WORLD BUSINESS NEWSPAPER
MONDAY 15 SEPTEMBER 2014
UK £2.50 Channel Islands £2.80; Republic of Ireland €3.00
This endless war
Looking into the future
Rainmakers cash in
Obama plan is a campaign only in name, says Edward Luce PAGE 13
Lucy Kellaway predicts that McKinsey’s predictions will come to nothing PAGE 14
Advisory bankers match traders’ pay for first time PAGE 17
Queen urges Scots to take ‘care’ over vote
Briefing i New look for the Financial Times The Financial Times today has a new look. It has a new typeface (called Financier), a wider column measure, redesigned graphics and smarter navigation. The refreshed FT will highlight the accurate, authoritative content that is our hallmark. —LIONEL BARBER, EDITOR
JIM PICKARD – CHIEF POLITICAL CORRESPONDENT
i Ukraine stands firm on EU deal
The Queen has urged Scots to “think very carefully” before they vote in Thursday’s referendum in a rare intervention into the political arena. Speaking after a Sunday service near Balmoral, she was careful not to endorse either side but told bystanders outside the church she hoped “people will think very carefully about the future”. Buckingham Palace insisted the queen was impartial but the No campaign privately welcomed the comment. Future of the union pages 2&3 Editorial Comment page 12 Chris Cummings page 13
Kiev has vowed not to “change a word” of the EU deal that sparked the turmoil leading to a Russian-backed separatist rising .—PAGE 7; SERGEY KARAGANOV, PAGE 13
i Search to fill top job at Whitehall goes on Sir Ian Cheshire has rejected an offer to head the civil service, underlining the dearth of business figures willing to take on government roles.—PAGE 4
i Modi loses momentum Indian and foreign business leaders backed Narendra Modi because he offered an end to corruption and indecision. Many fear he is squandering his mandate.—PAGE 8
Independence supporters march towards the BBC’s Scottish headquarters in Glasgow to protest against perceived bias — Getty Images
Contrite Silicon Valley failed to judge force of anti-tech backlash Google and Facebook concede action is needed to prevent more damage to their image RICHARD WATERS – SAN FRANCISCO
TheUStechindustryhasfailedtoappreciate the mounting global concern over its record on online privacy and security and must act fast to prevent deeper damage to its image, Silicon Valley’s top executivesandinvestorshaveconceded. The self-criticism, much of it aimed at consumer internet groups such as Google and Facebook, comes as some of the tech sector’s best-known names have been battered by a backlash over revelations of widespread US internet surveillance and concerns about their cultural dominance. Peter Thiel, a start-up investor and Facebook director, said: “Silicon Valley is quite oblivious to the degree to which this crescendo of concern is building up
in Europe. It’s an extremely important thingandSiliconValleyisunderestimating it badly.” Google has been most in the line of fire, with the European Commission turninguptheheatinacompetitioncase lastweekandarecent“righttobeforgotten” legal ruling forcing it to remove some links from its European search services. “I was surprised it turned this quickly,” Eric Schmidt, chairman of Google, said of the change in the political mood over US tech. However, he denied that Silicon Valley had failed to anticipate the concerns. “It’s easy to blame the tech companies for being insufficiently sensitive – we are way sensitive, trust me.” Mr Thiel conceded that Facebook had
work to do on its approach to Europe: “We certainly don’t think there’s a onesize-fits-all. Facebook would like to be more sensitive to more local concerns.” Marc Benioff, chief executive of Salesforce.com, one of the biggest sellers of internet-based services to businesses, said consumer internet companies had “paid a terrible price” for imposing a UScentric view of their technology. Jim Breyer, an early investor and former board member of Facebook, said the US government and tech companies had to “step up significantly if they want to regain the world’s trust”. The backlash over privacy and security has started to ripple more widely through Silicon Valley, where young companies have raced to launch new technologies without making these
Big Tech at bay The era of untrammelled global expansion is over for Silicon Valley Page 10
issues an overriding priority. The tensions have exposed rifts inside the technology industry. While companies such as Facebook and Google claim to have seen little damage to their business, those sellingcloudservicesareexpectedto lose $22bn- $45bn over the next three years as a result of the Snowdenbacklash,accordingtotheInformation Technology and Innovation Foundation. “Some in our industry have underestimated the degree to which people care about privacy,” said Brad Smith, general counsel of Microsoft, which is trying to refocus its business on cloud services. “I’m not sure across Silicon Valley people have completely woken up to this.”
Ex-BP chief warns of danger Russian sanctions will choke world oil supplies GUY CHAZAN – ENERGY EDITOR
Shard owner sued over plans for US embassy The Qatari owner of the Shard skyscraper is being sued for £10m by its partner on the redevelopment of the US embassy in London, which has ground to a halt. Chelsfield Partners has lodged a claim in the High Court against Qatari Diar. The developer alleges that it is owed the money under the contract to redevelop the building in Grosvenor Square. Report i PAGE 18
US and EU sanctions against Moscow are in danger of turning round and biting the west by constraining global oil supply and pushing up prices, the former chief executive of BP has warned. Tony Hayward said that cutting Russia’s energy groups off from capital markets andrestrictingtheiraccesstowesternoil technology would eventually lead to less investment in Russian oil production and damage long-term supply. He said the US shale boom had obscured the growing risks to the world’s supply but its effect would wear off, leaving the global economy dangerously exposed to potential disruptions in the flow of oil. He spoke as the US and Europe expanded sanctions against Russia on Friday, with the US adding Gazprom,
Europe’s leading energy provider, and Lukoil, the privately owned oil group, to the companies deprived of US goods, technology and services for deep water, Arctic offshore and shale projects. The EU and US have also imposed restrictions on financing for some state-owned Russian energy groups. “The world has been lulled into a false sense of security because of what’s going on in the US,” Mr Hayward said in an interview with the Financial Times, referring to the shale boom that has driven a 60 per cent rise in US crude output since 2008. But he asked: “When US supply peaks, where will the new supply come from?” As output from mature basins declines, the world has banked on new barrels from places such as Canada, Iraq and Russia. But Russian production from untapped resources in the Arctic
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and shale reserves in Siberia are threatened by sanctions, he said. “Because of financial sanctions, the big gorillas are going to start cutting their activities.” Mr Hayward, who runs oil explorer Genel Energy and is chairman of commodities group Glencore, also questioned projections for a big increase in oil production from Iraq. He said the country would struggle to reach targets to double production by 2020. Sanctions could endanger joint ventures that Rosneft, the state-controlled Russian oil group, has set up with western majors such as ExxonMobil to explore in Russia’s Arctic seas. Michael Cohen, an analyst at Barclays, said they could also make it harder for European oil groups and service companies to provide support for their current operations in Russia.
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i Cameron resolve on jihadis Prime minister David Cameron warned that Isis’s first killing of a British captive would only strengthen the UK’s resolve against the jihadis.—PAGE 4; QATAR’S ASSAD FOCUS, PAGE 7; EDWARD LUCE, PAGE 13
i US tax inversion hopes fade While both Republicans and Democrats have criticised foreign takeovers to cut tax, the discord between the parties over how to tackle them has grown.—PAGE 9
i Netflix floods into Europe With its push this week into France, Germany, Austria, Switzerland, Belgium and Luxembourg, Netflix aims to be the new black for European consumers. —PAGE 18
i Populists cause hung parliament in Sweden Sweden’s centre-left party won its first election in 12 years but the Sweden Democrats – a party with neo-Nazi roots – deprived it of an overall majority. —PAGE 6
Datawatch Scottish electorate Registered voters for Westminster elections as % of population aged 18 and over
100 98 96 94 92 90 2000 02 04 06 08 10 12 14* * Registered voters for independence referendum as a % of population aged 16 and over Source: General Register Office for Scotland
After years of not bothering to register for parliamentary elections let alone vote, Scots have rushed to register for the referendum. The electorate for Thursday is a record 4.29m, helped by lowering the voting age to 16.
★ †
2
FINANCIAL TIMES
Monday15 September 2014
THE FUTURE OF THE UNION Campaign tactics
Business
Battle intensifies for undecided voters
FT poll finds companies fear effects of independence
Cameron and Salmond warn on ‘once in a lifetime’ dimension of choice ahead JIM PICKARD AND ALISTAIR GRAY
David Cameron will emphasise the final, “once-and-for-all”natureofthereferendum vote in a speech in Scotland today, arguing that a Yes vote would be permanent. “We must be very clear that there’s no going back from this,” he will say. Alex Salmond likewise vows Scotland will not get a second chance to vote for independence for another generation. There would not be another such vote for at least another 18 years, he said yesterday, even if his campaign for independence loses by a whisker in
Thursday’s contest. “This is a once-in-ageneration opportunity, perhaps even a once-in-a-lifetime opportunity for Scotland,” he said. The comments may help to allay concerns that in the event of a No vote Mr Salmond would before long seek another mandate. A poll of Scottish companies for the Financial Times has found an overwhelmingly negative sentiment towards the prospect of independence, with 85 per cent of respondents saying they might move their corporate domicile to England. Opinion polls over the weekend suggested the decision is still on a knife edge. The focus for both sides is the roughly half a million voters who have yet to make up their minds. Despite
being subjected to heavy media coverage of the campaigns, more than a tenth of Scotland’s 4.3m eligible voters are still undecided. The floating voters include Marty Ritchie, a 30-year-old financial services worker in Glasgow, who will definitely vote. “But my decision might come down to on-the-day,” he said. “I can’t get to the facts.” Almost half of Scottish voters do not believe the promise from Westminster party leaders that Holyrood will win fresh new powers in the event of a No Off Message blog Why a Yes vote in the referendum would confound the pollsters blogs.ft.com/off-message
vote, according to a survey by Opinium. Asked what their main concern would beifScotlandremainedintheUK,47per cent said it was that Westminster parties would not give the Scottish parliament more powers. That level of distrust is striking, given that the Tory, Labour and Liberal Democrat leaders have signed a joint declaration for the further transfer of tax and spending powers. Mr Cameron will seek to allay those fears in his speech, saying a No vote would be the “best of both worlds” for the Scots. “Voting No is not a vote for no change,” he will promise. Mark Diffley, director of Ipsos Mori Scotland, said that about 10 per cent of voters – close to half a million – were still in neither camp. “The undecided voters are still a little more likely to be women:
that has been a theme all through,” he said. Mr Salmond sought to reassure unconvinced voters on the aftermath of a Yes vote as he predicted a cross-party “Team Scotland” would work together in a transition. With some 97 per cent of eligible adults having registered to vote, the remaining undecideds are mainly “don’t knows” rather than “won’t votes”. They include first-time voter Alice Restrich, who wished there was an “I don’t know” badge. “I’m leaning ‘yes’ but the Yes people are really in your face – it puts me off,” she said. According to an Opinium poll for the Observer, 9 per cent of women still do not know how they will vote, compared with just 6 per cent of men. Editorial Comment page 12
Analysis. Scotland and Europe
Edinburgh faces running the gauntlet for EU show it was managing its budgets and currency system. Sweden has a de facto opt-out from the euro by not meeting some technical criteria but the EU has saiditwillbelesstolerantofsuchtactics.
An independent nation must negotiate many hurdles to gain admission to the bloc CHRISTIAN OLIVER — BRUSSELS
After he was named the next president of the European Commission, one of the first things Jean-Claude Juncker did was to puncture the hopes of any Scottish nationalists confident of soon becoming citizensoftheEU’s29thstate.Inthenext five years, Mr Juncker said, the EU wouldnottakeonanynewmembersbut would rather “consolidate what has been achieved among the [existing] 28”. OfficialsinBrusselsnotedthealarmin Edinburgh and quickly explained the new president had been talking about the Balkans, adding that Scotland would be a “special case”. But deliberately or not, Mr Juncker had made the point that there is no guarantee an independent Scotland will be able to join the EU. EU lawyers and constitutional experts have no doubt that accession is possible, but Edinburgh will have to run a gauntlet of potential vetoes, crucially from Spain, which fears a Scottish Yes might accelerate Catalan independence dreams. It will also need to deal with the question of joining the euro, which is in theory obligatory for any new member. John Kerr, chairman of the Centre for European Reform, warned it was impossible to predict how any of these talks would go. “The fact is that the EU would be uncharted waters,” he wrote in an appraisal of Scotland’s prospects. The only certainty among the treaty experts in Brussels is that Scotland’s admission will not be as automatic or seamless as the Scottish National party insists. To gain membership, Scotland will have to apply for admission and will face the following hurdles:
1
Scotland’s first minister Alex Salmond poses with youths in Glasgow on Saturday. Just days ahead of Scotland’s independence referendum the race remains too close to call AFP/Getty
Recognition as a new country, particularly by Spain
Once it has been recognised by London, Scotland will need the same from all the other member states before it can apply (or reapply) to join the EU. José Manuel Barroso, Mr Juncker’s predecessor, said this year that it would be “very difficult, if not impossible” to secure a green light from all 28. Five EU countries – including Spain
and Cyprus – have still not acknowledged Kosovo’s independence. Officially, they argue, this is because Kosovo made a “unilateral” declaration, unrecognised by Serbia, its former master. Scotland’s case is therefore different, as José-Manuel García-Margallo, Spain’s foreign minister, has acknowledged – but he is adamant that Scotland will have to reapply for membership. The approval process could be tortuous, requiring parliamentary debates and votes. Some countries, such as France and Austria, have also considered referendums for accepting new EU members, but these were proposed largely with Turkey in mind.
2
Commitment to joining the euro
All countries in the EU must be committed to joining the single currency. Denmark and Britain won “opt-outs” that are no longer available to new applicants. Olli Rehn, the EU’s former econ-
A private bank unlike any other.
omycommissioner,hasbeencategorical that keeping the pound would be incompatible with joining the EU. “As to the question whether ‘sterlingisation’ [keeping the pound without the oversight of the Bank of England] were compatible with EU membership, the answer is that this would simply not be possible, since that would obviously imply a situation where the candidate country concerned would not have a monetary authority of its own and thus no necessary instruments of the economic and monetary union,” he wrote in a letter to Danny Alexander, chief secretary to the Treasury, earlier this month. Mr Kerr says a way to negotiate this challenge could probably be found: “A declaration of intent to join at an appropriate, unspecified future date would probably suffice.” But it is unclear whether other EU nations or applicants would accept a commitment from Scotland that was tactical rather than sincere. Edinburgh would need time to
Number One Southwark Bridge, London SE1 9HL Published by: The Financial Times Limited, Number One Southwark Bridge, London SE1 9 HL, United Kingdom. Tel: 020 7873 3000; Fax: 020 7407 5700 Editor: Lionel Barber Subscriptions and Customer service: Tel 0800 028 1407; subscriptions@ft.coPm; www.ft.com/subscribenow Advertising: Tel: 020 7873 4000; ukads@ft.com Letters to the editor: Fax: 020 7873 5938; letters.editor@ft.com Executive appointments: Tel: 020 7873 4909; www.exec-appointments.com Printed by: St Clements Press (1988) Ltd, London, Newsprinters (Knowsley) Limited, Merseyside and Smurfit Kappa News Press Ld, Kells, Ireland ©Copyright The Financial Times Limited 2014. All rights reserved. Reproduction of the contents of this
newspaper in any manner is not permitted without the publisher’s prior consent. ‘Financial Times’ and ‘FT’ are registered trade marks of The Financial Times Limited. The Financial Times adheres to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode Reprints Are available of any FT article with your company logo or contact details inserted if required (minimum order 100 copies). One-off copyright licences for reproduction of FT articles are also available. For both services phone 020 7873 4816, or alternatively, email syndication@ft.com FT Cityline For real time share prices call 0905 817 1690 or go to http://www.ft.com/servicetools/ftmobile/cityline. Calls cost 75p/min. Newspapers support recycling The recycled paper content of UK newspapers in 2013 was 83.5%
4
Forget that rebate
Speculationcentresonapotential“transitional agreement” that would grant Scots special rights akin to membership while their application for readmission was going through the system. People involved in the case of Greenland, which left the European Economic Community in 1985, say the bureaucracy of an exit is gruelling and would be best avoided if Scotland were going to return after a brief time. Lawyers say it would be logical for the EU to agree to a temporary deal so Scots would remain locked into EU standards for, say, labour while their reapplication is considered. The status of Scotland’s fisheries would be particularly sensitive as EU quotas are won in hard-fought negotiations where national population is important. An independent Scotland would lose leverage. A transitional deal would be an unprecedentedcompromiseforanunprecedented situation. But the idea of non-EU states conforming with EU law is not unusual. Countries such as Norway, Switzerland and Serbia often have to abide with parts of the acquis – the body of EU legislation on topics ranging from competition to energy – because of the amount of bloc business they do. Scotland could also take advantage of the period between the referendum and independence. Although the SNP envisages independence in March 2016, a delay would give it longer to negotiate EU admission in parallel.
‘Existing member states, many much poorer in per capita terms than Scotland, would not agree to pay more to let the Scots pay less’
In some ways, Scotland would be able to carry on in the EU much as it did as part of the UK, still sending six legislators to the European Parliament. But Mr Kerr saidScotlandwouldalmostcertainlynot be able to continue to enjoy Britain’s rebate from budget contributions that Margaret Thatcher, then prime minister, won in 1984. “Existing member states, many much poorer in per capita terms than Scotland, would not agree to pay more to let the Scots pay less.”
In the straw poll of the top 30 employers based in Scotland, 85 per cent of respondents also said they were consideringmovingtheircorporatedomicileto England in the event of a Yes vote. The result of the Financial Times poll adds to a flurry of corporate announcements last week, many by financial services employers including Royal Bank of Scotland, Lloyds, Tesco Bank, TSB and Aegon, on possible moves to England. It echoes the assertion by CBI president Sir Mike Rake that 90 per cent of the Scottish business community is concerned at the damage and uncertainty that would result from independence. Of the 30 Scottish companies polled by the FT, half refused to answer the questions, largely for fear of appearing partisan on such a sensitive issue. But those that did reply expressed overwhelmingly negative sentiment towards the prospect of Scottish independence. However, most played down the likely impact on jobs. Only 60 per cent who expressed a view said they would consider cutting or moving jobs south of the border. And even those who were planning job changes said the numbers involved would be small. Participation was on condition of anonymity. Scotland’s five largest companies, by total number of employees, are FirstGroup, RBS, Lloyds, Stagecoach and oil services company Wood Group. Company executives were particularly concerned about the higher taxes they fear a Scottish Nationalist government would be forced to impose in the event of a Yes vote. “If you look at Alex Salmond’s promises, the numbers don’t add up,” said one. “He needs more money. He can’t afford to raise corporate taxes, because companies will run. He can’t do it to households. The only way he can do it is to go for wealth, mansion and property taxes.” This executive said he would not be surprised if companies ended up changing their operations to skirt Scotland’s borders as a result. Another said: “The UK economy is underpinned by a strong union between all of its nations. A Yes vote would create unnecessary uncertainties with no proven benefits.” Between them the companies polled in the FT’s survey employ more than half a million staff, tens of thousands of which are based in Scotland. The business community, galvanised both by politicians in Westminster and employer organisations such as the CBI, have become far more involved in the independence debate over the past week. Many of those who have spoken out were spurred by polls showing an acceleration of the likely Yes vote. Some commentators believe the mobilisation of the business community, particularly statements by financialservicescompanieswarningoflikely moves of domicile, has led to a pendulum swing back towards a No vote. Additional reporting by Peggy Hollinger, AndySharman,TanyaPowley,GillPlimmer and Michael Kavanagh
Confidence plummets among small businesses Confidence among Scotland’s small businesses fell in the past three months even as it soared to a record high in the rest of the UK.
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FINANCIAL TIMES
Managing a transition
ThemajorityofScotland’sleadingcompanies believe a Yes vote in this week’s independence referendum would be bad for Scotland, bad for the UK and would increase corporate financing costs.
Financial fears
SARAH GORDON — EUROPE BUSINESS EDITOR
30 global locations • www.efginternational.com
3
PATRICK JENKINS AND PILITA CLARK
“We need to understand if this fall is a one-off blip or marks the start of a trend,” said Andy Willox, Scottish policy convener for the Federation of Small Businesses. Colin Borland, the FSB’s head of external affairs in Scotland, said that research conducted by the lobby group and Edinburgh University suggested that a majority of Scotland’s small businesses were worried about the impact of a Yes vote in this week’s independence referendum. “Small businesses do see some potential advantages in independence,” he said. “That’s the nature of our members – they’ll look for the positives whatever happens. But if there is a Yes vote, more people highlight risks than opportunities.” The research found that two-thirds of almost 1,800 small Scottish companies surveyed in April and May believed
independence would affect the day-today running of their business. Nearly a fifth said the referendum had already influenced a business decision over the previous year. A number of small business owners who spoke to the Financial Times last week said they had already been affected by the referendum. “The phones have gone quiet,” said Alan Gemmill, who is based in Perth and manages property as well as a financial advisory firm. “We have noticed in the last few weeks we’ve been trying to sell properties that we rent out, there is no interest at all.” Alastair Macmillan, whose familyowned company, west of Glasgow, manufactures hydraulic pumps, mainly for export, said he had delayed investment over the past year because of the referendum. “We’re in uncharted territory here,” he said. Sir Mike Rake, president of the CBI, Britain’s leading business lobby, who also chairs BT Group, told the FT on Thursday that, while he believed the “overwhelming majority” of businesses in Scotland wanted a No vote, for some
Manufacturer’s view Prospect of Yes vote seen as dark cloud Alastair Macmillan says he will have to move his manufacturing business outside Scotland in the event of a Yes vote. “Although our roots run very deep here, we do more business in the US or in France than we do in Scotland,” he says. “So that is hanging over us like a sword of Damocles, hanging over our employees, our family.” Mr Macmillan has a list of potential sites in northern England, but “I’m a bit worried that on 19th September there are going to be an awful lot of us on the road south”. He has delayed investments over the past year because of uncertainty: “The independence thing appeared two years ago as a fluffy grey cloud on the horizon and it’s got blacker and blacker.”
small and medium-sized enterprises the decision was more difficult. “I’m sure there are people in Scotland who’d like to vote ‘yes’ with their heart and ‘no’ with their head,” he said. Mr Borland of the FSB said that small businesses had very mixed views on the independence debate. “The way small businesses take decisions is very different from the way bigger corporates do – it’s round the kitchen table rather than around the board table,” he said. The FSB’s quarterly Small Business Index hit +41 in the third quarter, up from +39.7 in the second quarter, the first time sentiment has reached this level. But the Scottish Small Business index fell to +26 in the third quarter, down 18 points from the second quarter. Mr Willox pointed out that the confidence measure was still in positive territory and had been on a broadly upward trajectory. Forty-five per cent of Scottish companies expected their prospects to improve over the next three months, while just under a fifth of companies expected them to deteriorate. The FSB has 200,000 members in the UK, including 19,000 in Scotland.
★
Monday 15 September 2014
3
FINANCIAL TIMES
THE FUTURE OF THE UNION
Prosperity hinges on five economic tests
Greasing the wheels The importance of North Sea riches Structure of the economy % of gross value added by sector, 2011
Scotland
CHRIS GILES — ECONOMICS EDITOR
Scotland’s “Mini-Me” economy is far from an oasis of riches or a pit of despair. Levels of income, unemployment, labour productivity and inequality are similartothecombinedaverageforEngland, Northern Ireland, Scotland and Wales. Completely integrated after 307 years of union, Scotland shares the economic institutions of the UK, its tax system and its insurance mechanisms that support troubled economic areas such as Northern Ireland and extract money from hotspots like London. Theonebigdifferenceisoil.Scotland’s public finances would be a mess if it did not receive the vast majority of oil revenues after independence, leaving its initial prosperity and prospects dependent on the terms of divorce. Thereafter, an independentScotland’sprospectswould hinge on its ability to raise its game. Five considerations will be paramount. Currency An independent Scotland should assume the rest of the UK would refuse to enter a formal currency union. Economists think the best available option would be initial unilateral use of sterling – soon followed by the establishment of a Scottish central bank and currency. Such an option is feasible and could bring stability if the Scottish central bank pegged the Scots pound against sterling, much as Denmark fixes the krone to the euro. The trade-off would be the requirement for higher foreign exchange reserves necessary to defend a currency peg and a lack of economic flexibility that floating exchange rates can bring. The main risk is capital
flight, from Scotland and its banks, from people who might fear depreciation and would prefer their financial assets to be denominated in sterling, euros or dollars. As Neville Hill of Credit Suisse has said: “It’s not whether Scotland will stay in the pound but whether the pound stays in Scotland.” Reserves To defend a currency peg, an independent Scotland would need foreign exchange reserves in excess of the £15bn that Mark Carney, the Bank of England governor, says would be in the “upper end of the range” it could expect to inherit. To match the level of reserves held by Denmark as a share of national income, Scotland would need £34bn. Ronald MacDonald, a University of Glasgowprofessorworkingwiththeprounion campaign, says the need to accumulate reserves would represent “a recipe for austerity” that would end any pegged currency with sterling. Scotland might be able to borrow the money to build foreign exchange buffers at the cost of creating exchange-rate risk either for the Scottish people or its creditors. Such borrowing might therefore be expensive. Public finances The division of the UK’s assets and liabilities would involve tortuous talks. With the public finances already stretched, Angus Armstrong and Monique Ebell write in the latest Oxford Review of Economic Policy, an independent Scotland would begin life, , on any reasonable division, “with a substantial debt burden”, forcing spending cuts or tax increases “for many years” that were more restrictive than the UK
Scotland with 90% of North Sea oil revenues
4.5
Manufacturing
11.3
UK excluding Scotland
Utilities 3.6
Other services
13.7
5.7
49,765 49,479 49,213 48,167 47,893 47,793 45,123 43,830 43,429 40,471 40,175 38,142
60.0 19.7
Financial
Net fiscal deficit (% of GDP) Scotland with per capita share of North Sea revenue Scotland with geographical share of North Sea revenue UK 16 14 12 10 8 6 4 2 0 2008-09 2009-10 2010-11 2011-12 2012-13
* UK position unchanged without Scotland
has faced since 2010. Alex Salmond, the Scottish National party leader, would be tempted to carry out the threat not to acceptanyUKdebtasScottish,butthere would be a price to pay, as Scotland would need the UK’s support in matters such as its application to join the EU. Assuming a division was seen as fair on both sides, Scotland would be likely to face tougher spending cuts and tax rises than England as oil revenues declined into the medium term. The nationalists say official forecasts for oil revenues are too pessimistic, but they have been persistently over-optimistic. Productivity In the long run, an independent Scotland’s prosperity would rest on the nation’s ability to raise its growth rates to sustain higher living standards.Thiswouldrequiremoreproductivity – that is, more output for every
Financial
Construction
... and fiscal position depend on oil ...
Estimated GDP per head, 2014 ($ at market prices)
12 Netherlands 13 Finland 14 Iceland Scotland (with 90% of N Sea Oil) 15 Germany 16 Ireland 19 France 21 UK* 22 New Zealand Scotland (at present) 23 Hong Kong 24 Japan
Manufacturing Utilities 3.0
Other services
Scotland’s relative wealth ... World ranking
9.3
Financial
Construction
6.5
Construction
16.7
1.1
Utilities 2.4
10.4
21.4 46.9
Oil, mining, agriculture
Manufacturing Oil, mining, agriculture
6.9
57.0
A favourable oil deal is essential — but a separate nation would need to raise its game
Oil, mining, agriculture
Other services
... and production has been consistently lower than forecast Production forecasts and outturns (million tonnes of oil equivalent) 160 Actual Successive forecasts 2010-14
120 100 80 60
2007 08 09 10 11 12 13 14 15 16 17 18
FT Graphic
hour worked or capital used than now. Sustainably raising productivity growth rates is the holy grail for every economy, and is much easier said than done. Scotland’s economy currently has a higher dependence on financial services and oil than that of the UK. Both are very high productivity sectors, but they are declining as the dwindling stocks of oil in the North Sea become harder to extract and Britain’s overextended financial sector shrinks. The Scottish government hopes that lower corporate taxes would encourage a new entrepreneurial spirit, arguing that this remains “an important tool for securing competitive advantage”. In this, its attitude is similar to that of the Westminstergovernment,whichhascut the UK rate. Such a move would need to have a much stronger effect in Scotland than it has for the UK as a whole in order
140
Sources: OBR; Scottish government; IMF; ONS; FT calculations
to offset the headwinds the nation already faces from oil and finance.
Multimedia A guide to the referendum What a Yes vote would mean for Scotland ft.com/world/ scottishindependence
Demographics Scotland’s population is set to age more rapidly than that of the rest of the UK, adding to public finance pressures and healthcare costs. To raise theScottishgrowthrate,itwouldneedto attract more workers and more immigrants. The Scottish government pledges that a new “controlled, transparent and efficient” migration system would attract highly skilled people to boost incomes, employment and public finances. The risk is that Scotland would not be abletopickandchooseitsimmigrantsas easily as the government suggests, especially as it has failed to attract as many migrants in recent years as English regions with similar wage levels. Fate of British finance page 13
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Monday15 September 2014
NATIONAL Hostage killing
Beheading will ‘strengthen our resolve,’ says PM Cameron vows to take ‘whatever steps are necessary’ to defeat Isis JIM PICKARD, ERIKA SOLOMON AND BORZOU DARAGAHI
DavidCameronhasinsistedthatthefirst killing of a British captive by the Islamic State of Iraq and the Levant, known as Isis,wouldonlystrengthentheresolveof the UK against the jihadis. In a video statement from Downing Streetyesterday,theprimeministersaid David Haines, the British aid worker murdered by the group, was a “hero” whose selflessness had cost him his life. “This will not lead Britain to shirk our responsibilities . . . it must strengthen our resolve,” he said. Mr Cameron emphasised that Isis was also planning attacks across Europe. Jihadist militants earlier released a David Cameron has not yet clarified whether Britain will join air strikes by the US to halt the advance of Isis
video that appeared to show the beheading of Mr Haines, a 44-year-old father of two. The footage then reveals the killer threatening a fourth hostage, also a British citizen and aid worker. Entitled “A Message to the Allies of America”, the video footage shows Mr Haines kneeling in the desert in an orange jumpsuit next to his black-clad killer. His murder follows the beheadings of the US journalists Steven Sotloff and James Foley. The video follows the same pattern as previous ones, except instead of beginning with a clip of a speech from Barack
Obama, the US president, it begins with part of a speech by Mr Cameron. The video aims to discourage Britain from taking part in the coalition the US has been building to fight Isis, which has seized almost a third of Syria and Iraq. MrHaines’murderer,whoseemstobe the same British-accented man who appearedinthepreviousvideos,saysthe beheadingisinresponsetoBritishweapons sent to Iraq’s Kurdish peshmerga forces, who are fighting Isis. “Playing the role of the obedient lapdog, Cameron, will only drag you and your people into a bloody and unwinnable war,” he says. Mr Cameron has not yet clarified whether Britain will join air strikes by the US designed to halt the advance of Isis and support Iraqi and Kurdish ground forces. In his address yesterday, the prime minister emphasised that the UK wanted to form part of a broad international coalition against the Islamist extremists, working though the UN. The government would take “whatever steps are necessary”, he said, although he repeated that there would be no boots on the ground. Mr Cameron returned to No 10 late on Saturday to chair a meeting of the Cobra emergency committee yesterday morning. Mike Haines, the brother of the murdered aid worker, issued a statement through the Foreign Office. “David was most alive and enthusiastic in his humanitarian roles,” he said. “He was and is loved by all his family and will be missed terribly.” Nick Clegg, the deputy prime minister, said the government would not rest until the killers faced justice. Mr Obama strongly condemned “the barbaricmurder”andvowedto“destroy thisthreattothepeopleofourcountries, the region and the world”. Qatar’s Assad focus page 7 Edward Luce page 13
Flying visit Goodwood Revival takes off in style
Goodwood Revival revellers revive the wartime spirit alongside a Spitfire at the motor racing and aviation event in West Sussex on Saturday
LNP
Civil service
Kingfisher chief rejects offer of Whitehall top job SARAH NEVILLE AND ELIZABETH RIGBY
Sir Ian Cheshire has become the latest senior business person to reject an approach to become the chief executive of Whitehall, as the search enters a critical stage. Sir Ian, who last week announced he was stepping down as chief executive of Kingfisher, the retail group, has resisted pressure to put his hat in the ring for the £200,000-a-year job. His reluctance will compound the difficulties the government has faced in seekingtolandatopbusinessfigurewilling to take on the role, for which final interviews were scheduled to take place this week, according to the published
timetable. The new chief executive will bechargedwithgivingfreshmomentum to civil service reforms such as improving skills, finding more efficiency savings and enhancing functions such as IT and procurement across Whitehall. John Manzoni, the widely respected head of the Major Projects Authority and former BP executive who has won the confidence of permanent secretaries since assuming his role in February, is now considered the frontrunner. One person close to the process said there was “a 70 per cent chance” that Mr Manzoni would take on the position. But his appointment would create another important vacancy and underline the dearth of strong business figures
willing to take on government roles so close to a general election and that pay less than equivalent private sector jobs. The hunt is now understood to be focused on the cadre of Whitehall nonexecutive directors – senior business people who sit on departmental boards, many of whom were recruited by Lord Browne,theformerchiefexecutiveofBP who is the top NED. The successful candidate will be expected to begin around November, just six months before a potential change of government. This is understood to be deterring some potential candidates, worried that the impending election will limit their capacity to get things done, and that they could find
themselves serving under Ed Miliband, who is regarded by critics as not being business-friendly. Some have also been put off by the limited powers the role bestows. Although the job description says the chief executive will be expected to “take leadership” of the civil service, he or she will not manage the most senior civil servants, who will instead report to Sir Jeremy Heywood, the cabinet secretary. The Cabinet Office said: “The process of recruiting the new civil service chief executive is ongoing. We will not give a running commentary, but the response hasbeenpositiveandweareconfidentof appointing a candidate of the necessary high calibre.”
Devolution
More powers urged for English cities ANDREW BOUNDS — NORTH OF ENGLAND CORRESPONDENT
English cities – starting with Greater Manchester–mustenjoythesamepowers as Scotland and other devolved regions, including the ability to set income tax, if they are to close the prosperity gap with London, a Conservative-linked think-tank has argued. ResPublica has produced the most radical plan yet for English devolution, with a detailed timetable in which Manchester will take control over almost all of its publicspendingandmuchofitstaxation within five years. The think-tank also advocates a London-style elected mayor and assembly, a favoured Tory idea. Phillip Blond, head of ResPublica, said Greater Manchester was the only region to demonstrate that it was ready to take such powers. “Anything Scotland gets, Manchester should get,” Mr Blond told theFinancialTimes.“Englishcitiesneed independence to restore their fortunes.” Greater Manchester, which has a combined authority of 10 councils serving 2.7m people, has a £51bn economy, slightly larger than that of Wales. It is growing quickly, with a 3 per cent increase in gross value added from 2011-12. However, it still raises £5bn less in taxes than is spent on its population.
Total public spending of £22.5bn in 2012-13 was similar to the level in 2008, before the recession. Welfare spending has risen even as councils and the government cut back on services. If all taxes paid by residents were collected locally, they would total around £17.7bn. The “From Devo-Max to Devo-Manc” report calls for Manchester’s public spending to be brought under the control of the combined authority, with a new governance structure and lines of accountability. Thegovernmenthasdevolved£2bnof spendingontransportandotherareasto the regions and signed “City deals” that allow them to keep some proceeds from
£51bn
£22.5bn
Value of the economy of Greater Manchester
Public spending in 2012-13, £5bn less than is raised by taxes
business rates. But each deal still has to be negotiated. Boris Johnson, mayor of London, wants to keep the proceeds of property taxes such as stamp duty for the capital. Lord Peter Smith, Labour chair of the Greater Manchester combined authority, said: “We welcome the broad thrust of this independent analysis, which makes a case for total devolution to city regions on a scale that recognises the game-changing potential to both reduce public spending and boost growth. “This full devolution model echoes our ambition.” Graham Allen, Labour chair of the House of Commons political and constitutional reform committee, said: “What is good for Scotland is good for England too,wherecouncilswillbethevehiclefor devolution.” All three main parties have offered greater powers for cities but the offer of yet more devolution to Scotland if it votes to remain part of the UK on Thursday has led many MPs to call for faster English devolution. In the UK only council tax and an element of local business rates, representing 3 per cent of GDP, is not set by central government. In most developed countriesregionalgovernmentcontrolstaxes worth at least 10 per cent of GDP.
‘Impact entrepreneurs’
Call to unleash $1tn for social investments SHAWN DONNAN — WORLD TRADE EDITOR
Global governments need to do more to ease the way for private sector investments that link financial returns to socialbenefits,with$1tnincapitalwaiting to be set free on the world’s problems, according to a report published today. The study by the international Social Impact Investment Taskforce, set up by the government and led by Sir Ronald Cohen, the venture capitalist, calls on governments to view “impact investment” as a vital stream of financing for domestic social programmes, as well as international development projects. Unlike normal private sector contracts to provide government services, impact investments only pay out if m e a s u r a b l e b e n e f i t s h ave b e e n achieved, such as improving children’s reading or reducing criminal reoffend-
ing rates. Sir Ronald said there was a growing pool of “impact entrepreneurs” worldwide and that big international groups such as the Rockefeller Foundation were turning to socially beneficial investments as an alternative to grants. “This is clearly a new tool in international development,” Sir Ronald, whose Big Society Capital is a leading social investment fund, told the Financial Times. Some $10bn had already been invested globally, he said, but the opportunities were far greater, particularly as the UN is drafting objectives to succeed the Millennium Development Goals, whichhaveshapedaidpolicysince2000 and expire in 2015. More than 1,200 asset managers controlling $45tn in capital have signed up to UN principles for responsible investment, while $13.6tn was sitting in funds that include environmental, social and corporate governance returns in their
decisions.Butthosepoolsofmoneywere often prevented from going into impact investments by tax and other regulatory barriers, which Sir Ronald said must be taken down in order to deploy what the report calls the first $1tn, or roughly 2 per cent, of the world’s available capital. Among those obstacles was the concept of fiduciary duty, which prevents pension fund managers from accounting for social benefits in their investments. Sir Ronald said it was now up to governments to take advantage of the surge in interest in impact investing. “Investors want it. Entrepreneurs want it. So the role of government is very important. Governments need to play an enabling role,” he said. David Cameron, the prime minister, established the task force during his G8 presidency last year as part of efforts to bring more private sector rigour to services delivered by the public sector.
Monday 15 September 2014
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FINANCIAL TIMES
Monday 15 September 2014
INTERNATIONAL GLOBAL INSIGHT
Hung parliament
Sweden’s centre left seeks allies to rule Rise of populist far right deprives Social Democrat party of overall majority RICHARD MILNE — STOCKHOLM
Sweden was facing a messy set of negotiations to form a new government last night after the centre-left opposition won its first election victory in 12 years but gained no overall majority. The rise to third biggest party of the anti-immigration Sweden Democrats, with roots in the neo-Nazi movement, looked set to rob both left and right of a possible victory. The party won 13 per cent of the vote. Stefan Löfven, the Social Democrat leader and likely next prime minister, will face a tough task in forming a viable coalition. After 98 per cent of districts had been counted, the three parties of thecentre-lefthad43.6percentofvotes,
against 39.4 per cent for the four ruling centre-right parties. The result threatens to bring a period of relative political instability in a country that was an oasis of stability during the financial crisis. The Swedish krona weakened against the euro in Asian trade. “It’s a new situation in Sweden, a new phenomenon. I’m not so sure the political parties are prepared for it. But we should not exaggerate: it is not a catastrophe, Sweden is still a triple A country,”saidKnutHallberg,aneconomistat Swedbank. The result also marks out Sweden as the latest country to see the rise of the populist right. “We are absolutely kingmakers now,” said Jimmie Akesson, leader of the Sweden Democrats. Theanti-establishmenttrendwasalso evident in Germany, where the antieuro Alternative für Deutschland party continued its recent electoral success by taking 10 per cent of the vote in a
regional contest in Thuringia, in central Germany, and 12 per cent in Brandenburg, the region surrounding Berlin. The outcome in Sweden is the worst result for the centre-right in modern times. Fredrik Reinfeldt’s Moderates party lost a third of its support. Mr Reinfeldt said last night that he would resign as prime minister. But his likely successor, Mr Löfven, the former head of a trade union, will have his work cut out to form a coalition that can pass a budget this autumn. He is likely to approach the three smaller centre-right parties in government to see whether he can tempt them to join a coalition and thwart the Sweden Democrats. Last night he said he would begin coalition talks with the Green party but would also approach other parties. Mr Lofven said Sweden was facing challenges. “We are in a serious situation. We have thousands of people unemployed. We have school results
that are declining more than in any other OECD country . . . Now Sweden has answered that we need a change. We need a new direction.” Karl-PetterThorwaldsson,theheadof the LO trade union confederation, told the Financial Times: “The problem starts tomorrow forming a majority in the Swedish parliament. I would stress both sides need to support Sweden’s future.” A senior Social Democrat official said of the forthcoming negotiations: “It is going to be a bumpy road ahead. It is going to be messy.” Mr Reinfeldt could arguably lay claim to the best economic performance of a western country since the financial crisis. But after an unprecedented eight years of centre-right rule that brought tax cuts and a perceived drop in welfare standards, voters were keen for change. AdditionalreportingbyStefanWagstylin Berlin and agencies
Video Immigration looms large: Richard Milne visits a Sweden Democrats stronghold ft.com/video
Analysis. Eurozone woes
Italy fears chill wind of deflation Business owners are finding it impossible to raise prices amid subdued activity JAMES POLITI — ROME
It is mid-morning along Viale Libia, the main road in a middle-class neighbourhood in northeast Rome, and Rosalba Limentani, the 64-year-old owner of a small women’s shoe shop, is struggling. Normally by this time of the year the summer sales season would be finished and customers returning from their holidays would rush to buy the footwear and handbags stacked on her shelves and along the floor. But that is not the case. Demand has been weak, and Ms Limentani could not afford to raise prices. Even though most of her merchandise is worth at least €89, she says, it is on the market for as little as €59 – and even then is attracting little interest. “There has been no recovery,” Ms Limentani complains. “It is hard to sell even with the discounts.” Hers is a familiar position for business owners across Italy, who are finding it impossibletoraisepricesamidthecountry’s stagnant economy – and in some cases are cutting them. In January, Italy’s consumer price index was up 0.7percentcompared with a year earlier. By August, it had declined 0.1 per cent on an annual basis, marking Italy’s first bout of deflation since 1959. “Low inflation certainly has its advantages. More competition on prices is good in an economy that is not particularly competitive,” says Raffaella Tenconi, an economist at Bank of America Merrill Lynch in London. “But at the moment it means that small companies have no pricing power, which means profits are low and it is a handicap for employment creation.” The appearance of deflation in Italy suggests a worrying spread from Spain, another peripheral eurozone economy, where it reared its head this year. It is now stalking the home of Rome-born Mario Draghi, the European Central Bank president, who has sounded the alarm about the need to restore growth
A girl chooses dolls to buy at a market in Rome in 1959, the last time Italy witnessed deflation Archivio Cameraphoto Epoche/Getty
across the continent and taken aggressive and unorthodox measures to do so. Economists say the drop in Italian inflation this year can be attributed to a wide range of factors, starting with much weaker growth than anticipated. Earlier in the year, the Italian government had forecast 0.8 per cent growth for 2014, but the first half was disappointing, with gross domestic product actually contracting slightly. Matteo Renzi, the prime minister who gained power in February with an agenda of radical economic and political reform, last week acknowledged that growth would in fact be “around zero” this year. But that is not the only reason. Another more benign driver of falling
Italy inflation Annual % change in CPI 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 2009 10
11
12
13
Source: Thomson Reuters Datastream
14
inflation this year in Italy – and the eurozone – has been lower global commodity values. Energy prices have dropped 3.7 per cent over the past year in Italy, while food prices are 0.3 per cent lower. “Price cuts are mostly being imported,” Giulio Zanella, an economist at Bologna university, wrote in a recent blog post, suggesting the focus on sluggish domestic demand was overblown. Meanwhile, the price of communication products and services is 9.1 per cent lower over the year, as Italian mobile phone, internet and cable providers battle for market share. Food, energy and mobile phones are relatively fixed and cumbersome expenses for many Italian households, so price declines, if they last, could leave families with a bit more disposable income to purchase discretionary items such as Ms Limentani’s shoes. Indeed, the hope is that lower prices will start luring Italians back the shops. But policy makers – particularly Mr Draghi and other ECB officials – do not seem to be betting on the resurgence of the Italian consumer. Instead, they have been more focused –andfearful–oftheworst-casescenario: that the country – and the eurozone more generally – could fall into a deflationaryspiral,whereconsumersholdoff purchases on the expectation that prices will fall even further. Deflation would also raise the real value of Italy’s monumental €2.1tn public debt load, causing angst among investors. “Even if you think the probability of damaging deflation is low, if it were to happen it’s a disaster,” says Erik Nielsen, global chief economist at UniCredit, the Italian bank. “The ECB was right to take out an insurance policy against it,” he says, referring to the package of measures including interest rates cut the central bank unveiled this month. Ms Limentani and the small shopkeepers of Viale Libia feel they need all the help they can get. Four other shoe stores in the neighbourhood have closed over the past year – and she too is thinking of calling it quits after 45 years in the business.“It’stough.Iamthinkingofliquidating,” Ms Limentani says. “I can’t keep going like this.”
LONDON
Tony Barber
Scotland’s push for independence fuels separatists’ dreams
F
rom Spain’s Basque Country to Veneto in northeastern Italy, independence-minded European regions are licking their lips at the prospect that Scotland will vote to secede from the UK in its referendum on Thursday. Their enthusiasm is shared less widely in the international investment community. With Scotland’s result too close to call, it is dawning on investors that the UK is not the only western European country grappling with confident separatist movements. Tothisextent,arecentrisein10-yearItalianandSpanish government bond yields reflects investor fears that a Scottish Yes vote would bring closer the eventual break-up of Italy or Spain, throwing doubt on the sustainability of their public debt. For its part, the UK Treasury has sought to calm nerves by promising to guarantee all British government debt whether or not Scotland leaves the 307-year-old union with England and Wales. Investor anxiety cuts little ice with separatists and autonomists in the Basque Country and Catalonia in Spain, or South Tyrol and Veneto in Italy. In all four regions the idea has taken hold that local prosperity is siphoned off for the benefit of corrupt, bullying and financially incompetent elites in Madrid and Rome. The growth of Europe’s autonomist and separatist movements can be traced to the 1970s. It was then that Belgium’s Flemish, francophone and German-speaking communities began the reforms that have made the country the EU’s most decentralised state. Italy granted autonomy to South Tyrol and Spain, after the death of Francisco Franco in 1975, promoted self-rule everywhere. The idea has taken For the third year in a row, a demonstration in hold that prosperity support of independence is siphoned off for was held last Thursday in Barcelona, Catalonia’s the benefit of capital, to commemorate the diada – the Catalan corrupt elites national day. Banned under Franco, the diada marks the day in September 1714 when Spanish forces compelled Catalonia’s surrender in the war of the Spanish succession. The protest was expected to be big enough to undercut the arguments of Spain’s central government that separatism has been discredited by the tax evasion scandal surrounding Jordi Pujol, the father of modern Catalan nationalism. Indeed,thePujolaffairhasmadenonsenseoftheCatalan claim that the piles of Spain’s dirty political linen lie exclusively in non-Catalan closets. But pro-independence sentiment in Catalonia has a momentum – and it emerged years before Mr Pujol’s conservative CDC party climbed on the separatist bandwagon, a bit tentatively, in 2012. IfScotland’svoteisboostingCatalonia’sdeterminationto hold a similar consultation in November, it is also raising Basque hopes. Some 150,000 Basques formed a human chain in June in a “Right to Decide” event that copied the human chains of 1989 in Estonia, Latvia and Lithuania as they sought freedom from the Soviet Union. According to Euskobarómetro, an authoritative sociological survey on Basque nationalism, 59 per cent of Basques want a referendum on independence, up 5 percentage points in one year. Yet two Italian regions are, in their own eyes, ahead of the Basques and Catalans. Over the past 12 months, unofficial online referendums haveproducedmajoritiesforindependenceinSouthTyrol, a mainly ethnic German region annexed from Austria after the first world war, and in Veneto, the region that contains Venice, which was an independent republic for more than 1,000 years before Napoleon demolished it in 1797. The Veneto poll was marred by a lack of professional organisation that enabled many ineligible voters to take part. But disgust with the Italian state is so heartfelt that it is unwise to dismiss the restive mood. As Gianluca Busato, leader of the Veneto separatists, warns: “The right of self-determination that is triumphing in Venice is the only way to free ourselvesfromtheworstbureaucraticmonsterofthewestern world – the bloodthirsty beast of the Italian state.” tony.barber@ft.com
France
Hollande faces confidence vote as domestic pressures pile up HUGH CARNEGY – PARIS
French president François Hollande is to host an international conference on Iraq in Paris today in a welcome break from a mounting political and economic crisis. Mr Hollande, who visited Baghdad on Friday, has reinforced his hawkish stance against Islamist militants by saying France would be willing to join in US air strikes against the Islamic State of Iraq and the Levant, known as Isis. But the president’s robust foreign policy record – he is widely applauded for dispatching French troops last year to battle Islamist insurgents in Africa – will count for little this week as his reshuffled government faces a parliamentary vote of confidence and he holds one of his twice-yearly press conferences. Deepening economic gloom and blows to his personal standing, most recently from a damaging book by his formerpartnerValérieTrierweiler,have continuedtotakeatollonhispopularity. One of a long line of devastating opinion polls last week showed 62 per cent of electors wanted him to quit the Elysée Palace before his term ends in 2017.
That coincided with a baleful admission that France was once again set to miss its public finances targets, an announcement accompanied by a cut in the government’s growth forecast for this year to a mere 0.4 per cent. Annual growth is not now expected to reach the level of 1.5 per cent that is sufficient to start to lower double-digit unemployment until at least 2016. Mr Hollande promised in his 2012 election campaign to reduce the budget deficit to the EU-designated limit of 3 per cent of national output in 2013, when he said unemployment would also start falling. He imposed some €30bn in tax increases to close the deficit, anticipating a lift from a cyclical return to growth. But growth never came. Instead, the deficit target has now been put back to 2017, unemployment is still rising and the tax increases have done much to destroy Mr Hollande’s popularity, providing a dismal backdrop to the confidence vote on Tuesday. Manuel Valls, the prime minister, will aim to reiterate the government’s commitment to push ahead with reforms that it hopes will turn round the economy and persuade France’s EU partners
to accept the deficit delay. He has brushed aside worries that abstentions by Socialist party rebels and lack of support from other allies on the left could see him fall short of the required majority.Therebelsobjecttoplanstocuttaxes on business by €40bn over the next three years and shave €50bn from public spending. Mr Valls’s calculation is thattheleftwillnotpromptthedownfall of the government, a move that would trigger legislative elections and certain defeat for the socialists.
62%
€40bn
Of electors want Hollande to quit before his term ends in 2017
Amount Manuel Valls plans to cut in taxes on business
But even if the government wins the vote, further disruption could follow when the 2015 budget is presented to parliament in October. “The uncertainty is very large and we cannot entirely rule out a political crisis that leads to a delay in the approval of reforms,” Barclays wrote in a note to clients. IfMrHollandewereforcedtocallelections he would likely then be faced with forming a “cohabitation” government with the right. But leading figures in the mainstream UMP centre right oppositionofformerpresidentNicolasSarkozy have indicated they would refuse to serve – evoking the extreme scenario of Mr Hollande being forced to resign. Mr Hollande will attempt to banish this kind of speculation at his press conference on Thursday. But he will also have to deal with embarrassing questions about the bestseller by Ms Trierweiler,hispartneruntilhisaffairwithan actress was revealed last January. Assuming Mr Hollande gets through this week, another challenge looms: Mr Sarkozy is set to launch his political comeback, determined to capitalise on Mr Hollande’s woes to put himself in the reckoning for the 2017 presidential race.
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Monday 15 September 2014
FINANCIAL TIMES
7
INTERNATIONAL
Interview. Khaled al-Attiyah
Security fears
Qatar urges fresh focus on Assad ‘terrorism’ Foreign minister rejects claims that Qataris fund Isis extremists in Syria
HENRY FOY, CENTRAL EUROPE CORRESPONDENT
SIMEON KERR — DOHA
Qatar’s foreign minister is seeking to refocus the world’s attention on the “terrorism” of the Syrian regime, urging the west to back moderate Syrian Sunni fighters against Bashar al-Assad as an essential part of a wider campaign against Islamist extremists across Syria and Iraq. In an interview with the Financial Times in Doha, Khaled al-Attiyah also dismissed as “Qatar bashing” mounting claims that individuals in Qatar were supplying funds to the Islamic State in Iraq and the Levant, or Isis. Speaking days after the US won supportfrom10Arabstatesforbroadermilitary action to defeat Isis, Mr Attiyah said only the moderate opposition in Syria and the empowerment of disenfranchised Iraqi Sunni would undermine extremism. “We all have to come together and support the moderate opposition,” he told the Financial Times in an interview. “We need to enhance them, train them and let them get their country back.” Qatar, a US ally in the Gulf, has been a leading financial and military backer of the Syrian opposition – a role that has generated controversy amid accusations that it has contributed to the radicalisation of fighters and the rise of extremist forces. TheGulfstate’schampioningofIslamist forces, particularly the more moderate Muslim Brotherhood in Egypt, has also pitted it against other conservative monarchies such as Saudi Arabia and the United Arab Emirates. Having secured Sunni Arab backing against Isis, the US is looking to Qatar and others for support, including funds, cracking down on illicit terrorist financing and the use of regional military bases. Saudi Arabia is expected to host training camps for Syrian opposition groups vetted by the US. Mr Attiyah said it was “premature” to decide whether Qatar would permit military action from its al-Udeid air base, the regional US military headquarters. The Sunni monarchies of the Gulf have an interest in combating a jihadi group that could threaten them if left unchecked. Until now, they have been frustrated by Washington’s perceived disengagement from the region and western indifference to Syrian suffering. Yet even as they sign up to US plans to fight Isis in Syria as well as Iraq, many also harbour concerns that this could have the unintended consequence of bolstering Mr Assad as well as Iraqi Shia militias and their Iranian sponsors. Mr Attiyah stressed it was “never too late” for effective opposition pressure to bringtheregimetothenegotiatingtable. As the world focuses on Isis’s bloody advance through Iraq, Mr Attiyah urged equal attention on the regime’s role in the mass death toll in Syria’s civil war. “Terrorism is not just beheading – it is that,anditisugly–butitisalsothrowing barrel bombs at women and children,” he said, referring to killings blamed on the Assad regime. “We have to be clear and not derailed from the right track,” he said a day before the emergence yesterday of an Isis video showing the apparent beheading of British hostage David Haines. Doha has been criticised
Poland is on the brink of pulling out of a joint defence project with its central European allies. Its withdrawal would be a blow to collaboration efforts at a time when security fears in the region are rising.
A rebel fighter in the streets of Aleppo’s Old City. Khaled al-Attiyah, below, says only Sunni moderate opposition would undermine extremism
‘Terrorism is not just beheading — it is that, and it is ugly — but it is also throwing barrel bombs at women and children’
Gulf neighbours seek to heal rift after discord over Brotherhood Western focus on Isis is bringing together Qatar and its Gulf Co-operation Council neighbours after months of discord over the role of the Muslim Brotherhood, the pan-Arab Islamist group. Saudi Arabia and the United Arab Emirates backed the Egyptian coup against the Brotherhood and have been calling for Doha to end its support for the group. Saudi diplomacy appears to have made a breakthrough. The Egyptian Muslim Brotherhood on Saturday announced that Qatar has asked its senior Doha-based leaders to leave the country. The move was seen as an attempt by Doha to appease its neighbours and ease fraught relations with Saudi Arabia. Mr Attiyah denied Qatar had asked the Brotherhood leaders to leave, saying Doha would remain a platform for differing opinions.
for allegedly turning a blind eye to the funding of radical groups, including Isis and Syria’s Jabhat al-Nusrah, the alQaeda affiliate. US officials have described Qatar and Kuwait as permissive environments for terrorist financing. But Mr Attiyah said Washingtonhadyettoprovideevidence. “There is no such financing here,” he added. Gulf states and the west are also at odds over the composition of the socalled “moderate” rebel alliance. Mr Attiyah urged western allies not to lump all militant groups under the same umbrella. Qatar did not “deal with” either Isis or Jabhat al-Nusra, he said, but the militant Syrian Ahrar al-Sham was a “purely” Syrian group that has been suffering casualties in its fight againstIsis.“WhybrackettheSyriancrisis as Jabhat al-Nusra and Isis?” the foreign minister said. “It is the regime against the people.” But Qatar’s western allies, while thankful for its hostage mediation, remain uncomfortable with Doha’s apparent intelligence links to these alQaedaaffiliates.Ahraral-Sham,officials say, has operational links with Nusra. Edward Luce page 13
Ukraine
Kiev in vow on EU trade after pact is delayed NEIL BUCKLEY – KIEV
Ukraine’s government has vowed it will “not change a word” of a trade agreement with the EU after Kiev and Brussels agreed under Russian pressure late on Friday to delay implementing the pact for a year. The trade and political “association” deal is an emotive issue that has been at the centre of Ukraine’s political crisis and its subsequent stand-off with Russia. Former president Viktor Yanukovich’s refusal to sign the agreement last November sparked the protests that toppled him in February, prompting Russia to annex Crimea and foment a separatist conflict in east Ukraine. The EU deal will be ratified with much fanfare tomorrow in a live TV link-up between the European parliament and Ukraine’snationalassemblythatfollows its signing in June. The trade measures, however, are set to come into force in December 2015 instead of November this year, as previously planned. In the meantime, Ukraine will have temporary tariff-free access to the EU market. Postponing EU companies’ reciprocal access could give Ukraine’s war-torn economy more time to stabilise. Some senior EU officials were privately stunned by news of the delay on
Poland set to deal Europe allies a blow over defence
Friday. People familiar with three-way talks between the EU’s trade commissioner, Russia’s economy minister and Ukraine’s foreign minister said Moscow had warned there would be no resolution of the conflict in east Ukraine without putting off implementing the deal. Russia has been pushing to delay and amend the deal since last year, claiming it would damage its economy, which is ‘[Russia opposition is] blackmail – not even of Ukraine but of the EU’ Pavlo Klimkin, Ukrainian minister
closely tied to Ukraine’s. The deal also prevents Ukraine from joining a rival economic union Russian president Vladimir Putin has formed with former Soviet republics Belarus and Kazakhstan. Some Russian politicians and mediahavetrumpetedthedelayasavictory for Russia’s strong-arm diplomacy. Alexei Pushkov, chairman of the Russian parliament’s foreign relations committee, tweeted: “The people of Ukraine were deceived. Their economy is not ready for [the] association [agreement]. For the sake of the chimera of the ‘European choice’, the east of the country has
been destroyed. Hundreds and thousands were killed.” Some Ukrainian activists and business leaders also fear the delay could be extended, removing an incentive for needed reforms to ensure the economy can compete when it is opened to EU companies. But Arseniy Yatseniuk, Ukraine’s prime minister, insisted on Saturday the government “will implement everything that is in the deal”. “My feeling is that this was the good gesture of the EU. We got [a] grace period; the EU opened its market, and Ukraine is still protected,” he said. Kiev’s foreign minister Pavlo Klimkin said Moscow’s opposition to the deal was “blackmail – not even of Ukraine, but of the EU”. He added any genuine Russian concerns could be addressed through annexes to the agreement, but Ukraine was not changing a word of the deal. “The text is a question of principle. If Russia forces us to change the text, that means [changing] our policy . . . That’s not just a defeat, it’s dependency on Russia. We will never do it.” José Manuel Barroso, European Commission president, who announced the delay at the Yalta European Strategy conference in Kiev on Friday, insisted the EU had not caved in to Russian pressure.
‘Why bracket the Syrian crisis as Jabhat al-Nusra and Isis? It is the regime against the people’
— Getty
‘We all have to . . . support the moderate opposition. We need to enhance them, train them and let them get their country back’
The Visegrad Group – comprising Hungary, the Czech Republic, Slovakia and Poland – was created to foster mutual security and political co-operation but has so far failed to develop into an effective central European bloc, despite fears of Russian aggression on its eastern fringes. The group, which meets in Prague today, had planned to jointly develop a new mobile air defence radar system to replace outdated Cold War kit. But the project has been cast into doubt by the likely withdrawal of Poland, which decided this week to leave the talks, according to two people with knowledge of the decision. Warsaw has concluded that the other, smaller members of the group have little to contribute as it looks to modernise its military and its defence industry. A spokesman for the Polish defence ministry denied that the country had pulled out of the project, saying that the discussions were a “work in progress”. Any withdrawal would push up development costs for the three remaining partners, further delay the project and possibly precipitate its collapse. Its failure would hurt the Czech Republic, in particular, since its Soviet-era radar is scheduled to become obsolete in 2017. “Wenowhavetwooptions.Toproceed with Hungary and Slovakia, or to open the project to an external tender,” a Czech defence official told the Financial Times. If confirmed, Poland’s withdrawal would also be a setback to plans agreed in June for the four countries to cultivate a pan-Visegrad defence industry.
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Monday 15 September 2014
INTERNATIONAL India
China
Business fears Modi is failing his mandate
Industrial data put growth target in doubt
A dearth of ‘big bang’ reforms has disappointed investors and industry VICTOR MALLET – NEW DELHI JAMES CRABTREE – MUMBAI
Narendra Modi’s honeymoon is nearing its end for the growing ranks of investors disappointed by the dearth of radical economic reforms undertaken during the Indian prime minister’s first four months in office. Marten Pieters, chief executive of Vodafone India, spared neither Mr Modi’s Bharatiya Janata party government nor its Congress predecessor when he last week pronounced the country’s vital telecoms sector “simply a mess”. “Last year China invested $50bn in its
networks. We did five [$5bn],” Mr Pieters told a conference in New Delhi organised by The Economist. Vodafone had sought an advance tax ruling nine months ago to raise equity to bid for spectrum in an auction in February without another tax dispute, but has yettoheartheoutcome.“Lastweek,”Mr Pieters added drily, “I got the news the officer dealing with the file has retired.” Indian and foreign business leaders backed Mr Modi in May’s election because he offered a change from a decade of corruption and indecision. Yet many now fear he is squandering his strong mandate. Theyarealsofrustratedbyhisgovernment’s failure to rescind retrospective legislation and rulings that have left multinationals confronted with surprise tax bills running into billions of dollars.
“If he wants to make India a manufacturing hub, we will need the big bang reforms,” said Gurcharan Das, former head of Procter & Gamble in India. Mr Modi has taken none of the revolutionary steps business had hoped for, such as full privatisation of state companies or liberalisation of labour laws. He never promised those, in any case, and Mr Modi does score high marks for re-energising the bureaucracy. Supporters, including BJP members of parliament, insist the new prime minister is pushing ahead steadily with economic
$50bn China’s investment last year into its telecoms networks, said Marten Pieters
reforms that will create jobs, promote manufacturing and modernise India. “This is not 20-20,” said one MP, referring to the dramatic high-speed cricket game. “This is a five-day Test match.” In the meantime though, Mr Modi’s government has backed out of a world trade accord sealed by its predecessor that was meant to trim red tape and reduce customs burdens. It has also failed to implement an increase in the price of natural gas paid to producers. One problem identified by investors is that cabinet ministers lack experience and technocratic skills to run a $1.8tn economy, while decision-making is concentrated in the prime minister’s office. “It looks like we are pinning a lot of hopes on just one individual,” said Banmali Agrawala, head of General Electric in south Asia.
Economists at Nomura predict foreign direct investment into India will rise to $30bn this financial year from $22bn last year, but that will flow mostly into sectors such as pharmaceuticals and ecommerce rather than power and infrastructure, where it is most needed. Oil and gas groups are deterred by the financial disputes in which successful explorers such as Cairn India have become embroiled. Nor are global power companies keen to enter the dysfunctional energy market, despite a huge projected electricity shortfall. Balfour Beatty, Britain’s largest construction company by sales, quietly pulled out of India last year, having decided that it could not make money in a country whose previous government pledgedtospend$1tnonnewinfrastructure by 2017.
Dispatch. South America
Silva quenches Brazil’s thirst for change Outsider’s non-partisan approach has impressed voters – and investors JOE LEAHY – SÃO PAULO
To see Marina Silva deliver a speech on the campaign trail for the Brazilian presidential election next month is to watch a woman transformed. The fragile appearance of the environmentalist and former senator wrought by a tough childhood in a malarial Amazonian rubber plantation vanishes. In its place come force and conviction as Ms Silva, a political outsider who is threatening to end the 12-year reign of Brazil’s powerful centre-left Workers’ party, or PT, links her compelling life story with Brazilians’ thirst for change. “I was illiterate until I was 16,” she tells a party rally on a chilly night in mountainous Caxias do Sul in Brazil’s southern Rio Grande do Sul state, recounting how she went on to earn a degree in history.“Whatmakesthecountrygrowisto have schools that are just as good for the poor as for the rich.” Until last month when the former presidential candidate of her coalition, Eduardo Campos, was killed in a plane crash, Ms Silva was not even in the running for Brazil’s presidency. Now polls show her beating incumbent Dilma Rousseff of the PT in the second round run-off on October 26 – although her lead has narrowed in recent days – and rendering Aécio Neves of the larger opposition PSDB party a distant third. Ms Silva is riding a protest vote that emerged last year in nationwide demonstrations for better public services, analysts say. She combines the social consciousness of Luiz Inácio Lula da Silva, a former unionist from Brazil’s poor northeast who ruled between 20032010 and is credited with lifting millions from poverty, with the economic orthodoxy of Fernando Henrique Cardoso, a former professor who was president between 1995 and 2002 and stabilised Brazil’s runaway inflation. “She represents a vote for change,” said Marcelo Moura, a professor at São Paulo business university Insper. “She has the background of Lula . . . and the head of Fernando Henrique.”
Presidential hopeful Marina Silva arrives for a campaign event in Rio de Janeiro last week
A radical candidate with an orthodox economic vision On inflation, Marina Silva aims to bring it down to the centre of the central bank’s target of 4.5 per cent. Dilma Rousseff’s government has been criticised for allowing inflation to stay at the top of the band. Ms Silva promises to guarantee central
bank autonomy partly through establishing fixed mandates for members of the board. This is seen as a welcome development for markets. Her platform calls for a fiscal responsibility body to monitor budgets and verify that the government is complying with fiscal targets. This is to counteract “creative accounting”. A Silva government is proposing to overhaul Brazil’s tax system, considered one of the key impediments to growth. No details are available.
— Getty
Ms Silva was born in northern Acre state, where as an 11-year-old rubber tapper she rose before dawn each morning to “bleed” the trees of their milky resin with a machete. She suffered debilitating bouts of malaria and hepatitis and at 16 went to Acre’s capital, Rio Branco, to seek treatment and pursue her ambition of becoming a nun. While studying, she joined Chico Mendes, the Brazilian environmentalist who was assassinated while trying to stop deforestation by ranchers. Two marriages followed and four children. Poverty was never far away. Her family remember her fashioning their first shower by punching holes in a tin
can, according to a 2010 biography. That determination and independent streak has marked her political career too. In 2008, after falling out with Mr Lula da Silva, she resigned as environment minister – having reduced deforestation rates by 70 per cent – and then stood against his candidate, Ms Rousseff, in the 2010 election, winning 20m votes. Some of that support came from Brazil’s sizeable evangelical community, which remains a potentially powerful political base. “We support Marina because she supports the family,” said Cláudia Edl, an evangelical waiting outside a Silva campaign event in Rio Grande do Sul. For others, her evangelical beliefs are a turn-off. Her religious conservatism led her to backflip on her party’s platform backing gay marriage. Ms Silva also claims God “cured” her of mercury poisoning, although she remains frail and for health reasons shuns cosmetics, chocolate, dairy products and sugar. Despite her outsider background and green activism, investors and businessmen so far like what they see – Ms Silva’s closest advisers include Maria Alice “Neca” Setúbal of the controlling family of Brazil’s largest private sector bank, Itaú-Unibanco. Even on a visit to a Rio Grande do Sul agricultural fair, where the smell of barbecued meat hangs heavyintheair,ranchersseemwillingto give her the benefit of the doubt. “She recognises the advances of Fernando Henrique and Lula and now sees the opportunity for a different kind of politics,” says Paulo Pires of rancher cooperative federation FecoAgro. Her message is one of non-partisan politics in which she will seek support across party lines. This will be crucial. The Brazilian Socialist party and its coalition only have about 36 seats in Congress.Theyneedmorethan200tohelpa Silva presidency govern. “That is going tobeamajorchallengeforher,”saidJoão Augusto de Castro Neves of the Eurasia Group. At the rally in Caxias do Sul, which is held at the local Catholic church, locals munch free fried chicken as she pitches this vision of a “new politics” free of vote-buying and outdated ideology. “We won’t make personal attacks, we are not seeking to ‘bring down’ Dilma or Aécio,” she says, even though opinion polls suggest she is on the verge of doing just that.
DEMETRI SEVASTOPULO – HONG KONG
Chine s e industrial pro duc tion expanded in August at its slowest pace since the global financial crisis, increasing pressure on the central government to hit its target of 7.5 per cent economic growth for 2014. The National Bureau of Statistics said industrial activity had grown 6.9 per cent in August from the same month a year ago, a slower pace than the 9 per cent rise recorded in July. It blamed the lower growth on weak global demand and domestic pressures, including stresses in the housing market. ANZ bank said the data “reinforced our view that China’s growth momentum has decelerated faster than anticipated”onthebackofasluggishproperty market and slowing credit expansion. It added that China generally needed to achieve 9 per cent growth in industrial production to boost the economy by 7.5 per cent. “Short of outright policy easing, China will likely miss the 7.5 per cent growth target this year, and a sharp economic slowdown will endanger the undergoing structural reforms,” Liu Ligang and Zhou Hao, ANZ economists, wrote in a research note. “Chinese authorities should further relax monetary policy as soon as possible to prevent the growth momentum from decelerating further.” The Chinese economy grew 7.4 per cent in the first quarter of this year, but
6.9% Growth in China’s industrial production in August
8.9% Decline in property sales volumes in August
accelerated to 7.5 per cent in the second quarteronthebackofgovernmentstimulus measures. Speaking at the World EconomicForuminTianjinthisweek,Li Keqiang, Chinese premier, said the government “will not be distracted by short-term fluctuations of individual indicators”. Some experts said the industrial production data reflected successful efforts toreducetherelianceonheavyindustry, as President Xi Jinping pushes ahead with a series of economic reforms. Louis Kuijs, an economist at RBS bank, said there was “some truth” to that view. But he said the property slowdown that is having a “major drag” on the economy was driven by the market, not policy. “In my view, the kind of slowdown suggested by the August numbers is probably too pronounced for the comfort of the government,” said Mr Kuijs. The NBS released other data on Saturday that also pointed to a decelerating economy. Electricity production fell 2.2 per cent in August, marking the first decline in four years. Car sales grew 5.3 per cent, easing from the 8.1 per cent growth reported in July. ANZ said fixed-asset investment had fallenfromthe17percentrecordforJanuary-July to 16.5 per cent for the January-August period. The government said property sales volume had fallen 8.9 per cent in August from last year, a sharper reduction than the 8.2 per cent decline recorded for January-June. Property developers have been offering big discounts – including to people who shop on Alibaba’s Taobao – to help bolster weak volumes.
Electricity
South Africa unveils package for struggling state utility ANDREW ENGLAND – JOHANNESBURG
Contracts & Tenders
South Africa announced a support package yesterday for Eskom, the struggling state utility, enabling it to raise about $4.5bn in additional debt and also receive an equity injection from the government. Eskom – by far Africa’s biggest electricity producer – has been battling to keep the lights on as its grapples with waferthin reserve margins, an ageing infrastructure and a funding deficit. A lack of electricity capacity has been blamed for stymieing new investment and growth in Africa’s most developed economy. South Africa barely avoided a technical recession in the second quarter,whengrowthingrossdomesticproduct came in at 0.6 per cent. The finance ministry said yesterday that the cabinet had approved a “package to support a strong and sustainable Eskom to ensure that the energy security of the country is maintained, as well as supporting GDP growth”.
The treasury said the size of the capital injection would be revealed during budget announcements, adding that Eskom would increase its debt-raising plans by R50bn ($4.5bn) above the original R200bn medium-term plan. Eskom’s funding gap has been estimated at about R225bn for the next four to five years. This year, Eskom has been forced to implement scheduled power outages during the winter as it can no longer put off vital maintenance on its equipment. The problems stem from years of poor planning and under-investment, which came to the fore when rolling blackouts in 2008 sent platinum and gold prices soaring and cost the country billions of dollars. Eskom is spending more than R260bn on three new power plants, and renovating older ones, in the hope of avoiding a repeatofthe2008crisis.Butworkonthe plants has been much delayed, while their construction costs have gone way above budget.
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Monday 15 September 2014
FINANCIAL TIMES
9
INTERNATIONAL Southeast Asia
North Korea
Ill-matched cars put Myanmar in blind spot
US citizen gets hard labour for ‘acts hostile’ to Pyongyang
Reliance on right-hand drive vehicles is a practical and political headache MICHAEL PEEL – YANGON
Squads of new foreign cars ranging from rugged Ford four-by-fours to sleek Jaguars have landed on Myanmar’s streets in what could be the first steps in a revolution on roads where most vehicles are built the wrong way round. The gleaming Yangon showrooms of recently arrived western carmakers are part of a small but growing challenge to the remarkable hegemony of right-hand drive automobiles in a country where traffic also flows on the right. This is a highly political affair. The fast-opening southeast Asian country’s reliance on wrongly configured cars has sparked a debate that cuts across public safety, the internationalisation of the economy and the sometimes idiosyncratic legacies of almost 50 years of military dictatorship. “It’s a perfect example of policy incoherence,” says Moe Thuzar, a Myanmar national and fellow of the Institute of Southeast Asian Studies think-tank, of the rightward lean across the highways. “It should have been changed decades ago.” Right-hand drive cars are widely estimated to account for at least 90 per cent of vehicles on the roads, making hair-raising moments an everyday occurrence. Drivers have no line of sight into oncoming traffic as they overtake, while buses that have not been adapted disgorge passengers on to the roadway rather than the kerbside. “Highway driving is a little problem,” admits Ko Min, a Yangon taxi driver, with some understatement, as he nudges his head towards the many blind spots to his left. Myanmar’s tilt away from the central reservation dates to the moment Ne Win, the notorious late junta chief, suddenly decided to switch the country from driving on the left more than four decades ago. Speculated reasons for the change range from a desire to repudiate the left-side driving British former colo-
A security guard sits outside a new Chevrolet dealership in Yangon. Western marques are flocking to Myanmar — Getty
China Beijing casts suspicious eye at Scottish vote It is one of Beijing’s worst nightmares: subjects in a resource-rich semiautonomous province hold a vote on independence. So when Premier Li Keqiang was asked in June where he stood on Scottish independence, it came as no surprise that he backed the union. In the heart of Beijing, the Communist party is watching Scotland’s exercise in democracy with suspicion. In China, separatism – one of the
“three evil forces”, along with terrorism and extremism, that President Xi Jinping has pledged to stamp out – is tantamount to treason. As harsh crackdowns in Xinjiang and Tibet show, talk of self-determination by ethnic minorities or ordinary Chinese will not be tolerated. Chinese state media have carried a series of editorials warning about the dangers of Scottish nationalism, in the lead-up to the referendum. The Global Times, an Englishlanguage tabloid owned by Communist party mouthpiece the People’s Daily, asserted that without Scotland, the UK would become a “second-rate” nation.
US Congress
Hopes fade for bipartisan deal on tax inversion BARNEY JOPSON — WASHINGTON
Hopesofforginganear-termbipartisan consensus to curb tax-driven takeovers by US companies have faded, with aides warning that Congress will not be able to legislate on the controversial practice before the midterm elections. The administration of President Barack Obama is expected to announce executive action to limit the deals, known as inversions, as early as this week. But while both Republicans and Democrats have criticised the arrangements, the discord between the two parties over how to tackle them has grown in recent days. InversionsenableUScompaniestocut their American tax bills by acquiring a foreign rival and shifting their domicile to a country with lower tax rates. The13dealsannouncedsincethestart of 2013 – including Burger King’s $11.4bn acquisition of Canadian coffee shop chain Tim Hortons – are together worth $178bn, according to Dealogic. A senior Democratic aide said discussions on Capitol Hill last week m a d e i t c l e a r t h e re wo u l d b e n o legislative action on inversions before midterm elections in November. “Part of the reason for that is there is a realclosefightfor[controlof]theSenate
and the two sides have hardened in their stances on the issue,” he said. US companies are waiting to see what executive action the US Treasury will unveil. Tax experts are divided over whether it has the authority to act. Jack Lew, Treasury secretary, said last week that the administration would take action “in the very near future”. Sandy Levin, a senior Democratic tax writer in the House of Representatives, said that the Obama administration
Capitol Hill is unlikely to legislate on tax inversion before midterm polls
could unveil its plans as soon as this week. “I think it may do more than nibble around the edges, but it won’t get, in terms of content, to the heart of the matter,” Mr Levin told reporters, stressing that it would be preferable for Congress to pass legislation on the issue. Orrin Hatch, the senior Republican on the Senate finance committee, last week set out four features he would want in anti-inversion legislation – including an insistence that it not be retroactive. These plans conflicted with three proposed bills from Democratic lawmakers, although Democratic aides said they could at least agree with Mr Hatch that inversion legislation should act as a “bridge” to comprehensive tax reform. A Republican aide said that Democratic attempts to stir up public passion had “fallen flat”, partly because Warren Buffett, the billionaire investor and a Democratic supporter, was involved in the Burger King deal and defended it. The aide added that the pre-election windowofopportunityforan“inversion coalition”wasnowclosed,withlawmakers due to spend just two more weeks in Washington before the midterm elections.
Borrowing
Banks lend more abroad as confidence returns CLAIRE JONES – FRANKFURT
Bankshavestartedtolendmoreabroad for the first time in nearly three years, in a sign that confidence in the sector is recovering after years of uncertainty. The Bank for International Settlements reported yesterday that cross-border lending rose €580bn between the end of December last year and the end of March 2014. It was, the Basel-based central bankers said, the first big rise since late 2011, when the eurozone’s sovereign debt crisis had yet to hit its peak. Lending overseas is an important gauge of banks’ behaviour as it reflects their confidence in the global economy. The increase was spread across countries and sectors, though a significant rise occurred in China, where more than $1tn has been borrowed from foreign banks. In the eurozone, cross-border interbank lending went up for the first time since early 2012, indicating foreign
peers are trusting their counterparts in the single currency area once again. For all these improvements, the big picture remains one of retrenchment: the latest rise was not enough to offset the sharp pace of cutbacks. But the quarterly increase was enough to slice in half the annual rate of contraction from 4 per cent to 2 per cent. “To the extent that cross-border lending has stopped contracting, it is good news. It suggests that the banking sector is turning around after years of deleveraging,” said Hyun Song Shin, economic adviser and head of research at the BIS. Banks expanded their overseas loan books substantially in the run-up to the collapse of Lehman Brothers, the US investment bank that filed for bankruptcy six years ago today. Since then, lenders have pulled back from extending loans abroad, focusing on customers closer to home – a trend that has led some economists to warn of
the dangers posed by the sudden reversals of capital flows in a globalised financial system. Mr Shin said a tightening of monetary conditions was likely to lead to another contraction in cross-border lending, whichwouldbeespeciallyimportantifit affected the US dollar. “The dollar is such an important currency in global banking that, when it appreciates, lending conditions tighten across the globe.” But he added that the banking system was “nowhere near as vulnerable” as it was six years ago. “Instead, the vulnerabilities are in the bond markets,” Mr Shin said, adding that the issuance of foreign currency debt by emerging market companies continued to pose a threat. The BIS statistics showed many companies were issuing debt through overseas affiliates, meaning official national statistics were vastly underestimating the scale of the trend.
It went further by pouring cold water on nationalist campaigns in general: “The Scottish independence campaign also tells us that established developed countries like the UK are far from stable as we previously imagined.” Willy Lam, a Hong Kong-based China observer, says Beijing is worried that its subjects in restive provinces may look to Scotland’s quest for independence as an inspiration and get ideas of their own. “This is an international precedent, and pro-independence elements in places ranging from Xinjiang, Taiwan, Tibet, and to a lesser extent Hong Kong, are taking note.” Ben Marino
nists, to astrological influences on a leader who also introduced banknotes denominated in multiples of his lucky number nine. The dextral highway dominance has been reinforced by geopolitics and geographical accident. While a mix of junta isolationism and western sanctions mostly kept out imports of cars from left-hand drive countries in North America and Europe, Myanmar was serviced from Asian states such as Japan andThailandthatdriveontheleftandso have right-hand drive cars. Now the Myanmar military’s 2011 handover of power has drawn western auto manufacturers back to the country, bringing in left-hand drive cars – and in some cases calling for all new imported vehicles to comply with the same layout. “I think that’s a responsible position from a safety standpoint,” says David Westerman, Malaysia and Asia-Pacific emerging markets managing director of Ford, whose Yangon dealership marks its first anniversary next month. “We have set the market up to be lefthand drive.” But such calls have unsurprisingly run into opposition from the independent car importers that still dominate the trade. Other observers say few people can afford new left-hand drive cars imported all the way from Europe or the US, given that Myanmar’s gross domestic product per capita – despite rapid growth – is still estimated at less than $1,000 a year. “Affordability is an issue,” said Aung TunThet,economicadvisertoPresident TheinSein,notingthatgrowingwealthis nevertheless feeding car buying, traffic congestion and the right-steering status quo. Myanmar’squasi-civilianadministration faces elections next year and has shied away from a move that would run most vehicles off the road. As with many other troubles in this nation in flux, the weight of history and vested interests means few see a quick fix as likely – unless, perhaps, it is to return to a pre-junta past. “Go back to driving on the left,” is one long-time political observer’s suggested solution. “There will be a few accidents, but not as bad.”
SIMON MUNDY – SEOUL
North Korea’s supreme court has sentenced a US citizen to six years of hard labour, claiming that he committed “acts hostile” to the regime after entering as a tourist in April. The conviction of Matthew Miller, one of three US men being held by North Korea, was announced by state media yesterday.TheAssociatedPress,present at the trial, said Mr Miller was accused of having the “wild ambition” to spend time in a North Korean prison to investigate the conditions of inmates, and tearing up his visa to force his arrest. He was also alleged to have falsely claimed to have secret information about the US military. Mr Miller’s conviction follows that of KennethBae,whoin2013wassentenced to 15 years of hard labour, for “crimes against the country” apparently connected with his Christian missionary work. A third man, Jeffrey Fowle, is accused of deliberately leaving a Bible in asailors’club,andhasnotyetbeentried. The men’s detention has created a quandaryforWashington,whichisloath to grant concessions to North Korea while Pyongyang pursues its nuclear weapons programme. Dialogue between the nations has stalled since 2012, when the regime unsuccessfully launched a long-range rocket after pledging to suspend missile tests in return for US aid. This month, North Korea arranged interviews between the three men and CNN. “The American government is known for having a strong policy of protecting its citizens, yet for my case there is still no movement,” Mr Miller said. “We request North Korea pardon Matthew Miller and Kenneth Bae and grant them amnesty and immediate release so they may reunite with their families,” said Darby Holladay, a spokesman for the US state department. Additional reporting by Gina Chon in Washington
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Monday 15 September 2014
THE BIG READ. TECHNOLOGY
Big Tech at bay In the first part of a series on the backlash against the power and reach of US technology companies, Richard Waters reports that Silicon Valley’s era of untrammelled global expansion is over
F
or two decades, they have been celebrated as the rock stars of an emerging digital culture. Unconventional and driven, America’s technology entrepreneurs won the world’s admiration as they rode the internet wave, remaking swaths of personal, social and business life with each innovation. But in the past year, the world has grown uneasy with the bargain it has struck with the giants of US technology. In much of the world today, the companies are no longer seen as the optimistic agentsofabetterfuture,butasoverpowerful, prying and ruthless. The indictments against the biggest tech companies have been piling up. These have included accusations that some were complicit in widespread US internet surveillance – a claim that has fanned the smouldering worries about how Big Tech handles mountains of personal data. Their incursion into more areas of economic activity has also stirred a backlash. This month, the European Commission walked away from a deal with Google to resolve a competition complaint, while a German court banned American taxi service Uber, instigator of the raucous taxi app wars spreading around the world. And their huge personal and corporate wealth has attracted the kind of envy and resentment previously reserved for that most resented of social cliques, bankers. Even if entirely legal, the avoidance schemes that have left companies such as Apple and Amazon paying little in taxes in many countries has engendered widespread revulsion and led to investigations by the EU. The message has started to hit home. An industry that has made a virtue of ignoring the accepted principles on which much of the world runs, boasting about the “disruption” it has brought to the business practices of the less enlightened, is learning a different language. The spread of US-dominated tech “can’t become an exercise where one
C Trustworthy? Leading US tech companies have been accused of being complicit in web surveillance, raising concerns about their handling of personal data C Hair shirt Amid the political backlash, Silicon Valley companies have gone on an international charm offensive to defend their reputation C One on one Google’s Eric Schmidt privately met Sigmar Gabriel, the German minister who has said the company may need to be broken up
‘Right to be forgotten’
‘The US made a huge mistake. It’s naive to think you can spy at this level and not be discovered.’ Eric Schmidt culture and country imposes its values on the world”, says Brad Smith, the chief lawyerandmaininternationalambassador for Microsoft – a company that has earned its fair share of criticism for throwing its weight around over the years. Particularly on issues such as privacy, some American internet companies have not stopped to think about the impact their technology is having around the world, he says. “The trouble is people who take an American view of the technology.” Some of the very people who helped to financeandbuildthecurrentgeneration of world-beating technology that emanatedfromSiliconValleynowseemtobe having second thoughts when it comes to considering what will follow. “We’re starting to enter a very new era when it comes to privacy and security, and how all these internet services are designed,” says Jim Breyer, an early investor in Facebook and, until last year, a member of its board. Apple’s launch last week of mobile services that handle sensitive personal information in fields such as healthcare records and payments is a sign of the next markets Silicon Valley is targeting, accentuating the need for more secure technology. The next generation of start-ups is being designed from the beginning with privacy and security in mind, Mr Breyer says, in what amounts to a put-down of the practices of groups such as Facebook. “It’s a different mindset from the companies we saw being started five or seven years ago. I don’t think the scale of the opportunity worldwide is becoming any less real for US tech companies.”
Charm offensive Changes in the political climate have brought on an international charm offensive in which a parade of US tech executives have traversed the globe in desperate attempts to defend their industry’s fraying reputation. Eric Schmidt, chairman of Google, sayshespentJuneworkingonthesearch engine company’s problems in Germany, hoping he could stem a spreading political crisis in Europe’s biggest economy. That included a private meeting with Sigmar Gabriel, the German economy minister who this year suggested
that Google may have become too powerful and needs to be broken up. The idea, coming from such a senior politician, was nothing short of “astounding”, the Google chairman says now. “There’s no need for Google to be broken up,” he says. Instead, Europe needs to do more to build a competitive tech industry of its own. Butincountriestiredofbeinglectured by Americans about innovation, the message is in danger of wearing thin. Marc B enioff, founder of Sale sforce.com,apioneerincloudservicesfor businesses, found himself squirming during one such meeting in France. “One of the leaders of our industry began lecturing the French that the word ‘entrepreneur’ is French and they need to support entrepreneurs,” he says. The condescension was not lost on the hosts, he adds.
Out of the bubble
Speak no evil: Google chairman Eric Schmidt in Madrid to discuss the ‘right to be forgotten’ ruling Getty
For Silicon Valley, the era of untrammeled global expansion is over. As the revelations of illicit surveillance by the US National Security Agency have curdled, the tech industry has been forced to defend itself to its customers around theworld.Suddenly,theinsularityofthe tech companies centred around the San Francisco Bay area – long considered to be a vital feature of the region’s successful hothouse culture – has come to be seen as a serious liability. “If you live in Silicon Valley, you live in a bubble,” says Pat Gelsinger, chief executive of VMware, one of the region’s leading cloud technology companies. “You get a very jaded view of how the world views things.” The outrage that followed last year’s disclosures about surveillance by Edward Snowden, the former intelligence contractor, has changed all that. The NSA scandal crystallised wider anxieties about the spreading power of a handful of US companies that dominate the tech industry. “It’s a black eye for US tech,” Mr Gelsinger says of the Snowden leaks. “It was
the starting point for the many fissures that are spreading across the [tech] world. Every company in the Valley is trying to position themselves to understand how they play in that world.” The anxieties have risen as new digital platforms such as the Apple and Google mobile ecosystems and Facebook’s social network extend their reach into more corners of social and business life. While it is facing a backlash on the international stage, Silicon Valley is in a period of a creative frenzy at home, as new cloud technologies open a wider range of markets to disruption from the tech industry. It is no longer just music labels or newspapers whose businesses are threatened: from the taxi drivers riled by Uber to the banks nervous that internet companies are now targeting finance, few feel safe. “It’s bringing a lot of anxiety in industries that didn’t have to interface with the technology industry,” says Evgeny Morozov, one of the internet industry’s fiercest critics. “Right now, everything is up for grabs.” The winner-takes-all effect of many online markets has added to the fears.
‘One person’s ‘right to be forgotten’ is another person’s Orwellian memory hole.’
Marc Andreessen
There is a risk that large parts of digital life“willbereplacedbyonebigcompany that serves everything up”, says Mr Morozov. “You can question how many domains you want Google and Apple to have power in.” In the wake of the surveillance scandal, countries such as China and Russia have accelerated their efforts to take more direct control of internet activity and build local technology industries likely to be more susceptible to political pressure. And in countries such as Germany and France, the worries over privacy, fears about a possible loss of cultural identity and unease about the economicmightofthedigitaltitanshave combined to provoke a sharp backlash.
A new normal From Silicon Valley’s vantage point, this has led to a wearied acceptance that the US tech companies are facing a “new normal” in which the digital markets they created and dominated will no longer be as free. In defending themselves, US tech
Privately, most groups are braced for a new wave of regulation and greater political control of the online world. Some make the best of this, admitting that as the internet intrudes on more areas of daily life it is only natural for politicians to try to gain influence. “One doesn’t hear the automobile industry saying governments shouldn’t have local regulations because it would Balkanise the automobile market,” says Mr Smith. Yet at a deeper level, many warn that spreading regulation will undermine the very benefits the internet was meant to bring. This year’s “right to be forgotten” ruling allowing Europeans in some circumstances to have links to information about them removed from search engines has drawn scathing criticism in Silicon Valley. “One person’s right to be forgotten is another person’s Orwellian memoryhole,”saysMarcAndreessen, a prominent Silicon Valley investor. Regulation that places more nationallevel rules on networks in Europe also
executives have resorted to some common tactics. The first has been to bend over backwards to distance themselves from their own country’s political leaders in the handling of the spying scandal. In response to the lacerating attacks h e s a y s h e h e a r d i n G e r m a n y, Mr Schmidt replies: “I have an easy answer: I was not responsible, and I am opposed to it.” HebelievestheUSgovernment“made a huge, huge mistake. It’s naive to think you can spy on this level and not have it discovered.” Mr Smith boasts about the three lawsuits Microsoft has filed against its own government over issues related to government access to data the company holds – the kind of confrontation that would have been unthinkable before the Snowden disclosures.
‘There’s a lot of anxiety in other industries. How many domains do you want Google and Apple to have power in?’
Evgeny Mozorov
An uneasy distance But with questions remaining about whether they went beyond strict legal requirements in aiding the US intelligence services, the tech groups have struggled to distance themselves from the scandal as much as they would like. Microsoft may be making much of its stand against US data over-reach now, but documents released by Mr Snowden showed it helped US intelligence services with ways to listen to conversations passing over Skype and other communications services it owns. Like other tech companies, it has said it was legally required to comply. The companies in most cases had no choice but to go along with US intelligence demands, says Mr Gelsinger, though he adds that “at the margin” there are valid questions about whether some should have “pushed back harder on the [government] requests that were coming in”. A second common response from US tech companies has been to paint themselves as being squarely on the side of economic growth. Feeding Europe’s inferiority complex about its failure to nurture a stronger regional tech industryhasbeenpartoftheformula–leading to the sort of wearying lectures about innovation and entrepreneurialism witnessed by Mr Benioff. “Germany has been a leader for decades but has missed this software revolution,” says Mr Schmidt. According to this view, this is just the moment that Europe needs to open up its digital markets, not retreat into protectionism – and US companies are on handtoteachtheskillsandtheentrepreneurial mindset that are needed.
Tomorrow Europe strikes back Silicon Valley faces a backlash across the continent, but especially in Germany
draws warnings that it will put paid to any hopes the region has of building a significant internet industry of its own. “Networks are about scale,” says Saul Klein, a partner at Index Ventures, one of London’s leading start-up investors. “Europe as a federated network has scale. Europe Balkanised looks puny compared to the US, China, Russia, India, Brazil or even Nigeria.” Anotherfearisthatasprivacylawsare strengthened, existing restrictions on the flow of data will become more pronounced, preventing the efficiencies promised by cross-border business. “You’ll create tremendous friction in the flow of information between companies that work together globally,” says AaronLevie,chiefexecutiveofBoxInc,a cloud storage company. “The industries that have the tightest controls on data generally have the least innovation.” Critics say these arguments are selfserving, and that the tech companies are masters at conflating the idealistic values on which the internet was founded with their commercial interests. The argument that information shouldalwaysbeallowedtoflowfreelyis as simplistic as the market fundamentalism that is sometimes used to justify unfettered capitalism, says Mr Morozov – that “if you interfere with the market, the market will collapse.” Whatevertherightsorwrongsofthese arguments, Silicon Valley realists are preparing for a new and more difficult period as countries around the world take stock of their own place in the digital revolution. “There was this vision that we were moving to one global economy, and it has broken down,” says Peter Schwartz, head of strategy at Salesforce.com. “What we have is fragmentation, and the internet is a big part of that fragmentation.”
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12
FINANCIAL TIMES
Monday 15 September 2014
Letters
Email: letters.editor@ft.com or Fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address Corrections: corrections@ft.com
The diverse forces calling for separation are far from tribal
MONDAY 15 SEPTEMBER 2014
Business and the costs of Scottish independence –– Ending the 300-year-old single market will raise prices and hit jobs Business has finally entered the Scottish independence debate, kicked off the fence by narrowing opinion polls and panicked investors. Better late than never. Scotland’s largest banks are reassuring their customers that – whatever the outcome – they will stay British, backed by the Bank of England, and if that means changing domicile, so be it. Supermarkets have warned of rising prices. A growing chorus of bosses is now urging the Scots to vote No. The future of Scottish business has become a battleground of the campaign. What took them so long? Many companies clearly felt it politic to keep quiet, whether to avoid annoying customers and employees with strong views, or to dodge the rough edge of the nationalist leader Alex Salmond’s tongue. The clenched fist rhetoric of Jim Sillars’s “day of reckoning” speech – in which he threatened to renationalise BP – speaks to a virulent anti-business strand within the Yes camp. Shocked into finding their voices, businesses have started explaining the cost of Mr Salmond’s dream. They should be still more explicit: pricier postage stamps, kettles or baked beans are not abstractions: they hurt. TheYescampaignisriddledwitheconomic uncertainties. No one knows what currency arrangements an independent state would adopt or whether it would be part of the EU. The negotiations to decide the future of important Scottish business sectors, such as renewable energy and oil, will be complicated and acrimonious. No energy provider will invest more in Scotland without knowing whether UK consumers still want to buy their expensive power. The oil sector needs to know the future fiscal regime before drilling more in the North Sea. The Yes side’s contention that all will be well is based on blind assertion.
Now they have entered the fray, business chiefs need to hammer home the consequences of unravelling a British single market woven over three centuries – one whose importance to Scotland far exceeds any other. Some 70 per cent of Scotland’s external trade is with the rest of the UK – many times what it sends to the rest of the EU. A new border will affect those who never stray over it. Take Royal Mail. Scotland is covered by the universal service provision that obliges the postal service to make deliveries at the same costacrosstheUK.Withindependence, this will go: meaning increased costs for businesses that use the post and a sting in the wallet for anyone mailing birthday cards to relatives down south. At present many British retailers absorb the higher costs of doing business in Scotland to offer standardised prices. Sir Charlie Mayfield, chairman of John Lewis, warned last week that this will end with independence. He is not alone: Asda and Marks and Spencer say the same. Groceries cost 4 per cent more in Ireland than they do in the UK. Tobeblunt,mostbigScottishcompanies have more customers in the UK than in Scotland. Take Standard Life, 90 per cent of whose British clients are south of the border. To keep them happy, the Edinburgh-based insurer hassaiditwillredomicileintheeventof independence. While the implications of this for jobs remain unclear, in the longrunitislikelytomeanmoreoperations relocating to the UK. Mr Salmond claims independence will unleash the energy and self-confidence of entrepreneurs. Maybe so: but their first task will be to deal with the self-inflicted damage caused by replacing a highly-integrated single market with a looser relationship with Scotland’s biggest trading partner. On this point it is the Yes camp – rather than business–thatchoosestoremainsilent.
Imran Khan’s threat to Pakistan democracy — Cricketing hero’s anti-Sharif campaign is overstepping the mark Imran Khan was a true cricketing hero for Pakistan. He was an exceptional all-rounder, a graceful batsmen and a formidable fast bowler. But as a politician – seemingly hell-bent on becoming premier at whatever cost to his country – he makes a far less edifying spectacle. Mr Khan has spent the past month camped out in a shipping container next to a parliament whose legitimacy he has questioned in fiery speeches. With Tahirul Qadri, a moderate cleric, he is calling for the resignation of Nawaz Sharif, the prime minister whose election last year marked the firstdemocratictransitioninPakistan’s 67-year history. He has, however, taken his protest too far. In his stubbornness, he threatens to tear the very democratic fabric he claims to be protecting. Mr Khan may well be right that last year’s elections were marred by irregularities. However, given the easy margin of victory, it is simply not credible to claim that Mr Sharif’s Pakistan Muslim League-Nawaz party stole the election. Mr Khan is also right to bemoan the poor performance of the government, which has failed to address a worsening energy crisis and pursued a confused policytowardsPakistan’sterrorism.Mr Sharif, who has been prime minister twice before, appears almost bored with the job, taking long trips abroad and rarely bothering to show up in parliament. None of this, however, justifies Mr Khan’s determination to force Mr Sharif’s resignation and plunge the nuclear-armed country of 200m people into political crisis. Indeed, the campaign has caused significant damage. Xi Jinping, China’s president, cancelled last week’s visit to Islamabad, adding insult to injury by spending an extra day in India, Pakistan’s arch rival. It is not as though Pakistan does not have enough to contend with. In some areas, 20-hour power cuts are the norm. Floods have
killed hundreds of people. While the political elites tussle for power, the economy, which had been marginally improving, shows signs of sinking back into malaise. The stand-off also risks bringing the military back into politics. The army has been able to present itself as a neutral “third force”, a mirage in a country that has been under military rule for almosthalfofitsindependentyears.Mr Khan has vehemently denied suggestions that he is being manipulated by the military, which is angry with Mr Sharif for pursuing the prosecution of Pervez Musharraf, a former military ruler, and for trying to seize control of foreign policy. Yet Mr Khan’s actions are playing into the hands of those who would bring the whole shaky democratic edifice toppling down. At least Mr Sharif, unlike Mr Khan, has shown some appetite for compromise. He has agreed to several opposition demands, including a judicial inquiry into last year’s election and discussion of electoral reforms. He must not sully this by resorting to arbitrary arrests of opposition forces or violent suppression of demonstrators. Above all, he should concentrate on re-energising his lacklustre government and tackling the country’s urgent problems. There is much riding on a peaceful resolution of this crisis, and not only for Pakistan. In too many Asian countries, from Afghanistan to Thailand, democracy has been jeopardised when those who contest elections refuse to accept the result. Cynics will argue that this proves many countries in Asia lack the institutional foundations on which to buildastabledemocracy.Thereissome truth in this. But what is the alternative? Rule by the military or by unelected technocrats installed by force? It is the duty of Pakistan’s warring political elites to show that democracy can be better than that.
Sir, Your editorial, “Scotland’s fateful choice” (September 11), claims that “the path of separation is a fool’s errand”. If it is, it is a journey on which dozens of newly independent countries in recent decades have embarked without any hint that they wish they had not. That Scotland could be a successful independent country is generally acknowledged, including by the prime minister and your chief political correspondent. The question of whether Scotland should be independent relates to the political,
social and economic trajectory of the UK over an extended period and one that seems set to continue. There is also the question whether its political system has the ability to reform. You say that “above all a Yes vote would ignore the lessons of the 20th century, a chapter in European history indelibly scarred by narrow nationalism”. More important than that extravagantly misdirected comparison, this suggests a serious misunderstanding, or ignorance, of the diverse social and political forces that
A split spells stark danger for Europe Sir, My son, who is studying at Glasgow university, is considering how to vote in the Scottish referendum. My answer has been that dismembering the UK would further destabilise an already extremely dangerous situation in Europe. It would be bad for the UK, bad for Poland, bad for freedom and democracy in Europe, and bad for Scotland. Tens of thousands of Poles will have the right to vote in the referendum. I would appeal to them to reject the folly of dismemberment of one of Poland’s closest allies. The same applies to Lithuanians, Latvians and other EU citizens resident in Scotland. They all have the vote in this referendum, and we shall all be less secure if irresponsibility triumphs. On the question of Scotland’s rights to the Bank of England, Alex Salmond seems not to understand the difference between assets and liabilities: Scotland presumably would have a claim to a share of BoE assets when the Bank (and UK public debt) are divided between the two countries as a result of a Yes vote. But Scotland has no right to insist that the assets of a new National Bank of Scotland should be funded by liabilities for which the rest of the UK would be jointly responsible together with Scotland. With greater power inevitably comes greater responsibility, however inconvenient that may be. Just as à la carte membership of the EU is impossible, so is à la carte independence. Mr Jacek Rostowski Former Deputy Prime Minister of Poland, Warsaw, Poland
It’s the debt stupid, not the currency Sir, In 1707 it took bribes (mainly paid to the Scottish nobility) to get them into the union and it now appears it will take cash payouts to avoid divorce – or as Alex Salmond would have it, “separation”, where we continue as “just good friends” (“Scots see Cameron visit as panicky”, September 11). In desperation, the “Three Amigos” (David Cameron, Nick Clegg and Ed Miliband) make a last-minute gallop north of the border, as they finally realise the “bad guys” are using real bullets. What next? A kilted Alastair Campbell on bagpipes reprising Things Can Only Get Better, accompanied by a chorus of Labour MPs on the train out of Euston? After the scaremongering over the currency, resulting in fear and loathing in West Lothian, the Three Amigos now
The Stasi, the casinos and the Big Data rush Book review Hannah Kuchler
What Stays in Vegas: The World of Personal Data – Lifeblood of Big Business – and the End of Privacy as We Know It By Adam Tanner Public Affairs, $27.99
The Three Amigos: a last-minute gallop north to save the union
hope for a temporary love-in until the vote on the 18th. But all this will do is reinforce the Scots’ view of Westminster’s remoteness and lack of trust in the “English parliament”. Divorce can be either amicable or contentious and expensive – to both parties. But the main thing the Scots have to fear is excessive debt: household, company, bank and government debt. Keep these at manageable levels and Scotland can prosper, whether they simply use sterling (it’s a world currency after all, created by banks not by Mark Carney) or enter a formal currency union (taking on a UK debt commitment in exchange for the Bank of England acting as lender of last resort) or eventually join the euro. It’s the debt stupid, not the currency that’s the key to the economics. Whatever the outcome of the vote, the Scots will end up in a new civil partnership. I hope it’s a “Yes we can” – not least because it might act as a catalyst for a major decentralisation of power from Westminster. Prof K Cuthbertson Cass Business School, London EC1, UK
A curious understanding of common sense Sir, Alex Salmond’s constant refrain when faced with inconvenient facts or hurdles is that “common sense” will prevail (Reports). His definition of “common sense” seems to be that the rest of the world will bend to his will. Take, for instance, the EU. Brussels has made it clear that an independent Scotland will start life outside the EU and have to apply to join. He promises that the EU, like the UK, will ultimately buckle and give Scotland a waiver, despite the clear hostility this would face from, for example, Spain and
Books with sexy titles and decidedly unsexy topics – like, say, data – have a tendency to disappoint. But What Stays in Vegas is an engrossing, storypacked takedown of the data industry. It begins, far from America’s gambling capital, in communist East Germany. The author, Adam Tanner, now a fellow at Harvard’s Institute for Quantitative Social Science, was in the late 1980s a travel writer taking notes on Dresden. What he did not realise was that the Stasi was busy taking notes on him – 50 pages in all – which he found when the files were opened after reunification. The secret police knew where he had stopped to consult a map, of whom he asked questions and when he looked in on a hotel. Today, Tanner explains: “Thanks to meticulous data gathering from both public documents and commercial records, companies . . . know far more about typical consumers than the feared East German secret police recorded about me.” Shining a light on how businesses outside the tech sector have become data addicts, Tanner focuses on Las Vegas casinos, which spotted the value in data decades ago. He was given access to Caesar’s Entertainment, one of the world’s largest casino operators. When chief executive Gary Loveman joined in the late 1990s, the former Harvard Business School professor bet the company’s future on harvesting personal data from its loyalty scheme. Rather than wooing the “whales” who spent the most, the company would use the data to decide which freebies
have motivated the independence cause in Scotland. Given that diversity it is quite wrong to describe the Yes movement as narrow, tribal or inwardlooking as you do. Voters in Scotland are now being offered what they are told is a guaranteed, substantial advance on the current devolution arrangements. As Charles Kennedy MP has said, this should have been offered at least a year ago. It could even have been on the referendum ballot paper. That it has taken recent opinion polling to shift the Westminster parties
to this position so late in the day demonstrates how reluctant they have been to consider seriously, and to undertake to implement, something that might be described as the new political settlement that you say Britain needs. Perhaps opponents of independence among the political class might usefully reflect that, if the UK is so well governed, by what political foolishness on their part did things come to this pass? Cllr Alasdair Rankin, City of Edinburgh Council, UK
others. Given the difficulties the UK has getting what it wants from Brussels, why on earth would the EU of 505m people suddenly decide to appease an applicant state of 5m? The SNP also plays down or dismisses the fact that all new member states must join the Schengen agreement and adopt the euro – which makes the argument over the pound largely irrelevant. It also implies that border posts will have to be built between Scotland and England. Mr Stewart Fergus Croydon, Surrey, UK
11): in the unlikely event that Standard Life, or some other financial institutions, shift some of their operations from Edinburgh to London when Scotland votes for independence, those operations would be moved back to independent Scotland (which will remain an EU member state) when the rest of the UK votes to leave the EU, including the single market, in 2017. Mr John B Reid Sunningdale, Berks, UK
An intoxicating cocktail of blood and soil Sir, David Brophy has nothing to worry about (Letters, September 10). Talking to an old Scottish golf professional a few years ago, I asked him if he was going to watch the British Open. I can still remember the nasty look on his face as he told me that there is no such thing as the British Open. “No,” he said, “it’s the Open Championship.” Since that day I have not dared to call it anything else. So I am not worried that geopolitics will get in the way of the Royal and Ancient game. Mr Bendik Rød Karlsson Oslo, Norway
The triumph of ideology over intellect Sir, In his famous book, Religion and the Decline of Magic, Keith Thomas wrote: “It is a feature of many systems of thought, and not only primitive ones, that they possess a self-confirming character. Once their initial premises are accepted, no subsequent discovery will shake the believer’s faith, for he can explain it away in terms of the existing system. Neither will his convictions be weakened by the failure of some accepted ritual to accomplish its desired end, for this too can be accounted for. Such systems of belief possess a resilience which makes them virtually immune to external argument.” If Scotland votes for independence, I predict that we will see repeated attempts to explain away the subsequent discovery that its economy is in serious decline, without any reference to the triumph of ideology over intellect. Dr Brian White Maidstone, Kent, UK
A temporary move to south of the border Sir, Regarding Martin Arnold’s article, “Lloyds confirms plans to relocate to London if Scots vote Yes” (September
were worth giving away to lure in midspenders who came back often – a strategy credited with helping the business grow. The real revelations come when Tanner examines the data brokers’ “Cheez Whiz”. Like the maker of a popular processed dairy spread, he argues, data brokers blend ingredients from a range of sources, such as public records, marketing lists and commercial records, to create a detailed picture of your identity – and you will never quite be able to pin down the origin of any component. Marketers can rent lists of gay people who own boats, recently divorced African-Americans and women who have bought sex toys. One data broker sends people surveys on subjects from constipation to cancer to gather data it can then sell to specialist marketers. Another lures people to look up friends and family by suggesting that omitting to check out their own files or those of online dates is dangerous. It even tells children to “background check your folks”. The Big Data rush has gone into overdrive since the global economic crisis as marketers from different industries have sought new methods to grab the limited consumer spending available. Tanner argues that while users have in theory given permission for much of this information to be made public in bits and pieces, increasingly industrial-scale aggregation often feels like an invasion of privacy. Privacy policies are so long and
London taxpayers shouldn’t pay for gamble Sir, “Questions raised over David Cameron’s Scotland concessions” (September 11), referring to Westminster MPs being unhappy about the extra incentives now being offered to the Scottish electorate to stay within the UK, hit the button. Mr Cameron ruled out devo-max at the beginning of the process: now we seem to be offering devo-whatever you might want! This will of course (more or less) be paid for by London taxpayers. Nobody has asked us if we want to pay. As a London taxpayer, my vote is that we should not. Scotland should decide on its own merits whether it wants to stand alone or not. Mr C John Brady London W6, UK
Let the Scots make their own minds up Sir, There is nothing more likely to quicken a Scotsman’s pulse – I speak as a Scot – than the sight of Englishmen on the run (“Pro-union camp ‘in chaos’ as poll puts nationalists ahead”, September 8). Rather than chasing votes with craven blandishments at the eleventh hour, London needs now to restate clearly and finally the case for union – economies of scale and the comfort of interdependence – and describe again the perils of a tiny nation adrift from all multilateral entities, whose border with England is the outer frontier of the EU, under the command of a man whose economic vision involves an arc of prosperity reaching from Iceland via Scotland to Ireland. And then let the Scots make their decision. They should vote for willing and proud partnership in a continuing union, or for separate nationhood – being bribed into sullen acquiescence is no result at all. Mr Keith Craig London SW7, UK COMMENT ON FT.COM Nick Butler’s energy blog Is devo max the answer for Scotland or the next problem? www.ft.com/nickbutler
obtuse (one study Tanner quotes found that it would take a person more than a month, working full-time, to read all the privacy statements they come across in a year), people are unwittingly littering their data all over the internet. Anyway, marketers can intuit what we are like from the people we are connected to online. And as the data brokers’ lists are usually private, there is no way to check the compilers have got their facts right. What Stays in Vegas is mainly a wellreported tale of how we ended up here. Tanner skates over the dataobsessive social networks (as he acknowledges) but he does look at the avenues that leisure and retail industries may yet pursue, including the potential to use data from mobile devices and photo recognition technology to track individuals. He does not provide any sweeping solutions that will stop mass privacy invasion but offers modest, sensiblesounding measures, such as creating easier to understand privacy policies modelled on nutrition guidelines on food packaging; allowing people access to their own data profiles; and educating children about what they need to keep private. Perhaps most important, given that it is such a murky subject, What Stays in Vegas offers a narrative that transforms Big Data from spreadsheetdull to a racy read people will pay attention to. The writer is the FT’s San Francisco correspondent
★
Monday 15 September 2014
13
FINANCIAL TIMES
Comment Divisions behind a continent’s declining influence EUROPE
Wolfgang Münchau
U
ntil about a decade ago, I attended an annual conference at which we discussed the future of Europe. We always split into two groups: one focused on foreign policy, one on economics. Each group nominated a rapporteur whose job it was to relay the conclusions of the group to the final plenary. Everyone listened politely. The separation of politics and econ o m i c s i s i n E u ro p e’s D NA . T h e monetaryunionis,moreorless,acollection of small, open economies, and behaves accordingly. Members are more interested in raising their competitiveness against the rest of the world than in using economic instruments to exert influence. To this day, the worlds of foreign and economic policy communicate largelythroughrapporteurs.IntheUS,it
is perfectly normal for foreign policy think-tanks to have big economics departments. European think-tanks mainly do one or the other. This separation leads us to downplay the political consequences of long-term economic weakness. Would Russian President Vladimir Putin have acted so ruthlessly in eastern Ukraine if the eurozone had quickly overcome the crisis and begun to lay the foundations for a fiscal and political union? Would we have the strong separatist movements we see today in various member states? Would opinion polls be telling us that Marine Le Pen, leader of the far-right Front National, stands a real chance of becoming the next French president? Would an anti-euro party have dislodged the venerable Free Democrats as the party of choice for Germany’s liberal bourgeoisie? I know several policy makers who feel a deep sense of foreboding about the present situation – which I share – yet feel unable to do anything about it. Mario Draghi’s attempt to change the eurozone policy narrative in his speech at the central bankers’ gathering in Jackson Hole last month was an exception.
The European Central Bank president was right to emphasise that we should look at the eurozone as a whole rather than obsessing about its constituent parts. It is only when you take a global view that you can spot what is wrong. From this vantage point, you can see a shortage in aggregate demand, and the danger that low inflation today will beget even lower inflation tomorrow. You notice that the mix of fiscal and monetary policies is wrong. And you also see that it is quite easy to draw up a stimulus programme as long as you do it at EU level. And from this position, you can clearly spot the potential of a monetary union as a political power. But when you take the perspective of a national capital such as Berlin, you see none of that. A good reminder of the distance between the prevailing German consensus and Mr Draghi’s new panEuropeanism came last week when, during the 2015 budget debate Wolfgang Schäuble, finance minister, promised permanent fiscal surpluses. There is hardlyasoulintheBundestagwhoquestions how permanent fiscal surpluses wouldfitinwiththerestoftheeurozone,
let alone worrying about the geopolitical consequences. One of the big lessons I learnt from the financial crisis is that even an existential threat does not automatically generate political majorities in favour of further integration. Mr Draghi’s ideas are quite exceptional; European politics is pushing in the opposite direction, towards less centralisation. We have yet to hear
Only from a global perspective can you see the potential of a monetary union as a political power what the new European Commission plans to do once it takes over in November. The European Parliament should question the incoming commissioners with overlapping responsibilities for economics and finance about what they intend to do. They should also ask JeanClaude Juncker, the commission’s new president, to spell out the details of his €300bn plan to boost investment. The recovery will not come by itself.
The eurozone was lucky when Mr Draghi in 2012 ended the acute phase of the crisis through his lender-of-lastresort guarantee. Our luck may hold for a while longer. There is a reasonable chance that Mr Putin will fail to split the EU into a pro-Russian and anti-Russian faction. I personally find it hard to see an independent Catalonia or Caledonia as full member states of the EU. And I find it even harder to envision a President Le Pen or a Prime Minister Beppe Grillo, currently head of Italy’s largest oppositionparty.Butapolicybasedonluckwill fail in the long run. I see the EU’s current policies as unsustainable, to be replaced eventually by something else. In the absence of a big policy shift, our luck will run out. The wisest course of action is to appeal to those who are concerned about Europe’s declining influence, and who are open-minded enough up to see the causal link between narrow-minded national economic dogmatism, poor economic performance, and declining geopolitical influence – and who are able to spot it without the help of rapporteurs. munchau@eurointelligence.com
A ‘war on terror’ by any other name AMERICA
Edward Luce
F
ew have given as much thought as Barack Obama to the pitfalls of waging openended war on an abstract noun. On top of its impracticalities – how can you ever declare victory? – fighting a nebulous enemy exacts an insidious toll. Mr Obama built much of his presidential appeal on such a critique – the global war on terror was eroding America’s legal rights at home and its moral capital abroad. The term “GWOT” was purged the moment he took over from George W Bush. In his pledge last week to “degrade and ultimately destroy” the Islamic State in Iraq and the Levant, known as Isis, he has travelled almost full circle. It is precisely becauseMrObamaisareluctantwarrior that his legacy will be enduring. The reality is the US war on terror has succeeded where it was supposed to. Mr Bush’s biggest innovation was to set up the Department of Homeland Security. If you chart domestic terror attempts in the US since September 11 2001, they have become increasingly low-tech and ineffectual. From the foiled Detroit airliner attack in Mr Obama’s first year to the Boston marathon bombings in his fifth, each attempt has been more amateur than the last. The same is true of America’s allies. There has been no significant attack in Europe since London’s July 7 bombings nine years ago. Western publics have acclimatised to an era of tighter security. If this is the balance sheet of the US war on terror, why lose sleep? Chiefly because it understates the costs. The biggest of these is the damage an undeclared war is doing to the west’s grasp on reality. Myopic thinking leads to bad decisions. Mr Obama pointedly avoided using the word “war” last week.
Although there are more than 1,000 US military personnel in Iraq, and more than 160 US air strikes in the past month, he insisted on calling his plan to destroy Isis a “campaign”. Likewise, the US uniforms are those of “advisers” and “trainers”. These kinds of euphemism lead to mission creep. If you embark on somethingwithyoureyeshalf-open,you are likelier to lose your way. In 2011 Mr Obama inadvertently helped to lay the ground for today’s vicious insurgency by withdrawing US forces from Iraq too soon. He left a vacuum and called it peace. Now he is tiptoeing back with his fingers crossed. The same reluctance to look down the road may well be repeating itself in Afghanistan. Mr Obama went out of his way last week to say that the Isis campaign would have no impact on his timetable to end the US combat mission in Afghanistan. The only difference
warned against. His administration is basing its authority to attack Isis on the same unrepealed 2001 law. Why does America need to destroy Isis? The case for containment – as opposed to war – has received little airing. But it is persuasive. The main objection is that destroying Isis will be impossible without a far larger US land force, which would be a cure worse than the disease. Fewer than 1,000 Isis insurgents were able to banish an Iraqi army force of 30,000 from Mosul in June – and they were welcomed by its inhabitants. Last week Mr Obama hailed the formation of a more inclusive Iraqi government under Haider al-Abadi. But it has fewer Sunni members than the last one. Nouri al-Maliki, the former prime minister, has been kept on in government. The task of conjuring a legitimate Iraqi government looks like child’s play againstthatofbuildingupafriendlySyrian army. Mr Obama has asked Congress formoneytotrain3,000Syrianrebels–a goal that will take months to bear fruit. Isisnowcommandsatleast20,000fighters. Then there are America’s reluctant allies. Turkey does not want to help in any serious way. Saudi Arabia’s support is lukewarm. Israel is sceptical. Iran, whose partnership Mr Obama has not sought, is waiting for whatever windfalls drop in its lap. The same applies to Bashar al-Assad, Syria’s president. Whose army – if not America’s – will chase Isis to the “gates of hell”? Which takes us back to where we started. Mr Obama wants to destroy an entity he says does not yet pose a direct threat to the US. Mr Bush called that pre-emptive war. Mr Obama’s administration calls it a counterinsurgency campaign. Is it a distinction without a difference? The US president’s aim is to stop Isis before it becomes a threat to the homeland. History suggests the bigger risk is the severe downside of another Middle Eastern adventure. It is hard to doubt Mr Obama’s sincerity. It is his capacity to wade through the fog of war that is in question.
If you embark on something with your eyes half-open, you are likelier to lose your way between Iraq in 2011 and Afghanistan today is that you can see the Taliban coming. Nor does it take great insight to picture the destabilisation of Pakistan. In contrast to the Isis insurgency, which very few predicted, full-blown crises in Afghanistan and Pakistan are easy to imagine. So too is the gradual escalation of America’s re-engagement in Iraq. Mr Obama’s detractors on both right and left want him to come clean – the US has declared war on Isis. Why else would his administration vow to follow it “to the gates of hell”, in the words of Joe Biden, the vice-president? Last year, Mr Obama called on Congress to repeal the law authorising military action against al-Qaeda that was passed just after 9/11. “Unless we discipline our thinking . . . we may be drawn into more wars we don’t need to fight,” he said. Mr Obama is already vulnerable to what he
edward.luce@ft.com
Matt Kenyon
Western delusions triggered this conflict and Russians will not yield OPINION
Sergey Karaganov
T
he Soviet Union’s sunset years hardly felt like an innocent age to those who lived through them, but to recall the hopes and aspirations of that era is to rue the naiveties of those days. “A common European house” was how President Mikhail Gorbachev pictured the continent’s future; “a Europe whole and free”, in the words of George HW Bush, his American counterpart. But, as the tussle over Ukraine hasshown,Russiaandthewestarerivals once again. The ceasefire signed on September 5 gives both sides a chance to overcome their own illusions. They should take it, lest the conflict become a direct military confrontation. Western leaders seem to believe their
own propaganda. A failed Ukraine, they suggest, could be cradled into western Europe and become democratic and prosperous – and maybe it could, if they waited 20 years and could count on energetic support from Russia. But Moscow, they are convinced, is hell-bent on grabbing land, a hunger from which it canbedistractedonlythroughtheinfliction of pain. Hence the sanctions, the war of disinformation and the reinvigoration of Nato as a military force. It is a strategy that rests on misunderstanding and miscalculation. The misunderstanding is that this is, at root, a stand-off over Ukraine. To Russians, it is something far more important: a struggle to stop others expanding their sphere of control into territories they believe are vital to Russia’s survival. It is a miscalculation because Russia is far stronger, and the west far weaker, than many imagine. The west that Russia now faces is not the self-confident alliance that proclaimed itself victor of the cold war. It is a directionless gaggle,
beset with economic insecurities and losing sight of its moral convictions. America and its allies once held the future in their hands, but at the beginning of this Asian century they have let it slip through their fingers. Their crown-
The west is directionless, beset with economic insecurities and losing sight of its moral convictions ing accomplishment was globalisation – and they are destroying it, with economic sanctions they incoherently describe as instruments of self-defence. These sanctions will hurt ordinary Russians, but they are helping to rouse ourcountryfromitsslumber.True,Russia is smaller than the Soviet Union was, and a romantic belief in the free market has led it to take some wrong turns. The country’s elite, enjoying the consumer-
ist pleasures afforded by new wealth, had long been at rest. But President Vladimir Putin harbours no illusions about the west. Russian citizens, unlike thedisillusionedSovietswhowerenever far from hunger, know what they are ready to struggle for. Our country is finding its place. Compare the Soviet armed forces, lumbering and expensive, withthenimblemilitaryofRussiatoday. A small minority of my compatriots oppose Moscow’s hard line. Twenty years ago it was the reverse: a minority opposed rapprochement with the west. But that was before the west rediscovered the politics of Versailles and decided Russia had to be stopped at all costs. With encouragement, these foreign powers imagined, the new bourgeoisie would revolt against Mr Putin. Instead, they are rallying around him. State propaganda plays a role, but Russians have access to western media via the internet and the more of it they see the more they unite around the Kremlin. This is no time for denial:
westerners need to understand how their governments made a potential foe out of what was once an aspiring ally. Russia will not yield. This has become a matter of our nation’s life and death. A lasting peace in Europe is a noble aim. It can be achieved only through mutual respect and an accommodation of legitimate interests. Even for a europhile such as me, it will be hard to argue for political union with a Europe that is abandoning, one hopes temporarily, Christianity and traditional norms. But our goal must be to create a common space in which people, capital and energy can move freely between Europe, with its old ties to the US, and a Russia that is embracing Asia. Meanwhile, we must avoid visiting the horrors of war on the people of Ukraine. If we fail to do that, we will have abandoned another European value: reason. The writer is a dean at the National Research University – Higher School of Economics in Moscow
Scotland holds the fate of British finance in its hands OPINION
Chris Cummings
T
he people of Scotland will shortlydecidethefateofthe UK.Theimplicationsarefar bigger than the immediate issue of how a newly independent Scotland may choose to run its economy. Much of the UK’s and Scotland’s prosperity is founded on financial services, an industry that is the country’s biggest taxpayer, its largest export earner and one that attracts more foreign direct investment than any other sector. Edinburgh is the nation’s second City for finance. The spine that joins London to Edinburgh supports 2m jobs across the country. The closeness of recent opinion polls has led to statements about the precautions companies must now put in place in case Scots vote Yes to independence. This is prudent, and the 177,000 people in Scotland who work in the financial and related professional services sector also need to know what is at stake. These jobs are in banking, insurance and asset management, as well as in the supportingservicesofaccountancy,consultancy andthelaw.Bankingemploysmorethan 40,000 people in Scotland, and related professions employ more than 80,000. A Yes vote would reverberate across the rest of the UK and raise questions about its attractiveness to inward investors. Financial services attracts more foreign direct investment than any other sector. Since 2007 foreign groups have invested about £100bn in UK financial companies. Investors are drawn here because of our competitive advantages: timezone, language, rule of law, openness to migration and a business culture that welcomes international ownership. Beyond these factors businesses want ready access to talented people and the ability to expand their operations as business prospers. Scotland’s expertise in financial services has always been a boon to UK-wide inward
It is the combination of companies from across the UK, working together, that delivers export success investment. Companies that once moved jobs offshore are being enticed back. Major international banks, as well as younger and smaller players, can base themselves in London but take advantage of the quality of people and operatingcoststhatScotlandhasoffered by operating within the same country with no thought needed for issues of tax, regulation and currency. Competition for foreign direct investment is fierce. Across the world governments want to create new internationalfinancialcentres.Theyemulate London because of the economic benefits it brings and the high-value jobs it captures. A break-up would naturally weaken the UK and strengthen our competitors. Much of our appeal comes because we operate in a single market, not just in the UK but across Europe. All our energies should be devoted to reinforcing and strengthening this single market – not in disrupting it. The financial industry helps the UK pay its way in the world. Last year the sector ran an impressive £55bn trade surplus, more than all other exporting sectors combined. It is the combination of companies from across the UK, working together, competing, striving to enter new markets and serve their customers across Europe and around the world that delivers this result. Perhaps it can be replicated when the cities of Scotland and England belong to different states, but it will take much time and efforttoregainwhatwillimmediatelybe lost, and the resulting productivity dip is obvious but uncosted. PwC has estimated that financial services could add £62bn to annual economic output by 2020, with Scotland benefiting most, if trading conditions remain calmer. The referendum is a matter for the Scottish people but it will impact on everyone, wherever they live in these islands. It will exert influence on any vote on the UK’s membership of the EU, and it will bear on the global competitiveness and attractiveness of the UK. Individual companies will do what they can to ensure that change will not disadvantage its customers. But the nation’s prospectsneedequalcareandattention. The writer is chief executive of TheCityUK, which represents the UK financial industry
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FINANCIAL TIMES
Monday 15 September 2014
BUSINESS LIFE
McKinsey’s airy platitudes bode ill for its next half-century
Will McKinsey exist in 50 years’ time? This question has lodged itself in my mind after reading a piece in the firm’s magazine that tells us what business people will be thinking about for the next half-century. The McKinsey Quarterly is 50 years old, and it has chosen to celebrate its birthday with a momentous article based on many years’ research by the firm’s sharpest minds. As the resulting piece isn’t terribly snappy, here is a potted summary. The future, the consultants say, is going to be very big. Unfortunately, the past isn’t going to be a good guide to it. Or as they put it: “With more discontinuity and volatility and with long-term charts no longer looking like smooth upward curves, long-held assumptions giving way, and seemingly powerful business models becoming upended.” More specifically, three trends will shape this volatile, discontinuous, upended future. The first is technology. Its growth will be exponential and there will be “turbocharging advances in connectivity”. Second, growth in emerging markets will continue and a lot more big cities will spring up in places we’ve hardly heard of. Finally, all over the world everyone is going to go on getting older. The banality of this is quite arresting.
Lucy Kellaway Onwork
These aren’t trends of the future but of the present; if there is one thing that is true of the distant future it is that it tends not to be ruled by the same things that rule us now. But wait, there is more. These trends will have “extraordinary implications for global leaders”, it warns, before getting down to specifics: “It’s likely that different regions, countries, and individuals will have different fates, depending on the strength and flexibility of their institutions and policies.” I’d put it stronger than that. It is certain that some countries and people will do better than others, as it was always thus, and always will be. As for technology, McKinsey says it will shake up business “in unimaginable ways”. This has the advantage of being right. But it has the disadvantage of being a shameful copout as if you are forecasting it is your job to imagine those ways – and to tell us what they are. The conclusion to all this? “Change is hard” – a declaration so crashingly obvious, it is odd that the authors feel the need to back it up with reference to “social scientists and behavioural economists” who have noticed a bias towards the status quo. There are various things that can be said about this sorry exercise in windy
platitudes. First, 50 years is a ludicrously long time to try to forecast. Accountants, who are on the whole a more sensible lot than management consultants, typically don’t look out for more than a year when establishing if a business is a going concern. I sit on a board where we sometimes plan for the next five years – which is quite an enjoyable exercise, and it is useful to play with various things that might happen – but everyone always takes it with a handful of salt. Second, as my colleague Tim Harford recently pointed out, one of the reasons forecasts are so useless is that they aren’t forecasts at all. They are marketing exercises. Seen this way, the McKinsey piece starts to look a lot less boneheaded. “Tomorrow’s strategist must comprehend a world where offerings may vary . . . necessitating increasingly diverse approaches. All this will place a premium on agility: both to ‘zoom out’ in the development of a coherent global approach and to ‘zoom in’ on extremely granular product or market segments.” In other words, chief executives should get on the phone and appoint McKinsey at once. My own forecast is rather different. Fifty years hence, McKinsey won’t exist. This is based on three trends
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Fifty years is a ludicrously long time to forecast – accountants tend to stick at 12 months
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Monday interview Tony Hayward, Genel Energy CEO
The former BP boss was vilified over the Gulf of Mexico oil spill but his new job is hardly without stress, writes Guy Chazan
T
Tony Hayward at the Genel Energy headquarters — Charlie Bibby
‘There was no way . . . I was ever going to connect with the citizens of Louisiana and Texas’
City verdict
Goodwill unimpaired
of 25 he was given a helicopter and told to do an eight-week field survey of Canada’s Northwest Territories. He clocked up 50,000 miles travelling round China in a Toyota Land Cruiser. Mr Hayward soon came to the attention of John Browne, BP’s then head of exploration and production, who in 1990 made him one of his “turtles” or executive assistants, an experience he says gave him “amazing exposure” to all aspects of BP’s business. He gradually moved up the BP hierarchy, and eventually, in 2007, succeeded Lord Browne as CEO. Mr Hayward was seen as a nuts-andbolts man, more down to earth than his visionary predecessor. Lord Browne had transformed BP with a series of massive deals but his reputation was tarnished by incidents such as the 2005 explosion and fire at BP’s Texas City refinery that killed 15 people. Mr Hayward promised to focus “like a laser”onsafety,andsetaboutstreamlining BP. As oil prices plummeted in the wake of the 2008 financial crisis, he slashed costs. But that boomeranged against him when the Macondo well blew out, and critics accused him of putting profits before safety – a claim he always denied. Either way, his reforms were cut short by the disaster. Soon, Mr Hayward became the very public face of BP’s fitful efforts to staunch the flow of oil from the stricken Macondo well and restore the polluted gulf. He was vilified in the US Rarely was there such a gulf between a businessman’s public image and standing among peers. Tony Hayward was attacked in the US over the Gulf of Mexico oil spill but is popular in the City. “There was a lot of goodwill towards him among investors,” says Charles Whall, who manages a global energy fund at Investec Asset Management. “Hayward did try to behave as a good corporate citizen in the gulf and communicated with shareholders throughout the crisis.”
CV Born 1957 in Slough, UK Education Studied geology at Aston University, Birmingham; PhD at the University of Edinburgh Career 1997-2000: group vice-president, exploration and production, BP 2000-2: group treasurer and head of M&A, BP 2003-7: head of exploration and production, BP 2007-2010: CEO of BP 2011: co-founder of Vallares 2011: CEO of Genel Energy 2013: chairman of Glencore Family Divorced, with two children Interests Sailing, football, theatre, photography
media after telling one TV crew “I’d like my life back”, and was pilloried in Congress. By October, he had been turfed out. It was, he says, a “surreal” period. But he now acknowledges that he and BP made two key mistakes. Firstly, they did not manage expectations well. The company made four interventions on the runaway well, and most of them failed to stop it leaking oil: Macondo was plugged for good only when a relief well intercepteditinJuly2010,afullthreemonths after the disaster occurred. “We allowed the impression to build that each [intervention] was going to be successful,” he says. “What we should have said was: look, this is very, very bad,andtherealansweristhereliefwell, and it’s going to take four to five months. We’re going to try some other things, but we don’t expect them to work.” The other mistake, he says, “was allowing a cool, calm, collected British grammar schoolboy to front the communications”. “There was no way in a million years that I was ever going to connect with the citizens of Louisiana and Texas,” he says. “I needed to have a role, but not the leading role.” MrHaywardadmitsthat,afterleaving
lucy.kellaway@ft.com Twitter: @lucykellaway
Working smarter
Now he has his life back ony Hayward has had another turbulent summer. His company, Genel Energy, was forced to pull out staff from some of its oilfields in Iraqi Kurdistan last month as Islamic State militants advanced. Over two weeks, its share price fell 25 per cent. Things are looking a bit better these days. A new, more inclusive Iraqi government was formed last week that it is hoped will pull the country together and defeat Isis. Genel’s evacuated workers have begun to return. So, crisis averted, this time anyway. But Mr Hayward is unsure whether Iraq has really turned a corner. “Early signs are hopeful but it’s 50:50 whether this is theendofthebeginningorthebeginning of the end for Iraq,” he says. Such geopolitical turmoil would shred the nerves of the average British businessman. But Mr Hayward has been through much worse. Four years ago, he was labelled America’s most hated man as his company, BP, battled to contain the worst offshore oil spill in US history. Less than six months after BP’s stricken wellbeganspewingcrudeintotheGulfof Mexico, he resigned. For a while, Mr Hayward’s prospects looked bleak. But he has staged a remarkable comeback. In 2011 he teamed up with financier Nat Rothschild to take over Genel, the largest oil producer in Kurdistan. And last year, he wasmadechairmanofGlencore,theglobal commodities group. Ithasbeenarollercoasterride,andMr Hayward, relaxed, tanned and looking younger than his 57 years, says he is having a lot of fun. “Not many people have the chance to . . . lead one of the world’s biggest companies and then become an entrepreneur and almost create something from nothing,” he says. His sleek office in Mayfair gives few hints of the many zigzags in his fortunes. Thewallsarebare,apartfromtwopaintings by Bob Dylan (he is, he says, a “lifelong fan”). Nevertheless, the past is never far away. On one shelf stands a photo of Bob, the racing yacht he was caught sailing in off the Isle of Wight at the height of the oil spill crisis, sparking outrage. The White House called it one ofa“longlineofPRgaffesandmistakes”. Mr Hayward later donated Bob to charity: he now has a new, smaller boat, called Black Fun. Mr Hayward was born in Slough in 1957 into what he describes as a “lower middle class” family. The oldest of seven children, he was educated in a local state grammar school, where his maths teacher, a passionate amateur geologist, infected him with a love of rocks. He was the first in his family to attend university, reading geology at Aston University andlatertakingaPhDatEdinburgh.The subject of his thesis was the formation of sedimentary basins in Turkey. In1982hejoinedBP,andonChristmas day that year was on board the rig that discovered the Miller field, which turned out to be one of the most prolific in the North Sea. For anyone with a desire to travel, BP was a perfect fit in those days and Mr Hayward tested rocks from north Yemen to Papua New Guinea. It was, he says,like“multiplegapyears”.Attheage
similar to those the firm spotted. If economic activity moves to new and far-flung cities, these are the very parts of the world where western strategy consultants tend not to flourish. The next trend is that as executives get smarter in dealing with this complex world, they will be more able to solve their own problems. One of the reasons management consultants flourish is that chief executives look at their mediocre underlings and outsource work to brains on sticks instead. If the homegrown talent gets better, they will stop doing this. Most important is the effect of technology. All the grunt stuff consultants do analysing markets can be done by anyone with an internet connection. The two things that people will always be better at than machines are motivating others and coming up with original ideas. Yet on neither score does the consultant look good. Strategy firms don’t do much in the way of motivation. And as for originality, if the best McKinsey can do after years of study is say that technology, globalisation and ageing will feature in the next 50 years – a robot could have come up with that in a jiffy.
BPinOctober2010,he“feltabitlost”.He shared his experience of crisis management with the boards of various big FTSE 100 companies, but spent most of the ensuing months skiing with his children and climbing Kilimanjaro. In December, while sitting on a chairlift in the French ski resort of Les Arcs, he received a phone call from Mr Rothschild, who asked if he would like to become the CEO of a public company again. After thinking about it for a while, he gave his answer: yes. The two helped launch a cash shell, Vallares, which raised £1.35bn in a London flotation in June 2011. Three months later, it carried out a reverse takeover of Genel Energy, a Turkish oil explorer active in Kurdistan. Mr Hayward’s Glencore appointment underlined how well-regarded he still is in the City. But some critics wonder how hecancombinehistwojobs.“Ithinkhe’s spread very thinly,” says one rival oil executive. “Glencore is a full-time job.” Mr Hayward dismisses that, saying he was used to working 80-hour weeks at BP. But he acknowledges he might take a reduced role at Genel at some point in the future. “I’m 57 years old,” he says. “There comes a time when you move from being CEO to doing other things.” Genel’s fortunes have mirrored the uneven progress of the region it operates in. Locked in a dispute with the Iraqi government over control of its oil reserves, Kurdistan has built a pipeline toTurkeythatallowsittoexportbeyond Baghdad’s control. As the pipeline was completed and exports began, Genel’s share price rose: but as Isis militants came dangerously close to Kurdistan last month, it fell again. It now stands at £8.76, down 12 per cent on the float price of £10. SomeanalystssayGenelwillalwaysbe hostage to the volatile politics of Iraq, a country many fear could break up. Mr Hayward disputes that. “The company is sitting on some spectacularly big assets in Kurdistan with very strongly growing production and cash flow,” he says. “I think it has a great future.”
Basic tech shortcuts for those who will never learn to code BY RHYMER RIGBY
Coding is a hot skill to pick up. But most executives are probably not going to sign up for programming courses, so what generally applicable technology skills would improve their productivity and even employability? In most roles, companies do not expect tech geniuses, says Richard Shea, a managing director at the executive search specialists Futurestep Korn Ferry. But it is increasingly important that staff can find key information online and “move easily between devices”. Search is a big weakness for many. They type a query into Google, then add words until they get a result or give up. But search engines have tricks you can use to make searches more powerful: I 1. Typing a minus sign in front of a word excludes it, so if you were searching for information on buckets, you might type “bucket -ice”. I 2. Typing “define:” in front of a term to use Google as a dictionary. I 3. Using “search operators” such as “OR”. Many of these options appear on Google’s advanced search page. It is also worth remembering that Google is not the only game in town. There are both general alternatives such as Bing and DuckDuckGo and more specialist search engines such as Social Mention. Alan Woodward, a computing professor at the University of Surrey, says that the functionality of common packages such as Excel and Word is also underused. For instance, he says most people do not know about macros – saved instructions that automate repetitive tasks. In terms of easy productivity gains, he suggests: “You can program
keyboard shortcuts in Office or put your own buttons on toolbars for regular actions.” There are also many generic keyboard shortcuts that work across most devices. Using the space bar on many browsers will take you down a page and pressing Ctrl and the plus or minus key will make text larger or smaller. On phones, you can change the settings so that hitting space twice when typing will finish a sentence with a full stop and capitalise the next letter. As most people now work across a variety of devices, it is also a good idea to put some effort into making them play nicely together. This has become easier because of the “bring your own device” trend. However, says Mr Shea, it is not just about syncing calendars and documents – you also need to familiarise yourself with basic security. Those who want to improve their skills need to be aware that the way people approach learning about technology has changed, says Prof Woodward. In the past, software came with hefty manuals but now you are better off searching for what you need online: “People now tend to learn about software one thing at a time – you fiddle and if you get stuck, there will always be a training video on YouTube.” If, however, you prefer not to embrace technology further, you may be better off in a large company. Mr Shea says there is a greater call for personal tech skills in small organisations: “If you work in a billion-dollar conglomerate, there will always be experts to do things for you.” workingsmarter@ft.com
Feedback Michael Skapinker argued last week that “liveable cities” such as Melbourne were inferior to London and New York – unless you consider a zoo a significant cultural attraction. Reader comments were polarised: ‘I have worked in central London for the last 15 years and trust me, hardly any of my colleagues has the time to go [to] the theatre, art galleries, etc. Instead they make their way home on overcrowded trains to then do their shopping in busy supermarkets . . . On weekends museums are packed.’ GermaninLondon ‘Melbourne?? Vienna?? Friendly? Liveable? Really?
For the record, I have lived in both and, no, would not want to go back to either. Ever. Give me London, LA, New York or Tokyo.’ Sceptic reader ‘The wow factor of a place like London or NY is great in one’s 20s. But after that liveability becomes increasingly important.’ cc1976 ‘Best ten [liveable cities]: 1. Osaka 2. Potsdam 3. Edinburgh 4. Kyoto 5. Hangzhou 6. Fukuoka 7. Berlin 8. Lisbon 9. Dublin 10. Maputo. Worst ten: 1. Nairobi 2. Moscow 3. Shanghai 4. Lusaka, 5. Johannesburg 6. London 7. Los Angeles 8. New York 9. Jakarta, 10. Singapore.’ Oscar117
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Monday 15 September 2014
15
FINANCIAL TIMES
ARTS
On a quest to expose injustice P H OTO G R A P H Y
Ernest Cole: Photographer Grey Art Gallery, New York
Ariella Budick In 1966, the young black photographer Ernest Cole fled South Africa and a year later published “House of Bondage”, a scorching visual essay about his native country.Thoughthebookwasbannedat home, abroad it received all the promotion and acclaim he could have wished for.TheNewYorkTimesranhispictures in the magazine. Joseph Lelyveld, who had been the paper’s South Africa correspondent and would go on to become its executive editor, contributed the introduction. And yet, less than a decade later, Cole found himself wandering destitute and unknown around New York, often sleeping in the subway. He died at 49 in 1990, just as the dismantlement of apartheid was finally getting under way. A splendid celebration at the Grey Art Gallery gives the all-but-forgotten Cole a belated victory lap. He was what Cornell Capa called a “concerned photographer”,impelledtobearwitnesswhilethe public averted its eyes. Cole’s book was not the record of obvious brutalisation; rather it chronicled a slow-motion trauma,acomplexritualofdailyhumiliations. His turf was not the battlefield, but the panorama of social interactions, and so he took pictures of black people cramming together, queueing, labouring, waiting, dancing, obeying the “EuropeansOnly”signs,and,mostofall,
ARTS PODCAST Miley Cyrus’s NY installation shows that contemporary art is now the go-to means of expression for young people with attitude, says Peter Aspden ft.com/culturecast
T H E AT R E
Breeders St James Theatre, London
aaaee
Sarah Hemming
submitting to an endless litany of belittlingroutines.Thebook,Lelyveldwrote, constituted a portrait “of the black man trapped in someone else’s dream, able only wait for the dreamer to wake or be wakened”. Following his hero, Henri CartierBresson, Cole waited for the decisive moment when stoicism, brutality and unspeakable indifference – the essential components of South African society in those years – intersected in a single image. Exhibit A: a train platform at rush hour, seen from above. At one end, a cluster of smartly dressed white businessmen wait aimlessly, surrounded by luxurious swathes of empty space. Just beyond an invisible boundary, a dense sea of black commuters churns, surging up on to a caged bridge above the tracks. The photographer knew the trains and their riders intimately. In the 1950s, his family had been evicted from their home in Eersterust, just outside Pretoria, and relocated to Mamelodi, a settlement that the government jerry-built on the outskirts of nowhere. Like millions oftownshipresidents,Coletravelledtwo and a half hours each way to his job in Johannesburg aboard segregated, miserably overcrowded trains. He used those journeys to complete a nightmarish suite of pictures. A shy, eccentric introvert, the young Cole had found relief from loneliness in photography, a hobby that evolved into a spiritual and political calling. Inspired by Cartier-Bresson’s photo essays on Russia and China, he embarked on a mission to expose apartheid’s evils from the inside. He infiltrated mines, illegally capturing the progressive dehumanisation of black labourers. In one image, shot from a camera hidden inside a paper lunch bag, a row of naked gold miners stands pressed against a wall waiting for some kind of medical exam. The sight of nude black bodies, arms raised and seen from behind, conjures the spectre of slave auctions. But Cole muddies the meaning, noting the physical beauty of the men, a chorus-line of tensed and gleaming muscle. It’s a group
Slow-motion trauma: Ernest Cole’s ‘All stand packed together on the floors and seats’, from his 1967 visual essay ‘House of Bondage’. Below right: Tamzin Outhwaite in ‘Breeders’ © The Ernest Cole Family Trust, courtesy The Hasselblad Foundation; Donald Cooper/Photostage
portrait of suffering, certainly, but swathed in a daringly aestheticised – even sexualised – scrim. But Cole didn’t just paint blacks as victims. He also ingratiated himself with gangs of tsotsi (street criminals) who allowed him to film muggings as they were committed. One extremely troublingsequencerecordsthegroupattacking a white man, grabbing and choking him, then throwing him to the street and riffling his pockets. It was this set of images that ultimately forced Cole to flee the country. The secret police had been harassing him for some time, and when they swooped in to arrest the thugs, he found himself caught in the net. He faced a dilemma: should he inform on the gangs orfacejailforabettingrobbery?Hewent into hiding and escaped to Europe in 1966, smuggling out the photos that would become “House of Bondage.” Cole had faith in the transformational power of photography. He believed that images of humanity’s worst sins could bring about change. But his passionate arguments foundered on a familiar sequence of reactions: curiosity and shock, followed by indifference and a
thirst for the next horror. One day’s front-page photo of murder and misery looks much like yesterday’s and tomorrow’s. Cole’s exile coincided with his decline. Stateless and aimless, he bounced between Sweden and the US, never settling down or producing much. He landed a Ford Foundation grant for a book on black life in America, a project he never completed. “Recording the truth at whatever cost is one thing but finding oneself having to live a lifetime of being a chronicler of misery and injustice and callousness is another,” he complained in an essay for a visa application. “And such a matter is ab out the only assignment magazines here want to offer me.” His tragedy was that he felt victimised all over again: South Africa had declared him black first and a man second; his American champions considered him a black photographer first and last. Until Dec 6, nyu.edu/greyart
As the play that launches the One Stage season, a project designed to support emerging producers, Breeders certainly fits the bill. Chosen by producer Vicky Graham, it demonstrates the sort of daring that any good producer is going to need. Graham has also assembled an eye-catching team of actors and a fine director in Tamara Harvey. But while Ben Ockrent’s play is bold and funny, it’s also hit and miss. It is, as so much drama is, about family. But Ockrent considers the nature of family from many angles. There’s the question of just what composes a “normal”family:inthiscasealesbiancouple, Andrea (Tamzin Outhwaite) and Caroline (Angela Griffin), decide they want a baby and ask Andrea’s brother, Jimmy (Nicholas Burns), to be the donor. So there’s the potential family in the air but also the influence of these adults’ own upbringing. Jimmy’s girlfriend, Sharon ( Jemima Rooper), had an unhappy childhood, one factor in her own reluctance to have children. Siblings Jimmy and Andrea, meanwhile, still play out their childhood family rituals: touching, but rather suffocating for the others. All this, plus arguments about equal rights and the ethics of reproduction in a crowded world, is wrapped up into a jaunty sitcom. Comedy is often a great route to honesty and the frank and funny depiction of the unromantic realities of planned insemination draws gasps from the audience. Just what small talk do you make with your girlfriend, your sister and her wife, when you are about to leave the room and produce a sample? Even so, the sitcom framework, having opened up a big subject, limits discussion. Characterisation and motivation are fairly flimsy. Important issues are raised but not discussed in any depth. Witty performances carry the day – especially from Rooper, excellent as cuckoo-in-the-nest Sharon. Promising, but not fully-fledged. stjamestheatre.co.uk
THIS EVENING’S TELEVISION
Pick of the day Perhaps a busman’s holiday for FT readers, for laymen Traders: Millions by the Minute (BBC2 9pm) reveals the world of financial trading as full of surprises. No Gordon Gekko advocates greed. New York hedge fund manager Karen Finerman says money means control but for Chicagoan pit-trader Bob Lassandrello (left) “It’s about. . . everything else too”, including ego. “Addictive? Hell, yes.” Some regret new high-
tech competitiveness – with machines and algorithms besides humans. We visit New York, Chicago, Amsterdam and London – where a mature starter in the business surprises us with a criminal past. Next week: DIY – from home. The River Wild (C5 10.55pm), a thriller about a family holiday hijacked by criminals, is cast from strength, starting with oarbrandishing Meryl Streep. MARTIN HOYLE
BBC 1
BBC 2
ITV London
Channel 4
6.00 BBC News. 6.30 BBC Regional News Programmes. 7.00 The One Show. 7.30 Inside Out. 8.00 EastEnders. 8.30 The War of the Tunnels – Panorama. Jane Corbin investigates the Gaza-Israel conflict. Postponed from September 8. 9.00 New Tricks. Sasha is forced to work with her exhusband Ned Hancock. 10.00 BBC News. 10.25 BBC Regional News and Weather. 10.35 Kevin Bridges – What’s the Story: Referendum Special. The comedian tackles the issues at the heart of the Scottish referendum, gathering opinions to find out what the public really think. 11.35 Live at the Apollo. Featuring performances by Greg Davies and Stewart Francis. R
6.00 Two Tribes. Richard Osman presents the quiz. 6.30 Eggheads. 7.00 Celebrity Antiques Road Trip. 8.00 University Challenge. Jeremy Paxman asks the questions. 8.30 Only Connect. Three musicians take on a trio of Doctor Who fans. 9.00 Traders: Millions by the Minute. First of two programmes going inside the world of financial trading, meeting the men and women who play the markets in London, New York, Chicago and Amsterdam. 10.00 Him & Her: The Wedding. Becky is worried someone will tell Steve her secret. Last in the series. Previously shown on BBC3. 10.30 Newsnight. 11.20 Peaky Blinders. Cillian Murphy and Sam Neill star. Continues tomorrow. R
6.00 ITV News London. 6.30 ITV News and Weather. 7.00 Emmerdale. 7.30 Coronation Street. 8.00 The Undriveables. New series. Some of Britain’s worst learner drivers are paired with leading instructors in an attempt to pass their test. 8.30 Coronation Street. 9.00 Cilla. New series. Biopic charting Cilla Black’s rise to fame, starring Sheridan Smith. 10.00 ITV News at Ten and Weather. 10.30 ITV News London. 10.40 The Beatles: The Night That Changed America – A Grammy Salute. Stars including Stevie Wonder perform Beatles hits to celebrate the 50th anniversary of the Fab Four’s appearance on The Ed Sullivan Show. R
6.00 The Simpsons. R 6.30 Hollyoaks. 7.00 Channel 4 News. 8.00 Jamie’s Comfort Food. Jamie Oliver makes sticky toffee pudding with his mother. 8.30 Gadget Man. Richard Ayoade and Jimmy Doherty trial gadgets designed to ease grocery shopping. 9.00 Cops and Robbers. Part two of two. Specialist teams of officers help a man who is no stranger to a prison cell. 10.00 Jon Richardson Grows Up. New series. The comedian gets to grips with adult issues, from mortgages to parenthood. In the first edition, he and Matt Forde embark on a road trip to explore relationships. 11.00 NFL: The American Football Show. Vernon Kay presents highlights from the second week of the NFL campaign.
Regional variations apply
Other channels BBC3 7.00 Top Gear. 8.00 Traffic Cops. 9.00 Sun, Sex and Suspicious Parents. 10.00 Russell Howard’s Good News. 10.30 EastEnders. 11.00 Family Guy. 11.25 Family Guy. 11.45 American Dad! BBC4 7.00 World News Today. 7.30 Great British Railway Journeys. 8.00 British Gardens in Time: Great Dixter. 9.00 Lost Kingdoms of Central America. 10.00 Web Junkies: China’s Addicted Teens – Storyville. 11.10 Survivors: Nature’s Indestructible Creatures.
Channel 5 6.00 Home and Away. 6.30 5 News Tonight. 7.00 The Gadget Show. 8.00 Ultimate Police Interceptors. 9.00 Age Gap Love: She’s 68, He’s 36. 10.00 Under the Dome. 10.55 The River Wild. More4 6.50 Couples Come Dine with Me. 7.55 Grand Designs. 9.00 The Supervet. 10.00 Fatal Flight 447: Chaos in the Cockpit. 11.05 Gogglebox. Film4 7.10 Airplane II. 8.50 20,000 Days on Earth Special. 9.00 Avatar.
Sky Atlantic 6.00 Blue Bloods. 7.00 Without a Trace. 8.00 Friday Night Lights. 9.00 Gomorrah. 10.00 Boardwalk Empire. 11.15 Curb Your Enthusiasm. 11.50 House. Sky Sports 1 6.00 FL72 Review. 7.00 Live Ford Monday Night Football. 11.00 Ryan Giggs: A United Life. Sky 1 6.00 Futurama. 6.30, 7.00, 7.30 The Simpsons. 8.00 Duck Quacks Don't Echo. 9.00 50 Ways to Kill Your Mammy. 10.00 Stella. 11.00 NCIS: Los Angeles.
Sky Arts 1 6.30 South Bank Show Originals: Kiri Te Kanawa. 7.00 Nobel Peace Prize Concert 2013. 8.00 Jimi Hendrix: The Uncut Story. 9.00 Metal Evolution. 10.00 Classic Albums. 11.20 Beat Beat Beat. 11.30 Method to the Madness of Jerry Lewis. Sky Arts 2 6.00 A Portrait of Mariss Jansons. 7.00 Discovering: Vivien Leigh. 8.00 La Boheme. 10.10 Paavo Jarvi Conducts Orchestre de Paris. 11.40 Bolero.
Businesses For Sale FT BUSINESS Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services, Business Wanted, Franchises
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FINANCIAL TIMES
Monday 15 September 2014
Explore more sports data analysis and visualisation in our new series at ft.com/baseline
Tennis and golf push the wrong button
The Baseline Raheem Sterling’s improved performance By specific game elements: for attacking players across Europe’s top leagues 2012-13
Change is good but also unsettling. The old order can be comfortable, familiar, reliable, in life as in sport, which, of course, imitates life, or possibly the other way round. Thus it came as mildly shocking when CBS television announced in the middle of the just-completed US Open tennis tournament that, after 45 years, it would cover the finals no more. CBS touts its adherence to tradition, as in the Masters golf, but perhaps now it sensed that all the casual viewers – fond of the familiar – would be looking elsewhere. Kei Nishikori of Japan and Marin Cilic of Croatia, the men’s finalists, are not Federer, Nadal, Djokovich or even Murray, who have merely won 36 of the last 38 grand slam tournaments between them. They are global brand names, who have helped make tennis, and themselves, rich beyond avarice, compared with which Nishikori-ware, with a Cilic glaze, might be quaint pieces of rural pottery. Of course, tennis has never been unique in sport in having to accommodate change. Laver and Rosewall, Borg and McEnroe, Sampras and Agassi were once the yardsticks, but so, in team sports, were the New York Yankees, Manchester United, West Indies cricketers, the Pittsburgh Steelers, all fallen idols, even if Man Utd’s decline is a bit too recent to be definitive. Still, their absence from the top has been unsettling, no more so than with the Yankees, winner of far more World Series titles than any other side, the epitome of excellence and arrogance (and wealth) since the days of Babe Ruth. The point about the pinstripes is that they were loved and hated in equal measure, but whenever they played away from home, 81 times a season, the masses flocked to see them. It still seems strange to find them not in the running and playing to half-empty stadiums. But no sport has suffered more from an icon’s demise than golf with Tiger Woods. He has failed to win a major for six years, contending only rarely. There is really only one explanation
Assists Shooting Shots
95th percentile
5%
for his decline, which is that golf – more than any other game – is played between the ears and Tiger’s head has not been right since the bubble of his invincible perfection burst when he fled his home ahead of an outraged club-wielding missus. (Oh, and the fact that he can’t putt any more, but age does that to everybody.) Golf’s TV ratings have plummeted in his long swoon, with the casual viewer, as in tennis, not bothering to switch on if he was not on the leaderboard. Obviously, salvation may have arrived in Rory McIlroy. Even in America, it has not mattered that he speaks funny and has nothing like the Woods sex appeal (though mothers might like him) when he wallops drives so far, bouncing merrily down the fairway. Still, he has yet to show the iron will to win – all the time – that so marked out the man he may emulate. Woods, modelling himself on Michael Jordan, who once immortally said “Republicans buy shoes too�, never allowed himself to express an opinion on anything other than golf. McIlroy’s mind appears more open to externalities, but if he discovers Proust, the “ yips� could follow. The sport’s problems may run
Jurek Martin
HIGH
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19
1020
21
21
20
22
26 22
20 19
16
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26
28
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12
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27 1010
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34 Wind speeds in KPH
34 28
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Wind speed in MPH at 12 BST Temperatures max for dayËšC
27 22
26
11
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1010
21
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Today’s temperatures Abu Dhabi Amsterdam Athens B’ham Bangkok Barcelona Beijing Belfast
Sun Fair Shower Cloudy Thunder Fair Sun Cloudy
38 100 Belgrade 21 70 Berlin 29 84 Brussels 18 64 Budapest 33 91 Buenos Aires 26 79 Cardiff 27 81 Chicago 16 61 Cologne
Thunder Sun Fair Shower Sun Fair Drizzle Fair
19 26 22 20 21 19 17 22
66 79 72 68 70 66 63 72
Copenhagen Delhi Dubai Dublin Edinburgh Frankfurt Geneva Glasgow
CROSSWORD No. 14,723 Set by IO
JOTTER PAD
0.2 0.4 0.6 0.8 1.0
5th percentile
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Circle colour represents % of those shots on target <49%
2013-14 (part 1)
50%-99%
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2013-14 (part 2)
Golfâ&#x20AC;&#x2122;s TV ratings have declined in line with the fortunes of Tiger Woods, who has not won a major in six years â&#x20AC;&#x201D; AFP/Getty
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Forecasts by
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2013-14 (new year onwards)
Key Passes Interceptions and tackles Dispossessed
Passing
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17
2013-14 (up to new year)
Fair Sun Sun Cloudy Rain Cloudy Fair Cloudy
20 68 Hamburg 36 97 Helsinki 38 100 Hong Kong 16 61 Istanbul 15 59 Jersey 23 73 Lisbon 22 72 London 17 63 Los Angeles
Thunder Sun Thunder Fair Cloudy Shower Fair Sun
24 18 33 27 21 24 21 34
75 64 91 81 70 75 70 93
Luxembourg Lyon Madrid Manchester Miami Milan Montreal Moscow Mumbai Munich New York Nice Paris Prague Reykjavik Rio Rome San Francisco Stockholm Strasbourg Sydney Tokyo Toronto Vancouver Vienna Warsaw Washington Zurich
Fair Sun Sun Cloudy Cloudy Fair Cloudy Sun Fair Cloudy Sun Thunder Fair Thunder Rain Sun Sun Fair Fair Fair Fair Cloudy Cloudy Sun Cloudy Sun Fair Cloudy
21 26 28 20 32 25 17 16 31 19 22 24 23 22 11 34 26 23 18 24 20 25 18 24 22 22 25 21
ACROSS 6 Leap and dance endlessly in 19â&#x20AC;&#x2122;s film (7) 7 Boy gets into a row in 19â&#x20AC;&#x2122;s film (7) 10 New spare parts gentleman gradually reduces (6,3) 12 The responsibility of doing (2,2) 13 Ill-natured? Itâ&#x20AC;&#x2122;s not like a zebra! (10) 17 Perfectly done brown breadâ&#x20AC;&#x2122;s not square (2,1,1) 18 See 31 19 Take in flier (5) 23 19â&#x20AC;&#x2122;s film shot at Lordâ&#x20AC;&#x2122;s (4) 24 Iâ&#x20AC;&#x2122;m let loose to license stores in this record basement? (3-4,3) 26 See 28 (b) 27 In fable it sings extremely sadly â&#x20AC;&#x201C; and wing broken (5,4) 30 Wasted: did the reverse of drink at home? (3,4) 31, 18 Choice of thousands with DMY in 19â&#x20AC;&#x2122;s show (4,3,5)
14 Devices of Man, perhaps, might be star-like, I fancy (9) 15 I radioed home help, heading north (5) 16 Hampshireâ&#x20AC;&#x2122;s opener clashing with new ODI captain of 15 (5) 20 See 27 21 Exhausted sergeant-majorâ&#x20AC;&#x2122;s orderâ&#x20AC;&#x2122;s not loud (3,2) 22 See 28 25, 8 Nuts disturb me for 19â&#x20AC;&#x2122;s film (3,9) 27, 9, 20 Late postâ&#x20AC;&#x2122;s collected outside European community for 19â&#x20AC;&#x2122;s film (4,5,7) 28, 22, 5 About to ring doctor after medical accident, sailors go to restrain one liable to blow top in 19â&#x20AC;&#x2122;s film (4,7,7) 28, 26, 1 Looking for benevolence in 19â&#x20AC;&#x2122;s film (4,4,7) 29 Come to funeral party, as do patients in 19â&#x20AC;&#x2122;s film (4)
DOWN 1 See 28 (b) 2 19â&#x20AC;&#x2122;s viewer of the world sees river in space (4) 3 Open â&#x20AC;&#x201C; the pickled onions? (4) 4 Staved character off finally, after oneâ&#x20AC;&#x2122;s left in church (4) 5 See 28 (a) 8 See 25 9 See 27 11 The art of musical discrimination â&#x20AC;&#x201C; or the reverse? (3)
SOLUTION 14,722 7 ( 6 7 & $ 6 (
, & $ ( 5 % 5 8 5 ( ( 7 7 & 2 + ( 5 $ 3 $ 3 , ( / , 7
. ( 5 9 , 1 ; 7 5 ( / + ( 9 0 , 6 5 , 2 $ 1
7 ' & ( 3 & 2 7 ' 3 % 8 5 7 & + . $ 6 , (
& / 2 & $ 1 7 , 7 2 1 6 ) 5 $ 5 ( 6 6
$ 3 5 / , 9 5 $ 7 5 , 6 7 ( ' % : 0 ( / % /
7 5 $ 3 ( / 3 3 , ( $ / 7 2 6 + ( ' ( : 7 & + , ( ( 5 7 ( $ 0 / , 5 6 2 1 2 8 , 1 ' 6
70 79 82 68 90 77 63 61 88 66 72 75 73 72 52 93 79 73 64 75 68 77 64 75 72 72 77 70
deeper than the performance of its matinee idols. For years, more American golf courses have been closing than opening. Fewer younger people, in their â&#x20AC;&#x153;fast-pacedâ&#x20AC;? lives, appear willing to quit social media to hit the little white ball. The exclusive and expensive â&#x20AC;&#x153;country clubâ&#x20AC;? aura surrounding the game doesnâ&#x20AC;&#x2122;t help, as Barack Obama found out when he dared to play with the world in turmoil and Ferguson in flames. Certainly, the contrast with the two sports on a serious roll â&#x20AC;&#x201C; soccer and the grid iron â&#x20AC;&#x201C; could hardly be greater. Our local parish rag, the Washington Post, devoted roughly five times as much space to the opening game of the Redskinsâ&#x20AC;&#x2122; season, which naturally they lost, as to the baseball Nationals, a very good team cruising to a title. It must have sent half a dozen reporters 1,000 miles to Houston where the outcome of Custerâ&#x20AC;&#x2122;s Last Stand was reversed. Cilic routed Nishikori in ample time for dinner before Monday night football began, as was scheduled. Such is change, and not just of ends. This is the first of a weekly sports column, which will be written alternately by Jurek Martin and Matthew Engel
Source: Opta
GAVIN JACKSON AND JOHN BURN-MURDOCH
Austerity is not just an economic phenomenon for the English, it has spread to the national football team as well, with England fans eschewing pride and passion for pessimism and profanity. But one or two performances in last weekâ&#x20AC;&#x2122;s victory over Switzerland provide hope for the future. Chief among them was that of 19-year-old Liverpool star Raheem Sterling, the most exciting player to emerge on these shores since Wayne Rooney burst on to the scene more than a decade ago. In his first full season in the Liverpool first team, a then 17-year-old Sterling was used predominantly as a
winger. By the end of the 2012-13 campaign, his passing, dribbling and creativity had marked him out as one of the Premier Leagueâ&#x20AC;&#x2122;s top performers. Manager Brendan Rodgers began to deploy him in a more central role during the first half of the 2013-14 season and his output rocketed as he became more involved in the game. In the 23 league appearances he made in 2014, his metamorphosis continued. Sterlingâ&#x20AC;&#x2122;s shooting accuracy and creativity place him well within the top 5 per cent of attackers in Europeâ&#x20AC;&#x2122;s top leagues. Last season Cristiano Ronaldo and Gareth Bale, dribbled past an opponent 2.3 and 2.5 times per 90 minutes played, respectively. The new kid on the block? 3.2.
★★★
17
One vision Google plans to target emerging consumers with cut-price Android handsets
Looking for savings Weak crude prices and poor returns could yet force oil majors to dust off dealmaking plans
MOBILE TELECOMS – PAGE 20
INSIDE ENERGY– PAGE 18
Bankers close pay gap with traders Flurry of takeovers and listings boost advisory income, while trading floors face tighter regulation DANIEL SCHÄFER – INVESTMENT BANKING CORRESPONDENT
Senior advisory bankers’ pay in London has risen almost to a par with traditionally higher-earning traders, underlining the shifting fortunes of these distinct businesses within investment banks. UK managing directors working on deals and capital raisings have seen total pay rise by a fifth to an average of £586,000 last year, according to data compiled for the Financial Times by Emolument, a pay comparison group. By contrast, senior traders have suffered an average 13 per cent cut to £602,000 after a sharp drop in bonuses, the self-reported numbers from hundreds of staff at 10 European and US investment banks show. It puts a spotlight on the resurgent
clout of advisory bankers, after a dearth of dealmaking in the wake of the financial crisis placed them squarely in the shadows of profit-churning bond traders. A sharp increase in takeovers as well as debt and equity issuance by companies and other clients since last year has reversed the fortunes of corporate financiers. At the same time, their colleagues on trading floors have seen profit opportunities squeezed by tighter regulation, lower trading volatility, a ban on proprietary trading , the move towards electronic trading and several manipulation scandals. William de Quetteville, partner at Armstrong International, an executive search company, said: “Traditionally, bankers on the global markets side have
been paid more but these are tough times in fixed income.” Tradingrevenuesatthelargestinvestment banks globally have fallen 13 per cent in fixed income, currencies and commodities annually in the first half of this year alone, according to data compiled by Coalition, a research firm. By contrast, revenues from advising on deals and underwriting debt and equity issuance have risen 11 per cent in the first six months, fuelled by a resurgence in large takeovers and a flurry of initial public offerings. The near-equalisation of pay is also a reflection of the rising demand for advisory bankers at a time when many investment banks are still laying off traders. Banks including Barclays, Citigroup, UBS and Nomura have been selectively
Revenues from advising on deals and underwriting debt and equity issuance have risen 11 per cent in the first six months
hiring senior advisory bankers, while fast-growing boutique investment banks have also lured away top talent. Barclays brought 13 managing directors into the advisory unit in the second quarter, Tom King, the investment bank’s chief executive said last week. However, the UK lender has so far this year slashed 2,700 investment banking jobs – mainly in the trading businesses. Seniorbankerssayfixed-incometraders in particular will continue to face job and pay uncertainty, given the structural challenges in the sector. These include capital rules that have made certain trades uneconomic, the abolition of trading on banks’ own accounts and the slow but accelerating replacement of traders with machines. On the rise page 22
Gone flat SABMiller eyed rival SABMiller proposed a possible combination with rival beer maker Heineken, in a deal that would have brought together two of Europe’s biggest brewers and helped fend off a takeover bid from rival Anheuser-Busch InBev. The London-listed group’s interest was thwarted before talks – even of an informal nature – could begin, with Heineken making clear it was not interested in a sale. Heineken said it would “preserve [its] heritage and identity” as an independent company. The Dutchlisted brewer is a difficult target due to the controlling De-Carvalho family, who have a 50.1 per cent stake in the business held by publicly traded Heineken Holding. SABMiller’s move comes amid speculation that AB InBev, the world’s largest brewer and maker of Budweiser and Stella Artois, is targeting the maker of Peroni and Grolsch. Arash Massoudi
“Preserving cash instead of investing is a radical change since the financial crisis, and is a behaviour that looks set to stay,” said Chris Gentle, head of Emea research at Deloitte in London. Listed companies in Europe, the Middle East and Africa have almost €1tn in gross cash balances, according to Deloitte, up from just over €700bn in 2007, before the financial crisis. In the past 12 months, the 1,200 companies in the Bloomberg Emea index have added
a further €47bn to their cash piles. “Companies have quite clearly taken a step up in the size of their average cash balances,” said Gareth Williams, corporate economist at Standard & Poor’s, the credit rating agency. “Something structural has happened.” The high cash holdings reflect easy conditions in the corporate bond markets, where borrowing costs have hit historic lows and big European groups have been able to access very cheap finance. Siemens, the German industrial group, had gross cash of €8.2bn in June, but its net debt rose from €2.8bn to €5.6bn between September 2013 and this June. A significant proportion of European companies’ cash balances is concen-
trated in just a few businesses. Globally, four-fifths of the $3.5tn in cash reserves atlistedgroupsisheldbyaboutathirdof them, whereas in Emea, more than three-quarters of the €963bn total cash is held by just 17 per cent. More than one-third of cash balances – €325bn – is held by the manufacturing sector. At Daimler, the car manufacturer, gross liquidity was €9.3bn at the end of 2013, compared with just €1bn at the end of 2008. BASF’s gross cash position rose from €2.2bn in June 2013 to €2.4bn in June this year. The findings suggest that European businesses are still unwilling to commit significant amounts of cash reserves to investment. Europe shuns growth page 19
Companies / Sectors / People Canal Plus....................................................18 Canary Wharf Group.............................18 Chevron.........................................................18 China Life Insurance.............................18 Cinda...............................................................18 Citic Securities..........................................18 Citigroup.................................................17,22 Crest Nicholson.......................................26 Daimler...........................................................17 Deutsche Bank............18,20,FTfm14,15 EE.....................................................................22 Eskom...............................................................8 ExxonMobil...............................................1,18 Facebook...................................................1,10 Fat Face........................................................22 FedEx.............................................................26 FirstGroup......................................................2 Fosun..............................................................18 Galliford Try...............................................26 Gazprom............................................FTfm12 Genel Energy..........................................1,14 Gigaclear......................................................22 GlaxoSmithKline......................................20 Glencore...............................................1,14,22 Google..................................................1,10,20 Gotham City Research.........................22 HDFC Bank.................................................19 HSBC.................................................FTfm8,9
© The Financial Times Limited 2014
2005
Proceeds ($bn) 70 60 50 40 30 20 10 0 10 14*
james.mackintosh@ft.com
European companies are stashing their cash, adding nearly €50bn to total reserves during the past year, despite signs of an improving economy in the region.
Companies
Bad news comes in threes. This week brings a Federal Reserve meeting on Wednesday, the first targeted long-term loans from the European Central Bank on Thursday and the Scottish referendum result first thing on Friday. But as investors brace themselves for pain, they are also hoping for the best from what may be the biggest flotation ever, that of Chinese online retailer Alibaba. Alibaba has what shareholders crave: a highly profitable, fast-growing business. It has no controls on management excess, but for most investors corporate governance is dull and look – there’s Jack Ma! What could possibly go wrong with non-voting, only partial ownership shares in a company controlled by a single Chinese billionaire? Alibaba has been priced to go and demand looks strong. FollowingittomarketwillbeGermany’sRocketInternet.It is appropriately named. The Nasdaq Internet index is now up almost a fifth from its low in May, and only 5 per cent off itsMarchpeak.Theotherbiggrowthstory,biotech,hitnew highs this month, in spite of a warning from the Fed’s Janet Yellen that the sector looks frothy. Biotechs are the main cause of an IPO boom in the US. If listings carry on at the pace they have been going so far, this will be the best year since 2000 both for numbers of IPOs and amounts raised (see chart). Investors should be concerned. As Jay Ritter of the University of Florida pointed out long ago, good times for IPOs tend to be a bad time to invest. This makes sense, as IPO booms come when valuations are high – the best predictor there is that returns will be low in future. Demand for dotcom and biotech stocks begets supply, as start-ups are created and listed. Eventually demand will be satiated and the boom will end. Investors’ current willingness to sacrifice quality, in biotech, and corporate governance, in dotcoms, suggests demand and price in the sectors are far above what is reasonable.
* First 8 months, annualised Source: Prof Jay Ritter
SARAH GORDON – EUROPE BUSINESS EDITOR
21st Century Fox.....................................18 AO World.....................................................22 Aberdeen Asset Mangt......FTfm3,6,9 Aegon...............................................................2 Aeroflot..............................................FTfm12 Aldermore....................................................22 Alibaba...........................................................17 Amazon.........................................................10 Amoco............................................................18 Anheuser-Busch InBev.........................17 Apple..............................................................10 Arco.................................................................18 Armstrong International......................17 Asos................................................................26 BASF................................................................17 BC Partners................................................22 BP.............................................................1,14,18 BT Group.................................................2,22 Baillie Gifford................................FTfm3,9 Balfour Beatty.............................................8 Bank of America.........................FTfm8,9 Bank of America Merrill Lynch.......18 Bank of China............................................18 Barclays...................................................17,22 British Sky Broadcasting....................18 CBS...................................................................18 CICC.................................................................18
A rocket ride for Alibaba IPO
Number of US IPOs 500 400 300 200 100 0 1998
European companies hold on to their cash as they shy away from investment
Banks and lobby groups say a regulatory proposal to centralise foreign exchange trading would hamper competition and innovation, create risks and push up prices. Their opposition means the plan is unlikely to go ahead. News iPAGE 20
James Mackintosh
Alibaba and the 216* IPOs
Bloomberg
Push to centralise forex trading faces resistance
Short View
Haier................................................................18 Heineken.......................................................17 Hermes Investment Mangt..FTfm8,9 ICBC.................................................................18 Itaú-Unibanco..............................................8 Jimmy Choo...............................................22 Just Eat.........................................................22 Kingfisher.......................................................4 Liberty Global...........................................18 Lloyds...............................................................2 Lufthansa.....................................................19 Lukoil................................................1,FTfm12 Magnit................................................FTfm12 Martin Currie................................FTfm3,9 McKinsey.....................................FTfm14,15 MediaTek.....................................................20 Micromax.....................................................20 Netflix.............................................................18 Nike.................................................................26 Nokia..............................................................20 Nomura....................................................17,22 Novartis........................................................20 Novatek.............................................FTfm12 Novo Nordisk............................................20 OGX.................................................................18 OSX..................................................................18 Old Mutual.....................................FTfm8,9
Orexigen Therapeutics.......................20 Oriel Securities.........................................22 Paamco...........................................FTfm5,12 Phones 4U..................................................22 Qatari Diar...................................................18 Quindell.........................................................22 RAC..................................................................22 RRJ...................................................................18 Rio Tinto .......................................................8 Roche.............................................................20 Rocket Internet.........................................17 Rosneft............................................1,FTfm12 Royal Bank of Scotland.........................2 Royal Dutch Shell....................................18 SWIP...................................................FTfm3,9 SABMiller......................................................17 Saab...................................................................7 Saga................................................................22 Salesforce.com..........................................10 Sanofi.............................................................20 Sberbank .........................................FTfm12 Siemens.........................................................17 Sinopec..........................................................18 Sky Deutschland......................................18 Sky Italia.......................................................18 SkyBridge Capital..........................FTfm5 Sports Direct.............................................22 Stagecoach....................................................2
Standard Life................................FTfm3,9 TSB.....................................................................2 Tencent..........................................................18 Tesco Bank....................................................2 Thales...............................................................7 UBS.............................................................17,22 UPS..................................................................26 United Biscuits.........................................22 VMware.........................................................10 Viacom...........................................................18 Virgin Money.............................................22 Vivendi...........................................................18 Vodafone..................................................8,22 Wizz Air........................................................22
Sectors Banks............................................2,8,17,19,22 Beverages.....................................................17 Construction.................................................8 Gen Financial..........................17,22,FTfm Gen Retailers.............................................22 Ind Transport............................................26 Media...............................................1,10,18,20 Mobile & Telecoms................8,18,20,22 Oil & Gas..............................................1,14,18 Pharmaceuticals......................................20 Software.................................................10,20 Technology HW & Equ.................10,20
Travel & Leisure.......................................19
People Ahmad, Imran............................................22 Andreessen, Marc...................................10 Ashley, Mike...............................................22 Batista, Eike................................................18 Benioff, Marc..............................................10 Breyer, Jim..................................................10 Caudwell, John.........................................22 Debelle, Guy..............................................20 Fisher, Paul.................................................20 Gelsinger, Pat............................................10 Hastings, Reed..........................................18 Hayward, Tony.......................................1,14 Kassler, David............................................22 Levie, Aaron...............................................10 Mayfield, Charlie......................................12 Naidu, Logan.............................................22 Pichai, Sundar...........................................20 Puri, Aditya.................................................19 Schmidt, Eric...........................................1,10 Schwartz, Peter........................................10 Smith, Brad.................................................10 Sorensen, Lars.........................................20 Soros, George............................................22 Terry, Rob....................................................22 Wallace, John.............................................18
Week 38
If listings carry on at this pace, it will be the best year since 2000 for numbers of IPOs and amounts raised
★★★
18
FINANCIAL TIMES
Monday 15 September 2014
COMPANIES INSIDE BUSINESS
Real estate
Qataris sued over US embassy project £10m dispute over plans for renowned building in London’s Mayfair KATE ALLEN AND JANE CROFT
The Qatari owner of the Shard skyscraper is being sued for £10m by its partner on the redevelopment of the US embassy in London, which has ground to a halt. Chelsfield Partners has lodged a claim in London’s High Court against Qatari Diar. The property developer alleges that it is owed the sum under the terms of a contract the pair signed in 2009 to redevelop the Grade II-listed building in Grosvenor Square. Papers filed last month by Chelsfield –
which have not yet been published by thecourt–allegethatmoneyfordrawing up plans for the building became owed by its financial partner in August 2013, according to a person familiar with the case. This is the second time the subsidiary of Qatar’s sovereign wealth fund has facedalegalbattlewithoneofitsLondon development partners. “It is not our practice to comment on such matters, save to say that we very much look forward to working on this landmark scheme and are confident that any outstanding matters can and will be resolved,” said Chelsfield. Qatari Diar declined to comment. The developers, which have yet to commence design plans, face the challenge of finding a concept that incorpo-
rates the 1950s building’s famous modernist façade. The Americans sold the property to Chelsfield and Qatari Diar five years ago and plan to move into a new building in Nine Elms, south London. The on-site redevelopment of the Mayfair building is due to begin in 2018. Property tycoon Christian Candy won a case against the Qatari group in 2010 over their partnership to redevelop the Chelsea Barracks site in west London. His CPC Group later sold its stake to Qatari Diar, leaving the Gulf financiers to go it alone. The Chelsea scheme won planning permission this year after Qatari Diar was warned by Westminster Council that it should “start or sell” the site. Qatari Diar is an international prop-
The 1950s building has a famous modernist façade
ertyvehiclewitha$4bnmarketcapitalisation. It was set up by the Qatar Investment Authority, a sovereign wealth fund, in 2005 and is headquartered in Doha. Its UK-based chief executive John Wallace and development director Jeremy Titchen left the company last year. Qatari Diar financed the construction of the Athletes’ Village for the London Olympics. It is also backing Canary Wharf Group’s redevelopment of the Shell Centre, which faces the Houses of Parliament across the river Thames. Its most well known investment in London, The Shard, became Europe’s tallestbuildingwhenitwasbuiltin2012. Qatar Holding – another subsidiary of the QIA – owns a 25 per cent stake in Chelsfield.
Analysis. Media
Netflix lays down its cards in Europe push International expansion is crucial for growth at the US video streaming site MATTHEW GARRAHAN – NEW YORK
If there was any doubt in Marseille that Netflix was coming to town, Childéric Muller, the city’s deputy mayor, dispelled it this month when he tweeted: “Marseille is the new black.” The reference to one of Netflix’s most popularshows–OrangeIsTheNewBlack– andMarseille,thenameofthecompany’s first original French series, came ahead of a big European push by the streaming video service. This week, the California company will launch its service in France, Germany, Austria, Switzerland, Belgium and Luxembourg on successive days. “This is the biggest international launch we’ve ever done,” said Reed Hastings, Netflix’s chief executive, in an interview. “It represents nearly 80m broadband households and about 200m people.” Netflixhasdisruptedtraditionalviewing patterns with its on-demand service and original productions, such as House of Cards, shaking up the television hierarchy in Hollywood and beyond. The number of people using it recently hit 50m – 35m of its subscribers are in the US – propelling its shares to new heights. Withamarketcapitalisationofalmost $29bn, Netflix is approaching the value of longer established media companies, such as CBS, the US broadcast network, which has a market value of $30.6bn, and Viacom – the owner of Paramount Pictures, MTV and Nickelodeon – which is worth $33.5bn. International expansion is critical to its growth prospects, which is why this week’s launches are so important. “There’s still room to grow in the US but all of Netflix’s incremental growth will come from elsewhere,” said Paul Vogel, an analyst with Barclays. Netflix has been preparing the ground in France for several months to assuage concernsthatitsarrivalwillthreatenthe country’s cultural protection regulations. “Being culturally sensitive is one side of the coin,” said Mr Hastings. “The other side is that French people love content. It is a nation that loves movies and takes movies very seriously.” Marseille, a drama about the city’s political machinations, is a statement of intent,hesaid.“Wewanttomakeitgreat for French speakers but also want to take it around the world.” China, a potentially huge market for Netflix where House of Cards has a cult following, is “a way off” he said, but the company is looking at expanding into
French debut Broadcasters braced for ‘new kid on the block’ Rodolphe Belmer is not taking Netflix’s debut in France lightly. As managing director of Canal Plus, the pay-TV arm of Paris-based Vivendi, he has been beefing up investments across the board, writes Adam Thomson. These include in Canal Play, its popular video-on-demand service, in which Belmer is investing millions of euros in content and advertising. “We know that there is always appetite for the new kid on the block, and Netflix will be a tough competitor,” he told the Financial Times. But Mr Belmer is confident that Netflix’s arrival will have only a limited impact. French consumers, he said, were used to watching content on a TV, via a set-top box provided by a telecoms operator, as part of a tripleplay package of internet, television and fixed-line phone. Canal Plus paid the operators €150m last year to carry its services. But Netflix has yet to sign any such
agreements. That means the US group wants to persuade consumers to watch content online instead. “In the US and the UK they did not have to fight against an existing consumer habit,” said Mr Belmer. For all the emphasis on l’exception culturelle, the French love US content – and they already have it in abundance. An estimated 50 per cent of what is shown on French TV comes from the US. “There is no latent demand for it because it is so widely available already,” said Mr Belmer. One thing Netflix’s presence could do is put pressure on regulation. Since the 1980s French broadcasters have had to channel a percentage of annual revenue to fund the domestic film industry. Broadcasters have long complained that the contributions are unfair and belong to a pre-internet era. The fact that Netflix and other internet-based videoon-demand companies, are not subject to the same rules may help the broadcasters make their point.
Oil & gas
Original productions such as ‘House of Cards’, starring Kevin Spacey (above), have helped boost shares in the online video service – Reuters Below: Netflix chief Reed Hastings
Asia. “Korea, Japan . . . there are great opportunities”. Netflix’s profits have been held back by its investments outside the US but its operations in Latin America, the UK and elsewhere are bearing fruit: excluding this new round of European launches Netflix’s non-US operations are on track to be profitable by the fourth quarter, the company says. Netflix has no physical infrastructure – no pipes to lay or satellites to launch – but has had to strike deals with internet providers in each of its new countries to ensure its video data can travel at adequate speeds to its customers. Rival distributors, particularly in France, have already expressed their displeasure at Netflix’s arrival. “We certainly expect shots from competitors and we’ve seen a lot of that,” says Mr Hastings. “They’re concerned because we bid up the costs of content. That’s good for producers, artists and talent. It’s not as good for the distributors.” But he says Netflix has not affected audiences for television viewing. “Netflix does not mean disaster for Canal Plus or others in France or Germany. HBO [in the US] has more viewers than ever. The more incumbents make great shows the more they will grow.”
ON ENERGY
Ed Crooks
Falling crude prices have set the stage for big oil consolidation
A
s the oil price slides, nervous oil executives are wondering how low it can go. Brent crude hit its lowest level in two years last week, raising questions about how the industry – and the large international oil groups in particular – would cope with a sustained period of weakness. Nick Butler of King’s College London, a former strategist for BP, noted in the Financial Times last week that he knew of at least three major oil and gas companies that had ordered “full scale strategic reviews”. If oil continues to slide, they will have to look harder at their more radical options. There are good reasons why weak prices might not last. Saudi Arabia’s reported cut in output in August looked like a hint from its government that it believed the fall has gone far enough. The growth in world oil supplies is also heavily dependent on the continuation of the shale boom in Texas and North Dakota, and if prices keep falling then some of the potential production there will become uneconomic. All the same, the oil market has made fools of enough forecastersforanysensiblecompanytohaveacontingency plan for a world in which prices go lower and stay low. The threat to large oil companies is particularly menacing because their financial performance is already so weak. The median return on capital for the world’s 15 leading oil companies was 9.3 per cent last year, according to Bloomberg. That was lower than the 11.5 per cent reported in 2002, even though the average oil price rose fourfold over that period from about $25 per barrel to about $109. As John Watson, chief executive of Chevron, put it earlier this year: “$100 per barrel is becoming the new $20.” The reason is that the increased revenues have been soaked up by higher costs. Barred by politics and security concerns from the best world’s resources from Iran to Venezuela, and having been late to spot the potential of US The large oil shale, the large oil groups h a v e b e e n f o r c e d i n t o groups have been increasingly challenging forced into “megaprojects” in deep water, heavy oil, and lique- challenging fied natural gas, where costs have been soaring. A recent ‘megaprojects’ study from Ernst & Young, the professional services firm, found that on average expected completion costs for those projects were 59 per cent above initial estimates. It is no wonder that discontented investors have called for greater capital discipline. The slide in crude is adding fresh urgency to cost reduction effortsthathavebeenbecomingincreasinglyimportantfor management teams since 2010-11, according to Arthur Hanna of Accenture, the consultancy. One potentially fruitful new initiative is a group of oil production companies, equipment manufacturers and service providers that is discussing ideas for greater standardisation across the industry to improve efficiency and cut costs, although its deliberations are still in their early stages. The problem will come if high costs turn out to be more a consequence of the structural difficulty of the projects than of the cyclical demand for equipment and skilled staff driven by a high oil price. If costs do not, in fact, decline as the crude price drops, the industry’s already poor returns will get even worse. One response to such sustained financial pressure would be an upsurge in dealmaking, as in the merger boom of 1998-2000 that brought BP together with Amoco and Arco, Exxon with Mobil, and Chevron with Texaco. Mergers and acquisitions would make it possible to cut out duplication of overheads, and to improve the performance of under-managed assets. Merged companies could also be more ambitious about “high grading” their portfolios: sorting through them to invest only in the reserves where they can reap the greatest rewards, and offloading the rest. The largest deals – a merger of BP and Royal Dutch Shell, say – would exacerbate the problem already faced by big oil: when you are that big, it is hard to find projects that will deliver noticeable growth. They would also be fiendishly complex, and scrutinised forensically by regulators. More modest consolidation, including acquisitions of midsized companies by the largest groups, would be more likely. Companies would probably step up sales of their less-favoured assets, too. Still, Lord Browne, the former chief executive of BP, argued in his memoir Beyond Business that a BP-Shell merger, which he pursued in 2004-05, could have yielded $9bn a year in synergies. If crude continues to slide, expect that to be one of the plans that is dusted off. ed.crooks@ft.com
Oil & gas
Sinopec sells retail unit stake to China groups Brazil accusations compound Batista’s woes JENNIFER HUGHES – HONG KONG DEMETRI SEVASTOPULO – HONG KONG LUCY HORNBY – BEIJING
Chinese oil champion Sinopec is selling a$17.4bnstakeinitsretailunittoalarge group of mostly domestic investors as the country tries to reform its sprawling state-owned enterprises. The 29.99 per cent stake sale – to investors including tech group Tencent, private conglomerate Fosun and China Life Insurance – was considered a precedentsetting deal in China’s efforts to realise value in its SOEs. But the deal, announced yesterday, is far from the opening of the oil sector to outside forces that reformers had sought. Sinopec has ceded no control of its lucrative business while raising funds from a sprawling club of state-owned enterprises,leadingprivategroups,pen-
sionfundsandotherdomesticinvestors. The list of investors includes Haier, a white goods maker; Hopu, a private equity group; Bank of China and ICBC, the giant state-owned banks; CICC, an investment bank; and Cinda Asset Management, the state-controlled “bad bank” asset manager. RRJ, a fund owned by Malaysian dealmaker Richard Ong, stands out as the only non-Chinese direct investor. About two years ago China said outside capital would be allowed to invest in strategic state sectors – an announcement welcomed by some as opening the door to more private investment in closely held industries. Sinopec has billed this sale as a prime example of that reform. In August it said it was in discussions with 37 bidders for thestakeinthebusiness,whichoperates 30,000 petrol stations and holds 60 per
cent of the domestic market for oil products. It also owns 23,000 convenience stores under the Easy Joy brand. Stake sizes range from 2.8 per cent of the total group to a 0.1 per cent holding. The price values the unit’s equity at about $59bn. Last year the business produced Rmb25.1bn ($4.1bn) in profit from operating income of Rmb1.5tn. In June Fu Chengyu, Sinopec chairman, said successful bidders would be determined by factors including offer price, domicile, complementary strengths, standing and reputation, and levelofconflictsofinterestwithSinopec. The company is one of China’s three dominant state-owned oil groups. Reformers have argued that their stranglehold on the oil sector raises costs for consumers, crowds out potentially more competitive groups, and allows them to hijack policy to support their interests.
JOE LEAHY – SÃO PAULO
The problems of Eike Batista, once Brazil’srichestman,werecompounded at the weekend when prosecutors accused him of market manipulation and sought to freeze properties worth millions of dollars that he had transferred to his family. The accusations were made as part of a criminal action against the former oil and gas tycoon, whose empire imploded lastyearinLatinAmerica’slargestbankruptcy, with prosecutors attempting to seize R$1.5bn ($641m) in assets. Once the symbol of an emergent Brazil, Mr Batista rode market exuberance overthecommoditiessupercycletoconstruct an empire of start-up oil, energy and infrastructure companies. “The fraudulent manoeuvre was made by the accused with the intent of
protecting his goods from seizure,” the prosecutors’ office said of the transfers of the properties. They include a R$10m mansion in the elite Rio de Janeiro neighbourhood of Jardim Botânico, which prosecutors say he transferred to his oldest son Thor; a property in the coastal city of Angra dos Reis, also worth R$10m, which he transferred to Thor and second son, Olin; and a R$5m flat in the Rio beachside neighbourhood of Ipanema, transferred to his wife, Flávia Sampaio. Mr Batista’s empire collapsed when his flagship oil company, OGX, revealed last year that its two producing projects off the coast of southeast Brazil were flops and filed for bankruptcy, along with his oil services company, OSX. He has since been accused by the market regulator, CVM, of insider trading. In a note published over the weekend,
Rio de Janeiro state prosecutors accused him of causing losses to investors totalling R$1.5bn through the manipulation of the market using inside information. “For the offences committed, he could be sentenced to 13 years in prison,” the prosecutors’ office said. Mr Batista could not be reached for comment. But his lawyer, Sérgio Bermudes, was quoted in business daily Valor Econômico as saying the request to freeze his assets was unreasonable. He said the tycoon did not use illicit funds to buy the goods and donated the properties openly through normal legal channels.“Heisnotfleeingthecountry,” Mr Bermudes was quoted as saying. Prosecutors accused Mr Batista of deceiving the market by announcing a put option to invest US$1bn in OGX two years ago if the shares fell to a certain level. He did not fulfil the promise.
FINANCIAL TIMES
★
Monday 15 September 2014
19
COMPANIES
Europe shuns growth in favour of ‘safety first’ Businesses show signs of risk aversion by hoarding cash, raising fears that the region will lose its competitiveness SARAH GORDON – EUROPE BUSINESS EDITOR
It is the burning question for Europe – will it ever again grow at a reasonable rate? There are signs of a pick-up in the region, particularly in countries that were most damaged by the financial crisis, such as Spain. Meanwhile, the European Central Bank pumps money ever more enthusiastically into the system. But policy makers fear that European businesses, scarred by the past six years, may have changed their behaviour permanently, shunning growth opportunities in favour of “safety first”. “Who is owning the growth agenda?” says Chris G entle, head of Emea research at Deloitte in London. “It shouldbechiefexecutives,buttheyhave not been rewarded recently for taking risks. The danger is that Europe will lose competitiveness in the long term.” There is concrete evidence of Europe’s slidedownthegloballeaguetables.Since
‘Companies are holding on to cash because we have low growth and it’s not attractive to invest’ 2010, a net balance of 41 European companies have exited the Global Fortune 500, which is the sharpest fall on record. One sign of companies’ risk aversion has been their desire to hoard cash. This isnotjustaEuropeanphenomenon.Globally, the leading 1,000 public non-financial companies have accumulated a staggering $3.5tn in cash reserves, compared with under $2tn in 2008. Some$1.6tnofthisisinUScompanies’ hands – much of it held overseas. But Europe’s listed companies are fast approaching that total, with an estimated €963bn in cash reserves, €250bn higher than in 2007 before the crisis hit. Andtheyarecontinuingtosquirrelaway money. Deloitte estimates that the 1,200 listed companies in the region have added nearly €50bn to their cash piles over the past 12 months alone. Cash hoarding has been achieved in different ways. Most corporates in
M&A Cash is not king when it comes to acquisitions Although M&A has surged in 2014, European companies are rarely spending their cash on deals, a strategic choice that has serious risks attached, according to analysts, writes Sarah Gordon. “Although we have seen an upturn in the level of merger and acquisition level globally, in Europe M&A activity continues to lag behind,” says Ian Macmillan, head of M&A at Deloitte in London. “If European companies want to achieve double-digit growth, then they need to consider M&A activities as part of their growth strategy.”
Cash to burn Europe, Middle East and Africa corporate cash holdings (excluding financials) Total cash (€bn)
Only 31% of planned investment for the next 12 months is expected to come from companies’ cash reserves* Cash Other reserves 11 Tax 31 credit
2000
29
Large cash holdings***
Aditya Puri, chief executive, told the Financial Times the bank would expand over the next five years into “semiurban and rural” locations, where it operates more than half its branches but makes less than a fifth of its revenues. HDFC’s fortunes are closely watched by international fund managers, given its reputation for asset quality and technological innovation, and their investments have made the bank India’s largest by market capitalisation. Its strong financial performance also makes it one of the world’s most expensive banking stocks, trading at close to five times price-to-book – a common valuation measure – indicating robust investor confidence about future profitability. That compares with an average price/ book ratio for large European and US banksof1.2,accordingtoS&PCapitalIQ. The Mumbai-based bank built its business serving wealthier customers in cities such as New Delhi and Bangalore, but Mr Puri says it must expand elsewhere to sustain the fast growth enjoyed since it was founded in 1994. “It is a misconception that everyone in rural India is poor; there is a lot of
2003
0
Manufacturing
Debt - loans and bank credit 2004
€1000bn 800
600
400
200
256
0
2013
Life science and healthcare 2005
175 Technology, media and telecoms
2012 2006 * Deloitte surveyed 271 executives at 73 listed companies and 198 private companies in 14 countries in Europe, the Middle East and Africa, as well as analysing publicly available data for listed companies. Half had revenues over $1bn, while the remainder had sales of between $100m and $999m ** Companies with less than $2bn in cash reserves in 2013 *** Companies with more than $2bn in cash reserves in 2013
149 2011
Europe have cut costs by firing staff, closing operations or selling off businesses, and by postponing upgrades or even maintenance of assets such as buildings or technology. Further delays to necessary upkeep spending also pose dangers to growth. “Putting off maintenance capex can only go on for so long,” says Mr Gentle. Meanwhile, Europe’s Gareth Williams, corporate economist at Standard & Poor’s, suggests that European companies may be facing a lack of compelling targets for potential acquisitions. “Some of it is an absence of interesting opportunities,” he says. “It’s an interesting question of whether the market is not offering value or secular stagnation.” Mr Macmillan warns that a lack of dealmaking could lead European groups to lose competitiveness against US rivals. North American companies have led the upsurge in M&A activity this year, with many deals being driven by the fact that they have large offshore cash holdings that face tax penalties if repatriated. Thirteen “tax inversion” deals worth $178bn have
damn wealth out there,” he said in an interview. The bank’s rural businesses would cease making losses “in a year or two”, he added. HDFC’s expansion comes at a time of renewed interest in rural banking. Last month the prime minister, Narendra Modi, set up a scheme to open accounts for 75m poorer households, part of wider attempts to target the one-third of Indians lacking basic banking services. But Mr Puri said HDFC would continue to focus on finding more upperend customers among the 60 per cent of the 1.3bn population who live outside urban areas. “We are not changing our basic profile,” he said. “[But] even if we say that the top 20 or 25 per cent is our target
Global banks with highest valuations* Price-to-book ratio (x) 0 1 2 3 4 5 Allied Irish Banks Banco Provincial HDFC Bank PT Bank Central Asia Housing Development Finance Corp Kotak Mahindra Bank Masraf Al Rayn US/EU banks average * Banks with a market cap of more than $10bn Source: Capital IQ
Consumer business
2007
59
2008 2010 2009
bigger listed companies have taken advantage of historically low interest rates in bond markets to borrow cheaply, often upping debt levels even as cash piles have increased. Last week, German airline Lufthansa issued a €500mbondwithayieldofjust1.125per cent – despite suffering a pilots’ strike. But the question for Europe is when – or been announced since the start of 2013, according to Dealogic. “With the US, M&A has been driven by tax inversion,” says Mr Williams. “The tack that European companies have been taking has been to invest heavily in emerging markets. But given that emerging markets have had a more difficult time in the last couple of years, that has put a dampener on that source of growth.” North American companies accounted for 43 per cent of M&A deal volumes in the second quarter of 2014, according to Deloitte, compared with 38 per cent in the first quarter of 2013. European groups accounted for 37 per cent of M&A deal volumes in the second quarter of 2014, compared with 41 per cent in the first quarter of 2013.
HDFC renews push for India’s rural rich in effort to maintain rapid growth HDFC Bank, India’s second-largest private sector lender by revenue, is planning a renewed push into the country’s vast rural hinterland, and expects its non-urban operations to become profitable by 2016.
325
2002
€200bn
27 Revenues
2001
Small cash holdings**
Banks
JAMES CRABTREE – MUMBAI
Total cash by sector, 2013 (€bn)
Based on companies in the Bloomberg EMEA 1200 index
market, that gives us a complete new bank over the long run.” HDFC currently served just “70 per cent of the geography we want to be in”, Mr Puri said. A five-year programme of branch openings and sales drives centred on products for rural consumers would expand coverage. “This is not an easy transition to make,” he said. “When you are in urban India, you aren’t into motorcycles, light commercial vehicles, tractors, lending to shopkeepers, or loans against gold jewellery. “But now the factory is set up, as it were, the products are there, they are rolling them out, and as the sales increase we will make money.” Mr Puri said he expected the bank’s growth to accelerate more generally in the next two years as India’s economic recovery continued. Net profits have risen 26 per cent to $1.4bn during the past financial year. But HDFC would protect its “pristine” portfolio, in which non-performing assets stood at 0.2 per cent of loans, by continuing to avoid lending to high-risk sectors, he said. Sharp increases in bad loans across industries such as infrastructure and property have dented asset quality at most large Indian banks. “We won’t be doing any of that,” Mr Puri said. “We are conservative people, and we want our money back.” Additional reporting by Jennifer Hughes in Hong Kong
Source: Deloitte
whether – companies will start using some of these hard-won riches to invest in growth opportunities. For some, the wait is becoming dangerously long. “It is a vicious circle,” says James Watson, director of economic affairs at BusinessEurope, the Brussels lobby group. “The problem is that you need investment to achieve growth but firms
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Energy and resources
don’t want to invest unless they feel growth is on the way.” Amid the gloom, however, there is some reason for cheer. Deloitte, which surveyed 271 private and public companies in Europe, the Middle East and Africa on their spending plans, says it has identified some signs of greater willingness to put any money to work.
“The majority of large businesses across Emea have reached a pivot point in their attitude to investing, with the impetus to use their cash reserves for growth increasing all the time,” says Mr Gentle. “However, confidence remains brittle and it is likely that such activity will return gradually.” For other analysts, the picture is less encouraging. “Companies are holding on to cash because, first of all, we’ve got low growth and it’s not particularly attractive to invest,” says Mr Watson. The picture on the ground supports this uncertain outlook and suggests policy makers are right to worry about the sustainability of Europe’s recovery. The top priority for a third of the companies surveyed by Deloitte was making investments,butalmostasmany–31percent– said the most important task remained strengthening the balance sheet. Those that are putting their hands in their pockets are not always doing it to fund future growth. Only a small majority – 55 per cent – of the companies ranked growth as the primary focus for investment over the next 12 months. Nearly a quarter of those that planned to invest said their priorities were maintaining business assets and training. Gareth Williams, corporate economist at Standard & Poor’s in London, says that it is easy to understand why companies are “keeping their powder dry”, adding: “In Europe itself, the recovery appears to have stalled and you’ve got the ECB moving to take increasingly aggressive steps to encourage recovery. If you’re a [company] treasurer faced with that environment you are going to be more cautious than you were before the crisis.” Increasing political risk is another concern. “One minute the Middle East is raising concerns, then you have the situation in the Ukraine, closer to home you have concerns over Scotland,” says Mr Williams. “Ultimately what we’re talking about is a lack of visibility around the political and economic environment over the next few years. When you’re looking to invest, particularly substantial investments, you need that visibility.”
★
20
FINANCIAL TIMES
Monday 15 September 2014
COMPANIES General financial
General financial
Plan for global forex platform under fire
Bond traders on lookout for change of words in US Fed policy
Critics say scheme could hamper competition and push up prices SAM FLEMING – LONDON DANIEL SCHÄFER – LONDON JAMIE SMYTH – SYDNEY
A proposal to reform the foreign exchange market by creating a central platform looks unlikely to get off the ground after industry participants raised doubts about the practicality of the scheme. Several banks and lobby groups have
argued in submissions to regulators against the concept of creating a global platform to match fixing orders, saying that it could hamper competition and innovation, create risks and push up prices. “Having a central utility would create enormous single point-of-failure risks,” said ACI, a forex industry umbrella organisation, in its response to the rules proposed in a Financial Stability Board consultation paper. “Choice as to participation on existing utilities is made largely for participants for their own individual commercial reasons. Such choice must be left to par-
ticipants in an open market,” it added. Deutsche Bank, one of the largest dealers in the $5.3tn a day global forex market, said in a submission to the FSB that regulatory backing of the infrastructure “may be to the detriment of innovation to provide alternative solutions, competitive pricing and risk management”. The idea was part of 15 initial reform proposals that were brought forward by the umbrella regulatory group in July following allegations surrounding the 4pm fixing in the forex market. The FSB said that it was interested in the creation of a “utility” to match fixing orders from
around the globe to reduce the scope for manipulation – in effect undercutting banks’ role in the daily rate “fixes”, which are determined by averaging different market-makers’ order prices. Its working group, led by Paul Fisher of the Bank of England and Guy Debelle of the Reserve Bank of Australia, is finalising reform suggestions ahead of G20 meetings in Australia. The FSB declined to comment ahead of their report’s publication. The responses to the FSB show there is support for the central order matching concept among some lobby groups and firms, for example banks ANZ, NAB and
Commerzbank, even as other respondents stressed the technical hurdles. “Provided that such a utility would come under prudent supervision, we would strongly support such a change in the market infrastructure, as it would help to reinstate the credibility of the FX markets and its participants,” Commerzbank said in its letter to the FSB. Several firms, including State Street and a partnership between ICAP and EBS, are already setting up their own forex matching and execution platforms, a business model that would be threatened by the creation of a centralised global market infrastructure.
Analysis. Mobile and telecoms
Google launches Android mission Company views low-cost smartphones as the key to 1bn potential new users DANIEL THOMAS AND MURAD AHMED
Amid the noise from a stream of expensive flagship smartphone launches by Apple and others, Google has been quietly setting its sights on a much larger market of consumers who have yet to buy their first smartphone. The US technology group will this weeksetouttoestablishthesmartphone standard for the next billion mobile phone users in emerging markets by launching a low-cost platform in partnership with local manufacturers. In New Delhi today Google will reveal the first handsets to be produced as part of an initiative that has become a personal project for Sundar Pichai, the Chennai-born boss of its operating system, Android. The launch is important for the companyasitsseekstosupplantbrandssuch asNokiainemergingmarkets.Thismarketismuchlessprofitableintermsofthe margin on the average selling price, but havingtheeyesandearsofhalftheworld has rewards for Google, which has embarked on a mission to connect the next billion customers to the internet by any means. That means another billion customersforitssearch,maps,YouTube and myriad other services. GSMA, the mobile industry trade body,lastweekforecastthatthenumber of smartphone connections worldwide would reach 6bn by 2020, from 2bn at present, with four-fifths being used in developing markets. Nokia once dominated the industry with close to half of the mobile market, but its gradual demise has coincided with the rise of Android, which runs on 70 per cent of the world’s smartphones. But unlike Nokia’s close control of its hardware and software, the open nature of the Android system has allowed a proliferation of handset makers to modify the operating system as they see fit. “Android One is key for Google in order to drive a consistent user experience at sub-$100 price points,” says Geoff Blaber, analyst at CCS Insight.
MICHAEL MACKENZIE – NEW YORK GREGORY MEYER – CHICAGO
US bond traders are warily awaiting this week’s meeting of the Federal Reserveasdebateintensifiesoverwhen the central bank will alter its guidance on the timing of higher interest rates. With the world’s largest economy showing signs of stronger activity and the Fed’s large purchases of Treasury bonds ending in October, investors are on guard that the Fed may alter a key sentence of its policy statement after a twoday meeting concludes on Wednesday. The Fed’s communication policy with the bond market about rate rises has revolved round stating near-zero overnight interest rates will remain in place for a “considerable time” once quantitative easing ends in October. The bond market generally believes that a “considerable time” entails a delay of at least six months before rate increases occur and expects a rise in official US rates starting around the middle of 2015. But a number of Fed officials have called for a change in the wording of policy guidance as the economy strengthens and continued progress could prompt a move to lift rates before the middle of next year. “Dropping ‘considerable time’ would ‘Major hawkish step’: Steven Englander, head of G10 F/X strategy at Citi
Smart marketing: Taiwan’s HTC is one of several smartphone makers to launch new products recently, but Google is focusing on a larger customer base – AFP/Getty “Android’s success in entry-level smartphones has been driven by older versions of Android, or Android devices without Google services. If Android is to drive service usage and advertising revenue for Google, it must reduce version fragmentation and increase consistency across the full range of price tiers.” Mr Blaber adds that Android One stands to make the operating system significantly more competitive in markets such as India – “further s t r e n g t h e n i n g A n d r o i d ’s e y e watering scale advantage”. Mr Pichai has masterminded the Android One project. He took the helm at Google’s mobile software unit in 2003,
Contracts & Tenders
Global smartphone shipments By type (m) Low-end Mid-range High-end
2012 13 14 15 16 17 18 Source: IHS Technology
replacing Andy Rubin, who had transformed Android from a small project into the world’s most popular software for smartphones during his 10 years. Mark Hung, analyst at Gartner, says: “Sundar hasn’t really sought out the revolutionary changes to Android. He has really been bringing the platform to a maturity level that can take on its competitors.” Industry insiders describe Mr Pichai’s as a potential future chief executive. They say his personal background made him acutely aware of the need to spread mobile and internet services to the emerging markets. People familiar with Google’s thinking say it is worried that standards have
slipped, leading to substandard experiences for people using smartphones for the first time. The group is working with Micromax, an Indian smartphone maker,accordingtopeoplefamiliarwith the situation. Chipmakers such as MediaTek have also been engaged to produce phones, they say. “India is the first target market, and other countries will swiftly follow,” says a person familiar with the plans. Markets in Asia, Africa and Latin America are being considered, the person adds. One market that Android One is not expected to enter soon is China, where Google has a difficult relationship with the authorities and has pulled its search offering.
beamajorhawkishstep,evenifreplaced by a ‘data dependent’ pace of rate hikes and a FOMC view that considerable slack remains in place,” said Steven Englander, head of G10 F/X strategy at Citi. “It would be seen as opening up room for hiking before mid-2015 and as opening risk of a faster move of policy rates to their equilibrium.” Michael Creadon, chief executive of Traditum,aChicagoproprietarytrading firm said investors were actively debating: “Are they going to tighten in the second quarter or third quarter [of 2015]?” Uncertainly around this week’s FOMC meeting has seen the policy-sensitive two-year Treasury note yield touch its highest level since May 2011, the dollar gain strength and market expectations of future inflation drop sharply as tighterFedpolicyexpectationsarebeing acknowledged. Such momentum was also fuelled by the San Francisco Fed publishing a policy paper last week observing how the bond market anticipates a slower pace of rate hikes during the coming years than the central bank’s much higher forecasts. “Youhavetoconcludethatthemarket thinks that the Fed is being overly optimistic,” said Donald Wilson, chief executive of DRW Trading, a large proprietary trading group in Chicago. “Or, perhaps, the market’s concluding that Janet Yellen is more dovish than the average committee member and that because she’s the chairman she will have greater influence.”
Pharmaceuticals
US more open to obesity drugs ANDREW WARD – PHARMACEUTICALS CORRESPONDENT
US regulators are becoming more open to drugs for tackling obesity, according to Lars Sorensen, chief executive of Novo Nordisk, as the Danish company pushes for approval of a weight-loss medicine that analysts forecast could generate $1bn in annual sales.
Business Opportunities Readers are strongly recommended to take appropriate professional advice before entering into obligations.
He said that he had detected a shift in attitude towards a drug category that has long faced scepticism from regulators and healthcare professionals as the US struggles to combat its rising rate of obesity. “Obesity was seen as a behavioural problem. That is changing,” he said. “Regulators are seeing that obesity is a problem that must also be addressed pharmacologically.” An expert panel of the US Food and Drug Administration last week recommended the use of Novo Nordisk’s liraglutide drug as a treatment for obese patients with at least one weight-related health problem, paving the way for its likely approval. The FDA also last week gavethegreenlighttoanewobesitydrug called Contrave from Orexigen Therapeutics – the third such treatment approved in the past two years. Until 2012, the agency had not approved an obesity drug for 13 years. Mr Sorensen acknowledged it would “take time” to overcome resistance to obesity drugs among doctors after a history of problematic side effects and questionable clinical benefits.
But he said new medical approaches were needed to fight obesity, which effects more than one-third of US adults and costs the US healthcare system $147bn a year, according to the Centers for Disease Control and Prevention. The FDA panel voted 14 to one to recommend Novo Nordisk’s liraglutide after trials showed that half of patients injected with the drug lost at least 5 per centofbodyweightwhilejustoverafifth lost 10 per cent. “Obesity drugs to date have been commercial flops, though the problem is growing and the demand for pharmaceutical agents is rising,” said Peter Verdult, analyst at Citigroup. Growth in obesity drugs could provide a new source of momentum for Novo Nordisk on top of its role as the world’s biggest maker of insulin for diabetics. Rising incidence of diabetes across the world has helped Novo Nordisk overtake GlaxoSmithKline to become Europe’s fourth-biggest drugmaker by market capitalisation after Roche, Novartis and Sanofi. Mr Sorensen said 10 per cent of global healthcare costs were attributable to diabetes. He said the “enormous business potential” in treating diabetes meant Novo Nordisk had no need to join the rush of mergers and acquisitions among drugmakers this year. “We’re probably not going to be good at getting into other therapeutic areas. We think we would waste capital so we’d rather concentrate on what we’re good at.” www.ft.com/vftt
Monday 15 September 2014
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FINANCIAL TIMES
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Monday 15 September 2014
UK COMPANIES Mobile & telecoms
Phones 4U goes into administration Move follows Vodafone and EE decisions to pull products next year ANNE-SYLVAINE CHASSANY DANIEL THOMAS
Phones 4U, the retailer founded by John Caudwell that has spent most of the past decade in private equity hands, has gone into administration. The company, which is owned by London buyout house BC Partners and employs 5,596 people, said yesterday that it had been forced to seek protection from its creditors after two of the largest mobile phone operators decided to withdraw their products from its stores next year.
The move, a year after BC Partners added more debt to the company so as to take a special dividend, means that Phones 4U’s 550 stores will be closed “pending a decision by the administrators on whether the business can be reopened for trading”, the retailer said. The final blow was dealt by EE, which on Friday announced it would not renew its contract with Phones 4U next year, a decision that came less than two weeks afterVodafone’ssimilarmove.Thewithdrawals reflect a strategic shift among network operators over how they pay commission to third-party retailers that compete with their own shops. Without these two contracts, the company “is suddenly in a position where it will be without a mobile network partner when the current contracts expires”,
Phones 4U said. “The unexpected decisionsbyVodafoneandEEhavecomeasa complete shock to the business.” David Kassler, chief executive of Phones4U,said:“Todayisaverysadday forourcustomersandstaff.Ifthemobile network operators decline to supply us, we do not have a business.” Last year, Phones 4U generated more than £1bn in sales and had earnings before interest, tax, depreciation and amortisation of £105m. It has “significant cash in the bank”, it said. Despite the company’s troubles, BC Partners, which acquired Phones 4U in 2011forabout£600m,willhavesecured a 30 per cent profit on its investment thanks to the payout funded last year through the dividend recapitalisation. Stefano Quadrio Curzio of BC Partners
‘A very sad day for our customers and staff ’ David Kassler, Phones 4U chief executive
who oversaw the investment, blamed Vodafone for the company’s demise: “Vodafonehasactedinexactlytheopposite way to what they had consistently indicated to the management of Phones 4U over more than six months,” he said. “Their behaviour appears to have been designed to inflict the maximum damage to their partner of 15 years.” Vodafone declined to comment. EE said: “In line with our strategy to focus on growth in our direct channels and to move to fewer, deeper relationships in the indirect channel, and driven by developments in the marketplace that have called into question the longterm viability of the Phone s 4U business, we can confirm that we have taken the decision not to extend our contract.”
Analysis. Banks
Advisory bankers’ fortunes on the rise Bonuses rise as investment houses shift their emphasis from trading to M&A DANIEL SCHÄFER – LONDON
It is the comeback of the wheeling and dealing corporate financier. After many years in which dealmakers have been in the shadows of their profit-churning trader colleagues, a resurgent market for takeovers and public listings has boosted advisory bankers’ pay cheques. Bonuses for London-based bankers advising on deals and capital raisings have risen by a third to £337,000 this year, according to data compiled for the Financial Times by Emolument, an online pay comparison group. Fixed income and equities traders, in contrast, had to stomach a drop in bonuses of almost a fifth to £373,000. The changes come amid a secular shift for investment banks, many of which are reducing their emphasis on trading and renewing a focus on old-fashioned advisory businesses. Some investment banks are still laying off traders, while lenders including Barclays, Citigroup, UBS and Nomura are selectively hiring senior advisory bankers. Revenues in the advisory business are on the rise after a longstanding dearth in deals and initial public offerings finally gave way to a takeover and listing frenzy. In trading, by contrast, revenues in the bread-and-butter business of bonds and other fixed-income products have been in freefall since last year. While some people in the industry say the prospect of rising interest rates is starting to reverse this trend, others are less optimistic. Kian Abouhossein, analyst at JPMorgan, estimates that revenues in fixed-income, currencies and commodities trading will be down a further16percentinthethirdquarterfrom the previous three months. “You’re always going to have that hot sector that’s going to outperform the rest of the pack, whether it’s in banking or in trading,” says Joseph Leung, founder of Aubreck Leung, an executive search group. “I can still remember CDO structurers could basically name their price. Likewise, some lucky bankers this year will be riding the recent IPO wave.” Yet bankers say that there are even more powerful forces at play that will continue to weigh on traders’ pay. These include tighter regulation, lower trading volatility, a ban on proprietary bets, the move towards electronic
trading and a series of manipulation scandals. Almost all these trends favour advisory business over fixed-income trading in particular. Stricter capital rules are not an issue for the people-driven advisory business. And unlike trading, advice cannot be automated. The accelerating shift towards electronic trading is a particular threat. “There are different scenarios for the future, but one is that whole trading floors could disappear and the machines will be located in many regional hubs closer to the clients,” the head of a large investment bank says. While traders are being laid off, investment banks have started to rehire senior advisory bankers selectively after cutting back a few years ago. This helps to push up pay. “Hiring managers are working harder to attract people and are willing to take more risks,” says Logan Naidu, chief executive of Dartmouth Partners, a recruitment firm. “Offers, counter-offers and buybacks have increased.” But while advisory bankers’ are making a comeback, their revenues continue to pale against the trading business. Advisory and underwriting accounted
‘You’re always going to have that hot sector that’s going to outperform the rest of the pack’ for a quarter of investment banks’ overall revenues in the first half, up from 18 per cent two years ago, according to Coalition, a research group. The balance in each case was entirely made up of trading revenues. Investment bankers are at pains to say that pure revenues do not reflect the value of advisory banking. Tom King, head of Barclays’ investment bank, said last week: “You do an IPO, it touches coverage bankers, ECM bankers, syndicate, sales, trading, research. And it touches a lot of people, but it doesn’t use a lot of capital and it actually creates franchise value.” Whileseniordealmakers’fortunesare on the rise, bankers say that the large pay packages seen ahead of the crisis will not return. A regulatory and investor focus on pay – including the bonus cap in Europe – will make high double-digit pay packages, such as the $38m bonus handed by Merrill Lynch to Andrea Orcel, its star dealmaker, in the pre-crisis era, unlikely, they say.
Rangers shareholders must be in it for the love, not the money
T
he existential question hanging over Rangers International Football Club is every bit as emotionally charged as that facing Scotland itself. Last week the Glasgow club managed to raise £3m in emergency cash from its loyal backers. That is just enough to ensure it can pay its creditors and keep going. But it will only tide the group over for the next few weeks until the annual shareholder meeting when investors will be asked to sign up to further capital injections. The board has said plainly it needs to raise £20m to £30m in the next three years if it is to shore up the club’s finances, build the squad, return Rangers to the top of the Scottish game and launch into Europe where it can start competing for the big money. Good luck to it. This is the club that was lifted from the ashes of administration and was handed £30m of cash by investors in December 2012 when it floated on the Alternative Investment Market. By the end of 2013, after a year of infighting, the group had lost most of its top executives and main board directors,andtwonominatedadvisersactingasitsstockmarket sponsor. That very nearly cost the club its Aim quote. A nomad was hastily appointed and fresh faces were recruited to head the business under the watchful eye of Aim’s regulator, the London Stock Exchange. But in April the revamped board revealed that the company had just £3.5m in cash left. Rangers’ financial straits weremuchworsethanhadbeenrealisedandshareholders’ money had been frittered away on a series of “non-essential purchases”, a board report claimed. “The first team squad has the second-highest wage bill in Scottish football, for a team currently playing in the third tier,” it added. The situation was so dire that Rangers was only taking cash for season tickets. The club has risen up theScottishtablesandisonly a promotion away from the Success on the top tier. However, success on the field has not been repli- football field cated financially. In April the has not been board said it would have to call on investors for cash if replicated season ticket sales were not robust. By the summer it financially revealed that renewals had been a disappointing 20,000 or so, against 36,000 in the 2013-14 season. And the blows keep coming. On Friday Rangers settled with former director, Imran Ahmad, who claimed he had not been paid £500,000 in bonuses. There has been a lot of chat that Mike Ashley, Sports Direct’s billionaire boss who took shares in Rangers’ float, and George Soros, whose financial nous is legendary, might rescue the business. It is hardly surprising that both rumours came to nothing. As Small Talk noted in 2012, footballisrarelyagoodinvestment.Shareholderswhocontinue to back Rangers are in it for love, not money.
Unconvincing victory
Bankers vs traders salaries in the UK Average (£’000) Traders* Investment banking**
800 600
Bonus
400 200
Base 0 2012
2013
2014
* Fixed income, currency, commodities and equities ** Equity and debt capital markets origination and advisory Source: Coalition
Mobile & telecoms
Bonuses for London-based bankers advising on deals and capital raisings have risen by a third this year — Reuters
Just as Reactolight spectacles darken in strong light, so Rob Terry’s glasses seem to become rosier as the spotlight on Quindellintensifies.Thelegalservicesandclaimshandling business he founded is invariably upbeat. True to form, last week Quindell claimed a High Court victory in its libel action against Gotham City Research. It blames the US short seller’s April report, in which Quindell was dubbed “a country club built on sand”, for sparking its share price slide from 600p to 170p. The victory parade might be more convincing if GCR had acknowledged the libel claim or shown up in court to defend its treatise. The amount of damages will be decided in November, but even Quindell’s lawyers reckon the process could take a year. Cynics might wonder, too, how Mr Terry would extract any money from GCR. Quindell’sshareholderswouldalmostcertainlybebetter served if the company stopped spending their money on pursuing the elusive crusader in the courts and instead focused on addressing the stock market’s concerns about earnings quality. Last month the Swindon group promised investors that the cash outflow had begun to reverse and they would see a steady stream of hard cash from now on. Investors need to see proof of that. It might help win over doubters, too, if Mr Terry and his supporters occasionally donned transparent glasses that do not change hue. Kate Burgess is the Financial Times’s small companies correspondent kate.burgess@ft.com www.ft.com/insidebusiness
General financial
Rural broadband group Gigaclear targets Aim London heads for a record year of flotations DANIEL THOMAS – TELECOMS CORRESPONDENT
Acompanygoinghead-to-headwithBT in bringing fibre broadband to rural Britain is set to go public with the backing of high-profile fund manager, Neil Woodford. Gigaclear, which offers superfast internet services to homes in communities lacking good connections, will say today that it wants to raise money on Aim, London’s junior market, to help fund an aggressive rollout of its network. Oriel Securities is advising on the float. Gigaclear said there was strong demand for faster broadband from a large, underserved rural population. BT’s existing internet delivery in remote areas either uses slower copper lines or, if it is fibre, only extends to the streetwide service cabinet. Gigaclear provides
broadband direct to the home, which tends to provide a much faster service. Matthew Hare, its chief executive, said that 9m homes lacked access to superfast broadband, while 1.5m were suitable for network-building by Gigaclear. More than 400 communities had approached Gigaclear for improved internet access, he added. The company signs up rural communities to its service before starting work on building the network, which means that it has guaranteed revenues as soon as the network goes live. Mr Hare said that this reduced risk and provided an immediate project return of more than 10 per cent. The returns rise as more homes sign up to the service. In May, Gigaclear secured £5m in equity from Mr Woodford’s investment management group, which will leave him with a large stake in the business
after its flotation. The company aimed to raise about £20m initially, according to those familiar with the plans. Gigaclear already operates nine local networks and has five more under construction. There were fresh complaints this year that BT had secured a “near monopoly” of government money to fund broadband services for remote villages and towns by politicians. The Conservative MP Eric Ollerenshaw told the Commons that parts of Lancaster and whole villages in his constituency were being neglected by the telecoms group as it rolled out the programme to improve connection speeds. BT has secured the £530m of funds on offer under the government’s Broadband UK programme that aims to deliver superfast broadband connections to 90 per cent of the UK by 2015.
ALISON SMITH – CHIEF CORPORATE CORRESPONDENT
London is heading for a record year for initial public offerings, despite the waning of enthusiasm for some flotations earlier in the year, according to new analysis. Capita Asset Services, a subsidiary of the FTSE 100 outsourcer, estimates that main market IPOs will raise £11.7bn this year, more than any 12-month period since 1998, the year it started recording this information. Taking into account the amount raisedbycompaniesquotedonLondon’s junior Alternative Investment Market, the total reached by UK companies is expected to reach £18.5bn, more than twice the amount raised in 2013. The research sug gests that the number of IPOs in the main London
market will be the highest since the previous peak of 72 in 2000. There have already been 30 listings, all with an emphasis on consumerfocused stocks. Among them are the white goods retailer AO World; Saga, the travel and insurance group for the over50s; and the fast-food portal Just Eat. Justin Cooper, chief executive of the armofCapitathatdealswithIPOadministration, said the likely 2014 total reflected a healthier market than the £8.7bn in 2011, which was disproportionately boosted by the £6bn listing of Glencore Xstrata. “In 2011 there were just six main market listings excluding Glencore,” he said. Though the IPO market started strongly this year, investors lost their appetite for some of the new arrivals, which found their shares trading below the flotation price.
Some companies, such as low-cost airline Wizz Air and the clothing group Fat Face, pulled their flotations after several issues were poorly received. It is also clear that the possibility of a vote for Scottish independence this week could affect the prospects for listings, as companies considering IPOs think about the legal framework in which they may be operating in just a couple of years’ time. “New companies coming to market would need certainty as to the infrastructure and governance requirements for public companies,” Mr Cooper said. Possible IPO candidates this year include the UK breakdown group the RAC; the finance group Virgin Money; the challenger bank Aldermore; United Biscuits, which makes McVitie’s Digestives and Jaffa Cakes; and the shoe designer Jimmy Choo.
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Monday 15 September 2014
23
FINANCIAL TIMES
MARKET DATA WORLD STOCK MARKETS AT A GLANCE
FT.COM/MARKETSDATA
AMERICAS
EUROPE & AFRICA
US
UK
ASIA & MIDDLE EAST Japan Finland
Norway
China South Korea Sweden Canada Denmark Russia Netherlands
India Poland Taiwan
Belgium/Luxembourg France
Hong Kong
Germany
Philippines
Switzerland
Thailand
Mexico Brazil
South Africa
Country squares are proportional to the stock market value measured by the FTSE country index as of end-Aug 2014 Colour shows the change in the country’s headline index (in bold in the table below) over the latest day’s trading (%)
<-0.4 -0.2
0
+0.2 >+0.4
1,997.45
Italy
Singapore
Spain
Turkey
Indonesia
Israel
Chile
Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison Index All World Index All World Sep 12 2014 Sep 12 2014 S&P 500 New York S&P/TSX 60 Toronto 1,955.06
Australia Malaysia
15,524.82
Index
Sep 12 2014 FTSE 100
All World
6,741.25
Index
Sep 12 2014 Xetra Dax
London 6,806.96
All World
9,593.68
Index
Sep 12 2014 Nikkei 225
Frankfurt 9,510.14
All World
Tokyo
15,620.77
Index
Sep 12 2014 Kospi
15,521.22
All World
Seoul
2,071.14
2,041.86
15,619.21
Day -0.60%
Month 17.55%
Year 2.51%
Nasdaq Composite
Day 0.02%
New York
4,508.31
Month 22.86%
Year 2.15%
IPC
4,567.60
Day 0.11%
Mexico City
44,962.88
45,799.70
Month 3.32%
Year 2.65%
FTSE Eurofirst 300
Day -0.41%
Europe
1,346.97
Month 13.62%
Year 6.41%
Ibex 35
1,382.98
Day 0.25%
Madrid
10,937.40
Month 10.56%
Year 5.40%
Hang Seng
10,690.10
Day 0.38%
Hong Kong
Month 1.90%
Year 0.12%
FTSE Straits Times
24,732.21
Singapore
3,374.06
3,330.28
25,166.91
Day -0.53%
Month 22.62%
Year 3.78%
Dow Jones Industrial
Day 0.28%
New York
16,838.74
Month 12.29%
Year 2.38%
Bovespa
16,987.51
Day -0.07%
São Paulo
58,449.29
56,927.81
Month 10.86%
Year 4.75%
CAC 40
Day 0.02%
Paris
4,312.30
Month 22.69%
Year 6.82%
FTSE MIB
Day -0.27%
Milan
4,342.11
Month 7.23%
Year -0.21%
Shanghai Composite
20,645.54
Shanghai
Month 10.84%
Country
Index
Argentina Australia
Merval All Ordinaries S&P/ASX 200 S&P/ASX 200 Res ATX BEL 20 BEL Mid Bovespa S&P/TSX 60 S&P/TSX Comp S&P/TSX Met & Min IGPA Gen FTSE A200 FTSE B35 Shanghai A Shanghai B Shanghai Comp Shenzhen A Shenzhen B COLCAP CROBEX
Year 2.52% Sep 12
Sep 11
11054.09 5532.30 5531.10 4109.00 2304.39 3172.76 4701.21 56927.81 896.82 15531.58 880.98 19456.68 6475.84 9313.20 2441.27 262.28 2331.95 1352.35 973.20 1733.52 1858.20
10966.52 5546.90 5546.10 4091.90 2315.66 3175.42 4691.72 58337.29 896.61 15534.32 872.81 19537.90 6437.79 9317.41 2420.01 260.89 2311.68 1339.99 970.94 1744.09 1864.20
Day -2.42%
Month 6.79%
Country
Index
Year 0.86% Sep 12
Sep 11
Day 0.02%
Month 7.83%
Country
Year 5.81%
Index
Cyprus Czech Republic Denmark Egypt Estonia Finland France
CSE M&P Gen 114.97 114.36 Italy FTSE Italia All-Share PX 997.46 995.04 FTSE Italia Mid Cap OMXC Copenahgen 20 759.04 751.22 FTSE MIB EGX 30 9475.68 9587.35 Japan 2nd Section OMX Tallinn 766.41 767.20 Austria Nikkei 225 S&P Topix 150 OMX Helsinki General 7630.18 7643.03 Belgium Topix CAC 40 4441.70 4440.90 SBF 120 3464.10 3461.66 Jordan Amman SE Brazil Germany M-DAX 16164.77 16146.88 Kenya NSE 20 Canada TecDAX 1256.64 1254.98 Kuwait KSX Market Index Latvia OMX Riga XETRA Dax 9651.13 9691.28 Greece Athens Gen 1161.28 1166.60 Lithuania OMX Vilnius Chile FTSE/ASE 20 376.75 378.43 China Luxembourg Luxembourg General Hong Kong Hang Seng 24595.32 24662.64 Malaysia FTSE Bursa KLCI HS China Enterprise 11014.69 11032.91 Mexico IPC HSCC Red Chip 4812.58 4829.02 Morocco MASI Hungary Bux 18691.80 18638.28 Netherlands AEX AEX All Share India BSE Sensex 27061.04 26995.87 S&P CNX 500 6572.70 6554.75 New Zealand NZX 50 Colombia Nigeria SE All Share Indonesia Jakarta Comp 5143.71 5133.03 Ireland ISEQ Overall 4901.74 4889.09 Croatia Norway Oslo All Share Pakistan KSE 100 Israel Tel Aviv 100 1284.56 1282.44 (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.
Sep 12
Sep 11
22305.91 27124.17 21071.12 4140.28 15948.29 1102.20 1313.72 2129.01 5169.50 7487.95 423.19 456.88 866.67 1855.64 45799.70 9857.34 417.80 642.58 5223.97 40757.20 680.70 30044.89
22321.95 27059.08 21092.24 4139.93 15909.20 1098.98 1311.24 2125.86 5161.21 7479.82 426.56 455.26 871.38 1866.11 45672.60 9918.50 418.01 643.51 5262.32 40885.40 677.26 29858.37
Apple Yahoo Ebay Facebook Class A Bank Of America Microsoft Gilead Sciences Health Care Reit Exxon Mobil Amazon.com BIGGEST MOVERS Ups Yahoo Staples Best Buy Ebay Intercontinental Exchange
stock traded m's 62.1 29.1 20.7 19.5 19.4 16.6 14.9 10.7 9.8 9.7
close price 101.66 42.88 52.19 77.48 16.79 46.70 103.66 63.25 95.78 331.19
Day's change 0.23 1.62 1.51 -0.44 0.22 -0.31 -2.73 -3.24 -1.25 0.67
Close price
Day's change
Day's chng%
42.88 12.95 33.62 52.19 194.68
1.62 0.44 1.12 1.51 4.99
3.93 3.48 3.45 2.98 2.63
Downs Noble (the United Kingdom) 25.95 -1.35 -4.95 Health Care Reit 63.25 -3.24 -4.87 Ventas 61.19 -2.91 -4.54 Hcp 40.55 -1.90 -4.48 Diamond Offshore Drilling 39.83 -1.78 -4.28 Based on the constituents of the S&P500 and the Nasdaq 100 index
stock traded m's Bp 140.5 Glencore 125.6 Barclays 115.2 Royal Dutch Shell 109.8 Hsbc Holdings 97.3 Sabmiller 96.7 Glaxosmithkline 95.8 Rio Tinto 93.5 British American Tobacco 91.8 Astrazeneca 88.9
close price 470.15 358.75 230.00 2387.50 657.40 3405.50 1441.00 3205.00 3629.50 4522.00
Day's change -2.05 -2.35 4.50 -15.50 3.00 -14.00 11.00 1.00 9.50 -17.00
BIGGEST MOVERS
Close price
Day's change
Day's chng%
99.30 479.00 656.50 195.00 187.00
3.90 17.50 23.50 6.40 6.00
4.09 3.79 3.71 3.39 3.31
Downs Aveva 1620.00 -548.00 Kazakhmys 280.40 -7.40 Associated British Foods 2621.00 -56.00 Ocado 306.60 -6.10 Whitbread 4247.00 -81.00 Based on the constituents of the FTSE 350 index
-25.28 -2.57 -2.09 -1.95 -1.87
Ups Bwin.party Digital Entertainment Nmc Health Restaurant Moneysupermarket.com Exova
EURO MARKETS ACTIVE STOCKS Telefonica Santander Novartis N Intesa Sanpaolo Unicredit Novo Nordisk B A/s Roche Gs Bbva Sanofi Nestle N BIGGEST MOVERS Ups Cap Gemini Novo Nordisk B A/s Altice Zodiac Aerospace Assa Abloy Ab Ser. B
UK SERIES www.ft.com/equities £ Strlg Sep 11 6799.62 15621.35 16859.19 3686.28 3669.35 3697.20 3314.17 4442.09 3928.06 3621.17 3592.20 1105.93 7014.44 8718.37 3071.96 2914.00 776.07
£ Strlg Sep 10 6830.11 15672.66 16926.92 3702.15 3685.58 3715.11 3326.42 4459.01 3949.07 3636.71 3608.14 1109.12 7008.21 8714.36 3082.88 2928.84 775.61
Year Div P/E ago yield% Cover ratio 6583.80 3.40 2.15 13.68 15220.09 2.62 2.09 18.21 16516.89 2.66 2.24 16.76 3573.10 3.29 2.14 14.21 3558.97 3.30 2.16 14.02 3577.82 4.43 2.05 11.00 3217.13 1.99 2.37 21.23 4197.82 2.37 1.81 23.38 3734.51 2.28 2.58 16.99 3507.89 3.26 2.13 14.39 3483.42 3.29 2.16 14.06 1110.35 2.94 2.48 13.72 6043.13 2.55 -0.23 -168.64 7080.21 1.88 -2.75 -19.39 2886.61 2.38 1.69 24.90 2741.62 2.27 2.38 18.54 780.84 0.96 2.42 43.16
FTSE Sector Indices Oil & Gas (21) 8862.44 Oil & Gas Producers (14) 8383.38 Oil Equipment Services & Distribution (7) 23200.95 Basic Materials (32) 5464.62 Chemicals (7) 11020.51 Forestry & Paper (1) 12494.00 Industrial Metals & Mining (2) 1408.71 Mining (22) 16234.15 Industrials (115) 4398.20 Construction & Materials (13) 4227.94 Aerospace & Defense (9) 5137.45 General Industrials (6) 3400.06 Electronic & Electrical Equipment (12) 4894.11 Industrial Engineering (14) 10594.80 Industrial Transportation (8) 4116.25 Support Services (53) 6329.53 Consumer Goods (38) 16067.20 Automobiles & Parts (1) 8173.46 Beverages (6) 14189.57 Food Producers (11) 7735.86 Household Goods & Home Construction (12) 10195.67 Leisure Goods (2) 5146.55 Personal Goods (4) 21352.00 Tobacco (2) 41356.60 Health Care (18) 9533.26 Health Care Equipment & Services (8) 6096.04 Pharmaceuticals & Biotechnology (10) 13096.11 Consumer Services (92) 4333.32 Food & Drug Retailers (7) 3200.99 General Retailers (27) 2677.70 Media (24) 6427.52 Travel & Leisure (34) 7059.81 Telecommunications (8) 3493.37 Fixed Line Telecommunications (6) 4522.16 Mobile Telecommunications (2) 4583.75 Utilities (8) 8798.38 Electricity (3) 9493.16 Gas Water & Multiutilities (5) 8151.31 Financials (277) 4642.78 Banks (6) 4534.45 Nonlife Insurance (12) 2143.65 Life Insurance/Assurance (12) 7470.22 Index- Real Estate Investment & Services (25) 2611.69 Real Estate Investment Trusts (19) 2565.18 General Financial (28) 6671.02 Equity Investment Instruments (175) 7443.47 Non Financials (353) 4247.94 Technology (21) 1159.25 Software & Computer Services (13) 1244.98 Technology Hardware & Equipment (8) 1456.80
8900.71 8422.63 23070.08 5474.91 10948.84 12446.99 1389.38 16280.91 4380.19 4227.30 5116.37 3385.15 4849.08 10604.69 4091.04 6296.75 16005.64 8102.96 14213.10 7759.45 10080.61 5057.00 21117.61 41073.26 9485.57 6053.09 13032.64 4323.61 3216.72 2676.19 6388.49 7040.85 3485.36 4505.05 4577.44 8834.29 9471.39 8198.83 4621.07 4502.77 2130.58 7484.42 2604.31 2554.42 6615.08 7416.59 4244.12 1166.79 1277.05 1448.46
8956.84 8476.17 23183.85 5513.67 11009.47 12435.24 1425.96 16400.22 4396.83 4245.79 5128.57 3396.73 4824.49 10659.15 4101.15 6328.95 16044.56 8180.51 14344.00 7796.76 10047.88 5100.20 21011.60 41019.52 9558.25 6054.53 13139.91 4344.24 3238.83 2714.12 6401.16 7046.32 3512.36 4536.40 4615.11 8791.84 9224.01 8206.95 4634.63 4524.59 2132.98 7485.71 2608.08 2555.78 6658.80 7417.44 4264.23 1171.15 1287.07 1449.96
8312.31 7829.84 24197.14 5524.53 10998.93 12846.61 1736.93 16412.59 4431.64 4250.16 5318.51 3385.71 5194.90 10776.93 4621.86 6197.78 14969.03 8305.06 14662.18 6914.19 8713.92 4757.13 22535.22 36765.27 7934.83 4473.87 10992.62 4514.65 4887.99 2673.75 6242.02 6566.12 3541.89 4012.97 4935.45 8436.30 9912.27 7626.39 4585.25 4985.77 1998.33 6386.78 2475.93 2165.06 6151.79 6976.17 4080.91 1165.87 1266.35 1455.10
3.72 1.96 3.75 1.96 2.98 2.22 3.23 3.04 2.29 2.40 3.04 3.19 0.71 14.83 3.34 3.06 2.43 2.11 3.59 0.36 2.08 4.09 3.20 2.04 2.28 2.18 2.16 2.43 2.98 0.90 2.31 1.81 3.00 1.85 2.33 3.62 2.41 1.85 2.96 2.55 2.30 2.60 2.76 1.59 1.97 2.38 4.09 1.27 3.57 2.00 1.54 2.43 3.72 1.98 2.95 2.03 5.95 2.17 2.41 2.35 2.85 1.56 2.14 2.23 4.41 4.94 2.92 2.06 5.32 5.91 4.84 1.52 5.31 0.76 4.71 1.76 3.14 1.65 3.28 1.11 3.47 1.28 3.38 1.86 1.79 5.66 3.22 4.73 3.18 1.90 2.41 1.02 3.30 2.29 1.40 2.17 2.21 2.19 0.89 2.14
13.68 13.63 15.10 10.18 18.20 10.33 9.53 9.79 19.49 78.37 11.79 15.32 20.13 19.03 37.46 23.98 17.98 11.85 22.40 13.27 16.76 22.78 21.31 19.22 14.04 26.72 13.55 16.69 7.76 17.71 22.44 20.93 4.60 16.63 3.18 13.58 24.75 12.08 19.26 27.38 22.43 15.87 9.87 6.57 16.57 40.50 13.27 32.81 20.64 52.49
X/D adj 191.84 309.34 341.86 99.38 99.71 132.11 58.49 76.70 68.53 96.58 97.05 24.52 116.65 120.01 52.91 50.19 5.21
Total Return 5105.79 10583.01 11645.20 5593.13 2865.80 5649.33 3435.46 5905.12 5494.33 5559.77 2852.58 1826.59 12239.84 14865.92 5242.93 5164.53 821.26
259.22 247.86 499.92 175.69 206.58 379.57 9.30 546.43 79.95 129.56 73.83 66.77 76.42 188.35 104.06 110.36 441.01 190.35 311.22 163.17 206.97 104.69 320.64 1693.62 287.35 56.78 414.83 97.45 131.10 44.80 144.77 127.59 104.31 90.02 164.98 318.93 487.03 261.80 119.86 124.20 67.47 231.40 40.27 62.45 148.39 125.62 114.17 14.65 25.11 11.65
6977.55 6822.86 16207.99 5108.88 9256.27 12697.00 1219.25 7906.02 4232.03 4187.77 5153.57 3530.20 4204.23 12017.92 3290.73 6164.65 10947.79 7327.93 9388.43 6295.57 6748.86 4081.91 13287.67 24072.34 6664.04 5059.92 8116.07 3796.10 3564.05 2843.47 3664.74 6273.12 3467.84 3771.98 4024.45 8824.25 11917.76 8201.62 3896.86 2984.97 3495.57 6602.03 6553.28 2921.88 6974.99 3788.40 5702.99 1427.39 1594.66 1656.05
8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Hourly movements FTSE 100 6815.08 6805.93 6805.31 6802.60 6813.12 6818.27 6817.04 6804.93 6809.45 6832.02 6799.40 FTSE 250 15625.14 15652.24 15665.96 15703.26 15730.32 15732.13 15726.54 15706.52 15704.12 15736.97 15624.23 FTSE SmallCap 4442.40 4449.46 4448.96 4448.24 4450.34 4448.59 4448.51 4446.38 4445.81 4458.32 4442.40 FTSE All-Share 3628.09 3625.17 3625.35 3625.40 3630.98 3633.25 3632.52 3626.48 3628.37 3638.81 3623.69 Time of FTSE 100 Day's high:10:41:45 Day's Low13:48:00 FTSE 100 2010/11 High: 6878.49(14/05/2014) Low: 6449.27(04/02/2014) Time of FTSE All-Share Day's high:10:42:00 Day's Low08:54:00 FTSE 100 2010/11 High: 3685.07(24/02/2014) Low: 3464.12(04/02/2014) Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
UK RIGHTS OFFERS Issue price p 0.005 1295 0.235
Amount paid up -
Latest renun. date 2014-09-25 2014-09-25 2014-09-29
stock traded m's 332.7 285.2 264.7 225.2 224.1 199.3 188.5 175.7 169.4 169.3
close price 11.92 7.69 72.86 2.42 6.29 36.81 227.54 9.61 86.89 58.97
Day's change 0.00 0.03 0.00 -0.02 -0.02 0.95 0.00 0.00 0.90 0.00
Close price
Day's change
Day's chng%
57.32 36.81 45.26 25.89 39.83
1.80 0.95 0.86 0.42 0.62
3.24 2.66 1.93 1.65 1.57
Downs Edp 3.39 -0.12 -3.50 Seadrill 24.43 -0.76 -3.03 Kinnevik , Investment Ab Ser. B 27.96 -0.69 -2.42 Heineken 59.43 -1.32 -2.17 Edf 25.27 -0.56 -2.15 Based on the constituents of the FTSEurofirst 300 Eurozone index
FTSE ACTUARIES SHARE INDICES
8659.06 8190.99 22668.52 5339.22 10767.61 12207.28 1376.39 15861.60 4297.27 4130.92 5019.55 3322.03 4781.79 10351.67 4021.79 6184.28 15698.48 7985.89 13863.94 7558.34 9961.69 5028.45 20862.00 40407.52 9314.49 5956.15 12795.57 4233.88 3127.54 2616.25 6280.02 6897.80 3413.21 4418.39 4478.56 8596.47 9275.31 7964.25 4536.24 4430.39 2094.46 7298.79 2551.75 2506.31 6517.93 7272.66 4150.46 1132.64 1216.41 1423.37
Month 20.25%
Country
Index
Philippines Poland Portugal
Manila Comp Wig PSI 20 PSI General BET Index Micex Index RTX TADAWUL All Share Index FTSE Straits Times SAX SBI TOP FTSE/JSE All Share FTSE/JSE Res 20 FTSE/JSE Top 40 Kospi Kospi 200 IBEX 35 CSE All Share OMX Stockholm 30 OMX Stockholm AS SMI Index Weighted Pr
Romania Russia Saudi-Arabia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan
Year 8.52% Sep 12
Sep 11
7201.88 54021.81 5896.45 2622.58 7085.57 1458.52 1213.27 11063.14 3345.55 206.84 813.34 51247.71 55141.38 45865.20 2041.86 261.39 10888.90 7218.68 1388.59 446.47 8795.93 9223.18
7202.06 54065.27 5922.06 2633.36 7083.71 1449.63 1217.88 11126.01 3347.28 51230.89 54797.29 45830.54 2034.16 259.80 10886.30 7199.25 1382.85 444.59 8829.01 9322.95
TOKYO ACTIVE STOCKS
stock traded m's Softbank . 2539.0 Toyota Motor 1163.3 Fast Retailing Co., 637.0 Fanuc 458.4 Mitsubishi Ufj Financial,. 440.2 Sumitomo Mitsui Financial,. 386.7 Honda Motor Co., 374.7 Kddi 351.8 Sony 333.8 Nippon Telegraph And Telephone 314.1
close price 8365.00 6303.00 34125.00 18655.00 621.90 4424.00 3687.00 6403.00 2127.00 6938.00
Day's change 185.00 85.00 -10.00 -140.00 3.30 22.50 23.50 -14.00 22.50 -127.00
Close price
Day's change
Day's chng%
1066.00 1594.00 241.00 580.00 3188.00
54.00 49.50 7.00 15.00 80.50
5.34 3.20 2.99 2.65 2.59
Downs Mitsumi Electric Co., 854.00 -22.00 Fujitsu 681.60 -14.40 Alps Electric Co., 1665.00 -33.00 Ntn 471.00 -9.00 Nippon Telegraph And Telephone 6938.00 -127.00 Based on the constituents of the Nikkei 225 index
-2.51 -2.07 -1.94 -1.88 -1.80
BIGGEST MOVERS Ups Sumco Astellas Pharma . Shinsei Bank, Dainippon Screen Mfg.co., Fuji Heavy Industries
FTSE 100 Winners Barratt Developments Pearson Shire Kingfisher Meggitt Burberry Imperial Tobacco Persimmon Intercontinental Hotels Easyjet Morrison (wm) Supermarkets Mondi
Sep 12 price(p)
%Chg week
%Chg ytd
Low 1.1 1510 6.6
Day 0.88%
Month 4.05%
Country
Index
Thailand Turkey UAE UK
Bangkok SET BIST 100 Abu Dhabi General Index FT 30 FTSE 100 FTSE 4Good UK FTSE All Share FTSE techMARK 100 DJ Composite DJ Industrial DJ Transport DJ Utilities Nasdaq 100 Nasdaq Cmp NYSE Comp Russell 2000 S&P 500 Wilshire 5000 IBC VNI DJ Global Titans ($) Euro Stoxx 50 (Eur)
USA
Venezuela Vietnam Cross-Border
Year 4.82% Sep 12
Sep 11
1581.36 82193.10 5180.23 2724.20 6806.96 5954.83 3627.85 3361.66 6070.92 16987.51 8552.28 549.64 4069.23 4567.60 10911.39 1160.61 1985.54 21041.43 2715.93 632.50 243.89 3235.07
1580.87 5115.99 2713.70 6799.62 5944.17 3621.17 3357.20 6101.02 17049.00 8555.61 559.90 4092.65 4591.81 10975.99 1172.34 1997.45 21182.54 2688.57 628.99 244.73 3237.76
389.30 1178.00 5295.00 319.00 485.40 1537.00 2753.00 1369.00 2349.00 1395.00 176.50 1063.00
6.5 6.2 5.4 4.3 3.2 3.0 2.6 2.5 2.4 2.1 1.8 1.7
11.5 -12.2 85.7 -17.1 -8.0 1.4 17.8 10.5 7.7 -9.2 -32.4 1.6
Losers Associated British Foods 2621.00 -9.9 7.2 London Stock Exchange 1869.00 -8.4 7.8 Fresnillo 816.00 -6.0 9.5 Old Mutual 194.00 -5.3 2.6 Hargreaves Lansdown 1005.00 -5.3 -25.8 Anglo American 1483.00 -5.2 12.3 Whitbread 4247.00 -5.1 13.2 Babcock International 1065.00 -3.8 -21.4 Antofagasta 764.00 -3.8 -7.3 Petrofac 1062.00 -3.6 -13.2 Next 6945.00 -3.6 27.4 Admiral 1243.00 -3.6 -5.1 Based on last week's performance. †Price at suspension.
COMMODITIES
www.ft.com/commodities Energy Price* Change Agricultural & Cattle Futures Price* Change Crude Oil† Sep 92.91 0.08 Corn♦ Dec 341.00 0.00 Brent Crude Oil‡ 97.90 -0.18 Wheat♦ Dec 505.50 -4.00 RBOB Gasoline† Sep 2.53 0.01 Soybeans♦ Nov 984.50 3.00 Heating Oil† Sep 2.76 0.00 Soybeans meal♦ Oct 338.70 -0.10 Natural Gas† Sep 3.81 -0.01 Cocoa (ICE Liffe)X Dec 1983.00 14.00 Ethanol♦ Oct 1.81 -0.01 Cocoa (ICE US)♥ Dec 3040.00 12.00 Uranium Sep 33.00 - Coffee(Robusta)X Sep 1978.00 8.00 Carbon Emissions Oct - Coffee (Arabica)♥ Dec 184.20 -1.25 Diesel Sep - White SugarX 416.60 -0.80 Unleaded - Sugar 11♥ 14.27 -0.09 Base Metals (♠ LME 3 Months) Cotton♥ Oct 69.80 -0.99 Aluminium 2053.00 13.00 Orange Juice♥ Nov 146.70 -0.45 Alluminum Alloy 2160.00 30.00 Palm Oil Oct 2093.00 8.00 Copper 6851.00 15.00 Live Cattle♣ Oct 158.03 0.65 Lead 2122.75 3.75 Feeder Cattle♣ Nickel 18478.00 105.00 Lean Hogs♣ Oct 105.73 -0.65 Tin 21205.00 105.00 % Chg % Chg Zinc 2281.00 6.00 Sep 11 Month Year Precious Metals (PM London Fix) Gold 1241.25 -9.75 S&P GSCI Spt 588.72 -2.99 Silver 1870.00 -31.00 DJ UBS Spot 121.63 -2.83 Platinum 1378.00 -4.00 R/J CRB TR Palladium 846.00 -10.00 Rogers RICIX TR 3372.82 Bulk Commodities M Lynch MLCX Spt 100.41 5.63 14.85 Iron Ore (Platts) 82.75 -0.25 UBS Bberg CMCI TR 19.81 -4.16 -4.58 Iron Ore (The Steel Index) 81.90 -0.30 LEBA EUA Carbon GlobalCOAL RB Index 67.85 -0.15 LEBA CER Carbon Baltic Dry Index 1181.00 -5.00 LEBA UK Power 3128.00 84.54 84.54 Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X NYSE Liffe, ♥ NYBOT, ♣ CME, ♠ LME/London Metal Exchange. * Latest prices, $ unless otherwise stated. ± Platts. ≠ The Steel Index.
FTSE 250 Winners Petra Diamonds Dechra Pharmaceuticals Bwin.party Digital Entertainment Domino Printing Sciences Telecity Fidelity China Special Situations Just Eat Qinetiq Btg Polar Capital Technology Trust Supergroup Genus
Sep 12 price(p)
%Chg week
%Chg ytd
196.30 764.50 99.30 608.50 770.50 122.40 297.60 225.70 664.50 507.00 1230.00 1155.00
10.2 4.6 4.0 4.0 3.7 3.3 3.2 2.8 2.7 2.5 2.5 2.4
66.1 8.8 -19.3 -20.5 6.2 15.3 4.0 15.7 3.0 -13.1 -10.9
FTSE SmallCap Winners Consort Medical Gleeson (m.j.) Gem Diamonds Charles Taylor Biotech Growth Trust (the) Capital Gearing Trust Batm Advanced Communications Ld Gulf Marine Services Aberdeen Asian Smaller Companies Investment Trust Chesnara Shanks S&U
Losers Aveva Ao World Ashmore Esure Imagination Bank Of Georgia Holdings Kazakhmys Balfour Beatty Cable & Wireless Communications Al Noor Hospitals Entertainment One Grainger
1620.00 194.20 328.20 235.20 200.40 2401.00 280.40 226.00 46.75 1055.00 329.00 192.40
-25.1 -9.5 -7.5 -7.4 -7.3 -7.0 -7.0 -6.7 -6.3 -6.1 -6.0 -5.8
-25.1 -18.2 -5.8 12.6 0.3 28.3 -21.2 -16.9 17.5 26.9 -5.6
Losers New World Resources New World Resources Hogg Robinson Trinity Mirror Darty Premier Foods Carpetright Trifast Hardy Oil & Gas Hilton Food Innovation Lamprell
FT 30 INDEX
27,061.04
Day 0.24% Country
Month 35.32%
Year 6.04%
Index Euronext 100 ID FTSE 4Good Global ($) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($) FTSE Gold Min ($) FTSE Latibex Top (Eur) FTSE Multinationals ($) FTSE World ($) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($) MSCI All World ($) MSCI Europe (Eur) MSCI Pacific ($) S&P Euro (Eur) S&P Europe 350 (Eur) S&P Global 1200 ($) Stoxx 50 (Eur)
Sep 12
Sep 11
846.53 5727.27 280.83 1382.98 2807.02 1350.37 1468.68 4248.30 1565.66 495.53 4087.61 4253.65 428.16 1736.99 1402.34 2441.37 1388.19 1413.80 1925.46 3068.46
847.41 5738.38 282.14 1383.94 2808.74 1354.99 1461.53 4321.80 1565.02 497.90 4089.39 4260.11 428.16 1735.79 1402.53 2451.53 1390.18 1414.59 1932.54 3071.22
FTSE SECTORS - LEADERS & LAGGARDS Year to date percentage changes Health Care Eq & Srv 22.99 Tobacco 13.62 Health Care 13.57 Pharmace & Biotech 12.95 Real Est Invest & Tr 11.64 Household Goods & Ho 9.47 Gas Water & Multi 8.79 Utilities 7.56 Life Insurance 6.41 Consumer Goods 5.48 Food Producers 5.18 Equity Invest Instr 3.90 Electricity 3.36 Mining 2.90 Oil Equipment & Serv 2.74 General Retailers 2.61 Basic Materials 2.05 Nonlife Insurance 1.83
Forestry & Paper Oil & Gas Oil & Gas Producers Fixed Line Telecomms FTSE 100 Index NON FINANCIALS Index FTSE SmallCap Index FTSE All{HY-}Share Index Financials Financial Services Personal Goods Industrial Eng FTSE 250 Index Travel & Leisure Support Services Media Real Est Invest & Se Leisure Goods
Stock Continental Coal Ltd London Stock Exchange Group PLC New World Resources PLC
closing Price p 1.1 2034 8.25
+or-27 -0.35
1.63 1.27 1.21 0.93 0.86 0.65 0.61 0.51 0.01 -0.27 -0.93 -1.01 -1.40 -1.63 -1.77 -2.33 -2.53 -2.90
Beverages Software & Comp Serv Construct & Material Industrials Banks Industrial Metals & Chemicals Consumer Services Technology Automobiles & Parts Aerospace & Defense Tech Hardware & Eq Telecommunications Industrial Transport Electronic & Elec Eq Mobile Telecomms Food & Drug Retailer
-3.01 -4.17 -4.62 -4.97 -4.98 -5.27 -5.62 -6.22 -6.50 -6.83 -7.93 -8.44 -11.61 -13.30 -15.32 -16.75 -29.09
FTSE GLOBAL EQUITY INDEX SERIES Sep 12 Regions & countries FTSE Global All Cap FTSE Global All Cap FTSE Global Large Cap FTSE Global Mid Cap FTSE Global Small Cap FTSE All-World FTSE World FTSE Global All Cap ex UNITED KINGDOM In FTSE Global All Cap ex USA FTSE Global All Cap ex JAPAN FTSE Developed FTSE Developed All Cap FTSE Developed Large Cap FTSE Developed Europe Large Cap FTSE Developed Europe Mid Cap FTSE Dev Europe Small Cap FTSE North America Large Cap FTSE North America Mid Cap FTSE North America Small Cap FTSE North America FTSE Developed ex North America FTSE Japan Large Cap FTSE Japan Mid Cap FTSE Global wi JAPAN Small Cap FTSE Japan FTSE Asia Pacific Large Cap ex Japan FTSE Asia Pacific Mid Cap ex Japan FTSE Asia Pacific Small Cap ex Japan FTSE Asia Pacific Ex Japan FTSE Emerging All Cap FTSE Emerging Large Cap FTSE Emerging Mid Cap FTSE Emerging Small Cap FTSE Emerging Europe FTSE Latin America All Cap FTSE Middle East and Africa All Cap FTSE Global wi UNITED KINGDOM All Cap In FTSE Global wi USA All Cap FTSE Europe All Cap FTSE Eurobloc All Cap FTSE RAFI All World 3000 FTSE RAFI US 1000 FTSE EDHEC-Risk Efficient All-World FTSE EDHEC-Risk Efficient Developed Europe
No of stocks 7453 6818 1297 1662 4494 2959 2487 7122 5482 6223 2071 5610 867 191 318 718 324 393 1495 717 1354 167 295 768 462 455 452 1293 907 1843 430 458 955 83 241 200 331 1971 1370 635 3032 1027 2959 509
US $ indicies 482.67 494.22 428.03 633.18 673.49 282.13 497.79 492.82 485.44 496.41 446.33 468.63 414.16 383.73 521.96 722.61 434.71 676.31 692.44 293.11 250.93 316.47 438.03 506.10 129.54 664.46 877.61 595.85 524.45 765.02 729.40 938.93 773.94 424.18 1159.19 813.97 383.85 496.02 431.09 400.44 6180.46 9084.09 322.73 292.76
Day % 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 -0.4 0.0 0.1 0.1 0.2 0.1 -0.3 -0.5 0.4 0.2 0.3 0.3 -0.1 0.1 0.0 -0.1 0.1 -1.2 -0.7 -0.7 -1.1 -1.3 -1.4 -0.7 -0.7 -0.7 -1.0 -1.4 0.2 0.4 -0.1 -0.1 -0.1 0.2 -0.1 -0.2
Mth % 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 -0.4 0.0 0.1 0.1 0.2 0.1 -0.3 -0.5 0.4 0.2 0.3 0.3 -0.1 0.1 0.0 -0.1 0.1 -1.2 -0.7 -0.7 -1.1 -1.3 -1.4 -0.7 -0.7 -0.7 -1.0 -1.4 0.2 0.4 -0.1 -0.1 -0.1 0.2 -0.1 -0.2
YTD Total % retn 4.8 640.90 5.7 644.92 4.9 580.17 4.8 807.10 3.9 833.74 4.9 394.93 4.7 935.60 5.3 645.91 2.1 680.78 5.3 664.78 4.4 596.83 4.3 620.38 4.4 560.57 -1.4 582.28 -2.4 727.65 -3.6 981.33 8.1 556.26 8.2 816.93 5.0 813.65 8.2 384.81 -0.5 377.37 -2.7 384.72 1.9 517.31 5.8 616.09 -1.8 177.15 8.2 957.35 10.5 1225.75 8.7 821.07 8.5 803.65 9.4 1054.93 9.9 1010.99 7.8 1292.71 8.2 1031.67 -7.3 591.89 8.7 1649.64 11.0 1171.17 -1.9 581.56 7.6 619.50 -1.9 635.87 -2.9 599.06 4.5 7508.59 7.6 11131.89 6.7 422.13 -0.6 415.03
YTD % 6.7 7.6 7.0 6.4 5.2 6.9 6.7 7.2 4.5 7.3 6.4 6.2 6.4 1.6 -0.2 -1.7 9.8 9.4 6.0 9.7 2.0 -1.5 2.9 7.0 -0.6 11.0 12.9 11.1 11.3 12.2 12.7 10.3 10.7 -4.3 11.4 13.3 0.8 9.0 0.8 -0.4 6.8 9.3 8.5 1.8
Sep 12 No of US $ Day Mth YTD Total YTD Gr Div Sectors stocks indicies % % % retn % Yield Oil & Gas 173 499.10 -0.4 -0.4 5.2 729.15 7.5 2.9 Oil & Gas Producers 119 451.26 -0.5 -0.5 4.2 669.85 6.6 3.0 Oil Equipment & Services 45 536.07 0.0 0.0 9.9 718.17 11.9 2.4 Basic Materials 277 488.79 -0.5 -0.5 0.0 692.27 2.2 2.6 Chemicals 116 645.91 -0.1 -0.1 0.9 922.42 2.9 2.4 Forestry & Paper 18 199.15 -0.6 -0.6 -5.6 309.08 -3.0 3.0 Industrial Metals & Mining 79 505.65 -0.5 -0.5 -0.2 716.73 1.6 2.3 Mining 64 730.48 -1.0 -1.0 -0.9 1020.87 1.9 3.2 Industrials 523 320.90 -0.1 -0.1 1.5 433.86 3.2 2.1 Construction & Materials 117 468.30 -0.6 -0.6 3.8 664.38 5.7 2.1 Aerospace & Defense 28 487.26 0.3 0.3 -0.7 654.20 0.8 2.0 General Industrials 53 220.31 -0.1 -0.1 -1.8 317.86 0.0 2.6 Electronic & Electrical Equipment 65 341.41 0.0 0.0 6.2 427.93 7.7 1.6 Industrial Engineering 101 651.94 -0.4 -0.4 -1.9 866.00 -0.3 2.1 Industrial Transportation 92 583.95 -0.4 -0.4 9.0 789.11 10.9 2.1 Support Services 67 272.55 0.2 0.2 0.5 354.63 2.1 2.1 Consumer Goods 396 406.11 0.0 0.0 1.3 560.08 3.2 2.4 Automobiles & Parts 94 399.77 -0.2 -0.2 -2.2 529.79 -0.5 2.1 Beverages 47 544.43 0.3 0.3 3.5 759.52 5.4 2.5 Food Producers 100 558.68 -0.2 -0.2 5.1 796.83 7.2 2.3 Household Goods & Home Construction 45 373.37 0.5 0.5 1.7 512.53 3.7 2.4 Leisure Goods 25 125.78 0.0 0.0 -1.7 158.34 -0.7 1.2 Personal Goods 72 576.87 -0.1 -0.1 -4.3 763.96 -2.9 1.8 Tobacco 13 1090.56 0.4 0.4 6.9 2013.04 10.2 4.1 Health Care 150 423.88 0.4 0.4 14.0 577.20 15.9 1.9 Health Care Equipment & Services 55 549.26 -0.1 -0.1 13.6 621.29 14.5 1.1 Pharmaceuticals & Biotechnology 95 330.58 0.6 0.6 14.2 466.46 16.3 2.2 Consumer Services 369 360.20 0.0 0.0 1.4 458.16 2.7 1.7 Food & Drug Retailers 56 289.14 -0.1 -0.1 1.9 382.26 3.7 2.2 General Retailers 112 449.63 0.0 0.0 -1.3 559.34 0.1 1.7 Media 89 291.69 -0.2 -0.2 4.6 371.27 5.7 1.6 Travel & Leisure 112 356.38 0.2 0.2 1.0 457.30 2.4 1.7 Telecommunication 95 177.45 -0.4 -0.4 0.8 296.92 4.0 4.1 Fixed Line Telecommuniations 45 143.05 -0.2 -0.2 3.5 259.75 7.1 4.8 Mobile Telecommunications 50 196.42 -0.6 -0.6 -1.9 300.96 1.0 3.3 Utilities 162 268.75 -0.3 -0.3 9.8 470.02 13.1 3.8 Electricity 112 275.91 -0.3 -0.3 10.2 478.60 13.7 3.8 Gas Water & Multiutilities 50 314.22 -0.3 -0.3 9.2 561.32 12.4 3.9 Financials 642 219.31 0.0 0.0 3.6 328.99 5.9 2.7 Banks 238 212.30 0.1 0.1 2.9 337.81 5.4 3.1 Nonlife Insurance 66 206.31 0.3 0.3 3.2 279.75 5.3 2.3 Life Insurance 47 210.82 -0.1 -0.1 2.0 310.23 4.2 2.5 Financial Services 134 223.38 0.2 0.2 2.8 290.39 4.2 1.8 Technology 172 170.22 0.5 0.5 14.9 198.84 16.4 1.6 Software & Computer Services 74 280.38 0.2 0.2 10.8 317.32 11.8 1.0 Technology Hardware & Equipment 98 133.50 0.9 0.9 18.6 159.39 20.7 2.0 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Company Ambrian Fairpoint Group IPSA Group North American Income Trust (The) President Energy Savannah Resources Wetherspoon (J D)
Sep 12 price(p)
%Chg week
%Chg ytd
1030.00 384.00 211.25 242.25 565.00 3350.00 17.00 155.50 1010.00 360.00 109.00 1870.00
8.3 8.2 5.6 5.3 5.1 4.7 4.6 4.4 4.1 3.6 3.6 3.3
0.19 2.46 50.00 179.00 74.50 40.75 458.75 107.00 95.00 433.50 29.00 168.25
-62.2 -12.7 -11.4 -10.2 -8.9 -7.1 -6.6 -5.9 -5.8 -5.7 -5.5
Sep 12 price(p)
%Chg week
%Chg ytd
7.6 19.3 45.4 -3.9 20.7 5.3 -13.9 15.5 11.9 0.5 19.9
Industry Sectors Winners Personal Goods Forestry & Paper Tobacco Household Goods Aerospace & Defense Pharmaceuticals & Biotech. Health Care Equip.& Services Electronic & Electrical Equip. Banks Industrial Transportation Fixed Line Telecommunication Media
24524.03 11449.95 41356.52 12200.87 4957.45 13216.11 6000.23 3776.33 4592.32 2738.42 4451.57 6309.01
2.4 1.7 1.7 1.5 0.7 0.6 0.5 0.3 0.3 -0.1 -0.2 -0.3
-1.1 1.6 13.7 9.6 -8.0 12.9 24.2 -16.8 -4.9 -15.3 0.9 -2.1
-96.6 -36.5 -12.3 -36.7 -67.4 -8.8 33.8 26.7 1.7 -16.5 20.0
Losers Software & Computer Services Food Producers Automobiles & Parts Mining Oil Equipment & Services Life Insurance Gas Water & Multiutilities Oil & Gas Producers Industrial Engineering Real Estate Investment Trusts General Financial Support Services
1122.24 7688.87 8131.79 16909.58 22490.07 7362.96 6167.75 8328.23 10270.86 2845.21 7798.00 6397.13
-4.2 -2.9 -2.7 -2.3 -2.1 -1.9 -1.8 -1.8 -1.7 -1.6 -1.6 -1.5
-4.2 5.8 -6.9 3.1 1.7 6.4 8.7 1.1 -1.2 12.0 -0.2 -1.8
FTSE 100 SUMMARY
Sep 12 Sep 11 Sep 10 Sep 09 Sep 08 Yr Ago High Low FT 30 2724.20 2718.40 2728.50 2725.80 0.00 2856.60 2562.00 FT 30 Div Yield 1.85 1.85 1.85 1.85 0.00 3.93 2.74 P/E Ratio net 24.16 24.06 24.10 24.17 0.00 19.44 14.26 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 FT 30 hourly changes 8 9 10 11 12 13 14 15 16 High Low 2713.7 2721.1 2719.7 2720.5 2726.3 2727.5 2727.2 2721.4 2723.1 2731.0 2713.7 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Gr Div Yield 2.3 2.3 2.5 2.0 1.8 2.4 2.4 2.3 2.8 2.4 2.3 2.3 2.4 3.3 2.5 2.4 2.1 1.6 1.4 2.0 2.8 1.9 1.5 1.6 1.8 2.9 2.5 2.6 2.9 2.9 2.9 2.9 2.5 3.7 3.3 2.6 3.3 1.9 3.1 3.0 2.8 2.2 2.2 2.8
UK COMPANY RESULTS High 2.15 2061 98
Mumbai
26,390.96
UK MARKET WINNERS AND LOSERS
LONDON ACTIVE STOCKS
Produced in conjunction with the Institute and Faculty of Actuaries £ Strlg Day's Euro Sep 12 chge% Index FTSE 100 (100) 6806.96 0.11 6650.75 FTSE 250 (250) 15711.85 0.58 15351.28 FTSE 250 ex Inv Co (211) 16960.95 0.60 16571.72 FTSE 350 (350) 3692.87 0.18 3608.12 FTSE 350 ex Inv Co (311) 3675.72 0.17 3591.37 FTSE 350 Higher Yield (96) 3698.08 0.02 3613.21 FTSE 350 Lower Yield (254) 3325.92 0.35 3249.60 FTSE SmallCap (280) 4458.32 0.37 4356.01 FTSE SmallCap ex Inv Co (144) 3945.35 0.44 3854.81 FTSE All-Share (630) 3627.85 0.18 3544.60 FTSE All-Share ex Inv Co (455) 3598.60 0.18 3516.01 FTSE All-Share ex Multinationals (565) 1110.07 0.37 898.93 FTSE Fledgling (105) 7008.33 -0.09 6847.50 FTSE Fledgling ex Inv Co (56) 8716.03 -0.03 8516.01 FTSE All-Small (385) 3082.43 0.34 3011.69 FTSE All-Small ex Inv Co Index (200) 2926.22 0.42 2859.07 FTSE AIM All-Share Index (832) 776.94 0.11 759.11 -0.43 -0.47 0.57 -0.19 0.65 0.38 1.39 -0.29 0.41 0.02 0.41 0.44 0.93 -0.09 0.62 0.52 0.38 0.87 -0.17 -0.30 1.14 1.77 1.11 0.69 0.50 0.71 0.49 0.22 -0.49 0.06 0.61 0.27 0.23 0.38 0.14 -0.41 0.23 -0.58 0.47 0.70 0.61 -0.19 0.28 0.42 0.85 0.36 0.09 -0.65 -2.51 0.58
Year 1.29%
2,345.83
Day -0.10%
STOCK MARKET - BIGGEST MOVERS AMERICA ACTIVE STOCKS
Month 7.20%
BSE Sensex
2,283.92
20,887.53
Day -0.36%
Day -0.05%
FTSE 100
Closing Day's Price Change FTSE 100
3I Group PLC Aberdeen Asset Management PLC Admiral Group PLC Aggreko PLC Anglo American PLC Antofagasta PLC Arm Holdings PLC Ashtead Group PLC Associated British Foods PLC Astrazeneca PLC Aviva PLC Babcock International Group PLC Bae Systems PLC Barclays PLC Barratt Developments PLC Bg Group PLC Bhp Billiton PLC BP PLC British American Tobacco PLC British Land Company PLC British Sky Broadcasting Group PLC Bt Group PLC Bunzl PLC Burberry Group PLC Capita PLC Carnival PLC Centrica PLC Coca-Cola Hbc AG Compass Group PLC Crh PLC Diageo PLC Easyjet PLC Experian PLC Fresnillo PLC Friends Life Group Limited G4S PLC Gkn PLC Glaxosmithkline PLC Glencore PLC Hammerson PLC Hargreaves Lansdown PLC HSBC Holdings PLC Imi PLC Imperial Tobacco Group PLC Intercontinental Hotels Group PLC International Consolidated Airlines Group S.A. Intertek Group PLC Intu Properties PLC Itv PLC Johnson Matthey PLC Kingfisher PLC
378.20 432.20 1.24k 1.62k 1.48k 764.00 954.50 1.03k 2.62k 4.52k 525.50 1.06k 459.00 230.00 389.30 1.18k 1.85k 470.15 3.63k 720.00 874.00 389.40 1.61k 1.54k 1.18k 2.38k 322.00 1.37k 973.50 1.48k 1.81k 1.40k 1.07k 816.00 303.40 259.50 347.80 1.44k 358.75 599.50 1.00k 657.40 1.31k 2.75k 2.35k 374.00 2.74k 341.20 216.50 3.17k 319.00
3.40 1.00 8.00 -28.00 -12.00 -3.00 6.00 7.00 -56.00 -17.00 -5.50 5.00 2.00 4.50 10.00 -3.00 -0.50 -2.05 9.50 -0.50 6.00 1.60 -9.00 18.00 5.00 8.00 -1.60 -7.00 -2.50 2.00 -1.50 7.00 5.00 -3.00 2.10 4.90 3.00 11.00 -2.35 4.00 1.00 3.00 0.00 49.00 24.00 -0.30 14.00 1.40 -0.30 20.00 -1.00
Closing Day's Price Change
Land Securities Group PLC Legal & General Group PLC Lloyds Banking Group PLC London Stock Exchange Group PLC Marks And Spencer Group PLC Meggitt PLC Mondi PLC Morrison (Wm) Supermarkets PLC National Grid PLC Next PLC Old Mutual PLC Pearson PLC Persimmon PLC Petrofac Limited Prudential PLC Randgold Resources LD Reckitt Benckiser Group PLC Reed Elsevier PLC Rexam PLC Rio Tinto PLC Rolls-Royce Holdings PLC Royal Bank Of Scotland Group PLC Royal Dutch Shell PLC Royal Dutch Shell PLC Royal Mail PLC Rsa Insurance Group PLC Sabmiller PLC Sage Group PLC Sainsbury (J) PLC Schroders PLC Severn Trent PLC Shire PLC Smith & Nephew PLC Smiths Group PLC Sports Direct International PLC Sse PLC St. James's Place PLC Standard Chartered PLC Standard Life PLC Tesco PLC Travis Perkins PLC Tui Travel PLC Tullow Oil PLC Unilever PLC United Utilities Group PLC Vodafone Group PLC Weir Group PLC Whitbread PLC Wolseley PLC Wpp PLC Xstrata PLC
1.06k 238.10 74.58 1.87k 425.00 485.40 1.06k 176.50 897.50 6.94k 194.00 1.18k 1.37k 1.06k 1.43k 4.62k 5.42k 992.50 496.30 3.20k 1.02k 349.70 2.48k 2.39k 423.40 475.00 3.41k 382.80 287.10 2.45k 1.95k 5.30k 1.08k 1.35k 712.50 1.49k 700.00 1.24k 410.60 228.65 1.68k 360.10 706.50 2.70k 849.00 203.65 2.70k 4.25k 3.28k 1.27k 1.03k
1.00 1.50 0.50 2.00 -0.70 -0.20 4.00 -1.30 -6.00 -5.00 -2.40 24.00 21.00 -11.00 0.50 -27.00 50.00 5.50 1.00 1.00 3.00 3.70 -18.00 -15.50 0.80 1.90 -14.00 -0.10 1.80 20.00 -14.00 70.00 4.00 11.00 -1.50 5.00 3.50 -1.00 -2.80 -1.55 14.00 -1.60 9.00 4.00 -5.00 0.20 -16.00 -81.00 29.00 3.00 7.08
UK STOCK MARKET TRADING DATA Sep 12 Sep 11 Sep 10 Sep 09 Sep 08 Yr Ago SEAQ Bargains 9594.00 6887.00 6140.00 8180.00 7667.00 7667.00 Order Book Turnover (m) 24.43 24.15 32.51 30.98 30.13 30.13 Order Book Bargains 539585.00 603021.00 553284.00 600276.00 570013.00 570013.00 Order Book Shares Traded (m) 1097.00 1162.00 1105.00 1323.00 1139.00 1139.00 Total Equity Turnover (£m) 3463.79 3259.74 2868.19 2665.90 2973.73 2973.73 Total Mkt Bargains 634780.00 717375.00 630155.00 686219.00 696376.00 696376.00 Total Shares Traded (m) 5517.00 3471.00 3021.00 3916.00 4251.00 4251.00 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. (c) Market closed.
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar
ß
®
www.morningstar.co.uk
UK RECENT EQUITY ISSUES Int Int Pre Int Int Int Pre
Turnover 1528.402 1383.317 13.957 13.942 4.327 3.707 5.839 1409.333
5.725 1280.929
1.165 1.011 0.368 19.996 1.934L 0.919L 78.365
Pre-tax 1.307 2.475 1.876L 40.379 2.903L 0.261L 57.143
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. For more information on dividend payments visit www.ft.com/marketsdata
0.008 1.87 0.34 13.8 0.006L 0.6L 33.9
EPS(p) 0.008 4.51 1.74L 16.57 0.01L 0.47L 37.8
Div(p) 2.3 6 8
2.15 5.5 8
Pay day Oct 24 Oct 31 Nov 27
Total 6.15 16 12
5.7 18.5 12
Issue date 09/11 09/11 09/10 09/10 09/02 08/28 08/28 08/28 08/27 08/22 08/19 08/12 08/05
Issue price(p) 50.00 50.00 50.00 45.00
Sector
AIM AIM AIM AIM
Stock code LSEN LSEF NWRN NWRF PERA FJVS GNI MED AUCT ATQT IGCS FFX
Stock London Stock Exchange Group PLC London Stock Exchange Group PLC New World Resources PLC New World Resources PLC Perform Group PLC Fidelity Japanese Values PLC Fidelity Japanese Values PLC General Industries PLC Medaphor Group PLC Auctus Growth PLC ATTRAQT Group PLC India Capital Growth Fund Ltd FairFX Group PLC
§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir For a full explanation of all the other symbols please refer to London Share Service notes.
Close price(p) 574.00 0.00 0.19 0.00 0.00 5.05 24.00 57.50 55.00 53.50 5.63 62.00
+/-3.00 0.00 -0.04 0.00 0.00 0.33 1.50 0.00 -1.00 0.00 -0.13 1.00
High 630.50 0.00 0.85 0.00 0.00 6.50 23.63 58.00 66.68 55.00 7.00 62.00
Low 554.00 0.00 0.15 0.00 0.00 3.50 14.00 53.96 50.00 52.48 0.60 43.00
Mkt Cap (£m) 0.0 0.0 0.0 0.0 0.0 115.1 247.2 1157.1 134.2 1103.5 210.9 0.0
★
24
FINANCIAL TIMES
Monday 15 September 2014
MARKET DATA FT500 - The World's Largest Companies Stock
52 Week High Low
PriceDay Chng
Yld
P/E MCap m
Stock
Australia ANZ BHPBilltn♦ CmwBkAu♦ CSL♦ NatAusBk Telstra♦ Wesfarmers♦■ Westpc WoodsdPet♦ Woolworths♦
32.83 35.79 80.23 73.36 34.25 5.54 43.75 34.25 42.34 35.25
-0.31 0.29 -0.41 -0.44 -0.17 -0.05 -0.09 -0.37 -0.01 -0.05
35.07 39.79 83.92 75.13 37.07 5.76 45.88 35.99 44.23 38.92
28.84 34.35 70.36 63.77 31.90 4.84 40.70 30.00 36.54 32.42
4.98 3.47 4.73 1.56 5.53 5.10 4.04 5.07 3.54 3.82
13.76 16.25 15.52 25.92 14.29 15.56 21.54 15.57 18.39 18.19
905.00 1.15k 1.30k 348.18 810.28 689.35 500.18 1.06k 348.84 444.11
85.76
-0.73
88.05
69.14
1.81
21.43
1.38k
15.47 30.90 32.65 36.92 40.37 33.11 10.21 19.06 8.04 28.59
-0.33 -0.88 -1.50 -1.19 -0.33 -0.84 -0.29 -1.07 0.12 0.23
17.85 38.19 35.98 41.30 47.10 38.74 11.55 23.50 8.25 38.93
15.01 18.61 20.58 27.13 28.10 23.91 7.73 12.01 5.50 27.80
1.84 5.36 2.95 0.88 2.68 0.45 1.15 2.61 3.18 3.61
21.35 6.63 23.10 12.08 21.13 10.01 10.27 13.57 15.81 69.47
2.43k 885.41 653.00 776.66 634.71 917.16 240.18 1.42k 311.14 919.79
LOreal Lafarge LVMH Orange PernodRic Renault Safran Sanofi Schneider SocGen StGobn Total SA UnibailR Vinci Vivendi
Belgium AnBshInBv
Brazil Ambev BncBrasil BncoDoBrasl Bradesco♦ Cielo ItauHldFin ItuasaPf♦ Petrobras SantanderBras Vale
48.34 84.58 72.97 51.40 222.89 107.01 45.31 80.56 33.24 55.12 32.74 32.62 55.79 122.58 22.24 38.06 82.16 42.92 39.69 41.70 57.77 59.48 135.06
-0.19 0.13 0.21 -0.30 -5.04 0.11 -0.02 0.36 -0.14 -0.76 0.22 0.43 -0.17 -1.17 0.24 0.86 0.30 -0.37 -0.31 0.02 0.18 -0.52 2.06
51.09 85.24 74.93 53.05 228.27 107.37 49.57 120.69 34.79 56.48 33.56 37.31 57.96 125.39 22.53 41.55 82.27 47.18 42.40 42.10 58.20 61.23 170.45
43.18 66.30 58.54 37.25 124.64 81.10 31.73 57.07 28.25 41.74 28.61 28.50 43.19 80.52 16.86 31.23 65.24 34.70 32.68 35.07 44.88 43.94 101.93
4.88 18.56 3.52 12.90 3.39 12.63 1.34 11.56 0.61 39.59 3.57 13.23 1.69 15.34 1.14 24.12 3.00 21.83 2.35 37.54 3.73 13.71 3.68 16.24 0.90 12.43 1.19 15.74 2.33 10.55 3.96 21.83 3.30 13.91 1.96 16.96 3.55 18.06 3.30 73.10 3.05 14.46 3.09 24.94 -56.76
376.03 546.72 888.17 322.34 383.93 424.86 494.81 660.07 251.61 466.52 327.01 320.86 472.88 259.77 413.32 315.65 1.18k 628.87 243.67 335.12 1.07k 421.06 450.52
3.59 3.64 5.69 5.78 4.89 23.10 14.48 99.30 29.45 7.40 22.60 13.88 5.16 10.37 162.45 10.54 63.90 18.52 9.60 7.89
0.01 -0.01 0.01 -0.01 -0.01 0.05 -0.08 -0.70 -0.01 -0.15 0.22 -0.01 0.01 0.47 -0.14 0.45 0.08
4.09 3.79 6.04 6.37 5.28 25.80 17.58 102.20 33.50 9.89 27.00 14.22 5.66 12.72 179.60 11.70 76.50 18.87 12.27 8.23
3.04 3.03 4.53 4.89 3.60 19.52 12.12 63.65 23.55 6.73 19.12 9.03 4.33 8.60 118.01 7.31 55.60 12.22 8.39 5.73
5.91 6.38 5.42 6.15 6.18 1.56 5.08 3.15 1.63 3.72 4.30 1.39 5.41 2.27 3.59 1.21 2.74 5.81 3.50
5.51 5.39 5.52 5.41 4.74 20.42 5.31 14.66 21.07 4.49 8.85 24.56 5.65 3.52 12.43 12.31 13.91 8.09 4.32 11.91
1.10k 3.04k 1.99k 13.90k 727.74 1.72k 664.76 20.23k 817.33 513.08 768.08 3.32k 4.48k 1.68k 1.86k 2.22k 2.00k 1.71k 1.43k 2.01k
161.40 14.87k 274.00
40.00 7.10
164.80 14.95k 276.00
114.30 10.1k 179.60
1.24 1.36 1.19
15.68 24.95 28.04
1.63k 326.81 1.35k
18.79 6.54 37.19
-0.29 0.01 0.03
20.32 6.62 38.83
15.13 4.43 31.23
5.88 1.18 4.46
5.56 64.63 13.90
166.92 244.74 207.82
48.50 97.88 19.50 53.97 25.78 140.00 11.95 54.17 25.27 19.37 163.40
0.30 0.24 0.14 0.26 -0.14 -0.05 0.04 -0.32 -0.56 -0.04 0.70
57.33 101.85 20.64 61.82 29.57 153.60 12.10 57.98 29.90 21.19 177.65
41.61 83.45 16.75 46.50 24.85 126.70 8.04 48.33 21.23 16.02 136.95
1.55 20.50 2.62 20.39 4.17 9.35 2.79 -61.58 2.42 20.16 1.67 16.57 2.94 13.71 2.69 29.93 4.97 13.25 7.78 -5.40 2.31 24.30
380.41 337.29 472.15 671.39 185.16 249.79 307.75 324.82 469.58 457.07 206.30
AIA BOC Hold♦ ChngKong CNOOC♦ Galaxy Enter HangSeng HK & Chn Gas Hutchison SandsCh SHK Props Tencent
134.75 67.94 150.05 12.85 94.83 76.10 54.59 86.89 72.22 48.69 46.40 54.71 213.70 57.36 21.31
114.55 47.70 121.00 8.39 78.82 56.10 43.24 68.29 57.89 34.74 35.04 41.05 174.25 41.51 16.83
2.00 25.73 1.77 28.97 2.29 20.25 6.89 19.82 1.89 19.71 2.90 12.59 2.18 13.63 3.24 27.90 3.58 19.27 2.41 14.62 1.67 21.98 4.77 12.14 4.32 18.49 3.88 10.15 5.20 -10.16
756.10 163.60 691.58 307.04 238.20 176.25 214.41 1.15k 361.11 320.16 212.22 1.19k 203.03 280.56 260.49
133.05 77.00 106.15 66.67 89.43 164.05 62.95 27.09 11.57 25.39 14.40 76.45 153.15 153.15 31.01 59.86 97.09 174.80
-0.35 -0.17 -0.25 0.03 -0.57 -2.00 -0.26 -0.19 -0.09 0.01 0.06 0.31 -1.15 -0.30 -0.58 -0.01 -0.45 -0.30
134.40 88.28 106.90 77.33 96.10 183.25 71.27 40.00 13.15 28.47 15.37 77.68 158.45 170.40 32.98 63.30 101.35 197.95
112.00 69.13 82.27 63.68 77.58 121.20 56.05 24.17 9.80 22.94 12.89 62.13 137.05 141.20 23.97 51.87 86.44 161.00
3.00 9.91 3.51 14.07 1.98 24.60 0.78 27.03 2.18 9.98 1.13 15.86 3.58 10.20 1.9430199.89 3.23 21.74 14.95 1.19 -202.01 1.19 19.17 1.46 22.32 3.55 7.69 3.18 -7.22 1.24 22.46 3.19 17.86 1.72 8.27
603.70 707.25 877.81 151.22 538.36 328.11 673.44 373.50 514.76 307.14 278.18 198.61 284.36 263.56 190.59 715.03 821.51 515.82
42.75 25.65 139.10 14.30 54.10 130.70 17.72 101.20 46.65 117.90 122.90
-0.20 -0.15 -0.50 -0.34 -0.10 -0.80 -0.04 -0.40 0.15 -0.20 0.70
44.20 26.65 152.00 16.48 84.50 133.00 18.40 113.50 68.00 120.20 134.00
34.65 21.50 111.80 11.42 51.90 117.60 13.91 91.70 45.95 83.40 77.56
0.96 3.74 2.37 3.77 3.99 1.82 2.16 3.52 2.78 0.19
28.05 12.38 7.86 9.70 23.52 15.78 28.01 27.79 19.35 8.72 48.32
5.15k 2.71k 3.22k 6.38k 2.30k 2.50k 1.86k 4.31k 3.76k 3.21k 11.51k
855.70 1.05k 1.56k 3.67k 355.65 1.58k 428.65 1.02k 2.63k 806.10 2.61k
1.35 12.45 -1.45 -14.25 4.45 -16.45 -0.85 -3.80 27.30 -16.20 9.25
869.90 1.15k 1.62k 3.85k 387.50 1.78k 471.85 1.15k 2.83k 878.40 2.67k
587.70 755.00 879.20 2.88k 307.55 776.55 260.80 793.10 1.46k 535.55 1.89k
0.77 1.28 2.82 1.66 1.46 0.75 2.25 0.90 1.09 0.30 1.18
25.93 21.20 16.57 20.05 32.40 28.26 13.98 13.42 13.27 87.76 25.51
20.53k 16.46k 18.07k 20.97k 28.29k 14.63k 36.67k 32.83k 19.64k 16.70k 51.08k
7.22k
-25.00
8.05k
5.9k
2.41
15.14 2924.94k
18.65k
190.00
19.07k
12.8k
0.02 1783.04 177.56k
19.49 4.22 18.78 16.23 2.42 40.47 0.93 17.74 6.29
-0.01 0.02 -0.09 0.04 -0.02 -0.13 -0.01 0.11 -0.02
21.50 4.49 20.46 17.70 2.66 43.30 1.01 18.45 6.89
14.92 2.75 16.20 14.54 1.49 35.22 0.56 14.78 4.54
1.61 2.48 4.71 2.23 1.66 1.29 1.24 -
22.83 12.19 13.26 16.75 -8.49 33.99 20.70 18.55 -2.76
160.95 396.63 682.50 252.68 375.83 194.55 124.81 209.43 364.68
1.59k 49.50 3.69k -7.50 3.52k 13.50 14.54k -55.00 4.82k -31.50 8.08k -31.00 18.66k -140.00 34.12k -10.00 820.00 5.90 3.69k 23.50 3.68k 8.50 6.40k -14.00 45.68k 70.00 2.24k 3.50 2.42k -6.00 1.38k -4.50 1.74k 6.50
1.63k 4.02k 3.52k 15.65k 5.80k 8.83k 19.46k 45.35k 877.00 4.38k 3.80k 6.58k 46.32k 2.26k 3.16k 1.43k 1.75k
945.00 3.20k 2.89k 10.66k 4.22k 7.10k 15k 30.35k 606.00 3.29k 2.99k 4.72k 34k 1.77k 2.20k 1.01k 1.31k
0.74 1.53 3.34 0.33 1.47 1.27 0.40 0.73 1.03 1.88 2.22 1.72 0.11 2.37 0.42 0.39 2.89
41.49 12.64 15.75 11.14 14.13 16.43 27.20 39.24 40.22 11.04 15.24 14.29 29.95 10.85 45.89 25.73 8.93
36.02k 30.00k 46.94k 29.95k 42.62k 31.92k 44.68k 36.20k 39.63k 66.79k 73.51k 57.43k 27.77k 37.08k 33.63k 29.69k 31.29k
Israel TevaPha
Italy Atlantia Enel ENI Generali IntSPaolo Luxottica TeleItalia Tenaris Unicred
Japan AstellasPh Bridgestne Canon CntJpRwy Denso EastJpRwy Fanuc FastRetail Hitachi HondaMtr JapanTob KDDI Keyence MitsbCp MitsubEst MitsubishiEle Mitsui
France Airbus Groupe AirLiquide AXA BNP Parib Carrefour ChristianDior Cred Agr Danone EDF GDF Suez Kering
0.70 -0.60 -0.60 -0.05 -0.57 -0.54 0.39 0.90 -0.08 0.08 -0.16 -0.14 -0.50 -0.39 -0.10
Indonesia Astra Int
Finland Fortum Nokia SampoA
125.75 56.90 136.20 11.67 90.49 59.60 51.50 86.89 64.26 41.66 37.37 50.03 207.10 45.87 19.33
India HDFC Bk HsngDevFin ICICI Bk Infosys ITC Larsen&T OilNatGas♦ RelianceIn SBI NewA SunPhrmInds♦ Tata Cons
Denmark DanskeBk MollerMrsk NovoB
FT 500 - Top 20 change 0.43 185.00 1.62 7.10 -2.00 -0.01 7000.00 650.00 27.30 70.00 0.05 49.50 0.22 -4.30 1.81 2.06 -14.00 0.03 23.50 -0.79
Day change % 6.54 2.26 3.93 2.66 -0.56 -0.59 1.98 1.48 1.05 1.34 0.11 3.20 1.33 -0.04 2.33 1.55 -0.22 0.05 0.64 -1.09
Week change change % 18.8 897.00 11.6 8.3 7.5 23.00 6.9 0.06 6.8 21500.00 6.3 2450.00 5.8 114.65 5.8 280.00 5.4 5.0 90.50 4.8 4.8 416.70 4.4 3.8 5.36 3.8 247.00 3.6 3.6 132.50 3.5 3.4
Month change % 19.45 22.06 20.72 11.61 9.94 12.88 11.42 -1.11 8.94 12.06 5.12 10.49 10.39 9.97 8.36 14.23 6.36 9.66 6.45 9.40
INTEREST RATES - OFFICIAL Rate Fed Funds Prime Discount Repo Repo O'night Call Libor Target
Current 0.00-0.09 3.25 0.75 0.05 0.50 0.00-0.03 0.00-0.25
Sep 12 US$ Libor Euro Libor £ Libor Swiss Fr Libor Yen Libor Euro Euribor Sterling CDs US$ CDs Euro CDs
Last 0.09 3.25 0.75 0.15 0.50 0.03 0.00-0.75
Mnth Ago 0.00-0.25 3.25 0.75 0.25 0.50 0.00-0.10 0.00-0.25
Year Ago 0.00-0.25 3.25 0.75 0.75 0.50 0.00-0.10 0.00-0.25
Day 0.000 0.005 0.000 -
Change Week 0.000 -0.033 0.003 -
Month 0.000 0.004 0.001 -0.005 0.005 -0.003 0.000 0.000 0.000
One month 0.15360 0.00071 0.50438 -0.00400 0.08357 0.00700 0.50500 0.16000 -0.04000
Three month 0.23410 0.05000 0.56025 0.00500 0.11786 0.08400 0.57500 0.18000 0.02500
Six month 0.33090 0.14000 0.69875 0.05140 0.17071 0.18800 0.70500 0.25000 0.13500
One year 0.58220 0.29929 1.04744 0.15500 0.32071 0.35200
Short 7 Days One Three Six One Sep 12 term notice month month month year Euro -0.15 -0.05 -0.18 -0.05 -0.15 0.02 -0.05 0.10 0.06 0.21 0.23 0.38 Sterling Swiss Franc -0.15 0.05 -0.15 0.07 -0.15 0.08 -0.05 0.15 0.01 0.21 0.06 0.26 Canadian Dollar 1.00 1.15 1.00 1.15 1.03 1.18 1.12 1.27 1.27 1.42 1.54 1.69 US Dollar 0.06 0.16 0.07 0.17 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 Japanese Yen -0.05 0.10 -0.05 0.05 -0.10 0.10 -0.10 0.10 0.00 0.20 0.10 0.30 *Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sour- ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA & SONIA: WMBA. LA 7 days notice: Tradition (UK).
FX - EFFECTIVE INDICIES Sep 12
PriceDay Chng
MitsuiFud MitUFJFin Mizuho Fin NipponTT Nissan Mt Nomura NpnStlSmMet NTTDCMo Panasonic Seven & I ShnEtsuCh Softbank SumitomoF Takeda Ph TokioMarine Toyota Yahoo Jap
3.43k 47.50 621.90 3.30 204.20 0.40 6.94k -127.00 1.06k 1.50 690.70 -2.50 292.40 0.60 1.89k 8.50 1.31k 4.07k 26.50 6.71k -52.00 8.36k 185.00 4.42k 22.50 4.81k 14.00 3.30k 3.50 6.30k 85.00 418.00 -
52 Week High Low
Yld
P/E MCap m
3.83k 697.00 240.00 7.12k 1.06k 831.00 359.00 1.89k 1.41k 4.48k 6.79k 9.32k 5.47k 5.17k 3.55k 6.52k 668.00
2.88k 519.00 193.00 5.00k 824.00 587.00 262.00 1.51k 904.00 3.45k 5.27k 6.32k 3.8k 4.40k 2.83k 5.20k 407.00
0.55 2.18 2.73 2.08 2.28 1.04 1.44 2.71 0.84 1.44 1.27 0.41 2.30 3.19 1.79 2.20 0.85
39.66 33.98k 8.95 88.11k 10.24 49.60k 13.75 78.86k 10.49 47.69k 15.68 26.40k 11.64 27.79k 17.56 82.39k 24.83 32.21k 19.80 36.05k 24.79 29.00k 27.50 100.44k 8.47 62.56k 36.25 37.96k 11.66 25.40k 10.75 215.44k 18.63 23.80k
Malaysia Maybank PublicBank
10.00 19.02
-0.06 -0.10
3.77k 3.85k
9.44 17.58
5.43 2.58
14.09 17.00
914.21 738.38
17.07 124.94 46.96 34.83
0.16 1.97 0.54 0.43
17.61 134.90 49.59 35.75
12.39 108.90 36.77 27.71
1.26 0.79 1.77 0.37
18.94 29.63 15.08 23.10
12.03k 4.47k 3.66k 6.12k
11.06 76.95 59.43 10.95 23.38 31.96
-0.15 1.12 -1.32 -0.02 0.01
13.40 77.13 60.92 11.17 28.31 32.78
9.97 57.51 44.14 8.24 21.89 26.97
1.33 -17.16 0.68 25.94 1.28 25.13 218.13 20.42 3.18 17.70
184.11 336.42 342.32 422.43 216.02 966.60
115.90 176.40 145.80
1.40 0.80 2.00
117.90 195.80 153.80
91.30 132.30 123.90
1.72 2.93 4.73
9.24 8.82 28.21
1.89k 5.62k 2.20k
194.00 207.80
2.90 3.80
202.90 215.00
146.00 158.50
5.38 3.20
19.70 15.61
1.17k 1.45k
137.56 2.16k 9.92k 400.55 7.40k 233.20 76.65 26.95
0.91 13.90 -4.30 8.05 66.00 3.19 0.35 0.01
158.69 2.21k 10.06k 435.00 7.58k 270.20 106.80 29.90
114.00 1.72k 6.57k 303.60 4.56k 214.39 65.33 24.13
4.16 4.79 1.33 2.81 9.02 5.29 3.56 -
3.06 6.52 21.59 8.65 40.77 4.39 4.05 3.85
32.57k 18.40k 9.38k 12.16k 11.71k 24.71k 16.55k 9.63k
74.75 133.75 75.00
0.65 1.39 -0.08
79.50 136.00 76.00
59.22 96.00 40.00
3.03 3.55 2.22
18.49 16.52 13.04
1.21k 4.01k 1.5k
18.52 37.29 62.03 9.77 3.90 23.04
0.14 -0.27 -0.57 0.05 0.04
18.54 38.10 64.60 10.60 4.08 24.24
15.65 30.06 49.34 9.05 3.42 19.40
3.01 0.65 2.14 3.35 4.14 2.92
7.44 13.91 15.11 10.52 18.63 11.89
455.60 417.69 426.71 341.24 621.80 368.94
250.80 1.30k 618.23
-6.20 11.00 -1.77
263.44 1.47k 652.99
185.06 897.78 470.15
0.03 1720.31 0.00 9002.49 0.03 1360.24
4.64k 5.42k 4.02k
220.00k 274.00k 43.50k 708.00k 361.00k 44.50k 1201.00k
6.5k 2k 900.00 9k 7k 650.00 9k
269k 323.5k 44.85k 880k 363.5k 52.4k 1503k
212k 270k 27.05k 513k 268.5k 28.75k 1180k
0.68 0.59 0.17 0.08 1.93 0.93
9.61 7.69 4.74 23.53 5.56 23.18 18.74 11.92
0.00 0.03 -0.03 -0.07 -0.02 0.16 -0.04 -
9.99 7.96 4.92 24.45 5.77 24.36 21.07 13.14
7.86 5.69 3.06 14.65 4.20 20.21 16.94 10.84
186.70 90.90 302.70 252.00 90.00 90.05 328.00
1.50 0.05 1.30 0.20 0.15 0.90 3.10
195.80 91.45 305.00 264.80 101.00 94.55 341.80
154.80 75.05 247.90 191.70 75.75 67.55 272.90
Mexico AmerMvl FEMSA UBD GrupoMexico WalMrtMex
Netherlands ArcelorMit ASML Hld Heineken ING Philips Unilever
Norway DNB Statoil Telenor
Qatar Inds Qatar QatarNtBk
Russia Gzprm neft Lukoil Magnit Novatek Nrlsk Nckl Rosneft SbankR Surgnfgz
Saudi Arabia AlRahji Bk SaudiBasic SaudiTelec
Singapore DBS♦ Jard Str♦ JardnMt♦ OCBC♦ SingTel UOB
South Africa MTN Grp Naspers N Sasol
South Korea HyundaiMot HyundMobis KoreaElePwr Naver Posco SK Hynix SmsungEl
5.61 12.19 12.47 75.52 20.63 9.95 8.25
484.61k 261.77k 271.02k 210.96k 314.74k 316.04k 1769.07k
1.65 -46.30 4.68 17.91 2.51 67.65 3.02 14.68 2.23 14.58 1.41 29.89 4.09 19.71 4.99 12.30
565.64 921.28 265.15 235.46 346.63 722.44 240.33 542.48
2.98 3.34 3.24 2.25 4.43 4.50 3.55
728.54 2.74k 4.42k 1.15k 3.64k 1.95k 2.01k
Spain BBVA BcoSantdr CaixaBnk GasNatur Iberdrola Inditex Repsol Telefonica
Sweden AtlasCpcoB Ericsson H&M Investor Nordea Bk SEB SvnskaHn
18.80 20.87 26.21 3.38 12.67 12.24 14.04
Sep 11
change -1.07 -56.00 -0.88 -0.14 -1.45 -0.34 -2.91 -1.19 -0.29 -1.50 -0.84 -16.20 -5.10 -0.10 9000.00 -25.00 -0.81 -0.44 -12.00 -0.99
Day change % -5.32 -2.09 -2.77 -1.31 -2.91 -2.32 -3.84 -3.12 -2.76 -4.39 -2.47 -1.97 -2.98 -0.18 1.29 -0.34 -1.99 -1.77 -0.80 -1.18
Day's change
Month's change
Week change change % -1.57 -12.1 -307.00 -9.9 -2.99 -9.8 -0.94 -9.3 -8.7 -1.16 -8.0 -7.9 -1.41 -7.4 -0.50 -7.2 -1.27 -6.9 -2.05 -6.8 -51.75 -6.8 -6.0 -2.55 -5.8 -42000.00 -5.6 -325.00 -5.6 -5.5 -5.3 -110.50 -5.2 -5.1
Month change % 3.47 -5.34 11.86 -0.19 -5.10 -0.28 0.73 1.99 4.72 -2.45 -1.90 5.44 -4.46 -8.23 -6.84 -5.56 -0.33 1.20 -6.49 0.56
Sep 12
Sep 11
Mnth Ago
Australia 104.01 104.52 102.81 Sweden 82.09 82.45 82.22 Canada 104.19 104.66 103.81 Switzerland 146.33 146.17 146.36 Denmark 108.07 107.97 108.28 UK 86.94 86.54 87.95 Japan 133.84 134.12 138.29 USA 90.12 90.09 87.39 New Zealand 123.17 123.89 124.11 Euro 94.02 93.96 94.94 Norway 99.82 100.31 98.88 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Index Markit IBoxx ABF Pan-Asia unhedged Corporates( £) Corporates($) Corporates() Eurozone Sov( ) Gilts( £) Global Inflation-Lkd Markit iBoxx £ Non-Gilts Overall ($) Overall( £) Overall() Treasuries ($)
179.96 276.68 248.02 207.50 212.59 263.57 257.15 276.76 220.42 265.09 210.93 210.47
FTSE Sterling Corporate (£) Euro Corporate (€) Euro Emerging Mkts (€) Eurozone Govt Bond CREDIT INDICES Crossover 5Y Europe 5Y HiVol 5Y Japan 5Y
283.11 67.39 77.82 68.39
Return 1 month
Return 1 year
0.06 -0.03 0.07 0.07 0.11 -0.09 -0.20 -0.02 0.02 -0.07 0.09 -0.01
0.02 0.52 0.42 0.23 0.44 1.19 0.31 0.64 0.55 1.01 0.37 0.69
5.22 5.81 5.88 5.59 8.41 5.81 6.61 5.80 4.39 5.81 7.24 3.85
0.13 0.77 0.42 0.55 1.28 1.71 -0.21 0.91 0.55 1.45 1.00 0.69
3.84 6.40 5.88 6.62 9.43 4.60 7.36 6.13 4.39 5.10 8.25 3.85
-0.29 -0.21 -13.67 -0.29
-
-
0.50 0.39 3.70 0.33
3.65 5.40 -1.37 8.56
1.84 0.58 -0.38 -0.22
37.26 5.88 7.69 4.07
14.45 1.85 2.31 3.24
312.86 80.21 160.72 89.72
219.45 55.83 68.10 62.97
Markit CDX Emerging Markets 5Y 284.14 -1.75 51.72 -5.23 322.29 220.96 Nth Amer High Yld 5Y 330.99 0.82 27.34 -14.15 353.71 292.96 Nth Amer Inv Grade 5Y 63.04 0.10 5.51 -2.48 71.90 55.27 Nth AmerHiVol 5Y 128.96 -0.40 8.21 -3.29 149.70 114.61 Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Price Month Value No of Yield Nov 09 Nov 09 Prev return stock Market stocks Can 4.25%' 21 130.04 0.077 0.088 -1.08 5.18 67061.71 7 Fr 2.25%' 20 117.51 -0.667 -0.648 0.14 19.98 200154.32 14 Swe 0.25%' 22 104.55 -0.204 -0.224 -0.03 27.45 241602.89 6 UK 2.5%' 16 334.41 -1.855 -1.879 0.02 7.90 425819.49 24 UK 2.5%' 24 337.28 -0.528 -0.539 -0.97 6.82 425819.49 24 UK 2%' 35 212.56 -0.227 -0.227 -2.59 9.08 425819.49 24 US 0.625%' 21 103.19 0.156 0.185 -1.17 35.84 1040692.37 35 US 3.625%' 28 138.47 0.660 0.185 -2.13 16.78 1040692.37 35 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par amount.
CURRENCIES Sep 12
Currency
DOLLAR Closing Mid
Day's Change
EURO Closing Mid
Day's Change
POUND Closing Day's Mid Change Sep 12
Currency
Swedbank TeliaSonera Volvo
PriceDay Chng
52 Week High Low
Yld
P/E MCap m
173.80 49.96 80.50
0.50 0.25 -0.30
184.70 54.90 105.70
146.60 43.98 80.05
5.89 4.26 3.77
13.14 14.91 29.73
1.66k 2.16k 1.17k
21.38 25.26 71.35 70.95 87.60 86.85 274.70 487.70 76.00 530.00 321.20 16.46 279.70
0.05 -0.17 -1.15 -0.40 -0.55 -0.25 -0.60 0.10 0.15 -2.00 0.07 -0.70
24.80 30.54 86.05 72.25 88.25 95.15 275.80 606.50 86.55 548.50 378.70 19.60 281.70
20.13 24.87 62.90 60.60 66.30 80.75 231.20 484.40 73.10 426.60 302.10 15.98 229.60
21.59 1.81 123.00 19.86 1.96 23.94 1.80 26.69 0.77 18.88 2.84 22.06 1.00 13.92 5.10 7.52 2.70 16.44 3.11 20.66 1.53 18.86 11.47
489.80 404.16 232.29 2.26k 2.13k 453.36 2.33k 150.41 261.48 274.55 299.12 632.76 418.01
92.10 99.40 506.00 73.80 123.00
0.30 -0.60 -4.00 0.20 -2.00
99.00 113.00 545.00 85.30 138.00
86.20 72.90 361.00 72.10 94.90
3.84 1.03 3.62 2.58 -
7.14k 14.70k 7.95k 7.03k 31.89k
354.00
Switzerland ABB CredSuisse Holcim Nestle Novartis Richemont Roche SwatchGpI Swiss Re Swisscom Syngent UBS Zurich Fin
Taiwan ChnghwTl HonHaiPrc MediaTek TaiwanPet TaiwanSem
17.67 13.69 19.22 23.08 16.71
Thailand PTT Explor
-2.00
359.00
259.00
2.24
10.22
10.11k
11.55
0.05
12.60
11.10
2.95
12.89
913.16
1.48k 2.62k 4.52k 525.50 459.00 230.00 1.18k 470.15 3.63k 874.00 389.40 322.00 973.50 1.81k 1.44k 358.75 657.40 2.75k 74.58 897.50 1.43k 349.70 5.42k 992.50 3.20k 1.02k 2.39k 3.41k 5.30k 1.49k 1.24k 228.65 203.65 1.27k
-12.00 -56.00 -17.00 -5.50 2.00 4.50 -3.00 -2.05 9.50 6.00 1.60 -1.60 -2.50 -1.50 11.00 -2.35 3.00 49.00 0.50 -6.00 0.50 3.70 50.00 5.50 1.00 3.00 -15.50 -14.00 70.00 5.00 -1.00 -1.55 0.20 3.00
1.68k 3.16k 5.75k 571.50 471.00 309.90 1.36k 526.80 3.65k 954.00 451.00 403.31 1.12k 2.09k 1.71k 379.45 737.00 2.78k 86.87 916.00 1.47k 387.50 5.42k 1.00k 3.68k 1.29k 2.86k 3.49k 5.3k 1.86k 1.58k 382.00 442.06 1.56k
1.22k 1.80k 3.11k 393.90 374.10 201.75 1.01k 426.55 2.87k 782.50 339.10 302.33 874.20 950.00 1.20k 295.80 585.00 2.16k 70.02 725.16 1.13k 291.60 3.24k 810.00 2.94k 952.00 1.98k 2.65k 2.37k 1.30k 1.17k 219.97 187.35 1.16k
3.34 325.36 20.71k 1.22 32.97 20.75k 3.71 48.16 57.10k 2.85 13.41 15.49k 4.38 79.30 14.49k 2.79 33.36 37.77k 1.44 26.18 40.22k 4.65 13.17 86.15k 3.92 18.95 67.65k 3.55 16.08 15.02k 2.54 15.88 31.70k 5.28 24.82 16.14k 2.62 37.16 16.32k 2.70 19.57 45.54k 5.48 14.86 69.88k 2.69 21.75 47.55k 4.27 13.50 125.89k 4.23 38.48 26.35k -30.70 53.23k 4.55 13.59 33.85k 2.35 17.12 36.62k -4.84 22.11k 2.53 20.92 39.09k 2.48 21.45 11.33k 3.54 16.47 45.32k 2.15 8.48 19.34k 4.56 15.78 94.13k 1.82 27.15 54.89k 0.22 32.88 31.22k 5.70 44.81 14.53k 3.96 12.23 30.73k 6.46 9.64 18.57k 9.41 4.88 53.97k 2.69 16.92 16.76k
146.43 43.27 58.77 85.88 108.62 239.15 74.69 55.94 85.72 67.62 136.91 185.43 174.49 62.09 44.05 408.06 44.88 96.24 56.37 99.90 139.93 113.51 91.28 104.57 23.46 103.74 50.94
116.65 32.75 44.02 69.78 90.52 135.00 47.56 41.86 60.32 58.50 102.23 100.89 87.75 49.18 33.80 284.38 23.45 72.08 46.80 71.55 105.76 73.60 68.17 77.31 15.76 63.89 35.63
1.97 1.61 2.66 2.22 2.06 3.60 0.98 2.32 2.19 0.11 1.65 4.22 0.75 0.77 1.22 1.49 0.73 0.84 0.84 1.72 1.66 1.62
United Arab Emirates EmiratesTele
United Kingdom AngloAmer♦ AscBrFd AstraZen♦ Aviva BAE Sys Barclays♦ BG BP♦ BrAmTob♦ BSkyB BT Centrica Compass Diageo♦ GlaxoSmh♦ Glencore♦ HSBC♦ ImpTob LlydsBkg Natl Grid Prudential♦ RBS ReckittB♦ Reed Els RioTinto RollsRoyce RylDShlA♦ SABMill Shire♦ SSE♦ StandCh♦ Tesco Vodafone WPP
United States of America 3M AbbottLb Abbvie Accenture Ace Actavis Adobe AEP Aetna Aflac AirProd Alexion Allergan Allstate♦ Altria♦ Amazon AmerAir AmerExpr AmerIntGrp♦ AmerTower Amgen Anadarko♦ Aon Cp Apache AppldMat Apple ArcherDan
143.94 42.55 57.88 80.97 104.89 234.38 70.98 52.48 82.20 59.79 128.22 162.72 169.25 61.00 43.16 331.19 37.65 87.64 55.19 96.01 137.89 105.46 87.08 96.24 22.30 101.66 50.41
-0.41 -0.01 0.03 -0.54 -0.55 1.64 -1.44 -1.06 -1.49 -0.21 -4.23 0.92 -0.21 -0.03 0.67 -0.44 -0.78 -0.24 -1.82 -1.07 -1.93 0.24 -1.39 -0.63 0.23 -0.51
21.39 32.14 23.48 20.02 11.06 649.78 132.26 15.60 15.15 9.96 28.01 86.23 40.84 12.60 20.93 893.53 -42.94 17.52 9.69 56.64 22.25 -18.48 22.81 24.18 28.52 17.28 21.31
941.77 639.07 921.28 634.50 354.21 408.90 353.04 256.15 293.78 271.53 272.18 321.85 502.98 264.73 856.06 1.52k 271.15 927.76 798.41 379.96 1.04k 532.63 258.35 368.09 271.70 6.35k 329.92
52 Week High Low
Yld
34.50 -0.35 37.48 31.74 83.02 -0.18 84.48 69.91 66.49 -1.21 75.64 48.37 16.79 0.22 18.03 13.60 74.70 -0.39 77.31 62.80 38.16 0.21 41.04 32.65 113.71 -1.48 120.66 98.30 205.64k -1215.00 208.47k 163.04k 323.39 -3.72 358.89 221.07 39.90 0.53 40.06 29.55 329.07 0.56 337.65 259.48 126.95 -0.69 144.57 109.14 50.26 -0.42 57.49 43.12 80.94 -0.29 85.39 67.32 75.39 0.13 75.81 51.64 39.18 -0.10 41.89 31.44 105.02 -0.57 111.46 81.87 57.26 -0.87 68.10 53.01 91.52 -0.44 96.44 66.85 29.52 0.28 29.75 20.44 122.66 -1.17 135.10 109.27 92.32 -1.03 97.28 72.64 25.16 -0.02 26.08 20.22 52.38 0.15 55.28 45.18 79.33 1.81 84.71 66.44 72.88 -2.91 80.91 50.08 41.46 -0.49 42.57 36.83 44.76 -0.28 54.00 39.37 64.48 0.06 70.11 58.72 57.08 0.10 57.14 43.20 78.45 -0.93 87.09 62.74 20.73 -0.21 22.37 13.82 125.37 -0.57 127.32 109.50 90.67 -0.58 92.68 59.72 78.79 -1.66 81.00 68.44 31.29 -0.07 31.59 25.04 138.57 -1.43 161.03 122.52 80.57 -0.52 82.12 56.32 76.88 -0.40 81.14 66.83 81.95 -0.13 94.89 80.76 39.69 0.13 42.66 22.08 69.95 -0.68 80.63 57.20 86.85 -0.15 89.46 57.40 62.43 -0.31 64.44 48.40 89.67 -0.30 91.20 63.10 68.58 -1.34 73.75 59.72 52.67 -0.21 54.97 38.04 73.06 -1.40 75.13 64.75 64.78 -0.35 69.75 56.46 67.09 -0.69 79.98 65.20 52.19 1.51 59.70 48.06 115.47 1.05 116.31 95.02 29.65 -0.04 30.13 23.15 64.49 -0.17 70.66 60.85 101.32 -1.74 118.89 78.01 32.86 -0.39 37.73 26.45 73.74 -1.12 79.37 59.20 95.78 -1.25 104.76 84.79 77.48 -0.44 78.36 42.43 153.77 1.24 155.31 106.38 16.59 -0.07 18.12 14.40 55.45 -0.33 58.87 47.90 34.24 -0.32 39.32 30.38 126.40 -0.22 127.69 83.61 25.87 -0.15 28.09 23.50 52.79 -0.48 55.64 46.70 33.27 -0.34 41.85 31.70 103.66 -2.73 110.64 58.81 183.17 2.17 183.47 151.65 584.90 -6.21 614.44 421.49 65.86 -1.21 74.33 47.46 71.56 -0.79 73.19 38.95 96.97 -1.62 104.50 73.36 36.56 -0.20 38.25 20.25 24.40 -0.44 25.95 20.55 88.84 -0.38 93.52 73.74 94.50 -0.24 98.09 81.04 191.28 -0.44 199.21 172.19 88.26 -0.30 89.50 73.60 172.75 -4.39 185.00 72.77 34.62 -0.40 35.56 22.48 83.99 -1.17 86.80 65.09 104.58 0.03 106.74 85.50 46.58 -0.39 52.50 39.42 60.03 0.27 61.48 50.06 63.89 -0.80 69.50 55.69 106.02 -1.04 114.45 93.12 37.76 -0.59 42.49 30.81 57.72 -0.68 61.10 50.54 51.83 -0.34 52.72 35.13 63.20 -0.45 88.28 61.84 43.91 0.05 90.93 37.98
5.03 2.14 0.86 0.23 2.53 2.31 1.78 1.47 2.08 1.82 2.70 1.41 1.57 2.47 2.17 0.80 0.77 3.15 0.04 2.75 0.07 2.20 2.68 2.03 1.40 3.34 1.83 0.99 1.28 0.84 1.85 1.71 1.18 0.31 2.50 0.57 1.22 1.28 0.91 3.22 2.49 4.05 2.64 2.57 0.87 1.33 2.50 0.38 3.58 2.56 0.38 2.57 0.79 3.47 1.77 3.12 2.84 1.71 1.11 0.83 0.98 1.57 1.86 1.77 1.96 1.81 2.47 0.85 2.43 1.73 2.43 2.73 2.95 4.12 2.59 1.17 2.55 -
Stock AT&T AutomData♦ BakerHu BankAm♦ Baxter♦ BB & T BectonDic♦ BerkshrHat Biogen BkNYMeln BlackRock♦ Boeing BrisMySq CapOne CardinalHlth Carnival Caterpillar CBS♦ Celgene CharlesSch ChevrnTx Cigna Cisco Citigroup CME Grp♦ CntnentlRes Coca-Cola♦ Cognizant ColgtPlm Comcast ConocPhil Corning♦ Costco Covidien CrownCstl CSX♦ Cummins CVS Danaher Deere Delta DevonEngy DirectTV DiscFinServ Disney DominRes♦ DowChem DukeEner♦ DuPont Eaton eBay Ecolab♦ EMC Emerson EOG Res Exelon ExpScripts ExxonMb Facebook Fedex♦ FordMtr Franklin Freeport-Mc GenDyn GenElectric GenMills GenMotors♦ GileadSci GoldmSchs♦ Google Halliburton♦ HCA Hold Hess♦ Hew-Pack♦ HiltonWwde HomeDep♦ Honywell IBM IllinoisTool Illumina Intel Intuit John&John JohnsonCn♦ JPMrgnCh Kellogg♦ Kimb-Clark♦ KinderM Kraft Kroger LasVegasSd LibertyGbl
PriceDay Chng
DOLLAR Closing Mid
Day's Change
EURO Closing Mid
Day's Change
POUND Closing Day's Mid Change
Argentina Argentine Peso 8.4000 -0.0075 10.8679 -0.0122 13.6324 -0.0159 Peru Peruvian Nuevo Sol 2.8615 0.0045 3.7022 0.0050 4.6439 0.0060 Australia Australian Dollar 1.1058 0.0080 1.4306 0.0100 1.7946 0.0125 Philippines Philippine Peso 43.9075 0.0500 56.8073 0.0515 71.2576 0.0615 Bahrain Bahrainin Dinar 0.3770 0.4878 -0.0001 0.6118 -0.0002 Poland Polish Zloty 3.2468 0.0055 4.2007 0.0061 5.2692 0.0074 Bolivia Bolivian Boliviano 6.9100 8.9401 -0.0021 11.2143 -0.0031 Romania Romanian Leu 3.4181 0.0033 4.4223 0.0032 5.5472 0.0038 Brazil Brazilian Real 2.3308 0.0414 3.0155 0.0529 3.7826 0.0662 Russia Russian Ruble 37.8700 0.3545 48.9960 0.4473 61.4593 0.5585 Canada Canadian Dollar 1.1073 0.0059 1.4326 0.0073 1.7970 0.0091 Saudi Arabia Saudi Riyal 3.7507 4.8526 -0.0011 6.0869 -0.0017 Chile Chilean Peso 592.8500 2.6650 767.0264 3.2701 962.1378 4.0607 Singapore Singapore Dollar 1.2634 0.0004 1.6345 0.0001 2.0503 0.0000 China Chinese Yuan 6.1346 0.0046 7.9369 0.0041 9.9559 0.0047 South Africa South African Rand 11.0088 0.0450 14.2431 0.0549 17.8661 0.0681 Colombia Colombian Peso 1996.7000 18.1000 2583.3205 22.8210 3240.4502 28.4883 South Korea South Korean Won 1035.2500 -0.8000 1339.4014 -1.3472 1680.1098 -1.7624 Costa Rica Costa Rican Colon 539.8550 0.0400 698.4617 -0.1109 876.1320 -0.1768 Sweden Swedish Krona 7.1346 0.0196 9.2308 0.0233 11.5788 0.0287 Czech Republic Czech Koruna 21.3267 -0.0008 27.5924 -0.0075 34.6112 -0.0109 Switzerland Swiss Franc 0.9351 0.0004 1.2099 0.0002 1.5177 0.0001 Denmark Danish Krone 5.7533 0.0018 7.4435 0.0007 9.3370 0.0004 Taiwan New Taiwan Dollar 30.0025 0.0100 38.8171 0.0039 48.6911 0.0028 Egypt Egyptian Pound 7.1501 9.2507 -0.0022 11.6038 -0.0032 Thailand Thai Baht 32.2100 0.0250 41.6731 0.0226 52.2737 0.0262 Hong Kong Hong Kong Dollar 7.7509 0.0004 10.0281 -0.0018 12.5790 -0.0028 Tunisia Tunisian Dinar 1.7671 0.0014 2.2862 0.0013 2.8677 0.0016 Hungary Hungarian Forint 243.2061 0.1027 314.6588 0.0597 394.6997 0.0579 Turkey Turkish Lira 2.2121 0.0132 2.8619 0.0164 3.5899 0.0204 India Indian Rupee 60.7175 -0.1375 78.5560 -0.1962 98.5386 -0.2504 United Arab EmiratesUnited Arab Emirates Dirham 3.6731 4.7522 -0.0011 5.9610 -0.0016 Indonesia Indonesian Rupiah 11820.0000 -5.0000 15292.6711 -10.0394 19182.7386 -13.4037 United Kingdom Pound Sterling 0.6162 0.0002 0.7972 0.0000 Iran Iranian Rial 9740.5000 12602.2198 -2.9388 15807.9024 -4.3493 One Month 0.6161 0.0002 0.7972 0.0000 Israel Israeli Shekel 3.6300 0.0003 4.6964 -0.0007 5.8911 -0.0011 Three Month 0.6161 0.0002 0.7971 0.0000 Japan Japanese Yen 107.3650 0.5400 138.9083 0.6665 174.2429 0.8285 One Year 0.6155 0.0002 0.7965 0.0000 One Month 107.3650 138.9083 174.2428 - United States United States Dollar 1.2938 -0.0003 1.6229 -0.0004 Three Month 107.3649 138.9083 174.2427 - One Month 1.2938 -0.3296 1.6229 -0.0004 One Year 107.3645 138.9082 174.2428 - Three Month 1.2937 -0.3296 1.6228 -0.0004 Kenya Kenyan Shilling 88.8000 -0.0500 114.8890 -0.0915 144.1137 -0.1209 One Year 1.2932 -0.3295 1.6222 -0.0005 Kuwait Kuwaiti Dinar 0.2866 0.0001 0.3707 0.0000 0.4650 0.0000 Venezuela Venezuelan Bolivar Fuerte 11.7000 15.1374 -0.0035 18.9880 -0.0052 Malaysia Malaysian Ringgit 3.1975 0.0045 4.1369 0.0049 5.1892 0.0059 Vietnam Vietnamese Dong 21200.0000 -5.0000 27428.5213 -12.7955 34405.6425 -17.5284 Mexico Mexican Peson 13.2698 0.0528 17.1683 0.0643 21.5355 0.0797 European Union Euro 0.7729 0.0002 1.2544 -0.0001 New Zealand New Zealand Dollar 1.2263 0.0046 1.5866 0.0056 1.9902 0.0070 One Month 0.7729 0.0002 1.2543 -0.0001 Nigeria Nigerian Naira 162.8700 0.0700 210.7204 0.0415 264.3221 0.0407 Three Month 0.7728 0.0002 1.2543 -0.0001 Norway Norwegian Krone 6.3709 -0.0007 8.2427 -0.0028 10.3394 -0.0040 One Year 0.7723 0.0002 1.2537 0.0000 Pakistan Pakistani Rupee 102.5300 0.1800 132.6528 0.2020 166.3962 0.2463 Rates are derived from WM/Reuters at 4pm (London time). * The closing mid-point rates for the Euro and £ against the $ are shown in brackets.The other figures in the dollar column of both the Euro and Sterling rows are in the reciprocal form in line with market convention. 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
10.68 28.12 24.38 28.15 22.16 16.76 23.86 19.27 37.88 17.86 19.07 20.19 32.84 11.59 23.57 28.86 18.44 19.49 55.88 33.89 12.34 13.37 17.60 17.99 29.19 45.11 23.35 21.12 28.38 21.19 12.74 23.43 29.00 28.91 213.15 18.42 17.20 20.77 21.89 9.58 3.30 18.39 16.69 12.92 22.69 26.94 20.35 24.85 21.53 21.14 -634.29 34.00 25.40 19.01 24.26 16.17 34.29 12.86 88.63 23.49 10.82 16.28 14.95 18.49 18.66 19.31 30.71 24.72 12.38 32.22 20.82 21.33 13.08 14.33 44.00 22.10 19.56 12.71 23.08 121.60 18.10 30.44 20.37 26.10 16.24 13.24 20.06 34.30 15.05 18.11 20.57 -13.21
Stock Lilly (E) Lockheed♦ Lowes Lyondell MarathonOil Marsh&M MasterCard McDonald's♦ McKesson♦ Medtronic Merck♦ Metlife♦ MicronTech Microsoft MondelezInt Monsanto MorganStly Netflix News Corp A♦ NextEraE♦ Nike♦ NobleEngy NorfolkS Northrop♦ NtlOilVarc♦ OccidPet♦ Oracle Pepsico♦ Pfizer Phillips66 PhilMorris PionrNat PNCFin PPG Inds Praxair♦ Prec Cast♦ Priceline ProctGmbl Prudntl♦ PublStor♦ Qualcomm♦ Raytheon Regen Pharm ReynoldsAm♦ Salesforce Sandisk Schlmbrg♦ SempraEgy SimonProp SouthCpr Southern SpectraEn Sprint Starbucks StateSt Stryker Target TE Conn TeslaMotors TexasInstr TheTrvelers♦ ThrmoFshr♦ TimeWrnr♦ TimeWrnrC♦ TJX Cos T-Mobile US Twitter UnionPac♦ UPS B USBancorp UtdHlthcre♦ UtdTech ValeroEngy♦ Verizon VF Cp♦ Viacom♦ Visa Inc Walgreen WalMartSto Wellpoint♦ WellsFargo Williams Cos♦ Yahoo Yum!Brnds
1.79k 399.25 289.26 1.77k 404.08 274.18 219.69 1.76k 767.08 451.51 546.22 925.75 832.90 462.64 253.80 232.19 656.90 279.40 366.46 384.75 2.33k 248.02 1.28k 1.59k 266.38 135.64 1.82k 272.11 590.24 1.22k 963.13 271.25 549.49 408.81 263.05 395.53 254.81 933.10 538.69 293.73 336.54 286.17 437.57 291.09 1.55k 398.86 634.18 516.73 592.89 319.82 647.79 345.98 607.02 450.09 553.72 282.23 570.40 4.08k 1.56k 436.64 644.26 348.05 355.77 433.38 2.59k 322.05 533.56 1.59k 807.01 1.65k 556.20 318.17 298.40 682.31 240.25 1.20k 739.50 1.94k 349.96 221.81 1.72k 238.44 2.96k 309.36 2.27k 229.39 396.43 388.14 343.61 253.41 508.97 94.22
52 Week High Low
PriceDay Chng 65.27 174.43 52.97 111.68 39.58 52.69 75.47 93.34 192.46 65.19 59.55 55.47 31.53 46.70 35.32 113.05 35.01 476.55 35.05 94.10 81.84 68.80 107.89 129.99 80.64 97.40 40.50 90.87 29.43 83.02 84.02 202.25 86.22 199.68 131.63 239.96 1.16k 83.26 90.94 166.08 75.33 100.77 346.06 57.40 59.25 98.97 102.22 103.61 165.50 31.93 43.36 39.84 7.00 75.47 74.08 83.46 62.53 63.00 279.20 47.83 92.42 123.28 76.81 154.31 59.89 30.83 52.11 107.01 98.05 42.20 86.18 108.35 48.42 48.40 65.86 79.52 214.04 62.82 75.77 118.62 51.70 56.20 42.88 71.58
0.09 0.23 -0.11 -1.55 -0.44 -0.08 -0.15 0.38 -1.21 -0.55 -0.55 0.76 -0.52 -0.31 -0.43 -0.57 0.28 -5.01 -0.25 -2.05 0.02 -1.20 -0.75 0.23 -1.85 -0.95 -0.18 -0.78 -0.20 -0.99 -0.48 -1.37 0.45 -1.74 0.47 -1.71 -12.91 -0.23 1.50 -5.10 -0.78 -0.16 -4.28 -1.96 -0.12 -2.23 -2.37 -4.42 -0.05 -0.70 -0.81 0.43 -0.65 1.16 -0.78 -0.06 -0.58 -1.11 -0.32 -0.50 -0.02 0.05 0.07 -0.29 0.38 -0.53 -0.70 0.11 0.10 -0.90 -0.16 -1.45 -0.61 1.20 -0.40 -0.91 -0.62 -0.33 -1.33 0.11 -1.24 1.62 -1.01
65.70 177.19 54.14 115.33 41.92 53.55 84.75 103.78 200.00 66.21 61.33 57.57 34.85 47.02 39.54 128.79 35.09 489.29 36.56 102.51 82.79 79.63 109.70 130.32 86.55 105.64 43.19 93.51 32.96 87.98 91.81 234.60 90.00 213.01 135.24 275.09 1.38k 85.82 92.68 178.26 81.97 102.33 369.31 63.39 67.00 108.77 118.76 107.81 177.31 33.90 46.81 43.12 11.47 82.50 76.24 86.93 67.25 65.01 291.42 49.77 96.18 127.63 88.13 154.67 64.38 35.50 74.73 108.74 105.37 43.92 88.85 120.66 59.69 53.66 66.09 89.76 235.50 76.39 81.37 121.33 53.08 59.77 43.20 83.58
Yld
47.53 121.52 44.13 70.08 31.57 41.98 64.74 90.53 127.45 52.44 44.62 45.75 15.67 32.15 30.05 101.78 26.41 282.80 30.67 78.81 67.19 60.14 75.27 92.51 72.67 85.90 32.00 77.01 27.87 55.81 75.28 163.90 70.63 160.76 117.54 225.00 960.17 75.20 75.21 147.14 65.47 73.81 257.69 46.55 48.18 58.57 84.91 84.00 147.50 24.50 40.03 32.80 5.36 67.93 62.67 66.93 54.66 49.22 116.10 38.93 79.89 89.71 60.72 108.88 51.91 24.51 29.51 74.62 88.44 35.69 66.72 102.21 33.20 45.45 47.33 78.43 180.11 50.88 71.51 81.46 40.07 33.98 28.81 64.08
2.85 2.80 1.40 2.04 1.82 1.80 0.49 3.25 0.47 1.69 2.79 2.01 2.17 1.50 1.42 0.68 0.68 2.79 1.10 0.83 1.87 1.85 1.46 2.65 1.15 2.46 3.23 1.82 4.25 0.04 1.98 1.19 1.80 0.05 2.79 2.08 3.11 1.85 2.18 4.30 0.86 1.32 2.36 2.81 1.37 4.48 3.05 1.25 1.38 1.34 2.64 1.57 2.34 2.11 0.46 1.50 1.72 0.98 1.51 2.50 2.10 1.34 2.02 1.86 4.16 1.45 1.47 0.68 1.94 2.42 1.30 2.29 2.66 1.92
P/E MCap m 21.88 18.96 22.90 15.58 14.88 21.56 28.72 17.81 35.16 22.95 33.07 14.89 10.76 18.72 33.18 23.62 17.54 150.77 22.11 21.66 28.48 37.27 18.49 14.80 14.42 13.48 17.59 21.60 19.53 17.02 17.49 -50.73 12.25 24.58 22.51 20.32 30.70 22.04 15.48 34.87 19.14 16.54 103.69 20.68 -94.13 21.32 21.02 24.96 35.87 19.95 18.26 26.49 -13.35 244.69 16.99 48.95 27.42 18.38 -217.57 23.96 9.75 33.72 17.26 22.57 20.48 138.13 -26.93 21.98 26.60 14.68 16.60 18.16 8.92 11.00 24.53 15.39 25.80 22.10 16.59 15.52 13.45 111.21 38.01 28.58
730.67 553.60 522.87 588.88 267.59 289.58 848.06 922.59 445.72 638.55 1.72k 623.89 337.58 3.86k 595.46 593.05 690.15 286.36 487.73 410.39 573.36 248.19 334.08 278.35 345.98 765.19 1.80k 1.38k 1.87k 469.77 1.32k 289.42 466.08 276.08 385.59 344.28 610.46 2.25k 416.51 286.55 1.27k 315.27 342.18 307.68 366.85 223.88 1.33k 254.77 514.30 266.12 388.37 267.28 276.18 568.14 313.74 316.39 396.26 257.50 347.97 516.25 313.34 491.81 656.60 429.93 415.00 247.54 320.60 484.66 692.58 765.99 844.44 993.28 255.64 2.00k 283.41 344.91 1.07k 600.91 2.44k 325.31 2.70k 419.81 426.49 314.70
NOTES Closing prices, highs & lows and market capitalisation are shown in traded currency. Highs and lows are based on intra-day trading over a rolling 52 week period. ♦ ex-dividend ■ ex-capital redistribution # price at time of suspension
Day's Red Bid Bid chge Ratings Sep 12 date Coupon S* M* F* price yield yield US$ Comcast Corp. 02/25 3.38 AA3 A99.48 0.00 DTE Electric Co. 03/25 3.38 A Aa3 A 101.55 0.00 Duke Energy Ohio, Inc. 06/25 6.90 BBB+ Baa1 A- 125.04 0.00 Citigroup Inc. 06/25 6.88 ABaa2 A 122.61 0.00 US Airways 2012-2 Pass Through Trust 06/25 4.63 ABaa1 A- 105.75 0.00 Monsanto Company 08/25 5.50 BBB+ A3 A- 116.96 0.00 Citigroup Funding Inc. 09/25 4.25 ABaa2 A 0.00 Euro GlaxoSmithKline PLC 06/25 4.00 A+ A2 A+ 122.45 1.70 0.00 Deutsche Bahn Finance B.V. 07/25 3.75 AA Aa1 AA 122.22 1.51 0.00 Compagnie de Financement Foncier 10/25 4.00 AAA Aaa AA+ 125.99 1.45 0.00 Electricite de France (EDF) 04/30 4.63 A+ Aa3 A+ 128.96 2.38 0.00 Yen Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.52 0.34 0.00 z£ Sterking Anheuser-Busch InBev Finance Inc 09/25 4.00 A A2 A 104.06 0.00 Anheuser-Busch InBev Finance Inc 09/25 4.00 A A2 A 104.03 0.00 US $ denominated bonds NY close; all other London close. S* - Standard & Poor’s, M* - Moody’s, F* - Fitch.
Mth's chge yield
Spread vs US
0.02 0.01 -0.11 0.07 -0.01 0.03 0.00
-
-0.04 -0.04 -0.06 -0.03
-0.84 -1.03 -1.09 -
0.00
-0.99
-0.05 -0.05
-
BONDS - HIGH YIELD & EMERGING MARKET
Sep 12 Day Chng Prev 52 wk high 52 wk low VIX 0.51 13.31 12.80 21.48 10.28 VDX VXN 0.64 14.67 14.03 408.36 9.66 VDAX † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. ‡ Deutsche Borse. VDAX: DAX Index Options Volatility.
BONDS - TEN YEAR GOVT SPREADS Spread Spread Bid vs vs Yield Bund T-Bonds Australia Austria Belgium Canada Denmark Finland France Germany Greece Ireland Yields: annualised basis.
P/E MCap m
BONDS - GLOBAL INVESTMENT GRADE
Red 52 Week Amnt Change in Yield Sep 12 Price £ Yield Day Week Month Year High Low £m Tr 3.5pc '00 88.55 3.95 -1.19 -3.84 -1.38 9.70 93.94 79.66 0.02 Tr 2.75pc '15 100.88 0.31 -0.02 -0.06 -0.20 -2.15 103.12 100.88 0.29 Tr 2pc '16 101.85 0.63 -0.04 0.04 0.10 -1.08 103.23 101.66 0.32 Tr 1.75pc '17 101.84 0.96 -0.06 0.11 0.40 -0.24 102.86 101.07 0.29 Tr 5pc '18 112.36 1.36 -0.12 0.00 0.26 -2.34 116.01 111.68 0.35 Tr 4.5pc '19 112.44 1.62 -0.17 -0.05 0.44 -1.08 115.24 111.17 0.36 Tr 4.75pc '20 115.18 1.83 -0.22 -0.11 0.55 -0.54 117.86 113.53 0.33 Tr 8pc '21 137.69 1.99 -0.19 -0.17 0.44 -1.18 141.69 135.65 0.24 Tr 4pc '22 112.98 2.12 -0.21 -0.23 0.77 2.11 113.84 109.05 0.38 Tr 5pc '25 123.07 2.49 -0.28 -0.61 0.79 3.40 124.57 116.64 0.35 Tr 4.25pc '27 117.13 2.70 -0.42 -0.97 0.84 5.34 119.07 109.01 0.30 Tr 4.25pc '32 118.04 2.94 -0.65 -1.49 0.49 6.60 120.89 109.23 0.35 Tr 4.25pc '36 118.55 3.07 -0.75 -1.90 0.09 6.98 122.13 109.13 0.26 Tr 4.5pc '42 125.38 3.14 -0.89 -2.52 -0.28 8.10 130.39 114.63 0.26 Tr 3.75pc '52 112.92 3.16 -1.05 -3.19 -0.54 10.66 118.68 101.07 0.22 Tr 4pc '60 120.83 3.14 -1.08 -3.39 -0.77 11.35 127.53 107.39 0.21 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield. This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list on Saturdays, and can be found daily on ft.com/bond&rates.
VOLATILITY INDICES Year change
BONDS - INDEX-LINKED Mnth Ago
Stock
GILTS - UK CASH MARKET
Close Prev price price Petrobras 20.13 20.13 AscBrFd 2621.00 2677.00 BncBrasil 31.78 31.78 PetroChina 10.54 10.68 ValeroEngy 48.42 49.87 CNOOC 14.30 14.64 CntnentlRes 72.88 75.79 Bradesco 38.11 38.11 ItuasaPf 10.50 10.50 BncoDoBrasl 34.15 34.15 ItauHldFin 33.95 33.95 SunPhrmInds 806.10 822.30 PublStor 166.08 171.18 Galaxy Enter 54.10 54.20 Naver 708000.00 699000.00 Astra Int 7225.00 7250.00 SpectraEn 39.84 40.65 HiltonWwde 24.40 24.84 AngloAmer 1483.00 1495.00 Phillips66 83.02 84.01 Based on the FT Global 500 companies in local currency
BOND INDICES Since 16-12-2008 16-12-2008 18-02-2010 05-05-2014 05-03-2009 05-10-2010 03-08-2011
INTEREST RATES - MARKET Over night 0.09060 -0.05929 0.47500 -
Stock
FT 500 - Bottom 20
Close Prev price price Sprint 7.00 6.57 Softbank 8365.00 8180.00 Yahoo 42.88 41.26 NovoB 274.00 266.90 PTT Explor 354.00 356.00 TeleItalia 0.93 0.93 Posco 361000.00 354000.00 SK Hynix 44500.00 43850.00 SBI NewA 2630.40 2603.10 Shire 5295.00 5225.00 LibertyGbl 43.91 43.86 AstellasPh 1594.00 1544.50 BankAm 16.79 16.57 Magnit 9924.70 9929.00 CME Grp 79.33 77.52 ValeantPh 133.00 133.00 KDDI 6403.00 6417.00 Abbvie 57.88 57.85 HondaMtr 3687.00 3663.50 HCA Hold 71.56 72.35 Based on the FT Global 500 companies in local currency
Sep 12 US US US Euro UK Japan Switzeland
P/E MCap m
Hong Kong
China AgricBkCh Bk China BkofComm ChConstBk ChinaCitic ChinaLife ChinaMBank ChinaMob♦ ChinaPcIns ChMinsheng ChShenEgy ChUncHK In&CmBkCh IndstrlBk Kweichow PetroChina♦ PingAnIns♦ Saic Motor ShngPdgBk Sinopec
Yld
Germany Allianz BASF Bayer Beiersdorf BMW Continental Daimler Deut Bank Deut Tlkm DeutsPost E.ON HenkelKgaA Linde MuenchRkv RWE SAP Siemens Volkswgn
Canada BCE♦ BkMontrl BkNvaS Brookfield♦ CanadPcR CanImp CanNatRs♦ CanNatRy♦ CenovusE♦ Enbridge GtWesLif♦ HuskyE♦ ImpOil♦ Magna Intl Manulife♦ Potash RylBkC Suncor En♦ TelusCorp♦ ThmReut♦ TntoDom TrnCan ValeantPh
52 Week High Low
PriceDay Chng
4.00 1.26 1.35 2.30 158.38 1.32 1.48 1.04 6.08 1.99
Spread Spread Bid vs vs Yield Bund T-Bonds Italy Japan Netherlands Norway Portugal Spain Switzerland United Kingdom United States
3.17 0.64 1.21 2.37 3.34 2.57 2.50 2.54
BONDS - BENCHMARK GOVERNMENT Red Date 02/17 04/25 09/17 10/24 03/15 06/24 09/17 06/25 11/17 11/24 09/17 07/25 02/17 12/19 10/25 05/45 09/16 10/19 08/24 07/44
Bid Bid Day chg Wk chg Month Year Coupon Price Yield yield yield chg yld chg yld Australia 6.00 4.00 4.00 0.01 0.02 0.04176 0.09 3.25 4.00 4.00 0.01 0.05 0.05594 -0.24 Austria 4.30 112.70 0.04 0.00 0.01 0.00189 0.01 1.65 103.48 1.26 0.00 0.01 -0.01104 0.00 Belgium 8.00 104.08 0.21 0.00 0.01 0.00000 0.00 2.60 111.14 1.35 0.00 0.03 -0.02268 0.00 Canada 1.50 1.29 0.00 0.00 0.00353 -0.03 2.25 2.30 0.00 0.02 0.00000 0.00 Denmark 4.00 112.49 112.52 0.00 0.00 0.00000 0.00 7.00 158.06 158.38 0.00 0.00 0.00000 0.00 Finland 3.88 111.37 0.06 0.00 0.01 -0.00143 0.00 4.00 126.46 1.32 0.00 0.03 -0.00929 -0.32 France 1.75 104.28 0.99 0.00 0.00 -0.00137 -0.02 9.82 92.94 1.38 0.00 0.01 -0.09583 -0.93 6.00 145.68 1.48 0.00 0.05 -0.00961 -0.45 3.25 115.77 2.49 0.00 0.07 0.01611 -0.74 Germany 5.63 101.45 4.49 0.00 0.00 0.00000 0.00 0.25 99.13 0.41 0.00 0.00 0.00000 0.00 1.00 99.32 1.04 0.00 0.00 0.00000 0.00 2.50 112.09 1.94 0.00 0.02 -0.00717 -0.42 Greece 02/25 2.00 79.77 6.08 0.00 0.00 0.00000 0.00 Ireland 10/20 5.00 124.26 0.87 0.01 0.02 -0.06503 -0.65 03/25 5.40 131.62 1.99 0.01 0.05 -0.12232 -0.90 Italy 11/17 3.50 107.61 1.00 0.00 0.01 -0.00460 0.00 09/20 4.00 113.65 1.59 0.00 0.04 -0.02974 0.00 07/24 5.13 116.12 3.17 0.00 0.03 -0.03475 -0.96 09/44 4.75 117.02 3.83 0.00 0.10 -0.08886 0.00 Japan 12/17 0.20 100.32 0.10 0.00 0.00 0.00005 0.00 12/20 1.20 105.92 0.24 0.00 0.00 0.00331 -0.01 12/25 2.00 114.30 0.64 0.00 0.01 0.00843 -0.03 Netherlands 02/17 1.00 99.12 1.34 0.00 0.00 0.00259 0.00 07/24 2.00 107.10 1.21 0.00 0.02 -0.00644 0.00 New Zealand 04/20 3.00 94.18 4.16 0.00 0.00 0.00438 -0.10 04/23 5.50 108.72 4.24 0.00 0.02 0.00867 -0.17 Norway 05/19 4.50 111.94 1.79 0.00 0.00 0.01567 0.00 03/24 3.00 105.08 2.37 0.00 0.00 0.00483 0.00 Portugal 10/17 4.35 108.85 1.40 0.00 0.02 -0.06949 -0.71 02/24 5.65 118.56 3.34 0.00 0.05 -0.19934 -1.67 Spain 03/15 0.63 99.70 1.09 0.00 0.00 0.00077 0.01 07/25 4.65 119.48 2.57 0.00 0.10 -0.06694 -0.80 Sweden 08/17 3.75 0.36 0.34 0.00 0.00 0.00000 0.00 05/25 2.50 1.56 1.51 0.00 0.00 0.00000 0.00 Switzerland 06/17 4.25 111.67 0.00 0.00 0.00817 0.11 07/25 1.50 108.97 0.00 0.01 0.01286 -0.10 United Kingdom 09/17 1.00 99.24 1.24 0.00 0.00 -0.00559 -0.01 07/20 2.00 100.07 1.97 0.00 0.00 0.00000 0.00 09/24 2.75 101.98 2.50 0.00 0.01 -0.02297 0.00 01/44 3.25 101.38 3.17 0.00 0.04 -0.01194 0.00 United States 06/15 0.38 99.23 1.33 0.00 0.00 0.00006 0.00 12/20 2.38 101.27 2.12 0.00 0.01 0.01495 0.00 08/25 6.88 140.68 2.54 0.00 0.04 0.03745 -0.12 05/43 2.88 91.98 3.28 0.00 0.04 0.00684 0.00 London close.Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding tax at 12.5 per cent payable by non residents.
Red date
Coupon
S*
Ratings M*
F*
Bid price
Bid yield
Day's chge yield
Mth's chge yield
Spread vs US
04/16
9.75
BB-
Ba3
BB
110.50
-
0.00
0.11
-
02/17
6.88
B
Caa1
B
28.19
28.19
0.00
0.00
26.86
01/17 03/15 05/16 01/18 02/20 03/19 07/19 07/18 11/19 03/23
6.00 6.63 8.38 8.00 11.75 7.13 6.38 11.00 7.50 3.25
BBBBBB+ BBB+ BBBBBB BBB+ ABBB-
Baa2 A3 A3 Baa2 Baa2 A3 A2 Baa1 Baa3 Baa3
BBB BBB+ BBB+ BBB BBB BBB+ ABBB BBBBBB-
109.81 102.67 121.00 110.85 142.92 128.75 124.38 125.00 125.38 83.49
1.68 0.87 1.23 4.43 3.11 1.95 2.17 3.47 5.73
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.01 0.04 0.00 0.00 0.06 0.00 0.00 0.15 0.00 0.02
0.35 -0.46 -0.10 2.30 0.98 -0.17 0.05 1.35 3.18
Emerging Euro Brazil 02/15 7.38 BBBBaa2 BBB 111.75 0.73 0.00 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 Bulgaria 09/25 5.75 BBBBBB- 123.05 3.25 0.00 US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
0.00 0.00 0.00 -0.17
-0.60 0.17 -0.06 0.71
Sep 12 High Yield US$ The AES Corporation High Yield Euro Kazkommerts International BV Emerging US$ Brazil Mexico Peru Brazil Colombia Peru Poland Russia Turkey Turkey
GILTS - UK FTSE ACTUARIES INDICIES Price Indices Fixed Coupon 1 Up to 5 Years 2 5 - 10 Years 3 10 - 15 Years 4 5 - 15 Years 5 Over 15 Years 6 Irredeemables 7 All stocks Index Linked 1 Up to 5 Years 2 Over 5 years 3 5-15 years 4 Over 15 years 5 All stocks Yield Indicies 5 Yrs 10 Yrs 15 Yrs
Day's chg % -0.08 -0.25 -0.35 -0.28 -0.37 -0.51 -0.25
Sep 12 98.96 174.00 196.11 178.84 267.49 377.56 164.08 Day's chg % -0.08 -0.34 -0.27 -0.38 -0.31
Sep 12 317.49 505.59 422.72 592.39 474.96 Sep 12 1.78 2.53 2.89
Sep 11 1.75 2.88 3.36
Total Return 2302.25 3034.06 3455.49 3134.21 3729.35 4376.00 2962.02
Month chg %
Yr ago 2.06 3.05 3.46
Year's chg %
Return 1 month 0.36 0.66 0.70 0.68 0.36 -0.45 0.44 Total Return 0.25 0.25 0.74 0.00 0.25 Sep 12 3.07 3.16 3.96
20 Yrs 45 Yrs Irred
Return 1 year 1.17 4.49 8.08 5.49 12.37 14.49 6.35 Return 1 month -1.05 9.42 4.59 11.88 8.19 Sep 11 3.55 3.65 -
Yield 1.40 2.18 2.67 2.37 3.11 3.96 2.79 Return 1 year 2381.24 3695.73 3162.91 4260.55 3512.38 Yr ago 3.60 3.59 -
inflation 0% inflation 5% Sep 12 Dur yrs Previous Yr ago Sep 12 Dur yrs Previous Yr ago Real yield Up to 5 yrs -1.24 2.33 -1.27 -1.38 -1.94 2.34 -1.98 -1.88 Over 5 yrs -0.22 21.54 -0.24 0.13 -0.26 21.65 -0.27 0.09 5-15 yrs -0.45 9.11 -0.48 -0.09 -0.56 9.14 -0.59 -0.22 Over 15 yrs -0.19 27.84 -0.20 0.17 -0.20 27.91 -0.22 0.14 All stocks -0.24 19.64 -0.25 0.10 -0.28 19.78 -0.29 0.05 FTSE is making a number of enhancements to the FTSE Actuaries UK Gilts Index Series which are effective from 28 April 2014. Please see the FTSE website for more details: http://www.ftse.com/Indices/FTSE_Actuaries_UK_Gilts_Indices/index.jsp
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar
ß www.morningstar.co.uk
®
★
Monday 15 September 2014
25
FINANCIAL TIMES
FINANCIAL TIMES SHARE SERVICE Main Market Price
52 Week High Low
+/-Chg
Yld
P/E
Vol 000s
Aerospace & Defence AvonRub BAE SysX Chemring Cobham Meggitt♦ RollsRoyceX Senior UltraElc♦
631.50 459.00 234.50 292.10 485.40 1.02k 282.90 1.76k
-3.50 2.00 2.50 2.80 -0.20 3.00 1.10 14.00
670.00 471.00 323.20 329.20 573.50 1.29k 320.40 1.99k
509.00 374.10 181.50 227.50 445.00 952.00 250.30 1.64k
0.68 4.38 3.07 3.31 2.63 2.15 1.81 2.39
16.52 7.2 79.30 5979.2 -12.63 99.3 28.24 1185.7 18.57 997.8 8.48 4211.0 16.07 275.3 28.72 80.4
Automobiles & Parts FordMtr $X GKN♦ Toyota ¥X
16.59 347.80 6.30k
-0.07 18.12 14.40 2.57 10.82 16416.1 3.00 468.00 332.10 2.27 11.84 4945.6 85.00 6.52k 5.20k 2.20 10.75 18456.4
32.83 612.50 16.79 2.40k 0.32 72.97 230.00 107.01 657.40 74.58 82.16 349.70 1.24k 118.50 134.25 57.77 34.25
-0.31 -1.00 0.22 56.00 0.00 0.21 4.50 0.11 3.00 0.50 0.30 3.70 -1.00 0.18 -0.37
Banks ANZ A$X BcoSant BankAm $X♦ BnkGeorgia BankIre € BkNvaS C$X BarclaysX♦ CanImp C$X HSBCX♦ LlydsBkgX RylBkC C$X RBSX StandChX♦ ..7.375%Pf ..8.25%Pf TntoDom C$X Westpc A$X
35.07 659.34 18.03 2.80k 0.39 74.93 309.90 107.37 737.00 86.87 82.27 387.50 1.58k 120.95 139.75 58.20 35.99
28.84 452.00 13.60 1.79k 0.20 58.54 201.75 81.10 585.00 70.02 65.24 291.60 1.17k 116.00 132.00 44.88 30.00
4.98 6.19 0.23 2.73 3.39 2.79 3.57 4.27 3.30 3.96 3.05 5.07
13.76 5086.1 17.90 1045.0 28.15 115796.7 11.36 106.1 -13.17 40423.4 12.63 1548.4 33.36 50089.5 13.23 893.9 13.50 14805.3 -30.70 90164.4 13.91 1695.8 -4.84 9494.9 12.23 2841.7 18.0 24.5 14.46 2318.1 15.57 4475.5
Basic Resource (Ex Mining) Ferrexpo♦ IntFerMet Mondi♦ Vale BRLX
127.20 7.00 1.06k 28.59
-
347.80 106.15 132.00 2.19k 271.80 289.75 321.20 226.10 1.73k
3.80 -0.25 -1.00 15.00 1.50 3.75 -2.00 0.40 14.00
4.00 0.23
209.08 121.40 2.42 3.76 332.2 13.50 6.00 -35.53 39.3 1.14k 895.00 2.71 14.31 767.4 38.93 27.80 3.61 69.47 8297.6
Chemicals Alent Bayer €X Carclo♦ Croda♦ Elemntis♦ Porvair Syngent SFrX Synthomer Victrex
392.00 106.90 429.02 2.76k 305.10 347.75 378.70 302.08 2.04k
297.80 82.27 100.00 2.08k 229.70 219.50 302.10 201.25 1.53k
2.47 1.98 1.97 2.94 1.75 1.00 3.11 2.65 2.49
15.52 76.0 24.60 1138.0 24.00 33.5 17.30 263.5 19.04 357.8 21.20 20.4 20.66 156.4 16.86 96.4 19.31 50.5
144.00 322.20 119.50 249.00 88.56 324.58 1.81k 1.37k 1.30k 1.94k 14.80 96.00 200.50 875.00 25.50 46.40 325.00
108.66 192.60 115.00 172.00 42.75 248.00 1.32k 1.01k 814.59 1.58k 11.57 63.50 151.00 682.38 16.00 35.04 199.00
3.56 6.24 2.55 6.74 3.97 3.38 2.99 2.61 4.04 1.11 4.06 2.67 3.21 2.88 1.67 2.26
13.06 86.26 16.31 32.93 15.40 -13.99 16.35 45.54 24.90 22.28 15.16 21.61 15.23 10.31 21.98 78.22
619.54 136.00 525.00 21.16 280.00 1.13k 1.47k 1.86k 165.00 385.00 1.31k
1.56 2.64 1.72 1.43 3.28 0.98 2.41 2.15 3.16 1.97 3.57
39.26 26.4 13.89 310.9 22.22 307.3 16.94 1261.3 21.89 298.9 36.93 257.0 14.04 70.4 16.96 323.2 66.07 105.8 12.19 205.8 15.12 2.9
Construction & Materials Alumasc BalfourB ..CvPf Boot(H) ClarkeT♦ Costain CRH♦ GalfrdT Keller KierGp Kingsp €♦ LowBonr♦ Marshlls MorgSdl Norcros StGobn €X Tyman
126.50 226.00 116.25 200.00 46.00 290.00 1.48k 1.24k 921.00 1.68k 12.70 64.00 196.50 841.00 16.50 37.37 265.00
-1.00 -3.25 4.25 2.00 1.00 7.00 3.00 -0.07 -1.00 0.50 6.00 -0.25 -0.16 -5.00
0.8 1876.5 3.6 28.0 165.8 83.0 2635.1 68.8 170.3 35.8 14.6 1077.7 47.6 4.7 43.6 1251.8 54.2
Electronic & Electrical Equip Dialight♦ e2v Tech Halma Jhnsn HK$ MorganAd OxfordIn Renishw Spectris TT Elect Xaar♦ XP Power♦
925.00 159.25 625.00 29.90 320.00 1.18k 1.66k 1.99k 171.00 405.10 1.57k
20.00 1.50 5.00 0.05 3.20 5.00 36.00 11.00 0.50 -0.70 43.00
1.22k 173.00 644.50 31.92 366.65 1.82k 2.24k 2.57k 225.00 1.19k 1.80k
Financial General 3i AberAsM Ashmore BrewDlph Camellia♦ Canaccord CharlsSt CtyLonInv CloseBrs DBAG €
378.20 3.40 436.80 340.93 2.14 6.94 1424.0 432.20 1.00 500.00 360.76 3.70 16.80 2086.0 328.20 1.20 424.50 294.90 4.91 13.61 1737.7 276.90 7.90 357.60 254.80 3.11 22.93 282.9 9.95k 200.00 11.3k 8.38k 1.26 15.28 0.0 675.00 729.00 326.00 1.63 20.62 0.1 298.38 6.38 518.00 289.20 4.02 28.64 46.1 320.25 -8.75 343.50 223.94 7.49 15.03 45.8 1.40k 17.00 1.50k 1.11k 3.19 15.77 139.6 21.90 0.11 22.95 18.25 9.23 15.8
Price
El Oro FriendsLf♦ Gimv Nv € GuinPeat Hargr Lans♦■ HBM Hlth SFr HenderGp♦ ICAP Indvardn SKr ICG IPF♦ Investec Jupiter Liontrust Man NB GFRIF Paragon Providnt RathbnBr♦ Record S&U Schroder♦ ..N/V SVG Cap TullettPre Tungsten WlkrCrip
73.00 303.40 36.75 29.50 1.00k 85.25 220.00 360.40 126.70 403.90 513.00 558.00 359.50 226.00 122.70 97.00 340.00 2.14k 1.94k 35.00 1.87k 2.45k 1.89k 408.10 276.10 380.75 46.75
52 Week High Low
+/-Chg
-
Yld
P/E
Vol 000s
48.7 2807.2 8.2 191.5 564.7 4.6 1422.2 443.4 501.9 1013.9 247.3 2319.7 723.0 6.7 5912.9 731.6 209.0 125.5 10.2 18.9 2.8 276.9 11.8 361.4 228.9 169.8 0.3
2.10 -0.02 -0.25 1.00 0.30 2.50 2.70 3.10 11.70 9.00 -3.00 5.50 2.50 3.00 0.35 -0.80 27.00 19.00 -0.38 28.00 20.00 26.00 2.50 0.60 -5.50 -
89.00 337.20 39.10 36.63 1.58k 90.85 275.40 463.10 137.70 500.00 683.00 569.00 447.60 285.00 126.60 106.50 426.10 2.30k 2.20k 46.92 2.13k 2.76k 2.23k 466.00 395.30 409.75 53.60
65.00 290.00 35.50 28.13 966.50 60.00 181.50 326.07 114.50 371.20 390.00 366.20 350.00 208.00 76.35 93.75 306.90 1.54k 1.47k 27.15 1.31k 2.18k 1.71k 373.20 234.40 203.00 41.00
6.97 5.19 2.06 3.64 6.10 4.40 5.03 1.81 3.23 3.50 0.88 3.83 3.69 2.12 3.97 2.53 6.43 2.57 2.37 3.07 6.10 3.02
-3.29 36.44 57.81 -69.25 30.11 2.14 28.38 23.34 4.81 11.33 17.73 15.38 20.84 38.61 71.63 20.94 11.35 19.13 21.90 14.15 16.69 18.73 14.46 10.18 21.34 -20.47 8.67
-3.00 -56.00 10.00 15.50 -0.04 -4.00 -7.00 -6.00 0.70 0.75 0.12 -1.40 5.75 -0.30 -0.40 -0.25 -0.75 -2.00 -14.00 0.50 2.00 -0.90 4.00 -0.02
725.00 3.16k 672.00 784.00 5.02 1.94k 1.98k 1.37k 560.50 339.90 12.00 303.90 534.50 57.90 72.25 551.43 186.00 489.75 3.49k 316.75 826.00 174.93 2.79k 32.77
620.00 1.80k 492.93 548.50 3.97 1.38k 1.28k 1.05k 395.10 203.88 9.20 135.10 418.25 42.97 60.60 307.50 38.00 362.00 2.65k 218.00 618.50 107.00 2.29k 26.96
0.46 1.22 0.45 2.58 2.24 1.95 2.35 5.23 3.54 0.89 1.85 2.94 0.72 1.96 1.99 1.68 1.82 3.81 0.02 3.23 2.91
3.43 32.97 25.57 27.12 16.66 13.19 25.02 14.74 11.33 18.68 21.72 16.98 33.12 60.46 23.94 12.38 -1.89 12.76 27.15 21.98 13.40
88.00 835.60 112.30 146.00 292.90
3.44 1.95 0.69 2.28
17.34 22.29 26.49 37.12 36.85
11.4 106.5 724.2 44.2 103.7
117.33 299.58 1.24k 2.00k 699.90 318.87 470.25 305.00 370.00 86.00 1.04k 21.89 320.00 3.24k 218.00 96.85 1.63k
0.64 1.86 6.30 1.61 1.93 0.65 3.51 2.01 2.53 0.71 0.61 1.53
41.01 28.96 13.74 12.56 13.33 10.70 23.19 16.50 22.29 34.59 13.12 20.42 17.56 20.92 9.97 13.36 27.78
66.1 6757.3 191.4 397.5 285.1 613.5 1.8 15.6 6.2 70.6 1225.3 1451.4 139.5 1011.9 267.5 8870.3 23.2
Food & Beverages AngloEst AscBrFdX Barr(AG) Britvic C&C € Carr'sMill Coca-Cola H Cranswk Dairy Cr Devro♦ Glanbia €♦ Grncore♦ HiltonFd Kerry € Nestle SFrX NewBrPlm PremFds REA SABMillX StckSpirit♦ Tate&Lyl TongtHu R Unilever ..NV €
639.00 2.62k 622.50 686.00 4.18 1.64k 1.37k 1.30k 400.00 248.75 11.27 259.00 433.50 55.81 70.95 439.75 40.75 424.00 3.41k 291.00 698.00 164.50 2.70k 32.01
0.4 1079.3 31.1 436.2 159.5 6.2 260.1 17.2 152.2 181.6 11.9 1035.7 10.1 18.6 2870.0 58.9 1799.1 1.0 2839.6 221.0 828.0 1579.25 37.8 18.73 1969.5 17.73 7.2
Health Care Equip & Services Bioquell ConstMed GNStre kr Optos UDGHlthC
96.00 1.03k 126.70 209.75 345.90
-1.50 83.50 -1.80 2.25 4.00
154.47 1.11k 164.10 215.63 381.75
House, Leisure & Pers Goods AGARmst BarrttDev Bellway Berkeley♦ BovisHme CrestNic GamesWk Gleeson Headlam McBride Persimn Philips €X PZCusns♦ ReckittBX♦ Redrow TaylorWm♦ TedBaker
152.75 389.30 1.61k 2.36k 836.50 337.00 581.50 384.00 436.50 88.75 1.37k 23.38 376.70 5.42k 281.10 113.40 1.84k
-0.75 10.00 17.00 20.00 14.50 1.00 3.00 14.00 0.50 -0.25 21.00 1.70 50.00 5.90 1.40 26.00
190.75 455.40 1.72k 2.81k 946.00 420.00 830.00 467.25 495.50 126.00 1.51k 28.31 435.30 5.42k 352.60 134.50 2.36k
Industrial Engineering Bodycote Castings Fenner Goodwin♦ Hill&Sm IMI♦ MelroseInd Molins Renold Rotork♦ Severfd SKF SKr
696.00 2.00 832.00 595.00 1.94 17.07 518.9 458.00 3.00 525.00 408.13 2.73 11.58 4.6 360.60 2.60 489.77 320.00 3.12 15.96 556.0 3.65k 149.00 4.25k 3.2k 0.97 13.81 0.7 566.00 4.00 572.00 440.00 2.83 19.56 8.1 1.31k 1.80k 1.30k 2.83 18.44 503.0 254.50 0.20 382.20 246.70 3.24 20.82 1949.0 138.50 195.95 126.00 3.97 10.47 39.3 58.75 0.50 69.00 36.42 -11.99 25.1 2.76k -25.00 2.92k 2.33k 1.74 24.46 69.7 63.25 0.50 69.51 52.60 -70.91 45.1 155.50 -1.40 185.50 154.20 3.58 48.68 2850.0
Price
Spirax-S Tex♦ Trifast♦ Vitec Weir
2.86k 90.00 107.00 605.00 2.70k
52 Week High Low
Yld
P/E
Vol 000s
17.00 3.21k 2.55k 2.06 101.50 64.00 4.44 0.50 134.00 66.00 1.12 4.00 729.50 539.00 3.80 -16.00 2.85k 2.04k 1.55
21.72 8.14 18.57 15.12 17.62
91.1 1.3 54.9 7.9 618.3
-1.00 1.20 -0.57 -0.27 1.00 2.00 11.00 0.27 -1.50
+/-Chg
Industrial General BritPoly Smith DS JardnMt $X♦ Jard Str $X♦ Macfrlne REXAM♦ RPC Smiths SmurfKap € Vesuvius♦
600.00 284.90 62.03 37.29 39.25 496.30 541.50 1.35k 18.01 461.90
742.61 359.10 64.60 38.10 49.50 603.00 672.90 1.54k 20.61 523.50
565.00 254.30 49.34 30.06 33.00 485.20 444.60 1.21k 14.49 410.00
2.42 3.05 2.14 0.65 4.08 3.94 2.79 2.92 2.29 3.25
13.24 8.6 18.74 914.0 15.11 125.6 13.91 55.0 13.17 143.3 12.35 1150.0 20.59 144.9 16.35 557.4 16.22 188.9 11.48 90.8
Industrial Transportation Avation BBA Aviat Braemar Clarkson♦ Eurotunnl € Fisher J Flybe Grp Goldenpt OceanWil RoyalMail UK Mail
161.00 322.00 492.50 2.44k 9.98 1.36k 117.00 362.50 1.17k 423.40 585.00
4.00 4.00 -12.50 -11.00 -0.06 29.00 1.25 2.50 -2.50 0.80 12.00
165.00 355.00 585.00 2.75k 10.30 1.56k 151.56 510.00 1.29k 618.00 715.00
92.00 288.60 445.00 1.84k 5.96 1.06k 65.15 321.70 920.00 398.28 522.00
1.34 2.79 5.28 2.30 1.51 1.47 2.99 3.33
11.44 155.0 15.38 480.3 16.09 11.0 24.48 1.4 49.41 421.4 17.11 11.2 12.13 229.8 -11.01 35.8 11.90 4.2 3.32 1465.0 18.38 3.5
1.24k 429.60 525.50 259.00 248.00 502.00 360.00 296.10 128.00 92.00 632.00 1.00k 612.00 238.10 537.00 194.00 0.09 712.00 1.43k 475.00 58.50 700.00 410.60
8.00 -0.90 -5.50 1.00 6.90 1.50 10.00 3.90 6.00 5.00 4.00 3.00 1.50 2.00 -2.40 0.00 -1.00 0.50 1.90 3.50 -2.80
1.58k 491.10 571.50 282.77 261.00 591.00 363.25 307.00 135.00 123.72 795.72 1.11k 821.00 244.93 665.00 211.52 0.14 853.50 1.47k 500.50 78.00 908.50 427.60
1.17k 386.70 393.90 202.60 195.00 463.40 263.00 206.60 111.50 78.50 615.50 904.00 584.92 186.10 485.00 168.10 0.04 560.52 1.13k 78.20 52.25 598.00 331.70
3.77 6.05 2.85 3.22 5.89 4.97 4.26 8.70 1.24 2.71 1.40 3.91 4.19 4.18 7.50 2.35 2.13 3.75 2.28 3.85
11.61 7.38 13.41 7.50 10.81 6.16 7.53 13.22 11.60 9.85 20.20 10.76 15.17 10.84 18.28 -0.12 5.02 17.12 -7.32 9.46 24.66 16.04
Insurance Admiral♦■ Amlin♦ AvivaX Beazley Brit Plc♦ CatlinGp♦ Chesnar♦ DirectLine Eccles prf Hansard Hiscox♦ JardineL♦ Lancashire♦ Leg&Gen♦ NovaeGp♦ Old Mut PermTSB PhoenixGrp♦ PrudntlX♦ RSA Ins SagicFin StJmsPl♦ Stan Life♦
713.1 1356.8 5194.6 618.4 148.3 387.0 138.3 5148.0 54.7 11.2 812.1 52.3 233.5 13680.2 5.4 17601.8 72.5 309.8 1963.8 1712.1 3.5 1552.5 3568.3
745.50 170.25 59.75 310.25 115.00 838.50 177.50 202.80 216.50 3.90 17.12 16.79 1.18k 259.00 141.50 992.50 17.57 355.00 41.70 199.25 1.27k
2.50 -0.25 0.75 -5.00 1.75 6.50 -1.70 -0.30 0.03 -0.16 -0.16 24.00 0.80 5.50 0.11 -2.75 0.02 3.00
765.00 190.00 77.00 377.00 116.00 1.07k 230.00 323.47 222.50 30.67 18.53 18.26 1.38k 589.00 176.47 1.00k 17.67 393.75 42.10 268.00 1.56k
535.00 142.00 42.51 296.00 79.99 744.50 175.00 187.60 167.10 3.50 15.44 15.00 981.00 177.00 136.66 810.00 14.40 243.00 35.07 178.61 1.16k
2.28 3.25 4.02 2.37 3.37 2.29 4.23 3.45 1.62 4.07 5.38 2.48 2.46 0.56 3.30 3.51 2.69
27.54 16.32 -2.32 -99.22 13.50 19.06 15.82 11.64 22.26 -5.29 43.75 42.91 35.09 280.61 10.91 21.45 19.92 9.71 73.10 10.15 16.92
2.5 0.8 11.2 56.8 108.4 209.9 1.3 182.0 13008.4 750.4 1638.1 358.8 2930.4 314.0 3.0 1792.3 1061.3 1.1 439.1 7.6 2267.6
226.20 1.48k 146.00 764.00 0.60 22.00 69.00 7.35 18.33 1.85k 102.00 6.13 117.90 1.34k
-4.00 -12.00 3.20 -3.00 -0.25 0.25 0.21 -0.30 -0.50 2.10 34.00
322.30 1.68k 209.52 959.50 0.60 54.25 254.75 19.50 23.78 2.10k 128.75 6.88 142.90 1.51k
133.87 1.22k 115.45 733.00 0.60 19.00 52.94 7.00 16.33 1.72k 93.00 5.06 51.35 955.82
0.77 -39.30 3.34 325.36 - -1628.45 7.25 21.63 -2.33 -1.74 -0.18 1.13 -6.92 3.81 15.06 3.92 -14.74 5.35 -8.60 0.61 19.91
790.2 4710.5 1689.1 1737.4 699.5 32.4 74.8 2423.5 4679.3 1.0 43.4 1650.9 4.2
Price
+/-Chg
Mining Afr Barrick♦ AngloAmerX♦ AnGoldA R Antofagasta ..5%Pf AquarsPl AsiaResM AvocetMng Barrick C$♦ BHP Bltn♦ BisichMg CoalfieldR EVRAZ FstQuant♦
Yld
P/E
Vol 000s
+/-Chg
816.00 211.25 28.85 161.50 280.40 11.75 213.70 0.07 196.30 39.75 505.00 4.62k 3.20k 0.82 1.06k
-3.00 2.25 -0.16 1.40 -7.40 0.25 -0.10 0.60 0.50 1.50 -27.00 1.00 0.02 -4.00
1.23k 223.00 40.98 281.80 355.52 29.29 358.80 0.15 220.87 98.25 784.00 5.29k 3.68k 1.65 1.20k
658.00 137.00 23.78 119.10 170.00 8.85 211.40 0.07 105.30 31.08 315.18 3.6k 2.94k 0.75 748.00
0.35 1.03 0.62 3.54 3.34
-9.02 -3.09 -8.29 -19.89 -5.72 26.33 1.06 21.34 25.21 16.47 -60.07 -24.75
973.9 110.3 677.7 271.6 1102.0 407.6 1919.1 596.9 1318.2 230.4 345.3 2917.1 845.2 133.1
96.95 1.40 1.18k 470.15 11.75 176.20 289.75 597.50 0.58 112.20 157.25 95.78 8.38 9.00 876.00 10.36 125.00 76.50 5.55 871.50 55.79 44.00 168.25 2.16k 769.50 231.30 1.06k 337.60 2.39k 2.48k 104.25 102.22 230.50 411.00 59.48 706.50 745.00
1.85 -0.02 -3.00 -2.05 -0.10 6.75 -2.00 -0.03 1.20 1.75 -1.25 1.05 -0.26 11.00 -0.28 1.25 -0.04 17.50 -0.17 1.75 13.90 9.50 2.30 -11.00 2.40 -15.50 -18.00 0.25 -2.23 -1.75 6.00 -0.52 9.00 12.00
170.80 3.30 1.36k 526.80 18.00 290.40 335.00 646.00 7.31 148.40 339.75 104.76 20.48 14.50 1.14k 11.00 200.00 237.72 9.96 920.00 57.96 75.75 178.00 2.21k 825.00 393.90 1.52k 364.90 2.86k 2.99k 155.95 118.76 270.00 477.10 61.23 1.09k 974.47
90.20 0.64 1.01k 426.55 8.50 149.70 225.50 544.00 0.58 110.90 103.25 84.79 4.75 7.51 733.00 6.11 115.12 61.00 5.11 719.00 43.19 34.00 125.25 1.72k 715.00 191.50 1.06k 267.50 1.98k 2.07k 95.00 84.91 202.50 378.28 43.94 695.00 610.00
3.25 -1.53 1.44 26.18 4.65 13.17 -2.87 -4.42 4.83 62.22 3.21 8.97 -0.20 9.78 9.07 2.56 12.86 -16.07 - -9000.00 28.81 14.89 70.62 -32.17 2.04 -9.16 1.96 20.00 0.90 12.43 18.07 11.56 4.79 6.52 2.26 12.19 23.49 3.69 11.49 1.46 13.25 4.56 15.78 4.27 16.40 -7.48 1.32 21.02 5.31 9.20 29.46 3.09 24.94 1.62 -55.35 1.73 17.00
6068.8 42364.3 3785.4 29882.2 17.3 944.1 96.3 29.3 0.8 713.5 5515.3 10248.0 5942.0 1036.4 210.0 27.5 0.0 1564.9 58.2 248.4 351.1 24.7 886.7 1150.7 42.9 1095.6 935.0 1151.8 4598.7 2509.1 878.7 7381.6 10.2 631.9 1234.3 2102.0 694.6
45.50 15.53
-321.07
Oil & Gas Afren Aminex BGX BPX♦ Cadogan CairnEng Cape♦ DragnOil♦ Endeav Int' $ EnQuest Exillon ExxonMb $X FastnetO&G Fortune GenelEgy GeoPark $ GreatEEgy GulfKeyst HellenPet € Hunting ImpOil C$X♦ JKX Lamprell Lukoil RUBX Nostrum OphirEgy Petrofac PremOil RylDShlAX♦ ..B♦ Salamand Schlmbrg $X♦ Seplat Petr Soco Int TrnCan C$X Tullow♦ Wood(J)♦
Pharmaceuticals & Biotech
Media 4imprint Blmsbury♦ Centaur♦ ChimeCm Creston DlyMailA HaynesPb ITE Grp ITV JohnstnP News Corp A $ NewsCpB $ Pearson PERFORM Quarto Reed ElsX ReedElsNV € STV Grp♦ ThmReut C$X♦ UTV Med♦ WPPX
Fresnillo GemDmnd Harmony R Hochschild Kazakmys Kenmr Lonmin MolyMin A$# Petra Petropvlsk PolymtIntl♦ RndgldRs RioTintoX Troy Res A$ VedantaRs
52 Week High Low
Price
BTG 664.50 CathayIn 35.50 Dechra 764.50 Genus 1.16k GlaxoSmhX♦ 1.44k HikmaPhm♦■ 1.66k Oxfd Bio 3.93 RichterG $ 17.18 5.30k ShireX♦ VecturGp 133.00
16.50 668.00 365.30 98.39 583.6 -0.50 41.06 30.00 -77.34 2.5 -0.50 775.00 655.00 1.83 47.42 27.8 5.00 1.45k 924.50 1.39 24.48 62.4 11.00 1.71k 1.20k 5.48 14.86 6648.4 3.00 1.84k 1.02k 0.70 18.29 201.4 0.08 3.95 1.77 -5.70 1907.2 -0.08 21.75 15.20 1.27 20.49 70.00 5.3k 2.37k 0.22 32.88 1208.7 -195.30 -0.25 171.50 100.48 112.8
Real Estate
REITs
Assura BigYellw BritLand Countrywd♦■ DrwntLdn Gt Portld Green Reit € Hammersn♦ Hansteen HIBERNIA Highcrft INTU LandSecs LondonMtrc McKaySec MucklGp PrimyHth Redefine SEGRO♦ Shaftbry Town Ctr Wkspace
46.75 535.00 720.00 499.10 2.74k 641.00 1.37 599.50 101.00 1.18 845.00 341.20 1.06k 141.10 225.00 480.00 349.50 51.70 362.00 673.00 244.00 638.00
Cap&Count♦
330.80
0.50 12.50 -0.50 0.10 13.00 9.00 0.05 4.00 0.50 0.02 1.40 1.00 1.70 5.00 2.00 1.50 0.20 2.10 3.00 2.75 3.00
2.90 2.62 3.73 1.60 1.33 1.36 3.19 4.75 3.99 4.26 2.87 4.96 3.78 4.09 5.51 6.02 4.09 1.86 7.29 1.57
10.40 12.68 6.54 16.71 4.76 5.23 7.05 6.27 11.64 5.67 7.46 7.06 3.08 12.90 13.15 12.80 6.51 6.19 7.98 3.91
349.2 103.8 1281.9 298.2 114.5 1079.8 118.3 888.3 2452.2 1613.6 0.1 2338.6 879.5 828.6 3.5 5.6 237.9 439.9 775.6 238.7 15.3 44.6
0.60 395.10 313.70 0.45
9.66
967.7
P/E
Vol 000s
0.35 -0.66 3.01 -2.95 7.50 84.94 3.55 -1.69 5.68 - 156.91 23.16 -56.64 102.00 18.66 38.50 3.10 25.03 3.30 -4.97 220.00 -31.34 27.75 -3.79 350.00 - 264.93 7.25 -6.27 20.75 -31.88 128.00 6.96 80.00 11.86 1.02 -0.55 0.40 -0.53 6.25 -12.72 134.00 -26.24 3.20 -7.53 232.10 0.40 67.23 17.61 -91.22 100.00 -12.49 4.55 -0.33 85.25 -5.54 8.85 -7.98 4.50 -5.05 0.70 -0.71 85.10 3.35 0.19 -2.98 0.89 -13.54 82.00 18.29 12.00 -5.44
4.0 6.6 48.6 6.7 15.1 170.7 299.1 19.6 7.7 676.0 61.3 649.6 8.3 72.1 425.1 89.6 27.4 4.4 6.6 363.3 45.6 211.0 82.4 80.8 25.6 267.4 35.0 50.4 27.4 82.0 6.2 76.5 94.5 2.0
Real Estate Inv & Services
47.50 576.00 737.00 701.00 2.87k 678.00 1.70 620.50 115.00 1.20 860.00 350.40 1.11k 150.00 232.00 542.00 370.00 61.00 379.00 698.00 280.00 645.00
34.50 412.60 507.00 460.60 2.31k 533.00 1.16 486.10 97.15 0.99 650.00 270.10 896.00 113.90 155.00 417.00 312.00 42.72 299.40 572.50 195.00 413.20
Price
Cap&Reg♦ Cardiff CLS Daejan DvlptSec Grainger HelclBar HK Land $ Lon&Assc MacauPrp Mntview PnthrSec Q'tainEst RavenRuss RavenR Prf RavenR Wrt Safestre Savills♦ SchroderRE Smart(J) StModwen UNITE Gp Urban&C
+/-Chg
52 Week High Low
Yld
P/E
Vol 000s
49.75 0.25 52.80 39.00 1.31 9.40 185.9 1.04k 1.10k 810.00 1.21 11.20 0.1 1.33k 17.00 1.50k 1.13k 5.64 0.6 4.76k 12.00 5.17k 3.65k 1.87 5.17 1.8 205.00 -2.50 269.00 190.25 2.34 13.75 240.1 192.40 1.60 250.00 169.00 1.06 9.12 232.0 345.00 1.50 405.06 280.50 1.65 4.71 46.2 6.89 -0.03 7.14 5.65 2.48 14.80 994.0 45.00 -0.50 61.50 32.01 0.28 77.99 14.4 250.00 -0.50 270.00 186.30 5.57 34.9 8.25k 200.00 8.9k 6.12k 2.12 11.31 0.0 347.50 357.00 295.00 3.45 8.34 0.2 85.25 -0.50 108.50 80.50 40.60 2588.3 68.75 0.75 86.50 63.25 -57.34 222.8 144.25 161.50 130.00 79.8 48.25 -0.75 68.00 40.30 1.8 216.25 0.25 244.50 130.25 2.66 10.83 54.8 612.50 4.50 684.00 567.52 1.71 15.32 646.7 54.50 -0.25 55.34 44.75 5.03 9.50 502.3 94.50 -0.50 113.00 81.50 3.10 -254.03 3.0 372.70 0.70 426.40 295.50 1.07 10.13 60.9 438.50 3.40 456.50 356.70 1.09 9.52 1682.9 238.50 1.00 267.00 217.00 -5.51 122.8
Retailers AO World AshleyL Brown N Caffyns Card Factor Dairy Fm $♦ Debenhm Dignity Dunelm Findel Halfords Inchcape JDSportsF Lookers Mallett Marks&Sp Morrison MossBros Next Ocado Pendragn Photo-Me Saga SignetJwl SuperGroup TescoX Thorntns VertuMotor
194.20 27.00 418.20 580.00 221.00 10.25 63.80 1.44k 848.00 245.75 466.00 679.00 403.00 140.50 48.00 425.00 176.50 96.75 6.94k 306.60 31.50 136.75 178.75 7.23k 1.23k 228.65 97.00 56.25
4.20 -0.75 5.20 2.50 -0.02 -0.60 -7.00 -9.00 1.50 -0.10 3.00 10.00 6.25 -0.70 -1.30 0.50 -5.00 -6.10 3.25 2.00 7.00 16.00 -1.55 -5.00 -0.50
412.38 28.85 600.00 670.00 225.00 11.60 113.50 1.54k 1.04k 330.25 515.00 698.14 456.25 151.75 85.55 520.50 312.30 126.18 7.97k 624.93 41.75 153.15 195.00 7.37k 1.75k 382.00 167.94 67.50
188.70 22.00 398.90 425.00 195.50 8.84 61.45 1.29k 745.97 217.55 368.51 556.50 239.63 114.25 43.70 359.20 164.60 66.60 4.91k 294.40 27.00 97.65 168.50 4.21k 806.00 219.97 87.00 49.39
-325.84 7.41 11.91 3.32 15.54 2.24 11.53 40.92 2.13 28.90 5.33 7.37 0.82 19.05 1.89 20.73 - 372.35 3.07 16.53 2.56 14.49 1.64 19.53 1.84 12.46 -16.75 4.00 13.19 7.37 -12.78 1.03 27.38 1.86 17.93 - -1488.35 1.27 8.85 2.41 23.99 18.30 0.54 26.97 36.66 6.46 9.64 18.30 1.33 13.70
646.6 635.6 667.8 0.3 465.6 3.6 2753.7 35.4 78.0 12.9 195.1 601.9 16.8 349.4 2.5 2834.7 12255.1 72.2 451.6 3241.9 33.1 1954.9 661.0 3.8 102.3 14807.4 203.2 107.9
232.00 1.62k 550.00 1.03k 1.37k 1.06k 1.02k 412.00 1.61k 1.18k 325.70 62.75 152.25 3.45k 747.50 685.50 238.50 422.50 835.50 1.07k 259.50 651.50 106.00 128.40 320.00 353.60 746.00 633.50 2.74k 965.00 204.00 25.50 442.00 577.50 455.50 305.80 504.50 49.00
-0.63 -28.00 3.50 7.00 23.00 5.00 3.00 -1.00 -9.00 5.00 1.25 0.25 17.00 4.00 7.00 -1.40 10.50 1.50 5.00 4.90 13.50 -3.13 0.50 5.00 8.90 -2.50 3.00 14.00 2.00 -0.25 10.50 1.30 4.20 4.00 -
418.00 1.84k 1.18k 1.05k 1.51k 1.48k 1.14k 509.00 1.71k 1.25k 396.54 75.00 208.75 3.71k 1.05k 799.50 371.00 455.00 924.00 1.28k 274.40 695.00 124.75 157.50 352.20 392.10 760.00 751.50 3.42k 1.42k 247.75 30.00 540.00 841.50 511.50 345.90 618.50 58.00
210.00 1.50k 422.75 576.00 1.1k 1.05k 870.00 400.00 1.29k 925.04 269.07 50.00 137.50 2.46k 707.00 597.98 228.70 281.25 712.00 962.00 225.40 527.00 86.55 110.10 225.00 284.00 394.00 547.72 2.50k 936.50 165.00 20.00 400.25 555.00 417.20 283.50 390.00 19.40
3.66 1.70 1.75 0.80 2.38 2.23 2.76 2.48 2.01 2.24 5.37 2.87 6.11 2.15 5.66 2.29 4.93 1.84 2.00 3.45 1.30 2.86 1.95 3.53 1.56 1.68 3.39 1.68 3.84 1.74 3.24 1.99 4.59 2.31 3.47 1.82 -
20.90 17.31 10.74 21.16 14.28 24.25 19.66 23.34 25.73 46.55 13.95 20.60 8.39 23.97 15.90 22.20 14.75 24.57 30.97 23.66 -52.00 26.53 20.22 23.22 106.21 19.73 88.95 17.85 22.71 19.06 16.82 14.65 20.10 13.07 31.89 23.49 17.24 36.40
16.8 686.9 89.1 1047.1 131.9 1393.0 216.3 46.2 745.7 800.7 669.0 57.7 43.5 84.7 213.9 57.6 561.5 4.5 170.4 1315.3 4804.6 245.5 1.8 3263.6 229.3 1557.5 599.1 253.3 210.3 1.9 7736.3 0.7 37.9 23.1 422.9 609.6 34.3 5.3
Price
+/-Chg
52 Week High Low
Yld
P/E
Vol 000s
42.75
-0.38
-14.80
189.1
Support Services Acal Aggreko♦ APR Engy♦ AshtdGp AtknsWS Babcock Berendsen♦ Brammer Bunzl Capita♦ Carillion♦ Comnsis♦ ConnectGp DCC DeLaRue Diploma Elctrcmp EnergyAst Essentra Experian G4S♦ Grafton♦ HarvyNah Hays Homesve HowdenJny HyderCnslt Intserve Intertek Latchways Lavendon♦ MngCnslt MearsGp MenziesJ MichaelPge♦ MITIE Northgte♦ Off2Off
Price
PayPoint PremFarn Rentokil♦ Ricardo RbrtWlts♦ RPS Shanks SIG SpeedyHr St Ives SThree TravisPkn TribalGrp Vp Watermn Wolseley
52 Week High Low
+/-Chg
1.05k 189.90 124.30 625.00 311.00 277.80 109.00 176.90 66.75 203.00 344.75 1.68k 169.50 646.00 56.00 3.28k
Yld
1.00 1.21k 0.90 247.70 133.60 3.00 800.00 -0.25 363.00 0.40 360.40 3.00 121.00 0.80 219.34 1.00 83.00 -4.00 225.00 4.75 442.25 14.00 2.00k -1.00 209.60 6.00 690.00 79.00 29.00 3.56k
972.50 174.60 99.80 527.00 281.25 235.10 90.50 164.00 48.34 156.15 296.52 1.54k 153.00 460.00 46.00 2.97k
3.01 5.48 1.86 2.24 1.74 2.65 3.17 2.01 0.85 3.20 4.06 1.84 0.94 1.95 0.89 2.08
6.00 17.50 -0.30 -1.60 0.10
811.00 471.30 22.70 216.40 28.00 247.70 81.40
0.60 1.03 4.08 1.62 1.06 1.97
-
Vol 000s
P/E
19.94 14.7 13.66 878.8 21.44 1879.8 16.95 179.0 35.41 137.9 20.57 60.5 272.50 563.2 -158.37 981.7 86.35 1423.5 20.31 77.6 54.44 37.2 15.05 1222.1 -86.48 4.0 17.79 7.4 59.96 14.0 21.58 1042.9
Tech - Hardware ARM Hldgs♦ CSR Filtronc Laird Nthamber Pace SpirentCM
954.50 766.00 28.75 294.30 37.00 306.30 105.00
1.11k 820.00 71.50 335.00 41.03 487.00 137.60
84.53 1990.3 1230.0 -9.91 3.7 22.96 277.4 -7.43 1.5 16.81 353.6 37.62 382.1
-227.37
Tech - Software & Services Anite AVEVA Computcnt DRS Data Elecdata Kofax MicroFoc♦ Microgen NCC Grp♦ PhoenixIT♦ RM Sage SDL Telecity♦ TriadGp
89.75 2.25 123.90 72.50 2.05 34.52 564.7 1.62k -548.00 2.67k 1.60k 1.59 20.77 1629.9 650.00 18.00 720.00 498.00 2.69 17.25 91.4 16.00 -0.75 29.00 14.00 2.50 -7.23 5.0 75.50 86.75 66.10 2.65 22.78 0.4 467.50 -8.00 547.50 329.50 66.61 15.4 842.50 6.00 904.46 715.80 2.28 17.28 55.3 123.50 141.00 117.00 2.67 18.26 0.1 209.50 3.00 234.41 139.00 1.56 24.46 101.4 114.63 -1.50 166.00 85.75 6.72 19.91 32.4 128.75 -1.25 174.00 82.90 2.93 12.62 75.6 382.80 -0.10 439.78 311.60 2.96 17.90 2736.0 325.00 12.75 408.00 219.75 -10.63 128.7 770.50 10.00 866.00 625.00 1.36 22.27 324.3 12.00 17.49 7.00 - 164.38 0.4
Telecommunications BTX Colt Grp Inmarsat KCOM Gp TalkTalk TelePlus
389.40 141.30 719.00 94.50 307.60 1.35k
1.60 -1.00 6.00 -0.50 2.70 -2.00
451.00 155.00 784.00 106.00 334.30 1.96k
339.10 112.60 633.45 87.87 238.70 1.17k
2.54 3.79 4.87 3.56 2.52
15.88 10245.1 58.88 192.8 49.18 279.1 12.51 289.4 102.29 617.7 34.48 113.3
3.63k 2.75k
9.50 49.00
3.65k 2.78k
126.00 349.50 99.30 330.60 973.50 589.50 117.10 121.70 922.50 2.36k 792.50 2.84 129.80 1.78 146.30 247.50 718.00 450.50 160.00 656.50 77.00 76.50 367.20 135.00 360.10 770.00 4.25k 346.30
0.50 -18.38 3.90 2.60 -2.50 0.50 -1.10 -1.50 17.00 56.00 7.50 -0.07 2.10 0.03 -0.70 0.70 10.50 1.00 23.50 -1.50 0.40 3.50 -1.60 8.00 -81.00 3.30
173.70 620.53 135.50 447.75 1.12k 623.25 171.40 146.14 1.02k 2.44k 933.50 32.05 204.80 1.95 165.10 309.27 847.50 459.23 178.80 716.74 88.00 94.06 401.40 189.70 450.90 905.00 4.99k 435.50
109.19 309.33 79.00 290.00 874.20 462.50 112.20 110.90 830.50 1.50k 762.38 2.50 125.10 1.60 136.98 242.50 570.50 286.50 119.69 518.00 66.25 76.00 321.40 112.88 347.00 674.94 2.91k 314.52
4.42 5.21 3.51 3.05 2.62 2.70 1.53 3.43 3.41 3.54 6.86 3.74 4.24 4.04 2.59 2.97 2.56 2.13 2.57 2.42 3.75 1.56 1.41 3.35
15.88 15.63 -26.12 30.10 37.16 32.76 73.14 23.85 17.95 14.53 18.00 23.09 27.65 22.09 14.34 26.04 17.50 6.48 72.66 19.87 13.78 2.33 16.28 -5.97 76.03 20.62 23.46 15.88
2023.8 10.6 4433.4 248.1 1915.5 155.1 251.5 1499.6 7.8 98.6 493.0 5.5 3918.7 32.0 941.8 591.1 300.7 5.0 21.7 380.1 112.6 68.5 301.9 6350.1 2390.7 74.6 518.4 1420.2
322.00 1.38k 654.50 897.50 811.50 4.46 849.00
-1.60 -2.00 -6.00 1.00 0.03 -5.00
403.31 1.61k 829.50 916.00 827.50 4.58 911.50
302.33 1.30k 583.50 725.16 629.34 3.52 641.00
5.28 4.56 2.69 4.55 3.58 2.70 4.11
24.82 11.33 -22.14 13.59 21.02 14.79 7.85
8624.1 0.1 1073.6 6323.2 631.1 4003.8 1374.0
Price
+/-Chg
52 Week High Low
Yld
P/E
Vol 000s
-1.50 229.00 162.00 - 188.02 0.13 17.50 3.00 20.90 625.00 307.50 2.27 98.50 2.25 373.28 143.00 0.90 31.50
340.7 15.5 66.7 214.9
-
51.6 133.2
Tobacco BrAmTobX♦ ImpTobX
2.87k 3.92 18.95 2528.2 2.16k 4.23 38.48 2456.3
Travel & Leisure 888 Hldg♦ AirPrtnr bwin.party♦ Cineworld♦ CompassX Domino's EntInns FirstGrp Fuller A Go-Ahead GreeneKg♦ IrishCtl € Ladbrokes MandarO $♦ Marstons Natl Exp♦ Playtech PPHE Htl♦ Rank Gp♦ Restaurt♦ SpiritPub Sportech Stagech♦ ThomasCook TUI Travel♦ Wethrspn Whitbrd Willim H
Utilities CentricaX DeeVally Drax Natl GridX Pennon♦ Snam € UtdUtils
AIM Price
52 Week High Low
P/E
Vol 000s
0.50 225.00 160.00 1.84 14.02
82.5
+/-Chg
Yld
Aerospace & Defence Cohort♦
201.50
Banks BCB Hldgs STB♦
12.00 2.32k
-0.25 45.00
19.00 3k
10.50 -0.64 2.1k 2.68 23.35
12.4 410.5
Basic Resource (Ex Mining) CropperJ
415.00
-7.50 450.00 311.50 1.90 27.66
37.2
Chemicals Scapa
141.50
-2.00 150.00
81.15 0.35 -30.92
208.2
927.30 728.93 0.82 12.59 74.06 76.50 0.12 -8.84 0.13 10.25 4.35 1.36 12.50
193.7 329.5 12.2
Construction & Materials Abbey AccsysTch Aukett
900.00 74.25 7.38
Electronic & Electrical Equip CeresPow Densitrn ElektronT FlowGp LPA♦ ThorpeFW Zytronic
10.25 6.25 4.75 35.63 100.50 133.13 252.50
-0.25 11.75 5.90 -7.28 8.00 4.00 1.60 -7.09 11.50 3.25 -1.34 -0.63 42.99 9.50 -4.79 148.00 55.00 1.34 6.87 150.00 106.25 2.25 15.76 -6.00 274.00 160.00 3.60 17.15
79.2 4.4 8.8 85.3 11.9 154.0 38.3
Financial General Ambrian Arbuthnot♦ Ashcourt Rw Aurora BP Marsh BrooksMac CaptlMgt Charlemgn Fairpoint ImpaxGp Imp.Innov Leeds MattioliWds♦ Miton Numis Park Grp♦ Plus500♦ PolarCap Share
11.63 1.13k 188.00 12.88 141.50 1.45k 175.00 15.00 134.00 47.00 470.00 34.00 431.00 37.75 252.25 60.13 436.25 421.25 40.25
-0.38 -2.50 -0.50 -12.50 -0.25 2.50 9.75 0.25 3.75 -4.50 -
12.50 1.52k 210.00 32.50 155.00 1.82k 278.00 19.95 164.00 59.00 490.00 35.00 460.72 52.00 419.50 62.00 707.00 571.50 53.00
11.25 910.00 174.75 12.55 116.75 1.30k 170.00 12.00 123.00 35.00 266.00 24.00 346.00 31.22 219.75 42.00 122.00 390.00 20.00
2.29 0.88 1.55 6.07 4.48 1.91 1.62 2.38 3.57 3.49 2.95 3.56 1.29
5.16 14.69 -32.98 -0.49 10.79 20.21 4.30 17.61 15.78 19.30 17.09 8.72 22.22 74.60 12.49 14.51 9.55 15.36 40.09
12.4 168.9 66.7 14.5 41.3 196.8 12.5 43.6 58.7 60.0 644.6 9.4 86.3 62.6 284.3 117.2 501.2 371.7 57.8
Price
ShoreCap STM Group WH Ireland
417.50 27.50 110.00
52 Week High Low
P/E
Vol 000s
425.00 250.00 2.16 30.14 34.00 15.00 - 252.29 143.00 68.00 1.36 22.62
100.9 14.7 26.3
+/-Chg
-
Yld
Food & Beverages FinsbryFd MPEvans Nichols PureCircle RealGdFd Ukrproduct Wynnstay
62.25 472.38 995.25 627.50 30.75 8.99 600.50
79.00 47.00 1.20 -0.13 500.00 430.00 1.60 5.25 1.24k 870.00 1.97 10.00 655.00 335.00 -0.50 75.00 25.80 0.74 13.26 6.50 690.52 550.00 1.55
8.33 21.79 41.91
-32.47 -5.08 18.80
41.7 261.0 367.9 1033.6 21.4 3.6 114.4
0.75 132.62 84.75 0.49 21.18 -17.25 268.00 199.00 2.85 4.95 18.00 8.58 -6.85 593.00 445.00 0.64 19.80 35.68 21.15 -2.42 -1.00 90.50 23.00 0.47 34.32
253.9 128.0 19.2 137.2 14.6 34.8
-382.62
Health Care Equip & Services Advnc Med CareTech DeltexMed ImmunDiag SphereMed Tristel
122.25 246.00 9.00 470.00 24.50 86.00
House, Leisure & Pers Goods Airea Churchll♦ gamingrealm HavelckE Intl Grt Mulberry Portmern♦ SinclairW TelfordHms WalkerGb
12.00 522.50 34.00 23.38 73.00 768.50 910.00 61.00 338.75 202.00
-
4.58 2.79 0.65 2.64 4.92 1.92 0.76
600 Grp CoracGrp MS Intl MytrahEngy Pres Tech TEG Gp
20.50 6.13 197.50 83.75 662.50 5.13 55.25 36.50 74.50 8.63
Vol 000s
19.65 17.85
100.5 13.1
74.25 153.00
-1.75 90.00 55.00 160.00 119.75
-
115.00 92.50 275.25 49.50 143.50 127.00 109.00
-2.75 21.00 1.00
239.15 94.00 4.35 -1.93 95.00 60.00 2.23 21.61 350.00 235.00 1.98 70.18 56.90 24.00 0.51 17.27 176.75 113.00 3.34 21.08 136.00 70.00 2.01 82.15 129.00 65.00 0.55 72.67
21.7 78.1 183.4 38.2 39.1 77.3 108.3
19.00 3.53 2.93 2.75 167.75 3.50 1.25 11.00 0.44 71.50 1.38 1.43 30.00 3.00 1.48 7.50 25.50 3.13 12.38 33.50 12.50 6.13 2.75 0.21 11.75
-3.50 245.75 17.50 -1.15 -0.13 8.45 2.29 -5.90 8.80 2.83 -2.68 3.75 1.90 -8.62 0.75 190.71 125.00 6.25 5.27 0.13 5.85 2.10 -3.95 -0.10 3.35 1.00 -12.02 -0.13 28.00 8.27 - 407.41 0.04 0.67 0.40 -2.89 4.50 84.25 37.00 7.34 7.07 0.08 5.00 0.75 -7.47 3.25 1.30 -2.69 -0.25 149.75 26.75 -2.32 -0.13 4.09 1.09 1.73 3.00 1.40 -4.05 0.13 16.00 6.75 -8.59 33.00 22.00 4.61 6.45 1.10 -1.36 -0.13 16.00 10.50 15.70 75.00 32.00 29.46 0.25 17.33 6.01 -22.48 14.75 5.31 -2.05 5.40 2.50 -2.16 0.34 0.19 -26.25 25.88 9.75 -0.79
63.1 15.2 9.5 5.4 186.8 1.3 4.4 43.8 10.8 232.5 3.9 14.9 41.5 41.9 4.8 64.8 36.8 6.2 57.5 174.6 236.9 39.9 12.9 7.5 19.5
39.25 61.25 44.50 2.11 12.75 24.88
0.25 -1.00 1.00 -0.02 -0.25
52.06 67.25 70.59 6.85 16.70 28.70
57.5 650.5 229.1 26.0 61.7 140.1
Media Avesco♦ Cello Gp M&Csaatc MissionMk Motivcom Next15Cm YouGov
Mining AfricanMin AMC BeowMin BotswanaD CentAsiaM Connema C'royG&NR GrekaDrill Herencia HighldGld KarelianDd KEFI Min LondMining Mwana OracleC PatagonG RamblMtls RichlandR ShantaGold SierraRut Sirius Min SolGold Stratex Xtract Res ZincOx
18.4 25.9 33.1 137.1 95.2 9.7
0.50 82.00 -1.50 42.00 0.25 112.00 -0.25 11.33
42.4 103.7 239.7 11.1
AlkneEng AmeriRes AndesEnrg BahamasP BorSthnPet Circle Oil
-4.1 -7.1 -4.4 -19.4 0.5 -7.8 2.9 1.2 0.6 1.0 -10.2 -6.6 -10.9 -11.6 -8.8 0.1 -9.9 -11.5 -5.5 -47.3 -13.3 -20.4 -24.2 3.9 -2.2 -3.7 3.1 -9.1 3.0 -5.8 -0.1 -15.8 -15.4 -17.5 16.8 -10.2 -9.5 -19.8 8.5 -10.0 -6.4 0.5 -1.4 -3.1 -2.1 -2.2 -12.9 -6.0 -7.2 -11.1 13.1 -10.9 -9.3 -11.0 -0.5 -2.4 -2.2 -11.3 -9.6 -10.1 -5.3 2.9 -3.2 -6.3
JPM Ind JPM JpSm JPM Jap JPM Mid JPM Oseas JPMRussian JPMSnrSec JPM Smlr JPM US Sml JupDv&G JupEur♦ JupGrn JupPrim JupUSSmCo KeystoneInv Law Deb LinTrain £ Ln&StLaw♦ Lowland M&GHighInc Majedie Man&Lon MCGlobPort MCurPac MercantIT MrchTst Mid Wynd MidasIn&G MitonWw MMP Monks MontanSm Mur Inc Mur Int ..B NB DDIF $ NewCtyEgy ..Sub# NewCityHY NewIndia New Star IT NorthAmer NthAtSml Oryx Int PacAsset PacHorzn Perp I&G♦ PerAsset♦
461.25 203.00 223.00 739.00 994.00 428.50 100.13 735.50 150.50 111.50 435.50 142.25 297.25 651.00 1.72k 528.00 373.00 368.00 1.35k 164.50 238.00 249.50 176.00 293.00 1.45k 493.00 286.50 140.50 155.50 4.75 386.00 479.00 770.00 1.10k 1.45k 1.24 35.25 0.13 64.50 288.25 72.50 858.00 1.70k 392.50 185.25 185.50 373.00 34.19k
-1.75 -1.00 1.00 5.00 -3.25 0.50 0.25 4.50 0.75 -1.00 6.00 1.00 7.00 1.00 2.00 -0.38 -0.25 0.50 10.00 5.00 0.50 1.50 6.50 17.00 0.75 4.00 8.50 6.00 -0.75 1.50 50.00
466.00 214.00 254.00 842.00 1.01k 560.50 102.50 877.00 168.00 115.00 466.50 145.89 305.50 672.50 1.78k 562.00 380.00 410.50 1.55k 173.50 243.00 315.00 176.75 312.18 1.67k 524.00 289.80 141.50 156.62 13.75 406.00 553.00 812.00 1.15k 1.55k 1.25 42.00 0.15 68.00 288.25 76.24 878.99 1.80k 450.00 187.97 192.25 395.20 34.41k
302.51 174.50 198.45 656.00 895.00 376.75 98.75 725.00 134.50 95.50 400.50 127.00 263.40 605.35 1.63k 494.82 331.00 341.20 1.32k 144.00 157.00 243.00 154.25 257.00 1.15k 471.70 256.00 126.01 144.00 4.00 362.77 461.00 733.00 912.00 1.20k 1.10 31.00 0.05 61.50 194.03 65.00 759.73 1.47k 320.00 143.63 154.25 344.16 31.81k
1.26 2.30 1.51 3.57 1.29 0.47 0.90 0.80 0.84 2.81 2.91 2.84 1.68 3.56 2.58 1.82 4.41 5.51 3.07 2.22 2.35 4.77 1.19 3.82 1.02 1.41 3.99 3.89 6.39 3.21 1.40 0.81 3.12 1.64
PolarFins ..Sub PolarHealth PolarTech ProspJap $ QatarInvF $ RENNUnivG RIT Cap RobecoNV € RolincoNV € Ruffer Inv SchdrAsiaP Schdr Inc SchdrJap SchdrOrient SchdrUK SchdrUKMd ScotAmer♦ Scottish In ScottMort ScottOrtll
101.25 10.38 151.50 507.00 1.11 1.40 243.00 1.37k 30.48 28.54 204.75 274.00 264.25 126.50 196.25 162.00 447.50 245.00 602.00 233.00 898.00
-1.50 0.13 -0.75 -1.50 -2.00 0.07 1.75 0.75 2.25 0.75 -1.00 0.25 0.50 3.50 2.50 3.60 8.00
109.50 21.00 156.50 515.00 1.19 1.40 297.00 1.38k 30.63 28.64 225.00 277.22 275.00 128.00 201.59 198.50 527.50 264.50 607.00 235.00 898.00
95.00 6.00 135.00 431.00 1.01 1.01 233.31 1.22k 25.68 23.70 198.50 220.25 241.00 106.79 157.51 161.50 409.00 233.00 560.00 182.40 671.20
2.24 2.24 2.09 1.22 3.71 1.38 4.56 2.78 1.72 4.20 1.93 1.22 1.28
Oil & Gas
Industrial General API Group Powerflte RM2 Symphny
Gable Helios
24.01 15.00 9.53 -0.38 14.30 5.25 -6.83 -1.00 217.00 167.10 4.05 13.51 0.50 101.85 64.15 32.88 790.00 295.00 1.18 38.18 6.70 3.53 -3.86
Industrial Engineering
P/E
Insurance
5.6 57.1 63.4 9.0 42.3 461.1 97.4 10.6 201.8 119.2
18.50 7.50 -1.00 4.50 2.50
9.03 355.00 19.50 16.00 48.00 600.00 670.00 50.00 245.50 132.10
Yld
21.09 19.22 -0.29 33.39 13.95 53.78 16.21 -3.99 13.15 24.81
0.50
16.00 525.05 41.70 25.00 89.00 1.09k 920.00 130.00 393.00 219.00
52 Week High Low
53.00 1.27 7.83 24.75 2.96 16.25 50.00 -5.05 5.75 -15.63
35.52 0.51 6.33 42.00 23.03 -717.74 17.75 1.47 -8.27 9.01 -34.55 16.50 10.19
Price
ClontarfEn Cluff NR Egdon Res Enegi Oil EuropaOil FalkldO&G FaroePet GETECH GlobalPet GrnDnGas Gulfsands Indus Gas Infrastrata Iofina Ithaca Engy KBC Adv Max NewWldO&G PetrelRes Petroceltic PetroNeft Plexus PresidentEn Providence RegalPtlm Rockhop Serica Sound Oil TowerRes TrinityE UnJackOil VictorOil VolgaGas Westmount
1.05 4.25 22.00 3.63 7.38 32.00 112.00 64.50 3.88 475.00 52.00 355.00 8.38 56.63 129.00 109.50 1.26 0.63 6.63 170.00 6.45 248.50 20.25 125.00 7.99 91.50 14.00 12.13 0.73 86.50 0.36 1.76 116.63 20.00
52 Week High Low
+/-Chg
-
0.38 -0.50 -0.25 4.50 2.00 -1.00 -17.00 -1.38 -0.25 0.50 0.03 -0.13 3.00 -0.08 1.50 0.38 -1.50 0.24 1.00 0.13 -0.38 -0.03 -0.38 0.04 -0.03 -1.88 -1.00
2.20 5.38 43.75 10.25 11.00 33.75 154.89 110.00 7.50 675.00 77.10 935.00 15.10 188.50 165.00 142.00 4.38 1.40 19.00 187.75 7.25 325.00 50.00 358.80 19.00 159.75 24.00 14.00 7.25 160.00 0.52 1.89 143.00 23.60
Yld
Pharmaceuticals & Biotech Abcam AllcePharm Epistem e-Thera GW Phrms HtchChMd ImmuPhar ReNeuron Sareum SinclairIS
427.50 33.13 315.00 28.00 463.00 1.16k 44.00 3.63 0.47 28.75
SecTstScot♦ Shires Inc StdLf Eqt♦ StdLf Sml StrategicEq Temp Bar♦ TempEmerg TRIG♦ ThreadUKSel♦ TREurGth TroyInc&G UtilicoEmg UtilicoInv ValAndInc Witan♦ WitanPac WorldTst WwideHlth
139.88 241.50 392.50 279.00 157.63 1.22k 608.00 104.50 172.50 538.00 65.75 197.25 123.50 262.00 711.00 235.00 230.50 1.46k
-2.25 533.85 270.88 1.65 25.14 857.0 -0.25 41.00 30.00 2.74 10.36 87.5 -2.50 469.50 275.00 -19.70 31.5 36.55 19.02 -14.13 74.0 1.25 541.00 68.00 -51.48 1095.1 5.00 1.18k 550.00 - 142.08 611.0 -1.00 78.00 41.00 -9.74 36.2 4.19 2.71 -7.31 64.9 -0.01 1.18 0.37 -11.63 8.9 0.25 34.18 27.50 -9.59 143.0
Vernalis
44.50
27.25
-
Real Estate Conygar FltchKng♦ InlandHms Lok'nStor LXB Retail MirLand NewRiver PSPI SiriusRE € Songbird SumGermny €♦ TaliesinPr UnitchCP Winkworth
174.50 52.50 46.50 217.50 134.00 220.00 299.75 24.25 0.33 252.13 0.63 1.94k 51.75 164.00
-
2.00 -4.50 1.75 0.25 -0.38 5.00 -0.25 -
185.00 55.78 51.85 232.00 136.00 255.00 321.00 31.04 0.36 264.00 0.70 2.10k 54.80 190.52
126.00 29.39 37.00 149.00 107.50 181.50 233.53 21.00 0.23 141.50 0.61 1.54k 31.25 140.00
0.86 2.86 0.58 2.76 5.34 3.41
11.05 156.6 8.92 4.8 22.58 94.3 32.94 55.1 23.90 246.1 415.09 227.8 26.46 298.8 -2.98 25.6 4.55 1.7 2.97 1866.7 7.41 1.8 14.28 83.3 6.12 186.3 14.76 20.8
Retailers ASOS Koovs Majestic StanlGib
2.33k -171.00 7.20k 2.14k 52.48 1946.3 146.50 237.40 120.00 35.3 397.75 7.75 590.00 380.25 4.02 14.94 261.1 277.50 -3.00 387.00 271.00 2.43 24.65 129.3
Support Services AndSyks Augean Begbies Christie Empres GreenCmp Hydrogen Impellam ISG JhnsnSrv JourneyGp LonSec Matchtech NewmkSec♦ NormanBr NWF Optimal Pay PennaCns Petards RedhallGp Renew Restore
375.00 49.00 51.25 126.00 48.50 1.05 87.50 520.00 321.50 60.88 152.00 2.30k 577.50 1.95 25.50 151.50 530.00 129.50 13.25 16.50 301.00 237.00
-0.63 -1.50 1.50 -0.63 -50.00 -0.05 3.00 1.00 9.00
AmatiVCT2 ArtemisVCT Baronsmd♦ ..VCT 2♦ ..VCT 3♦ ..VCT 4♦ ..VCT 5♦ BSC VCT ..VCT2♦ Crown Place Frsight3VCT Frsight4VCT Frsight4C FrsightSol Inc&GthVCT KingsAYVCT Maven I&G MavenVCT2 MavenVCT3 MavenVCT4♦ MavenVCT5 MobeusI&G♦ ..I&G 2VCT ..I&G 4VCT Nthn 2 VCT Nthn 3 VCT NthnVent ProVenGI ProVenVCT UnicornAIM
113.75 63.00 71.75 93.25 100.50 90.00 76.25 91.00 56.50 30.00 61.50 58.13 39.00 108.50 102.50 19.00 65.00 54.25 76.50 87.00 36.75 85.50 117.50 101.50 77.00 95.75 79.50 79.50 92.75 131.50
-0.50 1.00 -0.50 -
380.00 51.93 55.00 138.95 55.92 2.35 119.00 530.00 337.00 65.00 167.00 2.6k 650.00 2.30 50.00 163.00 532.50 137.40 29.00 65.00 304.00 239.00
266.58 38.00 33.75 70.25 32.00 0.90 73.00 315.00 219.80 48.00 125.00 1.74k 413.50 1.20 22.00 118.80 226.75 79.83 8.25 15.08 131.00 131.00
4.75 0.51 4.29 0.79 0.72 5.14 2.31 2.80 1.99 2.47 3.30 3.12 1.69 3.17 1.93 1.20 1.05
13.76 15.65 15.42 138.46 8.21 -0.96 13.54 91.55 49.00 15.27 21.02 20.57 16.18 11.54 -3.25 13.68 31.69 -2.06 -0.50 16.51 33.98
158.5 48.9 46.9 33.4 21.6 5.0 20.9 228.3 126.1 182.0 20.2 282.0 142.6 8.8 3.8 72.5 857.3 33.3 4.6 8.1 184.8 177.8
123.50 109.51 5.49 119.6 69.50 54.00 6.35 72.4 77.80 71.04 16.72 75.0 101.49 92.50 18.77 97.2 110.40 99.77 15.42 104.7 98.48 89.28 14.44 93.9 78.39 63.00 7.87 81.4 92.20 83.00 6.04 97.4 61.85 53.50 7.96 59.2 30.50 29.00 8.33 31.1 68.10 45.00 3.25 74.3 71.45 56.00 6.88 86.7 44.00 30.00 66.1 113.00 99.00 5.07 109.1 106.24 98.00 9.76 115.4 19.40 17.00 5.26 20.0 69.00 56.00 3.08 63.6 55.00 43.00 4.15 60.2 83.00 70.00 5.56 81.4 89.00 78.00 5.34 94.9 37.00 23.00 5.44 36.4 107.90 84.00 4.09 94.6 119.00 84.00 1.06 129.7 116.00 100.00 5.17 110.1 81.00 72.99 11.69 84.6 99.48 91.00 5.74 106.2 88.88 75.51 7.55 87.7 82.84 74.50 10.69 97.00 87.50 10.78 132.00 104.00 4.56 147.6
-4.9 -13.0 -4.3 -4.1 -4.0 -4.2 -6.3 -6.6 -4.6 -3.5 -17.2 -33.0 -41.0 -0.5 -11.2 -5.0 2.2 -9.9 -6.0 -8.3 1.0 -9.6 -9.4 -7.8 -9.0 -9.8 -9.4 -10.9
-259.00
SafeCharge Servoca Synectics Utilityws
227.50 12.38 375.00 288.50
-
Tech - Hardware AminoTech♦ IQE
93.50 20.50
0.25
102.00 32.38
81.00 3.69 15.34 16.25 23.14
Tech - Software & Services Blinkx BondInt Brady CastletonT Datatec DDD Eckoh♦ EgSoltns Iomart K3BusTc Monitise OMG Progility Pub Tech SciSys WANdisco
43.00 115.00 79.00 1.33 305.00 4.88 46.75 74.50 274.50 214.00 46.50 28.25 9.25 202.50 91.00 415.00
0.75 234.75 153.75 1.00 84.00 -0.03 1.50 384.42 9.00 -0.50 48.50 0.50 92.00 -4.50 322.50 239.63 3.00 82.75 32.88 13.30 14.50 650.00 97.00 1.55k
22.55 32.71 28.05 -2.58 18.15 -4.34 399.57 -8.35 37.94 34.39 -17.09 -24.25 11.46 -86.95 20.89 -7.67
172.2 43.5 64.4 8.3 602.2 7.0 104.0 12.3 293.3 67.9 912.9 32.0 18.5 17.0 26.4 100.6
-11.00 609.00 323.25 2.64 26.84 -3.00 329.25 162.75 -4.93 0.38 207.00 134.25 2.92 -31.07
238.4 204.8 502.6
-
27.00 74.50 57.00 0.45 235.00 3.75 22.58 42.00 205.00 128.00 37.50 24.95 4.00 145.00 64.00 390.00
1.57 2.15 3.14 0.53 0.51 0.47 1.42 1.45 -
Telecommunications AltNetwks AvantiCom Daisy Grp
493.00 183.25 188.25
Travel & Leisure Celtic ..6%CvPf ..Cv Pf Cupid Dart♦ GoalsSocc MinoanGp PeelHtls Prezzo
75.50 62.50 135.00 37.50 224.25 226.00 12.38 80.00 137.00
-
80.00 60.00 6.39 75.00 49.55 150.00 96.25 70.20 35.00 8.00 -5.18 0.75 304.50 177.75 0.86 9.23 0.50 235.70 162.00 0.82 22.31 18.22 5.00 -20.42 92.65 66.00 28.78 -3.00 165.00 113.00 0.23 21.69
-
70.0
26.7 327.3 132.1 21.7 11.2 321.6
Utilities ModernWtr RenEnGen Rurelec SeaEnergy
29.25 66.88 5.25 35.13
Marwyn Val Marwyn B SparkVent Tau Cap $ TerraCat Tiger Res
222.00 31.50 4.50 0.15 110.50 1.13
1.00 0.38
-0.50
44.00 82.00 15.50 44.00
25.13 -4.74 63.00 2.99 4.92 4.75 -0.66 21.53 -45.26
23.3 69.2 29.5 19.8
Investment Companies Conventional (Ex Private Equity) 52 Week Price +/-Chg High Low 3i Infra 137.80 -0.80 140.70 125.80 AbnAsianIn 212.00 1.00 221.50 171.30 AbnAsian 1.01k 18.00 1.02k 751.00 AbnJapInv 389.50 394.99 319.00 AbnLatAmIn 81.25 -1.75 93.50 69.00 ..Sub 2.85 9.99 1.20 AbnNewDn 186.25 0.25 195.00 150.25 AbnNewThai 446.25 6.00 454.75 325.16 AbnSmlCo 189.00 231.50 180.00 Abn UK 312.75 1.75 324.00 297.25 Abf Gd Inc 163.00 0.50 185.25 150.20 Abf Sml 1.03k 1.24k 962.00 AcenciADbt♦ 106.75 -0.25 109.00 97.00 AdvDvpMk 453.00 -4.00 473.66 382.00 Alliance♦ 457.40 1.50 462.50 421.50 AllianzTech 548.00 3.00 550.00 508.27 AltAstsOps 37.63 44.50 35.50 Art Alpha 303.50 -0.50 323.75 276.62 ..Sub 44.00 49.49 39.00 AsianToRt 193.00 196.75 163.00 Aurora 164.00 174.50 140.05 BG Japan 370.00 2.25 392.00 313.50 BG Shin 332.50 5.50 342.00 283.53 BSRT 39.75 59.99 36.25 Bankers 571.50 2.50 598.50 545.50 BrngEmEu 663.00 -16.00 806.49 560.50 BH Global 1.21k 1.00 1.23k 1.14k ..EUR € 12.00 -0.28 12.85 11.50 ..USD $ 12.10 -0.06 12.19 10.01 BH Macro 2.01k 1.00 2.16k 1.92k ..EUR € 19.65 0.08 22.00 18.40 ..USD $ 19.34 -0.05 20.70 18.40 BiotechGth 565.00 2.00 569.50 390.01 BlckRCom 116.38 1.38 119.88 102.00 BlckREmEur 242.00 2.00 292.50 209.00 BlckRFrnt 129.00 0.50 131.00 109.14 BlckRGtEur 231.50 -0.50 254.15 215.25 ..Sub 12.63 0.63 36.50 8.00 BlckRHSUK 127.00 0.25 143.00 123.00 BlckR I&G 170.25 0.50 174.49 155.00 BlckRckLat♦ 490.00 -7.50 508.45 385.00 BlckRckNrAm♦ 111.50 116.50 100.89 BlckRSmlr 775.00 7.00 938.99 756.00 BlckRThrmt 278.25 -0.75 336.00 268.75 BlckRWld♦ 476.40 -3.20 520.99 429.00 Bluecrest A 185.90 0.10 186.10 168.00 Brit Ast♦ 136.00 0.25 144.85 130.40 Brit Emp 523.00 2.00 524.50 470.20 Brunner♦ 540.00 3.50 552.50 487.25 Calednia 2.16k 22.00 2.28k 1.76k CanGen C$♦ 20.70 -0.02 20.90 16.06 Cap Gear 3.35k 50.00 3.54k 3.03k CayenneTst 144.50 143.88 131.00 CayenCULS 105.50 0.25 105.25 105.25 City Merch 188.25 193.73 166.00 CityNatRs 143.50 -2.50 164.00 119.39 City Lon 380.40 2.60 389.70 353.80 DexionAb 173.00 0.50 173.00 148.15 ..EUR € 2.45 2.50 2.16 ..USD $ 3.65 0.00 3.70 3.15 DiverseInc 81.25 0.75 90.75 71.00 Dun Inc 272.00 3.50 371.25 253.00 Dun Sml 191.00 -2.50 243.50 191.00 EcofinWatr 170.50 0.75 176.75 120.44 ..CULS 111.50 111.70 102.00 EdinDragn 286.50 2.00 288.00 225.00 ..CULS 107.50 0.13 109.25 101.75
Yld 4.99 3.73 0.99 1.22 5.23 1.83 1.57 3.33 3.29 4.20 2.28 3.55 2.10 1.00 1.68 2.29 2.50 2.87 5.12 1.60 0.90 1.94 3.23 3.52 1.43 1.44 4.41 4.63 2.01 3.24 2.21 0.67 0.48 0.97 5.31 3.83 3.79 2.63 4.03 2.70 3.85 0.77 -
NAV 121.7 208.9 1051.4 422.8 89.2 207.7 519.8 227.4 331.7 188.8 1182.6 111.7 514.6 529.1 598.2 45.0 346.0 205.1 189.9 358.1 308.7 54.7 594.7 748.7 1348.0 13.3 2109.0 20.5 20.4 604.9 110.8 268.3 125.4 243.1 129.6 174.4 534.8 117.8 913.3 329.9 482.1 194.1 145.4 589.8 611.5 2581.2 29.2 3155.5 151.7 185.1 162.5 373.9 183.1 2.7 3.9 79.5 278.4 224.4 215.9 313.9 -
Dis(-) or Pm 13.2 1.5 -3.9 -7.9 -8.9 -10.3 -14.1 -16.9 -5.7 -13.7 -12.9 -4.4 -12.0 -13.6 -8.4 -16.4 -12.3 -5.9 -13.6 3.3 7.7 -27.3 -3.9 -11.4 -10.2 -9.0 -4.6 -4.1 -5.2 -6.6 5.0 -9.8 2.9 -4.8 -2.0 -2.4 -8.4 -5.3 -15.1 -15.7 -1.2 -4.2 -6.5 -11.3 -11.7 -16.3 -29.1 6.2 -4.7 1.7 -11.7 1.7 -5.5 -9.3 -6.4 2.2 -2.3 -14.9 -21.0 -8.7 -
Edin Inv Edin WWd EP Global Estabmt Euro Ast EuroInvT F&C Cp&I♦ F&CGblSmlr F&CMgdG F&CMgdI FidAsian FidChiSpS Fid Euro Fid Jap Fid Spec FinsG&I For & Col FstPacfic H HK$♦ Geiger GenEmer GFIS GRIT GoldenPros ..Sub Hansa ..A Hen Div♦ HenEuroF HenEuro HenFarEs HendGlob♦ HenHigh HenInt Inc Hen Opp♦ HenSmlr HendVal Herald HICL Infra♦ Impax Env Ind IT Intl Bio Intl PP InvAsTr Inv Inc InvPerp IPST BalR IPST Gbl Eq IPST Mngd IPST UK Eq InvPpUK Invs Cap A Invs Cap B Invs CapU JLaingInf♦ JPM Amer♦ JPM Asn JPM Brazil♦ JPM China JPMElct MC ..MG♦ ..MI JPM Emrg JPM EurGth♦ JPM EurInc JPM EuSm JPM Clavr JPMGIConv JPM GEI♦ JPM I&C Uni JPM Inc&Gr
605.00 398.00 231.00 180.50 937.75 768.00 265.00 889.00 139.50 120.50 247.00 122.40 155.00 74.00 867.00 517.00 399.30 9.00 26.38 576.00 28.63 33.00 38.25 0.23 984.00 937.50 92.50 959.00 806.00 342.25 380.50 177.75 112.25 960.00 532.00 250.50 675.00 144.00 154.50 279.00 322.00 135.60 193.75 277.00 73.63 117.00 147.00 101.13 152.25 313.75 97.50 96.25 368.00 118.90 260.70 225.00 70.50 174.00 100.50 555.50 100.25 590.00 221.00 118.00 203.00 592.00 111.75 125.25 352.50 106.50
4.50 623.50 545.50 3.77 1.75 452.45 345.00 0.50 3.00 234.80 211.25 1.17 204.75 160.00 2.60 -4.75 1.04k 880.00 5.54 797.00 676.50 1.82 2.00 271.75 248.00 3.60 4.00 898.00 790.00 0.79 145.00 121.00 125.00 109.10 3.82 -0.75 251.50 195.50 0.45 -0.50 123.23 94.25 0.82 1.10 161.18 141.50 1.92 -1.00 76.31 65.00 7.00 966.00 824.50 1.87 3.00 531.00 460.00 2.09 0.80 400.90 356.10 2.80 -0.04 9.48 7.35 2.28 34.89 22.50 6.00 582.50 473.80 53.00 26.00 -1.00 70.00 29.00 49.00 32.00 1.22 0.10 19.00 1.01k 758.00 1.68 986.00 751.00 1.76 94.25 86.00 5.46 1.01k 820.00 2.22 2.00 865.00 750.00 2.11 -1.25 345.00 289.25 5.05 5.50 385.00 331.00 2.63 0.75 181.00 162.00 4.78 122.08 107.75 3.65 971.99 717.00 1.09 4.50 616.39 490.76 1.79 -2.50 257.00 235.00 0.60 -1.50 747.00 615.00 0.40 146.95 128.30 2.43 2.00 156.50 136.00 0.78 281.00 253.00 1.79 2.00 332.00 229.25 1.30 135.80 123.75 4.54 0.75 198.00 146.79 1.65 0.50 294.00 259.25 3.45 0.50 77.50 67.05 6.79 0.50 115.45 108.50 0.75 151.49 138.00 0.54 101.25 100.00 155.89 139.00 3.48 2.75 346.98 295.00 1.91 0.50 98.50 90.00 4.49 106.00 92.00 378.00 363.00 2.65 1.10 155.35 111.50 5.36 1.80 263.90 216.41 1.04 3.00 226.50 188.34 1.16 -0.88 77.97 55.50 1.42 -1.00 181.00 139.25 0.92 102.00 99.00 569.40 511.00 1.32 105.00 91.50 2.69 -7.50 606.00 498.94 0.93 1.00 240.00 203.00 3.03 0.75 128.00 103.50 2.75 -0.25 246.80 190.00 1.58 4.00 633.50 553.00 3.29 112.50 103.25 -0.75 130.00 104.80 3.99 370.50 317.00 112.00 97.61 4.13
630.7 428.5 241.7 223.9 933.3 833.3 257.6 878.4 138.7 119.3 275.0 131.1 173.9 83.7 950.9 516.4 443.2 29.8 609.5 54.3 44.1 1236.5 1236.5 89.0 980.5 836.6 331.8 418.8 172.6 119.1 961.0 631.6 296.0 817.8 123.3 172.0 308.4 401.4 125.0 215.3 295.8 73.3 118.7 151.7 103.3 155.6 360.2 103.7 103.7 414.0 105.1 252.6 77.7 195.6 101.0 569.2 102.5 665.0 244.6 131.2 625.2 121.7 364.1 113.7
525.2 235.3 251.4 842.2 1076.9 500.3 99.7 909.2 161.9 120.6 444.7 145.0 299.5 692.4 1820.9 480.3 331.8 359.3 1393.6 171.1 230.1 302.6 175.7 341.1 1660.9 489.5 288.9 144.4 174.7 442.7 539.2 796.4 1042.1 1042.1 40.6 61.8 327.1 109.6 907.7 2161.9 532.1 193.7 210.1 385.1 33853. 0 106.9 166.4 537.2 1.3 1.7 295.6 1440.4 210.4 305.9 273.6 141.6 194.8 178.6 486.4 250.7 670.6 232.4 925.7
-12.2 -13.7 -11.3 -12.3 -7.7 -14.4 0.4 -19.1 -7.0 -7.5 -2.1 -1.9 -0.8 -6.0 -5.6 9.9 12.4 2.4 -2.8 -3.9 3.4 -17.5 0.2 -14.1 -12.9 0.7 -0.8 -2.7 -11.0 -12.8 -11.2 -3.3 6.0 39.1 -13.2 4.4 -11.9 -33.9 -5.5 -21.6 -26.2 -4.4 -11.7 -3.1 1.0 -
-5.3
-9.0 -5.6 -14.6 -17.6 -17.8 -4.9 -2.7 -10.4 -3.4 -10.7 0.7 -9.3 -8.0 -2.3 -10.2 0.3 -3.0
136.50 227.25 379.78 261.65 122.44 1.12k 490.30 100.50 166.50 471.75 58.25 167.00 101.00 247.61 612.50 205.75 211.00 1.12k
3.40 4.97 3.41 1.49 0.95 3.09 1.03 2.46 1.12 3.31 3.09 7.59 3.21 2.07 1.85 1.13
145.8 251.3 406.1 301.1 179.2 1221.0 665.6 182.2 620.9 64.8 207.3 165.5 300.3 741.2 270.9 265.4 1560.8
-4.1 -3.9 -3.3 -7.3 -12.0 -0.1 -8.7 -5.3 -13.4 1.5 -4.8 -25.4 -12.8 -4.1 -13.3 -13.1 -6.2
Conventional - Private Equity Price +/-Chg AbnPvtEq♦ 86.75 -0.13 Altamir € 11.35 0.09 Dun Ent 381.00 -3.00 Electra 2.71k 14.00 ElectraPrf 145.00 F&C PvtEq 217.50 -3.00 GraphEnt 584.50 -7.00 HVPE $ 12.18 0.05 HgCapital■ 1.05k 1.00 JPM Pvt Eq $ 0.79 -0.01 JZ Capital 432.00 LMS Capitl 86.50 0.25 Mithras 140.00 -0.50 NB PE Ptnr $ 11.21 0.02 Nthn Invs 395.00 Pantheon 1.17k 7.00 PantheonR 1.07k PrincssPE € 6.89 0.06 PE Hlding SFr 63.00 0.40 Riverstone 899.50 4.50 StdLfEuPv 221.50 -
52 Week High Low 88.00 72.89 11.99 9.34 475.00 375.00 2.78k 2.17k 145.40 139.00 233.00 204.00 619.00 487.25 12.23 9.80 1.18k 990.00 0.81 0.69 801.00 427.00 88.75 72.00 148.23 126.50 11.30 8.84 415.00 303.60 1.18k 1.02k 1.08k 990.00 6.95 6.15 63.00 53.80 1000.00 849.50 228.00 191.25
Yld 2.14 4.33 4.86 0.86 2.76 0.71 2.41 7.87 3.57 2.26
NAV 111.1 15.8 504.6 2936.4 136.5 263.3 674.6 14.8 1204.6 1.1 595.6 98.4 154.5 435.6 1410.3 1410.3 8.4 80.2 985.3 252.2
Dis(-) or Pm -21.9 -28.2 -24.5 -7.6 6.2 -17.4 -13.4 -17.7 -12.8 -28.2 -27.5 -12.1 -9.4 -9.3 -17.0 -24.1 -18.0 -21.4 -8.7 -12.2
Conventional - Property ICs Price +/-Chg
52 Week High Low
Yld
NAV
Dis(-) or Pm
0.46 0.39 0.7 45.50 37.00 55.8 115.50 103.50 127.90 113.20 4.75 113.1 88.50 73.25 6.95 82.2 73.00 50.00 0.55 0.11 4.80 1.00 11.9 104.50 100.50 63.00 50.25 4.76 58.1 79.50 64.50 5.75 68.9 84.45 73.20 5.98 75.9
-35.7 -25.6 11.8 6.8 -75.8 8.4 15.0 7.1
-0.50 172.50 101.60 3.78 119.3 0.40 274.43 208.30 2.71 268.6
-7.0 -1.2
-
1.63 0.50 1.75 0.50
6.00 -3.50 -0.25 0.50 1.50 0.25 0.50 1.75 6.00 0.50 -0.50 9.00
Direct Property
AseanaPr $ AXA Propty CustdnREIT F&CComPrp♦ F&CUKRealE♦ IndMultiPr IVCOProp# InvistaERET Longbow PictonProp SLIPropInc UKComPrp
0.45 41.50 109.00 126.40 87.75 54.00 0.23 2.88 104.00 63.00 79.25 81.30
Inv inGRE TR Prop
111.00 265.40
VCTs
52 Week Price +/-Chg High Low 70.00 70.89 67.00 100.00 101.00 94.00 90.00 92.00 85.00 77.00 81.00 74.00 67.25 68.90 64.75 74.25 80.50 68.50
Property Securities
AlbionDev♦ ..D Albion Ent AlbionTech AlbionVCT Amati VCT
-
-
0.01
152.99 261.75 431.00 348.75 159.75 1.29k 626.64 425.00 187.70 604.99 66.75 199.00 149.80 288.50 724.00 242.00 236.00 1.49k
1.75 0.10 0.25
0.75 0.25 0.40
Yld NAV 7.14 70.8 2.50 105.0 5.56 95.0 8.12 82.1 7.43 69.4 6.73 77.4
Dis(-) or Pm -1.1 -4.8 -5.3 -6.2 -3.1 -4.1
Ordinary Income Shares 52 Week Price +/-Chg High Low Yld JPM I&C 94.00 100.80 85.00 6.38 JupiterDv&G 4.63 6.00 3.70 15.57 Jup2dSplt 27.38 -0.88 28.25 24.25 2.92 M&GHI&Gt 64.00 70.90 50.50 Rghts&Icp 4.43k 4.9k 3.70k 1.85
HR WO GRY 0% -11.4 -0.2 7.4 -34.5 -84.6 -35.9 -10.5 -7.5 -53.5 -0.9
Income Shares
HR WO GRY 0% -48.3 8.4 -10.5 -2.8 16.0
JPM In&Gr♦ M&GHghIc Rghts&I♦
Price +/-Chg 94.50 59.25 0.75 1.04k -
52 Week High Low Yld 96.39 89.60 4.66 63.00 49.75 5.06 1.25k 860.00 2.87
Price +/-Chg 13.38 5.30 -
52 Week High Low 15.50 10.50 7.90 3.84
Capital Shares JPM Inc&Gr M&GHghIc
Zero Dividend Preference Shares 52 Week Price +/-Chg High Low Abf Gd Inc 144.13 147.25 137.00 F&C PvtEq 150.25 151.00 144.00 JPM I&C 167.00 170.65 156.00 JupiterDv&G 104.00 107.00 91.45 Jup2dSplit 39.88 40.00 38.00 JZ Capital 344.00 345.50 327.50 M&GHghIc 111.50 113.00 101.82 UtilicoFn14 167.00 167.05 159.50 UtilicoFn16 178.63 0.25 179.00 167.50 UtilicoFn18 130.13 0.13 130.75 113.25
HR SP 2.2 7.9
WO TAV 0% -2.1 6.6 6.8 HR
SP -29.7 -15.6 -4.6 -86.9 -13.9 -35.1 -12.1
WO TAV 0% -93.3 159.7 152.1 192.1 120.4 40.5 369.8 -85.0 122.8 167.6 -56.5 192.8 -19.3 160.5
Investment Companies - AIM AdFrntMkt CrysAmber GLI Finance♦ IndiaCap Infra India
Price +/-Chg 63.63 141.75 -0.25 56.50 -0.38 54.75 0.25 12.00 -
52 Week High Low 64.25 51.01 157.66 136.00 63.25 50.00 57.00 28.00 24.43 9.50
Yld NAV 68.1 0.4 154.6 8.8 69.0 43.8
Dis(-) or Pm -6.6 -8.3 -20.7 -72.6
-
240.70 157.00 40.00 25.00 6.75 3.75 0.33 0.10 1.00 126.70 47.00 2.10 1.05
-
302.4 40.0 6.2 0.2 201.9 1.9
-26.6 -21.2 -27.4 -25.0 -45.3 -40.5
ISDX ArsenalFC ShephdNm Thwaites
Price +/-Chg 1450.00k 1.13k 115.50 -
52 Week High Low -
Yld -
P/E -
Vol 000s 0.0 3.0
Guide to FT Share Service For queries about the London Share Service pages e-mail ft.reader.enquiries@morningstar.com. For new enquiries please email stella.sorrentiono@ft.com or call 020 7873 4012. All data is as of close of the previous business day. Company classifications are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE 100 constituent stocks are shown in bold. Closing prices are shown in pence unless otherwise indicated. Highs & lows are based on intra-day trading over a rolling 52 week period. Price/earnings ratios (PER) are based on latest annual reports and accounts and are updated with interim figures. PER is calculated using the company’s diluted earnings from continuing operations. Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures. Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares. Net asset value per share (NAV) and split analytics are provided only as a guide. Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price. Discounts, premiums, gross redemption yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV and terminal asset value per share (TAV) in pence. X ♦ ■ #
FT Global 500 company trading ex-dividend trading ex-capital distribution price at time of suspension from trading
The prices listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. The London Share Service is a paid-for-print listing service and may not be fully representative of all LSE-listed companies. This service is available to all listed companies, subject to the Editor’s discretion. Contact Listings@ft.com for further information.
Data provided by Morningstar
ß www.morningstar.co.uk
®
★
26
FINANCIAL TIMES
Monday 15 September 2014
Corporate diary September 15 – September 21
ECONOMIC OUTLOOK
TODAY 15
Shareholder meeting Banco Santander TUESDAY 16
A fire at Asos’s main warehouse in June is expected to weigh on sales in its fourthquarter trading update. The blaze destroyed about £20m worth of the online fashion retailer’s stock and forced the company to suspend trading for two days, putting an expected dent of £30m in sales, according to analysts at JPMorgan. Asos’s share price has taken a pummeling lately, falling over 60 per cent this year. Management has promised to invest to expand the business internationally, though it has taken a hit from strong sterling as well as rising competition from the likes of Boohoo.com, which floated earlier in the year. Analysts are plumping for about 20 per cent underlying sales growth for Q4 compared with the same period the year before. Deutsche Bank say it will be watching to see how consumers have responded to a recently introduced £15/ $25/€15 threshold for free shipping. – SALLY DAVIES
Further windows are opened on the homebuilding sector, closely watched for signs of housing market cooling. In the past two weeks three of the biggest builders – Berkeley, Redrow and Barratt Developments – have warned that normal sales patterns have resumed; namely, a quieter July and August. The Royal Institute of Chartered Surveyors said it was seeing a “less volatile market” with more stable price expectations. Full-year results from Galliford Try and a trading update from Crest Nicholson should shed further light on the progress of the autumn selling season, which coincides with the start of the academic year. As always, the builders will also be quizzed on how they plan to boost the supply of homes, as well as the state of material stocks and labour supply – two of the main constraints on expansion. Galliford also has a sizeable construction
Investors hope FedEx can deliver another strong quarter
– RICHARD WATERS
Attention will focus on Wednesday, when FedEx posts results for the quarter to August 31, on whether the express parcel service can repeat its strong performance in the quarter to the end of May. FedEx, in common with UPS, its main rival in the huge US market, suffered during North America’s harsh winter. Both companies have also shown signs of suffering from sluggish demand growth all over the world. They are having to adapt to significant changes because of the rise of online retailing – which increases the number of deliveries to individual homes – and customers’ growing preference for lower-cost ground and more slowly delivered air express services. Analysts expect FedEx to announce adjusted earnings per share of $1.96, up 28 per cent on the same quarter last year, and revenue
of $11.5bn, up 4.5 per cent. Both FedEx and UPS, because they handle large quantities of business-to-business movements, are often seen as bellwethers for wider US economy. FedEx initially struggled to adapt to a shift in recent years to the changing business environment and had to announce an overhaul of its network in 2012. It has also come under pressure from Dan Loeb, the activist investor. However, FedEx’s results for the year to May 31 were 35 per cent up on its results for 2012-13 and Alan Graf, chief financial officer, said after those results were published that he expected the current financial year to be still better. The company has forecast earnings per share for the year to May 31, 2015 of between $8.50 and $9.00, after announcing EPS of $6.75 for the year to May 31 this year. – ROBERT WRIGHT
business. Its order book doubled to £2.8bn following the acquisition of Miller Group’s contracting arm in July, and analysts see the company as well-placed to capitalise on an upturn in UK construction.
Trading and sales estimates Chemring Group, Compagnie Financière Richemont, Daily Mail and General Trust, IG Group THURSDAY 18
– ANDY SHARMAN
Diary commentary from FT reporters. Data, unless otherwise stated, from Thomson Reuters. Company announcements, collated by Thomson Streetevents, are of information publically available before last week. Results forecasts, from Thomson I/B/E/S, are for fully diluted, post-tax EPS in local currency for the stated fiscal period. The comparable period of the previous year is bracketed. Non-UK reporting periods are broken by quarter: Q1, Q2, Q3, Q4. UK periods are designated: Q1, H1 (first half), Q3 and FY (full year).
execution issues in some of its core software markets and struggled with the shift to the cloud. Its most recent quarter, however, pointed to accelerating revenues from new subscription-based cloud services, with Oracle breaking out sales separately for the first time. Wall Street’s growing confidence has been based partly on Oracle’s return to big acquisitions – one of its biggest growth drivers of recent years – with the recent purchase of point-of-sale technology company Micros Systems for $5.3bn. Declines in hardware sales are also largely behind the company, following several quarters of declines in low-margin products. Analysts are expecting Oracle to report revenues of nearly $8.8bn, up from $8.4bn the year before, with adjusted earnings per share of 64 cents compared to 59 cents.
EARNINGS
Adobe Systems Q3 $0.26 Falkland Oil & Gas H1 * -$0.05
($0.32) (-$0.01)
*FY estimate
Trading and sales updates Asos, Crest Nicholson Holdings, Thomas Cook WEDNESDAY 17 EARNINGS
FedEx Q1 JD Sports Fashion H1* *FY estimate
$1.94 ($1.53) 31.78p (29.28p)
Oracle’s latest quarterly earnings, due on Thursday, may not provide a definitive answer to the strength of the US software company’s sales momentum, given the inconsistency of its results in a typically light first quarter of its fiscal year. But with its cloud services showing stronger growth this year and the macro economic environment improving, Wall Street has continued to warm to the company’s prospects. Recent quarters have brought mixed results as Oracle has suffered sales
Nike investors have much to look forward to ahead of the US athletics wear maker’s annual shareholder meeting. The Oregon group topped forecasts with healthy profits and an 11 per cent rise in sales during its latest quarterly results. That figure is likely to increase in its next set of earnings, announced later this month, helped by shopper enthusiasm driven by the World Cup. But there are also some challenges ahead. A slew of fast and hungry competitors like Under Armor and Lululemon continue to gain ground in the market, and Nike must continue to manage the volatile global currency fluctuations that continue to weigh heavily on many global retail players. These headwinds have not gone unnoticed by the market. For all its strength, Nike stock has risen by about 5 per cent in 2014 to date, compared with a near 10 per cent return from the S&P 500 over the same period. – ELIZABETH PATON EARNINGS
Oracle French Connection Kier Group Premier Farnell
Q1 $0.64 ($0.59) H1* -0.80p (-4.60p) FY 102.65p (134.90p) H1* 14.81p (14.20p)
*FY estimate
Trading and sales update Merlin Entertainments Shareholder meetings Diageo, John Wiley & Sons, Nike FRIDAY 19 EARNINGS
Songbird Estates
H1*
1.35p (-54.79p)
*FY estimate
Shareholder meetings Imagination Technologies, Poundland Group, SuperGroup
Big sterling swings put Scotland in focus The meeting of the Federal Reserve’s Open Market Committee probably loses out to the Scottish independence referendum for the most significant event this week, given the big swings in sterling associated with the campaign. In terms of data it is again the US and the UK that will also command attention. Inflation figures are expected for both countries this week, and will be joined by unemployment and wage growth estimates in the UK as well as minutes from the latest Bank of England meeting. In Wednesday’s FOMC meeting markets will be looking for more explicit guidance as to the pace of the eventual tightening of the Federal Funds rate. A San Francisco Fed paper said that investors were too sanguine about the eventual plans of the
US inflation Annual % change in CPI 4 3 2
2011
12
13
1 14
Source: Thomson Reuters Datastream
central bank. Currently the Federal Reserve says that the rate will remain in the 0-0.25 per cent range for a considerable amount of time. At Wednesday’s meeting it is expected to strike a more hawkish note. The Fed is expected to reduce the pace of asset purchases under the quantitative easing programme from $25bn to $15bn with it ending at the end of October. US inflation is expected to come in below target for August. July’s figure was 2 per cent but this month it is forecast to fall to 1.9 per cent, partly because of falling energy prices. On the other hand, rents have been rising. The UK data release that is likely to move the markets most will be the voting figures for independence referendum in Scotland. But in economic data it’s likely to be the estimates for wage growth. Wage growth is thought to play a crucial role in the timing of any interest rate rises from the BoE, while it has been under the rate of inflation and households have been experiencing a fall in income in real terms, the BoE has been loath to raise interest rates. This Wednesday’s release is expected to show a continuing fall in real wages, with growth in the year to July only 0.7 per cent. Inflation estimates, out tomorrow, are expected to come in at 1.5 per cent, because of lower food and fuel prices. GAVIN JACKSON
4CAST ECONOMIC CALENDAR COUNTRY MONDAY Eurozone UK US US
For
Indicator
Jul Sep Aug Aug
Trade balance (NSA) 3 n/a 16.8 Rightmove house prices 2 n/a 5.3 Capacity utilisation % 79.3 79.2 Industrial production 1 0.3 0.4
TUESDAY Canada Eurozone Germany Germany UK UK UK UK UK UK UK
Jul Sep Sep Sep Aug Aug Aug Aug Aug Aug Aug
UK US US US
Units Mkt* Prev
Manufacturing sales 1 ZEW (econ. sentiment) ZEW (current conditions) ZEW (econ. sentiment) CPI 1 CPI 2 Input prices 1 Input prices 2 Output prices 1 Output prices 2 Output prices core 1 (unadjusted) Jul ONS house prices 2 Jul Long-term TICS flows 3 Aug PPI 1 Aug PPI (ex food & energy) 1
WEDNESDAY Eurozone Aug Eurozone Aug Eurozone Aug UK Jul UK Aug UK Aug
1.0 n/a 42.0 5.0 0.4 1.5 -0.2 -6.8 -0.1 -0.2 0.0
0.6 23.7 44.3 8.6 -0.3 1.6 -1.6 -7.3 -0.1 -0.1 0.0
n/a 10.2 n/a -18.7 0.1 0.1 0.1 0.2
HICP 1 0.1 -0.7 HICP 2 0.3 0.3 HICP - core 2 0.9 0.9 Average earnings 4 0.5 -0.2 Claimant count change 5 -30.0 -33.6 Claimant count rate % 2.9 3.0
COUNTRY UK US US US US US
For Jul Aug Aug Q2 Sep Sep
Indicator Units Mkt* Prev Unemployment rate % 6.3 6.4 CPI 1 0.0 0.1 CPI (ex food & energy) 1 0.2 0.1 Current account 3 -113.3 -111.2 FOMC - Fed funds rate % 0.25 0.25 NAHB builders’ survey 56 55
THURSDAY UK Sep CBI Industrial trends % 9 11 UK Aug Retail sales (ex fuel) 2 4.8 3.4 UK Aug Retail sales (inc fuel) 2 4.0 2.6 US Week Initial claims 5 n/a 315 US Sep Philadelphia Fed survey 22.5 28.0 FRIDAY Canada Canada Canada Eurozone Germany Germany Japan Japan US
Aug Aug Jul Jul Aug Aug Jul Jul Aug
CPI CPI - BoC core rate Wholesale sales Current account (SA) PPI PPI All Industry act. index Leading indicator Leading indicator
2 2.0 2.1 2 1.8 1.7 1 n/a 0.6 3 n/a 13.1 1 -0.2 -0.1 2 -0.8 -0.8 1 0.1 -0.4 n/a 106.5 1 0.4 0.9
Mkt* = market consensus estimates. Prev*= previous actual Units*; 1 = % change on previous period, 2 = % change on same period in previous year, 3 = national currency bn, 4 = annualised quarterly % change, 5 = 000s, NSA=not seasonally adjusted, SA=seasonally adjusted. See more at www.ft.com/economic-calendar
fm
THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday September 15 2014
Hill ruffles feathers Juncker accused of allowing a fox to guard the henhouse PAGE 11
THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday September 15 2014
fm
Hill ruffles feathers Juncker accused of allowing a fox to guard the henhouse PAGE 11
Scottish fund companies hurt by referendum jitters Corporate investors pull $11bn from 36 investment houses
CAROLINE LIINANKI
MADISON MARRIAGE AND CHRIS NEWLANDS
Heightened uncertainty over the outcome of Scotland’s referendum on Thursday has dented sales for the largest Scottish fund groups as investors grow increasingly concerned over the safety of their assets. Many of Scotland’s biggest fund houses have suffered net outflows or seen a significant year-on-year drop in sales in recent months, while alarmed investors have begun seeking reassurances that their assets are safe and have put new investments on hold. The head of one Scottish asset management company, who asked not to be named, said: “Most professionals are cacking themselves. They are terrified of independence and a new regulatory regime.” Scotland’s six biggest fund houses posted collective net outflows of €144m in the first seven months of the year, according to figures compiled for FTfm by Morningstar, the data provider. This is a sharp decline on the collective inflows recorded in the preceding four years of between €3bn and €10bn for the companies, which are Aberdeen Asset Management, Scottish Widows Investment Part-
Swedish AP pension revamp has first casualty
Uncertainty over the outcome of Thursday’s poll has seen a slowdown in new investment sales in Scotland PA nership, Baillie Gifford, Kames Capital, Martin Currie and Standard Life Investments. The bulk of outflows came from Aberdeen, which suffered redemptions of €5bn from its European mutual funds to the end of July, and Scottish Widows Investment Partnership, which was acquired by Aberdeen last November. Edinburgh-based Standard Life Investments and Baillie Gifford recorded net inflows of €2.6bn and
€1.3bn respectively to the end of July, although this was roughly half the level of assets for the same period in 2013. The groups affected said the slowdown in sales is unrelated to investor uncertainty over the outcome of the referendum, but other industry participants painted a different picture. CharlesHeenan,investmentdirector at Edinburgh-based Kennox Asset Management, said: “If Scotland is forced to make its own cur-
rency, potentially assets could be frozen. Conservative investors are asking, why take that risk? “We have been fielding a lot of questions from clients and wealth managers in Edinburgh who want to know whether they should move their money to the US dollar. “We put out a statement to keep people calm. This is a big deal.” Corporate investors have pulled more than $14bn from 36 fund continued on page 7
Sweden’s five AP funds, set up to meet potential shortfalls within the state pension system, have suffered their first high-profile departure following the decision to cut the five pension funds to three in a bid to reduce costs. As part of the fallout of the announced shake-up of the AP funds in March, Gustaf Hagerud, AP3’s deputy chief executive and head of asset management, is to move to London to join Kestrel Investment Partners. He will co-manage a multi-asset fund at Kestrel together with John Ricciardi, one of the firm’s founding partners. Mr Hagerud joins in March next year. “I’ve been offered a really great job, but the decision to leave is of course related to the political agreement [regarding the changes to the AP funds] – and the signal that the AP funds shouldn’t and won’t offer competitive compensation to portfolio managers,” said Mr Hagerud. “Over the next two years, there’s a risk that the AP funds’ attention will be on internal issues. I want to focus on investments,” he said. Speaking to FTfm last month, Peter Norman, Swedish financial markets minister, defended the move to cut salaries at the AP funds and insisted it would not lead to a “brain-drain”. He said salaries should not be benchmarked against private sector companies but against other public authorities, such as the central bank, where pay is far less generous.
2 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
INSIDE Face to face Aberdeen’s Martin Gilbert says how the Scots vote will not affect the global company PAGE 4
Comment Data mining gives fund managers the edge in trend spotting, writes David Oakley PAGE 8
View from America It is time to stop groupthink, sell momentum and buy value, writes John Dizard PAGE 8
Ukraine crisis Sanctions mean short sellers are wary of making a call on the direction of the Russian market PAGE 10
Mutual funds Liquid alternatives fail to deliver on promise of returns PAGE 12
Viewpoint Hong Kong is mulling proposals to introduce a core pension fund option, writes Mark Konyn PAGE 13
FTfm September 15 2014
Developing world is vulnerable to rapid fixed income growth EMERGING MARKETS
BIS warns of risk of sudden outflows destabilising market
STEVE JOHNSON
Investors are staging a “buyers’ strike” of investment trusts with heavy exposure to Scottish fixed assets, such as infrastructure and property, according to one industry figure.
STEVE JOHNSON
The rapid growth of emerging market funds, combined with “herd behaviour” by investors, threatenstobeasourceof“vulnerabilities”forthedeveloping world, the Bank for International Settlements has warned. Emerging market bond funds have seen their assets quadruple from $88bn to $340bn in the four years to the end of 2013, said BIS, quoting data from EPFR Global, while EM equity funds expanded from $702bn to $1.1tn. Against this backdrop, Basel-based BIS, known as the central bankers’ bank, warned that over the past two years investment flows and asset prices had “amplified each other’s fluctuations”, raising the risk of emerging markets being “destabilised” by sudden outflows. It found that emerging market fund managers used a narrower range of benchmarks than developed world managers, and investor flows were more “clustered” in emerging markets, raising the likelihood of correlated movements and “one-sided markets”. “The way the industry is managed, [with] widespread benchmarking and short-term
The Bank of International Settlements in Basel
performance assessment, limits the degree to which individual portfolio managers can deviate from industry averages,” said Hyun Shin, a BIS economist. “The behaviour of the ulti-
EM bond funds have seen their assets quadruple from $88bn to $340bn in the four years to the end of 2013 mate investors can introduce further correlation. There is some evidence that during last year’s taper tantrum retail investors were prone to herding and they herded procycli-
Bloomberg
cally, forcing funds to sell when prices were falling and buy when prices were rising.” BIS warned that the prudentialregulationoftheassetmanagement industry focused primarilyonmicroprudentialand consumer protection aspects. It called on policy makers to broaden their scop e and “address issues that give rise to correlated behaviour across asset managers or the procyclicality of investor flows and asset prices” to design an “effective policy response”. A senior figure at a large EM house argued that a major flaw in the system was that just 15 per cent of local currency bonds were included in main-
Editor Chris Newlands Tel: +44 (0)20 7775 6382 e-mail: chris.newlands@ft.com Deputy editor Steve Johnson Tel: +44 (0)20 7873 3525 e-mail: steve.johnson@ft.com
Reporter Madison Marriage Tel: +44 (0)20 7873 3817 e-mail: madison.marriage@ft.com Production Jearelle Wolhuter Tel: +44 (0)20 7873 4872 e-mail: jearelle.wolhuter@ft.com Advertising manager Steven Canfield Tel: +44 (0)20 7873 4802 e-mail: steven.canfield@ft.com FINANCIAL TIMES Number One Southwark Bridge London SE1 9HL +44 (0)20 7873 3000 ©The Financial Times Limited 2014. Reproduction of the contents of FTfm in any manner is not permitted without the publisher’s prior consent. “FINANCIAL TIMES” and “FT” are registered Trade Marks and Service Marks of the Financial Times Limited
Ahead of this week’s independence vote, attention has largely focused on the 41 investment trusts – publicly quoted closed-ended funds – with combined assets of £22.6bndomiciledinScotland. However, amid a belief that these trusts could redomicile south of the border relatively easily if necessary, attention has instead turned to funds with assets that would be stream indices, meaning pas- impossible to shift. sive funds and benchmark“There is definitely concern, constrained active funds were there is no doubt about that. forced to funnel all their money into this small slice of £22.6bn the market. He said a solution would be for the World Bank or Combinedassetsof41 asimilarorganisationtocollect investmenttrusts–publicly its own daily pricing data, quotedclosed-endedfunds– domiciledinScotland allowing the creation of far wider-ranging indices. For the [trusts] that have more “There is a major market fixed assets in Scotland such as failure and the fact that it hap- a wind farm, there is definitely pens is an abrogation of duty a buyers’ strike at the moment on the part of international [with investors not adding civil servants that is absolutely money to their funds],” said mind-blowing,” he said. “It the figure, although he said would cost the World Bank or there were no signs of widethe IMF $10,000 per country spread selling. per year to do this. That is a Analysis by Winterflood drop in the ocean.” Securities, a research house and broker, identified The Renewables Infrastructure Group and Greencoat UK Wind, with 27 per cent and 23 per cent respectively of their assets in Scotland. Among property funds, Services, the brokerage, said Empiric Student Property has there was a lot of “wrong posi- the highest exposure to Scottioning” by bond managers at land at 23 per cent. the start of 2014, which took Simon Elliott, head of time to reverse. research at Winterflood, said Expectations that bond that while redomiciling a portyields would rise as the US eco- folio of listed securities to Engnomic recovery picked up pace land was straightforward, “if were dented when preliminary you own a wind farm or have a estimatesforfirst-quarterGDP social infrastructure project in showed unexpectedly weak Glasgow it’s [problematic]”. growth. Concerns may be heightIn the second quarter, rising ened by uncertainty as to geopolitical tensions and the whether the UK government S&P 500’s rally to an all-time would continue subsidising highmeantfixedincomeassets renewable energy production looked attractively valued rel- inScotlandintheeventofindeative to US stocks, drawing pendence and, if not, whether more buying interest for long- the Scottish government could dated Treasuries. afford to pick up the tab.
US managers caught out by bond market rally
Reporter Chris Flood Tel: +44 (0)20 7873 3892 e-mail: chris.flood@ft.com Reporter Sophia Grene Tel: +44 (0)20 7873 4685 e-mail: sophia.grene@ft.com
CHRIS FLOOD
Almost all actively-managed US long-dated government bond funds underperformed their benchmarks in the first half of the year, according to analysis by S&P Dow Jones Indices. The data show many fixed income managers were caught short by the US government bond market rally, resulting in widespread underperformance. Nearly 90 per cent of actively-managed long-dated investment grade corporate bond funds also failed to beat their benchmarks. The figures represent a
Investors avoid Scottish exposure
sharp reversal from last year when just 10.1 per cent of government bond funds and 3.2 per cent of corporate bond funds underperformed their b e n c h m a r k s ove r t h e 1 2 months to end of December. Managers were left unprepared by the strong rally for 30-year Treasuries with the yield dropping from 3.94 per cent at the start of January to 3.34 per cent at the end of June. Aye Soe, director of global research and design for S&P Dow Jones Indices, said the reversal highlighted continuing uncertainty around US monetary policy and difficulties forecasting interest rates.
MsSoesaidthemagnitudeof underperformance was also notable. Actively managed US longdated government bond funds underperformed their benchmarkbyanaverageof358basis points while long-dated investment grade corporate bond funds underperformed by an average of 227bp. Marc Ostwald, fixed-income strategist at ADM Investor
90
% Amountofactively-managed long-datedinvestmentgrade corporatebondfundsthatfailed tobeattheirbenchmarks
FTfm | 3
FINANCIAL TIMES Monday 15 September 2014
NEWS
Y
Fine fears Spectre of rising penalties haunts big bank investors PAGES 6&7
Activist hedge funds up by $8bn despite worries PERFORMANCE
Total assets in sector grow 9% but investors warned of high risk MADISON MARRIAGE
Activist hedge funds, which agitate for corporate change, have seen their asset base grow by $8bn this year, despite rising concern about performance prospects and the quality of new funds in the sector. Investors poured $5.6bn into activist hedge funds in the first six months of the year, according to figures from Eurekahedge, the data provider. Activist managers, which include Pershing Square’s Bill Ackman and Third Point’s Dan Loeb, have also recorded average performance gains of 2.9 per cent to the end of July, leading to an additional asset increase of $2.3bn. This means that total assets in the activist sector have
increased 9 per cent this year alone to $96bn. The data provider warned, however,thatinvestorsneedto take into account that the risk profile of these funds is usually twice that of the average hedge fund, with annualised standard deviation of 10.2 per cent. “While activist hedge funds with their concentrated port-
‘Investors have to understand that the absolute returns will be far lower going forward’ folios and diligently executed campaigns can be a great source of alpha for investors, their high volatility and susceptibility to drawdowns during extreme events should be kept in perspective too,” the data provider said. Troy Gayeski, partner at fund of hedge fund company SkyBridge Capital, which
invests in several large activist funds, agreed investors might not have enough awareness of the sector’s high risk and return dynamics and probable weakening in performance. He said: “Some investors could be inaccurately extrapolating the performance success of 2013 and early 2014 when both the macro and micro [environments] were arguably the best they have ever been. “Investors have to understand that the absolute returns will be far lower going forward and activists’ volatility will be higher, as you’ve seen the past few months.” The surge of money into the strategy has also prompted concern about managers with little experience of activism exploiting the ‘activist’ label to attract investors. Anne-Gaelle Pouille, senior portfolio manager at fund of hedge fund company Paamco, agreed that the so-called ‘style drift’ of
FUND FOCUS
Liontrust strategic bond fund suffers dismal year Poor performance and mass outflows see 85% fall in assets under management Liontrust’s Michael Mabbutt has had a torrid start running his Global Strategic Bond fund after poor performance and mass outflows. It was the first foray back into fixed income funds by the UK fund management company following the sale of its credit team to Avoca Capital in 2011, and it marked Mr Mabbutt’s return to fund management after a five-year break. Liontrust, which bought Walker Crips Asset Management in 2012, launched the Dublin-domiciled Global Strategic Bond fund in February last year after hiring Mr Mabbutt and co-manager Felix Martin. The fund initially saw strong growth as investors bought into Mr Mabbutt’s record earned at Thames River, LGT Asset Management and Baring Asset Management. Major institutional buyer John Chatfeild-Roberts was one of the early backers of the fund, building up positions in his Jupiter Merlin Income and Jupiter Merlin Conservative funds. But the fund struggled in 2013 and investors in its sterling-hedged share class lost 8.2 per cent by the end of the
year, FE Analytics data show. The average fund in the IMA Sterling Strategic Bond sector rose 2.9 per cent over the same period. The poor performance led many investors, including Mr Chatfeild-Roberts, to depart. Between the end of September 2013 and the end of February 2014, the size of the fund collapsed by more than 85 per cent, with assets falling from $640m to $91.3m. The size of the fund has since declined further to $73.4m at the end of August, despite performance turning positive.
Liontrust GF Global Bond Total return (rebased) 2 0 -2 -4 -6 -8 -10 -12 Feb 2013 Source: FE Analytics
2014 Sep
Mr Martin said: “Obviously we were not happy with the performance in 2013. When we launched the product it was almost the complete opposite in terms of perfect timing to launch a bond fund.” The fund was launched just before the mass sell-off triggered by then US Federal Reserve chairman Ben Bernanke’s comments about ending quantitative easing. Mr Martin said the fund’s positioning meant it was particularly badly hit, given that it had significant exposure to emerging market debt, which bore the brunt of the sell-off. The fund also had a large short position on corporate high yield bonds because the company thought the sector was expensive. The high-yield sector, however, held up better than other forms of bonds during the sell-off, continuing to rally afterwards. But Mr Martin stands by the decision. He said: I do not regret [the position] in strategic terms, though I do regret the poor performance.” — MATTHEW JEYNES
Matthew Jeynes is deputy news editor at Investment Adviser
Bloomberg
2.9% Average performance gains made by activist managers including Bill Ackman of Pershing Square in the year to the end of July
$96bn Total assets in the activist sector this year – an increase of 9% – though the risk profile is twice that of the average hedge fund
some event-driven fund managers towards activism is misleading. Event-driven funds attempt to make gains before and after corporate events. She said: “Successful activism requires staying power, relationships, credibility and business skills that are built over time; hedge fund managers should demonstrate a track record before allocating investor funds to that sub-strategy.” But Mr Gayeski played down fears about misuse of the activism label. “There have always been and will always be those who claim an ability in order to beguile investors when in fact they do not,” he said. “[But] compared to the last cycle from 2005 to 2007, we have seen fewer managers claim to be successful at prodding management teams when in fact they are just cheerleadersfortheheavyliftingdoneby thosewhohavearichhistoryof success.”
4 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FACE TO FACE
Business as usual no matter how Scots vote
Aberdeen Asset Management Founded 1983 Headquarters Aberdeen Assets under management £322.5bn Employees 2,600 Ownership Listed on FTSE 100
MARTIN GILBERT
Aberdeen boss says global company will not be affected by referendum DAVID OAKLEY
M
artin Gilbert plays golf with Alex Salmond – but unlike his good friend, the Scottish First Minister, he is neutral on the issue of independence for his country. Like many businessmen, the chief executive of Aberdeen Asset Management is a pragmatist, which in part explains his longevity in a competitive industry. The head of Europe’s biggest independent investment group insists a vote either way on the Scottish referendum this Thursday will make little difference to his business as it is a global operation. Despite its headquarters being based in Aberdeen, the company has a big office in London and Mr Gilbert sees no need to move the HQ south of the border in the event of a Yes victory. “It is an emotional issue, but I’m not worried about the referendum,” he says, despite the shares of some companieswithlinkstoScotlandsuffering falls last week. Although Mr Gilbert canbefiery,thissanguineapproachto business is his hallmark. Indeed, it is more than a decade since his career was nearly broken on one of the biggest financial scandals in the City of London. But he insists he never considered quitting and remained calm duringthecontroversyoversplitcapital investment trusts. He may have been called a “sophisticated snake oil salesman” in a televised parliamentary hearing over the scandal, seen his company’s share price plunge 97 per cent and market cap drop to just £30m (it is £5.7bn today), and been forced to pay £78m in compensation to pensioners and small investors who had lost their life’s savings – but Mr Gilbert says he was determined to soldier on. Today Mr Gilbert’s career and company, which has more than £300bn in assets under management, is in good
shape. At the age of 59 and after more than 30 years at the helm of Aberdeen, the exuberant Scotsman is arguablyatthetopofhisgame,having catapulted his group past Schroders as the biggest listed asset manager in Europe following this year’s acquisition of Scottish Widows Investment Partnership (Swip).
Born 1955 Education 1960 Alice Smith School, Kuala Lumpur 1964 Robert Gordon College, Aberdeen 1973-78 Aberdeen University, MA in accountancy, LLB in law Career 1978 trainee chartered accountant, Deloitte 1982 trainee lawyer, Brander & Cruickshank 1983 co-founder and chief executive Aberdeen Asset Management
His resilience is somewhat essential if the company is to keep pace with its rivals. Investment groups face sweeping changes because of new technology and advances in data gathering, which some think will transform the industry over the next five years. Aberdeen seems to have turned a corner this year after coming through a tough period as the group’s reliance on emerging market equities dented performance. This prompted Mr Gilbert to swoop for Swip in a deal providing much needed diversification. “2013 was a difficult year,” he says. “We own big, liquid stocks in the emerging markets and that really hit us hard. That prompted a big rethink. WesatdowninMarch2013andsaidto ourselves, we’re over reliant on three very successful blockbuster products [emerging market, Asia and global equities] and we’d like to build the businesses. Then Swip came along.” The £550m takeover was completed in March. It has given Aberdeen a much broader product range and is one of the last pieces in the jigsaw for the group as it has grown from a small manager of money in the Scottish backwaters when it was cofounded by Mr Gilbert in 1983 to a glo-
bal company with 33 offices in 25 countries. “Swip satisfied a lot of our strategic objectives in one go. It is not the end of the journey for us, but the acquisition has taken us to a place where I am happy to consolidate and take stock. T h e g ro u p’s p e r f o r m a n c e h a s reboundedin2014andwearelooking to grow in America.” America is perhaps the final fron-
‘Half of the world’s money is in America and they’re looking to invest overseas’ tier for Aberdeen. Only 13 per cent of the group’s clients are from the US, Canada and Latin America, which equate to £42bn in assets. “Half of the world’s money is in America and they’re looking to invest overseas, so we want to be getting some of those assets,” he says. “It is a difficult market to crack, but we are definitely looking to expand there.” Mr Gilbert agrees the investment industry is on the cusp of change, but unlike some of his rivals, most nota-
bly Schroders, he is not as focused on new techniques, particularly in data gathering, to improve performance. “The old ways of fund management are still relevant,” he says. Inthisrespect,heisaparadox.Heis very entrepreneurial and loves nothing more than sealing a big deal or acquisition. He is considered a classic “wheeler and dealer” or “deal junkie” whenitcomestomergers.Yet,despite this, he believes in the traditional ways of long only fund management. “One of the most important things in stock selection and fund management is understanding a company. This means meeting the managers and analysing the balance sheet. Then, when you have made your selections it is important not to panic and to be consistent.” Critics warn that Aberdeen is too conservative, particularly as other groups are looking at taking advantage of technological advances. There has also been a worry that Aberdeen has relied too much on acquisitions to grow, making it more unstable than someofitsrivals.Thethreatfrompassive funds is also a concern for mainly active groups such as Aberdeen. However, for the time being, these criticisms look less threatening. The company’s integration of Swip has been smooth. The acquisition has offered the group greater options in terms of growth in markets such as property, fixed income and investment solutions. The acquisition has alsogiventhecompanyamuchbigger foothold in the passive arena with £60bn in these strategies. As far as Mr Gilbert is concerned, the company’s outlook is good. He certainly has no plans to quit. “I think fund managers and executives improve with age. I look at our top fund managers and they are on the wrong side of 50, like me. I once said I would go on as long as [Sir] Alex Ferguson at Manchester United. He retired when he was 71.” Thesuccessionquestionisarguably the one key worry for Aberdeen. If Mr Gilbert were to fall under a bus, who would replace him? Perhaps, it is churlish to raise such a question. Mr Gilbert is in robust health and looks like he might go on even longer than the former Manchester United boss.
6 | FTfm
FINANCIAL TIMES Monday 15 September 2014
THE BIG PICTURE
Spectre of fine inflation haunts the big bank investors Star fund manager’s comments fuel fears penalties are making banks uninvestable but others see opportunities in the sector STEVE JOHNSON
N
eil Woodford, one of the U K ’s m o s t h i g h l y regardedfundmanagers, blamed the spectre of “fine inflation” for his decision to sell out of HSBC, his sole bank holding, earlier this month. Mr Woodford’s move came against a backdrop of seemingly ever larger punishments for bank malfeasance; last month Bank of America paid a record $16.7bn to the US government to settle claims of mis-selling mortgage-backed securities in the run-up to the financial crisis, adding to the £100bn that the 10 largest western banks coughed up in fines between 2008 and late 2013, according to the London School of Economics. Moreover, with investigations into manipulationofLibor(andlikemeasures) and foreign exchange rates still ongoing, there is no sign the punishments are over yet. Many will argue that the banks’ behaviour has been so egregious that all this and more is deserved. Yet Mr Woodford’s contention is that “fines are increasingly being sized on a bank’s ability to pay, rather than on the extent of the transgression”. In other words, there is little point in favouring an investment in Bank X ratherthanBankYbecauseXisfinancially more sound, if it is simply going to be hit with larger fines as a result. “The size of any potential fine is unquantifiable, so this represents an unquantifiable risk,” said Mr Woodford, a 25-year veteran at Invesco Perpetual who now runs his own asset management house. His comments build on rising concerns that legal risk has overtaken more traditional metrics such as
credit risk as the key uncertainty facing banks. Given the opacity and unpredictability of the former – bordering on an “unknown unknown” in the parlance of former US defence secretary Donald Rumsfeld – banks may be becoming uninvestable. The best guide to whether this is so is presumably market valuation. Unsurprisingly,bankshaverecovered somewhat from their mid-crisis lows, with the global sector now trading on a price-to-book ratio of 1.14 and a historical price-to-earnings ratio of 13, up from lows of 0.6 and 6.7 respectively in early 2009, according to Datastream. Yetpricesarestillwellbelowhistorical norms. Excluding the crisis and post-crisis period, they have not been this low since 1985, and for most of this period were markedly higher. Divining the reasons for the historically low valuations is harder. Banks are certainly less profitable than they once were, but this lowers the “e” in the p/e ratio, not the ratio itself. Expectations for weak earnings growth in a low-economic-growth, low-interest-rate environment are probably a factor keeping prices depressed, alongside the lingering reputational risk of banks. But, in the wake of a five-year long stock market rally, it does suggest the uncertainty engendered by the seemingly endless “taxing” of banks via fines may be a factor in the still low valuations. However, few seem to share Mr Woodford’s view that this effectively renders banks uninvestable. Richard Buxton, head of UK equities at Old Mutual Global Investors, retains HSBC as his largest holding, and also has positions in peers Barclays and Lloyds. He says: “Of course
Rosie hallam
In his own words . . . Neil Woodford on why he sold out of HSBC I started to build a position in HSBC for some portfolios in May last year and I included it in the portfolio of the CF Woodford Equity Income Fund at launch. I have started to become more concerned about one particular risk: that of “fine inflation” in the banking industry. Banks have attracted many fines in the postfinancial crisis world as regulators and policy-makers have cracked down on past and ongoing wrongdoings. The size of the fines, however, appears to be increasing. For example, in 2012, HSBC was fined $1.9bn for failing to prevent Mexican drug cartels laundering money through its bank accounts. I am concerned, however, that these fines are increasingly being sized on a bank’s ability to pay, rather than on the extent of the transgression. I am worried that the ongoing investigation into the historic manipulation of Libor and foreign exchange markets could expose HSBC to significant financial penalties.
it is highly likely that banks will be subject to further fines for historic behaviour, but it is highly unlikely thatinthecaseofthesebanksitwould require raising of additional capital. “Itwilldeferareturntobetterlevels of profitability and dividend payment but does not take away from the underlying case for investing in them, for the patient long-term investor.” Saker Nusseibeh, chief executive of Hermes Investment Management, which manages £27bn of assets and advises on a further £109bn, is also relaxed. “Is [the banking sector] investable, in the sense that you will make money from it? Yes. People will find banks that are better governed than others and even the worst run banks will have shares that go up,” he says. WilliamSmead,chiefexecutiveand chief investment officer of Seattlebased Smead Capital Management, takes a different tack still. He agrees that “attorneys like looking for deep pockets”, and that this principle probably applies when it comes to fining banks, but sees this as a positively good thing for the sector. Mr Smead, a noted contrarian, subscribes to the “Peter Lynch theory” of buying stocks that have something about them that keeps many investors away. In the heyday of Mr Lynch, a near-legendary Fidelity fund man-
ager, this meant the likes of mortgage finance group Fannie Mae (“nobody understood what they did and how they did it”) and cigarette manufacturer Philip Morris (“which sold a product that was severely damaging to their best customers”).
T
o Mr Smead, “that’s a pretty good view of a Bank of America or JPMorgan now”. As a result, stocks are cheap and the likelihood of new competitors emerging to breach the “protective moat” that surrounds the existing banks is vanishingly low. “You can turn this around and say it’s the perfect situation. Do these problems increase the size of [banks’] moatordotheyshrinkit?Theseproblems are creating a preventative wall because absolutely no one wants to create a big bank and put up with all this crap,” says Mr Smead. “People get up every day and say they want to create the next big software company, but no one wants to create the next big bank. The regulatorsaresettingupabetterentrenched set of margins. They are creating less and less competition. “If paying these gaudy fines and putting up with another two years of harsh legal grappling is the price they have to pay, it’s worth it.”
FTfm | 7
FINANCIAL TIMES Monday 15 September 2014
Scots fund houses feel poll jitters continued from page 1 groups with primary operations in Scotland since January, according to eVestment, the data provider. A senior executive at one B BoA £16.7bn Fined by US to settle claims of mis-selling mortgage-backed securities I HSBC $1.9bn Fined by US in 2012, for failing to prevent money laundering M Barclays £290m Fined by UK and US in 2012 for attempting to manipulate Libor
‘The size of any potential fine is unquantifiable, so this represents an unquantifiable risk’ NEIL WOODFORD (ABOVE LEFT)
‘[The prospect of more fines for banks] does not take away from the underlying case for investing in them’ RICHARD BUXTON (RIGHT)
For his part, Mr Nusseibeh believes it is “probably true” that the size of finesisincreasinglyrelatedtoabank’s ability to pay, but says this is not unusual, pointing to the Nordic countries, several of which impose fines for, say, speeding that are based on the offender’s finances. Despite this, he argues that deep corporate engagement, which Hermes trumpets as one of its core strengths, can identify the banks that have adopted strong governance and are, he believes, less likely to commit wrongdoing in the first place, although Mr Nusseibeh admits the system failed when it came to investing in Goldman Sachs. Engagement work leads Mr Nusseibeh to conclude that the cultural shift in behaviour of bank boards that he deems necessary is still in its infancy, and most banks have not learnt from the past. So he is comfortable with the seemingly endless barrageoffines,evenifinvestorsloseout. “Most of the banks around the world got bailed out. The recession has resulted in pain for taxpayers and unemployment levels not seen outside of war. [The payback] is nowhere near bloody enough,” he says. “A fair society would say to banks: before youcanbegintopayyourbonuses, you owe society the billions that were pumped in to save you.”
large Scottish fund house, who requested anonymity, said: “The referendum is an event you want to get out of the way before normal activity will resume. Light flows [following the summer break] have persisted for longer this year.” The sales slowdown has not been limited to Scottish institutions. Bill O’Neill, head of the UK investment office at UBS Wealth Management, said: “ We h ave s e e n a l i m i t e d
amountofmoneybeingmoved out of Scottish bank accounts and assets as a purely precautionary measure, mainly by investors with self-invested pensions worried about company stocks exposed to Scotland.” Some investment professionals, however, warned that investors may be overreacting. Mark Dampier, head of fund research at Hargreaves Lansdown, the investment
broker, said: “I still think the vote will be no, I’m doing nothing with my own portfolio, which has a little cash in it. [And if there was] a decent fall Iwouldaddtoholdings.[There is] way too much hysteria around.” Peter Lenardos, an analyst at RBC Capital Markets, added: “People keep forgetting that even if [there is] a Yes vote, thereisalmostatwo-yeartransition [period].”
8 | FTfm
FINANCIAL TIMES Monday 15 September 2014
OPINION
Data gives managers the edge in trend spotting COMMENT
David Oakley
W
hen R&B star Pharrell Williams’ hit ‘ H a p py ’ re a c h e d number one for a third time in the UK this year – the first song to do so in 57 years – it piqued the interest of some fund managers. Itmaynotbethemostconventional pieceofinformationtobackupatrading position, but used in conjunction with more orthodox ways of telling when an economy is on the mend, it helped underline the improving sentiment among consumers. Other trends to support the view that people are more content with theirlot,andthereforetheeconomyis heating up nicely, include the increasing number of colourful cars on the road. At the height of the financial crisis, more people were choosing black. Now as their moods lighten, theyaremoreinclinedtopickacheerful yellow. The tracking of number one tunes and the colour of people’s cars high-
lights how some fund managers have become more innovative in the way they are data digging or data mining to help them gain an edge on rivals. In the past, spotting a trend such as the rising number of colourful cars on the road was done anecdotally. Now, with Google search engines and Twitter search feeds, it is possible to establish these trends with the use of data. Spotting these trends, which may encourage a manager to buy stocks that benefit from a growing economy, is only one part of the story. The old ways of stock selection by analysing company results and meeting chief executives still matter and arguably always will. But to make a difference in active management, it has become more important to utilise the proliferation of information on the web. A senior executive at a big asset management group told me recently that his firm had become more like a technology company because of the amount of data it stored to help stock selection and the creation of portfolios. If Google decided to branch out into asset management, they would be a force to be reckoned with because of the size of their database. Other companies, such as retailer Tesco, could in theory also use their database to help spot consumer
rying behavioural finance with data digging to try to improve stock selection and asset choices further. Being able to empirically establish the increasing number of colourful cars on the road is an example of this.In other words, some asset managers are using data to understand socio-economic patterns that in turn help them pick stocks.
I This may mean the end of old fashioned portfolio managers, replaced by a breed of mathematically oriented successors
trends that would be invaluable to asset managers. The senior executive thinks this may mean the end of the old fashioned portfolio managers as a new breed of mathematically oriented successors replace them. “There is just so much you can do with data,” he said. “In the old days, you did not have the information, but now if you are clever you can select therightdatatogiveyouamuchfuller pictureofwhatisgoingonintheeconomyandtheworld.Itisveryexciting.” Other investment groups are mar-
n journalism, data digging or data mining has become more important, too. Elegant writing still matters at the Financial Times, but there is a growing pressure on reporters to find statistics and data that provide readers with more insight. It is like a second industrial revolution for many businesses, but in technology. This observation may not be particularly new as the web and advances in technology have been with us for a decade or more, but it doesseemthatinthepasttwoyearsor sothisrealisationoftheimportanceof data gathering has started to hit home in more profound ways. It will be interesting to see if these technological advances translate into higher returns for some investors – or in journalism whether it will help reporters produce better and more informed stories.
It is time to stop groupthink, sell momentum and buy value VIEW FROM AMERICA
John Dizard ‘But it was all right, everything was all right, the struggle was finished. He had won the victory over himself. He loved Big Brother’ – George Orwell, 1984 If you have been an international investor over the past six months you had to love the developed world’s central bankers, particularly the Federal Reserve. As long as you owned the shares or bonds that benefited from their securities buying operations, or liquidity provision, you would have made money. No deviation from groupthink was required; just add your client’s chips to the “momentum” trades. What happens when the “liquidity” trade stops working, though? Securities dealers have much less ability to manage large sell orders than they did at the start of the last financial crisis. This is probably the time to sell momentum and buy value. It is not
that hard to identify the momentum that should be sold. The Fed-driven relief rally in US Treasury prices since May of this year has disproportionately inflated the prices of equities in financially fragile emerging markets such as Brazil and Turkey. These have weak growth, large current account deficits, high inflation, and high short term interest rates. If the Fed had gone ahead with tapering its securities purchases this spring, they would have been in even more trouble. David Goldman, a strategist with Reorient in Hong Kong, has done some interesting statistical work on the EM equity bubble. “There seems to have been an inverse relationship between economic growth and equity price performance among the major emerging markets,” he writes. “Among the best performers during the past six months have been countries with low growth, big deficits, and high short-term interest rates.” It may be too early to sell emerging market ETFs or shares that are heavily weighted in EM indexes, but at leasttherearesomebuyerslefttotake the other side of the trade. It is probably not a good idea to wait around to see if the asset bubble can be blown
just a little bigger. So if equities in large-cap, easily traded EM indexes are the momentum sells, where can one find the valuebuys?Well,iftheywerepopular, the value would already be recognised. Consider looking for equities in countries with an image problem – Russia, Argentina or Kazakhstan. Harvey Sawikin, a lead portfolio manager for Firebird Republics Fund in New York, started investing in the former Soviet republics in April of 1997,andhasearnedhigh,thoughvolatile, returns over the years. “Sentiment on Russia has become so negative it is hard not to add exposure,” he says.“OfcourseIdonotlikewhatthey are doing in Ukraine, but they do have somegreatcompanies.Andsincethey have not been getting the portfolio inflows during this period of central bank easing, they will not have the portfolio outflows when it ends.” He does not like Gazprom, the biggest Russian company “because it does not generate shareholder values. It is basically run for the strategic interests of the Russian state. Lukoil, on the other hand, is managed with shareholder interests in mind, and the two guys who run it continue to
buy the stock,” he says. Kazakhstan, where Firebird also invests, has had a lot of bad press from corruption scandals along with litigation-intensive delays in getting its giant Kashagan oil project online. Mr Sawikin says: “Even without getting Kashagan finished until 2016, they are experiencing 5 per cent growth in their economy.” Mr Sawikin has played Kazakhstan through bank workouts, not a game for the faint of heart. Essentially, he has been watching to see what dis-
It is probably not a good idea to wait around to see if the asset bubble can be blown just a little bigger tressed bank paper the locals have been buying, analysing their possible motives, and then following their lead if it all makes sense. This means keeping track of former management’s extradition cases and current management’s over-provisioning for loan losses – but, as he says of Kazkommertsbank stock, it is “a complex but potentially lucrative opportunity”.
For investors who prefer to stay withinthe(relatively)safeconfinesof the eurozone, Estonia has under-appreciated macro policy and undervalued equities. With a government debt to GDP ratio of about 10 per cent, along with corporate and household sectors that have already deleveraged their balance sheets, it does not need the ECB’s asset purchase programme to avoid another economic crisis. Perhaps because Estonia has insufficient debt to be “re-bubble-ised” by the ECB, the Tallinn Stock Exchange index has declined by more than 6 per cent this year, even though GDP is still growing. One of the larger components of the index, Tallink Grupp, which operates a ferry service on the Baltic, is selling for a bit more than half its book value and a dividend yield of 3 per cent. The apparent ease with which “liquid” EM index products can be bought and sold, for the moment, is deceptive. They are at risk of being frozen money in the next crisis. You are better off selling them and taking the trouble to do the securities analysis necessary to buy company specific value shares in smaller markets.
10 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
Short sellers wary of making a call on Russia UKRAINE CRISIS
Sanctions will add to the risks facing the European economy CHRIS FLOOD
When Russian President VladimirPutinsenttroopsinto
Crimea in early March, hedge fund managers were quick to bet that the share prices of major Russian companies would fall as a result of the Ukraine crisis. The energy companie s Gazprom, Lukoil, Rosneft and Novatek along with Sberbank
and Aeroflot, the airline, were just some of the companies targeted by short sellers. Short sellers pay brokers to borrow stocks that they then sell, betting that they can buy back these positions at a lower price and pocket the difference.Anincreaseinfeestobor-
row stocks indicates rising demand from short sellers. Two US-listed exchange traded funds tracking the broad Russian market, smaller Russian companies as well as retailers Dixy and Magnit were targets for hedge funds. “Fees to borrow Russian
names were generally low before March and it wasn’t until Russian troops entered Crimea that the short sellers really got involved,” says Chris Benedict, lead analyst at DataLend, a securities finance data provider. After pro-Russian gunmen seized Crimea’s regional parliament on February 27, Russia’s Micex e quity index dropped almost 16 per cent to a low for the year on March 14. But as the fighting spread east in August, hedge fund managers reduced their bets. Mr Benedict says fees to borrow shares in Novatek, Aeroflot, and the Market Vectors Russia small-cap ETF stayed high but demand for stock to short other names declined even before the announcement of a ceasefire by Moscow and Kiev on September 5 on the eve of a Nato summit. The ceasefire announcement prompted a rebound for Russian equities and the rouble despite some observers cautioning that the fighting might not stop. Stuart Jarvis, director, European equity finance at Citi, says: “Sometimes the best trade is to have no exposure.” Hepointstothe2007-08global financial crisis and Greek banking crisis when both longs and shorts exited during fast moving events that were difficult to assess. The European Union last week approved new sanctions designed to limit the access of Russia’s largest energy companies to western financial markets. Alper Ince, managing director at Paamco, a $9bn investor inhedgefunds,saysnooneisin a strong enough position to make a call on the future direction of the Russian market. “Wefeelthatitisadvisableto have a neutral position on Russia. Some macro hedge funds may have put on small directional positions but these are likely to be at the margin. It is very difficult to short Russian equities based on a geopolitical view,” he says. With Russia threatening retaliation against the threat of sanctions, Neil Meadows, founder of Laurentia Funds, a macro-hedge fund, believes the importance of the crisis in Ukraine has been underestimated by investors in Europe. Anti-Russian sanctions will add to the risks facing the European economy and the effect on sentiment is already
being reflected by the euro, German bond yields and the ECB’s decision to further reduce interest rates, says Mr Meadows In Europe, a number of companies including Adidas, the sportswear maker, and the brewers Carlsberg and Heineken have cited Russia as a factor affecting business. Sir Martin Sorrell, chief executive of WPP, said last month that the advertising group expected business in Russia to weaken in the second half as western sanctions against Moscow started to bite. A basket of European companies with Russian exposure created by Société Générale has fallen 9 per cent since late February, substantially underperforming the broad European equity benchmark. But while hedge funds have
9% Fall in value since February of a SocGen-created basket of European companies with Russian exposure
been shorting Russian companies they have been wary of betting on weakness for Russia-exposed European stocks. Roland Kaloyan, a strategist at SocGen, says shorting Russia-exposedEuropeanstocksis a high risk strategy, given a resolution to the Ukraine crisis might soon be found. But Simon Colvin, an analyst at Markit, the financial information services company, says pocketsofshortsellinginterest have been evident, pointing to Marine Harvest, a Norwegian fish producer, which had around 7.3 per cent of its shares out on loan in August. CGG, the French seismic surveyor, which generates around 10 per cent of its profits from Russia, also had around 11.6 per cent of its stock on loan, according to Markit. Alex Brooks, analyst at Canaccord Genuity, says CGG may have been targeted by short sellers because of its weak history in generating cash. Mr Colvin adds: “The lack of liquidity, both in the securities lending and cash markets, suggests we have not seen much in the way of shorting reaction to Russian exposed companies.”
FTfm | 11
FINANCIAL TIMES Monday 15 September 2014
NEWS
Hill has to convince EU he is right man for the job FINANCIAL SERVICES
Former lobbyist is a contentious choice as new commissioner MADISON MARRIAGE
Lobbyists in Brussels and finance chiefs in London were baskinginthenewsthattheUK has unexpectedly secured one of the most coveted positions in European politics: financial services commissioner. The surprise decision, however,toawardobscureUKpoliticianLordJonathanHilloneof the most influential roles in Europe has also raised concerns about whether end investors’ interests will be adequately protected by the conservative peer, who worked for nearly two decades as a lobbyist before entering politics. Sven Giegold, the German Green MEP who last year led the failed attempt to impose bonus caps on Europe’s fund managers, accused the incoming president of the European Commission, Jean-Claude Juncker, of having allowed “a fox to guard the henhouse”. Mr Giegold said: “Lord Hill, with his well-developed contacts to the City of London and financial industry, would be in a position to influence future financial market regulation. This poacher-turned-gamekeeper approach is clearly not what is needed in the sensitive areas of financial services. “In order to [prevent] investors’ money [being] skimmed by fees for economically useless intermediation services and products, a proactive commissioner is crucial. JeanClaude Juncker [has made] a huge gift to the British prime minister David Cameron. But this gift among friends may come at [a] high cost for financial market stability.” Mick McAteer, founder of The Financial Inclusion Centre
think-tank, took to Twitter to express scepticism over Lord Hill’s ability to look after the best interests of investors and consumers over those of the financial services community. He wrote: “[The] EU [financial] services lobby in Brussels continually attempts to undermine reforms designed to make markets work for society. [The] big challenge for Lord Hill will be to show he is not overly influenced by [the] hugefinancialserviceslobbyin [the] UK and Brussels. [It is] hard to take [the] smugness of lobbyistswhothinkthey’vegot their man in Brussels. I will work very hard to prove them wrong. Lord Hill must show he understands [financial services] exist to serve consumer, economy [and] society needs – not the other way round.” He told FTfm: “But we shouldjudgehimbyhisactions rather than reputation.” Lord Hill will oversee a
‘This poacher-turnedgamekeeper approach is not what is needed in the area of financial services’ number of files under negotiation in Europe that are aimed at improving investor protection but are being lobbied hard against by the asset management industry over concerns that they will raise costs. These include new rules governing the bloc’s money market fund industry, as well as possible revisions to the fifth iteration of the Ucits directive, which seeks to strengthen Europe’s mutual fund framework. Although many investor advocates expressed alarm at Lord Hill’s appointment, James Walsh, head of international p olic y at the UK’s National Association of PensionFunds,describedhisnomination as “surprising and good
Lord Hill’s appointment is seen as good news for the UK Alamy
news” for the UK’s workplace pension industry. AlexvanderVelden,partner at Dutch fund house Ownership Capital, added: “It’s fair to say many have been surprised by Lord Hill’s appointment, however, while unpopular with some groups in the Euro-
pean Parliament, this could be viewed as a clever move by Juncker. He is aiming to bring the UK back in to the fold.” The conservative peer is also likely to be involved in any Commission discussions over whether asset managers pose a systemic risk to the financial
system, according to David Henry Doyle, head of the Brussels office at Hume Brophy, the PR and public affairs group. Mr Doyle said: “Lord Hill’s appointment is a political coup for the UK, but it has also come as something of a shock to certainquartersinBrussels.Given
the tensions between the UK and Brussels on financial services in the last few years it is certainly a bold choice. “[Lord] Hill is expected to face a tough hearing in the European Parliament, especially from the Greens and Socialists.”
12 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
Liquid alternatives fail to deliver on promise of returns MUTUAL FUNDS
Investors undeterred by performance issues as assets pass $300bn mark CHRIS FLOOD
Mutual funds that employ hedge fund strategies, known as liquid alternatives, are arguably the hottest investment trend of the moment, attracting interest from a growing number of investors as well as that of regulators. But most liquid alternatives have not created any value for investors and have failed to deliver on their promise to provide positive returns regardless of market conditions, according to research by academics at the University of Alabama. The research, which examined the performance of 318 alternative mutual funds between January 2008
and December 2011, found that the performance was even worse during the financial crisis. Investors, the academics say, would havebeenbetteroffusingindexfunds tracking the S&P 500 than equity liquid alternatives over the entire four year period. “Investorsshouldbewaryofhaving unrealistic expectations of the performance and diversification benefits of these alternative mutual funds,” says professor Robert McLeod. The warning, however, comes as assets in US liquid alternatives pass the $300bn mark, while assets in alternative Ucits have reached some €236bn ($306bn). McKinsey, the consultancy, says up to half of net new revenues from US retail investors could flow into liquid alternatives over the next five years, driven by greater adoption by regis-
University of Alabama academics says investors would have been better off using index funds tracking the S&P 500 zumapress/alamy tered investment advisers and the large brokers (wirehouses). Liquid alternatives proliferated after the repeal in September 1997 of the so-called “short-short” rule that heavily taxed mutual fund managers if they earned more than 30 per cent of their gross income from sales of securities held for less than three months. Deutsche Bank forecasts that liquid alternatives will attract $49bn of new cash over the next 12 months, up from
$34bn over the past year, with inflows accelerating from private banks, wealth managers, funds of funds and institutional asset managers. Indeed, almost three quarters of investors that use alternative Ucits and nearly two-thirds of those investing in US liquid alternatives plan to increase their allocations over the next 12 months, according to Deutsche, which surveyed 212 investors and 86 hedge fund managers. But Deutsche’s survey also points to
performance issues. It found that 31 per cent of the US managers it surveyed held products that underperformed their corresponding hedge fund strategy. This was still an improvement on the previous year when that number was 50 per cent. “Poor performance is cited as the primary challenge to investing in liquid alternatives for 11 per cent of responding investors,” says Deutsche. OnurErzan,adirectoratMcKinsey, says liquid alternatives are typically more complex than traditional mutual funds and require investors to perform thorough due diligence so they properly understand how these products match their risk appetite and asset allocation requirements. Constraints on leverage and liquidity can hinder their performance compared with full blooded hedge funds. A 2013 study by Cliffwater, the consultancy, found that investor returns on average were reduced by around 1 per cent a year for the better liquidity offeredbyliquidalternatives.Cliffwater said it could not judge if the performance shortfall was a “fair exchange” for the improved liquidity offered by alternative mutual funds. Fees are also generally higher for liquid alternatives than for traditional mutual funds.
FTfm | 13
FINANCIAL TIMES Monday 15 September 2014
OPINION
Hong Kong mulls core pension fund proposal VIEWPOINT
Mark Konyn
Few voters appear fully aware of what history shows about the risks of opting for independence
PA
Scotland can learn from the business mistakes of others THE LAST WORD
Jonathan Davis
T
ravelling up to Edinburgh last week to test the waters ahead of this week’s referendum vote, I kicked off my visit by calling in on the Library of Mistakes, a newly launched charitable venture that aspires to offer Scottish students of all ages the opportunity to learn fromthemistakesoftheirforefathers. ThelibraryisthebrainchildofRussell Napier, the market historian and investment strategist, and is funded by many of the so-called “financial mafia” in the Scottish capital. The library aspires to become a go-to collection of primary and secondary source material for anyone wanting to learn from (and about) business and financial history. There are success stories, as well as tales of glorious and inglorious failure. The aim is to provide a rich seam of study materials for anyone who feels the need for a pragmatic counterweight to the prevailing theoretical nonsense that is taught, for want of a better alternative, in all universities and business schools. In the real world, the study of great people (and great villains) is more important to those looking to make their way in businessthananunderstandingofthe efficient markets hypothesis. Oneparticularlyinterestingsection contains all the official Department of Trade and Industry reports into malfeasance, scandal and fraud that have appeared over the past half century. I can vouch for the fact that these offi-
cial enquiries (Maxwell, Blue Arrow, Guinness, Barings and so on) often read like thrillers, and the pages of gruesome detail are cautionary tales that any aspiring businessman or investor would be well advised to read first, long before they go near an economics textbook or seminar room. Without presuming to know the innermost thought processes of the majority of the Scottish population, whose country I admire and whose future is rightly a matter they alone can decide, this week’s referendum is a cause for concern. Judging by the calibre of public debate, few voters appear to have fully appraised themselves of what historical experience has to say about the risks they will be
Opting for independence could earn Scotland a prominent place in the Library of Mistakes embracing if they do opt for independence. To do so is clearly Scotland’s right: but there is a serious risk that doing so could prove a grievous mistake of a kind, and on a scale, that will earn them a prominent place in the Library of Mistakes. Amid all the criticism of how the Better Together campaign should have been run (most of it valid), one thing that is clear is that the SNP has brilliantly deflected debate away from the economic consequences of separation towards more ethereal issues of national identity and social idealism that have little chance of being realised any time soon. Instead of harping on about the pound, one senior Edinburgh fund manager suggested to me last week, the No campaign should have concen-
trated on a simple alternative slogan, namely the “SNP’s Tax Bombshell”. Why?Becauseitisclearthatthereis no realistic prospect of any post-independence Scottish government being able to afford the many attractive promises it has dangled under the noses of its voters. Without a revolution in social and political attitudes, which currently looks improbable, I fear that an independent Scotland is more likely to become a failed nation state than a new Singapore. Historical experience is clear, that in politics, as in investment, you should judge policy makers not by their intentions, but by the results their policies are likely to produce in practice. On this count, the reality of an independent Scotland is certain to fall a long way short of what many of those campaigning for independence appear to think they can achieve. Of course the Yes vote may not happen. I have a decent bet that independence will be rejected, probably byabiggermarginthantheconsensus assumes. I would like to think that is because the lessons of history, deeply buriedastheymaybeintheshelvesof the Library of Mistakes, have somehow permeated more widely among the Scottish population than a casual visitor might be led to think. Mr Napier meanwhile says he has aspirations to fund similar libraries in London and the United States and is looking for benefactors to help his fledgling charitable initiative. Given that professional investment has become a “loser’s game”, this seems a more than creditable idea. Englishmen like myself who presume to pontificate about the risks in Scottish independence should humbly admit that we have more than our own share of corporate and financial disasters to learn from as well.
F
ro m t h e o u t s e t H o n g Kong’s Mandatory Provident Fund (MPF) system has been subject to criticism and remains the topic of heated debate. Introduced at the end of 2000 after a lengthy consultation process, it aims to provide employment based defined contribution retirement benefits and is managed completely by the private sector. Some, however, see the MPF as a way for the government to avoid addressing the broader issues of providing social welfare. There are some 2.5m scheme members. Members are offered a range of fund investment options and about 80 per cent of the accumulated contributions are invested in equity or mixed asset funds with longer term investment objectives. For many employers, which did not have voluntary arrangements beforetheMPF,thesystemisviewed as a government imposition and as a type of tax. For those joining the scheme late on in their working life, contributionswillfallwoefullyshort of what is required. Employers continue to be sceptical of the scheme and most make just the minimum required contribution. Voluntary contributions represent less than 20 per cent of total contributions and tend to be for employees in the higher paid industries. The government, nevertheless, continues to promote the MPF and has focused on championing the low fees and investment performance. Fallingshortofimposingafeecap, fees have instead reduced in the past several years through moral suasion and public debate. Providers have lowered fund management fees for certain funds as well as administration fees more generally. Other providers have introduced lower fees for plans offering a smaller range of both investment and service options. John Tsang, financial secretary,saidinMaythatincreasedcompetition has helped push MPF fees down by 20 per cent since 2007. In November 2012 the regulations were amended allowing members to move accumulated contributions from the funds offered by their current provider to the funds offered by any other provider. The aims were twofold. Firstly, allowing employees greater choice wasexpectedtorelieveemployersof
the pressure of having to take responsibility for the investment performanceoftheirchosenscheme provider. Members could simply move money away if performance and options were more attractive elsewhere in the market. Secondly, the movement of money across different schemes would help make it easier to compare fees and encourage consolidation of the number of funds being offered in the market. But these changes have fallen well short of expectations. An elaborate and somewhat cumbersome process to transfer between schemes has led to a disappointing amount of flow between schemes and funds. The latest initiative involves the potential introduction of a core fund option that is offered by all schemes and is intended for members who do not want to make an investment choice. Such funds would be subject to a maximum fee. In this way, according to the consultation paper that has been issued and is open
Plan raises questions of set-up costs and expense ratios until new funds reach a meaningful size until the end of September, the core fund will offer good value and take account of the longer term interests of members. Most MPF schemes already offer default investment options and the proposal raises questions of how existing arrangements will sit alongside the new core fund arrangements and whether members would be required to divert contributions to the new core fund options. Since default arrangements are not specified by the existing regulations, different providers have adopted different approaches of how to invest contributions where the member has failed to select funds. Under the core fund arrangements these existing default options may no longer be relevant and new fundsmayneedtobelaunched.This raises questions of both set-up costs and expense ratios until the new funds reach a meaningful size. The core fund approach may well prove a convenient way to impose maximum fees and avoid the uncomfortable situation where the government is promoting the need to save regularly for retirement, and at the same time complaining about the high cost and poor performance of the mandated system. MarkKonynischiefexecutiveofCathay Conning Asset Management, based in Hong Kong
14 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm
Guide to data The fund prices quoted in FTfm are supplied by the operator of the relevant fund. Details of funds, including prices, are for informational purposes only. The Financial Times Limited makes no representation as to their accuracy or completeness, and they should not be relied upon when making an investment decision. The sale of interests in the funds listed in FTfm in certain jurisdictions may be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For all other queries, contact the FT at
Fund
Bid
Offer D+/- Yield
ACPI Global UCITS Funds Plc
(IRL)
www.acpi.com Regulated ACPI Emerging Mkts FI UCITS Fund EUR B € 103.93
-
0.01 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 119.96
-
0.02 0.00
ACPI Global Credit Fund UCITS USD C $ 13.54
-
0.01 0.00
ACPI Global Fixed Income UCITS Fund GBP C £ 150.61
-
0.08 0.00
ACPI Global Fixed Income UCITS Fund EUR B € 145.01
-
0.06 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 147.14
-
0.07 0.00
ACPI India Fixed Income UCITS Fund GBP C3 £ 83.26
-
-0.24 0.00
ACPI India Fixed Income UCITS Fund EUR B3 € 90.08
-
0.05 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 82.97
-
0.20 0.00
ACPI International Bond UCITS Fund USD $ 18.17
-
0.01 0.00
ACPI Select UCITS Funds PLC
(IRL)
Regulated ACPI Balanced UCITS Fund USD Retail $ 13.97
-
0.00
-
ACPI Balanced UCITS Fund EUR Retail € 10.58
-
0.00
-
ACPI Balanced UCITS Fund GBP Retail £ 10.66
-
0.00
-
ACPI Balanced UCITS Fund USD Institutional $ 10.00
-
-
-
ACPI Balanced UCITS Fund EUR Institutional € 10.00
-
-
-
ACPI Balanced UCITS Fund GBP Institutional £ 10.00
-
-
-
ACPI Focused Equity UCITS Fund $ 14.33
-
-0.03
-
ACPI
reader.enquiries@ft.com. The fund prices published in this edition along with additional information are also available on the Financial Times website at www.ft.com/funds. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ft.com or call +44 (0)20 7873 3132. The funds published on these pages are grouped together by fund management company. Prices are in pence unless otherwise indicated and those designated $ with no prefix refer to US dollars. Yields % allow for buying expenses. Prices of certain older insurance linked plans are subject to capital gains tax on sales. Some
Offer D+/- Yield
Bid
Fund
Bid
348.90 367.20 -0.10
-
Allz RiskMaster Moderate C Acc
120.30
-
0.12 0.51
Managed
4193.50 4414.30 -7.40
-
Allz Sterling Total Return Fund A Inc
145.55
-
-0.10 3.10
Ashmore Management Company Ltd
Property
2551.10 2685.30 -0.50
-
Allz Sterling Total Return Fund C Inc
146.01
-
-0.09 3.58
Regulated Ashmore Emerging Market Debt & Currency Fund Inc USD $ 161.92
-
-0.27 0.00
Security
1476.00 1553.70 -0.10
-
Allz Total Return Asian A Acc
645.16
-
-3.04 1.57
Emerging Mkts Liquid Inv P'folio $
9.86
-
-0.01 6.42
Selective
1908.50 2009.00 -4.30
-
Allz Total Return Asian C Inc
598.32
-
-2.80 1.35
$ 28.30
-
0.13 0.95
-
-0.06 3.77
102.42
-
-0.07 3.68
-
0.72 4.56
Artemis European Growth R Acc
-
0.25
Artemis European Opps R Acc
Managed Growth (Life)
497.30 523.40 -1.30
-
Allianz UK Growth C Acc
99.81
-
-0.10
-
Artemis Global Growth R Acc
164.63 173.85 -0.08 0.84
Managed (Pensions)
6170.70 6495.50 -17.20
-
Allianz UK Unconstrained C Acc
99.38
-
-0.11
-
Artemis Global Income R Acc
89.51 94.52 0.20 4.10
Managed Growth (Pensions)
606.40 638.30 -2.00
-
Allianz UK Unconstrained A Acc
207.07
-
-0.23 1.11
Artemis Global Income R Inc
74.81 78.99 0.17 4.22
Allianz UK Growth A Acc
Allianz UK Index C Acc
additional fund prices can be found on our website
1286.07
-
2.20 2.49
Artemis High Income R Inc
Allianz UK Mid Cap A Acc
3499.31
-
4.52 0.66
Artemis Income R Inc
Allianz US Equity A Acc
375.37
-
0.44 0.15
Artemis Monthly Dist R Inc
Allianz US Equity C Acc
172.84
-
0.21 0.89
Artemis Pan-Euro Abs Ret GBP
565.50 595.30 -0.40
-
Fixed Int. Ser. 4
848.60 893.20 -1.60
-
Intl Ser. 4
422.10 444.30 -0.40
-
Japan Ser 4
337.70 355.50 0.00
-
Man. Ser. 4
1626.20 1711.80 -2.30
-
Money Ser. 4
524.00 551.50 0.00
-
Prop. Ser. 4
1006.40 1059.30 -0.10
-
Custodian Ser 5
453.50 477.30 -0.50
-
International Ser 5
406.50 427.90 -0.50
-
Managed Ser 5
1566.30 1648.70 -2.20
-
Money Ser 5
513.00 540.00 0.00
-
Property Ser 5
969.30 1020.30 -0.20
-
Pension Funds American Equity
1752.80 1845.00 0.10 4975.70 5237.50 -12.40
-
European
1138.10 1198.00 -1.70
-
Fixed Int.
1531.80 1612.40 -2.90
-
International
891.40 938.40 -1.20
-
-
0.09
-
54.92 58.25 0.01 3.72
0.13
-
€ 95.54
-
-0.15 0.00
Artemis Strategic Bond R Q Acc
82.06 87.05 0.00 4.02
(LUX) 5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 www.amundi-funds.com FCA Recognised Absolute Var 2 EUR £ 99.04 0.01 0.00
Artemis Strategic Bond R Q Inc
55.17 58.52 0.00 4.11
Bd. Euro Corporate AE Class - R - EUR € 18.56
Amundi Funds
€ 102.99 102.99 0.01 0.00
Bd. Global AU Class - R - USD
European Ser 4
61.45 65.12 0.08 4.01 101.40
-
0.03 0.00
-
335.17 355.17 0.68 3.96
€ 104.78
ACQ - Risk Parity Bond EUR A
562.60 592.20 -1.00
Artemis Income R Acc
81.98 86.96 0.01 3.97
AC Risk Parity 17 Fund EUR A
Equity Ser. 4
4.65 1.05
207.90 220.31 0.41 4.07
Artemis Strategic Bond R M Inc
0.00 0.00
-
-
81.23 86.39 -0.01 5.34
www.alceda.lu FCA Recognised AC Opp - Aremus Fund EUR A
-
470.80 495.60 -0.60
3542.38
63.28 66.80 0.13 0.00
78.29 83.04 0.28 0.00
ACPI Global Credit UCITS Fund USD C $ 11.96
Custodian Ser. 4
Artemis Global select R Acc
41.86 44.37 0.01 0.00
Artemis Strategic Bond R M Acc
-0.13 0.00
-
3.10 2.89
Artemis Global Energy R Acc
Allianz Global Investors Europe GmbH (UK Branch) (1200) F (UK) 199 Bishopsgate, London, EC2M 3TY,0800 073 2001 Authorised Inv Funds OEIC 155.73 0.01 0.65 Allianz BRIC Stars A Acc Allianz BRIC Stars C Acc
165.43
-
0.01 1.11
Allianz Brazil Fund A Acc
73.83
-
0.09 0.77
Allianz Brazil Fund C Acc
75.27
-
0.10 1.32
Allz Continental European A Acc
814.06
-
2.98 0.34
Allz Continental European C Acc
130.77
-
0.48 1.17
Allz European Eq Inc A Inc
135.30
-
0.26 4.06
Allz European Eq Inc A Acc
182.46
-
0.35 4.19
Allz European Eq Inc C Acc
102.10
-
0.20
-
Allz European Eq Inc C Inc
99.19
-
0.20
-
Allianz EcoTrends A Acc
88.40
-
-0.20 0.00
Allianz EcoTrends C Acc
$ 27.46
Eq. Emerging Europe AE Class - R - EUR € 26.83
-
0.01 0.00
AEF Ltd Eur (Est)
€ 579.77
-
4.47 0.00
(LUX) 22 Conduit Street, Mayfair, London W1S 2XR +44(0)20 7491 1901 FCA Recognised The Arbiter Global Emerging Markets Fund Class A USD $ 116.20 - -0.27 0.00
92.48
-
-0.20 0.00
Allianz Gilt Yield Fund C Inc
157.77
-
-0.15 2.08
Arisaig Partners
Allianz Gilt Yield Fund I Inc
162.92
-
-0.15 2.08
Other International Funds Arisaig Africa Consumer Fund Limited $ 19.38
-
-0.02 0.00
Allianz Japan A Acc
469.68
-
1.60 0.00
Arisaig Asia Consumer Fund Limited $ 58.08
-
0.53 0.00
Allianz Japan C Acc
105.88
-
Allz RiskMaster Conservative A Acc
114.64
-
0.37
-
0.09 0.00
Allz RiskMaster Conservative C Acc
115.72
-
0.09 0.32
Allz RiskMaster Defensive A Acc
108.06
-
-0.01 0.00
Allz RiskMaster Defensive C Acc
109.12
-
0.00 0.15
Allz RiskMaster Growth A Acc
120.11
-
0.19 0.00
Allz RiskMaster Growth C Acc
122.03
-
0.19 0.03
Allz RiskMaster Moderate A Acc
118.76
-
0.11 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.47
-
0.04
-
0.03
-
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.80
-
-0.01
-
Arisaig Latin America Consumer Fund $ 26.62
-
0.05 0.00
0.08 7.32
Ashmore SICAV Global Equity Fund $ 125.05
-
-0.65 0.07
Ashmore SICAV Global Small Cap Equity Fund $ 140.51
-
-1.22 0.07
Ashmore SICAV Local Currency Fund $ 95.11
-
-0.02 1.47
EM Mkts Corp.Debt USD F
$ 106.27
-
-0.02 8.50
EM Mkts Loc.Ccy Bd USD F
$ 101.86
-
0.04 7.82
Aspect Capital Ltd (UK)
509.27 541.60 1.50 1.61
Aspect Diversified GBP
£ 95.94
-
-0.69 0.00
Aspect Diversified CHF
Artemis Investment Management LLP
(CYM)
$ 315.21
-
-2.23 0.00
SFr 90.51
-
-
-0.65 0.00
Aspect Diversified Trends USD
$ 92.90
-
-0.56 0.00
£ 55.91
-
2.46
-
Aspect Diversified Trends EUR
€ 92.46
-
-0.56 0.00
€ 52.35
-
2.30
-
Aspect Diversified Trends GBP
£ 95.67
-
-0.56 0.00
Artemis Gbl Hedge Fd Ltd USD
$ 56.34
-
2.43
-
Artemis Pan-Euro Hdg EUR
€ 187.98
-
2.38
-
Atlantas Sicav $ 3258.15
-
-1.55 0.00
$ 3058.96
-
14.95 0.00
Artemis Pan-Euro Hdg GBP
£ 207.96
-
2.68
-
Regulated American Dynamic
Artemis Pan-Euro Hdg USD
$ 195.93
-
2.45
-
American One Bond Global
Artisan Partners Global Funds PLC
(LUX)
€ 1229.94
-
move to forward pricing at any time. Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation. Investors can be given no definite price in advance of the purchase or sale being carried out. The prices appearing in the newspaper are the most recent provided by the managers/operators. Scheme particulars, prospectus, key features and reports: The most recent report, scheme particulars, prospectus and key features document may be obtained free of charge from fund managers/operators. * Indicates funds which do not price on Fridays. Other explanatory notes are contained in the last column of the FT Managed Funds Service. Prospectus data, price histories, charges and risk analytics on the funds within these pages is available online at www.ft.com/funds.
Fund
Bid
Offer D+/- Yield
BLME Asset Management
(LUX)
BLME Sharia'a Umbrella Fund SICAV SIF Regulated $ Income Fund - Share Class A Acc $ 1134.21
-
$ Income Fund - Share Class B Acc $ 1152.94
-
0.00 0.00
$ Income Fund - Share Class C Acc $ 1005.31
-
-0.01 0.00
$ Income Fund - Share Class D Dis $ 1004.94
-
0.00
$ Income Fund - Share Class G Acc £ 1071.85
-
-0.03 0.00
$ Income Fund - Share Class M Acc € 1014.38
-
0.03 0.00
$ Income Fund - Share Class V DisA$ 1021.51
-
-0.08
Gl Sukuk Fund - Share Class A Acc $ 1201.17
-
0.65 0.00
0.00 0.00
-
-
Gl Sukuk Fund - Share class B Acc £ 1064.14 1064.14 0.51 0.00
BNP Paribas Investment Partners
(LUX)
5 Aldermanbury Square, EC2V 7BP London Telephone: +44 207 063 7783 FCA Recognised BNP Paribas Insticash BNP Paribas InstiCash EUR P Cap* € 118.75
-
0.00 0.00
BNP Paribas InstiCash GBP P Cap* £ 131.76
-
0.00
BNP Paribas L1 BNPP L1 Bd World Plus P Dis*
€ 93.37
-
-0.11 6.32
Parvest Bond Asia ex-Japan P Cap*
$ 102.86
-
0.01 0.00
Bond Euro P Cap*
-0.06 0.00
-
€ 154.19
-
Bond Euro Medium Term P Cap* € 134.37
-
-0.04 0.00
Bond USA High Yield P Cap*
$ 19.53
-
-0.02 0.00
Bond USD Goverment P Cap*
$ 164.98
-
0.03 0.00
Bond World Corporate C
$ 150.28
-
0.05 0.00
Bond World Emerging P Cap*
$ 25.67
-
0.01 0.00
Bond World Emerging Advanced C $ 103.53
-
-0.02 0.00
Bond World Emerging Local P Cap* $ 90.73
-
-0.03 0.00 -0.11 0.00
Bond World High Yield P Cap*
€ 107.50
-
Bond World Inflation-Ld P Cap*
€ 113.46
-
0.16 0.00
Convertible Bond World P Cap*
€ 109.17
-
-0.08 0.00
Equity Best Selection Euro P Cap* € 141.51
-
-0.36 0.00
Equity Best Selection Europe P Cap* € 137.91
-
-0.14 0.00
Equity Best Selection Europe ex-UK P Cap* € 121.41
-
-0.24 0.00
Equity Brazil P Cap*
$ 107.38
-
0.47 0.00
€ 138.45
-
-0.08 0.00
16.22 0.00
(IRL) Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130 FCA Recognised Artisan Partners Global Funds plc Artisan Emerging Markets I USD Acc $ 8.42 - -0.04 0.00
Eurocroissance
€ 759.07
-
4.69 0.00
Far East
$ 728.27
-
4.50 0.00
Artisan Global Equity Fund Class I USD Acc $ 14.29
-
-0.01 0.00
Artisan Global Opportunities I USD Acc $ 11.85
-
-0.01 0.00
33 St James's Square, London, SW1Y 4JS FCA Recognised BDT Asian Focus GBP A £ 30.11
-
-0.10 1.75
Equity Europe Growth P Cap*
Artisan Global Value Fund Class I USD Acc $ 16.09
-
0.00 0.00
BDT Asian Focus GBP B
£ 32.51
-
-0.10 1.62
Equity India P Cap*
$ 118.39
-
0.45 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.93
-
0.02 0.00
BDT Asian Focus EUR A
€ 23.48
-
-0.05 1.72
Equity Indonesia P Cap*
$ 111.11
-
-0.19 0.00
BDT Asian Focus EUR B
€ 24.43
-
-0.05 1.65
Equity Japan P Cap*
¥ 92072.00
-
428.00 0.00
-0.07 1.80
Equity Japan Small Cap P Cap*
¥ 180826.00
-
-809.00 0.00
$ 41.14
-
-0.01 0.00
BDT Invest LLP
BDT Asian Focus USD A
-
Arisaig Global Emerging Markets Consumer UCITS € 10.65
-0.03 1.04
-
Artemis UK Special Sits R Acc
-
Arbiter Fund Managers Limited
-
Ashmore SICAV Emerging Market Total Return Fund $ 95.89
-1.35
Artemis Gbl Hedge Fd Ltd EUR
2.38
Ashmore SICAV Emerging Market Frontier Equity Fund $ 179.97
-
-2.78 0.00
-
0.23 9.45
€ 188.57
-
$ 574.09
-
Aspect Diversified EUR
Eq. Greater China AU Class - R - USD $ 626.21
Other International AEF Ltd Usd (Est)
(LUX)
2 rue Albert Borschette L-1246 Luxembourg FCA Recognised Ashmore SICAV Emerging Market Debt Fund $ 106.20
1022.13 1101.26 -4.01 0.68
-0.35 0.00
The Antares European Fund Limited
Ashmore Sicav
Artemis UK Smaller Cos R Acc
-
1.13 0.00
-1.44 0.00
420.01 444.90 0.77 0.80
Eq. Emerging World AU Class - R - USD $ 101.52
-
-
(GSY)
Artemis UK Growth R Acc
Regulated Artemis Gbl Hedge Fd Ltd GBP
Eq. Latin America AU Class - R - USD $ 591.33
Emerging Mkts Corporate High Yield $ 119.71
Offer D+/- Yield
Other International Funds Aspect Diversified USD
0.00 0.00 -0.24 0.00
Local Currency Debt Pflo
Bid
69.39 73.23 0.11 1.42
Artemis Strategic Assets R Acc
-0.07 0.00
1545.80 1627.10 1.50
-
-4.22 2.38
Yield expressed as CAR (Compound Annual Return) All transactions to Ser A units the sell price will be used
-
American Ser. 4
1800.92
-
Fund
243.83 257.58 -0.65 3.59
Alceda Fund Management S.A.
-
-
4318.02
-
Allianz UK Index C Inc
Allianz UK Mid Cap Fund C Acc
€ 145.77
1499.00 1578.00 -3.30
57 St. James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds 1189.71 1258.58 2.55 1.50 Artemis Capital R ACC
99.24
€ 122.03
Selective Acc. Ser 2
(UK)
277.53
AC Risk Parity 12 Fund (EUR A)
(UK) 100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 additional fund prices can be found @ www.abbeylife.co.uk Insurances Life Funds 1390.90 1464.10 -0.30 Prop. Acc. Ser 2
Artemis Fund Managers Ltd (1200)F
Allz UK Equity Income C Inc
-
AC Risk Parity 7 Fund (EUR A)
Abbey Life Assurance Company Limited
Offer D+/- Yield
Allz UK Equity Income A Inc
1028.60 1082.70 -2.90
0.00 0.00
-
102.05
Allz UK Corporate Bond C Inc
Bid
Formerly Target Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Managed (Life) 1563.90 1646.30 -3.60 -
Managed Ser A (Pensions)
-
9.69
Allz UK Corporate Bond A Inc
Fund
hours; # 1701 to midnight. Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available. Yield: Funds comprising mainly of bonds normally quote a gross redemption yield after all charges but before tax has been deducted. Funds mainly made up of equities normally quote a yield representing the estimated annual payout net of tax for basic rate taxpayer. For further information contact the management company. Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation. The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis. The managers/operators must deal at a forward price on request, and may
Japan
Formerly Hill Samuel Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Managed Ser A (Life) 1539.90 1629.50 -3.60 -
Offer D+/- Yield
or type of holder. Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge. Selling price: Also called bid price. The price at which units in a unit trust are sold by investors. Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details. Time: The time shown alongside the fund manager’s/operator’s name is the time of the unit trust’s/OEIC’s valuation point unless another time is indicated by the symbol alongside the individual unit trust/OEIC name. The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲1401 to 1700
Fund
Other International Funds ACPI Global Credit UCITS Fund EUR C € 12.49
Q-ACPI India Fixed Income Fund USD A $
Property Unit Trusts are limited to investors who are UK tax exempt. All dealings are subject to individual Trust Deed rules. The sale prices for these funds are estimates. Guide to pricing of Authorised Investment Funds. Compiled with the assistance of the IMA. The Investment Management Association, 65 Kingsway, London WC2B 6TD. +44 (0)20 7831 0898. All funds within this section, whether OEICs or unit trusts are authorised in the UK by the Financial Services Authority. The prices quoted should only be used as a guide. OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Share Classes: Separate classes of share are denoted by a letter or number after the name of the fund. Different classes are issued to reflect a different currency, charging structure
Ashburton Fund Managers Limited
(JER) 17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000 FCA Recognised Ashburton Emerging Markets Funds Limited Ashburton Chindia Equity Fund - Sterling Share Class I £ 102.6889 107.8233 -0.0724 0.00 Ashburton Chindia Equity Fund - Sterling Share Class R £ 0.7741 0.8128 -0.0006 0.00
(IRL)
$ 27.55
-
BDT Asian Focus USD B
$ 29.69
-
-0.07 1.67
Equity Latin America P Cap*
BDT Oriental Focus USD A
$ 24.05
-
-0.07 1.65
Equity Russia Opport. P Cap*
$ 646.63
-
-5.73 0.00
BDT Oriental Focus USD B
$ 25.75
-
-0.07 1.54
Equity Turkey P Cap*
€ 108.08
-
-1.26 0.00
-0.05 1.69
Equity USA Growth P Cap*
$ 134.53
-
-0.12 0.00
$ 185.36
-
0.65 0.00
BDT Oriental Focus EUR A
€ 22.77
-
Chindia Eq - Class I
$ 167.3962 175.7660 0.0057 0.00
BDT Oriental Focus EUR B
€ 24.50
-
-0.06 1.57
Equity USA Mid-Cap P Cap*
Chindia Eq Fund
$ 1.2570 1.3199 0.0000 0.00
BDT Oriental Focus GBP A
£ 29.40
-
-0.11 1.72
Equity USA Small-Cap P Cap*
$ 151.67
-
0.89 0.00
BDT Oriental Focus GBP B
£ 31.29
-
-0.12 1.62
Equity World Low Vol P Cap*
€ 134.47
-
-0.33 0.00
FTfm | 15
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
€ 103.04
V350 P Cap*
-
Fund
Bid
Offer D+/- Yield
Fund
Bid
Barmac Asset Management Ltd
BNP Paribas -
0.00 0.03
Bank of America Cap Mgmt (Ireland) Ltd Regulated Global Liquidity USD
$
1.00
-
(UK) 2 The Boulevard, City West One Office Park Leeds LS12 6NT Authorised Corporate Director - Capita Financial Managers Dealing: 0845 922 0044 Authorised Inv Funds 110.60 - -0.08 0.00 Retail Accumulation 2
(IRL) Retail Income 2
0.00 0.18
The Castleton Growth Fund Ret Acc The Castleton Growth Fund Ret Inc
Barclays Investment Funds (CI) Ltd
(JER) 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 FCA Recognised Bond Funds Sterling Bond F £ 0.44 - -0.01 3.45
Offer D+/- Yield
(UK)
F F
109.23
-
-0.07 0.00
107.57
-
-0.07 0.00
107.99
-
-0.07 0.00
BlackRock £ 37.38
-
0.30 4.00
Blackrock UK Long Lease
£ 1020.62
-
0.61 0.00
BLK Intl Gold & General
$
6.30 0.05 0.00
5.98
-0.03 0.00
Kings Hill, West Malling, Kent 03000 123 222 Property & Other UK Unit Trusts CAF UK Equitrack Inc Fd 73.54 73.54 0.12 3.48
Cap Int US Growth Inc B
$ 24.62
-
-0.06 0.00
Cap Int US Growth Inc BD
£ 15.02
-
-0.04 0.03
Objective Based Funds Cap Int Em Mk Tot Opp B
SFr 11.68
99.19 99.19 0.16 3.40
FP CAF Alternative Strategies A Class Acc
108.51
-
0.06 0.44
FP CAF Alternative Strategies A Class Inc
108.21
-
0.05 0.32
FP CAF Fixed Interest A class Acc
111.91
-
-0.06 2.91
FP CAF Fixed Interest A class Inc
101.35
-
-0.05 2.96
FP CAF Fixed Interest B class Acc
112.33
-
-0.05 2.91
FP CAF Fixed Interest B class Inc
101.60
-
-0.05 2.96
FP CAF International Equity A Class Acc
132.93
-
-0.37 0.74
FP CAF International Equity A Class Inc
130.07
-
-0.37 0.75
FP CAF UK Equity A Class Acc
143.39
-
-0.34 2.03
FP CAF UK Equity A Class Inc
133.94
-
-0.32 2.05
FP CAF UK Equity B Class Acc
143.39
-
-0.34 2.03
FP CAF UK Equity B Class Inc
133.93
-
-0.31 2.05
FCA Recognised Smith & Williamson Investment Management Administrators - BNP Paribas Blairmore Global Equity fund $ 13.12 0.04 0.00
Capita Financial Managers
Canada Life Investments
(UK) 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Authorised Inv Funds 893.08 - -2.60 0.72 Asia Pacific B Acc Balanced B Acc
141.29
-
0.23 0.00
The Westchester Class 1 GBP Acc £ 16.35
Portfolio III B Acc
102.94
-
0.01
-
The Westchester Class 2 GBP Acc £ 16.36
Investment Adviser Lacomp Plc 111.22 116.91 -1.39 0.00 CF Lacomp World
100.00
-
0.00 0.27
Total Return B Acc
106.89
-
-0.29 1.20
The Public Sector Deposit Fund-share class 3
F
100.00
-
0.00 0.32
UK Equity B Inc
104.55
-
0.38
The Public Sector Deposit Fund-share class 4
F
100.00
-
0.00 0.37
UK Equity & Bond Income B Inc
227.17
-
0.56 4.80
The Public Sector Deposit Fund-share class 5
F
100.00
-
0.00 0.27
UK Equity Income B Inc
400.82
-
1.26 4.73
45.05
-
-0.04 2.37
Multi Asset A Inc ... C
147.60
-
-1.70 0.47
Portfolio Acc
642.30 678.90 0.80 1.31
Portfolio Inc
260.80 275.60 0.30 1.32
UK Growth Inc
245.20 259.00 0.50 1.36
Charity Fund 0800 032 6347 (charity enquiries) 140.00 140.90 -0.10 2.95 Targeted Return Fund Acc 112.30 113.00 -0.10 3.00
-
-0.19 0.00
BlueBay Em Mkt Sel Bd B - USD
$ 164.42
-
0.16 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 164.95
-
0.10 0.00
BlueBay Gbl Convert Bd I - USD
$ 193.59
-
0.00 0.00
BlueBay Gbl High Yield Bd B
$ 132.12
-
-0.47 0.00
BlueBay High Yield B - EUR
€ 334.95
-
-0.76 0.00
BlueBay High Yield Corp Bd B
€ 141.20
-
-0.46 0.00
BlueBay Inv Grd B - EUR
€ 171.97
-
0.03 0.00
BlueBay Inv Grd B Euro Gov Bd Fund € 143.06
Baring International Fd Mgrs (Ireland)
(IRL) Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 FCA Recognised 0.03 0.96 ASEAN Frontiers A GBP Inc £ 120.87 -
BlueBay Inv Grd I Euro Agg Bd Fund € 143.96 BlueBay Inv Grd Libor Fd B
0.02 0.00
BlueBay Struct.Fds: High Inc Loan Fd € 191.00
-
-0.06 0.00
-
-0.13 0.00
Australia A GBP Inc
£ 77.13
-
-0.73 2.11
BlueBay Asset Management LLP
Baring China Bond Fund
$ 10.29
-
0.00 0.00
Regulated Bluebay Macro Fd A
Baring Emerging Markets Corporate Debt Fund $ 10.36
-
-0.01 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £
-
0.00 0.60
Dynamic Emerging Markets A GBP Acc F £ Eastern Europe A GBP Inc
6.14 9.88
£ 55.14
Emerging Mkt Debt LC A GBP Hedged Inc £
9.97
Emerging Opportunities A GBP Inc H £ 20.50
-
-
-0.03 0.00
-0.01 5.46 -0.01 0.00
-
-0.02 0.45
Glb Resources A GBP Inc H
-
-0.01 0.31
High Yield Bond A GBP Hedged Inc H £ Hong Kong China A GBP Inc India Fund - Class A GBP Inc Latin America A USD Inc H MENA A GBP Inc F *
7.26
£ 559.53 £ 13.53 $ 44.04 £ 15.14
-
5.55 0.00
BONHOTE
Regulated China A-Share A GBP Inc
£
5.70
-
2542.15 2570.27 10.67
155.31 157.03 0.69 4.23
Candriam Investors Group
Global Equity Acc
217.70 220.10 0.97
FCA Recognised Candriam Eqts L Australia Cap
UK Equity Inc
145.02 146.48 -0.40 3.92
UK Equity Acc
206.58 208.66 -0.58
€ 1098.71
-
-1.18 0.00
Fixed Interest Inc
159.15 159.79 -1.39 4.13
Candriam Bds Euro Infl Linked Cap € 141.41
-
-0.20 0.00
Fixed Interest Acc
463.93 465.79 -4.05
Candriam Qt-Eqts Europe Cap
€ 2072.71
-
-2.75 0.00
Property Fund Inc
119.09 123.09 0.11 6.72
Candriam Qt-Eqts USA Cap
$ 2378.44
-
3.85 0.00
-
-
-
201.05 207.79 0.20
COIF Charity Funds (UK) Investment Inc
1192.79 1205.99 -5.42 3.88
Investment Acc
10948.48 11069.58 -49.71
225.93 228.43 -1.09
-54.00 0.88
Global Equity Inc Global Equity Acc
1.24
-
0.00 0.00
UK Agricultural Class B
£
1.35
-
0.01 0.00
Student Accom Class B
£
1.00
-
-0.05 0.00
0.00 6.05
-
185.53 187.59 -0.90 3.86
-
£
Fixed Interest Inc Fixed Interest Acc
-
206.58 208.86 -1.61
-
131.02 131.54 -0.58 4.20 713.84 716.70 -3.15
-
Property Inc
102.45 105.88 0.06 6.72
Property Acc
213.68 220.84 0.12
-
CG Asset Management Limited
Candriam Bds Euro Cap
FCA Recognised Russia A GBP Inc F
(LUX) £ 31.37
-
-0.54 1.01
-
-0.25 0.00
FCA Recognised Candriam Sust Euro Bonds Cap
€ 349.59
(BE) -
-0.21 0.00
Candriam Sust North America Cap $ 41.44
-
0.06 0.00
Candriam Sust World Cap
-
-0.02 0.00
€ 23.66
Candriam Investors Group Other International Funds Candriam Eqts L Emerging Mkts Cap € 654.63
-0.01 0.00
Cap Int Euro Bond B
CF Greenwich Class 1 GBP Acc
0.37
Cap Int Euro Bond B
£
-0.11 0.00
Cap Int Euro Bond B
-
-0.08
-
Cap Int Euro Bond BD
€ 15.48
-
-0.05 0.00
-
-0.09
-
Cap Int Glb H Inc Opp B
SFr 33.10
-
-0.05 0.00
Cap Int Glb H Inc Opp B
€ 27.36
-
-0.05 0.00
Cap Int Glb H Inc Opp B
$ 35.37
-
-0.07 0.00
Investment Adviser - Morant Wright Management Limited CF Morant Wright Japan A 231.09 - -0.76 0.00
Cap Int Glb H Inc Opp BD
£ 12.54
-
-0.02 5.35
CF Morant Wright Japan A Inc
227.69
-
-0.74 0.00
Cap Int Global Bond B
SFr 18.35
-
-0.06 0.00
CF Morant Wright Japan B
244.40
-
-0.80 0.46
Cap Int Global Bond B
€ 15.17
-
-0.05 0.00
CF Morant Wright Japan B Inc
231.69
-
-0.76 0.48
Cap Int Global Bond B
$ 19.61
-
-0.07 0.00
CF Morant Wright Nippon Yield ACC A
241.37
-
-0.98 2.20
Cap Int Global Bond BD
£
-
-0.04 1.71
CF Morant Wright Nippon Yield ACC B
248.76
-
-1.00 2.19
CF Morant Wright Nippon Yield Fund A Inc
216.69
-
-0.88 2.24
CF Morant Wright Nippon Yield Fund B Inc
223.40
-
-0.91 2.24
£ 15.03
-
Cap Int Em Mk LocCur Dbt B
-
Candriam Eqts L Euro 50 Cap
€ 524.38
-
-4.09 0.00 -1.03 0.00
Candriam Eqts L Europe Cap
€ 881.77
-
-0.73 0.00
Candriam Eqts L Japan Cap
¥ 18280.00
-
48.00 0.00
Candriam Bds Euro Conv. Classic Cap € 3384.15 Candriam Bds Euro Corp ExFin Cap € 160.58 € 2170.00
-
-0.81 0.00 0.05 0.00 -3.80 0.00
Candriam Bds Euro Long Term Cap € 7358.88
-
-13.07 0.00
CG Portfolio Fund Plc Real Return Cls A
Candriam Bds Euro Sh.Term Cap € 2071.75
-
0.16 0.00
£ 172.11 172.11 1.54 2.67
Brown Advisory US Equity Value Fund USD B $ 12.98
-
0.04 0.21
Dollar Fund Cls D
£ 126.29 126.29 1.56 1.90
Brown Advisory American SRI Fund USD B $ 14.75
-
0.03 0.00
Capital Value Fund Cls V
£ 126.42 126.42 0.53 0.28
Brown Advisory American Fund USD B $ 15.88
-
0.03 0.00
Brown Advisory US Smaller Companies Fund USD B $ 15.58
-
0.03 0.00
Brown Advisory US Small Cap Blend Fund USD B $ 11.59
-
0.04 0.00
Brown Advisory US Flexible Equity Fund USD B $ 10.65
-
0.00
Candriam Bds Euro High Yield R Cap € 105.93
Candriam Bds High Spread Classic Cap € 184.28
Candriam Bds USD Cap
€ 975.62 $ 905.81
Candriam Total Return Bond Cap € 131.14
CACEIS (Switzerland) SA Tel: +41 22 360 94 00 www.caceis.ch Other International Funds Dynamic Ratchet Bond Fund-Japan ¥ 6423.00
-
$ 11.01
-
0.00 0.00
SFr 18.72
-
-0.06 0.00
9.62
-
-0.04 2.03
$ 20.01
-
-0.07 0.00
9.82
Weekly Valuing Funds
39.00 0.18
CATCo Reinsurance Fund Ltd.
Capital International funds services
-
-
0.97 0.00 0.11
-
0.08 0.00 -0.54 0.00 -0.02 0.00 -0.09 0.00
(LUX)
6, route de Trèves, L-2633 Senningerberg,Luxembourg Capital International funds are part of The Capital Group Companies www.thecapitalgroup.com FCA Recognised Growth Funds SFr 21.61 - -0.01 0.00 Cap Int All Ctry Eq B Cap Int All Ctry Eq B
€ 17.87
-
-0.01 0.00
Cap Int All Ctry Eq B
$ 23.10
-
-0.02 0.00
Cap Int All Ctry Eq BD
£ 14.18
-
-0.02 0.00
Cap Int Global Equity B
$ 22.72
-
-0.04 0.00
Cap Int Global Equity BD Cap Int Global Equity B
Cap Int Japan Equity B
(IRL) http://www.brownadvisory.com Tel: 020 3301 8130 FCA Recognised Brown Advisory US Equity Growth Fund USD B $ 20.88 - -0.01 0.00
-
Investment Adviser - DSM Capital Partners The Greenwich Fd $ 22.29 -
Cap Int Global Equity B
Candriam Bds Euro High Yield Cap € 959.83
-0.07 1.10
0.69 0.00
-1.17 0.00
Candriam Investors Group
Candriam Bds International Cap
Barings (Luxembourg)
-
(IRL) Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland 00 353 1 434 5098 FCA Recognised Capital Gearing Portfolio Fund Plc £ 26049.92 26049.92 103.32 0.64
-1.04 0.91
0.14 0.00
Candriam Eqts L Sust World Cap € 255.16
Candriam Bds Euro Gov.Cl.Cap
0.11 0.00
(IRL)
A$ 1007.64
147.29 148.91 -1.15 4.25
Local Authorities Property Fd (LAMIT) (UK) 248.23 266.64 -1.08 5.99 Property
-0.26 0.66
-
(LUX)
-
Ethical Invest Inc
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9678.00
7.63
-
Property Fund Acc
Ethical Invest Acc
Regulated UK Agricultural Class A
181.96
0.41 1.68
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda Authorised Funds CATCo Re Opps Fund Ords $ 1.1330 - 0.0272 5.08
Investment Acc
-13.00 2.43
(GSY)
CF Richmond Core
-
CATCo Reinsurance Opportunities Fund Ltd. (UK)
Global Equity Inc
-
Braemar Group PCC Limited
267.09
(UK) Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts CBF Church of England Funds 1295.79 1310.13 5.44 3.80 Investment Inc
Other International Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6901.00
Brown Advisory Funds plc Baring International Fd Mgrs (Ireland)
-
(CYM) -
-0.19 0.61
Glb Emerging Markets A GBP Inc H £ 20.48 £ 13.69
$ 144.52
-
CF JM Finn Gbl Opps A Acc
CCLA Investment Management Ltd
-0.11 0.00
-
£ 41.70
-
-
UK Government Bond B Inc
-0.21 0.00
€ 127.00
Asia Growth A GBP Inc H
Baring European Opportunities Fund Class A EUR Acc € 10.63
-
-0.04 4.78
-
F
$ 167.80
-
$ 24.55
The Public Sector Deposit Fund-share class 2
BlueBay Em Mkt Corp Bd B
£
The Westchester
-0.20
-1.80 0.47
0.00 0.00
Cap Int Em Mkts Debt Bd
-0.03 0.00
-
-
-0.01 0.00
-
-
99.28
152.20
-
$ 14.37
47.88
Strategic Return B Acc
Multi Asset A Acc ... C
€ 11.11
Cap Int Em Mkts Debt B
1.79 0.05
-
0.30 0.00
Cap Int Em Mkts Debt B
0.12 1.72
1.12 0.49
275.90 292.10 0.80 0.00
-0.13 0.00
-
0.13
Korea Acc
-
-
-
-0.35 0.00
108.46
118.77
-
-
CF Heartwood Defensive Multi Asset Fund B Accumulation
119.37
790.31
-
-0.04 0.00
Global Resource B Acc
105.04
$ 297.39
-
Global Infrastructure B Acc
North American B Acc
€ 104.89
SFr 13.43
-0.20
Portfolio VII B Acc
BlueBay Em Mkt Bd B - USD
-0.15 0.57
-
(UK) Senator House 85 Queen Victoria Street London EC4V 4ET Authorised Inv Funds The Public Sector Deposit Fund The Public Sector Deposit Fund-share class 1 F 100.00 0.00 0.47
Regulated BlueBay Em Mkt Abs Ret Bd IN
-
101.97
1005.00 1058.00 1.00 1.10
127.60 134.20 0.00 0.00
124.98
Global High Yield Bond B Inc
European Growth Inc
Japan Growth Acc
CF Heartwood Balanced B Acc
0.12 4.04
-
(LUX)
0.00 0.00
-
0.11
BlueBay Asset Management LLP
-
122.28
-
353.60 372.20 0.30 0.28
$ 13.33
Income Funds Cap Int Em Mkts Debt B
Global Equity Income B Inc
105.37
Global Growth Inc
Cap Int Gbl Abs Inc Grow B
-0.13 2.61
0.83 1.59
Portfolio VI B Acc
115.80 121.60 -0.90 0.66
-0.22 0.83
-
-
2300.00 2413.00 2.00 0.68
Global Bond Inc
-
113.71
563.30
Europe Select Inc GBP
-0.10 0.57
143.20
CF Heartwood Balanced Income B Inc
Global Equity B Acc
-
509.70
CF Heartwood Growth B Acc
0.01 2.29
-
552.30 579.80 -0.10 0.78
-0.05 1.91
-
0.07
-0.02 0.00
-
93.62
0.08
-
7.22
0.47 0.00
-
$ 12.50 £
-0.12 4.07
-
-0.04 0.00
Cap Int Em Mk Tot Opp B Cap Int Em Mk Tot Opp Bd
-
104.58
-
-0.14 2.33
-
103.57
9.66
-
241.36
-
-0.06 0.00
€
111.21
203.71
Global Bond B Inc
-
Cap Int Em Mk Tot Opp B
CF Heartwood Cautious Income B Inc
European B Acc
Japan B Acc
CCLA Investment Management Ltd
(UK) Ibex House, 42-47 Minories, London, EC3N 1DX Order Desk 08459 220044 Switchboard 0870 607 2555 Authorised Inv Funds 126.32 - -0.11 0.52 CF Heartwood Cautious B Acc
Corporate Bond B Inc
Portfolio V B Acc
German Growth Inc GBP
Offer D+/- Yield
-0.04 0.00
Portfolio IV B Acc
German Growth Acc GBP
Bid
-
(JER)
Regulated BlackRock UK Property
Fund
-
-1.50 0.00
Targeted Return Fund Inc
Offer D+/- Yield
SFr 23.04
596.30 626.00 -1.50 0.00
-
Bid
Cap Int US Growth Inc B
Eastern Inc GBP
-
Fund
(UK)
Blairmore Funds PLC Baring Fund Managers Ltd (1200)F Dealing and Enquiries 020 7214 1004 Fund Information: www.barings.com Authorised Inv Funds 607.60 Eastern Acc GBP
Bid
€ 19.05
CAF UK Equitrack Acc Fd
1.00
Fund
Cap Int US Growth Inc B
CAF Financial Solutions
* RDR-compliant share class
Other International Funds BNP PARIBAS GLF USD-DIST-USD $
Offer D+/- Yield
-0.05 0.00
Cap Int Japan Equity B Cap Int Japan Equity B Cap Int Japan Equity BD Cap Int AsiaP ex Jp Eq B Cap Int AsiaP ex Jp Eq B Cap Int AsiaP ex Jp Eq B Cap Int Asia Pex Jp Eq BD Cap Int Em Mkts Fund BD Cap Int Em Mkts Fund B
£ 13.50
-
-0.03 0.32
SFr 21.26
-
-0.03 0.00
€ 17.58 €
8.99
$ 11.63 SFr 10.88 £
-
-
-0.05 0.00
£ 11.35 £ 54.55 SFr 86.66
-
-
15.2090
-
CATCo Re Fund Ltd Series D
$ 1301.7625
-
12.4506 0.00
CATCo Re Fund Ltd Series E
$ 1320.1244
-
13.3196 0.00
Cavendish Asset Management Limited (1200)F (UK) Chelsea House, Westgate, London W5 1DR IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Authorised Inv Funds Cavendish Opportunities Fund B Class 1027.00 1.00 1.25 Cavendish Opportunities Fund A Class
1021.00
-
2.00 0.48
Cavendish Opportunities Fund C Acc
1046.00
-
1.00 1.10
Cavendish Worldwide Fund B Class
301.80
-
-0.20 1.53
Cavendish Worldwide Fund A Class
301.20
-
-0.20 0.35
Cavendish Worldwide Fund C Acc
306.40
-
-0.20 1.40
Cavendish AIM Fund B Class
163.00
-
-0.30 0.43
Cavendish AIM Fund A Class
158.80
-
-0.30 0.00
Cavendish Asia Pacific Fund B Class
166.70
-
-0.60 1.30
Cavendish Asia Pacific Fund A Class
165.70
-
-0.60 0.53
Cavendish Asia Pacific Fund C Acc
169.20
-
-0.60 1.29
Cavendish European Fund B Class
136.40
-
-0.30 1.74
Cavendish European Fund A Class
134.40
-
-0.30 0.94
Cavendish Japan Fund B Class
144.30
-
-0.10 0.80
Cavendish Japan Fund A Class
142.80
-
-0.20 0.00
Cavendish North American Fund B Class
177.80
-
0.40 0.58
Cavendish North American Fund A Class
172.70
-
0.40 0.00
Cavendish Technology Fund B Class
252.20
-
1.00 0.09
-0.02 0.00
SFr 18.15
-
14.0823
-
-0.02 0.00
-0.02 0.00
$ 19.40
-
$ 1557.0239
-0.02 0.00
-
-
$ 1521.6731
CATCo Re Fund Ltd Series B
-0.02 0.00
7.13
€ 15.01
(BMU)
Regulated CATCo Re Fund Ltd Series A
-0.04 0.00 -0.06 0.00 -0.03 0.39 -0.55 0.00 -0.66 0.00
Cap Int Em Mkts Fund B
€ 71.64
-
-0.46 0.00
Cap Int Em Mkts Fund B
$ 92.71
-
-0.42 0.00
Growth and Income Funds Cap Int Glb Growth Inc BD
£ 11.30
-
-0.02 0.68
Cavendish Technology Fund A Class
241.50
-
0.90 0.00
Cap Int Glb Growth Inc B
€ 15.05
-
-0.01 0.00
Cavendish UK Balanced Income Fund B Class
138.50
-
0.40 4.43
Cap Int Glb Growth Inc B
SFr 18.20
-
-0.01 0.00
Cavendish UK Balanced Income A Class
133.50
-
0.30 4.60
Cap Int Glb Growth Inc B
$ 19.45
-
-0.02 0.00
Cavendish UK Select Fund B Class
158.10
-
1.00 2.20
0.00 0.00
Cavendish UK Select Fund A Class
157.60
-
0.90 1.39
Cap Int Eur Growth Inc B
€ 23.94
-
Cap Int Eur Growth Inc B
SFr 28.96
-
0.01 0.00
Cap Int Eur Growth Inc B
$ 30.95
-
-0.01 0.00
Cap Int Eur Growth Inc BD
£ 17.15
-
-0.01 1.37
Cazenove Inv Fd Mgmt Ltd (CIFM)
(UK) 12 Moorgate, London, EC2R 6DA 020 3479 0000 Other UK Unit Trusts Equity Inc Tst For Charities 92.82 93.15 0.30 4.77
16 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Fund
Bid
Growth Tst For Charities
149.50 150.00 0.20 3.82
Offer D+/- Yield
Pegasus Fund Ltd B-2 GBP
£ 147.29
-
1.70 0.00
Global Emerging Markets - Class A $ 17.29
-
0.00 0.00
Amity International Cls A Inc
222.60
-
0.30 1.73
(LF) Eq Emerging Europe €
€
0.90
-
-0.01 0.00
Income Tst For Charities
61.38 61.61 -0.07 5.62
Pegasus Fund Ltd B-1 EUR
€ 160.99
-
1.86 0.00
All Africa
$ 21.59
-
0.14 0.00
Amity International Cls B Inc
224.50
-
0.20 2.50
(LF) Eq Flexi Style Greece €
€
1.76
-
-0.01 0.00
Pegasus Fund Ltd B-1 USD
$ 172.25
-
1.96 0.00
Africa Frontiers
$ 22.93
-
0.23 0.00
Amity Sterling Bond Fund A Inc
109.20
-
0.00 5.31
(LF) Global Bond Fd €
€ 11.50
-
0.00
Top 20 South Africa (Cayman Islands) $ 26.77
-
-0.41 0.00
Amity Sterling Bond Fund B Inc
117.10
-
0.00 5.29
(LF) Global Equities €
€
1.03
-
0.00 0.00
(LF) Greek Equities €
€
0.36
-
0.00 0.00
(LF) Eq Mena Fund €
€ 15.21
-
-0.03 0.00
Cedar Rock Capital Limited Regulated Cedar Rock Capital Fd Plc
Fund
Bid
(IRL)
$ 342.93
-
5.46 0.00
Cedar Rock Capital Fd Plc
£ 324.17
-
6.65 0.00
Cedar Rock Capital Fd Plc
€ 271.02
-
8.48 0.00
(LUX) 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 FCA Recognised CMI Global Network Fund (u) Regional Equity Sub Funds CMI Continental Euro Equity € 27.10 - -0.01 1.15
Single Country Equity Sub Funds CMI Japan Enhanced Equity F ¥ 3771.98
Charlemagne Capital (IOM) Ltd
Magna Umbrella Fund PLC Magna Africa R
$ 396.60
-
-1.41 0.00
€ 10.83
-
-0.03 0.00
Magna Biopharma Income Fund N Acc EUR € 11.95
-
-0.03
Magna Eastern European R
€
-
8.33
-
-0.11 0.00
Magna Emerging Mkts Div Fd R Acc € 13.29
-
-0.06 0.00
Magna Emerging Mkts Div Fd R Dist € 11.39 Magna Global Emerging Markets R € Magna Latin American R Magna Mena R *
8.95
€ 10.31 € 23.31
-
-0.06 3.17 -0.08 0.00 -0.01 0.00 -0.11 0.00
Magna New Frontiers R
€ 13.04
-
-0.02 0.00
Magna Turkey R
€ 10.61
-
0.00 0.00
Magna Undervalued Ass Fd R
€ 11.38
-
-0.03 0.00
OAKS Em.and Front.Opp. Fd A
€ 11.09
-
-0.07
OAKS Em.and Front.Opp. Fd C OAKS Em.and Front.Opp. Fd G OAKS Em.and Front.Opp. Fd H
$ 11.06 € 11.43 £ 11.43
-
-0.07 -0.07 -0.07
-
-
-
Regulated Schwab USD Liquid Assets Fd
$
1.00
-
£ 12.50
-
0.02 2.10
CMI US Enhanced Equity F
$ 76.31
-
0.08 0.63
(IRL) 0.00 0.01
$ 866.78 2.20
-
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Coupland Cardiff Funds Plc
31/32 St James's Street, London, SW1A 1HD FCA Recognised CC Asia Alpha Fd - Cls A Euro € 13.25 13.25 -0.13 0.00 CC Asia Alpha Fd - Cls B USD
$ 13.00 13.00 -0.14 0.00
CC Asia Alpha Fd - Cls C GBP
£ 12.83 12.83 -0.13 0.00
CC Asia Alpha Fd - Cls I USD
(IRL) 111 Buckingham Palace Road Victoria, London SW1W 0SR www.dodgeandcox.worldwide.com 020 7340 8695 FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund EUR Accumulating Class € 10.77 - -0.02 EUR Accumulating Class (H)
€ 10.02
-
-0.01
-
EUR Distributing Class
€ 10.73
-
-0.02
-
EUR Distributing Class (H)
€
9.98
-
-0.01
-
GBP Distributing Class
£ 10.40
-
-0.02
-
$ 10.25 10.25 -0.10 0.00
CC Asian Evolution Fd. Cls A USD $ 15.60 15.60 0.04 0.00 CC Asian Evolution Fd. Cls B GBP £ 14.69 14.69 0.05 0.00 GBP Distributing Class (H)
£
9.99
-
-0.01
-
USD Accumulating Class
$ 10.03
-
-0.02
-
-
0.01 2.05
CC Asian Evolution Fund - Cls C USD Acc $ 17.53 17.53 0.05 0.00
Japan Index Tracking
¥ 711.65
-
1.94 1.04
CC Japan Alpha Fd - Cls A Euro
UK Eqty Index Tracking
£ 16.07
-
0.02 3.04
CC Japan Alpha Fd - Cls B GBP
£ 10.05 10.05 -0.03 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund USD Accumulating Share Class $ 17.68 0.01 0.00
US Eqty Index Tracking
$ 56.38
-
0.06 0.80
CC Japan Alpha Fd - Cls C JPY
¥ 983.45 983.45 -2.39 0.00
GBP Accumulating Share Class
£ 17.93
-
0.00 0.00
Managed Sub Funds Global Bond
CC Japan Inc & Grwth Fd - Cls Acc USD $ 14.46 14.46 0.02 0.00
GBP Distributing Share class
£ 13.20
-
0.00 0.80
£
1.46
-
0.00 1.18
CC Japan Inc & Grwth Fd - GBP Founder Acc £ 14.81 14.81 0.03 0.00
EUR Accumulating Share Class
€ 20.56
-
0.01 0.00
Global Network Mgd Global Mxd £
2.35
-
0.00 0.41
CC Japan Inc & Grwth Fd - GBP Founder Inc £ 14.22 14.22 0.02 0.00
Global Equity
2.62
-
-0.01 0.21
Dodge & Cox Worldwide Funds plc-International Stock Fund USD Accumulating Share Class $ 16.20 - -0.01 0.00
Bond Sub Funds CMI Euro Bond F
£
€ 45.70
-
-0.04 2.37
CMI UK Bond
£
7.80
-
-0.01 2.13
CMI US Bond
$ 13.17
-
-0.02 1.60
€
9.23
CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1425.22 1425.22 2.52 0.00
EUR Accumulating Share Class
€ 14.76
-
-0.02 0.00
CC Japan Inc & Grwth Fd - USD Founder Acc $ 14.79 14.79 0.03 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund USD Accumulating Share Class $ 18.39 0.05 0.00
CC Japan Inc & Grwth Fd - USD Founder Inc $ 14.18 14.18 0.02 0.00
GBP Accumulating Share Class EUR Accumulating Share Class
£ 17.64 € 18.48
-
0.04 0.00 0.04 0.00
Cheyne Global Credit Fund
-
-0.01 0.00
€ 119.50
$
0.00 0.00
1.35
-
0.00 0.26
107.79
-
0.08 0.24
1.73
-
0.00 0.26
European Opportunities I GBP
£
1.99
-
-0.01 1.59
European Opportunities I USD
$
3.24
-
0.01 1.26
European Opportunities A EUR
€
2.44
-
0.00 0.97
Global Opportunities I USD
$
1.80
-
0.01 1.08
Global Opportunities I GBP
£
1.11
-
0.00 1.03
Global Opportunities I EUR
€
1.39
-
-0.83 0.00
Cheyne European High Yield Fund € 138.99
-
Cheyne High Income Regulatory Capital Fund Class A Series 1 € 121.82 Cheyne Long/Short Credit Fund
0.00 1.08
1.28 0.00 0.00
0.00 0.62
MoneyBuilder Cash ISA
£
1.00
1.00 0.00 0.10
CMI Access 80% Gu F
€
5.76
-
0.00 0.00
MoneyBuilder Global
£
2.48
2.48 0.00 0.20
OEIC Funds American
£ 25.67
-
0.17 0.00
American Special Sits
£
9.93
-
0.05 0.00
Fidelity Asian Dividend Fund A-Accumulation £
1.12
-
0.00 0.51
Fidelity Asian Dividend Fund A-Income £
1.09
-
0.00 2.02
China Consumer
£
1.42
-
0.00 0.23
Emerging Asia
£
1.14
-
0.01 0.27
Emerg Eur, Mid East & Africa H
£
1.47
-
-0.01 0.87
Enhanced Income - Acc
£
1.84
-
0.01 6.69
Enhanced Income - Inc
£
1.26
-
0.00 6.96
European - Inc
£
1.39
-
0.01 1.70
European
£ 15.70
-
0.05 1.66
European Opportunities
£
3.52
-
0.01 0.39
Extra Income
£
0.26
-
0.00 3.97
Extra Income - Gross
£
0.26
-
0.00 3.97
Global Dividend - Acc
£
1.44
-
-0.01 3.27
Global Dividend - Inc
£
1.32
-
-0.01 3.43
Global Focus
£ 12.31
-
0.03 0.00
Global High Yield Fund - A Gross Acc £ 12.30
-
-0.02 4.46
Global High Yield Fund - A Gross Inc £ 10.87
-
-0.01 4.50
Global High Yield Fund - A Net Acc £ 12.00
-
-0.01 4.51
Global High Yield Fund - A Net Inc £ 10.86
-
-0.02 4.51
Global Property - Acc
£
1.35
-
0.00 1.27
Global Property W Inc
£
1.12
-
0.00
Global Special Sits
£ 22.93
-
0.05 0.05
Crèdit Andorrà Asset Management (LUX)
www.creditandorra.com FCA Recognised Crediinvest SICAV Money Market Eur I € 11.24
-
0.00 0.00
Regulated European Real Estate Securities
€ 18.0520
-
-0.0186 1.64
Crediinvest SICAV Money Market Usd A $ 10.03
-
0.00 0.00
Europ.RealEstate Sec. IX
€ 23.7611
-
-0.0244 0.00
Crediinvest SICAV Fixed Income Eur € 10.92
-
0.00 0.00
$ 10.5904 $ 12.3507
-
-0.0088 1.34 -0.0103 0.00
Crediinvest SICAV Fixed Income Usd $ 10.75 Crediinvest SICAV Spanish Value € 278.24 Crediinvest SICAV International Value € 220.60
-
0.00 0.00 -0.42 0.00 -0.55 0.00
EFG Hermes
Dominion Fund Management Limited PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port Guernsey - Channel Islands United Kingdom GY1 3PU +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com FCA Recognised DGT - Consumer £ I Class £ 127.11 - -0.45 0.00 DGT - Consumer £ R Class
£ 123.13
-
-0.44 0.00
Crediinvest SICAV Big Cap Value € 18.04
-
-0.03 0.00
DGT - Strategic £ I Class
£
1.09
-
0.00 0.00
Crediinvest SICAV US American Value $ 17.81
-
0.00 0.00
DGT - Strategic £ R Class
£
1.10
-
0.00 0.00
(LUX)
Comgest Europe F
SFr 5654.32
-
30.13 0.00
Regulated Dantrust II Limited
Comgest SA
-
(LUX)
-
-0.02 0.00
(GSY)
kr 461.50 462.30 -2.10 0.00
Other International Funds DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 96.32 96.32 0.74 0.00
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Other International Funds The EFG-Hermes Egypt Fund $ 29.93 0.00 Middle East & Developing Africa Fund (Final) $ 19.81
-
Saudi Arabia Equity Fund
-
SR 17.17
-
0.00
0.01 0.00
Electric & General (1000)F
(UK)
Stuart House St.John's Street Peterborough PE1 5DD Orders & Enquiries: 0845 850 0255 Authorised Inv Funds Authorised Corporate Director - Carvetian Capital Management Electric&General Net Income A 141.20 - -0.10 2.13
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 110.42 110.42 -0.30 0.00
Ennismore Smaller Cos Plc DAVIS Funds SICAV
(IRL) 5 Kensington Church St, London W8 4LD 020 7368 4220 FCA Recognised Ennismore European Smlr Cos NAV £ 90.39 - -0.63 0.00
(LUX)
Regulated Davis Value A
$ 40.02
-
0.03 0.00
Davis Global A
$ 30.80
-
-0.03 0.00
-
-0.40 0.00
(FRA)
17 square Edouard VII - 75009 Paris FCA Recognised Comgest Magellan € 19.51
Ennismore European Smlr Cos Hedge Fd -
Other International Funds NAV
-0.01 0.00
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: funds@dragoncapital.com Other International Funds Vietnam Enterprise Inv. (VEIL) NAV $ 3.62 0.01 0.00
(IRL)
Vietnam Growth Fund (VGF) NAV $ 25.84
Deutsche Asset Management UK Ltd.
(LUX) Tel: + 44 207 545 9070 www.dws.co.uk FCA Recognised Deutsche Invest I Africa GBP RD1 Inc £ 170.79 170.79 -0.93 0.88 Deutsche Invest I Chinese Eq.GBP RD Inc £ 109.34 109.34 -0.84 1.06
Consistent Unit Tst Mgt Co Ltd (1200)F
Deutsche Invest I Clean Tech GBP RD Inc £ 65.27 65.27 0.11 0.17
6.31 0.00
(UK) PO BOX 10117, Chelmsford, Essex, CM1 9JB Dealing & Client Services 0845 0264281 Authorised Inv Funds Consistent UT Inc 56.45 57.12 0.18 4.54
7.37
Consistent UT Acc
126.33 127.82 0.42 4.39
Deutsche Invest I Top Asia GBP RD Inc £ 151.01 151.01 -1.32 0.78
Practical Investment Inc
210.10 214.49 0.27 3.61
Practical Investment Acc
967.22 987.42 1.22 3.51
Clareville Capital Partners LLP 0.68 0.00
Pegasus Fund Ltd A-2 GBP
£ 151.00
-
1.75 0.00
Pegasus Fund Ltd A-1 EUR
€ 25.48
-
0.30 0.00
Pegasus Fund Ltd A-1 USD
$ 27.32
-
0.31 0.00
Deutsche Invest I Global Agrib.GBP LD DS Inc £ 102.79 108.20 -0.21 0.33
Discretionary Unit Fund Mngrs (1000)F
Do Accum
Pegasus Fund Ltd A-2 USD
$ 148.57
-
1.69 0.00
Pegasus Fund Ltd B-1 GBP
£ 192.11
-
2.22 0.00
Coronation Fund Managers +44 (0)20 7389 8840 www.coronation.com Enquiries: +27 (21) 680 2020/2224 coronationfunds@coronation.co.za Other International Funds Global Equity Fund of Funds - Class A $ 14.54 0.03 0.00
Vietnam Property Fund (VPF) NAV $
0.78
-
€ 418.59
-
2.91 0.00
-
(UK)
5203.20 5364.20 -43.90 0.00
Equinox Fund Mgmt (Guernsey) Limited Regulated Equinox Russian Opportunities Fund Limited $ 110.85
0.01 0.00
Euronova Asset Management UK LLP Regulated Smaller Cos Cls One Shares (Est) € 29.70
DSM Capital Partners Funds www.dsmsicav.com Regulated Global Growth I2 Acc
€ 106.89
(LUX)
-
-8.34 0.00
-0.84
-
(CYM)
-
0.24 0.00
Smaller Cos Cls Three Shares (Est) € 10.53
-
0.14
0.20 1.56
Amity UK Cls B Inc
198.60
-
0.20 2.36
Higher Income Cls A Inc
131.10
-
0.00 4.63
Higher Income Cls B Inc
134.20
-
0.00 4.61
UK Equity Growth Cls A Inc
216.40
-
0.60 0.53
UK Equity Growth Cls B Inc
220.90
-
0.50 1.53
Amity Balanced For Charities A Inc
108.30
-
0.10 5.54
Amity European Fund Cls A Inc
199.00
-
0.30 2.08
Amity European Fund Cls B Inc
201.30
-
0.30 2.84
Amity Global Equity Inc for Charities A Inc
104.00
-
0.10 4.11
Eurobank Fund Management Company (Luxembourg) S.A. (LUX) Regulated (LF) Absolute Return €
1.15
-
-0.01
-
£
1.02
-
-0.01
-
Index Japan P-Acc
£
1.00
-
-0.02
-
Index Pacific ex Japan P-Acc
£
1.16
-
-0.01
-
Index UK A-Acc
£
0.85
-
0.00 3.36
Index UK P-Acc
£
1.03
-
0.00 3.15
Index US A-Acc
£
1.46
-
0.00 1.47
Index US P-Acc
£
1.13
-
0.01 1.93
Index World A-Acc
£
1.35
-
0.00 1.81
Index World P-Acc
£
1.10
-
0.01 2.25
International
£
1.47
-
0.00 0.08
Japan
£
2.48
-
0.00 0.27
1.33
-
0.00 0.00
Japan Smaller Companies
£
1.72
-
0.00 0.00
(LF) Balanced - Active Fund (RON)RON 16.08
-
-0.05 0.00
MoneyBuilder Asset Allocator
£
1.15
-
0.00 0.92
MoneyBuilder Balanced
£
0.49
-
0.00 4.24
(LF) Cash Fund € (LF) Cash Fund (RON) (LF) Eq Dyn Romanian Fd €
€
£
Index Europe ex UK P-Acc
0.18 0.00
(UK)
PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Authorised Inv Funds 198.70 Amity UK Cls A Inc
Index Emerging Markets P-Acc
-
-
-
0.36 0.00
Smaller Cos Cls Two Shares (Est) € 21.23
Smaller Cos Cls Four Shares (Est) € 13.69
Ecclesiastical Inv Mgt Ltd (1200)F
-
(GSY)
0.02 0.00
Deutsche Invest I Conv.GBP RDH Inc £ 161.99 161.99 0.05 0.45
1 Poultry, London EC2R 8JR 020 7 415 4130 Authorised Inv Funds 1406.90 1450.40 -11.80 0.00 Disc Inc
-
130, Tonbridge Rd, Tonbridge TN11 9DZ Callfree: Private Clients 0800 414161 Broker Dealings: 0800 414 181 Authorised Inv Funds Unit Trust 186.15 186.15 0.00 0.00 Cash Accum Units
-
-
£ 59.54
FIL Investment Services (UK) Limited (1200)F (UK)
9.86
-0.06 0.00
Other International Funds Pegasus Fund Ltd A-1 GBP
0.00 0.00
$
-
-
-
CMI US Dllr Currency Reserve
€ 12.25
-
€ 11.07
1.00 0.00 0.10
Comgest Gth GEM PC DIS F
Cheyne Total Return Credit Fund December 2019 $ 131.74
(LF) FOF Dynamic Fixed Inc €
1.28
0.05 0.00
-
0.00 0.00 -0.03 0.00
1.00
-
Cheyne Total Return Credit Fund - December 2017 Class $ 195.09
-
£
€ 17.37
-0.46 0.00
1.16
€ 15.35
£
Comgest Gth Europe DIS F
-
€
(LF) FOF New Frontiers €
Gross Accum Cash
0.48
Cheyne Real Estate Debt Fund Class A1 £ 127.38
(LF) FOF Equity Blend €
Cash Fund
-
1.46 0.00
0.00 0.00
0.00
0.02 0.28
-
-
-
-
Cheyne Real Estate Credit Holdings Fund £ 136.09
0.90
1.53
Comgest Gth Emerging Mkt DIS F $ 35.11
0.15
€
Pan European Opportunities I EUR €
0.01 0.00
-
0.00 0.00
(LF) FOF BRIC €
0.00 0.97
-
Cheyne Multi Strategy Liquid Fund $ 124.80
-
-
-0.02 0.33
27.02 0.00
0.01 0.00
1.33
4.97
-
-
-
€
£
1.66 0.00
Cheyne Malacca Asia Equity Fund Class A $ 1532.62
€ 12.64
(LF) FOF Balanced Blend €
CMI Stlg Currency Reserve
46 St Stephen's Green, Dublin 2, Ireland FCA Recognised Comgest Gth Asia ex Jap DIS F $ 7.48
-
(LF) Greek Corporate Bond €
-0.01 0.61
Comgest AM International Ltd
-
0.00 0.00
-
Dragon Capital Management (Hong Kong) Limited
Other International Funds Cheyne European Event Driven Fund € 142.25
-
(IRL) Edinburgh Partners Limited 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Dealing - Fax only - +353 1 434 5230 FCA Recognised Edinburgh Partners Opportunities Fund PLC European Opportunities I EUR € 2.50 0.00 1.36
Ennismore European Smlr Cos NAV € 113.38
Cheyne Capital Management (UK) LLP
$ 217.85
CF Eclectica Agriculture C USD Acc
-
0.05 0.00
1.22
1.04
17 square Edouard VII - 75009 Paris, www.comgest.com FCA Recognised Comgest Asia F $ 3941.82 - -10.92 0.00
-0.06 0.00
€
CF Eclectica Agriculture C GBP Acc
1.69
-
$
£
Comgest SA
-
CF Eclectica Agriculture C EUR Acc
0.07 0.00
€ 19.89
(LF) Income Plus $
Global Opportunities A GBP
Dominion Fund Management Limited
Cheyne European Real Estate Bond Fund € 112.21
$
-
(LF) Greek Government Bond €
0.00 0.75
Dantrust Management (Guernsey) Ltd
-2.16 0.00
CF Eclectica Agriculture A USD Acc
104.48
-
9.23 -0.02 0.00
CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1494.49 1494.49 2.65 0.00
Crediinvest SICAV Sustainability € 14.39
-
CF Eclectica Agriculture A GBP Acc
Offer D+/- Yield
-
-9.66 0.00
(IRL)
Ibex House, 42-47 Minories, London, EC3N 1DX Order desk: 0845 6080941 Switchboard 0870 6072555 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Eclectica Agriculture A EUR Acc € 1.31 0.00 0.00
Bid
€ 25.16
2.20 0.02 2.91
Regulated Cheyne Convertibles Absolute Return Fund € 1338.71
Eclectica Asset Management
(UK)
Fund
Currency Reserve Sub Funds CMI Euro Currency Reserve
Gbl RealEstate Sec. IX
Cheyne Capital Management (UK) LLP
Offer D+/- Yield
Dodge & Cox Worldwide Funds (IRL)
€ 19.09
$ 359092.64 359092.64 492.17 0.00
Raffles-Asia Investment Company $
Bid
Index Tracking Sub Funds Euro Equity Index Tracking
Gbl RealEstate Sec. I
CAM GTi Limited
10.71 0.97
-
Chartered Asset Management Pte Ltd Other International Funds CAM-GTF Limited
-0.21 1.92
CMI UK Equity
Cohen & Steers SICAV Charles Schwab Worldwide Funds Plc
Fund
CMI Asset Mgmt (Luxembourg) SA
CMI Pacific Basin Enhanced Equity $ 47.94
Other International Funds OCCO Eastern European
Offer D+/- Yield
1.45
-
0.00
RON 16.07
€
-
0.00 0.00
Money Builder Dividend
£
2.56
-
0.01 4.53
-
-0.01 0.00
MoneyBuilder Growth
£
0.70
-
0.00 2.14
€
1.72
-
FTfm | 17
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Fund
Bid
MoneyBuilder Growth ISA
£
0.71
-
0.00 2.30
Long Bond Gross
£
0.72
-
0.00 2.97
Global Listed Infrastructure Inc
133.29
-
0.26 3.08
Frk Global Income Fd
$ 11.32
-
-0.02 5.03
MoneyBuilder Income
£
0.35
-
0.00 3.53
Long Bond Fund Gross Inc
£ 10.11
-
-0.02 3.03
Global Opportunities A Shares
279.93
-
0.29 0.21
Frk Income
$ 13.24
-
0.01 2.86
Frontier Capital (Bermuda) Limited
MoneyBuilder Income -Gross
£
0.35
-
0.00 3.53
Pacific (Ex Japan)
£
3.85
-
-0.02 1.83
Global Property Securities A Accumulation
151.43
-
0.16 2.12
Frk US Government
$
9.41
-
0.00 2.36
Other International Commercial Property-GBP Class
£ 71.42
-
-0.53
-
Multi Asset Adventurous A-Acc
£
1.28
-
0.01 0.65
Pan European
£
2.56
-
0.01 2.12
Global Property Securities A Income
120.44
-
0.12 2.15
Frk US Liquid Reserve Inc
$
9.68
-
0.00 0.00
Global Real Estate-GBP C Class
£ 45.26
-
-0.50
-
Multi Asset Alloc Adventurous A-Acc £
3.59
-
0.00 2.34
Reduced Duration UK Corporate Bond £ 10.54
-
0.00 3.44
Global Resources A Shares
285.53
-
0.72 0.59
Frk US Low Duration Fd
$
9.91
-
0.00 0.63
Multi Asset Alloc Strategic A-Acc £
1.15
-
0.00 0.67
Reduced Duration UK Corporate Bond Gross £ 10.63
-
0.00 3.44
Greater China Growth A Shares
514.21
-
-3.00 0.44
Frk US Total Return
$ 11.34
-
-0.01 1.82
Multi Asset Alloc Def - Gross A
£
1.07
-
-0.01 0.53
Reduced Duration UK Corporate Bond Inc £ 10.24
-
0.00 3.44
Indian Subcontinent A Acc
312.41
-
1.93 0.00
Tem Asian Bond
$ 14.18
-
0.00 2.91
Multi Asset Alloc Def - Net A
£
1.07
-
0.00 0.54
Reduced Duration UK Corp Bond Gross Inc £ 10.25
-
0.00 3.44
Worldwide Equity Fund A Accumulation £
1.21
-
0.00 0.04
Tem Asian Growth
$ 34.54
-
-0.29 0.27
Multi Asset Alloc Growth A
£
1.20
-
0.00 0.63
Select Emerging Markets Equities £
1.29
-
-0.01 0.97
Worldwide Equity Fund A Income £
1.22
-
0.00 0.03
Tem Emerging Markets
$ 35.87
-
-0.09 0.24
Multi Asset Defensive
£
1.16
-
0.00 0.29
Select European Eqts
£
1.73
-
0.01 1.88
Tem Emg Mkts Balanced AQdis
$
8.65
-
-0.02 2.77
Multi Asset Defensive - Gross
£
1.17
-
0.00 0.29
Select Global Equities
£
2.80
-
0.01 1.05
Foord Asset Mgt (Guernsey) Ltd
Tem Emg Mkts Bd
$ 19.30
-
0.02 6.09
Multi Asset Growth
£
1.32
-
0.01 0.09
South East Asia
£
3.58
-
-0.01 0.72
Regulated Foord International Trust
Tem Euro Liquid Reserve
€
4.38
-
0.00 0.00
MultiManager Balanced
£
1.09
-
0.00 0.56
Sterling Core Plus Bond Gr Accum £
1.85
-
0.00 3.90
Tem European Total Return
€
9.89
-
0.00 1.80
Multi Asset Open Growth A-Acc £
0.47
-
0.00 0.52
Sterling Core Plus Bond Inc
£
1.25
-
0.00 4.04
Tem Global
$ 36.30
-
-0.05 0.43
Multi Asset Open Strategic A-Acc £
1.21
-
-0.01 0.48
UK
£
3.32
-
0.02 2.00
Tem Global (Euro)
€ 17.43
-
0.02 0.40
Multi Asset Open Strategic A-Inc £
0.30
-
0.00 2.07
UK Aggreg Bond Gr Accum
£
1.69
-
0.00 3.20
Tem Global Balanced
$ 24.07
-
0.01 0.71
Multi Asset Strategic
£
1.46
-
0.00 0.47
UK Aggregate Bond Inc
£
1.18
-
0.00 3.25
Tem Global Bond
$ 21.59
-
-0.01 2.31
Open World A-Acc
£
1.17
-
-0.01 0.00
UK Corporate Bond
£
1.20
-
0.00 4.11
Tem Global Bond (Euro)
€ 10.55
-
-0.01 2.84
Multi Asset Income A Gross Acc £
1.51
-
0.00 3.24
UK Corporate Bond - Gross
£
2.13
-
-0.01 3.96
Tem Global Equity Income
$ 11.05
-
-0.01 2.87
Multi Asset Income A Gross Inc
£
1.12
-
0.00 4.36
UK Corporate Bond Fund Gross Inc £ 10.90
-
-0.01 4.09
Tem Global High Yield Fd F
$ 10.18
-
-0.01 4.75
(UK) GAM Sterling Management Limited 12 St James's Place London SW1A 1NX. 0800 919 927 Internet: gam.com Authorised Inv Funds GAM Funds OEIC 3910.32 - -5.45 0.18 GAM Global Diversified Acc
Multi Asset Income A Net Acc
£
1.44
-
0.00 3.34
UK Gilt Bond
£
1.21
-
0.00 1.93
Tem Global Income
$ 14.77
-
0.00 1.54
GAM North American Gwth Acc
3033.26
-
3.18 0.00
Multi Asset Income A Net Inc
£
1.12
-
0.00 4.39
UK Gilt Gross
£
1.88
-
0.00 1.90
Tem Global Smaller Cos
$ 35.54
-
-0.06 0.00
GAM UK Diversified Acc
1858.34
-
-6.72 1.26
South East Asia
£
7.87
-
0.01 0.49
UK Long Corp Bond
£
1.33
-
0.00 4.62
Tem Global Total Return
$ 18.42
-
0.00 3.48
Special Situations
£ 28.00
-
0.10 1.77
UK Long Corp Bond - Gross
£
2.29
-
-0.01 4.43
Tem Latin America
$ 66.65
-
-0.11 0.63
Strategic Bond
£
0.31
-
-0.01 3.03
UK Long Corporate Bond Fund - Gross Income £ 10.66
-
0.01
Strategic Bond Gross
£
0.31
-
-0.01 3.03
UK Specialist
-
0.01 1.30
Class A Acc Frk Biotech Discovery
$ 28.80
-
-0.06 0.00
Frk Brazil Opportunities Fd
$ 10.78
-
-0.03 0.00
FCA Recognised GAM Fund Management Ltd Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 GAM Star Fund Plc GAM Star Asia-Pacific Eqty USD Acc F $ 12.50 0.01 0.74
Frk Euroland Core Fund
€ 17.76
-
-0.03 0.00
GAM Star Asian Eqty USD Ord Acc F $ 15.12
-
-0.04 0.00
Frk European Growth
€ 14.70
-
-0.08 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 17.98
-
0.08 0.00
Frk European Sml Mid Cap Gth
€ 31.17
-
-0.02 0.00
GAM Star Cat Bond USD Acc
$ 12.22
-
0.02 0.00
Frk Gbl Equity Strategies Fd
$ 12.20
-
-0.03 0.00
GAM Star China Equity USD Acc F $ 23.55
-
-0.05 0.47
Frk Gbl Fundamental Strat Fd
$ 13.62
-
-0.01 0.00
GAM Star Cont European Eqty GBP Acc F £
3.11
-
-0.02 0.00
Frk Global Conver.Securities
$ 12.02
-
0.00 0.00
GAM Star Cred Opportunities GBP Acc £ 12.15
-
0.01 4.28
Frk Global Growth
$ 14.39
-
0.00 0.00
GAM Star Discretionary FX USD Acc F $ 11.83
-
0.25 0.00
Frk Global Gth & Val
$ 25.62
-
-0.01 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 11.02
-
-0.01 1.37
Frk Global Sml Mid Cap Gth
$ 30.61
-
-0.10 0.00
GAM Star Emerging Asia USD Class ACCU $ 13.51
-
-0.01 0.46
Frk Gold and Precious Mtls Fd F
$
-
-0.01 0.00
GAM Star Emerg. Market Rates USD Acc F $ 11.59
-
0.01 0.00
Target 2015 Target 2015 - Gross Target 2020 Target 2025
Bid
£ £ £ £
0.49 0.49 0.55 1.28
Offer D+/- Yield
-
0.00 0.24 0.00 0.01 0.00 0.42 0.00 0.45
Target 2030
£
1.35
-
0.00 0.48
UK Select
£
2.21
-
0.01 1.20
UK Growth
£
3.47
-
0.00 0.05
UK Smaller Companies WealthBuilder A Acc
£ £
Fidelity PathFinder Fidelity PathFinder Foundation 1 Gross Acc (clean) £ Fidelity PathFinder Foundation 1 Acc (clean) £
1.89 0.96
1.04 1.04
-
-
0.01 0.25 -0.01 0.43
0.00 0.00
-
Fidelity PathFinder Foundation 2 Acc (clean) £
1.05
-
0.00
-
Fidelity PathFinder Foundation 3 Acc (clean) £
1.07
-
0.00
-
Fidelity PathFinder Foundation 4 Acc (clean) £
1.09
-
0.00
-
Fidelity PathFinder Foundation 5 Acc (clean) £
1.11
-
0.00
-
Fidelity PathFinder Focussed 1 Gross Acc (clean) £
1.05
-
0.01
-
Fidelity PathFinder Focussed 1 Acc (clean) £
1.04
-
0.00
-
Fidelity PathFinder Focused 2 Acc (Clean) £
1.06
-
0.00
-
Fidelity PathFinder Focussed 3 Acc (clean) £
1.07
-
0.00
-
Fidelity PathFinder Focussed 4 Acc (clean) £
1.08
-
0.00
-
Fidelity PathFinder Focussed 5 Acc (clean) £
1.08
-
0.00
-
Fidelity PathFinder Freedom 1 Gross Acc (clean) £
1.05
-
0.00
-
Fidelity PathFinder Freedom 2 Acc (clean) £
1.05
-
0.00
-
Fidelity PathFinder Freedom 1 Acc (clean) £
1.05
-
0.00
-
Fidelity PathFinder Freedom 3 Acc (clean) £
1.05
-
-0.01
-
Fidelity PathFinder Freedom 4 Acc (clean) £
1.06
-
-0.01
-
Fidelity PathFinder Freedom 5 Acc (clean) £
1.09
-
0.00
-
Fidelity PathFinder Income 1 Income (clean) £
1.04
-
0.00
-
Fidelity PathFinder Income 1 Gross Income (clean) £
1.04
-
0.00
-
Fidelity PathFinder Income 2 Income (clean) £
1.04
-
0.01
-
Fidelity PathFinder Income 2 gross £
1.05
-
0.00
-
Fund
Bid
£
1.72
Offer D+/- Yield
1.28
-
0.00 0.00
Europe Long Term Growth
£
1.54
-
0.00 1.84
{*}CAR - Net income reinvested
FIL Fund Management
(LUX) 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Phone: 800 22 089, 800 22 088 Regulated China Consumer A-GBP £ 14.13 - -0.09 0.00 £
Global Financial Services A-GBP £
Global Industrials A-GBP
£
3.78 0.40 0.47
-
-0.03 0.29 0.00 0.00 0.00 0.00
£
0.73
-
0.00 0.00
Global Inflation-Linked Bd A-GBP-Hdg £
1.21
-
0.00 0.50
Global Real Asset Securities
£
1.51
-
-0.01 0.00
Global Technology A-GBP
£
0.22
-
0.00 0.00
Global Telecomms A-GBP
£
0.27
-
-0.01 1.09
India Focus A-GBP Latin America A-GBP
Contact +442075187970,info@fourwindscm.com,www.fourwindscm.com Regulated Bache Global Series - Alternative Benchmark Commodity Index USD Inst. Accumulation Shares $ 58.80 61.74 -0.20 USD Inst. Annual Distribution Shares $ 81.11 85.17 -0.22
-
EUR Inst. Accumulation Shares
€ 79.01 79.01 -0.07
-
GBP Inst. Accumulation Shares
£ 77.97 77.97 -0.83
-
£ £
4.15 2.05
-
-0.02 0.00 0.00 0.15
Frk Europ. Opp A Inc
£
1.80
-
0.01 1.47
Frk Mutual Shares A Acc
£
1.89
-
0.01 0.31
Frk Mutual Shares A Inc
£
1.81
-
0.00 0.32
Frk Strat Bond A Acc
£
1.43
-
0.00 5.35
Frk Strat Bond A Inc
£
1.05
-
0.00 5.48
Frk UK Blue Chip A Inc
£
4.41
-
0.01 2.05
Frk UK Equ Inc A Acc
£
1.48
-
0.00 3.86
Frk UK Equ Inc A Inc
£
2.22
-
0.01 3.97
Frk UK Mgrs' Focus A Acc
£
1.87
-
0.00 0.34
Frk UK Mid Cap A Inc
(IRL) Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460 FCA Recognised American Fund USD Class $ 76.08 0.06 0.00 American Fund GBP Hedged
£ 41.49
-
0.05 0.00
Latin American Fund USD Class
$ 21.42
-
-0.10 0.00
£
4.59
0.00
-
0.02 0.40
£
3.32
-
0.01 2.07
Frk UK Smll Comp A Inc
£
7.77
-
0.00 0.13
Frk US Opport A Acc
£
2.44
-
0.00 0.00
Tem Gbl Emg Mkts A Acc
£
2.15
-
0.00 1.33
£
1.77
-
0.00 3.00
Tem Glb TotRet Bond A H3 Acc
£
1.29
-
0.00 2.89
Tem Glb TotRet Bond A H3 Inc
£
1.23
-
0.00 2.92
Tem Glb TotRet Bond A Inc
£
1.41
-
0.00 3.02
Tem Growth A Acc
£
8.52
-
0.02 0.75
Tem Growth A Inc
£
5.82
-
0.02 0.75
Franklin Templeton International Services Sarl (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc Franklin Emg Mkts Debt Opp CHFSFr 19.94 - -0.07 5.59
First State Investments (UK) (1200)F
(UK)
Franklin Emg Mkts Debt Opp USD $ 19.63
-
-
0.02 0.46
Emerging Markets
£
3.19
-
0.00 0.53
Asia Pacific Leaders A Shares
467.60
-
-0.15 0.25
Europe
£
3.85
-
0.01 2.58
Asia Sustainability A Shares
352.14
-
0.56 0.47
Fidelity Pre-Retirement Bond Fund £ 108.10
-
-0.10
Emerging Markets Bond A Accumulation £
1.20
-
0.00 4.35
Frk High Yield
Global Focus
-
0.00 0.57
Emerging Markets Bond A Income £
1.08
-
0.00 4.47
Frk Euro Gov. Bond
0.00 0.62
Global Agribusiness Fund A Accumulation
128.80
-
0.23 0.00
Frk Euro High Yield
€
6.56
-
0.01 4.59
634.44
-
0.91 0.50
Frk Euro Short Dur Bond Fd
€ 10.16
-
0.00
Index Linked Bond
£ £
2.60 2.34
-
-
2.80
-
-0.01 0.62
Global Emerging Mkts A Shares
Index-Linked Bond Fund Gross Inc £ 11.01
-
-0.04
Global Emerging Mkts Leaders A Shares
Japan
£
1.84
-
0.00 0.83
Global Emerging Mkts Sustainability A Acc
Long Bond
£
0.45
-
0.00 3.04
Global Listed Infrastructure Acc
Index Linked Bond Gross
£
-
444.31 244.35 166.81
-
0.04 0.43 0.30 0.67 0.33 3.02
Frk Japan Fd
¥ 737.54
Frk MENA Fund
$
8.02
Frk Mutual Beacon
$ 71.40
Frk Mutual Euroland Fd
Franklin Templeton Investment Funds
Frk Europ Corp Bond Fd Frk Global Aggr.Inv.Grd Bond Fd Frk Global Aggregate Bond Fd
$
7.22
€ 10.90
€ 11.27 $ 10.74 $ 10.18
-
-
-
-0.01 5.20 -0.01 1.07
-0.01 0.00 -0.01 1.36
Bid
Offer D+/- Yield
Fundsmith LLP (1200)F
(UK) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.fundsmith.co.uk, enquiries@fundsmith.co.uk Authorised Inv Funds 179.16 0.55 1.15 Fundsmith Equity T Acc 171.20
Fundsmith Equity T Inc
-
0.53 1.16
GAM Limited (2300)F
GAM Limited
(IRL)
-0.02 0.00
-
0.91 0.00
GAM Star Flexible Gbl Port EUR Ac € 12.72
-
0.01 0.00
-
-0.01 0.00
GAM Star Flexible Gbl Port GBP Ac £ 12.48
-
0.01 0.00
-
0.07 0.00
GAM Star GAMCO US Equity Acc F $ 13.68
-
0.05 0.00
€ 16.78
-
-0.02 0.00
GAM Star Global Conv Bond USD Acc F $ 11.23
-
-0.02 0.00
Frk Mutual European EUR
€ 22.89
-
-0.07 0.00
GAM Star Global Rates USD Acc F $ 12.42
-
0.13 0.00
Frk Mutual Gbl Disc
$ 18.32
-
-0.02 0.00
GAM Star Global Selector USD Acc F $ 15.31
-
0.00 0.00
Frk Natural Resources Fd F
$ 10.34
-
0.00 0.00
GAM Star Japan Eqty USD Acc F $ 12.59
-
0.00 0.37
Frk Real Return Fd F
$ 10.95
-
-0.01 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.77
-
-0.03 0.00
Frk Strategic Income Fd
$ 14.98
-
0.00 0.00
GAM Star Local EM Rates and FX USD Acc $ 12.73
-
0.00 0.00
Frk Technology
$ 10.43
-
0.04 0.00
GAM Star North of South EM Equity Acc F $ 14.03
-
-0.06 0.02
Frk U.S. Focus Fund
$ 15.83
-
0.02 0.00
GAM Star Technology USD Acc F $ 16.66
-
0.08 0.00
Frk US Equity
$ 23.34
-
0.03 0.00
GAM Star US All Cap Eqty USD Acc F $ 14.33
-
0.00 0.00
-
0.00 0.00
GAM Star Worldwide Eqty USD Acc F $ 3523.56
-
$ 19.25
-
0.07 0.00
Frk Wrld Perspective Fd
$ 19.33
-
-0.04 0.00
GAM Limited
Tem Africa
$ 12.77
-
-0.03 0.00
Other International Funds GAM Absolute Return Bond USD $ 115.45
-
0.08 0.00
$ 39.88
-
-0.09 0.00
GAM Composite Abs Rtn GBP Listed £ 173.91
-
0.85 0.00
Tem BRIC
$ 15.93
-
-0.06 0.00
GAM Composite Abs Rtn GBP Open £ 258.44
-
1.15 0.00
Tem China
$ 24.01
-
-0.09 0.00
GAM Diversity Inc USD Open
$ 764.98
-
3.63 0.00
Tem Eastern Europe
€ 20.79
-
-0.18 0.00
GAM Multi-Emg Mkts USD Open $ 722.86
-
5.56 0.00
GAM Sterling Special Bond Inc
£ 328.48
-
0.26 5.97
Tem Euro S-Term Money Mkt Fd € 1012.57
-
0.00 0.00
GAM Trading II GBP 1.25 XL
£ 108.24
-
1.56 0.00
Tem Euroland
€ 18.18
-
-0.06 0.00
GAM Trading II Inc USD Op
$ 335.37
-
3.72 0.00
Tem European EUR
€ 19.92
-
-0.07 0.00
Tem Frontier Mkts Fund Tem Growth (Euro)
$ 21.33 € 15.04
-
GAMut Investments Inc. T Class
$ 129.15
-
1.37 0.00
-0.02 0.00 -0.02 0.00
GYS Investment Management Ltd Regulated Taurus Emerging Fund Ltd
Tem Korea
$
6.26
-
-0.10 0.00
Tem Thailand
$ 21.74
-
-0.10 0.00
(GSY)
Authorised Inv Funds IFDS Frontier MAP Balanced Fund
138.99
-
0.08 0.66
2.94 0.01 0.00
Global Bond USD
$
3.67
3.96 -0.01 0.00
Genesis Asset Managers LLP Other International Funds Emerging Mkts NAV
£
6.11
-
-0.07 0.00
Choices Wth-Pfts Lg-tm
315.06 331.53 0.01
-
Choices Wth-Pfts St-tm
267.61 281.63 0.01
-
Choices Managed
605.68 637.56 -3.55
-
Choices Equity
694.85 731.42 -3.02
-
Freedom With Pfts Long-Tm
216.77 228.17 0.00
-
Freedom With Pfts Short-Tm
195.35 205.62 0.00
-
Freedom Managed
353.91 372.54 -1.68
-
Freedom Equity
404.35 425.63 -1.63
-
Corp Pens Mananged
213.82 213.82 -1.25
-
Corp Pens Equity
226.83 226.83 -0.99
-
Corp Pens Fixed Interest
280.62 280.62 0.04
-
Corp Pens Index Linked
320.31 320.31 0.20
-
Corp Pens Deposit
189.98 189.98 0.00
-
Corp Pens Protector
316.28 316.28 0.58
-
Corp Pens UK Index Tracker
£
1.97
1.97 0.00
-
Guardian Linked Life Assurance Ltd Managed Acc £ 17.69 18.62 -0.09
-
Equity Acc
£ 32.88 34.61 -0.14
-
Fixed Interest Acc
£ 16.32 17.18 0.00
-
International Acc
£ 12.85 13.53 -0.09
-
Nth American Acc
£
6.41
6.74 -0.02
-
Pacific Acc
£
3.58
3.77 -0.02
-
European Acc
£
3.27
3.44 -0.03
-
Property Acc
£
6.64
6.99 0.00
-
Index-Linked Acc
£
6.14
6.47 0.00
-
Deposit Accum
£
4.46
4.70 0.00
-
Guardian Pensions Management Ltd Pens. Managed Acc. £ 22.88 24.08 -0.13
-
Pens. Equity Acc.
-
£ 35.00 36.84 -0.15
HPB Assurance Ltd PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343 International Insurances Holiday Property Bond Ser 1 £ 0.53 - -0.01 0.00 Holiday Property Bond Ser 2
£
0.62
-
0.00 0.00
Other International Funds Asian Market Leaders - USD
$ 27.40
-
0.01 0.00
Asian Market Leaders - GBP
£ 13.18
-
-0.01 0.00
Greater China - USD
$ 11.91
-
-0.02 0.00
Greater China - GBP
£
-
-0.01 0.00
Selected Asian P'folio
$ 50.89 50.90 0.01 0.00
Hamon Investment Group
4.63
(UK) PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Enquiries 0117 90090000 Authorised Inv Funds Hargreaves Lansdown Funds Unit Trust 249.63 262.62 -1.20 0.15 Multi-Manager Spec Sits Tst HL Multi-Manager Income & Growth Trust (Accumulation units) HL Multi-Manager Income & Growth Trust (Income units)
154.06 162.11 -0.61 4.09 97.66 102.76 -0.39 4.19
Multi-Manager Bal Mgd Tst
175.27 184.49 -0.72 0.87
HL Multi-Manager Equity & Bond Trust (Income units)
106.38 111.80 -0.22 2.84
HL Multi-Manager Equity & Bond Trust (Accumulation units)
139.87 147.00 -0.29 2.80
Multi-Manager Strategic Bond Trust A Acc
165.33 170.44 0.06 2.58
Multi-Manager Strategic Bond Trust A Inc
140.72 145.07 0.05 2.61
$ 230.16 234.86 4.33 0.00
Haussmann Hldgs NV Curacao Generali International Limited
Frontier Investment Management LLP (0700)F (UK)
2.73
Hargreaves Lansdown Fd Mgrs (1100)F
Tem Asian Sml Comp Fd
0.01 0.00
Offer D+/- Yield
€
-2.09 0.33
Frk US Sml Mid Cap Gth F
-
Bid
EU Multi-Strategy Managed
(UK) Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Insurances Guardian Assurance Property Bond £ 22.91 23.87 0.00 -
-
$ 11.49
Fund
Guardian
GAM Star European Eqty USD Acc F $ 22.25
-
0.01 1.69
Fund
0.11 0.00
Tem Emerging Mkts Sml Comp Fd $ 10.22
3.51
-
$ 30.75
-0.10 5.62
£
0.00
Frk India
-0.11 5.60
(LUX) 8A rue Albert Borschette / L-1246 Luxembourg www.franklintempleton.co.uk UK freephone 0 800 305 306 FCA Recognised Class A Dis Frk Gbl R.Estate (USD) A Dis $ 9.73 - -0.01 2.38
-
4.90
Offer D+/- Yield
-0.01 5.62
Institutional OEIC Funds America
1.04
Bid
0.00 5.55
23 St Andrew Square, Edinburgh, EH2 1BB enquiries@firststate.co.uk Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Authorised Funds 958.94 0.10 0.01 Asia Pacific A Shares
Fidelity PathFinder Income 3 Income (clean) £
Fund
Frk US Opportunities
Franklin Emg Mkts Debt Opp SGD S$ 24.81
-
-
Frk UK Opport A Inc
Tem Glb TotRet Bond A Acc
Findlay Park Funds Plc
(UK)
PO Box 23676, Edinburgh EH7 5WS 0207 073 8690 Freefone 0800 305 306 enquiries@franklintempleton.co.uk Authorised Inv Funds Franklin Templeton Funds (OEIC) Class A Frk Europ. Opp A Acc £ 2.10 0.00 1.46
Franklin Emg Mkts Debt Opp GBP £ 11.37
1.04
0.91 0.00
FourWinds Capital Management (UK) Limited (LUX)
Franklin Emg Mkts Debt Opp EUR € 13.39
Fidelity PathFinder Income 2 Gross Income (clean) £
-
Franklin Templeton Fund Mgt Limited £
Global Health Care A-GBP
(GSY)
-
Retail Share Classes Emerging Markets - retail
China Focus A-GBP
$ 35.95
Offer D+/- Yield
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 International Insurances Global Multi-Strategy Managed $ 4.92 5.30 0.02 0.00 UK Multi-Strategy Managed
£
4.83
5.20 0.02 0.00
Other International Funds Haussmann Holdings NV Cls A
$ 2628.38
-
45.57 0.00
Haussmann Holdings NV Cls C
€ 2295.92
-
40.45 0.00
Haussmann Holdings NV Cls D SFr 1231.96
-
21.45 0.00
18 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Bid
Hermes US SMID Equity Fund Class R Acc €
138.35
-
Offer D+/- Yield 2.86 0.01 0.00
Fund
Bid F
Global Bd Inc (Gross)
China Opportunities A Acc
789.30
-
-
-0.26 0.11
-
0.02 0.00
-0.21 0.00
Global Bond Inc
F
79.73
-
0.00 1.09
Emerging Countries (No Trail) Inc
F
162.01
-
-0.24 1.00
Invesco Global Technology A
$ 15.19
-
0.03 0.00
51.37
-
0.02 3.82
Emerging European (No Trail) Acc
F
83.78
-
0.08 3.16
Invesco UK Eqty A
£
8.00
-
0.01 1.15
Invesco UK Eqty Income A
£ 29.13
-
0.12 0.00
0.20 3.42 0.10 3.49 -0.20 0.57 0.00 0.35 0.10 1.10
(UK) 4.99
5.30 -0.06 4.01
82.53
Fixed Interest Monthly Income A Inc
22.19 23.28 0.00 6.36
Global Equity Income A Inc Global Growth Fund Global Strategic Capital Acc Global Technology A Acc
48.35
-
0.04 1.43
0.30 0.07
-
1.20 0.00
-
-0.10 0.00
Multi-Manager Active A Acc
170.40
-
0.10 0.00
129.40
-
-0.50 2.52
Multi-Manager Diversified A Acc
77.63
-
-0.13 2.72
Multi-Manager Income & Growth A Acc
148.90
-
-0.40 2.07
Multi-Manager Income & Growth A Inc
140.20
-
-0.40 2.09
Multi-Manager Managed A Acc
222.80
-
0.00 0.00
Sterling Bond Acc Sterling Bond Inc
219.60
-
-
-0.01 0.00
Env Mkts (Ire) USD A
$
1.88
-
0.00 0.00
-
0.00 5.96
534.30
-
-0.40 0.17
UK Absolute Return A Acc
139.10
-
0.20 0.00
103.70 627.10
-
-0.10 1.20 1.80 3.26
UK Index A Acc
501.00
UK Property A Acc
193.08 203.24 0.05 4.04
-
0.90 2.20
97.68 102.81 0.03 4.16
UK Tracker A Acc
230.60
-
0.30 1.72
US Growth A Acc
719.60
-
0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL) www.invil.mu Other International Funds NAV
(IRL) Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 FCA Recognised Hermes Active UK Inflation Fund Class F Acc £ 1.14 1.14 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc £ Hermes Asia Ex-Japan Equity Fund Class R Acc €
1.47 2.95
1.47 0.00 0.00 2.95 -0.01 0.00
Hermes Global Emerging Markets Fund Class F Acc £
1.20
1.20 0.00 0.00
Hermes Global Emerging Markets Fund Class R Acc €
2.81
2.81 -0.01 0.00
Hermes Global Equity Fund Class F Acc £
1.41
1.41 0.00 0.00
Hermes Global Equity Fund Class R Acc €
3.44
3.44 0.00 0.00
Hermes Global ESG Equity Fund Class F Acc £
1.07
1.07 0.00
Hermes Global High Yield Bond Fund Class F Acc £ Hermes Global High Yield Bond Fund Class R Acc €
1.19 2.86
-
1.19 0.00 0.00 2.86 0.00 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £
1.01
1.01 -0.01
Hermes Sourcecap EU Alpha Fund Class F Acc £
1.25
1.25 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.23
1.23 0.00 1.80
Hermes Sourcecap EU Alpha Fund Class R Acc €
2.80
2.80 0.00 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ Hermes Sourcecap EX UK Fund Class R Acc €
1.28 2.78
-
1.28 0.01 0.00 2.78 0.00 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £
1.41
1.41 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R Acc €
3.93
3.93 0.01 0.00
Hermes US SMID Equity Fund Class F Acc £
1.45
1.45 0.01 0.00
-
0.02 3.82
Emerging European (No Trail) Inc
F
76.38
-
0.08 3.26
50.84
-
0.01 3.84
European Equity (No Trail) Acc
F
144.90
-
0.03 1.68
50.85
-
0.02 3.84
European Equity (No Trail) Inc
F
125.77
-
0.03 1.70
Global Equity (acc)
F
463.80
-
0.88 0.69
European Equity Income (No Trail) Acc
F
147.65
-
0.38 2.51
Global Equity (inc)
F
423.03
-
0.80 0.69
European Equity Income (No Trail) Inc
F
118.01
-
0.31 2.55
£
5.99
-
0.03 0.00
Global Equity Income Acc
F
114.67
-
0.10 2.67
European High Income (No Trail) Acc
F
163.69
-
-0.01 3.40
Global Equity Income Inc
F
96.36
-
0.08 2.72
European High Income (No Trail) Inc
F
123.10
-
-0.02 3.46
Gbl Financial Capital Acc
84.91
-
0.02 4.48
Invesco Perpetual High Yield Fund acc (No trail)
220.90
-
0.12 4.26
Invesco Asia Consumer Demand Fund A income $ 14.52
-
0.02 0.19
Gbl Financial Capital Inc
75.90
-
0.02 4.62
Invesco Perpetual High Yield Fund inc (No trail)
171.17
-
0.09 4.35
Invesco Asia Infrastructure (A)
$ 13.87
-
-0.04 1.26
-
-0.49 0.00
IVI European Fund GBP
£ 17.20
-
-0.03 0.32
87.75
-
0.02 4.99
European Opportunities (No Trail) Acc
F
165.96
-
0.34 0.91
Gbl Financial Cap Inc Gross
76.28
-
0.02 5.20
European Opportunities (No Trail) Inc
F
158.60
-
0.32 0.91
Invesco Absolute Return Bond Fund A €
2.88
-
0.00 0.00
Invest AD - Emerging Africa Fund $ 1343.84
-
-12.30 0.00
-
-0.01 0.00
Invest AD - GCC Focus Fund
-
0.55 0.00
F
208.33
-
-0.75 0.44
-
5.33 0.00
Global Balanced Index (No Trail) Acc
F
150.90
-
-0.37 2.37
Invesco Capital Shield 90 (EUR) A € 11.97
-
0.00 0.00
1544.62
-
5.11 0.00
Global Bond (No Trail) Acc
F
134.56
-
0.00 1.33
Invesco Emerging Europe Equity Fund A $ 10.22
-
-0.03 0.00
54.51
-
-0.11
Global Bond (No Trail) Inc
F
123.75
-
0.00 1.34
Invesco Emerging Local Currencies Debt A Inc $
9.35
-
-0.02 5.27
750.76
-
3.10 3.55
102.89
-
0.03
-
Invesco Emerging Mkt Quant.Eq. A $ 11.99
-
-0.05 0.00
-
Invesco Energy A
$ 30.86
-
0.02 0.00
0.39 1.14
Invesco Euro Corporate Bond Fund (A) € 17.02
-
0.00 0.00
-
-0.03 0.00
F F
427.51 107.22
High Yield Fund Acc (Gross) High Yield Fund Inc High Yield Fund Inc (Gross) Hong Kong & China Acc
F
-
-
1.77 3.64 0.05 4.07
Glbl Distribution Acc (No Trail) Glbl Distribution Inc (No Trail)
101.85
Global Equity (No Trail) acc
203.54
F
-
0.04
123.64
-
0.07 4.05
Global Equity (No Trail) inc
190.48
-
0.36 1.15
Invesco Euro Inflation Linked Bond A € 15.53
44.60
-
0.02 4.15
Global Equity Income (No Trail ) Acc
F
235.81
-
0.21 2.65
Invesco Euro Reserve A
€ 322.88
-
0.00 0.00
€
F
44.67
-
0.03 4.16
Global Equity Income (No Trail) Inc
F
198.16
-
0.17 2.71
Invesco European Bond A
6.64
-
-0.01 0.00
468.61
-
-0.03 0.76
Global ex UK Core Equity Index ( No Trail) Acc
F
161.04
-
0.04 1.84
Invesco European Growth Equity A € 21.39
-
-0.03 0.00
F
187.42
-
0.08 1.97
Invesco Global Absolute Return Fund A Class € 11.43
-
-0.02 0.00
Income & Growth Acc
F
903.17
-
1.97 3.68
Global ex UK Enhanced Index ( No Trail) Acc
Income & Growth Inc
F
406.90
-
0.89 3.77
Gbl Fin Cap No Trail Acc
172.02
-
0.04 4.46
Invesco Global Bond A Inc
5.73
-
0.00 1.00
Gbl Fin Cap No Trail Inc
153.79
-
0.04 4.60
Invesco Global Equity Income Fund A $ 60.79
-
0.03 0.00
230.07
-
0.66 1.10
Invesco Global Inc Real Estate Sec A dist $
9.52
-
0.00 2.61
-
-0.02 3.18
Income Acc
F
2912.94
-
12.08 3.45
Income Inc
F
1696.15
-
7.03 3.54
F F
Global Opportunities (No Trail) Acc
F
$
280.76
-
0.19 0.19
Global Smaller Companies (No Trail) Acc
F
234.53
-
0.78 0.43
Invesco Global Inv Grd Corp Bond A Dist $ 11.72
66.33
-
-0.27 0.00
Global Smaller Companies (No Trail) Inc
F
225.58
-
0.75 0.43
Invesco Global Leisure A
$ 34.79
-
0.05 0.00
Invesco Global Smaller Comp Eq Fd A $ 56.64
-
0.21 0.00
Latin America Acc
F
162.75
-
0.52 1.27
Global Targeted Rets (No Trail) Acc
109.56
-
-0.23
Latin America Inc
F
136.89
-
0.43 1.29
High Income (No Trail) Acc
F
159.60
-
0.66 3.53
Invesco Global Structured Equity A $ 43.84
-
0.01 0.95
F
121.13
-
0.50 3.62
Invesco Global Total Ret.(EUR) Bond Fund A € 13.10
-
0.00 0.00
184.76
-
-0.01 1.23
Invesco Gold & Precious Metals A $
5.97
-
0.08 0.00
$ 49.38
-
0.00 0.00
Managed Growth Acc
F
158.23
-
0.21 0.84
High Income (No Trail) Inc
Managed Growth Inc
F
132.52
-
0.18 0.84
Hong Kong & China (No Trail) Acc
F
-
Managed Income Acc
F
155.07
-
0.24 2.96
Income & Growth (No Trail) Acc
F
211.38
-
0.46 3.67
Invesco Greater China Equity A
Managed Income Inc
F
98.16
-
0.16 3.02
Income & Growth (No Trail) Inc
F
173.76
-
0.38 3.76
Invesco India Equity A
$ 49.34
-
0.37 0.00
89.96
-
0.00 0.31
Income (No Trail) Acc
F
159.13
-
0.66 3.44
Invesco Japanese Equity Adv Fd A ¥ 3225.00
-
3.00 0.00
-1.20 0.71
Monthly Income Plus Acc (Gross) Monthly Income Plus Inc
F F
Money Acc (Gross)
Monthly Income Plus Acc
F
Asian Equity Income Acc
F
63.49
-
-0.23 3.80
Asian Equity Income Inc
F
56.14
-
-0.21 3.91
Monthly Income Plus Inc (Gross)
Balanced Risk 6 Acc
53.12
-
-0.13 0.00
Pacific Acc
Balanced Risk 8 Acc
54.84
-
-0.18 0.04
Pacific Inc
Balanced Risk 10 Acc
56.60
-
-0.23 0.27
Tactical Bond Acc
389.45
-
0.19 1.72
Tactical Bond Inc
F
F
F
Global Targeted Rets Acc
Asian Inc
-
European Smaller Companies (No Trail) Acc
Global Smaller Cos Inc
Money Acc
420.91
0.25 0.65
1614.71
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Dealing: 0800 085 8571 Investor Services: 0800 085 8677 Broker Services: 0800 028 2121 www.invescoperpetual.co.uk Authorised Inv Funds INVESCO PERPETUAL Funds 465.00 - -1.32 0.71 Asian Acc F F
-
F
Japanese Smlr Cos Acc
(UK)
89.93
Invesco Balanced Risk Allocation Fund A € 15.18
Global Smaller Cos Acc
Japan Acc
Invesco Fund Managers Ltd
F
F
95.03
-
0.00 0.31
Income (No Trail) Inc
F
121.98
-
0.51 3.53
Invesco Japanese Value Eq Fd A ¥ 1069.00
-
2.00 0.00
292.80
-
0.18 4.91
Japan (No Trail) Acc
F
132.63
-
0.09 0.71
Invesco Latin American Equity A $ 10.02
-
-0.01 0.00
340.44
-
0.22 4.88
Japanese Smaller Companies (No Trail) Acc
F
167.96
-
-0.70 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 977.00
-
-7.00 0.00
112.82
-
0.07 5.02
Latin American (No Trail) Acc
F
156.45
-
0.50 1.85
Invesco Pan European Equity A EUR Cap NAV € 18.02
-
0.00 0.00
-
0.00 2.59
112.98
-
0.08 5.02
Latin American (No Trail) Inc
F
142.89
-
0.46 1.88
Invesco Pan European High Income Fd A € 13.78
F
995.42
-
0.34 0.34
Managed Growth (No Trail) Acc
F
190.88
-
0.26 1.31
Invesco Pan European Small Cap Equity A € 18.94
-
-0.06 0.00
F
917.40
-
0.32 0.34
Managed Growth (No Trail) Inc
F
177.39
-
0.24 1.32
Invesco Pan European Structured Equity A € 14.75
-
-0.02 0.00
F
68.66
-
0.01 2.47
Managed Income (No Trail) Acc
F
184.99
-
0.29 2.95
Invesco UK Investment Grade Bond A £
0.95
-
0.00 2.67
F
60.22
-
0.01 2.51
Managed Income (No Trail) Inc
F
157.05
-
0.25 3.01
Invesco US Structured Equity A
$ 22.14
-
0.03 0.00
F
Corporate Bd Acc (Gross)
F
201.03
-
0.01 3.74
Tactical Bond Acc (Gross)
F
71.09
-
0.01 2.46
Monthly Income Plus (No Trail) Acc
F
167.88
-
0.10 4.90
Invesco US Value Eq Fd A
$ 33.31
-
0.09 0.00
Corporate Bd Inc (Gross)
F
90.23
-
0.01 3.85
Tactical Bond Inc (Gross)
F
60.32
-
0.01 2.51
Monthly Income Plus (No Trail) Inc
F
110.54
-
0.07 5.00
Invesco USD Reserve A
$ 87.02
-
0.00 0.00
Corporate Bond Acc
F
180.44
-
0.01 3.77
UK Aggressive Acc
F
201.85
-
-0.01 1.38
Pacific (No Trail) Acc
F
183.59
-
0.07 0.79
Corporate Bond Inc
F
89.92
-
0.00 3.86
UK Aggressive Inc
F
170.94
-
-0.01 1.40
Pacific (No Trail) Inc
F
175.67
-
0.07 0.85
108.22
-
0.13 4.24
UK Growth Acc
F
536.84
-
0.37 1.71
Tactical Bond (No Trail) Acc
F
139.87
-
0.02 2.94
122.64
-
0.15 4.21
UK Growth Inc
F
346.47
-
0.25 1.74
Tactical Bond (No Trail) Inc
F
120.67
-
0.03 3.00
65.63
-
0.08 4.32
UK Smaller Cos Equity Acc
F
736.08
-
-1.18 0.63
UK Aggressive (No Trail) Acc
F
165.09
-
-0.01 1.85
65.63
-
0.07 4.32
UK Smaller Cos Equity Inc
F
567.69
-
-0.91 0.64
UK Aggressive (No Trail) Inc
F
141.98
-
-0.01 1.88
Distribution Acc
F
Distribution Acc (Gross) Distribution Inc
F
F
Distribution Inc (Gross)
F F
263.81
-
-0.39 0.49
UK Strategic Income Acc
F
169.42
-
0.54 3.63
UK Enhanced Index (No Trail) Acc
F
394.86
-
0.54 3.15
Emerging Countries Inc
F
240.02
-
-0.35 0.49
UK Strategic Income Inc
F
131.23
-
0.42 3.73
UK Enhanced Index (No Trail) Inc
F
259.13
-
0.35 3.23
Emerging European Acc
F
40.51
-
0.04 2.58
US Equity Acc
528.93
-
1.22 0.00
UK Growth (No Trail) Acc
141.16
-
0.10 2.17
F
37.91
-
0.04 2.64
European Equity Acc
F
825.52
-
0.18 1.24
European Equity Inc
F
714.02
-
0.15 1.25
European Equity Income Acc
F
72.09
-
0.18 2.52
European Equity Income Inc
F
57.61
-
0.15 2.56
European High Income Acc
F
79.83
-
0.00 3.41
European High Income Inc
F
60.03
-
-0.01 3.46
European Opportunities Inc
F
78.00
-
0.15 0.45
European Opportunities Acc
F
79.73
-
0.15 0.45
170.63
-
-0.61 0.00
European Smlr Cos Acc Global Bd Acc (Gross)
F F
127.38
-
0.00 1.08
Invesco Global Asset Management Ltd
Invesco Asian Equity A
$
7.22
-
-0.02 0.10
Invesco ASEAN Equity A
$ 109.17
-
-0.16 0.57
$ 28.47
Invesco Continental Eurp Small Cap Eqty A $ 207.60
F
Invesco Perpetual Funds (No Trail) 193.73 Asian (No Trail) Acc F Asian (No Trail) Inc
F
Asian Equity Income (No Trail) Acc
F
Asian Equity Income (No Trail) Inc Balanced Risk 6 No Trail Acc
Corporate Bond (No Trail) Acc Corporate Bond (No Trail) Inc Distribution (No Trail) Acc
-0.50
129.22
-
-0.47 3.79
114.27
F
114.62 F F
-0.54 1.20
-
111.08
Balanced Risk 10 No Trail Acc
-
178.38
107.64
Balanced Risk 8 No Trail Acc
UK Growth (No Trail) Inc
160.21
-
-
-0.42 3.90 -0.27 0.20 -0.36 0.45 -0.47 0.67 0.01 4.00
F F
118.09
-
0.09 2.23
F
238.25
-
-0.38 1.17
UK Smaller Companies Equity (No Trail) Inc
F
222.36
-
-0.35 1.19
UK Strategic Income (No Trail) Acc
F
669.04
-
2.15 3.62
UK Strategic Income (No Trail) Inc
F
518.28
-
1.66 3.71
218.98
-
0.51 0.37
-0.07 0.00
-
-0.08 0.00
-
0.00 4.57
7.96
-
-0.01 0.08
£ 14.03
-
-0.01 1.54
Invesco Global Small Cap Equity A NAV $ 125.00
-
0.44 0.00
Invesco Global High Income A NAV $ 13.46 Invesco Gbl R/Est Secs A GBP F F £ F
-
-0.04 2.03
Invesco Emerging Markets Bond A $ 22.11
Invesco Gilt A
US Equity (No Trail) Acc
-
Invesco Emerging Markets Equity A $ 43.22
Invesco Continental European Equity A € UK Smaller Companies Equity (No Trail) Acc
(IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 FCA Recognised Invesco Stlg Bd A QD F £ 2.62 0.00 3.93
Invesco Bond A
Emerging Countries Acc
Emerging European Inc
Client services: +971 2 692 6101 clientservices@InvestAD.com Other International Funds Invest AD - Iraq Opportunity Fund $ 82.20 2.80 0.00
Gbl Financial Cap Acc Gross
High Yield Fund Acc (IRL) 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 FCA Recognised IVI European Fund EUR € 15.70 - -0.02 0.00
Invest AD
Invesco Asia Opportunities Equity A $ 107.24
High Income Inc
Intrinsic Value Investors (IVI) LLP
Invesco
(LUX) Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 FCA Recognised Invesco Management SA Invesco Asia Balanced A dist $ 16.54 - -0.08 2.82
High Income Acc
Childrens Acc
Hermes Investment Funds Plc
51.51
Glbl Distribution Inc
Global Opportunities Acc
60.20 62.90 -0.05 3.20 128.30
UK Property A Inc
1.90
188.87 197.34 -0.14 3.15
Strategic Bond A Inc
UK Equity Income A Inc
€
0.00 0.00
UK & Irish Smaller Companies A Acc
UK Alpha A Acc
Env Mkts (Ire) Euro A
184.87 195.10 0.02 0.00
134.60
Multi-Manager Managed A Inc
(IRL) Norfolk House, 31 St James's Square, London, SW1Y 4JR FCA Recognised Env Mkts (Ire) Stl A £ 2.21 - -0.02 0.00
0.11 3.88
Multi-Manager Absolute Return A Acc
Multi-Manager Distribution A Inc
Impax Asset Management
1814.23 1894.95 -0.41 0.00
855.50
Glbl Distribution Acc (Gross)
Glbl Distribution Inc (Gross)
2.00 0.52
European Special Situations A Acc
-
Offer D+/- Yield
$ 52.44
-
187.20
$ 52.44
Invesco Pacific Equity A
-
Global Care Growth A Inc
Bid
Invesco PRC Equity A
-0.25 0.99
151.30
-
Fund
-
155.60
-
Offer D+/- Yield
171.89
Emerging Markets Opportunities A Acc
1234.00
Bid
0.14 4.31
F
European Growth A Acc European Selected Opportunities A Acc
Fund
-
Emerging Countries (No Trail) Acc
96.07 101.39 -0.42 6.15
151.80
Offer D+/- Yield
113.95
0.00 1.08
(UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 www.henderson.com Authorised Inv Funds Asia Pacific Capital Growth A Acc 754.30 0.00 0.09
Cautious Managed A Inc
F
-
Henderson Global Investors
-
Distribution (No Trail) Inc
120.02
Property & Other UK Unit Trusts Property £
236.60
Bid
0.00 1.09
F
Hermes Property Unit Trust
Cautious Managed A Acc
Fund
-
Global Bond Acc
Glbl Distribution Acc
Asian Dividend Income Inc
Offer D+/- Yield
79.83
(IRL)
Heartwood Wealth Management Limited Regulated Heartwood Caut Multi Asset B Acc
2.86
Invesco Global Health Care A Invesco Global Select Equity A Invesco Jap Eqty Core A
7.33
$ 123.59 $ 13.97 $
1.76
-
-0.01 5.25 0.00 0.82 0.07 0.00 0.02 0.00 0.00 0.00
118.92
-
0.00 4.10
Invesco Japanese Equity A
$ 18.15
-
0.02 0.00
165.05
-
0.19 4.22
Invesco Korean Equity A
$ 29.29
-
-0.08 0.00
$ 1986.10
JPMorgan Asset Mgmt (1200)F
(UK)
60 Victoria Embankment, London EC4Y 0JP Brokerline: 0800 727 770, Clients: 0800 20 40 20 Authorised Inv Funds JPM Retail OEIC (A class unless stated) America Eq Fd A - Net Acc 54.95 -
-0.06 0.00
America Eq Fd A - Net Inc
-0.06 0.00
54.95
-
Asia Acc
123.10
-
0.20 0.38
Asia Inc
68.50
-
0.07 0.38
Cautious Managed Rt Acc
63.17xd
-
-0.03 0.23
Cautious Managed Rt Inc
55.62xd
-
-0.03 0.23
Diversified Real Ret Acc
52.75xd
-
-0.02 0.91
Diversified Real Ret Inc
51.78xd
-
-0.01 0.93
Emerging Mkts Acc
156.70
-
-0.20 0.57
Emerging Mkts Inc
67.83
-
-0.11 0.58
Emrg Mkts Inc Acc... C
58.60xd
-
-0.36 4.19
Emrg Mkts Inc Inc... C
54.09xd
-
-0.33 4.33
Europe Acc
1013.00
-
0.00 1.38
Europe Inc
59.16
-
0.00 1.39
Eur Dynamic exUK Acc
155.70
-
0.20 0.96
Eur Dynamic exUK £ hdg Acc
165.70
-
0.20 0.88
72.09
-
0.13 0.98
Eur Dynamic exUK Inc Eur Smaller Cos Acc
403.50
-
0.80 0.38
Eur Smaller Cos Inc
52.48
-
0.11 0.38
Fusion Balanced Acc
53.29
-
-0.08 0.00
Fusion Balanced Inc
53.28
-
-0.08 0.00
Fusion Conservative Acc
52.81
-
-0.07 0.00
Fusion Conservative Inc
52.79
-
-0.07 0.00
Fusion Growth Acc
54.50
-
-0.11 0.00
Fusion Growth Inc
54.49
-
-0.12 0.00
Fusion Growth + Acc
55.53
-
-0.13 0.00
Fusion Growth + Inc
55.53
-
-0.14 0.00
Fusion Income Acc...C
52.56
-
-0.07 1.81
Fusion Income Inc...C
51.53
-
-0.07 1.82
Global Allocation A-Net Acc
52.45
-
0.05 0.00
Global Allocation A-Net Inc
52.45
-
0.05 0.00
Global Equity Acc
933.80
-
3.10 0.49
Global Equity Inc
69.49
-
0.23 0.49
Global Bond exUK Acc
242.20xd
-
-0.20 0.84
Global Bond exUK Inc
191.70xd
-
-0.20 0.84
89.19
-
0.35 0.51
Global Consumer Trends Acc Global Consumer Trends Inc
84.97
-
0.33 0.51
Global Eq Income £ hdg Acc... C
65.30xd
-
0.13 3.56
Global Eq Income £ hdg Inc ... C
48.75xd
-
0.10 3.65
Global Eq Income Acc... C
67.27xd
-
0.11 3.57
Global Eq Income Inc ... C
60.74xd
-
0.10 3.65
Global Financials Acc
706.70
-
1.10 0.74
Global Financials Inc
40.54
-
0.06 0.74
Global High Yield Bond A Mth Net Inc
40.54xd
-
-0.08 6.73
Global High Yield Bond Acc ... C
100.80xd
-
-0.20 6.34
FTfm | 19
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Global High Yield Bond Inc ... C
40.69xd
Offer D+/- Yield -
-0.08 6.42
Global Convertible A Hdg EUR(Dis) F € 15.47
-
-0.18 0.25
Global Property Secs Acc
54.17xd
-
0.06 0.87
Global Convertible B Hdg EUR (Cap) F € 16.80
-
-0.01 0.00
Global Property Secs Inc
47.02xd
-
0.05 0.88
Global Convertible A Hdg CHF (Dis) FSFr 22.48
-
-0.02 0.22
Kames Capital VCIC
-0.02 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 FCA Recognised 0.35 Absolute Return Bond B GBP Acc 1070.72 -
Income Fd A - Net Acc
50.56xd
-
0.06
-
Income Fd A - Net Inc
50.00xd
-
0.06
-
Japan Acc
228.80
-
-1.00 0.00
Japan Inc
55.06
-
-0.25 0.00
Multi-Asset Inc A Mth Net Inc
66.83xd
-
-0.03 0.61
Multi-Asset Inc Acc... C
85.15xd
-
-0.03 3.52
Multi-Asset Inc Inc... C
66.87xd
-
-0.02 3.60
Multi-Asset Macro Acc
53.75
-
0.01 0.00
Fund
Bid
Global Convertible B Hdg CHF (Cap) FSFr 24.78
Offer D+/- Yield
-
Swiss & Global Asset Management
(LUX)
53.75
-
0.01 0.00
Multi-Manager Growth Acc
680.20
-
0.90 0.40
funds@swissglobal-am.com, www.jbfundnet.com Regulated 0.06 0.00 JB BF ABS-EUR B € 105.40 -
Multi-Manager Growth Inc
637.80
-
0.90 0.40
JB BF Abs Ret Def-EUR B
€ 114.22
-
-0.04 0.00
Natural Resources Acc
616.70
-
0.90 0.03
JB BF Abs Ret EM-USD B
$ 120.83
-
0.00 0.00
Natural Resources Inc
43.72
-
0.07 0.02
JB BF Abs Ret-EUR B
€ 134.42
-
-0.03 0.00
New Europe Acc
175.80
-
-0.90 2.25
JB BF Abs Ret Pl-EUR B
€ 134.34
-
-0.06 0.00
New Europe Inc
42.87
-
-0.20 2.33
JB BF EM Corporate-USD B
$ 108.31
-
0.02 0.00
Portfolio Acc
189.60
-
0.30 1.03
JB BF EM Infl Link-USD B
$ 106.99
-
0.06 0.00
Sterling Corporate Bond Acc
79.14xd
-
-0.06 2.87
JB BF EM Inv Grade-USD B
$ 101.02
-
-0.09 0.00
Sterling Corporate Bond Inc
50.74xd
-
-0.04 2.89
JB Emerging (EUR)-EUR B
€ 341.51
-
0.18 0.00
Strategic Bond Acc
68.96xd
-
0.05 3.30
JB Emerging (USD)-USD B
$ 422.28
-
0.31 0.00
Strategic Bond Inc
58.90xd
-
0.04 3.32
JB BF Local EM-USD B
$ 312.78
-
0.04 0.00
UK Active Index + E Acc
275.70
-
0.60 2.80
JB BF Total Ret-EUR B
€ 100.37
-
-0.10 0.00
UK Active Index + E Inc
53.55
-
0.10 2.89
JB EF Abs Ret Eur-EUR B
€ 115.32
-
-0.10 0.00
UK Dynamic Acc
145.50xd
-
0.20 1.32
JB EF Euro Value-EUR B
€ 193.21
-
-0.73 0.00
UK Dynamic Inc
120.80xd
-
0.20 1.34
JB EF Japan-JPY B
¥ 14982.00
-
3.00 0.00
UK Eq & Bond Inc Acc ... C
135.80xd
-
0.10 3.30
JB EF Luxury B-EUR B
€ 203.07
-
UK Eq & Bond Inc Inc ... C
82.42xd
-
0.05 3.37
JB Ms EF Special Val. EUR/A
€ 136.81
UK Focus Acc
73.23xd
-
0.13 0.96
JB Strategy Balanced-CHF/B
UK Focus Inc
62.90xd
-
0.11 0.95
UK Higher Inc Acc ... C
865.90xd
-
UK Higher Inc Inc ... C
524.70xd
UK Managed Equity Acc
Multi-Asset Macro Inc
Fund Property Income B Inc
Bid £
Offer D+/- Yield
1.05
-
0.00
-
(IRL)
548.27
-
-0.10 3.73
High Yield Global Bond B GBP Inc
1139.51
-
-0.20 4.24
Investment Grade Global Bd A GBP Inc
557.17
-
0.33 2.39
Kames Global Equity Income B GBP Acc £ 10.66
-
0.01
-
Kames Global Equity Income B GBP Inc £ 10.55
-
0.01
-
Strategic Global Bond A GBP Inc
1106.36
-
-0.44 0.98
Strategic Global Bond B GBP Inc
627.56
-
-0.24 1.50
UK Omega Acc
201.00
-
UK Omega Inc
192.80
-
UK Smaller Cos Inc
1580.00
-
Leumi Global Managers Fund
Fund Emerg. Eq. Risk Par.(USD) PA
Bid
Offer D+/- Yield
0.50 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr
8.38
-
0.00 0.00
Lothbury Property Trust (UK)
0.40 0.08
Emerg.Loc.Cur.Bd.Fdt PA
9.68
-
-0.03 0.00
3.00 0.95
Emerg.Loc.Cur.Bd.Fdt PA
€ 11.52
-
-0.03 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Property & Other UK Unit Trusts Lothbury Property Trust GBP £ 1553.69 1666.58 13.67 3.36
Emerg.Loc.Cur.Bd.Fdt PA
$ 10.36
-
0.00 0.00
SFr
-0.03 0.00
(LUX)
Euro BBB-BB Fdt PA
SFr 15.75
-
0.01 0.00
$ 161.19
-
0.01 0.00
Euro BBB-BB Fdt PA
€ 12.34
-
0.01 0.00
€ 150.65
-
0.27 0.00
Euro BBB-BB Fdt PA
£ 10.86
-
0.01 0.00
LGM Equity P USD
$ 114.26
-
0.01 0.00
Euro BBB-BB Fdt PA
$ 17.54
-
0.01 0.00
LGM Conservative 80/20 USD
$ 154.69
-
-0.04 0.00
Euro Credit Bd PA F
€ 12.84
-
0.00 0.00
LGM Conservative 80/20 Euro
€ 150.18
-
-0.12 0.00
Euro Government Fdt PA
€ 12.12
-
-0.01 0.00
-0.02 0.00
Euro Inflation-Lk Fdt PA
€ 11.98
-
-0.01 0.00
€ 18.25
-
0.01 0.00
-
LGM Dynamic Fixed Income
$ 188.53
-
-0.06 0.00
Europe High Conviction PA
€
9.67
-
0.04 0.00
LGM European Equity
€ 99.17
-
-0.18 0.00
Eurozone Small&Mid Caps PA
€ 42.75
-
0.05 0.00
Fdmt.Eq.L/S SH Sd EUR PA
€ 10.09
-
0.02
-
Lloyds Investment Fund Managers Limited (1000)F (JER)
Fdmt.Eq.L/S SH Sd USD PA
$ 10.09
-
0.02
-
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 FCA Recognised Lloydstrust Gilt £ 11.8100 - -0.0200 2.71
Gl Aggregate High Conv PA
$ 19.55
-
0.01 0.00
Gbl.Gov.Fdt SH (EUR) PA
€
9.97
-
0.00 0.00
0.00 2.01
Lloyds Investment Funds Limited Euro High Income € 1.6910
-
-0.0020 3.67
Gbl.Gvt.Fdmt PA
€
9.97
-
-0.03 0.00
0.00 2.00
European
-
-0.0100 0.97
Gbl.Gvt.Fdmt.(CHF) PA
SFr 24.17
-
-0.09 0.00
Gbl.Gvt.Fdt.SH (CHF) PA
SFr 26.36
-
0.00 0.00
-0.80 1.38
Capital Growth B Acc
164.85
-
0.00 1.10
Capital Growth B Inc
159.26
-
0.00 1.07
£ 7.6160
Enterprise Equity Income Inc
110.47
-
0.20 3.78
High Income
£ 0.8742xd
-
-0.0014 5.27
Enterprise Equity Income Acc
156.33
-
0.29 3.69
International
£ 4.4690
-
-0.0090 1.10
Gbl.5B Fdmt (EUR) PA
€ 10.84
-
0.00 0.00
Gbl.5B Fdmt (CHF) PA
SFr 10.73
-
0.00 0.00
$ 10.93
-
0.00 0.00
Generation Global (CHF) PA F
SFr 12.04
-
-0.02 0.00
Generation Global (EUR) PA F
€ 16.41
-
-0.01 0.00
Endeavour Multi-Asset Balanced Fund A Acc
129.80
-
-0.54 0.81
North American
£ 15.0900
-
-0.0200 0.09
Endeavour Multi-Asset Balanced Fund A Inc
123.89
-
-0.51 0.81
Sterling Bond
£ 1.4630
-
-0.0030 3.79
Enterprise Fixed Income Net Acc A
118.11
-
-0.15 3.44
UK
£ 7.2000
-
-0.0260 1.42
-0.34 3.44
-0.75 0.00
Lloyds Gilt Fund Limited Lloyds Gilt Fund Quarterly Share £ 1.2240
-
-0.0020 2.22
Generation Global (USD) PA F
$ 14.46
-
0.02 0.00
-
0.22 0.00
Monthly Share
£ 1.1760xd
-
-0.0020 2.22
Global Energy (USD) PA F
$ 12.34
-
0.03 0.00
SFr 153.26
-
-0.15 0.00
SFr 20.21
-
0.05 0.00
JB Strategy Balanced-EUR
€ 151.71
-
Golden Age (EUR) PA
€ 13.71
-
0.04 0.00
1.70 3.84
JB Strategy Balanced-USD/B
$ 133.09
Golden Age (USD) PA F
$ 19.07
-
0.05 0.00
-
1.00 3.96
JB Strategy Growth-CHF/B
Japan Small & Mid Caps PA
¥ 2924.00
-
-6.00 0.00
66.28xd
-
0.09 1.97
JB Strategy Growth-EUR
Sh.T- Money Mkt EUR PA
€ 112.44
-
0.00 0.00
UK Managed Equity Inc
57.02xd
-
0.08 2.00
Sh.T- Money Mkt CHF PA
SFr 129.40
-
0.00 0.00
UK Smaller Cos Acc
336.30
-
UK Smaller Cos Inc
65.30
UK Strategic Eq Inc Acc ... C
Enterprise Fixed Income Net Inc A
107.77
-
Kleinwort Benson (CI) Inv Man Ltd
(GSY) Lloyds Money Fund Limited Australian Dollar
Gbl.5B Fdmt SH (USD) PA
-0.11 0.00
Regulated Kleinwort Benson Elite PCC Ltd EUR Currency B EUR Acc Non-Rpt €
0.99
-
0.00 0.00
-
0.01 0.00
EUR Fixed Income B EUR Income Rpt €
1.00
-
0.00 3.93
SFr 96.51
-
-0.16 0.00
GBP Currency B GBP Acc Non-Rpt £
0.99
-
0.00 0.00
€ 113.69
-
-0.16 0.00
International Bond B GBP Acc Non-Rpt £
0.90
-
0.00 0.00
JB Strategy Inc-CHF/B
SFr 123.15
-
-0.09 0.00
International Equity B GBP Acc Non-Rpt £
1.28
-
0.01 0.00
-0.70 0.15
JB Strategy Inc-EUR/B
€ 158.34
-
-0.08 0.00
Multi Asset Balanced B EUR Acc Non-Rpt €
1.08
-
0.00 0.00
Lloyds Multi Strategy Fund Limited Conservative Strategy £ 1.0770
-
-0.0030 2.30
Sh.T- Money Mkt GBP PA
£ 10.25
-
0.01 0.00
-
-0.13 0.15
JB Strategy Inc-USD/B
$ 149.80
-
0.04 0.00
Multi Asset Balanced B GBP Acc Non-Rpt £
1.10
-
-0.01 0.00
Growth Strategy
£ 1.4530
-
-0.0070 1.64
Sh.T- Money Mkt USD PA
$ 10.30
-
0.00 0.00
146.60xd
-
0.30 3.22
Multi Asset Balanced B GBP Income Rpt £
1.37
-
-0.01 0.26
Aggressive Strategy
£ 1.7620
-
-0.0090 0.00
Sw.Fr.Bd(For) PA
SFr 23.58
-
0.01 0.00
UK Strategic Eq Inc Inc ... C
99.42xd
-
0.17 3.30
Multi Asset Balanced B USD Acc Non-Rpt $
1.09
-
0.00 0.00
Global USD Growth Strategy
$ 1.4360
-
0.0010 0.00
Sw.Fr.Credit Bd(For) PA
SFr 13.53
-
0.01 0.00
UK Strategic Gth Acc
104.10
-
0.10 0.92
Multi Asset Balanced C GBP Income Rpt £
1.43
-
0.00 1.13
Tactical Alpha (CHF) PA
SFr 10.04
-
0.00 0.00
UK Strategic Gth Inc
98.30
-
0.14 1.13
Multi Asset Conservative B EUR Acc Non-Rpt €
1.02
-
0.00 0.00
Tactical Alpha (EUR) PA
€ 10.27
-
0.00 0.00
US Acc
654.00
-
0.60 0.04
Multi Asset Conservative B GBP Acc Non-Rpt £
1.04
-
-0.01 0.00
Tactical Alpha (USD) PA
$ 14.70
-
-0.01 0.00
US Inc
90.51
-
0.08 0.04
Multi Asset Conservative B GBP Income Rpt £
1.03
-
-0.01 1.86
Technology PA
€ 13.66
-
0.04 0.00
US Equity Income Acc ... C
110.40xd
-
0.10 1.94
Multi Asset Conservative B USD Acc Non-Rpt $
1.03
-
0.00 0.00
US Equity Income £ hdg Inc ... C
99.22xd
-
0.12 1.98
Multi Asset Growth B EUR Acc Non-Rpt €
1.12
-
0.00 0.00
US Equity Income Inc ... C
96.21xd
-
0.12 1.97
Multi Asset Growth B GBP Acc Non-Rpt £
1.14
-
-0.01 0.00
Multi Asset Growth B GBP Income Rpt £
1.15
-
Multi Asset Growth B USD Acc Non-Rpt $
1.13
Sterling Fixed Income B GBP Income Rpt £
0.95
US Select Acc
101.20
-
0.10 0.00
US Select Inc
99.96
-
0.12 0.00
351.00
-
2.90 0.00
US Smaller Cos Acc US Smaller Cos Inc
91.99
-
0.77 0.00
JPMorgan Asset Management (Europe) S.à. r.l. (FRA) 6 route de Trèves L - 2633 Senningerberg - Luxembourg FCA Recognised Star Capitol America Star Capitol America D € 2224.09 - -0.11 0.00
JPMorgan Charity Funds
(UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Property & Other UK Unit Trusts UK Equity Fund for Charities I...C £ 2.811470 2.821950 0.002690 3.42 Bond Fund for Charities
£ 1.314530 1.320820 -0.001160 3.79
Kames Capital ICVC
(UK) Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds Diversified Income B Acc £ 1.05 0.00 Diversified Income B Inc Ethical Cautious Managed A Acc Ethical Cautious Managed A Inc
£
1.02
-
0.00
152.41
-
0.05 1.63
128.23
-
-
0.04 1.65
Ethical Corporate Bond A Acc
185.98
-
-0.07 3.46
Ethical Corporate Bond A Inc
108.36
-
-0.04 3.45
Ethical Equity A Acc
157.46
-
0.21 1.14
High Yield Bond A Acc
115.82
-
55.35
-
-0.01 3.91
Inflation Linked A Acc
125.72
-
-0.16 1.51
Investment Grade Bond A Acc
151.47
-
-0.03 2.91
Investment Grade Bond A Inc
113.76
-
-0.02 2.90
Sterling Corporate Bond A Acc
67.30
-
-0.02 3.07
Strategic Bond A Acc Strategic Bond A Inc
30.78 181.06 122.53
-
-0.01 3.07 -0.05 2.37 -0.04 2.37
UK Equity Absolute Return A Acc
115.00
-
0.10 0.00
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 FCA Recognised Europe Convertible Bd A (Dis) - D - EUR F € 12.97 - -0.03 1.08
UK Equity A Acc
216.77
-
-0.01 1.23
UK Equity Income A Acc
189.81
-
0.37 3.69
Europe Convertible Bd B (Cap)
UK Equity Income A Inc
155.01
-
0.31 3.79
Jefferies Umbrella Fund
Global Convertible A (Dis) F Global Convertible B (Cap) F
(LUX)
€ 14.76 $ 19.42 $ 23.05
Global Convertible A Hdg GBP(Dis) F £ 12.74 Global Convertible B Hdg GBP (Cap) F £ 14.98
-
-0.03
-
0.00 0.25 -0.02 0.00
UK Smaller Companies A Acc
152.56 228.50
-
-0.31 1.10 0.00 0.30
-0.01 0.23 -0.01 0.00
Global Convertible Hdg A (Cap) F $ 18.81
-
-0.01 0.26
Global Convertible B Hdg (Dis) F
-
-0.02 0.00
$ 22.38
UK Opportunities A Acc
0.98
New Zealand Dollar
A$ 172.2450
-
0.0070 1.45
€ 52.6620
-
0.0000 -0.06
NZ$ 207.3450
-
0.0150 2.61
Sterling Class
£ 52.5040
-
0.0000 0.09
US Dollar Class
$ 60.6110
-
0.0000 -0.17
Dealing Daily
Kames Capital Investment Portfolios ICVC (UK) Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds Property Income B Acc £ 1.07 0.00
-
Golden Age (CHF) PA F
Technology PA
Lombard Odier Darier Hentsch
$ 20.87
-
0.08 0.00
SFr 16.08
-
0.13 0.00
Wld Gold Expertise PA
€ 12.63
-
0.11 0.00
Wld Gold Expertise PA
$ 16.42
-
0.13 0.00
LO Selection Balanced (CHF) PA F
SFr 108.85
-
-0.10 0.00
Balanced (EUR) PA F
€ 119.06
-
-0.07 0.00
SFr 104.48
-
-0.05 0.00
Wld Gold Expertise PAF
0.00 0.00
(LUX) Queensberry House 3 Old Burlington Street London W1S 3AB FCA Recognised Lombard Odier Funds Absolute Ret Bond (EUR) PA € 12.16 0.00 0.00
-
0.00 0.00
Absolute Ret Bond (USD) PA
-
0.00 3.88
All Roads (CHF) PA
-
0.00 0.00
$ 17.82
-
0.01 0.00
SFr 17.89
-
-0.06 0.00
All Roads (USD) PA
$ 11.28
-
-0.04 0.00
All Roads (GBP) PA
£ 11.47
-
-0.04 0.00
All Roads (EUR) PA
€ 11.45
-
-0.03 0.00
Alpha Japan (EUR) PA F
€ 10.12
-
0.01 0.00
Conservative (CHF) PA F Conservative (EUR) PA F
-0.02 3.92
High Yield Bond A Inc
Sterling Corporate Bond A Inc
USD Currency B USD Acc Non-Rpt $
Euro
Global Allocation (GBP) PA F
Lazard Fund Managers Ltd (1200)F
(UK)
Alpha Japan (CHF) PA F
SFr 12.73
-
0.02 0.00
Alpha Japan (JPY) PA F
¥ 1195.00
-
1.00 0.00
Mellon House Ingrave Rd Brentwood Essex CM15 8TG Dealing: 0870 6066408, Info: 0870 6066459 Authorised Inv Funds Lazard Investment Funds (OEIC) Retail Share Class Developing Markets Acc 87.23 - -0.16 0.48
Alpha Japan (USD) PA F
Developing Markets Inc Emerging Markets Acc Emg Mkts Inc
86.39 281.40 252.50
-
$ 14.51
-
€ 110.85
-
-0.04 0.00
£
9.66
-
-0.01 0.00
Growth (CHF) PA F
SFr 113.97
-
-0.14 0.00
Growth (EUR) PA F
€ 126.64
-
-0.09 0.00
Vantage 1500 (EUR) MA
€ 10.35
-
-0.01
-
Vantage 3000 (EUR) MA
€ 10.64
-
-0.03
-
SFr 120.06
-
0.05 0.00
Alternative Beta PA F
€ 80.38
-
0.04 0.00
PrivilEdge Inc.Pt.RMB Dt.CNH PA
CNY 100.79
-
0.00
-0.16 0.37
Alternative Beta PA F
$ 120.03
-
0.06 0.00
Inc.Pt.RMB Dt.SH CHF PA
SFr 10.22
-
0.01
-0.70 1.48
Commodities (CHF) PA
-
-0.06 0.00
-0.60 1.45
Commodities (EUR) PA
European Alpha Acc
615.90
-
0.80 1.44
Commodities (USD) PA
European Alpha Inc
571.30
-
0.70 1.44
Convertible Bd P A
European Smaller Cos Acc
352.80
-
0.90 0.69
Convertible Bd Asia PA F
Global Equity Income Acc
143.30
-
-0.20 4.19
Convertible Bd Asia PA F
€ $
7.65 7.72
-
-0.06 0.00
Inc.Pt.RMB Dt.SH EUR PA Inc.Pt.RMB Dt.USD PA
€ 10.22 $ 10.24
-
0.01 0.00
M & G Securities (1200)F
(UK) PO Box 9039, Chelmsford, CM99 2XG www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Authorised Inv Funds 1470.63 1470.63 2.24 4.46 Charifund Inc Charifund Acc
19055.84 19055.84 28.99 4.33
M&G Corporate Bond A Acc
60.29
-
-0.05 3.33
M&G Corporate Bond A Inc
39.08
-
-0.03 3.33
M&G Dividend A Inc
60.60
-
0.19 4.25
M&G Dividend A Acc
580.61
-
1.84 4.11
M&G Episode Growth X Inc
51.64xd
-
0.07 1.68
M&G Episode Income A Acc
136.23xd
-
-0.20 3.39
M&G Episode Income A Inc
118.34xd
-
-0.18 3.46
M&G Extra Income A Inc
733.96xd
-
0.99 4.30
M&G Extra Income A Acc
5753.42xd
-
7.73 4.18
M&G Global Basics A Inc
659.20xd
-
-0.56 0.11
M&G Global Basics A Acc
993.47xd
-
-0.85 0.11
M&G Global Dividend Fund A Acc
205.50
-
0.15 3.04
M&G Global Dividend Fund A Inc
168.54
-
0.13 3.10
M&G Glbl Emrgng Mkts A Acc
233.77
-
0.20 0.63
M&G Glbl Emrgng Mkts A Inc
227.69
-
0.19 0.64
M&G Global Macro Bond Fund A Acc
104.47xd
-
0.07 0.61
M&G Global Macro Bond Fund A Inc
72.79xd
-
0.05 0.61
M&G Global High Yield Bond X Inc
51.86xd
-
-0.03 4.90
M&G Global High Yield Bond X Acc
117.45xd
-
-0.07 4.88
79.90
-
0.03 0.60
M&G Optimal Income A Inc
145.88
-
-0.05 2.44
M&G Optimal Income A Acc
187.84
-
-0.08 2.44
M&G Recovery GBP A Inc
130.80
-
0.07 0.85
M&G Recovery GBP A Acc
291.68
-
0.16 0.85
M&G Strategic Corp Bond A Inc
72.95xd
-
-0.05 3.02
M&G Strategic Corp Bond A Acc
102.41xd
-
-0.06 3.00
M&G Global Leaders GBP A Inc
192.16xd
-
-0.13 1.40
M&G Global Leaders GBP A Acc
446.13xd
-
-0.25 1.39
M&G UK Inflation Lnkd Corp Bnd A Acc
115.82
-
-0.09 0.20
M&G UK Inflation Lnkd Corp Bnd A Inc
114.15
-
-0.09 0.20
Property & Other UK Unit Trusts 124.11 Charibond
-
-0.11 5.22
3445.77
-
-2.85 5.22
77.70
-
0.07 4.26
(Accum Units)
6574.81
-
6.23 4.13
M&G Property Portfolio A Acc
119.93 126.24 0.01 3.99
Property Portfolio A
114.28 120.29 0.01 4.06
Property Portfolio X
114.26 114.26 0.01 4.08
M&G Managed Growth X Inc
M & G Securities Ltd
(Accum Units) NAACIF
(UK)
M & G (Guernsey) Ltd
(GSY) Regulated The M&G Offshore Fund Range 149.93 156.17 0.60 0.00 American Fund Corporate Bond
1300.96 1341.19 -0.99 3.32
Global Basics
2428.57 2529.76 -2.07 0.00
-
Global Leaders
3340.65 3479.84 -2.27 1.25
-
High Yield Corporate Bond
1019.83 1051.37 -0.59 4.87
-
Global Macro Bond Fund
10935.54 11273.75 7.43 0.60
-
Optimal Income Fund
144.56 150.58 -0.04 2.43
-
Recovery Fund Limited 'A' Participating Shares
11292.41 11762.93 5.89 0.54
0.02 0.00
Alternative Beta PA F
SFr
Offer D+/- Yield
-
LGM Equity EUR
$ 153.34
Bid
8.00
Regulated LGM Equity USD
LGM Conservative 80/20 Global
Fund
$
-0.36 0.00
-
-
1.70 3.99
-
158.71
159.94
-
$ 155.35
Capital Growth A Inc
Capital Growth C Inc
Offer D+/- Yield
LGM Dynamic Equity Sub-Fund (UK) 14 St. George Street, Mayfair, London W1S1FE Dealing: 08459 220044, Enquiries: 0845 3002110 Authorised Inv Funds Unit Trust Manager/ACD - Capita Financial Manager 166.89 - -0.84 1.36 Capital Growth A Acc
-
590.10
Euro Resp.Corp. Fdt PA
Kleinwort Benson Bank
171.88
Bid
UK Income Inc
-
High Yield Global Bond A GBP Inc
Capital Growth C Acc
Fund
7.88
-
-0.06 0.00
Jenn. US Eq.Opp. USD PA
$
9.91
-
€ 16.69
-
-0.02 0.00
Neubrg.Berman US Core PA
$ 14.12
-
0.02 0.00
Recovery Fund Limited 'I' Participating Shares
11329.26 11801.31 5.98 1.44
SFr 13.84
-
-0.01 0.00
Sands US Growth PA
€ 13.88
-
-0.03 0.00
Strategic Corporate Bond Fund
132.38 137.90 -0.09 3.01
€ 14.67
-
-0.01 0.00
Sands US Growth PA
$ 16.78
-
-0.04 0.00
UK Growth
1536.90 1600.94 4.39 1.09
$ 14.74
-
0.00 0.00
Will.Blair Gbl. Ldrs PA
€ 13.37
-
-0.02 0.00
Will.Blair Gbl. Ldrs PA
$ 12.91
-
0.01 0.00
Global Equity Income Inc
103.40
-
-0.10 4.30
Convertible Bd Asia PA F
Managed Bal Inc
135.70
-
0.20 1.97
Emerg. Consumer (CHF) PA
SFr 13.34
-
-0.04 0.00
UK Alpha Acc
194.90
-
0.20 1.64
Emerg. Consumer (EUR) PA
€ 13.42
-
-0.03 0.00
UK Alpha Inc
173.00
-
0.20 1.66
Emerg. Consumer (USD) PA
$ 13.40
-
-0.03 0.00
UK Income Acc
1140.00
-
4.00 3.92
Emerg.Eq. Risk Par.(EUR) PA
€
-
-0.06 0.00
8.84
0.03
20 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
MFS Investment Funds FCA Recognised Em.Mk.Debt Fd.US Dollar
Fund
$ 122.65
-
UK Equity Fd Cl A Series 01
£ 2136.42 2157.52 43.02 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1604.37
-
1.39 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1619.96
-
1.73 0.00
¥ 10386.00
-
-3.00 0.00
¥ 13635.00
-
16.00 0.00
Em.Mk.Debt Fund Yen 3
¥ 10422.00
-
-2.00 0.00
Em.Mk.Debt Fund Yen 4
¥ 13635.00
-
16.00 0.00
Em.Mk.Eq.Fund Euro
€ 116.71
-
-0.89 0.00
Em.Mk.Eq.Fund Sterling
£ 109.40
-
-1.22 0.00
Em.Mk.Eq.Fd.US Dollar
$ 115.34
-
-0.66 0.00
Majedie Asset Management LTD
Em.Mk.Loc.Ccy Debt Fd II Gb.Conc.Eq.Fd.Euro Gb.Conc.Eq.Fd.Sterl.UK T Gb.Conc.Eq.Fd.Sterling Gb.Conc.Eq.Fd.US Gb.Eq.Hdg Fd.Euro IRE T Gb.Eq.Euro Hdg Fd. Gb.Eq.Fund Euro Gb.Eq. Fd Euro IRE T
¥ 11210.00 $ 101.21 € 229.26 £ 152.38 £ 231.42 $ 187.78 € 166.81 € 236.72 € 239.76
-
£ 192.75
-
-0.63 0.00
Gb.Eq.Fd.US Dollar
$ 310.18
-
0.64 0.00
Gb.Eq.Fund Sterling
£ 191.11
-
-0.63 0.00
Gb.Val.Ex-Jap.Fd.USD
$ 116.29
-
0.19 0.00
Gb.Val.Ex-Japan Fd.Yen
¥ 12215.00
-
36.00 0.00
MFS Meridian Funds SICAV
(LUX)
Regulated Absolute Return A1
€ 17.66
-
0.00 0.00
Asia ex-Japan A1
$ 26.26
-
-0.18 0.00
Bond A1
$ 10.31
-
0.00 0.00
China Equity Fd A1
$ 10.16
-
-0.04 0.00
Continental European Eqty A1
€ 15.51
-
0.00 0.00
Emer Mkts Debt Lo Curr Fd A1
$ 14.18
-
-0.03 0.00 0.00 0.00
Emerging Markets Eq.A1
$ 13.12
-
-0.08 0.00
European Concentrated A1
€ 15.66
-
-0.05 0.00
European Core Eq A1
€ 26.31
-
-0.04 0.00
European Res.A1
€ 27.92
-
-0.07 0.00
European Smaller Companies A1 € 40.00
-
-0.07 0.00
European Value A1
-
0.01 0.00
Global Bond A1
$ 11.04
-
-0.02 0.00
Global Conc.A1
$ 35.41
-
0.04 0.00
Global Energy Fund A1
$ 17.52
-
-0.03 0.00
Global Equity A1
$ 45.45
-
0.04 0.00
Global Equity A1
€ 22.32
-
0.03 0.00
Global Multi-Asset A1
$ 16.67
-
-0.03 0.00
Global Res.A1
$ 26.62
-
-0.03 0.00
Global Total Return A1
€ 15.41
-
-0.02 0.00
High Yield A1
$ 25.63
-
-0.03 0.00
High Yield Fund A1
€ 14.42
-
-0.01 0.00
Inflation-Adjusted Bond A1
$ 14.34
-
0.04 0.00
Japan Equity A1 Latin American Equity Fd A1 Limited Maturity A1
$
9.85
$ 21.04 $ 14.05
-
-0.09 0.00 -0.03 0.00 0.00 0.00
Prudent Wealth Fd A1
$ 13.98
-
-0.05 0.00
Research Bond A1
$ 16.43
-
0.00 0.00
UK Equity A1
£
8.00
-
-0.03 0.00
US Conc.Growth A1
$ 14.78
-
0.01 0.00
US Government Bond A1
$ 16.77
-
0.01 0.00
Value A1
$ 21.29
-
0.03 0.00
(GSY)
Regulated Multi-Manager Investment Programmes PCC Limited European Equity Fd Cl A Initial Ser € 2180.50 2189.25 45.35 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 291457.00 292445.00 -5422.00 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1385.63 1389.77 50.78 0.00
Cash
50.00
-
0.00 0.62
Cautious Inc
82.36 86.71 -0.11 1.64
7.90 1.62
Smaller Companies Fund Personal Class Units
3362.00xd
-
8.10 1.61
Meridian Fund Managers Ltd Other International Funds Global Gold & Resources Fund
$ 298.20
-
-6.65
-
Global Energy & Resources Fund $ 84.50
-
-7.47
-
255.65
-
-0.72 1.61
ETF Global Growth A
150.91
-
-0.22 0.00
Metage Capital
95.08
-
0.55 0.00
Other International Funds MGS -Master Series (Est)
$ 207.12
-
0.00
248.29
-
-0.50 0.04
MEMO - Master Series (Est)
$ 559.28
-
0.00 0.00
79.26 83.87 0.14 4.18
MEMO - MEMV Series (Est)
$ 132.26
-
-3.16 0.00
ETF Commodity A European Multi-Cap Extra Income Far East Growth A Inc
166.13
-
137.14 145.12 -0.14 4.01
UK Income A
158.06
-
-0.29 4.14
UK Income X Inc
144.32
-
-0.27 4.12
High Yield Fixed Interest
-
-0.54 1.76
Global Bond Inc
75.52 80.13 0.05 6.61
-0.15 0.00
CF Miton UK Multi Cap Income Fund A Acc
180.11
-
0.22
CF Miton UK Multi Cap Income Fund A Inc
157.69
-
0.20 4.00
CF Miton UK Multi Cap Income Fund N Inc
160.85
-
0.20 4.01
Natixis International Funds (Lux) I SICAV (LUX)
CF Miton UK Multi Cap Income Fund N Acc
175.87
-
0.22 3.90
CF Miton UK Smaller Companies A Acc
173.57
-
0.03 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 FCA Recognised Harris Global Equity R/A (USD) $ 274.73 274.73 0.38 0.00
CF Miton UK Smaller Companies A Inc
173.32
-
0.02 0.00
CF Miton UK Smaller Companies N Acc
175.01
-
0.03 0.17
CF Miton UK Smaller Companies N Inc
173.98
-
0.03 0.03
UK Micro Cap Growth A
436.94 462.37 10.70 0.00
Milltrust India A
$ 129.73
-
1.90 0.00
US Multi-Cap Income
292.11
Milltrust Latin America A
$ 130.37
-
-0.19 0.00
Milltrust Value Partners Greater China A $ 122.99
-
3.19 0.00
CF Miton UK Value Opps N Inc CF Miton US Opportunities A Accum
127.61 118.68
-
0.12 1.39 -0.04 0.00
CF Miton US Opportunities N Accum
119.57
-
-0.04 0.00
CF Miton Worldwide Opportunities Fund A Acc
262.97
-
-0.16 0.00
176.12 186.37 -5.11 0.00 35.46
-
(CYM)
-0.0085 0.42
MFM Hathaway Inc
100.19 104.91 -1.06 1.49
Asian Equity Fund Class AA F
$ 1.0940
-
-0.0027 0.16
MFM SGWM Managed A Acc
122.17
-
-0.82 0.13
Asian Small Cap Equity Fund Class AA F $ 2.4443
-
-0.0110 0.69
MFM Techinvest Special Situations Acc
112.18
-
0.71 0.09
FCA Recognised Morant Wright Sakura Fund Sterling Acc Hedged £ 11.23
-
-0.01 0.00
MFM Techinvest Technology Acc
356.76
-
4.72 0.00
Morant Wright Sakura Fund Euro Acc Hedged € 11.21
-
0.00 0.00
MFM UK Primary Opportunities A Inc
317.59
-
0.07 1.90
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1135.90
-
-0.84 0.00
Slater Investments Ltd - Investment Adviser 343.92 364.90 -0.05 0.00 MFM Slater Growth
Morant Wright Sakura Fund Dollar Acc Hedged $ 11.22
-
-0.01 0.00
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 11.19
-
-0.01 0.00
$ 2.6657
-
-0.0109 0.36
Dragon Growth Fund Class A F
$ 2.0185
-
-0.0094 0.91
Dragon Growth Fund Class AA HKDHK$ 9.7818
-
-0.0123 2.42
Emerging Eastern Europe Fund Class A F $ 4.3540
-
-0.0287 2.43
European Growth Fund Class AA F $ 0.8156
-
-0.0056 1.01 -0.0004 0.18
Global Contrarian Fund Class AA F $ 0.9548
-
-0.0011 0.00
Global Property Fund Class AA F $ 0.9876
-
-0.0063 6.39
Global Resources Fund Class AA F $ 1.0280
-
147.54
-
0.27 4.09
MFM Slater Recovery
153.87 163.26 -0.04 0.00
-0.0451 0.67
Emerging Eastern Europe Fund Class AA F $ 1.8670
European Growth Fund Class A F $ 11.3234
MFM Slater Income A Inc
-0.0001 0.00
Marlborough International Management Limited (GSY) Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 FCA Recognised Marlborough North American Fund Ltd £ 28.21 28.49 0.32 0.00 Marlborough Tiger Fund Ltd F
$ 1.3530
-
0.0051 0.00
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Authorised Inv Funds Martin Currie Investment Funds (OEIC) Class A (Retail) 117.90 - -0.40 1.04 Asia Pacific
International Growth Fund Class A F $ 4.6026
-
-0.0072 0.00
China
108.50
-
-0.30 0.06
International Growth Fund Class AA F $ 1.0573
-
-0.0017 0.01
Emerging Mkts
216.10
-
-0.30 0.26
Japanese Growth Fund Class A F $ 3.2790
-
-0.0095 0.08
European Equity Income A acc
344.00
-
0.80 3.60
Japanese Growth Fund Class AA F $ 0.8395
-
-0.0025 0.05
Global Alpha
127.70
-
0.20 0.40
Latin America Equity Fund Class AA F $ 1.1613
-
-0.0300 1.82
Global Equity Income Inc
107.70
-
0.30 3.95
Russia Equity Fund Class AA F
$ 0.5581
-
-0.0036 2.23
Global Equity Income acc
134.80
-
0.30 3.86
Taiwan Equity Fund Class AA F
$ 1.6008
-
-0.0199 0.17
Japan Alpha
103.00
-
0.20 0.13
Greater China Opportunities Class AA $ 1.0279
-
-0.0067
Healthcare Fund Class AA F
-
-0.0034 0.00
India Equity Fund Class AA F
$ 1.7295
-
Turkey Equity Fund Class AA F
$ 0.9102
-
-0.0212 0.25
North American
236.60
-
0.50 0.00
US Bond Fund Class AA F
$ 1.2463
-
-0.0025 4.73
European Equity Income A Inc
312.10
-
0.70 3.69
U.S. Bond Fund Class AA Inc F
$ 1.0010
-
-0.0020
-
U.S. Bond Fund Class AA (HKD) IncHK$ 9.9737
-
-0.0199
-
U.S. Special Opportunities Fund Class AA F $ 1.0272 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.9256
-
-0.0015 4.22 -0.0144
-
-0.0014
US Small Cap Equity Fund Class AA F $ 1.1200
-
0.0024 0.00
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3007
-
-0.0055 0.00
-
-
-
28.93 0.00
Mayfair Capital Investment Management Limited (UK) 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 Property & Other UK Unit Trusts Property Income Trust for Charities 72.47 74.82 0.39 7.07
McInroy & Wood Portfolios Limited
Manulife Global Fund
Strategic Income Fund Class AA F $ 1.1329
£ 586.06
(CYM)
-
U.S. Special Opportunities Fund Class AA Inc $ 0.9916
Other International Funds Asia Total Return Fund Class AA Inc $ 0.9859
Marwyn Asset Management Limited Regulated Marwyn Value Investors
-0.0010 3.25 0.0004 2.91 -0.0008 3.46
(UK)
Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Inv Funds Balanced Fund Legacy Class Units 3801.90 0.40 1.88 Balanced Fund Personal Class Units
Distribution Units
3834.80
-
0.40 1.87
Income Fund Legacy Class Units
2399.50
-
-1.20 2.94
Income Fund Personal Class Units
2420.10
-
-1.20 2.92
Emerging Markets Fund Legacy Class Units
1898.20
-
-4.10 2.02
Emerging Markets Fund Personal Class Units
1914.20
-
-4.20 2.01
Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.22 100.22 -0.12 2.28 Loomis Sayles Strategic Income H-N/D (GBP) £
1.04
-
0.00 4.57
Loomis Sayles Strategic Income H-N/A (GBP) £
1.10
-
0.00 4.71
Loomis Sayles US Equity Leaders N/A (GBP) £
1.21
-
0.00 0.13
Loomis Sayles US Equity Leaders I/A (GBP) £
1.19
-
0.00 0.15
Natixis International Funds (Dublin) I plc (IRL) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Regulated Loomis Sayles Global Opportunist Bond Fund H-S/D GBP £ 10.30 10.30 0.00 3.96
8.96
8.96 -0.01 5.94
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.56 13.56 0.00 2.08
Morant Wright Funds (Ireland) PLC
Mirabaud Asset Management
(IRL)
(LUX)
www.mirabaud.com, marketing@mirabaud.com Regulated Mirabaud Fund Mir. Ac. All. Bal A EUR € 111.60 -
NatWest (2230)F
(UK) PO Box 23873, Edinburgh EH7 5WJ** Enquiries: 0800 085 5588 Authorised Inv Funds Series 1(Minimum initial investment 16375,000) United Kingdom Equity Index Fund £ 13.13 - -0.06 2.57 UK Specialist Equity Inc
£ 19.16
-
Contl Europe Spec Equity
£ 15.54
-
-0.09 0.34 -0.12 0.00
US Spec Equity Fund
£ 12.93
-
-0.05 0.00
£
0.18 0.00
Japan Specialist Fund
8.63
-
-0.05 0.00
Mir. Ac. All. Cons A EUR
€ 110.03
-
0.18 0.00
Pacific Basin Specialist Equity Fund £ 23.92
-
-0.09 0.53
Mir. Conv. Bds Eur A EUR
€ 128.00
-
-0.20 0.00
Mir. Conv. Bds Glb A USD
$ 111.63
-
-0.10 0.00
Mir. - Dynam.Alloc. A EUR
€ 102.94
-
-0.22 0.00
Mir. - Eq Asia ex Jap A
$ 194.73
-
-0.34 0.00
(LUX) Morgan Stanley Investment Funds 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com FCA Recognised US Advantage A F $ 51.64 0.24 0.00
Mir. - Eq Eurozone A EUR
€ 160.10
-
-0.27 0.00
Asian Equity A F
$ 47.05
-
-0.18 0.00
Mir. - Eq Glb Emrg Mkt A GBP
£ 100.61
-
-0.67 0.00
Asian Property A F
$ 19.90
-
-0.04 0.00
Mir. - Eq Glb Emrg Mkt A USD
$ 114.16
-
-0.70 0.00
Asian Property AX F
£ 11.38
-
-0.06 1.01
Mir. - Eq France A EUR
€ 181.07
-
0.00 0.00
Diversified Alpha Plus A F
€ 33.61
-
0.07 0.00
£ 26.80 27.07 0.91 0.00
Martin Currie Fund Management Ltd (1200)F (UK)
-
Loomis Sayles Inst High Inc Fd I USD $
-
China Value Fund Class AA F
-
0.00
Loomis Sayles Multisector Inc Fd I USD $ 13.94 13.94 -0.01 4.99
$ 3.4067
-
0.00
-
-0.07 0.00
Asian Equity Fund Class A F
-0.0347 0.58
-
1.19
-
134.83 145.76 -0.24 0.00
-0.0439
1.19
H2O MultiReturns Fund I/A (GBP) £
$ 23.54
134.45
MFM Bowland
-
H2O MultiReturns Fund N/A (GBP) £
MW Japan Fd Ltd B
MFM Artorius Fund
-0.0106
-
Harris Concentrated US Equity R/D (GBP) £ 131.21 131.21 -0.61 3.79
-0.06 0.00
-0.0018 0.00
$ 8.5137
Harris Concentrated US Equity H-N/A (GBP) £ 145.65 145.65 0.09 0.00
-
-
China Value Fund Class A F
3.79 0.00
$ 23.21
-
Property & Other UK Unit Trusts 1360.00 1360.00 5.00 2.77 The Equity Idx Tracker Fd Inc
-
Regulated MW Japan Fd Ltd A
American Growth Fund Class AA (HKD) FHK$ 10.1943
Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.8887
-0.67 0.00
Morant Wright Management Ltd Ministry of Justice Common Investment Funds (UK)
American Growth Fund Class AA F $ 1.6240
-
-
0.16 0.00
$ 451.04
-
0.11 1.39
-1.37 0.00
Junior Gold C Acc
-0.50 0.00
-
-
-
MFM - Third Party Funds Junior Oils
-
116.42
130.01
$ 120.15
0.00 0.24
284.12
CF Miton UK Value Opps N Acc
Milltrust Brazil A
Other International Funds Phaeton Intl (BVI) Ltd (Est)
CF Miton Total Return Fund A Acc
0.11 0.96
206.90 218.94 0.69 0.48
Morgens Waterfall Vintiadis.co Inc
CF Miton Strategic Pfolio A
-
UK Multi-Cap Growth A Inc
-0.63 0.00
-0.01 0.00
127.74
1004.93 1063.42 -0.75 0.25
-
-
CF Miton UK Value Opps A Inc
Special Situations A Acc
Offer D+/- Yield
190.58
Emerging Markets Managed Accounts PLC (IRL) info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com Regulated Milltrust ASEAN A $ 105.27 - -0.24 0.00
-
(UK)
Bid $ 63.34
Authorised Funds CF Miton Special Sits Pfolio A Acc
0.12 0.95
103.9970 114.2700 -0.3270
Fund US Property A F
-
143.65
-
Offer D+/- Yield
129.07
Multi Cap Income A Inc
0.20 3.98
Bid
CF Miton UK Value Opps A Acc
Nano-Cap Growth A Acc
-
Fund
Miton Group
Emerging Markets
0.16 1.95
(LUX) 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg www.manulife.com.hk FCA Recognised American Growth Fund Class A F $ 28.5309 - -0.0300 0.00
-
0.07 0.95
-
Manulife Global Fund
Offer D+/- Yield
-
150.27
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Authorised Inv Funds Growth Fd Acc 61.32 64.93 0.02 0.00
3333.20xd
119.78
UK Focus X Acc
(UK)
Bid
Smaller Companies Fund Legacy Class Units
Defensive A Inc
171.73 180.94 -0.35 0.00
Manek Investment Mgmt Ltd (1000)F
Fund
50.31 53.24 0.07 4.50
Global
Asia Value Dividend Equity Fund Class AA F $ 1.7238
MMIP Investment Management Limited
(UK) Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 www.marlboroughfunds.com Authorised Inv Funds 150.80 159.40 -0.27 0.08 Balanced
0.55 1.43
0.17 0.00 0.03 0.00
Marlborough Fd Managers Ltd (1200)F
-
-0.74 0.00
0.12 0.00
Offer D+/- Yield
542.95
-0.48 0.00
0.40 0.00
Bid
UK Focus A
0.06 0.00
Gb.Eq.Fd.Sterling UK T
€ 30.38
0.13 2.66
-0.05 0.00
0.02 0.00
-
-
5.00 5.96
-
$ 34.11
141.74
-12.00 5.90
€ 151.45
Emerging Markets Debt A1
(UK)
PO Box 12107, Brentwood, CM14 9NL 0844 892 0974 Authorised Inv Funds 459.74 0.42 3.20 UK Equity A UK Equity X Acc
¥ 10479.00
Fund
Bond Income
-0.02 0.00
Em.Mk.Debt Fd.Yen 2
Em.Mk.Loc.Ccy Debt Fd.FD
Offer D+/- Yield
$ 2552.31 2573.03 11.76 0.00
(LUX)
Em.Mk.Debt Fd.Yen 1
Em.Mk.Loc.Ccy Debt Fd.FC
Bid
Pacific Basin Fd Cl A Initial Ser
Mir. - Eq Global A USD Mir. - Eq Pan Eur A Cap Mir. -Eq Spain A Mir. - Eq Swiss Sm/Mid A Mir. - Eq UK
$ 130.93 € 105.30 € 26.83 SFr 298.99 £
2.08
-
0.18 0.00
UK Sovereign Bd Index Fund
Emerg Europ, Mid-East & Africa Eq A F € 66.09
-
-0.32 0.00
0.23 0.00
Emerging Markets Debt A F
$ 80.27
-
-0.32 0.00
-0.05 0.00
Emerging Markets Domestic Debt AX F £ 13.19
-
-0.05 4.92
0.56 0.00 -0.02 0.00
Emerging Markets Equity A F Euro Bond A F
$ 40.98 € 15.34
-
-0.06 0.00 0.00 0.00
Mir. - Eq US A USD
$ 170.23
-
-0.07 0.00
Euro Corporate Bond AX F
£ 24.17
-
-0.06 2.24
Mir. - Glb High Yield Bds A
$ 110.79
-
0.03
Euro Liquidity A F
€ 12.89
-
0.00 0.00
-
Mir. - Glb High Yield Bds AH CHFSFr 110.08
-
0.03
-
Euro Strategic Bond A F
€ 42.73
-
0.08 0.00
Mir. - Glb High Yield Bds AH EUR € 110.49
-
0.03
-
European Currencies High Yield Bd A F € 21.41
-
0.02 0.00
€ 41.33
-
0.04 0.00 -0.02 0.00
Mir. - Glb High Yield Bds AH GBP £ 111.13
-
0.03
-
European Equity Alpha A F
Mir. - Glb Eq High Income A CHF SFr 103.97
-
-0.45
-
European Property A F
€ 28.60
-
Mir. - Glb Eq High Income A EUR € 104.84
-
-0.34
-
Eurozone Equity Alpha A F
€ 10.75
-
0.02 0.00
Mir. - Glb Eq High Income A GBP £ 102.73
-
-0.69
-
Global Bond A F
$ 41.06
-
-0.01 0.00
Mir. - Glb Eq High Income A USD $ 105.67
-
-0.14
-
Global Brands A F
$ 94.12
-
0.11 0.00
-
Global Convertible Bond A F
$ 42.96
-
0.00 0.00
$ 28.03
-
-0.10 0.00
Mir. - Glb Strat. Bd A USD
$ 106.13
-
0.00
Mir. Opp. -Emerg. Mkt HO
$ 111.55
-
0.00 0.00
Global Property A F
Mir. Serenite A EUR
€ 120.42
-
0.59 0.00
Indian Equity A F
$ 33.15
-
0.21 0.00
Latin American Equity A F
$ 66.11
-
0.44 0.00
Short Maturity Euro Bond A F
€ 20.47
-
0.00 0.00
US Dollar Liquidity A F
$ 13.03
-
0.00 0.00
US Growth A F
$ 63.83
-
0.60 0.00
US Growth AH F
€ 44.13
-
0.42 0.00
US Growth AX F
£ 39.35
-
0.23 0.00
MirAlt Sicav MirAlt Sicav-Diversified A Cap. MirAlt Sicav-Europe A dis
$ 113.36 € 68.20
MirAlt Sicav - North America A dis $ 163.19
-
0.40 0.00 0.20 0.00 2.85 0.00
£ 10.38
-
0.01 2.83
9.76
-
-0.04 3.47
Global Spec Inv Grade Bd Fund GBP £ 10.72
-
0.00 3.15
Inflation Lkd Sov Bd Fund
£ 11.49
-
0.00 0.80
Global Emerg Mkts Equity Fund
£ 12.60
-
-0.04 0.87
UK Specialist Equity Income Fund £
Series 2 (Investment Management customers only) United Kingdom Equity Index Fund £ 13.13 - -0.06 2.92 UK Specialist Equity Inc
£ 19.36
-
Contl Europe Spec Equity
£ 16.23
-
-0.09 1.45 -0.12 0.67
US Spec Equity Fund
£ 13.35
-
-0.06 0.31
Japan Specialist Fund
£
9.10
-
-0.06 0.50
Pacific Basin Specialist Equity Fund £ 23.80
-
-0.08 1.21
UK Sovereign Bd Index Fund
£ 10.51
-
0.01 2.83
UK Specialist Equity Income Fund £ 10.37
-
-0.04 3.42
Global Spec Inv Grade Bd Fund GBP £ 10.81
-
0.00 3.15
Inflation Lkd Sov Bd Fund
£ 11.59
-
0.00 0.80
Global Emerg Mkts Equity Fund
£ 12.13
-
-0.03 1.40
The initial charge you will pay will depend on the amount you invest **Address and Telephone number for series 1 only
Nevsky Capital LLP Other International Funds Nevsky Fund Plc EUR Acc
€ 1316.32
-
7.88 0.00
Nevsky Fund Plc GBP Acc
£ 1334.64
-
8.18 0.00
Nevsky Fund Plc USD Acc
$ 1344.22
-
8.02 0.00
FTfm | 21
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
New Capital Fund Management Ltd
(IRL) Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised New Capital UCITS Funds Asia Pac Bd USD Inst Inc $ 99.26 - -0.06 2.58 Asia Pac Bd USD Ord Inc
$ 101.30
-
-0.07 1.90
Asia Pac Eq EUR Ord Inc
€ 111.89
-
-0.39 2.24
Asia Pac Eq GBP Ord Inc
£ 114.78
-
-0.39 2.61
Odey Asset Management LLP
(UK) Ibex House, 42-47 Minories, London, EC3N 1DX Order Desk: 0845 300 2106, Enquiries: 0870 607 2555 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Odey Continental European R Acc 723.00 1.49 0.31 CF Odey Continental European I Acc
Asia Pac Eq USD Ord Inc
$ 115.55
-
-0.39 2.27
Asia Pac Eq USD Inst Acc
$ 118.15
-
-0.39 0.00
Asia Pac Eq USD Inst Inc
$ 129.05
-
-0.43 2.84
Dyn Europ Eq EUR Ord Inc
€ 149.48
-
-0.14 0.52
Dyn Europ Eq GBP Ord Inc
£ 159.69
-
-0.15 0.94
Dyn Europ Eq USD Ord Inc
$ 150.02
-
-0.12 0.64
China Equity EUR Ord Acc
€ 137.19
-
-0.98 0.00
China Equity GBP Ord Acc
£ 140.02
-
-0.96 0.00
China Equity USD Ord Acc
$ 138.96
-
-0.95 0.00
China Equity USD Inst Acc
$ 141.35
-
-0.97 0.00
Swiss Select Equity Inst Acc
SFr 108.74
-
0.35
-
Swiss Select Equity Ord Acc
SFr 108.40
-
0.35
-
Total Ret Bd USD Ord Acc
$ 169.93
-
-0.01 0.00
Total Ret Bd EUR Ord Acc
€ 159.51
-
-0.02 0.00
Total Ret Bd GBP Ord Acc
£ 180.29
-
$ 124.98
-
0.00 0.00
Total Ret Bd GBP Ord Inc
£ 117.26
-
-0.01 3.67
US Growth USD Ord Acc
$ 191.53
-
-0.31 0.00
US Growth GBP Ord Acc
€ 184.26 £ 191.49
-
-0.33 0.00 -0.32 0.00
US Growth USD Inst Acc
$ 175.26
-
-0.29 0.00
Wealthy Nat Bd EUR Inst Inc
€ 111.34
-
0.04 3.99
Wealthy Nat Bd GBP Inst Inc
£ 114.71
-
0.05 3.83
Wealthy Nat Bd EUR Ord Inc Wealthy Nat Bd GBP Ord Inc Wealthy Nat Bd USD Ord Inc
€ 110.73 £ 115.33 $ 112.47
New Capital Alternative Strategies All Weather Fd USD Cls $ 121.47
-
-
-
0.04 3.69 0.04 3.59 0.04 3.80
0.73 0.00
Pictet-ST.MoneyMkt JPY I USD
¥ 101601.02
-
-4.37 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.51
-
0.04
-
0.74 0.00
Pictet-ST.MoneyMkt-ICHF
SFr 125.24
-
0.01 0.00
US Government Money Market - Inst Inc $
-
0.00 0.00
Odey Swan Fund GBP R Class
£ 96.83
-
0.77 0.00
Pictet-ST.MoneyMkt-IUSD
$ 134.70
-
0.00 0.00
Odey Swan Fund USD I Class
$ 92.95
-
0.75 0.00
Pictet-Timber-I USD F
Odey Swan Fund USD IR Class
$ 92.90
-
0.75 0.00
Odey Swan Fund USD R Class
$ 92.11
-
0.74 0.00
Permal Investment Mgmt Svcs Ltd www.permal.com Other International Funds Offshore Fund Class A US $ Shares Investment Holdings N.V. $ 5480.65
-
59.47
-
Macro Holdings Ltd
$ 4077.52
-
18.13
-
Fixed Income Holdings N.V.
$ 426.24
-
1.74
-
LUX Advantage Multi-Strategy Fund $ 1613.35
-
16.23
-
Strategic Allocation A
-
8.60
-
$ 155.76
-
0.10 0.00
Pictet Total Ret-Corto Europe I EUR € 121.95
-
0.41 0.00
Pictet Total Ret-Divers Alpha I EUR € 99.91
-
0.09
Pictet Total Ret-Kosmos I EUR
€ 109.72
-
0.04 0.00
(IRL)
Pictet Total Ret-Mandarin I USD $ 113.60
-
-0.05 0.00
-
0.45 0.00
163.64
-
0.33 0.84
Odey Opportunity EUR I
€ 206.89
-
-0.58 0.00
Pictet-USD Government Bonds-I F $ 613.58
CF Odey Opus Fund I Inc
$ 1387.14
160.59
-
0.32 0.84
Odey Opportunity GBP I
£ 229.20
-
-0.63 0.00
1.67
-
0.01 0.00
Odey Opportunity GBP R
£ 146.06
-
-0.41 0.00
CF Odey Absolute Return Fund US Dollar Hedged $
1.54
-
0.01 0.00
Odey Opportunity NOK R
NKr 126.82
-
-0.33 0.00
CF Odey Absolute Return R
280.80
-
1.32 0.00
Odey Opportunity NOK I
NKr 131.02
-
-0.31 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg Tel: 0041 58 323 3000 FCA Recognised Pictet-Absl Rtn Fix Inc-HI EUR € 106.38 -
CF Odey Absolute Return I
288.15
-
1.36 0.00
Odey Opportunity USD R
$ 144.78
-
-0.41 0.00
Pictet-Absl Rtn Glo Div-I EUR F
€ 123.26
-
-0.03 0.00
CF Odey Portfolio Fund Class P Institutional Acc
102.06
-
0.32
-
Odey Opportunity USD I
$ 217.50
-
-0.60 0.00
Pictet-Agriculture-I EUR F
€ 172.93
-
0.33 0.00
-
Pictet-Asian Equities Ex Japan-I USD F $ 219.74
-
0.05 0.00
Pictet-Asian Local Currency Debt-I USD F $ 157.39
-
-0.05 0.00
Pictet Funds (Europe) SA
(LUX)
0.06
-
-
Pictet-USD Short Mid-Term Bonds-I F $ 128.43
-
0.04 0.00
$ 102.46
-
0.00 0.00
Pictet-Water-I EUR F
€ 241.56
-
-0.19 0.00
-
CF Odey Portfolio Fund Class P Retail Acc
101.96
-
0.31
CF Odey Portfolio Fund I Acc
143.95
-
0.49 0.06
Odey Wealth Management UK
CF Odey Portfolio Fund I Inc
141.66
-
0.48 0.06
Authorised Funds VT Odey Total Return Fund Class A £ 94.39
-
0.37
-
Pictet-Biotech-I USD F
$ 683.16
-
-1.92 0.00
(IRL) PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/ Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407 FCA Recognised Asia Local Bond Fund - Inst Acc $ 10.11 - -0.01 0.00
CF Odey Portfolio Fund R Acc
140.61
-
0.48 0.00
VT Odey Total Return Fund Class A € 98.89
-
0.40
-
Pictet-Brazil Index I USD
$ 79.73
-
0.35 0.00
Capital Securities Inst Acc
-
0.02 0.00
CF Odey Portfolio Fund R Inc
140.41
-
0.48 0.00
VT Odey Total Return Fund Class I £ 95.83
-
0.37
-
Pictet-CHF Bonds I CHF
SFr 492.61
-
0.24 0.00
CommoditiesPLUS111sp Strategy - Inst Acc $
8.95
-
-0.07 0.00
VT Odey Total Return Fund Class I € 100.00
-
0.00
-
Pictet-China Index I USD
$ 114.05
-
-0.32 0.00
Credit Absolute Return Fund Inst Acc $ 11.55
-
0.00 0.00
(CYM)
VT Odey Total Return Fund Class R £ 96.48
-
0.38
-
Pictet-Clean Energy-I USD F
$ 96.00
-
0.05 0.00
Diversified Income - Inst Acc
-
0.02 0.00
-4.40 0.00
VT Odey Total Return Fund Class R $ 96.46
-
0.37
-
Pictet-Digital Communication-I USD F $ 240.19
-
-0.49 0.00
-
Pictet-Eastern Europe-I EUR F
€ 347.06
-
-5.06 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 12.21
-
-0.05
Pictet-Em Lcl Ccy Dbt-I USD F
$ 192.72
-
-0.03 0.00
Emerging Asia Bond Fund Inst Acc $ 10.94
-
0.00 0.00
OEI Mac Inc B
£ 182.55
-
-1.46 0.00
OEI MAC Inc USD
$ 1883.41
-
-23.96 0.00
Odey European Inc EUR
€ 788.27
-
VT Odey Total Return Fund Class I $ 98.60
-5.04 0.00
Omnia Fund Ltd Other International Funds Estimated NAV
-
0.38
Pictet-Emerging Markets-I USD F $ 589.07
-
-1.05 0.00
$ 19.61
Diversified Income Durat Hdg Fund Inst Acc $ 11.95
Emerging Multi-Asset Fund Inst Acc $
9.48
-
-
0.01 0.00 -
-0.03 0.00
Odey European Inc A GBP
£ 301.78
-
-1.92 0.00
Pictet-Emerging Markets Index-I USD F $ 272.12
-
-6.83 0.00
Emerging Local Bond - Inst Acc
$ 13.97
-
0.01 0.00
Odey European Inc B GBP
£ 171.33
-
-1.10 0.00
Pictet-Emerging Corporate Bonds I USD $ 106.54
-
-0.02 0.00
Emerging Markets Bond - Inst Acc $ 40.40
-
0.09 0.00
Odey European Inc USD
$ 368.50
-
-2.36 0.00
Pictet-Emerging Markets High Dividend I USD $ 123.17
-
-0.57 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.93
-
0.00 0.00
Giano Capital EUR Inc
€ 4296.47
-
-47.97 0.00
Pictet-Emerging Markets Sust Eq I USD $ 105.89
-
-1.71 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.70
-
0.00 0.00
Pictet-Environmental Megatrend Sel I EUR € 137.95
-
-0.09 0.00
EuriborPLUS - Inv. Acc
€ 11.84
-
0.00 0.00
Pictet-EUR Bonds-I F
-
-0.72 0.00
Euro Bond - Inst Acc
€ 21.91
-
0.00 0.00
-
0.39 0.00
-
-0.23 0.00
-
0.63 0.00
Odey Allegra European USD O
$ 242.16
-
1.09 0.00
Odey Allegra European EUR I
€ 232.42
-
0.60 0.00
Odey Allegra European EUR A I
€ 149.00
-
0.39 0.00
Odey Allegra European GBP D
£ 167.51
-
-0.14 0.00
Odey Allegra International Euro Class € 152.33 Odey Allegra International GBP Class £ 189.74 Odey Allegra International USD
-5.62 0.00
Optima Fund Management
£ 278.16
€ 243.36
-
(IRL)
€ 146.38
Odey Allegra European EUR O
$ 827.16
-
-0.09 0.00
Other International Funds JENOP Global Healthcare Fund Ltd $ 13.68
-
0.14 0.00
Optima Fd NAV (Est)
$ 91.09
-
0.10 0.00
Optima Discretionary Macro Fund Limited $ 83.36
-
0.18 0.00
The Dorset Energy Fd Ltd NAV (Est) $ 64.24
-
-1.64 0.00
Platinum Fd Ltd
$ 93.22
-
-0.36 0.00
Platinum Fd Ltd EUR
€ 18.32
-
-0.08 0.00
Platinum Japan Fd Ltd
$ 49.98
-
-0.01 0.00
Optima Partners Global Fd
$ 14.68
-
0.13 0.00
Optima Partners Focus Fund A
$ 16.68
-
0.19 0.00
-0.76 0.00
$ 155.08
-
0.20 0.00
Odey Allegra International Euro I Class € 139.54
-
-0.09 0.00
Odey Allegra International GBP D inc £ 171.89
-
-0.70 0.00
Odey Allegra International GBP A D £ 126.93
-
-0.51 0.00
Odey Allegra Developed Markets Fund USD I $ 120.54
-
0.01 0.00
Odey Allegra Developed Markets Fund GBP I £ 115.26
-
-0.61 0.00
Orbis Investment Management Ltd
(BMU)
Regulated Orbis Global Equity
$ 189.30
-
-2.43 0.00
Orbis Optimal (US$)
$ 80.27
-
-0.25 0.00
Orbis Optimal (Euro)
€ 27.03
-
-0.07 0.00
Orbis Optimal (Yen)
¥ 1127.00
-
0.00 0.00
Orbis Leveraged (US$)
$ 141.81
-
-0.28 0.00
Orbis Leveraged (Euro)
€ 46.17
-
-0.09 0.00
Orbis Japan Equity (US$)
$ 39.07
-
0.59 0.00
Odey Atlas Fund GBP I
£ 102.23
-
-0.29
Odey Atlas Fund GBP I S
£
1.22
-
0.00 0.00
Odey Atlas Fund GBP R S
£
1.04
-
-0.01 0.00
Odey Giano European Fund EUR R € 113.67
-
0.31 0.00
Orbis Sicav
Odey Giano European Fund GBP R £ 113.96
-
0.31 0.00
Regulated Orbis Japan Equity (Yen)
¥ 3809.00
-
60.00 0.00
Odey Giano European Fund USD R $ 114.70
-
0.32 0.00
Orbis Japan Equity (Euro)
€ 25.30
-
0.39 0.00
Odey Naver Fund Euro I Class
-
0.13 0.00
Orbis Asia ex-Japan - Investor Shares $ 24.61
-
-0.48 0.00
€ 117.28
-
*Orbis Prices as of September 11th
(LUX)
€ 529.83
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.77
-
0.35 0.00
Euro Credit - Inst Acc
€ 14.40
-
0.00 0.00
Pictet-EUR Corporate Bonds-I F
€ 197.50
-
0.08 0.00
Euro Income Bond - Inst Acc F
€ 13.06
-
0.01 0.00
Pictet-EUR Government Bonds I EUR € 151.00
-
-0.14 0.00
Euro Long Average Duration - Inst Acc € 19.61
-
0.01 0.00
Pictet-EUR High Yield-I F
€ 241.23
-
0.27 0.00
Euro Low Duration Fund Inst Acc € 11.24
-
0.00 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 124.18
-
-0.09 0.00
Euro Real Return - Inst Acc
-
0.01 0.00
€ 13.18
-
Platinum Essential Resources
$
8.90
-
Platinum Low Volatility Fund SICAV (Est) $
8.95
-
-0.31 0.00 -
-
Platinum Navigator Fund Ltd Class A $ 103.81
-
-
-
Platinum Precious Metals (Est)
-
-0.19
-
€
6.28
Platinum Maverick Enhanced
$ 86.28
-
-
0.00
Platinum Gold Advantage (Est)
€
-
-
-
7.64
Platinum Global Dividend UCITS Fund $ 80.51 80.51 0.30 5.91
Polar Capital Funds Plc
(IRL)
Regulated Asian Financials I USD
$ 296.99 296.99 0.37 1.01
Biotechnology I USD
$ 14.71 14.71 -0.02
Financial Opps I USD
$ 12.52
-
-0.02 1.94
GEM Growth I USD
$ 10.71
-
-0.04 0.00
GEM Income I USD
$ 12.15
-
-0.05 0.00
Global Alpha I USD
$ 12.95 12.95 -0.02 0.00
Global Convertible I USD
$ 11.64 11.64 -0.01
Global Insurance I GBP
£
3.36
-
-
-
-0.01 0.00
Global Technology I USD
$ 21.96
-
0.09 0.00
Healthcare Opps I USD
$ 34.10
-
0.12 0.00
Income Opportunities B2 I GBP Acc £
1.61
1.61 0.00 0.00
Japan Alpha I JPY
¥ 182.63 182.63 0.55 0.00
Japan I JPY
¥ 1801.57
North American I USD
$ 16.68 16.68 0.03 0.00
-
3.79 0.00
Polar Capital LLP
(CYM)
€ 12.19
-
0.00 0.00
-
0.13 0.00
European Conviction A EUR
€ 161.49
-
0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.27
-
0.00 0.00
Global Advantage - Inst Acc
$ 13.31
-
0.01 0.00
European Forager A EUR
€ 181.31
-
-1.77 0.00
Pictet-Euroland Index IS EUR
€ 121.26
-
-0.44 0.00
Global Advantage Real Return Fund Inst Acc $ 10.28
-
0.03 0.00
Pictet-Europe Index-I EUR F
€ 157.77
-
-0.20 0.00
Global Bond - Inst Acc
$ 26.86
-
0.01 0.00
Pictet-European Equity Selection-I EUR F € 568.20
-
-1.81 0.00
Global Bond Ex-US - Inst Acc
$ 18.71
-
-0.01
-
Other International Funds Developing Countries 'A'
$ 38.29
-
0.63 0.00
Pictet-European Sust Eq-I EUR F
€ 207.97
-
-0.28 0.00
Global Fundam.Index StocksPLUSInst Acc $ 12.21
-
0.02
-
Emerging Markets Active
$ 40.35
-
0.70
Pictet-Generics-I USD F
$ 261.27
-
2.05 0.00
Global High Yield Bond - Inst Acc $ 19.93
-
-0.01 0.00
Luxcellence Em Mkts Tech
$ 1070.98
-
-8.39 0.00
Pictet-Global Emerging Currencies-I USD F $ 107.47
-
0.00 0.00
Global Investment Grade Credit - Inst Income $ 12.44
-
0.00 2.94
Polunin Developing Countries
$ 908.95 916.68 -4.35 0.00
Pictet-Global Emerging Debt-I USD F $ 353.72
-
0.13 0.00
Global Investment Grade Credit Fund Inst Acc € € 10.26
-
-0.01 0.00
Polunin Discovery - Frontier Markets $ 1554.34
Pictet-Global Megatrend Selection-I USD F $ 224.58
-
0.38 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.26
-
0.01 0.00
Polunin Small Cap
-0.01 0.00
$ 127.86
-
-0.61 0.00
Polunin Capital Partners Ltd
-
23.04
-
-
$ 1546.44 1565.77 37.78 0.00
Pictet-Global Bds Fundamental I USD $ 131.15
-
-0.02 0.00
Global Multi-Asset - Inst Acc
$ 14.52
-
Pictet-Greater China-I USD F
$ 462.60
-
-2.06 0.00
Global Real Return - Inst Acc
$ 17.86
-
0.03 0.00
Private Fund Mgrs (Guernsey) Ltd
Pictet-High Dividend Sel I EUR F
€ 147.46
-
-0.24 0.00
High Yield Bond - Inst Acc
$ 27.61
-
-0.03 0.00
Regulated Monument Growth 09/09/2014
Pictet-India Index I USD
$ 106.88
-
0.06 0.00
Income Fund Inst Acc
$ 11.99
-
0.01 0.00
Pictet-Indian Equities-I USD F
$ 434.19
-
0.74 0.00
Inflation Strategy Fund Inst Acc
$
9.92
-
0.00 0.00
Prosperity Capital Management Ltd
Pictet-Japan Index-I JPY F
¥ 13740.80
-
36.95 0.00
Low Average Duration - Inst Acc $ 14.68
-
0.00 0.00
Regulated RPF A Shares
$ 220.49
-
Pictet-Japanese Equities Opp-I JPY F ¥ 8109.03
-
3.68 0.00
PIMCO EqS Emerging Markets Fund Inst Acc $
9.11
-
-0.05 0.00
RPF D
$ 13.02
-
0.22 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 12111.99
-
16.17
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 14.63
-
-0.01 0.00
PQF B Shares
$ 464.58
-
3.29 0.00
Pictet-LATAM Index I USD
$ 87.70
-
-0.02 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.59
-
-0.01 0.00
PCF
$ 397.24 401.54 5.39 0.00
CAPF
$
-
Pictet-LATAM Lc Ccy Dbt-I USD F $ 153.43
-
0.06 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.26
-
0.02 0.00
-
-0.43 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 394.81
-
-3.10 0.00
StocksPLUS{TM} - Inst Acc
-
0.02 0.00
Odey Odyssey Fund GBP R
£ 140.74
-
-0.43 0.00
Pictet-Premium Brands-I EUR F
€ 139.79
-
-0.18 0.00
Total Return Bond - Inst Acc
$ 26.64
-
0.02 0.00
Odey Odyssey EUR I
€ 127.98
-
-0.39 0.00
Pictet-Quality Global Equities I USD $ 132.16
-
0.10 0.00
UK Corporate Bond - Inst Acc
£ 16.19
-
0.01 0.00
Odey Odyssey Fund EUR R
€ 107.25
-
-0.33 0.00
Pictet-Russia Index I USD
$ 71.21
-
-1.36 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 17.60
-
0.04 0.00
-0.34 0.00
Pictet-Russian Equities-I USD F
$ 59.94
-
-0.95 0.00
Pictet-Security-I USD F
$ 183.18
-
0.50 0.00
-
-
Euro Short-Term Inst Acc
£ 142.69
$ 111.69
-
-
Euro Ultra Long Duration - Inst Acc € 25.57
Odey Odyssey Fund GBP I
Odey Odyssey Fund USD R
-
$ 99.85
-0.39 0.00
-0.44 0.00
-
-
Platinum Dynasty
-0.02 0.00
-
5.34
Platinum Arbitrage Opportunities Fund Ltd Class A $ 92.92
-
$ 143.18
£
-
-
Odey Odyssey USD I
Other International Funds NAV (Fully Diluted)
-
-
€ 117.38
0.13 0.00
Oryx International Growth Fund Ltd
-
-
Pictet-EUR Short Mid-Term Bonds-I F € 136.49
-
-1.65 0.00
-
$ 112.64
Pictet-EUR Short Term HY I EUR
£ 117.87
-
Other International Funds Platinum Global Dividend Fund - A $ 65.21
Regulated ALVA Convertible A USD
Odey Naver Fund GBP I Class
Orbis Global Equity - Investor Shares € 144.37
Platinum Capital Management Ltd
-0.14 0.00
Pimco Fds: Global Investors Series Plc
$ 14.42
-
0.26 0.00
Pictet-USD Sov.ST.Mon.Mkt-I
Pictet-World Government Bonds-I EUR F € 145.86
1.00
-
Platinum All Star Fund - A
CF Odey Absolute Return Fund Euro Hedged €
Odey Allegra European GBP O
0.01 1.85
-
£ 93.44
0.18 0.00
Odey Allegra European EUR A
0.02 0.20
€ 91.81
Odey Swan Fund GBP I Class
CF Odey Opus Fund I Acc
-
0.05 0.00
Odey Swan Fund Euro R Class
-
1.01 0.00
-
-0.01 0.00
$ 174.00
-
-
-
Pictet-USA Index-I USD F
£ 161.70
9.66
$ 12.21
-0.38 0.00
Tactical Opps GBP Cls
Oasis Crescent Gbl Property Eqty $
Unconstrained Bond - Inst Acc
-
0.89 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 12.23
0.01 0.00
€ 136.94
1.02 0.00
0.02 0.00
-
Odey Opportunity EUR R
-
-
€ 140.56
-0.17 0.00
-
$ 12.07
Pictet-ST.MoneyMkt-I
-
€ 143.85
OasisCresGl LowBal D ($) Dist
0.75 0.00
$ 151.39
$ 170.91
0.01 2.50
-
Pictet-US High Yield-I USD F
-0.87 0.00
-
€ 93.09
-0.32 0.00
-0.31 0.00
$ 11.12
0.00 0.00
Odey Swan Fund Euro I Class
-
-
OasisCresGl Income Class A
-
SFr 117.78
-
Oasis Crescent Global Investment Fund (Ireland) plc Oasis Crescent Global Equity Fund $ 28.15 0.03 0.13
UK Sterling Low Average Duration - Inst Acc £ 13.93
-0.32 0.00
£ 195.63
0.01 0.29
0.18 0.00
-
Tactical Opps EUR Cls
-
-
SFr 116.35
€ 305.64
(IRL)
€ 887.85
Pictet-US Equity Selection-I USD $ 189.17
Tactical Opps USD Cls
Regulated Oasis Global Investment (Ireland) Plc Oasis Global Equity $ 27.69
Pictet-Small Cap Europe-I EUR F
0.25 0.07
Odey Pan European GBP R
Oasis Global Mgmt Co (Ireland) Ltd
-0.46 0.00
-
-0.30 0.00
0.05 0.00
-
127.82
-0.31 0.00
-
$ 122.26
CF Odey Opus Fund A Accumulation
-
R 10.14
-
Odey Orion Fund USD I Class
Odey Opportunity CHF I
£ 344.88
Offer D+/- Yield
UK Sterling Long Average Duration - Inst Acc £ 19.16
7.01 0.28
Regulated OEI MAC Inc A
Bid
0.17 0.00
-
Odey Asset Management LLP
Fund
-
3579.18
-
Other International Funds Oasis Crescent Equity Fund
Offer D+/- Yield
€ 103.05
CF Odey Opus R Inc
£ 117.92
Oasis Crescent Management Company Ltd
Bid
Pictet-Select-Callisto I EUR
0.25 0.82
€ 109.85
-86.93 0.00
Fund
-
All Weather Fd GBP Cls
-
Offer D+/- Yield
119.34
All Weather Fd EUR Cls
$ 1926.51
Bid
-0.46 0.00
CF Odey Continental European I Inc
FCA Recognised Odey Pan European EUR R
Northwest Warrant $ class
Fund
-
FCA Recognised Odey Opportunity CHF R
Odey Asset Management LLP
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Other International Funds 0.00 0.00 Northwest $ class $ 2105.99 -
Offer D+/- Yield
€ 122.13
Odey Wealth Management (CI) Ltd
-0.31 0.00
Northwest Investment Management (HK) Ltd
Bid
Odey Orion Fund Euro I Class
0.26 0.81
-0.01 0.00
Total Ret Bd USD Inst Acc
US Growth EUR Ord Acc
123.25
Fund
-0.03 0.00
UK Real Return - Inst Acc
$ 22.23
£ 20.44
-
0.01 0.00
(GSY)
£ 444.11 449.30 -2.62 0.95
9.12
(CYM) -
0.00
-
0.15 0.00
Prusik Investment Management LLP
(IRL)
Enquiries - 0207 493 1331 Regulated Prusik Asian Equity Income B Dist $ 156.46
-
-0.31 4.26
Prusik Asia A
$ 212.60
-
0.25 0.00
Prusik Asian Smaller Cos A
$ 174.37
-
0.07 0.00
22 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Purisima Investment Fds (UK) (1200)F
(UK) Ibex House, 42-47 Minories, London, EC3N 1DX Order Desk 08459 22044, Enquiries: 0870 607 2555 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers Global Total Fd PCG A 152.49 0.24 0.60 Global Total Fd PCG B
151.23
Global Total Fd PCG INT
149.51
-
0.23 0.37 0.22 0.14
Fund
Fund
Bid
Japan Specialist Fund
£ 13.06
Bid
Offer D+/- Yield -
-0.08 0.00
Santander Atlas Port 6 Acc X
185.90
-
-0.90 0.42
US Spec Equity Fund
Regulated PCG B
160.21
PCG C
158.92
(JER) -
-0.42 0.00 0.21 0.00
Putnam Investments (Ireland) Ltd Regulated Putnam New Flag Euro High Yield Plc - E € 1044.77
(IRL) -
1.17 5.04
Rathbone Unit Trust Mgmt (1200)F
(UK)
PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Authorised Inv Funds 148.56 153.58 0.45 4.21 Blue Chip Income Inc Blue Chip Income Acc
-
-0.70
-
Schroder Property Managers (Jersey) Ltd
SMT Fund Services (Ireland) Limited
204.00
-
-1.30
-
Other International Funds Indirect Real Estate SIRE
Regulated Monthly Dividend High Yield
UK Sovereign Bd Index Fund
£ 10.18
-
0.01 2.83
Santander Atlas Port 7 Acc Inst
161.00
-
-1.00
-
Inflation Lkd Sov Bd Fund
£ 11.71
-
0.00 0.80
Authorised Inv Funds Max 70% Shs Acc Ret
161.20
-
0.00
-
Max 70% Shs Inc Ret
138.50
-
0.10
-
(UK) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Authorised Inv Funds 219.20 0.10 0.00 Managed Growth
Investments Inc Acc Ret
148.10
-
-0.10
-
UK Growth
Investments Inc Inc Ret
100.60
-
-0.10
-
Equity Inc Inc Inst
226.90
-
0.70
-
UK Specialist Equity Income Fund £ Global Emerg Mkts Equity Fund
9.74
£ 12.17
-
-0.04 3.47 -0.03 0.87 0.00 3.15
Series 6 (Investment Management Customers Only) United Kingdom Equity Index Fund £ 16.21 - -0.07 2.92 UK Specialist Equity
£ 19.36
-
-0.09 1.45
Contl Europe Specialist Fund
£ 23.75
-
-0.18 0.67
Japan Specialist Fund
£ 13.67
-
-0.08 0.50
US Spec Equity Fund
£ 18.08
-
-0.07 0.31
151.85
-
-0.06 0.90
Multi Asset Total Return inc
125.22
-
-0.15 1.62
Multi Asset Total Return acc
134.73
Recovery Inc
407.47 422.02 -1.83 2.19
Recovery Acc Strategic Bond Ret Acc Strategic Bond Ret Inc
-
-0.16 1.74
473.16 489.72 -2.12 2.19 £ £
1.17 1.07
-
Renasset Select Funds Plc
-0.01
-
(IRL)
Regulated European Opportunities Fund A
€ 141.82
-
-0.04 0.00
European Opportunities Fund B
€ 104.90
-
-0.02 0.00
Renaissance Eastern European Allocation Fund € 411.10
-
-0.02 0.00
Renaissance Eastern European Fund A € 466.73
-
-3.57 0.00
Renaissance Eastern European Fund B € 100.22
-
-0.77 0.00
Renaissance Ottoman Fund
-
-1.21 0.00
€ 133.40
Robeco Asset Management
Equity & General O Acc
347.13 374.00
-
1.04 0.33
Equity Inc Inc Ret
0.96 0.34
N&P UK Gwth Inc Ret
0.94 0.05
Stckmkt 100 Track Gwth Acc Inst
1.01 0.05
176.60
0.00
-
-
0.00
-
Canadian Dllr Pfolio
C$
0.01
-
0.00
-
New Zealand Dllr Pfolio
NZ$
0.01
-
0.00
-
Daiwa Bond Series Monthly Dividend AUD Bd
A$ 10.21
-
0.00 0.00
Monthly Dividend EUR Bd
€ 10.65
-
0.00 0.00
C$ 10.10
-
-0.02 0.00
7.86
-
0.00 0.00
$ 10.28
-
-0.02 0.00
-
SEB Dynamic Bond Fd C EUR
€ 100.56 100.56 -0.03
-
SKr 100.76 100.76 -0.03
-
-1.37 0.15
UK Growth Acc Ret
329.10
-
0.30
-
SEB Dynamic Bond Fd HNWC SEKSKr 100.52 100.52 -0.04
-
SEB Dynamic Bond Fd HNWD SEKSKr 100.52 100.52 -0.04
-
SEB Dynamic Bond Fd IC SEK
SKr 100.97 100.97 -0.04
-
SEB Dynamic Bond Fd ID SEK
SKr 100.69 100.69 -0.04
-
SEB Short Bond Fd D SEK
SKr
-
Standard Life Wealth Standard Life Wealth, 30 Lothian Road, Edinburgh, EH1 2DH 0845 279 8880 www.standardlifewealth.com Authorised Funds 908.30 - -3.20 1.59 SLW Acer Fund-GBP Income
£ 11.58
-
0.00 0.80
Japanese Fund C Acc
166.23
-
0.22 0.03
UK Growth Inc Ret
224.20
-
0.20
-
UK Specialist Equity Income Fund £ 10.37
-
-0.04 3.42
Japanese Fund O Acc
165.06
-
0.21 0.00
Global Spec Inv Grade Bd Fund GBP £ 10.77
-
0.00 3.15
Managed OEIC Glob Em Shs Port Acc Ret
176.80
-
-1.70
-
£ 12.13
-
-0.03 1.40
Max 70% Shs Port Acc Ret
246.60
-
-0.60
-
Max 70% Shs Port Acc X
177.10
-
-0.40 1.53
Investment Port Acc Ret
222.90
-
-0.10
Investment Port Acc X
158.00
-
-0.10 2.86
Max 50% Shs Port Acc Ret
235.00
-
-0.40
-
Max 50% Shs Port Inc Ret
213.90
-
-0.40
-
Max 50% Shs Port Acc X
170.10
-
-0.30 2.00
Max 100% Shs Port Acc Ret
268.90
-
-0.70
Max 100% Shs Port Acc X
193.10
-
-0.50 0.41
Enhanced Inc Inc Ins
212.50
-
0.40
-
Enhanced Inc Inc Ret
203.00
-
0.40
-
Enhanced Inc Inc X
171.20
-
0.30 6.23
Other International Fds LTIF Stability Growth
SFr 221.30
-
1.00 0.72
Diversified Assets Fund
£ 1.1685
-
0.0003 2.99
LTIF Stability Inc Plus
SFr 205.50
-
0.90 0.76
Global Equity Fund
£ 1.7409
-
0.0030 1.49
Global Balanced Fund - Income Units £ 1.2995
-
0.0023 1.69
CIS Sustainable World Trust A Corporate Bd Inc Tst
-
Pacific C Acc Pacific O Acc Total Return C Acc
285.37 283.39 376.54
-
7.06 0.65 6.99 0.16 1.38 1.71
Total Return C Inc
267.14
-
0.97 1.73
Total Return O Inc
265.39
-
0.95 1.72
Total Return O Acc
374.18
-
1.34 1.71
-0.10 0.93
87.73 92.35 -0.05 4.00
European Growth Sustainable Leaders
157.50
0.00 1.72
97.23 102.30 0.35 3.39 A
429.60
-
-0.10 1.23
UK Growth
465.40 489.90 0.40 1.13
UK Income With Growth
226.40 238.40 0.20 4.48
US Growth
137.50 144.60 0.40 0.00
S W Mitchell Capital LLP
(CYM)
Regulated S W Mitchell European Fund Class A EUR € 299.09
Additional Funds Available Please see www.cis.co.uk for details
S W Mitchell Small Cap European Fund Class A EUR € 222.11 (UK) PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 Authorised Inv Funds Balanced Acc 337.70 0.10 1.42 Balanced Inc
275.40
-
0.00 1.45
Equity Income
315.80
-
0.80 3.86
Extra Income
103.60
-
-0.10 3.29
FTSE 100 Tracker Special 1
299.50
-
0.40 2.97
FTSE 100 Tracker Special 3 FTSE 100 Tracker Standard Growth
207.90 284.00 300.30
-
0.40 2.74
The Charlemagne Fund EUR
€ 295.95
-
4.39 2.08 -35.77
S W Mitchell Capital LLP
-
(IRL)
120.90
-
-0.10 3.73
International Growth
395.80
-
0.50 0.63
Stakeholder Investment
162.80
-
0.10 2.29
Adventurous Growth
142.80
-
0.30 0.50
Balanced Growth
139.70
-
0.20 0.60
Cautious Growth
129.40
-
0.10 1.00
Income
119.60
-
0.10 2.20
Capital Protected Accelerator Fund 2
125.30
-
3.00 0.00
-0.80 0.00
Chinese Equities (EUR)
€ 66.42
-
-0.70 0.00
Your Portfolio Fund II Class 1
108.90
-
0.00 0.00
Em Stars Equities (EUR)
€ 180.50
-
-2.14 0.00
Your Portfolio Fund II Class 2
108.60
-
0.00 0.00
Emerging Markets Equities (EUR) € 150.36
-
-1.30 0.00
Your Portfolio Fund III Class 1
114.20
-
-0.10 0.80
€ 105.82
-
0.00 0.00
Your Portfolio Fund III Class 2
114.00
-
-0.20 1.20
Glob.Consumer Trends Equities (EUR) € 124.39
-
-0.11 0.00
Your Portfolio Fund IV Class 1
119.80
-
-0.20 0.90
High Yield Bonds (EUR)
€ 123.86
-
-0.07 0.00
Your Portfolio Fund IV Class 2
119.30
-
-0.20 1.30
Lux -O- Rente (EUR)
€ 130.07
-
-0.06 0.00
Your Portfolio Fund V Class 1
124.10
-
-0.30 0.60
New World Financials (EUR)
€ 48.72
-
0.00 0.00
Your Portfolio Fund V Class 2
123.50
-
-0.40 1.00
US Premium Equities (EUR)
€ 178.03
-
0.46 0.00
Your Portfolio Fund VI Class 1
123.30
-
-0.40 0.60
US Premium Equities (USD)
$ 199.24
-
0.53 0.00
Your Portfolio Fund VI Class 2
123.40
-
-0.40 0.90
RobecoSAM S.Water/A
£ 164.93
-
0.52 0.00 -0.86 1.36
0.0002 2.85
-
0.16 0.00
€ 82.33
-
-0.09 0.00
SKAGEN m2
€ 15.20
-
-0.08 0.00
SKAGEN Vekst
€ 213.09
-
-0.17 0.00
Stenham Asset Management Inc
SKAGEN Tellus
€ 14.43
-
-0.05 11.12
www.stenhamassetmanagement.com Other International Funds Stenham Asia USD $ 132.19
-
0.14
Stenham Credit Opportunities A Class USD $ 110.83
-
-0.09 0.00
Strat Bond Inc Inst
181.20
-
0.00
-
Managed Investments OEIC 3 Div Inc Port Inc Ret
162.90
-
0.50
-
Corp Bond Acc Inst
200.50
-
-0.10 3.64
Multi-Manager OEIC Bal Intl Track Acc Ret
260.50
-
-0.60
Bond Mthly Inc Acc Ret
138.00
-
-0.10
-
Bond Mthly Inc Inc Ret
91.26
-
-0.06
-
-
Smith & Williamson Investment Management (1200)F (UK) Santander Asset Management UK Limited (1200)F (UK) 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Authorised Inv Funds Santander Premium Fund (OEIC) A Shares 269.30 - -0.10 Europe (ex-UK) Japan Equities
139.30 521.90
-
0.20 -2.00
-
Sterling Bonds
253.40
-
-0.20
-
UK Equities
259.50
-
0.20
-
US Equities
238.90
-
0.30
-
B Shares Pacific Bas (ex-Japan)
521.20
-
-2.00
-
-
-0.50
-
£
Saracen Global Income & Growth Fund A - Acc £
-
Santander Atlas Port 6 Acc Ret
260.50
-
-1.20
-
(NOR)
SKAGEN Kon-Tiki
175.60
-0.60
SKAGEN Funds
-
Santander Atlas Port 4 Acc Ret
-
SIA (SIA Funds AG) (CH)
-
Saracen Growth Fd Beta Acc
159.00
(JER) PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised Standard Life Offshore Strategy Fund Limited Bridge Fund £ 1.5578 - 0.0019 2.32
£ 1.8693
-
Santander Atlas Port 5 Acc Inst
Standard Life Wealth
UK Equity Fund
-
-
0.00 2.16
PO Box 160, 4001 Stavanger, Norway Tel (47) 51 21 38 58 www.skagenfunds.com FCA Recognised SKAGEN Global € 145.46
-0.40
-0.70
-
-
-0.20
-
134.50
-0.0005 3.52
-
188.20
SLW Phoenix Fund -Income B Units
-0.0005 3.67
-
Santander Atlas Port 5 Acc Ret
-0.59 0.00
-
157.70
-
-
£ 0.8527
101.60
-
€ 98.93
Sterling Fixed Interest Fund
Santander Atlas Port 3 Acc Inst
-0.50
0.00 2.11
LTIF Natural Resources
-
Santander Atlas Port 3 Inc Ret
-0.30
-
-0.60
-
-
169.80
-
19 Rutland Square, Edinburgh EH1 2BB Dealing: 00 353 1 603 9921 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Authorised Inv Funds Saracen Growth Fd Alpha Acc £ 3.35 - -0.01 0.30
-
SLW Phoenix Fund -Accumulation B Units
230.50
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Authorised Funds Santander Atlas Range 144.30 - -0.30 Santander Atlas Port 3 Acc Ret
158.80
-0.44 0.00
Eq Inc Port Inc Ret
Saracen Fund Managers Ltd (1000)F
128.10
-
0.0026 1.67
Santander Asset Management UK Limited (1200)F (UK)
Santander Atlas Port 4 Acc Inst
€ 89.99
-
Pacific Bas (ex-Japan)
Santander Atlas Port 4 Inc Ret
2.50 1.87
LTIF Em.Mkt Value
£ 1.0786
-0.20
-
-
Global Fixed Interest Fund
-
€ 153.23
831.20
-0.80 0.00
168.40
RobecoSAM S.HealthyLiv/B
SLW Merlin Fund -Income Units
-
£ Gov Bond Inc Inst
-0.68 0.00
-0.54 0.00
283.90
-19.09 0.00
-
-
Eq Inc Port Acc Ret
-
€ 159.50
€ 321.11
-
SWMC Small Cap European Fund B EUR € 12958.32
RobecoSAM S.Global Eq/B
0.50 0.65
LTIF Classic
Global Balanced Fund - Accumulations Units £ 1.4801
-0.20 4.28
-0.18 2.55
-
-0.20 3.64
-
-
266.10
-
147.90
£ 80.67
0.50 0.65
SLW Falcon Fund -Income Units
165.00
Investments Inc Port Inc X
RobecoSAM S.Climate/A
-
-0.27 0.00
Max 60% Shs Port Inc X
-5.46
-1.48 1.61
303.70
-
-
-
-
SLW Falcon Fund -Accumulation Units
€ 161.47
-0.30
£ 9292.45
£ 125.32
Regulated LTIF Alpha
-
SWMC UK Fund B
RobecoSAM Sm.Materials/A
0.20 1.92
213.20
-0.10
(LUX) Tel. +41 44 653 10 10 http://www.robecosam.com/ Regulated RobecoSAM Sm.Energy/A £ 12.27 - -0.13 18.11
0.20 3.08
-
Max 60% Shs Port Inc Ret
-
RobecoSAM
-
228.40
-0.30 0.00
163.30
-79.42 0.00
(LUX)
140.90
SLW Bridge Fund -Income Units
-
Managed Investments OEIC 2 Investments Inc Port Inc Ret
-
SIA (SIA Funds AG)
Unit Trusts SLW Balanced Bridge Fund-Income Units
258.50
17.68 0.00
SWMC Emerging European Fund B EUR € 9685.68
8.28 0.00
Managed Investments OEIC Max 60% Shs Port Acc Ret
-
-
8.28
-
€ 14533.30
-0.30 2.16
High Yield
-
Regulated SWMC European Fund B EUR
0.40 2.51
-
-0.17 0.00
-
0.01
$
-
167.90
-
0.01
$
Daiwa Equity Fund Series New Major Economies
488.79
Capital Protected Fund 6
£ 22.95
A$
Mthly Div US Preferred Secs
European O Acc
Inflation Lkd Sov Bd Fund
-0.01 0.00
-
0.01 2.83
3.20 0.00
Contl Europe Specialist Fund
0.20
-
€ 15.10 16.02 -0.08 0.00
-
£ 10.25
-
-0.09 0.34
-
7.13
€ 100.65 100.65 -0.03
UK Sovereign Bd Index Fund
133.90
-
SEB Dynamic Bond EUR
-
Capital Protected Fund 4
£ 19.17
-
0.20
2.90 0.00
UK Specialist Equity Inc
-
0.11
US$ Portfolio
$
Monthly Dividend CAD Bd
-
-
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Series 5 (Minumum Initial Investment £75,000) United Kingdom Equity Index Fund £ 16.43 - -0.07 2.57
0.20
-
0.60 0.00
281.90
117.10
(UK)
-
96.45
-
UK Growth Acc Inst
Capital Protected Accelerator Fund 3
Royal Bank of Scotland (2230)F
166.00
www.seb.se +352 26 68 2595 Regulated SEB Asset Selection Fund EUR
196.10
Stckmkt 100 Track Gwth Acc Ret
SEB Asset Management S.A.
(LUX)
-1.34 0.45
(LUX) Coolsingel 120, 3011 AG Rotterdam, The Netherlands. www.robeco.com/contact FCA Recognised Asia-Pacific Equities (EUR) € 121.27 - -0.77 0.00
Flex-o-Rente (EUR)
Equity & General O Inc
348.19
-
-1.71 0.00
-
RBS Collective Investment Fds Ltd
RECM Global Equity Fund Limited - Class A $ 10.31
Equity & General C Inc
376.33
-
0.20 0.00
491.79
1.09 0.00 3.79
(GSY) www.recmglobal.com Enquiries: info@recmglobal.com Regulated RECM Global Fund Limited - Class A $ 19.69 - -0.02 0.00
Equity & General C Acc
96.41
-
European C Acc
1.19 0.00 3.72
RECM Global Management Limited
Baker Steel Gold O Acc
234.80
-0.15 1.21
837.53 866.59 4.03 3.97
Multi Asset Strategic Growth acc
Ibex House, 42-47 Minories, London, EC3N 1DX Order Desk and Enquiries: 0845 601 9610 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers CF Ruffer Investment Funds Baker Steel Gold C Acc 97.03 - -1.71 0.00
-
Royal London Unit Managers (CIS) (1200) F (UK)
-0.06 1.05
(UK)
Daiwa Gaika MMF AU$ Portfolio
Scottish Friendly Asset Managers Ltd
Pacific Basin Specialist Equity Fund £ 41.99
PO Box 105, Manchester M4 8BB 08457 464646 Authorised Inv Funds CIS Sustainable Diversified Trust A £ 1.50 -
-
Ruffer LLP (1000)F
£ 118.88 123.71 0.83 3.23
SEB Dynamic Bond Fd C SEK
117.58 121.15 0.05 0.00
145.46
Offer D+/- Yield
158.90
Global Opportunities Acc
Multi Asset Strategic Growth inc
Bid
Santander Atlas Port 7 Acc Ret
Address and telephone number for Series 5 only
-0.04 0.00
Fund
Santander Atlas Port 6 Acc Inst
165.43 168.83 0.03 4.99
-
Offer D+/- Yield
-0.15 0.53
Ethical Bond Acc
120.52
Bid
-0.07 0.00
90.60 92.60 0.02 5.13
Multi Asset Enhanced Growth Acc
Fund
-
Ethical Bond Inc
1226.20 1267.75 5.90 3.86
Offer D+/- Yield
-
Global Emerg Mkts Equity Fund
Income Acc
Offer D+/- Yield
£ 17.47
213.00 220.03 0.65 4.07
Income Inc
Bid
Pacific Basin Specialist Equity Fund £ 42.19
Global Spec Inv Grade Bd Fund GBP £ 10.55
Purisima Investment Fds (CI) Ltd
Fund
5.32 1.17
-
-0.02 0.22 -0.01 0.36
1.11
-
-0.01 2.79
Saracen Global Income and Growth Fund -Acc
1.44
-
-0.01 0.53
Saracen Global Income and Growth Fund -Dist
£
1.30
-
-0.50 1.38
Far East Growth Trust A Class
415.00
-
-0.80 2.81
Fixed Interest Trust A Class
122.40xd
-
-0.10 3.95
Global Gold and Resource Trust A Class
195.20
-
1.80 0.00
MM Endurance Balanced Fund A Class
205.50
-
-0.60 1.00
MM Global Investment Fund A Class
2197.00
-
1.00 1.71
North American Trust A Class
1653.00
-
2.00 0.00
Oriental Growth Fund A Class
144.10
-
0.00 0.91
UK Equity Growth Trust A Class
387.40
-
1.10 0.90
UK Equity Income Trust A Class
219.70
-
1.10 4.62
-
1.40 0.00
$ 191.48
-
1.33 0.00
Stenham Growth USD
$ 208.89
-
3.97
Stenham Healthcare USD
$ 159.24
-
7.48 0.00
Stenham Helix USD
$ 101.47
-
-0.61 0.00
Stenham Managed Fund USD
$ 111.17
-
1.50
-
Stenham Multi Strategy USD
$ 117.59
-
0.83
-
Stenham Quadrant USD A
$ 376.37
-
-1.29
-
Stenham Trading Inc USD
$ 109.25
-
-0.37
-
Stenham Universal USD
$ 437.68
-
3.26
-
Stenham Universal II USD
$ 163.14
-
1.12 0.00
Stratton Street Capital (CI) Limited Regulated Fine Wine PCC Limited - Bordeaux Fund £
-
(GSY)
0.42
-
0.00 0.00
-
-17.06 0.00
Japan Synthetic Warrant GBP Hedged Participating Shares £ 104.98
-
9.48
Japan Synthetic Warrant Fund USD Class $
8.98
-
-0.33 0.00
367.50 388.40 -0.50 1.57
Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 104.37
-
9.41
-
0.38 3.75
Smith & Williamson Fd Admin Ltd (1200)F 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds 2016.00 S&W Deucalion Fd (OEIC) S & W Magnum
Stenham Emerging Markets USD B1 $ 112.72 Stenham Gold USD
¥ 718.19
(UK)
Saracen Global Income & Growth Fund A - Dist £ £
25 Moorgate, London, EC2R 6AY 020 7131 8100 www.sandwfunds.com Authorised Inv Funds 491.20 European Growth Trust A Class
-
Japanese Synthetic Warrant (UK)
2.00 0.51
-
-
S & W Marathon Trust
181.10 191.50 0.00 1.16
Renminbi Bond Fund AUD Cls A A$ 119.79
Charity Value and Income Fund Acc
131.70 132.50 0.30 4.49
Renminbi Bond Fund AUD Cls B A$ 121.56
-
0.39 3.51
Charity Value and Income Fund Inc
93.73 94.27 0.24 4.61
Renminbi Bond Fund CHF Cls A SFr 120.86
-
0.34 3.34
Renminbi Bond Fund CHF Cls B SFr 120.64
-
0.34 3.10
Renminbi Bond Fund CNH Cls A CNH 121.82
-
0.30 3.44
Renminbi Bond Fund CNH Cls B CNH 121.59
-
0.29 3.21
Renminbi Bond Fund Euro Cls B
-
0.34 3.09
-0.01 3.25
. For Save & Prosper please see Countrywide Assured
€ 121.40
FTfm | 23
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
£ 122.37
-
0.35 3.00
Pacific B
$ 381.30
-
2.35 0.00
Renminbi Bond Fund SGD Cls B S$ 121.35
-
0.36 3.33
Renminbi Bond Fund USD Cls B
$ 121.80
-
0.36 3.28
TreeTop Global Sicav Global Opp.A
€ 146.54
-
0.09 0.00
Renminbi Bond Fund YEN Cls B
¥ 13021.20
-
38.69 0.00
Global Opp.B
$ 152.58
-
Global Opp.C
£ 184.09
-
Sequoia Equity A
€ 138.06
-
0.24 0.00
Sequoia Equity B
$ 150.98
-
0.01 0.00
Sequoia Equity C
£ 160.74
-
-0.84 3.81
Renminbi Bond Fund GBP Cls B
Renminbi Bond Fund USD Class Renminbi Bond Fund GBP Class
$ 167.92 £ 163.10
Renminbi Bond Fund SGD Class S$ 160.74
-
0.49 3.52
-
0.48 3.24
-
0.48 3.57
Renminbi Bond Fund YEN Class
¥ 19289.00
-
57.00 0.00
Renminbi Bond Fund EUR Class
€ 111.65
-
0.31 3.33
Poland Geared Growth
£
0.56
-
-0.03 0.00
E. I. Sturdza Strategic Management Limited (GSY) Regulated Nippon Growth Fund Limited
¥ 94874.00
-
354.00 0.00
Strat Evarich Japan Fd Ltd JPY
¥ 94385.00
-
-383.00 0.00
Strat Evarich Japan Fd Ltd USD
$ 945.80
-
-3.87 0.00
E.I. Sturdza Funds PLC
UBP - Union Bancaire Privée Rue du Rhône, 96-98 Geneve Switzerland FCA Recognised UBAM-Dynamic Euro Bd A Acc € 255.52
(LUX)
-
UBAM-EM High Yld Short Dur Corp Bd AC Acc $ 106.32
-
-0.08 0.00
-
0.27 0.00
€ 375.31
UBAM-Europe Equity Dividend+AC Acc € 116.85
-
0.12 0.00
UBAM-Global High Yield Solution AC Acc $ 140.23
-
0.05 0.00
UBAM-Neuberger Berman US Eq Val AC Acc $ 1054.84
-
6.50 0.00
UBAM-SNAM Japan Eq Val AC Acc ¥ 1174.00
-
7.00 0.00
UBAM-Swiss Equity AC Acc
SFr 248.10
-
-0.23 0.00
UBAM-Unconstrained Bond APC Acc € 102.12
-
0.00 0.00
UBAM FCP-EM Inv Grd Corporate Bd Acc $ 120.09
-
0.06 0.00
UBAM Convertibles Euro 10-40 AC Acc € 1792.03
-
-1.01 0.00
Regulated Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1035.16
-
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1210.44
-
3.13 0.00
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 94257.00
-
239.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 79063.00
-
200.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 76801.00
-
195.00 0.00
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 50877.00
-
130.00 0.00
Strategic China Panda Fund USD $ 2538.59
-
-5.20 0.00
Strategic China Panda Fund Hedged EURO € 2474.05
-
-5.23 0.00
Strategic China Panda Fund Hedged Sterling £ 2502.70
-
-4.89 0.00
Strategic Euro Bond Accumulating Class CHFSFr 1020.61
-
0.08 0.00
Strategic Euro Bond Institutional Class EUR € 1029.26
-
0.08 0.00
Strategic Euro Bond Fund Accumulating Class Shares € 1158.37
-
0.08 0.00
Strategic Euro Bond Fund Distributing Class Shares € 1059.25
-
0.08 0.00
Strategic Global Bond RMB Acc CNY 1084.51
-
-1.12 0.00
Strategic Global Bond USD Acc
$ 1054.52
-
-2.11 0.00
Strategic US Momentum and Value Fund $ 756.05
-
-0.03 0.00
Strategic US Momentum and Value EUR Hedged Class EUR € 528.73 Strategic US Momentum and Value CHF Hedged Class CHFSFr 527.58
-
-0.14 0.03
-
Taube Hodson Stonex Ptnrs UT (1200)F
(UK) 50 Bank Street, Canary Wharf, London E14 5NT Admin: 50 Bank Street, Canary Wharf, London E14 5NT Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds THS Growth & Value Funds International 346.70 0.80 1.79 IGV - Inc A IGV - Inc B
346.40
-
0.90 1.07
IGV - Acc X
417.10
-
1.00 1.30
IGV - Acc Y
445.00
-
1.10 1.75
IGV - Acc Z
415.60
-
1.00 1.05
European EGV - Acc Z
270.90
-
0.00 0.26
-
-0.06 0.34
-
-0.05 0.42
Global Bond Fund Cls A
$
-
-0.01 4.67
Troy Asset Mgt Ltd
-
-0.95 0.00
Spectrum Fund 'O' Inc
150.06
-
-0.41 0.27
Trojan Fund O Acc
247.10
-
0.16 0.65
Global Fixed Income D Inc F
-
0.14 0.66
Trojan Capital O Acc
189.76
-
0.19 0.99
Trojan Capital O Inc
163.13
-
0.17 1.00
Trojan Income O Acc
245.02
-
0.43 3.79
Trojan Income O Inc
161.25
-
0.29 3.92
UBS Global Asset Mgmt Fds Ltd
£
Global Yield B Acc F
0.00 0.61
1.01
-
0.00 0.62
116.10
-
-0.10 1.70
Global Yield B Inc F
110.40
-
-0.10 1.71
Global Balanced B Acc F
126.90
-
-0.30 0.25
Global Balanced B Inc F
122.90
-
-0.30 0.24
Global Growth B Acc F
134.80
-
-0.60 0.13
Global Growth B Inc F
126.80
-
-0.50 0.16
Global Equity Fund B Acc F
128.00
-
-0.30 0.05
Global Equity Fund B Inc F
205.90
(UK)
-
£
1.28
-
0.00 0.01
UK Income Focus B Inc F
64.85
-
0.02 3.32
UK Income Focus B Acc F
83.79
-
0.02 3.24
UK Balanced B Inc F
68.90
-
-0.02 1.29
UK Balanced B Acc F
74.40
-
-0.02 1.27
UK Growth B Acc F
75.61
-
-0.02 1.11
UK Growth B Inc F
84.15
-
-0.02 1.11
UK Equity B Acc F
85.08
-
0.17 2.15
UK Equity B Inc F
79.41
-
0.16 2.16
Thesis Unit Trust Management Limited
(UK) Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Authorised Funds TM New Court Fund A 2011 Inc £ 12.29 0.00 0.02 TM New Court Fund - A 2014 Acc £ 12.30 TM New Court Equity Growth Fund - Inc £ 12.33
-
-0.01
(UK)
21 Lombard Street, London, EC3V 9AH Client Services 0800 587 2113, Client Dealing 0800 587 2112 www.ubs.com/retailfunds Authorised Inv Funds OEIC Global Emerg Mkts Eqty B Acc £ 1.40 0.00 1.05 Global Optimal B Acc
£
0.99
-
0.00 0.72
UBS UK Opportunities Fund B Acc £
0.91
-
0.01 2.38
US Equity B Acc
£
1.33
-
0.00 0.24
UBS Asian Consumption Fund - B Acc £
0.58
-
0.00 0.31
UBS Targeted Return B Acc
£
UBS Sterling Corporate Bond Indexed Fund UBS Multi Asset Income B Inc (net) £ UBS UK Equity Income B Inc Net £ Corporate Bond UK Plus B Inc Net £ UBS Global Allocation (UK) B Acc £
1.24
-
-0.01 1.32
49.91
-
-0.04 3.35
0.52 0.42 0.54 1.07
-
0.00 3.81 0.00 4.57 0.00 4.00
-
-0.36 3.93
Veritas Global Equity Income Fund D EUR € 220.05
-
-0.75 3.91
Veritas Global Equity Income Fund D GBP £ 175.89
-
-0.44 4.15
Veritas Global Focus Fund D USD $ 26.70
-
-0.04 1.65
Veritas Global Focus Fund D EUR € 20.83
-
-0.05 1.61
Veritas Global Focus Fund D GBP £ 27.84 Veritas Global Focus Fund A GBP £ 26.83
-
-0.04 1.09 -0.04 0.88
Veritas Global Focus Fund A EUR € 12.07
-
-0.03 0.85
Veritas Global Focus Fund A USD $ 25.66
-
-0.04 0.86
Veritas Global Focus Fund C GBP £ 28.25
-
-0.05 0.00
Veritas Global Focus Fund C EUR € 21.15
-
-0.06 0.00
Veritas Global Focus Fund C USD $ 27.10
-
-0.04 0.00
Veritas Global Equity Income Fund A GBP £ 169.11
-
-0.42 4.16
Veritas Global Equity Income Fund A EUR € 214.49
-
-0.73 3.93
Veritas Global Equity Income Fund A USD $ 141.93
-
-0.35 3.94
Veritas Global Equity Income Fund C GBP £ 188.70
-
-0.47
-
Veritas Global Equity Income Fund C EUR € 239.56
-
-0.81
-
Veritas Global Equity Income Fund C USD $ 157.41
-
-0.39
-
Veritas Global Real Return Fund A USD $ 20.38
-
-0.04 0.20
Veritas Global Real Return Fund A GBP £ 11.31
-
-0.03 0.00
Veritas Global Real Return Fund A EUR € 11.72
-
-0.03 0.77
Veritas China Fund B GBP
£ 133.23
-
-0.12 0.00
Veritas China Fund B EUR
€ 140.76
-
-0.13 0.00
-11.39 0.00
Veritas Global Focus Fund B USD $ 18.46
-
-0.03 0.47
Investments IV - European Private Eq. € 331.39 347.96 -21.23 0.00
Veritas Global Focus Fund B GBP £ 20.45
-
-0.04 0.48
Investments IV - Global Private Eq. € 440.55 462.57 -26.10 0.00
Veritas Global Focus Fund B EUR € 14.34
-
-0.04 0.46
Veritas Global Equity Income Fund B GBP £ 156.58
-
-0.39 4.19
Veritas Global Equity Income Fund B EUR € 198.09
-
Veritas Global Equity Income Fund B USD $ 141.61
-
Veritas Global Real Return Fund B USD $ 19.72
-
-0.04 0.00
Veritas Global Real Return Fund B GBP £ 11.08
-
-0.03 0.00
Veritas Global Real Return Fund B EUR € 12.82
-
-0.03 0.00
Unicapital Investments
(LUX)
Regulated Investments III
€ 76.55
-
Toscafund
Global Eq (ex Japan) Class HJ4
¥
1.39
-
0.00 0.00
Regulated Tosca
$ 266.81
-
0.47 0.00
Global Eq (ex Japan) Class JP5
Tosca Mid Cap GBP
£ 211.41
-
1.74 0.00
F
347.51
-
402.76
-
0.23 0.01
312.12
-
-0.09 0.00
-
0.05 0.16
£ 12.69
-
0.01 1.93
Waverton Equity Fund A GBP
£ 14.26
-
-0.01 0.00
Waverton Sterling Bond Fund A GBP £ 10.11
-
0.00 4.89
Wesleyan Assurance Society
(UK)
Colmore Circus, Birmingham, B4 6AR 0121 200 3003 Insurances Managed Fd £ 12.89 13.53 -0.01
-
951.70 999.30 3.20
-
Pens Managed Fd Pens Managed Fd Ser 2
£
9.23
9.23 0.04
WA Fixed Income Fund Plc Regulated European Multi-Sector
€ 117.14
-
(IRL) -
-0.05 0.00
Winton Capital Management Other International Funds Winton Futures USD Cls B
$ 920.85
-
0.00 0.00
Winton Futures EUR Cls C
€ 258.08
-
0.00 0.00
Winton Futures GBP Cls D
£ 281.35
-
0.00 0.00
Winton Futures GBP Cls F
£ 108.52
-
0.00 0.00
Winton Evolution USD Cls F
$ 1532.79
-
71.33 0.00
Winton Evolution EUR Cls H
€ 1203.02
-
56.96 0.00
Winton Evolution GBP Cls G
£ 1219.36
-
57.76 0.00
Winton Futures JPY Cls E
¥ 18045.81
-
0.00 0.00
Yuki International Limited
-
24.00 0.00
Yuki Mizuho Japan Large Cap
¥ 6528.00
-
17.00 0.00
Yuki Mizuho Japan Low Price
¥ 23014.00
-
124.00 0.00
Yuki Mizuho Japan Value Select ¥ 11109.00
-
6.00 0.00
YMR Umbrella Fund YMR N Growth
¥ 14973.00
-
53.00 0.00
Yuki Asia Umbrella Fund Yuki Japan Rebounding Growth Fund ¥ 19906.00
-
125.00 0.00
Zadig Gestion (Memnon Fund) FCA Recognised Memnon European Fund I GBP
-0.96 0.00
-0.67 3.96
Zebedee Focus Fund Limited Class B USD Shares $ 197.30
-
-1.19 0.00
-0.35 3.97
Zebedee Focus Fund Limited Class A USD $ 170.38
-
-0.82 0.00
£ 100.65
Zebedee Capital Partners LLP
216.35
-
-0.78 0.52
Outstanding British Cos B Acc
F
Real Return Asian Fund GBP
£ 295.35
-
2.93 0.00
Real Return Asian Fund EUR
$ 289.63
-
2.75 0.00
€ 277.56
-
2.63 0.00
Money Market Trusts and Bank Accounts
Gross AER Int Cr
CCLA Investment Management Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET CBF Church of England Deposit Fund 0.50 - 0.50 Qtr COIF Charities Deposit Fund 0.45 - 0.45 Qtr
223.99
-
-0.80
F
401.63
-
-1.10 0.52
0.01 0.00
UK Smaller Cos B Inc
F
394.94
-
-1.07 0.71
-
0.00 0.00
UK Income A Acc
F
238.03
-
-0.44 3.50
0.89
-
0.01 0.00
UK Income A Inc
F
228.61
-
-0.43 4.30
1.08
-
0.01 0.00
UK Income B Acc
F
250.47
-
-0.45 3.48
Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL www.virginmoney.com Authorised Inv Funds 246.10 0.40 2.75 Virgin UK Index Tracking Trust
UK Income B Inc
F
240.65
-
-0.44 4.27
Virgin Income Trust
118.70
-
-0.30 2.10
www.morningstar.co.uk
Virgin Pension Growth Fund
275.10
-
0.50 2.64
Data as shown is for information purposes only. No offer is made by Morningstar or this publication.
Tosca Opportunity B USD
$ 313.41
-
TreeTop Asset Management S.A.
AED 12.30
-
-0.23 0.00
TNI Funds Ltd (BMU) MENA Special Sits Fund
$ 1200.51
-
9.70 0.00
TNI Funds Plc (Ireland) MENA UCITS Fund
$ 1604.20
-
-6.43 0.00
20.23 0.00
(LUX)
Virgin Money Unit Trust Managers Limited (1700)F (UK)
Regulated TreeTop Convertible Sicav International A
€ 295.85
-
0.57 0.00
Virgin Pension Income Protector Fund
250.00
-
-0.70 2.49
International B
$ 381.79
-
0.69 0.00
Virgin Climate Change Fund
103.85
-
0.05 0.00
International C
£ 132.02
-
0.23 0.00
Pacific A
€ 301.95
-
1.89 0.00
For more information please contact data@ft.com or call +44 (0) 20 7873 3132
-
(CYM)
Gross Net
F
Publish your funds in the Financial Times and stand out in an overcrowded market. It’s a powerful way to promote your brand, communicate with your clients and attract new investors.
(LUX)
-
Veritas Asset Management LLP
Give your funds maximum exposure
(IRL)
Tel +44-207-269-0203 www.yukifunds.com Regulated Yuki Mizuho Umbrella Fund Yuki Mizuho Japan Dynamic Growth ¥ 6311.00
Regulated Zebedee Focus Fund Limited Class A EURO Shares € 169.78
-0.11 0.00
-
£ 13.97
UK Fund A GBP
-0.37
Outstanding British Cos A Acc
F
Global Equity Fund A GBP
-
www.veritas-asset.com Other International Funds Real Return Asian Fund USD
Mastertrust B Inc
9.53
UK Smaller Cos A Inc
The National Investor (TNI) www.tni.ae Other International Funds UAE Blue Chip Fund *
Veritas Global Equity Income Fund D USD $ 147.02
-0.61 0.08
0.00 0.00
¥
-0.12 0.00
-
-
Japan Equity Class JP3
-0.12 0.00
-
€ 207.77
1.34
¥
-
€ 133.71
Veritas Asian Fund B EUR
¥
Japan Equity Index Fund
£ 137.31
Veritas China Fund A EUR
-0.01 5.00
Global Eq (Ex Japan) Index Fund
1.21
Veritas China Fund A GBP
-
UK Growth B Inc
Gbl Govt Bond (ex Japan) Class JP4 ¥
-0.13 0.00
0.47
Mastertrust A Inc
-
-
UBS Emerging Markets Equity Income B Inc £
-1.57 0.00
1.24
$ 135.74
-0.65 0.40
-2.06 0.00
¥
Veritas China Fund A USD
0.00 0.00
-
Gbl Govt Bond (Ex Japan) Index
-0.82 0.83
-
-
0.01 0.00
-
1.32
£ 1464.32
0.00 0.00
€ 282.95
£
UBS US Growth Fund B Acc
£ 1493.80
-
Veritas Asian Fund A EUR H
-0.27 0.45
Gilt
-
-0.80 0.90
-
UK Corporate Bond
1.28
-
-
-7.05 0.00
1.39
£ 360.69
$ 221.35
-
¥
Veritas Asian Fund A GBP H
£ 265.21
Regulated Gbl Govt Bond (Ex Japan) Index (GBP) £ 1568.20
Global Eq Ex Japan Index Fund (Hedge) ¥
0.01 0.00
Veritas Asian Fund B GBP
-0.01 0.00
(CYM)
www.valuepartners.com.hk / vpl@vp.com.hk Regulated Value Partners Classic Equity USD Hedged $ 13.45 -
0.00 1.78
-
(IRL)
(IRL)
Retail Veritas Asian Fund B USD
(UK) Unicorn Asset Management Ltd PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Authorised Inv Funds 402.14 0.23 0.00 UK Growth A Inc
The Hartford International Funds
Value Partners Hong Kong Limited
(IRL) Veritas Asset Management LLP HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc www.veritas-asset.com +353 1 635 6799 FCA Recognised Institutional Veritas Asian Fund A USD H $ 315.21 - -0.49 0.86
Trojan Fund O Inc
(IRL)
€ 16.31
UBAM Convertibles Global AC Acc € 1227.19
101.80
Offer D+/- Yield
European Fund A Eur
-1.40 0.00
Tel 0870 870 8434 Authorised Inv Funds Global Fixed Income D Acc F
Bid
0.11 0.00
-
The Resolution Fund (1200)
Fund
-0.77 0.00
UBAM Convertibles Europe AC Acc € 1692.45
2.63 0.00
Offer D+/- Yield
waverton.investments@citi.com FCA Recognised Asia Pacific A USD $ 20.58
(UK) Ibex House, 42-47 Minories, London, EC3N 1DX Order desk: 0845 608 0950, Enquiries 0845 608 0950 Authorised Inv Funds ACD Capita Financial Mgrs Trojan Investment Funds 153.54 - -0.42 0.27 Spectrum Fund 'O' Acc
(IRL)
Bid
Waverton Investment Funds Plc (1600)F
-0.02 0.00
UBAM-Europe Equity AC Acc
Fund
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NEWS
Pimco is transferring Joshua Anderson, pictured, from its headquarters in Newport Beach to London to lead its European structured product group in London. It is also expanding its real estate team in Europe to 21 with five new hires. Adam Doran, Shrey Shah and Steffen Kluners join as portfolio managers from Deutsche Bank,
RBS and Blackstone respectively. Rudiger Holfeld and Véronique Ménard, both structuring and finance experts, have moved from Goldman Sachs. Pimco has also hired Said Saffari as a portfolio manager for emerging markets corporate debt from GoldenTree Asset Management in New York.
C Axa Investment Managers is expanding its Asian fixed income team with the appointments of Honyu Fung as a senior portfolio manager and Jason Pang as a portfolio manager, based in Hong Kong. Both join from HSBC Global Asset Management.
Luxembourg from Allfunds Bank International where he was head of the Benelux business.
C The Association of the Luxembourg Fund Industry (Alfi) has appointed MarcAndré Bechet as director of legal and tax. Mr Bechet was previously head of investment funds services at Banque Degroof Luxembourg. C Henriette Bergh is moving to Schroders as head of Europe product and manager solutions (ex the UK) from Morgan Stanley where she served as head of sales, private wealth management for Emea. C Chris Edge has moved to HSBC as the new head of HSBC Securities Services
Henriette Bergh is moving to Schroders
INSIDE
The last word Jonathan Davis says a Scottish yes vote could prove a grievous mistake
Saker Nusseibeh of Hermes on bank fines ‘The recession has resulted in pain for taxpayers and unemployment levels not seen outside of war. [The payback] is nowhere near bloody enough’
ETF success story Lee Kranefuss of Source on competition pitfalls
US managers caught out by bond market rally Almost all activelymanaged US long-dated government bond funds underperformed their benchmarks in the first half, S&P Dow Jones Indices analysis shows.
PAGE 13
PAGES 6 & 7
VIDEO.FT.COM/FTFM
PAGE 2
INSIDE
Pimco taps Deutsche and Goldman to expand property team
C Henderson Global Investors is also expanding its £19.7bn fixed income team with Dónal Kinsella joining as an investment director to look after institutional clients. Mr Kinsella was most recently with Lane Clark & Peacock where he was an associate investment consultant.
QUOTE OF THE WEEK
DON’T MISS
Movers & shakers
C Pioneer Investments has hired Dean Heaney as institutional sales director from Royal London Asset Management. C James Hughes will join the multi asset investment team at Gottex, the $8.5bn alternative asset manager, in October as a managing director. Mr Hughes was previously group chief investment officer for HSBC Insurance where he was responsible for assets totalling more than $95bn. C Simon Brazier, head of UK equities at Threadneedle Investments, is to join Investec Asset Management in November to run equity funds consistent with his current £2bn alpha strategy. Blake Hutchins is also moving from Threadneedle to run a new UK Equity Income fund. Investec also poached analysts Ben Needham and Anna Farmbrough, both analysts, and Neil Finlay, a product specialist from Threadneedle. C Union Bancaire Privée, the $107bn Swiss private bank, has appointed Stella Ma as a senior portfolio manager within its fixed Income team. Ms Ma joins from the Swiss Federal Social Security Funds. C Justine Gordon has moved from Guggenheim Partners to run the energy and infrastructure investment practice at AlpInvest, the $51.1bn private equity fund of funds arm of Carlyle, the USbased alternative investment group. — CHRIS FLOOD
VIDEO