TUESDAY 10 FEBRUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Humour failure What’s Yahoo’s thing? Gideon Rachman

James Crabtree on India’s The internet giant searches for China’s paranoid fears of a
stand-up scandal — NOTEBOOK, PAGE 10 an identity — BIG READ, PAGE 9 colour revolution — PAGE 11

HSBC at risk Obama raises prospect of arms for

Ukraine if Berlin-led diplomacy fails
Briefing
i German scorn meets Greek defiance

of legal action German finance minister Wolfgang Schäuble

heaped scorn on Sunday’s defiant pledge from
Greece’s new premier Alexis Tsipras to end his
country’s hated bailout at the end of the month. —
PAGES 2 & 6; BILL EMMOTT, PAGE 11; MARKETS, PAGES 28-29

over Swiss tax i US attack on Osborne’s ‘Google tax’

US multinationals have hit out at George Osborne’s
so-called Google tax on “diverted profits” as experts
claim the measure, set to come into force in April,

dodge claims
is choking inward investment. — PAGE 4

i Alibaba spends $590m in mobile push

Alibaba has invested $590m in a little-
known smartphone maker as the
ecommerce group seeks to push its
operating system on to mobiles. —
UK and US consider scope for cases as PAGE 19

bank admits possible evasion by clients i Nigerian markets reel from poll delay
Nigeria’s currency hit a record low against the dollar
MARTIN ARNOLD AND under US sanctions, such as Iran, and and stocks fell further as investors reacted to the
GEORGE PARKER — LONDON
GINA CHON — WASHINGTON
Latin American drugs cartels. The tax postponement of presidential polls, with analysts
disclosures might prompt officials to saying market sentiment would suffer. — PAGE 8
HSBC faces the possibility of fresh legal reopen the DPA and possibly scrap it.
action in the UK and US after the bank UK government insiders said no deci- i Robot sales on the rise
was hit by detailed allegations that it sion to launch a criminal investigation Worldwide sales of industrial robots rose 23 per
colluded in tax-dodging by clients of its had been taken. Any such move would cent last year and are on course to double by 2018,
Swiss operation. be complicated by the fact that HSBC’s driving radical change in manufacturing sectors,
Europe’s biggest bank by assets could Swiss subsidiary was subject to Swiss according to a US consulting group. — PAGE 18
face criminal investigation in Britain jurisdiction. HSBC declined to comment
after it was forced to admit that its Swiss on potential UK action beyond repeat- i Key questions on post-EU prosperity
private bank may have held accounts ing its assurance that it would work with The single market, the EU budget
for tax-evading customers. Details of all relevant authorities. and immigration would determine
more than 100,000 of its clients had The bank rejected any suggestion that how the UK fared if it opted to exit,
been leaked to news organisations. the US DPA could be reopened. “The as studies of membership swing
David Gauke, the Treasury minister DPA is a signed agreement that can only from showing an £85bn a year cost
responsible for tax matters, said the be ‘scrapped’ if HSBC breached it,” the to a £100bn benefit. — PAGE 3
data were handed to HM Revenue & bank said. “Conduct from 2005 to 2006 President Barack Obama and Chancellor Angela Merkel at the White House — Gary Cameron/Reuters
Customs in 2010 by the French authori- or indeed any conduct before December i More petrol price falls unlikely, says AA
ties “under very strict conditions” pre- 2012 cannot be a breach of the DPA.” Motoring organisations say fuel prices are unlikely
venting the Revenue from sharing the This week’s revelations included MEGAN MURPHY — WASHINGTON costs” of Russia’s military inter- They will meet Mr Putin and to fall further and might rise, despite predictions
MARK ODELL — LONDON
data with other law enforcement agen- claims that HSBC’s Swiss unit handed CHRISTIAN OLIVER — BRUSSELS
vention. The US president said Petro Poroshenko, Ukraine’s that petrol could dip to below £1 a litre. — PAGE 4
cies. That stipulation had now changed. large untraceable bricks of cash in he had asked his advisers to president, in Minsk tomorrow.
“Under these restrictions, HMRC has foreign currencies to clients, and The US is weighing up arming look at “all options” to “change Mr Obama is coming under Datawatch
not been able to seek prosecution for colluded with them to conceal “black” Ukraine in its war against Rus- [president] Putin’s calculus” if increasing pressure from senior
other potential offences, such as money accounts from tax authorities, provok- sia-backed separatist rebels if diplomacy failed. “The possi- Republicans and some mem-
laundering,” Mr Gauke told MPs. “How- ing a political storm in several countries. diplomatic efforts to resolve bility of lethal defensive weap- bers of his administration to Central bank easing The announcement
ever, the French authorities have today HSBC is one of about a dozen banks the conflict fail, but no deci- ons is one of those options that arm Kiev even as the diplo- Cuts to key interest rates in 2015 of the ECB’s
confirmed that they will provide all being investigated by the DoJ as part of a sion has yet been taken, Presi- is being examined,” he said. matic attempts continue. (basis points) quantitative easing
0 50 100
assistance necessary to allow HMRC to broad probe into banks in Switzerland dent Barack Obama has said. The German and US leaders He said that the supply of any programme stole the
Uzbekistan (Jan 1)
Romania (Jan 7/Feb 4) headlines last
exploit the data to its fullest.” that allegedly helped their clients avoid insisted there was no military weapons would be limited to India (Jan 15) month, but lower
Meanwhile, the US Department of US taxes. Credit Suisse pleaded guilty in He admitted possible “tactical solution to the Ukrainian con- allowing Ukraine to defend Egypt (Jan 15) growth and inflation
Justice could re-examine a deal that the case last year and paid a $2.6bn fine. disagreements” between the flict. Ms Merkel is adamantly itself against the separatists Peru (Jan 16)
Turkey (Jan 20) prospects have led
shields HSBC from prosecution for But HSBC could be in more trouble US and Europe over the crisis in opposed to arming Ukraine and and was “not based on the idea Canada (Jan 21) to interest rate cuts
earlier infractions over money-launder- because of its multiple run-ins with the eastern Ukraine at a joint press is putting huge efforts into that Ukraine could defeat a Pakistan (Jan 24) by many of the
Albania (Jan 28)
ing allegations. US authorities. conference at the White House reaching a deal with Mr Putin. Russian army that is deter- Russia (Jan 30) 200 world’s central
In 2012, HSBC agreed to pay $1.9bn Editorial Comment page 10 with German Chancellor Her visit to Washington came mined”. He added there was no Australia (Feb 3) banks in the first
Denmark (Jan 1 - Feb 5)
and entered into a deferred prosecution Philip Augar page 11 Angela Merkel. But he insisted after she and French president “red line” that would automati- part of
agreement, or DPA, over money-laun- HSBC revelations page 16 that the allies were united on François Hollande held talks in cally trigger weapons supplies Source: Thomson Reuters this year
dering allegations related to countries Lombard page 20 the need to “ratchet up the Kiev and Moscow last week. Breaking point page 5

Alarm raised over threat to NHS from

soaring medical negligence payouts
SARAH NEVILLE AND ALISTAIR GRAY Hospitals that cannot prove they have sensitive issue but added: “It’s perfectly
been open about a mistake that leads to reasonable to raise the flag and say, ‘We
The soaring bill from medical negli-
a clinical negligence claim could be need to sit down and think about this’.
gence damages has become a threat to
asked to reimburse up to £10,000 to the You can’t just put your head in the
the National Health Service and there
authority for each case. sand.”
is a question as to whether patients
Claims of foreign investor should lose their right to sue, a senior
In an FT interview, Michael Wade, a Asked if he was suggesting legislation
links to Petrobras scandal former Lloyd’s of London insurance should be introduced to bar people from
business figure in Whitehall has said.
executive given a government mandate suing public bodies such as the NHS or
The corruption scandal threatening to The NHS Litigation Authority, which to investigate public sector insurance local authorities, Mr Wade said: “It’s a
bankrupt Petrobras, the Brazilian oil provides indemnity cover for legal schemes, said of the figure for NHS question. I specifically don’t put it as a
group, has been linked to international claims against the health service, has set liabilities: “The threat is, how on earth is suggestion. It’s actually a policy issue,
investors for the first time. A former aside £26.1bn to cover outstanding that affordable?” therefore, for ministers.”
director of a company building drilling liabilities, equivalent to almost a quar- As well as raising concerns about the He added: “I’m not saying there
rigs for Petrobras claimed in police ter of the £113bn annual health budget, scale of medical malpractice claims, the shouldn’t be a duty of care, because of
testimony that two Singaporean and £1.6bn was paid out last year. review led by Mr Wade also found that course there should be, but at what
shipbuilding companies and three The number of claims rose almost local authorities were paying over the point do we say, ‘No, I’m sorry, the statu-
Brazilian companies with Japanese 18 per cent in the year from March 2013. odds for insurance cover. tory law says you can’t sue’?”
minority shareholders were among Jeremy Hunt, the health secretary, will Claims of clinical negligence involving Mr Wade also questioned whether the
five shipbuilders that took part in a tomorrow announce financial sanctions childbirth represent the highest value current situation, in which councils buy
bribes-for-contracts scheme. for hospitals that fail to be honest about claims for compensation, according to coverage directly from insurance com-
Report i PAGE 18 clinical mistakes, a sign of growing the litigation authority. panies, spending a total £450m a year, is
concern about compensation costs. Mr Wade recognised that it was a securing the best value for money.

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2 ★★★ FINANCIAL TIMES Tuesday 10 February 2015

NATIONAL

Eurozone Politics

Cameron revisits plans to tackle Greek exit Labour backer

Rosenfeld
Downing Street talks aim strong leader capable of steering the
economy through dangerous waters.
Mr Cameron’s spokesman said the
talks built on “quite an extensive degree
deterioration in market confidence
could also lead to sharp declines in the
recapitalisations and the stronger finan-
cial positions of states such as Ireland
dies after
to face possible default
or eurozone departure
Sir Nicholas Macpherson, the Treas-
ury’s most senior civil servant, was
of contingency planning during 2012
when there were pressures in the euro-
prices of risky assets and lead to losses
on banks’ trading books”.
and Spain.
The Downing Street meeting came
short illness
among those who briefed Mr Cameron zone involving Greece in particular”. The planning session followed a week three days before Mr Cameron travels to
KIRAN STACEY, GEORGE PARKER on contingency plans, along with a mid- “Given the fact that we have a new of meetings between Yanis Varoufakis Brussels for a European summit with
AND CHRIS GILES ranking official from the Bank of Eng- and his counterparts across Europe, fellow heads of government, at which JIM PICKARD AND CLAER BARRETT
land and civil servants from the Foreign during which the new Greek finance he will meet the new Greek leftist prime
David Cameron has called together sen- Office and the business department.
‘There are global economic minister failed to secure support for a minister, Alexis Tsipras, for the first
Andrew Rosenfeld, the property
tycoon and big donor to the Labour
ior officials to prepare contingency The direct exposure of British banks interdependencies and restructuring of Greek debts. time.
party, has died at the age of 52 after a
plans in case Greece leaves the euro- to Greece is limited, although it has been Asked what the risk of a Greek euro- If the Greek government were to
zone, amid concern at the ever harder increasing since 2012. Last year the total
London is a major global zone exit was to the City of London, a refuse to honour all of its international
short illness, depriving the party of one
of its key backers.
line being taken by the new Syriza exposure stood at $13.5bn, only slightly financial centre’ Number 10 spokesman said: “It is some- debts, including the £18bn it owes to the
government. behind the exposure of German banks, thing we need to be vigilant about. International Monetary Fund, the Brit- Rosenfeld had given nearly £1m and
The Downing Street talks looked at according to figures from the Bank for Greek government and discussions later There are global economic interdepend- ish taxpayer would potentially be liable had intended to donate a further
the knock-on effects of a “Grexit” for the International Settlements. this week between European leaders, encies and London is obviously a major for under £1bn, given the UK’s 4.5 per £500,000 in the run-up to the general
British economy, including implications Last month, Mark Carney, the BoE now is the right time to be going over global financial centre.” cent shareholding at the IMF. election in May, according to allies.
for the City and the possibility of UK governor, told MPs that British banks those contingency plans again.” The spokesman also stressed, how- Loans from the fund are senior to The news emerged in an announce-
tourists being stranded abroad if cash- had a “very small direct exposure to The BoE has been contemplating the ever, that the situation was less worry- other borrowing and there is very little ment by TPO, the mobile phone com-
points ran dry. Greece”. But that discussion focused pri- question for some time. It noted in its ing than in 2012. history of default to the IMF. pany that he floated on Aim, London’s
The meeting yesterday also served a marily on the indirect risk posed by a most recent financial stability review He said the risk of contagion was Merkel signals tough line page 6 junior market, last year.
political purpose for Mr Cameron, who Grexit to economic stability in the euro- that weakness in the eurozone would more limited than before, pointing to Mistakes of Little Britain page 11 The company said: “The thoughts of
wants to give the impression that he is a zone, the UK’s biggest trading partner. soon hit the UK economy and that “any reformed financial regulations, bank Lombard page 20 everybody involved with the company
are with his family at this sad time.”
Family members said they were “dev-
astated” about his death on Sunday:
Campaign. Conservative coffers “Andrew was a devoted and loving hus-
band, father and friend.”
Rosenfeld had set up property group

Donors head for the ball to top up Tory war chest Minerva with Sir David Garrard,
another millionaire donor to Labour.
He made an estimated £100m for-
tune in the London property market
before quitting the UK — just before the
lights of the Conservatives’ social calen- real estate crash — to live in Switzerland
Guests pay up to £15,000 dar for decades. But David Cameron, the for five years as a tax exile.
for a table as party seeks prime minister, has been at pains to His first incursion into politics was as
make these glitzy events less conspicu- a Conservative supporter, having given
at least £26m to fight poll ous as part of a push to improve the Tory £10,000 to the leadership campaign of
image. The dress code was switched Ken Clarke.
ELIZABETH RIGBY from black tie to lounge suit, cham- Under Tony Blair’s premiership he
— DEPUTY POLITICAL EDITOR
pagne was replaced by Chablis and the switched his support to Labour but got
More than 1,000 leading City figures, ‘If the right ball rebranded as a party.
business chiefs and entrepreneurs gath- Guests are no longer served cham-
ered in London’s Grosvenor House hotel people are pagne but the fundraising auction can Andrew Rosenfeld
had intended to
on Park Lane last night for the Conserv- there these still raise eyebrows, as large sums of donate a further
ative party’s final big fundraising event lots will go money are paid for access to the prime £500,000 to the
ahead of the general election. minister and for party memorabilia. Labour party,
Party chiefs were hoping to raise up to for a great “I’ve put my hand in for a few thou- according to allies
£3m for the campaign war chest at the deal of sand pounds before, but if the right peo-
Black and White Ball. Wealthy donors money. ple are there these lots will go for a great caught up in the “cash for honours”
paid from £500 a ticket to £15,000 a deal of money. These are highly wealthy scandal of 2005 when he loaned the
table to mingle with cabinet ministers These are people,” Mr Stringfellow said, recalling party £1m. No charges were ever
and listen to the prime minister speak. highly the time when a bronze bust of Mr brought.
Prominent backers have been asked wealthy Cameron sold to a party donor for When Ed Miliband became leader he
to “double up” on past contributions as £90,000. renewed his relationship with the party,
the Tories seek at least £26m to fund
people’ The Conservatives were caught in a promising to donate a substantial sum
their campaign, according to one big media storm after last summer’s gala in the run-up to the general election.
donor, who told the Financial Times the party when it emerged that the banker According to allies of the tycoon, he
leadership was looking to pull in £2m a wife of a former Russian deputy finance had been planning to give £1.5m to
month in the final six months leading up minister had paid £160,000 to play dou- Labour over the current parliament.
to the May poll. bles tennis with Mr Cameron and Boris The latest data from the Electoral
Peter Stringfellow, the nightclub Johnson, the London mayor. Commission show he had donated just
owner, is a regular at the party, although Another bidder paid £45,000 for a under £1m.
this year he and his wife planned to bottle of champagne signed by Baroness In recent years he had been close to
leave before the dancing at 11pm to Thatcher, while a pot of honey made by the party leadership, hosting a 50th
make sure they were home to attend to Jeremy Hunt and foreign minister Hugo Swire’s bees went birthday party for Lord Wood, one of Mr
their 18-month-old daughter. his wife Lucia for £15,000. Miliband’s closest aides.
“I enjoy being there. The people who arrive, right, for Those who pay £15,000 a table could Rosenfeld had a role organising
go are all respectable and influential last night’s expect to be joined by a cabinet minis- regional business supporters for Labour
business people and they are the kind of fundraising ball ter, while middle-ranking ministers as its “chair of nations and regions”, and
people I like to be associated with. They at the Grosvenor were sitting on the £10,000 tables with last year married Juliet Soskice, an old
are the wealth creators,” he said. House hotel on whips, junior ministers and backbench- friend of Mr Miliband.
Leading City financiers and top Park Lane. Peter ers on the £5,000 tables, said one party The Labour leader said: “I am deeply
donors such as Andrew Law of Cax- Stringfellow, figure. saddened by the sudden death of my
ton Associates, Sir Michael below, is a Individuals can spend from £500 to friend, Andrew Rosenfeld. My thoughts
Hintze of CQS hedge fund and party regular £1,500 for a ticket: one guest said he are with Juliet and his family.”
party co-treasurers Michael Danny E Martindale/ would typically pay about £1,000 for a Rosenfeld had been a prodigious fun-
Getty Images
Farmer, the metals trader, and middling spot. “I don’t want to be stuck draiser for the NSPCC children’s charity,
James Lupton, the chairman of out in Alaska,” he said. bringing in £268m over 10 years as
Greenhill Europe, were The Conservative party likes to keep chairman of its Full Stop campaign.
expected to host tables. the event below the radar: there is no David Cameron, prime minister, pre-
Those individuals are mention of the event on the party web- viously claimed Rosenfeld’s influential
among eight leading City site and the guest list is kept under role made a mockery of Mr Miliband’s
backers who have wraps. campaigns in support of “responsible
donated £12.2m to the There were no plans for name cards capitalism” and against offshore tax
party in this parliament, on the tables. avoidance. Before his spell in Switzer-
according to research by Jonathan Ashworth, the shadow cabi- land, Rosenfeld was criticised during
the FT. net office minister, attacked last night’s the collapse of retailer Allders for refus-
The summer event, saying it provided further evi- ing to take responsibility for the 3,500
party and winter dence that the Conservatives “stand up members of its pension scheme despite
ball have been high- for the privileged few”. partly owning the company.

Hinchingbrooke Public accounts committee

A private bank unlike
any other. Privately run NHS hospital Hodge accuses civil servants
seeks £10m taxpayer bailout of threats to muzzle watchdog
GILL PLIMMER said: “If it were a private company, they SARAH NEVILLE Government had shared comments
— PUBLIC POLICY EDITOR
would let it go bust but, given they can’t, from senior civil servants about her
30 global locations • www.efginternational.com The first NHS hospital to be managed
taxpayers will have to foot the bill for A Commons spending watchdog was committee, with one accusing the PAC
by a private company has asked for a
keeping the hospital running. Circle has threatened with break-up if it did and the National Audit Office of being
government bailout of nearly £10m,
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) effectively limited its losses to £5m but not moderate its treatment of civil “modelled on the red guards” and
FINANCIAL TIMES newspaper in any manner is not permitted without just six weeks before it is handed back
it is the NHS that will now have to pick servants, according to Margaret another asking: “Should the PAC be bro-
Number One Southwark Bridge, the publisher’s prior consent. to the public sector.
London SE1 9HL ‘Financial Times’ and ‘FT’ are registered trade marks up the pieces and decide what to do.” Hodge, its head. ken up?”
of The Financial Times Limited. The request comes a month after stock Circle’s withdrawal comes at a critical “Basically, the explicit threat relayed
Published by: The Financial Times Limited, The Financial Times adheres to a self-regulation market-listed Circle Healthcare said it time for the NHS, with private sector In a speech marking almost five years at to me was that if we did not change how
Number One Southwark Bridge, regime under the FT Editorial Code of Practice:
London SE1 9 HL, United Kingdom. www.ft.com/editorialcode
was abandoning its deal to run Hinch- involvement set to be a key issue in the helm of the public accounts commit- we held civil servants to account, we
Tel: 020 7873 3000; Fax: 020 7407 5700 ingbrooke hospital in Cambridgeshire. May’s general election. Although the tee, Ms Hodge attacked an unaccounta- would be closed down. ‘Shut up or we’ll
Editor: Lionel Barber Reprints Circle is expected to hand over opera- move has been seen as a blow to hospital ble Whitehall “freemasonry” and said shut you down’,” she said.
Are available of any FT article with your company tions to the NHS on March 31 but will outsourcing, the private sector is confi- the “sad truth” was that in a battle The attitude demonstrated a funda-
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articles are also available. according to Hinchingbrooke Health that companies including Capita would likely to win”. us’ was what they were saying. It felt like
Advertising: For both services phone 020 7873 4816, or
Tel: 020 7873 4000; ukads@ft.com alternatively, email syndication@ft.com
Care Trust’s latest finance report, first help GPs and hospitals buy £5bn worth Ms Hodge’s tenure has been marked we were up against something akin to a
Letters to the editor: reported in the Health Service Journal. of services by 2016 — the first time a by criticism of civil service management freemasonry.”
Fax: 020 7873 5938; letters.editor@ft.com FT Cityline The company will not be liable under competitive market has been intro- of big projects. She has also shone a light She suggested the principle — where
Executive appointments: For real time share prices call 0905 817 1690 or go to
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the terms of its contract, which places a duced in procurement. on big companies, such as Google, civil servants were accountable to min-
cost 75p/min. £5m cap on its losses, a figure that has Circle had been running the 365-bed whose tax affairs her committee has isters who in turn were accountable to
Printed by: already been reached. Hinchingbrooke hospital since 2012 but announced on exposed. When Sir Gus (now Lord) parliament — that had worked when
St Clements Press (1988) Ltd, London, Newsprinters Newspapers support recycling has applied to the NHS Trust Develop- January 9 that it was in talks to ensure O’Donnell stepped down as cabinet sec- there were just 28 civil servants in the
(Knowsley) Limited, Merseyside and Smurfit Kappa The recycled paper content of UK newspapers in
News Press Ld, Kells, Ireland 2013 was 83.5% ment Authority for £9.6m and expects an “orderly withdrawal” from its con- retary at the start of 2012, he had writ- Home Office was no longer sustainable
to borrow in the meantime. tract, citing increases in accident and ten to her to complain about her treat- in an era where 26,000 were employed
©Copyright The Financial Times Limited 2015. All Michelle Tempest, a consultant at emergency attendances and 10 per cent ment of officials, she recalled. in that department and the public
rights reserved. Reproduction of the contents of this
Candesic, the healthcare consultancy, cuts in funding per patient. Later a researcher at the Institute for demanded transparency.
Tuesday 10 February 2015 ★ FINANCIAL TIMES 3

IF BRITAIN GOES

Brexit sums hang on guesswork and partiality

The second part of an FT series looks at the divergent conclusions reached by economists gauging the impact on the growth outlook
CHRIS GILES AND
The shipping forecast nies, as the restrictive UK planning sys-
FERDINANDO GIUGLIANO
tem demonstrates.
Depending on whom you believe, an How the referendum could hit UK growth
exit from the EU could give a big boost Budget contribution
Deviation from central ING forecast for UK GDP (% points)
to Britain’s economy or trigger a sharp If the UK opts to leave, the government
drop in output. 1.5 would be able to save at least some of the
The costs or benefits of EU member- UK votes to financial contribution it makes to the
ship ultimately hinge on economics 1.0 EU budget. Britain is likely to pay £11bn
remain part of EU
but studies done so far fail to give clear Assumed to the EU in 2014-15 and the cumulative
0.5 referendum date
answers. The reason is that any referen- figure until the end of the next parlia-
dum on membership will be held before ment is £63.9bn, according to the Office
the terms of exit have been negotiated 0 for Budget Responsibility.
and the details matter. If it maintained EU trade tariff levels,
The estimates range from a 2010 -0.5 Britain could claim the custom and agri-
study by the eurosceptic UK Independ- cultural duties it transfers to Brussels
ence party saying the Brussels club costs -1.0 and which the OBR says amount to £3bn
5 per cent of national income a year, or UK votes to leave EU this year and £19.9bn by 2019-20. But
£85bn, to a business department figure -1.5 the UK could lose out on payments to
claiming annual net benefits of 6 per 2015 16 17 18 19 20 farmers and companies via schemes
cent of gross domestic product, or about UK trade such as the European Agricultural Fund
£100bn. There have been more extreme Share of trade in goods and services, 2013 (%) for Rural Development and the social
estimates but these are generally seen as 100 and regional development funds. The
based on flawed assumptions. OBR forecasts these will total £4.9bn
If the UK does vote to leave, the econ- EU 80 this fiscal year and £29.5bn during the
omy would almost certainly not suffer EFTA next five years. In total therefore, the
immediately; during negotiation there Other Europe
60 UK could save up to £9.1bn this year and
would be more questions. But in the Americas £54bn until 2019-20, but that depends
longer term, all bets are off. Asia on the deal it negotiates on leaving.
Scotland’s independence referendum Africa 40 Between 2009 and 2014, Norway con-
provides a useful guide. As the vote Oceania tributed almost £1.8bn to the EU budget
came closer, it became clearer national- 20 in return for access to the single market.
ists wanted to keep everything almost as
it was in the UK — the monarchy, open Immigration
0
borders, EU membership, the currency, Freedom of movement is one of the four
banking supervision and regulation Exports Imports freedoms of the EU — the others are
Sources: ING Thomson Reuters Datastream
from London — while being independ- goods, services and capital — and per-
ent of England, Wales and Northern Ire- haps the most contentious. Advocates
land. In its exit negotiation with the EU, credible counterfactual and they tend to and growth. There are three big ques- ket but not the common agricultural or The single say if Britain left the bloc it would be
Britain would also seek to maintain the exaggerate the costs and benefits of tions that will determine how well the fisheries policies. Britain would have to market has able to control immigration from EU
status quo, especially access to Europe’s ‘Brexit’ depending on which side of the economy fares if voters opt for “Brexit”. contribute to the EU budget and be sub- given British member states, rather than having to let
single market for goods and services. argument the authors sit on,” says Mats ject to regulation on employment and companies easy everyone in. But that would be up for
Inevitably, there would be uncer- Persson, director of Open Europe, a Single market financial services but would have no access to export negotiation, with the EU likely to
tainty during negotiations, which could think-tank. “The pessimists say that The single market has been positive for part in making the rules. goods and demand free movement for citizens in
threaten investment, as well as business were Britain to leave the EU it would British business, giving companies easy 3The second option would be a bilateral services to more exchange for easy access to its markets.
and consumer confidence. Beyond that, become North Korea, while the opti- access to export goods and services deal, as Switzerland has. This would than 500m If the UK were able to impose restric-
existing analyses offer little guidance. mists claim it would turn into Hong freely to more than 500m consumers. reduce the regulatory burden compared consumers tions, the impact would depend on the
Studies are often highly partisan and Kong. Neither is realistic.” But the market comes with harmonised with the “Norway” option but could also Charlie Bibby detail: some UK-born workers would
come to different conclusions, partly Studies such as the one by Ukip rules across the 28 member states and reduce access to the single market. It is replace foreign-born workers but this
because they have to assume the out- If Britain Goes assume Britain will keep almost all the some are burdensome. unclear whether such a deal would be on would redistribute work and wealth,
come of exit negotiations; partly Articles in benefits of membership while losing The cost of Brexit would hinge on the the table anyway. rather than boosting growth.
because they use different techniques; this series on the burdens of budgetary costs and deal negotiated with the EU. There are 3The final option would be a full break. Limiting immigration could hurt pub-
the implications
and partly because they do not describe of the UK regulation. The analyses that find gains three options: Britain could avoid all EU regulations lic finances. A study by University Col-
what the counterfactual — or the alter- leaving the EU tend to take a longer-term view, with 3 The first would be to join the Euro- but at the cost of barriers to trade. Rules lege London last year showed that dur-
native would be. ft.com/uknews
membership spurring foreign direct pean Economic Area, as Norway did. would be made at home but there is no ing the past decade EU immigrants
“Most of the existing studies lack a investment, productivity, prosperity This would give access to the single mar- certainty of better outcomes for compa- made a net fiscal contribution of £20bn.

Interview. John Longworth

Business chief backs EU referendum

Ed will be making several speeches economic adviser to Boris Johnson, who
Chambers of Commerce head about business and the economy before said last year that Britain could leave the
says members support prime the general election.” EU without disastrous consequences.
Mr Longworth said his members Labour has spent the last week fend-
minister on vote after reforms wanted a public vote on EU member- ing off criticism from major business fig-
ship after a series of reforms. “Chamber ures — including some of its previous
members fundamentally support the backers — who say they do not like
JIM PICKARD AND ELIZABETH RIGBY
prime minister’s objective of Britain in a many of the party’s policies, in particu-
A British business leader has called for a reformed Europe,” he said. “More than lar on tax. Yet it still believes that it has
referendum on UK membership of the any repatriation of powers, businesses widespread support for its EU position
EU, undermining Labour claims that want to know that the UK has safe- from business leaders who fear Britain’s
such a vote would hurt investment. guards against being drawn even closer exit from the bloc.
John Longworth, director-general of to the eurozone.” Mr Longworth criticised all the main
the British Chambers of Commerce, said That position is strikingly different to political parties for lacking policies that
in an interview with the Financial Times that of some other business groups, such he said would help business.
that companies would like a swift refer- as the CBI, which is concerned that the Asked about the “long-term eco-
endum campaign and a vote on EU referendum will create damaging nomic plan” cited persistently by all
membership as early as the summer of uncertainty whenever it occurs. Tory MPs, Mr Longworth said he had no
2016. Mr Longworth called for a vote on EU idea what it consisted of.
The comments are a blow to Labour, membership by 2016, warning that a “Do you know what it is? No? Exactly,”
which believes that its refusal to offer an longer lead-up to polling day would cre- he said. “Neither do I. They have done a
EU referendum will help it win the sup- ate problems. But he said that Labour’s lot of things, the current government,
port of the business community and position of resisting a referendum on EU which have been pro-enterprise, but we
compensate for criticism that it is hos- membership would not settle the issue. don’t really know what the plan is for
tile to wealth creation. “If Labour forms an administration, the next parliament.”
Mr Longworth was speaking on the the uncertainty would not be dimin- The Tories had set out their plans to
eve of the annual conference of the BCC, ished, they would be under huge pres- tackle the deficit and the national debt
a business lobby group that represents a sure to have a referendum in the coming years, he said: “That is not
network of members employing over . . . business people a plan for growth and enterprise.”
5m people. David Cameron and Nick would always be mind- Mr Longworth said that he wanted
Clegg will both address today’s event, ful of the possibility more clarity from all the parties ahead
but Labour leader Ed Miliband will not. that there could be of the election on issues such as new air-
The BCC head said he was “disap- [one] at some time.” ports, energy capacity and backing for
pointed” by Mr Miliband’s refusal to Mr Longworth small business. Companies wanted
attend, adding: “If it was the case that cited Gerard help to grow exports and to build
senior people in any political party, par- Lyons, the chief infrastructure, he added.
ticularly the leaders, did not recognise He said that many of Labour’s
the fundamental importance of busi- policies were less about how to
ness, enterprise and growth, then that create wealth and more about
would concern me.” “how to spend it”, citing the latest
Mr Miliband spoke at the annual John plans by the party to allow more
event in 2011 and in 2013. Labour said: Longworth paid paternity leave for fathers.
“Ed Miliband has spoken at the BCC is critical The BCC head, who wears an
conference several times since becom- of all the orange friendship bracelet given by a
ing Labour Leader — this year Labour main Buddhist monk on a Sri Lankan
will be represented by the shadow chan- parties peak, insisted his organisation was
cellor and shadow business secretary. agnostic about politics.

Cost of living falling costs and a growing economy. is simply encouraging business to do
Give Britain a pay rise, Mr Cameron will suggest that the the right thing rather than trying to run
best way to fend off what he claims is the economy “by diktat” — a reference
PM to urge employers the “business-bashing” tone of Labour to more interventionist policies
is for companies to prove that they are endorsed by Ed Miliband, Labour leader.
David Cameron will urge bosses today a force for good in society. Labour has said it would ensure the
to “give Britain a pay rise”, arguing that “For us business is not a conspiracy national minimum wage will rise to £8
“conditions have not been this good for of runaway profits, depressed wages, an hour by 2020, a policy that would
a long time” and that the corporate inequality and unfairness,” Mr Cameron undermine the independence of the
world would improve its public relations will say. “It is the best generator of Low Pay Commission. But low wages
if it paid more. growth, wealth, work and opportunity have become a big political issue and
The prime minister will tell the British there is: there would be no better way are seen by senior Tories as one reason
Chambers of Commerce that companies to demonstrate that now than to give why the party’s poll ratings have not
can afford to pay workers more when Britain a pay rise.” risen in recent months in line with the
they are benefiting from low inflation, Downing Street insisted Mr Cameron economy. George Parker
4 ★ FINANCIAL TIMES Tuesday 10 February 2015

NATIONAL

Diverted profits
Going for gold
Multinationals Ai Weiwei’s
zodiac works
warn of fallout
from ‘Google tax’
Twelve gold-plated zodiac sculptures
by the artist Ai Weiwei went on
display in London yesterday before
their sale this week, when they are
expected to fetch up to £3m.
‘Circle of Animals/Zodiac Heads’,
Crackdown on companies Chris Sanger, global head of tax policy 2010, was inspired by sculptures that
at EY, the professional services group, once surrounded a water clock
blamed for slowdown said there was a slowdown of inward fountain at the Old Summer Palace in
in inward investment investment into Britain but he believed Beijing. The originals were looted by
the uncertainty over the election and French and British troops when the
VANESSA HOULDER Britain’s future in Europe were more palace was destroyed in 1850 during
important factors than the tax. the second Opium war. Ai Weiwei
US multinationals have attacked George One thrust of the criticism of the tax is and his team worked from the seven
Osborne’s “diverted profits” tax, amid that it marks a departure from the busi- remaining originals and drew on
claims the crackdown is having a chill- ness-friendly reforms introduced by the other sources such as tapestry and
ing effect on inward investment. coalition. In a letter to Mr Osborne, the print to imagine the missing heads.
The levy, dubbed the Google tax, is set NFTC said: “The new tax seems to go The contemporary art evening sale
to come into force in April to tackle what against the declaration of Prime Minis- takes place at Phillips on Thursday.
the chancellor describes as multination- ter [David] Cameron that ‘the UK is
Lefteris Pitarakis
als that “go to extraordinary lengths” to open for business’.”
cut tax bills. Ms McCormick said: “It is the change
The National Foreign Trade Council, a in tone. Companies say, ‘You have been
US lobby group representing more than telling us there is a good environment, Oil recovery
300 multinationals, said the measure then you are coming out with this bonk-
was “an election-year proposal that

20% 25%
ers tax’.”
The Treasury defended its policies,
which set out to ensure multinationals
paid their “fair share” at the same time
Petrol prices likely to rise, say motor groups
UK corporate Tax to be charged as driving down the corporate tax rate
tax rate, the on profits deemed by 8 percentage points to 20 per cent, MICHAEL KAVANAGH oil hit $40 a barrel,” said Luke Bosdet of heightened expectations that the aver- we will see increases in petrol price if
joint lowest to be shifted out the joint lowest rate in the G20. “The the AA. age cost of petrol could fall below the £1 this continues.”
in the G20 of the UK Two of the UK’s leading motoring
government’s message has been consist- A price war led by supermarket Asda, barrier amid the crude meltdown. A survey of AA members last week
organisations say fuel prices are
ent and clear: low taxes, but taxes that which three weeks ago cut petrol prices But monitoring by the AA suggests found few motorists were using their
unlikely to fall further and could soon
could have long-term consequences for will be paid,” the Treasury said. to 103.7p across its 245 forecourts, had forecourt prices — which coincide with cars more despite petrol being 25p a litre
rise.
inward investment into the UK”. The tax, imposed at a rate of 25 per cuts in the cost of diesel fuel — have been cheaper than in the summer. Instead,
Jane McCormick, senior tax partner at cent on profits deemed to be shifted out The end of forecourt deflation follows 19 creeping up, threatening to halt months many households were diverting money
KPMG, the professional services firm, of the UK, has also been criticised for weeks in which petrol has fallen from an of consecutive weekly declines. Petrol saved by cheaper petrol and diesel into
said: “Inbound investment is in danger pre-empting the conclusions of the base average of above 131p to 106p a litre — fell more than 3.5p a litre in a week in spending more on food, heating, cloth-
of coming to a shuddering halt since the erosion and profit-shifting (BEPS) pro- the lowest since 2009. mid-December, according to govern- ing, entertaining and paying off debts.
diverted profits tax was announced.” gramme of the OECD group of mostly The impact of falling oil on household ment data. The price fell by just 0.3p in Expectations of price falls had led to
Kevin Nicholson, PwC UK’s head of rich nations. motoring bills since last July has been the week to last Monday. frustration and anger among some
tax, said there had been a pause in “We and most of our clients have no welcomed as a contributor to a sharp fall Simon Williams of the RAC suggested motorists. Mr Bosdet said there had
inward investment amid concerns on problem in principle with the idea of a in inflation as measured by the con- in December that the average price been reports of confrontations between
the “mood music” and the consistency tax to stop base erosion, but this tax has sumer prices index, which fell to 0.5 per could hit £1 a litre if the momentum in filling station attendants and consum-
of the UK’s approach. The CBI employ- jumped the gun on the OECD’s BEPS cent in December. falling crude were maintained. Yet on ers challenging rapidly changing prices.
ers’ group says the measure is “likely to project and it goes much further than But a recovery in Brent from a low of Friday he suggested prices could creep Falling road fuel costs had also led to
put UK firms at a competitive disadvan- the OECD intends,” Ms McCormick said. $45.19 on January 13 to $58.15 on Friday back up by a couple of pence above the examples of a vicious circle of deferred
tage and put off would-be investors”. A Treasury official said last month has prompted observers to row back on 106p mark, based on the recovery of purchasing in anticipation of lower
The Treasury rejected the suggestion that it would be “slightly odd” to give predictions early this month that petrol crude and strikes at US refineries. “We prices. At the height of the falls, he said,
that the diverted profits tax was deter- companies another year to divert profits could dip further to below £1 a litre for have seen £1 a litre at a handful of fore- there was evidence some motorists were
ring investors, saying it was not aware when there was a chance to begin col- the first time in nearly six years. courts,” he said. “But we have seen topping up minimally in the morning in
of any evidence to back up the claims. lecting more money immediately. “It was never going to happen unless wholesale prices drifting back up, and the hope of a price fall later in the day.

Rural Scotland

Landowner attacks SNP’s reform plan

MURE DICKIE Scottish Labour administration in 2003. National Health Service that is to be
— SCOTLAND CORRESPONDENT
The Supreme Court later ruled the announced this week
A Scottish businessman who won a 2003 law violated Mr Salvesen’s right to The £5m donation for the centre,
high-profile agricultural tenancy case protection of his property under the which will help children and young peo-
has criticised plans for rural land European Convention on Human ple with learning difficulties, is the sec-
reform, saying they risk undermining Rights. The tenant killed himself a week ond largest to the university since
investment and would be vulnerable to before he was due to leave the land, author JK Rowling gave £10m in 2010
human rights challenges. which his family had been farming for for research into multiple sclerosis.
more than 100 years. Mr Salvesen’s comments on land
The comments from Alastair Salvesen, a Mr Salvesen said new proposals to reform echo wider worries. The Duke of
scion of the Salvesen shipping company widen tenant farmer succession laws Buccleuch, the UK’s largest private
and one of Scotland’s richest people, would also be legally vulnerable. “There landowner, told the FT recently that he
underscore landowners’ worries about will be a lot of cases brought against the felt “absolute dismay” over the plans,
the “radical reform” promised by the government in the court of human which include possible powers of inter-
Scottish National party government. rights for the loss of value of their farm,” vention against landowners whose scale
The SNP has made land reform one of he said. and conduct is judged to be a barrier to
its top priorities since losing last year’s Mr Salvesen is also the chairman of sustainable development.
independence referendum. It says Dawnfresh, a fish-farming and process- But Angus McCall, a former chairman
diversifying ownership and encourag- ing company, and a noted philanthro- of the Scottish Tenant Farmers Associa-
ing better use will promote social justice pist. With his wife Elizabeth he is fund- tion, said it was “not the general view”
and economic growth. ing a new research and collaboration that widening succession rights for ten-
In an interview with the Financial facility between the University of Edin- ants beyond their immediate descend-
Times, Mr Salvesen took particular aim burgh, the charity Mindroom and the ants would reduce landowner willing-
at proposals being considered by SNP ness to rent out land.
ministers for widening succession rights Making tenants more secure would
for tenant farmers. encourage them to invest for the long-
“What is being proposed would effec- term, Mr McCall said. “Succession
tively say to landlords it is not worth needs to be widened to allow farms to be
your while entering a tenancy . . . that it kept within farming families,” he said.
is less and less likely that the landowner Richard Lochhead, Scotland’s cabinet
will ever get his farm back,” he said. “It secretary for rural affairs, has welcomed
would undermine the rural economy.” the proposals as “bold and radical” with
Scotland’s Court of Session last month the potential to “secure a vibrant
ordered the lord advocate to award Mr future” for the tenanted farm sector.
Salvesen half the costs he incurred But Mr Salvesen said the plans would
during a case against a tenant farmer in deter investment and were already
East Lothian. Mr Salvesen had sought putting him off the idea of buying
to end the tenancy of a farm on his prop- another farm: “[The government] could
erty, but the tenant wanted to remain Alastair Salvesen: criticised proposal turn around and say I’ve got too large an
under legislation brought in by a to widen tenants’ succession rights acreage and I have to give some up.”

Rosneft

Court refers Russian sanctions case to EU

JANE CROFT UK last November. The measures pre- and Russia. In a ruling issued yesterday,
vent western companies from providing the High Court found that points raised
A case brought by Russian state-
services including drilling, well testing by Rosneft were “at least arguable” and
controlled oil group Rosneft to chal-
and supplying specialised float vehicles so should be referred to Europe.
lenge the legality of sanctions imposed
to Russian oil producers and pipeline Two judges said it was “of real impor-
on the country has been referred to
operators including Rosneft. Breaching tance” that there was “consistency and
Europe’s highest court.
the sanctions is punishable by up to two uniformity” when applying the sanc-
The company had brought a judicial years in prison. tions regime across member states and
review challenge in the High Court Rosneft, which is 69 per cent owned this could best be decided by the EU
about UK measures taken in support of by the Russian state, has been hit hard court.
the EU sanctions, but it has ruled that by the EU sanctions and by the falling oil Joe Hage, of Joseph Hage Aaronson,
the case should instead be decided by price. It had claimed in its judicial Rosneft’s lawyers, said: “In our view, the
the European Court of Justice. review challenge, heard last month, that sanctions concerning Rosneft were
EU-wide sanctions were introduced the sanctions were invalid because they imposed without proper thought or jus-
following Russian intervention in the violated a partnership and co-operation tification, and are, we maintain, unlaw-
Ukraine and were implemented by the agreement from 1994 between the EU ful under EU law.”
Tuesday 10 February 2015 ★ FINANCIAL TIMES 5

INTERNATIONAL

War reaches ‘breaking point’ at

Strategy

Poland
confirms
Ukraine’s strategic railway hub support for
any move to
Kiev and the west fear loss of Debaltseve, a city vital to electricity generators’ coal supplies
send arms
COURTNEY WEAVER — ARTEMIVSK HENRY FOY — WARSAW
ROMAN OLEARCHYK — KIEV
Poland stands ready to assist the US
After struggling to hold back rebel
should President Barack Obama decide
assaults for eight days, Alexander
to send arms to the Ukrainian military
Dashkeivich, a volunteer captain in
in its war against pro-Russian separa-
Ukraine’s 25th battalion, was standing
tists, according to the Polish defence
guard over the villages of Nikishyne and
minister.
Ridkodub on the eastern Ukrainian
front on Friday when from out of Poland has been one of the most hawk-
nowhere came the command for the ish EU governments during the Ukraine
troops to abandon their positions. crisis and has led calls for stronger
Along with hundreds of Ukrainian measures against Russia, which is
soldiers they were being relocated north accused of sending troops and heavy
to Debaltseve, a strategic railway hub weaponry to the separatists in eastern
that exists as a Kiev-controlled penin- Ukraine.
sula in a sea of territory held by east The debate over whether to arm Kiev
Ukraine’s Russia-backed separatists. has gathered steam in the US in recent
With the rebels capturing Donetsk weeks, with senior officials openly dis-
airport late last month after a prolonged cussing providing defensive weapons.
and vicious stand-off, Debaltseve has “Russia must take into account that
emerged as the frontline and possible the US, or the west in general, can make
tipping point in the war. a decision to arm Ukraine and that it is a
Fears that the rebels were close to card that is held by the west, that can be
encircling the city prompted Angela used in the future, if not today,” defence
Merkel, Germany’s chancellor, and minister Tomasz Siemoniak told the
François Hollande, France’s president, Financial Times. “The Polish position is
to jump on a plane for Moscow late last that we should not say that this card will
week in an effort to broker a ceasefire. never be played.”
At stake is control over regional rail- Warsaw’s support for any US move to
way shipments of the coal mined in arm Ukraine would put it at odds with
rebel-held territory on which Ukraine’s Berlin, which is opposed to sending
electricity generators and export-ori- weapons to the conflict zone. Polish offi-
ented steel sector depend. cials have previously stressed that they
Capturing Debaltseve would allow are open to selling weapons to Kiev, but
Moscow to cripple Kiev’s fragile energy have stopped short of suggesting arms
sector and recession-battered economy. could be provided as military support.
It would also put rebel fighters within Mr Obama met German chancellor
striking distance of a vast weapons Angela Merkel yesterday in Washington
depot 50km north in the town of where Ukraine and the question of
Artemivsk. whether the west should change its
Dmytro Kuleba, a Ukrainian foreign strategy in the country dominated talks.
ministry adviser, summed up the stakes “The United States is such a close ally
for Ukraine by drawing comparisons to UKRAINE LUGANSK to Poland . . . It is difficult for me to
the Soviet Union’s turnround against imagine a situation that if there is a
Nazi forces during the second world Buffer zone question that is important for European
war. security, we would not be supporting
“If Stalingrad was more symbolic, Debaltseve the United States,” Mr Siemoniak, who
then the real breaking point was the bat- DONETSK is also deputy prime minister of Poland,
RUSSIA
tle for Kursk,” he tweeted, referring to Lugansk said. “We are not afraid of co-operation
Soviet victories in both cities. “It’s the with Ukraine in the military area.”
same for us. At this point, the airport The declaration of support by Poland
was symbolic. Debaltseve is a breaking is the most pronounced yet of the US’s
Ukrainian Donetsk
point.” line of European allies, although Britain’s
While Kiev’s forces have managed to control* Rebel-controlled defence minister Philip Hammond said
hold Debaltseve for now, their battal- territory the UK was prepared to consider a broad
ions have been reporting dozens of casu- Separatists’ Feb 9 2015 range of future courses of action, should
alties daily. In Ukraine-held Artemivsk, line of control* Washington change its course.
soldiers and doctors said 30-50 Mariupol Sep 8 2014 Last weekend’s Munich security con-
wounded soldiers were being trans- * Sep 2014 Minsk
Sea of Azov 50 km ference was dominated by a split in
agreements
ferred to the hospital on a nearly daily opinion over whether the west should
basis for well over a week. arm Kiev. Jens Stoltenberg, Nato secre-
On Saturday afternoon, the hospital’s A Donetsk fighting a better-equipped foe with a Captain Dashkeivich said that a few advances against poorly equipped gov- tary-general, said alliance members had
small team of doctors and nurses ran woman cries seemingly endless stream of reserves, days earlier his battalion had found doc- ernment forces under strict orders to begun talks over sending weapons to the
from operating room to operating room after the courtesy of Russia. “The rebels can’t uments on the rebel dead that identified not advance but simply hold positions country, talks that Mr Siemoniak con-
as they tended the wounded, some shelling of a just be from Donetsk and Lugansk,” he them as members of a Russian military approved during the September Minsk firmed Poland was party to.
limping with broken arms and legs, oth- residential block said. “No matter how many we kill, they unit based in Novorossiysk. ceasefire agreement. But Mr Siemoniak stressed no deci-
ers writhing in pain on stretchers. After in east Ukraine keep on multiplying. There keep being The captain said his battalion could “If they [Kiev] just gave us a few more sion had yet been made by the US or
being diagnosed and given emergency yesterday. more and more of them.” have held their positions longer in Nik- tanks, some more military equipment, other Nato allies and cautioned that mil-
treatment, the wounded were then Ukrainian Addressing world leaders at the ishyne and Ridkodub, through which ‘No matter we could have defended our position,” itary support was not the only option
rounded up and sent onwards to soldiers prepare Munich Security Conference on Satur- regional railways ran. But he admitted Capt Dashkeivich said. left. He still saw diplomatic channels
Kharkiv, a city of 1m people, freeing up to fire rockets day, Ukraine’s pro-western president that they would have been overrun how many Of the nine mortars his battalion once and sanctions as the most effective
beds for the next round of patients. in Debaltseve held up half a dozen Russian passports eventually. [rebels] we had only two remained — one of which measure to counter Russian aggression.
Standing outside the hospital, Alex- Maxim Shemetov/Reuters to illustrate the point. In a bid to boost fighting spirit, dates to the 1940s. For his entire divi- Mr Siemoniak also voiced concern
ander, a volunteer soldier for one of “Here are the passports and docu- Ukraine’s government last week offered kill, they sion there was just one set of advanced that any military support for Ukraine by
Ukraine’s artillery divisions, said it was ments of Russian soldiers and officers $60 bonuses to soldiers for each day of keep on night-vision goggles to share among Nato states must take note of a potential
clear why the rebels had focused their who came to us and ‘got lost’ on their combat, and thousands more for each them. escalation of the conflict by Moscow.
attention on Debaltseve. “They want to way . . . this is the best evidence of the enemy tank, armoured personnel car- multiplying’ “Morale is weak,” said another “Russia is a power that has a nuclear
expand their territory while these peace presence of Russian troops which are rier or Grad rocket launcher they Alexander, Ukrainian volunteer soldier in Arte- arsenal and western politicians have to
negotiations are ongoing,” he said. killing Ukrainian soldiers and Ukrain- destroyed. But the rewards system is Ukrainian movsk who gave his name only as keep this in mind, would it not lead to a
Ukraine’s army, he complained, was ian civilians,” Petro Poroshenko said. unlikely to reverse weeks of rebel volunteer Mikhail. “There is nothing to fight with.” global war?” he asked.

EU unity Banking

Unease grows in Prague over president’s stance on conflict Hungary set to tighten grip
HENRY FOY — WARSAW
CHRISTIAN OLIVER — BRUSSELS
undermine solidarity on sanctions and gas company Lukoil’s main subsidi- speech in Russian denouncing EU and
on banks with Erste unit deal
against Moscow among its former cen- ary in the Czech Republic, and Miroslav US sanctions against Moscow, and refer-
When European leaders pleaded with tral European vassals through divide- Slouf, a lobbyist who brokered the deal ring to the war in eastern Ukraine as a
Vladimir Putin to end the conflict in and-rule tactics. for Lukoil to supply Bratislava airport bout of “flu”, and on Sunday predicted ANDREW BYRNE — BUDAPEST achieving majority Hungarian owner-
Ukraine at a conference in Milan last The president’s outbursts also contra- with fuel, were the primary financiers of that sanctions on Russia would proba- ship of the sector.
Austria’s Erste Group is poised to sell
October, Milos Zeman, the Czech presi- dict the position of Bohuslav Sobotka, the Strana Práv Občanů party that Mr bly be dropped within a year. “When we made the decision to intro-
up to 30 per cent of its Hungarian oper-
dent, was conspicuously absent. prime minister, who has been support- Zeman created as a platform for his Compounding the embarrassment for duce the banking tax, we promised to
ations to the Hungarian government
ive of measures to press Moscow. presidential campaign. The two men Czech diplomats tasked with explaining reduce its rate to the European average
and the European Bank for Recon-
While Angela Merkel, German chancel- “Image-wise this is a problem. He is were part of his campaign team and his comments to startled allies, Mr as soon as the Hungarian economic situ-
struction and Development.
lor, and François Hollande, French pres- completely overboard, and it gets remain part of his close circle of advis- Zeman was speaking at an event organ- ation allows for it,” he said, adding:
ident, battled in vain to win round the reported as the Czech position,” said one ers, according to local media reports. ised by Vladmir Yakunin, a former KGB Although Hungarian bank OTP is the “After long struggles and many efforts
Russian president, Mr Zeman was set- senior official in the foreign ministry. The president has criticised Ukraine’s agent and president of Russian Rail- largest lender in the sector, most of its we have now arrived to the moment of
tled in a plush armchair having a cosy Mr Zeman insists that he supports the Prime Minister Arseniy Yatseniuk as a ways. Mr Yakunin — Mr Zeman refers to competitors are foreign-owned subsidi- opening a new chapter in the history of
chat over cigarettes and coffee with Rus- government’s policies. Prague Castle “war premier”, and has suggested him as his “long-time friend” — is on the aries, notably Austria’s Erste and the banking sector.”
sia’s foreign minister, Sergei Lavrov. said: “The foreign policy of Mr President Ukraine should undergo a process of US sanctions list but was in Prague last Raiffeisen, Italy’s UniCredit and Banca Mr Orban has committed to “refrain
For officials in Prague, Mr Zeman’s is in full accord with that of the govern- “Finlandisation” and placate Moscow month to speak at a Holocaust memo- Intesa SanPaolo, and Belgium’s KBC. from implementing new laws or meas-
vanishing act in Milan highlighted their ment . . . The standpoint of Mr Presi- politically, much as Finland is accused rial event hosted by Mr Zeman. The move tightens the government’s ures that may have a negative impact on
fears that the president has gone rogue. dent differs neither from the approach of doing during the cold war. A Czech diplomat, who declined to be grip on the sector, which has suffered the profitability of the banking sector”.
Contrary to the Czech Republic’s foreign of the French president nor the German In September, Mr Zeman gave a named, said a US official had recently crippling losses since the 2008 financial Budapest has also agreed to ensure
policy, Mr Zeman has condemned sanc- chancellor, I refer to their latest initia- told him: “We are ignoring [Zeman] so crisis. Budapest introduced a banking fair treatment of all financial institu-
tions against Russia, dismissed the tive aiming at ceasing [fighting] in far, as long as his words do not become tax as a temporary measure in Septem- tions and to divest itself of majority
Ukrainian conflict as a “civil war” and Ukraine.” fodder for Russian propaganda.” ber 2010, to help it reduce fiscal deficits stakes in other banks by 2019.
counts an ex-KGB officer blacklisted by A former prime minister from the Mr Sobotka initially played down Mr and meet EU budget targets. The bank tax has raised Ft843bn
the US as a close friend and confidant. centre-left Social Democratic party, Mr Zeman’s statements as personal opin- At a press conference in Hungary’s ($3.1bn) since 2010. In the same year
His behaviour has provoked a dispute Zeman is a shrewd populist who is well- ions but has begun to attack his com- parliament with Erste CEO Andreas the government effectively nationalised
between the foreign ministry and liked by the Czech electorate for his will- ments and acknowledged that a failure Treichl, prime minister Viktor Orban more than $12bn of private pension
Prague Castle, the imposing seat of the ingness to speak his mind. After step- to co-ordinate their statements risks said he had agreed with the EBRD to cut funds and applied taxes to energy, tele-
presidency, undermining the country’s ping down from the premiership in alienating EU and Nato allies. Europe’s highest banking tax over the communications and retail companies.
foreign policy as EU leaders call for 2002, he spent a decade out of office Officials in Prague insist that the flow next three years and to increase regula- Andreas Treichl, chief executive of
unity to try to end the Ukraine conflict. during which became close to two busi- of sensitive information to the Castle tory certainty, saying he had achieved Erste Group, said a price had not yet
The diplomatic faultlines around Mr nessmen with strong ties to Moscow has been restricted. his aim of ending foreign domination. been agreed for the proposed stakes. He
Zeman highlight a broader fragility who some claim have influenced his “It has become something of a Czech Mr Orban’s government bought GE added that the bank was interested in
inside the EU, where many observers pro-Russian leanings. Milos Zeman: insists he supports tradition to have a crazy man in the cas- Capital’s Budapest Bank and Bayerische Citibank’s Hungarian and Czech opera-
argue that the Kremlin is seeking to Martin Nejedly, head of Russian oil his government’s policies tle,” said one Czech diplomat. Landesbank’s MKB Bank in 2014, tions, which have been put up for sale.
6 ★ FINANCIAL TIMES Tuesday 10 February 2015

INTERNATIONAL

Debt crisis Exchange rate

Italy cheered
Merkel signals tough line on Greek talks as weaker
Chancellor and her leave the bailout at the end of the month jumping to its highest level yesterday tional Monetary Fund and European Eurozone officials have been attempt-
euro boosts
finance minister rebuff
could draw a harsh reaction from finan-
cial markets.
since the height of “Grexit” fears in
2012. Greece’s three-year borrowing
Central Bank.
But that position, as well as promises
ing to kick-start negotiations over a new
Greek bailout before tomorrow’s meet-
prospects
Athens over new deal “I wouldn’t know how financial mar-
kets will handle it, without a pro-
gramme, but maybe he knows better,”
costs moved above 21 per cent, also the
highest since 2012, and the Athens stock
market fell more than 6 per cent.
to rehire public workers and roll back
reforms, has only hardened opinion in
Germany and other eurozone capitals. It
ing. “People are used to provocative
statements from Athens,” said a senior
EU official involved in talks with
for growth
STEFAN WAGSTYL — BERLIN
PETER SPIEGEL — BRUSSELS Wolfgang Schäuble said, referring to Since his election last month, Mr has also raised the prospect that Greece, Athens.
ELAINE MOORE — LONDON Alexis Tsipras, the new Greek premier. Tsipras has been resolute about the with its banking sector already teeter- “Our hope is that on Wednesday at DANIEL DOMBEY — ISTANBUL
JAMES POLITI — ROME
Chancellor Angela Merkel poured cold Together, the remarks amounted to a need to end the bailout, and the unpop- ing, will be cut off from external financ- least the process [for negotiations] is
water on a push by Greece’s new govern- German rebuttal to Mr Tsipras’s defiant ular reform conditions attached to it. On ing from the end of the month. established.” Italy has welcomed the euro’s fall
ment to end its bailout and strike a new pledge on Sunday night to end the bail- Sunday night, during his first address to Jean-Claude Juncker, commission Officials involved in the talks said against the dollar, highlighting Rome’s
financing deal with its creditors, saying out. They also set the tone for a bruising parliament as premier, he cited his man- president, who is regarded as a defender there was some progress in finding a hope that a weaker currency would
the current programme was “the basis week of financial diplomacy featuring date from the Greek people, saying the of Greece against threats of eurozone basis for negotiations. One track would help boost the eurozone’s limited eco-
of any discussions that we have”. tomorrow’s meeting to discuss the esca- bailout had effectively been “cancelled exit, sounded a note of caution yester- involve comparing the new proposals nomic prospects.
Ms Merkel, speaking in Washington, lating Greek situation and then a by its very own failure and its destruc- day. from Mr Tsipras with the existing bail-
also said that what “counts” is the pro- summit of EU leaders in Brussels on tive results”. “Greece should not assume that the out requirements to figure out where Pier Carlo Padoan, Italy’s finance minis-
posal “that Greece puts on the table” at Thursday. A day later, Yanis Varoufakis, finance general feeling in Europe has changed so the two plans overlapped and where dif- ter, argued that the decline in the euro —
an emergency meeting of eurozone The worsening stand-off between minister, showed no sign of backing much that the eurozone would accept ferences must be negotiated. which traded at around $1.13 yesterday,
finance ministers tomorrow. Greece and its creditors is again unset- down. “The troika is over,” he said, the Tsipras government programme Additional reporting by Anne-Sylvaine compared with $1.39 in May — was tak-
Earlier in the day, Germany’s finance tling financial markets, with the cost of referring to bailout monitors from the without any limitations,” Mr Juncker Chassany in Paris and Daniel Dombey in ing the currency to a level more consist-
minister hinted that a Greek plan to insuring Greek debt against default European Commission, the Interna- said during a visit to Germany. Istanbul ent with economic fundamentals.
Speaking at an Institute of Interna-
tional Finance event in Istanbul before a
meeting of Group of 20 finance minis-

Q&A Eurozone fears Athens wants to take a bridge too far ters and central bank governors, Mr
Padoan claimed that “the macro picture
in Europe . . . is now a little bit more
encouraging than it was a few months
ago”.
PETER SPIEGEL — BRUSSELS He said the euro was “approach-
ing . . . a more fundamental, consistent
The vow by the new Greek prime minis- exchange rate”, and also referred to the
ter to let his country’s €172bn bailout “expected impact of [European Central
expire at the end of the month has left Bank] quantitative easing in the next 18
officials in Brussels and other capitals months — and maybe more if need be”.
fretting that Athens and its creditors are
stuck in a dialogue of the deaf with time
running out. Pier Carlo Padoan:
‘The macro picture
In his maiden speech to parliament as in Europe is now
premier, Alexis Tsipras said instead of a little bit more
extending the bailout, he would seek a encouraging than
“bridge agreement” to tide the country a few months ago’
over until a new longer-term bailout is
hammered out. But eurozone officials Italy is expected to generate economic
are adamant no such bridge exists. growth this year for the first time after
Several days of meetings between three years of recession. The Bank of
Yanis Varoufakis, Greek finance minis- Italy, the European Commission and
ter, and his eurozone colleagues, have many private forecasters are expecting
established little common ground. And growth of at least 0.5 per cent in 2015 in
officials are worried that two meetings the eurozone’s third-largest economy,
of eurozone finance ministers and an EU which has struggled to cope with high
leaders’ summit in the next 10 days will unemployment, weak consumer dem-
pass with no real talks taking place. and and pervasive structural problems.
Mr Varoufakis’s first meeting with his The ECB’s QE programme is widely
18 eurozone counterparts tomorrow is seen as having contributed to the euro’s
likely to be a difficult occasion. recent decline against the dollar. Italy’s
economy benefits disproportionately
How urgent is the risk to Greece? from a weaker currency because some
Many eurozone officials believe the of its most competitive industries, from
risks are urgent and have pushed Mr manufacturing to food and wine, are
Varoufakis, who talked in March of a heavily dependent on exports.
new rescue “contract” to be agreed Mr Padoan also cited the positive eco-
before June, to start thinking in days. nomic effect of lower oil prices and
The most immediate risk is that the called for more infrastructure invest-
government simply runs out of money. ment. “We need to be bolder in Europe
Before the recent turmoil, most officials in terms of risk-taking,” he said.
thought Athens could last until June The finance minister said structural
when a big €3.5bn bond falls due before Anti-austerity With no bailout, how can Athens them as collateral for cheap loans from Any other cash Athens can reforms “were very much needed at the
facing a cash crunch, but many officials graffiti in find a ‘bridge’ until June? the ECB. But the ECB has put a €3.5bn scrape together? European and national level”, both in
worry that new spending pledges made Athens. Yanis The options for Greece are limited, and limit on the amount of T-bills they will One pot of funds that Mr Varoufakis has terms of intensity and implementation.
by Mr Tsipras, plus the sudden collapse Varoufakis, even those are progressively being shut accept, and Greek banks are almost at targeted is about €1.8bn in profits the But Going for Growth, a report issued
in tax revenues, have brought forward right, faces flak off by eurozone institutions. that limit, making it an unattractive ECB made when it purchased Greek by the OECD group of mostly rich
the day of reckoning to March, when a from fellow One way to quickly raise funds would investment. bonds in 2010 as part of a huge effort to nations yesterday, said such reforms
€1.4bn payment is owed to the Interna- eurozone finance be to issue short-term debt through shore up eurozone debt markets at the had lost impetus among its members
tional Monetary Fund. ministers treasury bills. Under the current bail- What about a simple bridge loan? outset of the crisis. since the post-financial crisis peak,
With no way to raise cash on the capi- Louisa Gouliamaki/AFP out, however, there is a €15bn ceiling on This would seem an obvious and simple In 2012, eurozone officials agreed that “with OECD countries showing signs of
Kostas Tsironis/Reuters
tal markets, and no bailout financing in the amount of T-bills Greece can issue, solution, but no such thing exists in the these profits, which include bonds reform slowdown in almost all areas”.
place, Athens could go bust. A devel- and the ECB, which administers the cap, eurozone arsenal. bought by national central banks as well In an interview with the Financial
oped country defaulting on an IMF pay- has clearly signalled it will not lift it. The European Stability Mecha- as the ECB, should be returned to Ath- Times, Angel Gurría, the OECD’s secre-
ment would be unprecedented. Once Greece is out of the bailout, the nism, the eurozone’s new €500bn ens, since it was not proper for central tary-general, described the slowdown as
Of equal concern is the Greek banking ECB’s control becomes less direct. But it bailout fund, can fund full-scale banks to be profiting from monetary his “single most important concern”. He
system. Instability surrounding last remains unclear who would purchase bailouts, bank recapitalisation pro- policy. argued that countries that had imple-
month’s elections saw massive with- any newly issued T-bills. Greece’s last grammes, and even purchase sover- Although Mr Varoufakis has insisted mented wide-ranging reforms under
drawals from Greek banks, sparking T-bill auction went badly, and the natu- eign bonds on the open market. But it those funds are “our money”, eurozone market pressure, such as Spain, had
concerns of a bank run. Those with- ral purchasers would be Greek banks. has no tool to offer a short-term loan. officials said the agreement has long “moved faster and are going to be
drawals slowed last week, but without a But the ECB, which serves as supervisor Besides, given demands from Berlin been that the bond profits would only be . . . better prepared as we move out of
bailout in place, there are fears they of all big eurozone banks, has sent word and elsewhere for Athens to stick to its distributed along with the normal bail- the crisis zone”.
could begin anew. The ECB is limited in it does not want Greek banks loading up bailout commitments, it is unlikely a out tranches after Greece clears its quar- He said: “Part of our role is to docu-
how much it can help Greek banks in the on T-bills. bridge loan — even if it existed — would terly bailout reviews. ment those transformations in order to
case of a run, especially with Athens In addition, the main reason Greek come without tough conditions akin to No bailout, no bond profits. tell the rest of the world, ‘Reform works.
outside a bailout structure. banks would purchase T-bills is to use the current bailout. Mistakes of Little Britain page 11 Get it right, but give it time.’”

French politics

Le Pen eyes local polls after by-election result shakes big parties
ANNE-SYLVAINE CHASSANY — PARIS been forced out of the contest after com- country elects local councils, as well as deep divisions in the UMP over how to
ing in third behind Frederic Barbier, the in regional elections in December. handle Ms Le Pen, who, like her father,
The surge in support for France’s far-
Socialist candidate. Manuel Valls, prime minister, pointed could make it to the second round of the
right National Front in a by-election in
Marine Le Pen, the National Front’s the finger at the UMP for the National presidential election in 2017.
eastern France has overshadowed the
leader, did not hide her satisfaction Front’s showing. It was partly due, he Senior UMP figures including former
narrow victory for François Hollande’s
despite the loss. “When one loses like said, to the party’s decision not to prime minister Alain Juppé urged
Socialists and unsettled the country’s
this, by a hair’s breadth, one can only endorse the Socialist candidate in the Doubs voters to back Mr Barbier, point-
mainstream parties two years before
think that victory is within reach.” second round, in breach of a tacit rule ing to Ms Montel’s previous comments
the presidential election.
In the Socialist camp, the sentiment that mainstream parties stick together on “race inequalities”. But other politi-
Helped by the government’s recovering was the reverse. “Our result does not to ensure the populist party does not cians, including Bruno Le Maire, a
approval ratings after its skilful han- make me want to boast, smile, or cele- former agriculture minister, opposed
dling of terrorist attacks a month ago, brate,” Mr Barbier said. “The National endorsing the Socialist candidate.
the Socialists unexpectedly held on to Front has become a real threat to our
‘When one loses like Mr Sarkozy, who has sought to appeal
the seat left vacant by former finance country.” this, by a hair’s breadth, to National Front voters with a tough
minister Pierre Moscovici when he was The poll has highlighted the steady stance on immigration, flew to Abu
appointed to the European Commission gains of the anti-immigrant, anti-euro
one can only think that Dhabi last week to give a paid speech,
last year. party in a region hit by decades of indus- victory is within reach’ leaving the matter of who his party
The election in the Doubs depart- trial decline. In Sochaux, a few kilome- should back unresolved. Back in Paris,
ment, near Montbéliard, was the first tres from the constituency, a Peugeot win major elections. He reminded them he had made up his mind — to back the
parliamentary poll to test the political plant is still the region’s biggest that the Socialists backed Jacques Socialist — but he was outvoted by those
fallout of the attacks against weekly employer despite the number of work- Chirac against Jean-Marie Le Pen, the in favour of abstaining.
magazine Charlie Hebdo and a Jewish ers shrinking to 10,000 from 49,000 in National Front’s founder and Ms Le “There are those within the UMP who
supermarket, which killed 17. the 1970s. Pen’s father, in the second round of the still think the National Front is disrepu-
But the real sensation was Sophie In the European elections last year, 2002 presidential poll. table, and those who now think it is just
Montel, the National Front candidate, Ms Montel won the most votes — about “If, as was the case in 2002, for a local another party,” said Laurent Bouvet, a
who won nearly 49 per cent of the votes 36 per cent — on the back of her anti- or a national election, I have to choose left-leaning political sciences professor
in a second round on Sunday. She had globalisation rhetoric, beating her between a UMP candidate and a at Versailles university. “It’s going to be
led the field with a 32 per cent score in party’s national score of 25 per cent. National Front candidate, I will not hesi- a big issue for the UMP . . . and it’s an
the first round. The centre-right UMP A strong result for Ms Le Pen’s party is tate one second,” Mr Valls said. opportunity for the Socialist party.”
party headed by Nicolas Sarkozy had now expected in six weeks, when the The Doubs by-election has laid bare Editorial Comment page 10
Tuesday 10 February 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Tuesday 10 February 2015

INTERNATIONAL

Presidential elections Central statistics

Nigeria poll delay sparks fall in sentiment Revised India

data pointing
Naira drops to record low this Saturday with former military ruler
Muhammadu Buhari’s campaign to
So far there has been no sign of trou-
ble as a result of the delay, which will
price,” said Bizmarck Rewane, chief
executive of Lagos-based investment
ting Nigerians directly as the currency
depreciates and salaries for public sec-
to firm upturn
against the dollar after
army cites security fears
unseat President Goodluck Jonathan
gathering steam in what was expected
also allow the electoral commission
more time to distribute biometric voter
consultants Financial Derivatives. “We
are in a difficult situation. Nobody has
tor workers are delayed.
Analysts had hoped that with elec-
leave sceptics
WILLIAM WALLIS — LAGOS
to be the closest electoral contest since
the restoration of civilian rule in 1999.
But the Independent National Elec-
cards to millions of Nigerians who were thought of the implications of the post-
ponement on the economy.”
Members of the ruling People’s Demo-
tions out of the way, the market would
begin to recover in March, when corpo-
rate earnings for 2014 are due.
unconvinced
The Nigerian currency hit a record low toral Commission (INEC) postponed
‘Nobody has thought cratic party are hoping that Mr Jonathan “With the postponement, the overall
against the dollar yesterday and stocks the vote until March 28 after army and of the implications of can use the extension to regain the initi- macroeconomic and political sentiment VICTOR MALLET — NEW DELHI
continued to fall as investors reacted to security chiefs said they could not wage ative both on the battlefield and on the may douse any positive impact full-year
news that presidential elections had a regional military campaign to reclaim
the postponement’ political front. However, a further results could have,” said Ayodeji Ebo,
Indian economic growth has surged
above 7 per cent a year and is set to
been postponed for six weeks. territory seized by Islamist extremists Bizmarck Rewane, consultant downturn risks playing against him. head of investment research at Lagos-
overtake China’s, official figures show,
By the end of the day the naira had while providing security for the polls. Africa’s leading economy has taken a based Afrinvest.
but investors and economists say they
fallen 1 per cent to just over 196 to the In a statement late on Sunday, Gen at risk of being disenfranchised. About a battering since last year as a result of the The postponed vote will also delay
are suspicious of the latest statistics fol-
dollar in interbank trading, far below its Buhari described the delay as “a crude third of 69m eligible voters are believed falling price of oil, on which the state government efforts to address the oil
lowing recent adjustments.
officially traded bracket. The Nigerian and fraudulent attempt to subvert the to be without the cards. depends for nearly 70 per cent of reve- shock, potentially stalling passage of the
Stock Exchange All Share Index slid 0.4 electoral process” and said the inde- Analysts said the extended timetable nues. This has exposed the Jonathan 2015 budget through the national India’s gross domestic product grew 7.5
per cent, extending its decline this year pendence of the commission had been would weigh heavily on market senti- government’s failure to save oil reve- assembly. per cent in the three months to Decem-
to 14 per cent, the worst performance in “gravely compromised”. But he ment and could hold up investment. nues — which have been the subject of “Politicians are now more focused on ber and is expected to expand 7.4 per
the world after Ukraine. appealed for calm and urged supporters “It just increases the uncertainty, and persistent allegations of corruption — campaigning rather than trying to see cent in the financial year to end-March,
Nigeria had been due to go to the polls to use the time to continue mobilising. uncertainty in business comes at a during the boom years and it is now hit- how to drive the economy,” Mr Ebo said. the Central Statistics Office announced
yesterday. That matches Chinese
growth of 7.4 per cent in the 2014 calen-
dar — the slowest in 24 years.
Global recovery. Policy options However, India’s high official growth
is the result of switching from a base
year of 2004-5 to 2011-12, among other

Corporate cash piles targeted in hunt for growth adjustments. Those changes pushed up
2013-14 GDP growth from 4.7 to 6.9 per
cent, while growth in the previous year
was revised from 4.5 to 5.1 per cent.
London-based Capital Economics
said the rebased GDP remained “wildly
Tax systems could be used to Cash reserves of the largest inconsistent with numerous other indi-
harness company war chests non-financial companies cators that point to continued economic
$tn slack”. Although Indian growth in the
that total more than $3.5tn Small cash-holding companies
latest quarter was down from 8.2 per
Large cash-holding companies cent on the previous quarter, the out-
come was still “incredibly strong” and
FERDINANDO GIUGLIANO 4
— ECONOMICS CORRESPONDENT showed India expanding faster than
China in the December quarter.
Since the financial crisis, policy makers Foreign investors and Indian business
have been obsessed with growing levels 3 leaders are also deeply sceptical of the
of public debt. But as economic growth new calculations, and say activity is only
in rich countries and the developing now beginning to pick up — and not in a
world continues to disappoint, attention 2 particularly robust way.
is shifting to the other side of the global The latest data showing rapid growth
balance sheet — the large cash piles cor- have potentially significant implica-
porations have squirrelled away in the 1 tions both for monetary policy and
past decade. Indian politics, since they suggest that
Barack Obama, US president, last the Reserve Bank of India might have to
week took aim at the more than $2tn 0 reconsider its stance of gradually easing
in US profits parked abroad by compa- interest rates as inflation falls.
nies seeking to avoid paying taxes at 2000 05 10 13 So far, however, there is such confu-
home, proposing they should face a 14 sion about the numbers that few expect
per cent levy. S&P 1200 non-financial Raghuram Rajan, the central bank gov-
On the other side of the Atlantic, companies ernor, to become an overnight hawk as a
Mark Carney, governor of the Bank of Estimated cash reserves, Q3 2014 result of them.
England, spoke of the need for fiscal pol- (% of total) Nor has the opposition Congress party
icy in the eurozone to help “recycle” pri- made much capital of the statistical con-
vate savings, noting the currency union Others clusion that the economy was accelerat-
was failing to match the growing piles of ing when everyone thought it had col-
corporate cash with profitable invest- 23 lapsed below 5 per cent in the lacklustre
Germany
ment opportunities. latter years of the Congress-led coali-
Central bankers in the world’s richest 5 46 US tion.
economies have sought to discourage UK 6 Finally, ministers in Narendra Modi’s
companies from saving more by slash- France 7 Bharatiya Janata party government
ing interest rates and launching asset 13 have not been eager to boast of the new-
Japan
purchase programmes. But the pro- found but so far theoretical economic
longed era of cheap money has failed to prowess.
Source: Deloitte
slow the accumulation of large corpo- Seoul searching: South Korea has adopted a punitive tax regime to encourage distribution of dividends — Sean Pavone/Alamy Arvind Subramanian, the govern-
rate war chests. ment’s chief economic adviser, praised
Research by Deloitte, the professional the statistics ministry for “an outstand-
services firm, has shown that by the repatriated profits from foreign subsidi- creation or paying down debt. Yet Some policy makers have gone fur- payments and investment. “In the past ing job of revising the GDP estimates”.
third quarter of last year the largest aries rather than allowing companies to despite the rules, while more than ther. Last year, South Korea adopted a you had foreign investors telling Korean Last week in Business Standard, he
non-financial companies in the world simply pay taxes locally. In the US they $360bn in earnings was repatriated, the punitive tax regime for large companies companies that they had to boost pay- dubbed the improvement in data, meth-
had amassed $3.5tn in cash reserves, up face a federal corporate income tax of 35 majority was used for share buybacks holding vast cash piles. Corporations ments,” says Shaun Cochran, head of ods and analysis as “simply superb and
from $1.8tn in 2005. US companies held per cent. rather than investment. with more than Won50bn ($46m) in South Korea at CLSA, a bank. “What you on a par with international standards”.
almost half of these cash balances, with “The US really has a competitive dis- Countries could also increase depreci- capital will pay a 10 per cent surcharge are seeing now is Koreans telling Korean But he went on to say that he was
those in Japan, France and the UK own- advantage,” said Giorgia Maffini, a ation allowances, although the risk is in corporate tax unless they have spent companies they need to pay more. It is a “puzzled” by some of the “mystifying”
ing 13 per cent, 7 per cent and 6 per cent researcher at Oxford university’s Centre that the freed-up funds would not be a certain proportion of the income on change of culture.” numbers. “The year 2013-14 was a crisis
respectively. for Business Taxation. “The current sys- channelled into productive investment. dividends, investment and wages. The But economists are sceptical that the year — capital flowed out, interest rates
For governments seeking to harness tem explains why a lot of innovative “What is it that you are trying to policy is aimed at reversing a longstand- measure offers a model for other gov- were tightened and there was consolida-
those resources, another possible tool is companies leave their cash abroad.” achieve?” asked Clemens Fuest, a pro- ing issue with South Korea’s chaebol, or ernments. “It is an overly complicated tion — and it is difficult to understand
the tax system. Tax experts say changes In 2004, the US sought to lure some of fessor of economics at the University of conglomerates: an unwillingness to dis- system that would add a further layer of how an economy’s growth could be so
to existing laws could encourage compa- the funds home by passing the Home- Mannheim. “If you want a short-term tribute generous dividends, which is one complexity to tax law,” said Prof Fuest. high and accelerate so much under such
nies to invest more, pay higher wages or land Investment Act. This allowed com- boost in demand, then increasing the of the causes of the relatively low valua- “Governments have other options to circumstances,” he said.
distribute cash to shareholders via panies to repatriate foreign earnings at a depreciation allowance is good. But this tion of Korean companies. encourage investment. For example, Chandrajit Banerjee, who heads the
higher dividends. reduced effective tax rate of 5.25 per policy may not always be wise if you The move seems to have had some removing uncertainty over future regu- Confederation of Indian Industries, wel-
In the US, the key option would be to cent for two years as long as they chan- want to make good long-term invest- success, with corporations such as Sam- lation can be key to getting companies comed the evidence of rapid growth.
eliminate the arrangement of taxing nelled those funds into investment, job ment decisions.” sung Electronics increasing dividend to spend more.” Notebook page 10

Energy Anti-corruption drive

Iran economy held back by shortfall in electricity generation China executes tycoon with
MONAVAR KHALAJ — TEHRAN pling international sanctions related to With the economy growing again — by This is now a huge burden for Mr Rou-
ties to detained security chief
its nuclear power programme and the 4 per cent in the half-year to September hani’s administration, which has to pay
Plunging oil prices have already under-
legacies of populist policies imple- — concerns are mounting over whether most Iranians about $17 every month.
mined Iran’s fledgling economic recov-
mented by its previous government. growing demand can be met. “The cur- As well as holding back investment in LUCY HORNBY — BEIJING during the appeal process. He con-
ery. But another energy issue is also
Sliding crude prices are also having an rent trend of low investments means the electricity infrastructure, including the firmed the execution. Liu’s defence
holding back President Hassan Rou- China has executed a mining tycoon
impact. The International Monetary sector cannot meet a further rise in con- renovation of older power plants, it has included claims that he had helped the
hani’s attempts to revive the country’s with ties to Zhou Yongkang, the former
Fund said in October Iran needed oil sumption,” said Mohammad Parsa, also left the energy ministry unable to Sichuan government “maintain social
underperforming industrial base: a security chief and the most important
prices above $120 a barrel to balance its chairman of Pars Tablo, a privately pay 240tn rials of outstanding debts to stability” by investing in state-owned
lack of power-generating capacity. person so far netted in China’s two-year
books. Brent crude, the international owned electricity company. contractors and banks. The ministry groups that were on the verge of bank-
anti-corruption drive.
“It is absolutely wrong to think we can benchmark, was yesterday trading at Alireza Kolahi, chairman of Iran Elec- said power generation cost Tehran ruptcy, thus helping to stave off protests
achieve economic growth without hav- $54 a barrel. trical Industry Syndicate, which com- 1,500tn rials a year, but the income was Liu Han, the former chairman of by laid-off workers, in return for lucra-
ing sufficient electricity production,” The country has, so far, avoided the prises 500 largely privately owned com- only 50tn rials. Sichuan-based miner Hanlong Group, tive business deals. Mr Zhou was
Hamid Chitchian, Iran’s energy minis- widespread power cuts that affect other panies, said that without additional In an effort to address its problems was heading a A$1.4bn bid for Austral- Sichuan’s top-ranking official between
ter, warned recently. “The electricity emerging economies unable to meet investment and capacity, power cuts and increase capacity, Mr Rouhani’s ian-listed Sundance Resources when he 1999-2002.
sector has consistently been weakened their energy demands, such as South were likely. “The current drought government has drafted plans to and his wife were detained in March The investigation into the power base
over the past five years and investment Africa. But this is in part because Iran’s means we cannot fully use hydro-elec- expand the distribution network, cut 2013. His trial a year later included 35 of Mr Zhou — until November 2012 one
has dramatically decreased.” economy shrank for two successive trical plants [that are an alternative waste, reduce consumption by raising other people charged with organising, of the most powerful men in the country
Decades of heavy government subsi- years to March 2014, which led to a 30 source],” he added. Iran has a number of domestic and industrial tariffs, and leading and participating in mafia-like — has swept up a number of rich private
dies have left Iran with high levels of per cent drop in industrial energy use. large electricity-generating dams, such invest in the renewable energy sector. groups. businessmen in Sichuan province.
energy use — consumption of electricity as at Karkheh. “The potential is high, particularly for His brother, Liu Wei, was convicted of Prosecutors argued that Liu covered
is about 2,160 kilowatt hours a head Part of the problem is that the pace of exports,” said Mr Kolahi. With the right gunning down three people in their up murders committed by his brother,
compared with 1,300 kWh for neigh- construction of new power plants lags investment, Iran’s electricity sector home town in Sichuan province. Liu Wei, who allegedly ran gambling
bouring Iraq. behind rising demand. This can in part could become an “engine to help the Liu Han, who denied the charges, was rings in their home town of Guanghan.
While Iran’s energy demands are be blamed on the previous government economy out of its current stagnation”. once the biggest private entrepreneur in Liu Wei and three others were also exe-
growing at about 6 per cent a year, of Mahmoud Ahmadi-Nejad, which Sichuan province, with investments in cuted.
growth in capacity is limited to a third of kept energy tariffs artificially low in an financing, energy, property and mining. The two brothers were also charged
Video
that. The energy ministry admits its effort to appeal to poorer voters. He had a fortune of $650m, according to with raising money through high inter-
For many Iranians the founding
depleted power network requires at When Mr Ahmadi-Nejad cut energy of an Islamic utopia has lost out estimates by the Hurun report, which est rate lending and stock market
least 120tn rials ($4.4bn) of investment. subsidies in 2010, he required govern- to the lure of a modern lifestyle tracks wealthy Chinese. manipulation.
This is a severe challenge for a coun- Decades of heavy subsidies have left ment ministries to pay back the subsi- ft.com/video
“His crimes didn’t warrant the death Additional reporting by Owen Guo
try grappling with the impact of crip- Iran with high levels of energy use dies to people in monthly instalments. penalty,” said Mao Lixin, Liu’s lawyer Gideon Rachman page 11
Tuesday 10 February 2015 ★ FINANCIAL TIMES 9

FT BIG READ. YAHOO

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

Identity crisis
An internet history

W
hy Yahoo? That has
been a perennial ques-
tion for Silicon Valley in Yahoo’s value
the 15 years since the Where Yahoo is going ... At Q4 2014/Q1 2015 ($bn)
dotcom boom, when
the internet portal had its moment in
Mobile Social
the sun. Yahoo was once the storefront When Marissa Mayer arrived at Yahoo Messenger was one of the first
Yahoo she was shocked to find so social products on the internet but it Current
of the internet, a place where the first market cap
few of its engineers working on missed the move to networks like
generation of online users turned for Search Native ads
information or entertainment.
mobile applications. Since then she Facebook and Twitter. To catch $41bn
Yahoo was first the web portal but has revamped every app and bought up, it bought Tumblr for $1bn Yahoo's display advertising
It has long been in need of refurbish- its role in guiding users through in engineering talent through and is hinting at creating its business is in decline as
ment. A series of online innovations the internet was lost to Google. acquisition and recruitment own chat app marketers reject banner
involving search, social networking and Now, it uses Microsoft's technology advertisements. Instead, they
mobile have largely passed it by and it to run search queries, a deal which are turning to in-stream Alibaba
has not reported a year of revenue it is poised to renegotiate to get a adverts that work well on 32.0 stake*
growth since 2008. Now, as it prepares better return on advertising mobile devices Total
investment
to shed its stake, worth around $32bn, in and liquid
Chinese ecommerce company Alibaba assets
— the asset that has supported its share Stake in 7.0 $45.9bn
price and kept investors happy for years Yahoo
— the question is back with a vengeance. Japan*
6.9
Other leading internet companies
have found ways to make themselves Net cash and securities after paying tax on
indispensable to their users, says Stew- the Alibaba shares sale in Q1
* Based on current market value
art Butterfield, an internet entrepre- Revenue
neur who sold the Flickr online photo
$bn
site he co-founded to Yahoo 10 years
ago. “I don’t think you could say exactly 7.2
what Yahoo’s thing is.” 6.5 6.3
All these years later, he adds, it is still
searching for an identity. “I think the
5.0 5.0 4.7 4.6
fundamental problem is, what is
Yahoo?” His own suggestion, having
watched the company wrestle with that
question from the inside: “Split it up.” 2008 09 10 11 12 13 14
Nigel Morris, an executive at the Alibaba Yahoo homepage Part of the 2010 and 2011 revenue declines
Dentsu Aegis Network, an advertising Paying $1bn and swapping its own The original front door to the reflect Yahoo's deal to outsource search to Microsoft
agency, puts it even more bluntly: struggling Chinese operations for internet, Yahoo’s homepage Keeping investors happy
“There is no need for Yahoo.” 40 per cent of ecommerce crammed in links to
company Alibaba nearly 10 years entertainment and news and is Yahoo share Annual net share
The existential questions surround-
ago turned out to be one of the Media interests Acquisitions still one of the most visited sites. price ($) buybacks ($bn)
ing the company have fuelled one of Sili-
best internet investments ever From sports to finance and weather From the proto-social network But most internet users are now 50 4
con Valley’s longest-running soap to horoscopes, Yahoo stretched its
made. Once Yahoo sheds its GeoCities in 1999 to photo site more likely to turn first to their 3
operas. A succession of chief executives remaining stake it will lose the brand across many of the web's first Flickr and social bookmarking Facebook page or smartphone 40
have tried to find a way to build a growth asset that has come to account for media properties. But it missed the service Delicious in 2005, Yahoo apps 2
30
business out of what is still one of the most of its value rise of user-generated has tried to use acquisitions to 1
internet’s largest audiences, at 575m vis- content on sites like catch up with online trends. 20 0
itors a month. YouTube and Facebook None has taken root 10 -1
Marissa Mayer, the former Google
product manager who has been in
FT graphic. Sources: company; Thomson Reuters Datastream; Thomson Reuters
... and where Yahoo has been 200809 10 11 12 13 14 15
charge for two and a half years, is mov-
ing closer to her own moment of truth.
Last month, she disclosed plans for a Investors Investment bankers and private after the dotcom crash, pushed Yahoo “We’ve built these businesses from ‘The tech
tax-free spin-off of her company’s stake equity groups, who have circled Yahoo towards becoming a fully fledged media the ground up, at the same time as grow-
in Alibaba, handing its investors a slice debate for years hoping for the chance of a prof- company. Ms Mayer has tried to drag ing our traffic and presence on the world boom is
of the Chinese ecommerce group. whether the itable acquisition or buyout, are licking Yahoo back to its technology roots. Yet stage,” says Kathy Savitt, Yahoo’s chief almost
Yahoo’s shareholders had clamoured for their lips. The Alibaba holding had put she has been forced to pay equal atten- marketing officer and head of media.
such a move, which the company thinks
business the company out of reach of most tion to the needs of the media business, That amounts to a “pretty extraordi-
hurting it.
could save it a tax bill of $16bn. should acquirers. But after deducting the $32bn investing heavily in bringing in star nary” two years that has made Yahoo It can’t Engaging users Although traffic on
reinvest for value of that stake, along with an esti- power to enhance its news service. feel like the “world’s largest start-up”. make an mobiles is increasing, some analysts
Alibaba spin-off mated $7bn interest in Yahoo Japan, She has used a series of small acquisi- Ms Mayer has said these new sources insist Yahoo should develop more
Although it has slipped in recent days growth or Yahoo’s stock market value of around tions to recruit the developer talent of revenue could balance out the drop in acquisition content to attract ‘millennials’
the rapid inflation in the Alibaba share milk its $41bn implies little value for its core Yahoo needs to rediscover its cutting display advertising revenues this year. or innovate
price has kept shareholder unrest at bay business, even though it is generating edge. Since her appointment, she has A big opportunity to boost income Core business Marissa Mayer has tried
and headed off some of the hard ques- existing about $1bn in operating cash flow a year. shifted the company’s developer focus could be close at hand. Later this month, as quickly to drag Yahoo back to its technology
tions. Stripping out the Alibaba stake, properties Competing visions
to mobile, redesigned every app and Yahoo will have the first chance to try to as start-ups’ roots but has also had to focus on the
however, is about to leave Ms Mayer spent $1.6bn on acquisitions including renegotiate a deal struck five years ago needs of the media operation
fully exposed to the nagging doubts for cash Investors are in effect debating two the purchase of blogging site Tumblr. with Microsoft, under which the soft-
about Yahoo’s core business. visions for the business: whether it “The tech boom is almost hurting it,” ware company supplies the technology Corporate overhaul Some analysts say
“Yahoo was like a dry cleaning- should reinvest for growth, or milk its says Robert Peck, analyst at SunTrust and advertising sales for Yahoo’s search the ageing Yahoo brand is a hindrance
laundry corner store that one day dis- existing properties for cash, cut costs Robinson Humphrey. “It can’t make an service — a business that accounted for as it prepares to introduce new social
covered it had a gold mine below it,” and return money to its shareholders. 39 per cent of revenues last year. content and search technology
says a senior New York banker. “Now it The second of these arguments has The arrangement has failed to live up
has got rid of that gold mine and it’s gone been in the ascendant. Investors praise $41bn 575m to Yahoo’s hopes, with Microsoft prov-
back to being just a dry cleaning and Ken Goldman, Yahoo’s chief financial Yahoomarket Monthlyactive ing less effective at selling search adver- terfield, who continued to run Flickr
laundry corner store.” officer, and hope that he will help push capitalisation, Yahoousersin tising than Google. Satya Nadella, after it was swallowed up but resigned in
Its original purpose was to offer a an agenda not just of handing Alibaba’s includingitsstake thefourthquarter Microsoft’s chief executive, could be 2008. Its nine employees were drowned
helping hand to the inexperienced web cash back to shareholders but leverag- inAlibaba of2014 forced to offer big concessions to extend out by the bureaucracy and infighting of
surfer who would wash up at the site and ing the balance sheet through the issue the relationship rather than risk seeing a 10,000-strong company, he says.
find email, news, weather and sports in of bonds or convertible debt and passing acquisition or innovate as quickly as Yahoo defect to Google, according to
one place. The company’s many sceptics that money to shareholders, too. some of these start-ups. If there wasn’t a one of Ms Mayer’s supporters. Problem brand?
question its purpose now that compa- “I don’t know that management tech boom she could maybe use her She can already point to momentum Sceptics say Ms Mayer will also need to
nies such as Google, Apple and Face- speaks with one voice,” says one share- product skills, scooping up small com- in the search business. In December, solve a paradox that her predecessors
book have come up with more addictive holder. “Ken has been pushing the share panies and not being outmanoeuvred by Yahoo’s share of searches in the US failed to tackle. The Yahoo brand,
ways for people to communicate or be buybacks with the board. Marissa is them. But there is so much capital.” jumped above 10 per cent, its highest though one of the company’s best
entertained online. To put itself back at really focused on growth. She quotes Demonstrating that she can bring rev- level since 2009, after it displaced known assets, may also be one of its
the forefront of the internet, Yahoo Steve Jobs, and Larry [Page — Google enue growth back to Yahoo is proving Google to become the default search greatest hindrances. “It has this legacy
needs to take radical steps to become chief executive]. She does not quote equally demanding. Yahoo’s traditional in the Firefox browser. of a 20-year-old brand that meant
relevant to “millenials”, says Mr Morris. media executives who have created business in online display advertising Despite this progress, Ms Mayer something in the 1990s and they are
Yet to Ms Mayer’s supporters, criti- value by leveraging up and merging or has faded in the face of new formats ultimately faces the same problem still trying to make something of it
cisms like these miss the point. Yahoo’s spinning off companies.” such as video and social media. Ms that has bedevilled her predeces- today,” says Mr Morris. Instead, he
value resides in a mainstream, middle- To turn the tide, Ms Mayer must solve Mayer points to the four key areas — sors for years: how to turn Yahoo says, the company should be “look-
of-the-road audience that is often over- a conundrum that has hampered Yahoo mobile, video, native advertising (in- back into an industry leader. A dec- ing at the assets they have acquired
looked by Silicon Valley, says one per- since the end of the dotcom boom: stream ads designed to mimic content) ade ago, buying sites like Flickr was and can acquire and doing something
son who has observed her at first hand. whether it is at heart a media or a tech- and social — which grew at a rate of 100 seen as the way to inject new energy very different with them”.
The biggest problem for Ms Mayer nology concern. Terry Semel, the per cent last quarter and are forecast to and ideas. “It was very hard for us to Ms Mayer has yet to deliver the
was to keep these users happy, this per- former Hollywood executive who ran it contribute $1.5bn to revenue in 2015. get resources to grow,” says Mr But- knockout hits she was hired to create,
son says, adding: “The fact that the traf- whatever the branding. Her support-
fic’s gone up speaks volumes. From a ers argue that this is still early for a
mobile perspective, they’re starting to Investors The debate over the future of Yahoo that Yahoo should pull back from large Investors are divided, however, on turnround of the scale needed at
do well. The revenue will follow.” Activists reflects divisions on its shareholder acquisitions to focus instead on cutting how aggressively to pressure Ms Yahoo, and that stabilising the busi-
Ms Mayer’s room for manoeuvre register, which looks somewhat different costs, and that merging with rival AOL Mayer, right, at this stage. Another ness has been a first step.
appears to be shrinking fast. As they
urge deal from companies of a similar size. David would unleash $1bn in savings. Under large shareholder said they were She has hinted that the company
look beyond the shedding of the Alibaba but Mayer Filo, co-founder of the company, remains the plan, AOL chief executive Tim concerned over the potential has its own chat app in the works —
stake, investors are starting to focus on retains its largest investor, with a 7.5 per cent Armstrong would replace Marissa Mayer. effect on morale at Yahoo if there something that would rival serv-
how to squeeze more juice out of what is significant stake. There are also large hedge funds Starboard also owns a stake in AOL were a management switch. ices from Facebook, WhatsApp
left of Yahoo. backing among its top 20 shareholders, as well as but it is not the only investor supporting “It is too early to be calling time on and Snapchat. Yahoo is also experi-
Activist investor Starboard Value has the more traditional institutional asset such a combination, not least because it the current management,” the menting in the increasingly fashionable
called for Yahoo to consider a merger managers who are much more reluctant would divert management’s attention shareholder says. “It is important field of “anticipatory search”, where
with AOL, another faded star of the first to press their views on management. from further venture capital-style staff believe in the leadership and information is automatically fed to
internet boom, as a way to slash costs. Yahoo’s financial results led analysts to acquisitions of fast-growing websites we believe that this is the case at users at the times they may need it.
That idea has been proposed several cut forecast earnings from the company’s such as Tumblr that remain far from Yahoo. The fact that someone is a A breakout hit from an initiative such
times but rejected: ramming Yahoo core business this year, handing profitability. “The AOL idea is a good good executive of one company as this would do wonders for her claim
together with a company that has also ammunition to Starboard for the next one,” says one major shareholder. “There does not necessarily make them a that Yahoo’s shareholders need just a lit-
struggled to keep up with online trends phase in its activist campaign. are duplicate sales forces, duplicate good CEO of another with a tle more patience. But, after recent dis-
would make no sense, says one analyst Jeff Smith, Starboard founder, has technologies serving up ads, duplicate different business and a appointments, no one is ready yet to
who has studied it: yet the mere threat is argued not only that Alibaba needs to be marketing budgets [and] most of these different culture.” give her the benefit of the doubt.
a reminder to Ms Mayer of the limited spun out in a tax-efficient manner, but costs could be wiped out.” Stephen Foley Additional reporting by Stephen Foley
patience of investors. and James Fontanella-Khan
10 ★ FINANCIAL TIMES Tuesday 10 February 2015

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

West must not be guided by fear of Moscow Feasible plan for English
devolution is not one
for the tidy-minded
Sir, Sir Tony Brenton may be quite historical precedents for such his desire to include Ukraine in the
correct in his hypothesis about the escalation; few of them happy”. But he sphere of influence he claims for his Sir, Your editorial “Cameron’s flawed
effect on Vladimir Putin of western ignores the sorry story of Britain and country. plan for English devolution” (February
arms supplies to Ukraine (Letters, France’s appeasement of Hitler from This has particular relevance if Philip 4) appears to rest on the assumption
February 6). But his logic leaves the Rhineland crisis of 1936 on, and of Stephens is right in his excellent article that the so-called West Lothian
unanswered a basic question: should the “trahison des clercs” from the “Ukraine is only part of Putin’s game Question is best dealt with by ignoring
the possibility or likelihood that assembled foreign ministries afraid of plan” on the facing page. That makes it it. If that was ever a tenable view, it is
TUESDAY 10 FEBRUARY 2015 counteraction may spur an aggressor antagonising Germany by standing up all the more important that the west not now.
into even greater aggression deter for their values and supporting nations should not be guided by fear of what The Scottish referendum debate
those who do not want to stand by and in Berlin’s sights. Moscow may do if it helps the greatly increased awareness of the
watch its actions with passivity? Since last spring, Vladimir Putin’s democratically elected administration unfairness of the devolution
Sending lethal weapons to Kiev may game plan has been transparent, in Kiev defend its country’s territorial settlement; with further devolution,

HSBC revelations are an not be the right policy but the west
should not let fear of what Moscow
may do be the determining factor in
repeatedly dashing the hopes of those
who argue that he is, at heart, a
reasonable player who will come to the
integrity against separatists backed by
an external power, however much that
power huffs and puffs.
that can only increase. Some form of
English votes for English laws is an
essential remedy. Polling evidence

invitation to prosecute framing its policy.

Sir Tony says there are “lots of
negotiating table and keep his word if
only we better understand him — and
Jonathan Fenby
London WC1, UK
supports both assertions. You are
entirely wrong in arguing that
addressing the consequences of
asymmetrical devolution is driven by
Criminal prosecutions not bargains are the way to deter tax evasion Mission’s chances of are well aware of the value of partisan advantage. It is essential to
democracy. For the first time in buttress the union.
Revelations of large scale tax evasion lishing a fair line between honest mis- success are greater if Argentina’s history we have enjoyed 30 For many years, and most recently in
facilitated by banking group HSBC takes and deliberate fraud is hard. Cameron is not present years of continuous democracy. Our a publication for the Centre for Policy
should embarrass more than just the HMRC’s record is not good. As a result, democracy is young but not fragile. Studies, we have argued for an
bank and individuals concerned. The just one prosecution of suspects on the Sir, Amid all the political flak aimed at Mr Rathbone also states that “no approach very similar to that recently
Swiss authorities ought to blush at their Falciani list has taken place, with 13 David Cameron from both the right Argentine” believes the case will be adopted by the government. Neat
decision to prosecute whistleblower investigations ongoing. and left (and your editorial “Britain’s solved. This is a gross generalisation. symmetrical plans for an English
Hervé Falciani rather than ask ques- If prosecutions cost more than they drift to the foreign policy sidelines”, As Mr Rathbone rightly points out, parliament, or for a purist version of
tions of their banking culture. Many raise it is understandable that HMRC February 7) over his non-involvement Argentina’s judiciary is independent. English Votes for English Laws that
may also query the UK government’s prefers one bird in the hand over two in in the Merkel/Hollande Ukrainian Our judicial system boasts a well would rapidly approximate to the same
appointment of ex-HSBC boss Stephen the bush. And despite the regular viru- initiative, no thought seems to have established reputation for delivering thing, could jeopardise the union.
Green as trade minister in 2011. lence of Ms Hodge’s criticisms, it is been given as to whether his presence justice in complex cases. A good However, English voters need to know
But the toughest grilling should be unfair to accuse HMRC of failing to do might have been helpful or not. example of this is the investigation and that their MP can veto a measure
saved for Britain’s HM Revenue & Cus- its job. The National Audit Office In such circumstances it is essential condemnation of crimes against affecting only them, and through a
toms. Like other EU tax authorities, praised HMRC’s management for max- that mediators are seen as even- humanity perpetrated by the last straightforward, highly visible vote in
they have long known the identity of imising revenue and cutting costs. Nor handed by both warring parties. As the military junta. Argentina’s model of the Commons. The government’s
thousands of Swiss bank account hold- are they persistently shy of going to UK’s foreign policy continues to be transitional justice has been recognised proposals will provide this.
ers. Their first reaction was to maxim- court: the number of prosecutions for written in Washington, it seems as an example by the international A workable solution must also give
ise the funds to be recouped from any tax evasion rose by a third in the extremely unlikely that Russia would community, as has our government’s ‘I see Reginald’s been replaced by a incentives for negotiation and
newly revealed tax evaders — under- 2013/14 tax year. see Mr Cameron as an honest broker. human rights policy. drone’ accommodation between a UK
standably, since raising tax is the But Britain has raised just £130m The limited chances of success for Mr Rathbone’s assertion that there is government and a differently
department’s raison d’être. But in the from individuals on the Falciani list — this mission are therefore enhanced by “a conspiracy” involving the Argentine constituted English majority. The
light of what is now known the question less than France despite UK citizens his non-involvement, which must state to prevent the case from being Customs by treaty, does combination of an English Grand
is whether HMRC were too lenient, and holding almost twice as much money. surely be the most important solved is entirely false: President Mr Miliband’s suggestion that the Committee with continued voting
should have relied more heavily on Two years ago the government antici- consideration. Cristina Fernández de Kirchner has “authorities” have been hampered in rights for all MPs at second and third
criminal prosecutions of what appears pated raising £3bn from a deal with James Maguire taken all necessary steps to facilitate undertaking tax investigations bear reading does just that.
to be blatant criminal activity. Switzerland to let secret account hold- London SW19, UK the judicial investigation, among them, any relation to the reality. Such solutions are not for the tidy-
It is not new for HMRC to be accused ers regularise their affairs. This now the opening of all classified intelligence OECD secretary-general Ángel minded. But one pundit’s “inept fudge”
of leniency. Margaret Hodge, the feisty looks like being a large overestimate. In Any military solution files possibly related to this Gurría has stated that companies may be a practitioner’s sensible
chair of the Public Accounts Commit- the time since, governments every- investigation. cannot be blamed for taking advantage solution.
tee, has charged it with losing its nerve where have agreed to greater exchange would have to involve US To describe Argentina as a “flawed of lawful tax avoidance, and indeed it is Andrew Tyrie MP
in battles against corporate tax avoid- of information on international bank Sir, If people in Europe and America, democracy” or a “rogue state” is a most to domestic tax legislation on transfer Conservative, Chichester
ance. She also accuses the government accounts, to make identifying tell-tale along with usually reasonable groundless and offensive accusation. pricing (ironically based on the OECD Roger Gough
of being too willing to bargain with gaps and inconsistencies much easier. newspapers, are too impatient to wait Our country is a dynamic and model) that Mr Miliband should look if Sevenoaks, Kent, UK
secret account holders, contrasting this All of these factors — alongside the for the bite of economic sanctions to progressive democracy, as are all the he wishes to capture the “billions” to
with the harsh treatment meted out to scale of the evasion revealed this week rebuff Russian aggression, then they democracies in our region, united in which he refers. I was right about business
those claiming too much benefit. — swing the balance towards HMRC should be honest with themselves upholding the values of peace, truth An informed politician genuinely
The initial reaction of HMRC to the taking a more aggressive approach. about what else has a chance to work. and justice. concerned about tax evasion and tax leaders and partisan views
Falciani revelations was indeed prag- Moreover, the value of a successful Russia is not, as some have implied, a Alicia Castro avoidance as opposed to making Sir, I wish to make clear I do not
matic. Faced with a potential 6,000 tax prosecution lies as much in the chill it military middleweight. It is strong — Ambassador of Argentina to the UK populist soundbites should be lauding threaten business and do wish to see
evaders they offered a 30-day window casts over other would-be offenders, and knows it. the standards of transparency set by business issues and opinions properly
to confess in return for reduced penal- and may be much greater than the The only military solution with a Miliband is hopelessly out overseas territories as the example to considered in public debate. Your
ties. They had good reasons for an money directly raised. No one who high probability of success would which other jurisdictions, notably the report “Labour counts on popular
unwillingness to prosecute immedi- commits a crime should be able to bar- involve US intervention on a massive of touch on tax avoidance wholly opaque US corporate centres of opinion to back tough tone” (February
ately. While this week’s revelations gain for a pardon. For a long time Brit- scale. If that option appeals to US Sir, With his comments on the role of Delaware, Wyoming and Nevada, 4) suggested otherwise.
make tax evasion appear almost comi- ish tax evaders felt they could relax voters, then they should contact their the overseas territories, Labour leader should now be held, and making a The comments I made at a meeting
cally blatant — brick-sized wads of for- once they reached the Alps. To punc- representatives. Until then, western Ed Miliband shows himself as more more detailed inquiry into the double last autumn were advice to chief
eign currency, clients disguised by ture this illusion, more should face leaders in government and business hopelessly out of touch in relation to tax treaty abuses that are routinely executives and chairmen of large
code-names — criminal prosecutions time in a criminal court for bilking should stop leading Ukrainians and international tax avoidance than in adopted in the European centres. quoted companies. I said they should
are difficult, rare and expensive. Estab- other taxpayers. others down the garden path. relation to domestic matters. In fact Anthony Travers not usually associate the name of their
William Bigelow the overseas territories have Chairman, company with their own political
Boylston, MA, US maintained complete records on Cayman Islands Stock Exchange, opinions, because if they did so they
ultimate beneficial ownership to the George Town, Cayman Islands would upset a lot of their shareholders,
Argentina upholds values international gold standard set by the employees and customers, which is not
of peace, truth and justice OECD for more than two decades. FT’s no-nonsense attitude good business sense. If they linked

An unexpected chance Sir, I have to disagree with John Paul

Rathbone’s article “A democracy
Quite what the OECD would make
of Mr Miliband’s threatened report,
given the OECD’s own verification on
towards the essential facts
Sir, So James Mackintosh (The Short
their company to a partisan view they
could find others would attack them
severely. We have just seen exactly that

for France’s president dented by mysterious murder”

(Comment, February 6). Prosecutor
Alberto Nisman’s tragic death, which is
the subject and the Overseas
Territories’ commitment to the OECD
Automatic Reporting Standard, is a
View, February 5) knows how many
Swiss banknotes (16,200) stack inside
a standard safety deposit box and what
happen to Boots from Labour.
I rest my case.
John Redwood MP
under judicial investigation, neither matter for conjecture and possible the annual rent is. That’s exactly the Conservative, Wokingham
Hollande has had a strong start to 2015 and should make use of it dents nor puts Argentina’s democracy further embarrassment. Nor, in the no-nonsense attitude that makes the
at risk. light of the unlimited powers to FT such a store of investment gold. I’m COMMENT ON FT.COM
François Hollande has been enjoying a the European Central Bank, the fall in As Argentines we have lived for undertake investigation of these just surprised Mr Mackintosh said it The Exchange
boost of popular support after a long the euro and the drop in the oil price many years under cruel military beneficial owners granted by the before Lombard did. Yukon Huang weighs into the debate about
period in the doldrums. At the end of are all likely to help boost French eco- dictatorships — many of them overseas territories to the Internal Brian China the future of Chinese GDP growth
last year, he had the lowest ratings of nomic growth. The Bank of France yes- supported by foreign powers — and we Revenue Service and HM Revenue & Leicester, UK blogs.ft.com/the-exchange
any president of the French fifth repub- terday acknowledged this more
lic, as voters railed against weak eco- favourable climate, revising up its fore-
nomic growth, high unemployment cast for first-quarter GDP growth from
and Mr Hollande’s vacillating leader-
ship. His commanding response to the
0.1 per cent to 0.4 per cent.
The critical test for Mr Hollande’s A comedy roast It seems that even innocuous acts will
prompt someone somewhere in India
groups, prompting investigation
threats by politicians and the police.
The biting observational humour
common in Britain and America was
Paris massacres gave him a sudden
surge in the polls. But he cannot take
presidency, however, is whether he can
consolidate his economic reform pro- sparks an Indian to take offence. But rarely has the
country shown a sense of humour
The tabloid-friendly mix of
celebrity and profanity dominated
relatively rare until a branch of
London’s Comedy Store opened
this for granted. It will only be sus-
tained if he presses home the economic
reform programme that France
gramme. After leaning too far to the
left in his first year in office, he is now
giving full rein to his administration’s
firestorm failure as comprehensive as its recent
response to one bawdy foreign import:
a “roast” delivered by a group of
local papers for days. Eventually, AIB
buckled. “To everyone who’s called us
seditious pornographers while
in a ritzy mall in Mumbai back in
2010.
Having at first planned to fly in
urgently needs. principal modernisers: Prime Minister stand-up comics in Mumbai. plotting the downfall of Indian Values famous foreign comics, the venue
The upturn in Mr Hollande’s for- Manuel Valls and Emmanuel Macron, “In our own juvenile, idiotic way, we And Civilization As We Know It, we realised Indian audiences preferred
tunes can be seen in the unexpected the economy minister. The govern- wanted to push the envelope of would like to reiterate that we are just local jokes and nurtured a new
victory for his Socialist party in a par- ment has cut the French budget and comedy in this country. But then the a bunch of comedians,” the group generation of aspirant domestic
liamentary by-election in eastern lifted some of the onerous tax burden envelope pushed back,” the wrote in last week’s letter, justifying performers. “It was this amazing
France at the weekend. True, this was a on business. Next month, it is almost comedians wrote in an open letter last the decision to yank the video from its space, the first place you could do that
bittersweet result when set against the certain to implement a deregulation week, belatedly trying to defuse the YouTube channel. “Unfunny, crass or kind of comedy,” says Anuvab Pal, a
powerful showing by the far right bill that will reduce red tape in a wide scandal over their performance at a whatever you want to call them, successful stand-up who started out at
National Front which took 49 per cent range of areas such as Sunday trading. celebrity-packed charity gathering in they’re still just jokes.” the venue. “All of the AIB guys met
of the vote. Marine Le Pen’s anti-immi- But Mr Hollande could do more. December, when they mocked Jokes or not, it is tempting to view there; it was like a dating agency and
grant populism is a growing threat to There remain large areas of the French Bollywood stars Arjun Kapoor and the resulting outrage as part of a wider finishing school for us.”
the mainstream parties. Still, the win in economy that need reform, most nota- Ranveer Singh. tussle between Indian umbrage and Groups such as AIB took off,
the Doubs constituency is the first for
the French socialists in any by-election
bly the labour market. The govern-
ment should liberalise the country’s Mumbai The roast genre, in which a public
figure is ridiculed as their friends
free expression. AIB’s scandal reached
its zenith in the week that a musician
developing a style of comedy that was
at once coarse and provocative. Yet
since Mr Hollande entered the Elysée
Palace in 2012.
labour code so that companies can take
on more than 50 employees without Notebook watch, is popular in America. But the
format was largely unknown in India
was forced to bleep out the word
“Bombay” from another YouTube
while their jokes found favour among
the relatively small English-speaking
Mr Hollande’s adroit response to the being burdened by a lot of extra regula- until the four-man All India Bakchod video, for fear of offending groups who urban elite, they proved combustible
Paris massacres is the main reason why tions. It should also decentralise wage by James Crabtree troupe — the final word being a Hindi favour the city’s formal name of when mixed with the elixir of
some French voters may be taking a bargaining. Without such changes, Mr expletive, politely translated as Mumbai. Similar spats have bubbled Bollywood and let loose on a wider
second look at him. At a traumatic Hollande has little chance of seriously “moron” — adopted it, and then up of late, over everything from public online.
moment for France, he kept his cool, cutting France’s unemployment rate — uploaded highlights to YouTube last explicit Tamil literature to kissing in “There is still this huge divide
demonstrating the dignity and deter- a condition he has set for himself if he is month. Their clip showed “India’s public. Anxious liberals, whether between the India that comes to a
mination the French expect from their to stand again as president in 2017. edgiest comedy collective” attacking fairly or not, fear such episodes are comedy club in Mumbai and the
head of state. He often seems to find When France approaches that elec- its quarry in crudely scatological evidence of a newly censorious public mainstream of the country outside,”
national security challenges easier to tion, the central question will be terms. Aspersions were cast, too, on culture, linked to the election last year says Mr Pal. “If the roast had been
handle than economic ones. While he whether the nation’s mainstream par- the sexuality of a well-known male of Hindu nationalist prime minister contained in that auditorium it would
may play second fiddle to Angela Mer- ties can see off the assault by Ms Le Pen. director, alongside unsubtle hints Narendra Modi. have been just fine, but when you
kel in the diplomacy over Ukraine, Mr The centre-right UMP, led once again about assignations involving Yet the scandal tells a more specific send it out to 8m people on YouTube,
Hollande has a seat on the stage — more by Nicolas Sarkozy, appears to be over- Bollywood starlets who happened to story, too, about the relatively recent you’ll clash with that mainstream
than can be said for Britain’s David come by infighting — as its poor show- be in the auditorium. arrival of western-style stand-up India . . . and we still don’t seem to
Cameron. ing in the recent by-election confirms. All concerned seemed to take their comedy. India has a rich comic know how to deal with that, let alone
What may also play in his favour in Mr Hollande, by contrast, has been ribbing in good part, but as the hit tradition, albeit one that tends to laugh about it.”
the months ahead is a more benign out- given an unexpected chance to sharpen count raced towards 8m, obscenity towards gentle slapstick or mimicry
look for the French economy. The his profile as a consistent advocate of complaints tumbled in from religious in mainstream film and television. james.crabtree@ft.com
recent launch of quantitative easing by reform. He needs to make full use of it.
Tuesday 10 February 2015 ★★★ FINANCIAL TIMES 11

Comment
Greece risks repeating the mistakes of Little Britain The unedifying
hood may sound noble. The trouble is, that fits German policy-making princi- part. But Italy and Portugal might, and altering the fiscal pact to separate capi-
spectacle
OPINION
Bill
such nobility is for losers.
To stand as little Greece against the
ples: as new rules that can persist and
help Europe prosper.
such a principle could provide the euro-
zone with a strong tool to ensure future
tal investment from current spending;
and a new single-market drive, deepen- of politics
Emmott
other 18 eurozone members, or as little
Britain against 27 EU members, is a
potentially fatal mistake. Neither is in a
In Greece’s immediate case, that
means making its debt-swapping pro-
posal more widely applicable than just
crises are dealt with in the right way.
And in Greece? Well, liberalising
reforms are a tough sell there, but if Mr
ing market integration for goods and
extending it to services and the digital
economy.
Down Under
strong enough position to bully or black- to itself. Tsipras means what he says about tack- Funnily enough, much of this ought

T
he proposal for “debt-swap- mail the others. And such unilateral Neither Germany, Finland nor the ling Greece’s “oligarchs”, the rich also to appeal to Mr Cameron. What he
ping” floated by Yanis Var- brinkmanship is likely to make it harder Netherlands will be able to accept a quasi-monopolists who dominate the needs if he is to be able as prime
oufakis, Greece’s finance for Germany and others to make the debt-relief policy simply based on the Greek economy while avoiding paying minister to recommend a “yes” vote OPINION
minister, is both ingenious deals that Greece and Britain need. notion that Greeks are angry and cannot in an EU referendum in 2017 are three
and constructive. But what- Clearly, given the promises about debt take it any more. things: to show that the EU can solve Michael
ever its merits — and as always in finan- relief he made during Greece’s election Mr Tsipras’s friends in Podemos, Both premiers need to problems and revive its economy; Fullilove
cial transactions, the devil will be in the campaign, Mr Tsipras needs to achieve Spain’s leftwing insurgent party, might to show that a single market in services
details — by putting it forward in this results, which is the same feeling Mr like such a stance but the Spanish gov- frame their demands so is at last being created; and to show

E
way Greece is making what can be Cameron has had on the topic of EU ernment is likely to reject it. that reforms stand to that countries that choose to stay out of ven for a politician used to
termed The British Mistake. Just as for immigration, given that the hounds of This will not be easy but Mr Varou- the euro cannot be discriminated knife-edge contests it was a
David Cameron, Britain’s prime minis- the UK Independence party and the fakis sounds quite an ingenious econo- benefit other countries too against. close-run thing. Barely 17
ter, there is still time for Alexis Tsipras, eurosceptic rats in his own Conservative mist. He should draft a principle under This package could give him two of months after his election as
Greece’s triumphant leader, to remedy party are thirsty for his blood. But for which sovereign debt above some high their taxes, this would be the best way those three. So here is an idea: given that Australian prime minister
this error. both men, and their countries, placing a percentage of gross domestic product to do it. Mr Varoufakis flattered Britain by float- Tony Abbott faced the indignity on
The error arises from the instincts of single large bet on a bilateral negotiation could be swapped into bonds tied to It would be best, both politically and ing his debt-swap idea on a visit to Lon- Monday of a party vote of confidence
national politics. These incline Mr would be tantamount to planning for nominal economic growth — on condi- for the future health of Europe, if this don, Mr Cameron could try proposing that saw 40 per cent of his colleagues
Tsipras and Mr Cameron to fight alone defeat and life outside the EU. tion of making an agreed programme of were made part of a wider package, one this wider package — both for his own vote against him — even though there
as proud and plucky countries. Greece In order to achieve their goals, Mr liberalising reforms. Then, he might that boosts economic growth and cre- good and to show that he can, after all, was no declared challenger. If a dozen
claims it is a special victim of German Tsipras and Mr Cameron need to frame even find an ally in Wolfgang Schäuble, ates jobs while binding the EU closer be a constructive European. MPs in his centre-right Liberal party
“subjection” and is battling for a better their demands so that reforms stand to Germany’s finance minister. together. In addition to the debt swap, had voted the other way, the one time
deal from the EU. Britain is fighting benefit more countries than just Greece Would that be saleable? Neither Ire- that could involve a beefed-up pro- The writer, a former editor of The Econo- student boxer would now be moving his
against the throttling red tape of Brus- and Britain — ideally, even Germany. land nor Spain, which have already gramme of publicly financed invest- mist, is producer of ‘The Great European belongings out of the prime minister’s
sels busybodies. Isolation and victim- And they need to frame them in a way made such reforms, would want to take ment, across the EU, made possible by Disaster Movie’, to be broadcast by BBC4 residence on Sydney Harbour.
While Mr Abbott now gets to fight
another day, Australians have been left
wondering whether this week’s events
are further proof of a crisis in the coun-

China’s strange
try’s politics. Australian politicians
seem more skilled at opposing and criti-
cising than they are at governing.
Part of the explanation for Mr
Abbott’s transition from exceptional
opposition leader to beleaguered prime

fear of a colour
minister lies in his own political frailties.
He has struggled as prime minister. As
one Liberal MP, in a reference to Win-
ston Churchill or perhaps the Godfa-
ther, put it, Mr Abbott had been “a great

revolution
wartime leader” but the government
now needs “a great peacetime leader”.
Mr Abbott’s management of the
domestic political agenda has been
unimpressive. Important budget meas-
ures have failed to pass the parliament.
Policies on health, education and paren-
tal leave remain unresolved. And having
much more directly. Human rights last year reintroduced Australian
FOREIGN AFFAIRS organisations say that hundreds of knighthoods and damehoods, Mr
activists have been detained over the Abbott attracted ridicule this year by
Gideon past year. Foreign non-governmental
Rachman organisations are also under intensified
scrutiny and pressure.
This crackdown points to a surprising
Abbott is a victim of —
sense of insecurity in China’s ruling cir- as well as a contributor
cles. Events in the outside world have to — the country’s

C
hina’s education minister made the government increasingly anx-
has just issued an edict to ious about the threat of a “colour revolu- dysfunctional politics
the country’s universities tion” that would challenge the Commu-
that sounds like something nist party’s grip on power. That links to net to NGOs. In April, months before the damping down the protests in Hong omy has something to do with the chill- bestowing one on Prince Philip. (Pity
from the heyday of Maoism. anxiety about the internal stability of protests in Hong Kong broke out, Wang Kong. But some in Beijing claim to see a ing effect that the anti-corruption cam- the duke who needs a knighthood.) All
“Never let textbooks promoting west- China, at a time when the economy is Jisi, a prominent Chinese academic, sinister pattern of western meddling — paign has had on business deals. this has crowded out the news of a
ern values enter our classes,” thundered slowing and President Xi Jinping’s anti- wrote that the main concern of Beijing’s stretching from the Arab world to It may be that Mr Xi is so perfectly in healthy economy and a good record on
Yuan Guiren. “Any views that attack or corruption campaign is creating discon- leaders in dealing with America is Ukraine, Cuba, Venezuela and now control of the political system that he foreign policy.
defame the leadership of the party or tent among the ruling elite. “alleged US schemes to subvert the Chi- Hong Kong. can afford to take on powerful interest But there is also something more fun-
socialism must never be allowed.” The wave of revolutions in the Arab nese government and to penetrate polit- What is more, all this international groups. But well-connected people in damental at work. Mr Abbott is a victim
As a visitor to Beijing last week, it world stirred deep anxieties in the Chi- ically and ideologically into Chinese disorder is coming at a time of height- Beijing now speculate openly about the of — as well as a contributor to — Aus-
struck me that it is rather late in the day nese Communist party about popular society”. ened political tension within China. Mr possibility of an attempt to remove the tralia’s dysfunctional politics. In the past
to crack down on western influence. risings against undemocratic govern- The Hong Kong protests, which broke Xi’s trademark domestic political initia- president. Some note that previous eight years, the country has had five
The Chinese capital is the home to every ments — and the chaos they can out in September, seemed to confirm tive is his anti-corruption campaign. bouts of popular unrest in China, for prime ministers. With each leadership
western brand you can think of — from unleash. The role of western institutions Beijing’s deepest fears. Viewed from This has gone on longer and struck example in 1989, coincided with divi- change, government policies have
Lamborghini to Hooters. In the cafés and technology in stoking these revolts China, they looked dangerously like the deeper than many expected. sions at the top of the Communist party. lurched from one pole to another. Few
near Beijing’s university campuses, Chi- was noted in Beijing. The fact that the arrival of the techniques of the colour The anti-corruption drive is said to be Yet, in many ways, China has never reforms have been enacted; and most of
nese students gossip and surf the inter- Egyptian uprising of 2011 was labelled revolution within China’s own borders: popular among ordinary Chinese. But it looked stronger. A few months ago, the those that were have subsequently been
net, much like their western counter- the “Facebook revolution” and that one the sit-down protests, the students, the is threatening powerful interests. In the International Monetary Fund torn down. Meanwhile, populist minor
parts. Yet apparent familiarity can be of its most prominent early activists was foreign television crews, the use of social past couple of months, the government announced that China is the world’s parties have brought something of a cir-
deceptive. Logging in from my hotel, I a Google executive helped to seal the media and the emergence of a catchy has formally charged Zhou Yongkang, largest economy, measured by purchas- cus feel to the national debate.
was naively surprised to run straight fate of those two companies in China. brand name, the “umbrella movement”. the former head of China’s internal ing power. Foreign leaders are queueing The result is a culture of internal
into the great firewall of China that Over the past year, Chinese official The Chinese government succeeded in security police and announced an inves- up for audiences with Mr Xi, usually in coups and one-term governments at
blocks access to Google, Twitter and paranoia about the threat of a colour tigation into Ling Jihua, who was the the hope of attracting Chinese invest- both state and federal levels. Mr Abbott
many other sites. revolution has been stoked by events in senior aide to Hu Jintao, Mr Xi’s prede- ment. Viewed from the outside world, — a relentless opposition leader — is now
In recent months, the great firewall
has been raised higher amid a crack-
Ukraine and, above all, Hong Kong.
China seems to have sincerely
Beijing seems to share the cessor. There is also said to be discon-
tent in the massed ranks of party offi-
the apparent anxiety of China’s political
leaders looks excessive, even paranoid.
reaping what he sowed.
It was not always this way. Between
down on western influence that has embraced the Russian view of the upris- Russian view that the cials, many of whom have got used to But, as the famous (western) saying 1983 and 2007 Australia enjoyed a quar-
affected universities, bloggers and tele- ing in Ukraine, namely that it was essen- uprising in Ukraine was supplementing their relatively meagre goes: “Only the paranoid survive.” ter-century of stable, effective govern-
vision schedules. People directly tially organised by the Americans, using official salaries with bribes. Some even ment. Labor administrations under Bob
involved in liberal politics have suffered all their nefarious tools, from the inter- organised by America argue that the slowing of China’s econ- gideon.rachman@ft.com Hawke in the 1980s and his successor
Paul Keating in the 1990s remade the
economy, developed innovative social
policy and managed to win five elec-
tions at a time when conservative politi-

From Acapulco to Zurich, witness the perils of global banking cal parties governed most of the devel-
oped world. A stream of social demo-
crats — including a young Tony Blair
and Gordon Brown — made the pilgrim-
age to Canberra to look and learn.
problems, as we discovered in 2012, to head office’s minimum standards of other way as they strive to meet targets. and outgoing chairman Stephen Green The coalition government of John
OPINION over drug dealers thought to have behaviour is an immense management As Jack Welch, the former General Elec- was ennobled, while the company qui- Howard (1996-2007) ran up four elec-
washed illegal proceeds through its challenge. It requires the right tone tric chief and sometime high priest of etly flourished on the back of drug tion victories. Tory leaders William
Philip Mexican business and shadowy figures from the top, rigorous enforcement and shareholder value, told the Financial money and aggressive tax avoidance. Hague and David Cameron were admir-
Augar who used the bank to circumvent US the right behavioural drivers, such as Times in 2009: “Shareholder value is a History may come to reassess the bat- ers of Mr Howard’s deft political man-
rules to prevent dealings with Iran and appropriate reward structures. result not a strategy.” Banks could do ting order of these and other leaders. agement and his record of capable eco-
North Korea. HSBC paid a $1.9bn fine to Even if you have put all this in place — worse than to put that on their T-shirts. There is one potentially important nomic stewardship. Australians will

I
t was the summer of 2007 and I US authorities to settle these matters. which HSBC says it has — it is such a The HSBC case also raises the ques- side effect of the latest scandal: the now watch closely to see whether Mr
wanted to open a bank account. HSBC’s travails from Acapulco to hard feat that investors will continue to tion of how we judge the recently involvement of HSBC’s Swiss private Abbott can emulate his mentor Mr
Passport and utility bill in hand, I Zurich are a microcosm of the banking price in the risk of regulatory sanctions departed generation of UK bank chiefs. bank in aiding and abetting what seems Howard and pick up his game.
went to my local HSBC branch. The industry’s problems. Hot topics such as Few left with plaudits but developing to have amounted, at the least, to But the larger questions relate to Aus-
staff scrutinised both items care- governance, the universal banking events change how we evaluate them. aggressive tax avoidance will keep these tralia’s future, not that of Mr Abbott. As
fully, fixed me in the eye and declared
that the utility bill was out of date.
model, investor behaviour, shareholder
value, management culpability and the
Business customs and Compare, for example, the reputation
of Bob Diamond — Barclays chief during
issues high on the political agenda.
There are signs the balance between
global wealth and power shift in our
direction, can our political leaders get
I glared back at them, argued in vain emergence of tax as a political battle- cultures vary, a point the period in question and long the legitimate tax avoidance (as a duty to their act together to deal with an
and returned an hour later with a new ground are contained in HSBC’s Swiss HSBC used to make in industry’s whipping boy — with HSBC’s shareholders) and paying a fair tax bill increasingly challenging neighbour-
bill and a sneaking admiration for a and American misadventures. senior management of the day. The (as a duty to society) is tipping towards hood? How can we make Australian pol-
bank that appeared to take the “know Governance within universal banking its advertising former, for all Barclays’ faults, built the the latter. In the UK, the Labour opposi- itics a robust battle of ideas, rather than
your customer” regulations seriously. is the central problem. HSBC says it is a UK’s only globally credible investment tion is likely to make sure this remains a a dispiriting conflict of personalities?
Little did I know what was happening different organisation now, and it cer- when they evaluate universal banks. bank and kept Barclays out of state own- lively topic ahead of the general election Politics is usually about the future.
in other parts of HSBC. According to tainly was not the only one involved in This is ironic, since the pressure to cut ership in the financial crisis. Despite in May. US President Barack Obama’s But the goal here should be to go back in
reports by The Guardian, BBC and other such matters — but these geographically corners comes from investors them- these achievements, he had his collar 2016 budget plan to tax offshore profits time — to a period when our public life
media outlets, when I was trudging diverse incidents illustrate the prob- selves. Maximum danger arises when felt by the Bank of England when Bar- is also dividing along party lines. was serious, and our country was an
home to find a more recent gas bill, cli- lems of managing a global bank. Busi- top management is under pressure from clays paid $450m to UK and US authori- We may yet hear more about Switzer- object of respect and admiration from
ents of HSBC’s Swiss bank were enjoying ness customs and cultures vary, a point shareholders to increase profits and div- ties after it admitted to having manipu- land and its banking laws before these international observers, rather than a
more accommodating treatment. HSBC used to make in its advertising. idends. These are the times when the lated the Libor interest rate benchmark. debates are settled. curious spectacle.
Blatant tax dodgers were seemingly Bringing staff together from diverse wrong message can easily be passed At the time, meanwhile, HSBC’s chiefs
accepted as clients without question. backgrounds to serve the needs of local down the reporting line, leading to cor- were widely praised for navigating the The author is a non-executive at TSB but The writer is the executive director of the
There were also serious compliance markets while simultaneously adhering ners being cut and managers looking the banking crisis. They accepted plaudits, writes in a personal capacity Lowy Institute in Sydney
12 ★ FINANCIAL TIMES Tuesday 10 February 2015

BUSINESS LIFE

Take note:
‘
In 1986, Tom Stemberg opened the first and others launched at a point when the discounters. James Ward, author of
Staples superstore in Massachusetts. the cost of office machines was starting an offbeat history, Adventures in The fit executive
seven lessons in Stationery retailers have not stood still
since. By 1990, Mr Stemberg’s
to fall. Sales of computer and printer
equipment provided a solid foundation
Stationery, says devices “change the
meaning of stationery” as the lightbulb
Genetic testing aids screening
strategy from disruptive bright idea had spawned
dozens of lookalike office supply
warehouses. “When people asked how
for growth, underpinning the discounts
on pens, paper and notepads and other
bulk supplies. It soon became clear,
changed the meaning of candlelight:
“The flaws in a technology, once it gets
replaced, become its charm.”
efforts against breast cancer
Staples’ desk it felt to be the father of the industry,
my answer was ‘I wish I’d used a
however, that . . .
3 . . . in retail, your biggest
Its $6bn
Office
3 The category killer is not dead.
Staples is closing stores and will go on
CHARLES WALLACE

condom’,” Mr Stemberg tells me. competitor is the internet. Two years doing so. But the office supply group,
Consolidation followed, but in 1997, ago, when it approved a merger Depot deal which would have more than 4,000
regulators blocked Staples’ bid for between Office Depot and OfficeMax, shows how outlets if this final consolidation goes
Office Depot. Last week, Office Depot number three in the market, the FTC ahead, also operates a vast ecommerce
again agreed to be bought by Staples, conceded that customers now “look dominance site and has large contracts with
for $6bn. Antitrust approval is not a beyond” superstores. In fact, if the cannot be corporate and government clients (the
given, but what the US Federal Trade commissioners had glanced up in 1997, likely focus of any FTC attention).
Commission deemed a potentially they would have seen Amazon, which taken for 3 Size still counts. Mr Stemberg, now
dominant position 18 years ago now went public that year, on the horizon. granted a partner with the Highland Consumer

’
looks more like a defensive necessity. At the time, Staples rightly argued the Fund, is a director of pet product
So is that it for the category-killing, internet would increase price retailer Petsmart (1,400 stores), which
big-box retail trend of which Staples transparency. But it was still early days: is about to be taken over by private
was part? Almost certainly not. The the commission concentrated instead equity, and CarMax, the chain of 140 One of the most important panel suggested that for
industry can still teach others a few on the deal’s impact on the fraction of used-car superstores. He points to health decisions a woman every 10,000 women
lessons about strategy — and they are the market served by superstores. Total Wine & More, with over 100 wine can make is when and how screened, 43 deaths from
not all gloomy. 3 But do not ignore your offline hypermarkets across the US, as often to be screened for breast cancer would be
3Do not count on staying dominant. competitors. Big suppliers proved another example of the category-killer breast cancer. Cancer averted but 129 cases would
As Rita Gunther McGrath noted in her susceptible to death by a thousand model still hard at work. Research UK underlined the be “overdiagnosed”.
book The End of Competitive Advantage, paper-cuts on main street and in malls, In its combination of frenzied dangers with a report last Overdiagnosis refers to
with few exceptions, “stability, not as the likes of Costco, the retail club, investment and copycat ideas, US retail week that said one in eight finding slow-growing
change, is the state that is most Target and Walmart’s supermarkets in the late 1980s looks a bit like the women in the UK will cancers that will never
dangerous in highly dynamic and Walgreens’ pharmacies extended dotcoms a decade later. But, as Staples’ develop breast cancer in become fatal, but because
competitive environments”. their stationery departments. founder says, “a lot of great companies their lifetime and it is the they are hard to distinguish
Mr Stemberg and others fired the 3 Dominance opens a (small) space came out of that era”. Some survived second-largest cause of from more aggressive
staple-gun that launched a new era, in for specialists. Tablets and many years. A few are still going. cancer-related deaths varieties, they are treated
which the half-life of dominant smartphones may have cut bulk orders Before consigning their strategies to a among women. with unnecessary surgery
Andrew Hill companies has shortened dramatically. of printer ink and paper, and offered $6.79 Staples trash can, remember that The main method of and chemotherapy.
A strategy that had served stationers consumers alternatives to pad, pen and few entrepreneurs in any industry — screening women for breast Two developments are
Onmanagement and their customers well for centuries
withered in 1986, but Staples’ approach
pencil. But specialist stationers are
starting to fill a niche for retail
let alone veterans of the dotcom bubble
— will be able to make that boast.
cancer is an X-ray — a
mammogram. The UK’s
cause for optimism. One is
that treatments have vastly
barely survived 10 years before it too customers with bespoke, high-end or National Health Service improved, significantly
was under attack. quirky ranges of the same paper-clips, andrew.hill@ft.com invites women for a extending the lives of many
3 Stay competitive on price. Staples ballpoint pens and notebooks sold by Twitter: @andrewtghill mammogram every three women who develop breast
years between the age of 47 cancer. Another is the
and 73 in England, and growing use of genetic
between 50 and 70 testing to help determine
elsewhere in the UK. which women are most
In the US, the American vulnerable to the cancer and
Cancer Society urges to draw up treatment plans.
women to get mammograms Tests have been
every year from the age of developed for at least four
40. Richard Wender, chief genes, BRCA1, BRCA2, TP53
cancer control officer of the and PTEN, that can contain
Once a hobby for coders, ACS, told me this was
because of studies showing
mutations that increase the
risk of cancer. While not all
hackathons are being used that annual mammograms cancer is genetic in origin,
to inject dynamism and led to women having “30 per
cent less likelihood of being
for women with the BRCA1
mutation, the chance they
urgency into businesses, diagnosed with aggressive will develop breast cancer in
writes Richard Newton breast cancer, especially at a
young age”. The ACS
their lifetime is between 60
and 90 per cent, according
regularly re-evaluates the to the NHS. In 2013 actress

S
omething was missing from testing interval in light of Angelina Jolie revealed she
t h e B r i t i s h A i r w ays new research. had undergone a double
“ungrounded” hackathon last There was controversy mastectomy because she
month: hackers. last year when the British had the BRCA1 gene variant.
“Well, a hackathon doesn’t Medical Journal published At the moment, women
have to be about code,” says Hamish the results of a 25-year must show there is a history
McVey, BA’s head of brand engagement. Canadian study that found of breast cancer in their
“It’s more about the attitude to get mammograms did not close family in order to get
things done, about making ideas real reduce deaths from breast genetic tests performed. But
and getting them in the hands of cus- cancer more than a regular Mary-Claire King, the doctor
tomers.” physical examination. But who discovered the BRCA1
So 20 writers, designers, entrepre- that study was considered gene mutation’s link to
neurs and programmers gathered at by many experts to be an cancer, recently called in the
Ravensbourne, a digital media college outlier and another Journal of the American
perched beside that one time icon of conducted in Norway found Medical Association for
futuristic creativity, the O2 Arena. Here, that mammograms every expansion of genetic
they were asked to find ways to enhance two years for women from screening to all women.
the part of a flight that tends to score 50-69 reduced deaths from My mother died of breast
lowest for customer enjoyment: arrival. breast cancer by cancer, aged 42. Because
This being a hackathon the objective approximately 28 per cent men can be carriers of these
wasn’t just ideas. The airline sought pro- compared with those who gene mutations, I have
totype solutions within three days. did not get mammograms. urged my daughter to be

The hackathon enters the

Hackathons have come a long way Mammograms are not genetically screened for this
since they were the preserve of people without downsides: a study insidious illness.
fluent in Python, Java, C# or other pro- published in 2012 in the
gramming languages that perplex the Lancet by an independent fitexecutive@ft.com
untrained. That BA could be running an

corporate mainstream
almost hacker-free hackathon shows
how far the format has evolved and gone Great place to meet
mainstream since it was born in 1999.
Back then, 10 programmers from
around the world gathered in Calgary, Concept 13, Warsaw
Alberta, to work on a little known oper-
ating system called OpenBSD. Now,
hackathons are held every week in Lon- Old school: The speed of innovation — solutions ment that the prototypes had to be soft- the sensors detected that a car was get-
don, New York, San Francisco and coders at a imagined; prototypes built, presented ware-led. The only restriction was the ting too close.
beyond. Dropbox and made testable within days — is cor- ticking of the clock. As McVey says: Far from being possessive over this
Typically, scores of participants come hackathon in porate catnip. “The timetable provides a lot of focus.” model for creativity and innovation, the
for a weekend of playful yet competitive Shoreditch, east Another part of the attraction, as BA’s That same focus on immediate results developer community seems to wel-
coding, armed with a laptop and an London — Mr McVey makes clear, is that it is a brief has also prompted the design consul- come the advance of the hackathon into
appetite for a challenge. event that need not disrupt normal tancy, Ideo, to produce its own version the business mainstream.
Once the goal and constraints of the business. In this way the aspects of of the hackathon: The Make-a-thon. “Initially there was a particular form,
hack have been explained by the organ- start-up culture — urgency, innovation, “The starting point was an internal the technical hackathon,” says Rob
isers, the individual participants coa- speed and a sense of mission — become conversation about wanting to make Spectre, who leads the developer net-
lesce into small groups. Each team bite-sized and manageable. things more tangible,” says Steve O’Con- work at Twilio, a web communications Where Warsaw WiFi Yes
develops its own take on the mission “The most valuable part of this sort of nor, Ideo’s executive digital design company that attributes its success to its
and then sets about fulfilling it for a exercise,” says Mr McVey, “is less about director. He says conversations about relationship with developers world- Plug sockets No Price of an espresso 8 zloty ($1.40)
presentation 24 to 48 hours later. innovation and more about doing.” Big business plans can become abstract and wide. Open 11am-11pm (Sun 6pm) Privacy points: AEEEE
When hackathons involve developers companies often believe that a product time-consuming, but “when you have a Twilio runs, sponsors and attends
from outside the company, as with the should be perfect before it is put in front prototype the whole design process gets hackathons all over the US and Europe.
BA event, the hackers own their ideas; of customers. “But we looked at the accelerated. The question we asked our- “But now it’s been deconstructed and Decent business restaurants shopping centre, its diners
products developed at in-house com- speed that start-ups were innovating selves was, how do you talk less, do put together again with the realisation in Warsaw used to be as rare are a mix of the winners
pany events are the property of those and getting new products and services more?” that any creative discipline can take as hens’ teeth. Today, in from Poland’s capitalist
companies. in front of customers and see no reason The Make-a-thon brought together advantage of the ethos. For the next few Poland’s cosmopolitan, rebirth. Immaculately
As BA’s challenge got under way, what why we couldn’t do the same.” 60 people of whom a minority were years you are going to see wild experi- globalised and confident coiffured socialites chatter
might now be termed a traditional hack- The BA event was held over three from Ideo. Only 48 hours after students, mentation,” he says. capital, they seem to be among suited business
athon was starting in nearby days. The first day ended with each designers and other assorted guests had When hackathons started, they were hatching all over the place. people and a smattering of
Shoreditch, east London. Dropbox, the team presenting its best ideas to the filed through the doors these strangers all about code. Today, there is a growing Take out the tables and diplomats.
online storage company, was celebrat- combined group and the two subse- had produced a wide range of working recognition that it is the format and the Concept 13 could be an art The floor-to-ceiling
ing the opening of its London office with quent days were devoted to making test- prototypes. One of the notable ones was rules, not the software, that makes gallery. It is all designer windows on three sides
a more tried and tested formula. able prototypes. There was no require- a rear bicycle light that frowned when hackathons special. furniture, sleek wooden create a bright atmosphere,
Inside a Shoreditch warehouse 150 Jon Bradford, London managing floors and clean lines. even on overcast
developers formed 30 teams whose director of Techstars, a start-up acceler- Thankfully, it also gets the afternoons, and provide
challenge was to make the most innova- 3 “Hack” was a slang word used by 3 An internal Dropbox hackathon ator, says the essence of the hackathon restaurant basics right. The impressive panoramas of
tive and useful “hack” or solution that in Highlights students at the Massachusetts Institute generated the important ability for a is not the code but “three things: the col- food is excellent, blending the city centre.
some way utilised Dropbox’s services. of Technology to describe elaborate user to hold two online storage lision of fresh thinking, a shared sense of staple Polish ingredients To the east is a view of an
The winner was a mobile blogging pranks undertaken for the sheer pleasure accounts on a single device. purpose and thirdly, that key driver of with smart, not overly smug imposing white building
tool that used the online storage com- of it. creativity, constraint”. techniques. opened in 1952 as the
pany’s service to store and sync text and Hackathon 3 In 2013 British Airways organised a Now that the hackathon itself has At 55 zloty (£10), its five- headquarters of Poland’s
images. Details of the victor in the BA decoded 3 The word “hacker” was first coined by spectacular “ungrounded” hackathon been hacked the format may become a course lunch menu is also ruling Communist party.
event were not disclosed by the com- and for the members of the MIT Tech on a flight from San Francisco to ubiquitous business tool. superb value. Expect After the fall of the Berlin
pany, however. Model Railroad Club whose desire to London. “The model is taking creative people something along the lines of Wall it was refitted to house
The simple hackathon law of “no pro- understand how things worked and and putting them in a crucible and chal- fresh salmon, roast duck the Warsaw Stock Exchange.
totype, no score” promotes doing over improve them led from electronic circuitry 3 In 2014, Slash, the Guns N’ Roses lenging them to build something con- and, of course, a hearty There’s some food for
talking, which is why this niche week- (used in model railways) to computers. lead guitarist, invited hackers to enter crete in a finite space of time and this is soup. thought.
end pastime, a sort of Fight Club meets a 24-hour competition to develop new very, very valuable,” says Twilio’s Mr Perched atop Warsaw’s
computer club, is being appropriated by 3 At an internal Facebook hackathon the ways to promote his forthcoming Spectre. “The only thing we can expect most exclusive luxury Henry Foy
big business. ubiquitous “like” button was invented. album. It was called a Slashathon. is the unexpected.”
Tuesday 10 February 2015 ★ FINANCIAL TIMES 13

ARTS

ENO finds DA N C E

The Associates: Crystal Pite/

the funny side Kate Prince/Hofesh Shechter

Sadler’s Wells, London

of Wagner
Louise Levene

“Mixed” was definitely the word for the

triple bill of works by three of Sadler’s
Wells’s associate artists. The gulf in qual-
ity between offerings from Crystal Pite,
OPERA Kate Prince and Hofesh Shechter was
enough to trigger an attack of the bends.
The Mastersingers of Nuremberg Pite’s epic 60-man Polaris was easily
Coliseum, London the star of last summer’s Thomas Adès
aaaaa evening — an instant modern classic —
and the Canadian choreographer scores
Richard Fairman again with A Picture of You Falling, in
which she reworks a duet from a longer
In the early years after English National work originally made for Nederlands
Opera moved to the Coliseum, it was Dans Theater in 2007.
Wagner’s operas that sealed the com- Two dancers, Peter Chu and Anne Pla-
pany’s reputation. Now, as ENO faces mondon, emerge from the dark in
what is arguably the most serious threat response to a female voice that forces
to its existence, it is Wagner again who them to revisit a mysterious turning
comes along toliftthespirits. point in their shared past. Pite’s multi-
Richard Jones’s production of The Mas- faceted movement language is a dazzling
tersingers of Nuremberg started life in Car- mosaic of influences and inspiration. It
diff five years ago but is new to London, Heartwarming: but way out in front is Andrew Shore’s performance this Barbican concert highly original instrumentation. But put the rest of the programme’s facile,
and now sung in English. Offbeat as ever, from left, Rachel totally brilliant, delightfully fussy failed to gel. The opening offering by the end result didn’t quite engage the half-baked material to shame. aaaaa
Jones has cast a wry smile over Wagner’s Nicholls, Iain Beckmesser. His portrait of this small- Mauricio Kagel left us battered, reeling gut. Études-Tableaux is easier to appre- The bad news is that both Prince and
nostalgic (but very self-aware) recrea- Paterson and minded pedant of the bourgeoisie is as and unprepared for the dreamy world ciate than it is to love. Shechter are planning to expand their
tionof medievalNuremberg. Gwyn Hughes. detailedasafineDürerwoodcut. of the Strauss songs. The Schumann felt The rest of the programme lurched pieces into full-blown trilogies. Prince’s
The production works on many levels, Below right: Conductor Edward Gardner skilfully as though it had been chucked in for between genuine enthusiasm and per- winsome and lightweight Smile is con-
but its most heartwarming achievement Tommy Franzen blends grandeur, emotion and warm- good measure. As for Ryan Wiggles- functory professionalism. The former ceived as an exploration of Charlie Chap-
is the way it brings every citizen in this in ‘Smile’ at hearted humour, and allows the music to worth’s new Études-Tableaux, which won out in Kagel’s Three Études, where lin’s unhappy clown persona danced to
community to life, from the hidebound Sadler’s Wells bloom in the Coliseum’s perfect Wagner should have been the centrepiece, orchestration, melody and harmony sampled versions of the title ballad.
Mastersingers muttering the ancient Catherine Ashmore
acoustic.WhosaidENOisfinished?Here by the time it came round it sounded are pushed every which way in the Tommy Franzen’s boneless virtuosity
rules of their art to the young upstart Bettina Strenske/LNP is an enthralling two-fingers-in-the-air like old news, too similar in its name of adventure. and Duracell-bunny stamina are always
Walther, modelled on Wagner himself. tothecompany’scritics. highly-strung, experimental sound- A more introspective type of enthusi- a joy to watch but failed to redeem a trite
How wicked, too, to see bumptious world to the Kagel. asm marked some of Strauss’s most and unilluminating 40 minutes. aaaee
Beckmesser getting his comeuppance, To March 10, eno.org Premiered in Cleveland in January, intimate Songs with Orchestra, particu- The evening closed with The Barbari-
stripped bare with only his lute to cover Études-Tableaux is a musical lesson in larly “Wiegenlied” (“Cradle Song”), ans in Love by Royal Ballet choreogra-
his shame. Naughty Richard Jones — economy. It makes use of a large orches- Op 41 No 1 and “Meinem pher-in-waiting Hofesh Shechter, who
how dare he make Wagner’s comedy tra with double winds, large percussion, Kinde” (“To My Child”), swapped his usual wall of sound for a
actually funny? C L A S S I CA L M U S I C harp and celesta, and yet it comes Op 37 No 3, in which the mash-up of Couperin’s
At the head of the cast is Iain Paterson across almost as a chamber work — so players sounded far fewer in Concerts Royaux. The
as a soft-grained, lyrical Hans Sachs, who BBC Symphony Orchestra/ translucent are its textures, so sparing number than they actually baroque soundscape inevita-
conjures a spirit of wonder in his private Ryan Wigglesworth the way in which Wigglesworth deploys were. Still, they managed to bly resulted in a few cod-classical
reveries. Rachel Nicholls’s Eva launches Barbican, London the instruments. The episodic structure overpower Sophie Bevan, a flourishes being added to Shechter’s
the quintet radiantly and Gwyn Hughes aaaee is neat and traceable. The ideas are lithe-voiced soprano, lacking in trademark trudge but the courtly man-
Jones, though not a tenor of quite the stated clearly then re-emerge in Straussian heft but abounding in ners sat on the text like a bad wig. The
right golden sound for Walther, is Hannah Nepil mutated but recognisable forms. vitality. After this Schumann’s show limped feebly on until finally his
assured in the all-important Prize Song. As a whole, this 14-minute piece cer- “Rhenish” Symphony No 3 — crisply six performers got their kit off and stood
Madeleine Shaw is the excellent It might have seemed a reasonable tainly challenges the listener, not to and precisely performed, though downstage in the gloom, hands clasped
Magdalene, Nicky Spence a down-to- choice of programme: a UK premiere mention the players; under the com- without much softness or joy — felt like in front as if anticipating a free kick from
earth David, James Creswell a com- and another contemporary work judi- poser’s baton the BBC Symphony an anticlimax. the stalls. Don’t tempt me. aeeee
manding Pogner. The other Mastersing- ciously contrasted with pieces by Rich- Orchestra revelled in its rhythmic and
ers include some strongly-cast names, ard Strauss and Robert Schumann. In harmonic complexity as well as its barbican.org.uk sadlerswells.com

THIS EVENING’S TELEVISION

Pick of the day

Inside the Commons (BBC2 over. Decent men ruefully
9pm, Scotland disgracefully see their good causes
11.50pm) continues its shoved aside, at least one
riveting course, alternately of them presumably
infuriating and heartening. wondering whether a
Tonight: the upstairs/ last-minute offer of minor
downstairs contrasts as office by the chancellor was
Westminster spruces itself, really worth sacrificing his
adjusts the lighting and independence for.
rehearses for the state How very different from
opening. Once the the politics of City Hall
Beefeaters (left) have (BBC1 12am): drug-dealing,
checked for gunpowder, the violent death, sinister power-
elbowing, jockeying, coercing players. America needs
and filibustering surrounding Beefeaters, not Al Pacino.
private members’ bills take MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 The Great Antiques Map 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. of Britain. Tim Wonnacott 7.00 Emmerdale. 7.00 Channel 4 News. Including
7.00 The One Show. Presented visits the Royal Windsor 7.30 River Monsters. Jeremy sport and weather.
by Matt Baker and Alex Horse Show. Wade travels further into 8.00 The Secret Life of Four-
Jones. 7.00 Antiques Road Trip. Paul the Amazon to investigate Year-Olds. Documentary
7.30 EastEnders. Laidlaw and Thomas Plant mysterious deaths. exploring the world of 10
8.00 Holby City. travel through Preston, 8.00 Bad Builders — Bang to four-year-olds as they
9.00 The Gift. New series. Birmingham and Leicester. Rights. Dominic Littlewood encounter one another in a
Documentary in which Mel 8.00 Alex Polizzi: The Fixer. meets a single mother nursery rigged with
Giedroyc and Matt Baker Alex heads to an events whose home was left cameras, overseen by two
tell the stories of people company in Wakefield, uninhabitable by a builder. leading scientists
who would like to find where the owners have Last in the series. monitoring the action.
someone after many years been forced to move their 9.00 Young War Widows. A 9.00 24 Hours in Police
so they can say thank you showroom into their own portrait of three women Custody. Detective Cathie
or sorry. lounge. whose husbands died Layton faces former
10.00 BBC News. 9.00 Inside the Commons. fighting in Afghanistan, colleague, legal rep Brett
10.25 BBC Regional News and Behind the scenes at the telling their stories from Jones, when he is called to
Weather. state opening of their first dates to life as represent one of Luton’s
10.45 Count Arthur Strong. parliament. military wives. most prolific burglars.
Arthur is forced to move in 10.00 Rhod Gilbert’s Work 10.00 ITV News at Ten and 10.00 Kid Criminals. Part one of
with Michael, who is soon Experience. New series. Weather. two. The stories of US
stressed out by having to The comedian tries his teenagers serving
hand at being a deep-sea 10.30 ITV News London.
live in close quarters with sentences in high-security
fisherman but soon faces 10.40 Benidorm. R prisons, including an 18-
the out-of-work actor and
goes looking for friendship seasickness. 11.10 FILM Carry On Loving. year-old being monitored
elsewhere. 10.30 Newsnight. Comedy. for his predilection for
11.15 Have I Got a Bit More Old 11.15 Weather. grooming younger boys.
News for You. R 11.20 Dragons’ Den. R Regional variations apply 11.00 Married Behind Bars. R

Other channels
BBC3 Channel 5 George. 9.00 Robin Hood. 11.45 The Simpsons. 8.00 The Flash.
7.00 Great Movie Mistakes IV: 6.00 Home and Away. 6.30 Nowhere Boy. 9.00 Air Ambulance ER. 10.00
May the Fourth Be with You. 5 News Tonight. 7.00 Police Ross Kemp: Extreme World.
7.30 Top Gear India Special. Interceptors. 8.00 Costa Del Sky Atlantic 11.00, 11.30 Modern Family.
9.00, 9.30 Live at the Apollo. Casualty: Benidorm ER. 9.00 6.00 House. 7.00 Blue Bloods.
10.00 Uncle. 10.30 EastEnders. Killer Psychopaths. 10.00 10,000 8.00 Without a Trace. 9.00 Sky Arts 1
11.00, 11.25 Family Guy. 11.45 BC. 11.00 33 & Married to Game of Thrones: A Day in 7.00 London Calling. 8.00
American Dad! Grandpa: Age Gap Love. the Life. 9.35 Fortitude: Behind Talks Music. 9.00 Earth, Wind
the Scenes. 10.00 Mike Tyson: & Fire — In Concert. 10.20
BBC4 More4 Undisputed Truth. 11.45 Girls. Beat Beat Beat. 10.30 The
7.00 World News Today. 7.30 6.50 Building the Dream. 7.55 Legacy. 11.50 Live from the
Great Continental Railway Grand Designs. 9.00 Selling Sky Sports 1 Artists Den.
Journeys. 8.00 Digging for Houses with Amanda Lamb. 6.30 Live ATP Tennis. 10.30
Britain. 9.00 Cleopatra: A 10.00 Grand Designs Australia. Sporting Greats. 11.00 Time of Sky Arts 2
Timewatch Guide. 10.00 11.05 Gogglebox. Our Lives. 7.00 Discovering: James Mason.
Smiley’s People. 11.00 Bulldozers, 8.00 Russell Watson Live at
Paving Stones and Power: The Film4 Sky 1 the Royal Albert Hall. 10.35
Chinese Mayor. 6.50 The Madness of King 6.00 Futurama. 6.30, 7.00, 7.30 Legrand Jazz.
14 ★ FINANCIAL TIMES Tuesday 10 February 2015

All the beer in China

Although consumption of premium and mid-priced
brands in China is growing faster than cheaper lager
Lager sales in China, brands, economy lagers continue to dominate the China’s three largest brewers,
bn litres market. In the third quarter of 2014, all three of the share prices (rebased)
Twitter: @FTLex Email: lex@ft.com largest brewers saw revenues fall
200
50
Tsingtao Brewery
of liabilities are foreign — while loans Premium
Turkish banks: to deposits at 117 per cent is high
40 Beijing Yanjing Brewery
China Resources
North Sea oil:
account closed among emerging economies. Turkish Mid-priced Enterprise
150
deconstruction
financial shares cannot go higher 30
Most banking regulators aim to without more loan growth or better “There is nothing outside of the text,”
prevent crises. Turkey’s Banking returns. Don’t bank on either this year. said the French philosopher Jacques
Regulation and Supervision Agency 20 Derrida. His method of operation was
may risk contributing to one. Last Economy not to get caught up in distracting
week it, in effect, forced a change of Want Want: 100 themes, but to focus on the building
management at Bank Asya — for what 10 blocks of the text instead.
appear to be political reasons. The crackers That is hard to do, when the subject
BRSA had built a decent reputation; in question is North Sea oil. Big picture
now the market worries about its Well-run food companies in China are 0 themes abound here, from Scottish
independence. hard to come by — certainly large, 2008 09 10 11 12 13 independence to employment and the
Asya Bank’s woes have made traders investible ones. In a country plagued 50 economy. But focus on the (slowly
Growth rate in
nervous. Asya, the 12th largest publicly by food safety scandals, few producers lager consumption 6% 5% 5% 3% 5% 2010 11 12 13 14 15 rusting) nuts and bolts of the matter —
listed bank in Turkey by assets, had a have avoided being tainted. production facilities are ageing, and the
FT graphic. Sources: Euromonitor; Thomson Reuters Datastream
Tier I capital adequacy ratio of 15 per Hong Kong-listed snack and milk decommissioning process will take
cent in September. The sector average drink maker Want Want, with a $15bn decades.
is 14 per cent. Nevertheless the state market capitalisation, has managed to The barflies of China are slacking off. reports that Yanjing, whose controlling depreciation and amortisation) were So look at the companies which will
insurance fund was ordered to step in. maintain a clean record, making it a Tsingtao, China’s second biggest shareholder is the Beijing municipal 23 per cent in the past nine months, be taking those nuts and bolts apart.
All this bodes poorly for Turkey. The favourite with consumers. Between brewer by volume, decried government, aims to sell a 20 per cent about half those in other regions. The Oil & Gas UK, the industry’s lobby
lira is one of the worst performing 2004 and 2013 revenues grew more “unsatisfactory consumption” in a stake to a foreign partner. problem is that the Chinese like group, believes that between 2014 and
currencies this year, down 6 per cent than sevenfold, a compound annual recent report. This may be an At the current stock price, such a cheap beer and are price sensitive. 2023 oil companies will spend £14bn
versus the US dollar. Turkish bond rate of 25 per cent. Rice crackers and awkward translation, but it captures stake would be worth $700m. That is Haitong Securities estimates that plugging North Sea wells and removing
prices have fallen. If these trends snack foods, initially three-quarters of a mood of despondent sobriety. small beer for the global brewers. Last the average price is less than 50c a infrastructure. Wood Mackenzie says
continue, that could threaten President sales, grew steadily. But children’s milk Tsingtao managed to increase year, Anheuser-Busch InBev spent a litre. The battle to make revellers buy that spending on decommissioning will
Recep Tayyip Erdogan’s hopes for drinks have done far better, growing revenue 13 per cent over the first two reported $630m buying Siping Ginsber fancier brews has a long way to go. exceed that of developing oilfields in
higher economic growth ahead of 17-fold to more than half of revenues quarters of 2014. It saw a 5 per cent in China. In 2013, SABMiller and its It is possible to make decent the North Sea from 2022.
June’s legislative elections. He would by the end of 2013. Margins on milk decline in the third. A similar pattern Chinese partner CRE spent $850m returns in Chinese beer. Tsingtao’s That £14bn is not much against the
like the banks to lower their rates. drinks are higher than those on snacks, held at industry leader, the brewery buying breweries from Kingway; and return on capital is nearly 10 per £12bn a year that oil companies in the
The sector does not generate enough so profits have grown faster than arm of China Resources Enterprises Carlsberg completed its multiyear, cent, in line with global players. UK pay the oil services industry. But
profitability, however. Last year, revenues at about 30 per cent a year. (a 4 per cent fall in the third quarter) $1.4bn accumulation of full ownership For the rest, scale will help. So energy companies face the choice of
according to Moody's, loan growth was But yesterday, Want Want said 2014 and third-place Beijing Yanjing (flat in Chongqing Beer. further partnering and consolidation keeping high-cost oilfields going or
19 per cent versus a 12 per cent return was not so good. Results, due in March, sales). All three complain of a weaker The spending reflects determination are the right strategy. It is getting paying to shut them down. Marathon,
on equity. Assets are growing faster are likely to show a drop in revenues of economy and bad weather; CRE also from brewers which have invested in harder, though: the top four brewers for example, will probably need to
than equity; leverage is increasing. This low single-digits of per cent. The noted more competition. China for decades but find profit tough in China have two-thirds of the consider doing something with its Brae
is not sustainable. The conservative company blamed the weak consumer It is impossible to say whether the to come by. At AB InBev, for example, market. And a slower economy will field. Production, which peaked at
policy of the BRSA, which has forced market and the timing of Chinese new dry spell has anything to do with margins (before interest, taxes, make price increases hard to swallow. 120,000 barrels a day should cease in
banks to maintain larger capital year. The shares fell as much as 5 per four years. Help is available. Most
buffers, has also depressed returns on cent intraday. decommissioning costs can be
capital. But the previous chairman of There may be more fundamental deducted for tax purposes. So the
the BRSA, pushed to take action concerns. Milk consumption in China lowest forward PE ratio since 2008. renewables grows. Natural gas prices, $120 per metric tonne. China’s steel decommissioning industry may grow
against Asya, resigned because of ill- has been growing strongly, at 13 per Assuming Want Want is not having its because of the fracking production industry is slowing and it has slapped faster even if oil prices stay low.
health in November. Policy may cent between 2008 and 2012 according own crisis, something looks a bit off. boom, have more than halved since tariffs on coal imports. Already, production in the UK North
change. to Bernstein, so competition has grown. 2008. At the same time, coal-fired And so the coal miners are feeling Sea has fallen steadily, down by
Turkish banks had a good run in Last year, rising raw milk prices and plants are implementing the US the pain of this slow decline towards roughly two-thirds since 2000.
2014. Banks within the MSCI Turkey high second-quarter inventory at local US coal: Mercury and Air Toxics Standards. Add second place. Shares in Arch Coal, But decommissioning has hardly
index rallied 32 per cent, ahead of the players such as Mengniu and Yashili this all up, and a tenth of coal-fired Alpha Natural Resources, Walter begun, and even the supply chain for
broader index. Yet the sector trades led to price cuts and crimped top lines. at the top, looking down capacity will be retired in the next few Energy and Peabody Energy, have this industry is young. Engineering
below its five year average forward This year should be different. Raw years, according to S&P. halved in the past year. Creditors are firms such as Wood Group and Amec,
price to book ratio. That is deserved — milk prices have been falling because Being ranked first is a glorious feeling. But the woes of coal producers go scared. In recent weeks Arch, Walter offshore specialists such as Saipem and
returns on equity are not exciting. of growth in supply, while lower oil Falling to second, as the US coal beyond US power production. Coal is and Peabody have cut or eliminated Subsea 7 and specialist companies such
Without the promise of sustainable prices help to cut packaging costs. industry is discovering, is altogether also used for metallurgical purposes, in dividends to preserve cash. Peabody is as Able should all be busy.
loan growth, or improving returns, Barclays says this could push up Want more painful. the production of steel. Only about a working with its lenders to loosen the The North Sea should become one
expecting the valuation multiple to Want’s margins by up to 4 percentage Coal has long been the dominant fuel tenth of US coal production is demands of its loans. Arch’s bonds large deconstruction project over the
expand is optimistic. points (or about a fifth). The company in US electricity production. It metallurgical coal but it commands trade below 30 cents on the dollar; last coming couple of decades. That should
Worse, banks may have to contend has expanded, too. Last year 5 per cent accounted for as much as half of power good prices. And while demand for coal year it was lossmaking before its keep Derrida fans happy.
with higher funding costs. Short term of sales came from new offerings. generation as recently as the early and for power production (“thermal” coal) $400m in interest costs. Painful.
interest rates exceed long term, hinting At 18 times next year’s forecast mid-2000s. It will hold the top perch has fallen, demand for met coal has Coal demand may decline, but will
at funding pressure. A lack of domestic earnings estimates, the stock is not for several more years, but its market traditionally served as a buffer for not disappear entirely. The same Lex on the web
For notes on today’s breaking
savings means the sector increasingly cheap. Still, after falling one-third since share is expected to fall towards 30 per miners. Not this time. The price of met cannot be said of all of the US’s coal stories go to www.ft.com/lex
relies on foreign funding — 42 per cent May highs last year, it now trades at its cent as demand for natural gas and coal is off a fifth from last year to below producers.

1000 Forecasts by
1010
8 6
9 1020 18
7
2 -6
7
6 Luxembourg Cloudy 5 41
15 1030 Lyon Cloudy 4 39
6 6 Madrid Fair 10 50
6 8 3 -5 Manchester Cloudy 7 45
6 16
7 HIGH Miami Fair 22 72
5
5 6 5 6 Milan Sun 11 52
7 Montreal Sun -6 21
7 8
6 4 Moscow Fair -6 21
5 5 1
Mumbai Sun 32 90
5 9 9
6 Munich Cloudy 3 37
12 3
7 27 New York Fair 4 39
16 Nice Sun 14 57
7 13 10 13 Paris Cloudy 7 45
15 8
1020 14 Prague Cloudy 6 43
12 LOW Reykjavik Snow 0 32
18 16 11 21
1010
1000 Rio Thunder 33 91
Wind speed in MPH at 12 GMT 15 HIGH Rome Sun 16 61
Temperatures max for day˚C Wind speeds in KPH 13 San Francisco Sun 18 64
Stockholm Fair 4 39
Today’s temperatures Strasbourg Cloudy 7 45
Abu Dhabi Sun 30 86 Belgrade Sleet 4 39 Copenhagen Fair 8 46 Hamburg Cloudy 7 45 Sydney Sun 27 81
Amsterdam Cloudy 8 46 Berlin Cloudy 6 43 Delhi Sun 22 72 Helsinki Sun 6 43 Tokyo Fair 7 45
Athens Cloudy 8 46 Brussels Cloudy 7 45 Dubai Sun 29 84 Hong Kong Sun 18 64 Toronto Sun -4 25
B’ham Cloudy 5 41 Budapest Fair 8 46 Dublin Cloudy 6 43 Istanbul Snow 4 39 Vancouver Rain 11 52
Bangkok Sun 33 91 Buenos Aires Sun 29 84 Edinburgh Cloudy 7 45 Jersey Cloudy 6 43 Vienna Cloudy 5 41
Barcelona Sun 13 55 Cardiff Cloudy 6 43 Frankfurt Cloudy 7 45 Lisbon Fair 13 55 Warsaw Cloudy 3 37
Beijing Sun 10 50 Chicago Cloudy -3 27 Geneva Fair 5 41 London Cloudy 7 45 Washington Cloudy 6 43
Belfast Fair 6 43 Cologne Cloudy 7 45 Glasgow Cloudy 6 43 Los Angeles Sun 24 75 Zurich Cloudy 4 39

CROSSWORD
No. 14,851 Set by PHSSTHPOK
        ACROSS DOWN
1 Messages get different 2 Rabble infected by disease
envelops (8) nearly reach dead-end position
  6 Disease that is acceptable (5)
setback for macho? (6) 3 Type of music Rattle has
9 After swallowing, Jack wades composed about the queen
   across rocky inlets (6) (6,5)
10 Behold game featuring captured 4 City still jubilant (8)
knight in monster’s lair (4,4) 5 To quickly go and to unendingly
  
11 Leaders of England belittle live are among boundless
British and Scottish flags (4) examples (5,10)
 12 He dissects star and moon with 6 Microphone raised – and not a
both ends of radio telescope small distance (6)
 
(10) 7 Devout woman unaffected by
 14 Guard for flower hot housed (8) looking in mirror (3)
16 Play up after opening of Easter 8 During hearing, tether suspect
  
Island (4) who struck at random (6,3)
18 Occupied by a songbird (2,2) 13 Obscured by the scenery past
19 Name in papers (8) it? (4-3-4)
   21 Informal conference fell short in 15 Stew at nothing in controversy
abolishing late openings (10) (3,6)
22 Reading letters in comfort (4) 17 Over Bible, man will be
  24 To be zoological, a marine determined (4-4)
constituent? (8) 20 Cordial game (6)
26 Bring out legal drug first (6) 23 Grasp magnitude of concealing
27 Enthusiasm about a brassy extraterrestrial origin (5)
JOTTER PAD sound (6) 25 Snake bit head off stinging
28 Former girlfriend charged a fee insect (3)
to get complimented (8)
Solution to Saturday’s prize puzzle on Saturday February 21
Solution to yesterday’s prize puzzle on Monday February 23
Winners’ names will be printed in Weekend FT
Tuesday 10 February 2015 ★★★ 15

Yanjing HSBC Alibaba Greek stocks Brent oil Euro / Dollar Gold Rouble / Dollar
Smart Money Do funds run Brewery (ATG index)
by women outperform? 1.67% 1.64% 0.47% 4.8% 0.9% 0.1% $7 1.9%
STEPHEN FOLEY, PAGE 28
Rmb7.93 610.6p $86.08 765.22 $58.34 $1.1327 $1,240 Rb65.86

Sports rights Grape expectations Short

Prices rising again for Bordeaux fine wines
View
group led by James
Mackintosh
Blatter nephew One number dominated the reporting of the US payrolls
report on Friday: the 1m jobs created over three months.

sold to Chinese
Investors should pay attention to some other figures, too.
First, the shocked reaction of bonds. The rate-sensitive
two-year yield climbed 12 basis points as a summer
increase by the Federal Reserve was priced back in — the
biggest yield rise in a day in more than five years. Yields on
10-year bonds rose 13bp, less significant in the context of
their higher yield but meaningful as a sign of slightly
Developer Dalian Wanda’s expansion improved long-term economic confidence.
Investors were so surprised in part because several other
broadens with €1bn for Infront Media economic indicators had come in below forecasts. The jobs
figures outweigh the rest because of the Fed’s focus on
unemployment and what had been weak wage rises.
JOSEPH COTTERILL, ARASH MASSOUDI Citigroup analysts said in a note last Second, the shocked reaction of bond proxies. The S&P
AND ROGER BLITZ
month: “In effect, Wanda and competi- 500 utilities sector fell 4.1 per cent on Friday, its second-
Chinese property developer Dalian tors are looking to build integrated worst day since the post-Lehman market recovery began
Wanda has won an auction for Infront online/offline platforms to ride on the in March 2009. The search for yield had made utilities pop-
Media, the Swiss group led by the growth in China’s consumption trends.” ular for their safe dividends, but if bond yields are rising,
nephew of Fifa president Sepp Blatter Infront distributed media rights in the yield on shares that look like bonds should rise too.
that distributes broadcasting rights for Asia for the last two Fifa football World Third, the outperformance of cyclical sectors most sen-
some of the biggest sporting events. Cup tournaments, and has the rights to sitive to the economy. Financials jumped 0.7 per cent,
Wanda will pay more than €1bn for sell broadcast packages in 26 territories while consumer discretionary, industrials, energy and
the company, owned by buyout group in Asia for 2015-22. materials beat more defensive companies in consumer
Bridgepoint since 2011, in a deal Control of Infront, whose subsidiary staples, old-line technology and healthcare.
expected to be announced this week, HBS has been host broadcaster for the Cyclicals started beating defensives late last month (see
people familiar with the matter said. It Fifa World Cup since 2002, will give chart), coinciding with the bounce in oil. This was about
took pole position in the auction in Wanda access to media rights for events more than just the energy sector, with cyclicals excluding
December. Philippe Blatter will remain from football matches in Italy’s Serie A energy also outperforming. But it is far from clear that the
as Infront president and chief executive. league to Ironman endurance races and oil rebound is more than temporary, or that it reflects
the Berlin marathon. stronger demand, rather than merely constrained supply.
Mr Blatter has often had to confront Finally, the drop in equities as a whole. The day’s verdict
Philippe Blatter has always scepticism over his relationship with was that what is good for Main Street (more jobs) is not
said that accusations of Fifa, but he has always said accusations great for Wall Street. The S&P 500 fell only 0.3 per cent, but
of nepotism are unfounded. highlighted just how many bondholders had been pushed
nepotism over his dealings Wanda might also be drawn to into bond-like shares by the hunt for yield. If the economy
with Fifa are unfounded Infront’s presence in the Chinese sports keeps improving and rates rise, expect a full reversal of the
rights market. Last year Infront secured hunt for yield, falls in defensive stocks, losses for multina-
a six-year contract for the country’s pro- tionals from a stronger dollar and the prospect of margin
The deal is the latest stage of Shanghai fessional basketball league. Infront has pressure as wages rise. Taken together, they present a
company Wanda’s expansion beyond a long-term relationship with the serious obstacle to gains for the overall index.
commercial real estate into leisure and Chinese Basketball Association, helping
entertainment, including sport and with the league’s branding and commer- Pricing in growth?
comes just weeks after it acquired a 20 cialism, and signing up international S&P 500 Brent crude
per cent stake in Atletico Madrid. The companies as sponsors. cyclicals/ defensives ($ per barrel)
Nicolas Tucat/AFP
company already owns US cinema chain Last month Chinese internet group ex energy
AMC Theatres and British luxury yacht- Tencent signed an exclusive five-year
maker Sunseeker, in Poole, Dorset. deal to digitally distribute US National Bordeaux fine wine prices Bordeaux Index said much of ground broken with some 105 120
The bedrock of Wanda’s business is Basketball Association games in China. are on the up again after several the excess supply which had astonishing prices achieved at 100 100 Cyclicals started
one of the biggest commercial property Infront’s sale will net a significant years of turning sour. pushed prices lower in the past Sotheby’s ex-château auction of beating defensives
portfolios in China, with Rmb160bn profit for Bridgepoint, which acquired I n a s t o c k exc h a n g e couple of years had now been wines from first growth Mou- 95 80 last month,
($25.6bn) in sales last year placing it the company for €550m including debt announcement yesterday, Bor- “worked out of the market” ton Rothschild.” 90 60 coinciding with the
third after Vanke and Greenland as a in 2011. deaux Index, a monitor of fine and export demand was once Overall in 2014, Bordeaux bounce in oil.
developer. But it is augmenting its hold- Profits at Infront have risen by 50 per wine prices, said prices were again picking up, driven by col- Index said wines traded via its 85 40 Cyclicals excluding
ings to reflect the evolution of Chinese cent in the past three years. The acquisi- back at 2010 levels, with some lectors in Hong Kong. LiveTrade online dealing plat- Feb 2014 Feb energy have also
consumer taste beyond physical pur- tion price values the company at 12 of Bordeaux’s more famous Guy Ruston, managing direc- form last year rose 22 per cent Source: Bloomberg 2015 outperformed
chases towards online retail and rising times its earnings before tax, interest, names having returned to tor of Bordeaux Index Hong on 2013, with a 28 per cent
spending on films and entertainment. depreciation and amortisation. 2005-06 levels. Kong, said: “We saw new increase in Asia. james.mackintosh@ft.com

Towergate taps rival US broker for new

chief to lead recovery from cash crisis
ALISTAIR GRAY represent a big-name appointment. Stuart Reid, executive chairman of
— INSURANCE CORRESPONDENT
Mr Ross began his career as a gradu- rival insurance broker Bluefin, said:
Towergate’s new owners have turned to ate trainee at Arthur J Gallagher 25 “He’s got one heck of a job ahead of him.
one of the UK insurance broker’s trans- years ago and has run its UK-focused It’s a monumental turnround that he’s
atlantic rivals to lead its efforts to international arm for a decade. Since he been asked to do.”
recover from a cash crisis and a took the helm, the division’s headcount Towergate has been without a chief
restructuring of its £1bn of debt. has risen from about 200 to 6,500, executive since Mark Hodges, former
Unilever chief sets out through a series of acquisitions. UK head of Aviva, quit suddenly in
business priorities David Ross, who runs the fast-growing As incoming chief executive at Tower- October. Since then, the business has
international business of New York- gate, his priority would be to stabilise been run on a day-to-day basis by
Paul Polman, the chief executive of listed insurance broker Arthur J Gal- the business after it nearly ran out of Alastair Lyons, interim executive chair-
Unilever who once trained to be a lagher, is being lined up as the new chief cash, following an aggressive debt- man.
priest, has had to defend missed sales executive of the London-based group, fuelled expansion. Mr Ross established himself as a deal-
forecasts in six of the past eight according to people familiar with the Last week, unsecured creditors, led maker at Arthur J Gallagher, snapping
quarters, with some shareholders matter. by Highbridge Capital Management, up the UK brokers Giles, Oval and Heath
fearing he may be caring more about For Towergate, which last week seized control of the business — wiping Lambert. Gallagher has also expanded
the environment than about them. unveiled a debt restructuring deal out the interests of private equity house outside the UK. Last year, it agreed to
Analysis i PAGE 17 that is set to lead to heavy losses Advent and company founder Peter buy RSA’s Canadian brokerage opera-
for investors, the Irishman would Cullum. tion, Noraxis.

Companies / Sectors / People

Companies Calpers...........................................................18 Kingfisher Airlines..................................18 Royal Bank of Scotland.......................17 Univision.......................................................19 Bakker, Paul...............................................20
AA.......................................................................4 Carlsberg......................................................14 Knorr-Bremse.............................................21 SABMiller......................................................14 Vestas Wind Systems..........................20 Beighton, Nick...........................................21
AIG...................................................................28 City Index....................................................20 LGT Group...................................................16 Saipem...........................................................14 Vistara............................................................18 Blatter, Philippe........................................15
AMC Theatres...........................................15 Colliers............................................................21 Ladbrokes....................................................29 Salvesen..........................................................4 Vivendi...........................................................19 Bond, John..................................................16
AOL....................................................................9 Credit Suisse..............................................16 Lukoil................................................................5 Samsung Electronics...............................8 Vivo..................................................................19 Botín, Emilio...............................................16
AT&T...............................................................19 Cushman & Wakefield....................18,21 Malaysia Building Society..................17 Savills..............................................................21 Waitrose........................................................21 Bristow, Mark............................................20
Air India........................................................18 DHL..................................................................21 Marathon......................................................14 Segro...............................................................21 Walter Energy...........................................14 Chandilya, Mittu.......................................18
AirAsia...........................................................18 DPD..................................................................21 Marathon Petroleum............................30 Siemens.........................................................21 Want Want..................................................14 Chapman, Sir Frank................................21
Alcoa...............................................................29 DTZ..................................................................21 McDonald’s.................................................29 Singapore Airlines..................................18 WhatsApp ....................................................9 Finlayson, Chris........................................21
Alibaba........................................................9,19 Dalian Wanda.............................................15 MegaCable...................................................19 SpiceJet.........................................................18 Whitehall.......................................................18 Gil Díaz, Francisco..................................19
Alpha Natural Resources...................14 DirecTV.........................................................19 Meizu..............................................................19 Spread Angel............................................20 Wood Group...............................................14 Gould, Andrew..........................................21
Alstom............................................................21 Energizer.......................................................17 Mengniu ......................................................14 Standard Chartered...............................17 Xstrata............................................................16 Green, Stephen.........................................16
Amazon....................................................19,21 Etihad Airways..........................................18 Metropolis....................................................18 Staples............................................................12 Yahoo................................................................9 Gulliford, Andrew.....................................21
Amec...............................................................14 Facebook ......................................................9 Microsoft.........................................................9 Starboard Value.........................................9 Yahoo Japan.................................................9 Gulliver, Stuart...................................16,20
Anglo American......................................20 FedEx..............................................................21 Mitsubishi Heavy Industries.............18 Statoil..............................................................21 Yashili.............................................................14 Hanbury, Will............................................20
Anglo American Platinum.................20 Ford.................................................................18 MoneySuperMarket...............................20 Studley .........................................................21 Sectors Helsby, Jeremy..........................................21
Anheuser-Busch InBev........................14 GVA..................................................................21 Morgan Stanley........................................18 Subsea 7.......................................................14 Automobiles............................................4,18 Jian, Wang...................................................19
Apple ...............................................................9 GVT..................................................................19 Nestlé..............................................................17 TIM...................................................................19 Banks..................................................1,16,17,18 King, Wal.......................................................21
Arch Coal.....................................................14 Galeria ..........................................................18 Next.................................................................21 TPG..................................................................21 Electricity.......................................................8 Lickerman, Tod.........................................21
Arm Holdings...........................................20 General Motors.........................................18 Noble Corp.................................................29 TPO....................................................................2 Food & Drug..............................................17 Lund, Helge................................................21
Arqiva............................................................20 Glencore.......................................................29 Ocado..............................................................21 Tahoe Resources....................................20 Food Producers........................................17 Nordberg, Bert.........................................20
Asda..................................................................4 Goldman Sachs.........................................18 Oddschecker..............................................20 Talksport......................................................20 Gen Financial.................................15,16,20 Patel, Krishna.............................................16
Asia Resource Minerals.................20,21 Google..........................................................4,9 Office Depot...............................................12 Tata SIA Airlines......................................18 Gen Retailers........................................19,21 Polman, Paul...............................................17
Asos.................................................................21 HSBC................................................1,10,16,20 Offspark.......................................................20 Telcel...............................................................19 Household Goods....................................17 Riabokobylko, Sergey...........................18
Asya.................................................................14 Halliburton..................................................29 Orion Media...............................................20 Telefónica.....................................................19 Ind Transport.............................................21 Ross, David..................................................15
Halma.............................................................29 Televisa..........................................................19 Investment Comp...................................20
AutoNavi.......................................................19 Hasbro...........................................................29 Peabody Energy......................................14 Tencent....................................................15,19 Rothschild, Nat...................................20,21
Axtel................................................................19 Hines...............................................................18 Peugeot...........................................................6 Tinder .............................................................9 Media.........................................................19,21 Rowe, Nick...................................................17
BG Group......................................................21 Hitachi............................................................21 Plains All American Pipeline...........30 Towergate....................................................15 Mining......................................................20,21 Shingles, Geoff.........................................20
Babcock International..........................20 Houlihan Lokey........................................17 Primark..........................................................21 Toyota............................................................18 Mobile & Telecoms.................................19 Slim, Carlos..................................................19
Bauer Media..............................................20 Hunting.........................................................29 Procter & Gamble...................................17 Transocean.................................................29 Oil & Gas............................................4,21,30 Sulentic, Bob..............................................21
Bilfinger.........................................................21 Hutchison Whampoa.............................19 Quixey............................................................19 Tsingtao........................................................14 Personal Goods........................................17 Swanson, Alan..........................................30
Bombardier..................................................21 IG Group......................................................20 RAC....................................................................4 Tumblr..............................................................9 Real Estate.............................................18,21 Tagawa, Joji................................................18
British Airways..........................................12 Imagination Technologies.................20 RHB Capital................................................17 UBS..................................................................16 Software........................................................19 Tan, Samin...................................................21
CBRE...............................................................21 IndiGo.............................................................18 RSA Insurance..........................................29 UCWeb...........................................................19 Support Services.......................................4 Teik Yeoh, Phee.......................................18
CIC....................................................................18 Iusacell...........................................................19 Randgold Resources............................20 UGL..................................................................21 Technology HW & Equ........................19 Tengku Abdul Aziz, Zafrul................17
CIMB................................................................17 JLL....................................................................21 Rio Alto Mining.......................................20 UTV Media.................................................20 Travel & Leisure......................................18 Timmins, Lee.............................................18
CMC Markets............................................20 Jet Airways.................................................18 Rio Tinto......................................................20 Unilever.........................................................17 People Yanhui, Wang.............................................19
CSR..................................................................29 Jones Lang LaSalle................................18 Rosneft............................................................4 Union Pacific.............................................28 Armstrong, Greg.....................................30 Zeller, Alexandre......................................16

© The Financial Times Limited 2015 Week 7

16 ★ FINANCIAL TIMES Tuesday 10 February 2015

HSBC

Revelations. Tax avoidance claims INSIDE BUSINESS

ON FINANCE

Winds of change poised to sweep Patrick

Jenkins
through bank’s Swiss operations Lord Green faces
In 2011 chief Stuart Gulliver
tried to sell private bank —
HSBC Swiss private
bank clients
difficult questions —
rivals think he will try again
Client assets
($bn)
Number of
accounts (’000)
and he is not alone
MARTIN ARNOLD — LONDON 150 30

S
o who was responsible for the Swiss mess at
Soon after Stuart Gulliver became chief HSBC?
executive of HSBC at the start of 2011 he It has long been known that the British group’s
hung a “for sale” sign on the Swiss pri- Swiss private banking arm was being probed
vate bank it had owned since complet- over allegations that it helped clients from
ing the acquisition of a rival a decade 100 20 several countries engage in aggressive tax avoidance and
earlier. Mr Gulliver abandoned the sale possibly tax evasion.
process after a lukewarm response from Now a vast haul of data, uncovered by an investigative
potential buyers. Yet given the furore journalism project involving the BBC and The Guardian
this week over revelations of what had among many others, has revealed the extent of alleged
been going on at HSBC’s Swiss private 50 10 wrongdoing at the Swiss operation.
bank at the time, it is easy to understand These are historic allegations, dating from 2005-2007.
why he was eager to exit the business. And while HSBC accepts responsibility for its misdemean-
Leaked bank account documents for ours, it stresses that it has changed its ways. Since taking
clients of HSBC’s Swiss private bank over as chief executive in 2011, Stuart Gulliver has set
between 2005 and 2007 have found 0 0 about reforming the group’s lax culture and cleaning up
their way to the Washington-based 2002 04 06 08 10 12 14 earlier misdeeds.
International Consortium of Investiga- But whose misdeeds were they in the first place?
tive Journalists and other news groups. Clients named in HSBC files Margaret Hodge, the Labour MP who chairs the UK’s
There are 60,000 leaked files, some of parliamentary public accounts committee — and has an
which provide details of how the bank Number of accounts by nationality interest in anything that has short-changed the tax
was aware of tax-avoidance and wrong- Switzerland 11,235 authorities — has been quick to point the finger.
doing by some clients. The total value Lord (Stephen) Green, the former Tory trade minister
France 9,187
held in the bank accounts exceeds and head of HSBC before that, was either “asleep at the
$100bn for 100,000 wealthy clients. UK 8,844 wheel” or “involved in dodgy tax practices”, she said.
Yesterday news media published reve- Brazil 8,667 “Either way, he has got really
lations about widespread tax-avoidance Italy 7,499 important questions to
practices in HSBC’s Swiss operation at answer.”
A vast haul of
the time, prompting an outcry from Amount of money held Indeed he has. Not only data . . . has
did he fail to catch such gross
Switzerland $31.2bn wrongdoing while serving as
revealed the
“This is extremely UK $21.7bn chief executive from 2003 to extent of alleged
damaging both for the Venezuela $14.8bn 2006 and then chairman
wrongdoing
until 2010. He can also be
bank and for the concept US $13.4bn
criticised for double stand-
of banking secrecy” France $12.5bn
ards in preaching about morality in banking, including
publishing a book, Good Value: Reflections on Money,
Sources: HSBC; ICIJ
Morality and an Uncertain World, while dubious practices
had been going on under his nose. It is disturbing, too, that
some quarters about why governments HSBC has pulled gium and Argentina have launched for- do not meet strict new HSBC standards.” taxman. UBS and Credit Suisse have set- HSBC’s supposedly executive chairman found time to
— who have had these documents for out of its Geneva mal probes into allegations that HSBC It added that its private bank client base tled with the DoJ, paying fines of $780m write and publish a book in 2009, while heading one of the
almost five years — have not done more lakefront offices helped citizens of those countries to had shrunk 70 per cent in a decade. and $2.6bn respectively. world’s biggest banks as it struggled with the aftermath of
Harold Cunningham/Getty
to prosecute people where appropriate. hide undeclared money in accounts at It also said that the acquisition of Switzerland has signed agreements the financial crisis.
“This is extremely damaging both for its Swiss private bank. Republic National Bank of New York with several European countries to But for all the brickbats that can be thrown at Lord
the bank and for the concept of banking In the UK, investigations by the and Safra Republic Holdings in 1999 — allow clients of Swiss banks to declare Green for his shortcomings, it is Sir John Bond who has the
secrecy,” says a rival Swiss banker, authorities have resulted in about accounting for the bulk of its Swiss pri- money that had been hidden from tax more damning case to answer.
speaking on condition of anonymity. £135m of unpaid tax, interest and pen- vate bank — brought with it “a very dif- authorities in return for paying the tax During his time as HSBC’s executive chairman, from
“HSBC’s franchise was already pretty alties being handed over by the British ferent client base and had a significantly they owe, interest and potential fines. 1998 to 2006, he spent close to $50bn buying up smaller
damaged here, which is why they tried citizens involved, only one of whom — different culture to HSBC”. Mr Gulliver has stressed the impor- banks around the world and building, but failing to
to sell it a few years ago.” Michael Shanly, a property developer — “The business acquired was not fully tance of keeping HSBC out of trouble control, a fast-enlarging HSBC empire.
The reports allege that HSBC’s Swiss has been prosecuted for tax evasion. integrated into HSBC, allowing different since he took over. The bank paid Three of those deals have been financially and reputa-
private bank provided large, untracea- HSBC said many private banks at the cultures and standards to persist,” the almost $2bn in fines and signed a five- tionally toxic for HSBC over the past eight years.
ble bricks of cash in foreign currencies time, including its own Swiss operation, bank said. “With hindsight, it’s clear year deferred prosecution agreement The first to backfire was the 2003 acquisition of House-
to clients and colluded with them to had “a number of clients that may not that too many small and high-risk with US authorities in December 2012 hold, the US consumer finance business that cost HSBC
conceal “black” accounts from tax have been fully compliant with their accounts were maintained and the busi- after admitting that it processed drug- billions of pounds more in defaulted subprime loans on
authorities. Code names including Cap- applicable tax obligations. We acknowl- ness was stretched over more than 150 trafficking proceeds through Mexico top of the $14bn purchase price.
tain Kirk, Painter and Capitaine Had- edge and are accountable for past com- geographical markets.” and transmitted funds from sanctioned Next came the fallout from HSBC’s Mexican acquisition,
dock were used to disguise clients’ iden- pliance and control failures.” HSBC is one of several Swiss banks countries including Iran. dating back to 2002. By 2012, the bank had paid out $1.9bn
tities. It also “aggressively marketed” The bank said: “We have taken signifi- still being investigated by the US The agreement puts it at risk of a in fines relating in large part
schemes likely to enable wealthy Euro- cant steps over the past several years to Department of Justice for allegedly criminal conviction and potential loss of to that unit’s role in facilitat-
pean clients to avoid taxes. France, Bel- implement reforms and exit clients who helping American citizens to evade the its crucial US banking licence if it com- ing the laundering of drug
Top brass . . .
mits another crime in that period. The money. were ignorant of
tax-dodging allegations relate to actions The Swiss misadventure
by some as the Edward Snowden of expense of society, by assisting in tax that happened before the deal. stems from the 1999 acquisi-
the risks its . . .
Profile private banking, by others as a simple evasion and money laundering,” he said There are signs that HSBC has been tion of Republic, a US bank subsidiaries were
thief and by French magazine Le Point as: in a 2013 interview. In 2007 he took dismantling its private bank, which pro- with a substantial Swiss
“The man who makes the rich tremble.” details of tens of thousands of clients duced 3 per cent of the group’s $12.3bn private banking operation.
really running
Seven years after leaving HSBC, the accounts, and fled to France, where of total pre-tax profits in the first half of In all three cases, as HSBC
Whistleblower’s journey handsome 43-year-old is a minor celebrity authorities offered him protection in 2014. Krishna Patel, HSBC’s global head now acknowledges, the group’s old imperial ways failed.
Falciani to advise Spanish in France, where he lives. He turns up to return for help investigating tax of private banking, resigned in Decem- HSBC had long comprised a network of fiefdoms. When
court dates with a security detail, wears evaders. Much of the information made ber 2012. Alexandre Zeller, head of glo- those operations were homegrown, it worked — some-
far-left party on tax policy disguises, and says he fears for his life. public on Sunday was also in the bal private banking for Europe, Middle times inefficiently, but at least not disastrously. But Sir
Hervé Falciani: Mr Falciani’s journey from IT consultant “Lagarde List” leaked in 2010, which led East and Africa, left in February of that John’s attempts to shake up a sleepy HSBC with aggressive
Hervé Falciani, the former HSBC ‘Banks such as to fugitive to whistleblower began in to investigations of HSBC and high- year. HSBC has pulled out of its stately acquisitions created a far larger, similarly somnolent
systems engineer responsible for the HSBC have 2006, when he was transferred from profile individuals around the world. Geneva lakefront offices in a sign of the organisation whose top brass in London and Hong Kong
biggest Swiss private banking data leak created a system HSBC Monaco to HSBC Private Bank in The Swiss authorities, who charged depth of change at its Swiss operations. were ignorant of the risks that its newly acquired subsidi-
in history, has agreed to advise Spain’s for making Geneva to help improve the IT systems. Mr Falciani with data theft last year, Last year, it sold $12.5bn of Swiss pri- aries were really running.
far-left Podemos party on tax policy. themselves rich’ He said that he discovered that controls allege that he was motivated by money vate banking assets to Liechtenstein’s Sir John is now 73. Having done a stint chairing mining
The party confirmed that the Franco- were weak, authorities were turning a and first attempted to sell the stolen LGT Group, cutting its total assets by group Xstrata, he is active these days only as a low-key
Italian had agreed to help draw up a blind eye to potential tax evasion and data in Lebanon. Mr Falciani maintains 15 per cent. Rival bankers have started non-executive director at a handful of US organisations
report on how to combat tax evasion — that bank officials did not heed his that his Lebanese trip was a ruse to to speculate that Mr Gulliver will again (Northern Trust, KKR).
a potentially important issue in Spain’s warnings — claims that HSBC denies. He alert the Swiss authorities about the look for a full exit. For him, HSBC’s Swiss scandal is another sorry indict-
general election later this year. says this experience disillusioned him. vulnerability at HSBC and says that he Additional reporting by Madison ment of his tenure. For Mr Gulliver, who has spent the past
This appointment is the latest step in “Banks such as HSBC have created a did not intend to sell the information. Marriage in Zurich four years getting to grips with, and shrinking, the bank’s
the turbulent story of a man described system for making themselves rich at the Michael Stothard and Tobias Buck See Editorial Comment empire, this is yet another old mess to clean up.
For HSBC, one dangerous anachronism remains.
Although Mr Gulliver, as chief executive, is clearly in
charge these days, there is still an executive chairman,
Banks albeit one who is now more narrowly focused on issues
such as regulation. It is time HSBC had a boss who was

Royalty, tycoons and actors among those on ‘Lagarde List’ properly accountable to a non-executive chairman and a
strong board. Such a system might well have restrained Sir
John’s exuberance. It would also mitigate the risk of
history repeating itself in future.
patrick.jenkins@ft.com
CLAER BARRETT AND JOHN AGLIONBY International Consortium of Investiga- Model Elle 2007. His US lawyers said the account “accounted for UK tax on the basis of full
tive Journalism, individuals typically Macpherson was was for “official business” and that, as disclosureinaccordancewithUKlaw”.
Royalty, politicians, businessmen,
stressed that they had made full disclo- connected to king, he was exempt from paying tax. • The restaurateur Richard Caring was From the blogs
sports stars and actors are among those
sures of their arrangements to the rele- HSBC accounts • Bahrain’s crown prince, Salman bin the highest profile UK business magnate
whose names have been linked to client
vant authorities and, in many cases, in 2007 Hamad al-Khalifa, had a beneficial to be named by the Guardian newspa-
accounts of HSBC’s Swiss private bank Stephen Green — now with a strong spiritual
accounts had subsequently been closed. stake in at least 10 bank accounts per, which alleged he withdrew SFr5m
which were allegedly used for the pur- Lord Green — has not tone (Lord Green is also
The ICIJ said that although it had amounting to $2.2m in 2007. A (£2.25m) in a single day in 2005. Mr
poses of tax avoidance and in some commented on the leak an ordained Church of
selected individual account holders, it spokesperson said that he Caring said in a statement: “I have com-
cases evasion. of files exposing tax- England priest). In it, he
was not implying that those identified obtained “no tax advantage” from plied with all my obligations as far as the
Known as the “Lagarde List” after Chris- had “broken the law or otherwise acted the account. Inland Revenue is concerned . . . My avoidance practices at addresses the “ambiguity
tine Lagarde, ex-French finance minis- improperly”. Those it chose included: • Formula One racing driver cash withdrawal created no personal tax HSBC’s Swiss-based and imperfection” of
ter and now head of the IMF, data from • Emilio Botín, the late chairman of Fernando Alonso was linked issues and the bank carried out all private bank. But in working in the “global
more than 100,000 clients of HSBC’s Santander, who was connected to five to four accounts which held appropriate due diligence before 2009, the then chairman bazaar” of capitalism,
Swiss private bank was obtained by bank accounts that contained $82m in $42.3m in 2007. His man- authorising the transaction.” of HSBC put his whole and the role of money
France in 2010 after a raid on the home 2007. ager said Alonso had subse- In total, clients domiciled in Switzer- philosophy of ethical and capital. Andrew Hill
of ex-HSBC employee Hervé Falciani. • Edmond J. Safra, the late billionaire quently moved from Swit- land were connected to $31bn of depos- business on the record in in his Business Blog
This was subsequently shared with banker, was linked to seven bank zerland to Spain and had its, followed by the UK with $21.7bn, his book Good Value, delves into a few
European tax authorities that have accounts that contained $5.3m in 2007. declared all of his accounts Venezuela with $14.8bn and the US with subtitled “Reflections on passages that seem
since collected hundreds of millions of He had previously sold his interests in and investments there. $13.4bn, according to the ICIJ’s analysis. money, morality and an pertinent, given the news
pounds in tax, penalties and interest. two private banks to HSBC in 1999 for • Elle Macpherson, the The UK tax authorities have subse- uncertain world”. The about what happened at
However, yesterday’s data dump was $10bn in cash. model and entrepreneur, quently recovered £135m from clients book is an examination HSBC during Lord
the first time that large numbers of indi- • Jordan’s King Abdullah II was linked was connected to four HSBC named on the Lagarde List; this is less of the history and Green’s tenure.
vidual clients had been identified. to three HSBC accounts, in the name of a accounts containing $12.2m in than the £220m recovered by Spain and philosophy of capitalism, ft.com/businessblog
In a series of statements made to the palace official, containing $41.8m in 2007. Her lawyers said she had £188m recovered by France.
Tuesday 10 February 2015 ★ FINANCIAL TIMES 17

COMPANIES

Unilever under pressure to step up growth rate

Chief defends his vocal stance on Piling up Reduced spread
global climate and social issues Strategy has favoured
personal care over food

SCHEHERAZADE DANESHKHU AND most other consumer-goods companies.

DAVID OAKLEY — LONDON P&G sells only 37 per cent of what it While consumer groups are often a
makes, such as Pampers nappies and jumble of diverse businesses,
For years, Unilever chief executive Paul Gillette razors, to emerging markets. Unilever is now the only big global
Polman has seen himself as the con- For Nestlé, the figure is 43 per cent. group to combine a sizeable food
science of the business world. However, Cédric Besnard, an analyst business with household products.
“A purpose-driven business can be at Barclays, says Unilever’s sales have That has been the case since
profitable,” the tall Dutchman told jour- not suffered solely because of a deceler- Procter & Gamble of the US sold
nalists at last month’s annual results ation in these economies. They have Pringles crisps and Sunny Delight
meeting. “I don’t know where this also been hit by its pricing decisions. soft drinks.
notion that it can’t be comes from. Must “Unilever had been relatively success- About 45 per cent of Unilever’s
be because of what you write.” ful in raising prices in emerging mar- sales are in food and beverages and
The 58-year-old, who once trained to kets,” Mr Besnard says. “The annual 55 per cent in home products — with
be a priest, was speaking en route to the results highlight the risk, though, of brands such as Surf and Comfort —
World Economic Forum in Davos. Once managing prices too aggressively since and personal care, with Sunsilk
there, he planned to “use the size and volumes were left more vulnerable once shampoo and Lynx body spray.
scale of Unilever” — the world’s third- these economies slowed.” Although the food division —
largest consumer-goods company by Another self-inflicted injury came in mainly margarine and mayonnaise
sales — to lobby global leaders for a China — Unilever’s third-largest emerg- — enjoys the same high-profit
binding agreement on climate change ing market. Revenues from the country margins as personal care, the two
and the eradication of world poverty. fell by 20 per cent in both the third and differ in terms of sales growth.
In attempting this, he was maintain- fourth quarters, after Unilever ramped So when Unilever said in
ing the 130-year old company’s commit- up sales to retailers but demand December that it would hive off
ment to social responsibility, which dropped, forcing a destocking. Andrew spreads into a standalone unit to
began with a mission to promote Wood, an analyst at Bernstein Research, turn round the underperforming
hygiene in Victorian England, through says: “China was a major embarrass- business, many investors saw this
its Lifebuoy soap. ment for Unilever, Polman and local as moving to an eventual sale.
But while many agree that Mr Pol- management and the repercussions will A sale or spin-off of spreads
man’s efforts to promote responsible be felt for a number of quarters.” would still leave Unilever with food
business are laudable, some sharehold- Although Unilever’s 2014 sales disap- through its refreshments division
ers fear that, after six years at the helm pointed, its profit growth was better — products such as Magnum ice
of the Anglo-Dutch group, he may have than expected. A 5 per cent rise in net cream and Lipton tea — but these
started to care more about the environ- profit to €5.5bn was achieved mainly are growing at a reasonable rate.
ment than about them. through cost cuts — 1,400 jobs were lost Paul Polman, chief executive, has
“I do not have an issue with Polman last year — but investment in advertis- already been shrinking the food
talking about sustainability,” says one ing and promotions was maintained. business via divestments, including
top-20 investor, before complaining Higher profit was behind a 9 per cent Ragu pasta sauces and Wish-Bone
jump in its share price in the 10 days salad dressings.
after January’s results announcement, Some investors wonder if Paul Polman cares more about green issues than about shareholders His acquisitions have
‘A purpose-driven business even though some of that gain has since
— Kuni Takahashi/Bloomberg
predominantly focused on boosting
can be profitable. I don’t been given up. the personal care business —
Jamie Isenwater, partner at Ash Park, where he sees Unilever’s future.
know where this notion a new fund dedicated to consumer sta-
Unilever Possible targets this year could
that it can’t be comes from’ ples, credits Mr Polman for “driving vol- Sales growth (annual % change) Core ebit by division, 2014 Share price and index (rebased) include Wella, the haircare business
ume and price together, which P&G has (% share) that P&G may be considering
12 Unilever 200
found difficult to achieve”. Refreshments selling as it focuses on fewer
10 FTSE 350 Consumer goods
that “the results have not been that But for Mr Polman, the pressing ques- 180 brands, or the personal care arm of
strong”. Sales of Unilever’s consumer tion now is how to find growth. 8 12% Energizer, the US battery maker
products — which include such brands Investors suggest that one way is to 6 160 that is demerging its two main
as Dove soap, Persil detergent and Flora throw off the yoke of the slow-growing 4 140
divisions.
margarine — fell 2.7 per cent last year to margarine unit, which accounts for Personal Energizer’s personal care assets
2
€48.4bn, partly hit by currencies weak- 7 per cent of sales, via a sale or spin-off. care 120 — which could fetch $7bn-$9bn,
Foods
ening against the euro. Another option is to use Unilever’s 0 47% according to analysts — include
A fund manager who used to hold the strong balance sheet to make more per- -2 33% 100 Wilkinson Sword razors, a business
group’s shares, says of its recent per- sonal-care acquisitions, which have -4 80 that could prove attractive to
formance: “The top line is not where it proved elusive of late. As one fund man- Unilever, as it does not own a
ought to be relative to peers.” ager points out, the company’s issuance 8% shaving brand. Scheherazade
2006 08 10 12 14 2010 11 12 13 14 15
Unilever has missed sales forecasts of a €750m corporate bond with a cou- Home care Daneshkhu
Sources: Bloomberg; Liberum; Thomson Reuters Datastream
for six of the past eight quarters. pon of 0.5 per cent — one of the lowest on
Mr Polman argues that the problem is record — demonstrates that “Unilever
less with Unilever and more with fore- can get financing for whatever it wants”.
casts. “Analysts have over-optimistic Unilever is currently pushing innova- the world a better place has earned Uni-
expectations. We would be a hostage to tive products that it can sell for higher lever third place on the list of most
the financial market if we ran this com- prices — such as its Regenerate enamel- admired employers on LinkedIn, the
pany judged on expectations,” he says. repairing toothpaste. It is also getting social network for professionals.
When he arrived at Unilever, having more brands into established markets Nielsen, the research group, also
started his career at Procter & Gamble and increasing its presence in countries notes that 18 to 34-year-old “millenni-
and Nestlé, Mr Polman scrapped short- with sizeable populations, such as Ethi- als” are four times more responsive to a
term financial targets. He is a frequent opia and Myanmar. company with sustainability credentials
critic of the 90-day reporting cycle, say- Even so, at the current rate of sales than older consumers.
ing it encourages short-termism. growth, it will take Mr Polman another For shareholders, however, the issue
His own long-term bet is on emerging 15 years to hit the medium-term target is whether responsiveness can translate
markets, which now account for 57 per he set in 2009 of doubling sales to into growth. As another top-20 investor
cent of the sales mix, up from 47 per €80bn, rather than in another five years says: “Unilever’s results are reasonable
cent in 2008. His goal is 80 per cent. as many observers expected. and Paul Polman is doing a good job. He
This bet initially paid off and sales Mr Polman’s target also involves halv- is pragmatic on the issues. The problem
rose. But the sharp slowdown in emerg- ing Unilever’s environmental footprint. is that some people think Unilever is an
ing markets since 2013 has hit Unilever But behind this evangelism lies a hard- amazing growth story — but it is just a
hard because it has more exposure than headed pragmatism. His talk of making solid business with steady growth.”

Banks

Cost-cutting Malaysia lender CIMB

shuts down Australian operations
JAMIE SMYTH — SYDNEY review aimed at buoying its return on from the British lender and expand its
equity to 15 per cent by 2018. Asian footprint.
CIMB is to close its 100-strong Austral-
CIMB reported return on equity of But it has since encountered tough
ian arm as part of a restructuring to cut
11.8 per cent in its 2014 financial year, competition and a cooling economy in
a third of costs from its Asia Pacific
amid what it said was “a challenging Australia.
investment banking unit after its failed
year”. CIMB’s Australian arm employs 103
three-way merger with Malaysian
The Malaysian bank bought its Aus- staff, who will either lose their jobs or be
rivals.
tralian investment banking arm from redeployed.
Malaysia’s second-biggest lender by Royal Bank of Scotland in 2012. The “Overall capital markets have been
assets is the latest bank to retrench in acquisition was part of a wider $140m relatively strong in Australia but the big
Asia, with Standard Chartered and deal to acquire several Asian businesses players Macquarie and UBS are domi-
Royal Bank of Scotland both recently nating the sector,” said David Ellis, ana-
scaling back activities. lyst at Morningstar.
CIMB is targeting a reduction in oper- Last year, Nick Rowe, CIMB Aus-
ating costs of 30 per cent in 2015 at its tralia’s country head, and Oscar Ludwig-
Asia Pacific investment banking arm. son, head of investment banking,
Zafrul Tengku Abdul Aziz, CIMB’s resigned from the Malaysian bank. The
acting chief executive, said the decision two men recently moved to Houlihan
to close the Australian business fol- Lokey, an US investment bank opening
lowed a group-wide review. an office in Sydney.
“The realities of today’s capital mar- The retrenchment of CIMB’s Asia
kets and the absence of sufficient flows Pacific investment banking business
have directly contributed to this deci- follows similar moves by other banks in
sion,” he said. the region.
“The rest of our Asia investment Standard Chartered closed its global
banking platform remains intact.” equities business in Singapore last
Last month, CIMB scrapped a month while Royal Bank of Scotland is
planned merger with two of its smaller in talks over a retreat from the region.
Malaysian rivals — RHB Capital and The discussions about a potential
Malaysia Building Society — in a deal Asian exit come a month after it
that would have created one of South- emerged that RBS plans to wind down
east Asia’s biggest financial groups. its fixed-income trading business in
Following the collapse of merger Retrenchment: a planned tie-up with Japan following six years of consecutive
talks, CIMB undertook a strategic two smaller rivals was abandoned losses in the country.
18 ★★★ FINANCIAL TIMES Tuesday 10 February 2015

COMPANIES

Oil & gas General industrials

Petrobras scandal draws in foreign investors Industrial

robot sales
Five shipbuilders accused investors have been linked to the scan-
dal that is threatening to drive Brazil’s
Brasil. The testimony of Mr Barusco,
who has admitted he is among the Sete
ers. The shipbuilders were required to
pay bribes worth 0.9 per cent of con-
payments. Mr Vaccari and the Workers’
Party denied receiving illegal payments
‘set to double
of paying bribes to
secure contracts
most important group into bankruptcy.
Pedro Barusco, a former director of
Brasil officials who received payments,
was released by Globo, a Brazilian
tracts with Sete Brasil to a group that
included the treasurer of Brazil’s ruling
or political donations. Sete Brasil said it
was seeking further information on Mr
by 2018’
Sete Brasil, a leasing company in charge media organisation. Workers’ Party, João Vaccari Neto, and a Barusco’s testimony.
JOE LEAHY — SÃO PAULO of building 29 drilling rigs for Petrobras The three Brazilian shipbuilders iden- range of Petrobras and Sete Brasil offi- Odebrecht, a shareholder in Estaleiro
JEREMY GRANT — SINGAPORE via shipbuilders, made the allegations tified by Mr Barusco were Estaleiro cials, Mr Barusco alleged in signed testi- Enseada do Paraguaçu, rejected the ED CROOKS — NEW YORK
about the Singaporean and Brazilian Atlântico Sul, which is 30 per cent mony to Brazil’s federal police. “slanderous” allegations and denied
Robots will replace a growing number
Two Singaporean shipbuilders and companiesintestimonytopolice. owned by Japan’s JMU/IHI shipyard; In statements to the Singapore stock paying any officials at Petrobras. “The
of jobs in industries including automo-
three Brazilian companies with Mr Barusco alleged that units of the Estaleiro Enseada do Paraguaçu, which exchange yesterday, Keppel Corpora- company does not and never has partic-
tive and electronics in the next few
Japanese minority shareholders have two Singaporean companies, Keppel is 30 per cent held by Japan’s Kawasaki; tion said it “refuted” allegations that its ipated in any type of cartel,” it said.
years, particularly in east Asia, accord-
been accused of paying bribes in the Corporation and Sembcorp Marine, and Estaleiro Rio Grande, which num- unit in Brazil, Keppel FELS Brasil, was A spokesperson representing share-
ing to new research.
corruption scandal at Brazilian state- were among five shipbuilders involved bers JB Minovix, a consortium of Japa- involved in the Petrobras scandal. Sem- holders at Estaleiro Rio Grande declined
controlled oil group Petrobras. in a bribes-for-contracts scheme also nese companies including Mitsubishi bcorp Marine denied its unit, Jurong to comment. Estaleiro Atlântico Sul did Worldwide sales of industrial robots
It is the first time international involving officials at Petrobras and Sete Heavy Industries, among its sharehold- Aracruz Shipyard, had made “illegal” not respond to requests for comment. rose 23 per cent last year and are on
course to double by 2018, driving radi-
cal change in many manufacturing sec-
tors, Boston Consulting Group said.
Travel & leisure. Closed skies Although robots have been used in
industry for decades, recent advances in
technology have cut their costs and

India’s new airlines in battle to fly overseas increased their capabilities, as a new
generation of reprogrammable, multi-
purpose machines comes into service.
The prices of industrial robots have
been falling steadily, dropping about
14 per cent in the past four years to
New Delhi under pressure $133,00 for a typical system, while capa-
to scrap 5/20 rule restricting bilities have been expanding.
Some robots are even cheaper: the
start-ups to domestic flights Baxter robot from Rethink Robotics has
a listed base price of $25,000, making it
accessible to smaller companies that
AMY KAZMIN — NEW DELHI
might have found it difficult to invest in
Vistara, the Indian airline set up by earlier generations.
India’s Tata group and Singapore Air- Five countries — China, the US, Japan,
lines, is still in the early stages of devel- Germany and South Korea — are
oping its domestic route network, a expected to account for about 80 per
month after its maiden flight. cent of investment in industrial robots
But already the carrier — a full-service over the coming decade.
airline catering for business travellers as Advanced robots are set to cut costs
well as people who want to fly for holi- and raise productivity, reducing
days or to visit relatives — aspires to go employment in manufacturing in devel-
beyond ferrying passengers within India oped countries, while raising the skill
and tap into the growing and lucrative levels demanded of the staff that
market for international travel. remain. They are also likely to make
“We have global ambitions,” says labour costs a less significant factor for
Phee Teik Yeoh, chief executive of Tata manufacturers deciding where to
SIA Airlines, Vistara’s parent company. invest.
“We can support regional connectivity About 200,000 industrial robots were
and at the same time promote growth in shipped last year, BCG estimates, up
the economy by linking India to the rest from 163,000 in 2013, and in three
of the world.” years’ time the number could rise to
That may not be possible — yet. New 400,000.
Delhi allows its Indian-registered air- Moving fast: Vistara began operating last month and is keen to shake up the rules and expand beyond domestic flights In the manufacturing sectors that are
lines to fly overseas only once they have the most readily automated, including
operated domestic flights for five years cars and other transport equipment,
and have at least 20 aircraft in their adds. India’s tourism has also been a cas- rule like this. People are crying for low fast-growing Abu Dhabi-based carrier International travel is expected to grow computers and electronics and electri-
fleets. Whether the so-called 5/20 rule ualty — stunted by the country’s rela- fares to go abroad — for more connectiv- that took a 24 per cent shareholding in steadily, with the Centre for Asia Pacific cal equipment, about 85 per cent of
should be scrapped — to allow new mar- tively poor air links to other nations. ity and more destinations.” the Indian company in 2013. Aviation projecting 96m overseas trips tasks can be performed by robots,
ket entrants to fly internationally — is Vistara and AirAsia India, a subsidi- But after about 10 years of operations, All Indian carriers have good reason to and from Indian airports by 2023. according to BCG.
now the subject of a raging battle in New ary of Malaysian carrier AirAsia, are IndiGo and struggling SpiceJet have for wanting to fly abroad. While high Yet nearly 70 per cent of India’s inter- Those sectors are likely to use the
Delhi’s corridors of power. both pressing New Delhi to abolish the joined Jet Airways in arguing strongly taxes make Indian jet fuel the world’s national traffic is presently carried by most robots over the coming decade,
The rule was adopted about a decade 5/20 rule so they can start feeding against abolition of the 5/20 rule. They most expensive on domestic routes, air- foreign-owned airlines, which can fly to but other areas such as chemicals and
ago to protect then incumbents Air Indian passengers to their foreign par- contend that relaxing or ending the rule lines are allowed to buy kerosene at glo- India without the same restrictions that metals are also likely to see increasing
India and Jet Airways from new compet- ents’ expansive international networks. now would give new carriers and their bal market rates, and therefore lower New Delhi imposes on Indian carriers adoption of the newer, more flexible
itors including IndiGo, SpiceJet and the “It’s an archaic rule which is totally foreign parents an unfair advantage. prices, for overseas flights. seeking to go abroad. And while many machines.
now-defunct Kingfisher Airlines, but contrary to open skies,” says Mittu “It’s very heated,” says Neelam Math- International services are ultimately countries have reached the limits of Hal Sirkin of BCG said: “The new
has since been blamed for much of the Chandilya, chief executive of AirAsia ews, an analyst. “The old-timers are cheaper — and more profitable — to their bilateral agreements for flights generation of robots will be applying
financial misery afflicting India’s airline India. “Nowhere in the world is there a very, very upset. They had to go through operate. “International flights make into India, about 60 per cent of India’s logic to the environment and making
industry. The rule has made life espe- so much trauma and losses because they economic sense,” says Shakti Lumba, a foreign traffic rights are unused. their own decisions.”
cially difficult for new carriers contend- were not allowed to fly abroad. Now if retired Air India manager who contin- India’s government is now taking a Mr Sirkin raised the prospect that the
ing with cut throat competition and high
‘Nowhere in the world somebody walks in, they’ll have a five- ues to follow the Indian aviation indus- serious look at the 5/20 rule. Buffeted application of advanced robots to
costs in the domestic aviation market. is there a rule like this. year advantage over the old-timers and try. “You make more money.” between conflicting demands for the manufacturing could lead to an acceler-
“It’s a bad law that shouldn’t have walk away with the market.” About 46m international travellers rule to stay or go, New Delhi is now con- ation of productivity growth.
been there in the first place,” says People are crying for Some of the Indian carriers opposed flew in and out of Indian airports in the sidering a gradual phase-out. “Doubling productivity takes a long
Amber Dubey, a partner at KPMG, the low fares to go abroad’ to reform have influential backers. For 12 months to March 2014, up 8.4 per ButMrChandilyaadds:“It’sarulethat time,” he said.
accounting firm. “It needs to go yester- example, Jet Airways is now acting as a cent year on year, compared with a needs to be abolished in its entirety,” he “Doubling computer power takes just
day.” It is not just airlines that suffer, he feeder airline to Etihad Airways, the 5.2 per cent rise in domestic traffic. says.“Not with a piecemeal approach.” two years.”

Legal Notices
Real estate. Frozen market

US fund’s bet exposes Russian risks

value anything because nobody knows on imported goods looked set to soar
Morgan Stanley unit’s $2.3bn where prices will settle.” because of sanctions and a falling rou-
shopping mall deal falls victim The fund — known as MSREF — ble, same-store sales rose.
invested alongside the Chinese sover- “The Russian consumer was a great
to rouble and oil price travails eign wealth fund CIC in St Petersburg’s story,” says Lee Timmins, who heads
Galeria and bought the Moscow mall Hines’ Russian office.
with a fund backed by Calpers, the Cali- “Even in the first three quarters of
HENNY SENDER — NEW YORK
fornia public pension fund and Hines, a 2014, it did not feel like a crisis. It was
In 2012 and 2013, Morgan Stanley’s real real estate investment firm. only with the sanctions and the diffi-
estate fund set a new record for Russian The 2013 investment in Moscow’s culty getting hard currency that prob-
property deals by investing $2.3bn in Metropolis Shopping and Entertain- lems set in.”
two shopping centres in St Petersburg ment Mall was the single largest trans- This latest chapter in the history of
and Moscow. action ever in the Russian commercial MSREF comes at a time when it seemed
Now, with the rouble plunging in property market. to be on an upswing.
response to western sanctions and a fall- Russia does not have a long history of Like Whitehall, Goldman Sachs’ real
ing oil price, the fund’s big bet on Russia attracting western property investors. estate investment arm, the Morgan
has become a cautionary tale about the Most have stayed clear of the market Stanley unit lost billions of dollars dur-
risks of chasing high returns in volatile ing the global financial crisis.
countries when low interest rates are Meanwhile, in Russia, landlords are
depressing yields in developed markets. Tough call: it is having uncomfortable conversations
difficult to
People involved in the two mall deals estimate the both with their tenants and with their
claim their valuation is below the peak
but not down much — if at all — from the
price paid. Others with knowledge of the
current value of
Morgan Stanley’s
investment
bankers.
Most banks are under political pres-
sure not to write down loans or repos-
Businesses For Sale
transactions estimate that their value sess properties, Mr Devonshire-Griffin
may have halved. precisely because of its volatility, and says, adding that some banks are asking
Rents have dropped by as much as financing for big projects became widely for interest payments only.
30 per cent in some shopping malls, the available only a decade ago. Most analysts agree there is worse to
sceptics note. Before 2011, there was virtually no US come though. “Retailers will close and
Crude prices and the rouble have investment in Russian property, accord- there will be more downward pressure
halved, consumer income and retail ing to Cushman & Wakefield data. on rents,” warns Sergey Riabokobylko,
sales are falling, and economists expect MSREF’s two deals accounted for the head of Cushman & Wakefield in
that Russia’s GDP will shrink 5 per cent lion’s share of total foreign investment Moscow.
this year. in the Russian market in 2012 and 2013. The head of real estate investing at
The only thing the two camps agree on But when the fund made its one large company says: “If things had
is that a frozen property market makes purchases, Russia was prospering and gone the other way, they would have FT BUSINESS
exact calculations impossible. few anticipated the plunge in oil prices looked like geniuses.” Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
“Morgan Stanley opted to buy big in to come. The rouble was strong, and Morgan Stanley declined to comment Business Wanted, Franchises
non-core markets,” says Thomas tenants were willing to pay their land- while CIC did not respond to requests .........................................................................................................................................................................................................................................................................
Classified Business Advertising
Devonshire-Griffin, the Moscow-based lords in dollars, which made currency for comment.
UK: +44 20 7873 3920 | Email: jenny.fazakerley@ft.com
regional director of Jones Lang LaSalle risk seem negligible. Additional reporting by Stephen Foley in
in Russia. “Today, though, it is hard to Even at the end of last year, as prices New York and Gabriel Wildau in Shanghai
Tuesday 10 February 2015 ★ FINANCIAL TIMES 19

COMPANIES

Mobile & telecoms Telecoms. Competition

Alibaba forks out ‘Make or break’ for

$590m for stake Telefónica in Mexico
in phonemaker Spanish telecoms group faces
a fast-changing landscape as
which has 3 per cent of the market but
the most profitable subscribers. The US
company wants to expand its presence
in Mexico and incorporate it into a
rivals such as AT&T catch up seamless North American network.
China ecommerce group’s ning with its flagship apps QQ mobile The two odd-ones-out from this
and WeChat. JUDE WEBBER — MEXICO CITY round of musical chairs are Telefónica
investment in Meizu lays However, fourth-quarter results by and Televisa, the country’s dominant
down challenge to Tencent Alibaba showed that its number of AT&T’s aggressive push into Mexico television group famed for its soap
mobile monthly active users nearly means crunch time is looming for Tele- operas that has a tie-up with Univision
CHARLES CLOVER — BEIJING doubled from the same quarter the pre- fónica. The Spanish telecoms group has in the US. It also owns Sky, Mexico’s
vious year to 265m. invested some $13.5bn in Latin Amer- leading satellite TV provider, and 51 per
Alibaba has invested $590m in a little- China has 557m mobile internet users ica’s second-biggest market over the cent of cable provider Izzi.
known domestic smartphone maker as out of a total 649m online users, accord- past dozen years and saw revenues rise Telefónica last year tried to negotiate
the ecommerce group pushes to extend ing to data released last week by the 9.5 per cent in the third quarter. But it a partnership with the broadcaster, but
its reach to mobile internet. China Internet Network Information has not decided what to do in the teeth plans fell apart. Mr Gil Díaz is not giving
The unspecified minority stake Center. of intensifying competition from a new up on some kind of association and all
in Meizu marks the first time Alibaba has spent about $8bn rival that is quickly gaining on it. eyes are on what one analyst called the
Alibaba has invested directly in a smart- since the beginning of 2014 on acquisi- “The situation here is upside down,” “crucial” next move by the broadcaster.
phone company, but is in line with the tions, mainly focused on developing its said Francisco Gil Díaz, Telefónica’s “There is a need for Televisa to take a
group’s strategy to challenge Tencent in reach in mobile, including $1.5bn on Mexico president. decision, just like us, on whether we are
mobile. AutoNavi, a mobile mapping software. The group has had its hands full nego- to combine resources,” Mr Gil Díaz said.
While the foray into smartphones In June, Alibaba bought UCWeb, a tiating the £10.25bn sale of O2, its UK “The plan to have a merger of some Tel-
echoes that of US ecommerce group mobile browser company, and the two unit, to Hutchison Whampoa of Hong evisa assets and some of ours did not
Amazon with its Fire phone, Alibaba is have developed Shenme, a mobile Kong. It has also been busy in Brazil, work out. There is still a possibility to
search engine. where Telefónica’s Vivo unit is digesting work with Televisa in different ways.”
They are also working with Quixey, a last year’s $7.5bn acquisition of GVT, the Televisa said it was premature to com-
More Chinese are US-based company in which Alibaba broadband unit, from Vivendi, and eye- ment on any future deals but stressed it
accessing the internet has invested, to design a mobile gateway ing a share of Telecom Italia’s TIM if, as had an “excellent relationship” with Tel-
using Quixey’s app search engine. expected, the Italian unit is broken up. efónica.
from mobile devices Meizu is one of the few Chinese manu- “It is not that they are not aware of what Telefónica will be flush from the pro-
than from desktops facturers to preload YunOS in its is happening [in Mexico], but things are ceeds of its sale of O2, “so that means we
phones, while other manufacturers moving so fast and so unexpectedly that could consider some capex. There is also
have been dissuaded by a spat with I don’t think they have reached a deci- some possibility of buying a cable com-
more intent on pushing YunOS, its sel- Google in 2012. sion on what to do,” said Mr Gil Díaz. pany [in Mexico]”, said Mr Gil Díaz.
dom-used operating system, on to The US group claimed YunOS was a Telefónica, with about 20 per cent “There is the possibility of asset
mobile screens. version of its Android operating system market share, has long played second- swaps, mergers, acquisitions. We are
Channelling mobile users to Alibaba that was incompatible with its broader fiddle in Mexico to Carlos Slim’s Telcel, considering an array of combinations.
is a priority for the company as China mobile ecosystem. which has 70 per cent. Third-placed We will probably have a decision before
switches en masse from desktop to Alibaba claims YunOS is not a version rival, Iusacell, has some 8 per cent, and the second half of this year . . . We are
smartphone internet. For the first time of Android. was snapped up by AT&T in November. under pressure to decide.”
last July more Chinese accessed the Wang Yanhui, head of the Mobile But the landscape is changing. Mexico The senior analyst called it “make it
internet from mobile devices than from Phone China Alliance, the industry lob- passed a telecoms reform bill designed or break it time” for Telefónica in Mex-
computers. bying group, said Alibaba’s strategy for to open the door to competition and ico. Mr Gil Díaz said leaving did not look
“The investment in Meizu repre- rolling out its operating system had changes have come fast. Last June, Mr on the cards. “I don’t think so. Mexico
sents . . . an important step in our over- been to rely on smaller smartphone Slim and AT&T, his former ally, parted has revenues and clients and it is larger
all mobile strategy,” Wang Jian, makers, of which Meizu is the largest. ways when the US company bid for than all our operations in Latin America
Alibaba’s chief technology officer, said He said: “Larger companies, any DirecTV. The Mexican billionaire has except Brazil,” he said. His favoured
yesterday. manufacturers with international busi- also vowed to break up the empire to outcome is for his group to buy a cable
Alibaba is competing with Tencent for ness, are afraid they’ll be punished by escape antitrust measures — though he company — ideally MegaCable or Axtel.
China’s mobile internet users in a race Google. When they go outside China has not said which assets will be sold. No one at either company could
that Shenzhen-based Tencent is win- they still have to play by Google’s rules.” Mexico is Latin America’s second-biggest telecoms market — Edgard Garrido/Reuters Last month, AT&T bought Nextel, immediately be reached for comment.
20 ★ FINANCIAL TIMES Tuesday 10 February 2015

UK COMPANIES

Briefs

HSBC’s unpalatable Swiss role reflects colonial bank’s federal failings Sports Radio
MacKenzie venture
Kelvin MacKenzie is bidding to run
a new national sports radio station
have caught HSBC out, it is because the chief executive in 2011. The remaining fetta/taramasalata could prompt riots that would compete with Talksport,
bank produced a whistleblower, Hervé franchise is hugely robust, but has at Islington Waitrose. Whale ahoy the broadcaster he founded and
Falciani. Rivals will thank their stars scope to be rocked by further “Ozzy v worried by meeting with sold to UTV Media a decade ago for
they have not. revelations of historic wrongdoing. One Greek finance minister Yanis Varifocal A farewell to ARMs? The chances of £100m.
What was special to HSBC’s private oddity of the current furore is that last week. No chance he’ll meet debts Asia Resource Minerals — Bumi as was Mr MacKenzie, who is best known
bank during 2005-07, when clients HSBC failed to pre-empt the when he doesn’t bother tucking his — quitting the market have diminished as a former editor of The Sun, said:
were allegedly withdrawing untaxed co-ordinated publication of allegations shirt in, was verdict of Mrs Ozzy. This marginally. Co-founder Nat Rothschild “It’s been clear to me for some time
“bricks” of cash, was that it belonged to this morning. from a woman who lets husband wear is offering to underwrite a $100m that there’s room for another player
Tax avoidance? At a Swiss private a federal institution. National units Lord Green, chief executive and suits one size too small. But that’s blue equity issue at a 79 per cent premium in the sports radio market.”
bank? One is shocked. Shocked! HSBC were run by barons whose ethics were chairman for much of the noughties, stockings for you. Yanis oddly to today’s opening price. The condition The new station, called Sports
has admitted to “compliance and local, and thus helpfully flexible. For has questions to answer, as Labour MP scrummy, in a Mahiki bouncerish way. is that investors extend the maturity of Radio, is part of a consortium called
control failings” at a Swiss offshoot, instance, in 2012, HSBC agreed to pay a Margaret Hodge says. But so do Labour “After five hours the only action $950m of debt owed by main Listen2Digital that is bidding for
after allegations that the subsidiary $1.9bn fine for money laundering ministers and tax bosses from that era. point on Dave’s white board is: ‘Grexit subsidiary Berau. This could forestall a the second wave of national digital
helped foreigners avoid tax. This has during the noughties for clients that Their attitude to tax avoidance was export opportunities: drachma wipeout for shareholders. radio stations to be awarded by
been the historic mission of Swiss the US authorities said included initially a permissive one, like the printing and tear gas — Vince to alert Mr Rothschild has sometimes Ofcom, the telecoms regulator, later
private banks. However, there is a Mexican drug cartels. policeman in Casablanca who pretends De La Rue and Chemring.’ Obvs, Dave resembled Captain Ahab in his single- this year.
subtler theme here: of a colonial legacy The British empire provided a vector to be shocked when gambling is powerless to stop Grexit or outages of minded pursuit of his quarry, though Listen2Digital, whose backers
that is both a blessing and a curse to for HSBC’s expansion after it was discovered at his favourite nightclub. N. London hummus pipeline. his aim has been its rehabilitation include Orion Media and Babcock
the UK’s largest bank. established in Hong Kong in 1865. “Kept it zipped on that. But googled rather than its destruction. Business International, is one of two
A Swiss private banker once blogged Federation was a consequence of the Greek hotels on the iPhone. Bargains writers chronicling the complex tale consortiums bidding for the new
of his relief at “crossing the line”. He
had moved the wealth of a British
slowness and unreliability of
communications. It persisted into the
Sam’s fetta accompli inevitable post-Grexit. Mrs O says
Corfu fabulous in August if you can
inevitably resemble the Ancient
Mariner. The wisdom of Mr
client to the land of cuckoo clocks and era of emails and Twitter because it Samantha Cameron’s latest diary entry*: avoid Oleg Deripaska. Dave probably Rothschild’s actions has often been
multi-tools with the explicit intention was seen as a business advantage. But a “Dave war gaming Grexit all day. Crisis out of government after May, I figure. questionable, not least in creating a
of dodging UK tax. Such behaviour was tough post-crisis regulatory planning v important at Smythson too. Patriotic holiday hypothermia on business that was riven with
widespread in his profession until the environment made it risky instead. Wot if Vogue bans leather accessories in Polzeath beach then a thing of the past. boardroom tensions. His tenacity is
Swiss tax authorities began buckling to For this reason, Stuart Gulliver fuchsia, etc? Nick from Treasury is like: As with euro collapse, wrong to hope, indisputable, as this latest
international pressure in the late imposed greater central control and ‘Greek economy v small’. But Rupert, sensible to plan.” development illustrates.
noughties. If investigative journalists at began shedding units in some Ozzy’s SPAD, makes good argument *as imagined by Lombard and with “multiplex” — a chunk of the
Le Monde, The Guardian and the BBC disreputable countries after becoming that disruption to supplies of apologies to Catherine Bennett. jonathan.guthrie@ft.com airwaves needed to broadcast radio.
It is up against Sound Digital, a
consortium of Talksport-owner
UTV Media, Arqiva, the
Mining transmission business, and Bauer
Media, the UK’s second-biggest

Randgold raises
commercial radio group. UTV plans
to take four of the 15 stations
proposed by Sound Digital,
including an additional sports
station.

dividend amid Mr MacKenzie is working on the

bid with Jason Bryant, co-founder
of Talksport and a former managing
director of the station. Besides

deal optimism
Premier League football, Sports
Radio plans to feature Test match
cricket, rugby, golf and horseracing.
If it wins the bid, Sport Radio
would launch next year.
Robert Cookson
FTSE 100 group on of Randgold, is increasingly vocal about
opportunities to buy assets from Arm Holdings
lookout for acquisitions as struggling rivals if it does not recover.
Software group deal
turbulence continues Net asset values for many gold miners
were facing “a big, steep, vertical cliff”, Arm Holdings, the British chip-
JAMES WILSON — CAPE TOWN Mr Bristow said yesterday. design company, has bought a
Randgold has been hit with a fresh Dutch specialist in the design of
Randgold Resources became the first $190m claim for unpaid taxes in Mali, security software for the “internet
blue-chip London miner to raise its divi- deepening a dispute between the African of things”.
dend this year as it predicted opportuni- country and the gold miner that is set for Offspark’s technology is included
ties for acquisitions amid a turbulent internationalarbitrationthismonth. in sensor modules and
outlook for commodities. Mali’s tax claims against Randgold, smartphones. Arm said “the
Miners’ ability to increase payouts for the country’s largest mining investor, technology will remain open source
investors is under scrutiny because of total $313m, more than the miner’s net and will be made available to
weakening Chinese growth, putting income last year. developers for commercial use”.
pressure on commodity prices and on Randgold has made no provision for Paul Bakker, Offspark chief
the balance sheets of many groups. the claims, which it says are unfounded. executive, said: “Security is the
But FTSE 100-listed Randgold, which “We are very comfortable that we are most fundamental aspect in
right. We invested a lot of money in Mali ensuring people trust [internet of
based on a specific investment conven- things] technology and that is only
Randgold has been one of tion with very clear stability,” Mr possible with a truly tailored
the best-performing gold Bristow said. solution. Together, Arm and
“Anything other than that would Offspark can provide security to the
producers, avoiding the change our approach about how we allo- Mujahid Safodien/AFP
edge of any system.”
asset writedowns made by cate our capital.” Fast FT
some larger rivals
has no debt, said that it intended to
Randgold’s output rose 26 per cent
last year to 1.15m ounces, with
the benchmark measure of costs down
Not so shiny Anglo American Platinum, the world’s
biggest platinum producer, yesterday
posted a near 50 per cent fall in its
mines as it shifts focus to more
mechanised operations.
Amplats, a unit of Anglo
Imagination Tech
increase its final cash dividend by 20 per
cent after it hit its production targets for
4 per cent.
Net income dipped 17 per cent to Amplats 2014 earnings after its output was
battered by a five-month strike last
American, said that it expected the
outlook for platinum to improve as
Nordberg appointed
Imagination Technologies, the
2014.
The proposal precedes an anticipated
dividend increase by Rio Tinto later this
$271m last year as the gold price fell.
Revenues rose 13 per cent to $1.4bn.
Randgold said that output this year
counts cost of year.
The group said headline earnings
were R786m ($68m) in the 12 months
stockpiles have been reduced and
demand picks up.
South Africa is home to about 80
microchip designer, has named
technology veteran Bert Nordberg
as chairman, ending months of
week, when the large diversified miner
is also expected to offer a one-off return
should grow between 5 and 10 per cent
to more than 1.2m, with a further fall in miners’ strike to the end of December, down from
R1.45bn in the previous year as the
per cent of the world’s proven
platinum reserves, but despite last
uncertainty after Geoff Shingles
announced his retirement in July.
of cash, probably via a share buyback. costs. Its shares rose 2 per cent to strike cost it more than 500,000 year’s strike the precious metal price Mr Nordberg, who currently
Randgold, which mines in three £54.15p. platinum ounces in production. has remained weak. chairs alternative energy group
countries in Africa, has been one of the Separately, and further underlining South Africa’s platinum sector has A month after the strike ended in Vestas Wind Systems, was
best-performing gold producers, avoid- the potential for dealmaking as gold been struggling, with growing June, Amplats said it intended to president and chief executive of
ing the asset writedowns made by some miners readjust to lower prices, Can- industrial action amid subdued prices offload its Rustenburg site, which Sony Ericsson from 2009 to 2012.
larger rivals whose plans hinged on ada’s Tahoe Resources, a silver pro- for the metal, and Amplats said that it was at the heart of the strike and has He was also a non-executive
higher gold prices. ducer, yesterday agreed a C$1.4bn was moving ahead with plans to sell been lossmaking or generating director of BlackBerry.
The price of the precious metal fell in (US$1.1bn) deal to buy Rio Alto Mining, some of its older, labour-intensive wafer-thin profit margins for years. Fast FT
2013 and Mark Bristow, chief executive which has a gold mine in Peru.

General financial

Spread-betting comparison site aims to increase transparency

HARRIET AGNEW popularity over the past decade, the areas including fixed and variable rates, users with cash bonuses for new
— CITY CORRESPONDENT
spreads charged have reduced. How- guaranteed stop losses and credit accounts.
A new price-comparison website for ever, the larger companies, which spend account facilities. As well as comparing Financial spread betting came under
UK financial spread-betting companies more money on marketing, do not the prices the spread betters offer, the the spotlight in January when several
has launched, designed to shine a light always offer customers the cheapest site shows which companies have addi- retail brokers suffered big losses from
on the wide variety of fees being rates. tional features such as social trading, volatility in the Swiss franc, after the
charged by many of these operators Key areas of price discrepancy where punters can follow expert Swiss National Bank removed the
which are popular with retail investors. between the spread-betting companies traders, and mobile trading to attract exchange rate ceiling against the euro.
include trading costs and the overnight IG Group, one of the largest UK spread
Spread Angel allows clients to compare funding rate that consumers pay to hold betters, said in its latest results that the
prices across 12 UK-registered spread- their positions. All of these costs can add swings in the Swiss currency are likely
betting groups, such as IG Group, CMC up over time and eat into profits. to cost the company up to £30m
Markets and City Index. Mr Hanbury said that he wanted to because of market exposure losses and
Will Hanbury, co-founder of Spread bring price transparency to the indus- customer credit exposure losses.
Angel, said: “The site is extremely use- try, in the same way that Oddschecker In the half year to November 30, IG’s
ful as there are discrepancies across the compares the leading bookmakers and net trading turnover rose 8 per cent to a
industry. It enables people to identify MoneySuperMarket.com allows con- record £197.4m and pre-tax profit rose
which is the best spread-betting firm for sumers to compare prices on products 2.8 per cent to £101.4m. The company
them.” such as mortgages and credit cards. Spread Angel allows clients to reassured investors it would stick with
As online trading has exploded in Users of Spread Angel can search compare prices across 12 groups its dividend policy despite the turmoil.
Tuesday 10 February 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Mining Real estate

Rothschild fillip for Asia Resource Minerals Advisers

bulk up to
Shares add a third on offer
of $100m equity boost as
vehicle, NR Holdings, comes amid wider
attempts to rearrange terms with
lenders.
premium of close to 80 per cent to
ARMS closing price of 14p on Friday
night. Shares rose as high as 23p before
Mr Rothschild holds 17 per cent of
ARMS, which was previously known as
Bumi plc.
all stakeholders”. “The company
intends to engage with noteholders as
soon as possible to secure a transaction
battle JLL
group struggles with debt
MICHAEL KAVANAGH
It follows a vote last Wednesday by
shareholders to reject attempts by the
company’s former chairman Samin Tan
closing at 18p yesterday.
The company also announced that it
had entered talks with lenders aimed at
Mr Tan, with whom Mr Rothschild
has regularly clashed during the com-
pany’s history, held a 47 per cent stake
while the offer of new equity is on the
table,” he added.
Last year ARMS was unravelled from
and CBRE
to wrest back control of the company. avoiding the risk of any default on until late last year. an ultimately acrimonious three-year
Shares in Asia Resource Minerals At the shareholder meeting last week, borrowings. ARMS’s sole trading unit In November, Raiffeisen Bank Inter- tie-up with coal assets owned by the
jumped more than a third yesterday more than two-thirds of investors Berau has $450m worth of bonds set to national took control of 23.8 per cent of Bakrie family — one of Indonesia’s most KATE ALLEN
— PROPERTY CORRESPONDENT
after financier Nat Rothschild offered to backed the company’s board, which had mature in July this year and a further voting rights in the miner from Mr Tan, powerful dynasties — in a $500m deal.
make a $100m equity injection into the argued that Mr Tan would try to run the $500m that mature in July 2017. citing the terms of its loan deal with the Mr Rothschild at the time argued that International property advisers are on
Indonesian coal mining venture. miner in the interests of Borneo, his own Under the terms of the offer from Mr Indonesian businessman. his Bumi venture had fallen victim to a a consolidation and acquisition drive as
Ahead of the announcement, the financially distressed vehicle. Rothschild, other shareholders would Wal King, Chairman of ARMS, said level of corporate mismanagement they gear up to take on the dominant
debt-laden company’s market capitali- Under the terms of yesterday’s offer, be free to participate or not in the equity yesterday that the company appeared “that none of us had imagined would be US-based participants in delivering a
sation stood at just over $50m. Mr Rothschild is offering to inject up to issue. Depending on take-up, it could to be in a position to create “a more possible”. global service.
The offer from Mr Rothschild’s $100m at an issue price of 25p a share, a see him take majority control. stable capital structure for the benefit of See Lombard
The boom in global property invest-
ment is driving deals between advisory
companies. In recent months groups
Real estate Manufacturing. Outlook have snapped up smaller rivals to boost
their range of services and the places

Ecommerce where they operate.

The market is dominated by Los
Angeles-based CBRE, which this week
buoys logistics reported $9bn turnover in the year to
end-December 2014, and JLL, which is

property based in Chicago and reported turnover

of $5.4bn in the same period.
A second tier of companies with turn-
investment over of between $1bn and $3bn includes
groups such as Cushman & Wakefield,
Colliers, DTZ and Savills.
DTZ chief executive Tod Lickerman
JOEL LEWIN said that mid-ranking advisers needed
to get big or go boutique.
Ecommerce is fuelling a boom in logis-
“The biggest corporate occupiers and
tics property investment in Europe as
investors work all over the world, so
retailers try to keep pace with changing
they expect their advisers to do the
consumer demands.
same,” he said.
Investors pumped €19.8bn into proper- Other industries such as law, account-
ties such as warehousing and distribu- ing and consultancy realised this many
tion hubs in 2014, a seven-year high and years ago, he said.
a 34 per cent rise year on year as groups Bob Sulentic, CBRE chief executive,
scramble to adapt to evolving supply said advisory companies “have to be
chains and developers position them- able to connect the dots from Asia to
selves to profit from the thriving sector. Europe to the US, in order to be the com-
The UK led the way, with investment pany that capital wants to work with,
in the sector jumping 65 per cent to because you have to have an informed
€7.9bn, according to Property Data. But point of view about all those markets”.
investment leapt on the continent too as Large companies were increasingly
European eretailers expanded and
cross-border ecommerce took off.
Ireland saw the strongest propor-
Tod Lickerman, head of
tional rise, with investment in logistical DTZ, says mid-ranking
properties surging 7,200 per cent to
€197m, while investment shot up 849
operators need to
per cent in Finland to €1.14bn and 273 get big or go boutique
per cent in Spain to €608m, according to
data from Real Capital Analytics.
One of the largest leases of the year The Crossrail line in London is part of a broad upturn in the UK for manufacturers focused on trains, rolling stock and infrastructure — Robby Whitfield/Epa
saw Amazon secure 1m sq ft of ware- choosing which places to locate their
housing at Daventry in the “golden tri- offices on a global basis, running stand-

Rail industry builds up head of steam

angle” distribution hub in the UK mid- ing accounts rather than paying one-off
lands, whilst Next, Waitrose and Pri- commissions, while investors were buy-
mark all committed to new warehouses ing property across a growing number of
larger than 900,000 sq ft, according to countries, Mr Sulentic said.
BNP Paribas. In a sign of the rapid As a result, over the past four years
expansion of cross-border ecommerce, the average size of CBRE’s 30 largest cli-
Amazon is building five fulfilment cen- Crossrail project in vanguard Manchester and Leeds. “The rail indus- after buying the rail division of Inven- the strength of Alstom, the French train ents had risen 73 per cent, he said.
tres in Poland and the Czech Republic to try is extremely buoyant,” says Noel sys, which makes signalling. maker, and Siemens, its German rival. “It’s not just about bulking up [in
open through 2015 as it seeks to tap the of contract bonanza for Travers, head of projects at Bombar- Moreover, UK rail manufacturers Securing export orders is not easy, scale], it’s about bulking up and being
European ecommerce market, esti- dier’s UK subsidiary, which has a £1bn know the good times are not assured. partly because the specification of good and being connected. That’s what
mated by Ecommerce Europe to be groups with UK operations contract to make trains for Crossrail at Periodically, Britain provides them with trains, rolling stock and rail infrastruc- people who buy our capabilities are
worth €363.1bn. the company’s Derby factory. “It’s sup- little or no work — the industry notori- ture varies between countries. looking for,” he said.
Asos, the UK online fashion retailer, JANE WILD ported by strong passenger numbers ously endured 1,064 days without a But British manufacturers are looking This meant advisers were having to
opened a 200,000 sq ft European hub in Big projects led by a new train line for and investment in larger projects.” train order at the time of rail privatisa- for contracts in Asia, the Middle East invest more in technology and research.
Berlin last year and has “just secured a London are providing the UK’s rail man- The Rail Industry Association — the tion in the early 1990s. and South America as urbanisation cre- DTZ, Savills, Bilfinger, Cushman &
plot next to it to double capacity”, ufacturing industry with its best out- trade body for UK-based suppliers of When orders dry up, not all compa- ates demand for transport infrastruc- Wakefield and Colliers have all made
according to Nick Beighton, chief oper- look for almost a decade. equipment and services to the global nies survive. “It’s been boom and bust, ture. In China and India, more than 30 acquisitions in the past year.
ating officer. “Europe is a very big mar- The £14.8bn Crossrail line linking rail industry — said 70 per cent of its metro rail systems are being proposed, London-based consultancy Savills
ket with lots of potential, so we’re invest- east and west London and other large members reported business to be higher approved or constructed, according to kick-started the dealmaking season last
ing heavily. Customers are demanding rail projects are generating a contract than normal. Most members were opti-
‘The government KPMG, the accounting firm. But smaller spring, buying US tenant advisory firm
different experiences . . . The upstream bonanza for companies with significant mistic about their prospects, said Gor- has woken up to the UK-based manufacturers may struggle Studley for £154m.
supply chainhastochange,”he said. British manufacturing operations don Wakeford, chairman of the RIA, to secure export orders if they cannot The deal is the latest of several
Investment was dominated by out-of- including Canada’s Bombardier and adding: “The government has woken up
railway being a vital obtain loans to help finance their bids. attempts by the company — which has a
town fulfilment centres larger than Germany’s Siemens. Japan’s Hitachi will to the railway being a vital part of our part of our industry’ “Potentially, the smaller businesses strong Asian presence — to break into
500,000 sq ft where products are stored soon join them by having a UK plant. industry which should be invested in.” are in a vicious cycle,” says Jamie Foster, the US market. At the time Jeremy
and picked and by small parcel delivery But the splurge of work — UK-based This year, Hitachi Rail Europe, part of procurement director at Hitachi Rail Helsby, Savills chief executive, said that
centres in dense urban environments. rail manufacturers have a combined the Japanese group, will open an £82m quite volatile, and companies have had Europe. “Investment is needed to make it would enable his company to deliver
Segro, a London-listed industrial annual turnover of £7bn — is also creat- manufacturing plant in Newton Aycliffe to cut to the bone to survive,” says Mark a bid. How do you help companies that “a truly global service”.
property developer, has pumped money ing problems for some companies. Com- in the north east, where it will assemble Fletcher, head of business development need to go through that curve?” That deal was closely followed by Ger-
into urban distribution centres “close to mon difficulties include securing ade- 122 trains for the East Coast and Great at the UK subsidiary of Knorr-Bremse, a Finding workers with the right skills many-based consultancy Bilfinger’s
chimney pots” that offer direct access to quate financing from banks or hiring Western lines in contracts worth German group that is making platform — notably engineers — is an issue for purchase of Britain’s GVA in a bid to
dense populations to their clients, employees with the correct skills. £5.7bn. Hitachi has also been named as screen doors for Crossrail. many manufacturers. “It’s one of the build a pan-European adviser.
including Ocado and parcel carriers The Crossrail is part of a broad upturn preferred bidder to make 70 trains for The yo-yo nature of British rail con- biggest concerns for all of us,” says Bilfinger and Savills want to compete
FedEx, DPD and DHL. in the UK for manufacturers focused on the ScotRail franchise. tracts underlines the importance for Graeme Ford, managing director of with the Anglo-American firms that
“Logistical real estate has in the past trains, rolling stock and rail-related But, not all of the UK’s projects create UK-based manufacturers of trying to GrayBar, a small Northamptonshire have dominated international property
been the poor relation to big office infrastructure. Other work includes a work in Britain — Siemens won the con- increase their share of overseas work. maker of devices to heat railway points consultancy for decades.
blocks in city centres and very big retail £38bn modernisation of Britain’s rail- tract to build trains for the upgraded Only about one-tenth of revenues for and stop them freezing in the winter. He They have been joined by DTZ, which
schemes,” said Andrew Gulliford, ways, and plans for a high speed rail line Thameslink line in London, and will do UK manufacturers come from exports, plans to hire extra staff but says he was sold by Australian support services
Segro’s chief operating officer. “But peo- (HS2) costing £50bn and linking Lon- the manufacturing in Germany. Sie- compared with one-fifth in France and expects to have to train them, due to the company UGL to a private equity con-
ple have increasingly seen the benefits.” don with Birmingham and possibly mens has UK manufacturing operations one half in Germany. This partly reflects right skills sets not being available. sortium led by TPG in June for $1.1bn.

Travel
Oil & gas

Lund takes up role as BG Group chief early

MICHAEL KAVANAGH AND His arrival at BG Group comes six On Mr Lund’s agenda will be making
ELIZABETH PATON
days after the group announced it was cuts in BG Group’s capital expenditure
Helge Lund has begun his tenure as writing down the value of its asset port- of up to 30 per cent this year compared
chief executive of BG Group after an folio by $8.9bn to reflect sharp falls in oil with 2014. The company is also aiming
agreement with Statoil allowed him to and gas prices that pushed it into a full- to cut headcount expenses by 10 per
start three weeks earlier that expected. year loss for 2014. cent in 2015.
Presenting results last Tuesday, The hiring of Mr Lund drew criticism
The former Statoil chief executive, cred- interim executive chairman Andrew from shareholders over the size of his
ited with improving the fortunes of the Gould denied that Mr Lund had any proposed pay deal, which prompted BG
Norwegian group during his 10 years in hand in shaping BG Group’s response to Group to scale back his remuneration.
the top job, resigned in October to take the halving of crude prices. Mr Gould, who became non-executive
up the same position on far more lucra- “I would remind you that Helge Lund chairman yesterday, said last week he
tive terms at BG Group. is still an employee of Statoil, and there- expected Mr Lund to “thoroughly
Mr Lund had been due to join BG fore under his agreement with Statoil, review where he wishes to take BG over
Group on March 2 but yesterday the UK while he has access to all public infor- the next five to ten years”.
energy company said he was able to take mation about BG, he cannot make any One task would be to re-establish sta-
up the new role early “following agree- decisions concerning BG,” Mr Gould bility after the enforced departure of
ment last week from his former told analysts and investors. “Therefore former chief executive Chris Finlayson
employer to release him from his con- until he starts, he’s a spectator more last April, 16 months after he replaced
tractual commitments”. than anything else.” Sir Frank Chapman.
22 ★★★ FINANCIAL TIMES Tuesday 10 February 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.42% -0.39% -0.53% -0.24% -0.73% -0.64% -0.39% -0.088% -0.196% -0.374% -0.20%
0.36% 0.135% 1.23%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 10 - Feb 09 Index All World Jan 10 - Feb 09 Index All World Jan 10 - Feb 09 Index All World Jan 10 - Feb 09 Index All World Jan 10 - Feb 09 Index All World Jan 10 - Feb 09 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
15,100.70 6,837.15 17,711.93
2,062.14 10,663.51 1,947.00
2,046.74 1,924.70
14,384.92 6,501.14 17,167.10
9,648.50
Day -0.42% Month -0.75% Year 13.90% Day 0.11% Month 4.98% Year 9.53% Day -0.24% Month 5.30% Year 4.17% Day -1.69% Month 10.52% Year 14.64% Day 0.36% Month 3.17% Year 22.47% Day -0.44% Month 3.43% Year 1.27%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
42,810.29 1,480.01 3,418.02
42,402.31 10,364.90 24,521.00
4,736.19 4,726.01
23,919.95 3,338.44
1,348.58 9,719.00
Day -0.39% Month -0.21% Year 14.55% Day 0.22% Month 1.01% Year 5.64% Day -0.73% Month 9.84% Year 13.94% Day -1.97% Month 2.47% Year 2.90% Day -0.64% Month 2.88% Year 13.33% Day -0.39% Month 2.43% Year 13.49%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
49,382.58 4,651.08 20,366.64
17,907.87 17,729.21 48,840.25 3,285.41 28,227.39
4,179.07 3,095.12 27,274.71
18,177.09
Day -0.53% Month -1.00% Year 12.25% Day 1.21% Month 1.11% Year 2.72% Day -0.85% Month 9.18% Year 10.00% Day -1.90% Month 12.05% Year 3.43% Day 0.62% Month -6.02% Year 51.39% Day -1.71% Month 3.49% Year 38.53%

Country Index Feb 09 Feb 06 Country Index Feb 09 Feb 06 Country Index Feb 09 Feb 06 Country Index Feb 09 Feb 06 Country Index Feb 09 Feb 06 Country Index Feb 09 Feb 06
Argentina Merval 9119.95 9008.58 CyprusCSE M&P Gen 76.26 76.43 Italy FTSE Italia All-Share 21705.19 22092.77 Philippines Manila Comp 7782.57 7728.18 Thailand Bangkok SET 1601.77 1613.63 Cross-Border DJ Global Titans ($) 238.22 238.51
Australia All Ordinaries 5770.10 5774.70 Czech Republic
PX 980.72 979.15 FTSE Italia Mid Cap 28346.62 28575.66 Poland Wig 52137.58 52417.42 Turkey BIST 100 84987.42 86083.25 Euro Stoxx 50 (Eur) 3347.75 3398.16
S&P/ASX 200 5814.90 5820.20 OMXC Copenahgen 20
Denmark 787.96 793.48 FTSE MIB 20366.64 20760.74 Portugal PSI 20 5220.72 5264.63 UAE Abu Dhabi General Index 4647.04 4621.55 Euronext 100 ID 912.45 921.28
S&P/ASX 200 Res 3546.40 3569.30 Egypt EGX 30 9957.93 9965.43 Japan 2nd Section 4398.91 4381.95 PSI General 2299.62 2315.10 UK FT 30 2920.10 2937.80 FTSE 4Good Global ($) 5581.32 5601.83
Austria ATX 2287.74 2274.82 Estonia
OMX Tallinn 826.67 820.45 Nikkei 225 17711.93 17648.50 Romania BET Index 7024.53 7058.61 FTSE 100 6837.15 6853.44 FTSE All World 276.08 277.15
Belgium BEL 20 3511.57 3549.96 Finland
OMX Helsinki General 8522.61 8642.91 S&P Topix 150 1196.12 1189.05 Russia Micex Index 1748.55 1755.45 FTSE 4Good UK 6071.23 6097.41 FTSE E300 1480.01 1490.84
BEL Mid 5273.51 5311.85 FranceCAC 40 4651.08 4691.03 Topix 1424.92 1417.19 RTX 840.48 826.40 FTSE All Share 3670.27 3681.48 FTSE Eurotop 100 2979.64 2997.60
Brazil Bovespa 49382.58 48792.27 SBF 120 3664.04 3697.92 Jordan Amman SE 2191.37 2219.00 Saudi-Arabia TADAWUL All Share Index 9390.26 9345.32 FTSE techMARK 100 3636.28 3672.71 FTSE Global 100 ($) 1324.45 1327.73
Canada S&P/TSX 60 880.77 881.48 Germany M-DAX 18726.17 18991.59 Kenya NSE 20 5296.07 5280.72 Singapore FTSE Straits Times 3418.02 3431.36 USA DJ Composite 6375.15 6423.07 FTSE Gold Min ($) 1313.91 1377.50
S&P/TSX Comp 15100.70 15083.92 TecDAX 1478.95 1506.93 Kuwait KSX Market Index 6748.72 6755.14 Slovakia SAX 227.77 227.65 DJ Industrial 17729.21 17824.29 FTSE Latibex Top (Eur) 3409.70 3369.30
S&P/TSX Met & Min 669.23 664.02 XETRA Dax 10663.51 10846.39 Latvia OMX Riga 418.18 416.55 Slovenia SBI TOP 775.34 786.67 DJ Transport 8840.63 8932.47 FTSE Multinationals ($) 1531.60 1538.93
Chile IGPA Gen 19103.93 19216.59 Greece Athens Gen 765.22 803.36 Lithuania OMX Vilnius 470.04 470.24 South Africa FTSE/JSE All Share 52105.38 51998.32 DJ Utilities 607.77 613.69 FTSE World ($) 487.48 489.30
China FTSE A200 8825.39 8715.66 FTSE/ASE 20 226.17 240.07 Luxembourg LuxX 1614.55 1611.35 FTSE/JSE Res 20 44909.35 44350.07 Nasdaq 100 4216.09 4228.68 FTSEurofirst 100 (Eur) 4287.93 4326.34
FTSE B35 10320.93 10306.77 Hong Kong Hang Seng 24521.00 24679.39 Malaysia FTSE Bursa KLCI 1811.58 1813.25 FTSE/JSE Top 40 45875.33 45744.27 Nasdaq Cmp 4726.01 4744.40 FTSEurofirst 80 (Eur) 4470.30 4534.67
Shanghai A 3242.71 3222.52 HS China Enterprise 11647.42 11697.32 Mexico IPC 42810.29 42715.43 South Korea Kospi 1947.00 1955.52 NYSE Comp 10826.60 10847.51 MSCI ACWI Fr ($) 420.50 422.18
Shanghai B 289.13 288.85 HSCC Red Chip 4536.66 4549.11 Morocco MASI 10353.17 10259.16 Kospi 200 249.26 250.16 Russell 2000 1204.70 1213.05 MSCI All World ($) 1720.55 1727.49
Shanghai Comp 3095.12 3075.91 Hungary Bux 17665.69 17339.13 Netherlands AEX 450.96 454.69 Spain IBEX 35 10364.90 10573.10 S&P 500 2046.74 2055.47 MSCI Europe (Eur) 1447.29 1457.35
Shenzhen A 1556.07 1562.26 India BSE Sensex 28227.39 28717.91 AEX All Share 689.73 694.95 Sri Lanka CSE All Share 7198.44 7162.75 Wilshire 5000 21602.52 21705.75 MSCI Pacific ($) 2359.39 2348.09
Shenzhen B 1072.74 1070.54 S&P CNX 500 6922.35 7029.45 New Zealand NZX 50 5769.57 5797.59 Sweden OMX Stockholm 30 1591.40 1599.55 Venezuela IBC 3610.32 3597.59 S&P Euro (Eur) 1465.34 1486.14
Colombia COLCAP 1437.03 1434.46 Indonesia Jakarta Comp 5348.47 5342.52 Nigeria SE All Share 29985.08 30200.97 OMX Stockholm AS 516.16 518.35 Vietnam VNI 574.13 567.17 S&P Europe 350 (Eur) 1517.74 1528.53
Croatia CROBEX 1756.97 1757.79 Ireland ISEQ Overall 5581.83 5613.38 Norway Oslo All Share 664.51 660.20 Switzerland SMI Index 8632.14 8587.99 S&P Global 1200 ($) 1901.51 1907.63
Israel Tel Aviv 100 12.87 12.82 Pakistan KSE 100 34570.30 34656.94 Taiwan Weighted Pr 9421.50 9456.18 Stoxx 50 (Eur) 3250.30 3263.58
(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 Feb 09 %Chg %Chg Feb 09 %Chg %Chg Feb 09 %Chg %Chg Feb 09 %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 44.5 119.72 0.79 Royal Dutch Shell 481.8 2186.50 21.50 Novartis N 999.3 87.59 0.00 Toyota Motor 500.8 7700.00 77.00 Glencore 275.60 8.9 -7.8 Hunting 548.50 31.1 3.2 Ferrexpo 59.75 18.9 12.7 Oil Equipment & Services 17350.02 7.9 5.7
Covidien New 26.6 106.71 -1.36 Hsbc Holdings 167.2 610.60 -10.20 Roche Gs 610.9 239.08 0.00 Mitsubishi Ufj Fin,. 414.2 679.90 8.10 Weir 1879.00 8.4 1.5 Serco 196.70 22.0 22.4 Low & Bonar 59.00 17.4 17.4 Industrial Metals 1782.62 7.1 17.2
Safeway 18.4 35.10 -0.04 Astrazeneca 162.3 4466.50 -0.50 Intesa Sanpaolo 432.0 2.49 -0.08 Sony 408.7 3064.00 -74.50 Barclays 253.65 7.5 4.2 Rexam 518.50 20.7 14.3 Ite 149.00 16.4 -6.9 General Industrials 4120.42 5.7 6.3
Bank Of America 12.8 16.35 -0.14 Bp 159.6 457.10 6.50 Santander 401.5 6.01 -0.13 Nippon Telegraph And Telephone 377.7 7212.00 338.00 Intertek 2448.00 7.4 4.9 Poundland 418.90 19.8 27.6 Xaar 343.00 15.2 -11.0 Fixed Line Telecommunication 4943.90 5.5 8.2
Abbvie 12.4 55.48 -1.42 Rio Tinto 146.5 3095.00 66.50 Total 388.8 47.95 0.27 Softbank . 348.7 7136.00 36.00 Standard Chartered 939.40 6.6 -2.5 Kaz Minerals 244.90 19.5 -5.0 Raven Russia Ltd 43.50 14.9 -8.4 Mining 14583.33 5.4 2.3
Gilead Sciences 11.9 96.90 -0.58 Vodafone 142.4 228.80 -2.60 Bayer Ag Na 387.1 125.25 0.00 Sumitomo Mitsui Fin,. 307.8 4177.00 47.50 Antofagasta 716.50 6.6 -4.8 Vedanta Resources 460.00 16.2 -19.9 Lsl Property Services 317.50 14.7 6.5 Oil & Gas Producers 7530.62 5.0 5.8
Microsoft 11.6 42.36 -0.05 Shire 131.5 4741.00 -171.00 Bnp Paribas Act.a 371.4 45.70 -1.47 Honda Motor Co., 281.4 3820.50 36.50 Tullow Oil 422.00 5.8 2.0 Rps 217.90 12.5 4.2 Hardy Oil & Gas 54.50 14.1 -13.1 Industrial Engineering 9287.79 4.8 5.0
Facebook Class A 11.2 74.44 -0.03 Glaxosmithkline 129.4 1526.00 8.50 Nestle N 345.4 67.76 0.00 Japan Tobacco . 246.9 3443.50 59.00 Bt 436.60 5.7 8.7 Soco Int 310.00 11.5 2.2 Salamander Energy 85.00 12.6 30.8 Industrial Transportation 2851.53 3.2 0.9
Exxon Mobil 10.4 91.56 0.06 National Grid 125.8 890.10 -19.20 Unicredit 339.1 5.41 -0.12 Mizuho Fin,. 230.5 199.90 2.00 Royal Dutch Shell 2186.50 5.7 1.5 Aveva 1491.00 11.4 13.5 Enquest 41.50 12.2 16.9 Construction & Materials 4647.37 2.4 12.7
Verizon Communications 10.3 49.09 -0.24 Bhp Billiton 120.1 1542.50 37.50 Sanofi 334.8 84.82 -0.18 Hitachi, 223.9 798.70 11.40 Anglo American 1184.00 5.3 -1.4 Petrofac 805.00 10.7 14.5 Carclo 110.00 11.4 22.9 Banks 4390.55 2.2 0.4
Royal Dutch Shell 2272.00 4.7 1.7 Bank Of Georgia Holdings 2257.00 9.5 8.7 Mcbride 90.00 10.1 12.5 Support Services 6704.79 2.2 4.2
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
Rio Tinto 3095.00 4.5 3.2 Supergroup 1060.00 9.3 19.1 Kenmare Resources 3.33 9.2 2.8 Aerospace & Defense 5010.13 1.7 5.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Transocean (switzerland) 20.44 1.93 10.43 Hunting 548.50 50.90 10.23 Seadrill 12.19 0.52 4.48 Asahi Glass , 695.00 58.00 9.11 National Grid 890.10 -4.7 -3.0 Tate & Lyle 580.50 -13.9 -3.7 Aquarius Platinum Ld 12.50 -9.1 -15.3 Food Producers 7877.71 -4.6 -3.2
Hasbro 59.66 3.92 7.03 Serco 196.70 13.10 7.14 Statoil 17.30 0.72 4.35 Ntn 545.00 32.00 6.24 Astrazeneca 4466.50 -4.6 -2.0 Nostrum Oil & Gas 545.00 -7.2 29.8 Int Biotechnology Trust 465.00 -8.4 5.0 Tobacco 42399.03 -3.6 4.5
Noble (the United Kingdom) 19.28 1.09 5.99 Rps 217.90 12.90 6.29 Arcelormittal 9.02 0.28 3.24 Meiji Holdings Co., 12890.00 750.00 6.18 British American Tobacco 3605.00 -4.3 3.0 Afren 9.37 -6.4 -80.2 Carpetright 469.50 -7.2 17.2 Gas Water & Multiutilities 6104.73 -3.2 -0.3
United States Steel 24.55 1.36 5.86 Kaz Minerals 244.90 12.90 5.56 Galp Energia-nom 10.41 0.32 3.12 Kubota 1789.00 88.50 5.20 Easyjet 1675.00 -3.8 0.2 Bwin.party Digital Entertainment 98.35 -6.3 -16.5 Biotech Growth Trust (the) 710.00 -6.8 4.7 Beverages 14568.99 -2.6 3.1
Ensco 31.93 1.74 5.76 Premier Oil 171.20 8.90 5.48 Tenaris 13.61 0.37 2.79 Nippon Telegraph And Telephone 7212.00 338.00 4.92 United Utilities 962.50 -3.8 5.1 Ocado 390.00 -6.1 -2.5 Rm 143.50 -6.7 -5.6 Personal Goods 26358.20 -2.4 7.2
Unilever 2804.00 -3.8 6.7 Jimmy Choo 167.00 -6.1 -4.6 Development Securities 233.00 -6.7 5.0 Mobile Telecommunications 5177.36 -1.9 3.1
Downs Downs Downs Downs
Dixons Carphone 414.00 -3.4 -10.5 Acacia Mining 270.50 -5.5 5.9 Jpmorgan Indian Investment Trust 544.00 -6.0 9.0 Real Estate Investment Trusts 3309.80 -1.3 8.3
Alcoa 15.65 -0.92 -5.55 Hikma Pharmaceuticals 2333.00 -137.00 -5.55 Piraeus Bank (cr) 0.52 -0.09 -14.05 Comsys Holdings 1477.00 -117.00 -7.34
Associated British Foods 3010.00 -3.3 -4.5 Man 168.00 -5.4 4.7 Boot (henry) 198.00 -5.5 -0.5 Travel & Leisure 8293.81 -0.7 3.1
Pvh 103.19 -5.40 -4.97 Nostrum Oil & Gas 545.00 -28.00 -4.89 National Bank (cr) 0.91 -0.10 -9.80 Nippon Electric Glass Co., 546.00 -41.00 -6.98
Shire 4741.00 -3.2 4.6 Euromoney Institutional Investor 1015.00 -4.8 -3.1 Vectura 145.00 -4.6 12.6 Household Goods 13199.89 -0.5 3.2
Edwards Lifesciences 128.08 -4.54 -3.42 Ocado 390.00 -17.50 -4.29 Alpha Bank (cr) 0.31 -0.02 -6.06 Toyo Seikan Kaisha, 1475.00 -105.00 -6.65
Randgold Resources Ld 5415.00 -3.2 23.6 Pennon 830.50 -4.1 -9.7 Xchanging 158.25 -4.5 1.8 Electronic & Electrical Equip. 3928.39 -0.5 -2.7
Iron Mountain 39.53 -1.38 -3.37 Man 168.00 -7.50 -4.27 Renault 68.23 -2.92 -4.10 Nikon 1415.00 -52.00 -3.54
Sabmiller 3510.00 -3.2 4.4 Worldwide Healthcare Trust 1772.00 -3.7 3.4 New India Investment Trust 346.00 -4.4 8.1 Pharmaceuticals & Biotech. 13362.31 -0.2 5.2
American Airlines 46.53 -1.62 -3.35 Bwin.party Digital Entertainment 98.35 -4.15 -4.05 Bankia 1.17 -0.05 -3.70 Olympus 4000.00 -125.00 -3.03
Compass 1126.00 -2.8 2.3 Brewin Dolphin Holdings 282.60 -3.7 -5.2 Gulf Marine Services 110.00 -4.3 10.0 General Retailers 2970.63 -0.1 -0.1
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
Feb 09 Currency Mid Change Mid Change Mid Change Feb 09 Currency Mid Change Mid Change Mid Change Feb 09 Currency Mid Change Mid Change Mid Change Feb 09 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6585 0.0075 9.8149 0.0007 13.1973 -0.0101 Indonesia Indonesian Rupiah 12647.5000 33.0000 14336.6504 26.0561 19277.4057 18.8968 Philippines Philippine Peso 44.3550 0.2100 50.2789 0.1983 67.6061 0.2102 ..One Month 0.6561 0.0011 0.7437 0.0006 - -
Australia Australian Dollar 1.2785 -0.0023 1.4493 -0.0037 1.9487 -0.0067 Iran Iranian Rial 9740.5000 - 11041.4031 -8.7725 14846.5314 -24.2416 Poland Polish Zloty 3.6965 0.0274 4.1901 0.0278 5.6341 0.0326 ..Three Month 0.6560 0.0011 0.7436 0.0006 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4274 -0.0003 0.5746 -0.0009 Israel Israeli Shekel 3.8813 -0.0023 4.3996 -0.0060 5.9158 -0.0131 Romania Romanian Leu 3.9056 0.0121 4.4273 0.0102 5.9530 0.0087 ..One Year 0.6559 0.0011 0.7431 0.0006 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8329 -0.0062 10.5323 -0.0172 Japan Japanese Yen 118.5750 -0.4450 134.4113 -0.6116 180.7325 -0.9746 Russia Russian Ruble 65.6690 -1.3410 74.4395 -1.5804 100.0930 -2.2108 United States United States Dollar - - 1.1336 -0.0009 1.5242 -0.0025
Brazil Brazilian Real 2.7871 0.0146 3.1593 0.0141 4.2480 0.0154 ..One Month 118.5750 -0.4451 134.4113 -0.6116 180.7324 -0.9748 Saudi Arabia Saudi Riyal 3.7518 -0.0009 4.2529 -0.0044 5.7185 -0.0107 ..One Month - - 1.1335 -0.3931 1.5242 -0.0025
Canada Canadian Dollar 1.2462 -0.0027 1.4126 -0.0042 1.8994 -0.0072 ..Three Month 118.5749 -0.4453 134.4113 -0.6116 180.7322 -0.9752 Singapore Singapore Dollar 1.3535 0.0018 1.5342 0.0009 2.0629 -0.0005 ..Three Month - - 1.1334 -0.3931 1.5241 -0.0025
Chile Chilean Peso 624.9350 0.4050 708.3985 -0.1031 952.5287 -0.9376 ..One Year 118.5741 -0.4467 134.4113 -0.6117 180.7324 -0.9762 South Africa South African Rand 11.6053 0.1243 13.1552 0.1306 17.6888 0.1609 ..One Year - - 1.1328 -0.3932 1.5240 -0.0025
China Chinese Yuan 6.2472 0.0025 7.0815 -0.0028 9.5220 -0.0117 Kenya Kenyan Shilling 91.5500 0.1500 103.7770 0.0878 139.5409 0.0011 South Korea South Korean Won 1095.0450 5.3050 1241.2943 5.0325 1669.0726 5.3726 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.6027 -0.0108 18.2905 -0.0299
Colombia Colombian Peso 2371.8750 -13.4300 2688.6527 -17.3704 3615.2231 -26.4096 Kuwait Kuwaiti Dinar 0.2954 0.0001 0.3349 -0.0002 0.4502 -0.0006 Sweden Swedish Krona 8.3550 -0.0090 9.4709 -0.0177 12.7348 -0.0345 Vietnam Vietnamese Dong 21340.0000 58.0000 24190.1150 46.6059 32526.5661 35.4037
Costa Rica Costa Rican Colon 538.6650 0.1050 610.6067 -0.3658 821.0356 -1.1809 Malaysia Malaysian Ringgit 3.5615 0.0140 4.0372 0.0127 5.4285 0.0125 Switzerland Swiss Franc 0.9251 - 1.0486 -0.0008 1.4100 -0.0023 European Union Euro 0.8822 0.0007 - - 1.3446 -0.0011
Czech Republic Czech Koruna 24.4551 0.0286 27.7212 0.0105 37.2745 -0.0172 Mexico Mexican Peson 14.8090 -0.0758 16.7868 -0.0993 22.5719 -0.1525 Taiwan New Taiwan Dollar 31.5000 0.0935 35.7070 0.0777 48.0124 0.0643 ..One Month 0.8821 0.0007 - - 1.3446 -0.0011
Denmark Danish Krone 6.5669 0.0052 7.4440 0.0000 10.0094 -0.0084 New Zealand New Zealand Dollar 1.3471 -0.0095 1.5270 -0.0120 2.0532 -0.0179 Thailand Thai Baht 32.6300 0.0900 36.9879 0.0727 49.7348 0.0562 ..Three Month 0.8821 0.0007 - - 1.3445 -0.0011
Egypt Egyptian Pound 7.6301 - 8.6491 -0.0069 11.6298 -0.0190 Nigeria Nigerian Naira 196.2500 2.3200 222.4603 2.4553 299.1251 3.0533 Tunisia Tunisian Dinar 1.9325 0.0020 2.1905 0.0005 2.9454 -0.0018 ..One Year 0.8814 0.0007 - - 1.3440 -0.0011
Hong Kong Hong Kong Dollar 7.7538 0.0016 8.7894 -0.0052 11.8185 -0.0169 Norway Norwegian Krone 7.5893 0.0161 8.6029 0.0114 11.5676 0.0056 Turkey Turkish Lira 2.4831 0.0143 2.8147 0.0140 3.7847 0.0156
Hungary Hungarian Forint 271.6290 2.0931 307.9066 2.1300 414.0181 2.5191 Pakistan Pakistani Rupee 101.1750 - 114.6875 -0.0911 154.2114 -0.2519 United Arab Emirates UAE Dirham 3.6731 - 4.1636 -0.0033 5.5985 -0.0091
India Indian Rupee 62.1550 0.4275 70.4561 0.4290 94.7369 0.4979 Peru Peruvian Nuevo Sol 3.0625 -0.0030 3.4715 -0.0062 4.6679 -0.0122 United Kingdom Pound Sterling 0.6561 0.0011 0.7437 0.0006 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Feb 09 Feb 06 Feb 05 Feb 04 Feb 03 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2920.10 2937.80 2954.70 2952.50 2947.60 0.00 2957.00 2669.30 Industrial Metals & 17.36 Pharmace & Biotech 5.51 Travel & Leisure 3.39 FTSE 100 Price Change FTSE 100 Price Change
Feb 09 chge% Index Feb 06 Feb 05 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.73 1.73 1.73 1.73 0.00 3.93 2.74 Forestry & Paper 15.90 Consumer Services 5.42 Beverages 3.27 3i Group PLC 471.30 -5.20 Kingfisher PLC 335.90 -2.10
FTSE 100 (100) 6837.15 -0.24 7162.53 6853.44 6865.93 6591.55 3.41 1.84 15.94 7.35 5166.87 P/E Ratio net 25.47 25.87 25.65 25.65 25.78 0.00 19.44 14.26 Food & Drug Retailer 12.23 Health Care 5.15 FTSE SmallCap Index 2.38 Aberdeen Asset Management PLC 438.10 -2.80 Land Securities Group PLC 1272 -30.00
FTSE 250 (250) 16579.21 -0.64 17368.24 16685.63 16694.99 15910.72 2.58 2.04 19.02 17.46 11258.97 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Automobiles & Parts 10.38 Industrials 5.10 Equity Invest Instr 2.36 Admiral Group PLC 1462 -6.00 Legal & General Group PLC 267.30 -1.60
FTSE 250 ex Inv Co (212) 17927.70 -0.63 18780.89 18040.59 18059.28 17337.26 2.63 2.16 17.62 17.19 12410.85 FT 30 hourly changes Real Est Invest & Tr 10.26 Software & Comp Serv 4.78 Industrial Transport 2.13 Aggreko PLC 1629 1.00 Lloyds Banking Group PLC 74.92 -0.89
FTSE 350 (350) 3737.65 -0.30 3915.53 3748.94 3755.02 3600.64 3.28 1.87 16.36 4.00 5704.00 8 9 10 11 12 13 14 15 16 High Low Construct & Material 9.95 Tobacco 4.74 Banks 1.58 Anglo American PLC 1184 38.50 London Stock Exchange Group PLC 2334 -22.00
FTSE 350 ex Investment Trusts (312) 3717.99 -0.29 3894.93 3728.89 3735.27 3585.66 3.30 1.88 16.16 3.94 2920.78 2937.8 2903.2 2899.8 2914 2904.9 2907.2 2901.5 2907.7 2903.7 2937.8 2897.7 Fixed Line Telecomms 9.44 Industrial Eng 4.59 Gas Water & Multi 1.57 Antofagasta PLC 716.50 14.50 Marks and Spencer Group PLC 475.50 -5.80
FTSE 350 Higher Yield (96) 3659.64 -0.06 3833.81 3661.96 3668.76 3580.44 4.50 1.64 13.53 4.66 5647.58 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Life Insurance 8.24 FTSE 100 Index 4.38 Oil Equipment & Serv 1.47 ARM Holdings PLC 1055 -24.00 Meggitt PLC 543.50 -2.00
FTSE 350 Lower Yield (254) 3450.46 -0.55 3614.67 3469.67 3474.43 3266.05 1.97 2.41 21.07 2.96 3580.95 Media 8.05 Support Services 4.37 General Retailers 1.29 Ashtead Group PLC 1088 -6.00 Mondi PLC 1205 -12.00
FTSE SmallCap (291) 4451.53 -0.41 4663.39 4469.72 4463.32 4489.22 2.46 1.54 26.48 11.35 5949.74 Personal Goods 7.18 Financials 4.34 Health Care Eq & Srv 1.27
FTSE SmallCap ex Inv Co (151) 3909.92 -0.29 4095.99 3921.43 3909.62 4145.75 2.31 2.11 20.50 6.59 5485.49 FX: EFFECTIVE INDICES Tech Hardware & Eq 7.11 Consumer Goods 4.25 Utilities 0.89
Associated British Foods PLC 3010 -32.00 Morrison (Wm) Supermarkets PLC 178.00 -1.00
AstraZeneca PLC 4466.5 -0.50 National Grid PLC 890.10 -19.20
FTSE All-Share (641) 3670.27 -0.30 3844.94 3681.48 3687.08 3540.62 3.25 1.86 16.57 4.11 5667.81 Real Est Invest & Se 6.40 Mobile Telecomms 4.21 Chemicals 0.33
Feb 06 Feb 05 Mnth Ago Feb 09 Feb 06 Mnth Ago Aviva PLC 532.00 -5.00 Next PLC 7080 -85.00
FTSE All-Share ex Inv Co (463) 3638.70 -0.29 3811.86 3649.36 3655.30 3514.74 3.28 1.88 16.22 3.89 2906.28 Technology 6.16 FTSE All{HY-}Share Index 4.21 Basic Materials -0.05 Babcock International Group PLC 1028 -3.00 Old Mutual PLC 213.30 -1.00
FTSE All-Share ex Multinationals (575) 1175.12 -0.82 1020.31 1184.78 1182.55 1148.24 2.78 2.04 17.63 1.18 1950.00 Australia 96.48 95.90 98.85 Sweden 77.59 78.03 79.60 Telecommunications 6.16 Household Goods & Ho 4.18 Electronic & Elec Eq -0.42 BAE Systems PLC 514.50 -3.00 Pearson PLC 1366 -9.00
FTSE Fledgling (99) 7085.57 0.16 7422.78 7074.04 7027.70 6692.56 2.31 0.74 58.59 7.17 12489.47 Canada 93.70 94.07 98.90 Switzerland 165.52 164.41 146.47 Nonlife Insurance 6.10 NON FINANCIALS Index 4.17 Mining -0.69 Barclays PLC 253.65 -1.80 Persimmon PLC 1587 -27.00
FTSE Fledgling ex Inv Co (55) 8912.61 0.32 9336.78 8884.62 8762.93 8230.85 1.68 0.86 68.73 0.95 15275.39 Denmark 106.36 106.43 108.29 UK 89.76 89.41 87.20 Aerospace & Defense 5.97 Oil & Gas Producers 4.08 Electricity -1.49 Barratt Developments PLC 455.60 -4.10 Prudential PLC 1601 -19.00
FTSE All-Small (390) 3079.55 -0.38 3226.11 3091.28 3086.09 3093.66 2.45 1.50 27.20 7.62 5285.73 Japan 126.78 128.10 124.07 USA 101.08 100.29 98.29 Financial Services 5.85 Oil & Gas 3.99 Food Producers -2.12 BG Group PLC 963.00 28.10 Randgold Resources Ltd 5415 105.00
FTSE All-Small ex Inv Co Index (206) 2903.72 -0.27 3041.92 2911.51 2901.40 3052.80 2.28 2.07 21.14 4.69 5162.40 New Zealand 121.65 121.10 125.32 Euro 87.27 87.61 92.27 FTSE 250 Index 3.73 Leisure Goods -2.83 BHP Billiton PLC 1542.5 37.50 Reckitt Benckiser Group PLC 5535 -40.00
FTSE AIM All-Share Index (840) 699.23 -0.18 732.51 700.50 697.95 865.97 1.24 2.57 31.35 0.55 743.39 Norway 93.95 93.89 90.43
BP PLC 457.10 6.50 Reed Elsevier PLC 1155 -13.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3605 -23.00 Rio Tinto PLC 3095 66.50
Oil & Gas (21) 7965.04 1.49 8344.10 7848.28 7892.09 8365.74 4.24 1.90 12.45 0.00 6338.31 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 824.50 -15.50 Rolls-Royce Holdings PLC 902.00 -10.00
Oil & Gas Producers (14) 7577.86 1.43 7938.50 7471.31 7512.17 7905.79 4.24 1.89 12.44 0.00 6233.79 British Sky Broadcasting Group PLC 952.00 -13.50 Royal Bank Of Scotland Group PLC 381.00 -3.00
Oil Equipment Services & Distribution (7)17804.40 3.31 18651.73 17233.55 17387.62 22478.59 3.98 1.97 12.76 0.00 12556.25 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 436.60 -6.40 Royal Dutch Shell PLC (A) 2186.5 21.50
Basic Materials (29) 4844.41 2.34 5074.96 4733.82 4808.73 5435.30 3.75 2.77 9.63 0.87 4532.63 Bunzl PLC 1883 -3.00 Royal Dutch Shell PLC (B) 2272 22.00
Chemicals (7) 12066.91 -0.31 12641.19 12105.03 12007.53 11429.34 2.14 2.43 19.23 22.19 10193.06 Feb 09 No of US $ Day Mth YTD Total
YTD Gr Div Feb 09 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1775 -22.00 Royal Mail PLC 454.50 -1.30
Forestry & Paper (1) 14163.00 -0.99 14837.04 14304.05 14315.80 11365.66 2.68 3.19 11.70 0.00 14393.12 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1155 -3.00 RSA Insurance Group PLC 439.00 -15.30
Industrial Metals & Mining (2) 1818.46 -0.50 1905.01 1827.58 1769.79 1167.40 0.55 14.52 12.57 0.00 1573.89 FTSE Global All Cap 7573 473.99 -0.4 4.1 0.9 633.94
1.0 2.3 Oil & Gas 177 402.40 -0.3 -0.3 1.1 594.16 1.2 3.4 Carnival PLC 2882 -23.00 SABMiller PLC 3510 10.50
Mining (19) 13954.43 2.78 14618.53 13576.47 13841.31 16138.56 3.99 2.77 9.05 0.00 6797.91 FTSE Global All Cap 6936 487.73 -0.3 3.7 0.7 641.17
0.9 2.2 Oil & Gas Producers 121 367.98 -0.3 -0.3 1.6 552.33 1.7 3.5 Centrica PLC 293.10 -3.30 Sage Group PLC 476.10 -8.80
FTSE Global Large Cap 1357 419.90 -0.4 4.0 0.7 573.55
0.9 2.5 Oil Equipment & Services 47 409.21 -0.4 -0.4 -1.3 552.99 -1.1 3.2 Coca-Cola HBC AG 1079 -23.00 Sainsbury (J) PLC 267.80 -2.00
Industrials (114) 4503.34 -0.43 4717.65 4522.65 4525.70 4530.72 2.45 2.05 19.97 2.90 4366.31
Construction & Materials (13) 4779.47 1.22 5006.93 4721.92 4767.16 4703.20 3.19 0.23 134.46 0.00 4767.18 FTSE Global Mid Cap 1670 626.18 -0.5 4.5 1.4 802.76
1.5 1.9 Basic Materials 270 446.75 -0.9 -0.9 2.6 636.45 2.6 2.8 Compass Group PLC 1126 -4.00 Schroders PLC 2925 -42.00
Aerospace & Defense (9) 5193.17 -0.76 5440.32 5232.74 5247.29 5423.32 2.09 3.92 12.17 1.29 5249.79 FTSE Global Small Cap 4546 659.76 -0.5 4.1 1.1 821.72
1.2 1.8 Chemicals 115 649.22 -0.6 -0.6 4.1 932.14 4.1 2.3 CRH PLC 1756 32.00 Severn Trent PLC 2050 -46.00
General Industrials (6) 3346.45 -1.72 3505.71 3404.95 3431.89 3598.22 3.38 1.82 16.25 0.00 3524.40 FTSE All-World 3027 277.15 -0.4 4.1 0.8 390.83
1.0 2.4 Forestry & Paper 18 220.53 -0.3 -0.3 5.9 343.68 5.9 2.7 Diageo PLC 1896 -13.00 Shire PLC 4741 -171.00
Electronic & Electrical Equipment (12) 4995.02 -1.92 5232.73 5092.90 5070.21 5559.49 2.28 2.19 20.10 0.00 4324.47 FTSE World 2544 489.30 -0.4 4.0 0.7 926.59
0.8 2.3 Industrial Metals & Mining 75 401.65 -0.3 -0.3 -2.6 575.52 -2.4 2.8 Direct Line Insurance Group PLC 313.00 -2.50 Smith & Nephew PLC 1194 -3.00
Industrial Engineering (14) 9654.44 0.01 10113.90 9653.47 9694.77 10418.60 2.46 2.34 17.37 8.25 11016.46 FTSE Global All Cap ex UNITED KINGDOM In 7233 485.00 -0.4 3.8 0.8 640.25
0.9 2.2 Mining 62 580.30 -1.9 -1.9 1.9 814.08 1.9 3.9 Dixons Carphone PLC 414.00 -5.70 Smiths Group PLC 1162 -25.00
Industrial Transportation (8) 4219.20 -0.49 4419.99 4239.81 4215.44 4869.36 3.62 1.48 18.68 0.00 3414.19 FTSE Global All Cap ex USA 5592 454.59 -0.5 5.2 1.6 641.86
1.7 2.7 Industrials 534 316.81 -0.4 -0.4 0.7 431.30 0.8 2.1 easyJet PLC 1675 -25.00 Sports Direct International PLC 701.00 -14.00
Support Services (52) 6590.95 -0.32 6904.62 6612.06 6594.10 6253.48 2.29 1.75 24.94 7.25 6463.75 FTSE Global All Cap ex JAPAN 6330 487.77 -0.4 4.1 0.8 657.87
1.0 2.3 Construction & Materials 114 435.53 -0.5 -0.5 1.0 620.61 1.0 2.1 Experian PLC 1185 -5.00 SSE PLC 1609 -19.00
FTSE Developed 2116 441.34 -0.4 4.0 0.7 594.64
0.8 2.3 Aerospace & Defense 29 516.78 -0.1 -0.1 4.0 697.91 4.0 1.9 Fresnillo PLC 896.00 36.00 St. James's Place PLC 865.00 -2.50
Consumer Goods (40) 16777.01 -0.51 17575.45 16863.56 16981.78 14570.61 2.95 1.83 18.51 61.52 11510.58
FTSE Developed All Cap 5669 463.17 -0.4 4.0 0.7 617.72
0.9 2.2 General Industrials 56 216.38 -0.2 -0.2 -0.5 315.76 -0.2 2.6 Friends Life Group Ltd 403.00 -2.60 Standard Chartered PLC 939.40 1.20
Automobiles & Parts (1) 8721.02 -2.26 9136.07 8923.13 8991.28 9527.09 2.18 3.62 12.65 0.00 7818.84
FTSE Developed Large Cap 905 409.01 -0.4 3.9 0.5 558.01
0.7 2.4 Electronic & Electrical Equipment 67 328.03 -0.7 -0.7 0.8 412.79 0.9 1.6 G4S PLC 281.80 -0.90 Standard Life PLC 398.00 -7.40
Beverages (6) 14607.75 -0.33 15302.95 14655.43 14733.43 13269.60 2.35 1.76 24.18 0.00 9686.63
FTSE Developed Europe Large Cap 202 360.77 -0.6 7.2 2.0 550.61
2.2 3.2 Industrial Engineering 103 614.67 -0.6 -0.6 -0.6 821.58 -0.5 2.1 GKN PLC 371.10 -8.60 Taylor Wimpey PLC 134.50 -2.60
Food Producers (10) 7976.96 -0.72 8356.59 8034.90 8185.57 7374.30 2.00 1.83 27.23 3.84 6548.83
FTSE Developed Europe Mid Cap 318 514.13 -0.5 7.1 2.8 719.47
2.8 2.4 Industrial Transportation 94 595.66 -0.5 -0.5 -0.2 809.15 -0.2 1.9 GlaxoSmithKline PLC 1526 8.50 Tesco PLC 233.40 4.70
Household Goods & Home Construction (13)11018.17 -0.97 11542.53 11126.21 11144.02 9563.40 2.38 2.46 17.06 0.00 7328.29
FTSE Dev Europe Small Cap 723 705.00 -0.6 5.8 2.4 961.93
2.5 2.2 Support Services 71 276.50 -0.1 -0.1 1.5 362.69 1.6 2.0 Glencore PLC 275.60 10.20 Travis Perkins PLC 1940 -24.00
Leisure Goods (2) 4959.36 1.75 5195.38 4874.30 4862.40 5009.38 4.31 1.05 22.18 0.00 4014.30
FTSE North America Large Cap 332 442.94 -0.3 2.5 -0.4 571.61
-0.2 2.1 Consumer Goods 407 414.04 -0.7 -0.7 2.3 575.55 2.4 2.3 Hammerson PLC 685.00 -15.50 Tui AG 1147 -6.00
Personal Goods (6) 22948.93 -0.17 24041.10 22989.13 23166.45 21283.45 2.89 2.72 12.73 137.64 14482.94
FTSE North America Mid Cap 399 681.81 -0.6 3.5 0.5 828.81
0.6 1.6 Automobiles & Parts 98 400.92 -0.9 -0.9 2.9 534.99 2.9 2.1 Hargreaves Lansdown PLC 1000.00 10.00 Tui AG New Shs 1121 -4.00
Tobacco (2) 42399.10 -0.41 44416.92 42574.68 42976.68 33768.24 4.08 1.30 18.90 377.80 24907.70
FTSE North America Small Cap 1495 694.02 -0.4 4.0 0.7 820.73
0.8 1.5 Beverages 48 550.54 -0.8 -0.8 2.3 774.31 2.4 2.4 HSBC Holdings PLC 610.60 -10.20 Tullow Oil PLC 422.00 11.90
Health Care (20) 9720.06 -0.48 10182.65 9766.88 9775.22 8741.28 3.46 0.82 35.25 0.17 6834.94
FTSE North America 731 298.12 -0.3 2.7 -0.2 394.58
-0.1 2.0 Food Producers 100 561.45 -0.6 -0.6 1.7 804.79 1.8 2.2 Imperial Tobacco Group PLC 3047 3.00 Unilever PLC 2804 2.00
Health Care Equipment & Services (9) 6866.19 -0.48 7192.96 6899.04 6898.02 5254.29 1.29 2.46 31.49 1.43 5735.99
FTSE Developed ex North America 1385 238.28 -0.5 6.1 2.1 360.76
2.2 2.8 Household Goods & Home Construction 45 393.85 -0.5 -0.5 -0.6 545.93 -0.2 2.3 InterContinental Hotels Group PLC 2610 -4.00 United Utilities Group PLC 962.50 -31.00
Pharmaceuticals & Biotechnology (11)13238.12 -0.48 13868.13 13301.91 13314.48 12060.07 3.66 0.77 35.63 0.00 8252.48
FTSE Japan Large Cap 174 308.40 -0.8 3.7 1.1 378.28
1.1 1.8 Leisure Goods 26 132.93 0.3 0.3 5.5 168.75 5.7 1.3 International Consolidated Airlines Group SA 536.50 -4.50 Vodafone Group PLC 228.80 -2.60
Consumer Services (96) 4789.05 -0.62 5016.97 4818.72 4827.86 4572.06 2.59 2.05 18.90 7.59 4229.78 FTSE Japan Mid Cap 301 438.04 -0.7 5.2 3.0 520.81
3.0 1.4 Personal Goods 77 594.88 -0.6 -0.6 2.0 792.01 2.2 2.0
Food & Drug Retailers (7) 3342.83 0.73 3501.92 3318.61 3355.34 4418.95 4.81 2.08 9.98 0.00 3759.38 Intertek Group PLC 2448 -8.00 Weir Group PLC 1879 36.00
FTSE Global wi JAPAN Small Cap 768 471.39 -1.1 2.0 0.5 577.50
0.6 1.6 Tobacco 13 1109.82 -1.0 -1.0 3.4 2084.21 3.7 4.1 Intu Properties PLC 366.60 -5.80 Whitbread PLC 4854 -51.00
General Retailers (30) 2893.56 -1.03 3031.27 2923.53 2919.44 2693.28 2.28 2.43 18.08 3.13 3099.79
FTSE Japan 475 126.88 -0.7 4.0 1.7 Health Care
1.5 175.00
1.5 162 445.43 -0.6 -0.6 2.5 609.55 2.6 1.8 ITV PLC 226.10 -1.60 Wolseley PLC 3806 -18.00
Media (24) 7104.97 -0.87 7443.10 7167.56 7148.72 6341.83 2.68 1.68 22.13 1.11 4079.44
FTSE Asia Pacific Large Cap ex Japan 481 635.32 0.0 5.1 3.2 921.14
3.2 2.9 Health Care Equipment & Services 58 602.64 -1.1 -1.1 2.0 684.16 2.1 1.0 Johnson Matthey PLC 3279 -11.00 WPP PLC 1439 -10.00
Travel & Leisure (35) 8091.43 -0.64 8476.51 8143.92 8179.51 7145.55 1.87 2.19 24.39 29.70 7248.92
FTSE Asia Pacific Mid Cap ex Japan 445 826.56 0.0 3.6 2.5 1161.46
2.6 2.4 Pharmaceuticals & Biotechnology 104 343.00 -0.5 -0.5 2.7 486.56 2.8 2.0
Telecommunications (8) 3912.60 -1.19 4098.80 3959.70 3948.90 3782.02 3.98 2.51 9.99 0.00 3938.77 FTSE Asia Pacific Small Cap ex Japan 1331 547.19 0.0 3.4 2.4 758.62
2.5 2.6 Consumer Services 378 380.92 -0.3 -0.3 1.8 486.99 1.9 1.6
Fixed Line Telecommunications (6) 5009.90 -1.33 5248.32 5077.41 5059.55 4600.74 2.76 1.88 19.34 0.00 4221.22
Mobile Telecommunications (2) 5169.52 -1.10 5415.54 5227.12 5215.45 5156.34 4.75 2.74 7.67 0.00 4611.74
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1904
500.50
704.82
0.0
-0.5
4.9
4.5
3.1 771.78
3.1 2.8 Food & Drug Retailers
2.2 977.03
2.3 2.8 General Retailers
55 311.47
117 493.50
0.2
-0.2
0.2
-0.2
3.6 414.05
3.2 616.25
3.6
3.2
2.0
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 8736.89 -1.76 9152.69 8893.55 8933.06 8068.82 4.90 1.23 16.55 32.81 8903.80 FTSE Emerging Large Cap 452 671.04 -0.5 5.0 2.6 935.38
2.7 2.9 Media 88 302.12 -0.2 -0.2 0.5 386.66 0.5 1.5 Feb 09 Feb 06 Feb 05 Feb 04 Feb 03 Yr Ago
Electricity (3) 9540.45 -0.93 9994.49 9629.77 9623.17 9081.15 5.26 0.68 28.06 142.09 12188.24 FTSE Emerging Mid Cap 459 870.22 -0.5 3.0 1.1 1203.53
1.1 2.6 Travel & Leisure 118 360.26 -1.0 -1.0 0.0 465.21 0.2 1.7 SEAQ Bargains 6379.00 5669.00 5669.00 5116.00 5211.00 5664.00
Gas Water & Multiutilities (5) 8068.03 -1.99 8452.00 8232.08 8280.35 7385.68 4.80 1.41 14.84 5.10 8247.79 FTSE Emerging Small Cap 993 714.74 -0.3 3.1 1.0 955.98
1.1 2.6 Telecommunication 95 174.50 0.1 0.1 4.5 295.99 4.9 3.8 Order Book Turnover (m) 35.50 45.53 45.53 44.41 46.48 138.99
Financials (283) 4790.90 -1.09 5018.90 4843.50 4811.55 4579.42 3.05 1.78 18.44 3.36 4047.27 FTSE Emerging Europe 86 320.56 1.0 2.4 2.8 451.64
2.8 3.8 Fixed Line Telecommuniations 45 142.94 0.7 0.7 4.3 264.53 5.0 4.3 Order Book Bargains 785475.00 777114.00 777114.00 839749.00 943157.00 970232.00
Banks (7) 4335.23 -1.20 4541.54 4387.76 4332.93 4629.88 3.42 1.18 24.65 0.00 2870.74 FTSE Latin America All Cap 245 859.36 -1.4 0.5 -4.6 1234.97
-4.5 3.7 Mobile Telecommunications 50 189.34 -0.6 -0.6 4.7 292.11 4.7 3.2 Order Book Shares Traded (m) 1448.00 1283.00 1283.00 1423.00 1538.00 1943.00
Nonlife Insurance (12) 2334.24 -1.02 2445.33 2358.36 2348.27 2145.36 2.86 1.40 24.98 0.00 3806.34 FTSE Middle East and Africa All Cap 212 812.07 -1.1 8.5 5.5 1178.20
5.6 2.5 Utilities 162 261.76 -2.4 -2.4 -2.1 462.64 -1.9 3.7 Total Equity Turnover (£m) 2369.83 - - 1856.79 - 2706.92
Life Insurance/Assurance (12) 8208.12 -0.96 8598.75 8287.65 8239.35 6939.47 3.11 1.84 17.48 0.00 7277.42 FTSE Global wi UNITED KINGDOM All Cap In 340 366.77 -0.3 8.1 2.1 559.94
2.2 3.3 Electricity 113 279.04 -2.8 -2.8 -1.6 488.95 -1.4 3.6 Total Mkt Bargains 942878.00 - - 993139.00 - 1102068.00
Index- Real Estate Investment & Services (25) 2820.44 -0.69 2954.66 2840.02 2856.61 2843.09 1.70 5.48 10.73 2.08 7111.46 FTSE Global wi USA All Cap 1981 509.81 -0.3 3.0 0.2 641.59
0.3 1.9 Gas Water & Multiutilities 49 289.34 -1.8 -1.8 -2.8 522.60 -2.7 3.8 Total Shares Traded (m) 3796.00 3149.00 3149.00 3458.00 - 3946.00
Real Estate Investment Trusts (20) 2977.44 -1.86 3119.14 3033.74 3053.77 2432.41 2.78 5.83 6.17 6.53 3424.71 FTSE Europe All Cap 1390 407.06 -0.5 6.9 3.0 Financials
2.2 603.71
2.3 665 213.36 0.1 0.1 -1.1 322.65 -0.9 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7639.10 -0.98 8002.65 7714.54 7669.34 6519.00 2.88 1.87 18.55 12.32 8082.91 FTSE Eurobloc All Cap 637 376.12 -1.0 7.4 2.8 Banks
2.1 565.96
2.3 242 195.05 0.6 0.6 -3.0 313.29 -2.8 3.1 (c) Market closed.
Equity Investment Instruments (178) 7645.57 -0.64 8009.43 7694.48 7684.29 7112.74 2.43 1.03 39.82 19.00 3926.94 FTSE RAFI All World 3000 3022 5923.39 -0.4 4.1 0.6 7258.40
0.7 2.8 Nonlife Insurance 69 215.03 -0.2 -0.2 0.4 292.77 0.5 2.1
Non Financials (358) 4269.11 -0.03 4472.28 4270.59 4289.06 4132.75 3.32 1.88 16.01 5.39 5777.52 FTSE RAFI US 1000 1026 9258.30 -0.2 2.6 -0.4 11447.80
-0.2 2.3 Life Insurance 50 208.68 0.4 0.4 -1.2 308.45 -1.1 2.4
Technology (22) 1292.06 -1.37 1353.55 1310.02 1310.70 1157.52 1.26 2.07 38.30 0.96 1593.57 FTSE EDHEC-Risk Efficient All-World 3027 325.03 -0.5 4.4 2.1 Financial Services
1.7 427.92
1.8 138 228.83 0.5 0.5 -1.2 299.27 -1.1 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1418.87 -0.87 1486.39 1431.36 1429.68 1309.16 1.91 2.04 25.59 2.59 1822.29 FTSE EDHEC-Risk Efficient Developed Europe 520 285.37 -0.6 6.7 2.4 406.36
2.5 2.6 Technology 177 171.23 -0.5 -0.5 -0.5 201.15 -0.3 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1600.86 -1.71 1677.05 1628.69 1631.39 1406.46 0.81 2.12 57.93 0.00 1821.57 Software & Computer Services 77 267.97 -0.2 -0.2 -1.3 304.39 -1.2 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 140.19 -0.7 -0.7 0.1 168.60 0.4 1.9 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 6816.00 6786.54 6783.09 6816.23 6801.05 6803.88 6793.54 6816.37 6816.98 6846.55 6778.03 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 16625.18 16550.22 16534.72 16559.89 16527.13 16527.14 16499.79 16539.99 16543.90 16628.11 16488.90 (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 4472.55 4461.97 4462.06 4461.90 4460.27 4459.08 4455.44 4456.52 4455.30 4472.55 4451.53
FTSE All-Share 3663.14 3647.44 3645.41 3660.75 3652.96 3654.17 3648.62 3659.98 3660.36 3672.41 3643.03 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:16:29:45 Day's Low10:04:00 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:16:29:00 Day's Low10:04:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS 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 Celtic Int 31.293 44.798 6.601 21.313 7.12 23.33 - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Guscio Pre - - 0.177L 0.113L 29.13 17.04L - - - - - 02/03 70.00 AIM AFG Aquatic Foods Group PLC 64.50 4.20 71.50 60.00 7303.1
KZT1150.4 Nil n/a 3.21 3.21 JSC Kazkommersbank GDR 3.21 0.00
5p Nil 13-03-15 14.00 12.75 Petropavlovsk PLC 13.50 -0.25
A$0.05 Nil 30-01-15 3.00 3.00 Wildhorse Energy Ltd 2.88 -0.25

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Tuesday 10 February 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) ChristianDior 158.45 -3.70 163.50 126.10 1.58 17.50 32640.33 FastRetail 43935 -70.00 46325 30950 0.79 45.42 39302.94 TeliaSonera 52.30 -0.10 54.15 43.98 6.25 15.11 27104.99 BkNYMeln♦ 38.48 0.01 41.79 30.82 1.56 16.66 43317.31 Lyondell 88.34 1.52 115.40 70.06 2.77 11.04 44229.01
ANZ 34.98 0.08 35.27 29.62 5.23 12.94 75675.97 Cred Agr 10.85 -0.13 12.22 9.76 3.38 12.45 31672.32 Fuji Hvy Ind 3983 30.50 4617 2380 1.20 13.91 26296.9 Switzerland (SFr) BlackRock 360.87 -1.56 368.64 292.20 1.95 19.85 59620.77 Marathon Ptl 100.17 1.29 100.45 74.64 1.65 13.24 28066.91
BHPBilltn 31.23 -0.32 39.79 26.50 4.21 10.57 78450.34 Danone 58.50 -0.39 60.53 49.04 2.67 30.15 42691.78 Hitachi 798.70 11.40 939.90 660.00 1.10 37.76 32557.34 ABB 19.07 0.15 23.35 16.75 3.61 20.61 47718.66 Boeing 147.58 -0.42 148.89 116.32 1.70 22.49 105214.28 Marsh&M♦ 55.30 -0.13 58.74 44.63 1.75 22.09 29911.73
CmwBkAu 92.93 -0.05 93.96 73.57 4.43 16.55 117845.65 EDF 23.81 -0.42 29.90 20.90 5.65 11.65 50191.01 HondaMtr 3820.5 36.50 3848 3239 1.33 11.96 58364.42 CredSuisse 20.00 -0.26 29.75 18.57 3.19 59.31 34747.72 BrisMySq 58.85 -0.82 64.44 46.30 2.30 38.44 97619 MasterCard 84.59 0.43 89.87 68.68 0.49 30.86 94141.93
CSL 90.16 1.71 90.16 63.77 1.38 29.34 33418.3 Essilor Intl 95.10 -0.87 100.50 70.51 1.06 19.17 23273.46 JapanTob 3443.5 59.00 4193 2997 2.95 15.02 58081.38 Nestle 71.15 0.10 74.60 63.85 1.83 25.69 248034.72 Broadcom 43.37 -0.42 44.50 28.86 1.08 40.90 23853.5 McDonald's 92.72 -1.27 103.78 87.62 3.29 19.37 91044.48
NatAusBk 37.20 -0.01 37.44 31.33 5.54 16.20 70393.3 GDF Suez 18.69 -0.33 21.19 16.17 8.64 -4.86 51580.51 KDDI 7786 78.00 8449 5000 1.49 16.63 58897.39 Novartis 95.00 3.15 99.75 70.85 2.62 24.38 277918.31 CapOne♦ 76.72 0.50 85.39 70.12 1.47 10.98 43064.38 McGraw Hill 96.90 -0.65 99.61 71.93 1.14 31.30 26308.35
Telstra 6.51 -0.08 6.74 4.96 4.71 16.84 62250.47 Hermes Intl 287.75 -5.60 317.40 229.00 1.01 34.26 34434.69 Keyence 57200 -60.00 58390 36095 0.17 32.70 29330.55 Richemont 80.15 -0.10 94.75 68.80 0.10 23.05 45228.15 CardinalHlth 84.22 -1.25 87.33 63.06 1.54 26.61 27803.61 McKesson 218.26 -4.50 225.06 162.90 0.43 30.48 50820.65
Wesfarmers 44.45 -0.32 46.69 40.26 4.66 29.05 39068.93 Kering 180.50 -2.35 184.20 136.95 2.24 25.04 25827.48 MitsbCp 2223 14.00 2356 1805 2.36 11.00 30446.84 Roche 245.80 -4.90 295.80 238.80 2.89 24.98 186681.71 Carnival 42.65 -0.68 47.44 33.11 2.28 27.58 25276.5 Medtronic 73.62 -0.85 77.39 55.09 1.51 26.71 72465.38
Westpc 37.05 0.09 37.05 31.33 5.05 15.08 90418.33 LOreal 155.95 -1.65 160.55 114.55 1.73 29.77 99213.17 MitsubEst 2514 -22.00 2930 2151.5 0.39 46.32 29478.88 SwatchGpI 412.50 9.30 592.50 350.00 1.10 13.26 13752.23 Caterpillar♦ 84.67 1.46 111.46 78.81 2.78 14.56 51259.12 Merck 58.33 -0.46 63.62 52.49 2.84 33.95 166291.44
WoodsdPet 35.67 0.18 44.23 31.97 6.23 12.48 22986.47 LVMH 150.60 -2.20 156.45 121.40 2.22 20.89 86673.22 MitsubishiEle 1304.5 -13.00 1550 1083 0.43 23.40 23622.39 Swiss Re 84.25 0.25 86.55 69.25 4.50 8.23 33762.56 CBS 56.76 0.02 68.10 48.83 0.84 23.37 27268.88 Metlife♦ 49.55 -0.05 57.57 46.10 2.37 10.78 56290.88
Woolworths 32.33 -0.21 38.92 29.11 4.53 15.37 31941.21 Nmrcble-SFR 46.40 -0.05 57.50 23.87 - -57.58 20486 Mitsui 1588.5 9.50 1820 1399 3.28 7.85 24067.15 Swisscom 532.50 -8.00 587.50 496.00 2.44 17.89 29819.51 Celgene 118.12 -0.63 124.60 66.85 - 66.11 94342.94 MicronTech 28.35 -0.56 36.59 21.02 - 9.45 30541.84
Belgium (€) Orange 15.60 -0.37 16.10 8.85 5.52 24.72 46841.49 MitsuiFud 3126 -11.50 3809.5 2854.5 0.57 33.30 26136.99 Syngent 316.80 1.20 350.30 273.20 2.95 21.79 31830.91 CharlesSch♦ 28.79 -0.32 31.00 23.35 0.78 32.68 37593.09 Microsoft 42.36 -0.05 50.05 36.01 2.65 17.50 347512.35
AnBshInBv 106.15 -1.25 109.95 70.27 1.65 23.42 193514.83 PernodRic 105.80 0.05 108.75 79.56 1.70 25.72 31832.06 MitUFJFin 679.90 8.10 700.30 519.00 2.04 8.78 81242.39 UBS 16.10 -0.10 17.84 13.58 1.41 19.28 64695.83 ChevrnTx 110.43 0.82 135.10 98.88 3.52 10.82 208759.56 MondelezInt 35.71 -0.20 39.54 31.83 1.50 35.48 59990.06
Safran 59.18 -1.18 60.65 43.24 2.04 14.62 27975.94 Mizuho Fin 199.90 2.00 221.00 178.10 2.70 11.49 41221.81 Zurich Fin 312.00 -0.20 323.50 244.20 5.34 12.97 50476.36 Chubb 100.37 -0.45 105.30 83.75 1.82 12.52 23668.62 Monsanto 121.25 1.03 128.79 105.76 1.43 24.68 58598.41
Brazil (R$)
Sanofi 84.82 -0.18 89.95 69.56 3.46 26.24 127242.56 Murata Mfg 12780 -20.00 13780 8192 0.82 25.26 24278.89 Cigna 111.02 -0.68 113.39 73.47 0.03 16.06 29040.46 MorganStly♦ 35.63 -0.16 39.19 28.31 0.79 15.08 69742.28
Ambev 18.16 0.31 18.16 14.99 1.74 22.05 102381.07 Taiwan (NT$)
Schneider 67.24 -0.76 72.22 52.59 3.67 18.81 44552.96 NipponTT 7212 338.00 7218 5051 1.93 15.03 69136.49 Cisco 27.12 -0.12 28.70 21.27 2.60 19.31 138680.51 News Corp A 34.05 0.47 39.27 31.01 0.72 8.27 45205.28
BncBrasil 22.46 0.56 38.19 18.61 6.34 4.54 23091.54 HonHaiPrc 87.00 -0.30 113.00 80.30 1.80 11.37 40857.91
SocGen 36.44 -0.79 48.69 31.85 2.88 7.62 33255.96 Nissan Mt 1064 14.50 1146.5 842.00 2.40 10.06 40565.37 Citigroup♦ 49.21 0.07 56.95 45.18 0.08 17.58 149081.12 NextEraE 104.52 -1.28 112.64 89.81 2.55 24.96 45621.13
BncoDoBrasl 30.03 0.54 35.98 22.07 4.23 17.44 21549.66 MediaTek 488.00 9.00 545.00 396.50 2.39 16.82 24346.58
StGobn 38.25 -0.30 46.40 29.51 1.75 20.99 24362.95 NpnStlSmMtl 296.50 3.20 333.00 243.30 1.30 13.75 23763.07 CME Grp 93.82 -0.39 95.21 66.44 1.86 33.05 31525.33 Nike 91.17 -0.62 99.50 70.60 1.02 27.92 62577.32
Bradesco♦ 35.16 -0.04 41.30 27.63 1.02 16.87 26538.41 TaiwanSem 142.00 -1.00 147.00 103.00 1.65 16.84 116890.72
Total 47.95 0.27 54.71 38.25 5.59 10.49 129272.53 NTTDCMo 1996.5 16.50 2047 1515 2.32 20.32 73495.43 Coca-Cola 41.23 -0.22 44.87 36.89 2.73 24.34 180592.05 NorfolkS♦ 107.99 0.20 117.64 89.76 1.89 17.93 33416.63
Cielo 41.60 -0.06 47.10 31.61 3.11 17.35 23467.4 Thailand (THB)
UnibailR 250.50 -5.95 260.15 176.70 3.83 20.86 27846.87 Panasonic 1318.5 -4.50 1610 1030 0.86 57.80 27276.83 Cognizant 57.45 0.02 59.64 41.51 - 26.70 34982.32 Northrop 162.97 0.73 164.29 112.94 1.63 17.09 32919.82
ItauHldFin 32.00 0.05 38.74 25.42 1.65 8.16 31804.65 PTT Explor 366.00 -11.00 398.00 285.00 1.87 11.18 32038.17
Vinci 50.48 1.08 57.36 39.65 3.78 10.42 33794.12 Seven & I 4386 -20.50 4592.5 3611 1.27 22.79 32788.82 ColgtPlm♦ 69.07 -0.23 71.31 60.54 1.91 32.22 62950.28 NtlOilVarc 52.78 1.35 86.55 49.25 2.57 9.17 22725.68
Petrobras 9.20 0.17 23.50 7.88 6.26 5.01 24567.39
Vivendi 20.50 -0.32 21.43 17.26 5.11 -12.13 31400.68 ShnEtsuCh 7955 50.00 8529 5267 1.02 28.37 28989.32 United Kingdom (p) Comcast 57.09 0.17 59.30 47.74 1.43 19.13 122719.32 Occid Pet 81.26 -0.49 101.38 72.32 3.24 12.00 63011.29
Vale 21.59 1.17 35.20 17.65 9.44 -10.61 24922.08
Germany (€) Softbank 7136 36.00 8760 6683 0.45 12.34 72257.33 AngloAmer 1184 38.50 1678.5 923.00 4.18 259.76 25205.06 ConocPhil 67.85 0.36 87.09 60.64 3.88 12.37 83517.44 Oracle 43.40 0.42 46.71 35.82 1.08 18.62 190585.33
Canada (C$) Sony 3064 -74.50 3269 1588 0.66 -14.37 29914.38 AscBrFd 3010 -32.00 3293 2407 1.07 31.21 36320.86 Corning 24.24 0.03 25.16 17.03 1.55 20.14 31072 Paccar 63.16 0.41 71.15 55.34 1.25 18.42 22365.23
Allianz 146.90 -2.25 151.45 115.05 3.78 10.21 76099.32
Alimentation 45.80 -0.83 50.58 27.23 0.36 24.86 15358.64 SumitomoF 4177 47.50 4910 3800 2.31 7.95 49812.44 AstraZen 4466.5 -0.50 5750 3718.5 3.91 88.74 85975.98 Costco■ 147.54 -1.16 156.85 110.36 0.91 31.50 64992.02 Pepsico 95.97 -0.74 100.57 77.01 2.40 22.58 143629.28
BASF 80.27 -0.63 88.28 64.27 3.52 14.18 83572.84
BCE 54.80 -1.94 60.20 46.34 4.66 17.57 36953.9 Takeda Ph 5922 58.00 5970 4337.5 2.47 51.47 39443.84 Barclays 253.65 -1.80 278.00 201.75 2.56 57.23 63715.82 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer♦ 33.07 -0.10 33.50 27.51 2.90 21.73 208362.73
Bayer 121.60 -3.65 131.70 91.31 1.81 26.24 113986.78
BkMontrl♦ 77.92 0.13 85.71 68.46 4.16 11.22 40483.96 TokioMarine 4076.5 37.50 4218.5 2884 1.54 13.06 26455.54 BG 963.00 28.10 1420 780.55 1.92 18.35 50108.23 CrownCstl 86.19 -0.47 88.86 69.79 1.15 173.33 28775.2 PG&E 55.77 -0.29 60.21 41.40 3.07 19.81 26495.66
BMW 102.50 -4.35 108.35 74.74 - - -
BkNvaS 65.47 0.34 74.93 60.75 4.12 10.99 63841.58 Toyota 7700 77.00 7873 5205 1.75 12.46 221957.24 BP 457.10 6.50 526.80 364.40 5.22 14.95 127072.04 CSX 35.30 -0.14 37.99 26.90 1.65 20.30 35137.52 Phillips66 75.93 -0.17 87.98 57.33 2.20 12.66 42028.27
Continental 198.20 -8.85 209.20 136.85 - - -
Brookfield 64.76 -0.70 66.24 40.88 1.21 13.33 32728.61 BrAmTob 3605 -23.00 3818 2910.5 3.95 18.82 105400.97 Cummins 134.40 -1.46 161.03 124.30 1.86 16.06 24553.78 PhilMorris 80.83 -0.44 91.63 77.55 4.44 17.24 125586.79
Daimler 80.64 -1.71 84.69 55.10 - - - Malaysia (RM)
CanadPcR 232.41 -2.71 247.56 156.64 0.63 35.22 30981.97 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 CVS 99.56 -1.05 101.59 65.96 0.99 27.39 114133.94 PNCFin 89.51 -0.93 93.45 76.69 1.93 12.84 47101.04
Deut Bank 26.87 -0.22 36.35 22.66 2.05-221.55 42002.96 Maybank 9.00 0.07 10.20 8.25 8.96 12.13 23549.68
CanImp 93.82 0.28 107.37 87.31 4.42 11.34 29903.21 BT 436.60 -6.40 451.00 350.30 2.27 17.81 54190.71 Danaher 84.45 -0.34 87.49 70.12 0.36 23.56 59342.31 PPG Inds 226.82 -4.04 233.98 171.56 1.06 24.00 31127.65
Deut Tlkm 15.56 -0.34 15.99 10.07 2.53 28.98 79973.28 Mexico (Mex$)
CanNatRs 39.47 0.30 49.57 31.00 2.32 13.13 34582.35 Compass♦ 1126 -4.00 1179 924.41 2.34 23.12 28621.74 Deere 88.95 -0.03 94.89 78.88 2.38 10.81 30459.41 PPL 34.65 -0.57 38.14 30.16 4.03 25.50 23044.75
DeutsPost 28.13 -0.84 29.75 21.55 - - - AmerMvl 16.18 - 17.64 12.39 1.38 16.84 75797.3
CanNatRy 86.53 -0.60 88.36 59.66 1.17 23.12 56195.64 Diageo 1896 -13.00 2055 950.00 2.73 24.43 72566.84 Delta 44.45 -1.06 51.06 30.12 0.57 4.09 37202.04 Praxair 125.04 -0.21 135.24 117.32 1.92 21.16 36433.22
E.ON 12.86 -0.28 15.46 12.23 4.89 -44.64 29169.62 FEMSA UBD 131.74 2.31 135.75 108.90 0.79 28.34 31831.69
Enbridge 60.79 -0.45 65.13 46.01 2.35 64.58 41545.13 GlaxoSmh 1526 8.50 1709 1200.67 5.38 17.81 113118.01 DevonEngy 64.73 -0.54 80.63 51.76 1.34 12.67 26481.04 Prec Cast 201.52 -2.29 275.09 186.17 0.06 15.88 28569.02
Fresenius 48.14 0.06 51.66 34.52 - - - WalMrtMex 32.80 0.62 35.75 27.71 0.82 20.90 38821.32
GtWesLif 33.77 0.15 33.98 28.61 3.82 12.37 27010.02 Glencore 275.60 10.20 379.45 236.20 3.50 16.71 55424.69 DirectTV 87.25 -0.68 89.46 69.72 - 17.11 43820.15 Priceline 1033.15 10.73 1378.96 990.69 - 24.82 54091.63
HenkelKgaA 89.97 -0.19 92.15 66.67 1.05 13.52 26495.54
ImpOil 50.28 -0.52 57.96 44.08 1.08 9.78 34199.15 Netherlands (€) HSBC 610.60 -10.20 737.00 573.54 4.91 11.86 178606.36 DiscFinServ♦ 58.70 0.15 66.75 54.02 1.41 11.87 26619.26 ProctGmbl♦ 85.05 -0.56 93.89 76.75 2.91 23.05 229678.36
Linde 173.70 0.20 175.60 138.15 - - -
Manulife 21.89 0.12 23.09 18.91 2.61 9.66 34601.06 ASML Hld 87.26 -2.81 95.81 57.51 0.62 26.82 43346.9 ImpTob♦ 3047 3.00 3183 2195.84 3.94 20.57 44484.53 Disney 101.73 -0.29 102.99 74.61 1.11 23.12 172896.58 Prudntl 77.26 -0.54 94.30 74.51 2.58 16.14 35230.56
MuenchRkv 179.35 -1.10 184.25 141.10 4.24 8.24 35159.78
Potash 45.74 -0.31 47.10 35.25 3.59 24.49 30473.94 Heineken 64.17 -1.60 67.28 45.68 1.27 25.32 41898.58 LlydsBkg 74.92 -0.89 85.53 70.02 - 227.72 81504.11 DominRes 75.23 -0.48 80.89 64.71 2.95 31.15 43834.1 PublStor 202.60 -1.87 206.92 158.12 2.60 42.96 34994.22
SAP 58.81 -0.39 61.63 50.08 - - -
RylBkC♦ 76.40 0.33 83.87 69.68 3.91 12.09 88432.94 ING 11.05 -0.10 11.95 9.34 - 11.44 48306.91 Natl Grid 890.10 -19.20 965.00 787.61 4.72 15.59 51035.59 DowChem 48.26 -0.14 54.97 41.45 2.79 17.12 56877.34 Qualcomm 67.11 0.76 81.97 62.26 2.35 14.52 110701.98
Siemens 94.12 -1.18 103.30 80.17 - - -
Suncor En 39.30 0.56 47.18 30.89 2.51 18.06 45558.44 Philips 24.54 -0.34 26.99 20.69 - 96.42 25998.99 Prudential 1601 -19.00 1649.5 1223 2.10 19.21 62642.66 DukeEner 82.70 -0.41 89.97 68.10 3.56 19.94 58492.93 Raytheon 106.75 -0.70 111.47 89.17 2.08 17.28 32918.28
Volkswgn 204.75 -6.95 211.90 147.35 - - -
ThmReut 49.55 -0.32 50.53 36.86 3.11 85.21 31651.57 Unilever♦ 36.85 -0.23 38.81 27.31 2.71 19.03 71617.06 RBS 381.00 -3.00 403.90 291.60 - -6.70 36950.42 DuPont 75.72 -0.38 76.45 62.65 2.38 19.86 68557.95 Regen Pharm 399.72 -7.14 437.64 269.50 - 139.12 39848.85
TntoDom 54.52 0.26 58.20 48.51 3.55 12.52 80805.55 Hong Kong (HK$)
Norway (Kr) ReckittB 5535 -40.00 5745 4697 2.48 21.38 60621.55 Eaton 70.14 0.09 79.98 57.11 2.53 21.10 33288.44 ReynoldsAm 68.45 -0.55 70.70 46.55 3.63 24.61 36366.36
TrnCan 57.48 -0.36 63.86 48.15 3.47 22.79 32687.84 AIA 44.35 0.15 46.45 34.65 0.87 30.97 68894.77
DNB 119.30 -1.20 126.90 98.10 1.89 8.11 25603.9 Reed Els 1155 -13.00 1185 851.53 2.13 24.96 36130.91 eBay 54.33 -0.17 59.70 46.34 - 1524.59 67497.81 Salesforce 57.98 -1.19 67.00 48.18 - -119.69 35541.74
ValeantPh 199.37 -3.54 205.98 116.01 - 115.06 53703.85 BOC Hold 27.50 0.30 27.95 21.50 3.28 14.12 37497.74
Statoil 148.80 6.20 195.80 118.20 5.26 9.36 62518.37 RioTinto 3095 66.50 3680.56 2600 3.67 15.90 66697.29 Ecolab 107.24 0.56 118.46 97.78 0.96 30.28 32184.49 Schlmbrg♦ 85.82 -0.34 118.76 75.60 1.82 20.37 110432.65
Ch OSLnd&Inv 23.50 0.55 26.70 17.52 1.78 8.61 24773.28
China (HK$) Telenor 162.70 -2.10 170.40 123.90 4.78 33.39 32188.38 RollsRoyce 902.00 -10.00 1219 777.00 2.44 7.46 25978.02 EMC 27.32 -0.03 30.92 24.05 1.48 23.30 55593.7 SempraEgy 107.88 -0.33 116.30 90.86 2.27 25.08 26527.01
ChngKong 148.50 -1.60 152.00 111.80 2.09 8.93 44358.66
AgricBkCh 3.81 -0.01 4.10 3.04 5.57 5.73 15104.14 Qatar (QR) RylDShlA 2186.5 21.50 2864 1929 5.36 13.92 127361.82 Emerson 57.35 0.32 69.94 55.81 3.00 18.60 39296.33 Shrwin-Will 274.39 -5.92 280.79 178.09 0.74 33.48 26340.81
Citic Ltd 13.20 0.02 16.88 9.40 2.36 8.62 42394.92
Bk China 4.27 -0.06 4.57 3.03 5.45 6.20 46049.95 Inds Qatar 154.40 -0.60 202.90 143.50 6.70 15.57 25652.07 SABMill 3510 10.50 3857 2706.5 1.84 25.32 86314.17 EOG Res 95.95 0.16 118.89 81.07 0.43 18.34 52581.5 SimonProp 194.11 -0.97 206.31 153.66 2.45 43.09 60327.04
Citic Secs 25.85 0.35 33.95 13.72 0.70 30.27 3928.35
BkofComm 6.32 -0.11 7.36 4.53 4.88 6.12 28537.47 QatarNtBk 196.00 2.90 237.00 160.00 3.49 13.42 37662.22 Shire 4741 -171.00 5470 2827 0.27 24.75 42634.64 EquityResTP 77.87 -0.25 81.03 56.51 2.60 89.88 28217.22 SouthCpr 29.59 0.46 33.90 23.60 1.46 18.86 24209.57
CNOOC 10.94 -0.04 15.88 9.72 4.63 7.90 62993.54
Ch Evrbrght 4.12 -0.05 4.52 2.68 4.46 5.55 3649.7 SSE♦ 1609 -19.00 1858 1329 5.39 77.88 24217.13 Exelon 34.48 -0.52 38.93 28.79 3.38 15.06 29634.35 SouthwestAir 43.26 -0.88 47.17 20.88 0.50 27.11 29362.48
Galaxy Enter 41.75 -1.25 80.45 36.70 - 17.64 22877.4 Russia (RUB)
Ch Yangtze RMB 9.30 -0.01 11.32 5.54 2.60 14.64 14508.49 StandCh 939.40 1.20 1355.5 867.50 5.24 9.24 35400.6 ExpScripts 81.24 -0.60 86.64 64.64 - 34.53 59622.85 SpectraEn 36.01 -0.20 43.12 32.43 3.42 25.68 24162.72
HangSeng 143.20 -0.50 148.40 118.10 3.43 18.41 35308.37 Gzprm neft 149.30 -2.30 154.47 113.73 6.85 2.63 53822.21
ChCommsCons 7.90 -0.11 10.24 4.88 2.38 8.92 4510.96 Tesco 233.40 4.70 341.58 155.40 6.32 22.11 28897.46 ExxonMb♦ 91.56 0.06 104.76 86.03 2.71 12.25 387713.44 Starbucks♦ 88.82 -0.18 89.77 67.93 1.21 27.55 66597.24
HK & Ch Gas 17.42 -0.02 18.90 13.91 1.74 29.31 23616.78 Lukoil 3016 -104.10 3297.7 1715 - 6.56 39064.07
ChConstBk 6.30 -0.01 6.62 4.89 5.65 5.83 195339.07 Vodafone 228.80 -2.60 435.82 179.10 6.09 63.03 92446.36 Facebook 74.44 -0.03 82.17 54.66 - 69.36 165549.82 StateSt 76.16 0.04 80.92 62.67 1.38 17.32 31796.44
HK Exc&Clr 177.00 -0.70 189.00 112.80 1.88 46.93 26669.44 Rosneft 257.00 -4.00 269.80 183.95 7.82 2.97 41476.71
China Vanke 16.66 -0.16 20.35 12.84 - 10.01 2825.33 WPP 1439 -10.00 1565 1091 2.38 19.14 28909.65 Fedex 171.64 -1.61 183.51 129.34 0.40 22.29 48627.78 Stryker 91.90 -0.81 98.24 75.78 1.25 58.37 34767.66
Hutchison 103.60 -0.90 113.50 85.90 1.98 30.28 56963.33 Saudi Arabia (SR)
ChinaCitic 5.65 -0.05 6.34 3.71 5.36 5.47 10844.19 United States of America ($) FordMtr♦ 15.92 0.06 18.12 13.26 2.81 11.16 61271.1 Sychrony Fin 32.40 0.26 32.68 22.60 - 14.22 27013.97
MTR 34.25 -0.15 34.70 26.80 2.40 15.08 25749.24 SaudiBasic 97.75 -0.87 136.50 70.25 5.29 12.34 78162.48
ChinaLife 30.90 0.15 32.80 19.72 1.04 25.86 29653.98 3M 164.84 -1.23 168.16 128.66 1.83 24.06 105632.58 Franklin 53.04 -0.44 59.43 49.12 0.94 14.50 32981.69 Target 75.39 -0.97 77.75 55.25 2.29 33.16 48020.74
SandsCh 38.20 -0.15 68.00 34.50 4.26 15.85 39746.18 SaudiTelec 66.00 0.24 76.50 55.00 2.85 11.60 35183.12
ChinaMBank 17.54 -0.22 19.96 12.12 4.20 6.41 10385.08 AbbottLb♦ 44.52 -0.98 46.50 36.65 1.69 37.01 67037.8 FreeportMc 19.51 0.66 39.32 16.43 6.02 9.63 20273.2 TE Connect 69.23 0.58 69.96 51.03 1.58 15.45 28122.67
SHK Props 123.20 -1.60 129.40 83.40 2.42 11.11 44904.66 Singapore (S$)
ChinaMob 103.90 -2.00 108.50 63.65 2.83 16.32 274212.98 Abbvie♦ 55.48 -1.42 70.76 45.50 2.78 25.58 88394.36 GenDyn 136.94 -2.35 145.92 101.51 1.62 19.68 45380.51 TeslaMotors 217.48 0.12 291.42 177.22 - -141.37 27268.03
Tencent 132.60 -1.60 138.00 93.00 0.17 47.81 160249.67
ChinaPcIns 37.60 0.15 41.95 23.55 1.14 28.28 13457.98 DBS 19.45 0.07 20.67 15.65 2.98 7.37 35553.94 Accenture 87.36 -0.79 91.94 73.98 2.17 20.45 69203.14 GenElectric 24.64 0.12 27.53 23.41 3.36 17.65 247439.61 TexasInstr 54.27 -0.09 56.00 41.29 2.08 25.07 57325.4
ChinaRailCons 8.37 -0.18 10.68 5.57 1.66 8.10 2241.28 India (Rs) JardnMt US$ 64.90 - 67.88 52.50 1.92 16.84 44830.89 GenGrwthPrp 29.50 -0.21 31.70 20.34 1.82 123.20 26081.17 TheTrvelers 105.77 -1.43 108.24 80.23 1.87 10.83 35051.79
Ace 111.97 -0.91 117.89 93.65 2.15 12.34 37144.65
ChinaRailGp 5.69 -0.09 6.68 2.99 1.38 9.96 3087.51 HDFC Bk 1040.1 -13.40 1100.6 629.35 0.62 30.29 40401.19 JardnStr US$ 35.29 0.15 38.10 31.05 0.64 14.01 39528.42 GenMills 53.00 -0.16 55.64 47.67 2.96 22.77 31998.63 ThrmoFshr 123.40 -1.40 131.12 107.33 0.46 31.64 49363.14
Actavis 272.31 -4.24 285.09 183.00 - -54.50 72178.79
ChMinsheng 9.03 -0.05 10.70 6.73 1.33 5.98 8074.71 Hind Unilevr 900.15 -5.60 968.85 542.00 1.22 51.88 31320.9 OCBC 10.61 0.05 10.63 9.20 3.24 9.96 31228.44 GenMotors 36.00 - 38.15 28.82 3.26 22.16 57973.17 TimeWrnr 80.54 0.16 88.13 62.44 1.45 17.89 67531.68
Adobe 72.33 -0.21 77.56 57.15 - 140.79 36043.06
ChMrchSecs RMB 27.69 0.95 32.98 9.71 - 45.75 20659.81 HsngDevFin 1271.95 -8.60 1361.85 755.00 1.04 25.51 32105.46 SingTel 4.11 -0.04 4.16 3.48 4.08 18.05 48415.54 GileadSci 96.90 -0.58 116.83 63.50 - 18.35 146189.57 TimeWrnrC 145.87 -0.73 155.95 128.78 1.87 21.79 40915.73
AEP♦ 58.24 -0.91 65.38 47.53 3.23 16.91 28493.37
ChShenEgy 20.75 0.20 24.40 19.12 4.69 8.47 9094.91 ICICI Bk 320.05 -9.30 393.40 191.25 2.77 15.95 29812.16 UOB 23.52 -0.01 24.72 19.55 2.97 11.26 27853.28 GoldmSchs 182.22 -1.21 198.06 151.65 1.14 11.21 79365.11 TJX Cos 67.50 -0.75 69.84 51.91 0.90 23.40 46500.77
Aetna 93.74 -0.80 97.71 64.68 0.88 16.62 32968.36
ChShpbldng RMB 8.19 0.05 10.35 4.36 0.48 64.19 23542.57 Infosys 2248.9 18.40 2254 1440 1.65 21.13 41349.12 South Africa (R) Google 529.28 -4.60 614.44 490.91 - 29.91 150747.51 UnionPac 119.45 -2.36 123.61 87.28 1.56 21.26 106202.91
Aflac 61.14 -0.14 66.01 54.99 2.28 10.19 27548.86
ChStConEng RMB 5.62 0.09 7.57 2.71 2.19 7.56 26988 ITC 367.90 -5.60 400.30 311.40 1.36 34.86 47075.45 Halliburton 43.51 0.15 74.33 37.21 1.30 11.93 36873 UPS B 100.46 -0.21 114.40 94.05 2.46 26.51 70557.52
Firstrand 51.90 0.02 53.19 30.72 2.53 16.04 25213.5 AirProd 149.77 -0.55 151.78 107.69 2.01 32.27 32091.82
ChUncHK 12.90 0.12 14.22 9.03 1.50 21.33 39840.34 OilNatGas 356.35 5.35 471.85 269.00 2.60 12.09 49050.76 HCA Hold 67.26 -0.72 76.18 47.17 - 18.33 29161.5 USBancorp 44.17 -0.24 46.10 38.10 2.02 15.42 79037.2
MTN Grp 217.99 5.99 263.44 190.48 3.92 15.37 34701.28 Alexion 171.42 -4.21 203.30 136.37 - 53.82 33990.34
Daqin RMB 9.71 -0.04 12.32 6.24 3.81 10.69 23107.45 RelianceIn 896.70 -13.20 1145.25 793.10 1.02 11.87 46672.27 Hew-Pack 37.64 -0.31 41.10 28.64 1.55 15.07 69034.85 Utd Cntl Hldg 64.57 -3.01 74.52 36.65 - 21.74 23830.9
Naspers N 1660 -30.00 1744.64 983.25 0.21 60.52 59716.98 Allergan♦ 223.11 -2.06 228.43 115.74 0.08 55.30 66464.16
GF Secs RMB 22.96 0.75 29.42 9.50 0.75 39.90 21754.87 SBI NewA 279.50 -10.80 336.00 145.51 1.02 13.69 3357.2 HiltonWwde 26.49 0.13 27.25 20.72 - 50.61 26082.51 UtdHlthcre 106.49 -1.11 114.32 69.57 1.16 20.38 102208.16
Sasol 469.08 1.52 652.99 360.00 3.75 10.12 26308.06 Allstate 70.03 -0.90 72.87 51.50 1.46 12.04 29372.91
HaitongSecs 17.52 0.06 23.20 9.50 0.82 26.89 3372.54 SunPhrmInds 941.45 14.60 965.95 552.55 0.15 34.22 31371.53 HlthcareREIT♦ 77.07 -0.18 84.88 56.01 3.84 104.30 25253.84 UtdTech 119.32 -0.49 121.02 97.30 1.93 17.90 108241.97
South Korea (KRW) Altria 53.16 -0.17 55.18 34.74 3.47 25.94 105069.15
In&CmBkCh 5.54 -0.07 5.90 4.33 5.05 5.98 62012.61 Tata Cons 2512.9 -62.85 2839.7 1999.5 1.30 23.77 79190.53 HomeDep 108.34 -0.70 109.74 74.61 1.58 25.96 142773.42 ValeroEngy♦ 54.45 -0.41 59.69 42.53 1.73 8.10 28381.79
HyundMobis 236500-6000.00 323500 226000 0.69 10.27 20633.45 Amazon 370.56 -3.72 383.11 284.00 - -726.70 172082.11
IndstrlBk RMB 14.12 0.07 17.49 8.60 2.81 6.07 36569.33 Tata Motors 542.65 -16.95 612.40 358.00 0.34 9.50 22233.84 Honywell 101.59 -0.16 103.92 82.89 1.67 20.33 79525.7 Verizon 49.09 -0.24 53.66 45.09 4.10 11.29 203709.94
KoreaElePwr 42050 150.00 50200 36000 0.18 9.49 23924.66 AmerAir♦ 46.53 -1.62 56.20 28.10 0.20 90.05 33374.27
Kweichow RMB 184.30 9.70 204.24 130.86 2.04 14.91 33690.33 Indonesia (Rp) AmerExpr♦ 84.98 -0.03 96.24 78.41 1.08 16.69 87926.81 IBM♦ 155.75 -0.97 199.21 149.52 2.48 10.64 154139.62 VertexPharm 107.88 -0.78 127.69 59.79 - -51.17 25947.49
SK Hynix 45200 -300.00 52400 35550 - 10.10 29983.76
PetroChina 8.59 0.02 11.70 7.54 4.51 10.22 23374.21 Astra Int 7575 -25.00 8100 6325 2.36 15.37 24246.81 AmerIntGrp 52.14 0.04 56.79 47.64 0.86 9.17 72991.43 IllinoisTool 96.82 -0.27 97.84 77.95 1.69 23.42 37850.19 VF Cp 68.71 -0.54 76.89 55.14 1.44 24.99 29673.94
SmsungEl 1395000 23000 1495000 1078000 0.80 8.88 166835.97
PingAnIns 81.75 -0.15 88.70 55.60 0.99 15.62 39260.46 Bk Cent Asia 13800 100.00 14000 9975 0.37 21.67 26901.57 Ameriprise♦ 134.69 -0.10 137.33 100.94 1.54 18.98 24854.62 Illumina 192.27 -0.37 213.33 127.69 - 107.65 27302.34 Viacom 68.24 1.17 89.76 63.11 1.85 12.82 24235.75
PngAnBnk RMB 13.52 0.01 16.39 8.36 1.02 8.12 21288.32 Spain (€) Intcntl Exch 229.03 0.31 231.95 182.40 1.11 27.69 25653.37 Visa Inc 265.46 -1.96 272.45 194.84 0.62 30.36 130330.84
Israel (ILS) AmerTower 96.70 0.97 105.20 79.39 1.27 56.10 38337.96
SaicMtr RMB 22.48 0.47 25.98 12.22 4.60 9.52 39674.51 BBVA 8.00 -0.24 9.99 7.21 0.83 -52.09 56450.35 Intel♦ 32.93 -0.37 37.90 23.77 2.57 16.73 159216.55 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 225.90 3.50 237.70 152.20 1.98 19.21 49734.65 Amgen 150.01 -1.39 173.14 108.20 1.44 25.11 114108.11
ShgPdgBk RMB 14.16 0.07 16.75 8.39 4.01 6.03 33824.26 BcoSantdr 6.01 -0.13 7.96 5.77 8.88 12.52 93985.68 Intuit 87.84 0.01 95.84 69.02 0.89 32.12 25078.01 WalMartSto 85.91 -1.42 90.97 72.50 2.12 18.96 276904.24
Italy (€) Anadarko 83.46 0.76 113.51 71.00 1.01 -21.06 42268.35
Sinopec 6.11 -0.02 8.23 5.76 4.25 9.82 20104.59 CaixaBnk 3.89 -0.08 5.00 3.71 1.06 39.68 25213.24 John&John 99.78 -1.32 109.49 88.61 2.56 17.59 279295.23 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 3.80 -0.10 4.49 3.36 2.87 12.10 40526.4 Aon Cp♦ 96.64 0.22 98.10 77.90 0.83 24.17 27555.61
GasNatur 20.26 -0.30 24.45 18.07 3.66 12.38 22981.66 JohnsonCn 48.19 -0.44 51.60 38.60 1.87 22.22 31674.99 WellsFargo♦ 54.21 -0.24 55.95 44.84 2.25 14.13 281221.12
Denmark (kr) ENI 15.45 -0.11 20.46 12.98 6.13 10.18 63647.05 AppldMat 23.51 -0.73 25.71 16.94 1.62 28.34 28716.81
Iberdrola 5.86 -0.13 6.24 4.50 2.79 16.60 42436.39 JPMrgnCh 57.82 -0.07 63.49 52.97 2.54 11.39 216142.07 WestrnDigl 102.60 -0.80 114.69 80.78 1.28 17.06 23826.83
DanskeBk 167.00 -2.00 178.50 132.10 1.25 41.67 25649.58 Generali 17.84 -0.43 18.79 14.40 2.11 17.08 31484.07 Apple♦ 119.72 0.79 120.51 73.05 1.51 16.57 697338.83
Inditex 25.64 -0.59 27.13 19.29 1.25 31.72 90565.86 Kimb-Clark 108.22 -0.83 119.01 99.20 2.89 20.38 40307.1 Williams Cos 46.05 -0.33 59.77 39.31 3.61 18.20 34420.65
MollerMrsk 13260 -260.00 15390 11020 2.40 16.73 44048 IntSPaolo 2.49 -0.08 2.68 2.00 1.68 -9.01 44726.38 ArcherDan 47.38 -0.18 53.91 39.15 1.81 17.29 30584.77
Repsol 16.47 -0.11 21.07 14.26 4.86 16.23 25657.28 KinderM♦ 41.20 -0.21 43.18 30.81 3.81 36.40 42363.06 Yahoo 42.57 -0.37 52.62 32.15 - 6.01 40328.75
NovoB 276.30 -3.10 305.80 225.80 1.71 26.82 111496.97 Luxottica 50.70 -0.60 53.55 34.74 1.07 39.82 27682.27 AT&T 34.64 -0.23 37.48 31.76 4.99 11.28 179677.68
Telefonica 13.00 -0.18 13.43 10.76 4.78 12.98 68629.59 Kraft 66.04 -0.73 67.74 51.91 2.99 17.76 38885.92 Yum!Brnds 73.11 -0.82 83.58 65.81 1.90 24.27 32142.74
Finland (€) Unicred 5.41 -0.12 6.89 4.82 - -2.43 35554.68 AutomData 86.01 -0.43 87.35 70.50 2.19 27.25 40867.83
Sweden (SKr) Avago Tech 102.24 -2.50 108.34 55.13 1.05 92.51 26105.1 Kroger 70.85 -0.86 71.91 35.98 0.89 22.91 34810.33
Nokia 6.68 -0.17 7.23 5.13 1.73 25.67 28336.72 Japan (¥) AtlasCpcoB 238.60 0.70 239.10 159.10 2.51 22.67 34656.13 BakerHu 62.86 0.19 75.64 47.51 0.93 22.61 27193.17 L Brands 92.30 -0.66 93.32 53.03 1.36 29.81 27014.59 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 42.91 -0.80 43.84 34.72 4.03 14.82 27180.52 AstellasPh 1830 10.00 1906 1062 3.55 43.05 34876.46 Ericsson 101.30 -0.50 104.80 77.55 3.23 22.06 39270.93 BankAm 16.35 -0.14 18.21 14.37 0.46 44.32 171943.97 LasVegasSd 55.72 0.35 88.28 49.82 3.12 17.87 44687.34 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4559 76.50 4774 3328 1.56 15.15 31262.35 H&M 336.40 0.50 343.50 261.00 3.11 26.14 66638.28 LibertyGbl 48.55 -0.51 88.19 37.98 - -37.71 10446.84 based on intraday trading over a rolling 52 week period.
Baxter 69.72 -1.25 77.31 66.34 2.72 22.17 37786.72
Airbus Grpe 48.24 -0.11 55.00 39.64 1.63 21.71 42911.49 Canon 3732.5 16.50 4045 2986 3.18 16.43 41984.17 Investor 300.30 -3.00 305.60 215.60 2.90 4.05 27574.06 Lilly (E) 69.61 -0.75 75.10 52.29 2.65 29.63 77505.85 ♦ ex-dividend
BB & T 37.65 -0.38 41.04 34.50 2.35 14.64 27119.23
AirLiquide 112.25 0.05 114.00 86.12 2.45 21.81 43882.18 CntJpRwy 19475 -170.00 20785 10885 0.50 14.33 33833.86 Nordea Bk 106.70 -2.80 110.10 82.40 4.00 13.44 51431.52 LinkedIn 267.43 4.03 272.96 136.02 - -2312.58 28969.34 ■ ex-capital redistribution
BectonDick 140.95 -2.37 146.74 107.50 1.55 24.75 27257.18
AXA 20.43 -0.43 21.33 16.43 4.27 9.15 56559.56 Denso 5451 40.00 5995 4223 1.56 16.46 40641.43 SEB 99.60 -1.00 103.00 82.30 4.38 11.34 26112.58 Lockheed 193.02 -2.22 198.88 151.06 2.59 20.79 60979.88
BerkshHat 223999.88 -880.12 229374 166724 - 18.91 191845.37 # price at time of suspension
BNP Parib 45.70 -1.47 61.82 43.14 3.44 -53.09 64544.96 EastJpRwy 9140 -137.00 9523 7105 1.07 17.69 30331.77 SvnskaHn 379.10 1.20 396.90 305.10 3.31 14.84 29833.28 Lowes 70.95 -0.95 72.25 44.13 1.10 29.38 69027.87
Biogen 396.88 -5.12 407.94 272.02 - 32.81 93113.79
Fanuc 20035 15.00 21440 16105 0.96 24.85 40468.47 Swedbank 202.20 -0.50 203.00 165.70 5.44 12.42 26675.6

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
LinkedIn 267.43 263.40 4.03 1.53 42.86 19.1 17.74 Covidien 106.71 108.07 -1.36 -1.26 - - 3.39 Feb 09 date Coupon S* M* F* price yield yield yield US Feb 09 date Coupon S* M* F* price yield yield yield US
ChMrchSecs 27.69 26.74 0.95 3.55 4.23 18.0 -1.32 Hitachi 798.70 787.30 11.40 1.45 -98.60 -11.0 -8.66 High Yield US$ US$
FreeportMc 19.51 18.85 0.66 3.50 2.06 11.8 -16.80 SBI NewA 279.50 290.30 -10.80 -3.72 -28.00 -9.1 -8.32 Windstream Corporation 11/17 7.88 B B1 BB 108.64 4.52 0.04 -0.17 3.84 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.44 6.03 0.00 0.05 4.09
Rosneft 257.00 261.00 -4.00 -1.53 26.45 11.5 19.56 ICICI Bk 320.05 329.35 -9.30 -2.82 -31.80 -9.0 -7.89 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 133.67 3.94 0.06 -0.10 2.00
WalMrtMex 32.18 32.18 0.00 0.00 3.23 11.2 9.66 GileadSci 96.90 97.48 -0.58 -0.59 -9.29 -8.7 -5.20 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 83.00 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 122.50 4.37 0.04 0.13 -
Disney 101.73 102.02 -0.29 -0.28 9.80 10.7 7.94 Ch Yangtze 9.30 9.31 -0.01 -0.11 -0.88 -8.6 -14.05 SouthTrust Bank 12/27 6.57 A+ A1 A+ 125.44 4.05 0.01 -0.19 -
Sony 3064.00 3138.50 -74.50 -2.37 290.00 10.5 19.45 Abbvie 55.48 56.90 -1.42 -2.50 -5.22 -8.6 -15.66 Emerging US$ Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.24 4.07 0.01 -0.15 -
Statoil 148.80 142.60 6.20 4.35 13.80 10.2 13.76 Daqin 9.71 9.75 -0.04 -0.41 -0.91 -8.6 -17.29 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.56 Baxter Intl Inc. 02/28 6.63 A- A3 A 129.03 3.82 0.13 -0.11 -
ChUncHK 12.90 12.78 0.12 0.94 1.18 10.1 21.24 Tata Motors 542.65 559.60 -16.95 -3.03 -49.85 -8.4 5.99 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.42 0.97 0.09 -0.10 0.30
Brazil 01/18 8.00 BBB- Baa2 BBB 108.94 4.70 0.19 0.00 4.02 Euro
Intcntl Exch 229.03 228.72 0.31 0.14 20.62 9.9 3.34 AEP 58.24 59.15 -0.91 -1.54 -4.82 -7.6 -5.52 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.61 1.64 0.01 -0.14 -0.30
Lukoil 3016.00 3120.10 -104.10 -3.34 265.90 9.7 17.26 Fuji Hvy Ind 3983.00 3952.50 30.50 0.77 -313.50 -7.3 -6.85 Russia 07/18 11.00 BB+ Baa3 BBB- 112.26 7.06 -0.18 0.05 6.39
Peru 03/19 7.13 BBB+ A3 BBB+ 119.14 2.27 0.08 -0.21 0.79 Citigroup Inc. 09/26 2.13 A- Baa2 A 105.06 1.64 0.01 -0.03 -0.30
Eaton 70.14 70.05 0.09 0.13 5.74 8.9 6.18 Utd Cntl Hldg 64.57 67.58 -3.01 -4.45 -4.81 -6.9 -1.18 Eni SpA 01/29 3.63 A A3 A+ 124.33 1.66 0.01 -0.34 -
Glencore 275.60 265.40 10.20 3.84 22.50 8.9 -3.70 Alimentation 46.63 46.63 0.00 0.00 -3.46 -6.9 1.26 Brazil 01/21 7.88 BBB- Baa2 BBB 105.19 3.90 0.04 0.09 2.42
Turkey 03/21 5.63 - Baa3 BBB- 110.01 3.82 0.15 -0.08 2.34 BG Energy Capital plc 11/29 2.25 A- A2 A- 107.32 1.69 0.01 -0.30 -
L Brands 92.30 92.96 -0.66 -0.71 7.45 8.8 8.10 KDDI 7786.00 7708.00 78.00 1.01 -577.00 -6.9 4.49
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.15 Yen
GenMotors 36.00 36.00 0.00 0.00 2.89 8.7 1.15 ChCommsCons 7.90 8.01 -0.11 -1.37 -0.55 -6.5 -19.55
Colombia 07/21 4.38 BBB Baa2 BBB 105.94 3.34 0.13 -0.11 1.86 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.29 0.30 0.00 -0.01 -
BncBrasil 21.90 21.90 0.00 0.00 1.70 8.4 -0.53 NtlOilVarc 52.78 51.43 1.35 2.62 -3.61 -6.4 -14.71
CharlesSch 28.79 29.11 -0.32 -1.10 2.19 8.2 1.20 ChinaRailCons 8.37 8.55 -0.18 -2.11 -0.54 -6.1 -13.35 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.27 £ Sterling
SouthCpr 29.59 29.13 0.46 1.58 2.22 8.1 4.26 Cummins 134.40 135.86 -1.46 -1.07 -8.61 -6.0 -6.41 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.80 3.29 -0.01 -0.33 1.35
Gzprm neft 149.30 151.60 -2.30 -1.52 11.12 8.0 1.94 HlthcareREIT 77.07 77.25 -0.18 -0.23 -4.88 -6.0 -3.04 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 117.44 3.85 0.06 -0.32 1.91
CME Grp 93.82 94.21 -0.39 -0.41 6.74 7.7 5.67 GDF Suez 18.69 19.01 -0.33 -1.71 -1.15 -5.8 4.53 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.82 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+ 112.85 2.72 -0.01 -0.39 1.24 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- 122.32 3.27 0.01 -0.47 1.33
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Feb 09 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 09 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.06 16-12-2008 0.06 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 18.55 1.26 17.29 31.06 10.28 Feb 09 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 17.94 0.97 16.97 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 181.30 -0.18 0.31 1.69 2.34 6.44 VXN 19.12 0.71 18.41 31.17 9.66 Tr 2.75pc '15 100.23 0.39 -0.01 -0.06 0.15 -1.92 102.18 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 304.51 -0.14 -1.19 3.75 2.85 14.13 VDAX 20.90 2.42 18.48 - - Tr 2pc '16 101.51 0.40 0.02 -0.09 -0.14 -1.13 102.72 101.49 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 255.91 0.00 -0.37 2.17 -0.37 2.17 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.35 0.54 0.08 -0.27 -0.18 0.11 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.72 0.02 0.10 0.95 0.79 7.71 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 112.83 0.76 0.12 -0.60 -0.43 -1.17 114.28 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.88 -0.04 0.08 2.35 2.03 13.11 Tr 4.5pc '19 114.14 0.95 0.16 -0.81 -0.29 0.83 115.07 111.17 0.36
Gilts( £) 293.68 -0.20 -2.01 2.81 1.83 15.27 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 117.79 1.13 0.19 -1.05 -0.26 2.07 119.04 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 252.20 -0.40 -0.12 0.54 1.07 3.45 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 141.01 1.24 0.21 -1.34 -0.35 2.03 142.92 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 303.42 -0.18 -1.24 3.38 2.52 13.50 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 117.93 1.33 0.24 -1.60 -0.10 5.94 119.85 110.38 0.38
Feb 09 (Libor: Feb 06) night Day Week Month month month month year Overall ($) 228.86 -0.03 -0.52 2.09 -0.52 2.09 Australia 10/18 3.25 104.43 2.00 0.05 0.01 -0.14 0.00 Tr 5pc '25 131.68 1.58 0.27 -2.24 0.15 9.40 134.70 119.37 0.35
US$ Libor 0.11750 0.000 - 0.000 0.17150 0.25560 0.36240 0.63150 Overall( £) 293.84 -0.20 -1.77 2.99 2.04 14.70 04/25 3.25 106.17 2.56 0.10 0.13 -0.09 0.00 Tr 4.25pc '27 128.34 1.77 0.31 -2.70 0.65 13.65 131.90 112.04 0.31
Euro Libor -0.09643 0.000 - 0.000 -0.00714 0.02571 0.09071 0.23000 Overall(€) 222.39 -0.02 0.08 1.78 1.52 10.89 Austria 10/18 1.15 104.32 0.02 -0.01 0.00 0.00 0.00 Tr 4.25pc '32 132.27 2.03 0.20 -3.35 0.88 17.44 136.85 111.72 0.35
£ Libor 0.47188 0.000 - 0.000 0.50475 0.56244 0.68056 0.96244 Treasuries ($) 219.73 -0.05 -0.69 2.17 -0.69 2.17 10/24 1.65 111.31 0.45 -0.02 0.06 -0.20 0.00 Tr 4.25pc '36 135.03 2.17 0.24 -3.80 1.06 19.97 140.37 111.54 0.26
Swiss Fr Libor 0.000 -0.91900 -0.88500 -0.76760 -0.65560 FTSE Belgium 06/18 0.75 101.85 0.19 0.00 -0.01 -0.07 -0.95 Tr 4.5pc '42 146.34 2.25 0.27 -4.45 1.36 23.81 153.16 117.05 0.26
Yen Libor 0.000 0.07571 0.10429 0.14214 0.26329 Sterling Corporate (£) 117.00 0.15 - - 1.23 8.05 12/24 1.10 103.90 0.69 0.00 0.07 -0.37 0.00 Tr 3.75pc '52 137.15 2.27 0.29 -5.55 2.05 30.16 145.21 104.09 0.22
Euro Euribor 0.002 0.00200 0.05300 0.13200 0.26100 Euro Corporate (€) 111.05 0.05 - - 0.80 5.88 Canada 11/16 1.00 100.87 0.49 0.01 0.10 -0.40 0.00 Tr 4pc '60 149.48 2.25 0.32 -6.12 2.49 32.86 159.23 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 986.10 3.71 - - 0.62 6.18 06/25 2.25 107.96 1.42 -0.04 0.18 -0.30 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs 0.000 0.15000 0.22000 0.29000 Eurozone Govt Bond 116.86 -0.28 - - 1.71 10.05 Denmark 11/16 2.50 105.70 -0.71 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.15000 -0.00500 0.08500 11/25 1.75 116.60 0.19 -0.02 0.05 -0.55 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.34 0.08 0.00 0.03 0.07 0.00
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.58 0.48 -0.01 0.04 -0.23 0.00 GILTS: UK FTSE ACTUARIES INDICES
Feb 09 term notice month month month year Crossover 5Y 314.90 10.90 -2.90 -31.95 419.37 290.75 France 11/16 0.25 100.62 -0.10 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29 Europe 5Y 59.11 3.23 0.40 -4.33 80.45 51.98 11/19 0.50 102.05 0.07 0.01 0.03 -0.08 0.00
Fixed Coupon Feb 09 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 63.30 -0.22 -2.68 -5.23 79.33 58.50 11/24 1.75 110.79 0.61 0.00 0.07 -0.15 0.00
1 Up to 5 Years 100.38 0.10 2346.02 -0.11 2.49 0.82
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 67.86 4.98 0.85 -3.04 85.99 56.40 05/45 3.25 145.45 1.40 0.01 0.03 -0.32 0.00
2 5 - 10 Years 183.84 0.24 3218.18 -0.14 8.83 1.36
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.56 -0.17 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 214.34 0.31 3818.33 0.23 15.79 1.71
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.60 -0.09 0.00 0.00 0.00 0.00
Emerging Markets 5Y 376.00 -1.90 -26.71 -2.18 420.12 238.47 4 5 - 15 Years 190.83 0.26 3364.49 -0.03 10.83 1.49
Japanese Yen -0.05 0.05 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.39 0.36 -0.02 0.04 0.00 0.00
Nth Amer High Yld 5Y 350.63 1.35 -19.79 -18.10 406.42 328.06 5 Over 15 Years 312.76 0.27 4416.36 0.89 27.91 2.21
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 142.25 0.94 -0.02 0.01 -0.27 0.00
Nth Amer Inv Grade 5Y 66.14 0.05 -4.40 -3.30 75.99 60.32 7 All stocks 178.40 0.22 3246.68 0.29 13.97 1.97
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 69.08 20.82 3.28 1.53 9.22 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 56.96 10.59 0.67 -0.19 1.02 0.00
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.30 0.15 0.02 0.02 -0.13 0.00 Index Linked Feb 09 chg % chg % chg % Return 1 month 1 year
03/24 3.40 120.38 1.04 0.01 0.08 -0.15 0.00 1 Up to 5 Years 312.97 0.06 -0.89 -2.13 2366.65 -0.30 -0.41
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.64 0.42 0.04 -0.02 -0.17 0.00 2 Over 5 years 566.33 -0.05 -2.46 19.49 4154.36 -2.39 20.53
12/19 1.05 100.75 0.89 0.06 0.02 -0.08 0.00 3 5-15 years 436.16 0.11 -1.50 6.80 3282.66 -1.50 8.11
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 107.70 1.65 0.08 0.03 -0.16 0.00 4 Over 15 years 690.37 -0.11 -2.86 26.26 4977.10 -2.76 27.12
Crude Oil† Feb 52.68 0.64 Corn♦ Mar 370.75 -2.25 Jun 02 Jun 02 Prev return stock Market stocks
09/46 3.25 111.31 2.73 0.08 0.06 0.00 0.00 5 All stocks 524.94 -0.04 -2.30 16.98 3897.65 -2.17 18.11
Brent Crude Oil‡ 58.20 0.00 Wheat♦ Mar 503.00 -4.75 Can 4.25%' 21 134.19 -0.650 -0.697 -0.11 5.18 73330.14 7
Japan 01/17 0.10 100.11 0.04 0.01 0.03 0.00 0.00
RBOB Gasoline† Feb 1.47 0.07 Soybeans♦ Mar 961.25 -7.00 Fr 2.25%' 20 116.15 -0.645 -0.646 0.35 19.98 214770.39 14
02/20 0.05 99.68 0.11 0.01 0.04 0.09 0.00 Yield Indices Feb 09 Feb 06 Yr ago Feb 09 Feb 06 Yr ago
Heating Oil† Feb 1.84 0.00 Soybeans meal♦ Mar 330.70 -7.20 Swe 0.25%' 22 106.66 -0.532 -0.533 0.20 28.76 219817.12 5
12/24 0.30 99.47 0.36 0.01 0.06 0.08 0.00 5 Yrs 1.09 1.13 1.75 20 Yrs 2.18 2.19 3.41
Natural Gas† Feb 2.62 0.04 Cocoa (ICE Liffe)X Mar 2008.00 51.00 UK 2.5%' 16 327.84 -1.285 -1.289 0.14 7.90 479325.75 24
12/44 1.50 102.79 1.37 0.05 0.10 0.24 0.00 10 Yrs 1.65 1.68 2.77 45 Yrs 2.27 2.29 3.48
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ - - UK 2.5%' 24 345.33 -0.852 -0.939 -1.51 6.82 479325.75 24
Netherlands 04/17 0.50 101.38 -0.13 0.00 0.00 0.00 0.00 15 Yrs 1.99 2.01 3.21
Uranium Feb 38.20 0.00 Coffee(Robusta)X Mar 1944.00 11.00 UK 2%' 35 233.28 -0.768 -0.852 -3.52 9.08 479325.75 24
07/24 2.00 114.45 0.43 0.00 0.06 -0.15 0.00
Carbon Emissions - - Coffee (Arabica)♥ - - US 0.625%' 21 104.17 -0.022 -0.136 -1.18 35.84 1089512.06 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar 121.25 0.00 White SugarX 428.20 - US 3.625%' 28 140.78 0.438 -0.136 -1.93 16.78 1089512.06 35
12/17 6.00 107.59 3.21 0.03 0.01 -0.40 -1.36 Real yield Feb 09 Dur yrs Previous Yr ago Feb 09 Dur yrs Previous Yr ago
Unleaded Mar 56.35 - Sugar 11♥ - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 107.91 0.72 0.02 0.10 0.01 0.00 Up to 5 yrs -0.97 2.43 -0.94 -1.27 -1.56 2.45 -1.54 -1.85
Base Metals (♠ LME 3 Months) Cotton♥ - - value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.88 1.26 0.00 0.07 -0.16 0.00 Over 5 yrs -0.73 22.69 -0.74 0.06 -0.77 22.80 -0.77 0.02
Aluminium 1868.50 -4.50 Orange Juice♥ - - amount.
Portugal 02/16 6.40 106.23 0.23 0.03 -0.03 -0.12 0.00 5-15 yrs -0.81 9.08 -0.80 -0.14 -0.93 9.11 -0.92 -0.28
Alluminum Alloy 1850.00 0.00 Palm Oil♣ Mar 649.50 -8.00
Copper 5679.00 4.00 Live Cattle♣ Feb 154.85 0.93 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.31 2.52 0.10 -0.15 0.00 0.00 Over 15 yrs -0.72 28.48 -0.73 0.09 -0.74 28.55 -0.75 0.07
Spain 10/17 0.50 100.04 0.49 0.03 0.00 -0.10 0.00 All stocks -0.74 20.54 -0.74 0.04 -0.78 20.68 -0.78 -0.01
Lead 1850.00 -2.00 Feeder Cattle♣ Mar 203.63 4.18
Nickel 15140.00 10.00 Lean Hogs♣ Feb 67.65 -0.88 Spread Spread Spread Spread 04/25 1.60 99.76 1.63 0.08 0.09 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 18350.00 -150.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.83 -0.17 0.00 0.00 0.00 0.00
Zinc 2153.00 -5.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.42 0.64 -0.01 0.07 -0.17 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Feb 06 Month Year Switzerland 10/16 2.00 105.02 -0.97 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
Australia 2.56 2.20 0.62 Italy 1.65 1.29 -0.29
Gold 1238.50 -2.50 S&P GSCI Spt 417.09 7.01 - 05/26 1.25 114.78 -0.05 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.45 0.10 -1.49 Japan 0.36 0.00 -1.59
Silver (US cents) 1697.00 -25.00 DJ UBS Spot 103.57 2.70 - Belgium 0.69 0.33 -1.25 Netherlands 0.43 0.07 -1.51 United Kingdom 07/18 1.25 101.15 0.91 -0.04 0.14 0.08 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 228.47 0.90 -21.33 Canada 1.42 1.06 -0.52 Norway 1.26 0.90 -0.68 07/20 2.00 104.02 1.24 -0.05 0.17 0.06 0.00 ft.reader.enquiries@morningstar.com
Palladium 794.00 3.00 Rogers RICIX TR 2686.36 - - Denmark 0.19 -0.17 -1.75 Portugal 2.52 2.16 0.58 09/24 2.75 110.05 1.61 -0.04 0.23 0.03 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 315.17 3.45 -28.32 Finland 0.48 0.12 -1.46 Spain 1.63 1.27 -0.31 01/45 3.50 125.70 2.31 -0.02 0.24 -0.02 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 61.75 -0.50 UBS Bberg CMCI TR 16.06 1.20 -21.35 France 0.61 0.25 -1.33 Switzerland -0.05 -0.41 -1.99 United States 01/17 0.50 99.66 0.67 0.02 0.21 0.00 0.00
Iron Ore (The Steel Index) 61.60 -0.20 LEBA EUA Carbon 6.95 2.81 21.08 Germany 0.36 0.00 -1.58 United Kingdom 1.61 1.25 -0.33 01/20 1.25 98.90 1.48 0.00 0.30 0.00 0.00
GlobalCOAL RB Index 64.00 0.90 LEBA CER Carbon 0.43 -4.44 258.33 Greece 10.59 10.23 8.65 United States 1.94 1.58 0.00 11/24 2.25 102.74 1.94 -0.02 0.27 0.04 0.00
Baltic Dry Index 554.00 -5.00 LEBA UK Power 3071.00 127.65 81.18 Ireland 1.04 0.68 -0.90 11/44 3.00 110.34 2.51 -0.02 0.25 0.01 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Tuesday 10 February 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence FriendsLf 403.00 -2.60 413.63 286.60 5.25 48.40 2006.8 SKF SKr 198.50 0.10 200.00 134.80 3.02 49.28 1233.3 BisichMg 68.00 -4.50 126.00 67.00 5.88 -9.83 21.0 PrimyHth 382.25 -3.00 387.00 324.00 5.04 14.38 48.7 Intertek 2448 -8.00 3111 2141 1.88 20.27 679.7
AvonRub 790.00 -11.00 810.00 580.00 0.60 18.67 18.9 Gimv Nv € 40.70 -0.25 41.21 34.16 5.02 59.73 18.5 Spirax-S 3116 -39.00 3175 2548 1.89 23.64 64.1 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 - Redefine 56.15 -1.00 59.20 47.75 5.58 7.03 781.5 Latchways♦ 717.50 - 1270 705.01 5.52 18.07 1.2
BAE Sys 514.50 -3.00 528.00 374.10 3.91 88.89 4557.8 GuinPeat 23.25 - 36.63 19.00 - -54.58 19.2 Tex 88.50 - 101.50 72.50 4.52 8.01 0.4 EVRAZ 181.00 -2.30 186.60 51.35 - -13.20 1816.7 SEGRO 412.10 -6.00 425.60 325.30 3.59 7.41 1067.9 Lavendon 166.25 1.75 247.75 155.50 2.14 13.71 43.7
Chemring 220.25 0.25 289.50 181.50 3.27 -11.86 1309.9 Hargr Lans 1000.00 10.00 1513 827.00 2.24 29.36 1066.0 Trifast 110.25 -0.25 134.00 73.00 1.27 18.91 26.6 FstQuant 690.00 11.00 1512 581.50 1.17 12.91 12.9 Shaftbry♦ 789.00 -17.50 815.50 620.00 1.62 4.79 1268.1 MngCnslt 15.63 -0.13 30.00 14.50 5.28 8.97 10.0
Cobham 332.70 -3.30 345.10 258.30 2.91 32.17 1265.5 HBM Hlth SFr 94.05 -0.85 105.80 70.25 - 2.42 3.8 Vitec 621.50 - 690.00 539.00 3.70 15.53 1.7 Fresnillo 896.00 36.00 1037 675.50 0.32 49.96 1189.5 Town Ctr 282.00 0.50 288.00 217.58 3.70 5.46 4.0 MearsGp 445.50 8.50 540.00 354.75 1.98 20.26 69.6
Meggitt 543.50 -2.00 552.10 421.70 2.35 20.79 968.7 HenderGp 247.40 -2.60 275.40 180.10 3.23 31.91 1917.5 Weir 1879 36.00 2848 1574 2.24 12.25 885.0 GemDmnd 153.50 1.00 223.00 139.75 - 11.29 71.5 Wkspace 787.00 -15.00 818.00 542.00 1.35 3.82 184.3 MenziesJ 372.00 -3.00 714.75 306.25 7.12 8.42 117.9
RollsRoyceX 902.00 -10.00 1219 777.00 2.44 7.46 7784.0 ICAP 463.90 -3.00 477.20 338.70 4.74 27.01 2075.8 Harmony R 31.93 -0.87 40.98 16.60 - -11.43 1949.9 Real Estate Inv & Services MichaelPge 479.00 -1.50 511.50 358.70 2.19 33.53 230.0
Indvardn SKr 148.40 -0.70 150.20 111.40 4.04 10.22 310.9
Industrial General Hochschild 94.50 6.00 207.46 77.80 - -5.28 568.6 MITIE 279.00 -2.20 345.90 263.90 3.94 80.45 780.2
Senior 311.40 -2.00 324.80 248.90 1.64 17.68 243.9 Cap&Count 385.20 -2.10 397.60 313.00 0.39 11.25 785.6
ICG 503.00 -1.50 512.00 361.70 4.04 14.11 501.3 BritPoly 661.50 2.00 690.00 565.00 2.19 14.59 3.3 Kenmr 3.33 -0.07 17.29 2.18 - -2.35 10934.4 PayPoint 859.00 14.50 1212 809.39 4.11 15.73 99.3
UltraElc 1784 -6.00 1985 1642 2.37 29.03 77.3 Cardiff♦ 1045 5.00 1099.5 825.00 1.21 4.42 1.1
IPF 446.00 -2.00 636.50 412.00 2.09 15.41 557.6 JardnMt $X 64.90 - 67.88 52.50 1.92 16.84 102.3 Lonmin 179.20 4.50 336.60 149.74 - -8.80 1686.2 PremFarn 169.30 6.30 242.40 147.00 6.14 12.40 947.1
CLS 1560 -35.00 1600 1250 - 6.60 2.4
Automobiles & Parts Investec 561.00 -9.00 606.50 412.60 3.39 17.68 707.3 Jard Str $X 35.29 0.15 38.10 31.05 0.64 14.01 78.4 Petra 162.50 -0.30 220.87 140.81 - 22.37 1166.3 Daejan♦ 5585 -80.00 5800 4650 1.59 4.88 1.4 Rentokil 121.40 -0.90 133.60 109.80 1.90 20.94 1143.1
FordMtr $X♦ 15.92 0.06 18.12 13.26 2.81 11.16 20172.6 Jupiter 384.30 -1.40 447.60 313.70 3.28 22.28 750.3 Macfrlne 37.75 - 49.50 33.00 4.24 12.67 1739.1 Petropvlsk 13.50 -0.25 98.25 6.00 - 0.36 1231.3 Ricardo 697.50 5.50 800.00 597.70 2.05 19.18 5.1
REXAM 518.50 -9.00 603.00 424.60 3.78 12.91 6762.8 DvlptSec 233.00 -7.00 267.25 179.00 3.43 14.89 210.5
GKN 371.10 -8.60 468.00 281.10 2.13 12.63 3868.4 Liontrust 292.75 -0.75 306.25 208.00 1.02 25.90 0.7 PolymtIntl 605.50 20.50 690.00 315.18 0.86 25.59 439.0 Grainger 204.50 -3.50 250.00 167.80 1.01 11.39 1535.0 RbrtWlts 337.25 -7.75 363.00 270.00 1.60 38.40 4.5
Man 168.00 -7.50 183.44 81.40 2.80 98.07 9939.0 RPC 559.50 -6.50 672.90 488.20 2.46 21.40 653.2 RndgldRs 5415 105.00 5752.1 3638 0.56 30.47 498.0 RPS 217.90 12.90 359.37 181.50 3.38 16.14 1001.0
Banks Smith DS 308.60 -5.10 359.10 231.82 3.24 17.27 2335.1 HelclBar 387.00 - 405.06 320.00 1.74 6.80 53.5
NB GFRIF♦ 95.05 0.05 102.50 93.75 3.76 20.52 1060.6 RioTintoX 3095 66.50 3680.56 2600 3.67 15.90 4732.3 HK Land $ 7.88 -0.02 8.30 6.01 2.04 18.03 1174.4 Shanks 101.75 -1.25 120.00 84.50 3.39 -23.13 120.7
ANZ A$X 34.98 0.08 35.27 29.62 5.23 12.94 3042.3 Smiths 1162 -25.00 1429 1006 3.42 19.98 1269.1
Paragon♦ 432.50 -2.50 439.80 313.70 1.80 13.89 585.4 Troy Res A$ 0.58 -0.02 1.53 0.35 - -1.59 1022.9 Lon&Assc 39.50 - 61.50 36.50 0.32 68.46 29.2 SIG 188.80 -0.50 214.80 143.40 1.88 -169.02 631.8
BcoSant 451.75 -9.00 758.00 416.37 8.74 12.66 726.5 SmurfKap € 22.03 -0.13 22.49 14.78 2.19 17.70 262.5
Providnt 2584 -24.00 2692 1654 3.29 23.11 141.5 VedantaRs 460.00 -14.20 1201 353.21 8.26 249.05 2215.9 MacauPrp 215.50 2.00 270.00 212.00 - 4.84 31.0 SpeedyHr 69.00 1.50 83.00 50.75 0.88 74.68 596.2
BankAm $X 16.35 -0.14 18.21 14.37 0.46 44.32 78236.3 Vesuvius 451.40 -6.60 493.60 388.80 3.32 11.22 92.0
RathbnBr 2235 -5.00 2250 1623 2.19 25.24 9.5 Mntview 11850 -50.00 12200 6675 1.69 13.44 2.9 St Ives 180.00 -2.25 225.00 168.00 3.69 21.63 126.0
BnkGeorgia 2257 57.00 2795.69 1774 3.09 9.89 76.2
Record 34.50 - 46.92 28.38 4.35 13.77 199.4
Oil & Gas TribalGrp 162.25 -2.50 204.00 141.10 0.99 -82.78 82.5
BankIre € 0.30 0.00 0.39 0.24 - -11.46 28323.5 Industrial Transportation Afren 9.37 0.26 166.60 4.01 - 0.31 65782.4 Q'tainEst 97.25 -0.75 108.50 75.00 - 22.11 150.2
S&U 2052.5 -21.00 2129 1700 2.63 15.79 0.4 BBA Aviat 341.50 0.10 362.10 293.70 2.63 16.32 534.4 RavenRuss 43.50 1.00 82.50 37.25 - -36.28 370.9 Vp 586.00 -4.50 690.00 539.00 2.39 14.21 3.0
BkNvaS C$X 65.47 0.34 74.93 60.75 4.12 10.99 1640.9 Aminex 2.45 0.30 3.17 0.64 - -2.67 20555.5
Schroder 2925 -42.00 2973 2086 1.98 22.38 364.4 Braemar 465.00 -7.38 557.23 390.00 5.59 34.54 36.0 RavenR Prf 123.25 1.00 160.75 101.50 9.74 - 54.3 Watermn 67.25 - 79.00 50.00 1.04 112.08 8.1
BarclaysX 253.65 -1.80 278.00 201.75 2.56 57.23 31406.9 BGX 963.00 28.10 1420 780.55 1.92 18.35 9677.6
..N/V 2224 -46.00 2277 1692 2.61 17.02 11.8 Clarkson 2044 -56.00 2750 1835 2.74 20.51 291.2 RavenR Wrt 29.00 - 62.49 27.00 - - 2.5 Wolseley 3806 -18.00 4038 2966 1.92 20.16 570.8
CanImp C$X 93.82 0.28 107.37 87.31 4.42 11.34 815.4 BPX 457.10 6.50 526.80 364.40 5.22 14.95 34913.8
SVG Cap 462.00 -4.20 480.00 226.00 - 11.53 711.7 Eurotunnl € 11.97 -0.18 12.20 8.11 1.35 55.28 505.3 Safestre 272.50 -1.50 277.25 184.25 2.11 13.65 132.8
HSBCX 610.60 -10.20 737.00 573.54 4.91 11.86 27386.9
TullettPre 326.10 -6.90 348.60 234.40 5.17 25.20 254.6 Cadogan 10.38 - 12.44 8.50 - -2.53 56.0 Tech - Hardware
LlydsBkgX 74.92 -0.89 85.53 70.02 - 227.72 76965.7 Fisher J 1137 -15.00 1565 1003 1.76 14.32 11.0 CairnEng 208.30 2.80 210.70 141.00 - -5.23 2113.9 Savills 710.00 -18.00 742.00 567.52 1.48 17.76 141.2 ARM Hldgs 1055 -24.00 1098 778.50 0.58 84.93 3451.6
Tungsten 215.75 10.00 409.75 200.25 - -10.68 809.1 Flybe Grp 59.25 -2.00 151.56 55.68 - -4.34 1151.5 SchroderRE♦ 59.50 - 62.00 50.50 4.17 4.74 784.5
RylBkC C$X♦ 76.40 0.33 83.87 69.68 3.91 12.09 1908.7 Cape 226.50 13.50 335.00 177.00 6.18 48.64 842.4 CSR 861.50 9.00 890.00 506.00 1.02 -2806.19 2201.6
WlkrCrip 43.50 - 53.60 37.50 3.24 8.07 1.5 Goldenpt 185.50 - 500.00 180.10 - -5.63 0.4 Smart(J) 91.00 - 106.50 86.00 3.22 41.74 11.5
RBSX 381.00 -3.00 403.90 291.60 - -6.70 7391.3 DragnOil 589.00 9.00 632.50 447.50 3.26 8.84 835.9 Laird 323.20 -1.60 335.00 259.45 3.71 25.21 248.7
StandChX 939.40 1.20 1355.5 867.50 5.24 9.24 9674.6 Food & Beverages OceanWil 977.50 - 1290 936.00 3.59 9.92 5.5 Endeav Int' $ - - 5.92 0.02 - - - StModwen 444.80 -1.30 446.70 324.59 0.93 12.09 607.5 Pace 334.20 -2.80 487.00 284.20 0.98 18.34 639.9
..7.375%Pf 121.88 - 124.00 108.50 6.05 - 43.1 AngloEst 583.25 -6.75 725.00 539.00 0.50 3.13 14.4 RoyalMail 454.50 -1.30 617.00 388.00 2.93 24.97 3410.9 EnQuest 41.50 1.50 148.40 21.50 - 3.62 5898.8 UNITE Gp 502.00 -3.50 512.00 388.30 0.96 10.90 172.6 SpirentCM 87.00 2.25 112.70 65.95 2.38 31.17 158.0
..8.25%Pf 134.75 0.25 139.75 124.50 6.12 - 68.4 AscBrFdX 3010 -32.00 3293 2407 1.07 31.21 664.0 UK Mail 535.00 -4.00 715.00 380.00 3.98 28.28 4.7 Exillon 127.50 -3.25 175.57 103.25 - 7.36 17.2 Urban&C♦ 275.00 0.50 276.00 215.00 - 8.96 184.6
TntoDom C$X 54.52 0.26 58.20 48.51 3.55 12.52 2492.6 Barr(AG) 635.00 -7.50 672.00 510.13 1.73 23.79 15.4 ExxonMb $X♦ 91.56 0.06 104.76 86.03 2.71 12.25 11337.1
Tech - Software & Services
Insurance Retailers Anite♦ 81.50 -1.25 98.75 69.25 2.26 25.51 74.0
Westpc A$X 37.05 0.09 37.05 31.33 5.05 15.08 4568.7 Britvic 732.50 0.50 784.00 600.72 2.61 20.21 460.2 FastnetO&G 2.18 - 13.00 2.00 - -3.50 407.9 AA 360.00 - 365.00 225.50 - 16.77 153.1
Admiral 1462 -6.00 1583 1175.33 3.21 13.66 583.7 AVEVA 1491 28.00 2460 1183.9 1.81 22.76 249.2
C&C € 3.65 0.03 5.02 3.16 2.93 12.62 121.9 Fortune 9.76 -0.04 14.50 6.25 - -9760.00 1347.3 AO World 329.50 3.60 412.38 149.60 - -499.24 119.8
Basic Resource (Ex Mining) Amlin 490.50 -4.40 506.50 418.20 5.30 8.43 1019.3 Computcnt 682.50 -5.50 720.00 575.00 2.56 18.11 20.4
Carr'sMill 146.88 0.38 194.50 137.50 2.23 11.91 12.5 Aviva 532.00 -5.00 571.50 442.40 2.82 13.57 5023.3 GenelEgy 639.50 2.00 1100 593.50 - 21.03 899.5 AshleyL 28.75 -0.63 32.38 22.00 6.96 12.68 411.4
Ferrexpo 59.75 4.75 175.00 47.60 6.81 2.46 1649.2 DRS Data 13.00 - 28.50 12.50 3.08 -5.88 0.8
Coca-Cola H 1079 -23.00 1617 1051 2.56 21.41 842.6 Beazley 295.30 -2.70 301.70 232.60 3.28 11.02 801.4 GeoPark $ 4.07 -0.07 11.00 3.70 - 5.99 98.0 Brown N 441.50 -2.00 600.00 282.50 3.22 16.67 374.3
IntFerMet 4.25 0.35 13.25 2.65 - 9.77 217.2 Elecdata 69.00 -0.50 86.75 64.00 2.90 21.84 7.4
Cranswk 1350 -1.00 1499 1148.42 2.37 16.06 48.6 Brit Plc 269.70 2.00 275.00 195.00 - 11.76 377.2 GreatEEgy 107.50 - 137.00 100.00 - 12.41 - Caffyns 555.00 - 670.00 480.00 3.24 9.71 0.2
Mondi 1205 -12.00 1227 919.00 2.39 16.22 851.0
Dairy Cr 498.40 -1.60 537.50 367.39 4.27 21.70 190.9 GrnDnGas 380.00 -15.00 675.00 265.00 - -10.30 3.0 MicroFoc 1102 2.00 1169.96 718.50 3.18 20.43 248.7
Vale BRLX 21.59 1.17 35.20 17.65 9.44 -10.61 4456.7 CatlinGp 703.00 -3.50 711.50 479.50 4.21 8.62 1610.9 Card Factor 271.00 -0.80 296.00 195.50 - 102.65 305.5 NCC Grp♦ 220.00 - 234.41 169.80 1.59 26.23 34.3
Devro 284.00 -3.00 324.10 203.88 3.10 21.33 48.1 Chesnar 340.75 1.75 363.25 267.25 5.25 7.12 39.7 GulfKeyst 45.75 -3.50 165.00 42.25 - -19.24 4751.2 Dairy Fm $ 8.60 -0.15 10.90 8.60 2.38 25.82 123.7 RM 143.50 3.50 174.00 120.00 2.63 14.06 9.3
Chemicals Glanbia € 14.58 -0.07 15.53 10.40 0.74 26.23 10.8 DirectLine 313.00 -2.50 319.40 227.70 4.03 13.98 3691.8 HellenPet € 3.86 -0.13 7.79 3.41 - -4.75 100.4 Debenhm 76.50 -0.85 82.40 56.85 4.44 10.78 1812.0
Grncore♦ 307.00 -6.70 319.90 228.50 1.66 26.63 714.0 Hunting 548.50 50.90 918.83 383.90 3.12 12.59 1075.4 Sage 476.10 -8.80 487.80 346.70 2.43 27.94 2171.5
Alent 356.90 -5.60 393.61 294.56 2.52 15.23 93.4 Eccles prf 140.00 - 142.00 118.50 6.16 - 14.3 Dignity 1845 -60.00 1950 1291 0.70 22.42 40.9
HiltonFd 394.25 -6.75 534.50 342.25 3.23 15.87 2.0 ImpOil C$X 50.28 -0.52 57.96 44.08 1.08 9.78 1093.4 SDL 446.00 1.50 446.00 284.25 - -14.59 22.5
Bayer €X 121.60 -3.65 131.70 91.31 1.81 26.24 3090.8 Hansard 83.50 -1.00 107.25 78.50 9.76 13.82 58.9 DixonsCar 414.00 -5.70 470.00 319.20 1.27 48.71 3399.0
Kerry € 63.36 -0.93 65.96 49.30 0.68 64.03 39.8 JKX 31.00 2.25 70.50 10.23 - 12.73 1300.7 Telecity 854.00 -10.00 888.50 625.00 1.23 24.69 470.7
Carclo 110.00 -10.00 219.75 80.00 2.41 -3.89 9010.1 Hiscox 736.00 -2.00 795.72 615.50 3.21 11.47 239.3 Dunelm 868.00 -23.00 1045 745.97 1.90 19.88 116.5
Nestle SFrX 71.15 0.10 74.60 63.85 1.83 25.69 5098.2 Lamprell 114.25 2.50 178.00 93.50 - 7.85 251.0 TriadGp 15.50 -0.75 19.00 7.00 - 6.99 21.6
Croda 2722 18.00 2849 1965 2.37 21.46 450.5 JardineL 956.00 -2.50 1108.23 815.00 2.85 19.21 158.0 Findel 220.00 4.00 330.25 188.41 - -16.63 21.7
Elemntis 275.00 -2.90 305.10 225.50 1.73 19.26 2105.9 NewBrPlm 707.50 12.50 707.50 307.50 1.24 19.91 465.9 Lancashire 610.00 5.50 766.50 506.00 1.51 9.62 400.7 Lukoil RUBX 3016 -104.10 3297.7 1715 - 6.56 2682.1 Halfords 452.00 -3.00 515.00 417.10 3.16 14.73 238.7 Telecommunications
Porvair 295.50 -9.00 347.75 237.53 0.98 21.62 4.4 PremFds 44.25 -0.75 165.71 26.13 - -2.05 2520.7 Leg&Gen 267.30 -1.60 273.01 193.00 3.48 17.03 6976.4 Nostrum 545.00 -28.00 825.00 370.00 3.37 9.81 43.4 Inchcape 718.50 -4.00 732.50 587.50 2.42 15.33 846.2 BTX 436.60 -6.40 451.00 350.30 2.27 17.81 21390.9
Syngent SFrX 316.80 1.20 350.30 273.20 2.95 21.79 327.5 REA 306.50 -2.50 488.87 298.25 2.32 9.22 0.4 NovaeGp 611.00 -1.50 620.00 495.50 3.68 12.34 8.2 OphirEgy 151.00 4.40 319.70 112.70 - 15.34 3077.7 JDSportsF 495.30 -10.20 520.00 336.00 1.37 20.17 21.5 Colt Grp 140.00 -1.50 155.00 113.10 - 58.33 190.5
Synthomer 243.40 -2.60 302.08 176.64 2.47 18.15 89.2 SABMillX 3510 10.50 3857 2706.5 1.84 25.32 2302.1 Old Mut 213.30 -1.00 215.40 163.80 3.80 20.10 4871.3 Petrofac 805.00 37.50 1483 594.00 4.86 8.71 2385.8 Lookers 150.50 0.50 152.00 117.50 1.71 13.35 244.3 Inmarsat 865.50 -6.50 878.00 653.00 3.39 36.15 1448.8
Victrex♦■ 2027 -12.00 2202.55 1536 2.17 21.50 88.0 StckSpirit 197.75 -0.50 316.75 193.44 - 14.94 59.3 PermTSB 0.06 - 0.14 0.05 - -6.04 72.2 PremOil 171.20 8.90 358.60 124.50 2.87 6.72 3470.3 Marks&Sp 475.50 -5.80 512.00 359.20 3.58 15.45 3367.1 KCOM Gp 85.50 0.50 105.50 78.50 5.71 11.65 182.5
Tate&Lyl 580.50 7.00 790.00 551.50 4.75 14.89 3961.9 PhoenixGrp 823.50 -6.50 853.50 560.52 6.48 5.81 536.0 RylDShlAX 2186.5 21.50 2864 1929 5.36 13.92 22035.1 Morrison 178.00 -1.00 250.00 150.60 7.30 -12.89 11935.3 TalkTalk 313.70 -1.60 334.30 261.00 3.83 58.32 1407.2
Construction & Materials TongtHu R 160.00 -2.00 174.93 107.00 1.85 15.08 187.5 ..B 2272 22.00 2990.5 1984.5 5.02 14.46 3695.9 MossBros 91.50 2.50 126.18 77.50 5.46 28.15 351.9
PrudntlX 1601 -19.00 1649.5 1223 2.10 19.21 2824.2 TelePlus 1156 2.00 1920 968.50 3.03 29.84 178.2
Alumasc 129.50 2.00 139.72 108.66 3.86 11.19 17.0 Unilever♦ 2804 2.00 2993.13 2328 3.11 20.14 3159.6 Salamand 85.00 1.00 155.95 52.75 - -6.10 2799.0 Next 7080 -85.00 7967 6130 1.88 18.28 348.3
RSA Ins 439.00 -15.30 500.50 83.05 2.31 -6.77 11915.3
BalfourB 231.40 -1.40 322.20 145.59 6.09 88.32 1411.2 ..NV €♦ 36.70 -0.38 38.76 27.35 2.72 18.96 9.8 SagicFin 64.00 3.00 78.00 55.00 3.61 20.37 34.3 Schlmbrg $X♦ 85.82 -0.34 118.76 75.60 1.82 20.37 7407.1 Ocado 390.00 -17.50 624.93 216.80 - -1893.20 1570.3 Tobacco
..CvPf 118.50 - 119.50 101.00 8.16 - 24.3 SEPLAT 135.00 -2.13 270.00 97.50 - 3.99 46.4 Pendragn 36.75 0.50 36.75 27.00 1.09 10.32 228.0 BrAmTobX 3605 -23.00 3818 2910.5 3.95 18.82 2433.5
Health Care Equip & Services StJmsPl 865.00 -2.50 908.50 637.00 1.85 30.47 1179.0
Boot(H) 198.00 -5.00 229.00 170.00 2.58 16.14 57.2 Soco Int 310.00 14.10 477.10 234.80 12.20 22.22 750.5 Photo-Me 138.00 0.25 153.15 107.85 2.72 20.01 74.6 ImpTobX♦ 3047 3.00 3183 2195.84 3.94 20.57 1485.2
Bioquell 83.50 - 142.00 82.00 3.95 15.09 46.1 Stan Life 398.00 -7.40 429.30 340.70 3.97 15.55 2885.0
ClarkeT 76.63 1.13 88.56 37.50 4.05 54.85 41.6 TrnCan C$X 57.48 -0.36 63.86 48.15 3.47 22.79 1007.5 Saga 183.00 -0.40 195.00 143.75 - 34.33 106.5
Costain 285.25 -2.25 324.58 248.00 4.03 15.15 26.7 ConstMed♦ 860.00 -20.00 1084 650.00 2.11 18.89 299.2 Media Tullow 422.00 11.90 918.78 345.30 2.70 -33.06 10822.1 Travel & Leisure
GNStre kr 152.90 5.90 164.10 122.50 0.58 33.54 939.7 SignetJwl♦ 7813 -63.00 9180 4698 0.55 30.54 4.0 888 Hldg 145.00 -2.50 160.78 109.19 3.84 18.28 330.7
CRH 1756 32.00 1811 1220 2.85 -16.57 3020.8 4imprint 879.00 14.50 892.50 610.50 1.93 32.47 4.4 Wood(J) 630.50 25.50 825.00 517.60 2.04 14.38 845.9 SuperGroup 1060 39.00 1749 750.00 - 22.05 294.6
GalfrdT 1324 -26.00 1369 1044 3.02 14.24 112.8 Optos 243.00 2.50 271.53 147.25 - 34.78 38.9 Blmsbury 153.50 -1.25 190.00 142.00 3.79 15.55 7.7 AirPrtnr 280.13 -12.88 583.51 245.00 6.69 11.41 32.2
UDGHlthC♦ 425.80 -6.20 435.00 315.20 1.76 12.05 159.3 Pharmaceuticals & Biotech TescoX 233.40 4.70 341.58 155.40 6.32 22.11 30066.7 bwin.party 98.35 -4.15 134.00 79.00 3.54 -25.87 4305.8
Keller 913.50 4.00 1299 742.00 2.63 45.17 74.9 Centaur 63.00 0.25 77.00 55.75 3.81 -2.45 12.8 Thorntns 82.50 -0.50 167.94 77.00 - 11.61 89.6
KierGp 1630 8.00 1903 1374 4.23 89.16 74.7 ChimeCm 251.25 -4.00 377.00 239.00 2.92 -80.35 605.0 BTG 790.00 -2.50 835.87 490.20 - 72.52 600.7 Cineworld 424.60 -11.70 445.00 290.00 2.37 38.65 240.9
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 56.75 -0.25 66.00 51.00 1.41 12.29 259.8 CompassX♦ 1126 -4.00 1179 924.41 2.34 23.12 4034.6
Kingsp € 15.81 -0.19 16.74 11.03 0.95 25.88 13.0 Creston 116.50 - 131.95 100.00 3.35 9.74 42.2
AGARmst 96.50 1.00 190.75 95.25 - 25.91 68.4 Dechra 858.50 -5.50 888.60 655.00 1.68 38.78 94.5 EntInns 109.10 0.10 160.20 98.70 - 20.40 679.5
LowBonr 59.00 1.75 96.00 44.25 4.41 13.97 943.3
BarrttDev 455.60 -4.10 477.80 323.50 1.25 14.99 2987.0 DlyMailA 860.50 -9.00 1074 699.00 2.27 14.29 591.8 Support Services
Marshlls 250.00 -4.50 264.00 151.00 2.10 27.49 54.5 HaynesPb 114.00 1.50 230.00 110.00 6.58 13.16 8.2 Genus 1262 15.00 1382 924.50 1.32 26.51 52.5 Acal 255.00 - 418.00 180.00 2.67 216.65 323.8 FirstGrp 102.90 -0.50 146.14 99.00 - 21.28 1890.5
Bellway 1829 -20.00 1965 1333 2.02 11.70 326.3 GlaxoSmhX 1526 8.50 1709 1200.67 5.38 17.81 8481.8 Fuller A 994.50 -24.50 1020 830.50 1.52 20.75 8.0
MorgSdl 685.00 - 875.00 570.00 3.94 12.41 3.4 ITE Grp 149.00 3.75 289.20 125.00 4.83 10.83 315.7 Aggreko 1629 1.00 1841.76 1388.75 1.70 17.36 772.0
Berkeley 2486 -45.00 2808 2033 7.24 9.50 526.7 HikmaPhm 2333 -137.00 2500 1196.76 0.50 25.77 380.6 Go-Ahead 2428 -46.00 2655 1813 3.34 14.96 39.4
Norcros 16.38 - 23.38 14.69 3.11 6.92 246.7 ITV 226.10 -1.60 233.00 167.10 1.55 23.25 8086.9 APR Engy 232.50 35.50 959.00 146.00 4.14 4.54 867.3
BovisHme 853.50 -6.50 946.00 717.43 1.58 13.60 247.6 Oxfd Bio 7.88 -0.03 10.13 1.77 - -11.45 2313.2 GreeneKg 846.00 -16.00 926.00 712.00 3.36 20.18 599.6
StGobn €X 38.25 -0.30 46.40 29.51 1.75 20.99 1659.8 JohnstnP 172.25 - 175.00 2.90 - -4.67 39.7 AshtdGp 1088 -6.00 1219 763.00 1.06 20.63 2343.1
CrestNic 424.00 3.00 427.00 291.98 1.53 13.46 354.3 RichterG $ 13.92 -0.13 19.31 12.20 1.43 21.48 0.0 IrishCtl € 3.36 - 32.05 2.50 3.21 25.48 0.8
Tyman 304.00 -3.00 325.00 228.25 1.97 89.73 243.4 News Corp A $ 16.72 0.46 18.53 14.28 - 36.90 6748.9 AtknsWS 1285 -3.00 1511 1225 2.63 16.14 124.3
GamesWk 522.00 22.00 683.50 470.25 6.90 23.72 7.3 ShireX 4741 -171.00 5470 2827 0.27 24.75 2773.8 Ladbrokes 122.00 0.10 167.30 102.20 7.30 25.99 5640.9
NewsCpB $ 16.17 0.40 18.02 14.09 - 35.70 997.4 Babcock 1028 -3.00 1476 979.65 2.19 22.77 1297.6
Electronic & Electrical Equip Gleeson 376.75 -3.25 467.25 322.35 0.82 11.49 3.4 VecturGp 145.00 -4.00 171.50 113.25 - -82.57 285.8 Berendsen 1120 -19.00 1145 895.50 2.50 21.69 485.3 MandarO $ 1.68 - 1.95 1.62 3.73 22.20 112.2
Headlam 438.00 -4.00 495.50 390.00 3.49 22.36 11.2 Pearson 1366 -9.00 1381 981.00 3.51 40.69 2023.1
Dialight 666.00 13.00 992.00 647.00 2.16 28.27 42.2 Brammer 348.00 0.25 509.00 265.00 2.93 19.72 109.1 Marstons 146.30 -1.30 157.34 134.50 4.44 -16.48 767.8
McBride 90.00 0.75 115.00 74.00 - -9.65 174.5 Quarto 162.00 7.00 176.47 136.66 4.70 12.49 5.1 Real Estate
e2v Tech 186.75 0.25 193.53 145.44 2.36 15.23 455.7 Bunzl 1883 -3.00 1943 1376 1.72 30.13 377.8 Natl Exp 262.60 -1.70 309.27 213.40 3.81 27.63 342.2
Persimn 1587 -27.00 1625 1176 - 15.21 1367.1 Reed ElsX 1155 -13.00 1185 851.53 2.13 24.96 2638.3
Halma 678.50 -27.50 708.00 552.50 1.65 23.06 1175.8
ReedElsNV € 21.76 -0.26 22.24 14.51 2.13 23.02 1718.2
REITs Capita 1155 -3.00 1248 994.50 2.29 45.49 1360.9 Playtech 718.50 15.50 847.50 570.50 2.59 17.52 969.6
MorganAd 303.20 -1.80 366.65 258.10 3.46 20.74 174.0 Philips €X 24.54 -0.34 26.99 20.69 - 96.42 3423.5 Assura 53.75 -0.50 55.25 38.55 3.07 10.31 510.2 PPHE Htl 474.00 1.50 475.73 302.00 2.82 6.82 14.7
PZCusns 313.60 -3.40 392.10 289.76 2.47 14.68 371.0 STV Grp 368.75 -4.63 393.75 322.00 0.54 10.08 7.3 Carillion 348.70 -1.60 396.54 294.03 5.02 29.86 876.2
OxfordIn 710.00 -0.50 1600 671.58 1.75 60.67 691.9 BigYellw 634.00 -20.00 668.00 451.40 2.59 14.88 136.8 Comnsis 56.00 - 75.00 47.00 3.21 18.38 144.9 Rank Gp 185.00 -1.80 187.00 119.69 2.43 15.31 50.3
ReckittBX 5535 -40.00 5745 4697 2.48 21.38 1556.2 ThmReut C$X 49.55 -0.32 50.53 36.86 3.11 85.21 441.2
Renishaw 2360 -15.00 2420 1470 1.75 15.41 35.1 BritLand 824.50 -15.50 855.50 645.36 3.30 5.13 2702.7 ConnectGp 149.50 2.75 208.75 128.02 5.67 9.23 107.8 Restaurt 707.50 -6.50 742.98 551.50 1.98 21.41 406.7
Redrow 289.00 -5.00 352.60 224.00 0.69 10.25 514.4 UTV Med 194.00 5.00 263.00 166.99 3.61 9.88 231.0
Spectris 2066 -34.00 2493 1606 2.07 17.62 435.2 Cap&Reg 53.75 -0.25 55.00 42.25 1.21 10.16 142.3 DCC 3751 6.00 3766 2720 2.05 24.64 160.8 SpiritPub♦ 116.20 -1.60 118.90 68.75 1.80 7.72 417.1
TaylorWm 134.50 -2.60 139.50 101.20 0.51 15.84 9352.9 WPPX 1439 -10.00 1565 1091 2.38 19.14 3488.5
TT Elect 120.25 -0.50 225.00 96.00 4.49 46.46 204.5 Countrywd 506.00 4.50 701.00 404.30 1.58 16.94 2554.8 DeLaRue 523.00 -2.00 891.91 467.40 8.09 13.52 104.8 Sportech 64.00 0.38 93.00 47.00 - 1.95 70.8
XP Power 1540 -60.00 1798 1340 3.64 14.85 24.1 TedBaker 2426 -5.00 2459 1634.12 1.39 33.47 19.8 Mining DrwntLdn 3307 -58.00 3384 2530 1.10 5.73 217.0 Stagech♦ 340.90 -0.60 416.90 332.80 2.79 14.98 693.2
Diploma 781.50 -10.50 807.00 603.84 2.06 24.85 29.5
Industrial Engineering Acacia 270.50 -4.50 318.90 222.90 0.78 -52.31 483.2 Gt Portld 782.50 -14.00 810.00 600.04 1.12 5.18 600.3 Elctrcmp 210.60 -0.30 371.00 197.20 5.58 11.57 535.2 ThomasCook 127.60 0.30 189.40 99.40 - -15.57 6274.2
Financial General Green Reit € 1.41 -0.03 1.52 1.16 - 10.54 132.9
Bodycote 718.00 6.50 832.00 542.50 1.88 17.61 202.3 AngloAmerX 1184 38.50 1678.5 923.00 4.18 259.76 4990.1 EnergyAst 440.00 -2.50 504.00 295.50 - 22.39 13.2 TUI 1147 -6.00 1215.78 1004.81 - 57.47 469.6
3i 471.30 -5.20 478.30 343.61 3.39 7.36 1208.6 Hammersn 685.00 -15.50 708.00 527.00 2.79 8.05 2491.1
Castings 400.00 12.00 525.00 373.00 3.24 10.59 13.3 AngloPacif 85.50 -1.75 214.01 74.75 11.93 -2.47 61.6 Essentra 872.00 3.50 924.00 624.50 1.77 32.33 476.5 Whitbrd 4854 -51.00 5140 3767 1.42 25.92 523.1
AberAsM 438.10 -2.80 481.74 360.76 3.82 19.22 3116.1 Hansteen 114.40 -0.90 116.69 98.25 4.20 7.10 4959.5
Fenner♦ 207.00 1.50 451.70 180.50 5.56 17.76 733.3 AnGoldA R 141.90 -0.05 209.52 88.36 - -17.32 1788.4 Experian 1185 -5.00 1222 909.95 1.95 23.20 1781.5 Willim H 389.60 0.70 398.50 314.52 2.98 17.87 2706.8
Ashmore 302.60 2.10 379.40 249.00 5.35 16.40 1859.8 HIBERNIA 1.13 - 1.18 0.99 - - 2896.8
Goodwin 2830 -57.00 4250 2375 1.50 10.31 3.5 Antofagasta 716.50 14.50 959.50 620.00 7.73 20.28 1629.4 G4S 281.80 -0.90 289.24 225.40 3.18 -56.47 2115.1
BrewDlph 282.60 -3.80 357.60 236.80 3.08 118.00 141.0
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 845.00 - 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 325.00 - 729.00 305.00 3.41 14.90 0.1 Hill&Sm 595.00 -18.00 620.25 495.00 2.69 20.56 32.5 Grafton 694.00 -8.00 706.00 527.00 1.22 28.26 223.9 Centrica 293.10 -3.30 348.80 257.90 5.80 22.60 12278.3
IMI 1382 -13.00 1755.43 1108 2.69 19.43 691.2 AquarsPl 12.50 0.25 42.50 12.25 - 93.98 888.0 INTU 366.60 -5.80 374.90 270.10 3.96 6.10 1728.3 HarvyNah 78.50 1.38 124.75 66.32 4.09 10.14 24.8
CharlsSt 332.50 - 493.00 289.20 3.68 -56.04 4.1 LandSecs 1272 -30.00 1312 988.50 2.44 5.75 1735.8 DeeVally 1262.5 - 1610 1135 4.95 14.11 3.5
MelroseInd 273.00 1.90 355.37 234.50 3.02 22.33 3572.8 AsiaResM 18.88 4.88 245.35 3.61 - -0.48 2433.8 Hays 152.40 -4.50 158.80 108.15 1.64 25.40 4906.5
CtyLonInv 335.25 4.75 349.75 225.00 7.16 15.73 9.6 LondonMtrc 160.70 -0.70 162.80 132.30 4.36 6.66 943.1 Drax 389.90 6.60 828.50 348.37 4.51 -13.19 2141.7
Renold 56.25 - 69.00 49.00 - -16.97 8.4 AvocetMng 5.60 -0.20 14.25 4.19 - -0.14 531.3 Homesve 335.00 1.00 354.50 293.80 3.37 39.87 223.7
CloseBrs 1533 -17.00 1580 1217 3.00 15.33 203.2 McKaySec 232.50 -3.75 245.00 187.00 3.70 5.99 13.8 Natl GridX 890.10 -19.20 965.00 787.61 4.72 15.59 14129.2
Rotork 2340 -27.00 2890 2146 2.05 20.71 151.4 Barrick C$ 15.56 0.12 23.78 11.67 1.51 -5.27 2351.7 HowdenJny 411.20 -7.60 440.00 287.50 1.34 22.94 871.7
DBAG 27.70 -0.10 28.21 18.25 - - 45.4 MucklGp 489.50 -10.00 542.00 417.00 4.07 7.37 2.1 Pennon♦ 830.50 -17.50 925.00 681.00 3.65 28.62 1141.6
Severfd 68.00 -1.00 72.05 52.60 - 154.20 13.0 BHP Bltn 1542.5 37.50 2102.53 1247.5 4.45 10.18 7789.2 Intserve 541.50 -3.50 751.50 487.20 3.97 15.26 238.9
El Oro 55.00 - 87.00 47.00 6.55 4.56 16.8 UtdUtils 962.50 -31.00 1045 724.50 3.74 18.55 2458.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Plus500 557.50 -2.50 707.00 283.25 2.31 12.20 179.9 Insurance Egdon Res 8.88 0.13 30.80 8.50 - -29.19 518.8 InlandHms 57.00 -1.25 63.00 43.00 0.47 21.10 273.9 Servoca 22.50 - 23.50 7.13 - 23.27 111.1
Cohort♦ 242.50 - 251.87 160.00 1.73 18.19 14.5 PolarCap 389.25 9.25 531.00 353.00 6.42 13.51 53.1 Gable 48.00 -1.75 90.00 47.25 - 12.71 152.3 Enegi Oil 1.13 0.10 10.25 0.85 - -0.38 351.0 Lok'nStor 247.50 1.50 255.00 194.00 2.56 313.69 15.8 Synectics 142.50 2.50 580.00 115.00 5.96 37.43 17.2
Share 36.13 -0.38 53.00 23.75 1.44 35.98 4.8 Helios 124.00 -3.50 160.00 120.00 1.21 24.88 1.0 EuropaOil 5.63 0.13 10.75 4.65 - -26.79 440.2 LXB Retail 134.00 -2.00 147.50 119.25 - 7.08 108.9 Utilityws 220.00 -7.75 373.28 195.00 1.36 18.08 164.8
Banks ShoreCap 422.50 - 430.00 345.00 1.89 23.92 0.7 FalkldO&G 27.00 -0.63 33.75 16.75 - -56.60 649.2 MirLand 64.00 - 255.00 61.00 - 4.78 3.3
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 STM Group 26.50 - 34.00 15.00 - 243.12 18.9 Media FaroePet 81.50 3.50 154.89 58.00 - -103.16 1021.1 NewRiver 300.00 6.00 322.00 264.75 3.42 28.13 56.1
Tech - Hardware
STB 2977 - 3009 2245 2.08 30.03 0.2 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 90.6 Avesco 118.00 0.50 126.50 94.00 4.66 -9.22 37.0 GETECH 43.50 5.50 105.00 32.00 4.69 8.78 58.5 Palace Cap 355.00 7.50 370.00 245.00 - -6.54 17.3 AminoTech 134.50 4.50 136.50 75.24 2.68 17.65 54.8
Cello Gp 85.50 -5.50 100.00 81.00 2.63 14.82 228.5 GlobalPet 2.13 -0.25 7.50 2.00 - -0.53 225.2 PnthrSec 337.50 - 357.00 295.00 3.56 9.73 0.4 IQE 20.75 -0.50 26.25 12.08 - -57.16 824.1
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 338.25 3.25 344.75 235.00 1.61 86.24 13.5 Gulfsands 37.50 1.50 71.91 21.00 - -3.13 570.0 PSPI 26.00 - 28.75 21.00 - -2.85 11.0 Tech - Software & Services
CropperJ 472.50 2.50 490.00 352.00 1.67 23.64 9.5 FinsbryFd 66.50 - 70.00 48.00 1.13 10.56 185.1 MissionMk 41.00 - 56.90 31.50 0.61 8.45 7.3 Indus Gas 130.00 -0.25 760.00 125.00 - 24.76 0.3 SiriusRE € 0.43 - 0.44 0.28 0.73 6.72 11.3 Blinkx 27.75 - 125.75 23.25 - -23.60 1490.5
Nichols 1074 4.001204 834.56 1.83 45.23 17.8 Next15Cm 162.50 1.00 164.00 93.40 1.57 105.11 25.9
Chemicals Infrastrata 4.00 -0.13 10.00 3.75 - -3.15 234.0 Songbird 349.25 -0.75 359.26 177.25 - 4.08 18.7 BondInt 94.00 2.50 153.75 83.00 1.91 25.02 19.0
PureCircle 575.00 - 655.00 455.00 - 698.66 18.2 YouGov 114.50 -0.75 133.00 98.50 0.52 273.92 79.6 Iofina 30.25 -0.25 93.98 20.75 - -13.37 784.9 SumGermny €♦ 0.80 0.02 0.81 0.50 0.83 4.62 177.1
Scapa 131.00 - 150.00 107.00 0.76 -33.69 184.0 Brady 85.50 2.00 86.40 57.17 1.99 30.36 88.6
RealGdFd 41.50 - 69.00 23.00 - -5.19 1.5 Ithaca Engy 73.25 2.00 160.50 44.75 - 5.67 1362.4 TaliesinPr 2220 -5.00 2250 1605.35 - 16.38 0.4
Construction & Materials Ukrproduct 6.00 -0.56 10.50 5.95 - -0.83 111.6 Mining Datatec 320.00 2.50 330.85 260.00 3.24 19.74 2.0
KBC Adv 88.50 -3.50 142.00 79.00 - 12.52 246.4 UnitchCP 2.90 0.03 54.80 2.25 - 0.57 76.4 DDD 3.25 - 8.00 3.00 - -2.78 10.0
Abbey 872.50 - 927.30 800.00 0.90 9.00 0.6 Wynnstay 557.50 - 690.52 535.00 1.72 16.10 9.3 AfricanMin# 10.00 - 166.50 9.12 - -1.11 -
Max 0.11 -0.46 2.26 0.08 - -0.05 285385.2 Winkworth 126.50 - 189.10 115.00 4.43 11.39 2.0 Eckoh 42.00 -1.25 48.50 33.00 0.75 99.06 272.3
AccsysTch 60.00 2.25 76.50 0.88 - -5.91 84.6 AMC 9.45 0.33 13.47 2.29 - -9.72 1173.0
Health Care Equip & Services NewWldO&G 0.16 0.01 0.99 0.11 - -0.43 1341.5 EgSoltns 75.00 - 84.00 42.00 - -128.42 10.0
Aukett 7.88 0.13 9.50 5.88 2.54 12.12 77.2 BeowMin 1.90 - 6.45 1.15 - -1.63 717.4
PetrelRes 4.25 - 18.25 3.85 - -10.00 13.5
Retailers
Advnc Med 127.25 -0.25 140.00 106.85 0.47 22.04 317.1 BotswanaD 1.38 - 4.15 1.03 - -2.42 20.0 ASOS 3117 2.00 7195 1742 - 70.12 675.7 Iomart 177.38 1.38 294.50 159.93 0.99 21.96 89.4
Petroceltic 125.75 -4.75 224.00 98.50 - -6.32 235.8
Electronic & Electrical Equip CareTech 224.00 2.50 268.00 193.00 2.09 9.39 47.0 CentAsiaM 145.00 -0.50 190.71 135.16 5.96 2.71 7.4 Koovs 139.00 - 237.40 120.00 - - 1.1 K3BusTc 217.00 - 239.63 170.00 0.46 26.92 4.5
ImmunDiag 332.50 2.50 593.00 286.00 2.56 17.55 6.0 PetroNeft 4.23 -0.03 7.25 3.75 - -37.39 97.7 Monitise 19.25 0.25 80.50 12.75 - -5.41 13129.3
CeresPow 9.50 -0.40 11.75 5.90 - -6.90 375.1 Connema 1.00 - 5.00 0.25 - -1.50 5.0 Majestic 331.00 -3.50 524.00 311.96 4.83 13.06 102.4
SphereMed 22.50 - 31.00 20.00 - -2.67 0.7 Plexus 165.50 -5.50 325.00 165.00 0.62 28.77 43.7 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 28.4
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 29.4 C'royG&NR 0.93 - 2.30 0.50 - -9.25 98.1 StanlGib 288.00 3.00 387.00 240.00 2.34 25.58 184.0
Tristel 76.00 -0.75 90.50 39.00 0.89 23.41 103.0 PresidentEn 14.50 1.00 40.00 10.75 - -65.32 828.9 Progility 7.13 - 11.49 4.00 - -45.38 0.3
ElektronT 5.50 -0.13 7.50 3.25 - -1.55 40.6 GrekaDrill 8.50 -0.10 20.00 7.20 - -38.46 50.4
Rockhop 62.75 -1.50 129.75 51.00 - -12.27 1264.7 Support Services Pub Tech 200.00 - 399.70 125.50 - -85.87 1.3
FlowGp 35.25 1.00 50.00 16.53 - -8.90 1547.9 House, Leisure & Pers Goods Herencia 0.22 0.01 0.61 0.18 - -2.68 1833.1
Sound Oil 10.88 - 14.00 4.50 - -3.98 1432.3 AndSyks 290.00 - 385.00 260.00 7.17 12.88 0.2 SciSys 88.00 - 97.00 73.00 1.66 14.36 1.1
LPA 65.00 - 148.00 61.00 2.08 4.44 5.8 HighldGld 40.00 3.00 84.25 17.73 12.06 3.86 322.0
Airea 14.25 - 15.00 9.03 3.86 21.89 5.0 TowerRes 0.50 0.03 7.25 0.43 - -0.49 6130.0 Augean 46.50 - 56.75 42.00 0.75 11.97 29.6 WANdisco 397.50 - 1390 255.15 - -5.11 0.5
ThorpeFW 147.50 - 150.00 120.00 2.07 16.91 33.9 KarelianDd 0.95 - 4.90 0.90 - -9.31 323.9
Churchll 580.00 - 630.00 425.00 2.52 21.34 9.9 TrinityE 19.63 0.13 129.75 17.08 - -0.92 112.0 Begbies 45.50 1.00 55.00 37.54 4.84 17.79 46.9
Zytronic 295.00 1.00 308.00 197.00 3.12 15.14 8.4 KEFI Min 1.10 0.08 2.05 0.90 - -2.08 3589.1 Telecommunications
gamingrealm 31.75 -0.38 41.70 19.50 - -6.79 70.0 UnJackOil 0.22 -0.02 0.52 0.14 - -2.86 70565.8 Christie 150.00 - 162.00 85.15 1.00 27.44 0.4
OracleC 0.78 -0.05 2.41 0.25 - -2.15 5303.7
Financial General HavelckE 15.25 -0.25 25.00 15.10 - 27.63 1.6
PatagonG 2.88 -0.13 11.50 2.75 - -4.96 1885.8
VictorOil 62.00 1.00 71.40 0.94 - -65.75 635.0 Empres 44.50 3.50 60.50 38.13 0.79 7.53 144.2 AltNetwks 490.75 2.50 547.00 415.00 2.75 29.52 8.2
Ambrian 7.50 - 12.50 7.00 - 3.33 36.5 Mulberry 850.00 2.50 900.00 562.50 0.59 165.63 1.6 VolgaGas 70.50 - 143.00 55.00 - 8.60 1.0 Hargreaves 574.00 -3.50 906.50 522.50 3.90 4.70 112.8 AvantiCom 226.75 -8.75 329.25 162.75 - -4.05 98.7
RamblMtls 14.50 1.25 32.00 10.00 - 6.76 526.8
Arbuthnot 1510 -15.00 1590.97 1000.00 1.72 19.56 10.5 Portmern 900.00 5.00 930.00 724.00 2.67 16.04 8.9 Hydrogen 72.50 1.00 113.00 68.00 6.34 -26.45 111.0
SinclairW 46.50 - 120.00 35.00 6.45 -3.04 8.2
ShantaGold 10.38 -0.13 16.00 8.50 - 13.17 363.5 Pharmaceuticals & Biotech Travel & Leisure
Ashcourt Rw 266.50 - 270.00 166.00 - 2239.50 7.9 SierraRut 21.00 - 64.00 19.75 - 79.85 579.3 Impellam 607.50 - 620.00 365.50 1.98 106.95 0.6
TelfordHms 361.50 -0.75 379.00 245.50 2.43 13.32 47.8 Abcam 437.50 -2.50 503.00 270.88 1.65 25.70 454.9 CastleStIn 18.63 - 19.00 17.00 16.11 -2.18 21.1
Aurora 9.75 - 25.08 8.00 - -0.57 10.5 Sirius Min 7.68 0.13 14.50 7.26 - -150.49 1434.7 ISG 233.50 0.50 356.00 215.00 3.91 17.85 73.2
WalkerGb 192.50 -0.50 219.00 151.05 0.96 21.74 46.9 AllcePharm 33.88 - 37.50 30.00 2.68 10.60 73.7 Celtic 76.00 - 77.27 72.00 - -19.78 0.3
BP Marsh 135.00 1.00 155.00 116.75 2.04 9.57 14.6 SolGold 2.10 - 14.75 2.03 - -4.76 709.1 JhnsnSrv 70.00 -1.00 71.65 52.00 1.73 17.56 163.1
Epistem 272.50 - 342.00 260.00 - -15.71 0.0 ..6%CvPf 62.50 - 75.00 50.00 5.18 - -
BrooksMac 1378.5 17.50 1817 1300 1.67 20.07 0.5 Industrial Engineering Stratex 1.70 - 4.27 1.68 - -1.33 270.5 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 0.8
e-Thera 32.25 - 36.55 19.02 - -12.37 6.8 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
Camellia 9025 -175.00 11300 8450 1.39 13.86 0.8 Xtract Res 0.07 0.01 0.30 0.06 - -1.52 27732.2 LonSec 2335 - 2600 1939 2.96 20.55 0.1
600 Grp 15.50 0.25
24.01 14.60 - 4.14 231.7 GW Phrms 411.00 -0.50 541.00 205.00 - -60.68 200.7 Dalata 225.00 2.50 249.00 209.24 - 230.77 3.4
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.8 ZincOx 12.25 1.38 24.00 6.00 - -1.66 619.3 Matchtech 510.00 - 640.00 495.00 3.58 14.58 1.4
CoracGrp 3.75 - 14.30 3.00 - -4.18 27.3 HtchChMd 1255 -67.50 1550 661.50 - 154.39 11.6 Dart 288.00 -6.75 304.50 177.75 0.95 13.10 468.1
Charlemgn 11.13 - 19.95 9.50 7.93 13.82 177.5 NewmkSec 2.75 0.15 2.95 1.50 2.73 5.85 384.3
Molins 89.00 - 188.00 75.00 6.18 6.73 22.0 ImmuPhar 54.50 - 67.00 41.00 - -11.92 139.2 GoalsSocc 217.00 -0.50 235.70 205.00 0.85 21.43 5.2
Fairpoint 111.50 -4.00 164.00 109.00 5.38 13.13 50.0 Oil & Gas NormanBr 22.50 - 40.00 20.00 - -2.02 0.0
MS Intl 119.00 -2.00 217.00 116.00 6.72 16.08 42.3 ReNeuron 3.75 0.25 4.39 2.75 - -8.33 3780.5 MinoanGp 8.50 -0.13 18.22 8.15 - -14.03 162.5
ImpaxGp♦ 58.00 - 59.00 44.50 2.07 20.98 0.5 AlkneEng 21.88 - 46.50 21.35 0.91 3.53 189.6 NWF 139.00 1.00 163.00 120.00 3.67 14.25 21.8
Pres Tech 257.50 -10.00 790.00 215.00 3.11 9.22 72.2 Sareum 0.54 0.22 0.70 0.27 - -12.00 71209.8 PeelHtls 87.50 -1.50 90.00 66.00 - 18.73 15.0
Leeds 38.00 -0.50 43.79 29.00 - 9.30 55.6 AmeriRes 33.00 1.75 67.25 19.10 - 10.15 12021.2 Optimal Pay 378.75 -6.75 558.09 270.00 - 22.65 504.3
SinclairIS 35.38 -0.63 39.18 23.30 - -38.45 245.8
MattioliWds♦ 496.00 0.50 510.00 414.00 1.83 22.21 2.7 Industrial General AndesEnrg 29.63 -0.50 70.59 27.00 - -2962.50 100.0
Vernalis 50.00 - 53.00 28.59 - -17.31 93.3 PennaCns 137.00 - 155.00 111.00 1.82 83.33 5.0 Utilities
Miton 24.25 -0.75 49.50 18.50 2.23 -4.08 15.0 API Group 59.00 - 77.00 42.00 3.39 9.77 35.1 BahamasP 1.70 -0.03 4.70 1.47 - -7.62 3638.7 Petards 11.88 - 15.99 8.25 - -1.85 13.7 ModernWtr 19.50 - 39.50 18.10 - -3.19 22.3
MAB 176.50 -1.13 187.23 160.00 - 21.51 16.3 Powerflte 51.00 0.25 58.38 27.43 2.12 19.85 7.0 BorSthnPet 6.53 -0.03 15.89 4.69 - -101.95 1239.3 Real Estate RedhallGp 9.75 - 53.54 9.00 - -0.68 2.0 RenEnGen 61.75 -1.13 81.00 61.00 3.56 -43.15 41.3
Numis♦ 216.00 5.00 419.50 196.09 4.63 12.62 28.9 RM2 46.50 -1.50 93.00 46.00 - -3.61 475.9 Circle Oil 12.00 -0.50 28.70 9.64 - 4.91 1083.3 Conygar♦ 183.50 - 191.00 160.00 0.82 7.83 0.7 Renew♦ 277.50 - 327.13 200.00 1.44 16.73 216.0 Rurelec 3.25 -0.13 10.25 3.25 - -0.43 52.3
Park Grp 60.13 -0.25 64.98 46.00 3.83 14.55 2.6 Symphny 10.25 - 11.33 5.90 - -24.58 12.9 ClontarfEn 0.73 - 1.50 0.35 - -0.46 264.7 FltchKng♦ 57.50 -4.00 65.00 35.00 5.22 8.00 67.8 Restore 274.50 -1.00 284.00 170.13 0.91 39.36 459.6 SeaEnergy 21.75 -2.25 44.00 18.68 - -28.03 109.4
Cluff NR 4.00 - 5.48 3.00 - -2.77 56.3 SafeCharge 275.00 - 285.50 162.00 - 227.27 14.4

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.50 - 107.70 101.75 - - - JPM Inc&Gr 106.50 - 112.00 98.50 2.07 116.3 -8.4 ScottOrtll♦ 865.00 -6.00 900.00 717.00 1.33 904.6 -4.4 Amati VCT 67.25 - 80.50 66.50 7.43 70.2 -4.2 Infra India 13.75 - 17.25 9.50 - 45.7 -69.9
Price +/-Chg High Low Yld NAV or Pm Edin Inv♦ 649.50 -5.00 670.50 565.20 3.62 676.6 -4.0 JPM Ind 544.00 -23.00 605.50 312.50 - 603.4 -9.8 SecTstScot 138.50 -0.25 149.00 129.86 3.47 148.7 -6.9 AmatiVCT2 102.75 - 123.50 102.53 6.57 107.6 -4.5 MMP 4.13 - 8.75 4.00 - - -
3i Infra 155.00 0.20 161.50 132.60 4.32 149.3 3.8 Edin WWd 407.38 -3.38 452.45 332.25 0.49 456.9 -10.8 JPM JpSm 221.00 3.00 224.75 174.50 - 251.2 -12.0 Seneca I&G 138.50 - 139.50 131.00 3.96 146.1 -5.2 ArtemisVCT 62.00 - 69.50 60.00 6.45 70.5 -12.1 Marwyn Val 205.50 - 240.70 184.56 - - -
AbnAsianIn♦ 198.00 -2.00 213.80 179.00 3.99 203.4 -2.7 EP Global 240.25 -2.25 249.00 207.04 1.12 239.8 0.2 JPM Jap 242.00 -4.25 248.38 195.00 1.16 276.9 -12.6 Shires Inc 245.50 -1.50 261.75 216.26 4.89 256.8 -4.4 Baronsmd 70.75 - 77.80 69.50 13.43 73.5 -3.7 TerraCat 97.00 - 126.70 60.00 - - -
AbnAsian 918.50 -9.50 1014 771.07 1.09 979.4 -6.2 Estabmt 178.50 - 188.00 163.00 2.63 224.7 -20.6 JPM Mid 783.00 -6.50 842.00 669.10 2.17 913.1 -14.2 StdLf Eqt 397.25 -7.50 431.00 362.50 3.37 430.0 -7.6 ..VCT 2 91.75 - 101.49 91.00 13.62 94.8 -3.2 Tiger Res 0.88 0.05 1.80 0.75 - 1.3 -32.3
AbnJapInv 454.00 -0.50 470.00 319.00 0.99 479.5 -5.3 Euro Ast 1005 - 1040 800.00 5.17 996.3 0.9 JPM O'seas 1060.5 1.50 1076 890.95 1.41 1131.7 -6.3 StdLf Sml 280.00 -1.75 348.75 256.00 1.49 307.2 -8.9 ..VCT 3 95.00 - 110.10 94.00 16.32 97.8 -2.9
AbnLatAmIn 66.25 -0.75 85.68 60.25 6.42 74.1 -10.6 EuroInvT 755.00 -12.50 797.00 659.33 1.85 822.5 -8.2 JPMRussian♦ 307.75 2.75 518.22 223.25 4.97 359.4 -14.4 StrategicEq 195.25 -0.75 201.90 152.85 0.77 191.5 2.0 ..VCT 4 88.88 - 96.10 86.75 14.63 91.9 -3.3 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 264.75 0.25 271.75 231.75 3.68 260.5 1.6 JPMSnrSec 93.75 -0.75 102.50 93.50 - 94.1 -0.4 Temp Bar 1171 -11.00 1287 1101 3.22 1229.6 -4.8 ..VCT 5 72.75 - 78.39 71.62 8.25 74.7 -2.6
F&CGblSmlr 925.50 -8.50 934.00 781.00 0.86 920.3 0.6 JPM Smlr 734.50 6.25 877.00 632.40 1.29 896.0 -18.0 TempEmerg 562.50 -5.00 626.64 493.20 1.29 633.3 -11.2 BSC VCT 87.00 -2.00 92.20 83.00 6.32 101.1 -13.9 52 Week Vol
AbnNewDn 183.00 -0.75 195.00 154.00 1.97 205.8 -11.1
F&CMgdG 146.75 -0.25 148.00 130.00 - 143.9 2.0 JPM US Sml 181.00 - 182.87 134.50 0.39 183.6 -1.4 TRIG 102.50 -0.25 412.00 99.00 - - - ..VCT2♦ 56.00 - 61.00 53.50 8.04 62.4 -10.3 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 468.00 -2.00 482.75 344.38 1.71 541.0 -13.5
F&CMgdI♦ 122.00 - 125.00 110.00 3.98 120.1 1.6 JupDv&G♦ 113.00 - 115.00 104.50 0.88 124.0 -8.9 ThreadUKSel 177.50 -0.50 187.70 163.00 2.39 191.4 -7.3 Crown Place 30.00 - 30.50 29.00 8.33 33.0 -9.1 ArsenalFC 1515000 2500 1550000 1400000 - 129.64 0.0
AbnSmlCo 186.75 -0.50 229.39 174.00 3.37 231.0 -19.2
FidAsian 247.00 1.00 255.00 196.75 0.45 278.8 -11.4 JupEur 493.50 -1.25 502.63 371.25 0.71 485.0 1.8 TREurGth 528.75 -4.75 601.00 438.00 1.13 614.9 -14.0 Frsight3VCT 41.63 -0.50 67.90 38.00 4.80 72.1 -42.3 ShephdNm 1125 - 1260 1025 2.25 27.07 0.0
Abn UK 319.50 -1.00 324.50 288.00 3.22 337.6 -5.4
FidChiSpS 132.10 -1.40 142.68 97.20 0.87 150.8 -12.4 JupGrn 139.50 -0.25 145.89 133.20 0.79 144.5 -3.5 TroyInc&G 69.63 -0.13 70.75 60.00 2.37 69.2 0.6 Frsight4VCT 44.00 -2.00 64.69 40.00 - 86.1 -48.9 Thwaites 120.50 - 132.00 112.50 3.70 -25.69 10.0
Abf Gd Inc 165.13 -1.63 185.25 138.25 4.34 195.2 -15.4
Abf Sml 1046 -17.00 1237 966.00 2.28 1187.0 -11.9 Fid Euro 169.70 -2.50 174.08 137.40 1.75 181.1 -6.3 JupPrim 301.00 -2.50 306.16 268.34 2.57 306.1 -1.7 UtilicoEmg 190.25 -2.75 202.23 173.50 3.21 208.6 -8.8 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 105.75 1.25 109.00 102.00 3.58 111.1 -4.8 Fid Jap 75.00 -0.50 77.50 54.17 - 86.1 -12.9 JupUSSmCo 652.00 -5.25 701.50 596.99 - 719.2 -9.3 UtilicoInv 118.75 -0.75 133.80 101.00 7.89 179.4 -33.8 FrsightSol 100.50 - 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 441.50 1.50 473.66 383.00 - 495.6 -10.9 Fid Spec 855.50 -5.00 966.00 796.84 1.90 947.2 -9.7 KeystoneInv 1769 -20.00 1848.64 1651.76 2.83 1869.9 -5.4 ValAndInc 255.88 -0.75 288.00 238.43 3.32 298.9 -14.4 Inc&GthVCT 101.00 - 106.24 93.50 17.82 111.2 -9.2 Guide to FT Share Service
Alliance 489.80 -3.20 499.40 420.20 1.96 562.9 -13.0 FinsG&I 571.00 -5.00 583.00 464.25 1.89 568.4 0.5 Law Deb 516.00 -7.00 553.68 465.10 2.91 489.5 5.4 Witan 773.00 -7.00 791.95 642.00 2.00 777.6 -0.6 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.6 -8.2
AllianzTech 554.00 -12.00 584.50 463.07 - 602.1 -8.0 FstPacfic H HK$ 7.90 -0.01 9.48 7.37 2.37 - - LinTrain £ 416.00 1.00 423.84 331.00 1.63 369.3 12.6 WitanPac 243.00 1.00 248.00 205.75 1.83 276.2 -12.0 Maven I&G 63.50 - 69.00 60.00 7.09 68.2 -6.9
AltAstsOps 45.00 - 47.00 35.50 - 48.8 -7.8 For & Col 457.60 -2.40 464.00 361.90 2.45 471.0 -2.8 Ln&StLaw♦ 375.50 -2.00 410.50 330.80 3.60 371.6 1.0 WorldTst 251.50 -1.00 257.00 211.00 - 291.0 -13.6 MavenVCT2 54.00 - 56.75 43.00 4.63 58.1 -7.1
Art Alpha 280.00 2.25 312.00 269.00 1.14 320.1 -12.5 Geiger 18.50 - 34.89 17.00 - 25.6 -27.7 Lowland 1299 14.00 1547.5 1219 2.73 1377.8 -5.7 WwideHlth 1772 -32.00 1884 1180.01 0.85 1820.5 -2.7 MavenVCT3 77.50 - 79.00 70.00 5.48 82.6 -6.2 For queries about the London Share Service pages e-mail
..Sub 30.00 -0.50 46.00 30.00 - - - GenEmer 537.00 0.50 583.00 476.00 - 587.6 -8.6 M&GHighInc♦ 162.00 -1.00 173.50 148.00 0.93 174.6 -7.2 MavenVCT4 85.75 - 89.00 80.00 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 206.00 -4.00 213.50 165.00 1.58 223.3 -7.7 GFIS 21.25 - 35.99 19.00 - 54.1 -60.7 Majedie 235.13 0.38 243.00 202.50 5.87 248.4 -5.3 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 147.00 - 171.21 144.00 2.59 165.9 -11.4 GRIT 23.50 - 70.00 18.45 - - - Man&Lon 240.38 4.38 281.50 219.00 5.72 280.8 -14.4 MobeusI&G 86.50 - 107.90 84.00 4.05 95.6 -9.5 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 30.00 - 49.00 26.50 - 34.3 -12.5 MCGlobPort 181.50 -0.50 182.50 154.50 2.20 181.7 -0.1 AbnPvtEq 90.75 - 96.00 73.75 2.25 117.2 -22.6 ..I&G 2VCT 105.50 - 119.50 97.00 1.18 131.2 -19.6
BG Japan 388.75 -0.50 398.48 313.50 - 394.3 -1.4 100 constituent stocks are shown in bold.
Hansa 864.50 - 1010 831.07 1.85 1160.0 -25.5 MCurPac 309.00 0.25 316.23 257.00 2.10 348.7 -11.4 Altamir € 10.45 - 11.99 9.43 - 15.7 -33.4 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 111.0 -8.1
BG Shin 323.00 -4.00 334.75 282.50 - 333.4 -3.1 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 834.00 -1.00 986.00 823.00 0.60 1160.0 -28.1 MercantIT 1525 -5.00 1666 1316.55 2.10 1701.7 -10.4 Dun Ent 367.00 -3.25 434.75 332.84 4.50 499.0 -26.5 Nthn 2 VCT 76.25 0.75 81.00 73.50 7.21 85.8 -11.1
BSRT 32.50 3.25 47.75 27.00 - 43.5 -25.3 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.13 -0.13 93.50 88.65 5.42 90.6 2.8 MrchTst♦ 482.50 -4.13 524.00 422.18 4.89 489.6 -1.5 Electra 3020 -9.00 3052 2338 - 3174.3 -4.9 Nthn 3 VCT 94.13 0.88 99.48 92.00 5.84 105.0 -10.4
Bankers♦ 605.50 - 614.50 506.00 2.41 623.9 -2.9 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF 997.50 -13.00 1037.24 816.47 2.74 997.5 0.0 Mid Wynd 315.00 - 319.00 256.00 1.08 320.1 -1.6 ElectraPrf 149.00 - 149.68 141.25 - 140.4 6.1 NthnVent 79.00 1.00 88.88 75.00 7.59 86.8 -9.0
BrngEmEu 512.00 4.25 711.00 432.00 3.71 586.3 -12.7 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 845.00 -5.50 865.00 678.25 2.01 839.2 0.7 MitonWw 158.63 - 160.08 147.00 - 178.3 -11.0 F&C PvtEq 220.25 -0.75 233.00 197.00 2.43 260.0 -15.3 ProVenGI 79.00 - 81.00 76.00 8.23 83.1 -4.9
BH Global 1290 -1.00 1304 1162 - 1408.0 -8.4 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 335.00 -4.50 351.00 289.25 5.34 333.5 0.4 MMP 4.13 - 8.75 4.00 - - - GraphEnt 572.00 2.00 619.00 536.10 1.31 669.4 -14.6 ProVenVCT 93.50 - 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 399.50 3.00 405.00 336.20 2.50 438.3 -8.9 Monks 396.40 -2.60 406.00 348.40 1.00 460.8 -14.0 HVPE $ 12.80 - 12.85 10.65 - 15.5 -17.4 UnicornAIM♦ 125.00 1.00 133.00 120.00 4.80 138.1 -9.5
..USD $ 12.81 0.03 12.95 11.20 - 13.9 -7.8 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 185.63 -1.38 187.25 156.50 4.58 179.4 3.5 MontanSm 487.00 - 551.49 390.50 1.44 538.3 -9.5 HgCapital 1074 -3.00 1145.75 990.00 2.70 1143.7 -6.1
BH Macro 2122 -10.00 2135 1919 - 2209.0 -3.9 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 128.63 -0.38 132.89 103.00 3.27 126.0 2.1 Mur Inc 787.00 -6.00 808.00 699.86 3.91 792.5 -0.7 JPM Pvt Eq $ 0.87 - 0.88 0.72 - 1.1 -20.9
..EUR € 20.58 0.08 20.70 18.40 - 21.4 -3.8 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 814.50 0.50 971.99 755.00 1.29 973.6 -16.3 Mur Int♦ 1041 -11.00 1150 929.01 4.13 997.2 4.4 JZ Capital 403.00 - 449.00 390.00 - 649.2 -37.9
..USD $ 20.55 0.10 20.70 18.40 - 21.3 -3.5 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 559.50 - 616.39 468.13 1.97 650.7 -14.0 ..B 1050 - 1523.37 900.00 - 997.2 5.3 LMS Capitl 76.75 0.25 88.75 72.75 - 93.3 -17.7 JPM I&C 97.25 - 100.80 86.00 6.43 -13.8 -0.5
BiotechGth 710.00 -21.00 792.86 390.01 - 738.2 -3.8 1,000 shares.
HendVal♦ 227.00 0.25 254.00 224.04 0.66 283.1 -19.8 NB DDIF $ 1.19 0.01 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 156.5 -9.6 JupiterDv&G♦ 4.25 0.13 5.83 3.50 16.94 5.5 -36.5
BlckRCom 91.25 0.75 119.88 80.54 6.56 89.0 2.5
Herald 676.00 -1.00 747.00 594.00 - 824.2 -18.0 NewCtyEgy 20.25 - 42.00 16.75 - 24.7 -18.0 NB PE Ptnr $ 12.05 0.04 12.11 10.10 - - - M&GHI&Gt 59.00 - 68.80 55.00 - -13.9 -6.0 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 212.88 0.25 280.00 169.25 0.97 239.2 -11.0
HICL Infra 153.20 -0.60 156.39 133.02 5.82 132.8 15.4 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 480.00 10.00 487.00 374.50 2.08 489.3 -1.9 Rghts&Icp 3940 -90.00 4900 3800 2.08 -62.4 1.6 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 110.75 -0.13 133.28 103.50 1.24 115.7 -4.3
Impax Env. 152.00 -1.13 156.50 136.00 0.79 172.4 -11.8 NewCityHY♦ 61.75 -0.25 68.00 61.53 6.74 58.4 5.7 Pantheon 1295 - 1298 1056 - 1511.7 -14.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 233.25 -0.25 254.15 201.75 2.57 244.1 -4.4 Income Shares 52 Week HR
Ind IT 286.00 - 296.00 265.84 1.75 317.8 -10.0 NewIndia 346.00 -17.13 371.30 194.03 - 372.4 -7.1 PantheonR 1235 10.00 1240 1010 - 1511.7 -18.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 11.50 -0.50 28.25 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 137.10 0.30 139.50 125.60 4.49 120.8 13.5 New Star IT 70.50 - 76.24 65.45 - 113.1 -37.7 PrincssPE € 7.15 0.07 7.25 6.20 7.91 8.9 -19.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.8 8.1
InvAsTr 191.00 -2.00 198.00 151.00 1.81 216.0 -11.6 NorthAmer♦ 872.50 - 906.45 774.50 3.15 943.9 -7.6 Riverstone 929.00 -0.50 960.50 822.00 - 1053.2 -11.8 in pence.
BlckR I&G 183.50 -1.25 188.33 158.01 3.11 186.0 -1.3 M&GHghIc 55.50 -0.25 63.00 53.00 - -14.0 -2.6
Inv Inc 293.00 3.75 294.70 255.00 4.08 310.7 -5.7 NthAtSml 1877.5 - 1894.33 1610 - 2302.9 -18.5 StdLfEuPv 206.00 - 236.42 195.75 2.43 257.4 -20.0
BlckRckLat 385.00 0.50 508.45 355.00 4.48 437.8 -12.1 Rghts&I 1040 -12.50 1252 895.00 2.88 - 19.0
InvPerp 76.00 0.13 77.50 69.00 6.58 74.0 2.7 Oryx Int 464.00 - 473.00 375.00 - 553.1 -16.1 X FT Global 500 company
BlckRckNrAm 118.25 -0.38 120.75 98.75 2.54 126.5 -6.5 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 - 117.80 108.50 - 121.9 -3.9 PacAsset 195.38 -0.38 199.00 145.85 1.33 203.5 -4.0 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 813.00 -8.00 912.30 697.00 1.48 914.6 -11.1 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 158.25 1.25 160.00 138.00 - 159.5 -0.8 PacHorzn 199.50 -0.50 204.75 159.20 0.75 213.1 -6.4 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 281.38 -2.63 320.75 238.00 1.42 339.2 -17.0 Direct Property
IPST Mngd 102.00 0.38 101.81 100.00 - 103.3 -1.3 Perp I&G 391.00 -2.90 403.60 350.81 3.04 405.3 -3.5 JPM Inc&Gr 11.50 - 15.50 9.00 1.0 -3.5 8.9 # price at time of suspension from trading
BlckRWld 324.00 2.10 520.99 286.00 6.48 356.7 -9.2 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 188.00 -0.10 188.50 173.00 - 197.5 -4.8 IPST UK Eq♦ 159.13 0.13 162.00 143.00 3.55 163.9 -2.9 PerAsset 35490 -190.00 36313.1 31950 1.58 35072. 1.2 M&GHghIc 4.10 -0.30 6.54 3.00 7.4 6.3 -
AXA Propty 42.88 - 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.25 -0.50 143.50 119.25 4.83 142.6 -7.3 InvPpUK 329.25 -2.75 346.98 281.00 1.97 374.1 -12.0 7 Zero Dividend Preference Shares 52 Week HR
CustdnREIT♦ 104.25 0.25 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 519.50 -2.50 528.00 474.30 2.02 582.3 -10.8 Invs Cap A 94.50 - 99.00 87.00 4.81 104.2 -9.3 PolarFins 96.00 - 109.50 92.00 - 109.0 -11.9 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp 145.20 -0.80 148.40 116.50 4.13 120.2 20.8 guarantee that the information is reliable or complete. The FT does not accept
Brunner 538.25 -3.75 552.50 486.00 3.25 629.0 -14.4 Invs Cap B 94.00 - 103.00 87.03 - 104.2 -9.8 ..Sub 7.63 - 19.89 5.00 - - - Abf Gd Inc 149.13 - 149.75 137.75 -33.6 - 159.7
F&CUKRealE 94.50 -0.50 97.00 81.00 5.29 90.2 4.8 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2318 -12.00 2337 1923 2.12 2765.0 -16.2 Invs CapU 372.50 5.50 378.00 347.00 0.87 417.3 -10.7 PolarHealth♦ 167.63 0.13 172.59 142.50 2.06 180.4 -7.1 EcofinWatr 153.50 - 154.25 144.27 -68.7 -92.5 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 19.55 0.14 21.00 17.34 0.75 28.0 -30.2 JLaingInf 123.30 0.60 155.35 113.60 5.17 105.7 16.7 PolarTech 575.00 -7.00 590.74 431.00 - 576.1 -0.2 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 1.00 - 4.40 0.50 - 10.7 -90.7
Cap Gear 3330 - 3465 3080 0.48 3239.6 2.8 JPM Amer 287.40 -3.80 296.14 227.20 0.94 286.9 0.2 ProspJap $ 1.09 - 1.19 0.91 - 1.2 -9.2 JPM I&C 171.50 - 171.75 159.70 -17.7 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.63 0.38 106.75 100.50 - - -
CayenneTst 153.50 -0.50 153.75 137.01 0.78 160.1 -4.1 JPM Asn 235.00 -1.75 248.27 191.00 1.11 264.2 -11.1 QatarInvF $ 1.33 0.00 1.49 1.15 2.14 1.5 -11.3 JupiterDv&G 111.25 - 113.00 97.75 -5.4 - 129.7 fully representative of all LSE-listed companies. This service is available to all
PictonProp 69.50 -0.75 71.50 56.00 4.32 66.0 5.3
CayenCULS 106.50 - 106.00 105.25 - - - JPM Brazil 56.25 - 76.49 52.56 1.78 60.7 -7.3 RIT Cap 1458 -7.00 1465 1253 1.97 1535.9 -5.1 JZ Capital 355.25 - 356.00 333.65 -90.6 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc♦ 79.00 - 82.00 72.00 5.77 75.4 4.8
City Merch♦ 189.13 -0.38 191.50 182.15 5.29 185.3 2.1 JPM China 182.50 -3.50 194.00 139.25 0.88 206.3 -11.5 RobecoNV € 30.38 - 30.91 26.74 - - - M&GHghIc 113.13 - 114.70 105.00 -17.3 -90.4 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 90.00 -0.65 92.65 77.75 5.40 80.4 11.9
CityNatRs♦ 103.00 3.50 146.75 95.00 5.34 131.9 -21.9 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 - 28.98 24.80 - - - UtilicoFn16 185.75 - 185.45 170.75 -54.5 -87.1 192.8
City Lon♦ 392.90 -2.50 399.00 345.00 3.73 389.8 0.8 ..MG 589.50 -0.25 600.01 507.66 1.27 601.8 -2.0 Ruffer Inv 218.25 0.25 222.50 193.50 - 214.0 2.0 Property Securities
UtilicoFn18 142.13 - 142.50 117.00 -19.5 -30.1 160.5
DexionAb 179.75 - 182.00 157.75 - 193.2 -7.0 ..MI 103.00 0.50 104.99 93.01 0.83 105.6 -2.5 SchdrAsiaP 289.25 -3.25 298.00 225.12 1.16 321.0 -9.9 SchdrGlbRe♦
TR Prop
124.38
301.50
-0.13 126.25 29.00 3.38 136.8
-8.30 313.50 230.00 2.47 308.9
-9.1
-2.4 UtilicoFn20 111.38 - 112.50 100.00 -10.2 -12.4 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 608.00 -2.00 632.37 501.00 0.90 681.3 -10.8 Schdr Inc 271.75 -3.00 278.50 235.50 3.61 283.4 -4.1
..USD $ 3.76 - 3.75 3.30 - 4.1 -8.3 JPM EurGth 230.00 -3.75 240.00 193.00 2.91 248.8 -7.6 SchdrJap 138.00 -1.00 139.10 106.79 1.27 150.2 -8.1 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 79.75 -0.38 90.75 73.02 2.95 81.3 -1.9 JPM EurInc 128.00 -1.50 132.55 104.75 - 135.3 -5.4 SchdrOrient 198.50 0.25 201.59 162.03 3.78 200.0 -0.8 Price +/-Chg High Low Yld NAV or Pm
Dun Inc♦ 262.50 -3.13 371.25 239.00 4.23 279.1 -5.9 JPM EuSm 215.50 -1.63 246.80 164.00 1.35 248.0 -13.1 SchdrUK 161.50 -1.00 198.50 146.83 2.79 179.8 -10.2 AlbionDev 70.00 - 70.89 67.00 7.14 71.3 -1.8 52 Week Dis(-)
Dun Sml♦ 181.50 2.00 243.50 171.30 2.87 220.4 -17.6 JPM Clavr♦ 593.50 -4.00 633.50 534.51 3.29 641.3 -7.5 SchdrUKMd 437.75 -6.00 527.50 402.49 1.82 484.8 -9.7 ..D 100.00 - 101.00 98.00 2.50 104.8 -4.6 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr♦ 154.00 0.38 176.75 124.19 4.34 183.5 -16.1 JPMGIConv 102.50 -0.75 112.50 99.00 - 100.7 1.8 ScotAmer 242.75 -1.88 257.50 221.99 4.24 252.7 -3.9 Albion Ent♦ 89.00 - 92.00 85.00 5.62 92.8 -4.1 AdFrntMkt 57.63 - 65.50 55.00 - 62.2 -7.3
JPM GEI 120.00 -0.25 130.00 105.00 4.44 119.0 0.8 Scottish In 615.00 -4.00 626.00 536.00 1.89 681.9 -9.8
..CULS
EdinDragn
105.25
279.75
- 111.70 102.52
-2.00 291.79 229.60
-
0.79
-
315.3
-
-11.3 JPM I&C Uni 351.50 - 370.50 330.06 - 370.6 -5.2 ScottMort 251.20 -4.60 258.70 189.00 1.15 249.8 0.6
AlbionTech 77.00 - 81.00 71.25 8.12 83.3 -7.6 CrysAmber
GLI Finance♦
150.88
61.63 -
-0.50 157.66 129.81 0.3 148.3
65.00 50.30 8.1 - -
1.7
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.6 -2.4
IndiaCap 64.50 -2.75 69.40 33.48 - 73.0 -11.6
Tuesday 10 February 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

CF Heartwood Balanced B Acc 127.63 - -0.40 0.63 Comgest Gth Emerging Mkt DIS F $ 33.88 - -0.32 0.29 Strategic Bond Gross £ 0.33 - 0.00 3.23 Tem Latin America $ 50.35 - -0.48 0.89

ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Defensive Multi Asset Fund B Accumulation 110.91 - -0.20 0.01 Comgest Gth Europe DIS F € 19.42 - -0.05 0.00 Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF JM Finn Gbl Opps A Acc 274.19 - -1.38 1.56 Comgest Gth GEM PC DIS F € 13.15 - 0.05 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 32.35 - -0.43 -
Regulated Russia A GBP Inc F £ 22.78 - 0.61 1.46 Dealing - Fax only - +353 1 434 5230
CF Richmond Core 194.59 - 1.12 0.00 Target 2020 £ 0.57 - -0.01 0.49 Frk Brazil Opportunities Fd $ 10.25 - 0.02 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.49 - 0.12 0.00 FCA Recognised
Edinburgh Partners Opportunities Fund PLC Frk Euro S-Term Money Mkt Fd € 1012.30 - 0.00 0.00
ACPI Global Credit UCITS Funds USD A $ 13.83 - 0.01 0.00
CF Seneca Diversified Growth A ACC 214.08 - -0.62 1.19 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Target 2025 £ 1.33 - -0.01 0.28
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth B ACC 126.00 - -0.36 2.01 PO BOX 10117, Chelmsford, Essex, CM1 9JB European Opportunities I EUR € 2.72 - 0.02 1.28 Target 2030 £ 1.41 - -0.01 0.25 Frk Euroland Fund € 19.29 - -0.05 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.29 - -0.26 0.00 40 Dukes Place, London, EC3A 7NH Dealing & Client Services 0845 0264281
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth N ACC 125.01 - -0.36 1.74 European Opportunities I GBP £ 2.02 - 0.00 1.58 UK Select £ 2.34 - -0.02 1.12 Frk European Growth € 15.18 - 0.08 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 88.94 - 0.02 0.00 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.10 - 0.01 1.38 Frk European Sml Mid Cap Gth € 33.06 - 0.11 0.00
CF Seneca Diversified Income A INC 88.99 - -0.13 5.46 Consistent UT Inc 57.89 58.58 -0.57 4.34 UK Growth £ 3.57 - -0.03 0.05
ACPI International Bond UCITS Fund USD A $ 18.36 - -0.06 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income B INC 105.20 - -0.14 6.06 European Opportunities A EUR € 2.65 - 0.02 0.91 UK Smaller Companies £ 1.92 - -0.01 0.25 Frk Gbl Equity Strategies Fd $ 11.43 - -0.05 0.00
Artemis Capital R ACC 1203.40 1271.54 -7.04 1.50 Consistent UT Acc 131.08 132.66 -1.30 4.20
Retail Accumulation 2 113.02 - -0.25 0.00
CF Seneca Diversified Income N INC 104.32 - -0.14 6.06 Global Opportunities I USD $ 1.70 - -0.01 1.15 WealthBuilder A Acc £ 1.02 - 0.00 0.62 Frk Gbl Fundamental Strat Fd $ 13.13 - -0.02 0.00
Artemis European Growth R Acc 240.14 253.43 -2.07 3.62 Practical Investment Inc 208.44 213.42 -0.94 3.76
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 111.62 - -0.24 0.00
Investment Adviser - DSM Capital Partners Global Opportunities I GBP £ 1.12 - 0.00 1.00 Fidelity PathFinder Frk Global Conver.Securities $ 11.68 - -0.06 0.00
Regulated Artemis European Opps R Acc 71.10 75.01 -0.62 1.36 Practical Investment Acc 982.19 1005.65 -4.43 3.66
The Castleton Growth Fund Ret Acc F 109.63 - -0.25 0.00
ACPI Balanced UCITS Fund USD Retail $ 14.11 - 0.01 0.00 The Westchester $ 26.29 - -0.18 0.00 Global Opportunities I EUR € 1.50 - 0.01 0.99 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - -0.01 - Frk Global Growth $ 14.43 - -0.04 0.00
Artemis Global Energy R Acc 28.68 30.42 -0.74 0.00 The Castleton Growth Fund Ret Inc F 110.06 - -0.25 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.68 - 0.01 0.00 The Westchester Class 1 GBP Acc £ 18.71 - 0.00 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - 0.00 - Frk Global Gth & Val $ 24.90 - -0.09 0.00
Artemis Global Growth R Acc 176.28 186.03 -0.16 0.76 Coupland Cardiff Funds Plc (IRL)
ACPI Balanced UCITS Fund GBP Retail £ 10.77 - 0.01 0.00 The Westchester Class 2 GBP Acc £ 18.74 - 0.01 0.00 31/32 St James's Street, London, SW1A 1HD Pan European Opportunities I EUR € 1.64 - 0.01 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 - Frk Global Sml Mid Cap Gth $ 28.26 - -0.22 0.00
Artemis Global Income R Acc 94.51 99.84 -0.50 3.76
BlackRock (JER) Investment Adviser Lacomp Plc FCA Recognised Fidelity PathFinder Foundation 3 Acc (clean) £ 1.12 - 0.00 - Frk Gold and Precious Mtls Fd F $ 4.09 - -0.16 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 78.17 82.58 -0.41 3.87 Regulated
CF Lacomp World 104.17 109.37 -0.26 0.00 CC Asia Alpha Fd - Cls A Euro € 12.57 12.57 0.04 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.13 - -0.01 - Frk India $ 33.33 - -0.51 0.00
Artemis Global select R Acc 69.47 73.32 0.03 0.00 BlackRock UK Property £ 38.89 - 0.00 3.88
Investment Adviser - Morant Wright Management Limited CC Asia Alpha Fd - Cls B USD $ 12.33 12.33 0.04 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fidelity PathFinder Foundation 5 Acc (clean) £ 1.17 - -0.01 - Frk Japan Fd ¥ 794.23 - 2.76 0.00
Artemis High Income R Inc 80.29 85.50 -0.89 5.54 Blackrock UK Long Lease £ 1043.11 - 2.31 0.00 CF Morant Wright Japan A 246.08 - 0.25 0.00 CC Asia Alpha Fd - Cls C GBP £ 12.19 12.19 0.04 0.00
ACPI Focused Equity UCITS Fund $ 12.74 - 0.13 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - 0.00 - Frk K2 Alt Strat Fd $ 10.39 - -0.01 -
Artemis Income R Inc 209.72 222.15 -0.97 4.04 BLK Intl Gold & General $ 5.41 5.70 -0.20 0.00 CF Morant Wright Japan A Inc 242.44 - 0.24 0.00 CC Asia Alpha Fd - Cls I USD $ 9.74 9.74 0.03 0.00
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.00 - Frk MENA Fund $ 7.08 - 0.00 0.00
Artemis Income R Acc 344.52 364.94 -1.59 3.93 CF Morant Wright Japan B 260.77 - 0.27 0.43 CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.13 - -0.01 - Frk Mutual Beacon $ 71.64 - -0.06 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 62.73 66.58 -0.09 4.74 CF Morant Wright Japan B Inc 247.21 - 0.26 0.45 CC Asian Evolution Fd. Cls B GBP £ 13.67 13.67 -0.12 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.14 - 0.00 - Frk Mutual European EUR € 24.17 - 0.11 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 98.11 - 0.11 - CF Morant Wright Nippon Yield ACC A 253.31 - 0.52 2.16 CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 - Frk Mutual Gbl Disc $ 17.56 - -0.07 0.00
Insurances Artemis Strategic Assets R Acc 77.21 81.70 0.17 0.00 CF Morant Wright Nippon Yield ACC B 261.61 - 0.55 2.15 CC Japan Alpha Fd - Cls A Euro € 9.93 9.93 0.05 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.14 - 0.00 - Frk Natural Resources Fd F $ 7.75 - -0.05 0.00
Life Funds Artemis Strategic Bond R M Acc 83.49 88.65 -0.01 3.99 CF Morant Wright Nippon Yield Fund A Inc 224.92 - 0.46 2.20 CC Japan Alpha Fd - Cls B GBP £ 10.83 10.83 0.06 0.00
Prop. Acc. Ser 2 1468.90 1546.20 0.10 - The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.09 - -0.01 - Frk Real Return Fd F $ 10.58 - -0.03 0.00
Artemis Strategic Bond R M Inc 55.15 58.56 -0.01 4.06 CF Morant Wright Nippon Yield Fund B Inc 232.36 - 0.49 2.20 CC Japan Alpha Fd - Cls C JPY ¥ 1061.89 1061.89 5.57 0.00
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.77 - 0.02 0.00
Selective Acc. Ser 2 1562.00 1644.30 -9.80 -
Artemis Strategic Bond R Q Acc 83.57 88.73 -0.02 3.99 BlueBay Asset Management LLP (LUX)
CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.90 15.90 0.12 0.00
American Ser. 4 1667.60 1755.30 4.10 - Regulated Saudi Arabia Equity Fund SR 14.80 - 0.07 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Technology $ 10.73 - -0.04 0.00
Artemis Strategic Bond R Q Inc 55.25 58.66 -0.01 4.08 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.39 16.39 0.14 0.00
BlueBay EmMkt B-USD $ 293.81 - -0.64 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 - Frk U.S. Focus Fund $ 16.26 - 0.02 0.00
Custodian Ser. 4 488.30 514.00 -2.20 -
Artemis UK Growth R Acc 424.99 450.08 -2.36 0.59 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.55 15.55 0.12 0.00
BlueBay EmMktCrp B-USD $ 164.40 - 0.63 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 - Frk US Equity $ 23.90 - 0.02 0.00
Equity Ser. 4 563.30 593.00 -4.70 - Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1010.60 1088.07 -0.52 0.55 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1657.98 1657.98 13.21 0.00
BlueBay EmMktSel B-USD $ 157.81 - -0.92 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 - Frk US Opportunities $ 11.81 - -0.06 0.00
European Ser 4 567.30 597.20 -6.30 -
Artemis UK Special Sits R Acc 503.94 535.40 -3.07 1.70 CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1562.69 1562.69 12.46 0.00 Orders & Enquiries: 0845 850 0255
BlueBay EmMkLocCy B-USD $ 153.22 - -1.56 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 - Frk US Sml Mid Cap Gth F $ 19.47 - -0.04 -
Fixed Int. Ser. 4 908.20 956.00 -3.10 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.11 - -0.12 - CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.31 16.31 0.13 0.00
BlueBay GlblConv I-USD $ 187.89 - -0.60 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 - Frk Wrld Perspective Fd $ 19.15 - -0.09 0.00
Intl Ser. 4 438.00 461.10 -1.30 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Equity I Acc 109.50 - -0.25 - CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.49 15.49 0.13 0.00
BlueBay GlblHgYd B-USD $ 130.35 - 0.24 0.00 Electric&General Net Income A 137.10 - -0.90 2.10 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 - Tem Africa $ 10.80 - -0.15 0.00
Japan Ser 4 354.50 373.10 0.90 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Select I Acc 109.70 - -0.25 -
BlueBay HgYield B-EUR € 331.82 - 0.18 0.00 Authorised Funds Fidelity PathFinder Income 2 gross £ 1.07 - -0.01 4.27 Tem Asian Sml Comp Fd $ 39.16 - -0.20 0.00
Man. Ser. 4 1662.80 1750.30 -8.50 -
Artemis US Smlr Cos I Acc 114.48 - 0.04 - CATCo Re Opps Fund Ords $ 1.1981 - 0.0105 18.31
BlueBay HgYieldCp B-EUR € 140.59 - 0.14 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 - Tem BRIC $ 13.87 - -0.13 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 112.32 - 0.34 - 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay InvGr B-EUR € 175.55 - 0.17 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.06 - 0.00 1.89 Tem China $ 22.75 - -0.22 0.00
Prop. Ser. 4 1053.40 1108.90 -0.10 - FCA Recognised
BlueBay InvGEurGv B-EUR € 151.99 - 0.12 0.00 CATCo Reinsurance Fund Ltd. (BMU) Institutional OEIC Funds Tem Eastern Europe € 18.06 - 0.18 0.00
Custodian Ser 5 469.80 494.60 -2.20 - Ennismore European Smlr Cos NAV £ 91.15 - -0.37 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurAg I-EUR € 152.01 - 0.19 0.00
Regulated America £ 3.86 - 0.00 0.42
International Ser 5 421.40 443.60 -1.30 - Regulated Ennismore European Smlr Cos NAV € 122.67 - 0.26 0.00 Tem Emerging Mkts Sml Comp Fd $ 10.14 - -0.06 0.00
CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 126.20 - 0.13 0.00 Emerging Markets £ 3.34 - -0.03 0.49 Tem Euroland € 19.14 - 0.01 0.00
Managed Ser 5 1599.80 1684.10 -8.30 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 -
HighIncomeLoan H-EUR € 190.76 - -0.07 0.00 Crèdit Andorrà Asset Management (LUX) Europe £ 3.95 - -0.05 2.44
Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - Tem European EUR € 20.82 - 0.05 0.00
Money Ser 5 513.20 540.20 0.00 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00 www.creditandorra.com Ennismore European Smlr Cos Hedge Fd
Other International Funds Fidelity Pre-Retirement Bond Fund £ 119.90 - -0.60 1.50 Tem Frontier Mkts Fund $ 18.15 - -0.09 0.00
Property Ser 5 1013.60 1066.90 0.00 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - FCA Recognised
CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
BONHOTE Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 0.00 NAV € 444.39 - 3.95 0.00 Global Focus £ 2.75 - -0.01 0.53 Tem Growth (Euro) € 16.12 - 0.17 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 -
Other International Funds Index Linked Bond £ 2.61 - -0.05 0.63
American 1917.40 2018.30 3.50 - Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Tem Korea $ 5.26 - -0.01 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK)
Equity 4991.00 5253.70 -42.40 - Crediinvest SICAV Fixed Income Eur € 10.95 - 0.01 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY) Index Linked Bond Gross £ 3.14 - -0.05 0.63 Tem Thailand $ 21.80 - 0.00 0.00
Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 Regulated
European 1145.70 1206.00 -13.50 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Crediinvest SICAV Fixed Income Usd $ 10.66 - -0.02 0.00 Index-Linked Bond Fund Gross Inc £ 12.32 - -0.19 0.63
Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00 Japan £ 1.96 - 0.00 0.76
Fixed Int. 1665.50 1753.20 -8.90 - Crediinvest SICAV Spanish Value € 264.52 - 0.02 0.00 Frontier Gottex (UK)
Artisan Partners Global Funds PLC (IRL)
Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 995.50 - -3.30 1.43
Long Bond £ 0.53 - 0.00 2.64 Authorised Inv Funds
International 930.50 979.40 -3.50 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Crediinvest SICAV International Value € 233.89 - 1.89 0.00
Regulated Cavendish Opportunities Fund A Class 989.90 - -3.40 0.57
Tel: 44 (0) 207 766 7130 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.85 - -0.01 2.58 FP Frontier MAP Balanced Fund 141.64 - 0.10 0.66
Japan 368.70 388.20 0.40 - UK Agricultural Class A £ 1.26 - -0.01 0.00 Crediinvest SICAV Big Cap Value € 17.91 - 0.01 0.00
FCA Recognised Cavendish Opportunities Fund C Acc 1022.00 - -3.00 1.30 Regulated
Managed 4312.40 4539.30 -23.40 - Crediinvest SICAV US American Value $ 18.28 - -0.04 0.00 Long Bond Fund Gross Inc £ 11.77 - -0.12 2.63
Artisan Partners Global Funds plc UK Agricultural Class B £ 1.38 - 0.00 0.00 Smaller Cos Cls One Shares (Est) € 31.17 - -0.15 0.00
Cavendish Worldwide Fund B Class 307.30 - -0.60 0.95
Property 2698.30 2840.30 0.00 - Artisan Emerging Markets I USD Acc $ 7.58 - -0.05 0.00 Crediinvest SICAV Sustainability € 15.46 - 0.08 0.00 Pacific (Ex Japan) £ 3.82 - 0.02 1.88 Frontier Capital (Bermuda) Limited
Student Accom Class B £ 0.72 - -0.28 0.00 Smaller Cos Cls Two Shares (Est) € 22.14 - -0.09 0.00
Cavendish Worldwide Fund A Class 306.90 - -0.50 0.16 Other International
Security 1476.90 1554.60 -0.10 - Artisan Global Equity Fund Class I USD Acc $ 14.43 - -0.07 0.00 Pan European £ 2.61 - -0.02 2.05
Smaller Cos Cls Three Shares (Est) € 11.08 - -0.06 - Commercial Property-GBP Class £ 71.42 - -0.53 -
Cavendish Worldwide Fund C Acc 313.40 - -0.50 0.90
Selective 2001.30 2106.70 -15.10 - Artisan Global Opportunities I USD Acc $ 11.68 - -0.01 0.00 Dantrust Management (Guernsey) Ltd (GSY) Reduced Duration UK Corporate Bond £ 10.60 - 0.01 3.43
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 150.50 - 0.30 0.40
Smaller Cos Cls Four Shares (Est) € 14.34 - -0.06 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 16.03 - -0.05 0.00 Kings Hill, West Malling, Kent 03000 123 222 Regulated Reduced Duration UK Corporate Bond Gross £ 10.72 - 0.01 3.43
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property & Other UK Unit Trusts Cavendish AIM Fund A Class 146.60 - 0.30 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.88 - -0.05 0.00 Reduced Duration UK Corporate Bond Inc £ 10.16 - 0.01 3.43
Managed Ser A (Life) 1581.00 1673.10 -3.90 - CAF UK Equitrack Inc Fd 73.41 73.41 -0.51 3.41 Cavendish Asia Pacific Fund B Class 169.90 - -0.20 1.44
Reduced Duration UK Corp Bond Gross Inc £ 10.16 - 0.00 3.43
Managed Ser A (Pensions) 1060.50 1116.30 -3.10 - CAF UK Equitrack Acc Fd 100.60 100.60 -0.60 3.34 Cavendish Asia Pacific Fund A Class 169.50 - -0.30 0.66 DAVIS Funds SICAV (LUX)
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.30 - -0.01 0.96
Formerly Target Life Assurance Ltd FP CAF Alternative Strategies A Class Acc 110.14 - -0.14 0.47 Cavendish Asia Pacific Fund C Acc 174.70 - -0.30 1.42 Regulated
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 1.88
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Davis Value A $ 40.40 - 0.06 0.00
FCA Recognised FP CAF Alternative Strategies A Class Inc 109.76 - -0.14 0.33 Cavendish European Fund B Class 133.50 - -1.70 1.32
Managed (Life) 1602.30 1686.70 -3.90 - Select Global Equities £ 2.96 - -0.01 0.97
Ashmore SICAV Emerging Market Debt Fund $ 96.93 - 0.24 13.57 Davis Global A $ 29.54 - -0.05 0.00
FP CAF Fixed Interest A class Acc 114.46 - -0.04 2.76 Cavendish European Fund A Class 132.30 - -1.70 0.38
Managed Growth (Life) 508.10 534.90 -1.10 - South East Asia £ 3.76 - 0.01 0.68
Ashmore SICAV Emerging Market Frontier Equity Fund $ 158.26 - 0.21 2.11 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith LLP (1200)F (UK)
FP CAF Fixed Interest A class Inc 102.28 - -0.03 2.81 Cavendish Japan Fund B Class 147.80 - 0.20 0.82
Managed (Pensions) 6363.70 6698.60 -18.30 - Regulated Sterling Core Plus Bond Gr Accum £ 2.11 - -0.01 3.43 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Emerging Market Total Return Fund $ 86.53 - -0.07 10.25 FP CAF Fixed Interest B class Acc 114.91 - -0.04 2.76 Cavendish Japan Fund A Class 147.00 - 0.20 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
(LF) Absolute Return € 1.30 - 0.00 0.00 Sterling Core Plus Bond Inc £ 1.40 - -0.01 3.53 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Managed Growth (Pensions) 623.50 656.30 -1.60 - 1 Poultry, London EC2R 8JR 020 7 415 4130
Ashmore SICAV Global Equity Fund $ 110.02 - -1.37 0.60 FP CAF Fixed Interest B class Inc 102.56 - -0.03 2.81 Cavendish North American Fund B Class 191.60 - 1.20 0.59 Authorised Inv Funds
additional fund prices can be found on our website Authorised Inv Funds (LF) Balanced - Active Fund (RON)RON 16.29 - -0.02 0.00 UK £ 3.46 - -0.02 1.91
Ashmore SICAV Global Small Cap Equity Fund $ 130.78 - -0.52 0.07 FP CAF International Equity A Class Acc 140.59 - 0.26 0.70 Cavendish North American Fund A Class 186.50 - 1.10 0.00 Fundsmith Equity T Acc 205.72 - -0.15 1.09
Disc Inc 1372.10 1414.50 9.70 0.00 (LF) Cash Fund € € 1.32 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.83 - -0.01 3.03
Ashmore SICAV Local Currency Fund $ 86.68 - -0.36 1.95 FP CAF International Equity A Class Inc 137.10 - 0.25 0.71 Cavendish Technology Fund B Class 265.80 - -0.60 0.10 Fundsmith Equity T Inc 195.83 - -0.15 1.10
Do Accum 5099.80 5257.50 35.90 0.00 (LF) Cash Fund (RON) RON 15.68 - -0.01 0.00 UK Aggregate Bond Inc £ 1.26 - 0.00 3.08
EM Mkts Corp.Debt USD F $ 95.08 - 0.24 9.77 FP CAF UK Equity A Class Acc 147.11 - -0.11 2.18 Cavendish Technology Fund A Class 254.00 - -0.60 0.00 (LF) Eq Emerging Europe € 0.80 - 0.00 0.00 UK Corporate Bond £ 1.27 - 0.00 3.90
EM Mkts Loc.Ccy Bd USD F $ 91.70 - -0.70 10.67 FP CAF UK Equity A Class Inc 135.74 - -0.11 2.20 Cavendish UK Balanced Income Fund B Class 141.80 - -0.40 4.84 GAM Limited (2300)F (UK)
(LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Corporate Bond - Gross £ 2.29 - -0.01 3.77 GAM Sterling Management Limited
FP CAF UK Equity B Class Acc 147.11 - -0.11 2.17 Cavendish UK Balanced Income A Class 135.50 - -0.50 5.06 (LF) Global Bond Fd € 12.19 - -0.03 0.00 UK Corporate Bond Fund Gross Inc £ 11.47 - -0.03 3.89 12 St James's Place London SW1A 1NX. 0800 919 927
FP CAF UK Equity B Class Inc 135.73 - -0.10 2.20 Cavendish UK Select Fund B Class 159.10 - -1.40 1.75 (LF) Global Equities € 1.14 - -0.01 0.00 Internet: gam.com
UK Gilt Bond £ 1.31 - -0.01 1.82
Authorised Inv Funds
Alceda Fund Management S.A. Cavendish UK Select Fund A Class 158.80 - -1.40 0.91 (LF) Eq Mena Fund € 15.51 - 0.19 0.00 UK Gilt Gross £ 2.06 - -0.01 1.79 GAM Funds OEIC
www.alceda.lu
(LF) Greek Government Bond € 14.97 - -0.36 0.00 UK Long Corp Bond £ 1.45 - 0.00 4.19 GAM Global Diversified Acc 3951.04 - -7.29 0.00
FCA Recognised
Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds (IRL) (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.55 - -0.01 4.04 GAM North American Gwth Acc 3268.12 - 29.87 0.00
AC Opp - Aremus Fund EUR A € 105.38 - 0.00 -
Regulated 6 Duke Street,St.James,London SW1Y 6BN
AC Risk Parity 7 Fund EUR A € 125.35 - -0.76 0.00 (LF) Greek Corporate Bond € 10.64 - -0.08 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.58 - -0.06 4.18 GAM UK Diversified Acc 1887.50 - -0.37 1.08
Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Aspect Capital Ltd (UK)
FCA Recognised
Asset Management
AC Risk Parity 12 Fund EUR A € 153.54 - -1.35 0.00 (LF) FOF Balanced Blend € 1.42 - 0.00 0.00 UK Specialist £ 1.82 - -0.01 1.22
Other International Funds Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund
AC Risk Parity 17 Fund EUR A € 102.25 - -1.67 0.00 Aspect Diversified USD $ 419.52 - 3.36 0.00 (LF) FOF Equity Blend € 1.30 - 0.01 0.00 Retail Share Classes GAM Limited (IRL)
Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 EUR Accumulating Class € 11.93 - 0.14 -
CCLA Investment Management Ltd (UK) (LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Emerging Markets - retail £ 1.34 - -0.01 0.00 FCA Recognised
ACQ Risk Parity Bond Fund EUR A € 103.99 103.99 -0.45 0.00 Aspect Diversified EUR € 251.39 - 1.64 -
Senator House 85 Queen Victoria Street London EC4V 4ET EUR Accumulating Class (H) € 9.70 - -0.03 - GAM Fund Management Ltd
(LF) FOF Dynamic Fixed Inc € 11.68 - -0.02 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84
Aspect Diversified GBP £ 128.02 - 0.95 0.00 Authorised Inv Funds Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Charles Schwab Worldwide Funds Plc (IRL) EUR Distributing Class € 11.70 - 0.13 - {*}CAR - Net income reinvested
Aspect Diversified CHF SFr 121.22 - 1.34 0.00 The Public Sector Deposit Fund Regulated (LF) FOF Real Estate € 17.11 - -0.22 0.00 GAM Star Fund Plc
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.47 EUR Distributing Class (H) € 9.51 - -0.03 -
Aspect Diversified Trends USD $ 121.35 - -0.81 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 GAM Star Asia-Pacific Eqty USD Acc F $ 11.91 - -0.07 0.77
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.27 GBP Distributing Class £ 10.58 - 0.04 - FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 121.26 - -0.82 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg GAM Star Asian Eqty USD Ord Acc F $ 14.30 - -0.07 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.32 GBP Distributing Class (H) £ 9.55 - -0.03 -
Aspect Diversified Trends GBP £ 125.31 - -0.84 0.00 Chartered Asset Management Pte Ltd Phone: 800 22 089, 800 22 088 GAM Star Balanced GBP Acc £ 10.37 - -0.01 -
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.37 Other International Funds USD Accumulating Class $ 9.74 - -0.03 - Regulated
GAM Star Cap.Appr.US Eqty USD Inc F $ 17.56 - -0.02 0.00
CAM-GTF Limited $ 340592.92 340592.92 -8106.27 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer A-GBP £ 15.23 - -0.04 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.27
Allianz Global Investors GmbH(1200) F (UK) Atlantas Sicav (LUX) USD Accumulating Share Class $ 16.94 - -0.09 0.00 GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 CAM GTi Limited $ 737.96 - -0.80 0.00 China Focus A-GBP £ 4.30 - -0.04 0.24
Regulated GAM Star Cautious GBP Acc £ 10.41 - -0.01 -
GBP Accumulating Share Class £ 18.29 - 0.02 0.00
Authorised Inv Funds Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61 Global Financial Services A-GBP £ 0.43 - 0.00 0.00
American Dynamic $ 3372.48 - -57.35 0.00 CCLA Investment Management Ltd (UK) FIL Investment Services (UK) Limited (1200)F (UK) GAM Star China Equity USD Acc F $ 22.23 - -0.19 0.50
OEIC Senator House 85 Queen Victoria Street London EC4V 4ET GBP Distributing Share class £ 13.43 - 0.01 0.63
American One $ 3117.50 - -62.55 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - 0.00 0.00
Allianz BRIC Stars A Acc 159.98 - -0.74 0.61 Property & Other UK Unit Trusts EUR Accumulating Share Class € 22.47 - 0.20 0.00 Callfree: Private Clients 0800 414161 GAM Star Cont European Eqty GBP Acc F £ 3.35 - -0.02 0.00
Bond Global € 1360.06 - -6.34 0.00 Global Industrials A-GBP £ 0.70 - 0.01 0.00
Allianz BRIC Stars C Acc 170.57 - -0.77 1.04 CBF Church of England Funds Dodge & Cox Worldwide Funds plc-International Stock Fund Broker Dealings: 0800 414 181 GAM Star Cred Opportunities GBP Acc £ 12.61 - -0.01 4.12
Eurocroissance € 819.73 - -10.98 0.00 Investment Inc 1340.27 1355.09 2.50 3.78 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.20 - 0.00 0.51
Allianz Brazil Fund A Acc 58.27 - -0.61 0.97 USD Accumulating Share Class $ 15.14 - -0.17 0.00 GAM Star Defensive GBP Acc £ 10.93 - -0.01 0.00
Far East $ 695.65 - -8.87 0.00 Unit Trust Global Real Asset Securities £ 1.51 - 0.00 0.00
Investment Acc 2648.50 2677.80 4.93 - EUR Accumulating Share Class € 15.75 - 0.06 0.00 GAM Star Discretionary FX USD Acc F $ 12.92 - -0.02 0.00
Allianz Brazil Fund C Acc 59.62 - -0.61 1.65 Cash Accum Units 186.23 186.23 0.00 0.00
Global Equity Inc 159.57 161.33 0.28 4.31 Global Technology A-GBP £ 0.24 - 0.00 0.00
Allz Continental European A Acc 856.26 - -10.13 0.20 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund GAM Star Dynamic Gbl Bd USD Acc H $ 10.55 - -0.11 1.44
Cash Fund £ 1.00 1.00 0.00 0.12 Global Telecomms A-GBP £ 0.29 - 0.00 1.01
BLME Asset Management (LUX) Global Equity Acc 225.02 227.50 0.40 - USD Accumulating Share Class $ 18.39 - 0.05 0.00
GAM Star Emerging Asia USD Class ACCU $ 13.24 - 0.08 0.47
Allz Continental European C Acc 138.00 - -1.63 1.04 Gross Accum Cash £ 1.28 1.28 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF
UK Equity Inc 146.85 148.33 0.27 4.05 Cheyne Capital Management (UK) LLP (IRL) GBP Accumulating Share Class £ 18.78 - 0.18 0.00 India Focus A-GBP £ 4.78 - -0.02 0.00
Allz European Eq Inc A Inc 136.56 - -1.26 3.59 Regulated Regulated GAM Star Emerg. Market Rates USD Acc F $ 11.56 - -0.03 0.00
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11 Latin America A-GBP £ 1.70 - -0.01 0.18
UK Equity Acc 210.69 212.81 0.39 - EUR Accumulating Share Class € 21.09 - 0.37 0.00
Allz European Eq Inc A Acc 184.76 - -1.69 3.75 $ Income Fund - Share Class A Acc $ 1138.88 - -0.47 0.00 Cheyne Convertibles Absolute Return Fund € 1346.41 - -1.44 0.00 GAM Star European Eqty USD Acc F $ 22.25 - -0.16 0.00
MoneyBuilder Global £ 2.61 2.61 -0.01 0.19
Fixed Interest Inc 173.35 174.05 0.02 3.96 GAM Star Flexible Gbl Port GBP Ac £ 12.69 - 0.00 0.00
Allz European Eq Inc C Acc 103.73 - -0.94 3.56 $ Income Fund - Share Class B Acc $ 1158.28 - -0.46 0.00 Cheyne European Real Estate Bond Fund € 112.50 - 0.16 0.00 OEIC Funds
Fixed Interest Acc 510.35 512.39 0.05 - Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 100.32 - -0.92 3.48 $ Income Fund - Share Class C Acc $ 1008.42 - -0.43 0.00 Cheyne Global Credit Fund € 120.75 - 0.16 0.00 American £ 27.70 - -0.11 0.00 GAM Star GAMCO US Equity Acc F $ 13.75 - 0.05 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Property Fund Inc 124.33 128.50 0.10 6.51 GAM Star Global Conv Bond USD Acc F $ 11.34 - 0.00 0.00
Allianz EcoTrends A Acc 87.22 - -0.18 0.00 $ Income Fund - Share Class D Dis $ 1001.38 - -0.41 - American Special Sits £ 11.15 - 0.01 0.00 FCA Recognised
Property Fund Acc 216.50 223.76 2.85 - American Fund USD Class $ 78.79 - -0.07 0.00 GAM Star Global Rates USD Acc F $ 12.65 - 0.05 0.00
Allianz EcoTrends C Acc 91.55 - -0.19 0.00 $ Income Fund - Share Class G Acc £ 1076.91 - -0.39 0.00 Cheyne Capital Management (UK) LLP Asia Pacific Ops W-Acc £ 1.07 - 0.00 -

Allianz Gilt Yield Fund C Inc 171.35 - -0.87 1.86 $ Income Fund - Share Class M Acc € 1016.82 - -0.41 0.00 Other International Funds Fidelity Asian Dividend Fund A-Accumulation £ 1.16 - 0.00 0.48 American Fund GBP Hedged £ 42.91 - -0.04 0.00 GAM Star Global Selector USD Acc F $ 14.37 - -0.05 0.00
CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.00 0.00
Asset Management Latin American Fund USD Class $ 15.71 - -0.34 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 177.09 - -0.90 1.86 $ Income Fund - Share Class W DisA$ 1028.16 - -0.37 - Fidelity Asian Dividend Fund A-Income £ 1.12 - 0.00 2.60 GAM Star Japan Eqty USD Acc F $ 11.96 - -0.10 0.38
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00 Dominion Fund Management Limited
Allianz Japan A Acc 491.37 - 1.35 0.00 Gl Sukuk Fund - Share Class A Acc $ 1209.82 - -1.56 0.00 Property & Other UK Unit Trusts China Consumer £ 1.52 - 0.00 0.21 GAM Star Keynes Quant Strat USD Acc F $ 12.37 - -0.01 0.00
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 -
Allianz Japan C Acc 110.89 - 0.31 0.00 Gl Sukuk Fund - Share class B Acc £ 1077.16 1077.16 -1.29 0.00 COIF Charity Funds (UK) Guernsey - Channel Islands United Kingdom GY1 3PU Emerging Asia £ 1.25 - -0.01 0.24 GAM Star Local EM Rates and FX USD Acc $ 11.87 - 0.02 0.00
Investment Inc 1232.30 1245.94 9.66 3.73 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Allz RiskMaster Conservative A Acc 119.27 - -0.51 0.00 Emerg Eur, Mid East & Africa H £ 1.49 - -0.02 0.84 GAM Star North of South EM Equity Acc F $ 11.83 - -0.04 0.02
Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 - FCA Recognised
Allz RiskMaster Conservative C Acc 120.83 - -0.50 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Investment Acc 11493.97 11621.11 90.16 - Enhanced Income - Acc £ 1.88 - -0.01 6.74 GAM Star Technology USD Acc F $ 16.09 - -0.06 0.00
DGT - Consumer £ I Class £ 130.41 - -0.27 0.00
Regulated Ethical Invest Inc 190.84 192.96 1.50 3.80 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00
Allz RiskMaster Defensive A Acc 113.13 - -0.49 0.00 Enhanced Income - Inc £ 1.28 - -0.01 6.90 GAM Star US All Cap Eqty USD Acc F $ 13.98 - 0.03 0.00
DGT - Consumer £ R Class £ 125.81 - -0.27 0.00
Global Liquidity USD $ 1.00 - 0.00 0.22 Ethical Invest Acc 235.83 238.43 1.84 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00
Allz RiskMaster Defensive C Acc 114.66 - -0.46 0.14 European - Inc £ 1.42 - -0.01 2.35 GAM Star Worldwide Eqty USD Acc F $ 3286.83 - 2.15 0.37
DGT Managed - £ I £ 1.13 - -0.01 0.00
Global Equity Inc 151.11 152.79 0.79 4.29 Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 125.07 - -0.74 0.00 European £ 16.00 - -0.18 1.58
DGT Managed - £ R £ 1.15 - 0.00 0.00 Incorporated in New Zealand, Reg No 5141841
Barclays Investment Funds (CI) Ltd (JER) Global Equity Acc 215.86 218.24 1.15 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 -
Allz RiskMaster Growth C Acc 127.75 - -0.74 0.03 European Opportunities £ 3.58 - -0.03 0.37 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand GYS Investment Management Ltd (GSY)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Fixed Interest Inc 140.44 141.00 -1.60 3.91 www.fftinvestmentfund.com Regulated
Allz RiskMaster Moderate A Acc 123.58 - -0.59 0.00 FCA Recognised Extra Income £ 0.27 - 0.00 3.59
Dominion Fund Management Limited Taurus Emerging Fund Ltd $ 246.03 251.05 -5.28 0.00
Allz RiskMaster Moderate C Acc 125.63 - -0.59 0.48 Bond Funds Fixed Interest Acc 781.05 784.19 -8.88 - CMI Asset Mgmt (Luxembourg) SA (LUX)
Extra Income - Gross £ 0.27 - 0.00 3.59
info@fftinvestmentfund.com
Other International Funds
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 Other International Funds
Sterling Bond F £ 0.48 - 0.00 3.25 Property Inc 106.95 110.53 0.04 6.12
Allz Sterling Total Return Fund A Inc 154.14 - -0.38 2.99 FCA Recognised DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 108.11 108.11 1.20 0.00 Global Dividend - Acc £ 1.55 - 0.00 2.98 Fleming FT Investment Fund
Property Acc 230.09 237.80 0.09 - CMI Global Network Fund (u) Generali International Limited
Allz Sterling Total Return Fund C Inc 154.98 - -0.38 3.54 DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 108.48 108.48 1.78 0.00 Global Dividend - Inc £ 1.41 - -0.01 3.20 Fleming Fund $ 2.73 2.83 0.02 -
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Allz Total Return Asian A Acc 688.23 - -2.04 -
Baring Fund Managers Ltd (1200)F (UK) Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds
Global Focus £ 12.95 - -0.04 0.00 International Insurances
Dealing and Enquiries 020 7214 1004 Property 268.44 288.35 2.60 4.55 CMI Continental Euro Equity € 28.65 - -0.24 0.91
Allz Total Return Asian C Inc 634.86 - -1.84 1.15 Fund Information: www.barings.com Global High Yield Fund - A Gross Acc £ 11.95 - 0.01 4.67 Foord Asset Mgt (Guernsey) Ltd (GSY) Global Multi-Strategy Managed $ 4.86 5.24 0.01 0.00
Authorised Inv Funds CMI Pacific Basin Enhanced Equity $ 44.65 - -0.35 2.37 Regulated
Allz UK Corporate Bond A Inc 109.63 - -0.36 3.66 Global High Yield Fund - A Gross Inc £ 10.35 - 0.02 4.84 UK Multi-Strategy Managed £ 4.84 5.22 0.01 0.00
Dynamic Capital Growth Acc 656.20 693.20 -2.80 1.28 CG Asset Management Limited (IRL) Single Country Equity Sub Funds Foord International Trust $ 34.66 - -0.09 0.00
Allz UK Corporate Bond C Inc 109.96 - -0.36 3.56 Global High Yield Fund - A Net Acc £ 11.61 - 0.01 4.74 EU Multi-Strategy Managed € 2.93 3.16 0.01 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 4090.57 - 24.38 0.86
Allz UK Equity Income A Inc 286.25 - -1.67 4.55 Dynamic Capital Growth Inc 266.40 281.40 -1.20 1.29 00 353 1 434 5098 Global High Yield Fund - A Net Inc £ 10.34 - 0.01 4.83 Global Bond USD $ 3.60 3.88 0.01 0.00
Eastern Acc GBP 675.20 - -2.10 0.00 FCA Recognised CMI UK Equity £ 12.26 - -0.10 2.11 Franklin Templeton International Services Sarl (IRL)
Allz UK Equity Income C Inc 102.44 - -0.60 3.21 Global Property - Acc £ 1.56 - -0.03 1.23
Capital Gearing Portfolio Fund Plc £ 26652.64 26652.64 -216.18 0.62 CMI US Enhanced Equity F $ 78.70 - -0.32 0.57 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Allianz UK Growth A Acc 4381.92 - -19.97 1.67 Eastern Inc GBP 662.70 - -2.00 0.00 Dragon Capital Group Global Property W Inc £ 1.30 - -0.03 - Genesis Asset Managers LLP
Other International Funds
CG Portfolio Fund Plc Index Tracking Sub Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Other International Funds
Allianz UK Growth C Acc 101.48 - -0.46 1.33 Europe Select Inc GBP 2433.00 - -26.00 0.64 Global Special Sits £ 24.46 - -0.08 0.04 Franklin Emerging Market Debt Opportunities Fund Plc
Real Return Cls A £ 171.44 171.44 -4.28 2.28 Euro Equity Index Tracking € 19.39 - -0.32 2.00 Fund information, dealing and administration: funds@dragoncapital.com Emerging Mkts NAV £ 5.88 - -0.02 0.00
European Growth Inc 992.20 1046.00 -12.80 1.07 Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29
Allianz UK Unconstrained C Acc 100.69 - -0.45 0.74 Other International Funds Index Emerging Markets P-Acc £ 1.12 - 0.00 -
Dollar Fund Cls D £ 132.01 132.01 -3.79 1.55 Japan Index Tracking ¥ 750.76 - 3.66 0.94
German Growth Acc GBP 571.90 - -10.70 0.74 Vietnam Enterprise Inv. (VEIL) NAV $ 3.47 - -0.04 0.00 Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.11 5.94
Allianz UK Unconstrained A Acc 209.45 - -0.94 0.85 Index Europe ex UK P-Acc £ 1.02 - -0.01 0.16
Capital Value Fund Cls V £ 129.33 129.33 -1.07 0.27 UK Eqty Index Tracking £ 15.77 - -0.11 2.90 Guardian (UK)
German Growth Inc GBP 527.90 - -9.90 0.54 Vietnam Growth Fund (VGF) NAV $ 22.62 - -0.10 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.61 - -0.01 5.96
Allianz UK Index C Acc 1823.16 - -12.94 2.93 Index Japan P-Acc £ 1.06 - 0.00 0.02
US Eqty Index Tracking $ 57.74 - -0.18 0.80 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Bond Inc 121.00 127.10 -0.50 1.82 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.00 0.00 Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97
Allianz UK Index C Inc 1294.52 - -9.25 2.47 Index Pacific ex Japan P-Acc £ 1.15 - 0.00 - Insurances
Managed Sub Funds
Global Growth Inc 374.90 395.00 0.10 0.00 Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03 Guardian Assurance
Allianz UK Mid Cap A Acc 3732.10 - -49.33 0.88 Index UK A-Acc £ 0.86 - -0.01 1.18
Global Bond £ 1.51 - 0.00 0.84
Allianz UK Mid Cap Fund C Acc 3790.54 - -49.85 1.69 Japan Growth Acc 129.90 136.90 0.50 0.00 DSM Capital Partners Funds (LUX) Index UK P-Acc £ 1.05 - 0.00 0.97 Property Bond £ 23.35 24.32 0.00 -
Global Network Mgd Global Mxd £ 2.37 - 0.00 0.19
Allianz US Equity A Acc 403.17 - 1.95 0.13 Korea Acc 260.80 276.50 -1.70 0.00 www.dsmsicav.com
Index US A-Acc £ 1.60 - -0.01 1.32 Franklin Templeton Investment Funds (LUX) Choices Wth-Pfts Lg-tm 316.90 333.60 0.00 -
Global Equity £ 2.62 - 0.00 0.02 Regulated 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 186.18 - 0.91 0.81 Multi Asset A Acc ... C 157.00 - -0.20 0.73 Index US P-Acc £ 1.24 - 0.00 1.73 Choices Wth-Pfts St-tm 269.00 283.10 0.10 -
Bond Sub Funds Global Growth I2 Acc € 126.49 - 0.96 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 151.60 - -0.20 0.74 Index World A-Acc £ 1.42 - -0.01 1.70 FCA Recognised Choices Managed 627.84 660.88 -0.35 -
CMI Euro Bond F € 47.19 - -0.12 1.80
All transactions to Ser A units the sell price will be used UK Growth Inc 249.10 263.40 -1.80 1.37
Canada Life Investments (UK) Class A Dis
Index World P-Acc £ 1.16 - 0.00 2.10 Choices Equity 709.84 747.20 1.26 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.27 - -0.04 2.02 Ecclesiastical Inv Mgt Ltd (1200)F (UK)
Charity Fund Frk Gbl R.Estate (USD) A Dis $ 10.42 - -0.19 2.19
Authorised Inv Funds PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Japan £ 2.58 - -0.01 0.25 Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
0800 032 6347 (charity enquiries) CMI US Bond $ 13.46 - -0.07 1.51
Amundi Funds (LUX) Asia Pacific B Acc 899.60 - -3.41 0.95 Authorised Inv Funds Frk High Yield $ 6.81 - 0.03 -
Freedom With Pfts Short-Tm 196.10 206.50 0.00 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Currency Reserve Sub Funds Japan Smaller Companies £ 1.81 - 0.00 0.00
Targeted Return Fund Acc 144.80 145.80 -0.40 3.15
www.amundi-funds.com Balanced B Acc 147.17 - -0.90 0.00
Asset Management Amity UK Cls A Inc 205.50 - -1.50 1.47
MoneyBuilder Asset Allocator £ 1.22 - 0.00 0.50
Frk Euro Gov. Bond € 11.56 - -0.02 1.01
Freedom Managed 363.42 382.55 -0.16 -

Asset Management Asset Management

Targeted Return Fund Inc 114.20 114.90 -0.30 3.22 CMI Euro Currency Reserve € 24.96 - 0.00 -
FCA Recognised Corporate Bond B Inc 217.60 - -0.70 3.81 Amity UK Cls B Inc 204.70 - -1.50 2.31 Frk Euro High Yield € 6.61 - 0.00 4.58
CMI Stlg Currency Reserve £ 4.93 - 0.00 - MoneyBuilder Balanced £ 0.51 - -0.01 4.04 Freedom Equity 410.58 432.19 0.59 -
Bd. Euro Corporate AE Class - R - EUR € 19.06 - 0.02 0.00 European B Acc 240.47 - -2.77 0.00 Higher Income Cls A Inc 130.20 - -0.50 4.72 Frk Euro Liquid Reserve € 4.37 - 0.00 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Money Builder Dividend £ 2.64 - -0.02 4.39 Corp Pens Mananged 221.64 221.64 -0.13 -
Bd. Global AU Class - R - USD $ 26.84 - -0.19 0.00 Baring International Fd Mgrs (Ireland) (IRL) Frk Euro Short Dur Bond Fd € 10.21 - 0.00 -
Global Bond B Inc 96.91 - -0.04 2.18 Higher Income Cls B Inc 133.60 - -0.50 4.65 Corp Pens Equity 231.73 231.73 0.41 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 CMI Access 80% Gu F € 5.65 - -0.02 0.00 MoneyBuilder Growth £ 0.74 - -0.01 2.17
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised Global Equity B Acc 606.62 - -0.26 1.45 UK Equity Growth Cls A Inc 227.50 - -1.40 0.48 Frk Europ Corp Bond Fd € 11.60 - 0.01 1.64
MoneyBuilder Growth ISA £ 0.75 - -0.01 2.33 Corp Pens Fixed Interest 305.40 305.40 -0.93 -
Eq. Emerging World AU Class - R - USD $ 94.25 - -0.55 0.00 ASEAN Frontiers A GBP Inc £ 126.07 - 0.47 0.91 Global Equity Income B Inc 126.30 - -0.22 3.90 UK Equity Growth Cls B Inc 231.90 - -1.40 1.29 Frk European Total Return € 10.42 - -0.01 1.48
MoneyBuilder Income £ 0.37 - 0.00 3.23 Corp Pens Index Linked 359.03 359.03 -2.17 -
Cohen & Steers SICAV (LUX)
Eq. Greater China AU Class - R - USD $ 623.86 - -2.23 0.00 Asia Growth A GBP Inc H £ 46.00 - -0.08 0.00 Global High Yield Bond B Inc 101.60 - 0.40 5.04 Amity Balanced For Charities A Inc 113.10 - -0.60 5.36 Frk Global Aggr.Inv.Grd Bond Fd $ 10.73 - -0.07 0.00
Regulated MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23 Corp Pens Deposit 190.28 190.28 0.00 -
Eq. Latin America AU Class - R - USD $ 434.73 - -6.17 0.00 Australia A GBP Inc £ 75.44 - 0.46 2.27 Global Infrastructure B Acc 117.20 - -0.42 1.72 European Real Estate Securities € 22.6735 - -0.1334 1.35 Amity European Fund Cls A Inc 195.80 - -3.00 1.25 Frk Global Aggregate Bond Fd $ 10.15 - -0.07 1.27
Multi Asset Adventurous A-Acc £ 1.35 - -0.01 0.46 Corp Pens Protector 376.39 376.39 -2.75 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.18 - 0.16 0.00 Baring China Bond Fund $ 10.12 - -0.01 0.00 Global Resource B Acc 93.25 - -0.27 0.07 Europ.RealEstate Sec. IX € 29.8440 - -0.1757 0.00 Amity European Fund Cls B Inc 197.40 - -3.10 2.13 Frk Global Income Fd $ 10.34 - 0.03 5.55
Multi Asset Alloc Adventurous A-Acc £ 3.67 - -0.02 2.29 Corp Pens UK Index Tracker £ 2.00 2.00 0.01 -
Baring Emerging Markets Corporate Debt Fund $ 9.21 - -0.03 0.00 Japan B Acc 48.53 - 0.10 0.00 Gbl RealEstate Sec. I $ 11.3753 - -0.1789 1.29 Amity Global Equity Inc for Charities A Inc 106.40 - -0.30 3.92 Frk Income $ 12.70 - -0.04 3.09 Guardian Linked Life Assurance Ltd
Multi Asset Alloc Strategic A-Acc £ 1.21 - -0.01 0.27
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 12.05 - -0.09 0.00 Portfolio III B Acc 108.99 - -0.44 1.37 Gbl RealEstate Sec. IX $ 13.2662 - -0.2086 0.00 Amity International Cls A Inc 218.90 - -0.80 1.28 Frk US Government $ 9.48 - -0.01 2.29 Managed Acc £ 18.23 19.19 -0.02 -
Multi Asset Alloc Def - Gross A £ 1.14 - -0.01 0.27
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.19 - -0.06 0.74 Portfolio IV B Acc 109.52 - -0.47 1.82 Amity International Cls B Inc 220.50 - -0.70 2.09 Equity Acc £ 33.39 35.15 0.04 -
AEF Ltd Usd $ 589.68 - 4.87 - Multi Asset Alloc Def - Net A £ 1.14 - 0.00 0.24
Dynamic Emerging Markets A GBP Acc F £ 9.81 - -0.01 0.00 Portfolio V B Acc 109.89 - -0.47 0.87 Amity Sterling Bond Fund A Inc 110.20 - -0.10 5.19 Frk US Low Duration Fd $ 9.90 - 0.01 0.53 Fixed Interest Acc £ 17.43 18.35 -0.05 -
AEF Ltd Eur € 591.65 - 4.91 0.00 Multi Asset Alloc Growth A £ 1.26 - 0.00 0.00
Eastern Europe A GBP Inc £ 43.35 - 0.09 0.79 Portfolio VI B Acc 110.06 - -0.50 1.00 Amity Sterling Bond Fund B Inc 118.50 - -0.10 5.18 Frk US Total Return $ 11.50 - -0.02 1.56 International Acc £ 13.26 13.96 0.00 -
Multi Asset Defensive £ 1.24 - -0.01 0.35
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.86 - -0.14 6.60 Portfolio VII B Acc 107.87 - -0.51 0.78 Tem Asian Bond $ 13.58 - 0.00 3.04 Nth American Acc £ 6.76 7.12 0.02 -
Multi Asset Defensive - Gross £ 1.25 - 0.00 0.34
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 32.98 - -0.14 0.29
Emerging Opportunities A GBP Inc H £ 19.92 - -0.08 0.00 North American B Acc 868.75 - -3.88 0.45 Eclectica Asset Management (UK) Pacific Acc £ 3.89 4.10 -0.03 -
FCA Recognised Multi Asset Growth £ 1.40 - 0.00 0.34
Glb Emerging Markets A GBP Inc H £ 20.03 - -0.11 0.44 40 Dukes Place, London EC3A 7NH Tem Emerging Markets $ 32.95 - -0.41 0.27
Arbiter Global Emerging Markets Fund Class A USD $ 110.48 - -0.53 0.00 Strategic Return B Acc 105.56 - -1.43 - MultiManager Balanced £ 1.09 - 0.00 0.56 European Acc £ 3.34 3.52 -0.02 -
Order desk: 0845 6080941 Switchboard 0870 6072555
Glb Resources A GBP Inc H £ 12.81 - 0.00 0.34 Total Return B Acc 106.12 - -0.59 1.24 Comgest SA (LUX) Tem Emg Mkts Balanced AQdis $ 7.86 - -0.07 2.87 Property Acc £ 6.74 7.10 0.00 -
Arbiter Global Emerging Markets Fund Class B GBP £ 102.18 - -0.34 - Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77
High Yield Bond A GBP Hedged Inc H £ 6.82 - 0.03 6.62 17 square Edouard VII - 75009 Paris, www.comgest.com Authorised Inv Funds Tem Emg Mkts Bd $ 17.22 - 0.00 6.69
UK Equity B Inc 109.70 - -0.84 1.51 Multi Asset Open Strategic A-Acc £ 1.26 - 0.00 1.60 Index-Linked Acc £ 6.74 7.10 -0.04 -
FCA Recognised
Hong Kong China A GBP Inc £ 605.04 - 0.60 0.58 CF Eclectica Agriculture A EUR Acc € 1.49 - 0.01 0.00 Tem Global $ 34.10 - -0.20 0.47
Arisaig Partners UK Equity & Bond Income B Inc 237.22 - -1.62 4.59 Comgest Asia F $ 4091.65 - -0.32 0.00 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32 Deposit Accum £ 4.46 4.69 0.00 -
Other International Funds India Fund - Class A GBP Inc £ 15.35 - -0.21 0.00 CF Eclectica Agriculture A GBP Acc 110.42 - -0.22 0.00 Tem Global (Euro) € 18.88 - 0.17 0.37 Guardian Pensions Management Ltd
UK Equity Income B Inc 419.41 - -3.46 4.51 Comgest Europe F SFr 5482.40 - -44.17 0.00 Multi Asset Strategic £ 1.56 - 0.00 0.51
Arisaig Africa Consumer Fund Limited $ 16.85 - -0.29 0.00 Latin America A USD Inc H $ 34.57 - 0.02 - CF Eclectica Agriculture A USD Acc $ 1.68 - -0.01 0.00 Tem Global Balanced $ 22.81 - -0.11 0.64 Pens. Managed Acc. £ 23.71 24.96 -0.02 -
UK Government Bond B Inc 48.65 - -0.24 2.18 Open World A-Acc £ 1.22 - 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 63.42 - 0.41 0.00 MENA A GBP Inc F * £ 14.85 - -0.08 - CF Eclectica Agriculture C EUR Acc € 1.54 - 0.01 0.32 Tem Global Bond $ 21.00 - 0.09 2.32 Pens. Equity Acc. £ 35.75 37.63 0.06 -
Comgest SA (FRA) Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66
Arisaig Global Emerging Markets Consumer Fund $ 10.51 - -0.02 0.00 17 square Edouard VII - 75009 Paris CF Eclectica Agriculture C GBP Acc 114.15 - -0.22 0.36 Tem Global Bond (Euro) € 10.37 - 0.03 2.89
Capita Asset Services (UK) Multi Asset Income A Gross Inc £ 1.13 - -0.01 5.06
Arisaig Global Emerging Markets Consumer UCITS € 12.02 - 0.07 0.00 Baring International Fd Mgrs (Ireland) (IRL) 40 Dukes Place, London EC3A 7NH FCA Recognised CF Eclectica Agriculture C USD Acc $ 1.72 - -0.02 0.38 Tem Global Equity Income A(Mdis) $ 10.02 - -0.05 3.69 HPB Assurance Ltd
Order Desk 08459 220044 Switchboard 0870 607 2555 Multi Asset Income A Net Acc £ 1.49 - 0.00 3.67
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.44 - 0.00 0.00 Regulated Comgest Magellan € 21.41 - -0.05 0.00 Tem Global High Yield Fd F $ 9.48 - 0.04 4.99 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Authorised Inv Funds Multi Asset Income A Net Inc £ 1.13 - -0.01 5.06 International Insurances
Arisaig Latin America Consumer Fund $ 22.85 - -0.28 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00
Tem Global Income $ 14.18 - -0.01 1.64
CF Heartwood Cautious B Acc 129.40 - -0.29 0.37 South East Asia £ 8.40 - -0.01 0.45 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
Comgest AM International Ltd (IRL) Tem Global Smaller Cos $ 33.40 - -0.13 0.00
CF Heartwood Cautious Income B Inc 113.09 - -0.26 2.07 46 St Stephen's Green, Dublin 2, Ireland Special Situations £ 28.48 - -0.10 1.77 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
FCA Recognised Tem Global Total Return $ 17.84 - 0.08 3.56
CF Heartwood Growth B Acc 145.97 - -0.40 0.65 Strategic Bond £ 0.33 - 0.00 3.23
CF Heartwood Balanced Income B Inc 116.37 - -0.31 2.38 Comgest Gth Asia Pac ex Jap DIS F $ 8.15 - -0.06 0.30

Asset Management
Asset Management Asset Management
 26 ★ FINANCIAL TIMES Tuesday 10 February 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

European Opportunities Acc F 77.10 - -0.42 0.18 Invesco Euro Corporate Bond Fund (A) € 17.62 - 0.00 0.00 UK Smaller Cos Inc 65.02xd - -0.09 0.00 New Zealand Dollar NZ$ 209.8480 - 0.0510 2.68 (Accum Units) 6779.30xd - -25.49 4.24 Emerging Markets 242.96 - -1.61 1.70

Hamon Investment Group European Smlr Cos Acc F 164.48 - -0.69 0.00 Invesco Euro Inflation Linked Bond A € 15.80 - -0.03 0.00 UK Strategic Eq Inc Acc ... C 148.30xd - -1.10 3.39 Sterling Class £ 52.5360 - 0.0010 0.19 M&G Property Portfolio A Acc 125.90xd 132.52 0.02 3.94 ETF Global Growth A 159.08 - -0.85 0.00
Other International Funds Global Bd Acc (Gross) F 129.97 - -0.06 1.06 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Eq Inc Inc ... C 99.02xd - -0.73 3.47 US Dollar Class $ 60.5760 - -0.0020 -0.32 Property Portfolio A 117.97xd 124.17 0.02 4.03 ETF Commodity A 84.12 - 0.57 0.00
Asian Market Leaders - USD $ 25.97 - -0.15 0.00 Lloyds Multi Strategy Fund Limited
Global Bd Inc (Gross) F 80.98 - -0.04 1.07 Invesco European Bond A € 7.14 - -0.01 0.00 UK Strategic Gth Acc 107.30xd - -1.10 1.23 Property Portfolio X 117.97xd 117.97 0.02 4.02 European Multi-Cap 241.28 - -1.15 0.22
Asian Market Leaders - GBP £ 13.29 - -0.03 0.00 Conservative Strategy £ 1.1610 - -0.0030 2.30
Global Bond Acc F 122.35 - -0.05 1.06 Invesco European Growth Equity A € 23.23 - -0.06 0.00 UK Strategic Gth Inc 100.10xd - -1.00 1.24 Extra Income 80.41 85.09 -0.32 4.10
Greater China - USD $ 10.63 - -0.05 0.00 Growth Strategy £ 1.5420 - -0.0030 1.64
Global Bond Inc F 80.90 - -0.04 1.07 Invesco Global Absolute Return Fund A Class € 11.78 - -0.02 0.00 US Acc 717.90xd - 2.30 0.00 M & G (Guernsey) Ltd (GSY) Far East Growth A Inc 166.69 - -0.80 1.94
Greater China - GBP £ 4.39 - -0.01 0.00 Aggressive Strategy £ 1.8350 - -0.0030 0.00 Regulated
Glbl Distribution Acc 52.72 - -0.04 4.44 Invesco Global Bond A Inc $ 5.57 - -0.03 1.12 US Inc 99.37xd - 0.33 0.00 Global 180.66 190.24 -0.11 0.00 Natixis International Funds (Lux) I SICAV (LUX)
Selected Asian P'folio $ 49.29 49.30 -0.18 0.00 Global USD Growth Strategy $ 1.4180 - -0.0040 0.00 The M&G Offshore Fund Range Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Glbl Distribution Acc (Gross) 53.03 - -0.04 4.44 Invesco Global Equity Income Fund A $ 59.47 - -0.64 0.00 US Equity Income Acc ... C 123.10xd - 0.60 1.84 Global Bond Inc 143.64 152.00 0.05 3.50
Dealing Daily American Fund 164.26 171.11 0.91 0.00 FCA Recognised
Glbl Distribution Inc 51.51 - -0.04 4.46 Invesco Global Inc Real Estate Sec A dist $ 9.81 - -0.17 2.26 US Equity Income £ hdg Inc ... C 102.60xd - -0.20 2.01 High Yield Fixed Interest 73.50 77.98 0.03 5.97 Harris Global Equity R/A (USD) $ 268.31 268.31 -1.21 0.00
Corporate Bond 1361.54 1403.65 -4.00 3.05
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Glbl Distribution Inc (Gross) 51.51 - -0.04 4.46 Invesco Global Inv Grd Corp Bond A Dist $ 12.30 - -0.03 3.04 US Equity Income Inc ... C 106.10xd - 0.50 1.86 Multi Cap Income A Inc 149.21 - -0.93 4.31
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Global Basics 2435.32 2510.64 -5.04 0.00 Harris Concentrated US Equity H-N/A (GBP) £ 146.84 146.84 -0.42 0.00
Enquiries 0117 90090000 Global Equity (acc) F 468.78 - -1.21 0.50 Invesco Global Leisure A $ 36.01 - -0.05 0.00 US Select Acc 111.90xd - 0.60 0.00 Nano-Cap Growth A Acc 96.2905 106.3100 0.0898 - Harris Concentrated US Equity R/D (GBP) £ 104.77 104.77 -0.16 34.05
Global Leaders 3365.99 3506.24 5.52 1.31
Authorised Inv Funds Global Equity (inc) F 427.57 - -1.11 0.50 Invesco Global Smaller Comp Eq Fd A $ 53.52 - -0.49 0.00 US Select Inc 110.50xd - 0.50 0.00 Special Situations A Acc 1006.88 1065.48 -1.53 0.25
Global High Yield Bond 1000.07 1031.00 1.38 4.65 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.02 100.02 -0.06 1.89
Hargreaves Lansdown Funds
Global Equity Income Acc F 119.70 - -0.39 3.23 Invesco Global Structured Equity A $ 45.50 - -0.04 - US Smaller Cos Acc 379.30xd - 2.50 0.00 UK Multi-Cap Growth A Inc 221.72 234.62 -0.81 0.44
Unit Trust Global Macro Bond Fund 11398.88 11751.43 55.40 0.55
Global Equity Income Inc F 100.60 - -0.32 3.31 Invesco Global Total Ret.(EUR) Bond Fund A € 13.46 - -0.01 0.00 US Smaller Cos Inc 99.40xd - 0.66 0.00 UK Micro Cap Growth A 405.44 429.04 -0.34 0.00
Multi-Manager Spec Sits Tst 259.66 273.32 0.68 0.22 Optimal Income Fund 145.59 150.09 -0.09 2.37 Natixis International Funds (Dublin) I plc (IRL)
Gbl Financial Capital Acc 85.97 - 0.02 4.37 Invesco Gold & Precious Metals A $ 4.96 - -0.24 0.00 US Multi-Cap Income 319.66 - 1.16 0.17 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
HL Multi-Manager Income & Growth Trust (Accumulation units) 162.39 170.84 0.17 3.75 Lombard Odier Funds (Europe) S.A (LUX) Recovery Fund Limited 'A' Participating Shares 10721.42 11168.15 -55.98 0.67
Regulated
Gbl Financial Capital Inc 75.21 - 0.01 4.50 Invesco Greater China Equity A $ 46.84 - -0.21 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com MFM - Third Party Funds
HL Multi-Manager Income & Growth Trust (Income units) 100.60 105.83 0.11 3.75 Recovery Fund Limited 'I' Participating Shares 10734.56 10842.99 -56.49 1.47 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.09 14.09 -0.07 0.96
Gbl Financial Cap Acc Gross 89.20 - 0.03 4.87 Invesco India Equity A $ 52.52 - -0.94 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated Junior Oils 104.86 110.96 1.42 0.00
Multi-Manager Bal Mgd Tst 181.24 190.60 0.35 0.89 FCA Recognised Lombard Odier Funds Strategic Corporate Bond Fund 137.67 143.41 -1.31 2.90 Loomis Sayles High Income R/D (USD) $ 9.61 9.61 0.00 13.02
Gbl Financial Cap Inc Gross 75.48 - 0.02 5.06 Invesco Japanese Equity Adv Fd A ¥ 3531.00 - 11.00 0.00 Junior Gold C Acc 27.77 - -0.83 0.00
HL Multi-Manager Equity & Bond Trust (Income units) 109.24 114.79 0.13 2.24 Star Capitol America Absolute Ret Bond (EUR) PA € 12.22 - 0.02 0.00 UK Growth 1535.32 1599.29 -19.97 1.06
MFM Artorius Fund 136.98 - 0.10 0.20 Loomis Sayles Multisector Income R/D (GBP) £ 13.90 13.90 -0.01 4.20
Global Opportunities Acc F 94.13 - 0.04 0.49 Invesco Japanese Value Eq Fd A ¥ 1141.00 - 7.00 0.00 Star Capitol America D € 2636.25 - 15.49 0.00
HL Multi-Manager Equity & Bond Trust (Accumulation units) 145.37 152.76 0.17 2.24 Absolute Ret Bond (USD) PA $ 17.90 - 0.03 0.00
Global Smaller Cos Acc F 1669.59 - -1.47 0.00 Invesco Latin American Equity A $ 7.54 - -0.12 0.00 MFM Bowland 137.09 148.21 0.36 0.00
Multi-Manager Strategic Bond Trust A Acc 169.77 175.02 -0.02 1.75 All Roads (CHF) PA SFr 18.03 - -0.05 0.00
MFM Hathaway Inc 101.94 106.74 -0.57 1.44 Natixis International Funds (UK)
Global Smaller Cos Inc F 1597.11 - -1.41 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 999.00 - -6.00 0.00 JPMorgan Charity Funds (UK)
Multi-Manager Strategic Bond Trust A Inc 143.26 147.69 -0.03 1.75 All Roads (USD) PA $ 11.38 - -0.03 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Global Targeted Rets Acc 57.66 - -0.41 0.28 Invesco Pan European Equity A EUR Cap NAV € 19.29 - -0.13 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 MFM SGWM Managed A Acc 124.59 - 0.01 0.15
Authorised Funds
HL Multi Manager UK Growth 100.17 103.26 0.07 0.00 Property & Other UK Unit Trusts All Roads (GBP) PA £ 11.60 - -0.03 0.00
High Income Acc F 794.59 - -3.60 3.51 Invesco Pan European High Income Fd A € 14.20 - -0.01 1.97 MFM Techinvest Special Situations Acc 107.05 - -1.05 0.09 H2O MultiReturns Fund N/A (GBP) $ 13.04 13.04 -0.08 1.68
UK Equity Fund for Charities I...C £ 2.843320xd 2.854130 -0.019480 3.32 All Roads (EUR) PA € 11.56 - -0.03 0.00
High Income Inc F 446.27 - -2.03 3.60 Invesco Pan European Small Cap Equity A € 19.87 - 0.12 0.00 MFM Techinvest Technology Acc 358.61 - -0.42 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.22 - 0.00 2.05
Haussmann Bond Fund for Charities £ 1.405790xd 1.412820 -0.005770 3.65 Alpha Japan (EUR) PA F € 10.71 - 0.03 0.00
High Yield Fund Acc 108.11 - 0.26 4.20 Invesco Pan European Structured Equity A € 16.34 - -0.12 0.00 MFM UK Primary Opportunities A Inc 320.26 - -1.46 1.33 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - 0.00 -
Other International Funds MFS Investment Funds (LUX)
Alpha Japan (CHF) PA F SFr 13.44 - 0.03 0.00 Slater Investments Ltd - Investment Adviser
Haussmann Cls A $ 2700.75 - -7.45 0.00 High Yield Fund Acc (Gross) 125.14 - 0.31 4.17 Invesco UK Eqty Income A £ 30.71 - -0.13 0.00 FCA Recognised Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.06 - 0.00 -
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1269.00 - 3.00 0.00 MFM Slater Growth 356.27 378.01 -3.72 0.00
Haussmann Cls C € 2368.79 - -0.84 0.00 High Yield Fund Inc 44.14 - 0.10 4.29 Invesco UK Investment Grade Bond A £ 1.03 - 0.00 2.72 Em.Mk.Debt Fd.US Dollar $ 122.03 - -0.09 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.61
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 Alpha Japan (USD) PA F $ 15.35 - 0.04 0.00 MFM Slater Income A Inc 151.19 - -0.23 3.77
Haussmann Cls D SFr 1259.31 - -10.97 0.00 High Yield Fund Inc (Gross) 44.17 - 0.11 4.28 Invesco US Structured Equity A $ 22.23 - -0.32 0.00 FCA Recognised Em.Mk.Debt Fd.Yen 1 ¥ 10348.00 - -6.00 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.06 - 0.00 4.75
Alternative Beta PA F SFr 119.27 - -0.17 0.00 MFM Slater Recovery 155.61 165.10 0.35 0.11
Hong Kong & China Acc F 472.61 - 0.92 0.73 Invesco US Value Eq Fd A $ 32.82 - 0.11 0.00 Europe Convertible Bd A (Dis) - D - EUR F € 13.62 - 0.01 0.96 Em.Mk.Debt Fd.Yen 2 ¥ 15114.00 - 186.00 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.33 - -0.01 0.29
Alternative Beta PA F € 79.91 - -0.10 0.00
Heartwood Wealth Management Limited (IRL) Income & Growth Acc F 947.85 - -7.81 3.66 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Europe Convertible Bd B (Cap) € 15.65 - 0.00 0.00 Em.Mk.Debt Fund Yen 3 ¥ 10374.00 - -7.00 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.31 - 0.00 0.50
Alternative Beta PA F $ 119.39 - -0.16 0.00 Marlborough International Management Limited (GSY)
Regulated Income & Growth Inc F 420.56 - -3.47 3.76 Global Convertible A (Dis) F $ 19.22 - -0.05 0.00 Em.Mk.Debt Fund Yen 4 ¥ 15114.00 - 186.00 0.00
Commodities (CHF) PA SFr 6.19 - 0.00 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Heartwood Caut Multi Asset B Acc 141.95 - -0.19 0.00 Global Convertible B (Cap) F $ 22.82 - -0.07 0.00 Em.Mk.Eq.Fund Euro € 120.14 - 0.18 0.00
Income Acc F 3070.85 - -13.60 3.33 Invesco Global Asset Management Ltd (IRL) FCA Recognised NatWest (2230)F (UK)
Commodities (EUR) PA € 6.24 - 0.00 0.00 PO Box 23873, Edinburgh EH7 5WJ**
Income Inc F 1758.55 - -7.79 3.41 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible A Hdg GBP(Dis) F £ 12.97 - -0.01 0.00 Em.Mk.Eq.Fund Sterling £ 104.98 - -0.49 0.00 Marlborough North American Fund Ltd £ 30.78 31.09 0.44 0.00
FCA Recognised Commodities (USD) PA $ 6.39 - 0.00 0.00 Enquiries: 0800 085 5588
Henderson Global Investors (UK)
Japan Acc F 292.04 - 0.03 0.33 Global Convertible B Hdg GBP (Cap) F £ 15.25 - 0.00 0.00 Em.Mk.Eq.Fd.US Dollar $ 104.09 - -0.63 0.00 Marlborough Tiger Fund Ltd F £ 27.02 27.29 -0.32 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Invesco Stlg Bd A QD F £ 2.67 - 0.00 3.56 Authorised Inv Funds
Convertible Bd P A € 17.19 - -0.03 0.00
Japanese Smlr Cos Acc F 65.42 - -0.38 0.00 Global Convertible Hdg A (Cap) F $ 19.18 - 0.00 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9447.00 - -69.00 6.30 Series 1(Minimum initial investment 16375,000)
www.henderson.com Invesco Asian Equity A $ 6.78 - -0.09 0.10 Convertible Bd Asia PA F SFr 13.59 - -0.01 0.00
Authorised Inv Funds Latin America Acc F 129.99 - -1.36 1.21 Global Convertible B Hdg (Dis) F $ 22.82 - 0.00 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11300.00 - 61.00 5.93 Martin Currie Fund Management Ltd (1200)F (UK) United Kingdom Equity Index Fund £ 13.23 - -0.03 2.50
Invesco ASEAN Equity A $ 104.16 - -0.52 0.38 Convertible Bd Asia PA F € 14.41 - 0.00 0.00 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125
Asia Pacific Capital Growth A Acc 780.90 - -4.50 0.82 Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Loc.Ccy Debt Fd II $ 93.26 - -0.63 0.00 UK Specialist Equity Inc £ 19.68 - 0.00 0.34
Latin America Inc F 109.34 - -1.14 1.22
Invesco Bond A $ 27.79 - -0.29 2.30 Convertible Bd Asia PA F $ 14.49 - -0.01 0.00 Authorised Inv Funds
Asian Dividend Income Inc 96.42 101.76 -0.09 5.81 Global Convertible B Hdg EUR (Cap) F € 17.13 - 0.00 0.00 Gb.Conc.Eq.Fd.Euro € 271.75 - -0.06 0.00 Contl Europe Spec Equity £ 15.78 - -0.04 0.00
Managed Growth Acc F 161.38 - -0.37 0.82 Martin Currie Investment Funds (OEIC)
Invesco Continental Eurp Small Cap Eqty A $ 187.45 - -3.63 0.00 Emerg. Consumer (CHF) PA SFr 12.80 - 0.00 0.00
Cautious Managed A Acc 242.90 - -1.00 3.22 Global Convertible A Hdg CHF (Dis) FSFr 22.76 - 0.00 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 168.54 - -1.09 0.00 Class A (Retail) US Spec Equity Fund £ 13.65 - -0.02 0.00
Managed Growth Inc F 135.16 - -0.31 0.82
Invesco Emerging Markets Equity A $ 39.64 - -0.49 0.00 Emerg. Consumer (EUR) PA € 12.86 - 0.00 0.00
Cautious Managed A Inc 153.80 - -0.70 3.28 Global Convertible B Hdg CHF (Cap) FSFr 25.11 - 0.01 0.00 Gb.Conc.Eq.Fd.Sterling £ 255.69 - -1.65 0.00 Asia Pacific 119.90 - 0.20 1.02 Japan Specialist Fund £ 8.96 - 0.00 0.00
Managed Income Acc F 159.06 - -0.39 3.17
Invesco Emerging Markets Bond A $ 21.41 - -0.04 4.72 Emerg. Consumer (USD) PA $ 12.84 - 0.00 0.00
China Opportunities A Acc 855.30 - 2.10 0.38 Gb.Conc.Eq.Fd.US $ 195.13 - -1.52 0.00 China 114.00 - -0.10 0.06 Pacific Basin Specialist Equity Fund £ 24.11 - 0.00 0.60
Managed Income Inc F 99.50 - -0.24 3.24
Invesco Continental European Equity A € 8.43 - -0.06 0.07 Emerg.Eq. Risk Par.(EUR) PA € 9.04 - 0.06 0.00
Emerging Markets Opportunities A Acc 155.00 - -0.90 0.40 Gb.Eq.Hdg Fd.Euro IRE T € 181.46 - -0.56 0.00 Emerging Mkts 209.50 - -0.70 0.27 UK Sovereign Bd Index Fund £ 11.18 - -0.10 2.58
Money Acc F 90.08 - 0.01 0.26
Invesco Gilt A £ 15.41 - -0.08 1.50 Emerg. Eq. Risk Par.(USD) PA $ 7.17 - 0.00 0.00
European Growth A Acc 163.00 - -1.50 0.80 Gb.Eq.Euro Hdg Fd. € 257.40 - -0.79 0.00 European Equity Income A acc 343.70 - -4.80 3.59 UK Specialist Equity Income Fund £ 9.99 - 0.02 3.47
Money Acc (Gross) F 95.17 - 0.01 0.26
Invesco Global Small Cap Equity A NAV $ 121.09 - -0.94 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.29 - -0.01 0.00
European Selected Opportunities A Acc 1246.00 - -13.00 0.49 Gb.Eq.Fund Euro € 278.23 - 0.20 0.00 Global Alpha 134.80 - 0.60 0.38 Global Spec Inv Grade Bd Fund GBP £ 10.39 - -0.05 3.13
Monthly Income Plus Acc F 298.40 - 0.21 4.79
Invesco Global High Income A NAV $ 12.86 - 0.01 5.30 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.71 - -0.05 0.00
European Special Situations A Acc 88.16 - -0.57 1.13 Gb.Eq. Fd Euro IRE T € 175.84 - 0.13 0.00 Global Equity Income Inc 108.90 - -0.40 3.91 Inflation Lkd Sov Bd Fund £ 12.54 - -0.22 0.71
Monthly Income Plus Acc (Gross) F 348.21 - 0.27 4.76
Invesco Gbl R/Est Secs A GBP F F £ 8.25 - -0.15 0.70 Emerg.Loc.Cur.Bd.Fdt PA € 11.96 - 0.03 0.00
Fixed Interest Monthly Income A Inc 22.43 23.53 0.05 5.99 Gb.Eq.Fd.Sterling UK T £ 208.70 - -1.15 0.00 Global Equity Income acc 137.20 - -0.50 3.82 Global Emerg Mkts Equity Fund £ 12.68 - -0.06 0.47
Monthly Income Plus Inc F 113.25 - 0.08 4.89
Invesco Global Health Care A $ 129.16 - -0.91 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 9.42 - -0.05 0.00
Global Care Growth A Inc 201.30 - 1.00 0.12 Swiss & Global Asset Management (LUX) Gb.Eq.Fd.US Dollar $ 315.53 - -2.16 0.00 Japan Alpha 101.80 - 0.10 0.05 Series 2 (Investment Management customers only)
Monthly Income Plus Inc (Gross) F 113.39 - 0.09 4.89
Invesco Global Select Equity A $ 13.22 - -0.14 0.00 funds@swissglobal-am.com, www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.95 - 0.01 0.00 United Kingdom Equity Index Fund £ 13.24 - -0.02 2.85
Global Equity Income A Inc 50.30 - -0.18 3.81 Gb.Eq.Fund Sterling £ 206.72 - -1.14 0.00 North American 256.60 - 2.50 0.00
Pacific Acc F 1011.11 - -1.55 0.37 Regulated
Invesco Jap Eqty Core A $ 1.71 - -0.01 0.00 Euro BBB-BB Fdt PA € 12.57 - 0.01 0.00 UK Specialist Equity Inc £ 19.86 - -0.01 1.51
Global Growth Fund 1990.26 2079.56 -12.39 0.00 Gb.Val.Ex-Jap.Fd.USD $ 119.14 - -0.44 0.00 European Equity Income A Inc 310.60 - -4.30 3.67
Pacific Inc F 928.69 - -1.43 0.37 JB BF ABS-EUR B € 105.47 - 0.02 0.00
Invesco Japanese Equity A $ 17.38 - -0.07 0.00 Euro BBB-BB Fdt PA £ 11.07 - 0.01 0.00 Contl Europe Spec Equity £ 16.45 - -0.05 0.62
Global Technology A Acc 909.90 - 0.20 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13943.00 - 131.00 0.00
Tactical Bond Acc F 69.61 - 0.12 1.76 JB BF Abs Ret Def-EUR B € 111.26 - -0.17 0.00
Invesco Korean Equity A $ 28.59 - -0.50 - Euro BBB-BB Fdt PA $ 17.80 - 0.01 0.00 US Spec Equity Fund £ 14.14 - -0.01 0.16
Multi-Manager Absolute Return A Acc 136.40 - 0.00 0.00 Marwyn Asset Management Limited (CYM)
Tactical Bond Inc F 60.75 - 0.11 1.77 JB BF Abs Ret EM-USD B $ 118.09 - -0.20 0.00
Invesco PRC Equity A $ 51.37 - -0.20 - Euro Credit Bd PA F € 13.16 - 0.01 0.00 Regulated Japan Specialist Fund £ 9.44 - 0.00 0.56
Multi-Manager Active A Acc 175.50 - -0.30 0.00 MFS Meridian Funds SICAV (LUX)
Tactical Bond Acc (Gross) F 72.11 - 0.12 1.75 JB BF Abs Ret-EUR B € 130.14 - -0.07 0.00
Invesco Pacific Equity A $ 49.89 - -0.44 0.18 Euro Government Fdt PA € 12.77 - -0.01 0.00 Marwyn Value Investors £ 465.60 - -59.78 0.00 Pacific Basin Specialist Equity Fund £ 23.92 - 0.00 1.19
Multi-Manager Distribution A Inc 132.10 - -0.10 2.49 Regulated
Tactical Bond Inc (Gross) F 60.81 - 0.11 1.78 JB BF Abs Ret Pl-EUR B € 128.38 - 0.11 0.00
Invesco Global Technology A $ 15.32 - -0.05 0.00 Euro Inflation-Lk Fdt PA € 12.14 - -0.03 0.00 Absolute Return A1 € 19.63 - 0.12 0.00 UK Sovereign Bd Index Fund £ 11.33 - -0.10 2.58
Multi-Manager Diversified A Acc 78.82 - -0.03 2.61
UK Aggressive Acc F 209.13 - -0.89 1.78 JB BF EM Corporate-USD B $ 106.10 - -0.04 0.00
Invesco UK Eqty A £ 8.34 - -0.05 1.11 Euro Resp.Corp. Fdt PA € 18.64 - 0.01 0.00 Asia ex-Japan A1 $ 25.04 - -0.13 0.00 McInroy & Wood Portfolios Limited (UK) UK Specialist Equity Income Fund £ 10.66 - 0.01 3.43
Multi-Manager Global Select Acc 182.00 - -0.50 0.00
UK Aggressive Inc F 174.16 - -0.75 1.81 JB BF EM Infl Link-USD B $ 96.90 - -1.59 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Multi-Manager Income & Growth A Acc 153.50 - -0.10 2.03 Europe High Conviction PA € 11.20 - 0.00 0.00 Bond A1 $ 10.56 - -0.04 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.50 - -0.05 3.13
UK Growth Acc F 566.60 - -3.52 1.82 JB BF EM Inv Grade-USD B $ 102.27 - -0.50 0.00 Authorised Inv Funds
Multi-Manager Income & Growth A Inc 143.80 - -0.10 2.05 Eurozone Small&Mid Caps PA € 47.44 - -0.23 0.00 China Equity Fd A1 $ 10.12 - -0.12 0.00 Inflation Lkd Sov Bd Fund £ 12.66 - -0.22 0.71
UK Growth Inc F 359.48 - -2.23 1.85 JB Emerging (EUR)-EUR B € 338.89 - -0.30 0.00 Balanced Fund Personal Class Units 3945.10 - -9.10 1.83
Multi-Manager Managed A Acc 229.30 - -0.50 0.00 Fdmt.Eq.L/S SH Sd EUR PA € 10.43 - 0.01 - Continental European Eqty A1 € 16.95 - -0.04 0.00 Global Emerg Mkts Equity Fund £ 12.21 - -0.05 0.66
UK Smaller Cos Equity Acc F 773.62 - -1.62 0.62 JB Emerging (USD)-USD B $ 409.50 - -0.21 0.00 Income Fund Personal Class Units 2443.90xd - -12.10 2.81
Fdmt.Eq.L/S SH Sd USD PA $ 10.42 - 0.01 - Emer Mkts Debt Lo Curr Fd A1 $ 13.00 - -0.10 0.00 The initial charge you will pay will depend on the amount you invest
Multi-Manager Managed A Inc 225.10 - -0.50 0.00 Emerging Markets Fund Personal Class Units 1852.40 - -4.80 2.08
UK Smaller Cos Equity Inc F 596.65 - -1.25 0.62 JB BF Local EM-USD B $ 288.47 - -2.11 0.00 **Address and Telephone number for series 1 only
Sterling Bond Acc 204.36 213.53 -0.68 2.84 Gl Aggregate High Conv PA $ 19.20 - -0.13 0.00 Emerging Markets Debt A1 $ 33.25 - 0.04 0.00
UK Strategic Income Acc F 179.59 - -0.91 3.49 JB BF Total Ret-EUR B € 99.25 - -0.11 0.00 Smaller Companies Fund Personal Class Units 3478.60xd - -13.90 1.78
Sterling Bond Inc 64.41 67.30 -0.22 2.88 Gbl.Gvt.Fdmt PA € 10.81 - -0.01 0.00 Emerging Markets Eq.A1 $ 11.76 - -0.08 0.00
UK Strategic Income Inc F 136.76 - -0.69 3.58 JB EF Abs Ret Eur-EUR B € 118.84 - -0.09 0.00
Invest AD Gbl.Gvt.Fdmt.(CHF) PA SFr 22.73 - -0.20 0.00 European Concentrated A1 € 17.36 - -0.03 0.00
Strategic Bond A Inc 130.00 - 0.10 5.74 Meridian Fund Managers Ltd
US Equity Acc F 551.89 - 4.29 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com JB EF Euro Value-EUR B € 189.86 - 0.17 0.00
UK & Irish Smaller Companies A Acc 521.90 - -0.30 0.05 Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.37 - -0.08 0.00 European Core Eq A1 € 29.82 - -0.07 0.00 Other International Funds
Invesco Perpetual Funds (No Trail) Other International Funds
JB EF Japan-JPY B ¥ 16233.00 - 98.00 0.00
UK Absolute Return A Acc 143.60 - -0.20 0.00 Invest AD - Iraq Opportunity Fund $ 70.63 - -0.07 0.00 Gbl.5B Fdmt (EUR) PA € 11.80 - 0.03 0.00 European Res.A1 € 30.95 - 0.02 0.00 Global Gold & Resources Fund $ 204.84 - -17.30 -
Asian (No Trail) Acc F 197.16 - -0.29 1.33
JB EF Luxury B-EUR B € 227.60 - 0.21 0.00
UK Alpha A Acc 108.20 - -0.60 1.05 Invest AD - Emerging Africa Fund $ 1175.44 - -3.08 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.13 - -0.05 0.00 European Smaller Companies A1 € 45.88 - 0.09 0.00 Global Energy & Resources Fund $ 51.93 - -5.53 -
Asian (No Trail) Inc F 179.28 - -0.26 1.34
JB Ms EF Special Val. EUR/A € 145.62 - -0.17 0.77
UK Equity Income & Growth A Inc 617.20 - -3.20 3.45 Invest AD - GCC Focus Fund $ 1739.43 - -0.45 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.13 - -0.02 0.00 European Value A1 € 34.61 - 0.00 0.00
Asian Equity Income (No Trail) Acc F 130.49 - -0.18 3.99 New Capital Fund Management Ltd (IRL)
JB Strategy Balanced-CHF/B SFr 152.43 - -0.57 0.00
UK Index A Acc 506.30 - -3.60 1.99 Asian Equity Income (No Trail) Inc 113.10 - -0.16 4.10
Generation Global (CHF) PA F SFr 12.54 - -0.09 0.00 Global Bond A1 $ 10.72 - -0.07 0.00 Metage Capital Leconfield House, Curzon Street, London, W1J 5JB
JB Strategy Balanced-EUR € 158.72 - -0.15 0.00 Other International Funds
Generation Global (EUR) PA F € 19.69 - 0.02 0.00 Global Conc.A1 $ 36.68 - -0.36 0.00 FCA Recognised
UK Property A Acc 193.08 203.24 0.05 4.04 Balanced Risk 6 No Trail Acc 109.74 - -0.49 0.20
JB Strategy Balanced-USD/B $ 133.60 - -0.56 0.00 MGS -Master Series (Est) $ 223.20 - 10.16 - New Capital UCITS Funds
UK Property A Inc 97.68 102.81 0.03 4.16 Generation Global (USD) PA F $ 15.22 - -0.10 0.00 Global Energy Fund A1 $ 14.50 - -0.09 0.00
Balanced Risk 8 No Trail Acc 113.92 - -0.66 0.45 Asia Pac Bd USD Inst Inc $ 96.38 - -0.22 3.10
JB Strategy Growth-CHF/B SFr 94.30 - -0.39 0.00 MEMO - Master Series (Est) $ 484.95 - 3.97 0.00
UK Tracker A Acc 231.00 - -1.60 1.42 Global Energy (USD) PA F $ 8.92 - -0.03 0.00 Global Equity A1 $ 46.02 - -0.42 0.00
Balanced Risk 10 No Trail Acc 118.19 - -0.86 0.67 Asia Pac Bd USD Ord Inc $ 98.45 - -0.22 2.38
JB Strategy Growth-EUR € 119.97 - -0.08 0.00 MEMO - MEMV Series $ 114.18 - -3.32 0.00
US Growth A Acc 777.30 - 0.80 0.00 Golden Age (CHF) PA F SFr 21.42 - -0.03 0.00 Global Equity A1 € 25.80 - 0.03 0.00
Corporate Bond (No Trail) Acc F 164.88 - -0.17 3.90 Asia Pac Eq EUR Ord Inc € 101.31 - -0.05 2.88
JB Strategy Inc-CHF/B SFr 121.18 - -0.30 0.00
Golden Age (EUR) PA € 14.46 - -0.02 0.00 Global Multi-Asset A1 $ 16.09 - -0.11 0.00
Corporate Bond (No Trail) Inc F 120.40 - -0.13 4.00 Asia Pac Eq GBP Ord Inc £ 104.22 - -0.03 3.27
JB Strategy Inc-EUR/B € 163.15 - -0.02 0.00 Ministry of Justice Common Investment Funds (UK)
Distribution (No Trail) Acc F 168.87 - -0.09 4.13 JPMorgan Asset Mgmt (1200)F (UK) Golden Age (USD) PA F $ 20.11 - -0.03 0.00 Global Res.A1 $ 26.11 - -0.13 0.00
Property & Other UK Unit Trusts
JB Strategy Inc-USD/B $ 149.72 - -0.48 0.00 Asia Pac Eq USD Ord Inc $ 105.15 - -0.03 2.68
60 Victoria Embankment, London EC4Y 0JP Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00
Distribution (No Trail) Inc F 115.17 - -0.07 4.21 Global Total Return A1 € 17.58 - 0.03 0.00 The Equity Idx Tracker Fd Inc 1389.00 1389.00 -3.00 2.74
Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Asia Pac Eq USD Inst Acc $ 108.90 - -0.03 0.00
Emerging Countries (No Trail) Acc F 169.50
Asset Management
- -0.82 0.99 Authorised Inv Funds Sh.T- Money Mkt CHF PA SFr 129.35 - 0.00 0.00 High Yield A1 $ 25.29 - 0.08 0.00 Distribution Units
Asia Pac Eq USD Inst Inc Managemen $ 117.34 - -0.04 3.32

Asset Management
JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 High Yield Fund A1 € 16.24 - 0.21 0.00
Emerging Countries (No Trail) Inc F 159.75 - -0.78 1.00 Dyn Europ Eq EUR Ord Inc € 164.58 - 0.18 1.21
America Eq Fd A - Net Acc 58.87xd - 0.23 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Inflation-Adjusted Bond A1 Mirabaud Asset Management
$ 14.35 - -0.12 0.00 (LUX)
Emerging European (No Trail) Acc F 70.53 - 0.90 3.92 Dyn Europ Eq GBP Ord Inc £ 175.40 - 0.18 1.80
America Eq Fd A - Net Inc 58.86xd - 0.23 0.00 Sw.Fr.Bd(For) PA SFr 24.00 - -0.01 0.00 www.mirabaud.com, marketing@mirabaud.com
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Inc F 64.29 - 0.82 4.03 Japan Equity A1 $ 9.57 - -0.07 0.00
Regulated Dyn Europ Eq USD Ord Inc $ 164.95 - 0.17 1.24
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Asia Acc 125.40xd - -0.40 0.31 Sw.Fr.Credit Bd(For) PA SFr 13.80 - 0.00 0.00 Latin American Equity Fd A1 $ 15.27 - -0.25 0.00
European Equity (No Trail) Acc F 142.81 - -1.85 2.87 Mir. Conv. Bds Eur A EUR € 133.38 - -0.05 0.00 China Equity EUR Ord Acc € 148.10 - -1.04 0.00
FCA Recognised Asia Inc 69.60xd - -0.24 0.30 Tactical Alpha (CHF) PA SFr 10.42 - 0.03 0.00 Limited Maturity A1 $ 14.04 - -0.02 0.00
Hermes Active UK Inflation Fund Class F Acc £ 1.27 1.27 -0.02 0.00 European Equity (No Trail) Inc F 120.62 - -1.56 2.94 Kames Capital ICVC (UK) Mir. Conv. Bds Glb A USD $ 113.45 - 0.02 0.00 China Equity GBP Ord Acc £ 152.23 - -0.97 0.00
Cautious Managed Rt Acc 66.64xd - -0.32 0.17 Tactical Alpha (EUR) PA € 10.65 - 0.03 0.00 Prudent Wealth Fd A1 $ 14.20 - -0.09 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.55 1.55 0.00 0.00 European Equity Income (No Trail) Acc F 146.97 - -1.56 3.23 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Mir. - Eq Asia ex Jap A $ 185.23 - -1.80 0.00 China Equity USD Ord Acc $ 150.23 - -0.96 0.00
Cautious Managed Rt Inc 58.64xd - -0.29 0.17 0800 45 44 22 www.kamescapital.com Tactical Alpha (USD) PA $ 15.27 - 0.04 0.00 Research Bond A1 $ 16.79 - -0.06 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.34 3.34 0.02 0.00 European Equity Income (No Trail) Inc F 115.26 - -1.22 3.31 Mir. - Eq Glb Emrg Mkt A USD $ 103.53 - -0.85 0.00 China Equity USD Inst Acc $ 153.33 - -0.99 0.00
Diversified Real Ret Acc 54.12xd - -0.48 1.02 Authorised Funds
Technology PA € 13.66 - -0.03 0.00 UK Equity A1 £ 8.24 - -0.04 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.24 1.24 0.00 0.00 European High Income (No Trail) Acc F 165.65 - -0.48 3.35 Mir. - Eq Global A USD $ 127.41 - -0.68 0.00 Global Val.Cr.Fd GBP Ord Inc £ 114.29 - 0.11 3.81
Diversified Income B Acc 111.56 - -0.52 0.00
Diversified Real Ret Inc 52.83xd - -0.47 1.02 Technology PA $ 20.72 - -0.04 0.00 US Conc.Growth A1 $ 15.35 - -0.07 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.09 3.09 0.01 0.00 European High Income (No Trail) Inc F 123.38 - -0.35 3.41 Diversified Income B Inc 106.58 - -0.50 0.00 Mir. -Eq Spain A € 26.59 - 0.24 0.00 Global Val.Cr.Fd USD Inst Acc $ 124.08 - 0.12 0.00
Emerging Mkts Acc 157.20xd - -0.90 0.66 Wld Gold Expertise PAF SFr 12.88 - -0.64 0.00 US Government Bond A1 $ 17.16 - -0.08 0.00
Hermes Global Equity Fund Class F Acc £ 1.51 1.51 0.01 0.00 Invesco Perpetual High Yield Fund acc (No trail) 223.20 - 0.56 4.26 Ethical Cautious Managed A Acc 161.17 - -0.91 1.49 Mir. - Eq Swiss Sm/Mid A SFr 277.71 - 0.23 0.00 Global Val.Cr.Fd GBP Ord Acc £ 178.94 - 0.17 0.00
Emerging Mkts Inc 67.63xd - -0.38 0.66 Wld Gold Expertise PA € 10.21 - -0.51 0.00 Value A1 $ 22.07 - 0.01 0.00
Hermes Global Equity Fund Class R Acc € 3.91 3.91 0.02 0.00 Invesco Perpetual High Yield Fund inc (No trail) 169.77 - 0.42 4.35 Ethical Cautious Managed A Inc 134.76 - -0.76 1.51 Mir. - Glb High Yield Bds A $ 109.47 - 0.21 - Global Val.Cr.Fd USD Ord Acc $ 168.44 - 0.16 0.00
Emrg Mkts Inc Acc... C 57.69xd - -0.21 3.83 Wld Gold Expertise PA $ 13.38 - -0.66 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 0.00 - European Opportunities (No Trail) Acc F 160.81 - -0.86 0.76 Ethical Corporate Bond A Acc 197.66 - -0.50 3.35 Mir. - Glb Eq High Income A USD $ 105.13 - -0.31 0.00 Global Val.Cr.Fd EUR Ord Acc € 157.63 - 0.10 0.00
Emrg Mkts Inc Inc... C 52.48xd - -0.19 3.92 LO Selection
European Opportunities (No Trail) Inc F 152.61 - -0.81 0.77 MMIP Investment Management Limited (GSY)
Mir. - Glb Strat. Bd A USD $ 106.62 - 0.04 0.00
Hermes Global High Yield Bond Fund Class F Acc £ 1.11 1.11 0.00 0.00 Ethical Corporate Bond A Inc 113.62 - -0.29 3.35 Swiss Select Equity Inst Acc SFr 102.57 - 0.09 -
Europe Acc 1011.00xd - -13.00 1.36 Balanced (CHF) PA F SFr 106.86 - -0.11 0.00 Regulated
Hermes Global High Yield Bond Fund Class R Acc € 2.85 2.85 0.00 0.00 European Smaller Companies (No Trail) Acc F 201.23 - -0.84 0.54 Ethical Equity A Acc 165.65 - -1.37 1.07 Multi-Manager Investment Programmes PCC Limited Mir. Opp.- Activ.Strategies I $ 99.56 - -1.83 - Swiss Select Equity Ord Acc SFr 101.96 - 0.08 -
Europe Inc 58.27xd - -0.72 1.37 Balanced (EUR) PA F € 126.12 - 0.28 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 -0.01 - Global Balanced Index (No Trail) Acc F 156.31 - -0.52 1.78 High Yield Bond A Acc 116.23 - 0.45 4.41 European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00 US Growth USD Ord Acc $ 202.81 - 0.03 0.00
Conservative (CHF) PA F SFr 104.12 - -0.15 0.00
Asset Management
Eur Dynamic exUK Acc 154.70xd - -2.20 0.63
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.00 - Global Bond (No Trail) Acc F 137.28 - -0.06 1.30 High Yield Bond A Inc 54.39 - 0.21 4.41 Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00 US Growth EUR Ord Acc € 194.39 - -0.07 0.00
set Management Eur Dynamic exUK £ hdg Acc 173.80xd - -1.70 0.54 Conservative (EUR) PA F € 114.93 - 0.07 0.00
Global Bond (No Trail) Inc F 125.54 - -0.05 1.31
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.24
1.22
1.24 -0.01
1.22 -0.01 1.84
-
Glbl Distribution Acc (No Trail) Asset Management 105.81 - -0.09 -
Eur Dynamic exUK Inc
Eur Smaller Cos Acc
71.18xd
425.80xd
-
-
-0.98 0.62
-4.80 0.00
Inflation Linked A Acc
Investment Grade Bond A Acc
Asset Management 133.58
161.48
-
-
-1.26 1.69
-0.28 3.22
Global Allocation (GBP) PA F
Growth (CHF) PA F
£ 9.99
SFr 110.74
-
-
-0.01 0.00
-0.09 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
US Growth GBP Ord Acc
US Growth USD Inst Acc
£ 202.97
$ 186.14
-
-
0.03 0.00
0.02 0.00
Hermes Sourcecap EU Alpha Fund Class R Acc € 2.96 2.96 -0.03 0.00 Glbl Distribution Inc (No Trail) 103.38 - -0.09 -
Asset Management Investment Grade Bond A Inc 119.72 - -0.21 3.22 UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00 Wealthy Nat Bd EUR Inst Inc € 110.59 - 0.06 3.93

Asset Management Asset Management

Eur Smaller Cos Inc 55.38xd - -0.62 0.00 Growth (EUR) PA F € 136.38 - 0.45 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.27 1.27 -0.02 0.00 Global Equity (No Trail) acc F 206.15 - -0.52 1.03 Sterling Corporate Bond A Acc 70.81 - -0.14 2.99 Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00 Wealthy Nat Bd GBP Inst Inc £ 114.13 - 0.08 3.80
Fusion Balanced Acc 54.60 - 0.08 0.00 Vantage 1500 (EUR) MA € 10.36 - 0.00 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 2.97 2.97 -0.03 0.00 Global Equity (No Trail) inc F 192.92 - -0.49 1.04 Sterling Corporate Bond A Inc 31.99 - -0.06 2.99 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00 Montello Real Estate Opportunity Fund (LUX) Wealthy Nat Bd EUR Ord Inc € 109.94 - 0.05 3.65
Fusion Balanced Inc 54.59 - 0.08 0.00 Vantage 3000 (EUR) MA € 10.65 - -0.02 0.00 101 New Cavendish Street,London W1W 6XH
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.48 1.48 -0.01 0.00 Global Equity Income (No Trail ) Acc F 246.67 - -0.79 3.21 Strategic Bond A Acc 183.20 - 0.11 2.71 Wealthy Nat Bd GBP Ord Inc £ 114.76 - 0.08 3.55
Fusion Conservative Acc 54.17 - 0.07 0.00 PrivilEdge Regulated
Hermes UK Small & Mid Cap Fund Class R Acc € 4.40 4.40 0.00 0.00 Global Equity Income (No Trail) Inc F 207.31 - -0.66 3.30 Strategic Bond A Inc 122.81 - 0.07 2.71 Inc.Pt.RMB Dt.CNH PA CNY 99.70 - 0.01 - Manek Investment Mgmt Ltd (1000)F (UK) Wealthy Nat Bd USD Ord Inc $ 111.92 - 0.07 3.51
Fusion Conservative Inc 54.14 - 0.06 0.00 Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 -
Global ex UK Core Equity Index ( No Trail) Acc F 171.26 - 0.72 1.32 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 New Capital Alternative Strategies
Hermes US SMID Equity Fund Class F Acc £ 1.57 1.57 0.02 0.00 UK Equity Absolute Return A Acc 116.53 - 0.05 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.91 - 0.00 -
Fusion Growth Acc 55.87 - 0.09 0.00 Authorised Inv Funds
Hermes US SMID Equity Fund Class R Acc € 3.32 3.32 0.05 0.00 Global ex UK Enhanced Index ( No Trail) Acc F 199.41 - 0.46 1.74 Inc.Pt.RMB Dt.SH EUR PA € 9.92 - 0.01 - All Weather Fd USD Cls $ 119.43 - -0.22 0.00
UK Equity A Acc 224.55 - -1.58 1.18 Growth Fd Acc 58.40 61.92 0.55 0.00 Morant Wright Management Ltd (CYM)
Fusion Growth Inc 55.87 - 0.09 0.00
Gbl Fin Cap No Trail Acc 174.53 - 0.04 4.35 Regulated All Weather Fd EUR Cls € 107.75 - -0.24 0.00
UK Equity Income A Acc 200.09 - -1.69 3.80 Inc.Pt.RMB Dt.USD PA $ 9.96 - 0.01 -
Fusion Growth + Acc 57.33 - 0.11 0.00
Gbl Fin Cap No Trail Inc 152.72 - 0.03 4.48 MW Japan Fd Ltd A $ 23.08 - 0.00 0.00 All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
Hermes Property Unit Trust (UK)
Fusion Growth + Inc 57.34 - 0.11 0.00
UK Equity Income A Inc 160.39 - -1.36 3.90 Jenn. US Eq.Opp. USD PA $ 9.82 - -0.03 -
Manulife Global Fund (LUX)
Property & Other UK Unit Trusts Global Opportunities (No Trail) Acc F 241.31 - 0.11 1.01 MW Japan Fd Ltd B $ 23.36 - 0.00 0.00 Tactical Opps USD Cls $ 167.30 - -7.06 0.00
UK Opportunities A Acc 162.07 - -1.37 1.03 Neubrg.Berman US Core PA $ 14.58 - -0.07 0.00 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 54.12 - 0.03 2.44
Property £ 5.34 5.68 0.04 4.90 Global Smaller Companies (No Trail) Acc F 243.00 - -0.20 0.40 www.manulife.com.hk Tactical Opps EUR Cls € 140.74 - -5.98 0.00
UK Smaller Companies A Acc 236.12 - -2.14 0.28 Sands US Growth PA € 13.82 - -0.03 0.00
Fusion Income Inc...C 52.34 - 0.03 2.49 FCA Recognised
Global Smaller Companies (No Trail) Inc F 233.73 - -0.19 0.40 Sands US Growth PA $ 16.72 - -0.04 0.00 Morant Wright Funds (Ireland) PLC (IRL) Tactical Opps GBP Cls £ 158.17 - -6.72 0.00
Global Allocation A-Net Acc 54.32xd - -0.20 0.64 American Growth Fund Class A F $ 28.6662 - -0.0670 0.00 FCA Recognised
Impax Asset Management (IRL) Global Targeted Rets (No Trail) Acc 116.13 - -0.82 0.81 Will.Blair Gbl. Ldrs PA € 15.34 - 0.01 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Allocation A-Net Inc 53.96xd - -0.21 0.65 Kames Capital Investment Portfolios ICVC (UK) American Growth Fund Class AA F $ 1.6301 - -0.0038 0.00 Morant Wright Fuji Yield CHF Acc HedgedSFr 10.57 - 0.04 -
High Income (No Trail) Acc F 169.26 - -0.76 3.50 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA $ 12.98 - -0.09 0.00
FCA Recognised Global Bond Opport. A - Net Acc 50.25 - -0.01 - American Growth Fund Class AA (HKD) FHK$ 10.2212 - -0.0230 - Morant Wright Fuji Yield EUR Acc Hedged € 10.38 - 0.05 -
High Income (No Trail) Inc F 126.71 - -0.57 3.59 0800 45 44 22 www.kamescapital.com
Env Mkts (Ire) Stl A £ 2.22 - 0.00 0.00
Global Bond Opport. A - Net Inc 50.25 - -0.01 - Authorised Funds Asian Equity Fund Class A F $ 3.1467 - -0.0233 0.40 Morant Wright Fuji Yield GBP Acc Hedged £ 10.57 - 0.05 -
Hong Kong & China (No Trail) Acc F 186.72 - 0.37 1.23
Env Mkts (Ire) Euro A € 2.04 - 0.00 0.00 Property Income B Acc 111.59 - -0.19 - Lothbury Property Trust (UK)
Asset Management
Global Equity Acc 975.20xd - 2.00 0.15 Asian Equity Fund Class AA F $ 1.0135 - -0.0076 0.00 Morant Wright Fuji Yield USD Acc Hedged $ 10.30 - 0.04 -
Income & Growth (No Trail) Acc F 222.30 - -1.82 3.65 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Asset Manageme
Env Mkts (Ire) USD A $ 1.77 - -0.01 0.00 Property Income B Inc 107.74 - -0.19 -
Global Equity Inc 72.48xd - 0.16 0.14 Property & Other UK Unit Trusts Asian Small Cap Equity Fund Class AA F $ 2.1941 - -0.0257 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 10.55 - 0.05 -
Income & Growth (No Trail) Inc F 179.97 - -1.48 3.74
Global Bond exUK Acc 252.60xd - -0.90 0.69 Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28 Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.8789 - -0.1031 - Morant Wright Fuji Yield YEN Acc ¥ 1057.03 - 5.04 -
Income (No Trail) Acc F 168.11 - -0.74 3.31 Northwest Investment Management (HK) Ltd
INDIA VALUE INVESTMENTS LIMITED (INVIL) Global Bond exUK Inc 199.30xd - -0.70 0.69 Kames Capital VCIC (IRL) China Value Fund Class A F $ 8.6047 - -0.0393 0.70 Morant Wright Fuji Yield YEN Dist ¥ 1057.03 - 5.04 - 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
www.invil.mu Income (No Trail) Inc F 126.73 - -0.55 3.40 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Global Consumer Trends Acc 92.90xd - 0.02 0.40 China Value Fund Class AA F $ 2.6976 - -0.0123 0.48 Morant Wright Sakura Fund Sterling Acc Hedged £ 12.41 - 0.06 0.00 Other International Funds
Other International Funds FCA Recognised
Japan (No Trail) Acc F 138.24 - 0.02 0.85 Northwest $ class $ 2282.96 - 24.66 0.00
NAV £ 7.26 - -0.08 0.00 Global Consumer Trends Inc 88.18xd - 0.03 0.37 Absolute Return Bond B GBP Acc 1077.80 - -0.29 - Dragon Growth Fund Class A F $ 1.9895 - -0.0200 - Morant Wright Sakura Fund Euro Acc Hedged € 12.40 - 0.07 0.00
Japanese Smaller Companies (No Trail) Acc F 166.02 - -0.96 0.00 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
Global Eq Income £ hdg Acc... C 66.94xd - -0.59 3.79 Eq Market Neutral B Acc 993.90 - 0.31 - Dragon Growth Fund Class AA HKDHK$ 9.6374 - -0.0959 0.59 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1262.33 - 7.15 0.00
Latin American (No Trail) Acc F 125.22 - -1.30 1.84
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income £ hdg Inc ... C 49.25xd - -0.44 3.85 Eq Market Neutral Plus B Acc 983.92 - 1.35 - Emerging Eastern Europe Fund Class AA F $ 1.3719 - -0.0056 - Morant Wright Sakura Fund Dollar Acc Hedged $ 12.38 - 0.06 0.00
Latin American (No Trail) Inc F 114.35 - -1.19 1.86
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Global Eq Income Acc... C 70.64xd - -0.42 3.66 Emerging Eastern Europe Fund Class A F $ 3.1924 - -0.0131 0.93 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.39 - 0.06 -
High Yield Global Bond A GBP Inc 543.50 - 1.99 4.28
FCA Recognised Managed Growth (No Trail) Acc F 195.03 - -0.44 1.27
Global Eq Income Inc ... C 62.83xd - -0.37 3.75 High Yield Global Bond B GBP Inc 1128.91 - 4.12 4.80 M & G Securities (1200)F (UK) European Growth Fund Class A F $ 10.6170 - -0.0954 1.24
IVI European Fund EUR € 16.93 - 0.02 0.00 Managed Growth (No Trail) Inc F 181.25 - -0.41 1.29 PO Box 9039, Chelmsford, CM99 2XG
Global Financials Acc 728.20xd - 3.30 0.80 Investment Grade Global Bd A GBP Inc 570.67 - -1.68 2.40 European Growth Fund Class AA F $ 0.7688 - -0.0069 0.60
IVI European Fund GBP £ 17.07 - -0.05 1.07 Managed Income (No Trail) Acc F 190.05 - -0.45 3.17 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Global Financials Inc 41.44xd - 0.18 0.80 Kames Global Equity Income B GBP Acc 1124.21 - -3.88 - Authorised Inv Funds Global Contrarian Fund Class AA F $ 0.9399 - -0.0022 0.00
Managed Income (No Trail) Inc F 159.43 - -0.38 3.23
Global High Yield Bond A Mth Net Inc 39.43xd - 0.11 6.99 Kames Global Equity Income B GBP Inc 1095.80 - -3.77 - Charifund Inc 1489.95 - -7.43 4.49 Global Property Fund Class AA F $ 1.0421 - -0.0143 0.73
Monthly Income Plus (No Trail) Acc F 171.45 - 0.12 4.78 Oasis Crescent Management Company Ltd
Global High Yield Bond Acc ... C 100.40xd - 0.30 6.93 Strategic Global Bond A GBP Inc 1125.37 - -0.29 1.56 Charifund Acc 19773.46 - -98.52 4.36 Global Resources Fund Class AA F $ 0.8579 - 0.0001 0.00
Monthly Income Plus (No Trail) Inc F 111.19 - 0.08 4.88 Other International Funds
Global High Yield Bond Inc ... C 39.42xd - 0.12 7.02 Strategic Global Bond B GBP Inc 638.15 - -0.15 2.04 M&G Corporate Bond A Acc 63.93xd - -0.19 3.06 Greater China Opportunities Class AA $ 1.0132 - -0.0075 - Oasis Crescent Equity Fund R 10.01 - 0.04 0.00
Pacific (No Trail) Acc F 186.86 - -0.28 0.84
Global Property Secs Acc 61.21xd - -1.51 0.68 M&G Corporate Bond A Inc 40.90xd - -0.12 3.06 Healthcare Fund Class AA F $ 1.8913 - -0.0123 0.00 Morgan Stanley Investment Funds (LUX)
Pacific (No Trail) Inc F 177.36 - -0.26 0.92 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Global Property Secs Inc 53.06xd - -1.31 0.68 Kleinwort Benson Bank (UK) M&G Dividend A Inc 61.60xd - -0.44 4.18 India Equity Fund Class AA F $ 1.4499 - -0.0249 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Tactical Bond (No Trail) Acc F 142.04 - 0.25 2.23 www.morganstanleyinvestmentfunds.com
Income Fd A - Net Acc 50.43xd - 0.04 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Acc 598.35xd - -4.28 4.03 International Growth Fund Class A F $ 4.6158 - -0.0263 0.14 FCA Recognised Regulated
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Inc F 121.69 - 0.22 2.26 Dealing and enquiries: 0800 024 2400 Oasis Global Investment (Ireland) Plc
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Income Fd A - Net Inc 48.79xd - 0.04 - M&G Episode Growth X Inc 50.95xd - -0.13 1.95 International Growth Fund Class AA F $ 1.0607 - -0.0061 0.00 US Advantage A F $ 55.15 - -0.15 0.00
UK Aggressive (No Trail) Acc F 171.40 - -0.72 2.32 Authorised Inv Funds Oasis Global Equity $ 28.11 - -0.06 0.18
Dealing: 0800 085 8571 Asian Equity A F $ 44.71 - -0.40 0.00
Japan Acc 258.00xd - 0.40 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Income A Acc 144.47xd - -0.70 3.31 Japanese Growth Fund Class A F $ 3.1594 - 0.0457 0.66
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Inc F 144.22 - -0.61 2.37 Oasis Crescent Global Investment Fund (Ireland) plc
www.invescoperpetual.co.uk Japan Inc 62.09xd - 0.08 0.00 HC KB Capital Growth A Acc 170.25 - -0.71 1.36 M&G Episode Income A Inc 123.71xd - -0.61 3.38 Japanese Growth Fund Class AA F $ 0.8133 - 0.0117 0.00 Asian Property A F $ 19.43 - -0.30 0.00
UK Enhanced Index (No Trail) Acc F 404.26 - -3.16 3.29 Oasis Crescent Global Equity Fund $ 28.58 - -0.08 0.00
Authorised Inv Funds Multi-Asset Inc A Mth Net Inc 66.83xd - -0.19 3.70 HC KB Capital Growth A Inc 161.91 - -0.68 1.38 M&G Extra Income A Inc 763.98 - -4.69 4.19 Latin America Equity Fund Class AA F $ 0.9047 - 0.0003 1.46 Asian Property AX F £ 11.82 - -0.16 0.56
UK Enhanced Index (No Trail) Inc F 260.32 - -2.04 3.37 OasisCresGl Income Class A $ 11.07 - -0.02 2.44
INVESCO PERPETUAL Funds
Multi-Asset Inc Acc... C 86.57xd - -0.24 3.64 HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Acc 6035.21 - -37.03 4.08 Russia Equity Fund Class AA F $ 0.3997 - 0.0044 0.00 Diversified Alpha Plus A F € 33.29 - -0.08 0.00
Asian Acc F 472.27 - -0.71 0.82 UK Growth (No Trail) Acc F 149.29 - -0.92 2.34 OasisCresGl LowBal D ($) Dist $ 12.22 - -0.07 0.00
Multi-Asset Inc Inc... C 66.83xd - -0.18 3.73 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Global Basics A Inc 660.62 - -1.36 0.28 Taiwan Equity Fund Class AA F $ 1.5437 - -0.0079 0.22 Emerg Europ, Mid-East & Africa Eq A F € 66.42 - -0.44 0.00
Asian Inc F 424.18 - -0.64 0.83 UK Growth (No Trail) Inc F 122.16 - -0.75 2.39 OasisCresGl Med Eq Bal A ($) Dist $ 12.35 - -0.07 0.04
Multi-Asset Macro Acc 59.93xd - -0.20 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Acc 997.28 - -2.06 0.28 Turkey Equity Fund Class AA F $ 0.8814 - -0.0174 0.00 Emerging Markets Debt A F $ 76.60 - 0.17 0.00
Asian Equity Income Acc F 63.99 - -0.09 4.00 UK Smaller Companies Equity (No Trail) Acc F 250.92 - -0.51 1.14 Oasis Crescent Gbl Property Eqty $ 10.01 - -0.17 1.55
Multi-Asset Macro Inc 59.93xd - -0.20 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Dividend Fund A Acc 199.27xd - -0.10 3.21 US Bond Fund Class AA F $ 1.2191 - -0.0007 - Emerging Markets Domestic Debt AX F £ 12.52 - -0.05 5.21
Asian Equity Income Inc F 55.45 - -0.08 4.11 UK Smaller Companies Equity (No Trail) Inc F 234.17 - -0.48 1.15
Multi-Manager Growth Acc 707.70xd - -3.10 0.46 HC KB Enterprise Equity Income A Inc 112.32 - 0.04 3.78 M&G Global Dividend Fund A Inc 161.20xd - -0.08 3.28 U.S. Bond Fund Class AA Inc F $ 1.0090 - -0.0006 - Emerging Markets Equity A F $ 37.03 - -0.30 0.00
Balanced Risk 6 Acc 54.06 - -0.24 0.00 UK Strategic Income (No Trail) Acc F 710.65 - -3.56 3.47
Multi-Manager Growth Inc 660.40xd - -3.00 0.46 HC KB Enterprise Equity Income A Acc 162.02 - 0.07 3.69 M&G Glbl Emrgng Mkts A Acc 210.34xd - -0.28 0.70 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0162 - -0.0047 - Euro Bond A F € 15.93 - -0.02 0.00
Balanced Risk 8 Acc 56.13 - -0.33 0.04 UK Strategic Income (No Trail) Inc F 541.24 - -2.71 3.56
Natural Resources Acc 473.10xd - -5.20 0.09 HC KB Endeavour Multi Asset Balanced A Acc 134.35 - -0.43 0.81 M&G Glbl Emrgng Mkts A Inc 203.46xd - -0.26 0.70 U.S. Special Opportunities Fund Class AA F $ 0.9150 - 0.0016 7.19 Euro Corporate Bond AX F £ 22.81 - 0.03 1.93
Balanced Risk 10 Acc 58.24 - -0.42 0.27 US Equity (No Trail) Acc F 228.95 - 1.79 0.04
Natural Resources Inc 33.51xd - -0.37 0.09 HC KB Endeavour Multi Asset Balanced A Inc 128.23 - -0.41 0.81 M&G Global Macro Bond Fund A Acc 109.21xd - 0.53 0.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4592 - 0.0181 - Euro Strategic Bond A F € 44.19 - -0.05 0.00
Childrens Acc F 411.54 - -2.66 1.75

Asset Management
New Europe Acc 143.30xd - -0.60 2.53 HC KB Enterprise Fixed Income A Acc 125.03 - -0.55 3.44 M&G Global Macro Bond Fund A Inc 75.94xd - 0.37 0.54 U.S. Special Opportunities Fund Class AA Inc $ 0.9278 - 0.0017 - European Currencies High Yield Bd A F € 21.58 - -0.01 0.00
Corporate Bd Acc (Gross) F 207.34 - -0.20 3.65
set Management New Europe Inc 34.07xd - -0.13 2.49 HC KB Enterprise Fixed Income A Inc 113.06 - -0.50 3.44 M&G Global High Yield Bond X Inc 50.86xd - 0.07 4.65 US Small Cap Equity Fund Class AA F $ 1.1045 - 0.0002 0.00 European Equity Alpha A F € 44.80 - -0.33 0.00 Odey Asset Management LLP (UK)

Asset Management Asset Management

Corporate Bd Inc (Gross) F 91.29 - -0.09 3.75
Portfolio Acc 198.20 - 0.20 0.99 M&G Global High Yield Bond X Acc 116.99xd - 0.18 4.64 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3079 - -0.0002 0.06 European Property A F € 34.49 - -0.63 0.00 40 Dukes Place, London, EC3A 7NH
Corporate Bond Acc F 185.55 - -0.19 3.67 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Sterling Corporate Bond Acc 85.21xd - -0.25 2.51 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Managed Growth X Inc 79.60 - -0.24 0.62 Eurozone Equity Alpha A F € 11.40 - -0.17 0.00
Corporate Bond Inc F 91.06 - -0.09 3.75 Authorised Corporate Director - Capita Financial Managers
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Global Bond A F $ 39.84 - -0.09 0.00
Sterling Corporate Bond Inc 54.09xd - -0.15 2.52 M&G Optimal Income A Inc 146.92 - -0.10 2.37 Manulife Global Fund Authorised Inv Funds
Distribution Acc F 110.49 - -0.07 4.14 Other International Funds
Strategic Bond Acc 69.28xd - 0.17 3.32 M&G Optimal Income A Acc 191.01 - -0.14 2.37 Other International Funds Global Brands A F $ 93.56 - -0.43 0.00 CF Odey Continental European R Acc 717.40 - -8.72 0.18
Distribution Acc (Gross) F 125.58 - -0.07 4.12 Invesco (LUX) Lloydstrust Gilt £ 12.6800xd - -0.0700 2.42
Asia Total Return Fund Class AA $ 0.9959 - -0.0010 -
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Strategic Bond Inc 58.35xd - 0.14 3.34 Lloyds Investment Funds Limited M&G Recovery GBP A Inc 123.99xd - -0.65 0.96 Global Convertible Bond A F $ 42.60 - -0.16 0.00 CF Odey Continental European I Acc 122.54 - -1.49 0.75
Distribution Inc F 66.20 - -0.04 4.22 Asia Total Return Fund Class AA Inc $ 0.9591 - -0.0010 3.45
FCA Recognised UK Active Index + E Acc 280.20xd - -2.10 2.92 Euro High Income € 1.7180xd - 0.0010 2.98 M&G Recovery GBP A Acc 277.42xd - -1.45 0.95 Global Property A F $ 29.39 - -0.46 0.00 CF Odey Continental European I Inc 117.77 - -1.42 0.75
Distribution Inc (Gross) F 66.20 - -0.03 4.22 Invesco Management SA Asia Value Dividend Equity Fund Class AA F $ 1.6515 - -0.0049 0.00
UK Active Index + E Inc 52.84xd - -0.38 3.01 European £ 7.7100 - -0.0740 1.14 M&G Strategic Corp Bond A Inc 75.87 - -0.72 2.91 Indian Equity A F $ 36.57 - -0.54 0.00 CF Odey Opus R Inc 3837.94 - 13.75 0.00
Emerging Countries Acc F 259.60 - -1.27 0.49 Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00 Asia Value Dividend Equity Fund Class AA Inc $ 1.0086 - -0.0035 -
UK Dynamic Acc 152.20xd - -1.30 1.40 High Income £ 0.9144xd - -0.0025 4.93 M&G Strategic Corp Bond A Acc 107.13 - -1.01 2.91 Latin American Equity A F $ 49.51 - -0.14 0.00 CF Odey Opus Fund A Accumulation 136.92 - 0.49 0.00
Emerging Countries Inc F 236.18 - -1.16 0.49 Invesco Asia Balanced A dist $ 15.61 - -0.05 3.48 Strategic Income Fund Class AA F $ 1.0932 - -0.0016 4.40
UK Dynamic Inc 125.50xd - -1.20 1.41 International £ 4.4460 - -0.0140 1.26 M&G Global Leaders GBP A Inc 193.75 - 0.32 1.45 Short Maturity Euro Bond A F € 20.43 - -0.01 0.00 CF Odey Opus Fund I Acc 175.83 - 0.64 0.25
Emerging European Acc F 34.03 - 0.43 3.21 Invesco Asia Consumer Demand Fund A income $ 13.96 - -0.13 0.18
UK Eq & Bond Inc Acc ... C 140.50xd - -0.80 3.22 North American £ 16.1500 - 0.0200 0.04 M&G Global Leaders GBP A Acc 450.10 - 0.74 1.44 US Dollar Liquidity A F $ 13.03 - 0.00 0.00 CF Odey Opus Fund I Inc 172.16 - 0.62 0.25
Emerging European Inc F 31.84 - 0.41 3.29 Invesco Asia Infrastructure (A) $ 13.30 - -0.13 1.51
UK Eq & Bond Inc Inc ... C 84.08xd - -0.47 3.32 M&G UK Inflation Lnkd Corp Bnd A Acc 112.85 - 0.20 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
US Growth A F $ 64.58 - -0.36 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.78 - 0.02 0.00
Sterling Bond £ 1.5460xd - -0.0060 3.44
European Equity Acc F 811.93 - -10.56 2.33 Invesco Asia Opportunities Equity A $ 105.36 - -0.95 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
UK Focus Acc 73.54xd - -0.15 1.13 UK £ 7.0780 - -0.0680 1.08 M&G UK Inflation Lnkd Corp Bnd A Inc 111.23 - 0.20 0.23 www.marlboroughfunds.com US Growth AH F € 44.64 - -0.25 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.64 - 0.02 0.00
European Equity Inc F 686.92 - -8.93 2.38 Invesco Balanced Risk Allocation Fund A € 15.52 - -0.12 0.00
UK Focus Inc 62.95xd - -0.13 1.12 Lloyds Gilt Fund Limited Authorised Inv Funds US Growth AX F £ 42.40 - -0.15 0.00 CF Odey Absolute Return R 299.38 - 4.45 0.00
European Equity Income Acc F 71.62 - -0.76 3.25 Invesco Capital Shield 90 (EUR) A € 12.12 - -0.03 0.00
Lloyds Gilt Fund Quarterly Share £ 1.3150xd - -0.0080 1.94 Balanced 153.41 162.22 -0.05 0.08
UK Higher Inc Acc ... C 884.40xd - -6.80 3.97 M & G Securities Ltd (UK) US Property A F $ 72.06 - -0.76 0.00 CF Odey Absolute Return I 308.45 - 4.60 0.00
European Equity Income Inc F 56.15 - -0.60 3.32 Invesco Emerging Europe Equity Fund A $ 8.03 - 0.05 0.00
Monthly Share £ 1.2660xd - -0.0070 1.94 Property & Other UK Unit Trusts Bond Income 52.16 55.20 -0.07 4.24 CF Odey Portfolio Fund Class P Institutional Acc 103.71 - -0.43 -
UK Higher Inc Inc ... C 526.40xd - -4.10 4.09
European High Income Acc F 80.65 - -0.23 3.36 Invesco Emerging Local Currencies Debt A Inc $ 8.31 - -0.12 5.97 Charibond 129.86xd - -0.42 5.00
Lloyds Money Fund Limited Cash 50.08 - 0.00 0.62
UK Managed Equity Acc 67.40xd - -0.43 2.09 Morgens Waterfall Vintiadis.co Inc CF Odey Portfolio Fund Class P Retail Acc 103.46 - -0.42 -
European High Income Inc F 60.07 - -0.17 3.42 Invesco Emerging Mkt Quant.Eq. A $ 10.92 - -0.13 0.00 Australian Dollar A$ 173.4480 - 0.0230 1.47 (Accum Units) 3697.10xd - -12.09 5.00 Cautious Inc 84.58 89.04 -0.19 1.60 Other International Funds CF Odey Portfolio Fund I Acc 146.43 - -0.67 0.06
UK Managed Equity Inc 57.50xd - -0.36 2.12
European Opportunities Inc F 75.30 - -0.40 0.18 Invesco Energy A $ 23.46 - 0.00 - Euro € 52.7290 - 0.0010 -0.57 NAACIF 78.29xd - -0.30 4.37 Phaeton Intl (BVI) Ltd (Est) $ 426.71 - -11.30 0.00
Defensive A Inc 116.43 - 0.04 0.97 CF Odey Portfolio Fund I Inc 144.11 - -0.66 0.06
UK Smaller Cos Acc 334.90xd - -0.40 0.00
Tuesday 10 February 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Guide to Data
CF Odey Portfolio Fund R Acc 142.74 - -0.66 0.00 Pictet-EUR Bonds-I F € 560.67 - -0.03 0.00 Luxcellence Em Mkts Tech $ 956.73 - -13.78 0.00 UK Growth 240.90 - -2.00 0.00 UK Corporate Bond £ 1603.66 - -4.36 0.00
CF Odey Portfolio Fund R Inc 142.50 - -0.65 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.60 - 0.10 0.00 Polunin Developing Countries $ 861.30 868.62 -0.24 0.00 Ruffer LLP (1000)F (UK) Gilt £ 1604.83 - -7.95 0.00 Veritas Asset Management LLP (IRL)
40 Dukes Place, London EC3A 7NH HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland The fund prices quoted on these pages are supplied by
Pictet-EUR Corporate Bonds-I F € 202.70 - 0.21 0.00 Polunin Discovery - Frontier Markets $ 1497.35 - -4.51 - SIA (SIA Funds AG) (LUX) Global Eq (Ex Japan) Index Fund ¥ 1.38 - -0.01 0.00
the operator of the relevant fund. Details of funds
Order Desk and Enquiries: 0845 601 9610 Veritas Funds Plc
Regulated
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.51 - -0.19 0.00 Polunin Small Cap $ 1428.02 1445.87 -10.74 0.00 Authorised Inv Funds Global Eq (ex Japan) Class HJ4 ¥ 1.44 - 0.00 0.00 www.veritas-asset.com
published on these pages, including prices, are for the
LTIF Alpha € 168.82 - 0.17 0.00 purpose of information only and should only be used as
Regulated Pictet-EUR High Yield-I F € 241.58 - 0.42 0.00 Authorised Corporate Director - Capita Financial Managers Global Eq (ex Japan) Class JP5 ¥ 1.55 - 0.01 0.00 +353 1 635 6799 a guide. The Financial Times Limited makes no
OEI MAC Inc A £ 471.36 - 0.00 0.00 CF Ruffer Investment Funds LTIF Classic € 349.92 - 0.18 0.00 FCA Recognised representation as to their accuracy or completeness and
Pictet-EUR Inflation Linked Bonds I EUR € 127.43 - -0.22 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Global Eq Ex Japan Index Fund (Hedge) ¥ 1.42 - 0.01 0.00 they should not be relied upon when making an
OEI Mac Inc B £ 269.35 - 0.00 0.00 LTIF Natural Resources € 83.78 - 0.26 0.00 Institutional
Regulated CF Ruffer Gold Fund C Acc 85.63 - 1.34 0.00 investment decision.
Pictet-EUR Short Mid-Term Bonds-I F € 136.74 - 0.00 0.00 Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.01 0.00
Veritas Asian Fund A USD H $ 307.78 - -3.07 0.66
OEI MAC Inc USD $ 2568.71 - 0.00 0.00 Monument Growth 03/02/2015 £ 460.93 466.02 3.20 1.07 CF Ruffer Gold Fund O Acc 84.96 - 1.32 0.00
Pictet-EUR Short Term HY I EUR € 117.37 - 0.10 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.01 0.00 The sale of interests in the funds listed on these pages
Veritas Asian Fund A GBP H £ 375.68 - -1.07 0.48
Odey European Inc EUR € 994.88 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00
Equity & General C Acc 378.77 - 2.61 0.25 SIA (SIA Funds AG) (CH) Japan Equity Index Fund ¥ 0.97 - 0.01 0.00
may, in certain jurisdictions, be restricted by law and
Other International Fds Veritas Asian Fund A EUR H € 315.96 - 0.51 0.41 the funds will not necessarily be available to persons in
Odey European Inc A GBP £ 380.40 - 0.00 -
Pictet-Euroland Index IS EUR € 130.88 - -0.11 0.00
Prusik Investment Management LLP (IRL) Equity & General C Inc 349.56 - 2.41 0.25
Japan Equity Class JP3 ¥ 1.17 - 0.00 0.00 all jurisdictions in which the publication circulates.
Enquiries - 0207 493 1331 LTIF Stability Growth SFr 204.10 - 4.10 - Veritas China Fund A USD $ 133.20 - -0.53 0.00 Persons in any doubt should take appropriate
Odey European Inc B GBP £ 215.94 - 0.00 0.00 Equity & General O Inc 348.92 - 2.39 0.00
Pictet-Europe Index-I EUR F € 171.18 - 0.37 0.00 Regulated professional advice. Data collated by Morningstar. For
LTIF Stability Inc Plus SFr 181.20 - 3.60 5.70 Veritas China Fund A GBP £ 135.43 - -0.59 0.00
Odey European Inc USD $ 463.59 - 0.00 0.00 Equity & General O Acc 375.96 - 2.58 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-European Equity Selection-I EUR F € 596.87 - 1.87 0.00 Prusik Asian Equity Income B Dist $ 161.37 - -1.26 4.59 The National Investor (TNI) Veritas China Fund A EUR € 131.49 - -0.55 0.00 (0)207 873 4211.
Giano Capital EUR Inc € 4955.50 - 77.78 0.00 European C Acc 491.41 - 2.50 0.22 www.tni.ae
Pictet-European Sust Eq-I EUR F € 237.96 - 0.09 0.00 Prusik Asia A $ 199.38 - -2.27 0.00
Smith & Williamson Investment Management (1200)F (UK) Other International Funds Veritas Global Equity Income Fund D USD $ 127.78 - -1.39 4.74
The fund prices published in this edition along with
European O Acc 487.81 - 2.46 0.00
Pictet-Generics-I USD F $ 279.19 - -1.10 0.00 Prusik Asian Smaller Cos A $ 157.67 - -2.26 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100 additional information are also available on the
UAE Blue Chip Fund * AED 10.50 - 0.01 0.00 Veritas Global Equity Income Fund D EUR € 218.94 - 0.15 4.05
Odey Asset Management LLP (IRL)
Pictet-Global Bds Fundamental I USD $ 123.37 - -0.83 0.00
Japanese Fund C Acc 174.09 - 0.66 0.01 www.sandwfunds.com Financial Times website, www.ft.com/funds. The
FCA Recognised Authorised Inv Funds TNI Funds Ltd (BMU) Veritas Global Equity Income Fund D GBP £ 163.03 - -0.57 4.55 funds published on these pages are grouped together by
Japanese Fund O Acc 172.62 - 0.65 0.00
Odey Pan European EUR R € 342.64 - 1.50 0.00 Pictet-Global Bonds-I EUR € 162.40 - -0.35 0.00 Purisima Investment Fds (UK) (1200)F (UK)
European Growth Trust A Class 484.70 - -5.80 1.37 MENA Hedge Fund $ 965.83 - -0.63 0.00 Veritas Global Focus Fund D USD $ 25.27 - -0.14 2.87
fund management company.
40 Dukes Place, London EC3A 7NH Pacific C Acc 294.43 - -2.13 0.48
Odey Pan European GBP R £ 204.43 - -0.37 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.53 - -0.10 0.00 TNI Funds Plc (Ireland)
Order Desk 08459 220044, Enquiries: 0870 607 2555 Far Eastern Income and Growth Trust A Class 411.90 - 1.60 2.79 Veritas Global Focus Fund D EUR € 22.50 - 0.13 2.69 Prices are in pence unless otherwise indicated. The
Pacific O Acc 292.00 - -2.12 0.18 MENA UCITS Fund * $ 1355.27 - -3.21 0.00 change, if shown, is the change on the previously
Odey Allegra European EUR O € 266.98 - 0.30 0.00 Pictet-Global Emerging Debt-I USD F $ 353.10 - -0.36 0.00 Authorised Inv Funds Fixed Interest Trust A Class 126.30xd - -0.30 3.89 Veritas Global Focus Fund D GBP £ 28.17 - 0.05 2.45 quoted figure (not all funds update prices daily). Those
Authorised Corporate Director - Capita Financial Managers Total Return C Acc 398.15 - 0.49 1.60
Odey Allegra European EUR A € 160.58 - 0.18 0.00 Pictet-Global Megatrend Selection-I USD F $ 227.77 - -1.51 0.00 designated $ with no prefix refer to US dollars. Yield
Global Gold and Resource Trust A Class 170.00 - -5.60 0.00 Veritas Global Focus Fund A GBP £ 27.19 - 0.05 2.23
Global Total Fd PCG A 161.93 - 0.06 0.35 Total Return C Inc 279.62 - 0.34 1.62 percentage figures (in Tuesday to Saturday papers)
Odey Allegra European GBP O £ 284.45 - -1.45 0.00 Pictet-Greater China-I USD F $ 471.54 - -0.72 0.00 allow for buying expenses. Prices of certain older
MM Endurance Balanced Fund A Class 213.30 - -0.30 0.96 Veritas Global Focus Fund A EUR € 13.10 - 0.07 2.14
Global Total Fd PCG B 160.80 - 0.06 0.13 Total Return O Inc 277.46 - 0.33 1.61 insurance linked plans might be subject to capital gains
Odey Allegra European USD O $ 232.89 - -1.50 0.00 Pictet-High Dividend Sel I EUR F € 154.13 - 0.02 0.00
MM Global Investment Fund A Class 2237.00 - 0.00 1.53 Veritas Global Focus Fund A USD $ 24.37 - -0.14 2.41 tax on sales.
Global Total Fd PCG INT 159.02 - 0.06 0.00 Total Return O Acc 395.18 - 0.47 1.60
Odey Allegra European EUR I € 254.67 - 0.28 0.00 Pictet-India Index I USD $ 111.21 - -0.22 0.00
North American Trust A Class 1750.00 - 6.00 0.00 Veritas Global Focus Fund C GBP £ 29.34 - 0.05 0.00
Guide to pricing of Authorised Investment Funds
Odey Allegra European EUR A I € 163.26 - 0.18 0.00 Pictet-Indian Equities-I USD F $ 474.09 - -7.57 0.00
Oriental Growth Fund A Class 146.80 - -0.20 1.59 Veritas Global Focus Fund C EUR € 23.53 - 0.14 0.00 (compiled with the assistance of the IMA. The
Pictet-Japan Index-I JPY F ¥ 15049.40 - 74.32 0.00 Purisima Investment Fds (CI) Ltd (JER) Investment Management Association, 65 Kingsway,
Odey Allegra European GBP D £ 171.29 - -0.88 0.00 UK Equity Growth Trust A Class 408.70 - -3.00 0.80 Veritas Global Focus Fund C USD $ 26.37 - -0.15 0.00 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Regulated
Odey Allegra International Euro Class € 174.63 - 1.61 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8785.86 - 38.48 0.00
PCG B 163.13 - 0.47 0.00 UK Equity Income Trust A Class 228.30 - -1.30 5.63 Veritas Global Equity Income Fund A GBP £ 156.58 - -0.55 4.57
Pictet-Japanese Equity Selection-I JPY F ¥ 13501.39 - 65.28 0.00 OEIC: Open-Ended Investment Company. Similar to a
Odey Allegra International GBP Class £ 202.75 - 0.62 0.00 PCG C 161.10 - 0.46 0.00 Veritas Global Equity Income Fund A EUR € 213.16 - 0.15 4.07 unit trust but using a company rather than a trust
Odey Allegra International USD $ 155.86 - 0.27 0.00 Pictet-LATAM Index I USD $ 66.03 - -0.89 0.00 structure.
Smith & Williamson Fd Admin Ltd (1200)F (UK) The Resolution Fund (1200) (UK) Veritas Global Equity Income Fund A USD $ 123.22 - -1.35 4.76
Odey Allegra International Euro I Class € 159.79 - 1.47 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 134.03 - -2.04 0.00 25 Moorgate, London, EC2R 6AY 0141 222 1150 Tel 0870 870 8434
Putnam Investments (Ireland) Ltd (IRL) Veritas Global Equity Income Fund C GBP £ 180.06 - -0.64 - Different share classes are issued to reflect a different
S W Mitchell Capital LLP (CYM) Authorised Inv Funds Authorised Inv Funds
Odey Allegra International GBP D inc £ 183.68 - 0.55 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 371.30 - -2.01 0.00 Regulated currency, charging structure or type of holder.
Regulated Veritas Global Equity Income Fund C EUR € 244.89 - 0.18 -
S&W Deucalion Fd (OEIC) 2076.00 - 15.00 0.45 Global Fixed Income D Acc F 103.60 - -0.30 0.59
Odey Allegra International GBP A D £ 135.47 - 0.41 0.00 Pictet-Premium Brands-I EUR F € 160.94 - -0.01 0.00 Putnam New Flag Euro High Yield Plc - E € 1031.05 - 2.08 4.82 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Veritas Global Equity Income Fund C USD $ 140.78 - -1.54 - Selling price:Also called bid price. The price at which
S & W Magnum 381.70 403.30 -1.50 1.50 Global Fixed Income D Inc F £ 1.03 - 0.00 0.58
Odey Allegra Developed Markets Fund USD I $ 130.94 - -0.24 0.00 Pictet-Quality Global Equities I USD $ 136.15 - -0.85 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 -
units in a unit trust are sold by investors.
Veritas Global Real Return Fund A USD $ 20.31 - 0.02 2.07
S & W Marathon Trust 187.30 198.20 -0.40 1.66 Global Yield B Acc F 119.00 - -0.30 1.60
Odey Allegra Developed Markets Fund GBP I £ 133.06 - -0.07 0.00 Pictet-Russia Index I USD $ 49.31 - 1.39 0.00 Rathbone Unit Trust Mgmt (1200)F (UK) The Charlemagne Fund EUR € 279.88 - -12.15 - Veritas Global Real Return Fund A GBP £ 11.29 - 0.01 2.06 Buying price: Also called offer price. The price at
PO Box 9948, Chelmsford, CM99 2AG Charity Value and Income Fund Acc 136.20 137.10 -1.30 4.57 Global Yield B Inc F 112.30 - -0.30 1.60
Odey Atlas Fund GBP I £ 105.32 - -0.28 - Pictet-Russian Equities-I USD F $ 41.75 - 1.23 0.00 which units in a unit trust are bought by investors.
Veritas Global Real Return Fund A EUR € 11.97 - 0.01 0.17
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Charity Value and Income Fund Inc 94.80 95.40 -0.87 4.70 Global Balanced B Acc F 130.70 - -0.10 0.37
Includes manager’s initial charge.
Pictet-Security-I USD F $ 191.36 - -1.42 0.00 Retail
Odey Atlas Fund GBP I S £ 1.26 - -0.01 0.00 Authorised Inv Funds S W Mitchell Capital LLP (IRL)
Pictet-Select-Callisto I EUR € 105.40 - -0.47 0.00 Regulated Global Balanced B Inc F 126.10 - -0.20 0.36
Odey Atlas Fund GBP R S £ 1.08 - 0.00 0.00 Blue Chip Income Inc 154.20 159.19 -1.07 4.08 Veritas Asian Fund B USD $ 216.41 - -2.17 0.47 Single price: Based on a mid-market valuation of the
underlying investments. The buying and selling price
Pictet-Small Cap Europe-I EUR F € 993.84 - 1.54 0.00 SWMC European Fund B EUR € 15212.26 - -25.67 0.00 SMT Fund Services (Ireland) Limited Global Growth B Acc F 138.80 - 0.00 0.29 Veritas Asian Fund B GBP £ 276.94 - -0.74 0.04
Odey Giano European Fund EUR R € 122.00 - -0.30 0.00 Blue Chip Income Acc 223.91 230.96 -1.55 3.95 for shares of an OEIC and units of a single priced unit
Regulated trust are the same.
Pictet-ST.MoneyMkt-I € 140.56 - 0.01 0.00 SWMC UK Fund B £ 10319.36 - 57.26 - Global Growth B Inc F 130.10 - -0.10 0.29 Veritas Asian Fund B EUR € 232.57 - 0.36 0.00
Odey Giano European Fund GBP R £ 122.52 - -0.28 0.00 Ethical Bond Inc 93.86 95.98 -0.14 4.80 Monthly Dividend High Yield $ 6.98 - 0.01 0.00
Pictet-ST.MoneyMkt JPY I USD ¥ 101565.19 - -2.33 0.00 SWMC Small Cap European Fund B EUR € 13082.97 - 71.42 0.00 Global Equity Fund B Acc F 132.20 - 0.10 0.31 Veritas China Fund B GBP £ 131.02 - -0.53 0.00
Odey Giano European Fund USD R $ 123.26 - -0.28 0.00 Ethical Bond Acc 174.63 178.26 -0.26 4.67 Daiwa Gaika MMF Treatment of manager’s periodic capital charge:
SWMC Emerging European Fund B EUR € 8560.02 - 89.16 0.00 Global Equity Fund B Inc F £ 1.32 - 0.01 0.31 The letter C denotes that the trust deducts all or part of
Odey Naver Fund Euro I Class € 125.38 - -0.20 0.00 Pictet-ST.MoneyMkt-ICHF SFr 125.19 - -0.01 0.00 Global Opportunities Acc 125.04 128.97 -0.60 0.00 AU$ Portfolio A$ 0.01 - 0.00 - Veritas China Fund B EUR € 138.08 - -0.55 0.00 the manager’s/operator’s periodic charge from capital,
Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.00 0.00 UK Income Focus B Inc F 66.00 - -0.30 3.22 Veritas Global Focus Fund B USD $ 17.61 - -0.10 1.75
contact the manager/operator for full details of the
Odey Naver Fund GBP I Class £ 125.91 - -0.20 0.00 Income Inc 854.68 884.44 -3.67 3.94 US$ Portfolio $ 0.01 - 0.00 - effect of this course of action.
Pictet-Timber-I USD F $ 161.06 - -0.46 0.00 UK Income Focus B Acc F 87.00 - -0.30 3.14 Veritas Global Focus Fund B GBP £ 20.79 - 0.04 1.76
Odey Odyssey USD I $ 158.38 - -0.23 0.00 Income Acc 1282.32 1325.69 -5.50 3.82 Canadian Dllr Pfolio C$ 0.01 - 0.00 -
Pictet Total Ret-Agora I EUR € 106.70 - -0.03 - UK Balanced B Inc F 70.40 - -0.20 1.34 Veritas Global Focus Fund B EUR € 15.61 - 0.09 1.71
Exit Charges: The letter E denotes that an exit charge
Odey Odyssey Fund GBP I £ 157.84 - -0.24 0.00 Multi Asset Enhanced Growth Acc 123.76 - -0.11 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - may be made when you sell units, contact the
Pictet Total Ret-Corto Europe I EUR € 128.12 - -0.38 0.00 Daiwa Bond Series UK Balanced B Acc F 76.50 - -0.30 1.32 Veritas Global Equity Income Fund B GBP £ 144.64 - -0.52 4.62 manager/operator for full details.
Odey Odyssey Fund GBP R £ 155.50 - -0.23 0.00 Multi Asset Strategic Growth inc 149.09 - -0.10 1.19
Pictet Total Ret-Divers Alpha I EUR € 101.28 - -0.23 - Monthly Dividend AUD Bd A$ 10.53 - -0.03 0.00 UK Growth B Acc F 77.50 - -0.20 1.19 Veritas Global Equity Income Fund B EUR € 196.42 - 0.13 4.11
Odey Odyssey EUR I € 141.76 - -0.22 0.00 Multi Asset Strategic Growth acc 156.65 - -0.11 1.04 Time: Some funds give information about the timing of
Pictet Total Ret-Kosmos I EUR € 108.90 - 0.48 0.00 Monthly Dividend EUR Bd € 10.98 - -0.01 0.00 UK Growth B Inc F 85.60 - -0.30 1.18 Veritas Global Equity Income Fund B USD $ 122.67 - -1.34 4.81 price quotes. The time shown alongside the fund
Odey Odyssey Fund EUR R € 117.98 - -0.19 0.00 Multi Asset Total Return inc 127.20 - -0.15 1.63
manager’s/operator’s name is the valuation point for
Pictet Total Ret-Mandarin I USD $ 116.64 - -0.23 0.00 RobecoSAM (LUX) Monthly Dividend CAD Bd C$ 10.52 - -0.06 0.00 UK Equity B Acc F 86.50 - -0.70 2.28 Veritas Global Real Return Fund B USD $ 19.71 - 0.02 1.62
Odey Odyssey Fund USD R $ 123.35 - -0.18 0.00 Multi Asset Total Return acc 138.29 - -0.16 1.75 their unit trusts/OEICs, unless another time is indicated
Tel. +41 44 653 10 10 http://www.robecosam.com/ by the symbol alongside the individual unit trust/OEIC
Pictet-US Equity Selection-I USD $ 188.66 - -0.82 0.00 Mthly Div US Preferred Secs $ 7.97 - -0.01 0.00 UK Equity B Inc F 79.70 - -0.60 2.31 Veritas Global Real Return Fund B GBP £ 11.09 - 0.01 1.64
Odey Orion Fund Euro I Class € 124.89 - -0.26 0.00 Recovery Inc 410.20 425.91 -3.34 2.40 Regulated name.
Daiwa Equity Fund Series
Odey Orion Fund USD I Class $ 124.91 - -0.27 0.00 Pictet-US High Yield-I USD F $ 147.34 - -0.38 0.00 Recovery Acc 483.84 501.97 -3.93 2.36 RobecoSAM Sm.Energy/A £ 12.02 - -0.10 1.23 Veritas Global Real Return Fund B EUR € 12.82 - 0.01 1.44
New Major Economies $ 9.03 - -0.10 0.00 Thesis Unit Trust Management Limited (UK) The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Swan Fund Euro I Class € 108.59 - 0.62 0.00 Pictet-USA Index-I USD F $ 179.82 - -0.57 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 RobecoSAM Sm.Materials/A £ 129.21 - 0.84 1.94 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP midnight. Daily dealing prices are set on the basis of
Odey Swan Fund Euro R Class € 107.59 - 0.61 0.00 Pictet-USD Government Bonds-I F $ 637.35 - -5.58 0.00 Strategic Bond Ret Inc £ 1.07 1.09 0.00 4.13 RobecoSAM Gl.Small Cap Eq/A £ 80.72 - 0.07 1.70 Authorised Funds Veritas Asset Management LLP the valuation point, a short period of time may elapse
Standard Life Wealth (JER) www.veritas-asset.com before prices become available.Historic pricing: The
Odey Swan Fund GBP I Class £ 108.81 - 0.63 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 128.88 - -0.31 0.00 RobecoSAM Sustainable Gl.Eq/B € 178.89 - 1.24 0.00 TM New Court Fund A 2011 Inc £ 13.21 - 0.01 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International Funds letter H denotes that the managers/operators will
Odey Swan Fund GBP R Class £ 113.09 - 0.66 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.50 - 0.01 0.00 RECM Global Management Limited (GSY) RobecoSAM S.HealthyLiv/B € 178.63 - 0.89 0.00 FCA Recognised TM New Court Fund - A 2014 Acc £ 13.23 - 0.01 - normally deal on the price set at the most recent
Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00 valuation. The prices shown are the latest available
Pictet-Water-I EUR F € 265.04 - -0.14 0.00 www.recmglobal.com Enquiries: info@recmglobal.com Standard Life Offshore Strategy Fund Limited
Odey Swan Fund USD I Class $ 108.32 - 0.64 0.00 RobecoSAM S.Water/A £ 166.46 - -0.86 2.26 TM New Court Equity Growth Fund - Inc £ 13.34 - 0.02 0.00 before publication and may not be the current dealing
Regulated Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00
Bridge Fund £ 1.6087 - -0.0010 2.48 levels because of an intervening portfolio revaluation or
Odey Swan Fund USD IR Class $ 107.89 - 0.64 0.00 RECM Global Fund Limited - Class A $ 17.62 - -0.13 0.00 Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 a switch to a forward pricing basis. The
Diversified Assets Fund £ 1.1921 - -0.0026 3.02
Odey Swan Fund USD R Class $ 107.41 - 0.63 0.00 Pimco Fds: Global Investors Series Plc (IRL) managers/operators must deal at a forward price on
RECM Global Equity Fund Limited - Class A $ 9.03 - -0.06 0.00 Global Equity Fund £ 1.8404 - 0.0048 1.32 request, and may move to forward pricing at any time.
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
Odey European Absolute Return Fund EUR I € 99.57 - -0.55 0.00 Forward pricing: The letter F denotes that that
http://gisnav.pimco-funds.com/ Global Balanced Fund - Income Units £ 1.3690 - -0.0032 1.62 Virgin Money Unit Trust Managers Limited (1700)F (UK) managers/operators deal at the price to be set at the
Odey European Absolute Return Fund GBP I £ 99.01 - -0.54 0.00 Dealing: +44 20 3640 1000 Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL next valuation.
Renasset Select Funds Plc (IRL) Global Balanced Fund - Accumulations Units £ 1.5697 - -0.0037 1.60
PIMCO Funds: +44 (0)20 3640 1407 www.virginmoney.com
Odey European Absolute Return Fund USD I $ 100.00 - -0.50 0.00 Regulated
FCA Recognised Global Fixed Interest Fund £ 1.0494 - -0.0001 3.59 Authorised Inv Funds Investors can be given no definite price in advance of
Odey European Absolute Return Fund EUR R € 94.71 - -0.53 0.00 European Opportunities Fund A € 141.82 - -0.04 0.00 the purchase or sale being carried out. The prices
Asia Local Bond Fund - Inst Acc $ 10.20 - 0.01 0.00 Sterling Fixed Interest Fund £ 0.8909 - -0.0028 3.22 Virgin UK Index Tracking Trust 246.60 - -0.80 2.62
appearing in the newspaper are the most recent
Odey European Absolute Return Fund GBP R £ 98.74 - -0.54 0.00 European Opportunities Fund B € 104.90 - -0.02 0.00 Toscafund (CYM)
provided by the managers/operators. Scheme
Capital Securities Inst Acc $ 14.62 - 0.04 0.00 UK Equity Fund £ 1.9358 - -0.0188 2.86 Virgin Income Trust 126.30 - 0.00 2.20
Regulated particulars, prospectus, key features and reports: The
Odey European Absolute Return Fund USD R $ 99.60 - -0.52 - Renaissance Eastern European Allocation Fund € 411.10 - -0.02 -
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.57 - 0.01 0.00 Tosca $ 266.99 - -4.47 0.00 Virgin Pension Growth Fund 279.50 - -1.00 2.55 most recent particulars and documents may be obtained
Odey European Absolute Return Fund EUR S € 99.77 - -0.56 0.00 Renaissance Eastern European Fund A € 399.91 - -0.01 - free of charge from fund managers/operators. *
Credit Absolute Return Fund Inst Acc $ 11.36 - 0.02 0.00 Santander Asset Management UK Limited (1200)F (UK) Tosca Mid Cap GBP £ 227.59 - -4.38 0.00 Virgin Pension Income Protector Fund 268.70 - 0.00 2.37 Indicates funds which do not price on Fridays.
Odey European Absolute Return Fund GBP S £ 100.48 - -0.51 0.00 Renaissance Eastern European Fund B € 85.85 - 0.00 0.00
Diversified Income - Inst Acc $ 19.55 - 0.01 - 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Tosca Opportunity B USD $ 313.41 - 20.23 0.00 Virgin Climate Change Fund 107.02 - -0.01 0.00
Odey European Absolute Return Fund USD S $ 100.03 - -0.55 0.00 Renaissance Ottoman Fund € 124.67 - -0.12 0.00 Authorised Funds Charges for this advertising service are based on the
Diversified Income Durat Hdg Fund Inst Acc $ 11.40 - 0.07 0.00 number of lines published and the classification of the
Santander Atlas Range
fund. Please contact data@ft.com or call
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.79 - -0.07 0.00 Santander Atlas Port 3 Acc Ret 150.10 - -0.40 - Waverton Investment Funds Plc (1600)F (IRL) +44 (0)20 7873 3132 for further information.
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 10.00 - -0.08 0.00
waverton.investments@citi.com
Santander Atlas Port 3 Inc Ret 105.20 - -0.20 - FCA Recognised
www.odey.com/prices
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.76 - -0.07 0.00 Santander Atlas Port 3 Acc Inst 164.40 - -0.40 - Stenham Asset Management Inc Waverton Asia Pacific A USD $ 19.82 - -0.07 1.05
Emerging Local Bond - Inst Acc $ 12.59 - -0.11 - www.stenhamassetmanagement.com
Odey Opportunity EUR I € 220.09 - 0.23 0.00 Santander Atlas Port 4 Acc Ret 181.80 - -0.50 - Waverton European Fund A Eur € 17.46 - -0.10 0.33
Other International Funds
Emerging Markets Bond - Inst Acc $ 38.36 - 0.10 0.00 Santander Atlas Port 4 Inc Ret 132.00 - -0.30 - Stenham Asia USD $ 131.74 - -1.80 - Waverton Global Bond Fund Cls A $ 9.27 - 0.04 5.15
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 13.00 - 0.00 0.00 Santander Atlas Port 4 Acc Inst 164.70 - -0.40 -
Robeco Asset Management (LUX) Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00 Waverton Global Equity Fund A GBP £ 14.74 - 0.07 0.24
Authorised Funds Emerging Markets Curr.Fd- Inst Acc $ 12.39 - -0.06 0.00 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 5 Acc Ret 193.50 - -0.40 - Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00 Waverton UK Fund A GBP £ 13.21 - -0.10 1.86
VT Odey Total Return Fund Class A £ 102.35 - -0.59 - www.robeco.com/contact
Euro Bond - Inst Acc € 22.96 - 0.00 0.00 Santander Atlas Port 5 Acc Inst 163.70 - -0.40 - Stenham Gold USD $ 159.09 - 0.93 0.00 Waverton Equity Fund A GBP £ 15.05 - 0.02 0.00
VT Odey Total Return Fund Class A € 108.93 - -0.62 -
Euro Credit - Inst Acc € 14.87 - 0.03 0.00
FCA Recognised TreeTop Asset Management S.A. (LUX)
Santander Atlas Port 6 Acc Ret 267.70 - -0.60 - Stenham Growth USD $ 212.93 - -0.95 - Regulated Waverton Sterling Bond Fund A GBP £ 9.91 - 0.04 5.21
VT Odey Total Return Fund Class I £ 103.92 - -0.60 - Asia-Pacific Equities (EUR) € 132.89 - 0.45 0.00
Euro Income Bond - Inst Acc F € 13.01 - 0.04 0.00 Santander Atlas Port 6 Acc X 191.10 - -0.40 - TreeTop Convertible Sicav
Chinese Equities (EUR) € 78.04 - -0.12 0.00 Stenham Healthcare USD $ 170.84 - 2.73 0.00
VT Odey Total Return Fund Class I € 100.00 - 0.00 -
Euro Long Average Duration - Inst Acc € 23.33 - -0.04 0.00 Santander Atlas Port 6 Acc Inst 163.80 - -0.40 - International A € 296.14 - -2.39 0.00
Em Stars Equities (EUR) € 185.88 - -0.95 0.00 Stenham Helix USD $ 104.66 - 0.71 0.00 WA Fixed Income Fund Plc (IRL)
VT Odey Total Return Fund Class R £ 104.61 - -0.61 -
Euro Low Duration Fund Inst Acc € 11.36 - 0.01 0.00 Santander Atlas Port 7 Acc Ret 208.90 - -0.40 - International B $ 380.01 - -3.11 0.00 Regulated
Emerging Markets Equities (EUR) € 156.84 - 0.02 0.00 Stenham Managed Fund USD $ 113.25 - -0.09 -
VT Odey Total Return Fund Class R $ 103.86 - -0.60 - European Multi-Sector € 125.17 - -0.06 0.00
Euro Real Return - Inst Acc € 13.40 - -0.01 0.00 Santander Atlas Port 7 Acc Inst 165.10 - -0.40 - International C £ 131.84 - -1.09 0.00
Flex-o-Rente (EUR) € 108.86 - -0.27 0.00 Stenham Multi Strategy USD $ 118.17 - 0.09 -
VT Odey Total Return Fund Class I $ 107.20 - -0.62 -
Euro Short-Term Inst Acc € 12.29 - 0.01 0.00 Authorised Inv Funds International D € 281.73 - -2.26 0.00
Glob.Consumer Trends Equities (EUR) € 146.03 - 0.25 0.00 Stenham Quadrant USD A $ 389.49 - 2.32 -
Euro Short-Term Inv Acc € 11.92 - 0.01 0.00 Max 70% Shs Acc Ret 166.80 - -0.70 - Pacific A € 281.80 - -2.49 - Winton Capital Management
High Yield Bonds (EUR) € 124.87 - 0.22 0.00 Stenham Trading Inc USD $ 113.02 - 0.64 -
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 31.16 - 0.00 0.00 Max 70% Shs Inc Ret 142.40 - -0.50 - Pacific B $ 355.39 - -3.06 0.00
Other International Funds
Other International Funds Lux -O- Rente (EUR) € 140.04 - -0.80 0.00 Stenham Universal USD $ 439.88 - 0.40 - Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Global Advantage - Inst Acc $ 12.62 - -0.08 0.00 Investments Inc Acc Ret 160.20 - -0.60 - TreeTop Global Sicav
Estimated NAV $ 877.58 - 50.31 0.00 New World Financials (EUR) € 52.76 - 0.40 0.00 Stenham Universal II USD $ 163.71 - 0.08 0.00 Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Global Advantage Real Return Fund Inst Acc $ 9.48 - -0.09 0.00 Investments Inc Inc Ret 107.80 - -0.40 - Global Opp.A € 145.54 - 0.62 0.00
US Premium Equities (EUR) € 181.60 - 0.51 0.00 Global Opp.B $ 144.45 - 0.23 0.00 Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Global Bond - Inst Acc $ 28.06 - -0.06 0.00 Equity Inc Inc Inst 241.90 - -1.30 -
US Premium Equities (USD) $ 203.23 - 0.57 0.00 Stratton Street Capital (CI) Limited (GSY)
Global Opp.C £ 183.22 - 0.44 0.00 Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Global Bond Ex-US - Inst Acc $ 19.66 - -0.01 - Equity Inc Inc Ret 208.50 - -1.20 - Regulated
Sequoia Equity A € 142.35 - -1.11 0.00 Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.83 - -0.01 0.00 N&P UK Gwth Inc Ret 164.40 - -1.10 - Japanese Synthetic Warrant ¥ 1183.28 - 125.51 0.00
Royal Bank of Scotland (2230)F (UK) Sequoia Equity B $ 149.27 - -1.52 0.00 Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global High Yield Bond - Inst Acc $ 20.14 - 0.06 0.00 Stckmkt 100 Track Gwth Acc Inst 96.35 - -0.61 - Japan Synthetic Warrant GBP Hedged Participating Shares £ 144.31 - 10.64 0.00
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Global Investment Grade Credit - Inst Income $ 12.56 - -0.04 3.23 Stckmkt 100 Track Gwth Acc Ret 177.30 - -1.10 - Japan Synthetic Warrant Fund USD Class $ 13.06 - 1.29 0.00 Sequoia Equity C £ 167.71 - -1.48 3.53
Authorised Inv Funds
Series 5 (Minumum Initial Investment £75,000) Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.53 - 0.03 0.00 UK Growth Acc Inst 280.00 - -1.80 - Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03 - 10.54 0.00
Optima Fund Management
United Kingdom Equity Index Fund £ 16.56 - -0.03 2.50
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.71 - -0.05 0.00 UK Growth Acc Ret 326.00 - -2.20 - Renminbi Bond Fund AUD Cls A A$ 115.71 - 0.85 4.08
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 UK Specialist Equity Inc £ 19.69 - 0.00 0.35
Global Multi-Asset - Inst Acc $ 14.76 - -0.04 0.00 UK Growth Inc Ret 219.30 - -1.40 - Renminbi Bond Fund AUD Cls B A$ 117.61 - 0.87 3.80
Optima Fd NAV $ 89.97 - -0.85 0.00 Contl Europe Specialist Fund £ 23.30 - -0.07 0.00 Managed OEIC
Global Real Return - Inst Acc $ 18.40 - -0.15 0.00 Renminbi Bond Fund CHF Cls A SFr 115.30 - 0.82 4.05
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Japan Specialist Fund £ 13.56 - -0.01 0.00 Glob Em Shs Port Acc Ret 173.80 - -0.60 -
High Yield Bond - Inst Acc $ 28.06 - 0.08 0.00 Renminbi Bond Fund CHF Cls B SFr 115.26 - 0.82 3.79
The Dorset Energy Fd Ltd NAV $ 38.33 - -0.34 0.00 US Spec Equity Fund £ 18.45 - -0.02 0.00 Max 70% Shs Port Acc Ret 256.40 - -1.00 -
Income Fund Inst Acc $ 12.02 - 0.01 0.00 Renminbi Bond Fund CNH Cls A CNH 119.05 - 0.66 3.59
Platinum Fd Ltd $ 87.52 - 0.00 0.00 Pacific Basin Specialist Equity Fund £ 42.52 - 0.00 0.61 Max 70% Shs Port Acc X 184.10 - -0.70 -
Inflation Strategy Fund Inst Acc $ 9.84 - -0.10 0.00 Renminbi Bond Fund CNH Cls B CNH 118.98 - 0.66 3.34
UK Sovereign Bd Index Fund £ 10.96 - -0.09 2.58 Investment Port Acc Ret 237.70 - -0.80 - Yuki International Limited (IRL)
Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Low Average Duration - Inst Acc $ 14.76 - 0.00 - Renminbi Bond Fund Euro Cls B € 116.14 - 0.84 3.81 Tel +44-20-7269-0207 www.yukifunds.com
Platinum Japan Fd Ltd $ 48.82 - 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.79 - -0.21 0.71 Investment Port Acc X 168.50 - -0.50 -
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.43 - -0.11 0.00 Renminbi Bond Fund GBP Cls B £ 117.52 - 0.85 3.61 Regulated
UK Specialist Equity Income Fund £ 9.96 - 0.01 3.47 Max 50% Shs Port Acc Ret 247.50 - -0.80 -
Troy Asset Mgt Ltd (UK)
Yuki Mizuho Umbrella Fund
Optima Partners Global Fd $ 14.42 - -0.03 0.00 PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.36 - -0.03 0.00 Renminbi Bond Fund SGD Cls B S$ 116.49 - 0.85 3.57 40 Dukes Place, London EC3A 7NH
Global Emerg Mkts Equity Fund £ 12.26 - -0.05 0.44 Max 50% Shs Port Inc Ret 223.20 - -0.80 - Order desk: 0845 608 0950, Enquiries 0845 608 0950 Yuki Mizuho Japan Dynamic Growth ¥ 6625.00 - 49.00 0.00
Optima Partners Focus Fund A $ 16.67 - 0.00 0.00 PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.11 - -0.07 0.00 Renminbi Bond Fund USD Cls B $ 117.11 - 0.84 3.35
Global Spec Inv Grade Bd Fund GBP £ 10.23 - -0.05 3.13 Max 50% Shs Port Acc X 179.10 - -0.60 - Authorised Inv Funds Yuki Mizuho Japan Large Cap ¥ 6894.00 - 33.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.92 - 0.00 0.00 Renminbi Bond Fund YEN Cls B ¥ 12950.05 - 93.27 0.00 ACD Capita Financial Mgrs
Series 6 (Investment Management Customers Only) Max 100% Shs Port Acc Ret 282.80 - 0.20 - Yuki Japan Low Price ¥ 24581.00 - 160.00 0.00
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 23.10 - 0.00 0.00 Renminbi Bond Fund USD Class $ 161.21 - 1.16 3.61 Trojan Investment Funds
Regulated United Kingdom Equity Index Fund £ 16.34 - -0.03 2.85 Yuki Japan Value Select ¥ 12022.00 - 59.00 0.00
Max 100% Shs Port Acc X 203.10 - 0.20 -
Total Return Bond - Inst Acc $ 27.33 - -0.08 0.00 Renminbi Bond Fund GBP Class £ 156.40 - 1.13 3.87 Spectrum Fund 'O' Acc 160.21 - 0.32 0.26
Orbis Global Equity $ 175.50 - 6.53 0.00 UK Specialist Equity £ 19.87 - 0.00 1.51 YMR Umbrella Fund
Enhanced Inc Inc Ins 211.60 - -1.20 -
UK Corporate Bond - Inst Acc £ 17.46 - -0.08 0.00 Renminbi Bond Fund SGD Class S$ 154.07 - 1.13 3.83 Spectrum Fund 'O' Inc 156.24 - 0.31 0.26
Orbis Optimal (US$) $ 74.34 - 1.12 0.00 Contl Europe Specialist Fund £ 24.08 - -0.07 0.62 YMR N Growth ¥ 15981.00 - 120.00 0.00
Enhanced Inc Inc Ret 201.30 - -1.20 -
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.73 - -0.17 0.00 Renminbi Bond Fund YEN Class ¥ 19145.00 - 137.00 0.00 Trojan Fund O Acc 257.57 - -1.17 0.59 Yuki Asia Umbrella Fund
Orbis Optimal (Euro) € 25.51 - 0.31 0.00 Japan Specialist Fund £ 14.17 - -0.01 0.56
Enhanced Inc Inc X 170.30 - -1.00 -
UK Real Return - Inst Acc £ 22.94 - -0.42 0.00 Renminbi Bond Fund EUR Class € 106.64 - 0.77 4.07 Trojan Fund O Inc 214.28 - -0.97 0.59 Yuki Japan Rebounding Growth Fund ¥ 21763.00 - 142.00 0.00
Orbis Optimal (Yen) ¥ 1062.00 - 16.00 0.00 US Spec Equity Fund £ 19.14 - -0.02 0.16 Managed Investments OEIC
UK Sterling Long Average Duration - Inst Acc £ 22.62 - -0.33 0.00 Poland Geared Growth £ 0.51 - -0.02 0.00 Trojan Capital O Acc 206.21 - 0.16 0.92
Orbis Japan Equity (US$) $ 40.60 - 0.92 0.00 Pacific Basin Specialist Equity Fund £ 42.20 - 0.00 1.19 Max 30% Shs Port Acc Ret 157.50 - -0.60 -
*Orbis Prices as of February 5th
UK Sterling Low Average Duration - Inst Acc £ 14.15 - -0.01 0.00
UK Sovereign Bd Index Fund £ 11.05 - -0.09 2.58
Trojan Capital O Inc 176.89 - 0.14 0.92 Zadig Gestion (Memnon Fund) (LUX)
Max 30% Shs Port Acc X 157.50 - -0.60 -
Unconstrained Bond - Inst Acc $ 12.20 - 0.04 0.00 Trojan Income O Acc 262.55 - -1.50 3.73 FCA Recognised
Inflation Lkd Sov Bd Fund £ 12.64 - -0.22 0.71 Max 30% Shs Inc Port Inc Ret 158.70 - -0.70 - Memnon European Fund I GBP £ 111.54 - -0.49 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.71 - -0.02 0.00 Trojan Income O Inc 168.92 - -0.97 3.86
Orbis Sicav (LUX) UK Specialist Equity Income Fund £ 10.66 - 0.01 3.43 Max 30% Shs Inc Port Inc X 158.70 - -0.70 -
Regulated
Global Spec Inv Grade Bd Fund GBP £ 10.47 - -0.05 3.13 Max 60% Shs Port Acc Ret 270.90 - -0.90 -
Orbis Japan Equity (Yen) ¥ 3969.00 - 89.00 0.00 Zebedee Capital Partners LLP (CYM)
Global Emerg Mkts Equity Fund £ 12.21 - -0.06 0.63
UBS Global Asset Mgmt Fds Ltd (UK)
Max 60% Shs Port Inc Ret 220.00 - -0.70 - Regulated
Orbis Japan Equity (Euro) € 26.23 - 0.59 0.00 21 Lombard Street, London, EC3V 9AH
Address and telephone number for Series 5 only Max 60% Shs Port Inc X 170.30 - -0.60 - Client Services 0800 587 2113, Client Dealing 0800 587 2112 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Orbis Asia ex-Japan - Investor Shares $ 22.50 - 0.27 0.00 E.I. Sturdza Strategic Management Limited (GSY)
Eq Inc Port Acc Ret 293.90 - -0.50 - www.ubs.com/retailfunds Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Orbis Global Equity - Investor Shares € 151.24 - 3.20 0.00 Regulated
Royal London Unit Managers (CIS) (1200) F (UK) Authorised Inv Funds
Eq Inc Port Inc Ret 234.20 - -0.50 - Nippon Growth Fund Limited ¥ 95373.00 - -76.00 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
PO Box 105, Manchester M4 8BB 08457 464646 OEIC
Managed Investments OEIC 2 Strat Evarich Japan Fd Ltd JPY ¥ 84819.00 - -823.00 0.00 Global Emerg Mkts Eqty B Acc £ 1.41 - -0.01 1.50
Authorised Inv Funds
Oryx International Growth Fund Ltd
Other International Funds
Platinum Capital Management Ltd
Other International Funds CIS Sustainable Diversified Trust A £ 1.58 - 0.00 1.74
Investments Inc Port Inc Ret 173.90 - -0.60 -
Strat Evarich Japan Fd Ltd USD $ 845.92 - -8.17 0.00 Global Optimal B Acc £ 1.01 - 0.00 0.81 Money Market
Investments Inc Port Inc X 157.50 - -0.60 -
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 CIS Sustainable World Trust A 168.70 - -0.50 0.77
Trusts and
Platinum All Star Fund - A $ 114.01 - - - UBS UK Opportunities Fund B Acc £ 0.92 - 0.00 2.64
£ Gov Bond Inc Inst 182.30 - -0.90 -
Platinum Global Dividend Fund - A $ 62.83 - - - Corporate Bd Inc Tst 93.00 97.89 -0.25 3.96 E.I. Sturdza Funds PLC (IRL) US Equity B Acc £ 1.47 - 0.01 0.28
Strat Bond Inc Inst 187.70 - -0.30 - Regulated
Platinum Global Dividend UCITS Fund $ 74.55 74.55 -0.09 6.85
Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - -
European Growth
Sustainable Leaders A
100.30 105.60 -1.30 1.74
456.70 - -3.00 0.68
Managed Investments OEIC 3 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1043.00 - 8.00 0.00
UBS Asian Consumption Fund - B Acc £
UBS S&P 500 Index C Acc £
0.58
0.52
-
-
-0.01 0.44
-0.01 -
Bank Accounts Gross
Div Inc Port Inc Ret 170.40 - -0.90 - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1221.50 - 9.45 0.00 Gross Net AER Int Cr
Platinum Essential Resources UCITs Fund $ 7.10 7.10 -0.06 - UK Growth 486.20 511.80 -4.10 1.07 UBS Targeted Return B Acc £ 1.26 - -0.01 1.15
Corp Bond Acc Inst 218.90 - -0.70 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 95488.00 - 742.00 0.00
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 UK Income With Growth 232.90 245.20 -1.70 4.35 UBS Sterling Corporate Bond Indexed Fund 53.51 - 0.24 3.16
Multi-Manager OEIC CCLA Investment Management Ltd
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 80095.00 - 623.00 0.00
Platinum Navigator Fund Ltd Class A $ 98.72 - - - US Growth 152.00 159.80 0.80 0.00 Bal Intl Track Acc Ret 270.90 - -0.60 - UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.71 Senator House 85 Queen Victoria Street, London EC4V 4ET
Additional Funds Available Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 77804.00 - 605.00 0.00
Permal Investment Mgmt Svcs Ltd Bond Mthly Inc Acc Ret 146.90 - -0.60 - UBS UK Equity Income B Inc Net £ 0.42 - 0.00 4.88 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
www.permal.com Please see www.cis.co.uk for details Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 51646.00 - 402.00 0.00
Bond Mthly Inc Inc Ret 96.11 - -0.37 - Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Other International Funds
Strategic China Panda Fund USD $ 2252.44 - -13.41 0.00 CCLA Fund Managers Ltd
Offshore Fund Class A US $ Shares
RBS Collective Investment Fds Ltd (UK) Asset Management UBS Global Allocation (UK) B Acc £ 1.10 - -0.01 1.58
Senator House 85 Queen Victoria Street, London EC4V 4ET

Asset Management Asset Management

Strategic China Panda Fund Hedged EURO € 2193.18 - -13.26 0.00
Investment Holdings N.V. $ 5401.83 - -35.05 0.00 UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 Santander Asset Management UK Limited (1200)F (UK) COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Authorised Inv Funds Strategic China Panda Fund Hedged Sterling £ 2222.57 - -13.24 0.00
Macro Holdings Ltd $ 4255.49 - 56.56 0.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UBS US Growth Fund B Acc £ 1.42 - 0.00 0.00
Balanced Acc 354.10 - -1.40 1.10 Authorised Inv Funds Strategic Euro Bond Accumulating Class CHFSFr 1020.67 - -0.03 0.00
Fixed Income Holdings N.V. $ 400.36 - -0.04 7.99 UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.00 5.03
Santander Premium Fund (OEIC) Strategic Euro Bond Institutional Class EUR € 1034.96 - 0.15 0.00
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL) Balanced Inc 288.80 - -1.10 1.11
Regulated Equity Income 332.60 - -2.00 3.70
A Shares
Strategic Euro Bond Fund Accumulating Class Shares € 1163.36 - 0.16 0.00 Data Provided by
Europe (ex-UK) 266.90 - -3.30 - Unicapital Investments (LUX)
Asian Financials I USD $ 304.93 304.93 -3.40 0.00 Extra Income 110.70 - -0.30 3.01 Strategic Euro Bond Fund Distributing Class Shares € 1063.74 - 0.15 0.00 Regulated
Japan Equities 146.40 - 0.20 -
Biotechnology I USD $ 16.81 16.81 -0.12 0.00 FTSE 100 Tracker Special 1 300.40 - -2.10 3.01 Strategic Global Bond RMB Acc CNY 1088.76 - -6.23 0.00 Investments III € 24.78 - -51.77 0.00
Pacific Bas (ex-Japan) 542.70 - -0.20 -
European Income Acc EUR € 11.37 11.37 0.03 - FTSE 100 Tracker Special 3 208.30 - -1.40 2.77 Strategic Global Bond USD Acc $ 1066.15 - -5.90 0.00 Investments IV - European Private Eq. € 307.74 323.13 0.00 -
Sterling Bonds 271.70 - -1.00 -
Financial Opps I USD $ 12.14 - 0.05 2.03 FTSE 100 Tracker Standard 284.30 - -2.00 2.53 Strategic US Momentum and Value Fund $ 822.01 - -0.47 0.00 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00
UK Equities 262.50 - -1.60 -
GEM Growth I USD $ 9.86 - -0.05 0.00 Growth 314.40 - -1.70 2.07 Strategic US Momentum and Value EUR Hedged Class EUR € 573.36 - -0.39 0.00
US Equities 262.60 - 1.40 -
GEM Income I USD $ 11.17 - -0.04 0.00 High Yield 127.50 - -0.20 3.52 Strategic US Momentum and Value CHF Hedged Class CHFSFr 569.63 - -0.51 0.00 Unicorn Asset Management Ltd (UK)
Pictet Funds (Europe) SA
15, Avenue J.F. Kennedy L-1855 Luxembourg
(LUX)
Global Alpha I USD $ 12.92 12.92 -0.03 0.00 International Growth 408.60 - 0.60 0.61
B Shares
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 www.morningstar.co.uk
Pacific Bas (ex-Japan) 541.90 - -0.20 - Authorised Inv Funds
Tel: 0041 58 323 3000 Global Convertible I USD $ 11.42 11.42 -0.01 0.00 Data as shown is for information purposes only. No
Stakeholder Investment 169.70 - -1.10 1.38 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
FCA Recognised UK Growth A Inc 371.74 - -1.71 0.00 offer is made by Morningstar or this publication.
Global Insurance I GBP £ 3.78 - 0.00 0.00 50 Bank Street, Canary Wharf, London E14 5NT
Pictet-Absl Rtn Fix Inc-HI EUR € 107.85 - -0.06 0.00 Adventurous Growth 149.60 - -0.70 0.50
Saracen Fund Managers Ltd (1000)F (UK) Admin: 50 Bank Street, Canary Wharf, London E14 5NT Mastertrust A Inc F 350.70 - -0.83 0.00
Global Technology I USD $ 21.92 - -0.12 0.00 Balanced Growth 145.90 - -0.80 0.70
Pictet-Absl Rtn Glo Div-I EUR F € 124.25 - -0.47 0.00 19 Rutland Square, Edinburgh EH1 2BB Dealing & Enquiries: 0870 870 8433 UK Growth B Inc 372.80 - -1.69 0.25
Healthcare Blue Chip Fund I USD Acc $ 10.66 10.66 -0.03 - Cautious Growth 135.00 - -0.40 1.20 Dealing: 00 353 1 603 9921 Authorised Inv Funds
Pictet-Agriculture-I EUR F € 194.86 - 0.20 0.00 Mastertrust B Inc F 314.79 - -0.73 0.40
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 THS Growth & Value Funds
Healthcare Opps I USD $ 37.03 - 0.09 0.00 Income 122.90 - -0.50 2.20
Pictet-Asian Equities Ex Japan-I USD F $ 224.27 - -1.29 0.00 Authorised Inv Funds International Outstanding British Cos A Acc F 228.21 - -1.70 0.48
Income Opportunities B2 I GBP Acc £ 1.66 1.66 0.00 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00
Pictet-Asian Local Currency Debt-I USD F $ 157.47 - -0.68 0.00 Saracen Growth Fd Alpha Acc £ 3.48 - -0.01 1.05 IGV - Inc A 334.50 - -1.70 1.83 Outstanding British Cos B Acc F 237.02 - -1.74 1.24
Japan Alpha I JPY ¥ 188.69 188.69 1.46 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00
Pictet-Biotech-I USD F $ 789.04 - -7.95 0.00 Saracen Growth Fd Beta Acc £ 5.53 - -0.02 1.57 IGV - Inc B 333.10 - -1.80 1.09 UK Smaller Cos A Inc F 402.66 - -0.45 0.09
Japan I JPY ¥ 1883.17 - 14.87 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00
Pictet-Brazil Index I USD $ 55.13 - -1.19 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.22 - -0.01 2.86 IGV - Acc X 401.60 - -2.10 1.33 UK Smaller Cos B Inc F 394.45 - -0.42 0.84
North American I USD $ 17.06 17.06 -0.04 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00
Pictet-CHF Bonds I CHF SFr 506.51 - 0.76 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.16 - 0.00 2.92 IGV - Acc Y 429.20 - -2.30 1.79 UK Income A Acc F 242.94 - -0.12 6.27
UK Absolute Equity I GBP £ 10.57 10.57 -0.01 - Your Portfolio Fund II Class 1 112.90 - -0.30 0.90
Pictet-China Index I USD $ 116.75 - -0.93 0.00 Saracen Global Income and Growth Fund -Acc £ 1.51 - 0.00 3.23 IGV - Acc Z 399.70 - -2.10 1.07 UK Income A Inc F 224.28 - -0.11 6.53
Pictet-Clean Energy-I USD F $ 90.27 - -0.40 0.00 Your Portfolio Fund II Class 2 112.60 - -0.30 1.00 Saracen Global Income and Growth Fund -Dist £ 1.36 - 0.00 3.32 European UK Income B Acc F 256.43 - -0.11 6.24
Polar Capital LLP (CYM) Your Portfolio Fund III Class 1 118.80 - -0.10 0.90 .
Pictet-Digital Communication-I USD F $ 242.87 - -1.81 0.00 EGV - Acc S 265.90 - -2.80 - UK Income B Inc F 236.84 - -0.10 6.50
Regulated For Save & Prosper please see Countrywide Assured
Pictet-Eastern Europe-I EUR F € 289.92 - 4.12 0.00 Your Portfolio Fund III Class 2 118.70 - -0.20 1.10 EGV - Acc Z 265.90 - -2.80 0.26
ALVA Convertible A USD $ 126.35 - 0.10 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 175.34 - -2.07 0.00 Your Portfolio Fund IV Class 1 124.50 - -0.10 0.80 Continental
European Conviction A EUR € 164.81 - 2.42 0.00 Schroder Property Managers (Jersey) Ltd Value Partners Hong Kong Limited (IRL)
Pictet-Emerging Markets-I USD F $ 552.06 - -4.36 0.00 Your Portfolio Fund IV Class 2 124.20 - -0.10 1.10 CVG - Acc S 106.70 - -1.10 - www.valuepartners.com.hk / vpl@vp.com.hk
European Forager A EUR € 181.04 - 0.47 0.00 Other International Funds
Your Portfolio Fund V Class 1 129.00 - 0.00 0.60 Regulated
Pictet-Emerging Markets Index-I USD F $ 249.58 - -0.95 0.00 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 CVG - Acc X 106.70 - -1.10 -
Value Partners Classic Equity USD Hedged $ 13.61 - 0.01 0.00
Pictet-Emerging Corporate Bonds I USD $ 105.16 - -0.02 0.00 Your Portfolio Fund V Class 2 128.70 - 0.00 0.90
Polunin Capital Partners Ltd
Pictet-Emerging Markets High Dividend I USD $ 110.21 - -0.79 0.00 Other International Funds Your Portfolio Fund VI Class 1 128.40 - 0.00 0.60 Scottish Friendly Asset Managers Ltd (UK) The Hartford International Funds (IRL)
Developing Countries 'A' $ 38.29 - 0.63 0.00 Your Portfolio Fund VI Class 2 128.70 - 0.00 0.90 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Regulated
Pictet-Emerging Markets Sust Eq I USD $ 100.17 - -0.24 0.00
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1628.40 - -11.28 0.00
Pictet-Environmental Megatrend Sel I EUR € 155.97 - 0.77 0.00 Emerging Markets Active $ 42.90 - 0.70 -
Managed Growth 227.50 - -1.60 0.00
28 ★★★ FINANCIAL TIMES Tuesday 10 February 2015

MARKETS & INVESTING

SMART MONEY Capital markets

Stephen
Foley Microsoft joins long-bond sales surge
Software company sells was the largest offer of corporate bonds no-brainer: they can lock-in very low
$37bn Barclays, with a duration of 13.9 years,
of such maturity in the US, and fetched rates for a long period of time.” has a total return of 3 per cent this year,
40-year maturity for yields of about 153 basis points over The long-end of the debt market has Total orders with the 25-plus year Treasury index
reached for the
Female outperformance first time in its history Treasuries maturing in 30 years’ time.
Big US corporate issuers have been
taking advantage of the combination of
been propelled by sustained demand
from pension and insurance funds, and
a belief that big central banks will con-
Microsoft
securities
posting returns of 4.5 per cent.
Negative yields in countries such as
Germany, as well as the strengthening of
in fund management VIVIANNE RODRIGUES — NEW YORK
Microsoft sold 40-year bonds yesterday
low borrowing costs and strong demand
for ultra-long debt from large institu-
tinue to support lacklustre growth and
fight the threat of deflation with an
$138 bn
Thirty-year
the US dollar, have also contributed to
boost the allure of the bonds.

stokes gender debate for the first time, joining the ranks of
multinationals that have offered long-
term corporate debt in the US this year.
tional investors, such as pension funds
and insurers.
Other large corporate borrowers,
“easy” approach to monetary policy.
The Fed last month signalled that it
remained on course to raise short-term
corporate and
sovereign debt sold
since October
As a result, sales of long-debt are on
the rise. Since October, $138bn of corpo-
rate and sovereign debt maturing in
The top-ranked borrower sold including AIG and Union Pacific, have rates this year. 30 years’ time or more was sold, com-
$2.25bn of 40-year debt, as part of a targeted the ultra-long segment of debt Still, investors have flocked to long- pared with $133bn in the same period of

Y
ou will never see as many great women inves- $10.8bn offer — the largest corporate capital markets this year with bond term debt, pushing yields on 30-year 2013, according to Dealogic.
tors or traders as men. Period. End of story,” bond sale this year — that also included sales that included debt maturing in 40 government and corporate bonds to Microsoft last raised funds in the debt
hedge fund legend Paul Tudor Jones said in securities maturing in five, seven, 10, 20 years’ time. record lows and ignoring so-called dura- capital markets in December 2013 when
2013, in his exposition on how breastfeeding and 30 years. “Companies are emboldened by other tion risks — a measure of bond portfo- it offered $8bn of bonds in dollars and
mothers could not simultaneously hold an Total orders reached $37bn as inves- companies. We may see others coming lios’ sensitivity to higher benchmark euros, including $500m in 30-year
interest in following the market or analysing a stock. tors lined up to buy the securities, to markets with long-term paper,” said interest rates. notes. Microsoft debt carries triple A
So why are investors increasingly keen to put their encouraging Microsoft to boost the size Michael Kastner, managing principal at Instead, investors have focused on the status from rating agencies Standard &
money with female hedge fund managers? from an initial $7bn, people familiar Halyard Asset Management. higher returns offered by long-term Poor’s and Moody’s.
Many US public pension funds — some of the world’s with the sale said. The 40-year tranche “For a borrower, it’s almost a debt. The US long credit index at Barclays and Citi managed the sale.
largest institutional investors — have made finding
women-run hedge funds a priority, partly for public policy
reasons. But the phenomenon goes beyond institutional
investors whose actions are in the political spotlight.
The investment case for putting money with female Analysis. Capital markets
managers has more to do with portfolio diversification
than it does with promoting diversity.
After a financial crisis in which asset classes all seemed
to move in lock-step, and when hedge funds did not pro-
vide the uncorrelated returns that were advertised, female
Risks lie in eurozone banks’ government links
managers might do things just differently enough to cush-
ion a portfolio next time round.
The evidence for this has been building over time. A
study by consultants Rothstein Kass in June 2013 found
Investors worry over an Peripheral concerns
that funds majority-owned by women had outpaced the increasing and potentially Bank holdings of sovereign bonds
hedge fund industry as a whole in the preceding six and-a- As a % of assets Eurozone bank holdings of sovereign bonds
half years, returning 6 per cent compared with a loss of 1.1 destabilising interdependency As a % of assets
per cent for the industry. A later study found female hedge Jan 2012 Dec 2014 6.0
fund managers outperformed men over 2013 as a whole. A CHRISTOPHER THOMPSON
new calculation for 2014 is due shortly. 5.5
It is too early to be sure of the statistical significance. If governments that dare to challenge
This is a small data set. There are just 125 women-run their eurozone creditors need an exam- 5.0
funds anywhere in the world reporting returns to industry ple of what punishment awaits them
databases. they should look no further than Greek 10.7 4.5
10.5
It is notable that the outperformance seems to be strong- banks.
est around the period of the financial crisis. Behavioural Since last month’s election of Syriza, 4.0
finance studies suggest which pledged to renegotiate the terms
2012 13 14
female investors are more of Greece’s €172bn bailout, the country’s
risk-averse and more likely to
Behavioural four biggest lenders have lost 38 per 8.6
stick with their investment finance studies cent of their stock market capitalisation 8.1
choices through turbulence, on average amid worsening deposit
which might provide a clue as
suggest female flight.
to why women-run funds investors are Benchmark government bond yields 6.8
avoided the worst of the crash have increased 157 basis points, 6.3
and benefited disproportion-
more risk-averse prompting renewed warnings of a Greek 6.2
ately from the rebound. exit from the eurozone.
One female manager of a multibillion-dollar hedge fund In contrast to the 2012 crisis, wider
thinks her gender is an advantage. “Markets dominated by contagion to other eurozone periphery
male investors are why ‘min vol’ strategies work so countries has been muted — in part
4.6
consistently,” she says. “Researchers have proven we think because expectations of bond buying by
about risk and solve problems differently than men.” the European Central Bank, known as 3.7
Others such as Maria Vassalou, manager of the PWP Glo- quantitative easing, has pushed sover- 3.2
bal Macro Fund at Perella Weinberg, are not so sure about eign bond yields to record lows.
ascribing their outperformance to the fact that they are But this has not stopped investors
women, but Ms Vassalou is confident that if female manag- fretting over the increasing and poten-
ers are outperforming their male peers, this is something tially destabilising interdependency
that will soon get noticed. between the region’s financial institu-
“Investors should invest with the best managers, just as tions and its national governments,
they would hire the best person for a job,” she says. “This is often referred to as the “bank-sovereign
an industry which is driven by performance, and numbers nexus”.
are gender-blind. So, I think it’s a great place for women to “Markets could get complacent at this Portugal Italy Ireland Greece Spain
compete.” point because the ECB QE programme is Source: Royal Bank of Scotland

The good news is that the data set is likely to expand rap- leaving so little on the table for inves-
idly, as more money is there for the taking by women who tors, driving prices up and yields down,” Holdings of highest proportion since the beginning Greece is one of the few countries where Greek crisis when the sovereign funda-
set up their own funds. Meredith Jones, a consultant, says Bryan Wallace, a fund manager at of 2006. the proportion of government paper has mentals were weaker,” says Mr Wallace.
counts 26 US states whose pension funds are actively seek- JPMorgan Asset Management. sovereign The majority of these holdings are the fallen, from 9.6 per cent to 3.2 per cent. “The Spanish and Italian economies are
ing to allocate to “emerging managers”, and many of those In recent years banks have boosted debt do not domestic government bonds of a bank’s “For now the carry trade is keeping slowly improving and that is helping the
programmes are explicitly targeted at finding female tal- their profitability by using cheap ECB domicile. everyone afloat,” says Mr Gallo. fundamental quality of the banks. The
ent. To qualify, hedge funds usually have to show that they loans to buy domestic government debt incur any Profits from the carry trade have Not everyone agrees that this matters. picture is diverging — Spanish and Ital-
are 51 per cent-owned by a woman, or women, with female offering a higher yield — a practice regulatory eased pressure on banks to tackle their Eurozone banks are better capitalised ian banks are improving slowly while
decision makers. Individual investors can be more flexible known as a “carry trade”. bad loans. to withstand external shocks than they the situation at the Greek banks is get-
in choosing funds that have women in the most senior An additional incentive is that hold- capital “Sovereign carry trades have allowed were in 2012. Last year they raised ting worse.”
investment roles. ings of sovereign debt do not incur any charge a significant number of eurozone banks €82.6bn in loss-absorbing bonds and Jens Weidmann, the president of Ger-
Until then, investors will have to weigh the human char- regulatory capital charge while, by that struggle with high volumes of bad equity, including €37.1bn by periphery many’s Bundesbank, has repeatedly
acteristics of their flesh and blood managers, and the need contrast, loans to businesses would do. while loans to kick the can further down the banks, a 150 per cent year-on-year called for the debt of more troubled
for diversification argues strongly for considering women- The result is that, as of the end of loans to road,” says Alberto Gallo, head of credit increase from the year before, according countries to be treated differently from
run hedge funds in the mix. last year, eurozone banks held a record strategy at Royal Bank of Scotland. “In to Dealogic. the bonds of safer governments, to
For women rising through the industry, investors’ desire €1.8tn in sovereign bonds, according businesses the medium term, or when QE ends, Moreover, European banks have loosen the links between the lenders
to tap into the potentially different investment styles of to the latest ECB data, meaning a would do questions arise about their structural reduced their exposure to Greece specif- and their sovereigns. One way would be
female managers could make this an auspicious time. That sharp rise in government borrowing profitability. That is a major concern.” ically by more than 80 per cent to about to require higher capital charges against
is not to underestimate the challenges posed by Paul costs would send a destructive ripple Sovereign holdings are highest in the €19bn since 2011-12 according to the former. If anything, with QE poised
Tudor Jones-style attitudes across the industry, especially effect across the region’s financial insti- periphery. In Spain and Italy govern- research by Morgan Stanley. The only to begin next month, the links are set to
at the hiring stage, but the most senior female managers tutions. ment bonds account for more than a way the sovereign-bank nexus would grow stronger.
may find they have marketing cache as well as perform- Government debt as a proportion of tenth of collective banking assets, com- prove destructive is if other govern- Gildas Surry, a banks analyst at BNP
ance chops. That will help level the playing field, and give eurozone banks’ collective assets has pared with 5.7 per cent and 6.2 per cent ments suddenly faced higher borrowing Paribas, says: “Ultimately banks have to
the industry a chance of proving Mr Tudor Jones wrong. increased nearly every month since the three years ago. In Portugal the figure is costs. park their excess liquidity somewhere
end of 2011 and is presently equivalent 8.1 per cent of banking assets, a rise of “We were more worried about the so they naturally look to the sovereign
stephen.foley@ft.com to 6 per cent of all banking assets, the nearly 4 percentage points. By contrast bank-sovereign nexus back in the last borrowings of their habitat.”

Commodities Capital markets

Crude rallies as Opec forecasts rise in demand Chance of Greek default ‘highest since 2012’
GUY CHAZAN increase by 850,000 b/d this year, which worth billions of dollars on hold, shed- ELAINE MOORE benchmark 10-year bond yield moved and that he would not seek an extension
represents a 420,000 b/d downward ding staff and idling rigs. The industry from 10.08 per cent to 10.81 per cent to the February 28 deadline, but would
Crude prices rallied after Opec forecast The risk of Greece defaulting on its
revision from the group’s last monthly response appears to have stopped the yesterday. look for a bridge agreement until June.
a rise in demand for its own oil this year debt has jumped to the highest level
report. price slide, with oil bouncing back more In equity markets, banks bore the However, Jeroen Dijsselbloem, the
amid a slowdown in US output, in a sign since the eurozone crisis, as investors
Opec appears to believe that the than 20 per cent in the past two weeks. brunt of a sell-off that saw the Athens Dutch minister and chairman of the
that the cartel’s policy of maintaining fear the country is on a collision course
flurry of spending cuts and project Opec said that factors behind the stock exchange drop almost 6 per cent. eurogroup of finance ministers, has pre-
output appeared to be working. with its creditors.
deferrals announced by big oil compa- decision to lower its forecast for non- Greek markets have been increas- viously rejected the idea of such a short-
In its monthly market report, the pro- nies in the past few months should bring Opec oil production growth were “price Insuring Greek bonds against default ingly volatile since the Syriza party term financing arrangement for the
ducers’ cartel said it was raising its fore- oil supply and demand back into bal- expectations, a declining number of now requires an upfront payment as the came to power in mid-January, as inves- country.
cast for 2015 demand for its own oil by ance and push prices higher. active rigs in North America, a decrease country is considered in distress. That tors attempt to judge whether the coun- Reinhard Cluse, economist at UBS,
400,000 barrels a day to 29.2m b/d. The closely watched report will be in drilling permits in the US and a reduc- upfront cost rose 5 basis points yester- try can reach a compromise with lend- said the European Central Bank had
US oil supply will increase by 820,000 seen as a vindication of Opec’s conten- tion in the 2015 spending plans of inter- day, to the highest point since 2012, ers. Last week Standard & Poor’s low- clearly increased pressure on the Syriza-
b/d in 2015 year on year to 13.64m b/d, tious decision last year not to cut pro- national oil companies”. according to Markit. ered its rating for the country to B minus led coalition government, whose over-
Opec said. That is roughly half the duction despite the sharp drop in oil It said that the number of active drill- Greek borrowing costs also rose fol- while keeping it on negative watch and tures about debt and fiscal relief had not
increase it recorded last year. prices. ing rigs in the onshore US had declined lowing the declaration at the weekend Moody’s indicated the possibility of a found sympathy with national govern-
US crude prices jumped more than The strategy was seen as an attempt from a peak of 1,551 in early October to by Alexis Tsipras, Greece’s prime minis- downgrade by placing Greece on a nega- ments or the troika of creditors — the
3 per cent on the report, with Nymex by Gulf producers to squeeze out high- 1,263 in January, “because of unattrac- ter, that he would not seek an extension tive rating watch. EU, ECB and International Monetary
March contract adding $1.80 to $53.48 a cost producers that have been eating tive economic returns”. to the country’s bailout, which is due to Greece’s prime minister wants to Fund.
barrel, while ICE March Brent, the inter- into their market share, in particular But it said that its forecast for lower expire at the end of this month. restructure the country’s €315bn for- “The overriding question is whether
national benchmark, rose 94 cents to America’s shale drillers. non-Opec supply growth was dependent The three-year bond sold last year eign debt and end the punishing auster- compromise will be found freely or be
$58.73 a barrel. As prices continued to fall, oil compa- on prices staying low to put downward with a yield of 3.5 per cent now ity regime. On Sunday, he said the exist- forced by economic and financial stress,
Total non-Opec supply was forecast to nies responded by putting projects pressure on output. yields more than 21 per cent, while the ing multibillion-euro bailout had failed or even fears of a Greek exit,” he said.
Tuesday 10 February 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Michael
Hunter
Concerns over Greece and China S&P 500 index
Change on day 0.43%
2100

The growing belief that oil prices have

hit bottom has turned attention to the
potential knock-on effects of calmer
make for subdued start to week Jan 2015 Feb
2050
2000
1950
crude beyond the commodities
complex. German government from the eurozone helped push the yield US equities Wall Street began the
The exposure of oil-exporting on German 10-year Bunds down 2bp to week on a cautious note amid worries
Norway to the crude collapse was bond prices and euro edge 0.35 per cent, while the euro showed about Greece’s debt negotiations,
keenly felt by the country’s krone on higher while Wall Street some resilience as it edged up 0.1 per worsening tensions in Ukraine and
currencies markets — in mid-May, cent against the dollar to $1.1323. uncertainty over China’s economy
before it hit the oil slick, traders needed slips despite renewed The 10-year Treasury yield was up
just NKr7.4514 to buy a single euro. By advance for oil prices 2bp at 1.95 per cent in spite of a weak FTSE 100 index
mid-January as many as NKr9.051 were showing by US stocks. Change on day 0.24%
required, before it regained some DAVE SHELLOCK The S&P 500 equity index fell 0.4 per 7000
composure at NKr8.6120 yesterday. cent to 2,046, although energy stocks
Analysis from Danske Bank predicts Concerns about the stand-off between rose as oil prices enjoyed more gains. 6800
the krone could now be due to get back Greece and its creditors left global mar- Brent crude rose 54 cents, or 0.9 per 6600
to basics, with the outlook for monetary kets trading cautiously as the week cent, to settle at $58.34 a barrel, after
policy taking centre stage ahead of began with worries over China and earlier pushing to $59.61, as oil produc- 6400
Jan 2015 Feb
Thursday’s annual address from Norges Ukraine adding to a downbeat mood. ers’ cartel Opec forecast a rise in
Bank’s governor, Øystein Olsen. Alexis Tsipras, the new Greek prime demand for its own oil this year amid a UK equities A 1.6 per cent drop for
“The krone remains very attractive minister, delivered a defiant speech to slowdown in US output. HSBC helped drag the FTSE 100 lower
but a rate cut in March will temporarily parliament on Sunday when he insisted European stocks had a rockier ses- after the index heavyweight admitted
weigh on it, as this is not fully priced that the government would not seek an sion, although an early 1.5 per cent its Swiss private bank may have held
in,” wrote Kristoffer Lomholt, Danske extension to the country’s bailout. Mr decline for the FTSE Eurofirst was pared accounts for tax-dodging clients
analyst. “The current market Tsipras also said he believed a short- to 0.7 per cent by the close.
expectation of more than two rate cuts term “bridge agreement” could be put The Shanghai Composite index rose Eurofirst 300 index
over 12 months is too dovish . . . Data in place to keep Greece afloat. 0.6 per cent, despite disappointing trade
Change on day 0.73%
have also surprised on the upside, That followed Friday’s blunt remark data released on Sunday — but was still 1500
indicating the economy is not falling from Jeroen Dijsselbloem, head of the about 9 per cent down from its mid-Jan-
off a cliff despite the oil price collapse.” eurogroup of EU finance ministers, that uary peak. 1450
Justin Sullivan/Getty Images
Danske forecast a euro exchange “we don’t do” bridge loans. Chinese exports fell 3.3 per cent in 1400
rate priced at NKr8.65 over a one- “This week’s emergency eurogroup More jobs in the US: FT.com/video January while imports tumbled 19.9 per
month time horizon, stronger than the meeting on Wednesday looks likely to In the wake of a strong US jobs report, John Authers reports cent. 1350
Jan 2015 Feb
NKr8.75 of its previous forecast. be a tense affair,” said Jim Reid, macro on changing sentiments on when the Fed might raise rates Steve Barrow, head of G10 strategy at
It points to a sharper strengthening strategist at Deutsche Bank. Standard Bank, noted that Chinese data European equities Greek banking
over the longer term “as Norges Bank “With Mr Tsipras and the eurogroup releases over the January-February stocks came under further heavy
[policy] is re-priced, quantitative both appearing to stand firm it’ll be extension and it is likely that negotia- impact on other “peripheral” eurozone period were very volatile. pressure as concerns mounted over
easing from the European Central interesting to see how negotiations and tions can begin. bond markets with 10-year yields in “Nevertheless, the data are clearly Athens’ plans to abandon the country’s
Bank is playing out and oil prices talks advance, if at all, with time run- “It is probable that Ms Merkel and the Spain and Italy both edging up 6bp to disappointing with regards to both bailout at the end of the month
recover further”. That all adds up to a ning out before the current programme others would compromise. No doubt 1.56 per cent and 1.67 per cent, respec- domestic demand and international
12-month forecast that a euro will fetch expires at the end of the month.” with developments in the Ukraine, Ms tively, while Portugal’s rose 10bp to 2.54 growth prospects and have had some
just NKr8.15. Gary Jenkins, chief credit strategist at Merkel could do without having to man- per cent. negative reverberations, not least for Nikkei 225 index
LNG Capital, said: “In my view, the pos- age the first exit of a country from the “What is clear is contagion from the Australian dollar,” he said. (’000) Change on day 0.36%
18.0
michael.hunter@ft.com sibility of Greece leaving the eurozone eurozone right now.” Greece continues to be limited by the But the Aussie recovered from an
has increased with this speech from 35 Not surprisingly, Greek assets came prospect of what is looking like a very early dip against its US namesake to 17.5
Norwegian krone per cent to 50 per cent. under heavy fire. The Athens General well-timed start of European Central stand 0.2 per cent firmer at $0.7805. 17.0
Against the euro (Nkr per €) “It seems nonsensical that Greece share index fell 4.8 per cent, with banks Bank quantitative easing in March,” said Base metals traders also shrugged the
could end up leaving the eurozone once again suffering steep falls. Divyang Shah, global strategist at IFR Chinese data aside, with the copper 16.5
8.0 Jan 2015 Feb
8.5 because they could not agree with their The yield on Greek three-year gov- Markets. But he added: “What is inter- price recovering from an early fall to
9.0 European partners on the best way to ernment bonds leapt 370 basis points to esting is that yields on 10-year Portugal end 0.4 per cent higher in London at Japanese equities The Nikkei gave
9.5
get through the next few weeks to allow 21.70 per cent, the highest since the and 10-year Spain have both moved $5,573 a tonne. back some of an early rise as worrying
May 2014 Feb them to spend time negotiating but that country’s debt was restructured in 2012, beyond where they started on January Gold rallied $7 to $1,240 an ounce Chinese trade data offset the positive
Source: Thomson Reuters Datastream 2015 is a realistic possibility. according to Bloomberg data. 22 when the ECB announced QE.” after sliding $31 on Friday after a strong impact of Friday’s US jobs report
“All Greece has to do is ask for an But there was a relatively muted The heightened risk of a Greek exit US employment report.

Hunting “We view a 40-50 per cent peak-to-

Share price (pence) trough reduction in US onshore rig
Trading Directory
1000 counts as possible in 2015, but already
more than half of the way there the
800 downcycle may be more shortlived than
600 we thought,” said Deutsche.
400 Hunting has also been helped by
London Feb 2014
Source: Thomson Reuters Datastream
Feb
2015
renewed talk of bid interest from US
peers including GE and National Oilwell
RSA Insurance Day's Varco, which said last week it would
declines on low Indices
FTSE 100
Close
6837.15
change
-16.29
continue its strategy of bolt-on
acquisitions.
interest rate drag FTSE 250
FTSE 350
16579.21
3737.65
-106.42
-11.29
Since hitting a six-year low in late
January, Hunting has rallied 39 per
FTSE All-Share 3670.27 -11.21 cent.
FTSE All-Share Yield 3.28 -
Halma, the safety equipment maker,
FTSE 100 Futures 6787.50 -10.00
lost 3.9 per cent to 678.5p after
Bryce Elder 10 yr Gilt Yield
20yr Gilt All-Share Ratio
2.53
0.67
-0.29
-
JPMorgan Cazenove recommended
selling.
The stock had hit a five-year high yet
Pressure on earnings forecasts meant points, at 6,837.15. Total daily blue-chip M&A is becoming more difficult to
RSA Insurance was among the sharpest volume was the second lowest of the deliver, it said, adding: “With the group
fallers yesterday. year so far. now larger, we believe management
Consensus expectations for RSA are Ahead of a production update needs to either increase the acquisition
still about 10 per cent too high even after tomorrow, Glencore bounced 3.8 per run-rate or find larger deals; we see
recent downgrades, according to cent to 275.6p. either approach adding risk.”
Deutsche Bank. Credit Suisse said Glencore could cut A botched closing auction meant
The drag from lower interest rates another $1bn off its 2015 capital Ladbrokes spiked 7 per cent higher,
will weigh heavily on RSA’s investment expenditure budget, which in then closed little changed at 122p.
income, which will provide 90 per cent combination with cash freed up from its The bookmaker has been lifted this
of RSA’s operating earnings this year, the marketing business should mean month by private-equity bid hopes but
broker forecast. dividends are covered by free cash flow gossip that CVC might be interested was
Ever-lower bond yields have also for the next two years. said to be wide of the mark.
distorted RSA’s balance sheet, Deutsche Oil services group Hunting added 10.2 Chipmaker CSR rallied 1.1 per cent to
argued. Low yields artificially boost per cent to 548.5p on an upgrade to 861.5p on reports that Qualcomm, its
management’s preferred value metric “buy” from Deutsche Bank. possible acquirer, was likely to pay
while weakening the insurer’s economic Hunting’s focus on onshore drilling China a fine to resolve an antitrust
capital position, the broker said. means its markets are already investigation. Qualcomm agreed in
RSA ended 3.4 per cent lower at 439p stabilising and can bring production October to buy CSR for 900p a share but
in a mixed wider market, which left the back quickly if oil recovers in 2016, the analysts have speculated that China
FTSE 100 lower by 0.2 per cent, or 16.29 broker argued. might delay the transaction.

Aluminium for three-month delivery $129.8m, or 98 cents a share, in the same

has declined nearly 11 per cent since its period a year ago. Sales climbed 1 per
high in late August to $1,871 a metric cent to $1.29bn. Wall Street analysts
tonne, on the London Metal Exchange. were looking for earnings of $1.20 a
Rising supply from Russia, because of share, on sales of $1.33bn.
a weaker rouble and domestic demand, Hasbro’s board authorised a $500m
as well as from the Middle East and share buyback programme, on top of a
China, “have led to a looser market” $64.2m programme that was available
Wall Street that has pressed aluminium prices. at the end of the year.
Alcoa’s rise reversed These conditions have been
exacerbated by weak demand.
Shares of McDonald’s declined more
than 1 per cent to $92.72, after the fast
after downgrade Meanwhile, aluminium premiums, food restaurant chain reported a 1.8 per
which represent the cost of physically cent decline in global same-store sales
delivering the metal to the buyer, are in January, steeper than the 1.2 per cent
also expected to decline. decline that analysts had forecast.
Last month, Alcoa said it expected Energy was the best performing
Mamta Badkar sustained growth in aluminium from sector on the S&P 500 as Brent crude,
demand in the automotive and the global oil benchmark, climbed
aerospace industries. Alcoa shares, nearly 1 per cent to $58.34 a barrel.
Shares of US aluminium producer which have gained 40 per cent in the Transocean was the best performing
Alcoa, which in the past year past year, declined 6 per cent to $15.65. energy stock on the US benchmark,
outperformed the US benchmark, Better than expected fourth-quarter advancing 10 per cent to $20.44, while
reversed yesterday after a downgrade profits and a new buyback programme shares of Noble Corp gained 6 per cent
on the back of rising supply that has pushed shares of toymaker Hasbro up to $19.28.
squeezed prices of the metal. 7 per cent to $59.66. The S&P 500 declined 0.4 per cent to
Analysts at JPMorgan downgraded The Pawtucket, Rhode Island, 2,046.74 points, and the Dow Jones
Alcoa to “neutral” from “overweight” company reported a profit of $169.9m, Industrial Average slipped 0.5 per cent
and lowered their price target to $18.50 or $1.34 a share, in the three months to 17,729.21. The Nasdaq Composite fell
from $20. ended in December, compared with 0.4 per cent to 4,726.01.
30 ★ Tuesday 10 February 2015

INSIGHT Analysis. Commodities

Mohamed
El-Erian
Oil ‘contango’ puts profit in storage
Finding tanks to store crude is US ending stocks of crude oil

Policy making tug of becoming more difficult as

the glut in supply continues
m barrels
500

war leaves investors GREGORY MEYER AND ED CROOKS

400
300

facing difficult calls — NEW YORK

Anyone seeking to understand oil’s fall
should watch what is happening in
200
100
Cushing, Oklahoma.
The little city of 7,900 people is also 1920 40 60 80 2000 15

T
here is an economic and policy tug of war home to tanks capacious enough to hold Excluding SPR
going on between the US and most of the rest 70.8m barrels of crude, by the govern- Cushing oil stocks and oil price
of the world. Data releases, official statements ment’s latest reckoning. There, oil
and markets underline the power of this stocks have doubled since October to Cushing oil WTI spread between
divergence. It is also consequential for inves- 41.3m barrels — a tenth of US commer- stocks 1st and 12th months
tor positioning. cial inventories. In a “few months it will (m barrels) ($ per barrel)
In spite of impressive job creation and robust personal be full”, Alan Swanson, chief financial 40 10
spending, the US economy is still struggling to achieve lift- officer at tank owner Plains All Ameri- 5
off. Imports are surging ahead of domestic production for can Pipeline, told analysts last week. 30
foreign markets and companies remain reluctant to Cushing’s rising occupancy rate 0
20
unleash capital investment plans, partly because a sharply shows how much supply exceeds -5
rising dollar makes it harder to compete overseas. demand even with US crude at $52 a 10
In an unusual occurrence for a central bank that is barrel. With North American produc- -10
domestically oriented in its policy focus and communica- tion still booming, it is pouring into 0 -15
tion, the tug of war made it to the Federal Reserve state- tanks in such places as Cushing, the Gulf Jun 2014 Feb
ment issued on January 28. Observing that “economic coast of Texas, and Hardisty, Alberta. 15
Sources: EIA,Bloomberg
activity has been expanding at a solid rate” — a view that Cushing is watched most closely, as it is
will be confirmed by the “wow” monthly employment the delivery point for the benchmark
report released on Friday — Fed officials noted “interna- West Texas Intermediate (WTI) futures
tional developments” as one of the factors to take into contract used by oil companies, airlines, Cushing is release from emergency oil stockpiles. spreads, they’re pretty much indicators its own account, says there are storage
account in assessing future policy steps. banks, hedge funds and asset managers. watched most In theory, vast stocks should also of the same thing. If you’ve got too much opportunities across North America.
For their part, markets have already been responding to Futures markets reflect the state of closely, as it is the damp volatility by rendering panic buy- oil, you have to create conditions where “As you might expect, the contango
the divergence, particularly when it comes to the more oversupply. On Friday, WTI crude for delivery point for ing unnecessary. So far, the opposite has you can store some of that oil. So you get doesn’t just exist in Cushing; we’re able
macro-dominated currency and fixed income segment. March delivery at Cushing settled at the benchmark been the case as nervous traders grope a contango structure.” to access it in other parts of the US and
Over the past six months, the dollar strengthened mark- $51.69 a barrel. The same grade for WTI futures for answers on production and demand. Many see the contango continuing Canada,” Greg Armstrong, Plains’ chief
edly. Meanwhile, market-determined yields for US Treas- delivery in March 2016 was $61.63 a bar- contract used by Volatility implied by prices of options and possibly deepening, drawing more executive, told analysts.
uries were pulled down by German Bund rates that have rel. This type of upward sloping curve is oil companies, on WTI futures is the highest since the barrels to Cushing and other hubs. He added: “Once it gets in full con-
plummeted in response to both a weaker eurozone econ- called “contango”, commodity trader airlines, banks, start of the Libya crisis. Last week, Across the US, commercial crude tango, it could stay here longer than we
omy and new quantitative jargon for when prices for future deliv- hedge funds and futures leapt 7 per cent one day, only to stocks have swelled at a rate of 1m bar- think unless, obviously, if Saudi Arabia
easing from the European ery are higher than in the spot market. asset managers sink 9 per cent the next. rels a day over the past month — roughly comes out July 1 and says they are going
Central Bank.
For their part The contango time spread suggests Shane Bevel
The contango spread gives companies equal to the daily output of North to cut production a significant amount.”
The yield curve also flat- markets have the market believes there is plenty of oil with the means to store oil an incentive Dakota or Algeria. At 413.1m barrels, Michael Palmer, senior vice-president
tened, with yields on longer- around and no need to scramble for sup- to. With monthly tank leases at Cushing the nation’s inventories are now the of supply at Marathon Petroleum, the
maturity Treasuries declining
already been plies. But it is more reflective of current now less than 50 cents a barrel and the most for this time of year since the Great refining group, said an oversupplied oil
a lot more than those on short- responding to conditions than predictive. A case in cost of financing low, traders can buy Depression. “All available storage is market “certainly appears to be with us
er-dated ones. Volatility from point: the last time the one-year WTI crude and lock in a sale price $10 higher, pretty much getting filled up,” says a during the first half of the year”, imply-
these two market segments
the divergence spread was more than $10 was in Febru- pocketing a profit net of costs. physical crude trader in Texas. “Put oil ing that the steep contango would also
spilled over into equities, ary 2011 — just before civil unrest in Lawrence Eagles, BP’s head of North in a five-gallon bucket, because it will be persist for that period. “As things come
shaking the comforting notion of a “low vol paradigm” that Libya sent crude above $100 a barrel. American and global crude analytics, worth more next month.” back more into balance on the second
had provided major and consistent support to stock prices. Within a few months western countries told a conference last month: “When Plains, which owns 20m of tank half of the year, then I would guess that
There is little reason to expect the underlying forces of were worried enough to make a rare you’re looking at both flat price and at capacity at Cushing and trades some for the contango would narrow,” he added.
economic and policy divergence to change any time soon,
especially when it comes to the contrast between the US on
the one hand, and the eurozone and Japan on the other.
The US economy should heal further, aided by a surge in Monetary policy
consumer confidence fuelled by lower energy prices. Con-
tinued robust job creation and a further decline in unem-
ployment will support wage growth.
All this is likely to translate into the Fed tweaking its
Investors primed for
“patient” language in March, and starting its rate rise cycle
this summer. This would involve measured moves, be sup-
midyear US rate rise
ported by reassuring forward policy guidance, and involve
a policy end rate below the historical average of 4 per cent.
Unfortunately, European and Japanese prospects MICHAEL MACKENZIE AND odds of 70 per cent that the
remain quite different. Persistently sluggish growth TRACY ALLOWAY policy makers will shift bor-
— NEW YORK
dynamics will be threatened even more by the spectre of rowing costs higher by June.
damaging deflation. Central banks will keep pressing hard US investors are preparing That is up from about odds of
on the QE stimulus accelerator, but the transmission to themselves for the first 40 per cent earlier this
higher growth and inflation will remain patchy. tightening of interest rate month.
Meanwhile, tricky national politics and greater vulnera- policy this summer as This repricing rippled out
bility to geopolitical shocks (particularly the escalation of strengthening employment across the broader bond
violence in eastern Ukraine) will add significant downside conditions in the world’s market, where yields, which
risks to economic growth. largest economy counter move inversely with prices,
All this makes absolute market calls a lot tougher than worries over slowing global have experienced a substan-
the relative ones. To navigate well such a tug of war, inves- activity. tial decline since the start of
tors need to be able to gain exposure to relative as well as January.
absolute positioning — be it in the foreign exchange mar- It is a sentiment shift for Slowing global growth,
kets favouring further dollar strength, in the government investors, who had expected deflationary pressures and
bond markets favouring additional flattening of “high the first rate rise from the US falling bond yields, notably
quality sovereign” yield curves, or in the corporate mar- Federal Reserve to be late in the eurozone where many
kets favouring higher quality bonds versus those issued by this year or early in 2016, and issues trade at negative lev-
high yield and low quality emerging market companies. comes after employment els, have exerted a down-
In scaling such relative positioning, investors would be data out on Friday showed ward pull on US bond mar-
well advised to keep one more issue on their radar screen. solid job and wage gains. kets since late last year. Now
The prospective moves in markets implied by the diver- “The clock is ticking on the that relationship appears
gence theme would tend to complicate rather than facili- Fed’s near-zero interest rate vulnerable as investors own-
tate policy making in a world subject to increasingly bimo- policy,” said John Brady, ing US bonds shift their hold-
dal distribution of potential outcomes and low availability managing director at RJ ings ahead of rate increases,
of broker-dealer liquidity during transitions. O’Brien. “The strength of the setting the stage for higher
The possibility of policy mistakes and market accidents US jobs market is a major market volatility.
inevitably rises, as does that of a US-led global economic step forward in allowing the “Rates are way too low and
breakthrough. Fed to start normalising investors have made a mis-
interest rate policy.” take in thinking the Fed
Mohamed El-Erian is chief economic adviser to Allianz and The change in US interest would tighten policy at the
chairman of President Obama’s Global Development Council rate expectations sets the end of this year or in 2016,”
stage for higher market vola- said Michael Kastner, man-
tility, as the Fed may embark aging principal at Halyard
on a tightening cycle while Asset Management.
many of its foreign counter- “We are going to see inves-
parts are easing monetary tors sell short-dated bond
More comment and data on ft.com policy to combat slower eco- holdings and interest rates
nomic growth. The US cen- will move higher as they
tral bank must also figure out come round to the view that
Y Fast FT Our global economies, headed a way to signal an interest the Fed may tighten policy a
team gives you market- by Brazil, Russia, India rate rise without spooking lot sooner than many
moving news and views, and China. nervous investors who have thought.”
24 hours a day, five days ft.com/beyondbrics poured hundreds of billions The yield on the five-year
a week. ft.com/fastft of dollars into positions that Treasury note, a key barom-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a benefit from low rates. eter of central bank policy
irreverent financial blog. look at what is driving “It could be a situation expectations, jumped 15
Join Paul Murphy and the global currency where if the Fed gives the basis points to 1.45 per cent
Bryce Elder for the daily market. ft.com/podcasts market any kind of signal on Friday, reversing much of
Markets Live session at that it’s going to tighten, that the benchmark’s recent yield
Y Video View from the people are going to want to decline. Also weighing on
11am. ft.com/alphaville
Markets features video get ahead of it and get out of near-term sentiment is the
Y beyondbrics News and interviews with leading positions, especially credit,” prospect of new government
comment from more market analysts. a veteran bond trader said. bond debt sales this week,
than 40 emerging ft.com/vftm The vast US interest rate led by auctions of 10-year
futures market now reflects and 30-year Treasury paper.