WORLD BUSINESS NEWSPAPER

TUESDAY 10 FEBRUARY 2015

UK 2.50 Channel Islands 2.80; Republic of Ireland 3.00

Humour failure

Whats Yahoos thing?

Gideon Rachman

James Crabtree on Indias

stand-up scandal NOTEBOOK, PAGE 10

The internet giant searches for

an identity BIG READ, PAGE 9

Chinas paranoid fears of a

colour revolution PAGE 11

HSBC at risk
of legal action
over Swiss tax
dodge claims

Obama raises prospect of arms for

Ukraine if Berlin-led diplomacy fails

HSBC faces the possibility of fresh legal

action in the UK and US after the bank
was hit by detailed allegations that it
colluded in tax-dodging by clients of its
Swiss operation.
Europes biggest bank by assets could
face criminal investigation in Britain
after it was forced to admit that its Swiss
private bank may have held accounts
for tax-evading customers. Details of
more than 100,000 of its clients had
been leaked to news organisations.
David Gauke, the Treasury minister
responsible for tax matters, said the
data were handed to HM Revenue &
Customs in 2010 by the French authorities under very strict conditions preventing the Revenue from sharing the
data with other law enforcement agencies. That stipulation had now changed.
Under these restrictions, HMRC has
not been able to seek prosecution for
other potential offences, such as money
laundering, Mr Gauke told MPs. However, the French authorities have today
confirmed that they will provide all
assistance necessary to allow HMRC to
exploit the data to its fullest.
Meanwhile, the US Department of
Justice could re-examine a deal that
shields HSBC from prosecution for
earlier infractions over money-laundering allegations.
In 2012, HSBC agreed to pay $1.9bn
and entered into a deferred prosecution
agreement, or DPA, over money-laundering allegations related to countries

PAGES 2 & 6; BILL EMMOTT, PAGE 11; MARKETS, PAGES 28-29

i US attack on Osbornes Google tax

US multinationals have hit out at George Osbornes
so-called Google tax on diverted profits as experts
claim the measure, set to come into force in April,
is choking inward investment. PAGE 4

i Alibaba spends $590m in mobile push

Alibaba has invested $590m in a littleknown smartphone maker as the
ecommerce group seeks to push its
operating system on to mobiles.

under US sanctions, such as Iran, and

Latin American drugs cartels. The tax
disclosures might prompt officials to
reopen the DPA and possibly scrap it.
UK government insiders said no decision to launch a criminal investigation
had been taken. Any such move would
be complicated by the fact that HSBCs
Swiss subsidiary was subject to Swiss
jurisdiction. HSBC declined to comment
on potential UK action beyond repeating its assurance that it would work with
all relevant authorities.
The bank rejected any suggestion that
the US DPA could be reopened. The
DPA is a signed agreement that can only
be scrapped if HSBC breached it, the
bank said. Conduct from 2005 to 2006
or indeed any conduct before December
2012 cannot be a breach of the DPA.
This weeks revelations included
claims that HSBCs Swiss unit handed
large untraceable bricks of cash in
foreign currencies to clients, and
colluded with them to conceal black
accounts from tax authorities, provoking a political storm in several countries.
HSBC is one of about a dozen banks
being investigated by the DoJ as part of a
broad probe into banks in Switzerland
that allegedly helped their clients avoid
US taxes. Credit Suisse pleaded guilty in
the case last year and paid a $2.6bn fine.
But HSBC could be in more trouble
because of its multiple run-ins with the
US authorities.
Editorial Comment page 10
Philip Augar page 11
HSBC revelations page 16
Lombard page 20

PAGE 19

i Nigerian markets reel from poll delay

Nigerias currency hit a record low against the dollar
and stocks fell further as investors reacted to the
postponement of presidential polls, with analysts
saying market sentiment would suffer. PAGE 8

i Robot sales on the rise

Worldwide sales of industrial robots rose 23 per
cent last year and are on course to double by 2018,
driving radical change in manufacturing sectors,
according to a US consulting group. PAGE 18

i Key questions on post-EU prosperity

The single market, the EU budget
and immigration would determine
how the UK fared if it opted to exit,
as studies of membership swing
from showing an 85bn a year cost
to a 100bn benefit. PAGE 3
President Barack Obama and Chancellor Angela Merkel at the White House
MEGAN MURPHY WASHINGTON
MARK ODELL LONDON
CHRISTIAN OLIVER BRUSSELS

The US is weighing up arming

Ukraine in its war against Russia-backed separatist rebels if
diplomatic efforts to resolve
the conflict fail, but no decision has yet been taken, President Barack Obama has said.
He admitted possible tactical
disagreements between the
US and Europe over the crisis in
eastern Ukraine at a joint press
conference at the White House
with German Chancellor
Angela Merkel. But he insisted
that the allies were united on
the need to ratchet up the

costs of Russias military intervention. The US president said

he had asked his advisers to
look at all options to change
[president] Putins calculus if
diplomacy failed. The possibility of lethal defensive weapons is one of those options that
is being examined, he said.
The German and US leaders
insisted there was no military
solution to the Ukrainian conflict. Ms Merkel is adamantly
opposed to arming Ukraine and
is putting huge efforts into
reaching a deal with Mr Putin.
Her visit to Washington came
after she and French president
Franois Hollande held talks in
Kiev and Moscow last week.

SARAH NEVILLE AND ALISTAIR GRAY

The corruption scandal threatening to

bankrupt Petrobras, the Brazilian oil
group, has been linked to international
investors for the first time. A former
director of a company building drilling
rigs for Petrobras claimed in police
testimony that two Singaporean
shipbuilding companies and three
Brazilian companies with Japanese
minority shareholders were among
five shipbuilders that took part in a
bribes-for-contracts scheme.
Report i PAGE 18

The soaring bill from medical negligence damages has become a threat to
the National Health Service and there
is a question as to whether patients
should lose their right to sue, a senior
business figure in Whitehall has said.
The NHS Litigation Authority, which
provides indemnity cover for legal
claims against the health service, has set
aside 26.1bn to cover outstanding
liabilities, equivalent to almost a quarter of the 113bn annual health budget,
and 1.6bn was paid out last year.
The number of claims rose almost
18 per cent in the year from March 2013.
Jeremy Hunt, the health secretary, will
tomorrow announce financial sanctions
for hospitals that fail to be honest about
clinical mistakes, a sign of growing
concern about compensation costs.

Hospitals that cannot prove they have

been open about a mistake that leads to
a clinical negligence claim could be
asked to reimburse up to 10,000 to the
authority for each case.
In an FT interview, Michael Wade, a
former Lloyds of London insurance
executive given a government mandate
to investigate public sector insurance
schemes, said of the figure for NHS
liabilities: The threat is, how on earth is
that affordable?
As well as raising concerns about the
scale of medical malpractice claims, the
review led by Mr Wade also found that
local authorities were paying over the
odds for insurance cover.
Claims of clinical negligence involving
childbirth represent the highest value
claims for compensation, according to
the litigation authority.
Mr Wade recognised that it was a

Breaking point page 5

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0 7

sensitive issue but added: Its perfectly

reasonable to raise the flag and say, We
need to sit down and think about this.
You cant just put your head in the
sand.
Asked if he was suggesting legislation
should be introduced to bar people from
suing public bodies such as the NHS or
local authorities, Mr Wade said: Its a
question. I specifically dont put it as a
suggestion. Its actually a policy issue,
therefore, for ministers.
He added: Im not saying there
shouldnt be a duty of care, because of
course there should be, but at what
point do we say, No, Im sorry, the statutory law says you cant sue?
Mr Wade also questioned whether the
current situation, in which councils buy
coverage directly from insurance companies, spending a total 450m a year, is
securing the best value for money.

World Markets

Subscribe In print and online



 86*RY\U
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Gary Cameron/Reuters

They will meet Mr Putin and

Petro Poroshenko, Ukraines
president, in Minsk tomorrow.
Mr Obama is coming under
increasing pressure from senior
Republicans and some members of his administration to
arm Kiev even as the diplomatic attempts continue.
He said that the supply of any
weapons would be limited to
allowing Ukraine to defend
itself against the separatists
and was not based on the idea
that Ukraine could defeat a
Russian army that is determined. He added there was no
red line that would automatically trigger weapons supplies

Alarm raised over threat to NHS from

soaring medical negligence payouts
Claims of foreign investor
links to Petrobras scandal

i German scorn meets Greek defiance

German finance minister Wolfgang Schuble
heaped scorn on Sundays defiant pledge from
Greeces new premier Alexis Tsipras to end his
countrys hated bailout at the end of the month.

UK and US consider scope for cases as

bank admits possible evasion by clients
MARTIN ARNOLD AND
GEORGE PARKER LONDON
GINA CHON WASHINGTON

Briefing

'DWDSURYLGHGE\0RUQLQJVWDU

i More petrol price falls unlikely, says AA

Motoring organisations say fuel prices are unlikely
to fall further and might rise, despite predictions
that petrol could dip to below 1 a litre. PAGE 4

Datawatch
Central bank easing
Cuts to key interest rates in 2015
(basis points)
0 50 100
Uzbekistan (Jan 1)
Romania (Jan 7/Feb 4)
India (Jan 15)
Egypt (Jan 15)
Peru (Jan 16)
Turkey (Jan 20)
Canada (Jan 21)
Pakistan (Jan 24)
Albania (Jan 28)
Russia (Jan 30)
Australia (Feb 3)
Denmark (Jan 1 - Feb 5)
Source: Thomson Reuters

200

The announcement
of the ECBs
quantitative easing
programme stole the
headlines last
month, but lower
growth and inflation
prospects have led
to interest rate cuts
by many of the
worlds central
banks in the first
part of
this year

FINANCIAL TIMES

Tuesday 10 February 2015

NATIONAL
Eurozone

Politics

Cameron revisits plans to tackle Greek exit

Labour backer
Rosenfeld
dies after
short illness

Downing Street talks aim

to face possible default
or eurozone departure
KIRAN STACEY, GEORGE PARKER
AND CHRIS GILES

David Cameron has called together senior officials to prepare contingency

plans in case Greece leaves the eurozone, amid concern at the ever harder
line being taken by the new Syriza
government.
The Downing Street talks looked at
the knock-on effects of a Grexit for the
British economy, including implications
for the City and the possibility of UK
tourists being stranded abroad if cashpoints ran dry.
The meeting yesterday also served a
political purpose for Mr Cameron, who
wants to give the impression that he is a

strong leader capable of steering the

economy through dangerous waters.
Sir Nicholas Macpherson, the Treasurys most senior civil servant, was
among those who briefed Mr Cameron
on contingency plans, along with a midranking official from the Bank of England and civil servants from the Foreign
Office and the business department.
The direct exposure of British banks
to Greece is limited, although it has been
increasing since 2012. Last year the total
exposure stood at $13.5bn, only slightly
behind the exposure of German banks,
according to figures from the Bank for
International Settlements.
Last month, Mark Carney, the BoE
governor, told MPs that British banks
had a very small direct exposure to
Greece. But that discussion focused primarily on the indirect risk posed by a
Grexit to economic stability in the eurozone, the UKs biggest trading partner.

Mr Camerons spokesman said the

talks built on quite an extensive degree
of contingency planning during 2012
when there were pressures in the eurozone involving Greece in particular.
Given the fact that we have a new

There are global economic

interdependencies and
London is a major global
financial centre
Greek government and discussions later
this week between European leaders,
now is the right time to be going over
those contingency plans again.
The BoE has been contemplating the
question for some time. It noted in its
most recent financial stability review
that weakness in the eurozone would
soon hit the UK economy and that any

deterioration in market confidence

could also lead to sharp declines in the
prices of risky assets and lead to losses
on banks trading books.
The planning session followed a week
of meetings between Yanis Varoufakis
and his counterparts across Europe,
during which the new Greek finance
minister failed to secure support for a
restructuring of Greek debts.
Asked what the risk of a Greek eurozone exit was to the City of London, a
Number 10 spokesman said: It is something we need to be vigilant about.
There are global economic interdependencies and London is obviously a major
global financial centre.
The spokesman also stressed, however, that the situation was less worrying than in 2012.
He said the risk of contagion was
more limited than before, pointing to
reformed financial regulations, bank

recapitalisations and the stronger financial positions of states such as Ireland

and Spain.
The Downing Street meeting came
three days before Mr Cameron travels to
Brussels for a European summit with
fellow heads of government, at which
he will meet the new Greek leftist prime
minister, Alexis Tsipras, for the first
time.
If the Greek government were to
refuse to honour all of its international
debts, including the 18bn it owes to the
International Monetary Fund, the British taxpayer would potentially be liable
for under 1bn, given the UKs 4.5 per
cent shareholding at the IMF.
Loans from the fund are senior to
other borrowing and there is very little
history of default to the IMF.
Merkel signals tough line page 6
Mistakes of Little Britain page 11
Lombard page 20

Campaign. Conservative coffers

Donors head for the ball to top up Tory war chest

Guests pay up to 15,000
for a table as party seeks
at least 26m to fight poll
ELIZABETH RIGBY
DEPUTY POLITICAL EDITOR

More than 1,000 leading City figures,

business chiefs and entrepreneurs gathered in Londons Grosvenor House hotel
on Park Lane last night for the Conservative partys final big fundraising event
ahead of the general election.
Party chiefs were hoping to raise up to
3m for the campaign war chest at the
Black and White Ball. Wealthy donors
paid from 500 a ticket to 15,000 a
table to mingle with cabinet ministers
and listen to the prime minister speak.
Prominent backers have been asked
to double up on past contributions as
the Tories seek at least 26m to fund
their campaign, according to one big
donor, who told the Financial Times the
leadership was looking to pull in 2m a
month in the final six months leading up
to the May poll.
Peter Stringfellow, the nightclub
owner, is a regular at the party, although
this year he and his wife planned to
leave before the dancing at 11pm to
make sure they were home to attend to
their 18-month-old daughter.
I enjoy being there. The people who
go are all respectable and influential
business people and they are the kind of
people I like to be associated with. They
are the wealth creators, he said.
Leading City financiers and top
donors such as Andrew Law of Caxton Associates, Sir Michael
Hintze of CQS hedge fund and
party co-treasurers Michael
Farmer, the metals trader, and
James Lupton, the chairman of
Greenhill Europe, were
expected to host tables.
Those individuals are
among eight leading City
backers who have
donated 12.2m to the
party in this parliament,
according to research by
the FT.
The summer
party and winter
ball have been high-

If the right
people are
there these
lots will go
for a great
deal of
money.
These are
highly
wealthy
people

Jeremy Hunt and

his wife Lucia
arrive, right, for
last nights
fundraising ball
at the Grosvenor
House hotel on
Park Lane. Peter
Stringfellow,
below, is a
party regular
Danny E Martindale/
Getty Images

lights of the Conservatives social calendar for decades. But David Cameron, the
prime minister, has been at pains to
make these glitzy events less conspicuous as part of a push to improve the Tory
image. The dress code was switched
from black tie to lounge suit, champagne was replaced by Chablis and the
ball rebranded as a party.
Guests are no longer served champagne but the fundraising auction can
still raise eyebrows, as large sums of
money are paid for access to the prime
minister and for party memorabilia.
Ive put my hand in for a few thousand pounds before, but if the right people are there these lots will go for a great
deal of money. These are highly wealthy
people, Mr Stringfellow said, recalling
the time when a bronze bust of Mr
Cameron sold to a party donor for
90,000.
The Conservatives were caught in a
media storm after last summers gala
party when it emerged that the banker
wife of a former Russian deputy finance
minister had paid 160,000 to play doubles tennis with Mr Cameron and Boris
Johnson, the London mayor.
Another bidder paid 45,000 for a
bottle of champagne signed by Baroness
Thatcher, while a pot of honey made by
foreign minister Hugo Swires bees went
for 15,000.
Those who pay 15,000 a table could
expect to be joined by a cabinet minister, while middle-ranking ministers
were sitting on the 10,000 tables with
whips, junior ministers and backbenchers on the 5,000 tables, said one party
figure.
Individuals can spend from 500 to
1,500 for a ticket: one guest said he
would typically pay about 1,000 for a
middling spot. I dont want to be stuck
out in Alaska, he said.
The Conservative party likes to keep
the event below the radar: there is no
mention of the event on the party website and the guest list is kept under
wraps.
There were no plans for name cards
on the tables.
Jonathan Ashworth, the shadow cabinet office minister, attacked last nights
event, saying it provided further evidence that the Conservatives stand up
for the privileged few.

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Andrew Rosenfeld, the property

tycoon and big donor to the Labour
party, has died at the age of 52 after a
short illness, depriving the party of one
of its key backers.
Rosenfeld had given nearly 1m and
had intended to donate a further
500,000 in the run-up to the general
election in May, according to allies.
The news emerged in an announcement by TPO, the mobile phone company that he floated on Aim, Londons
junior market, last year.
The company said: The thoughts of
everybody involved with the company
are with his family at this sad time.
Family members said they were devastated about his death on Sunday:
Andrew was a devoted and loving husband, father and friend.
Rosenfeld had set up property group
Minerva with Sir David Garrard,
another millionaire donor to Labour.
He made an estimated 100m fortune in the London property market
before quitting the UK just before the
real estate crash to live in Switzerland
for five years as a tax exile.
His first incursion into politics was as
a Conservative supporter, having given
10,000 to the leadership campaign of
Ken Clarke.
Under Tony Blairs premiership he
switched his support to Labour but got
Andrew Rosenfeld
had intended to
donate a further
500,000 to the
Labour party,
according to allies

caught up in the cash for honours

scandal of 2005 when he loaned the
party 1m. No charges were ever
brought.
When Ed Miliband became leader he
renewed his relationship with the party,
promising to donate a substantial sum
in the run-up to the general election.
According to allies of the tycoon, he
had been planning to give 1.5m to
Labour over the current parliament.
The latest data from the Electoral
Commission show he had donated just
under 1m.
In recent years he had been close to
the party leadership, hosting a 50th
birthday party for Lord Wood, one of Mr
Milibands closest aides.
Rosenfeld had a role organising
regional business supporters for Labour
as its chair of nations and regions, and
last year married Juliet Soskice, an old
friend of Mr Miliband.
The Labour leader said: I am deeply
saddened by the sudden death of my
friend, Andrew Rosenfeld. My thoughts
are with Juliet and his family.
Rosenfeld had been a prodigious fundraiser for the NSPCC childrens charity,
bringing in 268m over 10 years as
chairman of its Full Stop campaign.
David Cameron, prime minister, previously claimed Rosenfelds influential
role made a mockery of Mr Milibands
campaigns in support of responsible
capitalism and against offshore tax
avoidance. Before his spell in Switzerland, Rosenfeld was criticised during
the collapse of retailer Allders for refusing to take responsibility for the 3,500
members of its pension scheme despite
partly owning the company.

Hinchingbrooke

Public accounts committee

Privately run NHS hospital

seeks 10m taxpayer bailout

Hodge accuses civil servants

of threats to muzzle watchdog

GILL PLIMMER
30 global locations www.efginternational.com

JIM PICKARD AND CLAER BARRETT

The first NHS hospital to be managed

by a private company has asked for a
government bailout of nearly 10m,
just six weeks before it is handed back
to the public sector.
The request comes a month after stock
market-listed Circle Healthcare said it
was abandoning its deal to run Hinchingbrooke hospital in Cambridgeshire.
Circle is expected to hand over operations to the NHS on March 31 but will
leave an expected deficit of between
7.7m and 12m for the financial year,
according to Hinchingbrooke Health
Care Trusts latest finance report, first
reported in the Health Service Journal.
The company will not be liable under
the terms of its contract, which places a
5m cap on its losses, a figure that has
already been reached. Hinchingbrooke
has applied to the NHS Trust Development Authority for 9.6m and expects
to borrow in the meantime.
Michelle Tempest, a consultant at
Candesic, the healthcare consultancy,

said: If it were a private company, they

would let it go bust but, given they cant,
taxpayers will have to foot the bill for
keeping the hospital running. Circle has
effectively limited its losses to 5m but
it is the NHS that will now have to pick
up the pieces and decide what to do.
Circles withdrawal comes at a critical
time for the NHS, with private sector
involvement set to be a key issue in
Mays general election. Although the
move has been seen as a blow to hospital
outsourcing, the private sector is confident that significant opportunities will
emerge. On Friday the NHS announced
that companies including Capita would
help GPs and hospitals buy 5bn worth
of services by 2016 the first time a
competitive market has been introduced in procurement.
Circle had been running the 365-bed
hospital since 2012 but announced on
January 9 that it was in talks to ensure
an orderly withdrawal from its contract, citing increases in accident and
emergency attendances and 10 per cent
cuts in funding per patient.

SARAH NEVILLE
PUBLIC POLICY EDITOR

A Commons spending watchdog was

threatened with break-up if it did
not moderate its treatment of civil
servants, according to Margaret
Hodge, its head.
In a speech marking almost five years at
the helm of the public accounts committee, Ms Hodge attacked an unaccountable Whitehall freemasonry and said
the sad truth was that in a battle
between the civil servants and the politicians, the civil servants were more
likely to win.
Ms Hodges tenure has been marked
by criticism of civil service management
of big projects. She has also shone a light
on big companies, such as Google,
whose tax affairs her committee has
exposed. When Sir Gus (now Lord)
ODonnell stepped down as cabinet secretary at the start of 2012, he had written to her to complain about her treatment of officials, she recalled.
Later a researcher at the Institute for

Government had shared comments

from senior civil servants about her
committee, with one accusing the PAC
and the National Audit Office of being
modelled on the red guards and
another asking: Should the PAC be broken up?
Basically, the explicit threat relayed
to me was that if we did not change how
we held civil servants to account, we
would be closed down. Shut up or well
shut you down, she said.
The attitude demonstrated a fundamental lack of respect for parliament,
she claimed. How dare you MPs touch
us was what they were saying. It felt like
we were up against something akin to a
freemasonry.
She suggested the principle where
civil servants were accountable to ministers who in turn were accountable to
parliament that had worked when
there were just 28 civil servants in the
Home Office was no longer sustainable
in an era where 26,000 were employed
in that department and the public
demanded transparency.

Tuesday 10 February 2015

FINANCIAL TIMES

IF BRITAIN GOES

Brexit sums hang on guesswork and partiality

The second part of an FT series looks at the divergent conclusions reached by economists gauging the impact on the growth outlook
CHRIS GILES AND
FERDINANDO GIUGLIANO

Depending on whom you believe, an

exit from the EU could give a big boost
to Britains economy or trigger a sharp
drop in output.
The costs or benefits of EU membership ultimately hinge on economics
but studies done so far fail to give clear
answers. The reason is that any referendum on membership will be held before
the terms of exit have been negotiated
and the details matter.
The estimates range from a 2010
study by the eurosceptic UK Independence party saying the Brussels club costs
5 per cent of national income a year, or
85bn, to a business department figure
claiming annual net benefits of 6 per
cent of gross domestic product, or about
100bn. There have been more extreme
estimates but these are generally seen as
based on flawed assumptions.
If the UK does vote to leave, the economy would almost certainly not suffer
immediately; during negotiation there
would be more questions. But in the
longer term, all bets are off.
Scotlands independence referendum
provides a useful guide. As the vote
came closer, it became clearer nationalists wanted to keep everything almost as
it was in the UK the monarchy, open
borders, EU membership, the currency,
banking supervision and regulation
from London while being independent of England, Wales and Northern Ireland. In its exit negotiation with the EU,
Britain would also seek to maintain the
status quo, especially access to Europes
single market for goods and services.
Inevitably, there would be uncertainty during negotiations, which could
threaten investment, as well as business
and consumer confidence. Beyond that,
existing analyses offer little guidance.
Studies are often highly partisan and
come to different conclusions, partly
because they have to assume the outcome of exit negotiations; partly
because they use different techniques;
and partly because they do not describe
what the counterfactual or the alternative would be.
Most of the existing studies lack a

nies, as the restrictive UK planning system demonstrates.

The shipping forecast

How the referendum could hit UK growth
1.5

A British business leader has called for a

referendum on UK membership of the
EU, undermining Labour claims that
such a vote would hurt investment.
John Longworth, director-general of
the British Chambers of Commerce, said
in an interview with the Financial Times
that companies would like a swift referendum campaign and a vote on EU
membership as early as the summer of
2016.
The comments are a blow to Labour,
which believes that its refusal to offer an
EU referendum will help it win the support of the business community and
compensate for criticism that it is hostile to wealth creation.
Mr Longworth was speaking on the
eve of the annual conference of the BCC,
a business lobby group that represents a
network of members employing over
5m people. David Cameron and Nick
Clegg will both address todays event,
but Labour leader Ed Miliband will not.
The BCC head said he was disappointed by Mr Milibands refusal to
attend, adding: If it was the case that
senior people in any political party, particularly the leaders, did not recognise
the fundamental importance of business, enterprise and growth, then that
would concern me.
Mr Miliband spoke at the annual
event in 2011 and in 2013. Labour said:
Ed Miliband has spoken at the BCC
conference several times since becoming Labour Leader this year Labour
will be represented by the shadow chancellor and shadow business secretary.

Cost of living
Give Britain a pay rise,
PM to urge employers
David Cameron will urge bosses today
to give Britain a pay rise, arguing that
conditions have not been this good for
a long time and that the corporate
world would improve its public relations
if it paid more.
The prime minister will tell the British
Chambers of Commerce that companies
can afford to pay workers more when
they are benefiting from low inflation,

Assumed
referendum date

0.5
0
-0.5
-1.0

UK votes to leave EU

-1.5
2015

16

17

18

19

20

UK trade

Share of trade in goods and services, 2013 (%)

100

EU
EFTA
Other Europe
Americas
Asia
Africa
Oceania

80
60
40
20

If the UK opts to leave, the government

would be able to save at least some of the
financial contribution it makes to the
EU budget. Britain is likely to pay 11bn
to the EU in 2014-15 and the cumulative
figure until the end of the next parliament is 63.9bn, according to the Office
for Budget Responsibility.
If it maintained EU trade tariff levels,
Britain could claim the custom and agricultural duties it transfers to Brussels
and which the OBR says amount to 3bn
this year and 19.9bn by 2019-20. But
the UK could lose out on payments to
farmers and companies via schemes
such as the European Agricultural Fund
for Rural Development and the social
and regional development funds. The
OBR forecasts these will total 4.9bn
this fiscal year and 29.5bn during the
next five years. In total therefore, the
UK could save up to 9.1bn this year and
54bn until 2019-20, but that depends
on the deal it negotiates on leaving.
Between 2009 and 2014, Norway contributed almost 1.8bn to the EU budget
in return for access to the single market.

Immigration
0
Exports

Imports

Sources: ING Thomson Reuters Datastream

If Britain Goes
Articles in
this series on
the implications
of the UK
leaving the EU
ft.com/uknews

credible counterfactual and they tend to

exaggerate the costs and benefits of
Brexit depending on which side of the
argument the authors sit on, says Mats
Persson, director of Open Europe, a
think-tank. The pessimists say that
were Britain to leave the EU it would
become North Korea, while the optimists claim it would turn into Hong
Kong. Neither is realistic.
Studies such as the one by Ukip
assume Britain will keep almost all the
benefits of membership while losing
the burdens of budgetary costs and
regulation. The analyses that find gains
tend to take a longer-term view, with
membership spurring foreign direct
investment, productivity, prosperity

and growth. There are three big questions that will determine how well the
economy fares if voters opt for Brexit.

Single market
The single market has been positive for
British business, giving companies easy
access to export goods and services
freely to more than 500m consumers.
But the market comes with harmonised
rules across the 28 member states and
some are burdensome.
The cost of Brexit would hinge on the
deal negotiated with the EU. There are
three options:
3 The first would be to join the European Economic Area, as Norway did.
This would give access to the single mar-

Business chief backs EU referendum

JIM PICKARD AND ELIZABETH RIGBY

UK votes to
remain part of EU

1.0

Interview. John Longworth

Chambers of Commerce head

says members support prime
minister on vote after reforms

Budget contribution

Deviation from central ING forecast for UK GDP (% points)

Ed will be making several speeches

about business and the economy before
the general election.
Mr Longworth said his members
wanted a public vote on EU membership after a series of reforms. Chamber
members fundamentally support the
prime ministers objective of Britain in a
reformed Europe, he said. More than
any repatriation of powers, businesses
want to know that the UK has safeguards against being drawn even closer
to the eurozone.
That position is strikingly different to
that of some other business groups, such
as the CBI, which is concerned that the
referendum will create damaging
uncertainty whenever it occurs.
Mr Longworth called for a vote on EU
membership by 2016, warning that a
longer lead-up to polling day would create problems. But he said that Labours
position of resisting a referendum on EU
membership would not settle the issue.
If Labour forms an administration,
the uncertainty would not be diminished, they would be under huge pressure to have a referendum
. . . business people
would always be mindful of the possibility
that there could be
[one] at some time.
Mr Longworth
cited Gerard
Lyons, the chief

John
Longworth
is critical
of all the
main
parties

falling costs and a growing economy.

Mr Cameron will suggest that the
best way to fend off what he claims is
the business-bashing tone of Labour
is for companies to prove that they are
a force for good in society.
For us business is not a conspiracy
of runaway profits, depressed wages,
inequality and unfairness, Mr Cameron
will say. It is the best generator of
growth, wealth, work and opportunity
there is: there would be no better way
to demonstrate that now than to give
Britain a pay rise.
Downing Street insisted Mr Cameron

economic adviser to Boris Johnson, who

said last year that Britain could leave the
EU without disastrous consequences.
Labour has spent the last week fending off criticism from major business figures including some of its previous
backers who say they do not like
many of the partys policies, in particular on tax. Yet it still believes that it has
widespread support for its EU position
from business leaders who fear Britains
exit from the bloc.
Mr Longworth criticised all the main
political parties for lacking policies that
he said would help business.
Asked about the long-term economic plan cited persistently by all
Tory MPs, Mr Longworth said he had no
idea what it consisted of.
Do you know what it is? No? Exactly,
he said. Neither do I. They have done a
lot of things, the current government,
which have been pro-enterprise, but we
dont really know what the plan is for
the next parliament.
The Tories had set out their plans to
tackle the deficit and the national debt
in the coming years, he said: That is not
a plan for growth and enterprise.
Mr Longworth said that he wanted
more clarity from all the parties ahead
of the election on issues such as new airports, energy capacity and backing for
small business. Companies wanted
help to grow exports and to build
infrastructure, he added.
He said that many of Labours
policies were less about how to
create wealth and more about
how to spend it, citing the latest
plans by the party to allow more
paid paternity leave for fathers.
The BCC head, who wears an
orange friendship bracelet given by a
Buddhist monk on a Sri Lankan
peak, insisted his organisation was
agnostic about politics.
is simply encouraging business to do
the right thing rather than trying to run
the economy by diktat a reference
to more interventionist policies
endorsed by Ed Miliband, Labour leader.
Labour has said it would ensure the
national minimum wage will rise to 8
an hour by 2020, a policy that would
undermine the independence of the
Low Pay Commission. But low wages
have become a big political issue and
are seen by senior Tories as one reason
why the partys poll ratings have not
risen in recent months in line with the
economy. George Parker

ket but not the common agricultural or

fisheries policies. Britain would have to
contribute to the EU budget and be subject to regulation on employment and
financial services but would have no
part in making the rules.
3The second option would be a bilateral
deal, as Switzerland has. This would
reduce the regulatory burden compared
with the Norway option but could also
reduce access to the single market. It is
unclear whether such a deal would be on
the table anyway.
3The final option would be a full break.
Britain could avoid all EU regulations
but at the cost of barriers to trade. Rules
would be made at home but there is no
certainty of better outcomes for compa-

The single
market has
given British
companies easy
access to export
goods and
services to more
than 500m
consumers
Charlie Bibby

Freedom of movement is one of the four

freedoms of the EU the others are
goods, services and capital and perhaps the most contentious. Advocates
say if Britain left the bloc it would be
able to control immigration from EU
member states, rather than having to let
everyone in. But that would be up for
negotiation, with the EU likely to
demand free movement for citizens in
exchange for easy access to its markets.
If the UK were able to impose restrictions, the impact would depend on the
detail: some UK-born workers would
replace foreign-born workers but this
would redistribute work and wealth,
rather than boosting growth.
Limiting immigration could hurt public finances. A study by University College London last year showed that during the past decade EU immigrants
made a net fiscal contribution of 20bn.

FINANCIAL TIMES

Tuesday 10 February 2015

NATIONAL
Diverted profits

Going for gold

Ai Weiweis
zodiac works

Multinationals
warn of fallout
from Google tax
Crackdown on companies
blamed for slowdown
in inward investment
VANESSA HOULDER

US multinationals have attacked George

Osbornes diverted profits tax, amid
claims the crackdown is having a chilling effect on inward investment.
The levy, dubbed the Google tax, is set
to come into force in April to tackle what
the chancellor describes as multinationals that go to extraordinary lengths to
cut tax bills.
The National Foreign Trade Council, a
US lobby group representing more than
300 multinationals, said the measure
was an election-year proposal that

20%

25%

UK corporate
tax rate, the
joint lowest
in the G20

Tax to be charged
on profits deemed
to be shifted out
of the UK

could have long-term consequences for

inward investment into the UK.
Jane McCormick, senior tax partner at
KPMG, the professional services firm,
said: Inbound investment is in danger
of coming to a shuddering halt since the
diverted profits tax was announced.
Kevin Nicholson, PwC UKs head of
tax, said there had been a pause in
inward investment amid concerns on
the mood music and the consistency
of the UKs approach. The CBI employers group says the measure is likely to
put UK firms at a competitive disadvantage and put off would-be investors.
The Treasury rejected the suggestion
that the diverted profits tax was deterring investors, saying it was not aware
of any evidence to back up the claims.

Chris Sanger, global head of tax policy

at EY, the professional services group,
said there was a slowdown of inward
investment into Britain but he believed
the uncertainty over the election and
Britains future in Europe were more
important factors than the tax.
One thrust of the criticism of the tax is
that it marks a departure from the business-friendly reforms introduced by the
coalition. In a letter to Mr Osborne, the
NFTC said: The new tax seems to go
against the declaration of Prime Minister [David] Cameron that the UK is
open for business.
Ms McCormick said: It is the change
in tone. Companies say, You have been
telling us there is a good environment,
then you are coming out with this bonkers tax.
The Treasury defended its policies,
which set out to ensure multinationals
paid their fair share at the same time
as driving down the corporate tax rate
by 8 percentage points to 20 per cent,
the joint lowest rate in the G20. The
governments message has been consistent and clear: low taxes, but taxes that
will be paid, the Treasury said.
The tax, imposed at a rate of 25 per
cent on profits deemed to be shifted out
of the UK, has also been criticised for
pre-empting the conclusions of the base
erosion and profit-shifting (BEPS) programme of the OECD group of mostly
rich nations.
We and most of our clients have no
problem in principle with the idea of a
tax to stop base erosion, but this tax has
jumped the gun on the OECDs BEPS
project and it goes much further than
the OECD intends, Ms McCormick said.
A Treasury official said last month
that it would be slightly odd to give
companies another year to divert profits
when there was a chance to begin collecting more money immediately.

Twelve gold-plated zodiac sculptures

by the artist Ai Weiwei went on
display in London yesterday before
their sale this week, when they are
expected to fetch up to 3m.
Circle of Animals/Zodiac Heads,
2010, was inspired by sculptures that
once surrounded a water clock
fountain at the Old Summer Palace in
Beijing. The originals were looted by
French and British troops when the
palace was destroyed in 1850 during
the second Opium war. Ai Weiwei
and his team worked from the seven
remaining originals and drew on
other sources such as tapestry and
print to imagine the missing heads.
The contemporary art evening sale
takes place at Phillips on Thursday.
Lefteris Pitarakis

Oil recovery

Petrol prices likely to rise, say motor groups

MICHAEL KAVANAGH

Two of the UKs leading motoring

organisations say fuel prices are
unlikely to fall further and could soon
rise.

oil hit $40 a barrel, said Luke Bosdet of

the AA.
A price war led by supermarket Asda,
which three weeks ago cut petrol prices
to 103.7p across its 245 forecourts, had

The end of forecourt deflation follows 19

weeks in which petrol has fallen from an
average of above 131p to 106p a litre
the lowest since 2009.
The impact of falling oil on household
motoring bills since last July has been
welcomed as a contributor to a sharp fall
in inflation as measured by the consumer prices index, which fell to 0.5 per
cent in December.
But a recovery in Brent from a low of
$45.19 on January 13 to $58.15 on Friday
has prompted observers to row back on
predictions early this month that petrol
could dip further to below 1 a litre for
the first time in nearly six years.
It was never going to happen unless

heightened expectations that the average cost of petrol could fall below the 1
barrier amid the crude meltdown.
But monitoring by the AA suggests
forecourt prices which coincide with
cuts in the cost of diesel fuel have been
creeping up, threatening to halt months
of consecutive weekly declines. Petrol
fell more than 3.5p a litre in a week in
mid-December, according to government data. The price fell by just 0.3p in
the week to last Monday.
Simon Williams of the RAC suggested
in December that the average price
could hit 1 a litre if the momentum in
falling crude were maintained. Yet on
Friday he suggested prices could creep
back up by a couple of pence above the
106p mark, based on the recovery of
crude and strikes at US refineries. We
have seen 1 a litre at a handful of forecourts, he said. But we have seen
wholesale prices drifting back up, and

we will see increases in petrol price if

this continues.
A survey of AA members last week
found few motorists were using their
cars more despite petrol being 25p a litre
cheaper than in the summer. Instead,
many households were diverting money
saved by cheaper petrol and diesel into
spending more on food, heating, clothing, entertaining and paying off debts.
Expectations of price falls had led to
frustration and anger among some
motorists. Mr Bosdet said there had
been reports of confrontations between
filling station attendants and consumers challenging rapidly changing prices.
Falling road fuel costs had also led to
examples of a vicious circle of deferred
purchasing in anticipation of lower
prices. At the height of the falls, he said,
there was evidence some motorists were
topping up minimally in the morning in
the hope of a price fall later in the day.

Rural Scotland

Landowner attacks SNPs reform plan

MURE DICKIE
SCOTLAND CORRESPONDENT

A Scottish businessman who won a

high-profile agricultural tenancy case
has criticised plans for rural land
reform, saying they risk undermining
investment and would be vulnerable to
human rights challenges.
The comments from Alastair Salvesen, a
scion of the Salvesen shipping company
and one of Scotlands richest people,
underscore landowners worries about
the radical reform promised by the
Scottish National party government.
The SNP has made land reform one of
its top priorities since losing last years
independence referendum. It says
diversifying ownership and encouraging better use will promote social justice
and economic growth.
In an interview with the Financial
Times, Mr Salvesen took particular aim
at proposals being considered by SNP
ministers for widening succession rights
for tenant farmers.
What is being proposed would effectively say to landlords it is not worth
your while entering a tenancy . . . that it
is less and less likely that the landowner
will ever get his farm back, he said. It
would undermine the rural economy.
Scotlands Court of Session last month
ordered the lord advocate to award Mr
Salvesen half the costs he incurred
during a case against a tenant farmer in
East Lothian. Mr Salvesen had sought
to end the tenancy of a farm on his property, but the tenant wanted to remain
under legislation brought in by a

Scottish Labour administration in 2003.

The Supreme Court later ruled the
2003 law violated Mr Salvesens right to
protection of his property under the
European Convention on Human
Rights. The tenant killed himself a week
before he was due to leave the land,
which his family had been farming for
more than 100 years.
Mr Salvesen said new proposals to
widen tenant farmer succession laws
would also be legally vulnerable. There
will be a lot of cases brought against the
government in the court of human
rights for the loss of value of their farm,
he said.
Mr Salvesen is also the chairman of
Dawnfresh, a fish-farming and processing company, and a noted philanthropist. With his wife Elizabeth he is funding a new research and collaboration
facility between the University of Edinburgh, the charity Mindroom and the

Alastair Salvesen: criticised proposal

to widen tenants succession rights

National Health Service that is to be

announced this week
The 5m donation for the centre,
which will help children and young people with learning difficulties, is the second largest to the university since
author JK Rowling gave 10m in 2010
for research into multiple sclerosis.
Mr Salvesens comments on land
reform echo wider worries. The Duke of
Buccleuch, the UKs largest private
landowner, told the FT recently that he
felt absolute dismay over the plans,
which include possible powers of intervention against landowners whose scale
and conduct is judged to be a barrier to
sustainable development.
But Angus McCall, a former chairman
of the Scottish Tenant Farmers Association, said it was not the general view
that widening succession rights for tenants beyond their immediate descendants would reduce landowner willingness to rent out land.
Making tenants more secure would
encourage them to invest for the longterm, Mr McCall said. Succession
needs to be widened to allow farms to be
kept within farming families, he said.
Richard Lochhead, Scotlands cabinet
secretary for rural affairs, has welcomed
the proposals as bold and radical with
the potential to secure a vibrant
future for the tenanted farm sector.
But Mr Salvesen said the plans would
deter investment and were already
putting him off the idea of buying
another farm: [The government] could
turn around and say Ive got too large an
acreage and I have to give some up.

Rosneft

Court refers Russian sanctions case to EU

JANE CROFT

A case brought by Russian statecontrolled oil group Rosneft to challenge the legality of sanctions imposed
on the country has been referred to
Europes highest court.
The company had brought a judicial
review challenge in the High Court
about UK measures taken in support of
the EU sanctions, but it has ruled that
the case should instead be decided by
the European Court of Justice.
EU-wide sanctions were introduced
following Russian intervention in the
Ukraine and were implemented by the

UK last November. The measures prevent western companies from providing

services including drilling, well testing
and supplying specialised float vehicles
to Russian oil producers and pipeline
operators including Rosneft. Breaching
the sanctions is punishable by up to two
years in prison.
Rosneft, which is 69 per cent owned
by the Russian state, has been hit hard
by the EU sanctions and by the falling oil
price. It had claimed in its judicial
review challenge, heard last month, that
the sanctions were invalid because they
violated a partnership and co-operation
agreement from 1994 between the EU

and Russia. In a ruling issued yesterday,

the High Court found that points raised
by Rosneft were at least arguable and
so should be referred to Europe.
Two judges said it was of real importance that there was consistency and
uniformity when applying the sanctions regime across member states and
this could best be decided by the EU
court.
Joe Hage, of Joseph Hage Aaronson,
Rosnefts lawyers, said: In our view, the
sanctions concerning Rosneft were
imposed without proper thought or justification, and are, we maintain, unlawful under EU law.

Tuesday 10 February 2015

FINANCIAL TIMES

INTERNATIONAL

War reaches breaking point at

Ukraines strategic railway hub

Strategy

Poland
confirms
support for
any move to
send arms

Kiev and the west fear loss of Debaltseve, a city vital to electricity generators coal supplies

HENRY FOY WARSAW

COURTNEY WEAVER ARTEMIVSK

ROMAN OLEARCHYK KIEV

After struggling to hold back rebel

assaults for eight days, Alexander
Dashkeivich, a volunteer captain in
Ukraines 25th battalion, was standing
guard over the villages of Nikishyne and
Ridkodub on the eastern Ukrainian
front on Friday when from out of
nowhere came the command for the
troops to abandon their positions.
Along with hundreds of Ukrainian
soldiers they were being relocated north
to Debaltseve, a strategic railway hub
that exists as a Kiev-controlled peninsula in a sea of territory held by east
Ukraines Russia-backed separatists.
With the rebels capturing Donetsk
airport late last month after a prolonged
and vicious stand-off, Debaltseve has
emerged as the frontline and possible
tipping point in the war.
Fears that the rebels were close to
encircling the city prompted Angela
Merkel, Germanys chancellor, and
Franois Hollande, Frances president,
to jump on a plane for Moscow late last
week in an effort to broker a ceasefire.
At stake is control over regional railway shipments of the coal mined in
rebel-held territory on which Ukraines
electricity generators and export-oriented steel sector depend.
Capturing Debaltseve would allow
Moscow to cripple Kievs fragile energy
sector and recession-battered economy.
It would also put rebel fighters within
striking distance of a vast weapons
depot 50km north in the town of
Artemivsk.
Dmytro Kuleba, a Ukrainian foreign
ministry adviser, summed up the stakes
for Ukraine by drawing comparisons to
the Soviet Unions turnround against
Nazi forces during the second world
war.
If Stalingrad was more symbolic,
then the real breaking point was the battle for Kursk, he tweeted, referring to
Soviet victories in both cities. Its the
same for us. At this point, the airport
was symbolic. Debaltseve is a breaking
point.
While Kievs forces have managed to
hold Debaltseve for now, their battalions have been reporting dozens of casualties daily. In Ukraine-held Artemivsk,
soldiers and doctors said 30-50
wounded soldiers were being transferred to the hospital on a nearly daily
basis for well over a week.
On Saturday afternoon, the hospitals
small team of doctors and nurses ran
from operating room to operating room
as they tended the wounded, some
limping with broken arms and legs, others writhing in pain on stretchers. After
being diagnosed and given emergency
treatment, the wounded were then
rounded up and sent onwards to
Kharkiv, a city of 1m people, freeing up
beds for the next round of patients.
Standing outside the hospital, Alexander, a volunteer soldier for one of
Ukraines artillery divisions, said it was
clear why the rebels had focused their
attention on Debaltseve. They want to
expand their territory while these peace
negotiations are ongoing, he said.
Ukraines army, he complained, was

Poland stands ready to assist the US

should President Barack Obama decide
to send arms to the Ukrainian military
in its war against pro-Russian separatists, according to the Polish defence
minister.

UKRAINE

LUGANSK

Buffer zone
DONETSK

Debaltseve
RUSSIA
Lugansk

Ukrainian
line of
control*

Donetsk

Separatists
line of control*

Sep 8 2014

Mariupol
* Sep 2014 Minsk
agreements

A Donetsk
woman cries
after the
shelling of a
residential block
in east Ukraine
yesterday.
Ukrainian
soldiers prepare
to fire rockets
in Debaltseve
Maxim Shemetov/Reuters

fighting a better-equipped foe with a

seemingly endless stream of reserves,
courtesy of Russia. The rebels cant
just be from Donetsk and Lugansk, he
said. No matter how many we kill, they
keep on multiplying. There keep being
more and more of them.
Addressing world leaders at the
Munich Security Conference on Saturday, Ukraines pro-western president
held up half a dozen Russian passports
to illustrate the point.
Here are the passports and documents of Russian soldiers and officers
who came to us and got lost on their
way . . . this is the best evidence of the
presence of Russian troops which are
killing Ukrainian soldiers and Ukrainian civilians, Petro Poroshenko said.

Captain Dashkeivich said that a few

days earlier his battalion had found documents on the rebel dead that identified
them as members of a Russian military
unit based in Novorossiysk.
The captain said his battalion could
have held their positions longer in Nikishyne and Ridkodub, through which
regional railways ran. But he admitted
that they would have been overrun
eventually.
In a bid to boost fighting spirit,
Ukraines government last week offered
$60 bonuses to soldiers for each day of
combat, and thousands more for each
enemy tank, armoured personnel carrier or Grad rocket launcher they
destroyed. But the rewards system is
unlikely to reverse weeks of rebel

Rebel-controlled
territory
Feb 9 2015

50 km

Sea of Azov

No matter
how many
[rebels] we
kill, they
keep on
multiplying
Alexander,
Ukrainian
volunteer

advances against poorly equipped government forces under strict orders to

not advance but simply hold positions
approved during the September Minsk
ceasefire agreement.
If they [Kiev] just gave us a few more
tanks, some more military equipment,
we could have defended our position,
Capt Dashkeivich said.
Of the nine mortars his battalion once
had only two remained one of which
dates to the 1940s. For his entire division there was just one set of advanced
night-vision goggles to share among
them.
Morale is weak, said another
Ukrainian volunteer soldier in Artemovsk who gave his name only as
Mikhail. There is nothing to fight with.

Poland has been one of the most hawkish EU governments during the Ukraine
crisis and has led calls for stronger
measures against Russia, which is
accused of sending troops and heavy
weaponry to the separatists in eastern
Ukraine.
The debate over whether to arm Kiev
has gathered steam in the US in recent
weeks, with senior officials openly discussing providing defensive weapons.
Russia must take into account that
the US, or the west in general, can make
a decision to arm Ukraine and that it is a
card that is held by the west, that can be
used in the future, if not today, defence
minister Tomasz Siemoniak told the
Financial Times. The Polish position is
that we should not say that this card will
never be played.
Warsaws support for any US move to
arm Ukraine would put it at odds with
Berlin, which is opposed to sending
weapons to the conflict zone. Polish officials have previously stressed that they
are open to selling weapons to Kiev, but
have stopped short of suggesting arms
could be provided as military support.
Mr Obama met German chancellor
Angela Merkel yesterday in Washington
where Ukraine and the question of
whether the west should change its
strategy in the country dominated talks.
The United States is such a close ally
to Poland . . . It is difficult for me to
imagine a situation that if there is a
question that is important for European
security, we would not be supporting
the United States, Mr Siemoniak, who
is also deputy prime minister of Poland,
said. We are not afraid of co-operation
with Ukraine in the military area.
The declaration of support by Poland
is the most pronounced yet of the USs
European allies, although Britains
defence minister Philip Hammond said
the UK was prepared to consider a broad
range of future courses of action, should
Washington change its course.
Last weekends Munich security conference was dominated by a split in
opinion over whether the west should
arm Kiev. Jens Stoltenberg, Nato secretary-general, said alliance members had
begun talks over sending weapons to the
country, talks that Mr Siemoniak confirmed Poland was party to.
But Mr Siemoniak stressed no decision had yet been made by the US or
other Nato allies and cautioned that military support was not the only option
left. He still saw diplomatic channels
and sanctions as the most effective
measure to counter Russian aggression.
Mr Siemoniak also voiced concern
that any military support for Ukraine by
Nato states must take note of a potential
escalation of the conflict by Moscow.
Russia is a power that has a nuclear
arsenal and western politicians have to
keep this in mind, would it not lead to a
global war? he asked.

EU unity

Banking

Unease grows in Prague over presidents stance on conflict

Hungary set to tighten grip

on banks with Erste unit deal

HENRY FOY WARSAW

CHRISTIAN OLIVER BRUSSELS

When European leaders pleaded with

Vladimir Putin to end the conflict in
Ukraine at a conference in Milan last
October, Milos Zeman, the Czech president, was conspicuously absent.
While Angela Merkel, German chancellor, and Franois Hollande, French president, battled in vain to win round the
Russian president, Mr Zeman was settled in a plush armchair having a cosy
chat over cigarettes and coffee with Russias foreign minister, Sergei Lavrov.
For officials in Prague, Mr Zemans
vanishing act in Milan highlighted their
fears that the president has gone rogue.
Contrary to the Czech Republics foreign
policy, Mr Zeman has condemned sanctions against Russia, dismissed the
Ukrainian conflict as a civil war and
counts an ex-KGB officer blacklisted by
the US as a close friend and confidant.
His behaviour has provoked a dispute
between the foreign ministry and
Prague Castle, the imposing seat of the
presidency, undermining the countrys
foreign policy as EU leaders call for
unity to try to end the Ukraine conflict.
The diplomatic faultlines around Mr
Zeman highlight a broader fragility
inside the EU, where many observers
argue that the Kremlin is seeking to

undermine solidarity on sanctions

against Moscow among its former central European vassals through divideand-rule tactics.
The presidents outbursts also contradict the position of Bohuslav Sobotka,
prime minister, who has been supportive of measures to press Moscow.
Image-wise this is a problem. He is
completely overboard, and it gets
reported as the Czech position, said one
senior official in the foreign ministry.
Mr Zeman insists that he supports the
governments policies. Prague Castle
said: The foreign policy of Mr President
is in full accord with that of the government . . . The standpoint of Mr President differs neither from the approach
of the French president nor the German
chancellor, I refer to their latest initiative aiming at ceasing [fighting] in
Ukraine.
A former prime minister from the
centre-left Social Democratic party, Mr
Zeman is a shrewd populist who is wellliked by the Czech electorate for his willingness to speak his mind. After stepping down from the premiership in
2002, he spent a decade out of office
during which became close to two businessmen with strong ties to Moscow
who some claim have influenced his
pro-Russian leanings.
Martin Nejedly, head of Russian oil

and gas company Lukoils main subsidiary in the Czech Republic, and Miroslav
Slouf, a lobbyist who brokered the deal
for Lukoil to supply Bratislava airport
with fuel, were the primary financiers of
the Strana Prv Oban party that Mr
Zeman created as a platform for his
presidential campaign. The two men
were part of his campaign team and
remain part of his close circle of advisers, according to local media reports.
The president has criticised Ukraines
Prime Minister Arseniy Yatseniuk as a
war premier, and has suggested
Ukraine should undergo a process of
Finlandisation and placate Moscow
politically, much as Finland is accused
of doing during the cold war.
In September, Mr Zeman gave a

Milos Zeman: insists he supports

his governments policies

speech in Russian denouncing EU and

US sanctions against Moscow, and referring to the war in eastern Ukraine as a
bout of flu, and on Sunday predicted
that sanctions on Russia would probably be dropped within a year.
Compounding the embarrassment for
Czech diplomats tasked with explaining
his comments to startled allies, Mr
Zeman was speaking at an event organised by Vladmir Yakunin, a former KGB
agent and president of Russian Railways. Mr Yakunin Mr Zeman refers to
him as his long-time friend is on the
US sanctions list but was in Prague last
month to speak at a Holocaust memorial event hosted by Mr Zeman.
A Czech diplomat, who declined to be
named, said a US official had recently
told him: We are ignoring [Zeman] so
far, as long as his words do not become
fodder for Russian propaganda.
Mr Sobotka initially played down Mr
Zemans statements as personal opinions but has begun to attack his comments and acknowledged that a failure
to co-ordinate their statements risks
alienating EU and Nato allies.
Officials in Prague insist that the flow
of sensitive information to the Castle
has been restricted.
It has become something of a Czech
tradition to have a crazy man in the castle, said one Czech diplomat.

ANDREW BYRNE BUDAPEST

Austrias Erste Group is poised to sell

up to 30 per cent of its Hungarian operations to the Hungarian government
and the European Bank for Reconstruction and Development.
Although Hungarian bank OTP is the
largest lender in the sector, most of its
competitors are foreign-owned subsidiaries, notably Austrias Erste and
Raiffeisen, Italys UniCredit and Banca
Intesa SanPaolo, and Belgiums KBC.
The move tightens the governments
grip on the sector, which has suffered
crippling losses since the 2008 financial
crisis. Budapest introduced a banking
tax as a temporary measure in September 2010, to help it reduce fiscal deficits
and meet EU budget targets.
At a press conference in Hungarys
parliament with Erste CEO Andreas
Treichl, prime minister Viktor Orban
said he had agreed with the EBRD to cut
Europes highest banking tax over the
next three years and to increase regulatory certainty, saying he had achieved
his aim of ending foreign domination.
Mr Orbans government bought GE
Capitals Budapest Bank and Bayerische
Landesbanks MKB Bank in 2014,

achieving majority Hungarian ownership of the sector.

When we made the decision to introduce the banking tax, we promised to
reduce its rate to the European average
as soon as the Hungarian economic situation allows for it, he said, adding:
After long struggles and many efforts
we have now arrived to the moment of
opening a new chapter in the history of
the banking sector.
Mr Orban has committed to refrain
from implementing new laws or measures that may have a negative impact on
the profitability of the banking sector.
Budapest has also agreed to ensure
fair treatment of all financial institutions and to divest itself of majority
stakes in other banks by 2019.
The bank tax has raised Ft843bn
($3.1bn) since 2010. In the same year
the government effectively nationalised
more than $12bn of private pension
funds and applied taxes to energy, telecommunications and retail companies.
Andreas Treichl, chief executive of
Erste Group, said a price had not yet
been agreed for the proposed stakes. He
added that the bank was interested in
Citibanks Hungarian and Czech operations, which have been put up for sale.

FINANCIAL TIMES

Tuesday 10 February 2015

INTERNATIONAL
Exchange rate

Debt crisis

Merkel signals tough line on Greek talks

Chancellor and her
finance minister rebuff
Athens over new deal
STEFAN WAGSTYL BERLIN
PETER SPIEGEL BRUSSELS
ELAINE MOORE LONDON

Chancellor Angela Merkel poured cold

water on a push by Greeces new government to end its bailout and strike a new
financing deal with its creditors, saying
the current programme was the basis
of any discussions that we have.
Ms Merkel, speaking in Washington,
also said that what counts is the proposal that Greece puts on the table at
an emergency meeting of eurozone
finance ministers tomorrow.
Earlier in the day, Germanys finance
minister hinted that a Greek plan to

leave the bailout at the end of the month

could draw a harsh reaction from financial markets.
I wouldnt know how financial markets will handle it, without a programme, but maybe he knows better,
Wolfgang Schuble said, referring to
Alexis Tsipras, the new Greek premier.
Together, the remarks amounted to a
German rebuttal to Mr Tsiprass defiant
pledge on Sunday night to end the bailout. They also set the tone for a bruising
week of financial diplomacy featuring
tomorrows meeting to discuss the escalating Greek situation and then a
summit of EU leaders in Brussels on
Thursday.
The worsening stand-off between
Greece and its creditors is again unsettling financial markets, with the cost of
insuring Greek debt against default

jumping to its highest level yesterday

since the height of Grexit fears in
2012. Greeces three-year borrowing
costs moved above 21 per cent, also the
highest since 2012, and the Athens stock
market fell more than 6 per cent.
Since his election last month, Mr
Tsipras has been resolute about the
need to end the bailout, and the unpopular reform conditions attached to it. On
Sunday night, during his first address to
parliament as premier, he cited his mandate from the Greek people, saying the
bailout had effectively been cancelled
by its very own failure and its destructive results.
A day later, Yanis Varoufakis, finance
minister, showed no sign of backing
down. The troika is over, he said,
referring to bailout monitors from the
European Commission, the Interna-

tional Monetary Fund and European

Central Bank.
But that position, as well as promises
to rehire public workers and roll back
reforms, has only hardened opinion in
Germany and other eurozone capitals. It
has also raised the prospect that Greece,
with its banking sector already teetering, will be cut off from external financing from the end of the month.
Jean-Claude Juncker, commission
president, who is regarded as a defender
of Greece against threats of eurozone
exit, sounded a note of caution yesterday.
Greece should not assume that the
general feeling in Europe has changed so
much that the eurozone would accept
the Tsipras government programme
without any limitations, Mr Juncker
said during a visit to Germany.

Eurozone officials have been attempting to kick-start negotiations over a new

Greek bailout before tomorrows meeting. People are used to provocative
statements from Athens, said a senior
EU official involved in talks with
Athens.
Our hope is that on Wednesday at
least the process [for negotiations] is
established.
Officials involved in the talks said
there was some progress in finding a
basis for negotiations. One track would
involve comparing the new proposals
from Mr Tsipras with the existing bailout requirements to figure out where
the two plans overlapped and where differences must be negotiated.
Additional reporting by Anne-Sylvaine
Chassany in Paris and Daniel Dombey in
Istanbul

Q&A Eurozone fears Athens wants to take a bridge too far

PETER SPIEGEL BRUSSELS

The vow by the new Greek prime minister to let his countrys 172bn bailout
expire at the end of the month has left
officials in Brussels and other capitals
fretting that Athens and its creditors are
stuck in a dialogue of the deaf with time
running out.
In his maiden speech to parliament as
premier, Alexis Tsipras said instead of
extending the bailout, he would seek a
bridge agreement to tide the country
over until a new longer-term bailout is
hammered out. But eurozone officials
are adamant no such bridge exists.
Several days of meetings between
Yanis Varoufakis, Greek finance minister, and his eurozone colleagues, have
established little common ground. And
officials are worried that two meetings
of eurozone finance ministers and an EU
leaders summit in the next 10 days will
pass with no real talks taking place.
Mr Varoufakiss first meeting with his
18 eurozone counterparts tomorrow is
likely to be a difficult occasion.
How urgent is the risk to Greece?
Many eurozone officials believe the
risks are urgent and have pushed Mr
Varoufakis, who talked in March of a
new rescue contract to be agreed
before June, to start thinking in days.
The most immediate risk is that the
government simply runs out of money.
Before the recent turmoil, most officials
thought Athens could last until June
when a big 3.5bn bond falls due before
facing a cash crunch, but many officials
worry that new spending pledges made
by Mr Tsipras, plus the sudden collapse
in tax revenues, have brought forward
the day of reckoning to March, when a
1.4bn payment is owed to the International Monetary Fund.
With no way to raise cash on the capital markets, and no bailout financing in
place, Athens could go bust. A developed country defaulting on an IMF payment would be unprecedented.
Of equal concern is the Greek banking
system. Instability surrounding last
months elections saw massive withdrawals from Greek banks, sparking
concerns of a bank run. Those withdrawals slowed last week, but without a
bailout in place, there are fears they
could begin anew. The ECB is limited in
how much it can help Greek banks in the
case of a run, especially with Athens
outside a bailout structure.

Italy cheered
as weaker
euro boosts
prospects
for growth
DANIEL DOMBEY ISTANBUL
JAMES POLITI ROME

Italy has welcomed the euros fall

against the dollar, highlighting Romes
hope that a weaker currency would
help boost the eurozones limited economic prospects.
Pier Carlo Padoan, Italys finance minister, argued that the decline in the euro
which traded at around $1.13 yesterday,
compared with $1.39 in May was taking the currency to a level more consistent with economic fundamentals.
Speaking at an Institute of International Finance event in Istanbul before a
meeting of Group of 20 finance ministers and central bank governors, Mr
Padoan claimed that the macro picture
in Europe . . . is now a little bit more
encouraging than it was a few months
ago.
He said the euro was approaching . . . a more fundamental, consistent
exchange rate, and also referred to the
expected impact of [European Central
Bank] quantitative easing in the next 18
months and maybe more if need be.
Pier Carlo Padoan:
The macro picture
in Europe is now
a little bit more
encouraging than
a few months ago

Anti-austerity
graffiti in
Athens. Yanis
Varoufakis,
right, faces flak
from fellow
eurozone finance
ministers
Louisa Gouliamaki/AFP
Kostas Tsironis/Reuters

With no bailout, how can Athens

find a bridge until June?
The options for Greece are limited, and
even those are progressively being shut
off by eurozone institutions.
One way to quickly raise funds would
be to issue short-term debt through
treasury bills. Under the current bailout, however, there is a 15bn ceiling on
the amount of T-bills Greece can issue,
and the ECB, which administers the cap,
has clearly signalled it will not lift it.
Once Greece is out of the bailout, the
ECBs control becomes less direct. But it
remains unclear who would purchase
any newly issued T-bills. Greeces last
T-bill auction went badly, and the natural purchasers would be Greek banks.
But the ECB, which serves as supervisor
of all big eurozone banks, has sent word
it does not want Greek banks loading up
on T-bills.
In addition, the main reason Greek
banks would purchase T-bills is to use

them as collateral for cheap loans from

the ECB. But the ECB has put a 3.5bn
limit on the amount of T-bills they will
accept, and Greek banks are almost at
that limit, making it an unattractive
investment.
What about a simple bridge loan?
This would seem an obvious and simple
solution, but no such thing exists in the
eurozone arsenal.
The European Stability Mechanism, the eurozones new 500bn
bailout fund, can fund full-scale
bailouts, bank recapitalisation programmes, and even purchase sovereign bonds on the open market. But it
has no tool to offer a short-term loan.
Besides, given demands from Berlin
and elsewhere for Athens to stick to its
bailout commitments, it is unlikely a
bridge loan even if it existed would
come without tough conditions akin to
the current bailout.

Any other cash Athens can

scrape together?
One pot of funds that Mr Varoufakis has
targeted is about 1.8bn in profits the
ECB made when it purchased Greek
bonds in 2010 as part of a huge effort to
shore up eurozone debt markets at the
outset of the crisis.
In 2012, eurozone officials agreed that
these profits, which include bonds
bought by national central banks as well
as the ECB, should be returned to Athens, since it was not proper for central
banks to be profiting from monetary
policy.
Although Mr Varoufakis has insisted
those funds are our money, eurozone
officials said the agreement has long
been that the bond profits would only be
distributed along with the normal bailout tranches after Greece clears its quarterly bailout reviews.
No bailout, no bond profits.
Mistakes of Little Britain page 11

Italy is expected to generate economic

growth this year for the first time after
three years of recession. The Bank of
Italy, the European Commission and
many private forecasters are expecting
growth of at least 0.5 per cent in 2015 in
the eurozones third-largest economy,
which has struggled to cope with high
unemployment, weak consumer demand and pervasive structural problems.
The ECBs QE programme is widely
seen as having contributed to the euros
recent decline against the dollar. Italys
economy benefits disproportionately
from a weaker currency because some
of its most competitive industries, from
manufacturing to food and wine, are
heavily dependent on exports.
Mr Padoan also cited the positive economic effect of lower oil prices and
called for more infrastructure investment. We need to be bolder in Europe
in terms of risk-taking, he said.
The finance minister said structural
reforms were very much needed at the
European and national level, both in
terms of intensity and implementation.
But Going for Growth, a report issued
by the OECD group of mostly rich
nations yesterday, said such reforms
had lost impetus among its members
since the post-financial crisis peak,
with OECD countries showing signs of
reform slowdown in almost all areas.
In an interview with the Financial
Times, Angel Gurra, the OECDs secretary-general, described the slowdown as
his single most important concern. He
argued that countries that had implemented wide-ranging reforms under
market pressure, such as Spain, had
moved faster and are going to be
. . . better prepared as we move out of
the crisis zone.
He said: Part of our role is to document those transformations in order to
tell the rest of the world, Reform works.
Get it right, but give it time.

French politics

Le Pen eyes local polls after by-election result shakes big parties
ANNE-SYLVAINE CHASSANY PARIS

The surge in support for Frances farright National Front in a by-election in

eastern France has overshadowed the
narrow victory for Franois Hollandes
Socialists and unsettled the countrys
mainstream parties two years before
the presidential election.
Helped by the governments recovering
approval ratings after its skilful handling of terrorist attacks a month ago,
the Socialists unexpectedly held on to
the seat left vacant by former finance
minister Pierre Moscovici when he was
appointed to the European Commission
last year.
The election in the Doubs department, near Montbliard, was the first
parliamentary poll to test the political
fallout of the attacks against weekly
magazine Charlie Hebdo and a Jewish
supermarket, which killed 17.
But the real sensation was Sophie
Montel, the National Front candidate,
who won nearly 49 per cent of the votes
in a second round on Sunday. She had
led the field with a 32 per cent score in
the first round. The centre-right UMP
party headed by Nicolas Sarkozy had

been forced out of the contest after coming in third behind Frederic Barbier, the
Socialist candidate.
Marine Le Pen, the National Fronts
leader, did not hide her satisfaction
despite the loss. When one loses like
this, by a hairs breadth, one can only
think that victory is within reach.
In the Socialist camp, the sentiment
was the reverse. Our result does not
make me want to boast, smile, or celebrate, Mr Barbier said. The National
Front has become a real threat to our
country.
The poll has highlighted the steady
gains of the anti-immigrant, anti-euro
party in a region hit by decades of industrial decline. In Sochaux, a few kilometres from the constituency, a Peugeot
plant is still the regions biggest
employer despite the number of workers shrinking to 10,000 from 49,000 in
the 1970s.
In the European elections last year,
Ms Montel won the most votes about
36 per cent on the back of her antiglobalisation rhetoric, beating her
partys national score of 25 per cent.
A strong result for Ms Le Pens party is
now expected in six weeks, when the

country elects local councils, as well as

in regional elections in December.
Manuel Valls, prime minister, pointed
the finger at the UMP for the National
Fronts showing. It was partly due, he
said, to the partys decision not to
endorse the Socialist candidate in the
second round, in breach of a tacit rule
that mainstream parties stick together
to ensure the populist party does not

When one loses like

this, by a hairs breadth,
one can only think that
victory is within reach
win major elections. He reminded them
that the Socialists backed Jacques
Chirac against Jean-Marie Le Pen, the
National Fronts founder and Ms Le
Pens father, in the second round of the
2002 presidential poll.
If, as was the case in 2002, for a local
or a national election, I have to choose
between a UMP candidate and a
National Front candidate, I will not hesitate one second, Mr Valls said.
The Doubs by-election has laid bare

deep divisions in the UMP over how to

handle Ms Le Pen, who, like her father,
could make it to the second round of the
presidential election in 2017.
Senior UMP figures including former
prime minister Alain Jupp urged
Doubs voters to back Mr Barbier, pointing to Ms Montels previous comments
on race inequalities. But other politicians, including Bruno Le Maire, a
former agriculture minister, opposed
endorsing the Socialist candidate.
Mr Sarkozy, who has sought to appeal
to National Front voters with a tough
stance on immigration, flew to Abu
Dhabi last week to give a paid speech,
leaving the matter of who his party
should back unresolved. Back in Paris,
he had made up his mind to back the
Socialist but he was outvoted by those
in favour of abstaining.
There are those within the UMP who
still think the National Front is disreputable, and those who now think it is just
another party, said Laurent Bouvet, a
left-leaning political sciences professor
at Versailles university. Its going to be
a big issue for the UMP . . . and its an
opportunity for the Socialist party.
Editorial Comment page 10

Tuesday 10 February 2015

FINANCIAL TIMES

FINANCIAL TIMES

Tuesday 10 February 2015

INTERNATIONAL
Presidential elections

Central statistics

Nigeria poll delay sparks fall in sentiment

Revised India
data pointing
to firm upturn
leave sceptics
unconvinced

Naira drops to record low

against the dollar after
army cites security fears
WILLIAM WALLIS LAGOS

The Nigerian currency hit a record low

against the dollar yesterday and stocks
continued to fall as investors reacted to
news that presidential elections had
been postponed for six weeks.
By the end of the day the naira had
fallen 1 per cent to just over 196 to the
dollar in interbank trading, far below its
officially traded bracket. The Nigerian
Stock Exchange All Share Index slid 0.4
per cent, extending its decline this year
to 14 per cent, the worst performance in
the world after Ukraine.
Nigeria had been due to go to the polls

this Saturday with former military ruler

Muhammadu Buharis campaign to
unseat President Goodluck Jonathan
gathering steam in what was expected
to be the closest electoral contest since
the restoration of civilian rule in 1999.
But the Independent National Electoral Commission (INEC) postponed
the vote until March 28 after army and
security chiefs said they could not wage
a regional military campaign to reclaim
territory seized by Islamist extremists
while providing security for the polls.
In a statement late on Sunday, Gen
Buhari described the delay as a crude
and fraudulent attempt to subvert the
electoral process and said the independence of the commission had been
gravely compromised. But he
appealed for calm and urged supporters
to use the time to continue mobilising.

So far there has been no sign of trouble as a result of the delay, which will
also allow the electoral commission
more time to distribute biometric voter
cards to millions of Nigerians who were

Nobody has thought

of the implications of
the postponement
Bizmarck Rewane, consultant
at risk of being disenfranchised. About a
third of 69m eligible voters are believed
to be without the cards.
Analysts said the extended timetable
would weigh heavily on market sentiment and could hold up investment.
It just increases the uncertainty, and
uncertainty in business comes at a

price, said Bizmarck Rewane, chief

executive of Lagos-based investment
consultants Financial Derivatives. We
are in a difficult situation. Nobody has
thought of the implications of the postponement on the economy.
Members of the ruling Peoples Democratic party are hoping that Mr Jonathan
can use the extension to regain the initiative both on the battlefield and on the
political front. However, a further
downturn risks playing against him.
Africas leading economy has taken a
battering since last year as a result of the
falling price of oil, on which the state
depends for nearly 70 per cent of revenues. This has exposed the Jonathan
governments failure to save oil revenues which have been the subject of
persistent allegations of corruption
during the boom years and it is now hit-

ting Nigerians directly as the currency

depreciates and salaries for public sector workers are delayed.
Analysts had hoped that with elections out of the way, the market would
begin to recover in March, when corporate earnings for 2014 are due.
With the postponement, the overall
macroeconomic and political sentiment
may douse any positive impact full-year
results could have, said Ayodeji Ebo,
head of investment research at Lagosbased Afrinvest.
The postponed vote will also delay
government efforts to address the oil
shock, potentially stalling passage of the
2015 budget through the national
assembly.
Politicians are now more focused on
campaigning rather than trying to see
how to drive the economy, Mr Ebo said.

Global recovery. Policy options

Corporate cash piles targeted in hunt for growth

Tax systems could be used to
harness company war chests
that total more than $3.5tn

Cash reserves of the largest

non-financial companies
$tn
Small cash-holding companies
Large cash-holding companies
4

FERDINANDO GIUGLIANO
ECONOMICS CORRESPONDENT

Since the financial crisis, policy makers

have been obsessed with growing levels
of public debt. But as economic growth
in rich countries and the developing
world continues to disappoint, attention
is shifting to the other side of the global
balance sheet the large cash piles corporations have squirrelled away in the
past decade.
Barack Obama, US president, last
week took aim at the more than $2tn
in US profits parked abroad by companies seeking to avoid paying taxes at
home, proposing they should face a 14
per cent levy.
On the other side of the Atlantic,
Mark Carney, governor of the Bank of
England, spoke of the need for fiscal policy in the eurozone to help recycle private savings, noting the currency union
was failing to match the growing piles of
corporate cash with profitable investment opportunities.
Central bankers in the worlds richest
economies have sought to discourage
companies from saving more by slashing interest rates and launching asset
purchase programmes. But the prolonged era of cheap money has failed to
slow the accumulation of large corporate war chests.
Research by Deloitte, the professional
services firm, has shown that by the
third quarter of last year the largest
non-financial companies in the world
had amassed $3.5tn in cash reserves, up
from $1.8tn in 2005. US companies held
almost half of these cash balances, with
those in Japan, France and the UK owning 13 per cent, 7 per cent and 6 per cent
respectively.
For governments seeking to harness
those resources, another possible tool is
the tax system. Tax experts say changes
to existing laws could encourage companies to invest more, pay higher wages or
distribute cash to shareholders via
higher dividends.
In the US, the key option would be to
eliminate the arrangement of taxing

0
2000

05

10

13

S&P 1200 non-financial

companies
Estimated cash reserves, Q3 2014
(% of total)
Others

23

Germany
UK

5
6

France

46
7

US

13
Japan

Seoul searching: South Korea has adopted a punitive tax regime to encourage distribution of dividends Sean Pavone/Alamy
repatriated profits from foreign subsidiaries rather than allowing companies to
simply pay taxes locally. In the US they
face a federal corporate income tax of 35
per cent.
The US really has a competitive disadvantage, said Giorgia Maffini, a
researcher at Oxford universitys Centre
for Business Taxation. The current system explains why a lot of innovative
companies leave their cash abroad.
In 2004, the US sought to lure some of
the funds home by passing the Homeland Investment Act. This allowed companies to repatriate foreign earnings at a
reduced effective tax rate of 5.25 per
cent for two years as long as they channelled those funds into investment, job

creation or paying down debt. Yet

despite the rules, while more than
$360bn in earnings was repatriated, the
majority was used for share buybacks
rather than investment.
Countries could also increase depreciation allowances, although the risk is
that the freed-up funds would not be
channelled into productive investment.
What is it that you are trying to
achieve? asked Clemens Fuest, a professor of economics at the University of
Mannheim. If you want a short-term
boost in demand, then increasing the
depreciation allowance is good. But this
policy may not always be wise if you
want to make good long-term investment decisions.

Some policy makers have gone further. Last year, South Korea adopted a
punitive tax regime for large companies
holding vast cash piles. Corporations
with more than Won50bn ($46m) in
capital will pay a 10 per cent surcharge
in corporate tax unless they have spent
a certain proportion of the income on
dividends, investment and wages. The
policy is aimed at reversing a longstanding issue with South Koreas chaebol, or
conglomerates: an unwillingness to distribute generous dividends, which is one
of the causes of the relatively low valuation of Korean companies.
The move seems to have had some
success, with corporations such as Samsung Electronics increasing dividend

Source: Deloitte

payments and investment. In the past

you had foreign investors telling Korean
companies that they had to boost payments, says Shaun Cochran, head of
South Korea at CLSA, a bank. What you
are seeing now is Koreans telling Korean
companies they need to pay more. It is a
change of culture.
But economists are sceptical that the
measure offers a model for other governments. It is an overly complicated
system that would add a further layer of
complexity to tax law, said Prof Fuest.
Governments have other options to
encourage investment. For example,
removing uncertainty over future regulation can be key to getting companies
to spend more.

VICTOR MALLET NEW DELHI

Indian economic growth has surged

above 7 per cent a year and is set to
overtake Chinas, official figures show,
but investors and economists say they
are suspicious of the latest statistics following recent adjustments.
Indias gross domestic product grew 7.5
per cent in the three months to December and is expected to expand 7.4 per
cent in the financial year to end-March,
the Central Statistics Office announced
yesterday. That matches Chinese
growth of 7.4 per cent in the 2014 calendar the slowest in 24 years.
However, Indias high official growth
is the result of switching from a base
year of 2004-5 to 2011-12, among other
adjustments. Those changes pushed up
2013-14 GDP growth from 4.7 to 6.9 per
cent, while growth in the previous year
was revised from 4.5 to 5.1 per cent.
London-based Capital Economics
said the rebased GDP remained wildly
inconsistent with numerous other indicators that point to continued economic
slack. Although Indian growth in the
latest quarter was down from 8.2 per
cent on the previous quarter, the outcome was still incredibly strong and
showed India expanding faster than
China in the December quarter.
Foreign investors and Indian business
leaders are also deeply sceptical of the
new calculations, and say activity is only
now beginning to pick up and not in a
particularly robust way.
The latest data showing rapid growth
have potentially significant implications both for monetary policy and
Indian politics, since they suggest that
the Reserve Bank of India might have to
reconsider its stance of gradually easing
interest rates as inflation falls.
So far, however, there is such confusion about the numbers that few expect
Raghuram Rajan, the central bank governor, to become an overnight hawk as a
result of them.
Nor has the opposition Congress party
made much capital of the statistical conclusion that the economy was accelerating when everyone thought it had collapsed below 5 per cent in the lacklustre
latter years of the Congress-led coalition.
Finally, ministers in Narendra Modis
Bharatiya Janata party government
have not been eager to boast of the newfound but so far theoretical economic
prowess.
Arvind Subramanian, the governments chief economic adviser, praised
the statistics ministry for an outstanding job of revising the GDP estimates.
Last week in Business Standard, he
dubbed the improvement in data, methods and analysis as simply superb and
on a par with international standards.
But he went on to say that he was
puzzled by some of the mystifying
numbers. The year 2013-14 was a crisis
year capital flowed out, interest rates
were tightened and there was consolidation and it is difficult to understand
how an economys growth could be so
high and accelerate so much under such
circumstances, he said.
Chandrajit Banerjee, who heads the
Confederation of Indian Industries, welcomed the evidence of rapid growth.
Notebook page 10

Energy

Anti-corruption drive

Iran economy held back by shortfall in electricity generation

China executes tycoon with

ties to detained security chief

MONAVAR KHALAJ TEHRAN

Plunging oil prices have already undermined Irans fledgling economic recovery. But another energy issue is also
holding back President Hassan Rouhanis attempts to revive the countrys
underperforming industrial base: a
lack of power-generating capacity.
It is absolutely wrong to think we can
achieve economic growth without having sufficient electricity production,
Hamid Chitchian, Irans energy minister, warned recently. The electricity
sector has consistently been weakened
over the past five years and investment
has dramatically decreased.
Decades of heavy government subsidies have left Iran with high levels of
energy use consumption of electricity
is about 2,160 kilowatt hours a head
compared with 1,300 kWh for neighbouring Iraq.
While Irans energy demands are
growing at about 6 per cent a year,
growth in capacity is limited to a third of
that. The energy ministry admits its
depleted power network requires at
least 120tn rials ($4.4bn) of investment.
This is a severe challenge for a country grappling with the impact of crip-

pling international sanctions related to

its nuclear power programme and the
legacies of populist policies implemented by its previous government.
Sliding crude prices are also having an
impact. The International Monetary
Fund said in October Iran needed oil
prices above $120 a barrel to balance its
books. Brent crude, the international
benchmark, was yesterday trading at
$54 a barrel.
The country has, so far, avoided the
widespread power cuts that affect other
emerging economies unable to meet
their energy demands, such as South
Africa. But this is in part because Irans
economy shrank for two successive
years to March 2014, which led to a 30
per cent drop in industrial energy use.

Decades of heavy subsidies have left

Iran with high levels of energy use

With the economy growing again by

4 per cent in the half-year to September
concerns are mounting over whether
growing demand can be met. The current trend of low investments means the
sector cannot meet a further rise in consumption, said Mohammad Parsa,
chairman of Pars Tablo, a privately
owned electricity company.
Alireza Kolahi, chairman of Iran Electrical Industry Syndicate, which comprises 500 largely privately owned companies, said that without additional
investment and capacity, power cuts
were likely. The current drought
means we cannot fully use hydro-electrical plants [that are an alternative
source], he added. Iran has a number of
large electricity-generating dams, such
as at Karkheh.
Part of the problem is that the pace of
construction of new power plants lags
behind rising demand. This can in part
be blamed on the previous government
of Mahmoud Ahmadi-Nejad, which
kept energy tariffs artificially low in an
effort to appeal to poorer voters.
When Mr Ahmadi-Nejad cut energy
subsidies in 2010, he required government ministries to pay back the subsidies to people in monthly instalments.

This is now a huge burden for Mr Rouhanis administration, which has to pay
most Iranians about $17 every month.
As well as holding back investment in
electricity infrastructure, including the
renovation of older power plants, it has
also left the energy ministry unable to
pay 240tn rials of outstanding debts to
contractors and banks. The ministry
said power generation cost Tehran
1,500tn rials a year, but the income was
only 50tn rials.
In an effort to address its problems
and increase capacity, Mr Rouhanis
government has drafted plans to
expand the distribution network, cut
waste, reduce consumption by raising
domestic and industrial tariffs, and
invest in the renewable energy sector.
The potential is high, particularly for
exports, said Mr Kolahi. With the right
investment, Irans electricity sector
could become an engine to help the
economy out of its current stagnation.
Video
For many Iranians the founding
of an Islamic utopia has lost out
to the lure of a modern lifestyle
ft.com/video

LUCY HORNBY BEIJING

China has executed a mining tycoon

with ties to Zhou Yongkang, the former
security chief and the most important
person so far netted in Chinas two-year
anti-corruption drive.
Liu Han, the former chairman of
Sichuan-based miner Hanlong Group,
was heading a A$1.4bn bid for Australian-listed Sundance Resources when he
and his wife were detained in March
2013. His trial a year later included 35
other people charged with organising,
leading and participating in mafia-like
groups.
His brother, Liu Wei, was convicted of
gunning down three people in their
home town in Sichuan province.
Liu Han, who denied the charges, was
once the biggest private entrepreneur in
Sichuan province, with investments in
financing, energy, property and mining.
He had a fortune of $650m, according to
estimates by the Hurun report, which
tracks wealthy Chinese.
His crimes didnt warrant the death
penalty, said Mao Lixin, Lius lawyer

during the appeal process. He confirmed the execution. Lius defence

included claims that he had helped the
Sichuan government maintain social
stability by investing in state-owned
groups that were on the verge of bankruptcy, thus helping to stave off protests
by laid-off workers, in return for lucrative business deals. Mr Zhou was
Sichuans top-ranking official between
1999-2002.
The investigation into the power base
of Mr Zhou until November 2012 one
of the most powerful men in the country
has swept up a number of rich private
businessmen in Sichuan province.
Prosecutors argued that Liu covered
up murders committed by his brother,
Liu Wei, who allegedly ran gambling
rings in their home town of Guanghan.
Liu Wei and three others were also executed.
The two brothers were also charged
with raising money through high interest rate lending and stock market
manipulation.
Additional reporting by Owen Guo
Gideon Rachman page 11

Tuesday 10 February 2015

FINANCIAL TIMES

FT BIG READ. YAHOO

Once the storefront of the web, the internet company has been overtaken by rivals ranging from Google
to Facebook and with the spin-off of its stake in Alibaba faces fresh questions over its future.
By Hannah Kuchler and Richard Waters

Identity crisis

hy Yahoo? That has

been a perennial question for Silicon Valley in
the 15 years since the
dotcom boom, when
the internet portal had its moment in
the sun. Yahoo was once the storefront
of the internet, a place where the first
generation of online users turned for
information or entertainment.
It has long been in need of refurbishment. A series of online innovations
involving search, social networking and
mobile have largely passed it by and it
has not reported a year of revenue
growth since 2008. Now, as it prepares
to shed its stake, worth around $32bn, in
Chinese ecommerce company Alibaba
the asset that has supported its share
price and kept investors happy for years
the question is back with a vengeance.
Other leading internet companies
have found ways to make themselves
indispensable to their users, says Stewart Butterfield, an internet entrepreneur who sold the Flickr online photo
site he co-founded to Yahoo 10 years
ago. I dont think you could say exactly
what Yahoos thing is.
All these years later, he adds, it is still
searching for an identity. I think the
fundamental problem is, what is
Yahoo? His own suggestion, having
watched the company wrestle with that
question from the inside: Split it up.
Nigel Morris, an executive at the
Dentsu Aegis Network, an advertising
agency, puts it even more bluntly:
There is no need for Yahoo.
The existential questions surrounding the company have fuelled one of Silicon Valleys longest-running soap
operas. A succession of chief executives
have tried to find a way to build a growth
business out of what is still one of the
internets largest audiences, at 575m visitors a month.
Marissa Mayer, the former Google
product manager who has been in
charge for two and a half years, is moving closer to her own moment of truth.
Last month, she disclosed plans for a
tax-free spin-off of her companys stake
in Alibaba, handing its investors a slice
of the Chinese ecommerce group.
Yahoos shareholders had clamoured for
such a move, which the company thinks
could save it a tax bill of $16bn.

Alibaba spin-off
Although it has slipped in recent days
the rapid inflation in the Alibaba share
price has kept shareholder unrest at bay
and headed off some of the hard questions. Stripping out the Alibaba stake,
however, is about to leave Ms Mayer
fully exposed to the nagging doubts
about Yahoos core business.
Yahoo was like a dry cleaninglaundry corner store that one day discovered it had a gold mine below it,
says a senior New York banker. Now it
has got rid of that gold mine and its gone
back to being just a dry cleaning and
laundry corner store.
Its original purpose was to offer a
helping hand to the inexperienced web
surfer who would wash up at the site and
find email, news, weather and sports in
one place. The companys many sceptics
question its purpose now that companies such as Google, Apple and Facebook have come up with more addictive
ways for people to communicate or be
entertained online. To put itself back at
the forefront of the internet, Yahoo
needs to take radical steps to become
relevant to millenials, says Mr Morris.
Yet to Ms Mayers supporters, criticisms like these miss the point. Yahoos
value resides in a mainstream, middleof-the-road audience that is often overlooked by Silicon Valley, says one person who has observed her at first hand.
The biggest problem for Ms Mayer
was to keep these users happy, this person says, adding: The fact that the traffics gone up speaks volumes. From a
mobile perspective, theyre starting to
do well. The revenue will follow.
Ms Mayers room for manoeuvre
appears to be shrinking fast. As they
look beyond the shedding of the Alibaba
stake, investors are starting to focus on
how to squeeze more juice out of what is
left of Yahoo.
Activist investor Starboard Value has
called for Yahoo to consider a merger
with AOL, another faded star of the first
internet boom, as a way to slash costs.
That idea has been proposed several
times but rejected: ramming Yahoo
together with a company that has also
struggled to keep up with online trends
would make no sense, says one analyst
who has studied it: yet the mere threat is
a reminder to Ms Mayer of the limited
patience of investors.

An internet history
Yahoos value

Where Yahoo is going ...

Search
Yahoo was first the web portal but
its role in guiding users through
the internet was lost to Google.
Now, it uses Microsoft's technology
to run search queries, a deal which
it is poised to renegotiate to get a
better return on advertising

At Q4 2014/Q1 2015 ($bn)

Mobile

Social

When Marissa Mayer arrived at

Yahoo she was shocked to find so
few of its engineers working on
mobile applications. Since then she
has revamped every app and bought
in engineering talent through
acquisition and recruitment

Yahoo Messenger was one of the first

social products on the internet but it
missed the move to networks like
Facebook and Twitter. To catch
up, it bought Tumblr for $1bn
and is hinting at creating its
own chat app

Current
market cap

Native ads

$41bn

Yahoo's display advertising

business is in decline as
marketers reject banner
advertisements. Instead, they
are turning to in-stream
adverts that work well on
mobile devices

Alibaba

32.0 stake*
Total
investment
and liquid
assets

Stake in 7.0
Yahoo
Japan*

$45.9bn
6.9

Net cash and securities after paying tax on

the Alibaba shares sale in Q1
* Based on current market value

Revenue
$bn

7.2

6.5 6.3
5.0 5.0 4.7 4.6

Alibaba

Yahoo homepage

Paying $1bn and swapping its own

struggling Chinese operations for
40 per cent of ecommerce
company Alibaba nearly 10 years
ago turned out to be one of the
best internet investments ever
made. Once Yahoo sheds its
remaining stake it will lose the
asset that has come to account for
most of its value

The original front door to the

internet, Yahoos homepage
crammed in links to
entertainment and news and is
still one of the most visited sites.
But most internet users are now
more likely to turn first to their
Facebook page or smartphone
apps

Media interests

Acquisitions

From sports to finance and weather

to horoscopes, Yahoo stretched its
brand across many of the web's first
media properties. But it missed the
rise of user-generated
content on sites like
YouTube and Facebook

From the proto-social network

GeoCities in 1999 to photo site
Flickr and social bookmarking
service Delicious in 2005, Yahoo
has tried to use acquisitions to
catch up with online trends.
None has taken root

FT graphic. Sources: company; Thomson Reuters Datastream; Thomson Reuters

Investors
debate
whether the
business
should
reinvest for
growth or
milk its
existing
properties
for cash

Investors
Activists
urge deal
but Mayer
retains
significant
backing

Competing visions
Investors are in effect debating two
visions for the business: whether it
should reinvest for growth, or milk its
existing properties for cash, cut costs
and return money to its shareholders.
The second of these arguments has
been in the ascendant. Investors praise
Ken Goldman, Yahoos chief financial
officer, and hope that he will help push
an agenda not just of handing Alibabas
cash back to shareholders but leveraging the balance sheet through the issue
of bonds or convertible debt and passing
that money to shareholders, too.
I dont know that management
speaks with one voice, says one shareholder. Ken has been pushing the share
buybacks with the board. Marissa is
really focused on growth. She quotes
Steve Jobs, and Larry [Page Google
chief executive]. She does not quote
media executives who have created
value by leveraging up and merging or
spinning off companies.
To turn the tide, Ms Mayer must solve
a conundrum that has hampered Yahoo
since the end of the dotcom boom:
whether it is at heart a media or a technology concern. Terry Semel, the
former Hollywood executive who ran it
The debate over the future of Yahoo
reflects divisions on its shareholder
register, which looks somewhat different
from companies of a similar size. David
Filo, co-founder of the company, remains
its largest investor, with a 7.5 per cent
stake. There are also large hedge funds
among its top 20 shareholders, as well as
the more traditional institutional asset
managers who are much more reluctant
to press their views on management.
Yahoos financial results led analysts to
cut forecast earnings from the companys
core business this year, handing
ammunition to Starboard for the next
phase in its activist campaign.
Jeff Smith, Starboard founder, has
argued not only that Alibaba needs to be
spun out in a tax-efficient manner, but

after the dotcom crash, pushed Yahoo

towards becoming a fully fledged media
company. Ms Mayer has tried to drag
Yahoo back to its technology roots. Yet
she has been forced to pay equal attention to the needs of the media business,
investing heavily in bringing in star
power to enhance its news service.
She has used a series of small acquisitions to recruit the developer talent
Yahoo needs to rediscover its cutting
edge. Since her appointment, she has
shifted the companys developer focus
to mobile, redesigned every app and
spent $1.6bn on acquisitions including
the purchase of blogging site Tumblr.
The tech boom is almost hurting it,
says Robert Peck, analyst at SunTrust
Robinson Humphrey. It cant make an

$41bn
Yahoomarket
capitalisation,
includingitsstake
inAlibaba

575m
Monthlyactive
Yahoousersin
thefourthquarter
of2014

acquisition or innovate as quickly as

some of these start-ups. If there wasnt a
tech boom she could maybe use her
product skills, scooping up small companies and not being outmanoeuvred by
them. But there is so much capital.
Demonstrating that she can bring revenue growth back to Yahoo is proving
equally demanding. Yahoos traditional
business in online display advertising
has faded in the face of new formats
such as video and social media. Ms
Mayer points to the four key areas
mobile, video, native advertising (instream ads designed to mimic content)
and social which grew at a rate of 100
per cent last quarter and are forecast to
contribute $1.5bn to revenue in 2015.
that Yahoo should pull back from large
acquisitions to focus instead on cutting
costs, and that merging with rival AOL
would unleash $1bn in savings. Under
the plan, AOL chief executive Tim
Armstrong would replace Marissa Mayer.
Starboard also owns a stake in AOL
but it is not the only investor supporting
such a combination, not least because it
would divert managements attention
from further venture capital-style
acquisitions of fast-growing websites
such as Tumblr that remain far from
profitability. The AOL idea is a good
one, says one major shareholder. There
are duplicate sales forces, duplicate
technologies serving up ads, duplicate
marketing budgets [and] most of these
costs could be wiped out.

Weve built these businesses from

the ground up, at the same time as growing our traffic and presence on the world
stage, says Kathy Savitt, Yahoos chief
marketing officer and head of media.
That amounts to a pretty extraordinary two years that has made Yahoo
feel like the worlds largest start-up.
Ms Mayer has said these new sources
of revenue could balance out the drop in
display advertising revenues this year.
A big opportunity to boost income
could be close at hand. Later this month,
Yahoo will have the first chance to try to
renegotiate a deal struck five years ago
with Microsoft, under which the software company supplies the technology
and advertising sales for Yahoos search
service a business that accounted for
39 per cent of revenues last year.
The arrangement has failed to live up
to Yahoos hopes, with Microsoft proving less effective at selling search advertising than Google. Satya Nadella,
Microsofts chief executive, could be
forced to offer big concessions to extend
the relationship rather than risk seeing
Yahoo defect to Google, according to
one of Ms Mayers supporters.
She can already point to momentum
in the search business. In December,
Yahoos share of searches in the US
jumped above 10 per cent, its highest
level since 2009, after it displaced
Google to become the default search
in the Firefox browser.
Despite this progress, Ms Mayer
ultimately faces the same problem
that has bedevilled her predecessors for years: how to turn Yahoo
back into an industry leader. A decade ago, buying sites like Flickr was
seen as the way to inject new energy
and ideas. It was very hard for us to
get resources to grow, says Mr ButInvestors are divided, however, on
how aggressively to pressure Ms
Mayer, right, at this stage. Another
large shareholder said they were
concerned over the potential
effect on morale at Yahoo if there
were a management switch.
It is too early to be calling time on
the current management, the
shareholder says. It is important
staff believe in the leadership and
we believe that this is the case at
Yahoo. The fact that someone is a
good executive of one company
does not necessarily make them a
good CEO of another with a
different business and a
different culture.
Stephen Foley

10

11

12

13

14

Keeping investors happy

Yahoo share
price ($)
50
40
30
20
10

... and where Yahoo has been

Investment bankers and private

equity groups, who have circled Yahoo
for years hoping for the chance of a profitable acquisition or buyout, are licking
their lips. The Alibaba holding had put
the company out of reach of most
acquirers. But after deducting the $32bn
value of that stake, along with an estimated $7bn interest in Yahoo Japan,
Yahoos stock market value of around
$41bn implies little value for its core
business, even though it is generating
about $1bn in operating cash flow a year.

2008 09

Part of the 2010 and 2011 revenue declines

reflect Yahoo's deal to outsource search to Microsoft

Annual net share

buybacks ($bn)
4
3
2
1
0
-1

200809 10 11 12 13 14 15

The tech
boom is
almost
hurting it.
It cant
make an
acquisition
or innovate
as quickly
as start-ups

Engaging users Although traffic on

mobiles is increasing, some analysts
insist Yahoo should develop more
content to attract millennials
Core business Marissa Mayer has tried
to drag Yahoo back to its technology
roots but has also had to focus on the
needs of the media operation

Corporate overhaul Some analysts say

the ageing Yahoo brand is a hindrance
as it prepares to introduce new social
content and search technology

terfield, who continued to run Flickr

after it was swallowed up but resigned in
2008. Its nine employees were drowned
out by the bureaucracy and infighting of
a 10,000-strong company, he says.

Problem brand?
Sceptics say Ms Mayer will also need to
solve a paradox that her predecessors
failed to tackle. The Yahoo brand,
though one of the companys best
known assets, may also be one of its
greatest hindrances. It has this legacy
of a 20-year-old brand that meant
something in the 1990s and they are
still trying to make something of it
today, says Mr Morris. Instead, he
says, the company should be looking at the assets they have acquired
and can acquire and doing something
very different with them.
Ms Mayer has yet to deliver the
knockout hits she was hired to create,
whatever the branding. Her supporters argue that this is still early for a
turnround of the scale needed at
Yahoo, and that stabilising the business has been a first step.
She has hinted that the company
has its own chat app in the works
something that would rival services from Facebook, WhatsApp
and Snapchat. Yahoo is also experimenting in the increasingly fashionable
field of anticipatory search, where
information is automatically fed to
users at the times they may need it.
A breakout hit from an initiative such
as this would do wonders for her claim
that Yahoos shareholders need just a little more patience. But, after recent disappointments, no one is ready yet to
give her the benefit of the doubt.
Additional reporting by Stephen Foley
and James Fontanella-Khan

10

FINANCIAL TIMES

Tuesday 10 February 2015

Letters
West must not be guided by fear of Moscow

TUESDAY 10 FEBRUARY 2015

HSBC revelations are an

invitation to prosecute
Criminal prosecutions not bargains are the way to deter tax evasion
Revelations of large scale tax evasion
facilitated by banking group HSBC
should embarrass more than just the
bank and individuals concerned. The
Swiss authorities ought to blush at their
decision to prosecute whistleblower
Herv Falciani rather than ask questions of their banking culture. Many
may also query the UK governments
appointment of ex-HSBC boss Stephen
Green as trade minister in 2011.
But the toughest grilling should be
saved for Britains HM Revenue & Customs. Like other EU tax authorities,
they have long known the identity of
thousands of Swiss bank account holders. Their first reaction was to maximise the funds to be recouped from any
newly revealed tax evaders understandably, since raising tax is the
departments raison dtre. But in the
light of what is now known the question
is whether HMRC were too lenient, and
should have relied more heavily on
criminal prosecutions of what appears
to be blatant criminal activity.
It is not new for HMRC to be accused
of leniency. Margaret Hodge, the feisty
chair of the Public Accounts Committee, has charged it with losing its nerve
in battles against corporate tax avoidance. She also accuses the government
of being too willing to bargain with
secret account holders, contrasting this
with the harsh treatment meted out to
those claiming too much benefit.
The initial reaction of HMRC to the
Falciani revelations was indeed pragmatic. Faced with a potential 6,000 tax
evaders they offered a 30-day window
to confess in return for reduced penalties. They had good reasons for an
unwillingness to prosecute immediately. While this weeks revelations
make tax evasion appear almost comically blatant brick-sized wads of foreign currency, clients disguised by
code-names criminal prosecutions
are difficult, rare and expensive. Estab-

lishing a fair line between honest mistakes and deliberate fraud is hard.
HMRCs record is not good. As a result,
just one prosecution of suspects on the
Falciani list has taken place, with 13
investigations ongoing.
If prosecutions cost more than they
raise it is understandable that HMRC
prefers one bird in the hand over two in
the bush. And despite the regular virulence of Ms Hodges criticisms, it is
unfair to accuse HMRC of failing to do
its job. The National Audit Office
praised HMRCs management for maximising revenue and cutting costs. Nor
are they persistently shy of going to
court: the number of prosecutions for
tax evasion rose by a third in the
2013/14 tax year.
But Britain has raised just 130m
from individuals on the Falciani list
less than France despite UK citizens
holding almost twice as much money.
Two years ago the government anticipated raising 3bn from a deal with
Switzerland to let secret account holders regularise their affairs. This now
looks like being a large overestimate. In
the time since, governments everywhere have agreed to greater exchange
of information on international bank
accounts, to make identifying tell-tale
gaps and inconsistencies much easier.
All of these factors alongside the
scale of the evasion revealed this week
swing the balance towards HMRC
taking a more aggressive approach.
Moreover, the value of a successful
prosecution lies as much in the chill it
casts over other would-be offenders,
and may be much greater than the
money directly raised. No one who
commits a crime should be able to bargain for a pardon. For a long time British tax evaders felt they could relax
once they reached the Alps. To puncture this illusion, more should face
time in a criminal court for bilking
other taxpayers.

An unexpected chance
for Frances president
Hollande has had a strong start to 2015 and should make use of it
Franois Hollande has been enjoying a
boost of popular support after a long
period in the doldrums. At the end of
last year, he had the lowest ratings of
any president of the French fifth republic, as voters railed against weak economic growth, high unemployment
and Mr Hollandes vacillating leadership. His commanding response to the
Paris massacres gave him a sudden
surge in the polls. But he cannot take
this for granted. It will only be sustained if he presses home the economic
reform programme that France
urgently needs.
The upturn in Mr Hollandes fortunes can be seen in the unexpected
victory for his Socialist party in a parliamentary by-election in eastern
France at the weekend. True, this was a
bittersweet result when set against the
powerful showing by the far right
National Front which took 49 per cent
of the vote. Marine Le Pens anti-immigrant populism is a growing threat to
the mainstream parties. Still, the win in
the Doubs constituency is the first for
the French socialists in any by-election
since Mr Hollande entered the Elyse
Palace in 2012.
Mr Hollandes adroit response to the
Paris massacres is the main reason why
some French voters may be taking a
second look at him. At a traumatic
moment for France, he kept his cool,
demonstrating the dignity and determination the French expect from their
head of state. He often seems to find
national security challenges easier to
handle than economic ones. While he
may play second fiddle to Angela Merkel in the diplomacy over Ukraine, Mr
Hollande has a seat on the stage more
than can be said for Britains David
Cameron.
What may also play in his favour in
the months ahead is a more benign outlook for the French economy. The
recent launch of quantitative easing by

the European Central Bank, the fall in

the euro and the drop in the oil price
are all likely to help boost French economic growth. The Bank of France yesterday acknowledged this more
favourable climate, revising up its forecast for first-quarter GDP growth from
0.1 per cent to 0.4 per cent.
The critical test for Mr Hollandes
presidency, however, is whether he can
consolidate his economic reform programme. After leaning too far to the
left in his first year in office, he is now
giving full rein to his administrations
principal modernisers: Prime Minister
Manuel Valls and Emmanuel Macron,
the economy minister. The government has cut the French budget and
lifted some of the onerous tax burden
on business. Next month, it is almost
certain to implement a deregulation
bill that will reduce red tape in a wide
range of areas such as Sunday trading.
But Mr Hollande could do more.
There remain large areas of the French
economy that need reform, most notably the labour market. The government should liberalise the countrys
labour code so that companies can take
on more than 50 employees without
being burdened by a lot of extra regulations. It should also decentralise wage
bargaining. Without such changes, Mr
Hollande has little chance of seriously
cutting Frances unemployment rate
a condition he has set for himself if he is
to stand again as president in 2017.
When France approaches that election, the central question will be
whether the nations mainstream parties can see off the assault by Ms Le Pen.
The centre-right UMP, led once again
by Nicolas Sarkozy, appears to be overcome by infighting as its poor showing in the recent by-election confirms.
Mr Hollande, by contrast, has been
given an unexpected chance to sharpen
his profile as a consistent advocate of
reform. He needs to make full use of it.

Sir, Sir Tony Brenton may be quite

correct in his hypothesis about the
effect on Vladimir Putin of western
arms supplies to Ukraine (Letters,
February 6). But his logic leaves
unanswered a basic question: should
the possibility or likelihood that
counteraction may spur an aggressor
into even greater aggression deter
those who do not want to stand by and
watch its actions with passivity?
Sending lethal weapons to Kiev may
not be the right policy but the west
should not let fear of what Moscow
may do be the determining factor in
framing its policy.
Sir Tony says there are lots of

historical precedents for such

escalation; few of them happy. But he
ignores the sorry story of Britain and
Frances appeasement of Hitler from
the Rhineland crisis of 1936 on, and of
the trahison des clercs from the
assembled foreign ministries afraid of
antagonising Germany by standing up
for their values and supporting nations
in Berlins sights.
Since last spring, Vladimir Putins
game plan has been transparent,
repeatedly dashing the hopes of those
who argue that he is, at heart, a
reasonable player who will come to the
negotiating table and keep his word if
only we better understand him and

Missions chances of
success are greater if
Cameron is not present

are well aware of the value of

democracy. For the first time in
Argentinas history we have enjoyed 30
years of continuous democracy. Our
democracy is young but not fragile.
Mr Rathbone also states that no
Argentine believes the case will be
solved. This is a gross generalisation.
As Mr Rathbone rightly points out,
Argentinas judiciary is independent.
Our judicial system boasts a well
established reputation for delivering
justice in complex cases. A good
example of this is the investigation and
condemnation of crimes against
humanity perpetrated by the last
military junta. Argentinas model of
transitional justice has been recognised
as an example by the international
community, as has our governments
human rights policy.
Mr Rathbones assertion that there is
a conspiracy involving the Argentine
state to prevent the case from being
solved is entirely false: President
Cristina Fernndez de Kirchner has
taken all necessary steps to facilitate
the judicial investigation, among them,
the opening of all classified intelligence
files possibly related to this
investigation.
To describe Argentina as a flawed
democracy or a rogue state is a most
groundless and offensive accusation.
Our country is a dynamic and
progressive democracy, as are all the
democracies in our region, united in
upholding the values of peace, truth
and justice.
Alicia Castro
Ambassador of Argentina to the UK

Sir, Amid all the political flak aimed at

David Cameron from both the right
and left (and your editorial Britains
drift to the foreign policy sidelines,
February 7) over his non-involvement
in the Merkel/Hollande Ukrainian
initiative, no thought seems to have
been given as to whether his presence
might have been helpful or not.
In such circumstances it is essential
that mediators are seen as evenhanded by both warring parties. As the
UKs foreign policy continues to be
written in Washington, it seems
extremely unlikely that Russia would
see Mr Cameron as an honest broker.
The limited chances of success for
this mission are therefore enhanced by
his non-involvement, which must
surely be the most important
consideration.
James Maguire
London SW19, UK

Any military solution

would have to involve US
Sir, If people in Europe and America,
along with usually reasonable
newspapers, are too impatient to wait
for the bite of economic sanctions to
rebuff Russian aggression, then they
should be honest with themselves
about what else has a chance to work.
Russia is not, as some have implied, a
military middleweight. It is strong
and knows it.
The only military solution with a
high probability of success would
involve US intervention on a massive
scale. If that option appeals to US
voters, then they should contact their
representatives. Until then, western
leaders in government and business
should stop leading Ukrainians and
others down the garden path.
William Bigelow
Boylston, MA, US

Argentina upholds values

of peace, truth and justice
Sir, I have to disagree with John Paul
Rathbones article A democracy
dented by mysterious murder
(Comment, February 6). Prosecutor
Alberto Nismans tragic death, which is
under judicial investigation, neither
dents nor puts Argentinas democracy
at risk.
As Argentines we have lived for
many years under cruel military
dictatorships many of them
supported by foreign powers and we

A comedy roast
sparks an Indian
firestorm

Mumbai
Notebook
by James Crabtree

Miliband is hopelessly out

of touch on tax avoidance
Sir, With his comments on the role of
the overseas territories, Labour leader
Ed Miliband shows himself as more
hopelessly out of touch in relation to
international tax avoidance than in
relation to domestic matters. In fact
the overseas territories have
maintained complete records on
ultimate beneficial ownership to the
international gold standard set by the
OECD for more than two decades.
Quite what the OECD would make
of Mr Milibands threatened report,
given the OECDs own verification on
the subject and the Overseas
Territories commitment to the OECD
Automatic Reporting Standard, is a
matter for conjecture and possible
further embarrassment. Nor, in the
light of the unlimited powers to
undertake investigation of these
beneficial owners granted by the
overseas territories to the Internal
Revenue Service and HM Revenue &

It seems that even innocuous acts will

prompt someone somewhere in India
to take offence. But rarely has the
country shown a sense of humour
failure as comprehensive as its recent
response to one bawdy foreign import:
a roast delivered by a group of
stand-up comics in Mumbai.
In our own juvenile, idiotic way, we
wanted to push the envelope of
comedy in this country. But then the
envelope pushed back, the
comedians wrote in an open letter last
week, belatedly trying to defuse the
scandal over their performance at a
celebrity-packed charity gathering in
December, when they mocked
Bollywood stars Arjun Kapoor and
Ranveer Singh.
The roast genre, in which a public
figure is ridiculed as their friends
watch, is popular in America. But the
format was largely unknown in India
until the four-man All India Bakchod
troupe the final word being a Hindi
expletive, politely translated as
moron adopted it, and then
uploaded highlights to YouTube last
month. Their clip showed Indias
edgiest comedy collective attacking
its quarry in crudely scatological
terms. Aspersions were cast, too, on
the sexuality of a well-known male
director, alongside unsubtle hints
about assignations involving
Bollywood starlets who happened to
be in the auditorium.
All concerned seemed to take their
ribbing in good part, but as the hit
count raced towards 8m, obscenity
complaints tumbled in from religious

his desire to include Ukraine in the

sphere of influence he claims for his
country.
This has particular relevance if Philip
Stephens is right in his excellent article
Ukraine is only part of Putins game
plan on the facing page. That makes it
all the more important that the west
should not be guided by fear of what
Moscow may do if it helps the
democratically elected administration
in Kiev defend its countrys territorial
integrity against separatists backed by
an external power, however much that
power huffs and puffs.
Jonathan Fenby
London WC1, UK

I see Reginalds been replaced by a

drone
Customs by treaty, does
Mr Milibands suggestion that the
authorities have been hampered in
undertaking tax investigations bear
any relation to the reality.
OECD secretary-general ngel
Gurra has stated that companies
cannot be blamed for taking advantage
of lawful tax avoidance, and indeed it is
to domestic tax legislation on transfer
pricing (ironically based on the OECD
model) that Mr Miliband should look if
he wishes to capture the billions to
which he refers.
An informed politician genuinely
concerned about tax evasion and tax
avoidance as opposed to making
populist soundbites should be lauding
the standards of transparency set by
overseas territories as the example to
which other jurisdictions, notably the
wholly opaque US corporate centres of
Delaware, Wyoming and Nevada,
should now be held, and making a
more detailed inquiry into the double
tax treaty abuses that are routinely
adopted in the European centres.
Anthony Travers
Chairman,
Cayman Islands Stock Exchange,
George Town, Cayman Islands

FTs no-nonsense attitude

towards the essential facts
Sir, So James Mackintosh (The Short
View, February 5) knows how many
Swiss banknotes (16,200) stack inside
a standard safety deposit box and what
the annual rent is. Thats exactly the
no-nonsense attitude that makes the
FT such a store of investment gold. Im
just surprised Mr Mackintosh said it
before Lombard did.
Brian China
Leicester, UK

groups, prompting investigation

threats by politicians and the police.
The tabloid-friendly mix of
celebrity and profanity dominated
local papers for days. Eventually, AIB
buckled. To everyone whos called us
seditious pornographers while
plotting the downfall of Indian Values
And Civilization As We Know It, we
would like to reiterate that we are just
a bunch of comedians, the group
wrote in last weeks letter, justifying
the decision to yank the video from its
YouTube channel. Unfunny, crass or
whatever you want to call them,
theyre still just jokes.
Jokes or not, it is tempting to view
the resulting outrage as part of a wider
tussle between Indian umbrage and
free expression. AIBs scandal reached
its zenith in the week that a musician
was forced to bleep out the word
Bombay from another YouTube
video, for fear of offending groups who
favour the citys formal name of
Mumbai. Similar spats have bubbled
up of late, over everything from
explicit Tamil literature to kissing in
public. Anxious liberals, whether
fairly or not, fear such episodes are
evidence of a newly censorious public
culture, linked to the election last year
of Hindu nationalist prime minister
Narendra Modi.
Yet the scandal tells a more specific
story, too, about the relatively recent
arrival of western-style stand-up
comedy. India has a rich comic
tradition, albeit one that tends
towards gentle slapstick or mimicry
in mainstream film and television.

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

Feasible plan for English

devolution is not one
for the tidy-minded
Sir, Your editorial Camerons flawed
plan for English devolution (February
4) appears to rest on the assumption
that the so-called West Lothian
Question is best dealt with by ignoring
it. If that was ever a tenable view, it is
not now.
The Scottish referendum debate
greatly increased awareness of the
unfairness of the devolution
settlement; with further devolution,
that can only increase. Some form of
English votes for English laws is an
essential remedy. Polling evidence
supports both assertions. You are
entirely wrong in arguing that
addressing the consequences of
asymmetrical devolution is driven by
partisan advantage. It is essential to
buttress the union.
For many years, and most recently in
a publication for the Centre for Policy
Studies, we have argued for an
approach very similar to that recently
adopted by the government. Neat
symmetrical plans for an English
parliament, or for a purist version of
English Votes for English Laws that
would rapidly approximate to the same
thing, could jeopardise the union.
However, English voters need to know
that their MP can veto a measure
affecting only them, and through a
straightforward, highly visible vote in
the Commons. The governments
proposals will provide this.
A workable solution must also give
incentives for negotiation and
accommodation between a UK
government and a differently
constituted English majority. The
combination of an English Grand
Committee with continued voting
rights for all MPs at second and third
reading does just that.
Such solutions are not for the tidyminded. But one pundits inept fudge
may be a practitioners sensible
solution.
Andrew Tyrie MP
Conservative, Chichester
Roger Gough
Sevenoaks, Kent, UK

I was right about business

leaders and partisan views
Sir, I wish to make clear I do not
threaten business and do wish to see
business issues and opinions properly
considered in public debate. Your
report Labour counts on popular
opinion to back tough tone (February
4) suggested otherwise.
The comments I made at a meeting
last autumn were advice to chief
executives and chairmen of large
quoted companies. I said they should
not usually associate the name of their
company with their own political
opinions, because if they did so they
would upset a lot of their shareholders,
employees and customers, which is not
good business sense. If they linked
their company to a partisan view they
could find others would attack them
severely. We have just seen exactly that
happen to Boots from Labour.
I rest my case.
John Redwood MP
Conservative, Wokingham
COMMENT ON FT.COM
The Exchange
Yukon Huang weighs into the debate about
the future of Chinese GDP growth
blogs.ft.com/the-exchange

The biting observational humour

common in Britain and America was
relatively rare until a branch of
Londons Comedy Store opened
in a ritzy mall in Mumbai back in
2010.
Having at first planned to fly in
famous foreign comics, the venue
realised Indian audiences preferred
local jokes and nurtured a new
generation of aspirant domestic
performers. It was this amazing
space, the first place you could do that
kind of comedy, says Anuvab Pal, a
successful stand-up who started out at
the venue. All of the AIB guys met
there; it was like a dating agency and
finishing school for us.
Groups such as AIB took off,
developing a style of comedy that was
at once coarse and provocative. Yet
while their jokes found favour among
the relatively small English-speaking
urban elite, they proved combustible
when mixed with the elixir of
Bollywood and let loose on a wider
public online.
There is still this huge divide
between the India that comes to a
comedy club in Mumbai and the
mainstream of the country outside,
says Mr Pal. If the roast had been
contained in that auditorium it would
have been just fine, but when you
send it out to 8m people on YouTube,
youll clash with that mainstream
India . . . and we still dont seem to
know how to deal with that, let alone
to laugh about it.
james.crabtree@ft.com

Tuesday 10 February 2015

11

FINANCIAL TIMES

Comment
Greece risks repeating the mistakes of Little Britain
OPINION

Bill
Emmott

he proposal for debt-swapping floated by Yanis Varoufakis, Greeces finance

minister, is both ingenious
and constructive. But whatever its merits and as always in financial transactions, the devil will be in the
details by putting it forward in this
way Greece is making what can be
termed The British Mistake. Just as for
David Cameron, Britains prime minister, there is still time for Alexis Tsipras,
Greeces triumphant leader, to remedy
this error.
The error arises from the instincts of
national politics. These incline Mr
Tsipras and Mr Cameron to fight alone
as proud and plucky countries. Greece
claims it is a special victim of German
subjection and is battling for a better
deal from the EU. Britain is fighting
against the throttling red tape of Brussels busybodies. Isolation and victim-

hood may sound noble. The trouble is,

such nobility is for losers.
To stand as little Greece against the
other 18 eurozone members, or as little
Britain against 27 EU members, is a
potentially fatal mistake. Neither is in a
strong enough position to bully or blackmail the others. And such unilateral
brinkmanship is likely to make it harder
for Germany and others to make the
deals that Greece and Britain need.
Clearly, given the promises about debt
relief he made during Greeces election
campaign, Mr Tsipras needs to achieve
results, which is the same feeling Mr
Cameron has had on the topic of EU
immigration, given that the hounds of
the UK Independence party and the
eurosceptic rats in his own Conservative
party are thirsty for his blood. But for
both men, and their countries, placing a
single large bet on a bilateral negotiation
would be tantamount to planning for
defeat and life outside the EU.
In order to achieve their goals, Mr
Tsipras and Mr Cameron need to frame
their demands so that reforms stand to
benefit more countries than just Greece
and Britain ideally, even Germany.
And they need to frame them in a way

that fits German policy-making principles: as new rules that can persist and
help Europe prosper.
In Greeces immediate case, that
means making its debt-swapping proposal more widely applicable than just
to itself.
Neither Germany, Finland nor the
Netherlands will be able to accept a
debt-relief policy simply based on the
notion that Greeks are angry and cannot
take it any more.
Mr Tsiprass friends in Podemos,
Spains leftwing insurgent party, might
like such a stance but the Spanish government is likely to reject it.
This will not be easy but Mr Varoufakis sounds quite an ingenious economist. He should draft a principle under
which sovereign debt above some high
percentage of gross domestic product
could be swapped into bonds tied to
nominal economic growth on condition of making an agreed programme of
liberalising reforms. Then, he might
even find an ally in Wolfgang Schuble,
Germanys finance minister.
Would that be saleable? Neither Ireland nor Spain, which have already
made such reforms, would want to take

part. But Italy and Portugal might, and

such a principle could provide the eurozone with a strong tool to ensure future
crises are dealt with in the right way.
And in Greece? Well, liberalising
reforms are a tough sell there, but if Mr
Tsipras means what he says about tackling Greeces oligarchs, the rich
quasi-monopolists who dominate the
Greek economy while avoiding paying

Both premiers need to

frame their demands so
that reforms stand to
benefit other countries too
their taxes, this would be the best way
to do it.
It would be best, both politically and
for the future health of Europe, if this
were made part of a wider package, one
that boosts economic growth and creates jobs while binding the EU closer
together. In addition to the debt swap,
that could involve a beefed-up programme of publicly financed investment, across the EU, made possible by

altering the fiscal pact to separate capital investment from current spending;
and a new single-market drive, deepening market integration for goods and
extending it to services and the digital
economy.
Funnily enough, much of this ought
also to appeal to Mr Cameron. What he
needs if he is to be able as prime
minister to recommend a yes vote
in an EU referendum in 2017 are three
things: to show that the EU can solve
problems and revive its economy;
to show that a single market in services
is at last being created; and to show
that countries that choose to stay out of
the euro cannot be discriminated
against.
This package could give him two of
those three. So here is an idea: given that
Mr Varoufakis flattered Britain by floating his debt-swap idea on a visit to London, Mr Cameron could try proposing
this wider package both for his own
good and to show that he can, after all,
be a constructive European.
The writer, a former editor of The Economist, is producer of The Great European
Disaster Movie, to be broadcast by BBC4

Chinas strange
fear of a colour
revolution
FOREIGN AFFAIRS

Gideon
Rachman

hinas education minister

has just issued an edict to
the countrys universities
that sounds like something
from the heyday of Maoism.
Never let textbooks promoting western values enter our classes, thundered
Yuan Guiren. Any views that attack or
defame the leadership of the party or
socialism must never be allowed.
As a visitor to Beijing last week, it
struck me that it is rather late in the day
to crack down on western influence.
The Chinese capital is the home to every
western brand you can think of from
Lamborghini to Hooters. In the cafs
near Beijings university campuses, Chinese students gossip and surf the internet, much like their western counterparts. Yet apparent familiarity can be
deceptive. Logging in from my hotel, I
was naively surprised to run straight
into the great firewall of China that
blocks access to Google, Twitter and
many other sites.
In recent months, the great firewall
has been raised higher amid a crackdown on western influence that has
affected universities, bloggers and television schedules. People directly
involved in liberal politics have suffered

much more directly. Human rights

organisations say that hundreds of
activists have been detained over the
past year. Foreign non-governmental
organisations are also under intensified
scrutiny and pressure.
This crackdown points to a surprising
sense of insecurity in Chinas ruling circles. Events in the outside world have
made the government increasingly anxious about the threat of a colour revolution that would challenge the Communist partys grip on power. That links to
anxiety about the internal stability of
China, at a time when the economy is
slowing and President Xi Jinpings anticorruption campaign is creating discontent among the ruling elite.
The wave of revolutions in the Arab
world stirred deep anxieties in the Chinese Communist party about popular
risings against undemocratic governments and the chaos they can
unleash. The role of western institutions
and technology in stoking these revolts
was noted in Beijing. The fact that the
Egyptian uprising of 2011 was labelled
the Facebook revolution and that one
of its most prominent early activists was
a Google executive helped to seal the
fate of those two companies in China.
Over the past year, Chinese official
paranoia about the threat of a colour
revolution has been stoked by events in
Ukraine and, above all, Hong Kong.
China seems to have sincerely
embraced the Russian view of the uprising in Ukraine, namely that it was essentially organised by the Americans, using
all their nefarious tools, from the inter-

Philip
Augar

t was the summer of 2007 and I

wanted to open a bank account.
Passport and utility bill in hand, I
went to my local HSBC branch. The
staff scrutinised both items carefully, fixed me in the eye and declared
that the utility bill was out of date.
I glared back at them, argued in vain
and returned an hour later with a new
bill and a sneaking admiration for a
bank that appeared to take the know
your customer regulations seriously.
Little did I know what was happening
in other parts of HSBC. According to
reports by The Guardian, BBC and other
media outlets, when I was trudging
home to find a more recent gas bill, clients of HSBCs Swiss bank were enjoying
more accommodating treatment.
Blatant tax dodgers were seemingly
accepted as clients without question.
There were also serious compliance

problems, as we discovered in 2012,

over drug dealers thought to have
washed illegal proceeds through its
Mexican business and shadowy figures
who used the bank to circumvent US
rules to prevent dealings with Iran and
North Korea. HSBC paid a $1.9bn fine to
US authorities to settle these matters.
HSBCs travails from Acapulco to
Zurich are a microcosm of the banking
industrys problems. Hot topics such as
governance, the universal banking
model, investor behaviour, shareholder
value, management culpability and the
emergence of tax as a political battleground are contained in HSBCs Swiss
and American misadventures.
Governance within universal banking
is the central problem. HSBC says it is a
different organisation now, and it certainly was not the only one involved in
such matters but these geographically
diverse incidents illustrate the problems of managing a global bank. Business customs and cultures vary, a point
HSBC used to make in its advertising.
Bringing staff together from diverse
backgrounds to serve the needs of local
markets while simultaneously adhering

OPINION

Michael
Fullilove

ven for a politician used to

knife-edge contests it was a
close-run thing. Barely 17
months after his election as
Australian prime minister
Tony Abbott faced the indignity on
Monday of a party vote of confidence
that saw 40 per cent of his colleagues
vote against him even though there
was no declared challenger. If a dozen
MPs in his centre-right Liberal party
had voted the other way, the one time
student boxer would now be moving his
belongings out of the prime ministers
residence on Sydney Harbour.
While Mr Abbott now gets to fight
another day, Australians have been left
wondering whether this weeks events
are further proof of a crisis in the countrys politics. Australian politicians
seem more skilled at opposing and criticising than they are at governing.
Part of the explanation for Mr
Abbotts transition from exceptional
opposition leader to beleaguered prime
minister lies in his own political frailties.
He has struggled as prime minister. As
one Liberal MP, in a reference to Winston Churchill or perhaps the Godfather, put it, Mr Abbott had been a great
wartime leader but the government
now needs a great peacetime leader.
Mr Abbotts management of the
domestic political agenda has been
unimpressive. Important budget measures have failed to pass the parliament.
Policies on health, education and parental leave remain unresolved. And having
last year reintroduced Australian
knighthoods and damehoods, Mr
Abbott attracted ridicule this year by

Abbott is a victim of
as well as a contributor
to the countrys
dysfunctional politics
net to NGOs. In April, months before the
protests in Hong Kong broke out, Wang
Jisi, a prominent Chinese academic,
wrote that the main concern of Beijings
leaders in dealing with America is
alleged US schemes to subvert the Chinese government and to penetrate politically and ideologically into Chinese
society.
The Hong Kong protests, which broke
out in September, seemed to confirm
Beijings deepest fears. Viewed from
China, they looked dangerously like the
arrival of the techniques of the colour
revolution within Chinas own borders:
the sit-down protests, the students, the
foreign television crews, the use of social
media and the emergence of a catchy
brand name, the umbrella movement.
The Chinese government succeeded in

Beijing seems to share the

Russian view that the
uprising in Ukraine was
organised by America

damping down the protests in Hong

Kong. But some in Beijing claim to see a
sinister pattern of western meddling
stretching from the Arab world to
Ukraine, Cuba, Venezuela and now
Hong Kong.
What is more, all this international
disorder is coming at a time of heightened political tension within China. Mr
Xis trademark domestic political initiative is his anti-corruption campaign.
This has gone on longer and struck
deeper than many expected.
The anti-corruption drive is said to be
popular among ordinary Chinese. But it
is threatening powerful interests. In the
past couple of months, the government
has formally charged Zhou Yongkang,
the former head of Chinas internal
security police and announced an investigation into Ling Jihua, who was the
senior aide to Hu Jintao, Mr Xis predecessor. There is also said to be discontent in the massed ranks of party officials, many of whom have got used to
supplementing their relatively meagre
official salaries with bribes. Some even
argue that the slowing of Chinas econ-

omy has something to do with the chilling effect that the anti-corruption campaign has had on business deals.
It may be that Mr Xi is so perfectly in
control of the political system that he
can afford to take on powerful interest
groups. But well-connected people in
Beijing now speculate openly about the
possibility of an attempt to remove the
president. Some note that previous
bouts of popular unrest in China, for
example in 1989, coincided with divisions at the top of the Communist party.
Yet, in many ways, China has never
looked stronger. A few months ago, the
International Monetary Fund
announced that China is the worlds
largest economy, measured by purchasing power. Foreign leaders are queueing
up for audiences with Mr Xi, usually in
the hope of attracting Chinese investment. Viewed from the outside world,
the apparent anxiety of Chinas political
leaders looks excessive, even paranoid.
But, as the famous (western) saying
goes: Only the paranoid survive.

and outgoing chairman Stephen Green

was ennobled, while the company quietly flourished on the back of drug
money and aggressive tax avoidance.
History may come to reassess the batting order of these and other leaders.
There is one potentially important
side effect of the latest scandal: the
involvement of HSBCs Swiss private
bank in aiding and abetting what seems
to have amounted, at the least, to
aggressive tax avoidance will keep these
issues high on the political agenda.
There are signs the balance between
legitimate tax avoidance (as a duty to
shareholders) and paying a fair tax bill
(as a duty to society) is tipping towards
the latter. In the UK, the Labour opposition is likely to make sure this remains a
lively topic ahead of the general election
in May. US President Barack Obamas
2016 budget plan to tax offshore profits
is also dividing along party lines.
We may yet hear more about Switzerland and its banking laws before these
debates are settled.

bestowing one on Prince Philip. (Pity

the duke who needs a knighthood.) All
this has crowded out the news of a
healthy economy and a good record on
foreign policy.
But there is also something more fundamental at work. Mr Abbott is a victim
of as well as a contributor to Australias dysfunctional politics. In the past
eight years, the country has had five
prime ministers. With each leadership
change, government policies have
lurched from one pole to another. Few
reforms have been enacted; and most of
those that were have subsequently been
torn down. Meanwhile, populist minor
parties have brought something of a circus feel to the national debate.
The result is a culture of internal
coups and one-term governments at
both state and federal levels. Mr Abbott
a relentless opposition leader is now
reaping what he sowed.
It was not always this way. Between
1983 and 2007 Australia enjoyed a quarter-century of stable, effective government. Labor administrations under Bob
Hawke in the 1980s and his successor
Paul Keating in the 1990s remade the
economy, developed innovative social
policy and managed to win five elections at a time when conservative political parties governed most of the developed world. A stream of social democrats including a young Tony Blair
and Gordon Brown made the pilgrimage to Canberra to look and learn.
The coalition government of John
Howard (1996-2007) ran up four election victories. Tory leaders William
Hague and David Cameron were admirers of Mr Howards deft political management and his record of capable economic stewardship. Australians will
now watch closely to see whether Mr
Abbott can emulate his mentor Mr
Howard and pick up his game.
But the larger questions relate to Australias future, not that of Mr Abbott. As
global wealth and power shift in our
direction, can our political leaders get
their act together to deal with an
increasingly challenging neighbourhood? How can we make Australian politics a robust battle of ideas, rather than
a dispiriting conflict of personalities?
Politics is usually about the future.
But the goal here should be to go back in
time to a period when our public life
was serious, and our country was an
object of respect and admiration from
international observers, rather than a
curious spectacle.

The author is a non-executive at TSB but

writes in a personal capacity

The writer is the executive director of the

Lowy Institute in Sydney

gideon.rachman@ft.com

From Acapulco to Zurich, witness the perils of global banking

OPINION

The unedifying
spectacle
of politics
Down Under

to head offices minimum standards of

behaviour is an immense management
challenge. It requires the right tone
from the top, rigorous enforcement and
the right behavioural drivers, such as
appropriate reward structures.
Even if you have put all this in place
which HSBC says it has it is such a
hard feat that investors will continue to
price in the risk of regulatory sanctions

Business customs and

cultures vary, a point
HSBC used to make in
its advertising
when they evaluate universal banks.
This is ironic, since the pressure to cut
corners comes from investors themselves. Maximum danger arises when
top management is under pressure from
shareholders to increase profits and dividends. These are the times when the
wrong message can easily be passed
down the reporting line, leading to corners being cut and managers looking the

other way as they strive to meet targets.

As Jack Welch, the former General Electric chief and sometime high priest of
shareholder value, told the Financial
Times in 2009: Shareholder value is a
result not a strategy. Banks could do
worse than to put that on their T-shirts.
The HSBC case also raises the question of how we judge the recently
departed generation of UK bank chiefs.
Few left with plaudits but developing
events change how we evaluate them.
Compare, for example, the reputation
of Bob Diamond Barclays chief during
the period in question and long the
industrys whipping boy with HSBCs
senior management of the day. The
former, for all Barclays faults, built the
UKs only globally credible investment
bank and kept Barclays out of state ownership in the financial crisis. Despite
these achievements, he had his collar
felt by the Bank of England when Barclays paid $450m to UK and US authorities after it admitted to having manipulated the Libor interest rate benchmark.
At the time, meanwhile, HSBCs chiefs
were widely praised for navigating the
banking crisis. They accepted plaudits,

12

FINANCIAL TIMES

Tuesday 10 February 2015

BUSINESS LIFE

Take note:
seven lessons in
strategy from
Staples desk

Andrew Hill
Onmanagement

In 1986, Tom Stemberg opened the first

Staples superstore in Massachusetts.
Stationery retailers have not stood still
since. By 1990, Mr Stembergs
disruptive bright idea had spawned
dozens of lookalike office supply
warehouses. When people asked how
it felt to be the father of the industry,
my answer was I wish Id used a
condom, Mr Stemberg tells me.
Consolidation followed, but in 1997,
regulators blocked Staples bid for
Office Depot. Last week, Office Depot
again agreed to be bought by Staples,
for $6bn. Antitrust approval is not a
given, but what the US Federal Trade
Commission deemed a potentially
dominant position 18 years ago now
looks more like a defensive necessity.
So is that it for the category-killing,
big-box retail trend of which Staples
was part? Almost certainly not. The
industry can still teach others a few
lessons about strategy and they are
not all gloomy.
3Do not count on staying dominant.
As Rita Gunther McGrath noted in her
book The End of Competitive Advantage,
with few exceptions, stability, not
change, is the state that is most
dangerous in highly dynamic
competitive environments.
Mr Stemberg and others fired the
staple-gun that launched a new era, in
which the half-life of dominant
companies has shortened dramatically.
A strategy that had served stationers
and their customers well for centuries
withered in 1986, but Staples approach
barely survived 10 years before it too
was under attack.
3 Stay competitive on price. Staples

and others launched at a point when

the cost of office machines was starting
to fall. Sales of computer and printer
equipment provided a solid foundation
for growth, underpinning the discounts
on pens, paper and notepads and other
bulk supplies. It soon became clear,
however, that . . .
3 . . . in retail, your biggest
competitor is the internet. Two years
ago, when it approved a merger
between Office Depot and OfficeMax,
number three in the market, the FTC
conceded that customers now look
beyond superstores. In fact, if the
commissioners had glanced up in 1997,
they would have seen Amazon, which
went public that year, on the horizon.
At the time, Staples rightly argued the
internet would increase price
transparency. But it was still early days:
the commission concentrated instead
on the deals impact on the fraction of
the market served by superstores.
3 But do not ignore your offline
competitors. Big suppliers proved
susceptible to death by a thousand
paper-cuts on main street and in malls,
as the likes of Costco, the retail club,
Target and Walmarts supermarkets
and Walgreens pharmacies extended
their stationery departments.
3 Dominance opens a (small) space
for specialists. Tablets and
smartphones may have cut bulk orders
of printer ink and paper, and offered
consumers alternatives to pad, pen and
pencil. But specialist stationers are
starting to fill a niche for retail
customers with bespoke, high-end or
quirky ranges of the same paper-clips,
ballpoint pens and notebooks sold by

Its $6bn
Office
Depot deal
shows how
dominance
cannot be
taken for
granted

the discounters. James Ward, author of

an offbeat history, Adventures in
Stationery, says devices change the
meaning of stationery as the lightbulb
changed the meaning of candlelight:
The flaws in a technology, once it gets
replaced, become its charm.
3 The category killer is not dead.
Staples is closing stores and will go on
doing so. But the office supply group,
which would have more than 4,000
outlets if this final consolidation goes
ahead, also operates a vast ecommerce
site and has large contracts with
corporate and government clients (the
likely focus of any FTC attention).
3 Size still counts. Mr Stemberg, now
a partner with the Highland Consumer
Fund, is a director of pet product
retailer Petsmart (1,400 stores), which
is about to be taken over by private
equity, and CarMax, the chain of 140
used-car superstores. He points to
Total Wine & More, with over 100 wine
hypermarkets across the US, as
another example of the category-killer
model still hard at work.
In its combination of frenzied
investment and copycat ideas, US retail
in the late 1980s looks a bit like the
dotcoms a decade later. But, as Staples
founder says, a lot of great companies
came out of that era. Some survived
many years. A few are still going.
Before consigning their strategies to a
$6.79 Staples trash can, remember that
few entrepreneurs in any industry
let alone veterans of the dotcom bubble
will be able to make that boast.
andrew.hill@ft.com
Twitter: @andrewtghill

Once a hobby for coders,

hackathons are being used
to inject dynamism and
urgency into businesses,
writes Richard Newton

omething was missing from

t h e B r i t i s h A i r w ays
ungrounded hackathon last
month: hackers.
Well, a hackathon doesnt
have to be about code, says Hamish
McVey, BAs head of brand engagement.
Its more about the attitude to get
things done, about making ideas real
and getting them in the hands of customers.
So 20 writers, designers, entrepreneurs and programmers gathered at
Ravensbourne, a digital media college
perched beside that one time icon of
futuristic creativity, the O2 Arena. Here,
they were asked to find ways to enhance
the part of a flight that tends to score
lowest for customer enjoyment: arrival.
This being a hackathon the objective
wasnt just ideas. The airline sought prototype solutions within three days.
Hackathons have come a long way
since they were the preserve of people
fluent in Python, Java, C# or other programming languages that perplex the
untrained. That BA could be running an
almost hacker-free hackathon shows
how far the format has evolved and gone
mainstream since it was born in 1999.
Back then, 10 programmers from
around the world gathered in Calgary,
Alberta, to work on a little known operating system called OpenBSD. Now,
hackathons are held every week in London, New York, San Francisco and
beyond.
Typically, scores of participants come
for a weekend of playful yet competitive
coding, armed with a laptop and an
appetite for a challenge.
Once the goal and constraints of the
hack have been explained by the organisers, the individual participants coalesce into small groups. Each team
develops its own take on the mission
and then sets about fulfilling it for a
presentation 24 to 48 hours later.
When hackathons involve developers
from outside the company, as with the
BA event, the hackers own their ideas;
products developed at in-house company events are the property of those
companies.
As BAs challenge got under way, what
might now be termed a traditional hackathon was starting in nearby
Shoreditch, east London. Dropbox, the
online storage company, was celebrating the opening of its London office with
a more tried and tested formula.
Inside a Shoreditch warehouse 150
developers formed 30 teams whose
challenge was to make the most innovative and useful hack or solution that in
some way utilised Dropboxs services.
The winner was a mobile blogging
tool that used the online storage companys service to store and sync text and
images. Details of the victor in the BA
event were not disclosed by the company, however.
The simple hackathon law of no prototype, no score promotes doing over
talking, which is why this niche weekend pastime, a sort of Fight Club meets
computer club, is being appropriated by
big business.

The hackathon enters the

corporate mainstream
Old school:
coders at a
Dropbox
hackathon in
Shoreditch, east
London

Highlights

Hackathon
decoded

The speed of innovation solutions

imagined; prototypes built, presented
and made testable within days is corporate catnip.
Another part of the attraction, as BAs
Mr McVey makes clear, is that it is a brief
event that need not disrupt normal
business. In this way the aspects of
start-up culture urgency, innovation,
speed and a sense of mission become
bite-sized and manageable.
The most valuable part of this sort of
exercise, says Mr McVey, is less about
innovation and more about doing. Big
companies often believe that a product
should be perfect before it is put in front
of customers. But we looked at the
speed that start-ups were innovating
and getting new products and services
in front of customers and see no reason
why we couldnt do the same.
The BA event was held over three
days. The first day ended with each
team presenting its best ideas to the
combined group and the two subsequent days were devoted to making testable prototypes. There was no require-

ment that the prototypes had to be software-led. The only restriction was the
ticking of the clock. As McVey says:
The timetable provides a lot of focus.
That same focus on immediate results
has also prompted the design consultancy, Ideo, to produce its own version
of the hackathon: The Make-a-thon.
The starting point was an internal
conversation about wanting to make
things more tangible, says Steve OConnor, Ideos executive digital design
director. He says conversations about
business plans can become abstract and
time-consuming, but when you have a
prototype the whole design process gets
accelerated. The question we asked ourselves was, how do you talk less, do
more?
The Make-a-thon brought together
60 people of whom a minority were
from Ideo. Only 48 hours after students,
designers and other assorted guests had
filed through the doors these strangers
had produced a wide range of working
prototypes. One of the notable ones was
a rear bicycle light that frowned when

3 Hack was a slang word used by

students at the Massachusetts Institute
of Technology to describe elaborate
pranks undertaken for the sheer pleasure
of it.

3 An internal Dropbox hackathon

generated the important ability for a
user to hold two online storage
accounts on a single device.

3 The word hacker was first coined by

and for the members of the MIT Tech
Model Railroad Club whose desire to
understand how things worked and
improve them led from electronic circuitry
(used in model railways) to computers.
3 At an internal Facebook hackathon the
ubiquitous like button was invented.

3 In 2013 British Airways organised a

spectacular ungrounded hackathon
on a flight from San Francisco to
London.
3 In 2014, Slash, the Guns N Roses
lead guitarist, invited hackers to enter
a 24-hour competition to develop new
ways to promote his forthcoming
album. It was called a Slashathon.

the sensors detected that a car was getting too close.

Far from being possessive over this
model for creativity and innovation, the
developer community seems to welcome the advance of the hackathon into
the business mainstream.
Initially there was a particular form,
the technical hackathon, says Rob
Spectre, who leads the developer network at Twilio, a web communications
company that attributes its success to its
relationship with developers worldwide.
Twilio runs, sponsors and attends
hackathons all over the US and Europe.
But now its been deconstructed and
put together again with the realisation
that any creative discipline can take
advantage of the ethos. For the next few
years you are going to see wild experimentation, he says.
When hackathons started, they were
all about code. Today, there is a growing
recognition that it is the format and the
rules, not the software, that makes
hackathons special.
Jon Bradford, London managing
director of Techstars, a start-up accelerator, says the essence of the hackathon
is not the code but three things: the collision of fresh thinking, a shared sense of
purpose and thirdly, that key driver of
creativity, constraint.
Now that the hackathon itself has
been hacked the format may become a
ubiquitous business tool.
The model is taking creative people
and putting them in a crucible and challenging them to build something concrete in a finite space of time and this is
very, very valuable, says Twilios Mr
Spectre. The only thing we can expect
is the unexpected.

The fit executive

Genetic testing aids screening

efforts against breast cancer
CHARLES WALLACE

One of the most important

health decisions a woman
can make is when and how
often to be screened for
breast cancer. Cancer
Research UK underlined the
dangers with a report last
week that said one in eight
women in the UK will
develop breast cancer in
their lifetime and it is the
second-largest cause of
cancer-related deaths
among women.
The main method of
screening women for breast
cancer is an X-ray a
mammogram. The UKs
National Health Service
invites women for a
mammogram every three
years between the age of 47
and 73 in England, and
between 50 and 70
elsewhere in the UK.
In the US, the American
Cancer Society urges
women to get mammograms
every year from the age of
40. Richard Wender, chief
cancer control officer of the
ACS, told me this was
because of studies showing
that annual mammograms
led to women having 30 per
cent less likelihood of being
diagnosed with aggressive
breast cancer, especially at a
young age. The ACS
regularly re-evaluates the
testing interval in light of
new research.
There was controversy
last year when the British
Medical Journal published
the results of a 25-year
Canadian study that found
mammograms did not
reduce deaths from breast
cancer more than a regular
physical examination. But
that study was considered
by many experts to be an
outlier and another
conducted in Norway found
that mammograms every
two years for women from
50-69 reduced deaths from
breast cancer by
approximately 28 per cent
compared with those who
did not get mammograms.
Mammograms are not
without downsides: a study
published in 2012 in the
Lancet by an independent

panel suggested that for

every 10,000 women
screened, 43 deaths from
breast cancer would be
averted but 129 cases would
be overdiagnosed.
Overdiagnosis refers to
finding slow-growing
cancers that will never
become fatal, but because
they are hard to distinguish
from more aggressive
varieties, they are treated
with unnecessary surgery
and chemotherapy.
Two developments are
cause for optimism. One is
that treatments have vastly
improved, significantly
extending the lives of many
women who develop breast
cancer. Another is the
growing use of genetic
testing to help determine
which women are most
vulnerable to the cancer and
to draw up treatment plans.
Tests have been
developed for at least four
genes, BRCA1, BRCA2, TP53
and PTEN, that can contain
mutations that increase the
risk of cancer. While not all
cancer is genetic in origin,
for women with the BRCA1
mutation, the chance they
will develop breast cancer in
their lifetime is between 60
and 90 per cent, according
to the NHS. In 2013 actress
Angelina Jolie revealed she
had undergone a double
mastectomy because she
had the BRCA1 gene variant.
At the moment, women
must show there is a history
of breast cancer in their
close family in order to get
genetic tests performed. But
Mary-Claire King, the doctor
who discovered the BRCA1
gene mutations link to
cancer, recently called in the
Journal of the American
Medical Association for
expansion of genetic
screening to all women.
My mother died of breast
cancer, aged 42. Because
men can be carriers of these
gene mutations, I have
urged my daughter to be
genetically screened for this
insidious illness.
fitexecutive@ft.com

Great place to meet

Concept 13, Warsaw

Where Warsaw

WiFi Yes

Plug sockets No

Price of an espresso 8 zloty ($1.40)

Open 11am-11pm (Sun 6pm)

Privacy points: AEEEE

Decent business restaurants

in Warsaw used to be as rare
as hens teeth. Today, in
Polands cosmopolitan,
globalised and confident
capital, they seem to be
hatching all over the place.
Take out the tables and
Concept 13 could be an art
gallery. It is all designer
furniture, sleek wooden
floors and clean lines.
Thankfully, it also gets the
restaurant basics right. The
food is excellent, blending
staple Polish ingredients
with smart, not overly smug
techniques.
At 55 zloty (10), its fivecourse lunch menu is also
superb value. Expect
something along the lines of
fresh salmon, roast duck
and, of course, a hearty
soup.
Perched atop Warsaws
most exclusive luxury

shopping centre, its diners

are a mix of the winners
from Polands capitalist
rebirth. Immaculately
coiffured socialites chatter
among suited business
people and a smattering of
diplomats.
The floor-to-ceiling
windows on three sides
create a bright atmosphere,
even on overcast
afternoons, and provide
impressive panoramas of
the city centre.
To the east is a view of an
imposing white building
opened in 1952 as the
headquarters of Polands
ruling Communist party.
After the fall of the Berlin
Wall it was refitted to house
the Warsaw Stock Exchange.
Theres some food for
thought.
Henry Foy

Tuesday 10 February 2015

13

FINANCIAL TIMES

ARTS

ENO finds
the funny side
of Wagner

DA N C E

The Associates: Crystal Pite/

Kate Prince/Hofesh Shechter
Sadlers Wells, London

Louise Levene

highly original instrumentation. But

the end result didnt quite engage the
gut. tudes-Tableaux is easier to appreciate than it is to love.
The rest of the programme lurched
between genuine enthusiasm and perfunctory professionalism. The former
won out in Kagels Three tudes, where
orchestration, melody and harmony
are pushed every which way in the
name of adventure.
A more introspective type of enthusiasm marked some of Strausss most
intimate Songs with Orchestra, particularly Wiegenlied (Cradle Song),
Op 41 No 1 and Meinem
Kinde (To My Child),
Op 37 No 3, in which the
players sounded far fewer in
number than they actually
were. Still, they managed to
overpower Sophie Bevan, a
lithe-voiced soprano, lacking in
Straussian heft but abounding in
vitality. After this Schumanns
Rhenish Symphony No 3 crisply
and precisely performed, though
without much softness or joy felt like
an anticlimax.

Mixed was definitely the word for the

triple bill of works by three of Sadlers
Wellss associate artists. The gulf in quality between offerings from Crystal Pite,
Kate Prince and Hofesh Shechter was
enough to trigger an attack of the bends.
Pites epic 60-man Polaris was easily
the star of last summers Thomas Ads
evening an instant modern classic
and the Canadian choreographer scores
again with A Picture of You Falling, in
which she reworks a duet from a longer
work originally made for Nederlands
Dans Theater in 2007.
Two dancers, Peter Chu and Anne Plamondon, emerge from the dark in
response to a female voice that forces
them to revisit a mysterious turning
point in their shared past. Pites multifaceted movement language is a dazzling
mosaic of influences and inspiration. It
put the rest of the programmes facile,
half-baked material to shame. aaaaa
The bad news is that both Prince and
Shechter are planning to expand their
pieces into full-blown trilogies. Princes
winsome and lightweight Smile is conceived as an exploration of Charlie Chaplins unhappy clown persona danced to
sampled versions of the title ballad.
Tommy Franzens boneless virtuosity
and Duracell-bunny stamina are always
a joy to watch but failed to redeem a trite
and unilluminating 40 minutes. aaaee
The evening closed with The Barbarians in Love by Royal Ballet choreographer-in-waiting Hofesh Shechter, who
swapped his usual wall of sound for a
mash-up of Couperins
Concerts Royaux. The
baroque soundscape inevitably resulted in a few cod-classical
flourishes being added to Shechters
trademark trudge but the courtly manners sat on the text like a bad wig. The
show limped feebly on until finally his
six performers got their kit off and stood
downstage in the gloom, hands clasped
in front as if anticipating a free kick from
the stalls. Dont tempt me. aeeee

barbican.org.uk

sadlerswells.com

OPERA

The Mastersingers of Nuremberg

Coliseum, London

aaaaa

Richard Fairman
In the early years after English National
Opera moved to the Coliseum, it was
Wagners operas that sealed the companys reputation. Now, as ENO faces
what is arguably the most serious threat
to its existence, it is Wagner again who
comes along toliftthespirits.
Richard Joness production of The Mastersingers of Nuremberg started life in Cardiff five years ago but is new to London,
and now sung in English. Offbeat as ever,
Jones has cast a wry smile over Wagners
nostalgic (but very self-aware) recreationof medievalNuremberg.
The production works on many levels,
but its most heartwarming achievement
is the way it brings every citizen in this
community to life, from the hidebound
Mastersingers muttering the ancient
rules of their art to the young upstart
Walther, modelled on Wagner himself.
How wicked, too, to see bumptious
Beckmesser getting his comeuppance,
stripped bare with only his lute to cover
his shame. Naughty Richard Jones
how dare he make Wagners comedy
actually funny?
At the head of the cast is Iain Paterson
as a soft-grained, lyrical Hans Sachs, who
conjures a spirit of wonder in his private
reveries. Rachel Nichollss Eva launches
the quintet radiantly and Gwyn Hughes
Jones, though not a tenor of quite the
right golden sound for Walther, is
assured in the all-important Prize Song.
Madeleine Shaw is the excellent
Magdalene, Nicky Spence a down-toearth David, James Creswell a commanding Pogner. The other Mastersingers include some strongly-cast names,

Heartwarming:
from left, Rachel
Nicholls, Iain
Paterson and
Gwyn Hughes.
Below right:
Tommy Franzen
in Smile at
Sadlers Wells
Catherine Ashmore
Bettina Strenske/LNP

but way out in front is Andrew Shores

totally brilliant, delightfully fussy
Beckmesser. His portrait of this smallminded pedant of the bourgeoisie is as
detailedasafineDrerwoodcut.
Conductor Edward Gardner skilfully
blends grandeur, emotion and warmhearted humour, and allows the music to
bloom in the Coliseums perfect Wagner
acoustic.WhosaidENOisfinished?Here
is an enthralling two-fingers-in-the-air
tothecompanyscritics.
To March 10, eno.org

C L A S S I CA L M U S I C

BBC Symphony Orchestra/

Ryan Wigglesworth
Barbican, London

aaaee

Hannah Nepil
It might have seemed a reasonable
choice of programme: a UK premiere
and another contemporary work judiciously contrasted with pieces by Richard Strauss and Robert Schumann. In

performance this Barbican concert

failed to gel. The opening offering by
Mauricio Kagel left us battered, reeling
and unprepared for the dreamy world
of the Strauss songs. The Schumann felt
as though it had been chucked in for
good measure. As for Ryan Wigglesworths new tudes-Tableaux, which
should have been the centrepiece,
by the time it came round it sounded
like old news, too similar in its
highly-strung, experimental soundworld to the Kagel.
Premiered in Cleveland in January,
tudes-Tableaux is a musical lesson in
economy. It makes use of a large orchestra with double winds, large percussion,
harp and celesta, and yet it comes
across almost as a chamber work so
translucent are its textures, so sparing
the way in which Wigglesworth deploys
the instruments. The episodic structure
is neat and traceable. The ideas are
stated clearly then re-emerge in
mutated but recognisable forms.
As a whole, this 14-minute piece certainly challenges the listener, not to
mention the players; under the composers baton the BBC Symphony
Orchestra revelled in its rhythmic and
harmonic complexity as well as its

THIS EVENINGS TELEVISION

Pick of the day

Inside the Commons (BBC2
9pm, Scotland disgracefully
11.50pm) continues its
riveting course, alternately
infuriating and heartening.
Tonight: the upstairs/
downstairs contrasts as
Westminster spruces itself,
adjusts the lighting and
rehearses for the state
opening. Once the
Beefeaters (left) have
checked for gunpowder, the
elbowing, jockeying, coercing
and filibustering surrounding
private members bills take

over. Decent men ruefully

see their good causes
shoved aside, at least one
of them presumably
wondering whether a
last-minute offer of minor
office by the chancellor was
really worth sacrificing his
independence for.
How very different from
the politics of City Hall
(BBC1 12am): drug-dealing,
violent death, sinister powerplayers. America needs
Beefeaters, not Al Pacino.
MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show. Presented
by Matt Baker and Alex
Jones.
7.30 EastEnders.
8.00 Holby City.
9.00 The Gift. New series.
Documentary in which Mel
Giedroyc and Matt Baker
tell the stories of people
who would like to find
someone after many years
so they can say thank you
or sorry.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 Count Arthur Strong.
Arthur is forced to move in
with Michael, who is soon
stressed out by having to
live in close quarters with
the out-of-work actor and
goes looking for friendship
elsewhere.
11.15 Have I Got a Bit More Old
News for You. R

6.00 Eggheads. Quiz.

6.30 The Great Antiques Map
of Britain. Tim Wonnacott
visits the Royal Windsor
Horse Show.
7.00 Antiques Road Trip. Paul
Laidlaw and Thomas Plant
travel through Preston,
Birmingham and Leicester.
8.00 Alex Polizzi: The Fixer.
Alex heads to an events
company in Wakefield,
where the owners have
been forced to move their
showroom into their own
lounge.
9.00 Inside the Commons.
Behind the scenes at the
state opening of
parliament.
10.00 Rhod Gilberts Work
Experience. New series.
The comedian tries his
hand at being a deep-sea
fisherman but soon faces
seasickness.
10.30 Newsnight.
11.15 Weather.
11.20 Dragons Den. R

6.00 ITV News London.

6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 River Monsters. Jeremy
Wade travels further into
the Amazon to investigate
mysterious deaths.
8.00 Bad Builders Bang to
Rights. Dominic Littlewood
meets a single mother
whose home was left
uninhabitable by a builder.
Last in the series.
9.00 Young War Widows. A
portrait of three women
whose husbands died
fighting in Afghanistan,
telling their stories from
their first dates to life as
military wives.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Benidorm. R
11.10 FILM Carry On Loving.
Comedy.

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News. Including
sport and weather.
8.00 The Secret Life of FourYear-Olds. Documentary
exploring the world of 10
four-year-olds as they
encounter one another in a
nursery rigged with
cameras, overseen by two
leading scientists
monitoring the action.
9.00 24 Hours in Police
Custody. Detective Cathie
Layton faces former
colleague, legal rep Brett
Jones, when he is called to
represent one of Lutons
most prolific burglars.
10.00 Kid Criminals. Part one of
two. The stories of US
teenagers serving
sentences in high-security
prisons, including an 18year-old being monitored
for his predilection for
grooming younger boys.
11.00 Married Behind Bars. R

Regional variations apply

Other channels
BBC3
7.00 Great Movie Mistakes IV:
May the Fourth Be with You.
7.30 Top Gear India Special.
9.00, 9.30 Live at the Apollo.
10.00 Uncle. 10.30 EastEnders.
11.00, 11.25 Family Guy. 11.45
American Dad!

Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Police
Interceptors. 8.00 Costa Del
Casualty: Benidorm ER. 9.00
Killer Psychopaths. 10.00 10,000
BC. 11.00 33 & Married to
Grandpa: Age Gap Love.

BBC4
7.00 World News Today. 7.30
Great Continental Railway
Journeys. 8.00 Digging for
Britain. 9.00 Cleopatra: A
Timewatch Guide. 10.00
Smileys People. 11.00 Bulldozers,
Paving Stones and Power: The
Chinese Mayor.

More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 Selling
Houses with Amanda Lamb.
10.00 Grand Designs Australia.
11.05 Gogglebox.
Film4
6.50 The Madness of King

George. 9.00 Robin Hood. 11.45

Nowhere Boy.
Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00
Game of Thrones: A Day in
the Life. 9.35 Fortitude: Behind
the Scenes. 10.00 Mike Tyson:
Undisputed Truth. 11.45 Girls.
Sky Sports 1
6.30 Live ATP Tennis. 10.30
Sporting Greats. 11.00 Time of
Our Lives.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30

The Simpsons. 8.00 The Flash.

9.00 Air Ambulance ER. 10.00
Ross Kemp: Extreme World.
11.00, 11.30 Modern Family.
Sky Arts 1
7.00 London Calling. 8.00
Talks Music. 9.00 Earth, Wind
& Fire In Concert. 10.20
Beat Beat Beat. 10.30 The
Legacy. 11.50 Live from the
Artists Den.
Sky Arts 2
7.00 Discovering: James Mason.
8.00 Russell Watson Live at
the Royal Albert Hall. 10.35
Legrand Jazz.

14

FINANCIAL TIMES

Tuesday 10 February 2015

All the beer in China

Although consumption of premium and mid-priced
brands in China is growing faster than cheaper lager
brands, economy lagers continue to dominate the
market. In the third quarter of 2014, all three of the
largest brewers saw revenues fall

Lager sales in China,

bn litres

Twitter: @FTLex Email: lex@ft.com

Chinas three largest brewers,

share prices (rebased)
200

50

Turkish banks:
account closed
Most banking regulators aim to
prevent crises. Turkeys Banking
Regulation and Supervision Agency
may risk contributing to one. Last
week it, in effect, forced a change of
management at Bank Asya for what
appear to be political reasons. The
BRSA had built a decent reputation;
now the market worries about its
independence.
Asya Banks woes have made traders
nervous. Asya, the 12th largest publicly
listed bank in Turkey by assets, had a
Tier I capital adequacy ratio of 15 per
cent in September. The sector average
is 14 per cent. Nevertheless the state
insurance fund was ordered to step in.
All this bodes poorly for Turkey. The
lira is one of the worst performing
currencies this year, down 6 per cent
versus the US dollar. Turkish bond
prices have fallen. If these trends
continue, that could threaten President
Recep Tayyip Erdogans hopes for
higher economic growth ahead of
Junes legislative elections. He would
like the banks to lower their rates.
The sector does not generate enough
profitability, however. Last year,
according to Moody's, loan growth was
19 per cent versus a 12 per cent return
on equity. Assets are growing faster
than equity; leverage is increasing. This
is not sustainable. The conservative
policy of the BRSA, which has forced
banks to maintain larger capital
buffers, has also depressed returns on
capital. But the previous chairman of
the BRSA, pushed to take action
against Asya, resigned because of illhealth in November. Policy may
change.
Turkish banks had a good run in
2014. Banks within the MSCI Turkey
index rallied 32 per cent, ahead of the
broader index. Yet the sector trades
below its five year average forward
price to book ratio. That is deserved
returns on equity are not exciting.
Without the promise of sustainable
loan growth, or improving returns,
expecting the valuation multiple to
expand is optimistic.
Worse, banks may have to contend
with higher funding costs. Short term
interest rates exceed long term, hinting
at funding pressure. A lack of domestic
savings means the sector increasingly
relies on foreign funding 42 per cent

Premium

of liabilities are foreign while loans

to deposits at 117 per cent is high
among emerging economies. Turkish
financial shares cannot go higher
without more loan growth or better
returns. Dont bank on either this year.

40

Mid-priced

20

Want Want:
crackers

100
10
0

Well-run food companies in China are

hard to come by certainly large,
investible ones. In a country plagued
by food safety scandals, few producers
have avoided being tainted.
Hong Kong-listed snack and milk
drink maker Want Want, with a $15bn
market capitalisation, has managed to
maintain a clean record, making it a
favourite with consumers. Between
2004 and 2013 revenues grew more
than sevenfold, a compound annual
rate of 25 per cent. Rice crackers and
snack foods, initially three-quarters of
sales, grew steadily. But childrens milk
drinks have done far better, growing
17-fold to more than half of revenues
by the end of 2013. Margins on milk
drinks are higher than those on snacks,
so profits have grown faster than
revenues at about 30 per cent a year.
But yesterday, Want Want said 2014
was not so good. Results, due in March,
are likely to show a drop in revenues of
low single-digits of per cent. The
company blamed the weak consumer
market and the timing of Chinese new
year. The shares fell as much as 5 per
cent intraday.
There may be more fundamental
concerns. Milk consumption in China
has been growing strongly, at 13 per
cent between 2008 and 2012 according
to Bernstein, so competition has grown.
Last year, rising raw milk prices and
high second-quarter inventory at local
players such as Mengniu and Yashili
led to price cuts and crimped top lines.
This year should be different. Raw
milk prices have been falling because
of growth in supply, while lower oil
prices help to cut packaging costs.
Barclays says this could push up Want
Wants margins by up to 4 percentage
points (or about a fifth). The company
has expanded, too. Last year 5 per cent
of sales came from new offerings.
At 18 times next years forecast
earnings estimates, the stock is not
cheap. Still, after falling one-third since
May highs last year, it now trades at its

2008
Growth rate in
lager consumption

7
12

16

1
9

12

27
13

16

18

Wind speed in MPH at 12 GMT

Temperatures max for dayC

-5

15

1020

1010

15
HIGH
Wind speeds in KPH

11

LOW

14
21

1000

13

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Cloudy
Cloudy
Cloudy
Sun
Sun
Sun
Fair

30
8
8
5
33
13
10
6

86
46
46
41
91
55
50
43

Belgrade
Berlin
Brussels
Budapest
Buenos Aires
Cardiff
Chicago
Cologne

Sleet
Cloudy
Cloudy
Fair
Sun
Cloudy
Cloudy
Cloudy

4
6
7
8
29
6
-3
7

39
43
45
46
84
43
27
45

5%

3%

5%

Being ranked first is a glorious feeling.

Falling to second, as the US coal
industry is discovering, is altogether
more painful.
Coal has long been the dominant fuel
in US electricity production. It
accounted for as much as half of power
generation as recently as the early and
mid-2000s. It will hold the top perch
for several more years, but its market
share is expected to fall towards 30 per
cent as demand for natural gas and

16

10

13

5%

US coal:
at the top, looking down

5
7

6%

-6

13

lowest forward PE ratio since 2008.

Assuming Want Want is not having its
own crisis, something looks a bit off.

7 HIGH

12

The barflies of China are slacking off.

Tsingtao, Chinas second biggest
brewer by volume, decried
unsatisfactory consumption in a
recent report. This may be an
awkward translation, but it captures
a mood of despondent sobriety.
Tsingtao managed to increase
revenue 13 per cent over the first two
quarters of 2014. It saw a 5 per cent
decline in the third. A similar pattern
held at industry leader, the brewery
arm of China Resources Enterprises
(a 4 per cent fall in the third quarter)
and third-place Beijing Yanjing (flat
sales). All three complain of a weaker
economy and bad weather; CRE also
noted more competition.
It is impossible to say whether the
dry spell has anything to do with

1030

11

6
7

15

10

Forecasts by

18

1020

09

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

Fair
Sun
Sun
Cloudy
Cloudy
Cloudy
Fair
Cloudy

8
22
29
6
7
7
5
6

46
72
84
43
45
45
41
43

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Cloudy
Sun
Sun
Snow
Cloudy
Fair
Cloudy
Sun

7
6
18
4
6
13
7
24

45
43
64
39
43
55
45
75

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

Cloudy
Cloudy
Fair
Cloudy
Fair
Sun
Sun
Fair
Sun
Cloudy
Fair
Sun
Cloudy
Cloudy
Snow
Thunder
Sun
Sun
Fair
Cloudy
Sun
Fair
Sun
Rain
Cloudy
Cloudy
Cloudy
Cloudy

5
4
10
7
22
11
-6
-6
32
3
4
14
7
6
0
33
16
18
4
7
27
7
-4
11
5
3
6
4

CROSSWORD
No. 14,851 Set by PHSSTHPOK
































JOTTER PAD







50
2010

11

12

13

14

15

FT graphic. Sources: Euromonitor; Thomson Reuters Datastream

1000
1010

150

30

Economy

Tsingtao Brewery
Beijing Yanjing Brewery
China Resources
Enterprise

ACROSS
1 Messages get different
envelops (8)
6 Disease that is acceptable
setback for macho? (6)
9 After swallowing, Jack wades
across rocky inlets (6)
10 Behold game featuring captured
knight in monsters lair (4,4)
11 Leaders of England belittle
British and Scottish flags (4)
12 He dissects star and moon with
both ends of radio telescope
(10)
14 Guard for flower hot housed (8)
16 Play up after opening of Easter
Island (4)
18 Occupied by a songbird (2,2)
19 Name in papers (8)
21 Informal conference fell short in
abolishing late openings (10)
22 Reading letters in comfort (4)
24 To be zoological, a marine
constituent? (8)
26 Bring out legal drug first (6)
27 Enthusiasm about a brassy
sound (6)
28 Former girlfriend charged a fee
to get complimented (8)

DOWN
2 Rabble infected by disease
nearly reach dead-end position
(5)
3 Type of music Rattle has
composed about the queen
(6,5)
4 City still jubilant (8)
5 To quickly go and to unendingly
live are among boundless
examples (5,10)
6 Microphone raised and not a
small distance (6)
7 Devout woman unaffected by
looking in mirror (3)
8 During hearing, tether suspect
who struck at random (6,3)
13 Obscured by the scenery past
it? (4-3-4)
15 Stew at nothing in controversy
(3,6)
17 Over Bible, man will be
determined (4-4)
20 Cordial game (6)
23 Grasp magnitude of concealing
extraterrestrial origin (5)
25 Snake bit head off stinging
insect (3)

Solution to Saturdays prize puzzle on Saturday February 21

Solution to yesterdays prize puzzle on Monday February 23
Winners names will be printed in Weekend FT

41
39
50
45
72
52
21
21
90
37
39
57
45
43
32
91
61
64
39
45
81
45
25
52
41
37
43
39

reports that Yanjing, whose controlling

shareholder is the Beijing municipal
government, aims to sell a 20 per cent
stake to a foreign partner.
At the current stock price, such a
stake would be worth $700m. That is
small beer for the global brewers. Last
year, Anheuser-Busch InBev spent a
reported $630m buying Siping Ginsber
in China. In 2013, SABMiller and its
Chinese partner CRE spent $850m
buying breweries from Kingway; and
Carlsberg completed its multiyear,
$1.4bn accumulation of full ownership
in Chongqing Beer.
The spending reflects determination
from brewers which have invested in
China for decades but find profit tough
to come by. At AB InBev, for example,
margins (before interest, taxes,

depreciation and amortisation) were

23 per cent in the past nine months,
about half those in other regions. The
problem is that the Chinese like
cheap beer and are price sensitive.
Haitong Securities estimates that
the average price is less than 50c a
litre. The battle to make revellers buy
fancier brews has a long way to go.
It is possible to make decent
returns in Chinese beer. Tsingtaos
return on capital is nearly 10 per
cent, in line with global players.
For the rest, scale will help. So
further partnering and consolidation
are the right strategy. It is getting
harder, though: the top four brewers
in China have two-thirds of the
market. And a slower economy will
make price increases hard to swallow.

renewables grows. Natural gas prices,

because of the fracking production
boom, have more than halved since
2008. At the same time, coal-fired
plants are implementing the US
Mercury and Air Toxics Standards. Add
this all up, and a tenth of coal-fired
capacity will be retired in the next few
years, according to S&P.
But the woes of coal producers go
beyond US power production. Coal is
also used for metallurgical purposes, in
the production of steel. Only about a
tenth of US coal production is
metallurgical coal but it commands
good prices. And while demand for coal
for power production (thermal coal)
has fallen, demand for met coal has
traditionally served as a buffer for
miners. Not this time. The price of met
coal is off a fifth from last year to below

$120 per metric tonne. Chinas steel

industry is slowing and it has slapped
tariffs on coal imports.
And so the coal miners are feeling
the pain of this slow decline towards
second place. Shares in Arch Coal,
Alpha Natural Resources, Walter
Energy and Peabody Energy, have
halved in the past year. Creditors are
scared. In recent weeks Arch, Walter
and Peabody have cut or eliminated
dividends to preserve cash. Peabody is
working with its lenders to loosen the
demands of its loans. Archs bonds
trade below 30 cents on the dollar; last
year it was lossmaking before its
$400m in interest costs. Painful.
Coal demand may decline, but will
not disappear entirely. The same
cannot be said of all of the USs coal
producers.

North Sea oil:

deconstruction
There is nothing outside of the text,
said the French philosopher Jacques
Derrida. His method of operation was
not to get caught up in distracting
themes, but to focus on the building
blocks of the text instead.
That is hard to do, when the subject
in question is North Sea oil. Big picture
themes abound here, from Scottish
independence to employment and the
economy. But focus on the (slowly
rusting) nuts and bolts of the matter
production facilities are ageing, and the
decommissioning process will take
decades.
So look at the companies which will
be taking those nuts and bolts apart.
Oil & Gas UK, the industrys lobby
group, believes that between 2014 and
2023 oil companies will spend 14bn
plugging North Sea wells and removing
infrastructure. Wood Mackenzie says
that spending on decommissioning will
exceed that of developing oilfields in
the North Sea from 2022.
That 14bn is not much against the
12bn a year that oil companies in the
UK pay the oil services industry. But
energy companies face the choice of
keeping high-cost oilfields going or
paying to shut them down. Marathon,
for example, will probably need to
consider doing something with its Brae
field. Production, which peaked at
120,000 barrels a day should cease in
four years. Help is available. Most
decommissioning costs can be
deducted for tax purposes. So the
decommissioning industry may grow
faster even if oil prices stay low.
Already, production in the UK North
Sea has fallen steadily, down by
roughly two-thirds since 2000.
But decommissioning has hardly
begun, and even the supply chain for
this industry is young. Engineering
firms such as Wood Group and Amec,
offshore specialists such as Saipem and
Subsea 7 and specialist companies such
as Able should all be busy.
The North Sea should become one
large deconstruction project over the
coming couple of decades. That should
keep Derrida fans happy.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

15

Tuesday 10 February 2015

Smart Money Do funds run

by women outperform?
STEPHEN FOLEY, PAGE 28

Sports rights
group led by
Blatter nephew
sold to Chinese

Yanjing
Brewery

HSBC

Alibaba

Greek stocks
(ATG index)

Brent oil

Euro / Dollar

Gold

Rouble / Dollar

1.67%
Rmb7.93

1.64%
610.6p

0.47%
$86.08

4.8%
765.22

0.9%
$58.34

0.1%
$1.1327

$7
$1,240

1.9%
Rb65.86

Short
View

Grape expectations
Prices rising again for Bordeaux fine wines

James
Mackintosh
One number dominated the reporting of the US payrolls
report on Friday: the 1m jobs created over three months.
Investors should pay attention to some other figures, too.
First, the shocked reaction of bonds. The rate-sensitive
two-year yield climbed 12 basis points as a summer
increase by the Federal Reserve was priced back in the
biggest yield rise in a day in more than five years. Yields on
10-year bonds rose 13bp, less significant in the context of
their higher yield but meaningful as a sign of slightly
improved long-term economic confidence.
Investors were so surprised in part because several other
economic indicators had come in below forecasts. The jobs
figures outweigh the rest because of the Feds focus on
unemployment and what had been weak wage rises.
Second, the shocked reaction of bond proxies. The S&P
500 utilities sector fell 4.1 per cent on Friday, its secondworst day since the post-Lehman market recovery began
in March 2009. The search for yield had made utilities popular for their safe dividends, but if bond yields are rising,
the yield on shares that look like bonds should rise too.
Third, the outperformance of cyclical sectors most sensitive to the economy. Financials jumped 0.7 per cent,
while consumer discretionary, industrials, energy and
materials beat more defensive companies in consumer
staples, old-line technology and healthcare.
Cyclicals started beating defensives late last month (see
chart), coinciding with the bounce in oil. This was about
more than just the energy sector, with cyclicals excluding
energy also outperforming. But it is far from clear that the
oil rebound is more than temporary, or that it reflects
stronger demand, rather than merely constrained supply.
Finally, the drop in equities as a whole. The days verdict
was that what is good for Main Street (more jobs) is not
great for Wall Street. The S&P 500 fell only 0.3 per cent, but
highlighted just how many bondholders had been pushed
into bond-like shares by the hunt for yield. If the economy
keeps improving and rates rise, expect a full reversal of the
hunt for yield, falls in defensive stocks, losses for multinationals from a stronger dollar and the prospect of margin
pressure as wages rise. Taken together, they present a
serious obstacle to gains for the overall index.

Developer Dalian Wandas expansion

broadens with 1bn for Infront Media
JOSEPH COTTERILL, ARASH MASSOUDI
AND ROGER BLITZ

Chinese property developer Dalian

Wanda has won an auction for Infront
Media, the Swiss group led by the
nephew of Fifa president Sepp Blatter
that distributes broadcasting rights for
some of the biggest sporting events.
Wanda will pay more than 1bn for
the company, owned by buyout group
Bridgepoint since 2011, in a deal
expected to be announced this week,
people familiar with the matter said. It
took pole position in the auction in
December. Philippe Blatter will remain
as Infront president and chief executive.

Philippe Blatter has always

said that accusations of
nepotism over his dealings
with Fifa are unfounded
The deal is the latest stage of Shanghai
company Wandas expansion beyond
commercial real estate into leisure and
entertainment, including sport and
comes just weeks after it acquired a 20
per cent stake in Atletico Madrid. The
company already owns US cinema chain
AMC Theatres and British luxury yachtmaker Sunseeker, in Poole, Dorset.
The bedrock of Wandas business is
one of the biggest commercial property
portfolios in China, with Rmb160bn
($25.6bn) in sales last year placing it
third after Vanke and Greenland as a
developer. But it is augmenting its holdings to reflect the evolution of Chinese
consumer taste beyond physical purchases towards online retail and rising
spending on films and entertainment.

Citigroup analysts said in a note last

month: In effect, Wanda and competitors are looking to build integrated
online/offline platforms to ride on the
growth in Chinas consumption trends.
Infront distributed media rights in
Asia for the last two Fifa football World
Cup tournaments, and has the rights to
sell broadcast packages in 26 territories
in Asia for 2015-22.
Control of Infront, whose subsidiary
HBS has been host broadcaster for the
Fifa World Cup since 2002, will give
Wanda access to media rights for events
from football matches in Italys Serie A
league to Ironman endurance races and
the Berlin marathon.
Mr Blatter has often had to confront
scepticism over his relationship with
Fifa, but he has always said accusations
of nepotism are unfounded.
Wanda might also be drawn to
Infronts presence in the Chinese sports
rights market. Last year Infront secured
a six-year contract for the countrys professional basketball league. Infront has
a long-term relationship with the
Chinese Basketball Association, helping
with the leagues branding and commercialism, and signing up international
companies as sponsors.
Last month Chinese internet group
Tencent signed an exclusive five-year
deal to digitally distribute US National
Basketball Association games in China.
Infronts sale will net a significant
profit for Bridgepoint, which acquired
the company for 550m including debt
in 2011.
Profits at Infront have risen by 50 per
cent in the past three years. The acquisition price values the company at 12
times its earnings before tax, interest,
depreciation and amortisation.

Pricing in growth?
Nicolas Tucat/AFP

Bordeaux fine wine prices

are on the up again after several
years of turning sour.
I n a s t o c k exc h a n g e
announcement yesterday, Bordeaux Index, a monitor of fine
wine prices, said prices were
back at 2010 levels, with some
of Bordeauxs more famous
names having returned to
2005-06 levels.

Bordeaux Index said much of

the excess supply which had
pushed prices lower in the past
couple of years had now been
worked out of the market
and export demand was once
again picking up, driven by collectors in Hong Kong.
Guy Ruston, managing director of Bordeaux Index Hong
Kong, said: We saw new

ground broken with some

astonishing prices achieved at
Sothebys ex-chteau auction of
wines from first growth Mouton Rothschild.
Overall in 2014, Bordeaux
Index said wines traded via its
LiveTrade online dealing platform last year rose 22 per cent
on 2013, with a 28 per cent
increase in Asia.

Towergate taps rival US broker for new

chief to lead recovery from cash crisis
ALISTAIR GRAY
INSURANCE CORRESPONDENT

Unilever chief sets out

business priorities
Paul Polman, the chief executive of
Unilever who once trained to be a
priest, has had to defend missed sales
forecasts in six of the past eight
quarters, with some shareholders
fearing he may be caring more about
the environment than about them.
Analysis i PAGE 17

Towergates new owners have turned to

one of the UK insurance brokers transatlantic rivals to lead its efforts to
recover from a cash crisis and a
restructuring of its 1bn of debt.
David Ross, who runs the fast-growing
international business of New Yorklisted insurance broker Arthur J Gallagher, is being lined up as the new chief
executive of the London-based group,
according to people familiar with the
matter.
For Towergate, which last week
unveiled a debt restructuring deal
that is set to lead to heavy losses
for investors, the Irishman would

represent a big-name appointment.

Mr Ross began his career as a graduate trainee at Arthur J Gallagher 25
years ago and has run its UK-focused
international arm for a decade. Since he
took the helm, the divisions headcount
has risen from about 200 to 6,500,
through a series of acquisitions.
As incoming chief executive at Towergate, his priority would be to stabilise
the business after it nearly ran out of
cash, following an aggressive debtfuelled expansion.
Last week, unsecured creditors, led
by Highbridge Capital Management,
seized control of the business wiping
out the interests of private equity house
Advent and company founder Peter
Cullum.

Stuart Reid, executive chairman of

rival insurance broker Bluefin, said:
Hes got one heck of a job ahead of him.
Its a monumental turnround that hes
been asked to do.
Towergate has been without a chief
executive since Mark Hodges, former
UK head of Aviva, quit suddenly in
October. Since then, the business has
been run on a day-to-day basis by
Alastair Lyons, interim executive chairman.
Mr Ross established himself as a dealmaker at Arthur J Gallagher, snapping
up the UK brokers Giles, Oval and Heath
Lambert. Gallagher has also expanded
outside the UK. Last year, it agreed to
buy RSAs Canadian brokerage operation, Noraxis.

Companies / Sectors / People

Companies

AA.......................................................................4
AIG...................................................................28
AMC Theatres...........................................15
AOL....................................................................9
AT&T...............................................................19
Air India........................................................18
AirAsia...........................................................18
Alcoa...............................................................29
Alibaba........................................................9,19
Alpha Natural Resources...................14
Alstom............................................................21
Amazon....................................................19,21
Amec...............................................................14
Anglo American......................................20
Anglo American Platinum.................20
Anheuser-Busch InBev........................14
Apple ...............................................................9
Arch Coal.....................................................14
Arm Holdings...........................................20
Arqiva............................................................20
Asda..................................................................4
Asia Resource Minerals.................20,21
Asos.................................................................21
Asya.................................................................14
AutoNavi.......................................................19
Axtel................................................................19
BG Group......................................................21
Babcock International..........................20
Bauer Media..............................................20
Bilfinger.........................................................21
Bombardier..................................................21
British Airways..........................................12
CBRE...............................................................21
CIC....................................................................18
CIMB................................................................17
CMC Markets............................................20
CSR..................................................................29

Calpers...........................................................18
Carlsberg......................................................14
City Index....................................................20
Colliers............................................................21
Credit Suisse..............................................16
Cushman & Wakefield....................18,21
DHL..................................................................21
DPD..................................................................21
DTZ..................................................................21
Dalian Wanda.............................................15
DirecTV.........................................................19
Energizer.......................................................17
Etihad Airways..........................................18
Facebook ......................................................9
FedEx..............................................................21
Ford.................................................................18
GVA..................................................................21
GVT..................................................................19
Galeria ..........................................................18
General Motors.........................................18
Glencore.......................................................29
Goldman Sachs.........................................18
Google..........................................................4,9
HSBC................................................1,10,16,20
Halliburton..................................................29
Halma.............................................................29
Hasbro...........................................................29
Hines...............................................................18
Hitachi............................................................21
Houlihan Lokey........................................17
Hunting.........................................................29
Hutchison Whampoa.............................19
IG Group......................................................20
Imagination Technologies.................20
IndiGo.............................................................18
Iusacell...........................................................19
JLL....................................................................21
Jet Airways.................................................18
Jones Lang LaSalle................................18

The Financial Times Limited 2015

Kingfisher Airlines..................................18
Knorr-Bremse.............................................21
LGT Group...................................................16
Ladbrokes....................................................29
Lukoil................................................................5
Malaysia Building Society..................17
Marathon......................................................14
Marathon Petroleum............................30
McDonalds.................................................29
MegaCable...................................................19
Meizu..............................................................19
Mengniu ......................................................14
Metropolis....................................................18
Microsoft.........................................................9
Mitsubishi Heavy Industries.............18
MoneySuperMarket...............................20
Morgan Stanley........................................18
Nestl..............................................................17
Next.................................................................21
Noble Corp.................................................29
Ocado..............................................................21
Oddschecker..............................................20
Office Depot...............................................12
Offspark.......................................................20
Orion Media...............................................20
Peabody Energy......................................14
Peugeot...........................................................6
Plains All American Pipeline...........30
Primark..........................................................21
Procter & Gamble...................................17
Quixey............................................................19
RAC....................................................................4
RHB Capital................................................17
RSA Insurance..........................................29
Randgold Resources............................20
Rio Alto Mining.......................................20
Rio Tinto......................................................20
Rosneft............................................................4

Royal Bank of Scotland.......................17

SABMiller......................................................14
Saipem...........................................................14
Salvesen..........................................................4
Samsung Electronics...............................8
Savills..............................................................21
Segro...............................................................21
Siemens.........................................................21
Singapore Airlines..................................18
SpiceJet.........................................................18
Spread Angel............................................20
Standard Chartered...............................17
Staples............................................................12
Starboard Value.........................................9
Statoil..............................................................21
Studley .........................................................21
Subsea 7.......................................................14
TIM...................................................................19
TPG..................................................................21
TPO....................................................................2
Tahoe Resources....................................20
Talksport......................................................20
Tata SIA Airlines......................................18
Telcel...............................................................19
Telefnica.....................................................19
Televisa..........................................................19
Tencent....................................................15,19
Tinder .............................................................9
Towergate....................................................15
Toyota............................................................18
Transocean.................................................29
Tsingtao........................................................14
Tumblr..............................................................9
UBS..................................................................16
UCWeb...........................................................19
UGL..................................................................21
UTV Media.................................................20
Unilever.........................................................17
Union Pacific.............................................28

Univision.......................................................19
Vestas Wind Systems..........................20
Vistara............................................................18
Vivendi...........................................................19
Vivo..................................................................19
Waitrose........................................................21
Walter Energy...........................................14
Want Want..................................................14
WhatsApp ....................................................9
Whitehall.......................................................18
Wood Group...............................................14
Xstrata............................................................16
Yahoo................................................................9
Yahoo Japan.................................................9
Yashili.............................................................14

Sectors

Automobiles............................................4,18
Banks..................................................1,16,17,18
Electricity.......................................................8
Food & Drug..............................................17
Food Producers........................................17
Gen Financial.................................15,16,20
Gen Retailers........................................19,21
Household Goods....................................17
Ind Transport.............................................21
Investment Comp...................................20
Media.........................................................19,21
Mining......................................................20,21
Mobile & Telecoms.................................19
Oil & Gas............................................4,21,30
Personal Goods........................................17
Real Estate.............................................18,21
Software........................................................19
Support Services.......................................4
Technology HW & Equ........................19
Travel & Leisure......................................18

People

Armstrong, Greg.....................................30

Bakker, Paul...............................................20
Beighton, Nick...........................................21
Blatter, Philippe........................................15
Bond, John..................................................16
Botn, Emilio...............................................16
Bristow, Mark............................................20
Chandilya, Mittu.......................................18
Chapman, Sir Frank................................21
Finlayson, Chris........................................21
Gil Daz, Francisco..................................19
Gould, Andrew..........................................21
Green, Stephen.........................................16
Gulliford, Andrew.....................................21
Gulliver, Stuart...................................16,20
Hanbury, Will............................................20
Helsby, Jeremy..........................................21
Jian, Wang...................................................19
King, Wal.......................................................21
Lickerman, Tod.........................................21
Lund, Helge................................................21
Nordberg, Bert.........................................20
Patel, Krishna.............................................16
Polman, Paul...............................................17
Riabokobylko, Sergey...........................18
Ross, David..................................................15
Rothschild, Nat...................................20,21
Rowe, Nick...................................................17
Shingles, Geoff.........................................20
Slim, Carlos..................................................19
Sulentic, Bob..............................................21
Swanson, Alan..........................................30
Tagawa, Joji................................................18
Tan, Samin...................................................21
Teik Yeoh, Phee.......................................18
Tengku Abdul Aziz, Zafrul................17
Timmins, Lee.............................................18
Yanhui, Wang.............................................19
Zeller, Alexandre......................................16

Week 7

S&P 500
cyclicals/ defensives
ex energy

Brent crude
($ per barrel)

105

120

100

100

95

80

90

60

85
Feb

2014

Source: Bloomberg

james.mackintosh@ft.com

40
Feb
2015

Cyclicals started
beating defensives
last month,
coinciding with the
bounce in oil.
Cyclicals excluding
energy have also
outperformed

16

FINANCIAL TIMES

Tuesday 10 February 2015

HSBC

Revelations. Tax avoidance claims

INSIDE BUSINESS
ON FINANCE

Winds of change poised to sweep

through banks Swiss operations
In 2011 chief Stuart Gulliver
tried to sell private bank
rivals think he will try again

Patrick
Jenkins

HSBC Swiss private

bank clients
Client assets
($bn)

MARTIN ARNOLD LONDON

Soon after Stuart Gulliver became chief

executive of HSBC at the start of 2011 he
hung a for sale sign on the Swiss private bank it had owned since completing the acquisition of a rival a decade
earlier. Mr Gulliver abandoned the sale
process after a lukewarm response from
potential buyers. Yet given the furore
this week over revelations of what had
been going on at HSBCs Swiss private
bank at the time, it is easy to understand
why he was eager to exit the business.
Leaked bank account documents for
clients of HSBCs Swiss private bank
between 2005 and 2007 have found
their way to the Washington-based
International Consortium of Investigative Journalists and other news groups.
There are 60,000 leaked files, some of
which provide details of how the bank
was aware of tax-avoidance and wrongdoing by some clients. The total value
held in the bank accounts exceeds
$100bn for 100,000 wealthy clients.
Yesterday news media published revelations about widespread tax-avoidance
practices in HSBCs Swiss operation at
the time, prompting an outcry from

Number of
accounts (000)

150

30

100

20

50

10

2002 04 06 08 10 12 14

Clients named in HSBC files

Number of accounts by nationality
Switzerland
France
UK
Brazil
Italy

11,235
9,187
8,844
8,667
7,499

Amount of money held

Switzerland
UK
Venezuela
US
France

This is extremely
damaging both for the
bank and for the concept
of banking secrecy

$31.2bn
$21.7bn
$14.8bn
$13.4bn
$12.5bn

Sources: HSBC; ICIJ

some quarters about why governments

who have had these documents for
almost five years have not done more
to prosecute people where appropriate.
This is extremely damaging both for
the bank and for the concept of banking
secrecy, says a rival Swiss banker,
speaking on condition of anonymity.
HSBCs franchise was already pretty
damaged here, which is why they tried
to sell it a few years ago.
The reports allege that HSBCs Swiss
private bank provided large, untraceable bricks of cash in foreign currencies
to clients and colluded with them to
conceal black accounts from tax
authorities. Code names including Captain Kirk, Painter and Capitaine Haddock were used to disguise clients identities. It also aggressively marketed
schemes likely to enable wealthy European clients to avoid taxes. France, Bel-

HSBC has pulled

out of its Geneva
lakefront offices
Harold Cunningham/Getty

Profile

Whistleblowers journey
Falciani to advise Spanish
far-left party on tax policy
Herv Falciani, the former HSBC
systems engineer responsible for the
biggest Swiss private banking data leak
in history, has agreed to advise Spains
far-left Podemos party on tax policy.
The party confirmed that the FrancoItalian had agreed to help draw up a
report on how to combat tax evasion
a potentially important issue in Spains
general election later this year.
This appointment is the latest step in
the turbulent story of a man described

Herv Falciani:
Banks such as
HSBC have
created a system
for making
themselves rich

gium and Argentina have launched formal probes into allegations that HSBC
helped citizens of those countries to
hide undeclared money in accounts at
its Swiss private bank.
In the UK, investigations by the
authorities have resulted in about
135m of unpaid tax, interest and penalties being handed over by the British
citizens involved, only one of whom
Michael Shanly, a property developer
has been prosecuted for tax evasion.
HSBC said many private banks at the
time, including its own Swiss operation,
had a number of clients that may not
have been fully compliant with their
applicable tax obligations. We acknowledge and are accountable for past compliance and control failures.
The bank said: We have taken significant steps over the past several years to
implement reforms and exit clients who

do not meet strict new HSBC standards.

It added that its private bank client base
had shrunk 70 per cent in a decade.
It also said that the acquisition of
Republic National Bank of New York
and Safra Republic Holdings in 1999
accounting for the bulk of its Swiss private bank brought with it a very different client base and had a significantly
different culture to HSBC.
The business acquired was not fully
integrated into HSBC, allowing different
cultures and standards to persist, the
bank said. With hindsight, its clear
that too many small and high-risk
accounts were maintained and the business was stretched over more than 150
geographical markets.
HSBC is one of several Swiss banks
still being investigated by the US
Department of Justice for allegedly
helping American citizens to evade the

by some as the Edward Snowden of

private banking, by others as a simple
thief and by French magazine Le Point as:
The man who makes the rich tremble.
Seven years after leaving HSBC, the
handsome 43-year-old is a minor celebrity
in France, where he lives. He turns up to
court dates with a security detail, wears
disguises, and says he fears for his life.
Mr Falcianis journey from IT consultant
to fugitive to whistleblower began in
2006, when he was transferred from
HSBC Monaco to HSBC Private Bank in
Geneva to help improve the IT systems.
He said that he discovered that controls
were weak, authorities were turning a
blind eye to potential tax evasion and
that bank officials did not heed his
warnings claims that HSBC denies. He
says this experience disillusioned him.
Banks such as HSBC have created a
system for making themselves rich at the

expense of society, by assisting in tax

evasion and money laundering, he said
in a 2013 interview. In 2007 he took
details of tens of thousands of clients
accounts, and fled to France, where
authorities offered him protection in
return for help investigating tax
evaders. Much of the information made
public on Sunday was also in the
Lagarde List leaked in 2010, which led
to investigations of HSBC and highprofile individuals around the world.
The Swiss authorities, who charged
Mr Falciani with data theft last year,
allege that he was motivated by money
and first attempted to sell the stolen
data in Lebanon. Mr Falciani maintains
that his Lebanese trip was a ruse to
alert the Swiss authorities about the
vulnerability at HSBC and says that he
did not intend to sell the information.
Michael Stothard and Tobias Buck

taxman. UBS and Credit Suisse have settled with the DoJ, paying fines of $780m
and $2.6bn respectively.
Switzerland has signed agreements
with several European countries to
allow clients of Swiss banks to declare
money that had been hidden from tax
authorities in return for paying the tax
they owe, interest and potential fines.
Mr Gulliver has stressed the importance of keeping HSBC out of trouble
since he took over. The bank paid
almost $2bn in fines and signed a fiveyear deferred prosecution agreement
with US authorities in December 2012
after admitting that it processed drugtrafficking proceeds through Mexico
and transmitted funds from sanctioned
countries including Iran.
The agreement puts it at risk of a
criminal conviction and potential loss of
its crucial US banking licence if it commits another crime in that period. The
tax-dodging allegations relate to actions
that happened before the deal.
There are signs that HSBC has been
dismantling its private bank, which produced 3 per cent of the groups $12.3bn
of total pre-tax profits in the first half of
2014. Krishna Patel, HSBCs global head
of private banking, resigned in December 2012. Alexandre Zeller, head of global private banking for Europe, Middle
East and Africa, left in February of that
year. HSBC has pulled out of its stately
Geneva lakefront offices in a sign of the
depth of change at its Swiss operations.
Last year, it sold $12.5bn of Swiss private banking assets to Liechtensteins
LGT Group, cutting its total assets by
15 per cent. Rival bankers have started
to speculate that Mr Gulliver will again
look for a full exit.
Additional reporting by Madison
Marriage in Zurich
See Editorial Comment

Banks

Royalty, tycoons and actors among those on Lagarde List

CLAER BARRETT AND JOHN AGLIONBY

Royalty, politicians, businessmen,

sports stars and actors are among those
whose names have been linked to client
accounts of HSBCs Swiss private bank
which were allegedly used for the purposes of tax avoidance and in some
cases evasion.
Known as the Lagarde List after Christine Lagarde, ex-French finance minister and now head of the IMF, data from
more than 100,000 clients of HSBCs
Swiss private bank was obtained by
France in 2010 after a raid on the home
of ex-HSBC employee Herv Falciani.
This was subsequently shared with
European tax authorities that have
since collected hundreds of millions of
pounds in tax, penalties and interest.
However, yesterdays data dump was
the first time that large numbers of individual clients had been identified.
In a series of statements made to the

International Consortium of Investigative Journalism, individuals typically

stressed that they had made full disclosures of their arrangements to the relevant authorities and, in many cases,
accounts had subsequently been closed.
The ICIJ said that although it had
selected individual account holders, it
was not implying that those identified
had broken the law or otherwise acted
improperly. Those it chose included:
Emilio Botn, the late chairman of
Santander, who was connected to five
bank accounts that contained $82m in
2007.
Edmond J. Safra, the late billionaire
banker, was linked to seven bank
accounts that contained $5.3m in 2007.
He had previously sold his interests in
two private banks to HSBC in 1999 for
$10bn in cash.
Jordans King Abdullah II was linked
to three HSBC accounts, in the name of a
palace official, containing $41.8m in

Model Elle
Macpherson was
connected to
HSBC accounts
in 2007

2007. His US lawyers said the account

was for official business and that, as
king, he was exempt from paying tax.
Bahrains crown prince, Salman bin
Hamad al-Khalifa, had a beneficial
stake in at least 10 bank accounts
amounting to $2.2m in 2007. A
spokesperson said that he
obtained no tax advantage from
the account.
Formula One racing driver
Fernando Alonso was linked
to four accounts which held
$42.3m in 2007. His manager said Alonso had subsequently moved from Switzerland to Spain and had
declared all of his accounts
and investments there.
Elle Macpherson, the
model and entrepreneur,
was connected to four HSBC
accounts containing $12.2m in
2007. Her lawyers said she had

accounted for UK tax on the basis of full

disclosureinaccordancewithUKlaw.
The restaurateur Richard Caring was
the highest profile UK business magnate
to be named by the Guardian newspaper, which alleged he withdrew SFr5m
(2.25m) in a single day in 2005. Mr
Caring said in a statement: I have complied with all my obligations as far as the
Inland Revenue is concerned . . . My
cash withdrawal created no personal tax
issues and the bank carried out all
appropriate due diligence before
authorising the transaction.
In total, clients domiciled in Switzerland were connected to $31bn of deposits, followed by the UK with $21.7bn,
Venezuela with $14.8bn and the US with
$13.4bn, according to the ICIJs analysis.
The UK tax authorities have subsequently recovered 135m from clients
named on the Lagarde List; this is less
than the 220m recovered by Spain and
188m recovered by France.

Lord Green faces

difficult questions
and he is not alone

o who was responsible for the Swiss mess at

HSBC?
It has long been known that the British groups
Swiss private banking arm was being probed
over allegations that it helped clients from
several countries engage in aggressive tax avoidance and
possibly tax evasion.
Now a vast haul of data, uncovered by an investigative
journalism project involving the BBC and The Guardian
among many others, has revealed the extent of alleged
wrongdoing at the Swiss operation.
These are historic allegations, dating from 2005-2007.
And while HSBC accepts responsibility for its misdemeanours, it stresses that it has changed its ways. Since taking
over as chief executive in 2011, Stuart Gulliver has set
about reforming the groups lax culture and cleaning up
earlier misdeeds.
But whose misdeeds were they in the first place?
Margaret Hodge, the Labour MP who chairs the UKs
parliamentary public accounts committee and has an
interest in anything that has short-changed the tax
authorities has been quick to point the finger.
Lord (Stephen) Green, the former Tory trade minister
and head of HSBC before that, was either asleep at the
wheel or involved in dodgy tax practices, she said.
Either way, he has got really
important questions to
A vast haul of
answer.
Indeed he has. Not only data . . . has
did he fail to catch such gross
revealed the
wrongdoing while serving as
chief executive from 2003 to extent of alleged
2006 and then chairman
wrongdoing
until 2010. He can also be
criticised for double standards in preaching about morality in banking, including
publishing a book, Good Value: Reflections on Money,
Morality and an Uncertain World, while dubious practices
had been going on under his nose. It is disturbing, too, that
HSBCs supposedly executive chairman found time to
write and publish a book in 2009, while heading one of the
worlds biggest banks as it struggled with the aftermath of
the financial crisis.
But for all the brickbats that can be thrown at Lord
Green for his shortcomings, it is Sir John Bond who has the
more damning case to answer.
During his time as HSBCs executive chairman, from
1998 to 2006, he spent close to $50bn buying up smaller
banks around the world and building, but failing to
control, a fast-enlarging HSBC empire.
Three of those deals have been financially and reputationally toxic for HSBC over the past eight years.
The first to backfire was the 2003 acquisition of Household, the US consumer finance business that cost HSBC
billions of pounds more in defaulted subprime loans on
top of the $14bn purchase price.
Next came the fallout from HSBCs Mexican acquisition,
dating back to 2002. By 2012, the bank had paid out $1.9bn
in fines relating in large part
to that units role in facilitatTop brass . . .
ing the laundering of drug
money.
were ignorant of
The Swiss misadventure
the risks its . . .
stems from the 1999 acquisition of Republic, a US bank subsidiaries were
with a substantial Swiss
really running
private banking operation.
In all three cases, as HSBC
now acknowledges, the groups old imperial ways failed.
HSBC had long comprised a network of fiefdoms. When
those operations were homegrown, it worked sometimes inefficiently, but at least not disastrously. But Sir
Johns attempts to shake up a sleepy HSBC with aggressive
acquisitions created a far larger, similarly somnolent
organisation whose top brass in London and Hong Kong
were ignorant of the risks that its newly acquired subsidiaries were really running.
Sir John is now 73. Having done a stint chairing mining
group Xstrata, he is active these days only as a low-key
non-executive director at a handful of US organisations
(Northern Trust, KKR).
For him, HSBCs Swiss scandal is another sorry indictment of his tenure. For Mr Gulliver, who has spent the past
four years getting to grips with, and shrinking, the banks
empire, this is yet another old mess to clean up.
For HSBC, one dangerous anachronism remains.
Although Mr Gulliver, as chief executive, is clearly in
charge these days, there is still an executive chairman,
albeit one who is now more narrowly focused on issues
such as regulation. It is time HSBC had a boss who was
properly accountable to a non-executive chairman and a
strong board. Such a system might well have restrained Sir
Johns exuberance. It would also mitigate the risk of
history repeating itself in future.
patrick.jenkins@ft.com

From the blogs

Stephen Green now
Lord Green has not
commented on the leak
of files exposing taxavoidance practices at
HSBCs Swiss-based
private bank. But in
2009, the then chairman
of HSBC put his whole
philosophy of ethical
business on the record in
his book Good Value,
subtitled Reflections on
money, morality and an
uncertain world. The
book is an examination
of the history and
philosophy of capitalism,

with a strong spiritual

tone (Lord Green is also
an ordained Church of
England priest). In it, he
addresses the ambiguity
and imperfection of
working in the global
bazaar of capitalism,
and the role of money
and capital. Andrew Hill
in his Business Blog
delves into a few
passages that seem
pertinent, given the news
about what happened at
HSBC during Lord
Greens tenure.
ft.com/businessblog

Tuesday 10 February 2015

17

FINANCIAL TIMES

COMPANIES

Unilever under pressure to step up growth rate

Chief defends his vocal stance on
global climate and social issues
SCHEHERAZADE DANESHKHU AND
DAVID OAKLEY LONDON

For years, Unilever chief executive Paul

Polman has seen himself as the conscience of the business world.
A purpose-driven business can be
profitable, the tall Dutchman told journalists at last months annual results
meeting. I dont know where this
notion that it cant be comes from. Must
be because of what you write.
The 58-year-old, who once trained to
be a priest, was speaking en route to the
World Economic Forum in Davos. Once
there, he planned to use the size and
scale of Unilever the worlds thirdlargest consumer-goods company by
sales to lobby global leaders for a
binding agreement on climate change
and the eradication of world poverty.
In attempting this, he was maintaining the 130-year old companys commitment to social responsibility, which
began with a mission to promote
hygiene in Victorian England, through
its Lifebuoy soap.
But while many agree that Mr Polmans efforts to promote responsible
business are laudable, some shareholders fear that, after six years at the helm
of the Anglo-Dutch group, he may have
started to care more about the environment than about them.
I do not have an issue with Polman
talking about sustainability, says one
top-20 investor, before complaining

A purpose-driven business
can be profitable. I dont
know where this notion
that it cant be comes from
that the results have not been that
strong. Sales of Unilevers consumer
products which include such brands
as Dove soap, Persil detergent and Flora
margarine fell 2.7 per cent last year to
48.4bn, partly hit by currencies weakening against the euro.
A fund manager who used to hold the
groups shares, says of its recent performance: The top line is not where it
ought to be relative to peers.
Unilever has missed sales forecasts
for six of the past eight quarters.
Mr Polman argues that the problem is
less with Unilever and more with forecasts. Analysts have over-optimistic
expectations. We would be a hostage to
the financial market if we ran this company judged on expectations, he says.
When he arrived at Unilever, having
started his career at Procter & Gamble
and Nestl, Mr Polman scrapped shortterm financial targets. He is a frequent
critic of the 90-day reporting cycle, saying it encourages short-termism.
His own long-term bet is on emerging
markets, which now account for 57 per
cent of the sales mix, up from 47 per
cent in 2008. His goal is 80 per cent.
This bet initially paid off and sales
rose. But the sharp slowdown in emerging markets since 2013 has hit Unilever
hard because it has more exposure than

most other consumer-goods companies.

P&G sells only 37 per cent of what it
makes, such as Pampers nappies and
Gillette razors, to emerging markets.
For Nestl, the figure is 43 per cent.
However, Cdric Besnard, an analyst
at Barclays, says Unilevers sales have
not suffered solely because of a deceleration in these economies. They have
also been hit by its pricing decisions.
Unilever had been relatively successful in raising prices in emerging markets, Mr Besnard says. The annual
results highlight the risk, though, of
managing prices too aggressively since
volumes were left more vulnerable once
these economies slowed.
Another self-inflicted injury came in
China Unilevers third-largest emerging market. Revenues from the country
fell by 20 per cent in both the third and
fourth quarters, after Unilever ramped
up sales to retailers but demand
dropped, forcing a destocking. Andrew
Wood, an analyst at Bernstein Research,
says: China was a major embarrassment for Unilever, Polman and local
management and the repercussions will
be felt for a number of quarters.
Although Unilevers 2014 sales disappointed, its profit growth was better
than expected. A 5 per cent rise in net
profit to 5.5bn was achieved mainly
through cost cuts 1,400 jobs were lost
last year but investment in advertising and promotions was maintained.
Higher profit was behind a 9 per cent
jump in its share price in the 10 days
after Januarys results announcement,
even though some of that gain has since
been given up.
Jamie Isenwater, partner at Ash Park,
a new fund dedicated to consumer staples, credits Mr Polman for driving volume and price together, which P&G has
found difficult to achieve.
But for Mr Polman, the pressing question now is how to find growth.
Investors suggest that one way is to
throw off the yoke of the slow-growing
margarine unit, which accounts for
7 per cent of sales, via a sale or spin-off.
Another option is to use Unilevers
strong balance sheet to make more personal-care acquisitions, which have
proved elusive of late. As one fund manager points out, the companys issuance
of a 750m corporate bond with a coupon of 0.5 per cent one of the lowest on
record demonstrates that Unilever
can get financing for whatever it wants.
Unilever is currently pushing innovative products that it can sell for higher
prices such as its Regenerate enamelrepairing toothpaste. It is also getting
more brands into established markets
and increasing its presence in countries
with sizeable populations, such as Ethiopia and Myanmar.
Even so, at the current rate of sales
growth, it will take Mr Polman another
15 years to hit the medium-term target
he set in 2009 of doubling sales to
80bn, rather than in another five years
as many observers expected.
Mr Polmans target also involves halving Unilevers environmental footprint.
But behind this evangelism lies a hardheaded pragmatism. His talk of making

Piling up

Reduced spread
Strategy has favoured
personal care over food

Some investors wonder if Paul Polman cares more about green issues than about shareholders

Unilever
Sales growth (annual % change)
12
10
8
6
4
2
0
-2
-4
2006

08

10

12

14

Sources: Bloomberg; Liberum; Thomson Reuters Datastream

the world a better place has earned Unilever third place on the list of most
admired employers on LinkedIn, the
social network for professionals.
Nielsen, the research group, also
notes that 18 to 34-year-old millennials are four times more responsive to a
company with sustainability credentials
than older consumers.
For shareholders, however, the issue
is whether responsiveness can translate
into growth. As another top-20 investor
says: Unilevers results are reasonable
and Paul Polman is doing a good job. He
is pragmatic on the issues. The problem
is that some people think Unilever is an
amazing growth story but it is just a
solid business with steady growth.

Banks

Cost-cutting Malaysia lender CIMB

shuts down Australian operations
JAMIE SMYTH SYDNEY

CIMB is to close its 100-strong Australian arm as part of a restructuring to cut

a third of costs from its Asia Pacific
investment banking unit after its failed
three-way merger with Malaysian
rivals.
Malaysias second-biggest lender by
assets is the latest bank to retrench in
Asia, with Standard Chartered and
Royal Bank of Scotland both recently
scaling back activities.
CIMB is targeting a reduction in operating costs of 30 per cent in 2015 at its
Asia Pacific investment banking arm.
Zafrul Tengku Abdul Aziz, CIMBs
acting chief executive, said the decision
to close the Australian business followed a group-wide review.
The realities of todays capital markets and the absence of sufficient flows
have directly contributed to this decision, he said.
The rest of our Asia investment
banking platform remains intact.
Last month, CIMB scrapped a
planned merger with two of its smaller
Malaysian rivals RHB Capital and
Malaysia Building Society in a deal
that would have created one of Southeast Asias biggest financial groups.
Following the collapse of merger
talks, CIMB undertook a strategic

review aimed at buoying its return on

equity to 15 per cent by 2018.
CIMB reported return on equity of
11.8 per cent in its 2014 financial year,
amid what it said was a challenging
year.
The Malaysian bank bought its Australian investment banking arm from
Royal Bank of Scotland in 2012. The
acquisition was part of a wider $140m
deal to acquire several Asian businesses

Retrenchment: a planned tie-up with

two smaller rivals was abandoned

Kuni Takahashi/Bloomberg

from the British lender and expand its

Asian footprint.
But it has since encountered tough
competition and a cooling economy in
Australia.
CIMBs Australian arm employs 103
staff, who will either lose their jobs or be
redeployed.
Overall capital markets have been
relatively strong in Australia but the big
players Macquarie and UBS are dominating the sector, said David Ellis, analyst at Morningstar.
Last year, Nick Rowe, CIMB Australias country head, and Oscar Ludwigson, head of investment banking,
resigned from the Malaysian bank. The
two men recently moved to Houlihan
Lokey, an US investment bank opening
an office in Sydney.
The retrenchment of CIMBs Asia
Pacific investment banking business
follows similar moves by other banks in
the region.
Standard Chartered closed its global
equities business in Singapore last
month while Royal Bank of Scotland is
in talks over a retreat from the region.
The discussions about a potential
Asian exit come a month after it
emerged that RBS plans to wind down
its fixed-income trading business in
Japan following six years of consecutive
losses in the country.

Core ebit by division, 2014

(% share)
Refreshments

Share price and index (rebased)

Unilever
FTSE 350 Consumer goods

12%

200
180
160
140

Personal
care

Foods

120

47%

33%

100
80

8%
Home care

2010

11

12

13

14 15

While consumer groups are often a

jumble of diverse businesses,
Unilever is now the only big global
group to combine a sizeable food
business with household products.
That has been the case since
Procter & Gamble of the US sold
Pringles crisps and Sunny Delight
soft drinks.
About 45 per cent of Unilevers
sales are in food and beverages and
55 per cent in home products with
brands such as Surf and Comfort
and personal care, with Sunsilk
shampoo and Lynx body spray.
Although the food division
mainly margarine and mayonnaise
enjoys the same high-profit
margins as personal care, the two
differ in terms of sales growth.
So when Unilever said in
December that it would hive off
spreads into a standalone unit to
turn round the underperforming
business, many investors saw this
as moving to an eventual sale.
A sale or spin-off of spreads
would still leave Unilever with food
through its refreshments division
products such as Magnum ice
cream and Lipton tea but these
are growing at a reasonable rate.
Paul Polman, chief executive, has
already been shrinking the food
business via divestments, including
Ragu pasta sauces and Wish-Bone
salad dressings.
His acquisitions have
predominantly focused on boosting
the personal care business
where he sees Unilevers future.
Possible targets this year could
include Wella, the haircare business
that P&G may be considering
selling as it focuses on fewer
brands, or the personal care arm of
Energizer, the US battery maker
that is demerging its two main
divisions.
Energizers personal care assets
which could fetch $7bn-$9bn,
according to analysts include
Wilkinson Sword razors, a business
that could prove attractive to
Unilever, as it does not own a
shaving brand. Scheherazade
Daneshkhu

18

FINANCIAL TIMES

Tuesday 10 February 2015

COMPANIES
Oil & gas

General industrials

Petrobras scandal draws in foreign investors

Industrial
robot sales
set to double
by 2018

Five shipbuilders accused

of paying bribes to
secure contracts
JOE LEAHY SO PAULO
JEREMY GRANT SINGAPORE

Two Singaporean shipbuilders and

three Brazilian companies with
Japanese minority shareholders have
been accused of paying bribes in the
corruption scandal at Brazilian statecontrolled oil group Petrobras.
It is the first time international

investors have been linked to the scandal that is threatening to drive Brazils
most important group into bankruptcy.
Pedro Barusco, a former director of
Sete Brasil, a leasing company in charge
of building 29 drilling rigs for Petrobras
via shipbuilders, made the allegations
about the Singaporean and Brazilian
companiesintestimonytopolice.
Mr Barusco alleged that units of the
two Singaporean companies, Keppel
Corporation and Sembcorp Marine,
were among five shipbuilders involved
in a bribes-for-contracts scheme also
involving officials at Petrobras and Sete

Brasil. The testimony of Mr Barusco,

who has admitted he is among the Sete
Brasil officials who received payments,
was released by Globo, a Brazilian
media organisation.
The three Brazilian shipbuilders identified by Mr Barusco were Estaleiro
Atlntico Sul, which is 30 per cent
owned by Japans JMU/IHI shipyard;
Estaleiro Enseada do Paraguau, which
is 30 per cent held by Japans Kawasaki;
and Estaleiro Rio Grande, which numbers JB Minovix, a consortium of Japanese companies including Mitsubishi
Heavy Industries, among its sharehold-

ers. The shipbuilders were required to

pay bribes worth 0.9 per cent of contracts with Sete Brasil to a group that
included the treasurer of Brazils ruling
Workers Party, Joo Vaccari Neto, and a
range of Petrobras and Sete Brasil officials, Mr Barusco alleged in signed testimony to Brazils federal police.
In statements to the Singapore stock
exchange yesterday, Keppel Corporation said it refuted allegations that its
unit in Brazil, Keppel FELS Brasil, was
involved in the Petrobras scandal. Sembcorp Marine denied its unit, Jurong
Aracruz Shipyard, had made illegal

payments. Mr Vaccari and the Workers

Party denied receiving illegal payments
or political donations. Sete Brasil said it
was seeking further information on Mr
Baruscos testimony.
Odebrecht, a shareholder in Estaleiro
Enseada do Paraguau, rejected the
slanderous allegations and denied
paying any officials at Petrobras. The
company does not and never has participated in any type of cartel, it said.
A spokesperson representing shareholders at Estaleiro Rio Grande declined
to comment. Estaleiro Atlntico Sul did
not respond to requests for comment.

Travel & leisure. Closed skies

Indias new airlines in battle to fly overseas

New Delhi under pressure
to scrap 5/20 rule restricting
start-ups to domestic flights
AMY KAZMIN NEW DELHI

Vistara, the Indian airline set up by

Indias Tata group and Singapore Airlines, is still in the early stages of developing its domestic route network, a
month after its maiden flight.
But already the carrier a full-service
airline catering for business travellers as
well as people who want to fly for holidays or to visit relatives aspires to go
beyond ferrying passengers within India
and tap into the growing and lucrative
market for international travel.
We have global ambitions, says
Phee Teik Yeoh, chief executive of Tata
SIA Airlines, Vistaras parent company.
We can support regional connectivity
and at the same time promote growth in
the economy by linking India to the rest
of the world.
That may not be possible yet. New
Delhi allows its Indian-registered airlines to fly overseas only once they have
operated domestic flights for five years
and have at least 20 aircraft in their
fleets. Whether the so-called 5/20 rule
should be scrapped to allow new market entrants to fly internationally is
now the subject of a raging battle in New
Delhis corridors of power.
The rule was adopted about a decade
ago to protect then incumbents Air
India and Jet Airways from new competitors including IndiGo, SpiceJet and the
now-defunct Kingfisher Airlines, but
has since been blamed for much of the
financial misery afflicting Indias airline
industry. The rule has made life especially difficult for new carriers contending with cut throat competition and high
costs in the domestic aviation market.
Its a bad law that shouldnt have
been there in the first place, says
Amber Dubey, a partner at KPMG, the
accounting firm. It needs to go yesterday. It is not just airlines that suffer, he

Moving fast: Vistara began operating last month and is keen to shake up the rules and expand beyond domestic flights
adds. Indias tourism has also been a casualty stunted by the countrys relatively poor air links to other nations.
Vistara and AirAsia India, a subsidiary of Malaysian carrier AirAsia, are
both pressing New Delhi to abolish the
5/20 rule so they can start feeding
Indian passengers to their foreign parents expansive international networks.
Its an archaic rule which is totally
contrary to open skies, says Mittu
Chandilya, chief executive of AirAsia
India. Nowhere in the world is there a

Nowhere in the world

is there a rule like this.
People are crying for
low fares to go abroad

Legal Notices

rule like this. People are crying for low

fares to go abroad for more connectivity and more destinations.
But after about 10 years of operations,
IndiGo and struggling SpiceJet have
joined Jet Airways in arguing strongly
against abolition of the 5/20 rule. They
contend that relaxing or ending the rule
now would give new carriers and their
foreign parents an unfair advantage.
Its very heated, says Neelam Mathews, an analyst. The old-timers are
very, very upset. They had to go through
so much trauma and losses because they
were not allowed to fly abroad. Now if
somebody walks in, theyll have a fiveyear advantage over the old-timers and
walk away with the market.
Some of the Indian carriers opposed
to reform have influential backers. For
example, Jet Airways is now acting as a
feeder airline to Etihad Airways, the

fast-growing Abu Dhabi-based carrier

that took a 24 per cent shareholding in
the Indian company in 2013.
All Indian carriers have good reason
for wanting to fly abroad. While high
taxes make Indian jet fuel the worlds
most expensive on domestic routes, airlines are allowed to buy kerosene at global market rates, and therefore lower
prices, for overseas flights.
International services are ultimately
cheaper and more profitable to
operate. International flights make
economic sense, says Shakti Lumba, a
retired Air India manager who continues to follow the Indian aviation industry. You make more money.
About 46m international travellers
flew in and out of Indian airports in the
12 months to March 2014, up 8.4 per
cent year on year, compared with a
5.2 per cent rise in domestic traffic.

International travel is expected to grow

steadily, with the Centre for Asia Pacific
Aviation projecting 96m overseas trips
to and from Indian airports by 2023.
Yet nearly 70 per cent of Indias international traffic is presently carried by
foreign-owned airlines, which can fly to
India without the same restrictions that
New Delhi imposes on Indian carriers
seeking to go abroad. And while many
countries have reached the limits of
their bilateral agreements for flights
into India, about 60 per cent of Indias
foreign traffic rights are unused.
Indias government is now taking a
serious look at the 5/20 rule. Buffeted
between conflicting demands for the
rule to stay or go, New Delhi is now considering a gradual phase-out.
ButMrChandilyaadds:Itsarulethat
needs to be abolished in its entirety, he
says.Not with a piecemeal approach.

ED CROOKS NEW YORK

Robots will replace a growing number

of jobs in industries including automotive and electronics in the next few
years, particularly in east Asia, according to new research.
Worldwide sales of industrial robots
rose 23 per cent last year and are on
course to double by 2018, driving radical change in many manufacturing sectors, Boston Consulting Group said.
Although robots have been used in
industry for decades, recent advances in
technology have cut their costs and
increased their capabilities, as a new
generation of reprogrammable, multipurpose machines comes into service.
The prices of industrial robots have
been falling steadily, dropping about
14 per cent in the past four years to
$133,00 for a typical system, while capabilities have been expanding.
Some robots are even cheaper: the
Baxter robot from Rethink Robotics has
a listed base price of $25,000, making it
accessible to smaller companies that
might have found it difficult to invest in
earlier generations.
Five countries China, the US, Japan,
Germany and South Korea are
expected to account for about 80 per
cent of investment in industrial robots
over the coming decade.
Advanced robots are set to cut costs
and raise productivity, reducing
employment in manufacturing in developed countries, while raising the skill
levels demanded of the staff that
remain. They are also likely to make
labour costs a less significant factor for
manufacturers deciding where to
invest.
About 200,000 industrial robots were
shipped last year, BCG estimates, up
from 163,000 in 2013, and in three
years time the number could rise to
400,000.
In the manufacturing sectors that are
the most readily automated, including
cars and other transport equipment,
computers and electronics and electrical equipment, about 85 per cent of
tasks can be performed by robots,
according to BCG.
Those sectors are likely to use the
most robots over the coming decade,
but other areas such as chemicals and
metals are also likely to see increasing
adoption of the newer, more flexible
machines.
Hal Sirkin of BCG said: The new
generation of robots will be applying
logic to the environment and making
their own decisions.
Mr Sirkin raised the prospect that the
application of advanced robots to
manufacturing could lead to an acceleration of productivity growth.
Doubling productivity takes a long
time, he said.
Doubling computer power takes just
two years.

Real estate. Frozen market

US funds bet exposes Russian risks

Morgan Stanley units $2.3bn
shopping mall deal falls victim
to rouble and oil price travails
HENNY SENDER NEW YORK

In 2012 and 2013, Morgan Stanleys real

estate fund set a new record for Russian
property deals by investing $2.3bn in
two shopping centres in St Petersburg
and Moscow.
Now, with the rouble plunging in
response to western sanctions and a falling oil price, the funds big bet on Russia
has become a cautionary tale about the
risks of chasing high returns in volatile
countries when low interest rates are
depressing yields in developed markets.
People involved in the two mall deals
claim their valuation is below the peak
but not down much if at all from the
price paid. Others with knowledge of the
transactions estimate that their value
may have halved.
Rents have dropped by as much as
30 per cent in some shopping malls, the
sceptics note.
Crude prices and the rouble have
halved, consumer income and retail
sales are falling, and economists expect
that Russias GDP will shrink 5 per cent
this year.
The only thing the two camps agree on
is that a frozen property market makes
exact calculations impossible.
Morgan Stanley opted to buy big in
non-core markets, says Thomas
Devonshire-Griffin, the Moscow-based
regional director of Jones Lang LaSalle
in Russia. Today, though, it is hard to

value anything because nobody knows

where prices will settle.
The fund known as MSREF
invested alongside the Chinese sovereign wealth fund CIC in St Petersburgs
Galeria and bought the Moscow mall
with a fund backed by Calpers, the California public pension fund and Hines, a
real estate investment firm.
The 2013 investment in Moscows
Metropolis Shopping and Entertainment Mall was the single largest transaction ever in the Russian commercial
property market.
Russia does not have a long history of
attracting western property investors.
Most have stayed clear of the market
Tough call: it is
difficult to
estimate the
current value of
Morgan Stanleys
investment

precisely because of its volatility, and

financing for big projects became widely
available only a decade ago.
Before 2011, there was virtually no US
investment in Russian property, according to Cushman & Wakefield data.
MSREFs two deals accounted for the
lions share of total foreign investment
in the Russian market in 2012 and 2013.
But when the fund made its
purchases, Russia was prospering and
few anticipated the plunge in oil prices
to come. The rouble was strong, and
tenants were willing to pay their landlords in dollars, which made currency
risk seem negligible.
Even at the end of last year, as prices

on imported goods looked set to soar

because of sanctions and a falling rouble, same-store sales rose.
The Russian consumer was a great
story, says Lee Timmins, who heads
Hines Russian office.
Even in the first three quarters of
2014, it did not feel like a crisis. It was
only with the sanctions and the difficulty getting hard currency that problems set in.
This latest chapter in the history of
MSREF comes at a time when it seemed
to be on an upswing.
Like Whitehall, Goldman Sachs real
estate investment arm, the Morgan
Stanley unit lost billions of dollars during the global financial crisis.
Meanwhile, in Russia, landlords are
having uncomfortable conversations
both with their tenants and with their
bankers.
Most banks are under political pressure not to write down loans or repossess properties, Mr Devonshire-Griffin
says, adding that some banks are asking
for interest payments only.
Most analysts agree there is worse to
come though. Retailers will close and
there will be more downward pressure
on rents, warns Sergey Riabokobylko,
head of Cushman & Wakefield in
Moscow.
The head of real estate investing at
one large company says: If things had
gone the other way, they would have
looked like geniuses.
Morgan Stanley declined to comment
while CIC did not respond to requests
for comment.
Additional reporting by Stephen Foley in
New York and Gabriel Wildau in Shanghai

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Tuesday 10 February 2015

19

FINANCIAL TIMES

COMPANIES

Telecoms. Competition

Mobile & telecoms

Alibaba forks out

$590m for stake
in phonemaker
China ecommerce groups
investment in Meizu lays
down challenge to Tencent
CHARLES CLOVER BEIJING

Alibaba has invested $590m in a littleknown domestic smartphone maker as

the ecommerce group pushes to extend
its reach to mobile internet.
The unspecified minority stake
in Meizu marks the first time
Alibaba has invested directly in a smartphone company, but is in line with the
groups strategy to challenge Tencent in
mobile.
While the foray into smartphones
echoes that of US ecommerce group
Amazon with its Fire phone, Alibaba is

More Chinese are

accessing the internet
from mobile devices
than from desktops
more intent on pushing YunOS, its seldom-used operating system, on to
mobile screens.
Channelling mobile users to Alibaba
is a priority for the company as China
switches en masse from desktop to
smartphone internet. For the first time
last July more Chinese accessed the
internet from mobile devices than from
computers.
The investment in Meizu represents . . . an important step in our overall mobile strategy, Wang Jian,
Alibabas chief technology officer, said
yesterday.
Alibaba is competing with Tencent for
Chinas mobile internet users in a race
that Shenzhen-based Tencent is win-

ning with its flagship apps QQ mobile

and WeChat.
However, fourth-quarter results by
Alibaba showed that its number of
mobile monthly active users nearly
doubled from the same quarter the previous year to 265m.
China has 557m mobile internet users
out of a total 649m online users, according to data released last week by the
China Internet Network Information
Center.
Alibaba has spent about $8bn
since the beginning of 2014 on acquisitions, mainly focused on developing its
reach in mobile, including $1.5bn on
AutoNavi, a mobile mapping software.
In June, Alibaba bought UCWeb, a
mobile browser company, and the two
have developed Shenme, a mobile
search engine.
They are also working with Quixey, a
US-based company in which Alibaba
has invested, to design a mobile gateway
using Quixeys app search engine.
Meizu is one of the few Chinese manufacturers to preload YunOS in its
phones, while other manufacturers
have been dissuaded by a spat with
Google in 2012.
The US group claimed YunOS was a
version of its Android operating system
that was incompatible with its broader
mobile ecosystem.
Alibaba claims YunOS is not a version
of Android.
Wang Yanhui, head of the Mobile
Phone China Alliance, the industry lobbying group, said Alibabas strategy for
rolling out its operating system had
been to rely on smaller smartphone
makers, of which Meizu is the largest.
He said: Larger companies, any
manufacturers with international business, are afraid theyll be punished by
Google. When they go outside China
they still have to play by Googles rules.

Make or break for

Telefnica in Mexico
Spanish telecoms group faces
a fast-changing landscape as
rivals such as AT&T catch up
JUDE WEBBER MEXICO CITY

Mexico is Latin Americas second-biggest telecoms market Edgard Garrido/Reuters

AT&Ts aggressive push into Mexico

means crunch time is looming for Telefnica. The Spanish telecoms group has
invested some $13.5bn in Latin Americas second-biggest market over the
past dozen years and saw revenues rise
9.5 per cent in the third quarter. But it
has not decided what to do in the teeth
of intensifying competition from a new
rival that is quickly gaining on it.
The situation here is upside down,
said Francisco Gil Daz, Telefnicas
Mexico president.
The group has had its hands full negotiating the 10.25bn sale of O2, its UK
unit, to Hutchison Whampoa of Hong
Kong. It has also been busy in Brazil,
where Telefnicas Vivo unit is digesting
last years $7.5bn acquisition of GVT, the
broadband unit, from Vivendi, and eyeing a share of Telecom Italias TIM if, as
expected, the Italian unit is broken up.
It is not that they are not aware of what
is happening [in Mexico], but things are
moving so fast and so unexpectedly that
I dont think they have reached a decision on what to do, said Mr Gil Daz.
Telefnica, with about 20 per cent
market share, has long played secondfiddle in Mexico to Carlos Slims Telcel,
which has 70 per cent. Third-placed
rival, Iusacell, has some 8 per cent, and
was snapped up by AT&T in November.
But the landscape is changing. Mexico
passed a telecoms reform bill designed
to open the door to competition and
changes have come fast. Last June, Mr
Slim and AT&T, his former ally, parted
ways when the US company bid for
DirecTV. The Mexican billionaire has
also vowed to break up the empire to
escape antitrust measures though he
has not said which assets will be sold.
Last month, AT&T bought Nextel,

which has 3 per cent of the market but

the most profitable subscribers. The US
company wants to expand its presence
in Mexico and incorporate it into a
seamless North American network.
The two odd-ones-out from this
round of musical chairs are Telefnica
and Televisa, the countrys dominant
television group famed for its soap
operas that has a tie-up with Univision
in the US. It also owns Sky, Mexicos
leading satellite TV provider, and 51 per
cent of cable provider Izzi.
Telefnica last year tried to negotiate
a partnership with the broadcaster, but
plans fell apart. Mr Gil Daz is not giving
up on some kind of association and all
eyes are on what one analyst called the
crucial next move by the broadcaster.
There is a need for Televisa to take a
decision, just like us, on whether we are
to combine resources, Mr Gil Daz said.
The plan to have a merger of some Televisa assets and some of ours did not
work out. There is still a possibility to
work with Televisa in different ways.
Televisa said it was premature to comment on any future deals but stressed it
had an excellent relationship with Telefnica.
Telefnica will be flush from the proceeds of its sale of O2, so that means we
could consider some capex. There is also
some possibility of buying a cable company [in Mexico], said Mr Gil Daz.
There is the possibility of asset
swaps, mergers, acquisitions. We are
considering an array of combinations.
We will probably have a decision before
the second half of this year . . . We are
under pressure to decide.
The senior analyst called it make it
or break it time for Telefnica in Mexico. Mr Gil Daz said leaving did not look
on the cards. I dont think so. Mexico
has revenues and clients and it is larger
than all our operations in Latin America
except Brazil, he said. His favoured
outcome is for his group to buy a cable
company ideally MegaCable or Axtel.
No one at either company could
immediately be reached for comment.

20

FINANCIAL TIMES

Tuesday 10 February 2015

UK COMPANIES

Briefs

HSBCs unpalatable Swiss role reflects colonial banks federal failings

Tax avoidance? At a Swiss private

bank? One is shocked. Shocked! HSBC
has admitted to compliance and
control failings at a Swiss offshoot,
after allegations that the subsidiary
helped foreigners avoid tax. This has
been the historic mission of Swiss
private banks. However, there is a
subtler theme here: of a colonial legacy
that is both a blessing and a curse to
the UKs largest bank.
A Swiss private banker once blogged
of his relief at crossing the line. He
had moved the wealth of a British
client to the land of cuckoo clocks and
multi-tools with the explicit intention
of dodging UK tax. Such behaviour was
widespread in his profession until the
Swiss tax authorities began buckling to
international pressure in the late
noughties. If investigative journalists at
Le Monde, The Guardian and the BBC

have caught HSBC out, it is because the

bank produced a whistleblower, Herv
Falciani. Rivals will thank their stars
they have not.
What was special to HSBCs private
bank during 2005-07, when clients
were allegedly withdrawing untaxed
bricks of cash, was that it belonged to
a federal institution. National units
were run by barons whose ethics were
local, and thus helpfully flexible. For
instance, in 2012, HSBC agreed to pay a
$1.9bn fine for money laundering
during the noughties for clients that
the US authorities said included
Mexican drug cartels.
The British empire provided a vector
for HSBCs expansion after it was
established in Hong Kong in 1865.
Federation was a consequence of the
slowness and unreliability of
communications. It persisted into the
era of emails and Twitter because it
was seen as a business advantage. But a
tough post-crisis regulatory
environment made it risky instead.
For this reason, Stuart Gulliver
imposed greater central control and
began shedding units in some
disreputable countries after becoming

chief executive in 2011. The remaining

franchise is hugely robust, but has
scope to be rocked by further
revelations of historic wrongdoing. One
oddity of the current furore is that
HSBC failed to pre-empt the
co-ordinated publication of allegations
this morning.
Lord Green, chief executive and
chairman for much of the noughties,
has questions to answer, as Labour MP
Margaret Hodge says. But so do Labour
ministers and tax bosses from that era.
Their attitude to tax avoidance was
initially a permissive one, like the
policeman in Casablanca who pretends
to be shocked when gambling is
discovered at his favourite nightclub.

Sams fetta accompli

Samantha Camerons latest diary entry*:
Dave war gaming Grexit all day. Crisis
planning v important at Smythson too.
Wot if Vogue bans leather accessories in
fuchsia, etc? Nick from Treasury is like:
Greek economy v small. But Rupert,
Ozzys SPAD, makes good argument
that disruption to supplies of

fetta/taramasalata could prompt riots

at Islington Waitrose.
Ozzy v worried by meeting with
Greek finance minister Yanis Varifocal
last week. No chance hell meet debts
when he doesnt bother tucking his
shirt in, was verdict of Mrs Ozzy. This
from a woman who lets husband wear
suits one size too small. But thats blue
stockings for you. Yanis oddly
scrummy, in a Mahiki bouncerish way.
After five hours the only action
point on Daves white board is: Grexit
export opportunities: drachma
printing and tear gas Vince to alert
De La Rue and Chemring. Obvs, Dave
powerless to stop Grexit or outages of
N. London hummus pipeline.
Kept it zipped on that. But googled
Greek hotels on the iPhone. Bargains
inevitable post-Grexit. Mrs O says
Corfu fabulous in August if you can
avoid Oleg Deripaska. Dave probably
out of government after May, I figure.
Patriotic holiday hypothermia on
Polzeath beach then a thing of the past.
As with euro collapse, wrong to hope,
sensible to plan.
*as imagined by Lombard and with
apologies to Catherine Bennett.

Whale ahoy
A farewell to ARMs? The chances of
Asia Resource Minerals Bumi as was
quitting the market have diminished
marginally. Co-founder Nat Rothschild
is offering to underwrite a $100m
equity issue at a 79 per cent premium
to todays opening price. The condition
is that investors extend the maturity of
$950m of debt owed by main
subsidiary Berau. This could forestall a
wipeout for shareholders.
Mr Rothschild has sometimes
resembled Captain Ahab in his singleminded pursuit of his quarry, though
his aim has been its rehabilitation
rather than its destruction. Business
writers chronicling the complex tale
inevitably resemble the Ancient
Mariner. The wisdom of Mr
Rothschilds actions has often been
questionable, not least in creating a
business that was riven with
boardroom tensions. His tenacity is
indisputable, as this latest
development illustrates.
jonathan.guthrie@ft.com

Mining

Randgold raises
dividend amid
deal optimism
FTSE 100 group on
lookout for acquisitions as
turbulence continues
JAMES WILSON CAPE TOWN

Randgold Resources became the first

blue-chip London miner to raise its dividend this year as it predicted opportunities for acquisitions amid a turbulent
outlook for commodities.
Miners ability to increase payouts for
investors is under scrutiny because of
weakening Chinese growth, putting
pressure on commodity prices and on
the balance sheets of many groups.
But FTSE 100-listed Randgold, which

Randgold has been one of

the best-performing gold
producers, avoiding the
asset writedowns made by
some larger rivals
has no debt, said that it intended to
increase its final cash dividend by 20 per
cent after it hit its production targets for
2014.
The proposal precedes an anticipated
dividend increase by Rio Tinto later this
week, when the large diversified miner
is also expected to offer a one-off return
of cash, probably via a share buyback.
Randgold, which mines in three
countries in Africa, has been one of the
best-performing gold producers, avoiding the asset writedowns made by some
larger rivals whose plans hinged on
higher gold prices.
The price of the precious metal fell in
2013 and Mark Bristow, chief executive

of Randgold, is increasingly vocal about

opportunities to buy assets from
struggling rivals if it does not recover.
Net asset values for many gold miners
were facing a big, steep, vertical cliff,
Mr Bristow said yesterday.
Randgold has been hit with a fresh
$190m claim for unpaid taxes in Mali,
deepening a dispute between the African
country and the gold miner that is set for
internationalarbitrationthismonth.
Malis tax claims against Randgold,
the countrys largest mining investor,
total $313m, more than the miners net
income last year.
Randgold has made no provision for
the claims, which it says are unfounded.
We are very comfortable that we are
right. We invested a lot of money in Mali
based on a specific investment convention with very clear stability, Mr
Bristow said.
Anything other than that would
change our approach about how we allocate our capital.
Randgolds output rose 26 per cent
last year to 1.15m ounces, with
the benchmark measure of costs down
4 per cent.
Net income dipped 17 per cent to
$271m last year as the gold price fell.
Revenues rose 13 per cent to $1.4bn.
Randgold said that output this year
should grow between 5 and 10 per cent
to more than 1.2m, with a further fall in
costs. Its shares rose 2 per cent to
54.15p.
Separately, and further underlining
the potential for dealmaking as gold
miners readjust to lower prices, Canadas Tahoe Resources, a silver producer, yesterday agreed a C$1.4bn
(US$1.1bn) deal to buy Rio Alto Mining,
which has a gold mine in Peru.

Sports Radio
MacKenzie venture
Kelvin MacKenzie is bidding to run
a new national sports radio station
that would compete with Talksport,
the broadcaster he founded and
sold to UTV Media a decade ago for
100m.
Mr MacKenzie, who is best known
as a former editor of The Sun, said:
Its been clear to me for some time
that theres room for another player
in the sports radio market.
The new station, called Sports
Radio, is part of a consortium called
Listen2Digital that is bidding for
the second wave of national digital
radio stations to be awarded by
Ofcom, the telecoms regulator, later
this year.
Listen2Digital, whose backers
include Orion Media and Babcock
International, is one of two
consortiums bidding for the new

multiplex a chunk of the

airwaves needed to broadcast radio.
It is up against Sound Digital, a
consortium of Talksport-owner
UTV Media, Arqiva, the
transmission business, and Bauer
Media, the UKs second-biggest
commercial radio group. UTV plans
to take four of the 15 stations
proposed by Sound Digital,
including an additional sports
station.
Mr MacKenzie is working on the
bid with Jason Bryant, co-founder
of Talksport and a former managing
director of the station. Besides
Premier League football, Sports
Radio plans to feature Test match
cricket, rugby, golf and horseracing.
If it wins the bid, Sport Radio
would launch next year.
Robert Cookson

Arm Holdings
Software group deal

Mujahid Safodien/AFP

Not so shiny
Amplats
counts cost of
miners strike

Anglo American Platinum, the worlds

biggest platinum producer, yesterday
posted a near 50 per cent fall in its
2014 earnings after its output was
battered by a five-month strike last
year.
The group said headline earnings
were R786m ($68m) in the 12 months
to the end of December, down from
R1.45bn in the previous year as the
strike cost it more than 500,000
platinum ounces in production.
South Africas platinum sector has
been struggling, with growing
industrial action amid subdued prices
for the metal, and Amplats said that it
was moving ahead with plans to sell
some of its older, labour-intensive

mines as it shifts focus to more

mechanised operations.
Amplats, a unit of Anglo
American, said that it expected the
outlook for platinum to improve as
stockpiles have been reduced and
demand picks up.
South Africa is home to about 80
per cent of the worlds proven
platinum reserves, but despite last
years strike the precious metal price
has remained weak.
A month after the strike ended in
June, Amplats said it intended to
offload its Rustenburg site, which
was at the heart of the strike and has
been lossmaking or generating
wafer-thin profit margins for years.

Arm Holdings, the British chipdesign company, has bought a

Dutch specialist in the design of
security software for the internet
of things.
Offsparks technology is included
in sensor modules and
smartphones. Arm said the
technology will remain open source
and will be made available to
developers for commercial use.
Paul Bakker, Offspark chief
executive, said: Security is the
most fundamental aspect in
ensuring people trust [internet of
things] technology and that is only
possible with a truly tailored
solution. Together, Arm and
Offspark can provide security to the
edge of any system.
Fast FT

Imagination Tech
Nordberg appointed
Imagination Technologies, the
microchip designer, has named
technology veteran Bert Nordberg
as chairman, ending months of
uncertainty after Geoff Shingles
announced his retirement in July.
Mr Nordberg, who currently
chairs alternative energy group
Vestas Wind Systems, was
president and chief executive of
Sony Ericsson from 2009 to 2012.
He was also a non-executive
director of BlackBerry.
Fast FT

General financial

Spread-betting comparison site aims to increase transparency

HARRIET AGNEW
CITY CORRESPONDENT

A new price-comparison website for

UK financial spread-betting companies
has launched, designed to shine a light
on the wide variety of fees being
charged by many of these operators
which are popular with retail investors.
Spread Angel allows clients to compare
prices across 12 UK-registered spreadbetting groups, such as IG Group, CMC
Markets and City Index.
Will Hanbury, co-founder of Spread
Angel, said: The site is extremely useful as there are discrepancies across the
industry. It enables people to identify
which is the best spread-betting firm for
them.
As online trading has exploded in

popularity over the past decade, the

spreads charged have reduced. However, the larger companies, which spend
more money on marketing, do not
always offer customers the cheapest
rates.
Key areas of price discrepancy
between the spread-betting companies
include trading costs and the overnight
funding rate that consumers pay to hold
their positions. All of these costs can add
up over time and eat into profits.
Mr Hanbury said that he wanted to
bring price transparency to the industry, in the same way that Oddschecker
compares the leading bookmakers and
MoneySuperMarket.com allows consumers to compare prices on products
such as mortgages and credit cards.
Users of Spread Angel can search

areas including fixed and variable rates,

guaranteed stop losses and credit
account facilities. As well as comparing
the prices the spread betters offer, the
site shows which companies have additional features such as social trading,
where punters can follow expert
traders, and mobile trading to attract

Spread Angel allows clients to

compare prices across 12 groups

users with cash bonuses for new

accounts.
Financial spread betting came under
the spotlight in January when several
retail brokers suffered big losses from
volatility in the Swiss franc, after the
Swiss National Bank removed the
exchange rate ceiling against the euro.
IG Group, one of the largest UK spread
betters, said in its latest results that the
swings in the Swiss currency are likely
to cost the company up to 30m
because of market exposure losses and
customer credit exposure losses.
In the half year to November 30, IGs
net trading turnover rose 8 per cent to a
record 197.4m and pre-tax profit rose
2.8 per cent to 101.4m. The company
reassured investors it would stick with
its dividend policy despite the turmoil.

Tuesday 10 February 2015

21

FINANCIAL TIMES

UK COMPANIES
Mining

Real estate

Rothschild fillip for Asia Resource Minerals

Advisers
bulk up to
battle JLL
and CBRE

Shares add a third on offer

of $100m equity boost as
group struggles with debt
MICHAEL KAVANAGH

Shares in Asia Resource Minerals

jumped more than a third yesterday
after financier Nat Rothschild offered to
make a $100m equity injection into the
Indonesian coal mining venture.
Ahead of the announcement, the
debt-laden companys market capitalisation stood at just over $50m.
The offer from Mr Rothschilds

vehicle, NR Holdings, comes amid wider

attempts to rearrange terms with
lenders.
It follows a vote last Wednesday by
shareholders to reject attempts by the
companys former chairman Samin Tan
to wrest back control of the company.
At the shareholder meeting last week,
more than two-thirds of investors
backed the companys board, which had
argued that Mr Tan would try to run the
miner in the interests of Borneo, his own
financially distressed vehicle.
Under the terms of yesterdays offer,
Mr Rothschild is offering to inject up to
$100m at an issue price of 25p a share, a

premium of close to 80 per cent to

ARMS closing price of 14p on Friday
night. Shares rose as high as 23p before
closing at 18p yesterday.
The company also announced that it
had entered talks with lenders aimed at
avoiding the risk of any default on
borrowings. ARMSs sole trading unit
Berau has $450m worth of bonds set to
mature in July this year and a further
$500m that mature in July 2017.
Under the terms of the offer from Mr
Rothschild, other shareholders would
be free to participate or not in the equity
issue. Depending on take-up, it could
see him take majority control.

Mr Rothschild holds 17 per cent of

ARMS, which was previously known as
Bumi plc.
Mr Tan, with whom Mr Rothschild
has regularly clashed during the companys history, held a 47 per cent stake
until late last year.
In November, Raiffeisen Bank International took control of 23.8 per cent of
voting rights in the miner from Mr Tan,
citing the terms of its loan deal with the
Indonesian businessman.
Wal King, Chairman of ARMS, said
yesterday that the company appeared
to be in a position to create a more
stable capital structure for the benefit of

all stakeholders. The company

intends to engage with noteholders as
soon as possible to secure a transaction
while the offer of new equity is on the
table, he added.
Last year ARMS was unravelled from
an ultimately acrimonious three-year
tie-up with coal assets owned by the
Bakrie family one of Indonesias most
powerful dynasties in a $500m deal.
Mr Rothschild at the time argued that
his Bumi venture had fallen victim to a
level of corporate mismanagement
that none of us had imagined would be
possible.
See Lombard

Ecommerce
buoys logistics
property
investment
JOEL LEWIN

Ecommerce is fuelling a boom in logistics property investment in Europe as

retailers try to keep pace with changing
consumer demands.
Investors pumped 19.8bn into properties such as warehousing and distribution hubs in 2014, a seven-year high and
a 34 per cent rise year on year as groups
scramble to adapt to evolving supply
chains and developers position themselves to profit from the thriving sector.
The UK led the way, with investment
in the sector jumping 65 per cent to
7.9bn, according to Property Data. But
investment leapt on the continent too as
European eretailers expanded and
cross-border ecommerce took off.
Ireland saw the strongest proportional rise, with investment in logistical
properties surging 7,200 per cent to
197m, while investment shot up 849
per cent in Finland to 1.14bn and 273
per cent in Spain to 608m, according to
data from Real Capital Analytics.
One of the largest leases of the year
saw Amazon secure 1m sq ft of warehousing at Daventry in the golden triangle distribution hub in the UK midlands, whilst Next, Waitrose and Primark all committed to new warehouses
larger than 900,000 sq ft, according to
BNP Paribas. In a sign of the rapid
expansion of cross-border ecommerce,
Amazon is building five fulfilment centres in Poland and the Czech Republic to
open through 2015 as it seeks to tap the
European ecommerce market, estimated by Ecommerce Europe to be
worth 363.1bn.
Asos, the UK online fashion retailer,
opened a 200,000 sq ft European hub in
Berlin last year and has just secured a
plot next to it to double capacity,
according to Nick Beighton, chief operating officer. Europe is a very big market with lots of potential, so were investing heavily. Customers are demanding
different experiences . . . The upstream
supply chainhastochange,he said.
Investment was dominated by out-oftown fulfilment centres larger than
500,000 sq ft where products are stored
and picked and by small parcel delivery
centres in dense urban environments.
Segro, a London-listed industrial
property developer, has pumped money
into urban distribution centres close to
chimney pots that offer direct access to
dense populations to their clients,
including Ocado and parcel carriers
FedEx, DPD and DHL.
Logistical real estate has in the past
been the poor relation to big office
blocks in city centres and very big retail
schemes, said Andrew Gulliford,
Segros chief operating officer. But people have increasingly seen the benefits.

Tod Lickerman, head of

DTZ, says mid-ranking
operators need to
get big or go boutique
The Crossrail line in London is part of a broad upturn in the UK for manufacturers focused on trains, rolling stock and infrastructure Robby Whitfield/Epa

Rail industry builds up head of steam

Crossrail project in vanguard
of contract bonanza for
groups with UK operations
JANE WILD

Big projects led by a new train line for

London are providing the UKs rail manufacturing industry with its best outlook for almost a decade.
The 14.8bn Crossrail line linking
east and west London and other large
rail projects are generating a contract
bonanza for companies with significant
British manufacturing operations
including Canadas Bombardier and
Germanys Siemens. Japans Hitachi will
soon join them by having a UK plant.
But the splurge of work UK-based
rail manufacturers have a combined
annual turnover of 7bn is also creating problems for some companies. Common difficulties include securing adequate financing from banks or hiring
employees with the correct skills.
The Crossrail is part of a broad upturn
in the UK for manufacturers focused on
trains, rolling stock and rail-related
infrastructure. Other work includes a
38bn modernisation of Britains railways, and plans for a high speed rail line
(HS2) costing 50bn and linking London with Birmingham and possibly

Manchester and Leeds. The rail industry is extremely buoyant, says Noel
Travers, head of projects at Bombardiers UK subsidiary, which has a 1bn
contract to make trains for Crossrail at
the companys Derby factory. Its supported by strong passenger numbers
and investment in larger projects.
The Rail Industry Association the
trade body for UK-based suppliers of
equipment and services to the global
rail industry said 70 per cent of its
members reported business to be higher
than normal. Most members were optimistic about their prospects, said Gordon Wakeford, chairman of the RIA,
adding: The government has woken up
to the railway being a vital part of our
industry which should be invested in.
This year, Hitachi Rail Europe, part of
the Japanese group, will open an 82m
manufacturing plant in Newton Aycliffe
in the north east, where it will assemble
122 trains for the East Coast and Great
Western lines in contracts worth
5.7bn. Hitachi has also been named as
preferred bidder to make 70 trains for
the ScotRail franchise.
But, not all of the UKs projects create
work in Britain Siemens won the contract to build trains for the upgraded
Thameslink line in London, and will do
the manufacturing in Germany. Siemens has UK manufacturing operations

Lund takes up role as BG Group chief early

Helge Lund has begun his tenure as
chief executive of BG Group after an
agreement with Statoil allowed him to
start three weeks earlier that expected.
The former Statoil chief executive, credited with improving the fortunes of the
Norwegian group during his 10 years in
the top job, resigned in October to take
up the same position on far more lucrative terms at BG Group.
Mr Lund had been due to join BG
Group on March 2 but yesterday the UK
energy company said he was able to take
up the new role early following agreement last week from his former
employer to release him from his contractual commitments.

after buying the rail division of Invensys, which makes signalling.

Moreover, UK rail manufacturers
know the good times are not assured.
Periodically, Britain provides them with
little or no work the industry notoriously endured 1,064 days without a
train order at the time of rail privatisation in the early 1990s.
When orders dry up, not all companies survive. Its been boom and bust,

The government
has woken up to the
railway being a vital
part of our industry
quite volatile, and companies have had
to cut to the bone to survive, says Mark
Fletcher, head of business development
at the UK subsidiary of Knorr-Bremse, a
German group that is making platform
screen doors for Crossrail.
The yo-yo nature of British rail contracts underlines the importance for
UK-based manufacturers of trying to
increase their share of overseas work.
Only about one-tenth of revenues for
UK manufacturers come from exports,
compared with one-fifth in France and
one half in Germany. This partly reflects

Travel

Oil & gas

MICHAEL KAVANAGH AND

ELIZABETH PATON

International property advisers are on

a consolidation and acquisition drive as
they gear up to take on the dominant
US-based participants in delivering a
global service.
The boom in global property investment is driving deals between advisory
companies. In recent months groups
have snapped up smaller rivals to boost
their range of services and the places
where they operate.
The market is dominated by Los
Angeles-based CBRE, which this week
reported $9bn turnover in the year to
end-December 2014, and JLL, which is
based in Chicago and reported turnover
of $5.4bn in the same period.
A second tier of companies with turnover of between $1bn and $3bn includes
groups such as Cushman & Wakefield,
Colliers, DTZ and Savills.
DTZ chief executive Tod Lickerman
said that mid-ranking advisers needed
to get big or go boutique.
The biggest corporate occupiers and
investors work all over the world, so
they expect their advisers to do the
same, he said.
Other industries such as law, accounting and consultancy realised this many
years ago, he said.
Bob Sulentic, CBRE chief executive,
said advisory companies have to be
able to connect the dots from Asia to
Europe to the US, in order to be the company that capital wants to work with,
because you have to have an informed
point of view about all those markets.
Large companies were increasingly

Manufacturing. Outlook

Real estate

KATE ALLEN
PROPERTY CORRESPONDENT

His arrival at BG Group comes six

days after the group announced it was
writing down the value of its asset portfolio by $8.9bn to reflect sharp falls in oil
and gas prices that pushed it into a fullyear loss for 2014.
Presenting results last Tuesday,
interim executive chairman Andrew
Gould denied that Mr Lund had any
hand in shaping BG Groups response to
the halving of crude prices.
I would remind you that Helge Lund
is still an employee of Statoil, and therefore under his agreement with Statoil,
while he has access to all public information about BG, he cannot make any
decisions concerning BG, Mr Gould
told analysts and investors. Therefore
until he starts, hes a spectator more
than anything else.

On Mr Lunds agenda will be making

cuts in BG Groups capital expenditure
of up to 30 per cent this year compared
with 2014. The company is also aiming
to cut headcount expenses by 10 per
cent in 2015.
The hiring of Mr Lund drew criticism
from shareholders over the size of his
proposed pay deal, which prompted BG
Group to scale back his remuneration.
Mr Gould, who became non-executive
chairman yesterday, said last week he
expected Mr Lund to thoroughly
review where he wishes to take BG over
the next five to ten years.
One task would be to re-establish stability after the enforced departure of
former chief executive Chris Finlayson
last April, 16 months after he replaced
Sir Frank Chapman.

the strength of Alstom, the French train

maker, and Siemens, its German rival.
Securing export orders is not easy,
partly because the specification of
trains, rolling stock and rail infrastructure varies between countries.
But British manufacturers are looking
for contracts in Asia, the Middle East
and South America as urbanisation creates demand for transport infrastructure. In China and India, more than 30
metro rail systems are being proposed,
approved or constructed, according to
KPMG, the accounting firm. But smaller
UK-based manufacturers may struggle
to secure export orders if they cannot
obtain loans to help finance their bids.
Potentially, the smaller businesses
are in a vicious cycle, says Jamie Foster,
procurement director at Hitachi Rail
Europe. Investment is needed to make
a bid. How do you help companies that
need to go through that curve?
Finding workers with the right skills
notably engineers is an issue for
many manufacturers. Its one of the
biggest concerns for all of us, says
Graeme Ford, managing director of
GrayBar, a small Northamptonshire
maker of devices to heat railway points
and stop them freezing in the winter. He
plans to hire extra staff but says he
expects to have to train them, due to the
right skills sets not being available.

choosing which places to locate their

offices on a global basis, running standing accounts rather than paying one-off
commissions, while investors were buying property across a growing number of
countries, Mr Sulentic said.
As a result, over the past four years
the average size of CBREs 30 largest clients had risen 73 per cent, he said.
Its not just about bulking up [in
scale], its about bulking up and being
good and being connected. Thats what
people who buy our capabilities are
looking for, he said.
This meant advisers were having to
invest more in technology and research.
DTZ, Savills, Bilfinger, Cushman &
Wakefield and Colliers have all made
acquisitions in the past year.
London-based consultancy Savills
kick-started the dealmaking season last
spring, buying US tenant advisory firm
Studley for 154m.
The deal is the latest of several
attempts by the company which has a
strong Asian presence to break into
the US market. At the time Jeremy
Helsby, Savills chief executive, said that
it would enable his company to deliver
a truly global service.
That deal was closely followed by Germany-based consultancy Bilfingers
purchase of Britains GVA in a bid to
build a pan-European adviser.
Bilfinger and Savills want to compete
with the Anglo-American firms that
have dominated international property
consultancy for decades.
They have been joined by DTZ, which
was sold by Australian support services
company UGL to a private equity consortium led by TPG in June for $1.1bn.

22

FINANCIAL TIMES

Tuesday 10 February 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

-0.42%

Dow Jones Ind

-0.39%

FTSE 100

-0.53%

FTSE Eurofirst 300

-0.24%

Nikkei

-0.73%

Hang Seng

FTSE All World $

-0.64%

0.36%

-0.39%

$ per

$ per

per $

-0.088%

-0.196%

-0.374%

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

Jan 10 - Feb 09
S&P 500

All World

New York

Index

Jan 10 - Feb 09
S&P/TSX COMP

All World

Toronto

2,046.74

All World

London

Day -0.42%

Month -0.75%

Year 13.90%

Nasdaq Composite

New York

Month -0.21%

Year 14.55%

Dow Jones Industrial

17,729.21

Day -0.53%
Country

Month -1.00%

Year 12.25%

Index

Month 5.30%

Year 4.17%

FTSE Eurofirst 300

Year 5.64%

Bovespa

1,348.58
Day -0.73%

So Paulo

Month 9.84%

Year 13.94%

CAC 40

Day 1.21%

Month 1.11%
Feb 09

Feb 06

Day -0.85%
Country

Month 9.18%

Year 10.00%
22092.77
28575.66
20760.74
4381.95
17648.50
1189.05
1417.19
2219.00
5280.72
6755.14
416.55
470.24
1611.35
1813.25
42715.43
10259.16
454.69
694.95
5797.59
30200.97
660.20
34656.94

9008.58
5774.70
5820.20
3569.30
2274.82
3549.96
5311.85
48792.27
881.48
15083.92
664.02
19216.59
8715.66
10306.77
3222.52
288.85
3075.91
1562.26
1070.54
1434.46
1757.79

Index

Year 2.72%

FTSE Italia All-Share

21705.19
CSE M&P Gen
76.26
76.43
Italy
FTSE Italia Mid Cap
28346.62
PX
980.72
979.15
OMXC Copenahgen 20
787.96
793.48
FTSE MIB
20366.64
EGX 30
9957.93
9965.43
Japan
2nd Section
4398.91
OMX Tallinn
826.67
820.45
Nikkei 225
17711.93
Austria
OMX Helsinki General
8522.61
8642.91
S&P Topix 150
1196.12
Belgium
CAC 40
4651.08
4691.03
Topix
1424.92
SBF 120
3664.04
3697.92
Jordan
Amman SE
2191.37
Brazil
Germany
M-DAX
18726.17
18991.59
Kenya
NSE 20
5296.07
Canada
TecDAX
1478.95
1506.93
Kuwait
KSX Market Index
6748.72
XETRA Dax
10663.51
10846.39
Latvia
OMX Riga
418.18
Chile
Greece
Athens Gen
765.22
803.36
Lithuania
OMX Vilnius
470.04
China
FTSE/ASE 20
226.17
240.07
Luxembourg
LuxX
1614.55
Hong Kong
Hang Seng
24521.00
24679.39
Malaysia
FTSE Bursa KLCI
1811.58
HS China Enterprise
11647.42
11697.32
Mexico
IPC
42810.29
HSCC Red Chip
4536.66
4549.11
Morocco
MASI
10353.17
Hungary
Bux
17665.69
17339.13
Netherlands
AEX
450.96
India
BSE Sensex
28227.39
28717.91
AEX All Share
689.73
S&P CNX 500
6922.35
7029.45
New Zealand
NZX 50
5769.57
Colombia
Indonesia
Jakarta Comp
5348.47
5342.52
Nigeria
SE All Share
29985.08
Croatia
Ireland
ISEQ Overall
5581.83
5613.38
Norway
Oslo All Share
664.51
Israel
Tel Aviv 100
12.87
12.82
Pakistan
KSE 100
34570.30
(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.
9119.95
5770.10
5814.90
3546.40
2287.74
3511.57
5273.51
49382.58
880.77
15100.70
669.23
19103.93
8825.39
10320.93
3242.71
289.13
3095.12
1556.07
1072.74
1437.03
1756.97

Country

Day -1.69%

Index

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

close
price
119.72
106.71
35.10
16.35
55.48
96.90
42.36
74.44
91.56
49.09

Day's
change
0.79
-1.36
-0.04
-0.14
-1.42
-0.58
-0.05
-0.03
0.06
-0.24

BIGGEST MOVERS

Close
price

Day's
change

Day's
chng%

20.44
59.66
19.28
24.55
31.93

1.93
3.92
1.09
1.36
1.74

10.43
7.03
5.99
5.86
5.76

Ups
Hunting
Serco
Rps
Kaz Minerals
Premier Oil

15.65
103.19
128.08
39.53
46.53

-0.92
-5.40
-4.54
-1.38
-1.62

-5.55
-4.97
-3.42
-3.37
-3.35

Downs
Hikma Pharmaceuticals
Nostrum Oil & Gas
Ocado
Man
Bwin.party Digital Entertainment

Downs
Alcoa
Pvh
Edwards Lifesciences
Iron Mountain
American Airlines

Royal Dutch Shell

Hsbc Holdings
Astrazeneca
Bp
Rio Tinto
Vodafone
Shire
Glaxosmithkline
National Grid
Bhp Billiton

EURO MARKETS
ACTIVE STOCKS

stock
traded m's
481.8
167.2
162.3
159.6
146.5
142.4
131.5
129.4
125.8
120.1

close
price
2186.50
610.60
4466.50
457.10
3095.00
228.80
4741.00
1526.00
890.10
1542.50

Day's
change
21.50
-10.20
-0.50
6.50
66.50
-2.60
-171.00
8.50
-19.20
37.50

Close
price

Day's
change

Day's
chng%

548.50
196.70
217.90
244.90
171.20

50.90
13.10
12.90
12.90
8.90

10.23
7.14
6.29
5.56
5.48

Ups
Seadrill
Statoil
Arcelormittal
Galp Energia-nom
Tenaris

2333.00
545.00
390.00
168.00
98.35

-137.00
-28.00
-17.50
-7.50
-4.15

-5.55
-4.89
-4.29
-4.27
-4.05

Downs
Piraeus Bank (cr)
National Bank (cr)
Alpha Bank (cr)
Renault
Bankia

BIGGEST MOVERS

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

-0.20%

1.23%

All World

9,719.00
Day -1.97%

Year 14.64%

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

Year 22.47%

Hong Kong

Month 12.05%
Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index
Weighted Pr

Year 3.43%
Feb 06

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

7728.18
52417.42
5264.63
2315.10
7058.61
1755.45
826.40
9345.32
3431.36
227.65
786.67
51998.32
44350.07
45744.27
1955.52
250.16
10573.10
7162.75
1599.55
518.35
8587.99
9456.18

Year 1.27%

FTSE Straits Times

Singapore
3,418.02

23,919.95
Month 2.88%

Year 13.33%

Shanghai Composite

Feb 09

Month 3.43%

3,338.44

Day -0.64%

Milan

Index

1,947.00

Day -0.44%

Day -0.39%

Shanghai

Month 2.43%

Year 13.49%

BSE Sensex

Mumbai

3,285.41
Day 0.62%
Country
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -6.02%
Index
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
Russell 2000
S&P 500
Wilshire 5000
IBC
VNI

28,227.39

27,274.71

3,095.12

18,177.09
Day -1.90%

Seoul

24,521.00

20,366.64

Country

Month 3.17%

Hang Seng

Year 2.90%

FTSE MIB

All World

1,924.70

Day 0.36%

Madrid

Month 2.47%

Index

Jan 10 - Feb 09
Kospi

Tokyo

Year 51.39%
Feb 09

Feb 06

1601.77
84987.42
4647.04
2920.10
6837.15
6071.23
3670.27
3636.28
6375.15
17729.21
8840.63
607.77
4216.09
4726.01
10826.60
1204.70
2046.74
21602.52
3610.32
574.13

1613.63
86083.25
4621.55
2937.80
6853.44
6097.41
3681.48
3672.71
6423.07
17824.29
8932.47
613.69
4228.68
4744.40
10847.51
1213.05
2055.47
21705.75
3597.59
567.17

Day -1.71%
Country

Month 3.49%
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 38.53%
Feb 09

Feb 06

238.22
3347.75
912.45
5581.32
276.08
1480.01
2979.64
1324.45
1313.91
3409.70
1531.60
487.48
4287.93
4470.30
420.50
1720.55
1447.29
2359.39
1465.34
1517.74
1901.51
3250.30

238.51
3398.16
921.28
5601.83
277.15
1490.84
2997.60
1327.73
1377.50
3369.30
1538.93
489.30
4326.34
4534.67
422.18
1727.49
1457.35
2348.09
1486.14
1528.53
1907.63
3263.58

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

stock
traded m's
Apple
44.5
Covidien New
26.6
Safeway
18.4
Bank Of America
12.8
Abbvie
12.4
Gilead Sciences
11.9
Microsoft
11.6
Facebook Class A
11.2
Exxon Mobil
10.4
Verizon Communications
10.3

Ups
Transocean (switzerland)
Hasbro
Noble (the United Kingdom)
United States Steel
Ensco

Gold $

17,711.93

10,364.90

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

Month 10.52%

Ibex 35

Paris

4,179.07

Index

Jan 10 - Feb 09
Nikkei 225
17,167.10

4,651.08

49,382.58

48,840.25

0.135%

10,663.51

Europe

42,810.29

Month 1.01%

Frankfurt

1,480.01

Feb 06

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

Feb 06

Day -0.24%

Mexico City

Day 0.22%

All World

9,648.50

Feb 09

Argentina
Australia

Feb 09

Year 9.53%

IPC

New York

17,907.87

Month 4.98%

42,402.31

4,726.01

4,736.19
Day -0.39%

Day 0.11%

Index

Jan 10 - Feb 09
Xetra Dax

6,837.15
6,501.14

14,384.92

Oil Brent $ Sep

ASIA
Index

Jan 10 - Feb 09
FTSE 100

15,100.70

2,062.14

per

Novartis N
Roche Gs
Intesa Sanpaolo
Santander
Total
Bayer Ag Na
Bnp Paribas Act.a
Nestle N
Unicredit
Sanofi

stock
traded m's
999.3
610.9
432.0
401.5
388.8
387.1
371.4
345.4
339.1
334.8

close
price
87.59
239.08
2.49
6.01
47.95
125.25
45.70
67.76
5.41
84.82

Day's
change
0.00
0.00
-0.08
-0.13
0.27
0.00
-1.47
0.00
-0.12
-0.18

stock
traded m's
Toyota Motor
500.8
Mitsubishi Ufj Fin,.
414.2
Sony
408.7
Nippon Telegraph And Telephone
377.7
Softbank .
348.7
Sumitomo Mitsui Fin,.
307.8
Honda Motor Co.,
281.4
Japan Tobacco .
246.9
Mizuho Fin,.
230.5
Hitachi,
223.9

close
price
7700.00
679.90
3064.00
7212.00
7136.00
4177.00
3820.50
3443.50
199.90
798.70

Day's
change
77.00
8.10
-74.50
338.00
36.00
47.50
36.50
59.00
2.00
11.40

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

Day's
change

Day's
chng%

12.19
17.30
9.02
10.41
13.61

0.52
0.72
0.28
0.32
0.37

4.48
4.35
3.24
3.12
2.79

58.00
32.00
750.00
88.50
338.00

9.11
6.24
6.18
5.20
4.92

0.52
0.91
0.31
68.23
1.17

-0.09
-0.10
-0.02
-2.92
-0.05

-14.05
-9.80
-6.06
-4.10
-3.70

-117.00
-41.00
-105.00
-52.00
-125.00

-7.34
-6.98
-6.65
-3.54
-3.03

BIGGEST MOVERS

Based on the constituents of the FTSE 350 index

TOKYO
ACTIVE STOCKS

Based on the constituents of the FTSEurofirst 300 Eurozone index

Close
price

Ups
Asahi Glass ,
695.00
Ntn
545.00
Meiji Holdings Co.,
12890.00
Kubota
1789.00
Nippon Telegraph And Telephone 7212.00
Downs
Comsys Holdings
Nippon Electric Glass Co.,
Toyo Seikan Kaisha,
Nikon
Olympus

1477.00
546.00
1475.00
1415.00
4000.00

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Glencore
Weir
Barclays
Intertek
Standard Chartered
Antofagasta
Tullow Oil
Bt
Royal Dutch Shell
Anglo American
Royal Dutch Shell
Rio Tinto

Feb 09
price(p)

%Chg
week

%Chg
ytd

275.60
1879.00
253.65
2448.00
939.40
716.50
422.00
436.60
2186.50
1184.00
2272.00
3095.00

8.9
8.4
7.5
7.4
6.6
6.6
5.8
5.7
5.7
5.3
4.7
4.5

-7.8
1.5
4.2
4.9
-2.5
-4.8
2.0
8.7
1.5
-1.4
1.7
3.2

Losers
National Grid
Astrazeneca
British American Tobacco
Easyjet
United Utilities
Unilever
Dixons Carphone
Associated British Foods
Shire
Randgold Resources Ld
Sabmiller
Compass

890.10
4466.50
3605.00
1675.00
962.50
2804.00
414.00
3010.00
4741.00
5415.00
3510.00
1126.00

-4.7
-4.6
-4.3
-3.8
-3.8
-3.8
-3.4
-3.3
-3.2
-3.2
-3.2
-2.8

-3.0
-2.0
3.0
0.2
5.1
6.7
-10.5
-4.5
4.6
23.6
4.4
2.3

FTSE 250
Winners
Hunting
Serco
Rexam
Poundland
Kaz Minerals
Vedanta Resources
Rps
Soco Int
Aveva
Petrofac
Bank Of Georgia Holdings
Supergroup

Feb 09
price(p)

%Chg
week

%Chg
ytd

548.50
196.70
518.50
418.90
244.90
460.00
217.90
310.00
1491.00
805.00
2257.00
1060.00

31.1
22.0
20.7
19.8
19.5
16.2
12.5
11.5
11.4
10.7
9.5
9.3

3.2
22.4
14.3
27.6
-5.0
-19.9
4.2
2.2
13.5
14.5
8.7
19.1

FTSE SmallCap
Winners
Ferrexpo
Low & Bonar
Ite
Xaar
Raven Russia Ltd
Lsl Property Services
Hardy Oil & Gas
Salamander Energy
Enquest
Carclo
Mcbride
Kenmare Resources

Losers
Tate & Lyle
Nostrum Oil & Gas
Afren
Bwin.party Digital Entertainment
Ocado
Jimmy Choo
Acacia Mining
Man
Euromoney Institutional Investor
Pennon
Worldwide Healthcare Trust
Brewin Dolphin Holdings

580.50
545.00
9.37
98.35
390.00
167.00
270.50
168.00
1015.00
830.50
1772.00
282.60

-13.9
-7.2
-6.4
-6.3
-6.1
-6.1
-5.5
-5.4
-4.8
-4.1
-3.7
-3.7

-3.7
29.8
-80.2
-16.5
-2.5
-4.6
5.9
4.7
-3.1
-9.7
3.4
-5.2

Losers
Aquarius Platinum Ld
Int Biotechnology Trust
Carpetright
Biotech Growth Trust (the)
Rm
Development Securities
Jpmorgan Indian Investment Trust
Boot (henry)
Vectura
Xchanging
New India Investment Trust
Gulf Marine Services

Feb 09
price(p)

%Chg
week

%Chg
ytd

59.75
59.00
149.00
343.00
43.50
317.50
54.50
85.00
41.50
110.00
90.00
3.33

18.9
17.4
16.4
15.2
14.9
14.7
14.1
12.6
12.2
11.4
10.1
9.2

12.7
17.4
-6.9
-11.0
-8.4
6.5
-13.1
30.8
16.9
22.9
12.5
2.8

Feb 09
Industry Sectors
price(p)
Winners
Oil Equipment & Services
17350.02
Industrial Metals
1782.62
General Industrials
4120.42
Fixed Line Telecommunication 4943.90
Mining
14583.33
Oil & Gas Producers
7530.62
Industrial Engineering
9287.79
Industrial Transportation
2851.53
Construction & Materials
4647.37
Banks
4390.55
Support Services
6704.79
Aerospace & Defense
5010.13

12.50
465.00
469.50
710.00
143.50
233.00
544.00
198.00
145.00
158.25
346.00
110.00

-9.1
-8.4
-7.2
-6.8
-6.7
-6.7
-6.0
-5.5
-4.6
-4.5
-4.4
-4.3

-15.3
5.0
17.2
4.7
-5.6
5.0
9.0
-0.5
12.6
1.8
8.1
10.0

Losers
Food Producers
Tobacco
Gas Water & Multiutilities
Beverages
Personal Goods
Mobile Telecommunications
Real Estate Investment Trusts
Travel & Leisure
Household Goods
Electronic & Electrical Equip.
Pharmaceuticals & Biotech.
General Retailers

%Chg
week

%Chg
ytd

7.9
7.1
5.7
5.5
5.4
5.0
4.8
3.2
2.4
2.2
2.2
1.7

5.7
17.2
6.3
8.2
2.3
5.8
5.0
0.9
12.7
0.4
4.2
5.3

-4.6
-3.6
-3.2
-2.6
-2.4
-1.9
-1.3
-0.7
-0.5
-0.5
-0.2
-0.1

-3.2
4.5
-0.3
3.1
7.2
3.1
8.3
3.1
3.2
-2.7
5.2
-0.1

7877.71
42399.03
6104.73
14568.99
26358.20
5177.36
3309.80
8293.81
13199.89
3928.39
13362.31
2970.63

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

CURRENCIES
Feb 09
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
8.6585
0.0075
1.2785
-0.0023
0.3770
6.9100
2.7871
0.0146
1.2462
-0.0027
624.9350
0.4050
6.2472
0.0025
2371.8750
-13.4300
538.6650
0.1050
24.4551
0.0286
6.5669
0.0052
7.6301
7.7538
0.0016
271.6290
2.0931
62.1550
0.4275

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
9.8149
0.0007
13.1973
-0.0101
1.4493
-0.0037
1.9487
-0.0067
0.4274
-0.0003
0.5746
-0.0009
7.8329
-0.0062
10.5323
-0.0172
3.1593
0.0141
4.2480
0.0154
1.4126
-0.0042
1.8994
-0.0072
708.3985
-0.1031 952.5287
-0.9376
7.0815
-0.0028
9.5220
-0.0117
2688.6527 -17.3704 3615.2231
-26.4096
610.6067
-0.3658 821.0356
-1.1809
27.7212
0.0105
37.2745
-0.0172
7.4440
0.0000
10.0094
-0.0084
8.6491
-0.0069
11.6298
-0.0190
8.7894
-0.0052
11.8185
-0.0169
307.9066
2.1300 414.0181
2.5191
70.4561
0.4290
94.7369
0.4979

Feb 09
Indonesia
Iran
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru

Currency
Indonesian Rupiah
Iranian Rial
Israeli Shekel
Japanese Yen

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

DOLLAR
Closing
Mid
12647.5000
9740.5000
3.8813
118.5750
118.5750
118.5749
118.5741
91.5500
0.2954
3.5615
14.8090
1.3471
196.2500
7.5893
101.1750
3.0625

Day's
Change
33.0000
-0.0023
-0.4450
-0.4451
-0.4453
-0.4467
0.1500
0.0001
0.0140
-0.0758
-0.0095
2.3200
0.0161
-0.0030

EURO
Closing
Mid
14336.6504
11041.4031
4.3996
134.4113
134.4113
134.4113
134.4113
103.7770
0.3349
4.0372
16.7868
1.5270
222.4603
8.6029
114.6875
3.4715

POUND
Day's
Closing
Day's
Change
Mid
Change
26.0561 19277.4057
18.8968
-8.7725 14846.5314
-24.2416
-0.0060
5.9158
-0.0131
-0.6116 180.7325
-0.9746
-0.6116 180.7324
-0.9748
-0.6116 180.7322
-0.9752
-0.6117 180.7324
-0.9762
0.0878 139.5409
0.0011
-0.0002
0.4502
-0.0006
0.0127
5.4285
0.0125
-0.0993
22.5719
-0.1525
-0.0120
2.0532
-0.0179
2.4553 299.1251
3.0533
0.0114
11.5676
0.0056
-0.0911 154.2114
-0.2519
-0.0062
4.6679
-0.0122

DOLLAR
Closing
Mid
44.3550
3.6965
3.9056
65.6690
3.7518
1.3535
11.6053
1095.0450
8.3550
0.9251
31.5000
32.6300
1.9325
2.4831
3.6731
0.6561

Feb 09
Currency
Philippines
Philippine Peso
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling

EURO
Closing
Mid
50.2789
4.1901
4.4273
74.4395
4.2529
1.5342
13.1552
1241.2943
9.4709
1.0486
35.7070
36.9879
2.1905
2.8147
4.1636
0.7437

Day's
Change
0.2100
0.0274
0.0121
-1.3410
-0.0009
0.0018
0.1243
5.3050
-0.0090
0.0935
0.0900
0.0020
0.0143
0.0011

POUND
Day's
Closing
Day's
Change
Mid
Change
0.1983
67.6061
0.2102
0.0278
5.6341
0.0326
0.0102
5.9530
0.0087
-1.5804 100.0930
-2.2108
-0.0044
5.7185
-0.0107
0.0009
2.0629
-0.0005
0.1306
17.6888
0.1609
5.0325 1669.0726
5.3726
-0.0177
12.7348
-0.0345
-0.0008
1.4100
-0.0023
0.0777
48.0124
0.0643
0.0727
49.7348
0.0562
0.0005
2.9454
-0.0018
0.0140
3.7847
0.0156
-0.0033
5.5985
-0.0091
0.0006
-

Feb 09
..One Month
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte

Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.6561
0.6560
0.6559
12.0000
21340.0000
0.8822
0.8821
0.8821
0.8814

Day's
Change
0.0011
0.0011
0.0011
58.0000
0.0007
0.0007
0.0007
0.0007

EURO
Closing
Mid
0.7437
0.7436
0.7431
1.1336
1.1335
1.1334
1.1328
13.6027
24190.1150
-

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0006
0.0006
0.0006
-0.0009
1.5242
-0.0025
-0.3931
1.5242
-0.0025
-0.3931
1.5241
-0.0025
-0.3932
1.5240
-0.0025
-0.0108
18.2905
-0.0299
46.6059 32526.5661
35.4037
1.3446
-0.0011
1.3446
-0.0011
1.3445
-0.0011
1.3440
-0.0011

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

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Feb 09 chge%
Index
Feb 06
Feb 05
ago yield% Cover
FTSE 100 (100)
6837.15 -0.24 7162.53 6853.44 6865.93 6591.55 3.41 1.84
FTSE 250 (250)
16579.21 -0.64 17368.24 16685.63 16694.99 15910.72 2.58 2.04
FTSE 250 ex Inv Co (212)
17927.70 -0.63 18780.89 18040.59 18059.28 17337.26 2.63 2.16
FTSE 350 (350)
3737.65 -0.30 3915.53 3748.94 3755.02 3600.64 3.28 1.87
FTSE 350 ex Investment Trusts (312) 3717.99 -0.29 3894.93 3728.89 3735.27 3585.66 3.30 1.88
FTSE 350 Higher Yield (96)
3659.64 -0.06 3833.81 3661.96 3668.76 3580.44 4.50 1.64
FTSE 350 Lower Yield (254)
3450.46 -0.55 3614.67 3469.67 3474.43 3266.05 1.97 2.41
FTSE SmallCap (291)
4451.53 -0.41 4663.39 4469.72 4463.32 4489.22 2.46 1.54
FTSE SmallCap ex Inv Co (151)
3909.92 -0.29 4095.99 3921.43 3909.62 4145.75 2.31 2.11
FTSE All-Share (641)
3670.27 -0.30 3844.94 3681.48 3687.08 3540.62 3.25 1.86
FTSE All-Share ex Inv Co (463)
3638.70 -0.29 3811.86 3649.36 3655.30 3514.74 3.28 1.88
FTSE All-Share ex Multinationals (575) 1175.12 -0.82 1020.31 1184.78 1182.55 1148.24 2.78 2.04
FTSE Fledgling (99)
7085.57
0.16 7422.78 7074.04 7027.70 6692.56 2.31 0.74
FTSE Fledgling ex Inv Co (55)
8912.61
0.32 9336.78 8884.62 8762.93 8230.85 1.68 0.86
FTSE All-Small (390)
3079.55 -0.38 3226.11 3091.28 3086.09 3093.66 2.45 1.50
FTSE All-Small ex Inv Co Index (206) 2903.72 -0.27 3041.92 2911.51 2901.40 3052.80 2.28 2.07
FTSE AIM All-Share Index (840)
699.23 -0.18
732.51
700.50
697.95
865.97 1.24 2.57
FTSE Sector Indices
Oil & Gas (21)
7965.04
Oil & Gas Producers (14)
7577.86
Oil Equipment Services & Distribution (7)17804.40
Basic Materials (29)
4844.41
12066.91
Chemicals (7)
Forestry & Paper (1)
14163.00
Industrial Metals & Mining (2)
1818.46
Mining (19)
13954.43
Industrials (114)
4503.34
Construction & Materials (13)
4779.47
Aerospace & Defense (9)
5193.17
General Industrials (6)
3346.45
Electronic & Electrical Equipment (12) 4995.02
Industrial Engineering (14)
9654.44
Industrial Transportation (8)
4219.20
Support Services (52)
6590.95
16777.01
Consumer Goods (40)
Automobiles & Parts (1)
8721.02
Beverages (6)
14607.75
Food Producers (10)
7976.96
Household Goods & Home Construction (13)11018.17
Leisure Goods (2)
4959.36
Personal Goods (6)
22948.93
Tobacco (2)
42399.10
Health Care (20)
9720.06
Health Care Equipment & Services (9) 6866.19
Pharmaceuticals & Biotechnology (11)13238.12
Consumer Services (96)
4789.05
Food & Drug Retailers (7)
3342.83
General Retailers (30)
2893.56
Media (24)
7104.97
Travel & Leisure (35)
8091.43
Telecommunications (8)
3912.60
Fixed Line Telecommunications (6) 5009.90
Mobile Telecommunications (2)
5169.52
Utilities (8)
8736.89
Electricity (3)
9540.45
Gas Water & Multiutilities (5)
8068.03
Financials (283)
4790.90
Banks (7)
4335.23
Nonlife Insurance (12)
2334.24
Life Insurance/Assurance (12)
8208.12
Index- Real Estate Investment & Services (25) 2820.44
Real Estate Investment Trusts (20) 2977.44
General Financial (29)
7639.10
Equity Investment Instruments (178) 7645.57
Non Financials (358)
4269.11
Technology (22)
1292.06
Software & Computer Services (14) 1418.87
Technology Hardware & Equipment (8) 1600.86

1.49
1.43
3.31
2.34
-0.31
-0.99
-0.50
2.78
-0.43
1.22
-0.76
-1.72
-1.92
0.01
-0.49
-0.32
-0.51
-2.26
-0.33
-0.72
-0.97
1.75
-0.17
-0.41
-0.48
-0.48
-0.48
-0.62
0.73
-1.03
-0.87
-0.64
-1.19
-1.33
-1.10
-1.76
-0.93
-1.99
-1.09
-1.20
-1.02
-0.96
-0.69
-1.86
-0.98
-0.64
-0.03
-1.37
-0.87
-1.71

8344.10
7938.50
18651.73
5074.96
12641.19
14837.04
1905.01
14618.53
4717.65
5006.93
5440.32
3505.71
5232.73
10113.90
4419.99
6904.62
17575.45
9136.07
15302.95
8356.59
11542.53
5195.38
24041.10
44416.92
10182.65
7192.96
13868.13
5016.97
3501.92
3031.27
7443.10
8476.51
4098.80
5248.32
5415.54
9152.69
9994.49
8452.00
5018.90
4541.54
2445.33
8598.75
2954.66
3119.14
8002.65
8009.43
4472.28
1353.55
1486.39
1677.05

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

7892.09
7512.17
17387.62
4808.73
12007.53
14315.80
1769.79
13841.31
4525.70
4767.16
5247.29
3431.89
5070.21
9694.77
4215.44
6594.10
16981.78
8991.28
14733.43
8185.57
11144.02
4862.40
23166.45
42976.68
9775.22
6898.02
13314.48
4827.86
3355.34
2919.44
7148.72
8179.51
3948.90
5059.55
5215.45
8933.06
9623.17
8280.35
4811.55
4332.93
2348.27
8239.35
2856.61
3053.77
7669.34
7684.29
4289.06
1310.70
1429.68
1631.39

8365.74
7905.79
22478.59
5435.30
11429.34
11365.66
1167.40
16138.56
4530.72
4703.20
5423.32
3598.22
5559.49
10418.60
4869.36
6253.48
14570.61
9527.09
13269.60
7374.30
9563.40
5009.38
21283.45
33768.24
8741.28
5254.29
12060.07
4572.06
4418.95
2693.28
6341.83
7145.55
3782.02
4600.74
5156.34
8068.82
9081.15
7385.68
4579.42
4629.88
2145.36
6939.47
2843.09
2432.41
6519.00
7112.74
4132.75
1157.52
1309.16
1406.46

P/E
ratio
15.94
19.02
17.62
16.36
16.16
13.53
21.07
26.48
20.50
16.57
16.22
17.63
58.59
68.73
27.20
21.14
31.35

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

Total
Return
5166.87
11258.97
12410.85
5704.00
2920.78
5647.58
3580.95
5949.74
5485.49
5667.81
2906.28
1950.00
12489.47
15275.39
5285.73
5162.40
743.39

4.24 1.90 12.45

4.24 1.89 12.44
3.98 1.97 12.76
3.75 2.77
9.63
2.14 2.43 19.23
2.68 3.19 11.70
0.55 14.52 12.57
3.99 2.77
9.05
2.45 2.05 19.97
3.19 0.23 134.46
2.09 3.92 12.17
3.38 1.82 16.25
2.28 2.19 20.10
2.46 2.34 17.37
3.62 1.48 18.68
2.29 1.75 24.94
2.95 1.83 18.51
2.18 3.62 12.65
2.35 1.76 24.18
2.00 1.83 27.23
2.38 2.46 17.06
4.31 1.05 22.18
2.89 2.72 12.73
4.08 1.30 18.90
3.46 0.82 35.25
1.29 2.46 31.49
3.66 0.77 35.63
2.59 2.05 18.90
4.81 2.08
9.98
2.28 2.43 18.08
2.68 1.68 22.13
1.87 2.19 24.39
3.98 2.51
9.99
2.76 1.88 19.34
4.75 2.74
7.67
4.90 1.23 16.55
5.26 0.68 28.06
4.80 1.41 14.84
3.05 1.78 18.44
3.42 1.18 24.65
2.86 1.40 24.98
3.11 1.84 17.48
1.70 5.48 10.73
2.78 5.83
6.17
2.88 1.87 18.55
2.43 1.03 39.82
3.32 1.88 16.01
1.26 2.07 38.30
1.91 2.04 25.59
0.81 2.12 57.93

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

6338.31
6233.79
12556.25
4532.63
10193.06
14393.12
1573.89
6797.91
4366.31
4767.18
5249.79
3524.40
4324.47
11016.46
3414.19
6463.75
11510.58
7818.84
9686.63
6548.83
7328.29
4014.30
14482.94
24907.70
6834.94
5735.99
8252.48
4229.78
3759.38
3099.79
4079.44
7248.92
3938.77
4221.22
4611.74
8903.80
12188.24
8247.79
4047.27
2870.74
3806.34
7277.42
7111.46
3424.71
8082.91
3926.94
5777.52
1593.57
1822.29
1821.57

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
6816.00 6786.54 6783.09 6816.23 6801.05 6803.88 6793.54 6816.37 6816.98 6846.55 6778.03
FTSE 250
16625.18 16550.22 16534.72 16559.89 16527.13 16527.14 16499.79 16539.99 16543.90 16628.11 16488.90
FTSE SmallCap
4472.55 4461.97 4462.06 4461.90 4460.27 4459.08 4455.44 4456.52 4455.30 4472.55 4451.53
FTSE All-Share
3663.14 3647.44 3645.41 3660.75 3652.96 3654.17 3648.62 3659.98 3660.36 3672.41 3643.03
Time of FTSE 100 Day's high:16:29:45 Day's Low10:04:00 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015)
Time of FTSE All-Share Day's high:16:29:00 Day's Low10:04:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

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

Amount
paid
up
Nil
Nil
Nil

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

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Feb 09
Feb 06
Feb 05
Feb 04
Feb 03 Yr Ago
High
Low Year to date percentage changes
FT 30
2920.10 2937.80 2954.70 2952.50 2947.60
0.00 2957.00 2669.30 Industrial Metals &
17.36
FT 30 Div Yield
1.73
1.73
1.73
1.73
1.73
0.00
3.93
2.74 Forestry & Paper
15.90
P/E Ratio net
25.47
25.87
25.65
25.65
25.78
0.00
19.44
14.26 Food & Drug Retailer
12.23
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Automobiles & Parts
10.38
FT 30 hourly changes
Real Est Invest & Tr
10.26
8
9
10
11
12
13
14
15
16
High
Low Construct & Material
9.95
2937.8 2903.2 2899.8 2914 2904.9 2907.2 2901.5 2907.7 2903.7 2937.8 2897.7 Fixed Line Telecomms
9.44
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Life Insurance
8.24
Media
8.05
Personal Goods
7.18
Tech Hardware & Eq
7.11
Real
Est
Invest
&
Se
6.40
Feb 06 Feb 05 Mnth Ago
Feb 09 Feb 06 Mnth Ago
Technology
6.16
Australia
96.48
95.90
98.85 Sweden
77.59
78.03
79.60 Telecommunications
6.16
Canada
93.70
94.07
98.90 Switzerland
165.52 164.41 146.47 Nonlife Insurance
6.10
Denmark
106.36 106.43 108.29 UK
89.76
89.41
87.20 Aerospace & Defense
5.97
Japan
126.78 128.10 124.07 USA
101.08 100.29
98.29 Financial Services
5.85
New Zealand
121.65 121.10 125.32 Euro
87.27
87.61
92.27
Norway
93.95
93.89
90.43
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Pharmace & Biotech

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

Low
3.21
12.75
3.00

Stock
JSC Kazkommersbank GDR
Petropavlovsk PLC
Wildhorse Energy Ltd

closing
Price p
3.21
13.50
2.88

+or0.00
-0.25
-0.25

Travel & Leisure

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

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

FTSE GLOBAL EQUITY INDEX SERIES

Feb 09
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7573
6936
1357
1670
4546
3027
2544
7233
5592
6330
2116
5669
905
202
318
723
332
399
1495
731
1385
174
301
768
475
481
445
1331
926
1904
452
459
993
86
245
212
340
1981
1390
637
3022
1026
3027
520

US $
indices
473.99
487.73
419.90
626.18
659.76
277.15
489.30
485.00
454.59
487.77
441.34
463.17
409.01
360.77
514.13
705.00
442.94
681.81
694.02
298.12
238.28
308.40
438.04
471.39
126.88
635.32
826.56
547.19
500.50
704.82
671.04
870.22
714.74
320.56
859.36
812.07
366.77
509.81
407.06
376.12
5923.39
9258.30
325.03
285.37

Day
%
-0.4
-0.3
-0.4
-0.5
-0.5
-0.4
-0.4
-0.4
-0.5
-0.4
-0.4
-0.4
-0.4
-0.6
-0.5
-0.6
-0.3
-0.6
-0.4
-0.3
-0.5
-0.8
-0.7
-1.1
-0.7
0.0
0.0
0.0
0.0
-0.5
-0.5
-0.5
-0.3
1.0
-1.4
-1.1
-0.3
-0.3
-0.5
-1.0
-0.4
-0.2
-0.5
-0.6

Mth
%
4.1
3.7
4.0
4.5
4.1
4.1
4.0
3.8
5.2
4.1
4.0
4.0
3.9
7.2
7.1
5.8
2.5
3.5
4.0
2.7
6.1
3.7
5.2
2.0
4.0
5.1
3.6
3.4
4.9
4.5
5.0
3.0
3.1
2.4
0.5
8.5
8.1
3.0
6.9
7.4
4.1
2.6
4.4
6.7

YTD
Total
%
retn
0.9 633.94
0.7 641.17
0.7 573.55
1.4 802.76
1.1 821.72
0.8 390.83
0.7 926.59
0.8 640.25
1.6 641.86
0.8 657.87
0.7 594.64
0.7 617.72
0.5 558.01
2.0 550.61
2.8 719.47
2.4 961.93
-0.4 571.61
0.5 828.81
0.7 820.73
-0.2 394.58
2.1 360.76
1.1 378.28
3.0 520.81
0.5 577.50
1.5 175.00
3.2 921.14
2.5 1161.46
2.4 758.62
3.1 771.78
2.2 977.03
2.6 935.38
1.1 1203.53
1.0 955.98
2.8 451.64
-4.6 1234.97
5.5 1178.20
2.1 559.94
0.2 641.59
2.2 603.71
2.1 565.96
0.6 7258.40
-0.4 11447.80
1.7 427.92
2.4 406.36

YTD Gr Div Feb 09

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
1.0
2.3 Oil & Gas
177 402.40
-0.3
-0.3
1.1 594.16
1.2
3.4
0.9
2.2 Oil & Gas Producers
121 367.98
-0.3
-0.3
1.6 552.33
1.7
3.5
0.9
2.5 Oil Equipment & Services
47 409.21
-0.4
-0.4
-1.3 552.99
-1.1
3.2
1.5
1.9 Basic Materials
270 446.75
-0.9
-0.9
2.6 636.45
2.6
2.8
1.2
1.8 Chemicals
115 649.22
-0.6
-0.6
4.1 932.14
4.1
2.3
1.0
2.4 Forestry & Paper
18 220.53
-0.3
-0.3
5.9 343.68
5.9
2.7
0.8
2.3 Industrial Metals & Mining
75 401.65
-0.3
-0.3
-2.6 575.52
-2.4
2.8
0.9
2.2 Mining
62 580.30
-1.9
-1.9
1.9 814.08
1.9
3.9
1.7
2.7 Industrials
534 316.81
-0.4
-0.4
0.7 431.30
0.8
2.1
1.0
2.3 Construction & Materials
114 435.53
-0.5
-0.5
1.0 620.61
1.0
2.1
0.8
2.3 Aerospace & Defense
29 516.78
-0.1
-0.1
4.0 697.91
4.0
1.9
0.9
2.2 General Industrials
56 216.38
-0.2
-0.2
-0.5 315.76
-0.2
2.6
0.7
2.4 Electronic & Electrical Equipment
67 328.03
-0.7
-0.7
0.8 412.79
0.9
1.6
2.2
3.2 Industrial Engineering
103 614.67
-0.6
-0.6
-0.6 821.58
-0.5
2.1
2.8
2.4 Industrial Transportation
94 595.66
-0.5
-0.5
-0.2 809.15
-0.2
1.9
2.5
2.2 Support Services
71 276.50
-0.1
-0.1
1.5 362.69
1.6
2.0
-0.2
2.1 Consumer Goods
407 414.04
-0.7
-0.7
2.3 575.55
2.4
2.3
0.6
1.6 Automobiles & Parts
98 400.92
-0.9
-0.9
2.9 534.99
2.9
2.1
0.8
1.5 Beverages
48 550.54
-0.8
-0.8
2.3 774.31
2.4
2.4
-0.1
2.0 Food Producers
100 561.45
-0.6
-0.6
1.7 804.79
1.8
2.2
2.2
2.8 Household Goods & Home Construction
45 393.85
-0.5
-0.5
-0.6 545.93
-0.2
2.3
1.1
1.8 Leisure Goods
26 132.93
0.3
0.3
5.5 168.75
5.7
1.3
3.0
1.4 Personal Goods
77 594.88
-0.6
-0.6
2.0 792.01
2.2
2.0
0.6
1.6 Tobacco
13 1109.82
-1.0
-1.0
3.4 2084.21
3.7
4.1
162 445.43
-0.6
-0.6
2.5 609.55
2.6
1.8
1.5
1.7 Health Care
3.2
2.9 Health Care Equipment & Services
58 602.64
-1.1
-1.1
2.0 684.16
2.1
1.0
2.6
2.4 Pharmaceuticals & Biotechnology
104 343.00
-0.5
-0.5
2.7 486.56
2.8
2.0
2.5
2.6 Consumer Services
378 380.92
-0.3
-0.3
1.8 486.99
1.9
1.6
3.1
2.8 Food & Drug Retailers
55 311.47
0.2
0.2
3.6 414.05
3.6
2.0
2.3
2.8 General Retailers
117 493.50
-0.2
-0.2
3.2 616.25
3.2
1.4
2.7
2.9 Media
88 302.12
-0.2
-0.2
0.5 386.66
0.5
1.5
1.1
2.6 Travel & Leisure
118 360.26
-1.0
-1.0
0.0 465.21
0.2
1.7
1.1
2.6 Telecommunication
95 174.50
0.1
0.1
4.5 295.99
4.9
3.8
2.8
3.8 Fixed Line Telecommuniations
45 142.94
0.7
0.7
4.3 264.53
5.0
4.3
-4.5
3.7 Mobile Telecommunications
50 189.34
-0.6
-0.6
4.7 292.11
4.7
3.2
162 261.76
-2.4
-2.4
-2.1 462.64
-1.9
3.7
5.6
2.5 Utilities
113 279.04
-2.8
-2.8
-1.6 488.95
-1.4
3.6
2.2
3.3 Electricity
49 289.34
-1.8
-1.8
-2.8 522.60
-2.7
3.8
0.3
1.9 Gas Water & Multiutilities
665 213.36
0.1
0.1
-1.1 322.65
-0.9
2.7
2.3
3.0 Financials
242 195.05
0.6
0.6
-3.0 313.29
-2.8
3.1
2.3
2.8 Banks
69 215.03
-0.2
-0.2
0.4 292.77
0.5
2.1
0.7
2.8 Nonlife Insurance
50 208.68
0.4
0.4
-1.2 308.45
-1.1
2.4
-0.2
2.3 Life Insurance
138 228.83
0.5
0.5
-1.2 299.27
-1.1
1.8
1.8
2.1 Financial Services
177 171.23
-0.5
-0.5
-0.5 201.15
-0.3
1.6
2.5
2.6 Technology
Software & Computer Services
77 267.97
-0.2
-0.2
-1.3 304.39
-1.2
1.1
Technology Hardware & Equipment
100 140.19
-0.7
-0.7
0.1 168.60
0.4
1.9
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
High
3.21
14.00
3.00

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

FTSE 100 SUMMARY

Company
Celtic
Guscio

FTSE 100

Closing Day's
Price Change FTSE 100

3i Group PLC
471.30
Aberdeen Asset Management PLC
438.10
Admiral Group PLC
1462
Aggreko PLC
1629
Anglo American PLC
1184
Antofagasta PLC
716.50
ARM Holdings PLC
1055
Ashtead Group PLC
1088
Associated British Foods PLC
3010
AstraZeneca PLC
4466.5
Aviva PLC
532.00
Babcock International Group PLC
1028
BAE Systems PLC
514.50
Barclays PLC
253.65
Barratt Developments PLC
455.60
BG Group PLC
963.00
BHP Billiton PLC
1542.5
BP PLC
457.10
British American Tobacco PLC
3605
British Land Company PLC
824.50
British Sky Broadcasting Group PLC
952.00
BT Group PLC
436.60
Bunzl PLC
1883
Burberry Group PLC
1775
Capita PLC
1155
Carnival PLC
2882
Centrica PLC
293.10
Coca-Cola HBC AG
1079
Compass Group PLC
1126
CRH PLC
1756
Diageo PLC
1896
Direct Line Insurance Group PLC
313.00
Dixons Carphone PLC
414.00
easyJet PLC
1675
Experian PLC
1185
Fresnillo PLC
896.00
Friends Life Group Ltd
403.00
G4S PLC
281.80
GKN PLC
371.10
GlaxoSmithKline PLC
1526
Glencore PLC
275.60
Hammerson PLC
685.00
Hargreaves Lansdown PLC
1000.00
HSBC Holdings PLC
610.60
Imperial Tobacco Group PLC
3047
InterContinental Hotels Group PLC
2610
International Consolidated Airlines Group SA 536.50
Intertek Group PLC
2448
Intu Properties PLC
366.60
ITV PLC
226.10
Johnson Matthey PLC
3279

-5.20
-2.80
-6.00
1.00
38.50
14.50
-24.00
-6.00
-32.00
-0.50
-5.00
-3.00
-3.00
-1.80
-4.10
28.10
37.50
6.50
-23.00
-15.50
-13.50
-6.40
-3.00
-22.00
-3.00
-23.00
-3.30
-23.00
-4.00
32.00
-13.00
-2.50
-5.70
-25.00
-5.00
36.00
-2.60
-0.90
-8.60
8.50
10.20
-15.50
10.00
-10.20
3.00
-4.00
-4.50
-8.00
-5.80
-1.60
-11.00

Closing Day's
Price Change

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

335.90
1272
267.30
74.92
2334
475.50
543.50
1205
178.00
890.10
7080
213.30
1366
1587
1601
5415
5535
1155
3095
902.00
381.00
2186.5
2272
454.50
439.00
3510
476.10
267.80
2925
2050
4741
1194
1162
701.00
1609
865.00
939.40
398.00
134.50
233.40
1940
1147
1121
422.00
2804
962.50
228.80
1879
4854
3806
1439

-2.10
-30.00
-1.60
-0.89
-22.00
-5.80
-2.00
-12.00
-1.00
-19.20
-85.00
-1.00
-9.00
-27.00
-19.00
105.00
-40.00
-13.00
66.50
-10.00
-3.00
21.50
22.00
-1.30
-15.30
10.50
-8.80
-2.00
-42.00
-46.00
-171.00
-3.00
-25.00
-14.00
-19.00
-2.50
1.20
-7.40
-2.60
4.70
-24.00
-6.00
-4.00
11.90
2.00
-31.00
-2.60
36.00
-51.00
-18.00
-10.00

UK STOCK MARKET TRADING DATA

Feb 09
Feb 06
Feb 05
Feb 04
Feb 03
Yr Ago
SEAQ Bargains
6379.00
5669.00
5669.00
5116.00
5211.00
5664.00
Order Book Turnover (m)
35.50
45.53
45.53
44.41
46.48
138.99
Order Book Bargains
785475.00 777114.00 777114.00 839749.00 943157.00 970232.00
Order Book Shares Traded (m)
1448.00
1283.00
1283.00
1423.00
1538.00
1943.00
Total Equity Turnover (m)
2369.83
1856.79
2706.92
Total Mkt Bargains
942878.00
- 993139.00
- 1102068.00
Total Shares Traded (m)
3796.00
3149.00
3149.00
3458.00
3946.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

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

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

UK RECENT EQUITY ISSUES

Int
Pre

Turnover
44.798
31.293
-

Pre-tax
21.313
6.601
0.113L
0.177L

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

EPS(p)
23.33
7.12
17.04L
29.13

Div(p)
-

Pay day
-

Total
-

Issue
date
02/03

Issue
price(p)
70.00

Sector
AIM

Stock
code
AFG

Stock
Aquatic Foods Group PLC

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

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

Close
price(p)
64.50

+/4.20

High
71.50

Low
60.00

Mkt
Cap (m)
7303.1

Tuesday 10 February 2015

23

FINANCIAL TIMES

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

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

34.98
31.23
92.93
90.16
37.20
6.51
44.45
37.05
35.67
32.33

0.08
-0.32
-0.05
1.71
-0.01
-0.08
-0.32
0.09
0.18
-0.21

35.27
39.79
93.96
90.16
37.44
6.74
46.69
37.05
44.23
38.92

29.62
26.50
73.57
63.77
31.33
4.96
40.26
31.33
31.97
29.11

5.23
4.21
4.43
1.38
5.54
4.71
4.66
5.05
6.23
4.53

106.15

-1.25

109.95

70.27

1.65 23.42 193514.83

18.16
22.46
30.03
35.16
41.60
32.00
9.20
21.59

0.31
0.56
0.54
-0.04
-0.06
0.05
0.17
1.17

18.16
38.19
35.98
41.30
47.10
38.74
23.50
35.20

14.99
18.61
22.07
27.63
31.61
25.42
7.88
17.65

1.74
6.34
4.23
1.02
3.11
1.65
6.26
9.44

45.80
54.80
77.92
65.47
64.76
232.41
93.82
39.47
86.53
60.79
33.77
50.28
21.89
45.74
76.40
39.30
49.55
54.52
57.48
199.37

-0.83
-1.94
0.13
0.34
-0.70
-2.71
0.28
0.30
-0.60
-0.45
0.15
-0.52
0.12
-0.31
0.33
0.56
-0.32
0.26
-0.36
-3.54

50.58
60.20
85.71
74.93
66.24
247.56
107.37
49.57
88.36
65.13
33.98
57.96
23.09
47.10
83.87
47.18
50.53
58.20
63.86
205.98

27.23
46.34
68.46
60.75
40.88
156.64
87.31
31.00
59.66
46.01
28.61
44.08
18.91
35.25
69.68
30.89
36.86
48.51
48.15
116.01

0.36 24.86
4.66 17.57
4.16 11.22
4.12 10.99
1.21 13.33
0.63 35.22
4.42 11.34
2.32 13.13
1.17 23.12
2.35 64.58
3.82 12.37
1.08 9.78
2.61 9.66
3.59 24.49
3.91 12.09
2.51 18.06
3.11 85.21
3.55 12.52
3.47 22.79
- 115.06

3.81
4.27
6.32
4.12
9.30
7.90
6.30
16.66
5.65
30.90
17.54
103.90
37.60
8.37
5.69
9.03
27.69
20.75
8.19
5.62
12.90
9.71
22.96
17.52
5.54
14.12
184.30
8.59
81.75
13.52
22.48
14.16
6.11

-0.01
-0.06
-0.11
-0.05
-0.01
-0.11
-0.01
-0.16
-0.05
0.15
-0.22
-2.00
0.15
-0.18
-0.09
-0.05
0.95
0.20
0.05
0.09
0.12
-0.04
0.75
0.06
-0.07
0.07
9.70
0.02
-0.15
0.01
0.47
0.07
-0.02

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

3.04
3.03
4.53
2.68
5.54
4.88
4.89
12.84
3.71
19.72
12.12
63.65
23.55
5.57
2.99
6.73
9.71
19.12
4.36
2.71
9.03
6.24
9.50
9.50
4.33
8.60
130.86
7.54
55.60
8.36
12.22
8.39
5.76

5.57
5.45
4.88
4.46
2.60
2.38
5.65
5.36
1.04
4.20
2.83
1.14
1.66
1.38
1.33
4.69
0.48
2.19
1.50
3.81
0.75
0.82
5.05
2.81
2.04
4.51
0.99
1.02
4.60
4.01
4.25

167.00 -2.00
13260 -260.00
276.30 -3.10

178.50
15390
305.80

132.10
11020
225.80

1.25 41.67 25649.58

2.40 16.73
44048
1.71 26.82 111496.97

Stock

ChristianDior 158.45
Cred Agr
10.85
Danone
58.50
EDF
23.81
Essilor Intl
95.10
GDF Suez
18.69
Hermes Intl
287.75
Kering
180.50
LOreal
155.95
LVMH
150.60
Nmrcble-SFR
46.40
Orange
15.60
PernodRic
105.80
Safran
59.18
Sanofi
84.82
Schneider
67.24
SocGen
36.44
StGobn
38.25
Total
47.95
UnibailR
250.50
Vinci
50.48
Vivendi
20.50
Germany ()
Allianz
146.90
BASF
80.27
Bayer
121.60
BMW
102.50
Continental
198.20
Daimler
80.64
Deut Bank
26.87
Deut Tlkm
15.56
DeutsPost
28.13
E.ON
12.86
Fresenius
48.14
HenkelKgaA
89.97
Linde
173.70
MuenchRkv
179.35
SAP
58.81
Siemens
94.12
Volkswgn
204.75
Hong Kong (HK$)
AIA
44.35
BOC Hold
27.50
Ch OSLnd&Inv
23.50
ChngKong
148.50
Citic Ltd
13.20
Citic Secs
25.85
CNOOC
10.94
Galaxy Enter
41.75
HangSeng
143.20
HK & Ch Gas
17.42
HK Exc&Clr
177.00
Hutchison
103.60
MTR
34.25
SandsCh
38.20
SHK Props
123.20
Tencent
132.60
India (Rs)
HDFC Bk
1040.1
Hind Unilevr 900.15
HsngDevFin 1271.95
ICICI Bk
320.05
Infosys
2248.9
ITC
367.90
OilNatGas
356.35
RelianceIn
896.70
SBI NewA
279.50
SunPhrmInds 941.45
Tata Cons
2512.9
Tata Motors 542.65
Indonesia (Rp)
Astra Int
7575
Bk Cent Asia
13800
Israel (ILS)
TevaPha
225.90
Italy ()
Enel
3.80
ENI
15.45
Generali
17.84
IntSPaolo
2.49
Luxottica
50.70
Unicred
5.41
Japan ()
AstellasPh
1830
Bridgestne
4559
Canon
3732.5
CntJpRwy
19475
Denso
5451
EastJpRwy
9140
Fanuc
20035

12.94 75675.97
10.57 78450.34
16.55 117845.65
29.34 33418.3
16.20 70393.3
16.84 62250.47
29.05 39068.93
15.08 90418.33
12.48 22986.47
15.37 31941.21

22.05 102381.07
4.54 23091.54
17.44 21549.66
16.87 26538.41
17.35 23467.4
8.16 31804.65
5.01 24567.39
-10.61 24922.08
15358.64
36953.9
40483.96
63841.58
32728.61
30981.97
29903.21
34582.35
56195.64
41545.13
27010.02
34199.15
34601.06
30473.94
88432.94
45558.44
31651.57
80805.55
32687.84
53703.85

5.73 15104.14
6.20 46049.95
6.12 28537.47
5.55
3649.7
14.64 14508.49
8.92 4510.96
5.83 195339.07
10.01 2825.33
5.47 10844.19
25.86 29653.98
6.41 10385.08
16.32 274212.98
28.28 13457.98
8.10 2241.28
9.96 3087.51
5.98 8074.71
45.75 20659.81
8.47 9094.91
64.19 23542.57
7.56
26988
21.33 39840.34
10.69 23107.45
39.90 21754.87
26.89 3372.54
5.98 62012.61
6.07 36569.33
14.91 33690.33
10.22 23374.21
15.62 39260.46
8.12 21288.32
9.52 39674.51
6.03 33824.26
9.82 20104.59

6.68
42.91

-0.17
-0.80

7.23
43.84

5.13
34.72

1.73 25.67 28336.72

4.03 14.82 27180.52

48.24
112.25
20.43
45.70

-0.11
0.05
-0.43
-1.47

55.00
114.00
21.33
61.82

39.64
86.12
16.43
43.14

1.63 21.71 42911.49

2.45 21.81 43882.18
4.27 9.15 56559.56
3.44 -53.09 64544.96

52 Week
High
Low

Price Day Chg

126.10
9.76
49.04
20.90
70.51
16.17
229.00
136.95
114.55
121.40
23.87
8.85
79.56
43.24
69.56
52.59
31.85
29.51
38.25
176.70
39.65
17.26

1.58
3.38
2.67
5.65
1.06
8.64
1.01
2.24
1.73
2.22
5.52
1.70
2.04
3.46
3.67
2.88
1.75
5.59
3.83
3.78
5.11

-2.25
-0.63
-3.65
-4.35
-8.85
-1.71
-0.22
-0.34
-0.84
-0.28
0.06
-0.19
0.20
-1.10
-0.39
-1.18
-6.95

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

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

3.78 10.21 76099.32

3.52 14.18 83572.84
1.81 26.24 113986.78
2.05-221.55 42002.96
2.53 28.98 79973.28
4.89 -44.64 29169.62
1.05 13.52 26495.54
4.24 8.24 35159.78
-

0.15
0.30
0.55
-1.60
0.02
0.35
-0.04
-1.25
-0.50
-0.02
-0.70
-0.90
-0.15
-0.15
-1.60
-1.60

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

34.65
21.50
17.52
111.80
9.40
13.72
9.72
36.70
118.10
13.91
112.80
85.90
26.80
34.50
83.40
93.00

0.87
3.28
1.78
2.09
2.36
0.70
4.63
3.43
1.74
1.88
1.98
2.40
4.26
2.42
0.17

30.97 68894.77
14.12 37497.74
8.61 24773.28
8.93 44358.66
8.62 42394.92
30.27 3928.35
7.90 62993.54
17.64 22877.4
18.41 35308.37
29.31 23616.78
46.93 26669.44
30.28 56963.33
15.08 25749.24
15.85 39746.18
11.11 44904.66
47.81 160249.67

-13.40 1100.6
-5.60 968.85
-8.60 1361.85
-9.30 393.40
18.40
2254
-5.60 400.30
5.35 471.85
-13.20 1145.25
-10.80 336.00
14.60 965.95
-62.85 2839.7
-16.95 612.40

629.35
542.00
755.00
191.25
1440
311.40
269.00
793.10
145.51
552.55
1999.5
358.00

0.62
1.22
1.04
2.77
1.65
1.36
2.60
1.02
1.02
0.15
1.30
0.34

30.29
51.88
25.51
15.95
21.13
34.86
12.09
11.87
13.69
34.22
23.77
9.50

8100
14000

6325
9975

2.36 15.37 24246.81

0.37 21.67 26901.57

3.50

237.70

152.20

1.98 19.21 49734.65

-0.10
-0.11
-0.43
-0.08
-0.60
-0.12

4.49
20.46
18.79
2.68
53.55
6.89

3.36
12.98
14.40
2.00
34.74
4.82

2.87
6.13
2.11
1.68
1.07
-

12.10
10.18
17.08
-9.01
39.82
-2.43

40526.4
63647.05
31484.07
44726.38
27682.27
35554.68

10.00
76.50
16.50
-170.00
40.00
-137.00
15.00

1906
4774
4045
20785
5995
9523
21440

1062
3328
2986
10885
4223
7105
16105

3.55
1.56
3.18
0.50
1.56
1.07
0.96

43.05
15.15
16.43
14.33
16.46
17.69
24.85

34876.46
31262.35
41984.17
33833.86
40641.43
30331.77
40468.47

Week
change change %
42.86
19.1
4.23
18.0
2.06
11.8
26.45
11.5
3.23
11.2
9.80
10.7
290.00
10.5
13.80
10.2
1.18
10.1
20.62
9.9
265.90
9.7
5.74
8.9
22.50
8.9
7.45
8.8
2.89
8.7
1.70
8.4
2.19
8.2
2.22
8.1
11.12
8.0
6.74
7.7

Month
change %
17.74
-1.32
-16.80
19.56
9.66
7.94
19.45
13.76
21.24
3.34
17.26
6.18
-3.70
8.10
1.15
-0.53
1.20
4.26
1.94
5.67

Current
0.00-0.06
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Yld

P/E MCap m

0.79
1.20
1.10
1.33
2.95
1.49
0.17
2.36
0.39
0.43
3.28
0.57
2.04
2.70
0.82
1.93
2.40
1.30
2.32
0.86
1.27
1.02
0.45
0.66
2.31
2.47
1.54
1.75

45.42 39302.94
13.91 26296.9
37.76 32557.34
11.96 58364.42
15.02 58081.38
16.63 58897.39
32.70 29330.55
11.00 30446.84
46.32 29478.88
23.40 23622.39
7.85 24067.15
33.30 26136.99
8.78 81242.39
11.49 41221.81
25.26 24278.89
15.03 69136.49
10.06 40565.37
13.75 23763.07
20.32 73495.43
57.80 27276.83
22.79 32788.82
28.37 28989.32
12.34 72257.33
-14.37 29914.38
7.95 49812.44
51.47 39443.84
13.06 26455.54
12.46 221957.24

8.96 12.13 23549.68

1.38 16.84 75797.3
0.79 28.34 31831.69
0.82 20.90 38821.32
0.62
1.27
2.71

26.82
25.32
11.44
96.42
19.03

43346.9
41898.58
48306.91
25998.99
71617.06

1.89 8.11 25603.9

5.26 9.36 62518.37
4.78 33.39 32188.38
6.70 15.57 25652.07
3.49 13.42 37662.22
6.85
7.82

2.63 53822.21
6.56 39064.07
2.97 41476.71

5.29 12.34 78162.48

2.85 11.60 35183.12
2.98
1.92
0.64
3.24
4.08
2.97

7.37
16.84
14.01
9.96
18.05
11.26

35553.94
44830.89
39528.42
31228.44
48415.54
27853.28

2.53
3.92
0.21
3.75

16.04 25213.5
15.37 34701.28
60.52 59716.98
10.12 26308.06

0.69 10.27 20633.45

0.18 9.49 23924.66
10.10 29983.76
0.80 8.88 166835.97
0.83
8.88
1.06
3.66
2.79
1.25
4.86
4.78

-52.09
12.52
39.68
12.38
16.60
31.72
16.23
12.98

56450.35
93985.68
25213.24
22981.66
42436.39
90565.86
25657.28
68629.59

2.51
3.23
3.11
2.90
4.00
4.38
3.31
5.44

22.67
22.06
26.14
4.05
13.44
11.34
14.84
12.42

34656.13
39270.93
66638.28
27574.06
51431.52
26112.58
29833.28
26675.6

Last
0.06
3.25
0.75
0.15
0.50
0.03
0.00-0.75

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

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

Day
0.000
0.000
0.000

Change
Week
-

0.40%-0.35%

Month
0.000
0.000
0.000
0.000
0.000
0.002
0.000
0.000
0.000

One
month
0.17150
-0.00714
0.50475
-0.91900
0.07571
0.00200
0.50000
0.15000
-0.15000

Three
month
0.25560
0.02571
0.56244
-0.88500
0.10429
0.05300
0.55000
0.22000
-0.00500

Six
month
0.36240
0.09071
0.68056
-0.76760
0.14214
0.13200
0.70500
0.29000
0.08500

One
year
0.63150
0.23000
0.96244
-0.65560
0.26329
0.26100

COMMODITIES
Energy
Price*
Crude Oil
Feb
52.68
Brent Crude Oil
58.20
RBOB Gasoline
Feb
1.47
Heating Oil
Feb
1.84
Natural Gas
Feb
2.62
Ethanol
Mar
1.39
Uranium
Feb
38.20
Carbon Emissions
Diesel
Mar
121.25
Unleaded
Mar
56.35
Base Metals ( LME 3 Months)
Aluminium
1868.50
Alluminum Alloy
1850.00
Copper
5679.00
Lead
1850.00
Nickel
15140.00
Tin
18350.00
Zinc
2153.00
Precious Metals (PM London Fix)
Gold
1238.50
Silver (US cents)
1697.00
Platinum
1206.00
Palladium
794.00
Bulk Commodities
Iron Ore (Platts)
61.75
Iron Ore (The Steel Index)
61.60
GlobalCOAL RB Index
64.00
Baltic Dry Index
554.00

Day
change change %
-1.36
-1.26
11.40
1.45
-10.80
-3.72
-9.30
-2.82
-0.58
-0.59
-0.01
-0.11
-1.42
-2.50
-0.04
-0.41
-16.95
-3.03
-0.91
-1.54
30.50
0.77
-3.01
-4.45
0.00
0.00
78.00
1.01
-0.11
-1.37
1.35
2.62
-0.18
-2.11
-1.46
-1.07
-0.18
-0.23
-0.33
-1.71

Week
change change %
-98.60
-11.0
-28.00
-9.1
-31.80
-9.0
-9.29
-8.7
-0.88
-8.6
-5.22
-8.6
-0.91
-8.6
-49.85
-8.4
-4.82
-7.6
-313.50
-7.3
-4.81
-6.9
-3.46
-6.9
-577.00
-6.9
-0.55
-6.5
-3.61
-6.4
-0.54
-6.1
-8.61
-6.0
-4.88
-6.0
-1.15
-5.8

Month's
change

Year
change

Return
1 month

Return
1 year

Month
change %
3.39
-8.66
-8.32
-7.89
-5.20
-14.05
-15.66
-17.29
5.99
-5.52
-6.85
-1.18
1.26
4.49
-19.55
-14.71
-13.35
-6.41
-3.04
4.53

www.ft.com/commodities

Change
0.64
0.00
0.07
0.00
0.04
0.02
0.00
0.00
-4.50
0.00
4.00
-2.00
10.00
-150.00
-5.00
-2.50
-25.00
13.00
3.00
-0.50
-0.20
0.90
-5.00

Agricultural & Cattle Futures

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

S&P GSCI Spt

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

Mar
Feb
Mar
Feb

Price*
370.75
503.00
961.25
330.70
2008.00
1944.00
428.20
649.50
154.85
203.63
67.65

Change
-2.25
-4.75
-7.00
-7.20
51.00
11.00
-8.00
0.93
4.18
-0.88

Feb 06
417.09
103.57
228.47
2686.36
315.17
16.06
6.95
0.43
3071.00

% Chg
Month
7.01
2.70
0.90
3.45
1.20
2.81
-4.44
127.65

% Chg
Year
-21.33
-28.32
-21.35
21.08
258.33
81.18

Mar
Mar
Mar
Mar
Mar
Mar

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

Price Day Chg

52 Week
High
Low

TeliaSonera
52.30 -0.10 54.15 43.98
Switzerland (SFr)
ABB
19.07
0.15 23.35 16.75
CredSuisse
20.00 -0.26 29.75 18.57
Nestle
71.15
0.10 74.60 63.85
Novartis
95.00
3.15 99.75 70.85
Richemont
80.15 -0.10 94.75 68.80
Roche
245.80 -4.90 295.80 238.80
SwatchGpI
412.50
9.30 592.50 350.00
Swiss Re
84.25
0.25 86.55 69.25
Swisscom
532.50 -8.00 587.50 496.00
Syngent
316.80
1.20 350.30 273.20
UBS
16.10 -0.10 17.84 13.58
Zurich Fin
312.00 -0.20 323.50 244.20
Taiwan (NT$)
HonHaiPrc
87.00 -0.30 113.00 80.30
MediaTek
488.00
9.00 545.00 396.50
TaiwanSem
142.00 -1.00 147.00 103.00
Thailand (THB)
PTT Explor
366.00 -11.00 398.00 285.00
United Kingdom (p)
AngloAmer
1184 38.50 1678.5 923.00
AscBrFd
3010 -32.00
3293
2407
AstraZen
4466.5 -0.50
5750 3718.5
Barclays
253.65 -1.80 278.00 201.75
BG
963.00 28.10
1420 780.55
BP
457.10
6.50 526.80 364.40
BrAmTob
3605 -23.00
3818 2910.5
BSkyB
850.50 -12.00 954.00 782.50
BT
436.60 -6.40 451.00 350.30
Compass
1126 -4.00
1179 924.41
Diageo
1896 -13.00
2055 950.00
GlaxoSmh
1526
8.50
1709 1200.67
Glencore
275.60 10.20 379.45 236.20
HSBC
610.60 -10.20 737.00 573.54
ImpTob
3047
3.00
3183 2195.84
LlydsBkg
74.92 -0.89 85.53 70.02
Natl Grid
890.10 -19.20 965.00 787.61
Prudential
1601 -19.00 1649.5
1223
RBS
381.00 -3.00 403.90 291.60
ReckittB
5535 -40.00
5745
4697
Reed Els
1155 -13.00
1185 851.53
RioTinto
3095 66.50 3680.56
2600
RollsRoyce
902.00 -10.00
1219 777.00
RylDShlA
2186.5 21.50
2864
1929
SABMill
3510 10.50
3857 2706.5
Shire
4741 -171.00
5470
2827
SSE
1609 -19.00
1858
1329
StandCh
939.40
1.20 1355.5 867.50
Tesco
233.40
4.70 341.58 155.40
Vodafone
228.80 -2.60 435.82 179.10
WPP
1439 -10.00
1565
1091
United States of America ($)
3M
164.84 -1.23 168.16 128.66
AbbottLb
44.52 -0.98 46.50 36.65
Abbvie
55.48 -1.42 70.76 45.50
Accenture
87.36 -0.79 91.94 73.98
Ace
111.97 -0.91 117.89 93.65
Actavis
272.31 -4.24 285.09 183.00
Adobe
72.33 -0.21 77.56 57.15
AEP
58.24 -0.91 65.38 47.53
Aetna
93.74 -0.80 97.71 64.68
Aflac
61.14 -0.14 66.01 54.99
AirProd
149.77 -0.55 151.78 107.69
Alexion
171.42 -4.21 203.30 136.37
Allergan
223.11 -2.06 228.43 115.74
Allstate
70.03 -0.90 72.87 51.50
Altria
53.16 -0.17 55.18 34.74
Amazon
370.56 -3.72 383.11 284.00
AmerAir
46.53 -1.62 56.20 28.10
AmerExpr
84.98 -0.03 96.24 78.41
AmerIntGrp
52.14
0.04 56.79 47.64
Ameriprise
134.69 -0.10 137.33 100.94
AmerTower
96.70
0.97 105.20 79.39
Amgen
150.01 -1.39 173.14 108.20
Anadarko
83.46
0.76 113.51 71.00
Aon Cp
96.64
0.22 98.10 77.90
AppldMat
23.51 -0.73 25.71 16.94
Apple
119.72
0.79 120.51 73.05
ArcherDan
47.38 -0.18 53.91 39.15
AT&T
34.64 -0.23 37.48 31.76
AutomData
86.01 -0.43 87.35 70.50
Avago Tech
102.24 -2.50 108.34 55.13
BakerHu
62.86
0.19 75.64 47.51
BankAm
16.35 -0.14 18.21 14.37
Baxter
69.72 -1.25 77.31 66.34
BB & T
37.65 -0.38 41.04 34.50
BectonDick
140.95 -2.37 146.74 107.50
BerkshHat 223999.88 -880.12 229374 166724
Biogen
396.88 -5.12 407.94 272.02

Yld

P/E MCap m

6.25 15.11 27104.99

3.61
3.19
1.83
2.62
0.10
2.89
1.10
4.50
2.44
2.95
1.41
5.34

20.61 47718.66
59.31 34747.72
25.69 248034.72
24.38 277918.31
23.05 45228.15
24.98 186681.71
13.26 13752.23
8.23 33762.56
17.89 29819.51
21.79 31830.91
19.28 64695.83
12.97 50476.36

1.80 11.37 40857.91

2.39 16.82 24346.58
1.65 16.84 116890.72
1.87 11.18 32038.17
4.18 259.76 25205.06
1.07 31.21 36320.86
3.91 88.74 85975.98
2.56 57.23 63715.82
1.92 18.35 50108.23
5.22 14.95 127072.04
3.95 18.82 105400.97
3.76 9.03 23005.52
2.27 17.81 54190.71
2.34 23.12 28621.74
2.73 24.43 72566.84
5.38 17.81 113118.01
3.50 16.71 55424.69
4.91 11.86 178606.36
3.94 20.57 44484.53
- 227.72 81504.11
4.72 15.59 51035.59
2.10 19.21 62642.66
-6.70 36950.42
2.48 21.38 60621.55
2.13 24.96 36130.91
3.67 15.90 66697.29
2.44 7.46 25978.02
5.36 13.92 127361.82
1.84 25.32 86314.17
0.27 24.75 42634.64
5.39 77.88 24217.13
5.24 9.24 35400.6
6.32 22.11 28897.46
6.09 63.03 92446.36
2.38 19.14 28909.65
1.83 24.06 105632.58
1.69 37.01 67037.8
2.78 25.58 88394.36
2.17 20.45 69203.14
2.15 12.34 37144.65
- -54.50 72178.79
- 140.79 36043.06
3.23 16.91 28493.37
0.88 16.62 32968.36
2.28 10.19 27548.86
2.01 32.27 32091.82
53.82 33990.34
0.08 55.30 66464.16
1.46 12.04 29372.91
3.47 25.94 105069.15
- -726.70 172082.11
0.20 90.05 33374.27
1.08 16.69 87926.81
0.86 9.17 72991.43
1.54 18.98 24854.62
1.27 56.10 38337.96
1.44 25.11 114108.11
1.01 -21.06 42268.35
0.83 24.17 27555.61
1.62 28.34 28716.81
1.51 16.57 697338.83
1.81 17.29 30584.77
4.99 11.28 179677.68
2.19 27.25 40867.83
1.05 92.51 26105.1
0.93 22.61 27193.17
0.46 44.32 171943.97
2.72 22.17 37786.72
2.35 14.64 27119.23
1.55 24.75 27257.18
18.91 191845.37
32.81 93113.79

Stock

52 Week
High
Low

Price Day Chg

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

38.48
360.87
147.58
58.85
43.37
76.72
84.22
42.65
84.67
56.76
118.12
28.79
110.43
100.37
111.02
27.12
49.21
93.82
41.23
57.45
69.07
57.09
67.85
24.24
147.54
106.71
86.19
35.30
134.40
99.56
84.45
88.95
44.45
64.73
87.25
58.70
101.73
75.23
48.26
82.70
75.72
70.14
54.33
107.24
27.32
57.35
95.95
77.87
34.48
81.24
91.56
74.44
171.64
15.92
53.04
19.51
136.94
24.64
29.50
53.00
36.00
96.90
182.22
529.28
43.51
67.26
37.64
26.49
77.07
108.34
101.59
155.75
96.82
192.27
229.03
32.93
87.84
99.78
48.19
57.82
108.22
41.20
66.04
70.85
92.30
55.72
48.55
69.61
267.43
193.02
70.95

0.01
-1.56
-0.42
-0.82
-0.42
0.50
-1.25
-0.68
1.46
0.02
-0.63
-0.32
0.82
-0.45
-0.68
-0.12
0.07
-0.39
-0.22
0.02
-0.23
0.17
0.36
0.03
-1.16
-1.36
-0.47
-0.14
-1.46
-1.05
-0.34
-0.03
-1.06
-0.54
-0.68
0.15
-0.29
-0.48
-0.14
-0.41
-0.38
0.09
-0.17
0.56
-0.03
0.32
0.16
-0.25
-0.52
-0.60
0.06
-0.03
-1.61
0.06
-0.44
0.66
-2.35
0.12
-0.21
-0.16
-0.58
-1.21
-4.60
0.15
-0.72
-0.31
0.13
-0.18
-0.70
-0.16
-0.97
-0.27
-0.37
0.31
-0.37
0.01
-1.32
-0.44
-0.07
-0.83
-0.21
-0.73
-0.86
-0.66
0.35
-0.51
-0.75
4.03
-2.22
-0.95

41.79
368.64
148.89
64.44
44.50
85.39
87.33
47.44
111.46
68.10
124.60
31.00
135.10
105.30
113.39
28.70
56.95
95.21
44.87
59.64
71.31
59.30
87.09
25.16
156.85
108.57
88.86
37.99
161.03
101.59
87.49
94.89
51.06
80.63
89.46
66.75
102.99
80.89
54.97
89.97
76.45
79.98
59.70
118.46
30.92
69.94
118.89
81.03
38.93
86.64
104.76
82.17
183.51
18.12
59.43
39.32
145.92
27.53
31.70
55.64
38.15
116.83
198.06
614.44
74.33
76.18
41.10
27.25
84.88
109.74
103.92
199.21
97.84
213.33
231.95
37.90
95.84
109.49
51.60
63.49
119.01
43.18
67.74
71.91
93.32
88.28
88.19
75.10
272.96
198.88
72.25

Bid
yield

Mth's Spread
chge
vs
yield
US

Feb 09
High Yield US$
Windstream Corporation

S*

Ratings
M*

F*

Bid
price

11/17

7.88

B1

BB

108.64

4.52

0.04

-0.17

3.84

High Yield Euro

Kazkommerts Intl BV

02/17

6.88

Caa1

83.00

0.00

0.00

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

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
02/25

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
7.38

BBB+
BBB+
BBBBB+
BBB+
BBBABBB
-

A3
A3
Baa2
Baa3
A3
Baa2
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

121.00
116.42
108.94
112.26
119.14
105.19
110.01
118.00
105.94
130.38

1.23
0.97
4.70
7.06
2.27
3.90
3.82
2.63
3.34
4.21

0.00
0.09
0.19
-0.18
0.08
0.04
0.15
0.00
0.13
0.00

0.00
-0.10
0.00
0.05
-0.21
0.09
-0.08
0.00
-0.11
0.00

0.56
0.30
4.02
6.39
0.79
2.42
2.34
1.15
1.86
2.27

Red
date Coupon

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

181.30
304.51
255.91
214.72
226.88
293.68
252.20
303.42
228.86
293.84
222.39
219.73

-0.18
-0.14
0.00
0.02
-0.04
-0.20
-0.40
-0.18
-0.03
-0.20
-0.02
-0.05

0.31
-1.19
-0.37
0.10
0.08
-2.01
-0.12
-1.24
-0.52
-1.77
0.08
-0.69

1.69
3.75
2.17
0.95
2.35
2.81
0.54
3.38
2.09
2.99
1.78
2.17

2.34
2.85
-0.37
0.79
2.03
1.83
1.07
2.52
-0.52
2.04
1.52
-0.69

6.44
14.13
2.17
7.71
13.11
15.27
3.45
13.50
2.09
14.70
10.89
2.17

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
0.82
Mexico
02/20
5.50
BBB+
BBB+ 112.85
2.72
-0.01
-0.39
1.24
Bulgaria
09/25
5.75
BB+
BBB- 122.32
3.27
0.01
-0.47
1.33
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

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

117.00
111.05
986.10
116.86

0.15
0.05
3.71
-0.28

1.23
0.80
0.62
1.71

8.05
5.88
6.18
10.05

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

314.90
59.11
63.30
67.86

10.90
3.23
-0.22
4.98

-2.90
0.40
-2.68
0.85

-31.95
-4.33
-5.23
-3.04

419.37
80.45
79.33
85.99

290.75
51.98
58.50
56.40

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

Markit CDX
Emerging Markets 5Y
376.00
-1.90
-26.71
-2.18
420.12
238.47
Nth Amer High Yld 5Y
350.63
1.35
-19.79
-18.10
406.42
328.06
Nth Amer Inv Grade 5Y
66.14
0.05
-4.40
-3.30
75.99
60.32
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
181.74
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Jun 02
Jun 02
Prev
return
stock
Market
stocks
Can 4.25%' 21
134.19
-0.650
-0.697
-0.11
5.18
73330.14
7
Fr 2.25%' 20
116.15
-0.645
-0.646
0.35
19.98 214770.39
14
Swe 0.25%' 22
106.66
-0.532
-0.533
0.20
28.76 219817.12
5
UK 2.5%' 16
327.84
-1.285
-1.289
0.14
7.90 479325.75
24
UK 2.5%' 24
345.33
-0.852
-0.939
-1.51
6.82 479325.75
24
UK 2%' 35
233.28
-0.768
-0.852
-3.52
9.08 479325.75
24
US 0.625%' 21
104.17
-0.022
-0.136
-1.18
35.84 1089512.06
35
US 3.625%' 28
140.78
0.438
-0.136
-1.93
16.78 1089512.06
35
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.56
2.20
0.62 Italy
Austria
0.45
0.10 -1.49 Japan
Belgium
0.69
0.33 -1.25 Netherlands
Canada
1.42
1.06 -0.52 Norway
Denmark
0.19 -0.17 -1.75 Portugal
Finland
0.48
0.12 -1.46 Spain
France
0.61
0.25 -1.33 Switzerland
Germany
0.36
0.00 -1.58 United Kingdom
Greece
10.59 10.23
8.65 United States
Ireland
1.04
0.68 -0.90
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.65
0.36
0.43
1.26
2.52
1.63
-0.05
1.61
1.94

Spread Spread
vs
vs
Bund T-Bonds
1.29
0.00
0.07
0.90
2.16
1.27
-0.41
1.25
1.58

-0.29
-1.59
-1.51
-0.68
0.58
-0.31
-1.99
-0.33
0.00

P/E MCap m

Stock

1.56 16.66 43317.31

1.95 19.85 59620.77
1.70 22.49 105214.28
2.30 38.44
97619
1.08 40.90 23853.5
1.47 10.98 43064.38
1.54 26.61 27803.61
2.28 27.58 25276.5
2.78 14.56 51259.12
0.84 23.37 27268.88
66.11 94342.94
0.78 32.68 37593.09
3.52 10.82 208759.56
1.82 12.52 23668.62
0.03 16.06 29040.46
2.60 19.31 138680.51
0.08 17.58 149081.12
1.86 33.05 31525.33
2.73 24.34 180592.05
26.70 34982.32
1.91 32.22 62950.28
1.43 19.13 122719.32
3.88 12.37 83517.44
1.55 20.14
31072
0.91 31.50 64992.02
1.54 28.15 48500.47
1.15 173.33 28775.2
1.65 20.30 35137.52
1.86 16.06 24553.78
0.99 27.39 114133.94
0.36 23.56 59342.31
2.38 10.81 30459.41
0.57 4.09 37202.04
1.34 12.67 26481.04
17.11 43820.15
1.41 11.87 26619.26
1.11 23.12 172896.58
2.95 31.15 43834.1
2.79 17.12 56877.34
3.56 19.94 58492.93
2.38 19.86 68557.95
2.53 21.10 33288.44
- 1524.59 67497.81
0.96 30.28 32184.49
1.48 23.30 55593.7
3.00 18.60 39296.33
0.43 18.34 52581.5
2.60 89.88 28217.22
3.38 15.06 29634.35
34.53 59622.85
2.71 12.25 387713.44
69.36 165549.82
0.40 22.29 48627.78
2.81 11.16 61271.1
0.94 14.50 32981.69
6.02 9.63 20273.2
1.62 19.68 45380.51
3.36 17.65 247439.61
1.82 123.20 26081.17
2.96 22.77 31998.63
3.26 22.16 57973.17
18.35 146189.57
1.14 11.21 79365.11
29.91 150747.51
1.30 11.93
36873
18.33 29161.5
1.55 15.07 69034.85
50.61 26082.51
3.84 104.30 25253.84
1.58 25.96 142773.42
1.67 20.33 79525.7
2.48 10.64 154139.62
1.69 23.42 37850.19
- 107.65 27302.34
1.11 27.69 25653.37
2.57 16.73 159216.55
0.89 32.12 25078.01
2.56 17.59 279295.23
1.87 22.22 31674.99
2.54 11.39 216142.07
2.89 20.38 40307.1
3.81 36.40 42363.06
2.99 17.76 38885.92
0.89 22.91 34810.33
1.36 29.81 27014.59
3.12 17.87 44687.34
- -37.71 10446.84
2.65 29.63 77505.85
- -2312.58 28969.34
2.59 20.79 60979.88
1.10 29.38 69027.87

52 Week
High
Low

Price Day Chg

Lyondell
88.34
Marathon Ptl 100.17
Marsh&M
55.30
MasterCard
84.59
McDonald's
92.72
McGraw Hill
96.90
McKesson
218.26
Medtronic
73.62
Merck
58.33
Metlife
49.55
MicronTech
28.35
Microsoft
42.36
MondelezInt
35.71
Monsanto
121.25
MorganStly
35.63
News Corp A
34.05
NextEraE
104.52
Nike
91.17
NorfolkS
107.99
Northrop
162.97
NtlOilVarc
52.78
Occid Pet
81.26
Oracle
43.40
Paccar
63.16
Pepsico
95.97
Pfizer
33.07
PG&E
55.77
Phillips66
75.93
PhilMorris
80.83
PNCFin
89.51
PPG Inds
226.82
PPL
34.65
Praxair
125.04
Prec Cast
201.52
Priceline
1033.15
ProctGmbl
85.05
Prudntl
77.26
PublStor
202.60
Qualcomm
67.11
Raytheon
106.75
Regen Pharm 399.72
ReynoldsAm
68.45
Salesforce
57.98
Schlmbrg
85.82
SempraEgy
107.88
Shrwin-Will
274.39
SimonProp
194.11
SouthCpr
29.59
SouthwestAir
43.26
SpectraEn
36.01
Starbucks
88.82
StateSt
76.16
Stryker
91.90
Sychrony Fin
32.40
Target
75.39
TE Connect
69.23
TeslaMotors 217.48
TexasInstr
54.27
TheTrvelers
105.77
ThrmoFshr
123.40
TimeWrnr
80.54
TimeWrnrC
145.87
TJX Cos
67.50
UnionPac
119.45
UPS B
100.46
USBancorp
44.17
Utd Cntl Hldg
64.57
UtdHlthcre
106.49
UtdTech
119.32
ValeroEngy
54.45
Verizon
49.09
VertexPharm 107.88
VF Cp
68.71
Viacom
68.24
Visa Inc
265.46
Walgreen
76.05
WalMartSto
85.91
Wellpoint
128.71
WellsFargo
54.21
WestrnDigl
102.60
Williams Cos
46.05
Yahoo
42.57
Yum!Brnds
73.11

1.52 115.40
1.29 100.45
-0.13 58.74
0.43 89.87
-1.27 103.78
-0.65 99.61
-4.50 225.06
-0.85 77.39
-0.46 63.62
-0.05 57.57
-0.56 36.59
-0.05 50.05
-0.20 39.54
1.03 128.79
-0.16 39.19
0.47 39.27
-1.28 112.64
-0.62 99.50
0.20 117.64
0.73 164.29
1.35 86.55
-0.49 101.38
0.42 46.71
0.41 71.15
-0.74 100.57
-0.10 33.50
-0.29 60.21
-0.17 87.98
-0.44 91.63
-0.93 93.45
-4.04 233.98
-0.57 38.14
-0.21 135.24
-2.29 275.09
10.73 1378.96
-0.56 93.89
-0.54 94.30
-1.87 206.92
0.76 81.97
-0.70 111.47
-7.14 437.64
-0.55 70.70
-1.19 67.00
-0.34 118.76
-0.33 116.30
-5.92 280.79
-0.97 206.31
0.46 33.90
-0.88 47.17
-0.20 43.12
-0.18 89.77
0.04 80.92
-0.81 98.24
0.26 32.68
-0.97 77.75
0.58 69.96
0.12 291.42
-0.09 56.00
-1.43 108.24
-1.40 131.12
0.16 88.13
-0.73 155.95
-0.75 69.84
-2.36 123.61
-0.21 114.40
-0.24 46.10
-3.01 74.52
-1.11 114.32
-0.49 121.02
-0.41 59.69
-0.24 53.66
-0.78 127.69
-0.54 76.89
1.17 89.76
-1.96 272.45
-0.74 77.98
-1.42 90.97
0.94 129.96
-0.24 55.95
-0.80 114.69
-0.33 59.77
-0.37 52.62
-0.82 83.58

Yld

70.06
74.64
44.63
68.68
87.62
71.93
162.90
55.09
52.49
46.10
21.02
36.01
31.83
105.76
28.31
31.01
89.81
70.60
89.76
112.94
49.25
72.32
35.82
55.34
77.01
27.51
41.40
57.33
77.55
76.69
171.56
30.16
117.32
186.17
990.69
76.75
74.51
158.12
62.26
89.17
269.50
46.55
48.18
75.60
90.86
178.09
153.66
23.60
20.88
32.43
67.93
62.67
75.78
22.60
55.25
51.03
177.22
41.29
80.23
107.33
62.44
128.78
51.91
87.28
94.05
38.10
36.65
69.57
97.30
42.53
45.09
59.79
55.14
63.11
194.84
55.27
72.50
81.84
44.84
80.78
39.31
32.15
65.81

P/E MCap m

2.77 11.04 44229.01

1.65 13.24 28066.91
1.75 22.09 29911.73
0.49 30.86 94141.93
3.29 19.37 91044.48
1.14 31.30 26308.35
0.43 30.48 50820.65
1.51 26.71 72465.38
2.84 33.95 166291.44
2.37 10.78 56290.88
9.45 30541.84
2.65 17.50 347512.35
1.50 35.48 59990.06
1.43 24.68 58598.41
0.79 15.08 69742.28
0.72 8.27 45205.28
2.55 24.96 45621.13
1.02 27.92 62577.32
1.89 17.93 33416.63
1.63 17.09 32919.82
2.57 9.17 22725.68
3.24 12.00 63011.29
1.08 18.62 190585.33
1.25 18.42 22365.23
2.40 22.58 143629.28
2.90 21.73 208362.73
3.07 19.81 26495.66
2.20 12.66 42028.27
4.44 17.24 125586.79
1.93 12.84 47101.04
1.06 24.00 31127.65
4.03 25.50 23044.75
1.92 21.16 36433.22
0.06 15.88 28569.02
24.82 54091.63
2.91 23.05 229678.36
2.58 16.14 35230.56
2.60 42.96 34994.22
2.35 14.52 110701.98
2.08 17.28 32918.28
- 139.12 39848.85
3.63 24.61 36366.36
- -119.69 35541.74
1.82 20.37 110432.65
2.27 25.08 26527.01
0.74 33.48 26340.81
2.45 43.09 60327.04
1.46 18.86 24209.57
0.50 27.11 29362.48
3.42 25.68 24162.72
1.21 27.55 66597.24
1.38 17.32 31796.44
1.25 58.37 34767.66
14.22 27013.97
2.29 33.16 48020.74
1.58 15.45 28122.67
- -141.37 27268.03
2.08 25.07 57325.4
1.87 10.83 35051.79
0.46 31.64 49363.14
1.45 17.89 67531.68
1.87 21.79 40915.73
0.90 23.40 46500.77
1.56 21.26 106202.91
2.46 26.51 70557.52
2.02 15.42 79037.2
21.74 23830.9
1.16 20.38 102208.16
1.93 17.90 108241.97
1.73 8.10 28381.79
4.10 11.29 203709.94
- -51.17 25947.49
1.44 24.99 29673.94
1.85 12.82 24235.75
0.62 30.36 130330.84
1.71 36.06 72276.92
2.12 18.96 276904.24
1.27 16.42 34744.16
2.25 14.13 281221.12
1.28 17.06 23826.83
3.61 18.20 34420.65
6.01 40328.75
1.90 24.27 32142.74

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

Feb 09
US$
Bear Stearns Cos, LLC
Wachovia Corporation
Halliburton Company
SouthTrust Bank
Duke Energy Florida, Inc.
Baxter Intl Inc.
Euro
Goldman Sachs Group, Inc. (The)
Citigroup Inc.
Eni SpA
BG Energy Capital plc
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
Barclays Bank plc

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

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

6.00
6.82
6.75
6.57
6.75
6.63

A
A
A
A+
BBB+
A-

A3
A3
A2
A1
A3
A3

A+
A+
AA+
AA

100.44
133.67
122.50
125.44
127.24
129.03

6.03
3.94
4.37
4.05
4.07
3.82

0.00
0.06
0.04
0.01
0.01
0.13

0.05
-0.10
0.13
-0.19
-0.15
-0.11

4.09
2.00
-

06/26
09/26
01/29
11/29

2.88
2.13
3.63
2.25

AAA
A-

Baa1
Baa2
A3
A2

A
A
A+
A-

112.61
105.06
124.33
107.32

1.64
1.64
1.66
1.69

0.01
0.01
0.01
0.01

-0.14
-0.03
-0.34
-0.30

-0.30
-0.30
-

07/15

0.94

AA

Aa2

AA

100.29

0.30

0.00

-0.01

03/26
09/26

6.88
5.75

AA
BBB-

Aa2
Baa3

AA
A-

132.80
117.44

3.29
3.85

-0.01
0.06

-0.33
-0.32

1.35
1.91

S*

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

GILTS: UK CASH MARKET

Feb 09
Day Chng
Prev
52 wk high
52 wk low
VIX
18.55
1.26
17.29
31.06
10.28
VXD
17.94
0.97
16.97
23.19
7.64
VXN
19.12
0.71
18.41
31.17
9.66
VDAX
20.90
2.42
18.48
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
Australia
10/18
3.25 104.43
04/25
3.25 106.17
Austria
10/18
1.15 104.32
10/24
1.65 111.31
Belgium
06/18
0.75 101.85
12/24
1.10 103.90
Canada
11/16
1.00 100.87
06/25
2.25 107.96
Denmark
11/16
2.50 105.70
11/25
1.75 116.60
Finland
09/18
1.13 104.34
07/25
4.00 135.58
France
11/16
0.25 100.62
11/19
0.50 102.05
11/24
1.75 110.79
05/45
3.25 145.45
Germany
06/16
0.25 100.56
10/19
0.25 101.60
02/25
0.50 101.39
08/46
2.50 142.25
Greece
07/17
3.38 69.08
02/25
2.00 56.96
Ireland
10/17
5.50 114.30
03/24
3.40 120.38
Italy
05/17
1.15 101.64
12/19
1.05 100.75
12/24
2.50 107.70
09/46
3.25 111.31
Japan
01/17
0.10 100.11
02/20
0.05 99.68
12/24
0.30 99.47
12/44
1.50 102.79
Netherlands
04/17
0.50 101.38
07/24
2.00 114.45
New Zealand
12/17
6.00 107.59
Norway
05/17
4.25 107.91
03/24
3.00 114.88
Portugal
02/16
6.40 106.23
10/25
2.88 103.31
Spain
10/17
0.50 100.04
04/25
1.60 99.76
Sweden
08/17
3.75 109.83
05/25
2.50 118.42
Switzerland
10/16
2.00 105.02
05/26
1.25 114.78
United Kingdom
07/18
1.25 101.15
07/20
2.00 104.02
09/24
2.75 110.05
01/45
3.50 125.70
United States
01/17
0.50 99.66
01/20
1.25 98.90
11/24
2.25 102.74
11/44
3.00 110.34
Data provided by SIX Financial Information & Tullett Prebon Information

30.82
292.20
116.32
46.30
28.86
70.12
63.06
33.11
78.81
48.83
66.85
23.35
98.88
83.75
73.47
21.27
45.18
66.44
36.89
41.51
60.54
47.74
60.64
17.03
110.36
65.97
69.79
26.90
124.30
65.96
70.12
78.88
30.12
51.76
69.72
54.02
74.61
64.71
41.45
68.10
62.65
57.11
46.34
97.78
24.05
55.81
81.07
56.51
28.79
64.64
86.03
54.66
129.34
13.26
49.12
16.43
101.51
23.41
20.34
47.67
28.82
63.50
151.65
490.91
37.21
47.17
28.64
20.72
56.01
74.61
82.89
149.52
77.95
127.69
182.40
23.77
69.02
88.61
38.60
52.97
99.20
30.81
51.91
35.98
53.03
49.82
37.98
52.29
136.02
151.06
44.13

Yld

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

VOLATILITY INDICES
Day's
change

CREDIT INDICES

Short
7 Days
One
Three
Six
One
Feb 09
term
notice
month
month
month
year
Euro
-0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29
Sterling
Swiss Franc
Canadian Dollar
US Dollar
0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58
Japanese Yen
-0.05 0.05 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days
notice: Tradition (UK).

Stock

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
Covidien
106.71
108.07
Hitachi
798.70
787.30
SBI NewA
279.50
290.30
ICICI Bk
320.05
329.35
GileadSci
96.90
97.48
Ch Yangtze
9.30
9.31
Abbvie
55.48
56.90
Daqin
9.71
9.75
Tata Motors
542.65
559.60
AEP
58.24
59.15
Fuji Hvy Ind
3983.00
3952.50
Utd Cntl Hldg
64.57
67.58
Alimentation
46.63
46.63
KDDI
7786.00
7708.00
ChCommsCons
7.90
8.01
NtlOilVarc
52.78
51.43
ChinaRailCons
8.37
8.55
Cummins
134.40
135.86
HlthcareREIT
77.07
77.25
GDF Suez
18.69
19.01
Based on the FT Global 500 companies in local currency

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

INTEREST RATES: MARKET

Feb 09 (Libor: Feb 06)
US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs
LA 7Day Notice

52 Week
High
Low

Price Day Chg

FastRetail
43935 -70.00 46325 30950
Fuji Hvy Ind
3983 30.50
4617
2380
Hitachi
798.70 11.40 939.90 660.00
HondaMtr
3820.5 36.50
3848
3239
JapanTob
3443.5 59.00
4193
2997
KDDI
7786 78.00
8449
5000
Keyence
57200 -60.00 58390 36095
MitsbCp
2223 14.00
2356
1805
MitsubEst
2514 -22.00
2930 2151.5
MitsubishiEle 1304.5 -13.00
1550
1083
Mitsui
1588.5
9.50
1820
1399
MitsuiFud
3126 -11.50 3809.5 2854.5
MitUFJFin
679.90
8.10 700.30 519.00
Mizuho Fin
199.90
2.00 221.00 178.10
Murata Mfg
12780 -20.00 13780
8192
NipponTT
7212 338.00
7218
5051
Nissan Mt
1064 14.50 1146.5 842.00
NpnStlSmMtl 296.50
3.20 333.00 243.30
NTTDCMo
1996.5 16.50
2047
1515
Panasonic
1318.5 -4.50
1610
1030
Seven & I
4386 -20.50 4592.5
3611
ShnEtsuCh
7955 50.00
8529
5267
Softbank
7136 36.00
8760
6683
Sony
3064 -74.50
3269
1588
SumitomoF
4177 47.50
4910
3800
Takeda Ph
5922 58.00
5970 4337.5
TokioMarine 4076.5 37.50 4218.5
2884
Toyota
7700 77.00
7873
5205
Malaysia (RM)
Maybank
9.00
0.07 10.20
8.25
Mexico (Mex$)
AmerMvl
16.18 17.64 12.39
FEMSA UBD 131.74
2.31 135.75 108.90
WalMrtMex
32.80
0.62 35.75 27.71
Netherlands ()
ASML Hld
87.26 -2.81 95.81 57.51
Heineken
64.17 -1.60 67.28 45.68
ING
11.05 -0.10 11.95
9.34
Philips
24.54 -0.34 26.99 20.69
Unilever
36.85 -0.23 38.81 27.31
Norway (Kr)
DNB
119.30 -1.20 126.90 98.10
Statoil
148.80
6.20 195.80 118.20
Telenor
162.70 -2.10 170.40 123.90
Qatar (QR)
Inds Qatar
154.40 -0.60 202.90 143.50
QatarNtBk
196.00
2.90 237.00 160.00
Russia (RUB)
Gzprm neft
149.30 -2.30 154.47 113.73
Lukoil
3016 -104.10 3297.7
1715
Rosneft
257.00 -4.00 269.80 183.95
Saudi Arabia (SR)
SaudiBasic
97.75 -0.87 136.50 70.25
SaudiTelec
66.00
0.24 76.50 55.00
Singapore (S$)
DBS
19.45
0.07 20.67 15.65
JardnMt US$
64.90 67.88 52.50
JardnStr US$
35.29
0.15 38.10 31.05
OCBC
10.61
0.05 10.63
9.20
SingTel
4.11 -0.04
4.16
3.48
UOB
23.52 -0.01 24.72 19.55
South Africa (R)
Firstrand
51.90
0.02 53.19 30.72
MTN Grp
217.99
5.99 263.44 190.48
Naspers N
1660 -30.00 1744.64 983.25
Sasol
469.08
1.52 652.99 360.00
South Korea (KRW)
HyundMobis 236500-6000.00 323500 226000
KoreaElePwr
42050 150.00 50200 36000
SK Hynix
45200 -300.00 52400 35550
SmsungEl
1395000 23000 1495000 1078000
Spain ()
BBVA
8.00 -0.24
9.99
7.21
BcoSantdr
6.01 -0.13
7.96
5.77
CaixaBnk
3.89 -0.08
5.00
3.71
GasNatur
20.26 -0.30 24.45 18.07
Iberdrola
5.86 -0.13
6.24
4.50
Inditex
25.64 -0.59 27.13 19.29
Repsol
16.47 -0.11 21.07 14.26
Telefonica
13.00 -0.18 13.43 10.76
Sweden (SKr)
AtlasCpcoB
238.60
0.70 239.10 159.10
Ericsson
101.30 -0.50 104.80 77.55
H&M
336.40
0.50 343.50 261.00
Investor
300.30 -3.00 305.60 215.60
Nordea Bk
106.70 -2.80 110.10 82.40
SEB
99.60 -1.00 103.00 82.30
SvnskaHn
379.10
1.20 396.90 305.10
Swedbank
202.20 -0.50 203.00 165.70

40401.19
31320.9
32105.46
29812.16
41349.12
47075.45
49050.76
46672.27
3357.2
31371.53
79190.53
22233.84

-25.00
100.00

INTEREST RATES: OFFICIAL

Over
night
0.11750
-0.09643
0.47188

17.50 32640.33
12.45 31672.32
30.15 42691.78
11.65 50191.01
19.17 23273.46
-4.86 51580.51
34.26 34434.69
25.04 25827.48
29.77 99213.17
20.89 86673.22
-57.58
20486
24.72 46841.49
25.72 31832.06
14.62 27975.94
26.24 127242.56
18.81 44552.96
7.62 33255.96
20.99 24362.95
10.49 129272.53
20.86 27846.87
10.42 33794.12
-12.13 31400.68

163.50
12.22
60.53
29.90
100.50
21.19
317.40
184.20
160.55
156.45
57.50
16.10
108.75
60.65
89.95
72.22
48.69
46.40
54.71
260.15
57.36
21.43

Stock

FT 500: BOTTOM 20
Day
change change %
4.03
1.53
0.95
3.55
0.66
3.50
-4.00
-1.53
0.00
0.00
-0.29
-0.28
-74.50
-2.37
6.20
4.35
0.12
0.94
0.31
0.14
-104.10
-3.34
0.09
0.13
10.20
3.84
-0.66
-0.71
0.00
0.00
0.00
0.00
-0.32
-1.10
0.46
1.58
-2.30
-1.52
-0.39
-0.41

Close
Prev
price
price
LinkedIn
267.43
263.40
ChMrchSecs
27.69
26.74
FreeportMc
19.51
18.85
Rosneft
257.00
261.00
WalMrtMex
32.18
32.18
Disney
101.73
102.02
Sony
3064.00
3138.50
Statoil
148.80
142.60
ChUncHK
12.90
12.78
Intcntl Exch
229.03
228.72
Lukoil
3016.00
3120.10
Eaton
70.14
70.05
Glencore
275.60
265.40
L Brands
92.30
92.96
GenMotors
36.00
36.00
BncBrasil
21.90
21.90
CharlesSch
28.79
29.11
SouthCpr
29.59
29.13
Gzprm neft
149.30
151.60
CME Grp
93.82
94.21
Based on the FT Global 500 companies in local currency

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

P/E MCap m

-3.70
-0.13
-0.39
-0.42
-0.87
-0.33
-5.60
-2.35
-1.65
-2.20
-0.05
-0.37
0.05
-1.18
-0.18
-0.76
-0.79
-0.30
0.27
-5.95
1.08
-0.32

FT 500: TOP 20

Feb 09
US
US
US
Euro
UK
Japan
Switzeland

Yld

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
2.00
0.05
0.01
-0.14
0.00
2.56
0.10
0.13
-0.09
0.00
0.02
-0.01
0.00
0.00
0.00
0.45
-0.02
0.06
-0.20
0.00
0.19
0.00
-0.01
-0.07
-0.95
0.69
0.00
0.07
-0.37
0.00
0.49
0.01
0.10
-0.40
0.00
1.42
-0.04
0.18
-0.30
0.00
-0.71
0.00
0.00
0.00
0.00
0.19
-0.02
0.05
-0.55
0.00
0.08
0.00
0.03
0.07
0.00
0.48
-0.01
0.04
-0.23
0.00
-0.10
0.00
0.00
0.00
0.00
0.07
0.01
0.03
-0.08
0.00
0.61
0.00
0.07
-0.15
0.00
1.40
0.01
0.03
-0.32
0.00
-0.17
0.00
0.00
0.00
0.00
-0.09
0.00
0.00
0.00
0.00
0.36
-0.02
0.04
0.00
0.00
0.94
-0.02
0.01
-0.27
0.00
20.82
3.28
1.53
9.22
0.00
10.59
0.67
-0.19
1.02
0.00
0.15
0.02
0.02
-0.13
0.00
1.04
0.01
0.08
-0.15
0.00
0.42
0.04
-0.02
-0.17
0.00
0.89
0.06
0.02
-0.08
0.00
1.65
0.08
0.03
-0.16
0.00
2.73
0.08
0.06
0.00
0.00
0.04
0.01
0.03
0.00
0.00
0.11
0.01
0.04
0.09
0.00
0.36
0.01
0.06
0.08
0.00
1.37
0.05
0.10
0.24
0.00
-0.13
0.00
0.00
0.00
0.00
0.43
0.00
0.06
-0.15
0.00
3.21
0.03
0.01
-0.40
-1.36
0.72
0.02
0.10
0.01
0.00
1.26
0.00
0.07
-0.16
0.00
0.23
0.03
-0.03
-0.12
0.00
2.52
0.10
-0.15
0.00
0.00
0.49
0.03
0.00
-0.10
0.00
1.63
0.08
0.09
0.00
0.00
-0.17
0.00
0.00
0.00
0.00
0.64
-0.01
0.07
-0.17
0.00
-0.97
0.00
0.00
0.00
0.00
-0.05
0.00
0.00
0.00
0.00
0.91
-0.04
0.14
0.08
0.00
1.24
-0.05
0.17
0.06
0.00
1.61
-0.04
0.23
0.03
0.00
2.31
-0.02
0.24
-0.02
0.00
0.67
0.02
0.21
0.00
0.00
1.48
0.00
0.30
0.00
0.00
1.94
-0.02
0.27
0.04
0.00
2.51
-0.02
0.25
0.01
0.00

Red
52 Week
Amnt
Change in Yield
Feb 09
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 3.5pc 'WL
Tr 2.75pc '15
100.23
0.39
-0.01
-0.06
0.15
-1.92 102.18 100.00
0.02
Tr 2pc '16
101.51
0.40
0.02
-0.09
-0.14
-1.13 102.72 101.49
0.32
Tr 1.75pc '17
102.35
0.54
0.08
-0.27
-0.18
0.11 102.68 101.07
0.29
Tr 5pc '18
112.83
0.76
0.12
-0.60
-0.43
-1.17 114.28 111.68
0.35
Tr 4.5pc '19
114.14
0.95
0.16
-0.81
-0.29
0.83 115.07 111.17
0.36
Tr 4.75pc '20
117.79
1.13
0.19
-1.05
-0.26
2.07 119.04 113.53
0.33
Tr 8pc '21
141.01
1.24
0.21
-1.34
-0.35
2.03 142.92 135.65
0.24
Tr 4pc '22
117.93
1.33
0.24
-1.60
-0.10
5.94 119.85 110.38
0.38
Tr 5pc '25
131.68
1.58
0.27
-2.24
0.15
9.40 134.70 119.37
0.35
Tr 4.25pc '27
128.34
1.77
0.31
-2.70
0.65
13.65 131.90 112.04
0.31
Tr 4.25pc '32
132.27
2.03
0.20
-3.35
0.88
17.44 136.85 111.72
0.35
Tr 4.25pc '36
135.03
2.17
0.24
-3.80
1.06
19.97 140.37 111.54
0.26
Tr 4.5pc '42
146.34
2.25
0.27
-4.45
1.36
23.81 153.16 117.05
0.26
Tr 3.75pc '52
137.15
2.27
0.29
-5.55
2.05
30.16 145.21 104.09
0.22
Tr 4pc '60
149.48
2.25
0.32
-6.12
2.49
32.86 159.23 111.06
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
on Saturdays, and can be found daily on ft.com/bond&rates.

GILTS: UK FTSE ACTUARIES INDICES

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

Day's
chg %
0.10
0.24
0.31
0.26
0.27
0.22

Feb 09
100.38
183.84
214.34
190.83
312.76
178.40
Feb 09
312.97
566.33
436.16
690.37
524.94
Feb 09
1.09
1.65
1.99

Day's
chg %
0.06
-0.05
0.11
-0.11
-0.04
Feb 06
1.13
1.68
2.01

Yr ago
1.75
2.77
3.21

Total
Return
2346.02
3218.18
3818.33
3364.49
4416.36
3246.68

Month
chg %
-0.89
-2.46
-1.50
-2.86
-2.30

Return
1 month
-0.11
-0.14
0.23
-0.03
0.89
0.29

Year's
chg %
-2.13
19.49
6.80
26.26
16.98

20 Yrs
45 Yrs

inflation 0%
Feb 09
Dur yrs Previous
Yr ago
Feb 09
Real yield
Up to 5 yrs
-0.97
2.43
-0.94
-1.27
-1.56
Over 5 yrs
-0.73
22.69
-0.74
0.06
-0.77
5-15 yrs
-0.81
9.08
-0.80
-0.14
-0.93
Over 15 yrs
-0.72
28.48
-0.73
0.09
-0.74
All stocks
-0.74
20.54
-0.74
0.04
-0.78
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2366.65
4154.36
3282.66
4977.10
3897.65
Feb 09
2.18
2.27

Return
1 year
2.49
8.83
15.79
10.83
27.91
13.97

Yield
0.82
1.36
1.71
1.49
2.21
1.97

Return
1 month
-0.30
-2.39
-1.50
-2.76
-2.17

Return
1 year
-0.41
20.53
8.11
27.12
18.11

Feb 06
2.19
2.29

Yr ago
3.41
3.48

inflation 5%
Dur yrs Previous
2.45
-1.54
22.80
-0.77
9.11
-0.92
28.55
-0.75
20.68
-0.78

Yr ago
-1.85
0.02
-0.28
0.07
-0.01

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

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

24

FINANCIAL TIMES

Tuesday 10 February 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week
High
Low

Price +/-Chg

Yld

P/E

Vol
000s

0.60
3.91
3.27
2.91
2.35
2.44
1.64
2.37

18.67
88.89
-11.86
32.17
20.79
7.46
17.68
29.03

18.9
4557.8
1309.9
1265.5
968.7
7784.0
243.9
77.3

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

790.00
514.50
220.25
332.70
543.50
902.00
311.40
1784

-11.00
-3.00
0.25
-3.30
-2.00
-10.00
-2.00
-6.00

810.00
528.00
289.50
345.10
552.10
1219
324.80
1985

580.00
374.10
181.50
258.30
421.70
777.00
248.90
1642

Automobiles & Parts

FordMtr $X
GKN

15.92
371.10

0.06 18.12 13.26 2.81 11.16 20172.6

-8.60 468.00 281.10 2.13 12.63 3868.4

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

34.98
451.75
16.35
2257
0.30
65.47
253.65
93.82
610.60
74.92
76.40
381.00
939.40
121.88
134.75
54.52
37.05

0.08
-9.00
-0.14
57.00
0.00
0.34
-1.80
0.28
-10.20
-0.89
0.33
-3.00
1.20
0.25
0.26
0.09

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

29.62
416.37
14.37
1774
0.24
60.75
201.75
87.31
573.54
70.02
69.68
291.60
867.50
108.50
124.50
48.51
31.33

5.23
8.74
0.46
3.09
4.12
2.56
4.42
4.91
3.91
5.24
6.05
6.12
3.55
5.05

12.94
12.66
44.32
9.89
-11.46
10.99
57.23
11.34
11.86
227.72
12.09
-6.70
9.24
12.52
15.08

3042.3
726.5
78236.3
76.2
28323.5
1640.9
31406.9
815.4
27386.9
76965.7
1908.7
7391.3
9674.6
43.1
68.4
2492.6
4568.7

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet
Mondi
Vale BRLX

59.75
4.25
1205
21.59

4.75 175.00 47.60 6.81 2.46 1649.2

0.35 13.25
2.65 9.77 217.2
-12.00
1227 919.00 2.39 16.22 851.0
1.17 35.20 17.65 9.44 -10.61 4456.7

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

356.90
121.60
110.00
2722
275.00
295.50
316.80
243.40
2027

-5.60
-3.65
-10.00
18.00
-2.90
-9.00
1.20
-2.60
-12.00

393.61
131.70
219.75
2849
305.10
347.75
350.30
302.08
2202.55

294.56
91.31
80.00
1965
225.50
237.53
273.20
176.64
1536

2.52
1.81
2.41
2.37
1.73
0.98
2.95
2.47
2.17

15.23
93.4
26.24 3090.8
-3.89 9010.1
21.46 450.5
19.26 2105.9
21.62
4.4
21.79 327.5
18.15
89.2
21.50
88.0

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

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

3.86
6.09
8.16
2.58
4.05
4.03
2.85
3.02
2.63
4.23
0.95
4.41
2.10
3.94
3.11
1.75
1.97

11.19
17.0
88.32 1411.2
24.3
16.14
57.2
54.85
41.6
15.15
26.7
-16.57 3020.8
14.24 112.8
45.17
74.9
89.16
74.7
25.88
13.0
13.97 943.3
27.49
54.5
12.41
3.4
6.92 246.7
20.99 1659.8
89.73 243.4

647.00
145.44
552.50
258.10
671.58
1470
1606
96.00
1340

2.16
2.36
1.65
3.46
1.75
1.75
2.07
4.49
3.64

28.27
42.2
15.23 455.7
23.06 1175.8
20.74 174.0
60.67 691.9
15.41
35.1
17.62 435.2
46.46 204.5
14.85
24.1

Construction & Materials

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

129.50
231.40
118.50
198.00
76.63
285.25
1756
1324
913.50
1630
15.81
59.00
250.00
685.00
16.38
38.25
304.00

2.00
-1.40
-5.00
1.13
-2.25
32.00
-26.00
4.00
8.00
-0.19
1.75
-4.50
-0.30
-3.00

Electronic & Electrical Equip

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

666.00
186.75
678.50
303.20
710.00
2360
2066
120.25
1540

13.00
0.25
-27.50
-1.80
-0.50
-15.00
-34.00
-0.50
-60.00

992.00
193.53
708.00
366.65
1600
2420
2493
225.00
1798

471.30
438.10
302.60
282.60
325.00
332.50
335.25
1533
27.70
55.00

403.00
FriendsLf
Gimv Nv
40.70
GuinPeat
23.25
Hargr Lans 1000.00
HBM Hlth SFr
94.05
HenderGp
247.40
ICAP
463.90
Indvardn SKr
148.40
ICG
503.00
IPF
446.00
Investec
561.00
Jupiter
384.30
Liontrust
292.75
Man
168.00
NB GFRIF
95.05
Paragon
432.50
Providnt
2584
RathbnBr
2235
Record
34.50
S&U
2052.5
2925
Schroder
..N/V
2224
SVG Cap
462.00
TullettPre
326.10
Tungsten
215.75
WlkrCrip
43.50

52 Week
High
Low

Yld

P/E

Vol
000s

-2.60
-0.25
10.00
-0.85
-2.60
-3.00
-0.70
-1.50
-2.00
-9.00
-1.40
-0.75
-7.50
0.05
-2.50
-24.00
-5.00
-21.00
-42.00
-46.00
-4.20
-6.90
10.00
-

413.63
41.21
36.63
1513
105.80
275.40
477.20
150.20
512.00
636.50
606.50
447.60
306.25
183.44
102.50
439.80
2692
2250
46.92
2129
2973
2277
480.00
348.60
409.75
53.60

286.60
34.16
19.00
827.00
70.25
180.10
338.70
111.40
361.70
412.00
412.60
313.70
208.00
81.40
93.75
313.70
1654
1623
28.38
1700
2086
1692
226.00
234.40
200.25
37.50

5.25
5.02
2.24
3.23
4.74
4.04
4.04
2.09
3.39
3.28
1.02
2.80
3.76
1.80
3.29
2.19
4.35
2.63
1.98
2.61
5.17
3.24

48.40
59.73
-54.58
29.36
2.42
31.91
27.01
10.22
14.11
15.41
17.68
22.28
25.90
98.07
20.52
13.89
23.11
25.24
13.77
15.79
22.38
17.02
11.53
25.20
-10.68
8.07

2006.8
18.5
19.2
1066.0
3.8
1917.5
2075.8
310.9
501.3
557.6
707.3
750.3
0.7
9939.0
1060.6
585.4
141.5
9.5
199.4
0.4
364.4
11.8
711.7
254.6
809.1
1.5

-6.75
-32.00
-7.50
0.50
0.03
0.38
-23.00
-1.00
-1.60
-3.00
-0.07
-6.70
-6.75
-0.93
0.10
12.50
-0.75
-2.50
10.50
-0.50
7.00
-2.00
2.00
-0.38

725.00
3293
672.00
784.00
5.02
194.50
1617
1499
537.50
324.10
15.53
319.90
534.50
65.96
74.60
707.50
165.71
488.87
3857
316.75
790.00
174.93
2993.13
38.76

539.00
2407
510.13
600.72
3.16
137.50
1051
1148.42
367.39
203.88
10.40
228.50
342.25
49.30
63.85
307.50
26.13
298.25
2706.5
193.44
551.50
107.00
2328
27.35

0.50
1.07
1.73
2.61
2.93
2.23
2.56
2.37
4.27
3.10
0.74
1.66
3.23
0.68
1.83
1.24
2.32
1.84
4.75
1.85
3.11
2.72

3.13
31.21
23.79
20.21
12.62
11.91
21.41
16.06
21.70
21.33
26.23
26.63
15.87
64.03
25.69
19.91
-2.05
9.22
25.32
14.94
14.89
15.08
20.14
18.96

14.4
664.0
15.4
460.2
121.9
12.5
842.6
48.6
190.9
48.1
10.8
714.0
2.0
39.8
5098.2
465.9
2520.7
0.4
2302.1
59.3
3961.9
187.5
3159.6
9.8

82.00
650.00
122.50
147.25
315.20

3.95
2.11
0.58
1.76

15.09
18.89
33.54
34.78
12.05

46.1
299.2
939.7
38.9
159.3

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

1.25
2.02
7.24
1.58
1.53
6.90
0.82
3.49
2.47
2.48
0.69
0.51
1.39

25.91
14.99
11.70
9.50
13.60
13.46
23.72
11.49
22.36
-9.65
15.21
96.42
14.68
21.38
10.25
15.84
33.47

68.4
2987.0
326.3
526.7
247.6
354.3
7.3
3.4
11.2
174.5
1367.1
3423.5
371.0
1556.2
514.4
9352.9
19.8

Food & Beverages

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

583.25
3010
635.00
732.50
3.65
146.88
1079
1350
498.40
284.00
14.58
307.00
394.25
63.36
71.15
707.50
44.25
306.50
3510
197.75
580.50
160.00
2804
36.70

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
Optos
UDGHlthC

83.50
860.00
152.90
243.00
425.80

-20.00
5.90
2.50
-6.20

142.00
1084
164.10
271.53
435.00

House, Leisure & Pers Goods

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

96.50
455.60
1829
2486
853.50
424.00
522.00
376.75
438.00
90.00
1587
24.54
313.60
5535
289.00
134.50
2426

1.00
-4.10
-20.00
-45.00
-6.50
3.00
22.00
-3.25
-4.00
0.75
-27.00
-0.34
-3.40
-40.00
-5.00
-2.60
-5.00

190.75
477.80
1965
2808
946.00
427.00
683.50
467.25
495.50
115.00
1625
26.99
392.10
5745
352.60
139.50
2459

Industrial Engineering

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

Price +/-Chg

-5.20
-2.80
2.10
-3.80
4.75
-17.00
-0.10
-

478.30
481.74
379.40
357.60
729.00
493.00
349.75
1580
28.21
87.00

343.61
360.76
249.00
236.80
305.00
289.20
225.00
1217
18.25
47.00

3.39
3.82
5.35
3.08
3.41
3.68
7.16
3.00
6.55

52 Week
High
Low

Yld

7.36 1208.6
19.22 3116.1
16.40 1859.8
118.00 141.0
14.90
0.1
-56.04
4.1
15.73
9.6
15.33 203.2
45.4
4.56
16.8

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

718.00
400.00
207.00
2830
595.00
1382
273.00
56.25
2340
68.00

6.50
12.00
1.50
-57.00
-18.00
-13.00
1.90
-27.00
-1.00

832.00
525.00
451.70
4250
620.25
1755.43
355.37
69.00
2890
72.05

542.50
373.00
180.50
2375
495.00
1108
234.50
49.00
2146
52.60

1.88
3.24
5.56
1.50
2.69
2.69
3.02
2.05
-

52 Week
High
Low

Yld

17.61 202.3
10.59
13.3
17.76 733.3
10.31
3.5
20.56
32.5
19.43 691.2
22.33 3572.8
-16.97
8.4
20.71 151.4
154.20
13.0

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

198.50
3116
88.50
110.25
621.50
1879

0.10
-39.00
-0.25
36.00

52 Week
High
Low

Yld

P/E

Vol
000s

200.00 134.80 3.02 49.28 1233.3

3175
2548 1.89 23.64
64.1
101.50 72.50 4.52 8.01
0.4
134.00 73.00 1.27 18.91
26.6
690.00 539.00 3.70 15.53
1.7
2848
1574 2.24 12.25 885.0

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

661.50
64.90
35.29
37.75
518.50
559.50
308.60
1162
22.03
451.40

2.00 690.00
67.88
0.15 38.10
49.50
-9.00 603.00
-6.50 672.90
-5.10 359.10
-25.00
1429
-0.13 22.49
-6.60 493.60

565.00
52.50
31.05
33.00
424.60
488.20
231.82
1006
14.78
388.80

2.19
1.92
0.64
4.24
3.78
2.46
3.24
3.42
2.19
3.32

14.59
16.84
14.01
12.67
12.91
21.40
17.27
19.98
17.70
11.22

3.3
102.3
78.4
1739.1
6762.8
653.2
2335.1
1269.1
262.5
92.0

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

341.50
465.00
2044
11.97
1137
59.25
185.50
977.50
454.50
535.00

0.10
-7.38
-56.00
-0.18
-15.00
-2.00
-1.30
-4.00

362.10
557.23
2750
12.20
1565
151.56
500.00
1290
617.00
715.00

293.70
390.00
1835
8.11
1003
55.68
180.10
936.00
388.00
380.00

2.63
5.59
2.74
1.35
1.76
3.59
2.93
3.98

16.32 534.4
34.54
36.0
20.51 291.2
55.28 505.3
14.32
11.0
-4.34 1151.5
-5.63
0.4
9.92
5.5
24.97 3410.9
28.28
4.7

1462
490.50
532.00
295.30
269.70
703.00
340.75
313.00
140.00
83.50
736.00
956.00
610.00
267.30
611.00
213.30
0.06
823.50
1601
439.00
64.00
865.00
398.00

-6.00
-4.40
-5.00
-2.70
2.00
-3.50
1.75
-2.50
-1.00
-2.00
-2.50
5.50
-1.60
-1.50
-1.00
-6.50
-19.00
-15.30
3.00
-2.50
-7.40

1583
506.50
571.50
301.70
275.00
711.50
363.25
319.40
142.00
107.25
795.72
1108.23
766.50
273.01
620.00
215.40
0.14
853.50
1649.5
500.50
78.00
908.50
429.30

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

3.21
5.30
2.82
3.28
4.21
5.25
4.03
6.16
9.76
3.21
2.85
1.51
3.48
3.68
3.80
6.48
2.10
2.31
3.61
1.85
3.97

13.66
8.43
13.57
11.02
11.76
8.62
7.12
13.98
13.82
11.47
19.21
9.62
17.03
12.34
20.10
-6.04
5.81
19.21
-6.77
20.37
30.47
15.55

583.7
1019.3
5023.3
801.4
377.2
1610.9
39.7
3691.8
14.3
58.9
239.3
158.0
400.7
6976.4
8.2
4871.3
72.2
536.0
2824.2
11915.3
34.3
1179.0
2885.0

879.00
153.50
63.00
251.25
116.50
860.50
114.00
149.00
226.10
172.25
16.72
16.17
1366
162.00
1155
21.76
368.75
49.55
194.00
1439

14.50
-1.25
0.25
-4.00
-9.00
1.50
3.75
-1.60
0.46
0.40
-9.00
7.00
-13.00
-0.26
-4.63
-0.32
5.00
-10.00

892.50
190.00
77.00
377.00
131.95
1074
230.00
289.20
233.00
175.00
18.53
18.02
1381
176.47
1185
22.24
393.75
50.53
263.00
1565

610.50
142.00
55.75
239.00
100.00
699.00
110.00
125.00
167.10
2.90
14.28
14.09
981.00
136.66
851.53
14.51
322.00
36.86
166.99
1091

1.93
3.79
3.81
2.92
3.35
2.27
6.58
4.83
1.55
3.51
4.70
2.13
2.13
0.54
3.11
3.61
2.38

32.47
15.55
-2.45
-80.35
9.74
14.29
13.16
10.83
23.25
-4.67
36.90
35.70
40.69
12.49
24.96
23.02
10.08
85.21
9.88
19.14

4.4
7.7
12.8
605.0
42.2
591.8
8.2
315.7
8086.9
39.7
6748.9
997.4
2023.1
5.1
2638.3
1718.2
7.3
441.2
231.0
3488.5

270.50
1184
85.50
141.90
716.50
0.60
12.50
18.88
5.60
15.56
1542.5

-4.50
38.50
-1.75
-0.05
14.50
0.25
4.88
-0.20
0.12
37.50

318.90
1678.5
214.01
209.52
959.50
0.60
42.50
245.35
14.25
23.78
2102.53

222.90 0.78
923.00 4.18
74.75 11.93
88.36 620.00 7.73
0.60833.33
12.25 3.61 4.19 11.67 1.51
1247.5 4.45

-52.31
259.76
-2.47
-17.32
20.28
93.98
-0.48
-0.14
-5.27
10.18

483.2
4990.1
61.6
1788.4
1629.4
888.0
2433.8
531.3
2351.7
7789.2

P/E

Vol
000s

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

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

Mining
Acacia
AngloAmerX
AngloPacif
AnGoldA R
Antofagasta
..5%Pf
AquarsPl
AsiaResM
AvocetMng
Barrick C$
BHP Bltn

52 Week
High
Low

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

68.00
-4.50 126.00 67.00
5.43
6.60
5.35
181.00
-2.30 186.60 51.35
690.00 11.00
1512 581.50
896.00 36.00
1037 675.50
153.50
1.00 223.00 139.75
31.93
-0.87 40.98 16.60
94.50
6.00 207.46 77.80
3.33
-0.07 17.29
2.18
179.20
4.50 336.60 149.74
162.50
-0.30 220.87 140.81
13.50
-0.25 98.25
6.00
605.50 20.50 690.00 315.18
5415 105.00 5752.1
3638
3095 66.50 3680.56
2600
0.58
-0.02
1.53
0.35
460.00 -14.20
1201 353.21

Yld

P/E

Vol
000s

5.88
1.17
0.32
0.86
0.56
3.67
8.26

-9.83
4.74
-13.20
12.91
49.96
11.29
-11.43
-5.28
-2.35
-8.80
22.37
0.36
25.59
30.47
15.90
-1.59
249.05

21.0
1816.7
12.9
1189.5
71.5
1949.9
568.6
10934.4
1686.2
1166.3
1231.3
439.0
498.0
4732.3
1022.9
2215.9

Oil & Gas

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

9.37
0.26 166.60
4.01 0.31 65782.4
2.45
0.30
3.17
0.64 -2.67 20555.5
963.00 28.10
1420 780.55 1.92 18.35 9677.6
457.10
6.50 526.80 364.40 5.22 14.95 34913.8
10.38
12.44
8.50 -2.53
56.0
208.30
2.80 210.70 141.00 -5.23 2113.9
226.50 13.50 335.00 177.00 6.18 48.64 842.4
589.00
9.00 632.50 447.50 3.26 8.84 835.9
5.92
0.02 41.50
1.50 148.40 21.50 3.62 5898.8
127.50
-3.25 175.57 103.25 7.36
17.2
91.56
0.06 104.76 86.03 2.71 12.25 11337.1
2.18
13.00
2.00 -3.50 407.9
9.76
-0.04 14.50
6.25 - -9760.00 1347.3
639.50
2.00
1100 593.50 21.03 899.5
4.07
-0.07 11.00
3.70 5.99
98.0
107.50
137.00 100.00 12.41
380.00 -15.00 675.00 265.00 -10.30
3.0
45.75
-3.50 165.00 42.25 -19.24 4751.2
3.86
-0.13
7.79
3.41 -4.75 100.4
548.50 50.90 918.83 383.90 3.12 12.59 1075.4
50.28
-0.52 57.96 44.08 1.08 9.78 1093.4
31.00
2.25 70.50 10.23 12.73 1300.7
114.25
2.50 178.00 93.50 7.85 251.0
3016 -104.10 3297.7
1715 6.56 2682.1
545.00 -28.00 825.00 370.00 3.37 9.81
43.4
151.00
4.40 319.70 112.70 15.34 3077.7
805.00 37.50
1483 594.00 4.86 8.71 2385.8
171.20
8.90 358.60 124.50 2.87 6.72 3470.3
2186.5 21.50
2864
1929 5.36 13.92 22035.1
2272 22.00 2990.5 1984.5 5.02 14.46 3695.9
85.00
1.00 155.95 52.75 -6.10 2799.0
85.82
-0.34 118.76 75.60 1.82 20.37 7407.1
135.00
-2.13 270.00 97.50 3.99
46.4
310.00 14.10 477.10 234.80 12.20 22.22 750.5
57.48
-0.36 63.86 48.15 3.47 22.79 1007.5
422.00 11.90 918.78 345.30 2.70 -33.06 10822.1
630.50 25.50 825.00 517.60 2.04 14.38 845.9

Pharmaceuticals & Biotech

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

790.00
-2.50 835.87
21.13
-0.88 41.06
858.50
-5.50 888.60
1262 15.00
1382
1526
8.50
1709
2333 -137.00
2500
7.88
-0.03 10.13
13.92
-0.13 19.31
4741 -171.00
5470
145.00
-4.00 171.50

490.20
21.00
655.00
924.50
1200.67
1196.76
1.77
12.20
2827
113.25

1.68
1.32
5.38
0.50
1.43
0.27
-

72.52 600.7
-46.02
3.0
38.78
94.5
26.51
52.5
17.81 8481.8
25.77 380.6
-11.45 2313.2
21.48
0.0
24.75 2773.8
-82.57 285.8

38.55
451.40
645.36
42.25
404.30
2530
600.04
1.16
527.00
98.25
0.99
741.00
270.10
988.50
132.30
187.00
417.00

3.07
2.59
3.30
1.21
1.58
1.10
1.12
2.79
4.20
3.99
3.96
2.44
4.36
3.70
4.07

10.31
14.88
5.13
10.16
16.94
5.73
5.18
10.54
8.05
7.10
11.64
6.10
5.75
6.66
5.99
7.37

510.2
136.8
2702.7
142.3
2554.8
217.0
600.3
132.9
2491.1
4959.5
2896.8
1.0
1728.3
1735.8
943.1
13.8
2.1

Yld

P/E

Vol
000s

Real Estate

REITs

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

53.75
634.00
824.50
53.75
506.00
3307
782.50
1.41
685.00
114.40
1.13
845.00
366.60
1272
160.70
232.50
489.50

-0.50
-20.00
-15.50
-0.25
4.50
-58.00
-14.00
-0.03
-15.50
-0.90
-5.80
-30.00
-0.70
-3.75
-10.00

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

Price +/-Chg

52 Week
High
Low

Yld

PrimyHth
Redefine
SEGRO
Shaftbry
Town Ctr
Wkspace

382.25
56.15
412.10
789.00
282.00
787.00

-3.00
-1.00
-6.00
-17.50
0.50
-15.00

387.00
59.20
425.60
815.50
288.00
818.00

324.00
47.75
325.30
620.00
217.58
542.00

5.04 14.38
48.7
5.58 7.03 781.5
3.59 7.41 1067.9
1.62 4.79 1268.1
3.70 5.46
4.0
1.35 3.82 184.3

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

385.20
1045
1560
5585
233.00
204.50
387.00
7.88
39.50
215.50
11850
97.25
43.50
123.25
29.00
272.50
710.00
59.50
91.00
444.80
502.00
275.00

-2.10
5.00
-35.00
-80.00
-7.00
-3.50
-0.02
2.00
-50.00
-0.75
1.00
1.00
-1.50
-18.00
-1.30
-3.50
0.50

397.60
1099.5
1600
5800
267.25
250.00
405.06
8.30
61.50
270.00
12200
108.50
82.50
160.75
62.49
277.25
742.00
62.00
106.50
446.70
512.00
276.00

313.00
825.00
1250
4650
179.00
167.80
320.00
6.01
36.50
212.00
6675
75.00
37.25
101.50
27.00
184.25
567.52
50.50
86.00
324.59
388.30
215.00

0.39
1.21
1.59
3.43
1.01
1.74
2.04
0.32
1.69
9.74
2.11
1.48
4.17
3.22
0.93
0.96
-

3.60
-0.63
-2.00
-0.80
-0.15
-0.85
-60.00
-5.70
-23.00
4.00
-3.00
-4.00
-10.20
0.50
-5.80
-1.00
2.50
-85.00
-17.50
0.50
0.25
-0.40
-63.00
39.00
4.70
-0.50
-0.25

365.00
412.38
32.38
600.00
670.00
296.00
10.90
82.40
1950
470.00
1045
330.25
515.00
732.50
520.00
152.00
512.00
250.00
126.18
7967
624.93
36.75
153.15
195.00
9180
1749
341.58
167.94
66.00

225.50
149.60
22.00
282.50
480.00
195.50
8.60
56.85
1291
319.20
745.97
188.41
417.10
587.50
336.00
117.50
359.20
150.60
77.50
6130
216.80
27.00
107.85
143.75
4698
750.00
155.40
77.00
51.00

16.77
-499.24
6.96 12.68
3.22 16.67
3.24 9.71
- 102.65
2.38 25.82
4.44 10.78
0.70 22.42
1.27 48.71
1.90 19.88
-16.63
3.16 14.73
2.42 15.33
1.37 20.17
1.71 13.35
3.58 15.45
7.30 -12.89
5.46 28.15
1.88 18.28
- -1893.20
1.09 10.32
2.72 20.01
34.33
0.55 30.54
22.05
6.32 22.11
11.61
1.41 12.29

1.00
35.50
-6.00
-3.00
-3.00
-19.00
0.25
-3.00
-3.00
-1.60
2.75
6.00
-2.00
-10.50
-0.30
-2.50
3.50
-5.00
-0.90
-8.00
1.38
-4.50
1.00
-7.60
-3.50

418.00
1841.76
959.00
1219
1511
1476
1145
509.00
1943
1248
396.54
75.00
208.75
3766
891.91
807.00
371.00
504.00
924.00
1222
289.24
706.00
124.75
158.80
354.50
440.00
751.50

180.00
1388.75
146.00
763.00
1225
979.65
895.50
265.00
1376
994.50
294.03
47.00
128.02
2720
467.40
603.84
197.20
295.50
624.50
909.95
225.40
527.00
66.32
108.15
293.80
287.50
487.20

Real Estate Inv & Services

P/E

Vol
000s

11.25 785.6
4.42
1.1
6.60
2.4
4.88
1.4
14.89 210.5
11.39 1535.0
6.80
53.5
18.03 1174.4
68.46
29.2
4.84
31.0
13.44
2.9
22.11 150.2
-36.28 370.9
54.3
2.5
13.65 132.8
17.76 141.2
4.74 784.5
41.74
11.5
12.09 607.5
10.90 172.6
8.96 184.6

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

360.00
329.50
28.75
441.50
555.00
271.00
8.60
76.50
1845
414.00
868.00
220.00
452.00
718.50
495.30
150.50
475.50
178.00
91.50
7080
390.00
36.75
138.00
183.00
7813
1060
233.40
82.50
56.75

153.1
119.8
411.4
374.3
0.2
305.5
123.7
1812.0
40.9
3399.0
116.5
21.7
238.7
846.2
21.5
244.3
3367.1
11935.3
351.9
348.3
1570.3
228.0
74.6
106.5
4.0
294.6
30066.7
89.6
259.8

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

255.00
1629
232.50
1088
1285
1028
1120
348.00
1883
1155
348.70
56.00
149.50
3751
523.00
781.50
210.60
440.00
872.00
1185
281.80
694.00
78.50
152.40
335.00
411.20
541.50

2.67
1.70
4.14
1.06
2.63
2.19
2.50
2.93
1.72
2.29
5.02
3.21
5.67
2.05
8.09
2.06
5.58
1.77
1.95
3.18
1.22
4.09
1.64
3.37
1.34
3.97

216.65
17.36
4.54
20.63
16.14
22.77
21.69
19.72
30.13
45.49
29.86
18.38
9.23
24.64
13.52
24.85
11.57
22.39
32.33
23.20
-56.47
28.26
10.14
25.40
39.87
22.94
15.26

323.8
772.0
867.3
2343.1
124.3
1297.6
485.3
109.1
377.8
1360.9
876.2
144.9
107.8
160.8
104.8
29.5
535.2
13.2
476.5
1781.5
2115.1
223.9
24.8
4906.5
223.7
871.7
238.9

P/E

Vol
000s

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

Price +/-Chg

52 Week
High
Low

Yld

2448
717.50
166.25
15.63
445.50
372.00
479.00
279.00
859.00
169.30
121.40
697.50
337.25
217.90
101.75
188.80
69.00
180.00
162.25
586.00
67.25
3806

-8.00
1.75
-0.13
8.50
-3.00
-1.50
-2.20
14.50
6.30
-0.90
5.50
-7.75
12.90
-1.25
-0.50
1.50
-2.25
-2.50
-4.50
-18.00

3111
1270
247.75
30.00
540.00
714.75
511.50
345.90
1212
242.40
133.60
800.00
363.00
359.37
120.00
214.80
83.00
225.00
204.00
690.00
79.00
4038

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

1.88
5.52
2.14
5.28
1.98
7.12
2.19
3.94
4.11
6.14
1.90
2.05
1.60
3.38
3.39
1.88
0.88
3.69
0.99
2.39
1.04
1.92

-24.00
9.00
-1.60
-2.80
2.25

1098
890.00
335.00
487.00
112.70

778.50
506.00
259.45
284.20
65.95

0.58 84.93 3451.6

1.02 -2806.19 2201.6
3.71 25.21 248.7
0.98 18.34 639.9
2.38 31.17 158.0

98.75
2460
720.00
28.50
86.75
1169.96
234.41
174.00
487.80
446.00
888.50
19.00

69.25
1183.9
575.00
12.50
64.00
718.50
169.80
120.00
346.70
284.25
625.00
7.00

2.26
1.81
2.56
3.08
2.90
3.18
1.59
2.63
2.43
1.23
-

25.51
74.0
22.76 249.2
18.11
20.4
-5.88
0.8
21.84
7.4
20.43 248.7
26.23
34.3
14.06
9.3
27.94 2171.5
-14.59
22.5
24.69 470.7
6.99
21.6

451.00
155.00
878.00
105.50
334.30
1920

350.30
113.10
653.00
78.50
261.00
968.50

2.27
3.39
5.71
3.83
3.03

17.81 21390.9
58.33 190.5
36.15 1448.8
11.65 182.5
58.32 1407.2
29.84 178.2

P/E

Vol
000s

20.27 679.7
18.07
1.2
13.71
43.7
8.97
10.0
20.26
69.6
8.42 117.9
33.53 230.0
80.45 780.2
15.73
99.3
12.40 947.1
20.94 1143.1
19.18
5.1
38.40
4.5
16.14 1001.0
-23.13 120.7
-169.02
631.8
74.68 596.2
21.63 126.0
-82.78
82.5
14.21
3.0
112.08
8.1
20.16 570.8

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

1055
861.50
323.20
334.20
87.00

Tech - Software & Services

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

81.50
1491
682.50
13.00
69.00
1102
220.00
143.50
476.10
446.00
854.00
15.50

-1.25
28.00
-5.50
-0.50
2.00
3.50
-8.80
1.50
-10.00
-0.75

Telecommunications
BTX
Colt Grp
Inmarsat
KCOM Gp
TalkTalk
TelePlus

436.60
140.00
865.50
85.50
313.70
1156

-6.40
-1.50
-6.50
0.50
-1.60
2.00

3605
3047

-23.00
3.00

Tobacco
BrAmTobX
ImpTobX

3818 2910.5 3.95 18.82 2433.5

3183 2195.84 3.94 20.57 1485.2

Travel & Leisure

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

145.00
280.13
98.35
424.60
1126
109.10
102.90
994.50
2428
846.00
3.36
122.00
1.68
146.30
262.60
718.50
474.00
185.00
707.50
116.20
64.00
340.90
127.60
1147
4854
389.60

-2.50
-12.88
-4.15
-11.70
-4.00
0.10
-0.50
-24.50
-46.00
-16.00
0.10
-1.30
-1.70
15.50
1.50
-1.80
-6.50
-1.60
0.38
-0.60
0.30
-6.00
-51.00
0.70

160.78
583.51
134.00
445.00
1179
160.20
146.14
1020
2655
926.00
32.05
167.30
1.95
157.34
309.27
847.50
475.73
187.00
742.98
118.90
93.00
416.90
189.40
1215.78
5140
398.50

109.19
245.00
79.00
290.00
924.41
98.70
99.00
830.50
1813
712.00
2.50
102.20
1.62
134.50
213.40
570.50
302.00
119.69
551.50
68.75
47.00
332.80
99.40
1004.81
3767
314.52

3.84
6.69
3.54
2.37
2.34
1.52
3.34
3.36
3.21
7.30
3.73
4.44
3.81
2.59
2.82
2.43
1.98
1.80
2.79
1.42
2.98

18.28
11.41
-25.87
38.65
23.12
20.40
21.28
20.75
14.96
20.18
25.48
25.99
22.20
-16.48
27.63
17.52
6.82
15.31
21.41
7.72
1.95
14.98
-15.57
57.47
25.92
17.87

330.7
32.2
4305.8
240.9
4034.6
679.5
1890.5
8.0
39.4
599.6
0.8
5640.9
112.2
767.8
342.2
969.6
14.7
50.3
406.7
417.1
70.8
693.2
6274.2
469.6
523.1
2706.8

293.10
1262.5
389.90
890.10
830.50
962.50

-3.30
6.60
-19.20
-17.50
-31.00

348.80
1610
828.50
965.00
925.00
1045

257.90
1135
348.37
787.61
681.00
724.50

5.80
4.95
4.51
4.72
3.65
3.74

22.60
14.11
-13.19
15.59
28.62
18.55

12278.3
3.5
2141.7
14129.2
1141.6
2458.0

P/E

Vol
000s

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

AIM
P/E

Vol
000s

251.87 160.00 1.73 18.19

14.5

Price +/-Chg

Aerospace & Defence

Cohort

242.50

Banks
BCB Hldgs
STB

10.50
2977

-0.50
-

14.17
3009

10.00 -2.15
2245 2.08 30.03

20.0
0.2

Basic Resource (Ex Mining)

CropperJ

472.50

2.50 490.00 352.00 1.67 23.64

9.5

Chemicals
Scapa

131.00

150.00 107.00 0.76 -33.69

184.0

927.30 800.00 0.90 9.00

2.25 76.50
0.88 -5.91
0.13
9.50
5.88 2.54 12.12

0.6
84.6
77.2

Construction & Materials

Abbey
AccsysTch
Aukett

872.50
60.00
7.88

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

9.50
5.38
5.50
35.25
65.00
147.50
295.00

-0.40 11.75
5.90 -6.90 375.1
6.70
4.00 1.86 -6.09
29.4
-0.13
7.50
3.25 -1.55
40.6
1.00 50.00 16.53 -8.90 1547.9
148.00 61.00 2.08 4.44
5.8
150.00 120.00 2.07 16.91
33.9
1.00 308.00 197.00 3.12 15.14
8.4

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

7.50
12.50
7.00 3.33
1510 -15.00 1590.97 1000.00 1.72 19.56
2239.50
266.50
270.00 166.00 9.75
25.08
8.00 -0.57
135.00
1.00 155.00 116.75 2.04 9.57
1378.5 17.50
1817
1300 1.67 20.07
9025 -175.00 11300
8450 1.39 13.86
112.50
278.00 103.00 2.78
11.13
19.95
9.50 7.93 13.82
111.50
-4.00 164.00 109.00 5.38 13.13
58.00
59.00 44.50 2.07 20.98
38.00
-0.50 43.79 29.00 9.30
496.00
0.50 510.00 414.00 1.83 22.21
24.25
-0.75 49.50 18.50 2.23 -4.08
176.50
-1.13 187.23 160.00 21.51
216.00
5.00 419.50 196.09 4.63 12.62
60.13
-0.25 64.98 46.00 3.83 14.55

36.5
10.5
7.9
10.5
14.6
0.5
0.8
0.8
177.5
50.0
0.5
55.6
2.7
15.0
16.3
28.9
2.6

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

557.50
389.25
36.13
422.50
26.50
82.50

-2.50
9.25
-0.38
-

P/E

Vol
000s

707.00 283.25 2.31 12.20

531.00 353.00 6.42 13.51
53.00 23.75 1.44 35.98
430.00 345.00 1.89 23.92
34.00 15.00 - 243.12
143.00 79.00 1.82 16.96

179.9
53.1
4.8
0.7
18.9
90.6

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Ukrproduct
Wynnstay

66.50
1074
575.00
41.50
6.00
557.50

70.00 48.00 1.13

1204 834.56 1.83
655.00 455.00 69.00 23.00 -0.56 10.50
5.95 690.52 535.00 1.72

10.56
45.23
698.66
-5.19
-0.83
16.10

185.1
17.8
18.2
1.5
111.6
9.3

-0.25 140.00 106.85 0.47 22.04

2.50 268.00 193.00 2.09 9.39
2.50 593.00 286.00 2.56 17.55
31.00 20.00 -2.67
-0.75 90.50 39.00 0.89 23.41

317.1
47.0
6.0
0.7
103.0

4.00

Health Care Equip & Services

Advnc Med
CareTech
ImmunDiag
SphereMed
Tristel

127.25
224.00
332.50
22.50
76.00

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
HavelckE
Mulberry
Portmern
SinclairW
TelfordHms
WalkerGb

14.25
580.00
31.75
15.25
850.00
900.00
46.50
361.50
192.50

-0.38
-0.25
2.50
5.00
-0.75
-0.50

15.00
630.00
41.70
25.00
900.00
930.00
120.00
379.00
219.00

9.03
425.00
19.50
15.10
562.50
724.00
35.00
245.50
151.05

3.86
2.52
0.59
2.67
6.45
2.43
0.96

21.89
21.34
-6.79
27.63
165.63
16.04
-3.04
13.32
21.74

5.0
9.9
70.0
1.6
1.6
8.9
8.2
47.8
46.9

24.01 14.60 4.14

14.30
3.00 -4.18
188.00 75.00 6.18 6.73
-2.00 217.00 116.00 6.72 16.08
-10.00 790.00 215.00 3.11 9.22

231.7
27.3
22.0
42.3
72.2

Industrial Engineering
600 Grp
CoracGrp
Molins
MS Intl
Pres Tech

15.50
3.75
89.00
119.00
257.50

0.25

Industrial General
API Group
Powerflte
RM2
Symphny

59.00
51.00
46.50
10.25

0.25
-1.50
-

77.00
58.38
93.00
11.33

42.00
27.43
46.00
5.90

-5.00
-3.38
-2.25
-12.50
0.25
-8.50
-0.25
1.00
-1.40
-2.50
-0.50
-5.00
-5.00
-0.01
-2.40
0.50
-1.00
-0.13
-13.00
-5.50
-4.50
3.00
-1.38
-0.38
0.50
0.25
-1.00
-0.60
-1.13
0.30
-2.00
3.75
0.13
1.25
0.38
0.13
-2.75
5.50
0.60
-3.80
-1.75
-3.50
-0.25
0.50
-2.00
-3.75
-1.50
-1.63
-4.00
-0.75
-0.25
-

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

101.75
565.20
332.25
207.04
163.00
800.00
659.33
231.75
781.00
130.00
110.00
196.75
97.20
137.40
54.17
796.84
464.25
7.37
361.90
17.00
476.00
19.00
18.45
26.50
831.07
823.00
88.65
816.47
678.25
289.25
336.20
156.50
103.00
755.00
468.13
224.04
594.00
133.02
136.00
265.84
125.60
151.00
255.00
69.00
108.50
138.00
100.00
143.00
281.00
87.00
87.03
347.00
113.60
227.20
191.00
52.56
139.25
98.00
507.66
93.01
501.00
193.00
104.75
164.00
534.51
99.00
105.00
330.06

3.39 9.77
2.12 19.85
-3.61
-24.58

35.1
7.0
475.9
12.9

3.62
0.49
1.12
2.63
5.17
1.85
3.68
0.86
3.98
0.45
0.87
1.75
1.90
1.89
2.37
2.45
1.85
0.60
5.42
2.74
2.01
5.34
2.50
4.58
3.27
1.29
1.97
0.66
5.82
0.79
1.75
4.49
1.81
4.08
6.58
3.55
1.97
4.81
0.87
5.17
0.94
1.11
1.78
0.88
1.27
0.83
0.90
2.91
1.35
3.29
4.44
-

Price +/-Chg

52 Week
High
Low

Yld

Insurance
Gable
Helios

48.00
124.00

-1.75 90.00 47.25 12.71

-3.50 160.00 120.00 1.21 24.88

152.3
1.0

118.00
85.50
338.25
41.00
162.50
114.50

0.50
-5.50
3.25
1.00
-0.75

126.50 94.00 4.66 -9.22

100.00 81.00 2.63 14.82
344.75 235.00 1.61 86.24
56.90 31.50 0.61 8.45
164.00 93.40 1.57 105.11
133.00 98.50 0.52 273.92

37.0
228.5
13.5
7.3
25.9
79.6

10.00
9.45
1.90
1.38
145.00
1.00
0.93
8.50
0.22
40.00
0.95
1.10
0.78
2.88
14.50
10.38
21.00
7.68
2.10
1.70
0.07
12.25

166.50
9.12 13.47
2.29 6.45
1.15 4.15
1.03 190.71 135.16 5.96
5.00
0.25 2.30
0.50 20.00
7.20 0.61
0.18 84.25 17.73 12.06
4.90
0.90 2.05
0.90 2.41
0.25 11.50
2.75 32.00 10.00 16.00
8.50 64.00 19.75 14.50
7.26 14.75
2.03 4.27
1.68 0.30
0.06 24.00
6.00 -

21.88
33.00
29.63
1.70
6.53
12.00
0.73
4.00

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

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

0.33

-0.50
-0.10
0.01
3.00
0.08
-0.05
-0.13
1.25
-0.13
0.13
0.01
1.38

-1.11
-9.72
-1.63
-2.42
2.71
-1.50
-9.25
-38.46
-2.68
3.86
-9.31
-2.08
-2.15
-4.96
6.76
13.17
79.85
-4.76
-1.33
-1.52
-1.66

1173.0
717.4
20.0
7.4
5.0
98.1
50.4
1833.1
322.0
323.9
3589.1
5303.7
1885.8
526.8
363.5
579.3
1434.7
709.1
270.5
27732.2
619.3

0.91 3.53
10.15
- -2962.50
-7.62
-101.95
4.91
-0.46
-2.77

189.6
12021.2
100.0
3638.7
1239.3
1083.3
264.7
56.3

-150.49

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Cluff NR

1.75
-0.50
-0.03
-0.03
-0.50
-

46.50
67.25
70.59
4.70
15.89
28.70
1.50
5.48

21.35
19.10
27.00
1.47
4.69
9.64
0.35
3.00

JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupDv&G
JupEur
JupGrn
JupPrim
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

106.50
544.00 -23.00
221.00
3.00
242.00
-4.25
783.00
-6.50
1060.5
1.50
307.75
2.75
93.75
-0.75
734.50
6.25
181.00
113.00
493.50
-1.25
139.50
-0.25
301.00
-2.50
652.00
-5.25
1769 -20.00
516.00
-7.00
416.00
1.00
375.50
-2.00
1299 14.00
162.00
-1.00
235.13
0.38
240.38
4.38
181.50
-0.50
309.00
0.25
1525
-5.00
482.50
-4.13
315.00
158.63
4.13
396.40
-2.60
487.00
787.00
-6.00
1041 -11.00
1050
1.19
0.01
20.25
0.13
61.75
-0.25
346.00 -17.13
70.50
872.50
1877.5
464.00
195.38
-0.38
199.50
-0.50
391.00
-2.90
35490 -190.00

112.00
605.50
224.75
248.38
842.00
1076
518.22
102.50
877.00
182.87
115.00
502.63
145.89
306.16
701.50
1848.64
553.68
423.84
410.50
1547.5
173.50
243.00
281.50
182.50
316.23
1666
524.00
319.00
160.08
8.75
406.00
551.49
808.00
1150
1523.37
1.25
42.00
0.15
68.00
371.30
76.24
906.45
1894.33
473.00
199.00
204.75
403.60
36313.1

98.50
312.50
174.50
195.00
669.10
890.95
223.25
93.50
632.40
134.50
104.50
371.25
133.20
268.34
596.99
1651.76
465.10
331.00
330.80
1219
148.00
202.50
219.00
154.50
257.00
1316.55
422.18
256.00
147.00
4.00
348.40
390.50
699.86
929.01
900.00
1.00
16.75
0.06
61.53
194.03
65.45
774.50
1610
375.00
145.85
159.20
350.81
31950

2.07
1.16
2.17
1.41
4.97
1.29
0.39
0.88
0.71
0.79
2.57
2.83
2.91
1.63
3.60
2.73
0.93
5.87
5.72
2.20
2.10
2.10
4.89
1.08
1.00
1.44
3.91
4.13
6.74
3.15
1.33
0.75
3.04
1.58

PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd
ScotAmer
Scottish In
ScottMort

96.00
7.63
167.63
575.00
1.09
1.33
1458
30.38
28.32
218.25
289.25
271.75
138.00
198.50
161.50
437.75
242.75
615.00
251.20

109.50
19.89
172.59
590.74
1.19
1.49
1465
30.91
28.98
222.50
298.00
278.50
139.10
201.59
198.50
527.50
257.50
626.00
258.70

92.00
5.00
142.50
431.00
0.91
1.15
1253
26.74
24.80
193.50
225.12
235.50
106.79
162.03
146.83
402.49
221.99
536.00
189.00

2.06
2.14
1.97
1.16
3.61
1.27
3.78
2.79
1.82
4.24
1.89
1.15

52 Week
High
Low

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

8.88
1.13
5.63
27.00
81.50
43.50
2.13
37.50
130.00
4.00
30.25
73.25
88.50
0.11
0.16
4.25
125.75
4.23
165.50
14.50
62.75
10.88
0.50
19.63
0.22
62.00
70.50

0.13
0.10
0.13
-0.63
3.50
5.50
-0.25
1.50
-0.25
-0.13
-0.25
2.00
-3.50
-0.46
0.01
-4.75
-0.03
-5.50
1.00
-1.50
0.03
0.13
-0.02
1.00
-

30.80
8.50 10.25
0.85 10.75
4.65 33.75 16.75 154.89 58.00 105.00 32.00 4.69
7.50
2.00 71.91 21.00 760.00 125.00 10.00
3.75 93.98 20.75 160.50 44.75 142.00 79.00 2.26
0.08 0.99
0.11 18.25
3.85 224.00 98.50 7.25
3.75 325.00 165.00 0.62
40.00 10.75 129.75 51.00 14.00
4.50 7.25
0.43 129.75 17.08 0.52
0.14 71.40
0.94 143.00 55.00 -

-29.19
-0.38
-26.79
-56.60

518.8
351.0
440.2
649.2
-103.16 1021.1
8.78
58.5
-0.53 225.2
-3.13 570.0
24.76
0.3
-3.15 234.0
-13.37 784.9
5.67 1362.4
12.52 246.4
-0.05 285385.2
-0.43 1341.5
-10.00
13.5
-6.32 235.8
-37.39
97.7
28.77
43.7
-65.32 828.9
-12.27 1264.7
-3.98 1432.3
-0.49 6130.0
-0.92 112.0
-2.86 70565.8
-65.75 635.0
8.60
1.0

Pharmaceuticals & Biotech

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

437.50
33.88
272.50
32.25
411.00
1255
54.50
3.75
0.54
35.38
50.00

-2.50 503.00 270.88 1.65

37.50 30.00 2.68
342.00 260.00 36.55 19.02 -0.50 541.00 205.00 -67.50
1550 661.50 67.00 41.00 0.25
4.39
2.75 0.22
0.70
0.27 -0.63 39.18 23.30 53.00 28.59 -

Conygar
FltchKng

183.50
57.50

191.00 160.00 0.82

-4.00 65.00 35.00 5.22

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

865.00
138.50
138.50
245.50
397.25
280.00
195.25
1171
562.50
102.50
177.50
528.75
69.63
190.25
118.75
255.88
773.00
243.00
251.50
1772

25.70 454.9
10.60
73.7
-15.71
0.0
-12.37
6.8
-60.68 200.7
154.39
11.6
-11.92 139.2
-8.33 3780.5
-12.00 71209.8
-38.45 245.8
-17.31
93.3

Real Estate
7.83
8.00

0.7
67.8

904.6
148.7
146.1
256.8
430.0
307.2
191.5
1229.6
633.3
191.4
614.9
69.2
208.6
179.4
298.9
777.6
276.2
291.0
1820.5

-4.4
-6.9
-5.2
-4.4
-7.6
-8.9
2.0
-4.8
-11.2
-7.3
-14.0
0.6
-8.8
-33.8
-14.4
-0.6
-12.0
-13.6
-2.7

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

Price +/-Chg

52 Week
High
Low

Yld

57.00
247.50
134.00
64.00
300.00
355.00
337.50
26.00
0.43
349.25
0.80
2220
2.90
126.50

-1.25
1.50
-2.00
6.00
7.50
-0.75
0.02
-5.00
0.03
-

63.00
255.00
147.50
255.00
322.00
370.00
357.00
28.75
0.44
359.26
0.81
2250
54.80
189.10

0.47
2.56
3.42
3.56
0.73
0.83
4.43

21.10
313.69
7.08
4.78
28.13
-6.54
9.73
-2.85
6.72
4.08
4.62
16.38
0.57
11.39

273.9
15.8
108.9
3.3
56.1
17.3
0.4
11.0
11.3
18.7
177.1
0.4
76.4
2.0

3117
139.00
331.00
288.00

2.00
7195
1742 70.12
237.40 120.00 -3.50 524.00 311.96 4.83 13.06
3.00 387.00 240.00 2.34 25.58

675.7
1.1
102.4
184.0

12.88
11.97
17.79
27.44
7.53
4.70
-26.45
106.95
17.85
17.56
17.98
20.55
14.58
5.85
-2.02
14.25
22.65
83.33
-1.85
-0.68
16.73
39.36
227.27

0.2
29.6
46.9
0.4
144.2
112.8
111.0
0.6
73.2
163.1
0.8
0.1
1.4
384.3
0.0
21.8
504.3
5.0
13.7
2.0
216.0
459.6
14.4

-4.2
-4.5
-12.1
-3.7
-3.2
-2.9
-3.3
-2.6
-13.9
-10.3
-9.1
-42.3
-48.9
-39.4
-3.4
-9.2
-8.2
-6.9
-7.1
-6.2
-10.6
-9.5
-9.5
-19.6
-8.1
-11.1
-10.4
-9.0
-4.9
-4.7
-9.5

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

Retailers
ASOS
Koovs
Majestic
StanlGib

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

290.00
46.50
45.50
150.00
44.50
574.00
72.50
607.50
233.50
70.00
122.50
2335
510.00
2.75
22.50
139.00
378.75
137.00
11.88
9.75
277.50
274.50
275.00

3.50
-3.50
1.00
0.50
-1.00
0.15
1.00
-6.75
-1.00
-

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

Amati VCT
AmatiVCT2
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
Frsight3VCT
Frsight4VCT
Frsight4C
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
MobeusI&G
..I&G 2VCT
..I&G 4VCT
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

67.25
102.75
62.00
70.75
91.75
95.00
88.88
72.75
87.00
56.00
30.00
41.63
44.00
50.00
100.50
101.00
18.00
63.50
54.00
77.50
85.75
35.75
86.50
105.50
102.00
76.25
94.13
79.00
79.00
93.50
125.00

-2.00
-0.50
-2.00
0.75
0.88
1.00
1.00

80.50 66.50 7.43 70.2

123.50 102.53 6.57 107.6
69.50 60.00 6.45 70.5
77.80 69.50 13.43 73.5
101.49 91.00 13.62 94.8
110.10 94.00 16.32 97.8
96.10 86.75 14.63 91.9
78.39 71.62 8.25 74.7
92.20 83.00 6.32 101.1
61.00 53.50 8.04 62.4
30.50 29.00 8.33 33.0
67.90 38.00 4.80 72.1
64.69 40.00 86.1
52.00 30.00 82.5
113.00 95.00 5.97 104.0
106.24 93.50 17.82 111.2
19.50 17.00 5.56 19.6
69.00 60.00 7.09 68.2
56.75 43.00 4.63 58.1
79.00 70.00 5.48 82.6
89.00 80.00 5.42 95.9
37.00 26.50 5.59 39.5
107.90 84.00 4.05 95.6
119.50 97.00 1.18 131.2
116.00 99.00 5.15 111.0
81.00 73.50 7.21 85.8
99.48 92.00 5.84 105.0
88.88 75.00 7.59 86.8
81.00 76.00 8.23 83.1
97.00 89.50 7.49 98.1
133.00 120.00 4.80 138.1

1.00

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

7.17
0.75
4.84
1.00
0.79
3.90
6.34
1.98
3.91
1.73
2.24
2.96
3.58
2.73
3.67
1.82
1.44
0.91
-

52 Week
High
Low

Price +/-Chg
Servoca
Synectics
Utilityws

22.50
142.50
220.00

Yld

23.50
7.13 23.27
2.50 580.00 115.00 5.96 37.43
-7.75 373.28 195.00 1.36 18.08

111.1
17.2
164.8

4.50 136.50
-0.50 26.25

54.8
824.1

Tech - Hardware
AminoTech
IQE

134.50
20.75

75.24 2.68 17.65

12.08 -57.16

Tech - Software & Services

Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
Monitise
OMG
Progility
Pub Tech
SciSys
WANdisco

27.75
94.00
85.50
320.00
3.25
42.00
75.00
177.38
217.00
19.25
35.25
7.13
200.00
88.00
397.50

125.75 23.25
2.50 153.75 83.00
2.00 86.40 57.17
2.50 330.85 260.00
8.00
3.00
-1.25 48.50 33.00
84.00 42.00
1.38 294.50 159.93
239.63 170.00
0.25 80.50 12.75
37.00 25.00
11.49
4.00
399.70 125.50
97.00 73.00
1390 255.15

1.91
1.99
3.24
0.75
0.99
0.46
1.13
1.66
-

-23.60 1490.5
25.02
19.0
30.36
88.6
19.74
2.0
-2.78
10.0
99.06 272.3
-128.42
10.0
21.96
89.4
26.92
4.5
-5.41 13129.3
133.02
28.4
-45.38
0.3
-85.87
1.3
14.36
1.1
-5.11
0.5

Telecommunications
AltNetwks
AvantiCom

490.75
226.75

2.50 547.00 415.00 2.75 29.52

-8.75 329.25 162.75 -4.05

8.2
98.7

21.1
0.3

Travel & Leisure

CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

18.63
76.00
62.50
135.00
225.00
288.00
217.00
8.50
87.50

2.50
-6.75
-0.50
-0.13
-1.50

19.00
77.27
75.00
150.00
249.00
304.50
235.70
18.22
90.00

17.00
72.00
50.00
120.00
209.24
177.75
205.00
8.15
66.00

-1.13
-0.13
-2.25

39.50
81.00
10.25
44.00

18.10
61.00
3.25
18.68

16.11
5.18
0.95
0.85
-

-2.18
-19.78
230.77
13.10
21.43
-14.03
18.73

0.4
3.4
468.1
5.2
162.5
15.0

-3.19
3.56 -43.15
-0.43
-28.03

22.3
41.3
52.3
109.4

Utilities
ModernWtr
RenEnGen
Rurelec
SeaEnergy

19.50
61.75
3.25
21.75

Infra India
MMP
Marwyn Val
TerraCat
Tiger Res

13.75
4.13
205.50
97.00
0.88

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra
155.00
0.20 161.50 132.60
AbnAsianIn
198.00
-2.00 213.80 179.00
AbnAsian
918.50
-9.50
1014 771.07
AbnJapInv
454.00
-0.50 470.00 319.00
AbnLatAmIn
66.25
-0.75 85.68 60.25
..Sub
1.00
5.89
0.50
AbnNewDn
183.00
-0.75 195.00 154.00
AbnNewThai 468.00
-2.00 482.75 344.38
AbnSmlCo
186.75
-0.50 229.39 174.00
Abn UK
319.50
-1.00 324.50 288.00
Abf Gd Inc
165.13
-1.63 185.25 138.25
Abf Sml
1046 -17.00
1237 966.00
AcenciADbt
105.75
1.25 109.00 102.00
AdvDvpMk
441.50
1.50 473.66 383.00
Alliance
489.80
-3.20 499.40 420.20
AllianzTech
554.00 -12.00 584.50 463.07
AltAstsOps
45.00
47.00 35.50
Art Alpha
280.00
2.25 312.00 269.00
..Sub
30.00
-0.50 46.00 30.00
AsianToRt
206.00
-4.00 213.50 165.00
Aurora
147.00
171.21 144.00
BG Japan
388.75
-0.50 398.48 313.50
BG Shin
323.00
-4.00 334.75 282.50
BSRT
32.50
3.25 47.75 27.00
Bankers
605.50
614.50 506.00
BrngEmEu
512.00
4.25 711.00 432.00
BH Global
1290
-1.00
1304
1162
..EUR
12.00
14.00 11.80
..USD $
12.81
0.03 12.95 11.20
BH Macro
2122 -10.00
2135
1919
..EUR
20.58
0.08 20.70 18.40
..USD $
20.55
0.10 20.70 18.40
BiotechGth
710.00 -21.00 792.86 390.01
BlckRCom
91.25
0.75 119.88 80.54
BlckREmEur
212.88
0.25 280.00 169.25
BlckRFrnt
110.75
-0.13 133.28 103.50
BlckRGtEur
233.25
-0.25 254.15 201.75
..Sub
11.50
-0.50 28.25
8.00
BlckRHSUK#
134.75
0.25 142.50 120.00
BlckR I&G
183.50
-1.25 188.33 158.01
BlckRckLat
385.00
0.50 508.45 355.00
BlckRckNrAm 118.25
-0.38 120.75 98.75
BlckRSmlr
813.00
-8.00 912.30 697.00
BlckRThrmt
281.38
-2.63 320.75 238.00
BlckRWld
324.00
2.10 520.99 286.00
Bluecrest A
188.00
-0.10 188.50 173.00
Brit Ast
132.25
-0.50 143.50 119.25
Brit Emp
519.50
-2.50 528.00 474.30
Brunner
538.25
-3.75 552.50 486.00
Calednia
2318 -12.00
2337
1923
CanGen C$
19.55
0.14 21.00 17.34
Cap Gear
3330
3465
3080
CayenneTst
153.50
-0.50 153.75 137.01
CayenCULS
106.50
106.00 105.25
City Merch
189.13
-0.38 191.50 182.15
CityNatRs
103.00
3.50 146.75 95.00
City Lon
392.90
-2.50 399.00 345.00
DexionAb
179.75
182.00 157.75
..EUR
2.46
2.50
2.26
..USD $
3.76
3.75
3.30
DiverseInc
79.75
-0.38 90.75 73.02
Dun Inc
262.50
-3.13 371.25 239.00
Dun Sml
181.50
2.00 243.50 171.30
EcofinWatr
154.00
0.38 176.75 124.19
..CULS
105.25
111.70 102.52
EdinDragn
279.75
-2.00 291.79 229.60

Yld
4.32
3.99
1.09
0.99
6.42
1.97
1.71
3.37
3.22
4.34
2.28
3.58
1.96
1.14
1.58
2.59
2.41
3.71
6.56
0.97
1.24
2.57
3.11
4.48
2.54
1.48
1.42
6.48
4.83
2.02
3.25
2.12
0.75
0.48
0.78
5.29
5.34
3.73
2.95
4.23
2.87
4.34
0.79

NAV
149.3
203.4
979.4
479.5
74.1
205.8
541.0
231.0
337.6
195.2
1187.0
111.1
495.6
562.9
602.1
48.8
320.1
223.3
165.9
394.3
333.4
43.5
623.9
586.3
1408.0
13.9
2209.0
21.4
21.3
738.2
89.0
239.2
115.7
244.1
137.7
186.0
437.8
126.5
914.6
339.2
356.7
197.5
142.6
582.3
629.0
2765.0
28.0
3239.6
160.1
185.3
131.9
389.8
193.2
2.7
4.1
81.3
279.1
220.4
183.5
315.3

Dis(-)
or Pm
3.8
-2.7
-6.2
-5.3
-10.6
-11.1
-13.5
-19.2
-5.4
-15.4
-11.9
-4.8
-10.9
-13.0
-8.0
-7.8
-12.5
-7.7
-11.4
-1.4
-3.1
-25.3
-2.9
-12.7
-8.4
-7.8
-3.9
-3.8
-3.5
-3.8
2.5
-11.0
-4.3
-4.4
-2.1
-1.3
-12.1
-6.5
-11.1
-17.0
-9.2
-4.8
-7.3
-10.8
-14.4
-16.2
-30.2
2.8
-4.1
2.1
-21.9
0.8
-7.0
-8.9
-8.3
-1.9
-5.9
-17.6
-16.1
-11.3

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
HendVal
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr
JPMGIConv
JPM GEI
JPM I&C Uni

106.50
649.50
407.38
240.25
178.50
1005
755.00
264.75
925.50
146.75
122.00
247.00
132.10
169.70
75.00
855.50
571.00
7.90
457.60
18.50
537.00
21.25
23.50
30.00
864.50
834.00
93.13
997.50
845.00
335.00
399.50
185.63
128.63
814.50
559.50
227.00
676.00
153.20
152.00
286.00
137.10
191.00
293.00
76.00
117.13
158.25
102.00
159.13
329.25
94.50
94.00
372.50
123.30
287.40
235.00
56.25
182.50
99.50
589.50
103.00
608.00
230.00
128.00
215.50
593.50
102.50
120.00
351.50

676.6
456.9
239.8
224.7
996.3
822.5
260.5
920.3
143.9
120.1
278.8
150.8
181.1
86.1
947.2
568.4
471.0
25.6
587.6
54.1
34.3
1160.0
1160.0
90.6
997.5
839.2
333.5
438.3
179.4
126.0
973.6
650.7
283.1
824.2
132.8
172.4
317.8
120.8
216.0
310.7
74.0
121.9
159.5
103.3
163.9
374.1
104.2
104.2
417.3
105.7
286.9
264.2
60.7
206.3
101.2
601.8
105.6
681.3
248.8
135.3
248.0
641.3
100.7
119.0
370.6

-4.0
-10.8
0.2
-20.6
0.9
-8.2
1.6
0.6
2.0
1.6
-11.4
-12.4
-6.3
-12.9
-9.7
0.5
-2.8
-27.7
-8.6
-60.7
-12.5
-25.5
-28.1
2.8
0.0
0.7
0.4
-8.9
3.5
2.1
-16.3
-14.0
-19.8
-18.0
15.4
-11.8
-10.0
13.5
-11.6
-5.7
2.7
-3.9
-0.8
-1.3
-2.9
-12.0
-9.3
-9.8
-10.7
16.7
0.2
-11.1
-7.3
-11.5
-1.7
-2.0
-2.5
-10.8
-7.6
-5.4
-13.1
-7.5
1.8
0.8
-5.2

0.13
-7.00
0.00
-7.00
0.25
-3.25
-3.00
-1.00
0.25
-1.00
-6.00
-1.88
-4.00
-4.60

116.3
603.4
251.2
276.9
913.1
1131.7
359.4
94.1
896.0
183.6
124.0
485.0
144.5
306.1
719.2
1869.9
489.5
369.3
371.6
1377.8
174.6
248.4
280.8
181.7
348.7
1701.7
489.6
320.1
178.3
460.8
538.3
792.5
997.2
997.2
24.7
58.4
372.4
113.1
943.9
2302.9
553.1
203.5
213.1
405.3
35072.
7
109.0
180.4
576.1
1.2
1.5
1535.9
214.0
321.0
283.4
150.2
200.0
179.8
484.8
252.7
681.9
249.8

-8.4
-9.8
-12.0
-12.6
-14.2
-6.3
-14.4
-0.4
-18.0
-1.4
-8.9
1.8
-3.5
-1.7
-9.3
-5.4
5.4
12.6
1.0
-5.7
-7.2
-5.3
-14.4
-0.1
-11.4
-10.4
-1.5
-1.6
-11.0
-14.0
-9.5
-0.7
4.4
5.3
-18.0
5.7
-7.1
-37.7
-7.6
-18.5
-16.1
-4.0
-6.4
-3.5
1.2
-11.9
-7.1
-0.2
-9.2
-11.3
-5.1
2.0
-9.9
-4.1
-8.1
-0.8
-10.2
-9.7
-3.9
-9.8
0.6

-6.00
-0.25
-1.50
-7.50
-1.75
-0.75
-11.00
-5.00
-0.25
-0.50
-4.75
-0.13
-2.75
-0.75
-0.75
-7.00
1.00
-1.00
-32.00

900.00
149.00
139.50
261.75
431.00
348.75
201.90
1287
626.64
412.00
187.70
601.00
70.75
202.23
133.80
288.00
791.95
248.00
257.00
1884

717.00
129.86
131.00
216.26
362.50
256.00
152.85
1101
493.20
99.00
163.00
438.00
60.00
173.50
101.00
238.43
642.00
205.75
211.00
1180.01

1.33
3.47
3.96
4.89
3.37
1.49
0.77
3.22
1.29
2.39
1.13
2.37
3.21
7.89
3.32
2.00
1.83
0.85

Conventional - Private Equity

Price +/-Chg
AbnPvtEq
90.75
Altamir
10.45
Dun Ent
367.00
-3.25
Electra
3020
-9.00
ElectraPrf
149.00
F&C PvtEq
220.25
-0.75
GraphEnt
572.00
2.00
HVPE $
12.80
HgCapital
1074
-3.00
JPM Pvt Eq $
0.87
JZ Capital
403.00
LMS Capitl
76.75
0.25
Mithras
141.50
NB PE Ptnr $
12.05
0.04
Nthn Invs
480.00 10.00
Pantheon
1295
PantheonR
1235 10.00
PrincssPE
7.15
0.07
Riverstone
929.00
-0.50
StdLfEuPv
206.00
-

52 Week
High
Low
96.00 73.75
11.99
9.43
434.75 332.84
3052
2338
149.68 141.25
233.00 197.00
619.00 536.10
12.85 10.65
1145.75 990.00
0.88
0.72
449.00 390.00
88.75 72.75
148.23 130.00
12.11 10.10
487.00 374.50
1298
1056
1240
1010
7.25
6.20
960.50 822.00
236.42 195.75

Yld
2.25
4.50
2.43
1.31
2.70
0.71
2.08
7.91
2.43

NAV
117.2
15.7
499.0
3174.3
140.4
260.0
669.4
15.5
1143.7
1.1
649.2
93.3
156.5
489.3
1511.7
1511.7
8.9
1053.2
257.4

Dis(-)
or Pm
-22.6
-33.4
-26.5
-4.9
6.1
-15.3
-14.6
-17.4
-6.1
-20.9
-37.9
-17.7
-9.6
-1.9
-14.3
-18.3
-19.7
-11.8
-20.0

Conventional - Property ICs

Price +/-Chg

52 Week
High
Low

Yld

NAV

Dis(-)
or Pm

Direct Property

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
IndMultiPr
InvistaERET
Longbow
PictonProp
SLIPropInc
UKComPrp

0.45
42.88
104.25
145.20
94.50
54.50
1.00
105.63
69.50
79.00
90.00

0.25
-0.80
-0.50
0.38
-0.75
-0.65

0.47
0.39 0.6
43.63 37.00 115.50 103.50 148.40 116.50 4.13 120.2
97.00 81.00 5.29 90.2
73.00 48.00 4.40
0.50 10.7
106.75 100.50 71.50 56.00 4.32 66.0
82.00 72.00 5.77 75.4
92.65 77.75 5.40 80.4

-25.0
20.8
4.8
-90.7
5.3
4.8
11.9

SchdrGlbRe
TR Prop

124.38
301.50

-0.13 126.25 29.00 3.38 136.8

-8.30 313.50 230.00 2.47 308.9

-9.1
-2.4

VCTs

52 Week
Price +/-Chg
High
Low
70.00
70.89 67.00
100.00
101.00 98.00
89.00
92.00 85.00
77.00
81.00 71.25
66.00
68.75 64.00

Property Securities

AlbionDev
..D
Albion Ent
AlbionTech
AlbionVCT

Yld NAV
7.14 71.3
2.50 104.8
5.62 92.8
8.12 83.3
7.58 67.6

Dis(-)
or Pm
-1.8
-4.6
-4.1
-7.6
-2.4

Ordinary Income Shares

52 Week
Price +/-Chg
High
Low
JPM I&C
97.25
100.80 86.00
JupiterDv&G
4.25
0.13
5.83
3.50
M&GHI&Gt
59.00
68.80 55.00
Rghts&Icp
3940 -90.00
4900
3800

Yld
6.43
16.94
2.08

HR
WO GRY 0%
-13.8
-0.5
5.5
-36.5
-13.9
-6.0
-62.4
1.6

Price +/-Chg
95.00
55.50
-0.25
1040 -12.50

52 Week
High
Low Yld
97.00 90.15 4.63
63.00 53.00 1252 895.00 2.88

HR
WO GRY 0%
-56.8
8.1
-14.0
-2.6
19.0

Price +/-Chg
11.50
4.10
-0.30

52 Week
High
Low
15.50
9.00
6.54
3.00

SP
1.0
7.4

Zero Dividend Preference Shares 52 Week

Price +/-Chg
High
Low
Abf Gd Inc
149.13
149.75 137.75
EcofinWatr
153.50
154.25 144.27
F&C PvtEq
151.50
152.14 146.25
JPM I&C
171.50
171.75 159.70
JupiterDv&G
111.25
113.00 97.75
JZ Capital
355.25
356.00 333.65
M&GHghIc
113.13
114.70 105.00
UtilicoFn16
185.75
185.45 170.75
UtilicoFn18
142.13
142.50 117.00
UtilicoFn20
111.38
112.50 100.00

SP
-33.6
-68.7
-17.7
-5.4
-90.6
-17.3
-54.5
-19.5
-10.2

Income Shares
JPM In&Gr
M&GHghIc
Rghts&I
Capital Shares
JPM Inc&Gr
M&GHghIc

HR
WO TAV 0%
-3.5
8.9
6.3
HR
WO TAV 0%
159.7
-92.5 160.7
192.1
129.7
369.8
-90.4 122.8
-87.1 192.8
-30.1 160.5
-12.4 154.9

17.25
9.50 8.75
4.00 240.70 184.56 126.70 60.00 0.05
1.80
0.75 -

45.7
1.3

-69.9
-32.3

52 Week
Price +/-Chg
High
Low Yld
P/E
1515000
2500 1550000 1400000 - 129.64
1125
1260
1025 2.25 27.07
120.50
132.00 112.50 3.70 -25.69

Vol
000s
0.0
0.0
10.0

ISDX
ArsenalFC
ShephdNm
Thwaites

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap

52 Week
Price +/-Chg
High
Low Yld NAV
57.63
65.50 55.00 62.2
150.88
-0.50 157.66 129.81 0.3 148.3
61.63
65.00 50.30 8.1 64.50
-2.75 69.40 33.48 73.0

Dis(-)
or Pm
-7.3
1.7
-11.6

www.morningstar.co.uk

Tuesday 10 February 2015

25

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

Fund

Bid

Offer

+/- Yield

Fund

Bid

Offer

+/- Yield

Barings (Luxembourg)

(IRL)

(LUX)

FCA Recognised

www.acpi.com
Regulated

Russia A GBP Inc F

ACPI Emerging Mkts FI UCITS Fund USD A $ 107.49

0.12 0.00

ACPI Global Credit UCITS Funds USD A $ 13.83

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.29

-0.26 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 88.94

0.02 0.00

ACPI International Bond UCITS Fund USD A $ 18.36

-0.06 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated

22.78

0.61 1.46

Barmac Asset Management Ltd

Artemis Fund Managers Ltd (1200)F

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051

Authorised Inv Funds

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Dealing: 0845 922 0044
Authorised Inv Funds

Artemis Capital R ACC

1203.40 1271.54 -7.04 1.50

Retail Accumulation 2

113.02

-0.25 0.00

Artemis European Growth R Acc

240.14 253.43 -2.07 3.62

Retail Income 2

111.62

-0.24 0.00

Artemis European Opps R Acc

71.10 75.01 -0.62 1.36

The Castleton Growth Fund Ret Acc

109.63

-0.25 0.00

Artemis Global Energy R Acc

28.68 30.42 -0.74 0.00

0.01 0.00

The Castleton Growth Fund Ret Inc

110.06

-0.25 0.00

Artemis Global Growth R Acc

176.28 186.03 -0.16 0.76

0.01 0.00

Artemis Global Income R Acc

94.51 99.84 -0.50 3.76

BlackRock

Artemis Global Income R Inc

78.17 82.58 -0.41 3.87

Regulated

Artemis Global select R Acc

69.47 73.32 0.03 0.00

BlackRock UK Property

38.89

0.00 3.88

Artemis High Income R Inc

80.29 85.50 -0.89 5.54

Blackrock UK Long Lease

1043.11

2.31 0.00

Artemis Income R Inc

209.72 222.15 -0.97 4.04

BLK Intl Gold & General

5.70 -0.20 0.00

Artemis Income R Acc

344.52 364.94 -1.59 3.93

ACPI Balanced UCITS Fund USD Retail $ 14.11

0.01 0.00

ACPI Balanced UCITS Fund EUR Retail 10.68

ACPI Balanced UCITS Fund GBP Retail 10.77

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

ACPI Focused Equity UCITS Fund $ 12.74

0.13 0.00

Abbey Life Assurance Company Limited

(JER)

Fund

Bid

Offer

+/- Yield

CF Heartwood Balanced B Acc

127.63

-0.40 0.63

Comgest Gth Emerging Mkt DIS F $ 33.88

-0.32 0.29

CF Heartwood Defensive Multi Asset Fund B Accumulation

110.91

-0.20 0.01

Comgest Gth Europe DIS F

19.42

-0.05 0.00

CF JM Finn Gbl Opps A Acc

274.19

-1.38 1.56

Comgest Gth GEM PC DIS F

13.15

0.05 0.00

CF Richmond Core

194.59

1.12 0.00

CF Seneca Diversified Growth A ACC

214.08

-0.62 1.19

Consistent Unit Tst Mgt Co Ltd (1200)F

CF Seneca Diversified Growth B ACC

126.00

-0.36 2.01

CF Seneca Diversified Growth N ACC

125.01

-0.36 1.74

PO BOX 10117, Chelmsford, Essex, CM1 9JB

Dealing & Client Services 0845 0264281
Authorised Inv Funds

CF Seneca Diversified Income A INC

88.99

-0.13 5.46

Consistent UT Inc

57.89 58.58 -0.57 4.34

CF Seneca Diversified Income B INC

105.20

-0.14 6.06

Consistent UT Acc

CF Seneca Diversified Income N INC

104.32

-0.14 6.06

Practical Investment Inc

Investment Adviser - DSM Capital Partners

Fund

Bid

Practical Investment Acc

Offer

+/- Yield

(UK)

0.11 0.00

131.08 132.66 -1.30 4.20

European Opportunities A EUR

2.65

0.02 0.91

UK Smaller Companies

1.92

-0.01 0.25

Frk Gbl Equity Strategies Fd

$ 11.43

-0.05 0.00

208.44 213.42 -0.94 3.76

Global Opportunities I USD

1.70

-0.01 1.15

WealthBuilder A Acc

1.02

0.00 0.62

Frk Gbl Fundamental Strat Fd

$ 13.13

-0.02 0.00

982.19 1005.65 -4.43 3.66

Global Opportunities I GBP

1.12

0.00 1.00

Fidelity PathFinder

Frk Global Conver.Securities

$ 11.68

-0.06 0.00

$ 26.29

-0.18 0.00

Global Opportunities I EUR

1.50

0.01 0.99

Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.11

-0.01

Frk Global Growth

$ 14.43

-0.04 0.00

The Westchester Class 1 GBP Acc 18.71

0.00 0.00

Global Opportunities A GBP

1.05

0.00 0.59

Fidelity PathFinder Foundation 1 Acc (clean)

1.11

0.00

Frk Global Gth & Val

$ 24.90

-0.09 0.00

The Westchester Class 2 GBP Acc 18.74

0.01 0.00

Pan European Opportunities I EUR

1.64

0.01

Fidelity PathFinder Foundation 2 Acc (clean)

1.12

0.00

Frk Global Sml Mid Cap Gth

$ 28.26

-0.22 0.00

Fidelity PathFinder Foundation 3 Acc (clean)

1.12

0.00

Frk Gold and Precious Mtls Fd F

4.09

-0.16 0.00

Fidelity PathFinder Foundation 4 Acc (clean)

1.13

-0.01

Frk India

$ 33.33

-0.51 0.00

Fidelity PathFinder Foundation 5 Acc (clean)

1.17

-0.01

Frk Japan Fd

794.23

2.76 0.00

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.12

0.00

Frk K2 Alt Strat Fd

$ 10.39

-0.01

Fidelity PathFinder Focussed 1 Acc (clean)

1.12

0.00

Frk MENA Fund

7.08

0.00 0.00

Fidelity PathFinder Focused 2 Acc (Clean)

1.13

-0.01

Frk Mutual Beacon

$ 71.64

-0.06 0.00

Fidelity PathFinder Focussed 3 Acc (clean)

1.14

0.00

Frk Mutual European EUR

24.17

0.11 0.00

Fidelity PathFinder Focussed 4 Acc (clean)

1.15

0.00

Frk Mutual Gbl Disc

$ 17.56

-0.07 0.00

The Westchester

Investment Adviser Lacomp Plc

Coupland Cardiff Funds Plc

(IRL)

31/32 St James's Street, London, SW1A 1HD

FCA Recognised

CF Morant Wright Japan A Inc

242.44

0.24 0.00

CC Asia Alpha Fd - Cls I USD

CF Morant Wright Japan B

260.77

0.27 0.43

CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00

62.73 66.58 -0.09 4.74

CF Morant Wright Japan B Inc

247.21

0.26 0.45

CC Asian Evolution Fd. Cls B GBP 13.67 13.67 -0.12 0.00

Artemis Pan-Euro Abs Ret GBP

98.11

EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

9.74

9.74 0.03 0.00

232.36

0.49 2.20

CC Japan Alpha Fd - Cls C JPY

1061.89 1061.89 5.57 0.00

American Ser. 4

1667.60 1755.30 4.10

Custodian Ser. 4

488.30 514.00 -2.20

Equity Ser. 4

563.30 593.00 -4.70

European Ser 4

567.30 597.20 -6.30

Fixed Int. Ser. 4

908.20 956.00 -3.10

Intl Ser. 4

438.00 461.10 -1.30

Japan Ser 4

354.50 373.10 0.90

Man. Ser. 4

1662.80 1750.30 -8.50

Money Ser. 4

524.10 551.70 0.00

Prop. Ser. 4

1053.40 1108.90 -0.10

Custodian Ser 5

469.80 494.60 -2.20

International Ser 5

421.40 443.60 -1.30

Regulated

Managed Ser 5

1599.80 1684.10 -8.30

Artemis Gbl Hedge Fd Ltd GBP

55.60

0.34

Money Ser 5

513.20 540.20 0.00

Artemis Gbl Hedge Fd Ltd EUR

51.90

0.27

Property Ser 5

1013.60 1066.90 0.00

Artemis Gbl Hedge Fd Ltd USD

$ 55.96

0.33

Artemis Pan-Euro Hdg EUR

179.43

3.22

American

1917.40 2018.30 3.50

Artemis Pan-Euro Hdg GBP

199.42

3.79

Artemis Pan-Euro Hdg USD

$ 188.04

3.46

Artemis Strategic Bond R Q Acc

83.57 88.73 -0.02 3.99

Artemis Strategic Bond R Q Inc

55.25 58.66 -0.01 4.08

Artemis UK Growth R Acc

424.99 450.08 -2.36 0.59

Artemis UK Smaller Cos R Acc

1010.60 1088.07 -0.52 0.55

Artemis UK Special Sits R Acc

503.94 535.40 -3.07 1.70

Artemis US Abs Ret I Acc

101.11

-0.12

Artemis US Equity I Acc

109.50

-0.25

Artemis US Select I Acc

109.70

-0.25

Artemis US Smlr Cos I Acc

114.48

0.04

Artemis US Ex Alpha I Acc

112.32

0.34

Artemis Fund Managers Ltd

(CYM)

Equity

4991.00 5253.70 -42.40

European

1145.70 1206.00 -13.50

Fixed Int.

1665.50 1753.20 -8.90

International

930.50 979.40 -3.50

Japan

368.70 388.20 0.40

Managed

4312.40 4539.30 -23.40

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc

Property

2698.30 2840.30 0.00

Artisan Emerging Markets I USD Acc $

7.58

-0.05 0.00

Security

1476.90 1554.60 -0.10

Artisan Global Equity Fund Class I USD Acc $ 14.43

-0.07 0.00

Artisan Partners Global Funds PLC

Artisan Global Opportunities I USD Acc $ 11.68

-0.01 0.00

Artisan Global Value Fund Class I USD Acc $ 16.03

-0.05 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.88

-0.05 0.00

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg

FCA Recognised

(LUX)

$ 293.81

-0.64 0.00

CC Japan Inc & Grwth Fd - GBP Founder Acc 16.39 16.39 0.14 0.00

BlueBay EmMktCrp B-USD

$ 164.40

0.63 0.00

CC Japan Inc & Grwth Fd - GBP Founder Inc 15.55 15.55 0.12 0.00

BlueBay EmMktSel B-USD

$ 157.81

-0.92 0.00

CC Japan Inc & Grwth Fd - JPY Founder Acc 1657.98 1657.98 13.21 0.00

BlueBay EmMkLocCy B-USD

$ 153.22

-1.56 0.00

CC Japan Inc & Grwth Fd - JPY Founder Inc 1562.69 1562.69 12.46 0.00

BlueBay GlblConv I-USD

$ 187.89

-0.60 0.00

CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.31 16.31 0.13 0.00

BlueBay GlblHgYd B-USD

$ 130.35

0.24 0.00

BlueBay HgYield B-EUR

331.82

0.18 0.00

9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda

Authorised Funds

BlueBay HgYieldCp B-EUR

140.59

0.14 0.00

CATCo Re Opps Fund Ords

BlueBay InvGr B-EUR

175.55

0.17 0.00

BlueBay InvGEurGv B-EUR

151.99

0.12 0.00

BlueBay InvGEurAg I-EUR

152.01

0.19 0.00

BlueBay InvGLibor B-EUR

126.20

0.13 0.00

HighIncomeLoan H-EUR

190.76

-0.07 0.00

BONHOTE
-

-25.00 2.46

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 10120.00

16.00 0.84

Braemar Group PCC Limited

(GSY)

Regulated
UK Agricultural Class A

1.26

-0.01 0.00

UK Agricultural Class B

1.38

0.00 0.00

Student Accom Class B

0.72

-0.28 0.00

CAF Financial Solutions

(UK)

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts

14.6326

CATCo Re Fund Ltd Series D

$ 1408.6155

11.9140 0.00

CATCo Re Fund Ltd Series E

$ 1434.4695

12.7443 0.00

Cavendish Asset Management Limited (1200)F (UK)

Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds
Cavendish Opportunities Fund B Class

995.50

-3.30 1.43

Cavendish Opportunities Fund A Class

989.90

-3.40 0.57

Cavendish Opportunities Fund C Acc

1022.00

-3.00 1.30

Cavendish Worldwide Fund B Class

307.30

-0.60 0.95

Cavendish Worldwide Fund A Class

306.90

-0.50 0.16

Cavendish Worldwide Fund C Acc

313.40

-0.50 0.90

Cavendish AIM Fund B Class

150.50

0.30 0.40

Cavendish AIM Fund A Class

146.60

0.30 0.00

0.00 0.00

0.00 0.00

Crediinvest SICAV Fixed Income Eur 10.95

0.01 0.00

Crediinvest SICAV Fixed Income Usd $ 10.66

-0.02 0.00

Crediinvest SICAV Spanish Value 264.52

0.02 0.00

Crediinvest SICAV International Value 233.89

1.89 0.00

0.02 0.00

Saudi Arabia Equity Fund

0.07 0.00

Fidelity PathFinder Freedom 1 Acc (clean)

1.09

0.00

Frk Technology

$ 10.73

-0.04 0.00
0.02 0.00

SR 14.80

Fidelity PathFinder Freedom 3 Acc (clean)

1.09

0.00

Frk U.S. Focus Fund

$ 16.26

(UK)

Fidelity PathFinder Freedom 4 Acc (clean)

1.09

0.00

Frk US Equity

$ 23.90

0.02 0.00

Stuart House St.John's Street Peterborough PE1 5DD

Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management

Fidelity PathFinder Freedom 5 Acc (clean)

1.13

0.00

Frk US Opportunities

$ 11.81

-0.06 0.00

Fidelity PathFinder Income 1 Income (clean)

1.06

0.00

Frk US Sml Mid Cap Gth F

$ 19.47

-0.04

Fidelity PathFinder Income 1 Gross Income (clean)

1.06

0.00

Frk Wrld Perspective Fd

$ 19.15

-0.09 0.00

Electric&General Net Income A

Fidelity PathFinder Income 2 Income (clean)

1.06

0.00

Tem Africa

$ 10.80

-0.15 0.00

Fidelity PathFinder Income 2 gross

1.07

-0.01 4.27

Tem Asian Sml Comp Fd

$ 39.16

-0.20 0.00

Fidelity PathFinder Income 2 Gross Income (clean)

1.06

0.00

Tem BRIC

$ 13.87

-0.13 0.00

Fidelity PathFinder Income 3 Income (clean)

1.06

0.00 1.89

Tem China

$ 22.75

-0.22 0.00

Tem Eastern Europe

18.06

0.18 0.00

Electric & General (1000)F

137.10

Ennismore European Smlr Cos NAV 91.15

-0.37 0.00

Ennismore European Smlr Cos NAV 122.67

0.26 0.00

Ennismore European Smlr Cos Hedge Fd

NAV

444.39

-0.14 0.47

Cavendish Asia Pacific Fund C Acc

174.70

-0.30 1.42

Regulated

-0.14 0.33

Cavendish European Fund B Class

133.50

-1.70 1.32

$ 40.40

0.06 0.00

Davis Global A

$ 29.54

-0.05 0.00

Discretionary Unit Fund Mngrs (1000)F

(UK)

Reduced Duration UK Corporate Bond Gross 10.72

0.01 3.43

Reduced Duration UK Corporate Bond Inc 10.16

0.01 3.43

Reduced Duration UK Corp Bond Gross Inc 10.16

0.00 3.43

Select Emerging Markets Equities

1.30

-0.01 0.96

Select European Eqts

1.73

0.01 1.88

Select Global Equities

2.96

-0.01 0.97

Eurobank Fund Management Company (Luxembourg) S.A.

South East Asia

3.76

0.01 0.68

Regulated

Sterling Core Plus Bond Gr Accum

2.11

-0.01 3.43

Smaller Cos Cls Four Shares (Est) 14.34

EM Mkts Corp.Debt USD F

$ 95.08

0.24 9.77

FP CAF UK Equity A Class Acc

147.11

-0.11 2.18

Cavendish Technology Fund A Class

254.00

-0.60 0.00

(LF) Eq Emerging Europe

0.80

EM Mkts Loc.Ccy Bd USD F

$ 91.70

-0.70 10.67

FP CAF UK Equity A Class Inc

135.74

-0.11 2.20

Cavendish UK Balanced Income Fund B Class

141.80

-0.40 4.84

(LF) Eq Flexi Style Greece

FP CAF UK Equity B Class Acc

147.11

-0.11 2.17

Cavendish UK Balanced Income A Class

135.50

-0.50 5.06

FP CAF UK Equity B Class Inc

135.73

-0.10 2.20

Cavendish UK Select Fund B Class

159.10

-1.40 1.75

Cavendish UK Select Fund A Class

158.80

-1.40 0.91

Aspect Diversified Trends EUR

121.26

-0.82 0.00

Aspect Diversified Trends GBP

125.31

-0.84 0.00

Atlantas Sicav

(LUX)

0.00 0.47

The Public Sector Deposit Fund-share class 2 F

100.00

0.00 0.27

The Public Sector Deposit Fund-share class 3 F

100.00

0.00 0.32

The Public Sector Deposit Fund-share class 4 F

The Public Sector Deposit Fund-share class 5 F

100.00
100.00

0.00 0.37
0.00 0.27

Regulated
American Dynamic

$ 3372.48

-57.35 0.00

CCLA Investment Management Ltd

American One

$ 3117.50

-62.55 0.00

Bond Global

1360.06

-6.34 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds

Eurocroissance

819.73

-10.98 0.00

Investment Inc

Allianz BRIC Stars A Acc

159.98

-0.74 0.61

Allianz BRIC Stars C Acc

170.57

-0.77 1.04

Allianz Brazil Fund A Acc

58.27

-0.61 0.97

Allianz Brazil Fund C Acc

59.62

-0.61 1.65

Allz Continental European A Acc

856.26

-10.13 0.20

Allz Continental European C Acc

138.00

-1.63 1.04

Allz European Eq Inc A Inc

136.56

-1.26 3.59

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated

Allz European Eq Inc A Acc

184.76

-1.69 3.75

$ Income Fund - Share Class A Acc $ 1138.88

-0.47 0.00

-0.46 0.00

Far East

$ 695.65

-8.87 0.00

BLME Asset Management

(LUX)

Allz European Eq Inc C Acc

103.73

-0.94 3.56

$ Income Fund - Share Class B Acc $ 1158.28

Allz European Eq Inc C Inc

100.32

-0.92 3.48

$ Income Fund - Share Class C Acc $ 1008.42

-0.43 0.00

Allianz EcoTrends A Acc

87.22

-0.18 0.00

$ Income Fund - Share Class D Dis $ 1001.38

-0.41

Allianz EcoTrends C Acc

91.55

-0.19 0.00

$ Income Fund - Share Class G Acc 1076.91

-0.39 0.00

Allianz Gilt Yield Fund C Inc

171.35

-0.87 1.86

$ Income Fund - Share Class M Acc 1016.82

-0.41 0.00

Allianz Gilt Yield Fund I Inc

177.09

-0.90 1.86

$ Income Fund - Share Class W DisA$ 1028.16

-0.37

Allianz Japan A Acc

491.37

1.35 0.00

Gl Sukuk Fund - Share Class A Acc $ 1209.82

-1.56 0.00

Allianz Japan C Acc

110.89

0.31 0.00

Gl Sukuk Fund - Share class B Acc 1077.16 1077.16 -1.29 0.00

Allz RiskMaster Conservative A Acc

119.27

-0.51 0.00

Allz RiskMaster Conservative C Acc

120.83

-0.50 0.31

Allz RiskMaster Defensive A Acc

113.13

-0.49 0.00

Allz RiskMaster Defensive C Acc

114.66

-0.46 0.14

Allz RiskMaster Growth A Acc

125.07

-0.74 0.00

Allz RiskMaster Growth C Acc

127.75

-0.74 0.03

Allz RiskMaster Moderate A Acc

123.58

-0.59 0.00

Bank of America Cap Mgmt (Ireland) Ltd

(IRL)

Regulated
Global Liquidity USD

1.00

0.00 0.22

(UK)

Investment Acc

2648.50 2677.80 4.93

Global Equity Inc

159.57 161.33 0.28 4.31

Global Equity Acc

225.02 227.50 0.40

UK Equity Inc

146.85 148.33 0.27 4.05

UK Equity Acc

210.69 212.81 0.39

Fixed Interest Inc

173.35 174.05 0.02 3.96

Fixed Interest Acc

510.35 512.39 0.05

Property Fund Inc

124.33 128.50 0.10 6.51

Property Fund Acc

216.50 223.76 2.85

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)

(UK)

Allz Total Return Asian A Acc

688.23

-2.04

Allz Total Return Asian C Inc

634.86

-1.84 1.15

Allz UK Corporate Bond A Inc

109.63

-0.36 3.66

Dealing and Enquiries 020 7214 1004

Fund Information: www.barings.com
Authorised Inv Funds

Allz UK Corporate Bond C Inc

109.96

-0.36 3.56

Dynamic Capital Growth Acc

656.20 693.20 -2.80 1.28

Allz UK Equity Income A Inc

286.25

-1.67 4.55

Dynamic Capital Growth Inc

266.40 281.40 -1.20 1.29

Allz UK Equity Income C Inc

102.44

-0.60 3.21

Eastern Acc GBP

675.20

Allianz UK Growth A Acc

4381.92

-19.97 1.67

Eastern Inc GBP

662.70

Allianz UK Growth C Acc

101.48

-0.46 1.33

Europe Select Inc GBP

Allianz UK Unconstrained C Acc

100.69

-0.45 0.74

European Growth Inc

Allianz UK Unconstrained A Acc

209.45

-0.94 0.85

Allianz UK Index C Acc

1823.16

Cheyne European Event Driven Fund 143.98

0.00 0.00

Cheyne European High Yield Fund 134.71

-1.84 0.00

Cheyne Long/Short Credit Fund

$ 213.53

1.23

-0.92

0.47 0.00

Ethical Invest Acc

235.83 238.43 1.84

Cheyne Real Estate Debt Fund Class A1 128.31

-0.27 0.00

Global Equity Inc

151.11 152.79 0.79 4.29

Cheyne Total Return Credit Fund - December 2017 Class $ 197.75

-0.92 0.00

Cheyne Total Return Credit Fund December 2019 $ 133.38

-1.32

CMI Asset Mgmt (Luxembourg) SA

(LUX)

23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311

FCA Recognised
CMI Global Network Fund (u)

Local Authorities Property Fd (LAMIT) (UK)

Regional Equity Sub Funds

Property

CMI Continental Euro Equity

268.44 288.35 2.60 4.55

28.65

-0.24 0.91

CMI Pacific Basin Enhanced Equity $ 44.65

-0.35 2.37

Single Country Equity Sub Funds

-2.10 0.00

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

-2.00 0.00
-26.00 0.64

CMI Japan Enhanced Equity F

4090.57

24.38 0.86

CMI UK Equity

12.26

-0.10 2.11

Capital Gearing Portfolio Fund Plc 26652.64 26652.64 -216.18 0.62

CMI US Enhanced Equity F

$ 78.70

-0.32 0.57

CG Portfolio Fund Plc

Index Tracking Sub Funds

992.20 1046.00 -12.80 1.07

Real Return Cls A

171.44 171.44 -4.28 2.28

Euro Equity Index Tracking

19.39

-0.32 2.00

German Growth Acc GBP

571.90

-10.70 0.74

Dollar Fund Cls D

132.01 132.01 -3.79 1.55

Japan Index Tracking

750.76

3.66 0.94

-12.94 2.93

German Growth Inc GBP

527.90

-9.90 0.54

Capital Value Fund Cls V

129.33 129.33 -1.07 0.27

UK Eqty Index Tracking

15.77

-0.11 2.90

121.00 127.10 -0.50 1.82

US Eqty Index Tracking

$ 57.74

-0.18 0.80

2433.00

Allianz UK Index C Inc

1294.52

-9.25 2.47

Global Bond Inc

Allianz UK Mid Cap A Acc

3732.10

-49.33 0.88

Global Growth Inc

374.90 395.00 0.10 0.00

Japan Growth Acc

129.90 136.90 0.50 0.00

Allianz UK Mid Cap Fund C Acc

3790.54

-49.85 1.69

Allianz US Equity A Acc

403.17

1.95 0.13

Korea Acc

260.80 276.50 -1.70 0.00

Allianz US Equity C Acc

186.18

0.91 0.81

Multi Asset A Acc ... C

157.00

-0.20 0.73

Multi Asset A Inc ... C

151.60

-0.20 0.74

UK Growth Inc

249.10 263.40 -1.80 1.37

Charity Fund
0800 032 6347 (charity enquiries)
144.80 145.80 -0.40 3.15

Targeted Return Fund Acc

Targeted Return Fund Inc

114.20 114.90 -0.30 3.22

Managed Sub Funds

Global Bond

1.51

0.00 0.84

Global Network Mgd Global Mxd

2.37

0.00 0.19

Global Equity

2.62

0.00 0.02

Bond Sub Funds

Canada Life Investments

(UK)
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Authorised Inv Funds
Asia Pacific B Acc

899.60

-3.41 0.95

Balanced B Acc

147.17

-0.90 0.00

Corporate Bond B Inc

217.60

-0.70 3.81

European B Acc

240.47

-2.77 0.00

96.91

-0.04 2.18

Global Equity B Acc

606.62

-0.26 1.45

-0.09 0.00

GBP Accumulating Share Class

18.29

0.02 0.00

GBP Distributing Share class

13.43

0.01 0.63

EUR Accumulating Share Class

22.47

0.20 0.00

USD Accumulating Share Class

$ 15.14

-0.17 0.00

EUR Accumulating Share Class

15.75

0.06 0.00

$ 18.39

0.05 0.00

GBP Accumulating Share Class

18.78

0.18 0.00

EUR Accumulating Share Class

21.09

0.37 0.00

PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port

Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
FCA Recognised
DGT - Consumer I Class

130.41

-0.27 0.00

DGT - Consumer R Class

125.81

-0.27 0.00

DGT Managed - I

1.13

-0.01 0.00

DGT Managed - R

1.15

0.00 0.00

Dragon Capital Group

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Inv. (VEIL) NAV $

3.47

(LF) Greek Corporate Bond

10.64

-0.08 0.00

UK Long Corporate Bond Fund - Gross Income 11.58

-0.06 4.18

GAM UK Diversified Acc

1887.50

-0.37 1.08

(LF) FOF Balanced Blend

1.42

0.00 0.00

UK Specialist

(LF) FOF Equity Blend

1.30

0.01 0.00

Retail Share Classes

(LF) FOF Glob. Emerging Mkts

0.92

0.00 0.00

(LF) FOF Dynamic Fixed Inc

11.68

-0.02 0.00

(LF) FOF Real Estate

17.11

-0.22 0.00

0.54

0.00 0.00

Global Industrials A-GBP

0.70

0.01 0.00

Global Inflation-Linked Bd A-GBP-Hdg

1.20

0.00 0.51

Global Real Asset Securities

1.51

0.00 0.00

Global Technology A-GBP

0.24

0.00 0.00

Cash Fund

1.00

1.00 0.00 0.12

Global Telecomms A-GBP

0.29

0.00 1.01

Gross Accum Cash

1.28

1.28 0.00 0.00

India Focus A-GBP

4.78

-0.02 0.00

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.11

Latin America A-GBP

1.70

-0.01 0.18

MoneyBuilder Global

2.61

2.61 -0.01 0.19

9.80

0.00 0.50

CMI Access 80% Gu F

5.65

-0.02 0.00

-0.50 4.72

Higher Income Cls B Inc

133.60

-0.50 4.65

UK Equity Growth Cls A Inc

227.50

-1.40 0.48

UK Equity Growth Cls B Inc

231.90

-1.40 1.29

Amity Balanced For Charities A Inc

113.10

-0.60 5.36

-0.42 1.72

European Real Estate Securities

22.6735

-0.1334 1.35

Amity European Fund Cls A Inc

195.80

-3.00 1.25

-0.27 0.07

Europ.RealEstate Sec. IX

29.8440

-0.1757 0.00

Amity European Fund Cls B Inc

197.40

-3.10 2.13

9.21

-0.03 0.00

Japan B Acc

48.53

0.10 0.00

Gbl RealEstate Sec. I

$ 11.3753

-0.1789 1.29

Amity Global Equity Inc for Charities A Inc

106.40

-0.30 3.92

Baring European Opportunities Fund Class A EUR Acc 12.05

-0.09 0.00

Portfolio III B Acc

108.99

-0.44 1.37

Gbl RealEstate Sec. IX

$ 13.2662

-0.2086 0.00

Amity International Cls A Inc

218.90

-0.80 1.28

Baring Global Mining Fund - Class A GBP Inc

5.19

-0.06 0.74

Portfolio IV B Acc

109.52

-0.47 1.82

Amity International Cls B Inc

220.50

-0.70 2.09

Dynamic Emerging Markets A GBP Acc F

9.81

-0.01 0.00

Portfolio V B Acc

109.89

-0.47 0.87

Amity Sterling Bond Fund A Inc

110.20

-0.10 5.19

43.35

0.09 0.79

Portfolio VI B Acc

110.06

-0.50 1.00

Amity Sterling Bond Fund B Inc

118.50

-0.10 5.18

8.86

-0.14 6.60

Portfolio VII B Acc

107.87

-0.51 0.78

Cohen & Steers SICAV

(LUX)

Regulated

Emerging Opportunities A GBP Inc H 19.92

-0.08 0.00

North American B Acc

868.75

-3.88 0.45

Arbiter Global Emerging Markets Fund Class A USD $ 110.48

-0.53 0.00

Glb Emerging Markets A GBP Inc H 20.03

-0.11 0.44

Strategic Return B Acc

105.56

-1.43

Arbiter Global Emerging Markets Fund Class B GBP 102.18

-0.34

Glb Resources A GBP Inc H

0.00 0.34

Total Return B Acc

106.12

-0.59 1.24

6.82

0.03 6.62

UK Equity B Inc

109.70

-0.84 1.51

17 square Edouard VII - 75009 Paris, www.comgest.com

FCA Recognised

Eclectica Asset Management

Comgest SA

Arisaig Partners

Hong Kong China A GBP Inc

605.04

0.60 0.58

UK Equity & Bond Income B Inc

237.22

-1.62 4.59

Comgest Asia F

Other International Funds

India Fund - Class A GBP Inc

15.35

-0.21 0.00

UK Equity Income B Inc

419.41

-3.46 4.51

Comgest Europe F

UK Government Bond B Inc

48.65

-0.24 2.18

(LUX)

$ 4091.65

-0.32 0.00

SFr 5482.40

-44.17 0.00

Comgest SA

(FRA)

17 square Edouard VII - 75009 Paris

FCA Recognised
Comgest Magellan

(UK)
40 Dukes Place, London EC3A 7NH
Order desk: 0845 6080941 Switchboard 0870 6072555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Eclectica Agriculture A EUR Acc

Comgest AM International Ltd

CF Heartwood Growth B Acc

145.97

-0.40 0.65

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised

CF Heartwood Balanced Income B Inc

116.37

-0.31 2.38

Comgest Gth Asia Pac ex Jap DIS F $

8.15

Asset Management

-0.05 0.00

(IRL)

1.49

0.01 0.00

110.42

-0.22 0.00

CF Eclectica Agriculture A USD Acc

1.68

-0.01 0.00

CF Eclectica Agriculture C EUR Acc

1.54

0.01 0.32

114.15

-0.22 0.36

1.72

-0.02 0.38

CF Eclectica Agriculture C GBP Acc

CF Eclectica Agriculture C USD Acc

21.41

CF Eclectica Agriculture A GBP Acc

$ 12.42

0.00 0.00

GAM Star Cautious GBP Acc

10.41

-0.01

GAM Star China Equity USD Acc F $ 22.23

-0.19 0.50

GAM Star Cont European Eqty GBP Acc F

3.35

-0.02 0.00

GAM Star Cred Opportunities GBP Acc 12.61

-0.01 4.12

GAM Star Defensive GBP Acc

10.93

-0.01 0.00

GAM Star Discretionary FX USD Acc F $ 12.92

-0.02 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.55

-0.11 1.44

GAM Star Emerging Asia USD Class ACCU $ 13.24

0.08 0.47

GAM Star Emerg. Market Rates USD Acc F $ 11.56

-0.03 0.00

GAM Star European Eqty USD Acc F $ 22.25

-0.16 0.00

GAM Star Flexible Gbl Port GBP Ac 12.69

0.00 0.00

GAM Star GAMCO US Equity Acc F $ 13.75

0.05 0.00

0.00 0.00

0.05 0.00

Fidelity Asian Dividend Fund A-Accumulation

1.16

0.00 0.48

American Fund GBP Hedged

42.91

-0.04 0.00

GAM Star Global Selector USD Acc F $ 14.37

-0.05 0.00

Fidelity Asian Dividend Fund A-Income

1.12

0.00 2.60

Latin American Fund USD Class

$ 15.71

-0.34 0.00

GAM Star Japan Eqty USD Acc F $ 11.96

-0.10 0.38

China Consumer

1.52

0.00 0.21

GAM Star Keynes Quant Strat USD Acc F $ 12.37

-0.01 0.00

Emerging Asia

1.25

-0.01 0.24

GAM Star Local EM Rates and FX USD Acc $ 11.87

0.02 0.00

Emerg Eur, Mid East & Africa H

1.49

-0.02 0.84

GAM Star North of South EM Equity Acc F $ 11.83

-0.04 0.02

Enhanced Income - Acc

1.88

-0.01 6.74

GAM Star Technology USD Acc F $ 16.09

-0.06 0.00

Enhanced Income - Inc

1.28

-0.01 6.90

GAM Star US All Cap Eqty USD Acc F $ 13.98

0.03 0.00

European - Inc

1.42

-0.01 2.35

GAM Star Worldwide Eqty USD Acc F $ 3286.83

2.15 0.37

European

16.00

-0.18 1.58

European Opportunities

3.58

-0.03 0.37

Extra Income

0.27

0.00 3.59
0.00 3.59

Asset Management

Fleming Financial Trust Investment Fund Limited (NZ)

2.73

12.95

-0.04 0.00

Global High Yield Fund - A Gross Acc 11.95

0.01 4.67

Foord Asset Mgt (Guernsey) Ltd

Global High Yield Fund - A Gross Inc 10.35

0.02 4.84

Regulated

Global High Yield Fund - A Net Acc 11.61

0.01 4.74

Global High Yield Fund - A Net Inc 10.34

0.01 4.83

Global Property - Acc

1.56

-0.03 1.23

Global Property W Inc

1.30

-0.03

Global Special Sits

24.46

-0.08 0.04

Index Emerging Markets P-Acc

1.12

0.00

-0.01 0.25

GAM Star Cat Bond USD Acc

GAM Star Global Rates USD Acc F $ 12.65

130.20

-0.02 0.00

GAM Star Global Conv Bond USD Acc F $ 11.34

2.58

Higher Income Cls A Inc

-0.07 0.00

-1.50 2.31

-0.01

GAM Star Cap.Appr.US Eqty USD Inc F $ 17.56

Japan

$ 78.79

0.00 2.10

204.70

10.37

American Fund USD Class

Amity UK Cls B Inc

-0.07 0.00

GAM Star Balanced GBP Acc

0.00

1.16

Asset Management

-0.07 0.77

0.01 0.00

-1.50 1.47

GAM Star Asian Eqty USD Ord Acc F $ 14.30

Index World P-Acc

GAM Star Asia-Pacific Eqty USD Acc F $ 11.91

-0.01 1.70

205.50

(IRL)
FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

1.07

Amity UK Cls A Inc

(UK)

11.15

1.42

PO Box 3733, Swindon, SN4 4BG, 0845 604 4056

Authorised Inv Funds

GAM Limited (2300)F

-0.07 1.51

-0.15 1.10

Asia Pacific Ops W-Acc

-0.11 0.00

Index World A-Acc

(UK)

-0.15 1.09

American Special Sits

0.00 1.73

0.96 0.00

195.83

(IRL)
Findlay Park Funds Plc
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FCA Recognised

27.70

(LUX)

Global Health Care A-GBP

186.23 186.23 0.00 0.00

205.72

Fundsmith Equity T Inc

GAM Star Fund Plc

130, Tonbridge Rd, Tonbridge TN11 9DZ

Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

1.24

$ 13.46

CMI US Dllr Currency Reserve

0.00 1.84

0.00 0.00

CMI US Bond

Index US P-Acc

126.49

Ecclesiastical Inv Mgt Ltd (1200)F

0.00

1.54

0.43

-0.01 1.32

-0.04 2.02

{*}CAR - Net income reinvested

Global Financial Services A-GBP

4.93

Europe Long Term Growth

FIL Investment Services (UK) Limited (1200)F (UK)

1.60

8.27

-0.01 0.00

-0.04 0.24

CMI Stlg Currency Reserve

-0.04 0.00

Index US A-Acc

www.dsmsicav.com
Regulated

CMI UK Bond

1.34

0.00 0.97

-0.12 1.80

0.00

-0.01 1.18

Emerging Markets - retail

4.30

47.19

24.96

-0.01 1.22

15.23

CMI Euro Bond F

CMI Euro Currency Reserve

1.05

Global Growth I2 Acc

Currency Reserve Sub Funds

1.82

China Focus A-GBP

Cash Accum Units

Fundsmith Equity T Acc

Asset Management
GAM Limited

China Consumer A-GBP

0.86

-0.26 2.07

29.87 0.00

-0.29 0.37

93.25

3268.12

Index UK P-Acc

(LUX)

117.20

GAM North American Gwth Acc

Index UK A-Acc

DSM Capital Partners Funds

Global Resource B Acc

113.09

-0.01 4.04

0.00

Global Infrastructure B Acc

129.40

0.00 0.02

0.46 2.27

CF Heartwood Cautious B Acc

2.55

-0.01 0.00

CF Heartwood Cautious Income B Inc

0.14 0.00

UK Long Corp Bond - Gross

1.15

-7.29 0.00

0.00 0.00

1.06

$ 10.12

5.70

75.44

3951.04

1.22

Baring China Bond Fund

China A-Share A GBP Inc

GAM Global Diversified Acc

Index Pacific ex Japan P-Acc

Australia A GBP Inc

-0.28 0.00

0.00 4.19

(LF) Income Plus $

Index Japan P-Acc

0.16 0.00

0.00 0.00

-6.17 0.00

Arisaig Latin America Consumer Fund $ 22.85

1.45

-0.10 0.00

40 Dukes Place, London EC3A 7NH

Order Desk 08459 220044 Switchboard 0870 607 2555
Authorised Inv Funds

(IRL)

UK Long Corp Bond

0.80

Gl. Macro Bds & Curr Low Vol AHG - GBP 99.18

Regulated

-0.36 0.00

Vietnam Growth Fund (VGF) NAV $ 22.62

Eq. Latin America AU Class - R - USD $ 434.73

Baring International Fd Mgrs (Ireland)

Vietnam Property Fund (VPF) NAV $

0.40 5.04

0.00 0.00

14.97

-0.01 0.16

0.07 0.00

-0.01 1.79

(LF) Greek Government Bond

101.60

1.02

Global High Yield Bond B Inc

2.06

-0.08 0.00

Arisaig Global Emerging Markets Consumer UCITS STG 11.44

Index Europe ex UK P-Acc

Arisaig Global Emerging Markets Consumer UCITS 12.02

UK Gilt Gross

-0.04 0.00

46.00

(UK)

0.19 0.00

Asia Growth A GBP Inc H

Capita Asset Services

Global Focus

-2.23 0.00

-0.02 0.00

15.51

Fleming Fund

-0.01 1.82

(LF) Eq Mena Fund

0.00 2.98

Eq. Greater China AU Class - R - USD $ 623.86

Arisaig Global Emerging Markets Consumer Fund $ 10.51

-0.01 3.20

-0.22 3.90

1.31

1.41

126.30

0.02

-0.03 3.89

UK Gilt Bond

Global Equity Income B Inc

-0.08

-0.01 0.00

Global Dividend - Inc

0.47 0.91

UK Corporate Bond Fund Gross Inc 11.47

DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 108.48 108.48 1.78 0.00

-0.03 0.00

1.14

126.07

$ 34.57

ASEAN Frontiers A GBP Inc

14.85

12.19

(LF) Global Equities

1.55

-0.55 0.00

MENA A GBP Inc F *

(LF) Global Bond Fd

GAM Sterling Management Limited

12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

0.27

Latin America A USD Inc H

-0.01 3.77

Eq. Emerging World AU Class - R - USD $ 94.25

0.41 0.00

-0.24 0.00

-0.29 0.00

2.29

Global Dividend - Acc

Extra Income - Gross

Eq. Emerging Europe AE Class - R - EUR 26.83

UK Corporate Bond - Gross

Other International Funds

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

Arisaig Asia Consumer Fund Limited $ 63.42

0.02

DX EVOLUTION PCC LIIMITED - DXE () FUND 108.11 108.11 1.20 0.00

Dominion Fund Management Limited

-0.19 0.00

Arisaig Africa Consumer Fund Limited $ 16.85

Incorporated in New Zealand, Reg No 5141841

Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund

High Yield Bond A GBP Hedged Inc H

1.22

Asset Management
Dominion Fund Management Limited

$ 26.84

12.81

0.00 3.90

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg

Phone: 800 22 089, 800 22 088
Regulated

Bd. Global AU Class - R - USD

Emerging Mkt Debt LC A GBP Hedged Inc

0.00 3.08

FIL Fund Management

0.02 0.00

Eastern Europe A GBP Inc

1.27

Baring Emerging Markets Corporate Debt Fund $

1.26

0.04

Bd. Euro Corporate AE Class - R - EUR 19.06

Global Bond B Inc

UK Corporate Bond

Cheyne Capital Management (UK) LLP

UK Aggregate Bond Inc

0.00 0.00

American

Cheyne Real Estate Credit Holdings Fund 139.97

230.09 237.80 0.09

-0.01 0.00

0.16 0.00

Cheyne Multi Strategy Liquid Fund $ 124.67

Property Acc

120.75

190.84 192.96 1.50 3.80

RON 15.68

(LF) Cash Fund (RON)

Cheyne Global Credit Fund

11493.97 11621.11 90.16

106.95 110.53 0.04 6.12

-0.01 3.03

OEIC Funds

Investment Acc

781.05 784.19 -8.88

0.16 0.00

Ethical Invest Inc

Property Inc

1.83

-50.85 0.00

Fixed Interest Acc

Cheyne European Real Estate Bond Fund 112.50

Sterling Bond F

UK Aggreg Bond Gr Accum

-1.44 0.00

Cheyne Malacca Asia Equity Fund Class A $ 1441.37

0.00 0.00

1232.30 1245.94 9.66 3.73

Cheyne Convertibles Absolute Return Fund 1346.41

Investment Inc

1.32

10.58

USD Accumulating Share Class

Regulated

-0.02 1.91

(LF) Cash Fund

GBP Distributing Class

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

(IRL)

-0.01 3.53

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

-0.03

$ 16.94

Fundsmith LLP (1200)F

USD Accumulating Share Class

1.40

9.51

$ 737.96

-0.50

3.46

$ 340592.92 340592.92 -8106.27 0.00

-0.53

EUR Distributing Class (H)

CAM GTi Limited

45.26

CAM-GTF Limited

71.42

Global Real Estate-GBP C Class

UK

0.13

Dodge & Cox Worldwide Funds plc-Global Stock Fund

Commercial Property-GBP Class

Sterling Core Plus Bond Inc

Other International Funds

Other International

-0.02 0.00

11.70

Frontier Capital (Bermuda) Limited

EUR Distributing Class

0.10 0.66

(LF) Balanced - Active Fund (RON)RON 16.29

-0.03

0.00 0.00

-0.03

-0.03

141.64

(UK)

1.30

9.70

Cheyne Capital Management (UK) LLP

9.74

1.96 -0.03 6.61

(LF) Absolute Return

EUR Accumulating Class (H)

9.55

1.96

-0.06 0.00

Raffles-Asia Investment Company $

0.14

-0.80 0.00

-0.06

USD Accumulating Class

11.93

GBP Distributing Class (H)

Chartered Asset Management Pte Ltd

Other International Funds

CCLA Fund Managers Ltd

140.44 141.00 -1.60 3.91

Baring Fund Managers Ltd (1200)F

0.00 0.01

215.86 218.24 1.15

0.00 3.25

Fixed Interest Inc

1.00

1340.27 1355.09 2.50 3.78

Global Equity Acc

0.48

(CYM)

EUR Accumulating Class

Dodge & Cox Worldwide Funds plc-International Stock Fund

(JER)
Barclays Investment Funds (CI) Ltd
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

Schwab USD Liquid Assets Fd

0.00 0.00

0.01 3.43

5099.80 5257.50 35.90 0.00

Do Accum

100.00

$ 21.80

Reduced Duration UK Corporate Bond 10.60

-0.60 0.10

The Public Sector Deposit Fund-share class 1 F

Tem Thailand

0.02 1.88

-0.81 0.00

-0.02 2.05

265.80

Index Linked Bond Gross

Cavendish Technology Fund B Class

$ 121.35

-0.01 0.00

0.25 0.71

Aspect Diversified Trends USD

2.61

(IRL)

0.17 0.00

5.26

3.82

137.10

Regulated

FP CAF International Equity A Class Inc

Charles Schwab Worldwide Funds Plc

16.12

Tem Korea

-0.36 1.95

1.34 0.00

Tem Growth (Euro)

-0.05 0.63

Pan European

0.95 0.00

-0.01 0.53

Pacific (Ex Japan)

Ashmore SICAV Local Currency Fund $ 86.68

2.61

FP Frontier MAP Balanced Fund

1372.10 1414.50 9.70 0.00

2.75

-0.12 2.63

Disc Inc

Senator House 85 Queen Victoria Street London EC4V 4ET

Authorised Inv Funds
The Public Sector Deposit Fund

Index Linked Bond

-0.01 2.58

1.10 0.00

23.16 0.00

Global Focus

-0.09 0.00

186.50

321.18

0.85

Cavendish North American Fund A Class

Cedar Rock Capital Fd Plc

$ 18.15

11.77

0.26 0.70

(UK)

Tem Frontier Mkts Fund

CCLA Investment Management Ltd

-0.60 1.50

Long Bond Fund Gross Inc

140.59

Long Bond Gross

Euronova Asset Management UK LLP

FP CAF International Equity A Class Acc

15.70 0.00

0.05 0.00

Fidelity Pre-Retirement Bond Fund 119.90

Authorised Inv Funds

1 Poultry, London EC2R 8JR 020 7 415 4130

Authorised Inv Funds

0.01 0.00

Frontier Gottex

1.20 0.59

363.94

20.82

0.00 2.64

Cedar Rock Capital Fd Plc

19.14

Tem European EUR

0.00 0.76

191.60

Other International Funds

Tem Euroland

-0.05 2.44

Cavendish North American Fund B Class

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

-0.03 0.49

-0.03 2.81

10.71 0.00

3.95

0.53

3.34

1.96

102.56

$ 348.17

Europe

FP CAF Fixed Interest B class Inc

Cedar Rock Capital Fd Plc

Emerging Markets

-0.52 0.07

(IRL)

-0.06 0.00

Long Bond

-1.37 0.60

Dodge & Cox Worldwide Funds

Japan

(LUX)

Davis Value A

Tem Emerging Mkts Sml Comp Fd $ 10.14

Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00

kr 459.40 459.50 -1.10 0.00

0.00 0.42

-0.05 0.63

Smaller Cos Cls Three Shares (Est) 11.08

-0.19 0.63

-0.09 0.00

Dantrust II Limited

3.86

-0.15 0.00

(GSY)

Regulated

America

3.14

Regulated

Institutional OEIC Funds

Index-Linked Bond Fund Gross Inc 12.32

(GSY)

Dantrust Management (Guernsey) Ltd

Regulated

Equinox Fund Mgmt (Guernsey) Limited

Smaller Cos Cls Two Shares (Est) 22.14

109.76

Regulated

3.95 0.00

Smaller Cos Cls One Shares (Est) 31.17

110.14

Aspect Capital Ltd (UK)

0.08 0.00

FP CAF Alternative Strategies A Class Inc

(IRL)

-0.90 2.10

FP CAF Alternative Strategies A Class Acc

Cedar Rock Capital Limited

(IRL)

128.02

SFr 121.22

(LUX)

$ 14.77

Ashmore SICAV Global Small Cap Equity Fund $ 130.78

Aspect Diversified CHF

FCA Recognised

Frk Strategic Income Fd

Ashmore SICAV Global Equity Fund $ 110.02

Aspect Diversified GBP

Arbiter Fund Managers Limited

0.20 0.00

1.64

4.91 0.00

0.00

3.36 0.00

147.00

591.65

1.09

Cavendish Japan Fund A Class

AEF Ltd Eur

Fidelity PathFinder Freedom 2 Acc (clean)

-0.04 2.76

251.39

0.00

$ 419.52

4.87

114.91

Aspect Diversified EUR

FP CAF Fixed Interest B class Acc

Aspect Diversified USD

$ 589.68

-0.03 0.00

Middle East & Developing Africa Fund (Final) $ 19.81

-0.07 10.25

-1.67 0.00

AEF Ltd Usd

Other International

-0.05 0.00

$ 10.58

Ashmore SICAV Emerging Market Total Return Fund $ 86.53

102.25

The Antares European Fund Limited

Frk Real Return Fd F

Crediinvest SICAV Sustainability 15.46

DAVIS Funds SICAV

0.20 0.82

7.75

0.01 0.00

-0.30 0.66

-1.70 0.38

-0.01

-0.04 0.00

Frk Natural Resources Fd F

169.50

1.09

Cavendish Asia Pacific Fund A Class

147.80

0.00

Fidelity PathFinder Freedom 1 Gross Acc (clean)

Crediinvest SICAV Big Cap Value 17.91

100.60 100.60 -0.60 3.34

132.30

0.00

Crediinvest SICAV US American Value $ 18.28

CAF UK Equitrack Acc Fd

Cavendish Japan Fund B Class

AC Risk Parity 17 Fund EUR A

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

Crediinvest SICAV Money Market Usd A $ 10.02

-0.20 1.44

Cavendish European Fund A Class

ACQ Risk Parity Bond Fund EUR A 103.99 103.99 -0.45 0.00

Amundi Funds

Crediinvest SICAV Money Market Eur I 11.23

-0.03 2.81

1.14

Other International Funds

169.90

-0.04 2.76

(LUX)

www.creditandorra.com
FCA Recognised

Cavendish Asia Pacific Fund B Class

-1.35 0.00

Yield expressed as CAR (Compound Annual Return)

All transactions to Ser A units the sell price will be used

Crdit Andorr Asset Management

73.41 73.41 -0.51 3.41

$ 1688.2146

102.28

153.54

-0.38 3.54

CATCo Re Fund Ltd Series B

114.46

AC Risk Parity 12 Fund EUR A

FP CAF Fixed Interest A class Inc

-0.76 0.00

154.98

13.5508

FP CAF Fixed Interest A class Acc

Allz Sterling Total Return Fund C Inc

0.21 2.11

125.35

-0.38 2.99

$ 1643.1807

0.24 13.57

AC Risk Parity 7 Fund EUR A

-0.59 0.48

Regulated
CATCo Re Fund Ltd Series A

Fidelity PathFinder Focussed 5 Acc (clean)

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised

(BMU)

$ 29.93

The EFG-Hermes Egypt Fund

Ennismore Smaller Cos Plc

CAF UK Equitrack Inc Fd

CATCo Reinsurance Fund Ltd.

Other International Funds

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6810.00

CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.49 15.49 0.13 0.00

0.0105 18.31

0.00

154.14

$ 1.1981

Ashmore SICAV Emerging Market Frontier Equity Fund $ 158.26

105.38

125.63

CATCo Reinsurance Opportunities Fund Ltd. (UK)

Ashmore SICAV Emerging Market Debt Fund $ 96.93

AC Opp - Aremus Fund EUR A

Allz RiskMaster Moderate C Acc

9.93 0.05 0.00

BlueBay EmMkt B-USD

www.alceda.lu
FCA Recognised

Allz Sterling Total Return Fund A Inc

9.93

CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.90 15.90 0.12 0.00

Regulated

Alceda Fund Management S.A.

(UK)

12.19 12.19 0.04 0.00

CF Lacomp World

CF Morant Wright Nippon Yield Fund B Inc

199 Bishopsgate, London, EC2M 3TY,0800 073 2001

Authorised Inv Funds
OEIC

0.08 0.00

55.15 58.56 -0.01 4.06

Allianz Global Investors GmbH(1200) F

-0.05 0.00

Artemis Strategic Bond R M Inc

33.06

10.83 10.83 0.06 0.00

623.50 656.30 -1.60

0.00 0.00

19.29
15.18

additional fund prices can be found on our website

Frk Euroland Fund

Frk European Sml Mid Cap Gth

CC Japan Alpha Fd - Cls B GBP

Managed Growth (Pensions)

1012.30

-0.01 0.25

Frk European Growth

CC Japan Alpha Fd - Cls A Euro

Frk Euro S-Term Money Mkt Fd

-0.03 0.05

0.46 2.20

6363.70 6698.60 -18.30

-0.01 0.28

1.41

-0.02 1.12

Managed (Pensions)

224.92

1.33

Target 2030

2.72

CF Morant Wright Nippon Yield Fund A Inc

508.10 534.90 -1.10

0.02 1.28

3.57

83.49 88.65 -0.01 3.99

Managed Growth (Life)

Target 2025

European Opportunities I EUR

2.34

Artemis Strategic Bond R M Acc

0.02 0.00

Life Funds

1602.30 1686.70 -3.90

-0.43

CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00

Managed (Life)

$ 10.25

UK Growth

0.55 2.15

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

$ 32.35

Frk Brazil Opportunities Fd

UK Select

0.52 2.16

Frk Biotech Discovery

-0.01 0.49

0.00 1.58

1060.50 1116.30 -3.10

0.00 0.30

0.01 1.38

Managed Ser A (Pensions)

0.57

261.61

0.50

253.31

1581.00 1673.10 -3.90

Target 2020

2.02

CF Morant Wright Nippon Yield ACC B

Managed Ser A (Life)

Target 2015 - Gross

3.10

CF Morant Wright Nippon Yield ACC A

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Class A Acc

CC Asia Alpha Fd - Cls C GBP

BlueBay Asset Management LLP

-0.48 0.89

Tem Latin America

$ 12.33 12.33 0.04 0.00

0.00 3.23
0.00 0.27

CC Asia Alpha Fd - Cls B USD

1562.00 1644.30 -9.80

$ 50.35

0.25 0.00

Selective Acc. Ser 2

+/- Yield

0.33

Offer

0.50

246.08

1468.90 1546.20 0.10

Bid

CF Morant Wright Japan A

Prop. Acc. Ser 2

Fund

Investment Adviser - Morant Wright Management Limited

+/- Yield

Target 2015

12.57 12.57 0.04 0.00

0.11

Offer

Strategic Bond Gross

CC Asia Alpha Fd - Cls A Euro

Bid

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

Edinburgh Partners Limited

104.17 109.37 -0.26 0.00

5.41

Fund

77.21 81.70 0.17 0.00

+/- Yield

Artemis Strategic Assets R Acc

2001.30 2106.70 -15.10

Offer

European Opportunities I USD

Artemis Monthly Dist R Inc

Selective

Bid

European Opportunities I GBP

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances

Pension Funds

Fund

Japan Smaller Companies

1.81

0.00 0.00

MoneyBuilder Asset Allocator

1.22

0.00 0.50

MoneyBuilder Balanced

0.51

-0.01 4.04

Money Builder Dividend

2.64

-0.02 4.39

MoneyBuilder Growth

0.74

-0.01 2.17

MoneyBuilder Growth ISA

0.75

-0.01 2.33

MoneyBuilder Income

0.37

0.00 3.23

MoneyBuilder Income -Gross

0.37

0.00 3.23

Multi Asset Adventurous A-Acc

1.35

-0.01 0.46

Multi Asset Alloc Adventurous A-Acc

3.67

-0.02 2.29

Multi Asset Alloc Strategic A-Acc

1.21

-0.01 0.27

Multi Asset Alloc Def - Gross A

1.14

-0.01 0.27

Multi Asset Alloc Def - Net A

1.14

0.00 0.24

Multi Asset Alloc Growth A

1.26

0.00 0.00

Multi Asset Defensive

1.24

-0.01 0.35

Multi Asset Defensive - Gross

1.25

0.00 0.34

Multi Asset Growth

1.40

0.00 0.34

MultiManager Balanced

1.09

0.00 0.56

Multi Asset Open Growth A-Acc

0.48

0.00 0.77

Multi Asset Open Strategic A-Acc

1.26

0.00 1.60

Multi Asset Open Strategic A-Inc

0.31

0.00 2.32

Multi Asset Strategic

1.56

0.00 0.51

Open World A-Acc

1.22

0.00 0.00

Multi Asset Income A Gross Acc

1.57

0.00 3.66
-0.01 5.06

Foord International Trust

1.13

Multi Asset Income A Net Acc

1.49

0.00 3.67

Multi Asset Income A Net Inc

1.13

-0.01 5.06

South East Asia

8.40

-0.01 0.45

Special Situations

28.48

-0.10 1.77

Strategic Bond

0.00 3.23

0.33

(GSY)
-

-0.09 0.00

Taurus Emerging Fund Ltd

$ 246.03 251.05 -5.28 0.00

Generali International Limited

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed

4.86

5.24 0.01 0.00

UK Multi-Strategy Managed

4.84

5.22 0.01 0.00

EU Multi-Strategy Managed

2.93

3.16 0.01 0.00

Global Bond USD

3.60

3.88 0.01 0.00

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

Genesis Asset Managers LLP

Franklin Emg Mkts Debt Opp CHFSFr 17.80

-0.86 6.29

Emerging Mkts NAV

Franklin Emg Mkts Debt Opp EUR 12.66

0.11 5.94

Franklin Emg Mkts Debt Opp GBP 10.61

-0.01 5.96

Franklin Emg Mkts Debt Opp SGD S$ 23.02

-0.10 5.97

Franklin Emg Mkts Debt Opp USD $ 17.85

-0.19 6.03

Other International Funds

(LUX)

8A rue Albert Borschette / L-1246 Luxembourg

www.franklintempleton.co.uk UK freephone 0 800 305 306
FCA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis

$ 10.42

-0.19 2.19

Frk High Yield

6.81

0.03

Frk Euro Gov. Bond

11.56

-0.02 1.01

Frk Euro High Yield

6.61

0.00 4.58

Frk Euro Liquid Reserve

4.37

0.00

Frk Euro Short Dur Bond Fd

10.21

0.00

Frk Europ Corp Bond Fd

11.60

0.01 1.64

Frk European Total Return

10.42

-0.01 1.48

Frk Global Aggr.Inv.Grd Bond Fd

$ 10.73

-0.07 0.00

-0.02 0.00

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
Property Bond

Franklin Templeton Investment Funds

5.88

Guardian

23.35 24.32 0.00

Choices Wth-Pfts Lg-tm

316.90 333.60 0.00

Choices Wth-Pfts St-tm

269.00 283.10 0.10

Choices Managed

627.84 660.88 -0.35

Choices Equity

709.84 747.20 1.26

Freedom With Pfts Long-Tm

217.80 229.30 0.00

Freedom With Pfts Short-Tm

196.10 206.50 0.00

Freedom Managed

363.42 382.55 -0.16

410.58 432.19 0.59

Corp Pens Mananged

221.64 221.64 -0.13

Corp Pens Equity

231.73 231.73 0.41

Corp Pens Fixed Interest

305.40 305.40 -0.93

Corp Pens Index Linked

359.03 359.03 -2.17

Corp Pens Deposit

190.28 190.28 0.00

376.39 376.39 -2.75

Freedom Equity

Asset Management

Frk Global Aggregate Bond Fd

$ 10.15

-0.07 1.27

Frk Global Income Fd

$ 10.34

0.03 5.55

Frk Income

$ 12.70

-0.04 3.09

Guardian Linked Life Assurance Ltd

Frk US Government

9.48

-0.01 2.29

Frk US Liquid Reserve Inc

9.67

0.00 0.00

Frk US Low Duration Fd

9.90

Frk US Total Return

$ 11.50

Tem Asian Bond

Corp Pens Protector

Corp Pens UK Index Tracker

2.00 0.01

Managed Acc

18.23 19.19 -0.02

Equity Acc

33.39 35.15 0.04

0.01 0.53

Fixed Interest Acc

17.43 18.35 -0.05

-0.02 1.56

International Acc

13.26 13.96 0.00

$ 13.58

0.00 3.04

Nth American Acc

6.76

7.12 0.02

Tem Asian Growth

$ 32.98

-0.14 0.29

Pacific Acc

3.89

4.10 -0.03

Tem Emerging Markets

$ 32.95

-0.41 0.27

European Acc

3.34

3.52 -0.02

Tem Emg Mkts Balanced AQdis

7.86

-0.07 2.87

Property Acc

6.74

7.10 0.00

Tem Emg Mkts Bd

$ 17.22

0.00 6.69

Index-Linked Acc

6.74

7.10 -0.04

Tem Global

$ 34.10

-0.20 0.47

Deposit Accum

4.46

4.69 0.00

Tem Global (Euro)

18.88

0.17 0.37

Guardian Pensions Management Ltd

2.00

Tem Global Balanced

$ 22.81

-0.11 0.64

Pens. Managed Acc.

23.71 24.96 -0.02

Tem Global Bond

$ 21.00

0.09 2.32

Pens. Equity Acc.

35.75 37.63 0.06

Tem Global Bond (Euro)

10.37

0.03 2.89

Tem Global Equity Income A(Mdis) $ 10.02

-0.05 3.69

HPB Assurance Ltd

Tem Global High Yield Fd F

9.48

0.04 4.99

Tem Global Income

$ 14.18

-0.01 1.64

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

Tem Global Smaller Cos

$ 33.40

-0.13 0.00

Tem Global Total Return

$ 17.84

0.08 3.56

Holiday Property Bond Ser 1

0.53

0.00 0.00

Holiday Property Bond Ser 2

0.62

0.00 0.00

-0.06 0.30

Asset Management

(GSY)

Regulated

Franklin Templeton International Services Sarl (IRL)

Asset Management

Multi Asset Income A Gross Inc

$ 34.66

2.83 0.02

GYS Investment Management Ltd

Asset Management

26

FINANCIAL TIMES

Tuesday 10 February 2015

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Fund

Bid

European Smlr Cos Acc

Other International Funds

Global Bd Acc (Gross)

Global Bd Inc (Gross)

Asian Market Leaders - USD

$ 25.97

-0.15 0.00

Asian Market Leaders - GBP

13.29

-0.03 0.00

Greater China - USD

$ 10.63

-0.05 0.00

Greater China - GBP

-0.01 0.00

Selected Asian P'folio

$ 49.29 49.30 -0.18 0.00

4.39

Hargreaves Lansdown Fd Mgrs (1100)F

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
Multi-Manager Spec Sits Tst

259.66 273.32 0.68 0.22

HL Multi-Manager Income & Growth Trust (Accumulation units)

162.39 170.84 0.17 3.75

HL Multi-Manager Income & Growth Trust (Income units)

100.60 105.83 0.11 3.75

Multi-Manager Bal Mgd Tst

181.24 190.60 0.35 0.89

HL Multi-Manager Equity & Bond Trust (Income units)

109.24 114.79 0.13 2.24

HL Multi-Manager Equity & Bond Trust (Accumulation units)

145.37 152.76 0.17 2.24

Multi-Manager Strategic Bond Trust A Acc

169.77 175.02 -0.02 1.75

Multi-Manager Strategic Bond Trust A Inc

143.26 147.69 -0.03 1.75

HL Multi Manager UK Growth

100.17 103.26 0.07 0.00

Haussmann
Other International Funds

+/- Yield

Fund

Bid

-0.09 0.00

New Zealand Dollar

NZ$ 209.8480

0.0510 2.68

(Accum Units)

6779.30xd

Emerging Markets

242.96

-1.61 1.70

-1.10 3.39

Sterling Class

52.5360

0.0010 0.19

M&G Property Portfolio A Acc

125.90xd 132.52 0.02 3.94

ETF Global Growth A

159.08

-0.85 0.00

129.97

-0.06 1.06

Invesco Euro Reserve A

322.89

0.00 0.00

UK Strategic Eq Inc Inc ... C

99.02xd

-0.73 3.47

US Dollar Class

$ 60.5760

-0.0020 -0.32

Property Portfolio A

117.97xd 124.17 0.02 4.03

ETF Commodity A

84.12

0.57 0.00

80.98

-0.04 1.07

Invesco European Bond A

7.14

-0.01 0.00

UK Strategic Gth Acc

107.30xd

-1.10 1.23

Lloyds Multi Strategy Fund Limited

Property Portfolio X

117.97xd 117.97 0.02 4.02

European Multi-Cap

241.28

-1.15 0.22

122.35

-0.05 1.06

Invesco European Growth Equity A 23.23

-0.06 0.00

UK Strategic Gth Inc

100.10xd

-1.00 1.24

Conservative Strategy

1.1610

-0.0030 2.30

80.90

-0.04 1.07

Invesco Global Absolute Return Fund A Class 11.78

-0.02 0.00

US Acc

717.90xd

2.30 0.00

Growth Strategy

1.5420

-0.0030 1.64

M & G (Guernsey) Ltd

Glbl Distribution Acc

52.72

-0.04 4.44

Invesco Global Bond A Inc

5.57

-0.03 1.12

US Inc

99.37xd

0.33 0.00

Aggressive Strategy

1.8350

-0.0030 0.00

Glbl Distribution Acc (Gross)

53.03

-0.04 4.44

Invesco Global Equity Income Fund A $ 59.47

-0.64 0.00

US Equity Income Acc ... C

123.10xd

0.60 1.84

Global USD Growth Strategy

$ 1.4180

-0.0040 0.00

Regulated
The M&G Offshore Fund Range

Glbl Distribution Inc

51.51

-0.04 4.46

Invesco Global Inc Real Estate Sec A dist $

9.81

-0.17 2.26

US Equity Income hdg Inc ... C

102.60xd

-0.20 2.01

Glbl Distribution Inc (Gross)

51.51

-0.04 4.46

Invesco Global Inv Grd Corp Bond A Dist $ 12.30

-0.03 3.04

US Equity Income Inc ... C

106.10xd

0.50 1.86

Global Equity (acc)

468.78

-1.21 0.50

Invesco Global Leisure A

$ 36.01

-0.05 0.00

US Select Acc

111.90xd

0.60 0.00

Global Equity (inc)

427.57

-1.11 0.50

Invesco Global Smaller Comp Eq Fd A $ 53.52

-0.49 0.00

US Select Inc

110.50xd

0.50 0.00

US Smaller Cos Acc

379.30xd

2.50 0.00

US Smaller Cos Inc

99.40xd

0.66 0.00

Global Equity Income Acc

119.70

-0.39 3.23

Invesco Global Structured Equity A $ 45.50

-0.04

Global Equity Income Inc

100.60

-0.32 3.31

Invesco Global Total Ret.(EUR) Bond Fund A 13.46

-0.01 0.00

85.97

0.02 4.37

Invesco Gold & Precious Metals A $

4.96

-0.24 0.00

Gbl Financial Capital Acc

75.21

0.01 4.50

Invesco Greater China Equity A

$ 46.84

-0.21 0.00

JPMorgan Asset Management (Europe) S.. r.l. (FRA)

Gbl Financial Cap Acc Gross

89.20

0.03 4.87

Invesco India Equity A

$ 52.52

-0.94 0.00

Gbl Financial Cap Inc Gross

75.48

0.02 5.06

Invesco Japanese Equity Adv Fd A 3531.00

11.00 0.00

6 route de Trves L - 2633 Senningerberg - Luxembourg

FCA Recognised
Star Capitol America

Global Opportunities Acc

94.13

0.04 0.49

Invesco Japanese Value Eq Fd A 1141.00

7.00 0.00

1669.59

-1.47 0.00

Invesco Latin American Equity A $

7.54

-0.12 0.00

Global Smaller Cos Inc

1597.11

-1.41 0.00

Invesco Nippon Small/Mid Cap Equity A 999.00

-6.00 0.00

JPMorgan Charity Funds

57.66

-0.41 0.28

Invesco Pan European Equity A EUR Cap NAV 19.29

-0.13 0.00

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts

Global Targeted Rets Acc

-3.60 3.51

Invesco Pan European High Income Fd A 14.20

-0.01 1.97

High Income Inc

446.27

-2.03 3.60

Invesco Pan European Small Cap Equity A 19.87

0.12 0.00

High Yield Fund Acc

108.11

0.26 4.20

Invesco Pan European Structured Equity A 16.34

-0.12 0.00

125.14

0.31 4.17

Invesco UK Eqty Income A

-0.13 0.00

1.03

0.00 2.72

$ 22.23

-0.32 0.00

11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626

FCA Recognised

44.17

0.11 4.28

Invesco US Structured Equity A

Hong Kong & China Acc

-1.00 3.22

-0.70 3.28

China Opportunities A Acc

855.30

2.10 0.38

Emerging Markets Opportunities A Acc

155.00

-0.90 0.40

European Growth A Acc

163.00

-1.50 0.80

European Selected Opportunities A Acc

1246.00

-13.00 0.49

European Special Situations A Acc

88.16

Fixed Interest Monthly Income A Inc

22.43 23.53 0.05 5.99

-0.57 1.13

Global Care Growth A Inc

201.30

1.00 0.12

Global Equity Income A Inc

50.30

-0.18 3.81

Global Growth Fund

1990.26 2079.56 -12.39 0.00

Global Technology A Acc

909.90

0.20 0.00

Multi-Manager Absolute Return A Acc

136.40

0.00 0.00

Multi-Manager Active A Acc

175.50

-0.30 0.00

Multi-Manager Distribution A Inc

132.10

-0.10 2.49

Multi-Manager Diversified A Acc

78.82

-0.03 2.61

Multi-Manager Global Select Acc

182.00

-0.50 0.00

Multi-Manager Income & Growth A Acc

153.50

-0.10 2.03

Multi-Manager Income & Growth A Inc

143.80

-0.10 2.05

Multi-Manager Managed A Acc

229.30

-0.50 0.00

Multi-Manager Managed A Inc

225.10

-0.50 0.00

Sterling Bond Acc

204.36 213.53 -0.68 2.84

Sterling Bond Inc

64.41 67.30 -0.22 2.88

30.71

$ 32.82

0.11 0.00

Invesco USD Reserve A

$ 87.02

0.00 0.00

Europe Convertible Bd B (Cap)

15.65

0.00 0.00

Global Convertible A (Dis) F

$ 19.22

-0.05 0.00

947.85

-7.81 3.66

420.56

-3.47 3.76

Income Acc

3070.85

-13.60 3.33

Invesco Global Asset Management Ltd

Income Inc

1758.55

-7.79 3.41

Japan Acc

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200

FCA Recognised

292.04

0.03 0.33

65.42

-0.38 0.00

129.99

-1.36 1.21

109.34

-1.14 1.22

Managed Growth Acc

161.38

-0.37 0.82

Managed Growth Inc

135.16

-0.31 0.82

Managed Income Acc

159.06

-0.39 3.17

Managed Income Inc

99.50

-0.24 3.24

90.08

0.01 0.26

95.17

0.01 0.26

298.40

0.21 4.79

348.21

0.27 4.76

113.25

0.08 4.89

113.39

0.09 4.89

1011.11

-1.55 0.37

Money Acc

Money Acc (Gross)

Monthly Income Plus Acc

Monthly Income Plus Acc (Gross)

Monthly Income Plus Inc

Monthly Income Plus Inc (Gross)

Pacific Acc
Pacific Inc

F
F

928.69

-1.43 0.37

Tactical Bond Acc

69.61

0.12 1.76

Tactical Bond Inc

60.75

0.11 1.77

Tactical Bond Acc (Gross)

72.11

0.12 1.75

Tactical Bond Inc (Gross)

60.81

0.11 1.78

Invesco Stlg Bd A QD F

2.67

Invesco Asian Equity A

Invesco ASEAN Equity A

Invesco Bond A

(IRL)

0.00 3.56

6.78

-0.09 0.10

$ 104.16

-0.52 0.38

$ 27.79

-0.29 2.30

Invesco Continental Eurp Small Cap Eqty A $ 187.45

-3.63 0.00

Invesco Emerging Markets Equity A $ 39.64

-0.49 0.00

Invesco Emerging Markets Bond A $ 21.41

-0.04 4.72

Invesco Continental European Equity A

-0.06 0.07

Invesco Gilt A

8.43

Invesco PRC Equity A

$ 51.37

-0.20

Invesco Pacific Equity A

$ 49.89

-0.44 0.18

Invesco Global Technology A

$ 15.32

-0.05 0.00

Invesco UK Eqty A

-0.05 1.11

8.34

179.59

-0.91 3.49

JB BF Total Ret-EUR B

99.25

-0.11 0.00

136.76

-0.69 3.58

Invest AD

JB EF Abs Ret Eur-EUR B

118.84

-0.09 0.00

551.89

4.29 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds

JB EF Euro Value-EUR B

189.86

0.17 0.00

JB EF Japan-JPY B

16233.00

98.00 0.00

JB EF Luxury B-EUR B

227.60

0.21 0.00

JB Ms EF Special Val. EUR/A

145.62

-0.17 0.77

JB Strategy Balanced-CHF/B

SFr 152.43

-0.57 0.00

JB Strategy Balanced-EUR

158.72

-0.15 0.00

JB Strategy Balanced-USD/B

$ 133.60

-0.56 0.00

SFr 94.30

-0.39 0.00

119.97

-0.08 0.00

JB Strategy Inc-CHF/B

SFr 121.18

-0.30 0.00

JB Strategy Inc-EUR/B

163.15

-0.02 0.00

JB Strategy Inc-USD/B

$ 149.72

-0.48 0.00

-0.26 1.34

Invest AD - Emerging Africa Fund $ 1175.44

-3.08 0.00

UK Equity Income & Growth A Inc

617.20

-3.20 3.45

Asian Equity Income (No Trail) Acc

130.49

-0.18 3.99

Invest AD - GCC Focus Fund

-0.45 0.00

UK Index A Acc

506.30

-3.60 1.99

Asian Equity Income (No Trail) Inc

113.10

-0.16 4.10

UK Property A Acc

193.08 203.24 0.05 4.04

Balanced Risk 6 No Trail Acc

109.74

-0.49 0.20

UK Property A Inc

97.68 102.81 0.03 4.16

Balanced Risk 8 No Trail Acc

113.92

-0.66 0.45

0.90 3.92

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

Emerging European (No Trail) Inc

64.29

0.82 4.03

European Equity (No Trail) Acc

142.81

-1.85 2.87

Hermes Active UK Inflation Fund Class F Acc

1.27

1.27 -0.02 0.00

European Equity (No Trail) Inc

120.62

-1.56 2.94

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.55

1.55 0.00 0.00

European Equity Income (No Trail) Acc

146.97

-1.56 3.23

Hermes Asia Ex-Japan Equity Fund Class R Acc

3.34

3.34 0.02 0.00

European Equity Income (No Trail) Inc

115.26

-1.22 3.31

Hermes Global Emerging Markets Fund Class F Acc

1.24

1.24 0.00 0.00

European High Income (No Trail) Acc

165.65

-0.48 3.35

Hermes Global Emerging Markets Fund Class R Acc

3.09

3.09 0.01 0.00

European High Income (No Trail) Inc

123.38

-0.35 3.41

Hermes Global Equity Fund Class F Acc

1.51

1.51 0.01 0.00

Invesco Perpetual High Yield Fund acc (No trail)

223.20

0.56 4.26

Hermes Global Equity Fund Class R Acc

3.91

3.91 0.02 0.00

Invesco Perpetual High Yield Fund inc (No trail)

169.77

0.42 4.35

Hermes Global ESG Equity Fund Class F Acc

1.15

1.15 0.00

European Opportunities (No Trail) Acc

160.81

-0.86 0.76

Hermes Global High Yield Bond Fund Class F Acc

1.11

1.11 0.00 0.00

European Opportunities (No Trail) Inc

152.61

-0.81 0.77

Hermes Global High Yield Bond Fund Class R Acc

2.85

2.85 0.00 0.00

European Smaller Companies (No Trail) Acc

201.23

-0.84 0.54

Hermes Multi Asset Inflation Fund Class F GBP Acc

1.00

1.00 -0.01

Global Balanced Index (No Trail) Acc

156.31

-0.52 1.78

Hermes Multi Strategy Credit Fund Class F Acc Hed

1.02

1.02 0.00

Global Bond (No Trail) Acc

137.28

-0.06 1.30

Hermes Sourcecap EU Alpha Fund Class F Acc

1.24

1.24 -0.01

Global Bond (No Trail) Inc

125.54

-0.05 1.31

Hermes Sourcecap EU Alpha Fund Class F Dis

1.22

1.22 -0.01 1.84

Glbl Distribution Acc (No Trail)

105.81

-0.09

Hermes Sourcecap EU Alpha Fund Class R Acc

2.96

2.96 -0.03 0.00

Glbl Distribution Inc (No Trail)

103.38

-0.09

Hermes Sourcecap EX UK Fund Class F Acc

1.27

1.27 -0.02 0.00

Global Equity (No Trail) acc

206.15

-0.52 1.03

Hermes Sourcecap EX UK Fund Class R Acc

2.97

2.97 -0.03 0.00

Global Equity (No Trail) inc

192.92

-0.49 1.04

Hermes UK Small & Mid Cap Fund Class F Acc

1.48

1.48 -0.01 0.00

Global Equity Income (No Trail ) Acc

246.67

-0.79 3.21

Hermes UK Small & Mid Cap Fund Class R Acc

4.40

4.40 0.00 0.00

Global Equity Income (No Trail) Inc

207.31

-0.66 3.30

Hermes US SMID Equity Fund Class F Acc

1.57

1.57 0.02 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

171.26

0.72 1.32

Hermes US SMID Equity Fund Class R Acc

3.32

3.32 0.05 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

199.41

0.46 1.74

Gbl Fin Cap No Trail Acc

174.53

0.04 4.35

Gbl Fin Cap No Trail Inc

152.72

0.03 4.48

Global Opportunities (No Trail) Acc

241.31

0.11 1.01

Global Smaller Companies (No Trail) Acc

243.00

-0.20 0.40

Global Smaller Companies (No Trail) Inc

233.73

-0.19 0.40

Global Targeted Rets (No Trail) Acc

116.13

-0.82 0.81

High Income (No Trail) Acc

169.26

-0.76 3.50

126.71

-0.57 3.59

Env Mkts (Ire) Stl A

2.22

0.00 0.00

Env Mkts (Ire) Euro A

2.04

0.00 0.00

Hong Kong & China (No Trail) Acc

186.72

0.37 1.23

Env Mkts (Ire) USD A

1.77

-0.01 0.00

Income & Growth (No Trail) Acc

222.30

-1.82 3.65

Income & Growth (No Trail) Inc

179.97

-1.48 3.74

168.11

-0.74 3.31

INDIA VALUE INVESTMENTS LIMITED (INVIL)

Income (No Trail) Acc

www.invil.mu
Other International Funds

Income (No Trail) Inc

126.73

-0.55 3.40

Japan (No Trail) Acc

138.24

0.02 0.85

Japanese Smaller Companies (No Trail) Acc F

166.02

-0.96 0.00

Latin American (No Trail) Acc

125.22

-1.30 1.84

Latin American (No Trail) Inc

114.35

-1.19 1.86

Managed Growth (No Trail) Acc

195.03

-0.44 1.27

IVI European Fund EUR

16.93

0.02 0.00

Managed Growth (No Trail) Inc

181.25

-0.41 1.29

IVI European Fund GBP

17.07

-0.05 1.07

Managed Income (No Trail) Acc

190.05

-0.45 3.17

Managed Income (No Trail) Inc

159.43

-0.38 3.23

Monthly Income Plus (No Trail) Acc

171.45

0.12 4.78

Monthly Income Plus (No Trail) Inc

111.19

0.08 4.88

Pacific (No Trail) Acc

186.86

-0.28 0.84

Pacific (No Trail) Inc

177.36

-0.26 0.92

Tactical Bond (No Trail) Acc

142.04

0.25 2.23

Tactical Bond (No Trail) Inc

121.69

0.22 2.26

UK Aggressive (No Trail) Acc

171.40

-0.72 2.32

UK Aggressive (No Trail) Inc

144.22

-0.61 2.37

UK Enhanced Index (No Trail) Acc

404.26

-3.16 3.29

UK Enhanced Index (No Trail) Inc

260.32

-2.04 3.37

Asian Acc

472.27

-0.71 0.82

UK Growth (No Trail) Acc

149.29

-0.92 2.34

Asian Inc

424.18

-0.64 0.83

UK Growth (No Trail) Inc

122.16

-0.75 2.39

Asian Equity Income Acc

63.99

-0.09 4.00

UK Smaller Companies Equity (No Trail) Acc

250.92

-0.51 1.14

Asian Equity Income Inc

55.45

-0.08 4.11

UK Smaller Companies Equity (No Trail) Inc

234.17

-0.48 1.15

Balanced Risk 6 Acc

54.06

-0.24 0.00

UK Strategic Income (No Trail) Acc

710.65

-3.56 3.47

Balanced Risk 8 Acc

56.13

-0.33 0.04

UK Strategic Income (No Trail) Inc

541.24

-2.71 3.56

Balanced Risk 10 Acc

58.24

-0.42 0.27

US Equity (No Trail) Acc

228.95

1.79 0.04

-2.66 1.75
-0.20 3.65

Corporate Bd Inc (Gross)

91.29

-0.09 3.75

set Management

185.55

-0.19 3.67

Corporate Bond Inc

91.06

-0.09 3.75

110.49

-0.07 4.14

125.58

-0.07 4.12

66.20

-0.04 4.22

66.20

-0.03 4.22

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282

FCA Recognised
Invesco Management SA

Distribution Acc (Gross)

Distribution Inc

Distribution Inc (Gross)

Invesco

(LUX)

Emerging Countries Acc

259.60

-1.27 0.49

Invesco Active Multi-Sector Credit Fund A

Emerging Countries Inc

236.18

-1.16 0.49

Invesco Asia Balanced A dist

2.93

0.00 0.00

$ 15.61

-0.05 3.48

Emerging European Acc

34.03

0.43 3.21

Invesco Asia Consumer Demand Fund A income $ 13.96

-0.13 0.18

Emerging European Inc

31.84

0.41 3.29

Invesco Asia Infrastructure (A)

-0.13 1.51

$ 13.30

European Equity Acc

811.93

-10.56 2.33

Invesco Asia Opportunities Equity A $ 105.36

-0.95 0.00

European Equity Inc

686.92

-8.93 2.38

Invesco Balanced Risk Allocation Fund A 15.52

-0.12 0.00

-0.03 0.00

71.62

-0.76 3.25

Invesco Capital Shield 90 (EUR) A 12.12

European Equity Income Inc

56.15

-0.60 3.32

Invesco Emerging Europe Equity Fund A $

8.03

0.05 0.00

European High Income Acc

80.65

-0.23 3.36

Invesco Emerging Local Currencies Debt A Inc $

8.31

-0.12 5.97

European High Income Inc

60.07

-0.17 3.42

Invesco Emerging Mkt Quant.Eq. A $ 10.92

-0.13 0.00

75.30

-0.40 0.18

Invesco Energy A

0.00

European Equity Income Acc

European Opportunities Inc

JB Strategy Growth-EUR

JPMorgan Asset Mgmt (1200)F

(UK)

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Eq Fd A - Net Acc

58.87xd

0.23 0.00

America Eq Fd A - Net Inc

58.86xd

0.23 0.00

$ 23.46

17.19

-0.03 0.00

Convertible Bd Asia PA F

SFr 13.59

-0.01 0.00

Convertible Bd Asia PA F

14.41

0.00 0.00

Convertible Bd Asia PA F

$ 14.49

-0.01 0.00

Emerg. Consumer (CHF) PA

SFr 12.80

0.00 0.00

Emerg. Consumer (EUR) PA

12.86

0.00 0.00

Emerg. Consumer (USD) PA

$ 12.84

0.00 0.00

Emerg.Eq. Risk Par.(EUR) PA

0.06 0.00

9.04

SFr

Emerg.Loc.Cur.Bd.Fdt PA

Extra Income
(GSY)

American Fund

164.26 171.11 0.91 0.00

Corporate Bond

1361.54 1403.65 -4.00 3.05

Global Basics

2435.32 2510.64 -5.04 0.00

Global Leaders

3365.99 3506.24 5.52 1.31

Global High Yield Bond

1000.07 1031.00 1.38 4.65

Global Macro Bond Fund

11398.88 11751.43 55.40 0.55

Optimal Income Fund

145.59 150.09 -0.09 2.37

Recovery Fund Limited 'A' Participating Shares

10721.42 11168.15 -55.98 0.67

Recovery Fund Limited 'I' Participating Shares

10734.56 10842.99 -56.49 1.47

Strategic Corporate Bond Fund

137.67 143.41 -1.31 2.90

UK Growth

1535.32 1599.29 -19.97 1.06

MFS Investment Funds

(LUX)

FCA Recognised

Gb.Conc.Eq.Fd.Sterl.UK T

168.54

Gb.Conc.Eq.Fd.Sterling

255.69

Gb.Conc.Eq.Fd.US

0.00 0.34

-1.09 0.00

Class A (Retail)

US Spec Equity Fund

13.65

-0.02 0.00

-1.65 0.00

Asia Pacific

119.90

0.20 1.02

Japan Specialist Fund

8.96

0.00 0.00

$ 195.13

-1.52 0.00

China

114.00

-0.10 0.06

Pacific Basin Specialist Equity Fund 24.11

0.00 0.60

Gb.Eq.Hdg Fd.Euro IRE T

181.46

-0.56 0.00

Emerging Mkts

209.50

-0.70 0.27

UK Sovereign Bd Index Fund

-0.10 2.58

Gb.Eq.Euro Hdg Fd.

257.40

-0.79 0.00

European Equity Income A acc

343.70

-4.80 3.59

UK Specialist Equity Income Fund

9.99

0.02 3.47

Gb.Eq.Fund Euro

278.23

0.20 0.00

Global Alpha

134.80

0.60 0.38

Global Spec Inv Grade Bd Fund GBP 10.39

-0.05 3.13

Gb.Eq. Fd Euro IRE T

175.84

0.13 0.00

Global Equity Income Inc

108.90

-0.40 3.91

Inflation Lkd Sov Bd Fund

12.54

-0.22 0.71

Gb.Eq.Fd.Sterling UK T

208.70

-1.15 0.00

Global Equity Income acc

137.20

-0.50 3.82

Global Emerg Mkts Equity Fund

12.68

-0.06 0.47

Gb.Eq.Fd.US Dollar

$ 315.53

-2.16 0.00

Japan Alpha

101.80

0.10 0.05

Series 2 (Investment Management customers only)

Gb.Eq.Fund Sterling

206.72

-1.14 0.00

North American

256.60

2.50 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 119.14

-0.44 0.00

European Equity Income A Inc

310.60

-4.30 3.67

0.01 0.00

Euro BBB-BB Fdt PA

11.07

0.01 0.00

Euro BBB-BB Fdt PA

$ 17.80

0.01 0.00

Euro Credit Bd PA F

13.16

0.01 0.00

Euro Government Fdt PA

12.77

-0.01 0.00

Euro Inflation-Lk Fdt PA

12.14

-0.03 0.00

Absolute Return A1

19.63

0.12 0.00

Euro Resp.Corp. Fdt PA

18.64

0.01 0.00

Asia ex-Japan A1

$ 25.04

-0.13 0.00

McInroy & Wood Portfolios Limited

Europe High Conviction PA

11.20

0.00 0.00

Bond A1

$ 10.56

-0.04 0.00

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds

Gb.Val.Ex-Japan Fd.Yen

13943.00

131.00 0.00

Marwyn Asset Management Limited

MFS Meridian Funds SICAV

(LUX)

Regulated

Eurozone Small&Mid Caps PA

47.44

-0.23 0.00

China Equity Fd A1

$ 10.12

-0.12 0.00

Fdmt.Eq.L/S SH Sd EUR PA

10.43

0.01

Continental European Eqty A1

16.95

-0.04 0.00

Fdmt.Eq.L/S SH Sd USD PA

$ 10.42

0.01

Emer Mkts Debt Lo Curr Fd A1

$ 13.00

-0.10 0.00

Gl Aggregate High Conv PA

$ 19.20

-0.13 0.00

Emerging Markets Debt A1

$ 33.25

0.04 0.00

-2.20 0.63

Eur Dynamic exUK hdg Acc

173.80xd

-1.70 0.54

Eur Dynamic exUK Inc

71.18xd

-0.98 0.62

Eur Smaller Cos Acc

425.80xd

-4.80 0.00

Eur Smaller Cos Inc

55.38xd

-0.62 0.00

Fusion Balanced Acc

54.60

0.08 0.00

Fusion Balanced Inc

54.59

0.08 0.00

Fusion Conservative Acc

54.17

0.07 0.00

54.14

0.06 0.00

Fusion Growth Acc

55.87

0.09 0.00

Fusion Growth Inc

55.87

0.09 0.00

Fusion Growth + Inc

Fusion Income Acc...C
Fusion Income Inc...C
Global Allocation A-Net Acc
Global Allocation A-Net Inc
Global Bond Opport. A - Net Acc
Global Bond Opport. A - Net Inc

116.23

High Yield Bond A Inc

54.39

57.33
57.34
54.12

0.11 0.00
0.11 0.00
0.03 2.44

52.34

0.03 2.49

54.32xd

-0.20 0.64

53.96xd

-0.21 0.65

50.25

-0.01

-0.03 0.00

-0.08 0.00

European Core Eq A1

29.82

-0.07 0.00

Gbl.5B Fdmt (EUR) PA

11.80

0.03 0.00

European Res.A1

30.95

0.02 0.00

Global Gold & Resources Fund

$ 204.84

-17.30

Gbl.5B Fdmt (CHF) PA

SFr 10.13

-0.05 0.00

European Smaller Companies A1 45.88

0.09 0.00

Global Energy & Resources Fund $ 51.93

-5.53

$ 11.13

-0.02 0.00

European Value A1

34.61

0.00 0.00

SFr 12.54

-0.09 0.00

Global Bond A1

$ 10.72

-0.07 0.00

Generation Global (EUR) PA F

19.69

0.02 0.00

Global Conc.A1

$ 36.68

-0.36 0.00

Generation Global (USD) PA F

$ 15.22

-0.10 0.00

Global Energy Fund A1

$ 14.50

-0.09 0.00

Global Energy (USD) PA F

-0.03 0.00

Global Equity A1

$ 46.02

-0.42 0.00

SFr 21.42

-0.03 0.00

Global Equity A1

25.80

0.03 0.00

Golden Age (EUR) PA

14.46

-0.02 0.00

Global Multi-Asset A1

$ 16.09

-0.11 0.00

Golden Age (USD) PA F

$ 20.11

-0.03 0.00

Global Res.A1

$ 26.11

-0.13 0.00

Sh.T- Money Mkt EUR PA

112.42

0.00 0.00

Global Total Return A1

17.58

0.03 0.00

Sh.T- Money Mkt CHF PA

SFr 129.35

0.00 0.00

High Yield A1

$ 25.29

0.08 0.00

Sh.T- Money Mkt GBP PA

10.25

0.00 0.00

High Yield Fund A1

Sh.T- Money Mkt USD PA

$ 10.30

0.00 0.00

Inflation-Adjusted Bond A1

16.24

0.21 0.00

$ 14.35

-0.12 0.00

-0.01 0.00

Japan Equity A1

9.57

-0.07 0.00

10.21

-0.51 0.00

Value A1

$ 22.07

0.01 0.00

Wld Gold Expertise PA

$ 13.38

-0.66 0.00

Balanced (CHF) PA F

SFr 106.86

-0.11 0.00

-1.37 1.07

Balanced (EUR) PA F

126.12

0.28 0.00

0.45 4.41

Conservative (CHF) PA F

SFr 104.12

-0.15 0.00

0.21 4.41

Wld Gold Expertise PAF

LO Selection

MMIP Investment Management Limited

Regulated
Multi-Manager Investment Programmes PCC Limited

0.01

Manek Investment Mgmt Ltd (1000)F

UK Equity Absolute Return A Acc

116.53

0.05 0.00

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.91

0.00

UK Equity A Acc

224.55

-1.58 1.18

Inc.Pt.RMB Dt.SH EUR PA

9.92

0.01

P.O.Box 100, Swindon SN1 1WR 0844 800 9401

Authorised Inv Funds

UK Equity Income A Acc

200.09

-1.69 3.80

Inc.Pt.RMB Dt.USD PA

9.96

0.01

UK Equity Income A Inc

160.39

-1.36 3.90

Jenn. US Eq.Opp. USD PA

9.82

-0.03

UK Opportunities A Acc

162.07

-1.37 1.03

Neubrg.Berman US Core PA

$ 14.58

-0.07 0.00

UK Smaller Companies A Acc

236.12

-2.14 0.28

Sands US Growth PA

13.82

-0.03 0.00

Global Consumer Trends Inc

88.18xd

0.03 0.37

Absolute Return Bond B GBP Acc

Asset Management

Global Eq Income hdg Acc... C

66.94xd

-0.59 3.79

Global Eq Income hdg Inc ... C

49.25xd

Global Eq Income Acc... C

70.64xd

Global Eq Income Inc ... C

62.83xd

Global Financials Acc

Global Financials Inc

-0.29

-0.22 2.38

Asia Pac Eq EUR Ord Inc

101.31

-0.05 2.88

Ministry of Justice Common Investment Funds (UK)

Asia Pac Eq GBP Ord Inc

104.22

-0.03 3.27

Property & Other UK Unit Trusts

Asia Pac Eq USD Ord Inc

$ 105.15

-0.03 2.68

The Equity Idx Tracker Fd Inc

1389.00 1389.00 -3.00 2.74

$ 108.90

-0.03 0.00

Asia Pac Eq USD Inst Inc

$ 117.34

-0.04 3.32

Dyn Europ Eq EUR Ord Inc

164.58

0.18 1.21

Dyn Europ Eq GBP Ord Inc

175.40

0.18 1.80

Dyn Europ Eq USD Ord Inc

$ 164.95

0.17 1.24

-0.05 0.00

China Equity EUR Ord Acc

148.10

-1.04 0.00

Distribution Units
(LUX)

www.mirabaud.com, marketing@mirabaud.com
Regulated
Mir. Conv. Bds Eur A EUR

133.38

Mir. Conv. Bds Glb A USD

$ 113.45

0.02 0.00

China Equity GBP Ord Acc

152.23

-0.97 0.00

Mir. - Eq Asia ex Jap A

$ 185.23

-1.80 0.00

China Equity USD Ord Acc

$ 150.23

-0.96 0.00

Mir. - Eq Glb Emrg Mkt A USD

$ 103.53

-0.85 0.00

China Equity USD Inst Acc

$ 153.33

-0.99 0.00

Mir. - Eq Global A USD

$ 127.41

-0.68 0.00

Global Val.Cr.Fd GBP Ord Inc

114.29

0.11 3.81

Mir. -Eq Spain A

26.59

0.24 0.00

Global Val.Cr.Fd USD Inst Acc

$ 124.08

0.12 0.00

Mir. - Eq Swiss Sm/Mid A

SFr 277.71

0.23 0.00

Global Val.Cr.Fd GBP Ord Acc

178.94

0.17 0.00

Mir. - Glb High Yield Bds A

$ 109.47

0.21

Global Val.Cr.Fd USD Ord Acc

$ 168.44

0.16 0.00

Mir. - Glb Eq High Income A USD $ 105.13

-0.31 0.00

Global Val.Cr.Fd EUR Ord Acc

157.63

0.10 0.00

Mir. - Glb Strat. Bd A USD

$ 106.62

0.04 0.00

Swiss Select Equity Inst Acc

SFr 102.57

0.09

Mir. Opp.- Activ.Strategies I

$ 99.56

-1.83

Swiss Select Equity Ord Acc

SFr 101.96

0.08

Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58

11.56 0.00

Diversified Absolute Return Stlg Cell AF2 1632.60

12.04 0.00

Growth Fd Acc

(UK)

Asset Management
Montello Real Estate Opportunity Fund
(LUX)

101 New Cavendish Street,London W1W 6XH

Regulated
Montello Real Estate Opportunity Fund II 1079.96

7.12

New Capital Alternative Strategies

58.40 61.92 0.55 0.00

Manulife Global Fund

(LUX)

31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg

www.manulife.com.hk
FCA Recognised

Morant Wright Management Ltd

(CYM)

Regulated

-0.24 0.00

All Weather Fd GBP Cls

115.84

-0.23 0.00

MW Japan Fd Ltd B

$ 23.36

0.00 0.00

Tactical Opps USD Cls

$ 167.30

-7.06 0.00

Tactical Opps EUR Cls

140.74

-5.98 0.00

Tactical Opps GBP Cls

158.17

-6.72 0.00

Morant Wright Funds (Ireland) PLC

(IRL)

-0.0670 0.00

American Growth Fund Class AA F $ 1.6301

-0.0038 0.00

Morant Wright Fuji Yield CHF Acc HedgedSFr 10.57

0.04

American Growth Fund Class AA (HKD) FHK$ 10.2212

-0.0230

Morant Wright Fuji Yield EUR Acc Hedged 10.38

0.05

Asian Equity Fund Class A F

$ 3.1467

-0.0233 0.40

Morant Wright Fuji Yield GBP Acc Hedged 10.57

Asian Equity Fund Class AA F

FCA Recognised

0.05

$ 1.0135

-0.0076 0.00

Morant Wright Fuji Yield USD Acc Hedged $ 10.30

0.04

Asian Small Cap Equity Fund Class AA F $ 2.1941

-0.0257 0.00

Morant Wright Fuji Yield USD Dist Hedged $ 10.55

0.05

Lothbury Property Trust GBP

Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.8789

-0.1031

Morant Wright Fuji Yield YEN Acc 1057.03

5.04

Northwest Investment Management (HK) Ltd

China Value Fund Class A F

$ 8.6047

-0.0393 0.70

Morant Wright Fuji Yield YEN Dist 1057.03

5.04

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

1654.97 1776.10 10.45 3.28

Asset Management
-

China Value Fund Class AA F

$ 2.6976

-0.0123 0.48

Morant Wright Sakura Fund Sterling Acc Hedged 12.41

0.06 0.00

Dragon Growth Fund Class A F

$ 1.9895

-0.0200

Morant Wright Sakura Fund Euro Acc Hedged 12.40

0.07 0.00

-0.0959 0.59

Morant Wright Sakura Fund Yen Acc Unhedged 1262.33

7.15 0.00

Morant Wright Sakura Fund Dollar Acc Hedged $ 12.38

0.06 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.39

0.06

0.31

-0.44 3.85

Eq Market Neutral Plus B Acc

983.92

1.35

Emerging Eastern Europe Fund Class AA F $ 1.3719

-0.0056

-0.42 3.66

High Yield Global Bond A GBP Inc

543.50

1.99 4.28

Emerging Eastern Europe Fund Class A F $ 3.1924

-0.0131 0.93

-0.37 3.75

High Yield Global Bond B GBP Inc

1128.91

4.12 4.80

European Growth Fund Class A F $ 10.6170

-0.0954 1.24

728.20xd

3.30 0.80

Investment Grade Global Bd A GBP Inc

570.67

-1.68 2.40

-0.0069 0.60

0.18 0.80

Kames Global Equity Income B GBP Acc

1124.21

-3.88

PO Box 9039, Chelmsford, CM99 2XG

www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds

European Growth Fund Class AA F $ 0.7688

41.44xd

Global Contrarian Fund Class AA F $ 0.9399

-0.0022 0.00

Global High Yield Bond A Mth Net Inc

39.43xd

0.11 6.99

Kames Global Equity Income B GBP Inc

1095.80

-3.77

Charifund Inc

1489.95

-7.43 4.49

Global Property Fund Class AA F $ 1.0421

-0.0143 0.73

Global High Yield Bond Acc ... C

100.40xd

0.30 6.93

Strategic Global Bond A GBP Inc

1125.37

-0.29 1.56

Charifund Acc

19773.46

-98.52 4.36

Global Resources Fund Class AA F $ 0.8579

0.0001 0.00

Global High Yield Bond Inc ... C

39.42xd

0.12 7.02

-0.15 2.04

M&G Corporate Bond A Acc

63.93xd

-0.19 3.06

Greater China Opportunities Class AA $ 1.0132

-0.0075

Global Property Secs Acc

61.21xd

-1.51 0.68

M&G Corporate Bond A Inc

40.90xd

-0.12 3.06

Healthcare Fund Class AA F

$ 1.8913

-0.0123 0.00

Global Property Secs Inc

53.06xd

-1.31 0.68

Kleinwort Benson Bank

M&G Dividend A Inc

61.60xd

-0.44 4.18

India Equity Fund Class AA F

$ 1.4499

-0.0249 0.00

Income Fd A - Net Acc

50.43xd

0.04

M&G Dividend A Acc

598.35xd

-4.28 4.03

International Growth Fund Class A F $ 4.6158

-0.0263 0.14

Income Fd A - Net Inc

48.79xd

0.04

M&G Episode Growth X Inc

50.95xd

-0.13 1.95

International Growth Fund Class AA F $ 1.0607

-0.0061 0.00

US Advantage A F

$ 55.15

-0.15 0.00

Japan Acc

258.00xd

0.40 0.00

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

(LUX)
Morgan Stanley Investment Funds
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

M&G Episode Income A Acc

144.47xd

-0.70 3.31

Japanese Growth Fund Class A F $ 3.1594

0.0457 0.66

Asian Equity A F

$ 44.71

-0.40 0.00

Japan Inc

62.09xd

0.08 0.00

HC KB Capital Growth A Acc

170.25

-0.71 1.36

M&G Episode Income A Inc

123.71xd

-0.61 3.38

Japanese Growth Fund Class AA F $ 0.8133

0.0117 0.00

Asian Property A F

$ 19.43

-0.30 0.00

Multi-Asset Inc A Mth Net Inc

66.83xd

-0.19 3.70

HC KB Capital Growth A Inc

161.91

-0.68 1.38

M&G Extra Income A Inc

763.98

-4.69 4.19

Latin America Equity Fund Class AA F $ 0.9047

0.0003 1.46

Asian Property AX F

11.82

-0.16 0.56

Multi-Asset Inc Acc... C

86.57xd

-0.24 3.64

HC KB Capital Growth B Acc

164.85

0.00 1.10

M&G Extra Income A Acc

6035.21

-37.03 4.08

Russia Equity Fund Class AA F

$ 0.3997

0.0044 0.00

Diversified Alpha Plus A F

33.29

-0.08 0.00

Multi-Asset Inc Inc... C

66.83xd

-0.18 3.73

HC KB Capital Growth B Inc

159.26

0.00 1.07

M&G Global Basics A Inc

660.62

-1.36 0.28

Taiwan Equity Fund Class AA F

$ 1.5437

-0.0079 0.22

Emerg Europ, Mid-East & Africa Eq A F 66.42

-0.44 0.00

Multi-Asset Macro Acc

59.93xd

-0.20 0.00

HC KB Capital Growth C Acc

171.88

0.00 2.01

M&G Global Basics A Acc

997.28

-2.06 0.28

Turkey Equity Fund Class AA F

$ 0.8814

-0.0174 0.00

Emerging Markets Debt A F

$ 76.60

0.17 0.00

Multi-Asset Macro Inc

59.93xd

-0.20 0.00

HC KB Capital Growth C Inc

159.94

0.00 2.00

M&G Global Dividend Fund A Acc

199.27xd

-0.10 3.21

US Bond Fund Class AA F

$ 1.2191

-0.0007

Emerging Markets Domestic Debt AX F 12.52

-0.05 5.21

Multi-Manager Growth Acc

707.70xd

-3.10 0.46

HC KB Enterprise Equity Income A Inc

112.32

0.04 3.78

M&G Global Dividend Fund A Inc

161.20xd

-0.08 3.28

U.S. Bond Fund Class AA Inc F

$ 1.0090

-0.0006

Emerging Markets Equity A F

$ 37.03

-0.30 0.00

Multi-Manager Growth Inc

660.40xd

-3.00 0.46

HC KB Enterprise Equity Income A Acc

162.02

0.07 3.69

M&G Glbl Emrgng Mkts A Acc

210.34xd

-0.28 0.70

U.S. Bond Fund Class AA (HKD) IncHK$ 10.0162

-0.0047

Euro Bond A F

15.93

-0.02 0.00

Natural Resources Acc

473.10xd

-5.20 0.09

HC KB Endeavour Multi Asset Balanced A Acc

134.35

-0.43 0.81

M&G Glbl Emrgng Mkts A Inc

203.46xd

-0.26 0.70

U.S. Special Opportunities Fund Class AA F $ 0.9150

0.0016 7.19

Euro Corporate Bond AX F

22.81

0.03 1.93

Natural Resources Inc

33.51xd

-0.37 0.09

HC KB Endeavour Multi Asset Balanced A Inc

128.23

-0.41 0.81

M&G Global Macro Bond Fund A Acc

109.21xd

0.53 0.54

U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4592

0.0181

Euro Strategic Bond A F

44.19

-0.05 0.00

New Europe Acc

143.30xd

-0.60 2.53

HC KB Enterprise Fixed Income A Acc

125.03

-0.55 3.44

M&G Global Macro Bond Fund A Inc

75.94xd

0.37 0.54

U.S. Special Opportunities Fund Class AA Inc $ 0.9278

0.0017

European Currencies High Yield Bd A F 21.58

-0.01 0.00

New Europe Inc

34.07xd

-0.13 2.49

HC KB Enterprise Fixed Income A Inc

113.06

-0.50 3.44

M&G Global High Yield Bond X Inc

50.86xd

0.07 4.65

US Small Cap Equity Fund Class AA F $ 1.1045

0.0002 0.00

European Equity Alpha A F

44.80

-0.33 0.00

Portfolio Acc

198.20

0.20 0.99

M&G Global High Yield Bond X Acc

116.99xd

0.18 4.64

US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3079

-0.0002 0.06

European Property A F

34.49

-0.63 0.00

Sterling Corporate Bond Acc

85.21xd

-0.25 2.51

Sterling Corporate Bond Inc

54.09xd

-0.15 2.52

Strategic Bond Acc

69.28xd

0.17 3.32

Strategic Bond Inc

58.35xd

0.14 3.34

Lloyds Investment Funds Limited

UK Active Index + E Acc

280.20xd

-2.10 2.92

Euro High Income

1.7180xd

UK Active Index + E Inc

52.84xd

-0.38 3.01

European

7.7100

UK Dynamic Acc

152.20xd

-1.30 1.40

High Income

UK Dynamic Inc

125.50xd

-1.20 1.41

UK Eq & Bond Inc Acc ... C

140.50xd

UK Eq & Bond Inc Inc ... C

84.08xd

UK Focus Acc
UK Focus Inc

(UK)

-0.22 0.00

0.00 0.00

993.90

107.75

Eq Market Neutral B Acc

638.15

$ 119.43

All Weather Fd EUR Cls

$ 23.08

American Growth Fund Class A F $ 28.6662

All Weather Fd USD Cls

MW Japan Fd Ltd A

Dragon Growth Fund Class AA HKDHK$ 9.6374

Strategic Global Bond B GBP Inc

Asset Management
Managemen

Asia Pac Eq USD Inst Acc

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Property & Other UK Unit Trusts

Lothbury Property Trust (UK)

(IRL)

1077.80

0.07 3.51

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised

$ 98.45

0.08 3.55

CNY 99.70

0.02 0.40

Asia Pac Bd USD Ord Inc

Inc.Pt.RMB Dt.CNH PA

-0.22 3.10

-3.32 0.00

$ 111.92

0.07 2.71

92.90xd

Wealthy Nat Bd USD Ord Inc

Global Consumer Trends Acc

$ 96.38

$ 114.18

0.05 3.65

122.81

Kames Capital VCIC

Asia Pac Bd USD Inst Inc

MEMO - MEMV Series

Strategic Bond A Inc

-0.70 0.69

3.97 0.00

10.16

114.76

PrivilEdge

Wealthy Nat Bd GBP Ord Inc

0.11 2.71

199.30xd

$ 484.95

0.08 3.80

Global Bond exUK Inc

$ 223.20

MEMO - Master Series (Est)

183.20

-0.90 0.69

MGS -Master Series (Est)

109.94

Strategic Bond A Acc

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds

Wealthy Nat Bd EUR Ord Inc

Vantage 3000 (EUR) MA

252.60xd

Other International Funds

0.06 3.93

-0.06 2.99

Global Bond exUK Acc

New Capital Fund Management Ltd

Metage Capital

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

114.13

31.99

-0.19

-0.22 0.71
-0.05 0.66

Wealthy Nat Bd GBP Inst Inc

Sterling Corporate Bond A Inc

0.02 0.00

Vantage 1500 (EUR) MA

107.74

12.66
12.21

-0.14 2.99

Property Income B Inc

Inflation Lkd Sov Bd Fund

Global Emerg Mkts Equity Fund

110.59

0.16 0.14

-0.05 3.13

Wealthy Nat Bd EUR Inst Inc

70.81

-0.09 0.00

0.01 3.43

2170.61 2191.95 -0.26 0.00

Sterling Corporate Bond A Acc

Global Spec Inv Grade Bd Fund GBP 10.50

UK Equity Fd Cl A Series 01

Growth (EUR) PA F

$ 12.98

UK Specialist Equity Income Fund 10.66

0.03 0.00

-0.21 3.22

Will.Blair Gbl. Ldrs PA

-0.10 2.58

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

$ 186.14

119.72

0.01 0.00

11.33

US Growth USD Inst Acc

Investment Grade Bond A Inc

-0.04 0.00

0.00 1.19

UK Sovereign Bd Index Fund

$ 2374.79 2394.11 -48.62 0.00

-0.09 0.00

Pacific Basin Fd Cl A Initial Ser

0.00 0.56

Pacific Basin Specialist Equity Fund 23.92

-0.07 0.00

SFr 110.74

15.34

Growth (CHF) PA F

$ 16.72

9.44

-0.28 3.22

Will.Blair Gbl. Ldrs PA

202.97

Sands US Growth PA

-0.01 0.16

Japan Specialist Fund

194.39

161.48

Kames Capital Investment Portfolios ICVC (UK)

US Growth GBP Ord Acc

Investment Grade Bond A Acc

-0.02 0.00

14.14

US Growth EUR Ord Acc

-0.01 0.00

-0.05 0.62

US Spec Equity Fund

Other International Funds

Asset Management

10.65

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00

0.07 0.00

9.99

0.00 0.00

16.45

Japanese Equity Fd Cl A Initial Ser 315452.00 316508.00 -1147.00 0.00

-0.01 1.51

Contl Europe Spec Equity

0.03 0.00

114.93

10.36

Global Allocation (GBP) PA F

0.45 0.00

-0.02 2.85

19.86

$ 202.81

Conservative (EUR) PA F

UK Specialist Equity Inc

US Growth USD Ord Acc

-1.26 1.69

136.38

United Kingdom Equity Index Fund 13.24

European Equity Fd Cl A Initial Ser 2208.68 2217.55 1.10 0.00

Asset Management

(GSY)

11.18

-0.03 2.50

Meridian Fund Managers Ltd

Asset Management
Mirabaud Asset Management

Wld Gold Expertise PA

-13.90 1.78

-0.08 0.00

72.48xd

SFr 27.37

Global Equity Inc

3478.60xd

Gbl.Gvt.Fdt.SH (CHF) PA

$ 17.16

-4.80 2.08

Smaller Companies Fund Personal Class Units

-0.08 0.00

US Government Bond A1

-0.19

-12.10 2.81

-0.07 0.00

111.59

1852.40

17.36

$ 15.35

Property Income B Acc

2443.90xd

Emerging Markets Fund Personal Class Units

$ 11.76

US Conc.Growth A1

2.00 0.15

Income Fund Personal Class Units

European Concentrated A1

-0.64 0.00

-0.01

-9.10 1.83

Emerging Markets Eq.A1

-0.04 0.00

(UK)

-0.20 0.00

3945.10

-59.78 0.00

-0.01 0.00

50.25

Balanced Fund Personal Class Units

$ 20.72

975.20xd

465.60

SFr 12.88

Global Equity Acc

Marwyn Value Investors

10.81

133.58

Inflation Linked A Acc

Asset Management

Fusion Conservative Inc

Fusion Growth + Acc

High Yield Bond A Acc

Regulated

SFr 22.73

-0.04 0.00

(CYM)

Gbl.Gvt.Fdmt.(CHF) PA

Technology PA

(UK)

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

-0.04 0.00

154.70xd

27.02 27.29 -0.32 0.00

NatWest (2230)F

8.24

Eur Dynamic exUK Acc

0.00 0.50

Marlborough International Management Limited (GSY)

15.78

-0.23 3.77

Contl Europe Spec Equity

UK Equity A1

165.65

1.31

-0.06 0.00

-0.03 0.00

Ethical Equity A Acc

Loomis Sayles US Equity Leaders I/A (GBP)

-0.72 1.37

-0.01 0.29

271.75

13.66

-13.00 1.36

0.00 4.75

Gb.Conc.Eq.Fd.Euro

Technology PA

1.33

155.61 165.10 0.35 0.11

-0.48 1.02

1.06

Loomis Sayles US Equity Leaders N/A (GBP)

151.19

MFM Slater Recovery

58.27xd

Loomis Sayles Strategic Income H-N/A (GBP)

MFM Slater Income A Inc

19.68

54.12xd

1011.00xd

0.00 4.61

UK Specialist Equity Inc

Diversified Real Ret Acc

Europe Acc

United Kingdom Equity Index Fund 13.23

-0.06 0.00

Europe Inc

0.99

356.27 378.01 -3.72 0.00

Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125

Authorised Inv Funds
Martin Currie Investment Funds (OEIC)

-0.29 3.35

Loomis Sayles Strategic Income H-N/D (GBP)

MFM Slater Growth

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

Martin Currie Fund Management Ltd (1200)F (UK)

$ 16.79

0.00

-0.63 0.00

Research Bond A1

113.62

61.00 5.93

0.04 0.00

Ethical Corporate Bond A Inc

1.06

-0.50 3.35

0.00

Harris Associates Global Concentrated Equity Fund I/A(GBP)

Slater Investments Ltd - Investment Adviser

$ 15.27

$ 93.26

Tactical Alpha (USD) PA

197.66

1.06

11300.00

-0.29 0.17

Ethical Corporate Bond A Acc

Harris Associates Global Concentrated Equity Fund N/A (GBP)

Em.Mk.Loc.Ccy Debt Fd II

-0.19 3.92

0.00 2.05

-1.46 1.33

Em.Mk.Loc.Ccy Debt Fd.FD

58.64xd

Marlborough Tiger Fund Ltd F

Cautious Managed Rt Inc

52.48xd

1.22

320.26

-0.63 0.00

-0.09 0.00

Emrg Mkts Inc Inc... C

H2O MultiReturns Fund I/A (GBP)

MFM UK Primary Opportunities A Inc

-69.00 6.30

-0.02 0.00

-0.76 1.51

H2O MultiReturns Fund N/A (GBP) $ 13.04 13.04 -0.08 1.68

-0.42 0.00

-1.05 0.09

134.76

358.61

9447.00

$ 14.20

Ethical Cautious Managed A Inc

107.05

MFM Techinvest Technology Acc

$ 104.09

$ 14.04

-0.21 3.83

MFM Techinvest Special Situations Acc

Em.Mk.Loc.Ccy Debt Fd.FC

Prudent Wealth Fd A1

0.01 0.15

Em.Mk.Eq.Fd.US Dollar

Limited Maturity A1

57.69xd

Marlborough North American Fund Ltd 30.78 31.09 0.44 0.00

0.03 0.00

Emrg Mkts Inc Acc... C

124.59

0.18 0.00

-0.91 1.49

101.94 106.74 -0.57 1.44

MFM SGWM Managed A Acc

-0.49 0.00

10.65

137.09 148.21 0.36 0.00

12.57

9.61 0.00 13.02

MFM Bowland

Euro BBB-BB Fdt PA

SFr 24.00

9.61

MFM Hathaway Inc

Tactical Alpha (EUR) PA

161.17

Loomis Sayles Multisector Income R/D (GBP) 13.90 13.90 -0.01 4.20

-0.32 0.17

Ethical Cautious Managed A Acc

0.10 0.20

104.98

-0.38 0.66

120.14

66.64xd

136.98

Em.Mk.Eq.Fund Sterling

Cautious Managed Rt Acc

67.63xd

Loomis Sayles High Income R/D (USD) $

MFM Artorius Fund

Em.Mk.Eq.Fund Euro

-0.25 0.00

Emerging Mkts Inc

-0.83 0.00

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

-0.50 0.00

-7.00 0.00

$ 15.27

Loomis Sayles Global Opportunistic Bond R/D (GBP) 14.09 14.09 -0.07 0.96

27.77

0.01 0.00

Sw.Fr.Bd(For) PA

Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) 100.02 100.02 -0.06 1.89

104.86 110.96 1.42 0.00

-0.05 0.00

Golden Age (CHF) PA F

Harris Concentrated US Equity R/D (GBP) 104.77 104.77 -0.16 34.05

Junior Gold C Acc

8.92

$ 268.31 268.31 -1.21 0.00

Harris Concentrated US Equity H-N/A (GBP) 146.84 146.84 -0.42 0.00

Natixis International Funds (Dublin) I plc (IRL)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

MFM - Third Party Funds

Junior Oils

Harris Global Equity R/A (USD)

1.16 0.17

186.00 0.00

Latin American Equity Fd A1

106.58

319.66

0.00 0.00

Diversified Income B Inc

405.44 429.04 -0.34 0.00

US Multi-Cap Income

0.03 0.00

-0.90 0.66

UK Micro Cap Growth A

15114.00

-0.47 1.02

221.72 234.62 -0.81 0.44

10374.00

UK Multi-Cap Growth A Inc

Em.Mk.Debt Fund Yen 4

SFr 10.42

1006.88 1065.48 -1.53 0.25

Em.Mk.Debt Fund Yen 3

SFr 13.80

157.20xd

96.2905 106.3100 0.0898

-6.00 0.00

Tactical Alpha (CHF) PA

52.83xd

Nano-Cap Growth A Acc

Special Situations A Acc

186.00 0.00

Sw.Fr.Credit Bd(For) PA

Emerging Mkts Acc

-0.93 4.31

-0.24 0.30

Diversified Real Ret Inc

-0.40 0.31

-0.52 0.00

149.21

15114.00

73.50 77.98 0.03 5.97

Multi Cap Income A Inc

10348.00

111.56

High Yield Fixed Interest

Em.Mk.Debt Fd.Yen 2

69.60xd

Diversified Income B Acc

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

Em.Mk.Debt Fd.Yen 1

125.40xd

(UK)

143.64 152.00 0.05 3.50

-0.80 1.94

Asia Inc

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

Natixis International Funds (Lux) I SICAV (LUX)

Global Bond Inc

Asset Management
Kames Capital ICVC

180.66 190.24 -0.11 0.00

9.42

Generation Global (CHF) PA F

+/- Yield

Global

SFr 15.95

Gbl.5B Fdmt SH (USD) PA

Offer

80.41 85.09 -0.32 4.10

Euro BBB-BB Fdt PA

Gbl.Gvt.Fdmt PA

Bid

166.69

$ 122.03

-0.09 0.00

Fund

Far East Growth A Inc

Em.Mk.Debt Fd.US Dollar

Asia Acc

M & G Securities (1200)F

(UK)

$ 2282.96

24.66 0.00

Northwest Warrant $ class

$ 2016.80

163.93 0.00

Oasis Crescent Management Company Ltd

Other International Funds
Oasis Crescent Equity Fund

Asset Management
-

Northwest $ class

Asset Manageme

R 10.01

0.04 0.00

Oasis Global Mgmt Co (Ireland) Ltd

(IRL)

Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity

$ 28.11

-0.06 0.18

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Equity Fund $ 28.58

-0.08 0.00

OasisCresGl Income Class A

$ 11.07

-0.02 2.44

OasisCresGl LowBal D ($) Dist

$ 12.22

-0.07 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 12.35

-0.07 0.04

Oasis Crescent Gbl Property Eqty $ 10.01

-0.17 1.55

Odey Asset Management LLP

79.60

-0.24 0.62

Eurozone Equity Alpha A F

11.40

-0.17 0.00

M&G Optimal Income A Inc

146.92

-0.10 2.37

Manulife Global Fund

Global Bond A F

$ 39.84

-0.09 0.00

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

M&G Optimal Income A Acc

191.01

-0.14 2.37

Other International Funds

Global Brands A F

$ 93.56

-0.43 0.00

CF Odey Continental European R Acc

717.40

-8.72 0.18

M&G Recovery GBP A Inc

123.99xd

-0.65 0.96

Global Convertible Bond A F

$ 42.60

-0.16 0.00

CF Odey Continental European I Acc

122.54

-1.49 0.75

0.0010 2.98

M&G Recovery GBP A Acc

277.42xd

-1.45 0.95

Global Property A F

$ 29.39

-0.46 0.00

CF Odey Continental European I Inc

117.77

-1.42 0.75

-0.0740 1.14

M&G Strategic Corp Bond A Inc

75.87

-0.72 2.91

Indian Equity A F

$ 36.57

-0.54 0.00

CF Odey Opus R Inc

3837.94

13.75 0.00

0.9144xd

-0.0025 4.93

M&G Strategic Corp Bond A Acc

107.13

-1.01 2.91

International

4.4460

-0.0140 1.26

M&G Global Leaders GBP A Inc

193.75

0.32 1.45

-0.80 3.22

North American

16.1500

0.0200 0.04

M&G Global Leaders GBP A Acc

450.10

0.74 1.44

-0.47 3.32

Sterling Bond

1.5460xd

-0.0060 3.44

M&G UK Inflation Lnkd Corp Bnd A Acc

112.85

0.20 0.23

73.54xd

-0.15 1.13

UK

7.0780

-0.0680 1.08

M&G UK Inflation Lnkd Corp Bnd A Inc

111.23

0.20 0.23

62.95xd

-0.13 1.12

Lloyds Gilt Fund Limited

UK Higher Inc Acc ... C

884.40xd

-6.80 3.97

Lloyds Gilt Fund Quarterly Share 1.3150xd

-0.0080 1.94

M & G Securities Ltd

UK Higher Inc Inc ... C

526.40xd

-4.10 4.09

Monthly Share

1.2660xd

-0.0070 1.94

Property & Other UK Unit Trusts

UK Managed Equity Acc

67.40xd

-0.43 2.09

UK Managed Equity Inc

57.50xd

-0.36 2.12

UK Smaller Cos Acc

334.90xd

-0.40 0.00

Asset Management

Corporate Bond Acc

Distribution Acc

JB Strategy Growth-CHF/B

Asset Management

High Income (No Trail) Inc

$ 1739.43

Asset Management
-

0.11 0.00

UK Strategic Income Inc

207.34

-0.07 0.00

UK Strategic Income Acc

179.28

411.54

128.38

-2.11 0.00

130.14

JB BF Abs Ret Pl-EUR B

-0.21 0.00

Asian (No Trail) Inc

JB BF Abs Ret-EUR B

-0.60 1.05

Childrens Acc

-0.20 0.00

Corporate Bd Acc (Gross)

-0.17 0.00

$ 288.47

108.20

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

$ 118.09

$ 409.50

UK Alpha A Acc

(UK)

111.26

JB BF Abs Ret EM-USD B

JB BF Local EM-USD B

-0.07 0.00

Invesco Fund Managers Ltd

JB BF Abs Ret Def-EUR B

JB Emerging (USD)-USD B

70.53

Convertible Bd P A

-0.50

-1.25 0.62

0.00 0.00

0.02 0.00

-1.62 0.62

Emerging European (No Trail) Acc

$ 28.59

-0.78 1.00

6.39

Invesco Korean Equity A

105.47

JB BF ABS-EUR B

-0.07 0.00

596.65

159.75

Commodities (USD) PA

773.62

0.00 0.00

$ 17.38

Emerging Countries (No Trail) Inc

Invesco Japanese Equity A

-0.82 0.99

6.24

-0.01 0.00

UK Smaller Cos Equity Inc

UK Smaller Cos Equity Acc

169.50

Commodities (EUR) PA

1.71

-0.30 0.00

0.00 0.00

(LUX)

funds@swissglobal-am.com, www.jbfundnet.com
Regulated

Emerging Countries (No Trail) Acc

Invesco Jap Eqty Core A

Swiss & Global Asset Management

338.89

-0.07 4.21

6.19

-0.14 0.00

JB Emerging (EUR)-EUR B

SFr

-0.91 0.00

-2.23 1.85

115.17

-0.16 0.00

Commodities (CHF) PA

-0.10 0.00

359.48

Distribution (No Trail) Inc

$ 119.39

$ 13.22

-0.09 4.13

79.91

Alternative Beta PA F

$ 129.16

UK Growth Inc

Alternative Beta PA F

Invesco Global Select Equity A

-0.50 0.00

168.87

-0.17 0.00

Invesco Global Health Care A

-1.59 0.00

0.04 0.00

0.03 0.00

Distribution (No Trail) Acc

SFr 119.27

-0.05 0.00

$ 102.27

-0.13 4.00

$ 15.35

Alternative Beta PA F

JB BF EM Inv Grade-USD B

3.00 0.00

-3.52 1.82

120.40

0.03 0.00

8.71

1269.00

11.96

566.60

Corporate Bond (No Trail) Inc

SFr 13.44

Alpha Japan (JPY) PA F

Emerg.Loc.Cur.Bd.Fdt PA

-0.17 3.90

Alpha Japan (CHF) PA F

Emerg.Loc.Cur.Bd.Fdt PA

UK Growth Acc

0.03 0.00

-0.15 0.70

-0.04 0.00

164.88

10.71

8.25

Corporate Bond (No Trail) Acc

Alpha Japan (EUR) PA F

Invesco Gbl R/Est Secs A GBP F F

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised

0.01 0.00

$ 96.90

0.80 0.00

-0.03 0.00

0.01 5.30

Invest AD - Iraq Opportunity Fund $ 70.63

Intrinsic Value Investors (IVI) LLP

0.00 0.00

$ 106.10

-0.03 0.00

-0.29 1.33

-0.08 0.00

Global Convertible B Hdg CHF (Cap) FSFr 25.11

JB BF EM Infl Link-USD B

777.30

11.56

Invesco Global High Income A NAV $ 12.86

Global Convertible A Hdg CHF (Dis) FSFr 22.76

JB BF EM Corporate-USD B

US Growth A Acc

11.60

All Roads (EUR) PA

0.00 0.00

197.16

7.26

0.00 0.00

-0.75 1.81

-0.86 0.67

All Roads (GBP) PA

-0.01 0.00

-0.03 0.00

Asian (No Trail) Acc

NAV

Global Convertible B Hdg EUR (Cap) F 17.13

174.16

118.19

-0.20 0.00

Norfolk House, 31 St James's Square, London, SW1Y 4JR

FCA Recognised

0.00 0.00
-0.18 0.25

Balanced Risk 10 No Trail Acc

$ 11.38

7.17

(IRL)

UK Aggressive Inc

-1.60 1.42

All Roads (USD) PA

8.29

143.60

Impax Asset Management

$ 22.82

Global Convertible A Hdg EUR(Dis) F 15.47

-0.89 1.78

-0.05 0.00

UK Absolute Return A Acc

5.68 0.04 4.90

0.00 0.00

231.00

0.03 0.00

Emerg. Eq. Risk Par.(USD) PA

Invesco Perpetual Funds (No Trail)

5.34

0.00 0.00

209.13

UK Tracker A Acc

SFr 18.03

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

-0.30 0.05

Global Convertible Hdg A (Cap) F $ 19.18

$ 17.90

All Roads (CHF) PA

-0.94 0.00

Property

Global Convertible B Hdg GBP (Cap) F 15.25

0.02 0.00

-0.08 1.50

521.90

Property & Other UK Unit Trusts

-0.07 0.00
-0.01 0.00

UK & Irish Smaller Companies A Acc

(UK)

UK Aggressive Acc

US Equity Acc

Absolute Ret Bond (USD) PA

12.22

0.10 5.74

Hermes Property Unit Trust

$ 22.82

Global Convertible A Hdg GBP(Dis) F 12.97

Global Convertible B Hdg (Dis) F

www.loim.com
Regulated
Lombard Odier Funds

15.41

set Management

0.01 0.96

(LUX)

Invesco Global Small Cap Equity A NAV $ 121.09

130.00

Global Convertible B (Cap) F

Lombard Odier Funds (Europe) S.A

Alpha Japan (USD) PA F

Invesco US Value Eq Fd A

(LUX)

0.92 0.73

Jefferies Umbrella Fund

Income & Growth Inc

1.405790xd 1.412820 -0.005770 3.65

Bond Fund for Charities

472.61

Income & Growth Acc

Japanese Smlr Cos Acc

UK Equity Fund for Charities I...C 2.843320xd 2.854130 -0.019480 3.32

Europe Convertible Bd A (Dis) - D - EUR F 13.62

Strategic Bond A Inc

Hermes Investment Funds Plc

(UK)

High Yield Fund Inc (Gross)

153.80

15.49 0.00

794.59

-10.97 0.00

242.90

Cautious Managed A Inc

2636.25

High Income Acc

SFr 1259.31

Cautious Managed A Acc

Star Capitol America D

Dealing Daily

Absolute Ret Bond (EUR) PA

Global Smaller Cos Acc

Haussmann Cls D

96.42 101.76 -0.09 5.81

Gbl Financial Capital Inc

Invesco UK Investment Grade Bond A

Asian Dividend Income Inc

+/- Yield

Latin America Inc

Offer

Latin America Acc

Bid

148.30xd

Global Bond Inc

-25.49 4.24

Fund

65.02xd

Global Bond Acc

+/- Yield

UK Strategic Eq Inc Acc ... C

0.10 4.29

-4.50 0.82

Offer

UK Smaller Cos Inc

Bid

0.00 0.00

44.14

780.90

Fund

-0.03 0.00

High Yield Fund Inc

Asia Pacific Capital Growth A Acc

+/- Yield

-0.84 0.00

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

Offer

Henderson Global Investors

Bid

Invesco Euro Inflation Linked Bond A 15.80

2368.79

-0.19 0.00

Fund

Invesco Euro Corporate Bond Fund (A) 17.62

Haussmann Cls C

+/- Yield

-0.69 0.00

High Yield Fund Acc (Gross)

141.95

Offer

-0.42 0.18

-7.45 0.00

Heartwood Caut Multi Asset B Acc

Bid

(IRL)

Fund

$ 2700.75

Regulated

+/- Yield

77.10

Haussmann Cls A

Heartwood Wealth Management Limited

Offer

164.48

European Opportunities Acc

Hamon Investment Group

Offer

Asset Management
Lloyds Investment Fund Managers Limited (1000)F
(JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt

12.6800xd

-0.0700 2.42

Lloyds Money Fund Limited

Australian Dollar
Euro

M&G Managed Growth X Inc

(UK)

Asia Total Return Fund Class AA $ 0.9959

-0.0010

Asia Total Return Fund Class AA Inc $ 0.9591

-0.0010 3.45

Asia Value Dividend Equity Fund Class AA F $ 1.6515

-0.0049 0.00

Asia Value Dividend Equity Fund Class AA Inc $ 1.0086

-0.0035

Strategic Income Fund Class AA F $ 1.0932

-0.0016 4.40

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
Balanced

153.41 162.22 -0.05 0.08

Bond Income

52.16 55.20 -0.07 4.24

Charibond

129.86xd

-0.42 5.00

Cash

50.08

84.58 89.04 -0.19 1.60

A$ 173.4480

0.0230 1.47

(Accum Units)

3697.10xd

-12.09 5.00

Cautious Inc

52.7290

0.0010 -0.57

NAACIF

78.29xd

-0.30 4.37

Defensive A Inc

116.43

0.00 0.62

0.04 0.97

Latin American Equity A F

$ 49.51

-0.14 0.00

CF Odey Opus Fund A Accumulation

136.92

0.49 0.00

Short Maturity Euro Bond A F

20.43

-0.01 0.00

CF Odey Opus Fund I Acc

175.83

0.64 0.25

US Dollar Liquidity A F

$ 13.03

0.00 0.00

CF Odey Opus Fund I Inc

172.16

0.62 0.25

US Growth A F

$ 64.58

-0.36 0.00

CF Odey Absolute Return Fund Euro Hedged

1.78

0.02 0.00

US Growth AH F

44.64

-0.25 0.00

CF Odey Absolute Return Fund US Dollar Hedged $

1.64

0.02 0.00

US Growth AX F

42.40

-0.15 0.00

CF Odey Absolute Return R

299.38

4.45 0.00

US Property A F

$ 72.06

-0.76 0.00

CF Odey Absolute Return I

308.45

4.60 0.00

CF Odey Portfolio Fund Class P Institutional Acc

103.71

-0.43

Morgens Waterfall Vintiadis.co Inc

CF Odey Portfolio Fund Class P Retail Acc

103.46

-0.42

Other International Funds

CF Odey Portfolio Fund I Acc

146.43

-0.67 0.06

CF Odey Portfolio Fund I Inc

144.11

-0.66 0.06

Phaeton Intl (BVI) Ltd (Est)

$ 426.71

-11.30 0.00

Tuesday 10 February 2015

27

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

CF Odey Portfolio Fund R Acc

142.74

-0.66 0.00

Pictet-EUR Bonds-I F

CF Odey Portfolio Fund R Inc

142.50

-0.65 0.00

Odey Asset Management LLP

(CYM)

Regulated
OEI MAC Inc A

471.36

0.00 0.00

OEI Mac Inc B

269.35

0.00 0.00

OEI MAC Inc USD

$ 2568.71

0.00 0.00

Odey European Inc EUR

994.88

0.00 0.00

Odey European Inc A GBP

380.40

0.00

Odey European Inc B GBP

215.94

0.00 0.00

Odey European Inc USD

$ 463.59

0.00 0.00

Giano Capital EUR Inc

4955.50

77.78 0.00

Fund

Bid

Offer

560.67

-0.03 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 146.60

Pictet-EUR Corporate Bonds-I F

202.70

Pictet-EUR Government Bonds I EUR 159.51

Pictet-EUR High Yield-I F

(IRL)

FCA Recognised

Fund

Bid

Offer

Luxcellence Em Mkts Tech

$ 956.73

0.10 0.00

Polunin Developing Countries

$ 861.30 868.62 -0.24 0.00

0.21 0.00

Polunin Discovery - Frontier Markets $ 1497.35

-0.19 0.00

Polunin Small Cap

0.42 0.00

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0845 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
CF Ruffer Investment Funds

-0.22 0.00

Private Fund Mgrs (Guernsey) Ltd

Pictet-EUR Short Mid-Term Bonds-I F 136.74

0.00 0.00

Regulated

Pictet-EUR Short Term HY I EUR

0.10 0.00

117.37

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.20

0.00 0.00

Pictet-Euroland Index IS EUR

130.88

-0.11 0.00

Pictet-Europe Index-I EUR F

171.18

0.37 0.00

+/- Yield

Monument Growth 03/02/2015

-4.51

(GSY)

460.93 466.02 3.20 1.07

Prusik Investment Management LLP

(IRL)

Enquiries - 0207 493 1331

Regulated

Pictet-European Equity Selection-I EUR F 596.87

1.87 0.00

Prusik Asian Equity Income B Dist $ 161.37

-1.26 4.59

Pictet-European Sust Eq-I EUR F

0.09 0.00

Prusik Asia A

$ 199.38

-2.27 0.00

237.96
$ 279.19

-1.10 0.00

Pictet-Global Bds Fundamental I USD $ 123.37

-0.83 0.00

-0.35 0.00

162.40

Prusik Asian Smaller Cos A

$ 157.67

Fund

Bid

Offer

+/- Yield

-13.78 0.00

$ 1428.02 1445.87 -10.74 0.00

Pictet-EUR Inflation Linked Bonds I EUR 127.43

Pictet-Generics-I USD F

Odey Asset Management LLP

241.58

+/- Yield

-2.26 0.00

Purisima Investment Fds (UK) (1200)F

CF Ruffer Gold Fund C Acc

85.63

1.34 0.00

CF Ruffer Gold Fund O Acc

84.96

1.32 0.00

Equity & General C Acc

378.77

2.61 0.25

Equity & General C Inc

349.56

2.41 0.25

Equity & General O Inc

348.92

2.39 0.00

Equity & General O Acc

375.96

2.58 0.00

European C Acc

491.41

2.50 0.22

European O Acc

487.81

2.46 0.00

Japanese Fund C Acc

174.09

0.66 0.01

Japanese Fund O Acc

172.62

0.65 0.00

Pacific C Acc

294.43

-2.13 0.48

Pacific O Acc

292.00

-2.12 0.18

342.64

1.50 0.00

Pictet-Global Bonds-I EUR

Odey Pan European GBP R

204.43

-0.37 0.00

Pictet-Global Emerging Currencies-I USD F $ 98.53

-0.10 0.00

Odey Allegra European EUR O

266.98

0.30 0.00

Pictet-Global Emerging Debt-I USD F $ 353.10

-0.36 0.00

Odey Allegra European EUR A

160.58

0.18 0.00

Pictet-Global Megatrend Selection-I USD F $ 227.77

-1.51 0.00

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk 08459 220044, Enquiries: 0870 607 2555
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

Total Return C Acc

398.15

0.49 1.60

$ 471.54

-0.72 0.00

Global Total Fd PCG A

161.93

0.06 0.35

Total Return C Inc

279.62

0.34 1.62

0.02 0.00

Global Total Fd PCG B

160.80

0.06 0.13

Total Return O Inc

277.46

0.33 1.61

Global Total Fd PCG INT

159.02

0.06 0.00

Total Return O Acc

395.18

0.47 1.60

Odey Allegra European GBP O

284.45

-1.45 0.00

Odey Allegra European USD O

$ 232.89

-1.50 0.00

Pictet-High Dividend Sel I EUR F 154.13

Odey Allegra European EUR I

254.67

0.28 0.00

Pictet-India Index I USD

$ 111.21

-0.22 0.00

Odey Allegra European EUR A I

163.26

0.18 0.00

Pictet-Indian Equities-I USD F

$ 474.09

-7.57 0.00

Odey Allegra European GBP D

Purisima Investment Fds (CI) Ltd

(JER)

171.29

-0.88 0.00

Pictet-Japan Index-I JPY F

15049.40

74.32 0.00

Odey Allegra International Euro Class 174.63

1.61 0.00

Pictet-Japanese Equities Opp-I JPY F 8785.86

38.48 0.00

Odey Allegra International GBP Class 202.75

0.62 0.00

Pictet-Japanese Equity Selection-I JPY F 13501.39

65.28 0.00

Odey Allegra International USD

$ 155.86

0.27 0.00

Pictet-LATAM Index I USD

$ 66.03

-0.89 0.00

Odey Allegra International Euro I Class 159.79

1.47 0.00

Pictet-LATAM Lc Ccy Dbt-I USD F $ 134.03

-2.04 0.00

Odey Allegra International GBP D inc 183.68

0.55 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 371.30

-2.01 0.00

Odey Allegra International GBP A D 135.47

0.41 0.00

Pictet-Premium Brands-I EUR F

160.94

-0.01 0.00

Odey Allegra Developed Markets Fund USD I $ 130.94

-0.24 0.00

Pictet-Quality Global Equities I USD $ 136.15

-0.85 0.00

Odey Allegra Developed Markets Fund GBP I 133.06

-0.07 0.00

Pictet-Russia Index I USD

$ 49.31

1.39 0.00

Rathbone Unit Trust Mgmt (1200)F

Odey Atlas Fund GBP I

105.32

-0.28

Pictet-Russian Equities-I USD F

$ 41.75

1.23 0.00

Odey Atlas Fund GBP I S

1.26

-0.01 0.00

Pictet-Security-I USD F

$ 191.36

-1.42 0.00

PO Box 9948, Chelmsford, CM99 2AG

Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

Odey Atlas Fund GBP R S

1.08

0.00 0.00

Pictet-Select-Callisto I EUR

105.40

-0.47 0.00

Blue Chip Income Inc

154.20 159.19 -1.07 4.08

Odey Giano European Fund EUR R 122.00

-0.30 0.00

Pictet-Small Cap Europe-I EUR F 993.84

1.54 0.00

Blue Chip Income Acc

223.91 230.96 -1.55 3.95

Odey Giano European Fund GBP R 122.52

-0.28 0.00

Pictet-ST.MoneyMkt-I

140.56

0.01 0.00

Ethical Bond Inc

93.86 95.98 -0.14 4.80

101565.19

-2.33 0.00

Ethical Bond Acc

174.63 178.26 -0.26 4.67

SFr 125.19

-0.01 0.00

Global Opportunities Acc

125.04 128.97 -0.60 0.00

Income Inc

854.68 884.44 -3.67 3.94

Regulated
PCG B

163.13

0.47 0.00

PCG C

161.10

0.46 0.00

Bid

UK Growth

240.90

Offer

+/- Yield

-2.00 0.00

Ruffer LLP (1000)F

Odey Pan European EUR R

Pictet-Greater China-I USD F

Fund

SIA (SIA Funds AG)

(LUX)

Regulated
LTIF Alpha

168.82

0.17 0.00

LTIF Classic

349.92

0.18 0.00

LTIF Natural Resources

83.78

0.26 0.00

SIA (SIA Funds AG) (CH)

Other International Fds
LTIF Stability Growth

SFr 204.10

4.10

LTIF Stability Inc Plus

SFr 181.20

3.60 5.70

(IRL)

Regulated

S W Mitchell Capital LLP

(CYM)

Regulated

Putnam New Flag Euro High Yield Plc - E 1031.05

2.08 4.82

(UK)

S W Mitchell European Fund Class A EUR 298.90

-2.66

S W Mitchell Small Cap European Fund Class A EUR 215.99

-2.86

The Charlemagne Fund EUR

-12.15

279.88

S W Mitchell Capital LLP

(IRL)

Smith & Williamson Investment Management (1200)F (UK)

25 Moorgate, London, EC2R 6AY 020 7131 8100
www.sandwfunds.com
Authorised Inv Funds

15212.26

-25.67 0.00

SWMC UK Fund B

10319.36

57.26

SWMC Small Cap European Fund B EUR 13082.97

71.42 0.00

SWMC Emerging European Fund B EUR 8560.02

89.16 0.00

156.65

-0.11 1.04

127.20

-0.15 1.63

-0.16 1.75

Odey Odyssey Fund EUR R

117.98

-0.19 0.00

Odey Odyssey Fund USD R

$ 123.35

-0.18 0.00

Pictet Total Ret-Mandarin I USD $ 116.64

-0.23 0.00

Multi Asset Total Return acc

138.29

Odey Orion Fund Euro I Class

124.89

-0.26 0.00

Pictet-US Equity Selection-I USD $ 188.66

-0.82 0.00

Recovery Inc

410.20 425.91 -3.34 2.40

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated

Odey Orion Fund USD I Class

$ 124.91

-0.27 0.00

Pictet-US High Yield-I USD F

$ 147.34

-0.38 0.00

Recovery Acc

483.84 501.97 -3.93 2.36

RobecoSAM Sm.Energy/A

12.02

-0.10 1.23

Odey Swan Fund Euro I Class

108.59

0.62 0.00

Pictet-USA Index-I USD F

$ 179.82

-0.57 0.00

Strategic Bond Ret Acc

1.19

1.21 0.00 3.85

RobecoSAM Sm.Materials/A

129.21

0.84 1.94

Odey Swan Fund Euro R Class

107.59

0.61 0.00

Pictet-USD Government Bonds-I F $ 637.35

-5.58 0.00

Strategic Bond Ret Inc

1.07

1.09 0.00 4.13

RobecoSAM Gl.Small Cap Eq/A

Odey Swan Fund GBP I Class

108.81

0.63 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 128.88

-0.31 0.00

Odey Swan Fund GBP R Class

113.09

0.66 0.00

Pictet-USD Sov.ST.Mon.Mkt-I

$ 102.50

0.01 0.00

RECM Global Management Limited

Odey Swan Fund USD I Class

$ 108.32

0.64 0.00

Pictet-Water-I EUR F

265.04

-0.14 0.00

www.recmglobal.com Enquiries: info@recmglobal.com

Regulated

Odey Swan Fund USD IR Class

$ 107.89

0.64 0.00

Odey Swan Fund USD R Class

$ 107.41

0.63 0.00

Odey European Absolute Return Fund EUR I 99.57

-0.55 0.00

Odey European Absolute Return Fund GBP I 99.01

-0.54 0.00

Odey European Absolute Return Fund USD I $ 100.00

-0.50 0.00

Odey European Absolute Return Fund EUR R 94.71

-0.53 0.00

Odey European Absolute Return Fund GBP R 98.74

-0.54 0.00

Odey European Absolute Return Fund USD R $ 99.60

-0.52

Odey European Absolute Return Fund EUR S 99.77

-0.56 0.00

Odey European Absolute Return Fund GBP S 100.48

-0.51 0.00

Odey European Absolute Return Fund USD S $ 100.03

-0.55 0.00

Odey Wealth Management (CI) Ltd

(IRL)

www.odey.com/prices
FCA Recognised
Odey Opportunity EUR I

220.09

0.23 0.00

Odey Wealth Management UK

Authorised Funds
VT Odey Total Return Fund Class A 102.35

-0.59

VT Odey Total Return Fund Class A 108.93

-0.62

VT Odey Total Return Fund Class I 103.92

-0.60

VT Odey Total Return Fund Class I 100.00

0.00

VT Odey Total Return Fund Class R 104.61

-0.61

VT Odey Total Return Fund Class R $ 103.86

-0.60

VT Odey Total Return Fund Class I $ 107.20

-0.62

Omnia Fund Ltd

Other International Funds
Estimated NAV

$ 877.58

50.31 0.00

Pimco Fds: Global Investors Series Plc

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised

Optima Fd NAV

0.45 0.00

0.05 0.00

0.14 0.00

UK Equity Growth Trust A Class

408.70

-3.00 0.80

Veritas Global Focus Fund C USD $ 26.37

-0.15 0.00

UK Equity Income Trust A Class

228.30

-1.30 5.63

Veritas Global Equity Income Fund A GBP 156.58

-0.55 4.57

Veritas Global Equity Income Fund A EUR 213.16

0.15 4.07

Veritas Global Equity Income Fund A USD $ 123.22

-1.35 4.76

Veritas Global Equity Income Fund C GBP 180.06

-0.64

Veritas Global Equity Income Fund C EUR 244.89

0.18

Veritas Global Equity Income Fund C USD $ 140.78

-1.54

Veritas Global Real Return Fund A USD $ 20.31

0.02 2.07

Veritas Global Real Return Fund A GBP 11.29

0.01 2.06

Veritas Global Real Return Fund A EUR 11.97

0.01 0.17

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds
S&W Deucalion Fd (OEIC)

2076.00

15.00 0.45

Global Fixed Income D Acc F

S & W Magnum

381.70 403.30 -1.50 1.50

Global Fixed Income D Inc F

1.03

0.00 0.58

S & W Marathon Trust

187.30 198.20 -0.40 1.66

Global Yield B Acc F

119.00

-0.30 1.60

Charity Value and Income Fund Acc

136.20 137.10 -1.30 4.57

Global Yield B Inc F

112.30

-0.30 1.60

Charity Value and Income Fund Inc

94.80 95.40 -0.87 4.70

Global Balanced B Acc F

130.70

-0.10 0.37

Global Balanced B Inc F

126.10

-0.20 0.36

Veritas Asian Fund B USD

$ 216.41

-2.17 0.47

Global Growth B Acc F

138.80

0.00 0.29

Veritas Asian Fund B GBP

276.94

-0.74 0.04

Global Growth B Inc F

130.10

-0.10 0.29

Veritas Asian Fund B EUR

232.57

0.36 0.00

Global Equity Fund B Acc F

132.20

0.10 0.31

Veritas China Fund B GBP

131.02

-0.53 0.00

1.32

0.01 0.31

Veritas China Fund B EUR

138.08

-0.55 0.00

UK Income Focus B Inc F

66.00

-0.30 3.22

Veritas Global Focus Fund B USD $ 17.61

-0.10 1.75

UK Income Focus B Acc F

87.00

-0.30 3.14

Veritas Global Focus Fund B GBP 20.79

0.04 1.76

UK Balanced B Inc F

70.40

-0.20 1.34

Veritas Global Focus Fund B EUR 15.61

0.09 1.71

UK Balanced B Acc F

76.50

-0.30 1.32

Veritas Global Equity Income Fund B GBP 144.64

-0.52 4.62

SMT Fund Services (Ireland) Limited

Regulated
Monthly Dividend High Yield

6.98

0.01 0.00

-0.04 7.99
-0.85 0.00

(LUX)

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR

107.85

-0.06 0.00

Pictet-Absl Rtn Glo Div-I EUR F

124.25

-0.47 0.00

Pictet-Agriculture-I EUR F

194.86

0.20 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 224.27

-1.29 0.00

Pictet-Asian Local Currency Debt-I USD F $ 157.47

-0.68 0.00

Pictet-Biotech-I USD F

$ 789.04

-7.95 0.00

Pictet-Brazil Index I USD

$ 55.13

-1.19 0.00

SFr 506.51

0.76 0.00

Pictet-China Index I USD

$ 116.75

-0.93 0.00

Pictet-Clean Energy-I USD F

$ 90.27

-0.40 0.00

Pictet-CHF Bonds I CHF

Standard Life Wealth

(JER)

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130

FCA Recognised
Standard Life Offshore Strategy Fund Limited
Bridge Fund

1.6087

-0.0010 2.48

(UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc

13.21

0.01 0.00

TM New Court Fund - A 2014 Acc 13.23

0.01

TM New Court Equity Growth Fund - Inc 13.34

0.02 0.00

-0.02

Renaissance Eastern European Fund A 399.91

-0.01

Renaissance Eastern European Fund B 85.85

0.00 0.00

Renaissance Ottoman Fund

-0.12 0.00

124.67

Toscafund

(CYM)

Tosca

$ 266.99

Santander Asset Management UK Limited (1200)F (UK)

Tosca Mid Cap GBP

227.59

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range

Tosca Opportunity B USD

$ 313.41

-0.40

Euro Bond - Inst Acc

22.96

0.00 0.00

Stenham Emerging Markets USD B1 $ 108.18

Santander Atlas Port 5 Acc Inst

163.70

-0.40

Euro Credit - Inst Acc

14.87

0.03 0.00

Stenham Gold USD

$ 159.09

0.93 0.00

Santander Atlas Port 6 Acc Ret

267.70

-0.60

TreeTop Asset Management S.A.

Euro Income Bond - Inst Acc F

13.01

0.04 0.00

Stenham Growth USD

$ 212.93

-0.95

Santander Atlas Port 6 Acc X

191.10

-0.40

Euro Long Average Duration - Inst Acc 23.33

-0.04 0.00

Stenham Healthcare USD

$ 170.84

2.73 0.00

Regulated
TreeTop Convertible Sicav

Santander Atlas Port 6 Acc Inst

163.80

-0.40

Euro Low Duration Fund Inst Acc 11.36

0.01 0.00

Stenham Helix USD

$ 104.66

0.71 0.00

Santander Atlas Port 7 Acc Ret

208.90

-0.40

Stenham Managed Fund USD

$ 113.25

-0.09

Santander Atlas Port 7 Acc Inst

165.10

-0.40

Stenham Multi Strategy USD

$ 118.17

0.09

Stenham Quadrant USD A

$ 389.49

2.32

Stenham Trading Inc USD

$ 113.02

0.64

Stenham Universal USD

$ 439.88

0.40

Stenham Universal II USD

$ 163.71

0.08 0.00

9.48

-0.09 0.00

$ 28.06

-0.06 0.00

$ 19.66

-0.01

Global Fundam.Index StocksPLUSInst Acc $ 11.83

-0.01 0.00

Global High Yield Bond - Inst Acc $ 20.14

0.06 0.00

Global Investment Grade Credit - Inst Income $ 12.56

-0.04 3.23

Global Investment Grade Credit Fund Inst Acc 11.53

0.03 0.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.71

-0.05 0.00

Global Multi-Asset - Inst Acc

-0.04 0.00

$ 14.76

PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.11

-0.07 0.00
0.00 0.00

StocksPLUS{TM} - Inst Acc

$ 23.10

0.00 0.00

Total Return Bond - Inst Acc

$ 27.33

-0.08 0.00

17.46

-0.08 0.00

UK Long Term Corp. Bnd Inst-Inst Acc 19.73

UK Corporate Bond - Inst Acc

-0.17 0.00

22.94

-0.42 0.00

UK Sterling Long Average Duration - Inst Acc 22.62

UK Real Return - Inst Acc

-0.33 0.00

UK Sterling Low Average Duration - Inst Acc 14.15

-0.01 0.00

Unconstrained Bond - Inst Acc

$ 12.20

0.04 0.00

US Fundam.Index StocksPLUS Inst Inc $ 12.71

-0.02 0.00

(LUX)

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.

www.robeco.com/contact
FCA Recognised
Asia-Pacific Equities (EUR)

132.89

0.45 0.00

Chinese Equities (EUR)

78.04

-0.12 0.00

Em Stars Equities (EUR)

185.88

-0.95 0.00

Emerging Markets Equities (EUR) 156.84

0.02 0.00

Flex-o-Rente (EUR)

-0.27 0.00

108.86

Glob.Consumer Trends Equities (EUR) 146.03

0.25 0.00

High Yield Bonds (EUR)

124.87

0.22 0.00

Lux -O- Rente (EUR)

140.04

-0.80 0.00

New World Financials (EUR)

52.76

0.40 0.00

US Premium Equities (EUR)

181.60

0.51 0.00

US Premium Equities (USD)

$ 203.23

0.57 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)
-0.03 2.50

1.31 0.00

-1.11 0.00

Winton Evolution USD Cls F

$ 1757.18

26.33 0.00

20.95 0.00

204.86 0.00

Regulated

UK Growth Acc Ret

326.00

-2.20

Renminbi Bond Fund AUD Cls A A$ 115.71

0.85 4.08

UK Growth Inc Ret

219.30

-1.40

Renminbi Bond Fund AUD Cls B A$ 117.61

0.87 3.80

Renminbi Bond Fund CHF Cls A SFr 115.30

0.82 4.05

Renminbi Bond Fund CHF Cls B SFr 115.26

0.82 3.79

Renminbi Bond Fund CNH Cls A CNH 119.05

0.66 3.59

Renminbi Bond Fund CNH Cls B CNH 118.98

0.66 3.34

Renminbi Bond Fund Euro Cls B

116.14

0.84 3.81

Renminbi Bond Fund GBP Cls B

117.52

0.85 3.61

Renminbi Bond Fund SGD Cls B S$ 116.49

0.85 3.57

Renminbi Bond Fund USD Cls B

$ 117.11

0.84 3.35

Renminbi Bond Fund YEN Cls B

12950.05

93.27 0.00

Renminbi Bond Fund USD Class

$ 161.21

1.16 3.61

Trojan Investment Funds

Renminbi Bond Fund GBP Class

156.40

1.13 3.87

Spectrum Fund 'O' Acc

160.21

Renminbi Bond Fund SGD Class S$ 154.07

1.13 3.83

Spectrum Fund 'O' Inc

156.24

0.31 0.26

Renminbi Bond Fund YEN Class

19145.00

137.00 0.00

Trojan Fund O Acc

257.57

-1.17 0.59

Yuki Asia Umbrella Fund

Renminbi Bond Fund EUR Class

106.64

0.77 4.07

Trojan Fund O Inc

214.28

-0.97 0.59

Poland Geared Growth

-0.02 0.00

Trojan Capital O Acc

206.21

0.16 0.92

Trojan Capital O Inc

176.89

0.14 0.92

Zadig Gestion (Memnon Fund)

Trojan Income O Acc

262.55

-1.50 3.73

FCA Recognised

Trojan Income O Inc

168.92

-0.97 3.86

-0.80

-0.80

Global Spec Inv Grade Bd Fund GBP 10.23

-0.05 3.13

Max 50% Shs Port Acc X

179.10

-0.60

Max 100% Shs Port Acc Ret

282.80

0.20

Max 100% Shs Port Acc X

203.10

0.20

Enhanced Inc Inc Ins

211.60

-1.20

Enhanced Inc Inc Ret

201.30

-1.20

Enhanced Inc Inc X

170.30

-1.00

Contl Europe Specialist Fund

24.08

-0.07 0.62

Japan Specialist Fund

14.17

-0.01 0.56

US Spec Equity Fund

19.14

-0.02 0.16

Managed Investments OEIC

Pacific Basin Specialist Equity Fund 42.20

0.00 1.19

Max 30% Shs Port Acc Ret

157.50

-0.60

UK Sovereign Bd Index Fund

11.05

-0.09 2.58

Max 30% Shs Port Acc X

157.50

-0.60

Inflation Lkd Sov Bd Fund

12.64

-0.22 0.71

Max 30% Shs Inc Port Inc Ret

158.70

-0.70

UK Specialist Equity Income Fund 10.66

0.01 3.43

Max 30% Shs Inc Port Inc X

158.70

-0.70

Global Spec Inv Grade Bd Fund GBP 10.47

-0.05 3.13

Max 60% Shs Port Acc Ret

270.90

-0.90

12.21

-0.06 0.63

Max 60% Shs Port Inc Ret

220.00

-0.70

Max 60% Shs Port Inc X

170.30

-0.60

Eq Inc Port Acc Ret

293.90

-0.50

Eq Inc Port Inc Ret

234.20

-0.50

Managed Investments OEIC 2

0.51

Yuki International Limited

Troy Asset Mgt Ltd

(UK)

40 Dukes Place, London EC3A 7NH

Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs
0.32 0.26

UBS Global Asset Mgmt Fds Ltd

Nippon Growth Fund Limited

95373.00

-76.00 0.00

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC

Strat Evarich Japan Fd Ltd JPY

84819.00

-823.00 0.00

Global Emerg Mkts Eqty B Acc

Strat Evarich Japan Fd Ltd USD

$ 845.92

-8.17 0.00

Global Optimal B Acc

E.I. Sturdza Strategic Management Limited (GSY)

Regulated

1.41

-0.01 1.50

Investments Inc Port Inc Ret

173.90

-0.60

Investments Inc Port Inc X

157.50

-0.60

Gov Bond Inc Inst

182.30

-0.90

Strat Bond Inc Inst

187.70

-0.30

Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1043.00

8.00 0.00

Div Inc Port Inc Ret

170.40

-0.90

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1221.50

9.45 0.00

Corp Bond Acc Inst

218.90

-0.70

Nippon Growth (UCITS) Fund JPY Class A shares 95488.00

742.00 0.00

270.90

-0.60

Nippon Growth (UCITS) Fund JPY Class B Acc shares 80095.00

623.00 0.00

Nippon Growth (UCITS) Fund JPY Class C Dis shares 77804.00

605.00 0.00

Nippon Growth (UCITS Fund Class D Institutional JPY) 51646.00

402.00 0.00

Strategic China Panda Fund USD $ 2252.44

-13.41 0.00

Strategic China Panda Fund Hedged EURO 2193.18

-13.26 0.00

Strategic China Panda Fund Hedged Sterling 2222.57

-13.24 0.00

Strategic Euro Bond Accumulating Class CHFSFr 1020.67

-0.03 0.00

Strategic Euro Bond Institutional Class EUR 1034.96

0.15 0.00

Strategic Euro Bond Fund Accumulating Class Shares 1163.36

0.16 0.00

Strategic Euro Bond Fund Distributing Class Shares 1063.74

0.15 0.00

Strategic Global Bond RMB Acc CNY 1088.76

-6.23 0.00

Investments III

Strategic Global Bond USD Acc

$ 1066.15

-5.90 0.00

Investments IV - European Private Eq. 307.74 323.13 0.00

Strategic US Momentum and Value Fund $ 822.01

-0.47 0.00

Investments IV - Global Private Eq. 429.57 451.05 0.00 0.00

Strategic US Momentum and Value EUR Hedged Class EUR 573.36

-0.39 0.00

Strategic US Momentum and Value CHF Hedged Class CHFSFr 569.63

-0.51 0.00

Managed Investments OEIC 3

Multi-Manager OEIC
Bal Intl Track Acc Ret
Bond Mthly Inc Acc Ret

146.90

-0.60

Bond Mthly Inc Inc Ret

96.11

-0.37

E.I. Sturdza Funds PLC

(IRL)

Regulated

Asset Management
Santander Asset Management UK Limited (1200)F
(UK)

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400

Authorised Inv Funds
Santander Premium Fund (OEIC)
A Shares

-2.00 3.70
-0.30 3.01

Biotechnology I USD

$ 16.81 16.81 -0.12 0.00

FTSE 100 Tracker Special 1

300.40

-2.10 3.01

European Income Acc EUR

11.37 11.37 0.03

FTSE 100 Tracker Special 3

208.30

-1.40 2.77

Financial Opps I USD

$ 12.14

0.05 2.03

FTSE 100 Tracker Standard

284.30

-2.00 2.53

GEM Growth I USD

9.86

-0.05 0.00

Growth

314.40

-1.70 2.07

GEM Income I USD

$ 11.17

-0.04 0.00

High Yield

127.50

-0.20 3.52

Global Alpha I USD

$ 12.92 12.92 -0.03 0.00

International Growth

408.60

0.60 0.61

Global Convertible I USD

$ 11.42 11.42 -0.01 0.00

Stakeholder Investment

169.70

-1.10 1.38

Global Insurance I GBP

3.78

0.00 0.00

Adventurous Growth

149.60

-0.70 0.50

Global Technology I USD

$ 21.92

-0.12 0.00

Balanced Growth

145.90

-0.80 0.70

Cautious Growth

135.00

-0.40 1.20

Income

122.90

-0.50 2.20

(UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds

1.66

1.29 0.00

Income Opportunities B2 I GBP Acc

142.35

120.76

10.54 0.00

0.09 0.00

Sequoia Equity A

3.38 0.00

Winton Futures GBP Cls F

110.70

0.44 0.00

332.60

$ 37.03

Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03

Extra Income

Healthcare Opps I USD

183.22

Japan Synthetic Warrant Fund USD Class $ 13.06

Equity Income

Global Opp.C

3.08 0.00

313.07

$ 304.93 304.93 -3.40 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.66 10.66 -0.03

Winton Futures GBP Cls D

Asian Financials I USD

0.23 0.00

-1.80

223.20

-1.10 1.11

11.02 0.00

-1.10

247.50

-1.40 1.10

$ 144.45

Max 50% Shs Port Inc Ret

Global Opp.B

$ 1022.41
286.60

Max 50% Shs Port Acc Ret

Winton Futures EUR Cls C

280.00

0.01 3.47

288.80

0.62 0.00

177.30

-0.05 0.44

354.10

UK Growth Acc Inst

Balanced Inc

145.54

Stckmkt 100 Track Gwth Acc Ret

Balanced Acc

Winton Futures USD Cls B

Global Opp.A

20107.25

(GSY)

266.90

Europe (ex-UK)

-3.30

Japan Equities

146.40

0.20

Pacific Bas (ex-Japan)

542.70

-0.20

Sterling Bonds

271.70

-1.00

UK Equities

262.50

-1.60

US Equities

262.60

1.40

541.90

-0.20

B Shares
Pacific Bas (ex-Japan)

Saracen Fund Managers Ltd (1000)F

Taube Hodson Stonex Ptnrs UT (1200)F

(UK)

50 Bank Street, Canary Wharf, London E14 5NT

Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds

1.01

0.00 0.81

UBS UK Opportunities Fund B Acc

0.92

0.00 2.64

US Equity B Acc

1.47

0.01 0.28

UBS Asian Consumption Fund - B Acc

0.58

-0.01 0.44

UBS S&P 500 Index C Acc

0.52

-0.01

UBS Targeted Return B Acc

1.26

-0.01 1.15

UBS Sterling Corporate Bond Indexed Fund

53.51

0.24 3.16

UBS Multi Asset Income B Inc (net)

0.52

0.00 3.71

UBS UK Equity Income B Inc Net

0.42

0.00 4.88

Corporate Bond UK Plus B Inc Net

0.54

0.00 4.00

UBS Global Allocation (UK) B Acc

1.10

-0.01 1.58

UBS Global Enhanced Equity Income C Inc

0.50

0.00

UBS US Growth Fund B Acc

1.42

0.00 0.00

UBS Emerging Markets Equity Income B Inc

0.44

0.00 5.03

Unicapital Investments

(LUX)
-

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
UK Growth A Inc
F

UK Growth B Inc
Mastertrust B Inc

371.74

-1.71 0.00

350.70

-0.83 0.00

372.80

-1.69 0.25

314.79

-0.73 0.40

Outstanding British Cos A Acc

228.21

-1.70 0.48

237.02

-1.74 1.24

1.66 0.00 0.00

Capital Protected Accelerator Fund 2

125.30

3.00 0.00

Saracen Growth Fd Alpha Acc

3.48

-0.01 1.05

188.69 188.69 1.46 0.00

IGV - Inc A

334.50

-1.70 1.83

Outstanding British Cos B Acc

Capital Protected Accelerator Fund 3

117.10

2.90 0.00

Saracen Growth Fd Beta Acc

5.53

-0.02 1.57

Japan I JPY

1883.17

14.87 0.00

IGV - Inc B

333.10

-1.80 1.09

UK Smaller Cos A Inc

402.66

-0.45 0.09

Capital Protected Fund 4

133.90

3.20 0.00

Saracen Global Income & Growth Fund A - Acc

1.22

-0.01 2.86

North American I USD

$ 17.06 17.06 -0.04 0.00

IGV - Acc X

401.60

-2.10 1.33

UK Smaller Cos B Inc

394.45

-0.42 0.84

Capital Protected Fund 6

172.20

0.00 0.00

Saracen Global Income & Growth Fund A - Dist

1.16

0.00 2.92

UK Absolute Equity I GBP

10.57 10.57 -0.01

IGV - Acc Y

429.20

-2.30 1.79

UK Income A Acc

242.94

-0.12 6.27

Your Portfolio Fund II Class 1

112.90

-0.30 0.90

Saracen Global Income and Growth Fund -Acc

1.51

0.00 3.23

IGV - Acc Z

399.70

-2.10 1.07

UK Income A Inc

224.28

-0.11 6.53

Your Portfolio Fund II Class 2

112.60

-0.30 1.00

Saracen Global Income and Growth Fund -Dist

1.36

0.00 3.32

European

UK Income B Acc

256.43

-0.11 6.24

Your Portfolio Fund III Class 1

118.80

-0.10 0.90

UK Income B Inc

236.84

-0.10 6.50

Your Portfolio Fund III Class 2

118.70

-0.20 1.10

Your Portfolio Fund IV Class 1

124.50

-0.10 0.80

Your Portfolio Fund IV Class 2

124.20

-0.10 1.10

Polar Capital LLP

Pictet-Digital Communication-I USD F $ 242.87

-1.81 0.00

Pictet-Eastern Europe-I EUR F

289.92

4.12 0.00

ALVA Convertible A USD

Pictet-Em Lcl Ccy Dbt-I USD F

(CYM)

Regulated
$ 126.35

0.10 0.00

$ 175.34

-2.07 0.00

European Conviction A EUR

164.81

2.42 0.00

Pictet-Emerging Markets-I USD F $ 552.06

-4.36 0.00

European Forager A EUR

181.04

0.47 0.00

Pictet-Emerging Markets Index-I USD F $ 249.58

-0.95 0.00

Pictet-Emerging Corporate Bonds I USD $ 105.16

-0.02 0.00

Polunin Capital Partners Ltd

Pictet-Emerging Markets High Dividend I USD $ 110.21

-0.79 0.00

Other International Funds

Pictet-Emerging Markets Sust Eq I USD $ 100.17

-0.24 0.00

Developing Countries 'A'

Pictet-Environmental Megatrend Sel I EUR 155.97

0.77 0.00

Emerging Markets Active

$ 38.29
$ 42.90

0.63 0.00
0.70

Your Portfolio Fund V Class 1

129.00

0.00 0.60

Your Portfolio Fund V Class 2

128.70

0.00 0.90

Your Portfolio Fund VI Class 1

128.40

0.00 0.60

Your Portfolio Fund VI Class 2

128.70

0.00 0.90

.
For Save & Prosper please see Countrywide Assured

Schroder Property Managers (Jersey) Ltd

Other International Funds
Indirect Real Estate SIRE

124.74 129.81 1.55 3.32

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth

227.50

-1.60 0.00

EGV - Acc S

265.90

-2.80

EGV - Acc Z

265.90

-2.80 0.26

CVG - Acc S

106.70

-1.10

CVG - Acc X

106.70

-1.10

-11.28 0.00

Continental

Value Partners Hong Kong Limited

The Hartford International Funds

(IRL)

Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1628.40

49.00 0.00

Yuki Mizuho Japan Large Cap

6894.00

33.00 0.00

Yuki Japan Low Price

24581.00

160.00 0.00

Yuki Japan Value Select

12022.00

(IRL)

www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
Value Partners Classic Equity USD Hedged $ 13.61

0.01 0.00

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 managers initial charge.
Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.
Treatment of managers periodic capital charge:
The letter C denotes that the trust deducts all or part of
the managers/operators periodic charge from capital,
contact the manager/operator for full details of the
effect of this course of action.
Exit Charges: The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is indicated
by the symbol alongside the individual unit trust/OEIC
name.
The symbols are as follows: 0001 to 1100 hours;
1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available.Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation or
a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be obtained
free of charge from fund managers/operators. *
Indicates funds which do not price on Fridays.
Charges for this advertising service are based on the
number of lines published and the classification of the
fund. Please contact data@ft.com or call
+44 (0)20 7873 3132 for further information.

59.00 0.00

15981.00

120.00 0.00

Yuki Japan Rebounding Growth Fund 21763.00

142.00 0.00

YMR Umbrella Fund

YMR N Growth

Memnon European Fund I GBP

111.54

(LUX)
-

Zebedee Capital Partners LLP

-0.49 0.00

(CYM)

Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78

-0.96 0.00

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

-0.82 0.00

Money Market
Trusts and
Bank Accounts
Gross Net

Gross
AER Int Cr

CCLA Investment Management Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

CCLA Fund Managers Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
COIF Charities Deposit Fund
0.45
- 0.45 Qtr

Data Provided by

Japan Alpha I JPY

Yuki Mizuho Japan Dynamic Growth 6625.00

-51.77 0.00

Unicorn Asset Management Ltd

OEIC: Open-Ended Investment Company. Similar to a

unit trust but using a company rather than a trust
structure.

(IRL)

Regulated
24.78

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.)

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund

Asset Management

Mastertrust A Inc

International

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.

Other International Funds

Winton Futures JPY Cls E

Stratton Street Capital (CI) Limited

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.

Winton Capital Management

20.77 0.00

9.96

PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585

Authorised Inv Funds

-3.06 0.00

12.26

(UK)

-2.49

-0.06 0.00

RBS Collective Investment Fds Ltd

$ 355.39

1401.48

-0.50

152.00 159.80 0.80 0.00

281.80

Pacific B

125.17

1379.72

232.90 245.20 -1.70 4.35

Pacific A

European Multi-Sector

Winton Evolution GBP Cls G

168.50

US Growth

-2.26 0.00

Winton Evolution EUR Cls H

Investment Port Acc X

UK Income With Growth

-1.09 0.00

-1.48 3.53

-3.00 0.68

281.73

TreeTop Global Sicav

The sale of interests in the funds listed on these pages

may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons in
all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.

(IRL)

-1.52 0.00

-0.80

131.84

International D

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.

Regulated

486.20 511.80 -4.10 1.07

International C

WA Fixed Income Fund Plc

237.70

456.70

-3.11 0.00

167.71

Investment Port Acc Ret

-2.39 0.00

$ 149.27

-0.21 0.71

UK Growth

$ 380.01

Sequoia Equity C

-0.09 2.58

Sustainable Leaders

296.14

International B

Sequoia Equity B

International A

10.64 0.00

0.04 5.21

10.96

0.02 0.00

9.91

Japan Synthetic Warrant GBP Hedged Participating Shares 144.31

12.79

7.10 -0.06

Waverton Sterling Bond Fund A GBP

Inflation Lkd Sov Bd Fund

Platinum Essential Resources UCITs Fund $

15.05

(LUX)

-0.61

UK Sovereign Bd Index Fund

Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93

Waverton Equity Fund A GBP

93.00 97.89 -0.25 3.96

-0.10 1.86

96.35

Stckmkt 100 Track Gwth Acc Inst

-0.70

100.30 105.60 -1.30 1.74

125.51 0.00

European Growth

13.21

184.10

Corporate Bd Inc Tst

Waverton UK Fund A GBP

1183.28

Max 70% Shs Port Acc X

0.07 0.24

-2.11 0.00

Japanese Synthetic Warrant

0.00 0.61

Waverton Global Equity Fund A GBP 14.74

-1.10

Pacific Basin Specialist Equity Fund 42.52

Platinum Global Dividend UCITS Fund $ 74.55 74.55 -0.09 6.85

0.04 5.15

-0.12 0.00

Platinum Global Dividend Fund - A $ 62.83

164.40

-1.00

0.00 1.74

-0.10 0.33

9.27

Waverton Global Bond Fund Cls A $

N&P UK Gwth Inc Ret

-0.50 0.77

-0.07 1.05

256.40

17.46

-1.20

Max 70% Shs Port Acc Ret

$ 19.82

Waverton European Fund A Eur

-0.02 0.00

1.58

Waverton Asia Pacific A USD

208.50

168.70

(IRL)

Equity Inc Inc Ret

18.45

0.00 1.51

-0.01 0.00

US Spec Equity Fund

0.00 2.37

19.87

107.02

-1.30

-0.60

UK Specialist Equity

268.70

-0.40

-0.03 2.85

Virgin Pension Income Protector Fund

Virgin Climate Change Fund

173.80

-4.38 0.00
20.23 0.00

Glob Em Shs Port Acc Ret

United Kingdom Equity Index Fund 16.34

-1.00 2.55

241.90

-0.01 0.00

Series 6 (Investment Management Customers Only)

0.00 2.20

107.80

Global Emerg Mkts Equity Fund

279.50

Equity Inc Inc Inst

13.56

UK Specialist Equity Income Fund

126.30

Investments Inc Inc Ret

Japan Specialist Fund

(IRL)

Managed OEIC

Polar Capital Funds Plc

-0.60

0.00 0.35

-0.07 0.00

$ 114.01

0.00

160.20

Platinum All Star Fund - A

Investments Inc Acc Ret

CIS Sustainable World Trust A

23.30

CIS Sustainable Diversified Trust A

-0.50

19.69

Other International Funds

-0.70

Contl Europe Specialist Fund

PO Box 105, Manchester M4 8BB 08457 464646

Authorised Inv Funds

Platinum Navigator Fund Ltd Class A $ 98.72

142.40

UK Specialist Equity Inc

Royal London Unit Managers (CIS) (1200) F (UK)

Platinum Maverick Enhanced Fund Limited $ 92.87

166.80

Max 70% Shs Inc Ret

Address and telephone number for Series 5 only

Max 70% Shs Acc Ret

United Kingdom Equity Index Fund 16.56

Global Emerg Mkts Equity Fund

7.10

Authorised Inv Funds

Virgin Income Trust

-4.47 0.00

Stenham Asset Management Inc

Robeco Asset Management

-0.80 2.62

waverton.investments@citi.com
FCA Recognised

193.50

-0.08 0.00

8.60 0.00

Waverton Investment Funds Plc (1600)F

Santander Atlas Port 5 Acc Ret

Virgin Pension Growth Fund

Regulated

-0.06 0.00

$ 12.62

9.14 0.00

Real Return Asian Fund EUR (Est) $ 309.01

-0.0188 2.86

-0.02 0.00

Global Advantage - Inst Acc

8.99 0.00

Emerging Markets Curr.Fd- Inst Acc $ 12.39

0.00 0.00

Real Return Asian Fund GBP (Est) 314.44

1.9358

104.90

0.01 0.00

Real Return Asian Fund USD (Est) 296.30

UK Equity Fund

European Opportunities Fund B

Renaissance Eastern European Allocation Fund 411.10

Stenham Credit Opportunities A Class USD $ 105.26

www.veritas-asset.com
Other International Funds

Veritas Asset Management LLP

Virgin Money Unit Trust Managers Limited (1700)F (UK)

-0.40

Regulated

Pictet Funds (Europe) SA

0.01 1.44

Thesis Unit Trust Management Limited

56.56 0.00

164.70

-35.05 0.00

Veritas Global Real Return Fund B EUR 12.82

Santander Atlas Port 4 Acc Inst

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

$ 157.82

-0.10 0.00

246.60

Additional Funds Available

Please see www.cis.co.uk for details

$ 400.36

0.00 0.00

Platinum Capital Management Ltd

Jubilee Absolute Return Fund

9.03

3.20 0.00

Fixed Income Holdings N.V.

New Major Economies

Virgin UK Index Tracking Trust

Permal Investment Mgmt Svcs Ltd

0.01 1.64

Daiwa Equity Fund Series

Emerging Markets Corp.Bd Fund Inst Acc F $ 13.00

Regulated

$ 4255.49

-1.80

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.92

Macro Holdings Ltd

0.02 1.62

Veritas Global Real Return Fund B GBP 11.09

-0.03 0.00

-0.60 2.31

$ 131.74

$ 5401.83

Veritas Global Real Return Fund B USD $ 19.71

Stenham Asia USD

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 15.36

Investment Holdings N.V.

-0.70 2.28

79.70

-0.03 0.00

0.05 0.00

UK Equity B Inc F

-0.30

86.50

-0.01 0.00

$ 14.42

5.44

UK Equity B Acc F

132.00

Optima Partners Global Fd

-0.06 0.00

7.97

Santander Atlas Port 4 Inc Ret

-0.11 0.00

NAV (Fully Diluted)

0.10 0.00

Other International Funds

C$ 10.52

8.43

Oryx International Growth Fund Ltd

Monthly Dividend CAD Bd

Emerging Markets Bond - Inst Acc $ 38.36

PIMCO EqS Emerging Markets Fund Inst Acc $

-1.34 4.81

www.stenhamassetmanagement.com
Other International Funds

0.00 0.00

Orbis Global Equity - Investor Shares 151.24

0.13 4.11

0.27 0.00

Veritas Global Equity Income Fund B USD $ 122.67

$ 48.82

Veritas Global Equity Income Fund B EUR 196.42

-0.30 1.18

-0.50

Platinum Japan Fd Ltd

Orbis Asia ex-Japan - Investor Shares $ 22.50

-0.20 1.19

-0.40

0.00

0.59 0.00

85.60

77.50

UK Growth B Inc F

Low Average Duration - Inst Acc $ 14.76

26.23

UK Growth B Acc F

-0.01 0.00

181.80

0.00 0.00

Orbis Japan Equity (Euro)

-0.03 0.00

164.40

89.00 0.00

10.98

Santander Atlas Port 4 Acc Ret

17.11

A$ 10.53

Monthly Dividend EUR Bd

Santander Atlas Port 3 Acc Inst

Platinum Fd Ltd EUR

3969.00

Monthly Dividend AUD Bd

-0.0028 3.22

-0.10 0.00

Orbis Japan Equity (Yen)

-0.11

(LUX)

0.00

-0.07 0.00

9.84

Orbis Sicav

*Orbis Prices as of February 5th

0.01

Inflation Strategy Fund Inst Acc

0.92 0.00

8.76

0.00 0.00

US$ Portfolio

Global Equity Fund B Inc F

$ 12.59

$ 40.60

-0.0001 3.59

Emerging Multi-Asset Fund Inst Acc $

$ 87.52

Orbis Japan Equity (US$)

0.00

Platinum Fd Ltd

16.00 0.00

0.01 0.00

0.01

0.8909

-0.04 0.00

-0.20

1062.00

A$

1.0494

-0.40

$ 12.02

Orbis Optimal (Yen)

AU$ Portfolio

Guide to Data

Retail

Sterling Fixed Interest Fund

141.82

Income Fund Inst Acc

0.31 0.00

Daiwa Gaika MMF

Global Fixed Interest Fund

European Opportunities Fund A

11.92

-0.30 0.59

Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL

www.virginmoney.com
Authorised Inv Funds

105.20

Euro Short-Term Inv Acc

-0.0037 1.60

150.10

-0.34 0.00

1.12 0.00

103.60

-0.0032 1.62

Santander Atlas Port 3 Inc Ret

(UK)

Tel 0870 870 8434

Authorised Inv Funds

Santander Atlas Port 3 Acc Ret

$ 38.33

The Resolution Fund (1200)

-0.08 0.00

Euro Ultra Long Duration - Inst Acc 31.16

0.05 2.23

Global Balanced Fund - Accumulations Units 1.5697

-0.07 0.00

0.01 0.00

0.05 2.45

Global Balanced Fund - Income Units 1.3690

(IRL)

-0.01 0.00

0.13 2.69

0.0048 1.32

Veritas Global Focus Fund D GBP 28.17

Veritas Global Focus Fund C EUR 23.53

MENA UCITS Fund *

Emerging Asia Bond Fund Inst Acc $ 10.00

Veritas Global Focus Fund D EUR 22.50

Veritas Global Focus Fund C GBP 29.34

TNI Funds Plc (Ireland)

1.8404

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.79

13.40

-0.14 2.87

Global Equity Fund

0.07 0.00

12.29

-0.57 4.55

-0.06 0.00

Euro Short-Term Inst Acc

Veritas Global Focus Fund D USD $ 25.27

9.03

Diversified Income Durat Hdg Fund Inst Acc $ 11.40

Euro Real Return - Inst Acc

Veritas Global Equity Income Fund D GBP 163.03

RECM Global Equity Fund Limited - Class A $

0.01

Emerging Local Bond - Inst Acc

0.15 4.05

-0.0026 3.02

0.02 0.00

The Dorset Energy Fd Ltd NAV

25.51

-3.21 0.00

0.08 0.00

$ 74.34

-1.39 4.74

Veritas Global Equity Income Fund D EUR 218.94

1.1921

Orbis Optimal (Euro)

$ 1355.27

Diversified Assets Fund

$ 19.55

$ 28.06

Orbis Optimal (US$)

-0.63 0.00

-0.55 0.00

Veritas Global Equity Income Fund D USD $ 127.78

-0.13 0.00

Diversified Income - Inst Acc

Credit Absolute Return Fund Inst Acc $ 11.36

High Yield Bond - Inst Acc

6.53 0.00

-0.86 2.26

0.01 0.00

0.42 0.00

$ 175.50

166.46

7.57

CommoditiesPLUS111sp Strategy - Inst Acc $

Optima Discretionary Macro Fund Limited $ 86.61

Orbis Global Equity

RobecoSAM S.Water/A

0.04 0.00

-0.15 0.00

(BMU)

0.89 0.00

Orbis Investment Management Ltd

$ 14.62

$ 18.40

Regulated

178.63

Capital Securities Inst Acc

Global Real Return - Inst Acc

0.00 0.00

RobecoSAM S.HealthyLiv/B

0.01 0.00

-0.85 0.00

1.24 0.00

Regulated

$ 16.67

0.07 1.70

$ 965.83

131.49

RECM Global Fund Limited - Class A $ 17.62

Renasset Select Funds Plc

$ 89.97

Optima Partners Focus Fund A

Global Bond Ex-US - Inst Acc

JENOP Global Healthcare Fund Ltd $ 15.93

80.72

RobecoSAM Sustainable Gl.Eq/B 178.89

MENA Hedge Fund

-0.59 0.00

Veritas China Fund A EUR

6.00 0.00

Mthly Div US Preferred Secs

$ 10.20

Global Bond - Inst Acc

Other International Funds

(LUX)

Asia Local Bond Fund - Inst Acc

Global Advantage Real Return Fund Inst Acc $

Optima Fund Management

(IRL)

(GSY)

RobecoSAM

0.01 0.00

-0.53 0.00

-0.20 1.59

Daiwa Bond Series

Multi Asset Total Return inc

135.43

Multi Asset Strategic Growth acc

AED 10.50

$ 133.20

Veritas China Fund A GBP

0.00

www.tni.ae
Other International Funds

Veritas China Fund A USD

146.80

0.48 0.00

0.00 0.00

1750.00

0.01

-0.23

0.51 0.41

Oriental Growth Fund A Class

NZ$

1.17

North American Trust A Class

New Zealand Dllr Pfolio

315.96

0.07 2.14

-0.11 0.00

108.90

Japan Equity Class JP3

-1.07 0.48

Veritas Asian Fund A EUR H

-0.14 2.41

Pictet Total Ret-Kosmos I EUR

0.01 0.00

123.76

Pictet Total Ret-Divers Alpha I EUR 101.28

-3.07 0.66

Veritas Global Focus Fund A USD $ 24.37

Multi Asset Enhanced Growth Acc

-0.22 0.00

0.97

375.68

0.00 1.53

-0.23 0.00

$ 307.78

Veritas Asian Fund A GBP H

0.00

Japan Equity Index Fund

Veritas Asian Fund A USD H

2237.00

0.01 0.00

MM Global Investment Fund A Class

0.01

155.50

0.01 0.00

C$

141.76

Canadian Dllr Pfolio

Odey Odyssey EUR I

1.35
1.32

Veritas Global Focus Fund A EUR 13.10

1282.32 1325.69 -5.50 3.82

Odey Odyssey Fund GBP R

Gbl Govt Bond (ex Japan) Class JP4

Veritas Global Focus Fund A GBP 27.19

Income Acc

-0.10 1.19

0.01 0.00
0.01 0.00

-0.30 0.96

0.00 0.00

-5.60 0.00

-0.46 0.00

149.09

1.55
1.42

Multi Asset Strategic Growth inc

-0.38 0.00

Global Eq (ex Japan) Class JP5

Global Eq Ex Japan Index Fund (Hedge)

213.30

$ 134.83

0.00 0.00

170.00

$ 161.06

Pictet Total Ret-Corto Europe I EUR 128.12

MM Endurance Balanced Fund A Class

Pictet-ST.MoneyMkt-IUSD

1.44

Global Gold and Resource Trust A Class

-0.20 0.00

-0.03

1.60 2.79

Global Eq (ex Japan) Class HJ4

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional

-0.30 3.89

125.91

106.70

-0.01 0.00

Odey Naver Fund GBP I Class

Pictet Total Ret-Agora I EUR

Pictet-ST.MoneyMkt-ICHF

-0.24 0.00

-7.95 0.00

1.38

126.30xd

-0.20 0.00

411.90

157.84

1604.83

Global Eq (Ex Japan) Index Fund

+/- Yield

Fixed Interest Trust A Class

125.38

Odey Odyssey Fund GBP I

Gilt

Offer

Far Eastern Income and Growth Trust A Class

Odey Naver Fund Euro I Class

-0.23 0.00

-4.36 0.00

TNI Funds Ltd (BMU)

-5.80 1.37

-0.28 0.00

Bid

$ 158.38

1603.66

Fund

484.70

Odey Giano European Fund USD R $ 123.26

Odey Odyssey USD I

UK Corporate Bond

Gbl Govt Bond (Ex Japan) Index

+/- Yield

European Growth Trust A Class

Pictet-ST.MoneyMkt JPY I USD

Pictet-Timber-I USD F

Offer

UAE Blue Chip Fund *

Regulated
SWMC European Fund B EUR

Bid

The National Investor (TNI)

Smith & Williamson Fd Admin Ltd (1200)F

Putnam Investments (Ireland) Ltd

Fund

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Asset Management

28

FINANCIAL TIMES

Tuesday 10 February 2015

MARKETS & INVESTING

SMART MONEY

Capital markets

Stephen
Foley

Microsoft joins long-bond sales surge

Female outperformance
in fund management
stokes gender debate

ou will never see as many great women investors or traders as men. Period. End of story,
hedge fund legend Paul Tudor Jones said in
2013, in his exposition on how breastfeeding
mothers could not simultaneously hold an
interest in following the market or analysing a stock.
So why are investors increasingly keen to put their
money with female hedge fund managers?
Many US public pension funds some of the worlds
largest institutional investors have made finding
women-run hedge funds a priority, partly for public policy
reasons. But the phenomenon goes beyond institutional
investors whose actions are in the political spotlight.
The investment case for putting money with female
managers has more to do with portfolio diversification
than it does with promoting diversity.
After a financial crisis in which asset classes all seemed
to move in lock-step, and when hedge funds did not provide the uncorrelated returns that were advertised, female
managers might do things just differently enough to cushion a portfolio next time round.
The evidence for this has been building over time. A
study by consultants Rothstein Kass in June 2013 found
that funds majority-owned by women had outpaced the
hedge fund industry as a whole in the preceding six and-ahalf years, returning 6 per cent compared with a loss of 1.1
per cent for the industry. A later study found female hedge
fund managers outperformed men over 2013 as a whole. A
new calculation for 2014 is due shortly.
It is too early to be sure of the statistical significance.
This is a small data set. There are just 125 women-run
funds anywhere in the world reporting returns to industry
databases.
It is notable that the outperformance seems to be strongest around the period of the financial crisis. Behavioural
finance studies suggest
female investors are more
Behavioural
risk-averse and more likely to
stick with their investment finance studies
choices through turbulence,
suggest female
which might provide a clue as
to why women-run funds investors are
avoided the worst of the crash
more risk-averse
and benefited disproportionately from the rebound.
One female manager of a multibillion-dollar hedge fund
thinks her gender is an advantage. Markets dominated by
male investors are why min vol strategies work so
consistently, she says. Researchers have proven we think
about risk and solve problems differently than men.
Others such as Maria Vassalou, manager of the PWP Global Macro Fund at Perella Weinberg, are not so sure about
ascribing their outperformance to the fact that they are
women, but Ms Vassalou is confident that if female managers are outperforming their male peers, this is something
that will soon get noticed.
Investors should invest with the best managers, just as
they would hire the best person for a job, she says. This is
an industry which is driven by performance, and numbers
are gender-blind. So, I think its a great place for women to
compete.
The good news is that the data set is likely to expand rapidly, as more money is there for the taking by women who
set up their own funds. Meredith Jones, a consultant,
counts 26 US states whose pension funds are actively seeking to allocate to emerging managers, and many of those
programmes are explicitly targeted at finding female talent. To qualify, hedge funds usually have to show that they
are 51 per cent-owned by a woman, or women, with female
decision makers. Individual investors can be more flexible
in choosing funds that have women in the most senior
investment roles.
Until then, investors will have to weigh the human characteristics of their flesh and blood managers, and the need
for diversification argues strongly for considering womenrun hedge funds in the mix.
For women rising through the industry, investors desire
to tap into the potentially different investment styles of
female managers could make this an auspicious time. That
is not to underestimate the challenges posed by Paul
Tudor Jones-style attitudes across the industry, especially
at the hiring stage, but the most senior female managers
may find they have marketing cache as well as performance chops. That will help level the playing field, and give
the industry a chance of proving Mr Tudor Jones wrong.
stephen.foley@ft.com

Software company sells

40-year maturity for
first time in its history
VIVIANNE RODRIGUES NEW YORK

Microsoft sold 40-year bonds yesterday

for the first time, joining the ranks of
multinationals that have offered longterm corporate debt in the US this year.
The top-ranked borrower sold
$2.25bn of 40-year debt, as part of a
$10.8bn offer the largest corporate
bond sale this year that also included
securities maturing in five, seven, 10, 20
and 30 years.
Total orders reached $37bn as investors lined up to buy the securities,
encouraging Microsoft to boost the size
from an initial $7bn, people familiar
with the sale said. The 40-year tranche

was the largest offer of corporate bonds

of such maturity in the US, and fetched
yields of about 153 basis points over
Treasuries maturing in 30 years time.
Big US corporate issuers have been
taking advantage of the combination of
low borrowing costs and strong demand
for ultra-long debt from large institutional investors, such as pension funds
and insurers.
Other large corporate borrowers,
including AIG and Union Pacific, have
targeted the ultra-long segment of debt
capital markets this year with bond
sales that included debt maturing in 40
years time.
Companies are emboldened by other
companies. We may see others coming
to markets with long-term paper, said
Michael Kastner, managing principal at
Halyard Asset Management.
For a borrower, its almost a

no-brainer: they can lock-in very low

rates for a long period of time.
The long-end of the debt market has
been propelled by sustained demand
from pension and insurance funds, and
a belief that big central banks will continue to support lacklustre growth and
fight the threat of deflation with an
easy approach to monetary policy.
The Fed last month signalled that it
remained on course to raise short-term
rates this year.
Still, investors have flocked to longterm debt, pushing yields on 30-year
government and corporate bonds to
record lows and ignoring so-called duration risks a measure of bond portfolios sensitivity to higher benchmark
interest rates.
Instead, investors have focused on the
higher returns offered by long-term
debt. The US long credit index at

Barclays, with a duration of 13.9 years,

has a total return of 3 per cent this year,
with the 25-plus year Treasury index
posting returns of 4.5 per cent.
Negative yields in countries such as
Germany, as well as the strengthening of
the US dollar, have also contributed to
boost the allure of the bonds.
As a result, sales of long-debt are on
the rise. Since October, $138bn of corporate and sovereign debt maturing in
30 years time or more was sold, compared with $133bn in the same period of
2013, according to Dealogic.
Microsoft last raised funds in the debt
capital markets in December 2013 when
it offered $8bn of bonds in dollars and
euros, including $500m in 30-year
notes. Microsoft debt carries triple A
status from rating agencies Standard &
Poors and Moodys.
Barclays and Citi managed the sale.

$37bn
Total orders
reached for the
Microsoft
securities

$138

bn
Thirty-year
corporate and
sovereign debt sold
since October

Analysis. Capital markets

Risks lie in eurozone banks government links

Investors worry over an
increasing and potentially
destabilising interdependency

Peripheral concerns
Bank holdings of sovereign bonds

Eurozone bank holdings of sovereign bonds

As a % of assets
Jan 2012

As a % of assets

Dec 2014

6.0

CHRISTOPHER THOMPSON

5.5

If governments that dare to challenge

their eurozone creditors need an example of what punishment awaits them
they should look no further than Greek
banks.
Since last months election of Syriza,
which pledged to renegotiate the terms
of Greeces 172bn bailout, the countrys
four biggest lenders have lost 38 per
cent of their stock market capitalisation
on average amid worsening deposit
flight.
Benchmark government bond yields
have increased 157 basis points,
prompting renewed warnings of a Greek
exit from the eurozone.
In contrast to the 2012 crisis, wider
contagion to other eurozone periphery
countries has been muted in part
because expectations of bond buying by
the European Central Bank, known as
quantitative easing, has pushed sovereign bond yields to record lows.
But this has not stopped investors
fretting over the increasing and potentially destabilising interdependency
between the regions financial institutions and its national governments,
often referred to as the bank-sovereign
nexus.
Markets could get complacent at this
point because the ECB QE programme is
leaving so little on the table for investors, driving prices up and yields down,
says Bryan Wallace, a fund manager at
JPMorgan Asset Management.
In recent years banks have boosted
their profitability by using cheap ECB
loans to buy domestic government debt
offering a higher yield a practice
known as a carry trade.
An additional incentive is that holdings of sovereign debt do not incur any
regulatory capital charge while, by
contrast, loans to businesses would do.
The result is that, as of the end of
last year, eurozone banks held a record
1.8tn in sovereign bonds, according
to the latest ECB data, meaning a
sharp rise in government borrowing
costs would send a destructive ripple
effect across the regions financial institutions.
Government debt as a proportion of
eurozone banks collective assets has
increased nearly every month since the
end of 2011 and is presently equivalent
to 6 per cent of all banking assets, the

5.0

10.7

4.5

10.5

4.0
2012

13

14

8.6

8.1
6.8

6.3

6.2
4.6
3.7

Portugal

Italy

3.2

Ireland

Greece

Spain

Source: Royal Bank of Scotland

Holdings of
sovereign
debt do not
incur any
regulatory
capital
charge
while
loans to
businesses
would do

Commodities

highest proportion since the beginning

of 2006.
The majority of these holdings are the
domestic government bonds of a banks
domicile.
Profits from the carry trade have
eased pressure on banks to tackle their
bad loans.
Sovereign carry trades have allowed
a significant number of eurozone banks
that struggle with high volumes of bad
loans to kick the can further down the
road, says Alberto Gallo, head of credit
strategy at Royal Bank of Scotland. In
the medium term, or when QE ends,
questions arise about their structural
profitability. That is a major concern.
Sovereign holdings are highest in the
periphery. In Spain and Italy government bonds account for more than a
tenth of collective banking assets, compared with 5.7 per cent and 6.2 per cent
three years ago. In Portugal the figure is
8.1 per cent of banking assets, a rise of
nearly 4 percentage points. By contrast

Greece is one of the few countries where

the proportion of government paper has
fallen, from 9.6 per cent to 3.2 per cent.
For now the carry trade is keeping
everyone afloat, says Mr Gallo.
Not everyone agrees that this matters.
Eurozone banks are better capitalised
to withstand external shocks than they
were in 2012. Last year they raised
82.6bn in loss-absorbing bonds and
equity, including 37.1bn by periphery
banks, a 150 per cent year-on-year
increase from the year before, according
to Dealogic.
Moreover, European banks have
reduced their exposure to Greece specifically by more than 80 per cent to about
19bn since 2011-12 according to
research by Morgan Stanley. The only
way the sovereign-bank nexus would
prove destructive is if other governments suddenly faced higher borrowing
costs.
We were more worried about the
bank-sovereign nexus back in the last

Greek crisis when the sovereign fundamentals were weaker, says Mr Wallace.
The Spanish and Italian economies are
slowly improving and that is helping the
fundamental quality of the banks. The
picture is diverging Spanish and Italian banks are improving slowly while
the situation at the Greek banks is getting worse.
Jens Weidmann, the president of Germanys Bundesbank, has repeatedly
called for the debt of more troubled
countries to be treated differently from
the bonds of safer governments, to
loosen the links between the lenders
and their sovereigns. One way would be
to require higher capital charges against
the former. If anything, with QE poised
to begin next month, the links are set to
grow stronger.
Gildas Surry, a banks analyst at BNP
Paribas, says: Ultimately banks have to
park their excess liquidity somewhere
so they naturally look to the sovereign
borrowings of their habitat.

Capital markets

Crude rallies as Opec forecasts rise in demand Chance of Greek default highest since 2012
GUY CHAZAN

Crude prices rallied after Opec forecast

a rise in demand for its own oil this year
amid a slowdown in US output, in a sign
that the cartels policy of maintaining
output appeared to be working.
In its monthly market report, the producers cartel said it was raising its forecast for 2015 demand for its own oil by
400,000 barrels a day to 29.2m b/d.
US oil supply will increase by 820,000
b/d in 2015 year on year to 13.64m b/d,
Opec said. That is roughly half the
increase it recorded last year.
US crude prices jumped more than
3 per cent on the report, with Nymex
March contract adding $1.80 to $53.48 a
barrel, while ICE March Brent, the international benchmark, rose 94 cents to
$58.73 a barrel.
Total non-Opec supply was forecast to

increase by 850,000 b/d this year, which

represents a 420,000 b/d downward
revision from the groups last monthly
report.
Opec appears to believe that the
flurry of spending cuts and project
deferrals announced by big oil companies in the past few months should bring
oil supply and demand back into balance and push prices higher.
The closely watched report will be
seen as a vindication of Opecs contentious decision last year not to cut production despite the sharp drop in oil
prices.
The strategy was seen as an attempt
by Gulf producers to squeeze out highcost producers that have been eating
into their market share, in particular
Americas shale drillers.
As prices continued to fall, oil companies responded by putting projects

worth billions of dollars on hold, shedding staff and idling rigs. The industry
response appears to have stopped the
price slide, with oil bouncing back more
than 20 per cent in the past two weeks.
Opec said that factors behind the
decision to lower its forecast for nonOpec oil production growth were price
expectations, a declining number of
active rigs in North America, a decrease
in drilling permits in the US and a reduction in the 2015 spending plans of international oil companies.
It said that the number of active drilling rigs in the onshore US had declined
from a peak of 1,551 in early October to
1,263 in January, because of unattractive economic returns.
But it said that its forecast for lower
non-Opec supply growth was dependent
on prices staying low to put downward
pressure on output.

ELAINE MOORE

The risk of Greece defaulting on its

debt has jumped to the highest level
since the eurozone crisis, as investors
fear the country is on a collision course
with its creditors.
Insuring Greek bonds against default
now requires an upfront payment as the
country is considered in distress. That
upfront cost rose 5 basis points yesterday, to the highest point since 2012,
according to Markit.
Greek borrowing costs also rose following the declaration at the weekend
by Alexis Tsipras, Greeces prime minister, that he would not seek an extension
to the countrys bailout, which is due to
expire at the end of this month.
The three-year bond sold last year
with a yield of 3.5 per cent now
yields more than 21 per cent, while the

benchmark 10-year bond yield moved

from 10.08 per cent to 10.81 per cent
yesterday.
In equity markets, banks bore the
brunt of a sell-off that saw the Athens
stock exchange drop almost 6 per cent.
Greek markets have been increasingly volatile since the Syriza party
came to power in mid-January, as investors attempt to judge whether the country can reach a compromise with lenders. Last week Standard & Poors lowered its rating for the country to B minus
while keeping it on negative watch and
Moodys indicated the possibility of a
downgrade by placing Greece on a negative rating watch.
Greeces prime minister wants to
restructure the countrys 315bn foreign debt and end the punishing austerity regime. On Sunday, he said the existing multibillion-euro bailout had failed

and that he would not seek an extension

to the February 28 deadline, but would
look for a bridge agreement until June.
However, Jeroen Dijsselbloem, the
Dutch minister and chairman of the
eurogroup of finance ministers, has previously rejected the idea of such a shortterm financing arrangement for the
country.
Reinhard Cluse, economist at UBS,
said the European Central Bank had
clearly increased pressure on the Syrizaled coalition government, whose overtures about debt and fiscal relief had not
found sympathy with national governments or the troika of creditors the
EU, ECB and International Monetary
Fund.
The overriding question is whether
compromise will be found freely or be
forced by economic and financial stress,
or even fears of a Greek exit, he said.

Tuesday 10 February 2015

29

FINANCIAL TIMES

MARKETS & INVESTING

Global overview

TRADING POST

Michael
Hunter
The growing belief that oil prices have
hit bottom has turned attention to the
potential knock-on effects of calmer
crude beyond the commodities
complex.
The exposure of oil-exporting
Norway to the crude collapse was
keenly felt by the countrys krone on
currencies markets in mid-May,
before it hit the oil slick, traders needed
just NKr7.4514 to buy a single euro. By
mid-January as many as NKr9.051 were
required, before it regained some
composure at NKr8.6120 yesterday.
Analysis from Danske Bank predicts
the krone could now be due to get back
to basics, with the outlook for monetary
policy taking centre stage ahead of
Thursdays annual address from Norges
Banks governor, ystein Olsen.
The krone remains very attractive
but a rate cut in March will temporarily
weigh on it, as this is not fully priced
in, wrote Kristoffer Lomholt, Danske
analyst. The current market
expectation of more than two rate cuts
over 12 months is too dovish . . . Data
have also surprised on the upside,
indicating the economy is not falling
off a cliff despite the oil price collapse.
Danske forecast a euro exchange
rate priced at NKr8.65 over a onemonth time horizon, stronger than the
NKr8.75 of its previous forecast.
It points to a sharper strengthening
over the longer term as Norges Bank
[policy] is re-priced, quantitative
easing from the European Central
Bank is playing out and oil prices
recover further. That all adds up to a
12-month forecast that a euro will fetch
just NKr8.15.
michael.hunter@ft.com

Norwegian krone

Against the euro (Nkr per )

May

2014

Source: Thomson Reuters Datastream

Feb
2015

8.0
8.5
9.0
9.5

Concerns over Greece and China

make for subdued start to week
German government
bond prices and euro edge
higher while Wall Street
slips despite renewed
advance for oil prices
DAVE SHELLOCK

Concerns about the stand-off between

Greece and its creditors left global markets trading cautiously as the week
began with worries over China and
Ukraine adding to a downbeat mood.
Alexis Tsipras, the new Greek prime
minister, delivered a defiant speech to
parliament on Sunday when he insisted
that the government would not seek an
extension to the countrys bailout. Mr
Tsipras also said he believed a shortterm bridge agreement could be put
in place to keep Greece afloat.
That followed Fridays blunt remark
from Jeroen Dijsselbloem, head of the
eurogroup of EU finance ministers, that
we dont do bridge loans.
This weeks emergency eurogroup
meeting on Wednesday looks likely to
be a tense affair, said Jim Reid, macro
strategist at Deutsche Bank.
With Mr Tsipras and the eurogroup
both appearing to stand firm itll be
interesting to see how negotiations and
talks advance, if at all, with time running out before the current programme
expires at the end of the month.
Gary Jenkins, chief credit strategist at
LNG Capital, said: In my view, the possibility of Greece leaving the eurozone
has increased with this speech from 35
per cent to 50 per cent.
It seems nonsensical that Greece
could end up leaving the eurozone
because they could not agree with their
European partners on the best way to
get through the next few weeks to allow
them to spend time negotiating but that
is a realistic possibility.
All Greece has to do is ask for an

Justin Sullivan/Getty Images

More jobs in the US: FT.com/video

In the wake of a strong US jobs report, John Authers reports
on changing sentiments on when the Fed might raise rates
extension and it is likely that negotiations can begin.
It is probable that Ms Merkel and the
others would compromise. No doubt
with developments in the Ukraine, Ms
Merkel could do without having to manage the first exit of a country from the
eurozone right now.
Not surprisingly, Greek assets came
under heavy fire. The Athens General
share index fell 4.8 per cent, with banks
once again suffering steep falls.
The yield on Greek three-year government bonds leapt 370 basis points to
21.70 per cent, the highest since the
countrys debt was restructured in 2012,
according to Bloomberg data.
But there was a relatively muted

Bryce Elder

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.67

Pressure on earnings forecasts meant

RSA Insurance was among the sharpest
fallers yesterday.
Consensus expectations for RSA are
still about 10 per cent too high even after
recent downgrades, according to
Deutsche Bank.
The drag from lower interest rates
will weigh heavily on RSAs investment
income, which will provide 90 per cent
of RSAs operating earnings this year, the
broker forecast.
Ever-lower bond yields have also
distorted RSAs balance sheet, Deutsche
argued. Low yields artificially boost
managements preferred value metric
while weakening the insurers economic
capital position, the broker said.
RSA ended 3.4 per cent lower at 439p
in a mixed wider market, which left the
FTSE 100 lower by 0.2 per cent, or 16.29

points, at 6,837.15. Total daily blue-chip

volume was the second lowest of the
year so far.
Ahead of a production update
tomorrow, Glencore bounced 3.8 per
cent to 275.6p.
Credit Suisse said Glencore could cut
another $1bn off its 2015 capital
expenditure budget, which in
combination with cash freed up from its
marketing business should mean
dividends are covered by free cash flow
for the next two years.
Oil services group Hunting added 10.2
per cent to 548.5p on an upgrade to
buy from Deutsche Bank.
Huntings focus on onshore drilling
means its markets are already
stabilising and can bring production
back quickly if oil recovers in 2016, the
broker argued.

We view a 40-50 per cent peak-totrough reduction in US onshore rig

counts as possible in 2015, but already
more than half of the way there the
downcycle may be more shortlived than
we thought, said Deutsche.
Hunting has also been helped by
renewed talk of bid interest from US
peers including GE and National Oilwell
Varco, which said last week it would
continue its strategy of bolt-on
acquisitions.
Since hitting a six-year low in late
January, Hunting has rallied 39 per
cent.
Halma, the safety equipment maker,
lost 3.9 per cent to 678.5p after
JPMorgan Cazenove recommended
selling.
The stock had hit a five-year high yet
M&A is becoming more difficult to
deliver, it said, adding: With the group
now larger, we believe management
needs to either increase the acquisition
run-rate or find larger deals; we see
either approach adding risk.
A botched closing auction meant
Ladbrokes spiked 7 per cent higher,
then closed little changed at 122p.
The bookmaker has been lifted this
month by private-equity bid hopes but
gossip that CVC might be interested was
said to be wide of the mark.
Chipmaker CSR rallied 1.1 per cent to
861.5p on reports that Qualcomm, its
possible acquirer, was likely to pay
China a fine to resolve an antitrust
investigation. Qualcomm agreed in
October to buy CSR for 900p a share but
analysts have speculated that China
might delay the transaction.

Aluminium for three-month delivery

has declined nearly 11 per cent since its
high in late August to $1,871 a metric
tonne, on the London Metal Exchange.
Rising supply from Russia, because of
a weaker rouble and domestic demand,
as well as from the Middle East and
China, have led to a looser market
that has pressed aluminium prices.
These conditions have been
exacerbated by weak demand.
Meanwhile, aluminium premiums,
which represent the cost of physically
delivering the metal to the buyer, are
also expected to decline.
Last month, Alcoa said it expected
sustained growth in aluminium from
demand in the automotive and
aerospace industries. Alcoa shares,
which have gained 40 per cent in the
past year, declined 6 per cent to $15.65.
Better than expected fourth-quarter
profits and a new buyback programme
pushed shares of toymaker Hasbro up
7 per cent to $59.66.
The Pawtucket, Rhode Island,
company reported a profit of $169.9m,
or $1.34 a share, in the three months
ended in December, compared with

$129.8m, or 98 cents a share, in the same

period a year ago. Sales climbed 1 per
cent to $1.29bn. Wall Street analysts
were looking for earnings of $1.20 a
share, on sales of $1.33bn.
Hasbros board authorised a $500m
share buyback programme, on top of a
$64.2m programme that was available
at the end of the year.
Shares of McDonalds declined more
than 1 per cent to $92.72, after the fast
food restaurant chain reported a 1.8 per
cent decline in global same-store sales
in January, steeper than the 1.2 per cent
decline that analysts had forecast.
Energy was the best performing
sector on the S&P 500 as Brent crude,
the global oil benchmark, climbed
nearly 1 per cent to $58.34 a barrel.
Transocean was the best performing
energy stock on the US benchmark,
advancing 10 per cent to $20.44, while
shares of Noble Corp gained 6 per cent
to $19.28.
The S&P 500 declined 0.4 per cent to
2,046.74 points, and the Dow Jones
Industrial Average slipped 0.5 per cent
to 17,729.21. The Nasdaq Composite fell
0.4 per cent to 4,726.01.

Share price (pence)

Feb

2014

Source: Thomson Reuters Datastream

Shares of US aluminium producer

Alcoa, which in the past year
outperformed the US benchmark,
reversed yesterday after a downgrade
on the back of rising supply that has
squeezed prices of the metal.
Analysts at JPMorgan downgraded
Alcoa to neutral from overweight
and lowered their price target to $18.50
from $20.

Close

change

FTSE 100

6837.15

-16.29

FTSE 250

16579.21

-106.42

FTSE 350

3737.65

-11.29

FTSE All-Share

3670.27

-11.21

FTSE 100 Futures

Mamta Badkar

1000
800
600
400
Feb
2015
Day's

Indices

FTSE All-Share Yield

Wall Street
Alcoas rise reversed
after downgrade

S&P 500 index

Change on day

3.28

6787.50

-10.00

impact on other peripheral eurozone

bond markets with 10-year yields in
Spain and Italy both edging up 6bp to
1.56 per cent and 1.67 per cent, respectively, while Portugals rose 10bp to 2.54
per cent.
What is clear is contagion from
Greece continues to be limited by the
prospect of what is looking like a very
well-timed start of European Central
Bank quantitative easing in March, said
Divyang Shah, global strategist at IFR
Markets. But he added: What is interesting is that yields on 10-year Portugal
and 10-year Spain have both moved
beyond where they started on January
22 when the ECB announced QE.
The heightened risk of a Greek exit

Trading Directory

from the eurozone helped push the yield

on German 10-year Bunds down 2bp to
0.35 per cent, while the euro showed
some resilience as it edged up 0.1 per
cent against the dollar to $1.1323.
The 10-year Treasury yield was up
2bp at 1.95 per cent in spite of a weak
showing by US stocks.
The S&P 500 equity index fell 0.4 per
cent to 2,046, although energy stocks
rose as oil prices enjoyed more gains.
Brent crude rose 54 cents, or 0.9 per
cent, to settle at $58.34 a barrel, after
earlier pushing to $59.61, as oil producers cartel Opec forecast a rise in
demand for its own oil this year amid a
slowdown in US output.
European stocks had a rockier session, although an early 1.5 per cent
decline for the FTSE Eurofirst was pared
to 0.7 per cent by the close.
The Shanghai Composite index rose
0.6 per cent, despite disappointing trade
data released on Sunday but was still
about 9 per cent down from its mid-January peak.
Chinese exports fell 3.3 per cent in
January while imports tumbled 19.9 per
cent.
Steve Barrow, head of G10 strategy at
Standard Bank, noted that Chinese data
releases over the January-February
period were very volatile.
Nevertheless, the data are clearly
disappointing with regards to both
domestic demand and international
growth prospects and have had some
negative reverberations, not least for
the Australian dollar, he said.
But the Aussie recovered from an
early dip against its US namesake to
stand 0.2 per cent firmer at $0.7805.
Base metals traders also shrugged the
Chinese data aside, with the copper
price recovering from an early fall to
end 0.4 per cent higher in London at
$5,573 a tonne.
Gold rallied $7 to $1,240 an ounce
after sliding $31 on Friday after a strong
US employment report.

0.43%
2100
2050
2000

Jan

Hunting

London
RSA Insurance
declines on low
interest rate drag

Markets update

2015

Feb

1950

US equities Wall Street began the

week on a cautious note amid worries
about Greeces debt negotiations,
worsening tensions in Ukraine and
uncertainty over Chinas economy

FTSE 100 index

Change on day

0.24%
7000
6800
6600

Jan

2015

Feb

6400

UK equities A 1.6 per cent drop for

HSBC helped drag the FTSE 100 lower
after the index heavyweight admitted
its Swiss private bank may have held
accounts for tax-dodging clients

Eurofirst 300 index

Change on day

0.73%

1500
1450
1400

Jan

2015

Feb

1350

European equities Greek banking

stocks came under further heavy
pressure as concerns mounted over
Athens plans to abandon the countrys
bailout at the end of the month

Nikkei 225 index

(000) Change on day

0.36%

18.0
17.5
17.0

Jan

2015

Feb

16.5

Japanese equities The Nikkei gave

back some of an early rise as worrying
Chinese trade data offset the positive
impact of Fridays US jobs report

30

Tuesday 10 February 2015

Analysis. Commodities

INSIGHT

Oil contango puts profit in storage

Mohamed
El-Erian

Policy making tug of

war leaves investors
facing difficult calls

here is an economic and policy tug of war

going on between the US and most of the rest
of the world. Data releases, official statements
and markets underline the power of this
divergence. It is also consequential for investor positioning.
In spite of impressive job creation and robust personal
spending, the US economy is still struggling to achieve liftoff. Imports are surging ahead of domestic production for
foreign markets and companies remain reluctant to
unleash capital investment plans, partly because a sharply
rising dollar makes it harder to compete overseas.
In an unusual occurrence for a central bank that is
domestically oriented in its policy focus and communication, the tug of war made it to the Federal Reserve statement issued on January 28. Observing that economic
activity has been expanding at a solid rate a view that
will be confirmed by the wow monthly employment
report released on Friday Fed officials noted international developments as one of the factors to take into
account in assessing future policy steps.
For their part, markets have already been responding to
the divergence, particularly when it comes to the more
macro-dominated currency and fixed income segment.
Over the past six months, the dollar strengthened markedly. Meanwhile, market-determined yields for US Treasuries were pulled down by German Bund rates that have
plummeted in response to both a weaker eurozone economy and new quantitative
easing from the European
For their part
Central Bank.
The yield curve also flat- markets have
tened, with yields on longeralready been
maturity Treasuries declining
a lot more than those on short- responding to
er-dated ones. Volatility from
the divergence
these two market segments
spilled over into equities,
shaking the comforting notion of a low vol paradigm that
had provided major and consistent support to stock prices.
There is little reason to expect the underlying forces of
economic and policy divergence to change any time soon,
especially when it comes to the contrast between the US on
the one hand, and the eurozone and Japan on the other.
The US economy should heal further, aided by a surge in
consumer confidence fuelled by lower energy prices. Continued robust job creation and a further decline in unemployment will support wage growth.
All this is likely to translate into the Fed tweaking its
patient language in March, and starting its rate rise cycle
this summer. This would involve measured moves, be supported by reassuring forward policy guidance, and involve
a policy end rate below the historical average of 4 per cent.
Unfortunately, European and Japanese prospects
remain quite different. Persistently sluggish growth
dynamics will be threatened even more by the spectre of
damaging deflation. Central banks will keep pressing hard
on the QE stimulus accelerator, but the transmission to
higher growth and inflation will remain patchy.
Meanwhile, tricky national politics and greater vulnerability to geopolitical shocks (particularly the escalation of
violence in eastern Ukraine) will add significant downside
risks to economic growth.
All this makes absolute market calls a lot tougher than
the relative ones. To navigate well such a tug of war, investors need to be able to gain exposure to relative as well as
absolute positioning be it in the foreign exchange markets favouring further dollar strength, in the government
bond markets favouring additional flattening of high
quality sovereign yield curves, or in the corporate markets favouring higher quality bonds versus those issued by
high yield and low quality emerging market companies.
In scaling such relative positioning, investors would be
well advised to keep one more issue on their radar screen.
The prospective moves in markets implied by the divergence theme would tend to complicate rather than facilitate policy making in a world subject to increasingly bimodal distribution of potential outcomes and low availability
of broker-dealer liquidity during transitions.
The possibility of policy mistakes and market accidents
inevitably rises, as does that of a US-led global economic
breakthrough.
Mohamed El-Erian is chief economic adviser to Allianz and
chairman of President Obamas Global Development Council

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Finding tanks to store crude is

becoming more difficult as
the glut in supply continues

US ending stocks of crude oil

m barrels
500
400

GREGORY MEYER AND ED CROOKS

NEW YORK

300

Anyone seeking to understand oils fall

should watch what is happening in
Cushing, Oklahoma.
The little city of 7,900 people is also
home to tanks capacious enough to hold
70.8m barrels of crude, by the governments latest reckoning. There, oil
stocks have doubled since October to
41.3m barrels a tenth of US commercial inventories. In a few months it will
be full, Alan Swanson, chief financial
officer at tank owner Plains All American Pipeline, told analysts last week.
Cushings rising occupancy rate
shows how much supply exceeds
demand even with US crude at $52 a
barrel. With North American production still booming, it is pouring into
tanks in such places as Cushing, the Gulf
coast of Texas, and Hardisty, Alberta.
Cushing is watched most closely, as it is
the delivery point for the benchmark
West Texas Intermediate (WTI) futures
contract used by oil companies, airlines,
banks, hedge funds and asset managers.
Futures markets reflect the state of
oversupply. On Friday, WTI crude for
March delivery at Cushing settled at
$51.69 a barrel. The same grade for
delivery in March 2016 was $61.63 a barrel. This type of upward sloping curve is
called contango, commodity trader
jargon for when prices for future delivery are higher than in the spot market.
The contango time spread suggests
the market believes there is plenty of oil
around and no need to scramble for supplies. But it is more reflective of current
conditions than predictive. A case in
point: the last time the one-year WTI
spread was more than $10 was in February 2011 just before civil unrest in
Libya sent crude above $100 a barrel.
Within a few months western countries
were worried enough to make a rare

200
100
1920 40

Cushing oil
stocks
(m barrels)
40

It is a sentiment shift for

investors, who had expected
the first rate rise from the US
Federal Reserve to be late
this year or early in 2016, and
comes after employment
data out on Friday showed
solid job and wage gains.
The clock is ticking on the
Feds near-zero interest rate
policy, said John Brady,
managing director at RJ
OBrien. The strength of the
US jobs market is a major
step forward in allowing the
Fed to start normalising
interest rate policy.
The change in US interest
rate expectations sets the
stage for higher market volatility, as the Fed may embark
on a tightening cycle while
many of its foreign counterparts are easing monetary
policy to combat slower economic growth. The US central bank must also figure out
a way to signal an interest
rate rise without spooking
nervous investors who have
poured hundreds of billions
of dollars into positions that
benefit from low rates.
It could be a situation
where if the Fed gives the
market any kind of signal
that its going to tighten, that
people are going to want to
get ahead of it and get out of
positions, especially credit,
a veteran bond trader said.
The vast US interest rate
futures market now reflects

WTI spread between

1st and 12th months
($ per barrel)
10
5

30

20

-5

10

-10

0
Jun

2014

Sources: EIA,Bloomberg

Cushing is
watched most
closely, as it is the
delivery point for
the benchmark
WTI futures
contract used by
oil companies,
airlines, banks,
hedge funds and
asset managers
Shane Bevel

Investors primed for

midyear US rate rise
US investors are preparing
themselves for the first
tightening of interest rate
policy this summer as
strengthening employment
conditions in the worlds
largest economy counter
worries over slowing global
activity.

80 2000 15

Cushing oil stocks and oil price

Monetary policy

MICHAEL MACKENZIE AND

TRACY ALLOWAY
NEW YORK

60

Excluding SPR

odds of 70 per cent that the

policy makers will shift borrowing costs higher by June.
That is up from about odds of
40 per cent earlier this
month.
This repricing rippled out
across the broader bond
market, where yields, which
move inversely with prices,
have experienced a substantial decline since the start of
January.
Slowing global growth,
deflationary pressures and
falling bond yields, notably
in the eurozone where many
issues trade at negative levels, have exerted a downward pull on US bond markets since late last year. Now
that relationship appears
vulnerable as investors owning US bonds shift their holdings ahead of rate increases,
setting the stage for higher
market volatility.
Rates are way too low and
investors have made a mistake in thinking the Fed
would tighten policy at the
end of this year or in 2016,
said Michael Kastner, managing principal at Halyard
Asset Management.
We are going to see investors sell short-dated bond
holdings and interest rates
will move higher as they
come round to the view that
the Fed may tighten policy a
lot sooner than many
thought.
The yield on the five-year
Treasury note, a key barometer of central bank policy
expectations, jumped 15
basis points to 1.45 per cent
on Friday, reversing much of
the benchmarks recent yield
decline. Also weighing on
near-term sentiment is the
prospect of new government
bond debt sales this week,
led by auctions of 10-year
and 30-year Treasury paper.

release from emergency oil stockpiles.

In theory, vast stocks should also
damp volatility by rendering panic buying unnecessary. So far, the opposite has
been the case as nervous traders grope
for answers on production and demand.
Volatility implied by prices of options
on WTI futures is the highest since the
start of the Libya crisis. Last week,
futures leapt 7 per cent one day, only to
sink 9 per cent the next.
The contango spread gives companies
with the means to store oil an incentive
to. With monthly tank leases at Cushing
now less than 50 cents a barrel and the
cost of financing low, traders can buy
crude and lock in a sale price $10 higher,
pocketing a profit net of costs.
Lawrence Eagles, BPs head of North
American and global crude analytics,
told a conference last month: When
youre looking at both flat price and at

spreads, theyre pretty much indicators

of the same thing. If youve got too much
oil, you have to create conditions where
you can store some of that oil. So you get
a contango structure.
Many see the contango continuing
and possibly deepening, drawing more
barrels to Cushing and other hubs.
Across the US, commercial crude
stocks have swelled at a rate of 1m barrels a day over the past month roughly
equal to the daily output of North
Dakota or Algeria. At 413.1m barrels,
the nations inventories are now the
most for this time of year since the Great
Depression. All available storage is
pretty much getting filled up, says a
physical crude trader in Texas. Put oil
in a five-gallon bucket, because it will be
worth more next month.
Plains, which owns 20m of tank
capacity at Cushing and trades some for

-15
Feb
15

its own account, says there are storage

opportunities across North America.
As you might expect, the contango
doesnt just exist in Cushing; were able
to access it in other parts of the US and
Canada, Greg Armstrong, Plains chief
executive, told analysts.
He added: Once it gets in full contango, it could stay here longer than we
think unless, obviously, if Saudi Arabia
comes out July 1 and says they are going
to cut production a significant amount.
Michael Palmer, senior vice-president
of supply at Marathon Petroleum, the
refining group, said an oversupplied oil
market certainly appears to be with us
during the first half of the year, implying that the steep contango would also
persist for that period. As things come
back more into balance on the second
half of the year, then I would guess that
the contango would narrow, he added.