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Ten years
after iTunes
Why old rockers
are unhappy
about selling
more records
LIFE & ARTS
How To
Spend It
MAGAZINE
A La Mod
Fab fashion
with a
60s vibe
Plus Richard Gere talks Buddhism and ageing with Lucy Kellaway Life & Arts
Italian equities
Source: Thomson Reuters Datastream
FTSE MIB index (000)
Jan Mar 2013
16.0
15.0
17.0
18.0
Italys key equities index
falls 3.5 per cent, Page 13
News Briefing
Italy bribery claims
Senator tells prosecutors
Silvio Berlusconi paid him
3m to help topple the
last government. Page 2
Google gains
Berlin lawmakers accept
pressure on copyright
over free newspaper
excerpts. Page 9
Worst over for BP
As the first week of the
Deepwater trial ends,
interest is fading. Page 11
Weary of austerity
EU officialdom is split
over whether economic
reforms face rejection in
southern Europe. Page 2
US producers cheer
The manufacturing and
consumer sectors were
rare bright spots in the
global economy. Page 4
Comic turn
Beppe Grillo, a key man
in Italian politics, is a
deadly serious comedian.
Person in the News, Page 7
World Business Newspaper
Mar 1 prev %chg
S&P 500 1518.96 1514.68 +0.28
Nasdaq Comp 3169.38 3160.19 +0.29
Dow Jones Ind 14096.3 14054.49 +0.30
FTSEurofrst 300 1168.64 1171.47 -0.24
Euro Stoxx 50 2616.75 2633.55 -0.64
FTSE 100 6378.6 6360.81 +0.28
FTSE All-Share UK 3358.29 3349.39 +0.27
CAC 40 3699.91 3723.0 -0.62
Xetra Dax 7708.16 7741.7 -0.43
Nikkei 11606.38 11559.36 +0.41
Hang Seng 22880.22 23020.27 -0.61
FTSE All World $ (u) 233.41 -
COMMODITIES
Mar 1 prev chg
Oil WTI $Apr 90.68 92.05 -1.37
Oil Brent $Apr 110.40 111.38 -0.98
Gold $ 1,580.15 1,597.60 -17.45
price yield chg
US Gov 10 yr 101.31 1.85 -0.03
UK Gov 10 yr 98.77 1.89 -0.09
Ger Gov 10 yr 100.84 1.41 -0.05
Jpn Gov 10 yr 101.30 0.66 -0.01
US Gov 30 yr 101.16 3.07 -0.03
Ger Gov 2 yr 100.43 0.04 -0.01
Mar 1 prev chg
Fed Funds Ef 0.14 0.14 -
US 3mBills 0.11 0.11 -
Euro Libor 3m 0.13 0.13 0.00
UK 3m 0.57 0.57 -
Prices are latest for edition
Mar 1 prev
$ per 1.298 1.307
$ per 1.501 1.518
per 0.865 0.861
per $ 93.4 92.3
per 140.3 140.0
$ index 85.3 84.7
SFr per 1.227 1.220
Mar 1 prev
per $ 0.770 0.765
per $ 0.666 0.659
per 1.156 1.161
per 121.3 120.6
index 78.7 79.2
index 93.81 93.75
SFr per 1.419 1.417
STOCK MARKETS CURRENCIES INTEREST RATES
World Markets
In print and online
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Case over Apple
cash pile dropped
David Einhorn has dropped
his lawsuit against Apple,
ending an obscure battle
over corporate governance
between his $9bn hedge
fund, Greenlight Capital, and
the iPhone maker. The
lawsuit was part of a
campaign to push Apple to
share more of its $137bn
cash pile with shareholders.
Report, Page 9
Analysis, Page 5
THE FINANCIAL TIMES
LIMITED 2013 No: 38,174

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, Malta, Athens, Cyprus, New York,
Chicago, San Francisco, Orlando,
Washington DC, So Paulo, Tokyo, Hong
Kong, Singapore, Seoul, Abu Dhabi, Sydney,
Johannesburg
Obama warns of
lengthy f iscal crisis
By James Politi in Washington
Barack Obama has warned the
US to prepare for a lengthy
fiscal crisis and a weaker
economy, saying it could take
months for the White House and
Congress to reach a deal to
reverse sweeping automatic
budget cuts that were ushered
in yesterday.
The US president spoke from
the White House after a summit
with congressional leaders
ended without any last-minute
agreement to stop sequestration
a programme that will see
$85bn of spending cuts made by
the end of September and $1.2tn
over the next decade.
The sequestration crisis is the
latest chapter in a long-running
political battle over US fiscal
policy, including a brush with a
US debt default in August 2011
and Januarys agreement to pre-
vent huge tax increases from
hitting the US economy.
Mr Obama said he hoped that
Republicans would still come
round to his view that new reve-
nue from curbing tax breaks for
the wealthy should be part of a
package to replace the across-
the-board cuts, which he called
dumb and arbitrary.
But he suggested such a
change of heart was unlikely in
the near term. It may take a
couple of weeks. It may take a
couple of months. But Im just
going to keep on pushing on it.
And my view is that ultimately
common sense prevails.
The president warned that the
US economy and many middle-
class Americans would suffer
some damage.
I dont anticipate a huge
financial crisis. But people are
going to be hurt. The economy
will not grow as quickly as it
would have. Unemployment will
not go down as quickly as it
would have, Mr Obama said.
Every time we get a piece of
economic news, well know it
could have been better if not for
Congresss failure to act.
Economists have said the cuts
could shave more than 0.5 per-
centage points off US growth
this year, as spending is cut
across government agencies,
with half the reductions hitting
the Pentagon. More than 1m
civilian federal workers could be
put on unpaid leave starting in
April.
In Januarys deal over the so-
called fiscal cliff, Republicans
agreed to raise income tax rates
on households earning more
than $450,000 per year, but insist
that they will no longer counte-
nance any new revenue for defi-
cit reduction.
This discussion about reve-
nue, in my view, is over. Its
about taking on the spending
problem here in Washington,
said John Boehner, Republican
Speaker in the House of Repre-
sentatives, after the meeting
with Mr Obama.
Congress faces a deadline of
March 27 to renew funding for
the government, which if left
unsolved would lead to a partial
shutdown of federal agencies in
addition to the sequestration
cuts. Congressional leaders and
the White House appear to have
agreed that at the very least
they need to find common
ground on averting such a shut-
down and a deeper budget cri-
sis, even if the cuts stay in
place. The House will press
ahead with its version of such
legislation next week.
But there were already signs
that it might be hard to strike a
deal. The influential conserva-
tive group Club For Growth
yesterday called on Republicans
to back provisions withdrawing
funding from Mr Obamas 2010
healthcare law.
Fiscal fights, Page 4
Lex, Page 22
Im just going to keep
on pushing on it. And
my view is that
ultimately common
sense prevails
Barack Obama
Reuters
Detroits decline Governor of Michigan
declares fiscal emergency in debtridden city
Report, Page 4
Deal to reverse automatic cuts may take months
Lastminute summit fails to produce agreement
FBI asked to help unravel mystery
of US engineers death in Singapore
By Richard McGregor in
Washington and Raymond
Bonner in Los Angeles
Singapore police have asked the
FBI to assist in their probe into
the death of Shane Todd, a
young American engineer who
died in contested circumstances
in the city state last year.
In a letter received on Thurs-
day by the FBIs attache at the
US embassy, Singapores police
asked the US agency for help in
two specific areas relating to
Todds death, which was
reported in the FTs magazine.
The embassy informed the
Todd family of the request in an
email yesterday but did not
detail in which areas the police
had requested help.
The FBI and the Singapore
police, which have previously
resisted any outside participa-
tion in the probe, both declined
to comment.
In a further development yes-
terday, the Todd family met sen-
ior FBI officials at the agencys
Washington headquarters. They
also met Frank Wolf, a Republi-
can congressman from Virginia,
and were scheduled to see Sena-
tor Max Baucus, a Montana
Democrat who has raised the
case with the White House.
Todd was the head of a team
at the Institute of Microelec-
tronics (IME), a Singapore
government research
agency that was working
on the development of
gallium nitride, a
substance that has
commercial and
military uses.
Todd was
found hanged
in his apart-
ment in June,
two days after
leaving his job
at IME. The
Todds have
been pressing
for further investigations into
the death of their son, who had
plans to return to the US.
The US embassy had told the
family, which had been seeking
FBI involvement in the probe,
that the agency could conduct
an investigation in another
country only with permission
from the relevant foreign
government.
When the Todds met
Washingtons Singapore
ambassador in December,
he told them local police
had rejected two FBI
offers to assist in the
case. In January,
the Singapore
police asked the
Todds to turn
over an external
computer hard
drive they had
found in their sons apartment.
The family said they would only
do so if Singapore requested FBI
help, which the city state
refused to do. The Todds
declined to say yesterday if they
would now turn over the hard
drive.
According to a computer
expert who examined the hard
drive for the Todds, somebody
had accessed it three days after
Shanes death, looked at files
relating to his work at IME and
tried to delete one of them.
The hard drive contained
details of a research project by
IME and Huawei, the Chinese
telecommunications company,
to co-develop a device powered
by gallium nitride, a semicon-
ductor material that can with-
stand extreme heat.
Huawei has said it discussed a
venture with IME but did not
proceed with the project.
www.ft.com/investigations
FBI: Singapore
had rejected an
offer of help
MARCH 2 2013 Section:FrontBack Time: 1/3/2013 - 20:33 User: bartlettr Page Name: 1FRONT EUR, Part,Page,Edition: DUB, 1, 1
2

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By Guy Dinmore and
Giulia Segreti in Rome
An Italian senator has told
prosecutors he received
3m in bribes from Silvio
Berlusconi to help bring
down the last centre-left
government, unleashing a
fresh political storm in
Rome as politicians struggle
to break the deadlock
resulting from this weeks
inconclusive poll.
Reports first surfaced on
Thursday that Sergio De
Gregorio had confessed to
investigating prosecutors
that he had accepted bribes
from Mr Berlusconi
between 2006 and 2008, with
the money allegedly being
paid through an intermedi-
ary.
The senator confirmed
the allegations to the daily
Il Messaggero in an inter-
view published yesterday,
which his lawyer corrobo-
rated to the Financial
Times.
Mr Berlusconis People of
Liberty party has reacted
furiously to the allegations,
accusing what it calls a
politically motivated judici-
ary of trying to sabotage
the former prime minister
as he attempts to negotiate
a possible coalition govern-
ment with the centre-left
Democratic party after elec-
tions this week resulted in
a hung parliament.
Democrats said the sever-
ity of the accusations
against Mr Berlusconi all
but ruled out the possibility
of a coalition with him as
centre-right leader. Pier
Luigi Bersani, leader of the
Democrats, has not com-
mented on the reports but
has ruled out such a coali-
tion anyway while trying to
persuade the anti-establish-
ment Five Star Movement
to support a minority gov-
ernment. Weeks of deadlock
could ensue, with the new
parliament not due to con-
vene until March 15.
A lawyer for Mr Berlus-
coni has denied the allega-
tions of bribery, and the bil-
lionaire media mogul yes-
terday accused the prosecu-
tors of threatening Mr De
Gregorio with having to
choose between going to jail
or saying something against
me.
Speaking to reporters at a
court in Milan where he
was attending a hearing
into his appeal against a
conviction for tax fraud, Mr
Berlusconi also said he
would call a public rally in
his defence on March 23.
Prosecutors have released
98 pages of documents
detailing testimony given
by Mr De Gregorio in
December and January. In
one of his answers he says
he has committed a crime
and admits his responsibili-
ties.
The alleged bribery dates
back to 2006 when Romano
Prodis centre-left coalition
came to office with a razor-
thin majority in the Senate.
Mr De Gregorio, then head
of the Senate defence com-
mittee, quit the centre-left
Italy of Values party that
September and was one of
several senators who helped
bring down the Prodi gov-
ernment in a vote in Febru-
ary 2008. Mr De Gregorio
then joined Mr Berlusconis
party which won the subse-
quent elections.
According to the docu-
ments, the senator says he
received 2m of the 3m
from Mr Berlusconi through
Walter Lavitola, a business-
man and journalist close to
the former prime minister
in strict and unquestiona-
ble correlation with posi-
tions he took in parliament.
Payments were made in
cash, the senator alleged.
Mr Lavitola was arrested
on his return to Italy from
Panama last April and faces
an array of charges, includ-
ing corruption and an
attempt to extort money
from Mr Berlusconi. Mr
Lavitola has denied the
charges, and Mr Berlusconi
has denied being a victim of
extortion. Mr Berlusconi
has been summoned to
answer questions by the
Naples prosecutors next
Tuesday, according to Ansa
news agency.
Grillo profile, see Comment
By George Parker
in London
David Cameron, Britains
prime minister, yesterday
suffered a by-election
humiliation at the hands of
the eurosceptic UK Inde-
pendence party, fuelling
concerns in his Conserva-
tive party that he cannot
win the 2015 general elec-
tion.
Mr Cameron had hoped to
stop the advance of Ukip a
populist party led by the
charismatic MEP Nigel
Farage with his promise
of a referendum on Brit-
ains EU membership.
Instead, Mr Farages
party came from nowhere
to push the Conservatives
into third place in a by-elec-
tion in the southern town of
Eastleigh, a seat the Tories
had hoped to win.
To compound Mr Cam-
erons woes, the contest
was won by the Liberal
Democrats the junior part-
ner in a coalition with the
Conservatives in spite of
dismal national poll ratings
and a series of scandals
that have affected leading
party figures. While Nick
Clegg, the Liberal Democrat
leader, savoured victory in
the most bitterly contested
by-election for years, the
biggest smile was on the
face of Mr Farage after
Ukips best ever showing in
a parliamentary election.
The Conservatives used
to talk about free enterprise
and now they talk about
wind farms and gay mar-
riage, Mr Farage said,
mocking Mr Camerons
attempts to modernise his
party.
The rise of Ukip has sent
shivers through the Con-
servative party. Although
Mr Farages populist rheto-
ric particularly on Europe
and immigration appeals
to voters across the spec-
trum, he takes most votes
from the Tories.
Mr Cameron once claimed
Ukip was made up of fruit-
cakes, loonies and closet
racists but he has had to
tone down his attacks on a
party that took 28 per cent
of the vote in Eastleigh.
Some had predicted that
the prime ministers offer of
a referendum on EU mem-
bership in 2017 if he wins
the next election would
halt the Ukip bandwagon.
But the reverse seems to
have happened.
If anything the referen-
dum pledge has moved
debate into the territory of
a party that wants Britain
to exit the EU and boost old
trading links with former
colonies in the Common-
wealth.
In Eastleigh Mr Farage
successfully fused his
anti-EU message with a
campaign against immigra-
tion, in this case, the possi-
ble arrival of thousands of
Bulgarians and Romanians
next year across Europes
open borders.
He also burnished his
reputation as a cheeky out-
sider: a cigarette-smoking,
beer-drinking renegade
capable of harvesting the
anti-politics mood in a
country enduring its fifth
year of austerity.
Mr Farages rise and the
resilience of the Liberal
Democrats in target Tory
seats has convinced many
Conservative MPs that Mr
Cameron cannot win a
majority in 2015.
Although Britains first
past the post electoral sys-
tem makes it hard for
smaller parties to win seats
in parliament, Tory MPs
fear that Ukip will take
enough votes in marginal
seats to deprive Mr Cam-
eron of an election victory.
Mr Cameron appealed for
calm yesterday and insisted
his party would not
change tack. This is a
by-election, he said. Its
mid-term. Its a protest.
Thats what happens in
by-elections.
While the result was dis-
appointing, the prime min-
ister said he would not
change direction on the
economy, welfare or immi-
gration.
Its disappointing for the
Conservative party but we
must remain true to our
principles, true to our
course, and that way we
can win people back.
Indeed, there is little seri-
ous appetite among Tory
MPs to stage a leadership
challenge against Mr Cam-
eron. Polls suggest the
prime minister remains
more popular than his
party.
Its not fatal but this is
another log on the fire,
said one Tory rightwinger.
Another round of bad elec-
tions in town hall polls in
May would increase the
pressure on the prime min-
ister.
See Editorial Comment
Blog: Ukip surge,
www.ft.com/westminster
Indepth, www.ft.com/ukeu
Berlusconi rocked by bribery claims
Claims cash paid to
help topple regime
Former premier
denies allegations
Cameron upstaged by eurosceptics in UK poll
WORLD NEWS
By Alex Barker in Brussels
and Daniel Schaefer
in London
Philippe Lamberts is the
City of Londons dreaded
bonus snatcher. While
countless politicians have
decried outsized banker
pay, few imagined a Green
MEP from Belgiums hum-
ble Wallonia region could
actually do something
about it.
But round midnight on
Wednesday Mr Lamberts
and his European Parlia-
ment colleagues secured the
prize they have doggedly
pursued for almost a year: a
strict bonus cap on the pay
of Europes top-flight finan-
ciers and star traders.
The politics are now so
advanced that bank chief
executives, David Cameron,
Britains prime minister,
and the UK parliament are
all pretty much helpless to
stop it. Mr Lamberts vic-
tory will not only reshape
banks, it is providing a les-
son to all on the question of
where power lies in Europe.
Howls of protest are
emerging from the City.
Senior bankers are shocked,
nervous and struggling to
assess its implications. We
dont know what we are
going to do yet, says one
executive at a big US bank.
Should we move opera-
tions to Switzerland or
Dubai? We would think
about it but it isnt that
easy to move staff.
Another banker calls it
an anti-London rule that
showed the weakness of the
UK government to influ-
ence the debate. This EU
move has the ability to take
the City down.
For all the fuss now, few
took Mr Lamberts seriously
when he first raised the
idea of pegging bonuses to
salary. He says one member
of the parliaments power-
ful economics committee
even told him to keep his
populist arguments to
himself.
But that was in private.
Slowly, support for the
curbs started building
among Brussels negotia-
tors. Some were convinced
it was a good idea. But aid-
ing Mr Lamberts cause
throughout was another
powerful factor: which poli-
ticians would want to be
seen supporting big
bonuses in the wake of the
devastating financial crisis?
Once the big parties were
backing the bonus cap, the
bank chief executives began
to call. Mr Lamberts chat-
ted bonuses with board-
level executives from two
French, two German and
three British banks.
One banker carrying the
scars of trying to change Mr
Lamberts mind said: What
Philippe lacks in knowledge
and understanding of the
banking sector and the mer-
its of performance-related
pay generally he more than
makes up for in certainty
and stubbornness.
Mr Lamberts is not a sim-
ple populist. He compared
driving out risk-taking over-
paid bankers from Europe
to clearing the streets of
drug dealers but, apart
from remuneration, he sided
with the UK on most regu-
lation issues, pressing for
more stringent standards
on leverage and liquidity.
Two political factors were
crucial to his success. The
first was the unity of the
parliament, which often
misdirects its considerable
powers. The second was
political expediency. EU
finance ministers must pass
this legislation, for it enacts
the biggest overhaul of
bank capital rules since the
crisis. They also hate the
idea of discussing bonuses
in public. Britain aside, all
ministers decided these
were good enough reason to
let Mr Lamberts win.
If it came to a public
debate we would have the
upper hand. They knew
that, said Mr Lamberts.
That doesnt mean we are
populists. They are just
running scared of rational
argument.
Martin Wolf, see Comment
How the
bonus
snatcher
secured
his prize
We dont know
what we are going
to do. We would
think about moving
but it isnt easy
Mario Monti was in his ele-
ment. Almost a year into
his tenure as Italian prime
minister, he was standing
in Brussels opulent 16th-
century Palais dEgmont
addressing EU notables as
they dined under glittering
chandeliers.
In some respects, he
appeared more at ease than
he did in his native coun-
try. Speaking in near flaw-
less English, he peppered
his remarks with inside
jokes and recollections of
his own tenure in Brussels,
bon mots that drew know-
ing laughter from a recep-
tive audience already sof-
tened by fine wine.
But near the end of that
October 2012 speech, Mr
Monti turned serious. Even
though he had been in
office only a year, he was
proud of what he viewed as
an important and lasting
achievement: disproving
the theorem proffered by
Jean-Claude Juncker, Lux-
embourgs prime minister,
that when it comes to eco-
nomic reforms, We all
know what to do, we just
dont know how to get re-
elected after weve done it.
We see that the current
Italian government, which
has done unprecedented
damage in terms of inflict-
ing pain, changes through
structural reforms and
fiscal austerity, fighting
against tax evasion and you
name it, apparently is
rather popular, Mr Monti
told the assembled wor-
thies.
Certainly [it is] more
popular than are presently
the parties which refrained
from doing the things we
are doing because they
thought they were too
unpopular, he added.
Maybe when we return to
a normal political majority,
with a political leader, there
will have been a process of
maturation.
Four months later, that
prediction lies in tatters.
Not only did the political
coalition headed by Mr
Monti receive a dismal 10.5
per cent in this weeks elec-
tion, but the two candidates
vowing to roll back EU-
mandated reforms, former
prime minister Silvio Ber-
lusconi and populist out-
sider Beppe Grillo, polled
more than 55 per cent
between them.
Their success took place
just eight months after a
similar anti-austerity move-
ment in Greece, the Syriza
coalition headed by Alexis
Tsipras, came within a
hairs breadth of becoming
the largest party in Greek
elections. In Spain, where
consecutive governments
have been implementing
the toughest austerity
measures in any non-bail-
out country, there are
street protests.
Anger and frustration
are on the rise in the whole
of southern Europe, says
Jean Pisani-Ferry, head of
the Brussels think-tank
Bruegel. They show up in
the polls or in the streets or
both, but whichever way
they cannot be ignored.
In some ways, the politi-
cal upheaval taking place
was anticipated by leaders
fighting the crisis. Interna-
tional Monetary Fund offi-
cials acknowledge they
have intentionally front-
loaded reforms in bailout
programmes because of the
political fatigue that inevi-
tably sets in.
But whether upheaval in
Italy signals the beginning
of a widespread rejection of
EU-sanctioned economic
policies and, if so, what
should be done about it
has divided European offi-
cialdom even before votes
were counted in Italy.
Axel Dreher, a Heidelberg
University economist who
has studied political insta-
bility in bailout countries,
said that while there was
no hard and fast rule on
how long voters would tol-
erate economic hardship,
Europe showed some of the
signs warranting concern.
It depends a lot on
whether you think the proc-
ess that got us here is fair,
Mr Dreher said.
By that measure, Mr
Monti is an imperfect tem-
plate to judge what may
happen elsewhere. A for-
merly apolitical economist,
he won respect domestically
for restoring national dig-
nity after the humiliating
corruption and sex scandals
of his predecessor. But his
austerity policies and the
heavy hand of Equitalia,
the state debt collection
agency, reinforced widely
held suspicions that the less
well-off would have to pay
the price of his sacrifices
through tax increases and
cuts in public services.
For many centre-right
voters, Mr Monti was also
seen as part of a European
and German-led conspiracy
to bring about Mr Berlus-
conis downfall in Novem-
ber 2011. For his part, Mr
Monti this week argued
that he was a harbinger,
warning that tough reforms
risk the same kind of back-
lash elsewhere unless the
EU found ways to show vot-
ers more quickly their sac-
rifices were bearing fruit.
There are lags from the
moment a good policy
measure is implemented, be
it a structural reform or
budgetary deficit contain-
ment, and the moment the
benefits are visible, a far
more haggard-looking Mr
Monti said in his first post-
election speech on Thurs-
day. There are big, big
problems, and big political
problems in the understand-
ing by the public opinion if
these beneficial responses
do not materialise.
World weekly podcast,
www.ft.com/worldweekly
See Editorial Comment
Voters in
south Europe
grow weary
of austerity
Political upheaval
EU officialdom is
split over whether
economic reforms
face rejection, write
Peter Spiegel and
Guy Dinmore
The prime minister pledged
not to change tack on policy
Italian premier Mario Monti in Rome on Thursday. He believed his government was popular but his coalition received only 10.5 per cent of the vote AFP
The accusations
all but ruled out
the possibility of
a coalition with
the Democrats
Punished for harsh measures
George Papandreou
Greek prime minister
Ousted Nov 2011
After nearly two years of
austerity, Mr Papandreou
stepped aside following
his failed attempt to put
the terms of a second
bailout to a national
referendum. After a short
technocratic government,
Mr Papandreous Pasok
party was crushed in
national elections.
Jos Louis Rodrguez
Zapatero
Spanish prime minister
Ousted Dec 2011
Saddled with one of the
biggest bank bailouts in the
EU and a spiralling budget
deficit, Mr Zapatero was
one of the first leaders
unilaterally to impose
tough austerity measures.
But the cuts angered
his political base and
high unemployment left
voters disillusioned.
Brian Cowen
Irish prime minister
Ousted March 2011
For much of his tenure Mr
Cowen was seen as the
eurozones good student,
implementing wrenching
austerity measures. But the
toll of governments
mismanagement of its
financial sector proved too
much. After he requested a
bailout in November 2010,
his fate was sealed.
There are lags
from good policy
[taking effect] and
the moment the
benefits are visible
MARCH 2 2013 Section:World Time: 1/3/2013 - 19:16 User: withersm Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

3
Raila Odinga, a leading contender to
become Kenyas next president, has
given warning of dire consequences if
he is deprived of victory in Mondays
elections, citing a campaign by rivals
to intimidate his supporters.
The public reaction could be worse
than last time, said Mr Odinga, as
Kenya prepares to hold its most ambi-
tious and complex polls to date. It
takes place with memories still fresh
of the widespread violence that fol-
lowed the previous general election,
in late 2007.
That bloodshed brought the country
to the brink of collapse in early 2008.
More than 1,100 people were killed
and 660,000 displaced in ethnic clashes
the worst in Kenyas 50 years of
independence.
If I lose, of course it will be
because of blackmail and intimida-
tion, Mr Odinga said in an interview
with the Financial Times at his ances-
tral home in western Kenya.
I know that they [my rivals] are
putting plans in place to try to rig
these elections, but I have warned
them the consequences may be worse
than last time round. The people will
not stomach another rigging.
Given the danger that any protests
against results could turn deadly, as
they did last time, his words are sure
to raise some alarm.
Hes positioning himself to reject
the result, said an analyst of the
vote, in which every ballot will count.
Mr Odinga and his chief rival,
Uhuru Kenyatta, the deputy prime
minister, are rated neck-and-neck in
opinion polls, at close to 45 points
each. To win in Mondays first round,
candidates need an absolute majority
and at least 25 per cent of votes polled
in half the countrys 47 new counties,
introduced under the terms of a 2010
constitution. If there is no outright
winner, a second round falls due in
April.
Despite a barrage of peace concerts
and communal prayers in the final
days before the vote, tension is rising
as both sides trade accusations of
ethnic harassment and voter manipu-
lation.
I think theres a bit of blackmail
going on, basically to try to reduce
numbers, particularly among my sup-
porters and this is something that is
being orchestrated by my rivals, said
Mr Odinga, some of whose comments
are borne out by election observer
reports.
He is the son of Jaramogi Oginga
Odinga, a prominent figure in Kenyas
struggle for independence from Brit-
ain who later fell out with the coun-
trys first president, Mr Kenyattas
father, Jomo.
Raila Odinga has rejected suspect
election results before. In 2007 he
called his supporters on to the streets
to protest in demonstrations that
quickly turned violent and in places
murderous.
According to subsequent human
rights reports, police shot dead more
than 400 demonstrators whose pro-
tests triggered reprisal attacks from
the Mungiki, an outlawed ethnic
gang, who beheaded and burned their
victims alive.
Mr Odinga was eventually
appointed prime minister in a settle-
ment negotiated by international
mediators that ended the unrest. Mr
Kenyatta and his running mate, Wil-
liam Ruto, are both facing trial at the
International Criminal Court in The
Hague for their alleged roles in organ-
ising the 2008 violence.
Mr Odinga quipped that they were
Siamese twins joined at the waist by
the ICC.
Diplomats and rights campaigners
are imploring losers to accept the
result this time or to take their griev-
ances to the courts rather than to the
streets.
Both leading contenders have
instead talked up their chances of
winning in the first round. Mr Odinga
says he would seek redress through
the judiciary, consistently rated the
most respected institution in the
country following a 2010 shake-up.
But he harbours some doubts.
The thing is that the weaknesses
within our criminal justice system are
becoming apparent. Weve made very
substantial progress in the reform but
its still not there, he said.
Chief Justice Willy Mutunga, whose
job it will be to swear in the new
president and preside over any legal
challenges, has complained of death
threats and state interference in the
run-up to the vote.
Both Mr Mutunga and Mr Odinga
have suggested that parts of the gov-
ernment apparatus are biased in
favour of Mr Kenyatta, whom Mr
Odinga says draws significant support
only from his Kikuyu ethnic group.
Mr Odinga perceives an ethnic bias
towards the Kikuyu in almost every
institution of the state.
[Mwai Kibaki, the retiring presi-
dent] is only comfortable working
with the people from his tribe; Uhuru
[Kenyatta] will not be different. These
people dont really want to unite the
country, said Mr Odinga, adding that
he would appoint Kenyans from all
ethnic groups to government and
would be willing to include Mr Keny-
atta, too, in order to create a win-win
situation.
Audio slideshow on Kenyas elections,
www.ft.com/kenyavote
Odinga warns
of trouble if
he is denied
Kenya victory
By Amy Kazmin
in New Delhi
Violence flared in Bangla-
desh for a second day after
a senior Islamist political
leader was sentenced to
death for crimes against
humanity committed dur-
ing the 1971 war of inde-
pendence from Pakistan.
At least 52 people have
been killed in unrest since
Delwar Hossain Sayedee, a
vice-president of the Islam-
ist Jamaat-e-Islami party,
was convicted on Thursday
of eight charges, including
mass killing, rape and force-
fully converting non-
Muslims.
After the ruling the
Jamaat-e-Islami called on
supporters to converge
on mosques yesterday, rais-
ing fears of further confron-
tation.
We must stay alert,
said Quamrul Islam, junior
law minister. Jamaat and
its allies are trying to
plunge the nation into
anarchy.
Mr Sayedee is the third
member of Jamaat-e-Islami
to be convicted of war
crimes in a tribunal that
critics said was overtly par-
tisan and had acted under
pressure from Sheikh
Hasina Wajed, prime minis-
ter, and her administration.
After the sentencing on
Thursday, Mr Sayedees
supporters took to the
streets where they clashed
with police and attacked
government offices. They
also clashed with govern-
ment supporters.
Last month, Bangladeshs
government retroactively
changed the law governing
the war crimes tribunal to
allow an appeals court to
overturn the initial court
ruling.
Bangladeshs bloody 1971
war of independence from
Pakistan of which it was
initially part following the
end of British colonial rule
of the subcontinent still
haunts the impoverished
Muslim-majority country.
The conflict divided the
Bengali Muslim population
of what was then East
Pakistan between secular
ethnic nationalists, upset
that Bengali speakers were
being treated as second-
class citizens in united
Pakistan, and orthodox
Muslims from the Jamaat-e-
Islami, who supported the
idea of a nation bound by a
common religion.
Bangladesh says that
during the brutal nine-
month war, more than 3m
were killed and 200,000
women raped by the Paki-
stani army and their local
collaborators. The conflict
sent millions of refugees
into neighbouring India to
flee the brutality.
Overwhelmed with imme-
diate challenges of meeting
the basic needs of its citi-
zens, the newly born nation
did nothing to hold to
account those responsible
for the worst atrocities.
But in 2010, the govern-
ment of Sheikh Hasina,
whose father led the libera-
tion struggle, set up a war-
crimes tribunal to try those
accused of the worst
violence.
Mr Sayedee was accused
of brutality while running a
theological seminary.
However, the proceedings
have been marred by
repeated allegations of
impropriety, interference
and harassment of defence
lawyers and the abduction
of defence witnesses.
Presidential race
The consequences of
a rigged result from
Mondays vote could be
worse than last time,
one leading contender
tells Katrina Manson
Islamists
sentence
sparks
fears of
anarchy
By Victor Mallet
in Allahabad, India
Onno Ruhl, head of the
World Bank in India, calls
the event an incredible
logistical operation. Har-
vard researchers describe it
as a pop-up megacity.
On the sandbanks of the
river Ganges at Allahabad,
bureaucrats and workers
from Uttar Pradesh, Indias
most populous state and
one of its poorest, took less
than three months to build
a tent city for 2m residents,
complete with hard roads,
lavatories, running water,
electricity, food shops, rub-
bish collection and well-
manned police stations.
Organisers do much the
same every three years
though on a particularly
large scale every 12 years,
as in this year for the
Kumbh Mela, a Hindu festi-
val celebrated in turn at
four different locations on
the Ganges.
This years event, a com-
bination of religious wor-
ship and medieval funfair,
has attracted millions of pil-
grims from across India,
who come to wash away
their sins in the Ganges at
its confluence with the
Yamuna. Over its two
months to mid-March, the
mela will have attracted
80m-100m people, with up to
30m attempting to bathe on
February 10 alone, officials
say.
Precise numbers are hard
to estimate, but devotees
and foreign visitors are gen-
erally full of praise for the
organisers of what is argu-
ably the largest gathering
of humans on earth.
Apart from a February 10
stampede at the nearby
Allahabad railway station
in which 36 were killed, the
Kumbh Mela itself has so
far gone smoothly. Fresh
water comes out of the taps.
Toilets are disinfected.
Trained police carefully
shepherd the crowds to the
bathing ghats. The lights
come on at night.
In the minds of Indians
and foreigners, this raises
important questions. How?
Why? Or rather: if the
authorities can build infra-
structure so efficiently for
this short but massive festi-
val and its instant city, why
can they not do the same
for permanent settlements?
The World Banks Mr
Ruhl, a Dutch man who
was moved to bathe in the
Ganges when he visited the
Kumbh Mela this year, says
the city on the sandbanks,
soon to be dismantled
before the river floods, has
water, sanitation, power,
solid waste management
everything, actually, that
many Indian cities lack.
He said: To somebody
who does projects, its like a
mega-refugee camp that
came up overnight and gets
sustained and managed for
two months with people fil-
tering [in and out] at a rate
of millions a day. Ive never
seen anything like it in my
life . . . Its managed by the
UP [Uttar Pradesh] govern-
ment . . . If somehow we
could translate that capac-
ity to day-to-day business,
you could transform UP. Its
a really powerful thought.
Uttar Pradesh is often
seen as the epitome of all
that is wrong with India.
With a population above
200m larger than Brazils
the state is notoriously
corrupt and inefficient.
Take sanitation. In the dec-
ade to 2011, the UP govern-
ment reported steadily ris-
ing construction of latrines
in rural areas with the help
of $600m in public funds.
But the 2011 census showed
that almost no toilets had
actually been built. Most of
the money was stolen, leav-
ing tens of thousands of
children to die each year as
a result of diarrhoea linked
to poor sanitation.
There are few such prob-
lems at the Kumbh Mela.
Devesh Chaturvedi, divi-
sional commissioner of
Allahabad, is proud of the
huge task that he and
perhaps 100,000 workers
have completed in organis-
ing this years festival. He
mentions 165km of roads on
the sand made of steel
plates, 18 pontoon bridges,
560km of water lines, 670km
of electricity lines, 22,500
street lights and 200,000
electricity connections, as
well as 275 food shops.
Mr Chaturvedi has two
explanations for the con-
trast between such success-
ful provision of services and
the realities elsewhere
First, the authorities ensure
that all those working on
the project are accountable
for their actions and the
money spent. Second, they
are all highly motivated.
They feel its a real serv-
ice to all these pilgrims who
have come here, he said.
Good organisation and
efficient infrastructure, in
short, are no more impossi-
ble in India than anywhere
else. Its an amazing les-
son, said Bhagawati Saras-
wati, a Californian-born
Hindu devotee camped on
the river bank with other
members of an ashram.
What it means is: India
can do it, she said. All of
the villages, all of the cities
can have electricity. They
can have running water;
they can have roads. That
attention, that focus, that
clarity, that commitment,
just has to be there.
See Editorial Comment
Kumbh Mela video,
www.ft.com/kumbhmela
Kumbh Melas popup megacity gives India lesson in logistics
Divine solution: Hindu pilgrims take a dip at the festival AP
More at
FT.com
Beyond brics
Polish growth indicates
that the economy is
under a cloud but there
may be a silver lining,
argues Jan Cienski
www.ft.com/bb
Haunted Bangladesh
Video: how the ghosts of
Bangladeshs past and
its inception are causing
pain in the present
www.ft.com/bangladesh
WORLD NEWS
Bangladeshs
bloody war of
independence still
haunts the mainly
Muslim country
Leaders of a Kenyan youth
group known as the
American Marines say it is
named solely after the
members towering height
that and the fact that they
have been working out in
neardaily threehour gym
sessions for years, writes
Katrina Manson in Kisumu.
Residents of Kisumu tell a
different tale of the
American Marines and its
breakaway China Squad.
They fight each other and
if they [find] you on their
way they will fight you, too,
Ismael Abdala, a hawker,
says of violence
characterised by hijackings,
looting, harassment for
protection money and, late
last year, fatal riots following
an assassination.
Kenyan human rights
groups say youth militias
across the countrys bitter
political divide have been
training and arming
themselves in advance of
Mondays general election,
raising the prospect of
orchestrated ethnic violence.
The gangs compete for
turf dominance in this
lakeside city that considers
itself a bastion of opposition
to the rule of Mwai Kibaki,
the retiring president. In the
runup to the polls, their
conflicts have taken on
electoral significance that
residents and observers fear
could presage a violent state
crackdown.
Kisumu is still reeling from
some of the worst violence
in Kenyas postelection
meltdown five years ago.
When residents mostly
ethnic Luo supporters of the
twicedefeated presidential
candidate Raila Odinga
protested against the 2007
poll results amid claims they
were rigged, police shot
dead more than 100 people.
Kisumu is becoming
hotter and the war between
America and China is
taking a political angle, said
Ken Onyango of the political
parties liaison committee,
who says members of the
warring groups are bought
as rival bodyguards and
thugs for a small handout,
despite all being Luo
supporters of Mr Odinga.
He says the China Squad
receives funding and
bodyguard jobs from
supporters of Mr Odingas
rival, Uhuru Kenyatta, a
Kikuyu from central Kenya
and son of the founding
president, Jomo Kenyatta,
who held power at a time
when several prominent Luo
politicians were murdered.
Memories of that era are
still strong in Kisumu.
We cannot have [a]
Kikuyu out and [a] Kikuyu
in, said Rashid Ondu, one
of the leaders of the
American Marines of the
presidential race, referring to
Mr Kibaki, who is leaving
power, and Mr Kenyatta
both Kikuyu, in a country of
42 ethnic groups.
Betty Okero, coordinator
of a civil society
organisations network, links
the groups rise partly to a
record of economic failure
and state abandonment. As
Kisumus traditional
industries of sugar cane,
cash crop farming and
fishing have declined, so
joblessness has set in.
Tension is rising. The
state has already deployed
armed paramilitaries to
patrol Kisumu.
Mr Odinga, who held a
rally here yesterday to the
sound of euphoric cheers
and car hooting, says the
paramilitary presence is
meant to intimidate people
into not voting. His most
ardent supporters appear
determined not to miss out
again.
If we lose there will be
that anger. We must be
ready to go to the streets to
protest, said Daudi Migot, a
founder of the American
Marines.
If I lose, of course it will
be because of blackmail
and intimidation . . . The
people will not stomach
another rigging
Raila Odinga
Flashback to 2008: a tyre burning on the roof of a vehicle enforces a roadblock in Kisumu during postelection violence AP
Kisumu
youth
gangs
square
up for
action
If we lose. . .
we must be
ready to go
to the
streets to
protest
The war
between
America
and China
is [getting]
political
1,100+
The number of people killed in
postelection violence in early 2008
MARCH 2 2013 Section:World Time: 1/3/2013 - 19:31 User: hayesa Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1
4
FINANCIAL TIMES MARCH 2/MARCH 3 2013
WORLD NEWS
By FT reporters
The US manufacturing and
consumer sectors were rare
bright spots in the global
economy, according to data
yesterday that showed
broader confidence even as
across-the-board cuts to
public spending begin.
Manufacturing grew
faster than expected in Feb-
ruary, with an index of pur-
chasing managers in the
sector rising to 54.2 from
53.1 in January, well ahead
of expectations and the
highest since June 2011.
The PMI data show that
the US has some momen-
tum to absorb the auto-
matic spending cuts known
as sequestration, but that
there is little strength else-
where in the world to com-
pensate if the US stumbles.
Chinas manufacturing
sector grew more slowly in
February, with the PMI
down to 50.1 from 50.4 in
January 50 marks the
dividing line between
expansion and contraction.
Chinas economy bot-
tomed out in the third quar-
ter last year and has accel-
erated since, propelled by a
surge in lending and a
pick-up in government
spending.
But concerns about a
rebound in inflation and
high property prices have
led Beijing to tap the brakes
in recent weeks.
The picture was gloomy
in Europe as well. A PMI
for the eurozone compiled
by data company Markit
was mired in negative terri-
tory at 47.9, the same as in
January.
Meanwhile Eurostat, the
EUs statistical office, said
yesterday that inflation in
the single currency bloc fell
to 1.8 per cent in February
from 2 per cent in January,
closer to the ECBs target of
keeping the consumer
prices index below, but
close to 2 per cent in the
medium term.
However, the encouraging
news of a drop in consumer
prices was offset by rising
unemployment, as the rate
of joblessness hit a fresh
high in January of 11.9 per
cent after it had stabilised
at 11.8 per cent towards the
end of 2012.
The UKs PMI figure was
also 47.9 far below expec-
tations of 51 prompting a
dip in the pound as inves-
tors worried that the UK
could slide into recession
for the third time.
The return to contrac-
tion is a big surprise and
represents a major setback
to hopes that the UK econ-
omy can return to growth
in the first quarter and may
avoid a triple-dip reces-
sion, said Chris William-
son, an economist at
Markit.
For the US, the question
now is whether business
and consumers will con-
tinue to press forward as
government fiscal policy
tightens faster than
expected.
US consumer spending
increased in January even
though incomes slumped by
the most in 20 years, indi-
cating Americans were
weathering a rise in payroll
taxes by dipping into their
savings.
Household purchases,
which make up about two-
thirds of the US economy,
edged 0.2 per cent higher in
January, in line with
expectations, following a 0.1
per cent rise in December,
the commerce department
said.
Slowly improving labour
and housing markets have
supported consumer spend-
ing gains in recent months.
US incomes dropped 3.6 per
cent the biggest fall since
January 1993 after a 2.6
per cent jump in December.
This sent the savings rate
down to 2.4 per cent in Jan-
uary, the lowest level since
November 2007, from 6.4 per
cent the month prior.
The Thomson Reuters/
University of Michigan final
index of consumer senti-
ment for February rose to
77.6 from 73.8 at the end of
the previous month, data
also published yesterday
showed. The numbers came
ahead of consensus fore-
casts of 76.
Reporting by Anjli Raval
in New York, Simon Rabino-
vitch in Beijing, Claire
Jones in London, James
Fontanella-Khan in Brussels
and Robin Harding in
Washington
US producers in upbeat mood
Once, when a budget crisis
was looming, the president
and congressional leaders
would have hunkered down
for days ahead of time to
thrash out a deal to sell
their supporters, and then
push through US Congress.
But Barack Obama did
not meet congressional
leaders about the deep
budget cuts due to start
yesterday until the same
morning, by which time
members of Congress had
already left Washington to
return to their districts.
In part, that is because
the $1.2tn in cuts known
as sequestration take
place over a decade and do
not land with the drama of
a government shutdown or
an overnight tax rise,
unlike Washingtons past
fiscal fights.
Congress does not work
well with a prediction of
crisis; it only reacts when
there is an actual crisis,
said a longtime Democratic
aide.
But the way in which
Washington has drifted into
sequestration is symbolic of
a larger issue of the near
complete breakdown in
relations between Mr
Obama and the Republican
leadership in Congress.
In a system of divided
government built on the
basis that warring parties
must compromise, that is
resulting in a near paralysis
in framing budgets for the
worlds largest economy at
a time when it is crawling
out of a deep recession.
Mr Obama is often
blamed, both for failing to
cultivate contacts in Con-
gress and for lacking the
sinuous skills that past
occupants of the Oval
Office, such as Bill Clinton
and Lyndon Johnson, dis-
played in getting their way
on Capitol Hill.
Mr Obama has only spo-
ken to John Boehner, the
House Speaker, and the top
Republican in Congress,
three to four times since
the November presidential
election, a spokesman for
Mr Boehner said.
Mr Boehner, in turn, has
made clear he will no
longer engage in private
talks with Mr Obama, stick-
ing instead to passing legis-
lation in the traditional way
in Congress.
It was no surprise, then,
that the last-minute White
House meeting failed to
make any headway, with
both sides emerging from
their session repeating the
same talking points that
they went in with.
The same split, with the
White House demanding a
budget deal with high tax
revenues and the Republi-
cans insisting savings come
from spending cuts alone,
has characterised fiscal
battles for two decades.
Im happy to discuss
other ideas to keep our
commitment to reducing
Washington spending at the
meeting, Mitch McConnell,
the Republican minority
Senate leader, said. But
there will be no last-minute,
backroom deal and abso-
lutely no agreement to
increase taxes.
Mr Obama has critics on
the Democratic side on Cap-
itol Hill as well. I wish we
would see more of him over
here. I happen to think
being up here and talking
to people works, a Demo-
cratic senator told the
Financial Times.
But such criticism of Mr
Obamas inability to work
with Congress ignores how
the institution has changed,
say analysts, and become a
much more partisan body.
We always have this
image of LBJ poking people
in the chest and, lo and
behold, they come around,
said Sarah Binder, of the
Brookings Institution. But
that was when moderates
made up about 30 to 40 per
cent of both chambers.
Many Republicans in Con-
gress also have maintained
a deep antipathy towards
Mr Obama and his policies,
which they regard as radi-
cal and damaging for the
country. The presidents
detractors anger at him
seems to be deep-seated and
intractable, said Stan Col-
lender, a former congres-
sional aide now at Qorvis
Communications in Wash-
ington.
With no substantive
dialogue with the Republi-
can leadership, Mr Obama
unveiled a new strategy for
dealing with Congress after
yesterdays meeting, of
going over their heads to
rank-and-file members.
Mr Obama said there
were many Republicans in
Congress who supported
him, and would be willing
to trade higher revenues to
put off sequestration, but
were not yet willing to
speak out.
Its a silent group right
now. He said. And in the
days and weeks ahead I am
going to keep reaching out
to them.
As for his critics, who say
that as president he should
be able to fix the problem,
Mr Obama said he could not
do some kind of Jedi mind-
meld to bring Congress to
heel.
Ultimately, if Speaker
Boehner and Mitch McCon-
nell tell me they have to
catch a plane, he said, I
cant have the secret serv-
ice block the way.
Obama urged to
rethink tactics
in fiscal fights
with Congress
There will be
absolutely no
agreement to
increase taxes
Mitch McConnell
Republican Senate leader
By Jude Webber
in Buenos Aires
A US appeals court has
given Argentina almost a
month to explain what
kind of payment formula
for holdout creditors it
would be prepared to
accept, in a dispute that has
roiled markets and raised
fears of a fresh Argentine
default.
The Second Circuit Court
of Appeals ordered the gov-
ernment to submit the pre-
cise terms of any alterna-
tive payment solution it
could offer its defaulted
bondholders.
New York judge Thomas
Griesa last year ordered
Argentina to pay the so-
called holdouts led by Elli-
ott, a US fund, under a
rateable payment formula
which he said meant paying
the full $1.3bn claim at the
same time as it pays the
holders of bonds it issued in
two restructuring swaps in
2005 and 2010.
But Cristina Fernndez,
the Argentine president,
scotched any suggestion in
an annual speech to Con-
gress that the government
would offer anything differ-
ent to the steep writedown
accepted by the holders of
93 per cent of the debt in
those swaps.
Argentinas lawyer riled
the court when he admitted
that the government would
not voluntarily obey any
final ruling.
Ms Fernndez reiterated
that no such solution was
possible because it would
break the so-called lock
law passed by Argentinas
Congress, which prevents
new offers on any better
terms.
We are prepared to pay
these holdouts too but not
on better terms because
that would be committing a
great crime, she said.
Argentina given
bonds deadline
The governor of Michigan
declared a fiscal emergency
in Detroit yesterday, clear-
ing the way for the appoint-
ment of an outside manager
with broad powers to over-
see the finances of the debt-
ridden city.
The emergency manager
could recommend a bank-
ruptcy filing if he or she
found the citys fiscal prob-
lems were insurmountable.
If Detroit took such a
step, it would be the largest
municipal bankruptcy in
US history. Rick Snyder,
Michigans Republican gov-
ernor, declared the emer-
gency after a state panel
recommended the move.
Calling it a sad day, he
told a city forum: Its time
to say we should stop going
downhill.
Members of the city coun-
cil, dominated by Demo-
crats, did not attend the
forum. They met yesterday
morning to discuss whether
to take legal action to
challenge Mr Snyders
appointment of an emer-
gency manager.
Mr Snyders announce-
ment launches a 10-day
period during which the
city council can appeal.
We have to fight till the
end, but we have to fight
smart, councilwoman
Saunteel Jenkins said.
Mr Snyder had said he
has a candidate in mind for
the post as emergency man-
ager. The manager would
be in place for at least 18
months before the city
council would be able to
vote the manager out.
The business community
welcomed the appointment
of an emergency manager.
The head of the citys
chamber of commerce said
it would allow tough deci-
sions to be made to revamp
the citys bureaucracy.
Were collectively quite
hopeful that this is the step
that the city needs to knock
down the last barrier to
continued economic growth
in the region, said Sandy
Baruah, president of the
Detroit Regional Chamber.
The declaration marks an
embarrassing turn for the
Motor City, which has
$14bn in long-term liabili-
ties and an accumulated
general-fund deficit of
$327m.
The traditional home of
US car manufacturing,
Detroit has been devastated
by decades of globalisation
during which its core man-
ufacturing jobs have moved
overseas. But even as its
tax base and population
have shrunk dropping
from 1.8m in 1950 to 700,000
today its liabilities related
to bonds, pensions and
healthcare have ballooned.
A recent resurgence by
the citys carmakers
including the big three of
Ford, General Motors and
Chrysler, the latter two of
which suffered bankruptcy
has done little to stem its
decline.
Detroit is not alone. Other
major cities, notably Chi-
cago, are in similar straits,
struggling to afford pension
and retiree health benefits
they have promised their
employees in the past.
Such problems are being
exacerbated by factors
including an ageing work-
force, slow economic
growth and low interest
rates that depress invest-
ment returns.
In 2009, almost a third of
the Obama administrations
$878bn stimulus plan went
to local governments to
help them meet their bills.
But the budget impasse in
Washington means the fed-
eral government is unlikely
to extend a helping hand.
Last week, a Michigan
financial review committee
issued a report saying only
state intervention could
solve Detroits fiscal woes
which, by 2017, could see 83
cents of every dollar of
police and firefighter pay-
roll spent on pensions.
At a press conference
after the reports release,
Mr Snyder said he did not
want to see the city declare
Chapter 9 municipal bank-
ruptcy, and that it could be
avoided.
In November 2011, Jeffer-
son County, Alabama, filed
the largest municipal bank-
ruptcy, involving $3.14bn in
bonds. Three California cit-
ies San Bernardino, Mam-
moth Lake and Stockton
also filed last year.
Dave Bing, Detroits Dem-
ocratic mayor, who was
among those opposed to the
appointment of an emer-
gency manager, said on
Thursday that he was a
team player who wanted
to work with the state.
There are things [the
state] can do to help us get
out of this situation faster
than we can do it by our-
selves, he said.
Mr Snyder has proposed a
complete overhaul of the
citys operations.
The appointment of an
emergency manager would
mark the failure of an
agreement last April that
saw the state offer financ-
ing to help the city avoid
bankruptcy in exchange for
more financial oversight.
More reports,
www.ft.com/usstates
Drive to brake downhill slide of Detroits finances
Fiscal emergency
Michigan governor
moves to stem the
decline of the debt
ridden Motor City,
write Neil Munshi
and Henny Sender
City hits the skids
Sources: State of Michigan Treasury; US Census Bureau
Detroit general fund deficit ($m)
0
50
100
150
200
250
300
350
2005 08 10 12
*
Forecast
Detroit population (000)
0
500
1000
1500
2000
1950 70 90 11*
Thiago Pinho was one of
seven people recently dis-
missed from a technology
company in Braslia after
an investment failed to pro-
duce the expected returns.
Yet contrary to what out-
siders reading headlines
about Brazils slowing econ-
omy might think, the musi-
cian specialising in adver-
tising was not overly con-
cerned. Work is still rela-
tively easy to find in
Brazils capital.
I started my own mar-
keting company after I was
dismissed and I saw that a
lot of people who I knew
who had left their jobs
recently were not very des-
perate, he said. Most of
them got to do whatever
they wanted.
Mr Pinhos situation high-
lights the enigma of Brazils
two-speed economy. Gone is
the global growth engine of
the B of the Brics, as
Brazil and its large emerg-
ing market peers Russia,
India and China are known.
In its place is an economy
whose faade looks increas-
ingly ghastly to the outside
world gross domestic pro-
duct has slowed to a crawl,
with the government saying
yesterday it grew just 0.9
per cent last year compared
with 2011, inflation is creep-
ing up, and investment and
industry until recently were
shrinking.
But if the economists are
complaining, it is hard to
find an ordinary Brazilian
who shares their concerns.
In spite of the slower eco-
nomic growth, more Brazil-
ians have formal jobs than
ever before, with unemploy-
ment hovering near a
record low in January of 5.4
per cent. Wages are still ris-
ing, people are shopping
and the governments popu-
larity ratings are high.
We are in a full-employ-
ment economy, said Ilan
Goldfajn, chief economist at
Ita BBA.
At the headline level, Bra-
zils economy has under-
gone what Tony Volpon, a
Nomura economist, called a
sudden stop, from 7.5 per
cent in 2010, to 2.7 per cent
in 2011 and now less than 1
per cent in 2012.
Fourth-quarter growth for
last year, at 0.6 per cent
compared with the third
quarter, was below ana-
lysts expectations, placing
the economy on track for
growth this year of 3 per
cent or slightly above
below Brazils potential
growth rate of 4 per cent or
higher.
The government has tried
to stimulate a rebound by
pushing down interest
rates, encouraging state
bank lending to consumers,
slashing taxes on new cars
and home appliances, cut-
ting social welfare taxes on
salaries and reducing
energy prices. It has also
tried to boost investment
through tax breaks and by
tendering grand infrastruc-
ture schemes.
But investors have stayed
on the sidelines, with fixed
investment declining 4 per
cent last year compared
with a year earlier as indus-
try contracted because of
Brazils high costs.
In the meantime, the
economy has been saved
from recession by its alter-
native engine of growth,
services. As Brazilians have
got richer, they have
increased their consump-
tion of services. This has
pushed down the unemploy-
ment rate and boosted con-
sumption.
Services have grown
much more than industry,
and services tend to hire
more people. Today, 75 per
cent of all Brazilian work-
ers are in the service sec-
tor, said Mr Goldfajn.
The flipside is that low
unemployment raises the
cost of wages for industry,
making it less competitive
and discouraging invest-
ment. Coupled with rising
salaries, it creates inflation,
which is hovering near the
top of the central banks
range of 4.5 per cent plus or
minus 2 percentage points.
Until now, industry has
been reluctant to lay off
workers because of the
labour shortage. But unless
the government can find a
way to lower Brazils costs
and increase labour produc-
tivity, it will end up with
rising inflation and low
growth stagflation and
the employment honey-
moon will end.
Either GDP growth
recovers to around 3 per
cent or we are going to see
unemployment, said Mr
Goldfajn.
But for now, the good
times are still rolling. Rob-
erto Ramirez, the manager
of ptica DAX in central
So Paulo, which sells
glasses, said customers can-
not get enough of imported
brands, no matter how
expensive.
The past two years sales
have risen rapidly, particu-
larly for sunglasses. Those
Ray Bans there cost R$450,
he said. People love them.
With additional reporting
by Thalita Carrico in So
Paulo
Brazil employment soars despite sudden stop in growth
In the red
$326.6m
Detroits general fund
deficit on June 30 2012
$936.8m
Funds deficit if city had not
issued longterm debt
>$100m
Citys estimated cash deficit
on June 30 2013
$15.1bn
Citys longterm liabilities,
including unfunded pensions
Broken down: cars pass
disused business premises
in downtown Detroit Getty
Manufacturers defy
gloomy forecasts
China PMI shows
slower growth
Brazil GDP, year-on-year change*
(%)
Losing its rhythm
Source: Thomson Reuters Datastream
*
Constant prices
-2
0
2
4
6
8
2006 08 10 12
Washington
A system built on
the necessity for
final compromise
has led to paralysis
on budgets, writes
Richard McGregor
66%
Rise in funds deficit in June
2012 from a year earlier
JEFFREY SACHS
Barack Obama is presiding
over sharp cuts that are the
opposite of his stated goals
www.ft.com/alist
Twospeed system
Economy is being
driven by labour
intensive services,
not investment or
industry, writes
Joseph Leahy
MARCH 2 2013 Section:World Time: 1/3/2013 - 19:38 User: withersm Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

5
Courtly campaigner with a vigorous riposte to global gloom
O
ften he seemed a leftover from
a greater generation: a French
resistance hero, a lover of
poetry and a diplomat who helped
draft the UNs 1948 Universal
Declaration of Human Rights. Yet
Stphane Hessel, who has died aged
95, also became one of the leading
political influences of this century.
As a nonagenarian his 32-page
Indignez-vous! (translated as Time for
Outrage!) inspired a new, global
generation of protesters.
Its genesis was his speech in 2009
at the Glires Plateau in the French
Alps where, 55 years earlier, Maquis
guerrillas had fought the Germans.
Claiming to speak for the wartime
resistance, Hessel urged people to
shed indifference and fight the
tyranny of the financial markets.
In 2010 the speech became what he
called his little book. A tiny
Montpellier publisher printed 8,000
copies. I thought it would sell 8,000
and would interest old French
resistance fighters, he marvelled.
It has sold more than 4m copies,
about half outside France, fuelling
movements such as Occupy Wall
Street and Spains Indignados.
Protesters waved it aloft. In Syria,
an academic circulated a bootlegged
translation. The book, as Hessel said,
hit a moment. People hurt by the
financial crisis were angry at banks
and governments yet felt helpless to
effect change. He told them they
could. After all, his generation had
defeated Adolf Hitlers might.
Stphane Frdric Hessel was born
in Berlin on October 20 1917. His
German parents Franz, a Jewish
writer, and Helen, a Protestant
lived in a love triangle with Helens
lover, the French writer Henri-Pierre
Roch. After a move to Paris, Roch
usurped Franz to become Stphanes
second father. Roch recounted the
tale in his novel Jules et Jim, which
the director Franois Truffaut made
into the film of the same name.
Hessel said his mother had passed
on to him an intense happiness at
existing. But above all, the family
valued poetry and intellect. Already
bilingual in French and German, he
learnt impeccable English. He read
Jean-Paul Sartre and said he took
from him the message: You are
individually responsible, not God or
the party. Hessel always felt a
responsibility to improve the world,
to lead a life that has meaning.
He entered Frances elite cole
Normale Suprieure, but when the
second world war came he fled to
Britain and joined the resistance.
In March 1944 he landed in occupied
France, charged with building
communications between rsistants
and London. The Nazis caught him,
waterboarded him and sent him to
Buchenwald concentration camp.
Just before he was to be hanged, he
swapped identities with a dead
prisoner. Later he escaped captivity
by leaping from a train. But 31 of
the 37 comrades with whom he
entered Buchenwald were murdered.
Hessel returned feeling a
responsibility to the dead. He became
a diplomat, trying to bring together
countries that had so terribly fought
against each other. Contributing to
the UN human rights declaration
was a highlight of his life. But most
of his career was devoted to the
unglamorous problems of African
and Asian countries. In retirement,
the courtly, smiling patrician in a
three-piece suit championed
undocumented immigrants in France.
His friend Patrick Weil, a political
scientist, says Hessel was no utopian
or revolutionary. He believed in
progress step by step. Like a true
1930s leftist he thought international
movements could bring change. An
optimist, he pointed to how the UN
now helped disaster victims. A few
good people could be enough. Dont
think France was rsistante, he said.
The great majority was Vichyist.
Its enough that an active minority
feels its responsibility.
Indignez-vous! spread his faith in
progress. The pamphlets topics are
standard leftist fare: inequality,
climate change, Palestinian suffering.
Hessel urges readers to do
something, though he never explains
exactly what. But the resistance
hero, telling a new generation to
resist, became his own message.
From a small apartment in Pariss
unfashionable 14th arrondissement,
he spent his last years travelling the
world, speaking at demonstrations
and being called an anti-Semite for
advocating sanctions against Israel.
(He said he loved the country but
loathed its government.)
He looked forward to savouring
his death. Last spring he returned
exhausted from an Italian trip. His
doctor diagnosedhyperactivity.
Yet he remained pin-sharp. Asked
for his secret, he explained that each
morning he exercised his mind by
recalling one of the many poems he
knew by heart, in French, German
or English. Walking to the Metro,
he would quietly recite Apollinaire
or Shakespeare.
His wife Christiane and the three
children of a previous marriage
survive him. Even dead, Hessel
fights on: a collection of interviews
with him and his preface to a book
on a Palestinian state are among
works to be published this month.
Simon Kuper
Stphane Hessel
Diplomat and activist
19172013
Obituary
He believed in progress
step by step. Like a true
1930s leftist he thought
international movements
could bring change
Apple
Tim Cook wants
to invest the
companys $137bn
cash pile in
innovation but a
fall in the share
price has
emboldened
investors to
demand a greater
dividend.
By Tim Bradshaw
and Dan McCrum
Ripe for the picking
T
im Cook sat on a black stage
wearing an open-necked shirt
and jeans, perched on a high
stool before a glowing Apple
logo a familiar backdrop for
launches of iPhones or iPads. But
instead of announcing a new product,
Apples chief executive was listening
patiently to his shareholders.
Several hundred investors, mostly
private individuals rather than Wall
Street fund managers, and many of
them into their senior years, had
gathered on Wednesday at Apples
Cupertino, California, headquarters
for its annual shareholder meeting.
Mr Cook was peppered with ques-
tions on topics as diverse as competi-
tion from Google, its new space-
ship-shaped offices, the likelihood of
an iBike and toilet provision in Apple
stores. As in previous years, Mr Cook
answered amiably.
We think about you a lot, he told
his shareholders, a sentiment that is
hard to imagine coming from the lips
of late co-founder Steve Jobs. Proba-
bly more than you know.
Despite the convivial atmosphere,
Apple shareholders have been giving
Mr Cook plenty to think about in
recent weeks. Apples falling share
price has left Mr Cook vulnerable to
attacks from large investors, who
have their eyes fixed on the com-
panys swollen pile of cash. The chief
rabble rouser is David Einhorn, the
hedge fund manager famous for short-
ing Lehman Brothers shares before its
collapse. His Greenlight Capital filed a
high-profile lawsuit against Apple,
which was withdrawn yesterday.
But Mr Einhorns agenda remains
the same. Apple has accumulated a
whopping $137bn in cash, more than
10 times as much as it had six years
ago and double the level of March
2011. He wants Apple to share more
with him and other shareholders, and
his favoured method would be a new
form of high-yielding stock, which Mr
Einhorn has dubbed iPrefs.
Apple has done so well, Mr Einhorn
says, that theyve ended up with a
stockpile of cash that exceeds the
market capitalisation of all but 17
companies in the S&P 500. He adds:
Apple is not appropriately capital-
ised. It is not minimising its cost of
capital. This is one reason why we
believe Apples shares trade at a valu-
ation well below its intrinsic value.
Although the iPrefs idea has not
been universally welcomed, the topic
of cash return has resonated with
other shareholders. Bill Miller,
another noted investor, has suggested
that Apple simply stop adding to the
pile and hand all future cash back to
shareholders, similar to the approach
at IBM. But invoking 100-year-old IBM
may not be persuasive to a technology
company that until recently was
growing at the pace of a start-up.
Mr Cook said on Wednesday that
Apple is in very, very active discus-
sions about what to do with its cash,
a subtle escalation of his earlier com-
ments that it was in active and then
very active talks on the matter.
Although he repeatedly dismissed
Mr Einhorns legal action, which cen-
tred on whether bundling a series of
corporate governance changes breaks
Securities and Exchanges Commission
rules, as a silly sideshow, Mr Cook
said that he will consider Greenlights
proposal and any suggestions from
other investors.
But Silicon Valley companies have
always been a world away from Wall
Street on issues such as cash and
shareholder returns, and Apple is no
exception. For tech companies, there
is a deep psychological block when it
comes to dividends: they are the stuff
of stodgy banks and boring utilities,
not dangerous disrupters.
Look at Microsoft, they say. Its first
dividend was announced in January
2003, when its share price was around
$21. A decade on, its stock has risen to
$28. Compare that with Apple, whose
share price has gone from $6 to a high
of more than $700 over the same
period.
Yet right now Apple investors are
more focused on the 35 per cent share
price fall since Septembers high.
There is a fear that dividends sig-
nal poor growth prospects or the end
of innovation, Mr Einhorn acknowl-
edged last week. When a business
doesnt require every penny to be
reinvested, it doesnt mean the busi-
ness cant grow. It just means that the
growth of the business is limited by
something other than cash.
For many investors, Apples share
price is a subject of endless fascina-
tion. One value investor said a
recent meeting to discuss Apple as a
possible investment was attended by
practically every analyst and portfolio
manager at the firm. The younger
generation were enthusiastic about
buying the shares but the older heads
were not convinced that Apples gross
margins around 40 per cent since
2008 could carry on.
In this climate, Apples diminished
stock market valuation is now equiva-
lent to just three times its cash. Its
trailing price/earnings ratio is below
that of Dell, a company whose slow
turnround and dismal share price per-
formance prompted its founder to try
to take it private. Such facts baffle
long-time Apple watchers, who point
to its continuing growth and its string
of successful products.
The assumption underlying the
current valuation is that there will
not be anything else, said Horace
Dediu of Asymco, a mobile industry
analyst, referring to new product
lines. Ive always said that the
investment thesis with Apple was
not that they are going to take
over the world with one product but
that they have a blockbuster product-
manufacturing engine.
B
oosting growth by bringing
out a cheaper iPhone, for
instance, would have made a
lot of sense a year ago, Mr
Dediu said last month. I dont know
why they didnt pull the trigger soon
enough. So maybe 2013 is a slight mis-
calculation.
Mr Cooks first question on Wednes-
day was from an investor worried that
the still expensive iPhone had lost
market share to smartphones running
Googles Android. Why hasnt Apple
used some of that huge cash [pile] to
do total war for that market we cre-
ated? the investor asked.
Winning for us isnt making the
most. We want to make the best, Mr
Cook replied, before giving a hint that
something big was in the works. We
are looking at new categories.
Speculation has long centred on an
Apple television as the most obvious
new market to revolutionise. But as
Apple struggles to fight its way
through the weeds of programme
Nevada, is on Sand Hill Road the
same name as the street that is home
to many of Silicon Valleys best-
known venture capital firms has
responsibility for the cash pile.
But that is about as far as the simi-
larity goes: wealthy but conservative,
Braeburn seems to leave the racy bets
on innovative ideas to Apple.
Braeburns allocation of funds to a
broad spread of high-quality fixed-
income securities would not look out
of place at an insurance company.
With a goal of capital preservation, its
rate of return is less than 1 per cent.
Assuming Apple does, as Mr Cook
hints, put more of those funds to
work, what would investors have him
do with them? Mr Einhorn says his
iPrefs concept is not complicated, its
merely unfamiliar. Yet many ana-
lysts see a straightforward rise in div-
idends as the more likely option.
Morgan Stanley estimates that
Apple could afford to return an extra
$28bn this year, giving a dividend
yield of 6 per cent, if it took the S&P
IT sectors average payout of 68 per
cent of free cash flow.
Whatever Mr Cook does, speculation
is at the frenzied level usually
reserved for Apple product launches.
Some wonder why hes engaging with
it at all. Jobs guarded Apples cash
pile jealously after it neared bank-
ruptcy in 1996 and dismissed all talk
of financial matters in favour of focus-
ing on products.
After all, a new blockbuster iDevice
would probably put a bigger rocket
under Apples shares than any divi-
dend ever could.
ANALYSIS
FT Graphics
Apple has a cash
stockpile that
exceeds the market
capitalisation of all but
17 S&P 500 companies
Speed read
iPay David Einhorn wants the
company to share more of its cash
through a new form of highyielding
stock he calls iPrefs
Rival strategy Investor Bill Miller
wants Apple to stop adding to the pile
and hand all future cash to investors,
similar to the approach at IBM
Watch this space Although there has
been speculation that Apple would now
focus on TV, the latest thinking is that
it will release an iWatch
On the web
Tech hub For more analysis, comment
and news on tech companies, visit
www.ft.com/technology
licensing and Americas cable monop-
olies, the latest thinking is that Apple
will release an iWatch or similarly
smart wearable device.
Amit Daryanani, an analyst at RBC,
has estimated that Apple would sell
40m iWatches, probably priced at
about $200, during their first year on
the market. That could generate as
much as $9bn in additional revenues
and $2 to earnings per share, adding
roughly $25 to Apples stock price.
However, on that purely financial
basis, an iWatch would not single-
handedly propel Apples share price
back above $700, which is one reason
more investors want a higher divi-
dend payout to lift their returns.
One investor, Vitaliy Katsenelson,
says that his firm, Investment Man-
agement Associates, took advantage
of Apples depressed share price to
buy stock in January and he would
like to see the company pay a higher
dividend or buy back more stock.
When you have [$137bn], thats prob-
ably $100bn too much, he said.
One alternative but risky use of
Apples cash would be to invest in
creating its own manufacturing capa-
bilities for radically new types of
products. Although production of the
iPhone and its other devices is out-
sourced to Foxconn and other suppli-
ers, mainly in Asia, much of the
equipment that they use is bought
and owned by Apple itself.
Possibly adding to investor obses-
sion with Apples cash is the some-
what unusual way it is managed. A
subsidiary called Braeburn Capital,
whose office in tax friendly Reno,
MARCH 2 2013 Section:Features Time: 1/3/2013 - 19:29 User: paleita Page Name: BIGPAGE, Part,Page,Edition: EUR, 5, 1
6
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Without fear and without favour
Saturday March 2 2013
LETTERS
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
Correction
Jasper Johns Painted Bronze
was misattributed to Robert
Rauschenberg in an article on
February 16, while Rauschenbergs
Brides Folly was printed upside
down. We apologise for the errors.
Phalaenopsis amabilis
So much for my allegiance as religion
From Mr Richard Kidd.
Sir, Christopher Caldwell (Its
only natural for people to hold a
partisan bias, February 23) opines
that voters allegiance to a particular
political party in the US is a kind of
religion. That may be true of some
voters here, but it is certainly not
true of all of us. In my case, I am a
Caucasian who generally supports
social democracy and, in 2008, I
voted for Barack Obama despite
knowing about his conservative
policies at the Harvard Law Review,
because I hoped his slogan, change
you can believe in, meant that he
wanted to terminate President
George W. Bushs unnecessary wars.
I was disappointed in this and later
forced to agree with a friend that
President Obamas first term was
essentially Bushs third term.
I did believe that breaking the
ceiling on an African-American
presidency was useful, but I
completely condemn Mr Obamas
drone campaign, and I consider the
targeted killing of Americans such as
the 16-year-old son of Anwar al-
Awlaki to be unconstitutional and
grounds for impeachment if it is not
repudiated. Last November, I found
Mr Obama and Mitt Romney to be
curiously alike two ambitious, aloof
Harvard graduates and I
reluctantly voted for Mr Obama
again, notwithstanding the fact that
I consider Mr Romney to be a
talented and decent man, but
because I considered the austerity
platform of Republicans such as Paul
Ryan to be bad for the country at
this time. However, I insist to my
friends that it was not intended as a
vote for Mr Obama, but was simply
a vote against the Republican
programme. So much for my party
allegiance as a religion!
Richard Kidd,
Corte Madera, CA, US
Mollet was never
quite so powerful
From Prof Wilfred Beckerman.
Sir, At the end of his admirable
article (Le French-bashing by a
tyre titan misses the mark,
February 23), Howard Davies refers
to Guy Mollet as having been the
former French trade union leader.
Actually, Mollet never attained such
a powerful position. In his capacity
as leader of the leftist party that
gave birth to todays Socialist party,
the most important post he occupied
in his career was that of prime
minister of France during the last
few years of the Fourth Republic.
Wilfred Beckerman,
Emeritus Fellow,
Balliol College,
University of Oxford, UK
Red jacket is easy
to spot in snow
From Mr Michael Howard.
Sir, It is great that Lucy Kellaway
(Switzerland without skis, Life &
Arts, February 23) has made a stand
for the delights of not falling over in
the Alps. However, if she is to enjoy
snow shoeing safely then form must
overcome her fashion: bright jackets
help retrieval if anything goes wrong
and jeans can be fatal when its cold
and wet! Otherwise enjoy the silence
and grandeur of it all.
Michael Howard,
Newcastle upon Tyne, UK
Still struggling to predict a worms behaviour
From Prof Steven Rose.
Sir, Clive Cooksons enthusiastic
account of the promise of the $3bn
Brain Activity Mapping project to
decode the human brain and thence
combat conditions from Alzheimers
to autism, needs a little grounding
(Contours of the mind, Analysis,
February 23). Despite decades of
work mapping the wiring diagram of
a simple nematode worm, C Elegans,
with no more than 302 cells in its
nervous system, researchers still
struggle to predict the worms
behaviour from the wiring.
Neural plasticity the capacity of
the brain to rewire in response to
experience or injury was not
discovered during President George
H.W. Bushs Decade of the Brain
in the 1990s, as Mr Cookson claims,
but had been known and studied for
many decades previously. (I
dedicated my own widely used 1973
book, The Conscious Brain, to our
sons as it was about genetics and
environment, plasticity and
specificity).
The new funding promised by
President Barack Obama and the EU
will surely enrich our neuroscientific
understanding, but it behoves us to
be very cautious in predicting
benefits to human health and
happiness, still less in solving the
age-old mind/brain dilemma.
Steven Rose,
Emeritus Professor of Biology
(neuroscience),
Department of Life Health and
Chemical Sciences,
The Open University, UK
Dont be a platform to spread rumours
From Mr Wolfgang Hummel.
Sir, Further to Death in
Singapore (Life & Arts, February
16), let me express my
disappointment. This is not the
quality I and other readers expect
from the FT. This is an article about
assumptions and speculations, but
not about facts.
Every psychologist knows that
each family that has to deal with a
suicide doesnt have an explanation,
and in almost all cases comes to the
conclusion that he or she would
never have done it.
But let us look on the economic
side. Equipment-makers like Veeco
and, in Germany, Aixtron are
exporting their systems for the
production of gallium nitride (GaN)
light-emitting diodes worldwide. Most
of the customers are Chinese,
because China is the worlds largest
LED market. The LED technology is
based on semiconductor chips. So it
wouldnt come as a surprise if the
Institute of Microelectronics were
working with a Chinese company. A
co-operation with Huawei doesnt
give any reason to speculate either:
Huawei is one of the competitors of
Siemens Nokia Networks, Ericsson,
Alcatel-Lucent and ZTE.
All companies are working hard on
improving their information and
communications technology. There is
no denial: communication systems
can be used militarily. Modern
warfare is not about tanks but
satellites. Does Huawei therefore
pose a security risk? US
Congressmen believe they have the
answer. But other countries see it
differently.
The death of this talented young
man is a tragedy, but please dont
use it to make your newspaper a
platform to spread rumours.
Last but not least: the creation of
the so-called back-up file was simply
the theft of intellectual property
owned by the IME.
Wolfgang Hummel,
Director,
Center for Solarmarket Research,
Berlin-Westend, Germany
Comment
the risk of dollar debasement, the
bill declares, noting that foreign
threats to the United States in the
form of sophisticated cyber attacks
have begun to target banks and
financial institutions. Hence the
need to create a back-up,
trustworthy monetary unit to
restore confidence and civil order
just in case disaster strikes in the
form of hyperinflation or those
Chinese-cum-Iranian cyber geeks.
What should we make of this?
Most mainstream economists and
policy makers would undoubtedly
scoff. Indeed, when the bill was first
introduced a couple of weeks ago,
the main paper in Richmond,
Virginia, complained that Mr
Marshall had created unintentional
hilarity, and since the idea of a
state adopting its own gold-backed
currency flies in the face of modern
orthodoxy, it might seem easy to
ignore this move as just the latest
workings of the loony fringe.
But that would be a mistake. Ten
days ago, the Virginia Senate did
eventually strike the bill down. But
only after an earlier vote in the
Virginia House of Delegates had
backed it, by 65 votes to 32. And, if
nothing else, Mr Marshalls move
was a powerful symbol of the times.
For it highlighted a question that is
becoming increasingly crucial: does
the public have real faith in the
pillars of finance? Or is that trust
looking more fragile, as Washington
politicians squabble apace?
In truth, it is hard to tell. Five
years ago, when banks such as
Lehman Brothers collapsed, it was
clear that faith in the system was
crumbling fast. A full-blown panic
was afoot in the markets and there
were numerous runs on banks (and
shadow banks). But these days, the
most visible financial metrics suggest
that this panic has disappeared: the
dollar is strengthening, banks are
functioning well and the stock
markets have boomed. Most notably,
even though politicians in America
keep squabbling about how to cut
the debt, the yield on Treasuries is
at rock-bottom suggesting high
levels of trust that Uncle Sam will
repay those bonds.
But while that seems reassuring,
what is less clear is whether that
trust is truly robust or could
suddenly evaporate again. As Alan
Blinder, the Princeton economics
professor, points out in an excellent
new book, one consequence of the
crisis is that many ordinary
Americans are deeply mystified by
the workings of finance; indeed, he
fears that many are also grappling
with a sense of inchoate rage
about the seemingly fickle nature of
policy making and politicians. Little
wonder, then, that sales of gold have
been soaring; or, for that matter,
that polls suggest a notably high
level of popular support for the ideas
of men such as Ron Paul who want
to abolish the Fed.
So guffaw at the Virginia bill if
you like. And if you want an
additional chuckle, you might also
note that a dozen other state
assemblies, in places such as North
and South Carolina, have discussed
similar ideas; indeed, Utah has a
gold and silver depository that is
trying to back debit cards with gold.
But whether you love or hate this
idea, the events in Richmond
certainly will not end this debate
about trust; not in a world where the
economic pressures keep mounting
and policy makers in Washington are
struggling to explain to a mystified
and angry public how their economic
policies are working. Or not.
gillian.tett@ft.com
Virginian currency
bill shows public
mystified not mad
Should we all worry about the
outlook for the mighty American
dollar? That is a question that many
economists and market traders have
pondered as economic pressures have
grown.
But in recent weeks Virginias
politicians have been discussing it
with renewed zeal. Last month Bob
Marshall, a Republican delegate,
submitted a bill to the state
assembly calling on Virginia to study
whether it should create its own
metallic-based currency.
This was not because Virginia is
seething with secessionist impulses,
instead, what sparked the bill is fear.
Unprecedented monetary policy
actions taken by the Federal
Reserve . . . have raised concern over
Gillian Tett
Guffaw if you like, but
the events in Richmond
certainly will not end this
debate about trust
The markets
that did not bark
Investors are forgiving of Europe. That is dangerous
You cant live with them and you
cant live without them. In 2011,
bond vigilantes were punishing the
eurozone periphery so severely for
its public finance problems as to
threaten the fabric of the single
currency itself. This week, they
reacted with comparative restraint
to an Italian election portending
chaos and confusion. This could
remove much-needed discipline on
politicians in Rome and else-
where in the eurozone to bring
about sustained stability.
The inconclusive election results
took many observers by surprise.
They had limited their uncertainty
to whether Pier Luigi Bersanis
Democrats would win a governing
majority on their own or rely on
Mario Montis support. As it hap-
pened, no majority can be built
without either Silvio Berlusconi or
Beppe Grillo, the comic turned pol-
itician. The bigger surprise, how-
ever, is that this non-result did not
cause bigger waves in the markets.
Only last year, rising sovereign
yields were turning market doubts
that the euro could hold together
into a self-fulfilling prophecy. The
European Central Banks promise
to do whatever it takes changed
that. Yet it was widely feared the
Italian election could trip Europe
back into a negative spiral if it did
not produce a government able to
continue Mr Montis policies.
But the markets have not fol-
lowed that script. European stocks
ended the week above where they
began. The fall in Italian equities
and the rise in sovereign yields
have been bearable. Investors who
once saw uncertainty as a sign of
doom now take it in their stride. It
is as if they say that Italians may
have cast a protest vote but it is
not against euro membership.
Elsewhere too there is proof that
Europes monetary union is no
longer seen as a source of unmiti-
gated bad news. Latvia and Lithua-
nia, which clung to their euro pegs
throughout the crisis, are set to
join Estonia as the euros newest
members at the earliest possibility.
Poland, a much bigger prize for the
monetary union, is reviving euro
accession as a live prospect. Spain,
the biggest eurozone problem not
so long ago, posted a better-than-
feared 6.7 per cent 2012 fiscal defi-
cit. Atrocious company results not-
withstanding, Madrids borrowing
costs remain at their lowest levels
for months.
A forgiving market is, however,
a treacherous friend. It may give
Italy and the eurozone more time
to fix their problems; it gives more
time to dither, too. Europes worst
enemy is inaction and compla-
cency from its leaders. They would
do well to act before the markets
turn on them again.
Delhi disappoints
Chidambarams budget ducks politically difficult choices
Since his appointment as finance
minister last summer, Palaniappan
Chidambaram has taken bold steps
to reverse Indias disappointing
economic record. In September he
passed several big bang reforms,
including the controversial deci-
sions to open up the aviation and
retail sectors to foreign investors.
However, Mr Chidambarams first
budget, announced last Thursday,
was disappointing.
True, the finance minister stuck
to his promise to reduce the fiscal
deficit. He plans to cut it to 5.2 per
cent in 2012-13 and to 4.8 per cent
the following year. With an elec-
tion scheduled for 2014, this was
not an easy political decision.
However, budget discipline is
essential to keep Delhis high infla-
tion under control.
Yet, these headline budget fig-
ures may be just a pious aspira-
tion. Planned revenues, which
rely, among other things, on a
10 per cent surcharge on the super-
rich and an increase in import
duties on luxury goods, appear
over-optimistic. Were growth to
disappoint as it has done in the
recent past, the funding gap would
be even larger.
The government was right to
increase spending on some areas
that are vital for economic devel-
opment, such as health and educa-
tion. Were the greater than
expected increase on capital
investment to go ahead, this too
would boost growth. Indias dismal
infrastructure is a prime reason
why Delhi fails to attract enough
foreign investments.
These programmes, however,
would have been better funded by
cutting other areas of spending. Mr
Chidambaram was not brave
enough to take the axe to Indias
large subsidy bill, which covers a
wide range of products, including
fuel and fertiliser. These are a poor
way of alleviating poverty, since
they do not discriminate between
poor and better-off consumers.
The decision not to reform the
tax system was another lost oppor-
tunity. No steps were taken to
move towards the unified goods
and services tax which would
replace a wide range of indirect
taxes. Such a system would lower
compliance costs for businesses
and increase tax revenue. Nor did
the government cancel the retro-
spective amendment which revived
a $2.5bn tax battle with Vodafone.
This will send a negative signal to
investors.
Indias success will depend on its
ability to pass structural reforms,
of which tax is one. This year, Mr
Chidambaram should show this
budget was only a setback and not
a complete halt to his drive to revi-
talise Indias economy.
The Ukip trap
Cameron should cultivate centrists to win in 2015
Coalition government has inflicted
almost three years of political pain
on the Liberal Democrats, so their
victory in the Eastleigh by-election
on Thursday comes as precious
succour. It steadies Nick Cleggs
grip on his party and suggests that
assiduous local campaigning may
yet overcome the Lib Dems
national unpopularity to deliver a
respectable result at the next gen-
eral election in 2015.
The real significance of the by-
election, though, was for their coa-
lition partners. Senior Conserva-
tives feared that failure to take the
seat would intensify backbench
grievances about David Camerons
leadership. In the event, he even
lost the runner-up spot to the
fringe (but growing) UK Independ-
ence party. The Tory right was
already imploring him to move in
their ideological direction to see
off this insurgent electoral threat.
Eastleigh is now being brandished
as vindication.
This is advice Mr Cameron
should ignore. For one thing, mid-
term by-elections are minor events
from which little can be gleaned.
The Labour party won several in
the 1980s only to be routed when a
general election came around. Vot-
ers typically use these opportuni-
ties to bruise the government of
the day without cashiering it
entirely.
But the case made by Mr Cam-
erons internal critics suffers
from more than mere over-
interpretation. It is simply wrong.
In Eastleigh, the Conservatives
fielded an almost embarrassingly
rightwing candidate who fought a
stridently Tory campaign. She was
armed with the promise of an EU
referendum that Mr Cameron was
hounded into giving by his party
mere weeks ago. It is hard to see
how the Tories could have done
more to nullify Ukips tub-
thumping charms.
The lesson is that challenging
Ukip on its own turf is a fools
errand. Protest parties by defini-
tion attract voters determined to
snub establishment politicians,
whatever blandishments they prof-
fer. Polls suggest that Ukip sup-
porters are far less willing to con-
template switching to the Tories
than Lib Dems are. Each sop to
Ukips nativist instincts makes it
harder to win those biddable cen-
trists.
The fact that Ukip took votes
away from Labour, which finished
in fourth place, underlines its sta-
tus as a catch-all party of protest
and not a coherent conservative
movement. Ukips presence threat-
ens to erode Tory chances of a
majority in 2015. That does not
mean it is possible or sensible to
outflank them on the right.
A mist, a stream
and Mt Kinabalu
From Ms Peggy Tan.
Sir, Daniela Morena (Letters,
February 23) notes that anyone
wishing to see the Margaret
Thatcher orchid within Singapores
Botanic Gardens must pay a $5
entrance fee to enter the orchid
garden. May I add that this
enclosure is a three-hectare spread
on a verdant hillside replete with
majestic tropical hardwood trees, and
that, as visitors walk up this gently
sloping hill, they are treated to
themed landscapes filled with orchids
at every turn of the path,
culminating next to a two-storey
colonial house on the top of the hill
where the award-winning
Dendrobium Margaret Thatcher is
but one of dozens of such VIP
hybrids given pride of place?
There is also a valuable species
section and, nearby, special
enclosures house not only Borneo
phalaenopses but orchids from
central and South America too
numerous to name.
But the place that wins my vote is
the Cool House, a glass-enclosed
building where the temperature is
several degrees lower, and which
houses more than 250 tropical
montane species found only in the
highlands of Southeast Asia. Here,
amid a gushing stream and
enveloping mist (all man-made, mind
you) you just need to close your eyes
and you are immediately transported
to the mountain ranges of Mt
Kinabalu. Now who wouldnt pay $5
(or two and half British pounds) for
that?
Peggy Tan,
Singapore
Snuck has no
place in the FT
From Mr Albert Isola.
Sir, Some readers would respond to
the recent controversy surrounding
the removal of graffiti from a wall in
the London borough of Haringey
with an indifferent: Why not?
(Banksys art attack, editorial,
February 23). Others would object to
your introduction of the classic
grammarian conundrum the use of
snuck in place of sneaked, the
standard past participle of sneak. It
is not only banned by The New York
Times but even Banksy would
disapprove.
Albert Isola,
London SE10, UK
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FINANCIAL TIMES MARCH 2/MARCH 3 2013

7
behind him, Mr Grillo launched a
blog, which became Italys best-read.
He boasts more than 1m Twitter
followers.
His ascent has not been smooth.
One horrifying mistake hangs over
him, in particular. In 1981 Mr Grillo
was driving on an icy mountain
road. The car slipped into a ravine;
two close friends and their son died.
He was convicted for negligent
manslaughter.
This conviction means that, while
he leads the Five Star Movement, he
cannot take a seat in parliament. In
October 2009 he announced that the
new national Five Star Movement
was intended to purge Italian
politics. So it was only open to
Italians without a criminal record.
The movement has a manifesto
covering issues from constitutional
reform to the euro. But the startling
success of Mr Grillos civic
revolution has been in binding
together existing movements.
We are a response to government
parasitism, corruption, a system of
political diarrhoea, Mr Grillo told
the Financial Times during Sicilys
regional elections last October. After
he seized the headlines by swimming
to the island and campaigning by
camper van, his movement took
more votes than any other party.
From Sicily we take the country,
he said, and he was right.
Mr Grillo is a complex man who
sometimes comes across as shy. He
guards his family life he is married
to Parvin Tadjk, an Iranian-Italian.
They have two children together and
four more from previous marriages.
While Mr Grillos charisma unites
disparate movements, critics note a
populist and demagogic streak that
frightens some of his supporters.
Alarm bells rang late last year
when Mr Grillo expelled from the
movement two elected local
counsellors. One had criticised his
autocratic style. The second broke
the rules of the movement of
outsiders by appearing on a
television talk show.
Mr Grillo must decide whether to
be the leader of the opposition or to
back a coalition of politicians he has
spent years insulting. We die if a
movement becomes a party, he said
last October. Asked then what he
would do if he won the election, Mr
Grillo first replied he would have to
go into government. But he added:
I dont know.
The writer is the FTs Rome bureau
chief
The vandal who wants to
sack Romes politicians
The most important
man in Italian
politics is a deadly
serious comedian,
says Guy Dinmore
D
ecimoputzu, a rundown
village in Sardinia, was
looking for a saviour.
Crammed into the local
hall, its desperate
farmers were staging a hunger strike
against banks that were threatening
to seize their land, but they were
being ignored by the media and
politicians. So villagers jostled for a
glimpse of the man who had come to
fight for them, even if he was a
stand-up comic.
That event, in November 2007, was
just another lost cause for Beppe
Grillo to adopt. What has the world
come to when a comic has to defend
the interests of farmers? he said,
before laying out a campaign to
boycott the offending banks.
Two months earlier Mr Grillo had
become Italys leading protest
politician when he held a rally in
Bologna known as V-day, where the
V stood for vaffanculo an Italian
obscenity. A screen on the piazza
displayed the names of 24 convicted
criminals who were then serving in
parliament. Vaffanculo! the crowd
roared.
This week Mr Grillos Five Star
Movement can shout from inside
the national political system. Before
postal ballots were counted, his bloc
was the largest: a quarter of all
voters backed him, creating
deadlock. Mr Grillos parliamentary
presence is big enough that he can
build, prop up or break a coalition.
It is not clear what he will do now.
Nor indeed, whether he can even
control the newly elected senators
and deputies whom he leads.
So the future of Italy and the
eurozone hinges, in part, on this
growling man with a bearlike
physique who has been backed by
Italians for his anger at the state of
their nation. Mr Grillo certainly gave
voice to their frustrations. He refers
to Silvio Berlusconi, the centre-right
leader and former prime minister, as
the psycho dwarf. Mario Monti, the
technocrat centrist and acting prime
minister, is Rigor Montis. This
week, after the election, he accused
Pier Luigi Bersani, the centre-left
leader, of being a political stalker
and a dead man talking.
For the 64-year-old comic-turned-
activist from Genoa, this has been
the culmination of an anti-
establishment crusade that began
decades ago, from his roots as a
teenager in a working-class area
singing and playing the guitar in
local clubs before developing his
stand-up comic routine. Mr Monti,
Mr Bersani and Mr Berlusconi are
not the first members of the Italian
elite whose noses he has put out of
joint. Mr Grillo emerged as one of
Italys leading satirists in the 1970s.
He achieved notoriety in 1986
with his expulsion from the state
broadcaster for lampooning Bettino
Craxi, then prime minister. Implying
The future
of the
eurozone
hinges on
a growling
man with
a bearlike
physique
who has
been
backed by
Italians for
his anger at
the state of
their nation
that Craxis Socialist party was a
corrupt kleptocracy, he joked that
a member of the party might have
asked him: If everyone in China is
a socialist, from whom do they
steal? Mr Grillo was vindicated in
grand style: in 1994, Craxi fled Italy
for Tunisia, never to return, to
escape corruption charges.
Mr Grillo has also railed against
corporate mismanagement. As part
of a routine he performed in 2002,
he said that someone at Parmalat,
the dairy group, had revealed to him
the state of the companys finances.
In a normal country, Mr Grillo
said, the company would have
collapsed. A year later, it did.
In that case, which led to him
being called to give evidence before
a judge on the bankruptcy, an
unusual education helped. Mr Grillo
had taken a degree in accounting
at a local college with the aim of
helping the family business his
father Enrico ran a small factory
making acetylene torches.
Since 2005 he has used the internet
to build a following without using
the traditional media which have
shunned him. In 2005, through his
friendship with Gianroberto
Casaleggio, a web guru often
described as the eminence grise
Person in the News
Beppe Grillo
COMMENT & ANALYSIS
Coaxers and
coercers discover
common ground
Christopher
Caldwell
call her a hardliner.
Prof Conly defends
coercive paternalism, so-
called to distinguish it
from the libertarian
version. She accuses
nudgers of believing
people cant generally
make good decisions when
left to their own devices.
Would it not be simpler
and less manipulative, she
asks, just to ban things?
In a respectful review of
Against Autonomy in The
New York Review of Books
this month, Prof Sunstein
found an area of common
ground the cognitive
biases that make
government action
necessary. Prof Conly, like
Prof Sunstein, reads an
awful lot into these biases.
Behavioural economists
have tended to use homo
economicus as a straw man.
Yes, we have a present
bias you need to pay us
to defer gratification.
Banks behave similarly.
Yes, we are biased towards
the status quo a great
safeguard against getting
ripped off by fast talkers.
We should have followed
that bias more in the past
two decades. Yes, we are
unduly optimistic that is
because the voice running
in ones head must not
only describe reality but
also motivate one to get
out of bed in the morning.
The Nudge system is the
more humane of the two
paternalisms. Profs Thaler
and Sunstein are closer to
the empirical economic
research than Prof Conly,
more alert to the places
where our ordinary
reasoning works perfectly
well. She sometimes trusts
regulators too much. Still,
there is a surprisingly
clear kinship between her
coercive paternalism and
the libertarian kind
embraced by Messrs
Obama and Cameron. What
the two paternalisms share
is a loss of the liberal faith
in an educable public, an
impatience with the pace
at which citizens change
their minds.
Where does the authority
to coax or coerce stop?
Prof Sunstein reassures us
that because hers is a
paternalism of means
rather than ends, [Prof
Conly] would not authorise
government to stamp out
sin (as, for example, by
forbidding certain forms of
sexual behaviour). But on
what principle could a
practical politician draw
that line? Prof Sunstein
sees that one mans means
are another mans ends. It
is only recently that sexual
behaviour has been
thought of as an end at all.
Once statistics show
divorced people living
shorter lives than married
ones, say, isnt banning
divorce as defensible as
banning trans fats? Isnt it
at least a signal for the
choice architects to get to
work?
The writer is a senior editor
at The Weekly Standard
I
t was only natural that
Barack Obama and
David Cameron should
have read Nudge and loved
it. What could be more
alluring to a politician
than a book full of recipes
for turning sceptical voters
into allies?
Published in 2008 by
economist Richard Thaler
and law professor Cass
Sunstein, Nudge used the
insights of behavioural
economics about how
unreliable and irrational
peoples choices are. It
suggested ways to coax
people into doing what was
best for them displaying
bananas more prominently
than biscuits in school
cafeterias, say. Choice
architecture was a hit.
The US president hired
Prof Sunstein, his old
friend, as a senior
regulatory adviser for a
time. The UK prime
minister fell hard for the
concept, consulting Prof
Thaler and setting up a
Behavioural Insights Team.
But this system of
libertarian paternalism is
ambiguous, and its record
mixed. Maybe its
libertarianism part will
rally the public behind a
new vision of 21st-century
government. Maybe its
paternalism will strike its
target audience as not just
bossy but sneaky, too. US
state schools, at the
instigation of the federal
government and with the
blessing of Michelle
Obama, are offering
healthier lunches, but the
kids cannot stand them.
Bureaucrats recently beat
a humiliating retreat back
to peanut butter
sandwiches. In Britain, the
Nudge Unit has solicited
organ donors at driving
licence renewal time. But
much of its work involves
new ways to shake people
down. When a request for
unpaid car taxes is
accompanied by a photo of
the car, delinquents snap
to attention.
While Profs Sunstein and
Thaler sold their system as
a way to effect big change
incrementally, they left
hanging most of the
philosophical questions
about liberty that have
preoccupied us since the
days of John Stuart Mill.
Liberals felt uncomfortable
about nudging, without
quite being able to say
why. Late last year Sarah
Conly, a philosopher from
Bowdoin College in Maine,
published Against
Autonomy, which confronts
these questions head on. In
so doing she delivered a
challenge to the whole
Sunstein-Thaler system.
Prof Conly is not a
liberal. She has a low
opinion of autonomy and
what people do with it. She
notes that Mill was writing
in ignorance of our
natural, even biological,
tendency towards social
conformity. Nor is she too
concerned about the states
invasions of privacy since
the truth is that we
evolved in circumstances
where privacy was
impossible. Her next book
is tentatively titled One:
Do We Have a Right to
More Children? You might
The books Nudge
and Against
Autonomy share a
loss of faith in an
educable public
Exclusive comment on global f inance and economics
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tough new role as top US diplomat and DeAnne Julius looks at the Bank of Englands reputation
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The list
The curious case of Brussels and the bankers bonuses
incentives. Banks are ultra-leveraged
businesses whose failures always fall
on the public: directly, via huge
bailouts, and indirectly, via terrible
recessions. The Basel Committee on
Banking Supervision has estimated
the median economic cost of a
financial crisis at 60 per cent of
annual gross domestic product. We
cannot afford another.
So what? the Tory interrupts
brusquely. We are going to solve
those problems by ringfencing retail
banks from investment banks and
imposing clawbacks on bonuses. But
this plan will make the pay
structures of a cyclical business too
rigid. Worse, it will drive mobile
banking out of the EU. Thats crazy.
Not so fast, responds the Liberal
Democrat. We, too, support the
recommendations of the Vickers
Commission. But the problem of
bonuses is not so easily dealt with.
Banks tend to earn attractive returns
almost all the time, offset by
infrequent catastrophic losses. For
someone earning performance-related
bonuses, it pays to follow strategies
like these. They then have a good
chance of being rewarded for playing
the odds successfully, rather than for
true skill. Their upside is huge,
while, if they are unlucky, they lose
outstanding bonuses or maybe their
jobs. Naturally, they bet the bank.
It is the job of shareholders to
stop that, responds the Tory.
Thats absurd, answers his
colleague. Shareholders dont have
a clue. Also, with leverage of 30 to
one, the equity needed to shield the
public from the tail risks is just not
there. Management have the same
upside-slanted returns as subordinate
bonus recipients. So the public has a
right to intervene. I do sympathise
with the European Parliament.
You would, splutters the Tory.
If only Cameron went for exit from
the EU. Then we would win in 2015
and see the back of you. Down with
this horrible coalition!
Keep this up and we will be back,
instead, interjects the Labour
member. Andy Haldane, the Bank
of Englands executive director for
financial stability, estimated the
average annual subsidy for the top
five UK banks at more than 50bn
between 2007 and 2009 which is
roughly equal to UK banks annual
profits before the crisis. If something
is subsidised, too much of it will be
provided. That is fine market logic.
So regulation must offset it. What is
the realistic alternative?
Partnerships, responds the Tory.
I am that old-fashioned. I agree that
a very long holding period before
payouts makes sense. But you are
ignoring the cost of what are likely
to be very high salaries: they will be
just as offensive to the public as
bonuses, turn bankers into
functionaries and be rigid, as I have
already said. Is that what you want?
Limiting bonuses in relation to
salary is also probably unworkable.
The FTs Lex column has already
offered a clever wheeze to escape the
cap. And if the bankers cannot get
around the cap, they will probably
just flee the EU, taking the tax
revenue and income with them. Is
that what you pinkos want to kill
a world-beating industry?
Hold on a minute, responds the
Labour member. All of these bad
things cannot be true. If they can
evade the cap, as you say, they need
not leave London. I agree it may
well be impossible to get away with
a full offset for lost bonuses in
higher salaries. I also agree some
activities may leave. Yet how
valuable to us are businesses capable
of inflicting such terrible economic
damage? Are not far too many of
our economic eggs now in the Citys
basket? We believed in the City, too,
alas. But the crisis now looks like
bequeathing us a lost decade.
As to turning bankers into
functionaries well, they are, arent
they? We know bank debt is implicit
government debt. So bankers have to
be civil servants. It is just a matter
of setting reasonable pay for them.
And, interrupts the Liberal
Democrat, what does it mean to be
world-beating if an industry is
heavily subsidised by the states
supply of underpriced insurance?
Any industry can be made a
world-beater if subsidised enough.
I agree this is a simplistic
regulation. It would be far better
to impose much higher capital
requirements and allow bonuses but
insist they be paid in the debt of the
beneficiaries bank and be held for
10-15 years before being turned into
cash. I agree, too, that there is a
limit to what Europeans can do on
their own. But I dont see how
anybody can be happy with the
incentives operating in this industry.
Anyway, you cant complain if the
Europeans are so uncompromising.
You Tories have gone out of your
way to offend them. Think of the
prime ministers veto of a fiscal
treaty in 2011 or your withdrawal
from the European Peoples party. As
you sow so shall you reap.
No, responds the Tory, you are
wrong. You will reap. We are going
to leave the EU. Just you wait and
see. Then we will not have to bear
such interference any more. These
continentals must get their tanks out
of our City. I am sure the public will
see it that way.
Youre wrong, reply the others
with glee. Defending bankers, even
against Brussels, is a bad bet.
martin.wolf@ft.com
Martin Wolf
The European Parliament
has found a way to attack
the UK that is sure
to be favoured by much
of the British public
T
he sound of heated discussion
rises from three members of
parliament in the Strangers
Bar of the UK House of Commons.
It is preposterous, bellows a
Conservative, a known eurosceptic.
How dare this jumped-up European
pseudo-parliament set pay in the
City of London and so damage our
most valuable industry? The French
and Germans are jealous of the City.
Now they plan to destroy it.
His neighbour, a Labour moderate,
chortles. You think David Cameron
and George Osborne should wage
war in defence of bankers? I hope
they do. These members of the
European Parliament are cleverer
than you expected. They have found
a way to attack the UK that is sure
to be favoured by much of the
British public. Many voters, even
Tories, now see the bonus culture as
standing for heads I win and tails
you lose. Why defend this excess?
Yes, interjects the third in the
group, a hopeful young Liberal
Democrat with a good degree in
economics. Bonuses create perverse
MARCH 2 2013 Section:Features Time: 1/3/2013 - 19:29 User: paleita Page Name: COMMENT USA, Part,Page,Edition: EUR, 7, 1
8
FINANCIAL TIMES MARCH 2/MARCH 3 2013
FASHION
Brand awareness
Producers call the shots on the catwalk
Digital media have
transformed fashion shows
into a global marketing
opportunity and, as a result,
a new business sector
show production has
arisen to help brands
optimise their moment,
writes Nick Vinson.
Its understandable: the
average spend per runway
is between 500,000 and
1m, with a handful of
brands choosing to budget a
few million (or more) for
just eight minutes. Return
on investment is crucial.
What few people realise,
however, is that behind the
scenes of about 85 shows
and events this season are
only three littleknown
industry powerplayers:
Etienne Russo from Villa
Eugnie; Alexandre de
Betak of Bureau Betak; and
Julie Mannion of KCD. In
their hands is most of what
the rest of the world sees.
They act as producer, art
director, scenographer or
choreographer. They create
an entire show concept or
merely execute it; book
venues; get sets, seating,
hanging 1m fresh flowers on
300,000 stems on the walls
of the salons of a Paris
htel particulier with florist
Mark Colle for Raf Simons
Dior couture debut.
As for Mannion, president,
creative services at KCD,
this season she and her
fulltime team of 11, as well
as 30 freelance associates,
will have orchestrated 32
events for clients such as
Louis Vuitton and Chlo.
A show can generate
1012 per cent of a brands
seasonal magazine
editorials, according to
Visual Box. However, it can
also account for much
more value. In the case of
Chanels fashion editorials
last season, for example,
assessed by Visual Box at
54m, a large percentage
were made up of show
looks: clothing from the
catwalk borrowed from the
brand and photographed by
magazines. In addition, the
show generated 2.85m page
views on style.com, within
two days.
Which raises the question:
who is pulling the strings?
swells to 40 during fashion
weeks, moving from city to
city. He has constructed an
amphitheatre in a real forest
under the dome of the Grand
Palais (for Chanel) and
translated the wishes of
Vronique Nichanian, artistic
director for Herms Mens
Universe, for 15 years.
Similarly, De Betak says
his role is pluridisciplinary
and can include the fourday
logistical challenge of
lighting rigs, sound systems
and backstage areas built;
produce seating plans, satisfy
security and fire regulations;
instruct models on how to
walk in the right way;
coordinate music and make
sure the cameras get the
shots that count.
Russo, whose 35 shows
this season include Chanel,
Herms, Cline and Dries
Van Noten, has a permanent
team of about 10, which

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Balmain
A display of
Dynastyera
sartorial
muchness
Nina Ricci
Finely calibrated
jolie madame
whimsy with a
little modern
sportswear
Lanvin
Alber Elbaz
offers a
collection of
greatest hits, as
seen through a
Piaf lens
Christian Dior
Cool and classic
designs merging
modernity with
the past
Pictures:
catwalking.com
As the Paris shows headed
into the weekend, the UK
ambassador threw open the
doors of his residence in
honour of British designers.
The same evening there
was another cocktail party
for the opening of an
exhibition at Pariss Htel
de Ville, or city hall,
honouring French
designers, past and present.
The timing was
coincidental, but telling:
there is a real effort in
most cities on the prt--
porter circuit to position
fashion at the heart of
the state; suggestion by
association that it is a core
national resource/industry
that is recognised at the
highest levels.
At Balmain, designer
Olivier Rousteing
emphasised his maisons
roots in French fashion
history, describing in detail
his profound investigation
of couture techniques, and
the continuum from Paul
Poiret through Christian
Lacroix to his runway, all
of which seemed a
promising start.
It was hard to see how
this worked on the
catwalk, though, where a
display of Dynasty-era
sartorial muchness in the
form of gold and silver
lam sarouel trousers, or
ultra-minis swagged over
the thighs, paired with
giant satin-lapelled jackets
and diamond-patterned
crystal-studded leather set
the tone.
From there it just got
Marielle Labque front and
centre, and with them the
idea of French artistry. As
the sisters played Philip
Glasss Two Movements
for Two Pianos, Copping
sent out a collection of
finely calibrated jolie
madame whimsy with just
enough of a modern
sportswear sensibility not
to tip over into the cloying.
There were great cherry
red duffels and skating
greatest hits, as seen
through a Piaf lens.
He said he was thinking
about whats next and
how the skills of the
French atelier are precious
and relevant. And he
showed it in dresses layered
over thin nude body suits,
and based on variations of
the LBD: in velvet, brocade
tiered on one side, a slim
wool sheath gathered in a
knot on one hip. There were
prints butterflies on
bias-cut crushed silk and
appliqus of dragonflies,
and slightly off-centre tweed
suiting. The whole thing
felt entirely evocative of
the moment, and how the
present has been a bit
undone by the past.
Necklaces touting the
words cool and help,
culminated in one that
said happy a neat way
to describe the emotional
progress of the show. The
je ne sais quoi was hard to
miss. It was also behind
Roland Mourets expression
of grown-up elegance,
which combined geometric
colour-blocking with
animal print in an exacting
line-up of pencil skirts,
body-skimming long-
sleeved sheaths and tailored
jackets (though some extra
flaps on the fronts of
garments were ideas better
left behind). Paris has its
own definitions in the
dictionnaire de la mode,
said Mouret; his runway
being a case in point.
Indeed, the growing
emphasis of this sort of
French connection was
underscored by the two
shows that didnt have the
same imperative: that of
London-based Hussein
Chalayan and American
Rick Owens.
Chalayan continued his
Homage to French connections
quest to balance superbly
constructed jackets and
coats with a more
conceptual side. Thus the
idea of spirit leaving the
body translated into
multicoloured and textured
digital prints with a
kaleidoscopic appeal,
intelligently married to
very simple shapes
including dresses that
transformed from cocktail
to black tie with a simple
flick of the wrist.
Owens went further off
piste. Specifically, with a
detour through Asia via
wide, kimono-inspired
sleeves, and another
through well, it wasnt
entirely clear (his
imagination?), via long
tailcoats with quasi-tails
dragging from the back.
Things got back on track
with giant toggle buttons
on short duffel coats and
hoods that could be
unzipped down the centre
to create face-framing
folds, while silk dresses
tacked flat at the front but
folded to form capes at the
back, either trapped under
shrunken sweaters or left
free, were lovely. But the
singular Japanese moment
served to highlight how
many designers have been
eschewing any obvious
nods to the eastern mega-
market this season, opting
instead to emphasise the
Made In.
If in doubt, simply note
more over-the-top, with a
metallic emerald moir
jumpsuit; a fuchsia one-
shouldered top over even
brighter fuchsia trousers;
and pumped-up purple
numbers.
By contrast, another,
more effective, method of
communicating the same
message came from Peter
Copping, Nina Riccis
creative director, who put
Gallic piano duo Katia and
Vanessa Friedman
skirts paired with little
knits; charmeuse and lace
lingerie-inspired cocktail
frocks; narrow mid-calf
skirts with neat taffeta
jackets; and evening dresses
with blooms created from
crushed fabric and seamed
on to shoulders and hips.
It telegraphed both literally
and metaphorically la vie
en rose, as did Lanvin,
where designer Alber Elbaz
offered a collection of
Designers fly the
flag by mining the
past but does this
translate on to
the catwalk?
that Diors show was held
in the environs of the
Invalides aka Napoleons
tomb. As a setting that
equates a brand with a
national treasure, it
doesnt get more direct
than that. As for the
clothes, designer Raf
Simons noted: This
collection is more
connected to passions we
[he and Mr Dior] share.
However, Simons seems
to have loosened up enough
to start having fun with
history. So classic mid-calf
strapless dresses sported
both surreal line drawings
on the bodice and an Andy
Warhol-inspired shoe on
the skirt; an opera dress
with a big bustle at the
back was remade in
leather; and the stuffing
was taken out of
traditional shapes,
including elaborate
peplums, by rendering
them in black and white
cable knits. Even the 1920s-
inspired chiffon and
organza slips with random
star-and-shoe bursts of
embroidery were simply
used to veil a very 21st-
century minidress.
The net effect was cool
and classic, telegraphing
the brands local
antecedents and taking
them forward with a little
moue and a lot of style.
Its one way to fly
the flag.
Alber Elbaz
offered a collection
of greatest hits,
as seen through
a Piaf lens
FASHION WEEKS
For trends from the Milan
shows, see Life & Arts page 5;
for daily coverage from all the
fashion week cities, visit
www.ft.com/fashionweeks
Outdoors: Etienne Russo staged Chanels forest show
MARCH 2 2013 Section:Features Time: 1/3/2013 - 18:26 User: russjadmin Page Name: FASHION, Part,Page,Edition: EUR, 8, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

9
Einhorn
drops Apple
cash lawsuit
By Dan McCrum
in New York
David Einhorn has dropped
his lawsuit against Apple,
ending an obscure battle
over corporate governance
between his $9bn hedge
fund, Greenlight Capital,
and the iPhone maker.
The lawsuit was part of a
campaign to push Apple to
share more of its $137bn
cash pile with shareholders,
as proposed changes to its
corporate charter would
have made it harder for
Apple to issue a new form
of high-yielding stock.
Greenlight approached
Apple last year with its idea
for preferred stock, which
the company rejected.
Moreover, when Apple
published proposed changes
to its corporate charter on
December 27, it had bun-
dled several changes into
proposal two. In one vote
shareholders were asked
both to remove Apples
right to issue preferred
stock and to institute
changes to the way it elects
directors to the board.
The changes to Apples
voting procedures were the
result of a two-year cam-
paign by corporate govern-
ance activists, led by the
largest US public pension
fund, Calpers. At the start
of February, Calpers said it
had been enlisted by Apple
to ensure the measures
passed, as any changes
required the support of at
least 50 per cent of all
shares outstanding.
Greenlight sued to block
the vote on proposal two, as
it claimed the measures had
been illegally bundled
together. Apple said it
would hold a shareholder
vote on the issuance of pre-
ferred stock irrespective of
whether the board had the
right to do so or not, but a
federal judge sided with
Mr Einhorn and blocked
Apple from holding the vote
at its February 27 meeting.
At the meeting, Tim
Cook, chief executive,
acknowledged that Apple
was in very, very active
discussions about what to
do with its $137bn cash pile.
According to people famil-
iar with the situation,
before the vote was halted,
97 per cent of votes cast had
supported Apples position
on proposal two.
But following a slump in
the Apple share price,
shareholders voiced a
degree of protest over its
pay arrangements, with an
advisory vote on executive
compensation only receiv-
ing 61 per cent support,
with votes of 81 per cent of
eligible shares counted.
Yesterday morning Apple
shares traded below $434
per share, down from a Sep-
tember peak of more than
$700.
Greenlight said it had
dropped the lawsuit
because Apple removed
the bundled proposal from
the shareholder meeting.
Apple declined to comment.
Additional reporting by
Chris Nuttall
See Analysis
TECHNOLOGY HARDWARE
Berlin lawmakers bend to
Google pressure on copyright
By Gerrit Wiesmann
in Berlin
Germanys parliament has
bowed to fierce pressure
from Google by passing
watered-down changes to
copyright law, which look
set to enable news aggrega-
tors to continue publishing
excerpts of newspaper arti-
cles free of charge.
Lawmakers from Chancel-
lor Angela Merkels Chris-
tian Democrats and their
Free Democrat junior part-
ners yesterday backed
ancillary copyright, which
gives print publishers the
right to license their web
content for use by others.
But in a crucial last-
minute change, lawmakers
stipulated that news aggre-
gators would still be
allowed to show single
words or small text
excerpts without having
to ask or pay German
publishers such as Axel
Springer and G+J for
permission.
Although legislative aides
expect legal action as print
publishers and web compa-
nies argue over the defini-
tion of small text
excerpts, they said court
rulings should exclude
Google News display of
snippets from ancillary
copyright.
Googles late victory
comes after months of hard
and well-orchestrated lobby-
ing, which included an
online Protect the Web cam-
paign, in which the com-
pany championed itself as
the guardian of free speech
on the internet.
While the new rules are
likely to affect only web
services offering users per-
sonalised newspapers that
graze for content on news-
paper websites, the ruling
Christian Democrats called
the law an important tool
for print publishers.
We stand by our convic-
tion that a free internet also
needs a reliable legal frame-
work, said Gnter Krings,
a leading Christian Demo-
crat lawmaker. Without the
law there would be no
legal basis for any future
paywalls, he said.
German newspaper and
magazine publishers asso-
ciations declared them-
selves happy with the law,
saying it gave them the
power for the first time to
decide how their web con-
tent was put to commercial
use.
Print publishers are now
free to decide for them-
selves what agreements
they may enter into with
search engines and [news]
aggregators who wish to
use publishers content for
commercial purposes, the
groups said in a statement.
Google welcomed the
scrapping of the most dam-
aging parts of the bill
although Ralf Bremer, a
spokesman, warned the
final law threatened innova-
tion. Publishers and inter-
net groups should inno-
vate together, he said.
Despite opposition from
Google, internet experts,
and opposition Social Demo-
crats and Greens, the ruling
coalition had hoped that the
legislation would embolden
other European countries to
strengthen online rights.
Google was able to strike
one-off funding and co-
operation deals with print
publishers in Belgium and
France, which ended plans
for legislation there. At the
same time, proposals in
Italy, Portugal and Switzer-
land have not advanced.
The search company
agreed to help French news-
paper publishers ramp up
their web advertising sales
and to set up a 60m fund
to help their digital publish-
ing efforts an agreement
that German publishers at
the time firmly ruled out.
Social Democrats and
Greens control the German
upper house and could
delay passage beyond the
election in September.
MEDIA
Chesapeake under
SEC investigation
disclosures as well as
breaches of fiduciary
duties, corporate waste and
unjust enrichment.
The company said the
SEC was investigating
among other things, cer-
tain of the matters alleged
in the foregoing lawsuits.
Chesapeakes board con-
ducted a 10-month review of
Mr McClendons personal
financial dealings and con-
cluded last month that
there was no evidence of
intentional misconduct.
In particular, it addressed
concerns that Mr McClen-
don had borrowed from EIG
Global Energy Partners, a
private equity group that
also invested in Chesapeake
subsidiaries. The board said
its investigation of the deal-
ings with EIG did not
reveal any improper benefit
to Mr McClendon or in-
creased cost to the company
as a result of the overlap in
the financial relationships.
Mr McClendon said in
January that he would
retire on April 1, saying he
had philosophical differ-
ences with the board.
Chesapeakes filing said it
and Mr McClendon were
providing information to
the SEC in connection with
this matter.
It added: The company is
also responding to related
inquiries from other gov-
ernmental and regulatory
agencies and self-regulatory
organisations.
In late afternoon trade
yesterday, Chesapeake
shares were down 1.8 per
cent at $19.79, having lost
22 per cent of their value
in the past 12 months.
Monte dei Paschi sues
former top executives
comment. Deutsche Bank
and Nomura were not
immediately available for
comment.
The lawsuits come as the
bank seeks to put behind it
weeks of scandal relating to
the use of derivatives by its
former management. Monte
Paschi, which has been buf-
feted by a scandal over
derivatives use, was yester-
day due to receive a 3.9bn
bailout from the Italian
state, its second in four
years.
Its new management, led
by chairman Alessandro
Profumo, has said that once
the bank receives the state
aid, it will be focusing on a
turnround and a return to
profitability.
The return of the political
instability to Italy with the
inconclusive outcome of
national elections have
raised concerns about the
viability of this turnround.
Shares in Monte Paschi,
which considers itself the
worlds oldest bank, fell
sharply this week alongside
other Italian lenders, after
Italys national election
failed to produce a clear
winner triggering con-
cerns about political insta-
bility amid a nearly two-
year recession.
Bad loans are expected to
rise given the weakening
economic environment. The
anti-establishment Five
Star Movement which
took 25 per cent of the Ital-
ian vote has said it wants
the bank to be nationalised.
Alberto Gallo, a credit
analyst at RBS, said in a
note this week that of the
major Italian banks, Monte
Paschi is the one which
presents most downside
risk.
He said Monte Paschi
faced a combination of low
capital with a core tier one
of about 8.8 per cent and
deteriorating asset quality
with non-performing loans
accounting for 19.5 per cent
of its portfolio compared
with a European sector
average of 13 per cent.
In addition, it is very
exposed to Italys sovereign
volatility, holding more
than 10 per cent of its
assets in sovereign bonds.
By Rachel Sanderson
in Milan
Monte dei Paschi di Siena
has launched legal actions
against its former manage-
ment, as well as Deutsche
Bank and Nomura, over
structured products relating
to millions of euros of
losses.
Italys third-largest bank
by assets said in a state-
ment that it was seeking
damages from its former
chairman Giuseppe Mus-
sari, former chief executive
Antonio Vigni and Nomura
in relation to the structur-
ing of a derivatives transac-
tion, known as Alexandria,
in July 2009.
A second suit has been
lodged with the court in
Florence against Mr Vigni
and Deutsche Bank for the
structuring of a total return
swap in December 2008.
Mr Mussari and Mr Vigni
were unavailable for
By Ed Crooks in New York
Chesapeake Energy and
Aubrey McClendon, its out-
going chief executive, are
under investigation by the
Securities and Exchange
Commission, the financial
regulator, over his remuner-
ation plan, the company
disclosed yesterday.
In its annual 10-K report,
Chesapeake said the Fort
Worth regional office of the
SEC announced last May
that it had started an infor-
mal inquiry, and that in
December that had turned
into an investigation.
The SEC has issued Ches-
apeake with subpoenas for
information and testimony.
The company said the
regulator was investigating
concerns over the founder
well participation pro-
gramme, a plan that
allowed Mr McClendon to
take 2.5 per cent stakes in
all the wells drilled by the
company over a given year.
After Reuters reported
last year that Mr McClen-
don had borrowed more
than $1bn to fund his
investment in those well
stakes, investors success-
fully pushed for a shake-up
of the board. The company
announced it would end the
programme in June 2014.
Chesapeake said investors
had launched legal actions
against it, alleging breaches
of securities law, misstate-
ments of regulatory filings
and failure to make proper
Schulzes takeover bid
for Best Buy falls f lat
By Barney Jopson
in New York
Richard Schulze, Best Buys
estranged founder, has
failed in his private equity-
backed bid to take over
the electronics chain, which
reported meagre sales
growth but better than
expected profits for the
Christmas shopping season.
Mr Schulze did, however,
persuade a coalition of
three private equity groups
to invest in the retailer,
in return for three seats
on its board, but the
company rejected their
offer, he and Best Buy
revealed yesterday.
The private equity groups
were TPG, Cerberus Capital
Management and Leonard
Green and they were
prepared to take a large
minority stake, according to
one person familiar with
the situation.
Mr Schulzes seven-month
quest to take over the
company expired at a
deadline of midnight on
Thursday.
Best Buy yesterday pub-
lished quarterly results that
it said showed renewed
momentum in its US busi-
ness, which has suffered
from competition with
Amazon and Apple.
However, Hubert Joly,
Best Buy chief executive,
said the company was still
grappling with several
problems inherited from the
previous management.
The company warned that
profits in the current quar-
ter would be under signifi-
cant pressure.
The bid initiative from
Mr Schulze, who owns
20 per cent of the company,
came after he left its board
in June.
It had posed an instant
challenge to Mr Joly, who
was appointed last August
to revive a company that
some analysts said was in
irreversible decline.
In a regulatory filing yes-
terday, Mr Schulze said he
had not decided whether he
would exercise his right as
a major shareholder to
appoint two directors.
In the three months to
February 2, Best Buys like-
for-like US sales rose 0.9 per
cent, taking total revenue
to $16.7bn.
The company posted a net
loss of $409m, or $1.21 per
share.
Excluding impairment
and restructuring charges,
its earnings per share were
$1.64, ahead of Wall Street
expectations.
After an initial morning
surge, Best Buy shares fell
back to be almost
unchanged, down 0.1 per
cent at $16.39 by mid-
afternoon.
Mr Schulze initially said
he was prepared to buy the
company for between $24
and $26 per share.
The companys shares
had risen to more than $21
on the day Mr Schulze first
announced his bid plans.
Mr Joly said he was
focused on improving Best
Buys like-for-like sales and
profitability via several ini-
tiatives from accelerating
online growth and increas-
ing store productivity to
reforming its supply chain
to reduce the cost of goods,
and cutting expenses.
He pointed out that Best
Buy had closed 39 big box
stores in 2012 and would
close five to 10 more this
year.
Best Buy said its profit
margins would be under
pressure in the current
quarter due partly to its
new policy of matching the
prices of rivals including
Amazon and a lack of new
product launches.
GENERAL RETAILERS
Chain rejects offer of
board seats for cash
Way clear for aggregators to continue publishing newspaper excerpts for free
Source: Reuters Institute, Digital News Report 2012
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Which of the following news sources did you use in the past week?(% who responded)
Survey conducted in Apr 2012
Print Online TV Radio
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UK
US
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82
86
68
54
45
87
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45
33
Reading matter: permission from German publishers will not be needed where small text excerpts are shown Reuters
BANKS
Damages sought
over derivatives deal
Company warned
that profits in the
current quarter
would be under
significant pressure
Best Buy suffered from
online competitors
OIL & GAS
Probe into outgoing
chiefs remuneration
Companies

&

Markets
Rollercoaster ride
Political stalemate in
Rome triggered a
kneejerk reaction
followed by relief
See Markets
Anger eases
The worst appears
to be over for BP
after first week of
Gulf spill trial
See Companies
More news at ft.com/companies
Metro forced to cut
dividend after tough year
Metro is cutting its
dividend in a further sign
of the torrid year endured
by Germanys largest
retailer by sales, which
suffered a fall in earnings
and slipped out of the
Dax index of leading
shares.
Bertelsmann takes
control of BMG
Bertelsmann, the German
media group, has taken a
decisive step to reestablish
itself as a big player in the
music industry by taking full
control of BMG in a deal
that values the music rights
management company at
about 1.1bn.
ExUBS trader to appeal
over fraud conviction
Kweku Adoboli, the former
UBS trader whose
unauthorised trading led to
losses of $2.3bn at the
Swiss bank, has requested
an appeal against his
conviction after being jailed
for Britains biggest banking
fraud.
We stand by our
conviction that a
free internet also
needs a reliable
legal framework
David Einhorn: his $9bn hedge fund brought the case Reuters
MARCH 2 2013 Section:Companies Time: 1/3/2013 - 19:25 User: digbyt Page Name: CONEWS1, Part,Page,Edition: EUR, 9, 1
10
FINANCIAL TIMES MARCH 2/MARCH 3 2013
COMPANIES
Oil & Gas
Rig repairs force Shell to
axe Alaska drilling in 2013
By Guy Chazan
Royal Dutch Shell has
dropped plans to drill for oil
off the coast of Alaska this
year, in a big setback for its
Arctic ambitions.
The decision was seen as
inevitable after Shell
announced last month that
it was sending its two Arc-
tic drilling rigs to Asia for
repairs and inspections.
The Chukchi and Beau-
fort Seas, estimated by the
US Geological Survey to
contain as much as 25bn
barrels of crude, are a big
draw for western oil majors.
Shells plans to drill there
have been bedevilled by
legal challenges, regulatory
obstacles and technical
problems. The latest set-
back was on New Years
eve, when one of its Arctic
drilling rigs, the Kulluk,
ran aground in a storm. The
company has spent $5bn on
Arctic exploration but has
yet to complete a well.
Marvin Odum, head of
upstream operations in the
US, said Shell had made
progress, but this is a long-
term programme that we
are pursuing in a safe and
measured way.
Our decision to pause in
2013 will give us time to
ensure the readiness of all
our equipment and people.
Alaskan politicians
praised the decision.
I have been a strong sup-
porter of Shells activities,
but I have always said that
it must be done to the high-
est safety standards, said
senator Lisa Murkowski.
Shells decision . . . shows
that it shares that commit-
ment to safety.
Greenpeace executive
director John Sauven said:
Shells multibillion-dollar
Arctic investment lies in
tatters, and so does the
companys reputation.
If he has any doubts, he is
not letting on, writes
Andrew Parker.
Willie Walsh, chief
executive of International
Airlines Group, this week
confidently predicted that
the company, formed
through the merger of
British Airways and Iberia,
would survive and prosper in
spite of plunging to a
997m pretax loss last year
because of severe problems
at its Spanish subsidiary.
As one of the principal
architects of the 2011
merger, Mr Walsh knows
that his reputation and
legacy rest on a successful
restructuring of Iberia, which
is far from certain because
of strong opposition from
trade unions and calls from
the Spanish government for
compromise.
Has the pugnacious Mr
Walsh bitten off more than
he can chew?
The 51yearold Irishman
thinks not, perhaps because
he has plenty of experience
of restructuring and
scrapping with unions.
The turnround at Iberia
will be successful, he
declared on Thursday.
A former pilot at Aer
Lingus, he earned the
nickname Slasher Walsh
when he became the Irish
flag carriers chief executive
and cut the workforce by
30 per cent. Such deep
costcutting was deemed
necessary after the
September 11 terror attacks
unleashed a crisis in the
aviation industry.
After becoming British
Airways chief executive in
2005, Mr Walsh continued
with aggressive costcutting.
He provoked the first strike
at the UK flag carrier for 13
years by unilaterally
reducing the number of
cabin crew on longhaul
aircraft.
The strike at British
Airways was long and bitter,
and the Iberia dispute has
been shaping up along
similar lines. The unions
have organised 15 days of
strikes in response to
Iberias latest plan to cut
3,800 jobs 19 per cent of
the workforce.
Mr Walsh argued that
these cuts were necessary
as Iberia seeks to curtail
its losses by axing
unprofitable short and
longhaul routes.
The Spanish flag carrier is
struggling not just with the
domestic recession but also
more nimble competitors in
Europe and Latin America,
where it does much of its
longhaul flying.
Some IAG insiders have
complained that the Spanish
governments interventions
at Iberia have been
unhelpful. For example, Ana
Pastor, the transport
minister, suggested Iberias
original plan to cut 4,500
jobs was too draconian.
Mr Walsh claimed to be
unmoved by the politicians
calls.
I can recall very
significant interventions by
certain politicians during the
British Airways dispute with
cabin crew, he said. It did
not change anything.
What has changed since
Iberia ran into difficulties is
Mr Walshs appetite for
deals. He conceived IAG as
an industry consolidator, and
said in 2010 that he had a
target list of 12 carriers that
could help turn IAG into the
worlds largest airline group.
But IAG has confined itself
to two relatively small
transactions buying BMI
British Midland to strengthen
British Airways leading
position at Londons
Heathrow airport and
proposing to secure full
ownership of Vueling, the
Spanish lowcost airline in
which Iberia has a 46 per
cent stake.
Ambitious dealmaking has
been put on hold while
Iberia is downsized. Like his
favourite football team the
once mighty Liverpool Mr
Walsh and IAG have much
to prove over the coming
months.
Willie Walsh faces deep difficulties at the companys Iberia unit, where unions have organised 15 days of strikes Bloomberg
Shells Kulluk drilling barge,
which ran aground last year
Banks
Net loss of 19bn at Bankia
is biggest in Spains history
By Miles Johnson in Madrid
A record 19bn loss for
nationalised lender Bankia
and an avalanche of write-
downs in the construction
sector brought to a close
one of the worst years in
Spains corporate history.
With just under half of
the countrys Ibex 35 index
rushing to release their
results in the last two days
of the month, Bankia
reported a net loss of 19bn
for the year, by far the larg-
est in Spanish history,
while the builders Sacyr
and ACS both reported
annual losses of nearly
1bn due to writedowns on
debt-fuelled investments
before the crisis.
Data released on Thurs-
day showed the economy
contracted more than previ-
ously thought in the fourth
quarter, with revised fig-
ures showing output had
fallen by 0.8 per cent in the
last three months of 2012
the sharpest quarterly drop
in more than three years.
Elsewhere, Iberia, the
Spanish carrier that makes
up International Airline
Group with British Air-
ways, swung its parent
company into a full year
pre-tax loss of 997m, while
Telefnica, the former
Spanish state telecoms
monopoly, said that reve-
nues in Spain slumped by
13 per cent over the year.
However, analysts had
mostly factored in the grim
earnings, with investors in
certain companies, most
notably Telefnica and the
oil company Repsol, encour-
aged by signs that they
were both cutting debt.
In the formers case, the
fourth quarter provided
indications that the haem-
orrhaging of clients in its
domestic market had
started to slow.
Food & Drug Retailers
Tesco pledges to go local
after horsemeat scandal
By Louise Lucas
Horsemeat continued to
turn up in unexpected
places last week, but the
impact of the scandal also
began making itself felt as
retailers promised shorter,
simpler supply chains and a
return to local produce.
Tesco, the UKs biggest
supermarket chain by sales,
cheered British farmers by
pledging to buy more local
produce, starting with
chicken.
From July, all of our
fresh chicken must come
from UK farms. No excep-
tions. We will also move
over time to ensure that all
the chicken in our ready
meals fresh and frozen
is from the British Isles,
Philip Clarke, chief execu-
tive, told the National
Farmers Unions annual
conference in Birmingham.
This echoed Carrefour,
the French retailer, which
on Monday said its own-
label fresh and frozen meals
would be made exclusively
from French pork and beef.
It also followed similar, if
more modest, commitments
from other UK retailers
including J Sainsbury.
Manufacturers have
warned that the move will
lead to higher prices: Brit-
ain imports 40 per cent of
its meat, and added demand
for the existing limited sup-
ply is likely to push prices
higher. Mr Clarke said that
there need not be any
impact on price.
As supermarkets were
going local, Ikea became
the latest outlet forced to
remove products in this
case, Swedish meatballs
after finding traces of
horsemeat. Packs were
removed in 13 countries in
Europe, including the UK,
Sweden and France.
Mobile & Telecoms
Trade fair eyes next billion
users of mobile web services
By Daniel Thomas
in Barcelona
The telecoms industry
descended on the Mobile
World Congress in Barce-
lona to see the latest smart-
phones, tablet computers,
networks and software sys-
tems in an industry moving
towards a still uncertain
future that will be defined
by innovation and techno-
logical change.
High on the agenda for
more than 72,000 delegates
at the trade fair was how to
meet the needs of the next
billion people who have
yet to access mobile inter-
net services.
There is a fight brewing
between many of the device
makers, telecoms groups
and software designers who
see the potential to increase
revenues in this untapped
market.
The operating systems of
smartphones in particular
took centre stage, with
many of the devices
unveiled by Nokia, ZTE,
Huawei, Samsung, Sony,
LG and others showing
more gradual technological
evolution rather than any
market changing features.
Mozilla in particular won
the most attention for its
latest open platform for
mobile phones, supported
by 18 telecoms groups
keen to establish a rival
to Googles Android and
Apple, neither of which
attended the show with
any great public presence.
The European telecoms
groups also complained
about European regulators
preventing in-market con-
solidation and stifling
investment, although they
welcomed the speech by
EU digital commissioner
Neelie Kroes that outlined
plans for a single European
telecoms market.
IAG chief left staring at 1bn loss
The BA strike was
long and bitter.
The Iberia dispute
is shaping up
along similar lines
Corporate earnings
Source: JPMorgan
Estimated earnings per share
growth (annual % change)
2004 07 09 11 13
-40
-20
0
20
Fiscal year, based on MSCI Spain index
The new Nokia Lumia 720
featured at Barcelona fair
Corporate man in the news
Week in review
By Robert Wright
in New York
Strong sales of SUVs and
pick-up trucks underpinned
solid domestic sales gains
during February for Gen-
eral Motors and Ford, the
USs two biggest carmakers
by sales, as they continued
to shrug off economic
uncertainty.
GMs US sales were 7 per
cent up on February 2012,
while Fords were 9.3 per
cent up year on year,
against the backdrop of a
seasonally adjusted annual
rate of sales growth of 3.3
per cent from last February.
However, US sales growth
at Chrysler, the third-
largest domestic carmaker
by volumes, slowed sharply
to 4 per cent over last Feb-
ruary. Chrysler, controlled
by Italys Fiat, is one of
many suppliers to the US
car market preparing to
make big product launches
this year, making sales vol-
atile. Jeep ended production
of its Jeep Liberty in last
years third quarter and
will launch a new Jeep
Grand Cherokee, Jeep Com-
pass and Ram heavy-duty
truck this quarter.
GMs growth came pre-
dominantly from larger
vehicles, which were the
mainstay of the companys
range before its restructur-
ing through a government-
managed bankruptcy in
2009. Among its strongest
performers was the Chevro-
let Silverado pick-up truck,
sales of which were 28.9 per
cent up year on year. Sales
of the Chevrolet Tahoe SUV
were 26.2 per cent up on
last February.
However, sales of GMs
passenger cars where it
has sought to introduce
new, more fuel-efficient
vehicles to compete with
non-US competitors such as
Toyota and Volkswagen
were 4 per cent down year
on year. Sales of the Chev-
rolet Cruze compact car
were 12.1 per cent down
year on year and the Chev-
rolet Malibu down 25.9 per
cent.
GMs sales were a blast
from the past, said Jessica
Caldwell, an analyst for
Edmunds.com, the car
information site, pointing to
the companys renewed reli-
ance on larger, less fuel-effi-
cient vehicles for growth.
The results are eye-
opening, especially in the
face of rising gas prices last
month, Ms Caldwell said.
Fords small car sales,
meanwhile, were 9.4 per
cent up year on year,
boosted by a 28 per cent
increase in sales for its
relaunched Fusion Sedan.
Its SUV sales were 23.5 per
cent up year on year, led by
a 29 per cent increase for its
Escape model and 59 per
cent growth for its
Explorer.
The Fusion and Escape
had a great month,
Michelle Krebs, another
Edmunds.com analyst, said.
Ken Czubay, Fords vice-
president of US marketing
and sales, attributed the
Fusion and Escape sales to
the vehicles strong fuel
economy and innovative
new technologies.
Strong sales of
pickups buoy
GM and Ford
CARS
The ousting of Andrew
Mason, the chief executive
of Groupon and pioneer of
the daily deal, is as much a
correction for his leadership
mistakes as it is a vow of
corrections to come.
After four years as the
fastest growing internet
company, the rocket ride is
over. While the slowdown
can feel like a halt to those
who revel in such speeds,
the more realistic outlook
for Groupon is one of a nor-
mal company that trudges
along, at more of a river
barge pace, rather than
complete and immediate
failure.
I wouldnt say the com-
panys doomed, or daily
deals are dead, says Greg
Sterling, an analyst with
Opus Research. Consum-
ers are very interested in
saving money thats not
going to change.
Survival requires a funda-
mental reframing of the
companys identity from an
entity of unstoppable
growth to one of much
more modest results.
Bringing in a new CEO is
a strategy to make such
painful and inevitable
changes more palatable to
investors and employees.
This is an easy way to
say our old business model
was wrong, says Suchar-
ita Mulpuru, analyst with
Forrester Research. It is
time to go back to the
trenches and say we have
to start over again.
The concept of the daily
deal delighted consumers
when it first hit the web in
the economic recession of
2008. Shoppers enjoyed
steep discounts, sometimes
more than 50 per cent off
goods and services.
Investors loved the idea
too of the money paid to
every merchant, Groupon
kept half. Groupon went
from $30m annual revenues
in 2009 to $1.6bn in 2011. In
2010, it turned down a $6bn
acquisition offer from
Google, then went public in
2011 at a valuation of $12bn.
Over the next year, man-
agement missteps and sour-
ing consumer sentiment
took their toll. Consumers
felt spammed by all the
emails from Groupon and
its competitors, and bored
by the repetitive offers.
Merchants wised up to the
model and demanded better
terms. Groupons margins
began to shrink. Revenue
growth slowed. In its last
earnings report, it saw the
first decline in sales of its
flagship product, from
$478.5m of daily deals sold
in the fourth quarter of 2011
down to $413m in 2012.
A sustainable future
requires two things, ana-
lysts say: diversification
beyond the daily deal,
which Groupon has started
already with a few experi-
mental channels, and a
revamping of its core busi-
ness. There is a profitable
model, Ms Mulpuru says.
The problem is, its not a
business thats billions and
billions of dollars.
She believes Groupon
must shift the focus of who
its customers are, from the
shopper to the merchant.
The only way to secure
high quality deals is to
reduce volume, and offer
better terms to merchants,
and most important, cut the
margins.
It must also develop other
revenue streams for stabil-
ity. So far it has placed big
bets on Groupon Goods, a
discount channel for retail
items from kitchen appli-
ances to bedroom furniture.
Revenues for that product
line reached nearly $500m
in its first year.
Theyre allured by the
growth in that market-
place, says Jed Williams,
analyst with BIA/Kelsey.
But the numbers show its
a low margin business, and
its intensely competitive
going up against Amazon,
eBay and Walmart.
The company has also
made strategic acquisitions
that support its role as an
operating system for local
businesses. It now offers
technology and services for
payments, scheduling, cus-
tomer relations manage-
ment and marketing.
One thing Groupon has
to do is they have to be
smart and grounded and
make a decision about what
they are, Mr Williams
says. Such clear, delibera-
tive thinking will present a
major cultural shift for the
company. Mr Mason, 32,
happened upon the daily
deal by accident, when he
was hunting for a revenue
stream for another com-
pany he was piloting.
Growth happened so fast
from there, management
was mainly about keeping
up with the momentum.
Whoever replaces Mr
Mason will have to temper
the reactive elements of the
leadership and take a clear
stand on where the com-
pany is heading.
Mr Williams said:
Theyre not looking for a
visionary leader but a
leader who can state a very
clear vision for the busi-
ness, very early on.
Applications are now
being accepted.
Life in the
slower lane
on offer for
Groupon
GENERAL RETAILERS
News analysis
Company needs to
adapt to a future
that promises more
modest results, says
April Dembosky
$12bn
Valuation at which
Groupon went public
Happier times: former chief Andrew Mason and wife Jenny Gillespie after Groupon floated on Nasdaq in 2011 Reuters
All Tesco fresh chicken is to
come from UK farms
MARCH 2 2013 Section:Companies Time: 1/3/2013 - 19:37 User: digbyt Page Name: CONEWS2, Part,Page,Edition: EUR, 10, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

11
Already interest is waning as the trial settles down for weeks of technical evidence, says Ed Crooks
Worst is over for BPafter opening
week of Deepwater courtroomcontest
T
he most eagerly awaited
moment in the first week of
the trial over the 2010 Deep-
water Horizon disaster was
also the most anticlimactic.
Tony Hayward, chief executive of
BP at the time of the accident,
appeared on video in 20 minutes of
clips chosen by lawyers for the plain-
tiffs suing BP and other companies for
billions of dollars in damages.
Mr Haywards body language was
awkward, reviving memories of his
clumsy performances as he tried to
reassure the people of the Gulf of Mex-
ico coast while the oil was still gush-
ing from BPs well. He smiled nerv-
ously, pushed his glasses on top of his
head, and rested his chin on his fist at
times.
In the substance of his evidence,
however, he gave nothing away. The
plaintiffs aim to show that pressure
from senior management to hold down
costs led to BP staff cutting corners on
the Macondo well, causing the fatal
explosion on the Deepwater Horizon
rig and the subsequent leak of an esti-
mated 4m barrels of oil into the waters
of the gulf.
Mr Hayward accepted that he had
made deep cuts in costs and jobs after
taking over in 2007, as he attempted to
improve BPs poor financial perform-
ance. Over the attempts of the plain-
tiffs lawyer to stop him, though, he
added that he had always stressed
safe and reliable operations come
first, whatever the cost.
The exchange was emblematic of the
first week of the trial to determine
liability for civil penalties and dam-
ages over the Deepwater Horizon spill.
While BPs adversaries private sec-
tor plaintiffs, the US government, Gulf
coast states and other companies
involved in the Macondo project are
getting to make their points against it,
BP also has a chance to make its
points in return.
As the trial began at 8am on Mon-
day in room 268 of the federal court
building in New Orleans, spectators
shared a faint sense of unreality.
Many people believed the case would
never come to trial, because for both
BP and the US authorities there was
too much at stake to take the risk of
having to argue it out in court.
BP agreed a settlement a year ago for
tens of thousands of private sector
plaintiffs, which is now expected to
cost $8.5bn.
Transocean, owner and operator of
the Deepwater Horizon rig, in January
agreed a $1.4bn settlement of the civil
and criminal charges against it from
the US government.
In the days leading up to the trial,
there were talks under way about a
possible settlement of the federal and
state claims against BP, although
states conflicting interests have been
a sticking point.
A settlement is still possible,
although David Uhlmann, a former
environmental lawyer with the US
Department of Justice, now at the Uni-
versity of Michigan, says that becomes
less likely with every passing week.
Settlements require compromise,
and trials are not at all about compro-
mise, he says. Once you get into
litigation, positions tend to harden.
The trial has only just begun; there
are three months more of argument to
go just in the first phase of the trial,
covering the causes of the accident.
There are few similar decisions to set
precedents, making it particularly
hard to guess how Carl Barbier, the
presiding judge, might rule. (As a mar-
itime case, the trial is held without a
jury.)
By fighting in court, BP sets itself
up for a year or more of uncertainty
over the final cost of the spill, which it
could resolve quickly by agreeing a
settlement. At the end of the first four
days of statements and evidence,
though, nothing has happened to sug-
gest it made a mistake in opting to go
to trial.
Michael Underhill, the lead lawyer
for the DoJ, came out very strongly,
arguing that he intended to prove
wilful misconduct, a higher stand-
ard than gross negligence, another
potential finding, which in turn is
higher than the ordinary negligence
that BP has admitted.
Mr Underhill alleged BP had dis-
played a culture of corporate reck-
lessness, saying the disaster had fol-
lowed a long series of missteps and
reckless decisions.
Damning evidence about decisions
made by BP staff has also been pre-
sented in court; in particular calls and
emails between its supervisors and
engineers on the rig and at the
headquarters of its exploration and
production division, on the outskirts
of Houston.
Bob Bea, a veteran safety expert at
the University of California Berkeley,
who has worked as a consultant for
BP, argued that the companys man-
agement knowingly ignored process
safety and risk management for deep-
water exploration wells in the gulf.
Alan Huffman, another expert, was
scathing about the way BP drilled the
Macondo well, saying that its decision
to press ahead below 18,220 feet, in the
face of evidence that the rock around
the well was fragile, was beyond
imprudent. It was unsafe and danger-
ous.
Kevin Lacy, BPs vice-president for
drilling and completing wells in the
Gulf of Mexico until 2009, testified on
video: I was never given a directive
to cut corners or to deliver something
not safely, but there was tremendous
pressure on costs.
The good news for BP is that the
worst is probably now over.
It already knew all the evidence,
so the uncertainty was over how it
would be seen by the media and
the public, and it is clear that
general interest is already waning.
Like a struggling Broadway show,
the trials audience has dwindled. On
Monday, the queues were snaking
down the street from before 6am. By
Thursday, the final day of the first
week, it was possible to walk straight
in and find a seat in the courtroom
just before the 8am start.
The plaintiffs will have brought
their best evidence out first, and from
now on the arguments are likely to
become increasingly technical and
complex.
The two most senior BP executives
to give evidence in person at the trial,
Lamar McKay, the former president of
BP in the US, and Mark Bly, the com-
panys head of safety, have between
them given many hours of evidence
without any glaring mistakes.
Randy Ezell, a Transocean drilling
supervisor, and other people on the rig
when it exploded are set to give evi-
dence early next week, and their testi-
mony is likely to be powerful.
Still, the other main companies
involved in the Macondo project are
also being criticised in court.
Jim Roy, co-lead counsel for the pri-
vate sector plaintiffs, began with the
first opening statement of the trial on
Monday criticising Transocean, alleg-
ing it had not provided adequate train-
ing to the rig crew and describing the
misinterpretation of a crucial test of
the well as a gross and extreme
departure from the standards of good
oilfield practice.
For the next few weeks the agenda
will continue to be dominated by the
plaintiffs and the US authorities,
because they get to put their cases
first. But in a few weeks time proba-
bly in the first half of April BP will
get to make its formal response.
In the meantime, it can continue to
challenge the plaintiffs witnesses, as
it has done already, querying Prof
Beas conclusions, for example, on the
grounds that he did not study Tran-
socean and other companies nearly as
closely as he had scrutinised BP.
In a courtroom full of top-tier legal
talent, that cross-questioning of Prof
Bea by Mike Brock of Covington was
particularly impressive, according to
Daniel Jacobs, another former DoJ
lawyer, now a professor at American
University.
This is one of the most methodical
and skilful cross-examinations I have
seen since John Keker cross-examined
Ollie North in one of the Iran-Contra
trials in 1989, he says.
That talent does not come cheap. BP
said a year ago it expected to spend
$1.73bn on legal and administrative
costs resulting from the spill, and that
figure is likely to have risen.
Government lawyers ranged against
BP are earning fractions of the
amounts earned by the private firms.
Mr Underhills government grade
would probably pay him at most about
$175,000 a year.
He joked on Thursday that if the
sequestration of government spending
hit on Friday, he would be sent away
from the trial on leave.
Yet he, too, has been an impressive
performer, his voice cracking when
discussing the 11 souls who died on
the rig, and the devastation caused
to the coastline of the gulf.
It is still entirely possible that Judge
Barbier will find Mr Underhills argu-
ments persuasive, and rule that there
was wilful misconduct, or try to split
the difference between that and BPs
admission of ordinary negligence with
a finding of gross negligence.
Either of those two outcomes would
expose BP to Clean Water Act penal-
ties of up to $17.6bn, and many billions
in punitive damages for the states and
private sector. Having come this far,
there is no reason for BP to accept a
settlement now that it rejected a week
ago. It looks as though the company
may be in for a long fight.
GULF TRAGEDY
ON FT.COM
For the latest news,
comment and
analysis on the BP
oil spill trial, go to
www.ft.com/bp
Protesters
outside the court
building on the
first day of the
trial in New
Orleans Reuters
BP
Source: Thomson Reuters Datastream
Share price, intraday (pence)
25 26 27 28
Feb
1
Mar 2013
440
442
444
446
448
450
452
454
This is one of the most
skilful crossexaminations
I have seen since John
Keker crossexamined
Ollie North
On Monday, the queues
were snaking down the
street from before 6am.
By Thursday it was
possible to walk straight in
$42.2bn
Cumulative accounting charge
BP has taken in relation to the spill
$8.5bn
Settlement agreed last year
with private sector plaintiffs
The case in numbers
$1.7bn
Sum BP expects to spend on
legal and administrative costs
4.1m
Estimated number of barrels of oil
that leaked into the Gulf of Mexico
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MARCH 2 2013 Section:Companies Time: 1/3/2013 - 18:29 User: digbyt Page Name: CONEWS3, Part,Page,Edition: EUR, 11, 1
12
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Stocks rebound after f light from risky assets
By Jamie Chisholm
Global markets were mixed
at the start of the month as
a batch of disappointing
data from China and
Europe sparked a burst of
risk asset selling.
Investors also expressed
concern about the political
situation in Italy and the
impact of impending budget
cuts on the US economy.
However, stocks on Wall
Street rebounded mid-way
through yesterdays session
and many equity bench-
marks remained just shy of
cyclical highs as optimism
about US housing and
labour markets, and inter-
national central bank sup-
port, were expected to con-
tinue to underpin markets.
By midday in New York,
the FTSE All-World equity
index was trading 0.2 per
cent lower. The FTSE
Eurofirst 300 similarly
closed down 0.2 per cent
after the Asia-Pacific region
also slipped 0.2 per cent.
On Wall Street, the S&P
500 was trading at 1,519
points, having recovered
from a 16-point decline fol-
lowing a surprise rise in US
manufacturing activity in
February.
The global session was
timid from the outset after
the disheartening conclu-
sion for Wall Street on
Thursday, when early gains
for the Dow Jones Indus-
trial Average took it to
within 15 points of a record
high before it faded sharply
at the close, slipping back
into the red.
This left the Dow 110
points shy of virgin terri-
tory, while the S&P 500, a
broader gauge of activity,
closed 3.3 per cent below its
2007 record of 1,565.
Investors spent much of
yesterday parsing a busy
round of national economic
data, particularly purchas-
ing managers manufactur-
ing surveys, known outside
the US as PMIs.
The US numbers aside,
the news was not great, and
this triggered a souring of
mood.
Sterling fell 1 per cent to
$1.5006, a two and-a-half
year low, after the British
PMI showed an unexpected
contraction in February.
Gilts rose sharply on the
news, pushing 10-year
yields down 8 basis points
to 1.89 per cent as traders
priced in lower UK growth
and the chances of more
asset buying by the Bank of
England.
The euro also retreated
0.6 per cent to $1.2980, a
seven-week trough, after
the eurozones aggregate
PMI offered little evidence
the bloc would emerge from
recession anytime soon.
Trader distress was rein-
forced by data showing job-
lessness in the eurozone
rose to an all-time high in
February.
Sentiment towards the
continent was already frag-
ile after it became clear
that the result of the recent
Italian general election was
inconclusive.
That raised fears that
new elections may be
required and added to
uncertainty about the politi-
cal ability of some of the
eurozones heavily indebted
nations to tackle their
budget problems.
Signs of tension remained
in the blocs bond market.
Romes implied borrowing
costs rose 6 basis points to
4.79 per cent, down from the
4.96 per cent seen in the
immediate aftermath of the
election but more than 30
basis points higher than at
the end of January. The
Milan stock market fell 1.4
per cent.
Worries over Europe,
uncertainty over the impact
of the US sequestration and
the apparent pledge from
Ben Bernanke, chairman of
the US Federal Reserve,
that his QE3 programme
will not be ending anytime
soon helped highly rated
sovereign debt extend
recent gains.
Ten-year yields for Treas-
uries and German Bunds
fell 3 basis points to 1.85 per
cent and 4bp to 1.42 per
cent respectively.
The dollar also benefited
from haven flows, with
the currencys trade-
weighted index advancing
0.6 per cent. This initially
put pressure on gold, push-
ing the metal below $1,565
an ounce.
But bullion rallied to
trade briefly as high as
$1,581 after the US Mint
said that sales of American
Eagle gold coins almost
quadrupled in February
compared to a year earlier.
Adding to the markets
overall tentative mood was
a weaker than expected PMI
survey from China.
The official PMI for Feb-
ruary dipped to 50.1 from
50.4 in January, the fifth
consecutive month above
the mid-point of 50, which
indicates an expansion in
industrial activity. But the
decline in the index sug-
gests a slowdown in the
pace of expansion.
The Shanghai Composite
index fell 0.3 per cent and
Hong Kongs Hang Seng
shed 0.6 per cent, while
industrial commodities,
which are often tightly cor-
related to perceptions of
future demand out of
China, came under pres-
sure. Copper fell 1.5 per
cent to $3.49 a pound, its
cheapest since November,
and Brent crude was down
$1.20 to $110.29 a barrel.
The resource-rich Austral-
ian market took a hit, with
Sydneys S&P/ASX 200 fall-
ing 0.4 per cent.
But bucking the regional
trend was Tokyo, where the
Nikkei 225 rose 0.4 per cent
as investors continued to
bet that the newly
appointed Bank of Japan
governor, Haruhiko
Kuroda, would adopt a pol-
icy of aggressive monetary
easing to combat deflation.
Such reasoning has been
weakening the yen and
helping Japanese export-
heavy stocks in particular.
Yesterday, the yen was
again on the back foot,
retreating 0.9 per cent to
Y93.36 versus the US dollar.
GLOBAL OVERVIEW
China and Europe
data spark selloff
Gilts rise sharply
on weak UK data
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index S&P 500 index
Jan 2013 Jan 2013 Jan 2013
Eurofirst 300 index
Jan 2013 Feb Feb Feb Feb
Nikkei 225 Average
1480
1500
1520
1540
10.5
11.0
11.5
12.0
6200
6250
6300
6350
6400
1140
1150
1160
1170
1180
Latest
Change
on week
+0.19%
Change
on week
+0.68%
Change
on week
+0.26%
Change
on week
+1.94%
US equities
Trading was volatile on
Wall Street, where Best Buy
shares rallied after the
fourthquarter results were
above estimates. But banking
stocks were badly hit, with
the S&P 500 financials
index down on the day
UK equities
Defensive stocks came to the
fore in the face of weak
economic data. Old Mutual
was among the top
performers after reporting
operating profits rose 18 per
cent over the year. Shares in
Standard Life also rose
European equities
Weak European data and
concern over US spending
cuts weighed on stocks in
Germany. Deutsche Bank
shares fell to their lowest
level since December as
shares in carmaker
Volkswagen also declined
Asian equities
Stocks rose in Tokyo as
investors bet that the new
Bank of Japan boss,
Haruhiko Kuroda, would
adopt a policy of aggressive
monetary easing to combat
deflation. Nomura Real Estate
and Tokyo Gas advanced
Markets update
MARKETS
Salesforce gains on strong
fourthquarter earnings
By Anora Mahmudova
in New York
Salesforces shares climbed
after its fourth-quarter
earnings, announced after
the market close on Thurs-
day, were above Wall
Streets expectations.
Revenues at the business-
software company jumped
32 per cent to $834.7m,
although it registered a net
loss due to $108m in stock-
based compensation and a
one-off tax charge. The
stock gained 6.4 per cent to
$181.67 over the past week,
most of it from yesterdays
7.5 per cent jump, its big-
gest one-day gain in three
months.
Analysts at Goldman
Sachs raised their price tar-
get for the stock, citing the
companys growth potential
in software space.
We continue to view
Salesforce as one of the pre-
mier growth stories in soft-
ware as it continues to
expand its footprint and
define new product catego-
ries, they wrote.
Groupon shares jumped
9.2 per cent to $4.94, recov-
ering some of the steep
losses from the previous
session after it announced
disappointing quarterly
results.
The stock rallied after
Andrew Mason, ts chief,
was dismissed on Thursday,
although it was down
13.5 per cent over the week.
Overall, US equity mar-
kets started March on a pos-
itive note even though the
main indices dipped in and
out of negative territory.
Stocks were hit in early
activity as investors reacted
to disappointing data from
China and Europe and the
sequestration in the US
$85bn in spending cuts due
to take full effect at mid-
night yesterday. However,
markets recovered after a
surprise rise in US manu-
facturing activity in Febru-
ary.
Chinas manufacturing
growth slowed, while infla-
tion in the eurozone fell
below 2 per cent and unem-
ployment hit a fresh high,
putting pressure on the
ECB to lower rates further.
Markets swung back and
forth as political leaders
were set to meet at the
White House in a last-ditch
effort to avert the seques-
tration.
The benchmark S&P 500
was trading 0.3 per cent
higher at 1,519.00 after dip-
ping into negative territory
twice and was set to finish
the week 0.3 per cent
higher.
The index has gained
more than 6 per cent in the
year to date.
In a research note to cli-
ents, Bank of America Mer-
rill Lynch said Wall Street
equity sentiment took a
step back in February.
The banks measure of
bullishness on stocks fell
last month, the first decline
in seven months, while
Wall Streets bearishness
on equities remains at
extreme levels relative to
history.
Given the contrarian
nature of this indicator, we
remain encouraged by Wall
Streets ongoing lack of
optimism . . . The indicator
remains firmly in Buy ter-
ritory, the note said.
The Nasdaq Composite
index was 0.2 per cent
higher at 3,167.33, while its
biggest component, Apple,
lost 1.5 per cent to $434.55,
its lowest level in
12 months.
The stock has lost 3.6 per
cent since the start of the
week.
Best Buy shares rallied
after the fourth-quarter
results were above esti-
mates, even though revenue
growth was modest.
Shares rose as high as
5 per cent but later pared
gains to trade 0.1 per cent
higher at $16.43, recording a
3.5 per cent loss on the
week.
Yahoo shares attracted
buyers, rising 3.2 per cent
to $21.98 and helping the
stock to a weekly gain of
3.5 per cent.
The Dow Jones Industrial
Average, which tracks 30
blue-chip stocks, rose
0.2 per cent to 14,090.66.
Among energy compa-
nies, Peabody Energy and
Consol Energy were the
worst performers. Peabody
shares were down 2.7 per
cent to $20.98 and lost
7.5 per cent over the week.
Consol Energy dropped
2.9 per cent to $31.20 and
shed 4 per cent over the
past five days.
Chesapeake Energy
shares lost 1.6 per cent to
$19.84 after news reports
that the company and
Aubrey McClendon, its out-
going chief executive, were
both under investigation by
the Securities and
Exchange Commission over
his controversial pay pack-
age.
WALL STREET
Key indicators Salesforce.com
Source: Thomson Reuters Datastream
Share price ($)
Feb 2012 Mar
2013
120
140
160
180
Support services lift FTSE 100
By Stephen Smith
and Michael Hunter
Support services stocks
extended a strong start to
2013 by outperforming the
FTSE 100 with outsourcer
Capita and credit checker
Experian jumping higher as
the broad London market
swung back to gains.
A review by Charles
Stanley said the support
services sector had been
bounding ahead over the
past 12 months and was up
nearly 10 per cent this year
compared with FTSE 100
gains of 8 per cent.
But the broker said Cap-
ita was one of the sectors
outsourcing laggards over
the past three years, adding
that 2013 could be the year
for them if their recent
momentum in contract
awards is maintained.
Capita was the second-
biggest riser on the FTSE
100, gaining 4.3 per cent to
858.5p, while Experian was
just behind on the leader-
board, climbing 3.9 per cent
to 11.37. Distribution and
outsourcing group Bunzl
added 2 per cent to 12.86.
The wider London market
erased early losses of as
much as 0.8 per cent as
upbeat US manufacturing
data rode to the rescue after
grim UK factory data had
cast a pall.
The afternoon surge
pushed the FTSE 100 into
positive territory for the
week up 0.7 per cent as
the benchmark closed up
17.79 points, or 0.3 per cent,
to 6,378.60 yesterday.
Lloyds Banking Group
shares recovered from an
early battering that saw a
retreat of more than 7 per
cent as investors punished
news of 570m pre-tax
losses for 2012.
The lift in broader senti-
ment later in the session
benefited financials as
Lloyds pared losses to
2.2 per cent at 53.25p.
The part-nationalised
lender set aside a further
2bn in the fourth quarter
to deal with mis-selling of
payment protection insur-
ance and complex interest
rate hedging products
bought by small businesses.
It left traders considering
renewed talk that reprivati-
sation could follow, espe-
cially with underlying
profit from Lloyds continu-
ing operations coming in at
2.6bn, ahead of forecasts of
2.4bn.
We note fresh media
speculation that the UK
government may commence
its share disposal at 61p,
said Ian Gordon, analyst at
Investec. This is a new
contrived break-even
number for UK government
accounting that conven-
iently ignores its average
in-price [at which it
acquired the 39 per cent
stake] of 73.6p.
Royal Bank of Scotland,
which is 82 per cent owned
by the taxpayer, lost a fur-
ther 3.1 per cent to 314p
after it revealed an annual
loss of 5.17bn on Thursday
the stock had been worth
346.8p before the publica-
tion of its numbers for 2012
on Thursday. Traders said
both banks were now look-
ing fully valued after their
strong recovery run in 2012.
Old Mutual, the Africa-fo-
cused insurer, led the FTSE
100 leaderboard after reveal-
ing better than expected
profits and plans to expand
its sub-Saharan business.
Its shares climbed 4.4 per
cent to 211.4p. Fellow
insurer Standard Life
climbed 2.4 per cent to 361p.
By contrast, Kazakhmys
led the FTSE 100 fallers for
a second day in the wake of
its Thursday warning on
costs. A downgrade to hold
by Liberum Capital helped
push its shares 4.7 per cent
lower to 590p.
Hammerson shares ticked
2.5 per cent higher to 506.5p
with independent retail
analyst Nick Bubb noting:
This has been a big week
in the retail property world
and the Hammerson finals
wrap things up on a posi-
tive note.
Betting shop operator
William Hill led the FTSE
250 higher, jumping 9.5 per
cent to 443.3p its highest
in five years after saying
it would take full control of
its online operation.
LONDON
Days
Indices Close change
S & P 500 1518.96 +4.28
DJ Industrials 14096.30 +41.81
Nasdaq Comp 3169.38 +9.19
Russell 2000 - -
VIX 15.23 -0.28
US 10 yr Treas Bd 1.85 -0.03
US 2 yr Treas Bd 0.24 0
Capita
Source: Thomson Reuters Datastream
Share price (pence)
Feb 2012 Mar
2013
600
650
700
750
800
850
Italian banks slide on election results
By Alexandra Stevenson
Fears that Italys inconclu-
sive elections would jolt
Europe back into a crisis
triggered a sell-off across
risky assets this week.
Investors focused their
concerns on Italys two
largest lenders. Intesa San-
paolo slid 7.7 per cent to
1.24, while UniCredit lost
7 per cent to 3.82.
Milans benchmark index
lost 3.5 per cent to 15,675.37,
its lowest level in three
months.
Netherlands-based Vopak,
the chemicals and oil stor-
age products group,
spooked the market after
missing its forecast for
fourth-quarter profits. A
muted 2013 outlook failed to
lift investor confidence.
The shares declined
10 per cent to 48.89.
The pan-European FTSE
300 closed yesterday up
0.3 per cent to 1,168.64 after
falling to a year low this
week.
Thales, Europes biggest
defence electronics manu-
facturer by sales, outper-
formed the market after
Jean-Bernard Lvy, the new
chief executive, told inves-
tors operating profit would
grow 5 to 8 per cent in 2013.
The group said revenues
gained 9 per cent year on
year, to 14.2bn in 2012. Its
shares rose 12.3 per cent to
30.30.
Elan was lifted by news
that Royalty Pharma had
made an approach to buy
the pharmaceutical group
in a deal that would value
its equity at $6.6bn. Shares
rose 7.9 per cent to 8.60.
Bouygues, the French tel-
ecoms group, reassured
investors that the worst
was over after posting a
41 per cent fall in net profit
to 633m in 2012.
It also said earnings
would increase in 2013,
sending its shares climbing
7.6 per cent to 21.62.
EUROPE
MARCH 2 2013 Section:Markets Time: 1/3/2013 - 20:19 User: allenk Page Name: MKTS1, Part,Page,Edition: EUR, 12, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

13
MARKETS & INVESTING
Inconclusive Italian election
pushes euro further down
since May 2010 as investors
who had borrowed the Japa-
nese currency to invest in
the eurozone periphery
closed those positions.
The dollar rose 1.1 per
cent against the yen to
Y93.63 yesterday, erasing
most of its losses earlier in
the week after the Japanese
government nominated a
Bank of Japan governor
widely seen as likely to get
tough on deflation.
The US dollar rose
against most other main
currencies after figures
showing a rise in US manu-
facturing growth in Febru-
ary as well as a rise in con-
sumer confidence. Analysts
said concerns over spending
cuts that were set to come
into effect yesterday were
also creating demand for
the dollar as a haven.
We are living in a rela-
tively unusual world for
forex where stronger data
keeps the talk of the end of
quantitative easing in 2013
alive, and helps the US dol-
lar, while any future
weaker data will lead to
concerns on global risk that
are helpful for the dollar,
said Alan Ruskin, foreign
currency strategist at Deut-
sche Bank.
www.ft.com/currencies
lower against the dollar in
the year to date, having lost
more than 1 per cent since
the beginning of January.
The pound fell 0.7 per
cent against the euro to
1.1511 yesterday, although
it remained stronger
against the single currency
over the week.
But the euro clawed back
some of its heavy losses
against the Japanese yen
earlier in the week, rising
0.7 per cent to Y121.71.
The Japanese currency
had strengthened on fears
over the Italian elections on
Monday, when the euro-yen
saw its biggest daily move
By Alice Ross
The euro fell below $1.30
against the dollar for the
first time this year as risk
aversion built during the
week following inconclusive
elections in Italy.
The single currency
dropped 0.6 per cent to hit
$1.2965 after a week that
saw jitters over the euro-
zone rise once more, with
both political and economic
concerns featuring.
Figures from Markit
showing a downturn in
manufacturing across every
country in the eurozone
except Germany and Ire-
land in February sent the
euro to its weakest level
since December against the
dollar yesterday, while sep-
arate figures showed that
eurozone unemployment hit
a fresh record in January at
11.9 per cent.
The euro had already suf-
fered heavy losses earlier in
the week after no clear win-
ner emerged from Italys
elections, casting doubt
over whether the country
would seek to impose aus-
terity measures.
The euro lost more than 2
per cent against the dollar
during the week and is now
CURRENCIES
Indian gold industry relieved
as rise in import tax averted
By Emiko Terazono
in London
There were sighs of relief
from the Indian gold indus-
try this week after Palani-
appan Chidambaram, the
countrys finance minister,
failed to impose an expected
increase in the gold import
duty tax in his govern-
ments latest budget.
Instead, Mr Chidambaram
appealed on television to
Indian consumers, the
worlds largest buyers of
the yellow metal, to refrain
from buying gold as he tries
to cut the record current
account deficit.
Im hoping that the peo-
ple of India will heed my
appeal and will not demand
so much gold, Mr
Chidambaram said, on
CNBC yesterday.
Many Indian consumers
use the metal as an invest-
ment vehicle, and Indian
authorities have become
increasingly concerned
about the effects of gold
imports on the countrys
ballooning current account
deficit.
The Indian finance minis-
ters comments were
received favourably by ana-
lysts, as the market had
anticipated the import duty
to rise from 6 per cent to 12
per cent.
We view this as a posi-
tive development for gold
demand from India, espe-
cially given that the gold
price in Indian rupee has
fallen already 6 per cent
this year, offsetting some of
the import duty impacts,
said Walter de Wet at
Standard Bank.
Lower demand for physi-
cal gold from India was one
of the reasons for the pre-
cious metals weakness last
year, with the fall in the
rupee increasing the cost of
the metal, which is denomi-
nated in dollars.
However, the news failed
to lift the gloom over the
gold market, which has had
a volatile week. The yellow
metal first rose on com-
ments on quantitative eas-
ing by Federal Reserve
chairman Ben Bernanke
COMMODITIES
Euro
Source: Thomson Reuters Datastream
Against the dollar ($ per )
Jan Mar 2013
1.30
1.32
1.34
1.36
1.38
earlier this week, only to
fall later on profit-taking.
The precious metal closed
the week down 0.4 per cent
at $1,575.36 a troy ounce.
David Govett, head of pre-
cious metals at commodi-
ties brokers Marex Spec-
tron, said: There is very
little physical buying at the
moment, which is indica-
tive of where the market
thinks prices are going.
He added that investors
may be looking to sell into
any rallies in the yellow
metal.
Gold bulls this week were
also hit by a cut in price
forecasts by Goldman
Sachs. The turn in the gold
cycle has likely already
started, said the Wall
Street bank.
It noted that the fall in
the gold price over the past
few weeks had coincided
with a gradual increase in
US real rates, reflecting the
combination of better-than-
expected US economic data,
a more hawkish interpreta-
tion of recent US Federal
Reserve communication, a
lower level of US policy
uncertainty and easing con-
cerns for the European sov-
ereign debt crisis.
www.ft.com/commodities
Twitter: @ftcommodities
Im hoping that the
people of India will
heed my appeal
and will not demand
so much gold
Indias finance minister
Sterling tumbles to twoyear low against dollar
By Alice Ross and
Neil Dennis
Sterling slid below $1.50
against the dollar for the
first time in more than two
years after figures pointed
to a sharp drop in British
manufacturing activity,
adding to fears the UK is on
the verge of a triple-dip
recession.
The pound fell more than
1 per cent to $1.4984, its
weakest level against the
dollar since July 2010, after
a closely watched poll of
purchasing managers in the
UK manufacturing sector
by Markit indicated activity
unexpectedly contracted in
February.
The data rekindled fears
that growth would elude
the economy in the first
quarter and plunge the UK
into a triple-dip recession
after output fell in the final
three months of 2012.
The return to contrac-
tion of the manufacturing
sector is a big surprise and
represents a major setback
to hopes that the UK econ-
omy can return to growth
in the first quarter and may
avoid a triple-dip reces-
sion, said Chris William-
son, chief economist at
Markit.
Sterling has already been
battered this year on con-
cerns about sluggish UK
growth and growing expec-
tations the Bank of England
could seek to ease monetary
policy again.
The pound has fallen
8 per cent against the dollar
this year, helped by news
that three out of the nine
members of the Banks
Monetary Policy Committee
voted to do more quantita-
tive easing last month.
Members of the MPC have
also signalled that a weaker
pound would help the UK
economy by boosting
exports.
Michael Saunders, chief
UK economist at Citigroup,
said it was touch and go
whether the UK would
avoid a triple-dip recession.
However, he added that
weak economic growth
would remain a problem for
the UK economy regardless
of whether the economy
was expanding this quarter
or not.
Even if the economy
grows in the first quarter, it
will still be miserable, he
said. Clearly, the MPC are
talking the pound down at
every opportunity. The UK
needs to get export-led
growth, and getting the
pound down is probably a
necessary precondition for
that.
The pound rose from a
six-month low hit earlier
this week against the euro
as uncertainty over the out-
come of the Italian elections
helped the UK currency.
The pounds haven status
has come under pressure
this year as improved senti-
ment on the eurozone led
investors to dump sterling-
based assets. But the boost
to the pound proved short-
lived, and sterling fell
against the single currency
again yesterday to trade
close to its weakest level
since October at 1.1563.
The purchasing manag-
ers index from Markit fell
to 47.9 from 50.8 in January,
its lowest level since Octo-
ber, confounding expecta-
tions of a modest increase
to 51.
Italy gridlock restarts rollercoaster
Once on a rollercoaster,
there is no escaping the
nervous climb up and then
terrifying plunges. Inves-
tors have wondered this
week whether they were all
back on the same ride and
Italys inconclusive election
would mark the start of the
next precipitous slide.
The political stalemate in
Rome, which could leave
the eurozones third-largest
economy without a stable
government for months,
revived the risk aversion
part of the risk-on, risk-
off or panic followed by
relief herd mentality that
has characterised markets
since the collapse of Leh-
man Brothers in late 2008.
After an initial global
equity sell-off, however, ten-
sion eased leaving inves-
tors at the end of the week
unclear just how tightly
they needed to grip the
safety bar. The knee-jerk
reaction was quick, I dont
want to be exposed, but
then came maybe this is
not quite as disastrous as
was thought, says Michael
Hampden-Turner, Citigroup
credit strategist.
We know that Italy is
systemic, but the question
is whether this weeks
events make it a global risk.
We may not necessarily be
back on the rollercoaster,
adds Jacques Cailloux, chief
European economist at
Nomura.
Avoiding the rollercoaster
would boost confidence that
the crisis years were really
over. So far this year, world
equities have rallied on
recovery hopes; risk on,
risk off, by which a com-
mon fear such as of a
eurozone break-up sees
prices moving in sync
across asset classes, has
fallen out of fashion.
HSBCs global ro-ro
index, measuring cross mar-
ket correlations, has
dropped to a two-year low.
A similar index compiled by
UBS is back at early-2007
levels, before the US sub-
prime crisis erupted.
Behind the normalisation
was last Julys pledge by
Mario Draghi, European
Central Bank president, to
do whatever it takes to
preserve the euro. Instead
of worrying about a Euro-
pean catastrophe, investors
started paying more atten-
tion to fundamental valua-
tions and factors that vary
between assets. Global
share price trends have
become detached from
yields on Spanish and Ital-
ian government bonds,
regarded as gauges of euro-
zone tensions. National fac-
tors have driven currency
divergences, for instance,
sharp declines in the yen
and sterling.
The danger, however, is
that Italys political crisis
now revives fears of sys-
temic weaknesses in
Europes monetary union.
Global cross-asset correla-
tions may have fallen sim-
ply because market volatil-
ity has been low. When
common drivers of asset
prices fears of a eurozone
break-up, for instance are
subdued, asset-specific fac-
tors automatically become
more important. But that
does not mean systemic
risks have disappeared.
Whatever markets are
focused on doesnt change
the truth of what is actually
happening, says Stacy Wil-
liams, analyst at HSBC.
Markets flip from story to
story, but the bigger ques-
tion is whether systemic
risks remain that were not
there before the collapse of
Lehman Brothers. The
equity sell-off and fall in the
euro in New York trading
late on Monday as first
results from Italys elec-
tions came in was a sign
that you have common sys-
temic risks.
Investor fear gauges,
such as the USs CBOE Vix
the flagship Wall Street
index of expected stock
market volatility and
Vstoxx, its European equiv-
alent, jumped this week,
but not much by historic
standards. Mr Williams
says: The real test of
whether the crisis years are
over will be when volatility
increases and correlations
dont go up . . . The danger
for investors is that you
have a protracted quiet
period and ignore the
risks that lie beneath the
surface.
Italian and Spanish bond
yields will be watched
closely as a guide to inves-
tor confidence in the ECB
as a backstop. Mr Draghi
has made any ECB bond
buying conditional on gov-
ernments accepting an
externally agreed reform
programme which may
not be possible when there
is no stable government.
Ramin Nakisa, strategist
at UBS, says: Eurozone
periphery bond spreads are
still not in panic mode, and
were certainly not near
that point. But we think
Spain as well as Italy will
come under more pressure
and risk on, risk off will
return later this year. It
really depends how much
faith you put in the Draghi
put.
A more optimistic view is
that Italian politics now
matter less to world finan-
cial markets. If this [stale-
mate] had happened in 2011,
it would have been disas-
trous. But this isnt 2011.
With the ECBs backstop,
the story has moved on,
says Mr Hampden-Turner.
By yesterdays close in
Europe, European shares
had recouped some of their
losses. The FTSE Eurofirst
300 index ended flat on the
week, although Italys FTSE
MIB index was down 3.5 per
cent. Italian and Spanish
government 10-year bond
yields were still hovering
around 4.8 per cent and 5.1
per cent, respectively. The
S&P 500 also rallied during
the week before worries
about US fiscal woes resur-
faced.
The great risk normali-
sation process is still over-
powering smaller risks,
says Erik Nielsen, chief
economist at UniCredit.
People have concluded,
rightly, that Mr Draghis
pledges . . . are not just
about the ECBs money.
They are a sign that Europe
will see this through; if
Italy needs help, it will be
there.
Investors may still care to
fasten their seat belts.
News analysis
Political stalemate
in Rome sparked a
kneejerk reaction
followed by relief,
says Ralph Atkins
Sources: HSBC; UBS; Thomson Reuters Datastream
US and Italian equity markets
Rebased
18 19 20 21 22 25 26 27 28
Feb 2013
94
96
98
100
102
S&P 500
FTSE MIB
Spanish and Italian bond yields
10 year benchmark bonds, redemption yield
(%)
Jun 2012 Mar
2013
4
5
6
7
8
Spain
Italy
Risk on-risk off and correlation
indices
2000 02 04 06 08 10 1213
0.1
0.2
0.3
0.4
0.5
UBS Median Absolute Correlation 3m
(Rolling 3m average)
HSBC RoRo Index
More comment and data on FT.com
See www.ft.com/markets
for more news, comment
and statistics, including:
Inside London Neil
Collins column on UK
business and markets
Alphaville our
irreverent financial blog
View from the Markets
video interviews with
leading market analysts
The Short View video
market commentary
New interactive charting
feature to compare your
portfolio against leading
indices and sector peers
Personal portfolio tool with
bespoke views where you can
monitor your domestic and
international holdings in any
of 30 currencies go to
www.ft.com/interactivechart
Extensive markets data,
including financial data for
40,000 companies
Follow us on Twitter
@FTMarkets
Market reports
Henny
Sender
ON WALL STREET
Seth Klarmen, founder of hedge fund Baupost,
offered a searing indictment of the Federal
Reserves monetary policies in his year-end
letter to investors, currently circulating in the
wider hedge fund community.
In the mid-January letter, Mr Klarman
describes the real downside scenario which
involves the end of the free lunch of large
deficits, zero interest rates and relentless
quantitative easing.
Along with the European Central Bank, Fed
chairman Ben Bernanke seems intent on
buying back bonds indefinitely, whether or
not their actions deliver an economic recovery
and in spite of any unpleasant side-effects. It
is clear that after four years and counting,
their efforts have not delivered. Only a zealot
would continue with a plan that is not
working and massively expand it,
Mr Klarman concludes.
But as his remarks this week underscore,
Mr Bernanke does not intend to back away
from his contentious policies any time soon.
Indeed, he dismissed exactly the concerns that
Mr Klarman enunciates, saying: We dont see
the potential costs of the increased risk-taking
in some financial markets as outweighing the
benefits of promoting a stronger economic
recovery.
His denial
similarly rejects
the objections of
sceptics who
believe there is no
evidence the Feds
policies are doing
anything positive
for the real
economy.
Still, the indirect
dialogue between
the Fed chairman
and the hedge fund manager highlights the
dilemma of investors who fear all the dire
consequences Mr Klarman enumerates
including distorted markets, artificial prices
and asset bubbles but have also learnt the
futility of fighting the Fed.
What do you do in a world where the Fed is
supporting the price of virtually every
security today but will not do so in an
indefinite tomorrow? The Fed has bought
$2.5tn of Treasuries and mortgage securities in
the past 50 months and now accounts for
about 55 per cent of the entire net supply of
these bonds, according to JPMorgan research.
In 2013, net of Fed purchases there will be
almost no new debt issuance, notes
Michael Cembalest of the banks asset
management arm.
Some investors and former Fed staffers
believe the central bank will never be able to
exit its asset purchase programme. We are
looking at perpetual QE, says one former
New York Fed official. The Fed wont let the
adjustment happen. That is because the
moment the Fed ceases to buy bonds (let
alone starts selling them), prices will collapse,
forcing the Fed back into the market.
Meanwhile, others believe the Fed will be
forced to back away from QE by financial
asset bubbles and cite cautionary remarks by
some Fed governors. A growing number of
investors say returns no longer reflect the risk
in many asset classes, even if the distortion
has not yet reached bubble-like proportions.
A period of
diminishing credit
returns is upon
us, Mr Cembalest
adds.
Even Howard
Marks, co-founder
of Oaktree Capital
and a long-time
champion of
junk bonds, is
ambivalent. He
tells the Financial
Times that high-yield bonds are still attractive
relative to other forms of bond investing, but
adds his concern that investors in that market
are permitting some of the risky issuance last
seen before the financial crisis.
Some hedge fund managers seek to
minimise the dilemma by playing in assets
that are less directly affected by Fed policies.
For example, LibreMax Partners, a hedge fund
group with $2.6bn under management run by
Greg Lippmann, the former Deutsche Bank
mortgage trader, posted gains of almost 21 per
cent last year by investing in securities
outside the Feds buying programme,
including subprime, consumer asset-backed
securities and residential mortgage-backed
securities, and steering clear of securities
backed by Fannie Mae or other agencies.
While all securities are influenced by the Fed,
non agency-backed mortgage securities are a
little less affected than others.
The only certainty is that the investors
dilemma will not disappear any time soon.
Meanwhile, it is cold comfort for most
investors that Fed officials believe they
(at least) can only recognise a bubble in
hindsight.
henny.sender@ft.com
Only a zealot
would continue
with a plan that
is not working
and massively
expand it
We are looking
at perpetual QE.
The Federal
Reserve wont let
the adjustment
happen
Investors in a
quandary over
the end of the
QE free lunch
Investors hope to avoid the rollercoaster of financial highs and lows this time in the hope the crisis years are over Corbis
MARCH 2 2013 Section:Markets Time: 1/3/2013 - 19:19 User: murtaghj Page Name: MKTS2, Part,Page,Edition: EUR, 13, 1
14
FINANCIAL TIMES MARCH 2/MARCH 3 2013
American Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
NYSE
(Mar 1 / 1:00 pm/US$)
3M @ 103.93xd -.07 104.56 81.99 2.3 16.4 292
AbbottLb @ 33.73 -.06 35.28 26.75 3.9 9 554
Accenture @ 74.88 +.52 75.96 54.94 2 19 176
ACE @ 85.58 +.19 87.40 68.98 2.1 10.8 87
Actavis 85.64 +.48 91.27 57.16 - - 65
AdvMicroD 2.43 -.06 8.34 1.81 - - 723
AEP @ 46.68xd -.11 47.02 36.98 4 15.6 275
AES Corp 11.83 +.21 13.82 9.53 0.7 - 476
Aetna 47.54 +.35 51.14 34.61 1.6 9.9 245
AFLAC @ 50.53 +.58 54.93 38.14 2.7 8.3 350
AgilentTec 41.79 +.31 46.28 35.32 1 13.4 200
AGL Res 40.13 +.17 42.37 36.59 4.6 17.4 40
Airgas 100.93 +.65 101.31 76.01 1.6 23.2 36
AirProd 86.63 +.29 92.78 76.15 3 17.6 50
Alcoa 8.46 -.06 10.75 7.97 1.4 54 1085
Allergan @ 108.67xd +.25 109.31 81.28 0.2 30.3 115
Allstate @ 46.20xd +.18 47.08 30.76 2 9.9 351
Altria @ 33.49 -.06 36.29 29.77 5.2 16.3 962
Amer Intl @ 37.92 -.09 39.90 27.20 22.2 9 1092
Ameren Cp 33.88 +.09 34.84 28.44 4.7 - 152
AmerExpr @ 62.33 +.18 63 51.54 1.3 16.1 341
Amerip Fin 68.04 -.59 69.31 45.17 2.4 14.6 167
Amertitrad 18.99 -.02 20.59 15.09 4.2 18.1 231
AmerTwrA @ 77.77 +.17 79.97 61.29 1.6 48.7 219
AmphnlA 71.31 +.45 71.31 50.90 0.6 21 44
AmsrceBrgn 47.69xd +.49 47.71 35.48 1.4 16.9 135
Anadarko @ 79.68 +.1 87.43 56.42 0.5 16.8 240
AOL 37.19 +.29 39.74 14.49 13.8 3.4 179
Aon Cp 60.72 -.37 61.87 45.04 1 20.3 264
Apache @ 73.76 -.51 111.28 72.62 1 15.9 275
ArcherDan @ 31.94xd +.08 33.98 24.38 2.2 15.4 374
AT&T @ 36 +.09 38.58 29.95 4.9 29.6 1668
AutoZone 378.34 -1.81 399.10 342.04 - 15.6 17
AvalnbyCom 124.51 -.32 151.11 124.01 3.2 44.9 89
AvonProds 19.66 +.11 23.57 13.71 3 - 217
BakerHu @ 44.39 -.43 51.55 37.09 1.4 15.3 352
Ball 44.16xd -.25 46.98 38.39 1 17.2 69
BankAm @ 11.44xd +.21 12.41 6.72 0.3 46 11670
Bard (C R) 99.30 +.45 108.30 91.93 0.8 16.1 25
Baxter @ 68.59 +.99 69.33 48.98 2.5 16.4 282
BB &T @ 30.69 +.33 34.37 26.86 2.7 11.4 309
Beam 61.10 +.07 64 52.83 1.4 24.7 42
BectonDick 88.34 +.28 89.16 71.56 2.1 16 64
BerkHatA @ 152.8k +200.1 153.6k 117.3k - 18.9
BerkHB 101.87 -.29 102.33 78.18 - 19 544
Best Buy 16.52 +.11 27.95 11.20 4 - 2150
BkNYMeln @ 27.29 +.15 28.45 19.31 1.9 13.4 431
BlackRock @ 236.60 -3.15 247 160.25 2.6 17.1 127
Blackstone 18.85 -.05 19.69 11.13 3.8 47 208
Block 24.80 -.06 25.22 14.36 3.2 19.9 282
Boeing @ 77.43xd +.53 78.01 66.84 2.3 15.2 334
BorgWrnr 75.51 +1.1 87.40 60.18 0.5 18.2 105
BostonPrp 102.45 -1.43 117 98.96 2.2 60 205
BostonSci 7.38 -.01 7.73 4.79 - - 1084
BrisMySq @ 37.19 +.22 37.25 30.64 3.7 32.3 717
Brwn-FmnB 65.74 +.12 67.08 49.44 7.6 25.3 27
CabotO&G 63.75 +1.78 63.89 28.85 0.1 - 200
Cameron 62.90 -.82 66.14 38.38 - 20.8 192
Campbell 41.99 +.83 42.04 31.32 3.5 18 381
CapOne @ 51.47 +.44 62.90 48 0.4 7.7 748
CardinalH 46.37 +.16 46.86 36.93 2.2 16.2 149
Carefsn 33.05 +.31 33.61 23.79 - 19.1 114
Carmax 38.51 +.1 40.21 24.84 - 21.2 64
Carnival @ 36.01xd +.24 39.95 28.76 4.2 21.6 331
Caterpillar @ 91.88 -.49 116.49 78.25 2.2 10.8 467
CBRE Gp 24.34 +.17 24.86 14.97 - 25.3 313
CBS @ 43.21 -.18 45.08 28.85 1.1 17.4 664
Centrpnt 21.45xd +.02 21.81 18.48 3.8 22.1 237
CenturyLk @ 34.96 +.29 43.43 32.05 7.8 28 594
CF Inds 201.79 +.96 233.39 154.17 0.8 7.1 158
CharlesSch 16.37 +.13 17.41 11.64 1.5 23.6 862
ChesapEgy 19.91 -.25 26.09 13.32 1.8 - 837
Chevron @ 117.04xd -.11 118.50 95.74 3.1 8.8 550
ChipMexG 317.54 +.75 442.34 234 - 36.3 18
Chubb @ 84.23 +.2 85 66.66 2 12.2 86
Cigna 58.58 +.12 62.21 39.34 0.1 10.4 126
Citigroup @ 42.23 +.26 44.71 24.61 0.1 16.9 2505
ClisNat 25.65 +.19 73.63 25.11 7.9 - 693
Clorox 84.07 +.06 84.95 66.73 3 19.7 70
CMS Egy 26.31 -.3 26.79 21.12 3.7 18.9 598
CNAFin 31.53xd -.01 32.65 25.74 2.1 13.5 18
CnstelBdA 44.02 -.22 44.99 18.50 - 20.6 128
Coach 48.39 +.06 79.64 45.88 2.5 13.3 279
Coca Cola @ 38.76xc +.04 40.66 34.25 2.7 19.7 1163
CocaCoEnt 35.65 -.13 36.56 26.06 1.9 15.9 177
ColgPalm @ 114.40 -.03 115.69 92.21 2.2 22.2 168
Comerica 34.43 +.05 35.56 27.72 1.8 12.9 160
ConagraFds 34.20xd +.09 34.38 23.64 2.9 21.2 269
ConocPhil @ 58.15 +.2 62.04 50.63 4.5 9.8 461
ConsEdsn 31.22 -.93 37.39 26.42 1.6 18.5 237
ConsolEd 58.93xd -.07 65.98 53.63 4.1 15.3 112
Corning @ 12.49xd -.12 14.58 10.62 2.6 10.9 627
CoventryHlt 45.61 +.25 46.91 27.72 1.1 13 151
Covidien @ 63.70 +.13 63.91 50.25 1.5 16.2 187
CrownCast @ 70.21 +.41 75.44 51.21 - - 357
CSX @ 23.01xd +.07 23.48 18.88 2.4 12.9 810
Cummins @ 115.81 -.06 129.51 82.20 1.6 13.3 111
CVS @ 51.60 +.48 52.77 43.09 1.4 17 314
Danaher @ 61.70 +.1 62.14 49.19 0.2 19.1 167
DardenR 45.50 -.77 57.88 44.12 4.2 13 366
Davita 119.96 +.34 120.09 77.81 - 22 103
Deere @ 88.27 +.44 95.60 69.51 2.1 11.1 276
DenburyRs 17.98 -.14 20.93 13.14 - 15.2 263
DevonEngy @ 53.91 -.35 76.33 50.89 1.5 - 212
DiamOfsh 69.12 -.56 76.84 55.85 5.1 13.3 75
DiscvrFin 39.06 +.53 42.08 29.63 1.1 8.8 302
Disney @ 55.23 +.64 55.95 40.88 1.4 17.9 826
DominRes @ 56.09xd +.09 57.19 48.94 3.8 53.1 149
Dover 73.35xd - 73.99 50.29 1.9 15.7 96
DowChem @ 31.79 +.07 36.08 27.45 4 45.2 392
DrPepper 43.73 +.11 46.37 37.38 3.2 14.7 175
DTE Engy 66.19 -.61 67.01 53.59 3.7 17 84
DukeEner @ 68.88xa -.37 70.35 59.63 4.4 22.4 383
DuPont @ 48.21xd +.31 53.98 41.68 3.6 17.3 486
EastmanCh 69.89 +.16 75.18 41.55 1.6 23.2 209
Eaton 63.03 +1.06 63.62 36.38 2.5 17.9 358
Ecolab @ 77.05xd +.5 77.78 58.78 1.1 40 125
EdsnInt 48.41 +.38 48.41 41.39 2.7 13 266
EdwLifesc 85.99 +.06 110.79 67.87 - 34.7 37
EMC @ 23.29 +.28 30 22.76 - 18.9 963
Emerson @ 56.48xd -.22 58.66 43.59 2.9 20.2 372
Entergy 62.30 +.04 73.97 61.09 5.3 13.1 106
EntPrdPrt 56.82 +.15 57.69 45.68 4.5 21 43
EOG Res @ 123.43 -2.28 137.10 82.49 0.6 58.9 224
EqResPrp 55 -.04 65.72 53.25 3.2 67.7 165
EQT 62.99 -.1 63.38 43.70 1.1 51.7 138
Equifax 56.02xd +.9 59.82 41.34 1.4 25.2 94
EsteeLdrA 64.31xd +.21 66.07 49.81 0.3 27.4 91
Exelon @ 30.87xd -.12 39.95 28.40 6.3 22 411
ExxonMob @ 89.51xd -.04 93.60 77.13 2.5 9.2 930
FamilyDol 57.95 +.4 74.71 53.44 1.5 16.1 78
Fedex @ 106.06 +.63 107.50 83.80 0.5 17 127
FidltyNFn 24.85 -.09 26.41 17.14 2.4 9.4 224
FirstEgy @ 39.50 +.02 51.13 38.27 5.6 21.5 252
Flowsrve 161.59 +1.09 162.58 98.50 0.9 19.3 22
Fluor 60.69xd -1.21 66.67 44.99 1.1 22.5 393
FMC Cp 59.82 -.44 63.12 48 0.8 18.6 68
FMC Tech 51.51 -.4 53.18 36.89 - 28.8 175
Ford @ 12.69 +.08 14.30 8.82 2 8.9 3274
ForestLabs 36.51 -.29 38.44 31.28 - - 302
Franklin @ 140.16 -1.09 146.13 98.62 2.9 15.3 112
Freeport @ 31.43 -.49 44.22 30.55 4 9.9 790
GAP 33.81 +.89 37.85 22.53 1.6 16.6 699
GenDyn @ 68.04 +.07 74.49 61.09 3 - 180
GenElectr @ 23.27xd +.05 23.75 18.03 3.1 16.8 4242
GenMills @ 46.30 +.05 46.47 36.75 2.8 17.1 611
GenMot @ 27.35 +.2 30.68 18.72 2.7 9.4 880
GenuineP 71.05 +.02 71.46 55.58 2.8 17.1 88
GoldmSchs@ 151.38xd +1.62 158.68 90.43 1.3 10.7 296
Grainger 227.39 +.93 231 172.63 1.4 23.9 20
Halliburton @ 41.01 -.5 43.95 26.29 1 14.8 515
HarleyDavid 52.50 -.13 54.61 37.92 1.3 19.3 100
Harris 47.90 -.17 52.22 38.34 3 9.8 55
Hartford 23.66 +.05 25.37 15.66 1.7 20.6 337
HCP @ 48.79 -.09 49.18 37.81 4.2 26.9 244
Heinz @ 72.47 +.04 72.70 51.91 2.8 22.7 312
Helm&Pyn 66.19 -.07 69.38 38.71 0.5 12.2 99
Hershey 83.44xd +.1 83.67 59.43 1.9 28.8 101
Hess @ 65.78 -.72 70.76 39.67 0.6 10.1 252
Hew-Pack @ 20.20 +.06 26.61 11.35 2.6 - 1399
Hillshire 32.41 +.01 33.17 24.31 7.1 31.5 126
HlthCare 64.08 -.06 64.87 52.40 4.7 - 262
HomeDep @ 69.06 +.56 69.18 46.12 1.8 24.4 488
Honywell @ 70.21xd +.11 71.43 52.21 2.2 19 195
HormelFd 37.35 -.06 37.65 27.28 1.7 20.1 91
HortonDR 22.63 +.33 24.65 13.46 1.2 8 481
Hospira 29.45 +.02 38.48 28.63 - - 137
Host H&R 16.66 -.01 17.57 13.61 2 - 425
Humana 68.08 -.18 93.34 59.92 1.5 9.1 132
IBM @ 202.50xd +1.67 211.76 181.87 1.7 14.1 242
IllinoisTool @ 61.94 +.44 65.29 49.07 2.4 11.7 148
IngersollR 52.27 -.38 53.90 37.35 1.3 15.9 105
Int.Paper 44.59xd +.58 44.74 27.30 2.5 26.2 310
Intercont 153.38 -1.44 158.46 117.84 - 20.4 43
Interpubl. 12.78 - 12.88 9.04 2 15 278
IntlFl&Fr 73.28 +.3 74.39 53.03 1.8 23.7 29
IntlGmeT 16.09 +.15 17.36 10.92 1.6 17.1 131
INVESCO 26.90xd +.11 28.49 20.49 2.6 18 618
IronMount 34.56 +.06 35.48 24.17 5.9 35.7 110
JabilCirct 18.53 -.2 27.40 16.84 1.7 10.1 156
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
JacobsE 48.05 -.79 50.47 33.61 - 16 125
JMSmckr 95.96 +.66 95.96 73.23 2.1 20.4 50
John&John@ 76.60xd +.49 77.02 61.71 3.2 19.8 740
JohnsonCn @ 31.57 +.1 33.78 23.37 2.3 19.3 375
JoyGlobal 63.05xd -.29 93.12 47.69 1.1 8.8 147
JPMrgnCh @ 49.13 +.21 49.68 30.83 2.4 9.4 2059
JuniperNtw 20.64 -.04 23.86 14.01 - 57.7 314
Kellogg @ 60.45xd -.05 60.78 46.33 2.9 23.5 177
Keycorp 9.35xd -.04 9.64 6.81 2.1 10.6 562
Kimb-Clark @ 94.54 +.26 95.90 71.26 3.2 21.4 185
Kimco Real 21.66 -.11 21.98 17.16 3.6 - 157
KindMnE 86.76 -.55 90.55 74.50 5.7 52.8 38
KohlsCp 46.10 - 55.24 41.36 2.8 11.1 240
Kroger 29.46 +.25 29.52 20.99 1.8 20.9 293
L3 Comms 76.56xd +.29 79.80 63.75 2.7 9.2 82
LabCpAmer 88.99 +.39 95.30 81.56 - 14.9 33
LasVegasSd@ 51.72 +.23 58.31 32.61 7.3 28 304
Lennar 38.94 +.35 43.22 22.13 0.4 12.6 528
Leucadia 26.57xc -.33 28.59 19.05 1.2 7.7 531
Lilly (E) @ 54.76xd +.1 54.98 38.56 3.6 15 304
Lim.Brands 45.30xd -.22 52.50 40.32 11.1 19.5 278
LincolnNat 29.66 +.12 30.82 19.05 1.2 6.6 319
Lockheed @ 88.37xd +.37 96.31 80.14 4.9 10.6 149
Loews 43.08 -.03 44.21 38 0.6 30.1 90
Lorilliard 38.36xa -.18 47.02 36.70 5.5 13.6 334
Lowes @ 38.20 +.05 39.98 24.77 1.6 22.6 665
LSI 6.87 -.09 9.20 5.60 - 19.7 2730
M&TBkCp 102.65xd +.56 105.89 76.92 2.7 13.6 41
Macys 40.79 -.31 42.17 32.31 2 12.6 312
MarathonOil@ 32.95xd -.55 35.85 23.17 2.1 14.8 443
Marriott 39.52xd +.07 41.84 33.93 1.3 23 96
MarshMcL @ 37.04 -.1 37.24 30.74 2.5 17.4 430
MarthnPet @ 84.50xd +1.62 84.63 33.66 1.5 8.5 284
Masco Cp 19.32 +.06 20.70 11.01 1.6 - 318
Mastercard@ 517.95 +.13 534.65 390 0.3 23.6 48
McCormick 68.31 +1.04 68.37 49.94 1.9 22.5 119
McDonalds @ 95.76xd -.14 100.74 83.32 3.1 17.9 378
McGrawH 46.91xd +.36 58.61 40.12 7.6 15.8 143
McKesson @ 106.86xd +.73 107.03 81.12 0.7 16.2 107
Mdwstvco 35.75 +.04 36.06 26.15 2.8 29.8 80
MeadJohnN 75.13 +.22 88.72 61.28 1.7 25.4 161
Medtronic @ 45.28 +.32 47.40 35.68 2.3 13.8 388
Merck @ 42.50 -.23 48 36.91 4 19.6 1569
MetLife @ 35.49xd +.05 39.54 27.65 0.5 33 620
MGMRsts 12.52 +.03 14.80 8.84 - - 535
Mohawk 107.10 +1.08 109.21 59.69 0 32.7 60
MolsonB 44.79xd +.58 47.09 37.96 2.9 18.5 141
Monsanto @ 101.96 +.93 104.17 69.71 1.4 24.5 181
Moodys 48.38xd +.32 55.55 33.86 1.4 15.9 155
MorganStly@ 22.63 +.08 24.47 12.26 0.9 - 1728
MotorolaSol 62.02 -.19 62.51 44.49 1.6 20.7 90
MurphyOil 60.76 -.12 64.09 41.40 6.1 12.3 114
Nabors 16.59 -.17 22.31 12.40 0.2 20.4 373
NeastUtil 41.70xd +.19 41.88 34.85 3.3 21.8 116
NewelRbm 23.41xd +.07 24.51 16.64 2.1 17.2 228
NewdExp 23.22 +.1 36.73 22.77 - - 239
NewmontM@ 39.84 -.45 62.60 39.73 3.7 - 439
NextEraE @ 72.17xd +.3 73.49 59.11 3.4 15.8 98
Nike @ 54.56xa +.1 57.38 42.55 1.4 22.8 241
NiSource 27.91 +.21 27.91 23.15 3.4 20.1 213
NobleCp 35.28 -.54 41.71 28.74 1.5 17.2 340
NobleEgy 110 -.83 115.59 76.83 0.9 20.5 60
Nordstrom 54.05 -.17 58.43 46.27 2.1 15.2 128
NorfolkS @ 73.99xd +.94 75.54 56.05 2.7 13.8 393
Northrop 65.87xd +.19 71.25 56.59 3.3 8.4 124
NtlOilVarc @ 67.04 -1.09 89.25 59.07 0.7 11.5 400
Nucor 44.76 -.29 48.60 34.24 3.3 28.3 159
NYSE Eurnxt 37.09 -.19 37.80 22.25 3.2 26.8 146
OccidPet @ 82.70 +.37 106.67 72.43 2.7 14.5 264
Omnicom 57.26xd -.27 58.16 45.12 2.3 15.9 90
ONEOK 45.11 +.12 87.71 39.32 2.9 27.4 98
Pall 67.79 -.39 69.05 49.97 1.4 24.9 48
ParkHn 94.84 +.36 97.50 70.49 1.8 14.1 81
PeabdyEngy 20.99 -.57 36.10 18.78 1.6 - 795
Penney 17.68 +.11 41.71 15.70 3.4 - 864
Pepsico @ 75.94xd +.17 76.32 62.15 2.8 19.4 286
Pzer @ 27.43xd +.06 27.83 20.76 3.3 21.7 2253
PG&E @ 42.75 +.11 47.02 39.40 4.3 22.2 328
Phillips66 63.04 -.09 65.38 28.75 1.2 9.7 146
PhilMorris @ 91.77 +.02 94.13 81.10 3.5 17.7 284
PinnWstCp 55.99 +.05 56.01 45.96 3.8 16 100
PionrNat 124.23 -1.58 133.67 77.44 0.1 - 87
PlumCreek 48.42 -.08 49.69 35.43 3.5 0 79
PNCFin @ 62.78 +.39 67.88 53.36 2.5 11.8 194
PP&L 30.85 +.03 30.94 26.68 4.7 11.7 260
PPG Inds 135.40xd +.74 146.06 90.06 1.7 22.4 75
Praxair @ 113.81 +.76 116.92 101.93 2 20.3 83
PrecParts @ 186.56 -.03 194.95 150.70 0.1 20.2 38
PrinFinGp 31.59 -.02 32.29 23.09 2.6 12.3 220
ProctGmbl @ 76.72 +.54 77.76 59.08 2.9 19.7 1117
ProgreOh 24.32 -.04 24.90 18.32 5.3 16.4 244
Prologis 38.96 +.02 41 30.03 2.9 - 170
Prudential @ 55.32xd -.25 65.16 44.47 0.7 - 159
PublicSVC 32.57 -.02 34.06 28.92 4.4 13 293
PublStor @ 151.20 -.01 157.94 129.04 3 39.5 67
QEP Res 29.69xd -.77 35.60 24.35 0.3 41.3 112
QuantaSvs 27.95 -.45 29.93 20.22 - 21.6 219
QuestDg 56.18 +.01 64.85 53.25 1.7 14.1 67
RalphLrn 174.27 +.8 182.48 134.29 0.8 22.9 43
RangeRes 77.58 +.78 77.59 53.09 0.2 - 146
Raytheon @ 54.64 +.07 59.34 49.03 3.7 9.7 158
Red Hat 51.51 +.7 62.72 46.34 - 70.4 166
Reg.Financ. 7.69 +.04 8 5.47 0.5 10.2 1127
RepSrv 31.24 -.2 32.40 25.15 2.9 20.1 126
ReynoldsAm@ 43.41 -.27 46.91 39.45 5.4 19.4 125
Rockwell 90.14xd -.2 91.97 61.21 2 18 101
RockwlColl 60.05xd -.06 61.78 46.40 2 14.2 83
RoperInd 124.75 +.14 125.32 91.31 0.5 25.7 18
Safeway 24.19 +.33 24.43 14.73 2.8 12.9 293
Salesforce @ 182.80 +13.58182.80 120.19 - - 530
Scana 48.80 -.04 50.30 43.66 4.1 15.5 46
Schlmbrg @ 77.76xd -.09 82 59.12 1.5 19.1 504
ScrippsNtwk64.08xd +1.03 66.33 43.82 0.8 14.4 39
Sempra 78.03 +.27 78.17 57.51 3.1 22.3 62
SherWil 163.55xd +1.96 167.27 100.08 1 25.2 80
SimonProp @ 158.92 +.06 164.11 134.72 2.7 33.5 128
SouthCpr @ 37.45 -.34 42.02 27.73 10 16.4 174
Southern @ 44.86xd -.15 48.58 41.75 4.4 16.8 358
SpectraEn @ 28.91xd -.13 32.26 26.55 4 20.1 319
SprintNext 5.78 -.02 6.04 2.30 - - 960
StanleyWk 78.02 -.68 81.84 58.59 2.4 24.9 122
Starwood 60.55 +.22 63.45 47.42 2.1 25.3 179
StateSt @ 56.66 +.07 58.15 38.95 1.7 13.5 246
StJudeMed 41.39 +.39 44.79 30.25 2.3 17.4 171
Stryker @ 64.79 +.91 64.82 49.43 1.5 19.1 135
Suntrust 27.71xd +.12 30.79 20.96 0.7 7.7 522
SWAirl. 11.80 +.1 11.95 7.76 0.3 21.3 402
SwestEgy 34.74 +.47 36.87 25.63 - - 331
Sysco @ 32.34 +.18 32.79 27.06 3.4 17.7 358
TargetCp @ 64.20xd +1.24 65.79 54.68 2.1 14.2 541
TE Conn 40.33xd +.2 41.45 30.18 2.1 14.4 172
Teradata 58.82 +.76 80.97 56.13 - 24.1 171
Teva 37.29 -.11 46.38 36.64 2.8 16.6 143
Textron 28.66 -.19 29.75 21.98 0.3 14.5 185
TheTrvelers@ 80.44 +.02 81.25 55.88 2.3 12.8 182
ThrmoFshr @ 74.36 +.56 75.79 48.16 0.8 21.7 117
Tiany 68.41 +1.25 74.20 49.73 1.9 21.1 179
TimeWrnr @ 53.72xd +.55 53.99 33.62 2 17.4 448
TimeWrnrC@ 88xd +1.61 102 73.69 2.6 12.8 219
TJX @ 45.02xd +.05 46.67 35.83 1 17.7 486
Torchmrk 56.23 +.04 56.88 45.09 1.1 10.4 30
TotalSys 23.80 +.04 25 21.10 1.7 18.4 97
TrnsOcean 51.72 -.58 59.50 39.33 4.6 - 235
TycoInt @ 31.93 -.08 32.43 24.80 2.5 - 240
TysonFds 23.30xd +.63 24.31 14 1.2 14.2 419
UnionPac @ 137.01xd -.1 138.51 104.10 1.9 16.6 90
UNUMGrp 24.51 +.04 24.85 18.28 2 7.7 158
UPS B @ 82.93xd +.28 84.87 69.56 2.8 - 255
USBancorp@ 34.08 +.1 35.46 28.27 2.3 12 656
UtdHlthcre @ 53.77 +.32 60.75 50.33 1.6 10.2 554
UtdTech @ 90.61xd +.06 91.51 70.72 2.3 16.9 163
ValeroE 45.72xd +.13 47.84 20 1.5 12.2 993
VarianMedS 70.87 +.24 75.75 52.90 - 18.5 60
Ventas @ 70.66 -.12 71.28 53.94 3.6 68.3 219
Verizon @ 46.51 -.02 47.32 36.80 4.4 - 942
VF Cp 160.36 -.9 169.82 129.58 2 16.5 51
Visa @ 158.48xd -.16 162.77 111.95 0.7 44.4 214
Vornado 79.69 -.52 87.32 71.69 3.5 53.8 97
VulcanMat. 52.14xd +1.21 59.48 32.31 0.1 - 29
Walgreen @ 41.23xd +.29 42 28.53 2.5 18.5 336
WalMart @ 71.89 +1.11 77.50 57.18 2.3 14.3 570
WasteMng 36.95 -.37 37.98 30.83 3.9 21 162
WatersCp 93.40 +.68 94.45 74.12 - 18 29
Weatherfd 11.51 -.37 17.75 8.84 - - 983
Wellpoint @ 62.31 +.13 74.73 52.52 2 7.7 172
WellsFargo @ 35.42 +.34 36.60 29.80 2.6 10.5 1307
WestUnion 14.20 +.17 19.13 11.94 3.2 8.4 599
Weyerhsr 29.49xd +.08 31.73 18.61 2.2 41.6 301
Whirlpool 114.10xd +1.15 115.67 54.08 1.8 22.5 127
WilliamsCp @ 34.25 -.46 37.56 27.26 3.7 29.5 518
WiscnsnE 41.27 -.03 41.48 33.72 3 17.6 165
WR Berkley 41.61 +.11 42.20 34.55 3.2 11.6 86
Wyndham 60.99 +.75 61 42.97 1.6 22.1 134
XcelEngy 28.63 -.07 29.92 25.84 3.8 15.4 170
Xerox Cp 8.19 +.08 8.48 6.10 2.3 9.2 516
XL Grp 28.65 +.01 29.22 19.52 1.6 13.7 296
Xylem 27.31xd -.31 28.85 22.45 1.5 17.1 54
Yum!Brands@ 65.40 -.08 74.74 59.77 1.9 19.3 377
ZimmerHld 74.71 -.25 76.72 57.61 1 17.4 79
NASDAQ
(Mar 1 / 1:00 pm/US$)
ActivBlz 14.33 +.04 14.70 10.45 1.3 14.3 2658
Adobe 39.74 +.43 39.94 29.52 - 24 1021
AkamaiT 36.67 -.29 42.53 25.90 - 32.7 1543
Altera 35.30 -.13 40.14 29.59 1.1 20.6 1873
Amazon @ 265 +.73 284.72 176.50 - - 1632
Amgen @ 92.67xd +1.12 93.42 65.37 1.7 16.8 1806
AnalogDev 45.35xd +.13 47.27 34.25 2.7 21.3 1111
ApolloGp 16.80 -.08 52.05 16.76 - 5.2 1414
AppldMat 13.66xd -.05 13.99 9.95 2.6 - 6824
Apple @ 434.97 -6.43 705.07 431.88 1.8 9.9 11357
ASML HldNv 71.54 +.56 78.30 43.74 22.7 15.5 1495
Autodesk 37.37 +.65 42.69 27.70 - 35.1 7762
BedBathB 56.92 +.17 75.84 54.33 - 13 1179
Biogen @ 166.58 +.24 169.07 114.53 - 26.8 420
BMCSware 40.61 +.5 45.70 35.48 - 19.7 868
Broadcom 34.08xd -.01 39.66 28.60 1.2 27.4 2290
CAInc 24.44xd -.07 28 21.48 4.1 12.3 1922
Celgene @ 105.25 +1.98105.26 58.53 - 31.9 2048
Cerner 88.87 +1.41 89 67.64 - 39 489
CH Rob 57.11xd +.09 67.93 50.81 2.4 15.6 707
CheckPnt 52.03 -.48 65 40.60 - 17.5 688
CinncntiFn 45.04 +.03 47.25 33.06 3.6 17.5 229
Cintas Cp 43.79 -.11 45.60 35.41 1.5 18.1 175
Cisco @ 20.86 +.01 21.67 14.96 2.1 12 13125
Citrix 71.46 +.56 87.99 56.57 - 38.3 1305
CmcstASp 38.33 +.08 40.33 27.80 1.8 - 1225
CME Group @ 59.70xa +.03 60.10 48.32 5.2 22.1 1175
Cognizant @ 77.65 +.88 79.54 53.92 - 22.6 517
ComcastA @ 39.90 +.11 42 28.09 1.7 17.5 6610
Costco @ 101.55 +.26 104.35 76.56 8 24.7 855
Dell 13.99 +.04 17.70 8.69 1.1 10.4 6817
Dentsply 41.49 +.07 43.51 35.04 0.5 19.7 389
DirectTV @ 48.70 +.53 55.17 42.87 - 10.6 2184
DishNtwk 34.56 -.25 38.14 25.41 14.5 21 1270
Donnelly 10.46 +.02 14.33 8.30 9.9 - 1312
EBay @ 54.70 -.01 57.27 34.83 - 27.5 3430
ElectArt 17.91 +.38 18.20 10.77 - 37.5 2824
Expedia 63.60 -.3 68.09 30.70 1.6 29.4 824
ExpIntWsh 38.88 +.03 47.48 34.20 1.4 24.2 1329
ExpScripts @ 57.65 +.72 66.06 49.79 - 0 3355
Facebook 27.17 -.08 45 17.55 - - 21613
Fastenal 51.82 +.19 54.40 37.16 2.3 36.6 860
Fifth 3rd 15.85 +.01 16.77 12.04 2.3 9.6 5880
First Solar 25.49 -.35 37.18 11.43 - - 3108
Fiserv 81.58 -.66 83.43 64.48 - 18.8 295
Flextrncs 6.65 - 7.49 5.47 - 9.7 2256
Fossil 102.77 - 139.20 62.77 - 18.3 326
Garmin 34.83 +.47 50.67 33.66 5.2 11.8 713
GileadSci @ 43.44xa +.72 43.50 22.39 - 31 5927
Google @ 805.21 +4.01 808.97 556.52 - 24.8 1236
Hasbro 40.26 +.24 41.62 32 3.7 15.8 894
HenrySch 88.95 -.27 91.11 71.72 - 23.8 218
Hudson 8.57 +.05 8.79 5.69 3.7 17.1 2294
Intel @ 21.17 +.29 29.27 19.23 4.2 9.9 27727
Intuit 65.06 +.59 65.08 53.38 1 27.4 1148
IntuitSrg @ 553.83 +43.94 594.89 467.26 - 34.7 790
KLATenc. 54.63 -.13 57.97 43.21 2.8 13.4 1187
LamRes 42.69 +.39 45.29 31.17 - 75.9 1049
LibIntCpA 20.89 - 22.11 14.24 - - 1296
LifeTch 59.21 +1.05 65.84 39.73 - 24.8 500
LinearTec 38.07 -.18 38.60 28.28 2.7 17.9 1279
Marvell 10.26 +.17 16 6.98 2.3 17.6 4053
Mattel 40.61xd -.14 41.31 30.15 3.2 18.3 1147
MaximInt 31.29xd +.09 33.07 23.55 3 24.5 793
Microchip 36.64xd +.17 37.63 28.92 3.8 52.5 1477
MicronT 8.30 -.08 9.16 5.16 - - 10831
Microsoft @ 27.91xd +.1 32.95 26.26 3.1 15.3 16021
MondelezInt@ 27.67 +.03 28.48 24.05 3.6 16.3 8920
Mylan 30.27 +.66 30.47 20.21 0.2 21 3781
Netapp 33.94 +.1 46.80 26.26 - 24.7 3266
NewsCorpA@ 29.03 +.23 29.30 18.32 0.6 17.1 7576
NewsCorpB 29.49 +.22 29.91 18.52 0.6 - 1089
NII Hldgs 4.98 +.16 19.78 4.75 - - 2427
NorthnTst 53.19 - 53.96 41.11 2.3 18.9 317
Nvidia 12.72xd +.06 15.66 11.15 1.2 14.1 5125
Oracle @ 34.76 +.52 36.31 25.33 1 16.4 9772
OReillyA 102.04 +.25 107.13 75.61 - 21.5 630
PACCAR 47.19xd -.26 48.75 35.21 3.4 15.1 834
Paychex 33.27 +.17 34.70 29.12 4.9 21.6 1678
Prclne.cm @ 695.44 +6.33 774.96 553.43 - 25.1 595
Qiagen 21.35 -.09 22.20 14.42 - 56.6 310
Qualcomm @ 66.47 +.83 68.87 53.09 1.5 19.9 5486
RossSt 58.01xd +.01 70.82 52.01 1 17.5 1007
RschMt 13.25 -.11 18.32 6.22 - 3.1 26677
Sandisk 50.05 -.36 52.58 30.99 - 29.4 1879
SeagateT 32.33 +.17 37.94 21.62 3.9 4.3 1925
Sears Hld 44.30 -.7 79.99 38.40 - - 676
SigmaAld. 77.35xd +.29 78.25 66.52 1.1 20.5 231
SiriusXM 3.14 +.03 3.25 1.78 1.6 5.9 40489
SLMCp 19.50xd +.53 19.50 12.85 2.7 10.1 3272
Staples 13.08 -.09 16.93 10.57 3.4 - 4555
Starbucks @ 54.76 -.09 62 43.04 1.4 30.6 2099
Symantec 23.68 +.24 23.76 13.06 - 15.1 3899
T.RowePr 71.53 +.34 74.44 54.47 3.4 21.3 486
TexasInstr @ 34.51 +.08 34.66 26.06 2.5 22.8 4925
UrbanOutf 40.62 +.1 44.15 25.43 - 30.6 645
VeriSign 46.01 +.2 50.15 32.81 12.5 24.1 989
VertexPhm 46.32 -.5 66.10 35.26 - - 941
ViacomB @ 59.25 +.75 60.84 44.85 1.9 14 1395
Virgin Media 46.55 +.15 46.59 21.25 0.3 3.2 1844
WarnerCh 13.56 +.05 17.77 10.85 94.1 8.5 1607
WestDigtl 48.07 +.91 49.50 28.31 1.6 5.8 1208
WholeFds @ 85.63 +.01 99.67 78.59 3.1 32.3 1066
WynnRes 116.69 -.21 138.28 90.11 8.6 24.3 506
Xilinx 36.81 -.46 39.43 30.25 2.4 21 2154
Yahoo @ 21.98 +.68 22.28 14.35 - 6.7 22578
Other International Stocks
AUSTRALIA
(Mar 1/Aust$)
AMP 5.43 -.05 5.54 3.71 5.8 22 8485
ANZ @ 28.62 -.1 28.89 20.26 7.2 13.4 5871
BHP Biltn @ 36.84 -.23 39 30.09 4.3 20.8 7299
Brambles 8.81 +.06 8.87 6.04 3.4 21.5 4496
CCAmatil 14.44xa -.05 14.49 11.60 5.5 23.9 987
CmwBkAu @ 67.85xd +.58 67.85 47.50 7.6 15.2 3615
CSL @ 59.98 -.02 60.10 32.12 1.6 27.6 1128
FortescMet 4.53 -.19 6.18 2.81 1.3 11.7 17657
Leighton 22.96 -.65 26.65 14.71 4 17.2 1161
MacQuarie 37.15 -.57 39.69 23.56 4 16.1 1368
NatAusBk @ 30.40 +.2 30.60 21.95 8.5 17.3 5130
NewcrestM@ 22.25 -.41 33.98 20.89 1.6 21.9 5090
NewsCorpA 28.05 -.17 28.42 17.94 0.5 - 69
NewsCorpB 28.52 -.06 28.88 18.36 0.5 17.2 830
Orica 26.71 -.6 28.27 22.86 4.1 24.5 1252
OriginEgy 12.19xd +.02 14.15 9.84 5.9 18.8 4643
QBE InsGrp 13.67 +.29 14.71 10.02 4.2 21.8 8684
RioTinto 66.08 -.97 72.30 48.37 3.5 - 2046
Santos 13.25xd -.16 14.63 10.04 3.2 24.4 7318
Stockland 3.72 -.04 3.79 2.90 6.5 - 4881
Suncorp 11.27xd - 11.98 7.33 7.6 15.8 3613
Telstra @ 4.53xd -.06 4.69 3.18 8.8 15.8 39954
Wesfarm @ 41.60xd +.57 41.62 28.25 5.9 21.5 2255
Westeld @ 11.10 -.1 11.40 8.57 4.5 14.6 8043
WestdRT 3.05 -.13 3.26 2.43 6.1 11.3 240128
Westpac @ 31.03 +.26 31.12 20 7.6 15.8 6979
WoodsdPt @ 37.15xd -.35 38.50 30.09 4.8 10.5 2127
Woolworth @ 34.83 -.1 35.08 24.56 5.3 21.4 2001
AUSTRIA
(Mar 1/Euro)
Andritz 53.88 -.14 54.72 34.12 2 22.5 186
ErsteGrBnk 24.95 +.28 26.90 13.33 1.6 12.7 994
Immon 3.20 -.01 3.43 2.21 7.8 29.1 1566
OMV 33.28 -.07 33.50 21.21 3.6 8 306
Raieisen 28.89 -.08 33.95 21.65 4 6.5 156
Strabag 19.31 +.46 23.14 17.03 3.1 - 14
TelekAust 5.21 +.15 9 4.51 1 21.7 555
Verbund 15.62 -.31 23.20 14.50 3.5 15.3 310
Vienna Ins 38.58 -.21 41.22 26.78 2.9 3.7 44
Voestalp 25.30 -.56 28.78 19.72 3.2 14.7 364
BELGIUM/LUX
(Mar 1/Euro)
Ackermans 69.30 -.47 70.49 59 2.4 13.7 42
Ageas 25.83xa -.26 27.27 12.17 4.6 8.2 532
AnBshInBv@ 72.23 +.47 72.69 49.14 2.4 21 1691
Belgacom 20.21 -1.2 24 19.36 10.8 8.9 4113
Colruyt 37.36 -.39 38.68 28.55 2.5 16.9 143
Dlhaiz 35.98 -1.04 41.76 25.59 4.9 9.7 597
GBL 61 -.19 62.18 49.14 4.3 9.1 123
KBC 27.80 -.62 30.93 11.15 3.6 54.5 1284
SES 23.40 -.08 25 17 4.1 - 1
Solvay 108.75 -.7 119.50 71.13 2.9 23.6 198
Telenet 39.02 -.2 39.34 28.57 10.9 - 350
UCB 45.64 +1.39 46.14 29.12 2.2 47.7 711
Umicore 37.73 -.57 44.90 32.79 2.7 18 637
BRAZIL
(Mar 1 / 12:00 am/Real)
Ambev @ 88.17xd +.37 94.29 67.20 2.9 27.4 627
BcoBrad 35.55xd +.33 37.20 22.57 4.7 - 758
BcoSantdr 0.14 - 0.18 0.13 2.9 - 34
BM&FBovsp 13.05 -.36 14.44 8.84 3.4 19.3 4088
BncBrasil @ 26.95 +.61 29.79 18 8 6.3 6777
Bradesco @ 35.45xd +.13 38.47 26.60 5.2 11.9 4167
BrasilFds 42.73 -.22 46.75 27.53 - - 503
Cielo 59.43 - 64.11 44.56 4.1 16.8 4526
Eletrobras 6.75 -.2 19 6.03 132.7 - 1164
GerdauPf 15.95 -.5 21.67 15.21 1.5 13.1 3544
ItauHldFin @ 35.17xd +.1 38.94 26.73 0.5 11.9 4777
ItuasaPf @ 10.32xd -.03 11.49 7.99 1.8 10.5 6089
JBS 6.63 -.23 8.50 4.91 - 28.4 3550
OGX Petro 3.05 -.1 18.23 3 - - 57972
PetrobasPf 16.79 +.18 25.30 16.40 11.6 10.3 20211
Petrobras @ 14.57 +.08 26.60 14.28 13.3 - 6829
SiderNacO 9.86 -.14 19.55 9 8.3 - 2919
SouzaCruz @ 31.51 -.08 33.33 24.27 14.6 29.3 415
UsinasMin 9.68 -.12 13.77 5.57 11.2 - 3903
ValRio @ 37.13 -.67 44.76 32.21 4.1 - 2339
ValRioPrf 35.62 -.93 43.43 31.73 12.9 19 10646
CANADA
(Mar 1 / 1:00 pm/Can $)
Agnico-E 41.09xd -.27 56.99 31.91 2.1 22.9 320
Barrick @ 30.44xd -.83 49.44 30.36 2.7 - 1369
BCE @ 46.52 +.03 46.65 39.34 4.9 13.7 540
BkMontrl @ 64.04 -.17 64.70 53.15 4.5 10.6 760
BkNvaS @ 61.06 -.37 61.45 50.26 3.7 11.7 738
Brookeld @ 39.12 +.01 39.23 30.09 1.5 19 327
Cameco 21.45 -.55 25.10 16.50 1.9 31.9 521
CanadPcR 126.35 +.9127.10 71.61 1.1 45.2 272
CanImp @ 83.07 -.08 84.99 69.13 4.5 10.6 1061
CanNatRs @ 31.23 -.29 38 25.58 1.3 14.5 1045
CanNatRy @ 103.84 -.82 104.89 74.50 1.5 17 312
CanOilSd 20.76 -.35 24.09 18.21 6.7 10.3 374
CenovusE @ 32.67 -.72 39.42 30.09 2.8 24.9 863
Enbridge @ 45.82 -.16 45.98 36.47 2.5 58.8 299
Encana 18.32 -.23 23.86 17.41 4.5 - 561
Goldcorp @ 33.23 -.43 50.17 32.34 1.7 17.2 826
GtWesLif @ 27.23xd -.17 27.54 19.82 4.5 14.3 201
HuskyE @ 31.61 -.1 32.34 22.04 3.8 15.5 435
ImpOil @ 42.97xd +.09 48.62 39.77 1.1 9.7 1688
KinrossG 7.86 +.01 11.47 7.15 2.1 - 1426
Loblaw 41.21 -.26 42.19 31.11 2.1 18.1 162
Manulife @ 15.29xd -.01 15.75 10.18 3.4 17.9 1502
NatBkCan 78.28 -.28 81.27 71.05 4 8.4 209
Potash @ 40.71 -.67 47.28 37.02 2.1 17.3 794
Power Cp 27.40 -.16 27.70 21.70 4.2 12.3 178
PowerFn @ 29.73 -.1 30.15 24.06 4.7 11.5 156
ResMot - -13.01 18.49 6.10 - -
RogCmB @ 49.05 +.07 49.51 34.75 3.3 14.9 510
RylBkC @ 63.89 -.13 64.92 48.70 3.8 12.5 733
Suncor En @ 31.07xd -.18 36.80 26.97 1.7 17.5 1747
SunLfFin 28.50xd -.31 30.03 19.76 5.1 12.2 821
TalismEnrgy 12.70 -.25 14.69 9.72 1.6 - 771
TeckResB 30.92 -1.01 41.12 26.02 2.7 22.3 1388
TelusCorp @ 70.71 -.18 71.16 56.41 3.5 17.6 300
ThmReut @ 31.24xd -.27 31.59 26.65 4.2 12.7 175
TntoDom @ 84.97 +.12 86.20 75.70 3.6 12 1168
TransCan @ 47.91 -.13 49.44 41.47 3.7 26 573
Weston Ltd 74.05 -.5 74.60 57 2 20.2 28
CHINA
(Mar 1/Renminbi)
AgricBkCh 2.95 -.05 3.28 2.38 4.5 6.8 143711
Air China 5.51 -.04 7.43 4.50 2.1 18.5 15997
AluCorpCh 3.19 -.16 4.41 2.86 - - 151122
AlumCpCh 4.86 -.04 7.89 4.55 - - 14642
AnhuiCC 29.20 +.85 31.70 19.10 1.5 14.8 19129
BaoshanStl 5 -.01 5.36 4.07 - 7.4 25765
Bk China 2.99 -.02 3.26 2.58 5.2 6.4 53638
BkofComms 4.98 -.05 5.68 4.07 2 5.6 87716
ChCiticBk 4.72 -.03 5.36 3.49 3.1 6.2 31092
ChCoalEgy 7.54 -.08 10.22 6.62 - 11.5 13728
ChConstBk 4.70 -.01 5.19 3.82 5 6.2 38713
China Life 18.36 -.54 22.70 16.06 1.3 57.4 39955
ChinaUncm 3.53 -.03 5.04 3.15 0.9 41.3 80500
ChMinsheng 10.18 -.18 11.91 5.39 4.4 7.9 374032
ChMrchBk 13.07 -.23 15.01 9.54 3.2 6.9 127953
ChPacIns 19.69 -.53 23.88 16.15 - 38.2 28055
ChShBldIn 5.48 +.06 6.86 3.91 - 20.6 66745
ChShenEgy 22.64 -.31 28.65 20.93 - 9.5 17988
ChStCnsEng 3.83 -.06 4.18 2.90 2.1 8.1 97776
ChYgtzPwr 7.20 -.07 7.86 6.13 3.5 11.9 21245
Citic Sec 14.77 +.12 15.97 9.54 2.9 12.9 126950
Daqin Rail 7.90 +.05 8 5.82 4.9 10.1 45018
InCBkChina 4.17 -.04 4.53 3.60 4.9 6.4 59158
IndstrlBk @ 20.16 +.29 21.48 11.59 1.8 6.6 167518
Moutai @ 173.82 -1.18 266.08 172 2.3 14.3 3800
Ping An 45.95 -1.12 53.27 34.60 0.9 17.4 47743
Saic Motor @ 16.48 -.36 19 11.17 1.8 8.7 46408
ShangPort 2.87 - 3.13 2.37 4.1 14.6 4498
ShngPdgBk@ 11.17 +.11 12.27 7.10 2.7 6.2 223209
ShznVanke 12.04 +.04 12.75 7.60 1.5 10.5 87507
Sinopec 7.21 -.02 7.79 5.75 4.2 12.1 35827
WulianYnb @ 24.56 +.12 39.55 23.31 2 10.2 30673
CZECH REP
(Mar 1/Koruna)
Cez @ 596.60 +4.6 834 545 7.5 7.7 453
KomercBnk 3.97k -30 4.23k 3.05k 5.8 10.8 15
TelCzRep 324.50 -.5 404.28 299 12.3 15.4 171
DENMARK
(Mar 1/Kr)
Carlsberg B 588 +1 602.50 414.10 0.9 16 238
DanskeBk 108.10 +1.8 113.40 75 - 21.8 2220
MoellerMA 43k -960 45.08k 33.4k 2.8 - 1
MoellerMB@ 45k -680 47.48k 35k 2.7 9.1 5
NovoB @ 1.01k +10.5 1.1k 763.50 1.8 25.8 433
Novozym 198xd -1.1 199.60 144.40 0.6 28.2 442
TDC 43.20 +.2 44.75 36.90 10.6 9.6 2586
VestaWind 41.01 +.21 66.35 23.25 - - 1594
WilDemant 459.40 +2.8 596.50 448 - 21.5 237
DUBAI
(Feb 28/US$)
DPWorld 13.05 - 13.50 9.80 1.8 48.3 127
FINLAND
(Mar 1/Euro)
Fortum @ 14.59 -.02 19.36 12.81 6.9 10.6 1964
Kone Corp 62.70xd +.7 65.40 38.88 2.8 26.7 430
Metso 32.62 -.28 37.27 24.88 5.7 13.1 661
Neste Oil 11.42 -.11 12.23 7.11 3.3 18.4 803
Nokia 2.72 -.05 4.22 1.33 - - 24302
OtkmpA 0.67 + 1.68 0.63 - - 3157
SampoA 28.59 +.28 28.78 17.91 4.7 11.4 880
StorEnsR 5.19 +.04 5.81 4.14 5.8 8.5 5640
UPMKym 8.94 -.02 10.69 7.82 6.7 - 2292
Wartsila 35.28 -.12 37.92 23.30 2.8 20.6 328
FRANCE
(Mar 1/Euro)
Accor 27.48 -.16 29.63 21.98 2.8 - 1070
ADP 64.66 -.04 67.29 55.70 3.2 20.3 57
AirFrn-KLM 8.20 +.05 8.95 3.01 - - 3251
AirLiquide @ 94.38 +1.18 100 83.65 2.6 18.2 1306
Alcatel 1.07 1.95 0.71 - - 23285
Alstom 33.80 - 34.44 22.71 2.4 12.9 1149
AXA @ 13.14 -.17 14.11 8.65 5.5 7.4 7684
BNP Parib @ 42.37 -.74 47.92 24.54 3.5 8.1 5418
Bouygues 21.62 -.02 24.77 17.54 7.4 10.8 1983
CapGemini 37.20 -.5 38.57 25.24 2.7 13.6 1062
Carrefour 20.58 -.3 21.63 12.87 2.5 22.9 2516
Casino 77.03 +.03 78.34 61.69 3.9 8.2 160
ChristianD@ 130.05 +2.1 136.80 98.08 1.7 18.2 138
CNP 11.20 -.21 12.90 7.52 6.9 7.2 358
Colas 116.10 -1.1 137.99 96 6.3 12 1
CredAgric 7.03 -.18 8 2.84 - - 12608
Danone @ 53.11 -.08 54.96 45.61 2.7 18.9 1193
DassaultSy 87.37 +.43 88.25 61.60 0.8 31.4 149
EADS @ 38.95 -.23 39.99 24.26 1.5 26 2734
EDF @ 14.37 -.12 19.72 13.39 8 8 1589
Eiage 33.65 -.16 37.75 20.53 3.6 13.6 152
Eramet 93.73 -4.11 125.35 75.95 1.4 30.4 27
Essilr @ 79.59 +.54 80.79 58.04 1.1 28.4 695
FranceTele @ 7.31 -.11 11.77 7.20 10.7 23.5 9991
GDF Suez @ 14.18 -.3 20.35 14.05 10.6 20.3 5427
Gecina 86.12 -.83 89.90 64.92 5.1 23.2 27
Hermes @ 257.85 +2.65 280.93 207.70 0.8 42.1 21
JC Decaux 20.92 +.12 23.48 15.75 2.1 23.2 91
Klepierre 31.70 +.22 31.85 22.39 4.7 36.5 239
Lafarge 51.79 +.15 52.17 27.54 1.9 45.2 858
Lagardere 27.42 +.08 27.48 18.48 4.7 - 360
Legrand 34.88 -.34 35.44 23.50 2.9 17.9 671
LOreal @ 115.20 +.65 115.90 84.53 2 26.4 523
LVMH @ 131.40 -.5 143.40 111 2.2 19.2 584
Michelin 67.21 -1.23 73.89 45.32 3.6 7.1 669
Natlxis 3.23 +.04 3.69 1.76 3.1 11 5773
PernodRic @ 99.28 -.11 99.80 74.85 1.6 21.9 455
Peugeot 5.56 -.24 14.64 4.32 - - 5684
PPR @ 172.90 +1.2 175.05 106.35 2.2 20.8 296
Publicis 50.55 -.07 51.65 35.11 1.8 13.9 574
Renault 48.74 +.12 49.32 29.01 3.5 7.5 1320
Safran 36.15 +1.07 36.50 24.10 2.7 11.5 1465
Sano @ 72.23 -.35 74.29 53.20 3.8 19.2 2145
Schneider @ 58.20 -.72 60 39.40 3.2 17.2 1226
SocGen @ 28.65 -.76 34.40 15.10 1.6 44.3 5714
Sodexo 71.60 +.66 71.72 56.61 2.2 20.6 171
StGobn @ 30.26 -.3 37.39 23.90 4.1 20.8 2032
STMicro 6.08 -.03 6.70 3.64 5.1 - 2193
SuezEnvir 9.98 -.23 12.23 7.81 6.5 34.8 1790
Technip 80.77 -2.19 92.36 69.21 2.1 18.6 627
Thales 30.30 +3.32 31.44 23.07 2.9 11.9 2488
Total @ 38.32 +.02 42.97 33.42 6.1 8.1 5060
UnibailR @ - -174 188.50 130.50 - -
Vallourec 40.10 -.74 54.88 25.69 1.7 22.3 742
VeoliaEnv 9.64 + 13.06 7.38 7.3 - 5445
Vinci @ 35.38 -.07 40.85 31.23 5 9.9 1567
Vivendi @ 15.61 -.52 17.44 12.01 6.4 - 4989
GERMANY
(Mar 1/Euro)
Adidas 70.54 +.74 72.64 54.75 1.4 18.1 890
Allianz @ 104.05 -.65 108.65 68.50 4.3 9.1 1716
AxelSprg 36.07 -.03 39.87 30.92 4.7 16.9 158
BASF @ 71.83 -.35 76.20 51.13 3.6 13.5 2493
Bayer @ 75.37 -.49 76.42 47.63 2.5 25.5 2236
Beiersdorf @ 66.83 +.04 67.31 46.52 1 55.7 424
BMW @ 69.20 -1.5 76.16 53.16 3.3 9.5 2203
Celesio 13.83 -.02 15.57 10.72 1.8 - 316
Commerzbk 1.40 -.01 2.04 1.12 - 8.3 41709
Continental@ 89.77 -.14 91.41 60.48 1.7 10 550
Daimler @ 45.68 +.01 48.95 32.86 4.8 8 4247
Deut Bank @ 33.57 -1.52 39.51 22.11 2.2 10.7 11243
Deut Brse 47.76 +.28 52.30 36.25 4.4 14.7 855
Deut Tlkm @ 8.12 -.11 10.06 7.69 8.6 - 18348
DeutPstbk 32.39 -.37 35.30 27.26 - 16.4 6
DeutsPost @ 17.29 +.1 17.78 12.64 4 16.3 2743
E.ON @ 12.70 -.1 19.74 12.42 8.7 5.7 9791
Fielmann 72.25 -.37 77.23 65.20 3.7 24.7 68
FraPort 45.07 -.46 49.84 39.66 2.8 15.8 88
Fresenius @ 94.38 +.24 96.93 68.60 1.2 18 468
FresMedC @ 52.48 -.05 60.27 47.79 1.4 38.3 614
GEAGrp 27.15 -.13 28.20 19.47 2 16.2 312
Hann.Rck 59.75 -.18 60.60 40.01 3.5 8.1 161
HeidCmnt 52.90 +.08 53.50 32.12 0.7 30.9 804
Henkel 67.98 +.47 68.33 47.16 1.2 23.7 536
Hochtief 50.59 -.95 55.68 34.64 2 - 380
Inneon 6.52 -.04 7.99 4.87 1.8 19.8 7348
K & S 35.97 -.04 41.50 30.14 3.6 14 1725
LANXESS 65.78 +.86 69.99 45.75 1.3 11.7 837
Linde @ 138 -.9139.65 109.80 1.8 19.7 444
Lufthansa 15.47 +.02 16.09 7.88 - 41.8 2430
MAN 88.08 +.08 103 70.39 1.1 73.4 192
Merck KG 109.75 +1.75110.30 71.95 1.4 55.4 347
Metro 22.53 -1.17 32.15 19.52 6 19.3 3472
MTUAero 71.59 +.37 73.85 55.34 1.7 17.9 121
MuenchRkv@ 137.20 -.5 139.75 95.85 5.1 7.3 502
Porsche 60.01 -.72 67.10 37.69 1.3 18.4 476
Puma 236.50 +3.1 277.05 209.05 0.2 50.8 15
RWE @ 28.64 +.51 37.12 26.36 7 7.6 6198
Salzgitter 36.03 -.52 46.82 27.03 1.2 - 286
SAP @ 60.35 +.5 62.79 43.62 1.2 13.9 2716
Siemens @ 79.67 +.05 84.75 62.13 3.8 16.4 1815
SMASolar 22.33 +.16 40 15.61 5.8 6.4 65
Suedzucker 33.93 +.38 34.34 21.43 2.1 10.2 393
ThyssenKr 16.77 -.51 20.90 11.45 - - 3706
Volkswgn @ 154.65 -3.2 175.65 108.50 2.3 3.3 125
WackerChm 66.55 -2.45 76.89 40.48 3.3 77.4 3
GREECE
(Mar 1/Euro)
Alpha Bk 0.98 -.04 2.42 0.66 - - 2472
BkPiraeus 0.25 -.02 0.68 0.19 - - 3763
Coca Cola 20.90 - 21 11 1.6 40.2 220
EFGEbk 0.41 +.02 1.37 0.35 - - 1835
HelPetro 8.38 -.1 9.13 3.94 1.8 38.1 98
HelTel 5.92 -.37 6.82 1.09 - 6.6 1662
NatBkG 0.92 -.07 2.71 0.89 - - 3813
OPAP 6.55 +.03 7.76 3.50 11 4.2 746
PublPwrC 7.23 -.32 8.28 1.13 - - 614
TitanCem 14.50 -.22 16.48 10.07 1.3 - 94
HONG KONG
(Mar 1/H.K.$)
AgricBkCh @ 3.97 -.03 4.44 2.72 4.1 7.3 71938
AIA @ 33.60 - 33.80 24.05 1.1 17.2 95605
Bk China @ 3.57 -.09 4 2.73 5.4 6.1 381142
Bk of EAsia 31.70 - 32.45 24.95 3.3 11.7 8693
BkofComm@ 6.04 -.1 6.70 4.75 2.1 5.2 64247
BOC HK @ 26.30 +.15 27.10 20.80 4.2 14.1 14590
CathayPcA 14.56 +.08 16 11.76 2.3 32.6 3518
ChConstBk @ 6.34 -.06 6.75 4.71 4.6 6.8 265416
ChinaLife @ 23.15 -.15 27.35 17 1.2 35.7 53487
ChinaMob @ 84.55 -.9 92.60 76.50 4 11 12853
ChinaRes 24.80 -.4 30.80 18.88 1.9 17 2967
ChinaTele 4.01 -.01 4.92 3.23 2.1 17.1 38941
ChMerch 26.80 -.1 29 21 2.5 19.4 2448
ChngKong @ 118.90 -1.7 131.80 86 2.7 9.7 4307
ChOvLnd&In 23.10 -.45 25.60 11.05 1.6 11.4 16403
ChResLand 22.60 -.05 24.50 12.40 1 15.6 5825
ChResPwr 22.30 +1.35 23.40 13.42 1.3 21.2 8498
ChRongshng 1.41 +.01 2.90 0.95 1.9 11.3 13604
ChShenEgy@ 29 -.4 36.25 24.15 3.9 9.6 18141
ChUncHK @ 11.04 -.14 14.38 9.45 1.1 42.6 16453
Citic Pac 11.26 -.66 14.92 8.64 4 4.7 20706
CKI Hld 51.10 +.25 52.10 42.25 3.1 14.2 1783
CLP @ 67.55 +.8 69 62.50 3.8 19.6 7558
CNOOC @ 14.88 -.36 17.84 13.18 2.9 8.7 102535
EspritAsia 10 -.12 19.78 8.83 1.5 16.1 12302
HangLung 29.10 -.95 31.65 23.80 2.5 15.5 9351
HangSeng @ 126.20 +.8 129 99.20 4.1 13.4 2111
HendersLd 53.25 -.7 59.90 37 1.9 7.8 2872
HKChGas @ 21.65 -.05 22.50 16.02 2.3 26.7 8335
HKExch 140.10 +.6 150.70 100 2.4 33.6 3812
HSBC 85.30 -.55 88.45 59.80 4.1 15.7 25691
Hutchison @ 84.75 +1.2 88 61.80 2.5 18.1 8998
In&CmBkCh@ 5.52 -.05 6 3.97 4.6 6.8 212366
Li & Fung 10.48 +.08 20.15 9.93 4.7 14.5 16528
MTR @ 32 - 32.40 24.60 2.4 14.8 3239
NewWorld 14.20 -.08 15.12 7.95 0.1 7.4 14625
PetroChina @ 10.50 -.16 11.90 9.03 3.8 13.2 70339
PowerAst @ 70.05 +.9 72.80 53.40 3.3 16 4856
SHK Props @ 117.70 -2.3 130.80 85.30 2.8 7.1 6283
Sino Land 14.06 -.04 15.60 10.10 3.4 6 8558
Sinopec @ 9.02 +.2 9.57 6.38 4.1 11.6 242316
Swire Pacic@ 99.75 -.35 101.30 81.15 3.4 2.8 1148
SwirePac B 19.20 +.1 19.50 16.18 3.5 4.5 290
Tencent @ 268.60 +.4 281 193.60 0.3 33.6 3191
WharfHld @ 66.80 -1 71 39 1.7 5.1 6550
Wheelock 42.40 +.05 45.45 22.75 1.7 3.3 2522
INDIA
(Mar 1/Rupee)
BharatHvy 200.90 -.3 323.70 195.05 2.9 6.9 483
BhrtiAirtel @ 310.95 -12.6 370.40 238.50 0.3 42.6 880
CairnInd 293 -5 389 290.20 3.4 4.8 844
CoalIndia 314.20 +3.9 386 301.20 0.2 12.3 245
PPB Grp 12.42 +.04 17.50 11.16 1.6 19.7 474
Public Bk 16.10xd -.02 16.42 13.50 3.1 14.6 969
Public BkF 16.10xd - 16.48 13.36 3.1 - 851
SimeDarby @ 9.21 - 10.26 8.93 3.5 13.6 3599
TelekmMala 5.30 -.02 6.40 4.79 9.8 12.7 11131
Tenaga Nsl 6.90 -.04 7.22 6.10 2.2 6.4 9629
YTL Power 1.51 -.01 1.89 1.50 2.5 9.3 2159
MEXICO
(Mar 1 / 12:00 am/Peso)
AmerMvl @ 13.20 -.14 18.72 13.16 1.5 11 57335
CemxCPO 13.89 +.19 14.31 7 6.7 - 27543
FEMSAUBD@ 139.95 -2.67 147.75 91.21 1.3 47.1 897
GrpElektra 530.95 +.95 1.28k 407 0.4 - 88
GrpMexico @ 50.49 +.44 50.50 34.65 3 - 7707
Inbursa @ 35.87 -.13 42.98 24.12 0.9 27.2 258
TlvCPO 69.13 +.57 73.56 48.50 0.5 24.9 1041
Walmex @ 39.71 -.29 45.15 34.12 1.1 31.7 5085
NETHERLANDS
(Mar 1/Euro)
Aegon 4.51 -.07 5.26 3.12 - 8.7 10599
Ahold 10.92 -.08 11.24 9.01 4 13.8 4192
Akzo N 48.40 -.54 52.84 34.85 3 - 660
ArcelorMit @ 11.24 -.28 16.42 10.60 1.4 - 9809
ASML Hld @ 54.55 +.03 58.09 34.64 22.8 13.2 1139
Boskalis 32.87 +.05 34.84 23.27 3.6 14 236
Corio 35.61 +.27 41.22 31.57 7.8 - 431
DSM 44.62 -.23 47.42 36.42 3.4 26.4 735
Fugro 35.70 -.8 57.88 35.12 4.2 9.3 481
Heineken @ 57.32 +.13 57.90 37.04 1.6 11.2 633
ING @ 6.01 -.15 7.91 4.44 - 5.8 32034
KPN 2.56 -.05 8.59 2.50 4.7 5.2 18278
Philips @ 21.56 -.16 23.44 13.57 3.2 - 2540
PostNL 1.78 -.04 4.58 1.70 14.6 0.2 6549
Randstad 32.61 +.04 33.08 20.53 3.8 - 853
ReedElsvr 11.86 +.22 11.88 8.10 3.9 12.8 3881
Robeco 25.43 +.11 25.43 21.58 2.4 62 35
RylDShlA 25.34xd +.16 28.99 24.30 5.3 7.9 5669
Unilever @ 29.99xd +.28 30.20 24.51 3.1 20.9 4253
WoltKluw 15.37 +.11 15.89 11.39 4.5 14 1127
NEWZEALAND
(Mar 1/NZ $)
AucklndAir 2.82 -.02 2.90 2.40 7 24.8 4192
ContactE 5.45xc +.06 5.49 4.49 7 18.6 245
FletchrBld 9.13 -.02 9.52 5.82 4.1 33.6 3090
Telc.of NZ 2.37 -.05 2.75 2.13 13 14.3 22171
NORWAY
(Mar 1/Kroner)
AkerSol 111.80 -1.3 124.60 72.20 3.6 13.4 823
DNB @ 85.25 -.25 86.20 53 2.5 10.2 2697
NorskHyd 25.14 -.26 34.23 22.97 3 - 5873
Orkla 47.01 +.02 49.98 39.21 5.3 28.8 1213
Roy.Carib. 200xd +1.5 213.50 134.50 1.3 - 901
Seadrill @ 211.10 +2.2 246.90 188.50 11.4 16.5 1138
Statoil @ 141.90 -.8 162.80 133.20 4.8 6.6 2710
Subsea 7 135.70 - 147.69 106.41 2.6 9.9 1261
Telenor @ 123.80 +.2 124.90 86.90 4.8 53.1 982
YaraIntl 272.60 -1.8 305.50 221.70 4.8 7.3 1039
POLAND
(Mar 1/Zloty)
BkPekao 159 -1.4 173.10 128.10 3.4 14 542
BRE Bank 344 +6.5 344.80 255.70 - 12 21
ING Bank 90.95 - 93.50 71.50 - 13.8
KGHM 174 -6.7 194.80 109.60 16.3 4.6 2383
PGNIG 5.73 +.01 5.86 3.61 - - 4153
PKN Orlen 54.90 +1.25 56 31.44 - 10 595
PKO Bank 35.30 -.3 37.50 30.10 3.6 11.5 3568
PZU 405.20 +2.3 442 290.10 5.5 10.5 172
Telek.Pol 7.27 +.47 17.34 6.71 6.9 11.2 8224
PORTUGAL
(Mar 1/Euro)
B.EspSanto 0.90 -.02 1.19 0.43 - 34.7 17855
BCPort 0.11 0.18 0.06 - - 94398
BncoBPI 1.20xr -.05 1.38 0.34 - - 2003
BRISA 2.26 +.04 2.79 1.62 13.7 29.8 48
Cimpor 3.39 - 5.70 2.93 4.9 - 26
EDP 2.28 -.02 2.45 1.63 8.1 7.5 4715
GalpEnerg 11.70 -.12 13.78 8.33 1 28.2 823
JeronimoM 15.35 +.09 16.66 11.26 1.8 26.8 812
PortTlcm 3.84 -.04 4.46 3 8.5 16.9 3757
Sonae 0.69 -.02 0.76 0.37 4.8 15.4 2609
RUSSIA
(Mar 1/Rouble)
Bank VTB @ 0.06 0.07 0.05 1.4 8.1 45831530
GazProm @ 134.75 -2.65 200.80 131.72 6.7 2.6 40692
GMK Noril @ 5.35k -57 6.13k 4.5k 3.7 8.2 207
Gzprmneft @ 136.50 -1.27 177.25 119.20 5.3 3.7 264
Lukoil @ 1.96k -4.4 2.05k 1.55k 2 5 1134
MTS 270.90 +3.17273.48 202.02 5.4 20.2 2076
Novatek @ 317 -11.5 442.73 269.66 2.1 7.5 1786
NovoSteel 57.95 -.92 73.67 46.59 3.5 14.4 2604
Rosneft @ 241.88 -2.13 275.50 184.61 1.4 6.7 5764
RusHydro 0.68 -.01 1.21 0.68 1.1 29.7 428556
SbankR @ 103.09 -1.48 111.50 75.30 2 6.9 60711
Severstal 337.40 -3.7 455.80 330.20 3.2 7.1 1128
Surgnfgz @ 28.58 -.11 33.89 24.03 2.1 4.3 20260
SINGAPORE
(Mar 1/S$)
Capitalnd 3.86 -.05 4.03 2.40 1.8 14.3 7866
DBS @ 15.15 +.04 15.35 12.91 3.7 9.6 3540
Jard Math @ 65.51 +2.19 66.25 47.40 1.9 11.7 271
Jard Str @ 38.59 +.19 39.35 29.10 0.6 10.5 176
Keppel 11.70 +.06 11.74 9.57 3.8 9.4 4370
OCBC @ 10.05 -.05 10.14 8.14 3.3 8.8 2668
SIALtd 10.81 -.08 11.35 10.06 1.5 46.6 667
Sing Tech 4.20 -.05 4.29 2.89 4 22.4 900
SingTel @ 3.44 - 3.62 3.02 4.6 13.9 19505
UOB @ 19.15 +.07 20.23 16.91 3.7 11.1 3641
WilmarInt 3.51 -.04 5.15 2.99 1.4 14.7 4386
SOUTH AFRICA
(Mar 1/Rand)
Absa 162.70 +.38 173.15 132.20 4.2 13.9 960
AngGold 218.30 -68.7 329.83 215.85 1.4 - 1642
Anglo 256.40 -6.6 326.45 230.76 3.3 - 3476
AngloPlat 425.74 +.99 598.50 358.74 - - 256
ArclrMttal 29.81 +1.05 66.04 25.17 - - 206
Firstrand @ 31.13 +.31 33.59 23.05 3.3 12.1 11774
GoldFields 74.47 -1.33 101.30 73.57 3.2 10.7 4784
Harmony 56.50 -.19 101.43 55.26 1.8 12.4 1234
Implats 138.92 +.42 176 123.47 0.7 20.1 1404
Kumba Iron@ 570.42 +1.09 619.55 456.75 45287.3 0 189
MTN @ 180.41 +4.48 184.45 127 4.4 15.2 4505
Naspers N @ 601.56 +18.61 603 396.55 0.6 44.5 1924
NedbankGrp 194.39 +2.55 197.87 158.79 3.9 11.9 451
OldMut 28.33 +.75 28.32 18 12.7 - 12537
SAB Mllr 452 +8.5 454.95 301.75 2.1 - 1362
Sanlam 46.47 +1.5 47.75 30.12 2.8 16.9 6305
Sasol @ 390.78 +7.28 405.97 333.21 4.5 10 1230
Stanbank @ 116.82 +.34 120.89 100.05 4.2 12.8 2930
Telkom 15.02 -.2 26.88 14.91 9.7 - 168
Vodacom @ 121.10 +2.1 129.88 89.01 26836 0 2587
SOUTH KOREA prices in 000s
(Feb 28/Won)
HyundaiHvy 214.50xd - 346.50 193.50 1.2 8.6 -
HyundaiMot@ 218xd - 272.50 195 0.9 6.8 -
HyundEng 68.40xd - 87.50 55.60 0.7 15.3 -
HyundMobis@ 313xd - 325 250.50 0.6 9.1 -
HyundStl 85.10xd - 116 74.80 0.6 8.5 -
IndBkKor 13.10 - 14.80 10.95 4.4 8.1 -
KB Financial 39.50xd - 44.50 32.50 1.5 8.6 -
Kia Motors @ 55.90xd - 84.80 47.85 1.2 10.1 -
Korea T&G 77.20xd - 92.30 70.20 4.1 13.2 -
KoreaEP 32.65 - 35.40 21.20 - - -
KoreaExch 7.60 - 9.12 6.68 31.1 6.2 -
KT Corp 35.80xd - 39.85 27.55 5.6 7.3 -
LG Chem @ 296.50xd - 408 261.50 1.3 13.8 -
LG Corp 65.90xd - 72 51.80 1.5 11.6 -
LG Display 30.55 - 36.95 19.60 - 46.9 -
LG Elect 78.30xd - 94.30 55.80 0.3 34.1 -
LotteShop 389xd - 404.50 273.50 0.4 11.8 -
NHN 263xd - 292.50 210 0.2 23 -
Posco @ 353.50xd - 426.50 304.50 2.3 9.5 -
ShinhanFin 42.65xd - 45.90 33.10 1.6 8.8 -
Shinsegae 226.50xd - 274 182.50 0.4 13 -
SK Hynix @ 26.50 - 30.95 20.10 - - -
SK Innov 178xd - 190 124 1.8 15.6 -
SKTelecom 178.50xd - 183.50 120 4.7 14.7 -
SmsungCT 66.20xd - 82.70 54.90 0.8 21.7 -
SmsungEl @ 1.54kxd - 1.58k 1.09k 0.5 11.5 -
SmsungEM 95.50xd - 112.50 85.70 1 15.2 -
SmsungEPf 880xd - 920 671 0.9 - -
SmsungFre 228 - 244.50 195.50 1.6 12.8 -
SmsungSDI 139xd - 171.50 127 1.1 4.1 -
WooriFin 13.15xd - 14 9.70 1.9 6 -
SPAIN
(Mar 1/Euro)
Abertis 13.27 -.2 13.55 9.33 5 9.5 1908
Acciona 45.50 -1.54 65 29.46 5.8 - 185
Acerinox 8.22 -.04 10.82 7.39 6.7 - 575
ACS 18.15 -.05 23.13 10.38 11 - 1185
Banesto 3.52 -.05 4.20 1.90 7.3 - 318
Bankinter 4.26 -.04 4.97 2.06 2.6 19.4 1158
BanPoplr 0.66 3.15 0.53 61.2 - 65168
BBVArg @ 7.31 -.12 7.86 4.31 5.4 22.4 29118
BcoSabdll 1.67 + 2.47 1.19 0.6 59.4 7363
BcoSantdr @ 5.73 -.08 6.68 3.98 10.9 25.9 53459
BcoValen 0.01 -.1 0.32 0.01 - - 40166
CaixaBnk 3.05 -.1 3.62 2.01 7.5 31.3 6621
CorFinAlba 33.31 +.33 36.20 22.10 3 - 17
DIA 5.84 -.15 6.15 3.32 2.2 24.4 4975
EbroFood 14.50 -.19 15.25 12.07 3.2 13.6 346
Enagas 18.27 -.08 18.58 12.51 8.4 11.5 1130
Endesa 18.01 +.31 18.20 11.30 - 9.4 807
FCC 8.55 -.39 19.95 7.10 7.6 14.5 1357
GAMESA 2.30 -.01 2.87 1.01 0.3 - 1555
GasNatur 15.13 -.07 15.48 8.36 5 10.5 1273
Grifols 27.91 +.63 28.15 14.65 - 53.2 607
GrpFerrov 12.20 +.19 12.22 7.41 10.3 12.6 3233
IAG 2.74 -.03 2.79 1.70 - 24.5 2014
Iberdrola @ 3.74 -.05 4.61 2.63 0.8 7.8 100524
Inditex @ 104.35 +1.7 111.80 63.97 1.5 28.5 974
IndraSis 9.24 -.33 10.85 6.08 7.4 11.3 2192
Mapfre 2.44 -.05 2.64 1.29 4.5 11.3 4983
MedsetEsp 5.20 -.19 5.98 3.23 - 33 1662
OHL 25.50 -.06 25.70 14 2.2 2.5 357
RedElectCp 41.54 -.84 44 29 5.7 9.2 768
Repsol @ 16.29 -.02 20.95 10.90 6.4 11.1 5939
TechReun 37.23 -1.36 39.61 27.23 3.7 15.5 814
Telefonica @ 10.10 +.1 13.17 7.90 7.4 7.4 27044
ZardoyaO 10.80 -.01 11.73 8.09 4.2 21.9 445
SWEDEN
(Mar 1/Kroner)
AlfaLaval 149.40 -1.1 153.20 110.40 2.3 19.7 1215
AssaAbloy 258.20 +1.7260.30 177.50 2 24.8 833
AstraZen 292.40xd -1 327.60 283.30 6.9 9 1148
AtlasCpcoA@ 187.60 -.4 190.10 134.40 2.9 16.4 2930
ElctxB 165.70 +.6 179.40 122.70 3.9 18.2 906
EricssonB @ 78.90 +.45 79.90 55.90 3.5 43.6 5967
H & M @ 232.80 +.7 257.30 207 4.1 22.9 2147
IndVardenA 119.40 -1.1 124.80 87.55 4.2 4.2 140
InvestorB 189.30 -.2 189.60 122.80 3.7 5.9 804
Kinnevik 147.20 -.3 155.20 120.30 4.4 - 355
NordeaBk @ 74.40 -.45 75.35 51.35 3.8 11.1 8830
Sandvik 104.30 -.8 109 81.65 3.4 15.9 3139
ScaniaA 127.90 -1.5 140 109.20 3.7 - 15
ScaniaB 133 -1.6 142.20 111.20 3.6 15.4 842
SEB @ 67.80 +.45 68.15 38.87 4.1 12.8 5829
SkanskaB 114.50 -.3 121.20 93.30 5.2 16.5 1409
SKF B 159.30 +.2 172.40 126.20 3.5 15.3 1470
SSABA 49.07 -1.03 71 45.10 2 - 4467
SvenCellB 158.70 +.6 160.20 98.75 2.8 22.5 1167
SvenskaHn@ 281.70 +.6283.50 197.90 3.8 12.4 2021
Swedbank @ 157.30 +1.8 158 96.45 6.3 12.9 2725
SwedMatch 212.50 +.7 294.50 198.90 3.4 14.8 394
Tele2B 102 -1 130.39 101.50 7 13.9 1602
TeliaSonra @ 44.20 -.18 49.65 41.03 6.4 9.7 10806
VolvoA 96.35 -.6 100.50 73.80 3.1 - 259
VolvoB @ 96.55 -.45 100.60 73.60 3.1 13 6373
SWITZERLAND
(Mar 1/Frs)
ABB Ltd @ 21.43 +.02 21.60 14.45 3.2 19.8 5024
Actelion 48.19 -.17 48.88 31.88 2.1 18.5 340
Adecco 54.05 +.6 54.70 36.13 3.3 17.7 588
Baloise 84.50 +.4 85.05 58.30 5.3 51.8 416
CredSuisse@ 24.80 -.31 27.85 15.97 0.4 29.2 8379
GAMHldgs 15.75 -.2 16.30 9.92 3.2 - 841
Givaudan 1.13k +8 1.13k 830 3.2 29.4 29
Holcim @ 76.15 +.4 77.05 49 1.5 39.5 1448
JulBaerGp 35.37xr -.15 37.97 29.34 1.7 24.1 708
Kuhn&Nag 106 -1.8 124.50 93.10 3.6 25.3 400
Logitech 6.41 +.08 9.90 6.03 12.3 - 1151
Lonza Grp 58.85 +.3 60.90 32.81 3.7 16.8 337
Nestle @ 65.20 -.3 65.70 53.80 3.1 19.3 4876
NobelBiocr 8.89 -.21 11.78 7.09 2.2 19.8 789
Novartis @ 64.40 +.75 65 48.29 3.6 18.2 8321
Pargesa 66.55 -.4 68.95 51.05 3.9 9.5 54
Richemont@ 75.15 -.2 81.45 48.13 0.7 18.1 991
Roche @ 215 +.3215.80 148.40 3.4 19.3 2599
Roche Br 215.60 +.4216.80 156.10 3.4 - 30
Schindler 139.90 -1.1 141.40 104.20 1.6 29.6 51
SchndlerPC 145.10 -.1 146.50 102.60 1.5 23.9 139
SGS SA 2.43k +45 2.44k 1.62k 2.4 18.2 13
Sonova 114.10 +1.9 115.30 83.30 1.1 26 146
SwatchGpI @ 537.50 +4.5 546.50 341.70 1.3 - 169
SwatchGpN 93.85 -1.4 95.85 59.90 1.2 - 307
Swiss Re @ 75 +.05 76.75 52 10 6.9 1302
Swisscom @ 425.40 -1 426.90 334.40 5.2 12.6 116
SwissLife 152 -1.8 154.20 74.35 3 8.7 255
Syngent @ 399.40 +1.3 404.70 283.50 2.4 21.4 213
Transocean 48.60 -.72 54.70 37.92 4.6 - 687
UBS @ 14.71 -.12 16.39 9.69 1 - 21917
ZurichFin @ 257.50 +1 264 192.50 6.6 10.7 599
TAIWAN
(Mar 1/T$)
Acer 26 -.45 45.30 22.30 - - 27
Au Optrncs 13.05 +.15 16.20 8.19 - - 75
CathayFin 38.05 +.45 38.35 26.48 1.3 32.8 25
ChimeiInn 16.60xr +.2 17.50 8.45 - - 75
ChinaSteel 27.65xa +.45 30.44 24 3.6 - 19
Chinatst Fin 17.65 +.1 18.25 14.01 2 12.2 33
ChnghwTl @ 92.40 +.2 95.80 87.50 5.9 17.5 11
CompalElc 20.90 +.15 35.70 17.30 6.7 12.7 18
DeltaElc 111.50 +1 115 76.80 3.1 18.1 3
FormoC&F 76.10 +.5 93.70 58.70 5.3 - 5
FormPlastic 76.80 +1.8 92.30 67.40 5.2 37.3 8
FubonFnH 40.40 +.4 40.60 26.29 2.4 17.6 27
HonHaiPrc @ 81.60 -.1 106.36 71.82 1.7 10.4 40
HTC 280 +3 672 191 14.3 8.7 12
MediaTek 338.50 +5 351 235 2.7 29 9
Mega Fin 24.95xc +.5 25.90 18.92 3.4 13.5 22
NanYaPlast 57.50 +.6 72.80 46 3.7 - 10
Quanta Cmp 63.90 +.6 86.40 61.40 6.3 10.2 5
TaiwanMob 103.50 - 115.50 86.40 6.1 19 5
TaiwanPet @ 82.40 -.1 97 77.50 2.4 - 2
TaiwanSem@ 105 +.5 109.50 73.80 2.9 16.4 35
Utd Micro 11.05 -.05 15.70 10 4.5 18.1 28
THAILAND
(Mar 1/Baht)
Adv Info @ 207 - 227 153 5.3 20.5 8652400
Bangkk Bk 224 +5 229 169.50 2.7 12.96492000
PTT @ 345 -5 369 300 3.8 105222100
PTT Exp 155xd -3 187 147.50 3.7 9.1 6962100
SiamCem 464 - 488 310 2.4 23.61186200
SiamComBk@ 178 - 186 125.50 2.5 15 7363700
TURKEY
(Mar 1/Tk Lira)
Akbank 8.78 +.04 10.30 5.28 1.2 11.7 18626
KOC Hold. 9.66 +.2 10.80 5.45 1.2 11.2 4317
Sabanci 9.88 +.08 11.45 6.30 1 13.2 4512
TGaBan @ 8.86 +.26 10.10 5.74 1.6 11.1 55849
Trk.Isbank 6.44 +.02 7.52 3.71 1.9 8.5 43038
TrkHalkBk 17.70 -.1 20.20 10.75 96.1 9.3 11816
Turkcell 11.90 -.05 12.65 8.04 - 12.5 5946
TurkTelek 7.40 -.02 7.94 6.24 9.3 9.9 3584
YapiKred 5.14 +.06 5.90 2.91 - 10.7 29914
GAIL 332.10xd -.5 396 303.10 2.9 10.8 91
HDFC Bk @ 621.55 -4.05 705 482.30 0.7 23.2 177
HsngDevFin@ 777.85 +17.45 882 610.70 1.4 18.6 71
ICICI Bk @ 1.06k +16.05 1.23k 767 1.6 13.7 189
IndianOil 298.80 +5.95 375 239 1.7 22.9 66
Infosys @ 2.91k +2.45 2.97k 2.1k 1.6 17.8 51
ITC @ 290.90 -4.2 310.75 203.60 0.8 32.1 321
JindalS&P 358.85 +10 625.50 321.10 0.4 10.1 205
Larsen&T @ 1.4k +34.3 1.72k 1.11k 1.2 17.2 238
MMT C 406.60 -23.5 890 405 0.1 - 163
NatlThmPr 149.70xd -1.05 184.90 138.95 2.8 11.4 249
NMDC 138.25xd +1.25 203.40 134 4 8.4 308
OilNatGas @ 314.85 +1.5 354.10 240.10 2.7 11.6 341
RelianceIn @ 809.50 -5.15 954.80 671 0.7 13.4 395
SBI NewA @ 2.09k +3.9 2.55k 1.8k 1.7 7.2 510
SteelAuthr 71.55 +.45 106 70.60 3.4 9 249
Sterlite 93.15 -.75 125.75 88.60 2.3 5.8 338
TAMO 288.65 +1.25 337.05 202.95 1.4 7.5 683
TataCnslty @ 1.5k -15.2 1.52k 1.04k 1.7 22.8 94
TataSteel 341.60 -.75 482 338.80 3.5 - 735
Wipro @ 421.20 +4.7 450.70 325.60 1.4 16.2 101
INDONESIA prices in 000s
(Mar 1/Rupiah)
AdaroEgy 1.56 -.01 1.98 1.18 5 10 19543
Astra Int @ 8.10 +.15 8.30 6.12 2.5 17.2 58368
Bk Negara 4.85 +.25 4.85 3.50 1.3 51.2 62307
BkCentAsia@ 10.70 -.3 11.30 6.75 1.1 22.8 10070
BkMandiri @ 9.90 -.15 10.15 6 1.1 - 21158
BkRakyat @ 9.20 -.25 9.45 5.15 1.3 11.8 42014
Gudang Grm 49.95 +1.65 63.80 45.90 2 23.4 1726
Telkom @ 10.85 +.1 10.95 6.65 3.4 16.6 19210
Unilever @ 22.75 -.1 28.50 17.75 2.6 36.2 936
IRELAND
(Mar 1/Euro)
Aer Lingus 1.24 - 1.41 0.83 5.6 10.3 1137
BkofIrelnd 0.13 0.15 0.08 - 6.5 76707
CRH 16.65 -.08 16.93 12.81 3.8 20.3 1512
Elan Crp 8.60 +.05 11.76 6.83 - - 367
GraftonGrp 4.90 +.13 4.90 2.40 1.6 - 171
Ind News 0.03 - 0.44 0.01 - - 82
Kerry Gp 42.92 -.04 43.43 31.31 0.8 28.2 124
PermTSB 0.03 - 0.08 0.02 - - 34
Ryanair 5.75 +.09 5.99 3.44 5.9 13.4 1652
ITALY
(Mar 1/Euro)
A2A 0.39 -.02 0.77 0.29 3.3 - 25915
Acea 4.51 -.09 5.43 3.61 4.7 12.2 23
Atlantia 13.10 -.15 14.29 9.03 5.6 10.7 1549
Autogrill 9.63 -.19 9.96 5.99 2.9 23.6 1579
BcaCarige 0.60 -.04 1.25 0.50 11.7 6.1 6933
BcaMilano 0.51 -.01 0.62 0.29 6.4 - 30217
BcaPEmilR 5.51 +.01 6.67 2.80 0.5 8.5 1497
BcoPoplre 1.25 -.05 1.70 0.79 - - 10170
BcPSondrio 4.65 +.01 6.47 3.76 1.9 8.5 437
BuzziUnicm 11.82 -.23 12.08 6.42 0.4 53.1 739
Campari 6.02 -.08 6.55 5 1.2 25.9 1131
CredEmil 3.55 -.05 4.63 2.39 2.8 11.6 226
ENEL @ 2.72 -.05 3.30 2.02 9.6 7.4 38335
ENI @ 17.23 -.23 19.59 14.94 6.2 8 9357
ERG 7.19 +.31 8.58 4.28 5.6 6.9 185
Exor 21.11 -.35 22.77 15.38 1.6 14.9 342
Fiat 4.01 -.1 4.91 3.25 - 14 12900
Fiat Ind 8.93 -.39 9.80 6.96 2.5 13.6 4742
Finmecnca 3.59 -.18 5.17 2.61 - - 6821
Generali @ 12.19 -.23 14.65 8.16 1.6 16.1 6048
IntSanPSvg 1.04 -.02 1.37 0.68 - 5 4022
IntSPaolo @ 1.24 1.59 0.85 - - 175936
Italcementi 4.38 -.09 5.94 3.08 2.7 - 237
Lottomatica 17.65 -.03 18.95 12.41 4 14 263
Luxottca 36.18 +.62 36.65 24.61 1.4 31.7 1341
Meddiolan. 4.13 -.12 4.76 2.18 3.4 10.2 1070
Mediaset 1.56 -.14 2.35 1.14 6.4 - 23690
Mediobnca 4.49 -.17 5.66 2.34 1.1 26.8 6210
MontePsS 0.21 0.44 0.14 - - 150445
Parmalat 1.89 +.06 1.92 1.37 5.3 15.6 4444
Pirelli&C 8.57 -.33 9.83 6.88 3.2 8.1 4138
Prysmian 16.80 +.11 17.17 10.55 1.3 21.1 1491
Saipem @ 20.38 -.1 40.12 18.61 3.3 9.9 1028
Saras 0.88 +.01 1.23 0.66 - - 1071
Snam 3.56 -.07 3.81 3.07 6.7 15.5 20283
TelcmItalR 0.49 -.01 0.76 0.48 11.1 6.1 40444
TelecmItal @ 0.55 -.02 0.93 0.54 7.9 - 79181
TERNA 3.15 -.05 3.22 2.50 6.3 13.2 4647
TODS 110.70 -.2 113 68.55 2.3 23.5 147
UBI Banca 3.47 -.04 4.04 1.82 1.4 - 6390
UniCred @ 3.82 -.07 4.88 2.25 5.2 12.8 107010
JAPAN prices in 000s
(Mar 1/Yen)
Advantest 1.31 -.02 1.42 0.84 1.5 62.6 2168
Aeon 1.04 -.01 1.11 0.84 1.2 12.8 3454
AisinSeiki 3.37 +.02 3.57 2.08 1.5 15.3 1368
Ajinomoto 1.25 +.02 1.27 0.94 1.3 17.1 2664
AllNippAir 0.19 + 0.26 0.15 2.1 14.9 17175
AozoraBk 0.28 0.29 0.15 3.2 11.5 25743
Asahi Glass 0.63xd 0.76 0.42 4.2 14 6149
AsahiBrew 2.29xd -.05 2.35 1.63 1.2 16.9 5397
AsahiChem 0.57 +.02 0.57 0.39 2.5 16 11574
AstellasPh @ 5.07 +.06 5.10 3.02 2.6 24.2 1497
Bridgestne @ 2.84xd 2.86 1.60 1.1 9.8 3377
Canon @ 3.38xd +.01 4 2.30 3.9 17.7 3778
Chiba Bk 0.61 +.02 0.61 0.44 1.8 12.3 3522
ChubuElec 1.16 1.58 0.80 4.7 - 2782
Chugai Ph 2.03xd +.03 2.04 1.29 2 22.8 929
ChugokuEl 1.18 +.01 1.59 0.83 4.3 - 978
CntJpRwy @ 9.18xa +.17 9.25 6.10 1.1 9.7 367
DaikinInd 3.52 +.09 3.83 1.84 1 39.4 1428
DaiNpPrnt 0.83 +.01 0.87 0.50 3.9 48.5 2764
DaiSankyo 1.67 +.01 1.68 1.17 3.6 23.6 2195
DaitoTrust 8.55 +.25 9.06 6.64 3.6 13.5 549
DaiwaHouse 1.73 +.03 1.73 0.97 1.4 16.7 2541
DaiwaSec 0.59 +.02 0.59 0.24 1 25.8 21826
Denso @ 3.85 -.05 3.89 2.24 1.3 21.2 2502
Dentsu 2.94 +.06 2.96 1.75 1.1 21.5 789
EastJpRwy @ 7.06 +.22 7.11 4.48 1.6 15.6 2704
Eisai 4.16 +.03 4.18 3.07 3.6 26.2 1226
Fanuc @ 14.28 -.03 17.13 11.24 1.4 29.5 954
FastRetail @ 25.38 -.05 25.63 15.14 1 30.9 506
FujiFilmH 1.78 -.01 2.10 1.24 2.1 18.3 3049
Fujtsu 0.43 0.45 0.27 2.4 - 12732
Gen.Sekiju 0.93xd +.01 0.93 0.62 4.1 26.1 2081
Hitachi @ 0.52 + 0.57 0.40 1.9 16.8 23940
Honda Mt @ 3.47 +.01 3.62 2.29 2.1 17 3880
Hoya 1.79 +.01 1.94 1.52 3.6 13.7 1404
Inpex @ 491.50 -1.5 611 418.50 1.5 9.5 7
Itochu 1.08 +.01 1.12 0.76 4.4 6.1 5715
Jap.Synth. 1.88 -.01 1.96 1.22 1.8 16.3 481
JapanTob @ 3.05xa +.13 3.11 2.03 2 18.5 4552
JFE 2.01 +.03 2.28 0.94 0.5 35.3 5833
JGC 2.56 + 2.86 2.05 1.5 14.4 1189
JX Hldgs 0.56 -.01 0.57 0.35 2.9 7.4 8249
KansaiEP 0.81 +.01 1.44 0.48 3.7 - 5628
Kao Corp 3.01xd +.05 3.02 2 2.1 21.7 1653
KDDI Cp @ 7xa +.04 7.17 4.82 2.4 13.2 957
Keyence 26.65 +.54 26.96 17.12 0.2 31.5 143
KinkiNippon 0.40 +.01 0.40 0.27 1.2 38.2 6667
KirinHldgs 1.40xd +.05 1.41 0.86 2.1 15 5675
KobeSteel 0.13 + 0.15 0.06 - - 32248
Komatsu @ 2.32 -.02 2.51 1.44 1.9 16.5 5444
Konica 0.70 -.01 0.76 0.49 2.2 16.8 2697
Kubota 1.14 +.02 1.15 0.63 1.4 21.6 4792
Kuraray 1.25 -.01 1.26 0.84 2.8 16.3 1292
Kyocera 7.95 -.11 8.48 6 1.5 26.7 577
KyowaHkK 0.97xd 0.98 0.76 2.1 18.6 1127
Kyushu EP 0.90 +.01 1.27 0.45 2.2 - 2027
Marubeni 0.68 +.01 0.72 0.46 3.2 5.9 8001
MisuiOsk 0.32 0.39 0.17 0.8 - 24452
MitsubChem 0.43 -.01 0.49 0.28 2.6 27.8 6629
MitsubElec 0.77 +.02 0.82 0.56 1.4 33.1 7812
MitsubEst @ 2.45 +.14 2.46 1.17 0.5 68.1 9914
MitsubHvy 0.51 - 0.56 0.29 1.2 23.2 11106
Mitsubishi @ 1.83 -.01 2.04 1.33 3.2 8.6 6880
MitsubMot 0.10 0.13 0.07 - 45.9 17483
MitsubTk @ 0.52 +.01 0.55 0.33 2.3 10.3 90605
Mitsui @ 1.38 + 1.44 1.04 3.6 7.9 6706
Mitsui Tst 0.38 +.02 0.38 0.19 2.3 12.1 32119
MitsuiFud @ 2.43 +.08 2.45 1.20 0.9 38.3 10836
MitsuiSmIns 1.95 +.03 2.06 1.14 2.8 44 2582
Mizuho @ 0.20 - 0.22 0.11 2.9 9.3 202219
Murata Mfg 6.10 +.08 6.16 3.61 1.6 39.3 56
NEC 0.23 - 0.28 0.10 - 29.7 14372
NIKON 2.06 -.02 2.75 1.79 1.9 21.8 2570
Nintendo @ 9.03 +.04 13.08 8.06 1.1 - 17
NipponExp 0.42 +.02 0.43 0.27 2.4 19.9 5626
NipponYsn 0.24 + 0.27 0.13 1.7 67.1 25940
NipStlSuMet 0.25 + 0.28 0.14 0.4 - 31770
Nissan Mt @ 0.94 +.01 1.01 0.64 2.4 13.5 13818
Nitto Denko 5.47 +.02 5.93 2.95 1.8 20.2 1034
NKG Ins 1.02 +.02 1.20 0.75 2 34.4 1659
NKSJ 2 +.04 2.08 1.39 4 - 1580
Nomura 0.55 +.02 0.56 0.24 0.7 30.1 76667
NTT @ 4.24 -.02 4.43 3.27 3.5 10.6 2914
NTT Data 296 +1.7297.30 213.30 2 21.8 7
NTTDCMo @ 143.50 +.1 143.90 111.90 4 12.4 56
OdakyuElct 0.98 +.01 0.99 0.70 0.8 36.4 1465
Oji Hldgs 0.36 +.01 0.43 0.21 2.7 17.6 11413
Olympus 2.07 +.03 2.20 1.06 - - 1020
Omron Cp 2.25 -.02 2.27 1.44 1.2 20.4 16
ONO Pharm. 4.92 -.03 5.17 4.28 3.7 25.2 10
OracleJap 3.96 +.06 4.04 2.76 1.9 18.2 92
OrientLd 13.83 +.14 13.84 8.27 0.8 24.7 275
Orix 10.65 +.33 10.91 6.37 0.8 10.3 1130
OsakaGas 0.37 +.01 0.37 0.30 2.2 12.3 10154
Panasonic 0.67 0.78 0.38 0.8 - 15600
Resona 0.43 + 0.43 0.28 2.8 4.2 17373
Ricoh 1 + 1.11 0.49 2.1 20.7 4866
Rohm 3.33 +.01 4.24 2.16 1.4 - 9
Secom 4.79 +.03 4.82 3.33 1.9 17.6 586
SekisuiHse 1.09 +.02 1.11 0.64 2 16.8 3966
Seven & I @ 2.76 +.06 2.87 2.21 2.3 17.6 2598
Sharp 0.30 +.01 0.62 0.14 1.7 - 23053
Shikoku 1.16 +.02 2.46 0.71 - - 2404
Shionogi 1.90 +.02 1.91 0.96 2.1 20.6 1644
Shiseido 1.22 -.01 1.48 0.94 4.1 46.3 4165
Shizuoka 0.92 + 0.93 0.75 1.5 11 1525
ShnEtsuCh @ 5.68 -.02 5.79 3.87 1.8 23.4 956
SMC Cp 16.46 +.38 16.64 11.68 0.9 20.1 305
Softbank @ 3.39 -.05 3.62 2.20 1.8 12.8 3041
Sony 1.39 +.05 1.83 0.77 1.8 70.2 38656
SonyFinH 1.44 -.03 1.65 1.08 1.4 15.2 1819
SumitChm 0.27 -.01 0.37 0.19 3.3 - 12284
SumitoEle 1.08 + 1.17 0.78 1.9 19.5 4362
SumitomM 1.46 1.68 0.79 1.8 11.6 2269
SumitomMI 0.12 - 0.18 0.10 1.7 -
Sumitomo 1.15 +.01 1.28 0.98 4.5 6.2 6387
SumitomoF@ 3.77 +.06 3.94 2.23 2.7 8.3 11930
SumitREst 3.32 +.19 3.33 1.50 0.6 25.9 6197
Suzuki Mt 2.22 + 2.46 1.33 0.7 17.8 2772
T&D Hld 1.10 - 1.20 0.72 2 19.2 2270
TaishPhmH 6.40 +.01 7.22 5.78 1.7 21.8 46
Takeda Ph @ 4.89 +.1 4.90 3.23 3.7 23.4 3221
TDK 3.18 -.03 4.84 2.72 2.5 - 1263
Terumo 4.07 - 4.13 2.76 1.1 23.1 506
Tohoku EP 0.73 +.01 1.01 0.45 - - 1565
TokioElPw 0.22 +.01 0.25 0.12 - - 106233
TokioMrne @ 2.63 +.02 2.86 1.65 2 18.4 3027
Tokyo Elcn 4.20 -.1 4.94 3.16 1.2 - 1475
TokyoGas 0.47 +.02 0.48 0.36 1.9 12.9 22339
Tokyu Cp 0.58 +.03 0.58 0.34 1.2 22.1 7229
ToppanPrint 0.63 +.01 0.67 0.40 2.8 27.6 1824
Toray 0.57 0.63 0.42 1.8 18.6 5069
Toshiba 0.43 0.43 0.23 1.9 16.3 43468
Tostem 1.92 +.02 2.16 1.37 2.1 33.3 3171
Toyota @ 4.75 -.02 5.05 2.80 1.3 - 8065
Toyota Ind 3.30 -.02 3.33 1.97 1.5 21.1 523
ToyotaTsh 2.36 -.01 2.40 1.39 2 11.9 637
TrendMicro 2.58xd -.04 2.84 2.01 2.6 25.8 822
WstJpnRwy 4.17 +.08 4.17 3.04 2.5 14.7 763
Yahoo Jpn @ 39.45 +.2 40 21.65 0.9 20.6 103
Yamato 1.56 +.01 1.58 1.17 1.4 20 1697
YokohaBk 0.47 0.49 0.34 2.1 11.1 4829
MALAYSIA
(Mar 1/Ringgit)
AxiataGp @ 6.36 -.04 6.87 5.03 5.5 21.9 16295
CIMB Grp @ 7.24 +.04 7.96 6.95 3.2 12.4 6822
Digi.com 4.57xd - 5.48 3.76 5.8 29.5 7752
Genting 9.80 +.31 11.14 8.55 0.8 15.9 5840
Genting Mly 3.63 -.07 3.95 3.28 2.4 15.7 6565
IOI Corp. 4.85 -.05 5.43 4.75 3.2 14.6 6392
KL Kpng 20.80xd +.06 24.90 17 3.1 18.3 109
MalayBnkng@ 9.10 -.05 9.56 8.38 5.5 12.5 8222
Maxis 6.38 +.01 7.10 5.86 5 20.1 4297
MISC 5.28 +.01 5.72 3.86 - - 1032
PetChem 6.39 +.04 6.94 5.63 3.4 - 4405
PetGas 18.32 - 20.50 16 2.7 25.8 499
Friday stock close Days
traded ms price change
Intel 27.7 21.17 +0.29
RschMt 26.7 13.25 -0.11
Yahoo 22.6 21.98 +0.68
Facebook 21.6 27.17 -0.08
Microsoft 16.0 27.91 +0.11
Cisco Systems 13.1 20.86 +0.01
Bank of Am 11.7 11.44 +0.21
Apple 11.4 434.97 -6.43
Oracle Corp 9.8 34.76 +0.52
Kraft Foods 8.9 27.67 +0.03
BIGGEST MOVERS
Friday Close Days Days
price change chng%
Ups
Intuitive Srgcal 553.83 43.94 +8.62
Salesforce com 182.80 13.58 +8.03
MBIA 10.20 0.53 +5.48
Yahoo 21.98 0.68 +3.17
Downs
Foster Wheeler 20.11 -3.95 -16.42
Weatherford 11.51 -0.37 -3.11
Steel Dynamics 14.80 -0.47 -3.08
CONSOL Energy 31.22 -0.93 -2.89
Based on the constituents of the S&P500 and the Nasdaq 100 index
Friday stock close Days
traded ms price change
LlydsBkg 471.3 53.25 -1.22
Vodafone 152.0 168.30 +2.75
Barclays 52.4 303.45 -3.55
Glencore 28.6 376.95 -10.55
RBS 23.9 314.00 -9.90
HSBC 22.5 728.10 -3.30
Man 19.8 96.55 -3.75
ITV 18.5 123.40 -0.80
BP 17.3 446.35 +0.65
Old Mut 17.1 211.40 +8.90
BIGGEST MOVERS
Friday Close Days Days
price change chng%
Ups
WillimH 443.30 38.60 +9.54
HikmaPhm 936.50 70.50 +8.14
Old Mut 211.40 8.90 +4.40
Capita 858.50 35 +4.25
Downs
NewWldRes 249.40 -14.90 -5.64
Bumi 319.80 -16.30 -4.85
Kazakmys 590.00 -29 -4.68
UBM 738.00 -36 -4.65
Based on the constituents of the FTSE 350 index
Friday Turnover close Days
Euro/ms price change
Unicredit 408.6 3.82 -0.07
Deutsche Bank 377.4 33.57 -1.52
Iberdrola 376.0 3.74 -0.05
BcoSantdr 306.5 5.73 -0.08
Telefonica 273.0 10.10 +0.10
BNP Paribas 229.6 42.37 -0.74
Volkswagen Pfd 226.3 164.10 -3.15
IntSanPaolo 218.3 1.24 0.00
BBVA 212.8 7.31 -0.12
Daimler AG 194.0 45.68 +0.01
BIGGEST MOVERS
Friday Close Days Days
price change chng%
Ups
Thales 30.30 +3.32 +12.28
Safran 36.15 +1.13 +3.22
UCB Cap 45.64 +1.39 +3.13
ReedElsvr 11.86 +0.22 +1.85
Downs
Belgacom 20.21 -1.20 -5.60
Metro AG 22.53 -1.17 -4.94
Deutsche Bank 33.57 -1.52 -4.33
Eramet 93.73 -4.11 -4.20
Based on the constituents of the FTSEurorst 300 Eurozone index
Friday stock close Days
traded ms price change
Mizuho Fin 202.2 204 -
TEPCO 106.2 216 +6
MUFG 90.6 523 +10
Kawasaki Kisen 83.7 212 +4
Nomura Hldg 76.7 550 +18
Mazda Motor 74.3 276 -3
Toshiba 43.5 425 -2
Sony 38.7 1,390 +52
Kobe Steel 32.2 126 +1
SMTH 32.1 378 +18
BIGGEST MOVERS
Friday Close Days Days
price change chng%
Ups
HEIWAR EST 1485 108 +7.84
Mitsubishi Est 2450 140 +6.06
SumitREst 3320 185 +5.90
Nippon Paper Grp 1705 91 +5.64
Downs
Tokuyama 225 -8 -3.43
Japan Steel Wks 527 -15 -2.77
SHI 399 -10 -2.44
CLARION 121 -3 -2.42
Based on the constituents of the Nikkei 225 index
n MAJOR MARKET VOLUMES
5 day
Mar 1 Feb 28 average
NYSE 302 1005 714
NASDAQ 937 2009 1690
UK 3959 3467 3358
France 198 197 218
Germany 182 181 197
Japan 2371 2529 2689
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Mar 1 Days Days
Open Close high low
DJ Ind 14054.49 14096.30 14102.70 13937.60
Nasdaq Cmp 3143.54 3169.38 3169.95 3129.40
S&P 500 1514.68 1518.96 1519.38 1501.48
FTSE E300 1171.08 1168.64 1174.10 1158.47
FTSE 100 6360.81 6378.60 6391.67 6308.56
FTSE All Sh 3349.39 3358.29 3365.15 3325.64
CAC 40 3712.42 3699.91 3731.70 3661.21
XETRADAX 7735.35 7708.16 7767.67 7627.99
Topix 971.99 984.33 986.06 971.22
Nikkei 11464.71 11606.38 11648.63 11464.71
Hang Seng 22957.09 22880.22 23015.68 22868.69
SMI 7577.99 7601.99 7619.07 7548.73
AEX 339.71 339.73 340.83 336.50
n NYSE RISES AND FALLS
Foster Wheeler
Share Price
Feb 1 2013/2013 Mar 1
WilliamHi
Share Price
Feb 1 2013/2013 Mar 1
Thales
Share Price
Feb 1 2013/2013 Mar 1
HEIWA R EST
Share Price
Feb 1 2013/2013 Mar 1
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Mar 1
3012
1454
1430
128
102
40
Feb 28
3083
1518
1446
119
224
29
Feb 27
3088
2282
704
102
174
17
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
-3.95
Change
on day
38.60
Change
on day
3.32
Market data provided by
Market data provided by
Change
on day
108.0
Visit www.ft.com/ir
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annual reports on over
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MARCH 2 2013 Section:Stats Time: 1/3/2013 - 18:33 User: watsonl Page Name: WSM1, Part,Page,Edition: EUR, 14, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

15
UK STOCK PRICES
FTSE All-Share
3i. . . . . . . . . . . . 316.50 -3.90 321.70 168.20 2.6 - 2,427
4imprint. . . . . 369.50 +2 375 235 4 26.4 13
888 Hldg . . . . 159 +6.25 164.47 52.75 1 20.2 2,416
AberAsM . . . 430 +0.10 442.37 232.70 2.7 22.8 2,349
Admiral . . . . 12.47 -0.04 13 970.86 6.5 14.6 393
Aegis . . . . . . 238.70 +0.20 239.30 151.90 1.3 25.8 3,399
Afren . . . . . . . . 139.60 -2.60 162 92.85 - 21.4 4,328
ABG . . . . . . . . . 254.70 -8.10 499.48 250.20 4.7 15.1 974
AGARmst . . . . 80.25 - 92 50.50 1.4 4.5 93
Aggreko. . . . 17.25 +0.29 24.15 15.48 1.3 16.4 819
AMEC . . . . . . 10.37 -0.07 11.89 914 3.5 14.6 1,096
Amlin. . . . . . . . 431.20 +4.50 435.40 307.80 5.4 12.5 898
AngloAmer@ 19 -0.22 27.52 16.63 3.3 - 3,369
AngloPac. . . . 274.25 -10 345 220 3.7 21.2 83
AngloEst . . . . 690.50 -10.50 842 621 0.6 8.2 4
Anite . . . . . . . . 157.70 -1.10 163 105.25 1.1 24.4 223
Antofagasta@ 10.79 -0.14 13.92 972 2.7 11.6 2,137
AquarsPl . . . . 57.50 -1 162.40 33.13 - 1.4 788
ARM Hldgs . 965.50+10.50 970.50 463.60 0.5 - 3,311
AshleyL . . . . . 29 - 30 20.50 6.9 15 902
Ashmore . . . . 361 +2.70 399.70 300.30 4.2 13.4 1,348
AshtdGp . . . . . 533 +18 537 212.20 0.8 29.6 1,363
AscBrFd . . . . 18.63 +0.11 18.81 11.57 1.5 23.7 726
AstraZen . . @ 30.13xd+0.1731.7225.79 6.9 9.1 1,980
AtknsWS . . . . 891 +22 897.24 626.50 3.5 8.2 78
AVEVA . . . . . . . 23.22 +0.16 23.41 14.63 0.9 37.9 65
Aviva . . . . . . . 356.50 -0.30 390.40 251.10 7.3 - 8,009
AvocetMng . . 19.75 -1 236.25 19.68 21.3 - 2,787
AvonRub . . . . 397xd -8 451.52 257 0.9 14.7 16
AZElecMat . . 383.80 -2.80 393.80 262.40 2.5 28.6 272
Babcock. . . . 10.98 +0.25 11.02 729.50 2.1 21 795
Bacit . . . . . . . . 108 -0.25 109 100 - 18.7 46
BAE Sys . . . . 354.30 -0.80 367.50 268.52 5.5 0 5,738
BalfourB. . . . . 286.40 +1 321.45 234.60 4.9 11.4 1,640
Barclays. . . @ 303.45xd-3.55330.56 148.20 2.1 - 52,388
Barr(AG) . . . . 510 -3 568 344.33 2 22 50
BarrttDev. . . . 240.80 +0.70 244.63 112.50 - - 3,916
BATMAdv . . . 18.50 +0.25 20.23 12.11 - 3.7 212
BBAAviat. . . . 262 +6.70 264 176.90 3.6 16.3 1,006
Beazley. . . . . . 201.70xa -1.10 211.01 126.45 4.1 7.8 841
Bellway. . . . . . 11.52 -0.07 11.88 656 1.7 17.7 224
Berendsen. . . 702 +19.50 708 458.10 3.4 16.7 151
Berkeley. . . . . 19.02 -0.03 19.21 11.66 0.8 15.6 445
Betfair Grp . . 693 -4 905 641.51 1.6 22.9 126
BG . . . . . . . . @ 11.55 -0.11 15.54 991 1.4 0 3,958
BHP Bltn . . . 20.80 -0.09 22.52 16.22 4.1 12.6 7,664
BigYellw . . . . . 377.40 +4 394.10 270.06 1.3 - 159
BlckRFrnt . . . 99.25xd +0.13 100 71.50 2.8 38.8 410
Blmsbury. . . . 104 - 148 101.55 5 11.3 71
BnkGeorgia. . 14.05 +0.10 14.30 890 1.9 7.2 349
Bodycote. . . . 546 - 556.50 300.50 2.3 16.3 700
Booker Grp. . 116.10 -0.60 117.40 72.05 2 24.4 1,521
Boot(H) . . . . . 159.75 -1.75 177.90 115 2.8 31.6 52
BovisHme . . . 644.50 -1 685 392.70 1.4 21.1 380
BP . . . . . . . . . @ 446.35xd+0.65 554 359.90 5.6 7.2 17,320
Braemar. . . . . 383 -2.13 435 291 6.8 11.2 11
Brammer . . . . 362.75 -2.25 385.62 220 2.6 21.1 31
BrewDlph. . . . 201 +1.80 222.40 135.50 3.6 22 583
BrAmTob . . @ 35.08 +0.74 35.16 29.87 3.8 17.8 3,341
BritLand . . . 574 +6.50 588 461.7035,515.2 20 2,132
BritPoly . . . . . 458 +5.50 463 308.10 2.8 10.3 18
BSkyB. . . . . @ 859.50 +9 862.15 628.76 3.2 14.8 1,752
Britvic. . . . . 426.60 +2.90 472.70 250 6.5 13.9 488
Brown N. . . . . 397 -0.40 413.80 221 3.3 13.8 70
BT. . . . . . . . . @ 268.50 +0.80 282.84 197.40 3.2 9.9 11,485
BTG . . . . . . . . . 328.70 -0.30 426 297 - 21.9 1,387
Bunzl. . . . . . . 12.86 +0.25 12.88 923.50 2.2 22 501
Burberry . . . 14.11 +0.35 16.05 998 1.8 25.9 1,247
bwin.party. . . 152.40 +4.30 166.50 91.05 2.2 12.2 7,867
C&WComm. . 41.77 -0.31 43.14 27.07 12.2 16.9 3,215
CairnEng . . . . 271.50 -0.20 364.90 245.20 - - 1,011
Camellia. . . . . 104 -0.89 113 92.40 1.1 7.7 0
Cape . . . . . . . . 236.75 +4.50 479.60 162.50 5.9 8.3 421
Capita. . . . . . 858.50 +35 862.50 600 2.7 22.3 3,172
Cap&Count. . 261.80 -3.30 267 184.60 0.6 7.7 913
Cap&Reg . . . . 30 - 34.25 21 - - 565
INTU . . . . . . . 336 +3.30 369.80 302 3.6 17.5 5,316
Carclo . . . . . . . 448xd -14 510 330 0.5 39.7 52
Carillion . . . . . 308 -1.20 346 232.17 5.6 8.2 2,118
Carnival . . . . 25.07xd+0.2926.3817.93 4.4 18.3 827
Carpett . . . . . 658 -7 753 566 - - 6
CarrsMill . . . . 10.90 -0.20 11.75 750 2.7 11.3 4
CatlinGp. . . . . 515xd +10 549 396.50 5.2 4.7 720
Centamin. . . . 52.70 -1 108.30 19 - 4.8 4,603
Centaur . . . . . 50.50 -0.25 60 27.50 4.6 - 11
Centrica. . . @ 355.10 +3 359.20 296.20 4.6 12.6 7,109
CharlsTy. . . . . 170 -2.50 189.75 127 5.9 10.1 1
Chemring . . . 273 -4 448.50 213.70 3.5 18.4 439
Chesnar . . . . . 229.75 -2.25 237 154.85 7.4 9 100
ChimeCm . . . 242.50 -2.25 250 143 2.7 17.8 21
Cineworld . . . 267.50 -3.50 275.63 196.47 4.2 14.4 469
CtyLonInv . . . 277.75 -7.25 390.70 238 8.6 9.1 30
Clarkson . . . . 14.85 -0.02 15.15 11.35 3.4 12.9 9
CloseBrs . . . . 10.45 +0.01 10.66 673.50 4 15.3 332
CLS . . . . . . . . . 801 -4 817.32 589 - 14 4
Cobham. . . . . 232 +0.60 242.70 185.90 3.7 15.1 2,295
Colt Grp . . . . . 128.60 -1.50 134.75 91.85 - 13.7 294
Compass . . @ 820.50 +20 822.50 611 2.6 25 3,717
Computcnt . . 490 +4.70 522 285.20 3.2 12.8 68
ConstMed . . . 731 +0.50 849 577 2.6 16.1 30
Costain . . . . . . 289 +4.50 290.81 187 3.5 13.4 114
CPP Group . . 16 -0.88 79.03 3.37 - 4 145
Cranswk. . . . . 10 +0.05 10.11 714.81 2.9 10.6 68
CRH . . . . . . . . 14.41 +0.03 18.75 10.52 3.8 21.7 2,729
Croda . . . . . . 26.01 +0.09 26.42 19.98 2.3 20.2 206
CSR . . . . . . . . . 469.10 +10 481.80 194 1.9 25.6 1,208
Daejan . . . . . . 34.27xd -0.13 36.20 24.90 2.2 9.8 4
Dairy Cr . . . . . 428.70 +3.70 443.70 287.10 4.8 11.5 173
DeLaRue . . . . 924.50 -2.50 10.80 883 4.6 22.3 176
Debenhm. . . . 94.60 +0.25 124.80 70.01 3.5 9.6 8,009
Dechra . . . . . . 705.50 +5 708 417.56 1.8 44.5 91
DrwntLdn. . . . 22.12 +0.09 22.29 16.61 1.4 10 139
DvlptSec . . . . 156 -7.50 176 115.21 3.6 - 135
Devro. . . . . . . . 354 +1 381.70 277.50 2.4 17.7 70
Diageo . . . . @ 19.72xd-0.0820.03 12.26 2.3 26.6 3,814
Dialight. . . . . . 12.42 +0.10 12.59 830.50 1.1 29.7 73
Dignity . . . . . . 12.70 +0.01 12.80 777.50 1.2 18.2 33
Diploma . . . . . 627.50 +15 630.77 371.47 2.3 22.6 286
DirectLine . . . 208 -3 226.50 175 3.8 18.7 2,406
Dixons Ret. . . 27.87 +0.63 30.21 12.32 - - 13,006
DominPt. . . . . 703.50 +3.50 720.50 503.50 2.9 20.5 41
Dominos . . . . 541 +4 567 417.20 2.7 28.7 1,050
Drax . . . . . . . . . 616 +1 660.50 390 4.1 14 787
Dunelm. . . . . . 762 +12 827.50 432.63 1.9 19.7 40
e2v Tech. . . . . 117 -5 151 103 3.5 11.1 658
easyJet. . . . . . 10.17xd +0.20 10.25 424.17 2.1 19.4 1,122
Elctrcmp . . . . 259.90 +2.60 275.40 193.70 4.5 16 438
Elemntis. . . . . 247.30 +1.20 251 155.20 2 15.7 590
Emblaze. . . . . 46.25 -1.88 56 38.75 - - 0
EnQuest . . . . . 133.70 +0.70 136.70 103.90 - 8 719
EntInns. . . . . . 107 +1.10 109.60 49.75 - 8.9 837
EP Global . . . . 192 +0.38 194.50 151.65 2.2 41.7 25
EssarEngy. . . 136.40 +1.80 164.59 98.13 - - 839
ENRC. . . . . . . 334.90 -3.50 733.49 259.60 3.9 5 5,043
Eurmony . . . . 925 +4 964 672.50 2.4 16.3 18
EVRAZ. . . . . . 261.50 -11.40 428 206.80 3.1 31.8 3,375
Exillon. . . . . . . 159.50 -4 249 85 - - 194
Experian. . . . 11.37 +0.43 11.38 859 1.9 27.4 2,684
F&C As . . . . . . 106.20 +3.50 110.40 64 2.8 - 641
Fenner. . . . . . . 419.80xd -4.40 505 326.52 2.5 13.5 409
Ferrexpo. . . . . 223.80 -3.90 344.10 138.70 1 6.2 3,200
Fiberweb . . . . 78 - 80 55.55 3.8 10.4 383
FidChiSpS. . . 93.70 +0.35 99.27 70.25 0.8 3.6 992
Fidessa Grp . 19.20 +0.44 19.86 12.55 4.3 23.3 42
Filtrona. . . . . . 641 +2.50 645 420.70 2 25.7 493
Findel . . . . . . . 6.40 -0.35 9.36 2.55 - - 1,849
FirstGrp . . . . . 193 -0.60 300.60 174.60 12.3 6 2,008
Fisher J. . . . . . 863 -12 933 530.62 1.9 16.4 11
Flybe Grp. . . . 49 -0.50 80.50 44.64 - - 159
Fortune. . . . . . 10.25 - 13.50 7.70 1.8 12.3 349
Fresnillo. . . @ 15.13 -0.40 20.33 12.59 4.8 20.9 675
Fuller A . . . . . . 790 - 807 660 1.6 18.6 20
G4S . . . . . . . . 295 +4.90 295.30 237.30 2.9 31.3 2,444
GalfrdT. . . . . . 931 +26 944.31 559.06 3.5 15.5 90
GemDmnd. . . 161 -2 316.75 141.50 - 10.5 74
Genus . . . . . . . 14.35 -0.05 15.35 11.29 1.1 22.4 40
GKN. . . . . . . . 269.40 -3.60 276.20 171.36 2.7 9 5,354
GlaxoSmh . @ 14.66xd+0.1015.5713.14 4.9 15.8 6,165
Glencore . . @ 376.95 -10.55 442.85 289.35 1 12.3 28,600
Go-Ahead . . . 14.40 +0.15 14.45 10.74 5.6 10.6 56
Goldenpt . . . . 37 -1 91 35 4.9 - 40
Goodwin. . . . . 20.35 -0.43 23 11.40 2.9 11.8 0
Grainger. . . . . 135.90 -0.50 139.90 81.25 1.4 76.4 453
Gt Portld . . . . 493.10 +0.80 502.09 342.90 1.6 10 826
Grncore . . . . . 98.75xd +1 117 67.50 3.9 11 1,825
GreeneKg . . . 706.50 +9.50 717 470.70 3.6 10.9 230
Greggs . . . . . . 503 +2.50 563 441.80 3.9 12.6 138
Halfords. . . . . 315.70 +0.60 359.50 186.70 7 10 295
Halma. . . . . . . 494.60 +2 500.50 371 2 20.2 333
Hammersn . 506.50+12.10 508.50 386.20 2.8 40.4 1,703
Hansteen. . . . 82.50 - 86.25 69.25 5.1 30.8 1,078
HardyO&G. . . 115 -1 167 84 - - 41
Hargr Lans . 862.50 -4.50 871.50 422.07 2 35.6 431
Hays . . . . . . . . 96.95 -1.20 99.45 66 2.6 18.7 4,252
Headlam . . . . 348 - 355 263 4.2 13.9 4
HelclBar. . . . . 230 +0.50 247 164 2.3 35.1 74
HenderGp . . . 160.30 +1.50 170.60 89.45 4.5 16.7 4,983
Heritage. . . . . 194.90 +3.20 224.70 115 - - 238
HikmaPhm . . 936.50 +70.50 949 598.50 1.1 29.7 1,449
Hill&Sm . . . . . 471.25 -6.75 484 297 2.9 12.3 285
HiltonFd . . . . . 330 -4.75 345 235.11 3.5 13.3 15
Hiscox. . . . . . . 525 +3 526 370 3.4 10.5 221
Hochschild . . 373.70 -14.50 527.50 360.99 1.2 19.1 367
HoggRob . . . . 54.50 +1 72.25 45.76 3.7 7.5 1,759
HomeRet . . . . 126.30 -0.90 145.80 68.45 0.8 11.2 2,378
Homesve . . . . 239 +2.50 257 136.10 4.7 6.6 356
HowdenJny. . 215.80 +1.80 219.20 109.23 1.4 15 3,458
HSBC. . . . . . @ 728.10 -3.30 739.90 501.20 4.2 16.9 22,550
Hunting . . . . . 860 -9 977 680.50 1.8 21.9 149
Huntswth. . . . 49.75 +1.25 55.50 36.27 7.2 10.7 155
HyderConslt. 460 +0.50 484 345 2.4 11 28
ICAP. . . . . . . . . 333.80 +0.80 431.67 272.80 6.8 12.1 1,545
IG Group . . . . 497 +3.80 505.50 413.80 4.5 15 1,220
ImgnTech. . . . 506.50 -3.50 734 378.34 - 73.2 541
IMI . . . . . . . . . 12.31 +0.08 12.32 763.50 2.5 18.4 642
ImpTob. . . . @ 24.09 +0.19 26.29 22.35 4.4 12.6 1,287
Inchcape . . . . 508 +2.50 528 303.50 2.2 14.6 383
Informa . . . . . 497.90 -3.60 506 335.90 3.7 46.9 1,431
Inmarsat . . . . 649 -2.50 671.50 388.80 4.8 11.9 509
Innovatn. . . . . 25 - 25.50 18 - 34.1 322
InterCHtl . . . 19.53xa+0.3920.09 13.76 7.7 15.9 957
ICG . . . . . . . . . . 390.70 -0.20 396.37 225.30 4.9 10.7 652
IAG . . . . . . . . 237.80 -1.40 240.90 136 - - 6,668
IntFerMet. . . . 11.50 -0.13 20 9.43 - 1.6 998
IPF . . . . . . . . . . 395 -4.50 432.20 207.30 1.9 13.3 463
Intl PP. . . . . . . 126.30 - 126.60 116.14 4.1 38.9 439
Intserve . . . . . 490 -3.70 498 268.50 4.2 4.6 296
Intertek . . . . 33.80 +0.41 34.35 22.49 1.1 32 496
Invensys. . . . . 360 +1.90 367.60 184.10 1.3 23.5 2,600
Investec . . . . . 485.50 +6.10 500.50 308.90 3.5 17.4 1,622
SchroderRE . 38.25 -1.50 41.50 32 8.3 12.4 831
IP Group. . . . . 135 +2.10 160 102.82 - 18.3 181
ITE Grp. . . . . . 270 +4 277.28 173 2.4 20.9 67
ITV . . . . . . . . . 123.40 -0.80 125.80 68.55 5.3 17.4 18,477
JardineL. . . . . 799 +1 821 657 3.1 19.1 270
JDSportsF. . . 800 -16 850 600 3.2 9.9 4
JKX. . . . . . . . . . 67.50 +0.25 192.97 55 - 4.4 588
JohnsoM . . . 22.81 -0.19 25.79 20.13 7.1 15.2 402
JohnstnP. . . . 12.50 -0.25 15 4.45 - 0.9 206
Jupiter . . . . . . 330.30 -5.80 350.60 193.70 2.7 22.3 466
Kazakmys . . 590 -29 11.68 569 1.4 5.5 4,264
KCOMGp. . . . 79.55 +3.10 86.30 65.85 5.2 10.7 534
Keller. . . . . . . . 746 +3 774 348.25 3.1 24.1 73
Kenmr. . . . . . . 34.01 -0.99 62.05 29 - 16.8 2,788
Kentz. . . . . . . . 380 +7.80 500.90 322.46 2.2 11.3 385
Darty . . . . . . . . 45.50 -1.50 78 36.75 5.5 - 249
KierGp . . . . . . 12.82 -0.05 14.49 10.89 5.1 9.2 61
Kingfshr. . . . 276.50 -0.50 317 252 3.4 10.9 5,740
Kofax . . . . . . . . 280 -5 330 236.50 - 36.5 31
Ladbrokes. . . 235.40 +5.80 235.50 147.90 3.8 11.3 4,775
Laird . . . . . . . . 248.50 +0.60 253.40 166.60 3.5 21.2 211
Lamprell. . . . . 130.75 -6 368.70 60 4.1 7.7 1,335
Lancashire . . 919 +9.50 925 682.44 10.3 10.2 406
LandSecs . . 840.50 +11 850 671 2.8 24.2 1,695
Lavendon. . . . 175 -2 184 91 1.6 20.7 154
Leg&Gen . . . 159.60 -0.50 161.41 105.30 4.2 12.1 12,008
LlydsBkg . . @ 53.25 -1.22 56.14 24.73 - 10 471,262
LMS Capitl . . 67.50 -0.75 84 56.87 - - 9
Logica. . . . . . . 104.95# - 111.90 64.30 4.2 51.5 -
LondonMtrc . 108.80 +0.20 122.10 101.75 4 65.9 1,371
LSE . . . . . . . . . . 13.52 +0.18 14.03 864 2.1 7 384
Lonmin. . . . . . 355.80 -1.20 607.43 226.96 - 11.2 2,386
Lonrho . . . . . . 6.67 -0.02 13.25 6.50 - 4.3 3,580
Lookers . . . . . 83 +0.50 85.25 55.75 2.6 11.9 85
LowBonr . . . . 70 -0.25 73 48.43 3.4 16.3 167
LSL Prop . . . . 300 - 300 197 2.1 44.2 1,198
Man . . . . . . . . . 96.55 -3.75 152.91 61.10 16.9 20.1 19,803
MngCnslt. . . . 27.25 -0.25 39.75 20.50 2.9 8 66
Marks&Sp. . 369.50 -1.80 399.69 310.60 4.6 11.1 4,568
Marshlls. . . . . 106.50 -1.38 110 74.69 4.9 31.4 16
Marstons . . . . 142.60 +2.20 143.50 93.33 4.3 7.8 482
McBride . . . . . 145 -1.75 147.75 102.70 4.7 17.2 58
McKaySec. . . 143 -1.25 145 123.25 5.5 - 36
MearsGp . . . . 367.50 -2.50 382.50 238 2.1 16.7 48
Mecom. . . . . . 90.50 -2 192.75 49.50 14 - 159
Medicx . . . . . . 77xd -2.50 80.50 72 6.6 17.5 134
Meggitt . . . . 455.90 +1.30 462.60 362.50 2.4 18.1 938
MelroseInd . 259.20xr+0.50261.50 198.20 2.8 26.8 1,772
MenziesJ . . . . 752 +2 755 532.62 3.2 13 27
MichaelPge. . 437.60 +8.30 505 337.50 2.3 29.7 1,216
MicroFoc . . . . 694 +6.50 697.02 421.42 4 23.3 105
Mlnm&Cth . . 542.50 +1.50 572 450 2.5 13.9 50
Mitch&But. . . 341.50 -0.40 353.40 216 - 11.3 102
MITIE. . . . . . . . 291.90 +5 303 252.50 3.4 15.4 500
Mondi . . . . . . . 854 +9.50 862.09 494.20 3.2 - 1,742
Monspmkt. . . 200.80 -1.90 210.54 108 2.4 50.7 510
MorganCr . . . 290.50 -3.60 366.44 220 3.4 14.5 1,796
MorgSdl . . . . . 535.50 -4.50 702.75 500 5 5.7 44
Morrison . . . 261.30 +1.70 320.29 247.50 4.2 9.3 8,962
Mothercare. . 273.50 +1.25 363 151.25 - - 65
MucklGp . . . . 380 -6.75 403 310 4 35.6 28
Natl Exp . . . . . 215.20 -4.80 256.20 162.90 4.5 15.1 1,759
Natl Grid . . @ 725 -4.50 735 622.50 5.5 11.7 7,086
NCC Grp. . . . . 147.75xc +1.50 170.83 118.33 1.9 22.8 135
NewWldRes . 249.40 -14.90 567.50 219.45 2.1 - 167
Next. . . . . . . . 42.47 +0.48 42.65 26.99 2.2 15.3 505
Norcros . . . . . 15.25 -0.25 16.75 9.25 2.9 6.8 572
Northgte . . . . 329 -4 342 156.50 1.3 11.2 74
NovaeGp . . . . 455.75 -11.50 469 37.51 4.1 11.4 22
Ocado . . . . . . . 127.20 -4.20 145 56.32 - - 1,336
Old Mut . . . . 211.40 +8.90 213 136.60 2.7 22.2 17,147
OphirEgy . . . . 466.60 -12.40 655 391.30 - - 1,153
Optos . . . . . . . 204 +1.25 280 160 - 6.7 70
OxfordIn. . . . . 17.08 -0.09 17.78 10.81 0.6 46.1 51
Pace. . . . . . . . . 234 +0.80 242 68 1.1 30 764
Paragon . . . . . 314.80 +2.60 320.90 150.50 1.9 9.8 396
PayPoint . . . . 883 +1 901 570.50 3.2 20.4 9
Pearson . . . . 11.72 +0.17 13.02 11.03 3.8 23.9 2,227
Pendragn. . . . 22.50 -0.25 23.25 13 0.4 10.4 530
Pennon. . . . . . 656.50xd+1.50 797 589 4.1 13.9 910
PERFORM . . . 412 -3.50 451.50 254.34 - 76.5 12
Persimn . . . . . 934.50 +21 943.96 521.50 8.7 16.7 1,053
Petra . . . . . . . . 117.70 -1.90 188.50 96 - - 231
Petrofac. . . . 14.35 -0.19 17.84 13.24 3 14 2,859
Petropvlsk. . . 290 -11.80 753.50 284.10 4.1 4.3 2,259
PhoenixGrp. . 640xr -5.50 668.50 395.13 6.6 - 165
PhoenixIT . . . 157 - 231.75 130 6.9 - 45
Photo-Me. . . . 76.25xd +0.25 79 32.64 3.6 19.3 785
Playtech. . . . . 558 -13.50 581 293.25 3.8 58.6 2,240
PolymtIntl. . 10.02 +0.03 12.31 726.70 3.7 21.3 666
PremFarn. . . . 219.60 -0.40 229.50 150.20 4.7 16.2 244
PremFds. . . . . 87.75 -4 185 53.50 - 3 1,470
PremOil . . . . . 377.10 -5.40 451.70 314.30 - 7.2 722
PrimyHth. . . . 346 -4.25 365.25 305 5.4 - 136
PromWorld . . 17.25 -0.13 76.22 14 - - 4,479
Providnt . . . . . 15.01 +0.36 15.28 10.64 5.1 13.4 148
Prudntl . . . . @ 986.50 +5 991 654.50 2.6 16.3 3,303
Punch Tv . . . . 10.75 -0.38 16.25 5.51 - 1.4 764
PZCusns . . . . 407xd +2 420 294 1.7 31.2 90
QinetiQ. . . . . . 205.60 +0.40 214.60 141.49 1.5 5.4 810
QtainEst . . . . 68.75 -0.50 70 32.50 - - 454
RndgldRs. . . 54.30 -0.55 78.92 44.80 0.6 20.4 597
Rank Gp . . . . . 163xd -1 167.40 110 2.3 7.4 43
RathbnBr. . . . 14.10 +0.01 14.95 11.30 3.3 21.1 21
RavenRuss . . 65.95 +0.10 69.50 51.50 - - 237
RCMTech . . . 349 -0.38 351 293 - - 90
ReckittB. . . @ 45.01xd+0.7246.3632.74 3 18.3 1,834
Redrow. . . . . . 182.80 -3.70 202.60 104 - 18.3 167
Reed Els. . . @ 721 +12 725 466.10 3.2 18.9 23,862
Regus . . . . . . . 131.90 -1.50 135.80 82.10 2.3 32 372
Renishw . . . . . 19.37 -0.20 21.29 12.29 2 17.2 41
Renold . . . . . . 26 -1 41.48 16.75 - 11.1 205
Rentokil . . . . . 93.20 +0.65 98.85 68.70 2.1 18 1,929
Resolutn . . . 262 +0.80 287.10 189.80 7.8 17.2 2,272
Restaurt. . . . . 420.60 +1.70 425.48 268.70 2.8 17.5 272
REXAM. . . . . 520.50 +6 521.50 390.10 3 16.9 1,848
Ricardo. . . . . . 393 -2 413.25 301.40 3.2 14.2 144
Rightmove. . . 17.61 +0.38 17.84 13.26 1.1 0 400
RioTinto. . . @ 34.42 -0.99 38.73 26.48 3.1 7.9 4,927
RM . . . . . . . . . . 75 -2.63 93.73 70 4 4.9 3
RbrtWlts . . . . 210 -2.50 265 174.23 2.5 28.5 7
RollsRyc. . . @ 10.22 -0.06 10.65 493.10 1.5 12 5,958
Rotork. . . . . . . 29 +0.48 29.35 18.37 1.4 29.2 137
RBS . . . . . . . @ 314 -9.90 370.62 193.30 - - 23,890
RylDShlA. . @ 21.90xd+0.2028.1419.54 4.8 7.8 4,362
RylDShlB. . . 22.46xd+0.2229.3020.20 4.7 8 4,388
RPC . . . . . . . . . 440 - 449.50 346.10 3.3 22.5 168
RPS . . . . . . . . . 242.70 -1.10 259 197 2.6 20.8 555
RSA Ins. . . . . 119 -1.70 137.30 97 6.1 12.2 14,999
RusPetro . . . . 26.50 -3.50 237.30 25 - - 986
S & U. . . . . . . . 940 -17.50 980 702 1.3 11.3 1
SABMill . . . @ 33.25 +0.48 33.37 23.42 2.1 25 1,803
Safestre . . . . . 123.50 -2.50 128.50 98 4.6 5.8 133
Sage . . . . . . . 340.30xd+0.30345.60245.30 3 18.4 2,056
Sainsbry . . . 342.90 -2.90 362.20 278.60 4.8 12.2 7,094
Salamand . . . 199 -2.60 214.20 155.60 - - 219
Savills . . . . . . . 530 -1 571 293.08 1.8 19.5 46
Schroder . . . 19.83 -0.09 20.84 11.63 2 18.7 225
SDL . . . . . . . . . 521 +1 766.59 424.90 1.1 17.5 23
SEGRO . . . . . . 255.20 -0.70 260.20 207.90 5 - 1,809
Senior . . . . . . . 241 -1.40 245.10 167.92 1.9 14.8 321
Sepura . . . . . . 95 -1 102 52.50 1.6 10.3 54
Serco. . . . . . . 575.50 +5 606 507.50 1.5 17.5 879
SeverfdR . . . . 74.50 +6.50 210 61 - 13.6 374
SevernTr . . . 16.20 +0.01 18.36 14.43 4.5 15.1 388
Shaftbry. . . . . 580.50 -3 585 473.90 1.7 15.7 498
Shanks . . . . . . 81.75 -0.75 108.30 73.25 4.2 20.7 1,050
Shire . . . . . . . 20.75 +0.10 22.70 16.82 0.5 20.5 1,303
SIG. . . . . . . . . . 139.50 +0.10 144.80 81.30 1.8 31.4 546
SmithNph . . 710 +3 738.09 567.50 2.7 13.2 1,201
Smith DS. . . . 242.30 +0.90 245.80 131.70 2.7 41 1,692
Smiths . . . . . 12.66 +0.05 12.73 975 3 20.7 540
SmithsNws. . 172.75 -4 181.75 85 5 11.7 102
Soco Int . . . . . 366.80 -2.50 407.60 252.50 - 10.3 201
Spectris . . . . . 23.78 +0.03 25.09 14.23 1.6 19.8 294
SpeedyHr . . . 41.75 - 46 22.10 1.1 45 430
Spirax-S. . . . . 24.20 +0.13 24.50 18.88 2.1 21.5 107
SpirentCM. . . 154.10 +0.60 177.17 134.10 1.4 18.7 1,542
SpiritPub. . . . 65.25 -1.50 69.75 44.75 3 - 369
Sportech . . . . 88.75 -1.63 93.53 47.06 - 35.4 83
Sprtngbet . 54.75 - 56 24.75 3.1 - 867
SportsDirect 418 +0.50 452.10 265.46 - 18.6 269
SSE . . . . . . . @ 14.57xd+0.1114.7012.66 5.6 20.1 1,538
St Ives. . . . . . . 120 - 126.78 66.57 4.8 9.8 135
StJmsPl . . . . . 489.30 +2.30 507.69 301 2.2 22.8 757
StModwen. . . 246.80 -5 283.90 145 1.5 11.3 196
Stagech . . . . . 296.50xd -1 321.50 227.90 2.7 8.8 1,394
StandCh. . . @ 17.81 -0.15 18.03 10.92 3.3 12.8 4,908
Stan Life . . . 361 +8.50 362.10 199 3.9 24.1 6,150
SThree . . . . . . 355.50 +0.25 360 241.44 3.9 25.1 32
Stobart. . . . . . 91.50 -0.70 140 86.10 6.6 31.7 432
SuperGroup . 613.50 -20 749.30 260.91 - 17 136
SynrgyHth. . . 10.50 +0.02 11.36 758 1.8 21.7 43
TalkTalk . . . . . 251.80 -2.20 266.20 125.50 3.9 24.3 530
Talvivaara . . . 88 -2.75 291 78.78 - - 168
Tarsus. . . . . . . 206.50 -4.25 221.84 134.25 3.1 20.8 23
Tate&Lyl. . . . 825+12.50 834.08 621.95 3.1 19.3 1,764
TaylorWm . . . 83.65 +2.55 84.59 40 0.7 11.6 16,140
TedBaker . . . . 12.40 +0.10 12.65 747.50 1.9 30.1 9
Telecity. . . . . . 934.50 -0.50 963.50 676 0.8 32.2 544
TelePlus . . . . . 984.50 -10.50 10.19 602.10 3 28.3 38
Tesco. . . . . . @ 369.45 -0.15 376.50 294.50 4 12.4 12,006
Vitec . . . . . . . . 620 -10 740 573.50 3.5 13 401
ThomasCk. . . 87.75 +0.75 97.38 13.28 - - 9,727
Topps T. . . . . . 61.50 -0.75 70 32 2 13.4 72
Torotrak . . . . . 24 -1 43.86 23.25 - 19.5 79
Town Ctr. . . . . 200 -0.25 220.45 147 4.4 - 19
TravisPkn. . . . 13.02 +0.28 13.11 901.50 1.9 12.8 584
TribalGrp . . . . 119 +0.50 134 68.53 0.8 18.2 21
TrintyMr . . . . . 113.25 -4.50 120 24.25 - 3.3 440
TT Elect . . . . . 172.25 -0.50 207.74 108 2.7 16.9 118
TUI Travel . . 317.70 +0.40 334.60 156.50 3.7 19.4 7,421
TullettPre. . . . 274.70 -5.10 357.10 218.50 6.1 8.3 256
Tullow. . . . . @ 12.33 +0.19 16 10.98 1 27 1,697
UBM. . . . . . . . . 738 -36 795 509 3.6 22.3 3,846
UK Mail . . . . . . 365 -3.50 378.50 214 5 18.7 1
UltraElc . . . . . 16.80 -0.12 17.89 14.20 2.3 18.4 189
Unilever . . . . 26.57xd+0.2926.7119.93 3 - 2,136
UNITE Gp . . . 285 -5.10 311.60 177.75 0.8 19.8 739
UtdDrug . . . . . 284.50 -1.80 295 158.50 2.7 17.9 177
UtdUtils . . . . 739 +2 816 590 4.4 15.2 1,479
UTV Med . . . . 145 -1 162.25 110 4.3 8.2 10
VecturGp . . . . 92 -0.75 98.50 52.50 - - 193
Vedanta . . . . 11.69 -0.07 15.65 820.52 3.5 36.3 668
Vesuvius. . . . . 376.90 -5.80 393.90 250 4.5 6.2 404
Victrex . . . . . . 16.08 -0.14 16.70 11.64 2.3 18.8 182
Vodafone. . @ 168.30 +2.75 191.94 154.20 5.4 18.9 152,001
Volex . . . . . . . . 109.50 -2 286.75 82 3.2 14.4 81
Vp. . . . . . . . . . . 335 -3.25 355 234.75 3.4 11.6 6
Weir . . . . . . . . 23.59 +0.15 23.86 13.52 1.6 16.1 1,097
Wethrspn. . . . 519.50 -4 554 366.90 2.3 11.8 52
WHSmith. . . . 690.50 +16 717.50 467.20 3.9 0 334
Whitbrd . . . . 25.54 +0.31 26.94 16.33 2.1 17 741
WillimH . . . . . 443.30 +38.60 443.30 220.70 2.3 16.6 10,868
Wilmngtn. . . . 158 -1.50 168 82 4.4 33.1 46
Wincantn. . . . 57.50 -2.50 86 31 - - 59
WolfsonM . . . 195 -0.25 233.75 165 - - 37
Wolseley . . . 31.32 +0.25 31.51 21.11 5.9 19.7 682
Wood(J) . . . . 757 -11 883.50 632 1.5 25.3 1,037
Wkspace . . . . 340 -2.40 350 209.50 2.3 8.7 110
WPP . . . . . . . . 10.58 +0.04 10.83 585.90 2.5 15.1 3,632
Xchangng . . . 144 +1.50 146.75 85 0.7 16.2 1,102
XP Power . . . . 11.25 -0.10 12.83 871.95 4 11.9 6
Xstrata. . . . @ 11.27 -0.36 12.38 767.70 2.4 9.9 10,176
Xaar. . . . . . . . . 328 -7 350 185 0.9 23.8 30
Synthomer . . 210 +3.20 256.60 126.40 2.1 18.8 586
Investment Companies
52 week Dis or
Stock Price Chng High Low Yld NAVPm(-)
3i Infra . . . . . 129.40 -0.20 129.8 119.8 4.1 121.6 -6.4
Abf Sml . . . . 800 +3 804 546 2.8 900.4 11.2
AbnAsianIn. 228 -2 231.5 176.6 3.1 224.7 -1.5
AbnAsian. . . 10.24 -0.12 10.4 652.3 0.9 986.3 -3.8
AbnNewDn . 978 -2 10.1 742.5 0.5 10.8 9.4
AbsoluteRet 112.50xa -1.13 122 110 - - -
AcenciADbt 93.25 -0.50 94 78 3.3 105 11.2
AdvDvpMk. . 492 - 493 394 - 540.7 9
Alliance . . . . 425.70 +0.50 426 334.3 2.0 496.2 14.2
AltInvStrat . 127 -1.50 128.5 109.5 - 136.1 6.7
Art Alpha . . . 302 -5 311 260 1.0 328.3 8
AshmoreG. . 600 +2.50 675 435 - 780.9 23.2
Bankers . . . . 516.50 +0.50 522.5 383.5 2.6 530.2 2.6
BcrestAllblu 174.20 -0.10 174.5 160.3 - 181 3.7
BG Japan. . . 267.50 - 269.7 183.8 - 274.8 2.6
BH Global . . 12 -0.06 12.2 11.1 - 13.3 9.5
USD $. . . . . . 782.09 -1.83 796.1 681.5 - 872.2 10.3
BH Macro . . 20.02 -0.02 20.8 18.8 - 21.3 6
USD $. . . . . . 12.89 +0.20 13 11.5 - 13.7 6.1
EUR . . . . . . 17.04 +0.37 17.2 14.3 - 18 5.1
Bilnger SE. 111.25 -0.50 112.3 104 2.5 - -
BiotechGth. 347 +1.75 351.1 230.5 - 347.3 0.1
BlckRCom. . 121 -0.75 138.5 109.4 4.9 124 2.4
BlckRGtEur. 220 -3.50 228 155.3 1.9 230.3 4.5
BlckRckLat . 569 -3.50 634.5 481 3.9 649.7 12.4
BlckRwEgy . 36.75 -0.25 37.3 27.5 0.4 41.5 11.3
BlckRSmlr. . 630.50 +4 637 465 1.6 714 11.7
BlckRWld. . . 577 -2 750.4 524 3.6 670.2 13.9
BlueCrstBT. 102 -1.25 106.5 95.3 - 103.8 1.7
Brit Ast . . . . . 133 +0.50 133.9 110 4.6 141.7 6.2
Brit Emp. . . . 513.50 -1.50 523.5 383.6 2.1 570.7 10
BrngEmEu. . 803 -4 821 590 2.0 899 10.7
Brunner . . . . 468xd -1 470 376 2.8 541.6 13.6
Calednia. . . . 18.08 +0.10 18.1 12.3 2.4 22.2 18.6
Candover. . . 390 -35.63 495 325 - 643.3 39.4
Cap Gear . . . 33.54 -0.53 35.1 29.5 0.6 31.7 -6
City Lon . . . . 338 +2 339 274.5 4.2 331.3 -2
City Merch. . 168 -1.75 179.9 147.4 6.0 174.6 3.8
CityNatRs . . 195.50 -3.25 295.2 191.5 2.6 244.4 20
DexionAb. . . 150.10 +0.10 151.6 132 - 168 10.6
DexionTrad . 124.75 - 125 111.3 - 138.1 9.7
Dun Ent . . . . 410 -7 500 308.5 5.1 560.5 26.8
Dun Inc. . . . . 259 +1.88 260 198 2.9 254.8 -1.6
Dun Sml . . . . 183.25 -1.25 199 122 2.7 189.7 3.4
East Eur . . . . 274 -1.50 300.3 214.9 - 313.2 12.5
EconWatr u 122.75 -0.25 127.7 110.2 5.3 164.7 25.4
EdinDragn. . 292.70 -1.30 296.9 222 0.8 319.9 8.5
Edin Inv. . . . . 553.50 -1.50 557.5 463.5 4.0 529.8 -4.5
Edin UK. . . . . 294 +0.50 296 235.5 3.0 313.6 6.3
Edin WWd . . 315 -1.75 324 259 0.6 362.5 13.1
Electra . . . . . 22.62 -0.10 22.8 15.5 - 25 9.7
EuroInvT . . . 613 - 632 441.4 2.6 696.7 12
F&C Cp&I. . . 240xd -0.50 248 204 3.8 245 2
F&CComPrp 102 -0.70 107.3 100 5.3 99.2 -2.8
F&CGblSmlr 755 +3 757 554 0.8 742.7 -1.7
F&C PvtEq. . 198.50 -1.25 201.5 146.5 2.9 257.4 22.9
F&C US Sml 610 -14 634.5 443 - 599.3 -1.8
FidAsian. . . . 205.25 +0.13 207.1 163 0.5 235.4 12.8
Fid Euro . . . . 14.12 -0.02 14.5 985 2.0 16.1 12.1
Fid Spec. . . . 668 +1 675.7 477.5 1.9 748.3 10.7
FinsG&I . . . . 446.50 +2.25 449 325 2.2 444.6 -0.4
For & Col . . . 353 -0.40 355 280.6 2.4 397.3 11.2
HenEuroF . . 736 +1.50 737 489.8 2.6 806.6 8.8
GCP Infra. . . 111.50 -0.25 112.5 102 6.7 - -
GenEmer . . . 596.50 -1.50 610 453.3 - 615.8 3.1
GraphEnt . . . 463 - 491 370 1.1 617.7 25
Hansa . . . . . . 790 -15 950 666.1 1.8 10.6 25.7
HenAsianG . 206 +0.88 206 151.3 1.6 220.7 6.7
Hen Div. . . . . 85.50 -1.63 88.7 75.5 5.3 85.8 0.4
Hen Fldg . . . 450 -0.50 461 305 2.2 497.2 9.5
HendGlob . . 361 -0.50 369 283.5 4.4 394 8.4
HenEuro. . . . 649 -5 665 462.7 2.9 713.8 9.1
HenFarEs. . . 354 - 355.3 280.8 4.6 359 1.4
HenHigh. . . . 149.50 -0.25 151.4 121 5.6 147.8 -1.2
HenSmlr. . . . 424.50 +0.25 429.8 277 1.3 504.3 15.8
HenAsianG . 206 +0.88 206 151.3 1.6 220.7 6.7
Herald. . . . . . 587.50 +0.50 589.6 455 0.2 693.3 15.3
HgCapital . . 11.36 -0.09 11.5 892 0.9 12.2 6.7
HICL Infra . . 122.50xa -0.60 126.6 116.5 5.1 114.7 -6.8
ImpaxAsian. 93.75 +0.38 94 70.5 1.5 109.2 14.1
Impax Env. . 119.50 +1.25 120.3 92.5 0.8 144 17
Inv inGRE. . . 118.50 +0.75 119 84.1 3.2 124.9 5.1
Inv Inc. . . . . . 243xd -2 248.7 199.5 3.8 254.7 4.6
InvPpUK. . . . 252 -1.38 257 190.4 2.5 300.3 16.1
InvAsTr . . . . . 169.50 - 170.3 131 1.9 193.6 12.4
InvistaERET 4.12 -0.13 24.5 4.1 - 22.5 81.7
IRP Prop. . . . 63.50 -1 77 57.5 10.2 72 11.8
ISIS Prop . . . 81 -1.63 92.3 76 8.9 100.1 19.1
JLaingInf . . . 111 -0.20 111.2 105.3 5.4 105.3 -5.5
JPMAmer . . 10.36 +0.07 10.4 851.5 0.5 10.3 -0.4
JPMAsn. . . . 221.50 +0.88 222 170 1.1 250.2 11.5
JPMChina. . 157 -3.13 170 117.5 1.0 175.3 10.5
JPMClavr . . 499 +1 500 378.3 3.8 536.5 7
JPMEmrg . . 630 - 631 497 0.7 695.5 9.4
JPMEurGth 195 -2.25 198.8 138.8 3.1 218.1 10.6
JPMInd . . . . 384.40 -4.60 399 303.4 - 439.4 12.5
JPMJap . . . . 186 -1 188 149 2.0 215.4 13.7
JPMJpSm. . 164 +2 167.1 126 - 191 14.1
JPMMid. . . . 555 -1.75 558.8 381 3.1 656.9 15.5
JPMOseas. 873 - 890 689 1.5 929.4 6.1
JPMSmlr. . . 632 -2.50 640.6 439.5 1.4 751.9 16
JPMRussian 570 -5 606 452.5 - 644.3 11.5
JPMEuSm. . 842 -3 854.7 598 2.0 995.2 15.4
JPMEurInc . 97.75 -1.25 99.5 72 4.3 111.4 12.3
JPMGEI . . . . 131 -1.50 134 106.5 3.7 130.2 -0.6
Jup2dSplt . . 28.50 -0.63 37 28.5 2.6 35.2 19.1
JupEur . . . . . 391 -6 398.8 252.5 0.5 392.7 0.4
JZ Capital . u 501.50 - 506 47 4.3 629.2 20.3
KeystoneInv 14.66 -0.19 14.9 11.6 3.3 15 2
Law Deb. . . . 466.80 +1.30 466.8 355.3 2.9 428.4 -9
Lowland . . . . 11.37 +0.03 11.4 840 2.7 11.7 3.2
Majedie. . . . . 161 -3.25 170.9 141.5 6.5 202.4 20.5
Man&Lon. . . 343 -2.25 354.5 278 3.8 407.7 15.9
MCurPac . . . 302 +3.50 302 241.8 1.8 362.4 16.7
MCGlobPort 152.50 - 152.5 120.3 2.6 159.9 4.7
MercantIT . . 12.58 +0.05 12.7 907 1.9 14.3 11.8
MrchTst . . . . 425 +2 428 341.5 5.5 438.8 3.1
MidCanInc. . 109 - 110 92.5 4.6 - -
Monks. . . . . . 345.60 -0.40 348.6 296.9 1.1 405.9 14.9
Mont UK. . . . 426.50 +1.50 427.9 332 1.6 514.4 17.1
Mur Inc. . . . . 736 -3 742.5 602.5 4.4 726.6 -1.3
Mur Int . . . . . 11.56 +0.06 11.6 658 3.5 11 -5.4
NB FR Inc. . . 103.50 -0.90 104.9 96 4.8 99.6 -3.9
NewIndia . . . 232.50 -4.50 244 184.5 - 267.7 13.2
NorthAmer . 785 +8 785 653 1.5 826.1 5
NthAtSml. . . 13.61 -0.33 14 913 - 17 19.7
PacAsset . . . 152 -1 153.4 113.8 1.7 170.2 10.7
PacHorzn. . . 170 +0.25 170 141 - 196.6 13.5
Pantheon. . . 929 -1 943 709.5 - 12.8 27.6
Perp I&G . . . 313.90 +1.90 313.9 250 3.4 320.2 2
PerAsset . . . 359.90 +0.30 361 332.2 1.5 355.1 -1.3
PictonProp . 38.75 -1.25 43.5 34.8 8.1 49.8 22.2
PolarGHlth . 132 -0.75 134.8 109 2.5 137.2 3.8
PolarTech . . 405 -0.80 406.7 350 - 423 4.2
RIT Cap. . . . . 11.62 -0.14 13.2 10.8 - 13.1 11.2
Ruer Inv Pr 213.50 -1.50 215 190 1.3 207.1 -3.1
SchdrAsiaP. 271.50 +0.50 272.5 214 1.2 304.6 10.9
Schdr Inc. . . 235 -0.50 238.3 175.8 4.0 232.9 -0.9
SchdrJap. . . 109 -1.13 110.7 81.8 - 122.5 11
SchdrOrient 204 -1 205.7 150.8 3.3 204 0
SchdrUK . . . 156.75 -1.13 160.5 115.3 2.4 170.4 8
SchdrUKMd 336.50 -0.75 346 231.3 2.0 396.7 15.2
ScotAmer . . 243.75 -0.25 244.5 207.3 4.0 247.2 1.4
Scottish Inv 561 +2 561 435 2.0 618.3 9.3
ScottMort . . 840 +3 847 623.9 1.6 878.1 4.3
ScottOrtll. . . 898 -7 905 566.2 1.2 875 -2.6
SecTstScot . 142 -0.25 143.5 114.3 3.3 140.5 -1.1
Shires Inc . . 228.50 -0.75 230.8 173.5 5.3 227 -0.7
SLIPropInc . 58.50 -0.25 65 58 7.4 56.5 -3.5
StdLf Sml . . 258 - 258.5 185.1 1.3 257.9 -0.1
StdLf Eqt. . . 336xd +1 342.5 261.3 3.6 349.5 3.9
StdLfEuPv. . 188 -3 191 126.3 1.1 224.9 16.4
SVG Cap. . . . 383 +3 383 247.6 - 423.7 9.6
SVMGlbl . . . . 249 -1.63 294 224.2 0.8 306.2 18.7
TempEmerg 657 -3 661.5 502.5 0.9 724.3 9.3
Temp Bar. . . 11.12 +0.04 11.1 845.5 3.3 10.8 -3.1
Thames Rvr 122 -0.88 130 113 - - -
Throgmtn . . 225xd +0.75 226.3 170 1.5 268.4 16.2
TREurGth . . 405.50 -3.50 416.5 273.7 1.5 494.1 17.9
TR Prop . . . . 187 +1 189.7 140.7 3.7 217.6 14.1
TroyInc&G. . 59.50 - 60.1 51.5 3.5 58.8 -1.3
UKComPrp . 69.55 -0.20 75.6 64.3 6.8 68.3 -1.8
UtilicoEmg . 188.80xd +1.10 189 156 2.1 201.1 6.1
ValAndInc . . 209 -1.75 218 166 3.9 258.9 19.3
Witan. . . . . . . 584xd -2 594.5 425.6 2.3 646.1 9.6
WitanPac. . . 237.25 -3.25 245 182.3 2.5 282.1 15.9
WwideHlth. . 965 +2.50 965 755 0.7 10.4 7.1
FTSE AIM-100
52 Week Vol
Stock Price Chng High Low Yld P/E 000s
3LegsRes. . . . 34.88 +0.13 78 26.50 - - 226
Abcam . . . . . . 427 +1.50 434 325 1.4 31.2 507
AdvComSftwrGrp88.50+0.25 93.50 67.39 - 24.6 316
Advnc Med . . 67.25 -0.25 95 54 0.7 17.5 122
AfricanMin . . 270 -13.75 925 217 - - 3,164
Alb&Bond . . . 230 - 362.81 189.80 5.5 10.1 239
AltNetwks . . . 303.50 +4.25 306 198 3.8 13.8 19
AmaraMin . . . 38 +0.25 105 37 - 13.9 287
AmeriRes. . . . 47.25 -1 53 16.50 - - 3,570
AndorTech. . . 380.50 -29.50 585 304 0.5 15.5 7
ArchipelR. . . . 55 +3.50 69.50 48 - 14.2 231
Asian Citrus . 32.25 -0.25 49 25 6 5.2 999
Asian Plant . . 251.50 - 290 205 - - 4
ASOS . . . . . . . . 27.83 +0.44 28.50 13.25 - - 415
AvantiCom . . 305 -8 445 209.73 - - 145
Bellzone. . . . . 12.25 -0.25 39.69 11.65 - - 2,792
Blinkx . . . . . . . 89.25 -2.25 95 33.17 - - 1,176
Bowleven. . . . 75.50 -1.50 153 53 - - 3,328
BreedonAg . . 23.25 - 24.70 17.05 - 46.5 109
BrooksMac . . 13.23 +0.10 13.85 11.14 1.4 22.9 2
Bumi . . . . . . . . 319.80 -16.30 795.88 119.54 - - 182
BurfordCap. . 105 +1 148 92 2.3 18.5 32
Circle Oil . . . . 17.88 - 25.46 14.45 - 5.2 475
ClinigenGrp . 237 +1 240 164 0.3 - 15
CoAL . . . . . . . . 14.50 -1.50 74.75 10.26 - - 1,740
Coastal . . . . . . 12.78 -0.13 14.75 708.35 - 16.4 15
Craneware. . . 426.50 +11.50 485 255 2.6 19.8 56
Cupid. . . . . . . . 135 +1 227.90 123.72 1.7 18.7 732
Daisy Grp. . . . 107 +1.13 117 82 - - 55
Dart . . . . . . . . . 151.50 +6.50 157.50 63 0.9 6.6 287
Dolphin CI . . . 35.13 -0.50 39.95 16 - - 306
EcoAnmlH. . . 258.50 - 274 195 1.5 74.6 4
Eland Oil & Gas 128 -0.38 130.04 100 - - 19
EMIS Group . 705 +7.50 980 400 1.9 22.2 4
Eros Int. . . . . . 252.50 - 731 172.24 - 12.6 26
FalkldO&G. . . 29 -1 103 27.75 - - 362
FaroePet. . . . . 144 +7 179 123 - 5.6 652
Fyes . . . . . . . 51.50 +1.25 53.50 31.97 3.3 12 36
Gemelds . . . 30.88 -0.88 45 23.67 - - 197
GeoPark. . . . . 652.50 -2.50 770 485 - 25.2 0
Greenko . . . . . 112.50 +1.50 145 100 - 52.7 26
GulfKeyst. . . . 190.75 +2 375.98 139.25 - - 4,931
H&T Gp. . . . . . 294 +3.25 347 240 3.7 6.5 94
Hargreaves . . 895 +40.50 12.79 530 2.1 17.8 227
HcLocums. . . 0.48 -0.01 4.18 0.25 - - 1,158
HighldGld . . . 102.50 -2.25 161.32 59.03 9.6 5.4 3,357
HtchChMd. . . 445 -4 460 340 - - 12
IDOX . . . . . . . . 49.75 -0.25 60 29 1.4 25.8 3,325
iEnergizer . . . 365 - 380 332.79 2.2 53.1 0
IGAS Engy . . . 93 -1 154.70 42.50 - - 266
Impellam . . . . 403.50 +5 405.50 280 10.4 9.6 17
Indus Gas . . . 955 - 11.13 779 - - 1
Iomart. . . . . . . 230 -0.25 244.50 116.25 0.4 33 63
IQE . . . . . . . . . . 27.75 -0.50 38 19.65 - 28.8 1,512
Ithaca Engy. . 117 -11.25 212 90.50 - - 19,563
JamesHal . . . 290xa -0.75 641.59 231 2.8 9.9 136
JapanRes. . . . 54.75 - 64.99 51 6.6 13.7 15
LondMining. . 154.25 -5 325 112 - - 2,233
LXB Retail . . . 117 +2 122.50 105 - 31.6 2
Majestic . . . . . 445 -1 490.31 402 3.6 16.7 74
Max Prop. . . . 116.50 +1.50 117 90 - 37.7 -
MayGurny . . . 178 -4 299 96.18 4.7 - 22
Medgenic Unres325 - 544.46 300 - - -
Medgenics . . 335 - 935.30 250 - - -
Monitise. . . . . 36.25 -1.25 40.25 18.33 - - 5,118
MoodMedia. . 125 - 270 102.25 - - -
MPEvans . . . . 521.50 -7.50 560 444 1.5 14.9 3
Mulberry . . . . 12.45 -0.07 25 925 0.4 33.2 11
Nanoco. . . . . . 183.75 +8.75 199.28 50 - - 1,730
Ncondezi C. . 22.13 - 59 18.97 - - 104
Nichols. . . . . . 869 -3.25 890 610 1.8 28.6 28
Numis . . . . . . . 153xd -4.50 162 78 5.2 47.9 41
Oakley Cap . . 155 - 156 113 - - 26
OPGPower. . . 58.50 +0.25 59 29 - 40.7 106
Optimal Pay . 162 - 175 60 - - 76
OxCataly . . . . 148 -5 201 44.50 - - 156
Pan African. . 16xr - 21 12.38 - 8.5 5,191
PatagonG. . . . 14.50 - 40.75 13.55 - - 741
PersGpHld. . . 335 +2 394 284.97 5.3 14.6 4
Petro Matad . 4.88 -0.25 30 4.50 - - 266
Petroceltic . . 7.05 -0.07 10.25 5.46 - - 5,059
PetroNeft. . . . 3.90 -0.13 10.70 3.63 - - 5,064
Plexus. . . . . . . 226.13 -1.38 298 101 0.4 73.7 4
PolarCap . . . . 279.50 -0.50 288 165 3.4 27.8 -
Polo Res. . . . . 24.50xa -1.13 38.50 21.50 - 12.4 419
Prezzo. . . . . . . 80.50 -0.25 84 62 0.3 14 87
Providence . . 640 +7.50 725 297 - - 51
PureCircle. . . 253 - 289.85 98 - - 335
Quindell Portfolio13.50 - 17.75 13 - 19.9 3,349
RangeRes . . . 4.91 -0.16 16.50 3 - - 26,107
RareEarth . . . 210 - 13 191 - - 1
Rockhop. . . . . 142 -1 395 139.56 - 76.1 1,558
RWS Hldgs . . 645 - 661.87 465 2.7 21.6 3
SierraRut. . . . 58 +1 84 45.48 - 11 7
Sirius Min . . . 24.75 - 30 12.63 - - 3,026
SmartMtr. . . . 233.50 +1 265 97 0.2 56.7 13
Songbird . . . . 139.38 -0.38 144.28 100 - - 8
STB . . . . . . . . . 18.60 +0.20 19.25 900 1 18 3
ThorpeFW. . . 11.65 - 12.10 810 1.7 13.9 0
TradEmiss . . . 24.38 +0.38 26.50 12.06 - - 37
Tyman. . . . . . . 180 +1 185.75 114 2.5 19.7 51
Valiant Ptrl . . 455.50 +109 605 333.35 - 2.2 7,225
Waterlgc. . . . . 186.50 - 230 130 - - -
WestAfrMn . . 55.75 - 94.80 14.89 - - 3,978
XciteE . . . . . . . 113.50 +10.25 149.85 35.84 - - 6,757
Young A . . . . . 785 - 815 550 1.8 19 9
Zanaga IO . . . 21.75 -0.50 121 20 - - 123
52Week Vol
Stock Price Chng High Low Yld P/e 000s
52Week Vol
Stock Price Chng High Low Yld P/e 000s
52Week Vol
Stock Price Chng High Low Yld P/e 000s
52Week Vol
Stock Price Chng High Low Yld P/e 000s
52Week Vol
Stock Price Chng High Low Yld P/e 000s
52Week Dis
Stock Price Chng High Low Yld NAV PM(-)
52Week Dis
Stock Price Chng High Low Yld NAV PM(-)
52Week Vol
Stock Price Chng High Low Yld P/e 000s
Equity Inv Cos (Ex Alt) TR 343.19 0.03 1.84 1.90 82.64 18.19 221
Equity Inv Cos (Ex Alt) TR(NAV) 0.00 0.03 1.38 1.43 75.77 20.35 221
Private Equity (ex 3i) TR 444.86 0.30 5.05 26.02 67.21 -13.47 20
Direct Property TR 249.45 0.39 -0.40 -6.67 97.91 -49.22 20
Hedge Funds TR 195.87 0.11 3.52 5.71 11.07 11.27 34
VCTs TR 61.25 -0.02 0.52 -0.52 3.54 -30.42 147
Zero Dividend CR 256.59 -0.02 0.06 6.96 27.09 48.26 21
Sources: www.morningstar.co.uk, www.theaic.co.uk. All fgures are in GBP. Indices are calculated
daily by Morningstar. Total return indices assume income is reinvested on the ex-dividend date. Equity
Investment Companies (Ex Alternatives) Index includes all conventional investment companies,
excluding Private Equity, Direct Property, Hedge Funds and VCTs. Morningstar. 2013.
Total/Capital 1 day 1 mth 1 yr 3 yrs 5 yrs No of
Sector Return %chg %chg %chg %chg %chg stks Mar 1
INVESTMENT COMPANIES: MORNINGSTAR/AIC INDICES
Data based on intra-day share trading in those companies listed on the London Share Service.
NEWHIGHS (131).
GILTS (9) Banks (1) Chemicals (1) Construction & Materials (1) Electronic & Electrical Equip (1)
Financial General (3) Food & Beverages (4) House, Leisure & Pers Goods (6) Industrial Engineering
(2) Industrial General (3) Industrial Transportation (2) Insurance (8) Media (2) Pharmaceuticals &
Biotech (2) Real Estate (2) Retailers (3) Support Services (14) Tech - Hardware (2) Tech - Software
& Services (1) Tobacco (1) Travel & Leisure (7) Conventional - Private Equity (1) Conventional
(Ex Private Equity) (46) VCTs (2) AIM (7) Financial General (1) House, Leisure & Pers Goods
(1) Industrial Transportation (1) Media (1) Support Services (1) Tech - Software & Services (1)
Telecommunications (1)
NEWLOWS (16).
GILTS (2) Mining (7) Oil & Gas (1) Conventional - Property ICs (1) AIM (5) Basic Resource (Ex
Mining) (1) Mining (1) Oil & Gas (2) Tech - Software & Services (1)
NEW UK 52 WEEK HIGHS AND LOWS
SEAQ Bargains
Order Book Turnover (m)
Order Book Bargains
Order Book Shares Traded (m)
Total Mkt Bargains
Total Equity Turnover (m)
Total Shares Traded (m)
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market
turnover. (u) Unavaliable.
Yr ago Mar 1 Feb 28 Feb 27 Feb 26 Feb 25
UK STOCK MARKET TRADING DATA
892,000
4506.3
702,883
1244.0
771,113
8066.5
3349.0
735,000
4292.6
616,058
1501.0
694,977
9711.8
1186.0
809,800
4550.7
687,314
1445.0
772,528
11629.1
1149.0
744,800
4023.2
617,749
1462.0
705,008
9813.2
1145.0
843,700
5532.2
663,077
1388.0
749,310
10599.0
1158.0
888,800





1157.0
issue Close Mkt
issue price Stock price cap
date p Sector code Stock p +/- High Low (m)
27/2 20 AIM STAR Starcom 20.50 -1.50 24 20 14.6
14/2 159 AIM Digital Globe 165.50 - 168.50 163 49.1
13/2 220 - CRST Crest Nicholson Hldg 265 -3 268 220 666.3
5/2 100 IvCo LBOW ICG-Longbow 103.13 - 103.85 100 107.9
15/1 17.4 IvCo JMOS JPM Oseas 42.50 - 50 18.11 2.1
14/1 5.5 AIM DAIP DailyInt 4.75 - 5.75 4 1.2
14/1 1.175 AIM NCT Northcote 1.73 0.13 2.10 1.10 1.7
8/1 16.75 AIM BSE Base Resources 25.50 - 26.50 16.75 142.9
28/12 13 AIM ECX EastCoal 5.13 -0.63 16 5 16.7
24/12 100 AIM CAMK Camkids 100.50 - 107 78 75.8
20/12 100 IvCo IRIS DCG Iris C STG 101 - 101 101 11.1
20/12 100 IvCo INL Inland ZDP 104.50 - 106.90 100 8.9
19/12 60 AIM GCH Green China 80 - 84.90 64 41.2
19/12 70 AIM RFC Rangers Int 79.75 0.25 95 70 51.9
18/12 150 AIM FXIF Fusionex Int 241 - 273 170 103.6
17/12 100 RealE SWEF Starwood Euro 105.63 - 106 100 241.4
14/12 30 AIM VENN Venn Life Science 31.50 - 37 27 6.3
10/12 2 AIM PREM Premier African 1.50 -0.13 2.74 1.48 5.0
6/12 $1 IvCo GCGR Blue Capital 67.62 - 66.82 62.35 67.7
29/11 100 AIM SIGB Sherborne Inv B 107.50 3 110 100 222.5
28/11 $20 Tele MFON Megafon S 18.92 -23.31 19.67 12.11 1,599.2
Placing price. * Introduction. When issued. Annual report/prospectus available, see London
Shares Page. For a full explanation of all other symbols please refer to London Share Service notes.
UK RECENT EQUITY ISSUES
Gilts 64 1 2
Basic Materials 7 41 6
Consumer Goods 23 18 6
Consumer Services 38 38 12
Financials 47 59 26
Health Care 9 4 3
Industrials 64 61 13
Oil & Gas 14 24 4
Technology 15 7 4
Telecommunications 2 6 0
Utilities 5 2 1
Others 127 204 340
Totals 415 465 417
Data based on those companies on the London Share Service.
......... On Friday ........ ............ Over 5 day ........
Rises Falls Same Rises Falls Same
253 77 5
118 134 18
110 96 29
195 170 75
266 258 136
39 30 11
323 275 92
83 99 28
57 49 24
16 24 0
17 18 5
937 821 1604
2414 2051 2027
RISES AND FALLS
FTSE 100 (100) 6378.6 +0.3 5752.2 6360.8 5911.1 3.47 2.07 13.94 33.06 4507.99 5965.6 16/3/12 5260.2 1/6/12
FTSE 250 (250) 13750.5 +0.3 12400.2 13704.0 11538.4 2.54 1.87 21.07 31.57 8864.53 12422.8 20/12/12 10102.9 2/1/12
FTSE 250 ex Inv Co (204) 14734.9 +0.4 13288.0 14676.0 12185.0 2.58 2.06 18.77 30.90 9673.30 13270.6 20/12/12 10580.1 2/1/12
FTSE 350 (350) 3427.2 +0.3 3090.7 3417.4 3133.8 3.34 2.05 14.64 16.37 4902.34 3187.4 19/12/12 2791.6 1/6/12
FTSE 350 ex Inv Co (304) 3412.6 +0.3 3077.5 3402.6 3120.8 3.36 2.07 14.40 16.39 2511.80 3174.5 19/12/12 2779.1 1/6/12
FTSE 350 Higher Yield (111) 3416.8 +0.6 3081.3 3396.8 3153.6 4.49 1.72 12.94 24.05 4842.90 3247.1 14/8/12 2893.2 23/5/12
FTSE 350 Lower Yield (239) 3099.5 - 2795.1 3100.6 2815.1 2.10 2.79 17.07 7.23 3082.40 2853.2 16/3/12 2404.9 1/6/12
FTSE SmallCap (248) 3714.77 -0.7 3349.98 3739.68 3131.03 2.58 0.72 53.75 8.49 4732.35 3419.07 31/12/12 2748.77 2/1/12
FTSE SmallCap ex Inv Co (134) 3079.19 -0.9 2776.81 3108.10 2525.60 3.08 1.01 32.31 5.08 4116.96 2862.91 31/12/12 2164.45 2/1/12
FTSE All-Share (598) 3358.29 +0.3 3028.50 3349.39 3065.11 3.32 2.02 14.89 15.84 4863.03 3122.32 19/12/12 2732.65 1/6/12
FTSE All-Share ex Inv Co (438) 3333.78 +0.3 3006.40 3324.50 3044.61 3.36 2.05 14.50 15.88 2495.44 3100.85 19/12/12 2712.62 1/6/12
FTSE All-Share ex Multinationals (530) 984.00 +0.4 735.46 980.51 858.06 3.22 1.52 20.38 1.99 1538.49 912.19 20/12/12 778.27 18/5/12
FTSE Fledgling (120) 5238.35 +0.2 4723.94 5229.29 4537.30 3.68 0.50 54.74 8.63 8804.43 4753.70 28/12/12 4081.64 2/1/12
FTSE Fledgling ex Inv Co (79) 5795.14 +0.1 5226.05 5791.20 5134.18 3.17 0.74 42.77 4.75 9545.78 5314.30 28/12/12 4504.83 12/1/12
FTSE All-Small (368) 2550.80 -0.6 2300.31 2566.35 2154.37 2.66 0.70 53.82 5.71 4173.17 2345.32 31/12/12 1894.93 2/1/12
FTSE All-Small ex Inv Co (213) 2259.12 -0.9 2037.27 2278.62 1863.34 3.08 0.99 32.91 3.59 3829.50 2098.14 31/12/12 1600.74 2/1/12
FTSE AIMAll-Share (821) 739.7 -0.2 667.0 741.1 829.1 0.71 0.42 770.63 829.1 2/3/12 659.0 28/6/12
Stlg Days Euro Stlg Year Div. P/E Xd Total . . . . . . ... . . . . . . . . . 2012/13 . ..... . . . . . . . . . . . .
chge% Index ago yield % Cover ratio adj Return High Low Mar 1 Feb 28
Oil & Gas (25) 8526.59 +0.4 7689.27 8496.58 9451.28 3.80 2.77 9.51 77.07 6317.25 9557.12 27/2/12 7923.24 23/5/12
Oil & Gas Producers (18) 8049.22 +0.4 7258.78 8016.39 8922.36 3.86 2.77 9.36 75.71 6161.22 9024.96 27/2/12 7463.65 23/5/12
Oil Equipment Services (7) 23508.83 -1.0 21200.26 23750.66 26044.64 2.34 2.68 15.93 15660.51 27689.17 1/5/12 21093.97 26/6/12
Basic Materials (38) 6129.80 -1.7 5527.86 6232.69 6850.81 2.70 3.61 10.26 0.77 5383.05 7415.61 3/2/12 5245.96 24/7/12
Chemicals (8) 10109.17 -0.2 9116.45 10129.82 8826.23 2.14 2.20 21.19 16.76 8161.96 9956.61 14/9/12 7147.94 2/1/12
Forestry & Paper (1) 10037.51 +1.1 9051.83 9925.86 7005.10 2.54 2.50 15.75 9611.31 8015.91 31/10/12 5347.86 2/1/12
Industrial Metals & Mining (4) 2968.56 -3.5 2677.05 3074.67 5113.29 5.21 0.93 20.72 2535.63 5797.52 6/2/12 2551.06 5/9/12
Mining (25) 18619.65 -1.8 16791.19 18961.89 21206.37 2.73 3.77 9.73 8496.71 23116.94 3/2/12 16025.74 24/7/12
Industrials (109) 3999.80 +0.8 3607.02 3967.54 3381.69 2.42 2.35 17.55 2.74 3690.73 3580.03 20/12/12 2977.54 2/1/12
Construction & Materials (11) 4014.75 +0.3 3620.50 4003.22 3707.83 3.82 0.65 40.35 3721.07 3809.90 16/3/12 3046.88 1/6/12
Aerospace & Defense (9) 4547.46 -0.3 4100.90 4563.39 3797.53 2.19 3.79 12.06 0.88 4402.60 4144.61 14/9/12 3457.95 2/1/12
General Industrials (6) 3142.36 +0.5 2833.78 3127.93 2622.54 3.25 1.80 17.07 3101.60 2816.76 24/12/12 2168.17 2/1/12
Electronic & Electrical Equipment (12) 4991.30 -0.3 4501.15 5004.01 4221.74 1.97 2.53 20.03 8.68 4139.01 4470.78 31/12/12 3264.37 2/1/12
Industrial Engineering (12) 9686.38 +0.5 8735.17 9635.72 8241.14 2.38 2.19 19.21 6.77 10567.80 8481.71 24/2/12 6711.22 26/6/12
Industrial Transportation (8) 3564.14 +0.9 3214.14 3532.30 3097.92 3.64 1.40 19.53 2690.36 3270.44 15/3/12 2727.60 5/1/12
Support Services (51) 5675.87 +1.8 5118.50 5577.32 4760.23 2.17 2.38 19.33 6.09 5310.51 5148.56 7/12/12 4172.23 2/1/12
Consumer Goods (35) 15041.94 +1.1 13564.82 14877.27 12505.74 2.85 2.05 17.15 107.30 9726.77 13815.32 4/12/12 11554.82 19/1/12
Automobiles & Parts (2) 6331.68 -1.3 5709.91 6417.74 5170.95 2.36 4.57 9.28 5408.68 5603.00 14/9/12 4122.44 26/6/12
Beverages (4) 14784.67 +0.3 13332.81 14739.36 11447.74 2.14 1.76 26.52 83.11 9402.56 13528.41 27/11/12 10360.77 19/1/12
Food Producers (11) 7253.61 +1.0 6541.31 7181.79 5509.74 2.78 3.16 11.38 40.93 5633.83 6572.36 19/12/12 5395.70 2/2/12
Household Goods & Home Constructi (11) 8003.27 +1.4 7217.34 7891.77 5955.94 2.29 2.49 17.54 94.84 5111.53 7015.84 19/12/12 5242.12 2/1/12
Leisure Goods (1) 3775.57 +0.3 3404.80 3763.19 2267.09 3.28 1.58 19.30 2859.35 3042.24 27/12/12 1712.47 11/6/12
Personal Goods (4) 19370.38 +2.0 17468.20 18989.94 18847.87 1.78 2.13 26.43 17.25 11645.75 20672.42 16/4/12 13964.23 28/9/12
Tobacco (2) 38915.41 +1.8 35093.90 38231.49 36907.75 3.89 1.60 16.05 308.62 20943.72 39197.69 3/8/12 33102.81 19/1/12
Health Care (13) 7231.48 +0.7 6521.34 7183.32 6853.64 4.58 1.58 13.79 140.76 4776.84 7300.20 6/8/12 6513.27 16/11/12
Health Care Equipment & Services (5) 4102.09 +0.4 3699.26 4083.77 3573.53 1.77 3.86 14.65 1.11 3295.17 3960.40 24/12/12 3327.24 18/5/12
Pharmaceuticals & Biotechnology (8) 10014.60 +0.7 9031.17 9946.59 9536.79 4.75 1.53 13.74 206.42 5855.12 10152.84 7/8/12 9022.87 16/11/12
Consumer Service (87) 3906.98 +0.7 3523.31 3880.04 3173.93 3.01 2.11 15.70 8.99 3259.36 3603.50 20/12/12 2979.55 1/6/12
Food & Drug Retailers (7) 4565.99 -0.1 4117.61 4570.54 4053.23 3.96 2.10 12.05 4729.24 4902.15 3/1/12 3846.18 30/5/12
General Retailers (22) 1989.64 +0.2 1794.26 1984.78 1652.18 2.93 2.49 13.71 1.51 2027.09 1967.88 19/12/12 1427.95 5/1/12
Media (24) 5394.87 +0.6 4865.10 5365.29 4430.81 2.80 1.96 18.19 1.01 2916.58 4905.44 24/12/12 3999.31 1/6/12
Travel & Leisure (34) 5867.57 +1.7 5291.37 5770.73 4328.10 2.56 2.06 18.96 40.31 5036.75 5224.92 20/12/12 4034.30 5/1/12
Telecommunications (8) 2823.59 +1.3 2546.31 2787.95 2699.23 5.23 1.21 15.85 0.19 2595.49 2990.43 8/8/12 2556.42 31/12/12
Fixed Line Telecommunications (6) 3203.47 +0.2 2888.89 3197.04 2513.66 3.49 2.73 10.50 0.97 2539.89 2881.02 20/12/12 2226.17 2/1/12
Mobile Telecommunications (2) 3932.16 +1.6 3546.02 3870.47 3951.51 5.73 0.94 18.58 3163.52 4432.88 8/8/12 3606.41 31/12/12
Utilities (7) 8000.18 +0.2 7214.56 7986.72 7067.08 5.03 1.47 13.58 30.20 7385.03 7796.80 16/10/12 6630.08 23/1/12
Electricity (2) 9236.78 +0.7 8329.72 9175.28 8198.06 5.38 0.96 19.41 135.71 10627.01 9147.03 1/11/12 7695.24 27/1/12
Gas Water & Multiutilities (5) 7269.85 - 6555.95 7268.25 6411.80 4.92 1.63 12.48 4.12 6743.46 7101.33 25/9/12 5993.26 23/1/12
Financials (251) 4407.38 -0.3 3974.57 4419.19 3611.36 3.08 1.35 24.04 8.68 3493.22 4008.50 20/12/12 3072.67 9/1/12
Banks (6) 4981.05 -0.9 4491.91 5024.36 4012.10 2.79 1.67 21.52 9.04 3092.42 4468.62 27/12/12 3272.42 1/6/12
Nonlife Insurance (10) 1981.27 -0.1 1786.71 1982.73 1647.62 4.52 1.62 13.64 10.92 3022.40 1902.24 19/12/12 1505.01 9/1/12
Life Insurance/Assurance (9) 5670.08 +1.1 5113.27 5610.64 4526.47 3.99 1.06 23.55 4668.54 5287.20 20/12/12 3758.63 1/6/12
Real Estate Investment & Services (23) 2015.39 -1.1 1817.48 2037.94 1665.17 2.53 2.42 16.33 6.72 4893.20 1888.90 19/12/12 1528.35 9/1/12
Real Estate Investment Trusts (16) 2045.84 +0.9 1844.93 2027.27 1724.97 3.69 1.04 25.96 5.88 2196.55 2025.26 27/12/12 1560.54 9/1/12
Financial Services (27) 5542.08 +0.1 4997.84 5536.34 4425.84 3.59 1.19 23.40 10.66 5474.73 4748.76 20/12/12 3650.70 9/1/12
Equity Investment Instruments (160) 6743.15 -0.1 6080.97 6752.84 6038.35 2.23 0.49 80.00 22.14 3304.68 6186.99 19/12/12 5461.82 23/5/12
Non Financials (347) 3902.09 +0.4 3518.90 3885.36 3672.67 3.40 2.21 13.33 21.71 4950.72 3713.21 13/3/12 3310.63 23/5/12
Technology (25) 1129.92 +0.7 1018.96 1122.42 790.48 1.16 2.64 32.65 3.44 1359.91 958.15 20/12/12 706.08 18/5/12
Software & Computer Services (15) 1171.48 +0.4 1056.44 1167.24 910.33 1.83 2.55 21.43 7.96 1453.04 1043.09 3/12/12 808.81 2/1/12
Technology Hardware & Equipment (10) 1470.13 +0.9 1325.76 1456.76 940.30 0.62 2.83 56.89 1644.32 1207.07 20/12/12 819.06 18/5/12
FTSE Sector Indices
FTSE ACTUARIES SHARE INDICES
Produced in conjunction with the Institute and Faculty of Actuaries www.ft.com/equities
UK SERIES
days wk% Red 52Week
Notes Price Chng Chng Yield High Low Mar 1
days wk% Red 52Week
Notes Price Chng Chng Yield High Low
Shorts (Lives up to Five Years)
Tr 8pc 13........... 104.36 -0.04 -0.2 0.25 111.96 104.26
Tr 4.5pc 13 ........ 100.00 - -0.1 - 104.30 99.98
Tr 2.25pc 14 ...... 102.06 +0.01 - 0.20 103.82 101.93
Tr 5pc 14........... 107.22 +0.01 0.0 0.20 111.65 107.11
Tr 2.75pc 15 ...... 104.76 +0.06 - 0.22 106.68 104.43
Tr 4.75pc 15...... 111.31 +0.07 - 0.23 114.78 110.87
Tr 8pc 15 ........... 121.45 +0.07 0.0 0.21 127.84 121.00
Tr 2pc 16 ........... 104.78 +0.13 0.1 0.34 106.21 103.70
Tr 4pc 16........... 112.51 +0.15 0.2 0.41 115.24 111.62
Tr 1pc 17 ........... 101.20 +0.23 0.5 0.73 102.22 97.58
Tr 1.75pc 17 ...... 104.62 +0.19 0.4 0.55 105.92 102.18
Tr 8.75pc 17...... 135.74 +0.22 0.3 0.65 141.99 134.36
Five to Ten Years
Tr 5pc 18 ........... 120.46 +0.29 0.5 0.82 124.35 118.85
Tr 3.75pc 19 ...... 116.04 +0.53 1.1 1.18 119.51 112.44
Tr 4.5pc 19 ........ 120.00 +0.46 0.9 1.06 124.06 117.58
Tr 3.75pc 20 ...... 116.41 +0.65 1.4 1.44 120.21 111.99
Tr 4.75pc 20 ...... 123.04 +0.62 1.3 1.30 127.41 119.66
Tr 3.75pc 21 ...... 116.62 +0.75 1.7 1.65 120.79 111.31
Tr 8pc 21........... 149.91 +0.84 1.5 1.54 157.54 146.58
Tr 1.75pc 22 ...... 98.89 +0.75 2.0 1.88 101.73 95.55
Tr 4pc 22 ........... 118.86 +0.78 1.7 1.73 123.25 113.27
Ten to Fifteen Years
Tr 5pc 25 ........... 130.13 +0.91 2.0 2.14 136.58 123.59
Tr 4.25pc 27...... 121.77 +1.21 2.6 2.48 128.63 114.60
Over Fifteen Years
Tr 6pc 28 ........... 145.63 +1.44 2.6 2.48 154.43 103.32
Tr 4.75pc 30 ...... 128.78 +1.57 3.0 2.70 136.51 120.97
Tr 4.25pc 32 ...... 121.36 +1.55 3.2 2.81 128.39 113.48
Tr 4.5pc 34 ........ 124.85 +1.65 3.3 2.93 132.88 117.01
Tr 4.25pc 36...... 120.35 +1.60 3.3 3.02 128.66 113.10
Tr 4.75pc 38 ...... 129.47 +1.73 3.3 3.08 139.15 122.15
Tr 4.25pc 40 ...... 119.76 +1.71 3.5 3.17 129.48 113.13
Tr 4.5pc 42 ........ 125.10 +1.74 3.6 3.19 135.72 118.31
Tr 3.25pc 44 ...... 99.56 +1.52 3.9 3.27 103.17 93.71
Tr 4.25pc 46...... 120.11 +1.87 3.9 3.26 131.64 113.10
Tr 4.25pc 49 ...... 120.39 +1.98 4.1 3.29 132.20 113.13
Tr 3.75pc 52 ...... 109.28 +1.91 4.4 3.33 120.62 102.41
Tr 4.25pc 55...... 121.76 +2.14 4.4 3.30 134.78 105.44
Tr 4pc 60 ........... 116.88 +2.15 4.6 3.29 129.94 109.00
Undated
Cons 4pc .......... @ 99.72 +1.98 5.0 4.01 103.54 92.80
War Ln 3.5pc ....... 88.48 +1.90 4.9 3.96 101.69 80.96
Cn 3.5 pc 61Aft @ 86.09 +1.80 4.8 4.07 98.54 80.70
Tr 3pc 66Aft ..... @ 72.19 +1.48 4.7 4.16 83.42 67.77
Cons 2.5pc........ @ 61.95 +1.31 4.8 4.04 71.87 58.05
Tr 2.5pc ............ @ 63.20 +1.36 4.9 3.96 73.33 59.14
Index-linked
2.5pc 13......... (89.2) 279.49 - 0.0 0.27 0.27284.74 279.28
2.5pc 16......... (81.6) 351.47+0.64 0.4 -3.03-2.71351.52 340.48
1.25pc 17.. (193.725) 117.99+0.26 0.6 -2.33-2.33118.08 113.10
2.5pc 20......... (83.0) 387.14+1.81 1.4 -1.95-1.80387.63 358.29
1.875pc 22 (205.65806)132.83+0.84 1.7 -1.29-1.29132.96 123.46
0.125pc 24.......... 112.82+0.83 2.0 -0.97-0.97112.96 105.08
2.5pc 24......... (97.7) 352.83+2.25 1.9 -1.12-1.01353.31 319.04
1.25pc 27 (194.06667) 129.26+1.07 2.0 -0.64-0.64129.39 114.41
0.125pc 29.......... 109.90+1.09 2.2 -0.47-0.47109.85 99.57
4.125pc 30.... (135.1) 332.32+2.83 2.2 -0.64-0.56332.46 303.60
2pc 35........... (173.6) 211.53+2.08 2.0 -0.35-0.30212.36 190.24
1.25pc 32 (217.13226) 132.91+1.38 2.2 -0.36-0.36133.35 121.11
0.75pc 34..... (235.20) 121.74+1.38 2.3 -0.26-0.26121.96 109.90
1.125pc 37 (202.24286)132.77+1.40 2.0 -0.17-0.17134.32 119.67
0.625pc 40 (216.52258)119.68+1.34 2.1 -0.09-0.09122.10 107.21
0.625pc 42 (212.46452)121.44+1.30 2.1 -0.09-0.09124.69 107.87
0.75pc 47 (207.76667) 127.20+1.64 2.5 -0.03-0.03131.69 111.77
0.5pc 50.. (213.40000) 118.83+1.74 2.7 -0.01-0.01124.15 103.26
0.25pc 52........... 108.93+1.64 2.8 - - 112.48 93.26
1.25pc 55 (192.20000) 154.48+2.21 2.7 -0.02-0.02161.24 133.69
0.375pc 62.......... 119.79+2.21 3.5 -0.03-0.03124.43 99.36
days wk% Yld 52Week
Notes Price Chng Chng (1) (2) High Low
Prospective real redemption rate on projected infation of (1) 5%and (2) 3%
(b) Figures in parentheses show RPI base for indexing (ie 8 months prior to issue
and, for giltsissued since September 2005, 3 months prior to issue) and have
been adjusted to refect rebasing of RPI to 100 in January 1987. Conversion
factor 3.945. RPI for Jan 2012: 238.0 and for Oct 2012 245.6. For those
bonds indicated, with a 3mlag, the clean price shown has no infation adjust-
ment. The yield is calculated using no infation assumption. Running yield.
All UK Gilts are Tax free to non-residents on application. xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Weekly percentage changes are calculated on a Friday to Friday basis. Gilt benchmarks
and most liquid stocks, are shown in bold type. Afull list of Gilts can be found daily on ft.com/bond&rates. Source: ThomsonReuters
GILTS - UK CASH MARKET www.ft.com/gilts
Option Mar Apr May Mar Apr May
AstraZeneca 2900 121 144 163 8 29.5 47.5
(*3012.5) 3000 43.5 76.5 99.5 30 62.5 84
Aviva 350 12.2513.75 15.75 5.75 15.5 18.5
(*356.5) 360 7 8.75 11 10.5 21.75 24.25
BAESystems 350 7.5 11.75 13 3.25 13.25 16.25
(*354.3) 360 3 6.75 7.75 8.75 20 22.5
Barclays 290 16.5 21.5 24.5 3 7.75 11.5
(*303.450) 300 9.75 15.5 18.5 6.25 11.75 15.75
BGGroup 1100 60 71.5 79.5 4.5 19.5 30
(*1155) 1150 24 41 50.5 19 41 52.5
BHPBilliton 2000 84 98 115.5 23.5 52.5 71
(*2080) 2100 18.5 45.5 64.5 73 102 120
BP 450 7.75 13 16 11.5 16.25 22.75
(*446.350) 460 4.25 9 11.75 18 22.5 29
BAT 3500 41 52.5 71 93.5 123 145
(*3508) 3600 9 19 34 183 197 211.5
BTGroup 260 11 14.25 17.25 2.5 5.5 8.5
(*268.5) 270 4.5 8.5 11.75 6 9.75 13
Diageo 1900 76 90.5 99 3.5 17.5 25
(*1972) 1950 35 55 65 12.5 32 41
GlaxoSmKl 1400 71.5 79.5 84.5 5 12.5 24
(*1466) 1450 32.5 44.5 50.5 16 27.5 43
HSBC 720 17.75 21 24.25 9.5 21.75 29.25
(*728.1) 740 7.75 11.75 15.5 19.5 33.25 41.5
ICA 240 6.5 11.5 14.25 8.75 13.5 16.25
(*237.8) 245 4.75 9.5 12 11.75 16.5 19
Kingfsher 280 2.5 6.5 8 6 10 15.25
(*276.5) 290 0.5 3.25 4.25 14.25 16.5 22.25
.........
Calls
......... .........
Puts
.........
EQUITY OPTIONS
Option Mar Apr May Mar Apr May
LandSecGp 840 8 13.25 18.5 12.25 18.75 24
(*840.5) 860 1.25 5.75 10.25 27 31.25 35.5
Legal &Gen 155 6.25 7.75 7.5 1.5 3 6
(*159.6) 160 2.75 4.5 4.5 3.25 4.75 8.75
LloydsBkg 51 3.25 - - 1 - -
(*53.25) 52 2.5 3.5 4.25 1.25 2.25 2.75
ManGroup 96 4 6.5 7.25 3.5 6 11.5
(*96.550) 98 3 5.5 - 4.5 7 -
Marks&S 370 6.75 13 15.5 7.25 13.25 15.75
(*369.5) 380 3.25 9 11.25 13.75 19.25 21.75
Morrison(Wm)250 12.2513.25 14.75 0.75 1.75 5.75
(*261.3) 270 1 2.5 3.5 9.75 11 17.5
Natl Grid 700 27 30.75 34.5 2 5.25 8.75
(*725) 720 11 17.5 21.75 6 12 16
RioTinto 3400 82 133 167.5 90.5 151 184.5
(*3442) 3500 35.5 89.5 123 152.5 208 240
Royal BkScot 310 11.25 - - 7.5 - -
(*314) 320 6.5 12.75 17.25 12.5 18.5 23
Rl DchShell B2250 22.5 42 - 26.5 45 -
(*2245.5) 2300 6 22 34.5 60.5 75.5 106
RSAInsGp 120 1.5 2 2.5 2.5 6 7
(*119) 125 0.25 1 1 6.25 10.5 10.75
Sainsbury 330 14.2517.25 19 1.25 4 10.75
(*342.9) 340 6.5 10.75 13.25 3.5 7.75 16.5
Shire 2000 85 119.5 144 16.5 52 75.5
(*2075) 2100 26 67.5 92 59 99.5 123.5
StdChartd 1800 20.5 33 45.5 65 84 96.5
(*1781) 1850 7.5 17.5 28.5 107.5 119.5 129.5
.........
Calls
......... .........
Puts
.........
Option Mar Apr May Mar Apr May
Tesco 370 4.5 9.5 9.75 5 9.75 17
(*369.450) 380 1.25 5.5 5.75 11.75 15.75 24
Vodafone 170 2.25 4.5 5.75 3.75 6.25 7.25
(*168.3) 175 0.75 2.75 3.75 7.5 9.5 10.25
Xstrata 1150 17 32.5 39.5 40 55 74.5
(*1127) 1200 4.5 16 21.5 77.5 88 107.5
.........
Calls
......... .........
Puts
.........
Option Mar Jun Sep Mar Jun Sep
Reckitt Benck4500 70.5 117.5 - 68.5 114 -
(*4501) 4600 32 72.5 105.5 130.5 168.5 200
ReedElsevier 700 24 - - 2.75 - -
(*721) 720 10.5 23 29.25 9.25 33.5 46.25
Rentokil Init 88 5.5 6.25 8 0.25 2 4.5
(*93.2) 92 2.25 - - 1 - -
Rolls-RoyceH 980 49 - - 6.75 - -
(*1022) 1000 33.5 57.25 73.5 11.5 42 58
SABMiller 3200 131.5 201 236 6 71 129.5
(*3325) 3300 55 - - 29.5 - -
SageGroup 330 12.25 - - 1.75 - -
(*340.3) 340 5.25 13.75 19 5 16 21.5
Sm&Nephew 680 31.2540.25 49 1 17.25 27
(*710) 700 14.25 - - 4 - -
SSE 1400 59 80.5 90 1.5 21 57
(*1457) 1450 19 48.5 - 12 39.5 -
StandardLife 350 13.5 - - 2.5 - -
(*361) 360 7.75 13.75 19 6.75 20.75 29.75
Unilever 2600 69 91.5 108.5 11.5 33 59.5
(*2657) 2700 15 34.5 54 57.5 76 109
UtdUtilities 740 13 - - 13.75 - -
(*739) 760 7.25 25 31.25 28 58.75 68.5
Whitbread 2500 69.5 - - 15 - -
(*2554) 2600 16 71.5 91 62 146 166.5
Wolseley 3002 137 200 - 6.5 86.5 -
(*3132) 3100 67.5 - - 35 - -
WPP 1050 22.5 - - 14.25 - -
(*1058) 1100 4.75 29 42.5 46.5 86 101
.........
Calls
......... .........
Puts
.........
Option Mar Jun Sep Mar Jun Sep
3i Group 320 3.5 10.5 13.25 7 17 20.75
(*316.5) 330 1 - - 14.5 - -
Carnival 2400 121 - 214 13.5 - 128
(*2507) 2500 52 - - 44.5 - -
Compass 820 10.5 18.75 24 9.75 17.75 23
(*820.5) 840 4 10 15 23.25 29 34
Experian 1100 41.75 69.5 79.25 4.5 31 51
(*1137) 1150 10.25 - - 23 - -
Impl Tobacco 2400 43 98 125.5 33.5 85.5 135.5
(*2409) 2500 4 57 - 95 144.5 -
IntCont Hotels1900 64.5 101.5 132.5 11.5 74.5 115
(*1953) 1950 31 - - 27.5 - -
ITV 110 13.5 - - - - -
(*123.4) 120 4.75 6.5 8.5 1.25 4.25 6.5
LonStkExchg1350 24 - - 21.75 - -
(*1352) 1400 7.25 41.25 54.75 55 87.25116.75
Next 4000 250 331.5 357 2 78 151
(*4247) 4200 81.5 208 240 33.5 155 243
Pearson 1100 73 81 88.75 0.75 26.5 48
(*1172) 1150 30 44.75 - 7.75 45 -
* Underlying security price. Premiums shown are based on settlement prices. March 1Total contracts, Equity & Index options: 705925 Calls: 265513 Puts: 94082 Source: Euronext.life
NOTES
Closing mid-prices are shown in pence unless other
wise indicated. FTSE index constituents are shown in
bold type. Highs and lows are based on intra-day mid
price last trades over a rolling 52 week period.
Trading volumes are end of day accumulated totals,
rounded to nearest 1,000 shares. # Price at time of
suspension.
Abbreviations: xd ex dividend; xc ex scrip issue; xr ex
rights; xa ex all; xA ex capital distribution.
Source: Reuters
E FT Global 500
The constituents of the FT Global 500 list were
updated at the beginning of January. The FT500
provides an annual snapshot of the worlds
largest companies, ranked by market capitalisa
tion. Further data and analysis, along with
addresses and information on leading compa
nies worldwide are available on www.ft.com/
ft500.
TRADEDVOLUMES INTHE FT SHARE SERVICE
The volume fgures shown on the Financial Times
Share Service pages are aggregated totals from
the following exchanges and trading platforms:
The London Stock Exchange, PLUS Markets,
Markit BOAT, BATS, Nasdaq OMXEurope, Instinet
Chi-Xand Turquoise.
MARCH 2 2013 Section:Stats Time: 1/3/2013 - 18:35 User: watsonl Page Name: NYSEFTSE, Part,Page,Edition: EUR, 15, 1
16
FINANCIAL TIMES MARCH 2/MARCH 3 2013
MARKET DATA
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Mar 1
US$
Goldman Sachs 07/13 4.75 A- A3 A 101.50 0.54 0.02 -0.15 0.41
Hutchison 03/33 01/14 6.25 A- A3 A- 104.81 0.78 -0.01 -0.54 0.63
Misc Capital 07/14 6.13 BBB Baa2 - 105.22 2.09 -0.02 0.06 1.93
BNP Paribas 06/15 4.80 A- Baa3 A 105.89 2.16 -0.01 -0.72 1.92
GE Capital 01/16 5.00 AA+ A1 - 111.06 1.04 -0.02 -0.13 0.69
Erste Euro Lux 02/16 5.00 AA- - - 103.85 3.60 -0.02 -2.28 3.22
Credit Suisse USA 03/16 5.38 A+ A1 A 112.27 1.18 -0.01 -0.08 0.70
SPI E&G Aust 09/16 5.75 A- A1 A 110.36 2.65 -0.02 -0.10 2.31
Abu Dhabi Nt En 10/17 6.17 A- A3 - 117.75 2.12 0.01 -0.09 1.45
Swire Pacifc 04/18 6.25 A- A3 A 118.79 2.33 0.00 0.03 1.58
ASNA 11/18 6.95 A- Baa2 A 122.85 2.58 -0.04 -0.23 1.83
Codelco 01/19 7.50 A A1 A+ 127.03 2.51 -0.03 0.04 1.76
Bell South 10/31 6.88 A- WR A 120.39 5.16 -0.05 0.08 3.30
GE Capital 01/39 6.88 AA+ A1 - 131.88 4.73 0.02 -0.05 1.67
Goldman Sachs 02/33 6.13 A- A3 A 117.21 4.78 0.10 0.03 1.72
Euro
Amer Honda Fin 07/13 6.25 A+ A1 - 102.17 0.23 0.23 0.23 0.21
SNS Bank 02/14 4.63 BBB Baa3 BBB+ 101.50 3.01 -0.54 -2.12 2.92
JPMorgan Chase 01/15 5.25 A A2 A+ 108.33 0.73 -0.06 -0.35 0.72
Hutchison Fin 06 09/16 4.63 A- A3 A- 111.52 1.28 -0.04 -0.26 1.05
Hypo Alpe Bk 10/16 4.25 - A1 - 106.98 2.24 -0.18 -0.46 2.09
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 118.19 1.47 -0.05 -0.40 1.10
Unicredit 01/20 4.38 BBB+ Baa2 A- 102.50 3.95 -0.11 -0.11 3.19
ENEL 05/24 5.25 BBB+ Baa2 BBB+ 104.46 4.73 -0.05 -0.13 3.25
Yen
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.39 0.49 -0.07 -0.31 0.42
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 102.56 0.18 0.00 -0.02 0.13
Nomura Sec S 3 03/18 2.28 - - - 101.01 2.06 0.00 -0.04 1.95
Sterling
Slough Estates 09/15 6.25 - - A- 110.41 2.03 -0.04 -0.31 1.79
ASIF III 12/18 5.00 A+ A2 A 114.00 2.37 -0.01 -0.12 1.17
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Mar 1
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 10/14 4.50 102.90 2.66 -0.01 -0.08 -0.15 -1.02
04/23 5.50 118.38 3.35 -0.02 -0.16 -0.15 -0.79
Austria 10/14 3.40 105.36 0.10 0.01 -0.09 -0.22 -0.74
11/22 3.40 114.31 1.78 -0.06 -0.14 -0.23 -1.16
Belgium 03/15 3.50 106.62 0.27 -0.05 -0.13 -0.26 -1.22
06/23 2.25 99.32 2.33 -0.03 -0.11 -0.16 -1.44
Canada 02/15 1.00 100.12 0.94 -0.07 -0.17 -0.22 -0.16
06/22 2.75 108.02 1.80 -0.06 -0.18 -0.19 -0.18
Denmark 11/16 2.50 108.21 0.27 -0.03 -0.16 -0.29 0.00
11/23 1.50 99.29 1.57 -0.03 -0.17 -0.22 -0.30
Finland 09/14 3.13 104.72 0.04 -0.02 -0.10 -0.21 -0.39
09/22 1.63 100.12 1.61 -0.06 -0.17 -0.27 -0.65
France 04/15 3.50 106.96 0.23 -0.05 -0.13 -0.22 -0.45
05/18 1.00 100.16 0.97 -0.08 -0.15 -0.25 -0.85
10/22 2.25 101.00 2.13 -0.04 -0.11 -0.14 -0.86
04/41 4.50 125.31 3.13 -0.06 -0.10 0.01 -0.52
Germany 03/15 0.25 100.44 0.03 -0.04 -0.14 -0.24 -0.16
02/18 0.50 100.40 0.42 -0.04 -0.17 -0.35 -0.40
02/23 1.50 100.75 1.42 -0.05 -0.16 -0.27 -0.40
07/44 2.50 104.81 2.28 -0.04 -0.14 -0.11 -0.16
Greece 02/23 2.00 52.50 11.00 -0.33 -0.15 0.32 -25.62
02/33 2.00 40.60 10.54 -0.14 0.04 0.44 -
Ireland 10/17 5.50 111.36 2.84 0.01 0.01 -0.25 -2.45
10/20 5.00 107.88 3.79 0.02 0.05 -0.32 -3.21
Italy 03/15 2.50 100.51 2.25 -0.08 0.23 0.35 -0.02
11/17 3.50 100.01 3.53 -0.06 0.27 0.42 -0.27
11/22 5.50 105.74 4.81 0.00 0.31 0.49 -0.38
09/40 5.00 95.79 5.36 -0.04 0.21 0.37 -0.41
Japan 03/15 0.10 100.11 0.05 0.00 0.00 -0.01 -0.07
12/17 0.10 99.91 0.12 0.00 -0.02 -0.03 -0.18
12/22 0.80 101.33 0.66 -0.02 -0.08 -0.10 -0.31
12/32 1.80 103.35 1.58 -0.08 -0.17 -0.20 -0.18
Netherlands 01/15 2.75 104.88 0.12 -0.02 -0.12 -0.19 -0.21
01/23 3.75 117.80 1.77 -0.05 -0.14 -0.18 -0.53
New Zealand 04/15 6.00 106.85 2.64 -0.01 -0.12 -0.02 -0.48
04/23 5.50 114.79 3.73 -0.02 -0.16 -0.01 -0.42
Norway 05/17 4.25 110.50 1.64 -0.03 -0.17 -0.36 -0.01
05/23 2.00 96.35 2.41 0.01 -0.15 -0.21 0.08
Portugal 10/14 3.60 100.35 3.37 0.13 0.05 0.08 -9.13
10/23 4.95 88.84 6.43 -0.09 0.03 0.29 -7.43
Spain 03/15 2.75 100.37 2.57 -0.14 0.00 -0.05 0.25
01/23 5.40 102.08 5.13 -0.13 -0.09 -0.07 0.15
Sweden 08/15 4.50 108.11 1.10 0.10 0.02 0.08 -0.05
06/22 3.50 113.65 1.88 0.01 -0.13 -0.11 -0.03
Switzerland 06/15 3.75 108.45 0.01 -0.03 -0.02 -0.07 -0.02
02/23 4.00 131.55 0.70 -0.02 -0.09 -0.10 -0.06
UK 03/14 2.25 102.05 0.22 -0.03 -0.06 -0.13 -0.21
09/17 1.00 101.18 0.73 -0.05 -0.13 -0.28 -0.25
09/22 1.75 98.90 1.88 -0.09 -0.24 -0.23 -0.27
12/42 4.50 125.09 3.19 -0.09 -0.20 -0.14 -0.04
US 02/15 0.25 100.02 0.24 -0.01 -0.01 -0.03 -0.06
02/18 0.75 100.01 0.75 -0.03 -0.09 -0.13 -0.13
02/23 2.00 101.31 1.85 -0.05 -0.12 -0.13 -0.12
02/43 3.13 101.31 3.06 -0.04 -0.11 -0.11 -0.03
BONDS - BENCHMARK GOVERNMENT
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Mar 1
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 100.92 2.73 -0.05 -0.49 2.42
Kazkommerts Int 04/14 7.88 B+ Caa1 B 99.84 8.02 0.01 0.34 7.74
Bertin 10/16 10.25 BB B1 - 113.28 6.07 -0.03 -0.77 5.58
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 103.00 2.19 -0.01 -0.29 2.15
Kazkommerts Int 02/17 6.88 B+ Caa1 B 94.92 8.44 0.00 -0.03 8.23
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 112.35 1.49 0.06 0.04 1.25
Peru 02/15 9.88 BBB Baa2 BBB 116.71 1.04 -0.01 -0.42 0.80
Brazil 03/15 7.88 BBB Baa2 BBB 113.53 1.03 0.06 -0.16 0.79
Mexico 09/16 11.38 BBB Baa1 BBB 136.05 0.95 0.04 -0.07 0.61
Philippines 01/19 9.88 BB+ Ba1 BB+ 141.52 2.27 -0.03 0.03 1.51
Brazil 01/20 12.75 BBB Baa2 BBB 165.97 2.30 0.00 0.24 1.07
Colombia 02/20 11.75 BBB- Baa3 BBB- 156.68 2.76 0.00 0.02 1.53
Russia 03/30 7.50 BBB Baa1 BBB 124.51 3.01 -0.06 -0.01 2.26
Mexico 08/31 8.30 BBB Baa1 BBB 153.26 4.14 -0.01 0.22 2.29
Indonesia 02/37 6.63 BB+ Baa3 BBB- 125.25 4.83 0.03 0.19 1.77
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 112.44 0.80 -0.02 -0.09 0.76
Poland 02/16 3.63 A- A2 A- 107.30 1.06 -0.07 -0.15 0.98
Turkey 03/16 5.00 NR Ba1 BBB- 108.26 2.12 0.07 -0.05 2.03
Mexico 02/20 5.50 BBB Baa1 BBB 119.33 2.44 -0.03 0.18 1.68
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET
US yield curve
months Years
To
maturity
Today
One week ago
One month ago
Per cent
1 3 6 2 3 5 10 30
Overall () 1093 257.10 0.71 0.71 -0.01 1.55 6.39
Overall ($) 3262 216.37 0.03 0.55 -0.24 0.55 -0.24
Overall () 2276 192.71 0.16 0.16 0.09 0.73 7.08
Global Infation-Lkd 97 245.31 0.15 -2.31 -1.90 -1.57 2.99
Gilts () 33 259.13 0.75 0.75 -0.33 1.54 4.18
Corporates () 703 258.42 0.60 0.60 0.74 1.67 12.31
Corporates ($) 2111 237.21 -0.03 0.65 -0.13 0.65 -0.13
Corporates () 1196 192.53 0.12 0.12 0.16 1.31 8.60
Treasuries ($) 156 209.14 0.06 0.58 -0.28 0.58 -0.28
Eurozone Sov () 261 191.63 0.17 0.17 -0.12 0.37 6.39
ABF Pan-Asia unhedged 541 179.19 -0.07 -0.07 0.33 1.01 5.14
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 71 110.81 0.64 0.97 3.93 1.35 9.14
Euro Corporate () 304 107.10 0.10 0.95 3.99 1.23 8.16
Euro Emerging Mkts () 10 95.60 -0.03 -0.18 5.13 0.22 10.71
Eurozone Govt Bond 234 104.52 0.13 -0.02 3.09 0.25 6.87
Emerging Markets 5Y 245.25 9.27 9.06 14.47 257.25 192.65
Nth Amer Inv Grade 5Y 87.88 0.63 -0.62 -1.07 111.25 84.88
Nth Amer High Yld 5Y 440.65 4.29 -6.47 -5.48 572.12 429.91
Nth Amer HiVol 5Y 174.88 -0.80 -7.75 -15.72 226.49 174.88
Europe 5Y 116.68 -1.06 1.79 10.61 141.39 101.99
Crossover 5Y 447.60 -7.03 -0.72 24.40 581.00 416.35
HiVol 5Y 171.80 -1.08 -0.10 8.96 211.37 153.06
Japan 5Y 124.38 -0.34 -0.91 -7.25 227.22 121.29
SovXCEEMEA5Y 177.65 -1.84 5.04 18.95 231.44 149.17
SovXWestern Europe 5Y 103.72 -1.87 2.58 3.42 148.75 96.95
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Mar 1
Mar 1
Mar 1
Feb 28
Feb 28
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Spread Spread
Bid vs vs
Yield Bund T-Bonds Mar 1
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.34 +1.92 +1.48
Austria 1.78 +0.37 -0.07
Belgium 2.32 +0.91 +0.47
Canada 1.80 +0.39 -0.05
Denmark 1.57 +0.16 -0.28
Finland 1.61 +0.20 -0.24
France 2.13 +0.72 +0.28
Germany 1.42 - -0.44
Greece 11.00 +9.59 +9.15
Ireland 3.79 +2.37 +1.93
Italy 4.81 +3.40 +2.96
Japan 0.66 -0.76 -1.20
Netherlands 1.76 +0.35 -0.09
New Zealand 3.73 +2.32 +1.88
Norway 2.41 +0.99 +0.56
Portugal 6.43 +5.01 +4.57
Spain 5.13 +3.71 +3.28
Sweden 1.88 +0.46 +0.02
Switzerland 0.70 -0.72 -1.15
UK 1.88 +0.46 +0.02
US 1.85 +0.44 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
Days Total Return Return
chge % Return 1 month 1 year Yield
1 Up to 5 years (12) 103.80 +0.11 2297.38 +0.50 +1.43 0.42
2 5-10 years (10) 183.59 +0.54 3032.45 +1.49 +4.65 1.43
3 10-15 years (2) 205.43 +0.87 3424.32 +1.82 +6.13 2.31
4 5-15 years (12) 187.88 +0.61 3119.54 +1.55 +4.76 1.68
5 Over 15 years (15) 267.84 +1.47 3533.16 +2.31 +5.42 3.10
6 Irredeemables (1) 377.23 +2.21 4112.95 +3.10 +0.90 3.96
7All stocks (40) 169.51 +0.76 2901.41 +1.49 +3.97 2.55
www.ft.com/ftsegiltindices. Copyright, FTSE International 2013.
Price Indices
Fixed Coupon
Index-Linked
1 Up to 5 years (3) 330.12 +0.14 +0.40 +1.78 2407.23 +0.79 +3.78
2 Over 5 years (19) 496.38 +1.01 +0.10 +7.74 3574.94 +0.10 +8.92
3 5-15 years (5) 440.28 +0.63 +1.62 +7.91 3225.96 +1.62 +9.65
4 Over 15 years (14) 565.14 +1.19 -0.64 +7.83 4016.49 -0.64 +8.78
5All stocks (22) 468.61 +0.85 +0.15 +6.60 3408.21 +0.22 +7.93
5 yrs 0.90 0.97 1.17
10 yrs 1.80 1.89 2.09
15 yrs 2.43 2.52 2.67
Yield indices
Up to 5 yrs -2.17 2.72 -2.11 -1.44
Over 5 yrs -0.25 21.64 -0.21 -0.05
5-15 yrs -1.02 9.91 -0.96 -0.59
Over 15 yrs -0.12 26.54 -0.08 0.03
All stocks -0.30 18.56 -0.26 -0.09
Real yield
Mar 1
Mar 1 Feb 28
Mar 1 Feb 28
20 yrs 2.84 2.94 3.02
45 yrs 3.26 3.34 3.32
Irred 3.96
Mar 1 Feb 28
GILTS - UK FTSE ACTUARIES INDICES
Days Month Years Total Return Return
chge % chge % chge % Return 1 month 1 year Mar 1
Yr ago Yr ago
Yr ago Dur yrs Mar 1 Feb 28 Yr ago Dur yrs
-2.87 2.75 -2.83 -2.33
-0.30 21.77 -0.25 -0.10
-1.17 9.95 -1.11 -0.77
-0.15 26.62 -0.11 -0.00
-0.36 18.74 -0.32 -0.16
. . . . Infation 0 %. . . . . . . . Infation 5 %. . . .
CURRENCIES www.ft.com/currencies
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
Australia 112.2 111.7 111.8
Canada 110.8 110.7 113.3
Denmark 106.5 106.5 107.4
Japan 152.8 154.2 150.7
NewZealand 117.3 117.2 117.6
Norway 108.3 108.7 110.7
Sweden 89.9 89.4 88.4
Switzerland 143.6 144.5 143.9
UK 78.7 79.2 79.9
USA 85.3 84.7 82.6
Euro 93.81 93.75 96.23
Mth ago Mar 1 Feb 28 Mth ago Mar 1 Feb 28
FX - EFFECTIVE INDICES Bank of England Indices
Aug 31 2012 2013 Mar 1
Euro
US Dollar
Sterling
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin 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
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 5.0463 0.0008 6.5521 -0.0442 7.5747 -0.0842
Australia (A$) 0.9796 0.0028 1.2720 -0.0051 1.4705 -0.0122
Bahrain (Dinar) 0.3770 - 0.4895 -0.0033 0.5659 -0.0064
Bolivia (Boliviano) 6.9100 - 8.9720 -0.0618 10.3723 -0.1168
Brazil (R$) 1.9813 0.0042 2.5725 -0.0123 2.9740 -0.0272
Canada (C$) 1.0280 -0.0001 1.3347 -0.0093 1.5430 -0.0176
Chile (Peso) 474.050 - 615.507 -2.9354 711.573 -6.4934
China (Yuan) 6.2237 0.0024 8.0809 -0.0526 9.3421 -0.1016
Colombia (Peso) 1815.26 0.5850 2356.93 -15.4818 2724.80 -29.7899
Costa Rica (Colon) 501.235 -0.0500 650.805 -4.5512 752.380 -8.5467
Czech Rep. (Koruna) 19.7678 0.1116 25.6665 -0.0310 29.6725 -0.1647
Denmark (DKr) 5.7423 0.0393 7.4559 0.0000 8.6196 -0.0373
Egypt (Egypt ) 6.7404 - 8.7517 -0.0603 10.1176 -0.1139
Hong Kong (HK$) 7.7554 0.0006 10.0696 -0.0687 11.6413 -0.1303
Hungary (Forint) 226.872 0.6199 294.570 -1.2200 340.546 -2.8930
India (Rs) 54.9050 0.5000 71.2887 0.1623 82.4152 -0.1689
Indonesia (Rupiah) 9677.50 14.0000 12565.3 -68.3110 14526.4 -142.299
Iran (Rial) 12278.5 - 15942.4 -109.893 18430.6 -207.507
Israel (Shk) 3.7373 0.0236 4.8525 -0.0027 5.6099 -0.0275
Japan (Y) 93.4450 1.1850 121.329 0.7129 140.266 0.2195
One Month 93.4266 -0.0004 121.331 -0.0005 140.214 0.0004
Three Month 93.3825 -0.0020 121.335 -0.0002 140.109 0.0007
One Year 93.0530 -0.0095 121.224 -0.0148 139.586 0.0115
Kenya (Shilling) 86.0250 -0.0750 111.695 -0.8679 129.128 -1.5676
Kuwait (Dinar) 0.2832 -0.0001 0.3677 -0.0027 0.4251 -0.0050
Malaysia (M$) 3.0945 0.0040 4.0179 -0.0225 4.6450 -0.0462
Mexico (New Peso) 12.7798 0.0018 16.5932 -0.1121 19.1831 -0.2132
New Zealand (NZ$) 1.2124 0.0063 1.5742 -0.0027 1.8199 -0.0110
Nigeria (Naira) 158.100 -0.4500 205.277 -2.0033 237.316 -3.3550
Norway (NKr) 5.7775 0.0558 7.5015 0.0212 8.6723 -0.0130
Pakistan (Rupee) 98.1850 0.0200 127.483 -0.8526 147.381 -1.6290
Peru (New Sol) 2.5930 0.0120 3.3668 -0.0075 3.8922 -0.0257
Philippines (Peso) 40.6850 0.0250 52.8254 -0.3314 61.0702 -0.6497
Poland (Zloty) 3.1824 0.0078 4.1320 -0.0183 4.7769 -0.0419
Romania (New Leu) 3.3597 0.0257 4.3623 0.0034 5.0431 -0.0178
Russia (Rouble) 30.7363 0.1336 39.9080 -0.1004 46.1367 -0.3166
Saudi Arabia (SR) 3.7502 - 4.8693 -0.0336 5.6293 -0.0633
Singapore (S$) 1.2398 0.0020 1.6097 -0.0085 1.8610 -0.0179
South Africa ( R) 9.0795 0.1068 11.7888 0.0583 13.6288 0.0087
South Korea (Won) 1082.83 - 1405.94 -9.6912 1625.37 -18.2997
Sweden (SKr) 6.4587 0.0132 8.3859 -0.0406 9.6948 -0.0892
Switzerland (SFr) 0.9453 0.0121 1.2274 0.0073 1.4190 0.0024
Taiwan (T$) 29.6105 -0.0560 38.4463 -0.3383 44.4469 -0.5854
Thailand (Bt) 29.7800 0.0300 38.6664 -0.2272 44.7013 -0.4577
Tunisia (Dinar) 1.5897 0.0097 2.0641 -0.0014 2.3863 -0.0120
Turkey (Lira) 1.8004 0.0017 2.3376 -0.0138 2.7024 -0.0278
UAE (Dirham) 3.6730 - 4.7691 -0.0328 5.5134 -0.0621
UK (0.6662)* () 1.5011 -0.0169 0.8650 0.0038 - -
One Month 1.5008 0.0000 0.8653 - - -
Three Month 1.5004 0.0000 0.8660 - - -
One Year 1.5001 0.0002 0.8685 -0.0002 - -
Ukraine (Hrywnja) 8.1525 0.0275 10.5852 -0.0370 12.2373 -0.0961
Uruguay (Peso) 19.1000 - 24.7995 -0.1709 28.6701 -0.3227
USA ($) - - 1.2984 -0.0090 1.5011 -0.0169
One Month - - 1.2987 - 1.5008 0.0000
Three Month - - 1.2993 - 1.5004 0.0000
One Year - - 1.3028 -0.0001 1.5001 0.0002
Venezuela (Bolivar Fuerte) 6.2921 - 8.1697 -0.0563 9.4448 -0.1064
Vietnam (Dong) 20925.0 -30.0000 27169.0 -226.498 31409.5 -399.171
Euro (0.7702)* (Euro) 1.2984 -0.0090 - - 1.1561 -0.0050
One Month 1.2987 - - - 1.1556 -
Three Month 1.2993 - - - 1.1547 0.0000
One Year 1.3028 -0.0001 - - 1.1515 0.0003
SDR - 0.6643 0.0032 0.8625 -0.0018 0.9972 -0.0063
Mar 1
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 5.9 8.3 5.6 8.7 5.6 8.8
Australia 4.1 18.7 4.1 18.4 4.2 17.8
Austria 2.9 15.0 2.9 14.9 2.9 14.7
Belgium 2.4 16.3 2.4 16.0 2.2 16.1
Brazil 4.0 14.0 4.0 13.9 4.1 13.8
Bulgaria 1.5 11.8 1.6 11.6 1.5 11.8
Canada 3.0 16.5 3.0 16.3 3.0 16.2
S&P/TSX 3.3 15.3 3.3 15.1 3.3 15.2
Chile 2.8 21.4 2.9 21.3 2.9 21.3
China 3.5 8.4 3.6 8.1 3.5 8.3
Colombia 2.7 16.9 2.7 16.9 2.7 16.9
Cyprys 1.7 37.2 1.7 37.2 1.8 38.4
Czech Rep. 6.3 9.0 6.3 9.0 6.2 9.1
Denmark 1.8 17.7 1.8 17.6 1.8 17.4
Finland 4.2 16.3 4.2 16.3 4.2 16.5
France 3.5 16.0 3.6 15.9 3.6 15.2
Germany 3.0 11.8 3.0 11.7 3.0 11.6
DAX30 3.4 11.4 3.4 11.3 3.4 11.4
Greece 1.7 15.5 1.7 15.3 1.7 15.2
Hong Kong 2.6 12.9 2.6 12.7 2.6 13.0
Hang Seng 3.1 11.3 3.2 11.3 3.2 11.5
Hungary 3.4 14.1 3.5 13.9 3.4 14.3
India 1.5 17.0 1.5 17.3 1.5 17.5
Indonesia 2.0 18.7 2.0 18.4 2.1 18.1
Ireland 1.1 11.6 1.1 11.4 1.1 11.3
Israel 3.4 14.4 3.4 14.3 3.4 14.5
Italy 4.2 12.7 4.3 12.6 4.2 12.7
Japan 2.0 15.9 2.0 15.6 2.0 15.9
Topix 2.0 13.3 2.0 13.5 2.0 13.6
Luxemburg 6.3 9.4 6.3 9.3 4.0 9.2
Malaysia 3.1 14.3 3.1 14.3 3.1 14.4
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.7 16.3 4.6 16.2 4.6 16.2
Mexico 1.9 19.9 1.9 19.8 1.8 19.8
Netherland 2.7 12.5 2.7 12.2 2.7 12.9
AEX 3.2 10.1 3.3 10.0 3.3 10.1
New Zealand 4.4 10.0 4.5 8.8 4.5 13.4
Norway 4.5 10.7 4.5 10.7 4.5 10.4
Pakistan 5.4 9.2 5.4 9.1 5.4 9.1
Peru 4.9 16.0 4.8 16.2 4.8 41.4
Philippines 1.6 22.7 1.6 22.5 1.6 22.5
Poland 4.7 10.1 4.7 10.0 4.7 10.0
Portugal 4.5 16.4 4.5 16.4 4.4 16.9
Romania 5.0 11.0 5.0 11.0 5.0 11.3
Russia 4.2 6.0 4.2 6.0 4.2 6.0
Singapore 2.7 12.2 2.7 12.1 2.7 12.4
Slovenia 4.1 11.6 4.2 11.4 4.1 11.9
South Africa 3.3 16.2 3.3 16.1 3.3 16.1
South Korea 1.3 16.3 1.4 16.2 1.4 16.3
Spain 4.8 15.0 4.9 14.8 5.1 13.0
Ibex 35 5.3 13.9 5.5 14.0 5.5 13.6
Sri Lanka 2.7 13.2 2.6 13.3 2.6 14.1
Sweden 3.7 14.0 3.7 14.0 3.7 13.7
Switzerland 2.9 19.4 2.9 19.3 2.9 19.5
Taiwan 3.3 19.4 3.3 19.4 3.3 19.7
Thailand 2.9 16.2 2.9 15.8 2.8 16.1
Turkey 2.0 12.1 2.0 11.9 2.0 11.7
UK 3.3 13.9 3.3 13.9 3.3 13.6
USA 2.2 17.2 2.2 17.2 2.2 16.7
Dow Jones 2.6 14.6 2.6 14.4 2.6 14.4
S&P 500 2.5 - 2.5 - 2.5 15.7
Venezuela 7.4 10.5 7.4 10.5 7.5 10.5
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Feb 28 Feb 27 Feb 28 Feb 27
STOCK MARKET - RATIOS
UK FTSE All Share 3358.29 0.7 17.5
UK FTSE 100 6378.60 0.7 14.5
UK FTSE 250 13750.55 0.6 36.1
UK FTSE SmallCap 3714.77 0.5 35.1
UK FTSE Fledgling 5238.35 1.2 28.3
UK Gilts: FTSE All Stocks 168.23 0.1 -3.1
Cross-Border FTSE World $ 408.67 0.2 18.7
Cross-Border FTSE All World 233.41 0.2 18.7
USA S&P 500 1518.96 0.2 20.8
USA Nasdaq 100 2750.51 0.5 20.8
USA DJ Industrial 14096.30 0.7 15.4
Japan Topix 984.33 2.2 35.1
Japan Nikkei 225 11606.38 1.9 37.3
Cross-Border FTSE E300 1168.64 0.3 16.7
Germany XETRADax 7708.16 0.6 30.7
France CAC 40 3699.91 -0.2 17.1
Italy Comit 30 171.38 -2.5 3.6
Hong Kong Hang Seng 22880.22 0.4 24.1
%change: since
Index Fri value 5 days 30/12/11
Previous close, * Latest. Sources: FTSE Intl, Reuters.
MARKET WEEK
FTSE 100 Days
Closing price change
Aberdeen AM 430 +0.10
Admiral Group 12.47 -0.04
Aggreko 17.25 +0.29
AMEC 10.37 -0.07
Anglo American 19 -0.22
Antofagasta 10.79 -0.14
ARM Holdings 965.50 +10.50
ABF 18.63 +0.11
AstraZeneca 30.13 +0.17
Aviva 356.50 -0.30
Babcock International 10.98 +0.25
BAE Systems 354.30 -0.80
Barclays 303.45 -3.55
BG Group 11.55 -0.11
BHP Billiton 20.80 -0.09
BP 446.35 +0.65
Brit AmTobacco 35.08 +0.74
British Land 574 +6.50
B Sky B 859.50 +9
BT Group 268.50 +0.80
Bunzl 12.86 +0.25
Burberry Group 14.11 +0.35
Capita 858.50 +35
Carnival 25.07 +0.29
Centrica 355.10 +3
Compass Group 820.50 +20
CRH 14.41 +0.03
Croda Intl 26.01 +0.09
Diageo 19.72 -0.08
ENRC 334.90 -3.50
EVRAZ 261.50 -11.40
Experian 11.37 +0.43
Fresnillo 15.13 -0.40
GKN 269.40 -3.60
GlaxoSmithKline 14.66 +0.10
Glencore 376.95 -10.55
G4S 295 +4.90
Hammerson 506.50 +12.10
Hargreaves Lansdown 862.50 -4.50
HSBC 728.10 -3.30
IAG 237.80 -1.40
IMI 12.31 +0.08
Imperial Tobacco 24.09 +0.19
Intercont Hotels 19.53 +0.39
Intertek Group 33.80 +0.41
Capital Shop Cntrs. 336 +3.30
ITV 123.40 -0.80
Johnson Matthey 22.81 -0.19
Kazakhmys 590 -29
Kingfsher 276.50 -0.50
Land Secs Group 840.50 +11
Source: ThomsonReuters
Legal & General 159.60 -0.50
Lloyds Banking G 53.25 -1.22
Marks & Spencer 369.50 -1.80
Meggitt 455.90 +1.30
Melrose 259.20 +0.50
Morrison Supermk 261.30 +1.70
National Grid 725 -4.50
Next 42.47 +0.48
Old Mutual 211.40 +8.90
Pearson 11.72 +0.17
Petrofac 14.35 -0.19
Polymetal Int. 10.02 +0.03
Prudential 986.50 +5
Randgold Resourc 54.30 -0.55
Reckitt Benckise 45.01 +0.72
Reed Elsevier 721 +12
Resolution 262 +0.80
Rexam 520.50 +6
Rio Tinto 34.42 -0.99
Rolls-Royce Hldgs 10.22 -0.06
Royal Bank Scot 314 -9.90
Royal Dutch Shel A 21.90 +0.20
Royal Dutch Shel B 22.46 +0.22
RSAInsurance 119 -1.70
SABMiller 33.25 +0.48
Sage Group 340.30 +0.30
Sainsbury 342.90 -2.90
Schroders 19.83 -0.09
Serco Group 575.50 +5
Severn Trent 16.20 +0.01
Shire 20.75 +0.10
Smith & Nephew 710 +3
Smiths Group 12.66 +0.05
SSE 14.57 +0.11
Standrd Chartrd 17.81 -0.15
Standard Life 361 +8.50
Tate & Lyle 825 +12.50
Tesco 369.45 -0.15
TUI Travel 317.70 +0.40
Tullow Oil 12.33 +0.19
Unilever 26.57 +0.29
United Utilities 739 +2
Vedanta Resource 11.69 -0.07
Vodafone Group 168.30 +2.75
Weir Group 23.59 +0.15
Whitbread 25.54 +0.31
Wolseley 31.32 +0.25
Wood Group (John) 757 -11
WPP 10.58 +0.04
Xstrata 11.27 -0.36
FTSE 100 Days
Closing price change
FTSE 100 SUMMARY
Global
HFRXGlobal Hedge Fund Index 1175.40 0.3078 0.39 2.36
HFRXEqual Weighted Strategies Index 1146.75 0.1679 0.40 1.83
HFRXAbsolute Return Index 961.37 0.0780 0.42 0.68
HFRXMarket Directional Index 1091.26 0.4266 0.60 3.18
Equity Hedge
HFRXEquity Hedge Index 1087.33 0.4204 1.02 3.69
HFRXEH: Equity Market Neutral Index 941.33 0.0439 0.22 0.60
HFRXEH: Fundamental Growth Index 1533.65 0.4072 0.03 2.38
HFRXEH: Fundamental Value Index 1023.92 0.4729 1.61 4.74
Event Driven
HFRXEvent Driven Index 1438.18 0.4657 0.44 3.83
HFRXED: Distressed Restructuring Index 959.14 -0.0041 -0.12 0.69
HFRXED: Merger Arbitrage Index 1515.51 0.0548 0.23 0.50
HFRXED: Special Situations Index 1192.38 0.3718 1.14 5.41
Macro
HFRXMacro/CTAIndex 1155.49 0.4273 0.00 0.10
HFRXMacro: Systematic Diversifed CTAIndex 1506.25 0.4068 -0.82 -0.91
Relative Value
HFRXRelative Value Arbitrage Index 1187.00 -0.0509 0.03 1.53
HFRXRV: FI-Convertible Arbitrage Index 717.84 -0.2639 1.23 2.20
HFRXRV: Multi-Strategy Index 1857.39 0.0007 -0.02 1.48
HFRI Monthly Strategy Indices - USD (Jan 2013)
HFRI Fund Weighted Composite Index 11339.08 - 2.58 2.58
HFRI Fund of Funds Composite Index 5153.61 - 2.32 2.32
HFR INDICES
Index Value Dtd % Mtd % Ytd % February 27
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 15.22 -0.29 15.51 27.73 12.08
VXD 13.63 -0.07 13.70 32.98 11.23
VXN 16.05 -0.25 16.30 29.76 13.04
VDAX 16.68 0.50 16.18 18.70 12.29
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Mar 1
BONDS www.ft.com/bonds&rates
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15400 -0.002 -0.003 - 0.20370 0.28410 0.45640 0.74950
Euro Libor* 0.01857 0.001 0.001 0.004 0.05571 0.12643 0.23143 0.43714
Libor* 0.48125 - - 0.008 0.49250 0.50688 0.60875 0.92313
Swiss Fr Libor* -0.00300 - -0.002 -0.006 -0.00100 0.02200 0.09040 0.26840
Yen Libor* 0.09429 0.001 0.008 0.008 0.12571 0.16143 0.26286 0.45500
Canada Libor* 1.02600 0.041 0.060 0.048 1.05000 1.18800 1.40300 1.81800
Euro Euribor - - - - 0.12 0.21 0.33 0.55
Sterling CDs - - - - 0.46 0.48 0.58 0.90
US$ CDs - - - - 0.15 0.21 0.31 0.50
Euro CDs - - - - 0.00 0.02 0.15 0.35
US onight repo 0.24 0.080 -0.010 -
Fed Funds ef 0.14 - -0.010 0.020
US 3mBills 0.11 -0.010 -0.020 0.030
SDR int rate 0.11 0.030 0.030 0.080
EONIA 0.059 0.003 -0.011 -0.021
EURONIA 0.0155 -0.005 0.011 0.001
RONIA 0.4526 0.062 -0.010 0.157
SONIA 0.4305 -0.002 -0.002 0.022
LA7 Day Notice 0.31-0.26
Interbank 0.49-0.31 0.50-0.40 0.53-0.43 0.62-0.52 0.88-0.78 1.09-0.99
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Mar 1
INTEREST RATES - MARKET
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.75 05-07-2012 1.00 0.75 1.00
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Mar 1
INTEREST RATES - OFFICIAL
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and Ask rates as of close of London business. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.05 0.11
0.07 0.15
0.13 0.21
0.24 0.32
0.38 0.46
0.54 0.62
0.70 0.78
0.84 0.92
0.96 1.04
1.07 1.15
1.22 1.32
1.39 1.49
1.48 1.58
1.51 1.61
1.53 1.63
0.29 0.32
0.36 0.39
0.47 0.50
0.65 0.68
0.89 0.92
1.13 1.16
1.36 1.39
1.57 1.60
1.75 1.78
1.92 1.95
2.19 2.22
2.46 2.49
2.70 2.73
2.82 2.85
2.89 2.92
0.20 0.26
0.18 0.24
0.18 0.24
0.20 0.26
0.24 0.30
0.31 0.37
0.39 0.45
0.49 0.55
0.59 0.65
0.69 0.75
0.88 0.96
1.17 1.25
1.51 1.59
1.67 1.75
1.74 1.82
0.43 0.46
0.55 0.59
0.64 0.68
0.79 0.84
0.99 1.04
1.19 1.24
1.40 1.45
1.60 1.65
1.79 1.84
1.95 2.00
2.21 2.28
2.49 2.58
2.76 2.89
2.92 3.05
3.01 3.14
0.32 0.36
0.41 0.45
0.54 0.58
0.69 0.73
0.87 0.91
1.06 1.10
1.24 1.28
1.41 1.45
1.56 1.60
1.69 1.73
1.91 1.95
2.14 2.18
2.29 2.33
2.34 2.38
2.35 2.39
Mar 1
INTEREST RATES - SWAPS
Open Sett Change High Low Est. vol Open int Mar 1
Euribor 3m* Apr 99.81 99.81 +0.01 99.82 99.81 760 1,445
Euribor 3m* Jul 0.00 99.81 - 0.00 0.00 - -
Euribor 3m* Sep 99.79 99.79 - 99.82 99.78 119,058 398,171
Euribor 3m* Dec 99.75 99.75 +0.01 99.78 99.74 117,660 446,328
Euroswiss 3m* Mar 99.99 99.99 -0.01 100.00 99.98 2,153 52,891
Euroswiss 3m* Jun 100.02 100.01 -0.01 100.03 100.01 3,969 82,443
Euroswiss 3m* Sep 100.03 100.02 -0.01 100.04 100.01 5,635 77,986
Sterling 3m* Apr 0.00 99.55 +0.01 0.00 0.00 - -
Sterling 3m* Jun 99.54 99.57 +0.03 99.58 99.54 94,140 331,476
Sterling 3m* Sep 99.57 99.60 +0.03 99.62 99.56 94,833 367,807
Sterling 3m* Dec 99.57 99.60 +0.03 99.62 99.57 105,589 349,504
Eurodollar 3m Apr 99.705 99.71 - 99.715 99.705 789 25,524
Eurodollar 3m Jul 99.695 99.69 - 99.695 99.685 40 611
Eurodollar 3m Sep 99.670 99.67 - 99.685 99.665 155,257 730,967
Eurodollar 3m Dec 99.645 99.65 - 99.660 99.640 132,059 805,577
Fed Fnds 30d Mar 0.000 99.86 - 0.000 0.000 - 43,198
Fed Fnds 30d Apr 0.000 99.86 +0.01 0.000 0.000 - 32,492
Fed Fnds 30dMAY3 0.000 99.87 +0.01 0.000 0.000 - 27,784
Euroyen 3m Apr 0.000 99.760 +0.010 0.000 0.000 - -
Euroyen 3m Jun 99.785 99.795 +0.010 99.805 99.785 11,510 189,186
Euroyen 3m Sep 99.805 99.820 +0.010 99.830 99.805 6,854 91,588
Euroyen 3m Dec 99.815 99.825 +0.015 99.840 99.815 8,664 63,356
INTEREST RATES - FUTURES
Contracts are based on volumes traded in 2004 Sources: * NYSE LIFFE. CME. TIFFE
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Apr 92.05 nc
Brent Crude Oil Apr 111.38 nc
RBOB Gasoline Apr 3.1117 +0.1971
Heating Oil Apr 2.9603 -0.0116
Natural Gas Apr 3.486 nc
Ethanol u Mar 2.405 nc
Uranium 42.00 nc
Carbon Emissions Mar 4.57 -0.23
Diesel (French) 946.50 +4.50
Unleaded (95R) 1008.00 -32.00
Aluminium 1961.00 -43.50
AluminiumAlloy 1820.00 -40.00
Copper 7664.00 -186.00
Lead 2235.00 -55.00
Nickel 16480.00 -230.00
Tin 23075.00 -425.00
Zinc 2018.50 -61.50
Gold 1582.25 -6.25
Silver (US Cents) 2801.00 -94.00
Platinum 1579.00 -19.00
Palladium 721.00 -23.00
Corn u Mar 719.50 nc
Wheat u Mar 707.75 nc
Soyabeans u Mar 1474.25 nc
Soyabeans Meal u Mar 434.80 nc
Cocoa v Mar 1381 -28
Cocoa Mar 2.082 0
Cofee (Robusta) v Mar 2072 +14
Cofee (Arabica) Mar 142.65 nc
White Sugar v May 519.70 nc
Sugar 11 May 18.39 +0.01
Cotton Mar 83.56 nc
Orange Juice Mar 127.15 nc
PalmOil Dec 845.00 nc
Live Cattle Apr 129.850 +1.850
Feeder Cattle Mar 142.000 nc
Lean Hogs Apr 81.000 nc
Bulk Commodities
Iron Ore (Platts) Mar 144.50 -4.75
Iron Ore (TSI) 150.60 -1.10
globalCOAL RB Index 84.79 +0.01
Baltic Dry Index 776 +19
% Chg % Chg
Mnth Year
S&P GSCI Spt 648.21 -4.1 -2.0
DJ UBS Spt 136.57 -4.5 -8.2
R/J CRB TR 293.43 -3.9 -9.3
Rogers RICIX TR3691.70 -4.2 -5.9
M Lynch MLCX Spt 550.70 -3.8 -7.6
UBS Bberg CMCI TR1283.95 -4.2 -6.5
LEBA EUA Carbon 4.40 9.7 -52.4
LEBA CER Carbon 0.35 - -92.8
LEBA UK Power 51.85 8.6 11.4
Feb 28
COMMODITIES
Argentina Merval 3078.02 3048.55
Australia ALL ORDINARIES 5100.88 5120.38
S&P/ASX200 Res 4359.50 4408.57
S&P/ASX200 5086.13 5104.08
Austria ATX 2468.08 2466.60
Belgium BEL 20 2546.83 2569.17
BEL Mid 4190.54 4211.54
Brazil Bovespa 56874.34 57424.29
Canada S&P/TSXMet & Min 899.73 910.23
S&P/TSX60 734.65 738.55
S&P/TSXComp 12755.95 12821.83
Chile IGPAGen 22251.73 22219.95
China Shanghai A 2469.53 2475.97
Shanghai B 278.43 277.62
Shanghai Comp 2359.51 2365.59
Shenzhen A 1019.33 1007.87
Shenzhen B 849.69 843.53
FTSE A200 7345.11 7365.57
FTSE B35 9881.61 9844.85
Colombia CSE Index 14773.52 14838.13
Croatia CROBEX 1957.14 1945.38
Cyprus CSE M&P Gen 105.72 109.14
Czech Republic PX 1013.10 1014.57
Denmark OMXC Copenhagen 20 549.11 546.55
Egypt EGX30 (u) 5489.46
Estonia OMXTallinn (u) (u)
Finland OMXHelsinki General 6214.64 6221.02
France CAC 40 3699.91 3723.00
SBF 120 2864.73 2880.35
Germany M-DAX 13261.91 13301.38
XETRADax 7708.16 7741.70
TecDAX 915.96 918.19
Greece Athens Gen 990.42 1007.99
FTSE/ASE 20 326.88 334.47
Hong Kong Hang Seng 22880.22 23020.27
HS China Enterprise 11344.24 11437.17
HSCC Red Chip 4588.31 4591.60
Hungary Bux 18846.94 18804.96
India BSE Sens 18918.52 18861.54
S&P CNX500 4499.75 4477.50
Indonesia Jakarta Comp 4811.61 4795.79
Ireland ISEQ Overall 3762.20 3756.77
Mar Feb
1 28
Israel Tel Aviv 100 (u) 1089.44
Italy FTSE MIB 15675.37 15921.25
FTSE Italia Mid Cap 18668.56 18771.75
FTSE Italia All-Sh 16644.89 16886.54
Japan Nikkei 225 11606.38 11559.36
Topix 984.33 975.66
S&PTopix 150 837.32 829.94
2nd Section 2844.53 2821.14
Jordan Amman SE (u) 4705.60
Kenya NSE 20 4510.47 4518.59
Latvia OMXRiga (u) (u)
Lithuania OMXVilnius (u) (u)
Luxenbourg Luxembourg General 802.79 808.59
Malaysia FTSE Bursa KLCI 1637.44 1637.63
Mexico IPC 43890.05 44120.99
Morocco MASI 8828.85 8932.82
Netherlands AEX 339.73 340.53
AEXAll Share 530.86 532.75
New Zealand NZX50 4317.99 4320.01
Nigeria SE All Share 33183.20 33075.14
Norway Oslo All Share 519.16 520.53
Pakistan KSE 100 18185.19 18173.67
Philippines Manila Comp 6642.27 6721.45
Poland Wig 46341.14 46280.36
Portugal PSI General 2451.37 2469.85
PSI 20 5938.37 5987.71
Romania BET Index 5624.71 5654.11
Russia RTS 1514.27 1534.41
Micex Index 1477.06 1487.46
Singapore FTSE Straits Times 3269.50 3269.95
Slovakia SAX 181.20 179.90
Slovenia SBI TOP 628.64 623.21
South Africa FTSE/JSE All Share 40134.97 39709.56
FTSE/JSE Top 40 35653.81 35254.76
FTSE/JSE Res 20 49770.66 49795.58
South Korea Kospi (c) 2026.49
Kospi 200 (c) 268.01
Spain Madrid SE 828.58 833.59
IBEX35 8187.10 8230.30
Sri Lanka CSE All Share 5652.69 5635.90
Sweden OMXStockholm30 1199.21 1199.40
OMXStockholmAS 374.68 375.32
Switzerland SMI Index 7601.99 7593.67
Taiwan Weighted Pr 7964.63 (u)
Thailand Bangkok SET 1539.60 1541.58
Turkey ISE 100 79867.54 79333.67
UK FTSE 100 6378.60 6360.81
FT30 2421.70 2421.80
FTSE All Share 3358.29 3349.39
FTSE techMARK 100 2767.41 2761.63
FTSE4Good UK (u) 5433.86
USA S&P 500 1518.96 1514.68
FTSE Nasdaq 5000 8377.85 8351.57
Nasdaq Cmp 3169.38 3160.19
Nasdaq 100 2750.51 2738.58
Russell 2000 912.12 911.11
NYSE Comp. 8874.25 8868.72
Wilshire 5000 (u) 15993.71
DJ Industrial 14096.30 14054.49
DJ composite 4836.88 4829.21
DJ Transport 5998.86 5993.35
DJ Utilities 479.93 480.41
Venezuela IBC 620808.50 621336.19
Vietnam VNI 477.15 474.56
Cross-Border Stoxx 50 2637.33 2647.04
Euro Stoxx 50 2616.75 2633.55
DJ Global Titans $ 202.43 202.51
Euronext 100 ID 701.13 703.59
FTSE Multinatls $ (u) 1276.56
FTSE Global 100 $ 1108.09 1110.07
FTSE4Good Glob $ (u) 4660.63
FTSE E300 1168.64 1171.47
FTSEurofrst 80 3448.12 3468.00
FTSEurofrst 100 3420.11 3431.66
FTSE Latibex Top 4526.00 4508.40
FTSE Eurotop 100 2385.10 2393.07
FTSE Gold Min $ (u) 2368.70
FTSE All World (u) 233.41
FTSE World $ (u) 408.67
MSCI All World $ (u) 1405.18
MSCI ACWI Fr$ (u) 354.43
MSCI Europe (u) 1212.36
MSCI Pacifc $ (u) 2249.44
S&P Global 1200 $ 1570.75 1572.83
S&P Europe 350 1178.23 1181.15
S&P Euro 1117.49 1123.49
Country Index Mar Feb
1 28
Mar Feb
1 28
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
EQUITIES BONDS www.ft.com/bonds&rates
COMMODITIES www.ft.com/commodities
Mid March 1 Mid February 22
5 year indices are shown. Source: Creditex and Markit www.creditfxings.com.
Markit iTraxx Europe Crossover 18
Markit iTraxx Europe HiVol 18
Markit iTraxx Europe 18
456.13
173.75
118.13
441.63
168.50
113.06
TRADEABLE CREDIT FIXINGS
Euro 0.17 - 0.02 0.08 - -0.02 0.11 - 0.01 0.25 - 0.05 0.40 - 0.20 0.65 - 0.45
Danish Krone -0.15 - -0.35 -0.17 - -0.20 -0.12 - -0.15 0.04 - -0.16 0.17 - -0.03 0.32 - 0.28
Sterling 0.51 - 0.41 0.52 - 0.42 0.55 - 0.45 0.65 - 0.55 0.85 - 0.60 0.96 - 0.86
Swiss Franc 0.01 - -0.10 0.03 - -0.12 0.10 - -0.10 0.10 - -0.10 0.21 - 0.01 0.37 - 0.17
Canadian Dollar 1.12 - 0.92 1.17 - 0.97 1.17 - 1.02 1.28 - 1.13 1.42 - 1.27 1.67 - 1.52
US Dollar 0.28 - 0.18 0.30 - 0.20 0.35 - 0.25 0.53 - 0.28 0.61 - 0.51 0.87 - 0.77
Japanese Yen 0.13 - 0.03 0.15 - 0.05 0.15 - -0.05 0.25 - 0.05 0.35 - 0.15 0.45 - 0.25
Singapore $ 0.31 - 0.06 0.31 - 0.06 0.31 - 0.06 0.38 - 0.13 0.44 - 0.19 0.56 - 0.31
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Mar 1


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 139.49 -0.22 -0.22 0.39 2.14 5.2 64.6 6
Fr 2.25%20 117.47 -0.10 -0.08 0.42 1.47 20.0 186.6 14
Swe 0.25%22 99.81 0.39 0.38 -0.28 1.51 16.8 234.1 5
UK 2.5%16 350.74 -2.64 -2.60 1.06 3.10 7.9 355.1 21
UK 2.5%24 350.56 -0.95 -0.91 1.28 3.17 6.8 355.1 21
UK 2%35 209.28 -0.24 -0.21 -0.13 3.35 9.1 355.1 21
US 0.625%21 114.13 -0.99 -0.95 0.50 2.50 35.8 961.1 34
US 3.625%31 156.02 -0.06 -0.04 -0.08 2.58 16.8 961.1 34
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Feb 28 Feb 28 Feb 27
BONDS - INDEX-LINKED
pages of www.ft.com.
Either click on the market data link
on the home page or go to
www.ft.com/marketsdata. Bond
data can be found at
www.ft.com/bonds&rates.
UK gilt prices can be found at
www.ft.com/gilts.
A full commodity data service with
hundreds of price quotes can be
found at
www.ft.com/commoditiesdata.
Market data on the web
Much more data, including many
tables not shown in the paper and
stock quotes updated during the day,
are available on the market data
For additional currency data visit
www.ft.com/currencydata.
Please send any comments to
reader.enquiries@ft.com.
020 7873 4211
MARCH 2 2013 Section:Stats Time: 1/3/2013 - 18:55 User: watsonl Page Name: CURRTABUSA, Part,Page,Edition: EUR, 16, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

17
Fund Bid Offer +/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI Emerging Mkts FI UCITS Fund EUR E 115.20 - 0.15 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 119.06 - 0.16 0.00
ACPI Global Fixed Income UCITS Fund GBP C 144.84 - 0.24 0.00
ACPI Global Fixed Income UCITS Fund EUR B 140.07 - 0.24 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 141.83 - 0.23 0.00
ACPI India Fixed Income UCITS Fund GBP C 94.85 - -1.53 0.00
ACPI India Fixed Income UCITS Fund EUR B 95.02 - -0.98 0.00
ACPI India Fixed Income UCITS Fund USD A $ 88.38 - -1.16 0.00
ACPI FM Limited (JER)
Regulated
ACPI Balanced Fund USD $ 12.56 12.57 0.05 0.00
ACPI Global Credit Fund USD C $ 12.66 12.66 0.02 0.00
ACPI Focused Equity Fund USD $ 11.14 11.15 0.09 0.00
ACPI International Bond Fund USD $ 18.39 18.39 -0.01 0.00
ACPI Multi-Asset Fund USD $ 11.07 11.07 -0.01 0.00
ACPI Multi-Strategy Fund USD $ 176.76 - 1.21 0.00
ACPI
Other International Funds
ACPI Core Strategy Fund USD $ 143.49 - 0.84 -
ACPI Global Credit UCITS Fund EUR C 11.78 - 0.01 0.00
ACPI Global Credit UCITS Fund USD C $ 11.25 - 0.01 0.00
ACP Partners Strategic Opps Fund USD A $ 123.16 - -0.50 0.00
Q-ACPI India Fixed Income Fund USD A $ 10.01 - -0.13 0.00
ACPI Trading Strategy Fund USD $ 89.52 - -0.52 -
Abbey Life Assurance Company Limited (UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @www.abbeylife.co.uk
Insurances
Life Funds
Prop. Acc. Ser 2 1158.50 1219.50 -1.50 -
Selective Acc. Ser 2 1331.90 1402.00 2.80 -
American Ser. 4 1308.90 1377.80 12.50 -
Custodian Ser. 4 434.60 457.50 1.20 -
Equity Ser. 4 507.30 534.00 -0.20 -
European Ser 4 506.20 532.90 1.40 -
Fixed Int. Ser. 4 850.90 895.60 5.40 -
Intl Ser. 4 379.10 399.00 2.10 -
Japan Ser 4 320.80 337.70 3.70 -
Man. Ser. 4 1515.40 1595.20 3.80 -
Money Ser. 4 523.50 551.00 0.00 -
Prop. Ser. 4 862.00 907.30 -0.90 -
Custodian Ser 5 420.20 442.30 1.20 -
International Ser 5 366.50 385.80 2.00 -
Managed Ser 5 1465.20 1542.30 3.70 -
Money Ser 5 512.50 539.50 0.00 -
Property Ser 5 833.40 877.30 -0.90 -
Pension Funds
American 1429.70 1504.90 11.80 -
Equity 4425.00 4657.90 2.30 -
European 1001.00 1053.70 3.30 -
Fixed Int. 1519.60 1599.60 9.50 -
International 783.50 824.70 4.50 -
Japan 326.70 343.90 4.20 -
Managed 3855.60 4058.50 12.90 -
Property 1967.60 2071.20 -2.60 -
Security 1474.10 1551.70 0.00 -
Selective 1666.90 1754.70 2.20 -
Formerly Hill Samuel Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed Ser A (Life) 14.30 15.13 0.04 -
Managed Ser A (Pensions) 9.51 10.01 0.03 -
Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed (Life) 1458.10 1534.80 3.40 -
Managed Growth (Life) 451.70 475.50 1.40 -
Managed (Pensions) 5699.10 5999.10 16.60 -
Managed Growth (Pensions) 546.20 574.90 2.10 -
additional fund prices can be found on our website
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 999.15 - 0.74 0.00
Active Trading Fund EUR 991.98 - 0.75 0.00
Active Trading Fund GBP 1001.65 - 1.43 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 123.76 129.95 0.11 0.00
AC Risk Parity 7 Fund (GBP A) 124.86 131.10 0.09 0.00
AC Risk Parity 7 Fund (USD A) $ 122.96 129.11 0.11 0.00
AC Risk Parity 12 Fund (EUR A) 146.75 154.09 0.26 0.00
AC Risk Parity 12 Fund (GBP A) 110.36 115.88 0.17 0.00
AC Risk Parity 12 Fund (USD A) $ 157.40 165.27 0.27 0.00
AC Risk Parity 17 Fund EUR A 98.74 103.68 0.24 -
AC Risk Parity 17 Fund GBP A 98.03 102.93 0.22 -
AC Spectrum Fund (EUR A) 82.46 86.58 0.48 0.00
AC Spectrum Fund (GBP A) 82.03 86.13 0.47 0.00
AC Spectrum Fund (USD A) $ 82.30 86.42 0.46 -
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 33.87 36.03 0.03 0.00
American Asset Growth I $ 36.06 36.06 0.03 0.00
Allianz Global Investors (UK) Ltd (1200)F (UK)
155 Bishopsgate, London EC2M 3AD 0800 073 2001
Authorised Inv Funds
OEIC
Allz BRIC Stars A Acc 155.08 - 0.50 0.30
Allz BRIC Stars C Acc 162.80 - 0.53 1.13
Allianz Brazil Fund A Acc 86.09 - 1.24 1.61
Allianz Brazil Fund C ACC 86.93 - 1.25 2.11
Allz Continental European A Acc 800.20 - 2.80 0.32
Allz Continental European C Acc 126.97 - 0.47 -
Allz European Eq Inc A Inc 121.11 - 0.22 3.67
Allz European Eq Inc A Acc 151.67 - 0.28 3.88
Allz EcoTrends A Acc 79.97 - 0.74 0.00
Allz EcoTrends C Acc 82.76 - 0.77 0.00
Allianz Gilt Yield Fund A 163.30 - -0.18 2.78
Allianz Gilt Yield Fund C 168.16 - -0.19 2.77
Allz Dynamic Growth A 174.94 - 0.42 0.66
Allz Dynamic Growth S 150.26 - 0.37 1.92
Allz Japan A 431.16 - 5.68 0.51
Allianz Sterling Total Return Fund A 142.35 - -1.47 4.47
Allianz Sterling Total Return Fund C 142.77 - -1.76 5.03
Allz Total Ret Asian A 588.34 - 6.68 1.72
Allz Total Ret Asian Eqty C Inc 549.45 - 6.25 1.67
Allianz UK Corporate Bond Fund 101.83 - -1.10 5.44
Allz UK Equity Income A 252.75 - -4.87 4.77
Allz UK Growth A 3681.53 - -15.19 2.50
Allz UK Unconstrained A Acc 169.67 - -0.27 1.37
Allz UK Index A Acc 1580.27 - -5.76 2.95
Allz UK Index A Inc 1181.50 - -7.85 2.73
Allz UK Mid Cap A 3076.10 - 9.22 0.71
Allz US Equity A 314.58 - 3.47 0.18
Allz US Equity C Acc 143.21 - 1.59 0.89
Allz RiskMaster Conservative A Acc 112.54 - 0.42 -
Allz RiskMaster Conservative C Acc 113.22 - 0.42 -
Allz RiskMaster Defensive A Acc 109.50 - 0.40 -
Allz RiskMaster Defensive C Acc 110.18 - 0.40 -
Allz RiskMaster Growth A Acc 115.84 - 0.45 -
Allz RiskMaster Growth C Acc 116.44 - 0.46 -
Allz RiskMaster Moderate A Acc 114.11 - 0.41 -
Allz RiskMaster Moderate C Acc 114.79 - 0.41 -
Yield expressed as CAR (Compound Annual Return)
All transactions to Ser A units the sell price will be used
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 11.73 - -0.06 0.00
ACI Conc Gbl Grwth Eq I Acc $ 11.86 - -0.06 0.00
Fund Bid Offer +/- Yield
ACI Gbl Grwth Equity Acc F $ 12.06 - -0.09 0.00
ACI Gbl Grwth Equity I Acc F $ 12.34 - -0.09 0.00
ACI US AllCap Grwth Eq A Acc $ 11.38 - -0.06 0.00
ACI US AllCap Grwth Eq I Acc $ 11.49 - -0.07 0.00
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 98.01 - 0.07 0.00
Bd. Euro Corporate AE Class - R - EUR 17.04 - 0.02 0.00
Bd. Global AU Class - R - USD $ 25.26 - 0.07 0.00
Eq. Emerging Europe AE Class - R - EUR 30.31 - 0.20 0.00
Eq. Emerging World AU Class - R - USD $ 97.41 - 0.71 0.00
Eq. Greater China AU Class - R - USD $ 529.29 - 11.40 0.00
Eq. Latin America AU Class - R - USD $ 630.22 - 4.58 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 458.43 - -3.98 -
AEF Ltd Eur (Est) 458.84 - -3.94 0.00
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 20.58 - -0.04 0.00
Arisaig Asia Consumer Fund Limited $ 51.58 - 0.00 0.00
Arisaig Latin America Consumer Fund $ 31.37 - 0.12 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 96.43 - 1.28 0.00
Artemis Fund Managers Ltd (1200)F (UK)
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis Capital R ACC 976.98 1032.70 -4.55 2.03
Artemis European Growth R Acc 201.24 212.52 -0.15 2.04
Artemis European Opps R Acc 61.04 64.49 -0.04 0.56
Artemis Global Energy R Acc 45.27 48.07 -0.06 0.00
Artemis Global Growth R Acc 135.97 143.66 1.24 0.85
Artemis Global Income R Acc 72.50 76.71 0.63 4.55
Artemis Global Income R Inc 64.93 68.71 0.55 4.72
Artemis Global select R Acc 57.34 60.61 0.57 0.11
Artemis High Income R Inc 75.81 81.13 0.10 6.27
Artemis Income R Inc 185.31 196.60 0.09 4.62
Artemis Income R Acc 281.79 298.95 0.15 4.47
Artemis Monthly Dist R Inc 56.12 59.51 0.08 -
Artemis Strategic Assets R Acc 72.17 76.30 0.52 0.73
Artemis Strategic Bond R M Acc 74.45 79.04 0.06 4.32
Artemis Strategic Bond R M Inc 52.45 55.68 -0.10 4.41
Artemis Strategic Bond R Q Acc 74.53 79.12 0.07 4.28
Artemis Strategic Bond R Q Inc 52.74 55.99 0.05 4.37
Artemis UK Growth R Acc 338.69 359.54 -0.54 1.03
Artemis UK Smaller Cos R Acc 879.55 946.18 4.49 0.92
Artemis UK Special Sits R Acc 424.21 451.62 -0.65 1.37
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 53.68 - 1.53 0.00
Artemis Gbl Hedge Fd Ltd EUR 50.55 - 1.30 -
Artemis Gbl Hedge Fd Ltd USD $ 54.29 - 1.50 -
Artemis UK Hedge Fd Ltd EUR 162.32 - 4.43 -
Artemis UK Hedge Fd Ltd GBP 178.83 - 5.27 -
Artemis UK Hedge Fd Ltd USD $ 169.27 - 4.68 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund Class I EUR 8.55 - 0.10 0.00
Artisan Global Equity Fund Class I USD Acc $ 11.81 - 0.07 -
Artisan Global Opportunities Fund Class I EUR 10.76 - 0.11 -
Artisan Global Value Fund Class I USD Acc $ 12.47 - 0.03 0.00
Artisan Value Fund Class I USD Acc $ 12.22 - -0.01 0.00
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.4800 2.6040 0.0032 0.71
Sterling Asset Mgt. Fund PC - Class I 108.7424 114.1795 0.1423 0.00
Sterling Intl. Eq. Fund PC 57.3052 60.1705 0.3608 0.00
Dollar Intl. Eq. Fund PC $ 10.1401 10.6471 -0.0202 0.00
European Eq. Fund PC 4.8521 5.0947 -0.0374 0.00
European Eq. - Feeder PC 1.3538 1.4215 -0.0077 0.00
European Eq - Feeder PC - Class I 117.8151 123.7059 -0.6423 0.00
Chindia Eq. - Feeder PC 1.1835 1.2427 0.0114 0.00
Chindia Eq - Feeder PC - Class I 81.0650 85.1183 0.7655 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Ashburton Replica Dollar Acc USD $ 100.6650 105.6983 -0.0210 -
Asset Management Fund 37.0781 38.9320 0.0558 0.00
$ Asset Management Fund $ 32.1589 33.7668 -0.0070 0.00
Euro Asset Management Fund 1.4937 1.5684 0.0026 0.00
Multi Asset Cautious Fund GBP 1.1072 1.1626 0.0010 0.45
Multi Asset Cautious Fund GBP - Class I 102.7709 107.9094 0.0919 1.19
Multi Asset Balanced Fund EUR 1.0124 1.0630 0.0016 0.09
Multi Asset Balanced Fund GBP 1.2146 1.2753 0.0019 0.17
Multi Asset Balanced Fund USD $ 1.1690 1.2275 -0.0006 0.38
Multi Asset Balanced Fund GBP - Class I 108.1891 113.5986 0.1678 0.66
Multi Asset Balanced Fund USD - Class I $ 102.3703 107.4888 -0.0466 0.55
Multi Asset Balanced Fund EUR - Class I 102.4364 107.5582 0.1618 0.51
Multi Asset Aggressive Fund GBP 1.1263 1.1826 0.0013 0.15
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.9174 0.9633 0.0002 0.00
Chindia Eq - Class I $ 121.0917 127.1463 0.0309 0.00
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.33 - -0.05 5.69
Local Currency Debt Pflo $ 29.72 - 0.32 0.00
Russian Debt Portfolio $ 73.05 - 0.86 0.00
Ashmore Asian Recovery $ 30.09 - 0.21 0.00
Multi-Strategy $ 17.73 - 0.23 0.00
Emerging Mkts Global Inv Pfolio $ 7.95 - -0.02 0.00
Emerging Mkts Corporate High Yield $ 128.12 - 1.79 0.00
Turkish Debt Fund Ltd $ 102.76 - -2.80 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 124.73 - 0.81 0.00
EM Mkts Corp.Debt USD F $ 124.07 - 0.27 3.87
EM Mkts Debt NOK F NKr 119.37 - 0.02 10.82
EM Mkts Debt GBP F 124.30 - 0.00 3.77
EM Mkts Inv.Grade Corp. Debt USD F $ 126.52 - 0.26 0.00
EM Mkts Loc.Ccy Bd USD F $ 123.85 - 0.02 3.67
EM Mkts Loc.Ccy Money Mkt USD F $ 104.67 - -0.08 0.00
EM Mkts Sov.Debt USD F $ 120.00 - 0.01 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 122.06 - 0.27 0.00
Emerging Markets Debt Retail USD $ 108.22 - 0.01 5.24
Emerging Markets Debt Retail EUR 166.70 - -0.01 14.87
Local Currency GBP F 110.77 - -0.07 0.28
Local Currency Retail EUR F 103.90 - -0.07 0.35
Local Currency Retail USD F $ 115.01 - -0.08 0.52
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 331.88 - -3.56 0.00
Aspect Diversified EUR 198.52 - -2.13 -
Aspect Diversified GBP 100.54 - 0.54 -
Aspect Diversified CHF SFr 95.55 - -1.03 0.00
Aspect Diversified Trends USD $ 94.12 - 0.13 0.00
Aspect Diversified Trends EUR 93.75 - 0.12 0.00
Aspect Diversified Trends GBP 96.66 - 0.14 0.00
Fund Bid Offer +/- Yield
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2442.12 - -77.52 0.00
American One $ 2220.23 - -59.41 0.00
Bond Global 1173.75 - 23.07 0.00
Eurocroissance 657.54 - 9.89 0.00
Far East $ 623.51 - -5.61 0.00
BDT Invest LLP (IRL)
33 St James's Square, London, SW1Y 4JS
FSA Recognised
BDT Asian Focus GBP A 32.29 - 0.17 1.18
BDT Asian Focus GBP B 34.52 - 0.18 1.11
BDT Asian Focus EUR A 23.24 - 0.20 1.22
BDT Asian Focus EUR B 23.94 - 0.19 1.18
BDT Asian Focus USD A $ 27.58 - 0.09 1.27
BDT Asian Focus USD B $ 29.45 - 0.11 1.19
BDT Oriental Focus USD A $ 24.79 - -0.02 1.33
BDT Oriental Focus USD B $ 26.29 - -0.03 1.29
BDT Oriental Focus EUR A 23.19 - 0.08 1.30
BDT Oriental Focus EUR B 24.73 - 0.09 1.22
BDT Oriental Focus GBP A 32.45 - 0.01 1.23
BDT Oriental Focus GBP B 34.23 - 0.01 1.17
BDT Japanese Focus GBP A 7.85 - 0.09 0.00
BDT Japanese Focus GBP B 7.95 - 0.09 0.00
BDT Japanese Focus EUR A 7.21 - 0.09 0.00
BDT Japanese Focus EUR B 7.10 - 0.09 0.00
BDT Japanese Focus USD A $ 8.94 - 0.08 0.00
BDT Japanese Focus USD B $ 9.21 - 0.08 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1119.81 - 1.02 0.00
$ Income Fund - Share Class B Acc $ 1136.11 - 1.06 0.00
$ Income Fund - Share Class G Acc 1054.09 1054.09 0.94 0.00
$ High Yield Fund - Share Class A Acc $ 1141.85 - 1.43 0.00
BNP Paribas Investment Partners (LUX)
10, Harewood Avenue, London NW1 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 116.61 - 0.00 0.00
BNP Paribas Insticash GBP F 128.49 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 149.06 - 0.08 0.00
BNPP L1 Bd Best Selection Wrld Emerging F $ 241.41 - -0.88 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 154.00 - -1.01 5.55
BNPP L1 Bd Currencies World F 1563.29 - 5.84 0.00
BNPP L1 Bd Europe Emerging F 600.87 - 1.16 0.00
BNPP L11 Bd World F 310.97 - 0.74 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 116.37 - 0.17 0.00
BNPP L1 Bd World Emerging Local F $ 174.27 - -0.48 0.00
BNPP L1 Bd World Emerging Local Inc 113.17 - -0.64 5.93
BNPP L1 Bd World High Yield F 90.00 - 0.11 0.00
BNPP L1 Eq Asia Emerging F $ 97.30 - 0.25 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 442.73 - 2.29 0.00
BNPP L1 Eq Best Sel Euro F 357.34 - 2.41 0.00
BNPP L1 Eq Best Sel Europe F 164.69 - 1.76 0.00
BNPP L1 Eq Best Sel Europe Inc 114.85 - 1.43 3.43
BNPP L1 Eq Best Sel Europe ex-UK F 117.77 - 0.98 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 118.66 - 2.11 2.13
BNPP L1 Eq Best Sel USA F $ 335.98 - 0.13 0.00
BNPP L1 Eq China F $ 306.69 - -0.19 0.00
BNPP L1 Eq Euro F 252.09 - 1.85 0.00
BNPP L1 Eq Europe F 457.16 - 4.34 0.00
BNPP L1 Eq Europe Emerging F 1188.38 - 2.29 0.00
BNPP L1 Eq Europe Growth F 36.22 - 0.36 0.00
BNPP L1 Eq High Div Pacific F 64.08 - 0.29 0.00
BNPP L1 Eq India F $ 96.91 - -2.37 0.00
BNPP L1 Eq Indonesia F $ 259.09 - 1.84 0.00
BNPP L1 Eq Pacific ex-Japan F 171.36 - 1.06 0.00
BNPP L1 Eq Russia F 102.82 - 0.56 0.00
BNPP L1 Eq Russia Inc 123.34 - 0.02 1.85
BNPP L1 Eq Turkey F 270.33 - 4.64 0.00
BNPP L1 Eq USA Growth F $ 174.69 - 0.14 0.00
BNPP L1 Eq USA Small Caps F $ 125.80 - 0.28 0.00
BNPP L1 Eq World Emerging F $ 595.72 - 0.39 0.00
BNPP L1 Eq World Energy F 612.23 - 2.81 0.00
BNPP L1 Eq World Health Care F 524.51 - 3.38 0.00
BNPP L1 Eq World Materials F 83.39 - 0.21 0.00
BNPP L1 Eq World Utilities F 105.24 - 0.83 0.00
BNPP L1 Green Tigers F 144.63 - 2.07 0.00
BNPP L1 Opportunities USA F $ 89.73 - -0.67 0.00
BNPP L1 Opportunities USA Inc 125.48 - -1.31 2.37
BNPP L1 Opportunities-H USA Inc 38.41 - -0.29 2.43
BNPP L1 Opportunities World F 99.35 - 0.36 0.00
BNPP L1 Real Est Securities Eur F 171.96 - 1.72 0.00
BNPP L1 V350 F 107.68 - 0.05 0.00
BNPP L1 V350-H-Inc 98.10 - 0.05 0.84
BNPP L1 Wrld Commodities F $ 86.57 - -0.13 0.00
Parvest
Bond Euro 193.52 - 0.34 0.00
Bond Euro Medium Term 171.07 - 0.21 0.00
Bond USA High Yield $ 209.41 - 0.25 0.00
Bond USD Gov Inc $ 124.33 - 0.07 2.03
Bond World Corporate Inc $ 108.09 - 0.12 3.54
Bond World Emerging $ 404.42 - -0.65 0.00
Bond World Inflation-Ld 139.62 - 0.39 0.00
Commod Arbitrage F $ 98.45 - -0.23 0.00
Equity Australia A$ 769.03 - -1.99 0.00
Equity Brazil Inc $ 119.26 - 0.92 0.00
Equity BRIC $ 136.13 - -0.34 0.00
Equity Japan Inc 2633.00 - 24.00 2.03
Equity Japan Small Cap Inc 3752.00 - 31.00 1.37
Equity Latin America Inc $ 595.68 - 5.19 2.98
Equity Russia Opp.Inc $ 76.43 - 0.28 1.84
Equity South Korea Inc $ 94.33 - 1.32 1.33
Equity USA Inc $ 63.92 - 0.20 1.96
Equity USA Mid Cap $ 152.40 - -0.01 0.00
Equity USA Value Inc $ 82.81 - -0.10 1.86
Flexible Bond Europe Corp. 117.39 - 0.07 0.00
Flexible Bond Wrld Inc $ 19.53 - 0.02 1.85
Step 80 Wrld Emerging 93.69 - -0.21 0.00
Step 90 EURO F 1086.68 - 2.53 0.00
Wrld Agriculture 95.08 - 0.73 0.00
Wrld Agriculture USD F $ 77.54 - 0.60 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 298.44 - -0.01 0.00
BNP GLF USD $ 1223.69 - 0.00 0.00
BNY Mellon Fund Managers Limited (1200)F (UK)
BNY Mellon House, Ingrave Road, Brentwood, Essex CM15 8TG
Client Services Helpline: 0800 614330 Broker 0500 660000
Authorised Inv Funds
BNY Mellon Investment Funds
BNY Mellon Global Strategic Bond Fund 118.76 - 0.19 2.76
BNY Mellon Long-Term Global Equity Fund 154.58 - 1.00 0.30
BNY Mellon American 126.65 - 1.55 0.00
Insight Equity Income Fund 144.36 - -0.60 3.93
Insight Equity Income Booster 134.03 - -0.97 8.74
Insight Global Absolute Return Fund 100.43 - 0.10 0.67
Insight Global Multi-Strategy Fund 101.13 - 0.29 0.68
Insight Inflation-Linked Corporate Bond Fund 101.14 - 0.52 3.36
Insight Strategic Bond Fund 101.12 - 0.25 3.40
Newton Asian Income 202.45 - 1.31 4.15
Newton Balanced 170.01 - 0.47 2.66
Newton Contl European 174.97 - -0.08 1.73
Newton Emerging Income Fund 115.93 - 1.38 3.44
Newton Global Dynamic Bd 111.63 - 0.16 4.42
Newton Global Equity 91.01 - 1.00 0.71
Newton Global Higher Income 143.78 - 1.19 4.05
Newton Global Opportunities 173.01 - 1.44 0.75
Newton Higher Income 56.69 - 0.13 5.05
Newton UK Equity Fund 694.81 - 1.47 2.25
Newton International Bond 222.07 - 1.64 1.07
Fund Bid Offer +/- Yield
Newton Managed 545.56 - 2.77 1.40
Newton Oriental 568.89 - 2.19 0.36
Newton Real Return A 118.29 - 0.14 3.07
Newton UK Opportunities 225.67 - 1.95 1.70
BNY Mellon Global Funds (IRL)
160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131
FSA Recognised
Asian Eqty A USD F $ 3.36 - -0.03 0.00
BNY Mellon Absolute Return Equity 1.11 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.85 - -0.03 0.00
BNY Mellon Brazil Equity $ 1.28 - -0.01 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 1.00 - 0.00 0.00
BNY Mellon Emerging Markets Corporate Debt Fund $ 112.65 - 0.18 0.00
BNY Mellon Euroland Bond Fund 1.74 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.20 - 0.00 0.00
BNY Mellon Global Property Secs 1.27 - 0.01 0.00
BNY Mellon Global Bond Fund $ 2.34 - -0.01 0.00
BNY Mellon Global Equity Fund $ 1.73 - 0.00 0.00
BNY Mellon Global High Yield Bond 1.61 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 2.02 - 0.00 0.00
BNY Mellon Global Real Return EUR Fund 1.18 - 0.00 0.00
BNY Mellon Global Real Return $ 1.26 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.45 - 0.02 0.00
BNY Mellon UK Equity Sterling 1.76 - 0.00 0.00
BNY Mellon US Equity Fund $ 1.24 - 0.00 0.00
Emerging Mkts Debt C USD F $ 2.06 - 0.00 0.00
Emerging Mkts Debt LC - C USD F $ 1.75 - -0.01 0.00
Evolution Global Alpha C EUR F 96.27 - -0.18 0.00
Global Dynamic Bond Fund C USD F $ 1.14 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.28
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FSA Recognised
Bond Funds
Sterling Bond F 0.45 - 0.00 2.52
Baring Fund Managers Ltd (1200)F (UK)
155 Bishopsgate London EC2M 3XY
Dealing and Enquiries 020 7214 1004
Fund Information: www.barings.com
Authorised Inv Funds
China Growth A Acc 118.10 - 1.00 0.00
Eastern Acc GBP 616.30 - 11.90 0.21
Eastern Inc GBP 563.20 - -31.40 0.21
Emerging Markets A Acc 251.10 - 2.10 0.51
Europe Select Inc GBP 2066.00 - -6.00 0.54
European Growth Inc 883.50 931.30 -2.20 1.20
German Growth Acc GBP 481.80 - -1.60 1.01
German Growth Inc GBP 447.00 - -1.40 0.98
Glb Agriculture A Acc GBP 167.80 - 1.80 0.00
Gbl Agriculture A Acc EUR 1.94 - 0.01 0.00
Gbl Agriculture A Acc USD $ 2.53 - 0.00 0.00
Global Bond Inc 122.90 129.20 1.00 0.75
Global Growth Inc 318.50 335.40 2.30 0.40
Japan Growth Acc 116.60 122.90 1.70 0.00
Korea Acc 279.70 296.30 3.20 0.00
Multi Asset A Acc ... C 146.90 - 0.50 0.49
Multi Asset A Inc ... C 143.70 - 0.40 0.48
Portfolio Acc 597.70 634.40 0.70 1.81
Portfolio Inc 247.50 262.70 0.20 1.83
UK Growth Inc 222.90 235.60 -0.90 1.36
Charity Fund
0800 032 6347 (charity enquiries)
Targeted Return Fund Acc 129.60 130.20 0.10 3.21
Targeted Return Fund Inc 108.80 109.30 0.10 3.27
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FSA Recognised
ASEAN Frontiers A GBP Inc 135.36 - 1.83 0.50
Asia Growth A GBP Inc H 42.66 - 0.54 0.00
Australia A GBP Inc 87.36 - 0.14 1.72
Dynamic Emerging Markets A GBP Acc F 10.71 - 0.07 0.00
Eastern Europe A GBP Inc 68.04 - -0.10 0.20
Emerging Mkt Debt LC A GBP Hedged Inc 11.49 - -0.10 4.46
Emerging Opportunities A GBP Inc H 22.95 - 0.17 0.00
Europa A USD Inc H $ 42.84 - -0.73 0.99
Glb Aggregate Bond A USD Inc H $ 11.07 - -0.04 1.93
Glb Emerging Markets A GBP Inc H 22.13 - 0.23 0.28
Glb Select A GBP Inc H 9.15 - 0.06 0.00
Glb Resources A GBP Inc H 14.59 - -0.02 0.00
High Yield Bond A GBP Hedged Inc H 7.32 - 0.00 6.27
Hong Kong China A GBP Inc 553.75 - 4.14 0.00
India Fund - Class A GBP Inc 10.77 - 0.10 0.00
International Bond A GBP Inc F 18.36 - 0.13 2.16
Latin America A USD Inc H $ 47.47 - -0.22 1.38
MENA A GBP Inc F * 11.20 - -0.03 1.12
Baring Global Mining Fund - Class A GBP Inc 7.22 - -0.06 0.00
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 39.06 - -0.17 0.24
Barmac Asset Management Ltd (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
Retail Accumulation 2 105.22 - 0.00 0.00
Retail Income 2 104.14 - 0.00 0.00
The Castleton Growth Fund Ret Acc F 102.56 - 0.00 0.00
The Castleton Growth Fund Ret Inc F 103.06 - 0.00 0.86
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 192.57 192.57 0.19 0.00
Bedlam Global B 199.78 199.78 0.18 0.21
Bedlam Emerging Markets A 248.65 248.65 2.27 0.00
Bedlam Emerging Markets B 245.77 245.77 1.81 0.74
Bedlam Europe A 139.22 139.22 0.43 0.00
Bedlam Europe B 145.10 145.10 0.37 1.31
Bedlam Japan A 89.10 89.10 0.04 0.00
Bedlam Japan B 88.17 88.17 0.05 0.17
Bedlam UK A 131.19 131.19 0.80 0.00
Bedlam UK B 132.02 132.02 0.81 1.97
Bedlam Global Income Fund 96.82 96.82 0.24 4.12
BlackRock (JER)
Regulated
BlackRock UK Property 33.67 - -0.04 4.25
BLK Intl Gold & General $ 8.27 8.71 -0.10 0.00
Blairmore Funds PLC
FSA Recognised
Smith & Williamson Investment Management
Administrators - BNP Paribas
Blairmore Global Equity fund $ 11.40 - 0.06 0.00
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors Initial Ser.A $ 31.69 - 0.51 0.00
Blakeney Investors-S08/08 $ 8.94 - 0.14 0.00
Blakeney Investors-S11/08 $ 13.43 - 0.18 0.00
Blakeney Investors-S10/09 $ 11.63 - 0.17 0.00
Blakeney Investors-S04/10 $ 10.93 - 0.16 0.00
Blakeney Investors-S09/10 $ 11.24 - 0.16 0.00
Blakeney Investors-S11/10 $ 10.81 - 0.15 0.00
Blakeney Investors-S06/12 $ 11.82 - 0.17 -
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 103.60 - -0.23 0.00
BlueBay Em Mkt Bd B - USD $ 285.22 - -0.55 0.00
BlueBay Em Mkt Corp Bd B $ 166.65 - 0.50 0.00
BlueBay Em Mkt Sel Bd B - USD $ 170.79 - -0.23 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 181.23 - -0.21 0.00
BlueBay Gbl Convert Bd I - USD $ 173.32 - 0.28 0.00
BlueBay Gbl High Yield Bd B $ 121.39 - 0.14 0.00
Fund Bid Offer +/- Yield
BlueBay High Yield B - EUR 302.32 - 0.49 0.00
BlueBay High Yield Corp Bd B 128.78 - 0.27 0.00
BlueBay Inv Grd B - EUR 157.78 - 0.17 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 124.66 - 0.24 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 124.92 - 0.17 0.00
BlueBay Inv Grd Libor Fd B 122.29 - 0.03 0.00
BlueBay Struct.Fds: High Inc Loan Fd 178.48 - 0.02 0.00
BlueBay Struct.Fds: High Yield Enh Fd 203.64 - 0.67 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 123.11 - 0.75 0.00
Bluebay Macro Fd A $ 127.87 - -2.13 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 55.39 55.39 0.06 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7083.00 - 64.00 1.99
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9476.00 - 203.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
UK Agricultural Class A 1.12 - 0.00 0.00
UK Agricultural Class B 1.21 - 0.00 0.00
Student Accom Class A 1.43 - 0.00 0.00
Student Accom Class B 1.12 - 0.00 0.00
CAF Financial Solutions (UK)
Kings Hill, West Malling, Kent 03000 123 222
Property & Other UK Unit Trusts
CAF UK Equitrack Inc Fd 67.33 67.33 -0.24 3.50
CAF UK Equitrack Acc Fd 86.62 86.62 -0.31 3.41
IM CAF Alternative Strategies A class Acc 101.42 - -0.21 0.00
IM CAF Alternative Strategies A class Inc 101.42 - -0.21 0.00
IM CAF Fixed Interest A class Acc 106.92 - 0.14 2.59
IM CAF Fixed Interest A class Inc 102.05 - 0.13 2.53
IM CAF Fixed Interest B class Acc 107.19 - 0.14 2.49
IM CAF Fixed Interest B class Inc 102.18 - 0.13 2.53
IM CAF International Equity A Class Acc 114.77 - 1.05 0.38
IM CAF International Equity A Class Inc 116.01 - 1.06 0.38
IM CAF UK Equity A Class Acc 122.06 - 0.79 2.29
IM CAF UK Equity A Class Inc 117.26 - 0.76 2.32
IM CAF UK Equity B Class Acc 122.06 - 0.79 2.28
IM CAF UK Equity B Class Inc 117.25 - 0.76 2.31
CCLA Investment Management Ltd (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 0.48
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.28
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.33
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.38
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.28
CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
CBF Church of England Funds
Investment Inc 1212.51 1230.83 8.44 3.94
Investment Acc 2213.04 2246.48 15.40 -
Global Equity Inc 146.37 147.99 1.46 4.37
Global Equity Acc 189.37 191.47 1.90 -
UK Equity Inc 131.81 133.13 0.77 4.21
UK Equity Acc 174.33 176.09 1.02 -
Fixed Interest Inc 162.59 163.25 1.08 5.39
Fixed Interest Acc 437.89 439.65 2.92 -
Property Fund Inc 109.52 113.19 0.03 7.30
Property Fund Acc 165.79 171.35 0.05 -
COIF Charity Funds (UK)
Investment Inc 1125.00 1137.44 6.69 3.97
Investment Acc 9680.96 9788.04 57.55 -
Ethical Invest Inc 173.31 175.23 -0.88 4.07
Ethical Invest Acc 198.93 201.13 -1.01 -
Global Equity Inc 136.85 138.37 -1.12 4.60
Global Equity Acc 178.65 180.63 -1.44 -
Fixed Interest Inc 133.54 134.08 2.11 5.37
Fixed Interest Acc 680.37 683.09 10.76 -
Property Inc 94.38 97.55 0.04 7.76
Property Acc 176.47 182.39 0.07 -
Local Authorities Property Fd (LAMIT) (UK)
Property 224.54 235.72 -0.02 5.99
CG Asset Management Limited (IRL)
Northern Trust, George?s Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FSA Recognised
Capital Gearing Portfolio Fund Plc 26450.55 26450.55 242.50 -
CG Portfolio Fund Plc
Real Return Cls A 197.56 197.56 2.11 1.89
Dollar Fund Cls D 145.71 145.71 1.74 1.72
Capital Value Fund Cls V 126.82 126.82 0.92 0.26
CIS Unit Managers Ltd (1200)F (UK)
PO Box 105, Manchester M4 8BB 08457 464646
Authorised Inv Funds
Corporate Bd Inc Tst 88.96 93.64 0.14 4.30
Sustainable Leaders A 358.20 - -1.50 1.32
European Growth 92.98 97.88 0.15 1.53
UK Growth 409.60 431.20 -1.40 1.51
UK Income With Growth 210.20 221.30 1.40 4.46
US Growth 108.10 113.80 1.10 0.00
CIS Sustainable Diversified Trust A 1.37 - 0.00 1.79
CIS Sustainable World Trust A 135.00 - 0.20 1.29
Additional Funds Available
Please see www.cis.co.uk for details
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 5817.00 - 31.00 0.00
Canada Life Investments (UK)
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Authorised Inv Funds
CF Canada Life Investments Fund
Asia Pacific B Acc 9.08 - 0.11 0.93
Corporate Bond B Inc 2.04 - 0.01 4.52
Global Bond B Inc 1.01 - 0.01 -
Global Equity B Acc 4.82 - 0.03 1.38
Global Equity Income B Inc 1.16 - 0.00 -
Global Infrastructure B Acc 1.05 - 0.00 -
Global Resource B Acc 1.04 - 0.01 -
North American B Acc 6.60 - 0.05 0.47
Total Return B Acc 1.00 - 0.00 -
UK Equity & Bond Income B Inc 2.13 - 0.00 5.85
UK Equity Income B Inc 3.73 - 0.00 5.86
CF Canlife Unit Trusts
Balanced Unit Trust Acc 1.28 1.34 0.00 1.92
European Unit Trust Acc 2.09 2.19 -0.01 1.53
General Unit Trust Acc 7.79 8.19 -0.07 1.68
Gilt & Fixed Interest Unit Trust Inc 0.47 0.49 0.00 2.40
Growth Unit Trust Acc 4.70 4.94 -0.02 2.17
Japanese Growth Unit Trust Acc 0.44 0.46 0.00 0.51
Capita Financial Managers (UK)
Ibex House, 42-47 Minories, London, EC3N 1DX
Order Desk 08459 220044 Switchboard 0870 607 2555
Authorised Inv Funds
CF Adam Worldwide Fund Acc 665.31 690.81 0.00 1.98
CF Adam Worldwide Fund Inc 438.87 455.69 0.00 1.98
CF Eden Global Multi-Strategy Fund A Acc 112.38 - 0.00 0.00
CF Eden Global Multi-Strategy Fund A Inc 106.91 - 0.00 0.00
CF Eden Global Multi Strategy Fund C Acc 111.79 - 0.00 -
CF Eden Global Multi Strategy Fund C Inc 111.79 - 0.00 -
CF Eden UK Select Opportunities Fund A Acc 129.75 - 0.00 0.26
CF Eden UK Select Opportunities Fund A Inc 129.42 - 0.00 0.26
CF Eden UK Select Opportunities Fund B Acc 130.70 - 0.00 0.46
CF Eden UK Select Opportunities Fund B Inc 130.10 - 0.00 0.46
CF Eden UK Select Opportunities Fund C Acc 133.86 - 0.00 0.79
Fund Bid Offer +/- Yield
CF Heartwood Cautious B Acc 120.32 - 0.00 1.17
CF Heartwood Cautious Income B Inc 108.69 - 0.00 2.90
CF Heartwood Growth B Acc 128.87 - 0.00 0.54
CF Heartwood Balanced Income B Inc 106.81 - 0.00 3.48
CF Heartwood Balanced B Acc 115.58 - 0.00 1.18
CF Heartwood Defensive Multi Asset Fund B Accumulation 105.53 - 0.00 0.47
CF Heartwood Defensive Multi Asset Fund B Income 104.96 - 0.00 0.44
CF JM Finn Africa Fund Ret Acc 89.66 - 0.00 0.09
CF JM Finn Global Opps Inst Acc B 115.39 - 0.00 2.58
CF JM Finn Gbl Opps R Net Acc 260.18 - 0.00 2.07
CF JM Finn Global Opps Retail Income 112.82 - 0.00 2.42
CF JM Finn UK Pfolio R Net Inc 132.40 - 0.00 3.38
CF JOHIM Portfolio Fd A 133.36 - 0.00 1.56
CF JOHIM Portfolio Fd B 132.75 - 0.00 1.07
CF JOHIM Portfolio Fd C 133.06 - 0.00 0.17
CF JOHIM Alternatives Fund Income class A 99.32 - 0.00 0.00
CF JOHIM Alternatives Fund Income class B 97.87 - 0.00 0.00
CF OLIM UK Equity Acc 230.23 232.58 0.00 3.98
CF OLIM UK Equity Inc 149.83 151.36 0.00 3.98
CF Richmond Core 160.94 - 0.00 0.00
CF SI Investment Mkts Inc 482.97 511.86 0.00 3.11
CF SI Investment Mkts Acc 787.57 834.69 0.00 3.11
CF UK Fund 119.21 - 0.00 0.70
Investment Adviser - Cheviot Asset Management
CF Cheviot Balanced A Acc 117.27 - 0.00 0.00
CF Cheviot Balanced A Inc 115.24 - 0.00 0.00
Investment Adviser - DSM Capital Partners
The Greenwich Fd $ 17.28 - -0.45 0.00
The Westchester $ 18.63 - 0.00 0.00
Investment Adviser - FundQuest UK Limited
CF FundQuest Select Fund Ord Acc 190.12 - 0.00 0.00
CF FundQuest Select Fund Inst Acc 199.54 - 0.00 0.23
CF FundQuest Select Cautious Fund Ord Acc 152.69 - 0.00 0.25
CF FundQuest Select Cautious Fund Inst Acc 159.22 - 0.00 0.64
CF FundQuest Select Cautious Fund Inst Inc 135.11 - 0.00 0.63
CF FundQuest Select Cautious Fund Ord Inc 130.62 - 0.00 0.23
CF FundQuest Select Fund Z Accumulation GBP 109.70 - 0.00 -
CF FundQuest Select Cautious Fund Z Income GBP 105.40 - 0.00 0.45
CF FundQuest Select Cautious Fund Z Accumulation GBP 105.45 - 0.00 0.45
Investment Adviser Lacomp Plc
CF Lacomp World 118.53 124.60 0.00 0.00
Investment Adviser - Morant Wright Management Limited
CF Morant Wright Japan A 210.70 - 0.00 0.49
CF Morant Wright Japan A Inc 208.40 - 0.00 0.45
CF Morant Wright Japan B 221.11 - 0.00 0.98
CF Morant Wright Japan B Inc 212.36 - 0.00 0.97
CF Morant Wright Nippon Yield ACC A 217.66 - 0.00 2.87
CF Morant Wright Nippon Yield ACC B 222.67 - 0.00 2.86
CF Morant Wright Nippon Yield Fund A Inc 204.89 - 0.00 2.95
CF Morant Wright Nippon Yield Fund B Inc 209.60 - 0.00 2.95
Weekly Valuing Funds
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International is part of
The Capital Group Companies
www.capitalinternational.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 17.96 - 0.08 0.00
Cap Int All Ctry Eq B 14.64 - 0.00 0.00
Cap Int All Ctry Eq B $ 19.02 - -0.16 0.00
Cap Int All Ctry Eq BD 12.61 - 0.02 0.33
Cap Int Emerg Asia Eq B SFr 8.78 - 0.15 0.00
Cap Int Emerg Asia Eq B 7.20 - 0.12 0.00
Cap Int Emerg Asia Eq B $ 9.41 - 0.13 0.00
Cap Int Emerg Asia Eq Bd 6.20 - 0.07 0.00
Cap Int Global Equity B $ 17.95 - -0.18 0.00
Cap Int Global Equity BD 11.56 - 0.00 0.58
Cap Int Global Equity B SFr 16.95 - 0.06 0.00
Cap Int Global Equity B 13.82 - -0.01 0.00
Cap Int European Eq BD 9.29 - -0.07 1.88
Cap Int European Eq B 11.82 - -0.11 0.00
Cap Int European Eq B SFr 14.50 - -0.06 0.00
Cap Int European Eq B $ 15.35 - -0.28 0.00
Cap Int Japan Equity B 7.31 - 0.12 0.00
Cap Int Japan Equity B $ 9.50 - 0.08 0.00
Cap Int Japan Equity B SFr 8.97 - 0.19 0.00
Cap Int Japan Equity BD 6.29 - 0.11 0.20
Cap Int AsiaP ex Jp Eq B SFr 16.64 - 0.18 0.00
Cap Int AsiaP ex Jp Eq B 13.57 - 0.09 0.00
Cap Int AsiaP ex Jp Eq B $ 17.62 - -0.05 0.00
Cap Int Asia Pex Jp Eq BD 11.18 - 0.08 0.59
Cap Int Em Mkts Fund BD 57.53 - 0.23 0.80
Cap Int Em Mkts Fund B SFr 84.92 - 0.89 0.00
Cap Int Em Mkts Fund B 69.61 - 0.68 0.00
Cap Int Em Mkts Fund B $ 91.00 - 0.64 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 10.25 - 0.02 0.64
Cap Int Glb Growth Inc B 12.48 - 0.01 0.00
Cap Int Glb Growth Inc B SFr 15.31 - 0.08 0.00
Cap Int Glb Growth Inc B $ 16.21 - -0.13 0.00
Cap Int Eur Growth Inc B 18.02 - -0.09 0.00
Cap Int Eur Growth Inc B SFr 22.10 - -0.02 0.00
Cap Int Eur Growth Inc B $ 23.41 - -0.32 0.00
Cap Int Eur Growth Inc BD 14.22 - -0.05 1.79
Cap Int US Growth Inc B 14.12 - 0.00 0.00
Cap Int US Growth Inc B SFr 17.32 - 0.08 0.00
Cap Int US Growth Inc B $ 18.35 - -0.15 0.00
Cap Int US Growth Inc BD 12.09 - 0.02 0.21
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 11.73 - 0.08 0.00
Cap Int Em Mk Tot Opp B 9.61 - 0.06 0.00
Cap Int Em Mk Tot Opp B $ 12.57 - 0.05 0.00
Cap Int Em Mk Tot Opp Bd 7.92 - 0.00 1.93
Cap Int Gbl Abs Inc Grow B $ 11.53 - 0.04 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 13.84 - 0.05 0.00
Cap Int Em Mkts Debt B 11.35 - 0.04 0.00
Cap Int Em Mkts Debt B $ 14.83 - 0.01 0.00
Cap Int Em Mkts Debt Bd 8.99 - -0.02 3.54
Cap Int Em Mk LocCur Dbt B $ 11.93 - 0.00 0.00
Cap Int Em Mk US$ Debt B $ 11.50 - 0.03 0.00
Cap Int Euro Bond B SFr 17.18 - 0.10 0.00
Cap Int Euro Bond B 9.66 - 0.03 1.65
Cap Int Euro Bond B $ 18.20 - -0.12 0.00
Cap Int Euro Bond BD 14.01 - 0.03 0.00
Cap Int Glb H Inc Opp B SFr 32.79 - 0.42 0.00
Cap Int Glb H Inc Opp B 26.73 - 0.22 0.00
Cap Int Glb H Inc Opp B $ 34.72 - -0.02 0.00
Cap Int Glb H Inc Opp BD 14.40 - 0.13 5.31
Cap Int Global Bond B SFr 18.60 - 0.20 0.00
Cap Int Global Bond B 15.17 - 0.10 0.00
Cap Int Global Bond B $ 19.70 - -0.04 0.00
Cap Int Global Bond BD 10.85 - 0.09 1.09
Carmignac Gestion (FRA)
www.carmignac.com
FSA Recognised
Carmignac Emergents A EUR acc 765.78 - 6.09 0.00
Carmignac Emergents D GBP inc 109.88 - 0.87 -
Carmignac Emergents I GBP acc 96.98 - 0.77 0.00
Carmignac Investis A EUR acc 908.03 - 6.79 0.00
Carmignac Investis D GBP inc 106.58 - 0.79 -
Carmignac Investis I GBP acc 93.84 - 0.69 0.00
Carmignac Patrimoine A EUR acc 560.02 - 2.95 0.00
Carmignac Patrimoine D GBP inc 100.42 - 0.52 -
Carmignac Patrimoine I GBP acc 98.64 - 0.52 0.00
Carmignac Gestion (FRA)
www.carmignac.com
Regulated
Carmignac CourtTerme A EUR acc 3754.21 - 0.01 0.00
Carmignac Eur-Entr A EUR acc 213.25 - 1.34 0.00
Carmignac Euro-Patr A EUR acc 309.00 - 1.54 0.00
Carmignac Euro-Patr D GBP inc 104.28 - 0.52 -
Carmignac Euro-Patri I GBP acc 104.54 - 0.53 -
Carmignac Invest Lat A EUR acc 235.30 - 1.89 0.00
Carmignac Pr Rac50 A EUR acc 169.85 - 1.11 0.00
Fund Bid Offer +/- Yield
Carmignac Pr Rac75 A EUR acc 202.24 - 1.66 0.00
Carmignac Pr Rac100 A EUR acc 180.27 - 1.76 0.00
Carmignac Scurit A EUR acc 1627.10 - 2.35 0.00
Carmignac Scurit D GBP inc 101.64 - 0.14 -
Carmignac Scurit I GBP acc 103.27 - 0.15 -
Carmignac Portfolio (LUX)
www.carmignac.com
FSA Recognised
Carmignac Capital + A EUR acc 11139.82 - 24.69 0.00
Carmignac Capital + I GBP acc 5264.23 - 11.90 0.00
Carmignac Commodit. A EUR acc 281.53 - 1.32 0.00
Carmignac Commodit. I GBP acc 64.88 - 0.30 0.00
Carmignac Em. Discov A EUR acc 1150.25 - 10.41 0.00
Carmignac Em. Discov I GBP acc 93.29 - 0.84 0.00
Carmignac Global Bd A EUR acc 1138.52 - 6.61 0.00
Carmignac Global Bd I GBP acc 108.79 - 0.63 0.00
Carmignac Gde Europe A EUR acc 151.89 - 1.35 0.00
Carmignac Gde Europe D GBP inc 108.47 - 0.96 -
Carmignac Gde Europe I GBP acc 98.35 - 0.87 0.00
Carmignac Mkt Neutr. A EUR acc 1019.37 - 0.50 0.00
Carmignac Mkt Neutr. I GBP acc 93.96 - 0.06 0.00
Carmignac Global Bd D GBP inc 93.43 - 0.55 -
Carmignac Em. Patrim A EUR acc 112.92 - 0.89 0.00
Carmignac Em. Patrim I GBP acc 103.91 - 0.82 0.00
Carmignac Em. Patrim D GBP inc 99.60 - 0.79 -
Some Funds have distribution units and/or units denominated in other currencies
The full list can be found at www.carmignac.com
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 0.9695 - 0.0129 5.44
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1196.4549 - -15.8536 -
CATCo Re Fund Ltd Series B $ 1208.2360 - -16.9075 -
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 838.50 - 2.30 1.70
Cavendish Opportunities Fund A Class 833.90 - 2.30 1.03
Cavendish Worldwide Fund B Class 280.40 - 2.50 1.29
Cavendish Worldwide Fund A Class 279.80 - 2.50 0.57
Cavendish AIM Fund B Class 118.40 - 0.60 0.73
Cavendish AIM Fund A Class 116.00 - 0.50 0.00
Cavendish Asia Pacific Fund B Class 173.40 - 1.50 1.21
Cavendish Asia Pacific Fund A Class 173.00 - 1.60 0.51
Cavendish European Fund B Class 132.20 - 0.00 1.33
Cavendish European Fund A Class 131.00 - 0.10 0.68
Cavendish Japan Fund B Class 131.10 - 1.80 1.15
Cavendish Japan Fund A Class 130.30 - 1.70 0.43
Cavendish North American Fund B Class 151.70 - 1.70 0.48
Cavendish North American Fund A Class 148.10 - 1.50 0.00
Cavendish Technology Fund B Class 204.50 - 1.50 0.00
Cavendish Technology Fund A Class 198.00 - 1.40 0.00
Cavendish UK Balanced Income Fund B Class 125.40 - 0.40 4.59
Cavendish UK Balanced Income A Class 122.40 - 0.40 4.70
Cavendish UK Select Fund B Class 137.30 - -0.60 2.14
Cavendish UK Select Fund A Class 137.00 - -0.60 1.46
Cazenove Inv Fd Mgmt Ltd (CIFM) (UK)
12 Moorgate, London, EC2R 6DA 020 3479 0000
Property & Other UK Unit Trusts
Equity Inc Tst For Charities 83.72 84.05 -0.21 4.51
Growth Tst For Charities 136.31 136.77 -1.00 3.76
Income Tst For Charities 63.15 63.48 0.41 5.55
Multi-Strategy Tst for Charities 60.30 - -1.39 1.89
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 288.03 - -0.54 0.00
Cedar Rock Capital Fd Plc 291.23 - 5.50 0.00
Cedar Rock Capital Fd Plc 224.73 - 3.43 0.00
Charitrak Common Investment Fund (UK)
Murray Hse, 1 Royal Mint Ct, London, EC3N 4HH 020 7668 8662
Property & Other UK Unit Trusts
Charitrak Common Investment Inc 1156.00 1158.00 5.00 3.52
Charitrak Common Investment Acc 1717.00 1721.00 7.00 3.45
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 365.00 - 0.91 0.00
Charlemagne New Frontiers R $ 14.38 - 0.09 0.00
Magna Umbrella Fund PLC
Magna Africa R 9.62 - -0.03 0.00
Magna Eastern European R 8.86 - 0.08 0.00
Magna Emerging Mkts Div Fd R Acc 12.24 - 0.12 0.00
Magna Emerging Mkts Div Fd R Dist 11.15 - 0.11 4.42
Magna Global Emerging Markets R 8.81 - 0.12 0.00
Magna Latin American R 10.73 - 0.12 0.00
Magna Mena R * 11.90 - 0.09 0.00
Magna New Frontiers R 8.96 - 0.06 0.00
Magna Turkey R 12.05 - 0.23 0.00
Magna Undervalued Ass Fd R 10.55 - 0.05 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 416050.37 416050.38 -8928.82 0.00
CAM GTi Limited $ 1090.34 - 2.02 0.00
Raffles-Asia Investment Company $ 2.64 2.64 0.07 2.55
Cheyne Capital Management (UK) LLP (IRL)
Regulated
Cheyne Convertibles Absolute Return Fund 1195.16 - 0.45 0.00
Cheyne European Real Estate Bond Fund 106.52 - 0.20 -
Cheyne Global Credit Fund 107.75 - 0.08 -
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 126.90 - 0.87 0.00
Cheyne European High Yield Fund - December 2017 Class 114.02 - -0.01 0.00
Cheyne High Income Credit Fund EUR Inst 147.78 - 2.50 0.00
Cheyne Real Estate Debt Fund Class A1 107.73 - 1.35 -
Cheyne Long/Short Credit Fund $ 196.74 - 3.76 -
Cheyne Malacca Asia Equity Fund Class A $ 1540.96 - 77.99 0.00
Cheyne Multi Strategy Liquid Fund $ 107.98 - 1.77 -
Cheyne Real Estate Credit Holdings Fund 116.08 - 2.55 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 112.70 - -0.12 -
City Financial Investment Company Limited (UK)
2 The Boulevard, City West One Office Park, Gelderd Road, Leeds LS12 6NT
Enquiries: 0845 300 2107
Authorised Inv Funds
Diversified A Acc 111.72 - 0.00 0.11
Diversified A Inc 109.33 - 0.00 0.14
Dynamic A Acc 125.84 - 0.00 0.03
Dynamic A Inc 122.85 - 0.00 0.03
MultiManager Growth A Acc 399.64 424.29 0.00 0.00
MultiManager Growth A Inc 373.08 396.09 0.00 0.00
MultiManager Income A Acc 267.93 284.01 0.00 1.60
MultiManager Income A Inc 161.00 170.65 0.00 1.60
Strategic Gilt A Acc 144.73 - 0.00 0.89
Strategic Gilt A Inc 134.03 - 0.00 1.10
Strategic Gilt B Acc 148.69 - 0.00 0.11
Strategic Gilt B Inc 134.92 - 0.00 0.11
Strategic Gilt C Acc 147.58 - 0.00 1.40
Strategic Global Bond A Acc 158.76 - 0.00 0.95
Strategic Global Bond A Inc 77.59 - 0.00 1.02
Fund Bid Offer +/- Yield
Strategic Global Bond B Acc 161.08 - 0.00 0.11
Strategic Global Bond B Inc 77.73 - 0.00 0.11
UK Equity A Acc 192.27 - 0.00 0.43
UK Equity A Inc 183.36 - 0.00 0.44
UK Equity B Acc 199.91 - 0.00 0.83
UK Equity B Inc 186.22 - 0.00 0.80
UK Equity Income A Inc 134.46 - 0.00 2.52
UK Equity Income A Acc 144.40 - 0.00 2.29
UK Equity Income C Acc 147.58 - 0.00 2.96
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033
FSA Recognised
The Emerging World USD - Retail A $ 66.75 - 0.29 0.00
The Emerging World USD - Instl $ 70.84 - 0.30 0.00
The Global Equity Fund $ 12.61 - 0.09 0.00
Clareville Capital Partners LLP
Other International Funds
Pegasus Fund Ltd A-1 GBP 47.96 - 0.45 0.00
Pegasus Fund Ltd A-2 GBP 121.61 - 1.12 0.00
Pegasus Fund Ltd A-1 EUR 20.50 - 0.18 0.00
Pegasus Fund Ltd A-1 USD $ 22.01 - 0.18 0.00
Pegasus Fund Ltd A-2 USD $ 119.67 - 0.93 0.00
Pegasus Fund Ltd B-1 GBP 158.33 - 1.36 0.00
Pegasus Fund Ltd B-2 GBP 121.40 - 1.05 0.00
Pegasus Fund Ltd B-1 EUR 132.55 - 1.09 0.00
Pegasus Fund Ltd B-1 USD $ 141.99 - 1.03 0.00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 23.22 - -0.10 1.44
CMI Pacific Basin Enhanced Equity $ 45.47 - -0.18 1.72
Single Country Equity Sub Funds
CMI German Equity F 48.75 - -0.36 1.79
CMI Japan Enhanced Equity F 2858.95 - 25.11 1.22
CMI UK Equity 11.40 - -0.04 2.25
CMI US Enhanced Equity F $ 56.70 - -0.04 0.72
Index Tracking Sub Funds
Euro Equity Index Tracking 14.89 - -0.13 3.08
Japan Index Tracking 531.54 - 4.71 1.37
UK Eqty Index Tracking 14.52 - -0.05 3.27
US Eqty Index Tracking $ 42.52 - -0.04 0.87
Managed Sub Funds
Global Bond 1.64 - 0.01 1.12
Global Network Mgd Global Mxd 2.18 - 0.02 0.52
Global Equity 2.29 - 0.02 0.36
Bond Sub Funds
CMI Euro Bond F 42.80 - 0.08 3.08
CMI Japanese Bond 1712.21 - 2.61 0.43
CMI UK Bond 7.94 - 0.05 2.46
CMI US Bond $ 13.50 - 0.01 2.01
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.42 - 0.00 0.73
CMI Stlg Currency Reserve 5.00 - 0.00 1.09
CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.10
CMI Access 80% Gu F 5.59 - -0.01 0.00
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 14.4333 - 0.1804 2.71
Europ.RealEstate Sec. IX 17.9731 - 0.2246 0.00
Gbl RealEstate Sec. I $ 9.7156 - 0.0729 1.69
Gbl RealEstate Sec. IX $ 11.1056 - 0.0834 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3185.72 - 27.50 0.00
Comgest Europe F SFr 4960.74 - 63.78 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2314.33 - 16.42 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 46.02 - 2.17 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1670.02 - 8.01 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.93 - 0.05 116.06
Comgest Gth Emerging Mkt DIS F $ 30.60 - 0.08 0.13
Comgest Gth Europe DIS F 15.19 - 0.17 0.00
Comgest Gth GEM PC DIS F 10.93 - 0.05 0.24
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB
Dealing & Client Services 0845 0264281
Authorised Inv Funds
Consistent UT Inc 52.84 53.46 -0.04 4.90
Consistent UT Acc 110.27 111.56 -0.08 4.73
Practical Investment Inc 183.95 187.75 -0.08 4.11
Practical Investment Acc 808.54 825.24 -0.36 3.99
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 $ 11.16 - -0.07 0.00
Global Emerging Markets - Class A $ 15.02 - 0.10 0.00
All Africa $ 17.23 - 0.00 0.00
Africa Frontiers $ 17.66 - 0.97 0.00
Top 20 South Africa (Cayman Islands) $ 23.72 - -0.34 0.00
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 14.79 14.79 0.15 0.00
CC Asia Alpha Fd - Cls B USD $ 14.46 14.46 0.15 0.00
CC Asia Alpha Fd - Cls C GBP 14.26 14.26 0.14 0.00
CC Asia Alpha Fd - Cls I USD $ 11.34 11.34 0.12 -
CC Asian Evolution Fd. Cls A USD $ 15.53 15.53 -0.17 0.00
CC Asian Evolution Fd. Cls B GBP 14.63 14.63 -0.16 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 17.16 17.16 -0.18 0.00
CC Japan Alpha Fd - Cls A Euro 6.31 6.31 0.10 0.00
CC Japan Alpha Fd - Cls B GBP 6.81 6.81 0.11 0.00
CC Japan Alpha Fd - Cls C JPY 653.49 653.49 10.73 0.00
CC Japan Inc & Grwth Fd - Cls Acc USD $ 10.23 10.23 0.16 -
CC Japan Inc & Grwth Fd - GBP Founder Acc 10.34 10.34 0.15 -
CC Japan Inc & Grwth Fd - GBP Founder Inc 10.31 10.31 0.14 -
CC Japan Inc & Grwth Fd - JPY Founder Acc 1032.77 1032.77 14.60 -
CC Japan Inc & Grwth Fd - JPY Founder Inc 1025.33 1025.33 14.49 -
CC Japan Inc & Grwth Fd - USD Founder Acc $ 10.33 10.33 0.14 -
CC Japan Inc & Grwth Fd - USD Founder Inc $ 10.30 10.30 0.14 -
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser B 10.63 - 0.14 0.00
Cont EUR Spec Equity Ser 1 F 93.83 - 1.25 0.00
Cont EUR Spec Equity Ser 2 F 97.09 - 1.29 0.78
Cont EUR Spec Equity Ser 5 F 97.15 - 1.29 0.99
UK Equity Index Programme Ser B 10.86 - 0.06 0.00
UK Equity Index Programme Ser 1 F 25.26 - 0.14 2.53
UK Equity Index Programme Ser 2 F 25.60 - 0.14 2.87
UK Equity Index Programme Ser 5 F 25.83 - 0.14 3.08
UK Specialist Equity Pro Ser A 10.11 - 0.10 0.00
UK Specialist Equity Pro Ser B 10.97 - 0.11 0.00
UK Specialist Eqty Pro Ser 1 F 18.78 - 0.20 0.16
UK Specialist Eqty Pro Ser 2 F 19.15 - 0.20 0.86
UK Specialist Eqty Pro Ser 5 F 19.19 - 0.20 1.06
US Equity Index Programme Ser B $ 10.71 - -0.01 0.00
US Equity Index Programme Ser 1 F $ 51.61 - -0.04 0.66
US Equity Index Programme Ser 2 F $ 52.53 - -0.05 0.99
US Equity Index Programme Ser 5 F $ 52.66 - -0.05 1.21
Contl Eurp Eqty Index Prog Ser B 10.54 - 0.10 0.00
Contl Eurp Eqty Index Prog Ser 1 F 290.18 - 2.57 1.67
Contl Eurp Eqty Index Prog Ser 2 F 295.62 - 2.63 1.87
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
MARCH 2 2013 Section:Stats Time: 1/3/2013 - 19:57 User: watsonl Page Name: UT1 EUR, Part,Page,Edition: EUR, 17, 1
18
FINANCIAL TIMES MARCH 2/MARCH 3 2013
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0CT Cursuae| S B Closs S 1.15 0.00
0CT St|oteic f l Closs f 1.11 0.00
0CT St|oteic f R Closs f 1.1Z 0.00
oioioo Fuod Maoageeot Liited
ther IoteroatiooaI Fuods
0X EV0|uTl0l |CC |llMlTE0 0XE ,C |ul0 C 99.5/ 99.5/ 0.00
0X EV0|uTl0l |CC |lMlTE0 0XE ,uSS |ul0 S 105.Z 105.Z 0.c
ragoo 6apitaI Maoageeot
1901 Me |ir| |uirt, Z lu 0uc Ke, 0ist|ict 1, |u C|i Mir| Cit], Vietroa
|urJ iru|aotiur, Jeolir orJ oJairist|otiur. urJs@J|ourcouitol.cua
ther IoteroatiooaI Fuods
Vietroa Erte|u|ise lr.estaerts ,VEl| S Z./ 0.11 0.00
Vietroa C|uwt| |urJ ,VC| S 1c.9c 0.1 0.00
EccIesiasticaI Iov Mgt Ltd (1200)F (k)
|0 Bur 3/33, SwirJur, Sl+ +BC, 0c+5 0+ +05
Authorised Iov Fuods
/ait] uK Cls / lrc 1/Z.90 0.00 1.+
/ait] uK Cls B lrc 1/Z.10 0.00 Z.+Z
|i|e| lrcuae Cls / lrc 1Z5.50 0.Z0 +.c0
|i|e| lrcuae Cls B lrc 1Z/.0 0.Z0 +./9
uK Euit] C|uwt| Cls / lrc 1/5.30 0.30 1.Zc
uK Euit] C|uwt| Cls B lrc 1/c.50 0.30 Z.0+
/ait] BolorceJ |u| C|o|ities / lrc 105.c0 0.Z0 5.1
/ait] Eu|uueor |urJ Cls / lrc 1c.0 0.50 1.9Z
/ait] Eu|uueor |urJ Cls B lrc 1/0.10 0.50 Z./
/ait] Cluuol Euit] lrc u| C|o|ities / lrc 101.10 0.30 3./Z
/ait] lrte|rotiurol Cls / lrc Z05./0 0.c0 1.++
/ait] lrte|rotiurol Cls B lrc Z0/.Z0 0.c0 Z.15
/ait] Ste|lir BurJ |urJ / lrc 10c.c0 0.Z0 5.5c
/ait] Ste|lir BurJ |urJ B lrc 115.0 0.30 5.55
EcIectica Asset Maoageeot (k)
luer |uuse, +Z+/ Miru|ies, |urJur, EC3l 10X
0|Je| Jes|. 0c+5 0c09+1 Switc|uuo|J 0c/0 0/Z555
/ut|u|iseJ Cu|uu|ote 0i|ectu| Couito |irorciol Moroe|s
Authorised Iov Fuods
C| Eclectico /|icultu|e / EuR /cc C 1.Zc 0.00 0.11
C| Eclectico /|icultu|e / CB| /cc 110.3c 0.00 0.1Z
C| Eclectico /|icultu|e / uS0 /cc S 1.5 0.00 0.1+
C| Eclectico /|icultu|e C EuR /cc C 1.30 0.00 0.3
C| Eclectico /|icultu|e C CB| /cc 11Z.99 0.00 0.Z
C| Eclectico /|icultu|e C uS0 /cc S 1.c 0.00 0.3
Edioburgh Fartoers Liited (I8L)
Z/31 Mel.ille St|eet, EJiruu||, EJiruu||, E|Z +0J -353 1 +3+ 51+3
0eolir |or url] -353 1 +3+ 5Z30
F8A 8ecogoised
Edioburgh Fartoers pportuoities Fuod FL6
Eu|uueor 0uuu|turities l EuR C 1.95 0.01 1.93
Eu|uueor 0uuu|turities l CB| f 1.c 0.00 1.c5
Eu|uueor 0uuu|turities l uS0 S Z.55 0.00 1.9Z
Eu|uueor 0uuu|turities / EuR C 1.91 0.01 1.+
Cluuol 0uuu|turities l uS0 S 1.++ 0.01 1.c9
Cluuol 0uuu|turities l CB| f 0.95 0.00 1.c3
Cluuol 0uuu|turities l EuR C 1.10 0.01 1.91
Cluuol 0uuu|turities / CB| f 0.90 0.00 1.3c
|or Eu|uueor 0uuu|turities l EuR C 1.Z+ 0.01
EF heres
0l|C, T|e Cote BuilJir, west wir |e.el , |0 B0X 30/Z/, 0uuoi u/E
Curtoct. Teleu|ure - 9/1 + 33 +0Z9 Eaoil /Msoles@E|C|ERMES.cua
ther IoteroatiooaI Fuods
T|e E|C|e|aes E]ut |urJ S Z9.93 0.00
MiJJle Eost 8 0e.eluuir /|ico |urJ ,|irol S 19.c1 0.00
SouJi /|ouio Euit] |urJ SR /.9c 0.03 0.00
Egertoo 6apitaI Eguity Fuod pIc (I8L)
8eguIated
Ee|tur Couitol Euit] |urJ |lc f Z10.0 1.9/ 0.00
Egertoo Europeao Eguity Fuod Ltd
ther IoteroatiooaI Fuods
l/V / C 0.51 0.1
l/V B1 C 1.55 0.1c 0.00
l/V C1 C +.03 0.Z0 0.00
EIectric & eoeraI (1000)F (k)
Stuo|t |uuse St.Ju|r's St|eet |ete|uu|uu| |E1 500
0|Je|s 8 Erui|ies. 0c+5 c50 0Z55
Authorised Iov Fuods
Authorised 6orporate irector - 6arvetiao 6apitaI Maoageeot
Elect|ic8Cere|ol let lrcuae / 1Z3.00 0.Z0 Z.+
Elect|ic8Cere|ol let lrcuae B 1Z3.00 0.Z0 0.00
Eooisore 8aIIer 6os FIc (I8L)
5 Kersirtur C|u|c| St, |urJur wc +|0 0Z0 /3c +ZZ0
F8A 8ecogoised
Errisau|e Eu|uueor Sal| Cus l/V f /5.3c 0.Z+ 0.00
Errisau|e Eu|uueor Sal| Cus l/V C c/.53 0./c 0.00
Eooisore Europeao 8Ir 6os hedge Fd
ther IoteroatiooaI Fuods
l/V C 3Z3.91 0.1/ 0.00
Eguioox Fuod Mgt (uerosey) Liited (8)
8eguIated
Euirur Russior 0uuu|turities |urJ |iaiteJ S 1/5.c/ /.+0 0.00
Eritage roup Fuods
ther IoteroatiooaI Fuods
Eu|uueor /usulute |J EuR ,Est C 31.ZZ 0./+
Eu|uueor /usulute B EuR ,Est C 10+.Z9 Z.+
Eurooova Asset Maoageeot k LLF (6M)
8eguIated
Saolle| Cus Cls 0re S|o|es C Z+.+/ 0.0 0.5
Saolle| Cus Cls Twu S|o|es C 1/.50 0.0+ 0.5+
Saolle| Cus Cls T||ee S|o|es C c. 0.0Z
Saolle| Cus Cls |uu| S|o|es C 11./0 0.03 0.c
Eurobaok Fuod Maoageeot 6opaoy (Luxebourg) 8.A. (Lk)
8eguIated
,|| /usulute Retu|r C C 1.Z+ 0.00 0.00
,|| BolorceJ /cti.e |urJ ,R0lR0l 1+.53 0.05 0.00
,|| BolorceJ |ulis| |urJ ,||l Zt] /.1 0.01 0.00
|urJ BiJ 0e| -l YielJ
,|| E 0]roaic |ulis| ,||l Zt] 5.c5 0.01 0.00
,|| E |leri St]le C|eece C C 1.3c 0.00 0.00
,|| E Mero |urJ C C 10.+/ 0.0Z
,|| Tu||is| Euities C C 1Z.19 0.05 0.00
,|| E Eae|ir Eu|uue C C 0.9c 0.00 0.00
,|| Cluuol Euities C C 0.c+ 0.00 0.00
,|| C|ee| Euities C C 0.Z9 0.00 0.00
,|| C|ee| Cu.e|raert BurJ C C 11.0 0.30
,|| Cos| |urJ C C 1.10 0.00 0.00
,|| Cos| |urJ ,||l Zt] 11.Z+ 0.00 0.00
,|| Cos| |urJ ,R0l R0l 15.0c 0.00 0.00
,|| lrcuae |lus S S 1.1c 0.00 0.00
,|| |0| BolorceJ BlerJ C C 1.1 0.00 0.00
,|| |0| BRlC C C 0.c+ 0.00 0.00
,|| |0| Euit] BlerJ C C 0.93 0.00 0.00
,|| |0| Reol Estote C C 1Z.9 0.0+
,|| |0| lew ||urtie|s C C 11.9/ 0.01 0.00
FaiIy Iovesteots (k)
1l1/ west St|eet, B|i|tur, Eost Susser, Bl1 ZR| 01Z/3 /Z+5/0
Iosuraoces
aIaoced IobaI Maoaged
Su.e|eir 3 Se|ies + ZZ3.1/ ZZ3.1/ 0.c9
FaiIy Iovesteot Mogt Ltd (1000)F (k)
1 west St|eet, B|i|tur Bl1 ZR| 01Z/3 /Z+5/0
Authorised Iov Fuods
|oail] C|ilJ Tst Zc.00 Zc.00 1.10 1.Z/
Federated IoteroatiooaI Fuods FIc (u) (I8L)
clu BlYM, CuilJ |uuse, CuilJ St|eet l|SC, 0uulir 1, l|elorJ
F8A 8ecogoised
Federated high Iocoe Advaotage Fuod
Closs l S|o|es uS0 0lS S 10.0 0.01
Closs l S|o|es EuR 0lS C 10.05 0.01
Closs l S|o|es CB| 0lS f 10.0 0.01
Closs / S|o|es EuR 0lS C 10.0 0.01
Closs / s|o|es uS0 /CC S 3.0 0.0Z
Closs / S|o|es EuR /CC C ZZ+.9/ 0.11
Federated .8. IotaI 8eturo ood Fuod
Closs l S|o|es EuR 0lS C 1+3.+3 0.00
Closs l S|o|es uS0 0lS S 99./Z 0.0c
Closs l S|o|es CB| 0lS f 99./Z 0.0c
Closs / S|o|es EuR 0lS C 99./Z 0.0c
Federated Eergiog Markets IobaI ebt Fuod
Closs l S|o|es EuR 0lS C 9c.35 0.Z1
Closs l S|o|es uS0 0lS S 9c.+0 0.Z0
Closs l S|o|es CB| 0lS f 9c.+0 0.Z0
Closs / S|o|es EuR 0lS C 9c.+0 0.Z0
Federated 8hort-Ier 8 Ireasury 8ecurities
lrstitutiurol Se|. Se|ies S 1.00 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.00
Federated 8hort-Ier 8 ovt 8ecurities Fuod
lrstitutiurol Se|. Se|ies S 1.00 9.1/ 0.00
lr.estaert Se|ies S 1.00 0.00 0.00
lr.estaert Ct| Se|ies S 1c.9Z 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.01
Federated 8hort-Ier 8 Frie Fuod
lrstitutiurol Se|.ice Se|ies S 1.00 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.1Z
lr.estaert 0i.iJerJ Se| S 1.00 0.00 0.00
lrstitutiurol Se|.ices 0i.iJerJ Se| S 1.00 0.00 0.00
lrstitutiurol S|o|es /ccuaulotir S 10/.53 0.00 0.00
Federated 8hort-Ier Euro Fuod
lrstitutiurol Se|ies C 1.00 0.00 0.01
lrstitutiurol Se|.ice Se|ies C 1.00 0.00 0.00
lrstitutiurol Se|ies /ccuaulotir C 119.c 0.00 0.00
lrstitutiurol Se|.ice Se|ies /ccuaulotir C 11+./1 0.00 0.00
Federated 8trategic aIue Eguity Fuod
Closs / S|o|es uS0 0lS S c.+1 0.00 1.c3
Closs C S|o|es uS0 0lS S c.39 0.00 1./1
Federated Frie 8ate 6apitaI Maoageeot (k)
|iue|t] |uuse, ZZZ Reert St|eet, |urJur w1B 5TR
Authorised Iov Fuods
Federated Frie 8ate Euro Liguidity Fuod
S|o|e Closs 3 C 1.00 0.00 0.09
S|o|e Closs + C 1.00 0.00 0.0+
S|o|e Closs 9 C 1.0Z 0.00 0.00
S|o|e Closs 11 C 1.00 0.00 0.00
Federated Frie 8ate 8terIiog 6ash FIus Fuod
S|o|e Closs 3 f 1.0Z 0.00 0.cZ
S|o|e Closs + f 1.01 0.00 0.//
S|o|e Closs 5 f 1.00 0.00 0./Z
Federated Frie 8ate 8terIiog Liguidity Fuod
S|o|e Closs 3 f 1.00 0.00 0.+5
S|o|e Closs + f 1.00 0.00 0.+0
S|o|e Closs 5 f 1.00 0.00 0.35
S|o|e Closs / f 1.00 0.00 0.Z
S|o|e Closs c f 1.0+ 0.00 0.+5
S|o|e Closs 9 f 1.03 0.00 0.Z5
S|o|e Closs 11 f 1.0Z 0.00 0.15
Federated Frie 8ate 8 oIIar Liguidity Fuod
S|o|e Closs 3 S 1.00 0.00 0.1c
S|o|e Closs + S 1.00 0.00 0.13
S|o|e Closs 5 S 1.00 0.00 0.0c
S|o|e Closs c S 1.01 0.00 0.1c
FIL Iovesteot 8ervices (k) Liited (1200)F (k)
130, Turu|iJe RJ, Turu|iJe Tl11 90Z
Coll|ee. ||i.ote Clierts 0c00 +1+11
B|u|e| 0eolirs. 0c00 +1+ 1c1
Authorised Iov Fuods
oit Irust
Cos| /ccua urits 1c5.9+ 1c5.9+ 0.01 0.00
Cos| |urJ 100.00 100.00 0.00 0.1/
C|uss /ccua Cos| 1Z/.+9 1Z/.+9 0.00 0.00
Mure]BuilJe| Cos| lS/ 100.00 100.00 0.00 0.1/
Mure]BuilJe| Cluuol Z19.10 Z19.10 1.90 0.09
EI6 Fuods
/ae|icor Z1Z0.00 15.00 0.00
/ae|icor Sueciol Sits /59.c0 +.50 0.00
C|iro Cursuae| 11c.50 1.30 0.00
Eae|ir /sio 10+.c0 1.30 0.00
Eae| Eu|, MiJ Eost 8 /|ico | 1+/./0 0.Z0 0.Z0
Er|orceJ lrcuae /cc 11.Z0 0.10 .90
Er|orceJ lrcuae lrc 1Z0.+0 Z.00 /./+
Eu|uueor lrc 130./0 0.50 0.99
Eu|uueor 1+3+.00 Z.00 0.9+
Eu|uueor 0uuu|turities 3Z1.0 0.Z0 0.Z9
Ert|o lrcuae Z5./ 0.01 +.+1
Ert|o lrcuae C|uss Z5./ 0.03 +.+1
Cluuol 0i.iJerJ /cc 1Z3.10 0.0 0.31
Cluuol 0i.iJerJ lrc 11c.+0 0.0 Z.c3
Cluuol |ucus 10c1.00 c.00 0.00
Cluuol |i| YielJ |urJ / C|uss /cc f 11.Z/ 0.0Z
Cluuol |i| YielJ |urJ / C|uss lrc f 10.c 0.0Z
Cluuol |i| YielJ |urJ / let /cc f 11.1+ 0.01
Cluuol |i| YielJ |urJ / let lrc f 10.c 0.01
Cluuol ||uue|t] /cc 130./0 1.Z0 1.3c
Cluuol Reol /sset Secu|ities 1Z3.50 0.50 0.00
Cluuol Sueciol Sits 1919.00 1/.00 0.00
lrte|rotiurol 1Z+.0 0.+0 0.09
Jouor Z+Z.c0 3.Z0 0.Z
Jouor Saolle| Cuauories 1+9.c0 Z.0 0.11
Mure]BuilJe| /sset /llucotu| f 1.10 0.00 0.90
Mure]BuilJe| BolorceJ +.0c 0./c +.+1
Mure] BuilJe| 0i.iJerJ ZZ/.0 3.90 +.5/
Mure]BuilJe| C|uwt| 1.0/ 1.03 Z.9
Mure]BuilJe| C|uwt| lS/ 1.51 1.10 Z.c/
Mure]BuilJe| lrcuae 3+.Z/ 0.0 3./3
Mure]BuilJe| lrcuae C|uss 3+.Zc 0.05 3./3
Mure]BuilJe| uK lrJer /+.Z1 0.Zc Z.c/
Mure]BuilJe| uS lrJer //cc f 1.1/ 0.01
Mure]BuilJe| wu|lJ lrJer |urJ / Closs 113./0 0.0
Mure]BuilJe| wu|lJ lrJer |urJ l Closs 113./0 0.0
Multi /sset /J.ertu|uus //cc 11.50 0./0 0./1
|urJ BiJ 0e| -l YielJ
Multi /sset /lluc /J.ertu|uus //cc Zc3./3 1.03
Multi /sset /lluc St|oteic //cc f 1.10 0.00 0./
Multi /sset /lluc 0e C|uss / f 1.0+ 0.00 0.3Z
Multi /sset /lluc 0e let / f 1.05 0.00 0.ZZ
Multi /sset /lluc C|uwt| / f 1.1+ 0.00 0.39
Multi /sset 0eersi.e 113.00 0.0 0.90
Multi /sset 0eersi.e C|uss 113.10 0.0 0.c0
Multi /sset C|uwt| 1Z3.00 0.0 0.55
MultiMoroe| BolorceJ 10c.50 0.Z0 0.5
Multi /sset 0uer C|uwt| //cc ++.Z9 0.30 0.0
Multi /sset 0uer St|oteic //cc f 1.15 0.01
Multi /sset 0uer St|oteic /lrc Z9.Z1 0.1/ Z.Z
Multi /sset St|oteic 13/./0 0.0 0.c+
0uer wu|lJ //cc 10+.00 0.90
Multi /sset lrcuae / C|uss /cc 13.90 0.+0 Z.5Z
Multi /sset lrcuae / C|uss lrc 10c./0 0.10 +.15
Multi /sset lrcuae / let /cc 131.90 0.30 Z.53
Multi /sset lrcuae / let lrc 10c.90 0.00 +.1/
Suut| Eost /sio /c/.Z0 /.90 0.5
Sueciol Situotiurs Z3/0.00 1.00 0.Z9
St|oteic BurJ 30.+/ 0.01 Z.9+
St|oteic BurJ C|uss 30.+/ 0.0Z Z.9+
To|et Z015 +c.Z5 0.1+ 1.09
To|et Z0Z0 51.c0 0.1c 0.5+
To|et Z0Z5 11/.30 0.+0 0.35
To|et Z030 1Z0.10 0.50 0.ZZ
uK Select 190.+0 0.30 1.0+
uK C|uwt| 30Z.c0 0.10 0.00
uK Saolle| Cuauories 1+0.00 0.50 0.31
weolt|BuilJe| / /cc f 0.c+ 0.01 0.09
FideIity FathFioder
|iJelit] |ot||irJe| |uurJotiur 1 101.00 0.10
|iJelit] |ot||irJe| |uurJotiur 1 |uss 101.10 0.Z0
|iJelit] |ot||irJe| |uurJotiur Z 101.50 0.Z0
|iJelit] |ot||irJe| |uurJotiur 3 101.90 0.Z0
|iJelit] |ot||irJe| |uurJotiur + 10Z.90 0.+0
|iJelit] |ot||irJe| |uurJotiur 5 103.+0 0./0
|iJelit] |ot||irJe| |ucuseJ 1 101.50 0.0
|iJelit] |ot||irJe| |ucuseJ 1 |uss 101.+0 0.50
|iJelit] |ot||irJe| |ucuseJ Z 101.c0 0.50
|iJelit] |ot||irJe| |ucuseJ 3 10Z.00 0.50
|iJelit] |ot||irJe| |ucuseJ + 10Z.90 0.0
|iJelit] |ot||irJe| |ucuseJ 5 103.0 0.90
|iJelit] |ot||irJe| ||eeJua 1 101.50 0.50
|iJelit] |ot||irJe| ||eeJua 1 |uss 101.50 0.50
|iJelit] |ot||irJe| ||eeJua Z 10Z.00 0.0
|iJelit] |ot||irJe| ||eeJua 3 10Z.30 0./0
|iJelit] |ot||irJe| ||eeJua + 10Z.30 0./0
|iJelit] |ot||irJe| ||eeJua 5 103.0 0.90
IostitutiooaI EI6 Fuods
/ae|ico Z/1.c0 Z.10 0./
Eae|ir Mo||ets 30Z.50 Z.50 0.c5
Eu|uue 331.c0 0.+0 Z.+
Cluuol |ucus ZZ5.90 1.c0 0./+
lrJer |ir|eJ BurJ ZZ5.+0 Z.50 0.9
lrJer |ir|eJ BurJ C|uss Z/.50 3.00 0.c1
lrJer|ir|eJ BurJ |urJ C|uss lrc f 10.Z 0.1Z
Jouor 1+.50 Z.Z0 1.1/
|ur BurJ ++.53 0.0 3.Z5
|ur BurJ C|uss /.13 0.c9 3.1/
|ur BurJ |urJ C|uss lrc f 10.10 0.1+
|ociic ,Er Jouor 35.10 Z.90 Z.11
|or Eu|uueor ZZZ.00 0.50 1.
Select Eae|ir Mo||ets Euities 130.Z0 1.30 1.35
Select Eu|uueor Ets 1/Z./0 1.10 1.cc
Select Cluuol Euities Z3+.+0 1.+0 1.Z/
Suut| Eost /sio 359./0 3.Z0 1.+Z
Ste|lir Cu|e |lus BurJ C| /ccua 1/.00 1.Z0 3.95
Ste|lir Cu|e |lus BurJ lrc 1Z0./0 0.90 +.09
uK ZcZ.Z0 0.50 Z.19
uK /|e BurJ C| /ccua 159.30 0.90 3.+0
uK /|eote BurJ lrc 11.50 0./0 3.51
uK Cu|uu|ote BurJ 11/.50 0.0 +.3+
uK Cu|uu|ote BurJ C|uss 195.c0 0.90 +.19
uK Cu|uu|ote BurJ |urJ C|uss lrc f 10. 0.05
uK Cilt BurJ 1Z0.c0 0.c0 Z.3/
uK Cilt C|uss 1cZ.+0 1.Z0 Z.3Z
uK |ur Cu|u BurJ 1Zc.Z0 1.00 +.59
uK |ur Cu|u BurJ C|uss Z05.90 1.50 +.+1
uK |ur Cu|uu|ote BurJ |urJ C|uss lrcuae f 10.Zc 0.0c
uK Sueciolist 1++.00 0.90 1./5
8etaiI 8hare 6Iasses
Eae|ir Mo||ets |etoil 1ZZ.50 1.00 0.39
Eu|uue |ur Te|a C|uwt| 139./0 0.10 Z.05
C/R let ircuae |eir.esteJ
Froperty & ther k oit Irusts
MrJ |ersiur |u|tuliu /0c.Z0 /0c.Z0 1.90 1.10
FIL Fuod Maoageeot (Lk)
Zo, |u| /lue|t Bu|sc|ette, B| Z1/5, |10Z1, |ureauuu|
||ure. c00 ZZ 0c9, c00 ZZ 0cc
8eguIated
C|iro Cursuae| /CB| f 11.91 0.0/ 0.00
C|iro |ucus /CB| f 3.55 0.0+ 0.00
C|iro 0uuu|turities /CB| f 1.1Z 0.01 0.3Z
Cluuol |irorciol Se|.ices /CB| f 0.3/ 0.00 0.3
Cluuol |eolt| Co|e /CB| f 0.3 0.00 0.00
Cluuol lrJust|iols /CB| f 0.c 0.00 0.00
Cluuol lrlotiur|ir|eJ BJ /CB||J f 1.Z 0.00 1.00
Cluuol Reol /sset Secu|ities f 1.+c 0.00 0.00
Cluuol Tec|rulu] /CB| f 0.1/ 0.00 0.00
Cluuol Telecuaas /CB| f 0.Z+ 0.00 Z.0Z
lrJio |ucus /CB| f 3.3 0.11 0.00
|otir /ae|ico /CB| f Z.+1 0.01 1.1/
FiodIay Fark Fuods FIc (I8L)
St]re |uuse, uuue| |otc| St|eet, 0uulir Z Tel. 00 353 103 +0
F8A 8ecogoised
/ae|icor |urJ uS0 Closs S 59.c1 0.1+ 0.00
/ae|icor |urJ CB| |eJeJ f 3Z.c5 0.3+ 0.00
|otir /ae|icor |urJ uS0 Closs S Z1.9+ 0.0/ 0.00
First 8tate Iovesteots (k) (1200)F (k)
Z3 St /rJ|ew Suo|e, EJiruu||, E|Z 1BB
erui|ies@i|ststote.cu.u|
Cliert Se|.ices. 0c00 5c/ +1+1 0eolir |ire. 0c00 5c/ 33cc
Authorised Fuods
/sio |ociic / S|o|es c+5.0 ./+ 0.3
/sio |ociic |eoJe|s / S|o|es +3/.3c +.0Z 0.9
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|urJsait| Euit] T /cc 1+9. 1.cZ 1.Z/
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C/M Sto| Cluuol E lrlotiur |cs uS0 ll /cc | S 1+5./3 0.+5 0.00
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C/M Cuauusite /us Rtr CB| 0uer f Z31.+c 0.15 0.00
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/sio |ociic Couitol C|uwt| / /cc /+3.0 9.10 0.13
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Cluuol Eae|ir Mo||ets |urJ f Z.11 Z.11 0.0Z 0.00
Cluuol Euites Selectiur |urJ | f 1.5Z 1.5Z 0.01 0.00
Jouor Euit] |urJ | f 1.Z+ 1.Z+ 0.0Z 0.00
|or Eu|uueor Saoll Cou Cuauories |urJ f 1.c1 1.c1 0.00 0.00
0uort Cluuol Euit] |urJ f 1.95 1.95 0.01 0.00
Suu|cecou Eu|uueor /lu|o |urJ | f 1.+5 1.+5 0.00 0.00
Suu|cecou Eu|uue EruK Cls Z CB| /cc f 1.+1 1.+1 0.00 0.00
uK Saolle| Cuauories |urJ f 1.91 1.91 0.00 0.00
uK Saoll orJ MiJ Cou Cuauories |urJ f 3.1Z 3.1Z 0.00 0.00
Cluuol lr.estaert C|oJe Z CB| /cc f 1.Z+ 1.Z+ 0.01 0.00
Cluuol |i| YielJ BurJ |urJ Cls Z CB| /cc f 1.3 1.3 0.01 0.00
heres Froperty oit Irust (k)
Froperty & ther k oit Irusts
||uue|t] f +.3c +. 0.01 .03
Ipax Asset Maoageeot (I8L)
lu|ul| |uuse, 31 St Joaes's Suo|e, |urJur, Sw1Y +JR
F8A 8ecogoised
Er. M|ts ,l|e Stl / f 1.90 0.00 0.00
Er. M|ts ,l|e Stl B f 1.cZ 0.00 0.00
Er. M|ts ,l|e Eu|u / C 1.51 0.01 0.00
Er. M|ts ,l|e Eu|u B C 1.1c 0.01 0.00
Er. M|ts ,l|e uS0 / S 1.51 0.00 0.00
Er. M|ts ,l|e uS0 B S 1.33 0.00 0.00
INIA ALE INE8IMENI8 LIMIIE (INIL)
www.ir.il.au
ther IoteroatiooaI Fuods
l/V f +.c/ 0.0Z 0.00
Iotriosic aIue Iovestors (II) LLF (I8L)
1 |ot 8 Mit|e Cuu|t, cc St Ju|r St|eet, |urJur EC1M +E| -++ ,0Z0 /5 1Z10
F8A 8ecogoised
lVl Eu|uueor |urJ EuR C 13.90 0.1+ 0.00
lVl Eu|uueor |urJ CB| f 1.3c 0.0Z 0.00
Iovesco Fuod Maoagers Ltd (k)
30 |irsuu|] Suo|e, |urJur, ECZ/ 1/C
0eolir. 0c00 0c5 c5/1
lr.estu| Se|.ices. 0c00 0c5 c//
B|u|e| Se|.ices. 0c00 0Zc Z1Z1
/Jairist|otiur Se|.ices. 0c00 0c5 c//
www.ir.escuue|uetuol.cu.u|
Authorised Iov Fuods
INE86 FE8FEIAL Fuods
/sior /cc | +33.19 5.19 0./+
/sior lrc | 39+.90 +./3 0./5
/sior Euit] lrcuae /cc | 1.9 0.Z/ 3.+9
/sior Euit] lrcuae lrc | 5/./3 0.Z 3.59
BolorceJ Ris| /cc 51. 0.0/ 0.00
BolorceJ Ris| c /cc 5Z.Z/ 0.1+ 0.00
BolorceJ Ris| 10 /cc 53.Z1 0.1+ 0.00
C|ilJ|ers /cc | 305./9 1.3Z Z.Z
Cu|uu|ote BJ /cc ,C|uss | 1c5.Z1 0.35 +.Z
Cu|uu|ote BJ lrc ,C|uss | cc.33 0.1 +.c0
Cu|uu|ote BurJ /cc | 1c.Z/ 0.31 +.
Cu|uu|ote BurJ lrc | cc.03 0.1 +.c0
0ist|iuutiur /cc | 9.c/ 0.1c 5.50
0ist|iuutiur /cc ,C|uss | 10c.Z+ 0.Z1 5.+
0ist|iuutiur lrc | Z.13 0.19 5.5
0ist|iuutiur lrc ,C|uss | Z.13 0.Z 5.+
Eae|ir Cuurt|ies /cc | Z50.0/ 1.+ 0.cZ
Eae|ir Cuurt|ies lrc | Z30.++ 1.35 0.c3
Eae|ir Eu|uueor /cc | +/.1+ 0.0 0.5
Eae|ir Eu|uueor lrc | +.1+ 0.0 0.5
Eu|uueor Euit] /cc | Z0.1 0.Z5 1.99
Eu|uueor Euit] lrc | 5+Z./ 0.ZZ Z.03
Eu|uueor Euit] lrcuae /cc | 55.10 0.1/ 3.59
Eu|uueor Euit] lrcuae lrc | +5.c+ 0.1+ 3./0
Eu|uueor |i| lrcuae /cc | /0.c 0.0 +.Z3
Eu|uueor |i| lrcuae lrc | 55.c5 0.09 +.3+
Eu|uueor |i| YielJ /cc | 9.55 0.0+ 5.50
Eu|uueor |i| YielJ lrc | +Z.+1 0.0Z 5./
Eu|uueor |i| YlJ /cc,C|uss | 109.c+ 0.0 5.+
Eu|uueor |i| YlJ lrc,C|uss | +Z.+c 0.0Z 5./
Eu|uueor 0uuu|turities lrc | +.13 0.Z1 0.00
Eu|uueor 0uuu|turities /cc | 5.Z9 0.Z1 0.3c
Eu|uueor Sal| Cus /cc | 139.33 0.09 0./1
Cluuol BJ /cc ,C|uss | 131.13 0.cc 1./c
Cluuol BJ lrc ,C|uss | c3.c 0.5 1.c1
Cluuol BurJ /cc | 1Z3.9/ 0.cZ 1./9
Cluuol BurJ lrc | c3.5 0.5 1.c1
Cluuol Euit] ,occ | 3c+.+ 1.cc 1.19
Cluuol Euit] ,irc | 35+.c+ 1./3 1.Z1
Cluuol Euit] lrcuae /cc | 9c.5c 0.+5 3.05
Cluuol Euit] lrcuae lrc | c.9 0.++ 3.13
Cul |irorciol Couitol /cc /Z.5c 0.05 Z./+
Cul |irorciol Couitol lrc 9.50 0.0+ Z.cZ
Cul |irorciol Cou /cc C|uss /3./5 0.0+ 3.0
Cul |irorciol Cou lrc C|uss 9.c 0.0+ 3.1/
Cluuol 0uuu|turities /cc | /5.35 0.Z+ 1.19
Cluuol Saolle| Cus /cc | 13cZ.59 1Z.0/ 0.+
Cluuol Saolle| Cus lrc | 13Z/.Z 11.0 0.+
|i| lrcuae /cc | 10.1 Z./ 3./3
|i| lrcuae lrc | 3./Z 1. 3.c+
|ur Kur 8 C|iro /cc | 3c1.c0 3.0 0.9c
lrcuae 8 C|uwt| /cc | /0.03 0.Z 3.cZ
lrcuae 8 C|uwt| lrc | 31.90 0.Z9 3.9+
lrcuae /cc | Z35.1/ 10.+0 3./c
lrcuae lrc | 1++Z.+3 .3/ 3.c9
Jouor /cc | Z59.+c Z.c1 0.Z/
Jouorese Sal| Cus /cc | 53.5/ 0.9 0.00
|otir /ae|ico /cc | 19Z.c Z.Z9 1.Z5
|otir /ae|ico lrc | 15.5 1.9/ 1.Z/
MoroeJ C|uwt| /cc | 13+.1/ 0.90 1.ZZ
MoroeJ C|uwt| lrc | 11+.Zc 0.// 1.Z3
MoroeJ lrcuae /cc | 133.5c 0./+ 3.31
MoroeJ lrcuae lrc | cc.09 0.11 3.3c
Mure] /cc | c9.53 0.0Z 0.59
Mure] /cc ,C|uss | 9+.+c 0.0Z 0.3
Murt|l] lrcuae |lus /cc | Z+./9 0.33 .Z+
Murt|l] lrcuae |lus /cc ,C|uss | 30Z.95 0.39 .19
Murt|l] lrcuae |lus lrc | 10c.9 0.3/ .+3
Murt|l] lrcuae |lus lrc ,C|uss | 10c.c1 0.+c c.03
|ociic /cc | cc.Z 10.33 0.53
|ociic lrc | c03.13 9.5 0.5+
Tocticol BurJ /cc | +.33 0.0c +.Z
Tocticol BurJ lrc | 5c.3c 0.0/ +./
Tocticol BurJ /cc ,C|uss | .13 0.09 +.59
Tocticol BurJ lrc ,C|uss | 5c.55 0.0/ +.//
uK /|essi.e /cc | 151.+9 1.0/ 1.+1
uK /|essi.e lrc | 1Z9.90 0.93 1.+3
uK C|uwt| /cc | +Z+.5 1.5c Z.Z9
uK C|uwt| lrc | Z/c.3 1.03 Z.3+
uK Saolle| Cus Euit] /cc | 01.9 Z.30 1.01
uK Saolle| Cus Euit] lrc | +/1.0 1.c0 1.0Z
uK St|oteic lrcuae /cc | 133./1 0.3Z 3.+9
uK St|oteic lrcuae lrc | 109.11 0.Z/ 3.5c
uS Euit] /cc | +1+.c9 +./Z 0.+
Iovesco FerpetuaI Fuods (No IraiI)
/sior ,lu T|oil /cc | 1/9.09 Z.15 1.Z1
/sior ,lu T|oil lrc | 1.91 Z.00 1.Z3
/sior Euit] lrcuae ,lu T|oil /cc | 1Z5.1+ 0.55 3.+c
BolorceJ Ris| lu T|oil /cc 103.c+ 0.1 0.00
BolorceJ Ris| c lu T|oil /cc 105.0c 0.Zc 0.00
BolorceJ Ris| 10 lu T|oil /cc 10.9 0.30 0.00
l| /sior Euit] lrcuae ,lu T|oil lrc | 11.0 0.51 3.5c
Cu|uu|ote BurJ ,lu T|oil /cc | 1+c.93 0.Zc +.c/
Cu|uu|ote BurJ ,lu T|oil lrc | 11.+1 0.ZZ 5.03
|urJ BiJ 0e| -l YielJ
0ist|iuutiur ,lu T|oil /cc | 1+.Z 0.Zc 5.+
0ist|iuutiur ,lu T|oil lrc | 10/.0 0.3Z 5.1
Eae|ir Cuurt|ies ,lu T|oil /cc | 11.c 0.95 1.Zc
Eae|ir Cuurt|ies ,lu T|oil lrc | 155.c5 0.91 1.Z9
Eae|ir Eu|uueor ,lu T|oil /cc | 9./5 0.1Z 1.0Z
Eae|ir Eu|uueor ,lu T|oil lrc | 93.ZZ 0.1Z 1.03
Eu|uueor Euit] ,lu T|oil /cc | 10c.0Z 0.0+ Z.+Z
Eu|uueor Euit] ,lu T|oil lrc | 95.Z5 0.0+ Z.+9
Eu|uueor Euit] lrcuae ,lu T|oil /cc | 11Z.00 0.35 3.5c
Eu|uueor Euit] lrcuae ,lu T|oil lrc | 93.1c 0.30 3.9
Eu|uueor |i| lrcuae ,lu T|oil /cc | 1++.0+ 0.1+ +.Z0
Eu|uueor |i| lrcuae ,lu T|oil lrc | 113.cZ 0.1/ +.30
Eu|uueor |i| YielJ ,lu T|oil /cc | 19/.55 0.09 5.9Z
Eu|uueor |i| YielJ ,lu T|oil lrc | 1Z.Z5 0.0c .11
Eu|uueor 0uuu|turities ,lu T|oil /cc | 13+.c5 0.+5 0.c0
Eu|uueor 0uuu|turities ,lu T|oil lrc | 1Z9.9/ 0.+3 0.c1
Eu|uueor Saolle| Cuauories ,lu T|oil /cc | 1c.c1 0.10 1.1+
Cluuol BolorceJ lrJer ,lu T|oil /cc | 131.+Z 0.5+ Z.+/
Cluuol BurJ ,lu T|oil /cc | 13c.5 0.93 Z.0Z
Cluuol BurJ ,lu T|oil lrc | 1Z9./ 0.c Z.05
Cluuol Euit] ,lu T|oil occ | 1/.51 0.cZ 1.1
Cluuol Euit] ,lu T|oil irc | 10.05 0./c 1.+
Cluuol Euit] lrcuae ,lu T|oil /cc | Z01.1c 0.93 3.03
Cluuol Euit] lrcuae ,lu T|oil lrc | 1//.+ 0.c9 3.11
Cluuol er uK Cu|e Euit] lrJer , lu T|oil /cc | 13.0 1.0Z 1.55
Cluuol er uK Er|orceJ lrJer , lu T|oil /cc | 155.+/ 1.ZZ 1.c
Cul |ir Cou lu T|oil /cc 1+5.9Z 0.09 Z./+
Cul |ir Cou lu T|oil lrc 139./+ 0.0c Z.c1
Cluuol 0uuu|turities ,lu T|oil /cc | 191.30 0.1 1.59
Cluuol Saolle| Cuauories ,lu T|oil /cc | 199.Zc 1./5 0.90
Cluuol Saolle| Cuauories ,lu T|oil lrc | 19+.0Z 1.9 0.91
|i| lrcuae ,lu T|oil /cc | 1Zc./Z 0.59 3./Z
|i| lrcuae ,lu T|oil lrc | 103.10 0.+/ 3.c3
|ur Kur 8 C|iro ,lu T|oil /cc | 1+9.3c 1.+1 1.+3
lrcuae 8 C|uwt| ,lu T|oil /cc | 1/.51 0.1+ 3.c1
lrcuae 8 C|uwt| ,lu T|oil lrc | 153.35 0.13 3.9Z
lrcuae ,lu T|oil /cc | 1Z/./5 0.5 3.//
lrcuae ,lu T|oil lrc | 10Z.95 0.+5 3.cc
Jouor ,lu T|oil /cc | 1Z1.+ 1.3Z 0./0
Jouorese Saolle| Cuauories ,lu T|oil /cc | 13+.3 Z.+3 0.00
|otir /ae|icor ,lu T|oil /cc | 1c3.c0 Z.1c 1./1
|otir /ae|icor ,lu T|oil lrc | 1/3.Z Z.0 1./+
MoroeJ C|uwt| ,lu T|oil /cc | 10./3 1.0c Z.Z/
MoroeJ C|uwt| ,lu T|oil lrc | 153.1 1.03 Z.33
MoroeJ lrcuae ,lu T|oil /cc | 15c.35 0.c/ 3.30
MoroeJ lrcuae ,lu T|oil lrc | 1+0.0/ 0.1c 3.3c
Murt|l] lrcuae |lus ,lu T|oil /cc | 150.5 0.19 .19
Murt|l] lrcuae |lus ,lu T|oil lrc | 105./ 0.35 .3c
|ociic ,lu T|oil /cc | 15c.9c 1.c9 0.9
|ociic ,lu T|oil lrc | 153.33 1.c3 1.0Z
Tocticol BurJ ,lu T|oil /cc | 130.Z5 0.1/ 5.0+
Tocticol BurJ ,lu T|oil lrc | 11.9 0.1+ 5.Z0
uK /|essi.e ,lu T|oil /cc | 1ZZ.9+ 0.c/ 1.c5
uK /|essi.e ,lu T|oil lrc | 10/.53 0./ 1.cc
uK Er|orceJ lrJer ,lu T|oil /cc | 33+.c/ 0./5 3.+5
uK Er|orceJ lrJer ,lu T|oil lrc | ZZ9.90 0.5Z 3.5+
uK C|uwt| ,lu T|oil /cc | 110.c1 0.+1 Z./+
uK C|uwt| ,lu T|oil lrc | 9+.5/ 0.35 Z.cZ
uK Saolle| Cuauories Euit] ,lu T|oil /cc | 193.Z 0./+ 1.+5
uK Saolle| Cuauories Euit] ,lu T|oil lrc | 1c+.c3 0./1 1.+/
uK St|oteic lrcuae ,lu T|oil /cc | 5Z3.99 1.Z/ 3.+/
uK St|oteic lrcuae ,lu T|oil lrc | +Z/.0 1.03 3.5/
uS Euit] ,lu T|oil /cc | 1/0.+5 1.9+ 0.c5
Iovesco (Lk)
0uulir 00 353 1 +39 c100 |ur Kur 00c5Z 3191 cZcZ
F8A 8ecogoised
Iovesco Maoageeot 8A
lr.escu /sio BolorceJ / Jist S 1.9 0.11 +.c+
lr.escu /sio Cursuae| 0eaorJ |urJ / ircuae S 1Z.c0 0.1Z 0.33
lr.escu /sio lr|ost|uctu|e ,/ S 13.c3 0.1c 1.1Z
lr.escu /sio 0uuu|turities Euit] / S 9/.Z0 1.05 0.00
lr.escu /usulute Retu|r BurJ |urJ / C Z.c0 0.00 0.00
lr.escu BolorceJ Ris| /llucotiur |urJ / C 1+.++ 0.05 0.00
lr.escu Couitol S|ielJ 90 ,EuR / C 11./1 0.05 0.00
lr.escu Eae|ir Eu|uue Euit] |urJ / S 11.3Z 0.0+ 0.00
lr.escu Eae|ir |ucol Cu||ercies 0eut / lrc S 11.1 0.01 5.3+
lr.escu Eae|ir M|t 0uort.E. / S 1Z.1Z 0.10 0.00
lr.escu Ere|] / S Z5.33 0.+1 0.00
lr.escu Eu|u Cu|uu|ote BurJ |urJ ,/ C 15.+5 0.01 0.00
lr.escu Eu|u lrlotiur |ir|eJ BurJ / C 15.13 0.0Z 0.00
lr.escu Eu|u Rese|.e / C 3ZZ.c 0.00 0.00
lr.escu Eu|uueor BurJ / C 5.c3 0.01 0.00
lr.escu Eu|uueor C|uwt| Euit] / C 1c.0+ 0.1 0.00
lr.escu Cluuol /usulute Retu|r |urJ / Closs C 10.// 0.0c 0.00
lr.escu Cluuol BurJ / lrc S 5./ 0.01 1.
lr.escu Cluuol Euit] lrcuae |urJ / S +9.0/ 0.Z 0.00
lr.escu Cluuol lrc Reol Estote Sec / Jist S 9.3 0.0 3.0+
lr.escu Cluuol lr. C|J Cu|u BurJ / 0ist S 11.+1 0.01 Z.95
lr.escu Cluuol |eisu|e / S Z+.00 0.3Z 0.00
lr.escu Cluuol Saolle| Cuau E |J / S +Z.Zc 0.51 0.00
lr.escu Cluuol St|uctu|eJ Euit] / S 35.1+ 0.+ 0.91
lr.escu Cluuol Tutol Ret.,EuR BurJ |urJ / C 1Z.0/ 0.01 0.00
lr.escu CulJ 8 ||eciuus Metols / S /.9 0.09 0.00
lr.escu C|eote| C|iro Euit] / S 3/.c5 0.53 0.00
lr.escu lrJio Euit] / S 3/.1c 0.c0 0.00
lr.escu Jouorese Euit] /J. |J / Z3/c.00 +0.00 0.00
lr.escu Jouorese Volue E |J / ///.00 1/.00 0.00
lr.escu |otir /ae|icor Euit] / S 11.13 0.0c 0.00
lr.escu liuuur SaolllMiJ Cou Euit] / 31.00 .00 0.00
lr.escu |or Eu|uueor Euit] / EuR Cou l/V C 13.+3 0.Z1 0.00
lr.escu |or Eu|uueor |i| lrcuae |J / C 1Z.15 0.0+ 3.9c
lr.escu |or Eu|uueor Saoll Cou Euit] / C 1+.+3 0.09 0.00
lr.escu |or Eu|uueor St|uctu|eJ Euit] / C 11.53 0.1+ 0.00
lr.escu uK lr.estaert C|oJe BurJ / f 0.9+ 0.00 3.0c
lr.escu uS St|uctu|eJ Euit] / S 1.Z9 0.Z3 0.00
lr.escu uS Volue E |J / S Z+.c1 0.3+ 0.00
lr.escu uS0 Rese|.e / S c/.0Z 0.00 0.00
Iovesco IobaI Asset Maoageeot Ltd (I8L)
0uulir 00 353 1 +39 c100 |ur Kur 00 c5Z Zc+Z /Z00
F8A 8ecogoised
lr.escu Stl BJ / 00 | f Z.0 0.00 +.55
lr.escu /sior Euit] / S .03 0.05 0.1/
lr.escu /SE/l Euit] / S 110.39 0.5 0.59
lr.escu BurJ / S Zc.31 0.0Z 1.91
lr.escu Curtirertol Eu|u Saoll Cou Et] / S 151.+9 1.+ 0.Z5
lr.escu Eae|ir Mo||ets Euit] / S 3c.5+ 0.Z+ 0.00
lr.escu Eae|ir Mo||ets BurJ / S Z3.1+ 0.01 +.35
lr.escu Curtirertol Eu|uueor Euit] / C 5.3 0.10 0.5c
lr.escu Cilt / f 1+.0/ 0.01 Z.51
lr.escu Cluuol Saoll Cou Euit] / l/V S 100.3 1.15 0.0+
lr.escu Cluuol |i| lrcuae / l/V S 13.c+ 0.01 +.9Z
lr.escu Cul RlEst Secs / CB| | | f /.1c 0.0 0.9
lr.escu Cluuol |eolt| Co|e / S c.+ 1.03 0.00
lr.escu Cluuol Select Euit] / S 11.+1 0.13 0.00
lr.escu Jou Et] Cu|e / S 1.5Z 0.0Z 0.00
lr.escu Jouorese Euit] / S 15.5Z 0.Z5 0.00
lr.escu Ku|eor Euit] / S Z3.+3 0.3Z 0.00
lr.escu |RC Euit] / S +c.0/ 1.1+ 0.00
lr.escu |ociic Euit] / S +Z.9 0.5Z 0.3Z
lr.escu Cluuol Tec|rulu] / S 11.5 0.10 0.00
lr.escu uK Et] / f .+1 0.0/ 1.c5
Iovest A
Cliert se|.ices. -9/1 Z 9Z 101 cliertse|.ices@lr.est/0.cua
ther IoteroatiooaI Fuods
lr.est /0 l|o 0uuu|turit] |urJ S 91.+9 0.+3 0.00
lr.est /0 Eae|ir /|ico |urJ S 11Zc.05 c.5
lr.est /0 CCC |ucus |urJ S 1099.3 Z.Z
lr.est /0 MiJJle Eost 8 /| BJ |urJ S 101.30 0.cZ
Full fund performance data at
www.ft.com/funds
MANAGED FUNDS SERVICE
FINANCIAL TIMES MARCH 2/MARCH 3 2013

19
Fund Bid Offer +/- Yield
Investec Fd Mgrs (1200)F (UK)
2 Gresham Street, London, EC2V 7QP
Broker Support 020 7597 1900, Dealing 020 7597 2300
www.investecassetmanagement.com,
Authorised Inv Funds
OEIC Series i,ii,iii, & iv
American A Acc 177.10 - 1.59 0.00
Asia ex Japan A Acc 388.82 - 4.35 0.65
Diversified Growth A Acc 107.60 - 0.32 0.90
Diversified Growth A Inc 121.87 - 0.40 0.86
Capital Accumulator A Acc 192.23 - 0.60 0.00
Cautious Managed A Acc 356.49 - 0.00 1.04
Cautious Managed A Inc 238.52 - 0.00 1.03
Diversified Income A Acc 263.25 - 0.82 5.45
Diversified Income A Inc 84.72 - 0.26 5.45
Emerging Mkts Blended Debt A Acc 109.36 - 0.98 -
Emerging Mkts Blended Debt A Acc Gross 109.89 - 1.04 -
Emerging Mkts Blended Debt A Inc 107.73 - -0.15 -
Emerging Mkts Equity A Acc 115.04 - 1.36 -
Emrg Mkts Local Curr Debt A Acc 204.43 - 1.34 5.63
Emrg Mkts Local Curr Debt A Inc 143.02 - -0.96 5.63
Emrg Mkts Local Curr Debt Gross I Acc 225.73 - 1.52 5.63
Enhanced Natural Resources A Acc 115.75 - 0.08 0.77
Global Bond A Acc 121.97 - 1.02 1.45
Global Bond A Inc 98.88 - 0.04 1.44
Global Bond I Gross Inc 1055.17 - -3.62 1.93
Global Dynamic A Acc 90.84 - 0.65 0.30
Global Energy A Acc 246.97 - 1.14 0.21
Global Equity A Acc 94.77 - 0.72 0.32
Global Franchise A Acc 113.93 - 1.25 -
Global Free Enterprise A Acc 489.03 - 4.00 0.42
Global Gold A Acc 152.59 - -1.01 0.00
Global Special Situations A Acc 141.56 - 0.54 1.03
Global Special Situations A Inc 115.02 - 0.44 -
Managed Growth A Acc 148.77 - 0.04 0.16
Monthly High Income A Acc 184.24 - -0.11 7.20
Monthly High Income A Inc 73.74 - -0.36 7.20
Multi-Asset Protector A Acc 137.50 - 0.65 0.03
Strategic Bond Fund A Acc 230.73 - 0.69 4.06
Strategic Bond Fund A Inc 125.05 - 0.37 4.06
Target Return A Acc 109.97 - -0.02 1.19
Target Return A Inc 99.59 - -0.35 -
UK Alpha A Acc 1496.36 - -0.67 1.36
UK Blue Chip A Acc 660.59 - -0.61 1.85
UK Smaller Companies A Acc 2506.12 - -5.25 0.29
UK Smaller Companies A Inc 2329.37 - -4.89 0.29
UK Special Situations A Acc 896.07 - -2.15 2.38
UK Special Situations A Inc 379.86 - -0.91 2.44
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.01
Short Dated Bd A Acc GBP * 13.08 - 0.00 -
Short Dated Bd I Acc GBP * 13.98 - 0.00 -
Sterling Liquidity A Acc GBP * 13.18 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.26
US$ Liquidity A Acc USD * $ 11.96 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.15
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 19.51 - -0.22 0.07
American Equity A Acc USD $ 16.98 - -0.04 0.00
American Equity A Inc USD $ 79.42 - -0.18 0.00
Asia Pacific Eq. A Acc USD $ 27.18 - 0.06 0.76
Asia Pacific Eq. A Inc USD $ 26.69 - 0.06 0.79
Asian Equity A Acc USD $ 20.70 - 0.03 0.35
Asian Equity A Inc USD $ 30.25 - 0.04 0.36
EAFE A Inc USD $ 16.33 - 0.05 0.31
Emrg Mkts Blended Debt A Acc USD $ 22.88 - 0.01 4.39
Emrg Mkts Blended Debt A Inc USD $ 20.50 - 0.01 4.39
Emrg Mkts Corp Debt A Acc USD $ 22.79 - 0.04 4.97
Emrg Mkts Corp Debt A Inc USD $ 20.59 - 0.03 -
Emrg Mkts Curr A Acc USD $ 20.30 - -0.02 2.47
Emrg Mkts Curr Alpha A Acc USD $ 19.39 - -0.09 0.00
Emrg Mkts Equity A Acc USD $ 18.70 - 0.05 0.49
Emrg Mkts Hard Curr Debt A Inc USD $ 22.83 - 0.03 4.55
Emrg Mkts Local Curr Debt A Acc USD $ 29.09 - 0.00 6.21
Emrg Mkts Local Curr Debt A Inc USD $ 20.40 - 0.00 6.20
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 22.06 - 0.00 5.85
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 19.67 - 0.01 5.88
Emerging Markets Multi-Asset A Acc USD $ 22.39 - 0.04 0.00
Emerging Markets Multi-Asset A Inc USD $ 22.10 - 0.04 1.21
Enhanced Gbl Energy A Acc USD $ 16.45 - -0.02 0.00
Enhanced Nat Resources A Acc USD $ 18.89 - -0.05 0.00
Euro Money A Acc EUR 68.98 - 0.00 0.00
Euro Money A Inc EUR 26.09 - 0.00 0.00
European Equity A Acc USD $ 16.17 - 0.09 0.71
European Equity A Inc USD $ 383.89 - 2.10 0.71
Global Bond A Acc USD $ 98.89 - -0.18 1.33
Global Bond A Inc USD $ 44.86 - -0.08 1.34
Global Contrarian Equity A Acc USD $ 23.10 23.10 0.01 0.00
Global Dynamic A Acc USD $ 108.64 - 0.04 0.27
Global Dynamic A Inc USD $ 107.54 - 0.05 0.26
Global Energy A Acc USD $ 17.79 - -0.03 0.26
Global Energy A Inc USD $ 312.45 - -0.57 0.18
Global Equity A Acc USD $ 247.45 - 0.05 0.05
Global Equity A Inc USD $ 245.25 - 0.06 0.05
Global Franchise A Acc USD $ 33.83 - 0.15 0.33
Global Franchise A Inc USD $ 33.34 - 0.14 0.33
Global Gold A Acc USD $ 18.16 - -0.28 0.00
Global Gold A Inc USD $ 65.46 - -1.00 0.00
Global Natural Resources A Acc USD $ 10.05 - -0.03 0.00
Global Natural Resources A Inc USD $ 10.05 - -0.03 0.00
Global Opp Equity A Inc USD $ 25.73 - 0.10 0.35
Global Strat Equity A Acc USD $ 17.54 - -0.03 0.03
Global Strat Equity A Inc USD $ 95.36 - -0.19 0.03
Global Strategic Inc A Acc USD $ 26.25 - -0.03 3.95
Global Strategic Inc A Inc USD $ 20.81 - -0.03 3.95
Global Strat Managed A Acc USD $ 101.49 - 0.17 0.23
Global Strat Managed A Inc USD $ 44.33 - 0.07 0.23
High Income Bond A Acc GBP Hdg 71.15 - 0.05 6.59
High Income Bond A Inc GBP Hdg 17.37 - 0.01 6.59
Inv Grade Corp Bond A Acc USD $ 21.20 - 0.01 4.02
Inv Grade Corp Bond A Inc USD $ 29.81 - 0.02 4.02
Latin Amer.Corp.Debt A Acc USD $ 25.68 - 0.03 5.85
Latin Amer.Corp.Debt A Inc USD $ 20.27 - 0.02 5.88
Latin Amer.Eq. A Acc USD $ 22.30 - 0.04 0.08
Latin Amer.Sm Cos A Acc USD $ 27.95 - 0.18 -
Managed Currency A Acc USD $ 129.34 - -0.14 0.00
Managed Currency A Inc USD $ 34.89 - -0.04 0.00
Sterling Money A Acc GBP 56.43 - 0.00 0.05
Sterling Money A Inc GBP 9.96 - 0.00 0.05
UK Equity A Acc GBP 12.14 - 0.03 1.42
UK Equity A Inc GBP 66.72 - 0.16 1.44
US Dollar Money A Acc USD $ 65.61 - 0.00 0.04
US Dollar Money A Inc USD $ 20.05 - 0.00 0.04
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources A USD $ 29.30 - -0.92 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 21.78 - 0.00 -
Global Diversified Growth A USD $ 30.05 - 0.00 -
Investec Premier Funds PCC Ltd
Africa A USD $ 23.17 24.39 -0.15 -
Pan Africa A USD $ 31.40 33.06 0.32 -
Fund Bid Offer +/- Yield
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Asia Acc 123.60 - 1.40 0.45
Asia Inc 69.09 - 0.77 0.46
Balanced Total Rt Acc ... C 57.27 - 0.21 1.98
Balanced Total Rt Inc ... C 51.28 - 0.19 2.00
Cautious Total Rt Acc 57.09 - 0.23 0.76
Cautious Total Rt Inc 50.49 - 0.20 0.77
Diversified Real Ret Acc 52.68 - 0.26 0.48
Diversified Real Ret Inc 52.40 - 0.25 0.48
Emerging Mkts Acc 165.20 - 1.10 0.40
Emerging Mkts Inc 72.01 - 0.50 0.42
Emrg Mkts Inc Acc... C 59.69 - 0.58 3.40
Emrg Mkts Inc Inc... C 59.09 - 0.57 3.40
Emrg Mkts Infra Acc 78.21 - 0.73 0.91
Emrg Mkts Infra Inc 76.21 - 0.72 0.91
Europe Acc 850.90 - 2.00 1.55
Europe Inc 50.43 - 0.12 1.59
Eur Dynamic exUK Acc 124.70 - 0.10 1.03
Eur Dynamic exUK hdg Acc 119.60 - -0.40 1.04
Eur Dynamic exUK Inc 58.30 - 0.05 1.03
Eur Smaller Cos Acc 346.40 - -1.60 0.53
Eur Smaller Cos Inc 45.21 - -0.20 0.55
Global Equity Acc 785.70 - 1.00 0.57
Global Equity Inc 58.80 - 0.08 0.54
Global Bond exUK Acc 233.30 - 0.50 1.20
Global Bond exUK Inc 187.30 - 0.40 1.21
Global Consumer Trends Acc 77.11 - 0.42 0.50
Global Consumer Trends Inc 73.88 - 0.40 0.51
Global Eq Abs.Alpha Acc 49.42 - -0.08 0.00
Global Eq Abs.Alpha Inc 49.42 - -0.08 0.00
Global Eq Income hdg Acc... C 53.37 - 0.02 3.72
Global Eq Income hdg Inc ... C 42.36 - 0.02 3.78
Global Eq Income Acc... C 60.23 - 0.46 3.58
Global Eq Income Inc ... C 57.87 - 0.44 3.66
Global Financials Acc 621.00 - -0.50 0.77
Global Financials Inc 35.92 - -0.03 0.78
Global High Yield Bond Acc ... C 94.80 - 0.15 6.59
Global High Yield Bond Inc ... C 41.25 - 0.07 6.69
Global Mining Acc 31.69 - -0.36 0.00
Global Property Secs Acc 48.51 - 0.14 1.16
Global Property Secs Inc 42.75 - 0.12 1.17
Japan Acc 203.30 - 3.70 0.24
Japan Inc 48.94 - 0.90 0.21
Multi-Asset Inc Acc... C 76.07 - -0.23 4.34
Multi-Asset Inc Inc... C 63.39 - -0.20 4.47
Multi-Asset Macro A Net Acc 50.38 - 0.04 -
Multi-Asset Macro A Net Inc 50.38 - 0.04 -
Multi-Manager Growth Acc 598.90 - -0.50 0.42
Multi-Manager Growth Inc 563.80 - -0.50 0.42
Natural Resources Acc 710.90 - -3.90 0.00
Natural Resources Inc 50.41 - -0.26 0.00
New Europe Acc 214.90 - 0.00 1.53
New Europe Inc 53.68 - 0.00 1.53
Portfolio Acc 159.70 - 0.80 0.39
Sterling Corporate Bond Acc 73.69 - 0.25 2.56
Sterling Corporate Bond Inc 48.85 - 0.17 2.57
Strategic Bond Acc 66.91 - 0.01 3.61
Strategic Bond Inc 59.69 - 0.00 3.64
UK Active Index + E Acc 234.40 - -0.80 2.91
UK Active Index + E Inc 46.93 - -0.18 2.99
UK Dynamic Acc 121.40 - -0.60 1.23
UK Dynamic Inc 103.10 - -0.50 1.23
UK Eq & Bond Inc Acc ... C 118.60 - -0.10 3.35
UK Eq & Bond Inc Inc ... C 75.95 - -0.05 3.42
UK Equity Acc 372.40 - -1.30 1.83
UK Equity Inc 43.03 - -0.15 1.85
UK Focus Acc 63.37 - -0.34 1.60
UK Focus Inc 55.43 - -0.29 1.62
UK Higher Inc Acc ... C 758.90 - -2.40 3.63
UK Higher Inc Inc ... C 489.30 - -1.60 3.74
UK Managed Equity Acc 56.53 - -0.28 2.16
UK Managed Equity Inc 50.30 - -0.25 2.20
UK Smaller Cos Acc 281.80 - 0.00 0.47
UK Smaller Cos Inc 54.81 - 0.01 0.47
UK Strategic Eq Inc Acc ... C 123.90 - -0.60 3.47
UK Strategic Eq Inc Inc ... C 88.65 - -0.46 3.58
UK Strategic Gth Acc 85.91 - -0.19 1.51
UK Strategic Gth Inc 82.06 - -0.18 1.53
US Acc 520.20 - 6.20 0.22
US Inc 72.03 - 0.86 0.18
US Equity Income Acc ... C 91.42 - 1.08 2.40
US Equity Income hdg Inc ... C 78.11 - -0.01 2.57
US Equity Income Inc ... C 82.24 - 0.97 2.45
US Select Acc 79.51 - 0.78 0.15
US Select Inc 78.59 - 0.78 0.14
US Smaller Cos Acc 295.70 - 2.20 0.00
US Smaller Cos Inc 77.50 - 0.59 0.00
JPMorgan Charity Funds (UK)
Finsbury Dials, 20 Finsbury St, London EC2Y 9AQ 020 7742 9175
Property & Other UK Unit Trusts
UK Equity Fund for Charities I 2.457100 2.466890 -0.008540 3.22
Bond Fund for Charities 1.330460 1.337580 0.008280 3.76
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JPM Am Eq A (acc)-EUR Hdg (1) F 8.08 - 0.08 -
JPM Am Eq A (acc)-USD (1) F $ 13.22 - 0.12 -
JPM Am Eq A (dist)-USD (1) $ 100.30 - 0.92 -
JPM Am L Cap A (acc)-EUR (1) F 12.22 - 0.14 -
JPM Am L Cap A (acc)-USD (1) F $ 13.56 - 0.16 -
JPM Am L Cap A (dist)-USD (1) F $ 12.05 - 0.14 -
JPM America Eq A (dist)-USD (1) $ 53.82 - 0.50 -
JPM H US STEEP A (acc)-EUR (1) F 10.48 - 0.13 -
JPM H US STEEP A (acc)-USD (1) F $ 13.72 - 0.17 -
JPM H US STEEP A (dist)-GBP (1) F 13.95 - 0.16 -
JPM H US STEEP A (inc)-EUR (1) F 10.32 - 0.12 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 7.68 - 0.10 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 10.96 - 0.14 -
JPM US DYN 130/30 A (dist)-GBP (1) F 9.12 - 0.11 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 135.85 - 1.67 -
JPM US Dyn A (acc)-EUR (1) 7.43 - 0.10 -
JPM US Dyn A (acc)-USD (1) F $ 11.66 - 0.17 -
JPM US Dyn A (dist)-USD (1) $ 16.06 - 0.22 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.81 - 0.10 -
JPM US Growth A (acc)-USD (1) F $ 13.60 - 0.18 -
JPM US Growth A (dist)-GBP (1) F 6.89 - 0.09 -
JPM US Growth A (dist)-USD (1) F $ 7.28 - 0.10 -
JPM US Select Eq Plus A (acc)-EUR Hdg (1) 8.00 - 0.11 -
JPM US Select Eq Plus A (acc)-USD (1) $ 11.42 - 0.15 -
JPM US Select Eq Plus A (dist)-GBP (1) 7.98 - 0.11 -
JPM US Select Eq Plus A (dist)-USD (1) $ 11.62 - 0.16 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 78.36 - 0.74 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 16.16 - 0.16 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 11.15 - 0.10 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 111.23 - 1.10 -
JPM US Smaller Co.A (acc)-USD (1) F $ 12.67 - 0.14 -
JPM US Smaller Co.A (dist)-USD (1) $ 18.87 - 0.20 -
JPM US Smaller Co.A (dist)-USD (1) $ 128.74 - 1.37 -
JPM US Value A (acc)-EUR Hdg (1) F 8.40 - 0.08 -
JPM US Value A (acc)-USD (1) F $ 14.03 - 0.14 -
JPM US Value A (dist)-GBP (1) F 16.52 - 0.16 -
JPM US Value A (dist)-USD (1) $ 15.30 - 0.15 -
JPM US Value A (dist)-USD (1) F $ 17.51 - 0.18 -
Equity Asia
JPM ASEAN Equity A (acc)-SGD (1) S$ 19.10 - 0.24 -
JPM Asia Al+ A (acc)-USD (1) $ 22.45 - 0.28 -
JPM Asia P ExJapEq A (acc)-SGD (1) S$ 13.60 - 0.17 -
JPM Asia P ExJapEq A (acc)-USD (1) $ 19.48 - 0.25 -
JPM Asia P ExJapEq A (dist)-GBP (1) 19.65 - 0.25 -
JPM Asia P ExJap Eq A (dist)-USD (1) $ 49.19 - 0.65 -
JPM China A (acc)-SGD (1) S$ 11.34 - 0.30 -
Fund Bid Offer +/- Yield
JPM China A (acc)-USD (1) $ 27.44 - 0.76 -
JPM China A (dist)-HKD (1) HK$ 10.31 - 0.29 -
JPM China A (dist)-USD (1) $ 44.31 - 1.23 -
JPM Greater China A (acc)-SGD (1) S$ 14.44 - 0.26 -
JPM Greater China A (acc)-USD (1) $ 23.17 - 0.43 -
JPM Greater China A (dist) - HKD (1)HK$ 12.18 - 0.22 -
JPM Greater China A (dist)-USD (1) $ 28.64 - 0.53 -
JPM Hong Kong A (acc)-USD (1) $ 18.86 - 0.36 -
JPM Hong Kong A (dist)-HKD (1) HK$ 11.12 - 0.21 -
JPM Hong Kong A (dist)-USD (1) $ 48.87 - 0.92 -
JPM India A (acc)-SGD (1) S$ 12.97 - -0.30 -
JPM India A (acc)-USD (1) $ 23.70 - -0.53 -
JPM India A (dist)-GBP 75.18 - -1.72 -
JPM India A (dist)-USD (1) $ 69.71 - -1.56 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 92.66 - 1.82 -
JPM Japan Eq A (acc)-EUR (1) 5.06 - 0.06 -
JPM Japan Eq A (acc)-JPY (1) 548.00 - 11.00 -
JPM Japan Eq A (acc)-USD (1) $ 7.92 - 0.09 -
JPM Japan Eq A (dist)-GBP (1) 6.69 - 0.08 -
JPM Japan Eq A (dist)-USD (1) $ 19.96 - 0.24 -
JPM Japan Sm Cap A (acc)-USD (1) $ 7.23 - 0.08 -
JPM Japan Sm Cap A (dist)-USD (1) $ 6.88 - 0.07 -
JPM Korea Eq A (acc)-EUR (1) 8.09 - 0.08 -
JPM Korea Eq A (acc)-USD (1) $ 10.60 - 0.10 -
JPM Korea Eq A (dist)-USD (1) $ 11.04 - 0.11 -
JPM Pacific Eq A (acc)-EUR (1) 9.79 - 0.13 -
JPM Pacific Eq A (acc)-USD (1) $ 14.40 - 0.20 -
JPM Pacific Eq A (dist)-GBP (1) F 14.21 - 0.19 -
JPM Pacific Eq A (dist)-USD (1) $ 67.21 - 0.92 -
JPM Singapore A (acc)-SGD (1) S$ 17.69 - 0.08 -
JPM Singapore A (acc)-USD (1) $ 29.12 - 0.15 -
JPM Singapore A (dist)-USD (1) $ 37.01 - 0.18 -
JPM Taiwan A (acc)-EUR (1) 15.33 - 0.10 -
JPM Taiwan A (acc)-USD (1) $ 15.91 - 0.09 -
JPM Taiwan A (dist) HKD (1) HK$ 12.02 - 0.06 -
JPM Taiwan A (dist)-USD (1) $ 13.52 - 0.08 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-EUR (1) F 63.98 - 0.78 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 11.49 - 0.14 -
JPM Brazil Equity A (acc)-USD (1) F $ 9.69 - 0.12 -
JPM Brazil Equity A (dist)-USD (1) F $ 9.23 - 0.12 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 19.14 - 0.11 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 126.56 - 0.77 -
JPM Eastern Europe Eq A (dist)-EUR (1) 45.93 - 0.26 -
JPM Eastern Europe Equity A (dist) - EUR F 30.72 - 0.17 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 13.65 - 0.01 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 17.24 - 0.01 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 21.03 - 0.02 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 58.51 - 0.07 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 13.45 - 0.10 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 15.40 - 0.04 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 7.50 - 0.02 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 14.91 - 0.05 -
JPM Em Mkt Eq A (acc)-EUR (1) F 13.88 - 0.07 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 22.81 - 0.13 -
JPM Em Mkt Eq A (dist)-GBP (1) F 35.14 - 0.18 -
JPM Em Mkt Eq A (dist)-USD (1) $ 31.82 - 0.18 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 15.14 - 0.05 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.92 - 0.03 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 8.31 - 0.00 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 10.86 - 0.00 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 6.53 - 0.00 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 10.06 - 0.01 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 14.09 - 0.07 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 105.25 - -0.72 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 90.38 - -0.62 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 103.82 - -0.71 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 13.84 - 0.17 -
JPM Latin Am Eq A (acc)-USD (1) F $ 32.80 - 0.42 -
JPM Latin Am Eq A (dist)-USD (1) $ 60.58 - 0.77 -
JPM Latin America Equity A (dist) - USD $ 43.83 - 0.56 -
JPM Russia A (acc)-USD (1) F $ 12.70 - 0.05 -
JPM Russia A (dist)-USD (1) F $ 12.33 - 0.04 -
JPM Turkey Eq A (dist)-EUR (1) 22.23 - 0.20 -
Equity Europe
JPM Euroland Eq A (acc)-EUR (1) F 10.54 - 0.12 -
JPM Euroland Eq A (dist)-EUR (1) 32.64 - 0.39 -
JPM Euroland Eq A (dist)-USD (1) $ 7.65 - 0.09 -
JPM Euroland Eq A (inc)-EUR (1) F 5.80 - 0.07 -
JPM Europe Dyn A (acc)-EUR (1) F 15.06 - 0.25 -
JPM Europe Dyn A (dist)-EUR (1) F 13.64 - 0.22 -
JPM Europe Dyn A (dist)-GBP (1) F 17.89 - 0.29 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 10.55 - 0.16 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 10.59 - 0.17 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 7.97 - 0.12 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 8.26 - 0.13 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 21.90 - 0.38 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 12.70 - 0.22 -
JPM Europe Dynamic A (dist)-EUR (1) 15.60 - 0.25 -
JPM Europe Eq A (acc)-EUR (1) F 11.51 - 0.13 -
JPM Europe Eq A (cap)-USD (1) F $ 14.45 - 0.17 -
JPM Europe Eq A (dist)-EUR (1) 35.11 - 0.41 -
JPM Europe Eq A (dist)-USD (1) $ 37.56 - 0.46 -
JPM Europe Eq Plus A (acc)-EUR (1) 10.09 - 0.13 -
JPM Europe Eq Plus A (acc)-USD (1) $ 14.43 - 0.19 -
JPM Europe Eq Plus A (dist)-EUR (1) 9.22 - 0.12 -
JPM Europe Eq Plus A (dist)-GBP (1) 7.96 - 0.10 -
JPM Europe Focus A (acc)-EUR (1) F 10.46 - 0.10 -
JPM Europe Focus A (acc)-USD (1) F $ 12.62 - 0.15 -
JPM Europe Focus A (dist)-EUR (1) F 8.76 - 0.09 -
JPM Europe Micro Cap A (acc)-EUR (1) F 12.62 - 0.17 -
JPM Europe Micro Cap A (dist)-EUR (1) F 12.33 - 0.16 -
JPM Europe Sel Eq Plus A (acc)-EUR (1) 8.42 - 0.09 -
JPM Europe Sel Eq Plus A (acc)-USD (1) $ 12.37 - 0.16 -
JPM Europe Sel Eq Plus A (dist)-EUR (1) 11.18 - 0.13 -
JPM Europe Sel Eq Plus A (dist)-GBP (1) 6.58 - 0.07 -
JPM Europe Sm Cap A (acc)-EUR (1) F 14.50 - 0.15 -
JPM Europe Sm Cap A (dist)-EUR (1) 39.67 - 0.41 -
JPM Europe Sm Cap A (dist)-EUR (1) 11.78 - 0.12 -
JPM Europe Sm Cap A (dist)-GBP (1) F 16.97 - 0.17 -
JPM Europe Strat Grth A (acc)-EUR (1) F 14.38 - 0.17 -
JPM Europe Strat Grth A (dist)-EUR (1) F 8.93 - 0.10 -
JPM Europe Strat Grth A (dist)-GBP (1) F 14.08 - 0.16 -
JPM Europe Strat Val A (acc)-EUR (1) F 10.25 - 0.12 -
JPM Europe Strat Val A (dist)-EUR (1) F 11.34 - 0.13 -
JPM Europe Strat Val A (dist)-GBP (1) F 14.95 - 0.17 -
JPM Germany Eq A (acc)-EUR (1) F 17.45 - 0.27 -
JPM Germany Eq A (dist)-EUR (1) F 8.90 - 0.13 -
JPM Germany Eq A (dist)-EUR (1) 22.13 - 0.35 -
JPM Global Div A (div) - USD (1) $ 112.84 - 1.18 2.59
JPM Global Dyn A (acc)-SGD (1) F S$ 15.10 - 0.18 -
JPM High Eur STEEP A (acc)-EUR (1) F 12.42 - 0.13 -
JPM High Eur STEEP A (acc)-USD (1) F $ 16.32 - 0.17 -
JPM High Eur STEEP A (dist)-GBP (1) F 11.10 - 0.12 -
JPM High Eur STEEP A (inc)-EUR (1) F 11.81 - 0.13 -
JPM Turkey Eq A (acc)-EUR (1) 15.98 - 0.14 -
JPM UK Eq A (acc)-GBP (1) F 13.17 - 0.15 -
JPM UK Eq A (dist)-GBP (1) 8.26 - 0.09 -
Equity Global
JPM Gbl Div A (acc)-EUR (1) F 87.46 - 0.86 -
JPM Gbl Div A (div)-EUR Hdg (1) 81.13 - 0.91 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 128.22 - 1.73 -
JPM Gbl Dyn A (acc)-EUR (1) F 7.53 - 0.09 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 5.80 - 0.08 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 12.62 - 0.17 -
JPM Gbl Dyn A (acc)-USD (1) F $ 13.19 - 0.17 -
JPM Gbl Dyn A (dist)-GBP (1) F 14.48 - 0.18 -
JPM Gbl Dyn A (dist)-USD (1) F $ 15.51 - 0.20 -
JPM Gbl Dyn A (dist)-USD (1) $ 14.27 - 0.19 -
JPM Gbl Dyn A (inc)-EUR (1) F 7.65 - 0.09 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 148.33 - 1.49 -
JPM Gbl Focus A (acc)-EUR (1) F 16.75 - 0.15 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 9.13 - 0.10 -
JPM Gbl Focus A (dist)-EUR (1) 22.43 - 0.19 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 6.68 - 0.05 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 10.03 - 0.07 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 6.08 - 0.05 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 168.91 - 2.09 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 114.62 - 1.42 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 10.55 - 0.13 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 6.28 - 0.08 -
JPM Gbl Uncstr Eq (USD) A (acc)-EUR (1) 80.27 - 0.94 -
Fund Bid Offer +/- Yield
JPM Gbl Uncstr Eq (USD) A (acc)-EUR Hdg (1) 6.61 - 0.08 -
JPM Gbl Uncstr Eq (USD) A (acc)-USD (1) $ 11.86 - 0.14 -
JPM Gbl Uncstr Eq (USD) A (dist)-EUR Hdg (1) 6.25 - 0.08 -
JPM Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 39.69 - 0.49 -
JPM Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 22.95 - 0.28 -
Equity Sector
JPM Europe Tech A (acc)-EUR (1) F 17.00 - 0.09 -
JPM Europe Tech A (dist)-EUR (1) 5.88 - 0.03 -
JPM Europe Tech A (dist)-EUR (1) F 10.93 - 0.05 -
JPM Europe Tech A (dist)-GBP (1) F 8.99 - 0.05 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 13.80 - 0.11 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 17.73 - 0.15 -
JPM Gbl Nat Resources Fd (1) F S$ 15.38 - -0.01 -
JPM Gbl Natural Res A (acc)-EUR (1) F 15.98 - 0.00 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 12.83 - 0.01 -
JPM Gbl Natural Res A (dist)-EUR (1) F 13.76 - -0.01 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 14.70 - 0.18 -
JPM Pacific Tech A (acc)-EUR (1) 13.03 - 0.14 -
JPM Pacific Tech A (acc)-USD (1) $ 16.13 - 0.18 -
JPM Pacific Tech A (dist)-GBP (1) 12.94 - 0.14 -
JPM Pacific Tech A (dist)-USD (1) $ 10.46 - 0.11 -
JPM US Tech A (acc)-EUR (1) F 104.81 - 0.95 -
JPM US Tech A (acc)-SGD (1) S$ 13.48 - 0.12 0.00
JPM US Tech A (acc)-USD (1) F $ 14.52 - 0.14 -
JPM US Tech A (dist)-GBP (1) F 1.95 - 0.02 -
JPM US Tech A (dist)-USD (1) F $ 7.34 - 0.07 -
JPM US Tech A (dist)-USD (1) $ 2.12 - 0.02 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 18.64 - -0.11 -
JPM Africa Eq A (acc)-USD (1) F $ 11.43 - -0.06 -
JPM Africa Eq A (dist)-GBP (1) F 8.18 - -0.05 -
JPM Africa Eq A (inc)-EUR (1) F 74.05 - -0.43 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 12.08 - 0.00 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 103.30 - -0.09 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 132.08 - -0.11 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 18.02 - 0.02 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.80 - 0.02 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.57 - -0.01 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.26 - -0.02 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 22.23 - 0.09 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.78 - 0.05 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 77.07 - 0.18 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.53 - 0.02 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 12.54 - 0.05 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 10.41 - 0.04 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 79.22 - -0.07 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
J.P. Morgan Private Fd Mgmt Ltd (UK)
25 Bank Street, Canary Wharf, London, E14 5JP
Authorised Inv Funds
J.P. Morgan PB Funds ICVC
Innovation 2000 B 13.06 - -0.09 0.60
Innovation 2001 B 15.80 - -0.11 0.60
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 12.07 - 0.01 1.49
Europe Convertible Bd B (Cap) 13.58 - 0.01 0.00
Global Convertible A (Dis) F $ 17.73 - -0.02 1.30
Global Convertible B (Cap) F $ 20.99 - -0.03 0.00
Global Convertible A Hdg GBP(Dis) F 11.40 - -0.01 1.22
Global Convertible B Hdg GBP (Cap) F 13.39 - -0.01 0.00
Global Convertible Hdg A (Cap) F $ 16.91 - -0.01 1.36
Global Convertible B Hdg (Dis) F $ 20.07 - -0.02 0.00
Global Convertible A Hdg EUR(Dis) F 13.98 - -0.02 1.29
Global Convertible B Hdg EUR (Cap) F 15.13 - -0.02 0.00
Global Convertible A Hdg CHF (Dis) FSFr 20.37 - -0.02 1.03
Global Convertible B Hdg CHF (Cap) FSFr 22.40 - -0.03 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 76.47 - 0.00 2.88
JB BF Absolute Ret Def-EUR/A 104.72 - 0.05 2.39
JB BF Absolute Ret Def-GBP/A 104.78 - 0.06 2.29
JB BF Absolute Ret EM-CHF SFr 102.62 - 0.06 0.00
JB BF Absolute Ret EM-EUR/A 103.62 - 0.06 2.80
JB BF Absolute Ret EM-USD/A $ 101.96 - 0.06 2.85
JB BF Absolute Ret Pl-EUR/A 104.92 - 0.12 2.96
JB BF Absolute Ret Pl-GBP/A 111.28 - 0.12 2.75
JB BF Absolute Ret Pl-USD/A $ 111.41 - 0.12 2.75
JB BF Absolute Return GBP/A 108.53 - 0.10 2.22
JB BF Absolute Return-GBP/B 126.40 - 0.13 0.00
JB BF Absolute Return-EUR/A 102.84 - 0.10 2.38
JB BF Absolute Return-USD/A $ 105.31 - 0.11 2.29
JB BF Cred Opportunities-EUR/B 158.75 - 0.12 0.00
JB BF Credit Opportunities-USD $ 111.61 - 0.08 0.00
JB BF Dollar-USD/A $ 112.26 - 0.11 3.43
JB BF EM Infl Linked-CHF/A SFr 101.00 - 0.08 7.04
JB BF EM Infl Linked-EUR/A 102.06 - 0.08 7.06
JB BF EM Infl Linked-GBP/A 101.00 - 0.07 7.02
JB BF EM Infl Linked-USD/A $ 102.78 - 0.08 7.01
JB BF Emerging-CHF/A SFr 108.29 - 0.10 -
JB BF Emerging-EUR/A 136.16 - 0.02 5.36
JB BF Emerging-USD/A $ 158.66 - 0.12 4.26
JB BF Euro Government-EUR/A 107.42 - 0.29 3.50
JB BF Euro-EUR/A 122.75 - 0.19 3.59
JB BF Global Convert-EUR/A 67.35 - 0.12 1.12
JB BF Global High Yield-EUR/A 108.03 - 0.11 6.53
JB BF Global High Yield GBP/A 102.57 - 0.09 6.54
JB BF Global High Yield-USD/A $ 118.64 - 0.13 5.91
JB BF Inflation Linked-CHF/B SFr 107.24 - 0.29 0.00
JB BF Local Emerging-CHF/A SFr 103.58 - -0.05 4.15
JB BF Local Emerging-EUR/A 104.54 - -0.05 4.08
JB BF Local Emerging-GBP/A 117.56 - -0.05 3.83
JB BF Local Emerging-USD/A $ 141.16 - -0.07 3.79
JB BF Swiss Franc-CHF/B SFr 189.26 - 0.05 0.00
JB BF Total Return-CHF SFr 105.71 - 0.01 0.00
JB BF Total Return-EUR/A 45.43 - 0.00 3.19
JB Commodity-EUR/A 70.59 - -0.05 1.43
JB Commodity-EUR/B 82.60 - -0.06 0.00
JB Commodity-USD/A $ 80.07 - -0.05 1.86
JB Commodity-USD/B $ 94.13 - -0.06 0.00
JB EF Abs Ret Europe-EUR/A 112.56 - 0.23 0.09
JB EF Abs Ret Europe-EUR/B 112.66 - 0.23 0.00
JB EF Asia-USD/A $ 122.67 - 0.02 1.18
JB EF Biotech-USD/A $ 153.15 - 0.46 0.07
JB EF Black Sea-EUR/A 32.14 - 0.31 3.61
JB EF Black Sea-USD/A $ 31.39 - 0.22 3.69
JB EF Central Europe-EUR/A 203.45 - 1.32 2.05
JB EF Chindonesia-USD/A $ 97.15 - -0.10 0.15
JB EF Chindonesia-USD/B $ 97.41 - -0.10 0.00
JB EF Energy Transition-EUR/B 124.95 - 0.87 0.00
JB EF Energy Transition-USD/B $ 128.71 - 0.55 0.00
JB EF Euro Large Cap-EUR 109.88 - 0.91 0.00
JB EF Euroland Value-EUR/A 108.49 - 0.38 2.59
JB EF Europe Sel.Fd-EUR/A 60.15 - 0.11 2.00
JB EF Europe S&Mid Cap-EUR/A 127.56 - 1.01 0.91
JB EF Europe-EUR/A 178.87 - 1.43 1.72
JB EF Global-EUR/A 68.71 - 0.55 2.05
JB EF German Value-EUR/A 170.92 - 1.39 2.39
JB EF Gl Emerging Mkts-EUR/A 74.73 - 0.68 1.62
JB EF Health Opport - USD/A $ 134.74 - 0.54 0.11
JB EF Health Opport-USD/B $ 134.96 - 0.54 0.00
JB EF Japan-JPY/A 9424.00 - 78.00 1.55
JB EF Luxury Brands-EUR/A 181.32 - 2.48 0.25
JB EF Luxury Brands-USD/A $ 160.43 - 1.76 0.22
JB EF Luxury Brands-GBP/B 117.26 - 0.94 0.00
JB EF Special Val. EUR/A 104.16 - 0.59 1.51
Fund Bid Offer +/- Yield
JB EF Swiss S&Mid Cap-CHF/B SFr 430.37 - 3.91 0.00
JB EF US Leading-USD/A $ 297.34 - -0.81 0.23
JB EF US Value-USD/A $ 130.22 - -0.06 0.31
JB Ms Africa Opp.-EUR/B 87.13 - -0.46 0.00
JB Ms Global Sel. EUR/B 104.25 - 0.88 0.00
JB Strategy Balanced-CHF/B SFr 137.19 - 0.60 0.00
JB Strategy Balanced-EUR 136.48 - 0.52 0.00
JB Strategy Balanced-USD/B $ 118.76 - 0.23 0.00
JB Strategy Inc-CHF/B SFr 115.28 - 0.36 0.00
JB Strategy Inc-EUR/B 147.01 - 0.39 0.00
JB Strategy Inc-USD/B $ 139.09 - 0.19 0.00
JB Strategy Growth-CHF/B SFr 83.72 - 0.52 0.00
JB Strategy Growth-EUR 98.99 - 0.57 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E1 (Est) 1685.45 - -3.71 0.00
Kairos Multi Strategy E2 (Est) 1257.12 - -2.90 0.00
Kairos Multi Strategy E3 (Est) 1218.24 - -2.94 0.00
Kairos Multi Strategy D1 (Est) $ 1807.23 - -4.30 0.00
Kairos Multi Strategy D2 (Est) $ 1326.37 - -3.29 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.31 - 0.00 1.85
Ethical Cautious Managed A Inc 1.14 - 0.00 1.88
Ethical Corporate Bond A Acc 1.77 - 0.01 3.45
Ethical Corporate Bond A Inc 1.08 - 0.00 3.45
Ethical Equity A Acc 1.29 - 0.00 1.51
High Yield Bond A Acc 1.07 - 0.00 5.02
High Yield Bond A Inc 0.55 - 0.00 5.02
Inflation Linked A Acc 1.25 - 0.01 -
Investment Grade Bond A Acc 1.41 - 0.00 3.44
Investment Grade Bond A Inc 1.10 - 0.00 3.44
Sterling Corporate Bond A Acc 0.63 - 0.00 3.74
Sterling Corporate Bond A Inc 0.30 - 0.00 3.73
Strategic Assets A Acc 0.99 - 0.00 1.01
Strategic Bond A Acc 1.71 - 0.00 2.48
Strategic Bond A Inc 1.18 - 0.00 2.48
UK Equity Absolute Return A Acc 1.08 - 0.00 -
UK Equity A Acc 1.94 - -0.01 1.51
UK Equity Income A Acc 1.66 - 0.00 3.78
UK Equity Income A Inc 1.45 - 0.00 3.88
UK Opportunities A Acc 1.32 - 0.00 1.03
UK Smaller Companies A Acc 1.91 - 0.00 0.36
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.39 - 0.00 -
High Yield Global Bond A GBP Inc 5.29 - 0.00 4.93
High Yield Global Bond B GBP Inc 11.00 - 0.01 5.45
Investment Grade Global Bd A GBP Inc 5.44 - 0.01 2.30
Strategic Global Bond A GBP Inc 10.75 - 0.00 1.57
Strategic Global Bond B GBP Inc 6.09 - 0.00 2.09
Key Asset Management
Other International Funds
Key Hedge $ 420.84 - 0.82 0.00
Key Europe Inc 182.11 - 0.36 0.00
Key Recovery $ 174.89 - 0.26 0.00
Key Global Inc $ 582.45 - 2.92 0.00
Kleinwort Benson Bank (UK)
14 St. George Street, Mayfair, London W1S1FE
Dealing: 08459 220044, Enquiries: 0845 3002110
Authorised Inv Funds
Unit Trust Manager/ACD - Capita Financial Manager
Capital Growth A Acc 158.43 - 0.15 1.08
Capital Growth A Inc 154.76 - 0.15 1.09
Capital Growth B Acc 156.23 - 0.15 0.48
Capital Growth B Inc 153.84 - 0.15 0.47
Capital Growth C Acc 160.67 - 0.15 1.52
Capital Growth C Inc 155.27 - 0.15 1.52
The Newgate Trust Inc 173.28 188.20 1.47 1.51
The Newgate Trust Acc 196.09 212.97 1.66 1.51
Enterprise Equity Income Inc 100.16 - 0.76 4.01
Enterprise Equity Income Acc 133.79 - 1.02 3.91
Endeavour Multi-Asset Balanced Fund A Acc 125.05 - 0.20 1.00
Endeavour Multi-Asset Balanced Fund A Inc 120.42 - 0.19 1.00
Endeavour Multi-Asset Balanced Fund B Acc 119.89 - 0.19 1.00
Endeavour Multi-Asset Conservative Fund A Acc 114.63 - 0.20 0.83
Endeavour Multi-Asset Conservative Fund A Inc 104.15 - 0.18 0.84
Enterprise Fixed Income Net Acc A 116.71 - 0.08 2.36
Enterprise Fixed Income Net Inc A 111.04 - 0.07 2.36
Kleinwort Benson (CI) Fund Services Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.07 - 0.00 -
EUR Currency B EUR Accumulating Non-Rpt 1.00 - 0.00 -
EUR Fixed Income B EUR Income Rpt 1.00 - 0.01 -
GBP Currency B GBP Accumulating Non-Rpt 1.00 - 0.00 -
International Bond B GBP Accumulating Non-Rpt 1.00 - 0.02 -
International Equity B GBP Accumulating Non-Rpt 1.13 - 0.00 -
Multi Asset Balanced A GBP Income Rpt 1.37 - 0.00 0.00
Multi Asset Balanced A GBP Reinvest Rpt 1.37 - 0.00 0.00
Multi Asset Balanced B GBP Income Rpt 1.32 - 0.00 0.00
Multi Asset Balanced B EUR Accumulating Non-Rpt 1.05 - 0.00 -
Multi Asset Balanced B GBP Accumulating Non-Rpt 1.06 - 0.00 -
Multi Asset Balanced B USD Accumulating Non-Rpt $ 1.05 - 0.00 -
Multi Asset Balanced C GBP Income Ppt 1.40 - 0.00 0.00
Multi Asset Conservative A GBP Income Rpt 1.07 - 0.01 0.00
Multi Asset Conservative A GBP Reinvest Rpt 1.07 - 0.01 1.58
Multi Asset Conservative B EUR Accumulating Non-Rpt 1.02 - 0.00 -
Multi Asset Conservative B GBP Accumulating Non-Rpt 1.03 - 0.00 -
Multi Asset Conservative B GBP Income Rpt 1.05 - 0.00 1.62
Multi Asset Conservative B USD Accumulating Non-Rpt $ 1.02 - 0.00 -
Multi Asset Conservative C GBP Income Rpt 1.07 - 0.00 0.00
Multi Asset Growth A GBP Reinvest Rpt 1.17 - -0.01 0.00
Multi Asset Growth A GBP Income Rpt 1.17 - -0.01 0.00
Multi Asset Growth B EUR Accumulating Non-Rpt 1.07 - -0.01 -
Multi Asset Growth B GBP Accumulating Non-Rpt 1.08 - 0.00 -
Multi Asset Growth B GBP Income Rpt 1.08 - 0.00 -
Multi Asset Growth B USD Accumulating Non-Rpt $ 1.08 - 0.00 -
Sterling Fixed Income A GBP Income Rpt 11.43 - 0.19 3.42
Sterling Fixed Income B GBP Income Rpt 0.99 - 0.02 -
USD Currency B USD Accumulating Non-Rpt $ 1.00 - 0.00 -
Lazard Fund Managers Ltd (1200)F (UK)
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 96.85 - 0.59 0.41
Developing Markets Inc 96.12 - 0.58 0.44
Emerging Markets Acc 285.72 - 2.85 1.52
Emg Mkts Inc 260.58 - 2.60 1.54
European Alpha Acc 534.35 - -0.51 1.43
European Alpha Inc 502.36 - -0.48 1.42
European Smaller Cos Acc 291.78 - -0.34 0.83
Global Equity Income Acc 128.49 - 0.66 4.38
Global Equity Income Inc 99.42 - 0.51 4.51
Managed Bal Inc 124.34 - 0.34 2.20
UK Alpha Acc 169.95 - -1.02 1.96
UK Alpha Inc 153.96 - -0.92 2.01
UK Income Acc 952.97 - -0.14 4.23
UK Income Inc 524.79 - -0.08 4.32
UK Omega Acc 166.10 - -0.80 0.15
UK Omega Inc 158.31 - -0.76 0.75
Fund Bid Offer +/- Yield
UK Smaller Cos Inc 1312.58 - 1.86 1.04
Lazard Investment Funds (OEIC) Institutional Share Class
Sterling Corporate Bond 82.01 - -0.18 5.09
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 216.36 - 1.34 0.58
BMF Emerging Markets Eq Pr dis(A) $ 89.44 - 0.16 0.75
BFM European Equity A dis(A) 124.00 - 0.88 1.73
BFM Intl Large Cap A dis(A) $ 69.72 - 0.09 1.58
BW Global Opp.Fixed Inc A dis (M) $ 120.39 - -0.22 2.29
CBA US Aggressive Growth A dis(A) $ 117.11 - -0.31 0.00
CBA US Appreciation A dis(A) $ 117.55 - -0.12 0.00
CBA US Fundamental Value A dis(A) $ 98.26 - 0.06 0.00
CBA US Large Cap Growth A dis(A) $ 123.19 - 0.07 0.00
LM Batterymarch Gbl Equity Fd $ 109.94 - 0.13 0.24
GC Global Equity A dis(A) $ 95.40 - -0.18 0.19
LM CM Growth A dis(A) $ 89.37 - -0.02 0.00
LM CM Opportunity A dis(A) $ 215.35 - -2.23 0.00
LM CM Value A dis(A) $ 124.52 - -0.34 0.00
LM Permal Gl Absolute A dis(A) $ 103.32 - 0.13 0.00
LMHK China Fund A dis $ 99.91 - 1.29 0.39
PCM US Equity A cap $ 107.08 - 0.15 -
Royce Europ. Smaller Companies A acc 134.88 - 0.45 0.79
Royce Global Smaller Companies A dis $ 124.64 - 0.01 0.00
Royce Smaller Companies A dis(A) $ 198.39 - 0.83 0.00
Royce US Small Cap Opp A dis(A) $ 345.69 - 0.15 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 136.02 - -0.30 1.11
WA Asian Opportunities A dis(D) $ 125.74 - -0.07 2.37
WA Brazil Equity A dis(A) $ 78.97 - 0.30 2.61
WA Div Strategic Income A dis(D) $ 94.75 - 0.01 2.75
WA Emerging Markets Bd A dis(D) $ 127.16 - 0.11 4.01
WA Euro Core Plus Bd A dis(D) 94.51 - 0.09 1.24
WA Euro High Yield A dis (D) 101.28 - 0.15 7.14
WA Gl Blue Chip Bd A dis(M) $ 109.41 - 0.05 1.80
WA Gl Core Plus Bd A dis(D) $ 109.68 - 0.11 1.62
WA Gl Credit Abs Ret Fd A dis $ 104.43 - 0.23 0.13
WA Gl Credit Cl.A dis (D) $ 107.75 - 0.07 2.07
WA Global High Yield A dis(D) $ 88.67 - 0.08 5.72
WA Global Inf-Linked A dis(D) $ 109.38 - 0.28 2.57
WA Gl Multi Strategy A dis(D) $ 127.26 - -0.09 3.12
WA Inflation Mgmt A dis(A) $ 120.09 - 0.21 1.44
WA UK Core Plus Bond A dis (D) 109.05 - -0.04 1.91
WA UK Infl-Linked Plus A dis (D) 121.60 - 0.71 1.11
WA UK Long Duration A dis (D) 111.87 - -0.07 2.19
WA US Adjustable Rate A cap $ 100.51 - 0.00 0.00
WA US Core Bond A dis(D) $ 100.41 - 0.09 1.52
WA US Core Plus Bond A dis(D) $ 111.90 - 0.11 1.74
WA US High Yield A dis(D) $ 87.70 - 0.10 5.73
WA US Short Term Govt A dis(D) $ 100.88 - 0.02 0.94
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 311.51 - 1.92 0.00
LM Eurold Eq.A Euro Cap 105.14 - 0.90 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.95 - 0.01 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 132.45 - 0.67 0.00
LM M-Man.Bal A Cap USD $ 126.26 - 0.24 0.00
LM M-Man Cons A Cap Euro 127.63 - 0.55 0.00
LM M-Man Cons A Cap USD $ 128.89 - 0.18 0.00
LM M-Man Perf A Cap Euro 135.79 - 0.80 0.00
LM M-Man Perf A Cap USD $ 126.47 - 0.31 0.00
Legg Mason UK Funds (1200)F (UK)
PO Box 10649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 0013
www.leggmason.co.uk
Authorised Inv Funds
Equity Funds
Asia Pacific A Acc 249.30 - 3.00 0.55
Cont. European Eq. A Acc 218.40 - 0.20 1.63
Global Eq. Income A Acc 134.00 - 0.00 3.91
Global Eq. Income A Inc 111.60 - -0.80 3.99
Income Optimiser Fd A Inc 112.70 - -1.50 5.61
Japan Equity A Acc 194.90 - 4.90 0.00
UK Equity A Acc 240.50 - 0.10 2.10
US Equity A Acc 119.20 - 0.90 0.00
US Equity Income A Inc 125.30 - 0.60 2.78
US Smaller Comp. A Acc 224.90 - 3.20 0.00
US Smaller Comp. A Acc (Hdg) 104.70 - 0.40 0.00
Fixed Income Funds
Glob.Blue Chip Bd A Inc 90.60 - -0.13 2.87
Glob.Multi Strategy Bd A Inc 103.80 - -0.20 4.49
Leumi Global Managers Fund (LUX)
Regulated
LGM Equity USD $ 134.25 - 0.60 0.00
LGM Equity EUR 123.67 - 0.43 0.00
LGM Equity P USD $ 94.18 - 0.43 0.00
LGM Conservative 80/20 USD $ 147.82 - 0.26 0.00
LGM Conservative 80/20 Euro 139.46 - 0.35 0.00
LGM Conservative 80/20 Global $ 146.49 - 0.09 0.00
LGM Dynamic Equity Sub-Fund $ 139.10 - 1.04 0.00
LGM Dynamic Fixed Income $ 188.22 - 0.13 0.00
LGM European Equity 81.37 - 0.68 0.00
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 (Est) $ 1755.84 - 9.08 -
Class B1 (Est) 1701.10 - 8.36 0.00
Class C1 (Est) 1777.49 - 9.75 -
Class D1 (Est) 119292.87 - 624.62 0.00
Class E1 (Est) SFr 1575.49 - 8.63 0.00
Class F1 (Est) SKr 965.79 - 5.64 0.00
Liongate Commodities Fund
Class A (Est) $ 1057.43 - -2.18 -
Class B (Est) 1020.91 - -2.34 0.00
Class C (Est) 986.37 - -1.98 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 62.40 - - 0.00
LG Asian Plus Ltd $ 61.36 - -0.16 0.00
LG Asian Smaller Cos $ 119.57 - 0.05 0.00
LG India Fd Ltd $ 55.34 - 0.14 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.2600 - 0.0300 2.76
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.9870 - 0.0060 0.75
Euro High Income 1.6630 - 0.0040 4.21
European 7.4870 - 0.0400 0.77
High Income 0.8857 - -0.0002 5.33
International 3.9280 - 0.0310 0.02
North American 12.9100 - 0.0700 0.00
Sterling Bond 1.4630 - 0.0070 3.70
UK 6.7720 - 0.0100 1.45
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.2650 - 0.0020 2.59
Monthly Share 1.2170 - -0.0010 2.59
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 168.2930 - 0.0090 1.80
Euro 52.9370 - 0.0000 -0.37
New Zealand Dollar NZ$ 202.2290 - 0.0070 1.37
Sterling Class 52.4220 - 0.0000 0.08
US Dollar Class $ 60.8000 - 0.0000 -0.18
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0910 - 0.0030 2.89
Growth Strategy 1.3730 - 0.0050 1.37
Fund Bid Offer +/- Yield
Aggressive Strategy 1.5290 - 0.0050 0.38
Global USD Growth Strategy $ 1.1500 - 0.0050 0.00
Dealing Daily
Lloyds TSB Bank plc Luxembourg (LUX)
40, av. Monterey, L-2163 Luxembourg 00 352 4022121
FSA Recognised
Lloyds TSB International Portfolio
LIP Asia Multi-Asset Dyn.Strat. $ 176.93 - 0.74 0.00
LIP Asia Multi-Asset Dyn.Strat.Inc $ 107.26 - 0.45 0.00
LIP GBP Bond 415.98 - 0.21 0.00
LIP USD Bond $ 319.02 - 0.12 0.00
LIP EUR Bond 339.98 - 0.89 0.00
LIP Euro Equity F 250.07 - 1.88 0.00
LIP Eastern Europe & Frontier Equity 174.86 - 0.65 0.00
LIP Global Alt.Fd GBP Inc F 94.80 - 0.06 0.00
LIP Global Alt.Fd USD Acc F $ 94.39 - 0.02 0.00
LIP G.M.A Cons.Strat.Fd Acc F 106.95 - 0.15 0.00
LIP G.M.A Cons.Strat.Fd Inc F 104.54 - 0.15 0.00
LIP G.M.A Cons.Strat.Fd Q Inc 100.84 - 0.15 -
LIP G.M.A Dyn.Strat.Fd Acc F 118.20 - 0.63 0.00
LIP G.M.A Dyn.Strat.Fd Inc F 119.66 - 0.64 0.00
LIP G.M.A Dyn.Strat.Fd Q Inc 101.71 - 0.55 -
LIP G.M.A Moder.Strat.Fd Acc F 112.32 - 0.39 0.00
LIP G.M.A Moder.Strat.Fd Inc 110.09 112.29 0.38 0.00
LIP G.M.A Moder.Strat.Fd Q Inc 101.42 - 0.35 -
LIP Lat Amer Eq $ 402.45 - 2.89 0.00
LIP North Amer Eq $ 267.04 - -0.48 0.00
LIP Swiss Eq SFr 169.38 - 0.86 0.00
LIP UK Equity 227.67 - 1.30 0.00
LIP World Equity $ 267.34 - 1.23 0.00
Lloyds TSB International Liquidity (LUX)
Regulated
LIL (Euro) 207.84 - 0.00 0.00
LIL (Sterling) 333.14 - 0.02 0.00
LIL (Swiss Franc) SFr 159.36 - 0.04 0.00
LIL (US Dollar) $ 226.17 - 0.00 0.00
Lloyds TSB Global Multifund Allocation
Regulated
LGMA - (Euro) Conservative 121.88 - 0.56 0.00
LGMA - (US Dollar) Conservative $ 128.10 - 0.27 0.00
LGMA - (Euro) Very Dynamic 118.71 - 1.38 0.00
LGMA - (US Dollar) Very Dynamic $ 121.54 - 0.83 0.00
LGMA - (Euro) Moderate 120.01 - 0.95 0.00
LGMA - (US Dollar) Moderate $ 132.19 - 0.53 0.00
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.22 - 0.01 0.00
1798 Europe Eq. L/S EUR C A 10.32 - 0.01 0.00
1798 Europe Eq. L/S USD C A $ 10.28 - 0.01 0.00
All Roads (CHF) PA SFr 16.93 - 0.04 -
All Roads (USD) PA $ 10.61 - 0.02 -
All Roads (GBP) PA 10.77 - 0.02 0.00
All Roads (EUR) PA 10.78 - 0.02 0.00
Alpha Japan (EUR) P A F 7.67 - 0.17 0.00
Alpha Japan (CHF) P A F SFr 9.69 - 0.21 0.00
Alpha Japan (JPY) P A F 892.00 - 20.00 0.00
Alpha Japan (USD) P A F $ 10.99 - 0.24 0.00
Alternative Beta P A F SFr 115.28 - -0.14 0.00
Alternative Beta P A F 76.99 - -0.09 0.00
Alternative Beta P A F $ 114.60 - -0.12 0.00
Commodities (CHF) P A SFr 8.11 - -0.03 0.00
Commodities (EUR) P A 8.14 - -0.03 0.00
Commodities (USD) P A $ 8.29 - -0.03 0.00
Convertible Bd P A 14.93 - 0.04 0.00
Convertible Bd Asia P A F SFr 13.61 - 0.05 0.00
Convertible Bd Asia P A F 14.39 - 0.05 0.00
Convertible Bd Asia P A F $ 14.40 - 0.05 0.00
Emerging Consumer (CHF) P A SFr 12.53 - 0.00 0.00
Emerging Consumer (EUR) P A 12.61 - 0.03 0.00
Emerging Consumer (USD) P A $ 12.56 - -0.02 0.00
Emerging Eq.Risk Par.(EUR) 8.81 - 0.10 0.00
Emerging Eq. Risk Par.(USD) $ 8.05 - 0.07 0.00
Emerging Loc.Cur.&Bds DH (CHF) P ASFr 9.73 - 0.01 0.00
Emerging Mkt.Bd.Fdt PA $ 23.71 - -0.02 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 10.77 - 0.03 0.00
Emerg.Loc.Cur.Bd.Fdt PA 12.71 - 0.03 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 11.55 - -0.01 0.00
Euro BBB-BB Fdt PA SFr 14.54 - 0.01 0.00
Euro BBB-BB Fdt PA 11.35 - 0.01 0.00
Euro BBB-BB Fdt PA 9.95 - 0.01 0.00
Euro BBB-BB Fdt PA $ 16.11 - 0.01 0.00
Euro Credit Bd PA F 11.92 - 0.02 0.00
Euro Government Fdt P A 11.25 - 0.01 0.00
Euro Inflation-Lk Fdt PA 11.67 - 0.03 0.00
Euro Resp.Corp. Fdt PA 17.09 - 0.01 0.00
Europe High Conviction PA 8.20 - 0.05 0.00
Eurozone Small&Mid Caps F 38.19 - 0.12 0.00
Gbl.BBB-BB Fdmt PA 9.96 - 0.02 -
Gbl.Gov.Fdt SH (EUR) P A 9.90 - 0.00 -
Gbl.Gvt.Fdmt PA 9.89 - 0.02 -
Gbl.5B Fdmt (CHF) P A SFr 9.94 - 0.03 -
Gbl.5B Fdmt SH (USD) P A $ 10.15 - 0.01 -
Generation Global (CHF) P A F SFr 9.63 - 0.08 0.00
Generation Global (EUR) P A F 13.02 - 0.10 0.00
Generation Global (USD) P A F $ 11.58 - 0.05 0.00
Global Energy (USD) P A F $ 10.22 - 0.01 0.00
Golden Age (CHF) P A F SFr 16.12 - 0.14 0.00
Golden Age (EUR) P A 10.91 - 0.10 0.00
Golden Age (USD) P A F $ 15.13 - 0.13 0.00
Government Bd (USD) P A $ 20.25 - 0.01 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.99 - 0.00 0.00
Japan Small & Mid Caps P A 2103.00 - 36.00 0.00
Sh.T- Money Mkt EUR P A 112.33 - 0.00 0.00
Sh.T- Money Mkt GBP P A 10.23 - 0.00 0.00
Sh.T- Money Mkt USD P A $ 10.29 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 10.95 - 0.00 0.00
Sands US Growth (USD) PA $ 11.93 - -0.01 0.00
Selective Gbl P A 157.82 - 0.17 0.00
Tactical Alpha (CHF)P A SFr 10.27 - 0.04 0.00
Tactical Alpha (EUR)P A 10.46 - 0.04 0.00
Tactical Alpha (USD)P A $ 14.97 - 0.06 0.00
Technology P A 10.23 - 0.02 0.00
Technology P A $ 15.75 - 0.01 0.00
Total Return Bond (EUR) P A 12.40 - 0.02 0.00
Total Return Bond (USD) P A $ 18.16 - 0.02 0.00
Vital Food Syst.Hdg PA SFr 10.80 - 0.09 -
Vital Food Syst.Hdg PA 10.79 - 0.09 -
Vital Food Syst.Hdg PA $ 10.92 - 0.09 -
William Blair Gbl Gth P A F $ 10.87 - 0.08 0.00
William Blair Gbl Gth P A F 11.14 - 0.11 0.00
Wld Gold Expertise P A F SFr 21.50 - -0.32 0.00
Wld Gold Expertise P A 16.80 - -0.25 0.00
Wld Gold Expertise P A $ 21.68 - -0.33 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 109.89 - 0.09 0.00
Conservative (EUR) P A F 105.31 - 0.00 0.00
LO Selection
Balanced (CHF) P A F SFr 102.64 - 0.11 0.00
Balanced (EUR) P A F 111.24 - 0.09 0.00
Conservative (CHF) P A F SFr 101.17 - 0.03 0.00
Conservative (EUR) P A F 106.35 - 0.01 0.00
Conservative (USD) P A F $ 102.11 - -0.02 0.00
Global Allocation (GBP) P A F 9.19 - 0.02 0.00
Growth (CHF) P A F SFr 104.48 - 0.23 0.00
Growth (EUR) P A F 115.52 - 0.22 0.00
Lothbury Property Trust (UK)
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Lothbury Property Trust GBP 1396.77 - 0.91 3.45
Fund Bid Offer +/- Yield
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
Charifund Inc (z) 1278.14 1278.14 0.03 4.85
Charifund Acc (z) 15472.03 15472.03 0.39 4.69
M&G Corporate Bond A Acc 56.63 - 0.25 3.42
M&G Corporate Bond A Inc 38.21 - 0.17 3.42
M&G Dividend A Inc 58.83 - 0.17 3.94
M&G Dividend A Acc 525.69 - 1.54 3.86
M&G Episode Growth X Inc 47.56 - 0.17 2.11
M&G Episode Income A Acc 122.29 - 0.51 3.64
M&G Episode Income A Inc 112.33 - 0.13 3.73
M&G Extra Income A Inc 685.53 - -4.81 4.45
M&G Extra Income A Acc 5004.83 - 6.03 4.29
M&G Global Basics A Inc 696.57 - 3.23 0.26
M&G Global Basics A Acc 1043.09 - 4.84 0.26
M&G Global Dividend Fund A Acc 182.37 - 1.29 3.04
M&G Global Dividend Fund A Inc 157.16 - 1.10 3.11
M&G Glbl Emrgng Mkts A Acc 236.39 - 1.05 0.48
M&G Glbl Emrgng Mkts A Inc 231.97 - 1.03 0.48
M&G High Yield Corp Bond X Inc 50.38 - -0.22 5.88
M&G High Yield Corp Bond X Acc 107.43 - -0.04 5.88
M&G Managed Growth X Inc 81.48 - 0.36 0.22
M&G Optimal Income A Inc 137.03 - 0.32 3.01
M&G Optimal Income A Acc 171.21 - 0.40 3.01
M&G Recovery GBP A Inc 125.73 - -0.40 1.09
M&G Recovery GBP A Acc 276.54 - -0.88 1.08
M&G Strategic Corp Bond A Inc 70.40 - -0.12 3.20
M&G Strategic Corp Bond A Acc 95.35 - 0.37 3.20
M&G Global Leaders GBP A Inc 177.00 - 0.84 1.61
M&G Global Leaders GBP A Acc 401.29 - 4.30 1.58
M&G UK Inflation Lnkd Corp Bnd A Acc 111.95 - 0.09 1.45
M&G UK Inflation Lnkd Corp Bnd A Inc 110.40 - 0.09 1.45
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
Charibond (z) 129.80 - 0.60 5.01
(Accum Units) 3333.80 - 14.20 5.01
NAACIF (z) 70.50 - 0.25 4.57
(Accum Units) 5574.50 - 12.00 4.39
M&G Property Portfolio A Acc 104.49 109.98 -0.14 2.85
Property Portfolio A 104.49 109.98 -0.14 2.89
Property Portfolio X 104.50 104.50 0.01 2.87
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 129.03 134.40 2.11 0.00
Corporate Bond 1272.25 1311.60 5.66 3.41
Global Basics 2566.38 2673.31 11.88 0.12
Global Leaders 3093.20 3222.09 32.62 1.47
High Yield Corporate Bond 995.88 1026.68 0.42 5.94
Episode Macro Fund 9559.28 9957.58 -11.65 0.00
Optimal Income Fund 135.79 141.45 0.32 3.00
Recovery Fund Limited 'A' Participating Shares 10855.36 11307.67 -34.56 0.85
Recovery Fund Limited 'I' Participating Shares 10884.26 11337.77 -33.72 1.56
Strategic Corporate Bond Fund 128.65 134.01 0.67 3.20
UK Growth 1318.03 1372.95 -3.52 1.43
UK Select Fund 1017.96 1060.38 -3.73 1.32
Other International Funds
M&G Property Fund - Retail 635.60 669.10 0.00 4.08
M&G Property Fund A Inc 635.60 635.60 0.00 4.62
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 17.58 - 0.13 0.00
Asia ex-Japan A1 $ 24.39 - 0.10 0.00
China Equity Fd A1 $ 9.65 - 0.10 0.00
Continental European Eqty A1 13.03 - 0.08 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 15.13 - -0.05 0.00
Emerging Markets Debt A1 $ 33.68 - 0.05 0.00
Emerging Markets Eq.A1 $ 13.38 - 0.01 0.00
European Concentrated A1 13.58 - 0.09 0.00
European Core Eq A1 22.70 - 0.22 0.00
European Res.A1 23.20 - 0.20 0.00
European Smaller Companies A1 32.62 - 0.29 0.00
European Value A1 24.61 - 0.19 0.00
Global Bond A1 $ 11.50 - -0.03 0.00
Global Conc.A1 $ 28.62 - 0.04 0.00
Global Energy Fund A1 $ 15.11 - 0.00 0.00
Global Equity A1 $ 37.31 - 0.07 0.00
Global Equity A1 18.14 - 0.16 0.00
Global Multi-Asset A1 $ 15.64 - 0.03 0.00
Global Res.A1 $ 21.87 - 0.04 0.00
Global Total Return A1 13.32 - 0.08 0.00
High Yield A1 $ 23.75 - 0.03 0.00
High Yield Fund A1 13.22 - 0.10 0.00
Inflation-Adjusted Bond A1 $ 15.20 - 0.02 0.00
Japan Equity A1 $ 8.47 - 0.04 0.00
Latin American Equity Fd A1 $ 22.81 - 0.08 0.00
Limited Maturity A1 $ 14.04 - 0.00 0.00
Prudent Wealth Fd A1 $ 12.51 - -0.01 0.00
Research Bond A1 $ 16.01 - 0.01 0.00
UK Equity A1 7.31 - 0.04 0.00
US Conc.Growth A1 $ 11.89 - -0.01 0.00
US Government Bond A1 $ 16.80 - 0.02 0.00
Value A1 $ 16.59 - -0.01 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1815.48 1822.36 34.80 0.00
Japanese Equity Fd Cl A Initial Ser 212741.00 213980.00 15742.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 981.95 984.89 42.71 0.00
Pacific Basin Fd Cl A Initial Ser $ 2530.07 2559.81 78.84 0.00
UK Equity Fd Cl A Series 01 1691.21 1708.58 79.63 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1516.27 - 20.51 0.00
Diversified Absolute Return Stlg Cell AF2 1529.50 - 20.69 0.00
Majedie Asset Management (UK)
PO Box 23543, Edinburgh, EH7 5YZ 0844 892 0974
Authorised Inv Funds
UK Equity A 372.65 - -2.36 2.80
UK Equity X Acc 113.58 - -0.72 -
UK Focus A 417.76 - -1.33 1.40
UK Focus X Acc 114.73 - -0.37 -
UK Income A 126.89 - -0.31 4.17
UK Income X Inc 114.56 - -0.27 -
Special Situation A 219.52 - 2.54 0.86
Tortoise Fund A 184.17 - -0.10 -
Man Investments
Other International Funds
Man AHL Diversified Plc $ 92.66 - -1.42 0.00
Manek Investment Mgmt Ltd (1000)F (UK)
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Authorised Inv Funds
Growth Fd Acc 67.81 71.89 0.59 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 166.57 - 7.48 0.00
B Shares USD Nav (Final) $ 166.57 - 7.48 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 21.48 - -0.23 0.00
Asia Total Return Fund (Class AA) F $ 1.03 - 0.00 2.85
Asia Value Dividend Equity Fund AA F $ 1.48 - 0.00 0.95
American Growth Fund AA F $ 1.23 - -0.01 0.00
Asian Equity Fund A $ 2.94 - 0.00 0.34
Asian Equity Fund AA F $ 0.95 - 0.00 0.36
Asian Small Cap Equity Fund AA F $ 2.05 - 0.00 0.49
China Value Fund A $ 7.68 - -0.01 0.68
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
MARCH 2 2013 Section:Stats Time: 1/3/2013 - 19:57 User: watsonl Page Name: UT3EUR, Part,Page,Edition: EUR, 19, 1
20
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Fund Bid Offer +/- Yield
China Value Fund AA F $ 2.41 - 0.00 0.45
Dragon Growth Fund A $ 1.64 - 0.00 1.31
Dragon Growth Fund AA F HK$ 7.98 - -0.02 0.97
Emerging Eastern Europe Fund AA F $ 2.01 - -0.03 1.37
Emerging Eastern Europe Fund A $ 4.68 - -0.06 1.67
Emerging Markets Infrastructure Fund Class AA $ 1.03 - 0.00 0.34
European Growth Fund A $ 9.56 - -0.18 0.86
European Growth Fund AA F $ 0.69 - -0.01 0.53
Global Contrarian Fund AA F $ 0.87 - -0.01 0.00
Global Property Fund AA F $ 0.95 - 0.00 0.59
Global Resources Fund AA F $ 1.00 - -0.01 0.00
Healthcare Fund AA F $ 1.28 - -0.01 0.00
India Equity Fund AA F $ 1.02 - -0.01 0.00
International Growth Fund A $ 3.62 - -0.03 0.03
International Growth Fund AA F $ 0.83 - -0.01 0.00
Japanese Growth Fund A $ 2.86 - 0.01 0.17
Japanese Growth Fund AA F $ 0.73 - 0.00 0.00
Latin America Equity Fund AA F $ 1.26 - 0.00 0.94
Russia Equity Fund AA F $ 0.64 - -0.01 0.58
Strategic Income AA F $ 1.15 - 0.00 3.37
Taiwan Equity Fund AA F $ 1.35 - 0.01 0.33
Turkey Equity Fund AA F $ 1.08 - 0.00 0.00
US Bond Fund AA F $ 1.27 - 0.00 2.38
U.S. Special Opportunities Fund AA F $ 0.95 - 0.00 4.60
US Small Cap Equity Fund AA F $ 0.95 - -0.01 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.38 - 0.00 0.79
Marlborough Fd Managers Ltd (1200)F (UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
Balanced 141.50 149.90 0.62 0.00
Bond Income 49.59 52.48 -0.54 4.83
Cash 50.31 - 0.01 1.61
Cautious Inc 77.52 81.58 0.54 1.42
Defensive A Inc 120.57 - -0.42 1.52
Emerging Markets 280.24 - 1.83 1.76
ETF Global Growth A 135.65 - 0.80 0.28
ETF Commodity A 116.16 - 0.07 0.00
European 223.23 - 0.65 0.58
Extra Income 72.65 76.88 0.06 4.81
Far East Growth A Inc 182.18 - 1.70 1.01
Global 150.60 158.52 1.65 0.00
Global Bond Inc 144.11 152.50 1.15 4.47
High Yield Fixed Interest 76.71 81.39 0.08 9.04
Multi Cap Income A Inc 117.31 - 0.29 4.03
North American 245.40 - 2.57 0.38
Special Situations A Acc 785.27 830.97 1.02 0.64
UK Income and Growth 69.48 - -0.13 3.02
UK Leading Companies A Inc 182.88 193.52 -0.04 0.88
UK Micro Cap Growth A 321.22 339.92 -0.33 0.00
UK Primary Opportunities A Inc 288.18 - -1.18 1.68
MFM - Third Party Funds
MFM Artorius Fund 104.28 - -0.54 0.05
MFM Bowland 111.95 121.03 -0.22 0.27
MFM CFS Balanced Opps A Inc 87.85 - -0.57 0.17
MFM Hathaway Inc 88.23 92.39 0.36 1.26
MFM SGWM Managed A Acc 112.13 - 0.87 0.15
MFM Slater Growth 246.50 261.54 1.14 0.24
MFM Slater Income A Inc 121.05 - 0.51 4.54
MFM Slater Recovery 117.37 124.53 -1.92 0.25
MFM Techinvest Special Situations Acc 81.75 - -1.02 0.57
MFM Techinvest Technology Acc 271.06 - -2.87 2.44
Junior Gold C Acc 72.69 - -1.00 0.00
Junior Oils 169.22 179.07 2.94 0.00
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 23.50 23.74 0.50 0.00
Marlborough Tiger Fund Ltd F 30.14 30.44 0.68 0.00
Martin Currie Unit Trusts Ltd (1200)F (UK)
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125
Authorised Inv Funds
Martin Currie Investment Funds (OEIC)
Class A (Retail)
Asia Pacific 124.20 - 0.90 0.51
China 106.70 - 1.00 0.34
Emerging Mkts 239.70 - 2.40 0.35
European Equity Income A acc 300.30 - 0.60 4.07
Global Alpha 117.20 - 1.10 0.41
Global Equity Income Inc 106.10 - 0.10 4.61
Global Equity Income acc 125.30 - 0.80 4.47
Japan 125.50 - 1.60 0.64
Japan Alpha 98.39 - 1.60 0.41
Latin America 94.57 - 1.33 1.11
North American 191.70 - 2.30 0.00
European Equity Income A Inc 289.20 - -0.20 -
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 340.71 - 13.42 0.00
Mayfair Capital Investment Management Limited (UK)
Brookfield House, 44 Davies Street, London, W1K 5JA 020 7495 1929
Property & Other UK Unit Trusts
Property Income Trust for Charities 68.50 70.80 -0.20 7.86
McInroy & Wood Portfolios Limited (UK)
Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds
Balanced Fund Legacy Class Units 3663.20 - 31.80 1.97
Balanced Fund Personal Class Units 3666.00 - 32.20 -
Income Fund Legacy Class Units 2295.20 - 13.70 3.46
Income Fund Personal Class Units 2296.90 - 13.90 -
Emerging Markets Fund Legacy Class Units 1989.90 - 23.00 2.04
Emerging Markets Fund Personal Class Units 1991.10 - 23.10 -
Smaller Companies Fund Legacy Class Units 2885.00 - 4.80 1.80
Smaller Companies Fund Personal Class Units 2886.90 - 5.00 -
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 544.82 - 2.69 0.00
European Hedge Fd (C) (Est) $ 276.91 - 1.39 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 147.90 - 1.29 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 399.28 - -4.03 -
Global Energy & Resources Fund $ 89.72 - -2.66 -
Metage Capital
Other International Funds
MGS $ 199.98 - 2.43 -
MEMO $ 501.43 - 21.23 0.00
MEMV $ 117.61 - 5.26 0.00
Emerging Markets Managed Accounts PLC (IRL)
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
Regulated
Milltrust Brazil A $ 117.00 - -1.16 -
Milltrust Latin America A $ 123.46 - -1.39 -
Milltrust Value Partners Greater China A $ 116.36 - -3.00 -
Ministry of Justice Common Investment Funds (UK)
Property & Other UK Unit Trusts
The Equity Idx Tracker Fd Inc 1223.00 1223.00 -12.00 2.95
Distribution Units
Mirabaud & Cie (LUX)
www.mirabaud.com, marketing@mirabaud.com
Regulated
Mirabaud Fund
Mir. Ac. All. Bal A EUR 101.32 - 0.32 0.00
Mir. Ac. All. Cons A EUR 102.90 - 0.17 0.00
Mir. - Conv. Bonds A EUR 116.60 - -0.01 0.00
Mir. - Eq Asia ex Jap A $ 170.73 - -0.41 0.00
Mir. - Eq Glb Emrg Mkt A $ 110.53 - -0.21 -
Fund Bid Offer +/- Yield
Mir. - Eq Eur exUK A Cap 90.73 - 0.72 0.00
Mir. - Eq Global A USD $ 107.75 - 0.33 0.00
Mir. - Eq Pan Eur A Cap 90.61 - 0.88 0.00
Mir. -Eq Spain A 19.38 - 0.08 0.00
Mir. - Eq Swiss Sm/Mid A SFr 228.46 - 2.15 0.00
Mir. - Eq UK 1.89 1.98 0.01 0.00
Mir. - Eq US A USD $ 134.50 - -0.25 0.00
Mir. - Glb High Yield Bds A $ 100.18 - 0.16 -
Mir. - Glb High Yield Bds AH CHFSFr 100.12 - 0.15 -
Mir. - Glb High Yield Bds AH EUR 100.14 - 0.16 -
Mir. - Glb High Yield Bds AH GBP 10018.00 - 15.00 -
Mir. Opp. -Emerg. Mkt HO $ 109.58 - 0.00 0.00
MirAlt Sicav
MirAlt Sicav-Diversified A Cap. $ 105.07 - 1.69 0.00
MirAlt Sicav-Europe A dis 63.20 - 1.87 0.00
MirAlt Sicav - North America A dis $ 140.67 - 4.43 0.00
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions C 137.90 - 0.86 0.00
Mirabaud France Act. C 153.19 - 0.69 0.00
Mirabaud Horizon C 104.26 - 0.02 0.00
Mirabaud Srnit C 109.25 - -0.03 0.00
Miton Group (UK)
http://www.mitongroup.com/
Enquiries: 0118 338 4033
Authorised Funds
CF Miton Total Return Fund A Acc 116.58 - 0.47 0.00
CF Miton Distribution Fund A Inc 90.79 - 0.33 5.64
CF Miton Distribution Fund N Inc 105.74 - 0.37 -
CF Miton Distribution Fund B Inc 106.15 - 0.38 -
CF Miton Diversified Growth Fund A Acc 191.32 - 0.76 1.02
CF Miton Diversified Growth Fund B Acc 111.18 - 0.44 -
CF Miton Diversified Growth Fund N Acc 110.90 - 0.44 -
CF Miton Special Sits Pfolio A Acc 198.57 - 1.78 0.00
CF Miton Strategic Pfolio A 298.40 - 1.96 0.00
CF Miton UK Multi Cap Income Fund A Acc 135.59 - 0.19 5.65
CF Miton UK Multi Cap Income Fund A Inc 126.42 - -0.45 5.89
CF Miton UK Multi Cap Income Fund N Inc 127.97 - -0.45 -
CF Miton UK Multi Cap Income Fund N Acc 131.39 - 0.19 -
CF Miton UK Smaller Companies A Acc 111.41 - -0.27 -
CF Miton UK Smaller Companies A Inc 111.42 - -0.27 -
CF Miton UK Smaller Companies N Acc 111.49 - -0.27 -
CF Miton UK Smaller Companies N Inc 111.42 - -0.27 -
CF Miton Worldwide Opportunities Fund A Acc 235.52 - 0.45 0.00
Miton Group (IRL)
Regulated
Miton Global Diversified Income A 106.33 - 0.21 -
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 113.35 - -0.45 0.00
Core Diversified Fund (EUR) 94.91 - -0.42 0.00
Core Diversified Fund (GBP) 103.78 - -0.43 0.00
Core Diversified USD E Class $ 101.47 - -0.44 -
Core Diversified GBP E Class 101.27 - -0.43 -
Core Diversified SGD E Class S$ 100.89 - -0.47 -
Global Real Estate Fund $ 106.01 - -0.75 0.00
International Diversified $ 100.15 - -0.22 0.00
International Beta Equity $ 109.73 - -1.64 0.00
International Equity $ 107.26 - -0.83 0.00
Managed Flexible US$ Fund $ 106.02 - 0.36 0.00
Offshore Global (GBP) 99.73 - 0.79 0.00
Offshore Global (USD) $ 86.42 - 0.44 0.00
Offshore Special Situations (GBP) 138.58 - 2.09 0.00
Offshore Special Situations (USD) $ 126.78 - 1.85 0.00
Offshore Special Situations (EUR) 106.14 - 1.57 0.00
Offshore Special Situations (YEN) 11066.36 - 149.75 0.00
Rhodium USD $ 94.85 - 0.55 0.00
Rhodium GBP 91.95 - 0.50 0.00
Rhodium AUD A$ 96.14 - 0.52 0.00
Rhodium SGD S$ 90.49 - 0.45 0.00
Rhodium THB THB 922.39 - 4.28 0.00
Special Situations USD E Class $ 102.14 - 1.40 -
Special Situations GBP E Class 103.45 - 1.47 -
Special Situations SGD E Class S$ 101.81 - 1.40 -
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 18.48 - 0.60 0.00
MW Japan Fd Ltd B $ 18.88 - 0.60 0.00
Morgan Stanley Investment Mgmt Ltd (UK)
The Morgan Stanley Funds (UK) OEICS (1200)F
PO Box 6065, Basildon, Essex SS15 5WZ
Phone: 0800 096 1962 (Enquiries)
Authorised Funds
Equity
Europe Ex UK Equity A Acc 1142.51 - -1.59 1.15
Global Brands A Acc 4012.16 - 44.02 0.68
Global Brands A Inc 1246.77 - 13.68 0.70
Fixed Income
Sterling Corporate Bd A Inc 1403.35 - 5.39 1.96
Sterling Corporate Bd A Acc 1958.81 - 7.52 1.92
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 38.22 - -0.17 0.00
Absolute Return Currency A F 22.78 - 0.00 0.00
Asian Equity A F $ 43.98 - -0.05 0.00
Asian Property A F $ 19.89 - 0.08 0.00
Asian Property AX F 12.47 - 0.17 1.01
Diversified Alpha Plus A F 29.03 - -0.05 0.00
Emerg Europ, Mid-East & Africa Eq A F 60.32 - 0.26 0.00
Emerging Markets Debt A F $ 81.38 - 0.17 0.00
Emerging Markets Domestic Debt AX F 17.28 - 0.09 4.06
Emerging Markets Equity A F $ 38.84 - -0.12 0.00
Euro Bond A F 14.01 - 0.02 0.00
Euro Corporate Bond AX F 24.66 - 0.07 3.56
Euro Liquidity A F 12.89 - 0.00 0.00
Euro Strategic Bond A F 38.42 - 0.06 0.00
European Currencies High Yield Bd A F 18.74 - 0.00 0.00
European Equity Alpha A F 33.59 - -0.24 0.00
European Property A F 22.40 - -0.01 0.00
Eurozone Equity Alpha A F 8.28 - -0.08 0.00
Global Bond A F $ 39.50 - -0.10 0.00
Global Brands A F $ 78.47 - -0.28 0.00
Global Convertible Bond A F $ 37.01 - -0.07 0.00
Global Property A F $ 24.73 - -0.10 0.00
Indian Equity A F $ 25.74 - -0.18 0.00
Latin American Equity A F $ 69.11 - -0.35 0.00
Short Maturity Euro Bond A F 20.05 - 0.00 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 42.24 - -0.14 0.00
US Growth AH F 29.34 - -0.09 0.00
US Growth AX F 28.13 - 0.19 0.00
US Property A F $ 54.74 - -0.52 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 399.85 - 1.60 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 101.02 101.02 -0.77 0.00
ASG Laser Fund I/A (USD) H $ 1168.62 1168.62 1.26 0.00
Harris Associates Global Value Fund H 182.54 182.54 1.12 0.00
Harris Associates US Large Cap Value Fund $ 169.83 169.83 -0.24 0.00
Fund Bid Offer +/- Yield
Loomis Sayles Emerging Debt & Currencies Fund IA $ 165.18 165.18 -0.04 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 143.71 143.71 0.03 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 212.61 212.61 0.31 0.00
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 10.41 10.41 0.02 7.99
Loomis Sayles Multisector Inc Fd I USD $ 13.47 13.47 0.01 6.39
Loomis Sayles Inst High Inc Fd I USD $ 8.28 8.28 0.01 9.71
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.88 13.88 0.00 3.50
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 12.12 - 0.07 2.77
UK Specialist Equity Inc 16.50 - 0.17 0.39
Contl Europe Spec Equity 13.62 - 0.11 0.00
US Spec Equity Fund 10.54 - 0.00 0.00
Japan Specialist Fund 7.93 - 0.09 0.01
Pacific Basin Specialist Equity Fund 24.32 - 0.22 0.59
UK Sovereign Bd Index Fund 10.55 - 0.00 3.62
UK Specialist Equity Income Fund 8.94 - 0.06 3.71
Global Spec Inv Grade Bd Fund GBP 10.91 - 0.00 2.99
Inflation Lkd Sov Bd Fund 11.63 - 0.05 1.15
Global Emerg Mkts Equity Fund 13.11 - 0.12 1.09
Series 2 (Investment Management customers only)
United Kingdom Equity Index Fund 12.12 - 0.07 3.10
UK Specialist Equity Inc 16.64 - 0.18 1.47
Contl Europe Spec Equity 14.05 - 0.11 0.90
US Spec Equity Fund 10.75 - 0.00 0.33
Japan Specialist Fund 8.27 - 0.09 0.85
Pacific Basin Specialist Equity Fund 24.10 - 0.22 1.22
UK Sovereign Bd Index Fund 10.65 - 0.00 3.62
UK Specialist Equity Income Fund 9.30 - 0.07 3.67
Global Spec Inv Grade Bd Fund GBP 10.92 - 0.00 2.99
Inflation Lkd Sov Bd Fund 11.73 - 0.05 1.15
Global Emerg Mkts Equity Fund 12.59 - 0.11 1.57
The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 10.07 - 0.02 0.00
Neptune Investment Mgmt (1200)F (UK)
Dealing: 0800 587 5051 PO Box 9004, Chelmsford, Essex, CM99 2WR
Authorised Inv Funds
Africa Fund A Acc 121.80 - 0.20 0.89
Africa Fund B Acc 123.10 - 0.20 1.20
Balanced Acc 513.50 542.00 1.40 0.73
Balanced Inc 464.00 489.70 1.30 0.73
Balanced B Acc 109.30 115.30 0.30 -
Balanced B inc 108.60 114.60 0.30 -
Cautious Managed A Acc 112.20 - 0.40 2.13
Cautious Managed A Inc 104.20 - 0.30 2.17
Cautious Managed B Acc 112.40 - 0.40 2.12
Cautious Managed B Inc 109.10 - 0.30 2.12
China A Acc 305.10 - 2.00 0.44
China B Acc 314.80 - 2.10 0.67
China Max Alpha B Acc 124.90 - 1.40 0.00
Defensive Managed B Acc 102.50 - 0.40 -
Defensive Managed B Inc 104.80 - 0.40 -
Emerging Markets A Acc 168.90 - 1.00 0.22
Emerging Markets A Inc 165.00 - 1.00 0.06
Emerging Markets B Acc 170.40 - 1.00 0.56
Emerging Markets B Inc 162.50 - 1.00 0.00
European Income A Acc 115.00 - -0.60 2.47
European Income A Inc 102.70 - -0.50 2.54
European Income B Acc 114.70 - -0.60 2.48
European Income B Inc 108.00 - -0.60 2.49
European Lg/Sh. Sector A Acc 113.00 - -0.20 -
European Lg/Sh. Sector B Acc 112.50 - -0.20 -
European Max Alpha A Acc 113.20 - -2.10 0.76
European Max Alpha B Acc 113.80 - -2.20 0.67
European Opps A Acc 377.50 - -4.60 1.05
European Opps A Inc 343.50 - -4.20 1.04
European Opps B Acc 394.20 - -4.80 1.25
European Opps B Inc 352.90 - -4.40 1.25
Frontier Emerg Mkts A Acc 112.20 - 0.50 -
Frontier Emerg Mkts A Inc 112.20 - 0.50 -
Frontier Emerg Mkts B Acc 111.50 - 0.50 -
Frontier Emerg Mkts B Inc 112.30 - 0.60 -
Global Alpha A Acc 285.50 - 1.60 0.00
Global Alpha B Acc 304.60 - 1.70 0.76
Global Equity A Acc 290.90 - 2.20 0.19
Global Equity A Inc 94.61 - 0.71 0.20
Global Equity B Acc 307.60 - 2.30 0.66
Global Equity B Inc 94.47 - 0.70 0.25
Global Income Fund A Acc 112.10 - 0.80 -
Global Income Fund A Inc 112.10 - 0.80 -
Global Income Fund B Acc 111.60 - 0.90 -
Global Income Fund B Inc 112.10 - 0.90 -
Global Lg/Sh.Sector A Acc 116.00 - 1.00 0.09
Global Lg/Sh.Sector B Acc 116.50 - 0.90 0.25
Global Max Alpha A Acc 102.20 - 1.20 0.00
Global Max Alpha B Acc 100.70 - 1.11 0.00
Greater China Income A Acc 126.00 - 1.30 3.78
Greater China Income A Inc 109.60 - 1.20 3.91
Greater China Income B Acc 126.10 - 1.30 3.77
Greater China Income B Inc 109.20 - 1.10 3.90
Green Planet A Acc 64.65 - 0.83 0.00
Green Planet B Acc 64.05 - 0.82 0.00
Income A Acc 257.80 - -0.40 3.83
Income A Inc 156.50 - -0.20 3.95
Income B Acc 270.30 - -0.40 3.82
Income B Inc 161.90 - -0.30 3.94
India A Acc 121.40 - 0.30 0.00
India B Acc 124.80 - 0.40 0.00
Japan Max Alpha A Acc 123.50 - 2.00 0.00
Japan Max Alpha B Acc 123.70 - 2.00 0.00
Japan Opps A Acc 280.30 - 2.30 0.04
Japan Opps B Acc 290.40 - 2.40 0.30
Latin America A Acc 130.40 - 0.40 0.82
Latin America B Acc 133.40 - 0.30 1.04
Monthly Inc Fund A Acc 109.90 - 0.20 -
Monthly Inc Fund A Inc 109.60 - 0.20 -
Monthly Inc Fund B Acc 109.60 - 0.20 -
Monthly Inc Fund B Inc 109.60 - -0.10 -
Quarterly Income A Acc 163.50 173.20 0.30 3.90
Quarterly Income A Inc 117.70 124.70 0.10 3.98
Quarterly Income B Acc 110.80 117.30 0.20 -
Quarterly Income B Inc 107.90 114.40 0.10 -
Russia & Greater Russia A Acc 324.70 - -1.90 0.30
Russia & Greater Russia B Acc 337.50 - -2.00 0.69
Russia Spec Situa Fund A Acc 112.00 - -0.40 -
Russia Spec Situa Fund B Acc 111.60 - -0.40 -
South-East Asia A Acc 106.20 - 1.00 0.63
South-East Asia B Acc 108.20 - 1.10 0.94
UK Equity A Acc 184.80 - -0.70 1.21
UK Equity B 193.40 - -0.70 1.39
UK Higher Inc.Fd A Acc 123.90 - 0.30 3.78
UK Higher Inc.Fd A Inc 112.50 - 0.30 3.93
UK Higher Inc.Fd B Acc 121.70 - 0.30 3.78
UK Higher Inc.Fd B Inc 115.30 - 0.30 3.91
UK Mid Cap A Acc 286.10 - 0.30 0.94
UK Mid Cap B Acc 289.10 - 0.30 1.17
UK Special Situations A Acc 148.30 - -0.30 0.94
UK Special Situations B Acc 149.50 - -0.30 1.26
US Inc.Fd A Acc 139.90 - 1.40 3.49
US Inc.Fd A Inc 128.90 - 1.30 3.53
US Inc.Fd B Acc 135.50 - 1.40 3.53
US Inc.Fd B Inc 129.20 - 1.30 3.61
US Max Alpha A Acc 204.80 - 2.90 0.00
US Max Alpha B Acc 207.30 - 2.90 0.00
US Opportunities A Acc 253.80 - 3.80 0.00
US Opportunities B Acc 265.40 - 3.90 0.31
Fund Bid Offer +/- Yield
Nevsky Capital LLP (IRL)
10 Old Burlington Street W1S 3AG +44(0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 85.34 - 0.52 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1172.88 - -16.86 0.00
Nevsky Fund Plc GBP Acc 1182.36 - -18.25 0.00
Nevsky Fund Plc USD Acc $ 1192.68 - -16.55 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc $ 101.62 - 0.07 -
Asia Pac Bd USD Ord Inc $ 103.75 - 0.07 -
Asia Pac Eq EUR Ord Inc 113.08 - 1.09 2.43
Asia Pac Eq GBP Ord Inc 115.24 - 1.12 2.42
Asia Pac Eq USD Ord Inc $ 116.50 - 1.10 2.45
Asia Pac Eq USD Inst Acc $ 113.40 - 1.08 -
Asia Pac Eq USD Inst Inc $ 130.08 - 1.23 3.02
Dyn Europ Eq EUR Ord Inc 124.90 - 0.61 1.02
Dyn Europ Eq GBP Ord Inc 133.18 - 0.65 1.05
Dyn Europ Eq USD Ord Inc $ 125.66 - 0.59 0.96
China Equity EUR Ord Acc 119.47 - 3.04 -
China Equity GBP Ord Acc 120.20 - 3.07 -
China Equity USD Ord Acc $ 120.96 - 3.00 -
China Equity USD Inst Acc $ 121.48 - 3.01 -
Total Ret Bd USD Ord Acc $ 160.30 - 0.12 0.00
Total Ret Bd EUR Ord Acc 151.02 - 0.13 0.00
Total Ret Bd GBP Ord Acc 169.40 - 0.13 0.00
Total Ret Bd USD Inst Acc $ 117.18 - 0.09 0.00
Total Ret Bd GBP Ord Inc 116.75 - 0.09 3.89
US Growth USD Ord Acc $ 128.16 - 0.25 0.00
US Growth EUR Ord Acc 123.38 - 0.26 0.00
US Growth GBP Ord Acc 126.55 - 0.26 0.00
US Growth USD Inst Acc $ 115.97 - 0.23 0.00
Wealthy Nat Bd EUR Inst Inc 115.21 - 0.15 3.27
Wealthy Nat Bd GBP Inst Inc 117.91 - 0.15 3.12
Wealthy Nat Bd EUR Ord Inc 114.23 - 0.17 2.11
Wealthy Nat Bd GBP Ord Inc 118.53 - 0.15 2.95
Wealthy Nat Bd USD Ord Inc $ 115.54 - 0.15 2.04
New Capital Alternative Strategies
All Weather Fd USD Cls $ 115.68 - 2.02 -
All Weather Fd EUR Cls 104.93 - 1.66 0.00
All Weather Fd GBP Cls 112.66 - 1.36 0.00
Tactical Opps USD Cls $ 118.18 - -4.37 0.00
Tactical Opps EUR Cls 97.05 - -3.62 0.00
Tactical Opps GBP Cls 109.23 - -4.06 0.00
Newton Investment Management Ltd (UK)
160 Queen Victoria Street London EC4V 4LA 0800 917 6594
Authorised Inv Funds
Acer (OEIC) 851.19 - 4.16 1.39
Unit Trusts
Newton Balanced Bridge 138.11 - 0.64 3.03
Newton Falcon Inc 240.79 - 1.39 0.84
Newton Falcon Acc 271.72 - 1.82 0.83
Newton Bridge 211.73 - 0.85 1.82
Newton Ilex 758.20 - 4.16 0.60
Newton Maiden 153.09 - 0.70 2.67
Newton Merlin 763.35 - 5.30 1.41
Newton Osprey 209.62 - 0.83 1.41
Newton Phoenix B Inc 135.13 - 0.24 1.92
Newton Phoenix B Acc 165.13 - 0.30 1.90
Newton Securities 180.54 - 1.22 1.08
For more information on Newton Managed Funds,
please see BNY Mellon Fund Managers
Newton Investment Management Ltd (UK)
160 Queen Victoria Street EC4V 4LA 0800 917 6594
Property & Other UK Unit Trusts
Global Gth & Inc Fd For Charities 140.47 - 0.69 3.48
The SRI Fund for Charities 115.08 - 0.46 2.67
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.8302 - 0.0030 1.99
Global Equity 1.6319 - 0.0179 1.61
Global Balanced 1.2682 - 0.0096 2.00
Global Balanced (Accumulation) 1.4028 - 0.0106 1.96
Bridge 1.4869 - 0.0088 1.86
Sterling Fixed Interest Class 0.8570 - 0.0037 4.08
Global Fixed Interest Class 1.0641 - 0.0013 4.36
Diversified Assets 1.1880 - 0.0021 2.82
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 16.54 - 0.02 0.00
European Alpha Fund F 8.66 - -0.09 0.00
European Value Fund 41.82 - -0.18 0.00
Far Eastern Equity Fund $ 19.08 - 0.02 0.00
Latin American Equity Fund 12.60 - 0.02 0.00
Nordic Equity Fund 59.85 - -0.08 0.00
North American Growth Fund H $ 8.62 - -0.07 0.00
North American Value Fund $ 33.82 - -0.42 0.00
European High Yield Bond Fund F 24.41 - -0.23 0.00
Global Stable Equity Fund F 10.87 - -0.04 0.00
Heracles Long/Short MI Fund - AP - EUR F 55.20 - 0.12 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1922.70 - 128.54 0.00
Northwest China Opps $ class $ 2472.80 - 146.98 0.00
Northwest China Opps class 2419.99 - 138.99 0.00
Northwest Warrant $ class $ 782.42 - 177.92 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 7.89 - 0.07 0.40
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 22.07 - 0.10 0.64
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 22.28 - 0.10 0.57
OasisCresGl Income Class A $ 11.01 - 0.00 2.50
OasisCresGl LowBal D ($) Dist $ 10.75 - 0.00 3.03
OasisCresGl Med Eq Bal A ($) Dist $ 10.42 - 0.01 -
Oasis Crescent Gbl Property Eqty $ 8.56 - 0.03 2.54
Fund Bid Offer +/- Yield
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 Atlas Fund I Acc 1.14 - 0.00 -
CF Odey Atlas Fund I Inc 1.14 - 0.00 -
CF Odey Atlas Fund R Acc 98.64 - 0.09 -
CF Odey Atlas Fund R Inc 98.64 - 0.09 -
CF Odey Continental European R Acc 623.34 - -1.05 1.09
CF Odey Continental European I Acc 105.44 - -0.17 1.54
CF Odey Continental European I Inc 102.88 - -0.17 1.56
CF Odey Opus R Inc 3148.44 - -11.99 0.69
CF Odey Opus Fund I Acc 1.42 - -0.01 1.09
CF Odey Opus Fund I Inc 1.41 - -0.01 1.09
CF Odey UK Absolute Return Fund Euro Hedged 1.29 - 0.00 0.00
CF Odey UK Absolute Return Fund US Dollar Hedged $ 1.19 - 0.00 -
CF Odey UK Absolute Return R 217.17 - -0.48 0.21
CF Odey UK Absolute Return I 221.34 - -0.51 0.57
Odey Wealth Management (UK) Limited
CF Odey Portfolio Fund A Acc 123.26 - 0.47 0.55
CF Odey Portfolio Fund A Inc 121.84 - 0.46 0.53
CF Odey Portfolio Fund B Acc 121.50 - 0.46 0.11
CF Odey Portfolio Fund B Inc 121.25 - 0.46 0.10
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 375.87 - 7.67 0.00
OEI Mac Inc B 209.36 - 5.90 0.00
OEI MAC Inc USD $ 2064.39 - 40.81 0.00
Odey European Inc EUR 812.92 - 22.12 0.00
Odey European Inc A GBP 309.90 - 8.65 0.00
Odey European Inc B GBP 175.91 - 4.90 0.00
Odey European Inc USD $ 380.17 - 10.36 0.00
Giano Capital EUR Inc 3864.17 - -9.41 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 110.45 - 1.61 0.00
Odey OEAF GBP D Class 136.06 - 1.28 0.00
Odey Pan European 253.25 - 1.95 0.00
Odey Pan European GBP D 175.11 - 0.36 0.00
Odey Allegra STG A 112.28 - 0.08 0.00
Odey Allegra USD $ 127.70 - 0.48 0.00
Odey Allegra European EUR 177.13 - 2.84 0.00
Odey Allegra European EUR I F 173.20 - 2.78 0.00
Odey Allegra European USD $ 178.07 - 2.38 0.00
Odey Allegra European GBP 218.74 - 2.28 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 167.08 - 0.13 0.00
Odey Allegra International GBP D Inc F 151.37 - 0.11 0.00
Odey Allegra International Euro Class 124.16 - 0.80 0.00
Odey Allegra International Euro I Class 114.26 - 0.74 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 106.57 - -0.01 0.00
Odey Giano European Fund GBP 106.51 - -0.01 0.00
Odey Giano European Fund USD $ 107.34 - 0.00 -
Odey Naver Fund Euro I Class 102.46 - 0.96 -
Odey Naver Fund GBP I Class 102.73 - 0.95 -
Odey Odyssey Fund USD $ 121.77 - 0.74 0.00
Odey Odyssey Fund GBP I 121.55 - 0.73 0.11
Odey Odyssey Fund GBP R 120.80 - 0.73 0.00
Odey Odyssey Fund EUR 109.30 - 0.67 -
Odey Orion Fund Euro I Class 102.92 - 0.18 -
Odey Orion Fund USD I Class $ 102.89 - 0.17 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 104.41 - 0.26 0.00
ODEY OPPORTUNITY CHF I SFr 104.84 - 0.27 0.00
ODEY OPPORTUNITY EUR 122.30 - 0.31 0.00
ODEY OPPORTUNITY EUR I 183.36 - 0.46 0.00
ODEY OPPORTUNITY GBP I R 202.56 - 0.50 0.00
ODEY OPPORTUNITY GBP R 130.15 - 0.32 0.00
ODEY OPPORTUNITY NOK NKr 111.16 - 0.28 0.00
ODEY OPPORTUNITY NOK I NKr 113.92 - 0.28 0.00
ODEY OPPORTUNITY USD $ 129.43 - 0.33 0.00
ODEY OPPORTUNITY USD I $ 192.99 - 0.48 0.00
Olympia Capital Management
25 rue Balzac 75008 Paris France Tel 33 1 49 53 90 38
Other International Funds
Olympia Star I (EUR) 871.67 - 3.04 0.00
Olympia Star I (USD) $ 470.67 - 1.74 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 537.97 - 33.27 -
Optima Fund Management
Other International Funds
Optima Fd NAV $ 80.65 - 0.50 0.00
Optima Discretionary Macro Fund Limited (Est) $ 86.11 - 0.07 0.00
The Dorset Energy Fd Ltd NAV (Est) $ 47.84 - -0.30 0.00
Platinum Fd Ltd $ 78.24 - 0.45 0.00
Platinum Fd Ltd EUR 15.54 - 0.09 0.00
Platinum Japan Fd Ltd $ 36.91 - -0.66 0.00
Optima Emerging Markets Fd Ltd $ 14.85 - 0.04 0.00
Optima Partners Global Fd $ 12.88 - 0.03 0.00
Optima Partners Focus Fund A $ 13.72 - 0.09 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1266.73 - 8.59 0.00
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 137.96 - 0.81 0.00
Orbis Optimal (US$) $ 75.18 - -0.14 0.00
Orbis Optimal (Euro) 25.18 - -0.03 0.00
Orbis Optimal (Yen) 1030.00 - -2.00 0.00
Orbis Leveraged (US$) $ 127.08 - -0.61 0.00
Orbis Leveraged (Euro) 41.45 - -0.20 0.00
Orbis Leveraged (Yen) 997.00 - -5.00 0.00
Orbis Japan Equity (US$) $ 28.81 - 0.08 0.00
*Orbis Prices as of February 28th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2773.00 - 9.00 0.00
Orbis Japan Equity (Euro) 18.63 - 0.05 0.00
Orbis Asia ex-Japan - Investor Shares $ 19.24 - 0.09 0.00
Orbis Global Equity - Investor Shares 103.78 - 1.50 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 153.46 - 4.30 0.00
Orbit Euro Strategies 129.24 - 0.97 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3.61 - 0.13 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.04
Intl Dollar Reserve B $ 1.00 - 0.00 0.04
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.04
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4982.90 - 41.97 -
Macro Holdings Ltd $ 4222.67 - 6.03 -
Fixed Income Holdings N.V. $ 430.09 - 2.16 -
LUX Advantage Multi-Strategy Fund $ 1479.79 - 4.84 -
Fund Bid Offer +/- Yield
LUX Natural Resources $ 1311.79 - -8.23 -
Strategic Allocation A $ 1329.59 - 4.26 -
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 107.33 - 0.12 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 104.87 - 0.11 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 101.08 - 0.11 0.94
Pictet-Absl Rtn Glo Div-I EUR F 123.76 - 0.19 0.00
Pictet-Absl Rtn Glo Div-P EUR F 118.75 - 0.18 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 114.62 - 0.18 0.45
Pictet-Absl Rtn Glo Div-R EUR F 114.67 - 0.18 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 178.94 - 0.27 0.00
Pictet-AbsRetGloDiv-HI GBP F 104.33 - 0.16 0.00
Pictet-AbsRetGloDiv-HI JPY F 13733.00 - 21.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 156.75 - 0.24 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 171.67 - 0.26 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 96.80 - 0.15 0.36
Pictet-AbsRetGloDiv-HP USD F $ 150.37 - 0.23 0.00
Pictet-Agriculture-I EUR F 159.34 - 1.22 0.00
Pictet-Agriculture-I USD F $ 207.75 - 0.53 0.00
Pictet-Agriculture-P EUR F 154.44 - 1.18 0.00
Pictet-Agriculture-P dy EUR F 154.45 - 1.18 0.00
Pictet-Agriculture-P dy GBP F 133.90 - 1.56 0.00
Pictet-Agriculture-P dy USD F $ 201.36 - 0.50 0.00
Pictet-Agriculture-R EUR F 150.44 - 1.15 0.00
Pictet-Agriculture-R USD F $ 196.14 - 0.50 0.00
Pictet-Agriculture-P USD F $ 201.36 - 0.50 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 196.02 - -0.36 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 181.74 - -0.34 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 178.03 - -0.33 0.00
Pictet-Asian Equities Ex Japan-HI EUR F 127.74 - -0.23 0.00
Pictet-Asian Local Currency Debt-I EUR F 124.25 - 0.53 0.00
Pictet-Asian Local Currency Debt-I USD F $ 162.00 - -0.13 0.00
Pictet-Asian Local Currency Debt-P EUR F 118.98 - 0.51 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 132.44 - -0.11 2.79
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 89.45 - 0.76 2.59
Pictet-Biotech-P USD $ 387.70 - 2.21 0.00
Pictet-Biotech-P dy GBP F 255.29 - 0.69 0.00
Pictet-Biotech-HP EUR F 287.12 - 1.63 0.00
Pictet-Biotech-I USD F $ 425.14 - 2.43 0.00
Pictet-Biotech-P dy USD F $ 387.52 - 2.21 0.00
Pictet-CHF Liquidity-P F SFr 124.27 - 0.00 0.00
Pictet-Clean Energy-I EUR F 53.77 - 0.41 0.00
Pictet-Clean Energy-I USD F $ 70.11 - 0.18 0.00
Pictet-Clean Energy-P EUR F 51.24 - 0.39 0.00
Pictet-Clean Energy-P USD F $ 66.81 - 0.17 0.00
Pictet-Clean Energy-P dy USD F $ 66.81 - 0.17 0.00
Pictet-Clean Energy-P dy GBP F 44.43 - 0.52 0.00
Pictet-Convertible Bonds-I EUR F 104.49 - 0.14 0.00
Pictet-Convertible Bonds-P EUR F 102.39 - 0.13 0.00
Pictet-Convertible Bonds-P dy EUR F 100.84 - 0.14 0.98
Pictet-Convertible Bonds-R EUR F 99.88 - 0.16 0.00
Pictet-Digital Communication-I EUR F 129.66 - 0.83 0.00
Pictet-Digital Communication-I USD F $ 169.05 - 0.22 0.00
Pictet-Digital Communication-P EUR F 117.79 - 0.75 0.00
Pictet-Digital Communication-P USD $ 153.58 - 0.20 0.00
Pictet-Digital Communication-P dy USD F $ 148.12 - 0.19 0.00
Pictet-Digital Communication-P dy GBP F 99.67 - 1.03 0.00
Pictet-Digital Communication-R EUR F 108.46 - 0.69 0.00
Pictet-Eastern Europe-I EUR F 385.51 - 2.77 0.00
Pictet-Eastern Europe-P EUR F 370.83 - 2.66 0.00
Pictet-Eastern Europe-P dy EUR F 366.27 - 2.62 1.10
Pictet-Eastern Europe-P dy GBP F 315.45 - 0.46 1.03
Pictet-Em Lcl Ccy Dbt-HI EUR F 139.23 - -0.01 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 133.38 - -0.02 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 161.96 - 0.42 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 211.74 - -0.02 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 155.11 - 0.41 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 202.78 - -0.02 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 147.15 - -0.02 4.71
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 99.79 - -0.31 8.83
Pictet-Emerging Markets-I USD F $ 568.34 - 0.35 0.00
Pictet-Emerging Markets-P USD $ 534.26 - 0.32 0.00
Pictet-Emerging Markets-P EUR F 409.76 - 2.34 0.00
Pictet-Emerging Markets-P dy USD F $ 528.76 - 0.31 0.00
Pictet-Emerging Markets Index-I USD F $ 259.37 - 2.08 0.00
Pictet-Emerging Markets Index-IS USD F $ 259.30 - 1.06 0.00
Pictet-Emerging Markets Index-P dy USD F $ 229.65 - 1.84 1.82
Pictet-Emerging Markets Index-R USD F $ 246.46 - 1.00 0.00
Pictet-Emerging Markets Index-P USD $ 253.46 - 2.03 0.00
Pictet-Emerging Markets Index-R dy GBP F 156.22 - 0.17 2.88
Pictet-EUR Bonds-HI CHF F SFr 645.09 - 1.30 0.00
Pictet-EUR Bonds-HP CHF F SFr 619.03 - 1.24 0.00
Pictet-EUR Bonds-I F 480.29 - 0.97 0.00
Pictet-EUR Bonds-P F 460.94 - 0.93 0.00
Pictet-EUR Bonds-P dy F 305.86 - 0.62 3.21
Pictet-EUR Corporate Bonds-HI USD F $ 206.67 - 0.16 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 242.67 - 0.19 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 197.17 - 0.15 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 231.56 - 0.18 0.00
Pictet-EUR Corporate Bonds-I F 180.86 - 0.14 0.00
Pictet-EUR Corporate Bonds-P F 172.48 - 0.13 0.00
Pictet-EUR Corporate Bonds-P dy F 104.56 - 0.08 3.35
Pictet-EUR Government Bonds-P dy F 105.35 - 0.25 3.01
Pictet-EUR High Yield-HI CHF F SFr 286.96 - 1.51 0.00
Pictet-EUR High Yield-HP CHF F SFr 271.28 - 1.42 0.00
Pictet-EUR High Yield-I F 212.30 - 1.12 0.00
Pictet-EUR High Yield-P F 200.69 - 1.05 0.00
Pictet-EUR High Yield-P dy F 92.01 - 0.49 5.49
Pictet-EUR Inflation Linked Bonds-P dy F 108.00 - 0.21 1.20
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 114.51 - 0.17 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 112.27 - 0.16 0.00
Pictet-EUR Short Mid-Term Bonds-P F 129.05 - 0.19 0.00
Pictet-EUR Short Mid-Term Bonds-I F 131.43 - 0.19 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 89.57 - 0.13 2.81
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.34 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.83 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 99.92 - 0.01 0.22
Pictet-European Sust Eq-P EUR F 162.84 - 1.56 0.00
Pictet-Europe Index-I EUR F 127.30 - 1.24 0.00
Pictet-Europe Index-IS EUR F 127.17 - 0.56 0.00
Pictet-Europe Index-P EUR 125.84 - 1.22 0.00
Pictet-Europe Index-P dy EUR F 104.60 - 1.01 2.83
Pictet-Europe Index-R dy GBP F 95.02 - -0.12 2.39
Pictet-Euroland Index-P dy EUR F 78.90 - 0.67 2.80
Pictet-Euroland Index-R dy GBP F 72.10 - 0.21 2.43
Pictet-European Equity Selection-I EUR F 537.19 - 4.95 0.00
Pictet-European Equity Selection-P EUR F 510.17 - 4.69 0.00
Pictet-Eu Equities Sel-Pdyistr F 468.21 - 4.31 1.47
Pictet-Europe Index-R EUR F 121.99 - 0.54 0.00
Pictet-European Sust Eq-I EUR F 170.08 - 1.63 0.00
Pictet-European Sust Eq-Pdy EUR F 143.15 - 1.37 1.91
Pictet-Generics-I USD F $ 168.17 - 0.37 0.00
Pictet-Generics-P USD F $ 157.14 - 0.35 0.00
Pictet-Generics-P dy GBP F 104.47 - 1.18 0.00
Pictet-Generics-P dy USD F $ 157.09 - 0.34 0.00
Pictet-World Government Bonds-P USD $ 181.89 - -0.25 0.00
Pictet-World Government Bonds-P dy USD $ 137.12 - -0.19 2.29
Pictet-Global Emerging Debt-P USD F $ 325.75 - -0.05 0.00
Pictet-Global Emerging Debt-P dy USD F $ 182.92 - -0.02 4.48
Pictet-Global Emerging Currencies-I EUR F 84.20 - -0.04 0.00
Pictet-Global Emerging Currencies-I USD F $ 110.56 - -0.35 0.00
Pictet-Global Emerging Currencies-HI EUR F 69.37 - -0.22 0.00
Pictet-Global Emerging Currencies-HP EUR F 67.81 - -0.22 0.00
Pictet-Global Emerging Currencies-P EUR F 82.29 - -0.04 0.00
Pictet-Global Emerging Currencies-P USD F $ 108.04 - -0.34 0.00
Pictet-Global Em Ccy-Pdy USD F $ 97.59 - -0.30 2.36
Pictet-Global Emerging Debt-HP EUR F 232.10 - -0.03 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 374.83 - -0.06 0.00
Pictet-Global Emerging Debt-HI EUR F 244.06 - -0.03 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 396.87 - -0.06 0.00
Pictet-Global Emerging Debt-I USD F $ 344.80 - -0.05 0.00
Pictet-Global Megatrend Selection-I USD F $ 175.32 - 0.49 0.00
Pictet-Global Megatrend Selection-I EUR F 134.48 - 1.07 0.00
Pictet-Global Megatrend Selection-P USD F $ 169.12 - 0.47 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 158.96 - 1.85 0.00
Fund Bid Offer +/- Yield
Pictet-Global Megatrend Selection-P EUR F 129.74 - 1.03 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 129.71 - 1.02 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 112.47 - 1.35 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 169.12 - 0.47 0.00
Pictet-Global Megatrend Selection-R EUR F 124.76 - 0.98 0.00
Pictet-Global Megatrend Selection-R USD F $ 162.66 - 0.45 0.00
Pictet-Greater China-I USD F $ 419.01 - 0.96 0.00
Pictet-Greater China-P USD F $ 390.25 - 0.89 0.00
Pictet-Greater China-P dy USD F $ 376.44 - 0.86 0.61
Pictet-Greater China-P dy GBP F 249.47 - 2.84 0.58
Pictet-High Dividend Sel I EUR F 120.42 - 0.90 0.00
Pictet-High Dividend Sel P CHF F SFr 143.61 - 1.20 0.00
Pictet-High Dividend Sel P EUR F 117.71 - 0.89 0.00
Pictet-High Dividend Sel P USD F $ 153.89 - 0.75 0.00
Pictet-High Dividend Sel Pdm GBP F 91.53 - 0.17 3.71
Pictet-High Dividend Sel Pdm USD F $ 137.65 - 0.66 3.75
Pictet-High Dividend Sel Pdy EUR F 106.89 - 0.80 3.88
Pictet-High Dividend Sel R EUR F 115.57 - 0.86 0.00
Pictet-High Dividend Sel Rdm EUR F 103.26 - 0.77 4.02
Pictet-Indian Equities-I USD F $ 323.96 - -0.17 0.00
Pictet-Indian Equities-P USD F $ 302.12 - -0.16 0.00
Pictet-Indian Equities-P dy USD F $ 302.11 - -0.17 0.00
Pictet-Indian Equities-P dy GBP F 200.90 - 1.73 0.00
Pictet-Japan Index-I JPY F 10118.97 - 90.25 0.00
Pictet-Japan Index-IS JPY F 10201.33 - 90.57 0.00
Pictet-Japan Index-P JPY F 10001.27 - 89.18 0.00
Pictet-Japan Index-P dy JPY F 9139.25 - 81.49 1.45
Pictet-Japan Index-R dy GBP F 66.79 - 0.68 1.30
Pictet-Japanese Equities Opp-P JPY F 5551.87 - 57.26 0.00
Pictet-Japanese Equities Opp-I JPY F 5847.69 - 60.40 0.00
Pictet-Japanese Equities Opp-P dy JPY F 5501.46 - 56.75 0.07
Pictet-Japanese Equity Selection-I JPY F 9008.28 - 64.93 0.00
Pictet-Japanese Equity Selection-P JPY F 8566.38 - 61.61 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 60.36 - 0.52 0.47
Pictet-Japanese Eq Sel-Pdy JPY F 8405.22 - 60.45 0.45
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 77.06 - -0.09 10.52
Pictet-LATAM Lc Ccy Dbt-I EUR F 125.04 - 0.56 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 162.10 - 0.29 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 120.95 - 0.54 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 156.79 - 0.27 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 113.20 - 0.20 11.17
Pictet-LATAM Lc Ccy Dbt-R EUR F 117.46 - 0.53 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 152.31 - 0.26 0.00
Pictet-Pacific Ex Japan Index-P USD F $ 366.36 - -2.21 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 370.75 - -2.23 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 370.24 - -2.25 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 290.22 - -1.75 3.19
Pictet-Pacific Ex Japan Index-R USD F $ 356.46 - -2.17 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 211.27 - 0.66 2.78
Pictet-Premium Brands-I EUR F 122.43 - 1.53 0.00
Pictet-Premium Brands-I USD F $ 159.62 - 1.18 0.00
Pictet-Premium Brands-P EUR 111.27 - 1.38 0.00
Pictet-Premium Brands-P USD F $ 145.07 - 1.07 0.00
Pictet-Premium Brands-P dy EUR F 111.21 - 1.39 0.00
Pictet-Premium Brands-P dy GBP F 96.42 - 1.59 0.00
Pictet-Russian Equities-P USD F $ 66.63 - 0.13 0.00
Pictet-Russian Equities-P dy GBP F 43.59 - -0.05 0.57
Pictet-Russian Equities-I EUR F 53.21 - 0.25 0.00
Pictet-Russian Equities-I USD F $ 69.56 - 0.14 0.00
Pictet-Russian Equities-P EUR F 50.97 - 0.24 0.00
Pictet-Russian Equities-P dy USD F $ 66.16 - 0.12 0.61
Pictet-Security-I EUR F 113.61 - 0.54 0.00
Pictet-Security-I USD F $ 148.12 - -0.05 0.00
Pictet-Security-P EUR F 107.76 - 0.50 0.00
Pictet-Security-P USD F $ 140.50 - -0.06 0.00
Pictet-Security-P dy USD F $ 140.50 - -0.06 0.00
Pictet-Security-P dy GBP F 93.43 - 0.82 0.00
Pictet-Security-R EUR F 103.08 - 0.48 0.00
Pictet-Security-R USD F $ 134.40 - -0.06 0.00
Pictet-Small Cap Europe-I EUR F 711.25 - 4.79 0.00
Pictet-Small Cap Europe-P EUR F 664.74 - 4.46 0.00
Pictet-Small Cap Europe-P dy EUR F 655.23 - 4.39 0.10
Pictet-ST.MoneyMkt-I 140.22 - 0.01 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.27 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.78 - 0.01 0.00
Pictet-ST.MoneyMkt-PCHF SFr 91.20 - 0.00 1.05
Pictet-ST.MoneyMkt-IUSD $ 134.26 - 0.00 0.00
Pictet-ST.MoneyMkt-PUSD $ 132.12 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.36 - 0.00 0.50
Pictet-ST.MoneyMkt-Pdy 95.59 - 0.00 0.66
Pictet-Timber-HP EUR F 92.93 - 0.05 0.00
Pictet-Timber-I USD F $ 147.12 - 0.08 0.00
Pictet-Timber-I EUR F 112.84 - 0.64 0.00
Pictet-Timber-P USD F $ 141.81 - 0.07 0.00
Pictet-Timber-P EUR F 108.77 - 0.61 0.00
Pictet-Timber-P dy USD F $ 135.30 - 0.07 0.15
Pictet-Timber-P dy GBP F 89.97 - 0.86 0.13
Pictet-US Equity Growth Selection-I USD F $ 137.17 - 0.05 0.00
Pictet-US Equity Growth Selection-P USD F $ 131.54 - 0.05 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 131.53 - 0.04 0.00
Pictet-US Equity Growth Selection-R USD F $ 127.22 - 0.03 0.00
Pictet-US High Yield-HI CHF F SFr 138.85 - 0.14 0.00
Pictet-US High Yield-HI EUR F 93.56 - 0.09 0.00
Pictet-US High Yield-HP CHF F SFr 136.20 - 0.13 0.00
Pictet-US High Yield-HP EUR F 91.78 - 0.09 0.00
Pictet-US High Yield-I USD F $ 140.06 - 0.14 0.00
Pictet-US High Yield-P USD F $ 137.37 - 0.13 0.00
Pictet-US High Yield-P dy USD F $ 117.08 - 0.12 10.77
Pictet-US High Yield-R USD F $ 135.12 - 0.13 0.00
Pictet-USA Index-P USD $ 127.65 - -0.11 0.00
Pictet-USA Index-I USD F $ 129.23 - -0.11 0.00
Pictet-USA Index-IS USD F $ 130.54 - -0.10 0.00
Pictet-USA Index-P dy USD F $ 119.51 - -0.11 0.95
Pictet-USA Index-R USD F $ 124.54 - -0.10 0.00
Pictet-USA Index-R dy GBP F 79.80 - -0.30 0.65
Pictet-USD Government Bonds-I F $ 613.29 - 0.35 0.00
Pictet-USD Government Bonds-P F $ 591.55 - 0.33 0.00
Pictet-USD Government Bonds-P dy F $ 388.61 - 0.22 2.51
Pictet-USD Short Mid-Term Bonds-I F $ 127.78 - 0.02 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.56 - 0.02 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 97.53 - 0.02 1.13
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.36 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.96 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 99.97 - 0.00 0.46
Pictet-Water-HP USD F $ 235.39 - 2.06 0.00
Pictet-Water-HR USD F $ 217.67 - 1.90 0.00
Pictet-Water-I EUR F 198.99 - 1.76 0.00
Pictet-Water-I USD F $ 259.44 - 0.97 0.00
Pictet-Water-P EUR 181.08 - 1.60 0.00
Pictet-Water-P USD F $ 236.09 - 0.89 0.00
Pictet-Water-P dy EUR F 177.84 - 1.57 0.81
Pictet-Water-P dy GBP F 154.83 - 1.99 0.38
Pictet-Water-R USD F $ 218.32 - 0.80 0.00
Pictet-Water-R EUR 167.45 - 1.48 0.00
Pictet-World Government Bonds-I EUR F 144.08 - 0.19 0.00
Pictet-World Government Bonds-I USD F $ 187.75 - -0.26 0.00
Pimco Fds: Global Investors Series Plc (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
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 10.03 - 0.00 0.00
Diversified Income - Inst Acc $ 18.66 - 0.02 0.00
Emerging Local Bond - Inst Acc $ 15.06 - 0.00 0.00
Emerging Markets Bond - Inst Acc $ 39.85 - 0.06 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.50 - 0.03 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.94 - -0.01 0.00
EuriborPLUS - Inv. Acc 11.71 - 0.01 0.00
Euro Bond - Inst Acc 19.69 - 0.03 0.00
Euro Credit - Inst Acc 13.24 - 0.01 0.00
Euro Income Bond - Inst Acc F 11.62 - 0.02 0.00
Euro Long Average Duration - Inst Acc 17.04 - -0.01 0.00
Euro Real Return - Inst Acc 12.67 - 0.02 0.00
Euro Ultra Long Duration - Inst Acc 21.97 - 0.08 0.00
Global Advantage - Inst Acc $ 13.10 - 0.00 0.00
Global Bond - Inst Acc $ 25.57 - 0.02 0.00
Global Bond Ex-US - Inst Acc $ 17.40 - 0.01 0.00
Global High Yield Bond - Inst Acc $ 18.26 - 0.02 0.00
Global Investment Grade Credit - Inst Income $ 12.46 - 0.02 3.53
Global Multi-Asset - Inst Acc $ 14.53 - 0.01 0.00
Global Real Return - Inst Acc $ 17.90 - 0.05 0.00
High Yield Bond - Inst Acc $ 25.36 - 0.03 0.00
Fund Bid Offer +/- Yield
Low Average Duration - Inst Acc $ 14.52 - 0.01 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 11.82 - 0.05 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 11.95 - 0.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.06 - 0.02 0.00
StocksPLUS{TM} - Inst Acc $ 16.33 - -0.01 0.00
Total Return Bond - Inst Acc $ 26.37 - 0.03 0.00
UK Corporate Bond - Inst Acc 14.98 - 0.01 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 15.90 - 0.00 0.00
UK Sterling Inflation-Linked - Inst Acc 19.75 - 0.10 0.00
UK Sterling Long Average Duration - Inst Acc 18.18 - 0.03 0.00
UK Sterling Low Average Duration - Inst Acc 13.96 - 0.01 0.00
Unconstrained Bond - Inst Acc $ 12.25 - 0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.04
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 121.45 - 1.82 0.00
Pioneer AssetMaster $ 885.24 - 15.23 0.00
Pioneer Div Fund I EUR 105.64 - 1.19 0.00
Pioneer Div Fund I USD $ 106.32 - 1.32 0.00
The Meteor Opps I $ 141.19 - 2.87 0.00
The Meteor Opps I 141.13 - 2.62 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A $ 62.08 - - -
Platinum All Star Fund - A (Est) $ 103.72 - - -
Platinum Dynasty $ 111.12 - - -
Platinum Essential Resources $ 9.38 - -0.27 0.00
Platinum Low Volatility Fund SICAV (Est) $ 9.23 - - -
Platinum Nordic SKr 548.66 - - -
Platinum Precious Metals 10.19 - 0.03 -
Platinum Maverick Enhanced $ 71.63 - - -
Platinum Gold Advantage 11.44 - - -
Platinum Global Dividend UCITS Fund $ 76.50 - 1.10 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 284.67 284.67 2.15 0.00
European Market Neutral Fund Cls I Euro 9.29 9.29 -0.03 -
Financials Income Fund Cls B2 GBP Acc 1.38 1.38 0.00 0.00
Financial Opps I USD $ 10.65 - 0.05 0.00
GEM Growth I USD $ 10.13 - 0.05 0.00
GEM Income I USD $ 11.63 - 0.07 0.00
Global Alpha I USD $ 10.82 10.82 0.07 -
Global Insurance I GBP 2.88 - 0.00 0.00
Global Technology I USD $ 16.09 - -0.07 0.00
Healthcare Opps I USD $ 19.82 - -0.04 0.00
Japan Alpha I JPY 129.37 129.37 0.76 -
Japan I JPY 1369.04 - 10.37 0.00
North American I USD $ 12.42 12.42 0.01 0.00
UK ARF I GBP 10.08 - -0.08 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 114.71 - 2.10 0.00
European Market Neutral Fund A EUR 98.30 - 0.85 0.00
European Conviction A EUR 158.84 - 1.82 0.00
European Forager A EUR 158.69 - 4.11 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 120.57 - -0.01 0.00
Assured USD B $ 105.85 - -0.09 0.00
Assured USD C $ 114.47 - -0.06 0.00
Assured USD D $ 107.68 - -0.08 0.00
Assured F USD $ 72.56 - -0.11 0.00
Assured GBP B 93.83 - -1.48 0.00
Assured GBP C 89.21 - -1.37 0.00
Assured EUR D 78.92 - -1.33 0.00
Assured EUR B 72.40 - -1.23 0.00
Assured CHF E SFr 54.63 - -0.63 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 37.11 - -0.26 0.00
Emerging Markets Active $ 31.20 - 2.39 -
Luxcellence Em Mkts Tech $ 777.63 - 6.65 0.00
Em Mkts Strategy Developing $ 801.09 - 4.75 0.00
Em Mkts Strategy Small Cap $ 1146.41 - 3.34 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1081.20 - -16.93 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 378.52 383.17 -2.99 1.11
Progressive Asset Management Limited (UK)
2 The Boulevard, City West One Office Park, Leeds LS12 6NT 08456 081462
Authorised Inv Funds
CF Progressive UK Smaller Cos Fd A 154.18 - -1.86 1.13
CF Progressive UK Smaller Cos Fd B 153.07 - -1.87 0.86
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 220.49 - - 0.00
RPF D $ 14.26 - -0.25 0.00
PQF B Shares $ 520.40 - -8.89 0.00
PCF $ 454.67 458.81 -5.30 0.00
CAPF $ 8.05 - 0.38 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 135.43 - -0.04 3.49
Prusik Asia A $ 188.31 - -0.53 0.00
Prusik Asian Smaller Cos A $ 171.27 - 0.11 0.00
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 134.72 - 1.02 0.85
Global Total Fd PCG B 133.80 - 1.01 0.61
Global Total Fd PCG INT 132.46 - 1.00 0.35
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 131.45 - -0.36 0.00
PCG C 129.95 - -0.23 0.00
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 1017.53 - 1.62 5.48
Putnam New Flag Euro High Yield Plc - M 925.59 - 1.45 4.85
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 13.31 - -0.13 0.00
BDP Limited
Bond Fund GBP 10.07 - 0.03 5.27
Income Fund Sterling 3.38 - 0.02 8.53
The Discretionary Pfolio 12.95 - 0.61 1.54
RREEF Real Estate Funds (UK)
Property & Other UK Unit Trusts
UK Industrial 1557.74 1643.46 -21.39 0.00
UK Office 948.86 1001.12 -27.81 0.00
UK Retail 1658.16 1748.16 -75.31 0.00
UK Core Property A 112.99 119.17 -3.90 3.31
UK Core Property B 112.99 119.17 -3.90 3.04
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
Blue Chip Income Inc 134.58 139.07 -0.03 4.36
Blue Chip Income Acc 180.78 186.75 -0.04 4.22
Ethical Bond Inc 87.47 89.62 0.25 6.39
Ethical Bond Acc 149.88 153.45 0.43 6.50
Global Opportunities Acc 102.65 105.94 0.45 0.00
Income Inc 728.28 754.12 2.23 4.30
Income Acc 1012.58 1048.15 3.10 4.16
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
MARCH 2 2013 Section:Stats Time: 1/3/2013 - 19:57 User: watsonl Page Name: UT4EUR, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

21
Fund Bid Offer +/- Yield
Multi Asset Enhanced Growth Acc 112.37 - 0.64 0.00
Multi Asset Strategic Growth inc 136.47 - 0.22 1.69
Multi Asset Strategic Growth acc 140.37 - 0.38 1.67
Multi Asset Total Return inc 122.40 - 0.68 2.30
Multi Asset Total Return acc 128.79 - 0.72 2.26
Recovery Inc 352.50 366.78 0.43 2.20
Recovery Acc 398.77 414.76 0.51 2.24
Strategic Bond Ret Acc 1.12 1.14 0.00 4.34
Strategic Bond Ret Inc 1.08 1.09 0.00 4.24
Renasset Select Funds Plc (IRL)
Regulated
European Opportunities Fund A 131.36 - 0.17 0.00
European Opportunities Fund B 98.99 - 0.12 0.00
Renaissance Eastern European Allocation Fund 411.97 - 0.58 0.00
Renaissance Eastern European Fund A 523.38 - 2.75 0.00
Renaissance Eastern European Fund B 111.86 - -0.70 0.00
Renaissance Ottoman Fund 145.69 - 0.31 0.00
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 102.85 - 0.13 0.00
Chinese Equities (EUR) 56.15 - 0.32 0.00
Em Stars Equities (EUR) 164.11 - 1.47 0.00
Emerging Markets Equities (EUR) 144.25 - 0.00 0.00
Flex-o-Rente (EUR) 106.88 - 0.03 0.00
Glob.Consumer Trends Equities (EUR) 95.12 - 0.37 0.00
High Yield Bonds (EUR) 113.25 - 0.12 0.00
Lux -O- Rente (EUR) 126.67 - 0.15 0.00
Natural Ress Equities (EUR) 83.16 - -0.17 0.00
New World Financials (EUR) 39.06 - 0.50 0.00
RobecoSAM Sust.Agrib.Eq.D 118.17 - 1.52 0.00
US Premium Equities (EUR) 129.51 - -0.11 0.00
US Premium Equities (USD) $ 144.48 - -0.13 0.00
Rothschild Private Fund Mgmnt Ltd (1200)F (UK)
1 King William Street, London, EC4N 7AR 0870 870 8105
Authorised Funds
New Court Fund Class A 2011 (Net Income Units) 11.68 - 0.00 0.42
Pippin Return Fund Class A Acc 11.03 - 0.00 0.00
RPIC Foundation 14.52 - 0.05 0.71
RPIC Managed A2000 1.61 - 0.01 0.87
RPIC Master A2000 2.44 - 0.00 2.32
RPIC Midway A2002 16.72 - 0.00 1.61
RPIC Preferred Income 10.63 - 0.00 3.27
RPIC Private Portfolio A2000 9.23 - 0.05 1.57
RPIC Worldwide Capital A2000 1.82 - 0.01 0.00
RPFM Glenhuntley Inc & Growth Tst Acc 165.80 - 0.00 0.64
RPFM Glenhuntley Inc & Growth Tst Inc 139.60 - 0.00 0.64
RPFM Global Opps Fund A2007 Acc 14.53 - 0.00 0.87
RPFM Warren Curtis Trust Inc 145.00 - 1.90 0.32
RPFM Growth A2006 Net Inc 12.88 - 0.00 0.93
RPFM Latour Fund Class A 2009 13.31 - 0.00 0.77
BPM Investment - Inc 15.83 - 0.00 1.13
BPM Investment - Acc 17.23 - 0.00 1.12
RPFM Balanced A2011 11.47 - 0.00 1.02
RPFM Balanced Return A2010 Inc 11.63 - 0.00 1.30
RPFM Market fund 11.35 - 0.00 -
RPFM Preservation Fund Class A 2010 Income 11.36 - 0.00 1.48
RPFM Total Return A 2010 Income 11.41 - 0.07 0.91
Royal Bank of Scotland (2230)F (UK)
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)
United Kingdom Equity Index Fund 15.16 - 0.08 2.76
UK Specialist Equity Inc 16.51 - 0.18 0.39
Contl Europe Specialist Fund 20.11 - 0.16 0.00
Japan Specialist Fund 12.01 - 0.00 0.02
US Spec Equity Fund 14.24 - 0.00 0.00
Pacific Basin Specialist Equity Fund 42.88 - 0.00 0.59
UK Sovereign Bd Index Fund 10.34 - 0.00 3.62
Inflation Lkd Sov Bd Fund 11.85 - 0.05 1.15
UK Specialist Equity Income Fund 8.92 - 0.06 3.71
Global Emerg Mkts Equity Fund 12.66 - 0.00 1.08
Global Spec Inv Grade Bd Fund GBP 10.74 - 0.00 2.99
Series 6 (Investment Management Customers Only)
United Kingdom Equity Index Fund 14.96 - 0.08 3.10
UK Specialist Equity 16.64 - 0.17 1.47
Contl Europe Specialist Fund 20.57 - 0.17 0.90
Japan Specialist Fund 12.42 - 0.00 0.85
US Spec Equity Fund 14.56 - 0.00 0.33
Pacific Basin Specialist Equity Fund 42.51 - 0.00 1.22
UK Sovereign Bd Index Fund 10.38 - 0.00 3.62
Inflation Lkd Sov Bd Fund 11.72 - 0.05 1.15
UK Specialist Equity Income Fund 9.30 - 0.07 3.67
Global Spec Inv Grade Bd Fund GBP 10.89 - -0.01 2.99
Global Emerg Mkts Equity Fund 12.59 - 0.00 1.57
Address and telephone number for Series 5 only
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Global Investment Grade Bond GBP Series 6 125.58 - -0.01 2.90
RBSG UK Sovereign Bond Index Programme Series 6 11.20 - 0.00 3.11
RBS Collective Investment Fds Ltd (UK)
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585
Authorised Inv Funds
Balanced Acc 315.20 - 0.70 2.00
Balanced Inc 263.30 - -0.90 2.03
Equity Income 290.20 - -1.70 3.94
Extra Income 102.10 - -0.20 3.97
FTSE 100 Tracker Special 1 264.40 - -1.20 2.98
FTSE 100 Tracker Special 3 184.20 - -0.80 2.77
FTSE 100 Tracker Standard 252.60 - -1.10 2.56
Growth 259.10 - -0.40 2.06
High Yield 116.10 - -0.60 4.70
International Growth 337.20 - 2.00 0.00
Stakeholder Investment 152.50 - 0.10 1.64
Adventurous Growth 128.90 - 0.50 0.80
Balanced Growth 126.90 - 0.40 0.90
Cautious Growth 121.90 - 0.40 1.10
Income 114.30 - 0.40 2.00
Capital Protected Accelerator Fund 1 108.10 - -0.70 0.00
Capital Protected Accelerator Fund 2 114.80 - -2.10 0.00
Capital Protected Accelerator Fund 3 110.40 - -1.00 0.00
Capital Protected Fund 4 111.60 - -1.00 0.00
Capital Protected Fund 5 132.30 - -1.70 0.00
Capital Protected Fund 6 137.70 - -2.00 0.00
Your Portfolio Fund II Class 1 102.50 - 0.10 -
Your Portfolio Fund II Class 2 102.10 - 0.10 -
Your Portfolio Fund III Class 1 104.30 - 0.10 -
Your Portfolio Fund III Class 2 103.70 - 0.10 -
Your Portfolio Fund IV Class 1 106.40 - 0.20 -
Your Portfolio Fund IV Class 2 105.50 - 0.30 -
Your Portfolio Fund V Class 1 108.20 - 0.30 -
Your Portfolio Fund V Class 2 107.10 - 0.30 -
Your Portfolio Fund VI Class 1 108.90 - 0.40 -
Your Portfolio Fund VI Class 2 108.10 - 0.40 -
Ruffer LLP (1000)F (UK)
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 O Acc 184.39 - -3.82 0.00
Equity & General O Inc 309.45 - 2.00 0.44
Equity & General O Acc 333.17 - 2.16 0.45
European O Acc 428.61 - 1.00 0.62
Pacific O Acc 244.03 - 2.32 0.66
Total Return O Inc 262.36 - 1.31 2.50
Total Return O Acc 360.19 - 1.79 2.46
Japanese Fund O Acc 121.68 - 2.18 0.16
Fund Bid Offer +/- Yield
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 19.96 19.96 0.15 2.52
SVG UK Focus Fd Cls A 19.47 19.47 0.15 2.09
S W Mitchell Capital LLP (CYM)
Regulated
S W Mitchell European Fund Class A EUR 260.41 - 12.95 0.00
S W Mitchell Small Cap European Fund Class A EUR 178.80 - 4.26 -
The Charlemagne Fund EUR 273.89 - 16.57 -
S W Mitchell Capital LLP (IRL)
Regulated
SWMC European Fund B EUR 11990.10 - 113.28 0.00
SWMC Small Cap European Fund B EUR 10510.92 - 17.10 0.00
RobecoSAM (LUX)
Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A 13.64 - 0.03 1.03
RobecoSAM Sm.Materials/A 116.22 - 0.04 0.04
RobecoSAM S.Climate/A 72.29 - 0.20 0.14
RobecoSAM S.Global Eq/B 126.86 - 0.72 0.00
RobecoSAM S.HealthyLiv/B 114.78 - 1.28 0.00
RobecoSAM S.Water/A 140.23 - 0.42 0.85
Santander Asset Management UK Limited (1200)F (UK)
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Authorised Inv Funds
Max 70% Shs Acc Ret 148.90 - 0.30 -
Max 70% Shs Inc Ret 131.50 - 0.20 -
Investments Inc Acc Ret 142.50 - 0.80 -
Invstments Inc Inc Inst 184.50 - 0.90 -
Investments Inc Inc Ret 100.50 - 0.54 -
Equity Inc Inc Inst 209.40 - -1.10 -
Equity Inc Inc Ret 182.70 - -1.00 0.00
N&P UK Gwth Inc Ret 159.00 - -0.80 -
Stckmkt 100 Track Gwth Acc Inst 86.44 - -0.42 -
Stckmkt 100 Track Gwth Acc Ret 155.50 - -0.80 -
UK Growth Acc Inst 251.70 - -1.20 -
UK Growth Acc Ret 296.50 - -1.40 -
UK Growth Inc Ret 211.20 - -1.00 -
Managed OEIC
Glob Em Shs Port Acc Ret 185.20 - -0.60 -
Max 70% Shs Port Acc Ret 224.30 - -1.10 -
Max 70% Shs Port Acc X 161.00 - -0.70 -
Investment Port Acc Ret 213.00 - -0.30 -
Investment Port Acc X 150.90 - -0.20 -
Max 50% Shs Port Acc Ret 217.40 - -0.80 -
Max 50% Shs Port Inc Ret 203.10 - -0.80 -
Max 50% Shs Port Acc X 157.30 - -0.60 -
Glob Shs Port Acc Ret 234.80 - 1.60 -
Glob Shs Port Acc X 168.60 - 1.20 -
Intl Shs Port Acc Ret 234.60 - -1.10 -
Intl Shs Port Acc X 167.50 - -0.80 -
Enhanced Inc Inc Ins 202.50 - -3.00 -
Enhanced Inc Acc Ret 245.30 - -3.60 -
Enhanced Inc Inc Ret 196.10 - -2.80 -
Enhanced Inc Inc X 163.70 - -2.40 -
Managed Investments OEIC
Max 60% Shs Port Acc Ret 233.80 - -0.80 0.00
Max 60% Shs Port Inc Ret 202.70 - -0.70 -
Max 60% Shs Port Inc X 156.90 - -0.50 -
Eq Inc Port Acc Ret 244.10 - 0.80 0.00
Eq Inc Port Inc Ret 210.40 - 0.80 -
Managed Investments OEIC 2
Investments Inc Port Inc Inst 185.70 - -0.40 -
Investments Inc Port Inc Ret 164.20 - -0.40 -
Investments Inc Port Inc X 148.80 - -0.30 -
Gov Bond Inc Inst 171.50 - 1.10 -
Strat Bond Inc Inst 180.70 - 1.30 -
Managed Investments OEIC 3
Div Inc Port Inc Inst 157.00 - -2.10 1.22
Div Inc Port Inc Ret 154.20 - -2.10 -
Corp Bond Acc Inst 189.80 - 0.90 -
Multi-Manager OEIC
Balanced Acc Ret 160.80 - 0.90 -
Balanced Inc Ret 123.40 - 0.60 -
Bal Intl Track Acc Ret 232.10 - 0.40 -
Bond Mthly Inc Acc Ret 131.50 - 0.50 -
Bond Mthly Inc Inc Ret 91.00 - 0.28 -
Cautious Acc Ret 136.70 - 0.60 -
Cautious Inc Ret 99.88 - 0.43 -
Equity Acc Ret 179.70 - 1.10 -
Growth Acc Ret 170.20 - 1.00 -
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
Europe (ex-UK) 230.50 - -0.30 -
Japan Equities 129.40 - 1.40 -
Pacific Bas (ex-Japan) 496.60 - 3.10 -
Sterling Bonds 243.40 - 1.30 -
UK Equities 231.40 - -0.90 -
US Equities 186.00 - 1.80 -
B Shares
Pacific Bas (ex-Japan) 496.00 - 3.10 -
Saracen Fund Managers Ltd (1000)F (UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds
Saracen Growth Fd Alpha Acc 2.70 - 0.03 0.00
Saracen Growth Fd Beta Acc 4.25 - 0.05 0.00
Saracen Global Income & Growth Fund A - Acc 1.02 - 0.00 -
Saracen Global Income & Growth Fund A - Dist 1.02 - 0.00 -
Saracen Global Income and Growth Fund -Acc 1.24 - 0.01 3.19
Saracen Global Income and Growth Fund -Dist 1.19 - 0.00 3.27
.
For Save & Prosper please see Countrywide Assured
Schroders (UK)
31 Gresham Street, London EC2V 7QA
Investor Services 0800 718777, Dealing 0800 718788
www.schroder.com
Authorised Inv Funds
Absolute Return Bond Fund A Inc 44.03 44.25 0.15 2.56
Absolute Return Bond Fund A Acc 99.26 99.78 0.35 2.58
All Maturities Corporate Bond A Inc 57.74 - 0.61 4.76
All Maturities Corporate Bond A Acc 67.61 - 0.71 4.62
All Maturities Corp Bond I Acc (Gross) 211.40 - 2.20 4.65
Asian Alpha Plus A Inc 88.85 - 0.56 0.24
Asian Alpha Plus A Acc 91.27 - 0.57 0.26
Asian Income A Inc 234.00 235.90 1.50 4.47
Asian Income A Acc 319.60 322.20 2.00 4.33
Asian Income Maximiser A Inc 60.31 - 0.41 7.13
Asian Income Maximiser A Acc 73.26 - 0.49 6.81
Corporate Bond A Inc 41.51 42.03 0.22 5.13
Corporate Bond A Acc 82.80 83.84 0.42 5.00
Dynamic Multi Asset A Inc 57.02 - 0.05 0.71
Dynamic Multi Asset A Acc 57.63 - 0.06 0.66
Dynamic Multi Asset D1 Inc 59.10 - 0.06 2.04
Dynamic Multi Asset D1 Acc 61.19 - 0.06 1.54
European A Inc 62.06 - -0.06 0.80
European A Acc 63.25 - -0.05 0.80
Euro Alpha Plus A Inc 127.00 127.40 0.10 0.72
Euro Alpha Plus A Acc 135.30 135.70 0.10 0.72
Euro Smaller Cos A Inc 381.20 384.80 -0.50 0.33
Euro Smaller Cos A Acc 404.90 408.70 -0.50 0.32
Gilt & Fixed Interest A Inc 61.55 61.59 -0.41 3.42
Gilt & Fixed Interest A Acc 186.80 187.00 1.20 3.35
Fund Bid Offer +/- Yield
Global Alpha Plus A Inc 59.04 - 0.39 0.00
Global Alpha Plus A Acc 59.03 - 0.39 0.00
Global Climate Change A Inc 61.69 - 0.41 0.00
Global Climate Change A Acc 61.83 - 0.42 0.00
Global Emerg Mkts A Inc 142.90 143.80 1.50 0.67
Global Emerg Mkts A Acc 151.10 152.00 1.50 0.66
Global Equity Income A Inc 46.92 - 0.17 3.48
Global Equity Income A Acc 59.33 - 0.21 3.38
Global Healthcare Fund A Inc 80.63 80.91 0.85 0.36
Global Healthcare Fund A Acc 81.74 82.02 0.87 0.36
Global Property Income Maximiser A Inc 54.43 - 0.48 6.77
Global Property Income Maximiser A Acc 62.37 - 0.55 6.53
Global Prop Securities A Inc 78.37 - 0.82 0.64
Global Prop Securities A Acc 82.56 - 0.86 0.63
Income A Inc 890.60 897.80 -1.40 4.23
Income A Acc 5882.00 5929.00 -9.00 4.09
Income Maximiser A Inc 44.49 44.83 -0.82 6.78
Income Maximiser A Acc 76.57 77.15 -0.22 6.48
Japan Alpha Plus A Inc 64.34 64.60 0.45 0.31
Japan Alpha Plus A Acc 64.80 65.06 0.45 0.35
Managed Balanaced A Acc 136.00 - 0.60 0.75
Managed Balanced I Inc 445.60 - 1.70 1.70
Managed Balanced I Acc 715.20 - 2.80 1.68
Managed Monthly High Income Fund A Accumulation 57.95 - 0.21 -
Managed Monthly High Income Fund A Income 56.13 - 0.21 -
Managed Wealth Port A Inc 149.10 149.70 0.60 0.30
Managed Wealth Port A Acc 192.80 193.60 0.80 0.31
Monthly High Income A Inc 44.39 44.43 0.03 6.45
Monthly High Income A Acc 96.47 96.56 0.07 6.27
Multi-Mgr Cautious Managed A Inc 59.26 - 0.13 1.99
Multi-Mgr Cautious Managed A Acc 67.41 - 0.15 1.97
Multi-Mgr High Alpha A Inc 80.64 - 0.30 0.00
Multi-Mgr High Alpha A Acc 80.94 - 0.30 0.00
Multi-Mgr Strategic Balanced A Inc 182.00 - 0.40 0.43
Multi-Mgr Strategic Balanced A Acc 202.10 - 0.50 0.42
QEP Global Active Value A Inc 60.69 - 0.35 1.63
QEP Global Active Value A Acc 66.81 - 0.40 1.61
QEP Global Active Value I Inc 60.98 - 0.36 2.49
QEP Global Active Value I Acc 73.28 - 0.43 2.42
QEP Global Core A Acc 64.21 - 0.46 2.22
QEP Global Core A Inc 61.36 - 0.44 2.28
Recovery A Inc 8268.00 8369.00 -24.00 1.75
Recovery A Acc 13360.00 13530.00 -40.00 1.71
Secure-Distribution 2032 A Acc 0.53 - 0.00 -
Small Cap Discovery Fund A Acc 58.27 - 0.47 -
Small Cap Discovery Fund A Inc 58.27 - 0.47 -
Strategic Bond Fund A Accumulation 54.49 - 0.03 -
Strategic Bond Fund A Income 53.09 - 0.03 -
Tokyo A Inc 196.30 197.30 0.80 0.61
Tokyo A Acc 202.70 203.70 2.00 0.61
UK Alpha Plus A Inc 136.20 137.30 -0.60 0.86
UK Alpha Plus A Acc 152.40 153.60 -0.60 0.84
UK Core Fund A Acc 58.04 - -0.33 2.72
UK Core Fund A Inc 54.93 - -1.87 2.79
UK Equity A Inc 671.90 678.60 -3.90 1.84
UK Equity A Acc 1780.00 1798.00 -10.00 1.81
UK Mid 250 A Inc 149.30 151.10 0.00 0.92
UK Mid 250 A Acc 172.60 174.60 0.00 0.91
UK Smaller Cos A Inc 1500.00 1541.00 3.00 0.72
UK Smaller Cos A Acc 1980.00 2034.00 4.00 0.71
US Alpha Plus A Acc 64.28 - 0.81 0.00
US Alpha Plus A Inc 64.28 - 0.81 0.00
US Mid Cap A Inc 67.96 68.18 0.82 0.00
US Mid Cap A Acc 68.02 68.24 0.82 0.00
US Smaller Cos A Inc 1440.00 1447.00 18.00 0.00
US Smaller Cos A Acc 1440.00 1447.00 17.00 0.00
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 100.93 105.13 0.70 3.10
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7896100 1.7896100 0.0000100 0.00
Offshore Cash B F 1.8026300 1.8026300 0.0000200 0.00
Scottish Friendly Asset Managers Ltd (UK)
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth 188.60 - -0.70 0.00
UK Growth 195.50 - -0.80 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 2.32 2.34 -0.02 0.00
SEB Europe Fund 3.35 3.39 -0.03 0.00
SEB European Equity Small Cap 152.36 153.88 1.06 0.83
SEB Asset Selection Fund EUR 13.91 14.60 -0.06 0.00
SEB Russia Fund 9.90 10.00 -0.06 0.00
SEB Eastern Europe ex Russia 2.82 - 0.03 0.00
SEB Eastern Europe Small Cap Fund 2.66 2.69 0.00 0.00
SEB Hedge IC 102.80 - 1.93 0.00
SEB Key Select C 9.76 9.86 0.02 0.00
SEB Key Select I 10.00 10.00 0.02 0.00
SEB Nordic Fund 7.34 7.41 -0.03 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 147.78 - 0.84 0.00
LTIF Classic 265.04 - 2.05 0.00
LTIF Em.Mkt Value 84.58 - 1.09 0.00
LTIF Natural Resources 98.86 - 0.73 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 199.20 - -4.00 0.70
LTIF Stability Inc Plus SFr 192.20 - -3.80 4.12
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 119.39 - 0.40 0.00
SKAGEN Kon-Tiki 73.76 - 0.34 0.00
SKAGEN Vekst 178.72 - -0.92 0.00
SKAGEN Tellus 15.28 - 0.07 0.00
Smith & Williamson Investment Management (1200)F (UK)
25 Moorgate, London, EC2R 6AY 020 7131 8100
www.sandwfunds.com
Authorised Inv Funds
European Growth Trust A Class 425.30 - -0.20 0.76
Far East Growth Trust A Class 402.40 - 0.10 0.00
Fixed Interest Trust A Class 125.70 - 0.90 4.25
Global Gold and Resource Trust A Class 267.60 - -2.40 0.00
MM Endurance Balanced Fund 193.10 - 1.20 0.74
MM Global Investment Fund 1973.00 - 1.00 1.22
North American Trust A Class 1381.00 - 16.00 0.00
Oriental Growth Fund A Class 148.40 - 1.00 0.78
UK Equity Growth Trust A Class 314.90 - -0.80 1.07
UK Equity Income Trust A Class 194.80 - -3.50 2.74
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 314.65 - -5.79 0.44
Mid Ocean World Inv $ 471.87 - -8.92 0.18
Pancurri Investment Ltd (Est) $ 1077.11 - -9.14 0.00
Smith & Williamson Fd Admin Ltd (1200)F (UK)
25 Moorgate, London, EC2R 6AY 0141 222 1150
Authorised Inv Funds
S&W Deucalion Fd (OEIC) 1745.00 - 0.00 1.00
S & W Magnum 329.40 348.60 -0.40 1.52
S & W Marathon Trust 164.90 174.50 0.50 0.99
S&W Opportunities Fund 1206.00 - -4.00 1.91
S&W UK Growth Fund 863.70 - -4.80 2.44
Endurance Global Opportunities 178.60 - -0.40 0.06
Fund Bid Offer +/- Yield
Charity Value and Income Fund Acc 111.10 112.30 -0.10 4.73
Charity Value and Income Fund Inc 84.24 85.09 -0.03 4.88
SMT Fund Services (Ireland) Limited
Regulated
Monthly Dividend High Yield $ 7.17 - 0.00 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 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$ 10.38 - 0.00 0.00
Monthly Dividend EUR Bd 10.18 - 0.01 0.00
Monthly Dividend CAD Bd C$ 10.41 - 0.01 0.00
Mthly Div US Preferred Secs $ 7.76 - 0.01 0.00
Daiwa Equity Fund Series
New Major Economies $ 10.80 - -0.03 0.00
Global CB $ 10.30 - 0.01 0.00
Spearpoint Limited (IRL)
PO BOX 621, Yorkshire House, Le Truchot, St Peter Port Guernsey, GY1 4PH Tel: 00 44 1481 815555
FSA Recognised
All Weather I NR Acc NAV F 0.90 - 0.00 0.00
All Weather I NR EUR Acc NAV F 0.91 - -0.01 0.00
All Weather R NR Acc NAV F 0.89 - 0.00 0.00
Defensive Cap and Inc F Non-Reporting I Shares 1.02 - 0.00 -
Defensive Cap and Inc F Non-Reporting R Shares 1.02 - 0.00 -
Defensive Cap and Inc F Reporting I Shares 1.02 - 0.00 -
Defensive Cap and Inc F Reporting R Shares 1.02 - 0.00 -
Global Equity I F Non-Reporting I Shares 1.05 - 0.01 -
Global Equity Inc F Reporting R Shares 1.05 - 0.01 -
Spearpoint (EURO) Fixed Income F 1.01 - 0.00 1.13
Spearpoint (Sterling) Fixed Income F 1.02 - 0.00 1.39
Spearpoint (US Dollar) Fixed Income F $ 0.98 - 0.00 1.18
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 109.46 - 3.20 0.00
Global Opportunity Ser K1 (Est) $ 100.64 - 2.43 0.00
Standard Life Investments Ltd (0730)F (UK)
1 George Street, Edinburgh EH2 2LL
0845 279 3003
Authorised Inv Funds
Retail share class
AAA Income Acc Retail StandardLife 88.77 - 0.05 3.11
AAA Income Inc 54.54 - -0.25 3.14
AAA Income CAT Acc 84.50 - 0.05 2.67
AAA Income CAT Inc 54.55 - -0.21 2.71
American Equity Unconstrained Acc 70.92 - -0.30 0.00
Asian Pacific Growth Acc 226.00 - 1.50 1.31
Corporate Bond Acc 131.00 - 0.20 4.14
Corporate Bond Inc 58.02 - -0.40 4.24
Dynamic Distribution Acc 66.43 - 0.31 4.13
Dynamic Distribution Inc 51.90 - 0.24 4.30
Ethical Corporate Bond Acc 66.54 - 0.06 4.73
Ethical Corporate Bond Inc 51.31 - 0.04 4.80
Europe Ethical Equity Acc 44.89 - 0.06 2.18
European Equity Growth Acc 128.80 - 0.40 1.80
Euro Equity Income Acc 84.73 - 0.07 2.88
Euro Equity Income Inc 71.55 - -0.07 4.08
Global Absolute Return Strategies Acc 68.99 - 0.11 1.02
Global Advantage Acc 118.20 - 0.50 1.58
Global Advantage Inc 82.59 - 0.01 1.58
Global Advantage CAT Acc 88.31 - 0.32 1.91
Global Equity Income Acc 163.90 - 0.20 3.19
Global Equity Income Inc 62.29 - 0.04 0.00
Global Equity Unconstrained Acc 79.40 - -0.53 0.00
Global Index Linked Bond Acc 162.30 - 0.30 1.38
Global Index Linked Bond Inc 143.30 - 0.30 1.38
Global REIT Acc 39.77 - 0.33 2.43
Global REIT Inc 34.10 - 0.28 2.52
Global Smaller Companies Retail Accumulation 61.59 - -0.33 0.00
Higher Income Acc 103.30 - 0.10 7.02
Higher Income Inc 46.01 - -0.53 7.28
Japanese Equity Growth Acc 60.14 - 0.68 0.00
Select Income Acc 80.69 - 0.16 3.79
Select Income Inc 52.32 - -0.35 4.88
Select Property Acc 42.38 - -0.02 3.56
Select Property Inc 34.48 - -0.01 1.95
Strategic Bond Acc 72.81 - 0.07 3.18
Strategic Bond Inc 65.89 - 0.06 3.21
UK Equity Growth Acc 257.20 - 1.90 2.07
UK Equity High Alpha Retail Acc 148.70 - 1.10 2.97
UK Equity High Alpha Retail Inc 79.34 - 0.38 3.03
UK Equity High Income Acc 175.50 - 1.50 4.33
UK Equity High Income Inc 72.67 - -0.50 4.49
UK Equity Income Unconstrained Acc 50.80 - 0.46 4.19
UK Equity Income Unconstrained Inc 41.02 - 0.37 4.33
UK Equity Recovery Acc 139.50 - 0.80 0.00
UK Equity Unconstrained Acc 160.40 - 1.50 0.85
UK Ethical Acc 117.10 - 0.70 1.77
UK Gilt Acc 67.31 - 0.00 2.15
UK Gilt Inc 42.80 - -0.23 1.69
UK Opportunities Acc 148.80 - 0.80 0.90
UK Opportunities Inc 139.30 - 0.90 0.90
UK Property Trust Acc 106.90 - 0.20 2.87
UK Smaller Companies Acc 357.00 - -0.30 0.32
Stenham Asset Management Inc
www.stenhamassetmanagement.com
Other International Funds
Stenham Credit Opportunities A Class USD $ 102.18 - 2.18 -
Stenham Emerging Markets USD B1 $ 110.45 - 2.68 -
Stenham Healthcare USD $ 113.44 - 3.44 -
Stenham Helix USD $ 103.78 - 2.00 0.00
Stenham Trading Inc USD $ 110.88 - 2.31 -
Stenham Universal USD $ 395.81 - 9.82 -
Stenham Universal II USD $ 148.71 - 3.63 0.00
Stenham Growth USD $ 182.36 - 5.37 -
Stenham Quadrant USD A $ 382.00 - 7.96 -
Stenham Asia USD $ 123.38 - 2.06 -
Stenham Gold USD $ 273.91 - -5.14 -
Stenham Multi Strategy USD $ 108.08 - 2.46 -
Stenham Managed Fund USD $ 103.35 - 2.07 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 106.52 - 0.10 0.00
Fine Wine Geared Fund 0.45 - 0.01 0.00
Japanese Synthetic Warrant 362.30 - 61.87 0.00
Japan Synthetic Warrant Fund USD Class $ 5.05 - 0.84 0.00
Asia Synthetic Warrant Fund $ 4.89 - -0.06 0.00
Renminbi Bond Fund AUD Cls A A$ 112.59 - 0.19 -
Renminbi Bond Fund AUD Cls B A$ 114.44 - 0.19 -
Renminbi Bond Fund CHF Cls A SFr 117.84 - 0.13 -
Renminbi Bond Fund CHF Cls B SFr 117.79 - 0.12 -
Renminbi Bond Fund CNH Cls A CNH 118.45 - 0.13 -
Renminbi Bond Fund CNH Cls B CNH 118.39 - 0.13 -
Renminbi Bond Fund Euro Cls B 118.08 - 0.11 -
Renminbi Bond Fund GBP Cls B 118.45 - 0.12 -
Renminbi Bond Fund SGD Cls B S$ 118.25 - 0.14 -
Renminbi Bond Fund USD Cls B $ 118.36 - 0.14 -
Renminbi Bond Fund YEN Cls B 12208.27 - 14.58 -
Renminbi Bond Fund USD Class $ 162.97 - 0.20 3.70
Renminbi Bond Fund GBP Class 157.61 - 0.16 3.64
Renminbi Bond Fund SGD Class S$ 156.43 - 0.19 3.60
Renminbi Bond Fund YEN Class 18010.00 - 22.00 0.00
Renminbi Bond Fund EUR Class 108.45 - 0.11 3.67
Poland Geared Growth 0.66 - -0.01 0.00
Fund Bid Offer +/- Yield
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 71576.00 - 2056.00 0.00
Strat Evarich Japan Fd Ltd JPY 76853.00 - 897.00 0.00
Strat Evarich Japan Fd Ltd USD $ 775.96 - 9.53 0.00
Strat Global Innovation fd Ltd EUR 1170.82 - -2.91 0.00
Strat Global Innovation fd Ltd USD $ 1205.31 - -2.71 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 2110.98 - 57.38 0.00
Strategic China Panda Fund Hedged EURO 2077.43 - 57.01 0.00
Strategic China Panda Fund Hedged Sterling 2034.52 - 53.78 0.00
Strategic US Momentum and Value Fund $ 582.02 - 2.73 0.00
Nippon Growth (UCITS) Fund JPY Class A shares 70419.00 - 788.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 57487.00 - 643.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 59370.00 - 664.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1051.02 - 1.68 2.48
Strategic Euro Bond Fund Accumulating Class Shares 1128.20 - 1.81 0.00
Strategic Emerging Europe Fund Hedged Euro Class 1043.60 - -1.00 0.00
Strategic Emerging Europe Fund USD Class $ 1058.36 - -0.95 0.00
Strategic Europe Value Euro Class 127.44 - 1.01 0.00
Strategic Global Bond USD Acc $ 1042.64 - 2.03 -
Strategic Global Bond RMB Acc $ 1041.62 - 2.66 -
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
IGV - Inc A 300.10 - -0.10 2.47
IGV - Inc B 299.30 - -0.10 1.80
IGV - Acc Y 371.10 - -0.10 2.42
IGV - Acc Z 350.40 - -0.10 1.76
European
EGV - Acc 213.60 - -1.00 1.14
Taylor Young Investment Mgmt (1200)F (UK)
Ibex House, 42-47 Minories, London, EC3N 1DX
Other desk: 08459 220044, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
TY Investment Funds
Taylor Young Growth & Income Acc 203.57 - 0.00 3.92
Taylor Young Growth & Income Inc 143.18 - 0.00 4.04
CF Taylor Young Global Growth A Acc 115.22 - 0.00 1.31
CF Taylor Young Global Growth A Inc 101.36 - 0.00 1.03
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1613.41 - -4.46 0.00
UK Corporate Bond 1398.72 - 5.35 0.00
Gilt 1451.66 - 10.06 0.00
Global Eq (Ex Japan) Index Fund 1.03 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 1.08 - 0.00 0.00
Global Eq (ex Japan) Class JP5 0.94 - 0.01 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.86 - 0.01 0.00
Gbl Govt Bond (Ex Japan) Index 1.02 - 0.01 0.00
Gbl Govt Bond (ex Japan) Class JP4 1.00 - 0.01 0.00
Japan Equity Index Fund 0.65 - 0.01 0.00
Japan Equity Class JP3 0.79 - 0.01 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 5.85 - 0.06 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1066.27 - 32.76 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1072.21 - 4.89 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 25.71 - -0.36 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 10.15 - 0.00 0.00
BSI Bond Opportuinty Fund USD Acc $ 10.14 - 0.00 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.87 - 0.00 0.00
Credit Select A EUR Dis 10.11 - 0.00 1.04
Credit Select A EUR Acc 10.82 - 0.01 0.00
European Absolute Return Fund Class A Old Euro Acc 22.83 - 0.10 0.00
European Absolute Return Cls A New Euro Acc 12.39 - 0.05 0.00
High Income USD Dis $ 9.24 - 0.02 8.36
High Income Cls A New USD Dis $ 7.02 - 0.01 8.36
High Income Cls A New USD Acc $ 10.89 - 0.02 0.00
Global Bd () GBP Dis 13.54 - -0.01 0.00
Global Bd () GBP Acc 15.73 - 0.00 0.00
Global Bd () Acc 14.08 - 0.02 0.00
Global Bd () Dis 12.38 - 0.01 0.00
Global Bd ($) Acc $ 11.77 - 0.01 0.00
Global Bd ($) Dis $ 10.32 - 0.01 0.00
Global Credit A EUR Dis 9.66 - 0.00 1.16
Global Credit A EUR Acc 10.58 - 0.00 0.00
Real Estate Securities Cls A GBP Acc 13.03 - 0.10 0.00
Real Estate Securities Cls A GBP Dist 12.43 - 0.09 2.48
Water & Agriculture Abs Rtn USD Acc $ 12.38 - 0.03 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.94 - 0.03 0.00
Emerging Asia B USD Acc $ 8.87 - 0.09 0.00
Emerging Asia B USD Dis $ 8.86 - 0.09 0.00
Global Emerging Markets USD Acc $ 14.78 - 0.12 0.00
Global Emerging Markets USD Dist $ 47.10 - 0.40 0.21
Global High Yield A Euro Acc 10.89 - 0.01 0.00
Global High Yield A Euro Dis 10.35 - 0.02 3.09
Global Emerging Mkt Abs Rtn A USD Acc $ 9.13 - 0.08 0.00
Global Emerging Mkt Abs Rtn B USD Acc $ 9.14 - 0.01 -
Thames River Capital
State Street Fund Services (Ireland) Limited
No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone: +353 (0)1 242 5529
Fax : +353 (0)1 438 9528
TRCInvestorServices@statestreet.com
Other International Funds
Hillside Apex Cls A $ 1219.13 - -56.05 0.00
Warrior Cls A (Final) $ 2593.54 - 48.33 -
Warrior Cls F (Final) $ 1079.68 - 20.12 -
Warrior II Class A (Final) $ 1286.19 - 23.68 0.00
Warrior II Class F (Final) $ 1010.70 - 18.61 -
Sentinel Cls A (Final) $ 1767.25 - 27.91 0.00
Longstone Cls A 1296.74 - -3.13 0.00
Property Growth & Inc Cls A GBP Inc 10.85 - 0.04 5.18
Property Growth & Inc Cls A GBP Acc 14.78 - 0.06 0.00
Africa Focus Class A USD (Final) $ 1111.08 - -8.15 0.00
Isis Cls A $ 7983.37 - -214.53 0.00
The Resolution Fund (1200) (UK)
Tel 0870 870 8434
Authorised Inv Funds
UK Equity Inc Net F 126.35 - -0.28 2.24
UK Equity Acc Net F 55.80 - -0.13 2.21
UK Equity B Inc F 74.96 - -0.17 2.50
UK Income A Inc F 51.23 - 0.14 3.08
UK Income B Inc F 61.72 - 0.09 2.99
UK Income B Acc F 76.14 - 0.11 2.94
UK Balanced B Inc F 64.41 - 0.12 1.31
UK Balanced B Acc F 68.17 - 0.13 1.29
Global Yield Net B ACC F 111.41 - 0.28 1.41
Global Yield Net B INC F 108.26 - 0.27 1.40
Global Balanced Net B ACC F 117.01 - 0.50 0.18
Global Balanced Net B INC F 114.09 - 0.49 0.19
Global Growth Net B ACC F 121.62 - 0.66 0.25
Global Growth Net B INC F 114.86 - 0.62 0.25
UK EQUITY B ACC 77.88 - -0.17 2.45
Resolution Fixed Income Fund Net D 1.00 - 0.00 -
Resolution Global Equity Fund Net B 1.12 - 0.01 -
Fund Bid Offer +/- Yield
UK GROWTH FUND B ACC 99.83 - 0.35 0.00
UK GROWTH B INC 77.65 - 0.16 1.13
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 1.89 - -0.34 14.26
B Share NAV (Susp) 2.24 - -0.09 12.08
The Glanmore Property Dollar Fund
NAV (Susp) $ 1.06 - -0.03 0.00
B Share NAV (Susp) $ 0.96 - -0.04 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 0.95 - -0.02 0.00
B Share NAV (Susp) 0.60 - -0.04 -
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0.42 - -0.01 0.00
B Share NAV 1.03 - -0.03 0.00
Toscafund (CYM)
Regulated
Tosca $ 230.85 - 11.98 0.00
Tosca Mid Cap GBP 166.37 - 14.75 0.00
Tosca Opportunity B USD $ 168.14 - -14.42 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 231.91 - 0.41 0.00
International B $ 301.33 - 0.40 0.00
International C 103.76 - 0.10 2.89
Pacific A 264.85 - 0.25 0.00
Pacific B $ 336.09 - 0.35 0.00
TreeTop Global Sicav
Global Opp.A 120.30 - 0.95 0.00
Global Opp.B $ 125.44 - 0.79 0.00
Global Opp.C 161.49 - 0.55 0.00
Sequoia Equity A 102.21 - 0.25 0.00
Sequoia Equity B $ 110.32 - 0.11 0.00
Sequoia Equity C 132.16 - -0.27 0.00
Sequoia Pacific Equity A 61.53 - -0.01 0.00
Sequoia Pacific Equity B $ 67.99 - -0.07 0.00
Sequoia Pacific Equity C 87.05 - 0.33 0.00
Troy Asset Mgt Ltd (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
Spectrum Fund 'O' Acc 149.23 - 0.00 0.05
Spectrum Fund 'O' Inc 146.61 - 0.00 0.04
Trojan Fund O Acc 250.92 - 0.00 0.96
Trojan Fund O Inc 211.40 - 0.00 0.98
Trojan Capital O Acc 168.92 - 0.00 1.21
Trojan Capital O Inc 148.42 - 0.00 1.21
Trojan Income O Acc 206.51 - 0.00 4.22
Trojan Income O Inc 143.95 - 0.00 4.36
UBS Global Asset Mgmt Fds Ltd (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 A Acc 344.31 - 2.14 1.37
Global Optimal A Acc 77.95 - 0.44 0.57
UBS UK Opportunities Fund 72.34 - -0.18 1.09
UK Smaller Cos A Acc 131.26 - 0.47 0.14
US Equity A Acc 97.36 - 1.01 0.00
UBS Asian Consumption Fund - A 57.59 - 0.96 0.37
UBS European Eqty A Acc 567.62 - 0.87 1.97
Active Bond A Inc Net 51.17 - 0.09 3.23
Active Bond A Inc Gross 51.05 - 0.09 4.02
UBS Targeted Return A Acc Net 107.08 - 0.41 0.36
UBS Multi Asset Income A Acc (net) 60.29 - 0.09 3.36
UBS Multi Asset Income A Inc (net) 53.67 - 0.08 3.49
UBS UK Equity Income A Acc Net 50.86 - -0.02 4.43
UBS UK Equity Income A Inc Net 36.72 - -0.02 4.57
Corporate Bond UK Plus B Acc Gross 68.33 - 0.35 4.84
UBS Global Allocation (UK) A Acc 89.09 - 0.35 1.73
UBS US Growth Fund A Acc 100.23 - 0.96 0.00
UBS Emerging Markets Equity Income A Acc 58.91 - 0.41 5.15
UBS Emerging Markets Equity Income A Inc 51.56 - 0.35 5.38
UBS Global Diversified Fund A Acc 0.55 - 0.00 0.00
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 401.65 - -5.64 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 311.26 - 1.12 0.20
UBS Global Emerging Market Value Focus P USD $ 114.75 - 0.70 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 139.35 - 1.04 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 158.70 - 0.16 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 121.99 - -0.63 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 104.97 - 0.07 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 11.14 - -0.04 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 108.89 - 0.05 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 233.40 - 0.31 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1919.23 - 0.30 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2993.18 - -6.53 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 108.19 - 0.98 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 204.86 - 0.26 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 148.19 - 0.31 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 110.74 - 0.00 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 18.22 - -0.03 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 10.32 - 0.05 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 142.79 - 0.13 0.00
Pls contact your adviser for funds in other currencies or for add.
Unicapital Investments (LUX)
Regulated
Investments III 122.21 - -23.80 0.00
Investments IV - European Private Eq. 430.45 451.97 -10.20 -
Investments IV - Global Private Eq. 597.10 626.96 -78.89 -
Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
Free Spirit A Inc F 312.18 - 0.00 0.00
Mastertrust A Inc F 294.00 - 0.00 0.00
Free Spirit B Inc F 310.40 - 0.00 0.03
Mastertrust B Inc F 262.09 - 0.00 0.00
Outstanding British Cos A Acc F 199.23 - 0.00 0.45
Outstanding British Cos B Acc F 204.30 - 0.00 0.89
UK Smaller Cos A Inc F 288.50 - 0.00 0.53
UK Smaller Cos B Inc F 282.06 - 0.00 0.75
UK Income A Inc F 192.99 - 0.00 3.62
UK Income B Inc F 200.80 - 0.00 3.59
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
Value Partners Classic Equity Fund $ 11.75 - 0.00 -
Fund Bid Offer +/- Yield
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 266.55 - -0.02 1.07
Veritas Asian Fund A GBP H 330.99 - 2.52 1.02
Veritas Asian Fund A EUR H 238.32 - 1.78 1.12
Veritas China Fund A USD $ 119.36 - 0.80 0.57
Veritas China Fund A GBP 120.87 - 0.82 0.00
Veritas China Fund A EUR 118.54 - 0.84 0.41
Veritas Global Equity Income Fund D USD $ 129.66 - -0.70 -
Veritas Global Equity Income Fund D EUR 192.90 - 0.42 -
Veritas Global Equity Income Fund D GBP 167.99 - 1.01 -
Veritas Global Focus Fund D USD $ 20.72 - -0.06 -
Veritas Global Focus Fund D EUR 16.01 - 0.07 -
Veritas Global Focus Fund D GBP 23.32 - 0.20 -
Veritas Global Focus Fund A GBP 22.53 - 0.19 1.34
Veritas Global Focus Fund A EUR 9.31 - 0.05 1.51
Veritas Global Focus Fund A USD $ 19.90 - -0.06 1.44
Veritas Global Focus Fund C GBP 23.39 - 0.20 0.00
Veritas Global Focus Fund C EUR 16.08 - 0.07 0.00
Veritas Global Focus Fund C USD $ 20.75 - -0.06 0.00
Veritas Global Equity Income Fund A GBP 162.13 - 0.98 4.14
Veritas Global Equity Income Fund A EUR 188.93 - 0.41 4.42
Veritas Global Equity Income Fund A USD $ 125.57 - -0.68 4.40
Veritas Global Equity Income Fund C GBP 169.97 - 1.03 -
Veritas Global Equity Income Fund C EUR 198.16 - 0.43 -
Veritas Global Equity Income Fund C USD $ 131.11 - -0.71 -
Veritas Global Real Return Fund A USD $ 18.61 - 0.14 0.91
Veritas Global Real Return Fund A GBP 10.19 - 0.08 0.78
Veritas Global Real Return Fund A EUR 10.43 - 0.06 0.00
Retail
Veritas Asian Fund B USD $ 188.01 - -0.02 0.66
Veritas Asian Fund B GBP 243.38 - 2.12 0.32
Veritas Asian Fund B EUR 174.40 - 1.30 0.64
Veritas China Fund B GBP 117.52 - 0.78 0.13
Veritas China Fund B EUR 118.82 - 0.80 0.00
Veritas Global Focus Fund B USD $ 14.40 - -0.04 0.87
Veritas Global Focus Fund B GBP 17.22 - 0.15 0.84
Veritas Global Focus Fund B EUR 11.09 - 0.05 1.82
Veritas Global Equity Income Fund B GBP 151.33 - 0.91 4.16
Veritas Global Equity Income Fund B EUR 175.87 - 0.39 4.44
Veritas Global Equity Income Fund B USD $ 126.38 - -0.69 4.42
Veritas Global Real Return Fund B USD $ 18.09 - 0.14 0.56
Veritas Global Real Return Fund B GBP 10.05 - 0.07 0.44
Veritas Global Real Return Fund B EUR 11.84 - 0.09 0.40
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 246.69 - -1.18 0.00
Real Return Asian Fund GBP (Est) 261.92 - -1.23 0.00
Real Return Asian Fund EUR (Est) $ 256.70 - -1.25 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP 137.31 - 3.71 -
Virgin Money Unit Trust Managers Limited (1700)F (UK)
Discovery Hse, Whiting rd, Norwich NR4 6EJ 08456 102030
Authorised Inv Funds
Virgin UK Index Tracking Trust 227.60 - 2.00 2.76
Virgin Income Trust 121.60 - 0.70 1.25
Virgin Pension Growth Fund 246.10 - 2.20 2.70
Virgin Pension Income Protector Fund 247.90 - 1.40 3.18
Virgin Climate Change Fund 88.31 - 0.15 0.00
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 19.27 - 0.04 0.86
European Fund B Eur H 9.50 - -0.17 0.94
Global Bond Fund Cls A $ 9.81 - -0.01 4.71
Global Equity Fund B GBP H 6.09 - 0.06 0.00
JOHIM Equity Fund GBP 12.30 - 0.11 0.00
JOHIM Sterling Bond Fund A GBP 10.29 - 0.01 5.01
Waverton Abs. Fund GBP 10.26 - 0.00 0.31
UK Fund B GBP H 11.25 - -0.15 2.36
Wesleyan Assurance Society (UK)
Colmore Circus, Birmingham, B4 6AR 0121 200 3003
Insurances
Managed Fd 11.36 11.93 0.02 -
Pens Managed Fd 835.30 877.10 8.50 -
Pens Managed Fd Ser 2 8.13 8.13 0.08 -
Wesleyan Unit Trust Managers Ltd (1200)F (UK)
PO Box 6052 Basildon SS15 5ZS 0870 601 6129
Authorised Inv Funds
Growth Trust 290.64 305.20 -1.63 2.46
Cash Fund 147.68 - 0.00 0.44
International Trust 128.69 134.80 0.36 0.83
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 114.45 - 0.08 0.00
WDB Asset Management Limited (1200)F (UK)
100 Wood Street, London, EC2V 7AN Tel: (0870) 606 6400
Authorised Inv Funds
WDB Balanced Portfolio Fund Inst-Inc 148.59 - 1.06 3.55
WDB Balanced Portfolio Fund Ret-Inc 132.51 - 0.93 3.57
WDB European Fund Inst-Inc 299.69 - 0.36 1.34
WDB European Fund Ret-Inc 297.77 - 0.35 0.65
WDB Fixed Income Fund Ret-Inc 118.13 - 0.42 5.04
WDB Global Fund Ret-Acc 155.69 - 0.91 0.16
WDB Global Fund Ret-Inc 155.44 - 0.92 0.16
WDB UK Fund Ret-Inc 327.09 - -0.15 1.57
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.78 - 0.01 0.00
Assetmaster Cautious Fund 1.45 - 0.00 0.00
Assetmaster Balanced Fund 1.48 - 0.01 0.00
Assetmaster Intl Growth Fund 1.71 - 0.01 0.00
Multi Strategy Fund H 1.95 - 0.01 0.00
Chameleon Capital H 1.19 - 0.01 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 841.17 - 20.57 0.00
Winton Futures EUR Cls C 236.60 - 5.57 0.00
Winton Futures GBP Cls D 257.03 - 6.46 0.00
Winton Futures GBP Cls F 99.11 - 2.50 0.00
Winton Evolution USD Cls F (Est) $ 1349.34 - 40.87 0.00
Winton Evolution EUR Cls H (Est) 1063.57 - 31.20 0.00
Winton Evolution GBP Cls G (Est) 1072.06 - 33.26 0.00
Winton Futures JPY Cls E 16473.74 - 418.41 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.44 - 0.02 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 974.78 - -14.78 0.00
Xanthos Equities USD $ 1055.75 - 23.07 0.00
Xanthos Investment Partners USD $ 2689.63 - -51.62 0.00
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth 4335.00 - 48.00 0.00
Yuki Mizuho Japan General 8897.00 - 79.00 0.00
Yuki Mizuho Japan Excellent 100 7560.00 - 141.00 0.00
Yuki Mizuho Japan Growth 6864.00 - 123.00 0.00
Yuki Mizuho Japan Income 8010.00 - 52.00 0.00
Fund Bid Offer +/- Yield
Yuki Mizuho Japan Large Cap 5015.00 - 35.00 0.00
Yuki Mizuho Japan Low Price 13004.00 - 292.00 1.18
Yuki Mizuho Japan Pure Gwth 7662.00 - 134.00 0.00
Yuki Mizuho Japan Small Cap 8421.00 - 193.00 0.00
Yuki Mizuho Japan Value Select 6382.00 - 151.00 0.00
YMR Umbrella Fund
YMR N Growth 10017.00 - 87.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 7581.00 - 86.00 0.00
Yuki Chugoku Japan Low Price 7163.00 - 64.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 6320.00 - 87.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 4911.00 - 53.00 0.00
Yuki Hokuyo Japan Income 5670.00 - 102.00 0.00
Yuki Hokuyo Japan Small Cap Fund 6441.00 - 127.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 11270.00 - 115.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 112.34 - 0.78 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78 - -0.96 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Money Market
Trusts and
Bank Accounts
Gross Net
Gross
AER Int Cr
CAF Bank Ltd
PO Box 289 Kings Hill, West Malling, Kent ME19 4JQ 03000 123456
CAF Gold 1 249,999.......... 0.20 - 0.20 Qtr
CAF Gold 250,000 499,999... 0.40 - 0.40 Qtr
CAF Gold Balances 500,000 999,999. 0.60 - 0.60 Qtr
CAF Gold Balances 1 Million and above... 1.00 - 1.00 Qtr
Platinum 30 Day Notice 1.20 - 1.20 Qtr
CAF Cash 0.10 - 0.10 Qtr
CCLA Investment Management Ltd
Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.65 - 0.65 Qtr
COIF Charities Deposit Fund 0.65 - 0.65 Qtr
Data Provided by Morningstar
www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Full fund performance data at
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(0)20 7831 0898.)
OEIC: OpenEnded Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Different share classes are issued to reflect
a different currency, charging structure or type
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Selling price:Also called bid price. The price
at which units in a unit trust are sold by
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Buying price: Also called offer price. The
price at which units in a unit trust are bought
by investors. Includes managers initial charge.
Single price: Based on a midmarket
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buying and selling price for shares of an OEIC
and units of a single priced unit trust are the
same.
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charge: The letter C denotes that the trust
deducts all or part of the managers/operators
periodic charge from capital, contact the
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exit charge may be made when you sell units,
contact the manager/operator for full details.
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the timing of price quotes. The time shown
alongside the fund managers/operators name
is the valuation point for their unit trusts/OEICs,
unless another time is indicated by the symbol
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1100 hours; 1101 to 1400 hours; 1401 to
1700 hours; # 1701 to midnight. Daily dealing
prices are set on the basis of the valuation
point, a short period of time may elapse before
prices become available.Historic pricing: The
letter H denotes that the managers/operators
will normally deal on the price set at the most
recent valuation. The prices shown are the
latest available before publication and may not
be the current dealing levels because of an
intervening portfolio revaluation or a switch to a
forward pricing basis. The managers/operators
must deal at a forward price on request, and
may move to forward pricing at any time.
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at the next valuation.
Investors can be given no definite price in
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managers/operators. Scheme particulars,
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MARCH 2 2013 Section:Stats Time: 1/3/2013 - 19:57 User: watsonl Page Name: UT5EUR, Part,Page,Edition: EUR, 21, 1
22

Saturday March 2 / Sunday March 3 2013
Inflation is an old foe.
Central bankers try to
keep it in check. Investors
try to beat it.
But those roles are
growing confused. Some of
the developed worlds
biggest central banks are
trying deliberately to raise
inflation. Their continued
failure to do so is arguably
damaging the economy,
but it boosts asset prices
for investors. If they were
ever to succeed, then the
relationship between
inflation and stocks could
itself begin to change.
That is why we should
all be looking at inflation
expectations. Central
bankers do so all the time,
as they tend to be self-
fulfilling. It is when people
expect higher inflation that
they demand higher wages,
and inflation becomes
entrenched.
Ben Bernanke, chairman
of the US Federal Reserve,
invoked inflation
expectations frequently in
his testimony to Congress
this week. Discussing the
risks of future inflation,
he said longer-term
expectations were in the
narrow ranges seen over
the past several years.
Listing the risks of the
Feds policy of buying
bonds to push down
interest rates, first on his
list was inflation
expectations could rise.
But for now they were
well-anchored.
The link between equity
returns and inflation has
changed in the course of
THE LONG VIEW
John Authers
Investors should beware
if inf lation genie escapes
time. Research by the
hedge fund manager Sushil
Wadhwani, a former
member of the Bank of
Englands Monetary Policy
Committee, shows that
from 1960 to 2000, inflation
expectations and stock
market returns were
negatively correlated
higher inflation meant
investors paid lower
multiples for stocks.
But since the bursting of
the Nasdaq bubble in 2000
ushered in the current
bear market, any sign of
returning inflation has
been good for stocks. A
convenient market
measure of expected
inflation comes from bond
market break-evens the
rates of inflation at which
the returns on fixed-income
bonds would equal the
returns from equivalent
inflation-linked bonds.
As the chart shows, the
relationship between US 10-
year inflation break-evens
and stocks has been rigid,
with the post-Lehman
crash of 2008 coinciding
with a deflation scare in
which investors thought
prices would actually fall
during the ensuing decade.
The Feds drastic action
to avert deflation has
successfully brought US
inflation expectations back
to where they were for
much of the past decade.
At about 2.5 per cent,
10-year expectations remain
below post-crisis highs.
This cocktail has been
great for investors. Such
low returns from bonds
virtually bribe investors to
buy relatively riskier
investments. With inflation
expectations low and the
economy sluggish, central
bankers keep easing.
How long can it persist?
If the inflationary genie is
let out again, and
expected inflation breaks
sharply higher, then Mr
Wadhwani suggests we are
likely to see another
regime switch. This
would be the regime that
ruled from 1960 to 2000,
when higher inflation
expectations meant lower
price/earnings multiples,
and so lower share prices.
Arguably markets are
not reacting to inflation
expectations themselves,
under either regime, but to
the response they are
likely to provoke from
central banks. This has
been blatant of late. Dips
in break-evens, both at the
worst of the crisis in late
2008 and again in late 2010,
prompted quantitative
easing programmes by the
Fed. Stock markets
wobbled after the minutes
of Januarys Fed meeting
showed some governors
were worried by the costs
of QE. European stocks
have been beaten by the
US badly to date this year.
There is political noise on
both sides of the Atlantic,
but note that the European
Central Bank is tightening
its balance sheet (reducing
stimulus), while the Fed is
still expanding.
History partly supports
the notion that central
bank balance sheets drive
markets. Research by Paul
Jackson, equity strategist
at Socit Gnrale, shows
stock markets fell as the
Fed tried to rein back the
more limited stimulus it
introduced in the 1930s.
He suggests there may be
a causal link between the
balance sheets and stock
markets, so investors
should be cautious when
central banks are about to
change policy. But Mr
Jackson adds that the
economic conditions at the
point of the exit are still
far more important.
A gentle return to
inflation would allow a
gentle transformation.
Long-term bond yields are
directly adversely affected
by long-term inflation,
which eats into their
value; so a slow increase
in inflation might work
well for investors. Bond
yields would rise a little,
without making it much
harder for companies to
raise money, and without
tempting investors to try
bonds instead of cash.
That, presumably, is
what the Fed wants to see.
The problem would be if
the economy jolts into life,
and inflation expectations
rise sharply. Central banks
would tighten swiftly, long-
term bond yields could rise
a long way in a hurry
and the environment for
equities would look ugly.
But as long as US break-
evens stay well-anchored,
as Mr Bernanke puts it,
stocks can flourish.
A gentle return to
inflation would
allow a gentle
transformation
[that] might work
well for investors
Great Expectations
Sources: Thomson Reuters Datastream;
Bloomberg
S&P 500
index
US 10-year
inflation breakevens
(%)
2001 05 10 13
600
800
1000
1200
1400
1600
-0.5
0
0.5
1.0
1.5
2.0
2.5
3.0
The Lex Column
Markets
US sequestration
Think of recent US fiscal policy as a
film franchise part drama, part
comedy, part horror. The opening
instalment was the summer 2011
blockbuster, Debt Ceiling. The
downgrade of US debt after the
default brinkmanship made our jaws
drop but was followed by a clever
plot twist: Treasuries rallied to
all-time lows. And the brilliant
producers, President Barack Obama
and Speaker John Boehner, planted
the seeds for a string of sequels. The
winter showdown, Debt Ceiling II,
ended with a feel-good (if temporary)
holiday compromise.
But with yesterdays release of
Sequestration, featuring $85bn in
automatic spending cuts slated for
2013 (the first of $1.2tn over a
decade), we have reached mid-series
malaise. The collective yawn from all
involved indicates that this edition is
one big plot hole. Mr Obama has hit
the talk show circuit to vainly stoke
fervour among ordinary Americans.
However his golf vacation, along
with meaningless negotiations with
Republicans, betray that Washington
is resting for its next project.
What film is the market watching
instead? The reliable if dry Earnings
Season is playing alongside the
remake of Merger Mania (not as
thrilling as the 2007 version), and
with this double feature, the Dow is
nearing its all-time high of 14,164.
That said, the defence names are
indeed hitting the theatres for
Sequestration. Northrop Grumman,
General Dynamics, and Lockheed
Martin are down as much as 5 per
cent this year. The smaller defence
companies that are more geared
towards services could be harder hit.
The government and military
consultant Booz Allen Hamilton is
down nearly a 10th.
The next contribution, Government
Shutdown (a homage to the 1996
classic starring Bill Clinton and
Newt Gingrich) is only weeks away
as Uncle Sam needs to fund its
future operations. And Debt Ceiling
III: Dirty Barry is slated for this
summer, though these next two
could mercifully be wrapped into one
grand (bargain) finale.
Movies are, ultimately, an escape.
The reality remains weak gross
domestic product growth and 8 per
cent unemployment. And it may be a
fantasy to think Washington could
star in a film about fixing that.
Advertorial
Sir Martin Sorrell is usually such a
paragon of elegance that it is hard
to imagine him doing anything
ugly. Yet here is the man himself,
in his comments alongside WPPs
2012 results yesterday: We reached
our targets, but we got there ugly.
That was the cue for one of those
lengthy tours dhorizon he loves to
deliver, unlike his more timid
fellow chief executives. (The results
announcement ran to 40 pages; an
accompanying presentation had 111
slides.) So how does the world look
from atop the worlds biggest
advertising group by revenue?
Surprisingly resilient is how,
todays tough trading conditions
notwithstanding. Sir Martins gripe
about 2012 was what he calls the
grey swans fallout from the
financial crisis that still sap
clients confidence. But the
advertising industry continues to
hold its own. Since 1998, it has seen
only two years 2002 and 2009
when organic revenue growth was
negative, says Deutsche Bank.
The fastest growth is coming in
digital advertising: it accounted for
a third of WPPs group revenue of
10bn in 2012 from only 12 per cent
in 2000. WPP forecasts that digital
advertising expenditure will grow at
a compound annual rate of 14 per
cent until 2017, compared with
about 3 per cent for the wider
advertising industry.
The other important trend is the
growth of emerging markets.
Revenues grew by 10 to 15 per cent
in 2012 in places such as Brazil
(where WPP has an advertising
joint venture with the football star
Ronaldo) and China, versus less
than 5 per cent for the US and
much of Europe.
These developments explain why
advertising groups have become
serial acquirers. WPP has made two
acquisitions this week, in Turkey
and South Africa; it made 65 in 2012
(Publicis, one of its big rivals, made
22). They also underpin agencies
strong share price performance.
WPP trades at near its all-time
high; its shares are up a third in
the past 12 months, against a fifth
for Publicis and Omnicom, although
they still trade at a slight discount.
The risk is that this phase of
share price appreciation has priced
in much of the future growth. This
year will be challenging, for
starters. In 2014, there will be two
maxi-quadrennial events (big
things that happen every four
years) the World Cup and Winter
Olympics. True, advertisers love
these occasions. But they are a bit
overrated as business opportunities.
Sir Martin may need to keep
winning ugly for a while longer.
Groupon
Firing Andrew Mason will do
roughly nothing to help Groupon.
But the morning after the internet
coupon company gave its boss the
shove, its stock rose 10 per cent to
about $5. To the extent the two are
connected (the shares could simply
be bouncing back after a violent
response to a poor earnings report
the day before) short sellers have
been presented with an opportunity
in a stock that has already treated
them kindly.
Mistakes were made while Mr
Mason was at the helm, from the
creation of absurd accounting
metrics to bungled revenue reporting
to a hasty expansion plan. All of this
was a sideshow next to the problems
intrinsic to Groupons business
model, however. It sells coupons that
offer merchants products at deep
discounts, and then takes a huge
chunk (originally, about half) of the
gross proceeds. It always looked like
a lousy deal for the merchant, unless
the unprofitable customers Groupon
brings in come back often, and pay
full price. And even if merchants
like the model, it has essentially no
barriers to entry.
Many observers predicted that
Groupons take rate, the proportion
of coupon face value it keeps, would
decline quickly. It has. Others
foresaw that it would be hard to
maintain growth as merchants and
customers became familiar with
Groupon. And, indeed, in the core
coupon business, revenues have
fallen for three straight quarters. It
was pointed out that free cash flow,
one of the models virtues, would fall
off as growth declined. That has
begun to happen, too. In the past
year, Groupon has shifted to a model
where the goods discounted are
actually sold by Groupon itself. That
Groupon entered this lower-margin
new business shows you what it
thinks of its old one.
There were a few optimists early
on but most of them were sell-side
analysts (that half of firms covering
Groupon had buy ratings on it when
it went public at $25 is a stinging
indictment of how Wall Street covers
initial public offerings). Sane,
unconflicted people saw trouble
coming at Groupon, and not because
of its leader. Avoiding Mason-like
mistakes will be the easiest part of
the new chiefs job. The hard part
will be to reinvent the company.
Ad men
Source: Deutsche Bank
Advertising industry operating margins (%)
2
0
4
6
8
10
12
14
2000 06 04 02 10 08 12
Estimates
14
LEX ON THE WEB
For Lex notes on todays breaking stories,
go to: www.ft.com/lex
For email: www.ft.com/nbe
Lex on your mobile: www.ft.com/ftapp
Lloyds Banking Group
Life used to be so simple. You
bought shares for one price, sold for
another, and the difference was the
profit or loss. Not where the UK
governments 39 per cent stake in
Lloyds is concerned. It handed over
74p per share, and has since received
11p in payments from the bank. So
the outlay is 63p, right? Wrong. A
new bonus plan for chief executive
Antnio Horta-Osrio is based on the
government selling for at least 61p,
which was the market price when
the shares were bought (it paid over
the odds). And if you take off the
11p received since then, the price
falls to 50p. Voil, four different
prices at which the government can
say it is making a profit.
The entire debate is, of course,
irrelevant. What matters is not what
the government paid for the shares
but what it can sell them at and
here reality is not so flexible. They
fell 3 per cent to 53p yesterday.
Poor full-year numbers were partly
to blame. Although impairments
were lower than expected, the news
on margins was disappointing. Net
interest margins fell 14 basis points
to 1.93 per cent and the recovery will
not be as fast as analysts expected.
But there was also bad economic
news, with a UK manufacturing
index showing a decline in February.
This is more significant for Lloyds
than for other UK banks as Lloyds is
a pure play on the UK economy. It
lacks the investment banking buffer
(or drag) of Royal Bank of Scotland
and Barclays, and is the polar
opposite of HSBC and Standard
Chartered with their focus on cross-
border trade. Almost two-thirds of its
loan book is in UK mortgages. In
good times that is a virtue but, if the
UK suffers, so does Lloyds.
There is a lot of noise around the
bank. UK regulators might still
require it to hold more capital. The
EU mandated branch sale, to Co-op,
is still not a done deal. And another
1.5bn was set aside for insurance
mis-selling, bringing the total to
7bn. Despite this, the shares have
more than doubled since last
summer, so even if it were to sell
now the government could say it
was sitting on a gain of sorts. There
is no guarantee that it will ever
make a profit on its stake, whichever
in price it chooses. It should stop
worrying about past prices and get
on with the business of selling.
Life&Arts
Fo od & Dr i n k S t y l e Tr av e l A r t s Bo ok s
FINANCIAL TIMES | Saturday March 2 / Sunday March 3 2013
Call of the wild
On the trail of wolves
in the Spanish sierras
Travel Page 9
Richard Gere
His latest film and
other, trickier topics
Back stories Page 17
Tyler Brl
How to tackle this
plague of zombies
The Fast Lane Page 18
D-day for downloads
Ten years after iTunes opened for business, technology has reanimated the back catalogues
of old rockers. So why are they unhappy about selling more records? By Ludovic Hunter-Tilney
have careers straddling analogue and
digital eras. Contracts signed in an
age when vinyl was the only means of
distributing music are still legally
binding at a time when a master
recording can be made available to
millions at the press of a button.
Of course, none of this would mat-
ter if no one bought old music. But
heres the curious thing: technology
has provided unparalleled access to
pops past. Its vast back catalogue is
Toby Whitebread
T
he US federal court for
northern California is
housed in a huge 1950s
modernist office block in
the centre of San Francisco.
The cases being heard within its
cleanly designed 21 floors range from
Apples multibillion-dollar patent dis-
pute with Samsung to the less titanic
tussle between H&B Beauty Supplies
and Posh Hair Salon Incorporated.
Among the litigation is a class
action suit whose outcome could have
profound implications for the music
industry. James v UMG Recordings
is a dispute about how much money
musicians should receive from digital
downloads of their work. Brought
against the worlds largest record
label, Universal Music Group, by the
estate of Rick James, the funk star
who died in 2004, it revolves around
an apparently obscure technical detail
whether downloads should be classi-
fied as sales or licences.
Whats at stake isnt so obscure.
Record labels pay between 10 and 20
per cent in royalties to musicians for
sales of their music. But they pay as
much as 50 per cent when music is
licensed, when songs are used in films
or ads, for example. The royalty rate
for music sales has historical roots in
the costs the labels assumed for press-
ing records and CDs, transporting
them to shops and promoting them.
So why, the talent argue, should the
labels get the same rate when the
bulk of those costs are gone?
The labels, unsurprisingly, want to
continue classifying downloads as
sales. Insiders believe iTunes and
the like are simply record stores with-
out the bricks-and-mortar, a continua-
tion of the core business of selling
recordings. Also they are still manu-
facturing CDs, which made up more
than half of global sales last year.
And promotional costs havent disap-
peared; indeed, promotion in the dig-
ital age makes the old days of keeping
fan clubs happy with signed photos
look like childs play.
Musicians, just as unsurprisingly,
want downloads reclassified as the
more lucrative licenses. If the
James estates class action were to
force an across-the-board change, then
it is estimated that the retroactive
cost for the labels could be more than
$2bn from iTunes sales alone. Nervous
looks are being directed at San Fran-
ciscos federal court.
The suit had been brewing for a
while, says Rob Zombie, a named
plaintiff alongside the James estate
when the case was brought against
Universal in 2011. Plaintiff Rob Zom-
bie, the court document introduced
him in its groovy legal way, also
known as Robert Wolfgang Zombie,
formerly known as Robert Cummings,
is a performing and recording artist
currently residing in Los Angeles.
Zombie fronted White Zombie, a
horror movie-obsessed heavy metal
band that had chart success in the
1990s, after which he launched a solo
career. A new album is due in April,
bearing the excellent title Venomous
Rat Regeneration Vendor, and he has a
side career directing the latest instal-
ments of the Halloween film franchise.
The shock-rocker was one of a
number of acts to join the James
estates class action suit. Most of the
others, unlike him, are heritage acts
from the pre-download era; they
include David Coverdale of 1980s rock-
ers Whitesnake and Chuck D, leader
of seminal rappers Public Enemy. Still
more are pursuing separate allega-
tions of back-catalogue underpay-
ments against major labels, from
disco queens Sister Sledge to Motown
greats the Temptations.
Last year, hippie troubadour James
Taylor launched a court action
against Warner Bros Records. Because
the action is ongoing, he didnt want
to comment for this piece but supplied
me with a copy of the complaint he
filed: a 75-page legal document with a
detailed litany of gripes about down-
load and ringtone income. The ring-
tones are surely not worth much
does anyone actually own a James
Taylor ringtone? but the downloads
are a different matter: the singer is
suing Warners for $2m.
Hostilities between money and tal-
ent are nothing new but in the digital
era the biggest victories so far have
been notched up by the talent. Sony
settled a six-year-old case last year,
agreeing to pay a number of artists,
led by the Allman Brothers and Cheap
Trick, a total of $8m. Also last year,
Universal paid an undisclosed sum to
end a download dispute with the pro-
duction team behind rapper Eminems
breakthrough hits the settlement
followed a 2011 legal decision in the
same case that download sales should
be treated as licences, though the rul-
ing only applied to the contract under
litigation.
What the record labels dread is a
ruling that would establish a legal
precedent. Such a landmark case
would open a Pandoras box of irate
heritage artists demanding compensa-
tion. The result, as in the case of
James v UMG Recordings, is a court-
room war of attrition. Zombie and the
other acts in the suit have been fought
every step of the way by Universals
legal team. It is turning into pops
version of Bleak Houses eternal law-
suit, Jarndyce v Jarndyce.
Unfortunately these things just
drag out for years, Zombie says.
Every time I would call to check in,
my lawyer was like, Ill tell you when
something changes. Checking up on a
court case will just drive you crazy.
Towards the end of last year, the
case was amended to allow Zombie to
drop out as a lead plaintiff: his origi-
nal record contract fitted the bill but
he renegotiated it several times so its
no longer typical of the rest of the
members of the class action. The
judge allowed him to withdraw with-
out prejudice, despite Universals
objections, which means he can con-
tinue in the suit as a non-lead plaintiff.
Two years from now Ill get an
exciting phone call or not. As of right
now I dont know, Zombie says. The
legal game of cat and mouse continues.
Pops adaptation to the download age
has been far-reaching but haphazard.
It is now almost a decade since
Apples iTunes store opened its vir-
tual doors to paying customers.
Within five years of its launch in
April 2003, it was the USs largest
music seller; in two more, it was the
worlds largest.
Last month it celebrated the sale of
its 25 billionth song, just one of the
15,000 songs downloaded each minute
on iTunes worldwide. The virtual
stores mind-boggling figures a cata-
logue of 26m songs, 21.6m songs sold
daily, $2.1bn of revenue generated in
the last three months of 2012 (includ-
ing sales of apps and films) have
radically reshaped pops landscape.
At first the changes were unset-
tling. But now nostalgia for the way
we used to listen has become an oddly
enjoyable sensation, an excuse to wal-
low in the past, as with the outpour-
ing of unconvincing affection for the
venerable but bland British record
store chain HMV when it went into
administration this year.
The scale of the changes is such
that even iTunes is feeling the heat.
Apple has claimed in the past to run
the store at a bit over break-even,
and its iCloud service clearly antici-
pates changing trends as people move
to the Spotify and Pandora models of
subscription services from some dis-
tant digital cloud. Perhaps it wont be
long before were waxing nostalgic
about our first iTunes purchase.
The younger fans who are coming
up, it means nothing to them, Zom-
bie says of the technological churn.
Its like listening to your grandpar-
ents cry about the death of radio and
the big bands. Its like, after a while
you go, OK grandma, I dont care.
Things just change. Its always an
evolving thing, and the artists and the
fans all have to evolve with it.
Last week it was revealed that glo-
bal recorded music revenues grew for
the first time since 1999. The news
was greeted with talk of the worst
being over. Yet the line demarcating
old and new is fuzzier than that.
Differences between eras can take
years or decades to unfold. Silent films
didnt stop being made when The Jazz
Singer was released in 1927; it was
another three years before Garbo
spoke. The slippages are especially
acute in pop, where many performers
Old music has never
been so accessible,
available when the urge
strikes. Download in
haste, repent at leisure
available to anyone with a computer,
there to buy whenever the urge strikes.
Download in haste, repent at leisure.
Pops ability to make the past seem
present again is especially acute in an
age when we can download all David
Bowies albums in moments; The Best
of Bowie reached number seven in the
UK download chart after his come-
back single was released last month.
Continued on page 2
2 LIFE & ARTS

FINANCIAL TIMES MARCH 2/MARCH 3 2013
Life
A
few seconds after midnight
on April 1 2001, the worlds
first gay weddings took
place in Amsterdam town
hall. Four couples were married
simultaneously by the citys mayor,
Job Cohen. I grew up in the
Netherlands, and rewatching the
scenes, I found them that typically
Dutch thing: sexual revolution,
bourgeois style. The newlyweds
exchanged the traditional kisses,
while ageing fathers in suits and ties
beamed from the town halls benches.
When the couples signed the register,
they looked just like the stolid
burghers of 17th-century Dutch
paintings, except gay.
Nobody suspected then that by
2013, half the western world would be
following them. Already one in five
Americans lives in a state with gay
marriage, and now Barack Obamas
government is asking the US
Supreme Court to overturn a federal
law banning the practice. The British
and French parliaments voted for gay
marriage in February. Yet in these
countries, gay marriage is debated as
a leap into the unknown. It isnt.
As with so many social issues, the
Netherlands is a laboratory: 12 years
on from Amsterdam town hall, we
have a pretty good idea of how gay
marriage changes a society.
The first thing to note: it doesnt
change much. Almost as soon as gay
marriage was introduced, it faded
from Dutch political debate. The
unprecedentedly angry political
Kurtz seems to be operating on
the familiar presumption that you
can say what you like about the
Netherlands because nobody knows
what happens there anyway. In a
similar vein, the US Republican
politician Rick Santorum claimed last
year that half of all Dutch cases of
euthanasia were involuntary that
old people were being massacred.
T
he liberal temptation, then,
is to say that gay marriage
doesnt affect national life.
But that would be wrong too.
Mark Gevisser, a fellow of the Open
Society Foundations researching the
new global struggle for the rights of
sexual minorities, has convinced me
over large lunches in Paris that
same-sex marriage actually makes
two big changes.
First, it slaps the churches in the
face. When a country introduces gay
marriage, it is in effect telling its
churches: What you say about
moral issues isnt that important any
more. Thats partly why British and
American churches have fought so
hard against gay marriage. Theyre
not just losing a battle. Their
national relevance is in question.
The other impact of gay marriage
is on gay life. Recently I visited Gert
Hekma, a historian of homosexuality,
in his apartment overlooking
Amsterdams dinky city centre. This
was long a classic gay habitat: the
homosexual left his hometown, and
his often uneasy relationship with
his family, for Amsterdams gay
scene. He didnt have kids, and
often drifted apart from heterosexual
friends after they did. Gradually,
many gays came to inhabit a mostly
gay world.
But that is changing. Amsterdams
gay scene the cafs, nightclubs and
bookshops was collapsing, said
Hekma. That was partly because of
the internet but also because gays
were increasingly integrating with
straights. Young gay men now hang
out with their parents or go clubbing
with heterosexual friends, he said.
Lots of straights come to a gay
parade sometimes too many.
Many gay teenagers are still
persecuted at school, Hekma added.
But same-sex marriage had improved
integration by sending a clear
message: Society accepts
homosexuals. Nowadays, said
Hekma, some parents nag their gay
children to marry. I think the
wedding itself is a means of
integration, he mused.
So far, relatively few Dutch
homosexuals have had children.
But as more do, and gay families
retreat to suburbia, they will enter a
hetero world of kids playdates and
freezing parents watching Saturday-
morning hockey games. Its an
unglamorous life. But as most
straight parents will testify, thats
what marriage does to you.
simon.kuper@ft.com
More columns at www.ft.com/kuper
The straight
truth about
gay marriage
arguments in the Netherlands since
September 11 2001 have been about
Muslims, Brussels and social class.
Even when the Christian Democrats
re-entered government in 2002, they
never tried to ban gay marriage.
Only one in nine Dutch people now
opposes it, according to the states
Social and Cultural Planning Bureau.
Same-sex marriage has become so
banal that Boris Dittrich, a politician
who helped introduce it, reports
hearing a woman on the bus tell a
friend that shes just got married.
The friend shouts across the packed
bus: To a man or a woman?
Nor does same-sex marriage seem
to affect heterosexual marriage. The
conservative American pundit
Stanley Kurtz has long claimed that
straight Dutch and Scandinavian
people began abandoning marriage
after gays devalued the institution.
But this is just plain wrong.
Kurtz correctly notes that since gay
civil partnerships and then marriage
came in, the rate of Dutch out-of-
wedlock births has soared. However,
he fails to note that Dutch out-of-
wedlock births have been soaring
since the 1970s long before anyone
ever thought of gay marriage. In
1970, 124,000 Dutch couples married.
By 1983 fewer than 80,000 did. Since
1983 the decline in Dutch marriages
has been far more modest: 71,000
couples married in 2011. Most
European countries have experienced
similar trends, with same-sex
marriage or without.
S
ixty years ago this weekend
the race to pin down the
structure of DNA was at a
critical stage. In Cambridge,
Francis Crick and Jim
Watson were realising how well a
double helix would fit the available
data. Meanwhile at Kings College
London, the dysfunctional team of
Maurice Wilkins and Rosalind Frank-
lin, who had provided Crick and
Watson with their most important evi-
dence, were still unaware of the
breakthrough in Cambridge.
At this point Wilkins sent Crick a
letter looking forward to the immi-
nent departure of our dark lady
Franklin to a new job at Birkbeck
College. This would leave him free to
take part in a final push to discover
how genes are encoded. I have
started up a general offensive on
natures secret strongholds on all
fronts, he wrote. At last the decks
are clear and we can put all hands to
the pumps! It wont be long now.
Crick and Watson then broke the
news to Wilkins that theyd beaten
him to it and sent him the manuscript
of the paper they planned to submit to
Nature, revealing the secret of inherit-
ance as a double helix two inter-
twined molecular spirals. In response
Wilkins wrote back: I think youre a
couple of old rogues but you may well
have something . . . I was a bit peeved
but . . . there is no good grousing. I
think its a very exciting notion and
who the hell got it isnt what matters.
By 1953 scientists knew that deoxy-
ribonucleic acid or DNA was the chem-
ical that stores genetic information
and passes it on from cell to cell and
generation to generation. The race,
involving research groups on both
sides of the Atlantic, was to come up
with a DNA structure consistent with
scientific evidence that allowed the
molecule to replicate itself reliably.
In the end the key evidence for DNA
came from X-ray crystallography,
which deduces molecular structures
from the way their atoms diffract
X-rays. However, working out the link
between diffraction pattern and struc-
ture requires mathematics and imagi-
nation. Crick and Watson, whose forte
was building models, took X-ray data
Sixty years of
DNA, digitised
Clive Cookson explores an archive of material
on genetics that is about to be placed online
pushed gently up against a glass
plate. Images are captured using a
digital camera with a 100mm macro
lens, and connected to an Apple com-
puter. Well have done 1.5m images
by the end of this project and 4m in
all, says Chaplin.
Wellcome also faces legal, moral and
ethical issues that libraries digitising
ancient books and manuscripts do not
face. No one else has attempted to
put online a major archive of the 20th
century, Chaplin says. Weve had to
work with all the challenges of deal-
ing with the work of people who are
still alive or whose children or grand-
children are alive.
Only a tiny proportion of the archive
is so sensitive, for medical and other
personal reasons, that it is not availa-
ble at all. For a lot more material we
ask users to accept certain terms and
conditions, Chaplin continues. Weve
instituted a log-in system so that we
know people have accepted them. We
think this is a brave attempt to get
round the barriers.
A modern archive is not static. As
digitising proceeds, Wellcome con-
stantly adds new material, contacting
scientists involved in the human
genome project over the past 25 years
or so and asking them not to chuck
out interesting papers. It is becoming
more proactive in obtaining material,
rather than just waiting for scientists
and their families to donate archives.
Exchanges of handwritten or typed
letters such as those between Crick
and Wilkins are of course exceptional
today, having been replaced by email.
Last year the library accepted its first
email archive but Chaplin confesses
that he and his staff have not yet
worked out how best to preserve and
display email correspondence. It also
remains to be seen how people will
use the new online resources.
For professional researchers, who
would otherwise be digging around
physical papers in the search for undis-
covered historical gems, digitisation
and online access may not be an unal-
loyed blessing. As a scholar I have an
ambivalent attitude, admits Christine
Aicardi, a postdoctoral researcher at
University College London working on
the scientific life of Francis Crick. Of
course it is going to make my work
easier but the feeling that Ill be the
first to get my hands on a particular
letter or document will disappear.
Beyond reading the online archive,
Wellcome Library staff recommend the
BBCs 1987 docudrama Life Story. Its a
recommendation endorsed by Jim
Watson, now working on cancer genet-
ics at Cold Spring Harbor. Initially
rather hostile to the film, Watson has
come round to it even Jeff Goldb-
lums manic portrayal of himself. It
really gives a remarkably good impres-
sion of what happened, he says.
Clive Cookson is the FTs
science editor
Codebreakers: Makers of Modern
Genetics can be viewed at
www.wellcomelibrary.org/codebreakers
oped a special player that will work
on any computer or mobile device.
One of the projects achievements is
to highlight the contribution of
women to genetic research. Perhaps
the most remarkable of these unsung
heroines was Honor Fell (1900-86) who
ran Strangeways Research Labora-
tory, Cambridge, from 1927 to 1970.
She incidentally provided Crick, who
had trained in physics, with his first
biological research project, working
with geneticists at Strangeways on
cell structures from 1947 to 1949.
Fell pioneered the study of living
cells under the microscope, says
Julia Nurse, the librarys content
officer. She had a beautiful way of
putting things, and her drawings of
cells [see illustration] show that she
was an incredible draughtswoman.
Her lecture notes in the archive con-
tain some memorable language. For
example: The more closely we exam-
ine a natural object, the more beauti-
ful, exciting and mysterious it becomes
. . . A single living cell is much more
beautiful and improbable than the
solar system. So far scientists have not
A 1953 pencil
sketch of DNAs
double helix, by
Francis Crick
Below: Crick
(on right) with
James Watson
at Cambridge,
just before their
discovery
Wellcome Library
explained away the wonder of the cell
nor stripped it of its mystery. On the
contrary, in the words of Alice in Won-
derland, the cell gets curiouser and
curiouser the more we learn about it.
Even less known is her friend Rhoda
Erdmann (1870-1935), a German scien-
tist described by Fell as one of the
most distinguished figures in cell bio-
logy during the 1920s and early 1930s.
Erdmann worked at Yale University
between 1913 and 1918, when she lost
her job because of anti-German senti-
ment at the end of the first world war
and returned to her native country.
Like Fell, she was a tissue culture
pioneer, focusing particularly on grow-
ing tumours to study in the lab.
Erdmann ran the Institute for Exper-
imental Cell Research at Berlins Char-
it teaching hospital until 1934 when
she was dismissed under Nazi pres-
sure, as a non-Jew who spoke up for
her persecuted Jewish colleagues. Erd-
mann was very outspoken I cannot
put coats on my words, she told Fell.
Still, more men than women feature
in Codebreakers. Perhaps the most dis-
tinguished (at least in looks and voice)
is Sir Peter Medawar (1915-87), the
immunologist and philosopher of sci-
ence. As Jim Watson put it, Medawar
has a physical appearance and manner
which are almost uncannily suited to a
man of distinction. He is very tall and
thin, with a striking, dark aquiline
face [he was half-Lebanese], and he
moves easily and confidently through
a world which has always treated him
with the greatest consideration.
Medawar won the Nobel medicine
prize in 1960 for work on suppressing
rejection in transplants. The Wellcome
archive has a lot of Medawar material
much from the last 18 years of his
life, as he kept working through a
series of debilitating strokes. In 1981,
for example, he explained to a confer-
ence on managing disability how he
coped with his strokes. His notes for
the talk read poignantly: Special disa-
bil for opera goer must end sadly,
boheme, traviata, both built in reme-
dies Boheme send for medicine, Travi-
ata send for doctor.
Considering the variety in size and
shape of the papers in the archive
(some stuck together with corroded
clips and staples), digitisation pro-
ceeds surprisingly fast. Ive done a
little over 300 pages in just over three
hours today, says Thomas Cox when
I visit the librarys digitising studio.
Yesterday I did some 700 pages.
Cox lays each sheet of paper on a
self-levelling cradle covered with
black flocking material that is then
generated by the more experimentally
minded Wilkins and Franklin and
came up with the double helix.
Together with a huge volume of
other material about genetics, the
exchange of letters between Crick and
Wilkins, laden with their evocative
1950s phraseology, will be available to
anyone with an internet connection
from next week when Londons Well-
come Library puts online the biggest
scientific archive to be digitised so far.
The 4m Codebreakers: Makers of
Modern Genetics project includes cor-
respondence, notebooks, illustrations
and published material, beginning
with the tentative exploration of the
mechanisms of inheritance early in
the 20th century and finishing with
the decoding of the human genome.
Codebreakers is just the first step in
a programme by the library, one of
the worlds great stores of medical
and scientific material, to digitise its
entire holdings. In the past libraries
have been protective of their content,
says Wellcome librarian Simon Chap-
lin. Now we want to push out our
material as much as possible.
He adds: We are fortunate to have
the resources to do it. The library
comes under the wing of the Wellcome
Trust, the UKs wealthiest charity,
with a 14.5bn investment portfolio.
As well as digitising all its material,
with a target of 30m images to be
captured within 10 years, the project
offers an easy way to search the
archive for documents and then dis-
play them. So Wellcome again
deploying its financial muscle devel-
I have started up
a general offensive
on natures secret
strongholds. It wont
be long now
Simon Kuper
Opening shot
Dday for
downloads
Another illustration: at the beginning
of December, auditioning for the semi-
finals of US talent show The Voice,
contestant Terry McDermott sang a
cover of I Want to Know What Love
Is, the 1984 hit by soft-rock titans
Foreigner. It won a wild ovation from
the audience and extravagant praise
from the shows judges. Terry, said
Cee-Lo Green, I love you. I love that
rendition.
The next week both McDermotts
version and Foreigners original
entered the iTunes top 10. The song
was back in the charts almost 30
years after its release a Lazarus-like
revival its creator could never have
anticipated. Absolutely, agrees Mick
Jones, Foreigners guitarist and chief
songwriter. The British-born rocker
founded the band in the US in 1976
I thought well give it a couple of
years... but we just seemed to go on,
he says. Indeed, though rock snobs
were snooty about their arena
anthems, Foreigner were one of rocks
biggest draws well into 80s, with more
than 80m album sales.
Continued from page 1 These days, Jones is the only sur-
viving original member and the band
is a fixture on the heritage circuit,
currently playing casino resorts
alongside the Chippendales and
Cheech & Chong. Yet while packed
arenas no longer thrill to Joness gui-
tar solos, his songs are enjoying a
healthy afterlife.
Last year he was presented with a
gold record when Foreigners 1981 hit
Juke Box Hero reached 500,000
downloads. Its revival followed
appearances in the musical Rock of
Ages, the television series Glee and
the video games Guitar Hero III and
Rock Band. When the film version of
Rock of Ages came out last June, the
bands iTunes sales leapt 400 per cent.
Jones is watching the sales and
licence dispute with interest. They
[the labels] did come up with a
number of little booby traps in the
1970s, he says with a chuckle, which
were not really fair, which were per-
haps fair at the time. Were just sit-
ting back and keeping an eye on
things. Whether at some point well
get involved, Im not quite sure yet.
This year also sees the activation of
a 1978 US federal ruling that musi-
cians should be allowed to gain con-
trol of the US copyright of their
recordings after 35 years. That means
that Jones would be able to apply for
the copyright to Foreigners first two
albums. Were talking about that at
the moment, thinking about it. Obvi-
ously the record companies have their
points of view, and we artists have our
point of view, he says reasonably.
But then the clincher: You like to feel
at one point the album youve created
and paid for will come back to you.
Heritage rockers are in an odd
position. Digital downloads have rean-
imated the potential value of their
back catalogues: in 2011, they
accounted for more than a quarter of
all downloaded tracks in the UK. Yet
the value of many of those same back
catalogues are tied to recording con-
tracts drawn up when downloads
were the stuff of science fiction.
Leading New York music lawyer
Michael Sukin believes the majors
were probably aware of the problem
with the contractual status of down-
loads from the get-go. They basically
ignored it for years. And then they
adopted no kind of general industry
policy. When they got into it, it was
every man for himself. But its the
nature of the record business to wait
until something happens.
The labels tactic, says Sukin, is to
fight each dispute on a case-by-case
basis, relying on the cost of US justice
to deter other complainants. Their
cause is helped by the fact that, like
Tolstoys unhappy families, no two
recording contracts are alike. There is
much scope for courtroom wrangling.
Yet digital back catalogues are likely
to grow in value if the likes of For-
eigner continue seeing 500,000 down-
loads accrue for old hits that turn up
in films or TV talent shows. Surely, at
some point, it will become financially
rational for musicians to address what
they perceive to be unfair terms of
payment. Similarly, surely a progres-
sive, forward-thinking music industry
would seek to pre-empt them by alter-
ing the terms of past deals to take
account of new conditions?
A progressive, forward-thinking
music industry? Sukin repeats
slowly, as though mulling the words
of a madman. This is a capitalistic
world, you know. Artists and record
companies are on different sides of
the bargaining table.
The old ways of selling and buying
music have been swept away, like the
shuttered HMV stores on British high
streets. But downloads have not got
rid of old music; instead, they have
revived it. Thanks to iTunes and its
like, songs from previous decades are
more available than at any point in
history. Furthermore, the pace of
technological change is fuelling a nos-
talgic appetite for them. Technology
has created an unresolved and urgent
question. Who owns pops past?
Ludovic Hunter-Tilney is the FTs
pop critic
You like to feel at one
point the album youve
created and paid for
will come back to you
ON FT.COM
Simon Kuper
investigates the
remarkable
common ground
between soccer star
Zlatan Ibrahimovic
and great American
writer Philip Roth
www.ft.com/
magazine
MARCH 2 2013 Section:Weekend Time: 1/3/2013 - 16:57 User: gouldp Page Name: WIN2, Part,Page,Edition: WIN, 2, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

3
might be acting out the traditional role
of the Russian writer as the moral
conscience of his nation. I cannot
say that my moral feeling is sharper
than anyone elses. In feeling outrage
about their leaders conduct, I am like
everyone else, he says. We do not
want to feel ashamed of ourselves.
H
e sketches out four possi-
ble futures for Russia.
The first is that Putin
will somehow succeed in
turning the tide and win-
ning back the trust of the population.
The second is that there will be a
peaceful revolution after half a million
protesters come out on the streets of
Moscow and refuse to go home. The
third is that protests will turn bloody,
which would either result in the over-
throw of the regime or a return to a
variant one. And the last possibility is
that the regime will take the hint and
initiate real reforms what Akunin
calls perestroika 2. A year ago I was
sure that this was the most probable
solution because it is the least painful
for everyone. But unfortunately the
fissure between Putin and society is
growing wider. Putin is acting in a
stupid way and the possibility of revo-
lution has grown stronger, he says.
Declaring himself to be an exotic
optimist, Akunin is convinced that
change will come because Moscows
blossoming middle class will demand
an end to corruption and real demo-
cratic reform. I hate to admit it,
because it is against my convictions
I was always against him but maybe
the development of our state and soci-
ety needed someone like Putin. But
now Putin has become a real obstacle
to the development of the country. It
is impossible to survive with this level
of corruption.
But Akunin fears that even a peace-
ful revolution could lead to Russias
collapse. The country is strained by
regional tensions and stuffed with
nuclear weapons. If there is
chaos, we will have 10 Chechn-
yas, he says.
Given his familys Georgian
descent, Akunin is acutely sen-
sitive to the threat of resurgent
Russian nationalism, both in the
Lunch with the FT Boris Akunin
Ive lived five lifetimes in Russia
Russias dissident detective novelist has written 50 books in 15 years. In London, over herring under a fur coat and dumplings,
he talks to John Thornhill about oligarchs, angering the Kremlin and why even peaceful revolution could lead to Russias collapse
B
oris Akunin is not just one
of Russias most popular
novelists: much to every-
ones surprise including
his own he has emerged as
a powerful voice in his countrys oppo-
sition movement. Better known as the
creator of fantastical fiction, involving
madcap adventures, murders, and
mysteries, he has discovered that real
life can sometimes be just as thrilling.
Akunin demonstrates that he is a
somewhat singular Russian by arriv-
ing perfectly on time at the Mari
Vanna restaurant in Londons
Knightsbridge, his appearance as
much that of the introvert intellectual
as the improbable rabble-rouser. Cour-
teous and softly spoken, sporting a
trim white beard and round, rimless
glasses, the 56-year-old gives the
impression that his natural habitat is
a library rather than a protest march,
hardly someone likely to shake the
Kremlins walls and provoke the
wrath of President Vladimir Putin.
After taking his place at our corner
table, next to shelves stocked with a
samovar, matryoshka dolls and jars of
pickled gherkins, Akunin delicately
inquires what I would like to discuss.
First literature, then politics, I sug-
gest, but, before all else, food.
Expressing approval of the classic
Russian dishes on the menu, he orders
kholodets (boiled meat in aspic). I
choose the wonderfully named seld
pod shuboy, or herring under a fur
coat, a salted fish enrobed by red
cabbage, potatoes and sour cream.
Akunin, whose real name is Grig-
ory Chkhartishvili, was born in
post-Stalinist Georgia in 1956 to a
Georgian soldier and a Russian lit-
erature teacher who moved to Mos-
cow when he was a small boy. He
began his professional career as a
philologist and translator, develop-
ing a fascination with Japanese
language and culture. But at the
age of 40 he says he grew
scared at the prospect of doing
the same thing for the next 30
years and so he started to
write the kind of novels that
he and his wife would like to
read: wry, fast-paced, intri-
cately plotted detective sto-
ries that toy with the con-
ventions of classical Russian
literature, yet resonate with
our own times. Like many writ-
ers who came to prominence dur-
ing the post-Soviet chaos of the
1990s, Akunin revealed a fascina-
tion with pre-revolutionary tsarist
Russia. His pseudonym, B. Akunin,
was a play on the name of Mikhail
Bakunin, the 19th-century anarchist.
The style I used at the beginning was
anarchistic. Russian literature was
either very high or low. I mixed litera-
ture with entertainment.
He has since written 50 books in 15
years, selling about 30m copies in
Russia and abroad. His success has
turned him into a literary celebrity
and a wealthy man, with four homes
in Russia and France. At his peak, he
was rattling off a new book every six
weeks but the pace of writing has
recently slowed. It is a bit like dis-
covering oil. At first it is close to the
surface but now I am drilling at a
depth of 10,000 metres, he says.
Akunins most famous literary crea-
tion is Erast Fandorin, a dashing
detective who, in a series of 13 books
including The Winter Queen, She
Lover of Death and The Diamond
Chariot, courts danger and romance
and solves the most baffling criminal
cases of late imperial Russia, while
rarely betraying his Zen-like calm. I
ask Akunin how he created the char-
acter of Fandorin. Chemically,
comes the surprising reply. He mixed
together elements from his favourite
literary heroes Prince Andrei
Bolkonsky from Tolstoys War and
Peace, Pechorin from Lermontovs
Hero of our Times, Sherlock Holmes
and James Bond and threw in others
of his own distilled from his know-
ledge of oriental culture.
Fandorin is popular because he
embodies all the features that our
Russian mentality lacks, he says.
He had to be very moderate and not
overstated, a man of order, not of
chaos, and very Confucian. At the
beginning he was like that but, when
he and I got to know each other better
and he took on a life of his own, he
became more disobedient.
Some critics, I point out, have sug-
gested that Fandorin resembles the
somewhat mythologised figure of
Putin in his early days as a KGB spy.
I consider that an insult. And it is
not true, he replies. Putin is not
Confucian. He does not listen to his
inner voice. He does not distinguish
between what is right and wrong.
Others have said that Fandorins
stoicism in the face of danger is more
reminiscent of Mikhail Khodorkovsky,
the jailed oligarch who defied Putin
and as a result has been languishing
in a Siberian jail for the past decade.
Akunin is keener on that comparison.
Khodorkovsky really is like someone
you would write about in a novel: the
richest man in Russia being thrown
into prison and becoming a paragon
of dignity and courage.
I tell Akunin about an interview I
once had with Khodorkovsky in the
late 1990s when I was working as a
foreign correspondent in Moscow and
he was running the giant Yukos oil
group. After discovering that he and I
shared the same birth date, we com-
pared our lives. I told the billionaire
that I would surely never be as rich as
him; he replied that he would never
be as free as me even then, his every
move was shadowed by bodyguards.
Now he is one of the freest men in
Russia, even if he is in prison,
Akunin shoots back. All the other
oligarchs are bound to the Kremlin
hand and foot.
A
kunin has taken a fierce
interest in Khodorkovskys
fate, in what the novelist
sees as the latest saga in
Russias eternal struggle
between the aristocracy (in the sense of
the most noble people in society) and
its more thuggish arrest-ocracy. What
intrigues him is the evolution of public
opinion towards the one-time oligarch.
When Khodorkovsky was arrested in
2003, Akunin says, 90 per cent of Rus-
sians approved of the move because of
his infamous role in ransacking state
assets in the 1990s by means of rigged
privatisations. But the oligarchs pun-
ishment has increasingly been viewed
as persecution, with opinion polls
showing that the majority now sup-
ports him, according to Akunin. He
has won their respect the hard way.
Indeed, in 2008 Akunin entered into
a fascinating public correspondence
with Khodorkovsky about the politi-
cal state of Russia that ran to 13 pages
in the Russian version of Esquire
magazine earning Khodorkovsky 13
days in solitary confinement. At a
recent press conference, Putin hinted
at the possibility of freeing Khodorko-
vsky when he completed his prison
term, but Akunin is not convinced. I
am absolutely sure that Putin will not
release Khodorkovsky while he is in
power. He never forgets or forgives.
Khodorkovskys behaviour is a con-
stant challenge to him, he says.
Turning back to his food, Akunin
declares his kholodets, an unappetising
slab of jelly, which he smeared with
mustard and consumed with relish, to
be delicious. You have to be Russian
to love it, he says. My technicoloured
herring is tasty but bears no compari-
son with the dish made by Olga, the
cook in the FTs Moscow office in the
days when there were almost no
decent restaurants in Russia and news-
papers could afford such luxuries.
Akunin says it is not just the food
that he likes about Moscow; it is also
the pulsating energy and unpredicta-
bility of the Russian capital that stim-
ulates his creativity. I was lucky to
be born in the Soviet Union and live
in Russia. Maybe I am wrong but I
have the impression that if you were
born in a calm country you could live
until 90 without discovering who you
really are because life does not test
you so harshly. In my 56 years I have
lived five or six lifetimes in Russia.
When he walks along certain boule-
vards in Moscow, Akunin says, ideas
just jump into his head and he has to
stop to jot them down. But when he
wants to turn those thoughts into
words, he retreats to his home in Brit-
tany with his wife, who helps edit his
works. There is a place close to the
Yauza river where I walk where the
air is thick with culture and energy.
Moscow is wonderful for energy. But
when it comes to writing the text it
needs discipline and order and that is
awful there. St Malo is rainy and
windy. It is perfect.
Yet in recent months Akunins pre-
occupations have increasingly turned
from sensationalist fiction to serious
reality. He says he will soon be done
with his rollicking detective novels
and that he has already begun work
on a big, new writing project. He is
coy about revealing many details but
suggests it will take many years and
weave together fiction and non-fic-
tion. He is immersed in reading his-
tory, memoirs, and old newspapers.
This turn in his writing career has
coincided, he explains, with a deepen-
ing interest in politics occasioned
by the tumultuous events of December
2011, when tens of thousands of pro-
testers took to the streets of Moscow in
sub-zero temperatures after the Krem-
lin was accused of manipulating the
results of the parliamentary elections.
Akunin joined the protest move-
ment and spoke on public platforms
expressing his outrage at the electoral
fraud. But he scoffs at the idea that he
Kremlin and in parts of the opposition
movement. He says he has always felt
in a privileged and relatively safe
position as a writer but was disgusted
by Russias treatment of its own eth-
nic populations during the war with
Georgia in 2008. Since becoming politi-
cally active, Akunins email account
has been hacked and his blog hijacked
but he seems unperturbed. The
hacker, who called himself Hell, did
not even publish many of his emails.
This is just boring shit, he said, and
it was true, Akunin laughs. But his
views have clearly aroused anger in
the Kremlin.
Last year Putin said in his wonder-
ful KGB manner that he was a big fan
of Akunin the writer, but unfortunately
this man does not support the Russian
state because he is Georgian, he says.
Like many Moscow intellectuals,
Akunin is also wary of nationalist
talk among the opposition, from the
likes of Alexei Navalny, the anti-cor-
ruption campaigner and unofficial
leader of the movement who has
famously denounced Putins United
Russia party as a bunch of crooks
and thieves. In a public dialogue
with Navalny, published on Akunins
blog during the political upheaval in
December 2011, the author quizzed
Navalny on his nationalism. I liked
the man and I thought he was intelli-
gent and interesting, he says. But I
cannot say that I entirely support
Navalnys political views; I view
nationalism quite harshly.
With little fuss, Akunin has suc-
ceeded in polishing off his main
course of Siberian pelmeni (dumplings
stuffed with crab-meat) while I have
tucked into my delicious golubtsy (veal
and rice wrapped in cabbage leaves).
He says it is rare to find such a good
Russian restaurant outside his home-
land that serves such authentic food.
His only complaint is that the Russian
folk music that has accompanied our
meal has been too loud in spite of his
request to lower the volume.
After declining dessert and ordering
a gin and a tonic to complete his
meal, Akunin makes clear that his
involvement in politics is only tempo-
rary and that he far prefers the com-
forts of literature. He has no appetite
for the dull organisational work
required to turn a spontaneous oppo-
sition movement into a disciplined
political force. As he puts it, he wants
to help put out the fire that is raging
in Russia, but has no desire to become
a professional fireman.
I want people to forget their trou-
bles, he says. The compliments I
treasure most are when people have
written to me saying that I was read-
ing your novel in hospital before my
operation and I wanted to know what
happened. It helped me to survive.
John Thornhill is deputy editor of the
FT and a former Moscow bureau chief
Last year
Putin said
in his
wonderful
KGB
manner
that he
was a big
fan of
Akunin
the writer
fo f
rre
ssi
ppo
tto
in n
aa
bbl
ttr
ww
in n
oop
hha
JJo
FF
Mari Vanna
116 Knightsbridge, London
Kholodets 9
Seld pod shuboy 11
Pelmeni 18
Golubtsy 15
Bottle mineral water 4.50
Tea with lemon x2 9.50
Gin and tonic 9
Total (incl service) 85.50
The FT at 125
by b
20 20
te te
ssu
lli
r
Lunch with the FT: the book
As part of celebrations to mark the
Financial Times 125th anniversary this
year, Penguin is publishing Lunch with
the FT: 52 Classic Interviews, which
includes encounters with world figures
from Angela Merkel to Zaha Hadid. The
book is available from March 14 as a
hardback and ebook. For more on the
anniversary, visit www.ft.com/125
4
FINANCIAL TIMES MARCH 2/MARCH 3 2013
I
s the Photoshop-hand-
some, Mad Men look
finally on the way out?
At last months menswear
shows, it seemed as if the
mid-century modern gent,
with his chiselled jaw and
slick locks, was being
replaced by a less polished,
more tousled model. The
incoming look is lower
maintenance. I think its
indicative of men wanting
to look more real and
more masculine again,
says Julian Ganio, fashion
editor of Fantastic Man
magazine. Not so preened,
plucked and perfect.
I think that whole Mad
Men look is definitely com-
ing to an end, agrees Jay
Anaya, the in-house barber
at Alfred Dunhills Bourdon
House flagship store in Lon-
don. But you dont have to
choose just one style.
Recently, Ive been cutting
hair with a side parting in
it but I cut it, and the sides,
in such a way that it can
be brushed out when you
want to. You can be super-
smart for the office and
then relaxed when youre
off-duty.
For most men, away from
the carnival of fashion, a
haircut is about flattering
the face and looking credi-
ble, whether that means
geometric barbering or
come as you are casual. It
is, of course, possible to
have the best of both
worlds. Many men wear
suits and Charvet shirts
from Monday to Friday and
then denim and a James
Perse jersey at the week-
end. Little wonder that the
formerly pervasive super-
groomed look felt like an
affectation to many.
James Dening, for exam-
ple, an executive with a
portfolio of businesses rang-
ing from high-tech start-ups
and telecoms to blue-collar
local services, says: The
overly self-conscious Mad
Men look never worked it
could never be all things to
all people. I have to go from
meetings with bright young
things in the music
business to dealing with
institutional investment. In
one day Ill go from Scandi-
navian denim-casual to
made-to-measure suits, to
safety clothes suitable for
a machine shop, and
thats hard.
Even men who spend
most of their time in the
boardroom are in favour of
the new relaxed mood. Its
time to let a man be a
man, says Karim Faisali,
managing director of brand
development company Don-
nelly LeBeau. We are not
reverting to a caveman
state but creating a more
interesting juxtaposition
somewhere between formal-
ity and nonchalance.
Sooner or later, talk of
male grooming usually
comes around to David
Beckham. His dalliance
with Bo Derek cornrows a
decade ago was risible but
just about every other hair-
style hes sported has had
an influence on how men
want to look. His current
cut is long on top and swept
back with cropped-in sides
and rear.
Its a typical east London
quiff: well-cut, with just the
right amount of casual atti-
tude. Its essentially a more
rock n roll, grown-out ver-
sion of the Mad Men look,
for the man whos attached
to his comb and who still
wants to look sharp. It suits
a Burberry suit as well as
dark denim and tattoos.
Conversely, the other big
male sporting star of the
moment in Britain is Brad-
ley Wiggins, whose side-
burns and relaxed mod
curls could have come
straight off the catwalk at
Prada. He looks like a man
who just has to as the
adverts used to say wash
and go.
Its a style best employed
in moderation. Get it right,
and it looks appealingly
insouciant. Go too far and
youre in birds nest Boris
Johnson territory, looking
like you dont know how to
button your jacket cor-
rectly. Does Boris wear his
hair, or does his hair wear
him? asks Lothar Wiess-
mann, creative director at
Sassoon in Covent Garden.
Looser styles are definitely
making a comeback but
the only way to make one
work is to find a hair-
dresser that understands
your hair texture and
growth pattern. Not every
length works for every
hair type. No matter whats
in fashion, your hair has
to work with you.
You shouldnt be fighting
against it.
Wiessmann recommends
avoiding strong-hold prod-
ucts, which leave the hair
crisp and dry, and instead
if youre still intent on a per-
manent-looking side parting
using conditioning prod-
ucts on towel-dried hair.
W
hen Michelle Obama
unveiled her 49th-
birthday cut earlier
this year a thick,
blunt fringe it pro-
voked a e-storm of reaction, not all
positive: Frankly, the fringe was a
bad idea. Its not good. (Karl Lager-
feld) Today starts President Obamas
next four years in the White House.
Lets hope the same isnt true about
the first ladys new hairdo. (Joan
Rivers) Im sorry, Michelle Obamas
bangs, but no. Im sorry, but no.
(Ana Marie Cox, founder of the politi-
cal blog Wonkette) On the other hand,
the president loved them, as did a
large chunk of the Twittersphere.
However, when the 31-year-old
Duchess of Cambridge unveiled her
side-swept fringe a few weeks before,
she was greeted by almost universal
applause. Which raises the question:
while bangs are definitely having a
moment, is there a time in life when a
woman can no longer wear them?
Forget the rule that only younger
women can wear a fringe, says hair-
dresser John Vial, creative director of
Fudge, who counts LWren Scott and
Ronnie Sassoon among his clientele.
As with fashion, there is no age limit,
as long as you make it work for you.
What is important is how you wear it:
theres a big difference between Helen
Mirrens short, layered fringe and
Chrissie Hyndes heavy bangs. Theres
a fringe out there for everyone, even
women with curly hair, if theyre pre-
pared to put the work in. But dont
get too stressed about it being a big
commitment. A fringe is meant to be
fun its hardly a tattoo.
Though for women such as famous
fringe-wearer Anna Wintour, the
fringe is a signature, the rest of us
should regard it as the beauty
equivalent of an accessory. At
the latest Pucci show in
Milan, every model was given
bangs just like those favoured
by Anita Pallenberg in her
1960s heyday. A fringe
instantly updates your look,
Style
I
n case youve been hiding under
a rock these past few weeks
youll have noticed that the
fashion carousel of New York,
London, Milan and now Paris is
nearing its full rotation (actually,
maybe thats why youve been hiding
under a rock these past few weeks?)
For a beauty editor, this means
you should simultaneously be
replenishing your make-up bags with
some sort of pretty pink palette that
says, Spring, while cataloguing the
most important looks coming up for
autumn. This can render even the
most compartmentalised among us a
little frantic, especially because the
latter task is meant to be achieved
during the chaos (that is putting it
mildly) that is the backstage-at-a-
show scenario.
Though this sounds glamorous, I
admit, after the 150th time, instead
of doing the big hula-hula dance
each time someone says, Fashion
Week backstage pass, my heart sort
of sinks at the thought of an
afternoon in a basement with several
cartons of Vita Coco (champagne is
so 1990s) and a lot of bloggers, blow-
dryers and, well . . . tall, bony girls.
Admittedly, the bits I love catching
up with some truly talented people,
getting to see first-hand some crazy
beautiful looks ultimately outweigh
the drawbacks, but theres nothing
quite like being around fashions
bright young things to make yourself
wonder: what if Im just too darned
old, not to mention jaded, for it all?
Theres no anti-ageing cream for
this issue, so I decided to debut my
own youth dew: my 11-year-old
daughter. Backstage at the recent
Moschino Cheap & Chic show, she
had some interesting observations:
had I noticed that make-up artists
use their fingers for the most part,
whereas in stores they use brushes?
Oh, and backstage itself smells
like hairspray.
What her presence really pointed
out to me, however, was that
honestly, fashion is not ageist. Sure,
the theme of the Cheap & Chic show
was punk-couture and the models
had jet-black lips or jet-black eyes
(not both, that would be scary; this
was beautiful). Yet there was
something to take away for both of
us and you, too, probably no
matter the number of birthdays
involved.
Take the hair: Sam McKnight
moussed it up with Pantene Pro-V
Moisture Souffl (4.49), dried it off,
then repeated the whole process to
create more volume, before tying it
into a messy pony-tail, pinning it
back on itself and leaving the ends
sticking out.
For fortysomething me, it looked
like an easy way to put your hair up
without turning into Marge Simpson,
or to render a formal-looking cocktail
dress more youthful. For my pre-
teen, it was a fun look to recreate on
the Tube on the 13-stop journey back
home minus the mousse and the
blow-dry, of course. (We later texted
a picture of her efforts to Sam, who
was, he winningly replied, suitably
impressed.)
Over to nail supremo Marian
Newman, who had painted three
nails black and two bright pink on
each models hand, which again
appealed to both of us. While I was
relieved that here were nails that
didnt involve yet more
embellishment, my daughter related
to the idea: that this was a good girl
whod changed her mind, and
suddenly gone punky. For anyone
who wants to try it at home: the nail
lacquer colours are Nocturnelle and
Girl About Town by MAC (10 each).
A
s for the make-up at the
show, like the clothes on
the catwalk, youll have to
wait until at least November
to wear those jet-black lips or eyes,
created by Hannah Murray. Put
these on your list for later: MACs
Kohl Power eye pencil in Feline
(14), and Clear Lipglass (13), but
dont be tempted to try them now
its too heavy a look for any other
time of the year. For wearing now,
Clarins Instant Smooth Crystal Lip
Gel in 02 Crystal Plum (16), feels
spring-like but directional rather
than resorting to the dreaded
pastel pinks.
While the black taffeta evening
gowns and sturdy looking pea-coats
on Karlie Kloss et al shouted winter,
the models peachy complexions were
all spring try Bobbi Browns Sheer
Color Cheek Tint in Sheer Pink or
Sheer Cherry (18), teamed with
Este Lauders Pure Color Lipstick in
Crystal Baby (19.50) for a similar
effect. Make-up artist Gucci
Westmans carnal red lips (try
Revlons Super Lustrous Lipstick in
Kiss Me Coral, 7.49) at Antonio
Berardis autumn/winter show also
felt light and fresh, thanks to a soft
white pencil drawn along the upper
eyelids, a very good trick to steal.
Meanwhile, MACs autumn/winter
2013 Forecast Palettes (35), which
come with separate eye and lip
colours, were created specially for
their make-up artists to use
backstage at shows and will go on
sale in a mere three weeks. (While
cosmetics companies such as Este
Lauder, Bobbi Brown, Max Factor,
and Revlon will sponsor a few
shows, MAC is the biggest by far,
with around 350 artists working on
more than 120 shows per season in
all fashion week cities). Tom Fords
Shade and Illuminate palette (55), a
staple for his cosmetics line and the
main tool used in his show, will also
give you autumn/winters look now
make-up artist Charlotte Tilbury
used it on cheeks and eyes, with his
Eye Defining Pencil in Espresso
(25), around the lids for some
monochromatic magic that really
makes the colour of your eyes pop
(in a good way).
And if thats not quite enough
show-related, next-season one-
upmanship for your cosmetics bag,
try Chanels new Les Beiges Healthy
Glow Sheer Powder (38), out in the
next two weeks and designed to
bring a holiday glow to winters
most deathly complexions. It comes
in the chicest of compacts, a light
buttermilk shade distinct from the
usual black and white, and best of
all, made its catwalk debut during
Januarys haute couture shows.
kathleen.baird-murray@ft.com
It looked
an easy
way to put
my hair up
without
turning
into Marge
Simpson
Backstage
with a preteen
Bangs on trend
A fringe instantly updates your look and anyone can wear one, says AnnaMarie Solowij
Clockwise from right:
Michelle Obama; model Anja
Rubik; Helen Mirren; the
Duchess of Cambridge
PA/Getty/Xposure Photos/Alpha Press
making it the equivalent of carrying
this seasons bag. More of a commit-
ment than, say, a new lip colour or
nail polish but not as permanent as a
full haircut, a fringe delivers a seduc-
tive mix of old and new. A new fringe
signals to those in the know that
youre on it, in a fashion sense, and
money-savvy too, in that youve
updated your look without blowing
the budget. And yet a fringe is not
without its complications.
First: you need easy access to a
hairdresser, preferably available
at a moments notice, in case you
have the kind of hair that does its
own thing the minute humidity lev-
els rise above zero. Second, unless
blessed with naturally heavy, straight
hair, you should be prepared to add 10
minutes styling time to your morning
beauty regime, plus the cost of good
hair straighteners. Despite its liberat-
ing appeal (its a great alternative to
Botox, to hide frown lines), a fringe is
hardly cut-and-run; its a high-mainte-
nance accoutrement requiring prod-
ucts and procedures of its own. Decid-
edly un-eco-friendly, a properly cared-
for fringe needs hairspray; regular
blow-drying; a trim every couple of
weeks; as well as an arid climate with
central heating on full blast and a cab
every time it threatens rain (damp air
is like kryptonite to a fringe).
If you have any doubt, why not get
a wig-piece instead? says hairstylist
Sam McKnight, who gave model Anja
Rubik her new V-shaped bangs. No
stranger to the transforming haircut,
he was Diana the Princess of Waless
personal hairstylist, Kate Mosss
choice for her wedding hair, plus he
does the Chanel shows, advertising
campaigns for all the major fashion
houses and editorials for the most
influential Vogues. We get our
fringe-wigs for shows and shoots from
Pak Cosmetics or American Dream
[both online], he reveals. Buy real
hair, because synthetic can look too
shiny, and get your hairdresser to cut
and colour if you need it to match.
For instant transformation with no
commitment, theres nothing better.
But what if youve already had the
chop, and its not quite working out
as youd hoped? Grow it out, says
McKnight. A grown-out fringe is so
modern, softer at the edges, less
harsh. I cut Anjas hair to look like a
growing-out fringe its a big trend
for next season.
www.ft.com/stylestockists
I cut Anja Rubiks
hair to look like a
growingout fringe
its a big trend for
next season
Kathleen BairdMurray
Beauty
Cream of the
new crops
Mens hair: has sleek perfection
had its day? By Mark C OFlaherty
David Beckhams
current cut is
a grownout
version of the
Mad Men look
Sleek and tousled models
at Alexander McQueen and
Prada a/w 2013 Catwalking
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 16:27 User: higginsa Page Name: WKD4, Part,Page,Edition: WIN, 4, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

5
as vulnerable; she was
always strong, powerful and
in control.
Indeed, power was the
subtext in these shoes (and
bags). At Casadei, for exam-
ple, where the collection
was entitled Back to
Black, designer Cesare
Casadei widened his sig-
nature blade heel, chris-
tening it the #2, the bet-
ter to support a boot of
buckled black straps that
climbed from toe-tip to
knee; at Sergio Rossi,
Francesco Russo exposed
the internal construction of
the shoe to emphasise the
arch in a gilded cage; and at
Brian Atwood, a hinged
metal carapace delineated
the back of a black suede
platform to make what
Atwood termed an exit
shoe: the most effective
footwear for flouncing
out the door.
Meanwhile, there was a
calfs worth of corsetry
lacing on the back of
Giorgia Caovillas
suede-and-leather high-
heeled cuissard boot,
and studs on Ren
Caovillas platform
sandal, albeit wink-
ing black crys-
tals; theres
only so far
Style
I
t was probably only a
matter of time. Once the
Metropolitan Museum
announced that the subject
for the Costume Institutes
exhibition of the year,
which is launched in May
at the fashion worlds gala
of the year, would be
Punk, there was no ques-
tion: designers had to start
thinking of what they could
offer attendees to wear.
In Milan, both Donatella
Versace at Versace and
Frida Giannini at
Gucci overtly referenced
the theme, with the former
naming her collection
after a combination of
Versace and punk (Vunk)
and spiking her vinyl
and leather ready-to-
wear with heavy-metal
nails and chains; and the
latter name-checking fetish
as an inspiration for her
collection, from cuffs to
fishnet stockings.
It was off the catwalks,
however, that the kinky
truly became well, domi-
nant. From Tods first-ever
spiky patent leather boo-
ties, the heel sharp enough
to impale a recalcitrant
suitor and dotted with a
rash of glossy rivets, to
Jimmy Choos handcuff bag
and ankle-strap complete
with key, the accessories
brands in Milan
embraced the under-
ground. This might
sounds odd, but as
Sandra Choi, newly
christened sole crea-
tive director of
Jimmy Choo noted,
she had found
inspiration in
the work of
Helmut New-
ton, who had
an almost fetish-
ist obsession
with the female
form, but the
subject was
never portrayed
Spikes and seams
Punk was a dominant theme on and off the catwalks in Milan, says Vanessa Friedman
into the netherland a
red-carpet brand can go
(and in case you were won-
dering, the two designers
are related, but the brands
are separate).
Studs also punctured
Furlas newly tough version
of their best-selling plastic
Candy bag, as well as the
mini-Candy, aka the
Cookie just enough to
give the sweetness a hard-
rock edge.
For those whose lifestyle
is Venus-in-furs enough
already, however, there was
Valextras new steel-shaded
abuse-resistant suede: the
product of almost two years
of research, it can be
stomped, splashed, and
crushed with almost no
visible effect. Even in
the red-carpet melee of the
Met Ball.
For more accessories from
Milan, view the slideshow
at www.ft.com/style
Versace
Marni
Emilio Pucci
Moschino
Fay
Leather culture Highland f ling
Furry fantasies
Sportmax
Giorgio Armani Fendi
When did an animal look like
this? Never is the answer.
Though this season Milanese
fur houses (and the
designers that work with
them) embraced fullon pelts
with a vengeance not seen
since Peta started tossing
tofu pies at Anna Wintour,
they combined them with
technological knowhow
perfected over the past few
years to create wholly new
hybrid creatures or what
Fendi designer Karl Lagerfeld
(who declared, Fur is in the
air) called metaphoric
minks. These babies arent
going to fool anyone into
thinking theyre fake, and
that is not the intention, but
their notinnature nature is
dazzling almost enough to
distract the politically correct.
Biker babes? Thats so last
season. This seasons leather
culture no, not the kind
James Franco was
celebrating in his recent
Sundance Film Festival entry
(though whos to say that
isnt where the trend
originated?) comes from a
very different place. Like all
underground movements that
begin in rebellion against
societal norms, the leather
world, which fashion has
flirted with for seasons, has
now officially been coopted,
defanged, and restyled for
every age. Whether Versaces
camp sendup of punk,
Miuccia Pradas morning
after housewife gear or
Marnis pareddown style,
these allleather outfits
are the opposite of
controversial. Candy
coloured, supple as
cotton, and possessed
of an inner steel, they
give a little edge to the
everyday, just slightly
subverting the sartorial
status quo while
retaining their vroom.
Gucci
Clockwise from top left:
Prada, Dolce & Gabbana,
Roberto Cavalli
catwalking.com
Jil Sander No.21
Blame Chanel. If they hadnt
had that Mtiers dArts
presentation in the Scottish
Highlands last December,
maybe the rest of the
fashion world or at least,
those down south, in Italy
wouldnt have started
thinking northward.
Combined with the fashion
worlds love of cashmere in
winter, and the general drive
to celebrate artisanal
countries of origin, it meant
the Milanese runways ended
up looking like a veritable
clan convention, the sort that
would send a Rob Roy
scholar into raptures.
Granted, theres something
to be said for a touch of
tartan, though the headto
toe look is best avoided,
unless youre expecting to
recite Robert Burnss classic
poem Address to a Haggis.
Alberta Ferretti
Bella donna
Vanessa Friedman reports on the key trends for
autumn/winter 2013 from Milan Fashion Week
Fashion weeks on FT.com
For online coverage of the international shows, visit www.ft.com/
fashionweeks. For the latest from Paris see main section.
From left; Jimmy
Choo handcuff bag,
Casadei blade heels
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 17:10 User: higginsa Page Name: WKD5, Part,Page,Edition: WKD, 5, 1
6 LIFE & ARTS

FINANCIAL TIMES MARCH 2/MARCH 3 2013
Food ^ Drink
O
ne of my favourite wine
trade stories is about Simon
Loftus, who used to run
Adnams of Southwold, the
brewer, hotelier and wine merchants.
In the prose accompanying one of
his particularly beautiful wine lists
he recounted how he tried to visit
Jacques Reynaud, the idiosyncratic
owner of the famous Chteauneuf-du-
Pape property Chteau Rayas. This
was long before the era of email, and
probably even predated the fax that
Reynaud would never have used
anyway. Loftus sent him a series of
letters asking for an appointment
and received no reply. In the end he
wrote to Reynaud stating firmly the
time and date of his arrival.
He got to the huddle of ramshackle
buildings that constitute Chteau
Rayas at the forewarned hour of
3pm, to find every window and door
shuttered. Knocking and calling
resulted in a resounding silence.
Frustrated and puzzled, he
reluctantly climbed into his car and
started to drive off down the dirt
track back towards the main road,
only to see in his rear view mirror
the unmistakable shape of the
pebble-spectacled Jacques Reynaud
furtively climbing out of a ditch.
Reynaud met his end in 1997,
buying a new pair of shoes (he had a
heart attack) in nearby Courthezon.
The place is now run by his nephew
Emmanuel, who also owns the
distinctive Chteau des Tours in
nearby Vacqueyras and has instituted
a very slight glasnost. I managed to
visit once in the Uncle Jacques era
and now go once a year to taste the
latest vintage during my autumn
week in the southern Rhne. Well,
most years. There was the time I
turned up at the agreed time to taste
his 2009s to find no sign of anyone,
other than a monosyllabic winery
worker who told me that his boss
was busy overseeing the particularly
appointments at Rayas for his
customers and was told: I was
much more willing to set up an
appointment with Lalou Bize-Leroy
[the fiendishly reclusive owner of
one of Burgundys most sought-after
domaines] because it was possible.
I never once was able to set up a
sommelier with a tour of Rayas.
Y
ou get the picture: a visit to
Rayas is special but not just
for its rarity. Needless to say,
the many signs on the roads around
the little village of Chteauneuf-du-
Pape make no mention of Rayas.
You have to drive up an unpaved
road towards another well-known
and well-signposted property, skirt
round the back of it and turn off on
to an even rougher track, rather
unexpectedly signposted with a
particularly rusty, pockmarked sign
pointing to Caves du Chteau
Rayas. Quite often there is a car
lurking here, because Reynaud likes
to apply groupage to his visitors.
I generally find I am sharing my
appointment with others maybe
sommeliers from the other side of
France, or customers from the other
side of the world and the
rendezvous is important enough for
us all to arrive in good time.
Its fun to watch the faces of first-
time visitors. They do their best to
hide their horror at the exceptionally
primitive nature of what confronts
them. The floors are bare earth and
everything, but everything, is grey.
The wines are kept in barrels so
ancient that they have no colour at
all, and look as though theyll fall
apart at any moment. The rough
stone walls are bare and all is
festooned with cobwebs.
Reynaud turns the tap on an
ancient tank of the whites and wields
the wine thief on the metal-hooped
barrels so we can taste the last-but-
one vintage of the wines he produces
the most recent one is usually still
fermenting. Into our small, rather
grimy tasting glasses go samples of
the ingredients destined for Chteau
Rayas red and white; of Pignan, the
other Chteauneuf made here; and
the Ctes du Rhne red and white
also vinified in these extraordinary
cellars, Chteau de Fonsalette.
The greatest shock is how pure and
fresh are the wines that come out of
these dusty, cobwebby containers.
They taste like the elixir of life,
despite apparently having been
raised in Miss Havishams boudoir.
Of course the cellars are extremely
dark and there is not a flat surface
in sight, so this is one of the few
visits when I have to resort to a
notebook of the paper sort. Finding
words for these exceptional wines is
always difficult; finding the bottles
to buy even trickier. Importers tend
to allocate rather than sell the wines
and the best bet is generally the
wine lists of Rhne-prone restaurants
in France. If you could find them
retail, a bottle of, say, Chteau
Rayas 2007 red would cost more than
300 while Fonsalette might cost
only about 45 far more than any
other wine that qualifies only for the
modest Ctes du Rhne appellation.
If Id had room I was going to
compare and contrast the Rayas
cellars to the pristine, cosseted nature
of those of another Chteauneuf,
much more recently anointed with
cult status, Clos St-Jean on the
outskirts of the village itself. Prada-
dressed Vincent Maurel, who put on
an impressive tasting for me during
my first visit there last December,
could hardly be more different from
Emmanuel Reynaud. One thing the
establishments did have in common
though: not a drop of water to drink.
See tasting notes on
www.jancisrobinson.com
More columns at www.ft.com/robinson
Chteau
notsoneuf
The
greatest
shock is
how pure
and fresh
are the
wines that
come out
of Rayas
dusty,
cobwebby
containers
late 2010 harvest. The last thing a
Reynaud would do is bother to cancel
an appointment those appointments
being so very, very rare.
Emmanuel Reynauds answering
machine message ends: Dont bother
to leave a message; I wont bother to
listen to it. I have to rely on the
extreme (perhaps very slightly self-
interested) kindness of Rayas long-
standing UK importer OW Loeb,
whose managing director Chris Davey
told me: I fix two appointments per
year yours and mine. Maybe I am
too soft on him, but I do all I can to
make life easy for him. Years ago I
made the mistake of going twice
within 12 months and he looked at
me as if I were mad.
Rayas US importer is Martine
Saunier of San Francisco (who
recently sold her import business to
concentrate on her career as a wine
documentary star). I asked Christian
Pillsbury, who used to work for her,
whether he ever managed to fix up
Janciss favourite 2011
Chteauneufs
This is not an outstanding vintage but
these were my favourites (all but one
of them red):
Clos du Caillou, Les Quartz
M Chapoutier, Barbe Rac
Dom de la Charbonnire, Cuve
Mourre des Perdrix
Dom Giraud, Les Gallimardes
Dom de Marcoux, Vieilles Vignes
Mayard, La Crau de ma Mre
Clos des Papes Blanc
Dom du Pre Caboche, Elisabeth
Chambellan
Ch Rayas
Tardieu Laurent, Cuve Spciale
Dom des Trois Cellier, Privilge
For stockists, see www.winesearcher.com
Jancis Robinson
Wine
O
ver a beer and a dish of
tartiflette, one of the
many delicious combina-
tions of potato, bacon and
melted cheese that are
the specialities of the Savoie, south-
east France, Ewan Hill described how
his professional career has evolved
over the past decade.
Hill, a Scot, has spent 20 years as a
ski instructor across the Trois Valles
and had just demonstrated how he
could ski backwards far more ele-
gantly than any of us could ski for-
wards. But nowadays instructing his
pupils on where to eat and drink is
also an integral part of his job.
I have become something of a res-
taurant guide, I suppose . . . I never
ever thought when I grew up that
helilunching would become a part of
my working day, he added with a
smile.
While Hills skiing style made me
green with envy, I was able to have
the same effect on him when I said
that we would be heading off for
lunch the next day at La Bouitte in
the hamlet of St Marcel. Hill coun-
tered that the last time he had eaten
there he had arrived by helicopter.
It certainly did not seem helicopter
weather as we walked up to the res-
taurant. Clouds were closing in and
the white out predicted for that
afternoon appeared all too imminent.
Complete justification, one of our
party added, for an afternoon at the
table rather than on the slopes.
We were greeted by a smiling recep-
tionist and a somewhat sterner Mad- ame Meilleur, wife to Ren and
mother to Maxime, who run the
kitchen side by side. She whispered
table two to her colleague and we
were whisked through.
But before describing what made
table two so special, let me skip three
hours to the end of lunch. The head
sommelier approached and asked
whether we would like to have coffee
at the table or join the Meilleurs. We
chose the latter. Maxime did most of
the talking and the sense of pride he
feels working alongside his parents
was obvious.
He described how his father had
started here in 1976, when the restau-
rant was no more than a potato field.
They have added to it over the years,
doing the building work themselves
when the restaurant is closed. La
Bouitte now boasts 10 bedrooms and
Maximes team of 40 serves 90 custom-
ers in the restaurant most days.
Listening to Maximes story set the
lunch we had enjoyed into even
clearer perspective. Sitting at table
two would have proved exciting just
for the views. The dining room has
been constructed with windows on
three sides and a broad, sliding glass
there was anything we did not like.
Things improved with the small
glass of intense onion soup topped
with local Beaufort cheese that came
as one of the three amuse-bouches, fol-
lowed by a first course of a small
round of sauted foie gras on a
creamy sweetcorn pancake. This rela-
tively common association was high-
lighted by a stunning sauce of local
honey and reduced balsamic vinegar.
Although the main course of pigeon
breast, an intense ragout of pigeon
including the liver and a smear of
wild spinach was good, it lacked a
sauce to make it more than the sum
of its parts. But the tall, young som-
melier definitely made amends by rec-
ommending a 2011 Cuve Octavie
made by Adrien Berlioz from Persan,
a rare local grape variety grown down
the valley that proved to be fuller and
richer than most Savoie reds.
The ultimate local hero, however,
was the wooden, four-tiered cheese
trolley that rotates on a central axis.
Meilleurs team treated it with due
deference, wheeling it in and out of
the restaurant to ensure the cheeses
stayed at the correct temperature. The
very sight of this was enough to make
us succumb to a cheese course at an
extra 22 and fully justified an after-
noon not spent on the slopes.
nicholas.lander@ft.com
More columns at www.ft.com/lander
Go on, slope off
At a familyrun restaurant in Savoie, the views impress Nicholas Lander as much as its two Michelin stars
Masters Super Fish, Waterloo
Londons best fish and chips in the
most unprepossessing place you could
imagine. Masters looks like it hasnt
been refurbished since rationing ended
you either sit in an utterly soulless
room or get takeaway from a sickly
green corridor. But this is glorious
British food shattering batter, chips
thick as thumbs, fish flaking like strips
of pearl. Dont miss out on the mushy
peas or the homemade tartare sauce.
191 Waterloo Rd SE1,
020 7928 6924 (no website)
Poppies, Spitalfields
A successful hipster compromise
between East End chip shop and 1950s
American diner. The girls are on the
floor and the boys are at the fryers.
The fish was excellent quality (if
imperfectly cooked) and the batter is
thick and crunchy; chips are pale and
fluffy. Jellied eels, from Micks Eel
Supply of Billingsgate, are sloppy,
meaty and exquisite. Avoid the deep
fried cods roe: a fishy hockey puck.
68 Hanbury St E1, 020 7247 0892,
www.poppiesfishandchips.co.uk
Kerbisher & Malt, Brook Green
Kerbisher & Malt retains the easygoing
atmosphere of a chippie while raising
the standard of the food. There are no
soft furnishings just tiled walls, a
hard, slippery floor and clattery metal
stools. This was a slightly greasier
batter than others on this list but the
fish was wellcooked and the extras
were superb, especially the pickled
onion rings and calamari. A second
branch opened recently in Ealing.
164 Shepherds Bush Rd W6,
020 3556 0228; www.kerbisher.co.uk
Olleys Fish Experience, Herne Hill
Olleys looks like a 1980s Greek taverna
dropped into a Scottish baronial hall:
you sit bolt upright on highbacked
chairs, fake foliage hangs from the
ceiling and dusty spider plants finger
the staircase. But the product is
considerably better than the average:
batter of medium thickness, fish fresh
and nicely timed. Shredded iceberg
lettuce and woolly tomatoes, which
accompany almost everything, have an
appealing honesty.
6569 Norwood Rd SE24,
020 8671 8259; www.olleys.info
Fishers, Parsons Green
Reopened after a fire in late 2011, tiny
Fishers barely seems to have broken
its stroke. Fulham High Street has seen
several shop closures since the start of
the recession, but Fishers still packs
them in. Fish is perfectly cooked and
comes with greaseless batter; extras
such as butterflied prawns provide a bit
of interest. Portions are huge and tend
to come in at just under 10.
19 Fulham High St SW6, 020 7371 5555,
www.fishersfishandchips.com
Oliver Thring
Fiveof thebest
Fish and chips
in London
Details
HotelRestaurant
La Bouitte
Hameau de Saint Marcel
73440
Saint Martin de Belleville,
France
+33 4 7908 9677
www.labouitte.com
Ren (left) and Maxime
Meilleur at La Bouitte;
sauted foie gras
door into the kitchen on the other.
There the Meilleurs are the only chefs
not wearing white berets embroidered
with La Bouittes distinctive jumping
cow logo.
Our meal veered between the for-
mality dictated by the two stars
awarded by Michelin and the less con-
strained friendliness of this region.
The former was evident in the unnec-
essarily strict manner in which the
manageress took our order. After we
had decided on the 99, three-course
surprise menu, she failed to pick up
on one guests equivocation over the
pigeon main course when asking if
A plateful at Poppies
The ultimate local
hero was the wooden,
fourtiered cheese
trolley that rotates on
a central axis
MARCH 2 2013 Section:Weekend Time: 1/3/2013 - 16:38 User: gouldp Page Name: WIN6, Part,Page,Edition: WIN, 6, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

LIFE & ARTS 7
W
hat did you make
of the Great Equine
Panic? FT Week-
ends Taste Test panel had
no doubt as to what was
required: a blitzkrieg tast-
ing of the UKs shop-bought
burgers. And before the sta-
ble door might close, we
were determined to include
a horse burger, something
the panel was quite looking
forward to.
Thirty years ago the Glut-
tonous Pig (GP) used to pat-
ronise an Italian restaurant
in Londons Covent Garden
specifically because it
served an exquisite horse
carpaccio; he also ate a fine
horse casserole in Mantua.
Another member of the
panel was recruited to dem-
onstrate that cuisine
trumps sentiment any day:
the Horse Fancier (HF)
owns two magnificent hunt-
ers and a herd of Shetland
ponies. She was joined by
the Discerning Litigator
(DL) who, not long ago, had
accompanied the Horse
Fancier on a riding tour of
Argentina. Neither was
remotely fazed at the pros-
pect of a horse burger.
What were we looking for
in a satisfying burger? The
genuine taste of beef rather
than the deadening thud of
unidentified meat. Not too
fatty or gristly, not suspi-
ciously over-seasoned, not
minced to an indeterminate
paste . . . I could go on. We
called in 10 burgers from
supermarkets, butchers and
specialist suppliers. Most
frozen varieties had been
withdrawn by the time we
got going but Birds Eye and
Iceland were still available.
Lets be fair and remem-
ber that they are low-
budget products that you
might well disguise with a
bun, lettuce, tomato and
ketchup or mayo. But they
were hardly the highlight of
the sampling, coming near
the bottom. Icelands Quar-
ter Pounder was gristly,
chewy (DL) and had a
dull, school-dinners fla-
vour (GP). (A few batches
of this product had tested
positive for traces of horse
DNA but were swiftly with-
drawn from sale.) Birds Eye
Original Beef Burgers had
too much onion (HF) and
tasted industrial (GP).
But these two were not the
worst.
Absolutely at the bottom
came a couple of offerings
from two respected super-
markets. Essential Waitrose
British 100% Beef Burgers
were unsullied by the rice
and rusk used to bind and
bulk out several of the pat-
ties. But this did not save
them from sharing the rock-
bottom slot: seem syn-
thetic (HF); engine-oil fla-
vour (GP). Joining them
was Tesco with its Quarter
Pound Beef Burgers. The
beef was the poorest of the
tasting, with far too much
connective tissue: over-sea-
soned gristle (DL); jaw-fa-
tiguing chewy marathon
(GP). I suppose you get what
you pay for (or, these days,
several things you didnt).
So how did the horse burger
do? Well, Im coming to it
youll be surprised.
Our top three, predicta-
bly, hailed from premium
ranges. Third was Sains-
burys Taste the Difference
Ultimate Steak Burgers:
not too bad (HF); reason-
ably lean with well-judged
seasoning (GP).
Second were the frozen
horse burgers from Exotic
Meats, self-styled as
untainted by beef: sub-
stantial with an authentic
whiff of offal (HF); meaty,
heavily seasoned with nut-
meg to the fore (DL);
grown-up taste with mild,
gratifying flavour of liver
(GP). Once revealed, we
connected these descrip-
tions with our memories of
horse carpaccio lean,
tasty, and a robust but not
overpowering flavour.
But our comfortable win-
ner was Waitrose hand-
pressed Aberdeen Angus
Steak Burgers: thats meat,
by God! (DL); beautifully
beefy (HF); satisfying,
lean, honest, rough-chopped
a yeoman burger. No
DNA test required, no FSA
inspection necessary this
is the one to go for. And if
you dont have Waitrose in
your area, you could con-
sider an equine snack
hurry, while stocks last.
Meat comes in
for a grilling
Peter Bazalgette on the best and
worst storebought burgers
H
ong Kongs Lan Kwai
Fong district is well
known for being the
throbbing heart of the
Chinese territorys
nightlife but a short distance from
its nightclubs and al fresco bars is an
altogether more sophisticated drink-
ing experience.
To locate 001 is not easy, however:
head down a side street in Soho, past
two street fruit carts, in pursuit of an
unmarked door. (See details panel.)
Ring the buzzer and, servers discre-
tion permitting, youll find yourself
admitted to a velvet-curtained base-
ment haven of good drinks crafted by
discerning bartenders, dressed entirely
in black. Ask for the Kings Mule, a
lime-coloured buck cocktail thats a
refreshing concoction of gin, ginger
beer and fruit juice.
Hong Kongs 001 is just one of a
wave of exclusive, speakeasy-style
bars that have popped up across
southeast Asia in recent years. From
a Bangkok bar with hidden doors and
1920s dcor to a space in Singapores
heavily gentrified Chinatown thats
hidden behind a bookshelf, drinkers
in Asia are increasingly heading for
secluded spots where they can enjoy a
well-made tipple.
Some bar owners cite the intimate
atmosphere at speakeasies such as
New Yorks PDT and Death & Co as
inspiration for setting up in a region
better-known for touristy bars on the
top of skyscrapers.
We wanted a space for people like
ourselves who wanted something a bit
more intimate and without younger
patrons who like to drink and throw
up, says Phil Poon, co-founder of Fil-
ter Members Club, a nightclub in Sin-
gapore that restricts entry to mem-
bers or guests of members.
Also located in Singapore is an
unnamed, password-protected bar that
has become known to regulars as the
Library for its location behind a
bookshelf in a Gatsby-esque storefront
run by an art collective. The whole
experience here is different, says its
bar manager Stefan Ravalli. As you
need to make some effort, the people
who are here really want to be here.
Those select patrons who get their
hands on the Librarys password,
which changes weekly, can expect
good drinks served along a relatively
spacious hand-riveted copper bar.
(Hint: ask a server after dining next
door at Keong Saik Snacks for the
code.) The drinks also come with per-
sonal touches such as Top Secret, a
grenadine-and-gin cocktail accompa-
nied by a message to the customer in
an envelope marked confidential.
At 28 Hong Kong Street, Michael
Callahan serves up drinks in a spot
with black wainscoting, white marble-
top tables and lighting that dims as
the night goes on. Among his more
popular drinks are cocktails aged in
American and French oak barrels and
alcoholic punches proffered in crystal
bowls. The latter are so potent that he
declines to serve them to groups of
less than three people.
A lack of chiller space and a labori-
ous 12-hour creation process we
make it the way sailors in the spice
trade did in the 1600s also means
that his bar, which is located behind
unmarked doors in a heritage shop
house, sells only seven of these drinks
a day. Customers have started to
reserve them, so by the time we start
on a weekend night, theyre all sold
out, he says. This is the original
bottle service.
B
ut can these bars pass the
test of time? Take Asias
hordes of food and drink blog-
gers and the relatively small
populations in these cities, and there
surely lies the risk that the very
crowd these bars want to avoid will
move in.
We wanted to be a clubhouse
where people could invite their
friends and, for a long time, we
worked hard to stay out of the
media, admits Callahan. But were
not just for some elite. Were open to
all who stumble across us, whether
its people exposed to drinks for the
first time, or cocktail geeks.
The forgettable faade at Singapores
28 Hong Kong Street is partly meant as
a barrier to maintain service levels.
Capacity is when service cannot
reach demand and we run out of
energy for our regulars, says Calla-
han. The bar can accommodate about
100 people, but usually peaks at 80.
Over at the Library, Ravalli says
hes not worried about shelf-life
because it still takes effort to find out
the password and theres never too
many of [our kind of] bars in any city.
Im happy to be known for our drinks
and good service.
In any case, some of these bars
already have even more exclusive
private spaces set aside for their
best clients. At 28 Hong Kong Street,
theres an informal invitation-only
space that Callahan calls the
Office, where regulars can expect
top-level spirits procured from tiny
distilleries that, he says, treat
their spirits like their children.
For upwards of 2,000, guests can
also purchase an annual membership
to the Blind Pig, a private cigar
lounge hidden behind wooden panels
at the aptly named Speakeasy rooftop
bar at Bangkoks Muse Hotel. You
could walk past it 15 times and if the
doors not ajar, you wouldnt notice
it, says Nicolas Peth, the hotels gen-
eral manager.
The whole experience is based on
the 1920s gangster era, which was at
the height of Prohibition, he adds.
We give members a cigar jacket,
their own humidor and glass drinks
cabinet. Its like how people [in 1920s
America] illegally stocked their alco-
hol, though now you can do it legally.
It has a very masculine feel.
Speakeasies raise the bar
Exclusive cocktail bars have been popping up across southeast Asia. Kristiano Ang reports
B
aking, so popular these days,
was not my mothers forte.
There were only two cakes
in the repertoire that I
remember, an excellent dark ginger
cake particularly good with
cheddar cheese and a pineapple
upside-down cake that was extremely
popular with one greedy little boy.
I have often wondered what got
my mother on to the pineapple cake.
I suspect it might have been nanny.
We had one or two nannies until my
parents entered the modern world
sometime in the mid-1950s and my
mother took over the reins of the
kitchen completely. Part of the
legacy that a nanny might have
bequeathed her was their charges
partiality to the novelty that was
pineapple upside-down cake.
It seems that this creation was
brought about by the introduction of
tinned pineapple by a certain James
D Dole, founder of the Hawaiian
Pineapple Company, at the turn of
the past century. A few years later
the resourceful Dole, clearly an
indefatigable innovator, devised a
machine that cut the pineapple into
rings and then launched a
competition asking for recipes for
this miraculous product.
We know that by 1925 the upside-
down cake was established and
became exceedingly popular. In 1951
it was possible to buy a Py-O-My
Sunny side up
Pineapple Upside-Down Cake Mix,
which included not just a cake mix
but a can of perfectly blended
pineapple, brown sugar and cherries.
The cherries are one of the points
of contention (every good recipe
should have one or two such points),
but they make perfect sense if you
decide to use tinned pineapple rings
what else would you do with the
holes in the middle? If the recipe
really was a response to the
invention of the pineapple ring, its
originator must have felt proud when
they put a cherry in those gaps.
But while not a vehement
opponent of the glac cherry, I omit
them, partly because of my method
of cooking the cake. Some are
content to line their moulds with
butter and sugar and then allow a
modicum of baking to achieve a
Rowley Leigh
Cookery
Best served warm or at room
temperature an hour or two
after baking. Serves eight.
Ingredients
75g unsalted butter
75g light brown caster sugar
1 pineapple
225g caster sugar
225g unsalted butter
4 eggs
200g selfraising flour
20g baking powder
Method
Melt the first butter and
sugar (75g each) together in a
saucepan. Boil vigorously until
they produce a thick, caramel
coloured syrup whisk it well if
it separates and then pour
into a 26cm cake mould,
rotating the mould so the
mixture comes at least 2cm up
the sides of the mould.
Prepare the pineapple by
splitting down the middle and
cutting again into quarters. Run
a small sharp knife between the
skin and the flesh and lift away
the flesh in one piece. Cut away
the hard inner cores from each
quarter and then cut into slices
1cm thick and lay these on top
of the sugar and butter mixture
in one even layer.
Cream together the butter
and sugar (225g each) with an
electric beater until they are
white and fluffy before adding
the eggs and then folding in the
flour and baking powder. Pour
this batter over the pineapple
and bake in a medium oven
(180C) for 45 minutes or until
the cake is cooked and a knife
or skewer comes out clean.
Allow the cake to rest for 10
minutes, run a knife around the
side of the mould and turn out
the cake on to a warm plate.
Recipe
Pineapple upsidedown cake
counterbalance the sweetness of the
cake and caramel. However, Nigella
Lawson disagrees and even alleges
that it is bad sport to start peeling
and slicing your own pineapple. Ill
leave the decision to you.
Rowley Leigh is the chef at Le Caf
Anglais in London
rowley.leigh@ft.com
More columns at www.ft.com/leigh
The whole experience
is based on the 1920s
gangster era, which
was at the height of
Prohibition
What do you look for in the perfect burger? Rick Pushinsky
Details
The Winners
1. Waitrose HandPressed
Aberdeen Angus Beef
Steak Burgers
4.29 for two (270g)
www.waitrose.com
2. Exotic Meats
Horse Burgers
3.95 for two (220g)
www.exoticmeats.co.uk
3. Sainsburys
Taste the Difference
Ultimate Steak Burgers
3.29 for two (340g)
www.sainsburys.co.uk
Details
001, Shop G1, lower ground floor,
97 Wellington St, Central, Hong Kong.
tel: +852 2810 6969
Filter Members Club,
1 Nanson Road
(behind Gallery Hotel), Singapore.
By invitation only
28 Hong Kong Street,
28 Hong Kong St, Singapore.
tel: +65 6533 2001
The Library,
47 Keong Saik Road, Singapore.
Password required
Blind Pig at the Speakeasy,
Muse Hotel, 55/555 Langsuan Rd,
Ploenchit Rd, Bangkok.
tel: +66 (0) 2 630 4000
Details correct at the time
of going to press
Photography: Andy Sewell
Food ^Drink
dainty caramel. I take a more
forthright approach and cook a mean
caramel and pour it into the mould
before baking, a treatment that
would not appeal to the glac cherry.
One last point of difference is
whether the pineapple should be
tinned or not. I favour fresh partly
out of old-fashioned prejudice, but
also with some reason that fresh
pineapple has a bit more acidity to
MARCH 2 2013 Section:Weekend Time: 1/3/2013 - 16:51 User: gouldp Page Name: WIN7, Part,Page,Edition: WIN, 7, 1
8
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Travel
Postcard
from . . .
Norway
Portrait of
a landscape
I lose count of the number of
hairpins as we wind our way
from the pretty Norwegian
coastal town of Alesund along
fjords, through fishing villages
and past snowy strawberry
fields towards the Juvet
Landscape Hotel a new site
of pilgrimage, so Im told, for
architecture buffs and
wilderness junkies alike.
Our destination is too
hidden for sat nav but, after
about two hours, we round
a last bend in the dirt road
and park beside the restored
farmhouse and barn of
Burtigarden, one of the
biggest and oldest farms in
inner Sunnmore. Like staring
at a new haircut I dont
particularly like, I try to keep
my disappointment hidden
from Knut Slinning, the lanky
outdoorsman and former
teacher who built Juvet using
the architects Jensen &
Skodvin and money from the
Norwegian government, which
was looking to renovate
portions of the countrys
National Tourist Routes.
Slinning points me towards
a cluster of seven free
standing, boxy, lightly
weathered pine huts. They
dont really grow on me as
I hop over the puddles and
up the stairs of mine. But as
I open the door to the 30 sq
ft cabin and walk into the
sparsely furnished room, the
impact is overpowering.
Never before have I stepped
outside into the wilderness
by entering a building.
It is like a magic trick. For
a moment I am disoriented
and hesitate before moving
towards the large, sleek glass
windows overlooking the
Valldola River and the woods
beyond its banks. Mountains
scarred by 100 slender
waterfalls rise in the distance.
The floor is cantilevered
above the riverbanks
boulders, beneath which
water rushes around a
sweeping bend. The sound
pulls me towards the window
until my forehead rests on
its pane like that of a child
peering into a sweet shop.
This is what you come
here for. The rest is pleasant
enough, but it is this rare
encounter with nature
through architecture that
makes Juvet special.
Everything is geared
towards the experience. The
rooms house a bed, two
chairs and one lamp with
two small reading lights next
to the bed. There are no
curtains and no pictures on
the walls. The shower rooms
are about as small as the
loos on an intercity express
train. Path lighting is missing
because a torch will do and
this ensures that the pace of
life here is dictated by the
sun and moon.
Who needs radio, television
and WiFi when you can open
a hatch next to your bed to
let in the sound of the river?
Luxury is sitting in the
sauna or hot tub of Juvets
small spa, perfectly private,
thanks to the clever way the
architects have used the
undulation of the land to
hide the building.
Meals are served at
long wooden tables in the
renovated cowshed. The light
in the barn is dimmed by
mismatched grannyish
lampshades on lowhanging
wooden chandeliers and the
walls are decorated with bits
of old farm equipment and
sepia photographs of long
dead Norwegian country folk
staring humourlessly into the
camera lens. Dinner consists
of carpacciothin smoked cuts
of moose, venison and whale
and a main course of almost
inedibly salty local fish.
On our second night
I share the table with a
dozen boisterous Trondheim
car salesmen on their
second annual corporate
retreat to Juvet. They are
determined to hike and then
abseil across the river below
our huts an experience
Slinning is happy to
organise.
Though Slinning arranges
everything from hunting and
rafting to road trips, one of
the best reasons to come
here is to ski among the
fjords. The Stranda ski
resort is less than an hour
away and, while small, has
something neither the Alps
nor the Rockies can match
a panoramic view over
two fjords that leaves the
impression you may just
plop into their clear, icy
water if you fail to stop in
time. Stranda is also a good
place to come for late skiing
the season runs from
early December until May 1.
If you are up for an extra
challenge, Slinning can
organise ski and sail trips,
where you ski to the fjord,
travel by fishing boat to the
next desirable spot, make
your ascent by foot and
then ski down the slope
again. And, after the effort
and adrenaline, theres
always the reward of the
peace of your room back
at Juvet.
Carola Hoyos
Carola Hoyos was a guest of
the Norwegian tourist board
(www.innovationnorway.com)
and the Juvet Landscape
Hotel (www.juvet.com).
Double rooms cost from
NKr2,900 (338) The Juvet Landscape Hotel amid the snow Knut Slinning
T
he Bessie Ellen departed
southern Tenerife at 6.30pm
on Saturday amid the last
glimmerings of daylight.
The trade winds were
favourable for an overnight passage to
La Palma, so all hands were needed on
deck to haul on the hemp to get suffi-
cient sail aloft; the peak needed sweat-
ing, the throat needed hauling, hands
were needed to work the halyards for
all four foresails, and the boom-
preventers needed to be well secured
before we found ourselves in the tricky
waters of the acceleration zones,
where the Atlantic winds come funnel-
ling through the gaps between islands.
I was rostered on the midnight to
4am watch, and when I came back on
deck we were plum in the middle of
one of those zones; Bessie was thump-
ing her way through a white-flecked
night, burying her head in 50 knot
winds, spray flying across the pitch-
pine planking. Directly behind us the
austere, stately silhouette of Mount
Teide, the tallest mountain in Spain,
rose out of the water, exerting a
malevolent magnetic pull on our
foaming stern. And right above us, I
could see the winking lights of late-
night flights descending towards the
airport at Tenerife South, with
another load of fly-and-flop holiday
makers in search of winter sun. It was
hard to believe, as a bucketload of salt
water whistled past my cheek, that
only a matter of a few hours earlier I,
too, had been up there in an air-condi-
tioned fuselage.
This was, of course, the Canary
Islands but not the sort of Canarian
experience that will be familiar to
most holidaymakers, who come to
these islands to catch a few rays. By
contrast, our week on Bessie Ellen
was to be one of hauling and making
fast, of riding at anchor in empty
moonlit bays, of admiring pilot whales
beneath our bows, of walking around
crater rims and of setting foot into
communities where bananas, not tour-
ists, were still the main crop. It was a
journey that was to turn what has
become a rather hackneyed holiday
destination, back into an archipelago.
These days not many people leave
Tenerife on a 98-tonne tall ship but
theres good historical precedent.
In 1907, when Bessie Ellen was built,
trading ketches were still in use
in these parts. In fact, theres a long
history of British-Canary trade, dating
from Shakespeares day, and Falstaff
took great delight in his cups of
Canary, a fortified wine that was one
of the islands biggest exports at
the time.
By the end of the 19th century the
wine had been replaced by bananas,
and the British firm EW Fyffe had
imported its first shipment. As the
banana ships of Fyffes and Yeowards
became established on the route, they
started to carry with them the earliest
tourists, many from the top end of
society, seeking winter sun in the
Fortunate Isles on the advice of
their doctors, and initiating the third
stage of Canarian trade.
There were no bananas in our hold
that week but the ship was perpetuat-
ing the tradition of giving berth-space
Sail of the century
Andrew Eames gets a
glimpse of the Canary
Islands rarely seen
by tourists with an
adventure aboard a
100yearold tall ship
ern coastline in calmer winds the fol-
lowing morning, admiring the banana
plantations on the lower slopes, and
learning from Bessies professional
crew about lazy-jacks, whiskers and
ratlines, the right way to coil a rope
and when to stay clear of the widow-
makers, the heavy block-and-tackles
that can spring unpredictably across
the foredeck.
Shadowed by fleets of dolphins, we
eventually put into the fishing port-
cum-leisure-harbour at Tazacorte,
which described itself rather epically as
the last European marina, a
reminder that it was from La Palma,
the most westernmost extremity of the
known world, that Christopher Colum-
bus sailed off into the unknown in 1492.
For us, we had discoveries to make
closer at hand. Most of La Palma is
effectively one half of a giant volcanic
crater the other half having long
since fallen into the sea. Its steepness
has long prevented it from joining the
league of over-touristed Canaries, and
while its lower slopes are encrusted
with barnacle-like villages, its higher
slopes are stitched with vineyards. Up
beyond the pine-tree-line, its naked
crater edge is so high, 2,426m, that it
hosts Europes biggest collection of
observatories.
Up here, the overnight condensation
freezes solid on the scrub, creating
ankle-level chandeliers of ice crystals.
We walked the crater rim, with a
cloud-filled caldera down one side,
and observatories lining the edge,
hooded and silent, like giant dormant
fungi that are too sensitive to daylight
to open their eyes. In this eerie world,
the only sound was the tinkling of
falling crystals as the sun started to
melt the ice off the scrub.
After La Palma, our crossing to La
Gomera was a more leisurely affair, or
perhaps we were already more ship-
shape as a crew. On the helm, we
learnt to feel how Bessie quivered and
surged when the sails were set cor-
rectly; we learnt to be scathing about
the handful of modern yachts (wind-
assisted yoghurt pots), and we had
some success with the fishing lines,
hauling aboard an electric-blue tuna
that was simply delicious when flash-
fried with a little garlic and chilli.
For the next couple of days, daw-
dling along Gomeras southern shore,
we climbed the barrancos up to the
islands ancient moss-cloaked laurel
forests, where we met columns of
marching Germans on serious walk-
ing holidays. We dived into biolumi-
nescence, dined on Thai curry and
roast pork, climbed the rigging to spot
pilot whales, and set our cameras to
try to catch the mythical green
flash that you sometimes see on ship-
board sunsets.
But then our time was up, and we
were on our last passage back, within
range of package tourism, motor-sailing
in limpid winds back into Teides
shadow, and the zone that had given
us such a fast start at the beginning.
For our last night on board we
anchored in the bay of Los Cristianos,
southern Tenerifes most popular
resort, for a paella dinner within sight
of a familiar big yellow M. Lodged
in this no-mans-land between the old
archipelago and the new, we could see
camera flashes going off on the prom
as holidaymakers took pictures of us
silhouetted against the sunset.
We completed their picture but they
had played no part in ours. They were
on a sedentary holiday with all mod
cons; we had been on an adventure
with masts.
From top: the
Bessie Ellen
under sail;
sunrise from the
deck; the boat off
the Canaries
Philip Marks
Short cuts
Tuscany The writer Iris Origo called
Pienza one of the most perfect
Renaissance cities, and so it
remains. Pope Pius IIs idealised 15th
century new town is a 90minute
drive from Florence. All it has lacked
is an agreeable hotel. On March 23,
however, La Bandita Townhouse
opens. The Renaissance palazzo and
former convent has been turned into
a 12room boutique hotel by former
New York music industry executive
John Voigtmann, who also owns and
runs La Bandita, a rural property in
the neighbouring Val dOrcia. Rates
start at 195.
www.labanditatownhouse.com
BadenBaden After 45 years, the
Berlin Philharmonic has quit its
residency at Salzburgs Easter
Festival to establish a new festival in
BadenBaden (March 20 to April 2),
the Black Forest home of Germanys
largest opera house. Tickets,
inevitably, are like gold dust but the
concierge at Brenners ParkHotel &
Spa, a sister property to the Bristol
in Paris and Htel du CapEdenRoc
near Antibes, can source practically
anything. The hotel is offering
twonight packages that include
accommodation in a junior suite,
dinner, access to its casino and spa,
and transport to and from
performances. From 1,020pp.
www.brenners.com
England The South West Coast Path
winds 630 miles west from Minehead
in Somerset to Lands End, then east
through Cornwall, Devon and Dorset
along the length of the Jurassic
Coast. The walkers who use it
contribute an estimated 300m
a year to the local economy. Erosion
and heavy rainfall tend to mean it
usually suffers two or three cliff
falls a year but there have been
more than 20 such collapses since
November 2012. An appeal aiming to
raise 250,000 has been launched to
ensure the survival of the trail, to
which end a series of expertlyguided
sponsored walks is being organised.
To register, visit
www.greatsouthwestwalk.co.uk by
March 4. Donations also welcome.
Cte dAzur Even the one per cent
are renting out holiday homes this
season. Roman Abramovich has put
two of his superyacht fleet on the
charter market. Holidays on the
worlds largest expedition yacht, the
115m, 11stateroom Luna, as well as
on the 162.5m Eclipse, can be
booked through Super Yachts
Monaco (prices on application;
www.superyachtsmonaco.com).
The Irish tycoon Michael Maye is
also making his Riviera home, Villa
Egerton, available to paying guests.
His sevenbedroom villa, at which
Coco Chanel and Winston Churchill
are said to have stayed, has been
extravagantly restored, hence its
vertiginous rates, which peak at
90,000 a week in July and August,
plus 11,000pw if you require staff.
villaegerton.com
Panama Not quite two years since
Donald Trump set a new standard
for luxury in Panama City with the
opening of the 70storey Trump
Ocean Club International
(www.trumphotelcollection.com),
Hiltons Waldorf Astoria brand is
hoping to raise the bar yet higher
from March 6, when its latest hotel
opens in Calle Uruguay, the citys
entertainment district, within sight of
the sea and 20 minutes by car from
the canal. From $229.
www.waldorfastoria.com
Claire Wrathall
La Bandita Townhouse in Tuscany
Details
Andrew Eames was a guest of Classic
Sailing (www.classicsailing.co.uk). The
Bessie Ellen is in Cornwall and the
Scottish islands over the summer, then
returns to the Canaries in November. A
week in the Canaries costs from 680,
including all meals, accommodation and
equipment but excluding flights.
Monarch Airlines (www.monarch.co.uk)
flies to Tenerife from six UK airports
from 126 return
We learnt to feel how
the Bessie Ellen
quivered and surged
when the sails were
set correctly
El Hierro
Gran
Canaria
La Gomera
CANARY
ISLANDS
(SPAIN) La Palma
Tiede
Tenerife
ATLANTI C
OCEAN
100 km
to the more enterprising end of soci-
ety. The passenger list included a
chemist, an aerospace engineer, a
retired entrepreneur and an oil-field
surveyor, and the ship had just said
farewell to a couple of environmental-
ists, a surgeon and a tax consultant.
Some were regular sailors; others had
no experience at all, but everyone had
plenty to contribute both on deck and
around the dinner table.
That first overnight passage was an
undeniably fast start, and Nikki
Alford, Bessie Ellens owner and skip-
per, admitted the acceleration zone
between Tenerife and La Gomera had
been a bit rougher and tougher than
shed expected. But payback was being
able to saunter along La Palmas west-
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 15:32 User: stokest Page Name: WKD6, Part,Page,Edition: WIN, 8, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

9
Travel
S
even in the morning on a
midwinter day in the Sierra
de la Culebra, a remote moun-
tain range in the province of
Zamora, where Spain turns a
corner into northeast Portugal. The
sun comes up reluctantly over a land-
scape that a heavy frost has turned a
ghostly white, as if in fright.
You might argue that there are bet-
ter places to be at dawn on a Saturday
morning than this nearly treeless
heathland where the temperature hov-
ers a few degrees below zero. Yet here
we all are, lined up behind our tele-
scopes, a group of nature-freaks in
layers of wool and Gore-Tex, peering
into the far distance. The silence is
dense with anticipation.
We have come, mostly from Catalo-
nia and the Basque Country, to take
part in a weekend event dedicated to
the observation of the Iberian wolf
Canis lupus, a species that after dec-
ades of near-extinction is at last mak-
ing a comeback in certain out-of-the-
way corners of the peninsula, like this
bleakly beautiful sierra hanging off
the western edge of Spain.
La Culebra is an expanse of rolling
country, much of it protected as a
hunting reserve covering 67,340 hec-
tares, whose harsh climate and poor
soil have caused several generations
of locals to leave. The village of San
Pedro de las Herrerias whose Veni-
ata rural tourism centre was the
venue for last months weekend wolf-
fest, with talks on conservation, cul-
ture and lore, and guided sightings
currently registers a total population
of just eight.
The Sierra de la Culebra the name
means snake mountains, referring to
their undulating topography is the
setting for a volte-face in the sometimes
awkward relationship between rural
society and wild nature. Traditionally
the wolf has been the sworn enemy of
the livestock farmer and shepherd,
Spanish country lore holding that the
only good wolf was a dead wolf. But in
a drastically under-populated area with
few resources, the novel concept of
wolf tourism is being greeted as a
welcome, if radical step.
To say that the wolf suffers from a
bad reputation is like saying the great
white shark isnt everyones favourite
fish. European mythology is thick
with references to the predator. For
much of its history, Spains economy
depended on sheep farming, so its
easy to see why the wolf might have
been public enemy number one. But
this doesnt explain the heady mix-
ture of hatred, awed respect and
superstition that surrounds the ani-
mal. In Galicia, it was believed that
the seventh-born male son was a
likely werewolf, and the lobao, in Cas-
tile, was a persistent cough believed
to afflict an infant that had seen a
wolf pass by. In some parts of Spain it
was forbidden even to mention the
L-word (lobo), as if even that might be
enough to attract it.
One morning our group visits the
village of Lubin, at the western end
of Zamora where it borders on Galicia,
to see a stone-built wolf trap (last
used in 1960), at the centre of which a
goat would have been tethered as
bait. When a wolf fell into the trap, it
would be tortured and paraded
around the village as a grisly trophy.
There have always been wolves in
Spain. Tales of Twilight-style encoun-
ters are within the memory of most
elderly folk in rural areas. The species
once roamed the peninsula from the
Mediterranean coast to the forests of
Galicia, before urban development,
motorway building, forest fires, habi-
tat destruction and merciless persecu-
tion nearly put paid to it. At its lowest
point in the 1970s, estimates Javier
Talegn, a guide and lecturer at the
wolf weekend, numbers may have
been reduced to a few hundred.
But in the past decade the tide has
begun to turn. The wolf has returned
to Asturias. It has been spotted in Seg-
ovia and Guadalajara, and as far south
as Extremadura. There is also evidence
of a population in the Pyrenees, and
even in the mountains near Madrid.
An accurate head-count is nearly
impossible, but figures of between
1,700 and 2,260 have been quoted for
Spain and Portugal combined.
The wolf has joined the Cantabrian
bear and the Iberian lynx, both still
highly endangered but holding steady,
as one of Spains star animal spe-
cies. Nature lovers both Spanish and
foreign have been known to collect
the set, travelling to Asturias to see
Paul Richardson joins a wolfwatching tour in Spain, where attitudes towards the species are changing
Canis lupus,
the Iberian wolf,
(above) is making
a comeback in
Portugal and
Spain; wolftracks
in soil (below);
the wide vistas
of the Sierra de
la Culebra, where
tourists come to
observe the
wolves
Plain Picture/Paul
Richardson
PORTUGAL
Bay of Biscay
ATLANTI C
OCEAN
SPAI N
100 km
Madrid
ZAMORA
San Pedro de
las Herrerias
Lubin
Sierra de
la Culebra
Ahead of the pack
bears, followed by Sierra Morena for
the lynx and Zamora for the wolves.
And nowhere has this kind of eco-
tourism been more successful than
the Sierra de la Culebra. If the region
of Castilla y Len has more wolves
than anywhere else in Spain, with 60
per cent of the total population,
Zamora is undoubtedly the heartland
of the species and La Culebra, with its
relatively high density of five wolves
per 100 sq km and its wide vistas, may
be the best place in Europe in which
to observe them.
The wolfs success story here has as
much to do with demographics as con-
servation per se. Rural society has
declined, and the wolf population has
risen. As shepherding becomes a mar-
ginal activity, attacks on livestock are
less common than they used to be. The
10 wolf packs currently inhabiting the
reserve have more than enough deer,
boar and rabbit to prey on to keep
them from the flocks, and local shep-
herds have partially relaxed their for-
merly harsh opinions. You say youve
come to see wolves and they say, good
for you, theres a lot of them about.
They might even be a bit pleased that
youre interested in local customs,
says Sergi Garcia of Barcelona-based
conservation group Galanthus, organ-
iser of the wolf-weekend.
Antonio Navarro, owner of Veniata,
has been a witness, as well as a bene-
ficiary, of changing attitudes towards
the wolf. Navarro, a former economist
with Spains biggest energy compa-
nies, retired in 2005, looking for the
quiet life in back-of-beyond Zamora.
What he could not have foreseen,
when he opened his rustic lodgings,
was that the wolf would become the
pillar of his business. Since Veniatas
first wolf-related activity in 2007, says
Navarro, as much as 70 per cent of his
clientele has come exclusively to see
a cupboard displays wolf-themed mer-
chandise. Time was that to mention the
wolf in anything other than derogatory
terms was to incur the wrath of your
fellow drinkers. Now Maria Jos, man-
ager of El Remesal, says wolf tourism
has thrown her business a lifeline.
All the fear we used to feel, thats
all in the past. What do I think about
the wolf? I think its the only future
weve got.
wolves. Despite what he describes as
the indifference of Castilla y Lens
regional government, which continues
to allow wolf-hunting in the region,
Navarro believes that tourism based
on live wolves, rather than dead ones,
could make a major impact on the
economic well-being of the area.
Down in Veniatas lecture room,
where the group convenes between
sightings and excursions, Garcia says
that almost half of all visits to the
area are attributable to the wolf
effect, and a dozen new turismo rural
establishments have opened in the
past 10 years. With the value of this
new form of tourism estimated at
around 176,000, the wolf is in effect
an important generator of profit.
The following talk focuses on natu-
ral history. Wolf poo is handed round
in a freezer bag; skins and skulls are
examined. Javier Talegn, Zamora-
born and a passionate defender of the
species in its wild state, shows us
grim images of wolves he has found
poisoned, trapped and bludgeoned to
death. Despite the changing attitudes,
it seems that old hatreds die hard.
That afternoon we head out again to
the vantage point, where the tempera-
ture has plummeted. The huge pano-
rama of the moorlands, with the
snowy Sierra de la Cabrera in the
distance, would be worth the detour
even if there were no rare wild ani-
mals on the agenda. As it is, I am
beginning to lose hope of seeing them,
and lose feeling in my feet.
Then a golden eagle is seen perch-
ing on a crag. A group of roe deer,
grazing nearby, appears nervous. A
whisper goes up from one of the Cata-
lans. He has spotted a pack at some
two kilometres distance. A dozen tele-
Details
Paul Richardson was a guest of
Veniata Centro de Turismo Rural
(www.asgalanthus.org). Other
companies offering wolfwatching
trips include Wild Wolf Experience
(www.wildwolfexperience.com) at
Veniata; Speyside Wildlife
(www.speysidewildlife.co.uk) in the
Sierra de la Culebra and Somiedo
in Asturias; and Nature Trek
(www.naturetrek.co.uk) at the
Sierra de la Culebra.
scopes swivel and zoom as one. It is a
family group, says Javier, formed per-
haps of an adult and several young-
sters from last springs litter.
The animals are grey-brown and
grizzled. They could not be dogs: they
are thicker-necked and thicker-coated,
the face unmistakably vulpine, eyes
piercing. Trotting through an open
field, they stop at the slightest sound,
evaluating the danger. The atavistic
thrill of the sighting seems to reach
back deep into the history of our spe-
cies and of theirs.
And there is more to come: that
night, on a stroll around the village, I
hear them howling in an eerie chorus,
alarmingly close.
On my way home I explore the
sierra, stopping in villages that seem
but a whisper away from total aban-
donment. Villar de Ciervo, a hand-
some small town whose stone houses
are shuttered, at least has a bank, a
bar or two and a handful of shops.
At the Pensin El Remesal, the bar is
decorated with portraits of Canis lupus.
Posters advertise wolf-watching tours;
In Spain, a heady
mixture of hatred,
awed respect and
superstition surrounds
the animal
Lynx in Spain
With around 300 surviving adults,
the Iberian lynx is the worlds
rarest cat. Naturetrek offers a six
day tour of two lynx habitats:
Coto Doana and Sierra Morena,
both in Andaluca, promising an
80 per cent chance of spotting a
lynx. There is plenty of other
wildlife, including wild boar, otters,
and the wild, curlyhorned
mouflon sheep. The tour costs
995, including flights from
London. www.naturetrek.co.uk
Brown bears in Finland
The wetlands of Lake Lentiira, in
the vast pine and spruce taiga
forest of northeast Finland, is
home to a number of European
brown bears, as well as wolves,
elks and foxes. Nighttime vigils in
observation hides are held to
maximise the chances of spotting
the reticent nocturnal creatures,
while daytime activities include
guided forest walks and canoeing.
A fourday visit starts at 775,
including flights, accommodation
and meals. www.explore.co.uk
Bison in Poland
On Polands border with Belarus
lies the forest of Bialowieza,
home to more than 470 bison.
Tourists can visit the protected
area of the park a Unesco
world heritage site with a three
hour guided tour starting from
77 per group. Alternatively, High
and Wild offers an 11day group
trip of three national parks
(including Bialowieza) from 1,250
per person, excluding flights. As
well as bison, visitors can expect
to see wolves, elks, stags and
lynx. www.bpn.com.pl;
www.highandwild.co.uk
Elk in Sweden
Wild Sweden offers overnight
walking tours in the Bergslagen
forest in central Sweden to track
wild elk. The company has been
providing guided excursions for
more than 10 years and elks have
been spotted on every tour since
2002. After a lakeside meal
cooked on an open fire, youll be
taken on foot to the glades where
elk come to feed, following trails
of hoofprints, droppings and bite
marks. Prices start at 150 per
person including an overnight stay
in the Kolarbyn ecolodge, known
as Swedens most primitive
hotel. www.wildsweden.com
Clara Tait
More European safaris
The call of the wild
Bearwatching in Finland
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 15:34 User: higginsa Page Name: WKD7, Part,Page,Edition: WIN, 9, 1
10
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Books
The intelligent eye
How writers
have struggled
to find words to
describe great
art. By Jackie
Wullschlager
A
rt history is more
nervous and self-
doubting than any
other humanities disci-
pline. The reason is obvi-
ous. Literary, political and
social historians all use
words to analyse other
words texts, documents,
archives. But art histori-
ans grapple in the rational
tool of language with
material far less ordered.
It will always be an uneasy
mix.
Art history is also young.
It lacks foundational texts
like Coleridges Biographia
Literaria or Gibbons The
History of the Decline and
Fall of the Roman Empire.
Until the 20th century, writ-
ers on art offered partisan,
if sometimes brilliant, com-
mentaries on their own or
recent times Vasari on the
a Victorian tradition, with
The Nude to be read sim-
ply for the pleasure of its
sentences however much
of their innocence they may
since have lost. Stonard
acknowledges the paradox,
though, that despite Clarks
disavowal of contemporary
art, he is acutely of his
time: the struggle to define
a heroic figurative art was
central to the cultural poli-
tics of the 20th century.
Clark not only revitalised
understanding of antiquity
but countered Socialist
Realisms extreme political
appropriation of the heroic
classical body.
In the 1950s and 1960s, the
aesthete gives way to the
theoretician: excellent chap-
ters on two writers who
managed to be both EH
Gombrich and Clement
Greenberg sit at the heart
of this account. Gombrich
was an unrivalled popular-
iser, accessible without ever
losing sharpness of judg-
ment, for a period that saw
an explosion of interest in
art. Greenberg was a for-
malist and elitist who
explained the evolution of
modern art in solid philo-
sophical terms.
In his heyday, the artist
Barnett Newman noted,
Greenbergs authority was
papal. His influence per-
sists: of the two youngest
writers (both in their seven-
ties) covered here, structur-
alist Rosalind Krauss was
his student, and Marxist TJ
Clark formulated his socio-
political thinking in reaction
to Greenbergs modernism.
To its huge disadvantage,
art history today is over-
whelmed by philosophy:
the leading undergraduate
textbook, Art Since 1900
(2004, 2012), co-edited by
Krauss, contains more ref-
erences to writers and crit-
ics than to artists.
Would Greenberg see
this as a victory? Let
nothing come between you
and art, nothing, no ideas,
nothing, he once said.
And when it comes to
explaining aesthetic ver-
dicts, far better minds
than mine havent gotten
anywhere near it. When
something really works,
youre helpless. This book
is a heroic account of how
writing battles not to be
reduced to helplessness by
great art.
Jackie Wullschlager is the
FTs chief visual arts critic
of close looking and schol-
arly intuition.
As art history matured,
the extremism of each
approach was necessarily
modified. Erwin Panofskys
monumental Early Nether-
landish Painting (1953),
exploring the integration of
Christian symbolism and
painterly realism, remains a
touchstone of cultural-
historical studies. Similarly,
Kenneth Clark in The Nude
(1956) added a deep intellec-
tualism, and a lucid
style, to the connoisseur-
ship he acquired as
Berensons pupil.
These qualities make
Clark, I believe, the most
rewarding art historian a
fantastically unfashionable
view. John-Paul Stonard fol-
lows current thinking by
boxing him into the end of
Italian Renaissance, Ruskin
on Turner. The Books that
Shaped Art History, a path-
breaking volume emerging
from a series in The Burl-
ington Magazine, explores
through a focus on 16 works
how the discipline evolved
after 1900.
Battle lines form immedi-
ately. Emile Mles Lart
religieux du XIIIe sicle en
France and Bernard Beren-
sons The Drawings of the
Florentine Painters, both
written at the turn of the
century, demonstrate
opposing sensibilities. Mle,
seeking textual and liturgi-
cal sources to unlock the
narrative and spiritual
meaning of Gothic architec-
ture, essentially dealt with
the history of thought. Ber-
ensons catalogue raisonn
was by contrast a seminal,
Cloud atlas
For advocates of big data, the answers to many pressing problems lie in the very questions we ask online. But
will evidence from the servers of Google and its peers always send us in the right direction? By James Harkin
I
n 2009, engineers at Google
claimed they could predict the
progress of flu epidemics simply
by looking at the words people
were typing into their browsers.
The idea was both plausible and
ingenious; since Google services 3bn
search queries every day, the com-
pany is quite capable of tracking how
often people are asking about flu
symptoms or medicine.
Crucially, however, the algorithm
for crunching all this information
didnt depend on hunting for obvious
flu-related words or phrases. All it
needed to do was to work out a corre-
lation a statistical relationship
between previous outbreaks of flu and
the search terms being entered at the
time. For the engineers at Google Flu
Trends these findings, published in
the scientific journal Nature, repre-
sented a Eureka moment. In a future
epidemic, they reckoned, they would
be able to chart the spread of the
virus as it was happening and much
faster than the medical authorities.
Google was ahead of the game. But
by last October, when big data
made the cover of the Harvard Busi-
ness Review, it was clear its time had
come. Big business, big political par-
ties, big government all are buying
into the idea in the hope of turning it
to their advantage. Now, inevitably,
comes the book tie-in. Taking their
cue from the success of Google Flu
Trends, Kenneth Cukier and Viktor
Mayer-Schnberger invite us in Big
Data to consider how medical profes-
sionals might benefit from a tool as
nimble as this. And not only in public
health everywhere from banking to
policing, they write, the vast quanti-
ties of information accumulating in
the cloud can be cleverly reused to
become a foundation of innovation
and new services. The data can reveal
secrets to those with the humility, the
willingness, and the tools to listen.
There are dangers here, of course.
In the past few years, rhetoric that
too readily equated the internet with
freedom and prosperity has given way
to a more realistic assessment of what
its good for and who benefits. While
the net was still growing up it was
easy to believe that it could topple
everything before it; today were pay-
ing more attention to the internet
behemoths who sit on vast deposits of
our data and stare back at us from the
other side of the glass.
The authors are alive to the dysto-
pian possibilities but their real con-
cern is to talk up this brave new world
and help us get the most out of it.
First of all, were going to have to
relax our obsession with causality in
favour of something a little more
fuzzy, eschewing thorny why ques-
tions in favour of what and divining
correlations from the ether. The spe-
cialist, they inform us, will lose some
of his or her lustre compared with the
statistician and data analyst, who are
unfettered by the old ways of doing
things and let the data speak. No
matter, because the rewards are going
to be tremendous. Big data is on the
cusp of becoming a significant corpo-
rate asset, so much so that it may
even help the west to win back manu-
facturing advantage from the develop-
ing world. Soon, they claim airily, it
may be able to tell whether were
falling in love.
Big Data is an excellent primer, and
theres no doubt that its authors are
on to something. But what, exactly?
Much of the fun comes from watching
these two estimable sceptics Cukier
is data editor at The Economist, May-
er-Schnberger an Oxford academic
and author of the highly praised
Delete (2009), about the problems that
arise when everything about us ends
up stored for digital posterity let
their hair down and indulge in a little
breathless boosterism for a business
audience. Walmart, they write, picked
such insights into our collective mood
will lay waste to many of the skimpy
samples and loaded questions of poll-
sters. But Cukier and Mayer-Schn-
berger get carried away by the para-
digm-busting idea of using blind cor-
relations to let the data speak. And
while such techniques may make a
creative addition to the marketers
armoury, thats only because predict-
ing consumer taste is such an inexact
science in the first place.
Take Googles flu project. The data
yield fascinating insights into shifting
public attitudes to viral infection but,
as Jaron Lanier points out in Who
Owns The Future?, relying on such
information to understand the real
incidence of flu can throw up red her-
rings. Maybe a rise in flu-related que-
ries, he writes, is actually in
response to a popular movie in which
the lead character has a bad flu.
Lanier, the maverick computer sci-
entist whose previous book, You Are
Not A Gadget (2010), was a trenchant
assault on modish hyperbole about
how the internet could revolutionise
culture and society, is now back to
bemoan the rise of siren servers. By
these he means Facebook, Google,
Twitter and Amazon companies
that, while celebrating the internets
power to change the world, have qui-
etly been hoarding our data with a
view to selling it on.
Science, he argues, works differ-
ently from business and political cam-
paigning; big data may modify its
methods but is unlikely to transform
them. Lanier has a poets sensibility
world of internet punditry: his previ-
ous book, The Net Delusion (2011), was
a timely corrective to the notion that
the internet could prove a game
changer in the struggle to overthrow
authoritarian regimes. To Save
Everything, Click Here broadens this
into a full-frontal critique of Silicon
Valley verities the gospel of radical
transparency, the notion that online
collaboration can serve as a template
for government, the whole rogues gal-
lery of idea salesmen who confuse
real innovation with messing about
on the internet.
Morozov is a fine polemical essayist:
glossy TED conferences, for example,
are easily batted away as a Wood-
stock of the intellectually effete. He
pours scorn on the fact-checking
slots proliferating in the American
media, in which argument and princi-
ple too easily give way to a nit-picking
pantomime of claim and counter-claim.
At times, he wears his learning
much too heavily so many philoso-
phers and recent academic papers are
tossed in that the result often looks
like some fashionable collage of other
peoples thoughts. But he is sharp on
the hoarding urge that fuels much of
our enthusiasm for big data, as if we
could insulate ourselves against the
future by squirrelling away the recent
past. Leaving aside the privacy impli-
cations, he says, predicting crime or
social unrest via blind correlations is
likely to prove fallible. Even tweeting
that you dont like your yoghurt might
bring police to your door, he writes,
especially if someone who tweeted
the same thing three years before
ended up shooting someone in the face
later in the day.
Last month, Google Flu Trends also
came a cropper. A glitch in its algo-
rithm, reported Nature, drastically
overestimated peak flu levels for the
most recent outbreak of influenza in
the US; a reminder, for many scien-
tists, that social media can only ever
complement the traditional reporting
mechanisms that collate data from
doctors surgeries. Most of the value
of big data, indeed, is likely to lie far
away from Facebook and Google in
buttressing existing information sys-
tems to give us a better picture of
what is happening in the real world
rather than simply harvesting more
data about what people believe to be
the case. And blind correlations, while
occasionally useful for taking a punt
or devising an early warning system,
will not suffice; were going to need
our theories and ideas more than ever.
The trick, as Morozov and Lanier
remind us, is not to surrender our
judgment to the deluge. Digital anno-
tations on ebooks, for example, might
either inspire a new kind of reading
experience or, by tempting publishers
with yet more information on audi-
ence preferences, reinforce the kind of
gutless populism were used to. Most
of all, we have to know what we
want to achieve and what we want
big data to do. Otherwise, like the
previous iterations of internet futur-
ism, big data will remain a showy
buzzword full of sound and fury,
signifying very little.
James Harkin is director of the trends
agency Flockwatching. His latest book
is Niche: The Missing Middle and
Why Business Needs to Specialise to
Survive (Abacus)
and his book reads like a hallucino-
genic reverie, full of entertaining
haiku-like observations and digres-
sions. Taking his cue from growing
doubts about the internets ability to
spur growth, he complains that the
latest waves of high-tech innovation
have not created jobs like the old ones
did; furthermore, he argues, the
levees that traditionally protected
ordinary people from economic devas-
tation are being swept away by this
digital free-for-all.
Lanier is suspicious of the power of
data-hungry siren servers (he now
works for Microsoft) but his book
works best when its disabusing them
of their illusions. Facebook might
hold vast amounts of information;
until its executives work out a way to
use it more effectively, however, the
jury is out on those grandiose valua-
tions. And algorithms are often much
more of a confidence trick than many
geeks like to admit. When online dat-
ing sites purport to use secret algo-
rithms to help us find love, no one
bothers to question their efficacy
theyre just razzle-dazzle, exotic ways
to stir the information pot in the hope
that something nice might bubble up
to the surface.
The ballyhoo around big data is a
perfect example of what Evgeny Moro-
zov would call solutionism the
urge to find internet-based solutions
to problems that either dont exist or
are only likely to fester under its
sticking plaster. Morozov is a relent-
less dragon-slayer in the puffed-up
The Bank of England
is already using
search queries to get a
handle on the direction
of house prices
up a spike in sales of Pop-Tarts prior
to hurricanes; when the next storm
arrived it had Pop-Tarts piled up at
the front of the store, where they sold
in huge quantities. The Bank of Eng-
land is already using search queries
on property to get a handle on
whether house prices are rising or
falling; IBM is working on a big data
scheme to work out where electric
cars might draw power and what this
might mean for the electricity supply.
These, however, are all very differ-
ent uses of big data. Its clear that
exquisitely refined piece of
connoisseurship that privi-
leged the intelligent eye
over the intelligible docu-
ment, asserting the power
Big Data: A Revolution That Will
Transform How We Live, Work
and Think
by Viktor Mayer-Schnberger and
Kenneth Cukier
John Murray 20/Houghton Mifflin
Harcourt $27, 256 pages
Who Owns the Future?
by Jaron Lanier
Allen Lane 20, 384 pages. Published in
the US by Simon & Schuster in May
To Save Everything, Click Here:
Technology, Solutionism, and
the Urge to Fix Problems That
Dont Exist
by Evgeny Morozov
Allen Lane 20/PublicAffairs $28.99
432 pages
Oliver Polanski
The Books that Shaped
Art History: From
Gombrich and Greenberg
to Alpers and Krauss
edited by Richard Shone
and John-Paul Stonard
Thames & Hudson 24.95
268 pages
FINANCIAL TIMES MARCH 2/MARCH 3 2013

11
Books
One for the money
A pair of music industry memoirs show management in step with the talent. By Peter Aspden
E
ver since the days of Elvis,
a great pop star has always
needed a great manager.
Elvis was unlucky. Tom
Parker was a brilliantly
astute businessman, but his famously
controlling ways ultimately crushed
his young charge. The Beatles were
more fortunate. Brian Epstein under-
stood them on a profound level and
served them well.
Epsteins death in 1967 occurred at a
time when popular music was cement-
ing both its cultural importance and
its potential for dizzying financial
reward. Lawyers, managers and
agents were alert to the changes. As
record sales mounted, a frantic jos-
tling for position began. Pop stars,
generally insensitive to contractual
nuance, were courted, and then
shafted, by unscrupulous money mak-
ers. There was a crisis of trust
between artist and executive that was
rarely resolved with good grace.
But some men stood out. The
authors of these two books are
respected, long-term survivors in a
world with a notoriously short atten-
tion span. Clive Davis, a mentor
rather than a manager, joined Colum-
bia Records as a young lawyer and
rose swiftly to become the companys
president, and later founder of Arista
Records. He helped discover or sign a
stellar list of pop and rock musicians
Janis Joplin, Bruce Springsteen,
Patti Smith, Whitney Houston who
became both artistically significant
and commercially lucrative.
Prince Rupert Loewenstein, an
aristocrat stockbroker who had stud-
ied medieval history at Oxford,
became business manager of the Roll-
ing Stones in the late 1960s, and
stayed with the band for nearly 40
years. In contrast to Davis, he happily
admits to knowing little and caring
still less about the music of his
clients. But he did know how to turn
those sleazy riffs into money; an
awful lot of money.
Loewensteins charming and drily
humorous memoir by far the better
read of the two books is more
insightful on his own early back-
ground than on the turbulent business
he was to enter with such distinction.
This is to be welcomed. There is a
fascinating 13-page appendix on the
princes ancestry (he is a descendant
of the Bavarian royal house of Wit-
telsbach), a four-page family tree, and
a succession of anecdotes proving that
rock aristocrats have a way to go
before they can match the flamboyant
excesses of the real thing.
Here is a typical memory from A
Prince Among Stones: the 14-year-old
Loewenstein asked by his mother,
who is sitting in a bar at the Ritz, to
sell a Balthus painting because
Mummy needs the money. He sells
the artwork to a gallery up the road
for 40, and returns in a hurry. By
the end of lunch, the money was no
more, he writes.
That kind of spontaneous extrava-
gance, Loewenstein says, paradoxi-
cally made him respect money. He
joined American stockbroking firm
Bache & Co and then bought the mer-
chant bank Leopold Joseph, which is
when he was approached by a friend
in late 1968 asking if he would take a
meeting with Mick Jagger. The name
of [the Rolling Stones] meant virtually
nothing to me at the time, but I asked
my wife to tell me about them.
There is a splendidly hazy air of
detachment in the authors account of
life with the Stones. He is on the whole
uninterested in their music, their drug-
fuelled lifestyles or their personal
feuds. He describes his role with the
band as a combination of bank man-
ager, psychiatrist and nanny.
When their unprofessional behav-
iour in a Paris meeting with their
record company threatens a lucrative
deal, he takes Jagger and Keith Rich-
ards for a restorative walk around the
Place Vendme. It was the rock n
roll equivalent though substantially
less lofty of one of Aristotles walks
through the shady colonnades of the
Lyceum in Athens. Classy. No won-
der the group loved him.
There is nothing so lyrical in
Daviss perfunctory and self-congratu-
latory account of what is, by any
measure, a remarkable career. The
best parts of The Soundtrack of My
Life concern his rise to power in the
1960s, where there is at least some
self-deprecation at play. He describes
turning up to the Monterey Pop Festi-
val in 1967 wearing a V-neck tennis
sweater in the traditional white,
maroon and black, over white pants.
But the nerd knew his music, if not
its mysterious new ethical codes: he
signs Janis Joplin, yet is surprised to
hear from her manager that she
would like to ball him to cement the
deal. It is a rare racy moment. Most of
the remainder of the book takes on a
familiar pattern. Davis discovers
bright new act; new act cant find the
right material to make a hit; Davis
brings new act a hit; and new act
makes multi-million selling record.
There is a kind of instinctive genius
at work here: not many would have
chosen the title track of Simon and
Garfunkels beautiful album Bridge
Over Troubled Water as a potential hit
single and enough artists have
attested to Daviss musical intelli-
gence, and charm, for us to take him
at face value.
But there is a sense of decline in the
latter part of his account, which cant
help but mirror the demise of the art
form itself. By the time he gets
involved with American Idol, it is
hard to keep up the pretence that any-
thing he does actually matters any
more. At the age of 80, he is still
working, and remains an optimist.
But then he delivers this chilling line,
almost as an afterthought: Audiences
seem to have lost interest in artists
and what they have to say.
He follows this in the books final
chapter with his coming out as a
bisexual, which has kept Los Angeles
gossip columnists absorbed, and
shows us that there was always a hint
of rock n roll buried beneath the
accountants uniform after all.
Thanks largely to the powers and
arguments of men such as Davis and
the gracious Prince Rupert, pop stars
dont get shafted any more. Indeed,
they are more powerful than ever. By
using social media, they get to say
what they want, when they want. One
of Daviss rare antagonists, the first
American Idol winner Kelly Clarkson,
is already involved in an online battle
with him over his account of their
relationship. The talent is turning on
its mentors and svengalis. How Elvis
could have done with Twitter, all
those years ago.
Peter Aspden is the FTs arts writer
Mick Jagger (right) and Rolling Stones manager Prince Rupert Loewenstein in Londons Piccadilly Johnny Stiletto
We knew it would be worse. But we had no idea
A Czech artists childhood diary of life in a concentration camp is a moving testimony to courage and endurance. By Juliet Gardiner
H
elga Weiss was
eight years old in
1938 when the
transports first became a
terrifying spectre for her
family. Her parents, Otto, a
bank clerk, and Irene, a
dressmaker, lived with their
daughter in a comfortable
flat in Prague, but had
already suffered the humili-
ations and deprivations
common to the 45,000 Jews
resident in the Czech capi-
tal after the Germans
invaded on March 15 1939.
Otto was dismissed from
his job and forbidden to
work. A curfew was
imposed. The sign Juden
nicht zugnglich (not acces-
sible to Jews) appeared in
shops, barbers, cafs, cine-
mas, playgrounds. Jewish
children were expelled from
state schools, and from
October 1941 all Jews were
required to wear a yellow
star. At school we all boast
about whose star is sewn on
best . . . weve got used to
other things; well get used
to this, writes Weiss, now
83, in this remarkable diary
that has been translated
into English by Neil Bermel.
Then the deportations
started. Friends started to
disappear. On December 7
1941 it was the turn of the
Weiss family to be taken to
a disembarkation point,
where they were given the
numbers 518, 519, 520 and
a mess tin. With the meagre
possessions they had man-
aged to carry, they were
taken to Terezin, an 18th-
century fortress in Bohe-
mia, but by then a Nazi con-
centration camp known as
the Theresienstadt ghetto.
During the second world
war, tens of thousands of
Jews, including many chil-
dren, were murdered there.
But despite the cold, the
dirt, the gnawing hunger
and cramped conditions,
Weiss and her mother sur-
vived. In Terezin Helga
started to keep the diary
that, after the war, was
retrieved from her uncle
who had bricked it up in a
wall when the rest of the
family were moved on.
It is an eerie, moving and
tragic story, told intermit-
tently, presumably when
there was time and suffi-
cient privacy to write.
Although some entries have
been tidied up by the
mature Weiss, what is so
compelling is the immedi-
acy and unknowingness of
the narrative. It is a chroni-
cle of hunger unassuaged
by the regular food ration
of a quarter of a litre of
soup made from potato peel-
ings; of the ubiquitous dirt-
lice; and of endemic dysen-
tery. She writes of the bitter
cold the prisoners rarely
had more than a thin blan-
ket to cover them and often
went barefoot in freezing
weather and of the petty
cruelty of the guards, who
often took the prisoners
food for themselves.
T
he relationships
between Daphne du
Maurier and her two
sisters inspire this meticu-
lous, perceptive, yet swollen
book. Each rebelled against
their upbringing. The eldest
and least confident, Angela,
romantic, emotional, given
life-long to sudden fantasy-
ridden crushes, was a
writer overshadowed by her
gifted middle sister Daphne
beautiful, observant, cyni-
cal and strong-willed.
Jeanne, the youngest, was
a painter. The empathy
and rivalry between women
marks many of Jane
Dunns biographies.
It seems no accident that
the girls father, actor-
manager Gerald du Mau-
rier, greedily played both
Captain Hook and Mr Dar-
ling in the first production
of Peter Pan, a work that
obsessed his family: an ina-
bility to grow up was a du
Maurier trait too. Geralds
sister was Sylvia Llewelyn
Davies, whose five doomed
boys inspired JM Barries
play; and among those who
came to watch Daphne and
her sisterss nursery per-
formances of his terrible
masterpiece was Uncle
Jim Barrie himself.
The sisters shared group
fantasies and in-jokes.
Daphne du Maurier and her
Sisters reveals an entire
family indulging in luxuri-
ous make-believe: the sur-
name and provenance were
themselves concoctions.
Among the many distin-
guished theatrical friends
visiting their grand Hamp-
stead house were the Beer-
bohm Trees and later
Rudolph Valentino, Gary
Cooper, John Barrymore,
Gertrude Lawrence and
Ivor Novello. Geralds
daughters got the minimum
of formal schooling neces-
sary to prepare them for the
good marriage none of
them in fact wanted.
Even among Edwardians,
Geralds sexual hypocrisy
was notable. He longed for
a son, never got one and
made each daughter in turn
his victim. He confided in
them (not his wife) details
of his own serial affairs
while acting horror-struck
at theirs. Spoilt, narcissis-
tic, shallow and mannered,
he was pampered by his
conventional wife Muriel,
by his actress-mistresses
and his three daughters.
And yet, after he died,
Daphne who refused to
attend his funeral quite
literally wore his trousers
for more than a decade.
That seems emblematic. All
his daughters were tomboys
who invented heroic male
alter egos. Each had affairs
with women and only
Daphne enjoyed successful
long-term relationships with
men as well. An interesting
history of love between
women is sketched. Dunn
explores each daughters
romantic entanglements in
detail, demanding prodi-
gious readerly patience.
The book comes to life
when Frederick Boy
Browning appears, demand-
ing an introduction to
Daphne on the strength of
having read one of her nov-
els. Here was a hero of the
first world war, an ideal
fantasy-figure. Daphne her-
self, after 10 weeks, pro-
posed marriage. Dunn
exposes the narcissistic illu-
sions of each: he was deeply
conventional and unimagi-
native; she self-willed and
essentially a loner. They
were strangely matched.
Daphne soon retreated
into her work, neglecting
the daughters whose pain-
ful births followed, and in
1938 published Rebecca,
which she resented being
called a romance. The novel
was spawned out of her dis-
covery that Boy had had
an earlier lover who com-
mitted suicide.
Virginia Woolf once joked:
If any . . . dares call me
middlebrow I will take my
pen and stab him, dead. It
is a sign of Jane Dunns gen-
erous professionalism that
she accords the du Maurier
girls the same respect that
she gave Bloomsburys high
priestesses in her acclaimed
study of Woolf and her sis-
ter Vanessa Bell, A Very
Close Conspiracy (1990).
Yet though she is well
placed to subject all the du
Maurier works to rigorous
criticism and measure their
distance for better and
for worse from (say)
Woolf, such placing is
scarcely attempted.
The Oxford Dictionary of
National Biography awards
1,200 words only to
Daphnes life. Compare her
grandfather George du Mau-
rier Punch cartoonist and
author of one sensational
bestseller, Trilby who gets
3,000. Dunn complains that
reviews of Daphnes work
were often carping. But if
du Maurier is, indeed, today
still shamefully under-
rated, her biographer could
surely help to explain why.
Peter J Conradi is author
of A Very English Hero:
The Making of Frank
Thompson (Bloomsbury)
Women
in love
The fantastical world of the
du Mauriers. By Peter J Conradi
Above all there was the
terrible uncertainty and
anxiety. Where were the
men in Helgas case, her
beloved father since
women and men were sepa-
rated? Would her mother,
frail, weak and ill,
exhausted from hard
labour, survive the ordeal?
How were the Allies faring,
and where might the Jew-
ish prisoners be moved
next? When would the war
end? Increasingly, there
were terrifying rumours
that the next move might
be the last, a transport to
the gas chambers of mass
extermination.
In an interview recorded
in 2011 and printed at the
end of the book, Weiss tells
Bermel what the inmates
knew about these other
camps: We knew it would
be worse. But we had no
idea even where the trans-
ports were going. We
did know, to some extent,
that concentration camps
existed theyd existed
before the war, in Germany.
But that we were being sent
to other camps, that gas
chambers existed, and
death trains . . . We had no
idea of that at all. Weisss
father was taken on a trans-
port and almost certainly
died in the gas chambers.
The Jewish Museum in
Prague holds a fine collec-
A Prince Among Stones:
That Business with The Rolling
Stones and Other Adventures
by Prince Rupert Loewenstein
Bloomsbury
20/$27, 272 pages
The Soundtrack of My Life
by Clive Davis
with Anthony DeCurtis
Simon & Schuster
$30, 608 pages
Peter Pan
fascinated them:
inability to grow
up was a family
trait too
tion of pictures by children
in Terezin, and Weisss
diary is illustrated with
some of the poignant
sketches and watercolours
she produced as she moved
from camp to camp. As an
adult, she became an artist.
As Nicholas Stargardt
writes in Witnesses of War:
Childrens Lives Under the
Nazis (2005), In all wars
children are victims. The
second world war differed
only in the unprecedented
extent to which this was
true. More than a million
Jewish children perished
in the Nazis final solution:
of the 15,000 taken to
Terezin and on to Ausch-
witz, Weiss writes that only
about 100 survived.
Helgas Diary is another
moving testimony to
the courage, endurance
and painfully premature
maturity of the young vic-
tims of the Holocaust.
Hardly any Czech Jews
survived. One victim was
Petr Ginz, another Prague
schoolchild, whose diary
was published in 2007
and whose gruelling jour-
ney was very similar to that
of Weiss.
Weiss was 15 when she
was at last liberated on
May 5 1945 with her mother.
The pair returned to
Prague, where by 1947 there
were fewer than 8,000 Jews
left in the city. After find-
ing themselves initially
homeless and having to live
in shelters, they eventually
returned to the Prague
apartment from which they
had been transported four
years earlier and where
Weiss still lives today.
Juliet Gardiner is author
of The Blitz: The British
Under Attack (HarperPress)
Helgas Diary: A Young
Girls Account of Life in
a Concentration Camp
by Helga Weiss
translated by Neil Bermel
Viking 16.99, 230 pages
What is so
compelling is the
immediacy and
unknowingness
of the narrative
Loewenstein describes
his role with the band
as a combination
of bank manager,
psychiatrist and nanny
Daphne du Maurier and
her Sisters: The Hidden
Lives of Piffy, Bird
and Bing
by Jane Dunn
HarperPress 25, 423 pages
12
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Books
Cooking up a storm
A sensual tale lacking in passion. By Tim Hayward
T
he Swiss writer Mar-
tin Suters novel is a
massive Euro-hit:
translated into 30 lan-
guages, it has already sold
more than 1m copies. Its
the story of Maravan, a
Tamil dishwasher at Chez
Huwyler, a high-end restau-
rant in Zurich. He is
attracted to Andrea, a beau-
tiful waitress. When both
are fired, Maravan com-
bines the techniques of
molecular gastronomy with
the ancient Ayurvedic reci-
pes of his ancestors with
surprisingly aphrodisiac
results and seduces And-
rea with his cooking.
The pair start a business
catering erotic meals to
jaded wealthy couples. The
venture is a success in spite
of Maravans moral reserva-
tions over serving those
who are not in a legitimate
marriage; what he refers to
as the dirty stuff.
Andrea, meanwhile, falls
in love with Makeda, a refu-
gee from Ethiopia working
as a prostitute, and Mara-
van is meeting Sandana, a
Tamil girl fleeing an
arranged marriage.
Through his phone calls
home we learn that Mara-
vans family are under
threat back in Sri Lanka.
When a client of
Makedas and a regular at
Chez Huwyler is revealed to
be an arms dealer, illegally
shipping surplus tanks to
the Sri Lankan army, this
odd group form a plan to
exact a complete revenge.
Suter has peopled his
novel with a mix of people
with varied sexualities, eth-
nicities and troubled pasts,
but the result is a set of
characters who come across
rather like a manufactured
boy-band of the marginal-
ised; and there is something
very awkward about it.
The plot is based on the
idea that there is, some-
where out there, an undis-
covered and very potent
aphrodisiac. Its an idea
that worked for Roald Dahl
in My Uncle Oswald but one
that turns on the simplistic
notion that something as
complex as sexual desire
can be turned on and off by
a single agent. That such an
agent could be used to con-
vert Andrea, even tempo-
rarily, to heterosexuality is
obsolete and distasteful.
Suters descriptions of
food are as technically per-
fect, complex and ultimately
joyless as only molecular
gastronomy can be. In fact,
the dominant tone of the
book in spite of a cover
photo of a woman shoving a
shapely foot up a mans
trouser leg is a lack of
passion. Suter isnt moved
by food, the plight of his
protagonists or by any sense
of the erotic. Each of the
few sexual encounters is
glossed over in a way that
would look prim in a 1930s
movie, with the final clim-
actic scene quite literally
taking place in another
room. It might be a func-
tion of the translation but,
in this purportedly sensual
bestseller, Suter recoils from
passion wherever it pops up.
Tim Hayward is a
restaurateur and writes
for FT Weekend
Childrens fiction
If youve ever wondered what
it would be like to possess
certain animal characteristics,
this book has the answers.
It leans towards the grosser
side of things, and is all the
more entertaining for that.
So we learn that termites
build their homes from
chewed-up wood and their
own poo, pine beetles attract
a mate with their farts and
starfish eject their stomachs
on to their prey, the better to
eat them. There are also
beguiling oddities such as the
yellow-lipped sea krait snake,
which boasts a decoy head
on its tail, and the female
Surinam toad, which carries
her unborn young inside the
skin of her back.
The book sets out the pros
and cons of a human having
these and other gifts, rating
them on a scale of one to
five according to scariness,
handiness, smartness and
rottenness. Paul Morans tidy
cartooning illuminates a
dazzling collection of factoids
that should keep inquiring
minds whirring for hours.
James Lovegrove
Gaimans fiction for
youngsters tends to err on
the dark side. His novel
Coraline features wicked
doppelgangers with buttons
for eyes, while the main
character in The Graveyard
Book cohabits with ghosts.
Even his picture books can
be macabre: in The Wolves in
the Walls, faint scratching
sounds in an old house have
a very scary cause.
Chus Day, by contrast, is
as bright and breezy as a
spring morning, and offers
great anarchic fun for
toddlers. Chu is a cute young
panda with a sneeze so
powerful it wreaks hurricane-
like havoc. He almost lets
loose a super-sneeze in the
library, when his nose is
irritated by book dust, and
again in the diner, when
pepper gets up his nostrils.
Finally he visits the circus,
with explosive consequences.
Rexs paintings depict the
outcome wonderfully: the Big
Top collapsing, the diner
blown asunder, books
hurtling through the library.
JL
Zambras Ways of Going
Home, a prizewinner in his
native Chile, explores the
legacy of the Pinochet
regime. At its centre is a
young man who writes to
assuage a kind of survivors
guilt. He was a boy during
the dictatorship, and was
protected from the worst of
it, but realises that there
were others who suffered
more, who suffer more.
Throughout, Zambra gives
us excerpts from the
narrators work-in-progress,
and shows us how he
manipulates childhood
memories for his fictional
purposes. This story-within-
a-story and perhaps
Zambras own novel is
suffused with a twofold sense
of shame: embarrassment
that his parents did nothing
to resist Pinochet and a
chastened awareness that he
would not have acted any
differently himself. The result
is a fascinating reflection on
historical complicity,
translated with restrained
elegance by Megan McDowell.
David Evans
What If . . . Humans
Were Like Animals?
by Paul Moran
Buster Books 7.99
128 pages
Chus Day
by Neil Gaiman
and Adam Rex
Bloomsbury 10.99, 30 pages
Ways of Going Home
by Alejandro Zambra
translated by
Megan McDowell
Granta 12.99, 160 pages
Wh Wh t at If If HHuma Ch Ch u D s Day Ways of Going H
S
ometimes, you look at a
really intricate piece of work
and you think something
quite banal. You think: How
in the name of all that is holy
did they get the ship into the bottle?
That is exactly what I found myself
thinking as I read these stories each
of them meticulously made, miracu-
lously precise, and so fully populated
that you marvel one mind could
invent so many distinct human beings
from scratch.
The really odd thing is that Edith
Pearlman has been hiding in plain
sight. These stories are the fruit of
four decades writing, and yet Pearl-
man, who is 76, isnt just underappre-
ciated in relation to her accomplish-
ment: shes all but invisible outside
the US. This career-spanning volume
of stories the earliest from 1977 but
most from the 1990s and the Nough-
ties is the first time she has been
published in the UK. Id never even
heard of her. Had you? Well, you have
now: and you should set about mak-
ing up for lost time.
I wanted to write that Pearlmans is
an art of supreme restraint but that is
to suggest something buttoned-up and
restricted. She can also be loose and
antic. Substitute, perhaps, control for
restraint: she knows in every story
here precisely what shes doing. And
they are so various, so inventive, so
full sentence by sentence of the
oddity and quiddity and complexity of
individual lives.
Pearlmans centre of gravity, if
thats the way to put it, is suburban
Massachusetts, in an imaginary Bos-
ton suburb called Godolphin, but
there are stories set in Central Amer-
ica, in postwar Europe. Among her
preoccupations are deracination and
exile theres a set of three linked
What do you snack on
while you write?
I have a weakness for cold leftover
Thai takeaway.
Which literary character
most resembles you?
Flicit in Flauberts A Simple Heart.
Who are your literary influences?
Faulkner, Steinbeck, Flaubert.
What are you scared of?
Rats. I have a full-blown phobia.
When were you happiest?
At dinner with some old friends in
Kuala Lumpur last year. There was a
sudden downpour the noise of the
rain on the tin roof and the freshness
of the air made us all feel strangely
energised and optimistic.
When do you feel most free?
When Ive just finished a novel. I get
a wonderful sensation of liberation
that lasts about three or four weeks
before I start feeling anxious about
not working.
How do you relax?
Swimming, yoga.
How would you earn your living
if you had to give up writing?
Id be a carpenter or a
furniture maker.
What does it mean
to be a writer?
It means spending a lot of time on
your own and generally consuming
far too much caffeine but that
is the price for having a
job with great freedom
and flexibility.
Interview by
Anna Metcalfe
Tash Aws latest novel
is Five Star Billionaire
(Fourth Estate)
Adam Hancher
Edith Pearlmans remarkable short stories deserve to be discovered. By Sam Leith
Small Talk
TashAw
Born in Taiwan, Malaysian writer
Tash Aw, 34, grew up in Kuala
Lumpur. At 18 he moved to England
to study, and while working as a
lawyer in London began to write his
first novel The Harmony Silk Factory
(2005). It went on to win a Costa
[Whitbread] First Novel Award and
a Commonwealth Writers Prize.
Since then, Aw has been a full-time
writer, and published his second
novel, Map of the Invisible World, in
2009. He lives in north London.
Who is your perfect reader?
Someone who sets aside time to read
amid the noise of modern life, and
who is curious about and open to
other cultures.
Which books are on your
bedside table?
Death Comes for the Archbishop and
The Professors House by Willa Cather;
Gao Bie de Nian Dai (A Time of
Farewells) by Li Zishu.
Which book changed your life?
Moby-Dick. It showed me the
possibilities of literature, all that a
novel could be.
Where do you write best?
In my flat in London, or at a
friends cottage in France
in both cases at the dining
table, not at a desk.
What is the strangest
thing youve done when
researching a book?
A few characters in my new
novel are in business and
finance, so I spent a
few days reading
company financial
reports, just to get
a sense of what
its like to pore
through them day
after day a
very painful
experience.
By Fiona Sampson
A curtain brims;
its white lip appears,
dashing and slovenly
like the girl on the Tube
with her bedroom hair.
I miss that girl
crossing the Green
in heels and feather trim,
whom I so nearly
and never was.
Oh, waking
is a rising to light,
something humming
deep and dirty
moves through a suspended life,
in the dawning bedroom
the jacket on a chair-back
is a gesture
suddenly stilled:
and the girl crossing the Green
turns her head on a pillow
barred with light.
From Coleshill (Chatto & Windus, 10)
The Art of Fugue
Messages in a bottle
stories about a middle-aged woman
working for the American Joint Dis-
tribution Committee helping Jewish
refugees during the war but also
age, parenthood, married love, child-
hood, the longing to be alone and the
fear of it . . . hell, the lot.
These stories often contain the
ambiguous little epiphanies that are
the bread and butter of the short
story writer, but whats more unusual
is that they dont just, or even mainly,
deal in charged moments. Some of
them compass decades, lifelong rela-
tionships one of them reaches, albeit
fleetingly, through five generations of
a family. They dont feel stretched or
spare. The prose works hard.
Look, for instance, at the way a
simile will be apt to the mind that
produces it for a young girl, the
Paris metro is as smelly as day
camp or at the way Pearlman
allows syntax to carry a voice. Theres
an unmistakable Jewish-American
cadence, for instance, in the opening
of Chance: When our synagogue
was at last selected to become the
new home of a Torah from Czechoslo-
vakia a Torah whose old village had
been obliterated the Committee of
the Scroll issued an announcement,
green letters on ivory, very dignified.
The position of those last two clauses
nails it.
Contrast, then, breezy young gen-
tile: Theyre like from another
world. Or a feisty stepmum: Just
two days earlier shed quit her gradu-
ate program in classics, chucked those
Romans as if they were all losers,
chucked her boyfriends too. They can
cool their heels, shed told us. Or a
young Russian girl: My great-great-
uncle threw a bomb. They shot him
for it. Asshole. That economy of
effect is marvellous. Two lines of
dialogue, as a wife joins her husband
in a strange city, are a capsule por-
trait of a long and affectionate mar-
riage. You will. Are you tired, dar-
ling? Not too tired. Darling.
Did I mention that many of these
stories are very funny? A staff mem-
ber at a womens soup kitchen tells
her colleagues how a drunk woman
attacked her own 18-month old grand-
son with a pepper-shaker (Peppering
him? . . . Peppering him with what?
Peppering him with pepper. She had
him on her lap and she was shaking
the pepper jar over him as if he were
a pizza. I dont think any got into his
eyes. But I wanted to strangle the
bitch.). She goes on: Id suggested
that [she take a time-out in a side-
room] earlier, before she decided to
season him. Isnt season glorious?
And heres a chunk from a bright
young girls what-I-did-in-the-holidays
about working in an antique shop:
Establishments like Forget Me Not
help preserve things of the past, and
this adds to our general knowledge of
history. Antique stores have been crit-
icized for pandering to whats low in
human nature acquisitiveness and
narcissism. But the acquisition of
items gives aesthetic pleasure to those
who acquisition them as well as to
those who will view them in their
eventual resting places, museums. As
for narcissism, I do believe it is here
to stay.
I do believe Edith Pearlman is here
to stay too. Look at all these ships in
all these bottles! Those sails are rip-
pling. They have cargoes and destin-
ations. There are people walking
around on deck. I repeat: how in hell
do they do that?
Sam Leith is the author of The
Coincidence Engine (Bloomsbury)
The Poem
Fiction
Binocular Vision
By Edith
Pearlman
Pushkin Press,
16.99/Lookout
Books $18.99
384 pages
Susannah Cahalan, a reporter
at the New York Post, was a
self-possessed, vivacious and
sane 24-year-old who, over
the course of a month,
deteriorated into raging
psychosis, convinced that her
father had taken her hostage
and that she could age
people with her mind.
Thanks to a persistent
neurologist, Cahalan was
eventually diagnosed with a
rare auto-immune disease
and began to recover.
The narrative works best
when Cahalan is piecing
together her brush with
madness through diary
entries, hospital records and
CCTV footage. She makes
her insanity lucid, and even
the relentless medical
explanations enrich rather
than obscure.
With every memory I
recapture, I know there are
hundreds . . . that I cannot
conjure up, she writes.
Brain on Fire expresses
beautifully the pain of losing
ones identity and the fight
to regain it.
Trisha Andres
Non-fiction
Brain on Fire:
My Month of Madness
by Susannah Cahalan
Particular Books 16.99
264 pages
The Chef
by Martin Suter
translated by Jamie Bulloch
Atlantic 12.99, 304 pages
Thayils impressive first novel
has rightly been recognised
by judging panels: it was
shortlisted for the 2012 Man
Booker prize and recently
won the $50,000 DSC prize
for South Asian literature.
Narcopolis is a journey
into opium addiction that
begins in the streets of Old
Bombay in the 1970s, and
follows its characters over
many years. At its centre is
the eunuch Dimple, violently
castrated as a boy, who has
grown up as a woman.
Dimple sells sex in the slums
and skilfully prepares the
pipes for regulars at
Rashids opium house.
Theres a tipping point
where Thayils tone moves
from the bleak glamour of
communal pipe-smoking into
a more mournful account of
rapidly destroyed lives. It
does not make for uplifting
storytelling but theres an
addictive charm to Thayils
sinuous, occasionally
mesmeric prose that gives
potency to this ambitious
and accomplished debut.
James Urquhart
Narcopolis
by Jeet Thayil
Faber 7.99, 292 pages
Paperback
FINANCIAL TIMES MARCH 2/MARCH 3 2013

13
Arts
Attack of the drones
With guitars and
amps on full blast
repeating the same
chord for an entire
track, drone music
is not for everyone.
Richard Dennis
on a bold musical
experiment
F
irst theres the fog. A grey
haze thats been flooding the
venue for 15 minutes. In the
smudged green light, shapes
in long, hooded robes move
and take position in front of a semi-
circle of stacked amplifiers that span
the width of the stage. The crowds
focus sharpens. Theres a momentary
pause. Then comes the wall of sound.
It hits you, physically. Its 120 decibels
of unbridled sub-bass. It makes your
spine tremble and your ribcage rattle.
Your eyes have difficulty focusing.
Drone music isnt exactly new.
From bagpipes to didgeridoos, Byzan-
tine chants and the classical Carnatic
music of the Indian sub-continent, the
use of sustained and repeated tones
was prevalent a long time before the
post-Renaissance obsession with har-
mony and melody. More recently, it
has existed in the realms of experi-
mental music, with LaMonte Young at
the forefront of exploring duration
and tones from the 1960s onwards.
But in the early 1990s drone under-
went something of a revolution one
whose subterranean reverberations are
still being felt: this month, in the form
of Ensemble Pearl, an album by some
of the genres leading current expo-
nents, and of a performance at Idahos
Treefort Festival by cult band Earth.
Indeed, it was Earth who pioneered the
modern drone rock genre when, in
1992, they went into Avast Studios in
Seattle to record their debut album.
According to guitarist Dylan Carlson,
the groups founder and a close friend
of Nirvanas Kurt Cobain, their aim
was to make music based on repeti-
tion, volume and tempo specifically
a lot of repetition, at full volume, at
the slowest possible tempo. It was
very conceptual, he says. The idea
was metal meets LaMonte Young.
The result was Earth2: Special Low
Frequency Version, a full-length album
comprising three tracks, the shortest
of which clocks in at more than 15
minutes. These tracks consist of
chords and notes played with high lev-
els of distortion and feedback that (and
theres no other word for it) drone. It
became known as one of the first and
most influential drone metal albums
something that Carlson himself finds a
little strange: Drone is something
thats been part of music since forever.
The idea that anyone invented it is a
little weird to me.
Nonetheless, with its emphasis on
guitars and distortion, Earth had cre-
ated something new. Two more albums
followed in a similar vein. But then, in
the late 1990s, Carlson was overcome
by personal problems and drug abuse
and disappeared from the scene.
His influence was not forgotten,
though. In 1996, Greg Anderson and
Stephen OMalley, US guitarists and
friends, decided to pay homage to
Earth and to Melvins, another band
that shaped the experimental scene in
the 1990s. We were really wearing our
influences on our sleeves back then,
says Anderson. We wanted to create a
heavier version of Earth and Melvins,
and take it a few steps more extreme,
make it even heavier and grind it
down even further. So they hooked
up as many Sunn Model T amplifiers
as they could find and began.
As with Earth, the amplification
was a crucial factor. So much so that
Anderson and OMalley named their
project Sunn O))) after the amp the
O))) being the symbol of a sound wave.
The sound they produced can be
heard on The Grimmrobe Demos and
Void and it does come with some
caveats. First, it sounds like what it is:
a group with guitars and amps turned
up to full, slowly hitting the same
chords repeatedly for 15 minutes. This
isnt music that cares for catchy hooks
and choruses: its all about the tones
and textures, so it helps to have speak-
ers or headphones capable of handling
sub-bass. Even then, its definitely not
for everyone, as Anderson and OMal-
ley were aware at the time: When we
started we knew people were going to
hate it, says Anderson. There were
maybe a couple of people who were
like, Oh cool, I like Earth too, but
mostly they just thought it was bull-
shit. So weve just had this attitude
right from the beginning of, Well, no
ones going to understand this, but
f**k it, were having a great time.
Not caring about the restraints of
success or accessible music meant
that their creativity flourished.
Albums such as White1 (2003) and
White2 (2004) saw the band experi-
menting more with dynamics and
instruments and collaborating with a
rostrum of artists, such as on My
Wall, a 25-minute track that involves
the British rock musician Julian Cope
intoning a druid-like incantation over
wailing, cosmic guitars.
With Black One (2005), they moved
into the territory of black metal, not
only in the sound, but also in creating
an atmosphere and story around the
album. There were rumours of claus-
trophobic vocalist Malefic being
locked in a coffin to record vocals on
the track Bthory Erzsbet; they
played live shows in Norwegian cathe-
drals, and commissioned artists asso-
ciated with black metal to design the
artwork, all with the intention of cre-
ating something more than just an
album, according to OMalley.
With Sunn O))), that can almost be
more important than what it sounds
like, he says. Theres this potential
for all these other elements to have an
influence because the music is so sub-
jective and abstract. People come to it
and while theyre trying to assimilate
it into something they can relate to,
the story can help them form an opin-
ion in a certain way.
In terms of their studio work, the
concepts and sounds that Sunn O)))
experimented with last came together
in Monoliths & Dimensions (2009), a
four-track album that begins with
heavy volume and amplification, takes
a turn via a Viennese womens choir
and the guttural voice of long-term
vocal collaborator Attila Csihar, and
ends with Alice, a haunting, hopeful
16-minute song that grows and swells
from a clean-tone guitar riff into feed-
back, horns, strings and harps.
But theres another side to Sunn O)))
that exists apart from their studio
albums and perhaps best demonstrates
their mastery of the drone sound: the
live show. When they started playing
in the studio, they soon realised the
sheer physicality of amplification at
that volume and were keen to share
the experience. There was, however, a
realisation that we had to do some-
thing different because its boring
watching guys in long hair, standing
there making feedback, says OMal-
ley. So they went for hooded robes and
filling the venue with so much fog that
you can barely see the stage.
Its pretty Spinal Tap, he says,
but most things involved with being
in a band are. The serious point of it
would be thinking about theatre and
removing the individual from the
equation. You dont really know who
the individuals are but the overall
onstage character is the source of the
sound. And what a sound it is a
huge, rumbling wave that seems to
make your cells vibrate for 90 minutes.
Its like staring into a bonfire at
close range, OMalley adds. But its
never been about confrontation in
terms of being aggressive and brutal-
ising people . . . Its changed from
noise into this physical encounter.
People are so focused into it.
Its the reason why drone can create
soundscapes that invite introspection
Clockwise from
main: Sunn O)))
playing live in
2012; Earth
members Dylan
Carlson and
Adrienne Davies
at the Union
Chapel in March
2012; drone
pioneer La Monte
Young in 2002
Sarah Doone; Oran Tarjan;
Jung Hee Choi
and produce meditative, trance-like
states. Nor is it just just about vol-
ume. In 2003, Dylan Carlson returned
with a new Earth. The distortion and
volume were no longer as prominent:
what remained were the long, slow,
contemplative tones and textures.
Now the influence wasnt metal, but
country music, jazz, blues, all encom-
passed by Carlsons minimalist guitar-
playing and the slow precision drum-
ming of Adrienne Davies.
Their latest album Angels of Dark-
ness, Demons of Light II (2012) is a set
of improvised tracks inspired by Eng-
lish folk music that in some superfi-
cial ways couldnt sound more differ-
ent than Earth2, but at its heart is still
recognisable as the same musician fol-
lowing through a vision he began 20
years ago. My songwriting hasnt
changed that much, says Carlson.
Back then we brought in all these
huge amps and turned them all the
way up and miked them all to sepa-
rate speakers . . . Now we know that
small amps make bigger sounds in the
studio and not to mic them all up. You
work and learn I guess!
Earth are planning on returning to
the studio in the near future, this
time with a more catchy hard rock
influence, as Carlson puts it. Mean-
while, OMalley, who has been com-
posing music for European theatre
choreographer Gisele Vienne, is work-
ing with Ensemble Pearl. As is typical
of OMalley, its a collaboration with
the likes of Atsuo, from Japanese
drone band Boris, Michio Kurihara,
and William Herzog of Jesse Sykes
and the Sweet Hereafter. Other simi-
larly influenced bands can be found
on Andersons Southern Lord record
label, which he now spends most of
his time running. So if the idea of
experiments in volume, repetition and
tempo appeal, and you have the
speakers to handle it, turn it up, sit
back, and enter the world of drone.
Ensemble Pearls Ensemble Pearl is
released on March 19 on Drag City
www.dragcity.com
Earth perform at the Treefort
Festival, Idaho, March 21-24
www.treefortmusicfest.com
There is never a dull
moment with Alina
Ibragimova. The Russian-
born violinist, not yet 30,
has so many ideas, all
fertilised by her own
glorious musicianship, that
every project she takes on
radiates creative vitality.
The latest example was
this programme with the
Britten Sinfonia, with
which she has been
developing a mutually
beneficial partnership: she
gets to do projects that
other, less adventurous,
ensembles might shy away
from, while they draw
inspiration from her spark
and focus.
In the first half they
played Bachs A minor
concerto; in the second
half, a concerto by the
Latvian composer Peteris
Vasks (b1946). Both
performances underlined
the collaborative quality of
Ibragimovas personality
leading by example, as
primus inter pares, yet
never giving the impression
of wanting to dominate.
For the Bach she had an
ensemble of just six,
making for an outstanding
quality of repartee. There
is no flab in Ibragimovas
Bach: speeds and cues
were on a knife-edge, yet
the playing was so
intimate and involving that
the performance was over
almost as soon as it began
it had that quicksilver
quality that leaves the
impression of every phrase
being invented in the
moment of execution.
Vasks half-hour concerto
for violin and string
orchestra, dating from
1977, is as much a prayer
or hymn as a piece of
concert music. Ibragimova
lent it unexpected
substance, projecting the
consoling upward melodies
unsentimentally and
launching into the three
heavyweight cadenzas
with the sort of conviction
and technical lan that
sweeps you up in the
musical argument.
The rest of the
programme, involving the
Britten Sinfonia Voices,
was a mixed bag: clearly
someone was trying to
make links that, in the
event, did not add up. First
we heard a ground-
breaking snatch of
polyphony by the 12th-
century French composer
Protin. Then came a lush,
feelgood piece by Vasks
compatriot Eriks Esenvalds
(b1977). Finally, a prim
Bach motet. The whole
concert, including
Ibragimovas performances,
cried out for a less sterile
context than the half-empty
barn of Barbican Hall.
www.brittensinfonia.com
CLASSICAL MUSIC
Britten Sinfonia
Barbican, London

Andrew Clark
Reviews
THEATRE
A Time to Reap
Jerwood Theatre
Upstairs, Royal Court,
London

Ian Shuttleworth
British theatre has been
slow to address what is
now one of the UKs two
largest ethnic minorities.
Only India (possibly) now
outstrips Poland as a
source of non-native
population. Yet the Polish
dramatic presence has so
far, with a few honourable
exceptions, been negligible.
Anna Wakuliks three-
hander is the second Polish
play to be staged at the
Royal Court, 32 years after
the first. Theres a lot of
ground to make up.
In the context of this
paucity, there is a danger
that when such work is
seen it operates merely as
a strain of exotica.
Wakuliks play by and
large overcomes this by
turning the tables: in its
depiction of the triangular
relationship between
Marysia, Piotr and his
father Jan (a gynaecologist
with whom Marysia has
graduated from patient to
receptionist and lover), it is
London that is the exotic
location, where Piotr is
living a dissipated student
life (or is he?) and where,
when Marysia visits him,
the triangle becomes
problematic. But Wakuliks
principal setting and focus
remains Poland, and
in particular its
relationship with the
Catholic Church in
the matter of
abortion. (You
can now
deduce much
of the plot of
the 90-minute
piece.)
The social
and cultural
resonance of the
play is partly
lost on us (although I
would be interested to see
it play to an Irish
audience). However,
director Caroline Steinbeis
makes up for this with a
taut, beautifully designed
production. Max Jones
turns the Theatre Upstairs
into a chapel, and
Alexander Caplen
percolates a series of
soundscapes through it.
All three actors are
impressive: Owen Teale as
Jan, Max Bennett as Piotr
and in particular Sinad
Matthews as Marysia an
intense, compelling
performance. It would be
nice to hope that this play
might break out from the
Courts more usual
audience to the Polish-
British community, but
that may be a little
sanguine yet. It is,
though, a decent step
on the way to proper
dramatic representation.
www.royalcourttheatre.com
What a sound it is that
Sunn O))) produces
a huge, rumbling wave
that seems to make
your cells vibrate
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 17:43 User: higginsa Page Name: WKD11, Part,Page,Edition: WIN, 13, 1
14
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Arts &Collecting
H
undreds of planes cross
the Atlantic every day,
but, despite similarly
writer-led theatre cul-
tures, only a very small
proportion of new plays make the
same journey in either direction.
Laurence Boswell, artistic director
of the Ustinov Studio in Bath, is out
to change that. Under his watch, the
Ustinovs artistic policy revolves
around UK premieres of international
work and, for his next season, hes
looking to the US. The three play-
wrights involved Richard Green-
berg, Amy Herzog and Michael Weller
have all won prominent awards at
home, but British audiences have had
scant opportunity to see their work.
Greenberg and Weller have had one
West End production apiece. Herzogs
contribution, 4,000 Miles, will be her
British debut. These are major writ-
ers with a huge catalogue, says
Boswell. We should be seeing more
than one of their plays.
Only a handful of American writers
have built a significant body of work
in Britain; Neil LaBute, David Mamet
and John Logan, for example. The
latter two have work opening soon
Mamets Race (2009) at the Hamp-
stead, Logans Peter and Alice (2013)
in the West End. The Royal Court,
too, has committed to a small number
of American writers recently Tarell
Alvin McCraney, Christopher Shinn
and Bruce Norris, whose latest, The
Low Road, opens in March. But we
risk losing sight of a wider picture.
The UK is getting a small slice of
American playwriting, says John M
Baker, literary manager at the Woolly
Mammoth theatre in Washington DC.
That particular group of writers
doesnt represent the true scope of our
new play landscape.
Boswell is more cautious: Its
double-edged. They are undoubtedly
major writers and deserve heralding,
but, as ever with great whales, they
do crush some of the other fish.
Meanwhile, for all the talk of a Brit-
ish invasion, Americas cross-pond
view is equally blinkered; not so
much confined to particular play-
wrights as to particular venues. Royal
Court and National Theatre plays reg-
ularly transfer to the US or get new
productions, but smaller institutions
are under-represented.
So whats missing? Admittedly,
every import keeps a home-grown
play offstage. But, as Boswell argues,
Its really important that we embrace
the otherness of these plays.
Both he and Baker point to the the-
atrical ambition of recent American
writing, citing Sarah Ruhl, a play-
wright with roots in poetry, as a prime
US and them
Its hard for new plays to cross the Atlantic, in either direction. By Matt Trueman
example. Theres a whole post-realist
group of writers, Boswell explains,
who are looking at new ways of writ-
ing plays. Broadly speaking, these are
expressive plays, often streaked with
magical realism, that sit at odds with
Britains dominant strand of social
realism. Ruhls 2007 play Dead Mans
Cell Phone, about a woman who falls
into a strangers life after answering
his phone, was described as a loopy
odyssey by the New York Times.
Yet Christopher Haydon, artistic
director of the Gate in London, where
half his programming has come from
the US, wonders whether such work
appeals to British audiences. At the
most flamboyant end of American
playwriting, theres a style that would
feel quite alien to us: people coming
out of filing cabinets and so on. That
surrealism can be incredibly exciting
theatrically, but Ive read plenty and
just thought Oh, shut up.
At the other end of the spectrum,
according to the Royal Courts literary
manager Chris Campbell, are plays
like John Patrick Shanleys Doubt or
David Auburns Proof, soon to be
revived at the Menier Chocolate Fac-
tory. Campbell characterises them as
theatre of debate: literate, articulate
plays in which literate, articulate peo-
ple discuss and solve a problem. Very
often characters talk about the plays
core subject. Yet both Doubt and
Proof won Pulitzer Prizes, Americas
most prestigious award for new plays.
So too did Bruce Norriss Clybourne
Park, but only after its UK premiere
at the Royal Court led to an acclaimed
Broadway revival. The original New
York production went largely unno-
ticed. Campbell points to Norriss
rough, violent humour thats some-
times seen as unruly in the States,
but which we like very much.
However, Haydon believes Britain
only sees one side of Norris. This
month his 2002 play Purple Heart, set
against the Vietnam war, opens at the
Gate. Through Clybourne Park and
The Pain and the Itch [Royal Court,
2007] hes seen as the scourge of the
middle class. This play is different.
Written just after the invasion of
Afghanistan, it offers an alternative
perspective to most British plays
about war. Aside from Black Watch,
most of our stuff about the wars in
Afghanistan and Iraq concern the
political machinations, says Haydon.
America has 1m serving soldiers to
our 80,000, so the response has been
far more personal. Far more people
have a stake in it.
Another facet of contemporary
American drama is its ability to
tackle expansive national narratives.
Americans are still able to take their
national story seriously in a way that
were not, says Campbell, referencing
a tradition stretching from Sam
Shepard and Tony Kushner. There are
exceptions; Jez Butterworths Jerusa-
lem and Simon Stephenss Harper
Regan, both acclaimed on Broadway
in recent years.
At a certain point, however, that
reflection grinds to a halt. Haydon
believes Purple Heart struggled in the
US because the Vietnam war remains
too loaded for audiences. Katori Hall
has argued that The Mountaintop, an
Olivier award winner in London,
struggled on Broadway because it
dared to criticise Martin Luther King.
Challenging the consensus becomes
doubly problematic if youre British, as
Lucy Prebble discovered when Enrons
Broadway transfer bombed, losing a
reported $4m. The one thing they
absolutely dont like from us are plays
about America, warns Campbell.
In part, thats the result of a risk-
averse new-writing culture. Lacking
subsidy, American theatres rely on
subscribers and are wary of scaring
them off with controversial, or
unproven, new work. That caution
impacts on British plays.
Crucially, it also means that Ameri-
can writers struggle to get new work
produced. Many end up stuck in
cycles of readings and workshops and,
as such, remain invisible to British
programmers. For Campbell, thats
catastrophic. A processed theatre
comes out the other end. The more
you develop a play, the more it resem-
bles every other play.
Haydon is more positive, arguing
that its a hugely untapped resource.
Even if you take out 80 per cent of
plays that wont work for British
audiences, that still leaves lots of bril-
liant writers.
Ultimately, cross-pollination remains
vital. As Boswell says, A great writer
is neither American nor British, but an
open-property and an inspiration. Real
talent, real vision is international.
The American Season, Ustinov Studio,
Bath, March 7-June 15
www.theatreroyal.org.uk/ustinov
Purple Heart, Gate, London, until
April 6, www.gatetheatre.co.uk
The Low Road, Royal Court,
London, March 21-May 11
www.royalcourttheatre.com
Constantly on the lookout
for new markets, Sothebys
London is holding a selling
show of contemporary art
from Central Asia and the
Caucasus next week, with
47 works from Georgia,
Armenia, Azerbaijan,
Kazakhstan, Uzbekistan
and Kyrgyzstan. Some of
these countries have huge
oil revenues; others benefit
from their geographical
position, all are keen to
become better known in
the art world. Georgias
richest man, mining
billionaire Bidzina
Ivanishvili, for example,
snagged Picassos Dora
Maar au Chat (1941) for
$95.2m at Sothebys in 2006.
We want to encourage
people from the region to
come into Sothebys and
show them what else we
sell, not only art but, for
example, jewellery, says
Sothebys Mark Poltimore.
The exhibition, from March
4-12, is mainly of paintings
(priced from $5000-$50,000),
sourced from galleries,
collectors and from the
artists themselves, some of
whom have been
grumbling at having to pay
their own shipping costs.
Works on offer include a
portrait of Shostakovich by
the Azeri Tair Salakhov
and a haunting photograph
of the Tian Shan
mountains by the Kyrgyz
Alimjan Jorobaev.
St Petersburg Gallery is a
new art space just opened
in Cork Street in London,
which will be specialising
you guessed it in Russian
art. Showing work mainly
from the 19th and 20th
centuries, it is supported
by the collector and
dealer Vladimir
Tsarenkov, who has
prime holdings of
Russian avant-garde art.
The space is run by
Victoria Viorstava,
previously with Sothebys
Russian department in
London. We are based in
London because it is one of
the biggest markets in the
world, and of course there
is a huge Russian
community here, she says.
Works on offer range from
a costume design by
Goncharova (90,000) to
Nesterovs Springtime
(1923) at 2.2m; the current
show also features works
by Marc Chagall.
Americans have an abiding
love for Tiffany, and so do
a number of Japanese
collectors, along with Art
Nouveau prized pieces
are even used in tea
ceremonies. One aficionado
is Takeo Horiuchi, the
Japanese founder of the
Louis C Tiffany Garden
Museum Collection in
Nagoya. He built up his
holdings for more than 20
years and founded his
museum in 1994, but was
concerned for the safety of
the fragile glass and
ceramics after the tsunami
in 2011. Last year he went
to the little-known
Californian auctioneer
Allen Michaan, in
Alameda, near San
Francisco, who found a
group of private investors
to buy 618 works outright.
The undisclosed sum was,
Michaan says, the largest
single transaction to ever
occur in the field of
decorative arts. The
auctioneer held an initial
sale of 140 Tiffany Studio
works in Alameda in
November, raising $4m
the firms highest ever sale
total. Top lot was a tea
screen, decorated with a
parakeet and goldfish bowl,
which made $324,500.
Similar success crowned
Sothebys auction in Paris
this month of 134 pieces of
Art Nouveau, which
Michaan had sent for sale
to the firm. Three Gall
works were sold before the
auction to the Muse des
Beaux-Arts in Reims, and
the Muse dOrsay pre-
empted a pair of lamps by
Georges Hoentschel on the
low estimate, at
120,750. The
ravishing top lot, the
spider-like Ren
Lalique bronze Femme
Aile, part of the Lalique
stand at the 1900
Exposition Universelle,
zipped past its 300,000 low
estimate to make 1.2m.
And a Lalique butterfly
brooch fluttered over its
60,000-80,000 estimate to
make 300,750. The sale
totalled 7m, including the
three pieces pre-sold, nicely
over its 5m high estimate
(pre-sale estimates dont
include premium; results
do).
Next week its curtains up
for two major art fairs in
New York. The ADAA (Art
Dealers Association of
America) Art Show opens
to the public on
Wednesday at the Park
Avenue Armory, with 72
dealers, and the following
day sees the sprawling
Armory Show with 211
galleries spread across two
piers. This is a crucial year
for the Armory: it has been
put up for sale, along with
two other fairs, by its
owner Merchandise Mart
Properties, and is also
facing the challenge of the
newcomer Frieze New
York, which successfully
debuted last year.
Investment in internet art
sites continues: Artsy,
which has partnered with
the Armory Show and is
already showing selected
works from the fair, has
garnered $5.6m from the
internet entrepreneur and
Scientologist Sky Dayton,
founder of WiFi services
company Boingo. And
another online company,
Artspace, has raised $8.5m
from investors including
Canaan Partners, as well
as bringing in the well-
heeled Russian collector
Maria Baibakova as
strategic director.
Georgina Adam is editor-at-
large of The Art Newspaper
From Russia with interest
The Art Market
Central Asia at
Sothebys; Art
Nouveau tops
expectations. By
Georgina Adam
Portrait of Dimitri Shostakovich (1987) by Tair Salakhov
Amy Herzogs
4000 Miles in
New York in 2011;
below, Mike
Bartletts play
Cock, renamed
Cockfight Play in
the US, in New
York last year
Eyevine
Rough, violent humour
is sometimes seen as
unruly in the States,
but is something we
like very much
A Lalique butterfly brooch
(c1895) netted 300,750
at Sothebys Paris
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 18:32 User: higginsa Page Name: WKD12, Part,Page,Edition: WIN, 14, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

15
Arts
Baroccis study
(main picture)
for his 1567
painting Christ
on the Cross;
Aeneas Fleeing
Troy (1598) and
a head study for
Saint John the
Evangelist
(c.1580)
G
azing absent-mindedly at a series
of posters at my local London
Underground station, I come
across a striking image. It is of
a young woman, glamorously dressed,
stretched lazily across an antique chaise-
longue. She has kicked off her shoes,
which happen to be ballet pointes. Her
limbs are long and lean. She is in some
kind of backstage area, flanked by a
carefully coiled rope, and the kind of
sturdy spotlight that went out with
searching the skies for Stukas during
the second world war. An eerie green
lighting effect, straight out of The X-Files,
completes the mood of languid eroticism.
A slogan teases us further. Looks Like
a Doll. Dances Like a Demon. Look out
the English National Ballet is in town.
Further along the platform, another
poster catches my eye. By comparison,
the image is unremarkable. But the
message is short, sharp and to the point.
See Art. Love Art. Buy Art. It is a
poster advertising the inaugural edition
of Art 13 London, the citys latest art fair,
which takes place this weekend.
I thought about these two different
versions of promoting the arts. The first
takes an unashamedly romantic approach.
It relies on the superficial allure of ballet,
which is watching beautiful people who
can move beautifully. But the doll is also
a devil. Beneath the icy charm, there is
fire. We look to her art, not only for
aesthetic satisfaction, but for something
more profound, and possibly disturbing.
The poster is part of a rebrand for the
ballet company, dressed by Vivienne
Westwood, which makes explicit its
ambitions. We leap and grasp for the
new, says a section called Our Story.
We are for everyone. Watch ballet and
you are not rich or poor. Cultured or
barbarian. Brain or brawn. You are
human. Full of lust and adventure. We
are yours and we are you.
At Art 13 London, there is a very
different impulse at play: the lust to
possess. Those simple exhortations see,
love, buy are more straightforward, and
more theoretically attainable, than what
the ENB is offering. The dance companys
twilight zone titillation prepares us for a
bumpy ride in the underground chambers
of the psyche. The art fair invites us to
choose something for the sitting room.
Both of these ways of enjoying the arts
are legitimate. Culture owes its progress
to the acquisitive drive of patrons as
surely as to the insistence of artists on
making transcendent statements.
What I loved about both posters is how
succinctly they underscored their
respective senses of mission. Using just a
few words and a couple of telling images,
they enable us immediately to grasp what
both of these institutions are trying to do,
and also the differences between them.
They stand proudly among the infernally
clever advertisements for trivial objects
that surround them.
That has not always been the case.
I dont know if we are living in a golden
age of the arts. Ask me again, pace Zhou
Enlai and the French revolution, in a
millennium or two. But we can surely say
with some certainty that we find ourselves
in a golden age of arts branding.
Like it or not, part of the vibrancy of
Londons art scene is due to the efforts of
marketeers, public relations teams and
great coffee shops. This last factor was
once considered a controversial issue.
The Victoria & Albert Museums infamous
campaign from the 1980s, An ace caff
with quite a nice museum attached, was
slaughtered in highbrow circles for its flip
ironic jokes (Where else do they give you
100,000,000 worth of objets dart free with
every egg salad?) and general lack of
reverence.
W
ith hindsight, that advertising
campaign can be considered
ahead of its time. We all knew
about the prized collections of
Londons museums. What was needed was
a buzz, a sense of excitement, to help
draw younger and more diverse crowds.
As this imperative became the mantra of
cultural institutions, the branding and
marketing gurus came into their own.
Today, the arts are, almost without
exception, beautifully packaged, presented
and promoted. I have before me the
catalogue of the Tate Gallerys Roy
Lichtenstein exhibition no, not the
current show at Tate Modern, but the
1968 show that did so much to cement the
artists reputation in the UK. It is a paltry
affair, thin and poorly produced. The
catalogue for the present retrospective is
by contrast a thing of beauty. Many of us
can at least afford to See Art, Love Art,
Buy Catalogue.
The danger in indulging in imaginative
posters, lavish catalogues and cream
cakes in the caf is that these meta-
cultural treats distract us from the main
event. Marketing can act as camouflage.
Is the art actually any good? But then
that is part of a broader problem that
afflicts our age: can content hold its own,
when the way it is transmitted has
become so slick, so beautiful?
That is for posterity to decide. In the
meantime, I notice that the Art 13 London
fair has no fewer than 19 media partners,
and an official champagne partner to
boot. Everyone, it seems, wants to dance
with the devil.
peter.aspden@ft.com
More columns at www.ft.com/aspden
Listen to Peter Aspden reading his column
at www.ft.com/culturecast
The legacy of
the ace caff
Peter Aspden
Culture
Like it or not, part of the
vibrancy of Londons art
scene is due to the efforts of
marketeers, public relations
teams and great coffee shops
T
he director of Londons
National Gallery has dared
to suggest that the subject
of its new exhibition, the
now obscure Federico
Barocci of Urbino, was a better painter
than his contemporary El Greco.
Baroccis reputation was indeed
very high at his death in 1612 at the
age of 77, and this exhibition reveals
an extremely interesting painter,
draughtsman and printmaker. But
does he deserve promotion to the
front rank of late Renaissance mas-
ters? Or is Nicholas Pennys remark
more of a circus barkers promise,
designed to pull in passing trade?
This is a selection of fewer than 20
canvases from what was (given the
length of his life) a slim body of fin-
ished work. The young Barocci twice
crossed the Appennines to Rome,
attracting the patronage of the papacy
but also the jealousy of rivals. His sec-
ond visit was cut short by sickness
caused (it was said) by a picnic salad
deliberately laced with poison. Barocci
never fully recovered his health and
stayed close to home in Le Marche for
the rest of his life. Under the wing of
his patron Francesco Maria II, Duke of
Urbino, he devoted himself almost
exclusively to producing altarpieces
and smaller devotional paintings.
Baroccis stay-at-home policy did not
mean that he worked in isolation.
Church commissions came in from
across the region, and Baroccis only
significant secular piece, Aeneas Flee-
ing Troy, was ordered for the Holy
Roman Emperor Rudolf II, in Prague.
Barocci became famous for his tar-
diness in getting work finished.
Because of poor health, he restricted
himself to two hours of easel-time
each day but every composition was
also preceded by exhaustive prelimi-
nary sketches. More than 1,500 of his
drawings survive, and it is illuminat-
ing to see so many of them here
alongside the finished pieces. These
studies in chalk and charcoal, and
sketches in both pastels and oils (of
which Barocci was a pioneer), unpeel
the layers of his creative thinking,
some of it brilliant and innovative.
But we should not get too carried
away. Barocci was no mould-breaker:
he was subject to the constraints of a
man entirely dependent on the
approval of a pious prince and a pre-
scriptive church. At this early stage of
the counter-reformation, painting and
religious politics were closely
entwined, and Baroccis studies show
some of the effects of these strictures.
A fairly early Crucifixion is the
least successful large painting in this
exhibition yet the drawings that
accompany it reveal the disparity
between Baroccis instinctive vision
and what could openly be shown in
church. In one fine sketch, the com-
pletely naked figure of Christ convinc-
ingly demonstrates the torsion in a
crucified body under the drag of grav-
ity, with the iron nails driven into the
wood through the wrists. In the fin-
ished painting, however, Christ, now
loinclothed, is nailed through the
palms, and appears to repose weight-
lessly on his cross. The figures of
Mary and St John may stand grieving
eloquently below, but the cute flying
cherubs hovering to catch Christs
blood in silver dishes destroy any
remaining traces of tragedy.
The tendency for an artist to orient
himself around theological correctness
is seen also in The Institution of the
Eucharist. This dramatises a critical
moment in the theology of the counter-
reformation when the Last Supper
became the first mass, with wine no
longer distributed at communion and
real bread replaced by wafer discs.
Barocci had wanted to show the devil
whispering into Judass ear as he
kneels to receive the anachronistic
wafer from Christ, and he also featured
a young mother among the servants in
the foreground, bare-breasted after
feeding her child. As this was a papal
commission, both Satan and the bare-
nippled woman were expunged from
the final version, it being unthinkable
for either to be present at a mass.
There are recurring chalk or char-
coal studies for the Virgin Mary in
which she stands in the nude. These
A study in strictures
Does Federico Barocci deserve this grand revival? Robin Blake takes a firm view
have no lascivious intent, of course,
for Barocci is simply following the
principles of Leonardo and
Michelangelo that a painter cannot do
the clothed body without first consid-
ering it unclothed. Possibly more sur-
prising is that he did not seem to care
as Michelangelo had not whether
the model was male or female, with
the result that some of these study-
sketches are visibly hermaphrodite.
Paintings made for private devotion
allowed greater scope. The Return
from Egypt, with St Joseph feeding
the boy Jesus cherries from the tree,
and Madonna del Gatto (of the Cat)
are exceptionally accomplished and
beautiful in colouring. Their strongly
diagonal compositions derive from Cor-
reggio but, with their smiling faces
and incidental details, these canvases
are suffused with a spirit of visible
happiness that is all Baroccis own.
Barocci emerges from this show as a
sweet technician with a sensitive
drawing line, a marvellous colour
sense and an individual approach to
composition. He is not a better painter
than El Greco, or than his other great
contemporary Caravaggio but in art
history terms he is a more useful refer-
ence point than either of those maver-
icks because you see in him just how
the counter-reformation worked on
Catholic art. As such, Barocci fully
deserves his rehabilitation.
Barocci: Brilliance and Grace,
National Gallery, London, to May 19.
www.nationalgallery.org.uk
The painting was a
papal commission,
so both Satan and the
bare-nippled woman
were expunged
16
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Arts
Englands national chess
league, the 4NCL, looks a
straight fight between the
favourites Wood Green and
Guildford, who will meet
in the final rounds in May.
Both are packed with
grandmasters, but Wood
Green have made heavy
weather of it with two 4-4
ties. Last weekend they
miscalculated badly when
seven games were quick
draws while the Scotland
No1 Jonathan Rowson,
who had a better endgame,
was held after 85 moves.
Guildford, though, won 7-1.
Games are shown free
and live online, though
they lack the move-by-
move computer analysis
which attracts thousands
of fans to watch major
events in Europe like
Germanys Bundesliga.
The 4NCL game below
shows how an early error
can create the chance for a
classic attack which any
strong amateur can play.
Blacks h6? (f5!) left a weak
king. Whites 17 Bxh6! and
if gxh6 18 Rxd7! and Qe4
was quickly decisive.
Chris Ward -NigelPovah
1 d4 Nf6 2 c4 e6 3 Nc3
Bb4 4 Qc2 0-0 5 e4 d5 6 e5
Ne4 7 Bd3 c5 8 Nf3 cxd4 9
Nxd4 dxc4 10 Bxe4 Qxd4
11 Bf4 h6? 12 Rd1 Qb6 13
0-0 Bd7 14 Qe2 Bxc3 15
bxc3 Bc6 16 Bb1 Nd7 17
Bxh6! g6 18 Rxd7! Bxd7 19
Qf3 Kh7 20 Bg5 f5 21 exf6
ep Be8 22 Qh5+ Resigns.
1989
White mates in three,
against any defence. US
legend Paul Morphy took
an hour for this. Alexander
Alekhine saw the answer
at once and said Morphy
must have been asleep.
How do you compare?
Solution, back page
CHESS LEONARD BARDEN
Winners
Crossword 14,239: PE Berridge, Lincolnshire; A Wolpin, New York, US; H Peacock, Preston
Crossword 14,240: D Skevington, Freiburg, Germany
Polymath 697: M Dawson, Lanchashire
BRIDGE PAUL MENDELSON
A frequent theme in no-
trump contracts is that
one opponent is more
dangerous to allow on
lead than the other.
However, this factor may
guide your play also in a
trump contract, as this
weeks declarer
demonstrates.
West led K and declarer
could count only nine
tricks. If East held A, a
tenth could be made but,
from the bidding, that
seemed unlikely. There is
also the small chance that
the club suit will divide
3-3, making dummys
fourth club a winner but,
to achieve this, East must
be kept off lead to avoid
the diamond switch.
Therefore, playing A, K
and a third club looks
wrong since East could
well win. Bearing all this
in mind, South made his
plan . . .
He ducked trick one,
winning Wests Q
continuation with A.
Next, he drew trumps
with K and Q
preserving A in dummy
as a later entry. Now, he
cashed K and A but,
instead of playing a third
club, he opted to lead 10
from dummy. When East
played low, declarer threw
away his last club from
hand. West won, but was
endplayed: if he leads A,
Souths K makes; if he
leads anything else,
declarer can get to dummy
to play the fourth club
and pitch a diamond loser
from hand. Only if West
holds four clubs can South
now fail.
N
A974
A105
98
A764
W E
102 5
KQJ64 982
AQ2 J107643
982 QJ10
S
KQJ863
73
K5
K53
Dealer: South Game All
North East South West
1S 2H
3S NB 4S
Crossword 14,251 Set by Cinephile
ACROSS
1, 25 Case of appeasement giving
some immunity for talk about
setter in colour (6,9)
4 Saga about a lot of salt taken one
piece at a time (8)
9 Tree out of Canterbury (5)
10 Retailer returned to painting
amphibious mammal (9)
11, 12, 19 Appeaser given Geordie
town room had a rest (7,11)
13 See 28
14 Hero understanding part of game
(8)
17 Sucker saying why me? first in
quarter (4,4)
19 See 11
22, 24 Original of appeasers promise
to auction empire off to the east
(5,2,3,4)
25 See 1
26 A cover heard to be of use (5)
27 Involve a star-shaped figure losing
head (8)
28, 13 Spooners West Midland
wooded hollow sending one to the
big sleep? (6,4)
DOWN
1 Spicy liquid from boatyard on
quarterdeck twice? (8)
2 Man bites dog has even US law
perplexed (4,5)
3, 21 Fold with member inside
dripping on to stick? (6,6)
5 No grub, captain? Thats what
comes of being skittish (8,5)
6 VPs loss of liquid? (7)
7 Protest at second remove from
service (5)
8 Island singer (6)
10 Month come round with damage to
public health (3,6,4)
15 Bird encircling American country
(not British) died in Africa (9)
16 A French procrastination about
right accompaniment to carpet (8)
18 Lady gone to scene with
moonshine? (7)
20 Apprehension of a pet United
Kingdom project? (6)
21 See 3
23 A demon at grasping a little day
(5)
Copies of How to Sound Clever by Hubert van
den Bergh and So You Think You Can Spell by
David L. Grambs and Ellen S. Levine, published
by A&C Black, will be awarded to the senders of
the first three correct entries opened on
Wednesday March 13. Entries marked Crossword
14,251 on the envelope, should be sent to
Weekend FT, One Southwark Bridge, London SE1
9HL. Solution on March 16.
Solution 14,239
Name.......................................................................................................
Address....................................................................................................
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1 2 3 4 5 6 7 8
9 10
11 12
13 14 15
16
17 18 19
20 21
22 23 24
25 26
27 28
S U B S C R B E R C H U B
A A O N L O
C O R N N E A R P O R T
K E T S T U D T
E X C R E S C E N T L E E
S A A E D H U R
P O M A D E A L D E R M A N
A S Y R E
C O R A C L E S O F F E R S
E O T N C O N S
C O O N T H E F R A M E
R K O N D A B
A L E N E E T R E S T E
F E N R U S D
T A S K S T R E A M L E T S
Solution 14,250
H A C E N D A P E R S A
A R V W N T D
L E A V E N E D S T E R N E
N N L C E A L
D O N A T E L L O R A T A
E Y O M T G
O B A N A B A S H E D
R F E T E
A L L E A R S U R N S
B A R E N A F
B E G N T A K E C O V E R
R A T N A O O
T R A G C H O E D O W N S
O N S W G A T
N U T T E R U N D E R L A Y
Polymath 699 Set by Hamilton
The first correct entry drawn on
Wednesday March 13 wins a copy of
Brewer's Dictionary of Phrase and
Fable. Entries, using the form below,
should be addressed to Polymath No
699, Weekend FT, One Southwark
Bridge, London SE1 9HL. The solution
and winner's name will be published
on Saturday March 16.
Name...............................................................................................................
Address............................................................................................................
........................................................................................................................
........................................................................................................................
Solution Polymath 697
Jotter pad
1 2 3 4 5 6 7 8 9
10
11 12
13 14
15
16 17
18 19 20 21 22 23
24 25 26 27 28
29 30 31
32
33 34
35 36
ACROSS
1,10 Comedian Sandy Powells
catchphrase (3,3,4,2,6)
7 An organism that is modified by its
environment (4)
11 An order of court for the annulment
of a proceeding (7)
12 Small south-east Asian tree with
heart-shaped leaves (9)
13 See 14
14, 13 Tom Sharpe novel (11,4)
16 Chrysanthemum balsamita, used in
flavouring (7)
17 Name by which corncrakes are
also known (9)
18 Swiss mathematician (1707-83) (5)
20 In archery, a fixed number of
arrows shot from a set distance (5)
22 See 25
24 Dye made by dissolving indigo in
sulphuric acid (5,4)
27 Liqueur made from aniseed (7)
29 10ccs biggest hit from The
Original Soundtrack album
(2,3,2,4)
31 Unleavened bread (4)
33 To emphasise the importance of
religious or other ceremonies (9)
34 The tenth World Chess Champion
(1969-72) (7)
35 One who takes excessive interest
in trivial matters (4)
36 Fictional detective in the works of
M.C. Beaton (6,6)
DOWN
1 A white sparkling wine from north-
east Spain (4)
2 The streamlined outer casing of an
aircraft engine (7)
3 At regular intervals (such as radio
news bulletins) (2,3,4)
4 The cowslip (4,5)
5 Old monetary unit of Turkey,
1/120th of a piastre (5)
6 Forename of the actress who
played Jane to Johnny
Weissmullers Tarzan (7)
8 An adherent of a philosopher born
in 551BC (9)
9 Small silver balls used as cake
decorations (7)
10 See 1
15 Norman, Dudley-born half of a
comedy double act (4)
17 A watchmakers or jewellers small
magnifying glass (5)
19 The horse capital of the world
(9)
21 Indigestion (9)
22 A type of meat stew that originated
in Louisiana (9)
23 A pair of horses or oxen driven
together (4)
24 A squalid part of a city (4,3)
25, 22 across Supremes Top 5 single
of 1971 (6,5)
26 Town in West Sussex in the Adur
valley (7)
28 Alfred, Lord Tennyson poem
published in 1842 (7)
30 Winner of the mens 800m gold at
the Moscow Olympics (5)
32 The 16th letter of the Hebrew
alphabet (4)
Much loved for its wit and wisdom since 1870, Brewer's Dictionary of
Phrase and Fable is a blend of language, culture, myth and legend. Edited
by Susie Dent, this new edition contains an intriguing supplement of
Brewer's Gems: facts, fables and curiosities from Brewer collections of the
past. www.chambers.co.uk/brewers.php
M U D H O P P E R P L E U R A L
A E V E T P E E
L A R N E T A C H Y C A R D A
E E R T H P P F
F U K U S H M A E P H R A M
J P F R U
C O A T O L D P R U S S A N
R L G S O D E
Z Y M O L O G Y A B A T J O U R
O A E P E R X
R N G C A R R E R E T U D E
O O A T P R R
A R S N O E M D A N T E
S H D Q A O N D W
T R A C Y A U S T N N A R A
E N L U E A E N S
R E D V E R S R U T H D E E C H
POLYMATH 699 SET BY HAMILTON CROSSWORD 14,251 SET BY CINEPHILE
Complete the grid so each row, column and 3-by-3 box (in bold borders) contains
every digit, 1 to 9. For strategies on how to solve Sudoku, visit www.sudoku.org.uk
2013 The Mepham Group. Distributed by Tribune Media Services. All rights reserved.
SOLUTION TO SATURDAYS PUZZLE
Diversions
SUDOKU
L
etting out one of her hearty
laughs, Elizabeth Llewellyn
compares herself to a plant
that has just been given fer-
tiliser. Without that, she
says, the plant can survive quite hap-
pily and continue growing. But prop-
erly nurtured, the plant flowers bet-
ter and starts to bear fruit.
Llewellyn, 39, uses this quaint anal-
ogy to express the transformation her
career has undergone in the past two
years. For a decade, her beautiful
soprano lay dormant unexercised,
unnoticed, undeveloped. Then some-
one heard her sing and suggested she
see a voice teacher. Within months
she was starring in English National
Operas La bohme. Earlier this sea-
son her Micaela stole the show in the
same companys Carmen. Now she is
about to sing the soprano role in
Verdis Simon Boccanegra for English
Touring Opera.
Few singers make so much progress
in so little time, and when they do,
they tend to be young, ambitious and
prone to early burnout. Llewellyn is
no hothouse plant. By the standards
of her profession she is hardly young.
Although she was talent-spotted as a
teenager and had a classic conserva-
toire training, she spent most of her
twenties and thirties as an office
worker. Her voice had time to settle,
and she had time to mature.
In one sense I dont regret being
out of music for so long, she says.
You bring something more to the
table by getting some life experience.
At college you tend to be painfully
aware of what your peers think of
you. As you get older, these things
matter less. Im more than happy to
look a bit foolish in rehearsal. By
A grownup
talent
Elizabeth Llewellyns beautiful soprano
voice lay dormant for a decade, as she
explains to Andrew Clark
daring to make mistakes you have the
chance to go to a new place, and as
you get older, you learn the value of
that.
Llewellyns calmness and common-
sense values are unusual in a profes-
sion renowned for temperamental
excess. The daughter of Jamaican
immigrants, Llewellyn attended a
school in south London where the
headmistress paid for her to have
singing lessons and gave her 50 to
go to as many concerts as I could.
After winning a place at the Royal
Northern College of Music in Man-
chester, all was set fair for a singing
career until Llewellyn discovered
she was unable to shake off the com-
mon cold. In a normal job you might
take a couple of days off work, but it
manifested itself vocally with weeks
away from singing.
Despite encouragement from the
Peter Moores Foundation, which had
enough faith in her talent to pay for
her condition to be investigated,
Llewellyn was unable to counteract
what her body seemed to be telling
her. She handed her scholarship
money back. My teacher told me Id
probably grow out of it I think she
was trying to reassure me it might
not be the end. She was right. Your
voice and body are always developing,
and what it cant cope with this year,
it might next year.
In Llewellyns case, it turned out to
be 10 years. She became a normal
commuter working in an office until
she bought a flat in an unfamiliar
area of London and realised she
needed a social life. She joined the
local music club, learned some Mozart
arias and sang a handful of concerts.
Eventually the conductor sat me
down and said What are you doing?.
He said I ought to be taking it more
seriously. That set me thinking.
After some brutally honest assess-
ments from people in the music pro-
fession, she undertook a summer
opera course in Italy, applied for
ENOs Opera Works training pro-
gramme and auditioned for the
Glyndebourne chorus. Things began
to take shape, she says. The right
people have come into my life at the
right time.
Does it seem more of a job now than
when she sang purely for pleasure?
There can be pressures from outside
what will the critics say? or they
can be all in ones head. Eventually
you have to make up your mind: do
the best job you can and let others
decide whether they like it or not. But
if you come off the stage saying I
havent short-changed the public,
thats all you can ask of yourself.
Her Amelia in ETOs Simon Boc-
canegra suggests that medium-size
Verdi could open up rich seams in her
voice. But when I suggest that the
logical next step would be to sing the
part of Desdemona in Otello, she
offers a qualified response. If we can
sort the colour thing . . . .
Meaning? Otello is black, everyone
else is white. People think vocally
first, and Desdemona is a fantastic fit
for me, but it doesnt occur to them
that dramatically theres a problem.
This is the first time the question of
race has surfaced in our conversation,
and Llewellyn handles it with charac-
teristic grace not least when I sug-
gest that opera is colour-blind.
I guess so. In Cos fan tutte I sang
Fiordiligi opposite Julia Riley, a blue-
eyed blonde, who was playing my
sister. That was interesting: an actress
friend said the way people understand
family connections is not by how you
look but how you behave with one
another. I suppose we could have been
black and white twins of mixed-race
parents, but the audience immediately
accepted us as sisters. Thats one of
the beauties of theatre, the way you
can make people suspend disbelief for
almost anything if you do it well.
Thats the only caveat.
Racial stereotyping may no longer
be an issue onstage, but opera in the
UK continues to be predominantly a
white persons art form, which
Llewellyn accepts with a wry smile.
Sometimes you go to a make-up call
and they dont have anything for
black skin. I have a running joke with
my friends about flesh-coloured
tights. For one show we were given a
job-lot, and I was the only one with
legs like leprosy, because the tights
were not the same colour as my hands
and face. Its a bit of a compliment
really: people see me as a singer, not a
colour.
Llewellyn seems in no rush to con-
quer the world, but she is not devoid
of ambition. Having successfully ven-
tured Richard Strauss songs in her
Rosenblatt recital two years ago, she
has her sights on the Marschallin (Der
Rosenkavalier), the title part in
Arabella and the Countess in Capric-
cio roles to which her command of
the stage and creamy lyric soprano
would seem ideally suited.
This is an important year for me,
she says, and I do want to move
things on.
English Touring Operas Simon
Boccanegra,Hackney Empire, London,
March 8 wwww.englishtouringopera.
org.uk
Details of ENOs Opera Works, a
professional development course for
singers, at www.eno.org/operaworks
Elizabeth
Llewellyn at the
Hackney Empire
in London
Charlie Bibby
By daring to make
mistakes you can go to
a new place as you
get older you learn the
value of that
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 17:26 User: higginsa Page Name: WKD14, Part,Page,Edition: WIN, 16, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

LIFE & ARTS 17
Back stories
W
hen is a crisis not
a crisis? Mr M was
exhibiting classic signs
of stress the other day
after he managed to double-book
himself with dog training and a golf
lesson, but I told him that since this
was neither an emergency nor
challenging it therefore didnt count
as a crisis.
To my mind, a real crisis, about
which it is acceptable to be stressed,
is when the restaurant at which you
are about to host a large dinner
suffers a power cut. This happened
to me in San Francisco recently,
half an hour before a dozen guests,
including several clients, were due
to arrive. The private room at
Americano booked for my intimate
dinner was suddenly lit with so
many candles that it resembled a
grotto, but head chef Kory Stewart
emerged from the gloom to tell me
that the lack of electricity was only
part of the problem. There was also
no gas and, therefore, no hot food;
a situation unlikely to change for
at least two hours.
take their seats for landing when
we were still at 30,000ft. It was then
that I felt grateful that the last email
I had sent Mr M before take-off had
been a loving one. Can you imagine
if my final email had been one that
harangued him for not sending back
Cost Centre #3s vaccination forms?
C
alm decisiveness was also in
evidence when, after the
above unscheduled stop,
Long-suffering Lily and I
transferred to a Virgin 747 bound
for London. This time it was not an
operational issue but a passenger
having a suspected heart attack that
precipitated an emergency landing,
this time in Boston. (At this point,
by the way, I was certainly starting
to wonder if I should give up trying
to leave the US and just stay there.)
Back at home we have had our own
domestic crisis. Cost Centre #2 has
caused Mr M a lot of stress. He has
not dropped out of school (he only
has four months to go), or got
someone pregnant (as far as I know)
or developed a drug habit (ditto). But
to judge from Mr Ms reaction you
would think that had done something
worse. Our son has taken delivery of
the signet ring he requested for his
18th birthday, and is sporting it on
the little finger of his left hand.
Jewellery, in the view of his
Australian father, is for girls. I find
this reaction all the more galling
because it took me an age to get
the ring made, as well as the hassle
of arranging for him to go and have
it sized among all the usual
commitments of boarding school,
sport and university interviews.
When Mr M calms down, I am sure
he will see it as a family heirloom.
And back at the San Francisco
restaurant? A takeaway was ordered
from the head chefs favourite Thai
and served to us in porcelain bowls.
Thai takeaway by candlelight with
views of the Golden Gate Bridge.
Officially no longer a crisis.
mrsmoneypenny@ft.com
Mrs Moneypennys Careers Advice
for Ambitious Women is out in
paperback
The ring: an
epic drama
I felt
grateful
that the
last email
I had sent
Mr M had
been a
loving one
I was co-hosting with my
colleague, who is a world authority
on Association Football not an
obvious skill for dealing with the
prospect of cold food and a dozen
guests. But he turned out to be just
the chap to have to hand, possibly
because chef Stewart has travelled
extensively outside the US so no
doubt appreciates the delights of
Association Football.
When faced with a real crisis,
the people I want around me are
those who will a) stay calm and
b) take decisions. Something of a
masterclass in both points was
demonstrated by the pilot of my
British Airways 747 flight from Los
Angeles to London recently, which,
as I mentioned last week, made an
emergency landing in Vegas. Ladies
and gentlemen, boys and girls, came
the voice of authority, followed by
an A-grade display of understatement
as fumes filled the cockpit, we have
an operational issue.
As we turned back to land, my
only slightly stressful moment came
as the pilot asked the cabin crew to
Star crossed
Richard Gere is back and happy to talk to Lucy Kellaway about his latest film. But what about Cindy, ageing and . . . gerbils?
R
ichard Gere is hovering in
the corridor at Claridges
outside the room where
Ive been waiting. I get up
to say hello but with a
small flick of the hand he holds me
back. I need to clear my palate
between interviews, he says.
The word palate strikes me as
slightly ominous, as if the Hollywood
star likes to take bites out of his inter-
viewers, but I wait while Gere contin-
ues to prowl around in the hallway. I
look down at my notes. Extraordinary
beauty, Ive written. Suave opacity.
Epitome of Hollywood? Dalai Lama.
Giorgio Armani. Cindy Crawford. Mad
advertisement in The Times. Ageing.
Bob Dylan. Gerbil.
Palate cleansed, Gere makes his
entrance. He moves like a panther
across the patterned carpet, relaxed
and smiling.
He is a bit smaller than youd have
thought from that scene at the end of
An Officer and a Gentleman when,
clad in pristine white uniform, he
swoops up Debra Winger and carries
her out of the factory. And his
famously beautiful face strikes me as
oddly bland. Writing this a day later, I
close my eyes and cant see it at all.
We sit on upright chairs facing each
other in a large room entirely empty
except for a PR, who sits like a wall-
flower at the edge. Im more struck
than ever by the idea of the interview
as a dysfunctional parlour game in
which I try, by whatever means, to
get the other person, if not to reveal
his soul, then to say anything of note,
while he tries to publicise his film and
otherwise keep his own counsel.
The clock starts. We have 50 minutes.
I begin, sticking to the rules, with
Geres film, Arbitrage, just released in
the UK. In it he plays a hedge fund
king who has just lost $400m in a
Russian copper mine and committed
fraud to plug the hole in his balance
sheet. The movie opens with him
being interviewed by the real-life
CNBC anchor Maria Bartiromo and
talking fluently about quants and
derivative structuring. Gere utters
the words with slick assurance but
does he have any idea what they actu-
ally mean?
Not a clue! the actor replies. He
leans forward confidentially and
informs me that none of the bankers
he talked to had the first idea either.
Im watching their eyes because I
want to see their mental process. Lit-
erally, I dont think they knew what
they were! Its all a bluff, but I think
most of the financial world is a bluff.
Im watching Geres eyes too. They
are deep brown holes behind his wire-
rimmed glasses that are staring
straight at me, yet giving nothing
away.
So did he conclude bankers are des-
picable? The actor shakes his head.
Its more despicable of us to allow
them to have the power. This is a
very subtle game they play. Its with
the security of you and your family.
And that touches you very deep,
right? Thats an emotional place.
Immediately, from their side, theyve
played a magic trick on you that Im
the deity. And from our side, its, God,
I wish there was someone that I could
trust. Its very symbiotic . . .
It is sweltering in the room, and Im
feeling the strain. Gere has snatched
an early lead in the parlour game,
holding forth at great length and with
great conviction in an entirely
unquotable manner. He takes off his
jacket to reveal a cornflower-blue
linen shirt that is quite uncrumpled
and fits perfectly.
I try to regain control by saying
that the problem with his otherwise
excellent performance is that hes too
good-looking. The real-life heroes and
villains of high finance think George
Soros, Bernie Madoff, Warren Buffett
tend to be on the plainer side. Only
Arki Busson bucks the trend.
Arki! I know him, exclaims Gere.
Hes a friend of mine.
From reading the cuttings Ive
learnt both men shared an interest in
the actress Uma Thurman; Im about
to mention her, when Gere comes up
with a better counter-example to my
ugly financier thesis Jamie Dimon.
He tells me that he sees the hand-
some JPMorgan chief as the perfect
model for his character a highly
talented man, decent in parts, yet who
does bad things. When I saw him
testify when they had lost $8bn or
whatever, the confidence and the
hubris and the sense of, also, mea
culpa. The guy was so engaging.
He wants the camera on him.
Supremely confident, even with a
loss, a good gambler.
I point out that the JPMorgan
banker, unlike the character in Arbi-
trage, didnt kill his mistress in a road
accident and then lie about it. Gere
waves his hand, as if it were perfectly
possible that Dimon had done just
that: I dont know his interior life at
all. Frankly, Im not interested.
When the film opened in the US a
couple of months ago, Gere had some
of the best reviews hes ever had.
Some suggested he might finally get
the Oscar nomination he never got for
his big roles in An Officer and a
Gentleman, Pretty Woman or Chicago.
Yet once again, the actor who my
colleague Nigel Andrews once
described as possessing lacquered
grace and feline self-awareness was
passed over.
I ask whether he was disappointed.
To this utterly predictable question,
Gere has the perfect answer down pat:
he was, but not for himself.
I thought it could have been good
for the film, because its a small film,
if it had gotten that extra attention.
Instead of winning Oscars, Gere has
recently started collecting lifetime
awards; at each ceremony he sits
down to watch edited highlights of his
life on screen.
To me, Im watching myself grow
up. Its moving. I see a young guy. I
was 26 when we started shooting Days
of Heaven, so its a 26-year-old guy to
a 63-year-old guy and, of course,
theres enormous change there but
in some ways, no change.
I, too, have been watching the
archive. In particular Ive been glued
to the scene from American Gigolo
from 1980 in which Gere, a male pros-
titute, is moving around his bedroom
half-dressed, selecting shirts and ties,
singing along to Marvin Gaye. For
male sexuality and narcissism, noth-
ing on screen has come close, before
or since.
Gere seems slightly baffled by my
response to the film. The way I looked
was constructed. I worked out to look
like that. We did a haircut to look like
that. I had make-up to look like that. It
was believe me constructed.
More than anything, American Gig-
olo was a paean to those loose,
unstructured Armani jackets that
looked so good on Geres toned body
but less so on the tens of thousands of
ordinary young men who slavishly
followed him. When I tell him I hold
him responsible for this particularly
terrible fashion, the actor laughs.
Im sorry. I apologise. I dont know
where that jacket is. I think I gave it
back to Giorgio for an exhibition of
Armani in London.
I say I had an American boyfriend
back then who owned such a jacket
that did not become him.
This is obsessive, Gere says, turn-
ing to the wallflower. The eyes are
unblinking. This is serious stuff.
There are deep wounds about this.
The wallflower laughs. And Gere,
pleased with his joke, goes on address-
ing her.
Are you seeing this? This is scar-
ing me. Ive not been scared before.
Thank God youre here, he says.
I laugh, too, but mainly out of sur-
prise. From the hamminess of his per-
formance, one would never guess
what he did for a living.
Sidney Lumet once said of Gere that
as he got older he would be less
defined by his looks and would be
given more interesting roles to play.
I start formulating a question about
the benefits of ageing but Gere cuts
me off.
Actually, Im younger, he states.
The 63-year-olds brown eyes bore
into mine. He doesnt appear to be
joking.
Im younger than I once was, he
repeats. Internally. Less self-con-
scious. Less insecure.
These days he is as carefree as a
child, he says, before following this
claim up with an assertion that could
only come from a weary adult: Im
just a guy doing a job, OK? Youre
doing your job. Im doing my job. I
have no illusions beyond that.
Gere may have no illusions about
himself, but others have plenty about
him. Since he played a homosexual in
Bent on Broadway in 1980, people
have wondered (without any founda-
tion) about his sexual orientation.
Indeed, in the early 1990s he was the
subject of one of Hollywoods most
outrageous and enduring myths that
he was admitted to the Cedars-Sinai
Hospital in LA with a gerbil stuck in
his rectal canal.
I dont know where that came
from, he sighs. And I dont care. So
stupid. Childish.
Some other things they say about
him are more soundly based in fact.
The weirdest of them all is the story
of the dissolution of his marriage to
Cindy Crawford. Three years into the
marriage of two of the worlds most
beautiful people, the couple placed a
full-page ad in The Times in which
they declared: We are heterosexual
and monogamous and take our com-
mitment to each other very seri-
ously. Shortly afterwards they got
divorced. Even by the mad standards
of Hollywood marriages, this struck
me as odd. What possessed him?
I dont know, he says flatly. Its
so long ago. I dont care.
The ad went on to list the causes
that they supported, including
Clockwise from
above: Richard
Gere at the UK
premiere of
Arbitrage;
redefining screen
narcissism in
American Gigolo
(1980); swooping
up Debra Winger
in the famous
finale of An
Officer and a
Gentleman
(1982); as tycoon
Edward Lewis
falling for Julia
Roberts in Pretty
Woman (1990)
Kobal Collection; Getty
Tibetan independence, for which he
has continued to fight. Indeed, Gere,
more than most Hollywood stars who
dabble with spiritualism, has stuck
with Buddhism for more than three
decades. He was the original Buddhist
hunk before Orlando Bloom or
Sarah Jessica Parker or any of the
rest got interested.
I wonder what it is about Buddhism
that makes it so irresistible to actors.
Gere thinks for a bit and starts on
another long reply, composed in short
sentences, each of which makes per-
fect sense, though together are some-
what baffling.
This is an exploration, he begins.
When we look at our minds, were
like explorers with machetes going
through a jungle. You go out there
and its sweaty and its difficult. It
gets more profound all the time. The
more you explore, the more you go
through the jungle with a machete.
You find more things. You find the
ruins of cultures way, way back in the
jungle and its like theres magic in
there, but theres real stuff, too.
Again I have to intervene to ask
something more specific. Will his
good friend the Dalai Lama (who Gere
sees several times a year) be watching
Arbitrage? He says he wont. His Holi-
ness doesnt really get acting. Indeed,
when they first met about 30 years
ago, the Dalai Lama tried to get the
film star to explain it to him.
He asked, when youre angry, are
you really angry? And I gave him
some kind of actor answer like, well, if
youre really feeling it, of course its
better acting. And he just looked at me
for a long time and he started laugh-
ing. Hysterically. From a Buddhist
point of view, emotions are not real.
As an actor, I manufacture emotions.
Theyre a sense of play. But real life is
the same. Were just not aware of it.
Nonsense, I say. Some emotions are
real. They appear to be real because
we believe in the movie of our life
that they come out of. In the ultimate
sense . . .
As time is running out, I cut this
short and ask, instead, about his life
now. For the past 12 years he has
been married to Carey Lowell, a
former model and Bond girl (in
Licence to Kill). They lead a quiet life
in Westchester County, New York,
with their 13-year-old son, and Gere,
happy in the role of ordinary dad,
coaches the boys baseball team. It all
sounds idyllic apart from one thing.
The couple run a hotel which has
always struck me as a fail-safe way of
losing both money and sleep.
I dont run it, Gere corrects me. I
just built it. This was one of two that
were not burned down by the Brits, so
we bought it and rebuilt it. I like
making things beautiful. We have
someone else to run it.
He turns to the wallflower and says:
Do you believe how she sidestepped
that whole important story? Im
struck with that.
I protest that I said I had read him
telling that same story about the
Dalai Lama and acting before.
Then take it to another level! But
you said, No, Im not going to do that.
Id rather talk about a hotel. About
washing-up! Come on. Youre going
to kill yourself later about that one.
At this point another PR woman
comes in and says my time is up. I
protest that I have only had 40 min-
utes rather than 50, but she doesnt
budge.
Im pulling the plug on this one,
Gere says, embarking on another of
his strange, extended jokes. This is a
nightmare. Its the longest interview
Ive ever done. The Financial Times
should pay me $100,000!
We say our goodbyes, but before
Ive even reached the lift he has
proved himself right. I am kicking
myself for not pursuing the strand
about emotions not being real. Not in
a tiresome philosophical sense, but
specifically about the unreal emotions
of this veteran Hollywood star.
It is too late to go back and ask:
Richard Gere is cleaning his palate for
the next in line.
lucy.kellaway@ft.com
Arbitrage is on DVD release in
the US
Actually Im younger
than I once was, Gere
states. His eyes bore
into mine. He doesnt
appear to be joking
Gere with Cindy Crawford in 1991; they divorced in 1995 Getty
Mrs Moneypenny
MARCH 2 2013 Section:Weekend Time: 1/3/2013 - 16:15 User: gouldp Page Name: WIN17, Part,Page,Edition: WIN, 17, 1
18
FINANCIAL TIMES MARCH 2/MARCH 3 2013
Weekends most read on FT.com
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Death in Singapore:
suicide or
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sinister? (Feb 16)
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Lunch with the
FT: I never talk
about my bad
traits,
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property
developer
Donald
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23)
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watch from judo
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Chess solution
1989 1 Qd1! threat Qg4d7.
If bxa3 2 Qxa4 Kd6 3 Qd7 or
Kc6 2 Qg4 Kb7 3 Qc8.
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Amazon unpacked: Sarah
OConnor on what its
really like to work there
(Feb 9)
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Expat lives: the FTs east
Africa correspondent says
Nairobi is the London of
Africa (Feb 23)
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Paradise regained? Brazils
green revolution (Feb 23)
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Wandering star: even
before working on his
new BBC series The Story of
the Jews, Simon Schama was
a compulsive synagogue
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Boom and busts:
plastic surgery in
Brazil (Feb 23)
Last Word
T
he British media have been
awash with tributes to a
well-loved actor. The late
Richard Briers was one of
the stars of the 1970s situation
comedy The Good Life, which,
although it ran for only three years,
has an immovable place in the
national psyche. Briers played Tom
Good, who with his wife Barbara
(Felicity Kendal) was trying to live
self-sufficiently pigs, a goat, a
chicken, vegetable garden, the works
in a London suburb. The affection,
both for Briers and the sitcom,
seemed entirely genuine and
probably, in the case of the sitcom,
touched with a nostalgia for a time
and an idea (pre-BSE, pre-
horseburger) that now seem rather
innocent and hopeful but quite
quickly it began to annoy me.
This was not because I felt that
Briers was being viewed with rose-
tinted spectacles, or that behind the
convention of de mortuis nil nisi
bonum some less savoury aspects of
his character were being airbrushed
out. I was quite prepared to believe
his co-star Penelope Keith (who
played his snobbish neighbour
Margo) when she said that Richard
Briers was just as sweet and loveable
in real life as he was playing the
character of Tom Good. My
annoyance came from a feeling that
this was missing the point.
Briers was being mourned not as
a fine and versatile actor, but as a
national treasure, indistinguishable
from the character he played. Even
Jim Naughtie, the excellent presenter
on the BBC Today programme,
speculated irrelevantly that Briers
off-screen, in private life . . . was
exactly the same kind of character
as he was on screen.
Here I detected the baleful
influence of the cult of celebrity,
especially as embodied in that
ghastly contemporary vacuity, the
celebrity interview. Page upon page
of glossy magazines is devoted to
quasi-interviews that focus (if that is
the word) on personality and real
life at the expense of art and craft.
Sycophancy and prurience perform a
contorted dance around figures of no
proven worth or talent. The aim is to
discover who such people really
are, rather than what they can do.
The same hopeless quest for reality
leads to the quagmire of reality TV
shows.
Richard Briers was unimpressed by
all this. late in his career, he
expressed disillusion with television
comedy, and even more with reality
TV shows, pointing out that
television had once conferred magic
on people but now nobodys magical
because everyones on TV.
Surely Briers distinction was not
that he was a personality but that
he could subsume his personality
into a variety of roles. He was,
among other things, a magnificent
technician. His comic pace and
timing were admired by Nol Coward
and John Gielgud. People dont
realise how good an actor Dickie
Briers really is, commented Gielgud.
And though he did have a certain
inescapable sweetness of character,
when he played the third-string
theatre critic Moon in Tom
Stoppards The Real Inspector Hound
he gave what the critic Helen
Dawson memorably described as
a performance of sharp hopelessness
and vindictiveness.
The point about Richard Briers
was that he was a consummately
skilful actor, one of a breed that can
never be reproduced because the
tradition out of which his gifts grew
and were nurtured provincial
repertory theatre no longer exists.
I remember him from stage
performances towards the end of
his career as a fussy and peevish
Polonius in Kenneth Branaghs
Renaissance Theatre production of
Hamlet, and as a surprisingly
sympathetic Malvolio. Branagh and
Renaissance gave a second wind to
Brierss stage acting, and
Shakespearean, career; he went on to
appear in several of the Shakespeare
films directed by Branagh.
I prefer to remember Richard
Briers in a very different context and
tradition to that of television and
celebrity. I see him as one of a line
of character actors, going back 400
years to Edward Alleyn and Richard
Burbage. Ive caught glimpses of that
line and tradition heading to the pub
after performances by the Royal
Shakespeare Company in Stratford or
at the Barbican. These modest people
blessed with the gift of Proteus,
throwing off one role and taking up
another, are as full of self-deprecation
as of talent, as Briers was.
My final reminiscence is of Briers
in the Thtre de Complicit
production of Eugne Ionescos
The Chairs, which triumphed both in
Londons West End and on Broadway
in 1997-1998. You might have thought
the fine comedic nuance and irony of
the British character acting tradition,
exemplified by Briers and Geraldine
McEwan, would have mixed
uncomfortably with Complicits
physical theatre style, based on
commedia dellarte. In fact they
achieved a magical sort of emulsion.
Briers found a wonderfully
threadbare chivalry in his shabby old
janitor, humanising what might seem
a forbiddingly bleak work. In the
end, the good life for him was about
being an actor, in a company,
making audiences smile with the
quick interchange of wit and words,
touching them with the sudden shaft
of emotion.
harry.eyres@ft.com
More columns at www.ft.com/eyres
Why Briers went
beyond Good
Briers was mourned
as a national treasure,
indistinguishable from
the character he played
Harry Eyres
The Slow Lane
Snapshot
Kensington Childrens Party by Bill Brandt
Born in 1904 in Hamburg
to a German mother and
British father, Bill Brandt
took up photography while
recovering from tuberculosis
as a teenager, at first in
Switzerland, and later in
Vienna, where he had a
chance meeting with Ezra
Pound. It was this meeting
that led the young
photographer to Paris,
where he worked in Man
Rays studio in 1930.
Three years later he
moved to Belsize Park in
London and began taking
highcontrast images
documenting wartime
British society, including
Kensingtons Childrens
Party (right) in 1934.
After 1945, Brandt
experimented with
composition and lighting to
produce abstracted images
of nudes and landscapes,
revealing the influence of
those formative years in
Paris and establishing him
as one of the most
celebrated British
photographers of the
20th century.
Bill Brandt: Shadow and
Light is showing at MoMA,
New York, from March 6 until
August 12; www.moma.org
I
n case you havent had enough of
Brad Pitt posing as the rather
curious, somewhat haggard face
of Chanel No. 5, therell be plenty
more of him on our screens this
summer when he plays a fictional UN
employee in the film World War Z.
For those who havent seen the
trailer, World War Z is a mega-
budget, post-apocalyptic zombie
thriller that, if the reviews turn out
favourable and there are enough
rainy weekends in late June and
early July, has all the makings of a
box-office success.
If the film stays close to the
Max Brooks novel that inspired it,
audiences will be treated to a
complex, wonderfully far-fetched
geo-political romp that will delight
staffers at defence think-tanks who
spend a lot of time thinking about
various doomsday scenarios (perhaps
complete with zombies), as well as
lovers of computer-generated
sequences involving tens of
thousands of vacant-looking beings
terrorising mild-mannered citizens
in urban landscapes.
Many film pundits are hailing the
film as a welcome comeback for
zombie flicks a genre that has
been languishing in low-budget
B-grade territory since the mid-1970s.
I could almost go along with this
were it not for the fact that a)
zombie films have been doing just
fine in many corners of the world;
b) the genre is dynamic and
constantly reinvents itself; and c)
zombies are a very real threat and
are in our midst.
Thats right dear reader, you
might be smirking at this claim but
peer out beyond these pages and
survey the people in the
caf/restaurant/train around you. Of
course, everyone looks normal
enough but I can promise you
theres a very real chance that there
are at least two or three zombies
within 20 metres of where youre
sitting. Luckily for you, theres little
chance of these creatures attacking
you, as they represent a new
generation of the living dead that
has only recently been identified and
which experts are only now coming
to understand. Better yet, theyre
very easy to pick out in a crowd.
I picked up on this new strain of
zombie-like behaviour about three
years ago in the US, while ordering
a coffee at a well-known global
chain. Where once there had been
an automated smile accompanied
by a chirpy, Thanks so much and
have a nice day, now the
motionless visage was matched by
a monotone voice.
At first I dismissed this as service
fatigue but I soon noticed that this
monotone pattern of speech was
cropping up everywhere. In the
lobbies of hotels, at the end of
phone lines, in aircraft cabins and
on busy streets, flat voices without
the slightest hint of emotion were
humming in my ears. Im really
excited . . . Im really sad . . . Im so
happy . . . Im so mad . . . Im over the
moon. No matter what was said, it
sounded the same.
For a while I thought this was
perhaps a temporary phenomenon,
little more than a hangover fuelled
by too many slacker films and TV
shows. I also thought that it was
something that belonged to North
America and was highly unlikely to
go global. How wrong I was.
Just as World War Z portrays a
global pandemic that obliterates
whole nations, were now faced with
a very real problem whereby millions
of people could soon die of boredom
if theyre left in the company of
Generation F F referring to
flatliners, those twentysomethings
whove somehow been struck by a
curious ailment that has sucked all
the humour and passion from their
veins and vocal chords and rendered
them walking corpses.
When, early last year, I suggested to
several colleagues that we start
screening for flatliners during
interviews, it was met with a few
raised eyebrows but, after several
more months, there was a growing
recognition that Generation F was
a very real problem not only in the
workplace (how can you run a media
company when the next generation of
employees could all slay
listeners/viewers/clients with their
deathly boring style of delivery?) but
also for civil society in general.
With the help of a wonderful
Welsh presentation professional
weve managed to do our bit to
correct this terrible tide in our own
workplace but its clear there is an
urgent need to figure out how to get
more excitement and range into the
windpipes of millions of others who
are giving a whole new meaning to
the word drone.
Fortunately, there might be an
easy fix. Rather than expressing
emotions via a keyboard and screen
with silly symbols and exclamation
marks, Generation F needs to return
to basics. This could be as simple as
plucking up the courage to talk to
someone face to face, or picking up
the phone and having a good old
rant. Im quite convinced that
clinical evidence will soon prove
that many are in danger of
becoming terminally dull because
theyve forgotten how to express
their emotions the good old-
fashioned way. Zombies be damned.
Tyler Brl is editor-in-chief of
Monocle magazine
tyler.brule@ft.com
More columns at www.ft.com/brule
Listen out, there
are zombies about
Millions could soon die
of boredom if they are
left in the company
of Generation F
Tyler Brl
The Fast Lane
2012 Estate of Bill Brandt
4
Londons powerhouses:
the developers reshaping
the face of the capital
(Feb 23)
5
Switzerland without skis:
Lucy Kellaway returns to
MARCH 2 2013 Section:Weekend Time: 28/2/2013 - 18:33 User: higginsa Page Name: WKD18, Part,Page,Edition: WKD, 18, 1
FT | Saturday March 2 / Sunday March 3 2013 WEEKEND
P r o p e r t y I n t e r i o r s A r c h i t e c t u r e Ga r d e n s
House^Home
Road from ruin
The restoration of an
abandoned castle
Architecture Page 6
L
ondon is speckled with 850
blue plaques marking the
houses where important
men and women once lived
people whose influence
sometimes has a profound effect on
todays residents. Such as the couple
who developed a friendship with Syl-
via Plaths daughter because they
live in the house where she was
born. And a woman who sleeps in
Fred Perrys old bedroom thinking:
I wonder if he lay awake at night
looking at the same ceiling.
A window, rather than a ceiling,
reminds novelist Louisa Young of JM
Barrie. She grew up in the house
where he wrote Peter Pan and where
her mother, Elizabeth Lady Kennet,
still lives.
. . . while she was dreaming the
window of the nursery blew
open and a boy did drop on the
floor. He was accompanied by a
strange light, no bigger than
your fist, which darted about
the room like a living thing . . .
The Adventures of Peter Pan,
JM Barrie
I am standing by that window on
Bayswater Road with Louisa, who
says Barries success was an inspira-
tion. I think it helped me being a
writer. When you grow up under the
wing of it, you take it on board,
whether it comes out directly or not.
She even set one of her own books,
Star signs
plaque. Frieda had never been back to
this to place at all, she says. She
couldnt face it. But they showed her
the house around the corner where
Plath moved after she and Hughes split
up and where she committed suicide.
It was quite moving, says Vivette,
because the whole world is interested
in that story and she hadnt been able
to face it.
The unveiling wasnt an entirely
sombre affair. Vivette and Frieda had
to suppress their laughter during a
speech from someone who talked
about how Plath had spread happi-
ness. Frieda caught my eye and it
was hard not to giggle. He obviously
hadnt a clue what Plath was like.
Like Vivette, Iver Benattar, who lives
with his wife Ronnie in Fred Perrys
old house in Ealing, has also become
used to strange people standing outside
his house he has even had relatives
of the late tennis player knocking on
the door. They stop and stare at it for
five minutes, and I wonder: how long
you can read that thing?
Iver doesnt see it as a nuisance
though, more a mark of his achieve-
ment. Once a keen amateur tennis
player, he spent 16 years campaigning
for Perry to get a plaque. Hed won
Wimbledon three times while living
here, he says. He was not to be
ignored.
A kind of musical patina seems to
have seeped into the fabric of a house
Continued on page 11
My Dear, I Wanted to Tell You, in
which Barrie appears, in the house
next to 100 Bayswater.
Shortly after Louisas mother mar-
ried her father, Wayland Kennet, the
late Labour politician and peer, the
couple moved into a converted coach
house in the garden of 100 Bayswa-
ter. They later swapped places with
Waylands father and moved into
the main house where Wayland
had grown up. Operation Lear, we
called it the youngsters coming in
to take over, says Elizabeth.
An address in a more Bohemian
area of London inspired the following
lines of poetry:
London. The grimy lilac softness
Of an April evening. Me
Walking over Chalk
Farm Bridge
On my way to the tube station.
A new father slightly light-
headed
With the lack of sleep and the
novelty.
Epiphany, Ted Hughes
Ted Hughes wrote these lines in
1960, hunched over his typewriter in
the tiny hallway of their second-floor
flat at 3 Chalcot Square in Primrose
Hill. It was the year he and Sylvia
Plath had their first child. They were
happy here when Frieda was born. So
this was one of the best periods of
their lives, says Vivette Glover, a
professor of perinatal psychobiology
at Imperial College London who now
shares the house with her philosopher
husband Jonathan. It doesnt have
those associations, she says, refer-
ring to Plaths suicide, which
occurred after she moved to a house
around the corner in Fitzroy Road.
The plaque at Chalcot Square is ded-
icated to Plath alone because a person
must have been deceased for at least
20 years if they are to be honoured
(Hughes died in 1998). I dont just
think of Sylvia Plath actually, I think
of Plath and Hughes, says Vivette.
I love his poetry and I find her rather
too dark for my taste, though shes
obviously tremendously admired.
Plaths fans regularly descend on
the house. Several times a week
there are people staring at it, photo-
graphing it. She still has a tremen-
dous hold, especially over American
teenage girls. They seem to love her.
Vivette and her husband developed a
friendship with Plaths daughter after
meeting her at the unveiling of the
Nadine Shenton, owner of Richard Burtons former home Antonia Leach owns Richard DOyly Cartes old home Ivan and Ronnie Benattar own Fred Perrys former home Vivette and Jonathan Glover, owners of the flat Sylvia
Plath once shared with Ted Hughes Dan Dennison
Louisa and Elizabeth Young Dan Dennison
They stop and stare
at it for f ive minutes,
and I wonder: how
long you can read
that thing?
Following recent threats to the future of Londons blue plaques scheme David Crow
talks to a few of those who are living in houses once owned by movers and shakers
The reality of renting
Ed Hammonds view
plus world cities
Rental property Pages 3 and 5
Head of the MCC
Lording it over the home
of English cricket
At home Page 2
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:21 User: crawfordm Page Name: RES1, Part,Page,Edition: RES, 1, 1
2

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
Sir David Tang, entrepreneur and
founder of ICorrect, offers advice on
questions about property, interiors
and modern manners for globetrotters
I recently purchased a pair of Swims
from Norway. Is it proper to wear
galoshes or improper? Having my
feet dry is a luxury up there with
having heat. However there are a lot
of people who abhor the very sight
of galoshes covering up their luxury
badges!
There is nothing wrong with
galoshes even though I find anything
entirely rubbery and used as a
sheath unnatural and off-putting.
Just think of surgical gloves!
Horrible. I dont wear galoshes
mainly because I believe that a well-
made pair of shoes should be able to
cope with wetness in nature and if
its leather cracks, then thats good
old natural wrinkles. It will be a sad
day indeed if we have to start
worrying about the equivalent of
plastic surgery for shoes!
Do you have any advice for your
faithful readers who may suffer from
deipnophobia? I believe it was Nubar
Gulbenkian who said that the ideal
number for dinner was two: a diner
and a welltrained head waiter.
I dont have the fortune that he had
which made possible this solution to
deipnophobia.
Nubar Gulbenkian was indeed an
eccentric. I am always amused to
remember that while working for his
fathers company, he tried to claim
reimbursement for a $4.50 luncheon
of chicken in tarragon jelly, but was
turned down. He then sued his
father Calouste, famously known as
Mr Five Percent, as owner of the
company. He failed. (How the British
Houses of Parliament might have
run so much more efficiently if the
old man Calouste had been in charge
of expense entitlements!)
His sons legal action upset
Calouste so much that he left the
bulk of his fortune to a foundation
and only left his son a relatively
cockroach amount of a couple of
million dollars. Thankfully, Nubar
made his own fortune and indeed
famously said that the best number
for a dinner party is two myself
and a damn good waiter. But of
course this means that he dined out
rather than at home. If I had made
the same point, I would have
substituted his head-waiter with
a butler.
Sir, as a fellow Catholic, I wonder
about your thoughts on It is easier
for a camel to go through the eye
of a needle than for a rich man to
enter into the kingdom of God,
given that you are an extremely
rich man?
This famous quote from Matthew is
of course a hyperbole with which to
make the poor or the meek feel
better by emphasising that just
because someone is rich on earth,
he might find it more difficult than
the poorer ones to enter the
kingdom of God. It is a charming
image, especially if the camel was
a Bactrian with a double hump.
I certainly hope that when I kick
the bucket, I wont have to squeeze
my way through the eye of a
needle, precisely because I am not
a rich man (everything is relative),
or will not be by the time I die!
Just consider the likes of Bill Gates,
who has more or less pledged his
entire wealth to charity. I wouldnt
have thought that he would have
much difficulty entering any of
the gates of Heaven, however the
camel struggles.
Is an Lshaped sofa in a very modern
London apartment acceptable?
The main trouble I have with
L-shaped sofas per se is that they
make us believe that there is an
extra seat in the corner when it is
only an illusion! Anyone sitting in
the corner will have to have their
feet off the ground and their chin on
their knees. This is plain fraud.
I also hate the configuration of
being perpendicular in conversation:
I like to talk face-to-face looking
into peoples two eyes and not
having to concentrate on their
profiles and see only one eye.
Furthermore, the L-shaped sofa,
which I think was an invention in
the 1960s known as G-plan,
is always stuck as a combined unit
with no flexibility. Particularly
annoying is when one moves house,
the L-shaped sofa is more difficult
to adapt or deconstruct. And
particularly nasty is when they are
in cheap black leather, which
invariably overwhelms the entire
room, in sight and in odour. Even
to have one in proper white in a
minimalist sitting room of a modern
apartment is so clich: just looking
at it would be my antidote to
insomnia.
Email questions to david.tang@ft.com
Derek Brewer at his home by Lords cricket ground in St Johns Wood, northwest London Charlie Bibby
David Tang
Agony uncle
I certainly
hope that
when I
kick the
bucket, I
wont have
to squeeze
my way
through
the eye of
a needle
Galoshes and
Gulbenkian
House of Lords
The chief executive of the Marylebone Cricket Club talks to
Mihir Bose about how his banking career has helped him in
his role at Lords and the challenges ahead
D
erek Brewers home
would be the envy of most
London commuters. Its
front door opens on to the
back entrance of the
pavilion at Lords where Brewer, chief
executive of the Marylebone Cricket
Club, has his office. The house does
have a separate entrance on the road
that runs by the side of the club but it
is the inside entrance he has asked me
to come to. Compared to the hour,
hour-and-a-half journey I used to have
when I last worked in London, this is
a 30-second commute, he says.
Brewers house, which the Club
acquired in 1912, was long rented out
to Sir George Gubby Allen, the
patrician former England captain and
stockbroker who, in his lifetime, ran
Lords like a personal fiefdom. Indeed
the private entrance was built by the
Club so Allen would not have to use
the main road to access the ground.
Brewer, who is married with two
sons, is the third chief executive to
live here and, while he and his wife
also have a home in Nottingham, he is
keen to emphasise how crucial this
home is for his job. I probably have
four evening functions a week on
average here at Lords and Im often
called out late in the evening to sort
things out.
During the Olympics, when Lords
hosted the archery, the 2012 organis-
ers took over Brewers office and he
worked from his dining room for
two months. In fact, he often chooses
to work from there saying, Its a
lovely place to come. I almost look
out on the Harris Garden. I like to do
that when Ive got something compli-
cated to do.
However he makes it a rule not to
come home for lunch, worried what
home lunches may do to his figure.
I love cooking fish and I do a good
roast dinner but I have to be disci-
plined about what I eat although Ive
actually lost weight doing the job.
Brewers surprise weight loss could
have been the result of coping with
one of the gravest crises the Club has
faced since he took charge last spring.
Two days before Brewers appoint-
ment as chief executive was
announced, Sir John Major resigned
from the important MCC committee.
The former prime minister, a great
cricket lover, resigned when the com-
mittee rejected a 400m redevelopment
that would have considerably
increased the grounds capacity but
also involved large-scale development
of flats at the (northeast) Nursery end.
To add to Brewers problem, a club
with almost a Kremlin-like belief in
secrecy found that the row was front-
page news. In a letter to members,
Philip Hodgson, then MCC president,
explained that the redevelopment had
to be rejected because preservation of
Lords as a cricket ground was more
important than a windfall of cash. Sir
John, incensed that his views had
which was closer to Downton Abbey,
could never be for Brewer.
It is certainly hard to imagine
Allen displaying his cigarette-
card collection as Brewer has
done but then, for Brewer,
this is where cricket meets
family history. The collection
features some of the great
cricketers of 1938 but Brewer
is keen to highlight Ken
Farnes, a little-known former
England bowler. He bowled for
Essex, says Brewer. My father came
from Malden in Essex and always
used to tell me about Ken Farnes, and
I lived there between 1991 and 1998.
There are other cricket-card collec-
tions in the room, as well as the Wis-
dens [cricketers almanacks] that
Brewer has collected since the 1960s,
and a picture of Moseley cricket club
in Birmingham, where Brewer played
before going on to play for the War-
wickshire Second XI. His wife, Jo, is
tolerant of his passion for sport, while
his two sons are just as keen as he is,
but Brewer worries how all this will
come across to the outside world: Im
going to sound a real nerd, arent I,
when this goes out?
Then, as I admire the bust of Gubby
Allen, Brewer points to his CD collec-
tion saying, Im very keen on classical
music. I love Shostakovich and go to
the Proms and concerts a lot. There
are also books on the western isles of
Scotland. Thats my favourite part of
the world. I do a lot of walking there.
As we pause on the landing on the
way to bedrooms on the first floor,
Brewer points to a painting of Neist
Point on the Isle of Skye. The Isle of
Skye is so beautiful. It is one of my
favourite places, he says.
Not that in the year ahead the 54-
year-old will have much chance to
visit Skye. Theres a lot to do, he
says, but it could not be more excit-
ing. What a year to be doing the job,
with the England-Australia match
here in July. And weve got our bicen-
tenary in 2014 coming up.
been misrepresented and that he
was being traduced, thundered
back, I did not resign over the deci-
sion to abandon the Vision for
Lords, even though I do believe it is
a serious mistake the Club may come
to regret. I resigned due to the manner
in which the decision was reached.
Since then, elections to the commit-
tee have generated further adverse
publicity and plans for a revised rede-
velopment are still to be agreed.
While Brewer is reluctant to talk
about it, he hints at the turmoil all
this has caused saying, There are
some very strongly held views about
the ground development. It really
does attract and polarise opinion. I
have no problem with strong debate.
Brewers reticence about the future
of Lords is in sharp contrast to his
willingness to talk about his career
before he came to cricket. Given that
Brewer worked for 24 years for Nat-
West and RBS, this may seem surpris-
ing, but he is keen to set right the
image of bankers.
I was not a casino banker. In my
last role at RBS, I was the regional
director for the East Midlands com-
mercial bank. We were lending money
to businesses turning over between
1m and 20m. When I left RBS in
2005 [to take charge of Nottingham-
shire County Cricket], the share price
was high. Bonuses were small and
people earned them against specific
objectives.
He is even prepared to say of Fred
the Shred Goodwin, he was a very
bright individual. The trouble is eve-
rythings tarred with the same brush.
I find some of the comments against
the banks difficult to stomach. The
training that you got in a bank, lead-
ership training, management training,
is second to none. Ive run big teams
of people now for 20-odd years. What I
can tell you about my first nine
months here is the experience that
I found the most useful has been
the banking experience.
This is important for Brewer, as the
MCC is also a business. We turn over
between 40m and 50m. Weve got
180 staff, with all our catering in-
house. And, on a major match day, we
have probably about 1,500 [staff] serv-
ing a crowd of 28,000, the largest
cricket ground in the country. So its
a big operation to run.
We are talking in a room that Allen
called his drawing room. Brewer,
aware that he would never have the
power Allen wielded, smiles at the
description saying, it is a nice sized
living room. The way he utters the
words suggest that Allens world,
At home Derek Brewer
On a major match day,
we have about 1,500
[staff ] serving a crowd
of 28,000. So its a
big operation to run
Favourite things
Leaning against the fireplace in the
living room is the cricket bat
(pictured) with which Don Bradman,
widely considered the greatest
batsman in the game, made his
century at Lords in 1930. It came in
the second innings and Bradmans
131 not only changed the course of
the match decisively in Australias
favour but provided further proof
that the game had discovered a
batting genius.
The hall has his most treasured
possession. This is a framed
Fulham shirt presented by the
committee and staff of
Nottinghamshire County Cricket
Club in recognition of his
magnificent contribution to the
club during his seven years as
chief executive, 2005 to 2012.
Brewer was taken to Fulham as
a eightyearold by his father
and such is his devotion to the
club that he has every single
Fulham home programme since
1965. Crickets my job, he
says, football is total
relaxation. When I first went,
opposing fans sat next to each
other and people could drink in
sight of the pitch. At halftime,
you could change ends. In
those days you could walk from
the Hammersmith end right
round the riverside to the
Putney end. It has all
changed but Fulham
still has great character.
Exterior of the house
Brewers collection of Wisden
almanacks
A bathroom with book wallpaper
The kitchen
The hallway
The dining room
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FINANCIAL TIMES MARCH 2/MARCH 3 2013

3
House^Home
N
ew research into the high-
end international lettings
market reveals that rent-
ing executive accommo-
dation in so-called Old
World cities such as Paris, London
and New York can be up to four times
more expensive than in emerging cen-
tres such as Shanghai and Mumbai.
A typical chief executive managing
regional operations in a multinational
would pay 20,400 a month in rent for
a high-spec modern home with staff
accommodation in the heart of Paris.
A similar property in Shanghai would
be 4,450 a month. In London, the
monthly cost would be 19,650 com-
pared with 4,550 in Mumbai.
The high cost of renting in Old
World cities is a function of a limited
amount of ultra-prime stock with
restricted scope for growth in the
shape of new homes, says Yolande
Barnes, head of research at property
consultancy Savills and author of the
Savills World Cities Review, to be
published on March 20.
Barness analysis looks at 10 busi-
ness cities and uses real-life case stud-
ies to create three models of corporate
renter. The first is the chief executive
at a centrally-located high status
address, equivalent to a central busi-
ness district. The second is a senior
director either a relocated expat or
someone appointed locally living
with a partner or family in a prime
location. The third is an administra-
tive employee, living with a partner
and children in a modest home on the
fringe of the city.
While the high-end lettings sector
remains strong, the Savills survey has
mixed messages. Barnes says: A few
years ago almost all the cities showed
similar rental yield, around 5.5 per
cent per annum gross. Now its more
varied and its not the prime sector
but the mainstream markets where
purchase costs are relatively modest
that provide higher yields. Capital
appreciation at the prime and ultra-
prime end has led to reductions
in yields.
Across London, for example,
average rental yield is 5.2 per cent
but in prime areas such as Mayfair
and Knightsbridge the figure is just
4.4 per cent. In Singapore, the city-
wide yield is 4.1 per cent whereas in
the Central Business District it dips to
3.2 per cent.
Weaker rental growth seems to
have been concentrated in prime
areas where CEOs and some directors
are likely to live, says Barnes. The
top end of Hong Kong, Paris, Singa-
pore and Tokyo have been weak, per-
haps reflecting falls in the level of
corporate activity.
Investors rental income, however,
is much higher from prime properties:
typical rental costs for an administra-
tive employee living with their family
ranges from 2,400 per month in New

5
,6
5
0

1
3
,0
0
0
FT Graphic
World city rents
London
New York
Hong Kong
Tokyo
Singapore
Sydney
Moscow
Mumbai
Shanghai
(4.1%)
(3.5%)
(2.3%)
NN
ndo n
hai gh
eee
dney dn
bai ai
19.7
(4.4%)
20.4
(4.0%)
12.2
(2.1%)
5.4
4.6
4.5
8.9
(4.9%)
10.9
(5.2%)
9.8
(3.2%)
16.8
(6.2%)
Typical monthly rent for a chief executive at a high status address ('000)
Numbers in brackets = prime central location residential gross yield

1
9
,4
9
9

2
5
,0
0
0

2
5
,0
0
0
London (Belgravia): Knight Frank
New York (Chelsea): Halstead Property
Paris (16th Arrondissement):
Christie's afliate Daniel Fau Conseil Immobilier Hong Kong (Shek O): Savills
Moscow (Krasnopresnenskaya area): Savills
For details of pictured properties see relevant given agents websites
Source: Savills
Prime movers
International property Exclusive research from Savills shows that highend rentals in Old
World cities can cost four times as much as in emerging markets. By Graham Norwood
no longer building at a remarkable
rate and I suspect they will mirror
Old World cities, which make sure
the demand and supply of rental
accommodation are roughly aligned,
she says.
The key, according to Barnes, is for
locations to avoid being threatened by
an over-supply of homes leading to a
swift deflation of rental values.
That risk is minimal in land-
constrained Old World cities with few
opportunities to build but is, perhaps,
a bigger challenge for newer locations
tempted to create more homes to tap
the lucrative rewards of the high-end
rental market.
York to 750 in Mumbai and 300
in Shanghai.
Local factors can have a significant
impact on high-end rents as in Hong
Kong, where a 15 per cent Buyers
Stamp Duty has been introduced for
non-permanent residents plus foreign
and local companies. Kate Everett-
Allen, Knight Franks international
research analyst, says: Along with
the extension and tightening of the
existing Special Stamp Duty, this is
likely to push more would-be buyers
into rental accommodation.
Knight Frank, which undertakes its
own quarterly survey of 16 prime
world cities, says average rents have
illustrative example of how infrastruc-
ture will drive a global rental market.
Over time this will play into the
hands of New World cities, which
have space and often the funds to
improve transport, telecommunica-
tions and other links, says Savills
Yolande Barnes.
Mumbai and other new global hubs
such as Shanghai, Moscow and Syd-
ney have seen high growth for rental
accommodation in recent years and
high capital appreciation as investors
piled in but Barnes insists these are
not potential market bubbles.
These locations now behave like
big power-league cities. Several are
risen 2.7 per cent in the year to Sep-
tember 2012 but are now 13.5 per cent
higher than at their international
financial crisis low in spring 2009.
Savills says the largest rental
growth it recorded in 2012 was in a
part of Mumbai where a new metro
link cut travel times from some north-
ern and western suburbs to the centre
from two hours to 20 minutes. As a
result high-end rental values in
Andheri, an affluent suburb with
1m inhabitants, have risen by as
much as 50 per cent in just one year.
Although still very inexpensive by
the standards of most major interna-
tional cities, Mumbai is a good
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:15 User: crawfordm Page Name: RES3, Part,Page,Edition: RES, 3, 1
4

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
Megve, France, 4.8m
Where In the RhneAlpes
region of southeast France,
an hours drive from
Geneva airport.
What A newly refurbished
fivebedroom, fivebathroom
chalet, with a spa, a
swimming area lined with
black tiles, wine cellar and
double garage.
Why The property is just
a minutes walk from the
Rochebrune Telecabin, which
offers access to 445km of
pistes, as well as the Espace
MontBlanc, a huge area of
runs cut into the tree line.
Who Hamptons International,
www.hamptons
international.com,
tel: +44 20 7963 0614
Ski Lift Lodge, Northstar
Resort, Truckee, California,
US, $4.5m
Where On the northern
shore of Lake Tahoe,
half an hours drive from
RenoTahoe airport, where
there are daily connecting
flights to San Francisco,
200 miles away.
What A fourbedroom, 4,674
sq ft lodge with a spa, library
and views of the Summit
and Pacific Crest peaks.
Why The lodge has access
to the privately owned ski
lift that serves just the
50 highend properties in
Big Springs, an exclusive
neighbourhood in the 3000
acre Northstar Resort.
Who Chase International,
www.chaseinternational.com,
tel: +1 530 582 8103
Les Trois Couronnes,
Sonalon, Verbier,
Switzerland, SFr40m
(28m)
Where In the Canton of
Valais, 40 minutes drive to
Sion international airport and
two hours drive to Geneva.
What Three newly built
interconnected chalets, with
eight bedrooms and 1,300 sq
metres of living space. The
chalets are connected by a
vaulted art gallery and there
is a spa with a pool, outdoor
Jacuzzi, hammam and sauna.
Why The chalet is skiin and
skiers can explore 410km
of pistes.
Who Savills Alpine Homes
www.savills.co.uk
tel: +44 20 7016 3740
By Emma Mahony
Xalet Harlech, Erts, La
Massana, Andorra, 1.8m
Where In Andorra, on the
border of France and Spain,
near the Massana heliport
and three hours drive from
Toulouse airport.
What A fourbedroom,
furnished chalet with a
doubleheight reception room,
glasswalled stairwell and
two terraces, as well as a hot
tub and games room.
Why The chalet has
access to 89km of pistes
linked by 26 ski lifts. The
resort also connects to
neighbouring PalArinsal with
a further 63km of pistes for
all levels.
Who Abercrombie & Kent
International Estates,
www.akinternationalestates.
com, tel: +44 20 7190 7714
Hot property Skiing
Broomhall, Kilry,
Blairgowrie, Angus, UK,
549,000
Where In eastern Scotland,
22 miles from Dundee where
there are direct flights to
London City airport, and
66 miles from Edinburgh
international airport.
What A newly converted
farm that dates back to 1747,
with views over the Angus
glens and the River Isla. The
property has five bedrooms,
three of which are en suite,
and a circular drawing room
that has been created from
where the farms millstone
was housed.
Why Broomhall is 22 miles
from skiing at Glenshee, the
UKs most extensive resort,
with 22 lifts and 36 runs.
Who Knight Frank
www.knightfrank.com
tel: +44 131 333 9600
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:16 User: crawfordm Page Name: RES4, Part,Page,Edition: RES, 4, 1
FINANCIAL TIMES MARCH 2/MARCH 3 2013

5
I
was invited recently to take part
in a poker tournament organised
by a public relations firm. The
game was a natty way of getting
youngish journalists to meet their
counterparts in investment banking,
stockbroking and PR in an off-guard
environment.
I usually refuse these things out of
hand. Meeting my peers in the City
en masse is always a jarring reminder
of how things could have turned out
had I only been better at maths and
self-belief. I should have trusted my
instincts; the evening was dominated
by thrusting one-upmanship that had
less to do with who had the best
hand than it did with securing the
title of Most Important and Cleverest
Square Mile Youth 2013. The jostling
did, though, reveal one common
frustration: the desire to own a home.
In less brilliant company, this
could be better understood. But I
found myself puzzled that these
self-styled Masters of the Junior-verse
were hell-bent on home ownership,
ready to spend every penny they
had and more on something that
may yield no financial reward and
which they will probably have
to soon abandon when dispatched
to make money in some distant
corner of the non-economically
paralysed world.
Even among these sharpies, owning
is still, in spite of all the difficulties
of getting on the ladder mortgage
requirements for first-time buyers are
at their highest level for generations
the only game in town.
Britains inability to wean itself off
home ownership is perplexing. Every
other large European nation has
managed to foster a sensible market
for rented housing alongside
traditional owner-occupation. From
the sprawling ex-industrial workers
estates of west Germany, now leased
out on 30-year terms, to Switzerlands
luxury housing complexes, renting is
a professionalised mass-market
phenomenon. In those two countries,
half and two-thirds, respectively, of
all households rent. In the US, too,
renting, both short- and long-term, is
certainly within the countrys
metropolises the norm.
In contrast, renting has never been
considered a grown-up option in
Britain. Rather, it is still seen,
predominantly, as a stop-gap between
parental nest and home ownership.
This view of renting as a dissolute
middle ground has stunted the
growth of a functional market.
The country is the poorer for it.
Where continental Europeans
have an efficient rental market
stewarded by responsible and,
crucially, accountable institutional
landlords, Britons have buy-to-let: the
opportunistic lovechild of Dickensian
skulduggery and pointy-shoed
speculation.
The British rental model, if it can
rightfully be called that, is primarily
a way for the landlord to siphon
some cash from his investment
while waiting for the market to
inflate enough to flip it. In this
lies a big part of the problem. If
the homeowner is renting only as a
passing measure, the uncertainty
inherent for any tenant makes it
impossible to consider it as a
realistic long-term option any
more than they might a friendship
with a lion.
Increasingly, though, people have
no choice. Stuck between the squeeze
on mortgage lending and remarkably
robust house prices, rising numbers
of us are being forced into renting.
There are now 3.8m buy-to-let
tenants the highest number ever
and the first time people in private
rented homes have equalled those in
social housing, according to the
latest government figures.
With all this going on, now would
seem a good time for the government
to wade in and encourage a sensible,
professionalised rental market. After
all, assuming the normal course of
things, those 3.8m will otherwise
want to get on the housing ladder
and there simply are not enough
homes being built to cater for that
demand. There is also financially
credible investment appetite from
some of the countrys largest
pension funds and insurers.
Eschewing the greed for capital
growth, they like the idea of
becoming institutional landlords
because of the liability-matching
income they can make from owning
thousands of homes.
But the government wont push
for it.
There is too much vested interest
in house prices staying high.
Britains housing market is worth
5tn and the vast majority of its
personal wealth is tied in homes.
The establishment of a viable
alternative would, over time,
transmogrify that wealth from
personal to corporate. The other, and
perhaps more lofty, hurdle to
institutional renting is that Britons
are wedded to home ownership as
much because of what it says about
their status as its potential rewards.
A firm demonstration of ones
importance in the world, as my poker
companions showed, often matters
more than quietly playing the hand
that makes most financial sense.
Ed Hammond is the FTs
property correspondent
More columns at
www.ft.com/perspective
ed.hammond@ft.com
Continental
Europe has
an efficient
rental
market . . .
Britain has
buytolet
Ed Hammond
Perspective
Chris Rice
Rentals: the
5tn bluff
House^Home
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:16 User: crawfordm Page Name: RES5, Part,Page,Edition: RES, 5, 1
6

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
I
t is an unspoiled Tuscan valley
where the wayfarers path is
obscured by wild orchids. In the
distance rises Monte Amiata,
the volcano sacred to the Etrus-
cans. And in the midst of this land-
scape stands Castello di Potentino.
Until 13 years ago the fortress had
been abandoned for nearly a century.
It still had the soaring towers, crum-
bling fireplaces and oversized door-
ways that rarely exist outside chil-
drens books.
With written evidence of its exist-
ence dating back 10 centuries, Poten-
tino has historical value but fell into
ruin during the first world war when
the owners fled and local people began
to seek shelter within its walls. The
latest squatters, in the 1960s, were
farmers who used the formal renais-
sance rooms to house cattle. By the
time Charlotte Horton and her family
found the castle in 1999, one of the
towers was on the brink of collapse
and vegetation was growing inside.
Napoleonic codes of inheritance,
under which property is fragmented,
created the first obstacle in the project
to buy and restore the castle.
Potentino was owned by 22 individu-
als and it took a year of negotiations
before the family bought it for 1m.
The restoration cost three times that
amount. Any work on an Italian herit-
age building is heavily regulated but
exempt from tax, in recognition of the
fact that private investment is in the
national interest. There is little public
money available for such projects.
We have many abandoned build-
ings and we want to give information
on the web to find new buyers, even
strangers, because the most important
thing is to save these ruins, says
Riccardo Lorenzi, a senior architect at
Ministero per i Beni e le Attivit
Culturali, which is responsible for
listed buildings.
However, the ministry can dictate
specifications down to the materials
used or insist the shape of a window
is preserved. You can change use but
you cannot change the meaning of a
building, says Lorenzi.
An architect with relevant experi-
ence must be hired and detailed plans
submitted. Potentinos owners brought
The road from ruin
Architecture Years of careful work restored a dilapidated castles former glory. By Avantika Chilkoti
Tuscan tiles had mostly survived.
These were removed, the beams under-
neath tied with iron braces in the tra-
ditional way and the utilities fitted.
Potentinos wiring and pipework fol-
low convoluted routes and need thick
insulation to minimise energy loss as
hot water gushes from the heart of
the fortress to its extremities. For the
utilities to cross the lower courtyard,
workers lifted the stone paving and
dug into the hard earth to create
arteries for the pipes and wiring.
To complicate matters further, the
area surrounding Potentino is of
archaeological value. An extra layer
of bureaucracy was added as a repre-
sentative of the office responsible for
archaeological heritage came to watch
over the excavation but no treasures
were unearthed.
With the utilities fitted, the tiling
could be replaced, treated with acid
and linseed oil, and sealed with wax.
For the walls, the original earth pig-
ments that would have been used cen-
turies ago were applied over white-
wash. On the faade the plaster had
washed away but a traditional appear-
ance was crucial. A new layer of plas-
ter mixed with yellow sand was added
to create the right colour.
As each section of the castle was
completed, the furniture was re-
instated. Much had been stored in the
chapel and the main apartment,
which was filled to the ceiling. The
removal men also faced a challenge in
Potentino, bringing in items such as
pianos and dining tables with a medi-
eval ramp and sheer brawn.
Throughout the three years of work
there was an emphasis on restoration
rather than renovation, so Castello di
Potentino exists today as it did
centuries ago. Modern conven-
iences have been fitted but
Horton says, its used very much
as it would have been. Even
now, the rooms in use change
with the seasons. The sections of
the castle with fireplaces were
originally used in winter and
that arrangement remains
practical today, with the
cooler spaces functional
in summer. Its still a
proper fortress, she says
proudly.
Guests can stay at the
castle: www.potentino.com
with methods and materials explained
in detail. Before submission, von Sch-
weinichen took the plans to the local
authority and office for listed build-
ings to hear their views. But once
work begins, some changes are inevi-
table. When you make an alteration
to the plan, the authorities have 60
days to reply and the comune has one
or two months to reply; thats four
months in total, he says. They could
ask for clarification even after that.
With the project approved, 10 men
spent nearly three weeks clearing the
rubbish from inside the castle. Next
the scaffolding went up and a crane
was brought on site for two years.
The structural work was first on the
list as the roof was fragile and the
rainy season looming. The tiles were
removed temporarily and a layer of
concrete put in place, along with a
waterproof membrane. Inside, most of
the original chestnut and oak beams
could be saved. The wood was injected
with fortifying cement wherever water
The restored Castello di Potentino written evidence of its existence dates back 10 centuries. Charlotte Horton, below right Working on the roof
was creating rot, and metal joints
were placed around cracks. Where
beams couldnt be salvaged, substi-
tutes had to be sourced using the same
wood and traditional rounded shape to
meet regulations.
During the renovations Horton and
two friends were camping in the
castle, with tarpaulin for a
roof and bubble wrap mas-
querading as windows.
One evening there was an
awful storm and the tarpaulin
began to blow off. The attic
was knee-deep in water and
the floor was going to fall
through with the weight. One
friend climbed 30 metres up on
to the top of the roof and tried to
tie the tarpaulin, while the other
bucketed freezing cold water
out of the windows, she says.
Before work could begin on
the interior, the floors across
the rest of the property had
to be repaired. The original
The restored sitting room
in Bolko von Schweinichen, an Italian-
German architect with local contacts.
I have done many such projects and
most of my clients arent Italian, he
says. In some areas there is a bad
reaction that all this is in the hands of
foreign people. I think that is very
stupid. The building is staying here
and they are saving a lot of things.
Plans for Potentino were drawn up
FINANCIAL TIMES MARCH 2/MARCH 3 2013

7
House^Home
H
ow did a budding Ameri-
can theatre director
make her way from Chi-
cago to Prague in 1993,
set up her own business,
and put down long-term roots?
Nancy Bishop belonged to a number
of storefront theatre groups small
companies performing in unusual
venues such as shopfronts and indus-
trial spaces in Chicago during the
late 1980s.
At the time I was directing The
Memorandum, one of Vclav Havels
plays, and many of us, young artists
in the theatre, were signing a petition
to get Havel released from prison.
The cold war was a constant backdrop
in that period, but I must say I
was barely aware of Czechoslovakia
until we started to read about Havel,
says Bishop.
After the fall of the Berlin Wall,
Bishop began to make contact with
Americans who had settled in Prague.
In 1993 Black Box Theater, an
English-language theatre company
based in Prague, invited me to direct
a play there. When I got to Prague, it
just seemed too interesting to leave. I
directed a succession of plays and
eventually took over as artistic direc-
tor at Black Box.
In the first half of the 1990s Prague
attracted an influx of young western-
ers who were drawn to the citys
atmospheric old town, extensive cul-
tural offerings and reasonable rents.
Meanwhile many Czechs were try-
ing to find their feet in an emerging
market economy and deciding on the
direction their country should take.
On 1 January 1993, in the so-called
Velvet Divorce, Czechoslovakia dis-
solved into the Czech and Slovak
republics.
Bishop created a successful busi-
ness in what was close to the perfect
storm of an appealing urban land-
scape, relatively low wages, and long-
standing know-how in film-making
and post-production.
Setting up as a casting director
seemed to Bishop like a logical step.
Because I was the artistic director of
a theatre company, I knew a lot of
actors. By 1995 or so, Prague was
becoming a prime shooting location
for many international productions,
including American studio films.
Nowadays Bishops main input in a
feature film or a made-for-television
Expat lives Chicago to the Czech Republic
Ready for a closeup
Prague is the ideal location for an American casting director. By Nick Foster
each other, and have to drive to get
anywhere or meet someone. In
Prague, there is the opportunity just
to go out at the last minute and meet
friends at a pub or caf without any
forward planning, says Bishop.
I can also take my dog anywhere.
Sometimes it appears that Czechs like
dogs more than they like people and
Leni always gets served first. She
even comes to the theatre with me.
Shes seen at least three different ver-
sions of Hamlet.
For Bishop, home is a period apart-
ment in the Vinohrady district, 10
minutes walk from Wenceslas Square.
The unit has high ceilings, original
hardwood floors and a south-facing
balcony overlooking a cobbled street.
I have flower boxes and a table out
there where I eat breakfast on summer
days. But Im the only one in my build-
ing who uses the balcony. Im told that
this is another vestige of communist
times when people were paranoid, and
sometimes for good reason, about their
neighbours spying on them.
Bishop shares the virtually univer-
sal gripe of North American expats in
Prague about the unsmiling service in
some shops, and misses the proximity
to the ocean of her native New Eng-
land. Back home, its also much sun-
nier. Central Europe has very grey
weather, says Bishop. But she has
taken up the local pastime of hiking
in the uplands and wooded valleys of
Bohemia and, like many Czechs,
drinks the sulphurous water that bub-
bles from the springs at Karlovy Vary
during her annual visit to the towns
international film festival.
Is Bishop in Prague for the long
haul? I tried to leave Prague on sev-
eral occasions, she says, but each
time I returned . . . Franz Kafka wrote
to the effect that Prague is like an old
crone, she doesnt let go.
drama is to identify scenes and roles
that can be cast on location, as well as
auditioning and contracting actors.
She has kept her business base in
Prague but now works across much of
Europe and books actors in the US,
notching up credits on Mission: Impos-
sible Ghost Protocol and The Bourne
Identity among other productions.
Starting a business in a fledging
market economy with only a rudimen-
tary knowledge of the local language
(today, Bishop describes her Czech as
functional, I still make quite a few
grammatical errors) was always
likely to be an uphill struggle.
Things have improved but when
I first arrived, Czechs often didnt
Nancy Bishop with her dog Leni in Wenceslas Square, Prague Bjrn Steinz
really see that business could be done
to the benefit of both parties. When
cutting a deal, I used to find quite a
few situations where Czechs were
more interested in ripping you off
once rather than ensuring you would
come back again, says Bishop.
I started to get used to a different
way of negotiating sometimes it
involved bringing a bottle of rum
to meetings.
Bishop has also had glimpses of life
under the communist system: In a
building where I was renting an office,
I was driving out of the courtyard on
one occasion, and the woman at recep-
tion told me that they would be check-
ing my trunk when I left the following
day because they were changing the
heating system. I couldnt figure out
what one thing had to do with the
other. Later my assistant explained to
me that under communism, Czechs
would take every opportunity they
could get to score something off the
state, so they assumed that people
who worked in the building would be
stealing the radiators.
Bishop stays in the Czech capital as
much for the lifestyle as for the cast-
ing opportunities on her doorstep.
I can walk out of my home and go
shopping the old-fashioned way, at
street vendors, butchers, bakeries,
vegetable shops and farmers markets.
Most Americans live isolated from
Buying guide
Pros
Pragues dining scene has improved
and diversified in recent years
The historic city centre was made
a Unesco World Heritage Site in 1992
Cons
Despite Pragues popularity with
Russian investors, its property
market is stagnating after the
average price for secondhand
apartments fell 4.6 in 2011
Although violent crime is rare,
visitors often fall victim to pickpockets
What you can buy for . . .
100,000 A studio flat in a
renovated period building within
walking distance of the old town
1m A 200 sq metre, threebedroom
duplex apartment in a prime position
close to Charles Bridge
Sometimes it appears
that Czechs like dogs
more than they like
people and Leni always
gets served f irst
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:27 User: crawfordm Page Name: RES7, Part,Page,Edition: RES, 7, 1
8

FINANCIAL TIMES MARCH 2/MARCH 3 2013
Channel Islands
England
England
Morocco
England
PropertyGallery
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England Uruguay
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9
Switzerland
France Monaco USA
Switzerland France
Property Gallery
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France
Italy
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10

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
Southwold
Saxmundham
Aldeburgh
Snape
SUFFOLK
Nort h
Sea
10 km
T
he Borough in the English
composer Benjamin Brit-
tens Peter Grimes is a
bleak place. Based on part
of a poem by George
Crabbe, the 1945 opera opens with the
titular fisherman being questioned
over the death of his apprentice in a
storm. Acquitted in the eyes of the
law, Grimes remains socially outcast
by his small-minded fellow townsfolk.
Though never named, The Borough
is generally understood to be
Aldeburgh, a small town on Englands
Suffolk coast, where Crabbe, and later
Britten, lived.
Grimes and his weathered neigh-
bours would scarcely recognise the
gentrified Aldeburgh of today.
Though you can still buy the catch of
the day from fishermens huts on the
shingle beach, the town now resem-
bles an upmarket seaside resort more
than a fishing village. Aldeburgh sits
north of Orford, with its medieval cas-
tle, and south of Southwold, with its
listed lighthouse and colourful beach
huts. Together they are considered
the jewels of Suffolks heritage coast,
and are deservedly popular with Lon-
doners looking to buy a second home.
Outside the school holidays, when
the town swells with families, Alde-
burgh and its surrounding area is
characterised by an unlikely mix of
pensioners according to the 2011
census, 43 per cent of full-time of resi-
dents were over 65 and younger art-
ists and creatives. Lots of people that
I know [who] were living in
Shoreditch have all suddenly ended
up living in Suffolk, the former
Young British Artist Gavin Turk has
said. These include Sarah Lucas, who
left London for the Suffolk farmhouse
where Britten lived at the end of his
life, another ex-YBA Abigail Lane and
the painter Gary Hume, who has a
studio in Suffolk.
The areas rich cultural history has
long been a draw. In 1948 Britten and
his life-long partner, tenor Peter
Pears, established the world-
famous Aldeburgh Festival of Music
and the Arts. The first performances
took place in local churches and halls,
and are now hosted in a former Victo-
rian maltings converted into an ele-
gant concert hall at Snape, a 10-
minute drive from Aldeburgh. The
Festival takes place in June, but there
are concerts all year round. This year
there are special events to mark Brit-
tens centenary this year, including a
performance of Peter Grimes on Alde-
burgh beach.
Second homes make up roughly a
third of Aldeburghs residential prop-
erty and certainly dominate the top
end of the market. Two and a half
hours from central London by car,
Aldeburgh has a community feel
despite the prevalence of holiday
homes, thanks to the lack of
commuters (its too far to London and
coastal property. According to
Savills, prices for Suffolks prime
coastal property (the top five per cent
of the market) fell 0.7 per cent in the
past year, compared to 2.3 per cent for
the wider south of England. Buyers in
Aldeburgh tend to be British rather
than wealthy internationals, because
the town is low-key.
Theres much to recommend this pic-
turesque place. Running parallel to the
beach is the pretty High Street of
painted fishermens cottages, one of
the countrys best fish and chip shops
and a community-run cinema estab-
lished in 1919. There is also a 16th-
century Moot Hall, where the town
council still meets, and a Napoleonic-
era Martello tower. Set back from the
town centre is the Red House, once
home to Britten and Pears and now
to the Britten-Pears Foundation, due to
reopen in June after restoration work.
folk as a whole have fallen by 1.7 per
cent since 2007.
The very best properties have
not fallen in price though there
are very few of them, even in Alde-
burgh, says Peter Ogilvie of Savills.
The further you move from the ultra-
prime positions, the more of a nega-
tive effect the downturn has had on
Aldeburgh beach. House prices in the Suffolk town have risen more than 90 per cent over the past 10 years 4Corners Images
Knodishall Place is for sale with a guide price of 2.5m
Follow the music
In Benjamin Brittens centenary year,
Griselda Murray Brown visits the
Suffolk coastal town
that the composer
called home
the train line was closed in 1966 under
the Beeching cuts).
House prices in the town reflect
such demand: they have risen by
more than 90 per cent in the past 10
years, and have proved robust even in
the downturn, increasing by more
than 20 per cent in the past five years.
By comparison, property prices in Suf-
Suffolk house prices
Sources: Knight Frank Residential Research; Land Registry
Indices (rebased) Suffolk
England and Wales
2006 07 08 09 10 11 12
90
100
110
120
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FINANCIAL TIMES MARCH 2/MARCH 3 2013

11
Situated in an Area of Outstanding
Natural Beauty, Aldeburgh has plenty
to offer for families and retirees. The
golf course is one of the best in Eng-
land; there are tennis courts in the
town and at nearby Thorpeness; and
the yacht club, founded in 1897, runs
sailing courses in the summer.
The properties in Aldeburgh most
popular with second-home buyers
are the small fishermens cottages on
the High Street and the Victorian
family houses on Park Road and Pri-
ors Hill Road. The former, which are
ideal for couples or young families
looking for a weekend bolt-hole, start
at about 300,000; the latter, which
are more scarce and much sought
after, go for anything from 1m. A
small proportion of homes are bought
as buy-to-let investments, though
Ogilvie says that isnt a driver in
the market.
in Hampstead. Antonia
Leach, an opera enthusiast
who is a trustee of the
Hampstead Garden Opera,
nominated one of her
heroes for a blue plaque
after learning that Richard
DOyly Carte, the opera
impresario, had lived in
her house.
I was very, very excited
when I realised that there
was a genuine link. I
really did believe that he
was a deserving cause.
A true evangelist for
DOyly Carte, she reels off
his many achievements,
which include the pairing
of Gilbert and Sullivan
and the opening of the
Savoy hotel.
Like many of the blue
plaque homeowners I
meet, her link to DOyly
Carte goes beyond the his-
torical facts; finding out
that they shared an
address prompted her to
recall her own early expe-
riences of opera.
I felt so connected. Dur-
ing the time that I was
waiting to hear back from
English Heritage, my par-
ents came across an old
programme of Trial by
Jury [the Gilbert and Sulli-
van opera] with me in it as
a teenager. I remember
feeling actually rather shy
and embarrassed.
Professional affinity also
links Nadine Shenton, who
lives in Hampstead in a
house once owned by actor
Richard Burton. Both
began their careers at the
Royal Shakespeare Com-
pany, although she went
on to be a voiceover artist
rather than a Hollywood
superstar. Is she jealous?
Its lovely that another
thesp has lived here. But I
dont think anything has
changed when it comes to
actors who are truly tal-
ented. There always seems
to be a shortcoming in
their lives which means
they spiral out of control,
she says, citing Burtons
drink problem and his tor-
tured relationship with
Elizabeth Taylor. It takes
a very strong person to
Continued from page 1 deal with fame. I dont
think Id be great at han-
dling success.
English Heritage, the
organisation that awards
blue plaques, says the 140-
year-old scheme will sur-
vive despite recent fears
for its future, although it
will have to cope with
less government funding.
It has been temporarily
closed to new nominations.
These intriguing connec-
tions with some of the UK
capitals most influential
people will become harder
to trace if there are fewer
blue plaques in the future
but it wont make much
difference to Londons
soaring property values.
Richard Gutteridge, an
estate agent at Savills who
marketed a flat in Oscar
Wildes blue-plaqued
house in Chelsea for
1.1m, says owners of such
homes should not expect a
premium for history.
The value of a property
has much more to do with
the quality of the interi-
ors. Some of these plaques
are for people who died
some time ago, and many
foreign buyers have never
heard of them.
Elizabeth Young, who
has kept the Edwardian
interior at Bayswater road
much as JM Barrie would
have had it, scoffs at such
talk and is keen to stop
her house being sold to
someone who would
install a spam-coloured
marble bathroom.
Mum is obviously not
going to live forever so
weve got to work out a
practical solution, says
her son Thoby.
The idea that Ive been
working on is that we find
somebody to simply buy
the house, secure its
future, and then allow us
to run it and administer it,
but in a much more open
way, basically throw it
open to the public. He
says 10m should cover it.
English Heritage isnt
the only one short of
funds.
David Crow is a
companies news editor
Star signs
North Gable is for sale at 900,000 The Moot Hall in Aldeburgh dates back to the 16th century and is still used for town council meetings 4Corners Images
house has six bedrooms and comes
with wooded gardens and grounds,
a tennis court, summerhouse and
paddocks. It has a guide price
of 2.5m.
Less than 20 miles up the coast
from Aldeburgh is Southwold,
another picturesque historic town
favoured by second-home owners.
Savills is selling the four-bedroom
ground floor flat of a house overlook-
ing Southwold beach, with a guide
price of 920,000.
According to the guidebooks of the
time, holidaymakers first came to this
strip of the Suffolk coast in the
19th century for its clear and
healthy air and the excellence of its
water. Though property prices are
steep, Aldeburgh, Southwold and the
surrounding area continue to attract
those looking for tranquility close
to London.
Buying guide
The number of properties sold in
Aldeburgh dropped from 69 in 2011
to 59 in 2012.
Aldeburgh has an average high
of 21C and an average low of 3C.
August is the wettest month, with
a monthly average of 2mm of rain.
Crime in the area is categorised
as low, with an average of 80
reported incidents a month.
Aldeburgh has the secondhighest
life expectancy in the UK, according
to a study by actuarial firm
Towers Watson.
This year marks the 60th
anniversary of the devastating 1953
East Coast Flood, which claimed 50
lives in Suffolk. Flood risk remains:
in July 2012 basements were flooded
in Aldeburgh and nearby Leiston.
What you can buy for . . .
500,000 A threebedroom period
cottage on the High Street with
sea views
1m1.5m A fivebedroom
Victorian house with large garden
and river views
East Anglian estate agent Bedfords
is selling Oriel Cottage, a recently
renovated three-bedroom fishermans
cottage on the High Street, for
450,000. As for larger properties,
Flick & Son is selling North
Gable, an attractive bay-fronted house
on Crag Path, a desirable address on
the edge of the beach. With five bed-
rooms and sea views,
it is on the market for 900,000.
At the top end, Savills is selling
a light and spacious new-build
close to the High Street with
river views. It has four bedrooms
and three bathrooms, and is selling
for 1.1m.
Just outside Aldeburgh, Savills is
selling Knodishall Place, an old rec-
tory with a detached three-bedroom
cottage, three miles from Saxmund-
ham (whose train station has services
to London via Ipswich). The main
House^Home
Benjamin Britten in the 1960s CameraPress
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12

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
H
enry VIII was a corpu-
lent and despotic mon-
arch who went to any
lengths to get rid of his
numerous wives. This is
how he appears in Hilary Mantels
Man Booker Prize-winning novels,
Wolf Hall and Bring Up the Bodies,
which show Henry as a vital young
man who becomes increasingly blood-
thirsty in his desperation for a son.
However, a new exhibition at
Londons Victoria and Albert
Museum reveals another side to
Henry. In between hunt-
ing and waging war,
he was a keen collec-
tor of art and tapes-
tries, and used dis-
plays of precious
objects to transmit
messages about his
countrys power.
One aspect of the
exhibition, Treasures
of the Royal Courts,
which opens on
March 9, focuses
on the majesty of
the Tudor court
and includes displays
of armour, textiles,
Sense of
majesty
Heritage A new exhibition gives a
masterclass in the art of showing off.
By Kate WatsonSmyth
portraits and silverware. One of the
items on display is a geometrically
inlaid chest, which was kept at Non-
such Palace in Surrey, and is believed
to have been inspired by European
print designs.
At the time of Henrys accession to
the throne in 1509, England was a
marginal nation on the edge of Europe
and the new king wanted to take cen-
tre stage. So he set out on a
campaign of self-aggrandise-
ment, building palaces to house
his collections of furnishings
that, along with the royal
jewels, numbered some
17,000 items at his
death in 1547. He
employed the Ger-
man painter Hans
Holbein the Younger
to create a full-
length portrait of
himself for White-
hall Palace in Lon-
don, which was
designed to abash
and annihilate all
who saw it.
Henry used his
palaces as part of a
campaign to make
greater claims for the
power of England than
could really be justified at
the time, says Suzannah
Lipscomb, historian
and author of A
The Great Hall at Hampton Court Palace Historic Royal Palaces/Robin Forster
Stained glass in the west window of
the Great Hall, Hampton Court Palace
Stag in the Great Hall, Hampton Court
Nonsuch chest, c1600 Victoria and Albert Museum
A copy of Hans Holbeins
Henry VIII, c1537
Walker Art Gallery, National Museums
Liverpool/Bridgeman Art Library
courts, bowling alleys and 60 acres of
formal gardens. The kitchens alone
covered 36,000 sq feet. But it was the
Great Hall that was the most impres-
sive. It took five years to complete and
Henry was so impatient for it to be
finished that he ordered masons to
work through the night by candlelight.
Walls were hung with tapestries
stitched with real gold and silver
thread, the floors tiled in green and
white (the colours of the Tudor livery)
and the ceiling painted in golds, reds
and blues. Persian rugs and portraits
added to the opulence, along with crys-
tal clocks and ornate carved furniture.
There were canopies and cushions and
wax candles imported from Venice.
Visitors Companion to Tudor England.
The idea was that international visi-
tors would see his lavish court full of
wonderful tapestries and think, If he
can afford to spend that much on a
wall-hanging imagine what he could
spend on a battleship.
By the time of his death, the king
had around 55 palaces, including Non-
such, now gone, St Jamess and
Whitehall. But the most spectacular
was Hampton Court Palace, a gift
from Cardinal Wolsey, which he spent
some 62,000 (equivalent to about
18m today) rebuilding and extending.
When completed, Hampton Court
was the most modern and magnificent
palace in England. There were tennis
Property
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Scotland
Switzerland
England
Interiors
Interiors
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FINANCIAL TIMES MARCH 2/MARCH 3 2013

13
Such lavish displays of wealth were
designed to show Henry as a true Ren-
aissance king; a skilled jouster, diplo-
mat, lawmaker, patron of the arts,
builder and musician. Lucy
Worsley, chief curator
at Historic Royal Pal-
aces, says: It was all
about conspicuous con-
sumption. Wax candles
were very expensive it
was [like] burning
money and only the
richest could afford to
do that. The poor
had to make do
with tallow can-
dles, which were
made from animal fat and they
smelled terrible.
Henry even had running water for
his bath, she adds. Water was chan-
nelled from a hill about two
miles away. As it travelled
down it built up pressure,
which meant it could then
be forced up a lead pipe
and out of a tap into the
bath, which was round,
wooden and lined with a
cloth to prevent splinters.
At the time of his death,
Henry had amassed one of
the largest ever collec-
tions of tapestries, nearly
2,500, a number that
underscores the importance of this
work as both art and propaganda.
Clare Browne, the V&As curator of
European textiles, says: It can be dif-
ficult to appreciate how opulent the
palace interiors would have appeared
because the fragments that survive
are mostly worn and faded from their
original brilliance . . . [The tapestries]
were not the only textiles on display.
Henry had rugs imported from Persia
and Turkey, although only he was
allowed to walk on them.
One of his most famous tapestries,
an eight-piece work, telling the story
of Abraham, cost as much as one of
his battleships (he spent 700 on the
Mary Rose and the Peter Pomegranate,
the first two purpose-built warships.
In 1534, 90 per cent of the population
lived on an income of less than 20 a
year). Abraham was a significant
choice as he conceived a son aged 99
and the implication was that Henry,
too, would eventually give birth to a
male heir.
Patrick Baty, a historical paint con-
sultant and heraldry expert, says it
was all clever PR: Henry ordered
heraldic carvings and motifs to be
added wherever possible to remind
people not only that his favourite wife
was Jane Seymour but also that she
belonged to one of the most important
families in England.
By emphasising this, he was also
trying to make people forget about his
own slightly shaky royal lineage. It
was the Tudor equivalent of putting a
corporate logo everywhere.
Indeed, Henry, who did not come
from a long line of kings, made con-
stant efforts to remind his subjects and
foreign nations of his power. Henry
VIII was fully aware of the importance
of magnificently furnished settings to
assert his majesty, says Browne.
Treasures of the Royal Courts:
Tudors, Stuarts and the Russian
Tsars, at the V&A, runs from March
9 to July 14, www.vam.ac.uk/treasures
Henry VIII was known to
have owned several
tapestries similar to Esther
Approaching Ahasuerus
(1500-25, Brussels), which
is included in the V&As
exhibition
Victoria and Albert Museum
By the 1980s, Britains Roberts
Radio company was struggling. Its
traditional, boxy transistor sets were
no longer fashionable in a world that
desired hi-tech, sleek appliances.
But in 1989, an advertisement for
Martini featured a red Roberts radio
in the background. Suddenly the
phone started ringing never mind
the Martini, people wanted to know
where they could buy the radio.
Dick Roberts, son of the companys
founder, Harry, made a limited run of
500 radios to see if they would sell.
They sold out. He ordered another
1,000 units, and these too sold out.
The Roberts Revival edition indeed
revived the companys fortunes.
Harry Roberts went into partnership
with Leslie Bidmead in 1932 and they
founded the Roberts Radio Company,
selling Bidmeads motorbike for the
down payment on a small factory.
The two men cemented their
partnership when they married
sisters Doris and Elsie Hayward.
According to the current chief
executive, Leslie Burrage, the
trademark style of the original radio,
later re-issued as the Revival, was
inspired by Elsies handbag.
Dick Roberts died in 1991, two
years after commissioning the first
Revivals. There was such
momentum by that stage that we
carried on, says Burrage. We did
10,000 and introduced new colours
Windsor green and royal blue. Then
Jaguar, Mulberry and Paul Smith all
contacted us about making limited
editions in their signature colours and
fabrics. We made the digital Revival
DAB, and so it went on.
The Revival now comes in 12
colours and last year, to mark the
companys 80th anniversary, it was
issued in a glossy new casing. Its
all come as a surprise to Burrage:
If you had asked me back in 1994
how long the Revival
would last, I
would have said
it was good
for a couple of
years at most.
Kate
Watson-
Smyth
Design
The Roberts
radio
House^Home
Great Watching Chamber at Hampton Court Palace
Historic Royal Palaces/Robin Forster
Henry VIII installed the vaulted ceiling of Hampton Courts Chapel Royal in 1535-36
Historic Royal Palaces/newsteam.co.uk
Detail of Chapel Royal Historic Royal Palaces/Andrew Holt
Details of the Great Hall at
Hampton Court Palace
14

FINANCIAL TIMES MARCH 2/MARCH 3 2013
House^Home
A
t a time when the archi-
tectural mantra for city
landscapes seems to be
build em high, then
build em higher, its easy
to become blas about skyscrapers.
For every Jin Mao Building, theres a
Taipei 101, and for every Shard theres
a Burj. The skyscrapers of the natural
world, our trees, pale into insignifi-
cance when it comes to a straight
fight on height. Dubais Burj Khalifa
is 829m high. The tallest known tree
in the world a coast redwood named
Hyperion comes in at just over 115m,
roughly the same height as Mukesh
Ambanis 27-storey Billion Dollar
Home in Mumbai, and Centrepoint,
one of Londons first skyscrapers.
As giddying as skyscrapers can be,
to stand in the presence of the living
giants that comprise the Californian
redwood forest is to experience a dif-
ferent kind of wonderment. Perhaps
the most accessible place to see large
numbers of mature coast redwood
(Sequoia sempervirens) is Muir
Woods. Just 12 miles from San Fran-
cisco, across the Golden Gate Bridge,
this 226 hectare designated national
monument represents a tiny but
important fragment of the old-growth
redwood forests that once covered an
estimated 2m hectares of the western
seaboard of North America.
Leaving the freeway, the approach
to Muir Woods is by narrow and wind-
ing rural roads. The woods range over
hills that form ravines and canyons,
and which serve to emphasise the
soaring scale of the redwoods. The
trees at Muir are nowhere near record
breakers the tallest is a little under
80m but they are still massively
impressive. Their arrow-straight
Secrets of
the forest
giants
Landscape Muir Woods in California makes
it easy to experience the wonder of mature
redwood trees, writes Matthew Wilson
President Theodore Roosevelt and John Muir (to
the presidents left) in Yosemite, 1903 Getty Images
of the trees, some of which is
absorbed through the leaf while the
bulk falls to the ground as fog drip.
Year-round streams run through
many of the ravines, providing fur-
ther moisture and helping to keep the
shaded glades cool.
Coast redwoods and their close
cousins the giant sequoia (Sequoia-
dendron giganteum) are extraordinary
trees. Redwoods are the tallest living
organisms on earth, as tall as 10 Lon-
don buses parked end to end. The
giant sequoia are the largest organ-
isms on earth by volume and weight
(mycologists have grounds to dispute
this but its hard to look up to a
fungus) and the largest, named Gen-
eral Sherman, would need at least 35
fully grown blue whales to balance
the scales. Mature trees typically are
1,800-2,200 years old, some even older.
Muir Woods, where densely packed redwood trunks seem to form architectural columns, giving rise to names such as Cathedral Grove Getty Images
trunks seem to form architectural col-
umns, giving rise to names such as
Cathedral Grove. Footpaths follow
the contours of the ravines, in some
places formed from decking timbers
raised up on stilts to ensure that the
visitor experience is a gentle one, not
hardcore woodland trekking.
As well as sequoia, there are
tanoaks (Notholithocarpus densi-
florus), California bay laurel (Umbel-
lularia californica) and bigleaf maple
(Acer macrophyllum), all of which are
equipped to cope with life in the shade
of the big redwoods. The bigleaf maple
has, unsurprisingly, a very big leaf to
absorb every possible ray of sunlight.
The California bay laurel has an
incredibly strong and wide-spreading
root system that enables the plant to
lean towards sunlit glades without
toppling over, and the tanoaks leaf
The entrance of Muir Woods Alamy
structure is adapted to absorb and
photosynthesise lower light levels.
The conditions at Muir Woods are
ideal for the coast redwood to thrive.
The soil is humus-rich brown loam,
slightly acidic and well drained, partly
due to the sloping topography. The
coastal location means the thick
Pacific fog for which San Francisco is
notorious rolls through the trees as
the comedian Eddie Izzard noted:
They dont tell the tourists about the
weather in July and August. The fog
is vital to the flora of the Californian
coast as it provides moisture during
the driest times of the year. In July
and August, the average rainfall is
little more than 3mm, and a mature
redwood can consume well over 100
gallons of water a day from the
ground. During these arid months fog
accumulates on the combined canopy
FINANCIAL TIMES MARCH 2/MARCH 3 2013

15
House^Home
During these centuries the trees will
have lived through countless forest
fires, and this is where the genius of
the redwood shines. The bark is very
thick, fibrous and rich in tannins,
while the heart wood lacks resin.
These factors, combined with foliage
growth that usually starts a long way
off the ground, makes the redwood a
hard tree to burn down. After the
great fire that swept through San
Francisco in the wake of the 1906
earthquake, it was recorded that red-
wood lumber-framed buildings, with
redwood exterior finishes, played a
significant role in limiting the spread
of the fire. In the wild, the aftermath
of a forest fire means the redwood can
score again. The newly cleared
ground, enriched with ash, makes the
perfect seedbed for redwood seedlings
to grow rapidly they can make 20m
writer and activist. Muir wandered
and lived in the wilderness of Canada
and California where he formed
strong views about the value of pure
preservation over conservation with
the sustainable use of resources. Muir
was hugely influential he helped
persuade President Theodore Roo-
sevelt of the importance of a national
park system by spending the day
walking in Yosemite together, before
camping under the stars.
Muir Woods was saved by congress-
man William Kent, who bought one of
the last remaining redwood forests in
the Bay area, Redwood Canyon, to
preserve it from logging. When the
local water company sought to dam
Redwood Creek and destroy the can-
yon, Kent sidestepped the action by
giving the forest to the federal govern-
ment. When Roosevelt suggested nam-
ing the newly designated national
monument Kent Monument, the con-
gressman insisted it be named after
Muir in recognition of his work in
establishing the national park system.
Today the future is brighter for the
coast redwood and giant sequoia. New
plantations are being made and man-
aged. Botanists and conservationists
are finding out more about the oldest
trees and discovering new giants in
the woods; Hyperion was only discov-
ered in 2006 in a remote forest in
northern California, and its location is
still secret. The largest coast redwood
by volume, the Lost Monarch, was
only found in 1998.
Muir Woods, with its comparatively
small size and proximity to San Fran-
cisco, is not the wild wilderness that
John Muir sought to preserve. But if
you cant make it to Sequoia National
Park or one of the other redwood
parks, it is a wonderfully easy way to
marvel at the giants of the forest.
Matthew Wilson is managing director
of Clifton Nurseries in London
How to grow redwoods
As in the wild, redwoods enjoy
slightly acidic, nutrient rich, loamy
soil that is moist but well drained.
Young trees have the classic
coniferous shape of a Christmas tree.
Its only as they get older that the
lower branches fall and the beauty of
the clear stem and fissured bark
becomes apparent.
These are emphatically not trees
for small or medium-sized gardens.
Partly because of their size, but also
their scale. As impressive as a 10 or
15 storey-high tree might be, in
anything less than a couple of acres
it will look ridiculous.
The growth habit of redwoods is
usually a single straight trunk with no
secondary leaders. This means they
really cant be pollarded not
without totally destroying the look.
Redwoods start producing seed
from around 15 years old, bearing
male and female cones. The female
cones contain very small, winged
seeds, but the viability rates are as
low as 20 per cent. Sowing in volume
is advised to raise just a few plants.
Vegetative propagation from
cuttings isnt impossible but they
dont always transplant well. Take tip
cuttings from young plants for the
best chance of success, and to avoid
the need for a very long set of
ladders to gather the cutting material.
Record breakers: how redwoods
shape up around the world
Redwood seed began to make its
way into Europe from the early
1800s, with a surge of interest from
the mid 19th century.
The oldest tree outside the US is
in Italy, at Villa Sammezzano, planted
in 1816.
Stourhead has the oldest tree in
the UK (1845) and the thickest
(7.22m) and third-tallest trees outside
the US. (40.50m). There are notable
redwoods at Kew Gardens,
Wakehurst Place and at Benmore in
Scotland, where there is also an
entire avenue of giant sequoia.
The Palace Hotel of Bussaco in
Portugal has a 52m specimen, with
Germanys oldest, thickest and tallest
at Exotenwald
Weinheim
arboretum.
There are
notable trees in
most of the
European
botanical
gardens, and a
good collection
at Ballarat
Botanical
Gardens in
Australia.
Rae Lakes on the John Muir Trail in Kings Canyon National Park, California Alamy Sequoia National Parks trees reach
even taller heights than at Muir Woods
Water flows through Redwood Creek in Muir Woods, 2011 Redux/Eyevine
in 20 years free from competition
from slower growing plants.
The fire-retardant qualities of red-
wood lumber, along with its light
weight, resistance to decay and
beauty, led to high demand for the
wood with trees felled at an astonish-
ing rate. In a little over 50 years, 95 per
cent of the 2m hectares of forest had
gone. There was little in the way of
protection or replanting programmes.
Its impossible to predict if the log-
ging would have continued until the
very last redwood fell. Places such as
Muir Woods were saved in part
because the topography made it
harder to reach, fell and log the trees
but by the 1880s there was rising
concern for Americas wilderness.
The redwood forests found their
most vociferous champion in John
Muir, a Scottish-American naturalist,
Getty Images
16

FINANCIAL TIMES MARCH 2/MARCH 3 2013
Rubbish
planting
Gardens Use buckets and metal dustbins to
grow summer fruit, says Robin Lane Fox
W
hat is the new fashion
which will be pro-
moted at us in the
next six turbulent
months? It looks as if
it will be plants for food, grown safely
away from soil level in pots. I approve
of this move wholeheartedly. It is one
which this column has been endorsing
for several years and although my
own results have been mixed, I can
see how they could easily be better.
The RHS is backing a new book on
the topic, Grow Your Own Crops In
Pots. The author, Kay Maguire, is a
dashing Kew-trained blonde, formerly
the horticultural editor of Gardeners
World magazine and a keen cook. She
knows what she is talking about,
although she ends with a few pages
on edible flowers. Do you ever eat
those bits of blue-flowered borage
which sometimes find their way into a
second glass of Pimms? I like the lay-
out, the bullet points and the range of
her book. It is ideal for all those peo-
ple who say that they would like, in
principle, to have a garden, but only
have a bit of a balcony or a backyard.
Fruit and vegetables in pots are the
answer to their aspirations. They suc-
ceed more often than not and give you
one of lifes supreme pleasures, home-
grown fruit and vegetables which you
have personally controlled all the way
into the food chain. There is no risk
you will be eating somebodys once-
beloved horse.
I recommend an experiment this
year with fruit. Do not be seduced by
exotics such as peaches or lemons
which need a long, humid growing
season if they are to be much good
outdoors. Begin with three old favour-
ites which have given me such pleas-
ure: raspberries, strawberries and
gooseberries. I would add metal dust-
bins to Maguires list of basic kit.
They are deep containers which are
cheap to buy or recycle and so long as
you punch a hole in their bottoms,
they are excellent hosts for taller
choices like raspberries and runner
beans. I first saw their potential in the
garden of the late ingenious designer
David Hicks. He used painted dust-
bins as flowery containers on areas of
gravel. We both remarked how we
liked the effect of the fluting on the
dustbins sides. They seemed so
whacky at the time but now they
deserve to be mainstream. In a
dustbin you can grow very good
raspberries, so long as you
remember to water them freely.
My personal favourites are the
autumn-fruiting varieties which
have transformed the raspberry
calendar in recent years. I rec-
ommend the variety Autumn
Bliss, a welcome lift in late September
when everyone else is trying to
offload their excess apples. Remember
one important tip. Summer-fruiting
raspberries must be cut back immedi-
ately after fruiting as they fruit next
year only on the growth they make in
the rest of the previous season. If you
cut them back now, as if they are
herbaceous plants, you will ruin this
years crop. Autumn-fruiting raspber-
ries do the opposite. They fruit on the
new seasons growth and are easy to
fit into a spring schedule. Cut them
back now when they go into their
dustbins and they will fruit well in
September.
Gooseberries are better in a big pot
as they need less depth of soil. I econ-
omise by buying the cheapest super-
market sort of terracotta-coloured pot,
made of extruded plastic. Do not
worry about the frightful rosy colour,
at us, like flat cones of ice cream.
Dustbins are also ideal for growing
my personal favourites, first-class
runner beans on long beansticks. I
never understood why the great gar-
dener Christopher Lloyd dismissed
runner beans as acid and glossed
over them when he recycled himself
as a gardener-cook. I enjoy mine all
the more each August as an answer to
his prejudice. The plants need to be
damp to do well in big pots, so I begin
by mixing water-retaining gel into
rich soil before I plant them out.
When they flower, spray the flowers
with a fine spray of plain water to
encourage them to set beans well.
Like the birds, I prefer the red-
flowered varieties, of which Red
Flame is one of the best. There is
plenty of time to organise this years
crop. Runner beans should not be
sown until late April as their young
plants hate a cold night when they
first go outdoors.
Last year I had excellent strawber-
ries in old buckets. It is such a joy not
to have to worry about strawing them
and it is always a pleasure not to
crawl down on hands and knees in
order to pick them. I packed too many
into one bucket, so this year there
will be outlying buckets too. The only
horse-product which will come near
then is rotted manure from the local
Olympic dressage stables.
Maguire has a section on metre-
square planters, but the square-foot
style of gardening became famous
first in America. One of its apostles is
Mel Bartholomew, who took to it
when he retired in 1975 from his
career as a consulting engineer. Why,
he wondered, do we cultivate so much
bare ground between and around our
vegetables, as indeed we did at the
time? He took up square-foot garden-
ing, packing a rich compost with ver-
miculite, not perlite, and protecting it
behind a big square box of wooden
planks, set on their lengths at ground
level. He subdivided the squares and
planned the density which each sec-
tion could contain in rotation. His
book All New Square Foot Gardening
has sold more than 2m copies and an
adapted version, Square Metre Gar-
dening, is now available in paperback
from Frances Lincoln in the UK. It too
has a healthy mistrust of ordinary soil
at ground level.
Both Bartholomew and Maguire
omit a crucial question in my country
life. Do badgers jump? Somehow my
resident old boar gets his paws into
high-sided buckets. He scuffles around
and knocks them over after ruining
the young beans. I believe badgers
love raspberries too but they cannot
reach mine in a tall dustbin. Round
lesser pots and buckets I now wind
strands of barbed wire to teach Brock
a lesson. Paws Off would be a valua-
ble addition to these two books which
are otherwise well up with fashion.
mixed in with the strained gooseber-
ries and left to cool. It is then
mixed in with beaten cream and sugar
and left to set as a sort of ice-cream.
The other recipe is even easier, good
old gooseberry fool, the neglected win-
ner of English summer puddings. It
was the only such English summer
option which the great Elizabeth
David ever thought able to stand up
to the best of the French. It delights
and puzzles younger lunchers
nowadays if they have grown up in
towns and missed it, thanks to their
urban mothers. Last year it was
impossible to buy fresh gooseberries
in supermarkets when the elder trees
were thrusting their heads of flower
Punch a hole in their
bottoms, and deep
containers are excellent
hosts for raspberries
and runner beans
House^Home
Gooseberries Marianne Majerus
Strawberry Flamenco plants with rosemary,
golden marjoram and basil GAP Photos
A dustbin planted
with rhubarb
Clive Nichols
it is easily covered with tasteful
Farrow & Ball paint. Unfortunately
gooseberries in bins are still prone to
their deadly enemy, the sawfly, even
when far above ground. It will strip
off all their leaves in a few days and
ruin the crop. Check the plants for
caterpillars in April but somehow I
never find them all. When the goose-
berries then fruit, remember two sub-
lime recipes. One is the combination
of stewed and sieved gooseberries
with an infusion of liquid from the
heads of flower on wild elder bushes
in our hedgerows. About 10 heads of
elderflowers should be heated in a lit-
tle water and then strained to
remove the petals. This liquid is
Raspberries GAP Photos
MARCH 2 2013 Section:Weekend Time: 27/2/2013 - 16:21 User: crawfordm Page Name: RES16, Part,Page,Edition: RES, 16, 1