MONDAY 28 DECEMBER 2015
00
Children left behind
The price China pays for its rural
exodus — BIG READ, PAGE 9
Floods hit big
cities in north
of England
Flood waters overwhelmed the city of
York yesterday, right, after “unprece-
dented” volumes of rain caused rivers to
burst their banks in large areas of north-
ern England, amid warnings that water
levels in some places would not peak
until later today.
With heavy flooding also in Manches-
ter and Leeds, the region’s biggest cities
and towns are facing a heavy hit to their
economies. Estimates put the cost at
more than £1.5bn just weeks after flood-
ing in Cumbria and Lancashire caused
losses of £900m-£1.3bn.
David Cameron pledged to “do what-
ever is needed” to tackle an “incredibly
serious” situation in which thousands of
homes have been damaged.
Report page 3
Economists expect no more QE for
Europe in 2016 despite Draghi vow
3 Growth seen edging ahead of ECB forecasts 3 Inflation expected to rise, FT poll shows
CLAIRE JONES — FRANKFURT nothing this year. The rest said that the
ECB would expand QE or cut interest
Many economists doubt that the Euro- rates, although some of those who
pean Central Bank will increase the size expected more easing stressed that the
of its €1.46tn asset-purchase pro- central bank was unlikely radically to
gramme in 2016, despite assurances by reshape its existing policy response.
ECB chief Mario Draghi that additional Latest ECB projections predict the
monetary stimulus is still on the table. eurozone, which has struggled to grow
Predictions of no further action in an as strongly as the US or UK, will grow 1.7
annual Financial Times poll of eurozone per cent in 2016 after 1.5 per cent growth
analysts came despite Mr Draghi’s this year, as QE bolsters the economy.
attempts to convince markets that the The ECB voted on December 3 to cut
ECB remained primed to act should its deposit rate to minus 0.3 per cent and
inflation and growth across the single to expand asset purchases, leaving its
currency area continue to disappoint. QE programme at €1.46tn. It came just
In contrast to last year when the before the US Federal Reserve raised
majority of economists expected the rates for the first time since 2006,
ECB to launch full-scale quantitative underlining divergent policies on either
easing, just under half of the 33 side of the Atlantic.
respondents thought the ECB would do But markets plunged following the
Quest heats up for the chocolate that
doesn’t melt when the mercury rises
RALPH ATKINS — ZURICH
Whether wrapped in sparkling paper,
shaped as Christmas decorations or as
simple bars, luxury chocolate has long
proved difficult for manufacturers to
sell in warm climates — it melts before
London grows as Labour’s reaching consumers’ mouths.
heartland under Corbyn That is about to change, believes a
Swiss company that is the world’s larg-
Labour is increasingly relying on est maker of chocolate and cocoa prod-
London for its support base as data ucts by volume. Barry Callebaut has
collected by the Financial Times shows started sales of “heat-resistant” choco-
the party is attracting 10 times as late, which it hopes will help its expan-
many new members in the capital as in sion beyond mature chocolate markets
Scotland. It now derives more than 20 in Europe and the Americas.
per cent of its membership from Chocolate that can resist tempera-
London as Jeremy Corbyn’s leadership tures of up to 38C — four degrees more
attracts the city’s young leftists — but than normal — without sacrificing taste
is growing much less quickly in its old could “fundamentally change the
industrial strongholds. game,” Antoine de Saint-Affrique, Barry
Report i PAGE 2 Callebaut’s chief executive, told the
Financial Times.
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Hobbit.com New brooms
What Middle-earth can teach us about the The fresh faces out to reboot
sharing economy — COMMENT, PAGE 11 three big banks — PAGE 17
Briefing
i Energy mutual funds are 2015’s worst
A table of the worst-performing US funds shows that
one of the hottest categories of mutual funds in
recent years, energy limited partnership funds,
inflicted the harshest losses in 2015.— PAGE 15
i Londoners cash in and move out
Londoners sold up and moved to other parts of the
UK in 2015 in the largest numbers for eight years,
reflecting the often large gap in property prices
between the capital and elsewhere in the UK.— PAGE 2
i Whiplash crackdown takes effect
Efforts to eradicate spurious insurance claims for
whiplash injuries are set to cut motorists’ premiums
by £1bn a year.— PAGE 2
i Williams lends nous to fridge-making
Amid efforts to spread its know-how and
brand to money-spinning projects
outside motorsport, Formula One
team Williams has developed an
aerofoil-shaped strip of plastic for
fridges that could save supermarkets
Glen Minikin/SWNS
millions of pounds in electricity bills. — PAGE 15
i Stores notch up Boxing Day bonanzas
British retailers appear to have landed a post-
Christmas one-two combination: with bumper
crowds on the high street and a surge in online sales
too.— PAGE 19
i Watchdog ratchets up conviction rate
Criminal convictions following cases brought by the
Financial Conduct Authority surged in 2015, with
14 people going to prison compared with two in
2014.— PAGE 19
i Europe’s Airbus soars above Boeing
Despite setbacks to its aim of delivering 15 of its A350
wide-body jets by January, it has been a good year for
Airbus. The aircraft maker has taken a clear lead
ECB decision. Investors complained ‘I don’t to buy €60bn of mostly government over its rival Boeing in aircraft orders.— PAGE 26
that the central bank had misled mar- bonds each month through 2016, which
kets about the amount of extra stimulus think [the according to 24 out of 28 economists Datawatch
it was prepared to inject to shore up the ECB will do polled will swell the ECB balance sheet
recovery. Mr Draghi hit back the next to between €3tn and €4tn. Jean-Michel
day, saying that there was no “limit” to more], Six, chief Emea economist at Standard Share of world economic The financial
what eurozone policymakers could do unless & Poor’s, said: “The ECB has already output crisis of 2008
to return inflation to its target. embarked on more aggressive easing at Per cent of GDP at PPP* heralded a new
Yet the economists polled expect something its December 2015 meeting.” 60 economic order.
Since then the
slightly higher growth rates and sub- goes wrong For those who thought the ECB would Advanced economies
developing
stantially higher inflation over 2016 do more next year, the most popular 55
than the 0.2 per cent at present. Asked if in the wider action was a further cut to the deposit Emerging market
nations have
formed more
the central bank would do more, Dario rate on eurozone bank reserves. “The and developing 50
Perkins, chief European economist at
global pressure to provide more support is
economies than half of the
world economy;
Lombard Street Research, said: “I don’t economy’ likely if, as we expect, the economic 45 rich countries
think so, unless something goes wrong recovery remains sluggish and inflation are forecast to
in the wider global economy.”
Dario Perkins low,” said Jonathan Loynes, chief Euro- 40 account for less
The ECB’s existing measures have pean economist at Capital Economics. 2000 05 10 15 20 than 40 per cent
Source: IMF *purchasing power parity of GDP by 2020.
already led to a €600bn expansion in its Reports & analysis page 4
balance sheet to €2.8tn. It will continue Editorial Comment page 10
“You remove all kinds of barriers for late is expensive, there is a lack of distri-
your customers. Not all [retail] stores bution networks and retailers with
are air-conditioned. You can transport it chilled storage. Heat-resistant products
more easily. Therefore you can have a solve at least half the problem”.
different kind of reach.” If Zurich-based Barry Callebaut has
Heat-resistant chocolate is not new. an innovative lead, it may not last long.
Hershey, the US maker, provided “trop- Switzerland-based Nestlé, the world’s
ical chocolate” bars to American sol- biggest food and drinks company, which
diers during the second world war and has research facilities in the UK, also
also satisfied the US military’s chocolate believes it has mastered the technology
cravings in the early 1990s Gulf war. required to keep chocolate firm until
This year, however, has seen chocolate consumed, with product launches
manufacturers intensifying efforts to expected within three years.
perfect temperature-tolerant products. Hershey says it has successfully con-
Driving the push have been signs of sumer-tested a new generation of better
demand stagnating in home markets, tasting, heat-resistant chocolate prod-
says Jack Skelly, food analyst at Eurom- ucts for introduction into “selected
onitor, the research group. “Growth in markets outside the US” during 2016.
Europe and North America is slowing Mr de Saint-Affrique said Barry Calle-
down,” he said. “But in for instance Mid- baut’s non-melt chocolate was devel-
dle East countries, chocolate is still less oped in hot Singapore and cool Belgium.
popular than biscuits or cakes. Choco- Hunt for elusive sweet spot page 16
World Markets
CURRENCIES INTEREST RATES
Dec 25 Dec 18 Dec 25 Dec 18 price yield chg
0.94 $ per € 1.096 1.084 € per $ 0.913 0.922 US Gov 10 yr 100.08 2.24 0.00
0.92 $ per £ 1.494 1.489 £ per $ 0.669 0.672 UK Gov 10 yr 100.73 1.92 0.00
0.32 £ per € 0.734 0.728 € per £ 1.363 1.373 Ger Gov 10 yr 103.47 0.63 0.00
0.38 ¥ per $ 120.285 121.515 ¥ per € 131.815 131.776 Jpn Gov 10 yr 100.25 0.28 0.00
-0.67 ¥ per £ 179.712 180.961 £ index 90.951 91.931 US Gov 30 yr 100.72 2.96 0.00
2.49 € index 86.041 86.096 $ index 106.183 105.954 Ger Gov 2 yr 101.31 -0.31 0.00
2.28 SFr per € 1.082 1.078 SFr per £ 1.475 1.481 price prev chg
-0.31 COMMODITIES Fed Funds Eff 0.12 0.12 -
2.47 Dec 24 Dec 17 %Week US 3m Bills 0.20 0.21 -0.01
-3.02 Oil WTI $ 38.06 36.03 5.63 Euro Libor 3m -0.13 -0.13 0.00
1.22 Oil Brent $ 37.93 36.90 2.79 UK 3m 0.59 0.59 0.00
2.35 Gold $ 1068.25 1075.25 -0.65 Prices are latest for edition Data provided by Morningstar
2 ★ FINANCIAL TIMES Monday 28 December 2015

NATIONAL

Opposition Property

Labour’s support base shifts to the south
Membership surge in
London while Scottish
backing remains weak
JIM PICKARD AND MICHAEL LINDSAY
Labour has attracted 10 times as many
new members in London than in
Scotland since May’s general election,
highlighting the party’s increasing reli-
ance on the capital for its support base.
About 40,000 new members have
joined in London compared with 4,000
in Scotland. Overall, a Labour member
is now four times more likely to be a
Londoner than a Scottish resident —
compared with virtual parity a genera-
tion ago — according to data collected by
the FT.
The UK’s main opposition party now
derives more than 20 per cent of its
membership from the capital — nearly
double the proportion in 1992, when it
accounted for less than 12 per cent.
Labour still faces a challenge north of
the border. While in London the mem-
bership has roughly doubled to 81,000
in just six months — according to
Labour party officials familiar with the
data — in Scotland it has risen by just
4,000 to 19,000 since May.
There are now fewer members of
Scottish Labour than in Wales or north-
east England, according to the statistics,
reflecting Labour’s fall from grace amid
a surge in support for the Scottish
National party.
Obtaining comprehensive statistics
on Labour membership is difficult
Demographics. Corbyn effect
because the party refuses to publish the
full figures. However, the FT has been
able to piece together enough data to
demonstrate striking trends in support
for Mr Corbyn’s party.
Overall membership has soared since
May’s election as Mr Corbyn has
enthused a new generation of young ide-
alists while also acting as a magnet for
many older leftwingers who abandoned
New Labour. The total membership has
doubled to more than 370,000 in only
six months — a bigger figure than the
membership of the Conservatives, Lib-
eral Democrats and SNP combined.
The biggest increases have been in
London, other big cities and in univer-
sity towns, reflecting the youth of many
new members. Labour is already rela-
tively strong in these areas. Mr Corbyn’s
leftwing, pro-green, pro-immigration
attitudes are popular in the capital,
where Labour already dominates. Of the
city’s 73 constituencies, 45 are Labour.
Officials in Islington North, Mr Cor-
byn’s constituency, refused to disclose
their local membership numbers. But
the leader himself boasted in the
autumn that he now had 3,000 mem-
bers and 2,000 registered supporters in
his seat.
The rush of new members is much
less pronounced in rural areas, marginal
seats and northern non-university
towns, according to senior Labour
sources. These are the areas where
Labour needs to woo millions of new
voters in order to win a general election
in 2020.
In the Tory marginal constituency of
Lincoln, for example, full membership
has risen by about 200 to a total of 741,
according to local councillors. The
Labour seats of Blackburn and Burnley
have put on 133 and 175 new full mem-
bers respectively.
The relatively slow pick-up of mem-
bership in Scotland will alarm those
who hoped Mr Corbyn would be able to
make inroads against the SNP in next
summer’s Holyrood elections. The
Labour leader has suggested he is the
right man to lead the fight as an unam-
biguous socialist who opposes Trident,
austerity and tuition fees.
Yet many senior figures are braced for
the party not to win any constituency
seats at all, relying on Scotland’s system
of semi-proportional representation to
keep half of its MSPs.
Record house
prices spur
Londoners to
sell up and go
BARNEY THOMPSON
Londoners sold up and moved to other
parts of the UK in 2015 in the largest
numbers for eight years, according to
research by the estate agent Hamptons
International.
In 2015 London residents bought
63,000 homes outside the capital, a two-
thirds increase on 2014, spending a total
of £24bn. The number and value of
homes bought were the highest since
2007, when Londoners spent £32bn on
property in other parts of the country.
The figures reflect the often large gap
in property prices between the capital
and the rest of the country. Hamptons
also found that of the total who chose to
buy outside London in 2015, 11,000
were first-time buyers, 70 per cent more
than in 2014, as they gave up trying to

Students and urbanites swell rank and file
FT data show that party is
strongest in areas with large
university populations
JIM PICKARD AND MICHAEL LINDSAY
In Hackney North, the seat of left-
winger Diane Abbott, the number of
people signed up to the Labour party
has quintupled in only six months.
Once a byword for deprivation, the
east London constituency is gentrifying
and attracting large numbers of the
young and trendy. They also like Jeremy
Corbyn’s radical leftwing politics.
The constituency had only 981 mem-
bers in the spring, when Labour lost the
general election. Now it has 2,963 full
members, according to local officials.
There are a further 501 “registered sup-
porters” and 1,234 “associate members”
— new categories introduced by Ed Mili-
band to allow non-members to take part
in leadership elections.
The pattern is the same elsewhere in
the capital. Holborn & St Pancras, the
seat of Keir Starmer, has seen party
membership triple to more than 3,000.
In Ealing Central, there were just 680
members in the spring; now there are
1,800 across the three categories. Vaux-
hall has jumped from 966 to 2,618,
including 1,738 full members. The aver-
age full Labour membership in a Lon-
don constituency has gone up by 548
since the spring to reach 1,109.
“My constituency party is unrecognis-
able. There are thousands of new peo-
ple,” said one London Labour MP.
“There are some familiar faces who left
the party 20 years ago and have come
back. But I’d say most are younger.”
Elsewhere, it is different. In Burnley,
which Labour seized back from the Lib
Dems in May with a narrow majority,
membership has risen from 319 to just
484 full members. Or the Rhondda, in
the Welsh valleys, where full member-
ship has risen from 355 to 485. In mar-
ginal seats, membership is still typically
in the hundreds rather than the thou-
sands seeninLondon.
In Scotland, the typical constituency
has seen a rise of only 68 members since
May to an average of 322 — lower than
Wales or the north east of England.
Mr Corbyn won the leadership thanks
to a groundswell of support from activ-
Changing ists, including vast numbers who joined
picture: during his campaign. No one would
Labour is doubt that this deluge of new members
attracting marks a historic shift, coming as it does
younger despite waning public enthusiasm for
supporters political parties. Across the country the
under the number of full Labour members has
leadership doubled to 370,658 in half a year. On top
of radical of that there are another 148,000 associ-
leftwinger ate members and 112,000 registered
Jeremy Corbyn supporters, all of whom voted in the
— Tolga Akmen/LNP
leadership race for as little as £3.
Over the summer alone, the average
age of a member has fallen by 11 years
from 53 to 42. That is in contrast to the
Conservatives, where the average mem-
ber is thought to be in his or her 60s.
Until now there has been little analy-
sis of where Labour is attracting new
and a large migrant population. Mem-
2,963 bershiplevelshavesoaredsinceMay.
Number of full But in most of the shires, marginal
party members seats and northern non-university
in Hackney
North, up from
towns, the increases have generally been
more subdued. “We have probably had
981 in the spring,
with a further 501 about 100 new members on a total of
‘registered 600,” said Simon Danczuk, MP for Roch-
supporters’ and daleandacriticofMrCorbyn.
1,234 ‘associate The FT has collated data from eight
members’ Labour seats that are among the richest
50 constituencies in the country, and
11 eight Labour seats in the poorest 50.
Average fall in The membership, including affiliates
years in the age and registered supporters, has grown on
of a Labour average by 1,690 in each of the more
member over the affluent areas, which are mostly based
summer — from
53 to 42
in London. For the poorer areas the
increase was significantly less, at an
average of 684 newcomers. That figure
484 would be even lower were it not for
Membership Manchester Gorton, a constituency with
number in large numbers of students.
Burnley, which “The new members tend to be
has risen
from 319 younger, more educated urbanites, the
kind of people who used to vote Green,”
said Tim Bale, professor of politics at
370,658 Queen Mary university of London.
Number of full “There is a good chance that the
Labour members increased membership will help
across the
country — twice Labour’s chances in London, but it is
the figure of six very unlikely to do so elsewhere.”
months ago The last attempt to analyse the geo-
graphic distribution of Labour member-
ship was in 2013 by Professor Hugh Pem-
berton, at Bristol University, who stud-
ied the 2010 leadership election. Even
then, he found that London had the big-
gest constituency parties. Outside the
capital most of the seats with large mem-
berships were in cities or towns with
members as the party does not share “traditional established universities”, as
details of its membership data. But by is the case today. Scottish constituencies
talking to MPs, senior party figures and werealreadywithering,hesaid.
dozens of councillors and officials in Research suggests larger constituency
certain constituencies, the FT has been parties are associated with a higher vote
able to piece together a snapshot of share at election time, although a large
membership trends. membership does not always guarantee
Many big increases in membership success. Having a younger, more Lon-
have been in conurbations with large don-centric membership will have
student populations, reflecting Mr Cor- implications for policymaking.
byn’s appeal to leftwing young adults. For now the new members are provid-
There has also been a surge in the south ing millions in annual subscriptions at a
west, albeit from a low base. time when the party is facing the loss of
Yet the biggest rises have been in Lon- other sources of income. But Mr Pem-
don, where he has struck a chord with berton says the party cannot rely on
his stance on issues such as housing, those newcomers sticking around for
immigration and welfare. Mr Corbyn long. Prof Bale says they may turn out to
represents Islington North, a constitu- be “click-tivists” rather than the type
ency with high levels of social housing whowillcanvasorleafletthepublic.
find anything affordable in the capital.
The south was easily the most popular
destination, attracting 88 per cent of the
total. But the Midlands, the north and
Scotland all saw big increases in London
movers, with jumps of 165 per cent, 90
per cent and 89 per cent respectively.
The disparity was clear from the
prices Londoners paid in different
regions: the average house purchase was
£415,000 in the south, £171,000 in the
north, £173,000 in Scotland and
£180,000 in the Midlands. In London
itself, the average house price passed
£500,000, rising 10 per cent in the year
to September.
Johnny Morris, head of research at
Hamptons, said: “As the gap between
prices in London and the south-east has
grown, so has the temptation for Lon-
doners to cash in on record house prices
and move out of the capital. With expec-
tations of future house price growth in
London easing, many have chosen 2015
to make their move out of London.”
There was probably still “pent-up
demand” from families waiting to
move. “We will see more Londoners
leaving the capital in 2016, many pre-
pared to move further afield in search of
value for money,” he said. Although the
figures included some second-home
buyers, Mr Morris said the “vast major-
ity” had sold up in order to relocate.
London’s population hit a record this
year and is on course to reach 10m in the
next 15-20 years. Mr Morris said that
although the exodus was “part of the
natural life cycle of the capital”, as peo-
ple in their 30s and 40s sought more
space and a different lifestyle, the large
number of first-time buyers indicated
the city’s constrained availability.
Colin Stanbridge, chief executive of
the London Chamber of Commerce and
Industry, said the report highlighted
concerns from London business leaders
about the affordability of housing and
its potential economic impact. “Not
only does it mean that we risk having
less affordable housing stock available
for Londoners, but we also risk a poten-
tial skills gap of workers in the capital as
Londoners pushed out by rising housing
prices can no longer afford to live or
travel to work in the capital.” he said.
Mr Stanbridge said a ComRes poll
conducted for the chamber in May had
shown that a lack of affordable housing
and lack of sufficiently skilled workers
“were the top two concerns for London
businesses”. He added: “More must be
done to ensure that the lack of afforda-
ble and available housing stock does not
cause a brain drain from our capital.”

Motor insurance Employment gap

A private bank unlike
any other. Curbs on whiplash claims set Ethnic minorities face
to cut car premiums by £1bn disparity in job prospects
KATE ALLEN for whiplash and soft tissue injuries, VANESSA HOULDER of ethnicity is just 11 percentage points.
POLITICAL CORRESPONDENT
while in France the figure was 3 per cent. The Resolution Foundation called on
30 global locations • www.efginternational.com People from ethnic minority back-
Efforts to eradicate spurious insurance The threshold for personal injuries the government to do more to address
grounds have hugely differing success
claims for whiplash injuries are set to claims in small claims courts will rise to the issues that prevent BAME people
rates in finding employment depend-
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
cut motorists’ premiums by £1bn a £5,000 from £1,000 as part of the meas- from entering or staying in work.
FINANCIAL TIMES ing on where they live in the UK,
newspaper in any manner is not permitted without
year. ures, and the government will launch a Bringing all regions of the UK in line
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent. according to research into the best and
full consultation early next year. with the best performing areas would
‘Financial Times’ and ‘FT’ are registered trade marks worst performing parts of the country.
Published by: The Financial Times Limited, of The Financial Times Limited. Britain’s biggest insurers will pass on James Dalton, director of general mean 150,000 more BAME people in
Number One Southwark Bridge, The Financial Times adheres to a self-regulation expected savings from the move to their insurance at the Association of British The Resolution Foundation think-tank work, and a halving of the BAME
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
customers, knocking an average £50 a Insurers, said the reform was a “signifi- reported far bigger variations in the regional employment rate gap from 26
Editor: Lionel Barber year off premiums. cant breakthrough in tackling the UK’s employment rates between regions for per cent to 14 per cent, the researchers
Reprints The insurance industry agreed a compensation culture”. those from black, Asian and ethnic said. The remaining gap reflected the
Subscriptions and Customer service: Are available of any FT article with your company strategy with ministers in talks that It would “help to bring down unneces- minority backgrounds than for the pop- fact that ethnic minority people in some
Tel 0800 028 1407; subscriptions@ft.com; logo or contact details inserted if required (minimum
www.ft.com/subscribenow order 100 copies). came after George Osborne, the chan- sary costs in the motor insurance mar- ulation as a whole. Across the UK, the parts of the country are more likely to
One-off copyright licences for reproduction of FT cellor, vowed to end what he called the ket, and honest motorists should be the employment rate for Britons from face other barriers, such as single moth-
Advertising: articles are also available. “compensation culture around minor beneficiaries”. BAME backgrounds is 62 per cent, while erhood or being low skilled.
Tel: 020 7873 4000; ukads@ft.com For both services phone 020 7873 4816, or
Letters to the editor: alternatively, email syndication@ft.com
motor accident injuries” in his Autumn Lord Faulks, justice minister, said the the overall employment rate for all Laura Gardiner, of the Resolution
Fax: 020 7873 5938; letters.editor@ft.com Statement last month. At present, government was “determined to crack 16-64 year olds in the UK is 73 per cent. Foundation, said: “The UK’s perform-
Executive appointments: FT Cityline insurers pay out about £2bn a year on down on the culture of fraud and exag- But in the north east outside of Tyne & ance on jobs has been one of the biggest
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
whiplash cases — many brought after gerated claims in the motor insurance Wear, only 48 per cent of working age success stories in recent years, resulting
Printed by: cost 75p/min. personal injury claims companies con- industry”. Britons from BAME backgrounds are in in more people in work than ever
St Clements Press (1988) Ltd, London, Newsprinters tact motorists after an accident to Mark Wilson, chief executive of work. By comparison, Scotland — before. But substantial weaknesses
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling encourage them to seek redress. Aviva, called it a “bold and necessary excluding Glasgow — has the best BAME remain for certain groups such as ethnic
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% Aviva said that it alone had 16,000 step”, adding: “Law-abiding motor cus- employment rate at 74 per cent. minority people, who have lower
suspicious motor claims under investi- tomers have paid for the UK’s dysfunc- The employment gap between the employment rates overall and experi-
©Copyright The Financial Times Limited 2015. All gation last month. The insurer said tional and fraudulent motor claims sys- best and worst performing regions for ence even greater penalties in the worst-
rights reserved. Reproduction of the contents of this
80 per cent of its UK motor claims were tem through inflated motor premiums.” all working-aged people regardless performing areas.”
Monday 28 December 2015
North faces £1bn flood bill after defences breached
Troops carry out evacuations in Lancashire and Yorkshire amid ‘unprecedented’ storms as prime minister vows to do ‘whatever is needed’
ANDREW BOUNDS
NORTH OF ENGLAND CORRESPONDENT
Northern England’s biggest cities and
towns are facing a billion-pound eco-
nomic blow after “unprecedented”
amounts of rain swelled rivers to record
levels, triggering widespread flooding.
Troops were called in to carry out
evacuations as the floods hit Lancashire
and Yorkshire only weeks after Cumbria
was inundated. Manchester, Leeds and
York were all affected while some areas
saw a month’s rainfall in a day.
The Environment Agency issued
more than 20 red flood warnings signi-
fying a “danger to life” for Lancashire
and Yorkshire, with scores more alerts
across northern England, Wales and
Scotland.
After chairing a meeting of the gov-
ernment’s emergency Cobra committee
yesterday, David Cameron pledged to
“do whatever is needed” to tackle the
“incredibly serious” situation that he
said was the consequence of “unprece-
dented weather events”.
Many of the communities affected
have been flooded more than once since
2000. Scientists claim the rainfall across
northern England and Scotland this
winter can be linked to global warming.
The flooding in Cumbria and Lanca-
shire during Storm Desmond this month
caused economic losses of £900m to
£1.3bn, with the insurance industry
bearing around three-quarters of the
cost, estimated PwC, the professional
services firm. The impact of this week-
end’s floods “could be significant”, possi-
bly topping £1.5bn, said Mohammed
Khan, PwCgeneralinsurance leader.
Up to 500,000 households at risk of
flooding struggle to afford cover, says
the Association of British Insurers.
Flood defences in many places were
overwhelmed, as they had been in Car-
lisle in early December. York had to lift
its flood barrier to prevent it getting
stuck after water entered the pump
room. The Ouse, which runs through
York city centre, burst its banks and
thousands of homes were evacuated.
The government promised to review
Media
Private investors tune in to kids’ TV
ANDREW BOUNDS — ENTERPRISE EDITOR
This Christmas, Sue Turner was able to
give her three grandchildren a unique
present: she paid for a Christmas spe-
cial featuring some of their favourite
television characters.
The retired property manager is among
hundreds of people who have invested
in Pip Ahoy!, a cartoon narrated by Sir
David Jason and Stacey Solomon, which
airs on Channel Five’s children’s slot
Milkshake!.
With TV channels increasingly
unwilling to pay for content up front,
some companies have turned to private
investors to raise funds.
CHF Media, which as Cosgrove Hall
made the original Danger Mouse car-
toons and won a Bafta for The Wind in the
Willows, has gone furthest, devising its
own investment fund. Once enough
money has been raised to make a pilot,
it seeks a commission. A return on the
investment should be forthcoming if the
rights are sold worldwide and if there is
any merchandise.
The regular Pip Ahoy!, which follows
the adventures of a puppy in a seaside
town, needed £5.5m to make 52 epi-
sodes. When Channel 5, which broad-
casts it daily, wanted a Christmas spe-
cial, CHF went back to investors for
another £350,000.
Mrs Turner, 70, from Ticehurst in
East Sussex, invested a total of about
£50,000. The CHF Media Fund qualifies
for tax relief under the Enterprise
Investment Scheme.
New Year Honours
Tory poll strategist Crosby set for a knighthood
KATE ALLEN
Lynton Crosby is set to receive a
knighthood after steering the Conserv-
ative party to a surprise election vic-
tory this spring, a move that sparked
criticism from opponents who said the
move “degrades” the honours system.
The announcement is expected in the
New Year Honours List this week.
Mr Crosby has been instrumental in
the Tories’ biggest victories of recent
years, including both Boris Johnson’s
mayoral victories in London, as well as
David Cameron’s triumph in the
national vote in May.
The knighthood could make it less
likely Mr Crosby will join the Brexit
After the deluge
Wading in: floodwaters at
Hebden Bridge in Yorkshire at
the weekend — Chris Furlong/Getty
Exodus: Whalley, Lancashire,
where people were forced to
evacuate their homes — Kim Pilling/PA
EIS offers income tax relief at 30 per
cent of an investment when it is made
and deferrals on capital gains tax liabili-
ties. After they have been held for two
years, EIS shares also qualify for busi-
ness property relief, meaning they are
exempt from inheritance tax. The
catch? If the programme flops, investors
can lose 39 per cent of their money, fac-
toring in tax-deductible losses.
Mrs Turner said a friend at a dinner
party back in 2013 mentioned the
scheme. “He said it was Cosgrove Hall
and they had won Baftas. I was looking
for a reasonably well founded EIS
scheme as I don’t like paying too much
tax, so I rang them.
“I have grandchildren of that age.
I have got an idea of what was good
and I thought it looked really fun — not
only for the kids. I still laugh.”
The perks of investing included a visit
to the company’s headquarters in south
Manchester. “It is awe inspiring to meet
the people who have the ideas,” she said.
Pip Ahoy!’s team include Jean Flynn,
who directed the original Danger
Mouse, and Ben Turner,
who drew it.
She also went to
Soho Studios in
London to watch
episodes being
recorded, as well as
CHF Media
raised £5.5m to
make ‘Pip Ahoy!’
campaign — a move that would have
created a headache for Mr Cameron.
The Australian political strategist is
thought to be privately a eurosceptic,
but his closeness to the prime minister
may trump that. Mr Crosby said this
year he did not know whether he would
take part in the campaign on either side.
Mr Cameron is expected to campaign
for Britain to stay in the EU after com-
pleting his renegotiation of its member-
ship terms. He could ask Mr Crosby to
help him.
Having started out in Australian poli-
tics, steering John Howard to four suc-
cessive election victories, Mr Crosby
developed a data-rich approach to elec-
tioneering, focusing an expensive and
★ FINANCIAL TIMES 3
NATIONAL
all flood defences earlier this month. Mr
Cameron reiterated that pledge yester-
day on the BBC: “The flood barriers
have made a difference, both the per-
manent and temporary ones, but it is
clear in some cases they have been over-
topped, they have been overrun, and so
we should look again at whether there is
more we should do.”
Liz Truss, the environment secretary,
who visited York to thank emergency
workers and talk to flood victims, said
the government would review defences,
which had been “overwhelmed”.
But the Labour party accused the
Conservatives of complacency. The gov-
ernment should invest more in main-
taining flood defences and review what
else can be done, said Kerry McCarthy,
shadow environment secretary.
John McDonnell, shadow chancellor,
called for “a cross-party approach” to
“the potential scale of expenditure and
stability of investment planning that is
required”. MPs warned this month that
state spending cuts threatened “vital
floodprotectionwork”.
Britain has adopted a stop-start
approach to flood defence funding
despite more bouts of severe weather.
The Committee on Climate Change, the
independent advisory body, said last
year that three-quarters of flood
defences were poorly maintained.
The financial help given to Cumbria
will now be extended to other parts of
the country, the prime minister said. A
£50m fund was set up after the Cum-
brian floods to help households and
businesses. The government also
exempted about 5,000 displaced people
from council tax and business rates.
Some of those affected face being una-
ble to afford flood insurance. At present,
insurers are obliged to provide cover to
customers but the amount they can
charge is not capped. This means many
in areas at risk of flooding cannot afford
to pay the high premiums.
That is set to change when the govern-
River crossing: a soldier in ment-backed Flood Re scheme launches
York, after the Foss and Ouse next spring. Flood Re is a not-for-profit
burst their banks — Anna Gowthorpe/PA reinsurance fund to provide affordable
coverwhilecollectivisingrisk.
the launch of the toy range at the Olym-
pia exhibition centre.
Simon Hall, son of Mark Hall, the stu-
dio’s co-founder, says merchandise
plays a key role. “We have to consider it
from the beginning. We had to change
the shape of the lighthouse to make sure
they could make a toy from it. But it is
still about creating quality stories. It is
the stories that sell.”
However, the power of merchandising
favours old shows, he adds. Danger
Mouse — now owned by Fremantle
Media — has been revamped and the
Clangers, knitted puppets that live in
space, have been brought back from the
1970s. “It is a safe bet; the parents who
know the programmes will buy the
lunchbox and toys,” said Mr Hall.
CHF has recruited Jenny Johnstone,
who has worked on merchandising for
characters such as Power Rangers and
Super Mario.
The company is also working on a
range of other shows. It has raised
£600,000 for HeroGliffix, which it hopes
to make interactive with hiero-
glyphs that can be captured
on a tablet or phone and
then used in online
games. Horatio, about a
young alien detective,
has raised £250,000.
The fund has widened its
scope to encompass invest-
ment options, from apps
and children’s fitness con-
cepts to full-scale anima-
tion projects.
tightly targeted marketing campaign on
just a few thousand voters in a few dozen
marginal seats. The strategy caused
jitters in parts of the Conservative party
but the ground campaign proved
effective.
Mr Crosby is eligible to receive the
honour under the UK system as Aus-
tralia is one of 15 Commonwealth
realms that has the Queen as monarch.
The Labour MP John Mann con-
demned the award, which was first
reported by the Sunday Times. “It is
degrading the honours system — an
insult to the country’s heroes,” he said.
Mr Crosby is the latest in a long line of
political advisers to be rewarded
through the honours system.
4 ★ †
Banif rescue tests Portugal PM’s austerity pledge
Far left parliamentary rebellion over €2.2bn bank bailout exposes difficulties facing country’s new socialist prime minister
PETER WISE — LISBON
A parliamentary rebellion over a €2.2bn
bank bailout has exposed the difficulties
facing Portugal’s new socialist prime
minister as he tries to reconcile a pledge
to “turn the page on austerity” with
harsh financial realities.
In its first decisive vote since taking
office a month ago, António Costa’s
minority government was saved from
defeat only by the abstention of the
centre-right opposition after his far left
allies rejected a plan to use taxpayer
money to rescue an ailing bank.
The bailout of Banco Internacional de
Funchal (Banif), a small Madeira-based
lender that has blown a big hole in Por-
tugal’s public finances, has revealed the
fragility of the unprecedented leftwing
alliance that brought Mr Costa to power
after an inconclusive general election.
It has also exposed the scale of the
US rate rise offers mixed blessings for eurozone
Fed move set to lift European
exports but weaken the euro,
say respondents to FT poll
CLAIRE JONES
Interest rate rises by the US Federal
Reserve could provide mixed fortunes
for the eurozone economy as an
expected boost to the region’s exports
and inflation risks being offset by
increased global volatility and mone-
tary tightening.
There is consensus among economists
that higher US borrowing costs will
weaken the euro. Most of those polled
by the Financial Times — 18 out of 31
respondents — thought the euro would
slump to $1 over the course of 2016 as
interest rates in the US and the eurozone
diverge.
At the moment, the euro is worth
$1.09 down from about $1.20 at the start
of the year. “The most important effect
[of the Fed’s rate rises] will be a lower
euro-dollar exchange rate, which
should push up import prices and hence
lead to some upwards pressure on infla-
tion,” said Nick Kounis, head of macro
and financial markets research at ABN
Amro.
The European Central Bank targets
inflation of just below 2 per cent, but has
struggled to hit this level: inflation has
been below 2 per cent for more than two
years and is now only 0.2 per cent.
Mr Kounis added: “A lower euro
should also see net exports becoming
more supportive to economic growth.”
However, others thought much of the
impact of higher interest rates in the US
had already been factored in.
“Most of the policy divergence is
likely to be in the price,” said Frederik
Ducrozet, an economist at Pictet Wealth
Management. “Any additional impact
through the exchange rate in particular
should remain limited.”
The Fed’s shift towards the exit could
also pose a threat to the financial health
of the single currency area, according to
some respondents.
“The currency channel is positive for
the eurozone,” said Alberto Gallo, an
economist at the Royal Bank of Scot-
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problems still facing the financial sector
in Portugal, where, in contrast to Ireland
and Spain, high levels of public and pri-
vate debt, not troubled banks, have
been seen as the main reason for the
€78bn international bailout that the
country exited last year.
According to Portugal’s audit court,
state funds totalling €11.8bn were
injected into the country’s banks
between 2008 and 2014, the equivalent
of 6.8 per cent of national output in
2014. The total taxpayer bill for rescu-
ing Banif could reach €3bn, according to
the European Commission.
In addition to seeing through a costly
bailout of Banif, Mr Costa faces the chal-
lenge of selling off Novo Banco, the so-
called good bank created from the
healthy assets of Banco Espírito Santo,
once Portugal’s largest listed bank,
which had to be rescued last year at a
cost of €4.9bn.
Forecasts for eurozone GDP
growth in 2016
Number of replies
(median forecast = 1.6%)
0.7 0.9 1.1 1.3 1.5 1.7
Forecast growth (%)
Sources: FT poll; Eurostat; Thomson Reuters Datastream
FINANCIAL TIMES
INTERNATIONAL
Attempts by the previous centre-right
government to sell Novo Banco col-
lapsed in September after attracting
only “unsatisfactory” offers.
Speaking to journalists in Portugal,
António Horta-Osório the Portuguese
banker who runs Britain’s Lloyds Bank-
ing Group, described the Banif case as
“shocking”, saying an independent
audit should be carried out to determine
exactly what had happened to land tax-
payers with a bill of “more than a thou-
sand euros for every family”.
Mário Centeno, finance minister,
accuses the previous centre-right gov-
ernment of delaying vital decisions on
Banif for political reasons relating to Lis-
bon’s “clean exit” from its bailout pro-
gramme in May 2014 and the country’s
general election in October this year.
Senior figures in the previous admin-
istration reject these allegations, spark-
ing a political row that has also called
Central banks. Divergence
Forecasts for eurozone
inflation in 2016
Number of replies
(median forecast = 1.0%)
8 8
6 6
4 4
2 2
0 0
2.0 0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6
Forecast inflation (%)
Economists call on governments to take up recovery baton
Experts say changes to labour
markets, not ECB stimulus,
should be catalyst for growth
CLAIRE JONES
The task of healing the eurozone’s
bruised economy in 2016 should fall to
governments, not the region’s central
bankers, economists polled by the
Financial Times have said.
The single currency area’s economy
sustained a sluggish recovery over the
course of this year. That was mostly
down to the European Central Bank,
which in January finally followed the
rest of the world’s leading central banks
with a quantitative easing programme
of mass government bond buying.
The ECB capped the year by injecting
a fresh round of monetary stimulus
in December, taking the size of the QE
programme to €1.46tn and pushing one
of its benchmark interest rates further
into negative territory. But many of
the 33 economists who took part in the
FT’s annual eurozone economists’ poll
into question the role of the Bank of Por-
tugal and other regulators in overseeing
the troubled banks.
Parties on all sides have called for an
official inquiry into the events leading to
Banif’s collapse. “The sacrifice of tax-
payers has to stop now,” said Catarina
Martins, leader of the radical left bloc
(BE). “There will always be another
bank asking for the same blank cheque.”
The BE and Communist party (PCP)
reached a historic “anti-austerity” pact
with Mr Costa in November, giving his
mainstream Socialists (PS) majority
support in parliamentary. But both far
left parties have rejected his plan for
rescuing Banif, calling instead for the
bank to be nationalised.
In a debate last week on revising the
2015 budget to allow for spending an
additional €2.2bn on saving Banif, the
BE and PCP voted against the govern-
ment. Mr Costa was only rescued from
The eurozone and
US recoveries compared
GDP, pre-crisis level =100
110
US 105
100
95
Eurozone
90
2008 10 12 14 16
(forecast)
Structural reforms. Policy challenge
said the region’s central bankers had
done enough and it was now lawmak-
ers’ responsibility to spur a more
meaningful recovery by reforming an
economy still badly scarred by its
financial crisis.
James Nixon, chief European econo-
mist at Oxford Economics, the research
consultancy, said: “The onus is now
more on governments to complete the
agenda of structural reforms. This is
especially true in France where the
labour market remains very rigid and
sclerotic, and consequently employ-
ment growth remains weak.”
Jörg Krämer, chief economist at
Commerzbank, said: “Italy should
deregulate its labour market to create
incentives to hire more people and to
bring wages in line with productivity.
Germany should stop rolling back the
labour market reforms of the former
chancellor [Gerhard] Schröder.”
The economists’ remarks echo calls
from Mario Draghi, the ECB president,
and other top central bankers in the
region to press ahead with economic
restructuring, especially of rigid labour
markets.
defeat by the abstention of the centre-
right Social Democrats led by Pedro
Passos Coelho, the former prime minis-
ter, who steered Portugal through its
bailout.
Banif, the market leader in the Portu-
guese islands of Madeira and the Azores,
‘The sacrifice has to stop
now . . . There’ll always be
another bank asking for
the same blank cheque’
was the country’s eighth largest lender
by assets. In 2013, the state injected
€1.1bn into the lender to shore up its
capital. When the bank failed to pay
back €125m it owed to the state last
year, the commission launched an
investigation into the legality of the
state aid it had received.
ECB balance sheet
Assets (€tn)
25 out of 28 respondents to the FT
poll thought that the ECB’s balance
sheet would be between €3tn and
€4tn by the end of 2016
3 The ECB is not expected to raise rates
2 interest rate cuts and an expansion of
1 benchmark interest rate of 0.05 per
2007 09 11 13 15
“As the ECB rightly points out, supply-
side improvements to enhance produc-
tivity growth are essential if the econ-
omy is to generate sustained, faster
growth,” said Ken Wattret, co-head of
European market economics at BNP
Paribas. “Monetary policy can only do
so much, while there is limited fiscal
space, with the exception of Germany,
‘Italy should deregulate its
labour market to create
incentives to hire people’
Jörg Krämer, Commerzbank
where there seems to be limited appe-
tite to use it.”
Several economists wanted govern-
ments to take advantage of ultra-low
borrowing costs by unleashing more fis-
cal stimulus.
“With monetary policy near, if not at,
the end of the road, policymakers may
well ultimately find themselves having
to use fiscal policy, and in particular
infrastructure and tax breaks for people
who are seriously income-constrained.
Monday 28 December 2015
Lisbon had been trying to sell off the
bank, but the six proposals received
earlier this month all involved more
state aid.
After the European Central Bank
effectively cut off Banif’s access to emer-
gency liquidity funding, the Bank of
Portugal intervened on December 20,
selling its healthy assets, including its
branch network, to Spain’s Santander
for €150m and transferring its “prob-
lematic assets” into a special asset man-
agement vehicle.
Jorge Tomé, Banif’s chief executive at
the time of last week’s intervention, has
called for a judicial investigation, saying
the sales process had proved “disas-
trous”. The decision reached by the
Bank of Portugal had been “totally
unexpected”, he told SIC television, stat-
ing that “another solution” would have
been possible.
Editorial Comment page 10
land. “But as the US begins its hiking
cycle, emerging markets economies
which have built up a lot of dollar-
denominated private sector debt are
vulnerable to capital outflows. This
could increase global financial market
volatility, which could spill over to the
eurozone. The emerging market weak-
nesses could be one factor to slow down
the US hiking path, or even lead to a pol-
icy reversal,” he added.
Chris Williamson, chief economist at
data firm Markit, said: “The big uncer-
tainty is whether higher US interest
rates cause knock-on effects, such as a
corporate bond, or an emerging market
crisis, which would clearly have a mate-
rial impact on [the] eurozone and global
economies.”
Some warned that higher US rates
could raise the cost of longer-term bor-
rowing in Europe by triggering a portfo-
lio rebalancing by global investors.
“A sell-off in the US curve will pull
European yields higher as well, which
will tighten financial conditions,” said
Erik Nielsen, global chief economist at
UniCredit.
Others were sceptical a weaker euro
would do much to help the single cur-
rency area. Nick Bosanquet, a professor
at Imperial College, London, described
the divergence between the European
Central Bank and the Fed as a “non-
event” in terms of the impact on growth.
“The main effect will be on capital
flows: the effect of a rising Fed rate and
continuing fall in the euro value will
stimulate capital movements to the
dollar.”
The Fed made its first rate rise in
almost a decade in December, raising
the federal funds rate target to between
0.25 per cent and 0.5 per cent.
More increases are expected from
policymakers on the Federal Open Mar-
ket Committee over the course of 2016.
at all this year, with some economists
predicting more easing in the form of
the quantitative easing programme.
The eurozone’s central bankers have a
cent. The deposit rate charged on
reserves parked at the central banks of
the eurozone is 0.3 per cent.
But the Eurozone economies are not yet
in enough trouble to rush that,” said
John Llewellyn, a partner at Llewellyn
Consulting.
Some called for more stimulus to be
used to boost government spending.
Sony Kapoor, managing director of
the Re-Define think-tank, said: “The
single best thing eurozone policymak-
ers can do for economic recovery is to
use record-low borrowing costs to boost
public investment in the near term.
Infrastructure, public R&D, greening
the energy supply and info-tech invest-
ments look most promising.”
Others said officials in the 19-state
region had to fix and reshape the
region’s banking system.
“In some countries the issue of non-
performing loans has still to be
addressed,” said Stefan Schneider, chief
German economist at Deutsche Bank.
“More generally, current regulatory
dynamics risk that banks will remain
hesitant to provide finance to the real
economy, which would curtail the effec-
tiveness of the ECB’s monetary policy
while at the same time increasing the
negative side effects.”
Monday 28 December 2015 ★ FINANCIAL TIMES 5
6 ★
Japan grows an island to keep China ambitions at bay
Coral quest makes legal waves
in South China Sea — but offers
hope to other sinking reefs
ROBIN HARDING — KUMEJIMA, OKINAWA
China’s artificial islands are fuelling a
new struggle for control of Asia’s oceans,
but while the regional superpower
dredges military bases out of the ocean,
Japan is growing an island in a bathtub.
The island is called Okinotorishima,
or “distant bird island”; a remote,
storm-wracked atoll in the Philippine
Sea, where two outcrops protrude at
high tide. Japan regards the atoll as its
southernmost point; China says it is no
island, merely a rock.
For millennia, as the land beneath it
sank, layers of coral grew on top and
kept the atoll’s head above water. But
Okinotorishimaisdying.Climatechange
is raising the sea level and killing the
coral. Typhoonsbiteatwhat remains.
Japan is therefore on a desperate
quest to regrow the reef. The results will
decide the fate of a strategic redoubt,
with legal repercussions in the South
China Sea, and could offer hope to other
atolls threatened by climate change.
The bathtub, full of baby coral grow-
ing on iron plates, sits in a greenhouse at
the Deep Seawater Research Institute
on the island of Kumejima. Workers
explain how they brought coral from
Okinotorishima and harvested eggs.
They will grow the baby corals in this
laboratory for a year then transplant
them back to the atoll.
For the scientists it is a battle with the
ocean. They have successfully culti-
vated coral from the reef and trans-
planted it back to the island, but it is not
enough. “The next technology . . . is
keeping up with the rising sea by coral
growth and accumulation of coral grav-
els and sand,” says Hajime Kayanne, a
professor at the University of Tokyo.
“Our experiments . . . are ongoing,”
says Makoto Omori, emeritus professor
at the Tokyo University of Marine Sci-
ence and Technology. “We’ve made
progress in expanding the area of coral
Strategic atoll. Okinotorishima
Reef encounter: planted, but the death rate of the trans-
Japan has been planted coral is high, so we can’t yet say
harvesting the coralontheislandisincreasing.”
coral eggs from No amount of transplantation can
Okinotorishima, revive a reef by itself, says Mr Omori.
growing them in Rather, the goal is for the transplants to
a laboratory for spread across the atoll. Working in such
a year and then a remote place is challenging because it
reintroducing is hard to monitor the coral.
baby corals to For the scientists, rescuing Okinotor-
the atoll ishima means saving the world’s coral,
Asahi Shimbun/Getty
and the many islands that exist because
of it. In the past four decades, 40 per
cent of the world’s reefs have died.
“The ecotechnology established in
Okinotorishima can be applied to all the
small atoll islands in the Pacific and
Indian Ocean,” says Mr Kayanne. “We
have almost 500 atolls in the world, and
FINANCIAL TIMES
INTERNATIONAL
some island countries such as the Mar-
shalls, Tuvalu, Kiribati and the Mal-
dives are completely formed of atolls.”
Japan’s funding has baser motives,
however — the tiny reef looms large in
the minds of military planners. Strate-
gists talk of the two island chains sepa-
rating China from the Pacific: the first
running through the main Japanese
islands, to Okinawa and Taiwan; the sec-
ond through Japan’s Ogasawara Islands
to the Marianas and the US base at
Guam. In a hypothetical future conflict
between the US and China, their navies
would collide in the ocean between the
two chains — and Okinotorishima is the
only speck of land in those waters.
Hideaki Kaneda, a retired vice-admi-
ral now at the Okazaki Institute, points
out why the location matters to Japan’s
security. First, he says, it would be a cru-
cial theatre “for the Chinese military to
deny access to reinforcements coming
from the east”. Second, Okinotorishima
sits on the route Chinese nuclear sub-
marines would take out into the Pacific,
towards patrolling positions against the
US. Third, it lies close to the sea lanes on
which raw materials flow to Japan from
northern and western Australian ports.
That makes a 200-mile exclusive eco-
nomic zone around Okinotorishima,
and thus greater control of those waters,
a strategic asset beyond even the natu-
ral resources that might lie beneath the
surface.
Only an island can generate an exclu-
sive economic zone, however, not a rock
Monday 28 December 2015
— which is the other reason why Japan is
trying to regrow the coral, rather than
mirroring China by laying down a few
thousand tonnes of sand and concrete.
Article 121 of the UN Convention on
the Law of the Sea (Unclos) defines an
island as a “naturally formed area of
land” which is “above water at high tide”.
It excludes “rocks which cannot sustain
human habitation or economic life of
theirown”.
China’s new islands in the South China
Sea are artificial. If Japan revives the
coral on Okinotorishima, it can argue
the feature is “naturally formed”. Also,
farming coral is part of Japan’s effort to
show the atoll has an economic life, and
support its more dubious contention
that Okinotorishima is not a “rock”.
“There is no clear definition of rocks
N KOREA
500 km J A PA N
S KOREA
CHINA
TAIWAN Philippine Sea
Okinotorishima
PHILIPPINES
‘Next year in Unclos — this is the government of
Japan’s stance,” says Mr Kaneda. “His-
we expect to torically, Japan has sustained the ‘eco-
plant three nomic life’ of the island.”
hectares of By taking this position, Japan hopes to
claim Okinotorishima as an island with
coral — a its own exclusive economic zone, while
world first’ opposing China’s reclamation in the
South China Sea. Some scholars argue it
would be wiser to give up the claim —
and aid assertions that China’s island-
building is illegitimate — but Okinotor-
ishima’s military value makes that
unlikely.
Legal wrangles will not matter if the
atoll erodes. “We’ve had various prob-
lems and failures along the way, but next
year we expect to plant three hectares of
coral,”saysMrOmori.“Aworldfirst.”
Monday 28 December 2015 ★ FINANCIAL TIMES 7
8 ★
Security policy
China passes tough counter-terrorism law
Beijing discards lobbying
by the west over reach of
curbs and effect on business
TOM MITCHELL — BEIJING
China’s parliament has passed a contro-
versial counter-terrorism law, sweeping
aside earlier criticism of some of its pro-
visions by western governments and
business lobbies.
The official Xinhua news agency
reported yesterday that the law had
been passed unanimously by the stand-
ing committee of the National People’s
Congress, saying it was intended to
“address terrorism at home and help
Botswana seeks sparkle from diamond wealth
Country praised for its use of
mineral riches, but next stage
of development needs diversity
ANDREW ENGLAND — GABORONE
At a long workbench, Botswanans and
expatriates sit side by side, backs
curved, jewellery eyeglasses in hand,
gauging the shape, clarity and colour of
small piles of diamonds.
More than $100m-worth of precious
stones are being assessed just on this
one floor in this highly secure building.
Such wealth has helped transform Bot-
swana, where the second-largest dia-
mond ever discovered was dug from its
soils last month, from an impoverished
nation to one of Africa’s richest.
In 2013, Gaborone used its leverage as
the world’s second-largest producer of
diamonds to convince De Beers, the dia-
mond producer, to transfer its Global
Sightholder Sales department, through
which most of its diamonds are sorted
and sold, from London to Botswana. It
was a rare example of a multinational
shifting its main operations from a west-
ern capital to the developing world. The
GSS, where the Botswanans and expatri-
ates sort the diamonds, employs about
160 people, half of them locals.
Two years on, Botswana still faces
steep challenges in its efforts to leverage
its diamond wealth to create more
domestic industries and jobs. The prob-
lem has been exacerbated by weaker
diamond prices, blamed by De Beers on
a build-up of global inventory.
“Obviously, it [De Beers’ relocation]
hasn’t achieved everything we
expected,” said Onkokame Mokaila,
Botswana’s minerals minister. The gov-
ernment still wants to see more dia-
mond-related industries creating jobs
for locals. “There’s still a lot to be done,
and we will be pushing.”
It is not a problem isolated to Bot-
swana.Withthefallincommodityprices
hitting economies across Africa, there is
increasing talk of the need for countries
to diversify earnings and add value.
There has long been criticism that
Africa’s commodity exporters receive
too little from their resource wealth.
Thisispartlybecauseoffundslosttocor-
ruption and mismanagement, but also
becausemany justexportraw materials.
Botswana has fared better than most
since De Beers first discovered dia-
monds there in 1967. It accounts for
about 70 per cent of the company’s dia-
monds and has used its mineral wealth
to improve infrastructure and state
services as it has developed into an
upper-middle income nation.
The state owns 50 per cent of Debs-
wana, the Botswanan mining company
jointly owned by De Beers, and receives
Australia backs multicultural society despite extremist attacks
A strong economy and moves
to foster integration have led
to broader mood of acceptance
JAMIE SMYTH — SYDNEY
Australia has had three terror attacks
over the past year and earlier this
month former prime minister Tony
Abbott preached to the Muslim world
that it must become “enlightened”. Yet
the country sticks out from others
fighting Islamist extremism as most of
its population strongly support multi-
culturalism and legal immigration.
After Friday prayers in Parramatta
mosque, a young man hurries along in
jeans, shirt and flip-flops. In spite of a
terrorist attack roughly two months ago
FINANCIAL TIMES
INTERNATIONAL
maintain global world security”. A final
draft was not immediately available.
ern region of Xinjiang. They allege that
some members of the region’s large
Earlier this year, US President Barack
Obama expressed concern about draft
Muslim Uighur community, inspired by
groups such as the Taliban and Isis, have
provisions in the law that could force
foreign information technology groups
to provide the government with “back
waged a violent “separatist” campaign
in pursuit of an independent homeland.
Some of these attacks have occurred
door” access to their products, encryp- beyond Xinjiang, including one in the
tion codes and other sensitive data. centre of Beijing two years ago. On Sat-
Li Shouwei, an NPC official involved urday, the foreign ministry said it would
in drafting the law, said that it “is basi- expel a French journalist who recently
cally the same as what other major wrote an article critical of Beijing’s com-
countries do” and would not undermine parison of Uighur attacks on civilians to
companies’ intellectual property rights. the massacres perpetrated by Isis or Isis
Chinese officials have consistently sympathisers in Paris and California.
rebuffed criticism, arguing that the On Thursday, western embassies
country faces a clear and present terror- warned about “possible threats” against
ist threat, especially in the northwest- foreigners in one of Beijing’s shopping
Africa. Resources
‘Obviously, it about 81 per cent of the revenue from its diamond prices has meant they have
diamonds. But unemployment remains been retrenching however, with the
[De Beers’ at about 20 per cent — rising to about 35 number of employees plummeting from
relocation] per cent among youths — and one in five 3,800 at the end of 2013 to 2,400, says
hasn’t Botswanans live in poverty. Jacob Thamage, a government official
Analysts say the praise Botswana has who is co-ordinator of the Diamond
achieved attracted for management of its mineral Hub, the country’s investment and
everything wealth has fostered a sense of compla- trade centre.
we expected. cency, with the economy still too The Botswana operations are less pro-
dependent on a finite resource. ductive than those in India, the main
There’s still a Keith Jefferis, managing director of cutting and polishing hub, while the
lot to be done, Econsult and a former central bank dep-
and we will uty governor, says that even if Botswana ANG OLA ZAMB IA
mines diamonds at the same rate for the
be pushing’ next 50 years, it will not be a driver of
NAM IBIA
Onkokame growth. “It underpins current living
Mokaila standards, but it doesn’t drive higher B OT S WA N A
living standards,” he said. “If you look Gaborone
forward, you see if you don’t fix it there
are problems coming.”
About 15 per cent of the $4bn-worth
of diamonds De Beers produces annu-
ally in Botswana is sold locally, so they S AFRICA
can be cut and polished in the country.
As a result, 20 factories, owned by Bel-
gians, Israelis and Indians, have set up
shop there in the past decade. Falling
Public opinion. Immigration
a few blocks away when a 15 year-old port,” said Andrew Markus, a professor
local Muslim boy shot dead a veteran at Monash University.
police officer, there is little tension. It is not hard to see why Australia is
Neil El Kadomi, mosque chairman, more accepting of different cultures. A
says the non-Muslim community have quarter of its 23m population were born
largely remained supportive. A recent overseas, which makes it one of the
protest by far-right group Reclaim Aus- world’s most multicultural nations, with
tralia outside the mosque drew just a few more than double the proportion of
protesters. “It shows just what a small immigrantsthan theUKorGermany.
minority this is,” he said. “We have inte- “Australians accept they are a new
grated well into thecommunity.” country made up of immigrants,
A recent survey by the Scanlon Foun- whereas Europe with its older cultures
dation shows 86 per cent of people say does not,” said Mr Markus.
multiculturalism has been “good for He adds in Europe multiculturalism
Australia”, while 67 per cent say immi- has been interpreted by political leaders
gration has “made the country as immigrant groups retaining their own
stronger”, the highest level recorded cultures and rejecting integration. In
since the survey was introduced in 2007. Australia it is understood to mean
“This is the reverse of the trend you respect for different cultures while inte-
see in Europe now, where the National gratingintomainstreamsociety,hesays.
Front and Ukip are gaining sizeable sup- It was not always this way. Australia
areas, but they did not specify the
nature of the threats. After the alert,
“snow leopard” commandos and mem-
bers of other elite Chinese military units
maintained a presence in the San Li Tun
shopping district and nearby embassy
areas throughout the weekend.
The antiterrorism law is the latest in a
series of security-related bills working
their way through parliament. In July,
the National People’s Congress passed a
sweeping new national security law that
mandated the country’s internet infra-
structure be “secure and controllable”.
Chinese legislators are also
considering a new law regulating the
activities of domestic and foreign non-
governmental organisations, which
Workers
examine
diamonds at
a cutting and
polishing facility
in Gaborone
Monirul Bhuiyan/AFP/Getty
ZIMBAB W E
200km
introduced its “White Australia” policy
at the turn of the 20th century to deter
an increasing flow of migrants from
Asia. This policy was gradually disman-
tled following the second world war, and
in 1975 the government passed the race
discrimination act, which outlawed
racially based selection for migrants.
Since then there has been sporadic
racial unrest such as the 2005 Cronulla
riots, when clashes broke out between
the Middle Eastern community and
white Australians. More recently, the
far-right group Reclaim Australia has
Cohesion: Muslims
praying in Sydney.
Most Australians
support legal
immigration and
multiculturalism
many critics see as part of a larger crack-
down.
Police in Guangdong province recently
detained Zeng Feiyang, the head of a
workers’ rights group, alleging that his
organisation had accepted overseas
funding and “disturbed public order” by
advising workers in industrial disputes.
While it is not illegal for Chinese
non-governmental organisations to
accept overseas funding, the new law
could give police power to restrict such
funding.
China’s banking regulator and
industries ministry had previously
issued regulations that contained provi-
sions similar to those in the draft Coun-
ter Terrorism Law.
70%
Proportion of
De Beers
diamonds coming
from Botswana
$4bn
Value of
diamonds
produced in
Botswana by
De Beers annually
2013
Year when
De Beers moved
its Global
Sightholder Sales
department from
London to
Botswana
20
Number of
factories owned
by Belgians,
Israelis and
Indians set up in
Botswana in the
past decade
50%
Botswana’s stake
in Debswana, the
mining company
jointly owned by
De Beers
35%
Level of youth
unemployment
in Botswana
lack of a local supply chain has put
“quite a lot of strain” on the sector, Mr
Thamage said. “One reason it’s so
expensive is if machinery breaks down,
they have to fly in from India to fix it,” he
said. “If we had a way of encouraging the
equipment suppliers to set up factories
here, that would give even more sustain-
ability to the business.”
Yet developing competitive industries
is a complex challenge. Botswana does
have some small business, but diamonds
comprise about 80 per cent of export
earnings. A World Bank report said that
“while entrepreneurs are emerging, the
privatesectorremainsshallow”.
“Manufacturing in Botswana is always
going to be an uphill battle,” Mr Tham-
age admitted. “Among other things
because of the success of the diamonds
we’ve created the Dutch disease, where
almost everything is expensive to do as
salaries have gone up too quickly [and]
disproportionately.” He believes more
government incentives are needed.
There is “no silver bullet”, he said.
Companies page 16
held demonstrations against what it
dubs “Islam’s radicals”. But there is little
sign of any far-right political party gain-
ing the type of electoral support that
would give it real influence.
One migrant to benefit from the dis-
mantling of the “White Australia” policy
is Hau Van Phan, who fled communism
inVietnamin1977 forAustralia.
“I can’t forget the day I left. My wife
was pregnant and I couldn’t stop crying
as we did not know when we would meet
again,” said the 60 year-old hospital
worker at a ceremony in Sydney to
celebrate the millions of migrants in
Australia.
Almost 40 years later, Mr Phan’s
daughter Julie O’Hara, despite her
father’s refugee experience, supports the
government’s refusal to settle any asy-
lum-seekers who arrive by boat in the
Monday 28 December 2015
Strategic victory
Iraqi forces
seize key
stronghold
in Ramadi
from Isis
NOAM RAYDAN — BEIRUT
Iraqi forces yesterday captured a
government complex in central
Ramadi, a predominantly Sunni city,
forcing the withdrawal of Isis fighters.
The complex has been an Isis strong-
hold and its fall to government forces
comes weeks after soldiers encircled the
site and marked a significant victory
that could pave the way to the recapture
of the rest of the city, analysts said.
State television broadcast footage of
troops, Humvee vehicles and tanks
advancing through Ramadi streets amid
piles of rubble and collapsed houses.
Some districts appeared to have been
completely destroyed by the advance.
The city, the capital of Anbar province
to the west of Baghdad, fell under Isis
control in May after government troops
fled in a defeat that prompted Washing-
ton to rethink its strategy against the
militants.
Iraqi sources said that the latest oper-
ation by Iraqi forces — which included
counter-terrorism forces and army divi-
sions — is considered a significant suc-
cess for the government and could help
lead to the eventual fall of Ramadi.
“The Iraqi forces entered the complex
a few hours ago and did not face any
opposition from Isis. This shows that Isis
withdrew to the north-east of Ramadi,”
said Sajad Jiyad, an Iraq analyst.
“This is, of course, considered an
achievement for the Iraqi forces given
that there had been questions as to
whether the forces, Iraqi police and
army can take control of the situation
through ground operations and resist
Isis,” Mr Jiyad added.
The victory for the Iraqi army comes
just days after a rare audio message
attributed to Isis leader Abu Bakr al-
Baghdadi, who said that the ongoing
strikes against Isis areas in Iraq and
Syria will strengthen the group.
“Be confident that god will grant vic-
tory to those who worship him, and hear
the good news that our state is doing
well. The more intense the war against
it, the purer it becomes and the tougher
it gets,” he was reported to have said.
Isis controls large stretches of western
and northern Iraq and in neighbouring
Syria. The IS group has declared a self-
styled caliphate on the territory under
its control.
Jaber Jaberi, a Sunni politician, said
that the liberation of the government
complex holds a “a psychological value”.
“This means that Isis has fallen and its
fighters have fled from the complex,”
Mr Jaberi said.
He explained that although the Iraqi
forces are making slow progress “there
are advances [on the ground] and the
Iraqi forces are surrounding what’s left
of Isis” in Ramadi.
According to Hisham al-Hashimi, an
Iraqi expert on Isis and Sunni insur-
gents, the government complex was the
“first domino to be knocked over and
the other pieces will follow”.
David Gardner page 11
Iraqi forces attack a position in the
Hoz neighbourhood of Ramadi
country. She says the threat of terrorism
isnowtoogreat.
Australia’s tight control of its borders
and its lack of a colonial history, in con-
trast to many European powers, are two
underlying reasons why support for
immigration remains high, according to
some experts. Tim Soutphommasane,
racial discrimination commissioner,
says the country benefits from being an
island that has a planned intake of
migrants, most of whom are skilled.
“You don’t have the problem here of
migrants and their descendants feeling
estranged from the country,” he said.
Australia’s strong economy, which has
grown for a near-modern era record of
24 consecutive years, is another reason.
Unemployment remains low at less than
6 per cent and there are fewer migrant
ghettos that blight France and the UK.
Monday 28 December 2015
The mass movement of rural Chinese transformed the economy, but it also left millions of children
behind as their parents left to work in cities. Only now is the country examining the social price.


T
hey are left behind in grim
villages all over China by
parents who have joined the
biggest voluntary worker
migration in human his-
tory. Some are left at home with one par-
ent, others stay back with an illiterate
grandmother or exhausted grandfather.
An estimated 2m are left to fend for
themselves.
China has 61m so-called “left behind
children”, all but orphaned by the main-
land economic miracle. Interviews with
social workers, non-governmental
organisations, economists and parents
say migrants do it for the sake of the
very children they leave behind: to pay
for their education, to build them a
house to give them a future living
among skyscrapers and not pig pens.
Economists say this is the price of
China’s modernisation, just as surely
as the poisoned water and choking
smog that is the legacy of its industrial
development.
“We think of them as economic
orphans,” says Jenny Bowen, head of the
US charity OneSky, which has recently
begun pilot programmes to help rural
‘I am illiterate. I can
feed him but I can’t
teach him. All I can do
is let him play around
the house’
children being raised without parents.
“Villages are unravelling because so
many young parents go away to work.
Generations of people who were always
together are no longer together any
more”.
These days the juggernaut of Chinese
labour migration is slowing as the work
force shrinks. This year, the Financial
Times has published a series of articles
about the end of this migrant miracle,
and about how that is affecting the
migrants who drove the transformation
from agrarian backwater to digital soci-
ety, in just three decades.
Some are moving closer to home as
the economy slows and Beijing tries to
create more jobs in the inland economy.
That means they can see their children
as often as every few weeks, rather than
only once a year or less. And technology
can put parents in touch with their off-
spring relatively inexpensively.
Yet for every migrant who moves
closer to home, there is one that leaves
the village for work for the first time,
maybe because the construction of a
new highway has opened up areas previ-
ously inaccessible to the outside world.
So tens of millions of children are likely
to continue living primarily without
their parents for years to come.
This could jeopardise the next genera-
tion of Chinese growth, economists
say. Children educated in poor rural
schools, without literate parents to help
them, may be unable to fuel the new
innovation-led growth that Beijing is
aiming for.
And the damage to Chinese society, to
the family system and even to the psy-
che of the children involved could be
even more severe, according to econo-
mists, government researchers and oth-
ers who have studied the left behind
child phenomenon.
Beijing has been aware of the prob-
lem for years. But high profile cases of
children who were left behind, like the
four siblings who took pesticide, or the
five cousins who died in a rubbish skip
— along with other children murdered
when home alone, or sexually abused
— have put the issue high on the
national agenda for the first
time. Every new case of a left
behind child tragedy trig-
gers another wave of
soul-searching about
the social price that
China has paid for the
past 30 years of capi-
talist reform.
A social stigma
Yang Xueying is a 12-year-
old with a pink satin head-
band. She is one of those
unlucky enough to remem-
ber when her parents were
still living at home with her,
since they only left when she was nine.
What does she miss the most? “The
feeling of intimacy,” she says in an
FT BIG READ. CHINA MIGRATION
By Patti Waldmeir
Here to learn: Children of migrant
workers take classes at an unofficial
school in Beijing. Getty
★ FINANCIAL TIMES
Children of
the revolution
interview at her primary school in the
apple-growing village of Doujia, on the
loess plateau of central China’s Sha’anxi
province. Xueying lives with her grand-
parents, and she is close to them, but it is
just not the same. “I miss my parents a
lot,” she says.
But she agrees that having migrant
parents is not without benefits. Her par-
ents left so they could “make enough
money to put me through university”,
she says. And that Alice band she wears
came from a trip to visit Mum and Dad
in the town three hours away where
they live. They come back every two to
three months, and last time Dad
brought bananas and oranges as a
present, she says, adding that she has
more nice things than some peers who
live with their parents.
But in China, left behind kids battle a
social stigma, even if their material con-
ditions are sometimes better than that
of children living in homes without
migrant income. Xueying’s teacher, for
example, asked her whether she consid-
ered herself “pitiful”. Remembering this
brings her to the verge of tears. No, she
replied, “because my friends all get
along really well with me”.
An Dake, a maths teacher at Xuey-
ing’s school, says the left-behind chil-
dren’s grades are worse than other
students’, and that it is harder to edu-
Chinese children affected by migration
Million children, 2010
Migrants from urban areas
7 29
174
Other children
Source: Unicef
Extended family
Entering a ‘new stage’
of labour migration
Ni Meihong says she could not bear to
leave her baby in the village, so she
brought him to the big city to live —
but that meant bringing Grandma too.
Her nine-year-old son, Zhou Nijun,
was born in her rural village on
Chongming Island, two hours from
Shanghai. When he was three months
old, he and his grandmother Ye
Shiying came to live with Ms Ni and
her migrant worker husband in
Baoshan, a suburb popular with
Chongming migrants. More migrants
cate them. “They have more bad
habits because of the absence of their
parents. They don’t do their home-
work . . . they fight with others, and
they tend to be hot tempered. No one
cares for them and they can’t get along
with others. They are more violent,” he
concludes, saying “they are spoiled by
the grandparents.”
That seems to be the conventional
wisdom, even among many grandpar-
ents: that they are not capable of raising
children who succeed in school or in life.
Li Gai’e is raising two toddlers with her
‘Thanks to technology,
I don’t think that me being
away has a big impact on
the children. We have
contact via WeChat.’
husband in Wangyuan village, in the lee
of Mount Shang.
“Kids living with young parents are
smarter,” says Ms Li, holding her one-
year-old grandson, dressed in the tradi-
tional split trousers still common in Chi-
nese rural areas. “I am illiterate. I can
feed him but I can’t teach him. All I can
do is let him play around the house,” she
says. Still, there is obviously no shortage
Migrants from rural areas
Left-behind
9 (urban areas)
Left-behind
61 (rural areas)
are bringing children along, according to
a government report published last year.
But it is far from easy. The couple had to
spend Rmb200,000 ($31,000) — a vast
sum for the average migrant worker — to
buy a flat in Baoshan so that her son
could go to school there. “If you don’t
have property, it is not possible to get
into school there,” she says.
Ms Ni and her husband, a taxi driver,
represent what government officials say
is a “new stage” of labour migration in
China. Wang Qian, head of the migrant
population department at China’s
National Health and Family Planning
Commission, said last year that couples
are starting to move their children to stay
with them. “It starts with the migration of
of love in this home: as Ms Li speaks, her
husband naps cuddled up with the other
toddler in an adjoining room, and plants
a kiss on the top of his head when he
wakes. Both grandparents seem reluc-
tant to put their grandchildren down.
Experts are divided on how much
children being raised by grandparents
are hurt, in terms of educational or even
physical development — or even if there
is a negative impact at all.
There are trade-offs involved in hav-
ing a migrant in the family, says Scott
Rozelle, professor of economics at
Stanford University and co-founder of
the Rural Education Action Program,
which has been collecting data on chil-
dren in China’s remote rural areas for
a decade. He conducted one of the larg-
est studies so far of the state of China’s
rural children, both with and without
parents.
The study’s findings go against the
conventional wisdom. “Left behind
children are not the most vulnerable in
rural China,” the study’s authors write,
adding they “perform equally or even
better than children living with parents
on the health, nutrition and education
indicators we examine”.
“Anemia prevalence, height for age
and weight for age . . . mathematics,
Chinese and English scores, junior high
school and vocational high school drop-
out rates . . . are the same as those
among children living with their par-
ents.” In fact, children living with
parents are in slightly worse health.
Mr Rozelle is not sure why. “Maybe
access to more resources helps, at least
in part, to offset the negative effects of
the absence of parental care,” he sug-
gests. Or maybe those who choose to
migrate are more intelligent than the
average villager — “and so granny is
smarter too”.
Mr Rozelle’s point is not that things
are just fine for left behind kids — but
that both kids living with and without
parents in rural areas are vulnerable,
and that increasing government
resources targeted to helping left behind
kids, such as surrogate parenting pro-
an individual, then the couple, then
the children and later on it will be the
elderly people,” he said.
But that takes money most migrants
do not have. Most prefer to live as
cheaply as possible, in company
dormitories where possible, or even in
prefabricated housing on building
sites, to save every renminbi to send
back home. And even if they had the
money to bring baby, they do not have
the funds to bring grandma too:
migrant children who live with parents
who work long hours in urban areas
are often just as neglected, or even
more so, than they would be back
home, researchers say.
Additional reporting by Jackie Cai
9
C Home alone There are about 61m
children who have been left behind by
parents who moved to cities for work
C Gaining notice Cases of left-behind
children who died in accidents have
put the issue on the national agenda
C Labelled Left-behind kids can face
a social stigma, even if their parents’
income makes them better-off
grammes, may be misspent.
When it comes to emotional distress,
such as loneliness, anxiety, depression
and even suicidal tendencies, most
studies find that left behind kids suffer
more than those that live with their
parents. Yet even here, the evidence
is unclear.
A 2013 study by Qiang Ren and Don-
ald Treiman found that “being left
behind by one or both parents or
migrating with one or both parents
has little effect on emotional health”,
because these children are not victims
of divorce or parental abandonment,
they are members of “socially intact
families” where the parents remain
committed to them, even if they do not
live at home.
Tech bridges the miles
Wang Junfeng, and Yang Xinge, whose
children are back at Doujia village, hope
their children will see it that way. They
work about 1,500km away in Shanghai,
and only go back once a year. But they
use WeChat, the Chinese mobile mes-
saging service, to keep in touch at least
once a week and monitor children’s
homework online. In fact their children
are such good students that they
decided to migrate even further from
home, so they could earn enough to put
them through college.
“Thanks to technology, I don’t think
that me being away has a big impact on
the children,” says Mr Wang. “I can have
face-to-face contact with my children
via WeChat, and ask about their per-
formance at school, their daily life and
what’s happening in the family,” he says.
But he notes that every time his wife
looks at the children’s photos on
WeChat, she cries.
Still, like most migrants, the couple
agree: it had to be done. They have kids
to put through university, a new house
to pay off and elders to support. They
are willing to sacrifice traditional family
life for a better life for their children.
The migrant miracle may be ending, but
it is still the best way for rural people to
access the Chinese dream — with or
without their children.
Additional reporting by Jackie Cai
10
MONDAY 28 DECEMBER 2015
A strong eurozone needs
a full banking union
Common deposit insurance will reduce the risk of future crises
New EU rules come into force on Janu-
ary 1 that will enable Europe’s financial
authorities to deal with failing banks
without shovelling the cost on to tax-
payers. The launch of the EU’s so-called
single resolution mechanism follows a
significant expansion of the European
Central Bank’s powers in November
2014, such that it now supervises all
5,500 eurozone banks.
These steps are two of the most use-
ful initiatives that the EU adopted in
response to the financial whirlwind
that tore through the bloc after 2008,
destabilising Europe’s banks and
putting into question the survival of its
monetary union. However, a third,
more politically sensitive step towards
a complete banking union is necessary
in order to minimise the risk that fresh
crises will erupt in the future and, if
they do, to limit the consequences. In
2016 national governments and policy-
makers in Brussels should do their
best to advance the goal of a common
deposit insurance scheme in the 19-
nation eurozone.
It will be easier said than done.
Opposition to the early introduction
of common deposit insurance is
intense in Germany, which suspects
that the scheme is a smokescreen for
the proposition that its taxpayers and
savers should cough up on behalf of
depositors in other eurozone coun-
tries burdened with collapsing banks.
Germany also contends that Euro-
pean policymakers should reduce
excessive risk-taking in the financial
sector before they proceed with risk-
sharing measures, such as common
deposit insurance.
Without doubt, certain precautions
need to be in place before the eurozone
launches common deposit insurance.
Excessive risk is one issue. Some banks
carry large amounts of government
bonds on their balance sheets, despite
the potentially lethal connection
Sorting truth from myth
at technology unicorns
Private market valuations will increasingly fall under scrutiny
If 2015 was the year of the unicorn,
2016 will be the year that unicorns
have to prove they are real. The rush of
excitement about the group of technol-
ogy companies privately valued at
$1bn or more has given way to a more
sober mood, and the acceptance that
some of these billions are as illusory as
horses with horns.
The growth in the number of highly
valued private technology companies
— more than 140 in the US according to
one estimate — has been a product of
two things. One is excitement over the
idea that technology companies can
transform entire industries with soft-
ware and the internet. The second is
the willingness of more investors to
take a risk on private markets.
The initial public offering in Novem-
ber of Square, one of the two compa-
nies led by Jack Dorsey (the other being
Twitter), was a pivotal event. Square
priced its IPO below the level that
investors in its last private fundraising
round were promised. They had to be
compensated with extra shares, while
other unicorns faced greater scepti-
cism about their price tags.
Michael Moritz, chairman of the ven-
ture capital fund Sequoia, has coined
the term “subprime unicorns” for com-
panies “built on the flimsiest of edi-
fices” that have managed to gain lofty
valuations. Bill Gurley, a partner of
Benchmark, was even more dismissive,
declaring that “all these valuations are
fake”. A correction has started and is
likely to continue.
The pullback in Silicon Valley is
unlikely to be on the scale of the dot-
com bust of the early 2000s. Although
the quality of unicorns is mixed, lead-
ing companies such as Uber and Air-
bnb have had a huge impact on estab-
lished industries. Excitement over the
future of technology is not hysteria —
the industrial potential of combining
artificial intelligence, software and
between sovereign debt and over-
stretched banks that was amply illus-
trated at the height of the eurozone cri-
sis. More broadly, the banking sectors
of some countries are still fragile and
struggling with non-performing loans.
They need to be on a firmer footing
before the eurozone starts a common
insurance scheme. Lastly, participating
banks in all countries must step up and
fund the scheme adequately.
All this said, Germany should recog-
nise that a banking union which oper-
ates on two legs instead of three — com-
mon supervision, common resolution
but not common deposit insurance — is
a banking union that, in the last resort,
will lack credibility. This is the implicit
argument of the EU’s so-called “Five
Presidents’ report”, which highlights
common deposit insurance as a desira-
ble and realistic objective for the finan-
cial sector.
The report, published last June, sets
out a road map for full economic and
monetary union by 2025, by which
time the eurozone would be endowed
with a common treasury and a “com-
mon macroeconomic stabilisation
function” to help member states cope
with shocks that cannot be managed at
national level alone.
These and other proposals that
envisage much greater centralisation
of eurozone economic policymaking,
albeit 10 years from now, lie beyond
the boundaries of what is achievable
in today’s political conditions in
Europe. It may even be too ambitious
to suggest, as does the Five Presidents’
report, that common deposit insur-
ance, as well as a EU capital markets
union, should be agreed as early as June
2017. However, the longer the delay in
creating a common deposit insurance
scheme, the longer the eurozone will
remain vulnerable to financial shocks
and contagion for which, one day, it
may pay a far higher price.
communications is profound. But the
way in which private market valua-
tions have become skewed and inflated
as start-ups have delayed IPOs raises
questions about the financing of inno-
vation. Despite the excitement, ven-
ture capital has produced weak returns
in recent decades — only a minority of
funds have produced rewards high
enough to compensate investors for
illiquidity and opacity.
As the IPO market has faltered,
mutual funds and others that invest
mainly in public markets have been
drawn into investing in private financ-
ing rounds for high-growth Silicon Val-
ley ventures. They have yet to discover
if this inside track is any more profita-
ble than investment through venture
funds — some have already marked
down the valuations of unicorns.
This has suited the companies most
in demand. They have been able to
raise billions to expand operations
without facing the disciplines of a pub-
lic company — quarterly results and
financial disclosures. They have
achieved many of the benefits of going
public without the responsibilities.
There is a point to listings rules, how-
ever — they provide protections for
investors that are absent, or allocated
only to some in private markets. As
companies have grown, investors in
different rounds have been given dif-
ferent degrees of protection and special
treatment. The meaning of equity —
that each share is equal — has been
stretched to breaking point.
With the rise in US interest rates, the
era of ultra-cheap financing is ending.
As it does, Silicon Valley’s unicorns are
losing their mystique and having to
work to raise equity, sometimes at val-
uations below those they achieved
before. The promise of private financ-
ing is being tested, and there will be dis-
appointments. It does not pay to be
dazzled by mythical beasts.
★ FINANCIAL TIMES
Barnes regarded artists as heroic fountains of wisdom
Sir, Jackie Wullschlager’s review of
Yve-Alain Bois’ Matisse in the Barnes
Foundation contains a crude caricature
of Albert Barnes that deserves to be
challenged, if only because of its
implications for the significance of art
in 21st century American culture
(“Dance to a collector’s whim”, Life &
Arts, December 19). In her
characterisation of Barnes as a vulgar
upstart “with a sharp eye, a brutal
manner and a swollen cheque book”,
Ms Wullschlager grossly distorts his
legacy as a collector, educator and
humanist.
At the opening of the Barnes
Foundation on March 19 1925, the
philosopher John Dewey paid tribute to
Barnes’s ecumenical instincts, citing in
particular the extensive collection of
African art and sculpture that he
exhibited in his Merion gallery
alongside works by Cézanne, Matisse,
Modigliani, Picasso, Renoir and
Soutine.
EU tariff would not apply
for two years, at least
Sir, I write to complain about the
misleading article “Hague’s Brexit
stance angers eurosceptics” (December
24). It states: “Under current terms,
manufacturers — who exported
£11.9bn worth of cars to the EU in
2014 — would suddenly face the same
10 per cent tariff on their exports to
the EU as their counterparts in the
US and Japan: the equivalent of
£1.19bn a year in 2014.”
This is not true. Under the terms of
article 50 of the Treaty on the
European Union, if a country leaves the
union there would be a period of two
years (or, by agreement, more) in
which the nature of a settlement
between that member state and the
EU is negotiated.
To state that, under the current
terms, there would be a sudden tariff
on manufacturers is wholly untrue, in
two ways. First, any tariff, were it to
apply, would not apply for at least two
years. This is not sudden. Second, the
period of negotiation, which itself
exists under the current terms, means
that any tariff might not apply at all.
This second point is inadequately
reflected in the piece. The first is not
reflected at all.
This fact is well known and a
significant part of the current debate
about Britain’s membership of the EU.
The article, in failing to reflect it, is
deliberately misleading (or wilfully
ignorant to the extent that the effect is
the same).
Alex Deane
London, EC1
Tax losses a huge problem
for developing countries
Sir, With reference to John Kay’s
column “There is no money behind
the fiscal tree” (December 16): since
Christian Aid started working on
tax as a development issue in 2008,
we have used the best publicly
available data and most recent
methodologies and we are open and
transparent about how we reach our
conclusions.
This has enabled us to improve our
research over time but we remain
hampered by the high levels of
secrecy that still surround
Best of Banx 2015
‘How’s it coming along?’
‘On the plus side, we’re developing
one hell of a bad boy image’
Letters
As Dewey noted: “I know of no more
significant, symbolic contribution than
that which the work of the members of
this institution have made to the
solution of what sometimes seems to
be not merely a perplexing but a
hopeless problem — that of race
relations.” For Barnes, cultural
segregation in the United States played
a key role in reinforcing racial
segregation, and the fierce campaign
that he waged against the art
establishment of his time reflected this
conviction.
Ms Wullschlager makes no mention
of Barnes’s life-long mission to use art
education as a means of healing the
entrenched social and economic
divisions in American society. He was
convinced that every great work of art
encapsulated a deep human and
universal experience that could be
unlocked by anyone prepared to train
themselves in the art of seeing. A
prophet in the mould of Thomas
Are further delays just plane stupid?
international financial flows and
multinationals’ activities. Part of
our argument for public country-by-
country reporting by multinationals
is that it would give everyone
better data and a better
understanding of the scale and
nature of the problem.
Even without this it is clear, as
Professor Kay recognises, that there is
a problem with the way some
companies and individuals approach
their tax affairs. It is also clear that
tax dodging is a problem for
developing countries. In a significant
shift since 2008, all the major
international institutions now
recognise the scale and seriousness of
developing countries’ tax losses. The
IMF, for instance, suggests that
developing countries lose between
$100bn and $300bn a year to tax
avoidance by multinationals; for the
poorest countries, losses are
especially significant when
considered in relative rather than
absolute scale.
World financial institutions also
acknowledge the benefits of such
countries becoming more reliant on
tax revenues they generate
themselves, and are accountable to
their citizens for, and less reliant on
aid. Enabling this change is a legal
and a moral issue, with the power to
lift millions out of poverty.
Joseph Stead
Senior Economic Justice Adviser,
Christian Aid
‘I’d hoped our armchairs would be
flying by now’
Include daytime telephone number and full address
Carlyle and John Ruskin — two other
notorious “monsters of egoism”
battling against the forces of cultural
nihilism in the Victorian era — Barnes
regarded artists as heroic fountains of
wisdom who could enlighten and
instruct audiences in a broad range of
disciplines, including politics and
economics.
This belief shaped his attitude to the
function of his gallery, which he
insisted should remain a place of
tranquil reflection and study, where
visitors would be encouraged to judge
the works for themselves without the
usual encumbrances of pre-recorded
guides, glossy pamphlets and gift-shop
amenities.
Nestled in the midst of his
remarkable arboretum, Barnes’s
gallery — a gracious limestone mansion
designed by Paul Philippe Cret with
reliefs carved by Jacques Lipchitz —
seemed to defy the commercial logic of
the age. Tragically, Barnes’s wish to
Heathrow: a tragedy
of the anti-commons
Sir, With reference to Michael
Skapinker’s column “The Heathrow
delay is worse than gutless: it is plain
stupid” (December 16): I think
name-calling is unhelpful here. A
more useful framing for making sense
of the London airport problem is to
see it as a classic tragedy of the anti-
commons — a co-ordination
breakdown that occurs when there is
too much fragmentation of property
rights.
The shared resource here is a
strategic choice to increase airport
capacity in London. Some are strongly
in favour to encourage economic
growth, whereas others, concerned
with environmental impacts, are in
vehement opposition. The stakes are
high — these decisions are hard to
reverse whichever direction they take
— and both positions are legitimate.
Clearly, asking government to
overcome an anti-commons problem
is not a good idea. Shifting the onus of
the decision to parliament would be
equally complicated and inefficient.
Maybe the London airport tragedy
is inexorable. And if the limits of
growth have been de facto reached,
just accept how privileged London
already is; and if still unhappy, pack
your bags and fly out. There are
plenty of opportunities out there.
Nuno Gil
Professor of New Infrastructure
Development,
Manchester Business School, UK
We travel in automated
metal boxes already
Sir, Jeremy Fordham (Letters,
December 22), writing on travelling
in driverless cars, asks whether
“mankind is so indolent that it wants
nothing better to do in life than to sit
around in an automated metal box,
for hours on end, just letting the world
pass by?”
We don’t have to wait for driverless
cars to appear in order to answer Mr
Fordham’s question, as automated
metal boxes already transport
millions of people every day in this
way — they’re called railway trains.
David Linnell
Loughton, Essex, UK
‘If you could help us out, Mr Schäuble,
we’d be forever in your debt’
Monday 28 December 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Corrections: corrections@ft.com
preserve his collection in Merion
was betrayed by the same Philistine
forces that he had opposed throughout
his life.
The transfer of the collection from
Merion to the slightly pretentious
modernist structure on the Parkway in
Philadelphia — to borrow Ms
Wullschlager’s term, a “mausoleum”
to expediency and cynicism — should
not obscure the enduring importance
of this truly great and original
American citizen or of his
achievement. In a period in which
racial conflict is exacerbated by
increasing social inequality, and in
which the political system is
manipulated by a tiny minority of the
rich and powerful, the social and
aesthetic vision of Albert Barnes has
never been more urgently relevant.
David R Sorensen
Professor of English,
Saint Joseph’s University,
Philadelphia, PA, US
Crossrail 2 is not just
about Chelsea residents
Sir, Chris Lenon (Letters, December
22) maintains that Chelsea residents
and businesses are against the
proposed King’s Road Crossrail 2
station. Some certainly are, but there
are also those who are for a Chelsea
station. The cost benefit case depends
on how the various factors are
weighed. These include the interests of
those who work in Chelsea shops,
offices and hospitals, and visitors from
outside Chelsea. In addition there are
those residents whose transport
choices would be enhanced. Any cost
benefit analysis would include the
weighting of more intangible factors
relating to the growth of London
(population growth, congestion, ageing
etc). Different people will weigh these
factors differently, and many will
conclude that the proposed station is
worth building.
Martin Flash
Leader, Chelsea4crossrail2
Tier 2 visas and a threat to
Commonwealth relations
Sir, Any prospective curtailing of tier 2
visas (skilled workers) to reach a
political net migration target (report,
December 21) is a significant but
undervalued concern for UK-
Commonwealth relations. More than
two-thirds of all tier 2 visas are issued
for Commonwealth nationals. The UK
must understand rapidly the impact
that its policy decisions have on its
standing in the world. Unless the UK
remains a marketplace open for skilled
Commonwealth citizens, they will go
elsewhere, to the detriment of our
economy.
Tim Hewish
Director of Policy & Research,
The Royal Commonwealth Society
Correction
c SNCF is the owner of the Orient
Express trademark but has granted
Belmond Group a long-term licence to
use Venice Simplon Orient Express for
its train services. There are no plans for
SNCF to take over the operation of the
service, as wrongly stated in an article
on December 19.
‘He used up all the duct tape to
repair a duct’
Monday 28 December 2015
OPINION
Frank
Luntz
O
utraged by what Donald
Trump says? You are not
alone. No high-polling
presidential candidate in
the modern era has so
intrepidly drawn the ire of so many
within the American electorate. And
there remains no end in sight.
Yet in rendering one voting bloc
utterly apoplectic, he has appealed vis-
cerally to another. The balance of mid-
dle ground politics is not, shall we say,
Mr Trump’s bailiwick. But America is no
longer a middle ground country. We are
already scared by our division — and it is
getting worse.
The simple truth is, the more provoc-
ative his language, the deeper and more
A chasm at the
heart of the
Syrian crisis
WORLD AFFAIRS
David
Gardner
T
here is a big Sunni hole at
the heart of international
efforts to find a way out of
Syria’s civil war and turn
the tide against the Sunni
jihadis of Isis and their menacing power-
base in Syria and Iraq. From the UN
Security Council in New York to the
Syria forum convened by the US and
Russia in Vienna, the architecture that
diplomats are struggling to erect looks
as riddled as a Swiss cheese.
Last month, after the Isis attack on
Paris but also after five years of fighting
that has razed vast swaths of Syria, the
Security Council issued a unanimous
call to arms against Isis. With France on
a war footing, the US and Russia ostensi-
bly putting aside their differences from
Ukraine to the Middle East, and even
Britain extending its modest role in the
anti-Isis fight in Iraq into Syria, it
seemed as if the lead external actors in
the region were starting to coalesce. The
Vienna diplomatic summit, with the
presence of Iran, which kept Bashar al-
Assad’s regime alive until Russian rein-
forcements arrived in Syria in Septem-
ber, agreed unanimously on a tentative
transition out of the Syrian conflict. Is
there substance to any of this?
The US and Russia, the two main pow-
ers embroiled in Syria, remain on oppo-
site sides. President Barack Obama
leads a coalition against Isis backed, at
least in theory, by Sunni Arab states and
Turkey. President Vladimir Putin has
put himself at the head of the Iran-
backed Shia axis, whose main goal is to
OPINION
Diane
Coyle
I
f only the hobbits of the Shire, in
JRR Tolkien’s Middle-earth, had
invented the internet. Surely if
Frodo Baggins and friends had
been online, some hairy-footed
entrepreneur would have launched
mathom.com as a platform to circulate
more efficiently the unwanted presents,
or mathoms, stashed in hobbit holes for
regifting on another occasion.
The Christmas experience, with that
sinking of the heart on unwrapping a
second box set of Parks and Recreation,
always brings to mind this hobbit
tradition of the polite circulation of
unwanted gifts. Many people salt away,
with mild guilt, the soaps or socks they
find under the tree to give to someone
Trump’s bile is a healing balm for spurned Americans
passionate his support. He is no
dummy; there is a method to his prover-
bial madness. Mr Trump says — to the
growing legions who will listen — what
tens of millions of Americans are
already thinking. Respect or revile him,
the man has hit a vein.
I spent three hours in a deep dialogue
focus group with 29 Trump supporters.
The phenomenon of “The Donald” is
rooted in a psyche far deeper and more
consequential than next November’s
presidential election. His support
denotes an abiding distrust in — and dis-
respect for — the governing elite. These
individuals do not like being told by
Washington or Wall Street what is best
for them, do not like the direction
America is headed in, and disdain Presi-
dent Barack Obama and his (perceived)
circle of self-righteous, tone-deaf gov-
erning partisans.
Trump voters are not just angry —
they want revenge.
Mr Trump has adroitly filled the
prop up the Assad regime, which came
perilously close to being toppled by
mainstream rebels over the summer.
Yet they are both trapped in a dynamic
that is conspiring to eliminate any cen-
tre ground — widening that already
large Sunni hole.
Mr Putin, who says Russia now spear-
heads the struggle against Isis that
Mr Obama had bungled, has concen-
trated most of his fire on non-Isis, Sunni
rebels, variously backed by the US,
Saudi Arabia, Turkey and Qatar. That is
destroying the alternative to Isis that
Russia and the US are purportedly try-
ing to identify. By bolstering a minority
regime built around Mr Assad’s quasi-
Shia Alawite community, Moscow is
fanning the sectarian flames consuming
and partitioning the Levant.
Mr Obama inherited the debris of
President George W Bush’s 2003
invasion of Iraq, which replaced a Sunni
tyranny with ruinously sectarian Shia
leaders and shattered Iraq into pieces —
giving the Isis death cult its start in life.
Yet the Bush mix of recklessness and
fecklessness in Iraq resurfaces in Mr
Obama’s lethal ambivalence towards
Syria. His defenders say he was right to
stay out of an intractable, shape-
changing conflict. But that is not what
he did. He called for the downfall of the
Assads but then held back from giving
the mainly Sunni rebels the means to
achieve it — adding to the sense of dis-
possession of the Iraqi Sunni minority
the feeling of betrayal among Syria’s
Sunni majority.
The US-led coalition’s position on
the ground against Isis relies essentially
on Iraqi Kurdish peshmerga fighters
and Syrian Kurdish militia, effective
forces that will nevertheless fight only
for their own territory. The Pentagon’s
attempt to rebrand the Syrian Kurd
fighters as a Syrian Arab coalition —
with the addition of Sunni tribal fighters
The hobbit approach to the sharing economy
else another time. An online exchange
to circulate presents from where they
are not wanted to where they are would,
without doubt, increase consumer wel-
fare. Users could also save money by
sending in presents they have received
(a scarf that will never be worn) and
selecting others more suited to their
intended recipients (a photo frame for
grandma’s birthday).
In short, mathom.com is an exem-
plary sharing-economy platform. The
term describes many different kinds of
business, from hobbit-worthy commu-
nity exchanges to profit-seeking global
businesses such as Uber. The thing they
have in common is matching supply and
demand more efficiently, using technol-
ogy to reduce the transaction costs
involved in acquiring goods or services
from the people able to provide them.
Ronald Coase, the economics Nobel
laureate, explained in a 1937 article that
the lower the transaction costs, the
more likely exchanges are to occur in a
★ † FINANCIAL TIMES
Comment
vacuum of vitriol, establishing himself
as the bold, brash, take-no-prisoners
megaphone for the frustrated masses.
They see him as the antidote to all that
Mr Obama has made wrong with Amer-
ica. So to understand why millions love
Mr Trump so much, you have to take a
step back and listen to why they hate Mr
Obama so much.
Here, my Trump voter focus group
was particularly illuminating. Some still
believe the president is not Christian.
Many believe he does not love America.
And just about all of them think he does
not reflect the values the country was
built upon. Indeed, within this growing
faction, Mr Trump has licence to say just
about anything. As we have seen repeat-
edly, the more outrageous the accusa-
tion, the more receptive the ear.
Mr Trump delights in unleashing
harsh attacks on Jeb Bush, the Republi-
can establishment and the “mainstream
media”. His childlike joy in ridiculing his
critics is tantamount to healing balm for
Matt Kenyon
and Assyrian Christian militia — merely
spotlights the Sunni Arab hole.
The US and its allies are right that, if
the Assads stay in place, there is little
chance of enlisting mainstream Sunni
sentiment against Isis. But, as things
stand, Russia and Iran are not wrong in
saying there is as yet no plausible alter-
native to fill a new vacuum if the Assads
go. Ba’athist Syria was built as a security
state almost impossible to disentangle
from the Assad clan, with Alawites as its
praetorian guard.
The lack of mainstream Sunni leader-
ship is a blight across the region, which
If the Assads stay in place,
there is little chance of
enlisting mainstream Sunni
sentiment against Isis
more open “marketplace” than within a
“firm”.
The sharing economy is Coasean eco-
nomics brought to life: lower search
costs mean more transactions are likely
to occur in a marketplace, and markets
will reach areas where they were not
feasible before.
Such platforms fall into two catego-
ries: community-focused and monetary
marketplaces. Critics of the latter object
that there is no “sharing”, just selling —
also known as old-fashioned capitalism.
Some argue that such businesses even
get away with exploitation disguised in
hippy clothing; hence the debate about
the implications of the “gig economy”.
The strength of feeling in this debate
is perhaps related to some early non-
monetary uses of matching platforms.
Two other economists, Al Roth and
Lloyd Shapley, shared a Nobel Prize for
their work in the area of “market
design”. This paved the way for online
platforms and the algorithms they use
the millions who have felt silenced,
ignored and even scorned by the gov-
erning and media elite for so long. Is it
any wonder that his declaration of war
against “political correctness” is his
most potent and predictable applause
line?
Straight-talking candidates are noth-
Those who support him
today will support him in
November, whatever party
banner he runs under
ing new in American politics. From Ross
Perot in 1992 to John McCain in 2000,
from Howard Dean in 2004 to Sarah
Palin in 2008, they rise like a rocket on
the fuel of their seemingly fresh and
unencumbered aversion to traditional
politics. They purport to say what they
mean and mean what they say — buck-
offers instead varieties of Sunni
supremacism. Isis, a hybrid of al-Qaeda
in Iraq and Ba’athist officers from
Saddam Hussein’s army, disbanded by
the US after 2003, is obviously the most
virulent. But the big Sunni powers —
Saudi Arabia, Turkey and Egypt — are
diluted flavours of this poison to which
they claim to be the antidote.
Saudi Arabia, Washington’s main
Sunni Arab ally, has told both the US
and Russia its overriding concern is the
march of Shia Iranian influence across
the Arab world. Its sectarian Wahhabi
strain of Sunni Islam competes with Isis
as to which is the more effective ham-
mer of the Shia. Turkey under the
increasingly autocratic presidency of
Recep Tayyip Erdogan has seen its pre-
sumption of leading a neo-Ottoman
Sunni revival boil down to a revived war
with its Kurdish minority. Neither
power is carrying the fight to Isis.
to match suppliers and consumers.
Prof Roth put his work into practice
by devising ways to use the processes of
a market without prices or money. The
best known example is the kidney
exchange that matches donors and
recipients, increasing the number of
feasible life-saving operations. Another
Would Frodo make his
gift-matching platform a
non-profit exchange or part
of the market economy?
is the matching of young doctors to their
first residency, taking into account the
preferences of hospitals for the most
able applicants they can attract and
applicants for the best locations they
can aspire to.
We do not want people buying kid-
neys or jobs since we believe financial
ing established electoral trends and ruf-
fling established political feathers. Then
they crash. The media turn sour. The
message grows stale. The electorate gets
bored.
Mr Trump is different. The media
attacks on him have been fast and furi-
ous. Yet he has defied electoral gravity
because the blows are delivered by an
institution that is distrusted and an elite
political and business establishment
that is detested.
Meanwhile, voters consistently tell
pollsters like me that negative attacks
do not work; they hate the ad hominem
assaults. Mr Trump? He dines out on
them. As his devotees see it, it is not Mr
Trump going negative. It is him telling
the truth. And when he fights back, he’s
throwing punches on their behalf. He
said something outrageous? “He’s sim-
ply raising an important issue nobody
else has the courage to talk about.” He
insulted someone? “That’s just him
campaigning. He won’t do that as presi-
Egypt, after the 2013 coup against an
elected Islamist government, has
turned back towards a police state. Its
presumption to being the Arab world’s
intellectual powerhouse has to be meas-
ured against the fact that Al-Azhar, its
millennium-old centre of Sunni learn-
ing, only this year excised from its
curriculum early Islamic teaching on
slavery, taxes due from non-Muslims,
apostasy and jihad — the stock-in-trade
of Isis.
The Middle East desperately needs a
Sunni counter-narrative that takes on
board the rights of minorities as well as
individuals. Only that will challenge the
presumption of Shia Iran and the Isis
brand of millenarian Sunni suprema-
cism — and start reassembling a disinte-
grating region into some sort of liveable
shape.
david.gardner@ft.com
incentives would have undesirable
effects; Prof Roth described such cases
as “repugnant markets”. Nevertheless,
the efficiency gains from a matching
exchange can be large.
So, too, with the gains from improved
matching in the conventional monetary
economy. Reduced transaction costs
allow both sides of the market, consum-
ers and producers, to benefit. This is
seen in the effect of introducing mobile
phones off the coast of Kerala. When
fishermen could phone ahead to port,
their incomes increased. Consumer
prices also fell. Both were possible due
to reduced wastage. The fishermen
threw less overboard because they took
the fish they caught to the market where
it was most wanted.
Economics has always insisted that
markets are the best means to allocate
resources because they effectively co-
ordinate information about consumer
preferences and information about the
costs of supply. Matching platforms take
11
dent.” He changed his position? “That
was a long time ago. Everyone’s entitled
to change their mind.” He doesn’t have
many policy specifics? “He doesn’t need
them. He’ll surround himself with
smart people.” They will justify any
action, explain away any contradiction,
and dismiss any criticism because they
are so personally and passionately
invested in him.
And here is the prediction that will
furrow brows on both sides of the Atlan-
tic. Mr Trump’s supporters today will be
Mr Trump’s supporters next November
if he is still a candidate — no matter what
party banner he runs under. Half will
follow him out of the Republican Party if
he breaks his promise and declares as an
independent. For better or worse, his
supporters will follow him to the ends of
the Earth — or to the White House.
Whichever comes first.
The writer is a pollster and communica-
tions adviser
2015:
A year in a
word/n.
Trans
(Adjective) relating to a person
whose gender and birth sex are not
always, or ever, equivalent. A broad
term used by (among others) trans-
gender and transsexual people to
refer to themselves
This year, discussion of biological sex
and gender, previously a boring
male/female matter, became a
nuanced, fluid, “non-binary” affair.
Labels abound, and in the age of the
sudden social media squall it is
important to get them right.
In 2015 we learnt, for example,
that some people are “genderqueer”
(not identifying as male or female,
but as both, neither or a blend); oth-
ers are “genderfluid” (their gender
cannot be pinned down). The major-
ity who define gender in line with
birth sex are “cisgender”, from the
Latin prefix “on this side of” — an
antonym for “trans” (on the other
side of). Confused? Most of us are.
The subject first hit the spotlight
through that simple word: trans.
The tipping point came in June,
when Vanity Fair’s cover featured a
glamorous older woman. She is Cait-
lyn — formerly Bruce — Jenner, an
Olympic gold medal winner and
father of some of the Kardashian
reality-show clan.
Since then, trans issues have gone
mainstream: a recent New York
Times feature followed one woman
through gender reassignment sur-
gery. Next month sees the release of
Oscar-tipped The Danish Girl, starring
Eddie Redmayne as a trans woman
in the 1920s.
So far, so liberating. But there has
also been a backlash, including
heated debate in the US about the
politics of trans people and public
lavatories.
Perhaps the most profound change
to our everyday language is the ever-
increasing acceptance of “they” as a
singular, non-gender specific pro-
noun. It has already made it into sev-
eral newspaper style guides.
Isabel Berwick
www.ft.com/words
advantage of faster, cheaper informa-
tion to make markets work even better.
This does not mean they will always
work well. Markets need to sit in a
framework of law, competition policy
and employment and consumer regula-
tion to balance individual incentives
and collective outcomes. Although it
extends the scope of markets, the for-
profit sharing economy is not unique in
any way other than increasing economic
efficiency, with the potential for every-
one to share the benefits.
Would a hobbit want to make a
gift-matching platform a community
exchange or part of the market econ-
omy? The question never crossed Tolk-
ien’s mind as he wrote about the Shire’s
regifting culture; for all its qualities,
The Lord of the Rings is weak on econom-
ics. But I note that the domain name
mathom.com seems to be available.
The writer is a professor of economics at the
University of Manchester
12 ★ FINANCIAL TIMES Monday 28 December 2015

BUSINESS LIFE

Expat life: from

‘
There was a moment, shortly after I year-round sunshine. But we had heard head that my wife used to make picked up in LA of talking to myself
moved my family from one American similarly gloomy warnings before our jewellery. As I sat there, miserably while typing.

kale shakes and coast to the other, when the magnitude

of what we had done finally hit me.
While gingerly walking down the
sun to gossip steps that lead from our Brooklyn
street to another one below, I slipped
and icy reality on some ice and bounced the rest of the
way down on my back. Lying at the
foot of the stairs, dazed, aching and
staring up at the slate grey sky, it
struck me that Santa Monica was a
very, very long way away.
Work relocation requires personal as
well as professional adjustment and I
have been fortunate enough to try it
twice. In 2006 my wife and I swapped
move from London to LA and the dire
predictions about plastic people and
traffic proved unfounded.
I admit, though, that in my first few
months in New York it occurred to me
on more than one occasion that I had
made an awful mistake, usually when
fighting my way through the rush hour
on the subway to the Financial Times
office. One morning I was delighted to
find myself on a completely empty
train, my happiness evaporating only
once it dawned on me that I was
heading in the wrong direction and was
on my way to Queens, not Manhattan.
tapping on the step, hands numb and
small shards of ice hitting me in the
face, our neighbour emerged from her
house, politely asking if I was all right.
There were no such issues in LA. I
had got used to the sunshine, the
nearby beach and the peculiar food
orders of diet-obsessed dining
companions (on one of my final meals
there a friend ordered a kale shake and
a soy-cheese omelette).
In LA, I didn’t have to commute
because I worked from home, which
was a big change from working in the
FT’s London office. In LA, I would take
I would jump every
time someone
walked behind my
chair. I also had to
unlearn the habit
of talking to myself
while typing
Whether it was the weather, the
commuting, or having to wear a tie
again, those first few months in New
York were miserable. But then, slowly,
things began to get better. I had been
worried about my children being
cowed by the harsh weather but they
rush outside every chance they get,
rain or shine. I began to appreciate all
of the things New York has to offer and
also adjusted to an office environment
again to the extent that I felt
comfortable throwing balls of paper at
the banking editor when he wasn’t
looking.

London for Los Angeles; then, 18
months ago, now with three children in
tow, we moved again — trading sun-
kissed, southern California for the
slightly less sun-kissed environs of New
York City.
Before both moves, we had to
contend with friends and colleagues
who weighed in with unsolicited advice
and warnings. “You’re mad,” one Los
Matthew Garrahan Angeles friend said before the move
east. “You’re supposed to move from
Onwork New York to LA, not the other way
round.” He had a point. I had met those
New York transplants who trade the
cold weather and cramped apartments
for airy houses, sandy beaches and
All expats have to deal with change.
In LA, the daily sunshine means the
seasons blur into each other whereas in
New York there are clear seasonal
differences. The extremes are greater,
with stultifying summers and Game of
Thrones-style winters.
One evening in Brooklyn, shortly
after my tumble down the stairs, I
resolved to clear the thick layer of ice
covering the front steps of our house.
We had used up the industrial-sized
bag of salt the previous tenant had left
in our basement so I set about the ice
with a hammer. Only, I had misplaced
our hammer so I used the only one I
could find: a small one with a dainty
’
my children to school each morning, Yes, the Yorkshire terrier-sized rats I
return home, say goodbye to my wife see frolicking on the subway tracks
and walk a few yards to the small office take a bit of getting used to and, yes,
adjoining the garage. There I would the sweltering summer streets of
settle down to work at my desk — Brooklyn and Manhattan are ripe with
alone. With no colleagues to exchange smells I never thought existed.
gossip with or annoy, it was a solitary But none of that has dented my
existence. I had to force myself to go belief that work relocation is positive
out every day to see other humans to and rewarding. If, as the new year
avoid turning into Jack Nicholson’s looms, your thoughts turn to working
character in The Shining. in a new and different region, give it a
In New York I was once again try. Just take care on icy stairs.
working in a real office, which required
another period of transition. For the matthew.garrahan@ft.com
first few weeks I would jump every
time someone walked behind my chair. The writer is the FT global media editor.
I also had to unlearn the habit I had Lucy Kellaway is away

Monday interview. Kim Beom-su, Kakao founder Working smarter

Strategies to help you switch

Life of Brian off when you leave the office
EMMA DE VITA

If you find it difficult to “Employees should avoid

English nicknames for all switch off after leaving the
office for the day, you may
staff — just one way in benefit from strategies
which the tech billionaire to help stop work
thoughts intruding on your
flouts South Korean free time.
norms, writes Song Jung-a Spending a few minutes
each day planning how,
when and where to
starting a large task near the
end of the day when they
may not be able to finish it,”
he adds. When we take on
too much late in the
afternoon, we set ourselves
up to fail in the evening,
when we try to detach
from work.

K
im Beom-su, South Korea’s
most successful internet
entrepreneur, jokes that his
life might have gone wrong if
there had been computer
games to play with when he grew up.
The 49-year-old billionaire is a hardcore
gamer who enjoys playing online games,
such as Blizzard Entertainment’s Diablo,
with his wife and two children in his
free time.
“You can experience things online
that you can never in reality,” he
enthuses. “In the process of fighting
with your enemies and protecting your
castle, you can learn problem-solving
skills by setting up creative strategies
and co-operating with others.”
His love of online games and cyber
communication has made him one of
South Korea’s few self-made billionaires
— a rare feat in a country where the
economy is dominated by a handful of
big family-run conglomerates known
as chaebol.
Mr Kim has created two successful
ventures from scratch: the country’s
first online game portal, Hangame Com-
munications, followed by the locally
ubiquitous mobile messenger app
KakaoTalk.
He chairs Kakao, the operator of
KakaoTalk, and has become one of the
country’s most popular super-rich busi-
nessmen — with a fortune estimated at
more than $2bn — thanks to his rags to
riches tale, which contrasts sharply with
the easier rise of most chaebol tycoons.
Born to parents who did not study
beyond elementary school, Mr Kim
grew up in poverty. His family of eight
shared one bedroom in a poor neigh-
bourhood of Seoul as his parents moved
from one job to another to make a living.
He was the first of his family to go to col-
lege and paid his way through it by offer-
ing private tutoring.
“We had to create our own paths
because my parents didn’t have time to
take care of us,” recalls Mr Kim, in his
modest office in Pangyo, a small city just
south of Seoul where many IT compa-
nies are clustered. “A great degree of
autonomy was given to us, which also
taught me a sense of responsibility.”
Hardship made Mr Kim extremely
driven. But it is hard to detect any trace
of such struggle in him today. He cuts a
relaxed figure with a goatee and in semi-
casual attire: white dress shirt, a brown
cardigan and navy jacket.
At Kakao, employees call him by his
English nickname, Brian. In return,
they are also known by their English
nicknames. This is Mr Kim’s way of dis-
mantling the country’s hierarchical cor-
porate culture, in which employees are
expected to address senior colleagues
only by title and never by name.
His first job was developing an online
communication service at Samsung’s IT
services unit. But he left the company
five years later to open an internet café
and start developing online social casino
games. Hangame has attracted huge
traffic and was later merged with search
engine Naver to become the country’s
dominant web portal, NHN.
“In the early days, I was working day
and night as a businessman and pro-
grammer. Then, I went to a sauna at
dawn and burst into tears,” he says.
Rote-learning “I was so proud of myself leading my
rebel: Kim own business but I was also afraid I
Beom-su, might not be able to pay my staff.”
pictured with a Since then, a long shower — some-
KakaoTalk times up to an hour — has become a
character, says morning ritual and an opportunity to
South Korea think. After heading NHN for five years,
needs a less Mr Kim moved to Silicon Valley in 2005
rigid education to build the company’s gaming presence
system in the US. But it turned out to be tougher
Penta Press
than expected and he stepped down in
2007. “A ship is the safest at a harbour
but that’s not what it is made for,” he
said in his resignation letter, explaining
why he was leaving the security of NHN
for another venture.
While he was racking his brains in
California for new ideas there came the
iPhone, which immediately mesmer-
ised him. Mr Kim, with his new team
mates, returned to Korea to develop
apps for the iPhone, two years before it
was introduced in the country.
‘We had to In 2010, they launched KakaoTalk,
which is now used by three quarters of
create our South Korea’s 50m population. Last
year, he merged Kakao with Daum
own paths Communications, Naver’s competitor,
because my providing a larger balance sheet with
which to move into new business lines
parents such as mobile banking and taxi hailing.
didn’t This year, he surprised the industry
by appointing Jimmy Rim, one of the
have time’ country’s youngest CEOs, to control
Kakao’s daily operations.
“Brian always looks at things from a
Second different perspective, asking himself
opinion what they will be like in six months?”
says Park Yong-hoo, a former Kakao
executive. “Such forward-looking
The former questions have made him the industry’s
colleague first mover.”
Now, however, Mr Park says Kakao
needs to come up with globalised
services that travel far beyond Korea’s
shores, claiming that its failure to do so
so far is down to “government
interference”.
CV
Born March 1966, Damyang, South Korea
Education Bachelor of Science and
Master of Science degrees in industrial
engineering at Seoul National University
Career
1992-1998: software engineer at
Samsung SDS
1998-2000: founder and CEO of
Hangame Communications
2000-2004: Joint CEO of NHN, formed
from merger of Hangame and Naver
2004-2006: CEO of NHN
2007: CEO of NHN USA
2007-2008: Non-executive director at
NHN
2010-present: Chairman of Kakao
Interests Reading books and playing
online games
Of late, Mr Kim has been devoting
more time to his personal ambition of
developing 100 technology start-ups.
He has already invested in more than
70 start-ups through his two venture
capital firms to cultivate the country’s
tech scene.
“In Korea, you should risk your life to
start your own business because you are
finished once you fail. You learn many
lessons from your failure but there is no
chance to use such know-how,” he says.
“But, in Silicon Valley, the venture envi-
ronment is so systematised that failed
experiences often lead to better ideas.
I envied that system and wanted to cre-
ate such a climate here.”
As the first generation of successful
internet entrepreneurs like Mr Kim
invest part of their wealth in start-ups,
the funding environment for South
Korean start-ups has improved in recent
years, also backed by the government’s
drive to foster ventures and ease the
country’s economic reliance on chaebol.
But smaller businesses still struggle to
grow in the shadow of these sprawling
companies.
Although South Korea can boast glo-
bal manufacturers with vast interna-
tional operations, expansion across
the world has been a painful process
for its IT service providers. Kakao has
struggled to expand its user base
beyond the home market, with limited
overseas success. It acquired this year
the shrunken US-based social network
Path in an attempt to revive its push
into Southeast Asia.
As well as challenges overseas, Kakao
also has to cope with regulation at home.
Last year, Kakao came under the spot-
light for a public stand-off with the gov-
ernment, whose heightened surveil-
lance of digital communication has
sparked fears for online freedom. The
company ended up bowing to state pres-
sure in October, saying it would comply
with prosecutors’ requests to monitor
criminal suspects’ messages.
Some critics say the decision by
Kakao to back down was made as a com-
promise to win government approval to
set up the country’s first internet bank.
Asked about any possible link, Mr Kim
first looks perplexed. “Protecting users’
privacy remains our top priority but no
company can ignore the country’s legal
requirements,” he says defensively.
Along with government interference,
the country’s rigid education system is
also widely seen as a barrier to the devel-
opment of the so-called creative econ-
omy. The country faces growing criti-
cism that its focus on rote learning
bodes ill for the future.
Mr Kim is one of the growing ranks of
the South Korean elite that send their
children abroad. His son is studying at a
US university while his daughter had
four years of home schooling.
“The current education is just focused
on the university entrance exam, which
does not require any creative thinking,”
he mourns. “Many people confine
themselves to existing frames. But, for
the next generation . . . you need to
think out of the box.”
complete tasks will help
you relax, according to
research.
Professor Brandon Smit,
of Ball State University in
Indiana, found that this
simple tactic tricks your
mind into thinking these
tasks have been completed.
It then no longer needs to
draw your attention to them.
“Planning seems to relax
the automatic process that
prompts work thoughts,”
says Prof Smit.
Being able to detach from
work during your hours off
is important for
psychological wellbeing and
productivity. During the day,
the demands of work wear
you down, says Prof Smit,
and having a break means
you are more able to
recover.
“You’ll perform better at
work if you can recharge
your batteries and start the
day fresh,” he says.
The research highlights
the importance of setting
realistic daily goals, says
Prof Smit.
Each day he makes a list
of tasks that he must
complete, as well as
important but not urgent
tasks. He uses an app to
schedule other tasks as
they arise.
“My mind is set at ease
when [ . . . ] those essential
things are done,” he says.
Prof Smit also
recommends that when it
comes to setting daily goals,
workers should focus on
smaller, concrete tasks that
are more likely to be
completed.
Feedback
Emma Jacobs wrote last
week about reading her
late father’s notes on
changes in the world of
work over the past
decades, and reflected that
their themes of identity,
disruption and hustling for
assignments apply today.
Readers responded:
I was recently reading the
corporate spiel that went
with a job offer. I crossed out
the hyperbole and other
“How Wonderful We
Are” stuff to be left
with little and nothing
to describe the job
requirement. Green
Milo
“ . . . And that
appeared
permanent”: for
me, this is the best
Tara Swart, a
neuroscientist and
consultant, says a good way
to switch off after work is to
download everything that
you need to do from your
brain.
Writing a list is effective,
she says, but so is talking
through your day with a
partner or a trusted
colleague.
The danger of not
liberating your mind from
your worries early on in the
evening, she says, is that
they will resurface when you
try to sleep.
Equally beneficial is doing
some exercise right after
work, says Dr Swart,
because it will help your
mind to switch out of work
mode and aid relaxation.
“I did a three-month job
as a criminal psychologist,
dealing with rapists,
murderers and
psychologists. I could not
go home if I had not
gone to the gym first,”
she says.
If your journey home is by
public transport, Dr Swart
suggests meditating using a
mindfulness app; if your
commute involves driving,
listening to music or an
audiobook will help your
mind switch off from work.
“Use your commute in a
positive way,” she says,
advising against taking calls
or doing emails.
Ultimately, what works will
vary between individuals.
She adds: “it’s about picking
what’s right for you”.
workingsmarter@ft.com
line. It is hard (for me) to
shake off the fog of
complacency and remember
to take nothing for granted.
Bort
This fits with the recent
review of [David] Frayne’s
The Refusal of Work. Fits
also with Tim Harford’s
piece essentially on
universal living wage, and
tech replacing jobs. JCJC
This is a good reason to take
time out from regular
employment in mid-
career . . . Many people
allow work to become
their identity, because
they fear the other
side is an abyss of
failure, isolation
and economic
oblivion. Chuck
Tatum
Monday 28 December 2015
From fairyland to Sodom on the Sea
A show devoted to artists’
views of the rise and decline
of Coney Island provides
intriguing views of New York
history. By Ariella Budick
M
eander through Coney
Island’s bleak, ram-
shackle fairgrounds and
it’s almost impossible to
conjure the fairyland of
decades past. Today’s empty lots and car
parks once sparkled with thousands
upon thousands of bulbs, all blinking
withthe promiseofpleasure.The Brook-
lyn Museum’s Coney Island: Visions of an
American Dreamland, 1861-2008 filters
the spirit of the electric Eden through
the eyes of those who treasured it.
This cornucopia of a show jumbles
carved carousel horses, postcards, sal-
vaged ghouls, film clips, souvenirs and
paintings to glorious and melancholy
effect. The show ignores developers’
futuristic daydreams for the Coney
Island of tomorrow and instead drifts off
on a plume of nostalgia. The halcyon
days are not coming back.
A spit of land linked to the rest of
Brooklyn by a private-toll causeway in
The landmark was the
first glimpse that
immigrants got of the US,
even before they set eyes
on the Statue of Liberty
the 1820s, Coney Island began develop-
ing as a resort after the Civil War. An
1868 guidebook listed the wide, sandy
shore as the best beach on the Atlantic
coast, and high-end hotels materialised
for overnight visitors from Brooklyn
and beyond. By 1873, weekenders num-
bered in the tens of thousands.
A foyer at the exhibition’s entrance
contains painted glimpses of those early
holidaymakers. Samuel S. Carr’s “Beach
Scene” (c1879), for instance, bundles a
range of amusements into a single pic-
ture. A portable puppet theatre holds
one group rapt, while nearby, a family
poses stiffly for an itinerant tintype
photographer. In the background, a
beruffled toddler, shaded by his nanny’s
umbrella, perches on a donkey. Another
of Carr’s paintings depicts a father-son
acrobatic team surrounded by smartly
dressed bystanders.
Within a few years, railway connec-
tions opened access to day-trippers and
a bouquet of fantastical parks sprang up
to delight them. The nation’s first roller-
coaster opened there in 1884, and
Steeplechase Park soon followed. Leo
McKay’s panorama (1903-06) portrays
an otherworldly place where thrill-
seekers could take to the track on
mechanical horseback, cruise on
naphtha-powered gondolas along Vene-
tian canals, plumb Dante’s infernal
regions or take a cyclorama trip to a
green-cheese Moon. They could also
ride real elephants.
The elephant recurs like a bad dream
in this exhibition, an emblem of
THIS EVENING’S TELEVISION & RADIO
TELEVISION
Inside the amateurish ambling of
Michael Palin’s Quest for Artemisia
(BBC4 9pm) is the story of a fascinating
woman and a striking painter, until
recently underestimated. Artemisia
Gentileschi was a contemporary of our
Jacobeans and her lurid life might
feature in a revenge tragedy. Suing for
rape, tortured as part of the trial
process, legally triumphant but socially
disgraced, she left her mark in Rome,
Florence and Naples in sometimes
brilliantly vivid chiaroscuro after
Caravaggio, depicting ferociously
avenging women (Judith beheading
Holofernes, Jael hammering Sisera).
A wanderer (she visited Charles I’s
court), often in debt, her episodic life
remains mysterious. A terrific story with
richly sumptuous visuals, the film is let
mindless exoticism and exploitation.
In 1885, James Lafferty built the
“Elephant Hotel”, a 122-foot tall animal
with tin skin and glass eyes that
straddled the beach like a Colossus
of Brooklyn. The hind legs hid the
staircase to the torso’s 31 rooms and
ocean views.
The landmark rising from a bed of
lights was the first glimpse that
immigrants got of the US, even before
they entered New York Harbor or set
eyes on the Statue of Liberty. It stares
out of posters for Barnum and Bailey’s
travelling Coney Island Water Carnival,
which was staged at indoor arenas
throughout Europe and fea-
tured a water tank
376ft long and 40ft
wide. The beast
itself became an
icon of American
hedonism as the
hotel devolved
into a brothel
and the phrase
“Seeing the Ele-
phant” became
code for louche
adventures. The
structure burnt
down in 1896, its notori-
ety soon eclipsed by a real
pachyderm’s demise.
In 1903, Topsy, an Asian female with
a well-cultivated reputation for nasti-
ness, was poisoned, electrocuted and
strangled before a small gathering of
reporters and guests — as well as a
film crew from the Edison Manufac-
turing movie company. The gruesome
footage, which was originally meant to
be viewed on coin-operated kinescopes,
can be seen at the museum. It cannot,
unfortunately, be forgotten. This
nightmare of sadistic sensationalism
was dreamt up by the same hucksters
who built the ethereal amusement
mecca, Luna Park.
Michael Palin tells the story of the
artist Artemisia Gentileschi
★ FINANCIAL TIMES 13
ARTS
COMING UP IN
FT WEEKEND ARTS
Shakespeare, Shakespeare everywhere
To mark the 400th
anniversary of the Bard’s
death, the coming year
will see a wealth of
productions, talks,
concerts, operas, film,
dance . . . everything
related to Britain’s
greatest writer.
Unconventional events
include a table-top
‘Complete Works’, and the
Globe’s series of 10-minute film versions of every play
to be screened along the banks of the Thames.
In Saturday’s FT Weekend, Sarah Hemming selects
some of the best.
The Revenant immersive snowy
landscapes that have a
Coney Island toggled between “Amer- From top: Diane Arbus basked in the gloom. Her
ica’s Playground” and “Sodom on the Harvey Stein’s “House of Horrors” lights up the empty
Oscar-winning Mexican
film director Alejandro
distinctly Call of the
Wild-ish quality, it is, he
Sea”, and the artist who best understood ‘The Hug: Spook-a-Rama with a raw flash. She lays González Iñárritu talks to says, ‘a commentary about
its fusion of joy and darkness, of the Closed Eyes and bare the artificial machinery of fear, India Ross about his new how this time that has
gorgeous and the grotesque, was Smile’ (1982); opening a dimension of absence and movie, a $135m-budget been portrayed as the
Reginald Marsh.
During the Depression, while his
gambling wheel
(1900-20);
death. She’s even more explicit in her
photo of a man garrotting a woman in
historical epic starring
Leonardo DiCaprio —
heroic American
dream . . . was actually a
peers waded into politics, Marsh turned Samuel S. Carr’s the “Wax Museum Strangler”. and insists that it’s story of huge greed,
his gaze upon tawdry emporiums of ‘Beach Scene’ This inanimate scene of shuddering definitely not a Western. amazing exploitation of
distraction and escape. In paintings (c 1879) — Harvey violence, and Arbus’s description of it, Played out against vast, human beings’.
such as “Wonderland Circus” and “Pip Stein, The New-York
Historical Society, Smith
reads like a requiem for Coney Island, a
and Flip”, the amusement park appears College Museum of Art, neighbourhood brutalised, emptied and
as a sulphurous dream, where half- Northampton, Massachusetts left for dead: “Still and always, in the The art market in 2016
clad beauties mingle with seedy murky half light behind the chicken
sailors, barkers and freaks. Marsh’s wire, murderers and their victims Georgina Adam looks
populism bears a lurid sheen: the can- grapple silently and ambiguously for forward to what the
vases explode with exposed the last lasting time in the scuffed shoes coming year might bring
flesh and wallow sala- and crumpled stockings and faded in this ever-changing
ciously in “entertain- wallpaper of their hell where nothing sector, including an
ments” enjoyed by ever happens or stops happening.” auction market that is
people of every ‘slowing, but by no
race and class. To March 13, brooklynmuseum.org means slumping’.
The second
world war saw
the ap ex of
this democratic
idyll. Gasoline
rationing made
subway excur-
sions the only avail-
able kind, and sol-
diers on their way over-
seas lingered and mingled
with temporarily liberated
women. A 1943 painting by Yasuo
Kuniyoshi — who was labelled an enemy
alien after Pearl Harbor — depicts a
blond sailor on the boardwalk looking
out to the Atlantic while the Asian
woman he will leave behind clings to
him,herfaceamaskofdespair.
The show mostly averts its gaze from
the neighbourhood’s postwar decline.
The fade-out was gradual and incom-
plete. Cheap gasoline allowed middle-
class New Yorkers to flee the scorching
city for Long Island’s pristine beaches.
A poorer clientele kept the faith but
couldn’t support the fancier establish-
ments. Street gangs expanded their turf,
and city government sealed the area’s
reputation as a dumping ground for
the poor by ringing it with high-rise
public housing projects. In 1964,
Fred Trump (father of The Donald)
gleefully razed the legendary Steeple-
chase Park, but never managed to
replace it with anything.
Ruination can be good for art, and
even an exhibition that would prefer not
to know contains a few moving docu-
ments of that decay. Robert Frank’s
1962 series “Fourth of July” has a racial
subtext. One black man contorts in his
sleep, the sand around him flecked with
garbage. Another, lying in the shadow of
the iconic Parachute Jump, looks like a
corpse in a body bag.
down by Palin’s clumsy presenting and
a shambling pace.
FILM
Steven Soderbergh’s Behind the
Candelabra (BBC2 9pm) is dominated
by Michael Douglas as the pianist,
blending the ridiculous, warm, spiteful
and silly, bizarrely shaping a young
lover (Matt Damon) in his own image.
RADIO
Radio 4’s bite-size satires include
15 Minute Musical (6.15pm) — Seven
Bribes, hymning Sepp Blatter’s
gamesmanship . . . Rebecca and Jeremy
Front return with another spoof profile
in Incredible Women (7.45pm), with
all-offending, all-insulting media
monster Kirstie Clarke.
Martin Hoyle
14 ★ Monday 28 December 2015

Explore more sports

data analysis and
visualisation in our series
at ft.com/baseline

Tyson v Fury?
Dream drama The Baseline
for year ahead Manchester United’s woes
Decline began under Ferguson, but he was able to get outstanding results
from middling performances. Under Moyes and van Gaal quality dipped
further, and neither has had Fergie’s knack of grinding out wins
After a sporting year full of shocks and
upsets, you can now settle back and Man United v top four spread (by season)
avoid being taken by surprise again.
The FT hereby presents, a year in Ferguson Moyes van Gaal
advance, its review of the sports events 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16
of 2016. 1900
January: Struggling Premier League
club Newcastle United sack manager Results rating
Steve McClaren. (“He’s been here for
weeks!” says owner Mike Ashley).
1700
Unemployed ex-Chelsea boss José
Mourinho replaces him on condition
that he accepts the same terms as
workers in Ashley’s sports goods
business.
February: The Super Bowl in Performance rating
California cancelled due to floods. CBS 1900
sticks to its programme regardless,
showing continuous adverts: ratings hit World heavyweight boxing champion Tyson Fury — Julian Finney/Getty Images
new high. Iditarod Trail sledging race in
Alaska cancelled due to extreme heat, Germany on penalties. David Cameron October: Fury announces that he is 1700
and replaced by Arctic Ocean beach calls a summit of EU leaders and seeking gender reassignment surgery
volleyball contests. successfully demands reinstatement on and wishes henceforth to be known as
March: The FT reports that the pain of Brexit. Tyson withdraws from Tamsin I-used-to-be-furious-but-now-
banking industry is keen on recruiting fight against Fury, saying he has brought I’m-much-more-comfortable-in- Results relative
disgraced Fifa executives into boxing into disrepute. Champions myself. Tyson says that, under the to performances +100
boardroom positions. “The whole point Chelsea are expelled from Premier changed circumstances, he would be 0
of our business,” says one source, “is to League after owner Roman Abramovich willing to fight.
shift money around while getting some is declared bankrupt. “Unfortunately, November: In tennis, Britain retain -100
to stick to you. These people have skills some serious mistakes were made the Davis Cup, the team comprising
we can use.” Mourinho fired by involving decimal points and the value Andy Murray and a couple of blokes
01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16
Newcastle after arriving two minutes of the rouble in the 1990s,” explains the picked out of the pub at closing time.
late for a training session. newly appointed chairman of his bank, David Cameron had warned in advance Ferguson Moyes van Gaal
April: The owners of the Kansas City Sepp Blatter. that if Britain lost he would withdraw FT graphic Source: FT research
Royals, the reigning world baseball July: Opening Test match between from the UN. The US presidential
champions, move the franchise and England’s cricketers and Pakistan is election is won by write-in votes for a JOHN BURN-MURDOCH tion quality — didn’t even put them
announce that the club will henceforth called off because both teams insist on joint Mike/Tamsin ticket, appealing to among the four strongest sides in the
be known as the Havana Fidel Sticks. bowling wides to each other. “There both Red and Blue state voters by Manchester United sit in 6th place in league. The arrival of Louis van Gaal
“It’s way more fun here than in Kansas seems to be some kind of muddle in the offering both violence and inclusivity. the Premier League — and the Old brought about a slight recovery.
City,” says a spokesman. betting market. Both sides have been December: Mourinho is appointed Trafford faithful are restless, an From the second row of the chart,
May: Defeated world heavyweight bribed to lose,” says san official. Scorer manager of Great Snoring FC in the undercurrent of discontent growing performances began to decline in
champion Wladimir Klitschko George Osborne blames his Norfolk League. Dismissing him a week into a crescendo of criticism as per- 2010, well before Ferguson’s depar-
withdraws from planned rematch with predecessor. later, the chairman of the village club ceived lacklustre performances have ture. But results themselves — the
his conqueror Tyson Fury in protest at August: On the eve of the Rio explains: “He lost the dressing room. been followed by the poor results top row of the chart — remained
Fury’s reported views on women and Olympics, IOC chief Jacques Rogge That Portakabin was definitely here many felt they deserved. excellent. He was able to continue
gay people. Former champ Mike Tyson, announces that the use of performance- when he arrived.” Using his redundancy According to FT analysis, those getting league-leading results from
almost 50, steps in as replacement. enhancing drugs will be compulsory for money, Mourinho buys Chelsea and perceptions are backed up by the sta- substantially weaker performances.
Having lost all their matches in 2016, all competitors. “Trust me, it’s much becomes manager for the third time. tistics. After seven years of near-un- Following Ferguson’s retirement in
Christmas leaders Leicester are easier this way,” Rogge says. Iditarod Trail 2017 to be staged in Qatar, broken dominance in terms of 2013, performances dipped once
relegated from their Premier League; September: NFL chiefs are following assurances about the results, Sir Alex Ferguson’s departure again, and this time results followed.
Chelsea, having won all theirs, retain the astonished by reports that American likelihood of snow. David Cameron from the post of manager was fol- The third row of the chart shows how
title. Flying pigs are spotted in the sky football may cause brain damage. A named as Britain’s Sports Personality of lowed by a dramatic decline. in his final three seasons, Ferguson’s
above Stamford Bridge, alongside a spokesman says: “We take this so the Year. With all Tysons otherwise By the end of David Moyes’s soli- side were consistently getting results
flock of Mourinho sheep. seriously we intend to seek spiritual engaged, world heavyweight title now to tary term in charge, Man United’s far better than their performances
June: England are knocked out of the Matthew Engel guidance from Pope Francis, who we be decided by Blatter v Trump. And so results — after adjusting for opposi- warranted.
European football championship by have recently heard is a Catholic.” the world turns.

980
Forecasts by
1000 1010
12 LOW
-2
HIGH 1020
12 990
1010 0
0 -1
11
1 Luxembourg Fair 8 46
1 1030
32 Lyon Sun 13 55
11 L Madrid Shower 13 55
11 1 9 LOW 15 Manchester Sun 13 55
10
13 Miami Cloudy 28 82
12
12 30 8 8 Milan Cloudy 6 43
13 Montreal Fair -8 18
12 3
13 7 Moscow Sun -1 30
12 12 13 Mumbai Sun 32 90
12 1020
16 16 Munich Sun 8 46
13 15 7
13 New York Fair 6 43
30
15 Nice Fair 14 57
15 17 13 HIGH 16 Paris Sun 12 54
19 17
20 Prague Cloudy 10 50
29
Reykjavik Snow 3 37
17 18 22
21 Rio Fair 34 93
Wind speed in MPH at 12 GMT 1 HIGH Rome Sun 15 59
Temperatures max for day˚C Wind speeds in KPH 18 San Francisco Fair 10 50
Stockholm Fair 1 34
Today’s temperatures Strasbourg Fog 6 43
Abu Dhabi Sun 24 75 Belgrade Fog 3 37 Copenhagen Cloudy 5 41 Hamburg Cloudy 7 45 Sydney Cloudy 21 70
Amsterdam Sun 12 54 Berlin Fair 10 50 Delhi Fair 25 77 Helsinki Sun -2 28 Tokyo Sun 8 46
Athens Sun 17 63 Brussels Sun 13 55 Dubai Sun 24 75 Hong Kong Fair 19 66 Toronto Fair 1 34
B’ham Fair 12 54 Budapest Cloudy 3 37 Dublin Shower 13 55 Istanbul Sun 12 54 Vancouver Cloudy 6 43
Bangkok Sun 34 93 Buenos Aires Sun 35 95 Edinburgh Fair 12 54 Jersey Sun 13 55 Vienna Fair 4 39
Barcelona Fair 16 61 Cardiff Shower 13 55 Frankfurt Fair 10 50 Lisbon Shower 17 63 Warsaw Cloudy 9 48
Beijing Sun 2 36 Chicago Snow 3 37 Geneva Fair 8 46 London Sun 13 55 Washington Cloudy 10 50
Belfast Rain 13 55 Cologne Sun 12 54 Glasgow Drizzle 11 52 Los Angeles Sun 16 61 Zurich Sun 7 45

ACROSS 6 Criminal activity could be

MONDAY PRIZE CROSSWORD 1 Character created by Boz – unpoetical (10)
No. 15,123 Set by CINCINNUS weightless like Uriah Heep (6)
4 Epitaphs composed for the most
7 Plant seen in New World, but
not before noon (5)
        fortunate (8) 8 Handle termination of voluntary
10 Mountainous region today with agreement (6)
 dead end stopping girl (9) 9 English knight with fine former
 
11 Censure comic’s front cover (5) shroud (6)
12 Monster undergoes partial 14 Cricketer with top hat under
reversal (4) pressure (4,6)
13 Doctor finding new ruler in bed 17 Putting the lid on a drink,
  (10) getting home before midnight
15 Ungainly Oscar, say, coming (9)

round with king (7) 18 Sixty per cent of stuff makes an
  
16 Can’t stand in odd parts of deep impression on pupils (8)
river (6) 20 Swell General Assembly (7)
 19 Task easily accomplished in 21 Bordering on ecstasy in less
cooler? (6) important recording (6)
   21 Buffet revealed for lavish meal 22 On a governing body (6)
(7) 24 Conservatives rejecting old

23 A Midsummer Night’s Dream essays (5)
  
isn’t so unfathomable (10) 26 Fiddle with small flower (4)
25 Police following a tart (4)
 27 Sharon’s Shakespearean spirit
(5) SOLUTION 15,113
  28 Row about limited edition – $ 1 $ ( 6 7 + ( 7 , & ( / )
from nine to five, say? (9) 1 1 $ 2 5 2 $ $
29 Range riders do create $ 1 7 2 1 6 & 2 8 1 ' 5 ( /

  confusion (8) 5 ( ' 7 / 8 : 7

& 2 / ' 6 7 ( ( / 1 2 , 6 (
30 Pictures seen one million times + 2 6 ( ' * 5
(6) , 0 3 ( 7 8 6 < $ 5 1
A prize of The Good Word Guide by Martin Manser and How to & ( 2 8 0 0
Sound Clever by Hubert van den Bergh will be awarded for the DOWN 2 &
2 3 8 6
6 2
7
2
2 0 % 2
1
/ $
,
first correct solution opened. Solutions by Wednesday January 1 Cream tea finally swallowed by 9 ( 5 6 ( 0 2 : ( ' ' 2 : 1
6, marked Monday Prize Crossword 15,123 on the envelope, to bird for presentation (8) ( $ & ( $ ( * 7

the Financial Times, 1 Southwark Bridge, London SE1 9HL. Solu- 2 Sail on ark with more at sea (9) 5 , 9
0 (
( 5 % 2 $ 7
( 1 &
0
8
$ 5
$
, $
,
tion on Monday January 11. 3 Helen’s mother in Swaledale ( 2 1 7 + ( 7 + , 5 ' 0 $ 1
..................................................................................................................................... (4)
5 A religious service English The winner’s name will be published
............................................................................................................................................ divines originally put together in Weekend FT on January 9
(7)
Monday 28 December 2015 ★ 15

Steely gaze Steelmakers look to India Labour costs New year, old dilemma for
to solve market slide — JAMES CRABTREE, PAGE 18 Sports Direct — JONATHAN GUTHRIE, PAGE 16

Energy mutual Property battle Chinese regulator enters dispute

over battle to control country’s largest developer
Pressure on
AIG chief as
funds are the Icahn hints at
coup attempt
year’s worst STEPHEN FOLEY AND BEN MCLANNAHAN
NEW YORK

Pressure is mounting on Peter Han-

performers cock, the president and chief executive

of American International Group, to
come up with a compelling plan to
boost profits at the US insurer.
AIG has been under siege from share-
holder activists led by Carl Icahn, the
Losses of up to 35% as tumbling oil veteran campaigner, who wants to see it
split into three in order to free capital
prices and rising interest rates take toll and escape heavy regulatory burdens.
Mr Hancock’s future has become part
STEPHEN FOLEY — NEW YORK
of the conversation in recent weeks at
had never gone through the kind of well-attended shareholder events
One of the hottest categories of mutual energy price crash that we have this organised by analysts, after Mr Icahn
funds in recent years inflicted the year.” hinted he could try to launch a board-
harshest losses on investors in 2015, the Many of the worst-performing funds room coup.
result of a toxic combination of sliding are less than five years old, created by Mr Hancock, a former head of the
oil prices and rising interest rates. mutual fund companies to capitalise on property-casualty unit who was pro-
A league table of the worst-perform- the boom in the US oil industry and moted to the top job last year, has
ing US funds is dominated by so-called investor demand for high-yielding argued for keeping the conglomerate
energy limited partnership funds, assets in an era of ultra-low interest more or less intact, announcing plans to
which were sold as a high-yield invest- rates. thin the ranks of senior managers while
ment that would not be as exposed to Strong returns from MLPs earlier this promising further “streamlining” meas-
commodity prices as direct investments decade encouraged investors to pile in. ures next month.
in energy producers. However, the Alerian MLP index — But one shareholder told the Finan-
The funds invest in master limited cial Times that he thought Mr Icahn’s
partnerships, stock market-listed com- break-up proposal was smart, and that
panies that run oil and gas pipelines and 36
% $20bn Mr Hancock might struggle to improve
other infrastructure businesses. MLPs Drop in RS Global Amount savers on it. “He has to come out with tremen-
are mandated to pay out most of their fund, the worst put into funds in dous data and force as to why [the
profits in dividends, making them pop- performer in the two years break-up does not make sense], because
ular with income investors. $1bn-plus section before 2015 the current plan is not going to cut it,” he
American savers poured more than said.
$20bn into energy limited partnership which tracks the companies’ share Another long-term shareholder said
funds in the two years before 2015, prices — has tumbled 37 per cent this Mr Icahn’s plan was unrealistic, but that
according to research firm Morningstar, year amid concerns that low oil prices time was running out for Mr Hancock.
only to suffer losses of up to 35 per cent will lead to lower production levels and Third-quarter results at AIG were the
in some cases this year. therefore less oil flowing through their worst in four years, as a big charge for
Of the 10 worst-performing mutual pipelines. restructuring came on top of poor per-
funds with more than $1bn in assets, five Financing costs for infrastructure Lofty ambition: Beijing’s pledge to let the market play a ‘decisive role’ in the economy faces a test — Qilai Shen/Bloomberg formance across the business.
are energy limited partnership funds. projects may also rise now that the Fed- “If there are no tangible results in the
Funds from Goldman Sachs, New York eral Reserve has raised interest rates, near term, he realises he is in the hot
Life affiliate MainStay Investments, and investors fear. TOM MITCHELL — BEIJING southern Chinese city, as Vanke’s larg- the weekend. “[Vanke] management seat here,” the shareholder said.
Kansas-based Tortoise Capital Advisors The collapse in the oil price, which set est shareholder. hopes the company’s culture, man- The comments are a sign of tensions
China’s security regulator said at the
topped the list for negative returns. a new low last week, below even its The China Securities and Regula- agement and credibility will be kept over the optimal structure for AIG,
weekend that it would examine an
Robert Goldsborough, energy analyst financial crisis-era nadir, has laid waste tory Commission confirmed it was intact,” it said in a statement to the which was kept alive by a $180bn gov-
apparent battle for control of China’s
at Morningstar, said investors had to many mutual fund performance looking into the matter with the coun- Shenzhen stock exchange. “These are ernment bailout at the height of the
largest property developer, throwing
learnt a harsh lesson, in that MLPs’ records this year. Other commodities try’s banking and insurance regula- the company’s most precious assets.” financial crisis.
up another potential obstacle to an
income is tied in part to the price of the have also fallen sharply, amid concerns tors. The CSRC did not specify the The government’s response to the Under former chief Ben Benmosche,
obscure insurance group’s stake-
commodities they transport. about global demand. nature of its inquiry but added that tussle between Vanke and Baoneng who stepped down in September last
building in China Vanke.
“This category has not behaved as The worst-performing $1bn-plus the government wanted to ensure could test the ruling Communist year, the group steadied itself by selling
promised, and while some professional mutual fund in 2015 is RS Global Natu- Earlier this month, Wang Shi, chair- that interests of all shareholders, party’s pledge to let the market play a assets and restructuring core divisions.
investors may not have been surprised, ral Resources fund, run by MacKenzie man and founder of the Shenzhen- especially small investors, were “decisive role” in the economy. Since then, according to Mr Icahn, exec-
the rest of the investor base had not Davis and Ken Settles of SailingStone based property group, criticised the protected. Baoneng declined to comment yes- utives have failed to take similarly radi-
appreciated what a commodity price Capital Partners, which is down 36 per emergence of Baoneng group, a little- China Vanke reiterated its concerns terday. China Vanke did not reply to a cal measures and have delivered con-
decline would do,” he said. “These funds cent according to Morningstar data. known insurer also based in the about Baoneng’s share purchases at request for comment. sistently subpar returns.

Fridge pioneers ride in the slipstream

of Williams Formula One engineers
MALCOLM MOORE electricity bills. It was invented by a complicated in real life in terms of fluid
company called Aerofoil Energy which dynamics,” said Ian Cluett, the head of
In a room at the back of a 38,000 sq ft
then partnered with Williams Programmes and Commercial at Wil-
engineering facility at the Oxfordshire
Advanced Engineering, which commer- liams. “The way the fridge behaves is
headquarters of the Williams Formula
cialises F1 technology, to develop the different when the shelves are full or
One team is a plain white supermarket
product. empty and when people put their hands
fridge.
“I got an email from Williams saying in and out of the flow.”
Guinness acts to counter That fridge is one of the ways in which they wanted to work with us and it had A refined system will be released in
Indonesian alcohol bar Williams is trying to spread its techno- their F1 logo on it,” said Paul McAndrew January but supermarket chain Sains-
logical nous and glitzy brand to money- at Aerofoil Energy. “When I spoke to bury’s has already had a successful store
Diageo has been forced to change tack spinning projects outside of racing. them I said: ‘You do realise these are trial and is now rolling out the strips
in the world’s biggest Muslim-majority For a year, Williams engineers have fridges.’ They said they understood that more widely before deciding on whether
country with the introduction of been perfecting a thin strip of plastic, and explained they had a department to have them in all of its stores.
alcohol-free Guinness after Indonesia’s shaped as an aerofoil, which attaches to looking beyond F1.” Mr McAndrew said eight out of the
government clamped down on beer the shelves of the fridge. Mr McAndrew said Williams had used top 10 supermarkets are considering the
sales this year. It has invested about This device, which channels the flow its supercomputing power to model how product and that they could expand
$1m so far to launch Guinness Zero. of cool air and hinders its escape from the cool air inside chiller cabinets overseas. Depending on the fridge, he
Report i PAGE 18 the fridge, could collectively save super- behaved around the aerofoil. estimates between a 10 per cent and a 32
markets tens of millions of pounds in “It looks very simple, but it is very per cent energy saving.

Companies / Sectors / People

Companies
Aerofoil Energy.........................................15
Airbus............................................................26
Alrosa..............................................................16
Amazon....................................................16,19
American International Group.........15
Anglo American.......................................16
ArcelorMittal........................................18,26
BT.....................................................................19
Banif..................................................................4
Baoneng........................................................15
Barclays.........................................................17
Barratt Homes..........................................19
Barry Callebaut.........................................16
BlueMountain Capital...........................17
Boeing...........................................................26
Chelsea..........................................................14
China Vanke................................................15
Credit Suisse..............................................17
Currys.............................................................19
De Beers.......................................................16
Deutsche Bank..........................................17
Diageo............................................................18
Dong Energy.............................................26
Eon..................................................................26
Essar Steel...................................................18
Experian........................................................19
Facebook......................................................16
Fitch.................................................................18
Goldman Sachs.........................................15
Google............................................................16
Heineken.......................................................18
intu...................................................................19
JPMorgan Chase......................................17
JSW Steel.....................................................18
John Lewis..................................................19
Kakao..............................................................12
Kansas City Royals.................................14
Leicester.......................................................14
Lindt & Sprüngli......................................16
Lloyds Banking Group.........................16
Magnum Hunter Resources..............18
Manchester United.................................14
Marks and Spencer................................19
Metro Bank.................................................16
Multi Bintang.............................................18
Newcastle United..............................14,16
Novo Banco..................................................4
Persimmon...................................................19
Peugeot........................................................26
Posco..............................................................18
RWE................................................................26
Reelio..............................................................16
Rio Tinto.......................................................16
Royal Bank of Scotland.......................16
Samson Resources ................................18
Seadrill...........................................................26
Sequoia..........................................................10
Sky....................................................................19
Sports Direct..............................................16
Square............................................................10
Strat Aero....................................................19
TalkTalk.........................................................19
Tata Steel.....................................................18
Taylor Wimpey..........................................19
Virgin Money.............................................16
Vodafone ....................................................19
Walmart.........................................................16
Walter Energy............................................18
Williams.........................................................15
Williams & Glyn........................................16
YouTube........................................................16
Zodiac Aerospace...................................26
Sectors
Aerospace & Defence.....................19,26
Automobiles...............................................26
Banks.........................................................16,17
Basic Resources.......................................18
Construction...............................................19
Energy............................................................18
Financials......................................................19
Food & Beverage...............................16,18
Industrials....................................................26
Media................................................................3
Oil & Gas......................................................26
Retail...............................................................16
Retail & Consumer.................................19
Telecoms.......................................................19
Travel & Leisure.................................14,15
Utilities..........................................................26
People
Abramovich, Roman..............................14
Ashley, Mike..........................................14,16
Basson, Edwin...........................................18
Beom-su, Kim.............................................12
Chatterjee, Koushik................................18
Cryan, John.................................................17
Cutifani, Mark............................................16
Donaldson, Craig.....................................16
Dorsey, Jack...............................................10
Dunleavy, Tony.........................................19
Enders, Tom...............................................26
Felix, Mark...................................................19
Fredriksen, John......................................26
Hancock, Peter..........................................15
Harlow, Graeme........................................18
Icahn, Carl....................................................15
Jindal, Sajjan..............................................18
Kelly, Ava......................................................16
McKinnon, Gordon..................................19
Mellier, Philippe........................................16
Moritz, Michael.........................................10
Rim, Jimmy..................................................12
Shi, Wang......................................................15
Staley, Jes....................................................17
Stokes, Mark...............................................16
Tavares, Carlos.........................................26
Thiam, Tidjane..........................................17
Zuckerberg, Mark....................................16
de Saint-Affrique, Antoine................16

© The Financial Times Limited 2015 Week 53

16 ★ FINANCIAL TIMES Monday 28 December 2015

COMPANIES
INSIDE BUSINESS
Mining
ON MONDAY

Price cuts loom for diamond producers Jonathan

Balance sheets under
strain amid weak demand
and build-up of stocks
JAMES WILSON
Diamond miners are expected to have to
offer more price cuts in 2016 to help the
industry clear a backlog of stock and
revive sales, according to sector experts.
The likely need for lower prices and
build-up of stocks and led to sharp falls
in rough diamond purchases and prices.
Prices for rough diamonds — the
mined stones that are then turned into
polished gems — fell 18 per cent in the
year to November, Moody’s, the rating
agency, said this month.
But while prices are down 28 per cent
from a peak in 2014, the drop “may be
insufficient to revive demand and we
think producers may have to cut them
further as these challenges continue
Alrosa of Russia, the largest miner by
volume, and De Beers, which between
them have more than half of the market
for rough diamonds.
Rio Tinto has about 11 per cent of the
market by volume.
Among the large diversified mining
groups, Anglo is the most dependent on
diamonds. De Beers was the largest
contributor to Anglo’s earnings in the
first six months of 2015, so weakness in
diamonds is a problem for Mark Cuti-
Guthrie
De Beers said this month that it had
pushed down rough prices by 15 per
cent during 2015 and cut output by
about 12 per cent to try to support
prices.
New year, old staffing
Philippe Mellier, De Beers’ chief exec-
utive, said the main selling season for
dilemmas for Sports
diamonds — which extends from
Thanksgiving in November in the US,
through Christmas, and into Chinese
Direct founder Ashley
‘The debate new year — would be “very important”.
“Depending on the size of the sales
will be

possible supply cuts will put further
strain on the balance sheets of some
miners including Anglo American,
which owns De Beers, the largest sup-
plier of rough diamonds by value.
Having been a rare bright spot for
miners as commodity markets softened
in 2014, the diamond industry came
under severe pressure in 2015 as weak-
ening consumer demand led to a big
into 2016”, Moody’s said.
Analysts at RBC Capital Markets also
said this month that miners faced “a
challenging outlook” with further weak-
ening of prices in 2016.
“The debate will be around the extent
of the cuts needed . . . our view is that it
could be in the region of 15 per cent,”
said RBC.
The diamond trade is dominated by
Food & beverage. Expansion drives
fani, Anglo’s chief executive, who is
trying to push through a big restructur-
ing that would more than halve Anglo’s
size.
However, the weakness in diamond
prices is being mitigated for some min-
ers by big currency depreciations, par-
ticularly in Russia and South Africa,
which have helped to bring down pro-
duction costs.
T
at the end of this year we can say that he New Year is traditionally a time for self
around the we are very hopeful that we will go examination. For Mike Ashley, introspection
extent of through this crisis sometime in 2016,” will go beyond setting new career goals and
Mr Mellier said. resolving to visit the gym. The entrepreneur
the cuts De Beers is due to hold its next sale of will review whether Sports Direct, his sports-
needed . . . rough diamonds — an event known as a wear retailing chain, exploits some workers.
our view is “sight” — in mid-January. The miner has A tension intrinsic to modern consumer capitalism will
promised a new level of transparency, therefore be embodied in the substantial form of the
that it could saying it will release sales data from its former squash coach. Across the developed world, value
be 15%’ 10 annual sights. retailers such as Sports Direct depend on low wage rates to
remain competitive. But practices that restrict labour
costs are at odds with pressure for a more equal division of
profits. Wage gaps are growing in Europe even as blue col-
lar incomes have been eroded in the US.
The furore around Sports Direct echoes controversies
involving Walmart and Amazon. In December, an investi-

Chocolatiers hunt for the elusive sweet spot
Heat-resistant products are
among plans to help growth
in warmer emerging markets
RALPH ATKINS — ZURICH
The challenge to produce “heat resist-
ant” chocolate that tastes as good as
normal chocolate has tested the confec-
tionery industry’s Willy Wonka skills.
Chocolate technicians have to achieve
two apparently conflicting objectives.
The product must stay firm when on
display in warmer climates, then melt in
the mouth to produce a traditional
chocolate sensation.
Not everyone is convinced it is possi-
ble. Lindt & Sprüngli, the luxury Swiss
retail chocolate manufacturer, told the
Financial Times it did not believe the
techniques currently available offered
the melting qualities it required.
But Barry Callebaut, the Swiss com-
pany that is the world’s largest manu-
facturer of chocolate and cocoa prod-
ucts by volume, believes it has cracked
the problem. Its method is to use a “tool-
box” of techniques affecting the way the
chocolate interacts with the mouth.
“In some ways, it is cooking, says
Antoine de Saint-Affrique, chief execu-
tive. “It is the way you organise the
structure of the chocolate through your
various raw materials that gives it prop-
erties which, on the one hand, resist
temperature and on the other hand,
melt in your mouth and give you the
experience you want.” He has tasted the
product himself. “It is really very good.”
Offering heat resistant products is “a
formidable competitive advantage” in
warmer emerging market countries
with less sophisticated supply chains
than in advanced economies, Mr de
Saint-Affrique argues.
Such innovations are an important
part of Barry Callebaut’s expansion
strategy. These are not the sweetest of
Barry Callebaut uses a
‘toolbox’ of techniques
affecting how chocolate
interacts with the mouth
times for the chocolate industry. Higher
cocoa prices have curbed appetites.
Western European chocolate confec-
tionery sales have expanded by only 0.6
per cent a year since 2010, according to
Euromonitor.
A modest pick-up in global chocolate
confectionery sales is expected in the
next five years, but growth prospects are
expected to be much more exciting in
countries such as China, Indonesia and
the Middle East.
Some emerging markets, such as in
Latin America and eastern Europe, have
a “deep chocolate culture”, according to
Barry Callebaut’s chief executive. But
China is less accustomed to chocolate
consumption.
In such countries, demand may take
time to build, says Mr de Saint-Affrique,
who headed Unilever’s global food busi-
ness before taking over as Barry Calle-
baut’s chief executive in October. “It is
about building and creating taste hab-
its,” he says.
Chocolate is not just about confec-
tionery, Mr de Saint-Affrique adds. It is
also used in beverages and biscuits. “So
the dynamics of the market are much
Switzerland’s more complex than just the confection-
Barry Callebaut ery lines.”
says demand Nevertheless, Barry Callebaut warned
may take time to in November that it faced a “challeng-
build in markets ing” 2015-16 financial year and scaled
such as China, back its targets for growth. Previously, it
with sales had expected annual volume growth of
growth slowing 6 per cent to 8 per cent per year. Under
in Western the revised targets, it expects 4 per cent
markets to 6 per cent average growth until
2017-18.
Mr de Saint-Affrique sees “plenty of
opportunities” in new markets. Barry
Callebaut has only just entered the Indo-
nesian market and has only small mar-
ket share in China.
Heat resistant chocolate is part of the
strategy. Given, however, the range of
chocolate uses, differences in markets
and Barry Callebaut’s broader chocolate
expertise, it is more “a symbol of the
added value we can bring through inno-
vation”. And Mr de Saint-Affrique is not
expecting heat-resistant chocolate to
help sales in advanced economies — at
least not yet. “I don’t think it is really rel-
evant at this point in time for western
Europe or America — unless global
warming gets totally out of control.”
gation by The Guardian alleged staff at Sports Direct’s
main warehouse were poorly treated. The newspaper said
workers were harangued by loudspeaker, “named and
shamed” when performance was poor and in some cases
paid below the UK’s £6.70 per hour adult minimum wage.
Mr Ashley is a divisive figure in the City of London: a
financial centre less tolerant of rough-edged, talented
entrepreneurs than Wall Street. The businessman, who
owns 55 per cent of Sports Direct, a company valued at
£3.4bn, has had regular tussles with external investors
over governance.
He holds the anomalous, unpaid job of executive deputy
chairman and has had showdowns with the City over plans
to include him in a generous bonus scheme for permanent
staff. He also makes occasional large investments in rival
retailers for reasons he rarely deigns to explain. While the
UK business and sports press are fascinated with Mr Ash-
ley — he owns Newcastle United, a venerable but under-
performing football team — he gives them short shrift.
But it appears The Guardian story wounded him. The
group’s response was a press release challenging most of
the reporting, save for the claim some staff were under-
paid. The statement said Mr Ashley would “personally
oversee a review of all agency worker terms . . . to ensure
the company does not just meet its legal obligations, but
also provides a good environ-
ment for the entire work-
force”.
Believers in
The workplace culture of labour market
the UK reflects the “mid-
Atlantic” character of a
forces are on
country where US individu- the back foot in
alism and the communitari-
anism of France and Scandi-
the UK
navia coexist. Permanent
staff enjoy workplace protections that raise employment
overheads. As a result, many big businesses buy in flexible,
low-cost labour from employment agencies, among whose
staff immigrants are disproportionately represented.
Controversial “zero-hours contracts” are common at the
agencies. This means workers have no guaranteed mini-
mum shifts, with the result that their income is equally
uncertain. About 15,000 of Sports Direct’s staff of 28,000
are employed in this way, mostly at its shops.
Critics say zero-hours contracts have helped create an
exploited underclass at the bottom of a pyramid at whose
top chief executives and investment bankers receive huge
incomes. Supporters counter that zero-hours contracts
suit many part-time workers and epitomise the flexibility
that underpins the UK’s low unemployment rate.
But believers in labour market forces are on the back
foot in the UK. The centre-right Conservative government
of David Cameron celebrated a General Election victory
this year by announcing a “national living wage”. This is a
new minimum wage for older staff of £7.20 an hour, rising
to £9 by 2020. The reform signalled that upper-class Mr
Cameron partakes selectively of Thatcherite radicalism
informed by the difficulties of owning and running small
businesses. The national living wage cunningly deprived
the rival Labour party of the political centre ground.
That is the context in which Mr Ashley will be examining
Sports Direct’s labour practices. The problem may lie in
the enthusiasm of the company for searching staff leaving
its warehouse to deter theft. Mr Ashley may find that if the
minutes that agency workers spend waiting to be searched
after their shifts is taken into account, hourly pay rates
sometimes fall below the statutory minimum.
But it is hard to dispute that controversies over wage
rates will become increasingly common. Mr Ashley is not
the only employer who will have to do some soul-searching
over the trade-off between profitability and popularity.
jonathan.guthrie@ft.com

Banks Technology

Metro hires senior banker as IPO approaches Charities follow big brands into social media
EMMA DUNKLEY — LONDON
Metro Bank has lured a senior banker
from rival challenger Williams & Glyn
as it gears up preparations to float on
the stock market.
Mark Stokes’s decision to leave Wil-
liams & Glyn and sign up with Metro as
managing director of commercial bank-
ing is a blow to the retail lender, which
is being carved out of Royal Bank of
Scotland.
The senior appointment comes only
weeks before Metro is to list on the Lon-
don Stock Exchange in a flotation
expected in February, according to peo-
ple familiar with the process.
For Metro, the appointment of Mr
Stokes is part of a plan to expand its
commercial banking operations and
services for small and medium-sized
businesses, which receive close to half
the challenger’s total lending.
Craig Donaldson, chief executive of
Metro Bank, said Mr Stokes would “play
a pivotal role in driving the business
forward” while focusing on customer
service.
Before Williams & Glyn, Mr Stokes
spent 25 years at Lloyds Banking Group,
holding a number of senior roles includ-
ing managing director of its commercial
banking division.
The bank aims to differentiate itself
from traditional high street lenders by
offering superior service, based on
branch growth. Metro builds branches
on the corners of prime locations to help
attract customers and is expanding its
network at a time when the incumbents
are retrenching from the high street and
instead focusing on digital services.
However, the bank has yet to make a
profit, reporting a £10.7m loss in the
third quarter as it targets growth.
Metro reported in its last set of results
in October that it had experienced
record quarterly growth in deposits,
lending and customer acquisition. Total
gross loans climbed to £3bn, up 36 per
cent on the previous quarter, 116 per
cent year on year. Deposits jumped to
£4.4bn — a quarterly increase of 16 per
cent. Metro tied up with Zopa to become
the first British bank to lend through a
peer-to-peer platform.
Mr Stokes’s departure is a further set-
back for Williams & Glyn, which has
already experienced delays in splitting
from state-backed RBS as a condition of
RBS’s bailout in 2008. Under EU terms,
the bank must fully exit Williams &
Glyn before the end of 2017.
HANNAH KUCHLER — SAN FRANCISCO
Charities are turning to online stars
with large YouTube audiences, follow-
ing an approach increasingly used by
big brands to reach new donors and
volunteers.
The Make-a-Wish Foundation, for chil-
dren with life-threatening illnesses, Dig-
Deep, the non-profit organisation
focused on water, and Los Angeles-
based anti-poverty group United Way
are among the charities using a new
technology platform designed to let this
new kind of minor social media celeb-
rity do their marketing for them.
Pete Borum, co-founder and chief
executive of Reelio, is launching a plat-
form Reelio Cares to link charities with
appropriate social media stars. He said
many non-profits were finding tradi-
tional forms of advertising were not
reaching the right audience.
YouTube creators can donate their
influence and time for free, non-profits
are able to reach people not necessarily
watching television or reading direct
mail and brands get to be associated
with a good cause. Videos with a charita-
ble message get 2.5 times more views
and engagement than the normal videos
that influencers post on their much-fre-
quented channels, Reelio said.
Social media is increasingly becoming
the place to reach charitable givers, with
companies such as Facebook and
Google often launching campaigns after
natural disasters that ask all of their bil-
lions of users to donate.
Influencers can also promote their
causes on charity-specific networks
such as Chideo, an LA-based start-up
founded by entertainment entrepre-
neur and philanthropist Todd Wagner.
Viewers can, for example, donate to
charity in order to get an influencer to
answer a question from them.
Online networks are also an impor-
tant place to explain the ideas behind
giving to non-profits, as seen earlier this
month when Mark Zuckerberg, Face-
book founder and chief executive, and
his wife Priscilla Chan laid out their
plans to donate 99 per cent of his Face-
book stock in a series of posts and videos
on the world’s largest social network.
Ava Kelly, manager of Reelio Cares,
said many non-profits’ idea of market-
ing was still a postcard sent through
the door or getting more “likes” on
Facebook.
“We’re introducing the idea of niche
celebrities to non-profits,” she said.
Monday 28 December 2015 ★ FINANCIAL TIMES 17

COMPANIES

Banking trio seek clean sweep with investors

Shareholders set to decide fate of new chiefs grappling with problems at Barclays, Deutsche Bank and Credit Suisse
Price pressure

the Under the

bankers spotlight
new brooms
-12.9 % -2%
Share price in -25% -17.4%
Share price in -13.1 %
FT REPORTERS
+14.8% Share price since
year before
appointment Share price since
year before
appointment Share price since ‘He’s . . .
very detail-
Share price in appointment appointment appointment
In 2015, new bank chief executives have year before
appointment
orientated.
been rather like buses. You wait ages Appointment Appointment Appointment
reported reported reported He has a lot
while anger mounts over regulation of
the service, then three turn up at once. 13 Oct 2015 7 Jun 2015 10 Mar 2015 of relevant
In the space of seven months in 2015 a experience
trio of the world’s biggest banks — Bar- for the
clays, Deutsche Bank and Credit Suisse
— all brought new leaders on board. analysis he is
These “new brooms” face similar chal- going to need
lenges in cleaning up their businesses: to run. He
cutting costs, reshaping their invest-
ment banks and dealing with a legacy of
won’t leave
legal and regulatory transgressions. any stone
But a new paper on “CEO turnover unturned’
and Relative Performance Evaluation”,
EX-COLLEAGUE ON
from the Journal of Finance, suggests JOHN CRYAN, HEAD
one metric is more likely to determine OF DEUTSCHE BANK
their fate: “bad [stock] market per-
formance”.

Jes Staley
Barclays
Jes Staley is a banker in a hurry. Since
taking charge of Barclays on December
1, just seven weeks after his appoint-
ment was reported, he has already
launched a strategic review, passed a
Bank of England stress test, crossed the
Atlantic a few times and sold a couple of
non-core businesses.
In some respects, the Boston-born
former JPMorgan Chase executive has
had three years to prepare for the job:
the 58-year-old was one of two names on More on FT.com
a shortlist to replace Bob Diamond in For the rest of
the three-part
2012, when the bank chose to make
Antony Jenkins its chief executive
instead.
Jes Staley John Cryan Tidjane Thiam series on The
New Brooms,
go to
Mr Staley, who joined Barclays after a
few years at US hedge fund BlueMoun-
tain Capital, faces three main chal-
Barclays Deutsche Bank Credit Suisse ft.com/
companies

lenges.

There are various reasons for the low Tidjane Thiam

Barclays
Return on equity* (%)
12
10
8 was 0.4 per cent in 2012, 1.2 per cent in
6 bank on course for a big annual loss, this
4
2 response. Deutsche will shore up its bal-
0 holding dividends, this year and next. It
2012 13 14
* Core business only
Source: company
First is to come up with a coherent
strategy. Many investors see Barclays as
a haphazard collection of businesses
thrown together almost by chance: a
British high street bank; an investment
bank with strong US and UK roots; a glo-
bal credit card operation; and an Afri-
can unit.
Already, the new boss is reviewing
whether to keep the African operation
and he is expected to announce more
cutbacks in the investment bank, par-
ticularly in Asia, when he presents his
strategy in early March.
Second is to face the regulatory chal-
lenges. Barclays has the toughest task of
any bank in complying with the UK’s
ringfencing law, which requires big
lenders to hive off their retail banking
operations from their riskier invest-
ment banks. It must also create a stan-
dalone holding company in the US that
is likely to raise its capital requirements.
Third, is to clear the whiff of scandal
hanging over Barclays. Only last month,
the bank paid $150m to settle the latest
investigation by US authorities — this
time into its dark pool trading platform.
And it still faces a UK criminal probe
into fees paid to the Qatari investors
that supported its 2008 capital raising.
A key test for Mr Staley will be to stay
on the right side of John McFarlane, the
gruff Scot who became the bank’s chair-
man this year and took full executive
control after sacking Mr Jenkins in July.
Mr McFarlane told staff in July that he
aimed to double the bank’s share price
in three years. Since then, the shares
have fallen by a fifth. Mr Staley, who will
be paid as much £8.25m a year, has his
work cut out. Martin Arnold
John Cryan
Deutsche Bank
When the news broke in June that John
Cryan, a former UBS banker, was to take
the helm at Deutsche Bank, shares in
the German lender jumped 8 per cent.
Since then, however, they have fallen
sharply — and they end the year trading
on not much more than half of the
group’s book value.
valuation. Uncertainty over whether
the bank will need to raise more capital
— fuelled by a web of legal entangle-
ments, as well as tightening regulatory
requirements — is one. Another is Deut-
sche’s meagre return on equity, which
2013 and 2.7 per cent in 2014. With the
measure will not improve in 2015.
Mr Cryan has already spelt out his
ance sheet by selling assets and with-
will seek to improve returns by improv-
ing efficiency: cutting 9,000 jobs, with-
drawing from 10 countries and over-
hauling its creaking IT-systems.
Former colleagues say Mr Cryan’s
experience of restructuring UBS’s busi-
ness in the depths of the financial crisis
will stand him in good stead for the task.
“He’s . . . very detail-orientated,” says
one. “He has a lot of relevant experience
for the analysis he is going to need
to run. He won’t leave any stone
unturned.”
Deutsche Bank
Core tier one ratio, Q3 2015 (%)
0 5 10 15
UBS
Goldman Sachs
Morgan Stanley
Credit Suisse
Citigroup
JPMorgan
Barclays
Deutsche Bank
Bank of America
Source: company
One question, however, is whether Mr
Cryan can cut costs and assets without
harming Deutsche’s earnings power too
severely. “The operative business is the
alpha and omega,” says Ingo Speich, a
portfolio manager at Union Investment,
one of Deutsche’s top 20 shareholders.
“They have to show investors that they
can still earn money, even after they
have reshaped the investment bank.”
At least the decision about how and
where to cut is in Mr Cryan’s control.
One of the factors making the veteran
banker’s job so difficult is that another
key task — resolving Deutsche’s array of
legal woes, including an investigation
into its Russian business — is largely not.
“The situation in Russia is the big
unknown,” says Jon Peace, an analyst at
Nomura. “Until they can convince
investors that they don’t need to
raise capital — which depends on their
progress on litigation as well as delever-
aging — the shares are unlikely to re-
rate.” James Shotter
Trading Directory
Credit Suisse
Tidjane Thiam joined Credit Suisse in a
blaze of glory. Reports of his appoint-
ment drove an 8 per cent rise in the
bank’s intraday share price as investors
bet that he was the man who would
finally deal with Credit Suisse’s under-
performing investment bank. They also
hoped Mr Thiam would put an end to
persistent questions about the Swiss
bank’s capital adequacy, which dogged
his predecessor, Brady Dougan.
That was in March. But even though
the former Prudential chief was not free
to take up his role until late June, the
bank’s share price remained buoyant: at
about SFr26 it was up more than 15 per
cent on its level before Mr Thiam’s
appointment was announced.
He began his time in Zurich with a
charm offensive, using interviews with
the Financial Times and a Swiss news-
paper in his very first week to outline
the “ruthless” review of costs and profit-
ability he would carry out.
But the mood music began to change
in the run-up to the October announce-
ment date for his strategic review. Inves-
tors began to realise that a large capital-
raising was in the offing — more than
SFr5bn ($5.1bn) according to a Gold-
man Sachs poll. In their conversations
with Mr Thiam, it was also becoming
increasingly clear that there was no
“magic bullet” to reinvigorate the bank.
Mr Thiam’s announcement ulti-
mately confirmed both fears. Credit
Suisse needs to raise SFr6.05bn in new
capital, shed SFr30bn of non-strategic
assets, reallocate resources to high-
growth Asia and list its Swiss private
bank to take on domestic rivals. Shares
in the bank have fallen back to the SFr21
mark, about 15 per cent below their
opening level in 2015.
Investors will be looking for signs that
Mr Thiam can turn things around in line
with his new strategy for the coming
years. Without them, the early share
price reaction to Mr Thiam’s appoint-
ment may prove a brief triumph of hope
over the bank’s reality. Laura Noonan
Credit Suisse
Return on equity* (%)
15
10
5
0
2010 11 12 13 14
* Attributable to shareholders
Source: company
18
Oil & gas
Crude price fall raises doubts over restructurings
Energy groups seeking
Chapter 11 protection face
prospect of liquidation
HENNY SENDER — NEW YORK
A growing number of energy companies
that have filed for bankruptcy court
protection are likely to be liquidated,
with their prospects diminished by the
latest falls in natural gas and oil prices,
according to investors and restructuring
advisers.
Battered steelmakers pin hopes on India to forge ahead
Country’s growing appetite
and economy are a bright
spot as world prices slide
JAMES CRABTREE — MUMBAI
It is tough to find a bright spot in the glo-
bal steel sector, as prices plunge and
struggling Chinese producers flood
world markets with their surplus stock.
But if pressed, gloomy industry-watch-
ers see at least some reason for opti-
mism in Asia’s second-largest emerging
market, India.
“There is really only one location that
has the long-term potential to pull the
global steel market out of its current
slump, and that is India,” says Edwin
Basson, director-general of the World
Steel Association, a trade group. “But —
and this is the big question — while India
has huge unfilled demand and a big
economy, when will all this be felt?”
India is already the world’s fourth-
largest steel producer and is expected to
overtake the US for third place in the
next year or two. And while its steel con-
sumption is barely a tenth that of the
world’s largest user, China, it is at least
expanding. Growth will be 8 per cent
next year, according to Fitch, the rating
agency.
India is adding capacity too, led by its
big three producers: Tata Steel, JSW
Steel and state-backed Steel Authority
of India. Last month, Tata Steel inaugu-
rated a huge new plant in the eastern
state of Orissa, which eventually will
nearly double its output.
Tata Steel in many way exemplifies
India’s unusual place in world steel mar-
kets. The company’s lossmaking Euro-
pean arm has been hammered by cheap
imports and flat demand over recent
years. It is now moving toward selling
off part of its ailing UK division, having
announced 1,200 job losses in October.
The group’s Indian arm is much smaller,
producing just a third of its output, but
Contracts & Tenders
Companies that restructure crippling
debt loads can often emerge from bank-
ruptcy and start life anew, but with the
latest fall in energy prices, even a freshly
capitalised balance sheet may not be
enough to save the company.
“Even if you take away all the debt, it
is not clear some energy firms can oper-
ate,” said one restructuring specialist.
“Their basic economics requires oil to
be considerably north of where it is.
They can’t reorganise.”
In the case of Walter Energy, which
filed for Chapter 11 a few months ago,
India is the world’s fourth-largest steel producer and is expected to overtake the US for third place in the next couple of years — Sam Panthaky/AFP/Getty Images
India’s steel consumption
Finished steel products, kg crude steel
(’000)
Forecast 90
2006 08 10 12 14
* Financial years ** Estimate
Sources: World Steel Association; Credit Suisse
★ FINANCIAL TIMES
COMPANIES
the group said it would run out of money ple advising the company. The speed
by early 2016 and has opted for a sale of and extent of the fall in oil prices —
its assets, Standard & Poor’s said. Brent hit an 11-year low below $36 a bar-
Not a single creditor will be repaid but rel on Tuesday — has caught many
will receive a share in the proceeds from investors on the hop, forcing them to
the sale, people involved said. recalibrate the value of debt.
Creditors to Magnum Hunter When Samson Resources filed for
Resources, which filed for bankruptcy bankruptcy in September, wiping out
protection this month, will receive $4.2bn of equity, the expectation was
nothing other than equity, and even that second lien lenders, in the middle of
those who provide a loan to permit the the capital structure, would take over
company to operate under Chapter 11 the company, wiping out the junior debt
will receive equity rather than getting but paying senior debt holders 100 cents
their money back, according to two peo- on the dollar. Now that assumption is
Basic resources. Growth test
performs far better, last year contribut-
Steel imports ing 80 per cent of group underlying
M tonnes* profits.
Nevertheless, India’s steel producers
are downbeat for two main reasons, the
12 first being China. In common with their
80
global counterparts, most have been hit
10 badly as Chinese competitors send
70 excess capacity abroad. Indian steel
8 imports soared 72 per cent in the finan-
60 cial year to March 2015, and have risen
50 6 further still this year.
India’s government responded in
40 4 August by increasing taxes and import
16 2006 08 10 12 14 16** duties on a range of steel products, curb-
ing inflows somewhat. But industrialists
have been pushing for more, and this
month policymakers in New Delhi
being questioned and the pre-filing
agreement with creditors has fallen
apart.
With the drop in energy prices “ele-
ments of the restructuring agreement,
including refinancing senior debt and a
commitment to inject new money, are
likely no longer feasible”, according to a
court document filed on December 17 in
Delaware. “Any new restructuring
would likely provide significantly less
value for stakeholders than the transac-
tion [originally] contemplated.”
Second lien lenders who expected to
introduced a series of further minor
anti-dumping duties.
The second problem is poor finances.
Indian steelmakers borrowed heavily to
add capacity during the country’s mid-
2000s boom years. Industry-wide net
debt soared 10-fold over the last decade
as a result, hitting roughly $50bn this
year, according to Credit Suisse.
All that borrowing pushed capacity
up by a third, with an extra 15m tonnes
added this financial year alone, accord-
ing to Fitch analyst Muralidharan Ram-
akrishnan. But it also came amid a
plunge in global iron ore prices, under-
cutting the cost advantage that Indian
producers often enjoyed by mining
cheap domestic ore, a key component in
Food & beverage
Indonesian curbs prompt
Guinness without punch
AVANTIKA CHILKOTI — JAKARTA
Diageo is trying to reinvent itself in
Indonesia, pushing a new alcohol-free
Guinness made exclusively for South-
east Asia’s largest market after an
unexpected clampdown on beer sales
earlier this year.
The drinks group has been forced to
change tack in the world’s biggest Mus-
lim-majority country after creeping
conservatism and concerns around
underage drinking sparked a ban in
April on sales of beer in minimarkets.
Diageo is still selling its regular brew
in large supermarkets and restaurants
where sales have not been curbed, but
has invested around $1m thus far to
launch Guinness Zero and is planning a
new facility to produce the drink locally.
“We already had plans to enter the
zero-alcohol beer market,” said Graeme
Harlow, managing director of Diageo.
“After the ban came in, essentially it
made it even more important.”
UK-based Diageo has around 15 per
cent of the Indonesian beer market,
which until last year was the world’s
fifth-biggest market for Guinness with
annual sales of around 400,000 hectoli-
tres. Since the ban, sales of Guinness and
Diageo’s other alcoholic beverages have
fallen 40 per cent year-on-year, as the
number of outlets across the archipel-
ago that carry the beer has shrunk from
around 70,000 to just 40,000.
The company blamed the new restric-
tions in Indonesia as it reported a 28 per
cent decline in net sales in Southeast
Asia for the year that ended in June,
even as Asia Pacific sales rose 64 per
cent year on year to £2.2bn.
Monday 28 December 2015
take over Samson had pledged to put
$400m into the company. But with
prices of natural gas less than $1.75 per
million British thermal units — when
the investment thesis of the original
owners required prices of $4 per mmbtu
— “it was rational to take another look”,
said one person involved in the talks.
In its attempt to survive, Samson has
cut costs and suspended all drilling.
Energy companies also face other
challenges as hedges that helped shelter
them from the full impact of falling
prices begin to expire.
steelmaking, and hitting profitability.
Many Indian steel projects also ran
into regulatory difficulties, leaving once
fast-growing groups like Mumbai-based
Essar Steel struggling to pay down
debts. Many smaller companies are
effectively bankrupt. Bureaucratic
problems hit foreign producers too,
notably South Korea’s Posco, which has
mothballed a $12bn facility in the coun-
try. ArcelorMittal, the world’s largest
steel group by revenue, scrapped a big
plant two years back.
Billionaire tycoon Sajjan Jindal of JSW
says a shakeout is needed. “There will
be a correction,” he says, predicting that
many minor groups will be swallowed
up by larger ones. “These small steel
producers will find it hard to operate;
they are not environmentally friendly
or cost competitive.”
Others are more optimistic, pointing
India’s steel consumption
is barely a tenth of China’s
but Fitch expects it to
expand by 8% next year
both to India’s low per capita steel use
and an upturn in the economy under
Prime Minister Narendra Modi. Growth
rates are set to stay above 7 per cent over
the next two years, boosting carmakers
and steel-consuming sectors. Fiscal
stimulus will help too, pumping money
into new roads and railways.
India is not going to be able to replace
China as global steel’s locomotive any
time soon, says Koushik Chatterjee,
finance director of Tata Steel, but a mix
of protection against unfair imports and
fresh government spending can at least
spark a new period of growth.
“The biggest trend which can come is
more public spending on infrastruc-
ture,” he says. “If we get that, the future
will look much better.”
Guinness Zero, marketed with the
tagline, “bold taste, zero alcohol”, is
aimed at consumers of the regular Guin-
ness brew, such as men looking for a
“masculine” drink while avoiding alco-
hol in a society where drinking is often
taboo, said Mr Harlow.
Diageo has introduced alcohol-free
drinks under other names elsewhere —
such as Kaliber in the UK and Malta in
Nigeria — but its aim in Indonesia is to
keep the Guinness label prominent in
minimarkets.
“We wanted it to be Guinness-
branded and we wanted the product to
Beer ban
Sales of Diageo’s
products have
fallen 40 per cent
in Indonesia since
the clampdown
be distinctively Guinness,” Mr Harlow
said. He said there are no plans to roll
out Guinness Zero beyond Indonesia.
Diageo’s shift brings it into line with
Indonesia’s other major beer producer,
Multi Bintang, majority-owned by
Dutch brewer Heineken, which already
sells two popular alcohol-free drinks.
The UK group is aiming to capture 10
per cent of Indonesia’s 150,000 hectoli-
tre non-alcoholic beer market within
two years, from around 7 per cent now,
said Mr Harlow.
The most immediate hurdle for the
world’s largest distiller is the high pro-
duction cost of the zero-alcohol alterna-
tive, which sells for half the price of a
can of regular Guinness at Rp9,000
($0.65).
Monday 28 December 2015 ★ FINANCIAL TIMES 19

Retail
Retailers boxing clever to woo shoppers
Store groups report festive
success with mix of online
and high street offerings
MALCOLM MOORE
British retailers appear to have landed a
post-Christmas one-two combination:
bumper crowds on the high street and a
surge in online sales too.
Calamitous weather in the north of
day,” he said. “In some places we have
had very good figures. In Stoke-on-
Trent we were 65 per cent up in footfall.
The Trafford Centre in Manchester saw
a 6 per cent rise. We have seen fantastic
numbers and a shopping frenzy.” He
added that December 27 also looked
very strong.
Mr McKinnon said that retailers with
both bricks and mortar and a strong
online offering were likely to have done
best in the Christmas period. According
COMPANIES
SMALL TALK
Kate
Burgess
utilising both online and offline promo- Calamitous phones had risen 17 per cent on Boxing
tions throughout different phases of this Day compared with last year.
weather in
crucial peak shopping season.”
John Lewis, which began its sale
online at 5pm on Christmas Eve, said
the north of
England
Online sales also appear to have risen
strongly, with research from Experian,
which performs credit checks, and
Strat Aero on a tricky
the number of orders had risen 10.7 per
cent year on year on Christmas Day,
failed to
damp some
IMRG, the online retail association,
showing that internet shopping on
flight path and must
with three-quarters of its internet traffic
coming from mobile devices.
Mark Felix, the online director of John
shoppers’
Christmas Day had risen 11 per cent year
on year to £728m and 22 per cent year
on year on Boxing Day to £856m.
avoid bumpy landing
enthusiasm
Lewis, said that, while more shoppers By comparison, £1.1bn was spent
were switching to online, the company’s online on Black Friday in November, the

England failed to damp some shoppers’
enthusiasm, said Gordon McKinnon,
operations director of intu, which oper-
ates 18 shopping centres including
Lakeside and the Trafford Centre. He
reported a double-digit rise in footfall
across the company’s 18 sites.
“Boxing Day was an incredibly busy
to the Office for National Statistics,
December accounts for 14 per cent of
the year’s retail spend.
Consumers are increasingly comfort-
able searching online for the best deals,
said James Miller, senior retail consult-
ant at Experian. But he added: “Retail-
ers have clearly become more adept at
Construction. Building challenge
46 stores remained a key driver for
sales. “We know that shops are very
important because 80 per cent of our
customers are interacting with a shop
before they make a purchase,” he said.
Currys PC World, the UK’s largest
electrical retailer, said revenues from
customers shopping on their mobile
A
year’s busiest day for internet shopping.
In London, the fact that Boxing Day
fell on a Saturday helped to persuade
the luxury retailers on Bond Street to
open for the first time, said Jace Tyrrell,
the chief executive of the New West End
Company, which represents 600 retail-
ers across 25 West End streets.
little over a year ago, a group of retired pilots
showed some top brass in the US Army how to
land their drones without crashing. The meet-
ing was so positive that the pilots formed a
training company, Strat Aero, and floated it
on London’s junior market a few months later.
It is not surprising that the US generals’ eyes lit up — mil-
itary “unmanned aerial vehicles” or “UAVs” can cost as
much as $10m apiece. A bad landing by a rookie on the
remote is expensive.
Strat Aero’s meeting with the military was timely. Every-
where there was chatter about aerodynamic robots used as
toys for boys or by the likes of Amazon. There was talk of
drones becoming more dangerous to aviation than birds.

Small housebuilders struggle to fill supply gap

Land, planning and finance
issues hamper new entrants
as sector fails to meet demand
JUDITH EVANS
PROPERTY CORRESPONDENT
The UK government’s message that “we
are the builders” should signal a boom
time for small housebuilders.
But in fact the number of small and
medium-sized construction companies
has dwindled.
Some 27 per cent of UK homes are
built by companies that construct 500
or fewer units a year each — down from
44 per cent in 2008 — and while 5,647
small housebuilders were in operation
in 2007, there are now fewer than half
that number.
“People used to start building houses
from being a bricklayer or a joiner. They
would begin by getting planning per-
mission for a pair of semi-detached
houses. Now it’s far more difficult,” says
Steve Midgley, managing director of
Derbyshire-based Fairgrove Homes.
The economic downturn caused hun-
dreds of businesses to go bust but,
unlike in previous cycles, the number of
small housebuilders has scarcely recov-
ered as the economy has brightened.
There was a net increase of 30 new
companies between 2013 and 2014 but
analysts do not expect this to accelerate
under current conditions.
The immediate problem for smaller
companies is finance, as banks are
unwilling to lend to what are seen as
riskier groups, especially for speculative
building or where sites do not yet have
planning permission.
Anthony Codling, an analyst at Jeffer-
ies, the investment bank, says: “They
can’t secure the finance they need to
purchase land because lenders want
pretty tough loan-to-value limits. Small
housebuilders want to build more
homes but they don’t have the equity to
fill the gap.”
Mr Midgley says Fairgrove survived
the crisis because of the loyalty of pri-
vate backers; Fairgrove expects to build
about 50 homes this year.
Ministers recognise the problem. In
July, the Homes and Communities
Agency and Lloyds Banking Group
launched a £100m fund to back small
housing developers by taking equity
stakes in projects. That followed the
launch of a £100m fund by Santander.
But while post-crisis financing has
been a struggle, industry figures say this
simply exacerbated a long-term trend.
Numbers of small and medium-sized
housebuilders have mostly fallen since
The housing 1988, when they peaked at 12,215,
sector is according to figures from the National
expected to House Building Council.
struggle to meet John Stewart, director of economic
an estimated affairs at the Home Builders’ Federa-
need of up to tion, identifies a wider problem in plan-
250,000 homes ning. “Until 1991, housebuilders were in
a year without the driving seat. There was a presump-
more small tion in favour of development, and local
operators — authorities had to have a good reason to
Stefan Wermuth/Reuters
refuse [planning permission],” he says.
But at that time, concerns over unfet-
tered development led to an overhaul.
The new approach gave priority to
sites slated for construction in local
plans — a form of guidance on how par-
ticular areas should develop — and
moved the onus on to developers to
show why any additional sites should be
considered for building.
“There was no incentive for the little
guys to scurry around trying to find
sites, and supply was no longer respon-
sive to demand,” says Mr Stewart.
This resulted in a bias towards larger
sites, rather than the compact ones that
smaller businesses can handle, says Mr
Midgley — a change also driven by the
political sensitivities of new develop-
ment. “It is almost as though councillors
prefer to have two big fights rather than
25 little ones,” he says.
Meanwhile, planning costs and the
time involved in securing consent have
spiralled. Mr Midgley says costs of
securing planning permission for a
small site could reach £50,000 — espe-
cially problematic for small companies
that cannot afford to work on many sites
at a time.
Charlie Campbell, an analyst at
Liberum, says it will be difficult for the
industry to meet an estimated need of
200,000 to 250,000 homes a year with-
out the involvement of small players. He
says the “big three” builders — Taylor
Wimpey, Barratt Homes and Persim-
mon — will jointly produce up to 45,000
homes a year in this cycle, down from
60,000 at the last peak.
Last month the chancellor, George
Osborne, promised to “amend planning
policy to support small sites” and to
shorten the planning guarantee, the
length of time in which councils are
meant to rule on applications.
But planning departments face fund-
ing cuts that will further stretch their
resources, making some industry
observers doubt the changes will be
enough.
“I’m not entirely sure there’s a short-
term or even a medium-term solution to
this supply gap,” says Mr Codling.
Mr Stewart backs a more radical idea:
returning to a presumption in favour of
granting planning permission on so-
called brownfield sites, or urban sites
that have seen previous development.
This already exists, but only for specific
sites identified in local plans and other
documents assembled by local authori-
ties. These miss many of the most prom-
ising small sites, he says.
“You need to solve all three: land,
planning and finance. One on its own
won’t work, but with all three, you
would be motoring.”
When Strat Aero’s founders floated the company in
November 2014, they spoke about the “unique” invest-
ment opportunity and “the exponential growth of UAVs
and the wider aerospace industry”. They forecast revenues
of $12,000-plus per military student and riches from law
enforcement agencies using drones to patrol borders or
governments to inspect wind turbines and pipelines.
Strat Aero placed 8m shares at 8p each, valuing the com-
pany at just £6.2m, with the founders keeping close to two-
thirds of the shares. That would make Strat Aero much too
small and illiquid for institutional investors to take an
interest even if it had not been for the doily of a business
plan. Even for a market designed to attract start-ups such
as Aim, it was too early to float Strat Aero. A year later the
hoped-for contract to train the US military on the use of
UAVs has still not materialised. The company’s revenues
fell from above $600,000 to below $60,000 in the six
months to June. The shares are down 40 per cent to 6p. In
September Tony Dunleavy, who calls himself an “entre-
preneurial PwC trained accountant” was recruited as chief
executive to bring in new management and fill in the gaps
in the business plan. His first
acquisition was £1.5m for
Geocurve, which provides
The hoped-for
drones for topographical contract to train
surveys.
This month Mr Dunleavy
the US military
raised £1.6m from investors has still not
— mainly small and private
— to buy a Texas-based com-
materialised
pany providing high-end
drones to Fortune 100 clients. But investors will have to
reach into their pockets for at least four more acquisitions
before Strat Aero can provide the full drone service kit of
training, software and data analysis he is aiming for.
Mr Dunleavy is eloquent about the opportunities to use
UAVs to monitor anything from diamond mines in the
desert to national flood defences.
He has a problem, though. Strat Aero is one of hundreds
of companies with similar ambitions and better access to
funding. The Gatwick business is a long way from making
any money and will have more trouble than most in turn-
ing opportunity into commercial reality.
A bit more to chew on for the FRC
The Financial Reporting Council ends the year with a
flurry of activity and a promise to speed up enforcement
cases. The beancounters’ watchdog is entering a new phase
having been given status in the EU as the UK’s authority
over audit regulation. Cue the separation of supervision of
auditors from financial reporting and corporate govern-
ance and the creation of a separate enforcement unit to
probe number-crunching failures. This is good news.
The FRC’s cases have a history of dragging on. This
month the regulator ended its investigation, which started
in 2006, against previous soft directors, Timothy Whiston,
former finance director and chief executive of the health-
care software business, and John Whelan, also once its
group finance director. The FRC says the duo admitted
their conduct fell short of the regulators’ standards. They
have been excluded from the Institute of Chartered
Accountants in England and Wales for eight years and Mr
Whiston is paying £50,000 towards costs.
In the FRC’s favour, its teeth may not be sharp but they
do grind away after other regulators give up.
The chief City regulator, the Financial Conduct Author-
ity, abandoned its prosecution against the iSoft executives
after a seven-year investigation and two inconclusive
criminal trials in 2013, after which the judge entered not
guilty verdicts. The FCA had told the judge it would not
seek another retrial and that the case was stale. Too right.
kate burgess@ft.com

General financial Telecoms

FCA notches up surge in criminal convictions Rivals object to wider role for Openreach
CAROLINE BINHAM — FINANCIAL
REGULATION CORRESPONDENT
Criminal convictions following cases
brought by the Financial Conduct
Authority surged in 2015, with 14 peo-
ple going to prison compared with two
in 2014, according to the regulator.
The statistics come as the FCA prepares
for its biggest insider trading hearing
yet. Scheduled to begin in early January,
the long-awaited trial follows the Taber-
nula — Latin for little tavern — probe.
The investigation resulted in arrests and
dawn raids across the City of London
nearly six years ago.
Five defendants, among them a
former Deutsche Bank managing direc-
tor, will stand trial at a London court on
insider trading charges, which carry a
maximum prison sentence of seven
years. The five deny the charges.
The surge in criminal convictions
coincides with a renewed focus from the
regulator on personal accountability. A
tougher civil regime that comes into
force in March is intended to hold senior
managers to account for failings on their
watch.
While the most contentious element
of the regime — a “guilty until proven
innocent” provision — was scrapped
by the Treasury in a last-minute
U-turn, managers will still be banned or
fined if the FCA proves they did not take
all reasonable steps to prevent wrong-
doing.
The hardline regime is partly a
response to questions from the public
and politicians over why so few senior
bank executives were held to account
over the financial crisis.
This was underscored by a report into
the £20.5bn failure of HBOS in 2008.
Only one former executive was ever
investigated by the Financial Services
Authority, the predecessor to the FCA.
In response to the report the FCA is con-
sidering whether it should investigate
other former HBOS executives and
board members.
A separate review by the Bank of Eng-
land, FCA and the Treasury this year, in
response to City scandals such as the
Libor and foreign-exchange rigging epi-
sodes, proposed extending the maxi-
mum sentence for market abuse from
seven to 10 years.
Already the proportion of fines levied
on individuals by the regulator has
increased.
In 2015, 21 people received fines total-
ling £6.7m, compared with the 13 indi-
viduals whose penalties totalled £2.9m
in 2014, FCA statistics show.
See Small Talk
DANIEL THOMAS
TELECOMS CORRESPONDENT
BT will pull back from proposals to
allow Openreach to deal directly with
consumers over complaints, faults and
delays after a consultation with the
internet service providers that use its
national network.
The telecoms group asked companies
including Sky, Vodafone and TalkTalk
about the move, which was being con-
sidered following “persistent com-
plaints” that customers were unable to
contact Openreach directly. This shift
would have required the approval of
Ofcom, the industry regulator.
The proposal was originally made as
part of an “Openreach charter” pub-
lished in September by BT, which set out
commitments to improve broadband.
Openreach is a separate part of BT
that provides access to the national
broadband network for the group’s
retail arm on the same terms as rivals.
But TalkTalk, Vodafone and Sky have
called for the division to be formally
split from BT to ensure equal access.
An Ofcom review of the telecoms
market has meant that Openreach faces
an uncertain few months. The regulator
has said that it would consider whether
Openreach should be more tightly regu-
lated or split from BT entirely.
The initial results are expected in
early February, although many industry
analysts and executives expect the rec-
ommendations to fall short of full sepa-
ration and focus on improving access
and service for rivals.
The Openreach charter was an
attempt by BT to meet some of the com-
plaints, including on customer service.
The division has a restricted role in deal-
ing with home broadband customers in
spite of a large fleet of vans that are a
familiar sight on many roads. It is a
wholesale provider of network services,
with internet providers handling new
line agreements and dealing with cus-
tomer complaints.
But rivals objected to expanding
Openreach’s customer-facing role. One
executive at an internet service pro-
vider said rivals were reluctant to see
Openreach get more direct access to
their customers.
Openreach confirmed that most feed-
back suggested that there was no need
to broaden its work beyond the inquir-
ies from consumers and businesses that
it already fields to check fibre availabil-
ity, greenfield sites, network damage
and wayleaves, the process that allows
the company to carry out work on pri-
vately owned land.
20 ★ FINANCIAL TIMES Monday 28 December 2015

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ACPI International Bond UCITS Fund USD A $ 17.72 - -0.05 0.00 CF Morant Wright Japan A Inc X 274.73 - -1.75 0.00 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fundsmith Equity T Acc 228.92 - 1.11 1.15
Artisan US Value Equity Fund Class I USD Acc $ 10.34 - 0.14 0.00 Crediinvest SICAV Money Market Usd A $ 10.01 - 0.00 0.00 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
CF Morant Wright Japan B X 296.79 - -1.88 0.50 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fundsmith Equity T Inc 216.19 - 1.05 1.16
Crediinvest SICAV Fixed Income Eur € 10.54 - 0.00 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.11 - 0.00 -
ACPI Select UCITS Funds PLC (IRL) CF Morant Wright Japan B Inc X 279.86 - -1.78 0.52 Saudi Arabia Equity Fund SR 12.69 - 0.19 0.00
Ashmore Sicav (LUX) Crediinvest SICAV Fixed Income Usd $ 10.35 - 0.00 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.11 - 0.01 -
Regulated CF Morant Wright Nippon Yield ACC A X 283.69 - -2.23 2.06
2 rue Albert Borschette L-1246 Luxembourg Fidelity PathFinder Focussed 4 Acc (clean) £ 1.13 - 0.01 - GAM Limited (2300)F (UK)
ACPI Balanced UCITS Fund USD Retail $ 13.80 - 0.08 0.00 Crediinvest SICAV Spanish Value € 250.73 - 8.09 0.00
FCA Recognised CF Morant Wright Nippon Yield ACC B X 294.27 - -2.31 2.06 GAM Sterling Management Limited
CCLA Investment Management Ltd (UK) Crediinvest SICAV International Value € 216.26 - 8.36 0.00 Electric & General (1000)F (UK) Fidelity PathFinder Focussed 5 Acc (clean) £ 1.17 - 0.02 -
20 King Street, London SW1Y 6QY. 0800 919 927
ACPI Balanced UCITS Fund EUR Retail € 10.40 - 0.05 0.00 Ashmore SICAV Emerging Market Debt Fund $ 89.98 - -0.19 8.42
Senator House 85 Queen Victoria Street London EC4V 4ET CF Morant Wright Nippon Yield Fund A Inc X 246.60 - -1.94 2.10 Stuart House St.John's Street Peterborough PE1 5DD
Crediinvest SICAV Big Cap Value € 15.86 - 0.50 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.01 - Internet: gam.com
ACPI Balanced UCITS Fund GBP Retail £ 10.53 - 0.06 0.00 Ashmore SICAV Emerging Market Frontier Equity Fund $ 137.82 - -0.34 0.97 Authorised Inv Funds Orders & Enquiries: 0845 850 0255
CF Morant Wright Nippon Yield Fund B Inc X 255.87 - -2.01 2.09 Authorised Inv Funds
The Public Sector Deposit Fund Crediinvest SICAV US American Value $ 18.11 - 0.21 0.00 Authorised Inv Funds Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.01 -
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Ashmore SICAV Emerging Market Total Return Fund $ 77.00 - -0.04 6.05 GAM Funds OEIC
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.52 Authorised Corporate Director - Carvetian Capital Management
Crediinvest SICAV Sustainability € 15.39 - 0.10 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 - GAM Global Diversified Acc 3840.49 - 44.25 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Ashmore SICAV Global Small Cap Equity Fund $ 126.89 - 0.05 0.00 Electric&General Net Income A 149.70 - 1.30 1.97
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.34 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.05 - 0.01 -
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Ashmore SICAV Local Currency Fund $ 80.58 - 0.09 0.32 GAM North American Gwth Acc 3180.87 - 39.80 0.00
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.39
Asset Management
Fidelity PathFinder Freedom 4 Acc (clean) £ 1.04 - 0.01 - GAM UK Diversified Acc 1708.50 - 25.28 1.14
ACPI Horizon UCITS Fund $ 12.87 - 0.07 0.00 EM Mkts Corp.Debt USD F $ 85.08 - -0.59 8.49 Daiwa SB Investments (UK) Ltd (LUX)
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.45 5 King William Street, London EC4N 7DA
Ennismore Smaller Cos Plc (IRL)
Fidelity PathFinder Freedom 5 Acc (clean) £ 1.12 - 0.01 -
EM Mkts Loc.Ccy Bd USD F $ 73.90 - 0.05 4.38 5 Kensington Church St, London W8 4LD 020 7368 4220
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34 www.daiwasbi.co.uk 0207 597 7000
FCA Recognised Fidelity PathFinder Income 1 Income (clean) £ 1.01 - 0.00 3.97
Abbey Life Assurance Company Limited (UK) Regulated GAM Limited (IRL)
Ennismore European Smlr Cos NAV £ 101.33 - -0.42 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.01 - 0.00 4.95 FCA Recognised
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Carmignac Gestion (FRA) DSBI Japan Equity Fundamental Active I JPY ¥ 12392.38 12392.38 26.32 0.00
additional fund prices can be found @ www.abbeylife.co.uk Ennismore European Smlr Cos NAV € 138.48 - 0.95 0.00 GAM Fund Management Ltd
CCLA Investment Management Ltd (UK) www.carmignac.co.uk DSBI Japan Equity Fundamental Active I GBP £ 123.19 123.19 0.29 0.00 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.55
Insurances Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Senator House 85 Queen Victoria Street London EC4V 4ET FCA Recognised
Life Funds DSBI Japan Equity Fundamental Active A EUR € 118.14 124.05 0.27 0.00 Fidelity PathFinder Income 2 gross £ 1.03 - 0.01 4.45 GAM Star Fund Plc
Property & Other UK Unit Trusts Carmignac Emerg A EUR Acc € 790.38 - 8.27 0.00
Prop. Acc. Ser 2 1565.70 1648.20 0.30 - CBF Church of England Funds Ennismore European Smlr Cos Hedge Fd Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - 0.00 4.43 GAM Star Asia-Pacific Eqty USD Acc F $ 11.79 - 0.06 0.00
Carmignac Invest A EUR Acc € 1123.35 - 16.04 0.00 Other International Funds
Investment Inc 1322.84 1337.47 20.03 3.78 Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.05 GAM Star Asian Eqty USD Ord Acc F $ 13.30 - 0.06 0.00
Selective Acc. Ser 2 1580.00 1663.20 4.50 - DAVIS Funds SICAV (LUX)
Carmignac Patrim A EUR Acc € 622.82 - 2.49 0.00 NAV € 496.00 - 10.70 0.00
Aspect Capital Ltd (UK) Investment Acc 2714.19 2744.21 41.10 - Regulated Institutional OEIC Funds GAM Star Balanced GBP Acc £ 10.41 - 0.07 0.00
American Ser. 4 1708.50 1798.40 12.80 -
Other International Funds Global Equity Inc 150.38 152.04 3.30 4.31 Davis Value A $ 40.37 - 0.59 0.00 America £ 4.03 - 0.04 0.52
Custodian Ser. 4 490.80 516.60 1.20 - GAM Star Cap.Appr.US Eqty USD Inc F $ 17.21 - 0.29 0.00
Aspect Diversified USD $ 439.02 - 7.90 0.00 Carmignac Gestion (FRA) Equinox Fund Mgmt (Guernsey) Limited (GSY) Emerging Markets £ 3.14 - 0.00 0.81
Global Equity Acc 221.37 223.82 4.86 - Davis Global A $ 28.60 - 0.41 0.00 GAM Star Cat Bond USD Acc $ 12.70 - 0.00 0.00
Equity Ser. 4 558.30 587.70 4.60 - www.carmignac.co.uk Regulated
Aspect Diversified EUR € 263.91 - 4.79 - Europe £ 4.12 - 0.02 1.55
UK Equity Inc 144.73 146.18 3.49 4.05 Regulated GAM Star Cautious GBP Acc £ 10.43 - 0.06 0.00
European Ser 4 577.20 607.60 3.10 - Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00
Aspect Diversified GBP £ 135.02 - 2.50 0.00 Fidelity Pre-Retirement Bond Fund £ 116.90 - 0.00 3.01
UK Equity Acc 215.95 218.12 5.20 - Carmignac Eur-Entr A EUR Acc € 289.04 - 5.40 0.00 GAM Star China Equity USD Acc F $ 23.17 - 0.18 0.00
Fixed Int. Ser. 4 887.00 933.60 -1.30 -
Aspect Diversified CHF SFr 126.14 - 2.25 0.00 Global Focus £ 2.87 - 0.02 1.61
Fixed Interest Inc 161.76 162.41 -0.21 3.96 Carmignac Eur-Pat A EUR Acc € 286.04 - 2.19 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.68 - 0.03 0.00
Intl Ser. 4 442.20 465.40 2.80 - Euronova Asset Management UK LLP (CYM)
Aspect Diversified Trends USD $ 129.96 - -0.32 0.00 Index Linked Bond £ 2.58 - -0.01 0.72
Fixed Interest Acc 495.63 497.62 -0.67 - CarmignacSécurité A EUR Acc € 1714.96 - -0.45 0.00 Regulated GAM Star Cred Opportunities GBP Acc £ 12.34 - 0.00 4.57
Japan Ser 4 374.20 393.90 -0.90 -
Aspect Diversified Trends EUR € 130.21 - -0.30 0.00 Index Linked Bond Gross £ 3.12 - 0.00 0.71
Property Fund Inc 133.46 137.93 0.16 6.51 Smaller Cos Cls One Shares (Est) € 35.82 - 0.55 0.00 GAM Star Defensive GBP Acc £ 10.85 - 0.03 0.00
Man. Ser. 4 1660.60 1748.00 7.40 -
Aspect Diversified Trends GBP £ 135.07 - -0.30 0.00 Index-Linked Bond Fund Gross Inc £ 12.19 - 0.00 0.72
Property Fund Acc 234.22 242.07 2.73 - Carmignac Portfolio (LUX) Smaller Cos Cls Two Shares (Est) € 24.98 - 0.33 0.00 GAM Star Discretionary FX USD Acc F $ 12.76 - 0.03 0.00
Money Ser. 4 524.40 552.00 0.00 -
www.carmignac.co.uk Deutsche Asset Management UK Ltd. (LUX)
Japan £ 2.06 - -0.02 0.78
Smaller Cos Cls Three Shares (Est) € 12.59 - 0.18 0.00 GAM Star Dynamic Gbl Bd USD Acc H $ 9.64 - -0.04 0.00
Prop. Ser. 4 1111.70 1170.20 0.20 - FCA Recognised Tel: + 44 207 545 9070 www.dws.co.uk
Atlantas Sicav (LUX) FCA Recognised Smaller Cos Cls Four Shares (Est) € 16.17 - 0.22 0.00 Long Bond £ 0.50 - 0.00 2.85
Custodian Ser 5 471.20 496.00 1.10 - CCLA Fund Managers Ltd (UK) Carmignac Cap + A EUR Acc € 1155.27 - -0.64 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.37 - 0.02 0.00
Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET Deutsche Invest I Africa GBP RD1 Inc £ 118.66 118.66 0.26 1.12 Long Bond Gross £ 0.82 - 0.00 2.79
International Ser 5 424.50 446.80 2.70 - American Dynamic $ 3379.98 - -7.77 0.00 Carmignac GblBd A EUR Acc € 1276.54 - 4.51 0.00 GAM Star European Eqty USD Acc F $ 23.58 - 0.25 0.00
Property & Other UK Unit Trusts
Deutsche Invest I Chinese Eq.GBP RD Inc £ 107.29 107.29 1.08 0.76 Long Bond Fund Gross Inc £ 11.10 - 0.01 2.84
Managed Ser 5 1594.30 1678.20 7.10 - American One $ 3166.01 - -0.89 0.00 COIF Charity Funds (UK) Carmignac Em Pat A EUR Acc € 101.47 - -0.20 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.53 - 0.08 0.00
Investment Inc 1216.56 1230.01 0.19 3.62 Deutsche Invest I Conv.GBP RDH Inc £ 168.38 168.38 0.76 0.62 Pacific (Ex Japan) £ 3.55 - 0.03 1.94
Money Ser 5 513.50 540.50 0.00 - Bond Global € 1393.55 - 11.23 0.00 Some Funds have distribution units and/or units denominated in other currencies GAM Star GAMCO US Equity Acc F $ 12.92 - 0.21 0.00
Investment Acc 11715.26 11844.84 1.79 - The full list can be found at www.carmignac.com Deutsche Invest I Global Agrib.GBP LD DS Inc £ 88.08 92.71 2.19 0.30 Pan European £ 2.66 - 0.01 2.04
Property Ser 5 1067.30 1123.50 0.20 - Eurocroissance € 874.57 - 7.66 0.00 GAM Star Global Rates USD Acc F $ 12.20 - -0.06 0.00
Ethical Invest Inc 187.44 189.51 -0.06 3.73 Deutsche Invest I Top Asia GBP RD Inc £ 155.03 155.03 0.17 1.15 Reduced Duration UK Corporate Bond £ 10.42 - -0.02 3.56
Pension Funds Far East $ 672.33 - 9.09 0.00 GAM Star Global Selector USD Acc F $ 12.71 - 0.05 0.00
American 1978.30 2082.40 17.90 - Ethical Invest Acc 241.32 243.99 -0.07 - Cavendish Asset Management Limited (1200)F (UK) Reduced Duration UK Corporate Bond Gross £ 10.61 - -0.02 3.56
GAM Star Japan Eqty USD Acc F $ 13.44 - 0.03 0.00
Chelsea House, Westgate, London W5 1DR Eurobank Fund Management Company (Luxembourg) S.A.
Equity 4907.70 5166.00 59.40 - Global Equity Inc 143.39 144.98 0.41 4.41 Discretionary Unit Fund Mngrs (1000)F (UK) Reduced Duration UK Corporate Bond Inc £ 9.80 - -0.02 3.56
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Regulated GAM Star Keynes Quant Strat USD Acc F $ 11.58 - -0.06 0.00
Atlantis Investment Management Ltd (IRL) 1 Poultry, London EC2R 8JR 020 7 415 4130
European 1164.60 1225.90 8.50 - Global Equity Acc 212.74 215.10 0.60 - Authorised Inv Funds Reduced Duration UK Corp Bond Gross Inc £ 9.81 - -0.03 3.56
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Authorised Inv Funds (LF) Absolute Return € 1.33 - 0.00 0.00 GAM Star Local EM Rates and FX USD Acc $ 10.63 - 0.00 0.00
www.atlantis-investmenet.com, Tel: 0207 877 3377 Cavendish Opportunities Fund B Class 1053.00 - 5.00 1.66 Select Emerging Markets Equities £ 1.15 - 0.00 1.64
Fixed Int. 1627.60 1713.30 -4.20 - Fixed Interest Inc 133.17 133.70 0.58 4.14 Disc Inc 1617.14 1726.01 15.89 0.00 (LF) Eq Emerging Europe € 0.68 - 0.00 0.00 GAM Star North of South EM Equity Acc F $ 9.78 - 0.10 0.00
Regulated Cavendish Opportunities Fund A Class 1047.00 - 4.00 0.82
International 941.10 990.60 7.00 - Fixed Interest Acc 763.55 766.61 3.31 - Do Accum 6093.54 6503.76 59.87 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Atlantis China Fund $ 6.44 - 0.00 0.00 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 GAM Star Technology USD Acc F $ 15.57 - 0.12 0.00
Cavendish Opportunities Fund C Acc 1096.00xd - 5.00 1.48 Select Global Equities £ 3.03 - 0.02 1.10
Japan 394.60 415.40 -1.20 - Property Inc 114.67 118.52 0.08 5.79 (LF) Eq Mena Fund € 12.86 - 0.11 0.00 GAM Star US All Cap Eqty USD Acc F $ 13.40 - 0.18 0.00
Atlantis China Healthcare Fund $ 2.09 - 0.00 0.00
Cavendish Worldwide Fund B Class 302.40 - 1.50 0.70 South East Asia £ 3.57 - 0.00 2.05
Managed 4309.00 4535.80 24.80 - Property Acc 248.62 256.95 2.77 - (LF) Greek Government Bond € 18.32 - -0.08 - GAM Star Worldwide Eqty USD Acc F $ 3084.11 - 44.36 0.00
Atlantis Japan Opportunities Fund $ 2.54 - -0.03 0.00
Local Authorities Property Fd (LAMIT) (UK) Cavendish Worldwide Fund A Class 301.80 - 1.50 0.00 Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.39
Property 2885.00 3036.80 0.60 - (LF) Greek Corporate Bond € 11.99 - -0.01 -
Atlantis Asian Fund $ 6.18 - 0.02 0.00
Property 274.76 295.14 2.73 4.81 Cavendish Worldwide Fund C Acc 310.20xd - 1.50 0.62 Sterling Core Plus Bond Inc £ 1.33 - 0.00 3.50
Security 1476.60 1554.30 0.00 - (LF) FOF Dynamic Fixed Inc € 11.68 - 0.01 0.00 GYS Investment Management Ltd (GSY)
Cavendish AIM Fund B Class 160.50 - 0.20 0.71 UK £ 3.61 - 0.02 2.22
Selective 2015.10 2121.20 8.50 - (LF) FOF Real Estate € 16.61 - -0.05 0.00 Regulated
Cavendish AIM Fund A Class 156.40 - 0.30 0.00

AXIOM
Formerly Hill Samuel Life Assurance Ltd CG Asset Management Limited (IRL) UK Aggreg Bond Gr Accum £ 1.80 - 0.00 4.57 Taurus Emerging Fund Ltd $ 169.96 173.43 1.14 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Cavendish Asia Pacific Fund B Class 156.50 - 0.30 1.74 Dodge & Cox Worldwide Funds (IRL) UK Aggregate Bond Inc £ 1.21 - 0.00 3.14
Managed Ser A (Life) 1566.90 1658.10 13.00 - 00 353 1 434 5098 6 Duke Street,St.James,London SW1Y 6BN
ALTERNATIVE INVESTMENTS Cavendish Asia Pacific Fund A Class 156.60 - 0.30 0.77
FCA Recognised www.dodgeandcox.worldwide.com 020 3713 7664 UK Corporate Bond £ 1.21 - 0.00 3.93 Generali International Limited
Managed Ser A (Pensions) 1045.60 1100.60 10.30 -
Capital Gearing Portfolio Fund Plc £ 26944.26 26944.26 162.14 0.62 Cavendish Asia Pacific Fund C Acc 163.50 - 0.30 1.71 FCA Recognised PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
UK Corporate Bond - Gross £ 2.25 - 0.00 3.80
Formerly Target Life Assurance Ltd Dodge & Cox Worldwide Funds plc - Global Bond Fund International Insurances
CG Portfolio Fund Plc Cavendish European Fund B Class 143.70 - 1.10 1.12
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Axiom Alternative Investments (FRA) UK Gilt Bond £ 1.27 - 0.00 1.94
EUR Accumulating Class € 11.60 - 0.04 0.00 Global Multi-Strategy Managed $ 4.71 5.07 0.02 0.00
Managed (Life) 1592.70 1676.50 14.90 - 1 Conduit Street - 4th floor - London W1S 2XA Real Return Cls A £ 167.46 167.46 2.41 1.76 Cavendish European Fund A Class 142.50 - 1.10 0.30 UK Gilt Gross £ 2.03 - 0.00 1.91
www.axiom-ai.com Tel: +44 330 822 0374 EUR Accumulating Class (H) € 9.07 - 0.01 0.00 UK Multi-Strategy Managed £ 4.84 5.21 0.08 0.00
Dollar Fund Cls D £ 130.33 130.33 2.20 1.65 Cavendish Japan Fund B Class 159.80 - -0.90 0.73
Managed Growth (Life) 500.80 527.20 6.00 -
Regulated FIL Investment Services (UK) Limited (1200)F (UK) UK Long Corp Bond £ 1.36 - 0.00 4.32
EUR Distributing Class € 10.99 - 0.04 3.09 EU Multi-Strategy Managed € 3.03 3.26 0.02 0.00
Capital Value Fund Cls V £ 130.65 130.65 0.88 0.27 Cavendish Japan Fund A Class 158.90 - -0.90 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
Managed (Pensions) 6274.20 6604.40 61.30 - Axiom Contingent Capital € 1030.52 - 0.99 - UK Long Corp Bond - Gross £ 2.45 - -0.01 4.16
EUR Distributing Class (H) € 8.58 - 0.01 3.37 Callfree: Private Clients 0800 414161 Global Bond USD $ 3.43 3.70 0.00 0.00
Managed Growth (Pensions) 613.00 645.30 8.90 - Axiom Contingent Capital £ 1034.95 - 1.29 - Cavendish North American Fund B Class 195.50 - 2.80 0.51 Broker Dealings: 0800 414 181 UK Long Corporate Bond Fund - Gross Income £ 10.90 - -0.02 4.30
GBP Distributing Class £ 9.82 - -0.03 3.26 Authorised Inv Funds
additional fund prices can be found on our website Cavendish North American Fund A Class 190.00 - 2.70 0.00 Retail Share Classes
Axiom Equity $ 887.18 - 21.61 -
GBP Distributing Class (H) £ 8.66 - 0.01 3.34 Unit Trust
Emerging Markets - retail £ 1.25 - 0.00 0.07 Genesis Asset Managers LLP
Axiom Equity € 931.38 - 22.65 0.00 Cavendish Technology Fund B Class 294.30 - 2.10 0.02
Cash Accum Units 186.42 186.42 0.00 0.00 Other International Funds
USD Accumulating Class $ 9.14 - 0.01 0.00 {*}CAR - Net income reinvested
Axiom Obligataire $ 1779.72 - 0.78 0.00 Cavendish Technology Fund A Class 279.50 - 2.00 0.00 Emerging Mkts NAV £ 5.13 - 0.04 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Cash Fund £ 1.00 1.00 0.00 0.15
Axiom Obligataire € 1776.12 - 0.31 0.00 Cavendish UK Balanced Income Fund B Class 136.70 - 0.60 4.90
USD Accumulating Share Class $ 15.72 - 0.24 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Cavendish UK Balanced Income A Class 129.90 - 0.50 5.16 FIL Fund Management (LUX)
Axiom Obligataire £ 1788.88 - 0.83 0.00 GBP Accumulating Share Class £ 17.39 - 0.20 0.00 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14
Canada Life Investments (UK) 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Guardian (UK)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Cavendish UK Select Fund B Class 144.50 - 0.80 2.28 Phone: 800 22 089, 800 22 088 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
GBP Distributing Share class £ 12.65 - 0.15 0.83 MoneyBuilder Global £ 2.64 2.64 0.03 0.20
Authorised Inv Funds Regulated Insurances
Cavendish UK Select Fund A Class 144.30 - 0.80 1.38 OEIC Funds
Algebris Investments (IRL) BLME Asset Management (LUX)
Asia Pacific B Acc 771.57 - 0.01 1.12
EUR Accumulating Share Class € 21.62 - 0.39 0.00
China Consumer A-GBP £ 14.85 - -0.07 0.00 Guardian Assurance
Regulated BLME Sharia'a Umbrella Fund SICAV SIF Dodge & Cox Worldwide Funds plc-International Stock Fund American £ 27.27 - 0.34 0.00
China Focus A-GBP £ 4.40 - -0.03 0.71 Equity S-GH Class B £ 12.04 - 0.06 -
Algebris Financial Credit Fund - Class I EUR € 132.03 - -0.63 0.00 Regulated Balanced B Acc 148.37 - 0.57 1.47
USD Accumulating Share Class $ 13.44 - 0.24 0.00 American Special Sits £ 11.77 - 0.10 0.00
Income Fund - Share Class A Acc $ 1135.08 - -0.15 0.00
Cedar Rock Capital Limited (IRL) Managed Fund Bond £ 23.37 24.35 0.03 -
Corporate Bond B Inc 204.24 - -0.21 4.03 Global Financial Services A-GBP £ 0.45 - 0.00 0.11
Algebris Financial Income Fund - Class I EUR € 118.55 - 0.60 0.00 Regulated EUR Accumulating Share Class € 14.48 - 0.28 0.00 Asia Pacific Ops W-Acc £ 1.09 - 0.00 0.42
Income Fund - Share Class G Acc £ 1075.97 - -0.13 0.00 Global Health Care A-GBP £ 0.58 - 0.00 0.00 Choices Wth-Pfts Lg-tm 321.10 338.00 0.00 -
Algebris Financial Equity Fund - Class B EUR € 98.41 - 1.67 - European B Acc 254.33 - 0.88 1.57 Cedar Rock Capital Fd Plc $ 362.04 - -6.02 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Fidelity Asian Dividend Fund A-Accumulation £ 1.10 - 0.00 1.43
Gl Sukuk Fund - Share Class A Acc $ 1224.55 - 0.42 0.00 Global Industrials A-GBP £ 0.64 - 0.00 0.00 Choices Wth-Pfts St-tm 271.90 286.20 0.00 -
Algebris Asset Allocation Fund - Class B EUR € 99.57 - 0.69 - Global Bond B Inc 92.15 - -0.11 2.96 Cedar Rock Capital Fd Plc £ 375.93 - -7.94 0.00 USD Accumulating Share Class $ 17.93 - 0.26 0.00
Fidelity Asian Dividend Fund A-Income £ 1.03 - 0.00 3.52
Gl Sukuk Fund - Share class B Acc £ 1093.19 1093.19 0.37 0.00 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.00 0.56 Choices Managed 616.48 648.93 1.89 -
Global Equity B Acc 598.01 - 4.51 1.10 Cedar Rock Capital Fd Plc € 341.77 - -21.01 0.00 GBP Accumulating Share Class £ 18.75 - 0.19 0.00
China Consumer £ 1.50 - 0.00 0.08
Global Real Asset Securities £ 1.38 - 0.01 0.00 Choices Equity 679.30 715.05 3.16 -
Global Equity Income B Inc 121.89 - 0.70 3.91 GBP Distributing Share Class £ 11.92 - 0.12 0.57
Alken Asset Management (LUX) Emerging Asia £ 1.18 - 0.00 0.14
Freedom With Pfts Long-Tm 220.20 231.80 0.00 -
61 Conduit Street, London, W1S 2GB Bank of America Cap Mgmt (Ireland) Ltd (IRL) Global High Yield Bond B Inc 90.92 - 0.41 5.02 EUR Accumulating Share Class € 21.29 - 0.36 0.00 Global Technology A-GBP £ 0.27 - 0.00 0.00
Charles Schwab Worldwide Funds Plc (IRL) Emerg Eur, Mid East & Africa H £ 1.28 - 0.01 0.97
www.alken-am.com Regulated Regulated Freedom With Pfts Short-Tm 197.80 208.30 0.00 -
Global Infrastructure B Acc 109.46 - 1.05 0.94 Global Telecomms A-GBP £ 0.29 - 0.00 1.17
Regulated Global Liquidity USD $ 1.00 - 0.00 0.45 Enhanced Income - Acc £ 1.92 - 0.01 6.45
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 India Focus A-GBP £ 4.35 - -0.02 0.00 Freedom Managed 358.98 377.88 0.43 -
Alken European Opportunities € 211.48 - 3.94 0.00 Global Resource B Acc 69.69 - 3.05 0.89
Enhanced Income - Inc £ 1.22 - 0.01 7.18
Latin America A-GBP £ 1.30 - 0.00 0.65 Freedom Equity 399.13 420.13 -0.27 -
Alken European Opportunities £ 123.77 - 0.97 0.00 Japan B Acc 51.49 - -0.04 0.93
European - Inc £ 1.43 - 0.01 0.77
Barclays Investment Funds (CI) Ltd (JER)
Portfolio III B Acc 107.61 - 0.17 2.32 Chartered Asset Management Pte Ltd Corp Pens Mananged 217.63 217.63 0.67 -
Alken Absolute Return € 143.42 - 1.11 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 European £ 16.27 - 0.06 1.16
Other International Funds Corp Pens Equity 221.78 221.78 1.03 -
Alken Absolute Return £ 116.47 - 0.90 0.00 FCA Recognised Portfolio IV B Acc 109.78 - 0.24 2.36 Findlay Park Funds Plc (IRL)
CAM-GTF Limited $ 271900.24 271900.24 -414.02 0.00 European Opportunities £ 3.86 - 0.02 0.24
Bond Funds 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Corp Pens Fixed Interest 296.64 296.64 -0.11 -
Alken Small Cap € 189.50 - 3.15 0.00 Portfolio V B Acc 109.51 - 0.33 1.56
Sterling Bond F £ 0.45 - 0.00 3.30 CAM GTi Limited $ 612.98 - -36.72 0.00 Extra Income £ 0.26 - 0.00 3.29 FCA Recognised
Dragon Capital Group Corp Pens Index Linked 334.16 334.16 -2.94 -
Portfolio VI B Acc 108.10 - 0.30 1.60
Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Extra Income - Gross £ 0.26 - 0.00 3.29 American Fund USD Class $ 81.03 - 0.76 0.00
Corp Pens Deposit 191.04 191.04 0.00 -
Portfolio VII B Acc 104.59 - 0.31 1.58 Fund information, dealing and administration: funds@dragoncapital.com
Amundi Funds (LUX) Global Dividend - Acc £ 1.62 - 0.00 3.08 American Fund GBP Hedged £ 43.77 - 0.23 0.00
Baring Fund Managers Ltd (1200)F (UK)
North American B Acc 854.80 - 9.72 0.74
Other International Funds Corp Pens Protector 356.45 356.45 0.06 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 American Fund GBP Unhedged £ 54.10 - 0.51 -
Dealing and Enquiries 020 7214 1004 Vietnam Enterprise Inv. (VEIL) NAV $ 3.59 - 0.09 0.00 Global Dividend - Inc £ 1.44 - 0.01 3.27
www.amundi-funds.com Corp Pens UK Index Tracker £ 1.92 1.92 0.01 -
Fund Information: www.barings.com Strategic Return B Acc 97.58 - 0.54 0.00
FCA Recognised Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.53 0.00 Global Focus £ 13.46 - 0.10 0.00 Latin American Fund USD Class $ 11.08 - 0.00 0.00
Authorised Inv Funds Guardian Linked Life Assurance Ltd
Bd. Euro Corporate AE Class - R - EUR € 18.45 - -0.01 0.00 Total Return B Acc 98.77 - 0.90 2.97
Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00 Global High Yield Fund - A Gross Acc £ 11.72 - 0.02 4.86 Latin American Fund GBP Unhedged £ 7.47 - 0.03 -
Multi Asset A Acc ... C 154.20 - 0.40 1.50 Managed Acc £ 17.87 18.81 0.06 -
Bd. Global AU Class - R - USD $ 25.36 - -0.04 0.00 UK Equity B Acc 111.37 - 0.57 1.68
Multi Asset A Inc ... C 147.10 - 0.50 1.27 Global High Yield Fund - A Gross Inc £ 9.70 - 0.02 5.53 Equity Acc £ 32.37 34.07 0.14 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 UK Equity & Bond Income B Inc 237.67 - 0.63 5.04
Charity Fund Global High Yield Fund - A Net Acc £ 11.28 - 0.02 4.92 Fixed Interest Acc £ 17.02 17.92 -0.01 -
DSM Capital Partners Funds (LUX)
Eq. Emerging World AU Class - R - USD $ 80.58 - 0.67 0.00 Enquiries 020 7214 1763 UK Equity Income B Inc 427.41 - 1.38 4.97 Cheyne Capital Management (UK) LLP (IRL)
www.dsmsicav.com Global High Yield Fund - A Net Inc £ 9.69 - 0.02 5.53
Regulated International Acc £ 13.30 14.00 0.05 -
Targeted Return Fund Acc 144.60 145.40 0.50 3.14 UK Government Bond B Inc 46.91 - -0.01 1.97 Regulated
Eq. Greater China AU Class - R - USD $ 560.28 - 3.63 0.00 Global Property - Acc £ 1.50 - 0.00 1.31
Cheyne Convertibles Absolute Return Fund € 1356.01 - 5.00 0.00 International S-NA Acc £ 6.84 7.19 0.03 -
Targeted Return Fund Inc 110.70 111.30 0.30 3.20 Global Growth I2 Acc € 136.71 - -0.01 0.00
Eq. Latin America AU Class - R - USD $ 308.67 - 4.01 0.00 Global Property W Inc £ 1.23 - 0.01 3.06
Cheyne Global Credit Fund € 117.35 - 0.06 0.00 International S-PA Acc £ 4.13 4.34 0.02 -
Global Growth I1 Eur € 102.24 - 0.00 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.68 - 0.03 0.00 Global Special Sits £ 26.34 - 0.10 0.00
Cheyne European Mid Cap Fund € 1126.48 - -2.94 0.00 International S-EU Acc £ 3.33 3.50 0.01 -
Baring International Fd Mgrs (Ireland) (IRL) Fleming Financial Trust Investment Fund Limited (NZ)
Index Emerging Markets P-Acc £ 0.96 - 0.00 2.70 Incorporated in New Zealand, Reg No 5141841 Managed S-PR Acc £ 6.79 7.15 0.02 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
Eclectica Asset Management (UK)
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
The Antares European Fund Limited FCA Recognised Index Europe ex UK P-Acc £ 1.03 - 0.00 2.43 Fixed Interest S-IL Acc £ 6.43 6.77 0.00 -
Cheyne Capital Management (UK) LLP 40 Dukes Place, London EC3A 7NH
www.fftinvestmentfund.com
Other International ASEAN Frontiers A GBP Inc £ 108.43 - -0.06 0.59 Order Desk and Enquiries: 0345 608 0941
Other International Funds Index Japan P-Acc £ 1.14 - -0.01 1.53 info@fftinvestmentfund.com Deposit Accum £ 4.44 4.67 0.00 -
AEF Ltd Usd (Est) $ 667.04 - 4.66 - Authorised Corporate Director - Capita Financial Managers
Asia Growth A GBP Inc H £ 45.11 - -0.07 0.00 Cheyne European Event Driven Fund € 145.83 - -0.11 0.00 Index Pacific ex Japan P-Acc £ 1.03 - 0.00 3.98 Other International Funds Guardian Pensions Management Ltd
AEF Ltd Eur (Est) € 669.79 - 4.32 0.00
Candriam Investors Group (LUX) Authorised Inv Funds
Fleming FT Investment Fund
Australia A GBP Inc £ 70.66 - 0.80 1.95 FCA Recognised Cheyne Real Estate Credit Holdings Fund £ 161.86 - 0.94 0.00 Index UK A-Acc £ 0.83 - 0.00 2.86 Pens. Managed Acc. £ 23.29 24.51 0.08 -
CF Eclectica Agriculture A EUR Acc ♦ € 1.45 - 0.02 0.00
Fleming Fund £ 4.53 4.53 0.00 -
Baring China Bond Fund $ 9.80 - 0.00 0.00 Candriam Eqts L Australia Cap A$ 981.01 - 13.38 0.00 Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00 Index UK P-Acc £ 1.02 - 0.01 3.10 Pens. Equity Acc. £ 34.21 36.01 0.16 -
CF Eclectica Agriculture A GBP Acc ♦ 105.91 - 0.91 0.00
Arisaig Partners Baring Emerging Markets Corporate Debt Fund $ 9.15 - 0.01 0.00 Candriam Eqts L Sust World Cap € 285.45 - 5.92 0.00 Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Index US A-Acc £ 1.68 - 0.02 1.40
CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - 0.02 0.00
Other International Funds
Baring European Opportunities Fund Class A EUR Acc € 13.82 - 0.09 0.00 Candriam Bds Euro Cap € 1127.53 - -1.60 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 173.12 - -9.06 0.00 Index US P-Acc £ 1.29 - 0.01 1.60
Arisaig Africa Consumer Fund Limited $ 13.43 - -0.07 0.00 CF Eclectica Agriculture C EUR Acc ♦ € 1.50 - 0.02 0.32 HPB Assurance Ltd
Baring Global Mining Fund - Class A GBP Inc £ 3.51 - 0.06 0.65 Candriam Bds Euro Infl Linked Cap € 140.85 - -0.21 0.00 Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - Index World A-Acc £ 1.45 - 0.01 1.77 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Arisaig Asia Consumer Fund Limited $ 63.93 - -0.06 0.00 CF Eclectica Agriculture C GBP Acc ♦ 109.96 - 0.94 0.38
International Insurances
Dynamic Emerging Markets A GBP Acc F £ 8.56 - 0.00 0.00 Candriam Qt-Eqts Europe Cap € 2313.12 - 55.14 0.00 Index World P-Acc £ 1.18 - 0.01 1.88
Arisaig Global Emerging Markets Consumer UCITS € 11.98 - 0.15 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.63 - 0.02 0.40 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Eastern Europe A GBP Inc £ 40.28 - 0.07 1.72 Candriam Qt-Eqts USA Cap $ 2346.06 - 32.86 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.18 - 0.02 0.00 Clareville Capital Partners LLP Japan £ 2.81 - -0.03 0.00
Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.01 - 0.01 6.56 Other International Funds
Arisaig Latin America Consumer Fund $ 20.13 - 0.12 0.00
Japan Smaller Companies £ 2.06 - -0.03 0.00 First State Investments (UK) (1200)F (UK)
Pegasus Fund Ltd A-1 GBP £ 53.68 - -1.64 0.00 23 St Andrew Square, Edinburgh, EH2 1BB
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 Candriam Investors Group (BE) MoneyBuilder Asset Allocator £ 1.18 - 0.01 0.63
Pegasus Fund Ltd A-2 GBP £ 136.12 - -4.17 0.00 enquiries@firststate.co.uk Hargreaves Lansdown Fd Mgrs (1100)F (UK)
FCA Recognised
Glb Emerging Markets A GBP Inc H £ 18.93 - 0.02 0.00 MoneyBuilder Balanced £ 0.50 - 0.00 3.99 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Candriam Sust Euro Bonds Cap € 357.60 - -0.57 0.00 Pegasus Fund Ltd A-1 EUR € 22.96 - -0.68 0.00 Authorised Funds
Glb Resources A GBP Inc H £ 10.70 - 0.18 0.37 Money Builder Dividend £ 2.60 - 0.01 4.34 Enquiries 0117 90090000
Candriam Sust North America Cap $ 39.46 - 0.51 0.00 Pegasus Fund Ltd A-1 USD $ 24.56 - -0.75 0.00 Asia Pacific A Shares 947.67 - 2.52 0.46 www.hl.co.uk
High Yield Bond A GBP Hedged Inc H £ 6.09 - 0.02 7.10 MoneyBuilder Growth £ 0.76 - 0.01 2.40 Authorised Inv Funds
Candriam Sust World Cap € 26.46 - 0.55 0.00 Pegasus Fund Ltd A-2 USD $ 133.55 - -4.11 0.00 Asia Pacific Leaders A Shares 475.65 - 0.34 0.30
Hong Kong China A GBP Inc £ 594.05 - -0.60 0.59 EdenTree Investment Management Ltd (UK) MoneyBuilder Growth ISA £ 0.76 - 0.00 2.56 Hargreaves Lansdown Funds
Pegasus Fund Ltd B-1 GBP £ 192.46 - -0.16 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Asia Sustainability A Shares 356.00 - -0.71 0.44 Unit Trust
India Fund - Class A GBP Inc £ 14.28 - -0.05 0.00 Authorised Inv Funds MoneyBuilder Income £ 0.35 - 0.00 3.21
Candriam Investors Group Pegasus Fund Ltd B-2 GBP £ 147.55 - -0.13 0.00 Emerging Markets Bond A Accumulation £ 1.18 - 0.01 4.85 HL Multi-Manager Special Situations Trust A Acc 269.43 283.61 1.52 0.52
Artemis Fund Managers Ltd (1200)F (UK) Latin America A USD Inc H $ 25.29 - 0.27 0.23 Amity UK Cls A Inc 214.40 - 1.00 1.46 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.21
Other International Funds Emerging Markets Bond A Income £ 1.02 - 0.00 4.99 HL Multi-Manager Special Situations Trust M Acc 269.44 283.62 1.53 0.42
57 St. James's Street, London SW1A 1LD 0800 092 2051 Pegasus Fund Ltd B-1 EUR € 161.47 - -0.14 0.00
MENA A GBP Inc F * £ 12.10 - -0.05 0.66 Amity UK Cls B Inc 214.90 - 0.90 2.25 Multi Asset Adventurous A-Acc £ 1.32 - 0.01 0.44
Authorised Inv Funds Candriam Eqts L Emerging Mkts Cap € 638.13 - 9.70 0.00
Pegasus Fund Ltd B-1 USD $ 172.66 - -0.16 0.00 Global Agribusiness Fund A Accumulation 119.47 - 1.49 0.00 HL Multi-Manager Income & Growth Trust A Acc 165.30 173.92 2.08 3.83
Artemis Capital R ACC 1280.80 1353.45 6.18 1.24 Candriam Eqts L Euro 50 Cap € 540.89 - 11.84 0.00 Higher Income Cls A Inc 122.90 - 0.60 4.98 Multi Asset Alloc Adventurous A-Acc £ 3.74 - -0.01 3.07
Global Emerging Mkts A Shares 557.56 - 1.50 0.70 HL Multi-Manager Income & Growth Trust M Acc 165.31 173.92 2.08 1.79
Artemis European Growth R Acc 246.37 259.98 0.61 1.19 Baring International Fd Mgrs (Ireland) (IRL) Candriam Eqts L Europe Cap € 970.40 - 27.34 0.00 Higher Income Cls B Inc 126.60 - 0.60 4.90 Multi Asset Alloc Strategic A-Acc £ 1.17 - 0.01 0.37
Global Emerging Mkts Leaders A Shares 404.10 - 0.59 0.75 HL Multi-Manager Income & Growth Trust A Inc 99.10 104.28 1.24 3.91
Artemis European Opps R Acc 75.93 80.13 0.23 0.82
Regulated Cohen & Steers SICAV (LUX) UK Equity Growth Cls A Inc 243.60 - 1.10 0.59 Multi Asset Alloc Def - Gross A £ 1.12 - 0.01 0.34
Candriam Eqts L Japan Cap ¥ 21068.00 - -115.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Regulated Global Emerging Mkts Sustainability A Acc 216.61 - 0.57 0.98 HL Multi-Manager Income & Growth Trust M Inc 99.10 104.27 1.24 1.81
UK Equity Growth Cls B Inc 249.80 - 1.20 1.20 Multi Asset Alloc Def - Net A £ 1.11 - 0.00 0.38
Asset Management
Artemis Global Emg Mkts I GBP Acc 80.95 - -0.08 - Candriam Bonds Credit Opportunities € 189.66 - 0.15 0.00 European Real Estate Securities € 23.7239 - 0.3571 1.54
Global Listed Infrastructure Acc 173.35 - 2.23 3.09 HL Multi-Manager Balanced Managed Trust A Acc 183.86 193.38 1.20 1.10
Artemis Global Emg Mkts I GBP Dist

Artemis Global Energy R Acc

80.96 - -0.07

20.77 22.06 0.61 0.00

-
Barings (Luxembourg) (LUX)
Candriam Bds Euro Conv. Classic Cap € 3418.67

Candriam Bds Euro Corp ExFin Cap € 161.35

-

-
6.87 0.00

-0.18 0.00
Europ.RealEstate Sec. IX

Gbl Listed Infrastructure I

€ 31.7601

$ 9.7901
-

-
0.4782 0.00

0.1376 -
Amity Balanced For Charities A Inc

Amity European Fund Cls A Inc

107.20

201.30
-

-
0.40 6.09

1.00 1.23
Multi Asset Alloc Growth A

Multi Asset Defensive

£

£
1.20

1.22
-

-
0.01 0.09

Artemis Global Growth R Acc 182.59 192.67 0.63 0.81
Artemis Global Income R Acc 95.38 100.76 0.48 4.09
Artemis Global Income R Inc 76.80 81.14 0.39 4.26
Artemis Global select R Acc 72.63 76.64 0.23 0.00
Artemis High Income R Inc 77.20 82.29 0.09 5.83
Artemis Income R Inc 203.44 215.66 0.97 4.22
Artemis Income R Acc 346.93 367.78 1.65 4.10
Artemis Monthly Dist R Inc 62.27 66.09 0.11 4.61
Artemis Pan-Euro Abs Ret GBP 112.67 - 0.09
Artemis Strategic Assets R Acc 73.43 77.77 0.08 0.00
Artemis Strategic Bond R M Acc 83.11 88.28 -0.02 4.04
Artemis Strategic Bond R M Inc 53.46 56.79 -0.01 4.12
Artemis Strategic Bond R Q Acc 83.19 88.37 -0.02 4.10
Artemis Strategic Bond R Q Inc 53.67 57.01 -0.01 4.18
Artemis UK Growth R Acc 459.14 486.35 1.82 0.54
Artemis UK Smaller Cos R Acc 1167.38 1258.85 5.82 0.48
Artemis UK Special Sits R Acc 524.45 557.63 2.69 1.63
Artemis US Abs Ret I Acc 108.85 - -0.16 0.00
Artemis US Equity I Acc 117.46 - 0.60 0.28
Artemis US Select I Acc 119.63 - 0.58 0.12
Artemis US Select I Inc 106.85 - 0.52
Artemis US Smlr Cos I Acc 121.03 - 0.77 0.00
Artemis US Ex Alpha I Acc 125.91 - 0.66 0.14
0.01 0.26
Global Listed Infrastructure Inc 134.83 - 1.74 3.15 Asset Manageme
HL Multi-Manager Balanced Managed Trust M Acc 183.87 193.39 1.21 0.71
FCA Recognised Global Opportunities A Shares 303.90 - 1.15 0.18 HL Multi-Manager Equity & Bond Trust A Inc 108.55 114.09 0.57 2.25
Candriam Bds Euro Gov.Cl.Cap € 2260.49 - -5.03 0.00 Amity European Fund Cls B Inc 204.20 - 1.10 2.09 Multi Asset Defensive - Gross £ 1.22 - 0.00 0.27
Russia A GBP Inc F £ 24.82 - 0.21 0.00 Gbl Listed Infrastructure IX $ 9.7901 - 0.1376 -
Global Property Securities A Accumulation 169.42 - 1.16 2.21 HL Multi-Manager Equity & Bond Trust M Inc 108.54 114.07 0.57 1.04
Candriam Bds Euro High Yield Cap € 996.24 - 1.03 0.00 Amity Global Equity Inc for Charities A Inc 102.20 - 0.70 3.99 Multi Asset Growth £ 1.35 - 0.00 0.25
Gbl RealEstate Sec. I $ 10.8739 - 0.0735 1.42
Global Property Securities A Income 131.88 - 0.90 2.24 HL Multi-Manager Equity & Bond Trust A Acc 147.25 154.76 0.78 2.22
Candriam Bds Euro High Yield R Cap € 110.70 - 0.12 0.00 Amity International Cls A Inc 203.40 - 1.20 1.38 MultiManager Balanced £ 1.09 - 0.00 0.56
BlackRock (JER) Gbl RealEstate Sec. IX $ 12.8603 - 0.0869 0.00
Global Resources A Shares 166.39 - 5.09 1.35 HL Multi-Manager Equity & Bond Trust M Acc 147.26 154.77 0.78 1.03
Regulated Candriam Bds Euro Long Term Cap € 7842.05 - -30.17 0.00 Amity International Cls B Inc 205.70 - 1.10 2.25 Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.59
Greater China Growth A Shares 524.67 - -2.63 1.04 HL Multi-Manager Strategic Bond Trust A Acc 166.39 171.53 -0.22 1.80
BlackRock UK Property £ 41.21 - 0.17 3.37 Amity Sterling Bond Fund A Inc 105.20 - 0.00 5.17 Multi Asset Open Strategic A-Acc £ 1.22 - 0.01 1.03
Candriam Bds Euro Sh.Term Cap € 2076.02 - -0.57 0.00
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Indian Subcontinent A Acc 338.39 - -0.22 0.00 HL Multi-Manager Strategic Bond Trust M Acc 166.38 171.52 -0.21 0.89
Blackrock UK Long Lease £ 1071.52 - 0.97 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB Amity Sterling Bond Fund B Inc 113.70 - 0.00 5.16 Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.53
Candriam Bds International Cap € 981.46 - -1.42 0.00
Worldwide Equity Fund A Accumulation £ 1.29 - 0.00 0.00 HL Multi-Manager Strategic Bond Trust A Inc 138.26 142.53 -0.18 1.82
BLK Intl Gold & General $ 3.93 4.15 0.05 0.00 Dealing & Client Services 0845 0264281
Candriam Bds USD Cap $ 924.16 - -1.26 0.00 Multi Asset Strategic £ 1.52 - 0.00 0.30
Authorised Inv Funds Worldwide Equity Fund A Income £ 1.31 - 0.01 0.00 HL Multi-Manager Strategic Bond Trust M Inc 138.24 142.51 -0.18 0.91
Candriam Total Return Bond Cap € 131.08 - 0.19 0.00 Consistent UT Inc 53.62 54.29 0.23 4.72 Edinburgh Partners Limited (IRL) Open World A-Acc £ 1.20 - 0.01 0.00
HL Multi Manager Emerging Markets A Acc 85.64 88.27 0.30 0.33
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
- BONHOTE Consistent UT Acc 124.98 126.53 0.55 4.57 Multi Asset Income A Gross Acc £ 1.56 - 0.01 3.45
Dealing - Fax only - +353 1 434 5230 HL Multi-Manager European A Acc 103.49 106.67 1.12 0.74
Other International Funds
Multi Asset Income A Gross Inc £ 1.08 - 0.00 4.92
Foord Asset Management
Practical Investment Inc 202.43 207.88 1.10 3.98 FCA Recognised
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28 Other International Funds HL Multi-Manager UK Growth A Acc 104.27 107.49 1.33 1.24
Edinburgh Partners Opportunities Fund PLC Multi Asset Income A Net Acc £ 1.47 - 0.00 3.47
Practical Investment Acc 988.54 1015.14 5.37 3.87 Foord International Trust $ 34.56 - 0.09 0.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92 European Opportunities I EUR € 2.52 - 0.08 2.20
Multi Asset Income A Net Inc £ 1.08 - 0.00 4.90 Foord Global Equity Fund_Class B $ 12.60 - 0.13 0.00
European Opportunities I GBP £ 1.83 - 0.03 2.47 Haussmann
South East Asia £ 8.08 - -0.01 0.12
Other International Funds
Braemar Group PCC Limited (GSY) European Opportunities I USD $ 2.75 - 0.06 2.05
Special Situations £ 30.96 - 0.20 0.78 Haussmann Cls A $ 2671.56 - -36.15 0.00
Regulated European Opportunities A EUR € 2.46 - 0.08 1.53 Franklin Templeton International Services Sarl (IRL)
Capita Asset Services (UK) Sterling Core Plus Red Dur £ 10.02 - -0.02 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
UK Agricultural Class A £ 1.27 - 0.01 0.00 Haussmann Cls C € 2336.81 - -33.24 0.00
40 Dukes Place, London EC3A 7NH Global Opportunities I USD $ 1.62 - 0.02 2.09 Other International Funds
UK Agricultural Class B £ 1.39 - -0.02 0.00 Order Desk and Enquiries: 0345 922 0044 Strategic Bond £ 0.31 - 0.00 2.83 Haussmann Cls D SFr 1236.49 - -18.03 0.00
Global Opportunities I GBP £ 1.09 - 0.01 1.94 Franklin Emerging Market Debt Opportunities Fund Plc
Authorised Inv Funds
Student Accom Class B £ 0.55 - -0.17 0.00 Strategic Bond Gross £ 0.31 - 0.00 2.83 Franklin Emg Mkts Debt Opp CHFSFr 17.44 - 0.51 8.01
CF Heartwood Cautious B Acc X 127.01 - 0.29 0.15 Global Opportunities I EUR € 1.52 - -0.01 1.98
Coronation Fund Managers Target 2015 £ 0.50 - 0.00 0.38 Franklin Emg Mkts Debt Opp EUR € 12.27 - 0.36 7.13 Heartwood Wealth Management Limited (IRL)
CF Heartwood Cautious Income B Inc X 109.14 - 0.36 2.42 +44 (0)20 7389 8840 www.coronation.com Global Opportunities A GBP £ 1.02 - 0.01 1.47
Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za Target 2020 £ 0.56 - 0.00 0.52 Franklin Emg Mkts Debt Opp GBP £ 10.18 - 0.25 6.96 Regulated
CF Heartwood Growth B Acc X 143.35 - 0.95 0.66 Pan European Opportunities I EUR € 1.52 - 0.05 -
Other International Funds Target 2025 £ 1.32 - 0.01 0.32 Heartwood Caut Multi Asset B Acc 138.77 - 0.59 0.00
Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.51 6.17
CF Heartwood Balanced Income B Inc X 110.93 - 0.69 2.95 Global Equity Fund of Funds - Class A $ 13.48 - -0.07 0.00
- Target 2030 £ 1.42 - 0.01 0.40 Franklin Emg Mkts Debt Opp USD $ 17.18 - 0.35 6.99
CF Heartwood Balanced B Acc X 124.27 - 0.70 0.31 Global Emerging Markets - Class A $ 11.88 - 0.15 0.00
UK Select £ 2.44 - 0.01 0.86 Henderson Global Investors (UK)
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.98 - 0.18 0.00 All Africa $ 13.33 - -0.47 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
UK Growth £ 3.60 - 0.01 0.00
CF Richmond Core X 175.84 - 1.73 0.00 Africa Frontiers $ 15.50 - -1.10 0.00
Frontier Capital (Bermuda) Limited www.henderson.com
Brown Advisory Funds plc (IRL) UK Smaller Companies £ 2.16 - 0.01 0.18 Other International Authorised Inv Funds
http://www.brownadvisory.com Tel: 020 3301 8130 CF Seneca Diversified Growth A ACC 218.75 - 1.16 1.42
Commercial Property-GBP Class £ 71.42 - -0.53 - Asia Pacific Capital Growth A Acc 705.40 - 0.30 0.16
FCA Recognised
CF Seneca Diversified Growth B ACC 129.49 - 0.69 2.43
Brown Advisory US Equity Growth Fund USD B $ 22.81 - 0.19 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 - Asian Dividend Income Inc 83.83 88.46 0.00 7.17
CF Seneca Diversified Growth N ACC 128.19 - 0.69 2.10
 Monday 28 December 2015
Fund Bid Offer +/- Yield
Cautious Managed A Acc 236.70 - 0.50 3.28
Cautious Managed A Inc 146.40 - 0.40 3.34
China Opportunities A Acc 859.70 - 0.70 0.40
Emerging Markets Opportunities A Acc 139.40 - 0.20 0.80
European Growth A Acc 171.20 - 0.50 0.54
European Selected Opportunities A Acc 1286.00 - 7.00 0.67
European Special Situations A Acc 94.66 - -0.29 1.05
Fixed Interest Monthly Income A Inc 21.66 22.72 0.00 5.85
Global Care Growth A Inc 200.60 - 1.10 0.00
Global Equity Income A Inc 49.51 - 0.27 3.78
Global Growth Fund 2084.42 2179.23 10.95 0.00
Global Technology A Acc 985.30 - 3.00 0.00
Multi-Manager Absolute Return A Acc 134.40 - 0.20 0.39
Multi-Manager Active A Acc ▲ 173.10 - 0.00 0.00
Multi-Manager Distribution A Inc 125.90 - 0.60 3.33
Multi-Manager Diversified A Acc 77.37 - 0.24 2.86
Multi-Manager Global Select Acc 178.00 - 0.90 0.00
Multi-Manager Income & Growth A Acc 151.40 - 0.80 2.21
Multi-Manager Income & Growth A Inc 139.10 - 0.80 2.24
Multi-Manager Managed A Acc 225.50 - 0.00 0.42
Multi-Manager Managed A Inc 221.50 - 0.00 0.41
Sterling Bond Acc 194.86 203.60 -0.08 2.85
Sterling Bond Inc 60.41 63.11 -0.03 2.89
Strategic Bond A Inc 125.30 - 0.00 5.22
UK & Irish Smaller Companies A Acc 539.80 - 1.50 0.00
UK Absolute Return A Acc 151.60 - 0.00 0.00
UK Alpha A Acc ♦ 115.40 - 0.20 1.86
UK Equity Income & Growth A Inc 596.90 - 3.10 3.90
UK Index A Acc 490.60 - 2.50 2.90
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 4.16
UK Tracker A Acc 218.70 - 1.30 2.99
US Growth A Acc 793.60 - 2.80 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Abs Return Credit Fund Class F Acc £ £ 1.02 1.02 0.00
Hermes Abs Return Credit Fund Class R Acc € € 2.00 2.00 0.02
Hermes Active UK Inflation Fund Class F Acc £ 1.27 1.27 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.56 1.56 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.37 3.37 0.01 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.17 1.17 0.00 0.00
Hermes Global Emerging Markets Fund Class R Acc € 2.94 2.94 0.01 0.00
Hermes Global Equity Fund Class F Acc £ 1.53 1.53 0.01 0.00
Hermes Global Equity Fund Class R Acc € 4.00 4.00 0.04 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.19 1.19 0.01 0.00
set Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.04 1.04 -0.01 0.00
Hermes Global High Yield Bond Fund Class R Acc €
Hermes Global Small Cap Fund Class F Acc £ £
2.71
0.99
2.71 0.01 0.00
0.99 0.00
Hermes Global Small Cap Fund Class R Acc € € 1.95 1.95 0.02
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.00 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.31 1.31 0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.27 1.27 0.00 1.29
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.16 3.16 0.02 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.39 1.39 0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.25 3.25 0.02 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.71 1.71 0.01 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 5.11 5.11 0.03 0.00
Hermes US All Cap Equity Class F Stg £ Acc £ 1.01 1.01 0.01
Hermes US All Cap Equity Class R € Acc € 1.98 1.98 0.03
Hermes US SMID Equity Fund Class F Acc £ 1.62 1.62 0.01 0.00
Hermes US SMID Equity Fund Class R Acc € 3.46 3.46 0.04 0.00
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts
Property £ 5.78 6.15 0.03 4.14
Hermes UK Residential Real Estate
Property & Other UK Unit Trusts
(UK)
VISTA UK Residential Real Estate £ 1.02 1.06 0.03
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.26 - 0.02 0.00
Env Mkts (Ire) Euro A € 2.12 - 0.04 0.00
Env Mkts (Ire) USD A $ 1.76 - 0.02 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.91 - 0.02 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 17.89 - 0.34 0.00
IVI European Fund GBP £ 17.64 - 0.15 1.02
Invesco Fund Managers Ltd (UK)
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
Asian Acc ♦ F 434.90 - 2.14 0.92
Asian Inc ♦ F 388.49 - 1.92 0.93
Asian Equity Income Acc ♦ F 55.86 - 0.16 4.69
Asian Equity Income Inc ♦ F 46.44 - 0.13 4.82
Balanced Risk 6 Acc 51.30 - 0.11 0.00
Balanced Risk 8 Acc 52.38 - 0.17 0.00
Balanced Risk 10 Acc 53.39 - 0.21 0.13
Childrens Acc ♦ F 395.74 - 2.92 1.79
set Management
Corporate Bd Acc (Gross) ♦ F 206.69 - -0.12 3.50
Corporate Bd Inc (Gross) ♦ F 87.83 - -0.05 3.60
Corporate Bond Acc ♦ F 183.83 - -0.11 3.52
Corporate Bond Inc ♦ F 87.69 - -0.05 3.59
Distribution Acc ♦ F 108.29 - 0.19 4.47
Distribution Acc (Gross) ♦ F 124.10 - 0.22 4.45
Distribution Inc ♦ F 62.91 - 0.11 4.56
Distribution Inc (Gross) ♦ F 62.94 - 0.11 4.56
Emerging European Acc ♦ F 33.05 - 0.22 2.84
Emerging European Inc ♦ F 30.13 - 0.20 2.91
European Equity Acc ♦ F 843.53 - 2.28 1.51
European Equity Inc ♦ F 703.84 - 1.90 1.54
European Equity Income Acc ♦ F 73.32 - 0.22 3.46
European Equity Income Inc ♦ F 55.74 - 0.17 3.55
European High Income Acc ♦ F 80.55 - 0.12 3.49
European High Income Inc ♦ F 58.39 - 0.09 3.55
European Opportunities Inc ♦ F 84.63 - 0.40 1.12
European Opportunities Acc ♦ F 87.54 - 0.41 1.11
European Smlr Cos Acc ♦ F 193.82 - 1.20 0.23
Global Bd Acc (Gross) ♦ F 131.61 - -0.13 1.17
Global Bd Inc (Gross) ♦ F 81.04 - -0.07 1.18
Global Bond Acc ♦ F 123.64 - -0.11 1.17
Global Bond Inc ♦ F 80.98 - -0.08 1.18
Glbl Distribution Acc 52.66 - 0.16 4.91
Glbl Distribution Acc (Gross) 53.40 - 0.17 4.91
Glbl Distribution Inc 49.90 - 0.15 4.93
Glbl Distribution Inc (Gross) 49.92 - 0.15 4.93
Global Emerging Markets Acc ♦ F 235.46 - 1.22 0.99
Global Emerging Markets Inc ♦ F 212.33 - 1.10 1.00
Global Equity (acc) ♦ F 474.33 - 2.94 0.64
Global Equity (inc) ♦ F 430.00 - 2.66 0.64
Global Equity Income Acc ♦ F 121.39 - 0.76 3.60
Global Equity Income Inc ♦ F 98.59 - 0.62 3.70
Gbl Financial Capital Acc 89.05 - 0.10 4.29
Gbl Financial Capital Inc 74.93 - 0.08 4.42
Fund Bid Offer +/- Yield
Gbl Financial Cap Acc Gross 93.25 - 0.10 4.78
Gbl Financial Cap Inc Gross 75.15 - 0.08 4.97
Global Opportunities Acc ♦ F 94.66 - 0.72 0.47
Global Smaller Cos Acc ♦ F 1681.49 - 8.73 0.20
Global Smaller Cos Inc ♦ F 1605.63 - 8.35 0.20
Global Targeted Rets Acc 56.54 - 0.01 0.29
High Income Acc ♦ F 830.81 - 3.78 3.28
High Income Inc ♦ F 458.30 - 2.09 3.36
High Yield Fund Acc 104.81 - 0.07 5.23
High Yield Fund Acc (Gross) 122.44 - 0.08 5.19
High Yield Fund Inc 41.47 - 0.03 5.37
High Yield Fund Inc (Gross) 41.55 - 0.03 5.37
Hong Kong & China Acc ♦ F 477.62 - 0.88 0.74
Income & Growth Acc ♦ F 954.43 - 4.64 4.05
Income & Growth Inc ♦ F 414.08 - 2.01 4.17
Income Acc ♦ F 3188.20 - 13.50 3.13
Income Inc ♦ F 1773.09 - 7.50 3.20
Japan Acc ♦ F 314.95 - -0.24 0.31
Japanese Smlr Cos Acc ♦ F 66.70 - -1.74 0.00
Latin America Acc ♦ F 97.41 - 0.91 1.14
Latin America Inc ♦ F 81.09 - 0.76 1.16
Managed Growth Acc ♦ F 161.06 - 1.13 0.71
Managed Growth Inc ♦ F 134.08 - 0.94 0.71
Managed Income Acc ♦ F 159.78 - 0.83 2.97
Managed Income Inc ♦ F 97.37 - 0.51 3.02
Money Acc ♦ F 90.19 - 0.00 0.21
Money Acc (Gross) ♦ F 95.32 - 0.00 0.21
Monthly Income Plus Acc ♦ F 294.38 - 0.20 4.84
Monthly Income Plus Acc (Gross) ♦ F 346.52 - 0.24 4.82
Monthly Income Plus Inc ♦ F 108.11 - 0.07 4.95
Monthly Income Plus Inc (Gross) ♦ F 108.29 - 0.07 4.94
Pacific Acc ♦ F 983.12 - 2.07 0.38
Pacific Inc ♦ F 899.66 - 1.90 0.38
Tactical Bond Acc ♦ F 68.49 - 0.00 0.81
Tactical Bond Inc ♦ F 59.38 - 0.00 0.82
Tactical Bond Acc (Gross) ♦ F 71.07 - 0.01 0.81
Tactical Bond Inc (Gross) ♦ F 59.44 - 0.00 0.82
UK Focus Acc F 197.62 - 1.78 1.83
UK Focus Inc F 164.57 - 1.48 1.86
UK Growth Acc ♦ F 540.86 - 4.07 1.87
UK Growth Inc ♦ F 343.14 - 2.58 1.90
- UK Smaller Cos Equity Acc ♦ F 888.95 - 4.37 0.77
- UK Smaller Cos Equity Inc ♦ F 680.74 - 3.35 0.78
UK Strategic Income Acc ♦ F 185.37 - 0.82 3.50
UK Strategic Income Inc ♦ F 136.57 - 0.61 3.59
US Equity Acc ♦ F 547.55 - 9.70 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 182.36 - 0.90 1.47
Asian (No Trail) Inc ♦ F 164.04 - 0.81 1.49
Asian Equity Income (No Trail) Acc ♦ F 114.41 - 0.33 4.67
Asian Equity Income (No Trail) Inc 95.13 - 0.27 4.80
Balanced Risk 6 No Trail Acc 104.56 - 0.23 0.16
-
Balanced Risk 8 No Trail Acc
Balanced Risk 10 No Trail Acc
Asset Management 106.73
108.80
-
-
0.34 0.43
0.43 0.59
Corporate Bond (No Trail) Acc ♦ F 163.63 - -0.11 3.76
- Other International Funds
Corporate Bond (No Trail) Inc ♦ F 115.91 - -0.08 3.85
Distribution (No Trail) Acc ♦ F 166.24 - 0.30 4.46
Distribution (No Trail) Inc ♦ F 109.94 - 0.19 4.55
Emerging European (No Trail) Acc ♦ F 68.79 - 0.45 3.40
Emerging European (No Trail) Inc ♦ F 60.80 - 0.40 3.51
European Equity (No Trail) Acc ♦ F 149.02 - 0.40 2.06
European Equity (No Trail) Inc ♦ F 123.51 - 0.34 2.10
European Equity Income (No Trail) Acc ♦ F 151.12 - 0.46 3.46
European Equity Income (No Trail) Inc ♦ F 114.92 - 0.34 3.54
- European High Income (No Trail) Acc ♦ F 166.04 - 0.24 3.48
- European High Income (No Trail) Inc ♦ F 120.35 - 0.18 3.54
European Opportunities (No Trail) Acc ♦ F 183.38 - 0.87 1.64
European Opportunities (No Trail) Inc ♦ F 171.43 - 0.81 1.67
European Smaller Companies (No Trail) Acc ♦ F 238.16 - 1.47 0.74
Global Balanced Index (No Trail) Acc ♦ F 158.75 - 0.68 2.03
Global Bond (No Trail) Acc ♦ F 138.97 - -0.13 1.42
Global Bond (No Trail) Inc ♦ F 125.64 - -0.12 1.43
Glbl Distribution Acc (No Trail) 106.15 - 0.32 3.89
Glbl Distribution Inc (No Trail)
Gbl Emerging Markets (No Trail) Acc ♦ F
100.60
154.41
-
-
0.31 3.97
0.80 1.59
- Blend.Research Gb.Eq.Fd.
Gbl Emerging Markets (No Trail) Inc ♦ F 143.48 - 0.74 1.61
Global Equity (No Trail) acc ♦ F 209.50 - 1.30 1.18
Global Equity (No Trail) inc ♦ F 193.84 - 1.21 1.20
Global Equity Income (No Trail ) Acc ♦ F 251.25 - 1.57 3.59
Global Equity Income (No Trail) Inc ♦ F 204.06 - 1.27 3.69
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 175.98 - 1.20 1.55
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 203.69 - 1.53 2.04
Gbl Fin Cap No Trail Acc 181.58 - 0.20 4.28
Gbl Fin Cap No Trail Inc 152.82 - 0.17 4.41
Global Opportunities (No Trail) Acc ♦ F 243.73 - 1.85 1.02
Global Smaller Companies (No Trail) Acc ♦ F 245.80 - 1.28 0.75
Global Smaller Companies (No Trail) Inc ♦ F 234.87 - 1.23 0.75
Global Targeted Rets (No Trail) Acc 114.30 - 0.03 0.83
High Income (No Trail) Acc ♦ F 177.75 - 0.81 3.27
High Income (No Trail) Inc ♦ F 130.69 - 0.60 3.35
High Yield Fund (No Trail) Acc 217.33 - 0.14 5.22
High Yield Fund (No Trail) Inc 160.18 - 0.11 5.35
Hong Kong & China (No Trail) Acc ♦ F 189.53 - 0.36 1.24
Income & Growth (No Trail) Acc ♦ F 224.82 - 1.10 4.03
Income & Growth (No Trail) Inc ♦ F 177.97 - 0.86 4.15
Income (No Trail) Acc ♦ F 175.29 - 0.74 3.12
Income (No Trail) Inc ♦ F 128.34 - 0.55 3.19
Japan (No Trail) Acc ♦ F 149.74 - -0.11 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 169.99 - -4.44 0.00
Latin American (No Trail) Acc ♦ F 94.25 - 0.89 1.85
Latin American (No Trail) Inc ♦ F 84.64 - 0.80 1.88
Managed Growth (No Trail) Acc ♦ F 195.37 - 1.37 1.23
Managed Growth (No Trail) Inc ♦ F 179.67 - 1.26 1.24
Managed Income (No Trail) Acc ♦ F 191.58 - 1.00 2.96
Managed Income (No Trail) Inc ♦ F 156.57 - 0.81 3.02
Monthly Income Plus (No Trail) Acc ♦ F 169.89 - 0.11 4.83
Monthly Income Plus (No Trail) Inc ♦ F 106.62 - 0.07 4.93
Pacific (No Trail) Acc ♦ F 182.48 - 0.39 0.87
Pacific (No Trail) Inc ♦ F 171.67 - 0.36 0.95
Tactical Bond (No Trail) Acc ♦ F 140.25 - 0.00 1.31
Asset Management
Tactical Bond (No Trail) Inc ♦ F 118.90 - 0.01 1.32
UK Focus (No Trail) Acc F 162.68 - 1.47 2.38
UK Focus (No Trail) Inc F 136.88 - 1.23 2.43
UK Enhanced Index (No Trail) Acc ♦ F 397.66 - 2.18 3.60
UK Enhanced Index (No Trail) Inc ♦ F 247.68 - 1.37 3.69
UK Growth (No Trail) Acc ♦ F 143.14 - 1.08 2.40
UK Growth (No Trail) Inc ♦ F 117.13 - 0.89 2.45
UK Smaller Companies Equity (No Trail) Acc ♦ F 289.58 - 1.43 1.26
UK Smaller Companies Equity (No Trail) Inc ♦ F 267.15 - 1.32 1.28
UK Strategic Income (No Trail) Acc ♦ F 736.73 - 3.26 3.50
UK Strategic Income (No Trail) Inc ♦ F 542.81 - 2.40 3.58
US Equity (No Trail) Acc ♦ F 228.14 - 4.05 0.11
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.86 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.77 - 0.05 3.72
Invesco Asia Consumer Demand Fund A income $ 12.41 - 0.05 0.24
Invesco Asia Infrastructure (A) $ 12.14 - 0.09 0.78
Invesco Asia Opportunities Equity A $ 100.99 - 0.48 0.00
Invesco Balanced Risk Allocation Fund A € 14.52 - 0.03 0.00
Invesco Emerging Europe Equity Fund A $ 7.50 - 0.12 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.63 - -0.01 6.93
Invesco Emerging Mkt Quant.Eq. A $ 8.94 - 0.08 0.00
Invesco Energy A $ 15.86 - 0.33 0.00
Invesco Euro Corporate Bond Fund (A) € 17.00 - -0.02 0.00
Invesco Euro Inflation Linked Bond A € 15.47 - -0.03 0.00
Invesco Euro Reserve A € 322.69 - -0.01 0.00
Invesco Euro Bond A € 7.11 - -0.01 0.00
★ FINANCIAL TIMES 21
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Invesco European Growth Equity A € 24.63 - 0.39 0.00 UK Equity Growth Inc 105.60 - 0.50 1.18 M&G Corporate Bond A Inc 39.18 - 0.00 3.09 UK Equity Fd Cl A Series 01 £ 2357.45 2381.20 0.73 0.00 Asian Equity A F $ 40.90 - 0.44 0.00
Invesco Global Absolute Return Fund A Class € 11.73 - 0.01 0.00 UK Higher Inc Acc ... C 908.80 - 3.60 4.12 LF Funds (Banque Libano-Francaise Group) (LUX) M&G Dividend A Inc 60.91 - -0.03 4.47 Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00 Asian Property A F $ 17.57 - 0.16 0.00
Invesco Global Bond A Inc $ 5.50 - 0.00 0.75 UK Higher Inc Inc ... C 528.20 - 2.10 4.25 www.eblf.com - lffunds@eblf.com M&G Dividend A Acc 610.08 - -0.38 4.32 Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00 Asian Property AX F £ 10.78 - -0.01 0.54
Regulated
Invesco Global Conservative Fund 90 (EUR) A € 11.88 - 0.01 0.00 UK Smaller Cos Acc 388.40xd - 2.50 0.27 M&G Episode Growth X Inc 51.54xd - 0.19 1.78 Diversified Alpha Plus A F € 29.54 - 0.03 0.00
LF Total Return Bond Fund - Class A $ 116.77 - 0.15 0.00
Invesco Global Equity Income Fund A $ 58.63 - 0.79 0.00 UK Smaller Cos Inc 75.21xd - 0.48 0.27 M&G Episode Income A Acc 135.94xd - 0.38 3.58 Manek Investment Mgmt Ltd (1000)F (UK) Emerg Europ, Mid-East & Africa Eq A F € 65.61 - 0.89 0.00
LF Total Return Bond Fund - Class D $ 114.78 - 0.15 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.05 - 0.03 2.23 UK Strategic Eq Inc Acc ... C 151.60xd - 0.60 3.73 M&G Episode Income A Inc 113.07xd - 0.30 3.65 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Emerging Markets Debt A F $ 73.97 - 0.05 0.00
Authorised Inv Funds
Invesco Global Inv Grd Corp Bond A Dist $ 11.80 - -0.01 3.03 UK Strategic Eq Inc Inc ... C 98.04xd - 0.39 3.82 M&G Extra Income A Inc 719.03xd - 2.68 4.53 Emerging Markets Domestic Debt AX F £ 10.23 - -0.02 5.50
Lloyds Investment Fund Managers Limited (1000)F (JER) Growth Fd Acc 52.27 55.33 0.08 0.00
Invesco Global Leisure A $ 36.24 - 0.18 0.00 US Acc 733.10 - 6.10 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Extra Income A Acc 5932.09xd - 22.09 4.39 Emerging Markets Equity A F $ 32.80 - 0.36 0.00
Invesco Global Smaller Comp Eq Fd A $ 56.87 - 0.32 0.00 US Inc 101.50 - 0.90 0.00 Other International Funds M&G Global Basics A Inc 612.85 - 2.13 0.61 Euro Bond A F € 15.68 - -0.03 0.00
Lloydstrust Gilt £ 12.1400 - -0.0800 2.38 LNG Capital (CYM)
Invesco Global Structured Equity A $ 46.33 - 0.43 0.73 US Equity Income Acc ... C 123.00xd - 1.40 2.11 M&G Global Basics A Acc 931.23 - 3.23 0.57 Kingsbury House, 15-17 King St, London SW1Y 6QU Euro Corporate Bond AX F £ 21.73 - -0.20 1.52
Lloyds Investment Funds Limited
Invesco Global Total Ret.(EUR) Bond Fund A € 13.14 - -0.01 0.00 US Equity Income £ hdg Inc ... C 99.20xd - 1.31 2.22 M&G Global Dividend Fund A Acc 185.68 - 3.13 3.30 www.lngcapital.com, Tel: 0207 839 3456 Euro Strategic Bond A F € 43.19 - -0.07 0.00
Euro High Income € 1.6120 - -0.0030 2.97 Regulated
Invesco Gold & Precious Metals A $ 3.50 - 0.00 0.00 US Equity Income Inc ... C 104.40xd - 1.20 2.13 M&G Global Dividend Fund A Inc 146.53 - 2.47 3.37 European Currencies High Yield Bd A F € 21.39 - 0.00 0.00
European £ 7.5070 - 0.1700 1.24 LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Invesco Greater China Equity A $ 44.48 - 0.54 0.00 US Select Acc 114.20 - 1.20 0.00 M&G Glbl Emrgng Mkts A Acc 183.28 - 1.16 0.94 European Equity Alpha A F € 42.72 - 1.00 0.00
High Income £ 0.8574 - -0.0031 4.96 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
Invesco India Equity A $ 51.57 - 0.42 0.00 US Select Inc 112.80 - 1.20 0.00 M&G Glbl Emrgng Mkts A Inc 177.07 - 1.12 0.95 European Property A F € 35.38 - 0.41 0.00
International £ 3.9370 - 0.0540 1.17 LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
Invesco Japanese Equity Adv Fd A ¥ 3803.00 - 0.00 0.00 US Smaller Cos Acc 382.60xd - 4.50 0.00 M&G Global Macro Bond Fund A Acc 106.68xd - 0.10 1.38 Eurozone Equity Alpha A F € 11.54 - 0.23 0.00
North American £ 15.5700 - 0.2000 0.13
Invesco Japanese Value Eq Fd A ¥ 1280.00 - 0.00 0.00 US Smaller Cos Inc 100.20xd - 1.12 0.00 M&G Global Macro Bond Fund A Inc 73.90xd - 0.07 1.38 Global Bond A F $ 38.10 - -0.11 0.00
Sterling Bond £ 1.4580 - -0.0070 3.63 Marlborough Fd Managers Ltd (1200)F (UK)
Invesco Latin American Equity A $ 5.50 - 0.03 0.00 M&G Global High Yield Bond X Inc 47.47xd - 0.09 4.70 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Global Brands A F $ 98.26 - 1.52 0.00
UK £ 6.3650 - 0.1300 1.69
Invesco Nippon Small/Mid Cap Equity A ¥ 1035.00 - 0.00 0.00 M&G Global High Yield Bond X Acc 112.33xd - 0.23 4.70 www.marlboroughfunds.com Global Convertible Bond A F $ 42.06 - 0.16 0.00
JPMorgan Charity Funds (UK) Lloyds Gilt Fund Limited
Authorised Inv Funds
Invesco Pan European Equity A EUR Cap NAV € 19.06 - 0.45 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Lloyds Gilt Fund Quarterly Share £ 1.2640 - -0.0080 1.88 M&G Managed Growth X Inc 75.69xd - 0.38 0.57 Global Property A F $ 27.60 - 0.16 0.00
Property & Other UK Unit Trusts Balanced 155.98 164.94 0.03 0.05
Invesco Pan European High Income Fd A € 13.73 - 0.04 2.38 Monthly Share £ 1.2140xd - -0.0080 1.88 M&G Optimal Income A Inc 141.11 - 0.17 2.63 Indian Equity A F $ 34.43 - 0.26 0.00
UK Equity Fund for Charities I...C £ 2.809538 2.821504 1.786384 3.52 Bond Income 49.36 52.23 -0.09 4.95
Invesco Pan European Small Cap Equity A € 23.00 - 0.22 0.00 Lloyds Money Fund Limited M&G Optimal Income A Acc 186.41 - 0.22 2.63 Latin American Equity A F $ 35.94 - 0.37 0.00
Bond Fund for Charities £ 1.333069 1.339426 0.309915 3.58 Cash 50.05 50.05 0.00 0.32
Sterling Class £ 52.6160 - 0.0000 0.12
Invesco Pan European Structured Equity A € 17.30 - 0.27 0.00 M&G Recovery GBP A Inc 115.09 - 1.00 0.76 Short Maturity Euro Bond A F € 20.37 - 0.00 0.00
Lloyds Multi Strategy Fund Limited Cautious Inc 81.99 86.30 -0.05 1.33
Invesco UK Eqty Income A £ 31.75 - 0.36 0.00 M&G Recovery GBP A Acc 258.43 - 2.24 0.76 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Conservative Strategy £ 1.0930 - -0.0020 1.97 Defensive A Inc 117.22 117.22 -0.05 0.27
Invesco UK Investment Grade Bond A £ 0.97 - -0.01 2.90 M&G Strategic Corp Bond A Inc 72.46xd - 0.01 2.98 US Growth A F $ 68.86 - 0.42 0.00
Growth Strategy £ 1.4710 - 0.0060 1.32 Emerging Markets 222.09 222.09 1.46 1.71
Invesco US Structured Equity A $ 20.82 - 0.16 0.00 M&G Strategic Corp Bond A Acc 104.59xd - 0.02 2.98 US Growth AH F € 47.72 - 0.29 0.00
Aggressive Strategy £ 1.8030 - 0.0170 0.00 ETF Global Growth A 152.13 152.13 1.14 0.00
Invesco US Value Eq Fd A $ 30.48 - 0.30 0.00 M&G Global Leaders GBP A Inc 193.16 - 0.42 1.34 US Growth AX F £ 46.29 - 0.17 0.00
Global USD Growth Strategy $ 1.3740 - 0.0090 0.00 ETF Commodity A 65.13 65.13 0.29 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00 Dealing Daily M&G Global Leaders GBP A Acc 454.92 - 0.97 1.32 US Property A F $ 68.45 - 0.20 0.00
European Multi-Cap 292.50 292.50 0.43 0.29
GAM M&G UK Inflation Lnkd Corp Bnd A Acc 110.72 - 0.22 0.12
Extra Income 78.96 83.56 0.67 4.39
funds@gam.com, www.jbfundnet.com
Invesco Global Asset Management Ltd (IRL) M&G UK Inflation Lnkd Corp Bnd A Inc 109.13 - 0.21 0.12 Morgens Waterfall Vintiadis.co Inc
Regulated Lohengrin Management Ltd (BAH) Far East Growth A Inc 161.60 161.60 1.00 2.33
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Lohengrin@genesisfundservices.com Tel: 242-502-7020 Other International Funds
JB BF ABS-EUR B € 104.74 - -0.04 0.00 Global 177.35 186.68 0.20 0.00
FCA Recognised Other International Funds Phaeton Intl (BVI) Ltd (Est) $ 397.63 - 0.35 0.00
JB BF Abs Ret Def-EUR B € 108.82 - 0.02 0.00 M & G Securities Ltd (UK)
Invesco Stlg Bd A QD F £ 2.59 - 0.00 3.30 Lohengrin Fund Ltd - Class C € 33.14 - -14.11 0.00 Global Bond Inc 136.42 144.36 -0.30 3.19
Property & Other UK Unit Trusts
Invesco Asian Equity A $ 6.21 - 0.03 0.53 JB BF Abs Ret EM-USD B $ 113.16 - 0.10 0.00 High Yield Fixed Interest 72.90 77.35 0.20 5.71
Charibond 122.25 - -0.04 5.29
JB BF Abs Ret-EUR B € 127.43 - 0.09 0.00
Invesco ASEAN Equity A $ 87.05 - 0.24 0.45 Multi Cap Income A Inc 160.08 160.08 0.85 4.40
(Accum Units) 3619.20 - -1.19 5.29
JB BF Abs Ret Pl-EUR B € 126.02 - 0.13 0.00
Invesco Bond A $ 26.75 - -0.02 2.22 Nano-Cap Growth A Acc 102.3154 112.6300 0.0776 0.00
NAACIF 74.38 - 0.50 4.71
JB BF EM Corporate-USD B $ 105.95 - -0.01 0.00
Invesco Continental Eurp Small Cap Eqty A $ 198.89 - 1.36 0.00 Special Situations A Acc 1194.81 1264.35 2.95 0.37
(Accum Units) 6667.06 - 45.13 4.58
JB BF EM Infl Link-USD B $ 78.55 - 0.42 0.00
Invesco Emerging Markets Equity A $ 34.77 - 0.27 0.00 UK Multi-Cap Growth A Inc 242.84 256.97 0.93 0.65
M&G Property Portfolio A Acc 135.69 142.83 0.01 3.40
JB BF EM Inv Grade-USD B $ 96.94 - 0.07 0.00
Invesco Emerging Markets Bond A $ 20.33 - -0.01 4.73 UK Micro Cap Growth A 473.25 500.79 0.24 0.00 Natixis International Funds (Lux) I SICAV (LUX)
Property Portfolio A 124.49 131.04 0.01 3.46
Invesco Continental European Equity A € 8.73 - 0.13 0.19 JB Emerging (EUR)-EUR B € 327.29 - 0.53 0.00 Lombard Odier Funds (Europe) S.A (LUX)
US Multi-Cap Income 322.96 322.96 2.60 0.63
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
www.loim.com Property Portfolio X 124.49 124.49 0.01 3.46 FCA Recognised
JB Emerging (USD)-USD B $ 399.08 - 0.99 0.00 MFM - Third Party Funds
Invesco Gilt A £ 14.86 - -0.10 1.40 Regulated Harris Global Equity R/A (USD) $ 255.35 255.35 1.73 0.00
JB BF Local EM-USD B $ 243.43 - 0.75 0.00 Lombard Odier Funds Junior Oils 57.50 60.85 2.23 0.00
Invesco Global Small Cap Equity A NAV $ 118.08 - 0.71 0.00 Harris US Equity Fund R/A (USD) $ 204.78 204.78 2.42 0.00
JB BF Total Ret-EUR B € 96.65 - -0.01 0.00
Absolute Ret Bond (EUR) PA € 11.95 - -0.01 0.00 M & G (Guernsey) Ltd (GSY) Junior Gold C Acc 18.50 18.50 -0.03 0.00
Invesco Global High Income A NAV $ 11.66 - 0.02 5.46 Regulated Harris Concentrated US Equity R/A (USD) $ 155.81 155.81 1.83 0.00
Absolute Ret Bond (USD) PA $ 17.58 - -0.01 0.00 MFM Artorius Fund 159.08 159.08 1.14 0.17
Invesco Gbl R/Est Secs A GBP F F £ 7.89 - 0.02 0.89 JB EF Abs Ret Eur-EUR B € 120.43 - -0.07 0.00 The M&G Offshore Fund Range
Loomis Sayles Strategic Alpha R/A (USD) $ 109.05 109.05 -0.03 -
All Roads (CHF) PA SFr 17.20 - -0.02 0.00 MFM Bowland 163.94 177.23 2.41 0.00
JB EF Euro Value-EUR B € 176.64 - 6.33 0.00 Corporate Bond 1304.39 1344.73 0.00 3.07
Invesco Global Health Care A $ 127.78 - 0.54 0.00
All Roads (USD) PA $ 10.98 - -0.01 0.00 Global Basics 2267.70 2337.83 7.85 0.32 MFM Hathaway Inc 105.15 110.10 0.16 1.89
Invesco Global Select Equity A $ 12.96 - 0.17 0.00 JB EF Japan-JPY B ¥ 17299.00 - -57.00 0.00
All Roads (GBP) PA £ 11.21 - -0.01 0.00 Natixis International Funds (Dublin) I plc (IRL)
JB EF Luxury B-EUR B € 216.73 - 3.85 0.00 Global Leaders 3354.94 3494.73 7.26 1.06 MFM SGWM Managed A Acc 125.95 125.95 -0.06 0.15
Invesco Jap Eqty Core A $ 1.80 - 0.00 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
All Roads (EUR) PA € 11.12 - -0.01 0.00 Global High Yield Bond 933.30 962.17 1.76 4.69 MFM Techinvest Special Situations Acc 140.56 140.56 0.56 0.01 Regulated
Invesco Japanese Equity A $ 19.02 - 0.02 0.00 JB Ms EF Special Val. EUR/A € 137.22 - 2.91 1.10
Alpha Japan (EUR) PA F € 11.68 - 0.02 0.00 Global Macro Bond Fund 11091.94 11434.99 10.48 1.39 MFM Techinvest Technology Acc 345.33 345.33 6.80 0.00 Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.25 12.25 -0.03 1.21
Invesco Korean Equity A $ 31.42 - 0.00 0.00 JB Strategy Balanced-CHF/B SFr 148.83 - 1.24 0.00
Alpha Japan (CHF) PA F SFr 14.57 - 0.03 0.00 Loomis Sayles High Income R/D (USD) $ 8.11 8.11 0.03 14.98
JB Strategy Balanced-EUR € 154.20 - 1.40 0.00 North American Dividend Fund 158.12 164.71 2.61 2.22 MFM UK Primary Opportunities A Inc 326.63 326.63 4.86 1.35
Invesco PRC Equity A $ 52.27 - 0.52 0.00
Alpha Japan (JPY) PA F ¥ 1388.00 - 3.00 0.00 Slater Investments Ltd - Investment Adviser Loomis Sayles Multisector Income R/D (GBP) $ 11.91 11.91 0.03 5.77
JB Strategy Balanced-USD/B $ 128.64 - 0.87 0.00 Optimal Income Fund 139.83 144.16 0.17 2.56
Invesco Pacific Equity A $ 47.02 - 0.24 0.19
Alpha Japan (USD) PA F $ 16.74 - 0.03 0.00 MFM Slater Growth 418.07 443.58 3.42 0.11
JB Strategy Growth-CHF/B SFr 91.68 - 1.11 0.00 Recovery Fund Limited 'A' Participating Shares 9960.76 10375.79 85.48 0.48
Invesco Global Technology A $ 16.09 - 0.07 0.00
Alternative Beta PA F SFr 113.77 - 0.21 0.00 MFM Slater Income A Inc 160.71 160.71 0.97 3.81
Asset Management Natixis International Funds
JB Strategy Growth-EUR € 115.53 - 1.51 0.00 Recovery Fund Limited 'I' Participating Shares 9988.20 10089.09 86.17 1.33 (UK)
Invesco UK Eqty A £ 7.95 - 0.18 1.37
Alternative Beta PA F € 76.93 - 0.15 0.00 MFM Slater Recovery 181.25 192.31 1.62 0.23 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
JB Strategy Inc-CHF/B SFr 118.52 - 0.53 0.00 Strategic Corporate Bond Fund 131.57 137.05 0.02 2.96
Asset Management
Authorised Funds
Invest AD
JB Strategy Inc-EUR/B € 159.00 - 0.81 0.00
Alternative Beta PA F $ 115.15 - 0.22 0.00 UK Select 1506.80 1569.58 12.56 0.97 H2O MultiReturns Fund N/A (GBP) £ 1.40 - 0.00 1.40
Client services: +971 2 692 6101 clientservices@InvestAD.com JB Strategy Inc-USD/B $ 145.42 - 0.49 0.00
Commodities (CHF) PA SFr 4.86 - -0.02 0.00 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.05 - 0.00 0.00
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Commodities (EUR) PA € 4.93 - -0.02 0.00
FCA Recognised Loomis Sayles Strategic Income N/D (GBP) £ 0.94 - 0.00 4.06
Invest AD - Iraq Opportunity Fund $ 61.80 - 0.78 0.00 Commodities (USD) PA $ 5.11 - -0.02 0.00 Marlborough North American Fund Ltd £ 31.55 33.62 0.63 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.89 - 0.01 4.14
Invest AD - Emerging Africa Fund $ 898.73 - 2.31 0.00 Convertible Bd P A € 17.38 - 0.01 0.00 Marlborough Tiger Fund Ltd F £ 25.38 27.05 0.24 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.51 - 0.00 0.25
Invest AD - GCC Focus Fund $ 1426.93 - 19.01 0.00 Convertible Bd Asia PA F SFr 13.56 - 0.02 0.00
Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 1.00 - 0.00 -
Convertible Bd Asia PA F € 14.49 - 0.03 0.00
Marwyn Asset Management Limited (CYM) Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 1.00 - 0.00 -
Convertible Bd Asia PA F $ 14.61 - 0.03 0.00 Majedie Asset Management LTD (UK) Regulated
www.majedie.com
Kames Capital ICVC (UK) Emerg. Consumer (CHF) PA SFr 11.25 - 0.03 0.00 Marwyn Value Investors £ 458.79 - -5.08 0.00
Authorised Inv Funds
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA NatWest (2230)F (UK)
Emerg. Consumer (EUR) PA € 11.41 - 0.03 0.00 Global Equity X Acc GBP £ 1.15 - 0.01 0.59
0800 45 44 22 www.kamescapital.com PO Box 23873, Edinburgh EH7 5WJ**
Authorised Funds Enquiries: 0800 085 5588
Emerg. Consumer (USD) PA $ 11.40 - 0.04 0.00 Global Focus X Acc GBP £ 1.17 - 0.01 0.38 McInroy & Wood Portfolios Limited (UK)
Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Inv Funds
Diversified Income B Acc 112.56 - 0.32 0.00 UK Equity X Acc 140.39 - 1.63 2.81
Emerg.Eq. Risk Par.(EUR) PA € 7.41 - -0.01 0.00 Series 1(Minimum initial investment 16375,000)
JPMorgan Asset Mgmt (1200)F (UK) Authorised Inv Funds
Diversified Income B Inc 102.61 - 0.29 0.00 UK Focus X Acc 155.53 - 0.91 1.93 United Kingdom Equity Index Fund £ 12.32 - 0.28 2.92
60 Victoria Embankment, London EC4Y 0JP Emerg. Eq. Risk Par.(USD) PA $ 5.68 - 0.02 0.00 Balanced Fund Personal Class Units 3905.80xd - 22.80 1.90
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Diversified Growth B Acc £ 1.40 - 0.01 3.25 UK Income X Inc 152.68 - 0.87 4.96 UK Specialist Equity Inc £ 19.16 - 0.35 0.40
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.79 - 0.00 0.00 Income Fund Personal Class Units 2378.80 - 17.00 2.89
Authorised Inv Funds
Ethical Cautious Managed B Acc £ 1.23 - 0.00 2.29 UK Smaller Companies A Acc 261.52 - 1.62 1.33 Contl Europe Spec Equity £ 15.95 - 0.19 0.00
JPM Retail OEIC (A class unless stated) Emerg.Loc.Cur.Bd.Fdt PA SFr 8.15 - -0.04 0.00 Emerging Markets Fund Personal Class Units 1605.10 - 8.90 2.44
America Equity Acc 62.58xd - 0.76 0.00 Ethical Cautious Managed B Inc £ 1.17 - 0.01 2.32 US Spec Equity Fund £ 14.12 - 0.12 0.00
Emerg.Loc.Cur.Bd.Fdt PA € 10.83 - -0.06 0.00 Smaller Companies Fund Personal Class Units 3653.00 - 25.30 1.70
America Equity Inc 62.58xd - 0.77 0.00 Ethical Corporate Bond B Acc £ 1.69 - -0.01 3.67 Japan Specialist Fund X £ 9.93 - 0.01 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 8.25 - -0.01 0.00 Majedie Asset Management LTD (IRL)
Asia Acc 120.10 - -0.10 0.32 Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.74 FCA Recognised Pacific Basin Specialist Equity Fund £ 21.84 - 0.04 0.92
Euro BBB-BB Fdt PA SFr 15.34 - -0.02 0.00
US Equity Z Acc GBP £ 1.29 - 0.01 0.00
Meridian Fund Managers Ltd
Asia Inc 66.67 - -0.05 0.31 Ethical Equity B Acc £ 2.03 - 0.00 2.11 UK Sovereign Bd Index Fund £ 10.81 - -0.05 2.53
Euro BBB-BB Fdt PA € 12.21 - -0.01 0.00 Other International Funds
High Yield Bond B Acc £ 2.39 - 0.01 5.18 Tortoise Z Acc GBP £ 0.91 - 0.01 0.00
Asset Management
Cautious Managed Rt Acc 67.73xd - -0.06 0.47 Euro BBB-BB Fdt PA £ 10.79 - -0.01 0.00 Global Gold & Resources Fund $ 181.65 - 1.97 - UK Specialist Equity Income Fund £ 9.49 - 0.14 4.08
Cautious Managed Rt Inc
Asset Management
59.57xd - -0.06 0.47 High Yield Bond B Inc £ 0.96 - 0.01 5.30
Euro BBB-BB Fdt PA $ 17.34 - -0.02 0.00
Asset Management
Global Energy & Resources Fund $ 34.67 - 0.79 - Global Spec Inv Grade Bd Fund GBP £ 9.73 - -0.03 3.03
Diversified Real Ret Acc
Diversified Real Ret Inc
50.10
48.67
-
-
0.10 1.07
0.11 1.09
Investment Grade Bond B Acc
Investment Grade Bond B Inc £
158.55
1.16
-
-
-0.22 1.50
0.00 3.55
Euro Credit Bd PA F
Euro Government Fdt PA
Asset Management
€ 12.85
€ 12.54
-
-
-0.02 0.00
-0.04 0.00
MFS Investment Funds
FCA Recognised
(LUX)
Asset Management Global Emerg Mkts Equity Fund X £ 10.95
Series 2 (Investment Management customers only)
- 0.01 0.08
€ 104.12 - 1.95 -
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.36 United Kingdom Equity Index Fund £ 12.32 - 0.28 3.57
Emerging Mkts Acc 133.40 - 0.70 0.78 Euro Inflation-Lk Fdt PA € 11.93 - -0.03 0.00
Blend.Research Gb.Eq.Fd. £ 102.35 - 0.80 -
Sterling Corporate Bond B Inc £ 0.31 - 0.00 3.43 UK Specialist Equity Inc £ 19.37 - 0.36 1.59
Emerging Mkts Inc 57.37 - 0.30 0.78 Euro Resp.Corp. Fdt PA € 18.07 - -0.03 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 10401.00 - 143.00 -
Strategic Bond B Acc £ 1.11 - 0.00 2.75 Contl Europe Spec Equity £ 16.65 - 0.20 1.18
Emrg Eur Eq Acc 132.40 - 0.40 2.74 Europe High Conviction PA € 11.65 - 0.00 0.00
Blend.Research Gb.Eq.Fd. $ 100.00 - 1.09 -
Strategic Bond B Inc £ 1.16 - 0.00 2.79 US Spec Equity Fund £ 14.73 - 0.12 0.37
Emrg Eur Eq Inc 31.46 - 0.08 2.70 Eurozone Small&Mid Caps PA € 53.84 - -0.07 0.00
Em.Mk.Eq.Fund Euro € 111.07 - 2.15 0.00 Emerging Markets Managed Accounts PLC (IRL)
UK Equity B Acc £ 2.61 - 0.01 2.35 Japan Specialist Fund X £ 10.52 - 0.00 0.64
Emrg Mkts Inc Acc... C 46.45xd - 0.16 5.32 Fdmt.Eq.L/S SH Sd EUR PA € 10.67 - -0.01 0.00 info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
Em.Mk.Eq.Fund Sterling £ 95.57 - 0.82 0.00
UK Equity Absolute Return B Acc £ 1.24 - 0.00 0.00 Regulated Pacific Basin Specialist Equity Fund £ 21.63 - 0.05 1.90
Emrg Mkts Inc Inc... C 40.53xd - 0.14 5.47 Fdmt.Eq.L/S SH Sd USD PA $ 10.71 - -0.01 0.00
Em.Mk.Eq.Fd.US Dollar $ 92.29 - 1.07 0.00
UK Equity Income B Acc £ 2.17 - 0.01 4.68 Milltrust ASEAN A $ 85.89 - 0.45 0.00 UK Sovereign Bd Index Fund £ 11.00 - -0.05 2.53
Europe Acc 1074.00 - 4.00 1.45 Gbl.Gvt.Fdmt PA € 10.48 - -0.05 0.00
Gb.Conc.Eq.Fd.Euro € 279.41 - 4.28 0.00
UK Equity Income B Inc £ 1.68 - 0.01 4.81 Milltrust India A $ 122.57 - 3.78 0.00 UK Specialist Equity Income Fund £ 10.29 - 0.15 4.03
Europe Inc 61.84 - 0.23 1.45 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.77 - -0.10 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 171.04 - 0.76 0.00
UK Opportunities B Acc £ 1.77 - 0.01 2.28 Milltrust Latin America A $ 64.87 - -0.30 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.90 - -0.02 3.03
Eur Dynamic exUK Acc 163.40 - 0.50 0.80 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.46 - -0.07 0.00
Gb.Conc.Eq.Fd.Sterling £ 258.87 - 1.14 0.00
UK Smaller Companies B Acc £ 2.99 - 0.01 1.45 Milltrust Keywise China Fund $ 118.30 - 2.98 0.00 Global Emerg Mkts Equity Fund X £ 10.52 - 0.01 0.91
Eur Dynamic exUK £ hdg Acc 186.20 - 0.70 0.71 Gbl.5B Fdmt (EUR) PA € 11.64 - -0.06 0.00
Gb.Conc.Eq.Fd.US $ 192.47 - 1.43 0.00 The initial charge you will pay will depend on the amount you invest
Eur Dynamic exUK Inc 75.02 - 0.22 0.80 Gbl.5B Fdmt (CHF) PA SFr 10.32 - -0.04 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 182.64 - 2.35 0.00 **Address and Telephone number for series 1 only
Eur Smaller Cos Acc 514.90xd - 3.20 0.03 Kames Capital Investment Portfolios ICVC (UK) Gbl.5B Fdmt SH (USD) PA $ 10.82 - -0.01 0.00 Ministry of Justice Common Investment Funds (UK)
Gb.Eq.Euro Hdg Fd. € 258.81 - 3.32 0.00 Property & Other UK Unit Trusts
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Eur Smaller Cos Inc 66.95xd - 0.41 0.02 Generation Global (CHF) PA F SFr 13.65 - 0.04 0.00
0800 45 44 22 www.kamescapital.com Gb.Eq.Fund Euro € 284.32 - 5.00 0.00 The Equity Idx Tracker Fd Inc 1317.00 1317.00 8.00 2.86
Fusion Balanced Acc 54.93 - 0.26 0.47 Authorised Funds Generation Global (EUR) PA F € 20.75 - 0.07 0.00
Gb.Eq. Fd Euro IRE T € 179.90 - 3.17 0.00 Distribution Units
Fusion Balanced Inc 55.33 - 0.26 0.47 Property Income B Acc 119.20 - 0.13 4.53
Generation Global (USD) PA F $ 15.51 - 0.12 0.00
Gb.Eq.Fd.Sterling UK T £ 210.45 - 1.42 0.00
Fusion Conservative Acc 54.23 - 0.20 0.65 Property Income B Inc 110.53 - 0.13 4.67
Global Energy (USD) PA F $ 5.61 - 0.11 0.00
Gb.Eq.Fd.US Dollar $ 309.20 - 3.02 0.00
Fusion Conservative Inc 54.17 - 0.20 0.67 Golden Age (CHF) PA F SFr 21.29 - 0.10 0.00
Gb.Eq.Fund Sterling £ 208.02 - 1.41 0.00
New Capital Fund Management Ltd (IRL)
Fusion Growth Acc 56.53 - 0.41 0.47 Kames Capital VCIC (IRL) Golden Age (EUR) PA € 14.50 - 0.08 0.00
Gb.Val.Ex-Jap.Fd.USD $ 117.45 - 1.36 0.00 Leconfield House, Curzon Street, London, W1J 5JB
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Fusion Growth Inc 56.53 - 0.41 0.47 Golden Age (USD) PA F $ 20.12 - 0.10 0.00 FCA Recognised
FCA Recognised Gb.Val.Ex-Japan Fd.Yen ¥ 13974.00 - 173.00 0.00
New Capital UCITS Funds
Fusion Growth + Acc 59.16 - 0.47 0.47 Absolute Return Bond B GBP Acc 1081.92 - 0.43 - Sh.T- Money Mkt EUR PA € 112.27 - 0.00 0.00
Gb.Val.Fd. Euro € 133.66 - 2.54 0.00 Asia Pac Bd USD Inst Inc $ 92.59 - -0.06 3.25
Fusion Growth + Inc 59.17 - 0.47 0.47
Mirabaud Asset Management (LUX)
Eq Market Neutral B Acc 1022.09 - -0.36 - Sh.T- Money Mkt CHF PA SFr 128.50 - 0.00 0.00
Gb.Val.Fd.Sterling £ 119.11 - 0.98 0.00 www.mirabaud.com, marketing@mirabaud.com Asia Pac Bd USD Ord Inc $ 94.33 - -0.06 2.52
Fusion Income Acc...C 53.70xd - 0.18 2.37 Sh.T- Money Mkt GBP PA £ 10.28 - 0.00 0.00 Regulated
Eq Market Neutral Plus B Acc 1036.08 - -0.67 - Gb.Val.Fd.USD $ 104.81 - 1.17 0.00 Asia Pac Eq EUR Ord Inc € 85.09 - 0.42 3.37
Fusion Income Inc...C 50.74xd - 0.17 2.41 Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00 Mir. Conv. Bds Eur A EUR € 136.69 - -0.07 0.00
High Yield Global Bond A GBP Inc 513.17 - 1.20 5.26 Low Volatility Gb.Eq.Fd.Euro € 105.77 - 1.80 -
Asia Pac Eq GBP Ord Inc £ 88.34 - 0.46 3.81
Global Allocation Acc 52.98xd - 0.20 0.91 Sw.Fr.Bd(For) PA SFr 23.57 - -0.03 0.00 Mir. Conv. Bds Glb A USD $ 114.45 - 0.12 0.00
High Yield Global Bond B GBP Inc 1066.32 - 2.50 5.26 Low Volatility Gb.Eq.Fd.Sterl £ 103.98 - 0.64 - Asia Pac Eq USD Ord Inc $ 88.78 - 0.47 3.19
Global Allocation Inc 52.17xd - 0.20 0.92 Sw.Fr.Credit Bd(For) PA SFr 13.52 - -0.02 0.00 Mir. - Eq Asia ex Jap A $ 173.43 - 1.00 0.00
Investment Grade Global Bd A GBP Inc 551.92 - -0.34 2.34 Low Volatility Gb.Eq.Fd.USD $ 101.58 - 0.93 -
Asia Pac Eq USD Inst Acc $ 94.27 - 0.50 0.00
Global Bond exUK Acc 251.10 - -0.30 0.74 Tactical Alpha (CHF) PA SFr 10.00 - -0.04 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 87.51 - 0.49 0.00
Kames Global Equity Income B GBP Acc 1201.69 - 8.04 - Low Volatility Gb.Eq.Fd.Yen ¥ 9586.00 - 95.00 - Asia Pac Eq USD Inst Inc $ 99.26 - 0.52 3.91
Global Bond exUK Inc 197.50 - -0.20 0.74 Tactical Alpha (EUR) PA € 10.30 - -0.04 0.00 Mir. - Eq Global Focus A USD $ 100.72 - 0.66 0.00
Kames Global Equity Income B GBP Inc 1145.49 - 7.67 -
Dyn Europ Eq EUR Ord Inc € 177.53 - 3.93 1.29
Global Bond Opport. Acc 48.49xd - 0.06 2.91 Tactical Alpha (USD) PA $ 14.84 - -0.05 0.00 Mir. -Eq Spain A € 24.97 - 0.13 0.00
Strategic Global Bond A GBP Inc 1085.70 - -0.29 0.71
MFS Meridian Funds SICAV (LUX) Dyn Europ Eq GBP Ord Inc £ 188.74 - 4.40 1.64
Global Bond Opport. Inc 47.36xd - 0.06 2.98 Technology PA € 13.23 - 0.09 0.00 Mir. - Eq Swiss Sm/Mid A SFr 327.75 - -0.06 0.00
Strategic Global Bond B GBP Inc 616.11 - -0.17 1.21 Regulated
Dyn Europ Eq USD Ord Inc $ 177.15 - 4.06 1.21
Global Eq Income £ hdg Acc... C 68.51xd - 0.43 3.16 Technology PA $ 20.05 - 0.14 0.00 Absolute Return A1 € 19.76 - 0.00 0.00 Mir. - Glb High Yield Bds A $ 106.27 - 0.10 -
China Equity EUR Ord Acc € 132.84 - 1.28 0.00
Global Eq Income £ hdg Inc ... C 49.03xd - 0.31 3.23 Wld Gold Expertise PAF SFr 8.63 - -0.03 0.00 Asia ex-Japan A1 $ 22.66 - 0.26 0.00 Mir. - Glb Eq High Income A USD $ 97.86 - 0.71 0.00
Kleinwort Benson Bank (UK) China Equity GBP Ord Acc £ 139.06 - 1.43 0.00
Global Eq Income Acc... C 72.48xd - 0.38 3.11 14 St. George Street, Mayfair, London W1S1FE Wld Gold Expertise PA € 6.89 - -0.02 0.00 Bond A1 $ 10.28 - -0.01 0.00 Mir. - Glb Inv Grade Bds A € 100.39 - -0.16 -
Dealing and enquiries: 0800 024 2400 China Equity USD Ord Acc $ 135.21 - 1.37 0.00
Global Eq Income Inc ... C 62.79xd - 0.33 3.17 Wld Gold Expertise PA $ 9.20 - -0.03 0.00 China Equity Fd A1 $ 9.28 - -0.01 0.00 Mir. - Glb Strat. Bd A USD $ 103.62 - -0.11 0.00
Authorised Inv Funds China Equity USD Inst Acc $ 139.06 - 1.42 0.00
Global Financials Acc 735.60 - 5.20 0.85 Unit Trust Manager/ACD - Host Capital LO Selection Continental European Eqty A1 € 17.46 - 0.29 0.00 Mir. Opp.- Activ.Strategies I $ 98.86 - -0.22 0.00
HC KB Capital Growth A Acc 169.46 - 0.50 1.36 Balanced (CHF) PA F SFr 106.12 - -0.04 0.00
Asset Management Mir. Opp. -Emerg. Mkt HO $ 102.74 - 0.00 0.00
Global Val.Cr.Fd GBP Ord Inc £ 110.72 - -0.01 3.61
Global Financials Inc 41.84 - 0.30 0.86 Emer Mkts Debt Lo Curr Fd A1 $ 10.69 - 0.03 0.00
Global Val.Cr.Fd USD Inst Acc $ 122.28 - -0.02 0.00
Asset Management
HC KB Capital Growth A Inc 158.68 - 0.47 1.38 Balanced (EUR) PA F € 123.90 - -0.04 0.00 MirAlt Sicav-Diversified A Cap. $ 107.83 - -0.98 0.00
Global High Yield Bd Mth Inc C 34.74xd - 0.14 7.25 Emerging Markets Debt A1 $ 32.47 - 0.06 0.00
Global Val.Cr.Fd GBP Ord Acc £ 176.27 - -0.02 0.00
HC KB Enterprise Equity Income A Inc 108.22 - 1.46 3.06 Conservative (CHF) PA F SFr 102.86 - -0.09 0.00 MirAlt Sicav-Europe A dis € 73.66 - 0.77 0.00
Global High Yield Bd Acc C 92.35xd - 0.37 7.22 Emerging Markets Eq.A1 $ 10.20 - 0.11 0.00
Global Val.Cr.Fd USD Ord Acc $ 165.43 - -0.03 0.00
HC KB Enterprise Equity Income A Acc 160.79 - 2.18 3.69 Conservative (EUR) PA F € 113.37 - -0.09 0.00 MirAlt Sicav - North America A dis $ 155.78 - 0.12 0.00
Global High Yield Bd Inc C 34.89xd - 0.14 7.22 European Concentrated A1 € 17.26 - 0.30 0.00
Global Val.Cr.Fd EUR Ord Acc € 154.01 - -0.05 0.00
HC KB Endeavour Multi Asset Balanced A Acc 130.46 - 0.66 0.81 Global Allocation (GBP) PA F £ 10.03 - 0.01 0.00
Global Property Secs Acc 58.31 - 0.43 0.58 European Core Eq A1 € 31.47 - 0.46 0.00
Swiss Select Equity Inst Acc SFr 115.44 - 1.46 0.00
HC KB Endeavour Multi Asset Balanced A Inc 123.99 - 0.63 0.81 Growth (CHF) PA F SFr 110.54 - 0.00 0.00
Global Property Secs Inc 50.33 - 0.37 0.57 European Res.A1 € 32.42 - 0.59 0.00 MW Japan Fund Plc (IRL)
FCA Recognised Swiss Select Equity Ord Acc SFr 114.11 - 1.43 0.00
HC KB Enterprise Fixed Income A Acc 121.85 - -0.39 3.44 Growth (EUR) PA F € 133.64 - 0.02 0.00
Global Unconstrained Eq. Acc 1028.00 - 11.00 0.15 European Smaller Companies A1 € 52.08 - 0.66 0.00
MW Japan Fund PLC A $ 25.26 - -0.07 - US Growth USD Ord Acc $ 211.38 - 2.23 0.00
HC KB Enterprise Fixed Income A Inc 108.16 - -0.35 3.44 Vantage 1500 (EUR) MA € 10.16 - -0.01 0.00
Global Unconstrained Eq. Inc 76.40 - 0.80 0.14 European Value A1 € 36.44 - 0.59 0.00
MW Japan Fund PLC B $ 25.46 - -0.07 - US Growth EUR Ord Acc € 202.10 - 2.07 0.00
Vantage 3000 (EUR) MA € 10.26 - -0.01 0.00
Income Acc ... C 48.48xd - 0.06 6.64 Global Conc.A1 $ 35.91 - 0.32 0.00
PrivilEdge MW Japan Fund PLC C $ 97.37 - -0.69 - US Growth GBP Ord Acc £ 212.76 - 2.27 0.00
Income Inc ... C 44.86xd - 0.05 6.73 Global Credit Fund $ 10.21 - -0.01 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.65 - 0.00 0.00 US Growth USD Inst Acc $ 195.27 - 2.05 0.00
Japan Acc 302.10 - -5.10 0.00 Global Energy Fund A1 $ 12.10 - 0.47 0.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.64 - 0.04 0.00 Wealthy Nat Bd EUR Inst Inc € 107.94 - -0.10 3.77
Japan Inc 72.72 - -1.23 0.00
Morant Wright Funds (Ireland) PLC (IRL)
Global Equity A1 $ 44.79 - 0.50 0.00
Inc.Pt.RMB Dt.SH EUR PA € 9.73 - 0.04 0.00 FCA Recognised Wealthy Nat Bd GBP Inst Inc £ 112.15 - -0.07 3.61
Multi-Asset Inc Mth Inc ... C 63.01xd - 0.23 3.65 Global Equity A1 € 25.99 - 0.26 0.00
Inc.Pt.RMB Dt.USD PA $ 9.81 - 0.04 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
Wealthy Nat Bd EUR Ord Inc € 107.13 - -0.10 3.53
Multi-Asset Inc Acc... C 84.16xd - 0.31 3.64 Global High Yield Fund $ 23.70 - 0.07 0.00 Morant Wright Fuji Yield EUR Dist Hedged € 10.98 - -0.10 -
Lazard Fund Managers Ltd (1200)F (UK) Jenn. US Eq.Opp. USD PA $ 9.36 - 0.10 0.00 Wealthy Nat Bd GBP Ord Inc £ 112.71 - -0.08 3.34
Multi-Asset Inc Inc... C 63.18xd - 0.23 3.73 Global High Yield Fund € 15.80 - 0.03 0.00
Mellon House Ingrave Rd Brentwood Essex CM15 8TG Morant Wright Fuji Yield GBP Acc Hedged £ 11.39 - -0.11 0.00
Neubrg.Berman US Core PA $ 13.68 - 0.14 0.00 Wealthy Nat Bd USD Ord Inc $ 109.67 - -0.07 3.32
Dealing: 0870 6066408, Info: 0870 6066459
Multi-Asset Macro Acc 65.22 - -0.04 0.00 Global Multi-Asset A1 $ 14.86 - 0.11 0.00 Morant Wright Fuji Yield GBP Dist Hedged £ 11.08 - -0.10 -
Authorised Inv Funds Sands US Growth PA € 14.30 - 0.05 0.00 New Capital Alternative Strategies
Multi-Asset Macro Inc 65.22 - -0.04 0.00 Global Res.A1 $ 25.64 - 0.36 0.00
Lazard Investment Funds (OEIC) Retail Share Class Morant Wright Fuji Yield USD Acc Hedged $ 11.07 - -0.11 0.00 All Weather Fd USD Cls $ 118.47 - 0.69 0.00
Sands US Growth PA $ 17.27 - 0.05 0.00
Multi-Manager Growth Acc 734.60 - 3.00 0.45 Developing Markets Acc 73.17 - 0.34 0.00 Global Total Return A1 € 17.74 - 0.12 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 11.10 - -0.11 2.09 All Weather Fd EUR Cls € 106.34 - 0.53 0.00
Will.Blair Gbl. Ldrs PA € 15.87 - 0.01 0.00
Multi-Manager Growth Inc 685.60 - 2.80 0.45 Developing Markets Inc 72.28 - 0.33 0.00 Inflation-Adjusted Bond A1 $ 13.73 - 0.02 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1141.48 - -11.06 0.00 All Weather Fd GBP Cls £ 114.58 - 0.58 0.00
Will.Blair Gbl. Ldrs PA $ 12.98 - 0.06 0.00
Natural Resources Acc 322.60 - 8.20 0.13 Emerging Markets Acc 217.20 - 1.00 1.62 Japan Equity A1 $ 10.43 - 0.12 0.00
Morant Wright Fuji Yield B YEN Acc ¥ 1007.08 - -9.74 - Tactical Opps USD Cls $ 136.80 - 0.69 0.00
Natural Resources Inc 22.85 - 0.59 0.13 Emg Mkts Inc 189.80 - 0.80 1.64 Latin American Equity Fd A1 $ 11.10 - 0.17 0.00 Morant Wright Fuji Yield YEN Dist ¥ 1117.80 - -10.83 2.08 Tactical Opps EUR Cls € 114.49 - 0.51 0.00
Lothbury Property Trust (UK)
Portfolio Acc 201.70 - 1.30 0.68 European Alpha Acc 665.00 - 2.20 1.45 Limited Maturity A1 $ 13.97 - 0.00 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Morant Wright Sakura Fund Sterling Acc Hedged £ 13.98 - -0.12 0.00 Tactical Opps GBP Cls £ 128.72 - 0.55 0.00
Sterling Corporate Bond Acc 82.35xd - -0.04 2.33 European Alpha Inc 604.10 - 2.00 1.45 Property & Other UK Unit Trusts Prudent Wealth Fd A1 $ 14.85 - 0.06 0.00
Morant Wright Sakura Fund Euro Acc Hedged € 13.94 - -0.12 0.00
Sterling Corporate Bond Inc 51.48xd - -0.02 2.33 European Smaller Cos Acc 456.30 - 3.50 0.48 Lothbury Property Trust GBP £ 1787.34 1916.91 11.71 3.22
Research Bond A1 $ 16.43 - -0.01 0.00 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1423.11 - -11.97 0.00
Strategic Bond Acc 68.05xd - 0.01 3.24 Global Equity Income Acc 123.20 - 1.10 5.72 UK Equity A1 £ 8.00 - 0.13 0.00
Morant Wright Sakura Fund Dollar Acc Hedged $ 13.88 - -0.12 0.00
Strategic Bond Inc 56.49xd - 0.01 3.24 Global Equity Income Inc 83.26 - 0.74 5.88 US Conc.Growth A1 $ 15.44 - 0.17 0.00
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.80 - -0.12 0.00
UK Dynamic Acc 161.20 - 0.80 1.46 Managed Bal Inc 135.60 - 0.60 2.13 US Government Bond A1 $ 16.99 - -0.02 0.00
UK Dynamic Inc 131.80 - 0.60 1.48 UK Income Acc 1177.00 - 5.00 4.49 Value A1 $ 21.85 - 0.28 0.00
UK Eq & Bond Inc Acc ... C 141.00xd - 0.40 3.36 UK Income Inc 578.90 - 2.70 4.58 Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
UK Eq & Bond Inc Inc ... C 82.05xd - 0.26 3.44 UK Omega Acc 203.90 - 1.00 1.56
MMIP Investment Management Limited (GSY) Other International Funds
M & G Securities (1200)F (UK)
UK Equity Blue Chip Acc 65.58xd - 0.29 2.15 UK Omega Inc 192.80 - 0.90 1.61 Regulated Northwest $ class $ 2357.94 - -24.48 0.00
PO Box 9039, Chelmsford, CM99 2XG
Multi-Manager Investment Programmes PCC Limited
UK Smaller Cos Inc 1700.00 - 7.00 1.05 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
UK Equity Blue Chip Inc 54.89xd - 0.24 2.19
Authorised Inv Funds European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00
UK Equity Core Acc 279.70 - 1.50 3.07 Morgan Stanley Investment Funds (LUX)
Charifund Inc 1432.46 - 7.75 4.83 Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
UK Equity Core Inc 52.74 - 0.27 3.07
Charifund Acc 19771.63 - 107.08 4.68 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 www.morganstanleyinvestmentfunds.com
UK Equity Growth Acc 113.20 - 0.60 1.16 FCA Recognised
M&G Corporate Bond A Acc 62.38 - 0.00 3.09 Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00
US Advantage A F $ 58.75 - 0.55 0.00
22 ★ FINANCIAL TIMES Monday 28 December 2015

MANAGED FUNDS SERVICE

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

Pictet-EUR Government Bonds I EUR € 157.95 - -0.47 0.00 Polunin Developing Countries $ 716.15 722.24 7.66 0.00 Japanese Fund C Acc 183.87 - 0.15 0.00 Outstanding British Cos B Acc X F 271.49 - 0.78 1.42 Data Provided by
Pictet-EUR High Yield-I F € 239.37 - 0.05 0.00 Polunin Discovery - Frontier Markets $ 1339.24 - -8.90 0.00 Japanese Fund O Acc X 181.78 - 0.15 0.00 Saracen Fund Managers Ltd (1000)F (UK) Taube Hodson Stonex Ptnrs UT (1200)F (UK) UK Smaller Cos A Inc X F 439.02 - 2.55 0.35

Pictet-EUR Short Mid-Term Bonds-I F € 136.74 - -0.11 0.00 Polunin Small Cap $ 1380.61 1397.87 52.27 0.00 Pacific C Acc 303.49 - 5.03 0.54 19 Rutland Square, Edinburgh EH1 2BB 50 Bank Street, Canary Wharf, London E14 5NT UK Smaller Cos B Inc X F 429.33 - 2.50 1.22
Dealing: 00 353 1 603 9921 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Pictet-EUR Short Term HY I EUR € 119.26 - 0.02 0.00 Pacific O Acc 300.14 - 4.96 0.25 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Dealing & Enquiries: 0870 870 8433 UK Income A Acc X F 266.92 - 1.26 3.88

Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.96 - 0.01 0.00 Total Return C Acc 387.97 - 0.41 1.38 Authorised Inv Funds Authorised Inv Funds UK Income A Inc X F 239.46 - 1.13 3.97
Private Fund Mgrs (Guernsey) Ltd (GSY)
Saracen Growth Fd Alpha Acc £ 3.71 - 0.07 0.98 THS Growth & Value Funds
Pictet-Euroland Index IS EUR € 129.58 - 0.31 0.00 Regulated Total Return C Inc 268.81 - 0.28 1.39 UK Income B Acc X F 283.60 - 1.35 3.86
International
Oasis Crescent Management Company Ltd Monument Growth 22/12/2015 £ 489.13 494.57 5.40 1.01 Saracen Growth Fd Beta Acc £ 5.92 - 0.10 1.46
Other International Funds
Pictet-Europe Index-I EUR F € 165.63 - -0.07 0.00 Total Return O Inc 265.96 - 0.26 1.39
Saracen Global Income & Growth Fund A - Acc £ 1.15 - 0.02 3.03
IGV - Inc A 324.30 - 2.70 2.42 UK Income B Inc X F 254.54 - 1.21 3.95
www.morningstar.co.uk
Oasis Crescent Equity Fund R 9.43 - 0.11 0.00 Pictet-European Equity Selection-I EUR F € 615.13 - 1.91 0.00 Total Return O Acc 384.03 - 0.39 1.38 IGV - Inc B 323.30 - 2.70 1.60
Saracen Global Income & Growth Fund A - Dist £ 1.07 - 0.02 2.76
Data as shown is for information purposes only. No
Pictet-European Sust Eq-I EUR F € 237.85 - -0.98 0.00 Prusik Investment Management LLP (IRL)
IGV - Acc X 395.80 - 3.30 1.89 offer is made by Morningstar or this publication.
Enquiries - 0207 493 1331 Saracen Global Income and Growth Fund -Acc # £ 1.43 - 0.02 3.39
Pictet-Global Bds Fundamental I USD $ 116.12 - 0.01 0.00 Regulated IGV - Acc Y 424.70 - 3.50 2.38
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Saracen Global Income and Growth Fund -Dist # £ 1.26 - 0.02 2.79
Regulated Pictet-Global Bonds-I EUR € 164.17 - -0.52 0.00 Prusik Asian Equity Income B Dist $ 157.29 - 0.78 3.83 IGV - Acc Z 393.10 - 3.30 1.61
Oasis Global Investment (Ireland) Plc Saracen UK Income Fund - Acc £ 0.98 - 0.02 -
Pictet-Global Emerging Currencies-I USD F $ 95.91 - 0.10 0.00 Prusik Asia A $ 194.15 - 0.81 0.00 European
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.79 Saracen UK Income Fund - Dist £ 0.97 - 0.02 -
Pictet-Global Emerging Debt-I USD F $ 352.77 - -1.44 0.00 Prusik Asian Smaller Cos A $ 137.00 - -0.22 0.00 EGV - Acc S 275.00 - 2.00 0.00
Oasis Global Equity $ 27.12 - 0.22 0.23 .
Pictet-Global Megatrend Selection-I USD F $ 220.16 - 1.46 0.00 For Save & Prosper please see Countrywide Assured EGV - Acc Z 275.00 - 2.00 0.82
Oasis Crescent Global Investment Fund (Ireland) plc
S W Mitchell Capital LLP (CYM) Continental
Oasis Crescent Global Equity Fund $ 27.61 - 0.23 0.00 Pictet-Greater China-I USD F $ 452.76 - 3.19 0.00 Purisima Investment Fds (UK) (1200)F (UK) Regulated
40 Dukes Place, London EC3A 7NH CGV Acc S 114.70 - 0.70 0.06
Oasis Crescent Variable Balanced Fund £ 10.26 - 0.03 0.59 Pictet-Health-I USD $ 270.95 - 1.29 0.00 S W Mitchell European Fund Class A EUR € 338.41 - 4.04 - Schroder Property Managers (Jersey) Ltd Value Partners Hong Kong Limited (IRL)
Order Desk and Enquiries: 0345 922 0044 www.valuepartners.net, fis@vp.com.hk
Pictet-High Dividend Sel I EUR F € 151.97 - 0.22 0.00 Other International Funds CGV Acc X 113.30 - 0.70 0.00
OasisCresGl Income Class A $ 10.76 - 0.01 2.40 Authorised Inv Funds S W Mitchell Small Cap European Fund Class A EUR € 231.17 - -2.80 -
Regulated
Authorised Corporate Director - Capita Financial Managers Indirect Real Estate SIRE £ 133.37 139.46 0.14 2.88 CGV Inc A 114.30 - 0.70 -
OasisCresGl LowBal D ($) Dist $ 11.56 - 0.05 0.00 Pictet-India Index I USD $ 94.05 - -0.50 0.00 The Charlemagne Fund EUR € 327.90 - 4.49 - Value Partners Asia ex-Japan Equity Fund $ 8.81 - 0.07 -
Global Total Fd PCG A 170.00 - 1.55 0.34 CGV Inc B 114.30 - 0.70 -
OasisCresGl Med Eq Bal A ($) Dist $ 11.80 - 0.07 0.32 Pictet-Indian Equities-I USD F $ 433.33 - 4.13 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 11.46 - -0.01 0.00
Global Total Fd PCG B 168.45 - 1.54 0.12 Scottish Friendly Asset Managers Ltd (UK)
Oasis Crescent Gbl Property Eqty $ 9.43 - 0.06 2.07 Pictet-Japan Index-I JPY F ¥ 16185.98 - 22.88 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.99 - -0.01 0.00
S W Mitchell Capital LLP (IRL) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Global Total Fd PCG INT 166.22 - 1.51 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 9709.16 - 10.37 0.00 Regulated Authorised Inv Funds The Hartford International Funds (IRL)
Value Partners Classic Equity Fund EUR Hedged € 12.11 - -0.02 0.00
SWMC European Fund B EUR € 15443.99 - 285.50 0.00 Regulated
Pictet-Japanese Equity Selection-I JPY F ¥ 14400.25 - 25.14 0.00 Managed Growth ♦ 243.20 - 1.20 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.39 - -0.02 0.00
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1605.80 - -13.42 0.00
Pictet-LATAM Index I USD $ 47.03 - 0.17 0.00 Purisima Investment Fds (CI) Ltd (JER) SWMC UK Fund B £ 12064.25 - 22.80 0.00 UK Growth ♦ 265.80 - 1.60 0.00
UK Corporate Bond £ 1567.30 - -0.72 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 13.03 - 0.07 0.00
Regulated
Pictet-LATAM Lc Ccy Dbt-I USD F $ 104.37 - -0.01 0.00 SWMC Small Cap European Fund B EUR € 13454.94 - 59.86 0.00
PCG B X 166.56 - 1.84 0.00 Value Partners Classic Equity USD Hedged $ 14.09 - -0.01 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 321.17 - 2.01 0.00
PCG C X 164.23 - 1.81 0.00
SWMC Emerging European Fund B EUR € 9050.45 - 138.91 0.00
SIA (SIA Funds AG) (LUX)
Gilt

Global Eq (Ex Japan) Index Fund

£ 1573.90

¥ 1.38
-

-
-0.97 0.00

0.03 0.00 Value Partners Greater China Equity Fund $ 8.66 - 0.07 - Guide to Data
Pictet-Premium Brands-I EUR F € 151.41 - 0.66 0.00 Regulated
Global Eq (ex Japan) Class HJ4 ¥ 1.43 - 0.03 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 10.14 - 0.07 -
Odey Asset Management LLP (UK) LTIF Classic € 333.49 - 9.04 0.00 The fund prices quoted on these pages are supplied by
Pictet-Quality Global Equities I USD $ 133.05 - 1.27 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.54 - 0.07 -
40 Dukes Place, London, EC3A 7NH Putnam Investments (Ireland) Ltd (IRL) LTIF Natural Resources € 69.19 - 2.53 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.55 - 0.03 0.00 the operator of the relevant fund. Details of funds
Order Desk and Enquiries: 0345 300 2106 Pictet-Russia Index I USD $ 45.26 - 0.28 0.00 Regulated Value Partners Health Care Fund USD Class A Unhedged $ 9.58 - 0.07 - published on these pages, including prices, are for the
LTIF Stability A ACCU € 162.93 - 2.91 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.42 - 0.03 0.00 purpose of information only and should only be used
Authorised Corporate Director - Capita Financial Managers Pictet-Russian Equities-I USD F $ 39.94 - 0.04 0.00 Putnam New Flag Euro High Yield Plc - E € 1012.24 - 0.15 4.27 as a guide. The Financial Times Limited makes no
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.32 - -0.01 0.00
representation as to their accuracy or completeness
Pictet-Security-I USD F $ 198.41 - 0.92 0.00
CF Odey Continental European GBP R Acc 720.79 - 1.56 0.19 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.30 - 0.00 0.00 Veritas Asset Management LLP (IRL) and they should not be relied upon when making an
Pictet-Select-Callisto I EUR € 105.25 - 0.08 0.00 SIA (SIA Funds AG) (CH) HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland investment decision.
CF Odey Opus GBP R Inc 3729.42 - -4.51 0.00 RobecoSAM (LUX) Other International Fds Japan Equity Index Fund ¥ 1.05 - -0.01 0.00
Veritas Funds Plc
Pictet-Small Cap Europe-I EUR F € 1131.72 - -4.74 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/ The sale of interests in the funds listed on these pages
CF Odey Absolute Return GBP R 321.52 - -0.99 0.00 LTIF Stability Growth SFr 188.30 - 0.50 - Japan Equity Class JP3 ¥ 1.27 - -0.01 0.00 www.veritas-asset.com
Regulated may, in certain jurisdictions, be restricted by law and
Pictet-ST.MoneyMkt-I € 140.46 - 0.00 0.00 +353 1 635 6799 the funds will not necessarily be available to persons
CF Odey Portfolio Fund GBP R Inc 146.50 - -0.30 0.07 LTIF Stability Inc Plus SFr 161.70 - 0.50 5.80
RobecoSAM Sm.Energy/A £ 11.72 - 0.10 1.69 FCA Recognised in all jurisdictions in which the publication circulates.
Pictet-ST.MoneyMkt JPY I USD ¥ 101514.94 - 3.60 0.00
Institutional Persons in any doubt should take appropriate
RobecoSAM Sm.Energy/N € 12.13 - 0.23 0.00 The National Investor (TNI) professional advice. Data collated by Morningstar. For
Pictet-ST.MoneyMkt-ICHF SFr 124.22 - -0.01 0.00 Veritas Asian Fund A USD H $ 316.45 - 1.30 0.43
Odey Asset Management LLP (CYM) www.tni.ae
RobecoSAM Sm.Materials/A £ 123.55 - 1.88 1.42 Smith & Williamson Investment Management (1200)F (UK) other queries contact reader.enquiries@ft.com +44
Regulated Pictet-ST.MoneyMkt-IUSD $ 135.26 - 0.02 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100 Other International Funds (0)207 873 4211.
Veritas Asian Fund A GBP H £ 392.35 - 0.67 0.24
RobecoSAM Sm.Materials/N € 145.46 - 3.78 0.00 TNI Blue Chip UAE Fund * AED 9.63 - 0.09 0.00
OEI Mac Inc GBP A £ 373.47 - 29.16 0.00 Pictet-Timber-I USD F $ 146.42 - 0.97 0.00 www.sandwfunds.com
Veritas Asian Fund A EUR H € 328.10 - 1.49 0.21 The fund prices published in this edition along with
RobecoSAM Sm.Materials/Na € 100.38 - 2.61 - Authorised Inv Funds TNI Funds Ltd (BMU)
OEI Mac Inc GBP B £ 204.92 - 15.22 0.00 Pictet Total Ret-Agora I EUR € 116.21 - -0.13 0.00 additional information are also available on the
Ram Active Investments SA European Equity Fund A Class 512.70 - 1.90 0.73 Veritas China Fund A USD $ 145.48 - 0.01 0.36 Financial Times website, www.ft.com/funds. The
RobecoSAM Gl.Small Cap Eq/A £ 78.53 - 0.65 1.30 MENA Hedge Fund $ 905.00 - -40.66 0.00
OEI MAC Inc USD $ 1994.35 - 156.27 0.00 www.ram-ai.com funds published on these pages are grouped together
Pictet Total Ret-Corto Europe I EUR € 137.11 - -0.46 0.00 Veritas China Fund A GBP £ 150.78 - 0.01 0.37
Other International Funds Far Eastern Income and Growth Fund A Class 425.90 - -1.90 3.14 TNI Funds Plc (Ireland) by fund management company.
RobecoSAM Gl.Small Cap Eq/N € 160.11 - 3.06 0.00
Odey European Inc EUR € 870.27 - 63.05 0.00 Pictet Total Ret-Divers Alpha I EUR € 105.25 - 0.07 0.00 MENA UCITS Fund * $ 1079.79 - 10.85 0.00
RAM Systematic Emerg Markets Core Eq $ 79.12 - 0.75 - Fixed Interest Fund A Class 119.90 - 0.00 3.11 Veritas China Fund A EUR € 143.99 - 0.00 0.37
RobecoSAM Sustainable Gl.Eq/B € 182.16 - 3.87 0.00 Prices are in pence unless otherwise indicated. The
Odey European Inc GBP A £ 335.21 - 25.12 0.00 Pictet Total Ret-Kosmos I EUR € 109.03 - -0.04 0.00
RAM Systematic Emerg Markets Eq $ 141.26 - 0.82 - Global Gold and Resources Fund A Class 131.20 - 1.50 0.00 Veritas Global Equity Income Fund D USD $ 112.96 - 0.94 4.11 change, if shown, is the change on the previously
RobecoSAM Sustainable Gl.Eq/N € 157.23 - 3.34 0.00 quoted figure (not all funds update prices daily). Those
Odey European Inc GBP B £ 190.23 - 14.27 0.00 Pictet Total Ret-Mandarin I USD $ 115.38 - 0.13 0.00
RAM Systematic European Eq € 384.34 - 3.86 - MM Endurance Balanced Fund A Class 212.60 - 1.10 1.19 Veritas Global Equity Income Fund D EUR € 199.95 - 1.38 3.91 designated $ with no prefix refer to US dollars. Yield
RobecoSAM S.HealthyLiv/B € 179.54 - 3.09 0.00
Odey European Inc USD $ 401.96 - 30.18 0.00 Pictet-US Equity Selection-I USD $ 187.95 - 1.19 0.00 percentage figures (in Tuesday to Saturday papers)
RAM Systematic Global Shareholder Yield Eq $ 99.37 - 1.14 0.00 MM Global Investment Fund A Class 2091.00 - 8.00 1.83 Veritas Global Equity Income Fund D GBP £ 147.07 - 0.93 4.08
RobecoSAM S.HealthyLiv/N € 167.33 - 2.88 0.00 allow for buying expenses. Prices of certain older
Giano Capital EUR Inc € 4456.59 - 3.33 0.00 Pictet-US High Yield-I USD F $ 142.35 - 0.30 0.00 insurance linked plans might be subject to capital
RAM Systematic Long/Short Emerg Markets Eq $ 118.94 - -0.58 - North American Fund A Class 1716.00 - 15.00 0.00 Veritas Global Focus Fund D USD $ 25.72 - 0.14 0.64
RobecoSAM S.HealthyLiv/Na £ 106.81 - 0.68 - Thesis Unit Trust Management Limited (UK) gains tax on sales.
Pictet-USA Index-I USD F $ 180.20 - 1.59 0.00 Veritas Global Focus Fund D EUR € 23.66 - 0.10 0.61
RAM Systematic Long/Short European Eq € 145.89 - -0.65 - Oriental Growth Fund A Class 150.80 - -0.10 1.01 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
RobecoSAM S.Water/A £ 167.87 - 1.77 1.21 Guide to pricing of Authorised Investment Funds:
Odey Asset Management LLP (IRL) Pictet-USD Government Bonds-I F $ 634.17 - -1.48 0.00 Authorised Funds Veritas Global Focus Fund D GBP £ 29.26 - 0.11 0.63
RAM Systematic North American Eq $ 228.80 - 2.38 - UK Equity Growth Fund A Class 417.40 - 2.90 0.66 (compiled with the assistance of the IMA. The
FCA Recognised RobecoSAM S.Water/N € 165.15 - 3.53 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 129.39 - -0.06 0.00 TM New Court Fund A 2011 Inc £ 12.84 - -0.02 0.00 Investment Management Association, 65 Kingsway,
RAM Tactical Convertibles Europe € 144.16 - 1.02 - UK Equity Income Fund A Class 223.10 - 0.90 4.68 Veritas Global Focus Fund A GBP £ 28.25 - 0.10 0.36
Odey Pan European EUR R € 342.77 - 5.49 0.00 London WC2B 6TD.
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.63 - 0.01 0.00 TM New Court Fund - A 2014 Acc £ 12.95 - 0.04 0.00 Tel: +44 (0)20 7831 0898.)
RAM Tactical Global Bond Total Return € 138.02 - -0.04 - Veritas Global Focus Fund A EUR € 13.79 - 0.05 0.35
Odey Absolute Return Focus Fund $ 100.00 - - -
Pictet-Water-I EUR F € 276.83 - 0.28 0.00 TM New Court Equity Growth Fund - Inc £ 12.90 - -0.03 0.00
RAM Tactical II Asia Bond Total Return $ 125.31 - 0.02 - Veritas Global Focus Fund A USD $ 24.82 - 0.14 0.37 OEIC: Open-Ended Investment Company. Similar to a
Odey Allegra European EUR O € 262.71 - 4.34 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK)
unit trust but using a company rather than a trust
25 Moorgate, London, EC2R 6AY 0141 222 1150 Veritas Global Focus Fund C GBP £ 30.68 - 0.11 0.00 structure.
Odey Allegra International EUR O € 176.09 - 2.48 0.00 Authorised Inv Funds
Pimco Fds: Global Investors Series Plc (IRL)
Rathbone Unit Trust Mgmt (1200)F (UK) Veritas Global Focus Fund C EUR € 24.92 - 0.10 0.00
Odey Allegra Developed Markets USD I $ 131.29 - 1.76 0.00 S&W Deucalion Fd (OEIC) 2061.00 - 0.00 0.27 Different share classes are issued to reflect a different
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
PO Box 9948, Chelmsford, CM99 2AG Veritas Global Focus Fund C USD $ 27.02 - 0.15 0.00 currency, charging structure or type of holder.
Odey European Focus Fund € 17.60 - 0.33 0.49 http://gisnav.pimco-funds.com/ S & W Magnum 378.70 400.30 1.40 1.91
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Dealing: +44 20 3640 1000 Santander Asset Management UK Limited (1200)F (UK) Veritas Global Equity Income Fund A GBP £ 140.94 - 0.89 4.09 Selling price: Also called bid price. The price at which
Odey Atlas Fund GBP I S £ 1.14 - 0.00 0.00 Authorised Inv Funds
PIMCO Funds: +44 (0)20 3640 1407 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 S & W Marathon Trust 185.40 196.10 0.50 1.73 units in a unit trust are sold by investors.
Blue Chip Income Inc 153.83 158.89 0.63 4.19 Veritas Global Equity Income Fund A EUR € 194.24 - 1.34 3.91
Odey Giano European Fund EUR R € 122.10 - 0.18 0.00 FCA Recognised Authorised Funds
Santander Atlas Range Veritas Global Equity Income Fund A USD $ 108.69 - 0.90 4.11 Buying price: Also called offer price. The price at
Capital Securities Inst Acc $ 15.04 - 0.01 0.00 Blue Chip Income Acc 229.34 236.64 0.94 4.06
Odey Naver Fund EUR I € 126.50 - -0.63 0.00 which units in a unit trust are bought by investors.
Santander Atlas Inc Port Acc Inst 287.50 - 2.00 - Standard Life Wealth (JER)
Includes manager’s initial charge.
Commodity Real Return Fund Inst Acc $ 5.70 - 0.03 0.00 Ethical Bond Inc 89.97 91.95 -0.05 4.69 Veritas Global Equity Income Fund C GBP £ 169.40 - 1.07 -
Odey Odyssey USD I $ 141.78 - -0.17 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Ethical Bond Acc 172.08 175.49 -0.09 4.87 Santander Atlas Inc Port Inc Inst 221.10 - 1.60 - FCA Recognised Veritas Global Equity Income Fund C EUR € 233.34 - 1.61 - Single price: Based on a mid-market valuation of the
Credit Absolute Return Fund Inst Acc $ 10.96 - 0.00 0.00
Odey Orion Fund EUR I € 119.32 - -0.10 0.00 Standard Life Offshore Strategy Fund Limited underlying investments. The buying and selling price
Global Opportunities Acc 142.32 146.87 0.84 0.11 Santander Atlas Port 3 Acc Ret 147.60 - 0.10 - Toscafund Asset Management LLP (UK)
Veritas Global Equity Income Fund C USD $ 129.81 - 1.08 -
Diversified Income - Inst Acc $ 19.01 - 0.03 0.00 for shares of an OEIC and units of a single priced unit
Odey Swan Fund EUR I € 94.01 - -2.72 0.00 Bridge Fund £ 1.6365 - 0.0056 1.96 www.toscafund.com
Income Inc 857.63 887.98 4.16 4.09 Santander Atlas Port 3 Inc Ret 101.70 - 0.00 - Veritas Global Real Return Fund A USD $ 20.42 - 0.02 0.30 trust are the same.
Diversified Income Durat Hdg Fund Inst Acc $ 11.13 - 0.00 0.00 Authorised Funds
Odey European Absolute Return GBP S £ 98.42 - -0.88 0.00 Diversified Assets Fund £ 1.1867 - 0.0032 2.82
Income Acc 1334.51 1380.00 6.48 3.97 Santander Atlas Port 3 Acc Inst 162.30 - 0.10 - Aptus Global Financials B Acc £ 3.18 - 0.04 4.53 Veritas Global Real Return Fund A GBP £ 11.44 - 0.01 0.32 Treatment of manager’s periodic capital charge:
Emerging Asia Bond Fund Inst Acc $ 9.53 - 0.01 0.00
Global Equity Fund £ 1.9222 - 0.0092 1.02 The letter C denotes that the trust deducts all or part
Multi Asset Enhanced Growth Acc 123.71 - 0.64 0.00 Santander Atlas Port 4 Acc Ret 181.30 - 0.70 - Aptus Global Financials B Inc £ 2.81 - 0.03 4.53 Veritas Global Real Return Fund A EUR € 12.05 - 0.01 0.12 of the manager’s/operator’s periodic charge from
Emerging Local Bond - Inst Acc $ 10.57 - 0.03 0.00
Odey Wealth Management (CI) Ltd (IRL) Global Balanced Fund - Income Units £ 1.3624 - 0.0051 1.85 capital, contact the manager/operator for full details
Multi Asset Strategic Growth inc 149.47 - 0.52 1.13 Santander Atlas Port 4 Inc Ret 129.70 - 0.40 - Retail
www.odey.com/prices Emerging Markets Bond - Inst Acc $ 37.10 - 0.02 0.00 of the effect of this course of action.
Global Balanced Fund - Accumulations Units £ 1.5813 - 0.0059 1.82 Veritas Asian Fund B USD $ 220.98 - 0.90 0.00
FCA Recognised Multi Asset Strategic Growth acc 158.18 - 0.55 1.12 Santander Atlas Port 4 Acc Inst 164.70 - 0.60 -
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.48 - 0.01 0.00 Toscafund Asset Management LLP (CYM)
Exit Charges: The letter E denotes that an exit charge
Global Fixed Interest Fund £ 0.9789 - 0.0010 5.04 Veritas Asian Fund B GBP £ 289.26 - 0.49 0.00
Odey Opportunity EUR I € 222.29 - 2.35 0.00 Santander Atlas Port 5 Acc Ret 190.60 - 1.30 - www.toscafund.com may be made when you sell units, contact the
Emerging Markets Short-Term Local Currency Fund $ 11.67 - 0.01 0.00 Multi Asset Total Return inc 126.31 - 0.17 1.83
Sterling Fixed Interest Fund £ 0.8402 - -0.0005 4.20 Regulated manager/operator for full details.
Santander Atlas Port 5 Acc Inst 161.80 - 1.10 - Veritas Asian Fund B EUR € 241.83 - 1.07 0.00
Euro Bond - Inst Acc € 22.64 - 0.00 0.00 Multi Asset Total Return acc 139.24 - 0.19 1.79
UK Equity Fund £ 1.9519 - 0.0093 2.66 Tosca A USD $ 306.65 - 4.15 0.00
Santander Atlas Port 6 Acc Ret 260.70 - 2.00 - Veritas China Fund B GBP £ 146.11 - 0.00 0.00 Time: Some funds give information about the timing of
Omnia Fund Ltd Euro Credit - Inst Acc € 14.69 - 0.01 0.00 Recovery Inc 428.53 445.36 2.03 2.62
Tosca Mid Cap GBP £ 253.12 - -6.14 0.00 price quotes. The time shown alongside the fund
Other International Funds Veritas China Fund B EUR € 163.91 - 1.09 0.00 manager’s/operator’s name is the valuation point for
Recovery Acc 517.83 537.61 2.46 2.57 Santander Atlas Port 6 Acc X 186.10 - 1.40 -
Euro Income Bond - Inst Acc F € 12.92 - 0.01 0.00 Tosca Opportunity B USD $ 346.98 - -10.49 0.00
Estimated NAV $ 855.62 - 16.81 0.00 their unit trusts/OEICs, unless another time is
Santander Atlas Port 6 Acc Inst 160.50 - 1.20 - Veritas Global Focus Fund B USD $ 17.93 - 0.10 0.00
Euro Long Average Duration - Inst Acc € 21.35 - 0.01 0.00 Strategic Bond I-Class Acc 124.33 125.05 0.03 3.93 indicated by the symbol alongside the individual unit
Veritas Global Focus Fund B GBP £ 21.59 - 0.07 0.00 trust/OEIC name.
Strategic Bond I-Class Inc 109.06 109.76 0.03 3.88 Santander Atlas Port 7 Acc Ret 202.80 - 1.90 -
Euro Low Duration Fund Inst Acc € 11.28 - 0.00 0.00
Santander Atlas Port 7 Acc Inst 160.90 - 1.50 - Veritas Global Focus Fund B EUR € 16.43 - 0.07 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Euro Real Return - Inst Acc € 13.36 - 0.01 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Authorised Inv Funds Veritas Global Equity Income Fund B GBP £ 129.61 - 0.81 4.11 midnight. Daily dealing prices are set on the basis of
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00
Max 70% Shs Acc Ret 168.00 - 0.50 - the valuation point, a short period of time may elapse
Veritas Global Equity Income Fund B EUR € 178.19 - 1.23 3.93
Euro Ultra Long Duration - Inst Acc € 28.03 - 0.12 0.00 Stenham Asset Management Inc before prices become available. Historic pricing: The
Max 70% Shs Inc Ret 141.50 - 0.40 - Veritas Global Equity Income Fund B USD $ 107.72 - 0.90 4.13 letter H denotes that the managers/operators will
www.stenhamassetmanagement.com
Global Advantage - Inst Acc $ 11.98 - 0.05 0.00 normally deal on the price set at the most recent
Investments Inc Acc Ret 154.10 - 0.00 - Other International Funds
Veritas Global Real Return Fund B USD $ 19.80 - 0.01 0.00 valuation. The prices shown are the latest available
Global Advantage Real Return Fund Inst Acc $ 8.36 - 0.04 0.00 Stenham Asia USD $ 129.80 - -0.24 - before publication and may not be the current dealing
Investments Inc Inc Ret 101.80 - 0.00 - Veritas Global Real Return Fund B GBP £ 11.23 - 0.01 0.00
Global Bond - Inst Acc $ 27.80 - 0.02 0.00 levels because of an intervening portfolio revaluation
Stenham Credit Opportunities A Class USD (Est) $ 100.94 - -1.12 0.00 or a switch to a forward pricing basis. The
Robeco Asset Management (LUX) Equity Inc Inc Inst 248.70 - 1.00 - Veritas Global Real Return Fund B EUR € 12.88 - 0.01 0.00
Global Bond Ex-US - Inst Acc $ 19.49 - 0.01 0.00 managers/operators must deal at a forward price on
Optima Fund Management Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Equity Inc Inc Ret 213.10 - 0.80 -
Stenham Equity UCITS USD $ 141.72 - 1.78 0.00 TreeTop Asset Management S.A. (LUX)
request, and may move to forward pricing at any time.
Other International Funds Global High Yield Bond - Inst Acc $ 19.58 - 0.03 0.00 www.robeco.com/contact Regulated Forward pricing: The letter F denotes that that
Stenham Growth USD (Est) $ 215.41 - 0.52 -
FCA Recognised Equity Inc Acc Inst 150.20 - 0.60 - TreeTop Convertible Sicav managers/operators deal at the price to be set at the
Cuttyhunk Fund II Limited $ 1473.36 - -17.59 0.00 Global Investment Grade Credit - Inst Income $ 12.08 - 0.02 3.65 Veritas Asset Management LLP
Asia-Pacific Equities (EUR) € 132.70 - 1.92 0.00 Stenham Healthcare USD (Est) $ 183.28 - 2.64 0.00 International A € 300.81 - 1.23 0.00 next valuation.
N&P UK Gwth Inc Ret 168.40 - 0.70 - www.veritas-asset.com
JENOP Global Healthcare Fund Ltd $ 15.01 - -0.05 0.00 Global Investment Grade Credit Fund Inst Acc € € 11.64 - -0.04 0.00 Other International Funds
Chinese Equities (EUR) € 75.18 - 0.53 0.00 Stenham Managed Fund USD $ 114.16 - 0.50 - International B $ 385.59 - 1.30 0.00 Investors can be given no definite price in advance of
Stckmkt 100 Track Gwth Acc Inst 90.47 - 0.51 -
OPTIKA Fund Limited - Cl A $ 100.29 - -0.54 - Global Investment Grade Credit Fund Inst Acc $ $ 16.52 - 0.02 0.00 Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 the purchase or sale being carried out. The prices
Em Stars Equities (EUR) € 172.90 - 4.23 0.00 Stenham Macro UCITS USD $ 101.56 - 0.08 - International C £ 130.17 - 0.40 0.00
Stckmkt 100 Track Gwth Acc Ret 168.10 - 0.90 - appearing in the newspaper are the most recent
Optima Fd NAV $ 89.52 - 0.11 0.00 Global Multi-Asset - Inst Acc $ 14.43 - 0.01 0.00 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00 provided by the managers/operators. Scheme
Emerging Markets Equities (EUR) € 144.62 - 1.88 0.00 Stenham Multi Strategy USD $ 116.28 - 0.06 - International D € 279.23 - 1.15 2.94
UK Growth Acc Inst 294.90 - 1.30 -
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 particulars, prospectus, key features and reports: The
Global Real Return - Inst Acc $ 17.78 - 0.04 0.00 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00
Flex-o-Rente (EUR) € 109.24 - -0.15 0.00 Stenham Quadrant USD A (Est) $ 401.44 - 7.18 - TreeTop Global Sicav most recent particulars and documents may be
UK Growth Acc Ret 341.50 - 1.40 -
The Dorset Energy Fd Ltd NAV $ 21.19 - -2.22 0.00 Income Fund Inst Acc $ 12.31 - 0.00 0.00 obtained free of charge from fund
Stenham Trading Inc USD (Est) $ 116.37 - 2.08 - Global Opp.A € 142.94 - 1.71 0.00
Glob.Consumer Trends Equities (EUR) € 157.13 - 1.87 0.00 UK Growth Inc Ret 225.10 - 1.00 - managers/operators. * Indicates funds which do not
Platinum Fd Ltd $ 85.93 - -0.34 0.00 Inflation Strategy Fund Inst Acc $ 8.68 - 0.02 0.00 Global Opp.B $ 140.63 - 1.42 0.00 Waverton Investment Funds Plc (1600)F (IRL) price on Fridays.
High Yield Bonds (EUR) € 121.82 - 0.82 0.00 Managed OEIC Stenham Universal USD $ 431.45 - -0.38 -
Platinum Fd Ltd EUR € 16.68 - -0.07 0.00 Low Average Duration - Inst Acc $ 14.79 - 0.01 0.00 waverton.investments@citi.com
Glob Em Shs Port Acc Ret 152.60 - 0.80 - Stenham Universal II USD $ 159.84 - -0.20 0.00 Global Opp.C £ 181.06 - 1.31 0.00 Charges for this advertising service are based on the
Lux -O- Rente (EUR) € 140.06 - -0.41 0.00 FCA Recognised
Platinum Japan Fd Ltd $ 53.63 - -0.11 0.00 number of lines published and the classification of the
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.09 - 0.01 0.00 Max 70% Shs Port Acc Ret 255.90 - 1.20 - Sequoia Equity A € 144.18 - 1.44 0.00
New World Financials (EUR) € 52.70 - 1.00 0.00 Waverton Asia Pacific A USD $ 17.60 - 0.13 5.27 fund. Please contact data@ft.com or
Optima Partners Global Fd $ 14.10 - -0.17 0.00 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 10.81 - 0.01 0.00 Sequoia Equity B $ 147.22 - 1.19 0.00 call +44 (0)20 7873 3132 for further information.
Max 70% Shs Port Acc X 183.80 - 0.90 - Waverton Global Bond Fund Cls A $ 8.76 - 0.00 5.41
US Premium Equities (EUR) € 181.98 - 2.42 0.00 Stratton Street Capital (CI) Limited (GSY)
Optima Partners Focus Fund A $ 15.81 - -0.10 0.00 PIMCO RAE Fundam.PLUS US Inst Acc $ 12.24 - -0.02 0.00 Max 70% Shs Port Acc S 148.70 - 0.80 - Regulated Sequoia Equity C £ 169.73 - 0.86 0.00
US Premium Equities (USD) $ 203.43 - 2.71 0.00 Waverton Global Equity Fund A GBP £ 13.59 - 0.09 0.58
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.36 - 0.00 0.00 Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00
Investment Port Acc Ret 230.60 - -0.30 - Waverton UK Fund A GBP £ 13.32 - 0.07 1.83
StocksPLUS{TM} - Inst Acc $ 23.23 - -0.03 0.00 Japan Synthetic Warrant GBP Hedged Class £ 199.88 - 1.10 0.00
Oryx International Growth Fund Ltd Investment Port Acc X 163.50 - -0.20 - Waverton Equity Fund A GBP £ 14.72 - 0.15 0.19
Other International Funds Royal Bank of Scotland (2230)F (UK)
Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00
Total Return Bond - Inst Acc $ 27.12 - 0.03 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Max 50% Shs Port Acc Ret 243.90 - 0.70 - Waverton Sterling Bond Fund A GBP £ 9.46 - 0.01 5.31
NAV (Fully Diluted) £ 6.93 - 0.36 0.00
UK Corporate Bond - Inst Acc £ 17.15 - -0.04 0.00 Authorised Inv Funds Japan Synthetic Warrant USD Hedged Class $ 198.97 - 1.03 0.00
Max 50% Shs Port Inc Ret 217.20 - 0.60 -
Series 5 (Minumum Initial Investment £75,000)
UK Long Term Corp. Bnd Inst-Inst Acc £ 18.98 - -0.09 0.00 Renminbi Bond Fund AUD Cls A A$ 119.18 - 0.24 3.82
Max 50% Shs Port Acc X 176.50 - 0.50 -
United Kingdom Equity Index Fund £ 15.42 - 0.36 2.92 WA Fixed Income Fund Plc (IRL)
OTP Asset Management Romania SAI SA ((ROM)) UK Low Duration - Inst Acc £ 14.05 - 0.00 0.00 Renminbi Bond Fund AUD Cls B A$ 120.90 - 0.24 3.57
Max 50% Shs Port Acc S 147.80 - 0.40 - Regulated
www.otpfonduri.ro UK Specialist Equity Inc £ 19.16 - 0.34 0.40
Other International Funds UK Real Return - Inst Acc £ 22.31 - -0.25 0.00 Renminbi Bond Fund CHF Cls A SFr 115.85 - 0.21 3.88 European Multi-Sector € 115.55 - -0.19 0.00
Max 100% Shs Port Acc Ret 283.20 - 2.30 -
Contl Europe Specialist Fund £ 23.56 - 0.28 0.00
OTP Comodisro RON 16.86 - 0.00 - UK Sterling Long Average Duration - Inst Acc £ 21.31 - -0.17 0.00 Renminbi Bond Fund CHF Cls B SFr 115.56 - 0.21 3.64
Max 100% Shs Port Acc X 203.30 - 1.70 -
Japan Specialist Fund X £ 15.03 - 0.01 0.00
OTP Obligatiuni RON 14.25 - 0.00 - Unconstrained Bond - Inst Acc $ 11.88 - 0.00 0.00 Renminbi Bond Fund CNH Cls A CNH 126.55 - 0.15 3.33
US Spec Equity Fund £ 19.08 - 0.16 0.00
Max 100% Shs Port Acc S 148.30 - 1.20 - Troy Asset Mgt Ltd (UK)
OTP Avantisro RON 8.46 - 0.02 - US High Yield Bond Fund Inst Acc $ 26.79 - 0.04 0.00 Renminbi Bond Fund CNH Cls B CNH 126.19 - 0.14 3.10 40 Dukes Place, London EC3A 7NH
Enhanced Inc Inc Ins 212.10 - 0.80 -
Pacific Basin Specialist Equity Fund £ 38.52 - 0.08 0.90 Order Desk and Enquiries: 0345 608 0950
OTP Euro Bond € 12.40 - 0.00 - Renminbi Bond Fund Euro Cls B € 117.33 - 0.22 3.64
Enhanced Inc Inc Ret 200.00 - 0.70 - Authorised Inv Funds
UK Sovereign Bd Index Fund £ 10.60 - -0.05 2.53
OTP Dollar Bond $ 10.56 - 0.00 - Renminbi Bond Fund GBP Cls B £ 119.43 - 0.23 3.42 ACD Capita Financial Mgrs
Enhanced Inc Inc X 170.10 - 0.60 -
UK Specialist Equity Income Fund £ 9.47 - 0.14 4.08 Trojan Investment Funds
OTP Premium Return RON 1070.04 - 1.37 - Renminbi Bond Fund SGD Cls B S$ 118.70 - 0.23 3.38
Enhanced Inc Acc Inst 158.90 - 0.60 -
Global Emerg Mkts Equity Fund X £ 10.58 - 0.01 0.07 Spectrum Fund 'O' Acc ♦ 162.01 - 0.60 0.27 Yuki International Limited (IRL)
Managed Investments OEIC Renminbi Bond Fund USD Cls B $ 118.78 - 0.22 3.19
Global Spec Inv Grade Bd Fund GBP £ 9.58 - -0.03 3.03 Spectrum Fund 'O' Inc ♦ 157.92 - 0.59 0.27 Tel +44-20-7269-0207 www.yukifunds.com
Max 30% Shs Port Acc Ret 154.40 - 0.30 - Renminbi Bond Fund YEN Cls B ¥ 13067.70 - 22.79 0.00 Regulated
Series 6 (Investment Management Customers Only) Spectrum Income Fund 'O' Acc 97.03 - 0.45 -
Max 30% Shs Port Acc X 154.10 - 0.20 - Yuki Mizuho Umbrella Fund
United Kingdom Equity Index Fund £ 15.21 - 0.35 3.57 Renminbi Bond Fund USD Cls A $ 163.88 - 0.31 3.43
Spectrum Income Fund 'O' Inc 96.58 - 0.44 - Yuki Mizuho Japan Dynamic Growth ¥ 6717.00 - -88.00 0.00
Platinum Capital Management Ltd Max 30% Shs Port Acc S 148.00 - 0.20 - Renminbi Bond Fund GBP Cls A £ 159.29 - 0.31 3.66
UK Specialist Equity £ 19.37 - 0.35 1.59
Other International Funds Trojan Fund O Acc ♦ 260.78 - 0.92 0.43 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Max 30% Shs Inc Port Inc Ret 152.70 - 0.10 - Renminbi Bond Fund SGD Cls A S$ 157.33 - 0.30 3.62
Platinum All Star Fund - A (Est) $ 117.46 - - - Contl Europe Specialist Fund £ 24.37 - 0.29 1.18
Trojan Fund O Inc ♦ 216.34 - 0.76 0.43 Yuki Japan Low Price ¥ 25555.00 - -281.00 0.00
Max 30% Shs Inc Port Inc X 152.80 - 0.10 - Renminbi Bond Fund YEN Cls A ¥ 19352.04 - 33.76 0.00
Platinum Global Dividend Fund - A $ 57.27 - - - Japan Specialist Fund X £ 15.80 - 0.00 0.64
Permal Investment Mgmt Svcs Ltd Trojan Global Equity O Acc 222.92 - 0.94 0.87 Yuki Japan Value Select ¥ 12136.00 - -219.00 0.00
Max 30% Shs Inc Port Inc S 146.80 - 0.20 - Renminbi Bond Fund EUR Cls A € 107.98 - 0.21 3.88
www.permal.com Platinum Maverick Enhanced Fund Limited (Est) $ 96.39 - - 0.00 US Spec Equity Fund £ 19.95 - 0.16 0.37 YMR Umbrella Fund
Trojan Global Equity O Inc 189.89 - 0.80 0.88
Other International Funds Max 60% Shs Port Acc Ret 267.90 - 1.30 -
Pacific Basin Specialist Equity Fund £ 38.15 - 0.07 1.90 YMR N Growth ¥ 16989.00 - -25.00 0.00
Offshore Fund Class A US $ Shares Trojan Income O Acc ♦ 278.44 - 1.69 3.62
Max 60% Shs Port Inc Ret 212.00 - 1.10 - Yuki Asia Umbrella Fund
UK Sovereign Bd Index Fund £ 10.72 - -0.05 2.53
Investment Holdings N.V. $ 5487.68 - 49.80 0.00 Trojan Income O Inc ♦ 176.38 - 1.08 3.74
Max 60% Shs Port Inc X 164.20 - 0.90 - Yuki Japan Rebounding Growth Fund JPY Class ¥ 22999.00 - -295.00 0.00
UK Specialist Equity Income Fund £ 10.29 - 0.15 4.03
Macro Holdings Ltd $ 4192.02 - 66.31 0.00
Max 60% Shs Port Inc S 145.40 - 0.70 - Yuki Japan Rebounding Growth Fund USD Hedged Class $ 912.94 - -11.87 -
Global Spec Inv Grade Bd Fund GBP £ 9.88 - -0.02 3.03
Fixed Income Holdings N.V. $ 364.13 - -1.93 -
Managed Investments OEIC 2 UBS Asset Management (UK)
Global Emerg Mkts Equity Fund X £ 10.52 - 0.01 0.91 21 Lombard Street, London, EC3V 9AH
Permal Absolute Return Fund $ 163.59 - 0.48 0.00 Investments Inc Port Inc Ret 161.90 - 0.10 -
Address and telephone number for Series 5 only Client Services 0800 587 2113, Client Dealing 0800 587 2112
Investments Inc Port Inc X 146.70 - 0.10 - E.I. Sturdza Strategic Management Limited (GSY) www.ubs.com/retailfunds
Polar Capital Funds Plc (IRL)
Regulated Authorised Inv Funds
Regulated £ Gov Bond Inc Inst (gross) 175.60 - 0.00 -
Royal London Unit Managers Ltd. (1200) F (UK) Nippon Growth Fund Limited ¥ 103357.00 - 1500.00 0.00 OEIC
Asian Financials I USD $ 278.75 278.75 0.44 0.00 £ Gov Bond Inc Inst 144.30 - 0.00 - Zadig Gestion (Memnon Fund) (LUX)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Global Emerg Mkts Eqty B Acc £ 1.28 - 0.00 1.73
Strat Evarich Japan Fd Ltd JPY ¥ 91049.00 - 849.00 0.00 FCA Recognised
Biotechnology I USD $ 18.28 18.28 0.30 0.00 Authorised Inv Funds
£ Gov Bond Acc Inst 146.40 - 0.00 -
Strat Evarich Japan Fd Ltd USD $ 901.12 - 8.51 0.00 Global Optimal B Acc £ 1.00 - 0.01 0.64 Memnon European Fund I GBP £ 115.16 - 1.61 0.00
European Income Acc EUR € 11.61 11.61 0.31 0.00 Royal London Sustainable Diversified A Inc £ 1.57 - 0.01 2.01
Strat Bond Inc Inst (gross) 179.50 - 0.10 -
UBS UK Opportunities Fund B Acc £ 0.85 - 0.01 3.09
European Ex UK Inc EUR Acc € 9.94 9.94 0.24 - Royal London Sustainable World A Inc 173.60 - 0.90 0.81
Strat Bond Inc Inst 148.40 - 0.00 -
US Equity B Acc £ 1.49 - 0.02 0.28
Pictet Asset Management (Europe) SA (LUX)
Financial Opps I USD $ 12.26 - 0.09 2.13 Royal London Corporate Bond Mth Income 88.28 92.93 -0.08 4.16 E.I. Sturdza Funds PLC (IRL) Zebedee Capital Partners LLP (CYM)
15, Avenue J.F. Kennedy L-1855 Luxembourg Strat Bond Acc Inst 150.90 - 0.10 - Regulated
Regulated UBS S&P 500 Index C Acc £ 0.55 - 0.01 1.08
GEM Growth I USD $ 8.29 - 0.09 0.00 Royal London European Growth Trust 111.90 117.80 0.50 0.41
Tel: 0041 58 323 3000 Managed Investments OEIC 3 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1082.97 - -0.32 0.00 UBS Targeted Return B Acc £ 1.24 - 0.00 0.81
FCA Recognised Royal London Sustainable Leaders A Inc 465.50 - 2.30 0.80 Div Inc Port Inc Ret 175.50 - 0.70 -
GEM Income I USD $ 9.18 - 0.08 0.00
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1275.69 - -0.37 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Pictet-Absl Rtn Fix Inc-HI EUR € 106.80 - 0.08 0.00 UBS Sterling Corporate Bond Indexed Fund 50.72 - -0.26 3.26
Global Alpha I USD $ 12.80 12.80 0.17 0.00 Royal London UK Growth Trust 483.30 508.70 2.60 1.44 Corp Bond Acc Inst (gross) 212.10 - 0.00 -
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100145.00 - -34.00 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 124.74 - 0.27 0.00 UBS Multi Asset Income B Inc (net) £ 0.48 - 0.00 3.61
Global Convertible I USD $ 11.33 11.33 0.01 0.00 Royal London UK Income With Growth Trust 222.00 233.70 0.70 4.40 Corp Bond Inc Inst 141.40 - 0.00 -
Pictet-Agriculture-I EUR F € 182.81 - 1.48 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 83974.00 - -29.00 0.00 UBS UK Equity Income B Inc Net £ 0.37 - 0.00 4.85

Pictet-Asian Equities Ex Japan-I USD F $ 204.79 - 1.30 0.00

Global Insurance I GBP £ 4.18 - 0.01 0.00 Royal London US Growth Trust
Additional Funds Available
154.30 162.30 1.90 0.00 Corp Bond Acc Inst
Multi-Manager OEIC
144.00 - 0.00 -
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 Corporate Bond UK Plus B Inc Net £ 0.51 -Money Market
0.00 4.00
Global Technology I USD $ 23.72 - 0.12 0.00

Asset Management Trusts and

Please see www.royallondon.com for details Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54375.00 - -18.00 0.00 UBS Global Allocation (UK) B Acc £ 1.07 - 0.01 1.42
Pictet-Asian Local Currency Debt-I USD F $ 150.61 - -0.62 0.00 Bal Intl Track Acc Ret 263.70 - 1.50 -

Pictet-Biotech-I USD F $ 840.67 - -2.85 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.73 10.73 0.14 0.00
Bond Mthly Inc Acc Ret 142.40 - -0.30 - Strategic China Panda Fund USD $ 2246.42 - 13.93 0.00
Asset
UBS Global Enhanced Equity Income C Inc £ 0.46 Management
- 0.01 10.94 Asset Management
Pictet-Brazil Index I USD $ 33.85 - 0.40 0.00
Healthcare Opps I USD

Income Opportunities B2 I GBP Acc £

$ 38.83

1.73
- 0.49 0.00

1.73 0.01 0.00

Bond Mthly Inc Inc Ret 91.17 - -0.21 - Strategic China Panda Fund Hedged EURO € 2190.37 - 12.72 0.00 UBS US Growth Fund B Acc £ 1.57 - 0.01 0.00 Bank Accounts Gross
Pictet-CHF Bonds I CHF SFr 504.35 - -2.21 0.00 Strategic China Panda Fund Hedged Sterling £ 2220.25 - 12.79 0.00 UBS Emerging Markets Equity Income B Inc £ 0.34 - 0.00 6.60 Gross Net AER Int Cr
Japan Alpha I JPY ¥ 209.16 209.16 -2.04 0.00
Pictet-China Index I USD $ 105.11 - 0.17 0.00 Strategic Euro Bond Accumulating Class CHFSFr 982.46 - -1.03 0.00
Japan I JPY ¥ 2074.05 - -18.88 0.00 Santander Asset Management UK Limited (1200)F (UK)
Pictet-Clean Energy-I USD F $ 78.07 - 0.30 0.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Strategic Euro Bond Institutional Class EUR € 1009.75 - -0.82 0.00 CCLA Investment Management Ltd
North American I USD $ 17.80 17.80 0.17 0.00
Unicapital Investments (LUX) Senator House 85 Queen Victoria Street, London EC4V 4ET
Authorised Inv Funds
Pictet-Digital Communication-I USD F $ 259.61 - 1.86 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1132.04 - -0.93 0.00 Regulated CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
UK Absolute Equity I GBP £ 12.89 12.89 0.07 0.00 Ruffer LLP (1000)F (UK) Santander Premium Fund (OEIC)
40 Dukes Place, London EC3A 7NH Strategic Euro Bond Fund Distributing Class Shares € 1021.62 - -0.84 1.33 Investments III € 5.03 - -22.38 -
Pictet-Eastern Europe-I EUR F € 259.56 - -2.13 0.00 A Shares
Order Desk and Enquiries: 0345 601 9610 Investments IV - European Private Eq. € 247.75 260.13 -44.58 - CCLA Fund Managers Ltd
Pictet-Em Lcl Ccy Dbt-I USD F $ 151.41 - -0.61 0.00 Europe (ex-UK) 280.10 - 1.30 - Strategic European Smaller Companies Fund EUR Class € 973.36 - 11.72 -
Authorised Inv Funds Senator House 85 Queen Victoria Street, London EC4V 4ET
Polar Capital LLP (CYM)
Authorised Corporate Director - Capita Financial Managers Japan Equities 156.90 - -0.60 - Strategic Global Bond RMB Acc $ 1046.84 - -3.81 0.00 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
Pictet-Emerging Markets-I USD F $ 458.63 - 2.83 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Regulated
CF Ruffer Investment Funds Pacific Bas (ex-Japan) 510.10 - 2.00 - Strategic Global Bond USD Acc $ 1041.84 - -1.27 0.00
Pictet-Emerging Markets Index-I USD F $ 206.43 - 0.82 0.00 ALVA Convertible A USD $ 128.64 - -0.21 0.00
CF Ruffer Gold Fund C Acc 82.20 - 2.69 0.00
Pictet-Emerging Corporate Bonds I USD $ 105.08 - 0.03 0.00 European Conviction A EUR € 140.86 - 1.11 0.00
Sterling Bonds 262.80 - 0.00 - Strategic US Momentum and Value Fund $ 769.16 - 5.90 0.00 Unicorn Asset Management Ltd (UK)
CF Ruffer Gold Fund O Acc 81.34 - 2.65 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Pictet-Emerging Markets High Dividend I USD $ 89.87 - 0.71 0.00 UK Equities 270.90 - 1.60 - Strategic US Momentum & Value Fund USD I Class $ 510.88 - 3.92 0.00
European Forager A EUR € 174.98 - 0.29 0.00 Authorised Inv Funds
Equity & General C Acc 373.11 - -0.25 0.06
Pictet-Emerging Markets Sust Eq I USD $ 80.96 - 0.47 0.00 US Equities 270.90 - 2.70 - Strategic US Momentum and Value EUR Hedged Class EUR € 536.61 - 4.09 0.00 UK Growth A Inc 410.23 - 1.02 0.00
Equity & General C Inc 344.13 - -0.22 0.06
B Shares Strategic US Momentum and Value CHF Hedged Class CHFSFr 533.61 - 3.94 0.00 Mastertrust A Inc X F 368.35 - 1.39 0.07
Pictet-Environmental Megatrend Sel I EUR € 159.17 - -0.09 0.00
Polunin Capital Partners Ltd Equity & General O Inc 342.69 - -0.24 0.00 Pacific Bas (ex-Japan) 509.40 - 2.10 -
Pictet-EUR Bonds-I F € 554.55 - -2.07 0.00 Other International Funds UK Growth B Inc 411.70 - 1.04 0.56
Equity & General O Acc 369.35 - -0.26 0.00
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.65 - -0.25 0.00 Emerging Markets Active $ 40.08 - -0.85 - Mastertrust B Inc X F 330.30 - 1.25 0.91
European C Acc 499.69 - -1.10 0.27
Pictet-EUR Corporate Bonds-I F € 199.12 - -0.29 0.00 Luxcellence Em Mkts Tech $ 924.87 - 44.96 0.00 Outstanding British Cos A Acc X F 259.72 - 0.75 0.66
European O Acc 494.69 - -1.12 0.00
Monday 28 December 2015 ★ FINANCIAL TIMES 23

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.16% -0.29% -0.06% -0.11% -0.03% -0.62%

No change No change No change No change
0.05% 0.22% 0.44% 0.79%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Nov 25 - Dec 24 Index All World Nov 25 - Dec 24 Index All World Nov 25 - Dec 24 Index All World Nov 24 - Dec 23 Index All World Nov 26 - Dec 25 Index All World Nov 26 - Dec 25 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
19,847.58 2,030.68
2,089.14 13,403.42 13,309.80 6,337.64 6,254.64 10,933.99 1,990.65
2,060.99 10,727.64
18,769.06
Day -0.16% Month -1.23% Year -1.02% Day 0.19% Month -0.73% Year -8.89% Day 0.22% Month -0.33% Year -5.34% Day 2.28% Month -3.29% Year 8.12% Day -0.11% Month -5.80% Year 5.12% Day -0.43% Month -0.65% Year 2.66%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
44,138.75 1,502.46 10,332.30 22,498.00 2,891.58 2,877.62
5,102.81 43,528.27 22,138.13
5,048.49 1,439.94
9,682.90

Day 0.05% Month -1.06% Year 5.94% Day -0.12% Month -2.35% Year 1.22% Day -0.06% Month -2.79% Year 4.73% Day 0.43% Month -5.78% Year -7.59% Day 0.44% Month -2.33% Year -5.12% Day 0.49% Month -0.89% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,946.02 3,635.55 3,627.91
17,812.19 45,872.92 25,775.74 25,838.71
17,552.17 4,663.18 21,948.14
44,014.93 21,456.36

Day -0.29% Month -1.35% Year -2.62% Day 1.25% Month -8.59% Year -13.51% Day -0.24% Month -4.62% Year 8.07% Day 1.88% Month -3.76% Year 10.87% Day 0.43% Month 0.33% Year 22.05% Day -0.04% Month 0.08% Year -6.06%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 12040.85 11439.48 Cyprus CSE M&P Gen 65.64 66.55 Italy FTSE Italia All-Share 23212.88 22815.05 Philippines Manila Comp 7002.42 6966.18 Taiwan Weighted Pr 8363.28 8324.36 Cross-Border DJ Global Titans ($) 235.77 235.83
Australia All Ordinaries 5256.10 5193.50 Czech Republic
PX 945.49 929.83 FTSE Italia Mid Cap 34234.23 33934.71 Poland Wig 46564.08 46421.28 Thailand Bangkok SET 1282.93 1284.15 Euro Stoxx 50 (Eur) 3284.47 3286.68
S&P/ASX 200 5207.60 5141.80 Denmark OMXC Copenahgen 20 999.80 979.95 FTSE MIB 21456.36 21060.13 Portugal PSI 20 5349.50 5346.03 Turkey BIST 100 74050.35 74044.89 Euronext 100 ID 910.01 910.94
S&P/ASX 200 Res 2441.90 2349.20 Egypt EGX 30 6812.65 6769.08 Japan 2nd Section 4592.40 4589.78 PSI General 2532.26 2523.32 UAE Abu Dhabi General Index 4241.73 4209.15 FTSE 4Good Global ($) 5439.33 5441.49
Austria ATX 2401.19 2365.04 Estonia OMX Tallinn 897.05 898.73 Nikkei 225 18769.06 18789.69 Romania BET Index 6987.23 6951.53 UK FT 30 2892.10 2890.60 FTSE All World 265.43 265.52
Belgium BEL 20 3691.71 3689.51 Finland OMX Helsinki General 8570.01 8403.40 S&P Topix 150 1257.05 1263.40 Russia Micex Index 1734.21 1742.71 FTSE 100 6254.64 6240.98 FTSE E300 1439.94 1440.87
BEL Mid 6026.57 6035.74 France CAC 40 4663.18 4674.53 Topix 1516.19 1523.62 RTX 772.94 781.10 FTSE 4Good UK 5706.76 5698.47 FTSE Eurotop 100 2855.59 2857.84
Brazil Bovespa 44014.93 43469.52 SBF 120 3676.11 3684.14 Jordan Amman SE 2088.34 2083.84 Saudi-Arabia TADAWUL All Share Index 6941.75 6934.06 FTSE All Share 3448.56 3441.21 FTSE Global 100 ($) 1319.95 1320.37
Canada S&P/TSX 60 784.16 783.07 Germany M-DAX 20708.82 20402.37 Kenya NSE 20 3955.73 3918.75 Singapore FTSE Straits Times 2877.62 2863.65 FTSE techMARK 100 3985.91 3985.99 FTSE Gold Min ($) 917.47 917.47
S&P/TSX Comp 13309.80 13284.91 TecDAX 1814.35 1789.41 Kuwait KSX Market Index 5619.98 5624.68 Slovakia SAX 293.69 293.08 USA DJ Composite 6033.13 6040.23 FTSE Latibex Top (Eur) 2309.00 2300.40
S&P/TSX Met & Min 372.33 375.39 XETRA Dax 10727.64 10488.75 Latvia OMX Riga 579.81 592.35 Slovenia SBI TOP 690.19 685.02 DJ Industrial 17552.17 17602.61 FTSE Multinationals ($) 1500.98 1498.74
Chile IGPA Gen 18020.37 18047.66 Greece Athens Gen 619.96 619.04 Lithuania OMX Vilnius 483.02 483.82 South Africa FTSE/JSE All Share 51324.01 50839.81 DJ Transport 7622.61 7610.49 FTSE World ($) 470.65 470.82
China FTSE A200 9794.75 9757.54 FTSE/ASE 20 181.60 180.38 Luxembourg LuxX 1390.19 1390.73 FTSE/JSE Res 20 26115.74 25615.83 DJ Utilities 581.02 581.01 FTSEurofirst 100 (Eur) 4053.42 4055.66
FTSE B35 12098.44 11945.72 Hong Kong Hang Seng 22138.13 22040.59 Malaysia FTSE Bursa KLCI 1663.51 1643.26 FTSE/JSE Top 40 46355.04 45865.58 Nasdaq 100 4622.77 4624.59 FTSEurofirst 80 (Eur) 4425.11 4426.55
Shanghai A 3796.96 3781.10 HS China Enterprise 9953.21 9882.95 Mexico IPC 43528.27 43579.67 South Korea Kospi 1990.65 1999.22 Nasdaq Cmp 5048.49 5045.93 MSCI ACWI Fr ($) 402.13 402.27
Shanghai B 442.76 432.98 HSCC Red Chip 4061.99 4055.44 Morocco MASI 8893.10 8893.10 Kospi 200 245.33 246.53 NYSE Comp 10258.55 10276.28 MSCI All World ($) 1673.30 1674.00
Shanghai Comp 3627.91 3612.49 Hungary Bux 23547.40 23455.91 Netherlands AEX 444.12 443.72 Spain IBEX 35 9682.90 9641.00 S&P 500 2060.99 2064.29 MSCI Europe (Eur) 1412.50 1412.50
Shenzhen A 2468.61 2454.67 India BSE Sensex 25838.71 25850.30 AEX All Share 682.86 681.90 Sri Lanka CSE All Share 6858.64 6858.64 Wilshire 5000 21354.56 21379.40 MSCI Pacific ($) 2280.77 2288.08
Shenzhen B 1345.67 1333.97 S&P CNX 500 6656.75 6652.75 New Zealand NZX 50 6225.53 6225.53 Sweden OMX Stockholm 30 1446.69 1413.74 Venezuela IBC 14555.81 14628.48 S&P Euro (Eur) 1469.95 1470.19
Colombia COLCAP 1154.77 1161.02 Indonesia Jakarta Comp 4522.65 4517.57 Nigeria SE All Share 26871.24 26918.22 OMX Stockholm AS 502.81 492.81 Vietnam VNI 567.67 566.17 S&P Europe 350 (Eur) 1477.55 1477.62
Croatia CROBEX 1655.77 1647.67 Ireland ISEQ Overall 6746.72 6774.53 Norway Oslo All Share 644.39 626.97 Switzerland SMI Index 8705.74 8515.82 S&P Global 1200 ($) 1848.21 1848.38
Israel Tel Aviv 100 13.08 12.94 Pakistan KSE 100 32500.75 32500.75 Stoxx 50 (Eur) 3108.11 3109.23
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Dec 24 %Chg %Chg Dec 24 %Chg %Chg Dec 24 %Chg %Chg Dec 24 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 14.7 108.03 -0.58 Bp 26.2 365.95 5.55 Nestle N 474.6 67.80 1.76 Nippon Suisan Kaisha, 413.1 647.00 81.00 Anglo American 328.05 24.5 -72.7 Evraz 75.85 23.2 -50.9 Ferrexpo 20.00 42.9 -62.3 Industrial Metals 747.03 24.5 -50.4
Hospira 11.8 89.95 -0.01 Hsbc Holdings 21.6 541.30 0.40 Roche Gs 305.3 251.86 4.90 Toyota Motor 347.7 7483.00 -57.00 Glencore 92.40 14.3 -69.1 Ophir Energy 97.10 15.5 -31.4 Petra Diamonds 87.75 27.0 -54.8 Mining 7501.18 10.4 -47.6
Nike 8.8 63.18 -1.18 Royal Dutch Shell 20.7 1571.00 6.50 Novartis N 270.2 78.61 1.62 Mitsubishi Ufj Fin,. 321.4 742.10 -12.70 Antofagasta 462.60 11.5 -38.5 Cairn Energy 158.40 14.9 -11.3 Gem Diamonds 119.50 20.7 -31.6 Oil & Gas Producers 5782.67 7.3 -18.7
Amazon.com 7.2 662.79 -0.91 Glencore 18.1 92.40 -0.69 Eni 251.1 13.96 0.46 Sumitomo Mitsui Fin,. 256.6 4492.00 -68.00 Bhp Billiton 776.50 10.9 -44.1 Acacia Mining 183.50 14.8 -28.2 Kaz Minerals 102.00 15.8 -60.4 Oil Equipment & Services 13228.50 6.1 -19.4
Facebook Class A 6.8 105.02 0.39 Astrazeneca 17.7 4540.00 27.00 Intesa Sanpaolo 203.1 3.09 -0.01 Mizuho Fin,. 255.2 238.00 -3.90 Fresnillo 715.50 9.3 -6.6 Tullow Oil 178.80 14.8 -56.8 Hunting 319.25 15.8 -39.9 Industrial Engineering 7236.42 5.0 -18.1
Microsoft 5.3 55.67 -0.15 Vodafone 17.5 216.65 1.05 Bayer Ag Na 202.5 116.10 2.70 Canon . 249.7 3730.00 -30.00 Rio Tinto 2006.50 7.9 -33.1 Nostrum Oil & Gas 395.50 13.6 -5.8 Hss Hire 71.50 14.4 - Health Care Equip.& Services 7104.52 3.8 5.3
Bank Of America 5.1 17.27 -0.07 Royal Dutch Shell 16.4 1557.00 6.00 Basf Se Na O.n. 191.8 70.95 1.96 Softbank . 222.3 6036.00 -75.00 Royal Dutch Shell 1571.00 7.6 -29.6 Home Retail 101.20 12.8 -51.2 Stv 501.00 14.1 37.3 Food & Drug Retailers 2550.38 3.7 -9.7
Exxon Mobil 4.6 79.33 -0.86 Standard Chartered 16.4 589.00 5.40 Siemens Ag Na 191.4 89.64 2.13 Toshiba 201.7 216.60 -4.00 Bp 365.95 7.5 -11.0 Amec Foster Wheeler 440.60 12.3 -48.3 Premier Oil 48.75 13.4 -70.8 Electricity 8852.84 3.6 -9.9
The Walt Disney 4.6 105.86 0.30 Rio Tinto 15.5 2006.50 -8.00 Daimler Ag Na O.n. 184.9 77.84 1.47 Tokyo Electric Power ,orporated 196.4 673.00 -49.00 Royal Dutch Shell 1557.00 7.4 -27.7 Drax 252.30 11.9 -45.2 Brammer 177.50 13.1 -48.0 Life Insurance 7876.67 2.9 4.5
Chevron 4.6 92.05 -1.76 Glaxosmithkline 14.8 1376.00 6.00 Allianz Se Vna O.n. 181.2 163.00 2.70 Mitsubishi Heavy Industries, 166.3 517.50 -25.20 Standard Chartered 589.00 7.1 -38.8 Centamin 66.80 10.5 13.4 Consort Medical 1133.00 12.0 31.0 Pharmaceuticals & Biotech. 12784.07 2.6 0.5
Carnival 3800.00 6.9 30.2 Serco 101.80 8.5 -36.7 Soco Int 150.00 11.7 -50.6 Banks 3862.31 2.5 -11.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Randgold Resources Ld 4235.00 6.5 -3.3 Dechra Pharmaceuticals 1085.00 8.5 29.7 Enquest 21.50 11.7 -39.4 Automobiles & Parts 7135.78 2.4 -10.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Navient 12.61 0.46 3.79 Ophir Energy 97.10 4.00 4.30 Thyssenkrupp Ag O.n. 18.79 1.18 6.73 Nippon Suisan Kaisha, 647.00 81.00 14.31 Next 7180.00 -3.0 5.3 Onesavings Bank 348.40 -8.3 62.4 Game Digital 127.50 -34.6 -46.9 Food Producers 8848.50 -0.9 8.4
Csra 28.02 1.01 3.74 Jimmy Choo 131.00 4.70 3.72 Rwe Ag St O.n. 11.98 0.68 6.02 Dainippon Screen Mfg.co., 883.00 30.00 3.52 Admiral 1639.00 -2.1 24.0 Ted Baker 2996.00 -7.6 34.9 Exova 142.50 -8.1 -10.9 Fixed Line Telecommunication 5269.38 -0.7 15.4
Nxp Semiconductors N.v. 86.42 1.89 2.24 Cairn Energy 158.40 5.00 3.26 Fortum 13.96 0.74 5.60 Kyowa Hakko Kirin Co., 1903.00 53.00 2.86 Sports Direct Int 564.50 -2.1 -20.6 Card Factory 361.40 -6.9 27.7 Oxford Biomedica 6.40 -7.9 21.9 Technology Hardware & Equip. 1271.74 -0.3 6.7
Newmont Mining 18.54 0.40 2.21 Evraz 75.85 2.20 2.99 E.on Se Na 8.95 0.47 5.49 Nippon Express Co., 564.00 15.00 2.73 Coca-cola Hbc Ag 1475.00 -2.1 20.1 B&m Eur Value Retail S.a. 281.10 -6.0 -1.4 Hostelworld 215.00 -4.9 - General Retailers 2983.15 -0.3 0.3
Illumina 189.00 3.65 1.97 Jardine Lloyd Thompson 949.50 26.00 2.82 Statoil 13.15 0.65 5.22 Shionogi & Co., 5356.00 134.00 2.57 Provident Fin 3299.00 -2.0 34.0 Shawbrook 340.80 -4.5 - Hilton Food 528.00 -4.8 34.8 Real Estate Investment Trusts 3285.52 0.2 7.4
Associated British Foods 3339.00 -1.9 5.9 Riverstone Energy 772.75 -3.9 -10.1 Rm 165.00 -4.8 5.3 Nonlife Insurance 2458.97 0.2 27.1
Downs Downs Downs Downs
Ashtead 1112.00 -1.3 -3.5 Allied Minds 387.00 -3.3 5.4 Lms Capital 71.00 -4.7 -9.0 Real Estate & Investment Servic 3092.44 0.5 15.5
Comcast 58.00 -1.69 -2.83 Nostrum Oil & Gas 395.50 -14.70 -3.58 Bankia 1.08 -0.02 -1.64 Tokyo Electric Power ,orporated 673.00 -49.00 -6.79
Marks And Spencer 453.40 -1.0 -5.3 Telecom Plus 1055.00 -3.1 -16.4 Novae 850.00 -4.5 42.6 Household Goods 16223.96 0.6 26.7
Ensco 15.96 -0.45 -2.74 Ted Baker 2996.00 -111.00 -3.57 Alstom 27.20 -0.31 -1.11 Thb Kansai Electric Power ,orporated 1382.00 -80.00 -5.47
Bt 467.05 -0.8 16.3 Entertainment One 170.70 -3.1 -47.1 Goodwin 1855.00 -4.4 -25.5 General Financial 9382.87 0.6 10.1
Fossil 37.54 -0.91 -2.37 Shawbrook 340.80 -11.70 -3.32 Jc Decaux Sa. 34.97 -0.39 -1.09 Unitika 54.00 -3.00 -5.26
Whitbread 4440.00 -0.5 -6.9 Int Personal Finance 291.20 -2.6 -35.2 Mears 445.00 -4.3 18.5 Mobile Telecommunications 5012.72 0.6 -0.4
Cf Industries Holding 43.25 -0.92 -2.08 Allied Minds 387.00 -13.00 -3.25 Sanofi 79.09 -0.87 -1.09 Sumitomo Osaka Cement Co., 441.00 -23.00 -4.96
Wolseley 3682.00 -0.5 -0.1 Jupiter Fund Management 448.30 -2.5 22.9 Avon Rubber 1003.00 -4.3 31.1 Media 7347.00 0.8 12.4
Kinder Morgan 16.08 -0.33 -2.01 Onesavings Bank 348.40 -11.60 -3.22 Zodiac Aerospace 22.37 -0.23 -1.00 Mitsubishi Heavy Industries, 517.50 -25.20 -4.64
Taylor Wimpey 197.20 -0.4 43.1 Atkins (ws) 1616.00 -2.4 18.2 Photo-me Int 148.25 -4.2 5.2 Equity Investment Instruments 7448.78 0.8 2.9
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.0748 - 14.3281 - 19.5345 - Indonesia Indonesian Rupiah 13642.5000 - 14950.2083 - 20382.6641 - Poland Polish Zloty 3.8674 - 4.2381 - 5.7781 - ..Three Month 0.6694 - 0.7333 0.0000 - -
Australia Australian Dollar 1.3751 - 1.5070 - 2.0545 - Israel Israeli Shekel 3.8896 - 4.2624 - 5.8112 - Romania Romanian Leu 4.1337 - 4.5300 - 6.1760 - ..One Year 0.6696 0.0000 0.7327 0.0000 - -
Bahrain Bahrainin Dinar 0.3772 - 0.4133 - 0.5635 - Japan Japanese Yen 120.2850 - 131.8148 - 179.7122 - Russia Russian Ruble 70.2200 - 76.9509 - 104.9124 - United States United States Dollar - - 1.0959 - 1.4941 -
Bolivia Bolivian Boliviano 6.9100 - 7.5724 - 10.3239 - ..One Month 120.2849 -0.0002 131.8149 0.0000 179.7122 -0.0002 Saudi Arabia Saudi Riyal 3.7520 - 4.1116 - 5.6057 - ..One Month - - 1.0957 -0.3982 1.4941 0.0000
Brazil Brazilian Real 3.9415 - 4.3193 - 5.8887 - ..Three Month 120.2848 -0.0005 131.8149 0.0001 179.7119 -0.0006 Singapore Singapore Dollar 1.4057 - 1.5404 - 2.1002 - ..Three Month - - 1.0956 -0.3982 1.4941 -
Canada Canadian Dollar 1.3852 - 1.5180 - 2.0696 - ..One Year 120.2835 -0.0030 131.8148 0.0000 179.7122 -0.0020 South Africa South African Rand 15.2866 - 16.7518 - 22.8389 - ..One Year - - 1.0944 -0.3982 1.4944 0.0000
Chile Chilean Peso 700.2000 - 767.3173 - 1046.1364 - Kenya Kenyan Shilling 102.3000 - 112.1059 - 152.8417 - South Korea South Korean Won 1167.8500 - 1279.7936 - 1744.8307 - Venezuela Venezuelan Bolivar Fuerte 6.3055 0.0205 6.9099 0.0225 9.4208 0.0306
China Chinese Yuan 6.4768 - 7.0976 - 9.6767 - Kuwait Kuwaiti Dinar 0.3034 - 0.3325 - 0.4533 - Sweden Swedish Krona 8.3937 - 9.1983 - 12.5407 - Vietnam Vietnamese Dong 22532.0000 - 24691.8458 - 33664.0263 -
Colombia Colombian Peso 3136.5000 - 3437.1478 - 4686.1015 - Malaysia Malaysian Ringgit 4.3103 - 4.7235 - 6.4398 - Switzerland Swiss Franc 0.9873 - 1.0819 - 1.4751 - European Union Euro 0.9125 - - - 1.3634 -
Costa Rica Costa Rican Colon 535.4300 - 586.7533 - 799.9612 - Mexico Mexican Peson 17.2788 - 18.9350 - 25.8154 - Taiwan New Taiwan Dollar 32.7905 - 35.9336 - 48.9908 - ..One Month 0.9124 - - - 1.3633 -
Czech Republic Czech Koruna 24.6635 - 27.0276 - 36.8486 - New Zealand New Zealand Dollar 1.4637 - 1.6040 - 2.1868 - Thailand Thai Baht 36.0900 - 39.5494 - 53.9204 - ..Three Month 0.9123 - - - 1.3632 0.0000
Denmark Danish Krone 6.8095 - 7.4622 - 10.1738 - Nigeria Nigerian Naira 199.0500 - 218.1298 - 297.3914 - Tunisia Tunisian Dinar 2.0244 - 2.2184 - 3.0246 - ..One Year 0.9111 0.0000 - - 1.3626 0.0000
Egypt Egyptian Pound 7.8328 0.1517 8.5836 0.1662 11.7026 0.2266 Norway Norwegian Krone 8.6588 - 9.4888 - 12.9367 - Turkey Turkish Lira 2.9175 - 3.1972 - 4.3589 -
Hong Kong Hong Kong Dollar 7.7514 - 8.4944 - 11.5809 - Pakistan Pakistani Rupee 104.7650 - 114.8072 - 156.5245 - United Arab Emirates UAE Dirham 3.6730 - 4.0251 - 5.4877 -
Hungary Hungarian Forint 288.6299 - 316.2963 - 431.2285 - Peru Peruvian Nuevo Sol 3.3957 - 3.7212 - 5.0734 - United Kingdom Pound Sterling 0.6693 - 0.7335 - - -
India Indian Rupee 66.2150 - 72.5620 - 98.9288 - Philippines Philippine Peso 47.2250 - 51.7517 - 70.5567 - ..One Month 0.6694 0.0000 0.7334 - - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Dec 24 Dec 23 Dec 22 Dec 21 Dec 18 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2892.10 2890.60 2823.11 2809.90 2778.10 0.00 3110.40 2067.70 Software & Comp Serv 33.67 Real Est Invest & Tr 8.27 NON FINANCIALS Index -2.87 FTSE 100 Price Change FTSE 100 Price Change
Dec 24 chge% Index Dec 23 Dec 22 ago yield% Cover ratio adj Return FT 30 Div Yield 1.74 1.74 1.78 1.79 1.84 0.00 3.93 2.74 Forestry & Paper 29.43 Consumer Services 6.87 Gas Water & Multi -3.30 3I Group PLC 479.80 10.10 Kingfisher PLC 329.70 0.30
FTSE 100 (100) 6254.64 0.22 6658.69 6240.98 6083.10 6609.93 3.97 1.46 17.22 248.53 4900.28 P/E Ratio net 25.62 25.58 25.03 24.96 24.31 0.00 19.44 14.26 Nonlife Insurance 27.34 Health Care Eq & Srv 6.12 Chemicals -3.58 Aberdeen Asset Management PLC 290.00 1.00 Land Securities Group PLC 1186 0.00
FTSE 250 (250) 17415.10 0.13 18540.11 17391.88 17166.18 16104.92 2.58 1.93 20.13 443.23 12119.19 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 27.06 Electronic & Elec Eq 5.90 Utilities -4.71 Admiral Group PLC 1639 -36.00 Legal & General Group PLC 269.30 5.90
FTSE 250 ex Inv Co (209) 18942.24 0.16 20165.91 18911.42 18659.98 17379.65 2.60 2.02 19.03 485.90 13441.52 FT 30 hourly changes Construct & Material 23.72 FTSE SmallCap Index 5.65 FTSE 100 Index -4.74 Anglo American PLC 328.05 64.50 Lloyds Banking Group PLC 73.50 2.17
FTSE 350 (350) 3499.64 0.20 3725.72 3492.53 3411.84 3616.16 3.72 1.52 17.68 130.18 5526.33 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 16.43 Telecommunications 5.62 Industrial Transport -5.31 Antofagasta PLC 462.60 47.60 London Stock Exchange Group PLC 2702 -7.00
FTSE 350 ex Investment Trusts (309) 3475.51 0.21 3700.03 3468.22 3387.08 3595.81 3.75 1.52 17.48 130.32 2825.86 2890.6 2890.5 2890.8 2891.6 2888.8 2892.1 2896.8 2886.5 Technology 15.92 Support Services 5.56 Electricity -9.65 Arm Holdings PLC 1038 -2.00 Marks And Spencer Group PLC 453.40 -4.60
FTSE 350 Higher Yield (108) 3175.38 0.41 3380.51 3162.36 3078.98 3532.83 5.48 1.28 14.25 172.95 5143.24 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 15.47 Life Insurance 4.35 Food & Drug Retailer -10.07 Ashtead Group PLC 1112 -15.00 Merlin Entertainments PLC 450.00 5.80
FTSE 350 Lower Yield (242) 3494.42 -0.01 3720.16 3494.63 3425.36 3346.22 1.94 2.20 23.34 72.44 3698.04 Tobacco 13.02 Tech Hardware & Eq 4.17 Automobiles & Parts -11.28 Associated British Foods PLC 3339 -65.00 Mondi PLC 1359 14.00
FTSE SmallCap (290) 4612.39 0.48 4910.35 4590.44 4581.99 4348.87 2.83 1.37 25.72 127.91 6321.84 Consumer Goods 12.54 Personal Goods 3.93 Banks -11.71
FTSE SmallCap ex Inv Co (155) 4172.63 0.47 4442.18 4153.04 4147.33 3792.39 2.78 1.82 19.74 113.35 6006.16 FX: EFFECTIVE INDICES Media 12.19 Equity Invest Instr 2.29 Aerospace & Defense -12.25
Astrazeneca PLC 4540 106.00 National Grid PLC 935.00 9.10
Aviva PLC 519.00 13.00 Next PLC 7180 -225.00
FTSE All-Share (640) 3448.56 0.21 3671.34 3441.21 3364.33 3552.11 3.69 1.52 17.87 127.09 5508.80 Travel & Leisure 11.32 Industrials 1.68 Industrial Eng -16.39
Dec 23 Dec 22 Mnth Ago Dec 24 Dec 23 Mnth Ago Babcock International Group PLC 1023 29.00 Old Mutual PLC 181.70 9.90
FTSE All-Share ex Inv Co (464) 3409.95 0.22 3630.23 3402.62 3324.54 3519.31 3.73 1.53 17.52 127.15 2818.45 Financial Services 10.13 General Retailers 1.20 Oil Equipment & Serv -18.23 Bae Systems PLC 497.30 1.00 Pearson PLC 768.00 16.50
FTSE All-Share ex Multinationals (575) 1191.93 0.09 1051.71 1190.81 1172.53 1137.93 2.80 1.56 22.82 33.84 2031.62 Australia 91.69 91.57 92.60 Sweden 79.95 79.87 78.65 Beverages 8.80 Health Care 1.13 Oil & Gas -18.95 Barclays PLC 221.70 2.95 Persimmon PLC 1973 19.00
FTSE Fledgling (101) 7710.44 0.15 8208.54 7698.53 7666.51 6741.59 2.55 1.16 33.85 177.58 13894.50 Canada 84.93 84.38 88.45 Switzerland 159.59 159.55 158.07 Leisure Goods 8.46 Pharmace & Biotech 0.63 Oil & Gas Producers -18.97 Barratt Developments PLC 616.00 1.00 Provident Financial PLC 3299 -66.00
FTSE Fledgling ex Inv Co (51) 10544.28 0.21 11225.44 10522.67 10481.12 8270.51 2.79 1.37 26.05 237.62 18484.49 Denmark 105.71 106.04 104.99 UK 90.95 90.33 93.83 Food Producers 8.38 Mobile Telecomms -0.22 Basic Materials -41.02 Berkeley Group Holdings (The) PLC 3613 28.00 Prudential PLC 1540 36.50
FTSE All-Small (391) 3198.09 0.46 3404.68 3183.38 3177.16 3004.70 2.82 1.36 26.03 87.97 5628.27 Japan 127.49 127.28 126.16 USA 106.18 106.06 106.17 FTSE 250 Index 8.27 Financials -0.95 Mining -47.39 Bg Group PLC 986.50 40.70 Randgold Resources LD 4235 258.00
FTSE All-Small ex Inv Co Index (206) 3113.70 0.46 3314.85 3099.40 3094.84 2811.14 2.78 1.81 19.93 83.89 5678.76 New Zealand 115.61 115.90 112.30 Euro 86.04 86.70 84.31 FTSE All{HY-}Share Index -2.38 Industrial Metals & -51.75 Bhp Billiton PLC 776.50 76.50 Reckitt Benckiser Group PLC 6226 51.00
FTSE AIM All-Share Index (861) 728.24 0.39 775.28 725.42 723.68 696.75 1.52 0.65 101.62 9.57 783.72 Norway 84.06 83.89 86.23
BP PLC 365.95 25.60 RELX PLC 1180 6.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3781 48.50 Rio Tinto PLC 2006.5 147.50
Oil & Gas (18) 6116.39 0.68 6511.50 6075.08 5794.68 7696.89 6.16 0.20 81.34 371.71 5122.86 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 793.50 -1.00 Rolls-Royce Holdings PLC 595.00 21.50
Oil & Gas Producers (11) 5816.24 0.71 6191.97 5775.00 5507.80 7318.76 6.18 0.16 99.97 354.65 5037.18 Bt Group PLC 467.05 -3.65 Royal Bank Of Scotland Group PLC 304.80 10.10
Oil Equipment Services & Distribution (7)13888.37 -0.28 14785.56 13927.17 13328.50 17477.14 5.48 1.41 12.93 761.22 10214.32 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1870 17.00 Royal Dutch Shell PLC 1571 111.00
Basic Materials (28) 2793.49 -0.06 2973.95 2795.28 2652.27 4659.72 7.30 1.88 7.28 198.46 2739.11 Burberry Group PLC 1209 8.00 Royal Dutch Shell PLC 1557 107.00
Chemicals (7) 11633.38 -0.45 12384.90 11685.54 11389.91 12034.56 2.39 2.28 18.34 237.16 10001.53 Dec 24 No of US $ Day Mth YTD
YTD Gr Div Dec 24Total No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1223 13.00 Royal Mail PLC 450.00 6.00
Forestry & Paper (1) 15973.05 1.80 17004.91 15690.96 15514.66 12482.25 2.26 3.37 13.13 360.52 16592.37 Regions & countries stocks indices % % %
% Yield Sectorsretn stocks indices % % % retn % Yield Carnival PLC 3800 246.00 Rsa Insurance Group PLC 430.90 6.70
Industrial Metals & Mining (2) 751.34 2.86 799.87 730.44 680.68 1520.15 1.53 -18.64 -3.50 11.18 655.68 FTSE Global All Cap 7751 453.82 0.0 -1.7
-1.1 -3.4 620.57
2.5 Oil & Gas 165 312.47 0.0 0.0 -21.5 477.45 -18.7 4.2 Centrica PLC 218.20 4.70 Sabmiller PLC 4075 25.00
Mining (18) 7191.73 -0.14 7656.31 7201.86 6776.29 13418.08 8.68 1.85 6.22 616.70 3692.35 FTSE Global All Cap 7115 466.64 0.0 -1.8
-1.4 -3.6 626.89
2.4 Oil & Gas Producers 117 292.60 -0.1 -0.1 -19.2 455.08 -16.2 4.2 Coca-Cola Hbc AG 1475 -31.00 Sage Group PLC 596.00 7.00
FTSE Global Large Cap 1416 401.39 0.0 -1.6
-1.3 -3.7 561.46
2.7 Oil Equipment & Services 39 283.71 0.0 0.0 -31.6 395.27 -29.3 4.6 Compass Group PLC 1160 7.00 Sainsbury (J) PLC 266.40 10.60
Industrials (119) 4375.77 0.26 4658.44 4364.51 4294.37 4324.61 2.51 1.20 33.34 112.35 4346.07
Construction & Materials (14) 5313.15 0.16 5656.38 5304.84 5255.58 4304.87 2.21 -0.81 -55.97 121.45 5429.23 FTSE Global Mid Cap 1642 604.83 0.0 -1.8
-0.2 -2.0 789.49
2.1 Basic Materials 261 356.32 -0.1 -0.1 -18.2 521.56 -15.9 3.4 Crh PLC 1946 25.00 Schroders PLC 2961 28.00
Aerospace & Defense (9) 4332.83 0.16 4612.73 4325.95 4246.02 4953.69 2.64 0.96 39.53 113.27 4479.26 FTSE Global Small Cap 4693 630.44 0.0 -2.2
-1.6 -3.4 799.07
2.0 Chemicals 122 596.17 0.0 0.0 -4.4 875.21 -2.2 2.6 Dcc PLC 5620 30.00 Severn Trent PLC 2175 13.00
General Industrials (6) 3593.45 0.33 3825.59 3581.76 3527.39 3183.96 3.23 1.67 18.60 115.93 3912.09 FTSE All-World 3058 265.43 0.0 -1.7
-1.1 -3.4 382.92
2.6 Forestry & Paper 16 198.63 0.0 0.0 -4.6 319.04 -1.7 3.4 Diageo PLC 1856.5 23.00 Shire PLC 4609 159.00
Electronic & Electrical Equipment (10) 5416.04 0.08 5765.92 5411.71 5337.55 5075.37 2.26 1.98 22.33 111.33 4786.18 FTSE World 2541 470.65 0.0 -1.6
-0.8 -3.1 911.66
2.5 Industrial Metals & Mining 67 263.54 -0.4 -0.4 -36.1 386.43 -34.5 3.4 Direct Line Insurance Group PLC 410.70 2.80 Sky PLC 1099 -3.00
Industrial Engineering (14) 7716.67 0.27 8215.17 7696.01 7492.05 9406.45 3.18 1.57 20.01 244.11 9035.53 FTSE Global All Cap ex UNITED KINGDOM In 7426 466.15 0.0 -1.7
-0.9 -3.1 628.56
2.4 Mining 56 333.97 0.0 0.0 -41.4 489.36 -38.8 6.5 Dixons Carphone PLC 497.70 9.70 Smith & Nephew PLC 1173 53.00
Industrial Transportation (8) 3930.96 -0.21 4184.91 3939.38 3890.49 4108.81 3.86 0.94 27.61 168.06 3307.00 FTSE Global All Cap ex USA 5745 418.75 -0.1 -1.7
-3.8 -6.4 607.22
3.0 Industrials 536 300.16 -0.1 -0.1 -4.6 416.95 -2.6 2.3 Easyjet PLC 1721 6.00 Smiths Group PLC 958.50 31.50
Support Services (58) 6687.78 0.35 7119.81 6664.29 6558.46 6371.71 2.26 1.52 29.12 158.26 6706.09 FTSE Global All Cap ex JAPAN 6489 463.00 0.0 -1.6
-2.0 -4.3 638.72
2.6 Construction & Materials 109 421.60 -0.1 -0.1 -2.2 612.96 -0.2 2.2 Experian PLC 1204 36.00 Sports Direct International PLC 564.50 -12.00
FTSE Developed 2104 429.36 0.0 -1.50.3 -2.0 591.49
2.5 Aerospace & Defense 28 509.45 0.0 0.0 2.5 701.67 4.6 2.1 Fresnillo PLC 715.50 61.00 Sse PLC 1533 50.00
Consumer Goods (40) 18204.95 0.30 19380.99 18151.34 17830.03 16311.63 3.02 1.73 19.18 548.74 12842.47
FTSE Developed All Cap 5741 450.13 0.0 -1.60.2 -2.1 613.41
2.4 General Industrials 56 216.83 -0.1 -0.1 -0.3 323.61 2.3 2.6 Gkn PLC 305.20 5.60 St. James's Place PLC 996.00 7.50
Automobiles & Parts (1) 7172.34 -0.88 7635.67 7235.79 6925.59 8180.51 2.79 1.53 23.45 199.75 6595.97
FTSE Developed Large Cap 916 397.40 0.0 -1.40.1 -2.3 554.91
2.6 Electronic & Electrical Equipment 69 316.39 0.0 0.0 -2.7 405.37 -1.0 1.9 Glaxosmithkline PLC 1376 34.50 Standard Chartered PLC 589.00 39.10
Beverages (6) 15440.67 0.38 16438.13 15382.20 15159.92 14328.07 2.48 1.65 24.53 382.69 10517.00
FTSE Developed Europe Large Cap 218 333.83 0.0 -1.1
-2.4 -5.6 525.95
3.5 Industrial Engineering 104 537.93 -0.3 -0.3 -13.0 734.93 -11.0 2.7 Glencore PLC 92.40 11.54 Standard Life PLC 395.20 17.90
Food Producers (10) 8897.44 0.59 9472.22 8845.24 8706.27 8317.59 1.84 1.39 38.94 163.90 7445.82
FTSE Developed Europe Mid Cap 302 516.29 0.0 0.95.7 3.2 739.34
2.6 Industrial Transportation 97 497.98 0.0 0.0 -16.6 689.84 -14.9 2.4 Hammerson PLC 605.00 1.50 Taylor Wimpey PLC 197.20 -0.70
Household Goods & Home Construction (13)13570.26 -0.20 14446.90 13596.89 13379.31 10647.34 2.15 2.54 18.37 289.55 9231.46
FTSE Dev Europe Small Cap 721 733.21 0.0 2.38.9 6.5 1022.75
2.3 Support Services 73 277.08 -0.2 -0.2 1.7 370.06 3.6 1.9 Hargreaves Lansdown PLC 1482 8.00 Tesco PLC 150.90 6.05
Leisure Goods (2) 5440.58 -0.31 5792.04 5457.31 5546.07 5029.75 4.40 1.32 17.20 238.83 4607.83
FTSE North America Large Cap 318 440.40 0.0 -1.41.2 -1.0 579.61
2.2 Consumer Goods 421 418.67 0.0 0.0 3.4 594.80 5.8 2.4 Hikma Pharmaceuticals PLC 2251 34.00 Travis Perkins PLC 1975 40.00
Personal Goods (6) 22293.07 0.13 23733.21 22263.37 21822.15 21749.87 2.93 3.01 11.35 652.95 14382.74
FTSE North America Mid Cap 395 646.59 0.0 -2.6
-3.2 -4.7 797.82
1.7 Automobiles & Parts 102 383.83 -0.2 -0.2 -1.5 523.51 0.7 2.5 HSBC Holdings PLC 541.30 9.60 Tui AG 1230 8.00
Tobacco (2) 45940.25 0.64 48907.98 45649.66 44733.55 41082.50 4.34 1.18 19.58 1994.40 27997.02
FTSE North America Small Cap 1522 649.87 0.0 -3.5
-4.2 -5.7 780.07
1.8 Beverages 48 577.84 0.0 0.0 7.4 833.36 10.2 2.5 Imperial Tobacco Group PLC 3543.5 26.50 Unilever PLC 2891 33.00
Health Care (19) 9393.91 0.51 10000.76 9346.52 9111.28 9285.20 3.72 3.53 7.61 348.00 6849.49
FTSE North America 713 294.06 0.0 -1.60.5 -1.6 396.61
2.2 Food Producers 106 560.62 0.1 0.1 1.6 819.93 3.8 2.2 Inmarsat PLC 1130 0.00 United Utilities Group PLC 936.50 11.00
Health Care Equipment & Services (7) 7229.94 0.25 7696.99 7212.07 7069.59 6727.49 1.57 2.15 29.65 104.41 6130.00
FTSE Developed ex North America 1391 227.15 -0.1 -1.30.1 -2.7 353.32
3.0 Household Goods & Home Construction 47 402.55 0.0 0.0 1.6 569.08 4.0 2.3 Intercontinental Hotels Group PLC 2636 62.00 Vodafone Group PLC 216.65 1.90
Pharmaceuticals & Biotechnology (12)12686.35 0.53 13505.89 12619.34 12295.39 12616.82 3.92 3.58 7.12 498.46 8216.61
FTSE Japan Large Cap 177 322.09 -0.5 -2.87.6 5.6 402.41
2.0 Leisure Goods 28 131.93 0.0 0.0 4.7 168.71 5.7 1.4 International Consolidated Airlines Group S.A. 603.00 4.50 Whitbread PLC 4440 -24.00
Consumer Services (97) 4884.81 -0.08 5200.37 4888.60 4817.57 4551.21 2.31 1.61 26.93 114.75 4408.52 FTSE Japan Mid Cap 303 480.38 -0.4 -3.4
14.7 13.0 579.76
1.5 Personal Goods 79 599.25 0.0 0.0 2.8 811.85 4.7 2.0
Food & Drug Retailers (7) 2659.20 -0.38 2830.99 2669.39 2570.79 2912.22 2.01 -1.50 -33.07 53.33 3040.81 Intertek Group PLC 2790 52.00 Wolseley PLC 3682 -18.00
FTSE Global wi JAPAN Small Cap 782 510.01 -0.5 -2.5
10.7 8.8 635.49
1.8 Tobacco 11 1227.09 0.0 0.0 14.3 2393.89 19.1 4.0 Intu Properties PLC 322.30 4.60 Worldpay Group PLC 300.90 6.40
General Retailers (32) 2921.01 0.14 3109.70 2916.87 2895.26 2855.64 2.45 2.27 18.01 72.09 3199.56
FTSE Japan 480 133.84 -0.5 -3.09.0 1.9 Health Care
7.1 187.90 173 459.59 0.0 0.0 5.8 640.06 7.8 1.8 Itv PLC 275.00 7.50 Wpp PLC 1538 8.00
Media (22) 7442.17 -0.36 7922.93 7468.97 7338.09 6634.98 2.74 1.62 22.48 208.85 4393.78
FTSE Asia Pacific Large Cap ex Japan 531 542.18 0.0 -1.2
-9.3 -11.9 809.23
3.3 Health Care Equipment & Services 61 651.31 0.0 0.0 10.3 746.72 11.4 1.0 Johnson Matthey PLC 2703 87.00
Travel & Leisure (36) 8768.73 0.11 9335.19 8758.98 8669.63 7870.11 1.96 1.95 26.15 174.07 7991.39
FTSE Asia Pacific Mid Cap ex Japan 433 744.07 0.1 -1.1
-5.4 -7.7 1071.23
2.9 Pharmaceuticals & Biotechnology 112 348.89 0.0 0.0 4.5 504.85 6.7 2.1
Telecommunications (7) 3939.62 -0.16 4194.12 3945.96 3850.28 3801.75 4.15 0.18 131.47 162.88 4128.15 FTSE Asia Pacific Small Cap ex Japan 1426 494.91 0.2 -1.6
-5.0 -7.4 703.05
2.8 Consumer Services 386 390.52 0.0 0.0 4.4 507.21 6.1 1.7
Fixed Line Telecommunications (5) 5357.16 -1.14 5703.23 5419.15 5275.32 4796.67 2.89 1.74 19.87 153.43 4646.01
Mobile Telecommunications (2) 5005.13 0.53 5328.46 4978.54 4865.90 5068.95 5.02 -0.44 -45.29 251.48 4681.15
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
964
2010
429.98
575.67
0.0
0.1
-1.2
-8.8
-3.6
-14.1
-11.4 682.13
3.3 Food & Drug Retailers
-16.5 820.88
3.2 General Retailers
54 303.34
121 531.88
0.0
0.1
0.0
0.1
0.9 409.84
11.2 674.22
2.6
13.0
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (7) 8399.86 0.42 8942.49 8364.32 8169.88 8871.73 4.83 1.36 15.20 405.87 8945.60 FTSE Emerging Large Cap 500 543.82 0.0 -3.9
-14.4 -16.8 780.27
3.3 Media 87 290.40 0.0 0.0 -3.4 377.92 -1.8 1.9 Dec 24 Dec 23 Dec 22 Dec 21 Dec 18 Yr Ago
Electricity (2) 8832.74 1.09 9403.34 8737.67 8567.12 9793.78 5.71 1.35 13.01 504.89 11750.08 FTSE Emerging Mid Cap 454 714.70 0.1 -3.2
-14.8 -17.0 1013.89
2.9 Travel & Leisure 124 381.37 0.0 0.0 5.9 500.13 7.7 1.7 SEAQ Bargains 2375.00 4476.00 4441.00 5151.00 4591.00 4591.00
Gas Water & Multiutilities (5) 7837.77 0.25 8344.09 7818.08 7628.74 8167.39 4.59 1.37 15.90 360.10 8380.01 FTSE Emerging Small Cap 1056 613.10 0.3 -1.8
-10.9 -13.3 842.77
3.0 Telecommunication 92 158.34 0.0 0.0 -5.2 278.53 -1.3 4.2 Order Book Turnover (m) 3.59 18.97 26.89 27.18 35.91 35.91
Financials (285) 4597.95 0.14 4894.98 4591.58 4514.60 4673.76 3.56 1.87 14.99 164.01 4015.76 FTSE Emerging Europe 99 273.65 -0.2 -7.9
-8.6 -12.2 401.49
4.5 Fixed Line Telecommuniations 44 133.58 0.0 0.0 -2.5 256.95 2.0 4.7 Order Book Bargains 156659.00 624732.00 619621.00 668764.00 853743.00 853743.00
Banks (9) 3813.64 0.01 4060.00 3813.14 3724.10 4347.09 4.31 1.37 17.00 170.78 2628.85 FTSE Latin America All Cap 244 607.35 0.0 -7.5
-30.6 -32.6 896.94
3.8 Mobile Telecommunications 48 165.14 0.0 0.0 -8.7 263.45 -5.6 3.6 Order Book Shares Traded (m) 289.00 1015.00 940.00 994.00 2137.00 2137.00
Nonlife Insurance (11) 2830.53 -0.06 3013.38 2832.28 2809.57 2238.05 2.66 2.06 18.24 75.75 4757.01 FTSE Middle East and Africa All Cap 220 631.95 0.0 -6.4
-15.6 2.9 Utilities
-17.9 941.82 162 237.64 -0.2 -0.2 -11.1 435.05 -7.8 4.0 Total Equity Turnover (£m) 2035.80 - - 2646.25 0.00 0.00
Life Insurance/Assurance (11) 7989.31 0.29 8505.42 7966.53 7796.77 7742.44 3.79 1.59 16.60 293.04 7334.28 FTSE Global wi UNITED KINGDOM All Cap In 325 333.98 0.0 -1.7
-3.7 3.8 Electricity
-7.0 527.77 111 258.79 -0.3 -0.3 -8.7 468.66 -5.5 3.8 Total Mkt Bargains 210657.00 1.00 1.00 776834.00 1.00 1.00
Index- Real Estate Investment & Services (21) 3107.75 0.35 3308.51 3096.99 3078.75 2674.95 2.04 5.73 8.54 61.70 7989.45 FTSE Global wi USA All Cap 2006 505.64 0.0 -1.71.3 2.0 Gas Water & Multiutilities
-0.6 647.82 51 253.18 -0.1 -0.1 -14.9 475.44 -11.4 4.4 Total Shares Traded (m) 2528.00 0.00 0.00 4291.00 0.00 0.00
Real Estate Investment Trusts (25) 2978.78 0.50 3171.21 2964.02 2934.84 2791.48 2.95 5.97 5.67 88.33 3520.44 FTSE Europe All Cap 1400 385.20 0.0 -0.7
-0.3 3.3 Financials
-3.3 588.50 676 202.27 -0.1 -0.1 -6.2 314.03 -3.6 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8026.11 0.06 8544.60 8021.50 7949.26 7308.97 2.87 2.21 15.76 217.93 8711.22 FTSE Eurobloc All Cap 636 362.53 0.0 -0.51.2 3.0 Banks
-1.6 560.18 243 180.10 -0.1 -0.1 -10.4 297.93 -7.6 3.4 (c) Market closed.
Equity Investment Instruments (176) 7689.12 0.17 8185.84 7676.20 7620.10 7527.37 2.63 1.08 35.35 199.46 4042.65 FTSE RAFI All World 3000 3009 5471.08 -0.1 -2.0
-4.4 3.1 Nonlife Insurance
-7.1 6887.28 71 215.95 0.1 0.1 0.8 300.48 3.1 2.3
Non Financials (355) 3981.93 0.24 4239.16 3972.37 3875.57 4120.37 3.74 1.39 19.22 148.48 5575.72 FTSE RAFI US 1000 1001 8935.21 0.0 -1.5
-1.5 2.5 Life Insurance
-3.8 11291.02 51 200.93 0.0 0.0 -4.8 304.74 -2.3 2.9
Technology (20) 1430.52 -0.51 1522.93 1437.93 1420.38 1234.40 1.37 1.93 37.82 18.79 1787.68 FTSE EDHEC-Risk Efficient All-World 3058 317.00 0.0 -1.11.3 2.3 Financial Services
-0.8 425.78 141 223.65 0.0 0.0 -3.4 297.85 -1.6 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1826.04 -0.52 1944.00 1835.57 1808.61 1366.33 1.79 1.75 31.94 32.44 2390.55 FTSE EDHEC-Risk Efficient Developed Europe 520 281.05 0.0 0.33.5 2.7 Technology
0.9 410.22 186 175.43 0.0 0.0 1.9 209.17 3.6 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1584.07 -0.51 1686.40 1592.21 1576.38 1521.11 0.96 2.25 46.20 14.34 1818.37 Software & Computer Services 85 310.04 0.0 0.0 14.2 355.75 15.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 101 128.20 0.0 0.0 -8.4 157.18 -6.4 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6253.20 6249.90 6250.31 6250.07 6242.69 6254.64 0.00 0.00 0.00 6259.80 6236.92 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17414.27 17408.97 17412.44 17419.10 17409.44 17415.10 0.00 0.00 0.00 17423.13 17404.95 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4592.51 4593.43 4597.80 4602.07 4605.03 4612.39 0.00 0.00 0.00 4612.39 4589.76
FTSE All-Share 3447.37 3445.77 3446.18 3446.41 3442.94 3448.56 0.00 0.00 0.00 3449.85 3440.53 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:29:15 Day's Low11:41:30 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5874.06(14/12/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:30:00 Day's Low11:41:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Caledonian Trust Pre 0.774 0.857 0.565 0.164 4.79 1.39 - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Schroder UK Growth Fund Int 4.364 41.096L 2.72 2.7 2.6 2.5 Jan 29 5.1 4.75 12/24 144.00 Diurnal Group PLC 153.00 - 154.40 151.00 7988.2
460p nil 19-01-16 849.50 836.00 RPC Group PLC 849.50 10.00 12/17 2.00 LVRT Levrett PLC 2.38 0.00 3.10 2.25 227.4
12/17 100.00 AIM PURP Purplebricks Group PLC 97.00 -1.50 106.50 87.99 23305.1
12/11 3.50 AIM WEY Wey Education PLC 4.25 0.00 4.35 3.88 399.4
11/17 260.00 AIM FARN Faron Pharmaceuticals Oy 265.00 10.00 295.00 263.00 6124.6
11/17 10.00 SCGL Sealand Capital Galaxy Ltd 12.50 - 13.90 13.90 0.0

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
24 ★ FINANCIAL TIMES Monday 28 December 2015

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) ArcherDan 36.65 1.65 53.64 33.84 2.91 12.83 21870.52 Lockheed 218.56 6.38 227.91 181.91 2.71 19.67 67162.5
ANZ 27.25 0.72 37.25 25.01 9.04 11.12 57814.84 Nokia 6.61 0.11 7.87 4.91 2.13 -45.22 28900.83 AstellasPh 1681 -39.00 2047 1514.5 1.89 22.02 31050.29 AtlasCpcoB 197.70 1.60 270.00 173.70 1.50 17.41 9190.92 AT&T 34.66 1.06 36.45 30.97 5.35 37.05 213228.32 Lowes 76.28 2.39 78.13 64.22 1.29 24.89 69804.18
BHPBilltn 18.34 1.32 34.29 16.25 12.60 21.50 42833.75 SampoA 46.80 0.21 49.40 37.72 4.19 15.48 28658.61 Bridgestne 4217 -200.00 5182 3753.5 2.82 12.35 28506.07 Ericsson 82.20 3.30 120.00 75.30 3.98 27.25 32365.87 AutomData♦ 85.94 2.66 90.67 64.29 2.25 29.00 39636.1 Lyondell 88.17 0.64 107.32 71.74 3.31 9.59 39627.46
CmwBkAu 83.32 2.63 96.69 70.15 7.12 15.69 103460.46 France (€) Canon 3730 11.00 4539 3402 4.25 18.77 41359.59 H&M 300.00 -1.50 368.50 292.20 3.12 23.93 59153.73 Avago Tech♦ 146.32 6.12 150.50 95.18 1.02 30.56 40455.95 Marathon Ptl 52.64 2.29 60.38 37.62 2.00 8.44 28055.76
CSL 103.25 -0.28 105.71 81.48 1.35 27.02 34757.96 Airbus Grpe 62.15 -2.98 68.50 40.78 1.94 17.09 53487 CntJpRwy 20945 -360.00 24800 17170 0.57 14.21 35870.39 Investor 312.50 0.70 363.40 266.60 2.84 15.38 28363.36 BakerHu 47.72 3.80 70.45 42.78 1.41 -77.58 20810.06 Marsh&M 55.54 1.03 59.99 50.90 2.59 20.52 28972.34
NatAusBk 29.39 0.45 39.71 27.51 9.10 12.63 56377.88 AirLiquide 104.00 -1.95 123.95 97.02 2.37 21.09 39220.55 Denso 5759 -113.00 6548 4945 2.12 17.87 42327.41 Nordea Bk 93.30 1.65 115.50 86.35 6.14 11.00 45016.88 BankAm 17.27 0.51 18.48 14.60 1.14 13.12 179823.52 MasterCard 98.59 2.30 101.76 74.61 0.64 30.75 108472.03
Telstra 5.46 0.02 6.74 5.06 7.88 15.85 48541.97 AXA 25.09 -0.03 26.02 18.16 3.66 12.45 66663.16 EastJpRwy 11300 -230.00 12815 8710 1.10 21.14 36872.84 SEB 89.05 2.05 111.50 83.70 5.27 11.25 23021.91 Baxter♦ 38.15 1.50 43.44 32.18 4.33 11.59 20868.73 McDonald's 118.57 1.91 118.99 87.50 2.83 26.04 108874.51
Wesfarmers 40.68 1.33 46.95 36.65 8.15 18.78 33313.71 BNP Parib 53.30 0.02 61.00 43.14 2.83 9.20 72788.54 Fanuc 21045 -420.00 28575 17930 3.64 20.26 36031.54 SvnskaHn 113.40 2.50 426.00 108.40 3.63 14.98 25288.04 BB & T 38.27 1.04 41.90 34.24 2.63 14.37 29856.35 McGraw Hill 97.49 3.63 109.13 84.64 1.31-269.25 26351.55
Westpc 32.54 0.36 40.07 29.10 7.68 14.12 78934.61 ChristianDior 157.85 -3.80 195.35 135.60 2.08 11.47 31435.26 FastRetail 43140-2040.00 61970 40610 0.78 41.45 38043.13 Swedbank 187.80 1.00 223.90 177.20 5.97 13.49 25327.26 BectonDick♦ 155.91 2.79 157.50 128.87 1.52 47.19 33078.76 McKesson♦ 199.41 6.01 243.61 160.10 0.49 22.73 45886.05
Woolworths 24.27 0.74 34.71 22.42 7.03 14.19 22430.91 Cred Agr 10.89 0.24 14.49 9.82 3.23 23.16 31497.33 Fuji Hvy Ind 4937 -128.00 5223 3669 2.19 11.37 32132.1 TeliaSonera 42.28 -0.26 55.85 39.89 7.00 12.79 21810.98 BerkshHat 201137 6417 228870 190007 - 14.72 163148.05 Medtronic♦ 77.63 1.32 79.50 55.54 1.71 45.93 109159.87
Belgium (€) Danone 62.47 -0.65 67.74 51.73 2.32 42.70 44836.66 Hitachi 670.10 -33.10 929.10 585.70 1.77 13.26 26926.93 Volvo 80.05 1.15 120.50 75.90 3.70 17.32 15477.73 Biogen 302.29 8.92 480.18 254.00 - 20.02 67381.38 Merck♦ 52.85 1.21 63.62 45.69 3.36 14.21 147638.75
AnBshInBv 114.95 -1.15 124.20 87.73 2.62 22.97 202587.79 EDF 13.68 0.77 24.89 12.40 8.83 7.45 28774.84 HondaMtr 3858 -135.00 4499 3420 2.26 12.81 58099.43 Switzerland (SFr) BkNYMeln 41.23 1.01 45.45 35.63 1.63 18.09 45062.44 Metlife 48.27 1.82 58.23 44.49 2.96 9.48 53658.21
KBC Grp 57.65 0.09 66.00 43.99 3.49 9.47 26393.72 Engie SA 16.48 0.20 20.08 13.80 5.86 45.79 43967.12 JapanTob 4493 -150.00 4848 3101 2.25 19.71 74705.9 ABB 17.84 0.07 22.16 16.49 - 16.97 41826.21 BlackRock 337.40 15.93 382.84 275.00 2.48 17.58 55331.08 Microsoft 55.67 1.54 56.79 39.72 2.20 37.63 444687.13
Esslr Intl 114.50 -1.90 125.15 88.72 0.86 41.39 27155.11 KDDI 3116 26.00 8550 2519 1.91 16.46 69707.9 CredSuisse 21.73 0.55 28.94 18.57 3.16 10.24 43080.98 Boeing 143.53 3.95 158.83 115.14 2.38 18.29 96162.75 Mnstr Bvrg 148.82 2.98 160.50 106.77 - 52.30 30169.16
Brazil (R$)
Hermes Intl 309.05 -10.10 365.55 277.55 0.92 36.18 35753.59 Keyence 65430 -770.00 70100 50700 0.31 32.47 33073.7 Nestle 73.35 -0.20 77.00 64.55 3.01 16.20 236877.49 BrisMySq 68.97 1.33 70.87 51.82 2.12 66.06 115061.71 MondelezInt 45.35 2.05 48.58 33.97 1.35 8.98 72068.75
Ambev♦ 18.20 0.05 20.46 15.54 8.85 23.07 72577.5
LOreal 156.70 -4.15 181.30 133.40 1.66 30.92 96114.45 MitsbCp 1963 -59.50 2837 1887.5 2.78 10.66 25949.37 Novartis 85.05 -0.15 103.20 82.20 3.12 24.99 230606.97 Broadcom 57.82 1.54 58.48 40.21 0.92 25.48 32437.02 Monsanto 99.27 4.43 126.00 81.22 1.92 21.51 43705.31
Bradesco 21.27 -1.59 32.40 20.90 4.48 7.58 13622.71
LVMH 146.05 -2.85 176.60 123.50 2.12 13.34 81333.26 MitsubEst 2486.5 -99.00 2975 2321 0.60 45.72 28741.93 Richemont 71.95 0.00 91.75 66.40 2.21 23.30 38041.02 CapOne 73.52 1.05 92.10 67.73 1.88 10.48 39115.97 MorganStly 32.48 1.19 41.04 30.15 1.52 20.25 62888.55
Cielo 34.42 -1.66 46.27 30.48 1.95 16.79 16476.03
Nmrcble-SFR 33.70 -3.83 60.01 32.19 - -41.25 16184.53 MitsubishiEle 1244.5 -47.50 1718 1063 2.15 11.74 22215.51 Roche 272.50 2.40 289.40 238.80 2.95 26.16 193911.01 CardinalHlth 89.71 3.10 91.91 74.76 1.60 22.77 29512.89 MylanNV 54.82 1.65 76.69 37.59 - 31.02 26957.57
ItauHldFin 24.43 -1.37 32.66 23.81 2.05 5.58 18886.26
Orange 15.36 -0.30 16.98 12.21 3.77 41.83 44572.37 MitsuiFud 3032 -178.00 3879 2951 0.91 25.15 24990.64 Swiss Re 98.45 -0.05 99.75 74.95 4.47 39.40 36965.56 Carnival 54.12 1.71 54.62 42.51 1.88 30.96 31936.78 Netflix 117.33 -0.69 133.27 45.26 - 317.80 50145.47
Petrobras 8.88 0.06 16.26 7.66 - -3.40 16767.7
PernodRic 105.00 -0.95 117.75 87.95 1.51 33.55 30540.66 MitUFJFin 742.10 -34.30 936.80 604.00 2.40 6.81 87414.89 Swisscom 497.30 2.50 580.50 471.10 4.41 18.30 26092.48 Caterpillar 69.38 4.27 94.66 62.99 4.08 14.53 40395.38 NextEraE 103.93 1.82 112.64 93.74 2.88 15.12 47863.5
Vale 13.22 0.48 27.89 11.25 18.06 -5.67 10790.77
Renault 95.25 3.83 100.25 56.85 1.93 10.66 30867.53 Mizuho Fin 238.00 -11.80 280.40 191.00 3.23 7.45 49218.06 Syngent 393.70 22.40 435.20 280.00 2.79 26.67 37063.41 CBS♦ 47.44 1.78 63.95 38.51 1.25 15.53 20574.86 Nike♦ 63.18 -65.34 68.20 45.35 0.86 32.88 42629.81
Canada (C$) Murata Mfg 17240 -955.00 22220 12520 1.15 17.17 32286.19 Celgene 122.14 12.00 140.72 92.98 - 62.07 96556.57 NorfolkS 86.78 2.51 112.22 72.10 2.66 15.91 25909.88
Safran 62.96 -1.61 72.45 50.40 1.84 -19.78 28772.95 UBS 19.31 0.18 22.57 13.58 3.87 11.98 75289.76
BCE♦ 54.03 0.51 60.20 51.56 4.84 17.41 33755.47 NipponTT 4695 -102.00 5066 3011 2.00 16.73 81827.1 CharlesSch 33.05 1.14 35.72 25.43 0.72 33.76 43511.1 Northrop 190.11 5.25 193.99 141.58 1.56 18.59 34672.84
Sanofi 79.09 -0.31 101.10 72.94 3.48 22.35 113160.4 Zurich Fin 255.70 4.70 334.60 232.60 - 12.82 38952.83
BkMontrl 78.71 -0.28 82.91 64.01 4.22 11.69 36512.95 Nissan Mt 1253.5 -24.50 1350 963.10 2.96 9.71 47110.73 ChevrnTx 92.05 2.24 114.38 69.58 4.59 20.26 173241.48 NXP 86.42 2.32 114.00 72.05 - 30.26 21756.36
Sant Gbn 39.87 0.17 44.84 32.36 1.50 27.69 24504.29 Taiwan (NT$)
BkNvaS 57.95 0.80 67.72 52.60 4.77 10.11 50333.72 Nomura 670.20 -48.50 909.20 609.30 3.40 9.51 21298.44 Cigna 146.46 2.49 170.68 100.67 0.03 18.19 37732.18 Occid Pet♦ 69.20 3.24 83.74 63.60 4.19 -8.87 52850.52
Schneider 53.57 0.11 75.29 48.57 3.46 19.18 34495.01 Chunghwa Telecom 99.50 1.10 101.00 92.10 4.79 19.80 23539.35
Brookfield♦ 44.50 -0.08 48.64 38.58 1.41 11.64 31516.69 Nppn Stl 2382.5 27.50 3505 2122.5 2.70 9.88 18823.13 Cisco 27.38 1.11 30.31 23.03 2.90 15.17 139286.25 Oracle 37.01 0.66 46.50 35.14 1.53 17.92 155487.15
SocGen 43.27 0.08 48.77 32.45 2.79 11.85 38224.09 HonHaiPrc 81.60 -0.80 99.70 77.90 4.36 8.66 38916.35
CanadPcR 176.88 -0.42 245.05 168.12 0.81 19.33 19517.72 NTTDCMo 2452.5 -49.50 2873.5 1731 2.83 20.68 83305.13 Citigroup 52.71 1.50 60.95 46.60 0.22 12.04 157022.59 Pepsico♦ 100.54 2.64 103.44 76.48 2.66 30.23 146471.78
Total 42.11 0.21 50.30 36.92 5.93 114.87 112518.78 MediaTek 256.50 -2.50 505.00 227.00 8.42 12.79 12293.54
CanImp♦ 93.04 -1.08 102.90 83.10 4.73 10.23 26684.49 Panasonic 1193 -72.00 1853.5 1177.5 1.36 85.17 24329.65 CME Grp♦■ 91.90 -0.65 100.87 83.43 2.11 24.93 31083.64 Perrigo 147.54 3.21 215.73 140.40 0.32 148.16 21600.16
UnibailR 236.15 1.55 262.00 209.10 3.99 13.88 25527.07 TaiwanSem 143.00 -2.00 155.00 112.50 3.09 12.41 113082.91
CanNatRs♦ 31.06 2.83 42.46 25.01 3.00 77.48 24540.43 Seven & I 5458 -110.00 5998 4117.5 1.32 28.83 40222.81 Coca-Cola 43.54 1.04 43.91 36.56 2.93 28.32 189354.81 Pfizer 32.62 0.63 36.46 28.47 3.33 24.85 200863.19
Vinci 59.28 0.12 62.60 43.40 2.88 17.51 38999.4
CanNatRy♦ 78.78 1.17 88.89 69.90 1.54 18.20 45014.44 ShnEtsuCh 6491 -293.00 8310 5801 1.60 20.27 23317.99 Thailand (THB) Cognizant 60.73 1.87 69.80 50.71 - 24.16 37016.71 Phillips66 84.36 3.80 94.12 57.33 2.48 9.99 45001.02
Vivendi 19.61 0.18 24.83 18.81 10.25-226.56 29385.5
Enbridge 46.42 2.52 66.14 40.17 3.83-117.46 28942.31 Softbank 6036 -204.00 7827 5370 0.66 12.97 60250.12 PTT Explor 248.00 6.00 382.00 206.00 4.35 -75.92 19627.66 ColgtPlm 66.99 1.42 71.56 50.84 2.18 25.13 60084.81 PhilMorris♦ 88.86 1.94 90.27 75.27 4.46 19.36 137670.42
GtWesLif♦ 34.77 0.01 37.70 30.42 3.77 12.46 24935.59 Germany (€)
Sony 2933.5 -144.50 3970 2351.5 0.76 35.66 30784.87 United Arab Emirates (Dhs) Comcast 57.30 0.90 64.99 50.01 1.68 18.22 120015.38 PNCFin 96.24 2.49 100.52 81.84 2.03 13.14 49844.65
ImpOil 45.43 2.93 55.37 39.30 1.07 22.42 27798.46 Allianz 163.00 2.85 170.15 131.05 4.23 11.46 81042.47
SumitomoF 4492 -167.00 5770 3902 3.42 11.87 52807.4 Emirtestele 16.00 0.20 16.50 9.77 3.95 17.65 34439.07 ConocPhil 48.59 2.66 70.79 41.10 5.95 -60.11 59991.25 PPG Inds 100.39 4.10 118.95 82.93 1.37 23.80 27031.93
Manulife 21.24 0.81 24.20 18.91 3.12 16.49 30233.72 BASF 70.95 0.73 97.22 63.00 3.97 12.77 70897.41
Takeda Ph 5895 -29.00 6657 4904.5 3.02 -30.57 38726.19 United Kingdom (p) Corning 18.56 0.56 25.16 15.42 2.44 12.30 21956.19 Praxair 104.51 2.99 132.95 98.55 2.64 21.59 29769.21
Potash 25.09 1.08 47.10 22.89 7.95 10.41 15125.17 Bayer 116.10 2.10 146.45 106.80 1.95 25.60 104452.59
TokioMarine 4651 2.00 5504 3703 2.29 18.71 29290.82 AscBrFd♦ 3339 -65.00 3606 2705.75 1.02 46.79 39493.81 Costco 161.75 4.05 169.73 117.03 0.95 30.54 71133.97 Prec Cast♦ 231.19 0.43 242.96 186.17 0.05 24.62 31807.38
RylBkC 75.64 0.70 81.53 68.05 4.17 11.00 81091.95 BMW 98.55 3.06 123.75 72.05 2.96 11.42 64544.4
Toyota 7483 -220.00 8783 6650 2.98 10.35 207658.76 AstraZen 4540 106.00 4931.68 3746 4.09 51.28 85729.29 CrownCstl♦ 86.94 2.12 89.44 75.78 3.72 57.49 29018.08 Priceline 1273.07 -12.60 1476.52 990.69 - 26.96 63378.37
Suncor En 36.89 1.45 40.93 32.13 2.32 545.94 38496.95 Continental 225.50 6.10 234.25 166.60 1.45 16.83 49068.01
Mexico (Mex$) Aviva 519.00 13.00 578.68 428.40 3.49 13.58 31372.71 CSX 26.13 0.93 37.67 24.47 2.57 13.17 25475.31 ProctGmbl 79.79 1.66 93.81 65.02 3.23 27.03 217074.5
ThmReut 52.81 0.00 55.92 45.29 3.45 15.35 29277.52 Daimler 77.84 1.75 96.07 62.06 3.17 10.71 90600.28
AmerMvl 12.46 -0.59 17.37 12.15 2.02 22.63 30300.43 Barclays 221.70 2.95 289.90 209.05 2.93 0.74 55649.83 CVS 98.86 4.00 113.65 81.37 1.32 22.53 109469.37 Prudntl 82.55 3.00 92.60 73.19 2.77 10.92 37064.95
TntoDom 55.03 0.13 56.48 47.75 3.72 12.75 73741.15 Deut Bank 22.32 0.89 33.42 20.69 3.38 -7.26 33485.44
FEMSA UBD 163.52 1.51 169.74 121.38 0.68 31.69 33863.08 BG 986.50 40.70 1301.62 785.20 1.93 -19.05 50375.67 Danaher♦ 93.40 2.17 97.62 81.25 0.53 26.31 64005.65 PublStor♦ 248.25 -0.49 252.86 182.08 2.46 42.20 42921.4
TrnCan 46.72 0.16 59.50 40.58 4.45 19.44 23913.26 Deut Tlkm 16.62 0.44 17.63 12.63 3.03 34.04 83271.18
WalMrtMex 43.80 0.05 47.00 28.32 1.24 33.35 44264.78 BP 365.95 25.60 499.25 252.55 7.36 -13.37 100422.52 Deere 78.79 3.82 98.23 71.85 2.95 14.11 24952.8 Qualcomm 49.55 2.12 75.72 45.93 3.58 15.60 74478.31
ValeantPh 157.68 1.65 347.84 92.65 - 65.96 38838.43 DeutsPost 26.05 0.69 31.19 22.93 - 21.63 34319.58
BrAmTob 3781 48.50 3931.5 3231.5 3.92 17.55 105310.03 Delphi 86.84 3.33 90.57 66.10 1.14 18.55 24322.86 Raytheon 126.29 0.94 129.99 95.32 2.04 18.91 38025.67
E.ON 8.95 0.64 14.85 7.08 1.58 -1.92 19486.22 Netherlands (€)
China (HK$) BSkyB 1099 -3.00 1180 857.50 2.94 14.05 28225.66 Delta 52.26 2.30 52.77 34.61 0.76 15.27 41101.11 Regen Pharm 537.63 -6.60 605.93 393.00 - 107.75 54919.58
Fresenius Med 77.11 1.14 83.17 60.41 1.00 24.84 26099.1 Altice 12.86 -0.19 47.73 9.98 - 229.11 11573.06
AgricBkCh 3.34 0.28 4.55 2.84 6.65 5.05 13245.05 BT♦ 467.05 -3.65 502.60 385.60 2.44 17.60 58376.48 DiscFinServ 54.77 2.33 66.73 50.20 1.87 11.45 23413.29 ReynoldsAm♦ 46.44 1.74 49.56 31.35 2.90 17.74 66367.47
Fresenius SE 64.79 1.13 70.00 42.29 0.68 28.03 38411.95 ASML Hld 83.07 1.33 104.85 70.25 0.85 25.65 39447.39
Bk China 3.50 0.04 5.68 3.25 6.63 5.19 37757.97 Compass 1160 7.00 1223.36 963.00 2.37 22.22 28505.51 Disney♦ 105.86 -1.86 122.08 90.00 1.69 21.88 175005.41 Salesforce 77.83 0.80 82.90 54.95 - -599.81 51679.12
HenkelKgaA 88.75 3.40 99.44 75.76 1.46 21.59 25084.73 Heineken 79.38 -0.24 85.90 56.14 1.34 23.32 50105.85
BkofComm 5.61 0.21 8.61 5.17 5.88 5.18 25339.49 Diageo 1856.5 23.00 2055 1592.5 2.88 19.62 69769.45 DominRes 67.77 0.87 80.89 64.54 3.70 22.76 40345.76 Schlmbrg♦ 70.53 3.19 95.13 66.57 2.66 27.02 88945.64
Linde 132.55 1.25 195.55 127.85 2.39 21.44 26784.16 ING 12.55 0.06 16.00 10.20 - 27.59 53220.52
BOE Tech 2.20 -0.04 4.78 1.17 1.73 31.35 56.47 GlaxoSmh♦ 1376 34.50 1645 1227.5 5.81 6.81 100056.5 DowChem 52.31 2.68 57.10 35.11 3.17 14.29 60580.31 Shrwin-Will 265.17 8.94 294.35 218.27 0.95 25.76 24687.46
MuenchRkv 184.20 2.75 206.50 156.00 4.24 9.85 33435.59 Unilever 39.95 -0.22 42.84 31.34 2.80 24.42 75060.32
Ch Coms Cons 8.10 0.00 17.00 7.70 2.92 7.36 4626.65 Glencore 92.40 11.54 318.46 66.67 12.39-214.88 19872.08 DukeEner 72.04 2.44 89.97 65.50 4.39 21.22 49587.61 SimonProp 194.35 3.83 208.14 170.99 2.92 36.85 60135.4
SAP 73.00 1.82 75.75 53.63 1.52 28.08 97568.22 Norway (Kr)
Ch Evrbrght 3.75 0.16 5.65 3.22 6.06 4.95 3323.03 HSBC 541.30 9.60 674.57 478.35 6.19 10.67 159174.69 DuPont 66.40 3.00 76.61 47.11 2.69 19.33 58193.42 SouthCpr 26.91 2.02 33.31 23.41 1.54 21.41 21134.47
Siemens 89.64 1.43 106.35 77.91 3.56 13.38 85918.49 DNB 109.70 0.80 143.00 100.90 3.63 7.70 20473.84
Ch Rail Cons 10.16 0.00 17.70 8.10 1.80 8.89 2721.48 ImpTob 3543.5 26.50 3665 2763.7 3.73 20.03 50755.87 Eaton 53.25 3.51 73.82 49.21 3.96 12.50 24644.1 Starbucks 60.32 1.70 64.00 39.28 1.05 33.57 89563.14
Volkswgn 143.20 8.30 254.50 95.00 3.38 11.30 45973.35 Statoil 124.90 -2.10 161.70 113.90 5.79 -10.63 45634.58
Ch Rail Gp 6.06 0.05 12.30 5.47 1.57 10.20 3289.34 LlydsBkg 73.50 2.17 89.35 68.57 2.04 43.83 78466.5 eBay 27.66 0.20 29.83 22.11 - 11.33 33210.09 StateSt 67.14 2.41 81.26 63.97 1.88 15.93 27090.06
ChConstBk 5.43 0.12 7.98 5.02 6.77 4.91 168417.14 Hong Kong (HK$) Telenor 147.20 -4.00 186.10 140.20 2.59 35.84 25324.81 Ecolab♦ 115.78 3.16 122.48 97.78 1.12 31.46 34190.24 Stryker 94.36 3.10 105.34 89.81 1.44 31.06 35434.28
Natl Grid♦ 935.00 9.10 954.00 806.40 4.59 16.30 52298.01
China Vanke RMB 24.43 4.53 24.43 10.93 2.05 16.75 36633.77 AIA 47.00 -0.10 58.20 38.85 0.91 22.12 73054.68 Qatar (QR) EMC 26.01 0.66 30.92 22.66 1.74 22.11 50429.16 Sychrony Fin 30.60 1.09 36.40 27.92 - 11.79 25515.07
Prudential 1540 36.50 1761.5 1045.99 2.40 15.68 59169.2
ChinaCitic 5.08 0.19 7.40 4.36 - 4.80 9753.32 BOC Hold 24.00 0.55 33.70 22.30 4.43 10.32 32735.76 QatarNtBk 170.10 8.50 214.00 158.20 4.35 10.80 32689.46 Emerson 48.26 3.67 63.15 42.21 3.84 12.21 31588.93 Target 73.17 1.80 85.81 68.15 2.80 16.93 45076.5
RBS 304.80 10.10 414.00 281.40 - -13.67 52935.31
ChinaLife 25.95 0.25 41.00 23.40 1.85 15.75 24911.57 Ch OSLnd&Inv 26.70 0.35 34.05 20.70 1.96 7.74 33965.36 EOG Res 73.42 1.99 101.36 68.15 0.90 -10.69 40361.44 TE Connect 65.29 2.54 73.73 54.32 1.87 21.99 25221.91
Russia (RUB) ReckittB 6226 51.00 6450 5060 2.23 26.45 65856.49
ChinaMBank 18.52 0.52 26.85 16.40 4.42 6.64 10968.86 ChngKng 51.10 -0.30 77.55 50.10 - 11.33 25444.55 EquityResTP♦ 80.87 0.97 82.53 61.90 2.63 35.56 29457.86 Telsa Mtrs 230.57 0.11 286.65 181.40 - -43.85 30193.45
Gzprm neft 134.48 2.23 166.94 129.15 6.41 6.72 45337.62 RELX 1180 6.00 1232 988.50 2.20 27.10 36196.82
ChinaMob 88.55 -0.55 118.00 85.00 3.12 14.03 233908.23 Citic Ltd 13.76 -0.02 16.40 11.64 1.48 6.84 51640.16 Exelon 27.75 0.85 38.93 25.09 4.41 12.50 25517.91 TexasInstr 56.75 1.81 59.99 43.49 2.36 20.37 57567.89
Lukoil 2310.2 -16.90 3297.7 2126 7.95 19.37 27983.07 RioTinto 2006.5 147.50 3280 1843 6.80 19.96 41216.28
ChinaPcIns 33.20 1.55 47.10 24.80 1.79 16.34 11886.94 Citic Secs 18.84 0.70 40.50 12.82 1.83 8.48 5537.57 ExpScripts 88.25 2.62 94.61 68.06 - 27.77 59681.36 TheTrvelers♦ 113.27 3.14 116.48 95.21 2.02 10.20 34458.86
MmcNrlskNckl 9344 115.00 12247 7975 15.18 10.97 21057.33 RollsRoyce 595.00 21.50 1061 504.50 3.88 -43.76 16345.09
ChMinsheng 7.84 0.43 11.88 6.70 2.88 5.09 7012.9 CK Hutchison 104.70 3.50 174.90 97.50 3.31 4.35 52133.92 ExxonMb 79.33 2.05 94.43 66.55 3.53 16.98 330245.91 ThrmoFshr♦ 141.32 6.81 141.75 117.10 0.42 29.14 56400.49
Novatek 581.80 3.60 646.30 408.00 10.63 50.22 25156.98 RylDShlA 1557 107.00 2216.5 1415.5 8.07 94.11 92838.49
ChMrchSecs RMB 22.67 -0.40 40.00 13.85 1.85 12.95 16811.76 CNOOC 8.41 0.42 13.78 7.41 6.41 7.66 48441.15 Facebook 105.02 0.98 110.65 72.00 - 107.50 237317.53 TimeWrnr 64.39 0.88 91.34 62.94 2.09 15.00 52515.29
Rosneft 245.80 -4.95 294.20 192.00 3.53 6.28 37098.18 SABMill 4075 25.00 4090 2773 1.82 33.76 98634.68
Chna Utd Coms RMB 6.25 -0.06 10.74 4.27 1.08 42.27 20454.29 HangSeng 146.80 -0.40 162.10 126.50 3.62 11.06 36207.7 Fedex♦ 149.65 2.50 185.19 130.01 0.60 38.47 41245.82 TimeWrnrC 184.50 3.37 194.22 134.21 2.00 27.92 52249.95
Sberbank 101.34 2.53 110.70 51.60 0.47 10.34 31153.85 Shire 4609 159.00 5870 4082 0.32 13.60 40793.32
ChShenEgy 12.50 0.80 24.40 11.28 7.12 8.71 5480.62 HK Exc&Clr 203.20 2.40 311.40 170.60 1.86 36.64 31681.52 FordMtr 14.31 0.51 16.74 10.44 3.96 12.17 55777.2 TJX Cos 70.89 1.57 76.93 63.53 1.05 22.33 47462.92
Surgutneftegas 33.92 -0.34 39.80 23.21 - 1.22 17254.94 StandCh 589.00 39.10 1166 475.55 8.70 13.77 28640.05
ChShpbldng RMB 9.73 -0.15 20.19 8.05 0.39-591.48 26977.91 MTR 37.15 0.05 40.00 31.10 2.68 14.36 28071.44 Franklin♦ 36.97 1.97 57.44 34.62 1.60 11.39 22237.07 T-MobileUS 39.67 1.78 43.43 26.46 - 66.59 32372.2
Saudi Arabia (SR) Tesco 150.90 6.05 252.52 141.00 0.77 -2.17 18354.24
ChStConEng RMB 6.68 0.16 12.52 4.88 2.59 8.52 30837.68 SandsCh 26.75 0.45 40.55 22.85 7.06 15.34 27846.88 GenDyn 139.84 3.13 153.76 130.91 2.33 15.98 44207.36 UnionPac♦ 78.80 3.37 124.52 74.78 2.69 13.80 67304.71
AlRajhiBnk 51.56 -2.02 69.00 46.60 3.58 13.24 22330.75 Vodafone♦ 216.65 1.90 258.00 201.25 5.18 -40.57 85953.11
ChUncHK 9.57 -0.03 16.00 8.90 2.55 20.47 29565.55 SHK Props 95.00 0.15 137.60 92.00 2.40 9.11 35460.98 GenElectric♦ 30.83 0.55 31.23 19.37 2.94 60.60 311667.84 UPS B 97.34 -0.66 114.40 93.64 2.90 22.66 67762.53
Natnlcombnk 50.69 -2.04 72.75 48.80 - 11.65 26947.76 WPP 1538 8.00 1616 1273 2.48 15.90 29750.46
CNNC Intl RMB 9.66 -0.27 14.38 4.07 - 27.04 5803.35 Tencent 151.80 0.20 171.00 111.30 0.23 42.64 184146.46 GenMills 58.72 1.78 59.87 47.43 2.92 24.44 34841.23 USBancorp 43.42 1.06 46.26 38.81 2.27 13.95 75949.27
SaudiBasic 81.76 -6.54 110.50 70.50 6.20 10.53 65373.12 United States of America ($)
CSR 9.84 0.21 20.70 7.80 - 22.03 5548.89 India (Rs) GenMotors♦ 34.60 0.93 39.00 24.62 3.76 12.87 53843.72 UtdHlthcre 118.34 2.52 126.21 95.00 1.46 19.04 112790.85
SaudiTelec 66.33 -1.17 73.25 52.75 5.95 13.75 35357.14 21stC Fox A 27.43 0.32 39.15 22.81 1.08 7.24 32113.73
Daqin RMB 9.02 0.24 15.15 7.88 5.35 9.45 20704.39 Bhartiartl 338.45 16.05 452.45 304.15 0.65 23.57 20432.23 GileadSci♦ 103.58 1.98 123.37 86.00 0.82 9.65 149277.44 UtdTech 96.30 3.96 124.45 85.50 2.57 15.33 85420.12
Singapore (S$) 3M 151.19 4.27 170.50 134.00 2.56 19.83 93089.64
Gree Elec Apl 0.24 0.00 0.45 0.13 - -2.68 371.77 HDFC Bk 1074 -6.25 1128 936.25 0.74 24.84 40922.67 GoldmSchs♦ 182.47 6.98 218.77 167.49 1.35 12.15 77830.05 ValeroEngy 71.93 1.90 73.88 43.45 2.02 8.11 34634.54
DBS 16.64 0.05 21.50 16.00 3.52 12.92 29617.25 AbbottLb 45.10 1.40 51.74 39.00 2.06 27.17 67276.57
GuosenSec RMB 20.10 0.02 34.94 7.00 1.00 12.12 25447.72 Hind Unilevr 864.25 0.00 981.00 744.50 1.66 40.26 28243.23 Halliburton 35.15 1.71 50.20 30.93 2.02 115.79 30081.84 Verizon 46.71 1.15 50.86 38.06 4.68 18.99 190057.06
JardnMt US$ 47.48 1.45 67.88 45.00 2.90 11.63 33347.79 Abbvie 58.46 2.72 71.60 45.45 3.26 34.29 95567.3
HaitongSecs 14.06 0.42 27.90 10.00 2.17 8.73 6184.55 HsngDevFin 1229.55 -11.40 1402.3 1093.2 1.21 21.55 29310.72 HCA Hold 68.92 4.45 95.49 43.91 - 14.61 28096.46 VertexPharm 124.84 8.33 143.45 97.45 - -46.13 30675.35
JardnStr US$ 27.19 0.84 36.93 25.75 0.94 10.15 30263.8 Accenture 104.23 2.30 109.86 83.47 2.02 23.34 84032.66
Hngzh HikVDT RMB 35.30 0.65 56.48 21.80 1.14 24.99 17199.3 ICICI Bk 257.95 4.80 393.40 243.05 1.91 12.08 22641.53 Hew-Pack♦ 11.73 0.22 18.66 11.03 5.54 4.89 21018.38 VF Cp 62.28 0.27 77.83 61.17 2.03 26.31 26550.53
OCBC 8.85 0.12 10.92 8.50 3.97 10.08 25905.44 Ace 118.19 4.50 118.78 96.00 2.20 14.64 38315.01
Hunng Pwr 6.89 0.11 11.90 6.24 6.70 6.56 4178.08 Infosys 1096.35 -10.75 2336 932.65 3.36 19.94 37843.98 HiltonWwde♦ 21.87 0.41 31.60 20.91 0.32 29.29 21595.57 Viacom♦ 41.11 2.05 77.50 36.32 3.50 8.81 14272.02
SingTel♦ 3.66 -0.12 4.57 3.43 4.66 15.44 41511.97 Adobe 94.30 2.99 96.42 68.98 - 99.51 47036.78
IM Baotou Stl RMB 3.71 -0.05 7.50 3.16 - -47.22 9017.19 ITC 323.70 3.20 409.95 294.00 1.97 25.33 39267.59 HomeDep 132.90 2.61 135.47 92.17 1.63 25.75 168501.42 Visa Inc 78.26 1.94 81.01 60.00 0.60 30.81 152328.58
UOB■ 19.40 0.29 25.05 18.20 4.27 10.07 22112.75 AEP 58.40 2.12 65.38 52.29 3.58 16.43 28663.74
In&CmBkCh 4.80 0.13 7.10 4.30 6.50 5.18 53747.21 L&T 1294.5 -1.70 1893.8 1264.5 1.17 23.69 18205.2 Honywell 104.65 2.82 107.41 87.00 1.95 18.59 80652.86 Walgreen 86.46 3.95 97.30 73.00 1.54 22.23 93865.82
Aetna 109.63 1.16 134.40 87.25 0.88 17.05 38227.98
IndstrlBk RMB 17.44 1.26 21.42 11.90 3.28 6.62 43566.69 OilNatGas 233.85 9.05 373.80 211.25 4.21 10.25 30215.25 South Africa (R) HumanaInc 178.30 2.92 219.79 137.45 0.63 20.80 26428.33 WalMartSto♦ 60.83 1.98 90.97 56.30 3.10 13.48 194771.17
Aflac 60.18 1.89 66.53 51.41 2.56 10.68 25681.13
Kweichow RMB 224.50 8.64 290.00 166.20 1.96 17.46 43542.56 RelianceIn 1000.55 -9.15 1067.85 796.45 0.99 12.06 48946.49 Firstrand 44.46 1.31 58.47 34.08 5.11 9.39 16314.86 IBM 138.25 3.35 176.30 131.65 3.42 9.61 134117.72 WellsFargo 54.82 1.03 58.77 47.75 2.61 13.44 281410.76
AirProd 133.19 5.34 158.20 123.66 2.37 22.97 28701.11
Midea 1.99 0.01 2.68 1.65 4.77 13.18 55.21 SBI NewA 228.30 -2.60 336.00 220.15 1.53 9.48 26764.97 MTN Grp 139.00 0.80 250.00 123.04 10.72 6.97 16781 IllinoisTool 94.13 3.21 100.14 78.79 2.10 18.79 34215.48 Williams Cos♦ 24.91 3.37 61.38 20.95 9.42 56.40 18676.64
Alexion 189.41 7.28 208.88 142.02 - 173.94 42678.68
New Ch Life Ins 33.85 1.30 56.55 27.05 0.75 9.47 4515.92 SunPhrmInds 790.85 -11.40 1200.8 704.00 - 66.99 28743.71 Naspers N 2149 17.96 2270 1489.17 0.24 61.93 61557.14 Illumina 189.00 7.06 242.37 130.00 - 55.94 27669.6 Yahoo 34.11 1.16 51.68 27.20 - 135.40 32211.95
Allegran 311.23 4.65 340.34 237.50 - -42.82 122663.38
PetroChina 5.38 0.18 11.04 4.93 3.57 18.99 14644.11 Tata Cons 2434.25 -5.50 2812.1 2315.25 1.61 23.08 72438.49 South Korea (KRW) Intcntl Exch♦ 251.92 7.34 266.74 202.24 0.84 24.16 27651.92 Yum!Brnds 74.00 2.16 95.90 66.35 2.19 35.86 31911.88
Allstate♦ 63.14 1.81 72.87 54.12 1.84 11.15 24454.51
PingAnIns 44.20 1.55 62.90 35.00 1.87 11.79 42467.8 Indonesia (Rp) HyundMobis 252500 2500 271500 185500 1.15 13.11 21046.65 Intel 34.98 1.12 37.74 24.87 2.66 15.18 165070.62 Venezuela ()
Alphabet 765.84 8.99 793.05 490.91 - 35.83 223110.47
PngAnBnk RMB 12.41 0.34 17.50 9.30 1.41 7.85 22617.4 Bk Cent Asia 13175 -300.00 15600 11000 1.03 20.12 23810.08 KoreaElePwr 50300 450.00 54000 38750 0.99 7.14 27649.78 Intuit 97.59 2.02 109.21 79.63 1.04 61.55 25764.18 Bco de Vnzla 105.00 5.00 143.95 27.00 - - 28366.6
Altria♦ 58.29 1.16 61.74 47.31 3.60 22.24 114288
Pwr Cons Corp RMB 8.17 -0.08 20.00 6.31 1.23 15.99 4162.72 SK Hynix 31700 1450 51700 28550 0.92 5.15 19178.32 John&John 103.72 1.77 106.50 81.79 2.76 20.18 286987.39 Bco Provncl 4150 50.00 4400 850.00 0.82 57.28 33146.96
Israel (ILS) Amazon 662.79 -1.35 684.82 285.25 - 969.55 310690.77
SaicMtr RMB 21.85 1.20 29.18 14.00 5.98 8.32 37195.63 SmsungEl 1285000-5000.00 1510000 1033000 1.55 9.69 142284.33 JohnsonCn♦ 40.50 1.75 54.52 38.48 2.53 18.84 26240.29 Mrcntl Srvcs 5000 -50.00 5900 1310 0.16 37.68 22000.5
TevaPha 258.40 255.87 275.90 214.70 1.95 32.64 67445.58 AmerAir 43.81 2.72 56.20 34.10 0.90 6.38 27614.56
ShenwanHong 0.17 -0.01 0.41 0.15 - -2.55 53.49 Spain (€) JPMrgnCh 66.60 2.20 70.61 50.07 2.49 11.50 245163.24
Italy (€) AmerExpr 70.16 2.29 94.89 67.57 1.55 12.66 69054.69
ShgPdgBk RMB 19.32 0.83 20.12 11.91 3.94 7.26 55642.37 Kimb-Clark♦ 126.88 3.34 128.13 103.04 2.71 77.45 46056.73 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.90 0.00 4.50 3.36 3.62 64.55 39898.45 BBVA 6.94 -0.19 9.77 6.70 2.32 17.56 48427.07 AmerIntGrp 61.70 2.10 64.93 48.68 1.05 18.14 76323.67
Sinopec Corp 4.95 0.25 7.79 4.29 4.90 23.34 16292.88 KinderM 16.08 0.94 44.71 14.22 11.41 30.39 35882.76 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 13.96 0.20 17.66 13.05 6.93 -18.19 55195.21 BcoSantdr 4.69 -0.10 7.17 4.45 10.62 8.98 74202.67 AmerTower♦ 98.14 3.54 104.12 86.83 1.71 74.28 41569.18
Sinopec Oil RMB 8.62 -0.16 14.23 5.08 - -247.44 598.91 Kraft Heinz 73.96 3.29 81.20 61.42 0.73 -49.17 89747.18 based on intraday trading over a rolling 52 week period.
Generali 16.92 0.04 19.21 15.16 3.57 13.59 28659.09 CaixaBnk 3.29 -0.36 4.57 3.20 2.45 27.59 20965.67 Amgen 163.55 4.75 181.81 130.09 1.80 19.81 123370.32
Denmark (kr) Iberdrola 6.50 -0.08 6.71 5.35 2.40 16.59 45130.93 Kroger 42.46 1.82 42.67 27.32 0.87 21.61 41386.73 ♦ ex-dividend
IntSPaolo 3.09 0.02 3.65 2.22 2.28 17.66 53316.25 Anadarko 51.22 5.55 95.94 44.50 2.08 -4.52 26027.07
DanskeBk 183.80 1.90 218.00 155.50 3.01 27.03 27224.37 Inditex 31.79 -1.29 35.38 22.61 1.23 35.82 108575.46 L Brands 96.82 1.05 101.11 75.11 1.84 25.17 28023.04 ■ ex-capital redistribution
Luxottica 60.10 0.35 67.80 44.80 1.21 36.24 31620.98 Anthem 140.56 2.81 173.59 122.86 1.62 13.64 36683.85
MollerMrsk 8955 -110.00 16450 8760 3.26 8.17 13996.18 Repsol♦ 10.94 0.19 18.75 9.90 8.78 31.90 16788.44 LasVegasSd♦ 44.36 2.83 61.59 36.53 5.45 16.17 35374.93 # price at time of suspension
Unicred 5.16 0.04 6.61 4.82 2.34 16.03 33498.66 Aon Cp 92.05 1.06 107.08 86.38 1.18 21.32 25214.04
NovoB 393.80 1.50 415.00 259.60 1.28 30.66 119280.08 Telefonica 10.54 -0.21 14.31 9.97 3.81 17.65 56157.99 LibertyGbl 39.74 0.88 58.66 38.43 - -26.00 10044.53
Apple 108.03 2.00 134.54 92.00 1.81 11.88 602303.01
Lilly (E) 85.85 1.08 92.85 68.31 2.29 39.38 95128.37

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 Nike 63.18 64.36 -1.18 -1.83 -65.34 -50.8 -52.32 Dec 24 date Coupon S* M* F* price yield yield yield US Dec 24 date Coupon S* M* F* price yield yield yield US
Williams Cos 24.91 25.34 -0.43 -1.70 3.37 15.6 -32.93 Nmrcble-SFR 33.70 33.70 0.00 0.00 -3.83 -10.2 -11.23 High Yield US$ US$
Glencore 92.40 93.09 -0.69 -0.74 11.54 14.3 -1.68 CaixaBnk 3.29 3.31 -0.02 -0.64 -0.36 -9.8 -6.81 Windstream Services, LLC 11/17 7.88 B+ B2 BB 102.46 6.53 0.01 1.22 5.53 Burlington Resources, Inc. 02/26 6.88 A A2 A 112.87 5.29 0.00 0.66 3.05
Anadarko 51.22 51.50 -0.28 -0.54 5.55 12.2 -17.41 Bradesco 21.27 21.02 0.25 1.19 -1.59 -7.0 -17.53 High Yield Euro Halliburton Company 02/27 6.75 A A2 A- 117.96 4.71 0.09 0.29 -
Celgene 122.14 122.07 0.07 0.06 12.00 10.9 8.41 Nomura 670.20 670.00 0.20 0.03 -48.50 -6.7 -12.78 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 98.90 7.01 0.00 0.00 -
CanNatRs 31.06 31.13 -0.07 -0.22 2.83 10.0 -6.70 Panasonic 1193.00 1203.00 -10.00 -0.83 -72.00 -5.7 -16.46 E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 115.93 4.80 0.00 0.58 -
AgricBkCh 3.34 3.34 0.00 0.00 0.28 9.2 9.15 MitsuiFud 3032.00 3066.00 -34.00 -1.11 -178.00 -5.5 -5.01 Emerging US$ SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 108.98 5.06 0.01 0.02 -
BakerHu 47.72 47.63 0.09 0.19 3.80 8.7 -10.11 ItauHldFin 24.43 24.26 0.17 0.70 -1.37 -5.3 -9.89 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.23 FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 119.28 4.81 0.00 -0.03 -
Emerson 48.26 48.33 -0.07 -0.14 3.67 8.2 -3.61 Murata Mfg 17240.00 16870.00 370.00 2.19 -955.00 -5.2 -12.40 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.91 1.56 0.00 0.00 0.56
Brazil 01/18 8.00 BB+ Baa3 BB+ 103.65 6.06 0.00 0.00 5.06 Euro
SouthCpr 26.91 26.69 0.22 0.82 2.02 8.1 3.22 Mizuho Fin 238.00 241.90 -3.90 -1.61 -11.80 -4.7 -7.89 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.43 3.11 0.02 0.11 -
RioTinto 2006.50 2014.50 -8.00 -0.40 147.50 7.9 -11.76 Hitachi 670.10 684.40 -14.30 -2.09 -33.10 -4.7 -8.41 Russia 07/18 11.00 BB+ Ba1 BBB- 118.34 3.50 0.00 0.23 2.51
Peru 03/19 7.13 BBB+ A3 BBB+ 114.11 2.59 -0.01 0.21 0.87 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 106.33 2.62 0.03 0.61 -
IndstrlBk 17.44 17.27 0.17 0.98 1.26 7.8 8.12 Sony 2933.50 2950.00 -16.50 -0.56 -144.50 -4.7 -11.38 TeliaSonera 09/27 3.00 A- A3 A- 108.18 2.20 0.00 0.19 -
BHPBilltn 18.34 17.41 0.93 5.34 1.32 7.8 -8.62 Cielo 34.42 33.55 0.87 2.59 -1.66 -4.6 -9.82 Brazil 01/21 7.88 BB+ Baa3 BB+ 92.69 6.71 0.00 1.26 4.99
Turkey 03/21 5.63 - Baa3 BBB- 105.75 4.43 0.00 0.10 2.72 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 107.98 2.41 0.04 0.27 -
E.ON 8.95 8.49 0.47 5.49 0.64 7.7 7.69 Airbus Grpe 62.15 62.58 -0.43 -0.69 -2.98 -4.6 -5.24
Poland 04/21 5.13 A- A2 A- 111.23 2.85 0.00 0.07 1.13 Yen
BP 365.95 360.40 5.55 1.54 25.60 7.5 -5.17 Bridgestne 4217.00 4228.00 -11.00 -0.26 -200.00 -4.5 -4.87
Colombia 07/21 4.38 BBB Baa2 BBB 100.09 4.40 0.00 0.41 2.69 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
RylDShlA 1557.00 1551.00 6.00 0.39 107.00 7.4 -5.64 AmerMvl 12.46 12.51 -0.05 -0.40 -0.59 -4.5 -11.32
VertexPharm 124.84 123.80 1.04 0.84 8.33 7.1 -6.23 FastRetail 43140.00 43050.00 90.00 0.21 -2040.00 -4.5 -10.22 Turkey 04/26 4.25 - Baa3 BBB- 93.68 5.11 0.00 0.13 2.87 £ Sterling
StandCh 589.00 583.60 5.40 0.93 39.10 7.1 7.07 MitUFJFin 742.10 754.80 -12.70 -1.68 -34.30 -4.4 -9.71 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.17 4.06 0.06 0.08 1.81
Eaton 53.25 53.28 -0.03 -0.06 3.51 7.1 -7.70 ShnEtsuCh 6491.00 6567.00 -76.00 -1.16 -293.00 -4.3 -8.73 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.19 3.41 0.04 0.16 1.17
HCA Hold 68.92 69.54 -0.62 -0.89 4.45 6.9 -0.10 Inditex 31.79 31.90 -0.11 -0.34 -1.29 -3.9 -1.58 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.50 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.46 3.03 -0.01 0.10 1.31 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.73 3.96 -0.02 0.10 1.71
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Dec 24 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 24 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 15.74 0.17 15.57 53.29 10.88 Dec 24 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 15.65 -0.06 15.71 56.32 7.04 Tr 2pc '16 100.11 0.31 -11.43 -6.06 -26.19 -31.11 101.68 100.11 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 173.38 0.03 0.02 -2.75 0.47 -2.33 VXN 17.81 0.13 17.68 46.72 11.15 Tr 1.75pc '17 101.40 0.43 -4.44 0.00 -4.44 -29.51 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 295.30 -0.36 -0.96 0.61 -0.48 1.41 VDAX 19.73 -1.93 21.66 29.94 - Tr 5pc '18 109.52 0.62 -1.59 6.90 6.90 -31.11 113.54 109.52 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.47 -0.19 -0.75 -0.40 -0.75 -0.40 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.31 0.89 -2.20 5.95 8.54 -21.93 115.07 111.30 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.11 -0.12 -0.94 -0.75 -0.66 -0.55 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 114.83 1.12 -0.88 6.67 5.66 -16.42 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 225.01 -0.26 -1.16 1.50 -0.80 1.82 Tr 1.5pc '21 100.48 1.40 -1.41 6.06 6.06 -4.76 142.92 99.91 0.12
Gilts( £) 287.14 -0.51 -1.05 0.52 -0.36 1.60 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.19 1.43 -1.38 6.72 4.38 -9.49 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 239.93 -0.53 -1.15 -4.35 -0.91 -4.56 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.04 1.79 -1.65 5.29 4.68 -3.76 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.08 -0.36 -0.86 0.54 -0.39 1.32 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.11 2.06 -0.96 5.10 5.10 -1.44 131.90 119.79 0.31
Dec 24 (Libor: Dec 23) night Day Week Month month month month year Overall ($) 225.33 -0.21 -0.25 0.52 -0.25 0.52 Australia 10/18 3.25 103.27 2.05 0.00 0.00 0.00 0.00 Tr 4.25pc '32 125.59 2.36 -0.84 3.96 3.51 0.00 136.85 121.93 0.35
US$ Libor 0.36710 0.000 0.215 0.000 0.42190 0.60310 0.82730 1.14750 Overall( £) 286.84 -0.47 -0.99 0.54 -0.37 1.52 04/26 4.25 112.59 2.83 0.00 0.00 0.00 0.00 Tr 4.25pc '36 126.95 2.54 -0.78 3.67 3.67 1.20 140.37 123.52 0.28
Euro Libor -0.28143 -0.002 -0.003 0.001 -0.20429 -0.12714 -0.03786 0.05929 Overall(€) 220.46 -0.21 -1.04 0.90 -0.75 1.17 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 136.39 2.61 -0.76 3.57 3.98 0.77 153.16 132.20 0.26
£ Libor 0.48188 0.000 0.001 -0.001 0.50381 0.58794 0.74844 1.06119 Treasuries ($) 217.28 -0.24 0.06 1.03 0.06 1.03 10/25 1.20 102.74 0.91 0.00 0.09 0.19 0.00 Tr 3.75pc '52 128.87 2.53 -1.17 3.27 3.27 -3.44 145.21 121.95 0.22
Swiss Fr Libor 0.000 -0.80500 -0.77000 -0.70160 -0.60960 FTSE Belgium 06/18 0.75 101.88 -0.02 0.00 0.00 0.00 0.00 Tr 4pc '60 140.38 2.49 -0.80 3.75 3.32 -4.23 159.23 131.72 0.21
Yen Libor -0.003 0.05000 0.07714 0.11443 0.22286 Sterling Corporate (£) 110.02 -0.08 - - -0.75 -2.89 06/25 0.80 98.54 0.96 0.00 0.00 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.20100 -0.13100 -0.04000 0.06000 Euro Corporate (€) 105.34 -0.12 - - -1.11 -4.01 Canada 11/17 0.25 99.54 0.50 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.79500 Euro Emerging Mkts (€) 863.79 -1.82 - - -10.01 -7.42 06/26 1.50 99.90 1.51 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.38000
-0.22500
0.54000
-0.16500
0.77000
-0.05500
Eurozone Govt Bond 113.26 -0.02 - - -1.17 -0.96 Denmark 11/18 0.25 101.42 -0.24 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.01 0.90 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.20 1.34 0.00 0.04 0.11 0.00
Fixed Coupon Dec 24 chg % Return 1 month 1 year Yield
Dec 24 term notice month month month year Markit iTraxx 09/25 0.88 99.45 0.93 0.00 0.00 0.00 0.00
1 Up to 5 Years 98.46 0.05 2367.28 -0.03 1.32 0.98
Euro -0.35 -0.25 -0.35 -0.20 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.04 0.11 Crossover 5Y 324.13 -10.85 -6.92 29.09 389.82 280.05 France 05/18 1.00 102.96 -0.22 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.93 0.16 3238.07 -0.20 2.30 1.64
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.72 0.87 1.02 1.17 Europe 5Y 78.98 -2.81 -0.74 7.80 95.40 68.39 11/20 0.25 100.69 0.11 0.00 0.00 0.00 0.00
3 10 - 15 Years 203.26 0.27 3785.93 -0.56 2.28 2.15
Swiss Franc - - - - - - - - - - - - Japan 5Y 75.00 0.00 0.78 2.22 83.13 65.01 11/25 1.00 100.10 0.99 0.00 0.00 0.00 0.00
4 5 - 15 Years 184.64 0.19 3369.95 -0.32 2.27 1.84
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.36 -3.08 -2.42 3.64 99.56 65.28 05/45 3.25 127.84 1.99 0.00 0.00 0.00 0.00
5 Over 15 Years 293.63 0.43 4263.04 -0.86 2.98 2.54
US Dollar 0.32 0.42 0.32 0.42 0.40 0.50 0.60 0.70 0.80 0.90 1.10 1.20 Germany 04/18 0.25 101.29 -0.31 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.22 0.24 3210.17 -0.39 2.15 2.27
Japanese Yen -0.05 0.15 -2.00 -1.00 -0.30 0.00 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.35 -0.03 0.00 0.00 0.00 0.00
Emerging Markets 5Y 353.95 -6.82 11.45 34.77 376.07 299.17 08/25 1.00 103.43 0.63 0.00 0.00 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 479.32 -17.64 -2.16 25.99 522.53 416.39 08/46 2.50 126.06 1.44 0.00 0.00 0.00 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Dec 24 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 89.95 -2.52 0.47 5.39 96.32 75.52 Greece 07/17 3.38 94.30 7.38 0.00 0.00 0.00 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 308.36 0.03 -0.30 -2.42 2355.89 -0.30 -0.83
02/26 3.00 69.18 8.15 0.00 0.00 0.00 0.00 2 Over 5 years 561.52 0.39 -1.47 0.55 4144.52 -1.47 1.30
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.29 -0.18 0.00 0.00 0.00 0.00 3 5-15 years 424.64 0.17 -1.27 -2.99 3226.91 -1.27 -1.88
03/25 5.40 136.97 1.15 0.00 0.00 0.00 0.00 4 Over 15 years 690.83 0.48 -1.54 2.28 5004.78 -1.54 2.89
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.37 0.17 0.00 0.00 0.00 0.00 5 All stocks 521.01 0.33 -1.30 0.39 3894.99 -1.30 1.25
11/20 0.65 100.00 0.65 0.00 0.00 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 103.09 1.67 0.00 0.00 0.00 0.00 Yield Indices Dec 24 Dec 23 Yr ago Dec 24 Dec 23 Yr ago
Crude Oil† Jan 38.12 0.30 Corn♦ Mar 364.50 -0.50 Dec 24 Dec 24 Prev return stock Market stocks
09/46 3.25 112.02 2.69 0.00 0.00 0.00 0.00 5 Yrs 1.25 1.26 1.28 20 Yrs 2.56 2.59 2.51
Brent Crude Oil‡ 37.93 0.25 Wheat♦ Mar 468.25 -0.25 Can 4.25%' 21 127.45 -0.327 -0.298 0.48 5.18 70132.45 7
Japan 12/17 0.10 100.30 -0.05 0.00 0.00 0.00 0.00 10 Yrs 1.96 1.98 1.93 45 Yrs 2.51 2.53 2.63
RBOB Gasoline† Dec 1.26 0.00 Soybeans♦ Jan 877.00 -4.75 Fr 2.25%' 20 114.05 -0.752 -0.732 -1.49 20.31 212447.32 14
12/20 0.10 100.30 0.04 0.00 0.00 0.00 0.00 15 Yrs 2.38 2.40 2.31
Heating Oil† Jan 1.13 0.02 Soybeans Meal♦ Jan 268.90 -3.80 Swe 0.25%' 22 106.98 -0.655 -0.655 -2.27 32.00 222665.12 7
12/25 0.30 100.20 0.28 0.00 0.01 0.00 0.00
Natural Gas† Dec 2.04 0.06 Cocoa (ICE Liffe)X Mar 2264.00 3.00 UK 2.5%' 16 - - - - - - -
12/45 1.40 102.72 1.27 0.00 -0.01 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 3220.00 -24.00 UK 2.5%' 24 333.96 -0.637 -0.619 -1.68 6.82 475402.43 25
Netherlands 04/17 0.50 101.12 -0.36 0.00 0.00 0.00 0.00 Real yield Dec 24 Dur yrs Previous Yr ago Dec 24 Dur yrs Previous Yr ago
Uranium Jan 36.75 0.00 Coffee(Robusta)X Jan 1485.00 -8.00 UK 2%' 35 226.67 -0.657 -0.642 -2.23 9.08 475402.43 25
07/25 0.25 95.00 0.80 0.00 0.00 0.00 0.00 Up to 5 yrs -0.72 2.36 -0.71 -1.13 -1.54 2.39 -1.54 -1.76
Carbon Emissions - - Coffee (Arabica)♥ Mar 119.75 -0.85 US 0.625%' 21 100.66 0.505 0.519 -0.86 35.84 1101158.73 36
Diesel Mar - - White SugarX 414.80 1.00 New Zealand - - - - - - - Over 5 yrs -0.73 23.34 -0.71 -0.67 -0.76 23.43 -0.74 -0.71
US 3.625%' 28 131.03 0.948 0.519 -1.20 16.78 1101158.73 36
Unleaded (95R) - - Sugar 11♥ 15.05 -0.05 12/17 6.00 106.34 2.66 0.00 0.00 0.00 0.00 5-15 yrs -0.60 9.59 -0.58 -0.83 -0.72 9.60 -0.70 -0.97
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 104.94 0.66 0.00 0.00 0.00 0.00 Over 15 yrs -0.74 28.99 -0.73 -0.65 -0.76 29.04 -0.75 -0.67
Base Metals (♠ LME 3 Months) Cotton♥ Mar 63.59 0.76 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.25 1.49 0.00 0.00 0.00 0.00 All stocks -0.73 20.24 -0.71 -0.68 -0.77 20.40 -0.76 -0.72
Aluminium 1540.50 -2.50 Orange Juice♥ Jan 148.25 -0.90 amount.
Aluminium Alloy 1605.00 15.00 Palm Oil♣ Jan 562.00 - Portugal 06/18 4.45 110.26 0.27 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4692.50 -25.50 Live Cattle♣ Feb 136.80 8.20 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.91 2.53 0.00 0.00 0.00 0.00
Lead 1744.00 5.00 Spain 04/18 0.25 100.01 0.25 0.00 0.00 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 163.68 0.53
Nickel 8620.00 -35.00 Lean Hogs♣ Feb 58.65 0.40 Spread Spread Spread Spread 10/25 2.15 102.69 1.85 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14540.00 -65.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.22 1.26 0.00 0.04 0.09 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1553.50 -2.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 113.01 1.04 0.00 0.00 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Dec 23 Month Year Australia 2.83 2.20 0.59 Italy 1.67 1.04 -0.57 Switzerland 01/18 3.00 107.96 -0.88 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1068.25 -6.65 S&P GSCI Spt 314.01 2.07 - Austria 0.91 0.28 -1.33 Japan 0.28 -0.35 -1.96 05/26 1.25 113.22 -0.02 0.00 0.00 0.00 0.00
Silver (US cents) 1420.00 -13.00 DJ UBS Spot 78.49 1.82 - Belgium 0.96 0.33 -1.28 Netherlands 0.80 0.17 -1.45 United Kingdom 07/18 1.25 101.06 0.83 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 866.00 -3.00 R/J CRB TR 176.62 -4.93 -25.13 Canada 1.51 0.88 -0.73 Norway 1.49 0.86 -0.76 01/21 1.50 100.47 1.40 0.00 0.00 0.00 0.00
Palladium 551.00 -7.00 Rogers RICIX TR 2026.30 - - Denmark 0.90 0.27 -1.34 Portugal 2.53 1.90 0.29 09/25 2.00 100.69 1.92 0.00 0.00 0.00 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.93 0.30 -1.31 Spain 1.85 1.22 -0.39 01/45 3.50 117.43 2.64 0.00 0.00 0.00 0.00
Iron Ore (Platts) 40.30 0.00 UBS Bberg CMCI TR 12.11 -4.90 -27.17 France 0.99 0.36 -1.25 Switzerland -0.02 -0.65 -2.26 United States 11/17 0.88 99.77 1.00 0.00 0.00 0.00 0.00
Iron Ore (The Steel Index) 40.20 0.00 LEBA EUA Carbon 8.02 -5.87 18.64 Germany 0.63 0.00 -1.61 United Kingdom 1.92 1.29 -0.32 11/20 1.63 99.56 1.72 0.00 0.00 0.00 0.00
GlobalCOAL RB Index 48.75 0.30 LEBA CER Carbon 0.47 -26.56 -11.32 Greece 8.15 7.52 5.91 United States 2.24 1.61 0.00 11/25 2.25 100.07 2.24 0.00 0.00 0.00 0.00
Baltic Dry Index 478.00 3.00 LEBA UK Power 725.00 2.11 -19.71 Ireland 1.15 0.51 -1.10 11/45 3.00 100.70 2.96 0.00 0.00 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
Monday 28 December 2015 ★ FINANCIAL TIMES 25

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 100.50 0.50 113.50 87.00 - 22.72 13.7 Rotork 186.50 11.00 267.20 162.60 2.69 16.25 428.7 ..5%Pf♦ 0.60 0.00 0.60 0.60833.33 - - Redefine 51.00 0.20 59.90 48.26 6.47 10.00 105.8 Lavendon 145.50 9.50 211.50 130.00 3.16 15.34 253.0
AvonRub 1003 -45.00 1180 687.39 0.62 18.37 24.8 HenderGp 305.00 4.00 314.30 205.40 2.95 21.28 178.0 Severfd♦ 65.25 0.00 75.00 57.00 0.77 142.16 1.7 AquarsPl 10.75 -0.25 15.75 5.53 - -2.57 98.5 SEGRO 431.70 3.30 466.70 369.00 3.50 4.04 61.1 MngCnslt 14.88 0.13 19.00 13.25 5.55 -72.56 1103.6
BAE Sys 497.30 1.00 549.00 419.30 4.12 22.46 797.2 ICAP 510.50 7.50 573.00 420.60 4.31 25.35 77.5 SKF SKr 140.90 3.40 231.70 134.80 3.85 14.97 2110.6 Barrick C$ 10.85 1.16 16.54 7.89 1.26 -3.02 1249.3 Shaftbry 921.00 7.00 975.50 771.00 1.46 5.50 50.5 MearsGp 445.00 -20.00 475.00 367.04 2.25 17.20 6.2
Chemring 179.50 8.00 242.00 131.00 2.28 -20.53 1.6 Indvardn SKr 146.00 1.00 183.50 130.00 4.23 13.51 197.5 Spirax-S 3309 217.00 3767.56 2738 2.02 25.39 10.0 BHP Bltn 776.50 76.50 1670.5 665.70 10.26 18.70 1688.5 Town Ctr♦ 325.00 4.50 336.25 260.71 3.21 7.20 0.2 MenziesJ 414.00 29.00 525.00 338.50 3.91 36.81 221.2
Cobham 281.00 -5.10 349.10 250.50 3.79 -163.18 249.3 ICG♦ 612.00 8.00 712.83 485.70 4.19 9.59 53.4 Tex 106.50 0.00 130.00 86.30 5.63 7.57 4.5 BisichMg 77.50 0.00 94.75 60.15 5.16 5.96 0.3 Wkspace 971.00 9.00 988.00 748.40 1.24 4.51 8.3 MichaelPge 498.10 -0.70 568.00 397.70 2.21 24.10 51.6
Meggitt 370.90 8.10 593.50 337.60 3.71 15.43 175.7 IPF 291.20 -7.70 512.00 230.00 4.12 8.47 243.7 Trifast 119.00 -0.25 134.00 93.50 1.76 14.24 8.8 EVRAZ 75.85 14.30 209.90 58.00 - -1.47 485.1 Real Estate Inv & Services MITIE♦ 310.00 8.70 341.00 265.70 3.77 15.51 39.5
RollsRoyceX 595.00 21.50 1061 504.50 3.88 -43.76 552.5 Investec 493.70 24.20 649.50 410.70 4.05 14.09 366.6 Vitec 597.25 1.75 670.85 588.00 4.02 23.64 0.1 Fresnillo 715.50 61.00 939.50 569.63 0.27 151.27 173.8 Cap&Count 448.80 5.20 475.10 361.10 0.33 6.60 151.1 PayPoint 945.00 -8.50 1112.15 779.82 4.07 32.04 4.8
Senior 231.50 0.10 361.70 215.60 2.43 15.57 145.0 Jupiter 448.30 -11.70 481.30 338.79 2.94 13.41 70.8 Weir 989.50 41.50 2045 925.00 4.45 - 343.1 GemDmnd 119.50 20.50 189.13 94.75 2.66 9.79 18.8 CLS 1827.5 -11.50 2037 195.00 - 3.89 1.8 PremFarn 100.25 6.25 204.60 87.75 10.37 8.44 321.4
UltraElc 1950 -33.00 2044 1627 2.27 -171.07 7.9 Liontrust 283.00 5.00 393.50 260.82 2.83 20.99 27.4 Harmony R 16.25 3.17 38.50 7.92 - -1.30 737.2 Daejan 6515 350.00 6614.2 5323.5 1.26 6.70 0.3 Rentokil 159.80 2.40 162.50 115.60 1.62 22.38 278.8
Man 173.00 3.90 217.80 138.60 3.68 11.72 673.2
Industrial General Hochschild 49.50 1.75 134.25 44.50 - -3.45 271.3 Ricardo 872.50 7.50 967.50 620.99 1.78 24.81 2.0
Grainger♦ 238.00 -1.50 256.00 183.60 1.06 23.15 36.8
Automobiles & Parts NB GFRIF 91.60 -0.15 99.75 91.40 4.06 23.45 76.3 BritPoly 680.00 -17.00 755.00 620.00 2.35 10.93 1.9 Kenmr 0.33 -0.02 4.92 0.27 - -0.15 7294.8 HelclBar♦ 462.00 -8.00 475.50 365.00 1.57 4.91 17.8 RbrtWlts 366.50 4.50 478.00 303.72 1.64 21.37 284.4
FordMtr $X 14.31 0.51 16.74 10.44 3.96 12.17 9000.1 Paragon 360.00 -3.70 461.50 343.80 2.50 11.08 51.5 Coats Group 24.75 0.25 30.90 20.00 - -369.40 14.0 Lonmin 77.00 76.30 18970 55.00 - 0.00 741.8 RPS 233.00 5.25 271.37 181.50 3.64 16.48 37.4
ExovaGroup 142.50 -12.50 199.12 134.50 1.40 20.42 168.7 HK Land $ 6.96 0.01 8.80 6.40 2.59 13.49 901.8
GKN 305.20 5.60 389.00 248.56 2.75 33.97 680.6 Providnt 3299 -66.00 3654 2414 2.97 24.62 27.6 Petra 87.75 18.65 205.10 52.77 - 15.02 979.5 Lon&Assc 25.00 0.00 42.52 24.00 0.62 -3.53 22.0 Shanks♦ 96.00 -3.25 113.50 88.00 3.59 -50.29 8.7
RathbnBr 2194 -21.00 2348 1983 2.37 28.26 0.7 JardnMt $X 47.48 1.45 67.88 45.00 2.90 11.63 176.6 Petropvlsk 6.68 0.04 18.89 4.21 - -0.97 1324.6 SIG 144.40 1.10 212.20 117.00 3.05 25.87 233.2
Banks Jard Str $X 27.19 0.84 36.93 25.75 0.94 10.15 122.9 MacauPrp 157.13 -2.63 239.50 149.25 - -3.71 1.5
Record 27.00 -0.50 41.00 26.26 6.11 9.73 36.1 PolymtIntl 575.00 39.00 634.00 424.20 2.36 -17.73 399.9 Mntview 11950 -150.00 12900 9975 2.30 13.00 0.1 SpeedyHr♦ 38.88 1.13 80.00 27.94 1.80 -14.14 51.8
ANZ A$X 27.25 0.72 37.25 25.01 9.04 11.12 2659.8 Macfrlne 57.25 3.00 58.96 35.60 2.88 13.89 147.4
S&U 2457.5 30.50 2595 1955 2.69 14.62 3.1 RndgldRs 4235 258.00 5752.1 3546 0.92 30.77 72.1 RavenRuss 40.38 0.38 58.56 37.25 - -2.85 38.7 St Ives 223.25 8.75 225.00 156.68 3.20 64.10 21.5
BcoSant 346.00 -1.50 563.00 320.84 10.59 9.03 71.3 REXAM 602.50 6.50 609.00 424.60 2.94 21.31 239.6
Schroder 2961 28.00 3441 2538 2.63 18.17 13.4 RioTintoX 2006.5 147.50 3280 1843 6.80 19.96 770.8 RavenR Prf♦ 129.50 0.25 146.00 116.80 9.27 - 5.5 TribalGrp 24.00 0.50 188.00 19.16 7.50 -4.08 131.8
BnkGeorgia 1894 -5.00 2345 1609 2.36 9.32 7.3 RPC♦ 849.50 31.50 849.50 490.00 1.82 43.54 176.7
..N/V 2222 -29.00 2629 1961 3.51 13.64 2.2 Troy Res A$ 0.20 -0.04 0.77 0.20 - -0.43 1318.9 RavenR Wrt 24.50 0.00 34.00 22.00 - - 7.1 Vp♦ 755.00 15.00 816.00 582.85 2.19 15.23 2.7
BankIre € 0.35 0.01 0.39 0.07 - 16.35 3355.8 Smith DS 392.70 -7.50 423.70 304.30 2.90 28.54 285.1
SVG Cap 495.40 8.40 535.00 416.35 - 12.36 6.3 VedantaRs 284.00 20.40 695.06 258.00 14.66 -0.56 200.8 Safestre 356.50 2.90 370.00 232.00 2.09 7.33 38.7 Watermn♦ 92.00 1.00 95.00 53.15 1.52 20.91 8.5
BkNvaS C$X 57.95 0.80 67.72 52.60 4.77 10.11 984.1 Smiths 958.50 31.50 1243 915.00 4.23 15.53 103.0
TullettPre 366.40 7.80 415.90 275.50 4.60 7.83 28.5 Savills 870.50 -6.00 991.46 638.50 1.26 20.35 24.5 Wolseley 3682 -18.00 4398 3414.95 2.32 29.84 75.7
BarclaysX 221.70 2.95 289.90 209.05 2.93 0.74 5576.7
WlkrCrip 52.00 0.00 55.00 37.60 3.27 30.93 5.0 SmurfKap € 23.25 -0.85 30.31 17.98 2.59 18.23 21.4 Oil & Gas
CanImp C$X♦ 93.04 -1.08 102.90 83.10 4.73 10.23 479.0 Vesuvius 346.20 14.20 530.00 316.60 4.66 9.74 49.0 Aminex 1.48 0.18 2.92 1.25 - -17.35 897.6 SchroderRE 60.50 0.25 63.00 56.10 4.10 7.41 225.5 Tech - Hardware
HSBCX 541.30 9.60 674.57 478.35 6.19 10.67 3984.3 Food & Beverages BGX 986.50 40.70 1301.62 785.20 1.93 -19.05 1500.1 Smart(J) 103.50 0.00 114.80 87.50 2.86 16.06 30.6 ARM Hldgs 1038 -2.00 1332.5 811.50 0.74 46.01 205.8
LlydsBkgX 73.50 2.17 89.35 68.57 2.04 43.83 18116.2 AngloEst 540.50 15.50 683.10 508.00 0.56 -42.20 0.2
Industrial Transportation BPX 365.95 25.60 499.25 252.55 7.36 -13.37 7161.9 StModwen 424.50 1.20 499.40 379.47 1.08 4.00 36.2 Laird 341.50 1.50 413.30 299.20 3.66 16.62 426.1
RylBkC C$X 75.64 0.70 81.53 68.05 4.17 11.00 814.7 AscBrFdX♦ 3339 -65.00 3606 2705.75 1.02 46.79 115.3 BBA Aviat 184.00 6.20 259.11 165.20 4.03 15.27 237.9 Cadogan 8.13 0.00 13.25 8.00 - -0.49 150.0 U and I 239.00 18.00 293.00 214.75 2.47 11.29 19.5 Pace# 415.40 -8.40 520.80 316.34 1.05 11.89 32039.0
RBSX 304.80 10.10 414.00 281.40 - -13.67 1082.0 Barr(AG) 520.00 7.00 699.36 500.00 2.33 19.75 6.5 Braemar 442.63 5.88 513.86 390.00 5.87 21.08 1.2 CairnEng 158.40 20.50 210.00 133.60 - -2.59 359.1 UNITE Gp 653.00 -4.50 706.00 459.30 1.72 5.27 26.1 SpirentCM 68.25 0.75 98.75 64.25 3.61 75.58 92.1
StandChX 589.00 39.10 1166 475.55 8.70 13.77 2785.5 Britvic♦ 718.50 11.50 788.00 632.00 2.99 17.42 98.1 Clarkson 2337 -38.00 2855 1850 2.57 48.17 2.4 Cape 239.50 6.75 275.75 177.00 5.85 13.18 2.9 Urban&C 284.50 -4.50 291.00 243.25 0.53 9.27 0.7
..7.375%Pf 107.13 0.13 128.00 104.50 6.88 - 7.7 C&C € 3.77 -0.02 4.08 3.16 3.03 -14.22 11.7 Eurotunnl € 11.10 -0.22 14.57 10.57 1.57 56.63 241.2 EnQuest 21.50 2.25 61.00 17.69 - -1.88 807.1
Tech - Software & Services
Fisher J 1090 -7.00 1442 894.50 2.02 14.12 1.3
Retailers AVEVA 1601 12.00 2350 1267 1.91 36.21 22.8
..8.25%Pf 120.00 0.25 141.00 116.50 6.88 - 26.2 CarrsGroup♦ 154.50 -6.50 178.50 136.00 2.25 11.94 8.4 ExxonMb $X 79.33 2.05 94.43 66.55 3.53 16.98 5848.3 AA 314.90 18.40 434.50 254.80 - -188.45 54.8
TntoDom C$X 55.03 0.13 56.48 47.75 3.72 12.75 1112.8 Coca-Cola H 1475 -31.00 1638 1051 3.43 23.43 30.1 Flybe Grp 91.25 2.00 111.00 52.00 - 30.42 19.6 GenelEgy 183.00 15.25 736.00 164.25 - -2.24 287.4 Computcnt 852.00 29.00 857.50 651.67 2.32 9.27 7.5
Goldenpt 30.75 5.00 233.50 24.38 - -0.11 20.0 AO World 160.00 5.00 240.00 118.60 - -69.32 133.2 DRS Data 12.00 0.00 14.90 11.25 - -5.06 8.8
VirginMoney 385.00 9.40 472.90 284.00 - -962.50 11.5 Cranswk♦ 1950 49.00 1950 1280 1.74 23.05 7.2 GeoPark $ 2.75 0.00 5.73 2.70 - -1.50 2.3 AshleyL 27.00 0.50 36.00 25.00 7.41 10.51 26.7
Westpc A$X 32.54 0.36 40.07 29.10 7.68 14.12 2454.8 Dairy Cr 680.00 20.50 687.00 437.90 3.19 49.16 113.7 OceanWil♦ 767.50 0.00 1028.9 722.00 5.21 70.56 3.0 GrnDnGas 225.00 -7.50 412.25 220.00 - 18.28 5.0 Elecdata 65.00 -1.00 74.90 62.00 3.08 21.62 1.7
RoyalMail♦ 450.00 6.00 532.50 396.48 4.67 15.65 292.2 Brown N♦ 312.10 9.10 400.00 286.03 4.56 21.00 33.0 MicroFoc 1579 45.00 1589 1016.51 1.97 38.84 51.3
Devro 275.00 3.50 328.00 256.17 3.20 49.13 32.9 GulfKeyst 16.75 0.75 70.17 14.75 - -0.79 898.7 Caffyns♦ 540.00 5.00 665.00 480.00 3.75 1.57 0.2
Basic Resource (Ex Mining) UK Mail♦ 270.00 5.25 569.00 260.00 8.07 17.89 0.5 NCC Grp 303.50 15.75 307.63 192.68 1.20 38.79 146.7
Glanbia € 16.85 -0.51 19.59 12.19 0.63 32.10 0.5 HellenPet € 3.83 -0.13 5.65 3.35 - -16.60 270.7 Card Factor 361.40 -26.70 401.50 250.72 1.88 21.04 22.6
Ferrexpo 20.00 6.00 83.00 12.50 20.99 2.05 810.6 RM 165.00 2.00 185.00 137.50 2.42 10.38 3.3
Grncore♦ 352.90 6.50 359.40 262.80 1.60 25.15 314.3 Insurance Hunting 319.25 43.55 677.00 271.10 6.19 -20.08 123.7 Dairy Fm $ 5.92 -0.03 9.77 5.76 3.69 18.05 94.5
Mondi 1359 14.00 1614.36 1006 2.19 17.62 376.3
HiltonFd 528.00 -13.50 550.00 375.00 2.52 21.06 1.8 ImpOil C$X 45.43 2.93 55.37 39.30 1.07 22.42 370.7 Sage 596.00 7.00 625.50 363.39 2.09 33.11 240.8
Vale BRLX 13.22 0.48 27.89 11.25 18.06 -5.67 7174.8 Admiral 1639 -36.00 1699 1286 2.82 15.62 40.2 Debenhm♦ 74.10 1.00 96.80 68.00 4.59 9.74 579.1 SDL 419.50 0.25 472.00 315.00 0.60 39.84 1.2
Kerry € 73.74 -2.19 77.61 56.51 0.77 25.70 3.9 Amlin 662.00 0.00 666.00 445.70 4.08 14.43 145.8 IE Hldgs 80.00 0.50 173.00 67.00 - -2.73 13.1 Dignity 2475 39.00 2643 1729 0.81 -28.45 4.7 Telecity 1221 -7.00 1250 973.75 1.11 97.01 18.0
Chemicals Nestle SFrX 73.35 -0.20 77.00 64.55 3.01 16.20 7000.5 AvivaX 519.00 13.00 578.68 428.40 3.49 13.58 883.0 JKX 27.25 0.00 39.40 10.23 - -0.72 0.7 DixonsCar 497.70 9.70 500.00 398.90 - 23.48 590.1
PremFds 39.50 3.50 47.79 29.50 - -1.55 743.2 Nostrum 395.50 47.20 670.00 333.40 4.45 55.14 69.6 TriadGp 26.50 -2.00 43.00 9.25 - 9.26 7.8
Bayer €X 116.10 2.10 146.45 106.80 1.95 25.60 1744.2 Beazley 387.50 -5.50 402.08 269.00 2.43 13.48 24.1 Dunelm 952.00 2.50 1023 800.00 2.15 20.14 11.6
Carclo 131.00 -0.25 169.75 87.00 2.10 43.78 0.1 PureCircle 412.00 12.00 590.00 352.24 - 261.59 1.9 Chesnar 338.50 3.50 367.81 310.00 5.44 13.27 6.7 OphirEgy 97.10 13.05 171.20 78.00 - -2.24 845.0 Findel 204.50 -7.25 255.00 162.00 - -29.54 1.4 Telecommunications
Croda 3042 30.00 3150 2537 2.15 23.68 26.0 REA 264.00 -1.00 352.00 244.00 2.92 55.31 0.6 DirectLine 410.70 2.80 418.90 299.96 3.51 12.87 252.7 PremOil 48.75 5.75 191.40 41.00 - -0.52 2571.6 Halfords♦ 335.60 8.10 563.51 317.80 4.35 10.07 74.1 BTX♦ 467.05 -3.65 502.60 385.60 2.44 17.60 1622.6
Elemntis 230.60 9.40 324.10 206.70 2.30 10.03 309.4 SABMillX 4075 25.00 4090 2773 1.82 33.76 342.4 Eccles prf♦ 134.25 0.50 146.00 124.50 6.42 - 31.7 RylDShlAX 1557 107.00 2216.5 1415.5 8.07 94.11 1055.2 Inchcape 775.00 8.00 906.65 673.50 2.59 20.86 67.6 Inmarsat 1130 0.00 1141 780.00 2.85 24.61 112.5
Syngent SFrX 393.70 22.40 435.20 280.00 2.79 26.67 359.4 StckSpirit 140.50 4.75 235.00 97.75 1.26 21.03 20.1 Hansard 112.50 2.50 123.24 80.00 7.56 10.37 24.0 ..B 1571 111.00 2315 1423 8.00 94.96 1319.9 JDSportsF♦ 1012 -17.00 1081 439.86 0.70 23.31 6.1 KCOM Gp♦ 118.75 -2.25 124.50 78.50 4.52 47.56 385.9
Synthomer 325.00 0.40 364.10 217.20 2.40 21.92 29.0 Tate&Lyl♦ 595.00 6.00 682.50 492.20 4.71 61.75 85.5 Hiscox 1039 -9.00 1059 699.50 2.26 12.75 22.7 Schlmbrg $X♦ 70.53 3.19 95.13 66.57 2.66 27.02 2968.8 Lookers 177.80 9.90 185.30 128.00 1.60 14.51 51.1 TalkTalk 217.40 -2.10 415.10 210.10 6.35 40.92 221.4
Victrex 1819 24.00 2202.55 1606 2.48 18.38 28.2 TongtHu R 90.70 3.39 172.92 77.85 4.57 10.73 245.5 JardineL 949.50 59.50 1112 840.50 3.04 18.56 7.3 SEPLAT 73.38 0.88 169.00 66.00 13.31 7.42 100.0 Marks&Sp♦ 453.40 -4.60 600.00 438.10 3.97 17.37 1129.6 TelePlus 1055 -34.00 1291 725.50 3.79 25.71 15.9
Unilever 2891 33.00 3087 2450 2.85 24.09 338.0 Lancashire 622.50 -7.50 772.90 539.50 1.43 8.75 31.6 Soco Int 150.00 15.75 314.50 117.00 6.49 -12.95 153.6 MossBros 101.50 1.00 112.00 83.50 5.17 22.82 1.2
Construction & Materials ..NV € 39.98 -0.26 42.98 31.41 2.80 24.43 0.9 TrnCan C$X 46.72 0.16 59.50 40.58 4.45 19.44 1255.6 Next♦ 7180 -225.00 8175 6465 2.09 16.91 91.8 Tobacco
Leg&Gen 269.30 5.90 296.02 230.40 4.18 15.68 2887.9
Alumasc 177.50 -1.50 221.83 117.00 2.99 11.99 22.2 Tullow 178.80 23.00 456.90 150.59 2.36 -1.65 2127.4 Ocado 340.80 2.50 478.50 309.50 - 298.69 400.2 BrAmTobX 3781 48.50 3931.5 3231.5 3.92 17.55 329.5
Health Care Equip & Services NovaeGp 850.00 -40.00 914.39 585.00 2.92 11.15 9.1
Boot(H) 226.00 4.00 245.00 121.00 2.48 13.83 2.5 Pendragn 45.38 -0.38 47.00 31.00 1.98 7.95 106.5 ImpTobX 3543.5 26.50 3665 2763.7 3.73 20.03 277.6
Bioquell 141.50 0.50 155.50 80.00 2.33 141.22 3.5 Old Mut 181.70 9.90 20590 154.60 4.79 12.62 1253.6 Pharmaceuticals & Biotech
ClarkeT 82.25 0.00 91.00 56.00 3.77 - 6.2 Photo-Me 148.25 -6.50 163.00 131.50 3.29 21.33 22.4
ConstMed 1133 121.00 1133 820.50 1.60 112.65 10.3 PermTSB € 4.60 -0.04 6.30 0.05 - -5.79 30.9 BTG 675.50 16.00 835.87 504.00 - 56.75 86.8 Travel & Leisure
CRH 1946 25.00 2478.5 1454 2.28 36.41 84.2
PhoenixGrp 916.00 6.00 935.00 783.50 5.83 19.26 57.2 Saga 201.60 -0.60 225.10 146.00 2.03 16.43 58.0
GalfrdT 1513 23.00 1824 1195.63 3.97 13.64 44.3 GNStre kr 123.10 2.80 158.50 113.70 0.74 25.07 575.8 CathayIn 16.50 0.00 28.29 16.00 - -17.17 14.6 888 Hldg 185.00 3.00 187.75 131.00 2.75 24.63 155.4
UDGHlthC♦ 582.00 11.00 588.00 378.00 1.31 46.40 41.3 PrudntlX 1540 36.50 1761.5 1045.99 2.40 15.68 484.1 Dechra 1085 85.00 1105 818.00 1.45 49.34 10.2 SuperGroup 1643 -32.00 1733.49 750.00 - 33.58 41.7 AirPrtnr 420.00 3.13 470.00 251.00 5.25 14.71 8.3
Keller 835.50 -5.50 1105 780.50 3.02 26.38 12.5 TescoX 150.90 6.05 252.52 141.00 0.77 -2.17 3130.8
RSA Ins 430.90 6.70 528.00 390.50 0.46 66.37 224.1 Genus 1555 72.00 1565 1210 1.18 23.96 9.5 bwin.party 127.70 1.70 128.20 70.40 2.80 352.76 346.1
KierGp 1382 35.00 1779 1250 4.25 34.55 43.0 House, Leisure & Pers Goods SagicFin 59.00 0.00 68.00 53.00 4.48 4.72 1.0 GlaxoSmhX♦ 1376 34.50 1645 1227.5 5.81 6.81 1077.6 Cineworld 560.00 15.50 599.00 397.39 2.41 18.76 77.4
Kingsp € 24.12 -1.63 26.07 13.81 0.65 31.77 3.0
BarrttDev 616.00 1.00 673.50 411.60 1.93 13.82 255.8 StJmsPl 996.00 7.50 1031 764.00 2.34 29.64 75.0
Support Services
LowBonr 67.00 0.00 76.00 49.00 4.03 17.25 47.9 HikmaPhm 2251 34.00 2617 1849.38 0.62 29.14 40.3 Acal♦ 278.50 -0.50 334.75 225.98 2.73 26.16 3.5 CompassX 1160 7.00 1223.36 963.00 2.37 22.22 297.5
Bellway♦ 2732 -10.00 2798.38 1686 2.23 11.84 58.5 Stan Life 395.20 17.90 505.68 365.70 4.62 29.18 418.5 Oxfd Bio 6.40 -0.55 13.38 5.18 - -16.37 183.0 EntInns 110.00 5.80 139.60 94.65 - -8.48 22.6
Marshlls 319.40 -0.60 379.80 228.51 1.88 26.04 32.3 Aggreko 957.00 43.00 1724.15 866.00 2.83 12.67 102.9
Berkeley♦ 3613 28.00 3788 2264 4.98 11.99 96.1 RichterG $ 18.77 -0.12 19.22 12.20 0.63 24.58 0.0 FirstGrp 108.00 2.90 129.90 88.65 - 19.51 210.2
MorgSdl 747.50 -12.50 865.00 604.00 3.61 -21.87 1.8
BovisHme 989.50 37.00 1206 750.00 3.54 12.14 76.8
Media APR Engy 170.75 -1.25 407.44 49.98 2.00 -0.29 6.1
Norcros♦ 192.50 1.50 227.60 150.00 2.91 13.56 23.6 4imprint 1265 -9.00 1351.85 780.00 1.62 29.01 2.3 ShireX 4609 159.00 5870 4082 0.32 13.60 236.3 AshtdGp 1112 -15.00 1231 838.00 1.37 15.71 326.0 Fuller A♦ 1178 74.00 1250 905.50 1.33 23.36 1.1
Cairn Homes € 1.22 0.03 1.22 1.00 - - 167.2 VecturGp 178.60 6.90 187.50 127.00 - 110.52 36.6 Go-Ahead 2634 19.00 2758 2269 3.25 22.04 3.6
StGobn €X 39.87 0.17 44.84 32.36 1.50 27.69 282.7 Creston♦ 123.00 -4.00 163.00 108.00 3.41 15.98 46.2 AtknsWS♦ 1616 -40.00 1669 1225 2.26 16.60 27.0
CrestNic 545.50 4.50 598.50 342.00 2.62 12.21 60.5 GreeneKg♦ 926.00 -3.50 985.00 730.00 3.10 22.80 53.9
Tyman 295.00 21.00 342.00 230.00 2.71 42.78 0.9 DlyMailA♦ 696.00 12.50 989.50 647.50 2.97 15.33 76.8 Real Estate Babcock♦ 1023 29.00 1152.76 868.50 2.31 19.09 67.2
GamesWk 591.50 7.50 620.00 487.25 8.79 15.45 1.0 IrishCtl € 5.30 0.00 5.50 3.11 1.91 15.06 0.5
HaynesPb 106.50 0.00 157.00 103.00 7.04 -2.00 5.0 Berendsen 1078 14.00 1161 946.50 2.78 21.17 10.3
Electronic & Electrical Equip Gleeson 528.00 -10.00 551.62 345.02 1.44 22.97 11.4 Harworth Gr 12.38 -1.00 14.37 7.26 - 2.99 128.8
Brammer 177.50 20.50 420.50 138.50 6.03 24.77 888.3 Ladbrokes 119.80 2.50 147.00 92.85 7.43 -45.87 708.2
Headlam♦ 500.00 1.00 550.00 408.00 3.50 16.62 2.0 ITE Grp 153.00 3.00 204.75 125.00 4.84 14.65 142.2
Dialight 465.00 25.25 850.00 398.00 3.23 24.88 152.7
ITV 275.00 7.50 281.90 205.50 1.71 21.01 762.5
REITs Bunzl♦ 1870 17.00 1969 1665 1.90 27.40 54.7 MandarO $ 1.45 -0.01 1.78 1.42 4.51 19.26 69.7
e2v Tech 224.25 6.00 268.00 167.50 2.27 20.39 1.4 McBride 159.75 15.50 176.00 74.00 - -416.02 116.0 Assura♦ 55.50 0.75 64.00 49.63 3.51 10.05 115.5 Marstons♦ 166.70 2.10 177.00 137.60 4.02 -35.30 130.4
McCarthy&S 254.00 13.75 255.00 180.00 - 21.29 132.0 JohnstnP 52.00 3.00 174.00 35.00 - -108.56 0.3 Capita 1223 13.00 1336 1032 2.39 33.15 84.9
Halma 869.50 0.00 876.50 658.00 1.38 30.85 67.0 BigYellw♦ 821.50 17.00 838.50 578.50 2.64 9.77 36.5 Carillion 317.00 7.80 371.40 293.20 5.60 25.34 172.2 Natl Exp 327.00 0.10 333.96 216.30 3.15 20.26 22.8
Persimn 1973 19.00 2156 1423.36 - 13.70 91.1 News Corp A $ 13.62 0.44 17.55 12.16 0.72 -75.73 994.3
MorganAd 254.80 9.10 375.84 224.85 4.28 44.08 49.4 BritLand 793.50 -1.00 891.50 755.00 3.51 5.78 297.5 Comnsis 42.75 2.75 63.00 36.25 4.68 -5.87 103.2 PPHE Htl 664.00 20.00 688.00 440.00 2.67 10.12 35.0
Philips € 23.78 -0.36 28.00 20.48 - 37.07 339.8 NewsCpB $ 14.23 0.61 17.11 12.24 0.69 -79.13 455.4
OxfordIn 713.00 43.50 1114 502.62 1.82 -83.24 16.7 Cap&Reg 67.50 -0.50 71.50 50.95 1.41 4.11 122.4 ConnectGp 165.25 5.00 175.00 128.02 5.75 18.33 14.5 Restaurt 680.00 24.50 748.70 631.50 2.26 24.29 50.3
PZCusns 283.40 1.70 376.90 264.70 2.77 22.79 26.7 Pearson 768.00 16.50 1517.42 695.00 6.64 32.90 320.8
Renishaw 1920 10.00 2672.9 1800 2.21 11.46 16.5 Countrywd 406.80 7.80 608.00 375.00 3.69 20.26 27.0 DCC 5620 30.00 6060 3357 1.50 36.61 14.6 Sportech 59.50 2.75 72.00 52.56 - -1.42 5.4
ReckittBX 6226 51.00 6450 5060 2.23 26.45 148.3 Quarto 222.50 -1.00 239.00 147.00 3.72 8.65 5.7
Spectris 1815 65.00 2420 1608 2.56 16.81 26.6 DrwntLdn 3718 31.00 3891 2969 1.07 5.15 21.7 DeLaRue♦ 450.00 3.25 606.00 414.75 5.56 11.60 40.1 Stagech 296.20 -1.90 437.90 291.00 3.54 12.86 101.4
Redrow 462.20 7.40 504.50 254.50 0.87 10.41 103.4 RELX NV € 15.28 -0.17 16.75 12.42 2.52 25.75 298.4
TT Elect 159.88 12.38 164.00 96.00 3.44 -81.86 3.1 Gt Portld♦ 836.00 -11.50 892.50 728.00 1.08 4.54 36.4 Diploma♦ 754.00 14.00 916.50 600.29 2.31 23.22 5.7 ThomasCook 120.70 2.20 162.20 97.65 - -31.16 650.4
TaylorWm 197.20 -0.70 207.40 121.85 0.79 15.52 1080.5 RELX PLCX 1180 6.00 1232 988.50 2.20 27.10 240.8
XP Power♦ 1447.5 12.50 1750 1375 4.28 14.38 1.9 Green Reit € 1.55 -0.02 1.70 1.21 - - 2.7 Elctrcmp♦ 235.80 7.50 263.10 167.55 4.98 24.81 65.6 TUI 1230 8.00 1294.78 996.74 - 21.96 82.4
TedBaker 2996 -245.00 3650 2169 1.35 35.44 17.3 STV Grp 501.00 62.00 505.00 338.00 1.60 15.30 15.8
Hammersn 605.00 1.50 708.00 569.50 3.37 6.99 116.9 EnergyAst 485.00 -15.00 640.00 392.25 - 16.58 0.6 Whitbrd 4440 -24.00 5475 4278 1.85 21.51 91.8
Financial General ThmReut C$X 52.81 0.00 55.92 45.29 3.45 15.35 221.5
Hansteen 116.00 0.00 128.95 106.50 4.31 5.72 191.4
Industrial Engineering UTV Med 176.00 -0.50 204.00 137.00 4.12 31.47 1.6 Essentra 836.50 4.00 1069 714.00 2.19 29.94 48.7 Willim H 390.90 10.90 432.10 312.10 3.12 19.52 244.5
3i♦■ 479.80 10.10 571.50 421.70 1.69 7.66 236.5 HIBERNIA 1.40 -0.01 1.45 1.06 - - 114.6
AberAsM 290.00 1.00 509.64 280.30 6.47 13.31 1157.1 Bodycote 574.50 35.00 797.59 489.90 2.51 18.39 28.9 WPPX 1538 8.00 1616 1273 2.48 15.90 272.6 Experian 1204 36.00 1264 1017 2.18 26.56 229.5 Utilities
Castings♦ 474.75 -2.63 488.00 360.00 2.80 13.91 1.7 Highcrft 987.50 0.00 1090 820.00 3.65 18.09 0.1 Grafton 747.00 28.50 868.00 615.00 1.44 19.36 47.5
BrewDlph 309.80 9.70 361.00 247.70 3.20 47.08 44.5 Mining INTU 322.30 4.60 376.50 301.50 4.25 16.85 166.8 Centrica 218.20 4.70 300.70 200.87 6.19 -21.95 3098.5
Canaccord 230.00 0.00 460.00 201.50 4.28 -8.57 0.5 Fenner 148.00 7.00 237.00 124.50 8.11 -27.33 75.8 HarvyNah 86.88 3.88 107.00 69.50 4.10 12.60 3.4 DeeVally♦ 1455 2.50 1484 1135 4.30 18.97 0.9
Goodwin 1855 -85.00 3040 1629 2.28 13.72 0.5 Acacia 183.50 23.70 318.90 154.00 1.50 51.21 196.4 LandSecs♦ 1186 0.00 1363 1138 2.71 4.49 162.8 Hays 148.30 6.90 173.70 134.20 1.80 20.29 400.5
CtyLonInv 334.50 5.00 380.37 310.00 7.17 12.85 5.9 LondonMtrc 163.10 1.50 173.20 149.20 4.29 6.61 152.0 Drax 252.30 26.80 463.10 205.60 4.72 5.91 278.9
Hill&Sm♦ 756.00 4.50 776.50 565.00 2.38 29.35 67.7 AngloAmer 328.05 64.50 1277.59 261.50 16.63 -0.95 2278.2 Homesve♦ 419.70 8.30 447.84 320.70 2.95 23.98 15.5
CloseBrs 1350 3.00 1857.39 1303 3.74 11.59 18.2 McKaySec♦ 266.00 1.00 279.75 223.28 3.27 4.64 1.2 Natl GridX♦ 935.00 9.10 954.00 806.40 4.59 16.30 987.6
IMI 881.50 28.00 1454.55 831.00 4.27 13.62 74.8 AngloPacif♦ 58.50 1.00 106.43 49.00 14.44 -2.34 65.3 HowdenJny 518.00 -6.50 538.50 386.50 1.62 22.05 156.2
DBAG € 29.39 0.12 34.50 24.65 1.32 11.40 28.1 MucklGp♦ 505.13 4.63 530.00 440.00 4.06 5.67 0.6 Pennon 863.00 15.00 925.00 711.90 3.64 29.83 72.1
MelroseInd 294.30 9.10 314.78 242.70 2.83 46.05 250.6 AnGoldA R 112.09 12.19 149.99 71.59 - -24.44 114.6 Intserve 517.00 -11.00 878.50 487.20 4.45 14.05 42.5
Hargr Lans 1482 8.00 1533 912.50 1.53 44.81 47.9 PrimyHth 108.00 3.50 113.50 90.25 4.57 12.11 126.3 UtdUtils♦ 936.50 11.00 1045 816.50 4.03 22.82 138.5
Renold 58.00 1.50 86.00 50.75 - 22.70 2.4 Antofagasta 462.60 47.60 811.50 408.90 2.95 30.05 425.9 Intertek 2790 52.00 2949 2196 1.76 23.69 22.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence PolarCap♦ 397.63 4.88 489.75 335.00 6.29 15.52 4.4 Symphny 6.13 0.00 11.22 5.60 - -17.16 253.7 EuropaOil 3.00 -0.13 9.72 2.63 - -3.49 10.6 Palace Cap♦ 355.00 5.00 405.00 328.75 3.66 6.11 0.6 Tech - Hardware
Cohort 395.00 2.00 432.04 230.00 1.27 29.08 7.9 Share 28.00 0.00 40.75 25.00 2.21 297.87 2.0 FalkldO&G 7.90 1.30 45.00 6.25 - -17.02 164.2 PnthrSec 367.50 0.00 402.00 300.00 3.27 16.23 0.1 AminoTech 109.50 2.50 171.00 103.00 4.57 9.75 71.1
ShoreCap 425.00 0.00 431.50 400.00 2.35 14.72 0.2
Insurance GETECH 29.00 5.00 65.00 21.75 7.66 5.27 2.3 PSPI 42.75 1.25 43.00 23.50 - -8.92 9.2 IQE 17.75 -0.25 27.00 15.78 - 73.65 796.8
Banks STM Group 60.00 3.00 73.00 20.50 - 32.29 12.5 Gable 14.00 -5.25 60.00 12.00 - -2.03 30.3 Infrastrata 1.45 -0.18 5.65 1.10 - -0.29 925.6 SiriusRE €♦ 0.50 0.00 0.54 0.39 3.25 7.84 129.1
BCB Hldgs 8.50 0.00 11.60 3.25 - -0.78 13.0 WH Ireland 90.00 -10.50 130.00 79.00 2.22 34.63 27.9 Helios 201.00 0.00 210.00 120.00 0.75 26.10 10.0 Iofina 13.38 -1.63 43.50 8.50 - -4.61 3.0 SumGermny € 0.98 0.01 0.99 0.69 3.07 16.88 333.2 Tech - Software & Services
STB 3285 -1.00 3425 2701 2.07 23.87 0.3 Media Ithaca Engy 28.00 0.25 76.25 26.25 - 19.68 1564.5 TaliesinPr 2250 0.00 2545 1973.6 - 8.15 0.2 Blinkx 17.63 -0.13 40.50 14.75 - -1.21 580.0
Food & Beverages KBC Adv 136.50 0.00 144.50 77.00 0.73 34.61 12.7 BondInt 98.50 -1.50 148.25 83.48 2.23 18.34 6.5
Basic Resource (Ex Mining) FinsbryFd 113.00 -2.00 118.50 56.00 1.40 20.21 22.2 Avesco 223.50 10.50 252.00 106.55 2.68 15.57 31.5 Retailers Brady 51.00 2.50 110.13 33.60 3.63 -40.06 208.0
Cello Gp 87.50 0.00 106.70 79.00 2.97 81.70 4.8 PetrelRes 3.25 0.00 4.98 2.00 - -1.59 4.0
CropperJ♦ 620.00 -2.50 718.00 390.00 1.37 28.55 0.2 Nichols 1425 -5.00 1496.81 872.00 1.57 24.68 1.5 ASOS 3264 2.00 4259 2146 - 73.52 84.5 Datatec 225.00 0.00 370.00 210.00 2.31 10.58 0.1
M&Csaatc 330.25 -8.25 395.00 280.25 1.90 -45.21 1.6 Petroceltic 24.00 -8.00 140.00 24.00 - -0.32 293.4
RealGdFd 53.50 0.50 59.40 31.00 - 38.74 2.5 Koovs 26.75 0.00 158.00 26.50 - -0.90 156.8 DDD 1.75 0.13 4.50 1.25 - -1.81 240.0
Chemicals MissionMk 43.50 0.75 50.00 39.00 2.30 9.65 11.6 PetroNeft 2.18 0.00 5.00 1.86 - -3.20 150.0
Wynnstay 562.50 -32.50 610.00 474.52 1.81 15.85 6.3 Plexus 167.63 3.63 245.00 148.00 0.67 27.20 4.9 Majestic 300.00 2.75 480.00 273.25 1.40 22.97 61.4 Eckoh 50.00 0.75 56.00 35.89 0.74 73.31 172.5
Scapa 213.00 3.50 225.25 124.08 0.70 42.98 43.6 Next15Cm 241.50 -5.00 278.25 147.00 1.14 156.21 11.5
Rockhop 26.25 1.25 83.00 24.00 - -5.13 310.7 StanlGib 86.50 1.00 312.00 84.00 5.78 -38.75 48.9 EgSoltns 54.50 0.00 79.00 53.10 - -37.82 1.5
Health Care Equip & Services YouGov 145.50 0.00 156.00 101.50 0.55 47.18 9.6
Construction & Materials Sound Oil 14.50 0.88 26.73 8.75 - -9.20 232.2 Support Services Iomart 265.00 6.50 310.00 159.93 0.94 31.01 109.4
Advnc Med 180.00 0.50 187.29 120.00 0.39 28.10 56.0
Abbey 1172.5 0.00 1215 833.35 0.73 7.11 0.6
AVO 6.63 0.75 16.90 3.75 - -8.39 394.0
Mining TowerRes 0.10 0.00 0.75 0.08 - -0.43 144.5 AndSyks 322.50 -7.50 355.00 270.00 7.38 13.86 0.2
K3BusTc♦ 364.50 -3.00 377.00 205.00 0.34 34.12 15.5
AccsysTch 66.13 1.13 81.50 56.00 - -42.31 49.9 Amara 7.53 -0.48 20.00 6.80 - -4.44 316.5 TrinityE 4.38 0.50 28.00 2.92 - -0.05 125.0 OMG♦ 44.50 -1.50 51.56 32.30 1.12 42.38 10.0
CareTech 236.00 2.00 262.15 190.00 3.39 11.13 18.5 Augean 53.50 0.25 62.00 37.65 0.93 10.79 1.1
Aukett 6.63 0.00 8.50 5.50 3.17 8.69 0.3 AMC 7.75 -0.17 44.58 5.50 - 7.72 718.1 UnJackOil 0.14 -0.01 0.30 0.12 - -5.38 5839.0 Progility 1.43 0.05 8.00 1.25 - 5.84 39.5
CircleHldgs 35.50 0.00 68.75 32.00 - -10.33 1.4 Begbies 45.00 2.00 51.08 38.50 4.89 -35.71 50.9
BotswanaD 0.88 0.00 2.50 0.63 - -5.34 520.8 VictorOil 38.75 -0.50 89.05 34.49 - -1.22 16.9 Pub Tech 129.00 0.50 208.00 114.00 - -3.97 56.0
Electronic & Electrical Equip ImmunDiag 242.50 -2.50 340.00 216.40 1.24 55.68 1.5 Christie 126.50 0.00 162.00 118.00 1.78 11.04 0.5
SciSys 72.00 0.00 95.51 38.50 2.24 -62.88 26.3
SphereMed 10.50 0.00 23.50 8.30 - -1.34 21.6 CentAsiaM 150.25 2.25 198.00 135.16 8.25 15.45 0.9 VolgaGas 33.00 0.00 76.85 31.00 9.63 8.02 5.0 Empres 99.50 3.00 106.90 38.13 0.70 12.00 7.4
CeresPow 7.00 -0.90 10.08 5.90 - -5.25 11.1 WANdisco 86.00 3.50 545.00 75.07 - -0.94 11.0
Tristel 146.50 4.00 152.00 67.10 1.26 27.99 63.7 Connema 1.30 0.00 2.80 0.25 - -3.69 115.0 Hargreaves 258.75 -3.75 650.00 255.00 10.32 4.03 15.0
ElektronT 5.88 0.00 8.70 4.00 - 8.87 65.0
C'royG&NR 32.50 0.00 31.00 0.28 - -5.82 1.1
Pharmaceuticals & Biotech
FlowGp 15.25 -0.50 49.00 9.75 - -3.17 119.5 House, Leisure & Pers Goods Abcam 645.00 18.00 649.50 420.00 1.23 34.73 57.2 Impellam 800.00 0.00 859.60 500.00 0.78 13.07 6.5 Telecommunications
GrekaDrill 5.25 -0.18 13.90 5.02 - -5.05 10.8 ISG 142.50 1.50 355.00 119.50 3.45 -4.29 28.5
LPA 89.50 -1.00 99.00 58.00 1.73 79.06 5.0 AllcePharm♦ 43.75 -1.25 63.00 33.25 2.29 14.02 152.9 AltNetwks 494.13 -7.88 545.00 405.00 2.93 26.67 7.2
Airea 17.50 -0.25 23.00 12.25 3.43 13.52 14.0 Herencia 0.06 0.00 0.30 0.05 - -0.68 617.3 JhnsnSrv 88.75 -1.75 95.41 60.88 1.92 60.54 109.6
ThorpeFW 236.00 -0.50 250.70 130.00 1.40 23.34 1.3 Epistem 120.00 0.00 339.00 110.00 - -3.99 0.9 Peoples Op 89.00 -1.00 147.60 85.00 - -39.29 1.7
Churchll 700.00 12.50 713.50 502.00 2.30 21.72 2.1 HighldGld 57.00 5.00 59.75 26.00 7.97 -9.42 29.7 JourneyGp 178.50 10.00 187.50 120.00 1.67 14.17 5.3
Zytronic 431.50 11.50 440.00 252.00 2.39 17.74 32.4 e-Thera 27.25 -0.25 49.40 20.25 - -8.81 23.9
gamingrealm 24.50 -0.13 36.89 20.00 - -5.24 4.4 KarelianDd 0.93 0.03 1.85 0.80 - -30.83 1383.3 LonSec 2100 0.00 2400 1800 2.95 21.95 0.2 Travel & Leisure
GW Phrms 399.50 17.25 708.55 310.00 - -22.09 66.2
Financial General Mulberry 927.75 14.00 969.00 771.00 - -638.07 0.2 OracleC 2.23 0.00 3.20 0.47 - -14.26 100.0 Matchtech 496.00 -29.00 587.80 483.85 4.09 16.77 2.3 32Red PLC 116.00 -5.50 123.00 35.25 2.07 42.00 39.5
Portmern 942.50 -2.50 980.00 860.20 2.81 15.42 1.5 ShantaGold 4.63 0.00 11.45 4.00 - -9.54 52.7 HtchChMd 2762.5 105.00 2896.6 1140.15 - 159.87 2.2
Ambrian 4.88 0.00 12.05 4.50 - -1.27 346.3 NewmkSec 2.83 0.00 4.93 1.92 2.65 6.62 76.9 CastleStIn 32.50 0.63 41.25 17.00 - 5.80 108.9
TelfordHms♦ 382.50 -4.75 495.00 337.00 2.90 7.97 39.4 SierraRut 18.75 -0.50 32.00 16.06 - -16.15 126.0 ImmuPhar 29.88 -0.38 65.00 19.10 - -10.05 56.8
Arbuthnot 1530 -3.50 1650 1281 1.76 21.01 1.2 NWF 190.00 8.00 206.75 123.00 2.68 14.92 8.7 Celtic 73.50 0.50 79.00 70.75 - -17.28 0.4
WalkerGb 202.50 0.00 244.85 178.00 1.14 22.52 2.0 Sirius Min 15.25 -0.25 29.50 6.40 - -45.12 4488.9 ReNeuron 3.00 0.25 6.50 2.26 - -6.24 708.5
Aurora 11.25 2.13 11.77 8.00 - -0.81 2.2 Paysafe 356.50 12.50 378.00 326.17 - 54.53 242.2 ..6%CvPf 65.00 0.00 80.00 35.00 4.98 - 0.0
Stratex 1.40 0.00 2.50 1.00 - -2.90 443.4 Sareum 0.19 0.00 0.65 0.18 - -2.92 420.3
BP Marsh 152.50 -1.00 159.00 127.00 1.80 6.77 8.7 Industrial Engineering PennaCns 281.50 0.00 292.00 28.30 1.24 16.36 0.1 ..Cv Pf 135.00 0.00 150.00 120.00 - - 0.8
ZincOx 1.73 1.15 18.00 0.53 - -0.14 8956.2 SinclairIS 39.00 -0.75 61.33 31.50 - -14.95 29.7
BrooksMac 1950.5 33.00 1985 1320 1.49 28.63 0.3 Petards 12.25 -0.50 14.65 10.00 - 9.74 8.8 Dalata 385.00 17.50 400.00 111.15 - 207.55 2.6
600 Grp 13.88 0.63 20.00 11.35 - 10.00 0.3 Vernalis 69.88 -1.13 88.29 44.45 - -105.08 7.4
Camellia 9056 -94.00 9992 8401 1.39 307.29 0.7 Oil & Gas RedhallGp 6.63 0.00 15.50 5.00 - -1.06 25.4 Dart 570.00 9.00 576.00 267.50 0.53 9.01 20.7
Molins 77.00 1.00 96.80 66.10 7.14 -18.78 8.3
Fairpoint 132.00 -14.00 195.00 105.66 4.85 18.99 42.3
MS Intl♦ 205.00 0.00 227.50 116.00 3.90 25.01 1.6 AmeriRes 22.75 1.25 47.00 19.50 - -35.16 859.9
Real Estate Renew 389.25 4.25 401.25 237.00 1.28 22.56 29.8 GoalsSocc 164.50 0.50 242.00 127.00 1.22 11.53 4.3
Leeds 36.00 0.00 43.79 30.00 - 9.43 3.2 Conygar 172.00 -3.50 195.00 163.50 1.02 22.29 2.0 Restore 298.00 3.00 316.00 232.00 0.81 54.41 13.4 MinoanGp 7.00 0.13 13.50 6.00 - -11.09 10.0
Pres Tech 192.50 -3.50 395.00 140.00 4.36 11.67 8.2 AndesEnrg 19.50 -1.00 38.75 16.50 - -14.37 0.2
MattioliWds 642.50 -3.00 650.00 435.50 1.45 32.79 1.6 FltchKng 50.50 1.50 64.00 41.11 4.46 4.33 0.5 SafeCharge 248.00 2.00 297.00 235.01 2.15 27.02 0.3 PeelHtls 102.00 0.50 110.00 78.00 1.47 20.11 3.5
TP Group 2.75 -0.38 6.75 2.25 - -2.61 5.0 BahamasP 1.98 0.70 3.10 0.92 - -8.44 2892.6
Miton 27.00 0.25 31.00 18.50 2.22 9.38 171.0 InlandHms♦ 83.00 3.38 88.00 54.00 0.72 6.03 935.1 Servoca 27.50 -0.50 34.75 17.00 - 20.46 1.0
Numis♦ 246.00 -2.50 278.00 196.09 4.47 13.43 6.7 Industrial General
BorSthnPet 1.43 -0.02 7.18 1.25 - -2.89 232.6 Utilities
ClontarfEn 0.23 0.03 1.00 0.13 - -4.69 288.4 Lok'nStor 322.50 -20.00 374.00 235.00 2.27 42.21 7.8 Utilityws 192.00 5.75 288.25 115.00 2.34 13.19 85.2
Park Grp 76.25 -2.25 97.97 52.00 3.15 15.17 196.4 ModernWtr 7.38 -0.13 20.50 7.00 - -0.34 11.0
Powerflte 89.00 -3.00 100.98 49.00 1.19 28.65 13.0 Egdon Res 9.63 0.25 17.00 6.24 - -4.76 2.9 LXB Retail 94.50 -2.00 149.00 77.00 - - 67.1
SeaEnergy 3.50 0.00 30.40 3.04 - -0.37 7.8
RM2 38.75 -0.25 73.00 36.50 - -3.90 32.6 NewRiver♦ 343.00 -5.00 362.00 283.25 3.79 9.11 83.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 726.00 5.00 737.00 633.15 3.29 715.3 1.5 JPMGIConv♦ 90.75 0.75 106.00 89.50 6.20 95.1 -4.6 ScotAmer 260.00 5.50 276.50 230.44 4.06 246.2 5.6 VCTs 52 Week Dis(-) Marwyn Val 213.50 0.00 251.93 199.07 - - -
Price +/-Week High Low Yld NAV or Pm Edin WWd 462.38 -1.13 502.44 389.26 0.32 495.3 -6.6 JPM GEI♦ 87.63 1.38 124.67 79.00 5.59 90.3 -3.0 Scottish In 593.50 3.50 670.00 552.50 2.06 674.0 -11.9 Price +/-Week High Low Yld NAV or Pm TerraCat 106.00 0.00 110.89 90.00 - - -
3i Infra♦ 172.30 -0.30 189.56 163.40 4.51 - - EP Global 227.50 3.00 262.10 212.05 1.45 237.3 -4.1 JPM I&C Uni 348.50 0.00 370.00 342.00 - 363.7 -4.2 ScottMort 277.20 2.20 283.40 226.20 1.06 266.9 3.9 AlbionDev 69.00 0.00 70.89 66.00 7.25 73.7 -6.4
AbnAsianIn 156.50 7.50 207.75 142.50 5.24 168.2 -7.0 Estabmt 168.50 1.00 187.00 138.00 2.91 204.7 -17.7 JPM Inc&Gr 105.38 0.00 115.85 102.00 4.27 109.7 -3.9 ScottOrtll♦ 743.75 21.25 898.50 660.00 1.55 836.3 -11.1 Albion Ent 91.50 0.00 91.90 85.50 5.46 101.1 -9.5 ISDX
AbnAsian 737.75 2.75 953.50 653.77 1.36 837.7 -11.9 Euro Ast 1117.5 16.00 1160 966.10 4.72 1098.4 1.7 JPM Ind 503.50 2.50 605.50 443.00 - 567.2 -11.2 SecTstScot 128.50 0.75 148.00 120.50 4.05 138.1 -7.0 AlbionTech 74.00 0.00 78.49 72.50 6.76 75.3 -1.7
EuroInvT 717.50 2.50 849.00 667.00 1.95 777.7 -7.7 JPM JpSm 272.00 3.50 275.00 203.32 - 291.4 -6.7 Seneca I&G 144.13 0.88 150.00 134.00 3.98 146.1 -1.3 52 Week Vol
AbnJapInv 471.50 -4.00 571.00 430.00 0.55 522.9 -9.8 AlbionVCT♦ 66.50 0.00 67.90 63.00 7.52 70.0 -5.0
F&C Cp&I♦ 260.50 5.50 277.00 249.00 3.84 258.3 0.9 JPM Jap♦ 294.75 6.75 307.95 227.76 0.95 316.9 -7.0 Shires Inc 214.50 5.00 261.00 205.00 5.71 234.5 -8.5 Price +/-Week High Low Yld P/E 000s
AbnLatAmIn♦ 45.50 -0.50 73.00 43.10 9.34 50.8 -10.4 ArtemisVCT♦■ 60.00 0.00 74.00 58.11 6.67 66.4 -9.6
F&CGblSmlr 987.50 13.50 1028.92 875.00 0.98 974.8 1.3 JPM Mid 1088 1.00 1094.63 777.00 1.88 1072.9 1.4 StdLf Eqt 460.00 0.50 471.46 396.50 3.13 456.1 0.9 ArsenalFC 1567000 0.00 1600000 1430000 - 48.64 0.0
..Sub 0.05 0.00 0.61 0.10 - - - ..VCT 2 96.50 0.00 99.00 91.00 6.74 100.2 -3.7
F&CMgdG 152.00 0.50 158.00 138.00 - 151.2 0.5 JPM O'seas 1045 20.00 1159 930.00 1.44 1126.4 -7.2 StdLf Sml 375.00 9.50 384.75 271.10 1.23 375.8 -0.2 ShephdNm 1185 -10.00 1232 1000.00 2.20 24.30 3.0
AbnNewDn 150.50 3.75 205.23 136.00 2.52 171.8 -12.4 ..VCT 3 101.00 0.00 103.49 94.00 7.43 104.6 -3.4
F&CMgdI♦ 118.50 1.00 130.00 112.10 4.18 116.3 1.9 JPMRussian 315.00 8.50 391.00 259.50 4.13 365.7 -13.9 StrategicEq 221.00 1.25 241.50 175.75 0.35 210.8 4.8 Thwaites 117.50 0.00 131.00 102.00 3.80 7.08 5.0
AbnNewThai 353.00 -4.00 489.88 324.00 2.32 419.8 -15.9 ..VCT 4 94.00 0.00 95.19 88.25 3.19 97.0 -3.1
AbnSmlCo 214.50 1.75 229.00 177.00 3.03 248.6 -13.7 FidAsian 242.88 4.38 285.50 195.50 0.45 272.2 -10.8 JPMSnrSec♦ 83.00 -0.50 101.05 82.50 7.41 87.6 -5.3 Temp Bar♦ 1054 26.00 1235.01 1002 4.44 1121.4 -6.0 ..VCT 5 81.00 -0.25 82.49 72.00 4.94 86.1 -5.9
Abn UK 302.50 9.25 334.75 281.83 3.37 317.0 -4.6 FidChiSpS 142.10 3.80 179.78 105.06 0.91 167.0 -14.9 JPM Smlr 909.00 11.50 929.20 599.58 1.06 1034.6 -12.1 TempEmerg 408.90 1.90 607.78 370.00 2.02 465.0 -12.1 BSC VCT♦ 86.00 0.00 91.00 82.00 6.40 97.1 -11.4
Abf Gd Inc 206.00 1.50 212.00 162.25 3.57 221.5 -7.0 Fid Euro 173.40 2.80 187.50 155.91 1.79 180.9 -4.1 JPM US Sml 183.38 1.13 193.75 155.25 - 184.0 -0.3 TRIG 101.20 3.70 109.00 93.80 6.01 - - ..VCT2 56.00 0.00 59.00 51.98 8.04 60.7 -7.7 Guide to FT Share Service
Abf Sml 1185 -13.00 1235 1015 2.09 1262.2 -6.1 Fid Jap 86.50 3.00 88.25 70.75 - 96.4 -10.3 JupUSSmCo 584.50 9.00 704.03 569.00 - 697.0 -16.1 ThreadUKSel 166.50 0.00 180.00 156.00 2.61 189.4 -12.1 Crown Place 29.00 0.00 30.50 27.75 8.62 30.5 -4.9
AcenciADbt $ 1.45 -0.01 1.80 1.41 4.15 1.6 -9.4 Fid Spec 201.00 3.00 217.00 164.80 2.14 - - KeystoneInv♦■ 1810 40.00 1900 1720.95 2.79 1899.8 -4.7 TREurGth 649.25 15.75 661.00 509.00 1.00 693.6 -6.4 FrsightSol 104.50 0.00 106.00 95.00 5.74 109.7 -4.7
AdvDvpMk 400.50 14.50 483.00 350.00 - 450.9 -11.2 FinsG&I 586.00 8.00 609.36 522.00 2.00 583.0 0.5 Law Deb 497.63 17.63 545.50 452.50 3.15 473.0 5.2 TroyInc&G 72.25 1.50 74.71 64.43 3.18 71.5 1.0 Inc&GthVCT 99.00 2.50 104.00 88.25 18.18 106.2 -6.8
Alliance♦■ 514.00 4.00 531.50 437.00 1.93 558.1 -7.9 FstPacfic H HK$ 5.09 0.30 8.10 4.56 3.92 - - LinTrain £ 570.00 -5.00 585.00 370.00 1.13 430.4 32.4 UtilicoEmg 166.00 0.75 173.75 119.11 3.67 185.5 -10.5 KingsAYVCT 18.50 0.00 19.00 17.25 5.41 19.9 -7.0 For queries about the FT Share Service pages e-mail
AllianzTech 644.50 3.50 650.00 507.00 - 673.7 -4.3 For & Col 443.30 3.50 467.90 395.60 2.12 480.3 -7.7 Ln&StLaw 348.00 3.50 384.00 331.51 4.08 370.8 -6.1 UtilEmSubs 10.00 0.00 14.00 7.01 - - - Maven I&G 66.75 -0.50 75.00 59.50 8.84 62.6 6.6 ft.reader.enquiries@morningstar.com.
AltAstsOps 42.00 0.00 46.81 37.50 - 49.2 -14.6 Geiger 12.00 0.00 24.50 10.50 - 15.9 -24.5 Lowland 1383 27.00 1440 1231.25 2.82 1346.4 2.7 UIL Inv 107.75 -2.75 126.00 105.00 6.96 156.8 -31.3 MavenVCT2 49.25 0.00 64.00 45.00 8.12 50.3 -2.1 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 246.38 3.63 294.25 242.00 1.44 311.7 -21.0 GenEmer 455.60 11.10 575.00 391.70 - 511.4 -10.9 M&GHighInc 160.00 5.00 179.95 145.00 2.88 170.1 -5.9 ValAndInc♦ 245.00 3.00 264.75 228.50 3.67 305.6 -19.8 MavenVCT4 85.50 0.00 88.39 80.00 5.85 97.9 -12.7 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 16.50 -1.75 33.00 15.50 7.27 - - GFIS 14.00 0.00 20.89 12.00 - 39.8 -64.8 Majedie 270.88 3.38 283.00 230.75 2.77 270.3 0.2 Witan 785.00 7.00 850.00 676.78 1.99 777.2 1.0 MavenVCT5 35.50 -0.25 37.00 32.00 7.04 39.3 -9.7 100 constituent stocks are shown in bold.
AsianToRt 190.13 0.13 224.00 163.25 1.71 207.5 -8.4 GRIT 6.38 0.00 25.11 4.00 - - - Man&Lon 247.00 0.00 259.28 219.00 1.41 308.3 -19.9 WitanPac 226.75 5.00 274.75 203.03 2.01 262.8 -13.7 Nthn 2 VCT 73.00 0.00 88.00 67.25 7.53 76.8 -4.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 156.00 1.50 162.23 144.00 2.47 164.6 -5.2 GoldenPros 19.00 0.00 34.00 17.00 - 21.6 -12.0 MCGlobPort 178.63 2.13 195.00 155.00 2.30 179.1 -0.3 WorldTst♦ 252.00 1.25 285.25 231.00 1.38 294.0 -14.3 Nthn 3 VCT 95.50 0.00 104.00 86.50 5.76 100.5 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 0.00 103.00 100.00 - - - Hansa 802.50 12.50 921.00 740.50 1.99 1110.2 -27.7 MCurPac 259.00 2.75 336.00 236.73 2.90 302.2 -14.3 WwideHlth♦ 1935 4.00 2108.5 1590.25 0.65 2025.6 -4.5 NthnVent 76.00 0.00 85.36 74.00 7.89 79.6 -4.5 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 475.00 3.25 493.25 371.75 - 452.7 4.9 ..A 767.50 -2.50 930.00 747.25 - 1110.2 -30.9 MercantIT♦ 1818 24.00 1821 1410 2.37 1973.8 -7.9 ProVenGI 75.25 0.00 81.25 73.00 5.98 78.6 -4.3 with interim figures. PER is calculated using the company’s diluted earnings
Conventional - Private Equity 52 Week Dis(-)
BG Shin 442.75 6.00 446.25 303.00 - 435.1 1.8 Hend Alt 222.50 4.50 241.75 215.00 1.35 276.7 -19.6 MrchTst 437.00 19.00 500.00 401.50 5.47 457.0 -4.4 ProVenVCT 91.50 0.00 97.89 89.50 5.46 100.0 -8.5 from continuing operations. Yields are based on closing price and on dividends
Price +/-Week High Low Yld NAV or Pm
BSRT 14.50 0.00 34.00 13.00 - 39.7 -63.5 Hen Div♦ 87.63 0.63 95.50 86.50 5.82 87.0 0.7 Mid Wynd 340.50 0.00 352.50 299.68 1.13 333.1 2.2 UnicornAIM 143.50 0.00 144.79 122.00 4.18 162.1 -11.5 paid in the last financial year and updated with interim figures. Yields are
HenEuroF 1057.5 27.50 1148.5 925.91 2.31 1036.2 2.1 MitonUKMic 56.75 -0.38 57.65 50.00 - - - AbnPvtEq 88.88 0.75 96.00 82.00 2.52 126.2 -29.6
Bankers 635.50 -6.00 674.50 548.00 2.38 626.5 1.4 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 908.00 30.50 957.00 779.50 1.98 877.8 3.4 MitonWw 158.00 0.00 164.65 155.95 - 176.8 -10.6 Altamir € 11.11 0.33 11.82 9.60 4.35 17.1 -35.0 Ordinary Income Shares 52 Week HR
BrngEmEu 472.50 5.00 607.70 433.00 4.02 551.7 -14.4 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 288.00 5.75 362.00 238.25 6.42 285.1 1.0 MMP 3.13 0.00 4.25 3.00 - - - Dun Ent 321.50 -5.50 378.00 305.00 1.46 511.9 -37.2 Price +/-Week High Low Yld WO GRY 0%
BH Global 1275 -4.00 1343.6 1225 - 1350.0 -5.6 capital changes where appropriate.
HendGlob♦ 375.00 1.00 416.81 334.86 2.67 414.8 -9.6 Monks 425.50 5.90 458.90 371.50 0.93 470.0 -9.5 Electra 3704 34.00 3750 2994 1.03 3936.3 -5.9 JPM I&C 88.75 0.00 106.00 82.00 7.49 -18.3 1.0
..USD $ 12.65 0.05 13.35 12.20 - 13.3 -4.9 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 179.25 3.25 195.25 165.90 4.85 175.2 2.3 MontanSm♦ 576.00 23.00 580.00 441.00 1.30 623.8 -7.7 ElectraPrf 152.00 0.00 152.75 147.43 - 149.0 2.0 JupiterDv&G 3.50 0.00 5.40 3.00 21.14 7.1 -40.3
BH Macro 2037 10.00 2191 1990 - 2134.0 -4.5 1,000 shares.
HenInt Inc 120.00 1.25 137.69 106.92 3.71 121.3 -1.1 Mur Inc 679.50 14.50 793.58 637.04 4.60 722.4 -5.9 F&C PvtEq 239.00 3.75 244.50 214.00 4.54 292.8 -18.4 M&GHI&Gt 49.00 -3.88 65.50 45.50 - -21.1 -0.8
..EUR € 19.63 0.23 21.10 19.11 - 20.7 -5.2
Hen Opp 896.25 0.25 1059.1 778.31 1.39 963.6 -7.0 Mur Int 830.00 6.00 1070 777.18 5.42 844.2 -1.7 GraphEnt 576.50 5.50 615.94 555.00 1.73 705.8 -18.3 Rghts&Icp 4725 25.00 4950 3840 - -91.2 -3.3 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.47 0.06 21.10 19.05 - 20.5 -5.0
HenSmlr 691.00 6.50 698.00 549.74 1.66 732.4 -5.7 ..B 725.00 0.00 1144.44 627.00 - 844.2 -14.1 HVPE 912.00 12.00 912.00 803.99 - 1130.8 -19.3 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 720.50 5.00 898.92 582.73 - 774.0 -6.9 Income Shares 52 Week HR
Herald 744.00 9.00 750.00 650.12 - 878.9 -15.3 NB DDIF $ 1.09 0.00 1.21 1.00 - - - HgCapital 1099 9.00 1169 1044 2.91 1297.5 -15.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 55.00 2.00 94.14 50.69 10.93 54.9 0.2 Price +/-Week High Low Yld WO GRY 0%
HICL Infra♦ 151.30 0.30 161.40 149.90 4.86 137.7 9.9 NewCtyEgy 12.25 1.50 21.88 8.32 - 17.0 -27.9 JPM Pvt Eq $ 0.94 -0.01 1.07 0.81 - 1.3 -27.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 202.63 1.25 240.00 164.58 - 231.7 -12.5 JPM In&Gr 98.13 0.13 100.50 92.50 4.59 -79.7 9.7
Impax Env. 159.50 3.00 167.75 139.00 0.88 178.1 -10.4 NewCityHY 55.38 1.38 65.11 52.00 7.78 55.7 -0.6 JZ Capital 383.50 -8.00 480.00 381.00 - 640.9 -40.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 103.50 2.75 118.50 95.25 4.00 106.2 -2.5 M&GHghIc 49.25 -2.00 63.00 45.00 - -21.1 2.6
Ind IT 393.00 8.00 398.00 280.00 1.27 398.3 -1.3 NewIndia 314.50 14.50 371.30 263.00 - 347.6 -9.5 Mithras 146.00 0.00 151.91 126.50 0.68 168.6 -13.4 in pence.
BlckRGtEur 255.00 2.00 264.50 219.00 1.90 257.3 -0.9 Rghts&I 1285 0.00 1350 925.00 2.80 - 34.2
Intl PP 139.90 -1.60 141.80 130.00 4.50 128.3 9.0 New Star IT 72.50 0.00 78.00 65.45 - 113.4 -36.1 NB PE Ptnr $ 10.73 0.02 12.20 10.61 - - -
..Sub 10.50 0.38 25.63 8.50 - - -
InvAsTr 182.00 3.50 213.58 147.00 2.01 201.0 -9.5 NorthAmer 811.00 0.00 906.45 729.50 3.76 930.5 -12.8 Nthn Invs 562.50 -7.50 695.00 439.00 3.02 553.6 1.6 Capital Shares 52 Week HR X FT Global 500 company
BlckR I&G 186.50 1.50 193.00 171.01 3.06 189.4 -1.5
Inv Inc♦ 279.00 5.50 305.00 264.00 3.64 302.6 -7.8 NthAtSml 2238 32.00 2274.31 1785 - 2680.2 -16.5 Pantheon 1322 2.00 1395 1220 - 1644.2 -19.6 Price +/-Week High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRIncStr 135.50 -0.75 141.00 124.44 4.97 135.4 0.1
InvPerp 70.00 -1.13 79.00 68.40 7.14 69.4 0.9 Oryx Int 647.50 0.00 657.00 400.00 - 693.2 -6.6 PantheonR 1232.5 0.00 1300 1170 - 1644.1 -25.0 JPM Inc&Gr 8.25 -0.75 15.19 7.75 4.6 -1.9 2.5 ■ trading ex-capital distribution
BlckRckLat 279.75 -0.25 413.13 262.11 6.89 313.5 -10.8
IPST BalR 116.00 0.00 123.00 115.11 - 115.1 0.8 PacAsset 190.00 0.00 226.15 156.25 1.37 192.7 -1.4 PrincssPE € 7.90 0.10 8.15 6.90 6.87 9.1 -13.2 M&GHghIc 2.35 0.05 5.30 1.70 14.5 13.4 - # price at time of suspension from trading
BlckRckNrAm♦ 113.00 -0.25 124.50 101.00 3.54 126.3 -10.5
IPST Gbl Eq 158.00 -1.25 172.00 149.76 2.91 157.6 0.3 PacHorzn 173.25 3.50 223.77 142.50 0.81 194.1 -10.7 Riverstone 772.75 -31.25 1114 750.00 - 1063.7 -27.4
BlckRSmlr 1000.00 23.00 1000.00 764.50 1.45 1047.3 -4.5 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST Mngd 102.75 0.00 104.00 101.00 - 103.2 -0.4 Perp I&G 417.00 1.10 431.00 382.40 2.97 413.0 1.0 StdLfEuPv♦ 208.75 2.75 223.50 198.00 3.23 271.7 -23.2
BlckRThrmt 366.75 9.25 368.28 272.39 1.20 396.8 -7.6 Price +/-Week High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 185.00 10.00 336.91 168.25 11.35 213.7 -13.4 IPST UK Eq 173.50 1.00 174.39 153.78 3.54 170.6 1.7 PerAsset♦ 34879.5 319.50 36313.1 33000 1.61 34950. -0.2 Conventional - Property ICs 52 Week Dis(-)
Abf Gd Inc 153.75 0.00 154.40 146.25 -51.0 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 192.00 -1.20 200.00 185.00 - 201.2 -4.6 InvPpUK 393.50 5.75 395.06 316.75 4.36 411.0 -4.3 4 Price +/-Week High Low Yld NAV or Pm
EcofinWatr 155.75 0.00 156.35 152.67 -83.3 -96.2 160.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp♦ 456.90 6.90 557.08 435.50 2.30 527.2 -13.3 Invs Cap A 91.50 1.50 102.00 88.00 4.96 98.0 -6.6 PolarFins 104.75 2.75 112.84 94.00 2.96 111.5 -6.1 Direct Property JPM I&C 175.63 0.13 176.50 170.41 -22.4 - 192.1 or use of the information.
Brunner 525.25 4.25 584.12 506.10 2.28 609.2 -13.8 Invs Cap B 92.00 2.00 103.00 88.00 3.73 98.0 -6.1 ..Sub 4.75 0.00 9.50 3.75 - - -
AXA Propty 54.13 0.63 55.50 41.57 - - - JupiterDv&G 114.75 0.00 116.50 109.00 -6.6 - 131.2
Calednia♦ 2380 34.00 2517.66 2110 2.13 2817.2 -15.5 Invs CapU 363.50 1.00 404.95 349.00 1.88 392.4 -7.4 PolarHealth 171.88 1.88 187.50 163.00 2.09 181.9 -5.5 The FT Share Service is a paid-for-print listing service and may not be fully
CustdnREIT♦ 106.75 -0.75 110.50 104.00 5.15 - - JZ Capital 364.00 0.00 365.00 353.00 - - 369.8
CanGen C$ 18.25 0.00 22.00 17.08 3.00 24.8 -26.4 JLaingInf 117.30 -0.10 128.60 113.99 5.65 105.7 11.0 PolarTech 630.00 4.00 647.00 487.40 - 628.6 0.2 representative of all LSE-listed companies. This service is available to all listed
F&CComPrp♦ 134.30 1.60 149.00 129.50 4.47 132.3 1.5 M&GHghIc 117.00 0.00 117.50 112.25 -24.3 -98.8 122.8
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26
Europe Leaders and laggards of the year
Eon, Germany’s biggest utility by market
value, will break itself up in 2016 in a
radical response to the shift to
renewables in its home country.
The move is a powerful illustration of
the pressures faced by conventional
power generators as the expansion of
clean energy sources brings down the
wholesale power price.
Germany’s green makeover was not the
only bad news for Eon in 2015. Low oil
prices squeezed earnings from its North
Sea assets.
Meanwhile, the fall in the price of coal
further reduced the wholesale power
price in Germany, where the fuel accounts
for 18 per cent of electricity generation.
Prices for next year power delivery sank
to a 12-year low in September.
Eon has pinned its hopes on a
transformation of corporate structure.
From 2016, a new company, Uniper, will
own Eon’s fossil fuel power generation
and energy trading business. Eon will
focus on renewable energy, distribution
and customer services.
Earlier this month, RWE paid Eon the
compliment of unveiling its own plan to
separate renewables from fossil fuels.
The radical plans at both companies
show how the rise of clean energy and
new technology such as smart meters is
reshaping the business of energy supply.
But analysts doubt whether traditional
utilities possess the skills and agility to
take advantage of these changes.
Still, there are some grounds for
optimism. Eon generates 18 per cent of
earnings before interest, tax, depreciation
and amortisation from renewables,
compared with just 8 per cent at RWE.
Eon’s offshore wind business added two
significant new projects in the UK and
Germany, making it the world’s second
biggest offshore wind power generator
by installed capacity after Dong Energy.
In October, it agreed to sell its Norwegian
North Sea oil and gas assets, reducing
exposure to the oil price. Jeevan Vasagar
This year has been one of the toughest in
recent history for any company involved
in oil or gas, as the price of crude has
fallen to below $40, down from $115 last
summer.
The effect of that slide has been
particularly felt by companies involved in
drilling, with new exploration being one
of the first things to be cut by producers.
Seadrill, the deepwater-rig company
set up by the shipping magnate John
Fredriksen, has been particularly heavily
hit, losing $1.9bn before tax in the third
quarter of this year, after writing off
$1.8bn in investments and other non-cash
Airbus investors hope soaring success will continue
Tom Enders, chief executive of Airbus,
can bid farewell to 2015 with a smile on
his face. Despite last-minute setbacks in
the group’s ambition to deliver 15 of its
new A350 wide bodies before January,
it has been a satisfying year for the
European aircraft manufacturer.
In what Nick Cunningham of Agency
Partners calls a “decisive break with
historical trend”, Airbus has taken a
clear lead over its rival Boeing in aircraft
orders.
The US aerospace and defence group
has been losing market share in the
high volume market for short-haul
narrow-body jets, with Airbus’s
A320neo outselling the Boeing 737 Max
by between 2 to 1 and 3 to 1 over the
past two years. Boeing still leads on
deliveries, but longer term there is a
frisson of expectation in the air that it
will be forced into an early launch of a
items. At the same time, rig rates have
fallen below $300,000 a day — half the
level of two years ago — and the backlog
of orders has fallen from $14bn to $12bn.
The company has suffered in part
because its business model was geared to
a rising market, say analysts. For example
the company used to build rigs and then
look for customers to buy them, though it
now says it will only build new rigs once
they have contracts.
It is also highly indebted — net debt at
the third quarter stood at $10.1bn, just
over four times what analysts expect it to
make in earnings before interest,
depreciation and amortisation this year.
The company’s shares in Oslo are now
trading at NKr37, nearly 60 per cent lower
than where they started the year.
The company said: “2015 was a tough
year for the industry as a whole. Seadrill
has one of the youngest, most modern
★ Monday 28 December 2015
Jasper Juinen/Bloomberg
new middle of the market aircraft to
reverse the trend.
This might be good news for aviation
enthusiasts but it will put pressure on
both companies, which already face a
sizeable challenge in ramping up their
production of the record number of
aircraft already on order.
Next year will be the test of Airbus’s
ability to meet this challenge.
Production of the A350 will have to
quadruple and already the supply chain
is struggling, as evidenced by Zodiac
Aerospace’s inability to deliver the
cabin for the 15th aircraft, which was
due to have been completed this year.
Nevertheless investors can raise a
glass to a successful 2015, with Airbus
shares outperforming most
international indices over the past year.
They should enjoy the ride while it lasts.
Peggy Hollinger
fleets with excellent operational
performance.” Kiran Stacey
PSA Peugeot Citroën’s recovery this year
was described by one respected analyst
as being “like the legend of the phoenix”
as the French automaker came back to
life after years on the brink of collapse.
Shares in Europe’s second-largest
carmaker by sales rose 60 per cent under
the leadership of chief executive Carlos
Tavares, who squeezed suppliers, cut the
number of models and raised prices.
The company was helped by the
rebound in the European market after six
years of decline, but also by improved
sales in China, its largest market by sales.
Mr Tavares took over the company
following a €3bn rescue package agreed
last year that involved the French
government and Chinese carmaker
Dongfeng both taking 15 per cent stakes.
The company was hit hard in previous
years when the bottom fell out of the
European automotive market, racking up
€7.2bn in losses in 2012 and 2013.
“People were fed up for working like
hell for red ink,” Mr Tavares told the FT.
“They were willing to listen to me, and
they were surprised what they could do.”
It reported a net profit of €571m in the
six months to June 30, compared with a
loss of €114m in the same period last year.
Max Warburton, an analyst at
Bernstein, likened PSA’s efforts to
“splitting the atom, walking on the moon
and mapping the human genome”. He
also compared the company to the
“legend of the phoenix”.
Next year is likely to be harder for Mr
Tavares, however, with analysts saying
much of the low hanging fruit in terms
of cost-cutting has now gone. The
slowing market in China could also be a
problem. Mr Tavares has said that if
February full-year results showed the
turnround strategy has worked, it would
then be free to explore tie-ups with other
carmakers. Michael Stothard
A combination of collapsing prices,
oversupply and stuttering global demand
made 2015 a trying year for steelmakers.
No less so for ArcelorMittal, the biggest
producer of the metal by tonnage.
Shares in the Luxembourg-based
group lost 60 per cent following cuts to
its earnings guidance.
A wave of cheap shipments exiting
China, following the country’s weakest
growth in years, has contributed to
deteriorating conditions in Arcelor’s key
markets of Europe and the US.
At the same time, the economic malaise
spreading over emerging markets has hit
sales and profitability at operations in
Brazil and South Africa.
Steel associations around the world
blame the downturn on dumping by
lossmaking Chinese mills propped up by
government cash. Experts say excess
capacity globally is the root cause.
ArcelorMittal is cutting costs with a
view to improve earnings before interest,
taxes, depreciation and amortisation by
$1bn next year.
This includes plans to shut down
processing facilities in North America,
following the conclusion of labour
negotiations. Investors will be hoping the
measures are enough to overturn a
dividend suspension.
With global steel demand forecast to
grow only slightly next year, trade cases
in the EU and US could offer some relief.
City analysts expect full-year ebitda of
$5.26bn. Michael Pooler
ECONOMICS IN DEVELOPED COUNTRIES
Recovery in main economies varies widely
In the absence of significant economic
data releases over the holiday period we
are looking at developments over the
past year and the economic questions
that will preoccupy markets in 2016. This
week the focus is on the developed
economies.
The leading developed economies enter
2016 at widely differing stages of
economic recovery. In the US, the
Federal Reserve felt confident enough
this month to raise interest rates after
seven years at ultra-low levels. In the
eurozone, however, the European
Central Bank announced a further
extension to their programme of
quantitative easing, which will now
continue into 2017. This divergence
between the central banks should see
the dollar remain strong, with
implications for inflation and trade flows.
In the US, markets will look for clues
about the timing of the next rate rise
and the planned pace of tightening.
Political uncertainty will be added to the
mix during a presidential election year.
The case for higher US interest rates
was by no mean unequivocal. Strong
employment growth and core CPI
inflation close to the 2 per cent target
argued for a rise, but wage pressures are
far from rampant, and the dollar’s
strength should bear down on inflation.
It also remains to be seen whether the
Eurozone inflation
Annual % change
3 4
2
1
0 deflator
-1
2011 12 13 14 15
Source: Thomson Reuters Datastream
momentum of the recovery is strong
enough to absorb higher interest rates.
The manufacturing purchasing
managers’ index from the Institute for
Supply Management entered
contraction territory in November for
the first time in three years.
While US gross domestic product is
almost 10 per cent higher than the pre-
crisis peak, in the eurozone that peak
has not yet been surpassed after eight
years. Market reaction to the ECB’s
extension of QE was somewhat muted
and further policy action is likely to be
needed to stimulate growth.
Spain is forecast to be the best
performing of the larger eurozone
economies next year, with consensus
forecasts pointing to growth of 2.7 per
cent, after 3.2 per cent in 2015. Germany,
France and Italy, the three largest
economies, are not forecast to achieve
growth of 2 per cent in 2016.
Eurozone inflation releases will again
be closely watched, with the headline
measure in or around deflationary
territory throughout 2015.
The Japanese economy — still the
fourth largest at purchasing power
parity — will again struggle to cope with
chronic problems of demand deficiency.
Japan avoided a technical recession in
the third quarter of the year, although
poor growth performance is partly due
to demographic factors. Keith Fray
US inflation
Annual % change
CPI
3
2
1
Core personal
consumption
0
-1
2011 12 13 14 15