GBP

£ 128.10

-

0.64 0.42


Veritas China Fund A EUR

€ 121.70

-

0.58 0.42

Veritas Global Equity Income Fund D USD $ 118.99

-

0.22 4.02

Veritas Global Equity Income Fund D EUR € 207.38

-

1.47 4.03

Veritas Global Equity Income Fund D GBP £ 160.55

-

0.53 3.89

Veritas Global Focus Fund D USD $ 26.50

-


-0.01 0.63

Veritas Global Focus Fund D EUR € 23.95

-

0.12 0.64

Veritas Global Focus Fund D GBP £ 31.20

-

0.03 0.60

Veritas Global Focus Fund A GBP £ 30.10

-

0.03 0.35

Veritas Global Focus Fund A EUR € 13.94

-

0.06 0.36

Veritas Global Focus Fund A USD $ 25.54

-


-0.01 0.37

Veritas Global Focus Fund C GBP £ 32.72

-

0.04 0.00

Veritas Global Focus Fund C EUR € 25.22

-

0.12 0.00

Veritas Global Focus Fund C USD $ 27.84

-

-0.01 0.00

Veritas Global Equity Income Fund A GBP £ 153.66

-

0.50 3.90

Veritas Global Equity Income Fund A EUR € 201.21

-


1.43 4.04

Veritas Global Equity Income Fund A USD $ 114.35

-

0.20 4.03

Veritas Global Equity Income Fund C GBP £ 187.52

-

0.61

-

Veritas Global Equity Income Fund C EUR € 245.13

-

1.74

-

Veritas Global Equity Income Fund C USD $ 138.79

-

0.26


-

Veritas Global Real Return Fund A USD $ 21.85

-

-0.02 0.28

Veritas Global Real Return Fund A GBP £ 12.28

-

-0.01 0.31

Veritas Global Real Return Fund A EUR € 12.86

-

-0.01 0.11

Retail
Veritas Asian Fund B USD

$ 224.02

-

0.55 0.00

Veritas Asian Fund B GBP


£ 306.37

-

1.20 0.00

Veritas Asian Fund B EUR

€ 243.07

-

1.88 0.00

Veritas China Fund B GBP

£ 123.94

-

0.62 0.00

Veritas China Fund B EUR

€ 163.91

-

1.09 0.00


International A

€ 280.67

-

1.03 0.00

International B

$ 362.09

-

1.20 0.00

International C

£ 118.38

-

0.38 3.40

International D

€ 252.52

-


0.89 3.18

Veritas Global Focus Fund B USD $ 18.41

-

0.00 0.00

Global Opp.A

€ 139.34

-

0.68 0.00

Veritas Global Focus Fund B GBP £ 22.95

-

0.02 0.00

Global Opp.B

$ 139.57

-

0.73 0.00


Veritas Global Focus Fund B EUR € 16.57

-

0.08 0.00

Global Opp.C

£ 179.19

-

0.53 3.11

Veritas Global Equity Income Fund B GBP £ 140.97

-

0.46 3.93

Sequoia Equity A

€ 138.07

-

0.82 0.00

Veritas Global Equity Income Fund B EUR € 184.13


-

1.30 4.06

Sequoia Equity B

$ 143.20

-

0.86 0.00

Veritas Global Equity Income Fund B USD $ 113.05

-

0.20 4.06

Sequoia Equity C

£ 164.73

-

0.60 3.10

Veritas Global Real Return Fund B USD $ 21.15

-


-0.02 0.00

-

-0.01 0.00

-

-0.01 0.00

TreeTop Global Sicav

Veritas Asset Management LLP

Troy Asset Mgt Ltd

(UK)

40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs

-26.20 0.00

Waverton Investment Funds Plc (1600)F

(IRL)



FCA Recognised

Trojan Investment Funds

-

0.09 5.90

8.46

-

0.01 5.45

Spectrum Income Fund O Acc

98.88

-

0.17 2.34

Waverton Global Equity Fund A GBP £ 14.47

-

0.08 0.51

Spectrum Income Fund O Inc


96.79

-

0.17 2.35

Waverton UK Fund A GBP

£ 13.01

-

0.07 1.75

Trojan Ethical Income O Acc

102.75

-

0.46

-

Waverton Equity Fund A GBP

£ 14.56

-


0.02 0.37

Trojan Ethical Income O Inc

102.92

-

0.46

-

Waverton Sterling Bond Fund A GBP £

-

0.01 5.29

Trojan Fund O Acc ♦

275.04

-

0.44 0.42

E.I. Sturdza Strategic Management Limited (GSY)

Trojan Fund O Inc ♦


227.87

-

0.37 0.42

WA Fixed Income Fund Plc

Regulated

Trojan Global Equity O Acc

235.80

-

1.18 0.88

Regulated

Trojan Global Equity O Inc

200.37

-

1.01 0.88

Trojan Income O Acc ♦


286.60

-

1.45 3.65

Trojan Income O Inc ♦

177.50

-

0.90 3.76

-

0.18 3.39

Nippon Growth Fund Limited

¥ 83884.00

-

-547.00 0.00

Strat Evarich Japan Fd Ltd JPY

¥ 76521.00


-

2450.00 0.00

Strat Evarich Japan Fd Ltd USD

$ 752.04

-

23.60 0.00

499.04

-

1.73 0.00

SMIO3 Santander Multi Index Fund 1

153.80

-

0.40

-

Japanese Fund C Acc


170.76

-

1.01 0.10

SMIO3 Santander Multi Index Fund 2

153.80

-

0.30

-

E.I. Sturdza Funds PLC

Japanese Fund O Acc X

168.60

-

0.99 0.00

SMIO3 Santander Multi Index Fund 3

153.50


-

0.30

-

Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 907.56

Pacific C Acc

300.37

-

1.81 0.56

Multi-Manager OEIC

Pacific O Acc

296.69

-

1.80 0.25

Bal Intl Track Acc Ret

270.90


-

0.50

-

Total Return C Acc

392.22

-

0.49 1.36

Bond Mthly Inc Acc Ret

148.40

-

0.40

-

Total Return C Inc

270.50

-


0.33 1.37

Total Return O Inc

267.29

-

0.33 1.37

Total Return O Acc

387.71

-

0.48 1.36

(IRL)

Regulated

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1069.14

-

-24.15 0.00
-28.40 0.00


Nippon Growth (UCITS) Fund JPY Class A shares ¥ 84523.00

-

-2214.00 0.00

Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 70858.00

-

-1857.00 0.00

Asset Management

Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 46055.00

-

968.00 0.00
-1206.00 0.00

Strategic China Panda Fund USD $ 2027.34

-

0.54 0.00

Strategic China Panda Fund Hedged EURO € 1966.50


-

0.33 0.00

Strategic China Panda Fund Hedged Sterling £ 1996.99
Strategic Euro Bond Accumulating Class CHFSFr 985.55

-

Data Provided by

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

(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

Waverton Asia Pacific A USD

€ 109.55

Gross
AER Int Cr


-

Waverton Global Bond Fund Cls A $

Renminbi Bond Fund EUR Cls A

0.44 0.00

-

¥

AED 10.29

-

Senator House 85 Queen Victoria Street, London EC4V 4ET
COIF Charities Deposit Fund
0.45
- 0.45 Qtr

Gbl Govt Bond (ex Japan) Class JP4 ¥

TNI Blue Chip UAE Fund *

£ 118.24

CCLA Fund Managers Ltd


Gbl Govt Bond (Ex Japan) Index (GBP) £ 1722.29

www.tni.ae
Other International Funds

(LUX)

FCA Recognised

Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

(IRL)

The National Investor (TNI)

-

CCLA Investment Management Ltd

Regulated

Gbl Govt Bond (Ex Japan) Index

5.06

Zadig Gestion (Memnon Fund)

Gross Net


0.10 0.36

European O Acc

-

-

0.10 0.36

-

0.50

276.19

-

0.40

-

Outstanding British Cos B Acc X F

-

0.40 3.86

155.30


0.10 1.15

166.05

-

Japan Equities

-

170.87

-

-

395.10

Spectrum Fund O Acc ♦

150.60

-0.50

2.14 0.63

IGV - Acc Z

Spectrum Fund O Inc ♦


145.60

-

-

-7.03 0.00

Corp Bond Acc Inst

285.40

263.37

-10.89 0.00

Corp Bond Inc Inst

Europe (ex-UK)

Outstanding British Cos A Acc X F

-

1.75 0.26

A Shares

0.10 1.89


Real Return Asian Fund EUR (Est) $ 292.91

-0.03 0.00

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Authorised Inv Funds
Santander Premium Fund (OEIC)

-

0.20 2.98

-

Santander Asset Management UK Limited (1200)F (UK)

428.50

-

-

-

1.17 0.89

IGV - Acc Y

-


504.76

0.26

3.02 0.55

-

Real Return Asian Fund GBP (Est) £ 296.77

364.52

-

-

333.25

Real Return Asian Fund USD (Est) € 277.60

European C Acc

93.84

426.30

Mastertrust B Inc X F

0.21 3.12


Equity & General O Acc

Bond Mthly Inc Inc Ret

UK Growth B Inc

0.00 1.44

0.19 3.19

-

Equity & General C Acc

0.10 1.19

-

$ 121.58

Yuki Asia Umbrella Fund

-

-

Renminbi Bond Fund USD Cls B

YMR N Growth


-

£ 121.77

-

Strat Bond Acc Inst

3.01 0.00

Renminbi Bond Fund SGD Cls B S$ 121.48

-

Strat Bond Inc Inst

132.00 0.00

-

-

Renminbi Bond Fund GBP Cls B

0.28 3.37

-

-


Yuki Japan Rebounding Growth Fund USD Hedged Class $ 949.74

423.47

www.veritas-asset.com
Other International Funds

37.00 0.00

181.30

Yuki Japan Rebounding Growth Fund JPY Class ¥ 24465.00

UK Growth A Inc

0.19 3.14

-

Strat Bond Inc Inst (gross)

-2753.17 0.00

0.25 3.02

-

0.50


-

-

¥ 20326.00

-

¥ 10931.83

-

Renminbi Bond Fund YEN Cls A

155.10

18.00 0.00

€ 119.22

Renminbi Bond Fund SGD Cls A S$ 160.77

£ Gov Bond Acc Inst

-

Renminbi Bond Fund Euro Cls B

-


-

¥ 14129.00

398.50

CGV Acc X

67.00 0.00

YMR Umbrella Fund

Renminbi Bond Fund CNH Cls B CNH 130.25

-

0.50

Yuki Japan Value Select

Veritas Global Real Return Fund B EUR € 13.71

0.40

-

-

0.24 3.26


0.50

152.20

Investments IV - Global Private Eq. € 311.03 326.58 -10.79

-

-

£ Gov Bond Inc Inst

136.00 0.00

Renminbi Bond Fund CNH Cls A CNH 130.44

-

-

-

0.18 3.22

151.30

0.70

¥ 28055.00


-

167.00

-

Yuki Japan Low Price

Renminbi Bond Fund CHF Cls B SFr 117.04

Investments Inc Port Inc X

185.40

-

Veritas Global Real Return Fund B GBP £ 12.03

Investments Inc Port Inc Ret

£ Gov Bond Inc Inst (gross)

-0.38 0.00

Investments IV - European Private Eq. € 210.25 220.76 -4.08

321.50

-


$ 288.22 288.22 2.54 1.16

Asian Financials I USD

-

-

IGV - Acc X

0.79 0.00
-2.42

¥ 777.62

5.03

IGV - Inc B

www.toscafund.com
Other International Funds

$ 137.66

Yuki Mizuho Japan Large Cap

€

1.30 0.07


Toscafund Asset Management LLP

Stenham Equity UCITS USD

-

-

Investments III

-

0.0067 1.92

Sterling Fixed Interest Fund

Stenham Asia USD

Yuki Mizuho Japan Dynamic Growth ¥ 7053.00

-22.38

Regulated

370.46

0.0065 1.80

-


171.30

(IRL)

Mastertrust A Inc X F

CGV Acc S

+/- Yield

Tel +44-20-7269-0207 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund

0.10 1.92

Continental

Offer

Yuki International Limited

-

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Standard Life Offshore Strategy Fund Limited

-


Max 70% Shs Acc Ret

(LUX)

Bid

321.20

TM New Court Fund A 2011 Inc

-

Unicapital Investments

Fund

IGV - Inc A

188.20 199.10 0.20 1.77

0.20

Authorised Inv Funds

International

385.10 406.90 1.60 2.99

£ 1.6603


+/- Yield

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds

S & W Magnum

Bridge Fund

Offer

Unicorn Asset Management Ltd

S & W Marathon Trust

14.00 0.24

Standard Life Wealth

Bid

(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


(UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds

-

0.20

0.77 0.00

Taube Hodson Stonex Ptnrs UT (1200)F

2069.00

-

-

1.38 0.00

S&W Deucalion Fd (OEIC)

-

€ 186.03

-

Fund


(UK)

203.30

US Premium Equities (EUR)

Strategic US Momentum and Value CHF Hedged Class CHFSFr 509.75

25 Moorgate, London, EC2R 6AY 0141 222 1150
Authorised Inv Funds

162.50

-

Pictet-Premium Brands-I EUR F

UK Equity Growth Fund A Class

Santander Atlas Port 7 Acc Ret

Pictet-Asian Equities Ex Japan-I USD F $ 202.39

¥ 14088.85

0.70 0.35

Santander Atlas Port 6 Acc Inst

1.60 0.00


Pictet-Japan Index-I JPY F

10.00 0.00

-

-0.11 0.00

-

(IRL)

-

160.10

-0.57 0.00

€ 186.18

Regulated

1783.00

Oriental Growth Fund A Class

-

Pictet-Agriculture-I EUR F


Polar Capital Funds Plc

North American Fund A Class

-

0.04 0.00

0.00

3.00 1.95

€ 130.85

-

-

-

€ 148.28

€ 107.53

-

2030.00

Lux -O- Rente (EUR)


Pictet-Absl Rtn Fix Inc-HI EUR

Platinum Maverick Enhanced Fund Limited $ 89.57

MM Global Investment Fund A Class

High Yield Bonds (EUR)

US Spec Equity Fund

Platinum Capital Management Ltd

Santander Asset Management UK Limited (1200)F (UK)
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Authorised Funds
Santander Atlas Range

0.04 0.00

PIMCO RAE Fundam.PLUS US Inst Acc $ 12.74

$ 439.70

-0.30 0.70

-

0.02 0.00


Pictet-Indian Equities-I USD F

-

€ 13.68

-

$ 96.89

521.60

Euro Real Return - Inst Acc

PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.02

Pictet-Health-I USD

-

Smith & Williamson Investment Management (1200)F (UK)

£ 186.31

0.00 0.00

Pictet-Greater China-I USD F

3.00 0.53


RobecoSAM S.Water/A

0.04 0.00

Pictet-Global Env.Opport-I EUR

-

RobecoSAM S.HealthyLiv/Na

-

€ 173.26

SFr 171.00

0.30 1.26

-

Pictet-Global Bonds-I EUR

LTIF Stability Inc Plus

0.43 0.08

8.53

Pictet-European Sust Eq-I EUR F


3.60

-

Low Average Duration - Inst Acc $ 14.94

Pictet-EUR Short Term HY I EUR

-

-

PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $

Pictet-EUR High Yield-I F

SFr 199.30

151.53

Other International Funds

Pictet-EUR Corporate Bonds-I F

LTIF Stability Growth

125.80

Oryx International Growth Fund Ltd


Pictet-EUR Bonds-I F

Other International Fds

Multi Asset Enhanced Growth Acc

$ 12.46

Bid

The Hartford International Funds

Multi Asset Strategic Growth inc

Inflation Strategy Fund Inst Acc

Pictet-Emerging Markets Index-I USD F $ 211.19

SIA (SIA Funds AG) (CH)

0.01 0.00

0.01 0.00

Pictet-Emerging Markets-I USD F $ 475.17

£ 132.66 139.49 0.17 2.35

0.09 0.00


-

Fund

European

Other International Funds

-

-

-

0.02 1.69

-

$ 12.71

€ 282.02

0.02 1.14

-

€ 13.37

Income Fund Inst Acc


Pictet-Emerging Europe-I EUR F

-

5.85

Euro Long Average Duration - Inst Acc € 23.84

-0.01 0.00

0.11 0.00

3.66

£

1.70 0.00

Income Acc

-

-

£

Saracen Growth Fd Beta Acc

-


0.01 0.00

$ 14.54

$ 162.30

Saracen Growth Fd Alpha Acc

265.60

-

Optima Partners Focus Fund A

Pictet-Em Lcl Ccy Dbt-I USD F

1.41 0.00

UK Growth ♦

€ 15.19

Weena 850, 3014 DA Rotterdam, The Netherlands
www.robeco.com/contact
FCA Recognised

1.23 0.00

1.38 0.00


-

0.44 0.00

Euro Credit - Inst Acc

0.02 0.00

0.15 0.00

-

Strategic US Momentum and Value EUR Hedged Class EUR € 514.31

1.40 0.00

1.11 0.00

-

-

Strategic US Momentum & Value Fund USD I Class $ 492.09

(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


-

-

$ 18.49

-

2.07 0.00

243.40

€ 178.52

Global Real Return - Inst Acc

$ 78.39

-

Managed Growth ♦

RobecoSAM S.HealthyLiv/B

0.05 0.00

Pictet-Digital Communication-I USD F $ 265.45

Strategic US Momentum and Value Fund $ 738.94


-0.06 1.38

842.49 871.09 3.57 4.01

-

Pictet-Clean Energy-I USD F

0.00 5.85

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds

Income Inc

$ 13.46

0.33 0.00

-

Saracen Fund Managers Ltd (1000)F

Indirect Real Estate SIRE

0.02 0.00

Optima Partners Global Fd


-

0.36

Schroder Property Managers (Jersey) Ltd
RobecoSAM

-

Robeco Asset Management

$ 97.95

UBS Emerging Markets Equity Income B Inc £

.
For Save & Prosper please see Countrywide Assured

€ 23.19

0.00 0.00

Pictet-China Index I USD

1.66 0.00

0.00 4.75

Euro Bond - Inst Acc


0.04 0.00

-1.52 0.00

-

-

0.25 0.00

-

-

$ 1063.59

0.93

-

-

SFr 511.44

0.00 0.00

Strategic Global Bond USD Acc

-


£

RobecoSAM Sustainable Gl.Eq/N € 154.69

$ 14.34

Pictet-CHF Bonds I CHF

-

Saracen UK Income Fund - Dist

147.19 151.80 0.70 0.00

Global Multi-Asset - Inst Acc

0.19 0.00

1.56

0.00 2.69

Global Opportunities Acc

Global Investment Grade Credit Fund Inst Acc $ $ 17.31

-

£


-

0.02 0.00

0.51 0.00

$ 43.77

UBS US Growth Fund B Acc

0.96

-

-0.07 0.00

Pictet-Brazil Index I USD

1.86 0.00

£

Emerging Markets Short-Term Local Currency Fund $ 12.04

-

0.24 0.00

-


Saracen UK Income Fund - Acc

0.29 0.00

-

14.06 0.00

$ 1076.57

0.01 3.44

-

$ 52.21

-

0.00 11.25

Strategic Global Bond RMB Acc

0.00 2.36

RobecoSAM Sustainable Gl.Eq/B € 178.66

€ 15.60

-


0.00 2.13

-

-

176.31 179.90 0.12 4.60

Platinum Japan Fd Ltd

$ 709.85

-

0.45

-

Ethical Bond Acc

Platinum Fd Ltd EUR

Pictet-Asian Local Currency Debt-I USD F $ 157.31

1.07

UBS Global Enhanced Equity Income C Inc £

1.29


0.02 0.00

Global Investment Grade Credit Fund Inst Acc € € 12.02

Pictet-Biotech-I USD F

UBS Global Allocation (UK) B Acc £

2.14 0.00

1.47

-

-0.29 0.00

15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FCA Recognised

0.09 0.00

-

Saracen Global Income and Growth Fund -Dist # £

Emerging Markets Corp.Bd Fund Inst Acc F $ 13.22

-


(LUX)

-

Strategic European Smaller Companies Fund EUR Class € 1004.94

Saracen Global Income and Growth Fund -Acc # £

0.59 0.00

$ 81.19

Pictet Asset Management (Europe) SA

Strategic Euro Bond Fund Distributing Class Shares € 1029.63

-

0.03 0.00

-

Platinum Fd Ltd

-0.04 0.00

-

-84.71 0.00


€ 159.15

0.02 3.78

-

1.10

-

RobecoSAM Gl.Small Cap Eq/N

-

$ 153.10

1.30

-

-

90.45 92.50 0.06 4.70

Global Investment Grade Credit - Inst Income $ 12.40

Permal Absolute Return Fund

-


285.90

SWMC Emerging European Fund B EUR € 9402.58

Ethical Bond Inc

0.64 0.00

-

268.20

US Equities

SWMC Small Cap European Fund B EUR € 12856.65

0.14 0.00

-0.35 0.00

4.65

0.00 4.00

0.00 6.70

-

-


-

0.01 5.07

-

0.00 0.79

Emerging Markets Bond - Inst Acc $ 40.17

-

$ 336.41

-

0.53

-

0.01 1.24

$ 31.90

Fixed Income Holdings N.V.

0.38

Corporate Bond UK Plus B Inc Net £


-

0.31

The Dorset Energy Fd Ltd NAV

3.85 0.00

-

RAM Systematic Long/Short Emerg Markets Eq $ 118.35

Optima Discretionary Macro Fund Limited $ 84.53

-

UBS UK Equity Income B Inc Net £

0.10 0.00

1.09

-

0.02 0.00

$ 4143.04

0.09 0.00


-

1.18

-

-

Macro Holdings Ltd

1.22

RAM Systematic Global Shareholder Yield Eq $ 101.36

Global High Yield Bond - Inst Acc $ 20.65

-16.52 0.00

-

Strategic Euro Bond Fund Accumulating Class Shares € 1140.18

Saracen Global Income & Growth Fund A - Dist £

£ 82.14

0.07 0.00

-


UK Equities

3.00

Strategic Euro Bond Institutional Class EUR € 1018.36

Saracen Global Income & Growth Fund A - Acc £

€ 99.61

$ 28.77

$ 5037.64

-

14.12 0.00

RobecoSAM Gl.Small Cap Eq/A

$ 20.30

Investment Holdings N.V.

-

0.90

48.26 0.00


RobecoSAM Sm.Materials/Na

Global Bond Ex-US - Inst Acc

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

3.00

-

-

228.18 235.35 1.04 4.11

Global Bond - Inst Acc

Permal Investment Mgmt Svcs Ltd

-

274.50

-

+/- Yield

-


Blue Chip Income Acc

1.27

-0.01 0.00

526.00

Sterling Bonds

525.20

Offer

£ 11267.16

0.02 0.00

-

-

Pacific Bas (ex-Japan)

Pacific Bas (ex-Japan)

+/- Yield

€ 14277.24


0.00 0.00

OPTIKA Fund Limited - Cl A

6.99

Offer

SWMC UK Fund B

-

Global Advantage Real Return Fund Inst Acc $

£

Bid

SWMC European Fund B EUR

-

-0.19 0.00

NAV (Fully Diluted)

(IRL)

$ 11.30


-

-

-

Emerging Local Bond - Inst Acc

JENOP Global Healthcare Fund Ltd $ 12.37

$ 82.42

3.59

Emerging Asia Bond Fund Inst Acc $ 10.17

-19.54 0.00

Optima Fd NAV

-

151.19 156.10 0.69 4.29

-

-

€ 250.68


0.00 0.00

$ 1357.15

$ 89.70

-

PO Box 9948, Chelmsford, CM99 2AG
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

0.03 0.00

Global Advantage - Inst Acc

Cuttyhunk Fund II Limited

-

1.23

Blue Chip Income Inc

Euro Income Bond - Inst Acc F

Optima Fund Management

0.00 0.00


6.37

-

-2.32

-

Regulated

Tél. +41 22 816 87 30
www.ram-ai.com
Other International Funds

0.03 0.00

$ 20.29

-

S W Mitchell Small Cap European Fund Class A EUR € 217.54

S W Mitchell Capital LLP

Ram Active Investments SA

-

Diversified Income - Inst Acc


S W Mitchell European Fund Class A EUR € 276.69

The Charlemagne Fund EUR

-

-0.06 0.00

(IRL)

(CYM)

Fund

Regulated

$ 102.87

-

www.odey.com/prices
FCA Recognised

+/- Yield

S W Mitchell Capital LLP

Pictet-USD Short Mid-Term Bonds-I F $ 130.91


Commodity Real Return Fund Inst Acc $

Offer

0.91 4.01

-

$ 125.80

Odey Wealth Management (CI) Ltd

-

0.04

Odey Odyssey USD I

-0.17 0.00

Putnam New Flag Euro High Yield Plc - E € 1010.62

-

-

Bid

Regulated


RAM Systematic Emerg Markets Core Eq $ 78.32

$ 14.93

Fund

(IRL)

1.53 0.00

-0.49 0.00

-

Putnam Investments (Ireland) Ltd

-

-

Odey European Absolute Return GBP S £ 87.59

+/- Yield

Pictet-USD Government Bonds-I F $ 654.89

€ 114.18

-0.37 0.00


Offer

0.82 0.00

Odey Naver Fund EUR I

-

Bid

0.24 0.00

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
/>Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised

Odey Giano European Fund EUR R € 115.42

Fund

0.50 0.00
0.04 0.00

UBS Asset Management

(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

European Multi-Sector

$ 17.57

9.33

€ 118.08

(IRL)
-

Private Sector Bonds and Bills FundTRY 0.011490

-

0.000010

Eurobond (Dollar) Bonds and Bills FundTRY 0.078920

-

-0.000060

-

TRY 0.021280


-

-

-

Fourth Variable Fund

1.35

-

0.01 1.24

Koc Affiliate and Eq. Fund (Eq. Intense Fund)TRY 0.760950

-

-0.009910

-

1.00

-

0.01 0.66

Istanbul Hedge Fund


TRY 0.014460

-

0.000010

-

Asset Management

US Equity B Acc

£

1.54

-

0.01 0.28

UBS S&P 500 Index C Acc

£

0.58

-

0.00 1.76


UBS Targeted Return B Acc

£

1.20

-

0.00 1.46

52.76

-

0.15 3.19

0.48

-

0.00 3.36

UBS Sterling Corporate Bond Indexed Fund
UBS Multi Asset Income B Inc (net) £

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.
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.)
OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Different share classes are issued to reflect a different
currency, charging structure or type of holder.
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 manager’s 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 manager’s periodic capital charge:
The letter C denotes that the trust deducts all or part
of the manager’s/operator’s 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
manager’s/operator’s 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 or
call +44 (0)20 7873 3132 for further information.

-

£

0.00 3.30

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.

(TUR)
Yapi Kredi Plaza A Blok Kat:13 Levent 34330 Istanbul / Turkey
Email: ; Tel: + 90 (212) 385 48 48
www.yapikrediassetmanagement.com
Other International Funds

£

-

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 +44
(0)207 873 4211.

Yapi Kredi Asset Management

Global Optimal B Acc

0.87

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.

0.22 0.00

Global Emerg Mkts Eqty B Acc

UBS UK Opportunities Fund B Acc £

Guide to Data


Asset Management


22

★

4 June/5 June 2016

Twitter: @FTLex Email:

Switching to equities
offers rewards in face
of summer shocks

Premier League:
a good time to score

Winners and losers
UK department stores Gross margin (%)

Other parts of the entertainment
industry struggle to wring revenue out
of a generation of cord-cutting music
streamers. Football, in contrast, has the
perfect consumer. Deloitte’s figures for
the English Premier League show
revenues of £3.3bn for 2014-15, up
almost threefold in 12 years. The
sport’s fans are captive by

temperament. A loyal core will pay up
to watch a game live, also bolstering ad
revenues in a way must-see television
drama cannot. The game crosses global
boundaries, without exciting harmful
global competition: no matter how
many Chelsea fans Asia produces, it
cannot produce a Chelsea FC.
Great revenues, but consistently
lousy profits. The problem lies in the
supply chain. Quality footballers are
rare and since a court ruling in 1995
stopped clubs from restricting their
movement, the players have had the
bargaining power. With the glorious
recent exception of Leicester City, team
performance is correlated with wage
bills. In the five years to 2012-13, 99 per
cent of revenue increases went into
wage growth.
Last year the league agreed a threeyear £5.1bn television rights deal, £2bn
more than what went before. After a
season in which 17 of the 20 Premier
League clubs made a profit, Deloitte
expects more of this bounty to flow
into profits. More than Leicester’s freak
success, which may inspire owners to
wonder what those hefty wage packets
are for, the reason lies with regulation.
In 2013 the Premier League

instituted “short-term cost control”
regulations to stop clubs jacking up
their wage bill above a certain rate. It
has worked — just 30 per cent of
revenue growth has reached players’
pockets since.
Nothing is normal about the football
industry — imagine bankers or film
stars being subject to restrictive wage
rules like these. But Premier League
clubs may be about to morph, from
playthings for billionaires into
investable entertainment businesses.

40
Marks and Spencer

30

Debenhams

20
10

BHS
0

2005

Not earning enough in the day job? Try

dabbling in the stock market. This may
explain the rally in Tokyo’s Mothers
index. Even as negative interest rates
have failed to stimulate wage growth,
the index of emerging companies has
flown. This year, it is up two-fifths, the
second largest gain of any country’s
indices barring those in Peru.
The appeal is clear (if self-fulfilling):
in 2016 it markedly outperformed
Japan’s Topix, which is down 5 per cent
in dollar terms. Yet, the companies’
earnings do not necessarily justify the
rise. The largest, Cyberdyne, a medical
robotics firm, has lost money for the
three years of its listed history. Perhaps
in anticipation of a first year in the
black the stock has doubled from last
year’s lows. Its growth will not come
cheap, however, it trades at a whopping
162 times three-year forward earnings.
Cyberdyne is not an isolated case in
an index that draws so much retail
participation. While its capitalisation of
$16bn is just 0.5 per cent of the Topix,
it can account for 5 per cent of all
trading in Japan’s listed stocks by

10


11

12

13

-10
14

volume. That activity is also highly
concentrated: only three of more than
200 stocks in the Mothers have a
capitalisation above $1bn. Brangista, an
online publisher that is top performer
in 2016, is up fivefold — and that after
halving from its April peak. It has
recently traded, on average, a quarter
of its outstanding shares each day.
The excitement has drawn more
companies to the index; this year, 16 of
the 27 initial public offerings in Japan
were listed here. Another 10 are
expected by July. And a plan to launch
a Mothers futures market is expected
to facilitate an increased number of
products tracking the index.
Not all observers are sceptical.
Goldman Sachs says that returns on
equity and the growth outlook for
Mothers companies exceed those of the

main board. Capital shifting from
Japan’s mature industries and towards
robots and biotechnology may show
Abenomics is succeeding, after all.

negociants and other buyers nursing
heavy losses on unsold stock.
With all this liquidity hanging over
the market, some of it very high
quality, top winemakers refrained from
raising prices too far between 2012 and
2014. Mixed reviews from wine critics
also deterred them. A better reception
for the 2015 vintage lessened this
caution, encouraging châteaux to lift
prices by a quarter on average in
sterling terms, so far. Warm words
from wine tasters can only do so much
for the top line, though. Producers
which once sold 70 per cent of their
production into the en primeur market
now sell only half that, holding back
the rest in an effort to support prices.
With few exceptions, all other wine
merchants must buy top wines through
negociants. These middlemen can hold
stock, taking up any slack in the supply
chain and lightening the working
capital burden on the producers.
Perhaps too much; negociants held

nearly a year’s worth of inventory in
2014, according to wine exchange Livex, well up on previous years. It
estimates their net debt has swelled
relative to equity, to 80 per cent. In
comparison, UK merchants have net
cash and carry a tenth of the inventory.
Bordelaise premier winemakers see
blue skies ahead. With low borrowing
rates and good profit margins, the
châteaux may well feel that time is on
their side. Yet the growing financial
pressure on negociants suggests that
not all can afford such luxury.

Bordeaux wine:
pour deals
One weather vane of luxury spending is
the pricing of Bordeaux wines. Every
spring, the top châteaux present their
latest vintages for review, later pricing
them for early buyers in the en primeur
market. But values are also swung
around considerably by the quality of a
given vintage.
While the sun shone, the châteaux
and their authorised selling agents,
known as negociants, profited nicely. By
2010, prices had soared far enough to
put off the ultimate buyer: the drinker.
En primeur wine prices halved, leaving


Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex

Today’s temperatures
17
19

1020

9
1
27

22

20
19
23

25

28
22

1010

LOW


24

20

22

25
23

27 LOW
26
26

1010
Wind speeds in KPH

Forecasts by

09

went bust — any uplift will be difficult
to detect in a more fragmented
market. BHS accounts for only about
1 per cent of UK apparel sales.
The most direct way to capture
market share would be to take over
some of BHS’s 163 stores. The
problem is their quality. Only about a
third would be judged as desirable,
according to the Local Data Company.

Their relatively large size precludes
all but a handful of suitors: M&S,
Sports Direct, Primark and Matalan
chief among them.
That a company with a flagship
store in a top retail location and
£668m in annual sales can disappear
so quickly says much about the
competitiveness of UK retail. This too
is why there are unlikely to be many
discernible winners from BHS’s
demise.

1030

29

08

Few events elicit nostalgia from
Britain’s chattering classes like the
decline of high-street chains they
never visited: Woolworths, Comet
and now BHS.
Pensions delivered the coup de
grâce, but the trajectory of BHS’s
gross margins — double digits at the
start of the millennium, negative by
2014 — illustrates why the chain
could not survive.

BHS is mainly an apparel retailer;
Marks and Spencer and Debenhams,
with their older customer bases, are
the obvious potential winners. Even
with the former’s £4bn in general
merchandise revenues, a chunk of
BHS business would be a welcome
boost amid recent poor sales growth.
But unlike the consumer electricals
trade — dominated by only a few
players when Comet and Phones 4u

HIGH

24

07

Source: S&P Capital IQ

Tokyo Mothers:
growing family

22

06

29

24


OW

Abu Dhabi
Amsterdam
Ankara
8
Athens
22
Bahrain
Barcelona
Beijing
Belfast
Belgrade
Berlin
22
Brussels
Budapest
Cairo
Cardiff
Chicago
Cologne
21
Copenhagen
Delhi
Dubai
23
Dublin
Edinburgh
Frankfurt

Geneva
34
Hamburg
1
0
1
0
Helsinki
16
26
9
Hong Kong
Istanbul
Lisbon
London
Los Angeles
Wind speed Luxembourg
in KPH Madrid

Sun
Sun
Fair
Sun
Sun
Fair
Fair
Cloudy
Fair
Fair
Thunder

Fair
Sun
Cloudy
Thunder
Thunder
Sun
Sun
Sun
Fair
Fair
Thunder
Shower
Sun
Sun
Fair
Fair
Fair
Cloudy
Sun
Thunder
Sun

37
27
23
29
37
23
28
20

23
28
24
24
42
20
24
23
23
42
37
19
17
23
20
27
17
33
24
22
22
28
20
27

Malta
Manila
Miami
Milan
Montreal

Moscow
Mumbai
Munich
Naples
New York
Nice
Nicosia
Oslo
Paris
Prague
Reykjavik
Riga
Rio
Rome
San Francisco
Singapore
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zagreb
Zurich

Sun
Fair

Cloudy
Thunder
Fair
Shower
Fair
Thunder
Fair
Cloudy
Fair
Sun
Sun
Rain
Fair
Cloudy
Fair
Cloudy
Fair
Fair
Shower
Fair
Rain
Shower
Fair
Fair
Sun
Thunder
Shower
Cloudy
Sun
Thunder


27
34
31
22
27
22
35
21
24
28
20
34
22
19
23
15
19
25
23
21
32
17
22
20
27
25
21
23
25

30
26
20

Michael Mackenzie
The Long View
Investors entered June anticipating
shocks, and for good reason. The month
heralds a series of hurdles at a time
when many are struggling to gauge
whether bonds or equities represent the
best source of long-term returns.
A very weak US headline jobs number
of 38,000 for May yesterday, offset by a
lower unemployment rate of 4.7 per
cent, was a genuine stunner given
expectations of a 162,000 gain. A strike
by workers at Verizon reduced May’s
payrolls only by 35,000, a setback that
cannot justify the sudden loss of hiring
momentum in the world’s biggest economy. Having been on guard for a robust
number that could greenlight a summer
policy tightening by the Federal
Reserve, investors can reasonably
expect interest rates will stay on hold
until after the US election in November.
The bond market has virtually erased
expectations of a June tightening and for
July, expectations have sunk to about
one-third.

The jobs report means the upcoming
Fed policy meeting in mid-June has lost
the capacity for surprise. That leaves
investors facing just one more market
moving event this month, and a real
wild card at that — the UK voting on
whether to leave the European Union.
Assessing the intention of voters
shapes as an exercise in futility. No matter polls indicating voters will err on the
side of remaining in the EU, nerves are
jangling. A measure of implied volatility
for sterling — effectively the cost of buying insurance against a swing in the currency — has surged to its highest level
since February 2009, just before global
equities registered their nadir for the
financial crisis.
Complicating matters, the vote runs
firmly on emotion rather than cold,
hard reasoning. As such, a vote to leave
the EU cannot be ruled out, raising the
prospect of pronounced turmoil across
UK and eurozone markets should it

happen. In the event that UK voters
choose to remain in the EU, the focus of
investors will naturally swing back on
Fed policy in July.
By then, we will have seen two more
employment reports and further evidence as to whether inflation pressures
warrant a policy shift. The Fed’s preferred measure of inflation, the yearover-year core PCE price index, currently sits at 1.6 per cent, still below the
central bank’s 2 per cent target.

Beyond the domestic triggers for
tighter US interest rate policy, the global
consequences of a firmer dollar probably entails patience from the Fed during
July and beyond.
Much depends on the performance of
China’s economy and the country’s bubbling credit concerns. The renminbi has
lately experienced pressure as the dollar
has appreciated.
Dollar strength has also weighed on
certain commodities from copper to
iron ore and nickel, the type of raw
materials also viewed as barometers of
growth prospects in China.
One commodity outlier at the
moment is oil, and a sustainable recovery in the price of crude matters greatly
for investor sentiment, particularly for
the energy and drilling equity sectors.
Crucially, this week’s meeting of Opec

Total return on equity v bonds
Year to date (%)
European government bonds
-2.9
European equities
3.5
US equities
3.0
US government bonds
3.3
Japanese equities

-12.7
Japanese bonds
5.2
Sources: Barclays; Bloomberg

has not derailed oil’s robust recovery
from its nadir in January, with Brent
crude holding around $50 a barrel.
For investors, paid to put money to
work and unable to stay parked in cash,
the rejection of Brexit and a consolidating dollar with Fed policy on hold,
presents an opportunity for the remainder of the summer.
Notably the divergence between US
bonds and share prices earlier this year
has reversed.
The Barclays US Treasury index
sports a total return of 3.25 per cent for
the year, and now trails the S&P 500’s
gain of 4 per cent, inclusive of dividends. This week, the S&P 500 total
return version set a new record high,
illustrating the appeal of dividend paying stocks in a climate of low interest
rates.
Jack Ablin, chief investment officer at
BMO Private Bank, makes the point:
“More than one-third of the S&P 500
sports a dividend yield that is higher
than the same company’s bond yield, a
dramatic increase from the one-in-10
companies that offered such generous
dividends pre-crisis.’’

Given the current low level of bond
yields and limits of further declines,
owning equities powered by dividend
payouts represents a better long-term
strategy for investors.
A bolder move would entail looking at
Europe and perhaps Japan. The performance of bonds this year handily
outpaces that of equities, reflecting the
easing efforts of the ECB and Bank of
Japan that has driven yields well below
zero, while a firmer euro and yen have
hit share prices.
Switching out of richly priced bonds
in Japan and the eurozone and nibbling
at share markets that are currently in
the red for the year could make for a
rewarding summer.



Saturday 4 June / Sunday 5 June 2016

James Baker
The Republican grandee
on Trump and power

Blue-sky thinking
Can private jets
really be affordable?


Summer-ready
Pack the perfect
holiday wardrobe

LUNCH WITH THE FT PAGE 3

TRAVEL PAGE 6

STYLE PAGE 5

Follow us on Twitter @FTLifeArts

Who tells the story?
The triumph of a hip-hop musical about a US founding father reminds us history
at its best should be heard and not just studied in silence. By Simon Schama

B

arring an act of an understandably jealous God, come
next Sunday the Tony award
for absolutely everything will
have been won by a history
lesson. It is not, of course, the kind of
history that lumbers along in American
high schools dragging the ball and chain
of “social studies” behind it. And it is
the very opposite of the written-bycommittee dinosaur-sized textbooks
through which corporate publishers
conspire to drain every vestige of life or
passion from the past.

Lin-Manuel Miranda’s hip-hop musical Hamilton, which raps, struts and
dances its way through the American
Revolution, the making of a new political nation, George Washington’s Farewell Address, and the Federalist Papers
has got more people of every kind — but
especially the easily distracted young —
to respond to the living voice of history
than any ink-and-paper volume could
ever hope to. Going to see the show is to
experience history as call and response,
whoop-and-holler enthusiasm.
Yet Hamilton hasn’t trashed scholarship for the sake of entertainment.
Much, though not all, of the story sticks
to the facts of the matter, even if anyone
who knows anything about the melancholy, conscientious George III might
have a hard time seeing him camp it up
in the show-stopping “You’ll be Back”.
A happy byproduct of the show’s success is that Ron Chernow’s fine 2004
biography Alexander Hamilton, the original inspiration for Miranda’s project, is
enjoying a second strong innings in the
bestseller lists. This is no bad thing,
since it suggests that a demographic not
readily switched on by the past can be
moved from riff to learned text.
This, in fact, is how western history
got going in the first place, two-and-ahalf millennia ago. If Miranda’s history
is a performance, so too was that of
Herodotus, whose brilliantly colourful
account of the wars of the Greeks with
the Persians was written to be spoken,
possibly by its author, before a mass

public at the Panhellenic Games. In its

From top: ‘Hamilton’
at the Richard Rodgers
Theatre in New York, with
Lin-Manuel Miranda, the
show’s creator (centre);
John Trumbull’s portrait
of Alexander Hamilton
(c1804); crowds line up in
the lottery for $10 tickets
New York Times/Eyevine:
Bridgeman Art Gallery;
Getty Images

beginnings, European history was rockstar showy (some accounts have music
being played during the recitations),
and audience-driven, with the emphasis on audio. History was meant to be
heard, not pored over in silence. Defying the deathly quiet of the tomb was
part of its vocation. That’s what Herodotus meant in his famous opening
paragraph, by introducing himself (a
very Lin-Manuel touch) as the man
who, through his historia, his inquiry,
will preserve the great deeds of Greeks
and Persians from falling into oblivion,
by which he meant the expiry of firsthand witnesses.
Contrary to received wisdom about
the duties of remembrance, American
writer David Rieff has argued recently
for the moral importance — and needful therapy — of collective forgetting.

He has a point. Obsessing about ancient
wounds, endlessly picking over the
scars so that they bleed again, generation unto generation, can feed vendetta, victimisation and the tribal
furies that still walk among us.
Even so, it’s hard for historians not
to feel that the attrition of informed
memory is a bigger problem right now.
Only someone as historically clueless as

Donald Trump could possibly have
thought that “America First” would be a
nifty battle-cry for his campaign, unaware of its morally contaminated past
as the slogan of those American isolationists such as Charles Lindbergh who
in 1940 were bent on stopping a war
against fascism. It says something that
once the candidate was made aware of
the moral slime clinging to the phrase,
he too clung to it even tighter.
Historical ignorance simplifies and
excludes; historical knowledge complicates and expands the national narrative. Whichever position you take on
Brexit, it helps to know which English
or British institutions were truly sui
generis, but also when insularity was
bridged by a common European culture. Through the medieval centuries,
England belonged to a largely undivided Christian universe of faith and
practice. In the 17th century, it was the
long Dutch-led struggle against Louis

We’re used to non-white
Hamlets but when the parts

are Founding Fathers the
gamble seems more daring
XIV that doomed homegrown Stuart
absolutism and made possible the revolution of 1688 and the Bill of Rights we
think of as characteristically British.
History, as Dutch historian Pieter Geyl
wrote of literature on Napoleon, is “an
argument without end” — but that
argument presupposes disputants
sharing a common fund of knowledge.
That knowledge cannot, however, lie
embalmed in a mausoleum of national
reverence. Though its subject is mortality, history is sustained by vitality.
And it needs to ask questions about
who and what it is for: who gets to
“write the story”, as the last poignant
song in Hamilton has it. Its opening
number begins, as all histories should,
with a question: “How does a bastard,
orphan, son of a whore and a Scotsman/
dropped in the middle of a forgotten
spot in the Caribbean by providence,
impoverished in squalor/ grow up to be
a hero and a scholar?”
All the musical’s rap-rhyme draws its
energy from Miranda’s personal epiphany when he read Chernow’s book, and

realised that Hamilton’s life, by turns
rackety and statesmanlike, was not to
be confused with the inert portrait of

him on the $10 bill; that it was, like
America’s revolution, a crap shoot as
well as a project in applied political philosophy. Miranda also recognised that
the great scenes of the revolution — the
Continental Congress that passed the
resolution for independence; the mutually demonising election of 1800 — were
self-consciously and rhetorically acted
out. Hamilton and Thomas Jefferson,
John Adams and Lafayette all felt that

they were playing parts on the stage of
historical destiny.
One of the most compelling scenes in
the stage show has Hamilton (as was the
case) helping Washington draft a
revised version of the Farewell Address
of 1796. The president had originally
recruited James Madison to help in 1792,
when he thought he might retire after a
single term, and it was this draft that
Hamilton subsequently revised. The
number “One Last Time” lets Washington and Hamilton, bound by personal as
well as political ties, imagine how the
emotive power inherent in a valediction
might calm the storms of party feuding.
Then the number segues seamlessly
into verbatim chunks of the address
itself in a kind of 18th-century chanted
declamation, at once gravely poetic and
prophetic, the most fatherly of the

founders losing the battle to be heard
amid a chorus of bickering politicians.
None of this would have had the
astounding popular impact that Hamilton has enjoyed, had Miranda not
jumped the bounds of convention by
casting Hispanic and African-American
actors in the lead roles — including himself. We have become accustomed to
watching non-white and non-male
Hamlets and Julius Caesars. Somehow,
when the parts are the Founding
Fathers, the gamble is more daring.
Miranda, a Puerto Rican who recently
performed another moving rap on TV
on behalf of his bankrupt island home,
fits the cloth of the Caribbean bastard
son Hamilton as if measured for it. Having Thomas Jefferson played by the
black rapper Daveed Diggs, with perfect pitch for the original’s combination
of cerebral superiority and political
ruthlessness, suggests the irony of the
freedom-loving slave-owner without
resorting to billboarding.
In contrast to the sententiousness of
the textbooks, none of this seems laboriously civic. Instead it is somehow
miraculously unforced, as though it
were a self-evident truth that the history of the revolution might speak perennially to anyone and everyone with a
stake in the fate of American democracy. Sometimes the idiom-translation
is effortless. Hamilton’s The Farmer
Refuted was an actual broadside in the
Continued on page 2



2

★

FTWeekend

4 June/5 June 2016

Life
Luke Waller

The rise and fall
of a Polish Trump
Simon Kuper
Opening shot

H

e claimed to be a
dealmaker, a rich
businessman who would
chase out his country’s
corrupt politicians and
defeat foreign business interests.
He hinted that the country’s leader
secretly followed an alien religion. He
barely had a campaign organisation,
yet poor voters worried about their
factory jobs flocked to him.

Stanisław Tymiński, Poland’s
political sensation of 1990, was the
proto-Trump of the television age.
The other day I Skyped him in
Canada. An affable grey-haired 68year-old, fiddling with his pipe in his
home office, appeared on screen and
agreed that Donald Trump’s campaign
echoed his own.
“I follow him every day,” Tymiński
told me. “I have one hour to drive to
work and back, and I enjoy listening
to Fox Radio. The US needs to be, sort
of, repaired, and I think only a
businessman can do it.”
Tymiński’s surge from nowhere in
1990 helps illuminate the Trump
phenomenon; listening to him now
foreshadows how one day Trump
might try to explain his own electoral
defeat. Post-communist Poland in
1990 had some similarities with the US
today. Industrial workers and farmers
feared for their jobs. Political parties
were weak. “The power was lying on
the street,” Tymiński reminisces. “So
it was not just me, it was the
circumstances.”
He had left Poland for Canada in
1969, built a computer company, and
spent time in Peru. In September 1990

he returned to Poland to promote his
book, a political treatise called Sacred
Dogs. Weeks later, wearing aviator
glasses and Italian suits, flanked by
his beautiful Peruvian wife, he was
running for president as an
aspirational candidate: everyone, he
implied, could get rich like him.
Today Tymiński says, “I never
pretended to be rich, because I am
not.” However, when our Skype
connection crashes, he insists on
calling my mobile at his own expense,
chuckling: “I am not a poor man.”
Like Trump, he ran as a dealmaker
— in his words, “a leader who could
negotiate the best terms, especially
with the west”. Now he notes ruefully:
“The term ‘negotiate’ was very new to
Poles, and misunderstood. It was more
considered to be haggling.”
Poland’s then prime minister
Tadeusz Mazowiecki had been a brave
anti-communist dissident. But
Tymiński branded him a traitor, who
was selling out the country to foreign
investors. “I had no choice [but] to call
him a traitor,” says Tymiński. “I know
that in the US lots of people have the
same opinion about Mr Obama. But

they almost put me in jail for [saying]
that. I had to post a substantial amount

of money to leave the country to see
my children again — which hopefully
will not happen to Mr Trump.”
Just as many Americans believe the
false claim that Obama is a Muslim,
many Poles in 1990 wrongly believed
Mazowiecki was Jewish. In the same
way that Trump courts Islamophobic
voters in the US, Tymiński’s nationalist
rhetoric played into a climate of antiSemitism. “Only the Jewish political
interests were supported by
Washington at the time,” Tymiński
says now. “I hope Mr Trump doesn’t
have to deal with the same problem.”
Tymiński promised Poles that if he
became president, the country would
“be better in a month”. In the first
round of elections he finished second,
knocking out Mazowiecki.
But Tymiński lost the run-off against
Lech Walesa, getting just 26 per cent of
the vote. “The election was falsified,”
he claims. “The secret police filled up
voting cards and delivered them to the
major cities.” After the election, an
incredulous Nato briefing later
published by the Polish government

revealed Tymiński had told officials
that Walesa as a young man had killed
“at least two people”. (Recall Trump’s
hints in his campaign against Hillary
Clinton that there were still suspicions
around the death of White House
deputy counsel Vince Foster in 1993,
despite five investigations finding no
evidence of murder.)
Looking back, Tymiński laments
having been too nice. “I was a polite
Canadian and I should have been a
very aggressive American. I would
give Trump the advice to have no
mercy on his opponents.”
Does Tymiński have any regrets,
having got so close to being president?
“As I found out, subsequently, I was
president of Poland — having enough
votes to be president. It was an
incredible personal adventure.”
Today he feels sorry not for himself
but for Poles. The country ended up
in “modern slavery!”
Still, he has a legacy. The Nato
briefing from 1991, reporting on a
meeting with Tymiński at his party
HQ (his mother’s house), foresaw:
“In the smaller cities and towns,
Tymiński himself, ‘New Tymińskies’

or many ‘Little Tymińskies’ — people
with extremist platforms from ‘out of
nowhere’, whose lack of participation
in any former political structure is
cited as a selling point — may find a
place.” That prophesy is now coming
true across the west. Tymiński exults:
“I’m in political retirement, I live in
a beautiful part of Canada, and I enjoy
my success immensely: seeing my
followers, Mr Trump and others.
I feel the world is about to change for
the better.”
; @KuperSimon
More columns at ft.com/kuper

Who tells the story?
Continued from page 1
pamphlet war of the mid-1770s between
champions of armed resistance and
their cautionary opponents. Miranda
turns the play of pamphlets into a
polemic slam, its punch and counterpunch coming immediately alive in a
way unimaginable from a silent perusal
of the texts.
It is Miranda’s ingenuity in finding a
voice for history that the ahistorical
young can make their own (Hamilton’s
soundtrack has already gone platinum)
that has opened up the narrative to

those for whom it has been, in every
way, a closed book. And this has turned
a hip-hop show into an educational
project. Supported by a Rockefeller
Foundation grant, the impeccably
scholarly Gilder Lehrman Institute of
American History in New York has
developed a school curriculum on
“Hamilton and the Revolution”, tying
documents and arguments to numbers
from the show. It has also made it possible for 20,000 school students to get to
see performances for $10 a time, when
the all-but-unattainable tickets are
going for prices in the hundreds.
More significantly, it’s been taken up
by schools where pupils are unlikely to
see the show even at 10 bucks a pop.
Moses Ojeda, principal of the Thomas
Edison School in Jamaica, Queens,
called it a game-changer, and reported
a surge of interest in American history
in classes where the teachers usually

have a hard time in stirring any kind of
enthusiasm for the subject. The enlivening effect won’t be restricted to New
York. In response to the mass demand,
Hamilton is spinning off multiple productions at a number of cities across the
United States — and bringing the show
to London some time next year.
In the same way that Herodotus was

history for a world in which written
books were still rare and reached a
small elite, so Hamilton has appeared at
a time when the nature of reading is
evolving into something less silently
bookish. Podcasts, audio books, live
performances at literary festivals, the
runaway popularity of television historical fiction — all have made the experience of consuming history significantly more theatrical.
But this has happened before. The
diary of Elizabethan impresario Philip
Henslowe records that on March 3 1592,
Lord Strange’s Men performed the play
of King Harey VI. Though arguments
rage about the order in which the first
tetralogy was written and performed —
and just how much Shakespeare (if
any) was in it — there is no doubt that
the history plays were a public success.
There can also be little doubt that its
attraction was precisely the literary
vulgarities of the plays: their endless
battle scenes; the patriotic superhero
“English” Talbot and his slain son;
the witchy Joan of Arc and the hotly
adulterous termagant Margaret were

Last weekend I was at the Hay Festival
in Powys, Wales, to give the annual
Eric Hobsbawm Lecture. My subject
was the way in which individual lives

can inform historical analysis and
change moments in history. The theme
generated lively exchanges at a fine
lunch hosted by Eric’s widow Marlene.
One invitee, film-maker Revel Guest,
told us how she had once filmed the US
writer James Baldwin with his naked
assistant — something that the BBC
decided not to use in a film now lost.
Another, Elizabeth Bingham, widow of
Thomas, the law lord who did more
than anyone to safeguard Britain from
lawlessness in the years after 9/11,
revealed that it was she who was the
unidentified female candidate rejected
for membership of the all-male
Travellers Club in London a couple of
years ago — an incident that led one
prominent member, a certain Justin
Welby, to give up his own membership.
Later I take part in a radio discussion
with Harry Parker, the soldier-turnedauthor who lost both legs to an
improvised explosive device in
Afghanistan, war correspondent
Janine di Giovanni, and former CIA
supremo Michael Hayden — who is
surely the only person at Hay who
thinks waterboarding is not torture
and that former President George
W Bush shouldn’t be prosecuted for it.

The conversation is convivial, not
hostile, but Janine and I feel impelled
to gang up on Michael when he says
that the Abu Ghraib photos shouldn’t
have been published. He is against
transparency and in favour of
something called “translucency”.
As he says this, I wonder whether the
windows in his home are plain or
frosted glass, but decide not to inquire.
In the course of a conversation
about the South China Sea dispute
between the Philippines (for whom I
act) and China, I glean one useful
snippet of information from the
world’s former No1 spy: if you don’t
want the Chinese or anyone else to

just the ticket (at a penny a head)
for the groundlings unlikely to be dipping into printed histories by Edward
Hall or Holinshed.
This kind of history — soaked in folklore and patriotic gore, profane, vernacular and violent — often finds its public
at times of national uncertainty. Herodotus wrote partly to give Greeks a
sense that whatever their local enmities, when faced with the foreign
invader, they all belonged to Hellas.
The Shakespearean tetralogy appeared
at a time of renewed nervousness. The
Armada had been frustrated but the
threat from Spain had not gone away;
Queen Elizabeth I was still under a

papal excommunication that promised
absolution to her assassin. The country
was without an heir, save for the son of
Mary Queen of Scots, whom Elizabeth

the finest”. Knopf in New York replies,
asking if he is my only brother. “This
information affects whether to use
restrictive or non-restrictive commas,”
they explain. I take an instant decision
not to consult our father.

DIARY
PHILIPPE SANDS

listen in, use WhatsApp, still
impenetrably encrypted.
I am hopeless with faces and names,
which proves to be a source of
constant anxiety at public events.
“How exactly do you spell the name
you’d like me to inscribe?” tends to
work at a book signing when I am
confronted with a vaguely familiar
face whose name I struggle to
remember, but backfires spectacularly
if the dedicatee is a Liz or Charles.
At an event in London earlier this
week, it was a relief to reach the part
where I could make a few remarks.

I took the opportunity to express, very
publicly, feelings of fraternal love
towards my brother, who has put up
with years of queries about obscure
family memories for things I’ve written.
Later, over dinner at nearby
Fischer’s — where the Wiener schnitzel
wins out over all competition — he
thanks me for my nice words, then
asks whether there was a particular
reason he got no mention in the
acknowledgments for my latest book.
I want to set him straight, but am
unable to do so after leafing through
the relevant pages. Aghast, I
immediately email my publishers with
a corrective insert, extolling the
virtues of “my brilliant brother Marc,

had executed. Enter Talbot and the rest
of them (and not long after, as the situation deteriorated further into rebellions, Irish and domestic, came Richard
II and the rest of the second tetralogy,
with its unmissable message about the
steep price of usurpation).
It was at another time of national
anxiety that I first cottoned on to history: the 1950s, when the elation of wartime victory had given way to austerity,
imperial dispossession and the terrors
of the cold war. All of this seemed to
shrink the magnitude of the Island
Story several sizes down.

By way of compensation, there was
the all-time performer Churchill,
shameless plunderer of Shakespearean
hyperbole; when I read the volumes of
the History of the English Speaking Peoples, it was impossible not to hear the

Cast members from ‘Hamilton’ perform at the White House this year

— PA Images

One invitee told us
how she had once
filmed the writer
James Baldwin with
his naked assistant —
something the BBC
decided not to use

ripe rhetorician in nearly every sentence. For the most part, though, vocalised history had turned into the academic lecture, which was and is another
thing entirely, obedient to those iron
conventions of introductory positioning within the literature; the reckoning
of causes and consequences, everything
tied up neatly in summary conclusions.
There was one exception to the
formulaic lecturer; the greatest virtuoso of all. It would not be quite right to
think of AJP Taylor as the rapper of the
1950s but neither was he a run-of-themill professor. Herodotus and Thucydides would have recognised him at
once as a kindred spirit: the personification of the engaged polemicist, the
nonstop talking historian. And he was,
as all of us who presume to do television

history have constantly had pointed
out, a nonpareil of the small screen:
noteless, scriptless, perfect in his timing; no walks across fields; just the man
and the words.
He had his chance when Lew Grade
wanted something for wet Sunday
afternoons and a colleague at ATV, on
the strength of having been spellbound
by Taylor at Oxford, made the suggestion. It was not a vote of confidence,
though, that he was first presented as if
on a game show. Before he came on, a
hidden voice boomed “ATV presents an
experiment. Can a brilliant historian ...
hold the attention of a television audience of millions for half an hour? That is
the question, and the answer lies with
you.” On came Taylor through an opening in a heavy set of drapes, muttered
“good evening”, and began right away.
“In the last days of December 1916, a
small group of Swiss university students had an evening meeting and an

The Hay lecture goes well — apart
from a glitch with the PowerPoint, as
Apple decides that the right moment
to invite me to upgrade my software is
just when the screen is being looked at
by an audience of hundreds.
I argue that once again a poisonous
nationalism is coursing its way
through the veins of Europe, and here
in Britain the noxious odour of

identity politics is in the air, as the two
former mayors of London invoke
Adolf Hitler — one to argue that the
Führer was actually an early supporter
of Zionist Jews, the other to suggest
that his aims were in some way shared
by the EU. It is offensive nonsense of
both kinds that seem to be propelling
us to a gloomier place, as groups are
lumped together in blatant disregard
of history, a path that, if followed, will
surely consign us to a very dark
corner, a sort of race back to the 1930s.
Nevertheless, lightness triumphs
in the end. At a party that evening,
a friend commends me on the lecture
I have delivered. “Superb,” he says.
“Your grasp of science is astonishing,
and so is your sense of what we can
and cannot know.” Somewhat
perplexed, as I barely passed any
science O-level, I inquire further. Like
me, it seems, he can’t tell one face
from another, or indeed one lecturer
from another, for he has confused me
with the professor of Public
Understanding of Science at the
University of Oxford, who had
delivered a parallel but rather
different talk in the tent next door.

Philippe Sands QC is professor of law
at University College London. His book
‘East West Street: On the Origins of
Genocide and Crimes against Humanity’
is published by Alfred Knopf (US)

exiled Russian politician living in Switzerland gave them a talk on the coming
revolution. He said, ‘The revolution’s
bound to come. You younger people
will live to see it. We older people (he
was in his forties at the time), we shan’t
see it.’ Ten months later this same man,
his name was Lenin, was dictator of one
of the greatest empires in the world.” It
was magic. The story, at a time when
the Russian Revolution seemed both
heroic and terrifying, could not have
mattered more. It made, to a greater or
lesser degree, historians of everyone
who watched and listened to Taylor.
Part of the pleasure was surrendering to Taylor’s conviction that the past
follies had something to say to present
perplexities. That unfashionable
assumption, stigmatised by scholars as
dangerous presentism, would have
resonated with the Greek forefathers
for whom history was moral instruction as well as the preservation of
memory. And it also powers the beat
of Hamilton, which raps about the
making and breaking of a nation, the

trade-off between power and freedom,
the play of ambition and altruism.
These things still matter. In his last
sally of wicked glee, George III is
incredulous that Washington is retiring of his own accord:
“Is zat true?/ I wasn’t aware that was
something a person could do . . . If so
who’s next? . . . Oceans rise./ Empires
fall./Next to Washington, they all look
small./ All alone, watch them run./
They will tear each other into pieces,/
Jesus Christ, this will be fun!”
Or maybe not.
Simon Schama is a contributing editor
to the FT


★

4 June/5 June 2016

3

FTWeekend

Life
workers losing out in the age of globalisation. “That’s the thing about Trump.
As much as we might disagree with his
position, the voters don’t.” he says. “The
question is whether a ‘faceless’ establishment decides where our party goes

or do the voters.”
Baker comes from one of Texas’ oldest
families. He may even count Thomas
Jefferson as a distant relative. Like Jefferson, he remains a firm believer in
American democracy, where alliances,
foreign entanglements and policy must
carry popular support. As secretary of
state, Baker was a master at building
coalitions at home and abroad. If he is
appalled at Trump’s alliance-bashing,
he is not letting on. “Almost all Americans agree: we cannot carry 100 per cent
of the load . . . The final arbiter of
democracy is the will of the people and if
you cannot carry the people you will
lose the policy. That’s what happened in
Vietnam and Iraq in 2003.”
Like George HW Bush, Baker was
apprehensive about the younger Bush’s
decision to go to war but he did not go
public with criticism. Once the US was
formally committed, he set out the risks
of toppling Saddam and occupying Iraq.
Today, he criticises defence secretary
Donald Rumsfeld for failing to plan
properly. As for vice-president Dick
Cheney, “We disagree on a lot of things,
but we are still friends.”

The Republican grandee
served as White House

chief of staff, treasury
secretary and secretary of
state. Over shrimp and crab
he talks to Lionel Barber
about Nixon’s culinary
tastes, Reagan’s
pragmatism, the meaning
of Trump and how best to
wield American power

S

hortly after James Addison
Baker III was named the 61st
US secretary of state, an upand-coming Israeli diplomat
by the name of Benjamin
Netanyahu asked a friend of Baker’s
what made him tick. Simple, came the
reply: just watch him hunting wild turkey in south Texas.
“He gets up at 3.30am-4am. Smears
camo paint over his face. Waits patiently
in the bush. The heat’s rising, all sorts of
animals are crawling up his leg and biting,” the friend recalled, “Baker doesn’t
move, not even an eyebrow, and then:
Boom! He blows its ass off.”
As the Israelis discovered, patience,
along with an acute sense of power, are
the qualities which made Baker
between 1980 and 1993 one of the most
powerful men in Washington, alongside

Presidents Ronald Reagan and George
HW Bush. He is the only American to
have served as White House chief of
staff, treasury secretary and secretary of
state. At 86, says a long-serving Texan
aide, “he’s still strong as a horse and
kicks like a mule.”
But, in 2016, the world according to
James Baker and the rest of the Republican establishment has turned upside
down. Donald Trump has demolished
all rivals for the presidential nomination, including Jeb Bush, scion of the
dynasty to which Baker has remained
loyal all of his 46-year political life.
Many Washington Republicans view
Trump as a narcissistic demagogue, a
mortal threat to the party. The question
iswhetherelderstatesmensuchasBaker
declare him persona non grata and
vacate the field to Hillary Clinton, the
presumptive Democratic nominee; or
whether they try to finesse his positions
inpursuitof“ResponsibleTrump”?
It is 25 years since I first interviewed
Baker at the state department as the FT’s
Person of the Year. The Cold War was
over. America stood at the pinnacle of
power. Now I am in the offices of Baker
Botts,theHoustonfamilylawfirmwhose
roots go back to 1840. Phone calls about
the terms of our interview have been a

tadfraught.Baker,whohasmanagedfive
presidential campaigns, is a master of
control:self-control,controlofothers.
“I’m sorry about all that,” he says,
indicating that Trump is no longer off
limits, though his two conversations
with the billionaire real estate developer
must remain private. The first was last
March when Trump called Baker
shortly after he had delivered a eulogy
to Nancy Reagan in California. This led
to a (supposedly) secret half-hour
meeting at the Washington offices of
Jones Day, the law firm, when Trump
slipped in undetected through a basement entrance.
News of the meeting leaked — a capital offence in Baker’s book. He appears
to bear no grudge. “Like many people, I
was surprised by the size of Trump’s victory. It rang a bell the way Reagan came
up in 1976 . . . I remember all the establishment Republicans thought that Reagan was a grade-B movie actor who
would get us into a nuclear war and who
was extraordinarily dangerous. You are
seeing some of the same phenomenon.”
He looks me in the eye. “But I am not
comparing Reagan with Trump. I am
not suggesting the two are the same.”
After a brief tour of his office, mementoes and photos of the Bush and Reagan
presidencies sitting under mounted
Tanzanian water buffalo, we step out
into the steamy heat for a five-minute
walk to our luncheon destination in

downtown Houston: the Coronado Club.
Named after the mid-16th century
Spanish conquistador, and founded in
1956, the Coronado is part-Mad Men set,
part-English gentleman’s club. The smell
of stale cigar smoke hangs in the air,
alongside rustic paintings, elegant fireplaces and a bust of Winston Churchill.
“Yup, that’s Churchill but we ain’t
sending him home,” says Baker, unable
to resist a dig at President Obama for
removing a similar bust from the Oval
Office in favour of Martin Luther King.

B

aker motions to an empty
room at the back of the club.
He looks good for 86. Tall,
handsome and trim, the
former marine and top corporate lawyer retains the command
presence of old. “I’m still active,” he
says, “especially upstairs.” He is wearing
a dark suit, white monogrammed shirt
and the trademark turquoise green tie.
A waiter recites the menu. Baker cuts
him off. “I want the trio salad: shrimp,
crabmeat and fresh fruit.”

B
Lunch with the FT James Baker


‘Compromise is
a dirty word now’
T H E CO R O N A D O
C LU B
919 Milam Street,
Suite 500, Houston, Texas
Coronado trio salad x 2
(jumbo boiled shrimp, crab
meat, fresh seasonal fruit,
cocktail and remoulade
sauces)
Cottage cheese x 2
Chocolate ice-cream x 1
Chocolate mousse bombe x 1
Cappucino x 1
Iced tea x2
Bill paid by Baker; donation
to be made by the FT to the
Baker Institute

“Yes sir, yes sir,” the waiter stammers.
“What’ll you have, Larnelle?”
“I’ll have the trio salad. No problem.”
Baker opens with a question: will Britain stay in the European Union? Well,
the Remain camp is winning the economic argument, I reply. Obama’s trip to
London helped. Then Leave was forced
to admit that Britain outside the EU
would no longer enjoy access to the single market. So they argued for a trade
deal with the EU on the lines of Albania,

Bosnia, Serbia and Ukraine.
“Albania? You’re kiddin’ me,”
exclaims Baker, “Boris Johnston [sic]
said that? Really?” Actually, it was
Michael Gove, the pro-Brexit justice secretary. Baker looks flummoxed. The
name “Gove” clearly never made it to
Texas. He declined to sign a Downing
Street-inspired letter from former US
Treasury secretaries and secretaries of
state, believing it could be seen as undue
interference and backfire. “Deep down I
hope you stay in,” he concludes.
Our appetiser-cum-main course
arrives. The crab and jumbo shrimp sit
in neat white dishes, along with a novel
combination: cottage cheese.
“Richard Nixon used to put ketchup
on his cottage cheese,” says Baker,
“What you need is olive oil, salt, pepper
and Tabasco.” The taste is smooth and
tangy, especially with fresh crabmeat
washed down with iced tea.
We turn to American politics, which
Baker was encouraged to take up after
his first wife, Mary, died of cancer at the
age of 38. George HW Bush, his old tennis doubles partner in Houston, invited
Baker to get involved in his losing bid for
a US Senate seat in 1970.
Once a necessary distraction, politics
became a passion. In 1975, thanks to a

quiet word from Bush, Baker was
invited to join the Ford administration.
After managing Gerald Ford’s losing
campaign against Jimmy Carter in 1976,
he helped to run three successful campaigns for the White House, for Reagan
and Bush, until he ran out of luck in 1992
when Bill Clinton beat his old friend.
Baker recalls his father’s admonition
when growing up in Texas: work hard,
study . . . and stay out of politics! He
took the role of backroom operator: the
lawyer with the steel-trap mind who
could count delegates and cut deals.
Reagan loyalists viewed him as a

“Bushie” in 1980, but he was too smart
to ignore. As Reagan’s first White House
chief of staff he was the man who got
things done for him: social security, tax
reform, a landmark free trade agreement with Canada; and German unification under George HW Bush.
Even after retirement, he remains a
go-to troubleshooter: he led George W
Bush’s successful legal battle in Florida
in 2000 to secure the presidency, fighting all the way to the Supreme Court.
“He has a world-class strategic brain,”
says an old colleague, “but he’s also a
brilliant negotiator.”
I ask Baker what has gone wrong in
Washington since he pulled the strings.
“The environment is much uglier

than it was. Compromise has become a
dirty word. What people don’t understand is that Ronald Reagan was a pragmatist. We judge our presidents by what
they get accomplished. Reagan used to
say: “Jim, I’d rather get 80 per cent of
what I want than go over the cliff with
my flag flying.”

T

oday, bipartisan dealmaking is a distant memory.
Baker blames a nation
divided between red and
blue states, where the centre has “evaporated” and comity does
not sell. In Texan, comity sounds like
comedy. Baker laughs. “Yes, well comedy does sell, but I mean comity.”
An index finger jabs in my face. “You
guys have also become players. You
don’t do objective reporting of the facts.
When you turn on MSNBC, you’re
watching the house organ of the Democratic party. When you tune into Fox
News, you’re listening to the house
organ of the Republican party.”
I correct him. Fox News has championed Trump more than anyone. Baker
concedes Trump has done a stunning
job in attracting free coverage while
barely spending a dime on TV adverts.
As a Bush loyalist, Baker is too discreet to talk about the abject failure of
Jeb Bush’s campaign. Insiders say he was
disappointed that the former Florida
governor spent so much time talking

about the past and the Bush dynasty
rather than his own plans for the future.
Trump’s “low energy” jibe struck a
chord with voters, like his invective
about immigration and blue-collar

y contrast, the first Gulf war
in 1991 was, in his words,
“text book”: a vital national
interest in ejecting Saddam
Hussein’s army from oil-rich
Kuwait, a limited war largely financed
by allies, led by Saudi Arabia; and legitimacy conferred by favourable votes in
Congress and the UN Security Council.
Baker argues for “selective engagement”, a cold-eyed assessment of
national interest and a willingness to use
all tools — diplomatic, economic, political and military. “It’s too bad we cannot
practise foreign policy according to the
principles of Mother Teresa, but the real
world is one of painful choices and
trade-offs.”
My painful choice is whether to opt
for dessert. Does the Coronado do pecan
pie? Baker chortles: “We call it pee-kahn
pie, not peekin’ pie. That’s like peekin’
round the corner. Reminds me of when I
went shootin’ in England. People would
say: ‘Marvellous shot . . . Well done
you.’” Baker is a good mimic. He’s an
even better political operative. Baker’s

strength was his relationship with Bush
Snr. No one came between him and the
president. No secretary of state has
since come close to enjoying that power
and authority.
“Hillary Clinton was never given anything to do. She was just there [at the
state department] to run for president,”
says Baker. He gives John Kerry decent
marks for pushing the Middle East
peace process, but notes acidly that
Kerry was not even consulted when
Obama pulled back from the bombing
of Syria, retreating in 2013 from his “red
line” of a year earlier if President Assad
used chemical weapons.
This violated a principle of American
power. “The president can never
threaten anything that he does not
intend to carry out. Never. Never.”

As my chocolate mousse arrives,
along with a cappuccino, Baker checks
his watch: a private plane is waiting to
fly him to Washington.
He calls for the bill. I advise him that
the FT pays. No deal.
I offer to make a donation to the Baker
Institute, the public policy think-tank
he set up at Rice University when he
retired from Washington and went back

to law in Houston. Deal.
Who was the toughest adversary he
faced? Probably Li Peng, the Chinese
premier who presided over the Tiananmen Square massacre. (“Hafez al-Assad
of Syria wasn’t a piece of cake, either.”)
Nor were the Soviets, though Baker says
Mikhail Gorbachev and Eduard Shevardnadze will be looked upon favourably by history because they renounced
the use of force when communism was
collapsing in eastern Europe and Russia.
And Abenomics in Japan? Baker gives
a thumbs down — literally. He worries

‘I won’t get my panties in
a wedge because of what
I hear from the political
candidates . . . I don’t care
who wins, whoever gets
to the White House’
about terminally tepid growth in the
eurozone. (He always had doubts about
the lack of a fiscal union to accompany
monetary union). He bemoans the lack
of international economic policy coordination, his signature achievement
as treasury secretary. He thinks the
Group of 20 forum is unworkable. The
number one foreign policy challenge
for the US is China, he says. “We have
to be smart enough to manage the
differences.”
And how might a President Trump

manage those differences, I ask. Baker
offers general advice only.
“Isolationism and protectionism
won’t work. Don’t talk no trade deals;
make a better deal. Don’t talk about
making Japan and South Korea nuclear
powers. Don’t talk about negotiating
down the American debt.”
I try one last shot. Are America and its
institutions strong enough to survive
any shock, even one as seismic as Donald Trump in the White House?
“Yes,” declares Baker, emphatically.
“I won’t get my panties in a wedge
because of what I am hearing from the
political candidates. What they say in
the campaign and what they do once
they are in the White House are not the
same thing. I don’t care who wins,
whoever gets to the White House. Presidents can do a lot but they can only do
so much through the system of checks
and balances.
“We are a country of laws, limited by
bureaucracy and the power structure in
Washington. Presidents are not unilateral rulers. If they did not know that,
they will find out soon enough.”
Thus speaks Washington’s wise man.
It would be a brave man or woman to
challenge him, whether they go by the
name of Clinton or Trump.
Lionel Barber is editor of the FT