WORLD BUSINESS NEWSPAPER

FRIDAY 20 FEBRUARY 2015

UK 2.50 Channel Islands 2.80; Republic of Ireland 3.00

Spains Syriza

The decline of Opec

Punk Tories

Podemos rides Europes

anti-austerity wave BIG READ, PAGE 9

Alan Greenspan: Saudi pricing power has

ceded to US shale COMMENT, PAGE 11

Janan Ganesh on conservative

values in art NOTEBOOK, PAGE 10

Berlin throws out Trojan horse

bailout conditions from Greece
3 Rejection follows reversal from Athens 3 Ministers to face off today in Brussels
PETER SPIEGEL BRUSSELS
STEFAN WAGSTYL BERLIN
KERIN HOPE ATHENS

i Centrica cuts dividend to protect rating

Centrica shares fell 8.3 per cent after the British Gas
owner cut its dividend for the first time to try to
protect its rating as falling oil and gas prices led to a
35 per cent profit drop. PAGE 15; LEX, PAGE 14;
LOMBARD, PAGE 20; MARKETS, PAGE 29

i May puts British values on visa agenda

Home secretary Theresa May put forward a plan in
which overseas visitors seeking to work, study or
attend business meetings would have to show they
respected British values. PAGE 2

i German train drivers under attack

Athens chances of finding itself without

an EU financial backstop in a week will
come down to a bitter face-off in Brussels today between the Greek and German finance ministers, after Berlin
rejected a Greek request to extend its
172bn rescue by six months.
The rebuff came hours after Yanis
Varoufakis, the Greek finance minister,
reversed his governments long-held
promise to kill the current bailout by
submitting a letter to his fellow ministers formally requesting the additional
time and vowing to bring the programme to a successful conclusion.
But the letter, obtained by the Financial Times, said his request was subject
to finding mutually acceptable financial and administrative terms. This,
Berlin told its partners, was one of a
series of clauses amounting to a Trojan
horse designed by Athens to change the
conditions it must meet to receive
7.2bn in aid available for finishing the
bailout.
The German finance ministry said the
terms in the Greek letter were aimed at
bridge financing without fulfilling the
demands of the programme.
According to an official briefed on the
talks, Germany took an even harder line
in a pre-eurogroup meeting of finance
ministry deputies, calling on Athens to
submit no more than a three-sentence
letter requesting the extension, promising to complete the programme and
committing to negotiating any changes
with bailout monitors.
Eurozone officials said they believed
the differences could be bridged, noting
Jeroen Dijsselbloem, the Dutch finance
minister who chairs the eurogroup of his
18 counterparts, decided to hold todays
meeting in Brussels rather than by teleconference because of the need to forge
a compromise.
A senior US Treasury official said it
was important for there to be some

Rail strikes could cost Germany half a

billion euros, industry leaders
warned, as new stoppages were
announced in a dispute that critics
say shows the power of tiny unions to
cripple the country. PAGE 7

i Electric car battery maker sues Apple

Apple is being sued by an electric car battery maker
for poaching its best high-tech staff, in further
evidence of the iPhone makers plans for a big push
into the vehicle market. WWW.FT.COM/COMPANIES

i Kiev accused of cutting gas to rebels

Pro-Russian rebels in east Ukraine accused Kiev of
cutting off supplies of natural gas to them amid subzero temperatures, opening a new crack between
Ukraine and Russia. WWW.FT.COM/WORLD

i Walmart bows to pressure on low pay

Walmart is to spend $1bn to boost the wages of half
a million low-paid workers, as the biggest private
sector employer in the US responds to disquiet over
income inequality. PAGE 15; GARY SILVERMAN, PAGE 18

i Sim card group probes spy theft claims

Gemalto, the worlds largest maker of Sim cards, is
probing whether its encryption keys have been
stolen by US and UK spies, allowing them to snoop
on mobile phone communications. PAGE 7
Greek premier
Alexis Tsipras,
right, and
finance minister
Yanis
Varoufakis in
parliament in
Athens this
week Louisa
Gouliamaki/AFP

compromise on all sides and for some

toning down of the rhetoric.
One person briefed on the talks said
an earlier version of the Greek letter was
more in line with German demands to
agree to all aspects of the current bailout, with limited flexibility to negotiate its terms. But the Greek government
said that it would not revise its letter,
arguing that the eurogroup had just two
choices: accept or reject the Greek
request. This will show who wants to
find a solution and who doesnt, said a
Greek official.
Germanys rejection of the Greek
request cut short a market rally in

Greece that had pushed short-term borrowing costs close to a month-low.

In his maiden address to parliament
as prime minister two weeks ago, Alexis
Tsipras vowed not to accept an extension of the bailout, insisting the new
government was elected to end its
economic and financial strictures.
Without access to EU bailout funds,
eurozone officials fear Athens could run
out of cash next month, forcing it to
either cut spending on salaries and pensions or default on debt payments. The
end of the EU programme also means
Athens loses 10.9bn in aid for banks.
In a sign of EU concern about the

Greek banking system, the European

Central Bank governing council
approved only 3.3bn in new emergency funding to Greek lenders even
though the Bank of Greece had
requested 10bn earlier in the week.
Some members of the council believe
that if a solution is not agreed by the end
of the week, the ECB might have to
review the solvency of Greek banks. The
approval of the latest increase lasts for
two weeks, but the lending programme,
Emergency Liquidity Assistance, can be
reviewed at any time.
Reports page 7
Global Overview page 29

Bankers stunned by watchdog review

into anti-competitive practices and fees
LAURA NOONAN, CAROLINE BINHAM
AND MARTIN ARNOLD

Lenovo under fire over

adware vulnerability
Lenovo, the worlds largest computer
manufacturer, has been forced to
disable controversial software that left
its laptops vulnerable to hacking.
Superfish was billed as a free visual
search tool but the adware contains a
big security flaw that hackers could
exploit to eavesdrop on a users web
browsing behaviour, computer experts
said. Users have been complaining
since September.
Report i PAGE 16

The Financial Conduct Authority yesterday announced a review of investment and corporate banking, invoking
new powers that could force banks to
stop selling products and be more
transparent about how they charge
clients.
However, the investigation into possible
conflicts of interest and anti-competitive practices is unlikely to lead to an
overhaul of the industry, experts say
and some of its intended beneficiaries
question whether it is needed at all.
Bankers professed to be stunned at
the potential intervention into activities
worth 10bn annually, even though the
FCA began an initial review of wholesale
banking markets last July.
Their collective organisation the BBA

said Londons wholesale market was

already one of the most competitive in
the world.
We are not at this stage saying
there is definitely a problem here, were
saying theres enough to cause us to
look more closely, said Christopher
Woolard, director of strategy and competition at the FCA, adding that the
market was so important it merited
scrutiny.
Wholesale banking is an important
part of the UKs economy, serving companies and investors looking for loans,
advice, trading services and investment
banking products such as currency
swaps. London is also home to a large
international wholesale banking hub.
Mary Starks, who heads the FCAs
competition unit, said the authority did
not have structural reform clearly in
our sights and had not reached a view

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STOCK MARKETS

CURRENCIES
Feb 19

S&P 500
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THE FINANCIAL TIMES LTD 2015

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0 8

on whether it was too hard for new

entrants to launch.
The Confederation of British Industry
said the FCA had not consulted it about
the investigation. Members are not
exactly banging down our door about
the need for a competition inquiry in
this market, it said.
Swaths of the wholesale banking market fall under the reviews initial scope,
including the equity capital markets
that companies use for share sales,
equity and foreign exchange trading,
research, deposits, treasury and transaction banking and advisory.
The FCA will announce its focus areas
in the spring. One item likely to feature
is the way banks bundle products,
such as loans and revolving credit agreements, with more expensive services.
Banking probe page 3
Lex page 14

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0.28 per $

0.738

0.735 per

1.356

prev
0.880 US Gov 10 yr
0.647 UK Gov 10 yr

price

yield

chg

99.32

2.08

0.00
-0.03

108.09

1.83

1.360 Ger Gov 10 yr

135.553 135.366 Jpn Gov 10 yr

101.18

0.38

0.00

99.15

0.40

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183.743 184.073 index

90.729 89.906 US Gov 30 yr
0.64 per
87.341 87.654 $ index 100.897 100.766 Ger Gov 2 yr
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1.079 1.072 SFr per
1.463 1.458
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0.71 COMMODITIES
Fed Funds Eff
Feb 19
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106.26

2.69

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100.58

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Data provided by Morningstar

Datawatch
Concern over misuse of
personal data
Share of respondents concerned (%)
0

20

40

Germany
Spain
France
Sweden
UK
Italy
Portugal
Poland
Source: Eurobarometer published Feb 2015

60

Perhaps in light
of 2013s
revelation that
the NSA hacked
their
chancellors
phone,
Germans fear
the misuse of
their online
personal data
more than any
other EU
nationality

FINANCIAL TIMES

Friday 20 February 2015

NATIONAL
Border controls

May plans British values pledge for visa applicants

Home Office proposals
form part of strategy to
counter extremism
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT

Overseas visitors seeking to work, study

or attend business meetings in the UK
would have to demonstrate they
respected British values, under Conservative proposals to make this commitment an integral part of any visa
application.
The plan put forward by the home

secretary, Theresa May would form

part of the governments strategy on
countering extremism. A draft report,
seen by the Financial Times, suggests
strengthening border controls to prevent the entry of foreign nationals who
may seek to radicalise others.
We want to make clear to those seeking to visit, work or study in the UK, and
those granted protection, that they need
to abide by and respect British values
throughout their stay in this country,
the document reads. We will make
British values an integral part of applying for a visa.
Ms May is attending US president

Barack Obamas summit on violent

extremism in Washington DC, convened in response to the terrorist
attacks in France, Denmark and Libya
this year. The UK is already entrenched
in a domestic debate about how to deal
with extremism, which intensified following the murder of Fusilier Lee Rigby
by jihadis two years ago.
In the wake of this attack, outside an
army barracks in southeast London,
Downing Street set up a cross-government task force to look at ways of curbing all forms of extremism, violent and
non-violent, within Britain.
So far, the Home Office visa proposals

have been circulated to a cabinet subcommittee on extremism chaired by

David Cameron. Liberal Democrats in
government have already expressed
horror at the plans, which one senior
official branded a ridiculous idea.
The Tories talk a good game about
the global race and then come forward
with preposterous ideas like this, which
is completely at odds with the Britain we
want, thats tolerant and open for business and trade and investment, the Lib
Dem official said. This just isnt a proportionate response. He added that his
party had made its opposition to the visa
plan known quite vocally.

Conservatives in the Home Office

confirmed they were developing a new
extremism strategy but said they
would not comment on work that was
ongoing.
It is not yet clear how ministers would
enforce British values within the visa
rules, but the extremism task force has
previously defined them as democracy,
the rule of law, individual liberty and
mutual respect and tolerance for those
with different faiths and beliefs.
Haras Rafiq, managing director of the
Quilliam Foundation, an anti-extremism think-tank, expressed concern that
the proposal was just not do-able. Do

we get into the realm of thought police?

he asked. Thats just not something
that should be done in a liberal, secular
democracy. We should be focusing on
protecting the UK from those people
who want and are able to do us harm.
Mark Hilton, head of immigration
policy at the business lobby London
First, also voiced dismay at the potential
deterrent effect on students and business people. He added that it would
undermine recent Home Office moves
to simplify the visa rules for business
visitors. This would just reverse the
good work that the government has
already done, Mr Hilton said.

Election countdown

Unions and business spend 15m in race to fund two main parties
KIRAN STACEY AND GAVIN JACKSON

Trade unions and City financiers have

poured money into Britains two major
parties, as the most closely contested
election in a generation looks set also to
be the best funded.
Figures released yesterday show both
Labour and the Conservatives enjoyed a
major financial boost in the final three
months of 2014, with donors giving a
total of about 15m to the two parties.
Over the whole of last year, parties
received nearly 66m in donations, a 31
per cent increase from 2009, the last
pre-election year.
Katie Ghose, chief executive of the
Electoral Reform Society, said: The
arms race in election spending is intensifying, with damaging implications for
our democracy.
The organisation published a report
earlier this week renewing its call for
party funding reform, saying that over
two-thirds of voters believe political
donors can buy knighthoods and other
honours.
Ms Ghose added: We urgently need a
proper cap on campaign spending to
stop this race to spend the most among
the parties, alongside a donations cap to
take the big money out of our politics.
Talks on imposing such a cap have
repeatedly broken down, with Labour
arguing that union donations should not
be counted as single payments which
might fall foul of such a measure.
The data for the last quarter of 2014
also show how both parties are heavily
reliant on a certain type of donor, with
the Conservatives bringing in much of
their money from the City, while Labour
received nearly 5m from trade unions.
Trade union money made up nearly
70 per cent of the donations to Labour.
At the same point in the last parliament,
the proportion was closer to 40 per cent.
The Conservatives rely on donors who
made money through financial services,
taking in about 1.5m in the final quarter from people and companies involved
in a range of businesses.
The surge in funding from very different types of donors also reflects the
increasing ideological gap between the
parties. Ed Miliband has shifted the
Labour party to the left, and while big
trade unions are unhappy about his
decision to match Tory spending plans
for the first year of the next parliament,
they remain major backers.
Meanwhile, City firms are increasingly concerned about Labours plans to
shake up the banking industry and to
charge a windfall tax on bankers
bonuses, and many are now supporting

Comparing coffers
Top 10 Labour donors Q4 2009

Top 10 Labour donors Q4 2014

1,010,000

Nigel Doughty

Unite
Unison

1,000,000

Lord David Sainsbury

PwC 386,605

396,093

GMB

CWU 212,115

Ronald Cohen 250,000

Lord Oakeshott 170,000

CWU 126,186
38% from
unions

Co-operative Party 100,443

Saatchi & Saatchi Group 77,968
Edward Izzard 54,300

Share of total
donations above
50,000 (2009)

5m

Labour 81%
Tories 60%

Top 10 Conservative donors Q4 2009

David Rowland 748,000

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7m

Martin Taylor 101,600

70% from
unions

Labour 84%
Tories 51%

Top 10 Conservative donors Q4 2014

Michael D Gooley 500,000
JCB Research 341,501

John Sainsbury 500,000

Lord Glendonbrook 334,000

Mark JC Bamford 400,000

IPGL and Michael Spencer 368,850

Lord Michael Farmer 326,500

David J Rowland 322,700

Lord Glendonbrook 335,000

Lycamobile UK 255,250

Focus on Scotland 316,000

James R Lupton 254,300

Michael Farmer 274,000

Ian R Taylor 251,450

Lord Philip Harris and Harris Ventures 265,200

National Conservative Draw Society 257,104

National Conservative Draw Society 250,000

Alexander A Fraser 200,000
Parties only have to declare donations above 7,500

FT graphic. Source: Electoral Commission

Eurosceptics call
Donor warns Miliband on
need for EU referendum
One of Labours biggest donors has
warned the party it risks losing the
general election if it does not offer a
referendum on Britains membership of
the EU.
John Mills, right, has said Labour
leader Ed Milibands decision to rule out
such a vote could cost the party a
significant amount of support in what is
likely to be a close election in May. Mr
Mills, who has long advocated Britain
leaving the union, was speaking at a
conference organised by eurosceptics
to discuss the best way for the UK to
stage an exit.
He said: I have heard rumours that

there is a majority of people in the

shadow cabinet who are in favour of
having a referendum.
Im sure one of the reasons for this is
concern about whether refusing to have
a referendum is going to lose Labour
votes in what is going to be a very tight
election. I think it certainly will and this
is . . . one of the major reasons why,
from a tactical and strategic
point of view, it is in the
Labour partys interests to
have a referendum some time
between 2015 and 2020.
Mr Mills, the founder of the
JML consumer products
company, has given the party
1.7m since 2005,
most of which
was granted in
the form of

shares in 2013 a donation that

attracted criticism for minimising tax.
The businessman has long opposed
Britains membership of the union, and
was the election agent for the campaign
against Britain joining the European
Economic Community in 1975. He said:
The Labour party was very split then.
What was agreed was that each side of
the Labour party could make
speeches and campaign for what
they thought was right. My guess
is that something like that will
happen again.
The only realistic way of
making this felt is to let everyone
campaign in the way they
want to do so . . . I
think the unions
will probably be
split as well.

Separately, Mr Miliband reaffirmed his

opposition to setting an arbitrary date
for a referendum as he challenged the
prime minister to outline his strategy for
achieving reform in Europe and tell the
public what side he would campaign on
in the event of a plebiscite.
In a letter to David Cameron, the
Labour leader said British businesses
needed certainty to plan ahead. You
should not expect to get through the
coming election without letting
businesses and voters know the details
of a plan which risks jobs, exports, and
inward investment, Mr Miliband wrote.
You have still not given any more
than the broadest of hints what reforms
you want, how you expect to achieve
them, or what people would be voting
on in a referendum. Kiran Stacey and
Helen Warrell

We need a proper cap on

campaign spending to stop
this race to spend the most
Katie Ghose, Electoral Reform Society
neur who defected from the Conservatives last year. Mr Banks has promised
to give 1m before the election.
Northern and Shell, which publishes
the Daily Express and is owned by Richard Desmond, a former Labour donor,
gave the anti-Brussels party 300,000.
The company incurred a tax bill of
225,000in2013 onprofitsof35m.
Even the Liberal Democrats received
a funding boost in the fourth quarter,
bringing in just over 3m in donations,
much of which came from Brompton
Capital, which is owned by the entrepreneur Rumi Verjee.
The Scottish National party was the
one major party not to report higher
donations, as registered gifts slumped to
almost zero after the independence referendum. The party, which is hoping to
take dozens of seats from Labour in the
general election, recorded just over
5,000 in the final quarter of the year.
Editorial Comment page 10

Voting model

Forecast suggests dead heat in seats for Labour and Tories

Labour and the Conservatives are
heading for exactly the same number
of seats in the general election, according to the latest prediction from the
Populus polling company.

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Ecotricity Group 120,000

Share of total
donations above
50,000 (2014)

KIRAN STACEY AND HELEN WARRELL

Number One Southwark Bridge,

London SE1 9HL

1,219,870
Usdaw 436,403

Unison 403,914

A private bank unlike

any other.

FINANCIAL TIMES

1,433,339

GMB

874,984

Unite (Amicus and TGWU)

1,498,768

the Conservatives. Many of those donating to the party work for hedge funds,
which have received a tax break from
the coalition government.
But the data have also renewed the
row over tax avoidance, with several of
the Conservatives major donors having
talked openly of the measures they take
to minimise their payments.
Three of those who gave the Tories
money in the past three months of 2014
were clients of HSBCs private bank,
which has been accused of helping customers avoid and evade tax.
Labour was also criticised for accepting financial support from PwC, the consultancy firm, which has funded
researchers for several members of
Labours shadow cabinet, including Ed
Balls, the shadow chancellor.
Margaret Hodge, the Labour chairman of the Public Accounts Committee,
has previously attacked her own party
over accepting such donations, having
accused the company of promoting tax
avoidance on an industrial scale.
The UK Independence party appears
to have recovered from the dip in funding it suffered during the third quarter
of 2014, when it took in less than
100,000 in donations.
Ukip received 1.5m during the
period, 600,000 of which came from
Arron Banks, the insurance entrepre-

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Populuss model, created in conjunction

with Hanover, a public relations firm,
predicts the two big parties winning 273
seats in May, while the Scottish National
party surges to 48 seats.
Its election prediction says Labour is
much more likely to form the next government, because it has a bigger choice
of potential coalition partners. The SNP
and other smaller parties have ruled out
a post-election deal with the Tories.
The figures reinforce a prevailing
view that the May election is unpredictable, with Tories failing to take a steady
lead over Labour, despite better economic news, including strong growth,
rising wages and falling inflation.
Charles Lewington, managing director of Hanover, said the prospect of a
coalition of leftwing parties would
worry City companies. He told the
Financial Times: Labours policies on
investment banking will only be rein-

forced by potential partners such as the

SNP. These parties already vote with
Labour on banking policy, so dont
expect them suddenly to pull Labour
back. If anything, we could expect the
smaller parties to push them to go further particularly when the next government starts to implement any policy
changes the Financial Conduct Authority recommends following its wholesale
markets review.
The model used by Populus also
incorporates constituency-level polls, a
round of which gave the Conservatives
some comfort yesterday.

The surveys commissioned by Lord

Ashcroft, the Tory peer, showed his
party still ahead of the UK Independence party in four Ukip target seats,
although by relatively small margins.
In Castle Point, Essex, where Nigel
Farage, Ukip leader, launched his
partys election campaign last week,
Ukip is just one point behind the Tories.
This represents a 21.5 per cent swing
away from the Tories.
Two other seats showing a surge of
support for Ukip were Boston-Skegness,
where the party is three points behind
the Tories with an 18.5 per cent swing,

Nigel Farage kicks off Ukips election campaign in Essex Peter Macdiarmid/Getty Images

and South Basildon and East Thurrock,

where it is six points behind the Conservatives with a 16 per cent swing.
Of the four Ukip target seats scrutinised by Lord Ashcroft, only one
showed the Conservatives maintaining
a commanding lead. In North East Cambridgeshire, David Camerons party is
still 21 points ahead of Ukip.
Chris Bruni-Lowe, Ukips head of
campaigns, described the polling as
very encouraging and showing that
local candidates were making great
progress against incumbent MPs. All
over the country our candidates are taking the fight to the Westminster establishment, said Mr Bruni-Lowe. And
looking at these polls, [Ukip candidates]
look set to create a number of upsets.
Analysis of voters in all four constituencies showed 61 per cent of Conservative-Ukip switchers stated that an overall Tory majority was their preferred
election outcome. Almost a third of all
those planning to vote Ukip wanted to
see a Tory majority, and 13 per cent
wanted to see the Tories leading a coalition. By comparison, nearly one in four
Ukip voters said they would prefer
Labour to have an overall majority.

Friday 20 February 2015

FINANCIAL TIMES

BANKING PROBE

Investment banks face baptism of fire

after City watchdogs opening salvo

Bundled debt

Gap emerges
between big
and small
companies

Sector enters uncharted waters as FCA review prepares to put long-established practices under the microscope

MARTIN ARNOLD BANKING EDITOR

LAURA NOONAN, CAROLINE BINHAM
AND MARTIN ARNOLD

Under scrutiny

At a few minutes past seven yesterday

morning the Financial Conduct Authority fired a warning shot at the investment banks that tower over its Canary
Wharf offices.
The FCA announced plans for its first
investigation into commercial and
investment banking, a market worth
10bn a year that the watchdog believes
may be affected by conflicts of interest
and anti-competitive practices.
That is unbelievable, one banker
commented on hearing the news. If
anything, there are too many people
still in investment banking, so I would
say there is too much competition.
Retail and small business banking
faces even tougher scrutiny and is
already the subject of a full investigation
by the Competition and Markets
Authority. But for investment banks,
the experience was a new one.
Whats at stake for banks is that
some long-established practices which
have not previously been considered by
the authorities may now be put under
the microscope said Adrian Magnus, a
partner specialising in competition at
law firm Berwin Leighton Paisner, who
has recently worked at the FCA.
The scope of the FCAs review suggests
the banks will have a baptism of fire.
The reality is less daunting. This is a
first cut of the issues, Mary Starks,
director of competition at the FCA, said.
The second phase will be more
focused, ideally there will be three or
four or five questions we want to get
answers to.
Five staff at the FCA will narrow down
the issues, although they will call on
other colleagues periodically, so there
will usually be a dozen people working
on the project.
They will be discussing markets dominated by some of the worlds biggest
banks, such as JPMorgan, Barclays,
Goldman Sachs, HSBC and Bank of
America Merrill Lynch, companies that
together employ hundreds of thousands
of people.
The FCAs announcement left many
business lobbyists scratching their
heads. The British Bankers Association
said: Banks compete vigorously for
new clients every day and we believe
that the market in London is one of the
most competitive in the world.
One question likely to make the FCAs
final cut is whether investment banks
should be allowed to continue to bundle their services such as research,
trade execution and borrowings. Large
groups such as Deutsche Bank have
made a virtue of being a one-stop shop
for companies and investors banking
needs.
The FCA fears that this bundling
makes it harder for customers to judge
whether they are getting value for
money. Ms Starks said the FCA had also
heard complaints that the bundling culture made it harder for entrants that
could not offer a full suite of products.
Simon Hunt, a London-based partner
at PwC, said the UK was not dissimilar to
other investment banking markets.
Banks approach their clients in the
same way as other organisations do.
They sell them some things at a loss so
they can sell them other things at a
profit.
Another concern is the way the markets for new debt and equity work. The
FCA noted that investment banks often
had discretion over who bought the debt
and equity, and could have incentives to

Top five UK investment banks

The regulator
We are not at this
stage saying there is
definitely a problem
here, were saying
theres enough to
cause us to look more
closely

The business group

Members are not
exactly banging down
our door about the
need for a competition
inquiry in this market

The banker
[It] is unbelievable.
If anything, there are
too many people still
in investment
banking, so I would
say there is too much
competition

By share of total UK fees (%)

2008
JP Morgan

7.5

UBS

7.4

RBS

6.4

Bank of America
Merrill Lynch

6.1

Goldman Sachs

5.6

2014

9.5

JP Morgan
Barclays

6.9

Goldman Sachs

5.9

HSBC Holdings

5.5

Bank of America
Merrill Lynch

5.5

UK investment banking fees

$bn
8
6
4
2
2000

05

10

14

Sources: Thomson Reuters; Freeman Consulting

Andrew Cowie/AFP

Competition assessment
FCA marking territory
with market study
The Financial Conduct Authority
acquires new competition powers in
April over financial firms. It has lost no
time in preparing to use them.
The watchdog decided yesterday to
launch its first market study into
wholesale banking. Such studies are
used by regulators to ascertain whether
markets are working well. If they are
not, business lines can be shut down
and products banned even if no
technical breach of the law is found.
Theyre clearly marking their
territory, said Alastair Mordaunt, a
partner at Clifford Chance and a former
competition official. It was widely
expected they would do something, it
was just a question of what theyd
target.
While the FCA flagged as early as last
summer that a competition review
would be on the cards, the timing of
yesterdays announcement is
propitious: fewer than 80 days remain
before Mays general election and the
FCA has suffered with bad headlines of
late. These range from a media gaffe

causing a share price fall among

insurers, to questions over why it did
not take action against HSBC sooner in
the tax avoidance scandal.
Political pressure has focused on
using competition rules as a way to
improve banking after the financial
crisis and the scandals that have
tainted the City, such as the rigging of
the Libor interest rate benchmark and
foreign exchange markets.
Improving competition in the
The FCA says the
drive to improve
competition is
absolutely not
about flexing
our muscles

banking sector was a recommendation

of a 2011 independent commission led
by Sir John Vickers; it also provided the
backdrop to the Competition and
Markets Authoritys decision last year
to launch a competition inquiry into
retail banking and lending to small
businesses.
Its absolutely not about flexing our
muscles; we are not doing this purely
for the sake of it, Christopher Woolard,
the FCAs director of competition and

policy, said in an interview with the

Financial Times. For the last few
months we have been having a broad
conversation across parts of the
industry with a large number of
stakeholders.
The FCAs newly acquired muscles
include powers to fine companies as
much as 30 per cent of the worldwide
turnover in a relevant market if there
is evidence of wrongdoing such
as collusion or price-fixing, and
stopping potentially monopolistic
mergers.
This adds to FCA powers that can
force regulated firms to close down
troublesome business lines or stop
selling certain products.
The agency has increased its
resources in preparation for its latest
competition powers, hiring 40 antitrust
specialists and economists including
from the antitrust authorities, which
underwent a merger last year to form
the CMA.
Those recruits typically paid
better at the FCA than at other
government-funded regulators
include Mary Starks, its competition
director, who is one of the leading
officials on the banking review.
Caroline Binham

allocate it in a way that benefited the

bank instead of the issuing company.
The FCA excluded asset management
from the scope of its initial review, but
said it might examine that area at a later
stage. We believe that the FCA should
prioritise looking at the fund management industry, said Oliver Parry, senior
corporate governance adviser at the
Institute of Directors. Greater clarity is
required about their pay, fees, trading
activity and perhaps most pertinent,
their commitment to stewardship and
their voting record. Mr Parry added he
welcomed the review into investment
and corporate banking markets.
From April, the FCA will be able to
fine banks up to 30 per cent of their global turnover if they are found guilty of
collusion, but this would only happen in
the event of an enforcement action.
If it believes competition is being stifled, it could refer whole markets for
review by the CMA, which has powers to
order companies to sell off business
lines, even if there has been no technical
breach of the law.
Ms Stark said it was too early to be
specific about the potential remedies
that the FCA could impose at the end of
its investigation, which would take
about a year.
Additional reporting by Emma Dunkley

Big companies are well equipped to

analyse the bundled products
offered by large City of London investment banks but smaller businesses can
struggle to assess if they are good value,
says the head of the Association of
Corporate Treasurers.
Consistently weve said that wed be
in favour of unbundling these products
and we welcome the FCA review, Colin
Tyler told the Financial Times. Perhaps the FCA with its new powers will be
able to do something about it.
It is an established part of the UKs
corporate and investment banking business model to offer clients a package of
services, including loans, debt capital
markets, cash management services,
acquisitions advice and equity issuance.
Some of these products are offered as
loss-leaders. For instance, a bank may
grant a company a revolving credit facility a useful product for a corporate
treasurer trying to manage working
capital requirements but one that
makes little profit for a bank. In return,
the bank will push the company to buy
other products too.
If, as a corporate treasurer, you have
got a key relationship with a lender then
you may be less inclined to shop around
for other specialist providers of these
services if that is going to jeopardise
your key lending relationship, said Mr
Tyler.
He said many of his 7,000 members
worked at smaller companies that were
ill-equipped to check if they were
receiving value for money. Sometimes
companies are charged several times by
their bank for the same service, such as
credit checking, across different products. If you are a large corporate then
you are better placed to go around the
market and check that you are getting
the best deal, said Mr Tyler.
His position contrasts with that of
the CBI employers group, which represents many of the big banks and their
biggest corporate customers. We are
not aware of any competition concerns
about investment banking from talking
to our members, said a CBI spokesman.
Simon Hunt, financial services partner at PwC, said the issues raised by the
FCA, including the bundling of products, had been debated for a long time
and many banks have already recognised the need for greater price transparency.
He added that the review in all likelihood will accelerate changes to existing
practices.
Banking executives pointed out that
bundling products was an inherent part
of their business model designed to
cross-sell different products to each of
their clients. Some bankers even argued
that big companies preferred to have a
one-stop shop for all their banking
products.
However, Jonathan Herbst, global
head of financial services at law firm
Norton Rose Fulbright, said: The FCAs
review of competition in the banking
sector should be taken seriously, not
least because the regulator will assume
competition powers from April and is
likely to take a hard line on potential
breaches.
A pointless probe?
Lexs Rochelle Toplensky and
Oliver Ralph ask: why now, or at
all, when an investigation is
unlikely to change behaviour?
ft.com/lexvideo

Lex page 14

FT interview. Elizabeth Corley

Industry-wide forum proposed to halt spread of bad apple traders

BoE adviser and panel chief
says a black book could help
to curb market-rigging
MARTIN ARNOLD AND CAROLINE BINHAM

Financial institutions need a private

forum to share information about
traders who break rules as a way of preventing bad apples moving from one
firm to another, a group of industry specialists will tell the Bank of England
today.
The proposal for an industry-wide
black book recording why traders
leave a company is one of the ideas for
cleaning up the City of London from a
panel chaired by Elizabeth Corley, head
of Allianz Global Investors.
There is no silver bullet, Ms Corley
says in an interview with the Financial
Times. If you want silver bullets, you
will need a machinegun full of them

because this is a very complex market.

Ms Corley chairs the market practitioners panel set up last year to advise
the Bank of England, the Treasury and
Financial Conduct Authority on the
fair and effective markets review they
launched in response to the scandals
over traders rigging Libor interest rates
and foreign exchange markets.
Those scandals have prompted regulations worldwide and at home, from
overhauling how benchmarks are calculated to making their rigging a criminal
offence. The review intends to go further and examine whether such conduct is limited to a few rotten apples
or whether a City culture has allowed
misbehaviour to flourish.
There is a significant public interest
in cleaning things up and we have got
legacy things coming out all the time,
says Ms Corley, Everybody gets frustrated when they think they have
cleaned out the cupboard and then
there is something else in there, she

CV

Crime writer with skills to

sniff out real-life villains
3 Joined Sun Alliance Life & Pensions
straight from school in 1975 and went
on to be deputy head of broker sales
3 Moved to Coopers & Lybrand 10
years later before joining Mercury
Asset Management in 1993
3 Published five crime fiction books
between 1998 and 2013
3 Joined Allianz Global
Investors as managing
director in 2005
3 Awarded a CBE in the
2015 New Year Honours
for services to the
financial sector

says, ahead of the publication of her

panels response to the review today.
Such a clean-out may require cultural
change from regulators as well as from
banks. Ms Corley argues that the FCA
needs to take a more collegiate
approach with industry, talking earlier
about what practices are positive, rather
than swooping when things go wrong.
I have a lot of sympathy for the regulators . . . the challenge is how to move
into regulatory development
that is not enforcement-led,
she says. That means you
have to develop a different
relationship with your regulators, not just in the UK,
butacrosstheworld.
Ms Corley says
the areas of focus
are the structure of
the fixed income,
currency and
commodity markets and the con-

duct of traders, which make up a lot of

activity in the City and other financial
centres.
She has no doubt that trader conduct
is the area in need of most attention.
Changing the attitudes of managing
directors and those on the first line of
defence on the trading floor is absolutely key, she adds.
However, she plays down the idea of
establishing a licensing regime for traders or a professional standards system
requiring them to all take exams to
qualify. We are not saying its a bad idea
but we are saying its not the panacea.
Many of these issues we face are not
technical qualification issues, they are
conduct and ethical issues.
Instead, she recommends that traders
are required to make an annual attestation that they have complied with their
code of conduct preferably one that is
included in their employment contract.
She says the approved persons register,
which is in the process of being replaced

by regulators, should be maintained

and improved as a vehicle for the industry to share notes on bad apples.
She also calls for the establishment of
an industry-financed body to develop
common codes and standards for the
sector. Ideally, these could also be promoted globally, via the Financial Stability Board and International Organisation of Securities Commissions.
Mark Carney, governor of the Bank of
England, last month alluded to increasing transparency of trades, already
being tackled in certain markets by EU
regulation, as something on the table.
He said such transparency should not
diminish liquidity; a typical gripe of the
industry.
Ms Corley says there is no doubt
transparency is part of a solution but
she raises concern about investors vulnerability to high-frequency traders,
saying: You become the sitting target
for people who are going to use your clients money to make fractional gains.

FINANCIAL TIMES

Friday 20 February 2015

NATIONAL
Annuities

Mezhprombank

Pension reforms potentially dangerous

Russian
watchdog too
poor to make
$25m deposit

Savers unused to handling

large cash sums are at
risk, warns think-tank
JOSEPHINE CUMBO
PENSIONS CORRESPONDENT

A free market think-tank is urging the

government to rein in radical pension
reforms and nudge savers back towards
annuities.
The warning by the Centre for Policy
Studies that the reforms expose retirees
to potentially dangerous risks comes
nearly a year after the coalition government announced that no one would
have to buy an annuity.
The changes, which are due to come
into force in April, will give up to
320,000 people each year the freedom

to cash in defined contribution pension

pots from the age of 55, with no requirement to turn their savings into a secure
income.
In a report to be published today, the
think-tank says that, while it welcomes
the liberalisation, there were legitimate
concerns about the reforms announced
by George Osborne, the chancellor, in
last years Budget.
In 2010, the author [of the thinktank report] proposed the abolition of
the requirement to annuitise, provided
that both the state and the individual
were protected from downside risks,
said Michael Johnson, the reports
author and research fellow with the CPS.
The former comes into effect in April
2015, but the latter would appear to have
beenforgotten.Thisisunfortunate.
Mr Johnson, a pensions expert and

former secretary to the Conservative

partys Economic Competitiveness Policy Group, said most people were not
accustomed to dealing with large cash
lump sums and this created a risk that
they would fail to buy suitable retirement income products. For example,
Michael Johnson,
the reports author,
wants age at which
savers can access
private pensions
to be raised to 60

some may take lump sums, meaning

that they may run out of money before
death and some might fail to appreciate
the risks involved in any decision about
retirement savings, said Mr Johnson.
In this light, de-emphasising annui-

tisation [ie a regular income] does not

feel like a sensible policy. Indeed, it is
risky and potentially dangerous.
In the paper, Mr Johnson urged the
government to consider introducing a
system of auto-protection, where savers struggling to decide what to do with
their pension pots would be automatically enrolled into a not-for-profit
national auction house for annuities.
Auto-protection would ensure that
savers reaching the age of 55 are not left
to wallow in indecision when pondering
the complexities of decumulation [how
to take retirement income], said Mr
Johnson.
Everyone would still be free to opt
out of auto-protection.
Mr Johnson has suggested that the
state should be free to offer default private pensions, for example, through the

Post Office or National Savings and

Investments, which would act as agents
for the Treasury.
He has also called for the age that savers can access private pensions to be
raised to 60 by 2024, more rapidly than
currently scheduled.
Writing in the think-tank paper, Lord
Holmes, a Conservative peer, said the
central theme of Mr Johnsons proposals
was to make annuity liberalisation
safe.
The Treasury said: Our radical
reforms are about giving people more
choice when they retire the government believes that people who
have worked hard and saved all their
lives should have the freedom to decide
how to use their savings and the
guidance to help them make good decisions.

CBI survey

Export orders
show industry
has spring
in its step
EMILY CADMAN

Manufacturers order books have

swelled to a six-month high in a further
sign the sector is making up some of the
ground it lost last year.
Data from the monthly industrial trends
survey conducted by the CBI, the
employers organisation, showed companies total order books strengthening,
with a rally in export orders and robust
domestic demand.
Twenty-six per cent of companies
reported total order books to be above
normal and 16 per cent said they were
below normal, giving a positive balance
of 10 points.
This was comfortably above the
6 points expected by analysts polled by
Reuters.
Rain Newton-Smith, economics
director at the CBI, said that manufacturers have more of a spring in their
step and were regaining some of the
momentum lost towards the end of last
year.
The drop in oil prices is good news
for the manufacturing sector in the UK,
bringing with them lower operating
costs, but North Sea producers are
clearly suffering, she said.
Samuel Tombs, senior UK economist
at consultancy Capital Economics, said
the figures suggested the revival is
back on track.
Hopes the UK manufacturing sector
would provide a meaningful contribution to the overall economic recovery
dimmed last year, as the strong pound
and weakness in the eurozone limited
exports.
Official data showed manufacturing
output slowed progressively throughout
2014, but strong domestic demand
helped ensure the sector finished last
year 2.7 per cent larger than the previous year.
However, the sector remains 5.4 per
cent below its pre-downturn peak.
Howard Archer, chief UK economist
at IHS Global Insight, said it was a very
encouraging survey that signalled the
sector was likely to see a decent first
quarter.
A major plus for manufacturers is
that recent sharply falling input prices
are allowing them to price competitively to gain business, he added.
The separate Markit/CIPS purchasing
managers survey published this month
showed that manufacturers purchasing
costs fell at the steepest rate since May
2009.
The Office for National Statistics also
published estimates of regional output
on Wednesday. These showed that Manchester was the fastest-growing part of
the country in 2013 gross value
added, a measure related to gross
domestic product, grew 4.6 per cent.
It was followed by other manufacturing hotspots the Black Country, Greater
Birmingham and Solihull and the southeast Midlands, all ahead of London.
Luke Raikes, research fellow at thinktank IPPR North, said that while the figures showed the significant potential
for economic growth and prosperity in
the north, questions remained about
economic resilience.
This growth did not feed through to
significant job creation during that
same period, he said.
Additional reporting by Gavin Jackson
FT Alphaville
Do you like your payments
subsidised with ads? Izabella
Kaminska looks at Googles
attempt to break into the
emoney transfer business
ft.com/alphaville

A 12-bottle case
of 1945 Chteau
Latour, bought
for 21,150, left,
and a historic lot
of 1866 Tokaji
wine, that had
belonged to the
British High
Commissioner
to Hungary, top.
Right: two
bottles of 1945
Chteau Mouton
Rothschild were
bought for
5,000 and
4,500 Bonhams

Vintage year Taste for fine wine matures

ALIYA RAM

1945 is remembered for the end of the

second world war but for wine aficionados it has another special significance.
The balmy months between May and
September brought not only the
warmth of peace, but one of Bordeauxs
most delectable harvests.
Bonhams showed off this 45 vintage
at its fine and rare wine auction yesterday, where a 12-bottle case of 1945 Chteau Latour fetched 21,150.
Two bottles of 1945 Chteau Mouton
Rothschild sold for 5,000 and 4,500,
confirming signs that the fine wine market is heading for a recovery.
Overall, Bonhams sold 590,978
worth of wine compared with 604,855
at its auction in February 2014.
This suggests demand for rare wines
is stabilising after years of volatility.
According to Euromonitors most recent
data, year-on-year wine sales by value

grew by 4.1 per cent in 2012-13 compared with 2.8 per cent in 2011-12.
However, hopes of a revival are tentative. A change of leadership in China
brought a crackdown on bribery and
conspicuous consumption, which
depressed demand for luxury goods,

including wine. Bonhams estimates that

around a quarter of its buyers come
from East Asia.
The clampdown [in China after
2013] led to a reduction in entertainment which principally affected young
Bordeaux, said Richard Harvey, master
of wine at Bonhams. But after a succession of poor vintages in 2011, 2012 and
2013, people have been going in for
older vintages again.
However, Spiros Malandrakis, alcohol
analyst at Euromonitor, said the bubble
in wine investment has burst and is
unlikely to reinflate to the level seen
before the financial crisis.
Theres been a shift away from bling
prices to heritage-oriented luxury . . .
Chinese investors have become much
more sophisticated and dont just buy
wine assuming it is going to go up in
value, he said.
Mr Harvey predicted that wine tastes
might shift over the next few years.
People have seen a lot of Bordeaux so

might start looking elsewhere, he said.

The appeal of heritage wines was evident at the auction, where a historic lot
of 1866 Tokaji dessert wine fetched a
bumper price. It had belonged to a British diplomat in Hungary who is thought
to have found the bottles in the Esterhzy Palace in Austria.
Wine buyer Barry Sullivan said the
auction was not only for investors. Half
the wine I buy is for private consumption a lot of the wine sold at auction
will never appreciate in value and I
think buyers should get consolation
from knowing they can drink it.
He said he was, however, confident
about the investment potential of Bordeaux, one of the wines that has been
hardest hit since 2008. Bordeaux is a
good return wine, but you have to hold it
for quite a large number of years.
Though wine sales have been rising by
value, sales by volume have been stagnant or falling, suggesting the number
of buyers is shrinking.

JANE CROFT

The Russian state body battling Sergei

Pugachev, the exiled oligarch once
known as the Kremlins banker, in a
$2bn legal case is claiming the collapse
of the rouble has left it too poor to
make a court security deposit.
The DIA, Russias state deposit insurance agency, alleges Mr Pugachev ran
schemes that caused a $2bn asset gap
that bankrupted Mezhprombank, the
bank he co-founded and which became
one of Russias biggest. The DIA is acting
as liquidator of Mezhprombank.
Mr Pugachev denies any wrongdoing
and claims the bankruptcy was caused
by a forced state takeover at a knockdown price of his shipbuilding empire,
shares in which had been pledged to
Mezhprombank. He fled Russia for London in 2011 when the takeover began.
The DIA won a worldwide freezing
order on the oligarchs assets last July.
Mr Pugachev says the agency is abusing
the UK legal system. He has dismissed
its claims of poverty, arguing it has the
financial might of the Russian state
behind it.
In December, Mr Justice Mann ruled
the asset freeze on Mr Pugachev should
remain in place while the DIA pursued
its claim in Russian courts. But in a separate ruling in September, Mrs Justice
Rose ordered the DIA to transfer $25m
to the UK to cover any losses incurred by
the oligarch as a result of the freezing
order.
Barristers for the Russian agency this
week appeared before the Court of
Appeal in London to challenge that
order, claiming the collapse of the rouble last winter has devastated the dollar
value of the banks remaining estate,
from $55m to $29m, leaving it with
barely any money.
Mr Pugachevs legal team told the
court yesterday the $25m requirement
should be honoured because he could
suffer significant losses as a result of the
freezing order, while it could be years
before the Russian court system decides
on the DIAs case.
The lawyers added that the DIA was
an emanation of the Russian state with
close structural ties to the countrys
central bank, which has foreign currency reserves of $368bn. Furthermore,
they argued, the 25m should be transferred because if Mr Pugachev won the
case, he would have little hope of getting
any compensation from the DIA.
Mr Pugachev is launching a fresh bid
to overturn the freezing order. His lawyers say the $1.7bn gap in Mezhprombanks balance sheet was not caused by
the oligarch but by the state expropriation of two shipyards he used to own
and which had been pledged to the bank
as collateral for $2bn in loans extended
by the Russian central bank.
The shipyards had been valued at
$3.5bn by audit firm BDO but were sold
in a forced auction in 2011 to state shipbuilding company OSK for $422.5m.
The DIAs case centres on claims that
Mr Pugachev transferred up to $900m
to companies connected to him shortly
after Mezhprombank received $1.15bn
in bailouts from the central bank in
December 2008. In written arguments,
barristers for the DIA claim the transfers minimised the assets available to
the bank before its inevitable collapse.
Mr Pugachev claims these transfers
related to separate commercial transactions funded by a loan from VTB, a different Russian state bank.
The hearing was adjourned for judgment to be prepared.

Employment

London and southeast benefit as public sector job losses show regional divide
SARAH OCONNOR
EMPLOYMENT CORRESPONDENT

London and the southeast Britains

most prosperous regions have been
relatively unscathed by the public sector job losses that have swept the rest of
the country.
Office for National Statistics figures analysed by Sheffield university show public sector employment has fallen only
2.5 per cent in London and the southeast
since the second quarter of 2010, compared with 6.8 per cent across the UK as
a whole.
Wales, Scotland, the northeast, the
northwest and the southwest of England
have all seen more than 8 per cent of
their public sector jobs disappear.
Britains jobs-rich recovery means
private sector employment growth
has more than made up for the loss
of public sector jobs in every region,
confounding critics of the government
who had warned that public spending

cuts would push up unemployment.

Nonetheless, the uneven distribution
of the public sector job losses are likely
to fuel the debate over regional inequalities, particularly between the capital
and the rest of the country.
London has enjoyed by far the biggest
increase in private sector jobs 16.8
per cent compared with the UK total
of 8.2 per cent as well as the smallest
reduction in public sector employment.
However, it still has a relatively high
unemployment rate of 6.4 per cent
compared with the UK rate of 5.7 per
cent.
The northeast, in contrast, has experienced the deepest public sector job
losses and one of the smallest percentage increases in private sector employment. Its unemployment rate is 8 per
cent. The figures exclude the distorting
effect of recent reclassifications of
workers between the public and private
sectors.
Scott Lavery of the Sheffield Political

Economy Research Institute said that

the figures showed public sector
employment could be complement,
rather than be in conflict with, the goal
of boosting private sector job creation.
Simplistic assertions about the

UK public sector employment

Headcount (m)
6.5

6.0

5.5

5.0
2010 11
Source: ONS

12

13

14

public sector crowding out private sector job creation need to be challenged if
we are to build a more sustainable and
equitable economic settlement for the
UK, he said.
The latest data show there were about
386,000 fewer public sector jobs in the
third quarter of 2014 than there were
when the coalition government came to
power in 2010.
The Office for Budget Responsibility,
the official fiscal watchdog, estimates
the governments plans for deeper
spending cuts in the next parliament
would translate into another 1m public
sector job losses.
Economists at the Institute for Fiscal
Studies said it was difficult to know why
London and the southeast had seen relatively small drops in public sector
employment.
However, the IFS noted there was a
similar pattern in the civil service
employment statistics, which show an
11 per cent fall in London since 2010

compared with a 17 per cent fall across

the civil service as a whole.
Data on public services spending by
region do not suggest London and the
southeast have escaped with lighter
cuts, although the figures stop at
2012-13.
The ONS jobs data show public sector
employment in London fell in the early
years of the parliament, but started to
rise again after mid-2013.
Tony Travers, a professor at the London School of Economics, said one
explanation could be the relatively fast
population growth in London and the
southeast.
Things like schools and the NHS,
where there is a population-driven element of their funding, will be growing,
other things being equal, he said.
Mr Lavery said that spending on
transport and arts and culture was
focused disproportionately on London
and the southeast, which could also be a
factor.

Friday 20 February 2015

FINANCIAL TIMES

FINANCIAL TIMES

Friday 20 February 2015

INTERNATIONAL
GLOBAL INSIGHT

Economic recovery

White House warns on risks to growth

Acceleration clouded by
inequality and slow gains
in middle-class incomes
SAM FLEMING WASHINGTON

Americas accelerating recovery risks

being slowed by weak income growth,
inequality and depressed workforce
participation rates, the presidents top
economic advisers said, as the White
House pushed its agenda for middleclass economics in the face of a hostile
Congress.
In its annual report released yesterday, Barack Obamas Council of Economic Advisers predicted above-trend
economic growth until 2018 and unemployment rates below 5 per cent, as it
hailed a record period of uninterrupted
private sector job gains.
The strengthening outlook, however,
is clouded by longer-term problems

including inadequate wage growth,

skewed income distribution and bigger declines in workforce participation
rates than in other large countries, the
council said.
During the past 65 years, middle-class
incomes have gone from doubling once
in a generation to showing almost no
growth by some measures, the report
found. While inflation-adjusted hourly
earnings rose 0.7 per cent in 2013 and
0.8 per cent in 2014, this falls well short
of what is needed to make up for decades of subpar growth.
Mr Obama said: Even as the economic recovery is touching more lives,
we need to do more to restore the link
between hard work and opportunity.
The analysis comes after Mr Obama
this month set out a $4tn budget that
raised taxes on the wealthy and multinationals to help finance efforts in infrastructure and education.
The report reprised many policies

including business tax reform, a higher

minimum wage, paid sick leave, free
community college and bigger child
care subsidies as Mr Obama tries to
shape the next election debate.
It is an agenda that stands little
chance of making headway in a Republican-controlled Congress intent on pushing its own policies now it holds majorities in the Senate and the House for the
first time in eight years.
While efforts to boost the federal minimum wage remain stalled, some large
companies are responding to pressure
for higher pay. Some 500,000 Walmart
employees will have their pay lifted at a
cost of $1bn, the group said yesterday.
Full-time and part-time Walmart and
Sams Club staff benefiting from the new
policy will from April earn at least $9 an
hour, or at least $1.75 above the current
federal minimum wage, with the figure
rising to $10 early next year.
The White House report said the

We need
to do more
to restore
the link
between hard
work and
opportunity
Barack Obama

US was in a lasting recovery from

the financial crisis, after collapses in
household wealth and trade that initially exceeded those of the Great
Depression. It forecast the economy
would grow by 3 per cent this year and
next, up from 2.1 per cent in 2014,
before slowing to 2.7 per cent and then
2.5 per cent in 2018.
That represents stronger growth than
the White Houses 2.3 per cent estimate
for annual long-run potential growth, a
rate that assumes implementation of
the presidents economic programme.
Recovery is underpinned by reduced
indebtedness on several fronts, including the budget deficit, and household
and business sectors, the report argued.
The ratio of household debt to disposable income has, for example, dropped
to 2002 levels, and debt service payments are at 9.9 per cent of disposable
income the lowest since 1980.
Gillian Tett page 11

Atomic weapons. Proliferation fears

Iran and west narrow gap in nuclear talks

Oil price collapse and efforts
to curb hardliners contribute
to progress towards a deal
SAM JONES LONDON
GEOFF DYER WASHINGTON

World powers and Iran are making significant progress toward a deal to curb
Tehrans ability to build an atomic bomb
so much so that even hawks in the
Israeli government consider some form
of agreement possible in the weeks
ahead.
Negotiations have taken on a more
urgent tone in recent days as a deadline
edges closer. The five permanent members of the UN Security Council and Germany, known as P5+1, pledged to secure
a broad consensus on core elements of a
deal by March 31 after a deadline passed
in November and talks in Vienna collapsed.
US officials will meet their Iranian
counterparts in Geneva today. John
Kerry, US secretary of state, and
Mohammad Javad Zarif, Iranian foreign
minister, will meet on Sunday, while
diplomats from the other five negotiating countries will join them next week.
The collapse of the oil price and
moves in both Washington and Tehran
to curb the influence of hardliners have
contributed to progress in the talks, say
P5+1 diplomats.
The gap is narrower than before on
vital areas, Yuval Steinitz, Israels intelligence minister, said in Munich. I can
see progress on two or three central
items. Though not directly involved in
the talks, Mr Steinitz is the Israeli point
man. He has had to tread a careful line
since a diplomatic rift opened between
Washington and Jerusalem because of
fears in Israel that the US would give
Iran too much ground.
The Obama administration has publicly criticised Israel this week for providing an inaccurate view of Washingtons negotiating position.
Mr Steinitz outlined four areas of concern: the number of centrifuges Iran is
permitted to continue operating, its
stockpile of enriched uranium, its
research into more advanced centrifuges and the storage and dismantling

An Iranian
worker
monitors the
nuclear power
plant in Bushehr
Reuters

of mothballed centrifuge arrays.

On the first issue of the number of
centrifuges . . . there is some progress
or gaps which have been narrowed. But
this is mainly because the P5+1 made
too many concessions, Mr Steinitz said.
Tehran initially wanted a minimum of
9,000 centrifuges, and the P5+1 is considering 4,500 and possibly 6,000.
Iran has, however, made concessions
on its stockpile of uranium, Mr Steinitz
said. There is some progress here also.
The Iranians [are] agreeing to deliver
most of the stockpile abroad.
The Israeli concern on which there

We need a clear signal

from the Iranians that
we are close on the
area of enrichment

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had been no real progress was centrifuge research. Without a comprehensive ban, Mr Steinitz said, Iran could
completely and legally undermine
any deal. Israel would push the P5+1
hard on the issue, he said, adding that
world powers could afford to be tough
with Tehran.
There can be no deal immediately,
but this doesnt mean that there will
be no deal after a few months or maybe
a year or two because if the pressure
is sufficient and if the Iranians are
forced to choose either to save their
economy or to save their uranium
enrichment facilities, Im confident . . . they will choose to save their
economy.
Other areas separate to those outlined by Mr Steinitz are close to conclusion. Talks on the heavy water reactor at Arak are almost there and diplomats say Iran is likely to accept a 15-year
deal rather than the 10 it originally

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US administration
struggles to untangle
roots of extremism
e cannot win this war by killing them,
Marie Harf, a spokeswoman for the state
department, told MSNBC on Monday,
setting off this weeks Washington media
bunfight on terrorism. We need to go
after the root causes that lead people to join these groups,
whether its lack of opportunity for jobs . . .
Within hours Fox News had former navy Seal Rob
ONeill, who claims to have shot Osama bin Laden, on air to
explain that killing them was precisely how the US was
going to beat the jihadis of Isis. I dont think that a change
in career path is whats going to stop them, he said. Other
parts of the rightwing media were not so polite.
As is often the case, the political point-scoring serves to
obscure a broader bipartisan problem. The Obama administration is holding a three-day summit this week with
ministers from 60 countries to discuss violent extremism,
which Ms Harf was previewing. The striking feature of the
event is that more than a decade after the 9/11 attacks,
Washington is still having the same conversation about the
root causes of terrorism.
After 13 years of fighting in Afghanistan and Iraq and the
war on terror, America finds itself back where it started,
struggling to explain why people become radicalised.
For President George W Bush, the source of the problem
lay in the Middle Easts repression and lack of democracy.
Americans are asking Why do they hate us? he said
shortly after 9/11. They hate our freedoms: our freedom
of religion, our freedom of speech, our freedom to vote and
assemble and disagree with each other.
Few observers doubt that stagnant politics is at least part
of the story. But Mr Bush took the insight much further,
using it as one of the justifications for the invasion of Iraq.
If a robust democracy
could be established in
By playing down
Baghdad, so the argument went, it would drain the role of religion,
the well of toxic political
the administration
ideas in the region.
Instead, Iraq became a has distorted the
haven for jihadis.
reality of its enemy
The Obama administration has often latched
on to a different idea. In her comments about unemployment and extremism, Ms Harf was only echoing her boss,
secretary of state John Kerry, who said last year that poverty is in many cases the root cause of terrorism.
Yet poverty, like frustrated democracy, is another superficially attractive theory for terrorism that is often hard to
fit with the facts. Indeed, al-Qaeda has always been a powerful counter-example, founded by a Saudi construction
heir, now run by Egyptian doctor Ayman al-Zawahiri and
which sent engineering graduate and lawyers son
Mohamed Atta to fly a plane into the Twin Towers.
In its efforts to find an explanation for terrorism, the
Obama administration has made life harder for itself by
denying a link between Islam and the extremists it faces.
We are not at war with Islam. We are at war with people
who have perverted Islam, Mr Obama told the summit on
Wednesday. Echoing Mr Bush, the president is rightly
wary of another popular but misguided simplification of
the problem, the idea that the west is facing a clash of civilisations with the Muslim world. But by playing down the
role of religion in Isis, the administration has ended up distorting the reality of its new enemy. As Graeme Wood puts
it in a widely read piece in The Atlantic: Pretending that it
[Isis] is not actually a religious, millenarian group . . . has
already led the United States to underestimate it and back
foolish schemes to counter it.
The academics who have spent the years since 9/11 studying terrorism often have divergent views: some support
programmes involving those communities most likely to
breed terrorists, others want more aggressive use of social
media to counter extremist ideas. But almost all confess
that the subject is just plain hard. The difficult reality is
that there is no single path toward radicalisation, says
Brookings Institution expert Daniel Byman.

geoff.dyer@ft.com
Editorial Comment page 10

Opposition leaders plight puts focus on human rights

Lilian Tintori repeats a question her
five-year-old daughter has asked more
than once during the past year: Will
daddy die in jail?

FT Weekend brings art and culture to life through intelligent

and thought-provoking writing. Our editors bring the best of
the world to you from news and interviews, to extensive
coverage of property, gardens, books, style, travel and arts.
Together with the award-winning How to Spend It magazine,
there is something to delight all readers.

Geoff
Dyer

Venezuela. Detentions

ANDRES SCHIPANI CARACAS

Read beyond the expected

wanted. But crucial to any deal, P5+1

diplomats say, is that the breakout
time the minimum time it would
take Iran to build a bomb is extended
to 12 months.
Philip Hammond, UK foreign secretary, who met Mr Zarif in Munich last
week, said: There has been some
progress. There has been movement. I
said to Mr Zarif we need a clear, unambiguous signal from the Iranians that we
are close on the area of enrichment in
order to create the momentum that is
needed to get significant progress on
some of the other areas that are still facing questions.
Whatever agreements Iranian ministers make, consent it still needed from
Ayatollah Ali Khamenei, Irans supreme
leader. In a recent speech, he supported
the nuclear team and its negotiations,
raising expectations that a comprehensive deal could be near.
Additional reporting by Monavar Khalaj

WASHINGTON

I just tell her he is unjustly imprisoned, says Ms Tintori, wife of Leopoldo

Lpez, Venezuelas imprisoned opposition leader. He is in jail for his ideas, for
his words, for denouncing a regime that
is corrupt, anti-democratic and inefficient.
Mr Lpez has been held for just over a
year at the Ramo Verde military prison
on what supporters say are politically
motivated charges. He is accused of
masterminding the wave of protests
in Venezuela last year against curbs
on democratic liberties, rampant crime
and a deteriorating economy. The demonstrations left 43 dead in opposing
camps.
Human rights advocates complain
that the situation has worsened since Mr
Lpezhandedhimself totheauthorities.
Ever since, there has been a weakening of political and civil rights here,
says Inti Rodrguez, of Provea, a Cara-

cas-based human rights watchdog.

There has been a consolidation of a
police state where repressive patterns
have come to stay, and where arbitrary
detentions and violations of due processes are commonplace.
According to Venezuelas attorneygenerals office, security forces detained
more than 3,300 during last years demonstrations. Nizar El Fakih, a lawyer
Leopoldo Lpez:
held for more than
a year on what
supporters say
are politically
motivated charges

with the Centre of Human Rights at the

University Andrs Bello in Caracas, says
most were detained without fair cause
and many of those released have measures restricting their liberties on them.
Daniel Wilkinson, Americas director
at Human Rights Watch, says: We have
never been this worried about Venezuela.
HRW says they have found strong
evidence of 45 cases of serious human

rights violations committed by Venezuelan security forces, and documented

at least 10 cases of torture, including
brutal beatings, electric shocks or
burns and other abusive treatment.
As Venezuelas economic crisis is exacerbated by lower oil prices, widespread
shortages of goods have swelled queues
at supermarkets. Fearing further unrest,
the government last month granted the
militarynewpowerstouselethalforceto
maintain public order during public
meetingsanddemonstrations.
Analysts say support for the government under former president Hugo
Chvez has broken down under his
successor, Nicols Maduro.
Compared to Chvez, Maduro has no
charisma, no popularity and no political
capacity, says Margarita Lpez Maya, a
political analyst with the Central University of Venezuela. As the situation
slips out of his hands, he reverts to
authoritarianism by leaning on the
armed forces to control the country.
AllthispromptedUSPresidentBarack
Obama to sign in December a law that
denies visas and froze the assets of officials in Caracas accused of human rights

abuses, a day after saying his country

wanted to normalise relations with Venezuelas staunch ally, Cuba. The sanctions come as expatriate Venezuelans in
theUShave formedaformidablelobby.
Although Mr Maduro repeatedly criticises the US crude-rich Venezuelas
largest cash-generating oil export market officials in Washington say Venezuelan diplomats have approached
them to talk about mending relations.
As was the case with Cuba, they said a
US condition for rapprochement was the
releaseofpoliticalprisoners.
US officials have been cautious about
putting Mr Lpez in the spotlight, even
though his wife and other victims met
vice-presidentJoeBidenthismonth.
Critics say Mr Lpez has a penchant
for self-promotion and that calls for his
release by Mr Obama and Zeid Raad alHussein, the UN High Commissioner for
Human Rights are benefiting him politically by turning him into a cause clbre.
Venezuelas government, meanwhile,
attacked the calls as meddlesome, false
and unfounded.
Additional reporting by Geoff Dyer in
Washington

Friday 20 February 2015

FINANCIAL TIMES

INTERNATIONAL
Eurozone

Greece

Slovakia calm about possible Greek exit

Prime minister rejects any
flexibility on the amount
of debt Athens must repay
HENRY FOY BRATISLAVA

Slovakias prime minister has vowed to

oppose Athens push to ease the terms of
its bailout, even warning that Bratislava
was calm about a possible Greek exit
from the eurozone if the country
refused to honour its commitments.
European authorities should enforce
tough measures on the country to
ensure money already lent to Athens
was repaid, Robert Fico said, noting the
hardship endured by his own citizens.
This is a red line for us. It would be
impossible to explain to the public that
poor Slovakia . . . should compensate
Greece, Mr Fico told the Financial

Times. To explain to people that we

have to give money to Greece for their
salaries and pensions? Impossible.
His comments come amid a stand-off
between Greece and its eurozone creditors over whether to extend the countrys 172bn bailout by six months.
Eurozone finance ministers will meet
today to consider the latest offer from an
Athens fast runningshortofcash.
While Germany is portrayed as the
biggest obstacle to Greeces new leftwing
government, Slovakias hard line is a
reminder that Berlin is hardly alone.
Officials in the talks said Slovakia had
been one of the toughest opponents of
relaxing the rules on Greeces loans.
Since its election last month, Greeces
Syriza party has been pleading for
greater leniency for its citizens. It had
also insisted on restructuring its debts
on bailout loans, although those calls

have been scaled back in recent weeks.

The [previous] Greek government
has agreed to the conditions of financial
assistance, said Mr Fico. It is not possible that a new government immediately
declaresthat wewillnotrespectthis.
He added: It is not possible that on
one hand they want to cut debt or
they want, for instance, to
prolong loans. And at
the same time they
declare that they will
give energy free of
charge to people. Or
give accommodation
freeofcharge.
Mr Fico, who has criticised austerity measures
Robert Fico: repayment
issue a red line for us

imposed on his own country, said he

would only accept concrete promises
from Athens that ensure it will behave
in a way that will guarantee that in 10,
15, 20 years, Greece will be able to pay
[back] what they get.
The former member of Slovakias
Communist party says that while the
country is open to discussion on the content of the conditions of the financial
package, Greek leaders had no grounds
to adjust the actual amounts owed.
There is no possibility to cut debt in
itself, Mr Fico said. Because why
should the Slovakian people pay
some proportion of their
debt?
Slovakia has long been
one of the toughest eurozone members with
regards to Greeces
bailout. In 2010, it was

the only country to withdraw from the

eurozones original 110bn Greek rescue, and the government nearly failed to
support an increase in size in the
440bn bailout fund in 2011.
The vote to approve the increase eventually led to the collapse of the Slovak
government. Mr Fico won the election in
a landslide, returning to the helm for the
secondtime.
EU officials fear that if Greeces current bailout expires on February 28
without a new deal, the country would
be without support for the first time
since May 2010, which could provoke
market turmoil and a possible bank run.
Europe is better prepared for
shocks, Mr Fico said. Everyone knows
we have solutions, and that even exit of
Greece from the eurozone wouldnt be
so dangerous as it would have been two,
three or four years back.

Eurogroup meeting. Conditional rescue

Schuble sets stage for showdown with Athens

The crisis is testing the
eurozones stability and
Berlins leadership of the EU
STEFAN WAGSTYL BERLIN

If Wolfgang Schuble is bluffing, he is

doing a brilliant job of it. The tough
German finance ministers response to
the latest offer from Athens in the Greek
crisis was blunt and to the point.
The letter from Athens is not a substantive proposal for a solution, said Mr
Schubles spokesman, in a statement
just 34 words long. With Athens insisting it will not revise its plan, the stage is
set for a climactic showdown in the
eurogroup finance ministers meeting
today.
Time is short, with Greeces current
172bn rescue programme expected to
run out on February 28 and the government fast running out of cash. Mr
Schuble is offering an extension but
only on condition that the radical new
Greek government accept the reform
package agreed by its conservative
predecessor something Athens has
rejected. Both sides understand that a
breakdown could lead to Grexit
Greece leaving the eurozone.
But is Berlin really ready to see Greece
go? While Mr Schuble declines to publicly discuss Grexit, he has repeatedly
said that Greece can choose to leave
the 172bn financing programme
with all that implies. Im ready for any
kind of help but if my help is not
wanted, thats fine, he said recently.
Behind the 72-year-old finance minister stands Chancellor Angela Merkel
both a stronger and more conciliatory
force. While she is busy with the
Ukraine crisis, she is also following
Greece. The big question from Brussels
to Athens is whether she may yet intervene to soften Mr Schubles hardline
approach.
For Germany, the stakes are high. It is
Greeces largest creditor, with about
65bn contributed to 270bn in rescue
finance. The crisis is also testing the
eurozones stability and Berlins economic leadership of the 28-member EU.
Hawkish German officials accept
what they call the amputated leg theory, which says Greece should be cut off
like a gangrenous limb to spare the rest
of the eurozone body. The doves counter
with the domino-effect theory the

Bailout battleground Timeline for repayments

Greeces major debt deadlines in 2015
End-February
Eurozone bailout
programme ends

August
Repayment to ECB and
national central banks

3.2bn

July
Repayment due on
3.5bn bond held by
European Central Bank
and eurozone member
states central banks

1.4bn
March
IMF loan due
for repayment

All repayments* including

IMF and EU loans and interest
payments and other
bondholders
(not shown)

Informal deadline for new

agreement with eurozone,
set by Greek finance
minister Yanis Varoufakis

3.5bn

21.4bn
Approximate

1.4bn

1.4bn

1.4bn

June
IMF loan due

September
IMF loan due

December
IMF loan due

*From Feb onwards

FT graphic Sources: Bank of Greece, FT research

We are not
interested in
a break-up
but fear of a
break-up is
not pushing
us in any
direction
German finance
ministry official

idea that if Greece crashes out of the

eurozone, other vulnerable economies
could follow and destroy the currency
union.
The hawkish finance ministry argues
that the eurozone is better placed to
survive a possible Grexit than during
the last Greek bailout in 2012. It has
since created new institutions, including the European Stability Mechanism
and the eurozone bailout fund, and
moved to buttress weak banks. We are
much more stable now, says one senior
official. We are not interested in a
break-up, but fear of a break-up is not
pushing us in any direction.
Mr Schuble says Greeces reform
programme is vital for its economic
recovery. Also, as one of his officials
says, softening Greeces terms risks
undermining a German campaign to
reform eurozone economies. If we go
deeper into the [debt] discount debate,
there will be no more reforms in Europe.
There will be joyful celebrations in the

Elyse and probably in Rome, too, if we

go down this path.
Finally, there is politics. Mr Schuble
is worried about the threat posed to Ms
Merkels ruling Christian Democratic
Union party by the eurosceptic Alternative fr Deutschland, which last Sunday
won its first west German regional
assembly seats in Hamburg. Mr Schubles concerns extend to other eurozone
countries with rising populist forces, not
least Spain and France.
Ms Merkel, as ever, keeps her cards
close to her chest. She has ruled out a
further debt cut taboo for German
voters and sees the current agreement
as the basis of any discussions that we
have. But she has also has remarked:
Europe always aims to find a compromise.
She ruled out a Grexit at the height
of the 2012 Greek crisis, overruling Mr
Schuble. Even if the finance ministry
claims the eurozone is not in danger, she
might yet intervene again, officials say,

More on FT.com
Tangled mess:
Quentin Peel on
the complexities
of the Greek
negotiations
ft.com/video

given the need for EU unity in the face

of an even larger threat the Ukraine
crisis. As one senior government official
says:Thechancellorisveryrisk-averse.
A chancellery official insists, like the
finance ministry, that aid for Greece can
only come in the framework of the current agreement. However, he suggests
compromises are possible. The programme framework has many possibilities. There is room for manoeuvre.
The German public is split, with 51 per
cent saying Greece should stay in the
euro, and 41 per cent against, according
to an ARD television poll. That is hardly
a ringing endorsement, but more positive for Athens three years ago, when 65
per cent wanted Greece out.
Even if a rescue extension is agreed
today, it must be voted on by the Bundestag next week to meet the February
28 deadline. In other words, Germanys
high-stakes debate will go on.
Additional reporting by Ferdinando
Giugliano in London

ECB minutes
on easing
mark step out
of shadows
CLAIRE JONES FRANKFURT

The European Central Bank has taken

a step out of the shadows and revealed
details of the talks that led to the eurozones long-awaited and controversial
1.1tn quantitative easing programme.
After more than a decade of silence
about its policy makers deliberations,
the ECB finally joined the rest of the
worlds major central banks yesterday
by publishing its first account of a governing council meeting.
The minutes show that a large
majority of rate-setters viewed QE as
the only way to combat the growing
threat of a deflationary downward spiral in the single currency area, which is
experiencing falling prices for the first
time since 2009, despite fierce German
objections to the policy.
The ECBs decision to publish the 17page summary of its last rate-setting
meeting is the latest sign of greater
openness among central banks. Control
over interest rates and public pressure
for more accountability after the global
financial crisis has forced traditionally
secretive rate setters to open up.
The US Federal Reserve, the Bank of
England and the Bank of Japan all publish accounts of their monetary policy
deliberations. The UKs central bank
unveiled reforms last December to
sweep aside some of the opacity sur-

You dont get as much of a

sense of the debate as you
do with the Feds minutes
Dirk Schumacher, Goldman Sachs
rounding its deliberations, while elements of the US Congress are pressing
the Fed to submit to an external audit of
its policy making.
At 9,710 words, the ECBs account is
almost twice the length of the Bank of
Englands latest minutes. However,
unlike the BoE and other central banks,
the ECB does not reveal how each individual member of the council voted,
arguing that this could expose national
central bank governors to domestic
political pressure.
Dirk Schumacher, an economist at
Goldman Sachs, said: The ECBs
accounts are very detailed but you dont
get as much of a sense of the debate as
you do with the Feds minutes.
Its progress: we know a lot more
about the policy debate, said Richard
Barwell, of Royal Bank of Scotland. But
theres still a lot of uncertainty about the
way in which ECB reacts to economic
developments. Like most central banks,
the ECB could go further and talk about
how policy could evolve without falling
into the trap of just talking about what is
most likely to happen.
While the German political and economic establishment railed against government bond-buying ahead of the decision, the account presents the final
debate as reasonably muted. Mr Schumacher said: The opposition to QE
comes across as less fundamental than
was thought.
The minutes say nothing about what
was discussed in the phone calls
between policy makers in the run-up to
the vote that gave the ECB the green
light to begin buying 60bn of mostly
government bonds from next month
until September 2016. But they do show
that a plan to buy 50bn of bonds was
scrapped until the end of next year
because purchasing more assets sooner
would accelerate the impact of QE.

Encryption keys

Union dispute

Sim card maker probes claims of spy theft

German industry warns on cost of rail strikes

HANNAH KUCHLER SAN FRANCISCO

The worlds largest maker of Sim cards

is investigating whether its encryption
keys may have been stolen by US and
UK spies, allowing them to snoop on
mobile phone communications.
Gemalto, a Netherlands-based security
company that develops Sim cards, bank
cards and electronic passports, said it
had detected, logged and mitigated
many types of attacks over the years but
had no evidence that its encryption keys
had been stolen by the US National
Security Agency or the UKs Government Communications Headquarters.
The company was responding to a
report in The Intercept, a news website,
based on documents from former NSA
contractor Edward Snowden, which
seemed to show that Gemalto was a target for intelligence agencies looking to
get data from mobile phones without a
warrant or having to tap a phone.
Gemalto said it understood that the

aim was to reach as many mobile

phones as possible, not Gemalto specifically. The companys customers include
AT&T, T-Mobile, Verizon and Sprint
the four largest US wireless groups
and several European telecoms groups.
We take this publication very
seriously and will devote all resources
necessary to fully investigate and
understand the scope of such highly
sophisticated techniques to try to obtain
Sim card data, Gemalto said.
There have been many reported
state-sponsored attacks as of late that
all have gained attention both in the
media and among businesses. This truly
emphasises how serious cyber security
is in this day and age.
Paul Beverly, Gemaltos executive
vice-president, told The Intercept he
was disturbed that security had been
compromised. He said the most important thing for us now is to understand
the degree of the breach.
Sophie in t Veld, a Dutch MEP, called

on the European Commission to investigate the allegations, which she said

could be a breach of data protection
laws, including acting against the UK, an
EU member state, if illegal hacking
activities had been committed.
The NSA and GCHQ could not be
reached for comment.
The report comes in the same week as
Kaspersky Lab, a Russian cyber security
company, claimed to have found evidence that a state-backed attacker,
which it said was most likely to be from
the US, had compromised the security
of hard drives made by companies
including Toshiba, Western Digital,
Seagate and IBM.
Kaspersky said the devices were used
in 30 countries including Iran, Pakistan,
Russia and China, long priorities for US
intelligence agencies. It said the group,
which it dubbed The Equation Group,
had created spyware that surpasses
anything known in terms of complexity
and sophistication of techniques.

JEEVAN VASAGAR BERLIN

A strike by a German train drivers

union could cost Europes biggest economy half a billion euros in cancelled
shipments, delays and lost work time,
industry leaders warned yesterday.
The GDL union has announced a strike
the seventh since September in a
dispute that critics say illustrates the
power of tiny unions to choke the German economy.
The union, representing drivers, engineers and other railway employees, has
just 34,000 members but has repeatedly paralysed rail traffic. The last strike
was for three days.
Martin Wansleben, head of the DIHK,
a German industry lobby group, said:
An extended rail strike could turn out
to be a brake on the economy. If you take
cancellations, delivery bottlenecks and
lost working time together, the damage
to the German economy quickly reaches
half a billion euros.

The dispute is likely to affect Germanys motor, steel and chemicals

industries. About 70 per cent of parts for
carmakers are transported by rail
freight, according to Deutsche Bahn,
along with 65 per cent of iron ore and a
third of coal and lignite shipments.
The union has not yet set a date for the
latest strike, and Deutsche Bahn said
yesterday it still hoped to avert industrial action. Ulrich Weber, a board mem-

Deutsche Bahn hopes to avoid the

seventh strike since September

ber at Deutsche Bahn, said: From our

point of view there is no cause to unsettle fellow employees and cause damage.
This will cost businesses a significant
amount of money.
Germanys decades-old tradition of
collective bargaining has been admired
for helping to generate growth while
limiting wage inequality. However, this
tradition has unravelled since a 2010
court ruling that allowed specialist
unions to negotiate outside industrywide agreements.
The GDL is not the only union to
have flexed its muscles. The pilots
union Vereinigung Cockpit staged 10
strikes last year in a dispute with
Lufthansa.
The GDL is seeking to raise pay by
5 per cent while reducing working
hours, but it is also competing with the
EVG, a bigger rival union, to be the representative of transport workers. The
EVG has about 213,000 members working in the transport sector.

FINANCIAL TIMES

Friday 20 February 2015

INTERNATIONAL
Refugees

Dilemma for China as tens of thousands flee Myanmar

Beijing in balancing act
over stance on guerrillas
and desire for stability
LUCY HORNBY BEIJING

Tens of thousands of refugees crossing

into China to flee renewed fighting in
northern Myanmar risk catapulting Beijing into the countrys fractious political
scene as it gears up for national elections
this year.
China views its southern neighbour
as an important source of natural
resources and energy, as well as a
vital partner in its strategic goal of

maintaining access to the Indian Ocean.

Its desire for stable national government in Myanmar, after decades of support for quasi-independent armed
groups along the border, is fuelled by its
hefty investment in hydropower dams
and pipelines.
Meanwhile, Myanmars many armed
groups and armed forces are jostling for
position ahead of the elections, chipping
away at a stalled national peace process
after decades of internal conflict.
Hence the flood of refugees and
Chinese businesspeople into Chinas
Yunnan province from the border
region of Kokang this month, as 85year-old guerrilla leader Peng Jiasheng

attempts to reclaim territory lost six

years ago. Myanmars central government declared three months of martial
law over the region this week.
For China, the strategic importance
of Burma significantly outweighs
Chinas interest in the border ethnic
groups, wrote Yun Sun of the Washington-based Stimson think-tank. The
influx of refugees aggravates Chinas
negative outlook for the prospects of
security and stability in the region and
plays into the fears of those in China
who worry about US influence in Myanmar, she added.
The situation puts Beijing on a fine
balancing rope. Perceived Chinese influ-

ence and national outrage over the

planned Myitsone Dam, which would
have blocked the Irrawaddy river to
generate power for China, set the stage
for an abrupt political relaxation and
opening to the west by Myanmars ruling junta in 2010.
Complicating the picture for Beijing is

The strategic importance

of Burma significantly
outweighs Chinas interest
in border ethnic groups

an online appeal by Mr Peng, an ethnic

Chinese, for support from his compatriots across the border. I ask all the
Chinese around the world to remind
themselves of our common race and
roots and give money and efforts to rescue our people, Mr Peng said in a statement that has circulated widely in
China.
An editorial this week in the Global
Times, one of the few Chinese newspapers to cover Myanmar closely, shows
the extent of Beijings concern that Chinese nationalists could push for greater
intervention. Varied forces in Chinese
society should stay sober and avoid any
premature stance or interference in

Thailand

Terrorism. Islamist outpost

Slaughter on Libya shore fuels fear of Isis advance

Civil war may lead jihadi
group to regard country as a
secure north African location
HEBA SALEH CAIRO

With porous borders, a plentiful supply

of weapons and Europe just a boat ride
away, the vast and largely ungoverned
state of Libya is emerging as an outpost
for Isis.
A supporter of the Islamic State in
Iraq and the Levant cites all these reasons as key to the countrys appeal in an
unofficial propaganda document translated by the Quilliam Foundation, a
counter-extremism think-tank in the
UK.
Last weekends slaughter on a beach
of 21 Egyptian Coptic Christians could
help Isis recruit fighters in a country
already home to dozens of jihadi groups
and Islamist militias, experts say.
Egypt responded to the killings with
air strikes against Isis militants in Libya,
prompting Qatar to recall its ambassador to Cairo.
And in a sign of concern about the Isis
presence, the internationally recognised authorities in Libya on Wednesday called on the UN Security Council to
lift an arms embargo so they can fight
the military group.
With government authority contested between two rival administrations that are unable to impose much
order beyond the cities in which they
are based, Libya offers a relatively
secure north African location for the
jihadis, some argue.
Isis may see Libya as another strategic outpost far removed from its heartland, said Frederick Wehrey, an expert
on Islamic groups at the Carnegie
Endowment.
It could be used for attacks against
Europe. My sense is that in the midst of
Libyas civil war, Isis is now focused on
consolidating its control.
At least three Isis affiliates are operating in three self-proclaimed provinces
in Libya: Tripolitania in the west, Barqa
in the east and Fezzan in the south.
In all three provinces, the groups have
carried out attacks on targets, including
oilfields and a hotel in Tripoli. The affiliate that operates in Derna in the east,
which is considered the most powerful,
abducted many of the Egyptian workers
who were killed.
While Derna is governed by a federation of jihadi groups, experts believe Isis
to be in the ascendant, even if it is not
governing alone. Isis has gained support
there at the expense of more established
jihadi groups such as Ansar al Sharia,
which has been expelled from its base

Thailands attorney-general filed

charges against deposed prime minister Yingluck Shinawatra yesterday, in a
case that could result in a 10-year jail
term if she is found guilty.

A Libyan soldier of the Operation Shorouq faction at the site of an air strike this month. Civil war has opened the way for Isis

200 km

ITALY
Mediterranean
Sea

TUNISIA

Derna

Tripoli

EGYPT

ALGERIA

L I B YA
NIGER

CHAD

Italy lobbies UN
Proximity to Tripoli
triggers refugee alert
The conflict in Libya has triggered
concern in Italy, which has strong
economic ties to its former colony,
notably in the oil sector.
Nearly half of Libyas crude exports
go to Italy and Eni, the Italian oil
company which has invested billions in
the country, has cut the number of nonLibyan staff there but said output

by the forces of Khailifa Haftar, the general fighting in the east with the government, who is intent on wiping out Islamist armed groups.
It remains unclear whether the
affiliates are co-ordinating but experts
agree that their ranks include foreign
fighters as well as hundreds of Libyan
returnees from the battlefields of Syria
and Iraq.
There is also evidence of strengthening relations with the main Isis group in
those countries.
The sophisticated camerawork evident in the video of the slaughter of the
continued as normal. Italy was also the
last European country to shut its
embassy in Tripoli, pulling out its
ambassador last week.
Crucially, Libya is also one of the
jumping off points for illegal migrants
seeking to enter Europe via Italys
southern coast, adding to fears that
there could be a surge in migrants
seeking refuge in Italy as they try to
escape conflict in Libya. Italys
stretched coastguards picked up 2,000
migrants in 10 rickety vessels on
Monday alone.

Egyptians, including the apparent choreography of the masked killers in black

and their victims in orange jumpsuits,
has caught the attention of analysts.
The production bears the logo of
al-Hayat, a media organisation established by the mother group, suggesting
that operatives have travelled to Libya
to produce the film.
At issue now for Libyas neighbours
and the international community is how
best to respond to the presence.
Cairos air raids could play into the
groups hands by helping it rally support
from other Islamist factions and
Matteo Renzi, Italys prime minister,
has said Rome does not want military
action in Libya, and is seeking a
political solution via the UN.
He has also called for an end to
hysteria after claims by the populist
anti-immigrant Northern League party
that jihadis from Isis could easily reach
Italy by boat from Libya.
Foreign minister Paolo Gentiloni told
parliament on Wednesday that Italy
wanted to take on a front line role in
negotiations within a co-ordinated UN
action. Rachel Sanderson

Reuters

entrenching it further in Libya, analysts

said.
Charlie Winter, a researcher at the
Quilliam Foundation, said: Isis is forever trying to outrage the international
community and bog down states in conflicts against it to portray itself as a vanguard protecting Muslims from tyrants
and crusaders. They consider Sisi [the
Egyptian president] as one of the main
tyrants.
In the absence of a political settlement
that could re-establish state authority,
the danger is that the group will continue to grow in Libya.
There is no time to waste, said
Mohamed Eljarh, a Libyan analyst at
the Middle East Centre of the Atlantic
Council. Settling Libyas political problems may come too late to prevent a
slide into the grip of Isis.
The threat cannot be overstated, he
said. We have seen what they can do in
Syria and Iraq in only a short time.
But air strikes could still prove counter-productive if there isnt a comprehensive strategy to deal with the aftermath with a complete plan to secure
borders, prevent the flow of weapons
and put in place economic and political
strategies, he added.
Editorial Comment page 10

Business warns of barriers for trading bloc

JEREMY GRANT SINGAPORE

When Google recently tried to move

some engineers urgently from Malaysia
to Thailand, the search engine titan hit a
roadblock. Thai labour laws meant that
getting the permits needed to employ
Malaysian engineers in the neighbouring southeast Asian country took far
longer than it had expected.
The time it takes to move talent
where we want means we cant move
as fast as we would like, says Sajith
Sivanandan, chief executive of Google
Malaysia.
Cumbersome labour laws are just one
of the obstacles hampering the creation
of an economic bloc called the Asean

Ousted
Yingluck
faces charge
over rice
subsidy
REUTERS BANGKOK

Growth frontier. Asean Economic Community

Companies say region must

overcome national labour laws
and diverse product standards

northern Myanmar affairs, so as not to

affect the governments diplomacy, the
editorial said.
Mr Peng was once a conduit for
Chinese intervention in Myanmars
many ethnic conflicts, in his former
role as commander of the military wing
of the Beijing-backed Communist
Party of Burma, which fractured in
1989. He abruptly lost Kokang to a
Myanmar military offensive six years
ago as part of the central governments
effort to exert its control along the border.
Some analysts reckon Mr Peng and his
troops retreated across the porous border into China.

Economic Community (AEC) that is

supposed to be in place across the
10-nation Association of Southeast
Asian Nations (Asean) by December. As
China slows and Indias prospects
remain unpredictable, businesses are
looking to Asean and its 620m population as the next growthfrontierinAsia.
The AEC aims to link a hodge-podge of
countries, from economically deprived
Laos, with 4m people, to Indonesia, with
a population of 250m,topropelgrowth.
Asean has a combined gross domestic
product of $2.4tn, which is more than
India, and it would rank as the worlds
seventh largest economy if it were a
country. The Asian Development Bank
expects its GDP to grow 5.1 per cent
this year, well above the 3.5 per cent
projected for the world economy
by the International Monetary Fund.
Najib Razak, Malaysias prime minister, talks grandly about the AEC being
about creating an economic union

unlike anything since the days of

empire. Yet business leaders, including
one of his brothers, see it differently.
While they believe the AEC has potential, like Google they are increasingly
frustrated by non-tariff barriers, protectionism and bureaucracy that could
see the project fall far short of the vision
set in 2007. Its helpful to call a spade a
spade, says Nazir Razak, chairman of
CIMB Group, Malaysias second biggest
bank and the prime minister's brother.
We should not leave anyone with the
expectation that [the] AEC will be the
single production base with free movement of goods and services, investment
and skilled labour and free movement
of capital as currently described.
He warns that Asean companies will
be disappointed, or worse, angry, if they
get all dressed up for the wrong party.
While much progress has been made
cutting tariffs across Asean, businesses
must still navigate a thicket of product

standards that make it hard to sell

across the region and hamper the ability
of new companies to enter the market.
The sleep regulation drug melatonin,
for example, is considered a health supplement in Singapore but a prescription
drug in Thailand. There is also no standard approval process that would allow
food ingredients authorised in one

Long journey ahead: a worker tends

to a railway carriage in Jakarta

Asean country to be sold in another. Nor

is Asean a customs union, so importing
and exporting within the bloc involves
different procedures that often result in
goods waiting at ports for weeks until
paperwork is cleared, which maximises
the possibility of corruption.
Differences in regulations, especially
non-tariff barriers, remain a serious
obstacle to the free flow of goods and
services, says Joerg Wolle, chief executive of DKSH, a Swiss marketing and
distribution group that employs 27,000.
One symptom of such barriers is the
low level of intra-regional trade. McKinsey, the consultancy, estimates that
such trade fell to 24 per cent of Aseans
total trade in 2012, after peaking at
almost 25 per cent in 2007. It attributed
the decline to non-tariff barriers.
Yet the biggest barrier to the AEC may
be protectionism, such as signs Indonesia is seeking to create a national car policyfavouringitsdomesticindustry.

Ms Yingluck, Thailands first woman

prime minister, was charged with negligence for her role in a rice subsidy
scheme that has cost the state billions of
dollars. She denies any wrongdoing.
The Supreme Court will decide by
March 19 whether or not to pursue
the case, court secretary Theerathai
Charoenwong said.
Ms Yingluck was forced from office
last May over a separate legal challenge
days before her government was ousted
in a military coup.
The coup ended months of protests
organised by supporters of the establishment opposed to her governments
populist policies, including the rice
subsidy.
Ms Yingluck was not obliged to
appear in person, but will be ready to
report to the court if the case proceeds,
her lawyer, Norawit Laleng, said.
The government denied Yingluck
permission to travel to Hong Kong this
month to ensure that she was in the
country to face charges.

Shinawatra supporters
say the charges against
former PM are aimed at
ending Thaksin influence
The prosecutor submitted 20 boxes
of documents related to the case in
the court, Kosonwat Inthujanyong, deputy spokesman for the Office of the
Attorney-general, told reporters.
Ms Yingluck is the younger sister of
former prime minister Thaksin Shinawatra, a telecommunications tycoon
who shook up the political system with
policies favouring the rural poor when
he became prime minister for the first
time in 2001.
The charges against Yingluck mark
the latest stage in a 10-year struggle
between Mr Thaksin, who was overthrown in a 2006 coup and has lived
abroad since 2008 to avoid jail for a
corruption conviction he says was politically motivated, and the royalist-military establishment.
He or his allies, including Ms
Yingluck, have won every election since
2001, to the dismay of the establishment, which sees him as threat,
although pro-Thaksin governments
have only served one full term because
of court decisions or military intervention.
A military-stacked legislature in January found Ms Yingluck guilty of dereliction of duty in relation to the rice subsidy scheme, in a retroactive impeachment that carries a five-year ban from
political office.
The Office of the Attorney-general on
the same day announced it planned to
file charges against her.
Critics of Ms Yingluck claim that
the rice scheme was an effort to buy
votes.
Supporters of the Shinawatras say the
charges against her are aimed at ending
Mr Thaksins influence.
Military rule has brought a degree of
stability, but the juntas national reconciliation plan has failed to narrow political divisions.
An election will be held early next
year, the government has said.

Friday 20 February 2015

FINANCIAL TIMES

FT BIG READ. SPANISH POLITICS

Having started out in a Madrid theatre just over 12 months ago, Podemos has ridden a wave of antiestablishment feeling in Spain to top opinion polls. But can it convert that support in to an election win?
By Tobias Buck

Populist surge

t was a moment to savour for Pablo

Iglesias and his companions.
Remember this day, one of them
exclaimed. You will tell your children and grandchildren about
this, said another.
They were speaking to the crowd
below, as many as 300,000 people
according to one estimate. Defying the
January cold, the rally filled every corner of Madrids Puerta del Sol square,
spilling out into the surrounding streets
and avenues. But the speakers could just
as easily have been talking among themselves, daring one another to believe this
day had come that a one-year-old
political movement which had started
out with no money, no experience and
no programme had made it this far.
Podemos (We can) was unveiled in
January last year, on the stage of a tiny
alternative theatre in Madrids scruffy
Lavapis district. With the exception of
Mr Iglesias, a charismatic politics lecturer who was already a fixture on
Spains television talk shows, the founders were largely unknown. Their movement, however, hit a nerve almost
instantly: less than two days after Mr
Iglesias appealed for support, Podemos
had the 50,000 signatures it needed to
run in the European elections.
The party made international headlines four months later, when it stunned
forecasters by winning 8 per cent of the
vote and five seats in the European Parliament. Fuelled by rampant voter
anger with political corruption and the
recent economic crisis, Podemos and its
call for radical political change has
gained ground ever since.
With a general election looming later
this year, some polls suggest it is already
the best-supported party in Spain
ahead of both the ruling Popular party
and the opposition Socialists (PSOE). In
less than 12 months, Podemos has done
what no other political force has
achieved over the past three decades
it has ended the duopoly of power held
by the two mainstream parties, and
plunged Spains stable political system
into a volatile new era.
If the Podemos surge carries through
to election day, the consequences for
Spain and for Europe at large would
be momentous: the election of a far-left
anti-austerity party in Greece has
already shaken Europes political establishment to the core, forcing leaders in
Berlin and Brussels to re-examine some
of the most cherished principles of
European integration. The triumph of a
like-minded force in Spain, the blocs
fourth-largest economy, would make
European politics even less predictable
and could finish off the EUs carefully
crafted system of economic governance
for good.
In the minds of Podemos leaders, the
partys sudden rise is easy to explain:
their movement simply provided the
political vehicle for the frustration and
fury but also the hope that has been
swirling around Spanish society since
the start of the eurozone crisis.
Podemos is saying, at the institutional
level and in the media, what people have

Protesters wave
Podemos
banners during
a march for
change rally in
Madrids Puerta
del Sol at the
end of last
month

been saying in the streets and on the plazas for years, says Carolina Bescansa, a
founding member of the party and now
number four in its hierarchy. We did
not invent anything. We have given a
voice to the people . . . and that is why
our support is so large.

Gerard Julien/AFP/Getty

Its success comes against the backdrop

of the decline of Europes traditional
centre-left. Social democratic and
socialist parties may still be in power in
countries such as Italy and France, but
for Mr Iglesias they have betrayed both
their roots and their voters by embracing austerity and failing to protect the
weak during the recent crisis. The failure of the centre-left, the Podemos
leader told foreign journalists last week,
has opened up the European scene to
new political phenomena.
For Spains Socialist party, the arrival
of Podemos has indeed been disastrous:
of the 7m voters who backed the Socialists at the last election, 1.8m say they
now support Podemos. Their sense of
disappointment is summed up by Juan
Mara Hernndez, who attended last
months Madrid rally clutching a trademark purple Podemos flag. A life-long
Socialist voter, he says he will definitely
back the new party this year: We need a
change in this country and with the
two big parties nothing has changed.
Podemos will at least try.
Podemos, like Syriza in Greece, sees
itself above all else as an anti-establishment party: it rails against the corruption of Spains political elite, calls for an
end to austerity and promises to restore
dignity to the millions of Spaniards suffering the effects of the recent crisis. The
party has hinted at plans to roll back
labour market reforms, to shield financially troubled homebuyers from eviction and to raise the pressure on tax
evaders. Like their Greek allies, its leaders are fierce critics of Angela Merkel,
the German chancellor, and often voice
sympathy for the idea of a pan-European round of debt write-offs.
Beyond such slogans, however, it is
hard to trace the outlines of a future
political manifesto. There is no party
programme, and Podemos leaders have
consistently refused to be drawn on concrete measures or prescriptions. The
partys reluctance to set out a clear pro-

What
Podemos says
about itself

Failure of the
centre-left
has opened
up the
European
scene to new
political
phenomena
Podemos is
saying at the
institutional
level what
people have
been saying
in the streets
for years

Centre-left loses its allure

State of the polls

gramme reflects in part the helter-skelter nature of its rise. Podemos formally
elected a leadership, and gave itself a
proper organisation, only three months
ago. But the groups ambiguity is also
part of a strategy to downplay its
leftwing origins.
They are people from the left and
their party is from the left. But they
know that if they want to win an election
they need votes from the right, says
Jos Moiss Martn, a Madrid-based
economist. That means the party has to
stick to a few basic themes and
remind voters that Podemos is different
from Spains elite. Voters are not thinking about the Podemos programme. But
they do think that those who govern
Spain now have to go. This is a vote of
rejection, says Mr Martn.
Ms Bescansa, a sociology professor
and polling expert, is in charge of analysing social trends. Her findings have
influenced the partys current stance.
She points out that Spanish voters,
whether on the left or right, tend to
agree on a small number of basic issues:
disgust with political corruption, for
example, or the belief that Spains economic problems can only be ended by
new leaders untainted by the crisis.
They also share, she says, the idea that
Spain needs to restore its sovereignty,
and escape economic diktats from Brussels and Berlin.
None of these basic themes fits easily
into the established pattern of left or
rightwing politics, but they dominate
the Podemos discourse. And, as the rally
last month showed, Mr Iglesias is more
than ready to appropriate political language that has traditionally been anathema to the European left. In his speech,
he referred repeatedly to the patria, or
fatherland, and his pride in Spain. Criticism of the Catholic Church and the
monarchy, the two traditional targets of
the Spanish far-left, has been muted.

No room for dissent

Decisions over party strategy and rhetoric are usually taken by a tightly knit
team of five people. Aside from Ms Bescansa and Mr Iglesias, the telegenic
leader, the key decision makers include
igo Errejn, a baby-faced but sharpminded political scientist tasked with
building up the organisational muscle of
Podemos; Juan Carlos Monedero, the

Unemployment rate

Share of respondents (%)

Per cent
Popular party

30

60
Aged 25 and under

20

Spanish Socialist
Workers
Podemos

40

10

United Left

20
Total

Union, Progress and Democracy

Jan

2014

Poll of poll weekly averages (general election expected by year end)

Sources: FT research; Thomson Reuters Datastream

Feb
2015

0
2004 06

08

10

12

14

partys chief ideologue; and Luis Alegre,

who heads the partys Madrid branch.
The five leaders, colleagues and
friends for years, all hail from the same
political and social sciences faculty at
Madrids Complutense University, and
most spent years dabbling in different
leftist movements. Another common
theme is Latin America: Mr Monedero,
in particular, has developed close relations with Venezuela and other leftist
governments in the region.
The leadership is driven by a fierce
determination to overcome the sectarianism and infighting that has so often
blighted the left in Spain. They have
learnt that the great adversary of the left
is fragmentation. So they believe they
have to quash dissent from the very
beginning, says Jos Ignacio Torreblanca, a political analyst.
When asked about their intellectual
influences, Podemos leaders usually cite
Marxist thinkers. But Mr Iglesias has
also made no secret of his passion for an
altogether different source of political
insight the Game of Thrones book and
television series. An avid fan, he last
year edited a book analysing the blooddrenched saga. Its title: Win or Die
Political Lessons from Game of Thrones.
Iglesias is effective because his ethics
are about winning. He is not fixed on
any idea, says Mr Torreblanca. In the
Podemos playbook, he argues, the ability to appeal to the masses is infinitely
more important than ideological purity.
That appeal is set to face a series of
daunting tests. The most immediate
challenge is a highly publicised tax scandal surrounding Mr Monedero, the
partys number three. He is under investigation by the tax authorities in connection with a payment of 425,000
made to him by the governments of
Bolivia, Ecuador, Nicaragua and Venezuela in exchange for consulting work.
Mr Monedero insists his tax affairs are
in order and that he broke no law. In
political terms, however, the damage
may already have been done: six-figure
payments, whether taxed properly or
not, sit uneasily with the Podemos claim
that it is fighting for those below
against those above. The link with
Venezuelas radical government may
also be a turn-off for centrist voters.
The party now faces a string of
regional and municipal elections over
the coming six months. It is unlikely to
win in any of the regions outright, which
leaves the movement facing the tricky
question of whether or not to form alliances and coalitions. There is no riskfree option: a pact with one of the
established parties will hurt the
Podemos claim to stand
against Spains tired elite. A
refusal to join forces with the
Socialists, however, will
probably mean keeping
the centre-right in power
in key regions not
the outcome that
most Podemos voters are seeking.
Resolving that
dilemma will not

Online
Tobias Buck on
the challenges
for Podemos in
the build-up to
Spains election
ft.com/podcast

be made easier by the complicated relationship between Podemoss pragmatic

leadership and the partys more idealistic base. Over the past year, Podemos
has spawned hundreds of grass-roots
circles across the country giving the
movement an army of volunteers and
instant organisational depth. Over the
past few weeks, however, the crculos
have shown signs of restlessness. There
is, at least in some quarters, unhappiness about the way the party has handled the Monedero affair, and about the
leaderships attempt to impose its candidates on regional branches.

Seize the moment

What others
say about it

They believe
they have to
quash
dissent from
the very
beginning

Podemos
only has one
bullet. And
they have got
to fire it in
2015

Perhaps the most serious challenge

faced by Podemos lies in the possibility
that economic and political sentiment
will start to shift again. The circumstances that have allowed it to flourish
over the past year may no longer be so
prevalent in 2016 or 2017. Spains unemployment rate, though still horrendously high at 24 per cent, is falling
steadily. Economic growth is accelerating. Polls suggest that anger over corruption, though still virulent, is less
acute than it was.
Podemos only has one bullet. And
they have got to fire it in 2015, says
Pablo Simon, a professor of political sciences at Madrids Carlos III University.
Party leaders dispute that assessment, but their sense of urgency is palpable. For all their success, Mr Iglesias
and his allies know that even current
poll numbers leave them well short of a
governing majority. A parliament dominated by three broadly equal parties
would make the formation of a government fiendishly difficult, and could condemn Spain to years of political stasis. It
would also fall short of the objectives
that the party set itself one year ago.
Ms Bescansa argues that Podemos will
have to win an absolute majority if it
wants to remake the politics of Spain,
and by extension, of the wider EU. It is a
goal that sounds, even today, risibly
ambitious. But for those who scoff, Ms
Bescansa has a question that is not easy
to answer: If I had told you a year ago
that a completely unknown movement
would be leading the polls in Spain,
what would you have said?

First tests Regional and municipal polls,

and dealing with public anger over fees
paid to a party leader for consultancy
work, present challenges for Podemos
Diverse politics Theorists such as
Antonio Gramsci and Ernesto Laclau are
cited as influences but Pablo Iglesias (left)
also turns to Game of Thrones for insights
Sense of urgency Improved growth and
falling unemployment rates could work
against the partys efforts to secure an
absolute majority in polls later this year

10

FINANCIAL TIMES

Friday 20 February 2015

Letters

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

Oil industry cannot accept possibility of a decline in demand

FRIDAY 20 FEBRUARY 2015

Britains parties should

be funded by the state
Public suspicion that donors can buy influence is corroding trust
As Britain heads for a general election
in May, the political parties are not only
competing over policy. They are also in
a contest to see who can raise the most
cash to fight the campaign. As ever, the
Conservatives and Labour are looking
to their traditional backers business
and the trade unions respectively to
help fund what may be the costliest
general election ever. A report published yesterday from the independent
Electoral Commission is the latest sign
of how they are boosting their coffers
from these and other sources taking
in some 15m between them in the
final three months of 2014 alone.
Compared with the US, where private backing for presidential candidates is on an altogether more lavish
scale, party political funding in the UK
is modest. But the British system
should prompt concern all the same.
This is because the main parties are
becoming ever more reliant on a small
number of donors to meet their funding needs. The risk is that such individuals whether they be company executives or trade union bosses exercise
undue influence over political leaders.
A report by the Electoral Reform
Society this week highlights how narrow this pool of big donors is becoming.
In the past decade, more than three
quarters of donations received by
Labour and half received by the Tories
were from individual grants of more
than 50,000. Speculation that such
donors might be looking to buy access
to power have been at the heart of a
series of scandals in recent years, such
as cash for honours or cash for peerages. If public suspicion grows, trust in
politics is inevitably corroded.
A system increasingly reliant on
party funding by a few also helps to
destroy mass political participation.
Most ordinary citizens will wonder
why they should bother paying their
more modest fees and donations. It is

little wonder that the main parties have

seen their memberships plunge over
the years, with the Tories down from
more than 2.5m in the 1950s to little
more than 150,000 today.
For decades, the parties have recognised there is a problem. The Conservatives have been prepared to accept a
cap on individual donations as long as it
encompasses money given by the trade
unions; Labour, by contrast, has been
in favour of a donations cap as long as it
excludes the unions. Negotiations have
always ended in deadlock.
Once the election is over, the party
leaders should make a renewed effort
at reform. The framework for a new
funding system was set out three years
ago by Sir Christopher Kelly, then head
of the Committee on Standards in Public Life. He proposed that there should
be a cap on all individual donations at
about 10,000. This should be accompanied by a stricter limit on the
amount that any party can spend in a
general election campaign. Above all,
he argued that the bulk of party funding should come from the state in order
to restore public confidence.
This last proposal is the most controversial. In the aftermath of the MPs
expenses scandal, Britons have become
so disenchanted with Westminster that
the idea of using taxpayers money to
fund political parties is anathema. Yet,
the sums involved are modest. In order
to fund their operations, the parties
would require about 25m a year in
total, small compared to the hundreds
of millions of pounds needed to run
parliament and other elected bodies.
If the political class at Westminster is
to have any chance of winning back
public trust, it needs to end the suspicion that the culture of political donations is corruptible. The only way to do
this is a system of taxpayer funding
that leaves the politicians at arms
length from business and the unions.

Obamas muddled stance

in the war against Isis
Defeat in Congress would hand propaganda victory to Americas foes
The war on the Islamic State of Iraq and
the Levant is still in its early stages. Yet
President Barack Obama is risking a
defeat at home entirely of his making.
Last week he asked Congress to pass a
bill that would authorise him to use
military force against Isis. We will discover next week if Congress believes
Mr Obamas new powers are necessary.
The chances are the White Houses
oddly-framed bill will be defeated, or
amended beyond recognition. That
would be worse than no bill at all.
As recently as two months ago, Mr
Obama argued new authorisation was
unnecessary the US has launched
almost 2,000 military strikes in Syria
and Iraq under an authority passed
shortly after the terror attacks of 9/11.
Now Mr Obama wants to supplement
it. Yet anti-Isis operations would go on
regardless of whether Congress gave
him what he wanted. It is hard to see
why such a charade is needed.
On present course it is headed for a
fate worse than that. Mr Obamas proposal alienates Democratic critics of
Americas unending war, and Republicans who believe he is not waging it
robustly enough. The former worry
that the bill would give Mr Obama
unchecked power to pursue Isis and
associated forces without geographic
or military limits. Mr Obama rules out
enduring offensive ground operations by US forces yet gives no definition of enduring or offensive.
In contrast, Republicans complain
that Mr Obama is tying one hand
behind his back by ruling out American boots on the ground. Since the bill
would expire in three years, they say he
would also be tying his successors
hands. Mr Obama has deepened the
confusion by stating that he already
has the scope to wage war on Isis under
the 2001 law that authorised force
against al-Qaeda and associated
groups the so-called war on terror

statute. In other words, Mr Obama is

seeking Congresss political blessing to
press the war on Isis. The legal trappings are optional.
The danger is that a political setback
in Washington would further weaken
Mr Obamas credibility in the Middle
East. This is why some observers worry
about a repeat of his botched red line
in Syria. The Assad regime crossed that
line in the summer of 2013 with chemical weapons attacks on its own people.
Mr Obama vowed retaliation then
unexpectedly declared that any use of
force needed Congressional authorisation. The bill never came to a vote at
the eleventh hour Vladimir Putins
Russia persuaded Damascus to sign up
to a UN plan to eliminate its stockpile of
chemical weapons. The bill would
almost certainly have been defeated.
The same fate could await Mr Obamas
latest manoeuvre, harming his scope to
lead the anti-Isis coalition.
Meanwhile, the picture on the battle
ground is becoming confused. Bashar
al-Assad is now Americas de facto ally
in the war on Isis, as is Iran. But the
Obama administration refuses to
endorse this weeks Egyptian air strikes
in Libya after Isis affiliates had executed 21 Egyptian Copts. As the Isis
death cult spreads, so does Americas
need for dexterous coalition building.
In the unlikely event that Mr Obamas
bill were passed in its current form, it
would risk creating new problems.
After long engagements in Afghanistan and Iraq, the American people
are tired of foreign wars. Mr Obama
wants to show he will not allow the US
to be sucked into another quagmire.
Yet by ruling out enduring offensive
ground operations in the region, Mr
Obama is broadcasting his own red
line. Isis will probably view it as an invitation. It would have been better to
keep his options open and the language
vague.

Sir, Your report Global shale

revolution dismissed and demand for
Opec oil forecast to rise (February 18),
on the publication of the new BP
Energy Outlook 2035, reveals in its
final paragraph the key fact that
undermines the credibility of the whole
exercise: BP projects an increase of 25
per cent in annual emissions of carbon
dioxide from energy over the next
20 years.

This is simply incompatible with the

efforts of national governments which
are focused on reaching an
international agreement on climate
change, to be signed in Paris in
December, to avoid dangerous global
warming of more than 2C. Such an
agreement, if implemented, will
require carbon dioxide emissions from
energy to be cut by about 20 per cent
by 2030, according to the latest World

Melian debate is essential

reading for all diplomats
and negotiators, even now
Sir, William A Koelsch (Letters,
February 18) refers to the disaster
inflicted on Melos by the Athenians
and sees it in the context of Isis horrors
2,400 years later.
The Melian debate as recounted by
Thucydides is a classic argument.
When the Athenians offered terms,
they refused to accept the Melians
argument that though they were a
colony of Sparta, they had not
participated in the war and never done
Athens any harm. Instead, the
Athenians recommended to the
Melians that you should try and get
what is possible for you to get, taking
into consideration what we both really
do think; since you know as well as we
do that, when these matters are
discussed by practical people, the
standard of justice depends on the
equality of power to compel and that in
fact the strong do what they have the
power to do and the weak accept what
they have to accept (Book Five,
Warners translation).
The Melian debate has been essential
reading for all serious negotiators and
diplomats from that time. Both the new
Greek government and the EU need to
bear this in mind in their ongoing
debate over Greeces loans. For the
destruction of the Melians after a hardfought and prolonged siege did no good
to the Athenians eventually
answering the question that the
Melians asked: And how could it be
just as good for us to be the slaves as for
you to be the masters?
Gautam Pingle
Hyderabad, India

Isnt all money of the

Mickey Mouse kind?
Sir, Hugo Dixon (Letters, February 17)
rubbishes the idea of Greece issuing
IOUs as he suggests they would be seen
as Mickey Mouse money. But is not
virtually all money issued by a
government an IOU? Otherwise, why
would the 20 note in my pocket say I
promise to pay the bearer on demand
the sum of twenty pounds?
Given your recent report on the
growing pile of trillions of dollars of
debt in the world, there must surely be
an awful lot of Mickey Mouse money
already in circulation. But as long as
everyone carries on pretending that
debt will be repaid, the system keeps
going. And so far as Greece is
concerned, since a Grexit could have
such serious political consequences for
all of us, a compromise has to be found
even if, at the end of the day, it turns
out not to be worth the paper it is
written on.
Giles Dixon
Richmond-upon-Thames, UK

Punk Tories
and Ecstasy
entrepreneurs

Notebook
by Janan Ganesh

Malcolms worried that the ceasefire

will spread to the rest of Europe

Young ex-bankers have

everything to prove
Sir, Bored bankers the world over will
appreciate Lucy Kellaways sound
advice (Nice colleagues and good pay
but Im bored, Dear Lucy, February
18). However her final point, that
being an ex-banker will stand the
young man in good stead with a new
employer because he knows about
money, is overly gracious. Prudent
employers will be sceptical. Has he
learnt to think critically or merely to
play politics? Can he cultivate
relationships that are more than
simply transactional and manage
budgets that are finite?
Ex-bankers, particularly younger
ones, invariably have distorted salary
expectations relative to their practical
and transferable skills. Their
worldview is often dominated by deals
rather than how to make and do things,
ie how the rest of the world functions.
In spite of self-confidence and a
polished sense for fashion, an exbanker is not an asset in the real
economy until he proves he can do
some heavy lifting for rational
compensation.
Eric Stryson
Managing Director,
Global Institute For Tomorrow,
Taikoo, Hong Kong

Prudence should mean

caution not distortion
Sir, In their letter of February 16, some
members of the investment
community argue that International
Financial Reporting Standards (IFRS)
must reinstate prudence as the guiding
star. We think it is time for peace to
break out over this issue.
The word is being reinstated in the
framework that governs the setting of
IFRS, but rightly in support of
neutrality, not as a licence for
accounting with a conservative bias.
Users of accounts who made

Is politics downstream of culture or is

culture downstream of politics?
If artists react to what politicians do,
they are secondary players in public
life. They can subvert all they like, but
they are not running the show. If,
however, they create the atmosphere
in which democracy takes place the
tastes and norms of a society, the
sense of what qualifies as a civilised or
fashionable opinion then they, not
any prime minister or cabinet, are the
real masters.
The ultimate conservative dread is
that the second scenario is nearer the
mark. Some on the right, and not just
the philistines or paranoiacs, view the
arts as a liberal-left hegemony with
subliminal sway over voters. Switch
on a BBC radio comedy, and before
long fun will be poked at something
conventionally rightwing. There are
the David Hares and Harold Pinters of
theatre, the Peter Kosminskys and
Ken Loaches of cinema. There has
been a century of modernism in the
visual arts and architecture.
Publishing, academia, pop: these
fields tend not to brim with Tories, or
not professed ones at any rate.
Andrew Breitbart, the American
conservative activist, feared for the
right unless it learnt to wade upstream
and make a cultural splash. His British
equivalents look at the Tory partys
stubbornly foul reputation and
wonder about the accumulated effect
of decades of partisan mockery at the
hands of standup comics and
television scriptwriters.
Hilary Mantel, the iron lady of

Energy Outlook by the International

Energy Agency.
Perhaps BP is betting against
successful international action to
reduce greenhouse gas emissions,
or its modelling teams are simply
unable to come to terms with a future
in which there is a decline in demand
for the products of the fossil fuels
industry. Either way, it has shown
once again how the modelling

exercises by BP, Shell and other oil

companies reflect an apparent
inability to contemplate a role
for themselves in a world that
successfully manages the risks of
climate change.
Bob Ward
Policy and Communications Director,
Grantham Research Institute on Climate
Change and the Environment,
London School of Economics, UK

suggestions to the International

Accounting Standards Board on the
compromise wording believe the
matter should rest there. An extra
layer of subjectivity would not help the
valuation process.
Critics of IFRS tend to associate
difficult valuations with mark-tomarket, or fair value, accounting.
Actually, a closing price on the balance
sheet date makes valuation relatively
easy. The question for directors and
investors is whether that price is
buoyed or suppressed by market
conditions and whether it is
sustainable. The dumb numbers
provide a snapshot, not a guarantee.
Where the assets value is being
marked to model, in the absence of a
liquid market, the key assumptions are
disclosed and it is up to the auditors to
kick the tyres on the best estimate; not
the best estimate minus 5 or 10 per
cent. If the asset has been sold, or
realised, the problem of its carrying
value goes away.
The difficulties encountered by
companies like banks, with large
portfolios of assets that go up and down
in value, long predate the accounting
term fair value. The financial crisis
demonstrated that banks remain as
vulnerable as ever to losing money the
old-fashioned way by lending too
much to borrowers of dubious
creditworthiness.
Aggressive accounting has also been
with us forever. Its causes are much
more likely to lie in weak governance
than in accounting standards.
Executives under intense pressure, and
lax oversight, will bend whatever
measuring stick is available.
Jane Fuller and Marietta Miemietz
CFA Society of the UK
Peter Malmqvist
Swedish Society for Financial Analysts

Why sanctions are no

alternative to defence

More senior executives

should be writing poetry
Sir, In her obituary of Michele Ferrero
(February 16), Rachel Sanderson
mentions that his second son and
successor, Giovanni, once said he
wrote poetry and novels in his spare
time.
Excellent more senior executives
should try it. It may well improve their
powers of concentration as well as their
creative faculties. And it would
certainly spare us the kind of nonsense
so charmingly savaged by Lucy
Kellaway in her superb weekly column.
May I suggest that writing poetry be
included in the syllabus of leading
business schools?
But perhaps we are to infer that only
unpromising leaders would occupy
themselves with something as feminine
as poetry. Like Winston Churchill,
perhaps? Or Julius Caesar? Or
Frederick the Great?
Bruce Mathers
Zug, Switzerland

literary fiction, recently published a

short story imagining the
assassination of Margaret Thatcher
during her premiership. It fed the
feeling of siege among culturally
sensitive Conservatives, just months
out from a general election.
They should stop worrying. Art
shapes politics, but art is not as
ideologically one-sided as we imagine.
The mistake is to define culture
narrowly as the stuff that goes down
well in urbane company. The kind of
culture consumed by most people
most of the time is not pregnant with
liberal assumptions sometimes
quite the opposite. The X Factor and
other TV pop shows count as culture.
(Oh, yes they do.) And look at what
they glorify: competition, individual
aspiration. The highest-grossing films
are still of the action or superhero
varieties, with their ethos of right
versus wrong, and force as the
ultimate guarantor of justice. And
there is nothing less socialist than a
hip hop video.
The 1960s make for a telling case
study. We equate the decade with
radicalism and counter-culture, but
that generation ended up voting for
Thatcher. This might be because their
views hardened as they aged and
acquired mortgages.
Alternatively, what we think of as
1960s art was just a modish fringe.
People were actually watching The
Benny Hill Show (which fell someway
short of the feminist ideal) and
listening to The Monkees (that ultracommercial manufactured boy band).

Sir, Gideon Rachman, in Russian

hearts, minds, and refrigerators
(February 17), writes: Rather than
engage the Putin government where it
is relatively strong, on the battlefield, it
makes more sense to hit Russia at its
weak point: the economy. But this
neglects the incentives that arise from
the time factor.
If the west plays to its strength,
which is economic, Vladimir Putin will
play to Russias strength, which is
military. But the action of western
financial and trade measures is slow
and cannot be accelerated. Meanwhile,
Russia can accelerate its military action
at will. In playing the sanctions card
while neglecting defence, the west is
encouraging President Putin to raise
the tempo on the battlefield and
change realities quickly and
irrevocably through warfare, before the
Russian economy can be weakened
further.
For the west, therefore, economic
sanctions are not an alternative to a
military confrontation that is already
under way. To avoid disaster, the west
must support financial and trade
measures with a credible defence.
Mark Harrison
Professor, Dept of Economics,
University of Warwick, Coventry, UK

MGS possibly second only

to Eton for influence
Sir, I note (February 13) your
description of Lord Fink as a
grammar-school educated son of a
grocer.
Well, up to a point. He was educated
at Manchester Grammar School a
direct-grant school, which was a
leading member of the Headmasters
Conference (ie a public school) and
probably the most competitive school
to get into in Britain. As someone who
failed even the first part of the (twopart) entrance examination, I know
whereof I speak.
It is disingenuous to describe those
who went to MGS (Fink, Howard
Davies, Michael Atherton, Nicholas
Hytner et al) as grammar school
boys. MGS was possibly the secondmost influential school in Britain, and
was to the bog-standard grammar
school I attended as Arsenal is to Crewe
Alexandra.
Andrew Hilton
Director,
CSFI,
London EC3, UK
COMMENT ON FT.COM
Americas pay rise
Martin Sandbu on higher wages at Walmart
Greece needs time to negotiate
Jeffrey Sachs on the search for a solution
www.ft.com/comment

Seen from this angle, the right is the

imperial force in culture, or at least
very competitive. And the stridency of
the artistic left is a badge of weakness
not strength. Anti-Thatcher writers
and musicians fantasised about her
death precisely because their cause
was getting no joy at the ballot box. By
the time pop stars were yearning to
tramp the dirt down on her grave,
she was on her third election victory.
Even away from the populist
mainstream, culture can work in
favour of the right in mysterious ways.
Punk rock was hardly Thatcherite but
it howled at the rigidities of 1970s
Britain. Niall Ferguson, the
conservative historian, is among those
who cheekily identify as a punk
Tory.
The next great convulsion of youth
culture, acid house, had an
entrepreneurial dimension, with
people organising raves and selling the
drug Ecstasy.
And it is easy to overlook how much
of the most influential English
literature in the 20th century was
written from a conservative, even
reactionary, angle.
Think of TS Eliot, Philip Larkin,
Kingsley Amis and of VS Naipaul,
who last year spoke at a
commemoration event for Thatcher
held by the Centre for Policy Studies, a
right-leaning Westminster think-tank.
Culture is not a conspiracy against
conservatism. If Tories are disliked,
they must look to themselves.
janan.ganesh@ft.com

Friday 20 February 2015

11

FINANCIAL TIMES

Comment
How impatience hampers long-term growth
FINANCE

Gillian
Tett

n alarming take on global

economic growth was
issued last month by McKinsey. In the past 50 years,
according to a report by the
management consultancy, the world
has enjoyed a heady expansion, with the
global economy expanding sixfold. But
growth will slow dramatically, as the
worlds population ages.
Even if productivity were to grow at
the rapid 1.8 per cent annual rate of the
past 50 years, the rate of [gross domestic product] growth would decline by 40
per cent over the next 50 years, McKinsey said, noting that this trajectory
would make it hard for governments to
meet debt and social obligations.
But there was a bright spot: if the
world would only embrace integrated,

pro-market reforms, alongside wild

technological innovation, growth might
accelerate again. So, if we want see a 21st
century economic boom, we need to
unleash the creative juices in Silicon
Valley, Shoreditch and Mumbai. Innovation is the answer.
It is a popular line for consultants and
politicians to promote, particularly
comforting in a world of inventions such
as self-driving cars and 3-D printing.
But, if you want a different perspective
on the growth debate, look at this weeks
speech by Andy Haldane, chief economist at the Bank of England.
Mr Haldane has earned a reputation
as a maverick among financial bureaucrats but he is influential in policy circles, particularly in the UK. And he
thinks that central bankers along with
consultants need to rethink their
views on innovation.
He starts by echoing the point made
by McKinsey: that the world has just
enjoyed a boom. Until 1750, average
annual economic expansion was so slow
that it took 6,000 years for living standards to double. Since then, growth has
accelerated, on the back of the indus-

trial revolution, with a dramatic burst in

the 20th century. Living standards doubled every 50 years.
There are reasons to hope this will
happen again; the digital revolution is,
after all, unprecedented. But there is a
catch. When Mr Haldane looks at the
past two centuries of growth, he concludes it was driven not just by innovation but also by rising levels of human

Our hyperconnected
technology may
be shortening our
time horizons
capital (so, educated people) and social
capital (trust). And he lights on something else: a shift in cultural attitudes
towards the future.
Most notably, the industrial revolutions after 1750 occurred alongside a
shift in peoples time horizons. Instead
of living in a reactive, short-term way,
humans amassed the confidence (and
wealth) to plan proactively and

patiently for the long term. That cultural change then created the all-important long-term capital and investment
flows to finance innovation and growth.
But this may be changing, says Mr
Haldane. The digital revolution is
undermining social cohesion by widening income inequality. Meanwhile, our
hyper-connected technology may be
inadvertently shortening our time horizons. We are becoming less patient,
less able to plan and invest long term.
Technology, by itself, was arguably
insufficient to explain growth in the
past. It may also be insufficient to secure
growth in the future, Mr Haldane
observes. To understand todays feeble
growth rates do not look just at debt or
demographics; think about how the
(mis)use of Twitter affects our brains or
how investment managers (and their
algorithms) keep churning stocks.
Now, orthodox economists might find
this argument irritating. The problem
with soft issues such as social cohesion or cultural time horizons is that
they are nebulous. They cannot be
plugged into computer spreadsheets.
Nevertheless, Mr Haldanes ideas

deserve wider debate. We all know that

humans are not as rational as economists or management consultants hope.
On the contrary, as psychologist Daniel
Kahneman observed, our brains have
fast and slow modes of thought.
And, as anthropologists know, cultural
attitudes towards time vary. Modern
western investors (and management
consultants) might consider it normal
to make 50-year projections about
growth or to buy bonds on that basis;
most societies do not.
Mr Haldane reminds us that economic history does not always proceed
in a straight line. Todays feeble growth
and low interest rates may be a temporary, post-crisis pattern but it could
also mark the start of a new era. Either
way, the debate about the long-term
impact of technology and the wider
social context of growth is one that
urgently needs to be heard. Even (or
especially) at a time when the market
debate about central bank policy grows
ever-more frenetic and skittish and
lamentably short term.
gillian.tett@ft.com

The short
telegram about
Putins Russia
GLOBAL POLITICS

Philip
Stephens

ar or ceasefire, Russian
aggression in Ukraine is
overturning at last the
wests complacency.
Washington has realised that this is more than a discrete
regional conflict. Europeans many of
them, anyway now understand that
Vladimir Putin is challenging the rulesbased order that has kept the continents peace. What is needed next is a
broadly based strategy to counter the
Russian presidents ambitions.
This demands an assessment of the
Kremlins thinking, motives and intentions the sort of analysis once found in
the diplomatic dispatches sent home
from embassies overseas. Where do military opportunism in Ukraine, Russian
gas supplies, Moscow-directed subversion and corruption, and nuclear swordwaving fit in Mr Putins worldview?
Whatever happens in the Donbass, the
west will be grappling with Russian
revanchism for some time yet.
A good point of departure is the
Kremlins obsession with encirclement. There is nothing new or, given
the record of history, surprising about
Russia feeling threatened. This mindset
was one of the binding threads of the

Soviet Union. At the heart of the neurosis lies an intuitive insecurity reaching
back deep into Russian history. Conveniently, the ever-present danger provides
a patriotic buttress for the ruling elite.
Faced with an evil, hostile and menacing world, the security of the nation
and regime become interchangeable.
There are nuances. Even as he rails
against their efforts to humiliate Russia,
Mr Putin regards western societies as
decadent, weak and divided. And Russia still has friends in the west. Mr Putin
is lauded by far-right populists. He is
assured of a welcome in Vienna. Only
this week he was in Budapest to meet
Viktor Orbn, the acolyte who serves as
Hungarys prime minister. Moscows
goal is to deepen and exploit conflicts
between the western powers.
Russia should not be treated as monolithic. The fears, real or imagined, of the
political and military elites do not represent the outlook of all Russians. Many of
them are well disposed towards the west
and eager to share in its material wealth
and culture. As one diplomat has put it,
Russians are by and large friendly to
the outside world and, in their private
thoughts, remarkably resistant to xenophobic propaganda.
For their part, those at the top often
seem to believe their own rhetoric. In
the Kremlins world and Angela Merkel, the German chancellor, has discovered this at some cost there is no such
thing as objective truth. Reality is whatever Moscow finds comforting and
convenient. There is no one ready
to challenge the myths and distortions

Martin
Wolf
he general election on May 7
2015 is an important
moment in British history.
Great doubt exists over the
configuration of parties in
the next House of Commons. One possible outcome is a referendum on the
countrys future in the EU, leading to a
British exit and then Scotlands departure from the UK. That is not all. Among
the questions are what the public want
the state to do and whether they are prepared to pay for it.
As always, the green budget published by the Institute for Fiscal Studies
provides an excellent overview. Two big
points emerge. First, the differences
among parties are large. Second, the
pressure to raise taxes will be strong.
The IFS notes that the plans

announced in last Decembers Autumn

Statement imply a further 14 per cent
real reduction in departmental spending between 2015-16 and 2019-20. This
is far bigger than the 9 per cent real cut
expected to be achieved between
2010-11 and 2015-16. But this is overkill.
Even under the Conservatives fiscal
rules, which call for an overall surplus,
the additional cut need only be 8.3 per
cent. Under the Labour and Liberal
Democrat rules (which call for a surplus
on actual or cyclically adjusted current
budgets, respectively), further real cuts
need not be higher than 2 per cent. The
differences between the parties objectives have big implications for the
needed austerity. They also show that
Labour and Liberal Democrats are far
closer to each other than to the Tories.
The more convinced a party is about
the need to deliver an overall fiscal surplus, the more necessary tax increases
are likely to be. Examination of the pressures on public spending reinforces this
point. The state has become increasingly focused on the provision of health
and social security, which accounted for
nearly half of all public spending in

OPINION

Alan
Greenspan

ormal diplomacy probably

could not have achieved the
geopolitical outcomes that
have been produced in the
past year by Americas
shale oil revolution. Oil prices have
more than halved, which coupled
with the collapse of the rouble that
stemmed from the turmoil in Ukraine
has gone a long way towards disabling
the Russian economy. Cheap oil has
weakened Irans economy, too, lifting
the chances of a realistic nuclear agreement. Finally, oil-rich Venezuela was on
the edge of default even before the oil
price decline. This amounts to a marked
change in the economic and geopolitical
landscape, of which the main beneficiaries are the US and its allies.
At the root of the price collapse was
the development in the US of techniques
for extracting tight oil, mostly from
shale deposits, by horizontal drilling
and hydraulic fracturing. This reversed
the decline in US oil production, adding
3m barrels a day since 2012. As a result,
the gap between global production and
consumption has widened, precipitating a dramatic rise in US and world
inventories and a fall in prices. Saudi
Arabia, confronted with an oil supply
glut but not wishing to lose market
share, abandoned its leadership role as
global swing producer and refused to
cut production to support prices.
After the oil embargo of the 1970s,
Opec wrested oil pricing power from the
US. But the shale technology breakthrough is likely to be a far more effective stabiliser of oil prices than the cartel
of oil producing countries. Opec is now

The reason is that shale is

more flexible. Its wells
come on stream faster and
drain far more rapidly
by speaking truth to Mr Putins power.
The regime operates on two planes. The
first is the public attempt to expand
Russian power and influence, whether
by seeking to forge an alliance with Beijing or indulging pliant friends such as
Mr Orbn. The second comprises the
deniable interventions from sending
little green men into Crimea, to interrupting gas supplies, to kidnappings and
cyber attacks in the Baltics that are
calculated to unnerve adversaries. To
quote the aforementioned diplomat,
these two sets of actions dovetail into
each other in purpose, timing and
effect. In the process, everything possible will be done to set major western
powers against each other. The big
prize has always been to wrench Germany out of the transatlantic alliance.

Merkel and Obama talk

about strategic patience. At
times it has seemed patience
is a substitute for strategy

The organising message here is that a

permanent modus vivendi with the
west is impossible. Russia must forever
be its own master in a world of competing great powers, each with its own
sphere of influence. Yet there are limits
on Moscows pursuit of its ambitions. It
avoids needless risks and is sensitive to
the logic of force. If an adversary has sufficient force and makes plain a readiness to deploy it, the Kremlin will step
back. Measured against the west, Russia
is far and away the weaker power.
By now, readers may have detected
something familiar in all this. I have
taken these thoughts and quotations,
with only minor stylistic adjustment,
from the famous long telegram sent to
the US state department by George Kennan in February 1946. Kennan, the
ranking US diplomat in Moscow, produced an analysis of Soviet motives and
intentions that would set Americas posture for the rest of the cold war.
We are not witnessing a re-run of that
particular confrontation. Mr Putin does
not have a global ideology to sell. The
Kremlins latest aggression throws an

opportunist cloak over secular decline,

though this makes Mr Putin no less dangerous in the short to medium term.
Kennan, whose approach was popularised as containment, was not interested in war. He cautioned against
prestige-engaging showdowns. He
saw containment as above all political
and economic. Late in life he opposed
the admission to Nato of former communist states. Yet he understood that
the future of the west rested on its
cohesion, firmness and vigour. Moscows allies in 1946 were western fatalism and indifference. Plus a change.
Ms Merkel and US President Barack
Obama talk about strategic patience.
Sometimes it has seemed the patience is
a substitute for the strategy. It is truism
to say the west must find a way to coexist with Mr Putins Russia. What matters are the terms of coexistence. Kennan produced a blueprint for standing
up to the Soviet Union without starting a
war. That is what is needed now. It starts
with strategic resolve.
philip.stephens@ft.com

This years election will decide the future of the British state
ECONOMICS

Opec has ceded

to America its
power over the
price of oil

2013-14. Both are driven by spending on

the elderly, whose weight in the population is set to rise significantly.
The IFS notes that within the social
security budget, spending on pensioners is actually expected to be 6.2 per
cent higher in real terms in 2015-16 than
it was in 2010-11, while non-pensioner
spending is expected to be 6.5 per cent
lower. In brief, the elderly are gaining

The most politically

sensitive areas of
spending are a growing
share of the total
at the expense of those of working age
(and their children). Moreover,
between 2007-08 and 2013-14, the
share of public service spending on
health jumped from 24.5 per cent to 27.4
per cent, while that on education stayed
at 19.1 per cent. Meanwhile, spending on
defence fell from 8.2 per cent to 7.7 per
cent and on public order and safety
from 7.7 per cent to 6.4 per cent.

The obvious conclusion is that the

most politically sensitive and so most
protected areas of spending have been a
growing share of the total. Inevitably,
this means that reductions in other
areas will need to be quite sharp even
within the more generous envelopes of
Labour and the Liberal Democrats.
This raises questions of feasibility and
desirability. One salient area is defence.
According to the IFS, the Autumn Statement implies an enormous 36 per cent
cut in real spending on defence between
2015-16 and 2019-20. This would surely
reduce the UK to being a mere
bystander. It is remarkable that Tories
are willing to accept this. Yet, even
under Labour, there is likely to be a cut.
A bigger fiscal challenge is health and,
for that matter, other predominantly
age-related areas of spending. It seems
inconceivable that the public will be satisfied with close-to-constant real spending on health over another parliament.
Yet the more real spending on health
rises, the bigger the implied squeeze
elsewhere, not just on smaller items
such as defence, but even on education
and social security spending. At some

point and it is likely to be during the

next parliament the political limits of
austerity will be reached. Thereupon,
painful options will arise: start imposing
substantial user charges; raise taxes; or
provide services at far below the standards people now expect. Behind this will
be a conflict between young and old and
between the successful and less so.
What, then, do we need to understand? First, the outcome of the election
will make a big difference to the austerity. Second, imposing cuts on spending
will be ever tougher, partly because of
the rising pressures for additional
spending on health and other age-related categories. Indeed, it will be hard
even to keep spending in these areas a
constant share of GDP. Third, planned
cuts call the UKs role in the world into
question. Finally, the more important it
is to deliver sustained falls in public debt
in relation to GDP, the more necessary it
is likely to be to raise taxes.
The choices ahead are tough. We must
not let the politicians pretend otherwise.
martin.wolf@ft.com

relinquishing its pricing power. It may

never be regained.
The reason is that shale technology is
far more flexible. Shale oil wells can
come on stream faster than most conventional wells, and drain far more rapidly. More than half of the oil content of
shale wells is run off in the first two
years of operation, while conventional
wells keep producing for 20 years or
more. Thus, shale oil output can expand
and contract more rapidly than conventional wells. Unlike the production decisions of a monopolistic Opec, fluctuations in market prices will automatically guide shale expansion and contraction.
Recent oil price declines, of course,
have given consumers considerably
more purchasing power. Global consumer outlays are up markedly in the
current quarter, but this will be partially
offset by slowed capital investment in
oil-producing countries this year and
next. On balance, the impact of the oil
price decline on global gross domestic
product appears marginally positive.
India, a large crude importer, is
among the countries to gain most from
falling prices. So is Japan which has
been importing oil to replace the
nuclear power capacity that was
switched off after the Fukushima disaster in March 2011. China, the US and
Europe have also benefited, to a lesser
degree.
Brent crude prices fell to $45 a barrel
in late January, down from $115 in June
last year though they have recently
rebounded, to close to $60. Is this a temporary increase as traders cover their
short positions, after which prices will
resume their slide? The answer is likely
to be found in the inventory statistics.
For prices to rise, the gap between consumption and production must close.
So far, the heavy build-up of inventories of crude and petroleum products,
and decline in the number of active
drilling rigs, has not arrested the growth
in US crude output.
A year ago, when prices were high, the
conventional wisdom was that, at $60 a
barrel, shale oil could not be profitable.
Back then, incentives to cut production
costs were a low priority; when each
barrel was worth more than $100, the
most important thing was to get it out of
the ground. At todays prices, cost-cutting is mandatory. We are about to find
out whether shale producers, with their
backs to the wall, can keep oil investment innovative and profitable.
The writer was chairman of the US Federal
Reserve from 1987 to 2006

12

FINANCIAL TIMES

Friday 20 February 2015

BUSINESS LIFE
Personal technology

Shortcut apps for smartphones

Three ways to operate your
favourite app with a tap
TIM BRADSHAW

Forget London, Moscow and

Hong Kong: the most
precious real estate in the
world is your smartphones
homescreen. Those rows of
apps are the shortcuts to
what is most important and
urgent, whether thats
Facebook, Google Maps,
WhatsApp or Spotify.

When Dad rejoins the workforce

WORKING LIVES

Emma
Jacobs
Men who take career
breaks to look after their
kids feel better qualified
for their next job, but find
not all recruiters agree

rchitect Russell Peterson

used to say that waiting at
tables and cleaning a combine harvester were the
hardest jobs he had ever
done. Then he became a stay-at-home
dad. It far outstrips those, he laughs.
Its a tough job.
Fifteen years ago he sold his share in
the thriving architectural practice he
co-founded to look after his two young
children. Both Mr Peterson and his wife,
who live in Minnesota, had high-level
careers, spending hours at work and
struggled with the feeling that other
people were bringing up their children.
So they made the decision that Mr
Peterson would stay at home, while his
wife went out to work. The move baffled
the couples fathers, both company
men. Peers questioned why Mr Peterson
would give up a successful practice.
Theres a predisposition towards guys
that we are driven by career success. It
has to be a linear path showing success,
he remarks. So few people value the
role men play at home.
This was highlighted two years ago
when Mr Peterson tried to get a job. It
was brutal, he says. I hear women
complain about going back to work

[after time out caring for children] and

think multiply that by five if youre a
guy.
No headhunters were interested in
the skills he had gained in the domestic
sphere. As an architect, he felt he understood the home and family needs far
better than when he worked full time.
Despite going after more junior roles
and pay than he had been used to,
recruiters told him they wanted to see 15
years of continuous experience. The
fact that he had kept his hand in by
working on the occasional design
project as well as maintaining his skills
seemed to count for nothing. One of the
biggest areas of discrimination, he says,
is towards dads coming back to work.
Ultimately he decided that forming his
own company was his best option.
If current trends continue, more men
like Mr Peterson will be returning to

I hear women complain

about going back to
work after time out
and think multiply that
by five if youre a guy
work after stints looking after children.
In the US, there is a small but growing
number of stay-at-home fathers.
According to the Pew Research Center,
about 550,000 men were stay-at-home
fathers in the first decade of this century, double the number in the 1970s,
when the figure was about 280,000. Like
stay-at-home mothers before them,
fathers face difficulties justifying CV
gaps to recruiters. Yet many insist that
the key to helping mothers at work is
encouraging men to step up at home. In
the UK, shared parental leave will come
into force in April, enabling parents to
share time off work after their child is
born or placed for adoption.

Brad Harrington, executive director

of the Boston College Center for Work
and Family, who has researched fatherhood, says attitudes persist that new
dads will not opt out of the workplace
but instead redouble their efforts at
work. In 2013, a report from Toronto
Universitys Rotman School of Management found that involved fathers were
looked down on by their colleagues.
Jrgen Larsson, a sociologist at the
University of Gothenburg, has found
that male-dominated industries such as
financial services are the most resistant.
Jake Laurie, an Australian primary
schoolteacher who is at home with his
two children in County Mayo, Ireland,
says that for men like himself, who work
in female-dominated sectors, returning
from such a parenting-related career
break is far easier.
Michigan-based David Stanley took
two years off from his sales job in financial services in the 1990s to look after his
son. He is optimistic, believing much
has changed since the 1990s, when
being a stay-at-home dad was code for
being unemployed. Today, he points
out, fathers have opportunities to meet
via the internet and daddy bloggers
are commonplace. This weekend in San
Francisco, for example, the Dad 2.0
Summit, which brings together dad
bloggers, is hosting a conference. Subjects to be discussed include corporate
paternity leave policies, innovation and
fatherhood, as well as marriage.
Will Culp is on the board of the
National At-Home Dad network. A
former advertising executive, he
decided to become the primary carer for
his children in 2008. I wasnt looking
for a career break but I wasnt in love
with advertising. Since being a stay-athome dad to his three children (aged
two, four and eight), he says he has
never had so many job offers the
assumption being that he would do any
job to get out of the home. The time he

Will Culp and

his three
children: once
they are in bed,
the former
advertising
executive
studies for a
law degree
Stephen Haas

has had out of the workforce has led him

to switch tack. When the children go to
bed, he studies for his law degree. Interested in paternity and custodial issues,
he hopes to move into family law.
Time at home also changed Mr
Stanleys sense of purpose. It made him
realise that squeezing every last dollar
wasnt so important and led to a change
in direction: he took on construction
jobs while training to become a teacher.
Eric Boyette, director of special investigations at an international risk services firm, says re-entering the workplace was a smooth transition for him,
despite a career break of five and a half
years to look after his children, now
aged three and six. In that time, he was
fastidious about keeping up with contacts. He maintained his LinkedIn profile and had a stint working part-time in
his industry to ensure continuity in his
CV. He also kept up with industry developments, particularly the latest technology and regulation.
Doing so made him confident his
work ethic and newfound patience as a
father of two would get him a job. That
said, it has had an impact. My lifetime
earnings potential was probably negatively affected, he says. However, he
feels it was worth it to spend time with
the children.
Mr Petersons advice to fathers considering a career break is to stay connected to industry contacts. Although,
he concedes, its hard to do when you
have one kid in diapers and the other
running around the house. Despite the
difficulties, he maintains that the experience of being a stay-at-home dad was
valuable not just to his family but also
his work, improving his understanding
of how people relate to the built environment. Being at home has helped my
job. Im a better worker.
emma.jacobs@ft.com
Twitter: @emmavj

The back office start-ups that serve the sharing economy

Help on tax and business
expenses is emerging,
writes Sarah Mishkin
Ever wanted to rent out your spare
room or holiday home on Airbnb or
HomeAway, but had neither the time
nor a fondness for dealing with guests?
Now you could call on start-ups such as
Guesty, Urban Bellhop or Huitly, who
will handle the messy business of welcoming visitors and cleaning up after
them on behalf of busy hosts.
Or maybe Uber drivers are not sure
how to track expenses or get a nicer car
to improve their ratings. Those services
can now be outsourced to companies
such as Zen99, Breeze or Intuit.
The idea of the so-called sharing
economy is only a few years old, but a
host of even newer start-ups and consultants are popping up in Silicon Valley
that aim to make it just that much
easier for people to make spare cash by
sharing their apartments, cars and oddjob skills. Call them the sharing economys back office.
Part of the allure of these start-ups is

that the companies they support are so

new that they themselves are still working out the kinks in their models,
whether it is how to track expenses or
how to co-ordinate with guests in
another timezone.
Derek Davis, a Los Angeles-based
accountant, was in a ride-sharing car
when he got the idea for his new
start-up, Tabby. His driver did not realise that the company he worked for was
not handling his taxes for him as a traditional US employer would. Because
Uber, Lyft and other sharing-economy
companies such as handyman platform
TaskRabbit or courier service Postmates treat workers as contractors not
employees, those workers need to track
their business expenses themselves
and file quarterly taxes.
So he launched Tabby to help
with the administrative burdens. It links with workers
credit and debit cards to pull
in automatically a list of their
purchases, and allow them to
categorise expenses as work or
personal by swiping left or right, much
like the dating app Tinder. This is
insane. Its 2015, and were still keeping

paper receipts, says Mr Davis.

Likewise, Zen99 helps workers to
estimate taxes and find insurance
plans. It recently graduated from Y
Combinator, the prestigious Silicon
Valley accelerator that launched
Airbnb, among others.
Then, for when Uber and Lyft drivers
are involved in an accident, there is
Breeze. The start-up has partnered with
Peers, an advocacy group for the sharing economy, to offer a $19.99 a month
programme called Keep Driving. It will
lend a new car to drivers who are
involved in an accident but want to
keep working. Breeze also lends out
cars to would-be drivers without
wheels. For $195 a week and a $250
upfront fee, drivers in San Francisco,

Breeze lends
cars to
would-be
drivers in
some cities
these are 2015
Priuses

Los Angeles or Seattle can use a 2015

Toyota Prius.
Other companies help sharingeconomy workers focus more on the
niceties of customer service. Most notable are those that work on short-term
rentals and holiday listings, such as
Airbnb or the publicly listed vacation
home rental service HomeAway.
To be a good owner you need to be a
good hotelier, and some are good at that
and some arent, says Brian Sharples,
HomeAways chief executive.
Guesty charges Airbnb hosts a fee of 3
per cent on each reservation to screen
potential guests, schedule cleaning, coordinate key exchanges and manage
the apartments profile on the site. One
option it does not offer is an in-person
concierge service. For that, there are
companies such as Airenvy or Urban
Bellhop.
It is a funny thing, says Alex Chriss,
a vice-president at Intuit, who worked
on the development of its software for
the self-employed.
This on-demand idea has made it so
easy for the consumer to push a button
and get a ride or delivery and on the
other side its so messy.

But while it is important to

have our favourite apps just
a single swipe away, not all
are as fast or immediate as
we might like. Facebook was
so worried that its big blue
app buried some of its
users favourite features
under layers of menus that it
has been unbundling itself
into separate apps for
messaging, photos, groups
and news stories, to make
them more accessible.
A new kind of service
wants to do the same for
any feature of any app: to
create a one-touch shortcut
to Instagrams camera, to
text your mum, to send an
email to yourself or to turn
your smart homes lights off.
These super-apps put in the
effort in the background so
you dont have to keep
pecking away at the screen.
I have been testing three
shortcut apps for iPhones:
each requires time to learn
how it works and to sign into
the apps and services you
want to hook up but they
are all worth exploring.
Workflow takes advantage
of changes Apple made to
the iPhones software with
iOS8 to let you create short
sequences of automated
actions. Examples include
hailing an Uber car to take
you to your calendars next
appointment, sharing your
estimated time of arrival
with your spouse as you
leave work (automatically
adjusted for traffic and
location), or just one-tap
uploading your last photo to
Dropbox.
With more than 200
potential actions relating to
dozens of apps and phone
functions, Workflow is the
most sophisticated and
powerful of the three.
However, it is also the most
complicated as its endless
possibilities seem more
intimidating than appealing.
Workflow has a simple
tutorial and makes a few
good suggestions but lacks
an extensive library of
ready-made workflows to
choose from.
Launch Center Pro looks on
the surface to be more

accessible: its shortcuts are

arranged in a grid of apps
much like a regular
homescreen and its action
composer of apps and
iPhone functions is more
intuitive than Workflows.
However, I felt Launch
Center was caught in the
middle, between the depth
of Workflow and the
beautiful simplicity of the
third app I tested.
Do Button from IFTTT For a
couple of years, I have
enjoyed tinkering with
IFTTT, short for If This Then
That, to join up apps and
internet services without
having to know how to write
code. But even IFTTTs
founders admit it has been
difficult to win over less
geeky users than me.
With the Do Button, out
this week, IFTTT has found
the winning formula: an app
with just one big button per
screen to do the tasks you
return to most frequently.
Setting up the big button
requires authorising IFTTT
to access your apps and
accounts, such as Gmail,
Instagram or Evernote.
Then, set-up out of the way,
one tap could send a prewritten email to say Im
coming home, set your Nest
thermostat to a preordained
temperature, turn on an
internet-connected coffee

maker or clock you in and

out of the office, logging
your hours on a
spreadsheet.
Swipe sideways and
another two buttons are
available for more shortcuts.
Dos killer feature is that you
do not even need to unlock
your iPhone to get to these:
they can be added to the
Today menu that appears
when you swipe down from
the top of the lockscreen.
As well as the Do Button,
IFTTT offers Do Camera
for instantly posting a
snapshot and Do Note,
which does the same for a
short line of text. A wide
range of recipes are
already available for
browsing and incorporating
into these Do apps.
All three apps are also
available for Android.
The verdict The Do Button
is my favourite of these
automation apps because
like a more practical
incarnation of the muchridiculed Yo it makes an
app about as fast and simple
as it could be: just one tap.
What could be more
deserving of a place on your
homescreen?

Planet of the apps

What it is
Manything home security
webcam

Why you should try it

Dropcam and other wireless
security cameras are
popular ways to watch your
home from afar over an

internet connection, but

they cost upwards of $150
each.
If you have an old iPhone
lying around the house,
Manything lets you do the
same for free. Install the app
on the old phone and your
current device, pair them,
and livestream the video
from anywhere.
A few hours of recorded
video are also free, with
extra cameras or storage
costing $3 to $20 a month.

FINANCIAL TIMES

Friday 20 February 2015

13

ARTS

When War and

Peace came to Kiev
FILM

Nigel
Andrews

aidan gives a true story

the stature and acoustic
of an epic. Its a powerful,
inspiring documentary
about events in Kiev
that shaped a future only, later, for
that future to shape things back. Few
things are fair in love or war, pace the
proverb. Todays triumph can lead to
tomorrows apocalypse. The films
poignancy comes from its recording of a
present reality that couldnt call on the
gifts of premonition.
A governments overthrow by a people is always news: heartening or horrific or both. It happened in Ukraines
capital in February 2014. Now that the
countrys crisis has moved on to
another chapter, the downfall of President Yanukovich presents itself as a
prelude to cataclysms to come. But the
Ukrainian people can surely point to
that prelude as the single moment in
an unfolding tragedy when might had
right and right had might. The Kiev
Moment may also live on not least
thanks to this film as an imperishable
example and rebuke to trespassing
tyrants for whom military muscle
bypasses morality.
Documentarist Sergei Loznitsa,
whose last film about war, In the Fog,
was a prizewinning sortie into fiction,
places his camera in a series of mostly
static viewing positions and lets it run.
The crowds gather in Maidan Square,
a city-in-a-city for the protesters,
shielded by their own enormous barricades. Field kitchens; giant video
screens on giant walls; a concert stage
for speeches and songs; a sea of

humans, all sorts and ages, washing this

way and that. It looks like scenes from
War and Peace, writ real.
After an hour filled with detail,
humanity, vignettes of peace-undersiege, theres a cutaway to a corner of
the square. Ambulances are gathering.
Soon the first explosions sound. Then
storm breaking screen and soundtrack become a chaos, a nightmare, a
reckoning, observed from multiple,
much-seeing viewpoints. (We could be
Pierre, again in War and Peace, spying on
the changing tumults of Borodino.)
Bricks; gunshots; tear gas. Protesters
reeling or retching. The retaliation
of Molotov cocktails. Riot police
sheltering tortoise-formation under
shields . . .
The ending, arduously earned, is
anthems, funeral words, solemn candles, in a stilled but teeming outdoor
darkness. No triumphalism, even
though by then a triumph has happened. You leave Maidan feeling
that historys clock should stop at
moments like this. But it never will. The
next Ukraine documentary will be
about the next hour of bloodshed and
reversal. Onward, soldiers, Christian or
non-Christian.
For contrast theres Hollywoods view
of human conflict. Director Michael
Mann lends artistic dignity to action
deliriums. He made Manhunter, Thief
and Heat. He wears the same hat in
Blackhat: a highbrows hard hat. The
falling buildings, exploding nuclear
plants and Armageddon shootouts cant
damage his brain and artistry. He goes
on fashioning the super-swish telephoto images and the signature Mann
motifs of stoicism under fire and
human fate at the crossroads.
Even Mann, though, cant win every
movie. Blackhat is alternately a sharply
styled, up-to-the-moment cyberthriller and a helplessly hydra-limbed
yarn, flailing across longitudes from
Hong Kong to Washington to Jakarta. Its

Inspiring:
Maidan
captures the
events in Kievs
central square
a year ago.
Below right:
Fatma
Mohamed in
The Duke of
Burgundy

Maidan (12A)
Sergei Loznitsa

aaaae
Blackhat (15)
Michael Mann

aaaee
The Duke of Burgundy (18)
Peter Strickland

aaaae
Cake (15)
Daniel Barnz

aeeee
tentacles sucker up nuclear sabotage,
money-market meltdown and globalised computer crime policing. The
last, translated, means that handsome
FBI hacker Chris Hemsworth teams
with beautiful Chinese cyber-whiz Tang
Wei. Teams in all senses; intercontinental bang-bang happening to the
accompaniment of bedroom kiss-kiss.
Hemsworth, riveting as petrolhead
James Hunt in Rush, is soporific here.
Hes one of several actors doing coma
impersonations, though Mann, working
that to his advantage, shoots them as if

THIS EVENINGS TELEVISION

Pick of the day

Food & Drink (BBC2
8.30pm) hits the
mouthwatering bullseye.
Guest chef Daniel Cliffords
concoction of smoked
haddock, ibrico ham and
mustard cream is to drool
for, while Tom Kerridges
coffee-toffee choux buns are
a nursery sweet-tooth dream
(pictured: Clifford, far left,
with Kerridge). Mischievous
offerings of stinky delicacies
such as Mexicos cherished
corn smut (fungus) are best
thrown away or up.

That jolly Friday highlight

The Graham Norton Show
(BBC1 10.35pm) marks the
new Exotic Marigold Hotel
with a visit from Richard
Gere, whose unmistakable
Hollywood star persona is a
dubious addition.
2001: A Space Odyssey
(BBC1 11.05pm) for egghead
sci-fi, Ligeti and Strauss.
And/or record Toby Jones in
an Italian dubbing studio full
of menace in Berberian
Sound Studio (Film4
1.35am). MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 A Question of Sport. R
8.00 EastEnders. Live episode.
8.30 EastEnders: Backstage
Live.
9.00 The Musketeers. Rochefort
and a trio of Musketeers
escort the royal party to a
renowned astronomers
observatory to view the
solar eclipse only to find
themselves in mortal
danger.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 The Graham Norton Show.
11.20 Bluestone 42. Comedy
drama, starring Oliver
Chris. Last in the series.
Previously shown on BBC3.
11.55 FILM The Guardian. Drama,
starring Kevin Costner and
Ashton Kutcher.

6.00 Two Tribes. Quickfire quiz.

6.30 Eggheads. Quiz. R
7.00 Antiques Road Trip. James
Braxton and Helen Hall
conclude their journey.
8.00 Mastermind. Five
contestants compete in the
second semi-final.
8.30 Food & Drink.
9.00 Italy Unpacked. Andrew
Graham-Dixon and Giorgio
Locatelli travel through the
regions of Le Marche and
Umbria.
10.00 QI. Jason Manford, Aisling
Bea and Johnny Vegas join
regular panellist Alan
Davies as host Stephen Fry
asks a range of questions
on the topic of location. R
10.30 Newsnight. Presented by
Kirsty Wark.
11.00 Weather.
11.05 FILM 2001: A Space
Odyssey. Sci-fi drama, with
Keir Dullea and William
Sylvester.

6.00 ITV News London.

6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Barging Round Britain
with John Sergeant. The
broadcaster journeys along
the Llangollen Canal,
attempting to become a
blacksmith.
8.30 Coronation Street.
9.00 Bear Grylls: Mission
Survive. New series. Eight
celebrities face a
challenging 12-day
expedition in Costa Rica.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Cricket World Cup
Highlights. New Zealand v
England.
11.40 FILM Air America. Comedy
adventure, with Mel Gibson
and Robert Downey Jr.

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 The Million Pound Drop.
New series. A bride-to-be
and her best friends play
to win up to 1m by
correctly and quickly
answering a series of
questions. Davina McCall
hosts the quiz.
9.00 Gogglebox. New series.
The households share their
opinions on what they
have been watching during
the week.
10.00 The Last Leg. Comic
review of the significant
moments of the past seven
days.
11.10 Catastrophe. R
11.40 Brooklyn Nine-Nine. Peralta
befriends a woman he
meets in a bar, only to find
out she is the defence
attorney representing a
perpetrator he is trying to
put behind bars.

Regional variations apply

Other channels
BBC3
7.00 Great Movie Mistakes IV:
May the Fourth Be with You.
7.30 EastEnders: 30 Years of
Cliffhangers. 8.00 Dont Tell the
Bride. 9.00 EastEnders:
Backstage Live. 9.30 Uncle.
10.00 I Survived a Zombie
Apocalypse. 11.00 EastEnders.
11.30 EastEnders: Backstage
Live.
BBC4
7.00 World News Today. 7.30
Sounds of the Sixties. 8.00 Daniil
Trifonov: Piano Sensation. 9.00
Hello Quo. 10.20 Status Quo: Live
and Acoustic. 11.20 Acoustic at
the BBC.

Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 The Billion
Dollar Wreck Hunt. 8.00 Secrets
of St Pauls Cathedral. 9.00 NCIS:
New Orleans. 10.00 NCIS. 10.55
Law & Order: Special Victims
Unit. 11.50 True Crimes: The
First 72 Hours.
More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 The Bank Job.
11.10 The Golden Rules of Porn.
Film4
7.05 Selma Interview Special.
7.15 The Waterboy. 9.00 Dont
Say a Word. 11.15 Byzantium.

Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00
Penny Dreadful. 10.10 Fortitude.
11.10 Critical: Behind the Scenes.
11.40 The Comeback.
Sky Sports 1
6.00 Viral Videos of January.
6.15 Football Gold. 6.30 The
Fantasy Football Club. 7.30 Live
World Club Series Rugby League.
10.30 The Fantasy Football Club.
11.30 Barclays Premier League
Preview.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30
The Simpsons. 8.00 Flintoff: Lord

of the Fries. 9.00 Stella. 10.00

Quiz Nights. 11.00 Bruce Almighty.
Sky Arts 1
6.40 Classic Albums. 8.00
Discovering: Frank Sinatra.
9.00 30 Degrees in February.
10.15 Classic Albums. 11.15 The
Who Live in Texas.
Sky Arts 2
6.00 South Bank Show Originals:
Mama Lu Parks. 6.30 South Bank
Show Originals: Kiri Te Kanawa.
7.00 Hidden Lives of Works of
Art: Watteau. 8.00 Copplia.
9.45 The Mystery of Copplia.
10.45 125 Years of the Royal
Concertgebouw Orchestra.

they were faces on Mount Rushmore:

grand, huge, impassive as world-apocalyptic events crawl all over them. Even
the villain, a Lebanese in a global domination plot, is a series of craggy, colossal
close-ups. The film seems so long that,
like life itself, it passes through unpredictable mood cycles, now captivating,
now cataleptic. You have to admire the
grace and geometry of the visuals. For
the rest, you may end up admiring just
your own patience if you stay the
course. After Inherent Vice you cant
walk out of two voluptuously incoherent Hollywood magna opera can you?
The Duke of Burgundy is a gorgeously clever erotic fable. Think of
Genet and embroider with Borowczyk.
Writer-director Peter Strickland, an
Englishman living in eastern Europe,
follows Berberian Sound Studio with this
tale, matchingly surreal and deracinated, of two women in a mistress/
servant mnage deux. They are
trapped, willingly, in play-acted love
games. But then what is will in sadomasochism? Your will is left in trust, or in
truss, to your partner.
Bonding isnt just emotional. Evelyn
(Chiara dAnna) likes to be tied up and
locked in a chest. Cynthia drinks a lot of

water. She likes watersports, and we

dont mean synchronised swimming.
A torture bed is under consideration
for purchase . . .
First the film is weird, then funny,
finally heartbreaking. Always its visually dazzling. Cynthias lepidoptery
hobby keeps the screen flickering with
butterfly colours and textures, as if
their prismatic iridescence is a clue to
the rainbow caprices of the heroines
amorous experimenting.
Their roles get confused, intricate,
interchangeable. Try to have more
conviction in your voice next time,
says the servant partner to the mistress
partner, when the latter weakens at
one moment were all human into a
tender cadence.
In Cake a famous actress takes her
talent for a spin, deliberately crashing
her persona and disfiguring her looks.
Its a movie genre you know. The films
used to star Joan Crawford and/or Bette
Davis. Here its Jennifer Aniston. Hair:
unwashed. Clothes: thrifty shades of
grey. Face: un-made-up and scartissued. Her character once had a
car crash, never detailed, that killed
barely specified near and dear ones.
Her present condition is constant
pain and near-suicidal depression. Join
the audience.
This jumped-up problem-of-theweek telemovie is so coy you beg for plot
clues. But writer Patrick Tobin and
director Daniel Barnz are too lofty for
back-stories. We must focus only on
Anistons dark night of the soul, delivered with all the monotonous gravity of
a light comedy actress going for Oscar.
Its an awful movie with a one-note performance. Whenever the filmgoer himself starts to feel suicidal, the makers
send in a Jump now! squad in the
form of gauche magical realism
sequences. Stay away. Stay sane.

14

FINANCIAL TIMES

Friday 20 February 2015

Upstream without a paddle

UK natural gas price

Centrica's capital
expenditures (m)
Upstream gas
Upstream power
Other

Twitter: @FTLex Email: lex@ft.com

Abracadabra. Amazon does not make

much profit and, perhaps for that
reason, likes to focus attention on free
cash flow. This metric, which is not a
GAAP measure, is usually calculated as
operating cash flow less capital
expenditure. That came to $1.9bn for
Amazon last year.
A big number, with some sleight of
hand: it understates Amazons
investment programme and overstates
its cash generation. This is because the
company has increased investment by
using capital leases to buy assets. Last
year $4bn in assets were acquired
under capital lease five times the
level of 2012. This is nearly on a par
with capex, which stood at $4.8bn last
year. Capital leases are like a purchase
that is financed by the seller. Amazon
says the increase in CLOs is mostly due
to technology investment for Amazon
Web Services (read: server farms).
About $2bn in principal repayments
fall due this year.
This is all in the annual filings in
black and white. But capital lease
repayments are not included in capex
they are considered financing flows,
not investing flows. Therefore these
principal repayments $1.3bn last year
are not included when calculating
Amazons primary version of free cash
flow. The depreciation and
amortisation of assets acquired under
capital lease is included as a cost under
operating expenses, but this is netted
out when calculating operating cash
flow, because depreciation and
amortisation are added back in. (About
$1.5bn of Amazons $4.7bn in D&A last
year was due to assets acquired under
capital lease.) All of this complies with
accounting rules. Yet it distorts
common sense. If principal repayments
on capital lease obligations were
treated like capex, free cash flow would
have been $500m last year, and $1.2bn
the previous year. If the assets acquired
using capital leases were treated as
capex, the free cash flow figure drops to
minus $2.2bn last year. The most
recent earnings report was the first
time Amazon included these figures in
its discussion of free cash flow.
Amazon bulls will point out that
negative free cash flow is nothing to
worry about for a company that is
growing fast look at Walmart during

SSE

500

0
08

50

11

The title of Franois Truffauts

masterpiece Les Quatre Cents Coups is
usually mistranslated. The films main
character, Antoine Doinel, does not, as
a direct translation would have it,
suffer 400 blows. The title might be
better translated as Raising Hell as
Antoine journeys through adolescence.
And so to the UKs Financial Conduct
Authority and its investigation into
investment banks. The latter, assailed
by demands for capital, misconduct

1020

1020

14

12

58

1020
14
Wind speeds in

1010

12

12

14

PH

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Rain
Sun
Cloudy
Fair
Sun
Snow
Shower

36
7
14
7
33
14
4
6

97
45
57
45
91
57
39
43

Belgrade
Berlin
Brussels
Budapest
Buenos Aires
Cardiff
Chicago
Cologne

Sun
Fair
Rain
Sun
Sun
Rain
Snow
Drizzle

7
10
7
9
24
8
-5
8

45
50
45
48
75
46
23
46

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

CROSSWORD

No. 14,860 Set by MUDD




































JOTTER PAD





Rain
Fair
Sun
Shower
Shower
Cloudy
Sun
Shower

5
29
36
7
6
10
12
6

41
84
97
45
43
50
54
43

*Earnings before interest, taxes, depreciation

and amortisation

army of well-paid lobbyists for the

investment banks. Good luck with that.
The FCAs investigation may manage
to make investment banking more
competitive or better value. Even if it
does not and remember banks have
a knack for finding ways around new
rules its existence serves two useful
purposes. First, it should remind
clients (if any reminder were needed)
that they need to scrutinise investment
banks carefully. Second, it should
remind investors (again, if any were
needed) that returns from investment
banks face unstinting pressure.
Barclays investment banking division
made a poor return on equity of 5 per
cent in the first nine months of 2014.
New restrictions on its ability to charge
fees or win certain types of business
can only push that down.

15

16

15

fines and competition enquiries could

be forgiven for feeling that they have
received the literal 400 blows. The
FCA, meanwhile, might see the banks
as miscreants, intent on raising hell for
everyone else in the financial system.
Either way, it is hard to see the FCA
making much headway. Shares in
investment banks active in the UK
were flat yesterday. Barclays, for
example, rose a whole 0.02 per cent.
Perhaps with good reason. The FCA has
given itself a daunting task. Although it
has stripped asset management and
market infrastructure from its initial
list of targets, it is left with a long list
ranging from debt and equity issuance
to lending to bundled products. The
regulator will dedicate half a dozen
people to the study of these large, and
often global, markets. They face an

HIGH

14

14

rarely straightforward. Best to publish

the unrealised profits, and let the
readers judge for themselves.

13

16

13

drilling. Far better, then, to split out

the E&P assets and leave the whole
question of how much to invest in
them to a different company, and a
different set of investors. Granted,
given low energy prices, it would be a
buyers market. But instead of selling
off the assets Centrica could split it
out as a separate company or hand it
to shareholders, as Glencore plans to
do with its Lonmin stake. Better that
than to keep spending on an area in
which it does not excel.
As a utility, Centrica is popular
with investors looking for dividend
income. The size of the E&P business
obscures that investment case, so
Centrica has traded at a discount to
UK peers for several years. It should
get out of E&P soon.

14

12

production assets grew under his

watch. Since Mr Laidlaw joined in
2006, the proportion of total capital
spend on E&P rose from zero to a peak
of 89 per cent in 2012.
This focus on E&P has punished
shareholders. Operating earnings,
adjusted for writedowns, fell 35 per
cent to 1.7bn last year. Two-thirds of
that decline stems from Centrica
Energy, which includes E&P, and
provides 40 per cent of earnings. As
the owner of British Gas, most of
Centricas earnings are still from its
generation and distribution business.
Merely cutting investment in E&P
will not be enough. At least a third of
Centricas upstream assets are mature
gasfields, for which production (and
hence value) declines quickly without

11

17
Wind speed in MPH at 12 GMT
Temperatures max for dayC

11

Before entering a flowing stream,

always test the current. Centricas
new chief executive, Iain Conn, has
decided to jump right in. He cut the
2015 dividend by nearly a third
yesterday, citing low energy prices
and the need to protect Centricas
credit rating. This threatens a yield
that was expected to be more than
6 per cent this year; the shares sank
8 per cent. Centrica has waited too
long before recognising that its
natural gas exploration division is a
very high-cost protection against
higher gas prices. It is time to exit
these assets and move on.
Mr Conn, an oil man, replaces
another, Sam Laidlaw. Mr Laidlaw
had a preference for digging holes,
and Centricas exploration and

10

14

10

Investment banks:
blow after blow

14

09

FT graphic. Sources:Bloomberg, companies, FT research

10

1010

LOW 8

12.1

0
2007

45

1000

10.3

United Utilities

17

9.2

20

4
6

National Grid

40

Forecasts by

990

21

Walmart:
at a minimum

60

Yellow card or red card? A pointless

question to the uninitiated, but the
wrong card can change a football
match. The current debate between a
group of UK institutional investors and
the International Accounting
Standards Board may seem equally
esoteric to the uninvolved. Should
financial statements show a company
in a fair (neutral) way or in a
conservative (prudent) way? The
answer sharply affects results because
they involve so many estimates.
Imagine a company owns a share
valued at 100. At the next reporting
date, it must assess if that is still the
correct value. The calculation, based
on how long the share will be held and
its volatility, usually produces a range.
In this case it may be 75 to 120. Any
figure within that range can be seen as
neutral, even if the auditor says 95 is
the prudent number. The companys
chief financial officer can book the
share at 120 and realise a 20 profit.
The IFRSs next guidelines (expected
before April) will recommend
prudence when making uncertain
judgments, but only as long as it is
consistent with neutrality, which will
remain the primary objective.
This change is unlikely to end the
debate. Investors want prudence back
on top (it was central to the old UK
rules). They fear the current rules
result in overvalued assets, confusing
profit figures (which include both real
and unrealised gains) and overstated
capital available for distribution. That
could result in directors approving
spending that the company cannot
afford. Standard setters see it
differently. They think it is most
important to show a fair picture.
Neutral estimates do this as long as
auditors effectively test managements
assumptions. Neutral assumptions
prevent management from building a
buffer of conservative allowances that
can then be used to smooth results.
All of this shows that accounts are

7.3

80

1500

Prudence:
sweating the small stuff

Drax

6.5

1000

Centrica

100

980

Valuations
Enterprise value / earnings*

UK natural gas prices have travelled sideways

since 2007. Meanwhile, Centrica committed
more capital to its upstream gas division.
The costs of maintaining the upstream
segment now outweigh the benefits

2000

the 1980s. Fair enough. Yet Amazon

itself states solemnly that: Our
financial focus is on long-term,
sustainable growth in free cash flow per
share. That trick has not yet been
performed.

Amazon:
capital questions

(Pence per 1,000 therms)

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Drizzle
Sleet
Cloudy
Drizzle
Rain
Fair
Rain
Fair

ACROSS
1 Reportedly, equerry is a fence (8)
5 Initially, green grass is free (6)
9 Client requires order in general
(8)
10 Gravy tastes simply outstanding
for starters thats as it should be
(4,2)
12 Stick first of dates in diary before
heading for engagement (5)
13 Wind or winds with us, evidence
of wintry weather (9)
14 Are cherries so steeped in
alcohol? (6)
16 Fish going off past mouth of
Humber (7)
19 Throw her and us on ground (7)
21 Sulky look by company in an
avoidance of responsibility (3-3)
23 Expert waiting, one down in the
WWI trenches? (9)
25 Some clergymans estate (5)
26 Bird still in nest, damaged leg
wrapped in down (6)
27 Wine calmed us when tipsy (8)
28 Most recent audition in
Hollywood? (6)
29 Small shoe, one full of holes (8)
DOWN
1 Preserve is jam (6)
2 Desperate abandoned child sat
clutching toy at the outset (4-5)
3 Rod gave a lecture (5)
4 Up and ready to go, as a crab
may be? (7)

6
4
21
6
9
14
8
19

43
39
70
43
48
57
46
66

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

Drizzle
Sun
Fair
Shower
Sun
Sun
Fair
Cloudy
Sun
Sun
Sun
Sun
Rain
Sun
Fair
Sun
Sun
Sun
Cloudy
Fair
Cloudy
Fair
Fair
Cloudy
Sun
Sun
Sun
Sun

7
12
10
7
18
12
-13
5
31
10
-8
13
8
10
-3
36
14
19
6
12
28
11
-14
9
7
8
-4
11

6 Ticket there and back torn up, Id

moved south of Russian capital
(5,4)
7 Old king and the infant leaders
play together (5)
8 Want to share shifts? Good to get
involved (8)
11 Sound artist? Nonsense! (4)
15 Calm upstanding figure
maintaining order finally on ship
(9)
17 I had to collect dung, taking on
old lizard (9)
18 Brief facts in this infernal
madness? (8)
20 Bad as it happens, but looking
up? (4)
21 Beastly sound arising in bed for
doctor (7)
22 Hallucinogenic dream about large
fruit (6)
24 Power a little bit vocal (5)
25 Talk about someone who ridicules
coffee (5)
SOLUTION 14,859
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For its entire existence, Amazon has

invested profits to keep prices low
and build market share. The idea was
that the company would become so
embedded among consumers that the
absolute volume of dollar profits would
easily trump the meagre margins they
achieved. The question then is what
similar pecuniary benefit Walmart
achieves from its announcement
yesterday that it will invest more
profits as well by boosting pay for
500,000 of its US employees.
Walmart will raise its minimum
wage to $9 an hour in April and to $10
in a years time. The federal minimum
wage is $7.25 (though several states and
cities have set a higher floor). The
immediate impact is not insignificant.
The company estimates that the
increase will cost it more than $1bn in
2015, lowering earnings per share by
4 per cent. Walmart has annual
revenue and operating profit of nearly
$500bn and $30bn respectively.
The correct benchmark for labour
cost, however, may not be a minimum
wage but a market clearing rate
which may now be higher. US
unemployment has been below 6 per
cent since September, and Januarys
employment report from the
Department of Labor showed that
wages are up a solid 2 per cent over a
year ago. Walmart is wise to make a
loud splash about elevating wages, at a
time when they were set to begin
creeping up on their own.
While the operating cost line will
grow, Walmart is finally showing some
top-line growth. Fourth-quarter US
same-store sales were up 1.5 per cent
after several weak quarters. In the past
four months, its shares are up more
than a 10th on a strengthening US
economy. Yesterday, the shares fell
3 per cent perhaps a response to the
higher wages. But the company also
warned about the drag from currency
translation and investments in building
out ecommerce. With this litany of
dark omens for shareholders, Walmart
might as well wrap them up in a
feel-good social development.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

Friday 20 February 2015

City Insider Jentzsch leads

boom time for the boutiques
HARRIET AGNEW, PAGE 20

15

Swiss Re

Majestic Wine

Marathon Oil

Brent oil

Euro / dollar

FTSE Eurofirst
300

Gold

Nikkei 225

0.71%
SFr85.40

5.23%
347.25p

0.59%
$29.19

0.5%
$60.21

0.3%
$1.1361

0.3%
1,520.22

$7
$1,205

0.4%
18,264

Centrica shareholders feel its pain

3 FTSE star in first dividend cut since 1997 3 Energy group seeks to maintain credit rating
MICHAEL KAVANAGH

Centrica cut its dividend for the first

time since it was created in 1997 in an
urgent attempt to protect its credit
rating as falling oil and gas prices led to a
35 per cent drop in annual profits.
Outlining a steep decline in capital
expenditure in Centricas exploration
and production business, Iain Conn,
chief executive, confirmed a difficult
decision to reduce payouts to shareholders, including about 640,000 retail
investors, by 30 per cent.
The dividend cut, which Mr Conn said
was needed to protect its credit rating,
threatens Centricas status as one of the
FTSE 100s highest-yielding stocks. It

will mean investors receive 13.5p a share

for 2014, down from 17p in 2013.
Shareholders, debtholders, employees
everyone in the company are bearing a bit of the pain, he said.
Centrica shares fell 8.3 per cent to
257.7p, making them the biggest faller
on the FTSE 100. The main hit to results
came from a slump in Centricas
upstream oil and gas and power generating businesses, which received a
1.4bn post-tax impairment charge,
largely caused by the sharp fall in crude
prices.
We are stuck with $100 [a barrel]
costs and $50 revenues, said Mr Conn.
Warmer UK weather caused cuts to
domestic energy consumption at a time

when the group is embroiled in a growing political storm over the UKs big six
providers.
Profits at British Gass residential supply business traditionally a key driver
of group earnings fell 23 per cent from
571m to 439m in the year to December. Adjusted group operating profits
fell from 2.7bn to 1.7bn. Including the
1.4bn writedown and other charges
the company reported a pre-tax loss of
1bn, compared with a profit of 950m
for the previous year.
Without a dividend cut, the company
had risked paying out about 90 per cent
of adjusted earnings per share which
fell from 26.6p to 19.2p last year and
potentially not being fully covered by

Centrica
reported a
pre-tax loss
of 1bn,
against a
profit of
950m the
previous
year

earnings, which are expected to fall

again in 2015. The drive to improve Centricas cash generation includes a 40 per
cent cut in capital expenditure at its
upstream oil and gas business much
of it focused on the North Sea which
should save 400m over the coming
two years, said Mr Conn.
He defended the scale of price cuts
announced last month at its British Gas
unit, which ended the year with 14.8m
customer accounts down 2 per cent
over the year. He said the 5 per cent cut
in residential gas prices fairly reflected
Centricas view of overall cost cuts that
could be passed on to customers.
Lex page 14
Lombard page 20

Shop floor
Walmarts $1bn to lift
staff minimum wage
Walmart said it will spend $1bn to boost
the wages of low-paid workers, as the
biggest private sector employer in the
US responded to public disquiet over
income inequality, write FT reporters.
The retailer is the latest large US group
to raise minimum wages, which are a
political issue ahead of next years
presidential election.
Last year, Gap and Ikea increased their
minimum hourly rate for US employees,
while Aetna, the health insurer, said last
month it would pay its domestic workers
a starting wage of $16 an hour. Many
companies still pay the federal
minimum wage of $7.25 an hour, which
has not changed since 2009.
Walmart said 500,000 full and parttime workers at its US stores would get
pay rises by April, as part of a move to
ensure that its 1.4m-strong workforce is
paid at least $9.00 an hour. By February
2016, all existing workers will be paid at
least $10, it said.
The move is a partial victory for trade
unions and employee groups, who had
sought a minimum rate of $15 an hour.
Last year, Walmart chief Doug
McMillons total package was $26m.

Call it too much of a good thing. After 21 pages of dusty

prose from the US Federal Reserve about its January meeting on Wednesday, the European Central Banks first
account of a policy meeting, in 18 pages, provided another
lesson in why central bankers are not revered for their
writing style.
Investors found market-moving information in the Feds
caution about raising rates, while ignoring its long discussion of the lift-off tools it will use when it raises rates.
The ECB revealed that it was worried the market would
take it badly if the widely anticipated quantitative easing
did not arrive, and that it upped its proposed 50bn a
month of asset purchases to 60bn, but for less time.
Central bank watchers revel in every dull sentence, and
investors, plus the media, typically look in the minutes for
an insight into policy makers thinking. This is dangerous.
First, the minutes are usually out of date. The last Fed
meeting was before Januarys blowout jobs data, while the
ECBs took place as market-based inflation expectations
were rebounding (they have since dropped back).
Second, the minutes are little more than an extension of
policy statements, not a verbatim record of discussions.
This is a form of propaganda, not a true insight. Serious
disagreements may be visible in the minutes but mostly
would be obvious from public statements by individual
policy makers long before the minutes were published.
Third, minutes, press conferences and even forward
guidance all go out of the window when policy makers
change their minds. Close followers of the Swiss National
Bank were convinced it would stand by its public promise
to hold the franc down, but anyone who had money on that
view was badly burnt last month when the SNB unexpectedly abandoned its currency manipulation.
Finally, central banks have little more idea what they are
likely to do than anyone else, as it depends on what happens to the economy which they, like everyone else, are
hopeless at forecasting. Some clues to how they might
react to new developments may be gleaned from the minutes, but most investors try to draw conclusions about how
rates will move instead. Those who still believe the myth of
central bank omniscience should look at their records.

ECB main refinancing rate (%)

Eurozone recessions
5
4
3
2
1
0
2007 08 09 10 11 12 13 14 15
Source: Thomson Reuters Datastream

Gianluca
Colla/Bloomberg

Swiss banks tax scandal buffets deals

for Coutts International and BSI
MARTIN ARNOLD LONDON
JENNIFER HUGHES HONG KONG

The controversial tax practices of the

Swiss private banking industry are
threatening to disrupt two potential
takeover deals in the sector.

Fortunes intertwined in
Chesapeake legal claim
The lawsuit that energy group
Chesapeake launched this week
against the new businesses of Aubrey
McClendon, its co-founder, shows that
although they formally parted ways
two years ago, Chesapeakes fortunes
are still entangled with his.
Analysis i PAGE 17

Bidders for Coutts International have

tried to use the scandal over tax evasion
by clients of HSBCs Swiss arm to lower
the price of the private banking assets
being sold by Royal Bank of Scotland,
according to people familiar with the
situation.
HSBC has found itself at the centre of
a media and political firestorm after
dozens of news organisations published
damaging details of how it helped clients of its Swiss private bank to hide

assets from the taxman between 2005

and 2007.
Credit Suisse, Union Bancaire Prive
and a combination of Socit Gnrale
and DBS are among the final bidders left
in the auction for Coutts International,
which is expected to be valued at a premium to its book value of SFr1.2bn
($1.26bn). The bidders also tried to use
last months sharp appreciation of the
Swiss franc, which hurt the profitability
of the countrys private banks, as a bargaining chip, the people said.
The other deal being buffeted by tax
issues is the planned takeover of BSI, the
Swiss private bank of Italys Generali, by
Brazils BTG Pactual.
The SFr1.5bn takeover of BSI was
agreed by BTG last July, but has yet to

close, prompting speculation that the

deal could be in trouble.
A person familiar with the situation
said that the deal would close only once
BSI had agreed the settlement of an
investigation into tax evasion by the
US Department of Justice that is
expected to include a fine for the Swiss
bank.
If the fine is above a certain amount,
Generali could be on the hook to inject
more money into BSI before the deal is
completed.
RBS is expected to choose two bidders
to enter a final round of bidding for
Coutts International and aims to
announce a deal as early as next week
when it reports annual results.
All parties declined to comment.

Companies / Sectors / People

Companies

James
Mackintosh

Central banks are not

omniscient

Lex page 14
Gary Silverman page 18

AB Foods.....................................................29
APL Logistics............................................18
Achillion Pharmaceuticals.................30
Aetna.................................................................1
Air France-KLM........................................18
Airbnb.............................................................12
Airbus ...........................................................21
Aldi..................................................................20
Alibaba...........................................................19
Amazon.........................................................14
American Energy Partners................17
American Energy Utica........................17
Anadarko Petroleum.............................29
Anheuser-Busch InBev........................16
Apple.....................................................16,17,19
BAE Systems..............................................21
BHP Billiton................................................29
BP....................................................................30
BSI.....................................................................15
BTG Pactual................................................15
Babcock International..........................29
Bank of America Merrill Lynch.........3
Barclays......................................................3,14
Barrick Gold................................................18
Bayer..............................................................30
Carlsberg......................................................16
Centrica.......................................14,15,20,29
Chesapeake Energy...............................17
China International Capital Corp..28

Short
View

Co-operative Group.........................20,21
Columbia Pictures .................................16
ConocoPhillips..........................................29
CouriersPlease Holdings.....................18
Coutts International...............................15
Credit Suisse..............................................15
DBS..................................................................15
Dassault Aviation....................................21
Deutsche Bahn............................................7
Deutsche Bank ..........................................3
Drax................................................................29
EDF.................................................................30
Ebay.................................................................19
Energy & Minerals Group..................17
Eni.......................................................................8
Expedia.........................................................29
ExxonMobil.................................................29
Facebook......................................................19
Fanuc...............................................................17
Finmeccanica..............................................21
First Reserve..............................................17
Fox Filmed Entertainment.................16
Gannett..........................................................19
Gap ....................................................................1
Generali.........................................................15
Goldman Sachs......................................3,18
Google.......................................................16,19
HSBC...............................................3,15,20,28
Hapag-Lloyds...........................................16
Heineken.......................................................16

The Financial Times Limited 2015

Ikea ....................................................................1
JPMorgan.......................................................3
Japan Post...................................................18
Kickstarter ..................................................19
Kintetsu World Express.......................18
Lazada............................................................18
Leidos.............................................................19
LemonFish Technologies....................19
Lenovo...........................................................16
Lidl..................................................................20
LinkedIn ...........................................12,19,20
LoopPay........................................................19
Lufthansa.......................................................7
Lyft...................................................................12
Majestic Wine...........................................20
Man Group...........................................20,29
Marvel Studios..........................................16
McDonalds.....................................................1
Meggitt.........................................................29
Molson Coors.............................................16
Monsoon......................................................20
Morgan Stanley........................................19
Neptune Orient Lines...........................18
Nestl.............................................................18
New Line Entertainment....................16
NewSmith....................................................20
Palantir Technologies...........................19
Pandora.........................................................21
PayPal.............................................................19
Perella Weinberg Partners................20

Petra Diamonds.......................................29
Priceline........................................................29
PwC....................................................................3
Radius Health...........................................30
Rocket Internet.........................................18
Royal Bank of Scotland.......................15
Royal Mail...................................................20
SABMiller......................................................16
Saab.................................................................21
Samsung Electronics.............................19
Socit Gnrale......................................15
Sony............................................................16,17
Sony Entertainment...............................16
Sports Direct.............................................20
Starboard Value.......................................19
Statoil.............................................................30
Temasek........................................................18
Terra Forte..................................................29
Tesco...............................................................18
Third Point..................................................17
Toll Holdings..............................................18
Total...............................................................30
Transavia......................................................18
Transocean.................................................29
TriStar Pictures.........................................16
TripAdvisor.................................................29
Twitter............................................................19
Union Bancaire Prive..........................15
Volkswagen................................................30
Waitrose.......................................................20

Walmart ..........................................1,14,15,18
Walt Disney.................................................16
Wm Morrison.......................................20,21
Xiaomi............................................................16
Yahoo..............................................................19

Sectors

Aerospace & Defence.......................6,21

Banks..........................................3,4,15,20,28
Beverages....................................................16
Food Producers.......................................29
Gen Financial............................................28
Gen Retailers.......................................20,21
Ind Engineering........................................17
Ind Transport..........................................7,16
Investment Comp..........................3,19,20
Mining............................................................18
Oil & Gas..............................................8,15,17
Personal Goods........................................18
Software........................................................19
Support Services.....................................18
Technology HW & Equ...................17,19
Travel & Leisure....................................7,16

People

Alldritt, Nigel.............................................20
Ashley, Mike..............................................20
Belgrad, Doug...........................................16
Browett, John............................................20
Buhl Rasmussen, Jrgen....................16
Bulcke, Paul................................................18
Conn, Iain...........................................14,15,16

de Juniac, Alexandre.............................18
de Luca, Michael......................................16
Glass, Russell.............................................19
Hainer, Herbert.........................................15
Hirai, Kazuo................................................16
Hoffman, Reid...........................................16
Icahn, Carl....................................................19
Inaba, Yoshiharu.......................................17
Inaba, Seiuemon.......................................17
Khosla, Rishi..............................................20
Laidlaw, Sam..............................................14
Leighton, Allan....................................16,21
Lewis, Steve...............................................20
Loeb, Dan................................................17,16
Long, Tom....................................................16
Lynton, Michael........................................16
McClendon, Aubrey................................17
Minghella, Hannah..................................16
Munk, Peter................................................18
Ottoson, Thom..........................................19
Pascal, Amy................................................16
Perlman, Joel.............................................20
Philips, Dalton..........................................20
Rothman, Tom...........................................16
Suzuki, Tomoyuki....................................16
Thornton, John.........................................18
Wilson, Jamie.............................................16
Woolard, Christopher...............................1
Wrigley, Phil...............................................20
Yoshida, Kenichiro..................................16

Week 8

james.mackintosh@ft.com

The European
Central Banks last
policy meeting
took place as
market-based
inflation
expectations were
rebounding

16

FINANCIAL TIMES

Friday 20 February 2015

COMPANIES
INSIDE BUSINESS

Technology hardware

TECHNOLOGY

Lenovo disables pre-loaded adware

Experts says Superfish
contained security flaw
that hackers could exploit
ROBERT COOKSON LONDON
GABRIEL WILDAU BEIJING

Lenovo, the worlds largest computer

manufacturer by unit sales, has been
forced to disable software that left users
of it its laptops vulnerable to hacking
attacks.
The software, called Superfish, which
was pre-installed on Lenovos devices,
was billed as a free visual search tool.
But Lenovo used it to inject adverts into
web pages.
What has caused most controversy is
that Superfish contained a major security flaw which hackers could exploit to
eavesdrop on a users web browsing

behaviour, computer experts said.

Users have been raising concerns about
Superfish on Lenovos forums since September, complaining that the software
put additional advertising into web
pages without their permission.
Computer manufacturers often preinstall adware into their laptops and
PCs in exchange for payment by the
software makers, which in turn make
money from advertisers.
Lenovo said customers were given a
choice as to whether to use the product.
Superfish said it was completely
transparent in what our software
does and at no time were consumers
vulnerable.
Graham Cluley, an independent computer security expert, said that the way
in which Lenovo had installed the
adware was cack-handed, and could be
exploited by a malicious hacker to inter-

cept the traffic of innocent parties.

While there is no evidence that hackers
have started to exploit the vulnerability,
Mr Cluley said: If you have Superfish
on your computer you really cant trust
secure connections to sites.
Lenovo, which is based in Beijing and
last year reported revenues of $39bn,
said in a statement: We have thoroughly investigated this technology and
do not find any evidence to substantiate
security concerns. The company added
that it had stopped preloading the software in January, and that it had disabled
it on all Lenovo products so that the
product is no longer active.
Lenovo declined to say how many
computers it had shipped with
Superfish.
The company said the software was
included on some consumer notebook
products shipped in a short window

We have
thoroughly
investigated
this technology
and do not find
any evidence
to substantiate
security
concerns
Lenovo

Richard
Waters

between September and December to

help customers potentially discover
interesting products while shopping.
However, user feedback was not positive, and we responded quickly and
decisively.
To protect their traffic from interception, many websites including those of
online banks, retailers and companies
including Google and Facebook serve up
digital certificates to prove their
identities.
However, computers installed with
Superfish included a self-signed root
certificate that allowed the software to
replace legitimate site certificates with
its own a technique known as a manin-the-middle attack.
This allowed Superfish to inject
adverts on to Lenovo customers computers even if they were visiting an
encrypted website.

Hack aftermath. Studio revamp

Sony Pictures set to reshuffle top management

Japanese parent is taking
a sharply keener interest
in its content businesses
MATTHEW GARRAHAN LOS ANGELES

Sony Pictures is preparing to reorganise

its senior management two months
after the Hollywood studio was paralysed by the most devastating cyber
attack against a US company.
Amy Pascal, the studios former cochairman whose embarrassing emails
were among those leaked following the
hack, stepped down two weeks ago, triggering a race to replace her in one of the
film industrys most coveted positions.
Michael Lynton, chief executive of
Sony Entertainment, which controls the
Sony Music label as well as Sony Pictures, is considering a range of candidates to replace Ms Pascal, who released
a string of critical and commercial hits
including Captain Phillips and The Social
Network during a near 20-year career
with the studio.
These options range from a straight
replacement to reconfiguring the role

Embarrassing emails from

the co-chairman at the
time were among those
leaked in the cyber attack
B $221m

the most senior creative position

at the studio by splitting its responsibilities between more than one person,
according to people familiar with the
situation.
Tom Rothman is among the candidates to replace Ms Pascal, pictured
below right. He oversaw the release of
blockbusters such as Avatar and Titanic
during an 18-year career as co-chairman
of Fox Filmed Entertainment and
formed a joint venture with Sony in
2013 to run its TriStar Pictures label.
Doug Belgrad, the president of Sonys
Columbia Pictures division and a longterm Sony employee, is also fancied by
insiders to take a bigger role as part of
the management shake-up.
Michael de Luca, a former president
of production at New Line Entertainment, is another potential candidate.
He joined Sony in 2013 as co-president
of production, a job he shares with Hannah Minghella.
The looming reorganisation comes
as the studios Japanese parent is taking greater interest in its content businesses.
Sony said on Wednesday that
it would spin off its video and
audio group the division
responsible for the Sony Walkman. The move comes a year
after Sony jettisoned its per-

Global box office

receipts for
Captain Phillips

K $225m
Takings for The
Social Network

I $11m
Box office
receipts for
The Interview *
*Not including $40m
digital sales as of Jan 20
Sources: the-numbers.com;
Sony Pictures

sonal computer and television divisions,

partly in response to criticism from Dan
Loeb, the activist investor who pushed
the company to offload its underperforming businesses.
Kazuo Hirai, chief executive, and the
Sony board also published a three-year
plan for the company, laying out ambitious growth targets.
This came two months after the US
Federal Bureau of Investigation
accused North Korea of carrying
out the cyber attack on Sonys studio. The breach deleted a vast
treasure trove of private Sony
Pictures data. The attack was
apparently motivated by the

Sony comedy The Interview starring Seth

Rogen and James Franco.
Sony movies, including the studios
remake of Annie, were released to
streaming sites and thousands of private emails including embarrassing
and racially charged messages between
Ms Pascal and Scott Rudin, a leading
producer were leaked.
Ms Pascal has struck a production
deal that will keep her at Sonys headquarters in Culver City, California. One
of her first projects will be another
reboot of Spider-Man, one of the companys most bankable franchises.
But production will be led by Marvel
Studios, the Walt Disney-owned group,

Beverages

after Sony and Disney struck a deal.

Mr Hirai said on Wednesday that he
was promoting both Kenichiro Yoshida,
the chief financial officer who has
pushed for non-core businesses to be
spun off, and Tomoyuki Suzuki, head of
Sonys thriving image sensor business,
to the positions of executive deputy
president.
The latest appointments mark a final
closure to the old management team
shaped by his predecessor Sir Howard
Stringer, and underscore Mr Hirais
focus on the sensor unit as the driver for
the companys future growth.
Additional reporting by Kana Inagaki
in Tokyo

Handset makers cast

covetous eyes across
Androids realm

n the TV series Game of Thrones, seven kingdoms are

held together under the Iron Throne. A single king
rules them all: but the rivalries of its nobles make for
an uneasy alliance, liable to break out into internecine
conflict or even outright rebellion at any time.
This or something very like it is the world of Googles
Android operating system.
To judge just by the numbers, Google and Apple with
95 per cent of the mobile operating system market
between them appear to have a settled duopoly. But
rather than a cohesive union, Android, which is shipped in
more than 80 per cent of new smartphones, is starting to
look more like the divided fictional continent of Westeros.
The challenge for Google will be to allow Android to
accommodate any number of different corporate ambitions and business models. At the same time, it must make
sure the software remains a powerful distribution platform for its own services, without incurring the jealousies
of others in its mobile ecosystem or arousing the opposition of competition regulators.
It is worth remembering what the purpose of Android
was in the first place. It was a defensive move to prevent
Google getting shut out of the mobile world if a company
such as Apple or Microsoft became too powerful and it
has succeeded beyond the companys wildest dreams.
Android could not solve all the problems Google has
faced with the shift to mobile. It could not overcome the
fact that web search and
the advertising that goes
Android is
with it are services that
work best on devices with big looking like the
screens and keyboards.
divided fictional
The stresses in the
Android world are also continent of
bringing greater divergence.
Westeros
Hardware makers such as
Samsung and HTC have
always put their own design skins on the software.
But with fast-rising Chinese smartphone maker Xiaomi,
this practice is going even further. Xiaomi has bigger ambitions in software. Having observed Samsungs recent
struggles, it has set its sights on making its MiUI user interface the glue to hold together a growing ecosystem of services and content. It claims that the software is spreading
beyond its own devices, with the 100m users of MiUI topping the roughly 90m handsets the company has sold in its
life so far.
Also, with Googles services unavailable in China, most
of Xiaomis devices are not covered by the Google Mobile
Services agreement the contract that requires official
Android devices to carry a package of the US companys
services, such as search and maps.
This does not mean that Xiaomi and Google are about to
become operating system competitors: their rivalry operates at a different level. The Chinese companys handsets
pass Googles Compatibility Test Suite (CTS), which is
designed to stop the sort of fragmentation that prevents
apps running on all Android devices. Outside China, they
also carry Google services.
Xiaomi likes to call itself an internet company. It might
just as well call itself a user
experience company, with
Xiaomi might
MiUI playing a central role.
The next push: turning it just as well call
into the interface for a growitself a user
ing number of Xiaomibranded devices, from tele- experience
vision sets to air purifiers. As
company
it expands to big emerging
markets such as India, Indonesia and soon Brazil, the test will be to replicate the same
formula that has brought such a passionate following at
home.
A different story is represented by Cyanogen, which
claims 50m users for its open-source variant of Android.
The company is positioning itself as a direct competitor to
mainstream Android with a version of the operating system that it claims is more secure and private, as well as
having better performance and being easier to customise.
Even Cyanogen still understands the value of swearing
allegiance to Googles Iron Throne and adheres to the compatibility tests. So far, the handsets that have been released
with its software also carry the Google services but that
is likely to change as Cyanogen looks to accommodate the
ambitions of a wider group of handset companies.
None of this necessarily threatens Googles strategy with
Android, provided it can persuade a large enough base of
hardware makers to stay loyal to its official package of
software and services. But the restless ambitions of the
diverging clans underline the growing tensions in holding
the Android kingdom together.
richard.waters@ft.com

Industrial transport

Key SABMiller departure amid beer sector ferment US ports dispute chokes off trading routes
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR

The revolving door in the global beer

industry spun again yesterday when
SABMiller, the London-based group
behind Grolsch and Peroni, said its
finance director had suddenly quit.
Jamie Wilson, who had spent a decade at
the second largest brewer the last four
years as finance director left for personal reasons. He will be on gardening
leave until the financial year ending
March 31, entitling him to a bonus, and
will then be on one years notice.
It comes just a day after Carlsberg said
its chief executive, Jrgen Buhl Rasmus-

sen, would leave in June following a

tumultuous year for the Danish brewer
which has underperformed peers
because of its large exposure to Russia.
Last week, MillerCoors the US joint
venture of Molson Coors and SABMiller
said Tom Long, its chief executive
would also depart in June, as it
announced a 12 per cent fall in fourth
quarter underlying net income.
SABMiller: brewer
behind Peroni and
Grolsch has put
Jamie Wilson on
gardening leave
until March 31

The beer industry has had a tough

time amid a slowdown in emerging markets and little or no growth in developed
markets, making consolidation for
some a route to growth.
Global beer consumption grew just
0.2 per cent in 2013, according to Plato
Logic, the market research group which
forecasts growth of 2.4 per cent in 2014.
There has been longstanding speculation that AB InBev, the acquisitive Belgian-Brazilian brewer, is aiming to fire
its next M&A salvo at SABMiller.
Mr Wilson is not expected to work
during his notice period but will receive
his base salary of 762,200 plus 17,150
car allowance.

ROBERT WRIGHT NEW YORK

One of the worlds largest shipping lines

has cancelled most sailings from Asia
to the US west coast for the next three
months, underlining the impact of a
labour dispute that one analyst estimates reduced US GDP by $40bn in
December.
Hapag-Lloyds decision underlines how
issues at the ports which handle more
than half of the USs container trade
are choking off US companies ability to
import and export on critical routes to
and from Asia.
Tom Perez, the US labour secretary,
on Tuesday flew to San Francisco to try

to broker a settlement to the stand-off

between port employers and the International Longshore and Warehouse
Union that has caused much of the disruption.
Deutsche Bank estimates the dispute
reduced US GDP by a percentage point
in the fourth quarter compared with
what it otherwise would have been. The
dispute has prevented US agricultural
producers from exporting goods such as
apples and potatoes they would normally send to Asia, while it has also held
up imports to US retailers and parts for
manufacturers such as carmakers.
In a note published yesterday, Deutsche Bank estimated that the dispropor-

tionate effect of the port slowdown on

exports was responsible for a $40bn
widening of the USs trade deficit in
December. That, the bank said, would
have reduced GDP for the fourth quarter by a percentage point.
The continuing severe slowdowns at
ports in California, Oregon and Washington which have been closed
entirely for six days this month would
continue to have a severe effect on the
US economy, Joseph LaVorgna, Deutsche Banks chief US economist, said.
The fact that were not bringing in
our or out any key material means there
could be further distortionary effects on
production, said Mr LaVorgna.

Friday 20 February 2015

17

FINANCIAL TIMES

COMPANIES

Chesapeake finds fortunes bound to McClendon

A legal claim brought against the energy groups co-founder alleges he took information to acquire new drilling rights
ED CROOKS NEW YORK

When a chief executive starts a business

from scratch and builds it into an industry leader, as Aubrey McClendon did
with Chesapeake Energy, letting go can
be difficult. The highly unusual exit
terms that Mr McClendon agreed with
Chesapeake the second-largest gas
producer in the US have made it
harder still.
Since he stepped down in 2013, the
companys managers had been quietly
getting on with the job of improving the
groups profitability and bolstering its
balance sheet, while avoiding the publicity good and bad that he invariably attracted.
But the lawsuit that the company
launched this week against Mr McClendons new businesses shows that
although they formally parted ways two
years ago, Chesapeakes fortunes are
still entangled with his.
Chesapeake alleges that Mr McClendon stole information from the company and used it when acquiring new
drilling rights. It is seeking exemplary
and punitive damages from his new
businesses and their investors.
Mr McClendon replies he has a right
to all the 20 terabytes of information he
has received. It is a sad day to see Chesapeake stoop so low as to sue its cofounder for having information that was
earned, paid for and provided through
my contracts with Chesapeake, he says.
When he agreed to leave Chesapeake
in January 2013, Mr McClendon made
sure he retained aspects of the lifestyle
to which he had become accustomed.
His separation agreement gave him control of a 28 per cent share in a Cessna
Citation X corporate jet until the end of
2016. It also allowed him to keep using
the Founders Lounge at the Chesapeake Energy Arena, home of the Oklahoma City Thunder basketball team,
which the company had sponsored.
It included full payment of a previously offered incentive award, which
meant Chesapeake paid him $23.7m in
2013. It even promised to move his
memorabilia and art from Chesapeakes
buildings in Oklahoma City to his new
premises nearby.
But, the most controversial provision
has turned out to be Chesapeakes agreement to provide geological, engineering, reservoir, operating, marketing,
performance and other information to
Mr McClendon, in printed, plotted or
written format on a routine basis or as
reasonably requested.
His right to such detailed information
about Chesapeakes operations after he
left the company is based on the unusual incentive scheme he enjoyed while
he ran it. The founder well participation programme gave Mr McClendon
the right to take a personal stake of 2.5
per cent in every well that the company
drilled. Exercising those rights since
they were granted in 1993 has given him
a stake in more than 16,000 of the companys wells, at a cost of almost $2.5bn.
Mr McClendon funded that investment with an undisclosed amount of
borrowing, and the revelation of some
of those debts by Reuters in 2012 stoked
investor unrest that led to his departure
the following year.
Even after he left, though, the separation agreement allowed him to continue

Energetic empire-building
McClendons complex new vehicle
Capital ($bn)

In just two years

Aubrey McClendon
has built up a venture,
through eight
separate but linked
companies, raising
debt and equity
financing and
seeking an

Woodford

Appalachia (Utica
and Marcellus)

AE-NonOp

AE-Minerals

In spite of no sign of engagement from

Fanuc so far, Daniel Loeb says he is
hopeful of change in the Japanese maker
of robots.
And the activist investors hopes rest
with Abenomics.
Mr Loeb, who recently revealed his
hedge funds stake in Fanuc, is calling on
the cash-rich, family-run company to
get on board with changes happening
under Shinzo Abe, prime minister, saying that Japan is moving forward on
corporate governance but Fanuc is not.
Fanuc is an incredibly focused company operationally but the company
trades at a low valuation because they
have not yet moved forward with the
society in respecting shareholders and
implementing better capital allocation,
Mr Loeb told the Financial Times.
This month Third Point, the fund he
runs, sent a letter to Fanuc urging the
company to make better use of its
$8.5bn cash pile by buying back shares.
While Mr Loeb has not disclosed the
investment size, he said the stake was

Debt
Commitment

Permian
Basin
AE-Midstream

AE Capital
Partners
(target by

American
Energy Partners

(target by

Chesapeake and Aubrey McClendon: The highs and lows

Share price and index (rebased)
Investors file a
Reuters reports
lawsuit over the
that Mr McClendon has
Chesapeake co-founders taken out hundreds of
millions of dollars of debt
company money spent on to invest in Chesapeakes
antiques and artworks.
new wells. Later the
The case was later settled company ends the well
investment scheme, which
Jan
had been running since

Boardroom
Mr McClendon
Mr McClendon
shake-up leads to Mr
resigns as chief executive
fund comeback venture
McClendon stepping down following a shareholder
American Energy Partners
as chairman
revolt that included
activist investor Carl Icahn

Chesapeake Energy
FT graphic. Sources: FT research; Thomson Reuters Datastream

co-investing in wells until the end of

June last year. As part-owner, Mr
McClendon would naturally have access
to information about the wells geology,
engineering and profitability.
But the complaint that Chesapeake
filed at the states district court in Oklahoma alleges he went beyond that, taking information from the company
about areas in the Utica shale where
there were none of these jointly owned
wells. Chesapeake alleges that in the
days after he agreed to go but before
he left Mr McClendon looked for
information on the Utica shale of Ohio.
It claims that he took a map and report
on the area. This was strictly confidential information that other companies
would find extremely difficult if not
impossible to replicate, Chesapeake
said in its filing. It also said it was information about acreage not yet acquired
so it could not relate to wells that the
company held jointly with him.
Chesapeake further alleges that Mr
McClendons new companies went on to

An incentive scheme gave

McClendon the right to
take a personal stake in
every well the group drilled

use that information in several deals for

drilling rights in the Utica shale.
Mr McClendons response has been
twofold. Firstly, he has insisted he is
entitled to the information he has, and
has not received all the data he is owed.
Secondly, he has said the allegations
against him reveal that Chesapeake
does not understand the structure of his
businesses. American Energy Utica, one
of Mr McClendons new companies, did
sign deals for leases in Ohio, he said, but
used only information that was either
public, provided by the sellers, or produced by an independent company.
AEU is affiliated to his other groups,
including American Energy Partners,
but has separate ownership. Its principal investors are two private equity
firms and AEPs management. AEU and
Energy & Minerals Group say they
intend to bring any and all appropriate
counterclaims against Chesapeake.
Meanwhile, Chesapeake is seeking an
injunction preventing Mr McClendon
and his investors making any further
use of its trade secrets.
But whatever the legal position, his
access to data has made Mr McClendon
a well-resourced and well-informed
competitor. As much as they might like
to focus on the future, Chesapeakes
executives look set to be grappling with
the past for some time.

Reprogram this robot maker, says activist

KANA INAGAKI TOKYO

Key
Equity

Interview. Daniel Loeb

Japans Fanuc pressed to

make use of its $8.5bn cash
pile by buying back stock

Investor appeal
The eight companies of
a virtuoso dealmaker

big enough to put Third Point among the

top 10 shareholders in Fanuc.
Fanuc has a market capitalisation of
$46bn, is the biggest maker of industrial
robots, and boasts profit margins of 40
per cent.
Mr Loebs investment in Japan is
backed by his confidence in Mr Abes
economic programme that calls on companies to reinvest their profits and raise
returns on equity.
But Fanuc, known for its terse communication with shareholders, is yet to
reply to Mr Loeb. Im hoping that we
Daniel Loeb:
Fanuc should
respect certain
responsibilities
that go with public
ownership

will get a response so we dont have to

keep sending letters to them, he said.
The company has declined to comment on Mr Loebs letter. But in recent
interviews with Japanese media, Yoshiharu Inaba, its president, said the company had no plans to change its investor
relations policy and would continue to
expand its core industrial robot business. Fanuc also announced this week it
would invest $1bn in new factories.
Since Fanuc is not a family-owned

company, it should respect certain

responsibilities that go with public ownership, says Mr Loeb. Wed like to just
help them better understand those
responsibilities and do that as a first step
by engaging with one of their largest
shareholders.
The activist investor, known for stinging criticism that has cost corporate
managers their jobs, has taken a more
measured approach in Japan, where
activism has a mixed record.
Mr Loeb says he understands that
suggestions he makes to companies
are not fully met, as in the case of Sony,
which rejected his call to partially spin
off its entertainment arm. The electronics group has, however, increased disclosure and strengthened management
accountability. I think its a mistake to
say Japanese management is not
responsive to shareholders, he says.
Mr Loeb does not hide his fascination
with Fanuc, which he likens to Apple in
its focused product approach. He carries around a 1992 book by Seiuemon
Inaba, the companys charismatic
founder, which conveys a forwardlooking spirit. Fanuc can be inwardlooking and not communicative. But I
do think embedded somewhere in their
culture is a willingness to look forward.
Thats why were hopeful that this is the
right time for them to start doing that.

exploration &
production index

Chesapeake
accuses McClendon of
stealing maps and data to
use at his new company.
Mr McClendon says he is
entitled to the information

The network of businesses Aubrey

McClendon has built in two years
since leaving Chesapeake bears
witness to his prowess in attracting
investors, his skill at dealmaking,
and his predilection for financial
complexity.
His eight companies have raised
about $11.4bn in debt and equity
financing and are seeking $4bn
more. That is spread across
operations in areas including the
Utica shale of Ohio, the Permian
basin of west Texas, and the
Woodford shale of Oklahoma.
Behind them is American Energy
Partners, the groups operating and
management arm. Based in
Oklahoma City, like Chesapeake it
has 600 employees and Mr
McClendon as its chief. But AEP
does not own stakes in the other
affiliated groups. The main
investors in those are The Energy &
Minerals Group, a Houston private
equity firm with $17bn under
management, First Reserve, a
private equity firm, and AEPs
managers, including Mr McClendon.
Because all of the groups are
privately held there are few official
filings, and it is hard to know how
well Mr McClendons new
businesses are doing.
If Chesapeakes case against Mr
McClendon proceeds to trial,
however, it is likely that more
information about them will come
to light. Ed Crooks

18

FINANCIAL TIMES

Friday 20 February 2015

COMPANIES
General retailers

Mining

Walmart gesture nods to the spirit of Ford

Barrick digs
deep to regain
nimble and
lean roots

Across-the-board pay rise will

bring some relief, but unions
say there is a long way to go
GARY SILVERMAN NEW YORK

On January 5, 1914, Henry Ford stunned

his competitors in the burgeoning
Detroit car industry by doing the unexpected. He offered workers $5 a day for
their labour more than double the
going rate.
His motivations were not entirely
altruistic. As sales of his Model T

boomed, Ford fretted that labour turnover and absenteeism would sap the efficiency of his assembly line production
process. Paying higher wages was a way
of attracting the kind of reliable workers
who would keep Fords factories
humming.
Still, Fords $5-a-day pay was a sign of
an industrial world to come. In the half
century or so that followed, big unions,
big business and big government collaborated to create a labour aristocracy at
leading manufacturers such as Ford,
whose members earned enough money
to buy the cars that they made. The
trend only reversed when economic

shocks began to hit the US with increasing frequency towards the end of the last
century.
Hopes for a Fordist revival in US business were stirred yesterday by Walmarts announcement that it was lifting
its minimum wage to $9 an hour, or
$1.75 more than the federal minimum.
Walmarts move certainly took a page
out of the old Henry Ford playbook. But
among those expressing a degree of satisfaction after the companys announcement was the Organization United for
Respect at Walmart, or OUR Walmart,
an advocacy group that campaigns for
better conditions at the retailer and has

been backed by the United Food and

Commercial Workers union.
Emily Wells, a Walmart worker and
OUR Walmart member, said: The company is addressing the very issues that
we have been raising about the low pay
and erratic scheduling. But she added
that without guarantees of regular
hours for staff this announcement still
falls short of what American workers
need to support our families.
Left unclear is how workers at Walmart will be able to secure such
improvements. Over the years, the biggest US retailer has repeatedly fended
off attempts to unionise its employees,

raising the question of whether Fordism

and the Bentonville, Arkansas-based
company will ever really be compatible.
Moreover, the level of Walmart wages
probably falls short of the old Fordist
goal of making it possible for workers to
afford a new Ford.
Pay of $9 an hour, for example, would
translate into annual income of a little
under $19,000 a year, based on a 40hour work week. By comparison, the
listed sale prices of 2015 cars and trucks
at Landers McLarty Ford, located on
South Walton Boulevard in Bentonville,
ranged from just under $15,000 to
nearly $65,000.

Supply chains. Sector shake-up

Japan logistics groups

move post-haste to
expand overseas
Trade patterns are shifting as
China slows and importance
of SE Asian consumers grows
JEREMY GRANT SINGAPORE

Logistics might seem the dull plumbing

of trade, but when two Japanese groups
spend a combined $6.2bn in two days
for some of the biggest names in the sector, the business of shifting goods from
A to B becomes more interesting.
Japan Post on Wednesday agreed to
pay A$6.5bn (US$5.1bn) for Australias
Toll Holdings, a day after Kintetsu
World Express, another Japanese company, snapped up APL Logistics, the
logistics arm of Singapore-listed Neptune Orient Lines, for $1.2bn.
The moves give Japan a bigger logistics footprint as trade patterns shift
amid Chinas slowdown and a new generation of consumers in the Association
of Southeast Asian Nations emerges.
It highlights shifts in the logistics business, especially in Asia, as companies
require more sophisticated supply
chains to cope as sources of demand and
supply, and the necessary infrastructure, grow more complex. The past two
years, and probably the next 10, have
been and will be the most interesting
time in global logistics that weve had in
45 years, Jon Windham, director of
research at Barclays in Hong Kong, says.
From the late 1960s until about two
and-a-half years ago, he says, logistics
was a relatively simple affair as the west
outsourced manufacturing to Asia. But
Chinas shift from a decades-long focus
on low-end manufacturing is making
way for other countries such as Indonesia, Vietnam and Sri Lanka.
Vietnams share of US light manufacturing imports increased to 7.4 per cent
in the year ending October 2014 compared with 5 per cent for the whole of
2010, Barclays says. Vietnam has
accounted for more than half of Chinas
market share losses since 2014.
Chinas exports to the rest of Asia are
growing, to 26 per cent of exports in
2014, up from 14 per cent in 2007,
according to Barclays. That has
increased the complexity in global supply chains, Mr Windham says.

The emergence of Asean as a third

force alongside India and China has
spurred investment by consumer goods
companies and others in the region.
That requires warehouses, freight forwarders and ecommerce systems in
addition to ships, trucks and trains.
Companies are keen to tap urbanisation and the growth of a middle class,
which is spurring investment in retail
and ecommerce as the use of handheld
devices grows.
Lazada.com a Singapore eretailer
backed by Germanys Rocket Internet,
UK grocer Tesco, and Singapore state
investment group Temasek is rolling
out its web-based retail offering in
Asean, from sophisticated front-end
technology allowing 20-somethings in
Indonesia to buy iPads online, to delivery by motorbike to Thai villages.
Lazada runs seven warehouses in six
Asean countries, as well as 45 delivery
hubs from which the company dispatches motorbikes and trucks.
Japan Post is not the only traditional
postal group in Asia making a play for
logistics. Singapore Post in which
China ecommerce group Alibaba has a
stake has been expanding fast there.
Last month SingPost bought New Zealand freight forwarder Famous Pacific
Shipping NZ, and in December Australian parcel delivery company CouriersPlease Holdings.
But it is equally common for ecommerce to involve the use of third-party
logistics providers.
SingPosts acquisitions and the two
Japanese deals are evidence of consolidation that happened in the US and
Europe 10-15 years ago, says Michael
Beer, head of Asia-Pacific transportation research at Citibank in Hong Kong.
While the cost savings and improved
service levels associated with enhanced
scale/acquisition synergies are fairly
well understood, we are seeing some
other structural drivers. As manufacturers and consumers in the region
move up the value chain, the demand
for more sophisticated and integrated
logistics services will continue to grow.
The coincidence of the timing of the
two Japanese deals is as telling as the
prices that the companies paid for the
two businesses, indicating Japans appetite for exposure to the logistics chain.

Delivering the deal: Japan Post on Wednesday agreed to pay A$6.5bn or Australias Toll Holdings Haruyoshi Yamaguchi

Southeast Asia ecommerce revenues

Chinese exports by destination

$bn

Per cent
Australia 2
Russia 3
Rest of Asia 3

Vietnam (44)
Singapore (14)
Philippines (33)

Malaysia (23)
Thailand (32)
Indonesia (71)

40

Forecast

5
6
Middle East

10

Asean

0
15

16

17

Figures in parentheses are compound annual growth rate, %

Sources: Citi; China NBS, Barclays Research

25

Europe

Korea

20

14

India 2

Africa
4
Latam 5

30

2013

Taiwan 2

24
10

North America

Japan

18
Excludes Hong Kong

JAMES WILSON
MINING CORRESPONDENT

Barrick Gold set a year-end target to

cut net debt by 30 per cent as the struggling Canadian miner revealed a third
consecutive year of multibillion-dollar
impairment charges on its assets.
The largest gold miner by volume said
efforts to cut debt would start with the
planned sale of two mines in Australia
and Papua New Guinea.
The company reported a net loss of
$2.9bn for 2014, down from $10.4bn in
2013, while annual adjusted net earnings fell from $2.6bn to $793m.
While Barrick raised almost $3bn of
equity in 2013 after the gold price
started to sink, the miner is burdened
by $10bn of net debt, which it admitted
was a drag on its share price.
The company said it now wanted to go
back to the future, returning to its
roots of being lean and nimble, much
like the company Peter Munk, the Canadian entrepreneur, founded in the
1980s.
As Barrick grew to become the worlds
largest gold miner, operating in more
than two dozen places around the
world, it made an expensive move into
copper in 2011, which has not so far paid
off. Like many miners during a phase of
strong commodity price rises, it also
made hasty investments in complex
projects, most notoriously at PascuaLama, a new mine in the Andes where
work is now suspended.

$10bn

$2.9bn

Net debt. The

company admits
this is a drag on
the share price

Net loss last year,

down from
$10.4bn the
previous year

Mr Munk stepped down as executive

chairman last year in favour of John
Thornton, a former president at Goldman Sachs. Mr Thornton has abolished
the post of chief executive and started to
shake up Barricks top ranks while cutting jobs at its Toronto head office,
where numbers will fall from 260 last
year to 140.
Barrick also said it wanted to expand
a partnership culture, with 35 of its
senior staff to be included in a performance-related bonus scheme, with a significant portion of pay in Barrick
shares.
Going back to the future demands
that our leaders be owners, Barrick
said. This plan increases financial and
emotional ownership among our senior
leaders, and will deepen to include new
partners over time.
The gold miner has previously said it
wanted to cut net debt to about $7bn
without putting a timeframe on the target.
Prudent financial management was
a bedrock principle of the company . . . as we return to our original
values, no priority is more important
than restoring a strong balance sheet,
the miner said.
The mines planned to be sold are
Cowal, in Australia, and Porgera, in
Papua New Guinea. Together the mines
will produce about 800,000 ounces of
gold this year. In 2014 Barricks group
production was 6.25m oz.
Barrick said it was making $4.1bn of
impairment charges, equating to $3.4bn
after tax.

Travel & leisure

Air France-KLM eyes deep transformation

MICHAEL STOTHARD PARIS

Air France-KLM vowed to accelerate

cost-cutting measures as the FrancoDutch airline reported that both overcapacity on long-haul routes and the
longest strike in its history had
weighed on profits during the past year.
The national flag carrier said it was cutting investment by 600m over two
years, making a further 800 job cuts
through voluntary measures and speeding up its cost-cutting targets.
With the way we see the market
developing, except for the north Atlantic, we are being very, very cautious,
said Alexandre de Juniac, chief
executive.
The group issued three profit warnings last year, hit by a two-week strike in
September which cost it nearly half a
billion euros and pressure on pricing on
some long-haul routes in Asia, Latin
America and Africa.
The group has for years been struggling to cope with a relatively high cost
base amid the relentless expansion of
low-cost airlines in Europe and Gulf carriers taking market share in the international markets.

Mr de Juniac said yesterday he

wanted a deep transformation in the
company.
The group reported earnings before
interest, tax, depreciation and amortisation for the full year down 14 per cent
to 1.59bn. Revenues fell 2.4 per cent to
24.9bn despite a rise in passenger
numbers.
Air France-KLM gave no profit forecast for 2015, but said it was sticking
with its long-term Perform 2020 growth
plan, which includes investing 1bn in
its low-cost operation Transavia

600m

14%

Cut in investment
planned over two
years, including
800 job losses

Drop in annual
earnings after a
costly strike that
lasted a fortnight

to expand from 47 to 100 aircraft by

2017.
This investment was the reason
behind the strike in September, as pilots
objected to the setting up of a low-cost
wing where pilots were paid less. The
unions also feared the relocation of jobs
abroad.
Air France-KLM agreed to concentrate its development of Transavia
exclusively in France as a result of the
strike, which otherwise had little longterm impact on the strategy of the
group.
The company said it was targeting a
unit cost reduction of 1 per cent to 1.3
per cent as well as net debt of about
5bn by year-end.
Net debt was 5.4bn at the end of
2014.
Net losses narrowed sharply from
1.8bn in 2013 to 198m last year
because of changes in Dutch pension
rules and a gain on the sale of shares in
the Amadeus booking system.
The group has seen little benefit from
the fall in the oil price because it is
broadly hedged against it. The airline
has also expressed concerns about the
impact of currency swings.

Friday 20 February 2015

19

FINANCIAL TIMES

COMPANIES
Mobile & telecoms

Activist pressure. Legal snags

Spin-off advocates may be blind to tax risks

Separating parts of operations
into new listed entities is
aimed at lifting market value

Samsung to
take on Apple
in mobile pay
SIMON MUNDY SEOUL

JAMES FONTANELLA-KHAN
AND SUJEET INDAP NEW YORK

Samsung Electronics has bought US

mobile payments company LoopPay,
signalling its intent to take on Apple in
the sector.

Pressure from activist investors such as

Carl Icahn and Starboard Value has
brought spin-offs back into fashion.
Yahoo and eBay are among the companies persuaded that separating parts of
their operations into new, listed entities
will boost their market value.
But even if the groups succeed in their
spin-off plans, they will be at risk of
incurring punitive tax bills, legal specialists warn.
One of the central arguments for why
spin-offs boost companies valuations is
that the newly created companies will
prove attractive takeover targets.
When Yahoo decided last month to
spin off its remaining 15 per cent stake
in Alibaba a holding worth about
$40bn the move ignited speculation
that the Chinese ecommerce group
would soon buy the new company as a
means of cleaning up its shareholder
register.
Yahoo said the spin-off would be taxfree, avoiding a potential $15bn-$16bn
liability, but the chances of the company
and its shareholders avoiding a large tax
bill in such a scenario are far from certain, according to lawyers who have
worked on several spin-offs.
A quick sale, the lawyers warn, can
threaten the very tax-free status that
makes a spin-off attractive in the first
place.
There is no way you can immediately
spin off and sell, said one senior partner
at a New York law firm, referring to the
Yahoo spin-off.
The risk is simply too high . . . it will
take at least a few years before Alibaba
can buy back its stake.
Under US tax rules, if a spin-off company is quickly acquired, the Internal
Revenue Service must be satisfied that

Samsung alluded to the competitive

field by noting that LoopPays system is
accepted at more locations than any
competing service a nod to its technology that, unlike Apple Pay, does not
require shops to make extra investment
in systems. Instead, its system uses the
existing magnetic strip technology
already found in most US credit card
terminals.
Until now, users have had to buy a
special phone case or external dongle to
use LoopPay, which raised early capital
through Kickstarter in 2013. But incorporating its technology into Samsung
phones could increase usage, setting the
stage for a battle of competing payment
systems between the worlds two largest
smartphone producers.
The acquisition of unique hardware
is the only way left for Samsung to differentiate, said Richard Windsor, an
independent telecoms analyst.
But early adoption of the LoopPay
system would be held back, Mr Windsor
said, by the fact that it has not incorporated tokenisation encryption technology used by Apple Pay to prevent
fraud, although LoopPay said it planned
to do so.
Analysts forecast a big increase in instore payments using mobile devices in
the next few years. Forrester, for example, predicts the US total will grow
nearly 10-fold from $3.7bn last year to
$34bn in 2019.
The huge popularity of Apples iPhone
has enabled it to push unprecedented
adoption of NFC technology by retailers.
At its launch, Apple Pay could be used at
220,000 US outlets, ranging from
McDonalds to Toys R Us. Samsung
claims that LoopPays system works in
more than 90 per cent of US outlets.

An employee
takes a nap at
Alibabas offices
in Hangzhou.
Yahoo thinks
spinning off its
Alibaba stake
will be tax-free
but lawyers say
it might not be
so easy
Reuters

the parent company and any would-be

acquirer did not have a defined plan in
place before spinning off the business. If
the IRS believes there was such a plan,
tax becomes due on the original spinoff.
But if it deems that the spin-off was
carried out purely to minimise tax, then
the IRS will impose the tax liability on
the parent group, according to Wachtell,
Lipton, Rosen & Katz, a corporate law
firm.
Bill Dantzler, partner and head of tax
practice at White & Case, says the rules
governing the sale of spun-off companies are complicated and fairly
mushy.
As a baseline, the IRS will want parties
that it deems to have had a plan for a

follow-on deal for a spin-off to wait two

years before undertaking an acquisition, in order to maintain tax-free status. There are exceptions if the parties
can demonstrate to the IRS that no previous plan existed.
If the acquirer had no such discussions in the two years preceding the
spin-off, then it can start such discussions the day after the spin-off, says Mr
Dantzler. However, these rules are
opaque.
Lawyers believe Alibaba is playing a
different game. The Chinese company
said it had been given little advance
warning by Yahoo about the spin-off.
Several lawyers and bankers familiar
with the transaction say this was done to
avoid giving any impression that the two

Software

Contracts & Tenders

Start-up focuses on insider security threat

GINA CHON WASHINGTON

When Thom Ottoson was technical

director at the US Office of the Director
of National Intelligence, he worked
on a programme aimed at helping the
government catch the next Edward
Snowden.
Now he is bringing that experience to
the private sector with LemonFish
Technologies, a start-up that officially
launched yesterday, in the latest case of
a former government official trying to
use knowledge gained in government to
profit from the cyber security sector.
Mr Ottoson is following in the footsteps of former colleagues, including
Michael Leiter, a former director of the
US National Counterterrorism Center
who left government to join Silicon Valley security company Palantir Technologies in 2011 and now works at Leidos,
the US defence group.
LemonFish says it will help companies detect threats from insiders,
whether it is an employee who could
become violent, a contractor who is
looking to steal information or a valued
staffer who is trying to leave a company.
Theft of intellectual property and sensitive data costs US businesses more
than $250bn a year and law enforcement agencies say company insiders are
the biggest source of the leaks.

The problem is most companies only

vet employees, contractors or suppliers
when they are being hired, Mr Ottoson
said. The real risks come when youve
given someone access to your company, he said. Thats when you need to
continuously monitor the situation.
In January, for example, Morgan
Stanley said it had fired a financial
adviser who was accused of stealing data
for up to 350,000 wealth management
clients.
Mr Ottoson began working on what
would become LemonFish last summer
after being frustrated by bureaucratic
hurdles that were stymieing an initia-

Ottoson had been working

to catch the next Snowden;
now he helps businesses
protect data and plug leaks

tive he helped develop at the DNI after

the Snowden leaks. The programme
would have continuously assessed government employees who had security
clearances and monitor related supply
chain risks.
Other companies have also developed
software to detect insider threats as
demand for products grows. Virginiabased Insider Spyder analyses anomalies in user behaviour to detect insider
threats. In 2013, the company obtained
exclusive rights to commercialise software developed by the non-profit Mitre
Corporation, which conducts research
and develops products that are sponsored by the US government.
LemonFishs algorithms are based on
events that may trigger alarm bells,
such as an employee inserting a USB
flash drive into a computer, working different hours from his normal pattern, or
downloading large amounts of data and
sending them to a personal email
address.
Those event-based algorithms are
then combined with a companys internal data that are usually scattered and
siloed, from human resources to information technology departments. That
information is then crossed with publicly available information on websites,
public records and social media
networks.

Media

LinkedIn launches personalised ad products

ROBERT COOKSON
DIGITAL MEDIA CORRESPONDENT

LinkedIn has launched advertising

products that allow marketers to track
its 350m users on thousands of sites
across the internet and target them
with personalised messages.
The new initiatives are the result of
merging LinkedIns existing advertising

Legal Notices

There is no
way you can
immediately
spin off and
sell. The risk
is simply
too high

business and its vast pool of data with

that of Bizo, a digital marketing group
that the social network bought last year
for $175m. Bizo is one of the largest business-to-business marketing groups and
controls an advertising network that
extends to more than 2,500 publishers.
Until now, LinkedIn has focused on
serving adverts on its own site and apps.
While the group has previously done
some off-site targeting, these initiatives
were limited in scope.
LinkedIn already operates an advertising business that made $455m in revenue and accounted for 20 per cent of
group revenues in 2014. But it hopes to
capture a bigger share of the $50bn business-to-business marketing sector.
We see a massive market opportunity, said Russell Glass, former chief
executive of Bizo and now head of product for LinkedIns Marketing Solutions
unit. He did not disclose specific targets.
By moving deeper into the marketing
business, LinkedIn is throwing itself
into much closer competition with

advertising-dependent groups such as

Google, Facebook and Twitter.
LinkedIns main new product is called
Lead Accelerator. It will allow marketers to monitor the behaviour of consumers that visit their sites, using online
tracking technologies known as cookies
and pixels.
By combining this information with
LinkedIns data on its users such as
their location and the industry in which
they work the product determines
what messages are going to be most relevant and personal. The automated
system then targets those users with
advertising on LinkedIn and other sites.
Lenovo, the PC maker; Salesforce, the
cloud computing company; and deals
site Groupon are among the customers
that have been trialling the service.
LinkedIn this month reported that its
total revenues grew 45 per cent last year
to $2.2bn. The bulk of its earnings come
from selling subscriptions with extra
features to recruiters and other users.
See Lombard

had a plan to sell the so-called SpinCo

at a later stage.
However, should the IRS determine
that Yahoo and Alibaba had planned a
follow-on deal, Yahoo could be hit with a
hefty tax bill.
Despite such risks, activists are
expected to keep pressing for spin-offs.
Carl Icahn put pressure on eBay to agree
to a series of provisions that will make it
easier to sell PayPal once it is spun off.
He is trying to convince Gannett, which
is splitting its publishing arm from its
broadcast and digital business, to do the
same.
But whether such strategies pay off is
likely to depend more on how the IRS
interprets the law, than on the wishes of
activist investors.

20

FINANCIAL TIMES

Friday 20 February 2015

UK COMPANIES

City
insider

Centricas results depict an improbably threadbare robber baron

If Centrica is a profiteer, as enemies

have claimed, it is not a very successful
one. The energy company made a 1bn
post-tax loss in 2014. It gave duel fuel
customers at its UK retail subsidiary
British Gas a 42 reduction in their
annual bills because of lower oil prices.
Its rapacious City owners suffered a 30
per cent dividend cut.
Admittedly, some of the sackcloth
and ashes can be attributed to New
Chief Executive Syndrome. Former BP
refiner Iain Conn has just replaced Sam
Laidlaw the architect of Centrica as a
vertically integrated company with
operations stretching from exploration
to domestic supply. Even without a fall
in the oil price and a consequent
reassessment of the carrying value of
North Sea production, Mr Conn would
have been tempted to take write-offs to
flatter numbers later in his

incumbency. They would hardly have

totalled 1.6bn, though.
The dividend cut also gives Mr Conn
scope for crowd-pleasing increases
later, though the scale of the reduction
surprised investors. Since some of
these are small shareholders, tabloids
were still able to frame the story as
Centrica bashing the little guy. With
forecast 2015 earnings falling, too,
Centricas shares slid 8.5 per cent.
Mr Conn can make a reasonable
argument that the companys finances
would start to look strained without
the dividend cut. Net debts are three
times operating profits.
Before write-offs, pre-tax profits
were 1.3bn, 40 per cent lower than
last time and a fairly feeble 4 per cent
of sales. It seems this threadbare
robber baron is down to his last battle
axe and flagon of mead.
The break-up of businesses such as
Centrica may be slipping off the
political agenda after an interim report
from the competition authorities that
found little evidence of a cartel.
Ironically, a run of numbers such as
these could revive City talk of a
Centrica break-up.

Pro bono boss

Only two degrees of separation now
divide the Queen from so-called
Crystal Methodist Paul Flowers.
Allan Leighton, incoming nonexecutive chairman of the Co-operative
Group, met Her Majesty in his former
life as board boss of Royal Mail. He will
now rub shoulders with Co-op activists
who appointed the disgraced
clergyman to lead Co-op Bank, before
its crumbling balance sheet presaged
broader problems for the group.
Mr Leighton is a great hire for the
Co-op, a historic mutual retailer fallen
on hard times. The former chief
executive of Asda has been described
as the best-networked man in the
City. His connections are as profuse as
those once linking Kevin Bacon to
every other Hollywood actor.
The ingredients of networking
success charm plus consistency
will help Mr Leighton in his job more
than the network itself. The group is
back in profits, but the supermarkets
business remains weak. Richard
Pennycook, chief executive, should
keep the numbers nailed down while

Mr Leighton spins a tale of recovery for

Co-op workers and the wider world.
His own story is disarming. His dad
was a Co-op store manager and Mr
Leighton grew up regarding the
business as family. He led a renewal
of Royal Mail, another battered
national treasure, in the noughties. He
will give his 250,000 Co-op salary to
one of its own charities.
Co-op activists who believe they can
call the shots behind the scenes have
met their match: in wielding soft
power, Mr Leighton will make them
look like amateurs.

LinkedIn, bugged out

LinkedIn will offer marketers the
chance to blast personalised adverts at
its 350m white-collar users when they
are looking at other websites. Good for
LinkedIn, whose founder and
chairman Reid Hoffman is a beacon of
humility in the arrogant world of tech.
The initiative could irritate users,
though. Imagine a web surfer
innocently going about his business:
viewing porn, playing illegal poker or

telling lies to get a hot date. Boom!

Suddenly his screen is plastered with
adverts for accountancy training or
insurance software. What dyou take
me for? he will snarl, some kinda
square?
The appeal of LinkedIn is that it is a
permissive zone where consenting
adults can be dull in one anothers
company. LinkedIn members
differ from the scariest stratum of
people on Facebook. They can spell.
They earn honest livings (or work in
public relations). They rarely, if ever,
send each other photos of their
genitals.
On LinkedIn, a passion for end-toend supply chain solutions is
respected, not ridiculed. The
anniversary of a first day at work (a
congratulatory opportunity even
Hallmark Cards does not recognise) is
a cause for celebration, not panic at
another year wasted.
So have a care, Mr Hoffman, as you
seek to raise LinkedIns profitability.
You hold a rare and fragile flower
cupped in your hands.
jonathan.guthrie@ft.com

Food & drug retailers

JOEL LEWIN

Steve Lewis, the chief executive of

Majestic Wine, has become the latest
boss to fall victim to the price wars
ravaging UK retailers.
He has stepped down with immediate
effect after 29 years at the specialist
wine merchant, following a difficult
Christmas trading period that forced it
to slash prices and sacrifice margins as
rivals tempted customers away.
Majestics shares closed 5.2 per cent
higher at 347.25p yesterday.
The shares fell 17 per cent in a single
day when analysts cut profit forecasts in
January and are down a third over the
past 12 months. Majestic faces intensifying competition from high-end supermarkets such as Waitrose, as well as discounters such as Lidl and Aldi, which
have entered the fine wine market.
The business is entering a busy and
exciting next phase and now is the right
time to hand over to a new leader, said
Mr Lewis.
Nigel Alldritt, finance director, will
serve as interim chief executive until a
permanent replacement is found, the
company said, and a review of potential candidates was under way. Phil
Wrigley, non-executive chairman, will
attend the monthly meetings of the
operating board until that time.
Majestic said: The board decided
that after 29 years, a fresh approach was
needed and fresh ideas were needed to
head up the company to take Majestic to
the next level . . . this is not a reflection

on Steves performance. The company

highlighted the digital offering as an
area on which the new chief executive
would need to focus. Majestic has yet to
develop a mobile app, a platform which
is an important source of revenue for
other retailers.
Mr Wrigley said Mr Lewiss determination, dedication and sheer hard
work had taken him from graduate
trainee manager in Majestics Clapham,
south London, store in 1986 to chief
executive in 2008 during the recession.
He leaves the business today in good
shape, with sales up 41 per cent and
profit up 42 per cent during his time as
chief executive, and with the business
well positioned for the next phase of its
development, Mr Wrigley said.
Mr Lewis is the latest in a series of
chief executives to leave UK retailers,
underscoring the challenges facing the
industry.
His departure comes a day after John
Browett stepped down from Monsoon,
the fashion retailer, and a week after
Dalton Philips parted company with
Wm Morrison, the supermarket.
Majestic has invested heavily to
enhance its ecommerce offer in an effort
to gain market share. While a compelling online presence is considered crucial to the companys future, digital sales
have grown more slowly than expected.
The company is seeking to develop a
more personal relationship with online
customers, tailoring its offer to individual tastes and location. Majestic click
and collect sales rose 60 per cent in the
six months to the end of September.
The company has reported particularly strong growth in sales of craft spirits and beers, up 164 per cent in the first
half, a trend reflected across the UK.

harriet.agnew@ft.com

Peter Oborne
Comment controversy
Peter Oborne, the maverick chief
political commentator of the
Telegraph, quit on Tuesday,
accusing the newspaper of
censoring articles about HSBC, one
of its biggest advertisers. His
characteristic frankness will revive
memories of one infamous

appearance on the BBCs

Newsnight in 2011. Amadeu AltafajTardio, the then European
Commission spokesman, bore the
brunt of Obornes sharp tongue. He
was repeatedly referred to as that
idiot in Brussels by Oborne,
pictured above, and presenter
Jeremy Paxman until he stormed
off the show. Altafaj, a former
journalist, laughs when he recalls
the aftermath of the event. Even
one of Obornes senior colleagues
at the Telegraph was moved to
contact him to express regret.

Suade
IT embraces regulation

Majestic Wine
chief is latest
price-war victim
Lewis steps down after
supermarkets turn screw
on wine merchant

Edited by
Harriet Agnew

Two former bankers have joined

forces to launch a fintech start-up
called Suade. It designs enterprise
IT software for banks. The pitch?
Banks face new regulations that are
complex, costly and inflexible. But
their legacy IT systems arent up to
dealing with it. So they need
software written with regulation in
mind. Diana Paredes (ex-Barclays),
who set up Suade with Murat Abur
(ex-Nomura), told City Insider: Our
ethos is about embracing
regulation. If you build IT software
with regulation at the centre of
your tool, you have something
quite powerful. The pair have
parents who worked at the UN, and
theres a social purpose to Suade.
Its software aims to make the
regulatory process more efficient
while helping smaller banks, which
are disproportionately hit by
regulatory costs. They argue that if
smaller banks go out of business, it
hurts the real economy. Suade is
raising seed capital and next month
joins the Microsoft Ventures
Accelerator programme. A nice
example of digital innovation
easing the burden on banks.

Perella Weinberg
Drive to staff up
Bad timing: the dip comes at a delicate time for the sports retailer amid staff changes and woes at its USC division

Off piste
Sports Direct
hit by poor
ski season

A poor ski season in continental

Europe took its toll on Sports Direct,
with sales growth at the sports retailer
controlled by Mike Ashley slowing over
the past three months.
Group sales for the 13 weeks to
January 25 rose 2.6 per cent to 771m,
and gross profit was up 7.6 per cent to
346.9m. A year ago, the equivalent
sales growth was 11 per cent.
Sports Retail sales increased 2.7 per
cent to 643.2m, while gross profit was
up 9.4 per cent to 297.2m.
Sales in the Premium Lifestyle
division, which includes USC, Republic
and Flannels, fell 0.4 per cent to
70.9m, with gross profit decreasing
2.8 per cent to 27.6m.

Nick Bubb, an independent retail

analyst, described the sales growth
as sluggish and the results as a bit
mundane. However, analysts said
the profit performance was better
than expected.
The gross margin performance
sent the shares up 0.5p to 687p.
However, the slower growth
comes at a delicate time for Sports
Direct. This week it emerged that
Jeff Blue, the former investment
banker who leads Sports Directs
mergers and acquisitions, would
step down. It also follows the placing
of USC into administration in
January and its subsequent
purchase by Republic. Andrea Felsted

Investment companies

Man Group puts NewSmith on the deal menu

MILES JOHNSON AND ARASH MASSOUDI

Man Group, the worlds largest listed

hedge fund manager, is in talks to
acquire the London asset manager
NewSmith, say people familiar with the
situation.
Man Group could announce the deal to
buy NewSmith, which is 40 per cent
controlled by Japans Sumitomo Mitsui
Trust Bank, as soon as today. The people
warned that a deal had not yet been
finalised. The price Man would pay was
not clear.
A purchase by Man of NewSmith,
which built a reputation before the
financial crisis as one of Mayfairs bestknown hedge funds, would represent
the latest acquisition by the FTSE 250
company over the past year.

Man Group declined to comment.

NewSmith and Goldman Sachs, which is
advising Man Group, also declined to
comment.
NewSmith manages about $1bn of
assets invested in European and Japanese equities, meaning the hedge fund
will sit within Man Groups GLG division. It is understood that senior NewSmith management, which includes its
chairman Paul Roy and chief executive
Ron Carlson, will stay on at GLG to assist
with the integration of the business.
Last year, Stephen Zimmerman and
Michael Marks, two of the partners who
had worked at what was then Merrill
Lynchs investment management business before founding NewSmith, retired
from the asset manager. In 2009, Mr
Zimmerman appeared in front of a UK

Treasury Committee inquiry along with

other hedge fund managers to talk
about the financial crisis.
Under chief executive Manny Roman,
Man Group has been buying up several
smaller rivals to expand its geographical
presence in markets where it is underrepresented, most notably the US.
The group last year bought the Boston
hedge fund Numeric for $325m, and
later acquired Silvermine Capital, a
$3.8bn leveraged loan manager based in
Connecticut.
Other deals include its purchase of a
fund of hedge funds portfolio made up
of $1.2bn of assets from Merrill Lynch
Alternative Investments an arm of the
US investment bank owned by Bank of
America. It also bought Pine Grove,
another US manager.

Boom time for the boutiques

continues. Corporate finance
adviser Perella Weinberg Partners
wants to boost its staffing in
London by 20 per cent this year to
70 people. Stefan Jentzsch, the
former CEO of investment banking
at Dresdner Kleinwort, is leading
the drive. PWP, which is the sole
financial adviser to Novo Banco in
its sale of Banco Esprito Santo de
Investimento, is upbeat about
boutiques taking market share
from the bulge-bracket banks. But
its not all sweetness and light
inside PWP. In New York this week,
PWP fired its leading restructuring
partner Mike Kramer and three
other bankers. They were allegedly
soliciting a number of colleagues to
leave the firm and set up a new
one. PWP may be making hay. But
you cant be too careful.

HSBC
Of tax and creativity
And the prize for this weeks worsttimed party goes to . . . HSBC. On
Wednesday, only hours after the
Swiss prosecutor launched a
historic raid on the banks Geneva
office, its global banking and
markets division was hosting a
bash in London. Journalists were
invited to the aptly named
Shanghai Blues in Holborn to
celebrate Chinese new year.
Although one attendee described
the Swiss raid part of a probe
into claims about helping clients
dodge taxes as the elephant in
the room, HSBC preferred to talk
about goats. According to its
invitation: Those born in the year
of the goat are known for their
calm, gentle nature and are said to
be particularly creative. A quality
much in evidence at HSBCs private
bank, 2005-07.

Friday 20 February 2015

21

FINANCIAL TIMES

UK COMPANIES

Clock ticking for BAE over Typhoon aircraft

Defence group warns it might start closing production lines if new orders for fighter jet do not materialise this year
PEGGY HOLLINGER INDUSTRY EDITOR

BAE Systems

It became known as the Rafale curse.

Several times in the past 15 years
Frances Dassault Aviation came close to
securing the first export order for its
Rafale fighter jet, only to fail at the final
hurdle. On Monday the curse appeared
to be lifted when Egypt signed for 24 aircraft at an estimated value of 5.2bn.
Now investors are beginning to question whether the curse has been transferred to Eurofighter Typhoon, the
European combat aircraft programme
that is 33 per cent owned by BAE Systems.
BAE, which yesterday signalled signs
of a recovery in US defence spending
when it reported a 12 per cent drop in
underlying earnings, warned that it
could start closing production lines if
new Typhoon orders did not materialise
this year.
Ian King, chief executive, said he was
confident that the Typhoon would

Underlying earnings (bn)*

2.5
2.0
1.5
1.0
0.5
2009 10

33%
BAE Systems
share of the
Eurofighter
programme

12
Fighter aircraft
ordered by the
Gulf state of
Oman in 2012

Video: A big
earner for BAE
Mark Odell
travels to
production sites
in Scotland and
northwest
England to
report on what
the F-35 fighter
programme
means for BAE
Systems
www.ft.com/bae

Time is pressing for the UK defence

company and its consortium partners
Airbus and Finmeccanica. With current
production due to peter out by 2018,
BAE and the others may have to start
cutting jobs and closing facilities next
year unless another order gives the programme a new lift.
A decision [on slowing production] is
pretty imminent, says Nick Cunningham, aerospace analyst with Agency
Partners. Getting the additional Saudi
order is very important. It is of real
value to BAE because it is the prime contractor.
BAE does not break out the performance of individual programmes so estimating the fighters contribution to
profits is difficult. But during the summer, the group predicted that Typhoon
would account for 16 per cent of 2014s
sales, which were 16.6bn.
Keeping the assembly lines going is

General retailers

Leighton vows to take

Co-op back to the future
CLAER BARRETT

Allan Leighton, the retail turnround

specialist, has vowed to take the Cooperative Group back to the future as
its first independent chairman, donating his 250,000 salary to charity as he
seeks to draw a line under two years of
scandals at the member-owned organisation.
His appointment, confirmed yesterday,
will begin straight away and was seen as
a coup for the 10bn-turnover group. It
marks a return to the UK grocery sector
for the 61-year-old serial chairman, who
helped sell Asda to Walmart in the
1990s, and was previously chairman of
Royal Mail.
Mr Leighton said he had taken on the
role in memory of his late father, Albert,
who ran Co-op stores in Hereford, Daventry and Nottingham. Had his father
lived to see the headlines that have
dogged the group in recent times, he
would be thinking, Alan, you ought to
do be something about this, Mr
Leighton said.
The Co-op is part of the fabric of this
country, but its currently seen as an
underdog and everyones written it off,
he said. Well, I like underdogs. I intend
to take the Co-op back to the future and
take away its underdog status.
Ive spent a lot of time talking to people at the top, and people in the shops,
and without any doubt theres a strong
opinion that the Co-op Group has got to
change. Im a street fighter if I need to
be, but I dont think thats going to be
necessary.
He said he had donated his salary to
the Co-operative Foundation, which
supports young people in disadvantaged communities, because I have a
bit of a thing about getting the young
people of today into work.
The gesture will no doubt resonate
with the groups 7m members after a
row over executive pay led to the departure of its former chief executive Euan
Sutherland in 2013, when details of his
3.5m pay packet were leaked.
Mr Leighton has amassed a fortune
during his long career in the retail sector. He accepted a 3.4m pay-off from
jewellery brand Pandora this week as he
stepped down as chief executive.
Im not doing this for the money, Mr
Leighton added. When I was chairman
of Royal Mail, I insisted on having the

12

13

14

* Earnings before interest, tax and amortisation

before exceptionals
Source: company

The French are far better

at backing up their foreign
policy with military
initiatives
attract a meaningful order in 2015.
Nonetheless, we flagged it up because it
is a dependency, he said. The group has
said profits growth this year hinges on
either new Typhoon orders or a successful conclusion to negotiations over new
shipbuilding work for the Australian
government.
Though the Typhoon has won two
export customers Saudi Arabia with
72 aircraft in 2007 and Oman with 12 in
2012 it has lost out to rivals in recent
years for multibillion orders in the
United Arab Emirates, Singapore and
India. Meanwhile, a long-awaited supplementary order from the Saudis has
yet to materialise.
Rafale has been a basket case and
Typhoon has been unable to benefit,
said Francis Tusa, editor of Defence
Analysis. If I was BAE I would be really
worried that Dassault, after Egypt,
could get another Rafale deal and suddenly Typhoon is behind.

11

same pay as a postman. It changes the

way people think about you inside the
organisation.
Mr Leighton takes over from Ursula
Lidbetter, who has chaired the group
since November 2013. The Co-op spans
food retailing, funeral care, insurance
and legal services. It has returned to the
black after a 2.5bn loss in 2013, but is
being squeezed by discount supermarkets and its 1.4bn debt.
Richard Pennycook, the former Wm
Morrison finance director appointed
chief executive last year, is refocusing
the group on small convenience stores
and selling off larger ones.
The group continues to rebuild after

The Co-op is part of the

fabric of this country, but
its seen as an underdog
Allan Leighton
discovering a 1.5bn capital hole in its
banking arm in 2013.
Paul Flowers, the Methodist minister
who chaired the bank, was forced to
resign after being filmed taking drugs.
The Co-op relinquished all but a 20 per
cent stake in its banking arm to owners
of the banks bonds and has sold its
pharmacy chain and farms to reduce its
debts. If we look after our people,
theyll look after our customers, Mr
Leighton said, commenting on how the
group would rise to the challenge of
rebuilding its business.
One of Mr Leightons first tasks will be
the appointment of four more independent non-executive directors to the
groups new, slimmed-down board
ahead of its annual meeting in May.
Mr Leighton was president of Loblaws, the Canadian retail chain, until
2008 and advises Galen Weston, of Loblaws founding family, who own the
Selfridges department store.
See Lombard

crucial to more than profit. Without aircraft to manufacture, BAE risks losing
the industrial and engineering skills it
needs to compete in the next generation
of combat aircraft. That threat shared
also by Dassault which is struggling to
keep its Rafale production lines going as
deliveries to the French Air Force slow
this year was one of the drivers behind
the French governments active role in
clinching the Egyptian contract.
One of the problems for Typhoon,
according to Mr Tusa, has been an
inconsistency in the UK governments
foreign policy and the fact that it has
been running down Britains defence
capability. There is an isolationism in
British foreign policy which is dangerous and has not helped the Typhoon,
he says.
The French are far better at backing
up their foreign policy with military initiatives.

Without aircraft
to manufacture,
BAE risks losing
the industrial
and engineering
skills it needs to
compete in the
next generation
of combat
aircraft

Yet the biggest obstacle has been the

aircrafts military capability, which has
lagged behind that of both the Rafale
and Saabs Gripen. The multinational
ownership structure of Typhoon has
made it more difficult to agree on costly
upgrades to the aircrafts weapons capability and its radar system both features already on offer in the French and
Swedish aircraft.
We have been dragging our feet,
says defence analyst Howard Wheeldon. The good news is that late last year
Typhoons partners agreed on the necessary upgrades. This is a product now
coming into its own, he says.
That might bode well for the tenders
on offer. But even here, politics is likely
to play a deciding role.
Qatars needs are expected to be fulfilled by Rafale largely thanks to the
two countries historical links. Typhoon
was mooted as the lead candidate for

72
Number of
Eurofighter
aircraft ordered
by Saudi Arabia

16%
Percentage of
BAEs 2014 sales
accounted for by
Eurofighter

Malaysia, but the most recent speculation is that Kuala Lumpur will opt for
second-hand Eurofighters.
This will not keep the assembly lines
going, but it could still bring in lucrative
service and maintenance contracts.
Kuwait is also a potential buyer, but
many analysts expect a deal to go to the
US. The best bet for a new customer
appears to be Bahrain, where the UK
last year agreed to establish a military
base.
There may also still be India.
Although New Delhi chose Dassault as
the preferred bidder for 126 aircraft in
2012 a contract worth $20bn comments from senior military figures in
recent days suggest the deal may be
unravelling. If that tender is
relaunched, the Typhoon might now
stand a better chance. If the contract is
re-competed, then all possibilities are
open, says Mr Cunningham.

22

FINANCIAL TIMES

Friday 20 February 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

-0.11%

Dow Jones Ind

FTSE 100

-0.24%

0.37%

FTSE Eurofirst 300

-0.13%

Nikkei

0.28%

Hang Seng

0.36%

FTSE All World $

0.19%

$ per

0.11%

0.264%

$ per

per $

-0.065%

-0.118%

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

Jan 20 - Feb 19
S&P 500

All World

Index

Jan 20 - Feb 19
S&P/TSX COMP

New York

All World

Toronto

2,022.55
Day -0.11%

Month 3.86%

Year 13.94%

Day -0.21%

New York

IPC

Nasdaq Composite

Month 6.06%

Year 7.51%

Year 15.26%

Dow Jones Industrial

Day -0.13%

Month 4.68%

Year 1.42%

FTSE Eurofirst 300

New York

Month 4.71%

Year 8.06%

Bovespa

So Paulo

Year 13.56%

CAC 40

17,985.77

Country

Month 2.71%

49,224.08

Year 11.50%

Index

Feb 19

Feb 18

Country

Month 10.36%
Index

Year 11.60%
23016.96
29511.21
21659.33
4475.17
18199.17
1245.67
1482.67
2194.10
5403.72
6655.33
424.14
474.53
1689.97
1810.09
43053.65
10244.20
467.32
712.41
5741.36
28452.60
667.83
33718.86

9513.16
5877.90
5915.70
3704.70
2427.76
3595.82
5462.57
51280.36
886.47
15212.75
708.28
19412.39
9189.79
10525.96
3376.28
294.82
3222.36
1672.20
1096.51
1397.20
1744.57

Index

Day 0.71%

FTSE Italia All-Share

23157.60
CSE M&P Gen
74.53
74.69
Italy
FTSE Italia Mid Cap
29694.52
PX
1007.19
1006.88
OMXC Copenahgen 20
835.95
830.03
FTSE MIB
21789.98
EGX 30
9537.23
9433.85
Japan
2nd Section
4499.97
OMX Tallinn
844.95
841.60
Nikkei 225
18264.79
Austria
OMX Helsinki General
8758.28
8757.97
S&P Topix 150
1254.27
Belgium
CAC 40
4833.28
4799.03
Topix
1494.93
SBF 120
3806.35
3780.82
Jordan
Amman SE
2189.47
Brazil
Germany
M-DAX
19649.75
19499.42
Kenya
NSE 20
5473.81
Canada
TecDAX
1539.72
1535.22
Kuwait
KSX Market Index
6640.92
XETRA Dax
11001.94
10961.00
Latvia
OMX Riga
424.58
Chile
Greece
Athens Gen
856.50
847.53
Lithuania
OMX Vilnius
474.45
China
FTSE/ASE 20
254.07
250.73
Luxembourg
LuxX
1693.44
Hong Kong
Hang Seng
24832.08
24784.88
Malaysia
FTSE Bursa KLCI
1807.87
HS China Enterprise
12066.10
11998.51
Mexico
IPC
43231.42
HSCC Red Chip
4623.57
4620.96
Morocco
MASI
10220.23
Hungary
Bux
18080.36
18082.27
Netherlands
AEX
469.79
India
BSE Sensex
29462.27
29320.26
AEX All Share
715.73
S&P CNX 500
7242.85
7228.55
New Zealand
NZX 50
5726.23
Colombia
Indonesia
Jakarta Comp
5390.45
5337.50
Nigeria
SE All Share
29177.58
Croatia
Ireland
ISEQ Overall
5798.04
5768.20
Norway
Oslo All Share
659.95
Israel
Tel Aviv 100
13.08
13.02
Pakistan
KSE 100
33942.28
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
9388.58
5869.80
5904.20
3672.30
2426.05
3624.97
5487.62
51294.03
884.95
15180.33
699.44
19442.79
9259.39
10554.06
3402.06
295.40
3246.91
1683.38
1102.07
1397.93
1742.56

Country

Year 10.07%

Feb 18

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

Feb 18

Month 4.65%

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

Apple
Facebook Class A
The Priceline
Medtronic
Albertsons Llc
Eog Resources
Exxon Mobil
American Express
Wal-mart Stores
Actavis

stock
traded m's
46.1
35.8
28.1
26.6
18.4
17.5
16.7
16.3
15.4
14.9

close
price
128.45
79.42
1218.05
106.71
35.10
93.80
89.44
78.40
83.52
289.44

Day's
change
-0.27
2.71
95.06
-1.36
-0.04
-1.51
-1.57
-1.38
-2.77
5.44

Close
price

Day's
change

Day's
chng%

1218.05
426.60
9.03
90.53
88.66

95.06
20.80
0.40
3.44
3.08

8.46
5.13
4.63
3.95
3.60

21.87
73.85
24.55
8.73
38.56

-1.67
-3.31
-0.90
-0.31
-1.35

-7.09
-4.29
-3.54
-3.43
-3.38

BIGGEST MOVERS
Ups
The Priceline
Regeneron Pharmaceuticals
Denbury Resources
Tesoro
Tripadvisor
Downs
Host Hotels & Resorts
Ball
United States Steel
Avon Products
Sysco

Month 8.68%

Year 23.05%

Hang Seng

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

Day 0.16%

Hong Kong

Day 0.19%

Milan

Month 3.02%

Index

Shanghai Composite

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

Feb 18

7803.45
52572.95
5454.82
2408.03
7285.89
1797.87
906.51
9300.20
3435.66
251.65
780.56
52835.55
45004.91
46716.65
1961.45
250.37
10910.40
7306.17
1662.24
539.95
8900.18
9529.51

7793.40
52476.64
5486.30
2418.93
7311.36
1809.67
929.35
9407.87
3415.91
251.58
781.04
52536.24
45573.58
46465.08
1958.23
249.81
10805.30
7266.84
1652.15
537.31
8800.71
9496.31

Singapore

3,334.02
Day 0.58%

Shanghai

Month 3.93%

Year 11.76%

BSE Sensex

Mumbai
29,462.27

3,246.91

Year 6.61%
Feb 19

Year 1.09%

3,435.66

3,116.35
Month 11.86%

Month 3.88%

FTSE Straits Times

Year 10.19%

21,789.98

Day 0.60%

Seoul

24,832.08

Year 8.64%

FTSE MIB

All World

1,961.45

23,951.16

Day 0.97%

Index

Jan 20 - Feb 19
Kospi

Day 0.76%
Country
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -3.84%
Index
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
Russell 2000
S&P 500
Wilshire 5000
IBC
VNI

28,262.01
Day 0.48%

Year 53.46%
Feb 19

Feb 18

1599.96
85441.66
4668.98
2972.40
6888.90
6131.43
3710.28
3753.73
6462.30
17985.77
9076.73
599.95
4411.86
4924.70
11038.27
1204.70
2097.45
22141.18
3503.85
587.24

1603.14
84536.13
4674.51
2960.60
6898.08
6138.68
3712.67
3741.74
6483.17
18029.85
9081.11
606.68
4390.91
4906.36
11064.09
1213.05
2099.68
22161.03
3489.35
587.24

Country

Month 4.77%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year 42.78%
Feb 19

Feb 18

242.47
3488.08
947.49
5722.75
283.21
1520.22
3047.67
1359.30
1269.39
3435.50
1574.26
500.02
4411.18
4651.92
429.21
1759.04
1490.29
2434.37
1526.66
1559.06
1950.02
3308.51

243.32
3465.80
941.31
5717.98
282.91
1515.90
3041.05
1357.88
1288.23
3476.30
1570.89
499.43
4404.74
4622.47
428.20
1754.80
1483.75
2422.05
1517.21
1555.76
1951.44
3306.63

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

EURO MARKETS
ACTIVE STOCKS

stock
traded m's
185.4
152.9
138.6
137.6
127.2
117.9
114.5
113.2
108.3
104.9

close
price
3220.00
257.10
2109.00
445.70
4427.50
891.10
601.90
962.00
1572.00
1526.50

Day's
change
18.50
-24.00
-45.00
-5.60
-57.50
17.10
-3.60
27.50
-15.50
-29.00

Ups
Petra Diamonds
Rexam
Home Retail
Diploma
Dignity

Close
price

Day's
change

Day's
chng%

188.90
569.50
208.00
785.00
1960.00

13.80
32.50
7.60
27.50
67.00

7.88
6.05
3.79
3.63
3.54

Ups
Randstad
National Bank (cr)
Alpha Bank (cr)
Bollore
Cap Gemini

Downs
Centrica
Babcock Int
Premier Oil
Hunting
Bank Of Georgia Holdings

257.10
996.00
175.00
488.30
2140.00

-24.00
-60.00
-9.10
-23.70
-101.00

-8.54
-5.68
-4.94
-4.63
-4.51

Downs
Tenaris
Seadrill
Cnp Assurances
Statoil
Total

Rio Tinto
Centrica
Royal Dutch Shell
Bp
Astrazeneca
National Grid
Hsbc Holdings
Rolls-royce Holdings
Bhp Billiton
Glaxosmithkline
BIGGEST MOVERS

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

Madrid

Month 8.31%

10,910.40

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

All World

Tokyo

1,921.23

17,366.30
Day 0.36%

Year 13.89%

19,981.41

Feb 19

Argentina
Australia

Feb 19

Day 0.03%

Month 7.42%

Ibex 35

Paris

4,484.82

Day -0.24%

Day 0.37%

4,833.28

51,294.03

17,515.23

0.29%

18,264.79

10,335.30
Month 7.82%

Index

Jan 20 - Feb 19
Nikkei 225

Frankfurt

1,520.22

Day 0.28%

Gold $

-0.80%

0.408%

11,001.94

Europe

1,431.06

Day 0.41%

All World

10,299.23

43,231.42
41,752.67

4,654.85
Month 6.26%

London

Index

Jan 20 - Feb 19
Xetra Dax

6,888.90

Mexico City

4,924.70

Day 0.37%

All World

6,728.04

14,308.44

Oil Brent $ Sep

ASIA
Index

Jan 20 - Feb 19
FTSE 100

15,180.33

2,097.45

per

Intesa Sanpaolo
Unicredit
Novartis N
Total
Nestle N
Roche Gs
Santander
Eni
Bbva
Adidas Ag Na O.n.

stock
traded m's
538.3
512.8
507.5
501.7
435.2
428.0
416.8
411.5
385.1
332.6

close
price
2.89
5.81
88.81
45.98
65.88
233.03
6.45
16.25
8.79
64.66

Day's
change
0.00
0.07
0.00
-1.29
0.00
0.00
0.04
0.00
0.05
0.00

stock
close
traded m's
price
Mitsubishi Ufj Fin,.
966.6
770.20
Mizuho Fin,.
859.6
218.20
Sumitomo Mitsui Fin,.
736.0 4687.00
Toyota Motor
726.6 7998.00
Sony
528.0 3227.00
Softbank .
437.5 7000.00
Nomura Holdings, .
332.0
711.50
Hitachi,
288.8
813.90
Fast Retailing Co.,
242.5 43065.00
Fanuc
223.5 23010.00

Day's
change
26.90
7.60
120.50
39.00
52.50
-18.00
15.10
-5.70
-640.00
60.00

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

51.44
1.35
0.37
4.84
67.99

3.51
0.09
0.02
0.26
3.15

7.33
7.14
6.41
5.56
4.86

12.91
10.79
15.22
16.43
45.98

-0.56
-0.42
-0.58
-0.57
-1.29

-4.16
-3.72
-3.67
-3.34
-2.72

BIGGEST MOVERS

Based on the constituents of the FTSE 350 index

TOKYO
ACTIVE STOCKS

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups
Trend Micro orporated
Yamaha
Ngk Insulators,
Tokyo Dome
Casio Computer Co.,

Close
price

Day's
change

Day's
chng%

3625.00
1981.00
2312.00
561.00
1874.00

225.00
107.00
106.00
24.00
73.00

6.62
5.71
4.81
4.47
4.05

Downs
Advantest
Nisshin Steel Holdings Co.,
Marui Co.,
Pacific Metals Co.,
Sumitomo Metal Mining Co.,

1516.00
1558.00
1359.00
356.00
1784.50

-54.00
-44.00
-35.00
-8.00
-36.00

-3.44
-2.75
-2.51
-2.20
-1.98

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Rolls-royce Holdings
Antofagasta
Rio Tinto
Hargreaves Lansdown
Bhp Billiton
Anglo American
Standard Chartered
Lloyds Banking
Barratt Developments
Tullow Oil
Wpp
Sky

Feb 19
price(p)

%Chg
week

%Chg
ytd

962.00
748.00
3220.00
1053.00
1572.00
1223.00
966.80
77.23
496.60
398.20
1506.00
956.00

6.3
6.0
5.9
5.2
5.2
4.9
4.3
3.8
3.6
3.4
3.3
3.1

Losers
Centrica
Babcock Int
Intercontinental Hotels
Sse
Fresnillo
United Utilities
Coca-cola Hbc Ag
Bt
Royal Mail
Intertek
Astrazeneca
Hammerson

257.10
996.00
2548.00
1535.00
836.50
941.50
1125.00
436.90
428.40
2524.00
4427.50
672.50

-10.6
-6.9
-4.4
-4.1
-3.9
-3.2
-2.9
-2.9
-2.7
-1.7
-1.7
-1.6

Feb 19
price(p)

%Chg
week

%Chg
ytd

10.6
-0.6
7.3
4.1
13.2
1.9
0.4
1.9
5.4
-3.8
12.0
6.3

FTSE 250
Winners
Afren
Vedanta Resources
Petra Diamonds
Nostrum Oil & Gas
De La Rue
Brit
Premier Oil
Oxford Instruments
Renishaw
Icap
Home Retail
Smith (ds)

10.61
575.00
188.90
583.00
591.00
303.10
175.00
787.00
2625.00
516.00
208.00
345.40

49.2
21.6
18.3
14.5
13.2
10.2
10.1
10.1
8.9
8.1
8.0
7.9

-77.6
0.1
-2.6
38.8
13.5
12.1
4.7
-38.3
33.9
14.1
0.2
7.3

FTSE SmallCap
Winners
Enquest
Trinity Mirror
Kenmare Resources
Carclo
Tribal
Gem Diamonds
Hogg Robinson
Fenner
Anite
Ite
Boot (henry)
Mckay Securities

-7.8
-5.9
-1.8
-5.4
9.2
2.8
-8.4
8.8
-0.3
8.1
-2.8
11.2

Losers
Bwin.party Digital Entertainment
Ao World
Supergroup
Bank Of Georgia Holdings
Fidessa
Thomas Cook
Centamin
National Express
Telecity
Game Digital
Catlin Ltd
Pace

89.25
278.00
1004.00
2140.00
2369.00
122.80
66.00
261.70
936.50
253.40
677.00
324.00

-12.9
-8.7
-5.2
-4.6
-4.4
-4.3
-4.1
-4.0
-3.7
-3.7
-3.6
-3.5

-24.2
-0.8
12.8
3.1
-0.9
-4.0
12.1
5.4
16.4
-29.6
0.9
-6.7

Losers
Carr's Milling Industries
Ferrexpo
Punch Taverns
Hardy Oil & Gas
888 Holdings
Dunedin Enterprise Investment Trust
Darty
Partnership Assurance
Stv
Fdm (holdings)
Foxtons
Candover Investments

Feb 19
price(p)

%Chg
week

%Chg
ytd

43.00
202.25
3.73
128.25
178.50
164.25
51.00
221.50
94.50
164.50
219.00
248.00

12.4
10.2
9.1
8.7
8.2
8.1
7.7
7.5
7.4
7.2
6.3
5.9

21.1
24.3
15.1
43.3
11.0
-6.0
22.9
2.4
18.9
2.8
10.1
4.2

Industry Sectors
Winners
Mining
General Industrials
Oil Equipment & Services
Electronic & Electrical Equip.
Food Producers
Aerospace & Defense
General Financial
Banks
Media
Industrial Engineering
Nonlife Insurance
Beverages

Feb 19
price(p)

%Chg
week

%Chg
ytd

14954.98
4394.76
17489.80
4167.63
7996.49
5226.96
9324.67
4419.84
7221.93
9579.24
2089.61
14660.59

4.5
4.3
3.6
3.2
3.0
2.9
2.5
2.2
2.1
1.7
1.6
1.6

4.8
12.8
6.3
3.2
-1.8
10.0
9.3
1.2
10.6
8.2
7.9
3.7

134.00
63.00
100.00
52.50
159.50
348.50
68.00
129.75
365.00
340.00
206.00
372.50

-11.3
-8.4
-8.3
-5.4
-5.3
-5.0
-4.6
-3.0
-3.0
-2.9
-2.8
-2.7

-21.4
18.9
-18.0
-16.7
15.2
-1.1
-0.7
-7.0
0.0
-2.8
28.5
-6.4

Losers
Electricity
9200.84
Gas Water & Multiutilities
5925.61
Fixed Line Telecommunication 4968.61
Software & Computer Services 1318.87
Industrial Transportation
2782.30
Mobile Telecommunications
5176.85
Real Estate Investment Trusts 3284.74
Food & Drug Retailers
3282.45
Travel & Leisure
8436.47
Equity Investment Instruments 7447.64
Oil & Gas Producers
7313.86
Personal Goods
26708.11

-4.0
-3.0
-2.6
-1.3
-1.1
-1.0
-1.0
-0.7
0.1
0.1
0.3
0.4

-6.3
-3.4
8.6
5.6
-1.6
3.2
7.4
15.8
4.6
2.5
2.5
8.4

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

CURRENCIES
Feb 19
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Mid
8.6912
1.2835
0.3770
6.9100
2.8589
1.2516
618.7000
6.2551
2445.5250
536.4350
24.0161
6.5359
7.6301
7.7574
267.7890
62.3350

Day's
Change
0.0012
0.0002
0.0202
0.0085
-2.8300
17.5750
-0.3500
-0.1291
-0.0162
-0.0012
-2.1402
-

EURO
Closing
Mid
9.8998
1.4619
0.4294
7.8709
3.2564
1.4256
704.7340
7.1249
2785.5898
611.0295
27.3556
7.4447
8.6911
8.8362
305.0266
71.0031

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0267
13.4193
-0.0064
0.0040
1.9816
-0.0008
0.0011
0.5821
-0.0004
0.0201
10.6690
-0.0066
0.0313
4.4141
0.0286
0.0132
1.9325
0.0119
-1.4138 955.2705
-4.9625
0.0182
9.6579
-0.0060
27.0886 3775.8818
24.8188
1.1643 828.2537
-1.0526
-0.0767
37.0807
-0.2224
0.0006
10.0913
-0.0313
0.0222
11.7808
-0.0073
0.0212
11.9775
-0.0093
-1.6518 413.4651
-3.5620
0.1815
96.2450
-0.0595

Feb 19
Indonesia
Iran
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru

Currency
Indonesian Rupiah
Iranian Rial
Israeli Shekel
Japanese Yen

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

DOLLAR
Closing
Day's
Mid
Change
12769.5000
-73.0000
9740.5000
3.8439
-0.0226
119.0050
-0.1400
119.0050
-0.1401
119.0049
-0.1403
119.0042
-0.1417
91.4500
0.1000
0.2957
3.5860
-0.0345
14.9463
0.0093
1.3281
-0.0007
198.0500
-0.9500
7.5771
0.0590
101.6850
0.1500
3.0865
0.0025

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
14545.1795 -45.7563 19716.0883
-124.9453
11094.9864
28.3631 15039.3128
-9.2791
4.3784
-0.0145
5.9349
-0.0387
135.5534
0.1875 183.7433
-0.3298
135.5534
0.1875 183.7432
-0.3300
135.5534
0.1875 183.7430
-0.3305
135.5534
0.1875 183.7432
-0.3315
104.1667
0.3799 141.1985
0.0672
0.3368
0.0009
0.4566
-0.0003
4.0847
-0.0288
5.5368
-0.0567
17.0246
0.0540
23.0770
0.0000
1.5128
0.0031
2.0506
-0.0024
225.5900
-0.5027 305.7884
-1.6567
8.6307
0.0891
11.6990
0.0839
115.8249
0.4665 157.0013
0.1347
3.5157
0.0118
4.7655
0.0009

Feb 19
Currency
Philippines
Philippine Peso
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling

DOLLAR
Closing
Mid
44.2375
3.6573
3.9024
62.2825
3.7516
1.3584
11.6380
1101.9500
8.3952
0.9475
31.5360
32.5500
1.9287
2.4451
3.6729
0.6477

Day's
Change
-0.0289
-0.0135
0.9725
0.0001
-0.0013
-0.0335
-0.0196
0.0040
-0.0230
-0.0016
-0.0092
-0.0001
0.0004

EURO
Closing
Mid
50.3890
4.1659
4.4450
70.9433
4.2732
1.5473
13.2563
1255.1828
9.5627
1.0793
35.9213
37.0763
2.1969
2.7851
4.1837
0.7377

POUND
Day's
Closing
Day's
Change
Mid
Change
0.1288
68.3025
-0.0422
-0.0222
5.6469
-0.0482
-0.0039
6.0252
-0.0245
1.2863
96.1639
1.4430
0.0110
5.7924
-0.0034
0.0025
2.0974
-0.0032
-0.0042
17.9690
-0.0629
3.2086 1701.4068
-1.0515
0.0022
12.9622
-0.0383
0.0072
1.4629
0.0052
0.0918
48.6915
-0.0301
0.0686
50.2571
-0.0666
0.0039
2.9779
-0.0042
-0.0033
3.7752
-0.0165
0.0106
5.6710
-0.0037
0.0023
-

Feb 19
..One Month
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte

Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.6476
0.6476
0.6475
12.0000
21330.0000
0.8779
0.8779
0.8778
0.8771

Day's
Change
0.0004
0.0004
0.0004
-0.0022
-0.0022
-0.0023
-0.0022

EURO
Closing
Mid
0.7377
0.7376
0.7371
1.1391
1.1390
1.1389
1.1382
13.6687
24296.0818
-

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0023
0.0023
0.0024
0.0029
1.5440
-0.0010
-0.4059
1.5440
-0.0010
-0.4059
1.5439
-0.0010
-0.4059
1.5438
-0.0010
0.0349
18.5280
-0.0114
62.1174 32933.5204
-20.2948
1.3555
-0.0043
1.3555
-0.0043
1.3554
-0.0043
1.3549
-0.0043

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

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Feb 19 chge%
Index
Feb 18
Feb 17
ago yield% Cover
FTSE 100 (100)
6888.90 -0.13 7279.00 6898.08 6898.13 6812.99 3.42 1.77
FTSE 250 (250)
17049.79
0.28 18015.26 17002.14 16887.70 16368.83 2.51 2.06
FTSE 250 ex Inv Co (212)
18488.43
0.32 19535.37 18430.08 18287.64 17868.94 2.55 2.18
FTSE 350 (350)
3778.21 -0.07 3992.16 3780.75 3776.70 3718.95 3.27 1.81
FTSE 350 ex Investment Trusts (312) 3758.47 -0.07 3971.31 3761.07 3756.96 3704.69 3.29 1.82
FTSE 350 Higher Yield (96)
3658.26 -0.47 3865.41 3675.62 3680.34 3727.73 4.57 1.60
FTSE 350 Lower Yield (254)
3529.28
0.36 3729.13 3516.62 3504.14 3344.78 1.92 2.32
FTSE SmallCap (290)
4506.64
0.01 4761.84 4506.01 4497.82 4576.48 2.46 1.54
FTSE SmallCap ex Inv Co (150)
3976.82 -0.02 4202.01 3977.47 3968.34 4242.57 2.29 2.15
FTSE All-Share (640)
3710.28 -0.06 3920.38 3712.67 3708.61 3655.58 3.25 1.80
FTSE All-Share ex Inv Co (462)
3678.72 -0.07 3887.04 3681.23 3677.13 3630.85 3.28 1.82
FTSE All-Share ex Multinationals (574) 1194.85
0.14 1046.39 1193.13 1191.41 1178.34 2.73 2.03
FTSE Fledgling (98)
7120.23 -0.69 7523.43 7169.55 7168.42 6791.84 2.32 0.74
FTSE Fledgling ex Inv Co (54)
8986.84 -1.38 9495.74 9112.95 9126.06 8406.06 1.68 0.82
FTSE All-Small (388)
3116.56 -0.02 3293.04 3117.19 3111.77 3152.89 2.45 1.51
FTSE All-Small ex Inv Co Index (204) 2952.31 -0.08 3119.49 2954.54 2948.24 3123.67 2.27 2.10
FTSE AIM All-Share Index (837)
709.49
0.13
749.67
708.56
706.71
882.90 1.29 1.51
FTSE Sector Indices
Oil & Gas (21)
7746.65
Oil & Gas Producers (14)
7360.63
Oil Equipment Services & Distribution (7)17962.45
Basic Materials (29)
4977.14
12495.57
Chemicals (7)
Forestry & Paper (1)
14891.72
Industrial Metals & Mining (2)
1915.12
Mining (19)
14309.83
Industrials (114)
4657.31
Construction & Materials (13)
4968.58
Aerospace & Defense (9)
5416.27
General Industrials (6)
3567.41
Electronic & Electrical Equipment (12) 5279.28
Industrial Engineering (14)
9949.26
Industrial Transportation (8)
4128.68
Support Services (52)
6766.56
17093.86
Consumer Goods (40)
Automobiles & Parts (1)
8934.88
Beverages (6)
14699.19
Food Producers (10)
8093.98
Household Goods & Home Construction (13)11555.73
Leisure Goods (2)
5102.02
Personal Goods (6)
23253.58
Tobacco (2)
43022.62
Health Care (20)
9831.46
Health Care Equipment & Services (9) 6861.63
Pharmaceuticals & Biotechnology (11)13404.39
Consumer Services (95)
4910.01
Food & Drug Retailers (7)
3422.50
General Retailers (30)
2989.68
Media (23)
7319.06
Travel & Leisure (35)
8230.21
Telecommunications (8)
3919.75
Fixed Line Telecommunications (6) 5034.50
Mobile Telecommunications (2)
5169.02
Utilities (8)
8463.42
Electricity (3)
9175.14
Gas Water & Multiutilities (5)
7831.30
Financials (283)
4851.67
Banks (7)
4364.15
Nonlife Insurance (12)
2399.19
Life Insurance/Assurance (12)
8354.35
Index- Real Estate Investment & Services (25) 2872.54
Real Estate Investment Trusts (20) 2958.59
General Financial (29)
7964.47
Equity Investment Instruments (178) 7708.43
Non Financials (357)
4313.06
Technology (22)
1324.96
Software & Computer Services (14) 1438.15
Technology Hardware & Equipment (8) 1654.59

-1.93
-1.91
-2.36
-0.68
0.14
1.04
-1.81
-0.83
0.48
-0.37
1.46
2.00
0.17
-0.29
-0.29
0.19
1.19
0.53
0.83
1.50
1.29
0.97
1.15
1.46
-1.00
0.13
-1.10
0.66
-0.49
0.99
0.99
0.60
0.91
0.38
1.25
-0.69
-0.80
-0.66
0.01
-0.33
0.06
0.21
-0.10
0.84
0.35
0.04
-0.09
0.00
0.10
-0.06

8185.31
7777.44
18979.61
5258.98
13203.15
15735.00
2023.57
15120.15
4921.03
5249.94
5722.98
3769.42
5578.23
10512.65
4362.47
7149.73
18061.83
9440.83
15531.56
8552.32
12210.09
5390.93
24570.36
45458.86
10388.18
7250.19
14163.44
5188.05
3616.31
3158.98
7733.52
8696.26
4141.71
5319.59
5461.72
8942.67
9694.70
8274.76
5126.40
4611.28
2535.05
8827.43
3035.21
3126.12
8415.48
8144.94
4557.29
1399.98
1519.59
1748.29

7899.12
7504.33
18396.14
5011.47
12478.18
14738.93
1950.46
14429.24
4635.27
4987.11
5338.10
3497.59
5270.28
9978.06
4140.68
6753.66
16892.70
8887.88
14578.78
7974.19
11408.54
5052.83
22989.90
42403.75
9930.94
6852.78
13553.72
4877.88
3439.24
2960.28
7247.18
8180.77
3884.32
5015.39
5105.32
8522.55
9249.45
7883.60
4851.12
4378.44
2397.82
8337.10
2875.28
2934.07
7936.47
7705.38
4316.95
1324.91
1436.72
1655.60

7882.20
7489.76
18253.95
4981.85
12438.14
14644.90
1922.83
14340.75
4581.67
4907.82
5287.28
3473.73
5161.84
9822.62
4136.07
6677.59
17004.59
8824.42
14684.64
7885.48
11437.61
5128.82
23133.12
42945.64
9975.35
6815.39
13626.22
4853.06
3457.62
2943.30
7163.72
8156.02
3963.03
5081.80
5231.44
8583.17
9313.95
7939.98
4832.07
4345.60
2365.22
8324.52
2865.62
2981.64
7854.23
7701.24
4316.41
1306.39
1432.37
1620.33

8689.35
8200.55
24139.61
5762.52
11778.24
12282.44
1164.90
17157.95
4551.58
4762.94
4914.86
3638.86
5669.58
10990.91
4992.14
6499.64
15127.53
9595.24
13697.44
7475.70
9982.60
5051.31
21706.54
35786.08
9090.26
5480.02
12539.10
4723.84
4544.18
2847.44
6512.25
7344.66
3929.34
4863.64
5327.04
8403.35
9475.31
7687.85
4682.46
4693.83
2130.51
7259.26
2932.16
2524.44
6726.26
7225.38
4280.03
1191.63
1331.32
1459.65

P/E
ratio
16.52
19.35
17.98
16.92
16.72
13.70
22.42
26.32
20.32
17.12
16.77
18.02
57.77
72.79
27.03
20.96
51.42

X/D
adj
30.30
22.91
22.93
14.77
14.84
24.42
3.60
15.39
8.73
14.44
14.41
1.48
16.22
5.25
10.47
6.28
0.60

Total
Return
5223.45
11582.26
12803.02
5782.46
2961.22
5676.12
3663.43
6028.83
5582.38
5745.69
2946.72
1983.25
12566.49
15409.88
5354.17
5251.61
754.34

4.59 1.82 11.95

4.61 1.81 11.95
3.94 2.14 11.87
3.65 2.79
9.81
2.07 2.43 19.92
2.55 3.19 12.31
0.52 14.52 13.24
3.89 2.79
9.20
2.37 1.58 26.79
3.04 0.22 149.93
2.01 1.49 33.51
3.18 1.79 17.59
2.15 2.13 21.79
2.39 2.34 17.90
3.66 1.45 18.88
2.23 1.75 25.65
2.90 1.81 19.10
2.13 3.62 12.96
2.34 1.76 24.33
1.98 1.83 27.63
2.27 2.31 19.06
3.90 1.12 22.82
2.85 2.71 12.90
4.02 1.30 19.18
3.48 0.81 35.66
1.29 2.46 31.51
3.67 0.75 36.08
2.50 2.07 19.34
4.70 2.08 10.21
2.20 2.43 18.71
2.61 1.70 22.50
1.77 2.27 24.92
3.98 2.51 10.00
2.74 1.88 19.44
4.75 2.74
7.67
5.06 1.04 19.08
5.47 0.68 26.98
4.94 1.15 17.65
3.01 1.78 18.60
3.40 1.18 24.82
2.80 1.39 25.68
3.05 1.84 17.79
1.66 5.50 10.93
2.80 5.92
6.04
2.76 1.87 19.37
2.43 1.03 39.89
3.33 1.80 16.67
1.25 2.19 36.47
1.95 1.93 26.62
0.79 2.62 48.47

86.14
84.77
0.00
0.87
22.19
0.00
0.00
0.00
2.92
0.00
1.41
0.00
0.00
8.25
0.00
7.25
62.20
0.00
0.00
3.84
0.00
57.81
141.74
377.80
143.05
1.43
212.25
9.13
0.00
3.13
1.11
36.95
0.00
0.00
0.00
32.81
142.09
5.10
4.71
0.00
7.15
0.00
5.52
6.53
12.56
25.04
21.10
4.36
11.79
0.00

6233.70
6125.35
12667.71
4656.82
10555.14
15133.68
1657.54
6971.04
4515.62
4955.80
5475.45
3757.11
4570.58
11352.87
3340.94
6635.97
11728.44
8010.58
9747.26
6644.90
7685.83
4177.57
14677.83
25273.99
7014.18
5732.18
8489.06
4337.99
3848.98
3202.76
4202.37
7379.78
3945.97
4241.95
4611.29
8625.10
11721.55
8005.78
4099.75
2889.89
3923.96
7407.07
7251.62
3403.03
8427.44
3962.35
5858.42
1638.34
1858.80
1882.71

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6877.42 6872.89 6894.26 6892.61 6897.38 6892.85 6885.85 6878.42 6891.26 6907.21 6858.89
FTSE 250
16995.84 16991.49 17026.28 17010.55 17016.35 17021.63 17019.97 17011.67 17024.57 17049.79 16981.62
FTSE SmallCap
4513.46 4509.23 4509.51 4507.80 4507.38 4506.83 4506.66 4505.88 4506.79 4513.46 4504.45
FTSE All-Share
3703.73 3701.38 3711.91 3710.61 3712.88 3711.06 3707.94 3704.51 3710.46 3717.38 3695.03
Time of FTSE 100 Day's high:12:10:45 Day's Low08:37:45 FTSE 100 2010/11 High: 6898.13(17/02/2015) Low: 6366.51(06/01/2015)
Time of FTSE All-Share Day's high:12:11:00 Day's Low08:38:00 FTSE 100 2010/11 High: 3712.67(18/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

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

Amount
paid
up
Nil
Nil
Nil

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

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Feb 19
Feb 18
Feb 17
Feb 16
Feb 13 Yr Ago
High
Low Year to date percentage changes
FT 30
2972.40 2960.60 2954.60 2938.10 2943.90
0.00 2970.30 2669.30 Industrial Metals &
25.21
FT 30 Div Yield
1.72
1.73
1.73
1.74
1.74
0.00
3.93
2.74 Forestry & Paper
19.71
P/E Ratio net
25.94
25.76
25.78
25.57
25.66
0.00
19.44
14.26 Food & Drug Retailer
16.00
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Construct & Material
14.71
FT 30 hourly changes
Automobiles & Parts
10.17
8
9
10
11
12
13
14
15
16
High
Low Fixed Line Telecomms
8.92
2960.6 2960.9 2969.1 2967 2969.3 2966.9 2965.7 2969.2 2972.8 2975.2 2953.0 Real Est Invest & Tr
8.78
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Aerospace & Defense
8.13
Life Insurance
8.09
Pharmace & Biotech
8.02
Real Est Invest & Se
7.60
Personal
Goods
7.50
Feb 18 Feb 17 Mnth Ago
Feb 19 Feb 18 Mnth Ago
Media
7.46
Australia
96.08
96.13 100.18 Sweden
76.96
77.55
78.78 Health Care
7.27
Canada
94.11
94.13
97.53 Switzerland
162.00 163.15 177.63 Financial Services
7.08
Denmark
106.40 106.50 106.61 UK
90.73
89.91
87.70 Industrials
6.99
Japan
126.51 126.56 127.23 USA
100.90 100.77
99.11 Household Goods & Ho
6.51
New Zealand
124.14 123.90 126.20 Euro
87.34
87.65
87.34
Norway
94.57
93.95
92.18
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Telecommunications
Industrial Eng
Nonlife Insurance
Support Services
Tech Hardware & Eq
Consumer Services
Technology
Software & Comp Serv
NON FINANCIALS Index
Mobile Telecomms
FTSE 250 Index
FTSE 100 Index
FTSE All{HY-}Share Index
Oil & Gas Producers
Oil & Gas
Basic Materials
Mining
Tobacco

Low
3.45
14.50
2.38

Stock
JSC Kazkommersbank GDR
Petropavlovsk PLC
Wildhorse Energy Ltd

closing
Price p
3.45
16.50
2.38

+or0.00
0.50
0.00

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

3.63
3.62
3.59
3.56
2.99
2.55
2.50
2.17
1.07
0.77
0.69
0.62
-0.15
-0.76
-1.08
-1.71
-3.92
-5.45

FTSE GLOBAL EQUITY INDEX SERIES

Feb 19
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7569
6932
1357
1669
4543
3026
2543
7230
5590
6326
2115
5665
905
202
317
723
332
399
1493
731
1384
174
301
768
475
481
446
1330
927
1904
452
459
993
86
245
211
339
1979
1389
637
3023
1027
3026
519

US $
indices
484.38
497.90
428.64
642.94
674.53
283.21
500.02
495.73
465.00
497.14
451.51
473.89
417.95
369.01
531.49
728.37
451.49
697.31
708.40
304.05
244.88
325.62
461.63
492.80
133.92
638.68
835.77
550.43
503.52
711.51
678.16
876.02
718.47
339.57
865.68
802.01
373.88
520.52
417.90
388.09
6046.45
9393.31
331.91
292.70

Day
%
0.1
0.0
0.1
0.2
0.0
0.1
0.1
0.1
0.3
0.0
0.1
0.1
0.1
0.5
0.6
0.3
-0.1
-0.2
-0.1
-0.1
0.5
0.8
1.3
1.0
0.9
0.0
-0.1
0.0
0.0
0.0
0.0
0.1
0.1
-0.9
-0.3
0.7
-0.1
-0.1
0.4
0.9
0.0
-0.3
0.2
0.6

Mth
%
4.6
4.4
4.4
5.7
5.1
4.6
4.6
4.5
5.1
4.4
4.7
4.7
4.4
5.4
7.3
7.2
3.7
5.0
5.0
3.9
5.7
7.5
8.5
6.1
7.7
3.7
3.2
2.7
3.6
3.7
4.2
2.3
2.0
8.7
0.1
4.4
6.8
4.2
6.0
6.4
4.7
3.4
4.6
5.8

YTD
Total
%
retn
3.1 648.45
2.8 655.22
2.8 586.16
4.1 824.69
3.4 840.43
3.0 399.79
2.9 947.90
3.0 654.94
4.0 657.16
2.8 671.20
3.0 608.99
3.1 632.63
2.7 570.87
4.4 563.94
6.3 743.98
5.8 994.00
1.5 583.30
2.8 848.27
2.8 838.14
1.7 402.85
4.9 371.15
6.8 399.43
8.6 548.91
5.1 603.76
7.1 184.72
3.7 927.16
3.7 1175.13
3.0 763.37
3.7 777.32
3.2 986.99
3.7 946.14
1.7 1211.74
1.5 961.04
8.9 478.43
-3.9 1247.92
4.2 1164.57
4.1 572.45
2.3 655.73
4.9 620.42
5.3 584.01
2.7 7418.20
1.1 11630.28
3.8 437.26
5.1 416.96

YTD Gr Div Feb 19

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
3.3
2.3 Oil & Gas
177 404.01
-1.1
-1.1
1.5 598.60
2.0
3.5
3.1
2.2 Oil & Gas Producers
121 368.05
-1.2
-1.2
1.6 554.50
2.1
3.6
3.1
2.4 Oil Equipment & Services
47 417.60
-0.6
-0.6
0.7 565.69
1.2
3.3
4.3
1.9 Basic Materials
270 459.24
0.0
0.0
5.4 654.62
5.6
2.7
3.5
1.8 Chemicals
115 665.44
0.5
0.5
6.7 956.04
6.8
2.2
3.3
2.3 Forestry & Paper
18 227.04
0.0
0.0
9.0 354.72
9.3
2.6
3.2
2.3 Industrial Metals & Mining
75 415.11
-0.2
-0.2
0.7 595.05
0.9
2.7
3.2
2.2 Mining
62 598.48
-1.0
-1.0
5.1 839.77
5.1
3.8
4.2
2.7 Industrials
534 325.84
0.2
0.2
3.5 444.14
3.8
2.0
3.0
2.3 Construction & Materials
114 453.21
0.3
0.3
5.1 645.94
5.1
2.0
3.3
2.3 Aerospace & Defense
29 533.14
1.2
1.2
7.3 721.43
7.6
1.9
3.3
2.2 General Industrials
56 220.92
-0.1
-0.1
1.6 323.42
2.3
2.6
3.0
2.4 Electronic & Electrical Equipment
67 339.34
0.4
0.4
4.3 427.33
4.4
1.6
4.6
3.2 Industrial Engineering
103 637.04
0.1
0.1
3.0 851.87
3.1
2.0
6.3
2.3 Industrial Transportation
94 604.38
-0.3
-0.3
1.2 821.84
1.4
1.9
5.9
2.1 Support Services
71 284.40
0.3
0.3
4.3 373.07
4.5
1.9
1.8
2.1 Consumer Goods
407 422.62
0.5
0.5
4.4 587.60
4.6
2.3
2.9
1.6 Automobiles & Parts
98 416.05
0.8
0.8
6.7 555.38
6.9
2.1
3.0
1.5 Beverages
48 558.85
0.6
0.6
3.9 786.00
3.9
2.4
2.0
2.0 Food Producers
100 563.89
0.6
0.6
2.2 808.63
2.3
2.2
5.1
2.7 Household Goods & Home Construction
45 399.83
-0.3
-0.3
0.9 554.26
1.3
2.3
6.8
1.7 Leisure Goods
26 135.48
0.2
0.2
7.5 172.05
7.8
1.3
8.6
1.3 Personal Goods
77 607.14
0.5
0.5
4.1 808.43
4.3
1.9
5.1
1.5 Tobacco
13 1142.52
0.4
0.4
6.4 2145.62
6.7
4.0
162 455.74
0.3
0.3
4.9 624.50
5.1
1.8
7.1
1.6 Health Care
3.9
2.9 Health Care Equipment & Services
58 617.20
0.0
0.0
4.5 700.71
4.5
1.0
3.8
2.4 Pharmaceuticals & Biotechnology
104 350.83
0.4
0.4
5.0 498.54
5.3
2.0
3.1
2.6 Consumer Services
378 390.94
0.3
0.3
4.5 500.12
4.6
1.6
3.9
2.8 Food & Drug Retailers
55 318.62
-0.5
-0.5
5.9 423.88
6.1
1.9
3.3
2.8 General Retailers
117 500.16
0.0
0.0
4.6 625.10
4.7
1.4
3.8
2.9 Media
88 309.26
0.3
0.3
2.8 395.85
2.9
1.5
1.8
2.6 Travel & Leisure
118 379.63
1.2
1.2
5.4 490.64
5.7
1.6
1.6
2.6 Telecommunication
95 174.70
0.1
0.1
4.6 296.39
5.0
3.8
8.9
3.8 Fixed Line Telecommuniations
45 142.64
-0.1
-0.1
4.1 264.05
4.8
4.4
-3.5
3.7 Mobile Telecommunications
50 190.35
0.3
0.3
5.2 293.68
5.2
3.2
161 259.22
-0.5
-0.5
-3.0 458.96
-2.7
3.7
4.4
2.6 Utilities
112 276.42
-0.3
-0.3
-2.5 485.15
-2.2
3.6
4.5
3.3 Electricity
49 286.38
-0.7
-0.7
-3.8 518.32
-3.5
3.9
2.5
1.9 Gas Water & Multiutilities
665 217.34
0.0
0.0
0.7 328.95
1.0
2.6
5.2
3.0 Financials
242 200.09
0.2
0.2
-0.5 321.71
-0.2
3.0
5.5
2.7 Banks
69 216.64
0.1
0.1
1.2 295.02
1.3
2.1
2.9
2.7 Nonlife Insurance
50 213.87
0.2
0.2
1.3 316.22
1.4
2.4
1.4
2.3 Life Insurance
138 233.91
0.2
0.2
1.0 306.17
1.2
1.7
4.0
2.1 Financial Services
177 178.67
0.4
0.4
3.8 210.05
4.1
1.5
5.2
2.5 Technology
Software & Computer Services
77 276.62
0.7
0.7
1.9 314.65
2.1
1.1
Technology Hardware & Equipment
100 147.54
0.1
0.1
5.4 177.50
5.7
1.8
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
High
3.45
16.50
2.38

6.35
6.26
6.25
6.04
6.01
5.96
5.90
5.74
4.98
4.81
4.74
4.68
4.63
4.47
4.44
4.39
4.00
3.82

FTSE 100 SUMMARY

Company
Avation
BAE Systems
Capital Lease Aviation
Centrica
City of London Investment Trust (The)
Coalfield Resources
Eco City Vehicles
Go-Ahead Group (The)
Herald Investment Trust
Jarvis Securities
JPMorgan Mid Cap Investment Trust
Morgan Sindall Group
Primary Health Properties
Promethean World

FTSE 100

Closing Day's
Price Change FTSE 100

3i Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Aggreko PLC
Anglo American PLC
Antofagasta PLC
ARM Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
AstraZeneca PLC
Aviva PLC
Babcock International Group PLC
BAE Systems PLC
Barclays PLC
Barratt Developments PLC
BG Group PLC
BHP Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
British Sky Broadcasting Group PLC
BT Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola HBC AG
Compass Group PLC
CRH PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
easyJet PLC
Experian PLC
Fresnillo PLC
Friends Life Group Ltd
G4S PLC
GKN PLC
GlaxoSmithKline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
InterContinental Hotels Group PLC
International Consolidated Airlines Group SA
Intertek Group PLC
Intu Properties PLC
ITV PLC
Johnson Matthey PLC

478.40
460.50
1460
1676
1223
748.00
1099
1128
3057
4427.5
548.50
996.00
525.50
260.40
496.60
951.50
1572
445.70
3660.5
824.50
956.00
436.90
1914
1902
1161
2942
257.10
1125
1127
1832
1884
323.70
441.60
1785
1192
836.50
417.80
282.80
380.20
1526.5
283.55
672.50
1053
601.90
3087
2548
564.00
2524
365.70
233.40
3437

3.50
-2.40
10.00
-8.00
-36.00
-4.50
17.00
59.00
-57.50
-2.50
-60.00
3.50
0.05
8.50
-25.20
-15.50
-5.60
57.00
13.00
16.00
1.50
24.00
19.00
6.00
-5.00
-24.00
-18.00
14.00
-15.00
17.50
0.70
8.60
37.00
2.00
-2.50
-1.20
2.50
2.00
-29.00
-5.90
7.00
-3.60
36.00
-42.00
10.50
-3.00
1.60
-0.50
-17.00

Closing Day's
Price Change

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

347.90
1234
272.80
77.23
2454
497.30
568.00
1267
187.10
891.10
7370
218.40
1398
1709
1604.5
5025
5705
1178
3220
962.00
395.90
2109
2198
428.40
452.00
3585
472.00
269.10
3001
2033
5135
1186
1186
691.50
1535
906.00
966.80
408.50
144.40
239.95
2012
1171
398.20
2805
941.50
228.40
1862
5025
3975
1506

3.00
11.00
1.80
-0.06
19.00
2.60
2.00
13.00
2.00
17.10
95.00
0.80
19.00
28.00
4.50
34.00
70.00
9.00
18.50
27.50
-0.60
-45.00
-46.50
-2.00
-0.50
30.50
1.90
-1.20
11.00
26.00
35.00
1.00
-11.00
5.00
-8.00
-0.50
0.80
2.30
2.00
-2.75
9.00
2.00
-10.90
35.00
6.50
2.95
-33.00
5.00
50.00
24.00

UK STOCK MARKET TRADING DATA

Feb 19
Feb 18
Feb 17
Feb 16
Feb 13
Yr Ago
SEAQ Bargains
5288.00
6790.00
6790.00
6790.00
Order Book Turnover (m)
44.37
47.77
40.20
51.05
51.05
51.05
Order Book Bargains
771522.00 758366.00 608117.00
Order Book Shares Traded (m)
1514.00
1268.00
1028.00
1565.00
1565.00
1565.00
Total Equity Turnover (m)
2102.28
Total Mkt Bargains
902456.00
Total Shares Traded (m)
3551.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

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

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

UK RECENT EQUITY ISSUES

Int
Pre
Int
Pre
Int
Pre
Int
Int
Pre
Pre
Int
Pre
Pre
Pre

Turnover
24.561
27.678
16864
15430
6.15
5.947
26571
29408
1.458
10.896
1558.7

1.535
16.995
1370

7.314

7.158

2219.8
59.985
118.174

2094.9
41.982
141.158

Pre-tax
7.894
6.978
422
882
1.306
1.161
1649
1403L
25.616 100.222
3.332
3.465
0.301L
1.96L
40.3
44.7
7.734 131.736
3.068
3.186
32.381
18.792
13.9
22.8
20.219
36.88
6.706L
9.648L

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

EPS(p)
0.116
0.114
5.2
23.4
0.013
0.011
18.4
20.2L
5.95
6.76
0.3
0.6
0.06L
0.41L
78.4
71.8
0.39L
1.89L
21.92
22.79
10.86
13.44
35.4
42.3
22.7
33.2
2.89L
8.17L

Div(p)
12.3
8.4
3.75
26.6
4.25
8
15
10
-

12.1
12.08
3.63
25.5
5
5.5
15
9.75
-

Pay day
Jun 1
Apr 10
Dec 11
Apr 9
Apr 1
-

Total
2.2
20.5
13.5
7.5
85.6
8.5
20.5
27
19.75
-

1.8
20.989
17.547
7.26
87.167
8.889
18.278
27
20.306
-

Issue
date
02/19
02/19
02/19
02/18
02/11
02/03

Issue
price(p)
10.00
100.00
100.00
1.00
52.00
70.00

Sector

Stock
code

AIM
AIM

CBM
PTSG
AFG

Stock
Challenger Acquisitions Ltd
Gabelli Value Plus+ Trust PLC
Non-Standard Finance PLC
Cleantech Building Materials PLC
Premier Technical Services Group PLC
Aquatic Foods Group PLC

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

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

Close
price(p)
13.00
103.00
100.00
3.25
55.00
68.50

+/1.75
1.50
3.51

High
13.75
104.00
103.00
4.00
58.00
72.50

Low
13.00
99.50
98.00
1.50
54.00
60.00

Mkt
Cap (m)
143.0
10413.4
10524.4
252.7
4771.7
7756.0

Friday 20 February 2015

23

FINANCIAL TIMES

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

52 Week
High
Low

Price Day Chg

35.00
32.50
91.14
88.67
37.71
6.61
45.18
37.95
36.13
33.00

Yld

P/E MCap m

-0.13
-0.48
0.43
0.17
-0.05
-0.02
-0.71
-0.05
-0.32
0.18

35.87
39.79
93.96
90.84
38.02
6.74
46.69
38.28
44.23
38.92

30.47
26.50
73.57
63.77
31.33
4.96
40.26
31.33
31.97
29.11

5.32
4.12
6.54
1.45
5.56
4.64
5.03
5.02
9.61
4.51

108.50

1.60

109.95

71.50

1.63 23.75 198758.74

18.24
24.35
31.72
36.41
43.21
32.48
9.64
22.10

-0.01
0.40
1.33
-0.05
-0.19
0.28
-0.31
-0.61

18.38
38.19
35.98
41.30
47.10
38.74
23.50
35.09

14.99
18.61
22.07
27.63
31.61
25.42
7.88
17.65

1.80
7.26
3.99
1.21
3.11
1.69
6.20
9.58

47.52
55.34
78.48
66.36
67.42
237.15
93.53
38.04
87.67
61.64
35.89
49.65
22.14
46.47
77.23
38.47
48.79
54.45
56.16
211.36

0.37
-0.29
0.17
-0.03
-0.15
-2.02
-0.30
-0.16
-0.43
0.03
-0.26
-0.31
0.05
0.18
0.44
-0.02
-0.41
-0.18
-0.42
2.31

50.58
60.20
85.71
74.93
68.49
247.56
107.37
49.57
88.89
65.13
37.00
57.96
23.09
47.10
83.87
47.18
50.53
58.20
63.86
212.56

27.51
46.43
71.64
60.75
43.49
156.64
88.04
31.00
59.66
46.42
28.61
44.08
18.91
35.25
71.04
30.89
36.86
49.15
48.50
116.01

0.35 25.35
4.69 17.44
4.20 11.11
4.13 10.94
1.18 13.64
0.63 35.33
4.51 11.11
2.45 12.43
1.17 23.02
2.36 64.37
3.67 13.17
1.12 9.49
2.63 9.60
3.59 24.46
3.94 12.01
2.61 17.38
3.21 82.46
3.62 12.29
3.66 21.38
- 119.89

3.83
4.41
6.60
4.12
9.95
8.94
6.44
17.54
5.81
32.40
17.88
106.90
38.90
9.09
6.05
9.06
26.62
20.20
8.73
6.00
13.14
10.54
23.37
18.28
5.68
14.11
182.22
8.98
85.90
13.99
23.59
14.47
6.52

-0.02
0.01
0.01
-0.03
0.08
0.11
-0.14
0.02
0.20
-0.02
-0.30
0.10
0.02
0.02
-0.08
0.04
-0.15
-0.06
-0.02
0.16
0.04
0.05
0.18
0.04
-1.09
0.27
-0.05
0.07
0.43
0.07
0.29

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

3.04
3.03
4.53
2.68
5.54
4.88
4.89
12.84
3.85
19.72
12.12
63.65
23.55
5.57
2.99
6.73
9.71
19.12
4.36
2.71
9.03
6.24
9.50
9.50
4.33
8.60
139.05
7.54
55.60
8.36
12.22
8.39
5.90

5.62
5.35
4.74
4.52
2.44
2.28
5.61
5.29
1.00
4.18
2.79
1.11
1.55
1.32
1.35
4.88
0.46
2.07
1.49
3.54
0.76
0.80
4.99
2.83
2.08
4.38
0.95
0.99
4.41
3.96
4.04

172.40
14100
297.30

0.10
20.00
3.80

178.50
15390
305.80

137.20
11020
226.20

1.22 42.67 26604.96

2.28 17.64 47061.25
1.60 28.62 120542.09

7.13
43.98

0.03
0.31

7.23
44.06

5.13
34.72

1.63 27.18 30393.92

3.96 15.07 27993.47

51.99
115.50
21.25
51.43

0.60
0.60
0.25
0.52

55.00
116.65
21.33
60.10

39.64
86.12
16.43
43.14

1.52 23.22 46476.5

2.40 22.26 45385.83
4.14 9.44 59115.16
3.08 -59.26 72990.26

Stock

Price Day Chg

ChristianDior 170.50
2.20 170.50
Cred Agr
12.78 -0.11 12.94
Danone
59.15
0.93 60.53
EDF
23.63 -0.08 29.90
Essilor Intl
100.50
4.17 101.00
GDF Suez
18.68 21.19
Hermes Intl
289.30 -1.10 317.40
Kering
178.90
0.15 185.00
LOreal
157.10
1.65 162.70
LVMH
160.80
2.05 160.85
Nmrcble-SFR
52.17
0.59 57.50
Orange
15.86
0.43 16.43
PernodRic
103.90
1.55 108.75
Safran
61.20 61.27
Sanofi
87.84
1.13 89.95
Schneider
71.42
1.41 72.22
SocGen
40.18
0.14 48.69
StGobn
41.26
0.45 46.40
Total
45.98 -1.29 54.71
UnibailR
258.85
5.10 260.15
Vinci
52.68
0.20 57.36
Vivendi
21.32
0.37 21.43
Germany ()
Allianz
146.90
0.45 151.45
BASF
82.71 -0.22 88.28
Bayer
124.80 -0.25 131.70
BMW
109.45
0.70 109.65
Continental
213.95
3.20 214.25
Daimler
84.08
0.45 84.69
Deut Bank
28.87 -0.03 36.35
Deut Tlkm
15.65
0.05 16.00
DeutsPost
29.21
0.14 29.75
E.ON
13.31 -0.14 15.46
Fresenius
47.78
0.35 51.66
HenkelKgaA
89.89
0.40 92.15
Linde
176.30 -0.25 178.40
MuenchRkv
181.30
1.20 184.25
SAP
60.77
0.24 61.63
Siemens
97.48
0.68 103.30
Volkswgn
217.70
4.65 218.65
Hong Kong (HK$)
AIA
44.50
0.05 46.45
BOC Hold
27.20 -0.05 27.95
Ch OSLnd&Inv
23.50 -0.40 26.70
ChngKong
152.00
0.20 152.80
Citic Ltd
13.16 16.88
Citic Secs
27.20
0.40 33.95
CNOOC
11.38
0.30 15.88
Galaxy Enter
43.45 -0.05 80.45
HangSeng
144.70 148.40
HK & Ch Gas
17.50
0.12 18.90
HK Exc&Clr
177.10 -0.20 189.00
Hutchison
104.70 113.50
MTR
34.85 -0.35 35.30
SandsCh
39.75
0.65 68.00
SHK Props
123.40
0.10 129.40
Tencent
129.90 -0.90 138.00
India (Rs)
HDFC Bk
1079.8
5.00 1100.6
Hind Unilevr 908.15 -4.75 968.85
HsngDevFin 1353.45 24.85 1361.85
ICICI Bk
338.55 -3.85 393.40
Infosys
2324.7 28.20
2334
ITC
389.25 -4.00 402.00
OilNatGas
333.45
0.85 471.85
RelianceIn
902.05
0.40 1145.25
SBI NewA
302.35 -3.35 336.00
SunPhrmInds 916.70 -1.10 965.95
Tata Cons
2681.05 45.40 2839.7
Tata Motors 576.55 -7.75 612.40
Indonesia (Rp)
Astra Int
7950 150.00
8100
Bk Cent Asia
14075 14550
Israel (ILS)
TevaPha
220.00 -1.40 237.70
Italy ()
Enel
3.95
0.04
4.49
ENI
16.25 20.46
Generali
18.38
0.16 18.79
IntSPaolo
2.89
0.00
2.91
Luxottica
53.20
0.20 53.55
Unicred
5.81
0.07
6.89
Japan ()
AstellasPh
1862 17.00
1906
Bridgestne
4688 27.50
4774
Canon
3816.5 15.50
4045
CntJpRwy
22385 575.00 22450
Denso
5530 -20.00
5995
EastJpRwy
9989 -9.00 10065
Fanuc
23010 60.00 23230

12.73 75428.97
10.82 81327.63
16.22 115132.68
27.11 32740.03
16.15 71084.82
17.08 62964.33
31.67 39558.32
15.19 92259.7
9.72 23193.65
15.42 32478.18

21.31 100247.77
4.97 24405.5
17.23 22190.36
9.77 26791.23
17.34 23763.01
7.97 31470.41
5.05 25095.43
-10.46 24869.67
15866.03
37155.54
40597.36
64427.66
33924.56
31476.18
29680.97
33184.31
56675.51
41942.6
28580.65
33623.59
34846.19
30825.48
89004.41
44402.08
31030.38
80350.39
31798.11
56685.66

5.68 15173.91
6.31 47530.9
6.30 29783.19
5.47 3647.44
15.55 15502.87
8.46 5101.63
5.87 199555.99
10.39 2972.72
5.54 11144.36
26.74 31074.2
6.44 10579.82
16.56 281956.14
28.85 13914.69
8.68 2432.59
10.45
3280.8
5.91 8096.55
43.66 19836.38
8.13 8848.38
67.91 25063.06
8.01 28776.6
21.42 40556.35
11.52 25050.99
27.72 22115.36
27.66 3516.66
6.05 63541.05
6.03 36497.33
14.63 33268.03
10.53 24420.29
16.19 41227.96
8.34 22000.49
9.91 41580.94
6.11 34521.01
10.33 21440.22

FT 500: TOP 20
Week
change change %
2795.00
14.3
1.45
12.7
86.90
12.7
507.50
12.1
126.10
11.5
147.00
11.1
2255.00
10.9
102.00
9.2
18.30
9.2
0.48
9.0
218.90
8.9
3.28
8.9
4.18
8.8
1140.00
8.8
0.71
8.6
1.64
8.4
0.47
8.4
2.23
8.4
100.20
8.0
4460.00
7.9

Month
change %
20.40
19.22
25.26
16.11
20.81
9.45
20.87
22.10
12.20
8.60
5.88
15.24
10.33
10.94
-6.49
9.72
-2.26
15.23
13.30
17.16

INTEREST RATES: OFFICIAL

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

Current
0.00-0.12
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Feb 19 (Libor: Feb 18)

US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs
LA 7Day Notice

P/E MCap m

126.10
9.76
49.04
20.90
70.51
16.17
229.00
136.95
114.55
121.40
23.87
8.85
79.56
43.24
69.58
52.59
31.85
29.51
38.25
180.70
39.65
17.26

1.48
2.89
2.66
5.74
1.02
8.72
1.01
2.28
1.73
2.09
5.48
1.66
1.99
3.37
3.48
2.62
1.63
5.87
3.73
3.65
4.96

18.67 35293.04
14.55 37504.52
30.24 43375.59
11.47 50063.78
20.10 24724.29
-4.82 51816.95
34.17 34788.17
24.62 25730.22
29.75 100429.76
22.13 92992.58
-64.23 28936.14
24.93 47853.25
26.91 31412.09
14.99 29071.22
26.96 132008.87
19.82 47567.49
13.10 36852.16
22.46 26407.66
9.98 124925.61
21.39 28914.73
10.79 35440.46
-12.51 32815.48

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

3.81 10.13 76468.59

3.45 14.49 86531.09
1.78 26.72 117554.09
2.51 11.66 75050.54
1.23 18.89 48741.66
2.81 12.28 102460.28
1.93-236.13 45348.91
2.53 28.92 80852.14
2.89 15.85 40298.17
4.76 -45.81 30325.44
0.69 22.43 23739.69
1.06 13.40 26600.43
1.80 27.30 37281.19
4.22 8.27 35714.53
1.28 20.92 85037.59
3.25 14.93 97821.98
1.46 13.93 73174.15

34.90
21.50
17.52
116.00
10.24
13.72
9.72
36.70
118.10
14.15
112.80
85.90
27.10
34.50
83.40
93.00

0.88
3.36
1.81
2.07
2.41
0.67
4.52
3.44
1.75
1.91
1.99
2.39
4.15
2.46
0.18

30.64 69084.96
13.77 37065.63
8.48 24757.99
9.01 45376.06
8.47 42240.27
31.40 4130.94
8.10 65486.66
18.10 23808.77
18.34 35656.15
29.03 23710.54
46.30 26668.01
30.17 57532.57
15.13 26184.11
16.26 41333.75
10.98 44949.74
46.18 156932.06

655.75
542.00
788.55
201.20
1440
311.40
275.55
793.10
147.64
552.55
1999.5
378.75

0.62
1.22
1.01
2.66
1.62
1.30
2.83
1.03
0.95
0.16
1.24
0.33

29.26
51.53
25.58
16.60
21.50
36.30
11.13
11.76
14.58
32.81
24.96
9.34

6325
10150

2.32 15.67 25060.94

0.38 21.47 27021.15

159.30

2.34 16.13 48470.66

Stock

FastRetail
43065 -640.00 46325 30950
Fuji Hvy Ind
3970 -24.00
4617
2380
Hitachi
813.90 -5.70 939.90 660.00
HondaMtr
3958
9.00
3980
3239
JapanTob
3716 46.50
4193
2997
KDDI
8191 117.00
8449
5000
Keyence
60930-1060.00 62410 36095
MitsbCp
2334.5
8.00
2356
1805
MitsubEst
2704
5.00
2930 2151.5
MitsubishiEle
1371
1.50
1550
1083
Mitsui
1624 -10.00
1820
1399
MitsuiFud
3376 53.00 3809.5 2854.5
MitUFJFin
770.20 26.90 771.00 519.00
Mizuho Fin
218.20
7.60 218.70 178.10
Murata Mfg
13485 170.00 13780
8192
NipponTT
7268 55.00
7497
5051
Nissan Mt
1206.5 12.00 1210.5 842.00
NpnStlSmMtl 312.30
3.20 333.00 243.30
NTTDCMo
2099.5 -6.50 2126.5
1515
Panasonic
1465.5 12.00
1610
1030
Seven & I
4536 13.00 4592.5
3611
ShnEtsuCh
8194 139.00
8529
5267
Softbank
7000 -18.00
8760
6683
Sony
3227 52.50
3300
1588
SumitomoF
4687 120.50
4859
3800
Takeda Ph
6078 -31.00
6114 4337.5
TokioMarine 4265.5 -74.00
4361
2884
Toyota
7998 39.00
8003
5205
Malaysia (RM)
Maybank
9.22
0.02 10.20
8.25
Mexico (Mex$)
AmerMvl
16.36
0.01 17.64 12.39
FEMSA UBD 131.88
1.32 135.75 108.90
WalMrtMex
35.51
0.22 36.07 27.71
Netherlands ()
ASML Hld
92.23
1.02 95.81 57.51
Heineken
67.16
1.55 67.40 45.90
ING
12.60 -0.03 12.65
9.34
Philips
25.71
0.18 26.99 20.69
Unilever
37.39
0.52 38.81 27.45
Norway (Kr)
DNB
124.70 126.90 98.10
Statoil
141.80 -4.90 195.80 118.20
Telenor
154.40 -0.90 170.40 123.90
Qatar (QR)
Inds Qatar
153.30
0.10 202.90 143.50
QatarNtBk
202.10 -0.90 237.00 160.00
Russia (RUB)
Gzprm neft
160.90 -2.10 166.94 113.73
Lukoil
2994.8 -5.20 3297.7
1715
Rosneft
275.75 -5.70 294.20 183.95
Saudi Arabia (SR)
SaudiBasic
92.25
2.64 136.50 70.25
SaudiTelec
66.75 76.50 55.00
Singapore (S$)
DBS
19.45
0.06 20.67 15.65
JardnMt US$
66.50
0.11 67.88 54.80
JardnStr US$
35.22
0.06 38.10 32.10
OCBC
10.51
0.08 10.65
9.20
SingTel
4.28
0.04
4.32
3.49
UOB
22.97
0.02 24.72 19.80
South Africa (R)
Firstrand
52.50 -0.13 53.50 31.94
MTN Grp
212.34 -1.06 263.44 194.15
Naspers N
1638.62 28.35 1744.64 983.25
Sasol
429.06 -15.91 652.99 360.00
South Korea (KRW)
HyundMobis 243000 3000 323500 226000
KoreaElePwr
44400 -950.00 50200 36100
SK Hynix
46450-1050.00 52400 35550
SmsungEl
1377000 3000 1495000 1078000
Spain ()
BBVA
8.79
0.05
9.99
7.21
BcoSantdr
6.45
0.04
7.96
5.77
CaixaBnk
4.02
0.00
5.00
3.71
GasNatur
20.52
0.03 24.45 18.23
Iberdrola
5.93
0.13
6.24
4.57
Inditex
27.58
0.69 27.58 19.29
Repsol
16.95 -0.09 21.07 14.26
Telefonica
13.27
0.12 13.43 10.76
Sweden (SKr)
AtlasCpcoB
249.10 -0.30 250.60 162.20
Ericsson
109.30
1.00 109.90 77.55
H&M
358.10 11.70 358.60 261.00
Investor
319.90
4.90 320.30 217.30
Nordea Bk
110.20 -0.40 110.80 82.40
SEB
101.40
0.10 103.00 82.30
SvnskaHn
399.00
0.40 399.50 305.10
Swedbank
211.00
1.20 211.30 165.70

41822.17
31508.02
34133.39
31444.38
42619.39
49663.57
45766.05
46815.13
36211.86
30458.58
84245.58
23554.61

3.36
12.98
14.40
2.00
34.74
4.82

2.78
5.88
2.07
1.83
1.03
-

12.47
10.62
17.46
-10.37
41.44
-2.59

42308.25
67267.53
32594.47
52163.27
29194.03
38368.77

1062
3328
2990
10945
4223
7105
16130

3.55
1.54
3.16
0.42
1.49
0.94
0.81

43.09
15.32
16.52
16.28
17.44
19.87
24.99

35358.1
32030.78
42773.9
38748.88
41081.47
33029.47
46309.7

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

0.82
1.16
1.10
2.19
2.78
1.44
0.17
2.29
0.35
0.42
3.27
0.51
1.83
2.51
0.79
1.94
2.04
1.26
2.24
0.79
1.24
0.96
0.45
0.64
2.09
2.32
1.42
1.72

43.79 38385.46
14.63 26116.36
37.85 33057.07
12.19 60246.5
15.94 62451.16
17.21 61737.14
34.26 31130.3
11.36 31858.44
37.29 31592.23
24.19 24736.88
7.89 24516.11
37.59 28125.29
9.78 91700.05
12.34 44833.07
26.21 25525.65
14.90 69421.58
11.34 45832.05
14.24 24938.9
21.02 77007.85
63.19 30208.4
23.18 33787.67
29.30 29752.38
13.97 70624.12
-14.89 31391.94
8.77 55692.44
91.75 40336.61
13.42 27582.09
12.73 229714.25

9.01 12.06 23732.15

1.40 16.66 75936.74
0.80 27.75 31572.91
0.78 22.13 41642.91
0.59 32.22
1.39 24.26
12.94
- 100.21
2.69 19.16

46038.09
44063.62
55353.36
27370.98
73019.3

2.43 8.38 26805.92

5.59 8.82 59673.23
5.09 31.33 30595.5
7.11 14.77 25469.66
3.43 13.66 38834.89
6.11
7.00

2.95 61157.92
6.78 40898.59
3.32 46922.48

5.68 11.49 73769.52

2.85 11.58 35585.3
3.03
1.90
0.65
3.34
3.99
3.10

7.24
17.02
13.80
9.69
17.98
10.80

35466.53
45936.12
39450.01
30791.74
50188.31
27077.91

2.54 15.98 25433.21

4.09 14.74 33706.74
0.22 58.81 58781.97
4.17 9.12 23995.84
0.80 10.35 21067.7
0.17 9.83 25103.42
10.18 30619.88
0.83 8.60 163651.32
0.76
9.37
1.04
3.65
2.78
1.17
4.76
4.72

-56.78 62332.9
13.34 101435.63
40.66 26168.78
12.43 23383.84
16.67 43151.65
33.85 97910.12
16.57 26541.22
13.15 70394.9

2.45
3.04
2.97
2.77
3.93
4.38
3.06
5.31

23.26
23.39
27.34
4.24
13.04
11.35
16.02
12.73

36007.98
42169.42
70597.21
29233.11
52859.54
26457.21
30211.68
27703.27

Last
0.11
3.25
0.75
0.15
0.50
0.03
0.00-0.75

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

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

Day
0.001
0.003
0.003

Change
Week
0.002
-0.003
0.008

0.40%-0.35%

Month
0.000
0.000
0.002
0.000
0.003
-0.001
0.000
0.000
0.000

One
month
0.17350
-0.00643
0.50225
-0.92500
0.07571
0.00000
0.50000
0.15000
-0.15000

Three
month
0.26060
0.02571
0.56181
-0.90300
0.10000
0.04800
0.55000
0.23000
-0.00500

Six
month
0.38530
0.09143
0.68125
-0.79160
0.14214
0.12600
0.72500
0.31000
0.08500

One
year
0.68410
0.22286
0.97963
-0.68360
0.26543
0.25500

COMMODITIES
Energy
Price*
Crude Oil
Mar
51.94
Brent Crude Oil
60.16
RBOB Gasoline
Feb
1.62
Heating Oil
Feb
1.96
Natural Gas
Feb
2.82
Ethanol
Mar
1.39
Uranium
Feb
38.40
Carbon Emissions
Diesel
Mar
121.25
Unleaded
Mar
56.35
Base Metals ( LME 3 Months)
Aluminium
1818.50
Alluminum Alloy
1840.00
Copper
5750.00
Lead
1799.00
Nickel
13995.00
Tin
18175.00
Zinc
2078.50
Precious Metals (PM London Fix)
Gold
1209.50
Silver (US cents)
1673.00
Platinum
Palladium
Bulk Commodities
Iron Ore (Platts)
62.50
Iron Ore (The Steel Index)
63.40
GlobalCOAL RB Index
62.25
Baltic Dry Index
511.00

Day
change change %
-15.91
-3.58
-0.03
-0.09
-0.52
-0.57
-8.00
-0.52
-5.20
-0.17
-12.00
-1.39
-0.98
-1.43
0.85
0.26
-11.00
-3.09
0.04
0.15
0.00
0.00
-1.57
-1.73
-0.58
-0.89
-0.48
-1.42
1.50
0.34
-1.29
-2.72
-2.41
-3.01
0.14
0.40
-0.09
-0.55
-2.77
-3.21

Week
change change %
-40.94
-8.7
-1.73
-5.1
-4.78
-5.0
-65.00
-4.1
-125.20
-4.0
-34.50
-3.9
-2.66
-3.8
-13.00
-3.8
-12.00
-3.4
-0.91
-3.3
-1.92
-3.3
-2.93
-3.2
-2.00
-3.0
-1.02
-3.0
-13.10
-2.9
-1.37
-2.9
-2.28
-2.9
-1.04
-2.8
-0.46
-2.8
-2.37
-2.8

Month's
change

Year
change

Return
1 month

Return
1 year

Month
change %
8.35
9.97
10.40
3.09
9.46
-3.35
-6.50
-3.93
7.14
-0.34
5.60
-1.88
-2.42
-10.59
6.10
6.79
-2.28
1.95
5.53
-3.77

www.ft.com/commodities

Change
-0.42
0.52
0.05
-0.01
0.01
0.40
0.00
-2.50
50.00
23.50
-4.00
-205.00
120.00
-8.50
3.50
31.00
-1.50
-0.20
-4.50
2.00

Agricultural & Cattle Futures

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

S&P GSCI Spt

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

Mar
Mar
Mar
Feb
Mar
Apr

Price*
390.00
527.75
1007.25
347.30
2025.00
3013.00
1957.00
149.85
387.30
14.67
64.45
133.00
639.25
159.00
202.55
67.23

Change
6.50
-0.50
10.75
8.30
-4.00
-9.00
-18.00
-2.20
-7.70
-0.38
-0.28
-1.00
0.00
0.03
-0.60
2.50

Feb 18
418.36
103.22
226.82
2711.84
319.77
15.96
6.95
0.42
2804.00

% Chg
Month
3.56
1.57
0.90
10.27
2.50
2.81
-8.70
28.33

% Chg
Year
-24.18
-29.80
-23.67
21.08
250.00
65.43

Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar

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

Price Day Chg

52 Week
High
Low

TeliaSonera
52.30 -0.10 54.15 43.98
Switzerland (SFr)
ABB
20.20
0.07 23.35 16.75
CredSuisse
23.12
0.09 29.75 18.57
Nestle
72.00
0.90 74.60 63.85
Novartis
97.25
1.40 99.75 70.85
Richemont
84.35
1.20 94.75 68.80
Roche
255.60
4.10 295.80 238.80
SwatchGpI
430.60
2.20 592.50 350.00
Swiss Re
85.40
0.60 86.55 69.25
Swisscom
532.50 -3.50 587.50 500.00
Syngent
331.90
1.70 350.30 273.20
UBS
16.47
0.06 17.84 13.58
Zurich Fin
309.00
2.50 323.50 244.20
Taiwan (NT$)
HonHaiPrc
85.80 -0.40 113.00 82.40
MediaTek
459.00
1.00 545.00 396.50
TaiwanSem
148.50 150.00 106.00
Thailand (THB)
PTT Explor
345.00 -11.00 398.00 285.00
United Kingdom (p)
AngloAmer
1223 -36.00 1678.5 923.00
AscBrFd
3057 59.00
3293
2407
AstraZen
4427.5 -57.50
5750 3718.5
Barclays
260.40
0.05 267.55 201.75
BG
951.50 -25.20
1420 780.55
BP
445.70 -5.60 526.80 364.40
BrAmTob
3660.5 57.00
3818 3091.5
BSkyB
850.50 -12.00 954.00 782.50
BT
436.90
1.50 465.15 350.30
Compass
1127 14.00
1179 924.41
Diageo
1884 17.50
2055 1689.5
GlaxoSmh
1526.5 -29.00
1709 1200.67
Glencore
283.55 -5.90 379.45 236.20
HSBC
601.90 -3.60 737.00 573.54
ImpTob
3087 36.00
3183
2351
LlydsBkg
77.23 -0.06 85.53 70.02
Natl Grid
891.10 17.10 965.00 806.22
Prudential
1604.5
4.50 1649.5
1223
RBS
395.90 -0.60 403.90 291.60
ReckittB
5705 70.00
5885
4697
Reed Els
1178
9.00
1197 851.53
RioTinto
3220 18.50
3642
2600
RollsRoyce
962.00 27.50
1108 777.00
RylDShlA
2109 -45.00
2864
1929
SABMill
3585 30.50
3857 2753.5
Shire
5135 35.00
5470
2827
SSE
1535 -8.00
1858
1386
StandCh
966.80
0.80 1355.5 867.50
Tesco
239.95 -2.75 341.58 155.40
Vodafone
228.40
2.95 435.82 179.10
WPP
1506 24.00
1565
1091
United States of America ($)
3M
167.09 -0.31 168.16 129.70
AbbottLb
46.61
0.20 46.67 36.65
Abbvie
59.00 -0.24 70.76 45.50
Accenture
90.27
0.84 91.94 73.98
Ace
113.92
0.21 117.89 95.00
Actavis
289.44
5.44 291.23 184.71
Adobe
77.73 78.00 57.15
AEP
58.41 -0.71 65.38 48.31
Aetna
96.64 -0.25 97.71 66.85
Aflac
61.78
0.03 66.01 54.99
AirProd
156.08
2.21 157.11 114.28
Alexion
182.28
1.99 203.30 136.37
Allergan
231.12
1.62 231.50 115.94
Allstate
71.17
0.46 72.87 51.64
Altria
55.48
0.24 55.69 35.10
Amazon
379.00
5.63 383.11 284.00
AmerAir
49.78
0.47 56.20 28.10
AmerExpr
78.40 -1.38 96.24 77.12
AmerIntGrp
54.98
0.27 56.79 48.27
Ameriprise
135.85 -0.01 138.26 100.94
AmerTower
95.26 -0.94 105.20 79.76
Amgen
156.05
0.27 173.14 108.20
Anadarko
86.10 -0.77 113.51 71.00
Aon Cp
100.28 -0.28 101.30 78.26
AppldMat
24.93
0.83 25.71 18.27
Apple
128.45 -0.27 129.03 73.05
ArcherDan
47.78
0.07 53.91 39.53
AT&T
34.09 -0.40 37.48 31.76
AutomData
87.73
0.14 88.75 70.50
Avago Tech
110.90
0.90 111.35 57.27
BakerHu
64.27 -0.18 75.64 47.51
BankAm
16.21 -0.09 18.21 14.37
Baxter
67.42 -0.98 77.31 66.34
BB & T
37.80 -0.02 41.04 34.50
BectonDick
143.39 -0.50 146.74 111.07
BerkshHat
221495-1305.00 229374 168761
Biogen
406.73
5.61 408.24 272.02

Yld

P/E MCap m

6.36 14.84 26975.17

3.54
2.86
1.87
2.66
0.10
2.88
1.09
4.61
2.54
3.20
1.43
5.60

21.04 49348.61
66.08 39216.63
25.06 245050.78
24.05 277759.64
23.38 46470.4
25.03 189525.09
13.34 14015.52
8.04 33412.53
17.25 29112.97
20.10 32557.95
19.01 64819.65
12.38 48806.52

1.85 11.06 40248.42

2.58 15.60 22873.61
1.60 17.37 122101.6
2.01 10.43 30274.15
4.05 268.32 26373.36
1.06 31.69 37366.99
3.94 87.96 86331.92
2.50 58.75 66260.9
1.95 18.13 50152.71
5.35 14.57 125511.72
3.89 19.11 108413.34
3.76 9.03 23005.52
2.27 17.82 54932.07
2.34 23.14 29019.15
2.74 24.27 73043.89
5.38 17.82 114624.38
3.40 17.19 57763.88
4.98 11.69 178347.67
4.18 20.84 45653.72
- 234.74 85108.5
4.72 15.61 51756.38
2.09 19.25 63594.81
-6.96 38894.01
2.52 22.04 63294.8
2.09 25.45 37332.72
3.69 16.55 70292.08
2.29 7.96 28065.81
5.56 13.42 124442.68
1.80 25.86 89303.23
0.25 26.81 46777.4
5.65 74.29 23403.35
5.09 9.51 36906.21
6.15 22.74 30094.22
6.10 62.92 93483.12
2.27 20.03 30648.56
2.03 22.54 106060.33
1.63 38.25 70184.9
2.65 26.86 94002.66
2.13 20.86 71508.33
2.14 12.39 37791.54
- -39.39 76719.29
- 149.36 38733.95
3.26 16.74 28576.54
0.86 16.92 33988.29
2.28 10.17 27837.24
1.95 33.19 33443.89
56.50 36847.63
0.08 56.55 68850.33
1.46 12.07 29851.07
3.36 26.72 109654.56
- -733.71 175999.19
0.19 95.10 35705.38
1.19 15.20 81118.64
0.82 9.55 76967.18
1.54 18.90 25068.68
1.31 54.56 37767.06
1.40 25.78 118702.55
1.00 -21.45 43605.38
0.81 24.76 28593.51
1.55 29.66 30451.3
1.42 17.55 748188.88
1.81 17.22 30842.98
5.14 10.96 176824.83
2.18 27.44 41685.09
0.98 99.06 28316.27
0.92 22.82 27803.14
0.47 43.37 170471.66
2.85 21.17 36540.17
2.37 14.51 27227.28
1.54 24.86 27665.49
18.46 189700.06
33.20 95424.75

Stock

52 Week
High
Low

Price Day Chg

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

39.12
377.61
153.75
59.55
44.90
79.42
86.17
43.70
83.30
59.54
120.21
29.28
108.35
100.96
116.19
29.31
51.12
94.18
42.11
62.00
70.21
57.85
67.42
24.65
146.67
106.71
87.79
35.53
140.80
102.62
87.24
91.71
45.92
64.41
87.21
59.65
103.89
73.79
49.68
79.17
76.08
72.12
57.65
111.77
28.72
58.69
93.80
77.58
33.42
85.50
89.44
79.42
178.65
16.43
53.86
21.11
139.51
25.01
29.02
53.45
37.51
102.73
189.11
546.45
44.24
69.60
38.38
28.35
76.22
110.94
104.70
163.89
98.43
202.34
233.91
34.21
91.11
100.70
49.90
59.23
110.66
42.01
64.17
72.44
90.03
60.47
52.75
71.12
266.34
201.71
72.29

0.13
-0.25
2.58
-0.46
-0.51
0.08
-0.05
-0.17
-1.50
-0.27
1.80
0.19
-2.09
-0.49
0.18
-0.18
-0.30
0.42
0.38
0.91
-0.33
-0.37
-0.31
0.02
-0.57
-1.36
-0.41
0.14
0.62
-1.48
-0.21
-1.04
0.65
0.46
-0.13
0.39
0.03
-0.88
0.27
-1.80
-0.23
-0.17
0.75
0.21
0.52
-0.16
-1.51
-2.41
-0.48
0.33
-1.57
2.71
-1.13
0.22
0.09
-0.18
0.85
-0.01
-0.66
0.57
0.32
-1.21
0.44
3.80
-0.15
0.60
0.23
-0.19
-1.89
-1.05
0.08
1.70
-0.01
3.72
-0.86
-0.06
1.35
0.74
0.09
-0.14
-1.04
-0.17
-0.58
-0.99
-0.52
-0.09
0.35
0.11
-0.57
3.14
-0.23

41.79
382.84
154.24
64.44
46.01
85.39
87.33
47.44
111.46
68.10
124.60
31.00
135.10
105.30
116.92
29.58
56.95
95.80
44.87
62.01
71.31
59.51
87.09
25.16
156.85
108.57
89.44
37.99
161.03
104.25
87.57
94.89
51.06
80.63
89.46
66.75
104.45
80.89
54.97
89.97
76.66
79.98
59.70
118.46
30.92
69.94
118.89
81.03
38.93
86.64
104.76
82.17
183.51
18.12
59.43
39.32
145.92
27.53
31.70
55.64
38.18
116.83
198.06
614.44
74.33
76.18
41.10
28.94
84.88
112.45
104.99
199.21
98.80
213.33
236.75
37.90
95.84
109.49
51.60
63.49
119.01
43.18
67.74
73.60
94.84
88.28
88.19
75.10
274.19
201.74
72.85

Bid
yield

Mth's Spread
chge
vs
yield
US

Feb 19
High Yield US$
Windstream Corporation

S*

Ratings
M*

F*

Bid
price

11/17

7.88

B1

BB

109.13

4.29

-0.15

-0.55

3.68

High Yield Euro

Sunrise Communications Holdings S.A.

12/18

8.50

BB-

B3

104.08

0.00

0.00

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

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
03/24

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
2.75

BBB+
BBB+
BBBBB+
BBB+
BBBABBB
-

A3
A3
Baa2
Baa3
A3
Baa2
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

121.00
116.04
108.62
117.38
119.14
104.83
109.94
113.98
105.42
111.85

1.23
1.00
4.80
5.44
2.23
3.99
3.82
2.67
3.45
4.21

0.00
0.11
0.00
-0.43
0.07
0.02
-0.02
-0.09
0.01
0.01

0.00
-0.04
0.27
-1.52
-0.17
0.39
0.12
-0.12
-0.08
0.20

0.62
0.39
4.19
4.83
0.69
2.45
2.28
1.13
1.91
2.13

Red
date Coupon

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

179.36
298.75
253.64
215.39
226.20
284.79
246.94
297.61
226.08
285.96
222.14
216.52

-0.01
0.12
0.45
0.04
-0.02
0.26
0.01
0.09
0.40
0.21
0.00
0.43

-0.77
-3.06
-1.25
0.41
-0.21
-4.98
-2.21
-3.13
-1.73
-4.41
-0.03
-2.14

0.61
1.78
1.26
1.26
2.04
-0.30
-1.56
1.40
0.85
0.23
1.67
0.68

-0.84
-0.86
-1.25
0.78
0.69
-3.15
-1.78
-1.10
-1.73
-2.52
0.63
-2.14

4.18
11.87
1.26
7.77
12.54
12.06
0.56
11.35
0.85
11.82
10.55
0.68

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.89
Mexico
02/20
5.50
BBB+
BBB+ 113.00
2.68
-0.01
-0.32
1.14
Bulgaria
09/25
5.75
BB+
BBB- 122.57
3.24
0.00
-0.46
1.17
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

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

115.00
110.99
1040.27
116.68

-0.06
0.02
-2.56
-0.03

-1.57
0.36
6.49
0.45

6.40
5.77
8.36
9.78

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

288.94
53.76
60.43
61.91

-4.45
-0.89
-0.65
-1.26

-16.43
-4.56
-2.51
-4.45

-32.83
-4.46
-5.76
-2.04

419.37
80.45
79.33
85.99

285.07
51.98
58.50
56.40

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

Markit CDX
Emerging Markets 5Y
368.59
1.19
-15.64
-28.84
420.12
238.47
Nth Amer High Yld 5Y
344.92
-1.19
-4.94
-26.75
406.42
328.06
Nth Amer Inv Grade 5Y
64.10
-1.13
-2.70
-6.10
75.99
60.32
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
181.74
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Feb 18
Feb 18
Prev
return
stock
Market
stocks
Can 4.25%' 21
134.30
-0.683
-0.635
-0.23
5.18
71817.60
7
Fr 2.25%' 20
115.70
-0.589
-0.573
-0.01
19.98 214021.20
14
Swe 0.25%' 22
108.06
-0.707
-0.746
1.53
28.76 223093.38
5
UK 2.5%' 16
327.51
-1.969
-1.998
0.12
7.90 468370.35
24
UK 2.5%' 24
341.46
-0.843
-0.883
-2.55
6.82 468370.35
24
UK 2%' 35
227.66
-0.687
-0.716
-5.80
9.08 468370.35
24
US 0.625%' 21
103.44
0.087
0.167
-2.09
35.84 1076238.83
35
US 3.625%' 28
138.51
0.580
0.167
-3.65
16.78 1076238.83
35
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.56
2.17
0.48 Italy
Austria
0.50
0.11 -1.58 Japan
Belgium
0.73
0.35 -1.34 Netherlands
Canada
1.44
1.06 -0.64 Norway
Denmark
0.16 -0.22 -1.91 Portugal
Finland
0.53
0.15 -1.55 Spain
France
0.71
0.32 -1.37 Switzerland
Germany
0.38
0.00 -1.69 United Kingdom
Greece
9.78
9.39
7.70 United States
Ireland
0.97
0.58 -1.11
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.60
0.40
0.46
1.32
2.25
1.61
0.06
1.83
2.08

Spread Spread
vs
vs
Bund T-Bonds
1.22
0.01
0.07
0.93
1.87
1.22
-0.32
1.44
1.69

-0.48
-1.68
-1.62
-0.76
0.17
-0.47
-2.01
-0.25
0.00

P/E MCap m

Stock

1.56 16.72 44037.76

1.88 20.51 62386.46
1.88 21.04 108299.6
2.41 50.12 98979.15
1.06 41.80
24695
1.44 11.22 44579.94
1.53 26.88 28447.37
2.26 27.90 25898.78
3.09 14.32 50429.73
0.90 24.95 27355.38
66.42 96012.23
0.78 32.81 38232.91
3.64 10.48 204827.48
1.83 12.43 23807.75
0.03 16.59 30392.82
2.67 17.03 149879.27
0.07 18.03 154867.44
1.88 32.75 31646.3
2.70 24.54 184446.55
28.44 37752.9
1.90 32.33 63989.28
1.43 19.13 124353
3.96 12.13 82988.15
1.61 14.37 31338.54
0.92 30.91 64606.58
1.54 28.15 48500.47
1.14 174.29 29309.38
1.76 18.67 35366.47
1.98 15.77 25723.01
1.06 26.17 115473.44
0.35 24.03 61302.81
2.34 11.00 31404.53
0.65 59.46 37850.55
1.36 12.45 26350.13
16.88 43800.06
1.41 11.91 27050.07
1.10 23.31 176567.64
3.05 30.17 42995.06
3.05 17.35 57514.29
3.77 18.85 55996.2
2.39 19.70 68883.9
2.50 21.41 34228.15
- 1597.01 69759.2
0.94 31.15 33544.02
1.43 24.18 58442.57
2.97 18.79 40214.5
0.54 17.82 51403.28
2.64 88.40 28112.14
3.67 17.97 28735.63
35.87 62749.31
2.81 11.81 378736.24
73.05 177609.63
0.39 22.90 50613.8
3.01 21.06 63832.02
0.94 14.53 33491.59
5.64 10.29 21935.78
1.72 17.99 46276.11
3.35 17.69 251155.22
1.87 119.64 25656.8
2.97 22.67 32270.31
3.17 22.79 60404.83
19.20 154985.09
1.11 11.48 82366.01
27.23 156797.46
1.29 11.98 37491.64
18.72 30176.04
1.53 15.17 70392.07
41.95 27913.9
3.94 101.83 24975.32
1.57 26.24 146199.77
1.77 19.57 81944.82
2.38 11.05 162195.45
1.82 21.29 37348.97
86.15 28732.28
1.10 27.92 26199.97
2.61 14.92 162018.56
0.87 32.88 26011.58
2.57 17.53 281870.41
1.83 22.72 32616.23
2.51 11.52 221412.92
3.01 28.58 41215.89
3.79 36.64 43195.92
3.12 17.04 37784.82
0.88 23.12 35591.54
1.41 28.70 26350.2
2.91 19.15 48496.83
- -41.30 13240.25
2.62 29.89 79187.13
- -2097.52 29135.02
2.70 18.17 63656.42
1.09 29.56 70331.57

52 Week
High
Low

Price Day Chg

Lyondell
91.24
Marathon Ptl 105.65
Marsh&M
57.09
MasterCard
89.20
McDonald's
94.19
McGraw Hill 104.88
McKesson
225.35
Medtronic
78.13
Merck
58.30
Metlife
51.10
MicronTech
31.81
Microsoft
43.50
MondelezInt
37.00
Monsanto
125.46
MorganStly
36.33
News Corp A
34.80
NextEraE
105.43
Nike
93.70
NorfolkS
111.59
Northrop
170.13
NtlOilVarc
54.24
Occid Pet
80.61
Oracle
44.11
Paccar
64.50
Pepsico
98.72
Pfizer
34.41
PG&E
55.05
Phillips66
77.43
PhilMorris
82.62
PNCFin
91.62
PPG Inds
235.50
PPL
35.16
Praxair
128.86
Prec Cast
214.20
Priceline
1218.05
ProctGmbl
85.21
Prudntl
80.30
PublStor
198.79
Qualcomm
70.98
Raytheon
108.07
Regen Pharm 426.60
ReynoldsAm
72.78
Salesforce
62.81
Schlmbrg
86.98
SempraEgy
109.20
Shrwin-Will
286.76
SimonProp
189.81
SouthCpr
30.18
SouthwestAir
43.76
SpectraEn
36.00
Starbucks
93.17
StateSt
76.54
Stryker
94.56
Sychrony Fin
31.88
Target
76.68
TE Connect
71.00
TeslaMotors 211.71
TexasInstr
58.04
TheTrvelers
107.99
ThrmoFshr
127.79
TimeWrnr
83.92
TimeWrnrC
147.48
TJX Cos
67.82
UnionPac
121.96
UPS B
101.70
USBancorp
44.32
Utd Cntl Hldg
66.09
UtdHlthcre
110.03
UtdTech
122.91
ValeroEngy
60.18
Verizon
48.91
VertexPharm 111.97
VF Cp
74.45
Viacom
69.31
Visa Inc
269.10
Walgreen
76.05
WalMartSto
83.52
Wellpoint
128.71
WellsFargo
54.56
WestrnDigl
109.84
Williams Cos
49.41
Yahoo
44.37
Yum!Brnds
76.67

1.75 115.40
1.02 105.87
0.11 58.74
1.47 89.87
-0.39 103.78
-0.13 105.66
-0.29 227.03
-0.37 78.60
-0.50 63.62
0.41 57.57
-0.36 36.59
-0.03 50.05
0.06 39.54
0.90 128.79
-0.04 39.19
0.14 39.27
-1.06 112.64
0.08 99.50
0.38 117.64
2.45 170.19
-1.60 86.55
-0.76 101.38
0.01 46.71
71.15
-0.61 100.76
-0.07 34.97
-0.50 60.21
1.48 87.98
-0.38 91.63
0.31 93.45
-0.74 237.14
-0.26 38.14
1.23 135.24
3.23 275.09
95.06 1378.96
-1.05 93.89
0.74 94.30
-4.37 206.92
0.44 81.97
1.04 111.47
20.80 437.64
-0.37 73.53
-0.19 67.00
-0.76 118.76
-0.51 116.30
-1.29 289.28
-4.47 206.31
-0.54 33.90
0.21 47.17
-0.67 43.12
0.17 93.78
0.29 80.92
-0.69 98.24
-0.03 33.96
-0.67 77.75
0.21 71.31
7.25 291.42
0.10 58.46
0.01 108.53
-0.21 131.12
0.34 88.13
-0.28 155.95
0.15 69.84
-1.39 124.52
-0.19 114.40
-0.21 46.10
-0.63 74.52
0.26 114.32
0.92 123.00
0.91 60.68
-0.03 53.66
-1.60 127.69
-0.89 76.89
1.22 89.76
-0.02 272.75
-0.74 77.98
-2.77 90.97
0.94 129.96
0.04 55.95
0.84 114.69
0.73 59.77
0.72 52.62
0.17 83.58

Yld

70.06
74.64
46.78
68.68
87.62
71.93
162.90
55.85
52.49
46.10
21.02
37.19
31.83
105.76
28.31
31.01
89.81
70.60
89.76
116.11
49.25
72.32
35.82
55.34
77.01
27.51
41.57
57.33
78.52
76.69
171.56
31.19
117.32
186.17
990.69
77.29
74.51
162.34
62.26
89.17
269.50
47.51
48.18
75.60
91.02
188.25
157.08
23.60
20.88
32.43
67.93
62.67
75.78
22.60
55.25
51.03
177.22
41.47
82.32
107.33
62.44
128.78
51.91
87.79
94.05
38.10
36.65
73.23
97.30
42.53
45.09
59.79
56.38
63.11
194.84
55.27
72.61
81.84
45.25
80.78
39.31
32.15
65.81

P/E MCap m

2.93 11.52 45680.94

1.59 13.78 29602.36
1.72 22.51 30879.94
0.54 29.11 99124.5
3.28 19.42 92487.92
1.13 -98.07 28684.68
0.42 31.06 52471.51
1.45 27.98 76904.65
2.88 33.50 166205.92
2.33 10.97 58051.75
10.47 34269.34
2.62 17.74 356864.66
1.47 36.28 62148.76
1.40 25.21 60633.05
0.79 15.18 71112.46
0.71 8.34 46200.99
2.56 24.86 46018.33
1.01 28.33 64313.87
1.97 17.66 34304.1
1.58 17.61 34366.14
2.99 9.61 23354.32
3.31 11.76 62507.26
1.07 18.68 193703.2
1.24 18.57 22837.96
2.54 23.37 146339.42
2.82 22.32 216805.62
3.27 18.20 26225.82
2.19 12.75 42858.54
4.40 17.40 128367.94
1.91 12.97 48211.34
1.04 24.60 32318.85
4.02 25.54 23383.93
1.88 21.52 37546.27
0.06 16.66 30366.64
28.88 63772.26
2.94 22.80 230110.45
2.51 16.56 36616.8
2.68 41.61 34336.14
2.25 15.16 117085.78
2.22 15.66 33325.33
- 140.37 42935.2
3.65 27.22 38666.81
- -128.00 38502.53
1.82 20.38 111925.33
2.28 25.06 26851.59
0.71 34.54 27528.3
2.53 41.60 58990.65
1.45 18.99 24692.29
0.50 27.08 29581.49
3.47 25.34 24156.01
1.17 28.53 69858.87
1.39 17.18 31955.09
1.32 70.98 35814.6
13.81 26580.42
2.28 33.29 48842.43
1.56 15.64 28841.68
- -135.86 26543.95
1.97 26.47 61307.65
1.97 10.12 34704.59
0.45 32.34 51119.26
1.41 18.40 70365.77
2.01 20.75 41427.18
0.91 23.21 46721.22
1.55 21.43 107481.4
2.46 26.49 71428.42
2.04 15.28 79305.6
21.96 24391.89
1.26 19.50 104935.08
1.90 18.20 111498.67
1.58 8.84 31368.53
4.17 11.10 202962.99
- -36.01 27106.69
1.34 26.73 32152.89
1.84 12.86 24613.99
0.62 30.38 132117.94
1.71 36.06 72276.92
2.21 18.19 269200.82
1.27 16.42 34744.16
2.27 14.04 283036.79
1.35 17.14 25376.5
3.41 19.28 36932.13
6.19 42033.99
1.96 33.37 33707.89

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

Feb 19
US$
Bear Stearns Cos, LLC
Wachovia Corporation
Halliburton Company
SouthTrust Bank
Duke Energy Florida, Inc.
Baxter Intl Inc.
Euro
Goldman Sachs Group, Inc. (The)
Citigroup Inc.
BG Energy Capital plc
Ireland
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
Barclays Bank plc

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

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

6.00
6.82
6.75
6.57
6.75
6.63

A
A
A
A+
BBB+
A-

A3
A3
A2
A1
A3
A3

A+
A+
AA+
AA

100.26
132.16
122.31
123.38
125.39
127.10

6.06
4.08
4.38
4.23
4.23
3.98

0.00
-0.04
0.03
-0.03
0.00
0.02

0.06
0.03
0.44
0.09
0.50
0.16

3.98
2.00
-

06/26
09/26
11/29
05/30

2.88
2.13
2.25
2.40

AAAA

Baa1
Baa2
A2
Baa1

A
A
AA-

113.46
106.02
107.59
111.47

1.56
1.55
1.67
1.55

0.01
0.01
0.02
0.00

-0.30
-0.31
-0.28
-0.09

-0.51
-0.53
-

07/15

0.94

AA

Aa2

AA

100.29

0.22

0.00

-0.12

03/26
09/26

6.88
5.75

AA
BBB-

Aa2
Baa3

AA
A-

132.01
116.20

3.36
3.97

0.00
0.02

-0.15
0.04

1.28
1.89

S*

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

GILTS: UK CASH MARKET

Feb 19
Day Chng
Prev
52 wk high
52 wk low
VIX
15.29
-0.16
15.45
31.06
10.28
VXD
14.97
-0.19
15.16
23.19
7.64
VXN
15.44
-0.46
15.90
31.17
9.66
VDAX
18.34
-0.37
18.71
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
Australia
10/18
3.25 104.79
04/25
3.25 106.15
Austria
10/18
1.15 104.22
10/24
1.65 110.87
Belgium
06/18
0.75 101.89
12/24
1.10 103.45
Canada
11/16
1.00 101.00
06/25
2.25 107.71
Denmark
11/16
2.50 105.93
11/25
1.75 116.86
Finland
09/18
1.13 104.22
07/25
4.00 134.87
France
11/16
0.25 100.59
11/19
0.50 102.02
05/25
0.50 97.98
05/45
3.25 142.79
Germany
06/16
0.25 100.56
10/19
0.25 101.69
02/25
0.50 101.14
08/46
2.50 138.94
Greece
07/17
3.38 75.23
02/25
2.00 60.68
Ireland
10/17
5.50 114.36
03/24
3.40 121.02
Italy
05/17
1.15 101.74
12/19
1.05 101.30
12/24
2.50 108.18
09/46
3.25 113.13
Japan
02/17
0.10 100.12
03/20
0.05 99.55
12/24
0.30 99.10
12/44
1.50 101.68
Netherlands
04/17
0.50 101.34
07/24
2.00 114.14
New Zealand
12/17
6.00 107.27
Norway
05/17
4.25 107.81
03/24
3.00 114.27
Portugal
02/16
6.40 105.99
10/25
2.88 105.86
Spain
10/17
0.50 100.25
04/25
1.60 99.94
Sweden
08/17
3.75 110.10
05/25
2.50 118.75
Switzerland
10/16
2.00 105.03
07/25
1.50 114.90
United Kingdom
07/18
1.25 100.94
07/20
2.00 103.32
09/24
2.75 108.06
01/45
3.50 119.75
United States
01/17
0.50 99.79
01/20
1.25 98.63
02/25
2.00 99.31
11/44
3.00 106.24
Data provided by SIX Financial Information & Tullett Prebon Information

30.82
292.20
116.32
46.30
28.86
70.21
63.06
33.11
78.81
48.83
66.85
23.35
98.88
85.19
73.47
21.27
45.18
66.44
36.89
41.51
61.35
47.74
60.64
17.03
110.36
65.97
71.29
27.06
124.30
69.92
70.12
78.88
30.12
51.76
72.28
54.02
76.31
64.71
41.45
68.10
63.70
57.11
46.34
97.78
24.92
55.81
81.07
56.51
29.14
64.64
86.03
54.66
130.64
13.26
49.12
16.43
104.22
23.41
21.31
48.32
28.82
63.50
151.65
490.91
37.21
47.17
28.75
20.72
56.01
74.61
82.89
149.52
79.06
127.69
182.40
24.30
72.44
90.66
38.60
52.97
99.20
30.81
53.33
37.41
53.03
49.82
37.98
56.55
136.02
153.54
44.13

Yld

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

VOLATILITY INDICES
Day's
change

CREDIT INDICES

Short
7 Days
One
Three
Six
One
Feb 19
term
notice
month
month
month
year
Euro
-0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 -0.13 0.28
Sterling
Swiss Franc
Canadian Dollar
US Dollar
0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58
Japanese Yen
-0.03 0.07 -0.05 0.05 -0.10 0.05 -0.05 0.10 -0.05 0.15 0.05 0.25
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days
notice: Tradition (UK).

Stock

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
Sasol
429.06
444.97
Sychrony Fin
31.88
31.91
L Brands
90.03
90.55
SSE
1535.00
1543.00
Lukoil
2994.80
3000.00
BSkyB
850.50
862.50
Baxter
67.42
68.40
OilNatGas
333.45
332.60
PTT Explor
345.00
356.00
ChMrchSecs
26.62
26.58
TrnCan
56.58
56.58
ExxonMb
89.44
91.01
Kraft
64.17
64.75
Exelon
33.42
33.90
BT
436.90
435.40
Total
45.98
47.27
EquityResTP
77.58
79.99
CSX
35.53
35.39
BankAm
16.21
16.30
WalMartSto
83.52
86.29
Based on the FT Global 500 companies in local currency

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

INTEREST RATES: MARKET

Over
night
0.11800
-0.10286
0.48000

Yld

FT 500: BOTTOM 20

Close
Prev
Day
price
price
change change %
CntJpRwy
22385.00 21810.00
575.00
2.64
Cred Agr
12.78
12.89
-0.11
-0.81
MitUFJFin
770.20
743.30
26.90
3.62
SumitomoF
4687.00
4566.50
120.50
2.64
Priceline
1218.05
1122.99
95.06
8.46
Panasonic
1465.50
1453.50
12.00
0.83
Fanuc
23010.00 22950.00
60.00
0.26
Nissan Mt
1206.50
1194.50
12.00
1.00
Mizuho Fin
218.20
210.60
7.60
3.61
Unicred
5.81
5.74
0.07
1.22
Tata Cons
2681.05
2635.65
45.40
1.72
SocGen
40.18
40.05
0.14
0.34
BNP Parib
51.43
50.91
0.52
1.02
MollerMrsk
14100.00 14080.00
20.00
0.14
ChCommsCons
8.94
8.83
0.11
1.25
FreeportMc
21.11
21.29
-0.18
-0.85
ChinaRailGp
6.05
6.03
0.02
0.33
Deut Bank
28.89
28.89
0.00
0.00
HsngDevFin
1353.45
1328.60
24.85
1.87
Keyence
60930.00 61990.00
-1060.00
-1.71
Based on the FT Global 500 companies in local currency

Feb 19
US
US
US
Euro
UK
Japan
Switzeland

52 Week
High
Low

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
1.89
0.00
-0.04
-0.23
-1.56
2.56
0.02
0.01
-0.06
-1.74
0.01
0.00
-0.02
-0.02
0.00
0.50
0.00
0.06
-0.03
0.00
0.17
-0.01
-0.01
-0.11
-0.93
0.73
-0.01
-0.02
-0.22
0.00
0.41
0.00
0.00
-0.15
0.00
1.44
-0.03
0.04
-0.10
0.00
-0.89
0.00
0.00
0.00
0.00
0.16
-0.01
0.11
-0.37
0.00
0.06
0.00
-0.03
0.06
-0.72
0.53
0.03
0.07
-0.06
-1.60
-0.09
0.00
0.00
0.00
0.00
0.07
0.00
0.02
-0.04
0.00
0.71
0.01
0.07
0.00
0.00
1.48
0.03
0.14
-0.03
-1.78
-0.18
0.00
0.00
0.00
0.00
-0.11
0.00
0.00
0.00
0.00
0.38
0.00
0.06
-0.06
0.00
1.04
0.02
0.14
-0.11
0.00
16.73
-0.35
-1.25
6.65
0.00
9.78
-0.06
-0.24
1.01
2.24
0.07
0.00
-0.04
-0.09
-1.22
0.97
-0.02
-0.06
-0.06
-2.26
0.37
-0.02
-0.03
-0.04
0.00
0.77
-0.04
-0.08
0.00
0.00
1.60
-0.04
-0.05
0.03
0.00
2.65
-0.01
-0.05
-0.26
0.00
0.04
-0.01
-0.01
0.00
0.00
0.14
0.00
0.01
0.00
0.00
0.40
-0.02
0.00
0.08
0.00
1.42
-0.05
0.00
0.15
0.00
-0.13
0.00
0.00
0.00
0.00
0.46
0.00
0.05
-0.03
0.00
3.29
0.05
-0.02
-0.14
-1.28
0.72
0.00
0.04
0.07
-1.02
1.32
0.01
0.10
0.04
0.00
0.26
0.05
0.08
0.05
-2.04
2.25
-0.06
-0.22
0.00
0.00
0.41
-0.04
-0.05
0.02
0.00
1.61
-0.03
-0.04
0.00
0.00
-0.32
0.00
0.00
0.00
0.00
0.60
0.06
0.07
-0.15
0.00
-1.03
0.00
0.00
0.00
0.00
0.06
-0.01
0.05
0.00
0.00
0.97
-0.03
0.08
0.18
-0.65
1.36
-0.03
0.12
0.22
0.00
1.83
-0.03
0.16
0.31
0.00
2.55
-0.03
0.14
0.35
0.00
0.61
0.00
-0.02
0.00
0.00
1.54
0.02
0.04
0.00
0.00
2.08
0.00
0.09
0.00
0.00
2.69
-0.01
0.13
0.25
0.00

Red
52 Week
Amnt
Change in Yield
Feb 19
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 3.5pc 'WL
100.14
0.50
-24.24
61.29
-81.82
19.05 102.11 100.00
0.02
Tr 2pc '16
101.47
0.40
0.00
5.26
11.11
-33.33 102.61 101.47
0.32
Tr 1.75pc '17
102.29
0.55
-6.78
12.24
14.58
-43.88 102.68 101.07
0.29
Tr 5pc '18
112.55
0.81
-4.71
9.46
17.39
-42.96 114.09 111.68
0.35
Tr 4.5pc '19
113.64
1.04
-2.80
10.64
16.85
-41.57 115.07 111.17
0.36
Tr 4.75pc '20
117.04
1.25
-1.57
10.62
17.92
-39.02 119.04 113.53
0.33
Tr 8pc '21
139.70
1.39
-1.42
10.32
19.83
-39.57 142.92 135.65
0.24
Tr 4pc '22
116.68
1.50
-1.32
9.49
20.00
-38.52 119.85 110.38
0.38
Tr 5pc '25
129.27
1.80
-1.10
9.76
19.21
-36.17 134.70 119.37
0.35
Tr 4.25pc '27
125.14
2.01
-0.99
8.65
18.24
-34.95 131.90 112.19
0.31
Tr 4.25pc '32
128.06
2.28
-0.87
7.04
16.92
-31.33 136.85 111.94
0.35
Tr 4.25pc '36
130.04
2.42
-0.82
6.61
15.79
-29.45 140.37 111.90
0.26
Tr 4.5pc '42
139.87
2.50
-1.19
5.93
15.74
-28.16 153.16 117.54
0.26
Tr 3.75pc '52
129.60
2.52
-1.18
5.44
15.07
-27.79 145.21 104.48
0.22
Tr 4pc '60
140.40
2.50
-0.79
5.93
15.21
-27.54 159.23 111.53
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES

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

Day's
chg %
0.07
0.13
0.21
0.15
0.46
0.25

Feb 19
100.12
182.05
209.82
188.35
299.23
174.42
Feb 19
312.31
554.51
431.32
673.06
515.04
Feb 19
1.22
1.87
2.24

Day's
chg %
-0.01
0.45
0.15
0.59
0.40
Feb 18
1.24
1.89
2.26

Yr ago
1.79
2.78
3.22

Total
Return
2342.79
3186.79
3737.81
3320.71
4225.32
3175.55

Month
chg %
-0.62
-6.67
-3.08
-8.15
-6.05

Return
1 month
-0.25
-1.38
-2.66
-1.75
-5.63
-2.91

Year's
chg %
-2.25
17.00
5.50
23.16
14.79

20 Yrs
45 Yrs

inflation 0%
Feb 19
Dur yrs Previous
Yr ago
Feb 19
Real yield
Up to 5 yrs
-1.23
2.40
-1.23
-1.36
-1.94
Over 5 yrs
-0.68
22.56
-0.66
0.04
-0.72
5-15 yrs
-0.78
9.05
-0.76
-0.19
-0.93
Over 15 yrs
-0.66
28.36
-0.64
0.08
-0.69
All stocks
-0.69
20.40
-0.67
0.02
-0.74
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2361.70
4067.66
3246.28
4852.26
3824.14
Feb 19
2.43
2.52

Return
1 year
2.39
7.88
13.34
9.48
22.21
11.46

Yield
0.89
1.52
1.94
1.68
2.46
2.19

Return
1 month
-0.62
-6.67
-3.08
-8.15
-6.05

Return
1 year
-0.53
18.02
6.80
24.00
15.90

Feb 18
2.45
2.55

Yr ago
3.41
3.47

inflation 5%
Dur yrs Previous
2.43
-1.94
22.69
-0.70
9.09
-0.91
28.45
-0.67
20.57
-0.72

Yr ago
-2.17
-0.02
-0.40
0.03
-0.06

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

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

24

FINANCIAL TIMES

Friday 20 February 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
Price

52 Week
High
Low

+/-Chg

Yld

P/E

0.60
3.99
2.73
2.84
2.24
2.29
1.51
2.29

18.64
90.79

Vol
000s

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

788.50
525.50
227.50
341.00
568.00
962.00
338.00
1842

3.50
-4.00
4.00
2.00
27.50
1.30
2.00

810.00
534.38
289.50
345.10
577.80
1108
339.73
1985

580.00
374.10
181.50
258.30
421.70
777.00
248.90
1642

0.22
2.00

18.12
468.00

13.26 3.01 21.06 24825.2

281.10 2.08 12.94 3702.0

-325.00

32.97
21.73
7.96
19.19
29.97

9.1
9216.3
207.7
1027.6
3175.3
11767.5
282.6
77.9

Automobiles & Parts

FordMtr $X
GKN

16.43
380.20

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

35.00
-0.13 35.87
475.75
6.00 758.00
16.21
-0.09 18.21
2140 -101.00 2795.69
0.32
0.39
66.36
-0.03 74.93
260.40
0.05 267.55
93.53
-0.30 107.37
601.90
-3.60 737.00
77.23
-0.06 85.53
77.23
0.44 83.87
395.90
-0.60 403.90
966.80
0.80 1355.5
123.25
124.00
135.50
139.75
54.45
-0.18 58.20
37.95
-0.05 38.28

30.47
416.37
14.37
1774
0.24
60.75
201.75
88.04
573.54
70.02
71.04
291.60
867.50
108.50
124.50
49.15
31.33

5.32
9.33
0.47
3.26
4.13
2.50
4.51
4.98
3.94
5.09
5.98
6.09
3.62
5.02

12.73
13.33
43.37
9.38
-12.23
10.94
58.75
11.11
11.69
234.74
12.01
-6.96
9.51
12.29
15.19

4658.3
557.8
75577.8
204.8
13918.5
1753.8
36082.5
1191.1
19017.4
97685.4
3109.2
8573.9
4322.6
15.6
51.7
2704.4
3843.0

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet
Mondi
Vale BRLX

63.00
3.88
1267
22.10

-0.50 173.65
-0.03 13.25
13.00 1275.43
-0.61 35.09

47.60 6.46 2.59

2.65 8.91
919.00 2.28 17.05
17.65 9.58 -10.46

742.6
643.8
1085.8
4624.6

346.00
124.80
128.25
2791
280.30
288.00
331.90
256.00
2102

3.00 393.61
-0.25 131.70
4.25 219.75
37.00
2849
-3.80 305.10
-1.00 347.75
1.70 350.30
3.00 302.08
8.00 2202.55

294.56
91.31
80.00
1965
225.50
237.53
273.20
176.64
1536

2.60
1.78
2.07
2.31
1.70
1.01
3.20
2.34
2.10

14.77
26.72
-4.54
22.01
19.63
21.07
20.10
19.09
22.29

609.2
1961.3
490.6
366.7
716.1
88.4
228.9
173.6
94.5

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

3.64
5.83
8.10
2.33
4.00
3.94
2.73
3.62
2.55
4.06
0.92
4.40
2.14
4.08
3.14
1.63
1.87

11.88
92.37
17.86
55.48
15.51
-17.29
14.92
46.51
92.99
26.68
14.00
27.00
11.99
6.87
22.46
94.52

2.5
1649.4
144.1
194.6
2.1
49.9
1597.3
301.6
167.7
77.3
281.6
76.6
110.2
73.5
113.9
2688.2
332.7

605.00
145.44
552.50
258.10
671.58
1470
1606
96.00
1340

2.25
2.25
1.58
3.23
1.58
1.57
1.96
4.36
3.63

27.12
15.94
24.05
22.21
67.25
17.14
18.57
47.82
14.88

160.6
99.1
400.4
385.6
162.8
43.1
233.5
118.4
7.8

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

Construction & Materials

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

137.50
242.00
119.50
219.00
77.50
292.00
1832
1464
940.50
1700
16.43
59.13
245.50
662.00
16.25
41.26
320.25

139.72
3.20 322.20
120.25
14.50 229.00
0.50 88.56
1.00 324.58
-15.00 1872.64
44.00
1469
-13.50
1299
20.00
1903
0.11 16.74
0.50 96.00
0.50 264.00
18.00 875.00
-0.25 22.80
0.45 46.40
0.50 325.00

Electronic & Electrical Equip

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

639.00
195.50
707.50
324.60
787.00
2625
2177
123.75
1543

9.00 992.00
2.50 198.00
3.50 709.00
2.60 366.65
1.00
1598
19.00 2652.21
-5.00
2493
-0.75 225.00
8.00
1798

FriendsLf
Gimv Nv
GuinPeat
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG
IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
Tungsten
WlkrCrip

417.80
41.29
22.00
1053
101.80
260.80
516.00
155.30
501.00
467.40
580.00
398.30
295.00
183.70
94.50
438.90
2696
2196
34.75
2112.5
3001
2290
482.30
334.00
212.00
45.25

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

-1.20 420.30 286.60 5.06 50.17 4297.9

0.12 41.40 34.16 4.99 60.10
18.6
36.63 19.00 -51.64 200.0
1513 827.00 2.13 30.92 707.0
1.85 105.80 70.25 2.52
14.6
-2.20 275.40 180.10 3.07 33.64 2026.0
14.00 518.50 338.70 4.26 30.04 1449.3
0.70 155.70 111.40 3.93 10.50 506.8
2.70 512.00 361.70 4.05 14.06 667.7
-5.10 636.50 412.00 1.99 16.15 361.5
5.00 606.50 429.00 3.28 18.28 902.1
-6.10 447.60 313.70 3.16 23.09 956.2
9.00 306.25 208.00 1.02 26.10
61.5
4.10 187.20 81.40 2.56 107.24 11736.2
0.30 101.90 93.75 3.78 20.40 961.6
4.00 444.40 313.70 1.78 14.10 389.6
-12.00 2779.01
1774 3.15 24.11 269.4
-25.00
2280 1680.98 2.32 24.80
74.1
-0.13 44.80 28.38 4.32 13.87
45.9
8.00
2129
1700 2.56 16.25
4.9
11.00
3005
2086 1.93 22.97 205.5
32.00
2295
1692 2.61 17.53
7.5
3.80 483.50 226.00 12.04 442.2
0.50 345.00 234.40 5.04 25.81 599.0
1.50 409.75 200.25 -10.50 837.0
53.60 37.50 3.46 8.39
23.0

Food & Beverages

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

612.00
3057
660.00
740.00
3.78
134.00
1125
1395
484.00
293.00
14.96
319.50
397.50
62.87
72.00
710.00
44.00
300.00
3585
197.75
585.00
161.00
2805
37.37

-3.50 725.00 539.00 0.48 3.29

59.00
3293
2407 1.06 31.69
6.50 680.00 510.13 1.67 24.73
0.50 784.00 600.72 2.58 20.42
0.01
5.02
3.16 2.84 12.99
-4.00 194.50 125.34 2.44 10.87
-18.00
1602
1051 2.45 22.32
8.00
1499 1148.42 2.29 16.60
4.60 537.50 367.39 4.40 21.07
4.50 316.00 203.88 3.00 22.01
-0.03 15.53 10.40 0.73 26.69
4.10 321.50 228.50 1.60 27.72
-6.00 534.50 342.25 3.21 16.00
0.02 65.96 49.30 0.69 63.03
0.90 74.60 63.85 1.87 25.06
710.00 318.75 1.24 19.98
-0.25 165.71 26.13 -2.04
-3.50 488.87 295.25 2.37 9.03
30.50
3857 2753.5 1.80 25.86
3.25 316.75 192.00 14.94
5.00 744.50 551.50 4.72 15.01
1.00 174.93 107.00 1.86 14.94
35.00 2993.13 2346.77 3.11 20.15
0.63 38.76 27.47 2.70 19.15

2.6
868.8
25.7
336.2
71.6
262.4
876.9
14.9
126.4
54.6
29.0
306.2
1.6
66.2
6605.9
2.0
1925.3
30.1
2013.1
209.8
1925.8
192.3
2552.0
12.6

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
Optos
UDGHlthC

89.00
897.00
148.80
255.00
436.00

2.00
26.00
-1.90
-3.75
2.20

142.00
1084
164.10
271.53
439.90

80.00
650.00
122.50
147.25
315.20

3.71
2.02
0.59
1.72

-1.38 190.75 95.25

8.50 497.60 323.50
15.00
1976
1333
14.00
2808
2033
12.00 946.00 717.43
1.10 466.00 291.98
-9.50 683.50 470.25
4.50 432.50 322.35
1.75 495.50 390.00
2.25 115.00 74.00
28.00
1712
1176
0.18 26.99 20.69
-3.10 392.10 289.76
70.00
5885
4697
3.40 367.80 224.00
2.00 145.12 101.20
46.00 2588.48 1634.12

1.15
1.88
7.00
1.47
2.40
6.86
0.83
3.46
2.47
2.52
0.82
0.48
1.35

16.08
19.70
29.19
36.50
12.34

63.2
141.2
1036.7
11.5
318.6

House, Leisure & Pers Goods

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

100.25
496.60
1969
2571
916.50
442.50
524.50
374.25
441.75
89.00
1709
25.71
313.70
5705
364.20
144.40
2498

26.91
50.5
16.34 3631.3
12.60 133.5
9.83 293.2
14.61 255.3
11.44 295.5
23.84
20.4
11.41
15.7
22.55
2.3
-9.54 5221.3
16.38 915.9
100.21 2642.1
14.69 387.2
22.04 1092.9
9.50 673.1
17.01 10260.8
34.46
29.1

Industrial Engineering

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

Price

478.40
460.50
308.20
305.00
320.00
337.50
343.75
1573
29.05
50.00

3.50
-2.40
-3.70
-0.80
-5.00
1.00
-8.25
1.00
0.07
-

Price

+/-Chg

482.90
481.74
379.40
357.60
729.00
493.00
362.00
1580
29.49
85.00

343.61
360.76
249.00
236.80
300.00
289.20
232.00
1217
18.25
45.00

3.34
3.64
5.26
2.85
3.46
3.63
7.50
2.92
1.08
7.20

7.47
20.21
16.71
127.35
14.67
-56.89
16.13
15.73
7.83
4.15

1130.2
2992.8
750.2
211.9
0.3
2.8
20.0
143.5
35.8
14.0

52 Week
High
Low

Yld

P/E

Vol
000s

251.87

160.00 1.71 18.38

27.8

14.17
3009

10.00 -2.15
2245 2.11 29.70

20.0
0.4

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

767.00
393.00
221.50
2825
599.50
1417
291.60
56.25
2440
68.50

1.00

832.00
525.00
451.70
4250
620.25
1613
330.90
69.00
2890
72.05

542.50
373.00
180.50
2375
495.00
1108
234.50
49.00
2146
52.60

1.76
3.30
5.19
1.50
2.67
2.62
2.83
1.97
-

18.82
10.41
19.00
10.29
20.72
19.93
23.86
-16.97
21.60
155.33

191.8
0.4
849.5
1.3
22.9
758.0
2352.5
231.7
126.5
36.4

-3.50
2.00
5.00
-24.00
2.50
-1.25
14.00
-0.50

Price

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

569.50
373.00
37.25
422.50
26.50
84.00

4.50
-2.63
0.25
0.50

707.00
531.00
53.00
430.00
34.00
143.00

344.67
353.00
24.05
345.00
15.00
79.00

2.26
6.70
1.40
1.89
1.79

12.46
12.94
37.10
23.92
243.12
17.27

410.8
14.9
14.8
1.0
25.8
12.5

72.00
2.50
-0.55
2.50

70.00
1198.9
655.00
62.90
10.50
690.52

53.00 1.17 10.95

834.56 1.67 49.48
455.00 - 671.32
23.00 -5.00
5.95 -0.89
535.00 1.72 16.10

2408.0
37.2
4.7
2.0
21.3
14.6

106.85
193.00
286.00
19.00
39.00

0.44 23.56
2.16 9.08
2.60 17.29
-2.43
0.95 22.03

1178.6
79.4
9.4
12.0
277.8

15.00
630.00
41.70
25.00
900.00
930.00
120.00
379.00
219.00

9.03
425.00
19.50
14.50
562.50
724.00
35.00
245.50
151.05

3.79
2.55
0.59
2.76
3.23
2.44
0.97

7.00
-8.50

24.01
14.30
188.00
217.00
790.00

14.60 4.70
3.00 -4.60
75.00 6.08 6.84
116.00 5.88 18.38
215.00 3.42 8.38

78.2
429.5
0.5
11.2
228.5

59.00
51.50
51.25
9.88

-2.00
0.25
-0.25

77.00
58.38
85.20
11.33

42.00 3.39 9.77

27.43 2.10 20.05
46.00 -3.98
6.15 -23.68

10.7
82.8
256.6
36.8

106.38
661.50
420.13
245.25
178.50
1022.5
780.00
266.50
947.00
147.75
123.50
242.00
132.40
171.00
74.00
880.00
578.00
8.01
457.30
19.13
522.00
20.50
21.00
30.13
850.00
831.50
94.00
1025
870.00
332.00
403.50
184.75
128.13
822.50
571.00
224.25
680.50
154.60
153.13
294.00
137.50
192.00
290.50
76.50
119.38
159.00
102.00
163.00
336.50
96.50
96.00
378.00
124.30
288.50
234.50
55.50
184.25
99.50
593.50
103.25
612.00
233.75
128.75
215.25
607.00
103.50
122.00
352.00

0.13
1.00
0.38
1.25

107.70
670.50
452.45
249.00
188.00
1040
797.00
271.75
948.50
149.00
125.00
255.00
142.68
174.08
77.50
966.00
583.00
9.48
466.18
34.89
583.00
35.99
70.00
49.00
1010
986.00
94.75
1037.24
872.00
351.00
405.38
187.25
132.89
971.99
616.39
254.00
747.00
156.39
156.50
296.00
139.50
198.00
294.70
77.50
117.80
161.00
101.81
165.00
346.98
99.00
103.00
380.00
155.35
296.14
248.27
76.49
194.00
101.99
600.01
105.24
632.37
240.00
132.55
246.80
633.50
112.50
130.00
370.50

SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

52 Week
High
Low

Yld

P/E

Vol
000s

134.80
2548
72.55
73.00
539.00
1574

2.96
1.83
4.52
1.29
3.54
2.26

50.24
24.41
8.01
18.64
16.22
12.14

1389.9
91.0
0.4
24.8
65.9
705.0

695.00
67.88
38.10
49.50
603.00
672.90
359.10
1429
24.70
493.60

565.00
54.80
32.10
34.00
424.60
488.20
231.82
1006
14.78
388.80

2.15
1.90
0.65
4.13
3.44
2.39
2.90
3.35
2.04
3.14

14.89
28.1
17.02
39.5
13.80
41.3
13.00
41.5
14.18 17390.7
22.07 290.9
19.32 3352.4
20.40 767.1
19.05 485.8
11.88 156.2

362.10
557.23
2750
12.29
1565
151.56
500.00
1290
617.00
715.00

293.70
390.00
1835
8.31
1003
55.68
124.92
905.10
388.00
380.00

2.59
5.79
2.80
1.36
1.69
3.79
3.10
3.80

Price

+/-Chg

206.00
3218
88.50
108.63
649.00
1862

0.30
53.00
0.13
20.00
-33.00

207.20
3240
101.50
134.00
687.50
2848

-7.00
0.11
0.06
-0.50
32.50
2.00
6.70
-11.00
0.13
14.30

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

675.00
66.50
35.22
38.75
569.50
577.00
345.40
1186
23.90
478.00

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

346.80
448.75
2002
11.97
1181
59.25
130.75
925.00
428.40
560.00

-1.20
0.50
2.00
11.00
0.25
5.75
-10.00
-2.00
-2.00

16.57
33.33
20.09
54.84
14.87
-4.34
-3.97
9.39
23.54
29.60

317.7
5.8
22.7
729.5
111.5
886.2
2.0
0.9
1883.4
2.5

1460
518.00
548.50
306.30
303.10
677.00
347.50
323.70
139.75
85.63
781.00
970.00
652.00
272.80
640.00
218.40
0.06
835.50
1604.5
452.00
64.00
906.00
408.50

10.00
1583 1175.33 3.21 13.64
1.50 520.00 418.20 5.02 8.90
-2.50 571.50 334.50 2.73 13.99
5.80 307.90 232.60 3.16 11.43
-0.50 305.00 195.00 13.21
-28.50 719.00 479.50 4.37 8.30
-1.00 363.25 267.25 5.15 7.26
0.70 324.50 227.70 3.89 14.45
-0.25 142.00 118.50 6.17 -1.38 107.25 78.50 9.52 14.17
12.00 795.72 615.50 3.02 12.17
9.50 1108.23 815.00 2.80 19.49
-2.00 743.89 506.00 1.42 10.28
1.80 273.80 193.00 3.41 17.38
2.50 645.00 495.50 3.52 12.92
0.80 219.30 163.80 3.71 20.58
0.00
0.14
0.05 -5.99
-2.00 853.50 560.52 6.39 5.89
4.50 1649.5
1223 2.09 19.25
-0.50 500.50 83.05 2.24 -6.97
78.00 55.00 3.61 20.37
-0.50 921.90 637.00 1.76 31.91
2.30 429.30 340.70 3.87 15.96

1471.2
619.7
7464.6
1207.4
1274.0
3390.2
53.2
3723.3
49.3
53.9
398.3
74.9
605.1
6613.5
57.2
6232.9
131.9
566.8
3443.7
2341.2
5.3
1090.8
3763.5

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

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

889.00
149.25
63.75
259.88
116.50
860.50
119.00
164.50
233.40
171.25
17.04
16.55
1398
161.00
1178
22.39
365.00
48.79
190.00
1506

9.00

904.00
190.00
77.00
377.00
131.95
1071
229.00
289.20
234.80
175.00
18.53
18.02
1402
176.47
1197
22.69
393.75
50.53
258.75
1565

-2.13
3.50
-4.25
-0.50
3.25
0.08
0.04
19.00
9.00
0.17
-13.00
-0.41
-2.00
24.00

282.10
1223
83.00
137.93
748.00
0.60
12.50
17.38
5.63
16.03
1572

7.90 318.90
-36.00 1678.5
-0.50 210.75
-0.07 209.52
-4.50 959.50
0.60
42.50
-0.50 245.00
0.14 14.25
0.82 23.78
-15.50 2102.53

610.50
142.00
55.75
239.00
100.50
699.00
110.00
125.00
167.10
2.90
14.28
14.09
981.00
136.66
851.53
14.51
322.00
36.86
166.99
1091

1.91
3.90
3.76
2.82
3.35
2.27
6.30
4.38
1.50
3.43
4.73
2.09
2.09
0.55
3.21
3.68
2.27

32.84
15.12
-2.48
-83.11
9.74
14.29
13.74
11.96
24.00
-4.64
37.14
36.07
41.64
12.41
25.45
23.49
9.98
82.46
9.68
20.03

2.0
5.3
10.4
2.0
3.8
387.4
5.3
392.2
8177.0
95.6
1545.2
326.6
1974.3
7.0
3290.3
2012.3
6.0
896.5
1545.1
4618.4

222.90 0.75
923.00 4.05
74.75 12.29
88.36 620.00 7.41
0.60833.33
12.25 3.61 4.19 11.67 1.49
1247.5 4.37

-54.55
268.32
-2.40
-16.57
21.18
-5.31
-0.44
-0.14
-5.34
10.37

615.9
7347.8
240.3
1417.0
1507.2
553.9
28.1
196.2
4830.1
6888.7

P/E

Vol
000s

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

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

52 Week
High
Low

+/-Chg

69.50
5.43
190.60
736.50
836.50
164.25
27.93
91.75
3.73
164.60
188.90
16.50
586.50
5025
3220
0.61
575.00

2.00
-3.70
-10.00
-2.50
3.25
-0.43
-0.25
0.13
0.10
13.80
0.50
-2.00
34.00
18.50
0.03
-5.50

126.00
6.60
196.30
1512
1037
223.00
40.98
207.46
17.05
326.70
220.87
98.25
677.50
5752.1
3642
1.44
1201

67.00
5.35
51.35
581.50
675.50
139.75
16.60
77.80
2.18
149.74
140.81
6.00
315.18
3638
2600
0.35
353.21

10.61
1.95
951.50
445.70
9.75
197.70
235.00
561.00
43.00
142.00
89.44
2.08
9.95
585.50
4.41
97.50
350.00
36.75
4.26
488.30
49.65
25.50
112.50
2994.8
583.00
141.90
812.00
175.00
2109
2198
79.50
86.98
160.00
289.20
56.16
398.20
649.00

-0.49
-0.03
-25.20
-5.60
-0.38
-5.90
-1.50
-4.00
-2.00
-3.00
-1.57
-0.05
-24.00
-0.24
-10.00
7.50
-2.25
0.14
-23.70
-0.31
-8.63
-1.50
-5.20
-4.20
-16.00
-9.10
-45.00
-46.50
-3.50
-0.76
3.00
-12.70
-0.42
-10.90
-14.00

166.60
3.17
1420
526.80
12.44
210.70
335.00
632.50
5.92
148.40
175.57
104.76
13.00
14.50
1100
11.00
137.00
675.00
161.75
7.79
918.83
57.96
69.38
178.00
3297.7
825.00
319.70
1483
358.60
2864
2990.5
155.95
118.76
270.00
477.10
63.86
918.78
825.00

4.01
0.64
780.55
364.40
8.50
141.00
177.00
447.50
0.02
21.50
103.25
86.03
2.00
6.25
579.50
3.70
100.00
265.00
36.00
3.41
383.90
44.08
10.23
93.50
1715
370.00
112.70
594.00
124.50
1929
1984.5
52.75
75.60
97.50
234.80
48.50
345.30
517.60

Yld

P/E

Vol
000s

5.76
1.10
0.34
0.89
0.61
3.69
6.61

-10.04
4.74
-13.90
13.78
46.64
12.08
-9.84
-5.13
-2.63
-8.09
22.85
0.44
24.79
28.28
16.55
-1.64
311.32

55.3
1428.9
7.1
989.7
77.1
1412.2
428.1
7208.6
989.3
2752.5
9452.5
139.6
517.9
5758.6
692.3
2007.7

Oil & Gas

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

0.36 185092.7
-2.13 3319.9
1.95 18.13 9639.7
5.35 14.57 30865.0
-2.38
2.7
-4.96 1122.1
5.96 50.46 317.8
3.93 8.42 208.6
3.75 4600.0
8.19
12.5
2.81 11.81 18623.1
-3.34 225.9
- -9950.00 676.7
19.25 1153.0
6.40
67.1
11.26
5.4
-9.49
0.3
-15.45 6409.2
-5.20 317.5
3.50 11.20 1320.2
1.12 9.49 694.4
10.47 2349.7
7.73
22.5
6.78 1067.3
3.15 10.49 158.2
14.41 1335.0
4.82 8.78 1960.8
2.81 6.87 4599.8
5.56 13.42 6570.3
5.19 13.99 3413.1
-5.71 356.0
1.82 20.38 6749.3
4.73 2754.6
13.08 20.73 307.0
3.66 21.38 940.2
2.87 -31.19 7186.0
2.05 14.81 757.9

Pharmaceuticals & Biotech

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

801.50
20.75
890.00
1296
1526.5
2471
8.53
14.60
5135
141.00

6.50
0.75
8.00
-7.00
-29.00
18.00
-0.30
0.19
35.00
-0.50

835.87 490.20 73.57

41.06 19.50 -45.21
890.25 655.00 1.62 40.20
1382 924.50 1.28 27.23
1709 1200.67 5.38 17.82
2500
1302 0.47 27.30
10.13
1.77 -12.39
19.31 12.20 1.38 22.24
5470
2827 0.25 26.81
171.50 113.25 -80.30

401.4
42.6
40.0
54.0
6868.8
188.7
5122.8
0.0
1049.2
154.2

53.75
619.00
824.50
53.50
522.50
3285
788.50
1.43
672.50
115.60
1.14
850.00
365.70
1234
158.50
248.00
496.00

2.50
13.00
-15.00
9.50
-0.01
7.00
0.40
-0.01
5.00
1.60
11.00
-0.50
3.00
-6.50

55.25
668.00
855.50
55.00
701.00
3384
810.00
1.52
708.00
116.69
1.18
869.75
376.50
1312
162.80
250.00
542.00

Real Estate

REITs

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

40.00
451.40
645.36
42.25
404.30
2530
600.04
1.16
537.00
98.25
0.99
741.00
270.10
988.50
132.30
199.85
417.00

3.07
2.65
3.30
1.21
1.53
1.11
1.12
3.15
4.15
3.97
3.97
2.51
4.42
3.47
4.08

10.31
14.53
5.13
10.11
17.50
5.70
5.22
10.61
7.91
7.17
11.71
6.08
5.58
6.57
6.39
5.78

554.5
145.4
4064.2
27.6
141.4
181.2
558.6
9.1
3916.5
756.2
409.3
5.7
2727.4
2204.4
708.5
11.4
11.5

Yld

P/E

Vol
000s

Price

+/-Chg
6.00
0.40
5.80
1.50
1.00
-2.50

52 Week
High
Low

Yld

P/E

Vol
000s

PrimyHth
Redefine
SEGRO
Shaftbry
Town Ctr
Wkspace

391.00
57.15
419.70
799.50
285.00
802.50

395.25
59.20
426.60
815.50
288.00
818.50

324.00
47.75
325.30
620.00
225.00
542.00

5.19 14.71
5.49 7.16
3.53 7.54
1.59 4.86
3.66 5.52
1.32 3.89

169.5
461.4
2064.5
396.0
4.7
106.6

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

388.60
3.50 397.60
1045
1099.5
1640 10.00 1644.95
5875 15.00
5875
239.50
2.75 267.00
206.70
2.00 250.00
397.00
-0.50 405.06
7.81
0.11
8.30
39.50
61.50
213.25
6.25 270.00
12300 -300.00 12900
96.25
-1.25 107.50
44.50
-0.25 82.50
124.00
158.75
29.00
-0.25 60.21
275.00
-4.75 286.00
713.50
2.00 742.00
60.00
0.25 62.00
89.50
-1.00 106.50
468.30
-4.20 477.90
516.50
-1.50 519.50
272.50
-1.00 277.00

313.00
825.00
1250
4650
179.00
167.80
320.00
6.12
36.50
206.25
6675
75.00
37.25
101.50
27.00
184.25
567.52
50.50
86.00
324.59
388.30
215.00

0.39
1.21
1.51
3.34
1.00
1.70
2.08
0.32
1.63
9.68
2.20
1.47
4.13
3.27
0.89
0.93
-

11.35
4.42
6.94
5.13
15.30
11.51
6.98
17.63
68.46
4.79
13.95
21.88
-37.11
11.96
17.84
4.78
41.06
12.72
11.21
8.87

1790.8
0.8
12.0
6.1
18.0
612.9
21.4
566.2
7.0
87.4
0.7
572.4
656.6
66.9
0.1
233.8
79.5
732.1
0.3
556.0
183.7
9.7

369.75
278.00
28.75
429.50
540.00
266.30
8.61
79.50
1960
441.60
938.00
243.13
457.00
731.50
495.20
152.75
497.30
187.10
93.13
7370
380.00
37.00
144.00
189.20
7774
1004
239.95
78.00
59.00

225.50
149.60
22.00
282.50
480.00
195.50
8.50
56.85
1291
319.20
745.97
188.41
417.10
589.50
340.60
117.50
359.20
150.60
77.50
6130
216.80
27.00
107.85
143.75
4736.5
750.00
155.40
77.00
51.00

6.96
3.31
3.33
2.41
4.28
0.66
1.19
2.13
3.13
2.38
1.37
1.69
3.42
6.95
5.37
1.80
1.08
2.60
0.55
6.15
1.36

17.23

12.68
16.22
9.44
100.87
25.50
11.20
23.82
51.95
19.97
-18.38
14.89
15.61
20.16
13.55
16.16
-13.55
28.65
19.03
319.87
10.39
20.88
35.49
30.38
20.88
22.74
10.98
12.78

376.1
73.7
79.4
315.2
0.0
146.7
39.1
2696.4
53.7
2436.7
97.6
333.9
524.0
760.4
23.1
251.3
4014.5
6134.6
48.2
354.5
1061.5
3462.1
25.4
281.7
2.2
90.6
23162.5
155.9
302.7

-1.38 418.00 180.00 2.76 209.11

-8.00 1841.76 1388.75 1.65 17.86
0.25 959.00 146.00 3.33 5.64
17.00
1219 763.00 1.02 21.39
1511
1225 2.42 17.52
-60.00
1476 979.65 2.26 22.07
1.00
1161 895.50 2.44 22.24
-5.50 509.00 265.00 3.04 19.69
24.00
1943
1467 1.69 30.63
6.00
1248 1000.5 2.28 45.73
0.50 396.54 294.03 4.78 31.34
-0.50 73.75 47.00 3.30 17.89
-2.75 208.75 128.02 5.53 9.46
30.00
3914
2978 1.98 25.56
9.50 891.91 467.40 7.16 15.28
27.50 826.00 603.84 2.05 24.96
0.10 371.00 197.20 5.42 11.90
504.00 316.00 23.66
-13.50 924.00 624.50 1.74 32.81
2.00
1222 909.95 1.93 23.34
2.50 289.24 225.40 3.17 -56.67
6.00 750.00 527.00 1.13 30.52
-1.25 124.75 66.32 3.67 11.30
2.90 163.60 108.15 1.54 27.08
0.80 354.50 293.80 3.33 40.33
-2.80 440.00 287.50 1.27 24.21
-2.00 751.50 487.20 3.73 16.24

8.8
491.1
119.5
2260.9
206.5
4215.8
198.6
105.8
605.5
1538.0
884.5
42.5
73.0
131.7
443.3
232.1
715.8
2.7
452.3
1847.5
2840.4
91.4
28.2
2405.7
120.3
2462.6
137.6

Real Estate Inv & Services

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

2.75

-0.38
-0.50
7.00
0.08
-0.35
67.00
8.60
-10.50
8.13
4.20
1.50
9.30
0.75
2.60
2.00
0.25
95.00
2.00
3.75
4.60
18.00
-16.00
-2.75
-0.25

372.50
412.38
32.38
600.00
670.00
296.00
10.90
82.40
1960
470.00
1045
330.25
515.00
743.50
520.00
157.00
512.00
246.60
126.18
7967
624.93
39.75
153.15
195.00
9180
1749
341.58
167.94
66.00

-421.21

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

246.13
1676
288.75
1128
1395
996.00
1148
347.50
1914
1161
366.00
54.50
153.25
3890
591.00
785.00
216.60
465.00
885.00
1192
282.80
749.50
87.50
162.50
338.90
433.90
576.50

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

2524
830.00
164.00
15.75
440.25
387.00
499.60
294.00
870.00
165.00
129.00
715.00
344.50
232.80
107.50
194.60
70.00
187.13
178.50
587.50
69.75
3975

52 Week
High
Low

+/-Chg
-3.00
-5.00
-0.25
-3.25
-1.00
-0.40
1.50
-12.00
-0.70
0.80
4.50
-0.50
-5.10
0.50
2.40
1.25
2.13
4.00
-1.00
50.00

Yld

P/E
20.90
20.91
13.52
9.05
20.02
8.76
34.98
84.78
15.93
12.09
22.25
19.66
39.23
17.24
-24.43

Vol
000s

3111
1156
247.75
30.00
540.00
714.75
511.50
345.90
1212
242.40
133.60
800.00
363.00
359.37
120.00
214.80
83.00
225.00
204.00
690.00
79.00
4038

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

1.82
4.77
2.16
5.24
2.00
6.85
2.10
3.74
4.06
6.30
1.79
2.00
1.57
3.16
3.21
1.82
0.87
3.55
0.90
2.38
1.00
1.84

75.76
22.49
-91.07
14.25
116.25
21.05

304.9
4.0
18.5
25.9
47.8
102.7
867.9
961.6
21.9
577.3
1266.0
26.7
2.2
273.4
118.9
1194.6
363.6
19.6
72.8
1.8
1.4
552.9

1105.02
-1.00 890.00
3.30 341.44
-3.10 487.00
0.50 112.70

778.50
506.00
259.45
284.20
65.95

0.56 61.15
1.01 -2830.62
3.54 26.47
1.01 17.78
2.35 31.53

3192.1
241.2
313.5
740.3
111.3

69.25
1183.9
575.00
12.50
64.00
749.50
169.80
120.00
346.70
284.25
626.00
7.00

1.95
1.74
2.97
3.08
2.94
3.19
1.54
2.55
2.45
1.16
-

29.58
23.63
16.15
-5.88
21.52
20.39
27.19
14.47
27.70
-14.84
27.07
6.76

788.5
209.6
26.3
20.0
35.0
297.2
22.7
53.5
1698.8
14.0
653.6
4.7

350.30
113.10
653.00
78.50
261.00
968.50

2.27
3.30
5.72
3.70
3.05

17.82 21565.8
62.46 465.9
37.13 617.6
11.62 373.6
60.29 1645.9
29.63
97.8

-174.22

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

1099
869.00
339.30
324.00
88.00

Tech - Software & Services

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

94.50
1548
690.00
13.00
68.00
1100
228.00
147.63
472.00
453.50
936.50
15.00

4.25 98.75
-2.00
2460
-11.50 720.00
-1.00 28.50
1.00 86.75
5.00
1172
0.75 234.41
174.00
1.90 487.80
-4.50 461.00
-7.00 1000.00
19.00

Telecommunications
BTX
Colt Grp
Inmarsat
KCOM Gp
TalkTalk
TelePlus

436.90
149.90
889.00
85.25
324.30
1148

1.50
0.50
2.50
-0.50
0.90
7.00

465.15
155.00
902.00
105.50
334.30
1920

3660.5
3087

57.00
36.00

3818
3183

Tobacco
BrAmTobX
ImpTobX

3091.5 3.89 19.11

2351 4.18 20.84

2605.7
1653.3

159.50
290.50
89.25
434.70
1127
112.00
101.70
1020
2491
850.00
3.46
121.10
1.71
147.80
261.70
740.00
476.00
189.70
721.00
116.50
66.25
336.80
122.80
1171
5025
390.90

0.50 185.75 109.19 3.49 20.10

-4.50 578.00 245.00 6.45 11.83
-1.40 134.00 77.75 3.90 -23.47
-0.30 445.00 290.00 2.32 39.57
14.00
1179 924.41 2.34 23.14
-0.30 157.10 98.70 20.94
-0.80 146.14 98.55 21.03
1030 830.50 1.48 21.28
45.00
2655
1813 3.39 16.08
-0.50 926.00 712.00 3.34 20.27
0.10 32.05
2.50 3.14 26.03
0.10 167.30 102.20 7.35 25.80
1.95
1.62 3.71 22.29
-0.50 157.34 134.50 4.40 -16.65
-0.20 309.27 213.40 3.82 27.54
-4.50 847.50 570.50 2.51 18.04
480.25 307.00 2.81 6.84
3.70 190.00 119.69 2.37 15.70
6.00 742.98 551.50 1.94 21.82
0.80 118.90 68.75 1.79 7.74
-0.25 93.00 47.00 2.01
-0.50 416.90 332.80 2.82 14.80
0.80 189.40 99.40 -14.99
2.00 1215.78 1004.81 49.31
5.00
5140
3767 1.37 26.83
0.10 398.50 314.52 2.97 17.93

679.4
36.8
4775.2
390.6
3512.8
214.7
1302.6
3.1
91.9
551.7
6.6
4135.6
135.1
647.3
550.3
661.3
0.8
659.5
761.4
644.8
0.0
730.9
5447.1
897.8
341.0
3326.9

257.10
1260
403.10
891.10
853.00
941.50

-24.00
-14.30
17.10
8.50
6.50

Travel & Leisure

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

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

348.80
1610
828.50
965.00
925.00
1045

254.60
1135
348.37
806.22
706.50
749.68

6.82
4.96
4.37
4.72
3.55
3.83

19.82 59475.7
14.08
4.4
-13.64 9487.3
15.61 13227.0
29.40 923.5
18.14 1604.9

AIM
Aerospace & Defence
Cohort

245.00

Banks
BCB Hldgs
STB

10.50
2945

-0.50
-5.00

Basic Resource (Ex Mining)

CropperJ

455.00

490.00

355.00 1.74 22.76

2.5

150.00

107.00 0.70 -36.52

196.9

927.30
76.50
9.50

800.00 0.89 9.02

0.91 -6.65
5.88 2.86 10.77

0.6
108.9
113.4

5.90
4.00
3.25
21.77
60.00
120.00
197.00

-6.68
1.90 -5.95
-1.52
-8.08
1.90 4.85
2.16 16.22
3.05 15.50

50.3
124.1
145.0
243.0
2.7
4.8
58.2

12.50
5.25 3.82
1599 1000.00 1.66 20.30
2239.50
270.00 166.00 25.08
8.00 -0.57
155.00 116.75 1.93 10.10
1817
1300 1.64 20.46
11300
8450 1.37 14.02
278.00 103.00 2.78
19.50
9.50 8.60 12.73
164.00 108.10 5.43 13.01
59.00 44.50 2.14 20.25
43.79 29.00 9.42
510.00 414.00 1.81 22.57
49.50 18.50 2.37 -3.83
187.23 160.00 21.94
419.50 196.09 4.67 12.52
64.98 46.00 3.90 14.28

361.7
1.3
0.7
160.7
17.3
0.0
0.2
8.7
43.5
14.9
75.0
4.5
0.8
414.6
0.1
93.3
15.0

Chemicals
Scapa

142.00

3.00

Construction & Materials

Abbey
AccsysTch
Aukett

875.00
67.50
7.00

2.50

-0.38

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

9.20
5.25
5.38
32.00
71.00
141.50
302.00

0.01
-0.13
-0.13
-0.25
-0.50
1.00

11.75
6.70
7.00
50.00
148.00
150.00
308.00

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

8.63
1567.5
266.50
9.75
142.50
1405
9125
112.50
10.25
110.50
56.00
38.50
504.00
22.75
180.00
214.25
59.00

0.13
22.50
0.50
-20.00
-75.00
-0.75
4.50
8.25
-

Plus500
PolarCap
Share
ShoreCap
STM Group
WH Ireland

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Ukrproduct
Wynnstay

69.00
1175
552.50
40.00
6.45
557.50

Health Care Equip & Services

Advnc Med
CareTech
ImmunDiag
SphereMed
Tristel

136.00
216.50
327.50
20.50
71.50

-1.00
-1.50

140.00
268.00
593.00
31.00
90.50

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
HavelckE
Mulberry
Portmern
SinclairW
TelfordHms
WalkerGb

14.50
572.50
32.50
15.00
854.50
870.00
46.50
361.00
191.00

-0.25
-21.00
-7.50
-3.25
1.00

22.27
47.5
21.06
2.0
-6.95 22431.9
27.17
7.7
166.50
1.4
15.50
5.2
2.59
5.5
13.31
63.2
21.57
60.6

Industrial Engineering
600 Grp
CoracGrp
Molins
MS Intl
Pres Tech

17.63
4.13
90.50
136.00
234.00

0.38

Industrial General
API Group
Powerflte
RM2
Symphny

52 Week
High
Low

Price

+/-Chg

Yld

50.00
150.00

-1.00
24.00

90.00
160.00

39.30 13.23
120.00 1.00 30.10

120.50
88.00
340.75
40.00
166.50
116.00

12.00
0.50
0.50

126.50
100.00
346.25
56.90
167.00
133.00

94.00
81.00
235.00
35.25
103.37
98.50

10.00
8.48
1.98
1.25
161.50
0.75
0.90
8.70
0.24
37.50
0.88
1.05
0.75
2.38
14.75
10.13
21.00
7.00
4.08
1.98
0.08
12.13

0.49
12.63
-0.25
0.44
1.00
-0.13
0.25
0.05
0.40
0.03
-0.01
-0.50

162.50
13.47
6.45
4.15
189.50
5.00
2.25
20.00
0.60
84.25
4.35
2.05
2.41
11.25
30.85
16.00
64.00
14.50
14.75
4.27
0.30
22.88

9.12 -1.11
2.29 -8.72 936.8
1.15 -1.70 106.1
1.03 -2.20
2.8
135.16 5.35 3.02
69.0
0.25 -1.12
70.8
0.50 -9.00 517.7
7.20 -39.37 527.6
0.18 -2.87 4389.0
17.73 12.86 3.62
93.2
0.85 -8.58 503.6
0.90 -1.98 1146.4
0.25 -2.08
30.7
2.25 -4.09 2052.3
10.00 6.88
17.9
8.50 12.85 14694.2
19.75 79.85
40.0
-137.25 31930.9
6.40 2.01 -9.24 17226.7
1.65 -1.55 354.2
0.06 -1.74 4290.1
6.00 -1.64 255.0

24.25
33.00
26.25
1.93
5.98
12.38
0.68

-0.25
-2.00
-1.00
-0.02
0.10
0.38
-0.03

46.50
67.25
67.85
4.70
15.89
28.70
1.50

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

105.50
577.00
222.25
251.00
818.00
1073
324.00
92.50
764.00
183.50
113.00
503.00
141.50
305.00
656.00
1799
538.00
428.50
377.50
1357
163.50
236.75
238.25
183.50
314.00
1554
485.00
319.50
158.75
4.25
405.10
485.00
780.00
1038
1050
1.18
20.00
0.13
61.50
355.50
70.50
852.00
1882.5
464.00
196.75
192.50
403.50
35300

-1.00
-2.50
2.25
2.50
4.00
-7.00
-10.50
-1.38
2.00
0.75
-2.00
0.25
-3.00
-9.50
2.00
1.75
0.25
-1.00
8.00
6.00
2.25
0.25
-1.00
-4.50
-1.00
0.00
-0.50
7.50
-8.00
-2.00
0.90
140.00

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

95.63
7.63
168.00
579.50
1.08
1.30
1506
30.38
28.32
221.50
287.00
272.00
137.75
200.00
165.00
447.25
242.50
624.00
253.90

-0.13
1.00
3.00
9.00
0.50
-0.13
-0.88
1.25
4.25
-0.75
2.50
-0.70

Insurance
Gable
Helios

305.9
8.5

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

4.56
2.56
1.60
0.63
1.53
0.52

-9.41
15.26
86.88
8.24
107.70
277.51

57.5
29.2
19.6
29.8
10.9
2.4

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

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn

21.35 0.82 3.91

19.10 10.15
26.25 - -2625.00
1.47 -8.65
4.69 -93.36
9.64 5.07
0.35 -0.43

299.9
3900.7
108.0
1844.5
191.7
1175.1
161.2

112.00 98.50 2.09 117.3

605.50 320.11 626.9
226.00 174.50 254.3
251.00 195.00 1.12 287.2
842.00 669.10 2.20 933.7
1084.14 890.95 1.40 1151.2
489.99 223.25 4.72 371.5
102.50 92.50 95.0
877.00 632.40 1.24 914.4
184.50 134.50 0.38 186.6
115.00 106.68 0.88 124.2
505.00 371.25 0.70 497.7
145.89 133.20 0.78 147.1
306.16 268.34 2.54 312.8
701.50 596.99 727.2
1848.64 1651.76 2.78 1887.7
553.68 465.10 2.79 499.0
435.00 331.00 1.58 367.9
410.50 330.80 3.58 375.3
1547.5
1219 2.62 1415.6
173.50 148.00 0.92 177.0
243.00 202.50 5.83 251.1
281.50 219.00 5.77 285.2
185.00 158.00 2.18 185.0
316.23 257.00 2.07 346.9
1666 1316.55 2.06 1724.9
524.00 422.18 4.87 494.2
322.93 256.00 1.19 324.9
160.08 147.00 179.8
7.00
4.00 407.90 348.40 0.98 473.7
551.49 390.50 1.44 555.3
808.00 699.86 4.21 796.7
1150 970.50 4.14 991.6
1523.37 900.00 991.5
1.25
1.00 42.00 16.75 23.8
0.15
0.06 68.00 61.01 6.76 58.4
371.30 195.22 384.6
76.24 65.45 114.1
906.45 777.28 3.23 946.2
1911.29 1625.86 - 2319.2
473.00 375.00 556.6
199.00 145.85 1.32 203.6
204.75 159.20 0.78 210.8
406.00 350.81 2.95 409.9
36313.1 32350 1.63 34838.
9
109.50 92.00 109.2
17.89
5.00 172.59 142.50 2.05 181.6
590.74 431.00 591.9
1.19
0.91 1.2
1.49
1.15 2.23
1.6
1510 1265.55 1.91 1581.6
30.91 26.74 28.98 24.80 222.50 193.50 214.3
298.00 225.12 1.17 322.1
278.50 235.50 3.60 286.8
139.72 106.79 1.27 155.9
201.59 162.03 3.75 199.5
198.50 146.83 2.73 182.5
527.50 402.49 1.78 501.8
257.50 221.99 4.25 255.9
626.00 536.00 1.86 692.6
258.70 189.00 1.14 254.3

-10.1
-8.0
-12.6
-12.6
-12.4
-6.8
-12.8
-2.6
-16.4
-1.7
-9.0
1.1
-3.8
-2.5
-9.8
-4.7
7.8
16.5
0.6
-4.1
-7.6
-5.7
-16.5
-0.8
-9.5
-9.9
-1.9
-1.7
-11.7
-14.5
-12.7
-2.1
4.7
5.9
-16.0
5.3
-7.6
-38.2
-10.0
-18.8
-16.6
-3.4
-8.7
-1.6
1.3

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

9.63
1.13
6.25
28.38
77.00
53.00
2.25
36.00
101.50
4.00
40.00
70.00
89.00
0.19
0.16
4.00
136.75
3.70
194.38
13.38
61.50
11.88
0.45
20.50
0.23
58.88
70.50

52 Week
High
Low

+/-Chg
-

0.50

0.50
0.88
-4.25
-0.25
-1.00
-0.25
-2.00
-1.50
0.06
0.01
0.75
-0.05
3.00
0.13
-1.25
-0.13
-0.02
0.13
-

30.80
10.20
10.75
33.75
154.89
73.00
7.50
71.91
710.00
10.00
84.50
160.50
142.00
2.26
0.99
16.00
224.00
7.25
325.00
39.48
124.25
14.00
7.25
125.00
0.52
71.40
143.00

8.50 -31.66 376.2

0.85 -0.38
96.2
4.65 -29.76 2617.9
16.75 -59.49 717.9
58.00 -97.47 936.4
32.00 3.85 10.70
1.6
2.00 -0.57
8.1
21.00 -3.00
47.9
99.25 19.33
1.4
3.75 -3.15
20.0
20.75 -17.68 205.6
44.75 5.42 1026.8
79.00 12.59
17.2
0.08 -0.09 126147.3
0.11 -0.43 5643.9
3.75 -9.41
60.9
98.50 -6.87
76.4
3.60 -32.74 4930.5
165.00 0.53 33.79
4.5
10.75 -60.25 144.4
51.00 -12.03 465.3
4.52 -4.35 1976.4
0.38 -0.44 28350.8
17.08 -0.97 726.0
0.14 -2.92 45883.4
0.94 -62.43 141.4
55.00 8.60
0.7

Pharmaceuticals & Biotech

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

455.00
35.25
267.50
33.75
456.75
1207.5
53.00
3.50
0.40
34.25
47.50

-3.50
-0.25
0.25
12.50
-0.13
1.00
-0.13

500.00
37.50
342.00
36.55
541.00
1550
67.00
4.39
0.68
39.18
53.00

270.88 1.59 26.73

30.00 2.58 11.03
255.25 -15.42
19.02 -12.94
205.00 -67.44
700.00 - 148.54
41.00 -11.59
2.75 -7.78
0.27 -8.89
23.30 -13.13
28.59 -16.45

Conygar
FltchKng

185.50
54.00

0.50

191.00
65.00

160.00 0.81
35.00 5.56

ScottOrtll
SecTstScot
Seneca I&G
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilicoInv
ValAndInc
Witan
WitanPac
WorldTst
WwideHlth

854.00
138.25
140.00
250.00
401.00
286.50
195.00
1195
557.50
100.75
177.50
551.50
70.00
185.50
118.25
256.63
779.00
240.00
251.00
1828

-5.00
-0.25
-0.50
-0.50
-0.50
-1.00
-1.50
-2.25
4.50
0.25
0.50
-0.13
1.50
-2.00
15.00

183.8
584.2
1.9
14.2
342.2
6.0
18.0
1057.7
1989.2
2200.9
28.2

Real Estate
7.92
7.51

76.2
1.7

906.3
149.4
146.2
258.1
439.9
311.8
195.6
1239.1
636.8
194.4
639.3
69.2
202.1
163.0
298.9
788.5
278.6
293.4
1867.0

-5.8
-7.5
-4.2
-3.1
-8.8
-8.1
-0.3
-3.6
-12.5
-8.7
-13.7
1.2
-8.2
-27.5
-14.1
-1.2
-13.9
-14.5
-2.1

Conventional - Private Equity

52 Week
Price +/-Chg
High
Low Yld NAV
AbnPvtEq
90.13
96.00 74.25 2.27 115.7
Altamir
10.50
-0.10 11.99
9.43 15.6
Dun Ent
348.50
0.50 434.75 332.84 4.73 498.4
Electra
3072 26.00
3107
2338 - 3194.9
ElectraPrf
149.00
149.68 142.00 140.6
F&C PvtEq
224.75
1.25 233.00 197.00 2.38 258.6
GraphEnt
568.00
3.00 619.00 536.10 1.32 665.0
HVPE $
12.90
12.98 10.65 15.5
HgCapital
1091
6.00 1145.75 990.00 2.66 1137.0
JPM Pvt Eq $
0.88
0.01
0.89
0.72 1.2
JZ Capital
407.25
-2.75 449.00 390.00 644.7
LMS Capitl
75.00
-0.50 88.75 72.75 92.8
Mithras
141.50
148.23 130.00 0.71 154.5
NB PE Ptnr $
11.85
-0.01 12.11 10.27 Nthn Invs
484.00
489.00 374.50 2.07 480.2
Pantheon
1290
1301.86 1061.25 - 1494.4
PantheonR
1245 10.00
1258
1010 - 1494.4
PrincssPE
7.09
0.01
7.25
6.20 8.04
8.8
Riverstone
940.00
-7.50 960.50 822.00 - 1039.7
StdLfEuPv
205.38
0.38 236.42 196.25 2.43 257.4

Dis(-)
or Pm
-22.1
-32.7
-30.1
-3.8
6.0
-13.1
-14.6
-16.8
-4.0
-26.7
-36.8
-19.2
-8.4
0.8
-13.7
-16.7
-19.4
-9.6
-20.2

Conventional - Property ICs

Price +/-Chg

NAV

Dis(-)
or Pm

Price
InlandHms
Lok'nStor
LXB Retail
MirLand
NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
Songbird
SumGermny
TaliesinPr
UnitchCP
Winkworth

+/-Chg

52 Week
High
Low

Yld
0.48
2.42
3.36
3.56
0.75
0.81
4.34

P/E

Vol
000s

56.50
261.50
135.25
65.50
305.00
367.50
337.50
24.00
0.43
349.50
0.82
2270
2.88
132.50

0.25
-0.75
-0.50
7.50
-2.50
-1.00
0.00
-0.03
-

63.00
265.00
147.50
255.00
322.00
380.00
357.00
28.75
0.45
359.26
0.84
2280
54.80
189.10

43.00
195.00
119.25
61.00
264.75
245.00
295.00
21.00
0.28
180.00
0.50
1620
2.25
115.00

20.91
331.43
7.14
4.89
28.60
-6.77
9.73
-2.63
6.59
4.09
4.69
16.75
0.57
11.93

853.0
28.4
360.5
0.5
51.2
10.8
5.8
322.0
490.8
5.2
16.0
0.3
160.2
290.0

3293
136.00
347.25
288.00

8.00

7195
237.40
524.00
387.00

1742 74.08
120.00 311.96 4.61 13.70
240.00 2.34 25.58

434.8
163.4
274.0
238.9

385.00
56.75
55.00
162.00
60.50
906.50
112.00
635.00
356.00
75.75
167.00
2600
640.00
3.20
40.00
163.00
558.09
155.00
15.99
49.83
327.13
284.00
285.50

260.00
42.00
37.54
88.00
38.13
454.00
67.00
365.50
203.00
52.00
113.00
1950
495.00
1.50
20.00
120.00
270.00
111.00
8.25
9.00
203.00
170.13
162.00

7.43
0.76
4.97
1.00
0.79
5.47
6.34
1.96
3.79
1.60
2.24
2.96
3.52
2.50
3.47
1.89
1.44
0.90
-

12.44
11.84
17.30
27.44
7.53
4.95
-26.45
107.83
18.43
18.94
17.98
20.55
14.82
6.38
-2.02
15.07
22.78
80.29
-1.99
-0.66
16.73
39.93
217.36

1.6
10.4
10.5
0.3
75.1
1267.7
3.2
10.1
65.9
1432.3
1.0
0.1
16.7
315.0
0.0
39.2
382.6
22.5
12.5
2.2
237.8
78.3
52.4

80.50
123.50
69.50
75.49
97.51
105.51
92.75
78.39
92.20
61.00
30.50
67.90
64.47
52.00
113.00
106.24
19.50
69.00
56.75
79.00
89.00
37.00
107.90
119.50
116.00
80.49
99.48
88.88
81.00
97.00
133.00

66.50
101.79
60.00
69.50
91.00
94.00
86.75
72.00
83.00
53.50
29.00
38.00
40.00
30.00
95.00
93.50
17.00
60.00
43.00
70.00
81.00
26.50
84.00
97.00
99.00
73.50
92.50
75.00
76.00
89.50
120.00

7.46
6.62
6.45
13.10
13.30
15.96
9.89
7.87
6.32
8.04
8.33
4.80
5.97
18.00
5.56
7.09
4.63
5.48
5.42
5.59
4.03
1.22
5.15
7.21
5.82
7.59
8.23
7.49
4.84

70.3
107.7
70.5
76.7
99.8
98.2
96.5
81.2
101.1
62.5
33.1
72.2
86.1
82.5
104.0
109.9
19.6
68.2
58.2
86.5
96.0
39.5
89.6
115.3
111.2
84.4
106.0
86.6
83.5
98.1
138.1

-4.7
-5.3
-12.1
-5.5
-5.8
-1.1
-5.7
-6.1
-13.9
-10.4
-9.4
-42.3
-49.9
-39.4
-3.4
-9.0
-8.2
-6.9
-7.2
-10.4
-10.7
-9.5
-3.2
-11.1
-8.3
-9.7
-10.8
-8.8
-5.4
-4.7
-10.2

Retailers
ASOS
Koovs
Majestic
StanlGib

17.25
2.00

Support Services
AndSyks
Augean
Begbies
Christie
Empres
Hargreaves
Hydrogen
Impellam
ISG
JhnsnSrv
JourneyGp
LonSec
Matchtech
NewmkSec
NormanBr
NWF
Optimal Pay
PennaCns
Petards
RedhallGp
Renew
Restore
SafeCharge

280.00
46.00
44.25
150.00
44.50
466.50
72.50
612.50
241.00
75.50
122.50
2335
518.50
3.00
22.50
147.00
381.00
132.00
12.75
9.50
277.50
278.50
263.00

Amati VCT
AmatiVCT2
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
Frsight3VCT
Frsight4VCT
Frsight4C
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
MobeusI&G
..I&G 2VCT
..I&G 4VCT
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

67.00
102.00
62.00
72.50
94.00
97.13
91.00
76.25
87.00
56.00
30.00
41.63
43.13
50.00
100.50
100.00
18.00
63.50
54.00
77.50
85.75
35.75
86.75
102.50
102.00
76.25
94.50
79.00
79.00
93.50
124.00

1.00

-1.50
-13.50
2.50
1.50
2.50
-0.03
2.00
2.00
-0.50
6.00
2.50
-2.50

Price
Servoca
Synectics
Utilityws

52 Week
High
Low

+/-Chg

24.25
172.50
220.00

Yld

P/E

Vol
000s

-1.25
8.00

26.03
555.00
373.28

7.15 25.08
115.00 4.93 45.31
194.25 1.36 18.08

154.4
16.7
653.1

-0.50
1.00

142.00
26.25

75.24 2.67 17.71

12.08 -56.47

16.3
1092.2

Tech - Hardware
AminoTech
IQE

135.00
20.50

Tech - Software & Services

Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
Monitise
OMG
Progility
Pub Tech
SciSys
WANdisco

33.00
97.00
86.50
315.00
2.75
40.25
74.50
200.00
221.50
22.25
35.25
6.50
197.50
91.50
437.75

2.00
3.00
-0.50
0.50
4.00
-1.75
-2.25

123.75
153.75
89.00
337.92
8.00
48.50
84.00
288.21
239.63
80.50
37.00
11.49
399.70
97.00
1390

23.25
83.00
57.17
260.00
2.50
33.00
42.00
159.93
177.00
12.75
25.00
4.00
125.50
73.00
255.15

1.86
1.97
3.29
0.78
0.88
0.45
1.13
1.60
-

-28.06
25.82
30.72
19.43
-2.36
94.93
24.76
27.48
-4.41
133.02
-41.40
-84.80
14.93
-5.63

6303.4
14.8
85.8
0.9
38.1
339.9
6.0
2541.3
30.8
13014.9
118.5
1.2
2.3
5.6
9.7

3.25
4.00

547.00
329.25

415.00 2.72 29.82

162.75 -4.21

3.0
96.9

2.50
-5.00
3.00
-0.50
-

17.00
72.00
50.00
120.00
209.24
177.75
206.00
7.65
66.00

-127.57

Telecommunications
AltNetwks
AvantiCom

495.75
236.00

Travel & Leisure

CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

18.63
76.00
62.50
135.00
235.00
291.50
220.00
8.13
87.50

19.73
77.27
75.00
150.00
249.00
304.50
235.70
18.22
90.00

ModernWtr
RenEnGen
Rurelec
SeaEnergy

19.25
61.75
3.25
25.25

37.30
81.00
9.25
44.00

Infra India
MMP
Marwyn Val
TerraCat
Tiger Res

14.00
4.25
205.50
97.00
0.88

17.00
7.00
240.70
126.70
1.80

16.11
5.18
0.94
0.84
-

-2.18
-19.78
241.03
13.26
21.72
-13.41
18.73

43.6
3.0
0.5
0.5
0.0
194.6
18.4
191.6
5.0

18.10 -3.15
61.00 3.56 -43.15
3.01 -0.43
18.68 -32.54

13.8
5028.7
30.0
35.1

Utilities

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra
154.70
-0.70 161.50 132.60
AbnAsianIn
196.50
-0.50 213.80 179.00
AbnAsian
903.00
-4.50
1014 771.07
AbnJapInv
459.00
1.50 470.00 319.00
AbnLatAmIn
65.38
-0.13 85.68 60.25
..Sub
1.00
5.89
0.50
AbnNewDn
182.25
0.25 195.00 155.00
AbnNewThai 469.50
482.75 344.38
AbnSmlCo
193.25
229.00 174.00
Abn UK
321.00
324.50 288.00
Abf Gd Inc
167.25
0.38 185.25 138.25
Abf Sml
1063
5.00
1237 966.00
AcenciADbt
105.00
-2.50 109.00 102.00
AdvDvpMk
438.50
-1.50 473.66 383.00
Alliance
489.90
0.80 499.40 420.20
AllianzTech
570.75
2.25 584.50 463.07
AltAstsOps
45.25
0.25 47.00 35.50
Art Alpha
275.00
-3.88 310.25 269.00
..Sub
29.50
46.00 28.00
AsianToRt
203.50
0.50 213.50 165.00
Aurora
147.50
0.50 169.00 144.00
BG Japan
399.75
7.75 399.75 313.50
BG Shin
321.00
0.50 334.75 282.50
BSRT
32.63
47.75 27.00
Bankers
612.50
0.50 620.00 506.00
BrngEmEu
536.25
-1.75 711.00 432.00
BH Global
1289
3.00
1304
1162
..EUR
12.00
14.00 11.80
..USD $
12.81
0.04 12.95 11.20
BH Macro
2142
2.00
2150
1919
..EUR
20.77
-0.03 21.00 18.40
..USD $
20.61
-0.12 20.80 18.40
BiotechGth
729.50
1.50 792.86 390.01
BlckRCom
89.00
-2.50 119.88 80.54
BlckREmEur
219.25
-3.75 280.00 169.25
BlckRFrnt
112.13
-0.63 133.28 103.50
BlckRGtEur
235.88
2.88 254.15 201.75
..Sub
11.38
-0.63 28.25
8.00
BlckRHSUK#
134.75
0.25 142.50 120.00
BlckR I&G
182.50
-1.00 188.33 158.01
BlckRckLat
378.00
-4.75 508.45 355.00
BlckRckNrAm 118.50
-0.13 120.75 98.75
BlckRSmlr
816.00
8.00 910.00 697.00
BlckRThrmt
290.00
1.00 320.75 238.00
BlckRWld
324.10
-8.90 519.99 286.00
Bluecrest A
188.80
0.40 189.00 173.00
Brit Ast
134.00
-0.25 143.50 119.25
Brit Emp
526.00
528.00 474.30
Brunner
549.50
-3.50 553.00 486.00
Calednia
2335
9.00
2365
1923
CanGen C$
19.87
-0.01 21.00 17.66
Cap Gear
3260
5.00
3465
3080
CayenneTst
154.75
1.25 155.67 138.00
CayenCULS
107.50
106.00 105.25
City Merch
189.00
-0.88 191.50 182.15
CityNatRs
103.50
2.25 146.75 95.00
City Lon
396.50
-1.30 399.50 345.00
DexionAb
180.13
0.38 182.00 158.25
..EUR
2.46
2.50
2.26
..USD $
3.76
3.75
3.39
DiverseInc
81.50
0.50 90.75 73.02
Dun Inc
267.63
-0.38 371.25 239.00
Dun Sml
191.50
-1.50 233.48 171.30
EcofinWatr
148.00
0.25 176.75 125.00
..CULS
105.00
111.70 102.52
EdinDragn
278.75
1.75 291.79 229.60

Yld
4.33
4.02
1.11
0.98
6.50
1.98
1.70
3.26
3.21
4.29
2.25
3.61
1.96
1.16
1.60
2.58
2.38
3.54
6.73
0.94
1.22
2.54
3.12
4.56
2.53
1.47
1.40
6.48
4.76
2.00
3.24
2.10
0.75
0.49
0.78
5.29
5.31
3.75
2.88
4.15
2.72
4.52
0.79

NAV
148.9
202.2
965.7
501.1
72.3
205.9
538.1
237.3
341.7
202.1
1203.9
111.1
492.9
568.7
626.5
47.6
320.4
223.1
170.4
406.7
339.4
42.5
634.4
610.9
1401.0
13.8
2198.0
21.3
21.2
758.1
88.7
247.3
116.5
250.2
137.7
185.7
434.5
125.6
935.5
348.2
361.1
196.6
144.5
588.7
637.3
2780.3
28.3
3225.0
161.2
185.8
129.4
390.8
193.7
2.7
4.1
82.8
280.0
226.2
182.3
314.3

Dis(-)
or Pm
3.9
-2.8
-6.5
-8.4
-9.6
-11.5
-12.7
-18.6
-6.1
-17.2
-11.7
-5.5
-11.0
-13.9
-8.9
-4.9
-14.2
-8.8
-13.4
-1.7
-5.4
-23.2
-3.5
-12.2
-8.0
-7.2
-2.5
-2.5
-2.8
-3.8
0.3
-11.3
-3.8
-5.7
-2.1
-1.7
-13.0
-5.7
-12.8
-16.7
-10.2
-4.0
-7.3
-10.7
-13.8
-16.0
-29.8
1.1
-4.0
1.7
-20.0
1.5
-7.0
-8.9
-8.3
-1.6
-4.4
-15.3
-18.8
-11.3

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
HendVal
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr
JPMGIConv
JPM GEI
JPM I&C Uni

5.50
12.00
-2.00
1.00
-0.25
0.50
-2.00
0.30
0.50
-0.50
11.00
4.00
-0.01
-2.30
-4.00
1.00
-0.25
-1.50
1.00
-2.25
-1.00
0.50
-0.38
1.00
1.50
-0.75
2.00
-0.20
-1.38
0.50
0.20
1.25
3.00
2.25
0.50
1.00
0.40
-1.00
1.13
-0.75
-0.50
2.00
1.75
-0.25
-1.13
-1.00
0.25
0.75
0.50

101.75
565.20
332.25
207.04
163.00
800.00
659.33
231.75
781.00
130.00
110.00
196.75
97.20
137.40
54.17
796.84
464.25
7.37
361.90
17.00
476.00
18.50
18.45
26.50
840.00
810.00
89.00
816.47
678.25
289.25
336.20
156.50
103.00
755.00
468.13
223.00
594.00
134.60
136.00
267.51
125.88
152.25
255.00
69.00
108.50
138.00
100.00
143.00
281.00
87.00
87.03
347.00
113.60
227.20
191.00
52.56
139.25
98.00
507.66
93.01
504.00
193.00
104.75
164.00
534.51
99.00
105.00
330.06

3.55
0.48
1.10
2.63
5.08
1.79
3.66
0.84
3.93
0.45
0.87
1.74
1.85
1.87
2.37
2.45
1.88
0.60
5.37
2.66
1.95
5.39
2.48
4.60
3.28
1.33
1.93
0.67
5.76
0.78
1.70
4.47
1.80
4.11
6.54
3.47
1.93
4.71
0.86
5.13
0.94
1.11
1.80
0.87
1.26
0.82
0.90
2.87
1.35
3.21
4.37
-

684.3
476.4
247.1
224.9
1021.8
841.7
263.7
935.1
145.2
121.1
276.9
151.5
183.7
87.9
972.8
578.0
476.9
25.6
586.2
54.1
32.8
1146.6
1146.6
90.6
1019.1
857.5
330.1
445.4
180.7
126.4
996.7
673.0
280.7
834.9
132.9
174.3
324.4
120.5
215.8
310.3
73.7
121.4
161.6
103.3
165.6
383.7
104.8
104.8
419.3
105.7
292.0
262.4
60.1
207.2
101.2
608.2
105.3
687.1
255.2
137.5
253.4
647.2
101.7
119.4
373.7

-3.3
-11.8
-0.7
-20.6
0.1
-7.3
1.1
1.3
1.8
2.0
-12.6
-12.6
-6.9
-15.8
-9.5
0.0
-4.1
-25.3
-11.0
-62.1
-8.1
-25.9
-27.5
3.8
0.6
1.5
0.6
-9.4
2.2
1.4
-17.5
-15.2
-20.1
-18.5
16.3
-12.1
-9.4
14.1
-11.0
-6.4
3.8
-1.7
-1.6
-1.3
-1.6
-12.3
-7.9
-8.4
-9.8
17.6
-1.2
-10.6
-7.7
-11.1
-1.7
-2.4
-1.9
-10.9
-8.4
-6.4
-15.1
-6.2
1.8
2.2
-5.8

-12.4
-7.5
-2.1
-10.0
-18.8
-4.8
3.4
-10.9
-5.2
-11.6
0.3
-9.6
-10.9
-5.2
-9.9
-0.2

Direct Property

52 Week
High
Low

1.35
3.47
4.02
4.80
3.34
1.46
0.40
3.16
1.30
2.39
1.09
2.36
3.29
6.34
3.31
1.98
1.85
0.82

Yld

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
IndMultiPr
InvistaERET
Longbow
PictonProp
SLIPropInc
UKComPrp

0.45
42.88
106.25
145.80
96.25
54.50
0.98
105.38
70.75
79.75
88.40

0.50
-0.25
-0.13
-0.95

0.47
43.63
115.50
148.40
97.00
73.00
4.40
106.75
71.50
82.00
92.65

0.39
37.00
103.50
116.50
81.00
48.00
0.30
100.50
56.00
72.00
77.90

0.6
4.12 119.7
5.19 90.2
10.3
4.24 65.2
5.72 75.4
5.50 82.1

-25.0
21.8
6.7
-90.5
8.5
5.8
7.7

SchdrGlbRe
TR Prop

123.50
307.60

0.25
1.20

126.50
314.50

29.00 3.40 135.8

232.40 2.42 316.2

-9.1
-2.7

Price
70.00
100.00
89.00
77.00
66.00

+/-Chg
-

Property Securities

900.00 717.00
149.00 129.86
141.50 131.00
261.75 216.26
431.00 362.50
348.75 256.00
201.90 152.85
1287
1101
626.64 493.20
411.00 99.00
187.70 163.00
601.00 438.00
70.75 60.00
202.23 175.00
133.80 103.00
288.00 238.43
792.50 642.00
248.00 205.75
257.00 211.00
1884 1180.01

VCTs
AlbionDev
..D
Albion Ent
AlbionTech
AlbionVCT

52 Week
High
Low
70.89 67.00
101.00 98.00
92.00 85.00
81.00 71.25
68.75 64.00

Yld NAV
7.14 71.4
2.50 104.9
5.62 94.6
8.12 83.4
7.58 67.8

Dis(-)
or Pm
-2.0
-4.7
-5.9
-7.7
-2.7

1.75

3.25

-1.00
0.25
-5.00
-

Ordinary Income Shares

Price +/-Chg
JPM I&C
97.75
JupiterDv&G
4.25
M&GHI&Gt
59.00
Rghts&Icp
3925 25.00
Income Shares

52 Week
High
Low Yld
100.80 86.00 6.39
5.83
3.50 16.94
68.80 55.00 4900
3800 2.08

HR
WO GRY 0%
-14.0
-0.9
5.1
-39.0
-14.4
-6.1
-63.2
4.9
HR
WO GRY 0%
-57.5
9.1
-10.0
-20.2
21.2

Price
95.00
55.50
1042.5

+/-Chg
2.50

52 Week
High
Low Yld
97.00 90.15 4.76
63.00 53.00 1252 895.00 2.98

Price
11.50
4.05

+/-Chg
-0.10

52 Week
High
Low
15.50
9.00
6.54
3.00

SP
0.8
7.1

Zero Dividend Preference Shares 52 Week

Price +/-Chg
High
Low
Abf Gd Inc
149.50
150.25 139.01
EcofinWatr
153.75
154.30 144.75
F&C PvtEq
151.50
152.14 146.25
JPM I&C
171.38
171.75 160.75
JupiterDv&G
111.50
113.00 97.75
JZ Capital
355.50
357.06 335.00
M&GHghIc
113.25
114.70 105.00
UtilicoFn16
185.75
0.25 185.75 171.75
UtilicoFn18
143.38
0.13 144.00 117.00
UtilicoFn20
111.50
112.50 100.00

SP
-34.8
-69.6
-18.0
-5.7
-83.9
-17.7
-57.1
-19.7
-10.1

JPM In&Gr
M&GHghIc
Rghts&I
Capital Shares
JPM Inc&Gr
M&GHghIc

HR
WO TAV 0%
-3.8
9.5
6.1
HR
WO TAV 0%
159.7
-93.0 160.7
192.1
131.1
369.8
-90.8 122.8
192.8
-31.7 160.5
-12.5 154.9

44.9
1.3

-68.8
-32.3

Price
57.25
150.00
62.75
66.25

+/-Chg
-0.13
0.25
-0.13

52 Week
High
Low
65.50 55.00
157.66 129.81
65.00 51.30
69.40 33.48

Yld NAV
62.1
0.3 150.2
8.0 74.6

Dis(-)
or Pm
-7.8
-0.1
-11.2

52 Week
+/-Chg
High
Low Yld
P/E
65000 1590000 1400000 - 135.20
1260
1025 2.21 27.49
132.00 112.50 3.58 -26.54

Vol
000s
0.0
14.0
2.5

ISDX
ArsenalFC
ShephdNm
Thwaites

Price
1580000
1142.5
124.50

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap

9.50
4.00
184.56
60.00
0.75

www.morningstar.co.uk

Friday 20 February 2015

25

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

Fund

Bid

Offer

+/- Yield

www.acpi.com
Regulated
-

0.28 0.00

ACPI Global Credit UCITS Funds USD A $ 13.85

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.05

0.15 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 88.22

-0.15 0.00

ACPI International Bond UCITS Fund USD A $ 18.28

0.04 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated
ACPI Balanced UCITS Fund USD Retail $ 14.24

0.02 0.00

ACPI Balanced UCITS Fund EUR Retail 10.78

0.02 0.00

ACPI Balanced UCITS Fund GBP Retail 10.87

0.02 0.00

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

ACPI Focused Equity UCITS Fund $ 13.27

0.02 0.00

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

1471.00 1548.40 1.50

Selective Acc. Ser 2

1565.40 1647.80 1.60

American Ser. 4

1677.70 1766.00 1.00

Custodian Ser. 4

489.60 515.30 0.80

Equity Ser. 4

574.20 604.50 0.80

European Ser 4

579.70 610.20 2.00

Fixed Int. Ser. 4

888.60 935.30 0.90

Intl Ser. 4

443.70 467.00 0.70

Retail Accumulation 2

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

1238.32 1308.83 1.59 1.50

Artemis European Growth R Acc

243.69 257.21 0.21 3.62

Artemis European Opps R Acc

72.83 76.85 0.33 1.36

Artemis Global Energy R Acc

28.71 30.38 -0.49 0.00

Artemis Global Growth R Acc

CF Seneca Diversified Income B INC

105.78

0.14 6.06

Consistent UT Inc

58.14 58.83 -0.02 4.34

Pan European Opportunities I EUR

1.67

CF Seneca Diversified Income N INC

104.88

0.13 6.06

Consistent UT Acc

131.66 133.23 -0.06 4.20

Practical Investment Inc

Practical Investment Acc

111.33

0.13 0.00

The Westchester Class 1 GBP Acc 18.87

0.02 0.00

The Westchester Class 2 GBP Acc 18.89

0.02 0.00

BlackRock

(JER)

Regulated

Investment Adviser Lacomp Plc

CF Lacomp World

5.60 0.11 0.00

Artemis Global Income R Inc

103.44 108.61 -0.08 0.00

11.24 11.24 0.10 0.00

CC Japan Alpha Fd - Cls C JPY

1102.61 1102.61 10.03 0.00

Artemis Strategic Bond R M Acc

83.62 88.77 -0.01 3.99

Artemis Strategic Bond R M Inc

55.24 58.64 0.00 4.06

Artemis Strategic Bond R Q Acc

83.70 88.86 -0.01 3.99

Artemis Strategic Bond R Q Inc

55.34 58.75 0.00 4.08

Artemis UK Growth R Acc

-0.14

435.18 461.48 0.43 0.59

Artemis UK Smaller Cos R Acc

1021.16 1099.98 1.67 0.55

Artemis UK Special Sits R Acc

514.21 546.47 -0.09 1.70

Artemis US Abs Ret I Acc

101.20

0.02

Artemis US Equity I Acc

110.97

-0.09

Artemis US Select I Acc

111.26

-0.01

Artemis US Smlr Cos I Acc

116.37

0.14

Artemis US Ex Alpha I Acc

112.94

-0.43

Artemis Fund Managers Ltd

(CYM)

55.60

0.34

179.43

3.22

944.80 994.50 1.10

Japan

380.90 401.00 3.60

Managed

4358.20 4587.60 3.30

Property

2702.80 2845.10 2.70

Artisan Emerging Markets I USD Acc $

7.67

0.02 0.00

Security

1477.00 1554.70 0.00

Artisan Global Equity Fund Class I USD Acc $ 14.81

0.05 0.00

Selective

2002.70 2108.10 1.30

Artisan Global Opportunities I USD Acc $ 11.90

Artisan Partners Global Funds PLC

Artisan Global Value Fund Class I USD Acc $ 16.43

Artisan US Value Equity Fund Class I USD Acc $ 12.05

0.06 0.00
0.03 0.00
-0.01 0.00

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg

FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 97.03

-0.11 13.57

Ashmore SICAV Emerging Market Frontier Equity Fund $ 161.67

1.02 2.11

Ashmore SICAV Emerging Market Total Return Fund $ 86.45

-0.02 10.25

Ashmore SICAV Global Equity Fund $ 112.68

0.38 0.60

Ashmore SICAV Global Small Cap Equity Fund $ 131.46

0.45 0.07

Ashmore SICAV Local Currency Fund $ 86.86

0.13 1.95

EM Mkts Corp.Debt USD F

$ 95.73

0.30 9.77

EM Mkts Loc.Ccy Bd USD F

$ 90.65

-0.08 10.67

BlueBay Asset Management LLP

(LUX)

Regulated
BlueBay EmMkt B-USD

$ 292.50

-0.04 0.00

BlueBay EmMktCrp B-USD

$ 164.27

0.81 0.00

BlueBay EmMktSel B-USD

$ 156.68

-0.18 0.00

BlueBay EmMkLocCy B-USD

$ 151.54

-0.26 0.00

BlueBay GlblConv I-USD

$ 189.96

-0.04 0.00

BlueBay GlblHgYd B-USD

$ 131.45

0.38 0.00

BlueBay HgYield B-EUR

333.57

0.85 0.00

BlueBay HgYieldCp B-EUR

141.37

0.38 0.00

BlueBay InvGr B-EUR

175.93

-0.07 0.00

CC Japan Inc & Grwth Fd - GBP Founder Inc 16.19 16.19 0.18 0.00
CC Japan Inc & Grwth Fd - JPY Founder Acc 1726.44 1726.44 19.46 0.00
CC Japan Inc & Grwth Fd - JPY Founder Inc 1627.21 1627.21 18.34 0.00

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

$ 1.1981

0.0105 15.33

CATCo Reinsurance Fund Ltd.

-0.15 0.00

BlueBay InvGEurAg I-EUR

151.77

-0.14 0.00

CATCo Re Fund Ltd Series A

$ 1643.1807

13.5508

BlueBay InvGLibor B-EUR

126.37

0.00 0.00

CATCo Re Fund Ltd Series B

$ 1688.2146

14.6326

HighIncomeLoan H-EUR

191.03

0.30 0.00

CATCo Re Fund Ltd Series D

$ 1408.6155

11.9140 0.00

Crdit Andorr Asset Management

CATCo Re Fund Ltd Series E

$ 1434.4695

12.7443 0.00

www.creditandorra.com
FCA Recognised

BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6810.00

-25.00 2.46

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 10120.00

16.00 0.84

Braemar Group PCC Limited

(GSY)

Regulated

Regulated

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

1014.00

1.00 1.43

Cavendish Opportunities Fund A Class

1009.00

2.00 0.57

UK Agricultural Class A

1.26

-0.01 0.00

Cavendish Opportunities Fund C Acc

1040.00

1.00 1.30

UK Agricultural Class B

1.38

0.00 0.00

Cavendish Worldwide Fund B Class

311.10

0.60 0.95

Student Accom Class B

0.72

-0.28 0.00

Cavendish Worldwide Fund A Class

310.50

0.50 0.16

Cavendish Worldwide Fund C Acc

317.20

0.60 0.90

Cavendish AIM Fund B Class

152.90

-0.30 0.40

Cavendish AIM Fund A Class

148.90

-0.30 0.00

CAF Financial Solutions

(UK)

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts
CAF UK Equitrack Inc Fd

74.67 74.67 0.07 3.41

Cavendish Asia Pacific Fund B Class

170.30

-0.20 1.44

CAF UK Equitrack Acc Fd

102.40 102.40 0.10 3.34

Cavendish Asia Pacific Fund A Class

169.90

-0.20 0.66

FP CAF Alternative Strategies A Class Acc

110.55

0.16 0.47

Cavendish Asia Pacific Fund C Acc

175.10

-0.20 1.42

FP CAF Alternative Strategies A Class Inc

110.18

0.17 0.33

Cavendish European Fund B Class

137.90

0.60 1.32

FP CAF Fixed Interest A class Acc

113.83

-0.16 2.76

Cavendish European Fund A Class

136.60

0.60 0.38

Cavendish Japan Fund B Class

151.30

1.20 0.82

CCLA Investment Management Ltd

(UK)

Investment Inc

1232.45 1246.09 0.15 3.73

Investment Acc

11495.26 11622.40 1.29

UK Equity Acc

214.98 217.14 2.57

Fixed Interest Inc

Cheyne Global Credit Fund

0.09 0.00

Property Fund Inc

124.33 128.50 0.10 6.51

Property Fund Acc

216.50 223.76 2.85

CCLA Fund Managers Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)

0.25

Allianz Japan A Acc

500.85

3.06 0.00

Gl Sukuk Fund - Share Class A Acc $ 1209.62

-0.53 0.00

Ethical Invest Inc

190.91 193.03 0.07 3.80

Allianz Japan C Acc

113.04

0.69 0.00

Gl Sukuk Fund - Share class B Acc 1078.54 1078.54 1.48 0.00

Ethical Invest Acc

235.93 238.53 0.10

Allz RiskMaster Conservative A Acc

119.04

-0.01 0.00

Global Equity Inc

150.57 152.23 -0.54 4.31

Global Equity Acc

215.07 217.45 -0.79

Fixed Interest Inc

138.54 139.10 -1.90 3.97

Fixed Interest Acc

770.47 773.55 -10.58

Property Inc

106.95 110.53 0.04 6.12

Property Acc

230.09 237.80 0.09

Allianz UK Unconstrained A Acc

210.39

-1.06 0.85

Allianz UK Index C Acc

1858.42

1.97 2.93

Allianz UK Index C Inc

1319.39

1.38 2.47

Allianz UK Mid Cap A Acc

3872.39

8.18 0.88

Allianz UK Mid Cap Fund C Acc

3933.89

8.39 1.69

Allianz US Equity A Acc

408.66

-0.33 0.13

Allianz US Equity C Acc

188.75

-0.15 0.81

Yield expressed as CAR (Compound Annual Return)

All transactions to Ser A units the sell price will be used

Amundi Funds

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Bd. Euro Corporate AE Class - R - EUR 19.10

0.01 0.00

Bd. Global AU Class - R - USD

$ 26.67

-0.03 0.00

Eq. Emerging Europe AE Class - R - EUR 26.83

-0.24 0.00

Eq. Emerging World AU Class - R - USD $ 95.07

0.14 0.00

Eq. Greater China AU Class - R - USD $ 631.73

1.68 0.00

Eq. Latin America AU Class - R - USD $ 440.37

0.35 0.00

Gl. Macro Bds & Curr Low Vol AHG - GBP 99.15

-0.02 0.00

The Antares European Fund Limited

Other International
AEF Ltd Usd (Est)

$ 595.15

5.47

AEF Ltd Eur (Est)

597.13

5.48 0.00

(LUX)

FCA Recognised
Arbiter Global Emerging Markets Fund Class A USD $ 109.72

0.23 0.00

Arbiter Global Emerging Markets Fund Class B GBP 100.30

-0.52

Capital Value Fund Cls V

128.92 128.92 -0.41 0.27

7.00 0.64

2.10 0.74

German Growth Inc GBP

541.60

2.10 0.54

Global Bond Inc

118.40 124.40 0.10 1.82

Global Growth Inc

381.60 402.00 0.40 0.00

Japan Growth Acc

132.40 139.50 1.40 0.00

Korea Acc

256.50 271.90 -0.60 0.00

Multi Asset A Acc ... C

158.30

0.30 0.73

Multi Asset A Inc ... C

152.90

0.30 0.74

UK Growth Inc

254.90 269.60 0.30 1.37

Charity Fund
0800 032 6347 (charity enquiries)

0.02 0.00

Arisaig Global Emerging Markets Consumer UCITS STG 11.40

0.04 0.00

Arisaig Latin America Consumer Fund $ 22.75

-0.06 0.00

Cheyne European Event Driven Fund 143.98

0.00 0.00

Cheyne European High Yield Fund 131.18

-3.53 0.00

Cheyne Long/Short Credit Fund

$ 213.87

0.34

Cheyne Malacca Asia Equity Fund Class A $ 1489.30

47.93 0.00

Cheyne Multi Strategy Liquid Fund $ 124.67

-0.92

Cheyne Real Estate Credit Holdings Fund 142.17

2.20 0.00

Cheyne Real Estate Debt Fund Class A1 130.26

Cheyne Total Return Credit Fund - December 2017 Class $ 190.77

-6.98 0.00

Cheyne Total Return Credit Fund December 2019 $ 133.38

-1.32

CMI Asset Mgmt (Luxembourg) SA

(LUX)

0.11 0.91

CMI Pacific Basin Enhanced Equity $ 45.10

-0.01 2.37

35.69 0.86

4299.45

CMI UK Equity

12.48

0.02 2.11

CMI US Enhanced Equity F

$ 80.45

-0.01 0.57

Index Tracking Sub Funds

Euro Equity Index Tracking

20.26

0.12 2.00

Japan Index Tracking

787.86

5.90 0.94

UK Eqty Index Tracking

16.07

0.02 2.90

US Eqty Index Tracking

$ 59.02

-0.02 0.80

Managed Sub Funds

Global Bond

1.48

0.01 0.84

Global Network Mgd Global Mxd

2.37

0.00 0.19

Global Equity

2.63

0.00 0.02

Bond Sub Funds

Canada Life Investments

(UK)
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Authorised Inv Funds

CMI Euro Bond F

47.18

0.01 1.80

CMI UK Bond

8.06

0.00 2.02

CMI US Bond

$ 13.34

0.05 1.51

Asia Pacific B Acc

898.18

-1.68 0.95

Currency Reserve Sub Funds

Balanced B Acc

148.67

0.18 0.00

CMI Euro Currency Reserve

Corporate Bond B Inc

211.10

0.03 3.81

CMI Stlg Currency Reserve

4.93

0.00

European B Acc

245.96

0.89 0.00

CMI US Dllr Currency Reserve

9.80

0.00 0.50

CMI Access 80% Gu F

5.69

0.01 0.00

24.96

0.00

94.39

0.04 2.18

Global Equity B Acc

607.03

0.83 1.45

Global Equity Income B Inc

127.21

-0.57 3.90

Cohen & Steers SICAV

Global High Yield Bond B Inc

100.00

0.20 5.04

Regulated

Global Infrastructure B Acc

118.25

-0.20 1.72

Global Resource B Acc

94.22

-0.68 0.07

Japan B Acc

49.91

0.51 0.00

Portfolio III B Acc

108.26

0.02 1.37

Portfolio IV B Acc

109.56

0.08 1.82

Portfolio V B Acc

110.32

0.08 0.87

Portfolio VI B Acc

110.79

0.08 1.00

Portfolio VII B Acc

108.90

0.05 0.78

North American B Acc

862.65

-0.78 0.45

Strategic Return B Acc

106.00

0.52

Total Return B Acc

106.69

0.58 1.24

UK Equity B Inc

112.40

-0.03 1.51

17 square Edouard VII - 75009 Paris, www.comgest.com

FCA Recognised

UK Equity & Bond Income B Inc

237.16

0.53 4.59

Comgest Asia F
Comgest Europe F

-0.09 0.91

Asia Growth A GBP Inc H

45.91

-0.09 0.00

Australia A GBP Inc

75.81

-0.38 2.27

Baring China Bond Fund

$ 10.08

0.02 0.00

9.30

0.06 0.00

Baring European Opportunities Fund Class A EUR Acc 12.55

0.11 0.00

Baring Global Mining Fund - Class A GBP Inc

5.34

0.00 0.74

Dynamic Emerging Markets A GBP Acc F

9.76

0.09 0.00

45.25

-0.19 0.79

Baring Emerging Markets Corporate Debt Fund $

Eastern Europe A GBP Inc

8.83

0.04 6.60

Emerging Opportunities A GBP Inc H 19.96

0.06 0.00

Glb Emerging Markets A GBP Inc H 20.15

0.05 0.44

Glb Resources A GBP Inc H

12.99

-0.09 0.34

6.87

0.01 6.62

609.27

-1.08 0.58

High Yield Bond A GBP Hedged Inc H

MENA A GBP Inc F *

14.86

Baring International Fd Mgrs (Ireland)

0.13

(IRL)

Regulated
China A-Share A GBP Inc

5.70

Barings (Luxembourg)

0.14 0.00

(LUX)

FCA Recognised
Russia A GBP Inc F

25.12

0.51 1.46

UK Equity Income B Inc

UK Government Bond B Inc

422.41

1.09 4.51

47.15

0.02 2.18

(LUX)

0.00 3.42

Reduced Duration UK Corporate Bond Inc 10.19

0.00 3.42

Crediinvest SICAV US American Value $ 18.47

-0.01 0.00

Reduced Duration UK Corp Bond Gross Inc 10.20

0.00 3.42

Crediinvest SICAV Sustainability 15.70

0.05 0.00

Select Emerging Markets Equities

1.30

0.00 0.96

Select European Eqts

1.73

0.01 1.88

(GSY)

Regulated
kr 459.40 459.50 -1.10 0.00

Dantrust II Limited

Eurobank Fund Management Company (Luxembourg) S.A.

Regulated
(LF) Absolute Return

DAVIS Funds SICAV

(LUX)

Regulated
Davis Value A

$ 41.02

-0.16 0.00

Davis Global A

$ 30.21

0.16 0.00

Discretionary Unit Fund Mngrs (1000)F

(UK)

1.31

0.00 0.00

(LF) Balanced - Active Fund (RON)RON 16.47

0.06 0.00

(LF) Cash Fund

1.33

0.01 0.00

RON 15.69

0.02 0.00

0.01 0.00

(LF) Cash Fund (RON)

(LF) Eq Emerging Europe

0.84

(LF) Eq Flexi Style Greece

1.22

0.02

(LF) Global Bond Fd

12.21

0.03 0.00

(LF) Global Equities

1.17

0.01 0.00

(IRL)

6 Duke Street,St.James,London SW1Y 6BN

www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class

11.84

0.03

EUR Accumulating Class (H)

9.69

0.00

EUR Distributing Class

11.61

0.02

EUR Distributing Class (H)

9.50

0.00

GBP Distributing Class

10.43

-0.06

GBP Distributing Class (H)

9.54

0.00

USD Accumulating Class

9.73

0.00

Dodge & Cox Worldwide Funds plc-Global Stock Fund

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk 08459 220044 Switchboard 0870 607 2555
Authorised Inv Funds

USD Accumulating Share Class

$ 17.31

0.01 0.00

Cash Accum Units

18.43

-0.10 0.00

Cash Fund

1.00

1.00 0.00 0.12

GBP Distributing Share class

13.54

-0.07 0.63

Gross Accum Cash

1.28

1.28 0.00 0.00

EUR Accumulating Share Class

22.80

0.05 0.00

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.11

MoneyBuilder Global

2.64

2.64 0.01 0.19

$ 18.76

-0.11 0.00

GBP Accumulating Share Class

18.90

-0.21 0.00

EUR Accumulating Share Class

-0.09 0.00

Fidelity Asian Dividend Fund A-Income

1.12

China Consumer

Emerging Asia

UK Gilt Bond

1.28

0.00 1.82

GAM Global Diversified Acc

4021.87

-3.10 0.00

UK Gilt Gross

2.01

0.00 1.79

GAM North American Gwth Acc

3296.31

-24.79 0.00

UK Long Corp Bond

1.41

0.00 4.19

GAM UK Diversified Acc

1922.48

13.15 1.08

UK Long Corp Bond - Gross

2.49

0.01 4.04

UK Long Corporate Bond Fund - Gross Income 11.30

UK Specialist

Asset Management
GAM Limited
-

0.01 4.18

1.87

0.01 1.22

(IRL)
FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

Emerging Markets - retail

1.35

0.00 0.00

GAM Star Fund Plc

Europe Long Term Growth

1.54

0.00 1.84

GAM Star Asia-Pacific Eqty USD Acc F $ 12.29

0.14 0.77

GAM Star Asian Eqty USD Ord Acc F $ 14.39

-0.04 0.00

Retail Share Classes

{*}CAR - Net income reinvested

(LUX)

China Consumer A-GBP

15.31

-0.08 0.00

China Focus A-GBP

4.35

-0.02 0.24

Global Financial Services A-GBP

0.43

-0.01 0.00

Global Health Care A-GBP

0.54

0.00 0.00

Global Industrials A-GBP

0.70

0.00 0.00

Global Inflation-Linked Bd A-GBP-Hdg

1.19

0.00 0.51

Global Real Asset Securities

1.51

-0.01 0.00

Global Technology A-GBP

0.24

0.00 0.00

Global Telecomms A-GBP

0.29

0.00 1.01

India Focus A-GBP

4.81

0.03 0.00

Latin America A-GBP

1.67

0.00 0.18

(IRL)
Findlay Park Funds Plc
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FCA Recognised

10.49

0.02

GAM Star Cap.Appr.US Eqty USD Inc F $ 18.13

GAM Star Balanced GBP Acc

0.04 0.00

GAM Star Cat Bond USD Acc

$ 12.42

0.00 0.00

GAM Star Cautious GBP Acc

10.49

0.01

GAM Star China Equity USD Acc F $ 22.59

0.16 0.50

GAM Star Cont European Eqty GBP Acc F

0.00 0.00

3.37

GAM Star Cred Opportunities GBP Acc 12.67

0.00 4.12

GAM Star Defensive GBP Acc

10.96

-0.01 0.00

GAM Star Discretionary FX USD Acc F $ 12.85

0.00 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.49

-0.02 1.44

GAM Star Emerging Asia USD Class ACCU $ 13.02

0.06 0.47

GAM Star Emerg. Market Rates USD Acc F $ 11.51

-0.02 0.00

GAM Star European Eqty USD Acc F $ 22.67

0.18 0.00

GAM Star Flexible Gbl Port GBP Ac 12.84

0.03 0.00

GAM Star GAMCO US Equity Acc F $ 14.05

0.04 0.00

GAM Star Global Conv Bond USD Acc F $ 11.44

0.03 0.00

GAM Star Global Rates USD Acc F $ 12.65

-0.03 0.00

0.09 0.00

0.02 0.84

GAM Star US All Cap Eqty USD Acc F $ 14.34

-0.01 0.00

Enhanced Income - Acc

1.90

0.00 6.74

GAM Star Worldwide Eqty USD Acc F $ 3360.22

26.81 0.37

Enhanced Income - Inc

1.29

0.00 6.90

Asset Management
$ 15.59

-0.02 0.00

European - Inc

1.45

0.01 2.35

PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port

Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
FCA Recognised

European

16.35

0.08 1.58

Fleming Financial Trust Investment Fund Limited (NZ)

Regulated
Taurus Emerging Fund Ltd

DGT - Consumer I Class

132.60

DGT - Consumer R Class

127.89

Incorporated in New Zealand, Reg No 5141841

Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances

DGT Managed - I

Fleming Fund

Global Multi-Strategy Managed

4.87

5.24 0.01 0.00

DGT Managed - R

UK Multi-Strategy Managed

4.84

5.21 0.00 0.00

Dominion Fund Management Limited

European Opportunities

3.71

0.02 0.37

Extra Income

0.27

0.00 3.59

-0.06 0.00

Extra Income - Gross

0.27

0.00 3.59

-0.06 0.00

Global Dividend - Acc

1.56

0.00 2.98

1.15

0.00 0.00

Global Dividend - Inc

1.42

0.00 3.20

1.16

0.00 0.00

Global Focus

13.22

0.01 0.00

GYS Investment Management Ltd

3.03

Global High Yield Fund - A Gross Acc 12.02

0.00 4.67

Foord Asset Mgt (Guernsey) Ltd

Dominion Fund Management Limited

Global High Yield Fund - A Gross Inc 10.41

0.00 4.84

Regulated

Other International Funds

Global High Yield Fund - A Net Acc 11.68

0.00 4.74

Foord International Trust

Global High Yield Fund - A Net Inc 10.40

0.00 4.83

Global Property - Acc

1.55

0.00 1.23

Global Property W Inc

1.30

0.01

Global Special Sits

25.19

Dragon Capital Group

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Inv. (VEIL) NAV $

3.40

-0.07 0.00

Vietnam Growth Fund (VGF) NAV $ 22.62

0.01 0.00

Vietnam Property Fund (VPF) NAV $

0.00 0.00

0.80

DSM Capital Partners Funds

(LUX)

www.dsmsicav.com
Regulated
128.39

Global Growth I2 Acc

Ecclesiastical Inv Mgt Ltd (1200)F

0.80 0.00

(UK)

PO Box 3733, Swindon, SN4 4BG, 0845 604 4056

Authorised Inv Funds

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances

-0.86 6.29
0.00 5.94

Index Japan P-Acc

1.09

0.00 0.02

Franklin Emg Mkts Debt Opp GBP 10.61

0.00 5.96

Guardian Assurance

Index Pacific ex Japan P-Acc

1.15

0.00

Franklin Emg Mkts Debt Opp SGD S$ 23.02

-0.10 5.97

Property Bond

23.38 24.36 0.00

Index UK A-Acc

0.88

0.00 1.18

Franklin Emg Mkts Debt Opp USD $ 17.85

-0.19 6.03

Choices Wth-Pfts Lg-tm

317.00 333.70 0.00

Index UK P-Acc

1.07

0.01 0.97

Choices Wth-Pfts St-tm

269.00 283.20 0.00

Index US A-Acc

1.63

0.00 1.32

Choices Managed

629.26 662.38 -0.13

Index US P-Acc

1.25

-0.01 1.73

Choices Equity

717.27 755.02 3.16

Index World A-Acc

1.45

0.00 1.70

Freedom With Pfts Long-Tm

217.90 229.40 0.00

Index World P-Acc

1.18

0.00 2.10

Freedom With Pfts Short-Tm

196.20 206.50 0.00

Japan

2.66

0.00 0.25

Freedom Managed

364.13 383.29 0.01

Japan Smaller Companies

1.84

0.00 0.00

Freedom Equity

414.07 435.87 1.47

MoneyBuilder Asset Allocator

1.22

0.00 0.50

Corp Pens Mananged

222.14 222.14 -0.05

MoneyBuilder Balanced

0.51

0.00 4.04

Corp Pens Equity

234.16 234.16 1.03

Money Builder Dividend

2.68

0.01 4.39

Corp Pens Fixed Interest

297.74 297.74 -2.99

MoneyBuilder Growth

0.76

0.00 2.17

Corp Pens Index Linked

345.61 345.61 -3.08

MoneyBuilder Growth ISA

0.77

0.00 2.33

Corp Pens Deposit

190.30 190.30 0.00

0.36

0.00 3.23

354.89 354.89 -6.93

0.00 4.72

Multi Asset Adventurous A-Acc

1.37

0.00 0.46

Higher Income Cls B Inc

134.30

0.00 4.65

Multi Asset Alloc Adventurous A-Acc

3.72

-0.01 2.29

UK Equity Growth Cls A Inc

234.40

0.60 0.48

Multi Asset Alloc Strategic A-Acc

1.21

0.00 0.27

UK Equity Growth Cls B Inc

239.00

0.60 1.29

Multi Asset Alloc Def - Gross A

1.13

-0.01 0.27

113.50

0.00 5.36

Multi Asset Alloc Def - Net A

1.13

0.00 0.24

1.26

-0.01 0.00

0.48

0.00 0.77

Amity Sterling Bond Fund B Inc

118.20

0.10 5.18

Multi Asset Open Strategic A-Acc

1.26

0.00 1.60

Multi Asset Open Strategic A-Inc

0.31

0.00 2.32

(UK)
40 Dukes Place, London EC3A 7NH
Order desk: 0845 6080941 Switchboard 0870 6072555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

Multi Asset Strategic

1.55

0.00 0.51

Open World A-Acc

1.23

0.00 0.00

Multi Asset Income A Gross Acc

1.56

0.00 3.66

CF Eclectica Agriculture A EUR Acc

Multi Asset Income A Gross Inc

1.13

0.00 5.06

1.51

0.00 0.00

Multi Asset Income A Net Acc

1.49

0.01 3.67

111.04

0.07 0.00

Multi Asset Income A Net Inc

1.13

0.00 5.06

1.71

0.00 0.00

South East Asia

8.38

-0.01 0.45

1.56

0.00 0.31

Special Situations

29.33

0.05 1.77

114.80

0.07 0.36

Strategic Bond

0.32

0.00 3.23

1.76

0.01 0.37

Strategic Bond Gross

0.32

0.00 3.23

Target 2015

0.50

0.00 0.27

Target 2015 - Gross

0.50

0.00 0.30

Target 2020

0.58

0.00 0.49

Target 2025

1.35

0.01 0.28

Target 2030

1.44

0.01 0.25

UK Select

2.41

0.01 1.12

UK Growth

3.62

0.01 0.05

UK Smaller Companies

1.96

0.00 0.25

Asset Management

European Opportunities I GBP

2.02

-0.01 1.58

0.63 1.55

European Opportunities I USD

3.14

0.02 1.38

0.03 0.00

European Opportunities A EUR

2.69

0.03 0.91

Franklin Templeton Investment Funds

(LUX)

8A rue Albert Borschette / L-1246 Luxembourg

www.franklintempleton.co.uk UK freephone 0 800 305 306
FCA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis

$ 10.50

0.08 2.19

Frk High Yield

6.84

0.01

Frk Euro Gov. Bond

11.56

0.01 1.01

Frk Euro High Yield

6.65

0.01 4.58

Frk Euro Liquid Reserve

4.37

0.00

Frk Euro Short Dur Bond Fd

10.21

0.00

Frk Europ Corp Bond Fd

11.63

0.01 1.64

Frk European Total Return

10.41

0.00 1.48

Frk Global Aggr.Inv.Grd Bond Fd

$ 10.70

0.02 0.00

Frk Global Aggregate Bond Fd

$ 10.12

0.01 1.27

Guardian Linked Life Assurance Ltd

Frk Global Income Fd

$ 10.40

0.02 5.55

Managed Acc

18.28 19.25 0.00

Frk Income

$ 12.82

0.02 3.09

Equity Acc

33.68 35.45 0.12

Frk US Government

9.46

0.01 2.29

Fixed Interest Acc

17.08 17.98 -0.14

Frk US Liquid Reserve Inc

9.67

0.00 0.00

International Acc

13.39 14.10 0.01

Frk US Low Duration Fd

9.90

0.00 0.53

Nth American Acc

6.84

7.20 -0.01

Frk US Total Return

$ 11.46

0.01 1.56

Pacific Acc

3.96

4.17 0.02

Tem Asian Bond

$ 13.44

-0.05 3.04

European Acc

3.37

3.55 0.00

Tem Asian Growth

$ 33.05

0.15 0.29

Property Acc

6.75

7.11 0.00

Tem Emerging Markets

$ 33.21

0.10 0.27

Index-Linked Acc

6.53

6.87 -0.05

4.45

4.69 -0.01

Asset Management

Multi Asset Open Growth A-Acc

0.03 1.28

Guardian

130.80

-0.02 0.00

Higher Income Cls A Inc

2.76

Franklin Emg Mkts Debt Opp EUR 12.66

0.00 3.23

5.88

Franklin Emg Mkts Debt Opp CHFSFr 17.80

European Opportunities I EUR

0.00

0.36

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

Other International Funds

0.01 0.16

Edinburgh Partners Limited

Genesis Asset Managers LLP

MoneyBuilder Income -Gross

Franklin Templeton International Services Sarl (IRL)

0.10 2.31

CF Eclectica Agriculture C USD Acc

-0.05 0.00

1.12

3.85 -0.03 0.00

1.05

208.80

CF Eclectica Agriculture C GBP Acc

3.15 -0.01 0.00

3.57

Amity UK Cls B Inc

CF Eclectica Agriculture C EUR Acc

2.92

MoneyBuilder Income

Global Bond USD

Index Europe ex UK P-Acc

0.00 1.47

CF Eclectica Agriculture A USD Acc

EU Multi-Strategy Managed

Index Emerging Markets P-Acc

CF Eclectica Agriculture A GBP Acc

(GSY)

Emerging Mkts NAV

209.50

Generali International Limited

-0.02 0.04

Amity UK Cls A Inc

Eclectica Asset Management

$ 34.96

3.13 0.03

(GSY)

$ 243.12 248.08 -2.91 0.00

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

0.10 5.19

0.03 0.00

0.01 3.89

1.49

109.90

13.10

0.00 3.77

UK Corporate Bond Fund Gross Inc 11.31

Amity Sterling Bond Fund A Inc

Comgest Gth GEM PC DIS F

0.00 3.90

Emerg Eur, Mid East & Africa H

0.00 0.56

0.17 0.00

2.26

0.01 0.02

0.01 0.34

1.25

19.64

UK Corporate Bond - Gross

(UK)

GAM Star Technology USD Acc F $ 16.46

Comgest Gth Europe DIS F

UK Corporate Bond

GAM Sterling Management Limited

12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

GAM Limited (2300)F

0.00 0.24

1.09

Asset Management

0.00 3.08

1.41

0.00 0.30

0.00 3.03

0.72 1.10

1.26

0.04 0.29

1.23

0.76 1.09

1.80

196.45

0.01 0.00

MultiManager Balanced

UK Aggregate Bond Inc

206.37

Fundsmith Equity T Inc

Multi Asset Growth

8.24

UK Aggreg Bond Gr Accum

Fundsmith Equity T Acc

GAM Star North of South EM Equity Acc F $ 11.86

-0.10 2.09

Comgest Gth Emerging Mkt DIS F $ 34.26

0.01 1.91

-0.01 0.21

-0.10 1.28

Comgest Gth Asia Pac ex Jap DIS F $

-0.01 2.37

3.54

1.53

0.05 0.00

219.90

116.94

0.00 3.53

UK

218.30

CF Heartwood Balanced Income B Inc

GAM Star Local EM Rates and FX USD Acc $ 11.81

Amity International Cls B Inc

(IRL)

0.01 3.43

1.35

Latin American Fund USD Class

Amity International Cls A Inc

0.09 0.00

0.00 2.60

0.0784 0.00

2.04

Sterling Core Plus Bond Inc

0.01 0.34

21.61

Sterling Core Plus Bond Gr Accum

0.21 0.38

Comgest Magellan

0.00 0.97
0.00 0.68

1.24

(FRA)

GAM Star Keynes Quant Strat USD Acc F $ 12.42

17 square Edouard VII - 75009 Paris

FCA Recognised

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

3.02
3.76

0.06 0.00

Multi Asset Defensive - Gross

88.41 0.00

Fundsmith LLP (1200)F

0.10 3.92

17.07 0.00

44.08

-0.50

American Fund GBP Hedged

107.10

-0.53

0.00 0.48

Amity Global Equity Inc for Charities A Inc

$ 4186.31

45.26

-0.05 0.00

0.0670 1.29

SFr 5640.80

71.42

Global Real Estate-GBP C Class

0.00 0.35

(LUX)

Commercial Property-GBP Class

Comgest SA

Other International

GAM Star Japan Eqty USD Acc F $ 12.54

1.23

Frontier Capital (Bermuda) Limited

GAM Star Global Selector USD Acc F $ 14.65

$ 13.3569

0.21 0.66

0.12 0.00

Multi Asset Defensive

0.05 0.65

0.70 2.13

194.96

1.16

142.42

$ 80.94

0.60 1.25

147.39

CF Richmond Core

Fidelity Asian Dividend Fund A-Accumulation

FP Frontier MAP Balanced Fund

American Fund USD Class

CF Heartwood Growth B Acc

-0.01

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised

276.03

202.60

Comgest AM International Ltd

CF JM Finn Gbl Opps A Acc

-0.04 0.00

1.07

200.80

0.05 0.37

0.00 0.01

Amity European Fund Cls B Inc

0.00 2.07

0.00 0.63

11.30

Asia Pacific Ops W-Acc

Amity European Fund Cls A Inc

0.04 0.00

American Special Sits

Asset Management

21.36

0.0611 0.00

28.30

113.18

110.61

American

(UK)

Authorised Inv Funds

South East Asia

OEIC Funds

29.8739

129.32

128.05

186.24 186.24 0.01 0.00

Europ.RealEstate Sec. IX

CF Heartwood Cautious B Acc

CF Heartwood Defensive Multi Asset Fund B Accumulation

130, Tonbridge Rd, Tonbridge TN11 9DZ

Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

Multi Asset Alloc Growth A

CF Heartwood Cautious Income B Inc

CF Heartwood Balanced B Acc

FIL Investment Services (UK) Limited (1200)F (UK)

Frontier Gottex

Select Global Equities

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg

Phone: 800 22 089, 800 22 088
Regulated

GBP Accumulating Share Class

USD Accumulating Share Class

FIL Fund Management

0.0464 1.35

Gbl RealEstate Sec. IX

0.00 2.64

0.27 0.00

0.00 0.76

22.6932

$ 11.4079

0.50

Crediinvest SICAV Big Cap Value 18.51

European Real Estate Securities

Gbl RealEstate Sec. I

2.01

0.00 3.42

Amity Balanced For Charities A Inc

Comgest SA
Capita Asset Services

Long Bond

Asset Management

Global Bond B Inc

123.85

Japan

Single Country Equity Sub Funds

CMI Japan Enhanced Equity F

-0.02 0.63

Reduced Duration UK Corporate Bond Gross 10.76

DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 110.65 110.65 2.17 0.00
29.67

Reduced Duration UK Corporate Bond 10.64

Regional Equity Sub Funds

CMI Continental Euro Equity

Index-Linked Bond Fund Gross Inc 11.97

0.13 0.00

DX EVOLUTION PCC LIIMITED - DXE () FUND 110.15 110.15 2.04 0.00

115.20 115.90 0.30 3.22

ASEAN Frontiers A GBP Inc

-0.01 0.63

23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311

FCA Recognised
CMI Global Network Fund (u)

146.10 147.10 0.30 3.15

(IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

1.95 0.00

Targeted Return Fund Inc

Baring International Fd Mgrs (Ireland)

0.00 0.63

Smaller Cos Cls Four Shares (Est) 14.64

Cheyne Capital Management (UK) LLP

Targeted Return Fund Acc

Arisaig Africa Consumer Fund Limited $ 16.31

169.39 169.39 -2.05 2.28

-1.10 0.00

-0.24

Arisaig Global Emerging Markets Consumer UCITS 11.97

Real Return Cls A

0.01 0.00

CG Portfolio Fund Plc

662.20

$ 34.72

-0.11 0.00

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

Eastern Inc GBP

Latin America A USD Inc H

268.44 288.35 2.60 4.55

130.07 130.07 -1.94 1.55

Other International Funds

-

Property

Dollar Fund Cls D

-0.01 0.00

Arisaig Global Emerging Markets Consumer Fund $ 10.51

Local Authorities Property Fd (LAMIT) (UK)

-1.00 0.00

Arisaig Asia Consumer Fund Limited $ 63.83

15.61

0.11 0.00

Capital Gearing Portfolio Fund Plc 26564.33 26564.33 -88.31 0.62

India Fund - Class A GBP Inc

-

674.80

Hong Kong China A GBP Inc

Arisaig Partners

Eastern Acc GBP

Emerging Mkt Debt LC A GBP Hedged Inc

Arbiter Fund Managers Limited

0.00 3.25

586.70

121.12

3.05

3.48 0.00

Other International Funds

1024.00 1079.00 7.00 1.07

(IRL)

Regulated

2.54

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

Cheyne Capital Management (UK) LLP

497.40 499.40 -3.83

$ Income Fund - Share Class W DisA$ 1028.14

European Growth Inc

1.97 0.01 6.57

Fixed Interest Acc

0.07 1.86

German Growth Acc GBP

1.97

-0.80 0.00

-0.02 0.00

0.07 1.86

-0.51 0.74

Raffles-Asia Investment Company $

$ 335057.23 335057.23 -4177.33 0.00

$ 737.96

Cheyne European Real Estate Bond Fund 112.51

101.16

CAM-GTF Limited
CAM GTi Limited

168.96 169.64 -1.29 3.96

173.13

Allianz UK Unconstrained C Acc

0.00 0.01

1.45 0.00

167.51

Allianz Gilt Yield Fund I Inc

2491.00

1.00

Cheyne Convertibles Absolute Return Fund 1363.56

Allianz Gilt Yield Fund C Inc

Europe Select Inc GBP

Index Linked Bond Gross

Crediinvest SICAV International Value 241.09

149.82 151.32 1.76 4.05

0.03 0.00

-0.53 1.33

Schwab USD Liquid Assets Fd

Index Linked Bond

1.38 0.00

227.06 229.58 1.50

(CYM)

0.00 0.53

UK Equity Inc

$ Income Fund - Share Class M Acc 1015.81

102.00

Euronova Asset Management UK LLP

Crediinvest SICAV Spanish Value 270.96

Global Equity Acc

0.09 0.00

Allianz UK Growth C Acc

Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00

2.80

0.01 2.05

0.14 0.00

0.06

-0.17 3.21

(GSY)

-22.74 1.67

0.23 0.00

Global Focus

2.67

16.09

0.10 1.50

EUR Accumulating Share Class

$ Income Fund - Share Class G Acc 1076.10

$ 21.74

0.03 2.44

Pan European

161.07 162.85 1.11 4.31

$ Income Fund - Share Class D Dis $ 1000.53

4403.77

0.00 0.00

Tem Thailand

0.14

Global Equity Inc

0.14 0.00

103.70

4.08

0.10 0.00

0.13 0.00

Allianz UK Growth A Acc

5.20

3.95 0.00

Smaller Cos Cls Three Shares (Est) 11.38

Allz UK Equity Income C Inc

Europe

Fidelity Pre-Retirement Bond Fund 117.00

0.01 0.00

$ 15.57

-0.46 4.55

0.08 0.00

Tem Korea

444.39

0.01 0.49

USD Accumulating Share Class

93.58

-0.01 0.42

Crediinvest SICAV Fixed Income Usd $ 10.68

Dodge & Cox Worldwide Funds plc-International Stock Fund

89.13

289.76

16.45

3.37

0.00 1.88

Dodge & Cox Worldwide Funds

Allianz EcoTrends C Acc

Allz UK Equity Income A Inc

0.08 0.00

Tem Growth (Euro)

3.93

2692.18 2721.96 29.68

Allianz EcoTrends A Acc

268.40 283.50 0.60 1.29

Emerging Markets

3.83

1362.36 1377.42 15.01 3.78

0.05 0.00

664.10 701.60 1.60 1.28

$ 18.43

America

Investment Acc

0.07 0.00

Dynamic Capital Growth Inc

0.27 0.00

Tem Frontier Mkts Fund

Institutional OEIC Funds

Pacific (Ex Japan)

Investment Inc

Dynamic Capital Growth Acc

0.27 0.00

0.94 0.00

0.21 0.00

(IRL)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds

0.03 3.56

21.36

-0.27 0.00

0.03 0.00

$ Income Fund - Share Class C Acc $ 1007.47

19.70

Tem European EUR

Ennismore European Smlr Cos NAV 122.91

$ Income Fund - Share Class B Acc $ 1157.32

108.29

Tem Euroland

Ennismore European Smlr Cos NAV 90.39

17.11

-0.26 3.48

Allz UK Corporate Bond C Inc

0.04 0.00

(LF) FOF Real Estate

-0.27 3.56

0.03 3.66

0.04 0.00

Tem Emerging Mkts Sml Comp Fd $ 10.27

107.97

0.00 1.89

11.75

100.94

Allz UK Corporate Bond A Inc

(LF) FOF Dynamic Fixed Inc

104.39

Dealing and Enquiries 020 7214 1004

Fund Information: www.barings.com
Authorised Inv Funds

1.06

0.01 0.00

Allz European Eq Inc C Inc

0.27 0.00

Fidelity PathFinder Income 3 Income (clean)

0.01 0.00

Allz European Eq Inc C Acc

-2.55 1.15

$ Income Fund - Share Class A Acc $ 1137.89

-2.77

19.01

-0.49 3.75

Tem Eastern Europe

0.93

0.00

1.33

185.89

631.86

Allz European Eq Inc A Acc

684.82

1.06

(IRL)

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised

-0.37 3.59

Allz Total Return Asian C Inc

0.10 0.00

Fidelity PathFinder Income 2 Gross Income (clean)

Ennismore Smaller Cos Plc

(LF) FOF Glob. Emerging Mkts

Allz Total Return Asian A Acc

(LF) FOF Equity Blend

137.39

(UK)

$ 23.20

0.00 0.91

Allz European Eq Inc A Inc

Baring Fund Managers Ltd (1200)F

Tem China

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated

0.04 3.54

0.00 4.28

164.70

0.94 1.04

Cavendish UK Select Fund A Class

0.47

1.07

0.00 0.00

141.44

0.09 0.00

Fidelity PathFinder Income 2 gross

0.10 0.00

Allz Continental European C Acc

Sterling Bond F

5.79 0.20

(JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

$ 14.15

Barclays Investment Funds (CI) Ltd

Tem BRIC

1.44

877.36

0.00 0.20

Allz Continental European A Acc

0.00

10.70

0.13 1.65

1.00

0.30 2.10

(LF) FOF Balanced Blend

1.06

(LF) Greek Corporate Bond

59.45

Global Liquidity USD

0.10 0.00

Fidelity PathFinder Income 2 Income (clean)

139.80

0.20 5.06

Allianz Brazil Fund C Acc

Regulated

Electric&General Net Income A

0.00 1.75

0.12 0.97

(IRL)

0.17 0.00

-0.89 1.04

Bank of America Cap Mgmt (Ireland) Ltd

$ 39.57

$ 10.76

Tem Asian Sml Comp Fd

165.10

Tem Africa

135.40

58.09

0.06 0.00

0.01

Cavendish UK Select Fund B Class

171.10

0.00

Cavendish UK Balanced Income A Class

Allianz Brazil Fund A Acc

(LUX)

1.06

0.59 2.20

Allianz BRIC Stars C Acc

BLME Asset Management

1.05

Fidelity PathFinder Income 1 Gross Income (clean)

0.64 2.17

-0.84 0.61

14.08 0.00

Fidelity PathFinder Income 1 Income (clean)

0.13 0.00

160.45

$ 704.01

137.73

Allianz BRIC Stars A Acc

Far East

$ 19.63

149.28

0.00 0.27

-0.41 0.00

Frk Wrld Perspective Fd

FP CAF UK Equity B Class Inc

0.00 0.37

19.85 0.00

FP CAF UK Equity B Class Acc

0.01

0.00 0.00

100.00

851.18

1.15

1.22

100.00

1361.02

0.07

Fidelity PathFinder Freedom 5 Acc (clean)

The Public Sector Deposit Fund-share class 5 F

Eurocroissance

(LF) Income Plus $

The Public Sector Deposit Fund-share class 4 F

Bond Global

$ 20.01

0.30 4.84

-0.50 0.00

99.74 0.00

Stuart House St.John's Street Peterborough PE1 5DD

Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management

Frk US Sml Mid Cap Gth F

-0.83 0.00

141.80

$ 3276.20

0.00

Cavendish UK Balanced Income Fund B Class

American One

0.60 2.20

$ 119.70

97.61 0.00

1.10

0.65 2.18

SFr 118.40

Fidelity PathFinder Freedom 4 Acc (clean)

Aspect Diversified CHF

$ 3500.81

0.04 0.00

(UK)

Electric & General (1000)F

Other International Funds

American Dynamic

-0.07 0.00

137.75

Chartered Asset Management Pte Ltd

Regulated

$ 12.18

149.28

0.00 0.32

(LUX)

$ 24.64

Frk US Opportunities

FP CAF UK Equity A Class Inc

Atlantas Sicav

Frk US Equity

FP CAF UK Equity A Class Acc

100.00

-0.51 0.00

0.00

0.20 0.00

The Public Sector Deposit Fund-share class 3 F

-0.50 0.00

0.01

0.13 0.00

-0.81 0.00

1.09

1.09

Fidelity PathFinder Freedom 3 Acc (clean)

125.14

123.61

Fidelity PathFinder Freedom 1 Acc (clean)

15.36

Aspect Diversified GBP

119.63

0.22 0.00

15.46

0.00 0.27

Aspect Diversified Trends GBP

SR 15.21

(LF) Greek Government Bond

Aspect Diversified Trends EUR

Saudi Arabia Equity Fund

(LF) Eq Mena Fund

100.00

0.01 0.00
0.03 0.00

5088.90 5246.30 -10.90 0.00

The Public Sector Deposit Fund-share class 2 F

-0.02 0.00

-0.05 0.00

1369.20 1411.50 -2.90 0.00

-1.67

$ 14.78

Do Accum

-2.70 0.00

$ 10.55

Frk Strategic Income Fd

$ 16.79

Disc Inc

Frk Real Return Fd F

Frk U.S. Focus Fund

-0.40 0.00

-0.30 0.10

245.67

0.00
0.01

0.00

$ 410.01

-0.05 0.00

Aspect Diversified EUR

1.09

260.20

Aspect Diversified USD

7.96

Fidelity PathFinder Freedom 2 Acc (clean)

272.40

-0.02 0.00

0.00

Cavendish Technology Fund A Class

ACQ Risk Parity Bond Fund EUR A 103.52 103.52 -0.06 0.00

Frk Natural Resources Fd F

Cavendish Technology Fund B Class

Regulated

0.06 0.71

0.00 0.47

0.06 0.00

0.01

Middle East & Developing Africa Fund (Final) $ 19.81

0.07 0.70

100.00

$ 18.03

$ 11.10

The Public Sector Deposit Fund-share class 1 F

Frk Mutual Gbl Disc

Frk Technology

138.99

Other International Funds

142.53

0.03 0.00

0.26 0.00

0.00

0.00

FP CAF International Equity A Class Inc

-0.02 0.00

FP CAF International Equity A Class Acc

153.41

24.80

1 Poultry, London EC2R 8JR 020 7 415 4130

Authorised Inv Funds

AC Risk Parity 12 Fund EUR A

$ 73.35

Frk Mutual European EUR

Smaller Cos Cls Two Shares (Est) 22.61

-0.20 0.00

(IRL)

Frk Mutual Beacon

0.01 0.00

Charles Schwab Worldwide Funds Plc

187.80

Aspect Capital Ltd (UK)

0.02 0.00

1.09

Cavendish North American Fund A Class

(UK)

Crediinvest SICAV Fixed Income Eur 10.99

1.20 0.00

Senator House 85 Queen Victoria Street London EC4V 4ET

Authorised Inv Funds
The Public Sector Deposit Fund

0.02

7.06

0.00 2.63

-0.20 0.59

CCLA Investment Management Ltd

0.00 2.58

0.02 0.00

$ 10.49

Frk MENA Fund

0.42

Frk K2 Alt Strat Fd

192.90

12.99 0.00

0.81

150.40

0.29 0.00

11.23

Cavendish Japan Fund A Class

125.27

Cavendish North American Fund B Class

108.00

$ 34.17
834.50

Long Bond Fund Gross Inc

-0.14 2.81

-1.45 0.00

Frk India
Frk Japan Fd

Long Bond Gross

-0.16 2.76

-6.77 0.00

0.04 0.00

0.34 0.00

0.23 0.00

4.07

Smaller Cos Cls One Shares (Est) 31.92

102.00

319.73

Regulated

114.29

357.17

$ 29.37

Frk Gold and Precious Mtls Fd F

0.00 0.00

FP CAF Fixed Interest B class Inc

Cedar Rock Capital Fd Plc

Frk Global Sml Mid Cap Gth

0.00 0.00

FP CAF Fixed Interest B class Acc

Cedar Rock Capital Fd Plc

-0.14 2.81

2.05 0.00

0.06 0.00
0.12 0.00

Crediinvest SICAV Money Market Usd A $ 10.02

101.72

$ 350.22

$ 14.76
$ 25.53

Crediinvest SICAV Money Market Eur I 11.23

FP CAF Fixed Interest A class Inc

Cedar Rock Capital Fd Plc

Frk Global Growth

Frk Global Gth & Val

Fidelity PathFinder Freedom 1 Gross Acc (clean)

Regulated

Dantrust Management (Guernsey) Ltd

+/- Yield

0.00

Equinox Fund Mgmt (Guernsey) Limited

(LUX)

Offer

NAV

151.48

Bid

Ennismore European Smlr Cos Hedge Fd

(BMU)

AC Risk Parity 7 Fund EUR A

Aspect Diversified Trends USD

CC Japan Inc & Grwth Fd - USD Founder Inc $ 16.13 16.13 0.19 0.00

Fund

$ 29.93

Other International Funds

AC Opp - Aremus Fund EUR A

CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.98 16.98 0.19 0.00

BlueBay InvGEurGv B-EUR

Alceda Fund Management S.A.

9.79 0.02 0.00

CC Japan Inc & Grwth Fd - GBP Founder Acc 17.06 17.06 0.19 0.00

Regulated

www.alceda.lu
FCA Recognised

9.79

CC Japan Inc & Grwth Fd - Cls Acc USD $ 16.57 16.57 0.20 0.00

Cedar Rock Capital Limited

0.04 2.99

The EFG-Hermes Egypt Fund

CC Japan Alpha Fd - Cls B GBP

International

2.44 2.12

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc

1.16

153.48

1.16

Fidelity PathFinder Focussed 5 Acc (clean)

240.25

1622.80 1708.20 -0.80

152.62

Fidelity PathFinder Focussed 4 Acc (clean)

CF Morant Wright Nippon Yield Fund B Inc

Fixed Int.

Allz Sterling Total Return Fund C Inc

DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

63.34 67.20 -0.01 4.74

Allz Sterling Total Return Fund A Inc

10.31 10.31 0.09 0.00

1172.30 1234.00 3.00

-0.03 0.48

1.15

CC Japan Alpha Fd - Cls A Euro

European

Fidelity PathFinder Focussed 3 Acc (clean)

2.36 2.13

126.15

EFG Hermes

Allz RiskMaster Moderate C Acc

232.52

3.46

-0.03 0.00

1.13

CF Morant Wright Nippon Yield Fund A Inc

3.79

-0.06 0.03

Fidelity PathFinder Focused 2 Acc (Clean)

31/32 St James's Street, London, SW1A 1HD

FCA Recognised

350.30 371.31 0.23 3.93

0.00

Artemis Income R Acc

0.00

CC Asian Evolution Fund - Cls C USD Acc $ 16.47 16.47 0.01 0.00

$ 188.04

124.08

1.11

2.75 2.08

199.42

128.55

1.11

Fidelity PathFinder Focussed 1 Acc (clean)

Artemis Pan-Euro Hdg USD

Allz RiskMaster Moderate A Acc

Fidelity PathFinder Focussed 1 Gross Acc (clean)

(IRL)

270.49

Artemis Pan-Euro Hdg GBP

Allz RiskMaster Growth C Acc

CF Morant Wright Nippon Yield ACC B

-0.06 0.00

0.00

213.24 226.03 0.14 4.04

5091.20 5359.10 8.80

0.00

Artemis Income R Inc

Equity

125.78

1.19

CC Asian Evolution Fd. Cls B GBP 13.79 13.79 0.00 0.00

Artemis Pan-Euro Hdg EUR

Allz RiskMaster Growth A Acc

1.15

Fidelity PathFinder Foundation 5 Acc (clean)

2.66 2.09

0.01 0.14

Fidelity PathFinder Foundation 4 Acc (clean)

990.61 1013.22 -1.63 3.66

1933.20 2035.00 -1.50

0.00 0.00

210.23 215.02 -0.34 3.76

261.87

American

CF Morant Wright Nippon Yield ACC A

-0.01

80.45 85.66 -0.06 5.54

0.33

113.95

-0.01

Artemis High Income R Inc

112.32

1.12

CC Asian Evolution Fd. Cls A USD $ 14.66 14.66 0.01 0.00

$ 55.96

Allz RiskMaster Defensive A Acc

1.11

Fidelity PathFinder Foundation 3 Acc (clean)

2.82 0.43

Artemis Gbl Hedge Fd Ltd USD

Allz RiskMaster Defensive C Acc

Fidelity PathFinder Foundation 2 Acc (clean)

-0.01 0.31

0.02

256.66

1015.00 1068.40 1.10

CF Morant Wright Japan B Inc

Property Ser 5

120.61

0.00

70.33 74.25 0.26 0.00

Allz RiskMaster Conservative C Acc

-0.01

Artemis Global select R Acc

0.27

199 Bishopsgate, London, EC2M 3TY,0800 073 2001

Authorised Inv Funds
OEIC

1.10

(UK)

1.10

Fidelity PathFinder Foundation 1 Acc (clean)

CC Asia Alpha Fd - Cls I USD

51.90

Allianz Global Investors GmbH(1200) F

Fidelity PathFinder Foundation 1 Gross Acc (clean)

0.00 0.59

2.98 0.42

Artemis Gbl Hedge Fd Ltd EUR

0.02 0.99

102.35

270.74

513.20 540.20 0.00

AC Risk Parity 17 Fund EUR A

1.56
1.07

CF Morant Wright Japan B

0.01 0.62

WealthBuilder A Acc
Fidelity PathFinder

80.01 84.52 -0.08 3.87

99.86

0.02 1.15
0.01 1.00

Coupland Cardiff Funds Plc

1.03

+/- Yield

Offer

12.25 12.25 0.02 0.00

77.31 81.77 -0.29 0.00

Bid

1.15

CC Asia Alpha Fd - Cls C GBP

Artemis Strategic Assets R Acc

Fund

1.77

2.77 0.00

Artemis Pan-Euro Abs Ret GBP

+/- Yield

Artemis Monthly Dist R Inc

Offer

251.68

5.31

Bid

Global Opportunities I USD

CF Morant Wright Japan A Inc

Money Ser 5

BLK Intl Gold & General

Artemis Gbl Hedge Fd Ltd GBP

630.60 663.80 -0.20

Global Opportunities A GBP

The Castleton Growth Fund Ret Inc

96.73 102.19 -0.10 3.76

additional fund prices can be found on our website

PO BOX 10117, Chelmsford, Essex, CM1 9JB

Dealing & Client Services 0845 0264281
Authorised Inv Funds

Global Opportunities I EUR

0.12 5.43

0.07 0.00

Artemis Global Income R Acc

1615.90 1700.90 1.40

Managed Growth (Pensions)

0.42 1.74

Fund

Global Opportunities I GBP

$ 12.39 12.39 0.02 0.00

Managed Ser 5

89.47

$ 26.91

(UK)

CC Asia Alpha Fd - Cls B USD

Regulated

126.46

CF Seneca Diversified Income A INC

The Westchester

Consistent Unit Tst Mgt Co Ltd (1200)F

2.81 0.00

6401.10 6738.00 -6.50

CF Seneca Diversified Growth N ACC

Investment Adviser - DSM Capital Partners

+/- Yield

512.90 539.90 -0.20

0.43 2.01

0.11 0.00

Offer

255.45

426.80 449.30 0.60

Managed (Pensions)

0.72 1.17

0.12 0.00

Bid

CF Morant Wright Japan A

471.00 495.80 0.70

Managed Growth (Life)

127.48

Fund

Investment Adviser - Morant Wright Management Limited

International Ser 5

216.54

2.31 0.00

Custodian Ser 5

1609.70 1694.40 -1.30

CF Seneca Diversified Growth B ACC

110.88

Managed (Life)

CF Seneca Diversified Growth A ACC

112.82

1043.11

1054.90 1110.50 1.10

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

+/- Yield

Retail Income 2

Blackrock UK Long Lease

Prop. Ser. 4

Offer

The Castleton Growth Fund Ret Acc

179.41 189.32 0.35 0.76

Bid

12.63 12.63 0.02 0.00

1066.90 1123.00 -0.80

0.12 0.00

Fund

CC Asia Alpha Fd - Cls A Euro

524.10 551.70 0.00

1588.60 1681.10 -0.90

0.00 3.88

1679.50 1767.90 1.40

Managed Ser A (Pensions)

114.22

Money Ser. 4

Managed Ser A (Life)

(UK)

38.89

Man. Ser. 4

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

+/- Yield

BlackRock UK Property

364.00 383.10 3.20

Pension Funds

Offer

40 Dukes Place, London, EC3A 7NH

Authorised Corporate Director - Capita Financial Managers
Dealing: 0845 922 0044
Authorised Inv Funds

Japan Ser 4

Bid

Barmac Asset Management Ltd

(IRL)

ACPI Emerging Mkts FI UCITS Fund USD A $ 108.38

Fund

Corp Pens Protector

Asset Management

Corp Pens UK Index Tracker

2.02

2.02 0.02

Tem Emg Mkts Balanced AQdis

7.89

-0.01 2.87

Deposit Accum

Tem Emg Mkts Bd

$ 17.06

-0.07 6.69

Guardian Pensions Management Ltd

Tem Global

$ 35.10

0.17 0.47

Pens. Managed Acc.

23.77 25.02 0.00

Tem Global (Euro)

19.28

0.10 0.37

Pens. Equity Acc.

36.13 38.03 0.16

Tem Global Balanced

$ 23.25

0.08 0.64

Tem Global Bond

$ 20.76

-0.09 2.32

HPB Assurance Ltd

Tem Global Bond (Euro)

10.29

-0.07 2.89

Tem Global Equity Income A(Mdis) $ 10.27

0.07 3.69

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

Tem Global High Yield Fd F

9.44

-0.03 4.99

Tem Global Income

$ 14.39

0.04 1.64

Holiday Property Bond Ser 1

0.53

0.00 0.00

Holiday Property Bond Ser 2

0.62

0.00 0.00

Tem Global Smaller Cos

$ 34.20

0.16 0.00

Hamon Investment Group

Tem Global Total Return

$ 17.66

-0.06 3.56

Other International Funds

Tem Latin America

$ 51.33

0.57 0.89

Asian Market Leaders - USD

$ 26.57

0.00 0.00

Asian Market Leaders - GBP

13.53

0.01 0.00

Class A Acc
Frk Biotech Discovery

$ 33.89

0.33

Greater China - USD

$ 10.83

-0.02 0.00

Frk Brazil Opportunities Fd

$ 10.25

-0.01 0.00

Greater China - GBP

0.00 0.00

Frk Euro S-Term Money Mkt Fd

1012.26

0.00 0.00

Selected Asian P'folio

$ 49.90 49.91 0.01 0.00

Frk Euroland Fund

19.77

0.19 0.00

Frk European Growth

15.56

0.22 0.00

Frk European Sml Mid Cap Gth

33.93

0.39 0.00

Frk Gbl Equity Strategies Fd

$ 11.67

0.05 0.00

Frk Gbl Fundamental Strat Fd

$ 13.31

0.01 0.00

Frk Global Conver.Securities

$ 11.94

0.08 0.00

Asset Management

4.46

26

FINANCIAL TIMES

Friday 20 February 2015

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

Fund

Bid

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
Multi-Manager Spec Sits Tst

262.54 276.35 0.73 0.22

HL Multi-Manager Income & Growth Trust (Accumulation units)

164.05 172.59 0.73 3.75

HL Multi-Manager Income & Growth Trust (Income units)

101.62 106.91 0.45 3.75

Multi-Manager Bal Mgd Tst

182.82 192.25 0.43 0.89

HL Multi-Manager Equity & Bond Trust (Income units)

109.62 115.18 0.15 2.24

HL Multi-Manager Equity & Bond Trust (Accumulation units)

145.88 153.29 0.19 2.24

Multi-Manager Strategic Bond Trust A Acc

168.72 173.93 -0.44 1.75

Multi-Manager Strategic Bond Trust A Inc

142.38 146.78 -0.38 1.75

HL Multi Manager UK Growth

101.40 104.53 0.48 0.00

Haussmann
Other International Funds
Haussmann Cls A

$ 2716.34

15.59 0.00

-1.20 0.82

96.71 102.05 -0.13 5.81

Asian Dividend Income Inc

Cautious Managed A Acc

244.00

0.00 3.22

Cautious Managed A Inc

154.50

-0.10 3.28

China Opportunities A Acc

856.50

-2.10 0.38

Emerging Markets Opportunities A Acc

154.10

0.50 0.40

European Growth A Acc

166.80

0.80 0.80

European Selected Opportunities A Acc

1270.00

1.00 0.49

European Special Situations A Acc

89.87

0.26 1.13

Fixed Interest Monthly Income A Inc

22.39 23.49 0.02 5.99

Global Care Growth A Inc

205.10

0.30 0.12

Global Equity Income A Inc

51.05

-0.01 3.81

Global Growth Fund

2012.05 2102.81 4.48 0.00

Global Technology A Acc

926.60

0.50 0.00

Multi-Manager Absolute Return A Acc

136.40

0.10 0.00

Multi-Manager Active A Acc

177.50

0.00 0.00

Multi-Manager Distribution A Inc

132.30

0.20 2.49

Multi-Manager Diversified A Acc

78.89

0.11 2.61

Multi-Manager Global Select Acc

184.30

0.30 0.00

Multi-Manager Income & Growth A Acc

154.10

0.30 2.03

Multi-Manager Income & Growth A Inc

144.30

0.20 2.05

Multi-Manager Managed A Acc

231.90

0.10 0.00

Multi-Manager Managed A Inc

227.70

0.10 0.00

Sterling Bond Acc

201.01 210.03 1.18 2.84

Sterling Bond Inc

63.36 66.19 0.38 2.88

-0.30 1.86

Global Basics

2454.53 2530.44 -1.88 0.00

ETF Commodity A

-0.30 0.00

Global Leaders

3449.47 3593.20 1.90 1.28

European Multi-Cap

Global Equity (inc)

436.97

0.44 0.50

Invesco Global Smaller Comp Eq Fd A $ 55.45

0.36 0.00

US Select Inc

111.50xd

-0.30 0.00

Global High Yield Bond

1003.79 1034.83 0.59 4.64

Extra Income

US Smaller Cos Acc

383.90xd

-0.20 0.00

Global Macro Bond Fund

11231.29 11578.64 -22.46 0.55

Far East Growth A Inc

164.83

US Smaller Cos Inc

100.60xd

0.00 0.00

Optimal Income Fund

145.29 149.78 0.16 2.37

Global

182.99 192.74 0.26 0.00

Recovery Fund Limited 'A' Participating Shares

10927.74 11383.06 30.70 0.66

Global Bond Inc

141.72 149.97 -0.10 3.55

Recovery Fund Limited 'I' Participating Shares

10944.09 11054.64 30.89 1.46

High Yield Fixed Interest

Strategic Corporate Bond Fund

136.47 142.16 0.09 2.92

Multi Cap Income A Inc

151.38

UK Growth

1581.30 1647.18 -1.77 1.04

Global Equity Income Acc

121.24

-0.40 3.23

Invesco Global Structured Equity A $ 46.86

0.15

Global Equity Income Inc

101.89

-0.34 3.31

Invesco Global Total Ret.(EUR) Bond Fund A 13.44

0.03 0.00

Gbl Financial Capital Acc

87.48

0.66 4.37

Invesco Gold & Precious Metals A $

4.88

0.08 0.00

Gbl Financial Capital Inc

76.54

0.58 4.50

Invesco Greater China Equity A

$ 47.25

-0.02 0.00

Gbl Financial Cap Acc Gross

90.79

0.69 4.87

Invesco India Equity A

$ 54.84

-0.10 0.00

Gbl Financial Cap Inc Gross

Global Opportunities Acc

JPMorgan Asset Management (Europe) S.. r.l. (FRA)

76.83

0.59 5.06

Invesco Japanese Equity Adv Fd A 3727.00

33.00 0.00

6 route de Trves L - 2633 Senningerberg - Luxembourg

FCA Recognised
Star Capitol America

95.73

-0.06 0.49

Invesco Japanese Value Eq Fd A 1192.00

10.00 0.00

Star Capitol America D

2683.72

1692.59

5.02 0.00

Invesco Latin American Equity A $

7.59

-0.01 0.00

1619.11

4.79 0.00

Invesco Nippon Small/Mid Cap Equity A 1002.00

9.00 0.00

JPMorgan Charity Funds

0.06 0.00

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts

Global Targeted Rets Acc

57.18

-0.03 0.28

Invesco Pan European Equity A EUR Cap NAV 20.12

807.30

1.60 3.51

Invesco Pan European High Income Fd A 14.34

0.03 1.97

High Income Inc

453.41

0.89 3.60

Invesco Pan European Small Cap Equity A 20.45

-0.08 0.00

High Yield Fund Acc

108.06

0.07 4.20

Invesco Pan European Structured Equity A 16.86

0.07 0.00

High Yield Fund Acc (Gross)

125.11

0.07 4.17

Invesco UK Eqty Income A

0.03 0.00

Jefferies Umbrella Fund

44.12

0.02 4.29

Invesco UK Investment Grade Bond A

0.00 2.72

11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626

FCA Recognised

High Yield Fund Inc

F
F

Income & Growth Inc

44.16

0.02 4.28

Invesco US Structured Equity A

$ 22.60

0.10 0.00

469.91

-1.09 0.73

Invesco US Value Eq Fd A

$ 33.43

-0.17 0.00

962.33

2.37 3.66

Invesco USD Reserve A

$ 87.02

0.00 0.00

426.99

1.06 3.76

3120.47

3.55 3.33

Invesco Global Asset Management Ltd

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised

Income Inc

1786.96

2.03 3.41

Japan Acc

305.31

3.10 0.33

64.58

0.64 0.00

Japanese Smlr Cos Acc

Latin America Acc

128.92

-0.56 1.21

Latin America Inc

108.43

-0.48 1.22

Managed Growth Acc

164.32

-0.01 0.82

Managed Growth Inc

137.62

-0.01 0.82

Managed Income Acc

161.36

0.06 3.17

Managed Income Inc

100.93

0.03 3.24

90.08

0.00 0.26

95.17

0.00 0.26

299.13

0.21 4.79

349.15

0.27 4.76

Money Acc

Money Acc (Gross)

Monthly Income Plus Acc

Monthly Income Plus Acc (Gross)

Monthly Income Plus Inc

113.53

Monthly Income Plus Inc (Gross)

113.69

0.09 4.89
0.08 4.89

Pacific Acc

1028.22

3.35 0.37

Pacific Inc

944.41

3.08 0.37

Tactical Bond Acc

69.58

-0.02 1.76

Tactical Bond Inc

60.72

-0.02 1.77

Tactical Bond Acc (Gross)

Tactical Bond Inc (Gross)

72.08

60.78

-0.02 1.75
-0.02 1.78

UK Aggressive Acc

211.79

-0.15 1.78

UK Aggressive Inc

176.38

-0.12 1.81

UK Growth Acc

575.37

-0.10 1.82

UK Growth Inc

365.04

-0.07 1.85

UK Smaller Cos Equity Acc

790.52

-0.60 0.62

UK Smaller Cos Equity Inc

609.68

-0.46 0.62

UK Strategic Income Acc

181.95

0.30 3.49

UK Strategic Income Inc

138.56

0.23 3.58

US Equity Acc

557.50

Asian (No Trail) Inc

196.93

1.01

179.06

-2.45 0.00
-1.15 1.33
-1.06 1.34

Invesco Stlg Bd A QD F

2.66

Invesco Asian Equity A

Invesco ASEAN Equity A

Invesco Bond A

(IRL)

0.01 3.56

6.86

-0.02 0.10

$ 103.59

0.18 0.38

$ 27.78

0.09 2.30

Invesco Continental Eurp Small Cap Eqty A $ 195.80

1.98 0.00

Invesco Emerging Markets Equity A $ 40.00

0.00 0.00

Invesco Emerging Markets Bond A $ 21.35

-0.02 4.72

Invesco Continental European Equity A

0.01 0.07

Invesco Gilt A

8.75

UK Equity Fund for Charities I...C 2.896440xd 2.907380 0.003070 3.26

1.376760xd 1.383230 0.000290 3.73

Bond Fund for Charities

0.05 0.96

Europe Convertible Bd B (Cap)

15.77

0.06 0.00

Global Convertible A (Dis) F

$ 19.56

0.05 0.00

Global Convertible B (Cap) F

$ 23.23

0.06 0.00

Global Convertible A Hdg GBP(Dis) F 13.19

0.04 0.00

Global Convertible B Hdg GBP (Cap) F 15.51

0.05 0.00

Global Convertible Hdg A (Cap) F $ 19.50

0.07 0.00

Global Convertible B Hdg (Dis) F

$ 23.20

0.08 0.00

Global Convertible A Hdg EUR(Dis) F 15.47

-0.18 0.25

Global Convertible B Hdg EUR (Cap) F 17.42

0.06 0.00

Global Convertible A Hdg CHF (Dis) FSFr 23.14

0.08 0.00

Global Convertible B Hdg CHF (Cap) FSFr 25.52

0.09 0.00

15.01

0.01 1.50

Invesco Global Small Cap Equity A NAV $ 124.58

0.65 0.00

Invesco Global High Income A NAV $ 12.92

0.01 5.30

Invesco Gbl R/Est Secs A GBP F F

8.23

0.02 0.70

Invesco Global Health Care A

$ 132.89

0.46 0.00

Swiss & Global Asset Management

Invesco Global Select Equity A

$ 13.72

0.04 0.00

Invesco Jap Eqty Core A

1.81

0.02 0.00

funds@swissglobal-am.com, www.jbfundnet.com
Regulated

Invesco Japanese Equity A

$ 18.06

0.20 0.00

Invesco Korean Equity A

$ 28.53

0.01

Invesco PRC Equity A

$ 52.46

-0.01

Invesco Pacific Equity A

$ 51.43

0.28 0.18

Invesco Global Technology A

$ 15.91

0.04 0.00

Invesco UK Eqty A

0.00 1.11

8.48

Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 63.78

-3.03 0.00

Invest AD - Emerging Africa Fund $ 1160.04

-1.57 0.00

Invest AD - GCC Focus Fund

5.17 0.00

$ 1752.06

Asset Management

168.77

-0.83 0.99

Emerging Countries (No Trail) Inc

159.06

-0.79 1.00

Emerging European (No Trail) Acc

72.43

-0.90 3.92

Emerging European (No Trail) Inc

66.02

-0.83 4.03

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised

European Equity (No Trail) Acc

148.65

0.29 2.87

European Equity (No Trail) Inc

125.54

0.24 2.94

Hermes Active UK Inflation Fund Class F Acc

1.24 0.00 0.00

European Equity Income (No Trail) Acc

151.93

0.07 3.23

119.15

0.06 3.31

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.56

1.56 0.00 0.00

European Equity Income (No Trail) Inc

Hermes Asia Ex-Japan Equity Fund Class R Acc

3.38

3.38 0.00 0.00

European High Income (No Trail) Acc

166.47

0.13 3.35

Hermes Global Emerging Markets Fund Class F Acc

1.25

1.25 0.00 0.00

European High Income (No Trail) Inc

123.99

0.10 3.41

Hermes Global Emerging Markets Fund Class R Acc

3.14

3.14 -0.01 0.00

Invesco Perpetual High Yield Fund acc (No trail)

223.11

0.13 4.26

Hermes Global Equity Fund Class F Acc

1.54

1.54 0.00 0.00

Invesco Perpetual High Yield Fund inc (No trail)

169.71

0.11 4.35

165.13

-0.73 0.76

Hermes Global Equity Fund Class R Acc

4.02

4.02 0.00 0.00

European Opportunities (No Trail) Acc

Hermes Global ESG Equity Fund Class F Acc

1.17

1.17 -0.01

European Opportunities (No Trail) Inc

156.70

-0.70 0.77

Hermes Global High Yield Bond Fund Class F Acc

1.11

1.11 -0.01 0.00

European Smaller Companies (No Trail) Acc

207.52

-0.63 0.54

Hermes Global High Yield Bond Fund Class R Acc

2.87

2.87 0.00 0.00

Global Balanced Index (No Trail) Acc

157.96

-0.08 1.78

Hermes Multi Asset Inflation Fund Class F GBP Acc

1.01

1.01 0.00

Global Bond (No Trail) Acc

136.09

-0.01 1.30

124.45

0.00 1.31

210.71

0.22 1.03

Hermes Sourcecap EX UK Fund Class F Acc

1.32

1.32 0.01 0.00

Global Equity (No Trail) inc

197.19

0.20 1.04

249.87

-0.83 3.21

Hermes Sourcecap EX UK Fund Class R Acc

3.10

3.10 0.02 0.00

Global Equity Income (No Trail ) Acc

Hermes UK Small & Mid Cap Fund Class F Acc

1.52

1.52 0.00 0.00

Global Equity Income (No Trail) Inc

210.00

-0.69 3.30

Hermes UK Small & Mid Cap Fund Class R Acc

4.56

4.56 0.01 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

173.88

-0.41 1.32

Hermes US SMID Equity Fund Class F Acc

1.59

1.59 0.00 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

201.96

-0.34 1.74

Gbl Fin Cap No Trail Acc

177.63

1.35 4.35

Gbl Fin Cap No Trail Inc

155.44

1.19 4.48

245.43

-0.16 1.01

Global Smaller Companies (No Trail) Acc

246.38

0.73 0.40

Global Smaller Companies (No Trail) Inc

236.98

0.71 0.40

Global Targeted Rets (No Trail) Acc

115.17

-0.06 0.81

High Income (No Trail) Acc

171.99

0.34 3.50

High Income (No Trail) Inc

128.75

0.25 3.59

Global Opportunities (No Trail) Acc

Env Mkts (Ire) Stl A

2.23

0.01 0.00

Hong Kong & China (No Trail) Acc

185.68

-0.43 1.23

Env Mkts (Ire) Euro A

2.08

0.03 0.00

Income & Growth (No Trail) Acc

225.72

0.56 3.65

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

17.19

0.15 0.00

IVI European Fund GBP

17.14

-0.04 1.07

Invesco Fund Managers Ltd

(UK)

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH

Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc
Asian Inc

471.64

Asian Equity Income Acc

Asian Equity Income Inc

Income & Growth (No Trail) Inc

423.62

-2.49 0.83

64.01

-0.12 4.00

55.47

-0.11 4.11

54.11

0.06 0.00

Balanced Risk 8 Acc

56.17

0.08 0.04

Childrens Acc

182.75

0.46 3.74

170.85

0.20 3.31

128.79

0.15 3.40

144.53

1.46 0.85

Japanese Smaller Companies (No Trail) Acc F

163.91

1.63 0.00

Latin American (No Trail) Acc

124.20

-0.54 1.84

Latin American (No Trail) Inc

113.43

-0.49 1.86

Managed Growth (No Trail) Acc

198.61

-0.01 1.27

Managed Growth (No Trail) Inc

184.57

-0.01 1.29

Managed Income (No Trail) Acc

192.81

0.07 3.17

Managed Income (No Trail) Inc

161.75

0.06 3.23

Monthly Income Plus (No Trail) Acc

171.90

0.13 4.78

Monthly Income Plus (No Trail) Inc

111.48

0.08 4.88

Pacific (No Trail) Acc

190.05

0.62 0.84

Pacific (No Trail) Inc

180.38

0.59 0.92

Tactical Bond (No Trail) Acc

141.99

-0.04 2.23

Tactical Bond (No Trail) Inc

121.64

-0.04 2.26

UK Aggressive (No Trail) Acc

173.60

-0.13 2.32

UK Aggressive (No Trail) Inc

146.07

-0.11 2.37

411.84

0.10 3.29

UK Enhanced Index (No Trail) Inc

Balanced Risk 6 Acc

Balanced Risk 10 Acc

UK Enhanced Index (No Trail) Acc

-2.78 0.82

0.60 0.65

68.37xd

0.23 0.66

Emrg Mkts Inc Acc... C

58.01xd

0.00 3.81

Emrg Mkts Inc Inc... C

52.77xd

0.00 3.90

Europe Acc

1043.00xd

4.00 1.31

Europe Inc

60.09xd

0.21 1.33

Eur Dynamic exUK Acc

160.00xd

0.60 0.61

0.09 0.00

Intrinsic Value Investors (IVI) LLP

159.00xd

Emerging Mkts Inc

Global Equity (No Trail) acc

-0.02 0.00

Emerging Mkts Acc

55.06

3.09 0.02 0.00

0.06 1.02

Fusion Balanced Inc

3.09

7.32

0.06 1.03

0.09 0.00

Hermes Sourcecap EU Alpha Fund Class R Acc

52.45xd

0.35 0.00

NAV

53.73xd

Diversified Real Ret Inc

0.08

Japan (No Trail) Acc

Diversified Real Ret Acc

Income (No Trail) Inc

0.21 0.17

55.07

104.35

www.invil.mu
Other International Funds

56.77xd

Glbl Distribution Inc (No Trail)

INDIA VALUE INVESTMENTS LIMITED (INVIL)

59.05xd

Fusion Balanced Acc

1.26 0.01 1.84

Income (No Trail) Acc

Cautious Managed Rt Inc

Eur Smaller Cos Inc

1.26

0.02 0.00

0.25 0.17

Asset Management

Hermes Sourcecap EU Alpha Fund Class F Dis

-0.19 0.30

2.70 0.00

1.80

67.10xd

0.28 0.59

0.08

69.32xd

Cautious Managed Rt Acc

Env Mkts (Ire) USD A

Asia Inc

106.80

Norfolk House, 31 St James's Square, London, SW1Y 4JR

FCA Recognised

-0.40 0.31

436.50xd

Glbl Distribution Acc (No Trail)

(IRL)

73.63xd

Impax Asset Management

124.90xd

Eur Smaller Cos Acc

1.28 0.01

5.68 0.04 4.90

Asia Acc

Eur Dynamic exUK Inc

1.03 0.00

1.28

5.34

-0.14 0.00

1.00 0.52

1.03

-0.14 0.00

Hermes Sourcecap EU Alpha Fund Class F Acc

Property

59.80xd

181.70xd

Hermes Multi Strategy Credit Fund Class F Acc Hed

Property & Other UK Unit Trusts

59.80xd

America Eq Fd A - Net Inc

Eur Dynamic exUK hdg Acc

Global Bond (No Trail) Inc

(UK)

America Eq Fd A - Net Acc

265.20

0.06 3.37

UK Growth (No Trail) Acc

151.63

-0.02 2.34

UK Growth (No Trail) Inc

124.07

-0.02 2.39

UK Smaller Companies Equity (No Trail) Acc

256.43

-0.19 1.14

UK Smaller Companies Equity (No Trail) Inc

239.32

-0.17 1.15

UK Strategic Income (No Trail) Acc

720.08

1.21 3.47

UK Strategic Income (No Trail) Inc

548.42

0.92 3.56

US Equity (No Trail) Acc

231.31

-1.01 0.04

54.47

0.03 0.00

Fusion Conservative Inc

54.45

0.04 0.00

Fusion Growth Acc

56.56

0.12 0.00

Fusion Growth Inc

56.56

0.12 0.00

Fusion Growth + Acc

58.16

0.14 0.00

Fusion Growth + Inc

58.17

0.14 0.00

Fusion Income Acc...C

54.19

0.01 2.44

Fusion Income Inc...C

52.40

0.00 2.48

55.01xd

0.13 0.64

Global Allocation A-Net Inc

54.65xd

0.13 0.64

Global Equity Acc

993.30xd

0.20 0.15

Global Equity Inc

73.82xd

0.02 0.14

Global Bond exUK Acc

251.40xd

0.50 0.69

Global Bond exUK Inc

Global Bond Opport. A - Net Acc
Global Bond Opport. A - Net Inc

198.40xd

0.40 0.70

50.30

0.05

Emerging European Acc

34.94

-0.44 3.21

Emerging European Inc

32.69

-0.41 3.29

European Equity Acc

844.99

1.62 2.33

European Equity Inc

714.89

1.37 2.38

European Equity Income Acc

74.02

0.03 3.25

European Equity Income Inc

58.03

0.02 3.32

European High Income Acc

81.04

0.06 3.36

European High Income Inc

60.36

0.05 3.42

European Opportunities Inc

77.31

-0.34 0.18

European Opportunities Acc

79.16

-0.35 0.18

169.59

-0.52 0.00

128.84

-0.01 1.06

80.28

0.00 1.07

121.28

-0.01 1.06

European Smlr Cos Acc

Global Bd Acc (Gross)

Global Bd Inc (Gross)

Global Bond Acc

Global Bond Inc

F
F

Glbl Distribution Acc

80.19

-0.01 1.07

53.21

0.05 4.40

Glbl Distribution Acc (Gross)

53.53

0.04 4.40

Glbl Distribution Inc

51.98

0.04 4.41

0.03 3.48
0.01 0.18

$ 13.49

0.00 1.51

Invesco Asia Opportunities Equity A $ 107.09

Invesco Asia Infrastructure (A)

-0.10 0.00

Invesco Balanced Risk Allocation Fund A 15.55

0.05 0.00

Invesco Capital Shield 90 (EUR) A 12.17

0.03 0.00

Invesco Emerging Europe Equity Fund A $

8.36

-0.09 0.00

Invesco Emerging Local Currencies Debt A Inc $

8.28

0.03 5.97

Invesco Emerging Mkt Quant.Eq. A $ 11.08

0.02 0.00

Invesco Energy A

$ 23.44

-0.41

Invesco Euro Corporate Bond Fund (A) 17.57

0.01 0.00

Invesco Euro Inflation Linked Bond A 15.71

-0.02 0.00

Invesco Euro Reserve A

322.89

0.00 0.00

Invesco European Bond A

7.15

0.02 0.00

Invesco European Growth Equity A 23.95

0.08 0.00

Invesco Global Absolute Return Fund A Class 11.79

-0.01 0.00

Invesco Global Bond A Inc

5.58

0.01 1.12

Invesco Global Equity Income Fund A $ 61.33

0.10 0.00

Invesco Global Inc Real Estate Sec A dist $

0.00 2.26

9.84

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

8.24

0.01 0.00

Emerg.Loc.Cur.Bd.Fdt PA

8.82

0.09 0.00

11.85

0.04 0.00

Emerg.Loc.Cur.Bd.Fdt PA
Emerg.Loc.Cur.Bd.Fdt PA

9.35

0.00 0.00

Euro BBB-BB Fdt PA

SFr 15.99

0.01 0.00

Harris Associates Global Concentrated Equity Fund I/A(GBP)

1.09

0.00

MFM Slater Recovery

157.81 167.44 0.13 0.11

Loomis Sayles Strategic Income H-N/D (GBP)

1.00

0.00 4.61

Loomis Sayles Strategic Income H-N/A (GBP)

1.06

0.00 4.75

Loomis Sayles US Equity Leaders N/A (GBP)

1.35

0.00 0.29

Loomis Sayles US Equity Leaders I/A (GBP)

1.33

0.00 0.50

Marlborough North American Fund Ltd 31.03 31.34 -0.02 0.00

Gb.Eq.Hdg Fd.Euro IRE T

184.65

0.44 0.00

Gb.Eq.Euro Hdg Fd.

261.91

0.63 0.00

Asia Pacific

119.50

Gb.Eq.Fund Euro

282.67

1.13 0.00

China

113.00

Gb.Eq. Fd Euro IRE T

178.65

0.71 0.00

Emerging Mkts

Gb.Eq.Fd.Sterling UK T

209.85

-1.41 0.00

European Equity Income A acc

Gb.Eq.Fd.US Dollar

$ 321.05

0.23 0.00

Gb.Eq.Fund Sterling

207.85

-1.39 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 121.37

Gb.Val.Ex-Japan Fd.Yen

14219.00

Low Volatility Gb.Eq.Fd.

101.84

0.67

Low Volatility Gb.Eq.Fd.

100.62

-0.41

Low Volatility Gb.Eq.Fd.

$ 102.14

0.34

Marlborough Tiger Fund Ltd F

27.02 27.29 -0.32 0.00

0.01 2.47

19.92

0.08 0.34

-0.20 1.02

Contl Europe Spec Equity

16.01

0.02 0.00

-0.20 0.06

US Spec Equity Fund

13.80

-0.08 0.00

208.20

-0.50 0.27

Japan Specialist Fund

9.17

0.07 0.00

352.40

1.10 3.59

Pacific Basin Specialist Equity Fund 24.07

-0.08 0.60

Global Alpha

136.80

0.20 0.38

UK Sovereign Bd Index Fund

10.93

-0.09 2.58

Global Equity Income Inc

109.60

0.20 3.91

UK Specialist Equity Income Fund 10.09

0.04 3.43

-0.05 0.00

Global Equity Income acc

138.10

0.10 3.82

Global Spec Inv Grade Bd Fund GBP 10.38

0.01 3.13

14.00 0.00

Japan Alpha

103.90

0.90 0.05

Inflation Lkd Sov Bd Fund

12.25

-0.07 0.71

North American

259.20

-0.60 0.00

Global Emerg Mkts Equity Fund

12.76

0.02 0.47

European Equity Income A Inc

318.40

0.90 3.67

Marwyn Asset Management Limited

MFS Meridian Funds SICAV

(LUX)

Regulated

(CYM)

Regulated
Marwyn Value Investors

465.60

-59.78 0.00

0.03 0.00

McInroy & Wood Portfolios Limited

(UK)

0.05 0.00

-0.01 0.00

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds

17.25

0.08 0.00

Emer Mkts Debt Lo Curr Fd A1

$ 12.86

-0.02 0.00

Balanced Fund Personal Class Units

3954.10

9.70 1.83

Income Fund Personal Class Units

2451.60xd

4.80 2.80

Emerging Markets Fund Personal Class Units

1834.40

1.20 2.10

Smaller Companies Fund Personal Class Units

3545.40xd

2.00 1.74

Generation Global (EUR) PA F

20.01

0.11 0.00

European Concentrated A1

17.71

0.11 0.00

Generation Global (USD) PA F

$ 15.48

0.03 0.00

European Core Eq A1

30.56

0.27 0.00

121.58

0.39 0.00

Global Energy (USD) PA F

9.14

-0.08 0.00

European Res.A1

31.56

0.25 0.00

Global Gold & Resources Fund

$ 204.84

-17.30

JB Strategy Inc-CHF/B

SFr 122.91

0.49 0.00

Golden Age (CHF) PA F

SFr 21.90

0.09 0.00

European Smaller Companies A1 46.84

0.46 0.00

Global Energy & Resources Fund $ 51.93

-5.53

JB Strategy Inc-EUR/B

164.26

0.39 0.00

Golden Age (EUR) PA

14.79

0.06 0.00

European Value A1

35.04

0.23 0.00

JB Strategy Inc-USD/B

$ 150.89

0.28 0.00

Golden Age (USD) PA F

$ 20.57

0.08 0.00

Global Conc.A1

$ 37.41

0.00 0.00

Sh.T- Money Mkt EUR PA

112.41

0.00 0.00

Global Credit Fund

$ 10.73

0.04 0.00

Sh.T- Money Mkt CHF PA

SFr 129.32

-0.01 0.00

Global Energy Fund A1

$ 14.69

-0.04 0.00

10.16

Sh.T- Money Mkt GBP PA

10.25

0.00 0.00

Global Equity A1

$ 46.88

0.06 0.00

Sh.T- Money Mkt USD PA

$ 10.30

0.00 0.00

Global Equity A1

26.06

-0.03 0.00

Sw.Fr.Bd(For) PA

SFr 23.97

0.03 0.00

Global High Yield Fund

$ 25.41

0.03 0.00

Sw.Fr.Credit Bd(For) PA

SFr 13.80

0.01 0.00

Global High Yield Fund

16.19

-0.01 0.00

Tactical Alpha (CHF) PA

SFr 10.34

-0.06 0.00

Global Multi-Asset A1

$ 16.25

0.07 0.00

Tactical Alpha (EUR) PA

10.58

-0.06 0.00

Global Res.A1

$ 26.80

0.06 0.00

$ 15.17

-0.08 0.00

Global Total Return A1

17.66

-0.01 0.00

Technology PA

14.02

0.05 0.00

Inflation-Adjusted Bond A1

$ 14.21

0.09 0.00

Diversified Income B Inc

107.28

0.31 0.00

Ethical Cautious Managed A Acc

162.66

0.30 1.49

Ethical Cautious Managed A Inc

136.00

0.24 1.51

Ethical Corporate Bond A Acc

195.64

0.00 3.02

Ethical Corporate Bond A Inc

112.46

0.00 3.02

LO Selection

Ethical Equity A Acc

170.23

0.56 1.07

Balanced (CHF) PA F

SFr 108.63

0.63 0.00

High Yield Bond A Acc

117.31

0.51 4.21

Balanced (EUR) PA F

127.25

0.47 0.00

High Yield Bond A Inc

54.89

0.23 4.21

Conservative (CHF) PA F

SFr 104.96

0.34 0.00

Inflation Linked A Acc

133.56

-0.07 1.69

Conservative (EUR) PA F

115.44

0.24 0.00

Investment Grade Bond A Acc

160.07

-0.04 3.03

Global Allocation (GBP) PA F

10.04

0.00 0.00

Investment Grade Bond A Inc

118.68

-0.03 3.03

Growth (CHF) PA F

SFr 113.31

0.86 0.00

Sterling Corporate Bond A Acc

70.15

-0.02 2.85

Growth (EUR) PA F

138.10

0.67 0.00

Sterling Corporate Bond A Inc

-0.05 0.00

Mir. - Glb High Yield Bds A

$ 110.07

0.16

Mir. - Glb Eq High Income A USD $ 106.74

0.11 0.00

0.00 0.00

1.30

Japanese Equity Fd Cl A Initial Ser 317994.00 319065.00 2542.00 0.00

Swiss Select Equity Ord Acc

SFr 106.26

1.29

MMIP - US EQUITY CLASS A 01 June 07 Series $ 1301.57 1305.41 -39.28 0.00

US Growth USD Ord Acc

$ 207.84

0.36 0.00

US Growth EUR Ord Acc

199.14

0.34 0.00

US Growth GBP Ord Acc

207.96

0.34 0.00

US Growth USD Inst Acc

$ 190.81

0.34 0.00

Wealthy Nat Bd EUR Inst Inc

110.58

-0.06 3.93

Wealthy Nat Bd GBP Inst Inc

114.06

0.06 3.80

Wealthy Nat Bd EUR Ord Inc

109.85

0.05 3.65

Wealthy Nat Bd GBP Ord Inc

114.68

0.06 3.55

Wealthy Nat Bd USD Ord Inc

$ 111.85

0.06 3.51

0.01

Diversified Absolute Return Stlg Cell AF2 1632.60

12.04 0.00

UK Smaller Companies A Acc

242.21

-0.02 0.28

Neubrg.Berman US Core PA

$ 14.82

-0.01 0.00

Sands US Growth PA

14.22

0.06 0.00

Manek Investment Mgmt Ltd (1000)F

(UK)

Kames Capital Investment Portfolios ICVC (UK)

Sands US Growth PA

$ 17.21

0.07 0.00

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

P.O.Box 100, Swindon SN1 1WR 0844 800 9401

Authorised Inv Funds

Will.Blair Gbl. Ldrs PA

15.71

0.11 0.00

Growth Fd Acc

Will.Blair Gbl. Ldrs PA

$ 13.31

0.05 0.00

59.20 62.77 0.47 0.00

Manulife Global Fund

3.21 0.00

Tactical Opps EUR Cls

149.16

2.66 0.00

American Growth Fund Class AA (HKD) FHK$ 10.4702

-0.0177

Morant Wright Fuji Yield GBP Acc Hedged 11.09

0.12

Tactical Opps GBP Cls

167.51

2.96 0.00

0.11

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

Asian Equity Fund Class A F

$ 3.1944

0.0019 0.40

Morant Wright Fuji Yield USD Acc Hedged $ 10.81

Asian Equity Fund Class AA F

Asset Management
-

0.0006 0.00

Morant Wright Fuji Yield USD Dist Hedged $ 11.06

0.11

0.0011 0.00

Morant Wright Fuji Yield YEN Acc 1108.73

11.31

Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.0730

0.0029

Morant Wright Fuji Yield YEN Dist 1108.73

11.31

China Value Fund Class A F

$ 8.8214

0.0007 0.70

Morant Wright Sakura Fund Sterling Acc Hedged 13.05

China Value Fund Class AA F

$ 2.7653

0.0002 0.48

Morant Wright Sakura Fund Euro Acc Hedged 13.04

0.10 0.00

Dragon Growth Fund Class A F

$ 2.0184

0.0001

Morant Wright Sakura Fund Yen Acc Unhedged 1328.01

10.37 0.00

0.11 0.00

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

0.11

Northwest $ class

$ 2371.98

89.02 0.00

Northwest Warrant $ class

$ 1975.81

-40.99 0.00

Charifund Inc

1504.37

-1.10 4.45

Dragon Growth Fund Class AA HKDHK$ 9.7817

-0.0013 0.59

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.04

Charifund Acc

19964.78

-14.65 4.32

Emerging Eastern Europe Fund Class AA F $ 1.4375

-0.0202

M&G Corporate Bond A Acc

63.57xd

0.06 3.10

Emerging Eastern Europe Fund Class A F $ 3.3454

-0.0470 0.93

M&G Corporate Bond A Inc

40.67xd

0.04 3.10

European Growth Fund Class A F $ 11.0080

0.0517 1.24

M&G Dividend A Inc

62.91xd

0.12 4.09

European Growth Fund Class AA F $ 0.7970

0.0037 0.60

M&G Dividend A Acc

611.03xd

1.20 3.95

Global Contrarian Fund Class AA F $ 0.9568

0.0000 0.00

M&G Episode Growth X Inc

52.07xd

0.13 1.91

Global Property Fund Class AA F $ 1.0536

0.0068 0.73

-0.0001

0.00 1.10

M&G Extra Income A Inc

763.96

0.49 4.15

Healthcare Fund Class AA F

$ 1.9297

0.0079 0.00

HC KB Capital Growth B Inc

159.26

0.00 1.07

M&G Extra Income A Acc

6035.05

3.84 4.05

India Equity Fund Class AA F

$ 1.5089

0.0024 0.00

M&G Global Basics A Inc

665.93

-0.51 0.27

International Growth Fund Class A F $ 4.7463

0.0077 0.14

0.00 2.00

M&G Global Basics A Acc

1005.31

-0.77 0.28

International Growth Fund Class AA F $ 1.0906

0.0017 0.00

0.48 3.78

M&G Global Dividend Fund A Acc

203.58xd

-0.48 3.14

Japanese Growth Fund Class A F $ 3.3146

0.0430 0.66

HC KB Enterprise Equity Income A Acc

163.57

0.68 3.69

M&G Global Dividend Fund A Inc

164.68xd

-0.40 3.21

Japanese Growth Fund Class AA F $ 0.8532

0.0111 0.00

HC KB Endeavour Multi Asset Balanced A Acc

134.93

-0.09 0.81

M&G Glbl Emrgng Mkts A Acc

212.10xd

1.54 0.68

Latin America Equity Fund Class AA F $ 0.9055

-0.0039 1.46

HC KB Endeavour Multi Asset Balanced A Inc

128.78

-0.09 0.81

M&G Glbl Emrgng Mkts A Inc

205.16xd

1.50 0.69

Russia Equity Fund Class AA F

$ 0.4240

-0.0119 0.00

HC KB Enterprise Fixed Income A Acc

124.11

-0.40 3.44

M&G Global Macro Bond Fund A Acc

107.63xd

-0.22 0.55

Taiwan Equity Fund Class AA F

$ 1.5714

0.0128 0.22

M&G Global High Yield Bond X Inc

Asset Management

1.00 4.02

Lloyds Money Fund Limited

0.08 2.05

Australian Dollar

UK Managed Equity Inc

58.49xd

0.07 2.09

Euro

UK Smaller Cos Acc

339.80xd

0.90 0.00

New Zealand Dollar

UK Smaller Cos Inc

65.97xd

0.16 0.00

UK Strategic Eq Inc Acc ... C

151.60xd

UK Strategic Eq Inc Inc ... C

101.30xd

M&G Global High Yield Bond X Acc

74.84xd

-0.15 0.55

Turkey Equity Fund Class AA F

$ 0.9089

0.0083 0.00

0.03 4.64

US Bond Fund Class AA F

$ 1.2157

0.0020

117.42xd

0.07 4.62

U.S. Bond Fund Class AA Inc F

$ 1.0062

0.0016

0.09 0.61

US Bond Fund Class AA (HKD)

HK$ 9.9936

0.0135

M&G Optimal Income A Inc

146.62

0.16 2.37

U.S. Bond Fund Class AA (HKD) IncHK$ 9.9927

0.0142

M&G Optimal Income A Acc

190.63

0.20 2.37

U.S. Special Opportunities Fund Class AA F $ 0.9192

0.0011 7.19

M&G Recovery GBP A Inc

126.40xd

0.36 0.94

U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5075

0.0099

0.0011

European

7.8420

0.0060 1.12

M&G Recovery GBP A Acc

282.80xd

0.80 0.93

U.S. Special Opportunities Fund Class AA Inc $ 0.9320

High Income

0.9021xd

-0.0009 5.01

M&G Strategic Corp Bond A Inc

75.21

0.05 2.93

US Small Cap Equity Fund Class AA F $ 1.1279

0.0045 0.00

International

4.4760

-0.0020 1.22

M&G Strategic Corp Bond A Acc

106.19

0.07 2.93

US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2901

0.0002 0.06

North American

16.2800

-0.0300 0.00

M&G Global Leaders GBP A Inc

198.57

0.11 1.42

Sterling Bond

1.5190xd

-0.0010 3.53

M&G Global Leaders GBP A Acc

461.30

0.26 1.40

UK

7.2270

0.0050 1.07

M&G UK Inflation Lnkd Corp Bnd A Acc

113.26

0.10 0.22

M&G UK Inflation Lnkd Corp Bnd A Inc

111.64

0.10 0.22

Manulife Global Fund

Other International Funds
-

-0.06 0.00

0.03 0.00

European Equity Alpha A F

45.90

0.53 0.00

European Property A F

34.96

0.01 0.00

Eurozone Equity Alpha A F

11.83

0.18 0.00

Global Bond A F

$ 39.68

-0.15 0.00

Global Brands A F

$ 94.81

-0.10 0.00

Global Convertible Bond A F

$ 43.19

0.10 0.00

Global Property A F

$ 29.71

-0.05 0.00

Indian Equity A F

$ 38.22

0.52 0.00

-0.02 0.04

-0.03 1.55

Odey Asset Management LLP

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

0.09 0.74

CF Odey Opus R Inc

3866.33

5.33 0.00

US Growth A F

$ 66.09

-0.06 0.00

CF Odey Opus Fund A Accumulation

137.93

0.19 0.00

US Growth AH F

45.68

-0.04 0.00

CF Odey Opus Fund I Acc

177.15

0.24 0.25

US Growth AX F

42.84

-0.28 0.00

CF Odey Opus Fund I Inc

173.46

0.24 0.25

US Property A F

$ 71.70

-0.77 0.00

CF Odey Absolute Return Fund Euro Hedged

1.76

0.00 0.00

US Dollar Class

$ 60.5690

-0.0010 -0.51

M&G Property Portfolio A Acc

125.98xd 132.61 0.00 3.94

Lloyds Multi Strategy Fund Limited

Property Portfolio A

118.05xd 124.26 0.01 4.02

Balanced

1.1400

-0.0020 2.30

1353.88 1395.75 1.33 3.08

44.18

Oasis Crescent Gbl Property Eqty $ 10.00

0.00 0.00

0.10 3.39

165.41 172.30 -0.48 0.00

Euro Strategic Bond A F

European Currencies High Yield Bd A F 21.70

OasisCresGl Med Eq Bal A ($) Dist $ 12.42

0.10 3.31

Corporate Bond

-0.20 1.93

-0.02 0.00

$ 13.03

-6.37 4.21

American Fund

-0.03 0.00

US Dollar Liquidity A F

Dealing Daily

22.62

$ 12.24

0.0010 4.40

6834.20xd

-0.10 0.00

15.92

Euro Corporate Bond AX F

0.01 2.44

OasisCresGl LowBal D ($) Dist

0.0001

(Accum Units)

Regulated
The M&G Offshore Fund Range

Euro Bond A F

-0.07 0.00

0.0000 0.20

M & G (Guernsey) Ltd

0.02 0.00

0.0040 0.00

$ 11.07

Strategic Income Fund Class AA F $ 1.0918

52.5380

$ 37.42

OasisCresGl Income Class A

Asia Value Dividend Equity Fund Class AA Inc $ 1.0255

Sterling Class

$ 1.4500

Emerging Markets Equity A F

Oasis Crescent Global Equity Fund $ 28.89

0.09 0.74

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds

Global USD Growth Strategy

-0.11 5.21

-0.07 4.33

(GSY)

-0.03 0.00

119.96

-0.0040 0.00

-0.06 0.18

CF Odey Continental European I Inc

78.93xd

Emerging Markets Debt A F

0.02 0.00

NAACIF

1.8570

$ 76.75

Emerging Markets Domestic Debt AX F 12.23

$ 28.42

0.0200 0.00

Aggressive Strategy

Oasis Crescent Global Investment Fund (Ireland) plc

20.44

-0.90 0.00

Oasis Global Equity

0.14 0.00

Short Maturity Euro Bond A F

NZ$ 210.0210

0.16 0.00

0.0002 0.00

0.54 5.08

726.50xd

US Acc

33.47

Emerg Europ, Mid-East & Africa Eq A F 67.65

Asia Value Dividend Equity Fund Class AA F $ 1.6751

3637.09xd

118.05xd 118.05 0.01 4.02

Diversified Alpha Plus A F

0.49 0.18

(Accum Units)

Property Portfolio X

Regulated
Oasis Global Investment (Ireland) Plc

-0.0010 -0.17

-0.0010 1.64

0.03 0.56

124.82

52.7280

1.5390

11.91

730.62

0.02 5.08

Growth Strategy

0.15 0.00

Asian Property AX F

CF Odey Continental European I Acc

0.50 1.22

-0.06 0.00

CF Odey Continental European R Acc

127.75xd

0.50 1.20

$ 19.81

0.04 0.00

Charibond

(IRL)

$ 45.07

Asian Property A F

0.0090 0.70

Oasis Global Mgmt Co (Ireland) Ltd

Asian Equity A F

$ 49.75

102.30xd

0.03 0.00

Latin American Equity A F

A$ 173.5170

109.60xd

-0.15 0.00

0.0006 3.45

-0.0010 2.00

UK Strategic Gth Inc

R 10.01

UK Strategic Gth Acc

Oasis Crescent Equity Fund

$ 56.01

Asia Total Return Fund Class AA Inc $ 0.9567

1.2330xd

Conservative Strategy

Other International Funds

US Advantage A F

0.0006

-0.0010 2.00
Property & Other UK Unit Trusts

Oasis Crescent Management Company Ltd

(UK)

Northwest Investment Management (HK) Ltd

Asia Total Return Fund Class AA $ 0.9935

Lloyds Gilt Fund Quarterly Share 1.2810

M & G Securities Ltd

0.10 0.00

(LUX)
Morgan Stanley Investment Funds
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

Asset Management

51.05xd

80.43

M&G Managed Growth X Inc

Asset Manageme

$ 1.0288

Morant Wright Sakura Fund Dollar Acc Hedged $ 13.03

M&G Global Macro Bond Fund A Inc

(IRL)

Asian Small Cap Equity Fund Class AA F $ 2.2409

0.45 0.00

0.12

164.85

68.56xd

HC KB Capital Growth B Acc

535.50xd

116.29

Morant Wright Fuji Yield EUR Acc Hedged 10.89

-0.0121 0.00

UK Managed Equity Acc

0.36 0.00

All Weather Fd GBP Cls

-0.0026 0.00

UK Higher Inc Inc ... C

0.43 0.00

Greater China Opportunities Class AA $ 1.0285

Monthly Share

108.11

American Growth Fund Class AA F $ 1.6690

0.13 3.36

1.70 3.90

$ 119.86

All Weather Fd EUR Cls

All Weather Fd USD Cls

$ 177.33

124.34xd

899.60xd

New Capital Alternative Strategies

Tactical Opps USD Cls

M&G Episode Income A Inc

UK Higher Inc Acc ... C

0.75 0.00

-0.04 1.38

-0.04 1.09

0.11

$ 23.66

162.75

64.66xd

MW Japan Fd Ltd B

Morant Wright Fuji Yield CHF Acc HedgedSFr 11.09

HC KB Capital Growth A Inc

UK Focus Inc

0.74 0.00

-0.0441 0.00

Lloyds Gilt Fund Limited

-0.05 1.10

$ 23.37

American Growth Fund Class A F $ 29.3539

1654.97 1776.10 10.45 3.28

Global Resources Fund Class AA F $ 0.8475

MW Japan Fd Ltd A

Lothbury Property Trust GBP

0.15 3.29

75.53xd

(CYM)

Regulated

FCA Recognised

UK Focus Acc

6.88 0.00

Morant Wright Funds (Ireland) PLC

145.20xd

0.07 3.29

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900

Property & Other UK Unit Trusts

M&G Episode Income A Acc

101 New Cavendish Street,London W1W 6XH

Regulated

(LUX)

-0.04 1.36

84.81xd

(LUX)

31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg

www.manulife.com.hk
FCA Recognised

Lothbury Property Trust (UK)

UK Eq & Bond Inc Inc ... C

Montello Real Estate Opportunity Fund

Morant Wright Management Ltd

171.14

0.20 3.19

Global Val.Cr.Fd EUR Ord Acc

Montello Real Estate Opportunity Fund II 1086.84

HC KB Capital Growth A Acc

2.00 1.37

0.10 0.00

157.56

$ 10.09

$ 106.91

SFr 106.91

Jenn. US Eq.Opp. USD PA

141.80xd

Asset Management

Mir. - Glb Strat. Bd A USD

Swiss Select Equity Inst Acc

0.73 1.03

130.70xd

European Equity Fd Cl A Initial Ser 2373.13 2382.65 164.45 0.00

UK Eq & Bond Inc Acc ... C

0.00 0.00

166.32

UK Dynamic Inc

$ 22.45

Asset Management

UK Opportunities A Acc

2.40 1.36

$ 168.40

3.17 0.00

11.56 0.00

0.01 0.00

Global Val.Cr.Fd USD Ord Acc

158.40xd

0.00 0.00

SFr 291.70

Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58

UK Dynamic Acc

178.92

Mir. - Eq Swiss Sm/Mid A

0.04 2.95

$ 124.06

Global Val.Cr.Fd GBP Ord Acc

0.05 0.00

0.00

Global Val.Cr.Fd USD Inst Acc

53.91xd

0.00 3.81

$ 17.09

9.91

UK Active Index + E Inc

US Government Bond A1

0.20 2.86

114.27

0.23 0.00

Inc.Pt.RMB Dt.USD PA

0.68 0.00

Global Val.Cr.Fd GBP Ord Inc

-0.05 0.00

0.45 3.90

285.90xd

27.31

UK Active Index + E Acc

$ 155.80

$ 130.22

Mir. -Eq Spain A

164.27

0.0000 2.81

0.66 0.00

China Equity USD Inst Acc

Mir. - Eq Global A USD

0.02 0.00

UK Equity Income A Inc

0.02 0.00

$ 2375.15 2394.62 0.36 0.00

1.7180xd

$ 152.60

2239.41 2261.31 68.80 0.00

Euro High Income

0.65 0.00

China Equity USD Ord Acc

8.32

Pacific Basin Fd Cl A Initial Ser

-0.03 3.34

$ 15.72

UK Equity Fd Cl A Series 01

154.61

58.46xd

0.64 0.00

China Equity GBP Ord Acc

US Conc.Growth A1

Strategic Bond Inc

UK Equity A1

0.00

-0.0100 2.49

150.39

0.02 0.00

0.00

1.25 1.24

China Equity EUR Ord Acc

12.3400xd

$ 104.57

Lloyds Investment Funds Limited

$ 167.87

Mir. - Eq Glb Emrg Mkt A USD

9.87

Lloyds Investment Fund Managers Limited (1000)F (JER)

1.27 1.80

Dyn Europ Eq USD Ord Inc

0.25 0.00

9.85

-0.37 3.44

178.41

$ 187.33

SFr

112.22

1.24 1.21

Dyn Europ Eq GBP Ord Inc

Mir. - Eq Asia ex Jap A

Inc.Pt.RMB Dt.SH EUR PA

HC KB Enterprise Fixed Income A Inc

0.06 0.00

Inc.Pt.RMB Dt.SH CHF PA

167.52

0.09 0.00

0.57 3.80

0.26 3.32

Dyn Europ Eq EUR Ord Inc

1.03 1.18

113.40

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds

0.24 0.00

159.94

Asset Management
Managemen

New Capital Fund Management Ltd

$ 14.41

HC KB Enterprise Equity Income A Inc

0.02 0.65

$ 118.39

$ 16.75

204.93

HC KB Capital Growth C Inc

Asia Pac Eq USD Inst Inc

Research Bond A1

230.59

0.00 2.01

12.29

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

0.23 2.68

Prudent Wealth Fd A1

UK Equity Income A Acc

Global Emerg Mkts Equity Fund

0.25 0.00

UK Equity A Acc

171.88

-0.07 0.71

$ 109.87

(LUX)

HC KB Capital Growth C Acc

Asia Pac Eq USD Inst Acc

Mirabaud Asset Management

$ 13.29

0.02

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

12.36

0.22 3.27

Wld Gold Expertise PA

Kleinwort Benson Bank

0.01 3.13

Inflation Lkd Sov Bd Fund

0.10 0.00

CNY 99.77

(UK)

$ 106.06

Inc.Pt.RMB Dt.CNH PA

0.29 0.68

0.04 3.39

Global Spec Inv Grade Bd Fund GBP 10.49

Asia Pac Eq USD Ord Inc

Distribution Units

$ 115.50

0.13 0.00

-0.09 2.58

0.22 2.88

Mir. Conv. Bds Glb A USD

61.66xd

0.01 0.00

116.92

Global Property Secs Acc

11.07

UK Specialist Equity Income Fund 10.78

105.12

UK Equity Absolute Return A Acc

0.96 1.94

-0.07 1.19

Asia Pac Eq GBP Ord Inc

$ 14.05

PrivilEdge

0.07 0.55

-0.17 2.38

Limited Maturity A1

0.08 2.65

0.19 0.00

2.62

9.67

102.18

1407.00 1407.00 0.00 2.74

122.85

Asia Pac Eq EUR Ord Inc

The Equity Idx Tracker Fd Inc

10.14

Strategic Bond A Inc

1144.90

Japan Specialist Fund

Pacific Basin Specialist Equity Fund 23.89

Property & Other UK Unit Trusts

Wld Gold Expertise PA

0.02 0.00

-0.18

-0.09 0.16

-0.17 3.10

-0.02 0.00

0.02 0.00

1078.93

14.30

134.64

(IRL)

0.02 0.61

US Spec Equity Fund

$ 95.77

Mir. Conv. Bds Eur A EUR

10.67

Kames Capital VCIC

$ 97.80

0.03 0.00

(GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited

16.70

Asia Pac Bd USD Ord Inc

0.14 0.00

MMIP Investment Management Limited

0.08 1.50

Contl Europe Spec Equity

Asia Pac Bd USD Inst Inc

Asset Management

Ministry of Justice Common Investment Funds (UK)

10.38

-3.32 0.00

9.99

Vantage 3000 (EUR) MA

$ 15.36

Vantage 1500 (EUR) MA

0.05

$ 114.18

0.12 2.65

0.05

MEMO - MEMV Series

Latin American Equity Fd A1

-0.01 2.85

3.97 0.00

Japan Equity A1

0.24 0.00

107.67

$ 484.95

0.08 0.00

31.69

111.51

$ 223.20

MEMO - Master Series (Est)

183.25

Property Income B Inc

MGS -Master Series (Est)

Value A1

0.01 2.82

20.11

Other International Funds

$ 21.26

Wld Gold Expertise PAF

UK Specialist Equity Inc

Metage Capital

SFr 12.79

Technology PA

United Kingdom Equity Index Fund 13.37

Other International Funds

www.mirabaud.com, marketing@mirabaud.com
Regulated

Strategic Bond A Acc

Property Income B Acc

Meridian Fund Managers Ltd

Asset Management

Tactical Alpha (USD) PA

0.32 0.00

Series 2 (Investment Management customers only)

UK Sovereign Bd Index Fund

0.20 0.00

(UK)

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)
UK Specialist Equity Inc

0.60 0.00

112.29

NatWest (2230)F

United Kingdom Equity Index Fund 13.36

Class A (Retail)

-0.10 1.98

0.25 3.69

637.83

-0.30 1.84

154.37

$ 135.09

Strategic Global Bond B GBP Inc

0.00

MFM Slater Income A Inc

SFr 96.90

0.05 7.00

Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125

Authorised Inv Funds
Martin Currie Investment Funds (OEIC)

0.01 0.00

104.20xd

0.00 2.05

1.09

-0.08 0.00

0.05 0.00

39.54xd

123.20xd

Harris Associates Global Concentrated Equity Fund N/A (GBP)

Global High Yield Bond Inc ... C

US Equity Income hdg Inc ... C

1.25

366.00 388.33 0.39 0.00

$ 198.85

1.68 1.46

US Equity Income Acc ... C

H2O MultiReturns Fund I/A (GBP)

MFM Slater Growth

Gb.Conc.Eq.Fd.US

$ 11.86

H2O MultiReturns Fund N/A (GBP) $ 13.01 13.01 0.01 1.68

Martin Currie Fund Management Ltd (1200)F (UK)

$ 33.32

1124.64

100.60xd

-1.02 1.31

-2.02 0.00

Emerging Markets Eq.A1

Strategic Global Bond A GBP Inc

US Inc

-1.33 0.00

Emerging Markets Debt A1

0.10 6.90

-0.50 0.08

324.01

Slater Investments Ltd - Investment Adviser

0.15 0.00

MFM UK Primary Opportunities A Inc

0.01 0.00

100.70xd

480.10xd

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

257.49

Global High Yield Bond Acc ... C

Natural Resources Acc

10.83 0.00

169.72

2.54

-1.50 0.46

Gb.Conc.Eq.Fd.Sterling

$ 11.13

372.83

Gb.Conc.Eq.Fd.Sterl.UK T

SFr 13.01

1115.96

667.30xd

MFM Techinvest Technology Acc

0.80 0.00

Generation Global (CHF) PA F

Kames Global Equity Income B GBP Inc

Multi-Manager Growth Inc

-0.34 0.09

-0.22 0.00

Gbl.5B Fdmt SH (USD) PA

0.05 6.97

-1.60 0.46

0.48 0.15

0.44 0.00

Diversified Income B Acc

9.71 0.01 13.02

0.81 0.00

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds

9.71

Loomis Sayles Multisector Income R/D (GBP) 13.81 13.81 -0.08 4.20

108.58

$ 92.00

(UK)

Loomis Sayles High Income R/D (USD) $

125.38

276.53

Kames Capital ICVC

Loomis Sayles Global Opportunistic Bond R/D (GBP) 13.88 13.88 -0.10 0.96

MFM SGWM Managed A Acc

Gb.Conc.Eq.Fd.Euro

160.49

Asset Management

Natixis International Funds (Dublin) I plc (IRL)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

MFM Techinvest Special Situations Acc

Em.Mk.Loc.Ccy Debt Fd II

SFr 155.66

-16.00 5.93

0.11 0.00

39.56xd

715.00xd

Global High Yield Bond A Mth Net Inc

Multi-Manager Growth Acc

11153.00

SFr 10.37

Kames Global Equity Income B GBP Acc

0.30 0.00

Em.Mk.Loc.Ccy Debt Fd.FD

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

Gbl.5B Fdmt (CHF) PA

-0.15 0.78

-26.00 6.30

Continental European Eqty A1

60.68xd

0.06 0.00

42.15xd

Multi-Asset Macro Inc

9312.00

Global Financials Inc

0.30 0.00

Em.Mk.Loc.Ccy Debt Fd.FC

11.83

1.64 2.51

Marlborough International Management Limited (GSY)

Gbl.5B Fdmt (EUR) PA

0.62 4.44

60.68xd

0.03 0.00

1.18 0.00

Multi-Asset Macro Acc

-0.75 0.00

0.06 3.70

$ 104.84

229.34

569.40

104.48

Em.Mk.Eq.Fd.US Dollar

JB EF Luxury B-EUR B

1135.36

67.43xd

Em.Mk.Eq.Fund Sterling

$ 10.26

Investment Grade Global Bd A GBP Inc

Multi-Asset Inc Inc... C

0.43 0.00

$ 10.55

High Yield Global Bond B GBP Inc

0.07 3.61

China Equity Fd A1

0.01 3.70

120.82

Bond A1

-2.80 0.79

87.35xd

Em.Mk.Eq.Fund Euro

0.00 0.00

Multi-Asset Inc Acc... C

31.00 0.00

0.20 0.00

0.06 3.67

740.50xd

15131.00

63.70xd

67.44xd

Em.Mk.Debt Fund Yen 4

SFr 27.21

Global Financials Acc

Multi-Asset Inc A Mth Net Inc

8.00 0.00

SFr 23.09

Global Eq Income Inc ... C

0.71 0.00

Gbl.Gvt.Fdt.SH (CHF) PA

0.01 3.61

10373.00

Gbl.Gvt.Fdmt.(CHF) PA

63.94xd

Em.Mk.Debt Fund Yen 3

117.00 0.00

71.62xd

Japan Inc

31.00 0.00

Global Eq Income Acc... C

8.00 0.00

17103.00

3.00 0.00

15131.00

JB EF Japan-JPY B

0.29 3.92

0.11

10347.00

Em.Mk.Debt Fd.Yen 2

3.00 0.00

Em.Mk.Debt Fd.Yen 1

546.51

0.09 0.00

200.14

High Yield Global Bond A GBP Inc

265.70xd

JB EF Euro Value-EUR B

48.79xd

$ 122.04

0.04 0.00

2.68

Japan Acc

102.64 107.48 -0.12 1.43

Em.Mk.Debt Fd.US Dollar

1.09

Income Fd A - Net Inc

137.96 149.15 0.87 0.00

MFM Bowland
MFM Hathaway Inc

$ 25.39

0.11

1.04 0.20

0.27

19.56

992.16

0.25 0.68

0.43 0.00

12.00

Asia ex-Japan A1

997.35

139.06

Absolute Return A1

Eq Market Neutral Plus B Acc

27.51

MFM Artorius Fund

0.03 0.00

Eq Market Neutral B Acc

50.43xd

Junior Gold C Acc

10322.00

-0.07 0.00

JB Strategy Balanced-CHF/B

105.74 111.89 -3.23 0.00

$ 102.75

0.07 3.77

53.45xd

0.59 0.17

Blend.Research U.S.Core Eq.Fd.

0.10 3.71

Income Fd A - Net Acc

SFr

Blend.Research Gb.Eq.Fd.

$ 19.03

Lloydstrust Gilt

0.02 0.00

10.75

-0.04 3.31

$ 15.84

-0.47

Gbl.Gvt.Fdmt PA

Invesco Asia Balanced A dist

7.21

Gl Aggregate High Conv PA

69.41xd

Invesco Asia Consumer Demand Fund A income $ 14.15

101.22

0.22 0.00

Strategic Bond Acc

-1.17 0.49

Emerg. Eq. Risk Par.(USD) PA

Blend.Research Gb.Eq.Fd.

0.19 0.00

0.00 2.56

0.05 0.00

235.13

0.62

53.28xd

9.08

118.67

Sterling Corporate Bond Inc

Emerging Countries Inc

102.45

99.35

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds

-1.28 0.49

Emerg.Eq. Risk Par.(EUR) PA

0.01 2.55

0.02 0.00

0.05

258.45

83.94xd

$ 12.95

$ 10.52

Sterling Corporate Bond Acc

Emerging Countries Acc

Emerg. Consumer (USD) PA

Blend.Research Gb.Eq.Fd.

Fdmt.Eq.L/S SH Sd USD PA

0.17 3.67

0.01 0.00

0.02 0.00

(LUX)

FCA Recognised

-0.16 0.00

MFS Investment Funds

184.88

2.94

12.97

0.70 0.97

Invesco Active Multi-Sector Credit Fund A

Emerg. Consumer (EUR) PA

0.05

0.10 4.22

0.03 0.00

201.60

10.52

-0.15 2.42

66.53

SFr 12.90

Fdmt.Eq.L/S SH Sd EUR PA

Portfolio Acc

Emerg. Consumer (CHF) PA

0.35 0.00

0.08 3.75

Distribution Inc (Gross)

0.00 0.00

0.10 4.22

0.00 0.00

$ 409.55

50.39xd

35.09xd

$ 14.53

JB Emerging (USD)-USD B

68.49xd

-0.60 2.46

66.52

14.45

Convertible Bd Asia PA F

0.36 0.00

0.18 3.65

Convertible Bd Asia PA F

Distribution Inc

0.00 0.00

48.05

Global Eq Income hdg Inc ... C

-0.03 0.08

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282

FCA Recognised
Invesco Management SA

Eurozone Small&Mid Caps PA

Global Eq Income hdg Acc... C

0.19 4.12

SFr 13.62

-0.29 0.00

Absolute Return Bond B GBP Acc

Convertible Bd Asia PA F

0.09 0.36

147.60xd

126.22

0.03 0.00

337.63

JB Emerging (EUR)-EUR B

90.97

Distribution Acc (Gross)

17.31

0.09 0.00

34.01xd

(LUX)

Convertible Bd P A

0.01 0.00

89.73xd

New Europe Acc

Invesco

-0.02 0.00

Global Consumer Trends Inc

Natural Resources Inc

0.08 3.75

11.36

0.09 0.39

0.11 0.27

0.15 4.14

6.39

Europe High Conviction PA

0.15 1.75

-0.03 0.00

94.53xd

Commodities (USD) PA

Global Consumer Trends Acc

90.73

-0.01 0.00

$ 101.94

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised

58.30

111.02

JB BF EM Inv Grade-USD B

206.62

6.24

0.01 0.00

Distribution Acc

Commodities (EUR) PA

Corporate Bd Inc (Gross)

Corporate Bond Inc

-0.02 0.00

12.10

0.05

Asset Management

18.68

Corporate Bd Acc (Gross)

0.20 0.00

6.18

Euro Resp.Corp. Fdt PA

New Europe Inc

Corporate Bond Acc

SFr

Euro Inflation-Lk Fdt PA

Global Property Secs Inc

$ 120.06

Commodities (CHF) PA

-0.18 0.00

50.30

418.47

set Management

Alternative Beta PA F

Asset Management
Asset Management

Fusion Conservative Acc

Global Allocation A-Net Acc

0.13 0.00

JB Strategy Growth-EUR

0.20 0.00

$ 95.93

0.22 0.67

Emerging Countries (No Trail) Acc

80.35

JB BF EM Infl Link-USD B

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)

SFr 119.88

Alternative Beta PA F

0.23 0.00

118.32

0.17 4.21

Alternative Beta PA F

Balanced Risk 10 No Trail Acc

0.25 4.13

0.27 0.00

$ 106.50

97.68 102.81 0.03 4.16

22.00 0.00

JB BF EM Corporate-USD B

UK Property A Inc

$ 15.96

0.00 0.00

JB Strategy Growth-CHF/B

115.75

1319.00

Alpha Japan (USD) PA F

0.00 0.00

JB Strategy Balanced-USD/B

169.71

Alpha Japan (JPY) PA F

0.16 0.45

0.24 0.00

0.12 0.20

0.19 0.00

12.74

Distribution (No Trail) Inc

SFr 13.97

13.18

Distribution (No Trail) Acc

11.13

Alpha Japan (CHF) PA F

Euro Government Fdt PA

114.02

(UK)

Alpha Japan (EUR) PA F

Euro Credit Bd PA F

109.86

JPMorgan Asset Mgmt (1200)F

Junior Oils

0.21 0.00

Balanced Risk 8 No Trail Acc

0.11 4.00

MFM - Third Party Funds

0.04 0.00

Balanced Risk 6 No Trail Acc

0.04 0.00

129.52

0.50 1.99

119.97

11.59

JB BF Abs Ret Pl-EUR B

11.64

All Roads (EUR) PA

0.01 0.00

193.08 203.24 0.05 4.04

Corporate Bond (No Trail) Inc

All Roads (GBP) PA

515.90

0.20 0.00

319.97

$ 17.86

UK Property A Acc

US Multi-Cap Income

Euro BBB-BB Fdt PA

UK Index A Acc

785.00

0.03 0.00

0.24 0.00

JB Strategy Balanced-EUR

US Growth A Acc

0.22 0.00

-0.22 4.10

0.15 3.90

$ 11.41

-0.25 3.99

Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) 100.39 100.39 0.12 1.89

All Roads (USD) PA

164.29

Harris Concentrated US Equity R/D (GBP) 106.83 106.83 -1.15 34.05

410.34 434.22 0.47 0.00

131.01

225.05 238.15 0.57 0.44

UK Micro Cap Growth A

$ 118.02

113.15

Corporate Bond (No Trail) Acc

UK Multi-Cap Growth A Inc

JB BF Abs Ret-EUR B

130.55

$ 277.42 277.42 1.15 0.00

0.06 0.00

JB BF Abs Ret EM-USD B

Harris Global Equity R/A (USD)

-0.06 0.00

0.01 0.00

Asian Equity Income (No Trail) Inc

0.01 0.00

Asian Equity Income (No Trail) Acc

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

0.10 1.05

Natixis International Funds (Lux) I SICAV (LUX)

$ 17.84

-0.50 3.45

0.22 4.25

SFr 18.07

11.11

0.73 0.77

All Roads (CHF) PA

12.61

73.82 78.32 0.08 5.94

Harris Concentrated US Equity H-N/A (GBP) 151.51 151.51 -0.53 0.00

Euro BBB-BB Fdt PA

148.66

-0.49 1.96

1018.82 1078.12 1.14 0.24

Euro BBB-BB Fdt PA

JB Ms EF Special Val. EUR/A

97.0041 106.9700 -0.2367

0.08 0.00

JB EF Abs Ret Eur-EUR B

81.52 86.26 0.01 4.04

Nano-Cap Growth A Acc

-0.01 0.00

JB BF Total Ret-EUR B

0.51 0.21

+/- Yield

Special Situations A Acc

$ 285.84

-0.82 0.00

Offer

-0.05 0.00

JB BF Local EM-USD B

Bid

111.74

0.30 1.42

(LUX)

82.37
248.49

Fund

12.17

105.47

Absolute Ret Bond (EUR) PA

(LUX)

JB BF Abs Ret Def-EUR B

628.00

235.00

www.loim.com
Regulated
Lombard Odier Funds

JB BF ABS-EUR B

110.70

UK Tracker A Acc

(LUX)

Europe Convertible Bd A (Dis) - D - EUR F 13.72

UK Alpha A Acc

Hermes Property Unit Trust

(UK)

High Income Acc

31.20

Lombard Odier Funds (Europe) S.A

Absolute Ret Bond (USD) PA

F
F

UK Equity Income & Growth A Inc

3.40 0.00 0.00

1.51 0.00

Global Smaller Cos Inc

Asian (No Trail) Acc

3.40

Global Smaller Cos Acc

0.80 0.05

Hermes US SMID Equity Fund Class R Acc

+/- Yield

set Management

Offer

528.40

Bid

112.90xd

UK & Irish Smaller Companies A Acc

1.24

Fund

106.20xd

Invesco Perpetual Funds (No Trail)

Hermes Investment Funds Plc

+/- Yield

US Select Acc

0.10 5.71

0.20 0.00

Offer

US Equity Income Inc ... C

Bid

0.02 3.04

129.80

144.30

Fund

-0.09 0.00

Strategic Bond A Inc

UK Absolute Return A Acc

+/- Yield

Income Acc

Offer

Income & Growth Acc

782.30

Bid

$ 36.85

Hong Kong & China Acc

Asia Pacific Capital Growth A Acc

Fund

Invesco Global Leisure A

High Yield Fund Inc (Gross)

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

+/- Yield

Invesco Global Inv Grd Corp Bond A Dist $ 12.22

12.22 0.00

Henderson Global Investors

Offer

0.49 0.50

13.53 0.00

-0.12 0.00

Bid

0.04 4.42

Fund

141.67

+/- Yield

2382.32

Heartwood Caut Multi Asset B Acc

Offer

52.00

SFr 1271.53

(IRL)

Bid

479.09

Haussmann Cls D

Regulated

Fund

Haussmann Cls C

Heartwood Wealth Management Limited

+/- Yield

Global Equity (acc)

Glbl Distribution Inc (Gross)

Hargreaves Lansdown Fd Mgrs (1100)F

Offer

154.08 162.92 0.26 0.08

Bond Income

51.82 54.84 -0.03 4.27

Cash

50.09

Cautious Inc

84.84 89.33 0.13 1.59

0.00 0.62

Defensive A Inc

116.11

-0.04 0.98

Emerging Markets

240.27

-0.74 1.71

ETF Global Growth A

157.46

0.23 0.00

CF Odey Absolute Return Fund US Dollar Hedged $

Morgens Waterfall Vintiadis.co Inc

Other International Funds
Phaeton Intl (BVI) Ltd (Est)

$ 431.35

3.53 0.00

1.62

0.00 0.00

CF Odey Absolute Return R

294.84

-0.87 0.00

CF Odey Absolute Return I

303.82

-0.89 0.00

CF Odey Portfolio Fund Class P Institutional Acc

105.28

0.38

CF Odey Portfolio Fund Class P Retail Acc

105.01

0.37

CF Odey Portfolio Fund I Acc

148.89

0.61 0.06

CF Odey Portfolio Fund I Inc

146.52

0.59 0.06

Friday 20 February 2015

27

FINANCIAL TIMES

MANAGED FUNDS SERVICE

Fund

Bid

Offer

+/- Yield

CF Odey Portfolio Fund R Acc

CF Odey Portfolio Fund R Inc

145.11

0.58 0.00

144.86

0.58 0.00

Offer

+/- Yield

Pictet-EUR Corporate Bonds Ex Fin i EUR 146.86

0.00 0.00

Polunin Discovery - Frontier Markets $ 1505.79

Pictet-EUR Corporate Bonds-I F

203.17

0.02 0.00

Polunin Small Cap

Pictet-EUR Government Bonds I EUR 159.19

-0.09 0.00

Pictet-EUR High Yield-I F

243.77

1.21 0.00

Pictet-EUR Inflation Linked Bonds I EUR 127.01

0.02 0.00

Pictet-EUR Short Mid-Term Bonds-I F 136.77

0.03 0.00

Pictet-EUR Short Term HY I EUR

117.72

0.01 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.20

0.00 0.00

Pictet-Euroland Index IS EUR

133.67

1.19 0.00

Enquiries - 0207 493 1331

Regulated

Pictet-Europe Index-I EUR F

174.38

1.48 0.00

Prusik Asian Equity Income B Dist $ 163.17

Pictet-European Equity Selection-I EUR F 622.55

5.88 0.00

Prusik Asia A

$ 203.35

Pictet-European Sust Eq-I EUR F

240.22

1.92 0.00

Prusik Asian Smaller Cos A

$ 160.64

Pictet-Generics-I USD F

$ 288.54

0.27 0.00

Pictet-Global Bds Fundamental I USD $ 123.20

-0.07 0.00

FCA Recognised

Pictet-Global Bonds-I EUR

161.13

0.46 0.00

Odey Pan European EUR R

346.49

4.45 0.00

Pictet-Global Emerging Currencies-I USD F $ 98.90

0.06 0.00

Odey Pan European GBP R

204.59

0.46 0.00

Pictet-Global Emerging Debt-I USD F $ 351.21

-2.43 0.00

Odey Allegra European EUR O

268.84

1.01 0.00

Pictet-Global Megatrend Selection-I USD F $ 233.40

0.96 0.00

Odey Allegra European EUR A

161.70

0.61 0.00

Pictet-Greater China-I USD F

$ 477.42

3.53 0.00

Odey Allegra European GBP O

283.47

-1.97 0.00

Pictet-High Dividend Sel I EUR F 157.70

1.08 0.00

Odey Allegra European USD O

$ 234.86

0.11 0.00

Pictet-India Index I USD

$ 112.80

0.64 0.00

Odey Allegra European EUR I

256.42

0.97 0.00

Pictet-Indian Equities-I USD F

$ 497.43

1.56 0.00

Odey Allegra European EUR A I

164.39

0.62 0.00

Pictet-Japan Index-I JPY F

15789.80

118.56 0.00

PCG B

167.43

Odey Allegra European GBP D

170.71

-1.18 0.00

Pictet-Japanese Equities Opp-I JPY F 9192.79

59.00 0.00

PCG C

165.34

Odey Allegra International Euro Class 177.07

1.80 0.00

Pictet-Japanese Equity Selection-I JPY F 14140.49

58.63 0.00

Odey Allegra International GBP Class 203.45

-0.11 0.00

Pictet-LATAM Index I USD

-0.01 0.00

Putnam Investments (Ireland) Ltd

Regulated

Odey Asset Management LLP

(CYM)

Regulated
OEI MAC Inc A

471.36

0.00 0.00

OEI Mac Inc B

269.35

0.00 0.00

OEI MAC Inc USD

$ 2568.71

0.00 0.00

Odey European Inc EUR

994.88

0.00 0.00

Odey European Inc A GBP

380.40

0.00

Odey European Inc B GBP

215.94

0.00 0.00

Odey European Inc USD

$ 463.59

0.00 0.00

Giano Capital EUR Inc

4970.97

15.47 0.00

Odey Asset Management LLP

(IRL)

Fund

Bid

$ 66.94

$ 158.28

1.09 0.00

Pictet-LATAM Lc Ccy Dbt-I USD F $ 131.56

-1.03 0.00

Odey Allegra International Euro I Class 162.00

1.64 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 373.99

0.36 0.00

Odey Allegra International GBP D inc 184.33

-0.08 0.00

Pictet-Premium Brands-I EUR F

163.83

0.65 0.00

Odey Allegra International GBP A D 135.93

-0.06 0.00

Pictet-Quality Global Equities I USD $ 138.25

0.06 0.00

$ 55.52

1.97 0.00

Odey Allegra International USD

Odey Allegra Developed Markets Fund USD I $ 134.51

1.27 0.00

Pictet-Russia Index I USD

Odey Allegra Developed Markets Fund GBP I 135.07

0.28 0.00

Pictet-Russian Equities-I USD F

$ 46.95

1.58 0.00

Odey Atlas Fund GBP I

105.15

0.16

Pictet-Security-I USD F

$ 197.38

0.79 0.00

Odey Atlas Fund GBP I S

1.26

0.00 0.00

Pictet-Select-Callisto I EUR

105.48

0.23 0.00

Odey Atlas Fund GBP R S

Fund

Bid

Offer

+/- Yield

8.44

(GSY)

Regulated
Monument Growth17/02/2015

Bid

Offer

+/- Yield

460.64 465.87 2.64 1.07

Prusik Investment Management LLP

(IRL)

Ruffer LLP (1000)F

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0845 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
CF Ruffer Investment Funds
CF Ruffer Gold Fund C Acc

80.89

-2.47 0.00

CF Ruffer Gold Fund O Acc

80.26

-2.45 0.00

Equity & General O Inc

351.87

2.35 0.00

SIA (SIA Funds AG)

Equity & General O Acc

379.14

2.53 0.00

Regulated

Global Eq (ex Japan) Class HJ4

1.47

0.01 0.00

Veritas China Fund A GBP

137.25

0.09 0.00

European C Acc

499.47

2.76 0.22

LTIF Alpha

171.06

0.83 0.00

Global Eq (ex Japan) Class JP5

1.58

0.00 0.00

Veritas China Fund A EUR

133.11

0.07 0.00

LTIF Classic

356.73

1.73 0.00

Global Eq Ex Japan Index Fund (Hedge)

1.45

0.00 0.00

Veritas Global Equity Income Fund D USD $ 130.09

0.32 4.74

LTIF Natural Resources

85.11

0.02 0.00

Gbl Govt Bond (Ex Japan) Index

1.34

0.00 0.00

Veritas Global Equity Income Fund D EUR 221.23

0.04 4.05

Gbl Govt Bond (ex Japan) Class JP4

1.32

0.00 0.00

Veritas Global Equity Income Fund D GBP 163.45

0.03 4.55

Japan Equity Index Fund

1.02

0.01 0.00

Veritas Global Focus Fund D USD $ 25.77

0.04 2.87

Japan Equity Class JP3

1.23

0.01 0.00

Veritas Global Focus Fund D EUR 22.77

-0.02 2.69

Veritas Global Focus Fund D GBP 28.30

-0.01 2.45

Veritas Global Focus Fund A GBP 27.31

-0.01 2.23
-0.01 2.14

2.71 0.00

6.24 0.01

Global Total Fd PCG A

163.66

-0.28 0.35

Global Total Fd PCG B

162.51

Global Total Fd PCG INT

160.70

177.36

6.18 0.00

Pacific C Acc

298.02

4.49 0.47

Pacific O Acc

295.53

4.44 0.17

-0.27 0.13

Total Return C Acc

397.96

4.13 1.60

-0.27 0.00

Total Return C Inc

279.49

2.90 1.62

Total Return O Inc

277.30

2.87 1.61

Smith & Williamson Investment Management (1200)F (UK)

Total Return O Acc

394.95

4.09 1.60

0.12 0.00

25 Moorgate, London, EC2R 6AY 020 7131 8100

www.sandwfunds.com
Authorised Inv Funds

0.12 0.00

European Growth Trust A Class

505.30

4.50 1.37

Far Eastern Income and Growth Trust A Class

415.40

0.60 2.79

Fixed Interest Trust A Class

124.40xd

0.00 3.89

Global Gold and Resource Trust A Class

168.30

2.70 0.00

MM Endurance Balanced Fund A Class

216.50

0.60 0.96

Purisima Investment Fds (CI) Ltd

(JER)

Regulated

(IRL)
-

1.28 4.82

S W Mitchell Capital LLP

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

157.19 162.25 0.60 4.08

Blue Chip Income Acc

228.24 235.41 0.87 3.95

Ethical Bond Inc

93.25 95.33 -0.04 4.80

Ethical Bond Acc

173.49 177.07 -0.07 4.67

(CYM)

Smith & Williamson Fd Admin Ltd (1200)F

0.61 0.00

Pictet-Timber-I USD F

$ 163.86

0.67 0.00

Odey Odyssey USD I

$ 161.81

1.83 0.00

Pictet Total Ret-Agora I EUR

107.91

0.05

Odey Odyssey Fund GBP I

161.22

1.81 0.00

Pictet Total Ret-Corto Europe I EUR 129.79

0.38 0.00

Odey Odyssey Fund GBP R

158.80

1.78 0.00

Pictet Total Ret-Divers Alpha I EUR 101.82

-0.02

Odey Odyssey EUR I

144.80

1.65 0.00

Pictet Total Ret-Kosmos I EUR

109.12

0.03 0.00

Odey Odyssey Fund EUR R

120.49

1.37 0.00

Pictet Total Ret-Mandarin I USD $ 117.23

-0.16 0.00

Odey Odyssey Fund USD R

$ 126.00

1.42 0.00

Pictet-US Equity Selection-I USD $ 193.76

-0.14 0.00

Odey Orion Fund Euro I Class

127.19

0.88 0.00

Pictet-US High Yield-I USD F

$ 148.92

0.18 0.00

Odey Orion Fund USD I Class

$ 127.25

0.88 0.00

Pictet-USA Index-I USD F

$ 183.79

-0.05 0.00

Odey Swan Fund Euro I Class

105.58

-0.03 0.00

Pictet-USD Government Bonds-I F $ 633.03

2.58 0.00

Odey Swan Fund Euro R Class

104.59

-0.04 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 128.98

0.18 0.00

Odey Swan Fund GBP I Class

105.80

-0.03 0.00

Pictet-USD Sov.ST.Mon.Mkt-I

$ 102.50

0.00 0.00

www.recmglobal.com Enquiries: info@recmglobal.com

Regulated

Odey Swan Fund GBP R Class

109.93

-0.04 0.00

Pictet-Water-I EUR F

268.10

2.25 0.00

RECM Global Fund Limited - Class A $ 18.18

0.12 0.00

RobecoSAM S.HealthyLiv/B

181.16

1.40 0.00

0.06 0.00

RobecoSAM S.Water/A

166.97

-0.20 2.26

Odey European Absolute Return Fund GBP R 97.65

-0.14 0.00

Odey European Absolute Return Fund USD R $ 98.50

-0.15

Odey European Absolute Return Fund EUR S 98.68

-0.14 0.00

Odey European Absolute Return Fund GBP S 99.40

-0.14 0.00

Odey European Absolute Return Fund USD S $ 98.96

-0.14 0.00

Odey Wealth Management (CI) Ltd

(IRL)

www.odey.com/prices
FCA Recognised
221.07

0.96 0.00

Odey Wealth Management UK

Authorised Funds
VT Odey Total Return Fund Class A 102.11

0.21

VT Odey Total Return Fund Class A 108.67

0.19

VT Odey Total Return Fund Class I 103.67

0.20

VT Odey Total Return Fund Class I 100.00

0.00

VT Odey Total Return Fund Class R 104.37

0.21

VT Odey Total Return Fund Class R $ 103.61

0.19

VT Odey Total Return Fund Class I $ 106.95

0.20

Omnia Fund Ltd

Estimated NAV

$ 877.58

50.31 0.00

Optima Fund Management

Other International Funds
JENOP Global Healthcare Fund Ltd $ 15.62

-0.21 0.00

Optima Fd NAV

$ 90.27

0.30 0.00

Optima Discretionary Macro Fund Limited $ 86.61

0.42 0.00

The Dorset Energy Fd Ltd NAV (Est) $ 43.43

1.34 0.00

Platinum Fd Ltd

$ 88.55

0.38 0.00

Platinum Fd Ltd EUR

17.31

0.08 0.00

Platinum Japan Fd Ltd

$ 50.15

-0.10 0.00

Optima Partners Global Fd

$ 14.44

0.02 0.00

Optima Partners Focus Fund A

$ 16.74

0.23 0.00

Orbis Investment Management Ltd

(BMU)

Regulated

0.10 1.75
(LUX)

1.20 0.00 3.85

Strategic Bond Ret Inc

1.07

1.09 0.00 4.13

RobecoSAM Sm.Energy/A

7.61

12.24

RobecoSAM Sm.Materials/A

132.04

RobecoSAM Gl.Small Cap Eq/A

0.00 1.23

0.17 1.94

81.39

-0.58 1.70

RobecoSAM Sustainable Gl.Eq/B 181.52

0.10 0.00

-0.02 0.00

-0.03 0.00

Renaissance Eastern European Allocation Fund 411.10

-0.02

0.03 0.00

Renaissance Eastern European Fund A 416.69

-10.70

-0.05 0.00

Renaissance Eastern European Fund B 89.45

-2.30 0.00

Credit Absolute Return Fund Inst Acc $ 11.44

0.01 0.00

Renaissance Ottoman Fund

-2.25 0.00

Diversified Income - Inst Acc

$ 19.62

0.07

Diversified Income Durat Hdg Fund Inst Acc $ 11.52

0.02 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.95

0.02 0.00

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range

Emerging Asia Bond Fund Inst Acc $ 10.01

0.02 0.00

Santander Atlas Port 3 Acc Ret

149.30

-0.40

Emerging Multi-Asset Fund Inst Acc $

8.82

0.00 0.00

Santander Atlas Port 3 Inc Ret

104.60

-0.30

$ 12.45

-0.03

Santander Atlas Port 3 Acc Inst

163.50

-0.40

Emerging Markets Bond - Inst Acc $ 38.58

0.05 0.00

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.98

0.04 0.00

Emerging Markets Curr.Fd- Inst Acc $ 12.42

Euro Bond - Inst Acc

22.88

Euro Credit - Inst Acc

14.90

Euro Income Bond - Inst Acc F

(LUX)

0.00 0.37

S & W Marathon Trust

189.00 200.00 0.10 1.66

Global Balanced B Inc F

126.70

-0.10 0.36

Charity Value and Income Fund Acc

138.20 139.00 -0.30 4.57

Global Growth B Acc F

139.90

-0.10 0.29

Charity Value and Income Fund Inc

96.14 96.71 -0.21 4.70

Global Growth B Inc F

131.20

0.00 0.29

133.60

-0.10 0.31

1.33

0.00 0.31

66.40

-0.10 3.22

Global Equity Fund B Inc F

Canadian Dllr Pfolio

New Zealand Dllr Pfolio

7.01

0.01 0.00

UK Income Focus B Acc F

87.50

-0.10 3.14

A$

0.01

0.00

UK Balanced B Inc F

70.80

-0.10 1.34

0.01

0.00

UK Balanced B Acc F

77.00

-0.10 1.32

C$

0.01

0.00

UK Growth B Acc F

78.40

0.00 1.19

UK Growth B Inc F

86.60

0.00 1.18

UK Equity B Acc F

88.50

0.30 2.28

UK Equity B Inc F

81.50

0.20 2.31

NZ$

0.01

0.00

Daiwa Bond Series

Monthly Dividend AUD Bd

A$ 10.54

0.02 0.00

Monthly Dividend EUR Bd

10.96

-0.01 0.00

Monthly Dividend CAD Bd

C$ 10.46

0.02 0.00

-0.01 0.00

7.95

9.33

0.00 0.00

(JER)

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130

FCA Recognised
Standard Life Offshore Strategy Fund Limited

5.37 0.00

Real Return Asian Fund GBP (Est) 306.89

5.65 0.00

Real Return Asian Fund EUR (Est) $ 301.92

5.67 0.00

Virgin Money Unit Trust Managers Limited (1700)F (UK)

Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
www.virginmoney.com
Authorised Inv Funds
Virgin UK Index Tracking Trust

249.80

0.20 2.62

Virgin Income Trust

124.30

-1.20 2.20

0.30 2.55

-2.50 2.37

Global Equity Fund

Virgin Climate Change Fund

109.32

0.66 0.00

1.8565

-0.0026 1.31

Global Balanced Fund - Income Units 1.3705

0.0016 1.62

Global Balanced Fund - Accumulations Units 1.5715

0.0019 1.60

Global Fixed Interest Fund

1.0486

0.0018 3.59

Tosca (Est)

$ 269.99

Sterling Fixed Interest Fund

0.8780

0.0001 3.26

Tosca Mid Cap GBP

227.59

-4.38 0.00

UK Equity Fund

1.9899

0.0046 2.78

Tosca Opportunity B USD

$ 313.41

20.23 0.00

Toscafund

Waverton Investment Funds Plc (1600)F

Regulated
3.00 0.00

$ 20.08

18.06

0.11 0.33

9.29

-0.02 5.15

Waverton Global Equity Fund A GBP 14.92

0.03 0.24

Waverton UK Fund A GBP

13.50

0.00 1.86

0.10

Waverton Equity Fund A GBP

15.26

0.03 0.00

-0.02 5.21

-0.10

0.40

192.50

0.30

Euro Low Duration Fund Inst Acc 11.37

0.01 0.00

Flex-o-Rente (EUR)

108.60

0.03 0.00

Santander Atlas Port 6 Acc Inst

165.10

0.30

Euro Real Return - Inst Acc

13.37

0.02 0.00

Glob.Consumer Trends Equities (EUR) 149.99

0.78 0.00

Santander Atlas Port 7 Acc Ret

211.00

0.50

www.stenhamassetmanagement.com
Other International Funds

Euro Short-Term Inst Acc

12.30

0.01 0.00

High Yield Bonds (EUR)

125.39

0.10 0.00

Santander Atlas Port 7 Acc Inst

166.80

0.40

Stenham Asia USD

Euro Short-Term Inv Acc

11.93

0.01 0.00

Lux -O- Rente (EUR)

138.54

0.12 0.00

Authorised Inv Funds

Euro Ultra Long Duration - Inst Acc 30.76

-0.33 0.00

New World Financials (EUR)

54.08

0.41 0.00

Max 70% Shs Acc Ret

167.50

0.30

0.03 0.00

US Premium Equities (EUR)

185.97

-0.42 0.00

Max 70% Shs Inc Ret

142.90

0.20

-0.48 0.00

Investments Inc Acc Ret

157.20

Investments Inc Inc Ret

105.80

Equity Inc Inc Inst

Equity Inc Inc Ret
N&P UK Gwth Inc Ret

US Premium Equities (USD)

$ 208.14

(IRL)

waverton.investments@citi.com
FCA Recognised
Waverton European Fund A Eur

182.20

Waverton Sterling Bond Fund A GBP

Stenham Asset Management Inc

TreeTop Asset Management S.A.

(LUX)

Regulated
TreeTop Convertible Sicav

$ 132.53

0.79

International A

303.62

1.18 0.00

-0.17 0.00

International B

$ 389.47

1.34 0.00

Stenham Emerging Markets USD B1 $ 108.31

0.13 0.00

International C

135.16

0.47 0.00

Stenham Gold USD

$ 171.71

12.62 0.00

International D

288.74

1.12 0.00

0.10

Stenham Growth USD

$ 212.82

-0.11

Pacific A

288.98

0.29 0.00

0.10

Stenham Healthcare USD

$ 177.67

6.83 0.00

Pacific B

$ 364.43

0.39 0.00

242.20

0.70

Stenham Helix USD

$ 31.00

-73.66 0.00

208.70

0.60

Stenham Managed Fund USD

$ 114.08

0.83

Global Opp.A

151.01

0.48 0.00

166.90

0.30

Stenham Multi Strategy USD

$ 118.25

0.08

Global Opp.B

$ 150.10

0.43 0.00

98.00

0.13

Stenham Quadrant USD A

$ 398.23

8.74

Global Opp.C

188.38

-0.73 0.00

147.73

0.79 0.00

9.91

WA Fixed Income Fund Plc

0.04 1.05

European Multi-Sector

124.95

0.06 0.00

Winton Futures USD Cls B

$ 1047.49

25.08 0.00

Winton Futures EUR Cls C

294.06

7.46 0.00

Winton Futures GBP Cls D

321.03

7.96 0.00

Winton Futures GBP Cls F

123.83

3.07 0.00

Winton Evolution USD Cls F

$ 1807.20

50.02 0.00

Winton Evolution EUR Cls H

1421.43

41.71 0.00

Winton Evolution GBP Cls G

1442.79

41.31 0.00

Winton Futures JPY Cls E

20586.28

479.03 0.00

Global Bond - Inst Acc

$ 27.85

0.04 0.00

Global Bond Ex-US - Inst Acc

$ 19.48

-0.01

Global Fundam.Index StocksPLUSInst Acc $ 12.08

0.02 0.00

Global High Yield Bond - Inst Acc $ 20.19

0.02 0.00

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072

Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)

Global Investment Grade Credit - Inst Income $ 12.55

0.04 3.23

United Kingdom Equity Index Fund 16.72

Global Investment Grade Credit Fund Inst Acc 11.52

0.07 0.00

UK Specialist Equity Inc

19.92

0.08 0.34

Stckmkt 100 Track Gwth Acc Ret

180.40

0.30

Stenham Trading Inc USD

$ 115.31

2.29

Sequoia Equity A

Global Investment Grade Credit Fund Inst Acc $ $ 16.70

0.05 0.00

Contl Europe Specialist Fund

23.65

0.03 0.00

UK Growth Acc Inst

284.30

0.50

Stenham Universal USD

$ 441.03

1.15

Sequoia Equity B

$ 154.92

0.65 0.00

Global Multi-Asset - Inst Acc

$ 14.92

0.05 0.00

Japan Specialist Fund

13.88

0.10 0.00

UK Growth Acc Ret

331.00

0.60

Sequoia Equity C

172.15

-0.44 3.53

Global Real Return - Inst Acc

$ 18.13

0.03 0.00

US Spec Equity Fund

18.65

-0.11 0.00

UK Growth Inc Ret

222.60

0.30

High Yield Bond - Inst Acc

$ 28.15

0.03 0.00

Pacific Basin Specialist Equity Fund 42.45

-0.13 0.61

10.71

-0.08 2.58

Glob Em Shs Port Acc Ret

173.50

-0.30

Max 70% Shs Port Acc Ret

257.40

0.20

Japanese Synthetic Warrant

1183.37

21.83 0.00

Max 70% Shs Port Acc X

184.90

0.20

Japan Synthetic Warrant GBP Hedged Participating Shares 144.31

10.64 0.00

Max 70% Shs Port Acc S

149.40

-0.60

Japan Synthetic Warrant Fund USD Class $ 12.93

0.06 0.00

10.54 0.00

Troy Asset Mgt Ltd

Yuki Mizuho Japan Dynamic Growth 6778.00

48.00 0.00

Yuki Mizuho Japan Large Cap

7140.00

54.00 0.00

Yuki Japan Low Price

24782.00

35.00 0.00

12046.00

33.00 0.00

16362.00

112.00 0.00

Yuki Japan Rebounding Growth Fund 22159.00

87.00 0.00

0.02 2.47

Income Fund Inst Acc

$ 12.08

0.01 0.00

UK Sovereign Bd Index Fund

Inflation Strategy Fund Inst Acc

9.76

0.02 0.00

Inflation Lkd Sov Bd Fund

12.49

-0.06 0.71

Low Average Duration - Inst Acc $ 14.77

0.02

UK Specialist Equity Income Fund 10.07

0.04 3.43

PIMCO EqS Emerging Markets Fund Inst Acc $

8.57

-0.01 0.00

Global Emerg Mkts Equity Fund

12.33

0.02 0.44

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 15.78

0.06 0.00

Global Spec Inv Grade Bd Fund GBP 10.22

0.01 3.13

PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.46

0.01 0.00

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.95

0.00 0.00

StocksPLUS{TM} - Inst Acc

$ 23.57

0.02 0.00

Total Return Bond - Inst Acc

$ 27.16

0.12 0.00

Stckmkt 100 Track Gwth Acc Inst

Managed OEIC

Stenham Universal II USD

$ 164.07

0.36 0.00

Stratton Street Capital (CI) Limited

Investment Port Acc Ret

233.90

-0.50

Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03

Investment Port Acc X

165.80

-0.30

Renminbi Bond Fund AUD Cls A A$ 115.85

-0.65 4.08

Max 50% Shs Port Acc Ret

246.70

0.10

Renminbi Bond Fund AUD Cls B A$ 117.74

-0.66 3.80

0.08 1.50

Max 50% Shs Port Inc Ret

222.50

0.10

Renminbi Bond Fund CHF Cls A SFr 115.31

-0.68 4.05

178.50

0.00

Renminbi Bond Fund CHF Cls B SFr 115.27

-0.67 3.79

Trojan Investment Funds

-0.52 3.59

Spectrum Fund 'O' Acc

159.85

0.32 0.26

Yuki Japan Value Select

Contl Europe Specialist Fund

24.45

0.04 0.61

Max 50% Shs Port Acc X

Japan Specialist Fund

14.52

0.10 0.55

Max 50% Shs Port Acc S

149.50

-0.50

Renminbi Bond Fund CNH Cls A CNH 119.72

285.80

0.00

Renminbi Bond Fund CNH Cls B CNH 119.64

-0.52 3.34

Spectrum Fund 'O' Inc

155.89

0.31 0.26

YMR Umbrella Fund

205.20

0.00

Renminbi Bond Fund Euro Cls B

116.18

-0.67 3.81

Trojan Fund O Acc

256.03

0.60 0.59

YMR N Growth

117.57

-0.67 3.61

Trojan Fund O Inc

213.00

0.50 0.60

-0.67 3.57

Trojan Capital O Acc

206.65

0.31 0.92

19.36

-0.12 0.16

Pacific Basin Specialist Equity Fund 42.14

-0.13 1.19

Max 100% Shs Port Acc X

UK Sovereign Bd Index Fund

10.80

-0.08 2.58

Max 100% Shs Port Acc S

149.30

Renminbi Bond Fund GBP Cls B

Inflation Lkd Sov Bd Fund

12.35

-0.06 0.71

Enhanced Inc Inc Ins

214.30

-0.20

Renminbi Bond Fund SGD Cls B S$ 116.58

UK Specialist Equity Income Fund 10.78

0.04 3.39

Enhanced Inc Inc Ret

203.80

-0.20

Renminbi Bond Fund USD Cls B

$ 117.19

-0.66 3.35

Trojan Capital O Inc

177.27

0.27 0.92

Global Spec Inv Grade Bd Fund GBP 10.46

0.01 3.13

Enhanced Inc Inc X

172.50

-0.10

Renminbi Bond Fund YEN Cls B

12959.86

-73.26 0.00

Trojan Income O Acc

263.05

-0.14 3.73

12.29

0.02 0.63

Trojan Income O Inc

169.25

-0.09 3.85

Global Emerg Mkts Equity Fund

Managed Investments OEIC

Renminbi Bond Fund USD Class

$ 161.33

-0.92 3.61

Max 30% Shs Port Acc Ret

156.70

0.00

Renminbi Bond Fund GBP Class

156.48

-0.89 3.87

4091.00

122.00 0.00

Max 30% Shs Port Acc X

156.60

-0.10

Renminbi Bond Fund SGD Class S$ 154.20

-0.89 3.83

Orbis Japan Equity (Euro)

27.04

0.81 0.00

Royal London Unit Managers (CIS) (1200) F (UK)

Max 30% Shs Port Acc S

150.30

0.30

Renminbi Bond Fund YEN Class

19158.00

-109.00 0.00

Orbis Asia ex-Japan - Investor Shares $ 22.23

-0.27 0.00

Max 30% Shs Inc Port Inc Ret

157.30

0.20

Renminbi Bond Fund EUR Class

106.69

-0.62 4.07

Orbis Global Equity - Investor Shares 153.72

2.48 0.00

PO Box 105, Manchester M4 8BB 08457 464646

Authorised Inv Funds

Max 30% Shs Inc Port Inc X

157.40

0.20

Poland Geared Growth

-0.02 0.00

Max 30% Shs Inc Port Inc S

150.50

0.50

Max 60% Shs Port Acc Ret

271.10

0.40

Max 60% Shs Port Inc Ret

220.10

0.30

Max 60% Shs Port Inc X

170.40

0.20

Max 60% Shs Port Inc S

149.90

-0.10

Eq Inc Port Acc Ret

297.60

1.20

Eq Inc Port Inc Ret

237.20

0.90

CIS Sustainable Diversified Trust A

Platinum All Star Fund - A

CIS Sustainable World Trust A

Corporate Bd Inc Tst

$ 114.01

Platinum Global Dividend Fund - A $ 62.83

0.00 1.74

170.30

0.40 0.77

91.75 96.58 -0.08 3.96

European Growth
Sustainable Leaders

1.58

103.40 108.90 0.30 1.74

A

465.60

1.60 0.68

Platinum Global Dividend UCITS Fund $ 76.43 76.43 0.06 6.85

UK Growth

497.60 523.80 1.60 1.07

Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93

UK Income With Growth

234.40 246.70 0.70 4.35

US Growth

153.80 161.70 -0.70 0.00

Platinum Essential Resources UCITs Fund $

7.30

7.30 0.03

Platinum Maverick Enhanced Fund Limited $ 92.87

0.00

Platinum Navigator Fund Ltd Class A $ 98.72

Permal Investment Mgmt Svcs Ltd

Additional Funds Available

Please see www.cis.co.uk for details

RBS Collective Investment Fds Ltd

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

(UK)

PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585

Authorised Inv Funds
-35.05 0.00

Polar Capital Funds Plc

(IRL)

Regulated
Asian Financials I USD

$ 308.26 308.26 -0.23 0.00

Biotechnology I USD

$ 17.49 17.49 0.10 0.00

European Income Acc EUR

11.46 11.46 0.06

Financial Opps I USD

$ 12.40

0.06 2.03

GEM Growth I USD

9.91

-0.01 0.00

GEM Income I USD

$ 11.22

-0.01 0.00

Global Alpha I USD

$ 13.29 13.29 0.06 0.00

Global Convertible I USD

$ 11.57 11.57 0.03 0.00

Global Insurance I GBP

3.81

-0.01 0.00

Global Technology I USD

$ 22.76

0.09 0.00

Pictet-Absl Rtn Fix Inc-HI EUR

107.46

-0.21 0.00

Pictet-Absl Rtn Glo Div-I EUR F

124.86

0.03 0.00

Pictet-Agriculture-I EUR F

199.92

2.08 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 226.56

2.38 0.00

Pictet-Asian Local Currency Debt-I USD F $ 155.39

-0.54 0.00

Pictet-Biotech-I USD F

$ 827.62

11.86 0.00

Pictet-Brazil Index I USD

$ 56.44

0.29 0.00

SFr 504.62

1.31 0.00

Pictet-China Index I USD

$ 118.44

0.35 0.00

Pictet-Clean Energy-I USD F

$ 92.56

0.70 0.00

Polar Capital LLP

Pictet-Digital Communication-I USD F $ 249.58

0.15 0.00

Regulated

Pictet-Eastern Europe-I EUR F

310.76

7.54 0.00

ALVA Convertible A USD

$ 126.35

Pictet-Em Lcl Ccy Dbt-I USD F

$ 174.88

0.38 0.00

European Conviction A EUR

159.14

Pictet-Emerging Markets-I USD F $ 561.53

0.37 0.00

European Forager A EUR

181.04

Pictet-Emerging Markets Index-I USD F $ 251.83

4.00 0.00

$ 38.17

Income Opportunities B2 I GBP Acc

1.68

E.I. Sturdza Strategic Management Limited (GSY)

Regulated

Managed Investments OEIC 2

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC
Global Emerg Mkts Eqty B Acc

Global Optimal B Acc

1.42

0.00 1.50

1.03

0.00 0.83

UBS UK Opportunities Fund B Acc

0.94

0.00 2.64

US Equity B Acc

1.49

0.00 0.28

UBS Asian Consumption Fund - B Acc

0.59

0.00 0.44

UBS S&P 500 Index C Acc

0.53

0.00

UBS Targeted Return B Acc

1.29

0.01 1.15
-0.46 3.16

0.52

0.00 3.71

Gov Bond Inc Inst

178.00

0.10

Strat Evarich Japan Fd Ltd USD

$ 921.64

31.77 0.00

UBS UK Equity Income B Inc Net

0.42

-0.01 4.88

Strat Bond Inc Inst

187.10

0.00

Corporate Bond UK Plus B Inc Net

0.54

0.00 4.00

UBS Global Allocation (UK) B Acc

1.11

0.00 1.58

CCLA Fund Managers Ltd

UBS Global Enhanced Equity Income C Inc

0.50

0.00

UBS US Growth Fund B Acc

1.45

0.00 0.00

Senator House 85 Queen Victoria Street, London EC4V 4ET

COIF Charities Deposit Fund
0.45
- 0.45 Qtr

UBS Emerging Markets Equity Income B Inc

0.44

0.00 5.03

E.I. Sturdza Funds PLC

Balanced Inc

291.40

0.40 1.10

Equity Income

337.20

0.20 3.65

Multi-Manager OEIC

Extra Income

108.90

0.00 3.06

FTSE 100 Tracker Special 1

305.70

FTSE 100 Tracker Special 3

211.90

FTSE 100 Tracker Standard

289.20

0.30 2.49

Growth

320.20

1.00 2.03

High Yield

126.00

0.00 3.55

International Growth

415.50

Stakeholder Investment

169.70

Adventurous Growth
Balanced Growth

0.50

Corp Bond Acc Inst

214.10

-1.20

Bal Intl Track Acc Ret

273.00

-0.20

0.40 2.96

Bond Mthly Inc Acc Ret

144.50

-0.60

0.20 2.72

Bond Mthly Inc Inc Ret

94.55

-0.36

(IRL)

Regulated
Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1078.94

2.87 0.00

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1263.76

3.46 0.00

Nippon Growth (UCITS) Fund JPY Class A shares 98807.00

290.00 0.00

Nippon Growth (UCITS) Fund JPY Class B Acc shares 82878.00

243.00 0.00

Unicapital Investments

Nippon Growth (UCITS) Fund JPY Class C Dis shares 80508.00

236.00 0.00

Regulated

(LUX)

Investments III

24.78

157.00 0.00

Strategic China Panda Fund USD $ 2276.30

2.71 0.00

Investments IV - European Private Eq. 307.74 323.13 0.00

Strategic China Panda Fund Hedged EURO 2216.03

2.58 0.00

Investments IV - Global Private Eq. 429.57 451.05 0.00 0.00

-0.40 0.60

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400

Authorised Inv Funds
Santander Premium Fund (OEIC)

Strategic China Panda Fund Hedged Sterling 2246.07

2.62 0.00

0.10 1.38

A Shares

Strategic Euro Bond Accumulating Class CHFSFr 1021.51

1.16 0.00

151.70

0.40 0.50

Europe (ex-UK)

275.60

1.10

Strategic Euro Bond Institutional Class EUR 1036.33

1.15 0.00

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds

147.90

0.40 0.70

Japan Equities

150.90

1.50

Strategic Euro Bond Fund Accumulating Class Shares 1164.79

1.29 0.00

UK Growth A Inc

Cautious Growth

135.40

0.20 1.20

Pacific Bas (ex-Japan)

543.20

-0.80

Strategic Euro Bond Fund Distributing Class Shares 1065.04

1.17 0.00

Mastertrust A Inc

Asset Management

Asset Management

373.06

-0.01 0.00

352.81

-0.53 0.00

374.20

-0.01 0.25

316.75

-0.47 0.40
1.43 0.48

Strategic Global Bond RMB Acc CNY 1079.41

0.49 0.00

UK Growth B Inc

Strategic Global Bond USD Acc

$ 1058.58

-0.06 0.00

Mastertrust B Inc

Capital Protected Accelerator Fund 3

117.10

2.90 0.00

US Equities

264.50

-0.90

Strategic US Momentum and Value Fund $ 842.59

0.79 0.00

Outstanding British Cos A Acc

235.18

Capital Protected Fund 4

133.90

3.20 0.00

B Shares

Strategic US Momentum and Value EUR Hedged Class EUR 587.38

0.52 0.00

Outstanding British Cos B Acc

244.29

1.49 1.24

Capital Protected Fund 6

172.20

0.00 0.00

Pacific Bas (ex-Japan)

Strategic US Momentum and Value CHF Hedged Class CHFSFr 583.56

0.57 0.00

UK Smaller Cos A Inc

402.06

-0.56 0.09

Your Portfolio Fund II Class 1

112.60

-0.30 0.90

UK Smaller Cos B Inc

Your Portfolio Fund II Class 2

112.40

-0.20 1.00

Your Portfolio Fund III Class 1

118.90

-0.10 0.90

Your Portfolio Fund III Class 2

118.90

-0.10 1.10

Your Portfolio Fund IV Class 1

125.10

0.00 0.80

0.10 0.00

Your Portfolio Fund IV Class 2

124.80

0.00 1.10

-5.67 0.00

Your Portfolio Fund V Class 1

130.00

0.10 0.50

0.47 0.00

Your Portfolio Fund V Class 2

129.60

0.00 0.90

Your Portfolio Fund VI Class 1

129.60

0.10 0.50

Your Portfolio Fund VI Class 2

129.90

0.10 0.90

Polunin Capital Partners Ltd

Other International Funds
Developing Countries 'A'

$ 38.29

0.63 0.00

Emerging Markets Active

$ 42.45

-0.45

Luxcellence Em Mkts Tech

$ 991.94

25.16 0.00

Polunin Developing Countries

$ 875.81 883.25 14.29 0.00

Saracen Fund Managers Ltd (1000)F

Taube Hodson Stonex Ptnrs UT (1200)F

Saracen Growth Fd Alpha Acc

0.02 1.05

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

(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 Beta Acc

3.52

5.60

0.03 1.57

Saracen Global Income & Growth Fund A - Acc

1.23

0.00 2.86

Saracen Global Income & Growth Fund A - Dist

1.16

0.00 2.92

Saracen Global Income and Growth Fund -Acc

1.52

0.00 3.23

Saracen Global Income and Growth Fund -Dist

1.36

0.00 3.32

.
For Save & Prosper please see Countrywide Assured

(UK)

393.95

-0.53 0.84

UK Income A Acc

245.87

0.31 6.27

UK Income A Inc

226.98

0.29 6.53

UK Income B Acc

259.58

0.34 6.24

UK Income B Inc

239.75

0.31 6.50

Value Partners Hong Kong Limited

IGV - Inc A

341.80

1.20 1.83

IGV - Inc B

340.40

1.20 1.09

www.valuepartners.com.hk / vpl@vp.com.hk
Regulated

IGV - Acc X

410.30

1.40 1.33

Value Partners Classic Equity USD Hedged $ 13.84

IGV - Acc Y

438.60

1.50 1.79

IGV - Acc Z

408.40

1.40 1.07

272.30

0.70

European
EGV - Acc S

Data Provided by

Unicorn Asset Management Ltd

-0.80

CCLA Investment Management Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

0.70

Charges for this advertising service are based on the

number of lines published and the classification of the
fund. Please contact data@ft.com or call
+44 (0)20 7873 3132 for further information.

-51.77 0.00

Nippon Growth (UCITS Fund Class D Institutional JPY) 53446.00

Santander Asset Management UK Limited (1200)F (UK)

542.40

Investors can be given no definite price in advance of

the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be obtained
free of charge from fund managers/operators. *
Indicates funds which do not price on Fridays.

Gross
AER Int Cr

52.16

0.00

(CYM)

Gross Net

UBS Multi Asset Income B Inc (net)

Money Market
Trusts and
Bank Accounts

UBS Sterling Corporate Bond Indexed Fund

10.59 10.59 0.00

-0.82 0.00

3160.00 0.00

267.30

29.80 0.00

2172.00 0.00

267.10

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

Sterling Bonds

$ 17.61 17.61 0.01 0.00

-0.96 0.00

UK Equities

1992.74

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

92407.00

3.00 0.00

North American I USD

Zebedee Focus Fund Limited Class A EURO Shares 169.78

97545.00

174.50

The symbols are as follows: 0001 to 1100 hours;

1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available.Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation or
a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.

(CYM)

Strat Evarich Japan Fd Ltd JPY

0.10 2.20

Japan I JPY

Zebedee Capital Partners LLP

Nippon Growth Fund Limited

Div Inc Port Inc Ret

Time: Some funds give information about the timing of

price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is indicated
by the symbol alongside the individual unit trust/OEIC
name.

Regulated

0.60 1.09

Exit Charges: The letter E denotes that an exit charge

may be made when you sell units, contact the
manager/operator for full details.

-0.52 0.00

1.68 0.00 0.00

0.10

199.47 199.47 2.73 0.00

112.51

0.00

125.30

0.10 0.00

Memnon European Fund I GBP

Treatment of managers periodic capital charge:

The letter C denotes that the trust deducts all or part of
the managers/operators periodic charge from capital,
contact the manager/operator for full details of the
effect of this course of action.

(LUX)

357.30

Single price: Based on a mid-market valuation of the

underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.

FCA Recognised

154.20

123.70

Zadig Gestion (Memnon Fund)

170.30

Balanced Acc

Buying price: Also called offer price. The price at

which units in a unit trust are bought by investors.
Includes managers initial charge.

Yuki Asia Umbrella Fund

Investments Inc Port Inc X

Managed Investments OEIC 3

Selling price:Also called bid price. The price at which

units in a unit trust are sold by investors.

(IRL)

Investments Inc Port Inc Ret

Income

Japan Alpha I JPY

UK Absolute Equity I GBP

0.51

UBS Global Asset Mgmt Fds Ltd

Capital Protected Accelerator Fund 2

Healthcare Blue Chip Fund I USD Acc $ 10.85 10.85 -0.01

Healthcare Opps I USD

(UK)

0.02 2.82

US Spec Equity Fund

Different share classes are issued to reflect a different

currency, charging structure or type of holder.

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund

Orbis Japan Equity (Yen)

Other International Funds

Yuki International Limited

Max 100% Shs Port Acc Ret

OEIC: Open-Ended Investment Company. Similar to a

unit trust but using a company rather than a trust
structure.

(GSY)

UK Specialist Equity

20.12

Guide to pricing of Authorised Investment Funds

(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD. Tel: +44 (0)20 7831 0898.)

Regulated

United Kingdom Equity Index Fund 16.51

Address and telephone number for Series 5 only

Platinum Capital Management Ltd

TreeTop Global Sicav

40 Dukes Place, London EC3A 7NH

Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs

Series 6 (Investment Management Customers Only)

Prices are in pence unless otherwise indicated. The

change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital gains
tax on sales.

Other International Funds

0.01 0.00

(UK)

The fund prices published in this edition along with

additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together by
fund management company.

Winton Capital Management

Royal Bank of Scotland (2230)F

The sale of interests in the funds listed on these pages

may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons in
all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.

(IRL)

9.36

The fund prices quoted on these pages are supplied by

the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used as
a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness and
they should not be relied upon when making an
investment decision.

Regulated

Stenham Credit Opportunities A Class USD $ 105.09

Guide to Data

(CYM)

Waverton Asia Pacific A USD

Santander Atlas Port 4 Acc Ret

269.70

Regulated

0.05 0.00

Real Return Asian Fund USD (Est) 288.62

264.50

Santander Atlas Port 6 Acc X

-0.01 0.00

www.veritas-asset.com
Other International Funds

283.20

Santander Atlas Port 6 Acc Ret

560.11

Veritas Asset Management LLP

Virgin Pension Growth Fund

1.14 0.00

US Fundam.Index StocksPLUS Inst Inc $ 12.94

Pictet-EUR Bonds-I F

0.01 1.44

Virgin Pension Income Protector Fund

2.73 0.00

0.00 0.00

1.48 0.00

0.02 1.64

0.0010 3.02

0.00 0.00

Veritas Global Real Return Fund B EUR 12.76

Pictet-Environmental Megatrend Sel I EUR 157.94

Veritas Global Real Return Fund B GBP 11.04

1.1932

191.35

1.24 0.00

0.02 1.62

Diversified Assets Fund

Emerging Markets Equities (EUR) 158.75

$ 12.19

-0.17 0.00

0.30 4.81

-0.0018 2.46

Em Stars Equities (EUR)

Unconstrained Bond - Inst Acc

Veritas Global Real Return Fund B USD $ 19.61

0.01 0.00

UK Sterling Low Average Duration - Inst Acc 14.14

Veritas Global Equity Income Fund B USD $ 124.85

1.6218

-0.14 0.00

1.24 0.00

Pictet-Emerging Markets Sust Eq I USD $ 101.58

0.03 4.11

Bridge Fund

Pictet-Emerging Markets High Dividend I USD $ 112.40

$ 41.84

0.61 0.00

0.02 4.62

Veritas Global Equity Income Fund B EUR 198.43

164.70

Orbis Japan Equity (US$)

Santander Atlas Port 5 Acc Inst

-0.27 0.00

Pictet-Emerging Corporate Bonds I USD $ 105.89

-0.01 1.71

Veritas Global Equity Income Fund B GBP 144.98

0.55 0.00

Pictet-CHF Bonds I CHF

-0.02 1.76

UK Sterling Long Average Duration - Inst Acc 21.62

(LUX)

Veritas Global Focus Fund B EUR 15.80

79.63

7.00 0.00

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised

Veritas Global Focus Fund B GBP 20.87

Chinese Equities (EUR)

Pictet Funds (Europe) SA

0.03 1.75

0.00 0.00

1069.00

-0.85 0.00

0.20

Orbis Optimal (Yen)

-0.04 7.99

0.08 0.00

Veritas Global Focus Fund B USD $ 17.95

-0.10

-0.10 0.00

0.07 0.00

0.08 0.00

-0.19 0.00

$ 157.82

0.05

139.78

Jubilee Absolute Return Fund

TM New Court Equity Growth Fund - Inc 13.38

132.65

Veritas China Fund B EUR

194.70

56.56 0.00

TM New Court Fund - A 2014 Acc 13.25

Veritas China Fund B GBP

165.00

22.34

0.06 0.00

-0.58 0.00

Santander Atlas Port 5 Acc Ret

UK Real Return - Inst Acc

Santander Atlas Port 4 Acc Inst

UK Long Term Corp. Bnd Inst-Inst Acc 19.23

$ 400.36

13.23

235.08

-1.02 0.00

0.15 0.00

$ 4255.49

TM New Court Fund A 2011 Inc

-0.73 0.04

Veritas Asian Fund B EUR

0.36 0.00

Fixed Income Holdings N.V.

(UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds

-0.03 0.47

134.45

Macro Holdings Ltd

Thesis Unit Trust Management Limited

277.58

Asia-Pacific Equities (EUR)

UK Income Focus B Inc F

Daiwa Gaika MMF

US$ Portfolio

$ 220.39

Veritas Asian Fund B GBP

0.00 0.00

25.66

$ 5401.83

0.00 1.60

Veritas Asian Fund B USD

0.01 0.00

$ 74.70

Investment Holdings N.V.

-0.10 1.60

Waverton Global Bond Fund Cls A $

Orbis Optimal (Euro)

0.04 0.00

0.00 0.58

Orbis Optimal (US$)

119.20

0.00

-0.10 0.00

5.48

1.02

Global Yield B Acc F

132.30

17.24

NAV (Fully Diluted)

Global Fixed Income D Inc F

Retail

Santander Atlas Port 4 Inc Ret

UK Corporate Bond - Inst Acc

Other International Funds

0.01 0.17

-0.10 0.59

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.

www.robeco.com/contact
FCA Recognised

1.66 0.00

Oryx International Growth Fund Ltd

131.30

Global Advantage Real Return Fund Inst Acc $

Veritas Global Real Return Fund A EUR 11.91

103.20

Global Fixed Income D Acc F

112.50

13.07

0.02 2.06

Global Yield B Inc F

Euro Long Average Duration - Inst Acc 23.09

$ 12.60

29.00 0.45

Standard Life Wealth

Santander Asset Management UK Limited (1200)F (UK)

Robeco Asset Management

0.02 2.07

Global Balanced B Acc F

New Major Economies

104.90

Daiwa Equity Fund Series

European Opportunities Fund B

129.50

Veritas Global Real Return Fund A GBP 11.24

384.40 406.10 -0.30 1.50

Mthly Div US Preferred Secs

(IRL)

Veritas Global Real Return Fund A USD $ 20.21

(UK)

S & W Magnum

AU$ Portfolio

-0.04 0.00

CommoditiesPLUS111sp Strategy - Inst Acc $

-0.59 0.00

2106.00

Monthly Dividend High Yield

RobecoSAM

1.19

0.35

S&W Deucalion Fd (OEIC)

Regulated

0.04

Global Equity Fund B Acc F

Strategic Bond Ret Acc

$ 10.05

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds

SMT Fund Services (Ireland) Limited

(LUX)

Regulated

$ 177.16

Orbis Sicav

91.33 0.00

(IRL)

Orbis Global Equity

*Orbis Prices as of February 12th

141.82

Global Advantage - Inst Acc

Other International Funds

15586.29

European Opportunities Fund A

Emerging Local Bond - Inst Acc

Odey Opportunity EUR I

SWMC European Fund B EUR

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated

$ 14.64

Veritas Global Equity Income Fund C USD $ 143.32

Tel 0870 870 8434

Authorised Inv Funds

Capital Securities Inst Acc

Veritas Global Equity Income Fund C EUR 247.44

-0.20 5.63

126.93

Asia Local Bond Fund - Inst Acc

Odey Naver Fund GBP I Class

-0.14 0.00

0.04

231.40

0.00 0.00

UK Equity Income Trust A Class

0.31 4.76

Veritas Global Equity Income Fund C GBP 180.53

The Resolution Fund (1200)

$ 134.84

0.03 4.07

1.30 0.80

Pictet-ST.MoneyMkt-IUSD

(GSY)

Veritas Global Equity Income Fund A USD $ 125.44

0.62 0.00

RECM Global Management Limited

Veritas Global Equity Income Fund A EUR 215.37

$ 1356.36

419.30

495.59 513.91 -0.04 2.36

0.03 4.57

UK Equity Growth Trust A Class

126.39

420.17 436.04 -0.04 2.40

MENA UCITS Fund *

Odey Naver Fund Euro I Class

Recovery Inc

0.04 0.00

Veritas Global Equity Income Fund A GBP 156.97

-12.15

104.02 0.00

Recovery Acc

-0.02 0.00

(IRL)

-0.02 0.00

The Charlemagne Fund EUR

Regulated

-0.30 1.59

S W Mitchell Capital LLP

0.04 2.41

Veritas Global Focus Fund C GBP 29.47

Veritas Global Focus Fund C USD $ 26.89

279.88

Veritas Global Focus Fund C EUR 23.82

147.40

100.00 0.00

-0.63 0.00

Oriental Growth Fund A Class

0.10 1.63

$ 965.83

Veritas Global Focus Fund A EUR 13.26

Veritas Global Focus Fund A USD $ 24.85

TNI Funds Plc (Ireland)

MENA Hedge Fund

3.36

SWMC Emerging European Fund B EUR 9154.49

127.26

0.02 0.00

SWMC Small Cap European Fund B EUR 13282.64

Multi Asset Total Return inc

S W Mitchell Small Cap European Fund Class A EUR 219.35

1306.62 1350.87 3.07 3.82

0.27 1.04

AED 10.66

TNI Funds Ltd (BMU)

3.00 1.53

870.89 901.24 2.05 3.94

UAE Blue Chip Fund *

-2.00 0.00

Income Acc

157.19

www.tni.ae
Other International Funds

Income Inc

Multi Asset Strategic Growth acc

The National Investor (TNI)

-0.01 0.00

0.27 1.19

1760.00

4.80 5.70

2244.00

76.30

149.61

5.40

North American Trust A Class

Multi Asset Strategic Growth inc

SFr 185.10

MM Global Investment Fund A Class

10650.38

-0.04 0.00

SFr 208.40

LTIF Stability Inc Plus

SWMC UK Fund B

LTIF Stability Growth

17.44

126.49 130.46 0.32 0.00

124.90

Other International Fds

Global Opportunities Acc

Multi Asset Enhanced Growth Acc

SIA (SIA Funds AG) (CH)

S W Mitchell European Fund Class A EUR 316.34

Regulated

SFr 125.14

Odey European Absolute Return Fund EUR R 93.65

(LUX)

Japanese Fund O Acc

Pictet-ST.MoneyMkt-ICHF

-0.14 0.00

-0.98 0.48

0.55 0.00

-0.51 0.00

0.53 0.00

Odey European Absolute Return Fund USD I $ 98.91

-0.04 0.66

376.59

Odey Giano European Fund USD R $ 121.15

-0.14 0.00

Veritas Asian Fund A GBP H

2.70 0.00

-0.14 0.00

$ 313.48

-1.61 0.00

0.08 0.00

0.90 0.00

Veritas Asian Fund A USD H

-0.78 0.41

101559.46

-12.63 0.00

1580.91

Pictet-ST.MoneyMkt JPY I USD

Odey European Absolute Return Fund GBP I 97.93

248.30

UK Corporate Bond

$ 134.90

-0.50 0.00

Odey European Absolute Return Fund EUR I 98.47

UK Growth

Gbl Govt Bond (Ex Japan) Index (GBP) 1602.02

Veritas China Fund A USD

Renasset Select Funds Plc

0.60 0.00

0.00 0.00

-0.04 0.00

Odey Giano European Fund GBP R 120.43

231.70

(IRL)

Regulated

1.41

0.00 0.00

$ 104.42

Managed Growth

The Hartford International Funds

17.00 0.00

Odey Swan Fund USD R Class

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds

Global Eq (Ex Japan) Index Fund

178.89

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH

http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised

0.08 4.59

Pimco Fds: Global Investors Series Plc

0.10

-0.04 0.00

0.10

319.41

140.56

109.00

(IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional

Veritas Asian Fund A EUR H

Pictet-Small Cap Europe-I EUR F 1023.72

$ 104.89

109.00

CVG - Acc X

124.74 129.81 1.55 3.32

Veritas Asset Management LLP

-0.20 0.00

Pictet-ST.MoneyMkt-I

Odey Swan Fund USD IR Class

CVG - Acc S

Indirect Real Estate SIRE

+/- Yield

495.75

9.37

Other International Funds

Offer

1566.01

Japanese Fund C Acc

RECM Global Equity Fund Limited - Class A $

0.70 0.26

Continental

Bid

Gilt

0.00 0.00

-0.03 0.00

Schroder Property Managers (Jersey) Ltd

Fund

2.36 0.25

-0.51 0.00

272.30

+/- Yield

2.57 0.25

$ 105.32

EGV - Acc Z

Offer

Odey Swan Fund USD I Class

Bid

European O Acc

138.35

Fund

352.55

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk 08459 220044, Enquiries: 0870 607 2555
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

Multi Asset Total Return acc

+/- Yield

382.02

1.08

Offer

Equity & General C Inc

Odey Giano European Fund EUR R 119.90

Bid

Equity & General C Acc

Purisima Investment Fds (UK) (1200)F

Putnam New Flag Euro High Yield Plc - E 1034.41

Fund

$ 1429.44 1447.31 1.42 0.00

Private Fund Mgrs (Guernsey) Ltd

Fund

(IRL)

0.01 0.00

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Asset Management

28

FINANCIAL TIMES

Friday 20 February 2015

MARKETS & INVESTING

Currencies

beyondbrics

Idea of Russia or China riding

to rescue Greece is unlikely
Whenever some hapless
country has a debt crisis
these days, rescue
negotiations with the
International Monetary
Fund and other lenders are
often enlivened by
rumours and speculation
that Russia and/or China
will ride in to save the day,
writes Alan Beattie.
The latest subject of
such conjecture is Greece,
currently conducting
combative talks with its
eurozone government
creditors about trading off
fiscal space and debt relief
for implementing
structural changes. Such
speculation, though, has so
far almost entirely been
disproved and so it will
very likely be in this case.
Like Iceland, Pakistan
and Cyprus before it,
Greece simply cannot offer
enough to either China or
Russia to be worth the
money and geopolitical
turmoil involved. EM
governments are still a
long distance from
supplanting the crisisfighting role of the
advanced economies and
multilateral institutions.
The sums involved are
staggering. Greeces total
bailout by the IMF, the

eurozone rescue lending

facility and individual
governments, the large
bulk of which has been
dispersed, stands at
245bn. This is roughly
equal to Russias entire
liquid foreign exchange
reserves and would even
take a noticeable chunk
out of Chinas.
Chinas and Russias
foreign policy interests are
relatively narrow and
targeted. In Chinas case,
while its navy is aggressive
in its neighbourhood in the
South China Sea, its
foreign policy further
abroad still largely involves
keeping its head down and
not causing a fuss.
Vladimir Putins foreign
policy is obviously a little
more sparky and
adventurous than Beijings.
But even his acts of
aggression are focused on
Russias borders, not
directly challenging
European influence in
further-flung areas. For all
the talk of a new cold war,
Russia has shown no
interest nor does it have
the resources to fight
wide-ranging proxy
political or actual wars
against western interests.
www.ft.com/beyondbrics

Russia and China foreign reserves

4000
China
3000
2000
1000
Russia
0
13

14

15

Source: Thomson Reuters Datastream

fastFT

Grexit contagion risks to

sovereigns limited, says S&P
A Greek exit from the
eurozone would have
limited direct contagion
risks for other sovereign
ratings, according to
Standard & Poors.
The rating agency said
that a Greek exit would
almost certainly be
accompanied by a
payment default by Greece
on both its official and
commercial obligations but
that a Grexit now would be
less financially risky for the
remaining eurozone
members than it would
have been during the last
scare in 2012.
S&P said: All things
considered, we believe that
a Grexit would not lead to
a degree of direct
contagion that would drive
other sovereigns out of the
euro, not least because the
eurozone rescue
architecture is more robust
than during the last Grexit
scare in 2012.
The agency points out
that since 2012, policy
makers have introduced
the European Stability

Clearest account yet

of what might have
happened at Mt Gox
BEN MCLANNAHAN TOKYO

A group of hackers investigating the collapse of Mt Gox, the Tokyo-based bitcoin exchange, has lent weight to the
idea that it was an inside job, publishing
a report detailing the activities of an
automated bot that appeared to game
the fragile system by buying hundreds
of thousands of coins with fake money.
The report by WizSec, a five-man
security consulting firm, provides the
clearest account yet of what could have
happened at Mt Gox, which went bust
almost a year ago saying it had lost track
of 850,000 coins then worth almost
$500m.

According to the report, the bot,

known as Willy, assigned itself dozens
of accounts with apparently faked US
dollar balances, allowing it to buy and
withdraw the virtual currency at will.
The fact that the bot operated in
Asian hours is one of several clues suggesting that the creator could have
worked at Mt Gox, said Kim Nilsson,
chief engineer at WizSec. At its peak, the
holding company run by Mt Gox chief
Mark Karpels employed some 30 people, some of them on short-term
contracts.
We think it is more plausible that it
was an insider rather than an external
hacker, said Mr Nilsson.
The shuttering of the exchange
once the worlds most popular venue for
trading and storing bitcoins left thousands of creditors in limbo, and provided a stern test of faith in the infra-

structure supporting the alternative

currency movement. In the weeks following the collapse, during which Mr
Karpels claimed to have recovered
200,000 of the 850,000 missing coins in
an old format wallet, the price of bitcoin
dropped about 40 per cent.
Mr Karpels has said he was unaware
that any coins were missing until late in
February, weeks after users began to
report difficulties withdrawing funds.
He could not be contacted yesterday.
Since the collapse a succession of
other, smaller bitcoin-related businesses have hit trouble, with problems
ranging from Gox-like hacks to physical
raids on bitcoin ATMs. Yesterday bitcoin was trading at $237, about 80 per
cent off its peak of November 2013.
Jason Maurice, WizSecs managing
director, said he had been okayed to
release the report under the terms of a

$500m
Value of 850,000
coins that Mt Gox
lost track of when
it went bust a
year ago

$237
Price at which
bitcoin was trading
yesterday, 80 per
cent off its peak of
November 2013

Mechanism to support
eurozone sovereigns
under market pressure
following a hypothetical
Grexit.
Greeces links with
financial markets had been
sufficiently reduced to
make such a direct
contagion less likely, S&P
said.
Banks globally had gross
exposure to Greek financial
institutions of $77bn as of
September 2014, versus
more than $250bn five
years earlier, and $126bn at
the end of 2011, according
to Bank of International
Settlements data.
Nor do sovereign bond
investors expect contagion
risk.
Whereas Greek
sovereign debt yields have
risen in recent months
along with uncertainty
about Greeces relationship
with its lenders, the yields
of other periphery
sovereigns such as Italy,
Ireland, Portugal, and Spain
have fallen to all-time lows.
www.ft.com/fastFT

deal with Kraken, a San Franciscobased firm appointed by the bankruptcy court trustee last November to
take charge of verifying and processing
claims on Mt Goxs assets.
WizSec is now helping Kraken with
the official investigation, cross-referencing suspicious trades against the
blockchain, the central ledger that logs
all transfers between bitcoin addresses.
Mr Karpels was recently implicated
in the New York trial of Ross Ulbricht,
the creator of Silk Road, who was convicted of running a multimillion-dollar
drug-trafficking operation from his laptop computer. At one stage in the trial,
Mr Ulbrichts attorney sought to argue
that his client had been set up by Mr
Karpels and an associate.
Mr Karpels denied any involvement
with the Silk Road site and was not
charged with any wrongdoing.

Analysis. Capital markets

Dj vu with Chinese characteristics

Sliced-and-diced loan bundles
that tipped the world into
financial crisis surge in China

Chinese securitisation
Orginators of CLOs*
AMCs

Call it dj vu with Chinese characteristics: collateralised loan obligations, the

sliced and diced loan bundles that
helped tip the world into financial crisis
in 2008, are surging in China.
While CLOs fell into disrepute in the
US and Europe after the crisis, China is
promoting issuance of asset-backed
securities as a means of weaning investors away from riskier shadow bank
products while ensuring enough credit
flows to the slowing economy.
Issuers appear to be heeding the message. After years of delays and false
starts, CLOs are the fastest-growing
asset class in Chinas financial system,
with issuance of asset-backed securities
up more than tenfold to Rmb326bn last
year. A China Banking Regulatory Commission official predicted last month
that Chinas CLO market would grow
by leaps and bounds this year, adding
that Rmb90tn in outstanding bank
loans could theoretically be eligible for
securitisation.
While the resurgence of leveraged
loan CLOs in the US has triggered regulatory concerns, analysts are unperturbed by the Chinese versions, where
the bulk of such securities are backed by
corporate loans originated by commercial banks.
So far, say analysts, Chinese banks are
largely selling plain vanilla products.
US CLOs assets are non-investment
grade while their Chinese counterparts
are backed by the relatively-higherquality loans on banks balance sheets,
says Jerome Cheng, senior vice-president for Moodys in Hong Kong.
For banks, securitisation offers new
options for managing their balance
sheets and preserving capital, while for
securities groups the products are a
profit driver to reduce their reliance on
trading commissions and IPOs. Policy
support is the dominant factor [in
recent growth]. The central government carried out the securitisation pilot
in order to tackle the high cost of financing for companies, analysts at China
International Capital Corp, an investment bank, wrote in a note last week.
China launched its securitisation pilot
programme in 2005 but suspended it
during the financial crisis in 2008. The
programme was relaunched in 2012,
but deal flow remained light as rules

Postal saving
bank 2
Rural
commercial
banks 1

Auto finance
and leasing
companies

GABRIEL WILDAU SHANGHAI

$bn

2012

Bitcoin hack probe hints at inside job

Local
city
banks

44
13

34

Policy
banks

18
24
Mid-sized
national
banks

"Big 4"
state-owned
banks

Chinese CLOs*

Underlying assets (% of total)

Auto loans 3.5

Non-performing
loans 3.5

Credit card
receivables 2.1

Residential
mortgage
3.6

Other 1.2

86
Corporate loans
* Collateralised loan obligations
Source: CICC

Were back up:

securitisation
in the form of
collateralised
loan obligations
is predicted
to grow by leaps
and bounds
this year Reuters

Commodities

required the regulator to approve each

deal. But last month the CBRC eliminated the approval requirement for 27
commercial banks.
Chinas banks are under pressure to
curb balance sheet growth as regulators
phase in capital adequacy requirements
in line with Basel III. Securitisation lets
lenders offload assets while maintaining
relationships with clients.
Until now China Development Bank,
the state-owned, non-commercial
lender whose loans mainly support
infrastructure projects, has been the
most active issuer of CLOs, primarily
packaging railway construction loans.
But in January HSBC became the first
foreign bank to complete a China securitisation deal, selling Rmb995bn in
bonds backed by corporate loans in
Chinas interbank market while retaining an equity tranche worth an extra
Rmb335bn on its own balance sheet.
Corporate loans were the underlying
assets for 86 per cent of CLOs outstand-

ing at the end of January, says CICC. Car

loans and residential mortgages
together account for another 7 per cent.
Chinas securitisation market remains
tiny compared with those of developed
economies. CICC says outstanding securitised products total 0.5 per cent of GDP
in China, compared with 60 per cent in
the US, 3.6 per cent in Japan and 2.8 per
cent in Germany.
The rise of securitisation is coinciding
with a slowdown in the growth of other,
riskier forms of off-balance-sheet
finance. In 2012-13, demand for securitised products remained tepid because
fixed income investors could earn
higher interest rates from wealth management products issued by banks and
trust companies. Backed by loans to
local governments, developers and
other borrowers, such products are
essentially informal securitisations that
promise a fixed rate of return.
But unlike the full-fledged securitisations now on the rise, there is no second-

ary market for wealth management

products, which means investors must
hold them to maturity.
For issuers, dangerous liquidity
risk arose from the maturity mismatch
between the relatively short-dated
products they sold and the longer-dated
underlying assets they used to generate
attractive yields.
When products matured, banks were
forced to make cash payouts even when
the underlying loans had not matured
and could not be easily sold off. Elevated
cash demand amid a flurry of products
coming due was a key cause of a nasty
cash crunch in Chinas interbank money
market in mid-2013.
Since then, however, a string of
regulations has effectively curbed many
of the risky practices that allowed
banks and trusts to offer wealth management products at yields as high as 10
per cent. That in turn has reduced their
competitive advantage over securitised
products.

Capital markets

Forecast has US farmers sowing fewer crop acres Tanzania lines up sovereign bond debut
GREGORY MEYER ARLINGTON

US farmers will plant less land with

major crops this year as grain and
oilseed prices grind lower, the US government said.
In its first discussion of conditions
ahead of the 2015 growing season, the
US Department of Agriculture thought
the number of acres sown with corn
would fall by 1.8 per cent from 2014 to
89m acres, the least area since 2010.
Soyabean acreage will decline by
0.2 per cent to 83.5m acres from last
years record area. The intentions of US
farmers are followed by traders as the
US is the worlds biggest grain exporter.
Export flows have expanded despite
the stronger dollar, said Rob Johansson,
USDA acting chief economist.
US farmers have aggressively put new
fields under cultivation as they tried to

cash in on high prices. That led to record

corn and soyabean production and
plummeting prices.
The USDAs forecasts issued yesterday
deviated slightly from long-term projections published this month, with the
new corn acreage figure 1m acres higher
than before and soyabean acreage 0.5m
acres lower. Final crop production is a
function of acres harvested and yields
per acre.
I dont think its earth-shattering but
it takes a little bit of the floor from
underneath the corn market, said
Richard Feltes, vice-president of
research at the broker RJ OBrien.
Theres going to be a lot of scepticism
on the soyabean [acreage estimate].
Mr Johansson explained why the
agency has slashed its long-term forecast for corn imports by China.
Imports were already disrupted last

year after Beijing detected kernels that

contained an unapproved genetically
modified trait grown inside the US.
We expect China to continue to limit
corn imports, Mr Johansson said, citing
large domestic stocks accumulated
under a farmer price support programme.
Mr Johansson noted Chinas imports
of other crops, such as sorghum, barley
and soyabeans, have been surging.
The USDA forecast that farmers
would receive an average $3.50 a bushel
for corn, $9 for soyabeans and $5.10 for
wheat after the 2015 harvest the lowest prices in six years.
Early yesterday, CBOT March corn
was 1.4 per cent higher at $3.89 a bushel,
CBOT March soyabeans were up 0.8 per
cent at $10.04 a bushel and CBOT March
wheat gained 0.9 per cent to $5.3250 in
Chicago.

KATRINA MANSON

Tanzania is preparing to go ahead with

its sovereign bond debut despite the
prospect of turbulent elections this
year and a corruption scandal that has
engulfed the energy sector and halted
$500m in aid, according to its central
bank governor.
We still have to complete the first country rating we hope by the end of the
fiscal year but the bond will come in
the next fiscal year, which starts in July
it could be before 2016, Benno
Ndulu, Tanzanias central bank governor, told the FT. He said a potential fundraising of $1bn was an often mentioned number though not firm.
The country, which hopes to become a
natural gas exporter following huge discoveries, has repeatedly delayed its sovereign bond issue since 2013 because of

bad advice and bad ratings said a person familiar with the potential issue.
Tanzania is among a clutch of subSaharan African countries planning dollar bond sales this year, including Ivory
Coast and Angola, although the sums
involved are unlikely to reach the $7bn
issued last year.
They need to get a good rating the
gas story is still going to happen but the
more important thing with Tanzania is
probably how they address these corruption issues, said Kevin Daly, senior
portfolio manager at Aberdeen Asset
Management, which has more than
$135m invested in African bonds. He
said Aberdeen believes Tanzania only
merits a credit rating of single B, lower
than neighbouring Kenyas B+.
Last year donors halted aid and two
government ministers have so far left
office over an electricity scandal.

Mr Ndulu said: I think people should

get a sense of magnitude. As far as government financing is concerned, [direct
budget support suspended by donors] is
not huge whats more important is the
resolve to see how we should become
less dependent on this [donor] economy. He said the government had
shown its commitment to tackling graft,
adding that elections in October will not
interfere with the bond timeline.
Mahan Namin, fund manager at
Insparo Asset Management, with $65m
invested in African bonds, said Tanzania needs to liberalise further to open up
its bond market to outside investors:
Thats where Tanzania has unfortunately not done a good job, he said.
Mr Ndulu said foreign investors outside east Africa will be able to buy
locally denominated government securities from December.

Friday 20 February 2015

29

FINANCIAL TIMES

MARKETS & INVESTING

Global overview

TRADING POST

Jamie
Chisholm
The most recent data from the US
Commodity Futures Trading
Commission showed speculators in the
week ending February 10 increased
net long positions in ICE coffee futures
for the first time since mid-January.
Bad call.
Arabica prices this week dropped to
a 12-month low after breaching
support around the $1.60 per pound
level that has held on several
occasions this year.
The decline has cut arabicas
premium to robusta to its tightest in a
year.
On a technical level, the fact that the
market remains net long and charts
show fresh air below means traders
will be wary of further price declines.
Arabicas 14-day relative strength
index, a momentum gauge, is about 37,
so not yet in oversold territory.
Fundamental issues are also
weighing.
As Andrew Wilkinson, chief market
analyst at Interactive Brokers noted,
the latest leg lower in arabica came
after Terra Forte, the worlds top coffee
producer, said Brazilian output of the
beans will be 32.1m bags in 2015-16
versus 29.3m bags in the prior period.
It seems the market thought that
the drought which affected Brazil early
in 2014 would have had a more longterm damaging impact on plants and
thus production.
Supply has also been boosted by
more output from Colombia, and some
Central America countries, where
plantations have recovered from the
disease known as la roya more
robustly than many had forecast.
jamie.chisholm@ft.com

Coffee

Cents per pound

2013

14

15

250
200
150
100

Source: Thomson Reuters Datastream

Equities drift as uncertainty grows

over outlook for Greek debt talks
European stocks pare
gains and euro retreats,
while US Treasury yields
rebound after Fed policy
comes under scrutiny
DAVE SHELLOCK

Global markets struggled to find a clear

trend as the saga of Greeces debt negotiations rumbled on and the outlook for
Federal Reserve policy came under
renewed scrutiny.
In New York, the S&P 500 equity
index slipped 0.1 per cent to 2,097
points, as Walmart fell after delivering a
poorly-received set of results and
energy stocks were unsettled by a
0.5 per cent drop in the price of Brent
crude oil to $60.21 a barrel.
By contrast, the FTSE Eurofirst 300
ended 0.3 per cent firmer at a sevenyear high although trade was volatile
as participants nervously followed the
latest twists and turns regarding Greece.
An early bout of optimism swept
through the markets after Athens formally requested a six-month extension
to its aid programme, which will be considered by a meeting of eurogroup
finance ministers today.
But the mood quickly turned more
cautious as Germany almost immediately rejected the proposal, saying it
was not a substantive proposal for a
solution.
Natascha Gewaltig at Action Economics noted that the request had been for
an extension not to Greeces current
bailout programme, but to the master
financial assistance facility agreement.
This confused not only markets and
commentators, which interchangeably
called it a request for bailout extension,
or to the loan agreement, she said.
But crucially, there is no standalone
loan agreement that could be extended.
This pretty much sounds like a varia-

EPA

HSBCs Geneva office raided: FT.com/video

Prosecutors probing allegations of tax avoidance have raided
HSBCs Geneva offices. What does this mean for investors?
tion of last weeks request for a bridge
loan, albeit with some concessions. The
Greek government is once again playing
with semantics, and once again it is
managing at least at first glance to
pass the blame for a potential impasse to
Germany.
Nevertheless, Greek assets held on to
at least some of their early gains, with
stocks in Athens ending 1.1 per cent
higher and the nations three-year government bond yield falling 33 basis
points to 17.04 per cent. The yield
neared 22 per cent last week.
Greek banks enjoyed hefty gains after
Wednesdays decision by the European
Central Bank to provide them with further emergency funding. According to

Bryce Elder

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.75

Another regulatory setback meant

Drax, the power station owner, was
among yesterdays biggest fallers.
Drax lost 3.4 per cent to 403.1p after
the European Commission said it would
open a full investigation into RWEs
plans to convert its Lynemouth power
station to biomass, because the state aid
offered might be too generous.
The UK Department of Energy and
Climate Change last year awarded Drax
and RWE contracts guaranteeing the
same fixed price for their biomass
conversions. The similarity between the
projects means Drax is likely to be
investigated too, said Deutsche Bank.
These comments raise the risk that
the subsidy rates for biomass
conversion projects are cut, Deutsche
said. Every 5 cut off the current
subsidy price of 105 per megawatt

reduces Drax's valuation by about 40p

per share, the broker said.
A mixed wider market left the FTSE
100 barely changed for a second day,
down 0.1 per cent or 9.18 points to
6,888.90. Leading the fallers, Centrica
dropped 9.8 per cent to 257.1p after
cutting its dividend.
Aerospace engineers including
Meggitt rose after United Technologies
chief executive said he wanted to use the
groups offshore trapped cash on
overseas acquisitions of at least $5bn.
Meggitt, up 0.4 per cent to 568p, was
widely rumoured last July to be a United
Technologies target. Less than a month
later Meggitt warned on profits, then in
January bought an engine controls
business from United Technologies.
Babcock International lost 5.7 per
cent to 996p after the UK Ministry of

Defence awarded a 6bn logistics

services contract instead to Leidos, a
US outsourcer.
The contract accounted for nearly a
quarter of the 13bn bid pipeline
Babcock flagged up this month.
This would have been a decent sized
win and we estimate could have been
worth 5.3 per cent on to annualised
revenues, said JPMorgan Cazenove.
Moreover, Leidos could become more
of a competitor to Babcock in the UK
defence market.
Primark owner AB Foods rose 2 per
cent to 30.57 ahead of a trading update
due on Monday. Trading has probably
improved at Primark since the groups
post-Christmas update, said JPMorgan.
Outperforming a weak mining sector,
BHP Billiton ended 1 per cent lower at
15.72. Devon Energy, a partner in the
BHP-operated Eagle Ford shale project
in Texas, said in its full-year results that
well performance at the site had
significantly improved.
Petra Diamonds rallied 7.9 per cent to
188.9p after saying prices, while still
muted due to a credit crunch among
stone polishers, were beginning to show
signs of stabilisation.
Man Group rose 2.3 per cent to
183.7p after Goldman Sachs turned
positive on the hedge fund manager
with a 210p target price.
Five consecutive quarters of net
inflows suggest Mans business has
passed the point of inflection, meaning
the group can use $900m in postdividend cash flow over the next five
years to fund acquisitions and cash
returns, Goldman said.

projections for $8.24 a share. Sales

climbed 19 per cent to $1.8bn, also
ahead of expectations, as bookings of
travel services jumped 17 per cent to
$10.7bn in the quarter.
All businesses performed well
despite foreign exchange headwinds,
Brian Fitzgerald, an analyst with
Jefferies, said.
Priceline shares advanced 8 per cent
to $1,218.05. Rival TripAdvisor rose
3 per cent to $88.49 while Expedia
climbed 2 per cent to $91.26.
Rising stockpiles of US crude weighed
on the energy sector yesterday as cuts to
capital expenditures in the sector and a
steady decline in oil rigs has so far failed
to crimp supply.
The latest report from the Energy
Information Administration showed
inventories of US crude rose by 7.7m
barrels in the week to February 13,
taking total stocks to 425.6m the
highest level recorded at this point in
February in 80 years.
US energy stocks slid in the wake of
the report, lagging behind the broader
markets marginal gain. The S&P 500
energy index fell 0.8 per cent to 590.83.

ExxonMobil lost 2 per cent to $89.44,

Transocean fell 2 per cent to $17.41 and
Anadarko Petroleum slid 1 per cent to
$86.10. ConocoPhillips was flat.
Castlight Health tumbled 31 per cent
to $6.54 after it forecast full-year results
shy of analyst forecasts, prompting a
downgrade from buy to hold from
brokerage Canaccord Genuity. The
healthcare enterprise software
company, which completed an initial
public offering last March that valued it
at $3.4bn, said 2015 sales were likely to
be $74m-$77m, as much as 9 per cent
below consensus forecasts.
Bookings give us pause, no room for
slip-up at these valuations, Richard
Davis Jr, an analyst with Canaccord,
said. When you are highly valued and
projected to lose over 60 per cent in
[free cash flow] for every dollar of
revenue, you cannot have equivocal
results and expect a stock to
outperform.
Overall, the S&P 500 fell 0.1 per cent
to 2,097.45 points while the Dow Jones
Industrial Average slid 0.2 per cent to
17,985.77. The technology-heavy Nasdaq
Composite rose 0.4 per cent to 4,924.70.

Share price ($)

Nov 2014

Day's
Indices

Priceline led the blue-chip S&P 500

after reporting profits ahead of Wall
Street expectations on a bump in
international business.
The travel booking company, which
also owns Booking.com, Kayak and
OpenTable, said profits in the three
months to the end of December rose by
a fifth from a year earlier to $452m, or
$8.56 a share. The result eclipsed

Close

change

FTSE 100

6888.90

-9.18

FTSE 250

17049.79

47.65

FTSE 350

3778.21

-2.54

FTSE All-Share

3710.28

-2.39

FTSE 100 Futures

Eric Platt

2015 Feb

1200
1150
1100
1050
1000

Source: Thomson Reuters Datastream

FTSE All-Share Yield

Wall Street
Priceline leads blue-chip
risers on forecasts beat

S&P 500 index

3.27

6860.00

8.00

reports, deposit outflows have reached

300m-500m a day.
Other peripheral eurozone stock
and bond markets remained stubbornly
resilient to worries about contagion
from Greece. Spanish equities rose 1 per
cent while Portugals 10-year sovereign
yield dropped 6bp to 2.27 per cent.
The German Bund yield edged up 1bp
to 0.39 per cent, while the euro was
down 0.3 per cent against the dollar at
$1.1361.
The single currency touched a near
two-week high of $1.1450.
Meanwhile, the strong rally in US
Treasury bonds that accompanied the
release on Wednesday of the minutes of
the Federal Reserves January policy

Trading Directory

meeting faded away. The yield on the

10-year note, which moves inversely to
its price, was up 4bp at 2.10 per cent
not far from where it stood just before
the minutes were released. The twoyear yield was 1bp higher at 0.62 per
cent.
The dollar was up 0.2 per cent against
a weighted basket of its peers, and hit its
highest level against the Swiss franc
since the Swiss National Bank dramatically abandoned its currency floor
against the euro more than a month ago.
Gold was $7 lower at $1,205 per troy
ounce.
The account of the Feds meeting
showed that many members of the
Feds Open Market Committee were
concerned that a premature rise in
interest rates could hurt the economy.
Several members were worried that
raising rates too late could lead to high
inflation.
Bond market participants initially
interpreted the minutes as suggesting
that any rise in US interest rates could
come later than expected. But that was
far from being the consensus view
among analysts.
Since that meeting we have seen
significant upward revisions to payrolls
numbers and an acceleration in
wages, said James Knightley, economist
at ING.
Oil prices have also moved higher so
the growth and inflation backdrop may
be somewhat better than thought at the
time of the January FOMC meeting.
Meanwhile, Tokyos Nikkei 225 stock
indicator rose 0.4 per cent to its highest
point in 15 years after trade data showed
Japanese exports rising 17 per cent in the
year to January.
In Russia the Micex stock index fell
0.7 per cent and the dollar was up 0.4 per
cent against the rouble at Rb61.80 as
investors kept a wary eye on the situation in Ukraine amid concerns about the
possibility of further sanctions being
imposed on Moscow.

0.11%

Change on day

2100
2050
2000
Jan

Priceline

London
Drax falls after
regulatory setback
over subsidies

Markets update

2015

Feb

1950

US equities Wall Street struggled as

participants watched for further
developments on Greece and the
energy sector was hit by weak oil
prices. Walmart was also a big faller

FTSE 100 index

0.13%

Change on day

6900
6850
6800
6750

Jan

2015

Feb

UK equities Centricas 8.5 per cent

slide helped drag the FTSE 100 further
from Wednesdays 15-year high, with a
renewed slide for oil prices adding to
the pressure on energy stocks

Eurofirst 300 index

Change on day

0.28%

1550
1500

Jan

2015

Feb

1450

European equities Uncertainty over

the outlook for Greeces debt talks
made for a jittery session although
the Eurofirst 300 still recorded
a seven-year closing high

Nikkei 225 index

(000) Change on day

0.36%

18.5
18.0
17.5
17.0

Jan

2015

Feb

Japanese equities The Nikkei closed

at its highest since May 2000 as banks
gained and Sony rose 1.7 per cent after
its new strategy was well received

30

Friday 20 February 2015

INSIGHT

Analysis. Equities

Ralph
Atkins

Investors warm to US small-cap sector

The wary hitchhikers

guide to a galaxy of
negative-yielding debt

ont panic was written on the cover of Douglas

Adams The Hitchhikers Guide To The Galaxy. It
was a joke meant to emphasise the wackiness
of his sci-fi world. But what would be inscribed
on a guide to Europes expanding cosmos of
negative-yielding bonds? A handy guide would be well
read. Actions by Swiss, Swedish and Danish monetary
authorities as well as the European Central Bank have
pushed overnight market interest rates into solidly negative territory and the effects are spreading. The universe
of negative-yielding European government bonds with a
maturity of more than a year is almost $2tn, according to
JPMorgan.
Yet it is a world unfamiliar even to seasoned professionals. Despite deflation and ultra-low interest rates, nothing
similar happened in Japan. The unfamiliarity is generating
uncertainty and worries that the impact on Europes financial system could be profound; the idea investors get back
less than they lend sounds like a recipe for disaster.
Dont panic yet might be the best advice. Markets
have continued to function and computer systems have
not blown up. Intermediaries can still make money if there
is a positive spread between the rates at which they borrow
and lend. The dip below zero is a further slide along a continuum, rather than a journey into a parallel universe.
Confusion has grown because negative government
bond yields imply finance ministries in Berlin or Stockholm receive regular payments from those lending to
them. A hitchhikers guide to
negative interest rates would
Overnight rates
stress that this is not the case.
A bond becomes negative have been
yielding or lossmaking if
pushed into
held to maturity when the
price paid to buy it is greater solidly negative
than the sum of the principal
territory
and stream of interest payments, or coupons. What
has happened recently is prices have been driven higher by
the prospect of ECB quantitative easing, or large-scale
bond buying. At first we thought negative yields would
not last. But now the idea has become more entrenched.
We have got used to the world of negative rates, says Zoeb
Sachee, head of government bond trading at Citigroup.
Theoretically, governments could introduce negative
coupons. Germany issued zero coupon bonds in 2012 and
the pool has expanded. But there is no need for the hassle
of going a step further and collecting payments from
bond owners. The same result can be achieved through
higher prices. Yields on some corporate bonds have also
fallen below zero, although the figures are modest. Citigroup this week counted 53 decent-sized corporate bonds
with negative yields, mostly denominated in Swiss francs.
If such trends continued, companies could make money
simply by borrowing, and who would refuse a mortgage
offering regular monthly payments from the bank?
We are far from that point, however. As central banks
pushed interest lower, funds would be withdrawn from
bank accounts and kept as cash in safes or under mattresses. Some Danish mortgages have negative interest
rates. But administrative charges mean customers still
have to pay; Nordea bank says it will not issue new mortgages with negative interest rates.
Instead, those enjoying negative yields are those who do
not want to borrow more fiscally cautious governments
and banks that are already awash with central bank liquidity and are charged when they deposit money at central
banks. Although Swedens Riksbank made history last
week by pushing its main policy rate below zero, its repo
rate nowadays is not the rate at which it provides liquidity
but the rate at which it withdraws liquidity from the financial system. (If this makes you feel as if your brain is being
eaten by a Bugblatter beast of Traal, you are not alone.)
This does not mean negative interest rates are harmless.
If sustained, they will add to problems for pension funds
and insurance groups struggling to match returns with liabilities. While it still makes sense for some investors to buy
at negative rates, they will push others into ever riskier
assets. Negative rates also blow up calculations of the value
of future cash flows used, for instance, by equity investors.
But such worries applied when rates were crashing. The
negative universe is scarier than the positive interest rate
world but not so different.
ralph.atkins@ft.com

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After a weaker performance

in 2014, valuations start
to look more attractive

Small wonder
Russell 2000 companies

US equities

One-year performance (Feb 14 2014 - Feb 17 2015), % change

Russell 2000 index

Outperformers ...

ERIC PLATT NEW YORK

1200

After a trying 2014, US small company

stocks are back in favour.
Investors and strategists have
warmed to the US small-cap sector
sending it to an all-time high this week
as valuations have become more
appealing, despite the threat of tighter
policy from the Federal Reserve and a
slide in energy prices.
While investors have yet to start a
large-scale shift into the asset class,
many see an opportunity for the group
that has registered nearly $31.5bn of
withdrawals in the past 14 months,
according to EPFR data. In the latest
week, investors lifted positions in smallcaps by $31m, a small wager that the
strengthening US economy will prove
the main global growth engine this year.
The S&P 600 small-cap index and
Russell 2000, home of the countrys
small publicly traded businesses, have
started the year on a positive footing
after erratic trading in 2014 saw each lag
behind the large-cap S&P 500.
But underperformance in 2014 has
become a tailwind, investors say, with
price-to-earnings ratios reset after the
indices made double-digit gains in the
two preceding years. The S&P 600 now
trades at roughly 20.3 times 2015 earnings, lower than the trailing 20-year
average and nearly 7 points below the
level at which it started 2014.
Theres been . . . disappointment,
James Paulsen, Wells Capital Management chief investment strategist, says.
Its led to a very pessimistic attitude
about [small-caps]. When you came
into this year there were two strong consensus thoughts: that the US was the
place to be and . . . it would be large
blue-chip stocks. I think both of those
are going to end up disappointing.
A growing proportion of investors, Mr

1150
Bluebird Bio

Agios
Pharmaceuticals

Achillion
Pharmaceuticals

Build-A-Bear
Workshop

1100

316.5%

238.6%

213.6%

136.2%

1050

950
900
American Eagle
Energy

FXCM

-90.7%

-86.8%

Total goes hybrid

with 5bn bond sale
Total, the French oil major,
has taken advantage of the
roaring market for hybrid
bonds securities that combine the characteristics of
both debt and equity to
issue 5bn of perpetual
notes.
It became the third-largest
oil group this month to bolster its balance sheet after
the recent oil price crash. BP
last week issued $2.75bn in
dollar-denominated, investment grade debt in the US
and 2.5bn worth of similar
bonds in Europe, while Statoil, the state-controlled
Norwegian oil group, sold
3.75bn of investment grade
bonds.
Analysts said the big oil
companies wanted to maintain their dividend payments
and not cut their capital
expenditure too sharply, in
spite of falling revenues, so
were prepared to take advantage of cheaper borrowing
offered by the bond market.
Underscoring the appetite
for hybrid debt, the Total
deal attracted an order book
of nearly 20bn, with the
longer-dated tranche seeing
the most interest.
Hybrid debt has become
increasingly popular because
rating agencies typically
count half of it as equity,
which bolsters corporate
creditworthiness, but the
ravenous appetite for higheryielding securities means
companies can issue them at
far lower cost than has been
the norm in the past.
The value of hybrid bond
issuance to non-financial
European
companies
reached nearly $46bn last
year, compared with just
$425m in 2008, according to

Solazyme

-76.2%

Goodrich
Petroleum

-75.9%

850
Jan 2013

14

Feb
15

FT graphic Source: Bloomberg; Thomson Reuters Datastream

Capital markets

ANDREW BOLGER AND

ROBIN WIGGLESWORTH

1000

... underperformers

Dealogic. Among the biggest

issuers have been EDF,
Bayer, Volkswagen and
Orange.
Total sold 2.5bn of perpetual euro-denominated
notes that it can buy back in
six years, yielding 2.25 per
cent, and 2.5bn of perpetual notes it can buy back in
10 years, yielding 2.625 per
cent.
The deal is notable for a
series of reasons, according
to bankers close to the transaction. The hybrid tranches
are the biggest in euros, the
coupons the lowest on record
for comparable deals, and
they are the highest-rated
hybrids issued.
Moodys last week rated
Totals new hybrid notes Aa3,
two notches below the energy companys Aa1 grade. The
deal is being arranged by Citi,
Barclays, HSBC and SocGen.
Total said this month it
would cut 180 jobs at Britains Lindsey oil refinery and
embark on a wider restructuring of its lossmaking
plants in France, as it accelerates plans to dispose of billions of dollars of assets after
a plunge in crude prices. The
group reported fourth quarter adjusted net income of
$2.8bn, down 17 per cent
compared with the same
period in 2013.
Stefan Isaacs, who manages high-yield bonds and
euro-denominated credit for
M&G Investments, said that
like all financial market
assets, the hybrid capital
market had been supported
by extremely low interest
rates in recent years.
With European investors
as keen as ever to own quality yield we can continue to
expect both issuers and
investors to look upon the
market favourably, he said.

Paulsen included, say small-cap stocks

make for a compelling investment after
last years lacklustre return. A recent
survey by Bank of America Merrill
Lynch showed the proportion of global
fund managers who think large-cap
stocks will outperform their smaller
peers falling below two-fifths.
The strength of the US has proved a
fillip for smaller companies, which are
generally geared to the rise and fall of
the domestic economy, as they have few,
if any, international operations. Lack of
foreign exposure also limits the impact
of currency swings, which dozens of
multinationals have blamed for weaker
than expected quarterly results.
Morgan Stanley strategists note that
smaller companies offer far stronger
revenue growth prospects. Sales per
share are expected to climb 6.6 per cent
this year for the S&P 600, compared

with less than a 0.1 per cent for the

large-cap S&P 500, data from Bloomberg show. UBS adds that it expects earnings growth for smaller businesses to be
in a low double-digit percentage.
Jeremy Zirin, chief equity strategist at
UBS Wealth Management, says: Smallcap fundamentals remain solid. Greater
domestic and cyclical exposure, higher
interest rates and a stronger dollar
should all help drive small- and mid-cap
outperformance in the months ahead.
Cynicism on the asset class in 2014,
measured as the ratio of flows into largecap funds over small-cap funds, suggests that there are a lot of portfolios
under their long-term parameters of
what they should be invested in, Mr
Paulsen adds. Investors have started to
reverse on the outsize position built in
large-caps last year, pulling $28.6bn
from the group since the year began.

Healthcare and biotechnology groups

have been among the main beneficiaries, with investors bidding shares higher
on the prospect of merger and acquisition activity and novel drug treatments.
Of the 10 best-performing companies on
the Russell 2000 over the past 12
months, half have been biotech companies. Shares of bluebird bio, Achillion
Pharmaceuticals and Radius Health
have all more than doubled. That has
prompted some consternation from
analysts who worry valuations in the
small-cap biotech sector look frothy.
The thrust for the broader market
remains the Feds timing as it increases
its benchmark interest rate for the first
time since the financial crisis. While a
bumper jobs report stoked assumptions
that the central bank would indeed
move this summer, the expected effect
on small-caps is anything but certain.