TUESDAY 29 DECEMBER 2015 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Year of anxieties Northern pivot Rise of the ETF

Gideon Rachman’s review of Australia’s efforts to increase its trade The heart of the next market
2015 — COMMENT, PAGE 11 with Asia — BIG READ, PAGE 9 crisis — JOHN AUTHERS, PAGE 26

Figures show 10,000 homes Briefing

i Iraqi army set for Ramadi breakthrough

built on floodplains each year

Iraqi forces appeared poised to regain control of
Ramadi in what would mark their most significant
victory against Isis, but questions remained on how
much of the city was under government control and
what was left of it for civilians to return to.— PAGE 8

i Ministers to plug buy-to-let loophole

3 Complete rethink of defences urged 3 Cameron under fire on visit to inundated north Ministers have drawn up plans to apply higher rates
of stamp duty to homes bought by companies. They
aim to close what buy-to-let landlords were eyeing
KATE ALLEN AND ANDREW BOUNDS as a loophole in efforts to cool the market.— PAGE 2

Britain is still building nearly 10,000
new homes a year on floodplains despite
growing warnings over episodes of
extreme flooding, with the Environ-
ment Agency yesterday urging a “com-
plete rethink” of UK flood defences.
Scientists have linked recent weeks’
flooding to climate change. The prime
minister and Liz Truss, the environ-
ment minister, appear to have acknowl-
edged that view, with both speaking of
“unprecedented” weather conditions.
Even so, one new home in every 14
built in 2013-14 — the most recent year
for which data are available — was con-
structed on land that has a significant
chance of flooding, either from a river or
the sea, according to a Financial Times
analysis of official figures.
As 138,000 homes were built in total,
the figures suggest that 9,700 properties
were built on floodplains, with housing
built on more than 90 hectares of land
that is at risk of inundation.
The methodology changed in 2013-14
but earlier data indicate a fairly con-
stant level of construction on flood-
plains, at about 7 per cent of the total.
David Cameron was forced to defend
the government’s record as he visited
areas in the north affected by the flood-
ing, which has driven thousands of peo-
ple from their homes and caused hun-
dreds of millions of pounds of damage.
Judith Blake, leader of Leeds city
council, criticised him for not stopping
at the city and said the floods, which
have affected 2,000 homes and 400
businesses, had been “preventable”.
Ministers vetoed a £180m flood
defence scheme for Leeds in 2011. A
smaller £45m flood-alleviation scheme
that would protect only the city centre
from the river Aire is being built instead.
The Labour council had warned that a
major flood was “a catastrophe waiting
to happen”, Ms Blake said. She added
that local people felt “very strongly”
that more help was given to the south.
i Call to business on cyber security benefits
The government should champion security
accreditation schemes and allow companies to turn
cyber security into a commercial advantage, one of
the UK’s top police officers has said.— PAGE 2
i Poll tie casts doubt on Catalan president
The future of Catalan president Artur
Mas has been thrown into doubt after
prospective far-left allies, who share
his desire for independence but are
at odds on economic policy, were split
over backing him.— PAGE 4
i ‘Downton’ tax relief pays out £92m
Revenue & Customs has paid out £92m in the two
years since April 2013 when the so-called Downton
Abbey tax relief was introduced to stop “culturally
British” productions being made offshore.— PAGE 3
i Deutsche to offload Chinese bank stake
The German bank has announced it is to sell its
stake in Chinese lender Hua Xia for up to €3.6bn as
it steps up efforts to strengthen its balance sheet
under new chief John Cryan.— PAGE 11
i Riyadh unveils cuts and petrol price rises
Saudi Arabia has unveiled spending cuts in its 2016
budget, subsidy reforms and privatisations to rein
David Cameron The Yorkshire Evening Post attacked mucky water.” But Mr Cameron rejected economic impact on the region could be in a yawning deficit caused by the prolonged period
meets soldiers in the government for allegedly giving pri- claims of bias. “We spend more per head £5.8bn. KPMG said its figure included of low oil prices.— PAGE 8
York city centre ority to the south, writing on its front of the population on flood defences in £2.6bn-£3.3bn of losses and £2bn
Darren Staples —
WPA Pool /Getty Images
page: “A Northern Powerhouse is noth- the north than we do in the south,” said needed to boost flood defences. Datawatch
ing when it is under several feet of Mr Cameron. “The key thing is to spend The government was facing further
the money where it is needed.” pressure after the Federation of Small
Inside The £2.3bn earmarked for capital David Rooke, Environment Agency Businesses said about 75,000 smaller Growth in UK The strength of
schemes to 2020 was more deputy chief executive, said the UK was businesses at risk of flooding had found consumer credit post-Christmas
“moving into a period of unknown it difficult to find flood insurance and Annual % change UK shop sales has
than had been spent on defences 15 raised fears of a
over the previous five years, extremes” and would have to look at 50,000 had been refused cover.
new debt-fuelled
David Cameron said yesterday flood-proofing homes as well as boost- John Healey, Labour’s shadow hous- 10 boom. The
ing defences. “We will need to have that ing minister, called on the Conserva- value of fresh
FLOODS IN THE NORTH, PAGE 3
complete rethink and . . . move from tives to “make sure planning policy 5 consumer credit
not just providing better defences — and keeps up” with climate change.
Climate scientists pin responsibility we have a £2.3bn programme to do that Despite the UK’s housing shortage,
0 in November —
credit cards, loans
for the exceptional weather on
over the next six years — but looking at government planning should take the -5 and overdrafts —
man-made warming, combined increasing resilience,” he said. increasing risk of flooding into account grew at the
with random variability and the 2005 10 15
After weeks of heavy rain from winter when deciding where homes should be Sources: British Bankers’ Association; fastest annual rate
El Niño effect storms Desmond and Eva, KPMG, the built, Mr Healey said. Thomson Reuters Datastream since March 2007
CLIMATE CHANGE, PAGE 8 professional services firm, said the total Questions raised page 3

US warns EU against upgrading China’s

Trump’s banker bashing
raises eyebrows on Wall St
As Donald Trump has barnstormed
his way across America, stirring up the
Republican heartland with populist
invective against immigrants, the
Republican frontrunner has also
waged a vituperative campaign
against Wall Street, accusing hedge
funds of ‘getting away with murder’ —
somewhat to the entertainment of
the bankers who helped finance the
rise of his business empire.
Analysis i PAGE 5
Gideon Rachman i PAGE 11
trade status amid fears over dumping
CHRISTIAN OLIVER — BRUSSELS
SHAWN DONNAN — WASHINGTON
TOM MITCHELL — BEIJING
Washington has warned Brussels
against granting China “market econ-
omy status”, saying the long-sought
concession could hamper efforts to
prevent Chinese companies from
flooding the US and Europe with
unfairly cheap goods.
Achieving MES at the World Trade
Organisation is one of China’s core stra-
tegic goals. Among other benefits, it
would make it far more difficult for the
US or EU to impose steep tariffs on Chi-
nese companies for unfairly dumping
low-cost goods on their markets.
US officials have warned EU counter-
parts that granting Beijing MES would
amount to “unilaterally disarming”
Europe’s trade defences against China.
In private, they are scathing about sup-
port for the move, which they see as the
latest example of Europeans currying
favour with Beijing to gain investment.
But the European Commission, the
EU executive, is increasingly sympa-
thetic to China’s pleas. It is expected to
make its decision as early as February.
Germany’s Angela Merkel is support-
ive while George Osborne, the chancel-
lor who has spearheaded Britain’s court-
ship of Beijing, is a firm advocate.
Other European governments, led by
Italy and a growing swell of European
labour unions and traditional industries
— including steel, ceramics and textiles
— are strongly opposed.
The debate centres on a dispute over
the terms of China’s agreement of acces-
sion to the World Trade Organisation in
2001. Beijing has long interpreted the
accord to mean that it would automati-
cally be designated a market economy
at the end of 2016. But many lawyers
disagree with that reading of the rules.
Opponents say Beijing’s hand in setting
prices and subsidising an array of indus-
tries should disqualify it from MES.
“China was accepted into the WTO
almost 15 years ago on an expectation
that it would now be a market economy.
It is not and it would be wrong to treat it
as such,” said David Martin, a Labour
member of the European Parliament,
which would have to support any com-
mission proposal for MES.
Europe’s steel industry has lost a fifth
of it workforce since 2009 and blames
many of its woes on unfairly cheap Chi-
nese imports.
The commission declined to com-
ment on its decision, which officials say
is still under consideration.
Europe divided page 4

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2 ★
Cyber crime
Companies urged to boost online security
More regulation not the
answer, says departing
London police chief
GONZALO VIÑA
PUBLIC POLICY REPORTER
Leading companies across Britain must
do more to combat the growing threat of
online crime because law enforcement
agencies and the government are not
able to deal with it on their own, accord-
ing to one of the UK’s top police officers.
But Adrian Leppard, who retires this
week as commissioner of the City of
London Police, said greater regulation —
in particular punishing businesses for
not doing enough on cyber security —
was not the answer. Instead, the govern-
ment should champion security accred-
itation schemes to reassure customers
and allow companies to turn cyber secu-
rity into a commercial advantage.
Just the ticket for fans to avoid the touts
Live music lovers can fall prey
to price ‘scalpers’ — but artists
are using ploys to deter them
ROBERT COOKSON
When Adele announced her 2016 con-
cert tour last month, she declared war
on ticket touts.
“The resale of tickets will not be toler-
ated,” read the warning on the singer’s
website. Priced at £42-£108 apiece,
tickets to the star’s 20-date trek quickly
sold out.
But in spite of her threat, many were
soon up for sale on secondary ticketing
websites for hundreds and even thou-
sands of pounds.
For fans of live music, price-gouging
has become a big problem. The internet
has made it easier than ever for profes-
sional touts to buy tickets at face value
and sell them on to fans at a hefty pre-
mium — a practice known as scalping
that is estimated to be worth billions of
dollars worldwide.
An increasing number of artists,
including Adele, Elton John and Prince,
are fighting back. The UK government is
also seeking to limit damage to the
country’s live music industry, which is
estimated to generate annual revenues
of almost £2bn.
Reselling tickets is legal in the UK.
Secondary ticketing websites argue they
offer a safe and transparent way for fans
to buy and sell, reducing the demand on
unsafe websites and on the street. The
often high prices are simply a reflection
of supply and demand, they say.
Chris Carey, chief executive of Media
Insight Consulting, a research group,
says while “touting will always exist, it’s
getting harder for touts. That means it’s
getting better for genuine fans, which is
good for the industry overall”.
In May, the government introduced
increased disclosure of informa-
tion by resellers. The Consumer
Rights Act 2015 mandated that
anyone offering tickets for resale
online must provide details such
as the face value, seat location
and any usage restrictions. This
makes it easier for artists to see
which tickets are being sold on the
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©Copyright The Financial Times Limited 2015. All
rights reserved. Reproduction of the contents of this
FINANCIAL TIMES Tuesday 29 December 2015
NATIONAL
Tory strategy
Cameron’s
‘long-term
According to figures in this year’s
Crime Survey for England and Wales, an
adopt common security standards in its
own interests.
the City of London police since 2011.
The force, in addition to policing the
that would come from that. If, increas-
ingly, people feel insecure in this world,
economic
estimated 3.8m adults in England and
Wales were victims of online fraud,
“I’m not convinced that legislation is
the right approach,” Mr Leppard said in
streets of the Square Mile, runs the UK
National Fraud Intelligence Bureau
businesses feel insecure and individuals
[would] then go to London for [their]
plan’ mantra
while a further 2.5m incidents were cat-
egorised under the Computer Misuse
Act, such as hacking an email account or
his final interview after a 32-year career
in the police. “What I am convinced
about is we have got to find a way to get
within its economic crime directorate. It
deals with the most serious forms of
fraud, which increasingly include cyber
services. We already corner the market
for legal services and financial services
globally. So it’s sort of a natural stepping
goes silent
infecting a computer or other internet- businesses to provide a standard level of crime, and works with other bodies stone.”
enabled device with a virus. information security.” Mr Leppard said internet companies JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Mr Leppard said the problem was The best way to achieve that, he sug- should have tougher standards for
only going to get worse, and UK and gested, was for businesses to see the
‘Businesses [need] to opening email accounts and even intro- It was the cornerstone of the Conserva-
international efforts to combat cyber competitive advantage and shareholder provide a standard level duce biometric features, given that each tive election campaign: “The long-term
crime were “not keeping track with the value in protecting themselves. At most, account was in effect an online identity.
scale of the problem”. the government’s role should be to
of information security’ Companies, especially banks, should
economic plan.”
“These are surgical little strikes [by “encourage business to take a common Adrian Leppard, City commissioner also start disclosing how much they and During the last parliament, David Cam-
law enforcement] and the problem is standard of information security”. their customers lose each year to scams, eron used the phrase so many times it
just growing exponentially,” he told the Any more, such as the government’s including the National Crime Agency. hacking and other online forms of eco- became a standing joke in Westminster.
Financial Times. pledge to make it a criminal offence He called on the City to confront the nomic crime. Since the summer, however, the prime
The threat meant fraud was becoming when companies fail to put in place threat of cyber crime and turn it into an Of Britain’s big banks only RBS has minister appears to have consigned the
a “boardroom issue” for banks and cor- measures to deter economic crime, opportunity. Just as London has become given an indication of the scale of the phrase to the dustbin, having failed to
porations as attacks that were once cost- would risk the competitiveness of the a big force in global finance and legal problem, declaring in October that in mention it on any occasion at prime
ing thousands of pounds were now cost- City and of Britain’s companies in the services, it could similarly be held as a the first nine months of 2015 its custom- minister’s questions since July.
ing millions. The solution was not more world, he said. leader in cyber security, he suggested. ers were the victims of 4,702 scams, “The long-term economic plan” was
legislation, however, but for business to Mr Leppard has been at the helm of “Think about the inward investment costing almost £26m. deployed in nearly every economy-re-
lated interview and speech by senior
ministers for more than a year, while Mr
Cameron rarely resisted the opportu-
Entertainment. Exploitation nity to shoehorn several mentions of it
into PMQs.
On March 8, for example, Mr Cam-
eron said the rise in employment in Brit-
ain was thanks to the plan. “Those are
the benefits of having a long-term eco-
nomic plan, sticking to a long-term eco-
nomic plan and ignoring the hopeless
advice from the Labour party.”
On March 18 he was once again rhap-
sodic. “I cannot calm down when I see
the success that our long-term eco-
nomic plan is generating,” he told scep-
tical MPs.
During the final 10 sessions of PMQs
before the general election in May, Mr
Cameron mentioned either the “long-
term economic plan” or “economic
plan” no fewer than 21 times. His back-
benchers parroted the phrase on 27
occasions.
After the Tory election victory the
expression still had regular outings at
PMQs during June and July — although
not always with a straight face. On June
10, Nigel Huddleston, one of the new
MPs, referred to it, prompting the reply
from Mr Cameron: “He has got off to a
tremendous start by . . . mentioning the
long-term economic plan.”
After the summer the “economic
plan” had a solitary mention in the Tory
leader’s conference speech in October.
After that the trail goes cold. Since the
autumn Mr Cameron has not uttered
the slogan once in 10 sessions of PMQs.
Labour said the research proved “the
long-term economic plan” was just a
gimmick. “It was always more of a politi-
cal slogan than an economic policy,” said
Chris Leslie, chair of Labour’s Treasury
committee. “Without their election guru
Lynton Crosby telling them what to say,
theyhavejuststoppedsayingit.”
secondary market and, if their terms 18,000 “known and likely touts” before On song: Adele’s some cases because they quietly profit A 130-word Downing Street policy
and conditions forbid resale, to cancel they could buy. Ian Hogarth, chief exec- tout-busting is from selling high-priced tickets in the paper on the Long Term Economic Plan
them. utive of Songkick, declined to say how said to have secondary market themselves. includes five points: reducing the defi-
Adele has cancelled more than 100 the filtering worked: “If we tell the world saved fans more Another problem with forcing ticket- cit, cutting income taxes, creating more
tickets placed on secondary sites, said howwedidit,we’llgetattacksonthesys- than £4m, holders to show photo IDs is that it slows jobs, capping welfare and immigration,
trade publication Music Business World- tembyscalpers.” while, below entry to a concert and stops fans from and improving schools.
wide. But many resellers are still refus- The operation seemed successful. left, Marcus givingtheirtickettoafriend. Even Ken Clarke, the former Tory
ing to disclose the seat numbers on tick- Less than 2 per cent of the tickets han- Mumford of Mumford & Sons, the British band, chancellor, said this year that the plan
ets,meaning theycannotbetouched. dled by Songkick, albeit only a fraction Mumford & this month called on their fans to use was merely a “slogan”.
One of the biggest challenges for art- of the total, appeared on the secondary Sons, sent fans ticket exchanges such as Twickets and A spokesman for the prime minister
ists is that ticket touts use sophisticated market. This compares with an average to sites selling Scarlet Mist, which only allow sales to said: “Of course the economic plan still
software to pose as genuine fans and for other high-profile concerts closer to tickets at face take place at face value or less. The band exists. [The economy] just hasn’t been
automatically buy up large numbers of 20 per cent. Media Insight Consulting value or less also urged fans to submit evidence to the subject of the areas that have come
tickets as soon as they go on says Adele’s tout-busting saved her fans Sascha Steinbach/Getty,
Jason Merritt/Getty
Professor Mike Waterson, who is leading up at PMQs. Jeremy Corbyn has asked
sale. more than £4m. a review of the secondary market and is questions on other topics instead, like
Songkick, a ticketing web- The most foolproof way to tackle duetoreporttoparliamentbyMay2016. the NHS and welfare.”
site, this month started offer- touts is to print the buyer’s name on “We want fans of the band to be able George Osborne is still deploying the
ing artists tools to fight back. For Adele’s each ticket and require them to show to get into our shows for the right price, phrase with abandon: it was mentioned
tour, the company allowed fans to pre- photo identification at the venue. How- to feel that they’ve got value for money,” nine times, including twice by the chan-
register before the tickets went on sale, ever, venues and ticketing companies the band wrote. “We need your help to cellor, in an economy debate on Decem-
then used its technology to filter out are reluctant to adopt this approach — in win this battle.” ber 1.
Housing benefits Stamp duty
Freeze hits low-paid tenants Move to plug levy loophole
KATE ALLEN begun to deter landlords from renting to JUDITH EVANS not pay the additional charge, which
POLITICAL CORRESPONDENT
low-income households. The propor- will increase the stamp duty payable on
Ministers are planning to apply higher
More than half a million low-paid tion of property owners who are willing the average buy-to-let home costing
rates of stamp duty to homes bought by
tenants face a financial shortfall after to rent to benefit claimants has fallen £200,000 from £1,500 to £6,300.
companies to close what buy-to-let
the government froze rent subsidies, in sharply in recent years, according to the The Treasury estimated that 90 per
landlords had seen as a potential loop-
a move also set to hit landlords. National Landlords’ Association. cent of purchases in England, Wales and
hole.
Ministers have become increasingly Northern Ireland would not face the
Chancellor George Osborne announced concerned that rising rent subsidies are The Treasury yesterday launched a con- surcharge, which will be introduced
newspaper in any manner is not permitted without the four-year housing benefit freeze in contributing to Britain’s budget deficit. sultation into how to increase the tax by from April 2016 and be mirrored by a
the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks his summer Budget as part of a package The amount of money Britain spends three percentage points on purchases of similar charge in Scotland.
of The Financial Times Limited. that would put the benefits system “on a on subsidising private sector rents has extra residences such as buy-to-let or Homeowners who buy a new main
The Financial Times adheres to a self-regulation more financially sustainable footing”. nearly trebled in the past decade, to holiday homes. home before selling the old one, result-
regime under the FT Editorial Code of Practice:
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The measure will price working £9.1bn a year, and one in four English It proposes to impose the surcharge ing in overlap, will also have to pay but
households on low incomes out of large private sector tenants now claims hous- on the first residential property bought will be eligible for a refund if they sell
Reprints parts of the country, according to analy- ing benefit. by a company or collective investment the original home within 18 months.
Are available of any FT article with your company sis by the House of Commons library, Ms Thornberry blamed the problem scheme to prevent the use of such struc- The tax is the latest measure from the
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order 100 copies). commissioned by Emily Thornberry, on “endemic low pay”. She called on the tures for tax avoidance. Treasury aimed at converting tenants
One-off copyright licences for reproduction of FT shadow employment minister. government to “start building more Buy-to-let investors have already into owner-occupiers and cooling the
articles are also available. By 2020 low-income working families homes that people can actually afford”. increased their use of corporate struc- buy-to-let market.
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in Bristol and Manchester are set to face More than a third of all private sector tures to sidestep cuts to mortgage tax The measures have led the Council of
a shortfall of more than £1,300 a year tenants who claim housing benefit are in relief introduced by George Osborne, Mortgage Lenders to forecast that buy-
FT Cityline between their rent costs and the bene- work — up from 20 per cent in 2009. chancellor, and brokers had predicted to-let purchases will start to decline
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fits they receive, the figures suggest. But in London, 56 per cent of all pri- that purchases of homes by limited from 2016 after five years of growth.
cost 75p/min. The number of households in work vate tenants who claim rent subsidies companies would increase further. Ministers are anxious not to deter
that need help to subsidise their rent has work. Parents buying or co-owning homes “significant investors” from contribut-
Newspapers support recycling more than doubled since 2009. More The “low-wage economy” had “forced for their children to live in are also likely ing to new housing stock, including
The recycled paper content of UK newspapers in
2014 was 78.5% than 550,000 people receiving housing working families to claim housing bene- to face the surcharge unless a home is those investing in new-build or renova-
benefit work for more than 16 hours a fit just to keep a roof over their heads”, bought solely in the child’s name. tion projects, and are considering an
week, up from 216,000 six years ago. Ms Thornberry said. However, individuals whose sole exemption for those bulk-buying 15 or
The benefit reforms have already Editorial Comment page 10 property is a buy-to-let investment will more properties at a time.
Tuesday 29 December 2015
Questions raised over flood defence planning
Recriminations begin in Leeds over who is to blame for the extent of the disaster — government or council
ANDREW BOUNDS
It was a business decision that proved
critical. Opening for an extra hour on
Boxing Day saved Matthew Pedder’s
livelihood — and the lives of several
hundred animals.
Mr Pedder, the owner of Tyrannosau-
rus Pets on Kirkstall Road in Leeds, hur-
ried to his shop after a panicked phone
call from his store manager at 5.30pm.
“The water was seeping through the
walls of the cellar,” he said. “We keep a
lot of stock and animals down there.”
The store specialises in expensive
amphibians and reptiles, including
tarantulas.
“We got them up with about 10 min-
utes to spare — if we had shut as usual at
5pm they would all have drowned. I’ve
still lost thousands of pounds of stock.”
Like an estimated 50,000 small busi-
nesses nationwide, Mr Pedder cannot
get flood insurance. “I rang up and was
told this is a flood plain, although it has
never flooded before. I think the insur-
ers pulled a lot of cover after the floods
[in the south and south-west] last year.”
Still, locals have offered to take home
more than 300 of his 500 animals and
Mr Pedder will reopen once his shop is
ready.
The city of Leeds as a whole has not
been so lucky with its timing. In 2011 the
‘If you build on flood plains
at the rate that Leeds has
allowed . . . it’s an accident
waiting to happen’
government vetoed a proposed £180m
scheme that would have erected barri-
ers along a 12-mile stretch including the
Kirkstall Road, one of the city’s busiest
thoroughfares.
Instead, the city will get lesser
defences of £45m, although these will
not be ready until March 2017 and will
only protect the city centre.
Judith Blake, Leeds council leader,
attacked the government yesterday for
making the south a priority over the
north and said the rest of the defence
system should be funded immediately.
But others blamed the council for fail-
ing to clear drains — and for allowing
houses to be built on flood plains in the
first place. Paul Hudson, a BBC weather-
man, said: “If you build on flood plains
at the rate that Leeds council has
allowed in the past 30 years, then sadly
flooding becomes an accident waiting to
happen.”
A popular tweet doing the rounds yes-
terday depicted a map showing York as
it was in medieval times next to one
showing the present areas of flooding.
Areas now under water matched what
had then been lakes or rivers, showing
Television
Creativity in demand as independent production sector braces for shake-up
HENRY MANCE — MEDIA CORRESPONDENT
“Downton Abbey” is owned by NBC-
Universal, “The Great British Bake Off
Christmas Special” by Sky and “We’re
Doomed! The Dad’s Army Story” by
production group Endemol Shine.
Britain’s festive television schedule tes-
tifies to how large players, many of them
from the US, have bought up the compa-
nies behind the country’s most popular
TV shows. Now the production sector
could be in for a broader shake-up —
with potential changes to regulations, a
possible privatisation of Channel 4, and
the opening up of more of the BBC’s
budget to external competition.
Film industry
‘Downton’ tax break proves an expensive hit
VANESSA HOULDER
The UK has spent three times as much
as expected on a “Downton Abbey” tax
break introduced by George Osborne
to boost the television production
industry.
Revenue & Customs has paid out £92m
in the two years since April 2013 when
the “high-end television tax relief” was
introduced to stop big “culturally Brit-
ish” productions from moving offshore.
The statistics, published alongside fig-
ures showing the film industry had
received £251m of government support
last year, were hailed as a sign of the
impact of the incentives on investment.
Adrian Wootton, chief executive of
the British Film Commission, a govern-
ment agency, said the creative sector tax
Rescue: residents in York are evacuated after the River Foss bursts its banks. Flooding has hit large parts of northern England, including Leeds — Jeff J Mitchell/Getty
Met Office rain warnings
for Wednesday
Yellow warning
for rain
Yellow warning
for wind
Amber
warning
for rain
River
Ribble
Environment Agency
4 prioritisation, especially in relation to
Monday’s warnings
9 Severe flood warnings
53 Warnings
70 Alerts
Sources: Enviromental Agency; Met Office; FT research
A report by communications regula-
tor Ofcom last week found the number
of independent British production com-
panies halved between 2001 and 2014 —
from 500 to about 250.
Remaining independents include
Headline Pictures, whose recent shows
include The Man in the High Castle for
Amazon and Peter & Wendy for ITV, and
Magic Light Pictures, which made the
animation Stick Man for the BBC.
Large groups — those with annual rev-
enues of more than £25m — account for
nearly 70 per cent of new TV commis-
sioned by public service broadcasters in
2014, up from 58 per cent in 2008. Some
in the industry fear that increasing scale
reliefs had been a “tremendous success”
in attracting inward investment and
stimulating growth in jobs and infra-
structure across the UK.
The number of productions that
claimed tax relief doubled to 50 in the
year to April. Nearly 100 programmes
have qualified as British for tax pur-
poses, including Downton Abbey, Sher-
lock and Wolf Hall, according to the Brit-
ish Film Institute.
The Treasury had estimated the tax
relief would cost £30m in the first two
years, though the Office for Budget
Responsibility said it was uncertain how
much the measure would encourage
more production spending. If there had
been no additional spending, the Treas-
ury had estimated the tax relief would
cost just £15m in the first two years.
★ FINANCIAL TIMES
NATIONAL
1 York
About 500 homes
flooded after Foss
barrier lifted on
Sunday. Waters said
to have peaked but
more rain forecast
2 Leeds
2,000 homes
flooded and main
roads closed
3 Calderdale
River Aire 2,000 homes
flooded in Hebden
River Bridge, Mytholmroyd
2 1 Foss and Todmorden
3
River River 4 Greater Manchester
Calder Ouse
More than 1,000
homes without
power, including in
Rochdale and Bury.
Area said to be in
‘recovery phase’
will stifle creativity and shift emphasis
from shows made for British audiences.
Ofcom’s report found a fall in new
entrants to the sector from an average of
120 a year in 2009 and 2010 to 80 a year
in the past two years. But the regulator
concluded that “levels of market entry
remain high” — with room for new and
disruptive players to emerge. “Consoli-
dation hasn’t stopped new businesses,”
said John McVay, chief executive of Pact,
the trade body for production compa-
nies. “We have consolidation as foreign-
ersareinvestinginBritishbusinesses.”
Potential changes are threefold.
Channel 4, a broadcaster that relies on
independent companies for many of its
The government’s use of tax reliefs to
pursue policy objectives is coming
under scrutiny from MPs, including the
public accounts committee and the all-
party group on responsible tax, led by
Margaret Hodge. Film tax breaks are no
longer a tool for avoidance, but an ear-
lier generation of reliefs were used by
wealthy investors to avoid billions of
pounds in tax.
Beneficiaries include two companies
set up by the BBC to take advantage of it.
Its Grafton House Productions reported
it had reclaimed £520,133 for the year
ended March 2014 for two dramas, The
Interceptor and One Child.
As well as being culturally British,
programmes need typical production
costs of more than £1m for an hour-long
show to qualify.
how roads and buildings had been con-
structed over the water.
About one in six properties in Eng-
land and Wales are at risk of flooding
and the Committee on Climate Change,
the independent advisory body, warned
last year that three-quarters of flood
defences were inadequately main-
tained. Spending cuts could also
threaten vital flood protection work, a
committee of MPs warned this month.
The Labour party released minutes of
a meeting of the Yorkshire Regional
Flood and Coastal Committee from
October at which Colin Mellors, its
chairman, warned that funding cuts
would require tough choices.
“With ever tighter budgets, it is clear
that there will need to be even firmer
maintenance [of flood defences],” Prof
Mellors told the committee. He added
that the committee would “most likely
be asked in the new year to consider
sites where maintenance might be for-
mally discontinued”.
David Cameron, the prime minister,
has promised to review Britain’s spend-
shows, has argued that regulations
around who owns the rights to pro-
grammes should reflect that many pro-
duction companies are no longer small
players in need of assistance. Ofcom has
left that decision to the govern-
ment.
The government is also
considering privatising
Channel 4. The broad-
caster has historically
commissioned more
shows from inde-
John Sessions as Arthur
Lowe from Dad’s Army
Travel
ing on flood defences after this month’s
disasters, first from Storm Desmond,
then from Eva — with Frank on the way.
Some rivers reached their highest levels
ever after a months’ worth of rain fell in
a day in several places.
The £2.3bn earmarked for capital
schemes to 2020 was more than had
been spent on defences over the previ-
ous five years, Mr Cameron added.
This year Brandon Lewis, housing
minister, pledged to build 1m more
homes by 2020. But Rory Stewart,
floods minister, countered this month:
“We should not be building houses on
flood plains.”
John Healey, Labour’s shadow hous-
ing minister, was quick to jump on the
apparent conflict. “Residents who have
suffered because of the terrible recent
flooding deserve some proper planning
and joined-up thinking,” he said.
A government spokeswoman said it
had “put in place strong safeguards to
stop inappropriate development in
areas at risk of flooding”. The govern-
ment was “delivering the homes this
country needs” by bringing more
pendents than the BBC, partly because it
does not have its own production arm. If
Channel 4 were bought by a global
company, that could hit independent
producers, “potentially completely
eliminating 300 suppliers”, according to
EndersAnalysis.
The BBC also plans to open more of
its programme budget to external
companies in an efficiency drive.
The proposal, agreed with Pact,
would mean the proportion of
BBC commissions available to
external producers rising
from 50 to 70 per cent. Ofcom
estimates that could make up
£157mayearavailableto compe-
3
Timeline
The gathering storms:
how the crisis unfolded
Dec 5 Police in Cumbria declare a
“major incident” as Storm Desmond
arrives. Parts of the county are
evacuated as more than a month’s rain
falls in some areas
Dec 6 Army is drafted in to help in
Desmond’s aftermath as Rory Stewart,
floods minister and MP for Penrith and
the Border, says flooding in his
constituency is “the worst that
anybody’s experienced”
Dec 9 George Osborne, chancellor,
announces households and businesses
affected by recent floods will benefit
from a £50 million fund
Dec 12 More than 70 flood warnings
issued as the north of England is hit
with heavy rain for a second weekend
Dec 25 More than 100 flood alerts and
warnings are issued across England
and Wales as Storm Eva hits
Dec 26 Hundreds of people in West
Yorkshire and Lancashire are
evacuated and thousands are left
without power due to flooding
Dec 27 David Cameron chairs meeting
of Cobra and pledges more troops to
“do whatever is needed” to help
Dec 28 Met Office says the next
storm, due to hit the UK late today and
tomorrow, will be called Storm Frank,
the sixth named storm of the season
brownfield land forward for develop-
ment, she added.
The final decision on whether to grant
permission for construction on flood
plains lay with local councils, which
receive advice from the Environment
Agency, she pointed out.
National planning policy directs
councils to locate development from
areas at highest risk of flooding.
Back on the Kirkstall Road, on the
banks of the River Aire, shopkeepers
were too busy counting the cost to
apportion blame.
Kimberley Hayes’s basement beauty
parlour had turned ugly, with hair
brushes and bottles swirling in the dank
water and bobbing against the luxurious
wallpaper.
“New Year’s Eve is one of our busiest
days. We will have to do home visits,”
she said as she oversaw two pumps
gushing water into the street.
Most were too tired to express any
view of who was at fault. “I’m in shock,”
said Mr Pedder. “In a couple of days I’ll
be angry.”
Chaos around the globe page 8
tition from external producers within
two years, equivalent to about one-tenth
of production companies’ revenues from
UKbroadcasters’ newcommissions.
That would be a welcome boost.
Spending by British public sector broad-
casters on new programmes has been
flat in absolute terms for more than a
decade, leaving companies reliant on
international sales for growth.
Whether or not the market becomes
more benign for production companies,
the need for creativity will remain. “It’s
always been hard,” said Mr McVay. “You
have to have a good idea, find a buyer,
and do it all again once the programme’s
been transmitted.”
4 ★
Spain
Catalan leader’s political future in doubt
Secessionist movement
suffers setback as Artur
Mas fails to secure backing
TOBIAS BUCK — MADRID
The political future of Catalan president
Artur Mas was in doubt yesterday after
a ballot at an extraordinary meeting of
his prospective far-left allies produced a
tie — with 1,515 delegates voting to back
Mr Mas for another term and the same
number voting against him.
If elected, Mr Mas has promised to
preside over a single-issue government
focused on leading Catalonia to inde-
pendence from Spain. But his party, the
Junts pel Si movement, needs the sup-
port of the anti-capitalist Popular Unity
China’s market economy push divides Europe
Supporters see status upgrade as
way to win favour in Beijing, but
critics argue it will kill industries
CHRISTIAN OLIVER — BRUSSELS
MICHAEL POOLER — LONDON
At the end of October, Li Keqiang,
China’s premier, toasted Angela Merkel.
He and the German chancellor cheerily
clanked large tankards of German-style
dark beer brewed by students at Hefei
university in eastern China.
Mr Li’s high spirits in Hefei were easy
to explain. The EU’s most powerful
leader revealed she was “in principle
positive” towards granting market
economy status (MES) to China, offer-
ing fresh hopes that one of Beijing’s
most prized ambitions could be realised
in 2016.
Still, Ms Merkel also admitted that
MES was a double-edged sword. She
warned that China still had work to do,
particularly in the field of procurement
contracts. Elsewhere on her trip, she
cautioned that Europe’s steel and solar
industries — seen as especially vulnera-
ble to Chinese dumping — needed pro-
tection.
Ms Merkel’s ambiguous message,
tailored for both Mr Li and European
industries, laid bare the EU’s tortured
position over whether to grant MES.
Diplomats and business people
involved in the process say that the
European Commission is likely to pro-
pose MES for the Communist state as
early as February. The 28 member
states and European parliament will
then have to decide whether to approve
that proposal. Britain is the strongest
supporter of China, while Italy is ada-
mantly opposed to MES.
To its supporters, MES is a way to win
favour in Beijing. This can smooth the
course of EU factory investments in
China and help boost Chinese financing
of infrastructure in Europe.
But critics argue that MES will kill
traditional industries, including steel,
ceramics and textiles, because it will
become far harder to retaliate against
Chinese dumping with countervailing
tariffs. The left-leaning Economic Policy
Institute in Washington has concluded
that MES would endanger up to 3.5m
jobs in the EU.
Europe’s need to make a decision on
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Candidacy (CUP) to get him approved
by the regional parliament in Barcelona.
Both parties support secession from
Spain, but are deeply divided on eco-
nomic, social and diplomatic issues.
After three months of wrangling, a
draft accord was finally put to a vote by
the CUP party base on Sunday. To the
astonishment of everyone, the meeting
produced an exact split.
CUP leaders will meet again next Sat-
urday to try to break the deadlock, fur-
ther prolonging the uncertainty hanging
over the region — and its president.
If there is no agreement to back Mr
Mas, Catalonia would have to hold elec-
tions in March. It would be the third
early election in the region in four years.
Yesterday, Mr Mas tried to reassure
voters that despite the uncertainty, “the
MES next year is rooted in the terms of
China’s agreement of accession to the
World Trade Organisation in 2001.
Beijing argues this accord means that it
will automatically become a market
economy at the end of 2016. The EU
needs to decide whether it agrees with
that interpretation.
Europe’s traditional industries have
led the campaign to deny China MES.
The €28bn ceramics sector says that up
to 100,000 jobs, or half the total it
‘Already we have the most
open market with less
efficient [trade defence]
tools than other regions’
FINANCIAL TIMES
INTERNATIONAL
country still functions and the govern-
ment still functions”.
Junts pel Si and the CUP emerged
from a regional ballot in September with
a solid majority of seats in parliament —
a result they hailed as a popular man-
date to break with Spain. Failure to con-
vert this majority into a pro-independ-
ence government would set back the
secessionist movement — suggesting
that it is too divided to make progress.
“It would be a big missed opportu-
nity,” said Lluis Orriols, a professor of
political science at Madrid’s Carlos III
University. He said, however, that an
accord between Junts pel Si and the CUP
was still possible, and that the groups
might be able to put aside ideological
differences temporarily.
“This legislature would be very short
Trade. EU dilemma
employs in Europe, are at risk. Some
33,000 jobs were lost in the tableware
sector in the seven years to 2011 before
anti-dumping tariffs were imposed,
according to Cerame-Unie, a trade body.
“Our concern is not to protect mar-
kets, but to ensure a fair, level playing
field and prevent injurious effects of
unfair practices, like dumping and sub-
sidies,” says Alain Delcourt, president of
Cerame-Unie.
Volumes of Chinese steel entering
Europe have nearly doubled over the
past two years, according to Eurofer, the
European Steel Association, even as
demand for steel languishes. It warns of
“massive job losses and plant closures”
should MES be granted. “Already we
have the most open market with less
efficient [trade defence] tools than
other regions, such as the US,” says Axel
Diaspora reversed
Ireland’s economic upswing brings emigrants back home
VINCENT BOLAND — DUBLIN
For Paul Terry, one of the rewards of
returning to Ireland after a career
abroad was taking his children to visit
Santa Claus. This beloved Irish tradi-
tion does not really exist, he says, in
Amsterdam or Zurich, where he spent
many years working for Forrester, a
global research company.
“It’s one of the great delights of being
back,” says the 43-year-old father of
two, who returned in August after 18
years as an emigrant. “If you have a fam-
ily, Dublin is very easy.”
Mr Terry is one of a growing number
of emigrants being lured back as the
economy recovers from years of auster-
ity and recession. For many, the attrac-
tion is a new job in an economy that has
created 136,000 private-sector roles
since 2012. Mr Terry has become a sen-
ior executive at LinkedIn, the profes-
sional network that has its international
headquarters in Dublin.
Enda Kenny, the Taoiseach (prime
minister), has made encouraging the
diaspora back a key part of his centre-
right government’s jobs strategy.
His is one of several initiatives aimed
and very much focused on the one
theme on which Junts pel Si and the CUP
are united — independence,” he said.
The political uncertainty in Catalonia
was mirrored in Madrid yesterday, as
efforts continued to overcome the stale-
mate created by Spain’s December 20
general election. Voters chose to make
the centre-right Popular party of prime
minister Mariano Rajoy the biggest bloc
in parliament once again — but left it 53
seats short of an absolute majority on
the 350-seat chamber.
Mr Rajoy has since pleaded for the
support of the PP’s historic rival, the
centre-left Socialists, and of the centrist
Ciudadanos party, which entered parlia-
ment for the first time. The Socialists
(PSOE), however, have made clear they
have no desire to throw in their lot with
Eggert, director-general of Eurofer.
His comment reflects widespread
frustration with the commission for
being slow to act against trade infringe-
ments. Business people often see Brus-
sels as reluctant to use anti-dumping
tariffs against China, as they can spark
threats of counter-attacks from Beijing
in unrelated sectors. Beijing, for exam-
ple, threatened to clamp down on EU
wine imports in 2013 in a dispute over
solar technologies.
Officials in the commission complain
that industry is exaggerating the idea
that the EU would be pulling down its
defences, and some even expect that EU
manufacturers higher up the value
chain using cheap Chinese raw materi-
als could profit from MES.
EU trade officials say that other safe-
guards, including anti-subsidy meas-
at luring back young Irish emigrants
who have left in the past 20 years, and
especially since 2008, during the finan-
cial crisis, sending unemployment soar-
ingto15percent.
According to official figures, more
than 300,000 left between 2010 and
2014 as Irish people turned to emigra-
tion as a solution to economic problems
at home. Most are aged from 16 to 45,
andmanyarehighlyeducated.
The economy is expected to grow 7
per cent this year, making it by far the
fastest-growing in the eurozone. But the
pace of recovery and job creation risks a
labour market squeeze that employers
and the government are keen to avoid.
A loss of competitiveness through
soaring wage costs was one of the factors
that led to the bubble economy phase,
between 2004 and 2008, of the Celtic
Tiger years of growth. Even so, employ-
ers say there is little sign so far that wage
inflation is creeping back into the econ-
omy.
Mark Redmond, chief executive of the
American Chamber of Commerce in Ire-
land, says cost competitiveness is one of
three factors, along with talent and
innovation, that have led to the turn-
the PP and Mr Rajoy, while Ciudadanos
has signalled they would at most con-
template abstaining in any vote to re-
elect the prime minister.
Pedro Sánchez, the PSOE leader, reit-
erated his stance at a meeting of party
leaders yesterday, saying he would stick
to his commitment to achieve a “change
towards the left” in Spain. But he also
appeared to rule out a pact with the anti-
austerity Podemos movement, citing its
support for an independence referen-
dum in Catalonia. “We will not have a
dialogue about the territorial integrity
of Spain,” he said.
Mr Rajoy yesterday met the leaders of
Podemos and Ciudadanos at the prime
ministerial complex near Madrid, but
neither talks appeared to bring him
closerto amajorityinparliament.
3.5m
Number of EU
jobs under threat
if China granted
MES status,
according to left-
leaning Economic
Policy Institute
100,000
Ceramics jobs at
risk according to
sector estimates
33,000
Ceramics jobs
lost in tableware
sector in the
seven years to
2011 before anti-
dumping tariffs
were imposed,
according to
trade body
Cerame-Unie
In transit:
goods leaving
Shenzhen
port. Brussels
is likely to
propose
market
economy
status for
China as early
as February—
Thomas Lee/Bloomberg
ures, can be used against market econo-
mies such as the US and Russia. But
companies complain that the burden of
proof is far higher than in dumping
cases. For anti-dumping cases, Brussels
can prove Chinese prices are unfairly
low by referencing prices in third
countries. Subsidy inquiries can require
documents as evidence, which are often
impossible to obtain from China.
Hosuk Lee-Makiyama, director at the
European Centre for International Polit-
ical Economy, predicts a long fight.
“Even if the EU starts the legislative
process today, it’s unlikely to be ready
for adoption before the 2016 deadline.
Some member states are apprehensive
of fair rules on anti-dumping to begin
with, and would also manipulate their
EU parliamentarians for that reason.”
Additional reporting by James Shotter
round in Irish economic fortunes, and
that it must be safeguarded.
Mr Kenny’s strategy may tap into the
emigrant’s desire to return one day. A
study by the Irish Australian Chamber of
Commerce found that three-quarters of
recent emigrants to Australia would like
to return within five years. Anne Heraty,
chief executive of CPL, a recruitment
firm, says her company has placed 1,000
emigrantsinIrishjobsthisyear.
Ireland’s increasingly strong jobs
market is likely to be a crucial factor in
determining whether emigrants return,
and how many do so. Annrai O’Toole,
Enda Kenny: encouraging returnees
is key part of his government’s plans
Tuesday 29 December 2015
Judiciary
President of
Poland agrees
changes to top
court despite
EU warnings
ZOSIA WASIK — WARSAW
HENRY FOY — LONDON
Poland’s president has waved through
sweeping changes to the way the coun-
try’s highest court functions, ignoring
local and international protests to sig-
nificantly increase the powers of the
new rightwing government.
The amendments affecting the Consti-
tutional Tribunal, which rules on the
legality of new legislation and acts as a
check on parliamentary power, are the
most controversial step in what the
opposition sees as rapid moves by the
ultra-conservative Law and Justice
party to quell opposition since it was
sworn in last month.
Opposition politicians say the
changes will curb the independence of
the tribunal, and the move has been
criticised by the EU, which says it under-
mines the rule of law in the bloc’s sixth-
largest economy.
Frans Timmermans, European Com-
mission vice-president, last week wrote
to Poland’s foreign and justice ministers
to request that the changes be delayed
until questions regarding their legality
were fully assessed.
The Law and Justice party, which won
the first parliamentary majority in
Polish democratic history in October,
has made clear its intention to “fix”
Poland and its society.
The lurch to the right has sparked
mass protests from liberals and the
urban elite, who fear it will undermine
the country’s 26-year reintegration
with western Europe and its democratic
values.
President Andrzej Duda yesterday
signed the amendments into law, ending
an almost month-long parliamentary
quarrel over the composition of the
tribunal and changing the system
by which it can block new legislation.
Both changes appear to favour the
ruling party.
Mr Duda, a member of Law and Jus-
tice before he took the presidency and
who was handpicked as the party’s pres-
idential candidate by leader Jaroslaw
Kaczynski, had previously blocked the
appointment of five new judges chosen
by the former administration in its final
days, replacing them with political
appointees.
The changes also mean the court’s rul-
ings require a two-thirds majority of its
members, as opposed to a simple major-
ity previously — making it difficult to
block government legislation without
the support of at least one of the judges
appointed by the ruling party.
They also allow parliament to dismiss
a tribunal judge before their term
expires, and give the president and jus-
tice minister the right to initiate discipli-
nary proceedings against a tribunal
judge.
Mr Duda and Mr Kaczynski have
refuted a suggestion by Martin Schulz,
European Parliament president, that
the changes are tantamount to a “coup”.
Mr Duda said yesterday that he hoped
his decision to support them “will calm
things down”.
“The amendment will strengthen, not
weaken, the position of the Constitu-
tional Tribunal,” he told a press confer-
ence after signing the bill only four days
after it was agreed by parliament. The
law takes effect immediately.
chief technology officer for Europe at
Workday, a US software development
company that employs 400 in Dublin,
says the city is recognised as a leading
global technology hub.
“People think it’s a pretty cool city to
live in, and it’s certainly very vibrant,”
he says.
But it is also a personal decision. Mr
Terry says that returning to work “offers
me the opportunity to turn what little
talent I have to the benefit of the Irish
economy. I’m not Mother Teresa — I’m
here for profit. But I am very happy to
have the opportunity to give something
back.”
The key question facing would-be
returnees is whether Ireland, with its
high personal taxes, scarce and expen-
sive housing, poor public transport and
indifferent weather can compete with
Silicon Valley, Bondi Beach or the cities
ofEurope.
Philip King, a musician and broad-
caster, recalls the thousands of young
emigrants who returned briefly in May
to vote in the marriage equality referen-
dum. “All those young people came
home to vote. Will they come home to
work?”
Tuesday 29 December 2015
Trump’s attacks
on bankers
raise eyebrows
on Wall Street
US Republican frontrunner has relied
on lenders to shore up his businesses
GINA CHON — WASHINGTON
As Donald Trump has barnstormed his
way across America in recent months
stirring up the Republican heartland
with populist invective, it is not just
immigrants the billionaire property
tycoon has had in his sights.
The frontrunner for the Republican
presidential nomination has also waged
a vocal campaign against Wall Street,
accusing hedge funds of “getting away
with murder” — somewhat to the enter-
tainment of the bankers who helped
finance the rise of his business empire.
“I have been highly amused about
Trump’s comments about us given he’s
almost one of us, at least in a business
sense,” said one Wall Street banker
whose group has provided Mr Trump’s
properties with millions of dollars in
financing. “He is totally comfortable
around Wall Street and bankers.”
Mr Trump characterises himself as
not beholden to special interests, ridi-
culing hedge funds as “guys that shift
paper around and . . . get lucky” and
highlighting a contrast with his own
record of large construction projects.
Big banks and hedge funds, however,
have played a pivotal role in the growth
of his property empire, providing his
companies with loans, acquiring stakes
in Trump properties and restructuring
debt terms in his times of trouble — as
he has admitted happily in the past.
“Morgan Stanley is one of the finest
investment banking names on Wall
Street,” Mr Trump said in a 2004 press
release, when the bank helped during
the 2004 bankruptcy of Trump Hotels
& Casino Resorts, a holding company for
several properties. “We are excited
about the opportunity to work with
[former Morgan Stanley managing
director] Mitch Petrick and his team,
given their proven track record.”
Morgan Stanley became the joint lead
arranger for $500m in financing as part
of the reorganisation of the company,
while UBS advised Trump Hotels and
also helped arrange financing. Morgan
Stanley and other financial groups
declined to comment about Mr Trump.
A Trump campaign spokeswoman
said his criticism of Wall Street had been
focused on the large political donations
and the carried interest loophole, which
reduces taxes paid by hedge fund and
private equity managers.
“Mr Trump is self-funding his cam-
paign and is not beholden to these big
money donors of Wall Street or any
other group,” the spokeswoman said,
arguing that such donations often influ-
ence and control “all-talk, no-action
politicians”. She added: “The only spe-
cial interest Mr Trump is beholden to is
the American people.”
To date, this “outsider” rhetoric has
boosted the Trump campaign. He com-
mands 36.5 per cent support in the race
for the Republican nomination in a roll-
ing average of polls by RealClear Poli-
tics, and enjoys a clear lead in the impor-
tant New Hampshire primary.
A banker who has worked on Mr
Trump’s real estate deals said the bil-
lionaire had built good relationships
with Wall Street, capitalising on finan-
★ FINANCIAL TIMES
INTERNATIONAL
Outsider cial professionals’ desire for his busi-
rhetoric: ness. He was also skilled at renegotiat-
Republican ing debt deals, taking advantage of
presidential banks and hedge funds that wanted to
candidate get at least some money back from their
Donald Trump investments.
at a rally in Those skills helped Mr Trump on his
Michigan last first corporate bankruptcy in 1991,
week. Bankers whichinvolvedthedebt-ladenTajMahal
who have casino in Atlantic City. Although he had
worked with personally guaranteed at least $900m in
him say he is Taj Mahal debt, he avoided having to
skilled at declare personal bankruptcy by con-
negotiating debt vincing the banks, led by Chase Manhat-
deals — Carlos Osorio/AP tanBank,torestructure liabilities.
Ayearlater,MrTrump’sPlazaHotelin
New York filed for bankruptcy. Citi-
group stepped in, leading a few lenders
to buy a 49 per cent stake in the prop-
erty. The Plaza was later sold to a group
of overseas investors including Saudi
Prince Alwaleed bin Talal, who recently
became embroiled in a Twitter fight with
Mr Trump over the latter’s plan to ban
MuslimsfromenteringtheUS.
Mr Trump has also sparred with Wall
Street previously. In 2008, he sued
Deutsche Bank and other lenders over a
$640m construction loan for Trump
International Hotel and Tower in Chi-
cago. Mr Trump argued that the finan-
cial crisis prevented him from repaying
the loan to Deutsche and Fortress
Investment in the allotted time.
Deutsche Bank countersued to obtain
repayment. The two sides settled in
2010, with Deutsche extending the
terms of the loan for five years.
Deutsche’s private bank is providing a
$170m loan for one of Mr Trump’s latest
projects, his hotel in Washington DC.
Construction on the Trump Interna-
tionalHotelis tobefinishednextyear.
Mr Trump’s relations with high
finance were more amicable in 2009, on
his last corporate bankruptcy. Trump
Hotels & Casino Resorts, having previ-
ously emerged from bankruptcy protec-
tion in 2005, fell into trouble again
under the new name of Trump Enter-
5
‘He’s almost tainment Resorts. Mr Trump teamed up
with Avenue Capital, the hedge fund
one of us, at founded by Marc Lasry, to beat back a
least in a takeover attempt by Beal Bank and Carl
business Icahn the activist investor. The plan he
and his hedge fund allies put forward
sense . . . was endorsed by a bankruptcy judge.
He is But Mr Icahn has held no grudge. He is
totally backing Mr Trump for president — and
even briefly accepted his offer to be sec-
comfortable retary of the Treasury.
around “Donald probably has had more
Wall Street extensive dealings with Wall Street than
any of the others,” said Wilbur Ross, the
and bankers’ billionaire investor who advised bond-
holders in Mr Trump’s first bankruptcy.
“But so far there have not been any
novel points of view from him on the
topic, except that at one point he indi-
cated he might appoint Carl Icahn as
secretary of the Treasury.”
“Carl is certainly one of the most suc-
cessful hedge fund operators, so I would
guess that Donald is not condemning
the whole breed.”
6 ★ FINANCIAL TIMES Tuesday 29 December 2015
Tuesday 29 December 2015 ★ FINANCIAL TIMES 7
8 ★
Fight against Isis
Iraqi forces claim victory in Ramadi
Control of key complex
confirmed but security in
parts of city still in doubt
SHAWN DONNAN AND SAM FLEMING
WASHINGTON
NOAM RAYDAN — BEIRUT
Iraqi forces appeared poised to regain
control of the city of Ramadi yesterday
in what would mark their most signifi-
cant victory against Isis fighters to date,
although analysts warned myriad diffi-
culties still lie ahead.
State television broadcast footage of
government soldiers raising the Iraqi
flag over Ramadi’s main government
complex while a Sunni politician said
Isis fighters were fleeing the city
towards rural areas. But questions
remain about how much of the city,
which Iraqi forces were forced to aban-
don in May, is under government con-
trol — and just how much of the city is
left for civilians to return to.
“Militarily speaking, we can say that
Extreme weather causes chaos around the globe
Scientists say man-made
warming is amplifying natural
patterns and El Niño effect
CLIVE COOKSON — SCIENCE EDITOR
Two weeks after the Paris agreement on
an international effort to fight climate
change, extreme weather across the
world is illustrating the impact that glo-
bal warming is having, in combination
with natural climatic variability.
Record December warmth is affecting
large areas of the northern hemisphere,
including most of Europe and the east-
ern US, while severe flooding hits places
from Paraguay to the north of England.
Climate scientists pin responsibility
for the exceptional weather on man-
made warming, combined with random
variability and El Niño — the natural
heating of the tropical Pacific Ocean that
occurs every few years.
David Rooke, an expert on flooding
and deputy chief executive of the UK
Environment Agency, said yesterday
that flood preparations needed a “com-
plete rethink” as a result of climate
change. “We are in a period of known
extremes and we are moving into a
period of unknown extremes,” he told
BBC Radio.
The World Meteorological Organisa-
tion expects the global average temper-
ature this year to hit a record high —
“the symbolic and significant milestone
of 1C above the pre-industrial era” — as
carbon dioxide and other greenhouse
gases resulting from human activities
trap more heat in the atmosphere. The
Paris accord called on governments to
contain global warming to 1.5C, with 2C
as an outside limit.
The UK Met Office says the world is
likely to become even warmer next year,
barring an event such as a large volcanic
eruption that pumps cooling dust into
the atmosphere. Professor Adam Scaife,
head of long-range prediction at the Met
Office, said: “This forecast suggests that
by the end of 2016 we will have seen
three record, or near-record years in a
row for global temperatures.”
Scientists resist making a direct
causal link between global warming and
individual weather events but say cli-
mate change tends to increase the inten-
sity of rainstorms because a warmer
atmosphere contains more moisture
and energy. There is 4 per cent more
moisture in the air over the world’s
oceans today than in the 1970s, accord-
ing to Peter Stott, head of climate moni-
toring at the UK Met Office.
Wartime grievance
Tokyo and Seoul agree to settle ‘comfort women’ row, but doubts remain among campaigners
ROBIN HARDING — TOKYO
SONG JUNG-A — SEOUL
Japan and South Korea have agreed to
settle the issue of wartime “comfort
women” in a deal that could transform
ties between the neighbours and
reshape the diplomatic map of east
Asia.
Under the accord, Japan will pay $8.3m
into a fund for surviving victims, based
on “painful awareness” of its responsi-
bilities for the system of forced prostitu-
tion during the second world war.
If the deal endures, it promises the
final settlement of an issue that has
scarred relations between the two main
US allies in east Asia and has provided
an effective diplomatic tool to China.
FINANCIAL TIMES
INTERNATIONAL
the city of Ramadi has fallen back into
the hands of the Iraqi forces,” Sunni pol-
not have lost in the first place is not
going to matter very much if it has been
city of Mosul and analysts yesterday
were urging against misplaced eupho-
itician Jaber Jaberi said. “It is considered
a fallen city because there is no resist-
completely destroyed,” said Anthony
Cordesman, a military expert at the
ria. Michael O’Hanlon, director of
research for the foreign policy pro-
ance from Isis.”
Still, Iraqi forces had yet to enter some
areas of Ramadi where Isis fighters had
Center for Strategic and International
Studies in Washington.
In a statement, Colonel Steve Warren,
gramme at the Brookings Institution,
said the recapture of Ramadi was good
news, but that it also offered a caution-
left explosives behind, Mr Jaberi cau- a US spokesman for the US-led coalition ary tale for what lay ahead in the fight to
tioned, and another Iraqi analyst, battling Isis, said the recapture of the defeat Isis.
Hisham al-Hashimi, said only 14 of the government complex marked a “signifi- The problem in Ramadi was “only
43 neighbourhoods in central Ramadi cant accomplishment” that had been about one-fifth that of Mosul and it took
were under government control. “the result of many months of hard a year to rebuild enough of the Iraqi
Any victory could also be a Pyrrhic work” and hundreds of coalition air
TURKEY
one, with months of heavy bombing strikes.
appearing to have left much of the city According to a US summary of opera-
in ruins, other analysts cautioned. tions, coalition aircraft working with
“Getting a town back that you should Iraqi forces struck several positions in SYRIA
the Ramadi area yesterday, including a
“staging area” for Isis vehicle bombs.
‘It took a year to rebuild The capture of the city centre reverses
Ramadi
enough of the Iraqi army what was a major defeat for the Iraqi
to handle Ramadi . . . so government in May, when Isis fighters IRAQ
drove Iraqi forces out of the city, which SAUD I
the path ahead looks slow’ lies to the west of Baghdad and is the ARABIA
capital of Anbar province.
Isis still holds Fallujah, as well as the 200km
Climate change. Rising temperatures
United States South America
Storms have Floods have
killed 43 forced 100,000
people, people from their
including 11 homes in
deaths caused Paraguay and
by rare neighbouring
December parts of
tornadoes in Argentina,
Texas Uruguay and
Brazil
The Alps Ski
slopes are bare,
with freezing
levels as high as
3,000 metres
December’s warmth in relation to freezing levels in the Alps have been as
long-term averages has been remarka- high as 3,000 metres. St Anton in Aus-
ble in the UK. In England the mean tem- tria has had to cancel its Skiing World
perature of 9.5C is not only 5.1C above Cup races scheduled for January.
average but 2C above the previous While the scientific link between El
record set in 1934 — usually monthly Niño and weather is weak in north-west
temperature records are beaten by a Europe, the impact of warm waters in
1C small fraction of a degree. the Pacific is much stronger in the
The increase in Researchers at Oxford university and southern hemisphere. Parts of South
global temperature the Royal Netherlands Meteorological America are always susceptible to heavy
since the Institute (KNMI) calculated that cli- and prolonged rainfall during El Niño.
pre-industrial era, mate change had made the floods asso- Even so, the extent of current flooding
which the world is
expected to reach ciated with Storm Desmond this month in Paraguay and surrounding areas of
in 2016 40 per cent more likely. The storm Argentina, Uruguay and Brazil is said to
dropped 34cm of rain on Honister Pass be the worst for decades, with more
in Cumbria over a 24-hour period, a UK than 100,000 people forced to evacuate.
100,000 record. In the US the weather story combines
Number of people Throughout Europe, ski resorts are record-breaking warmth in the east
forced to evacuate
across South
lamenting the lack of snow. It is so mild with storms that have killed at least 43
America as a result that even snow-making machines are people in the Midwest and southern
of recent floods unable to whiten the bare brown pistes; states in less than a week. Most remark-
Fumio Kishida, Japanese foreign min- Yun Seung-gil at Tangun National
ister, hailed the deal as “historic and Peaceful Unification Association, a civic
epoch-making”, but some former com- group, said: “We cannot accept the
fort women in South Korea rejected it agreement, which has been settled hast-
because Japan acknowledged no legal ily.”
liability. Disputes over comfort women and
Lee Yong-su, one of the former sex other issues of historical memory have
slaves, said yesterday: “I will completely poisoned relations in recent years
ignore the agreement. There is nothing between Japan and its wartime adver-
in it for the victims. We have been clam- saries in China and South Korea.
ouring all these years for Japan’s official “The issue of comfort women, with
apology and legal compensation for cre- involvement of the Japanese military
ating comfort women.” authorities at that time, was a grave
Masao Okonogi, a professor at Keio affront to the honour and dignity of
university in Tokyo, said the fate of the large numbers of women,” said Mr Kish-
agreement rested on the reaction of ida yesterday at a joint press conference
non-governmental organisations in with his counterpart Yun Byung-se in
South Korea. “If they completely reject Seoul. Former South Korean ‘comfort
the deal, then that’s it,” he said. The language used by Mr Kishida women’ speak out following the deal
army to handle Ramadi,” he said. “So
the path ahead could be slow.”
Sunni-Shia tensions also remained
high, Mr O’Hanlon added, and would
continue to complicate the fight against
the radical Sunnis of Isis.
Ben Connable, a senior international
policy analyst at the Rand Corporation
in Washington DC, said the develop-
ment marked a political and tactical
success in the fight against Isis, demon-
strating the capabilities of the Iraqi
counter-terrorism service.
“The ability to put a flag over the gov-
ernment centre does have some mean-
ing,” he argued. But, he added: “They
are retaking an area that they have lost.
IRAN It is not like we are seeing some great
strategic victory here.”
Baghdad The Iraqi forces still need to take terri-
tory to the north and east of the city to
minimise the risk of future reversals,
Mr Connable added, noting that coping
with the return of displaced former resi-
dents would also be a big challenge.
KUWAIT A year in a word page 11
England
December
temperatures
2C above record
set in 1934
have tempted
daffodils into
flower
‘We are in a able have been some lethal tornadoes,
particularly in Texas; such ferocious
period of twisters are more characteristic of
known spring and summer than December,
extremes and when there is normally less tornado-
generating energy in the atmosphere.
we are The next demonstration of the storm-
moving into a generating power of a warm, wet atmos-
period of phere will be felt across the British Isles
and north-west Europe over the next
unknown couple of days.
extremes’ “We expect stormy conditions to
return midweek,” said Andy Page, Met
Office chief meteorologist, “as an explo-
sively deepening area of low pressure
passes to the north-west of the UK.”
That “explosively deepening” depres-
sion, dubbed Storm Frank, is expected
to cause further flooding in northern
England, Wales and Scotland on
Wednesday, as well as severe gales.
appears to closely reflect the 1993 state-
ment that marked Japan’s previous
apology to comfort women. That sug-
gests Japan has not shifted its position
far — although South Korea has forced
Japan to make it more explicit.
Although the 1993 statement initially
seemed to put the comfort women issue
to rest, with Japan and South Korea co-
hosting the football world cup in 2002, it
flared up again amid revisionist state-
ments by Japanese politicians and law-
suits filed by groups in South Korea.
This year a group of international
scholars wrote an open letter to Shinzo
Abe, Japan’s leader, calling on him to
show leadership over the comfort
women issue.
The letter said the comfort women
Tuesday 29 December 2015
Middle East
Saudi Arabia
to spend less
in next budget
after oil prices
widen deficit
SIMEON KERR — GULF CORRESPONDENT
Saudi Arabia yesterday revealed
spending cuts in its 2016 budget, sub-
sidy reforms and a call for privatisa-
tions to rein in a yawning deficit caused
by the prolonged period of low oil
prices.
The Gulf kingdom has kept oil produc-
tion at high levels in an attempt to force
out higher-cost producers, such as
shale, and retain its market share. How-
ever, this year’s deficit has ballooned to
SR367bn ($97.9bn,) or 15 per cent of
gross domestic product, as oil revenues
fell 23 per cent to 444.5bn riyals.
Seeking to ward off future fiscal cri-
ses, the ministry of finance has con-
firmed wide-ranging economic reforms,
including plans to “privatise a range of
sectors and economic activities”.
Riyadh will revise energy, water and
electricity prices “gradually over the
next five years” to optimise efficiency
while minimising “negative effects on
low and mid-income citizens and the
competitiveness of the business sector”,
it added.
The first reforms will be effective
from today, including an increase in pet-
rol prices, a rise in electricity tariffs for
the wealthiest consumers, a modest
increase in water costs for all and
changes to all energy prices for indus-
trial users.
The success or failure of the reforms
will help define the legacy of King Sal-
man bin Abdulaziz al-Saud and his son,
Deputy Crown Prince Mohammed bin
Salman al-Saud, who is overseeing the
programme.
The kingdom’s austerity and reform
programme, a reaction to the past dec-
ade of profligate spending, has raised
alarm among parts of the country’s busi-
ness community, which is already reel-
ing from this year’s cuts that have trig-
gered widespread delays in government
payments.
Radical reforms to the social contract
between Saudi citizens and the ruling al-
Saud family also threaten discord at a
time when Islamist extremist groups
such as Isis have threatened the coun-
try’s security.
Real gross domestic product this year
is expected to rise by 3.35 per cent, with
the private sector growing at 3.74 per
cent.
“We see real GDP growth decelerating
sharply in 2016, albeit remaining posi-
tive,” said Monica Malik, chief econo-
mist with Abu Dhabi Commercial Bank.
“Non-oil GDP is forecast to moderate
with the lower government spending
feeding into the wider economy.”
The government’s austerity measures
have been accompanied by additional
spending items, such as the Saudi-led
war in Yemen and 88bn riyals in bonus
payments for civil servants when King
Salman ascended to the throne in Janu-
ary.
The 2016 budget envisions spending
840bn riyals in 2016, compared with the
975bn riyals that is forecast to have been
spent this year and 1.14tn riyals in 2014.
Actual spending has outstripped pro-
jections by as much as a quarter for the
past decade, but the government is try-
ing to instil greater fiscal discipline.
Revenues in 2016 are forecast at
514bn riyals, down from 608bn riyals
this year.
The budget projects a deficit of 326bn
riyals in 2016.
The ministry of finance said 20bn riy-
als in “military and security projects”
had contributed to the year’s over-
spending.
The government has pledged to
restrain growth in wages and allowances
that reached 450bn riyals, half of the
allocated budgetary spending for this
year.
system “was distinguished by its large-
scale and systematic management
under the military, and by its exploita-
tion of young, poor and vulnerable
women in areas colonised or occupied
by Japan”.
Rightwingers in Japan, including
many members of Mr Abe’s ruling Lib-
eral Democratic party, dispute that his-
tory. They argue that comfort women
were not forced into prostitution, that
the military was not involved or that
estimates of their numbers are inflated.
Prof Okonogi said Japan and South
Korea would ultimately have to settle
their differences. “Looking at the new
US-China system in the region, they
have to find a new kind of relationship,”
he said.
Tuesday 29 December 2015
Buffeted by the slump in commodities demand, Canberra aims to increase trade with Asia by investing
in underdeveloped regions. But concerns are growing over the dependence on Chinese investment.
T
erry O’Connor beams with
the air of a proud parent at
the 17 hectares of freshly
reclaimed land lying fallow.
The chief executive of the
port of Darwin in Australia’s Northern
Territory has been handed the job of
overseeing the ambitious expansion
plans of China’s Landbridge Group,
which in October paid A$506m
(US$368m) for a 99-year lease to oper-
ate and develop the facility.
If all goes to schedule, the barren land
will soon be a riot of construction activ-
ity as the port’s wharf space is doubled
to accommodate larger vessels and
more refrigerated capacity, bolstering
trade links in a largely overlooked cor-
ner of Australia.
“We will have to triple, at least, our
activity to justify the expansion,” Mr
O’Connor says. “We are building in
anticipation of demand, rather than as a
response.”
To supporters the deal offers an
opportunity to open up the port to grow-
ing Asian markets. Critics, however, see
it as a step too far.
First came allegations from the Aus-
tralian Strategic Policy Institute, a
defence think-tank, that the Shandong-
based company had links to China’s
armed forces, the People’s Liberation
Army — a particularly explosive claim
given that the neighbouring naval base
houses a contingent of US marines, a
deployment that angered Beijing when
announced in 2011. Landbridge has
denied claims it has links to the PLA.
There was further criticism when it
emerged that the deal had not received a
full examination by the country’s For-
eign Investment Review Board. The US,
Australia’s strategic ally, was also unim-
pressed, prompting President Barack
Obama to tell Prime Minister Malcolm
Turnbull in November, to “let us know
next time”.
‘We shouldn’t be selling land
to the Chinese, we should
only lease it . . . And they
should not be allowed to
bring in their own workers’
The backlash not only threatens to
sour relations with Beijing, but it could
also undermine an ambitious push by
the Turnbull government to kick-start
development in the country’s sparsely
populated north. The initiative is cen-
tral to Canberra’s ambition to rebalance
the economy, which is slowing in the
face of the biggest fall in commodity
prices in a generation.
The north of the country — which
stretches across the states of Queens-
land, Northern Territory and Western
Australia — boasts 40 per cent of its land
mass but just 5 per cent of its popula-
tion. Mr Turnbull, who faces an election
next year, wants to increase services and
agricultural exports to Asia. To do that
he needs new roads, rail and port infra-
structure in the north. If his plan is suc-
cessful, it would expand economic
activity from the mining hubs in West-
ern Australia’s Pilbara to the rugged
north.
A weakening Australian dollar is
helping this transition but Chinese
investment and access to its market —
along with those of its east Asian neigh-
bours Japan and South Korea — are criti-
cal to fulfilling his plans.
“The north is only becoming viable
because for the first time in the 200
years since European settlement there
is now a market opening up,” says
Andrew Robb, Australia’s minister for
trade and investment.
Commodity crunch
Fuelled by China’s rapacious appetite
for hard commodities such as iron ore
and coal to build its cities, Australia
enjoyed a decade-long boom. Today,
however, the slowing Chinese economy
has caused iron ore and coal prices to
more than halve since their peak in
2011, cutting the value of Australia’s two
biggest exports and denting corporate
profits and the state budget.
“Don’t underestimate how tough this
is as the budget boom of the past decade
continues to become a budget bust,”
says Chris Richardson, economist at
Deloitte Access Economics. “The world
is paying less for our exports and baby
boomers are retiring. The resultant
pressure on our living standards trans-
lates into matching pressure on the tax
take.”
Australia’s gross domestic product
grew 2.5 per cent in the year to the end of
★ FINANCIAL TIMES 9
FT BIG READ. AUSTRALIA
By Steve Johnson and Jamie Smyth
Northern pivot
Leapfrogging the US China became
Australia’s largest foreign investor in
2013-14, with projects valued at A$27bn
Growth region A$1.2bn of federal
infrastructure spending and A$5bn of
loans have been allocated to the north
Investor test Assets such as Melbourne
port and two New South Wales power
companies will soon be put up for sale
a property company belonging to Chi-
nese billionaire Hui Ka Yan, which was
ordered to sell a A$39m waterfront
mansion in Point Piper, Sydney, for
breaching local rules.
“The [forced] Point Piper sale scared
investors,” says Michael Zhu, a real
estate agent with House 18, which sells
high-end property to Chinese buyers.
“Together with a slowdown in China’s
economy and tighter foreign invest-
ment rules, Chinese demand has fallen.”
The government denies it is singling
out Chinese investment for special scru-
tiny. It can point to a string of recent
deals including China Communications
Construction Company’s A$1.15bn take-
over of builder John Holland and a
A$900m purchase of Hoyts, Australia’s
second-largest cinema chain, by prop-
erty tycoon Sun Xishuang.
“Australia’s history since settlement
has been one where we have relied on
foreign capital because we have thin
capital markets compared to other
developed countries,” says Mr Robb.
“First it was the UK, then the US, then
Japan, but in all my lifetime I have never
seen a farm leave Australia.”
Trading ties with China have not
always been smooth. In 2012 Beijing
protested when the government, under
US pressure, excluded Huawei from bid-
ding to build Australia’s national broad-
band network on national security
grounds. And even though Australia’s
growth has been built on Chinese com-
modity demand, some mining invest-
ments have proved controversial. In
2009 official concerns eventually led to
Bauxite mining September, well below the country’s that this will trigger additional private that 56 per cent of Australians thought ‘The north the unravelling of Chinalco’s proposed
in the Northern trend growth rate of 3-3.5 per cent. The investment from Asia. there was too much Chinese investment A$21bn tie-up with Rio Tinto and
Territory. budget deficit is now forecast at Supporters claim the pivot towards in the country. is only China’s Minmetals’ proposed A$2.6bn
Australia is A$37.4bn in 2015-16, swamping the Asia is already reaping rewards, with “We shouldn’t be selling land to the becoming acquisition of Oz Minerals.
developing a A$2.3bn forecast by the treasury in China leapfrogging the US to become Chinese, we should only lease it,” says a “The Chinese are experienced inves-
new export hub April and underlining the pressing need the largest foreign investor in Australia shopworker in the Queensland city of viable tors and won’t be put off by a knock
for commodities to diversify the economy. in 2013-14. Approvals for real estate, Cairns. “They should not be allowed to because for back and tighter scrutiny,” says Doug
at Darwin port, The government wants to more than manufacturing and other projects have bring in their own workers just because Ferguson, of KPMG Australia. “They
which will be triple the north’s population up to 5m by been valued at A$27bn. they’re cheaper than Australians.”
the first know foreign investment reviews are
operated by a 2060 as part of its push to transform the Scratch beneath the surface, though,
Identity politics
time in 200 just part of the process.”
Chinese group
David Gray/Reuters
region’s tourism, agriculture and energy
sectors. It has committed A$5bn of con-
and concerns over the growing eco-
nomic dependence on Beijing are wide- As a former British colony situated on
years . . . This sentiment will be tested in the
months ahead as critical public infra-
cessional loans and A$1.2bn of federal spread. A recent poll by the Sydney- the edge of Asia, Australia has wrestled there is now structure assets ranging from the Port of
infrastructure spending, with the hopes based Lowy Institute think-tank found with its identity for more than a century. a market Melbourne, Australia’s biggest, to con-
Successive governments have pledged trolling stakes in two New South Wales
Kuala Foreign investment approvals to boost ties with Asia but politicians are opening up’ power companies are put up for sale.
MA L AYSI A not blind to public concerns over Chi-
Lumpur
Singapore
PACIFIC OCEAN Leading countries,
nese investment.
Andrew Robb, History lesson
value in 2013-14 (A$bn) trade and
In November, the federal government Adam Giles, chief minister of the North-
INDONESIA investment
PA P UA NEW 0 10 20 30 blocked several Chinese bids to buy S ern Territory, the regional government
GU IN EA minister (below)
Jakarta Kidman & Co, which controls govern- which negotiated the Darwin port deal
Darwin China ment leased farmland across 101,000 sq with Landbridge, is adamant that it was
Cairns km of the outback, in part because one the right thing to do for an area crying
US of Kidman’s cattle stations lies partly out for investment.
NORTHERN
TERRITORY within the Woomera Prohibited Area, “All of our polling told us that we
Tropic of Capricorn QUEENSLAND Canada
the world’s largest missile testing range, shouldn’t sell the port to the Chinese,”
WESTERN Malaysia in South Australia. he says. “We went ahead and it was the
INDIAN
OCEAN
AUSTRALIA AUSTRALIA “There is a lack of trust in Chinese best decision we have ever made.”
Singapore state companies, and the Chinese state Mr Giles’s office says Landbridge has
Sydney
in general [in Australia],” says Kerry committed to A$35m of investment
Canberra Netherlands
Brown, professor of Chinese studies at over the first five years and a projected
1,000 km Melbourne Kings College London, who previously investment of more than A$200m over
Source: Foreign Investment Review Board worked at Sydney University. “I suspect the next 25 years.
in the future that Chinese investment The federal government also aspires
will not be able to stir without immedi- to northern Australia becoming the
Moving in Jeffrey Zhou, general manager of Yichang Territory’s minister for Asian ate public interest and scrutiny.” “food bowl” of Asia, selling “clean,
Darwin Tianyu Commercial & Trade Company, a engagement and trade, remains A shift in China’s investment focus green” produce to a rapidly growing
Hubei-based wine importer and resort optimistic, arguing that in Asia “people from mining towards more sensitive Asian middle-class alarmed by food
opens operator, has a simple answer for why only do business after three cups of sectors such as agricultural land, infra- scares, especially in China.
‘front door’ relatively few Chinese investors are doing tea . . . There’s a lot of people in town structure and agribusiness has Previous attempts to develop the
to deals business in northern Australia. now for their second cup.” prompted authorities to toughen invest- north of the country have, however,
with Asia “It’s how they market themselves,” says An equally relaxed Josh Frydenberg, ment rules. ended in failure, and Mr Robb is alert to
Mr Zhou. “They call it Outback Australia, appointed in September as the first- In July, the government, under pres- the history lesson. “People from other
it should be Front Door Australia. ever federal minister for northern sure from the powerful farming lobby, parts of the world have come and
Mainland Chinese [companies] don’t Australia, says “this is a long-term cut the threshold at which private thought it was the last frontier, but spent
realise that Darwin is so close.” project. We are not thinking of the acquisitions of rural land by most for- a lot of money and gone broke.”
It may take more than location to next five years, we are thinking of the eign buyers would need FIRB approval The trade minister argues that the
secure investment into the region. next 15-20 years.” from A$252m to A$15m. The threshold emergence of what he calls “the pre-
Asian heavyweights such as China Some activity is evident. Mr Zhou is for agribusiness deals was cut to A$55m. mium markets on our doorstep” — an
Merchants Group, Korea Development a minority investor in a proposed There has also been a crackdown on allusion to an Asian middle-class that is
Bank, Japan’s Sumitomo Mitsui and A$110m scheme to build a 300-bed property ownership rules, which pre- forecast by the Brookings Institution to
Khazanah Nasional Berhad, the Malaysian Shangri-La hotel in Darwin, even if he vent most non-residents buying grow from 600m to 3bn by 2030 —
sovereign wealth fund, were among 250 complains of high costs in Australia. established properties. The gives this initiative a greater
foreign investors from 20 countries at a He is not alone according to Mr Australian Taxation Office is chance of success.
recent investment conference in Darwin Frydenberg, who says a number of investigating 500 potential “This is the biggest area in
organised by the federal and local consortiums are touring potential breaches of foreign invest- the developed world that is
governments. There was little sign, hotel sites. “Darwin wants to build a 6- ment laws involving more undeveloped,” he says. “If
however, that interest was translating star hotel. In 10 years’ time there will than A$1bn in property you come back [to Dar-
into deals. Peter Styles, the Northern be three,” he says. investment. The first win] in 10 years’ time you
high-profile casualty was won’t recognise it.”
10
TUESDAY 29 DECEMBER 2015
Britain’s gamble on the
national living wage
UK’s success with minimum pay should not be taken for granted
Some accused businesses and econo-
mists of excessive caution when they
reacted anxiously to George Osborne’s
announcement of a new minimum
wage last summer. After all, a national
wage floor has been one of the UK’s
most successful policies, all but ending
exploitative pay since its introduction
in 1999 and becoming a prime example
of how a minimum wage need not
destroy jobs. Some doubts about the
new policy are in order, however. With
his “national living wage”, the chancel-
lor may be taking a good idea too far.
Mr Osborne believes that forcing
employers to pay their staff more can
wean Britain off the welfare state. The
new living wage will come into effect in
April, legislating a 50p an hour pay rise
to all minimum wage workers above
the age of 25. By 2020, it will rise to 60
per cent of the median adult pay, on a
par with France.
The move will no doubt be cheered
by workers but employers are less
enthusiastic. Their response when the
rules come in is hard to predict. They
could raise prices or tighten their belts
and accept lower profits. However, crit-
ics warn that wage inflation in an age of
fast, technological change will merely
encourage producers to switch from
expensive labour to machinery. In sec-
tors where such scope is limited, busi-
nesses may be forced to curtail their
activity to rein in their wage bill.
The chancellor’s view is more opti-
mistic. Higher wages could improve
the staff retention in low-skill sectors
where turnover is the largest. Together
with productivity improvements, the
national living wage would make work
pay for firms as well as individuals.
The impressive performance of the
UK’s labour market over the past year
certainly offers a glimmer of hope. The
unemployment rate has dropped to 5.2
per cent, the lowest since 2006. Wages
have regained some ground too, rising
The ebbing of Latin
America’s ‘pink tide’
Revulsion with corruption, not ideology, is the bigger sea-change
Latin America is at a turning point. The
collapse of the commodity supercycle
has ended an almost 15-year bull run
for its economies. The deepening
unpopularity of the continent’s three
most important leftist parties — in Bra-
zil, Argentina and Venezuela — sug-
gests a new political direction too. This
has led to much heady talk about the
“ebbing of the pink tide” — the nation-
alistic, spendthrift and often
immensely corrupt populists that
dominated much of the region for most
of this century. Yet there is a bigger
change taking place in Latin America
today. It has to do with the rise in the
rule of law.
In Venezuela, the ruling socialist
party was thrashed in this month’s con-
gressional elections by voters fed-up
with incompetence, economic crisis
and rampant corruption. In Argentina,
a new business-minded president,
Mauricio Macri, is in office, leaving
Cristina Fernández to retire to the
province of Santa Cruz with the huge
fortune she somehow accumulated as
president. Brazilians meanwhile are
awed at how senior business and politi-
cal leaders are being held to account in
a way they never have before by a
probe into massive graft at state-con-
trolled energy company Petrobras.
This new emphasis on the rule of law
is a major shift for a continent where
elites have long enjoyed impunity. It
reflects an exploding desire among
Latin American citizens for modern
states that recognise the limits of power
and respect constitutional checks and
balances too. (It is no accident that eco-
nomic mismanagement is greatest in
countries where constitutionalism and
rule of law are weakest, like Vene-
zuela.) Popular revulsion with corrup-
tion, amplified by social media, is so
widespread that some even talk about a
“Latin American spring”.
Legal mechanisms other than elec-
by 2.4 per cent annually. The Office for
Budget Responsibility predicts that
only 60,000 jobs in total will be lost to
the living wage.
Still, the government is taking a big
gamble. The benign impact of the mini-
mum wage on the British labour mar-
ket has been a result of the careful con-
sideration of the Low Pay Commission
that was responsible for setting it. By
taking a political decision, Mr Osborne
has overridden this well-tested proc-
ess. Within the first year of the policy
alone, employers will have to find an
additional £1.1bn for wages. If they fail
to adapt, the chancellor may merely
succeed in moving people from low pay
to unemployment benefits.
Higher wages are also likely to attract
workers from abroad, encouraging
immigration at a sensitive time of Brit-
ain’s referendum on EU membership.
Moreover, the belief that a higher
minimum wage will make in-work
benefits obsolete is misguided. Those
requiring state top-ups are not neces-
sarily the same as those on low pay. As
employers postpone pay rises to make
ends meet, the number of those who
need help from the state may rise.
The good news is that the chancellor
is not confined to the sidelines. For one,
making the labour market more flexi-
ble would allow it to absorb large wage
changes. Good transport links and
house prices that do not chain workers
to one location, for instance, would
allow companies to fill their vacancies
faster and with the right people.
The government has high expecta-
tions of its flagship policy. The living
wage is intended to improve the stand-
ing of those on low-paid jobs and kick-
start productivity gains while preserv-
ing the job recovery.
How many of these hopes will be met
remains uncertain but at least some of
the chancellor’s ambitions are likely to
be unfulfilled.
tions with which citizens can voice
their disgust play an important role. In
Brazil, President Dilma Rousseff faces
the threat of impeachment. In Vene-
zuela, the opposition may mount a
recall referendum to remove Nicolás
Maduro from the presidency. In Guate-
mala, a sitting president was arrested
on corruption charges. In Chile and
Mexico, members of the presidents’
families have had their feet held to the
fire by civil society over alleged conflict
of interest abuses.
Such accountability reflects a sea-
change that transcends politics. As
with all radical changes, it brings dis-
ruption. Yet it can also be a vote win-
ner: Mr Macri made stronger institu-
tions and the rule of law explicit cam-
paign pledges to Argentines. In time, it
promises to improve security, reduce
crime and boost the economy.
That is just as well because 2016 will
probably be tough indeed. Next year,
the region’s economy is forecast to
shrink; the first time it will have done
so in 33 years, a brief dip in the after-
math of the 2008 global financial crisis
aside. Meeting the aspirations of the
region’s “new middle class” will be
especially hard in these circumstances.
So, too, maintaining the fragile coali-
tions that brought the opposition to
power in Argentina and Venezuela. It
will be a bumpy ride, with many
reversals.
All the more important, then, that
the rules of the game are strengthened
and respected. Doing so will attract
much-needed investment and help the
region’s economies better adjust to a
world of low commodity prices.
That, at least, is the hope. As with all
hopes, there will doubtless be disap-
pointments that feed cynicism and
desperation. Some countries will move
forward, while others regress. Yet there
is good reason to expect progress over-
all amid the turning tide.
★ FINANCIAL TIMES
Campuses have a duty to offer a welcoming environment
Sir, Your editorial about the
controversy over a statue of Cecil
Rhodes at Oriel College, Oxford,
(December 23) misunderstands the
significance of monuments to historical
figures. They are not simply exercises
in education but statements about
power — the power to shape the public
representation of history. They reflect
the values of persons in authority,
including whom they deem worthy of
emulation. It is not surprising that non-
white Oxford students find a statue of
Rhodes offensive, just as many Yale
students object to a college there
named after John C Calhoun, perhaps
ECB has tools to help ease
demands on Greece
Sir, Public creditors such as Germany
are largely responsible for the “endless
Greek crisis” (Comment, December
23). The austerity policy has weakened
Greece’s public and private demand.
From 2010 to 2014, Greek gross
domestic product fell by 25 per cent.
When the GDP decreases, the ratio of
debt to GDP rises: thus, the austerity
demands of public creditors has
increased the Greek debt ratio to 177
per cent. In 2007, before the financial
crisis, it was still at 103 per cent.
Even if the €90bn of Greek debt to
Germany were written off entirely,
Germany would still benefit. A study
from the Halle Institute for Economic
Research shows that Germany has
saved more than €100bn through the
eurozone crisis. This is due to interest
savings from switching to German
bonds. For a debt cancellation by the
IMF, however, non-EU countries such
as Japan, Brazil and also African
countries would have to pay their part.
There is a better way: write off debts
with the ECB. Central banks can
technically easily write off debts by
buying government bonds and
permanently recording them on their
balance sheet. This is possible because
central banks can — in their own
currency — create money. It is a huge
advantage that the Greek debt was
incurred in euros. The ECB has already
gone down this route in Ireland in
2013, where it was agreed that the
Central Bank of Ireland could exchange
maturing loans that were incurred
during the bank bailout for other
bonds at more favourable conditions.
Suleika Reiners
Policy Officer for Financial Reform,
World Future Council,
Hamburg, Germany
EU politicians must define
ideals on integration
Sir, In “Europe’s decline is a global
concern” (December 22) Tony Barber
spells out many of the weak areas the
EU has allowed itself to drift into and,
in my view, the most important lies in
his comment: “Rousing appeals from
political leadership for a more efficient
and closely integrated EU turn out to
be mere lip service to an ideal.”
Therein lies both the cause and
potential solution to the EU’s many
problems. No political leader has yet
spelt out what that “ideal” or
“integrated EU” actually is. Is an ideal,
integrated EU a unitary state like
France, a federation like Germany or
the US or a confederation like
Switzerland? The EU started out as an
India’s
impermanent
residents
New Delhi
Notebook
by Amy Kazmin
Letters
the most prominent American theorist
of slavery and white supremacy. One
would hardly blame German students
who objected were there still statues of
Hitler at universities, or colleges
named after Goebbels.
In the US, at least, venerable names
are routinely dispensed with for
monetary reasons. When I attend a
performance of the Metropolitan
Opera at the Lincoln Center in New
York, I pass the New York State
Theater, recently renamed the David
Koch Theater in honour of an
ultraconservative billionaire, and
David Geffen Hall, after a music mogul
‘I only really came in to detox’
association of nations — an economic
grouping — and worked quite
efficiently that way until these greater
political, but never defined, concepts of
closer integration arose.
Until such an end destination is
clearly defined and agreed by each
member state, via referendums — a
democratic process feared and avoided
by the EU’s political leadership — the
EU will continue wandering aimlessly
down the road of decline, dragging
global growth potential down with it.
James Hanshaw
Zurich, Switzerland
Faith-based investment
offers enduring returns
Sir, My advice to Scrooge is to keep
faith with his investment in Santa
Claus (“Scrooge’s hedge fund letter to
Santa Claus”, December 24). In a
competitive market, holding off the
challenge from its great rival
secularism, faith has done pretty well.
It is estimated that across the world
around 4bn people identify with a
faith. One chairman of Faith Inc, God,
has been written off as an irrelevance
but he still remains popular,
particularly outside Europe.
Condemning faith as irrelevant is
nothing new. Fifty years ago, the
prevailing view among sociologists was
that faith was on the wane yet the
opposite has happened, with a sharp
rise in religious affiliations, practices
and beliefs. As the sociologist Peter
Berger said in The Desecularisation of the
World, in 1999: “The world today, with
some exceptions . . . is as furiously
religious as it ever was, and in some
places more so than ever.”
For any wavering investors, keep
faith with Santa Claus and religion.
Zaki Cooper
Trustee, Council of Christians and Jews,
London W1, UK
Friends of mine — a European couple
who have been in India for more than
15 years, and whose two children were
born here — recently left Delhi to go
back to Europe for the holidays. They
hope to return by the time school
starts up again in January. But they
aren’t so sure they will.
The reason for their doubt is that,
along with celebrating the holidays,
they have to deal with a bit of
bureaucracy: reapplying for new visas
back in what India’s government
refers to as their “home country”,
whose passports they still carry.
Despite my friends’ long tenure
here, and the fact that the husband
owns a Delhi-based design company
employing 12 Indian professionals,
New Delhi still requires them to
return to Europe every five years for
their permission to live in India to be
reassessed. That is because there is no
path to legal permanent residency for
foreigners who are not of Indian
ancestry, except through marriage or
by giving up their original citizenship
to become naturalised.
Much like Israel’s “right of return”
for Jews around the world, India opens
its doors to foreign nationals of ethnic
Indian origins, provided neither they
nor their ancestors come from what
are now Pakistan or Bangladesh.
Foreigners of Indian ancestry are
considered “Overseas Citizens of
India”, allowed to live and work here
indefinitely without giving up their
foreign citizenship, although they
cannot vote or run for office. The
ethnic diaspora is seen as “umbilically
who recently purchased the right to
rename Avery Fisher Hall. Across the
Hudson River in New Jersey, the
Brendan Byrne Arena, named for a
former governor, is now the Izod
Center, after a sportswear company.
Why do name changes like these not
arouse the same outcry as those meant
to combat the public celebration of
racism?
I urge my history students to
remember a proverb: for example is
not proof. A few instances of students
overreacting to perceived slights does
not demonstrate that freedom of
speech is imperilled on campuses in
Trusted models struggle to Brussels held back by
fend off economic storm its ‘babu bureaucracy’
Sir, There is a very simple reason why
Professor Cornelius Hurley’s eminently
sensible call for regulators to be
required to explain their actions in the
2008 financial crisis to the public
(Letters, December 24) has not been
pursued. It is that at the root of the
response of the US Treasury and the
Federal Reserve to the crisis, and
indeed the basis of their management
of the US economy for several decades
before, lay their unquestioning belief in
the validity of the equilibrium-tending
macroeconomic model, the so-called
dynamic stochastic general
equilibrium model. This had for many
years gained the status of a prevailing
orthodoxy in economics and more
realistic analyses (eg, those of Hyman
Minsky) were systematically ignored.
Yet in a broadcast on CNBC in October
2011, former Fed chairman Alan
Greenspan made the extraordinary
admission that “all our models failed —
all, across the board”.
The DSGE model still dominates
macroeconomic policymaking. An
unwillingness to question the model
and the regulators who persist in
supporting it seems increasingly like a
desire not to rock the boat while the
storm continues to rage.
Giles Conway-Gordon
Ronan, MT, US
Nord Stream 2 reduces
security of EU gas supply
Nord Stream 2 does not diversify the
EU energy supply and routes. The
project aims at exactly the opposite —
it would concentrate more pipelines in
the existing gas export corridor leading
to Germany.
In the past 15 years, Russia has built
two export pipelines (Yamal-Europe
and Nord Stream) capable of delivering
85bn cubic metres (bcm) of gas per
year to Germany. Nord Stream 2 would
add another 55 bcm/year. With Nord
Stream 2 commissioned, more than 90
per cent of the total Russian gas
exports to the EU would go to or
through Germany. Last winter Moscow
did not like the reverse gas sales from
the EU to Ukraine, and Gazprom
“punished” Europe by reducing the
daily flows of Russian gas to the west.
Now imagine what may happen if Nord
Stream 2 is in place and a German
judge rules in favour of the
shareholders of Yukos? Or if the
German Chancellor does something the
Kremlin does not like?
Mikhail Korchemkin
President, East European Gas Analysis,
Malvern, PA, US
connected” to the Motherland.
But foreigners who don’t have
Indian blood, and are not married to
someone who has, are not accorded
such privileges, no matter how long
they’ve been in the country, or how
much they’ve invested in building a
business. Long-term foreign residents
are treated with suspicion. Their visas
come with varying inconvenient
conditions — such as having to leave
the country every six months (for
those on business visas), or returning
to their “home country” annually or
every five years to reapply, often with
changing documentation
requirements.
“I just had no idea if I was ever going
to be allowed back in this country,”
one long-term American resident,
who has owned a business here for
two decades, recalled after a vexing
recent visa run to the US. “It was the
worst feeling of my life.”
The only way for a non-ethnic
Indian foreigner to obtain long-term
residency rights (apart from
marriage) is to become a naturalised
Indian after seven years here. But — in
common with other countries such as
Austria, China and Norway — India
does not permit dual nationality so
they have to relinquish their original
citizenship.
That is a step few want to take —
with rare exceptions such as Italy-
born Congress party leader Sonia
Gandhi, widow of the former prime
minister Rajiv Gandhi, and prominent
Belgium-born economist Jean Drèze.
“There is no halfway house in
Tuesday 29 December 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
the US or the UK. As a graduate of Oriel
College and an honorary fellow, I
applaud the college’s effort to create an
environment that will make non-white
students feel more welcome.
Eric Foner
DeWitt Clinton Professor of History,
Columbia University,
New York, NY, US
Sir, If statues imply veneration, Cecil
Rhodes doesn’t warrant that . So take
him (and his ilk) down and study them
instead.
Peter Doyle
Washington, DC, US
Sir, It is not just India that suffers from
“the strangler vine of India’s babu
bureaucracy” (December 22). Today I
sought to contact someone quite high
up at the European Commission. In an
office with six people, no one picked
up. After the phone switching several
times, I ended up at the commission’s
general switchboard. There I was told
that I shouldn’t be surprised that no
one was picking up because, “we are
going to be closed tomorrow”. And
when I said, but it is today, I was met
with the response, “but they’re on
holiday today”.
It seems as if Brussels has its own
babu bureaucracy.
Bernard Casey
Twickenham, Middx, UK
Different rules apply
Sir, Leo Lewis points to the attraction
of a small, fresh beer (December 23).
I am reminded that even classic
financial-incentive economics does not
always apply to drinking. My daughter
worked in an English-style bar in Paris
where two pints in happy hour cost the
same as two halves or demis. To her
surprise, the locals would frequently
turn down the large beers in favour of
two consecutive halves: they were
more costly but fresh.
Alan Higgins
London SW1, UK
A test of true philanthropy
Sir, True philanthropy does not seek
tax breaks, names on institutions or
recognition in any form (Letters,
December 24). Ostentatious charitable
giving has turned into a vehicle for
burnishing one’s reputation and
standing — a taxpayer-subsidised, self-
congratulatory victory lap, if you will,
after cleaning up in the financial
contest of life. Doing good deeds should
be its own reward.
David R Martin
Atlanta, GA, US
Postmodern probabilities
Sir, In your discussion of possible
developments after the Spanish
election, you finely consider four
options (“Spain eyes options to mend
shattered system”, December 22). But
you give them probabilities that add up
to 9/5. I think this may be too much,
even for four options. Does it imply a
new kind of postmodern maths that I
may have missed?
Prof Josep Colomer
Washington, DC, US
India,” one official told me. “They
have to choose which country they
love more. You can’t say we love India,
but we love Britain more.”
Such a stand is ironic, given how
many Indian citizens obtain legal
permanent residency in the US and
UK without having to give up their
original citizenship. According to the
US Department of Homeland Security,
more than 600,000 Indian citizens in
the past decade received green cards,
which allow them to live and work in
the US indefinitely, without forfeiting
their Indian citizenship. In 2013, the
UK granted indefinite leave to remain
— essentially permanent residency —
to more than 26,000 Indian citizens.
But India offers no such welcome to
foreign residents. “You can invest, but
there is no long-term security,” my
European, Hindi-speaking friend
griped while packing last week.
Mark Runacres, a former British
diplomat who now owns an executive
search firm in India, believes New
Delhi’s approach is a legacy of its
autarkic past. “As far as they were
concerned, there was only one
circumstance in which foreigners
came and that was if their employers
sent them,” Mr Runacres said. “They
simply didn’t think in terms of foreign
business people who wanted to come
here and set up businesses.”
As India seeks to promote itself as a
dynamic and creative global economic
hub, it could do with a more
welcoming approach to global citizens.
amy.kazmin@ft.com
Tuesday 29 December 2015
POLITICS
Janan
Ganesh
B
ritain’s baroque system of
honours rarely decorates the
kind of punter to whom Lyn-
ton Crosby, the political strat-
egist, has devoted his life’s
work. The system assumes that a char-
ity grandee or municipal executive nec-
essarily serves their community better
than the proprietor of a printing firm in
a Bracknell business park who employs
12 locals.
The wonder is not that Mr Crosby
might receive a knighthood in the new
year, at the recommendation of David
Cameron, the prime minister he served
so well, but that he would care for one. If
The year of
anxiety and
strongmen
FOREIGN AFFAIRS
Gideon
Rachman
I
n 2015, a sense of unease and fore-
boding seemed to settle on all the
world’s major power centres. From
Beijing to Washington, Berlin to
Brasília, Moscow to Tokyo — gov-
ernments, media and citizens were
jumpy and embattled.
This kind of globalised anxiety is unu-
sual. For the past 30 years and more,
there has been at least one world power
that was bullishly optimistic. In the late
1980s the Japanese were still enjoying a
decades-long boom — and confidently
buying up assets all over the world. In
the 1990s America basked in victory in
the cold war and a long economic
expansion. In the early 2000s the EU
was in a buoyant mood, launching a sin-
gle currency and nearly doubling its
membership. And for most of the past
decade, the growing political and eco-
nomic power of China has inspired
respect all over the world.
Yet at the moment all the big players
seem uncertain — even fearful. The only
partial exception that I came across this
year was India, where the business and
political elite still seemed buoyed by the
reformist zeal of prime minister Naren-
dra Modi.
By contrast, in Japan, faith is fading
that the radical reforms, known as Abe-
nomics, can truly break the country’s
cycle of debt and deflation. Japanese
anxiety is fed by continuing tensions
with China. However, my main impres-
sion from a visit to China, early in the
year, is that this too is a country that
feels much less stable than it did even a
OPINION
Constanze
Stelzenmüller
W
hen Germany joins a
military campaign, that
is news. So when Berlin
recently signed up to
the coalition against the
militant Islamists of Isis (something it
had previously ruled out), the world
took note.
Among states, willingness to fend off
threats or pursue the national interest
with force is akin to proof of machismo.
Germany’s postwar reluctance has sad-
dled it with the reputation of being —
take your pick — shackled by remorse
for the second world war and the Holo-
caust, a feckless security free-rider with
a gimlet eye for deals with dictators, or a
vegetarian post-Kantian pacifist. Forget
Politics should be about fear not hope
steering a Conservative election cam-
paign that was universally panned until
the night of the result did not bring its
own reward, then scrambling the egos of
a puffed-up commentariat surely did.
The best case for knighting the Aus-
tralian is to stick up for a style of politics
that is slandered too often. Mr Crosby
specialises in what his simpering vic-
tims call the “politics of fear”. This
seems to be code for identifying what
voters care about — sometimes crime,
sometimes immigration, almost always
the economy — and pitching your candi-
date as the safe bet on those subjects.
He cannot make people fear anything
they do not already fear, but merely for
taking their existing fears seriously
instead of plying them with “positive
ideas” and “optimistic visions”, political
romantics reserve for Mr Crosby their
bitterest distaste.
The lesson of 2015 was the lesson of
2014, the year that “Project Fear” saw
off Scottish independence. It will also be
couple of years ago. The era when the
government effortlessly delivered
growth of 8 per cent or more a year is
over. Concerns about domestic financial
stability are mounting, as the upheavals
in the Shanghai stock exchange over the
summer revealed.
However, the main source of anxiety
is political. President Xi Jinping’s leader-
ship is more dynamic but also less pre-
dictable than that of his predecessors.
Fear is spreading among officials and
business people, who are scared of being
caught up in an anti-corruption drive
that has led to the arrest of more than
100,000 people.
The slowing of the Chinese economy
has had global ramifications. When
China was fuelling a commodities
boom, Brazil was pulled along like a
water-skier attached to a speedboat.
This year, though, the Brazilian econ-
omy sank beneath the waves, contract-
ing by 4.5 per cent. President Dilma
Rousseff has been caught up in a corrup-
tion scandal amid attempts to impeach
her.
The mood in Europe is also bleak. The
year was framed by two bloody terrorist
attacks in Paris. The economic crisis
that has bedevilled the continent for
several years threatened to come to a
head in July, as Greece teetered on the
edge of expulsion from the eurozone.
Meanwhile, Germany — which has
stood out as a beacon of political and
economic strength — is now struggling
to cope with the arrival of more than 1m
refugees, mostly fleeing conflict in the
Middle East. The euro had already cre-
ated divides between Germany and the
nations of southern Europe, and the ref-
ugee crisis has driven a wedge between
it and countries to the east. Meanwhile,
Britain is threatening to leave the EU
and French voters are turning to the far-
right in ever greater numbers.
If you judge by the economic figures,
Germany’s homeopathic contribution to western might
our economic heft and newly muscular
diplomacy: in military terms, our allies
see us as Europe’s metrosexual power.
They have a point. Germany inched
its way into post-cold war military
deployments (Somalia, Bosnia, Kosovo)
only cautiously and slowly. It refused to
join US-led coalitions to depose Iraq’s
Saddam Hussein or Libya’s Muammer
Gaddafi — the latter despite the fact that
the operation was sanctioned by a UN
Security Council resolution and interna-
tional law.
Less well known is the fact that since
1999 Germany has committed thou-
sands of troops to Nato and EU missions
in the Balkans, Congo, Mali and Afghan-
istan (where three dozen German sol-
diers have died in combat). It is arming
the Kurds in northern Iraq, and in
response to Russian aggression it is
doing its bit in Nato’s reassurance opera-
tions in eastern Europe. The defence
ministry is conducting its first full-on
review in 10 years. The primary post-
★ FINANCIAL TIMES
Comment
the lesson of 2016, when a dry, technical
campaign against Brexit wins zero
friends but a plurality of votes in the
probable referendum. Negativity
works.
Function, though, can never be all.
Playing on people’s fears is not just
effective, it is also right. Fear is a
respectable emotion that is hard-wired
into us as a design feature, not a glitch.
We are meant to feel it.
We fear heights and enclosed spaces
because they really have the potential to
harm us. Out of the same sense of pru-
dence, we feel nervous when politicians
talk up a new egalitarian economy or
the break-up of the UK or a freer life out-
side the EU.
That some of our fears are misplaced
does not make the emotion unsound, or
electoral appeals to it somehow sordid.
Our distaste should be saved for the
opposing kind of politician — those who
propose drastic change while shirking
the burden of showing that it is safe:
the US should be an exception to all this
gloom. The country is in the sixth year
of an economic expansion. Unemploy-
ment is about 5 per cent. The US domi-
nates the internet economy. And yet the
public mood is sour. The prospect that
the Republicans, one of America’s two
great political parties, might genuinely
nominate Donald Trump, a boorish
demagogue, as its candidate for the
presidency, does not suggest that the US
is at ease with itself. Indeed, Mr Trump’s
entire campaign — and that of his main
rivals for the GOP nomination — is
based around the idea that America is in
The biggest common
factor is also the hardest
to pin down — a bubbling
anti-elite sentiment
cold war taboo was breached this year,
however, when Wolfgang Schäuble,
finance minister, announced a 6.2 per
cent rise in the defence budget by 2019
— huge by German standards.
Still, the contribution of elderly re-
connaissance jets, refuelling aircraft, a
frigate and 1,200 military personnel is
at best a homeopathic contribution to
the military coalition. Germany could
do more — like the US it could, for exam-
ple, deploy some of its special forces.
The gesture’s main thrust, indeed, is
political: to close ranks with France, fol-
lowing President François Hollande’s
invocation of the EU’s solidarity clause
after last month’s attacks on Paris. That
is no bad thing. It proves Berlin’s com-
mitment to its oldest and closest Euro-
pean ally at a time when EU solidarity
has been undermined by the refugee
crisis. Yet it also illustrates Germany’s
fundamental power dilemma: without a
strategy, the military instrument is rele-
gated to a tactical signalling tool.
Labour’s previous leader, Ed Miliband,
who longed to replace Anglo-Protestant
capitalism with, well, something nicer;
the Scottish Nationalist Alex Salmond
with his haziness on little matters such
as the currency; the eurosceptics who
ask us to take their word that Britain
could negotiate a better deal outside the
Our distaste should be
saved for those who
propose drastic change
but fail to show it is safe
EU than Switzerland or Norway. These
people are more contemptuous of the
average voter than Mr Crosby on his
worst day.
The politics of hope has a spurious
respectability but reeks of snake oil. It
elides good intentions with good out-
comes and treats the status quo as a
dangerous decline. Beyond these local
factors, are there common elements
behind this global unease? Clearly, the
world economy has not fully recovered
from the financial crisis. There is also a
widespread fear that, after years of
highly unorthodox monetary policy,
another financial or economic crisis
might be building.
On the political and security front, the
implosion of the Middle East continues.
Outside powers have proved unable to
restore order to the region and are find-
ing that disorder is spreading to Africa
and Europe, in the form of refugees and
jihadi terrorism.
The biggest common factor is also the
hardest to pin down — a bubbling anti-
elite sentiment, combining anxiety
about inequality and rage about corrup-
tion that is visible in countries as differ-
ent as France, Brazil, China and the US.
In America and Europe, such com-
Germany is not alone in this. All west-
ern states (the US included) are strug-
gling to articulate security strategy in
the face of increasing interdependence,
competition and violent friction. Two
potent examples are the Middle East,
where the postwar regional order is dis-
integrating; and the post-Soviet order in
Never, ever forgo ambiguity
— the spectrum of possible
responses to threats such as
Isis must include force
Eurasia, which is hanging on by a
thread.
Calling for “political solutions” the
reflex of German diplomats (and of the
administration of US president Barack
Obama) acknowledges that these are
complex problems rooted in fragile
political ecosystems. Mr Obama and
baseline that can only be improved on.
For normal people in the actual world,
the status quo is superior to many plau-
sible alternatives. Things can be made
worse not just better by well-meaning
politicians.
“The last time they met a punter,” said
Mr Crosby of his critics after May’s gen-
eral election, “was when they picked up
their dry cleaning”. Those who disdain
the element of fear (Canada’s prime
minister, Justin Trudeau, is a topical
example) tend to do so from a great
height, as if there is something below-
stairs about worrying for one’s safety or
job when there are so many big ideas to
be moved by and noble crusades to join.
They also conflate fearful politics with
extremism. It is truer to say that fear (of
social change, wage competition, out-
siders) is what propels fringe parties;
fear (of incompetent government) is
what ultimately stops them being
trusted with power.
Mr Crosby did not win the general
plaints are often linked to a pervasive
narrative of national decline. These
social and economic anxieties have
political side effects, fuelling a demand
for “strong” leaders, such as Mr Xi, Mr
Trump or Vladimir Putin of Russia, who
promise (however hypocritically) to
tackle the corrupt elites, fight for the lit-
tle guy and stand up for the nation.
The global gloom makes the interna-
tional political system feel like a patient
that is still struggling to recover from a
severe illness which began with the
financial crisis of 2008. If there are no
further bad shocks, recovery should
proceed gradually and the worst politi-
cal symptoms may fade. The patient is
vulnerable, however. Another severe
shock, such as a major terrorist attack
or a serious economic downturn, could
spell real trouble.
gideon.rachman@ft.com
German chancellor Angela Merkel dis-
play a healthy scepticism towards quick
military fixes. Their shared weakness is
that they underestimate the value of
hard power strategically deployed.
With an adversary that sees dialogue
as a sign of weakness, only deterrence
creates spaces for negotiation. Many
Germans were convinced that deter-
rence was made obsolete by the fall of
the Berlin Wall. Now is the time to think
again — and in fact to rethink the con-
cept altogether. Both Isis and Russian
president Vladimir Putin seek to
contest and thwart the western liberal
order by exploiting our main vulnera-
bility and our greatest strength: our
open societies.
Modern deterrence thus starts at
home: we must make our democracies
more resilient. But it does not stop
there. It must also make clear that our
allies are untouchable; attacks on the
stability of our neighbourhoods and the
free agency of their civil societies offend
11
election for Mr Cameron. He brought
organisational shape and analytic rig-
our to a candidate who, given the com-
petition, should have won anyway.
This foreigner, however, reads our
country better than most native pun-
dits. Too many have what the French
called déformation professionelle, the ten-
dency of those immersed in one line of
work to see everything through that
lens. Because they are passionate about
politics, they believe voters are too, or
can be if inspired.
Mr Crosby knows we are passionate
about securing what we have worked
for. We respond to cold, instrumental
politics because it takes us seriously.
The typical Briton is precarious: an
interest rate rise at the wrong moment
or the deterioration of their local state
school can wound them irrecoverably.
You do not need to have a lot to fear los-
ing it.
janan.ganesh@ft.com
2015:
A year in a
word/n.
Isis
(noun) a jihadi organisation that
controls swaths of Iraq and Syria.
Also known as Daesh, Isil or Islamic
State. The Arabic term Daesh is an
acronym for al Dawla Al Islamiya fil
Iraq wal Sham. It translates into
English as “Islamic State of Iraq and
Syria” — Isis — or “Islamic State of
Iraq and the Levant” — Isil. Likes to
be known simply as Islamic State —
or IS
Isis burst on to the jihadi scene as a
separate group in 2013, after
splitting from the al-Qaeda branch
operating in Syria. It has since set
itself apart from its sister
organisation with a grandiose and
dubious project of state-building —
and more monstrous levels of
brutality.
Its command centre is in war-torn
Syria but the gravity of the threat it
poses became apparent when it
overran Mosul, Iraq’s second city, in
June 2014, and got close to Baghdad.
Its focus on state-building and a
sophisticated social media strategy
have attracted thousands of western
recruits to a self-proclaimed
“caliphate”, and inspired others to
instigate attacks against “infidels” in
their home countries. At first Isis’s
agenda seemed largely focused on
the region but it has expanded into
global jihad: the group is thought to
have ordered the Paris attacks.
Isis funds itself through its control
of oil wells. It levies taxes and
confiscates property. The Financial
Times estimates revenues over the
past year to be more than $900m.
The fight against Isis dominated
the international agenda in 2015,
with two competing and sometimes
co-operating coalitions formed, one
led by the US, the other by Russia.
The name has been the subject of
debate, with the French and UK
governments preferring to refer to it
as Daesh, partly because the group
itself objects. Most media
organisations opt for Isis, Isil or IS.
Roula Khalaf
www.ft.com/words
our values and affect our interests; irre-
sponsible risk-taking and provocations
will have consequences. These need not
always be military; sanctions and diplo-
macy have worked against both Iran
and Russia.
Yet our spectrum of possible
responses must include the use of
force; to be credible, this will require
considerable investment in our defence
capabilities. Western leaders should
never, ever forgo ambiguity by taking
options off the table — the cardinal mis-
take made by both Ms Merkel and Mr
Obama.
There is one thing we seem to be get-
ting right, though, and it is not trivial.
The mass flight of Syrians from their
homeland has alarmed and infuriated
Isis. Their kindly reception by many
Germans (and others) has been the best
derecruitment programme.
The writer is Robert Bosch senior fellow at
the Brookings Institution
12 ★ FINANCIAL TIMES Tuesday 29 December 2015

BUSINESS LIFE

Freedom or
“My friends tell me I’m too young to
have a portfolio career,” confessed one
identity crisis? of my former MBA students when I
asked what he was up to. Recently, he
had left a lifetime career in finance to
The portfolio pursue a mix of things: some private
investments, non-executive director
career mystery roles, and pro-bono consulting for a
school trying to shift to a more
‘
One way people deal with isolation is that allow them to make full use of
by forming or joining a collective of their capacities while also reserving The fit executive
kindred spirits, who might share as
little as office space or as much as
common projects and clients. When a
time for other things they want to do.
Its roster is now 500-strong.
Still, transitioning into a portfolio When wrapping up warm and
friend lost his high-profile corporate
post, he shared office space with three
career after corporate life is not easy.
“My identity was so entangled with my
tight helps you work out better
former school mates in the same boat,
who pooled resources and offered
Leaving
corporate
former employer, it was like clothes
that wouldn’t come off they were so
CHARLES WALLACE

progressive educational model.
His new work gave him a sense of
purpose that was lacking in his old
career as a banker. Yet something was
missing. Often he wonders, “How am I
doing? How do I know if I’m
progressing?”
Like so many others, my student
camaraderie, easing his transition to
self-employment.
While portfolio work shares benefits
and drawbacks with other forms of
self-employment, what is unique is the
problem of identity: “Who am I if not
one thing?” There is no easy label, no
shorthand. Inevitably, one resorts to
stuck to my skin,” one new portfolio
life to take worker told me. “I didn’t even know
on a variety what I looked like without them.”
Probably the biggest stigma is the
of roles is one my student named: the
not easy, assumption that portfolio working is
for the old, when one has given up on
especially striving and is preparing to hand over

Herminia Ibarra
Onmanagement
Japanese companies must
value their inventors and
think of global customers
to escape malaise, Shuji
Nakamura tells Leo Lewis
moved into what Charles Handy called
a “portfolio career”, replacing a single,
salaried job with a combination of self-
directed activities: some for pay, some
for good causes; some to exploit one’s
competencies, some to learn new ones.
Pundits have hailed such
arrangements as the future of work,
offering flexibility, novelty and
autonomy. But numbers relating to
who does this and how are scarce,
buried in general statistics on self-
employment.
What it requires, a colleague told me,
is meaningful work, coupled with
community and structure. She had an
anchor role in her portfolio career, as
“senior adviser” (on a retainer) to a
former employer. Just recently, the
firm had terminated that arrangement,
preferring to hire her on a project basis.
It was the same work, but the
attachment to a community and the
structure of a dedicated set of days was
severed. She felt a bit adrift.
explaining oneself with a laundry list,
when the culturally appropriate
answer is what the psychologist
Kenneth Gergen called the progressive
narrative: a story of hard work and
linear ascent culminating in a
recognisably top role. “I divide my time
between four different things” has no
heroic myth as yet.
The freedom to diverge — to give rein
to disparate passions and interests
rather than sacrifice most to invest in
one — is one of the great joys reported
by portfolio workers. But, “the notion
of the narrowly focused life is highly
romanticised in our culture”, observes
TED speaker Emilie Wapnik. People
who are and do very different things,
are too often seen as scattered.
Not everyone fits that mould, of
course, as evidenced by the explosive
growth of firms like London-based
consultancy Eden McCallum. The firm
places highly skilled consultants in all-
manner of part-time arrangements
’
when young the reins to a younger generation.
In the world of linear progression —
learn, earn, return — the appropriate
stage for portfolios is late life. But, if
living for a century and working
productively for the greater part of that
will soon be a reality, as argue London
Business School professors Lynda
Gratton and Andrew Scott in The 100-
Year Life, their forthcoming book, life
stages will have to be reinvented.
Examples abound of people of all
ages who are using portfolio work as
building blocks for a career with very
different contours and success
definitions. Now we need to study what
it takes to thrive in a portfolio career,
rather than simply touting its virtues
with a few anecdotes.
@HerminiaIbarra
The writer is a professor of organisational
behaviour at Insead business school.
Andrew Hill is away
As temperatures grow
chillier in the northern
hemisphere, many athletes
add base layers to their
workout clothes to continue
exercising outdoors. Thanks
to new clothing technology,
you can now add some of
the benefits of Olympic-
style taping when you pull
on a pair of tights, not only
keeping warm but adding a
measure of muscle
compression and knee
stability.
I have recently been
trying out a pair of CW-X
running tights ($105), made
by Wacoal Sports Science, a
subsidiary of the famed
Japanese lingerie company,
and CEP running socks
($80) from Medi, which is
headquartered in Bayreuth,
Germany.
One thing these socks
have in common is that they
are incredibly snug and they
are designed to fit that way.
CW-X uses a combination
of height and weight to find
the correct size, while CEP
requires you to measure
your calf.
All the new high-tech
tights are aiming to replicate
the benefits of Kinesio
taping, a system of brightly
coloured adhesive tape
applied to upper and lower
squad. “It assists muscles in
motion, provides
compression and so by the
end of a workout muscles
will be less sore.”
The tights attempt to
mimic the Kinesio taping by
putting seams over the
muscles in the same pattern
as the taping would, but are
obviously a lot easier to put
on and take off (although
still a lot harder than with
typical running pants).
“It’s essentially an
exoskeleton that also
increases circulation and
allows for less movement of
the knee,” says John Wilson,
a British former track and
field athlete who heads
Wacoal Sports Science in
New York. “They provide
support to the key muscles
of the body and joints,
keeping everything stable.”
For the support and
compression to work
properly, Mr Wilson says the
tights should be put on at
least 20 minutes before
exercise and left on for
another 20 minutes after the
workout. Not only do they
help muscles cool down
after a race, but the
compression helps the body
remove the build-up of lactic
acid from muscles that
accumulates during a

F
rom the instant the prototype
blue light-emitting diode body muscles that was workout.
gleamed into life more than invented by a Japanese After a few weeks of
two decades ago, Shuji Naka- chiropractor named Kenzo experimenting with the
mura knew his invention was Kase. Kinesio taping has tights, I had a consistent
going to change the world. become a familiar sight at feeling that my leg muscles
It would take a few years, but the summer Olympic Games as were less tired, especially
invention would lead to a billion smart- athletes try everything legal after a long distance run of
phones, solar-powered street lights, to boost their performance. more than 10km. I found the
high-powered bicycle lamps, iPads, toy While there is not a lot of CW-X tights easier to get on
lightsabers, Kindles and flatscreen research backing up the and off than the CEP
televisions. And now, the blue LED’s scientific claims behind stockings, which felt
next miracle, under development, is on taping, many athletes swear vacuum-sealed to my calves
course to be at the heart of the next by the system for improved after a long run.
generation of communications — the comfort and performance. Since most runners,
“LiFi” networks that will use light to “In my experience athletes cyclists and skiers put on
create massive bandwidth networks. are reporting better some form of base layer at
Professor Nakamura foresaw some of performance from taping,” this time of year, it makes a
this. Then a pugnacious engineer from says Gary Guerriero, co- lot of sense to add these
Japan’s Ehime prefecture, he knew even owner of New York’s US therapeutic tights to boost

Bright idea pioneer shining a

in the early 1990s that if the 20th cen- Athletic Training Center and performance, which, except
tury had belonged to the incandescent a physiotherapist who has for skiers, generally slows in
lightbulb, the 21st would live, work and worked with the New York the cold weather.
play in the glow of LEDs — his blue one Rangers hockey team and
making all that possible. New York Knicks basketball fitexecutive@ft.com

light on innovation in Japan

What he did not know was how stock
options worked or how poorly Japanese
inventors were rewarded for their work.
Nor did Prof Nakamura, who was
awarded the Nobel Prize for his inven-
tion in 2014, foresee the blue LED’s shat-
tering impact on corporate Japan and a
lawsuit that reverberates today. He had
perfected an intensive, energy-efficient
form of light, but had no idea how
harshly it would glare back at the Japa-
nese industrial system that produced it.
The trick of the blue LED was that,
combined with red and green, it com-
pleted a long-dreamt-of trio that would
produce white light requiring a fraction
of the power of a traditional lightbulb.
Despite the relatively high price of each
‘I wanted to be his mother country in disgust. The bon-
very loyal, but I us of about $200 he received from his
wanted to be employer, Nichia Corporation, for per-
rewarded too’: fecting the process for blue LED produc-
Shuji Nakamura tion now looked derisory.
Reuters/ Robert Galbraith
“After the invention, I kept going to
conferences in the US to talk about it
and every time, Americans said, ‘You
must be so rich’. I told them my salary
was $100,000 and they just laughed and
told me that if I had been in the US, I’d
founded a company, Soraa, which is now
pushing the next, violet-hued, genera-
tion of LED technology. The quality of
the light will improve dramatically, he
says, and LED technology will be used to
create super-efficient water purification
systems that could be used wherever
supplies have been ruined by pollution.
Crucially, when he left Nichia, Prof
Nakamura refused to sign a non-disclo-
sure agreement. In 2000, Nichia, break-
Great place to meet
Auerbachs Keller, Leipzig
signing patent rights to their company.
To the horror of Nichia and Keidan-
ren, the Japanese business lobby, Prof
Nakamura won and was awarded about
$200m, an outcome that forced change
across the country as panicky compa-
nies tweaked their rules to offer “rea-
sonable” cuts of the spoils to the scien-
tists making them possible. Prof Naka-
mura’s award was later reduced on
appeal to $8m, and Keidanren contin- Sueddeutsche Zeitung/AFP

LED, Prof Nakamura’s technology look-
ed primed for immediate dominance.
Instead, its colonisation of the dark has
merely been steady. It is only recently
that Japan has called time on traditional
incandescent and fluorescent bulbs,
stopping sales of either after 2020.
In 2015, in recognition of the blue
LED’s contribution to energy conserva-
tion, Prof Nakamura won the Global
Energy Prize, an award founded in Rus-
sia in 2002 that seeks to encourage inno-
vative technology.
As the blue LED slowly began to work
its way into homes, vehicles and gadgets
from the early 2000s, the innovation
triggered a series of equally profound
changes to Japan itself and its approach
to intellectual property. The country
began to fight itself. A nation of inven-
tors, conditioned from birth for com-
pany loyalty, started to see their worth
in starkly personal terms; intellectual
property laws came under pressure to
change; truculence and litigiousness set
in. Japan Inc began to fear lawsuits
brought by its finest minds.
It started innocently enough. Speak-
ing by phone from Santa Barbara, Prof
Nakamura recalls how he was first in-
troduced to the concept of stock options
by US scientists he met in North Caro-
lina in 1997. When the explanation
came, Prof Nakamura looked back at
have $100m. I love to work in research,
and I wanted to be very loyal, but I
wanted to be rewarded too,” he says.
Prof Nakamura wrestled with the sit-
uation. Across corporate Japan, he per-
ceived exploitation. Japanese compa-
nies routinely assumed ownership of all
commercial rights to any innovation
produced within their research depart-
ments: royalties or percentage cuts for
the inventors were exceptionally rare.
His response, according to his version
of events, was to quit Nichia in 1999 and
head for the US. He first took an aca-
demic post in California and later co-
On loyalty to the company: “In the Edo
In his own period, the samurai were loyal to their
words lord. The salaryman is almost the same.
They have to be loyal until they die. It is
mind control education. Teachers tell
‘Why we students they have to work for a
get Nobel company. Even now, Japanese television
drama sells this idea of loyalty to the
Prizes’ company.”
On why Japanese R&D is so good:
“Japanese inventiveness is good because
Japan is very sincere. If we order some
part by making a drawing and sending it
to another company, we say you have
three months to follow that drawing
exactly. Three months later, the part
ing with Japanese traditional avoidance
of litigation, sued its lab-coated former
superstar. “A lawsuit has such a bad, bad
image in Japan,” he says: “I didn’t want
to do it, but the company sued me. I got
so mad, I did a countersuit.”
There followed an epic cultural clash
as Nichia, with the backing of corporate
Japan, fought to protect the old ways of
loyalty and self-sacrifice against what
it saw as a potential tide of selfish west-
ern greed. At the heart of the battle was
a single word of Japanese patent law,
gorisei — the term guaranteeing inven-
tors “reasonable” compensation from
comes back, exactly as we designed it
and with no mistakes at all. If I do that in
the US, in three months it doesn’t
happen. In five to six months it comes
back but there will be something wrong.
Only in Japan and a couple of other
countries do you have this level of
reliability. That is why we get Nobel
Prizes.”
On what is more important: the big idea
or constant incremental improvement:
“Both, of course, but the most important
thing is to take a risk. If you want
innovation you have to go a different
way. Look at what you are doing, and if
you are the only one, it’s innovation.”
ues to lobby the government of Prime
Minister Shinzo Abe for even more busi-
ness-friendly amendments to intellec-
tual property law.
While most people believe Prof Naka-
mura’s lawsuit will have a lasting effect,
he himself remains scathing. Asked if
the research departments of Japan are a
good place for a young, aspirational sci-
entist to head for, he replies: “No, no, no.
There is still too much brainwashing.”
The problem, he says, is that changes
to the reward system did not alter the
nation’s chronic malaise: an inability to
think globally about products, and ac-
cordingly a tendency to underplay the
worth of inventors and inventions.
He points to the lack of proficiency in
English in corporate Japan. The failure
in the past to think globally about semi-
conductors, TVs and mobile phones, he
says, is primed for repetition as the
world gets to work on setting global
standards for LiFi and the next, perhaps
most significant, role for the blue LED.
“Japanese company bosses sit there
saying that we can make the best prod-
uct but we cannot be part of the stand-
ardisation negotiations. Those discus-
sions need native English, you have to
make friends. That is the most basic
part of standardisation,” he says. “They
will lose LiFi and the LED lighting mar-
ket because of that.”
Where Mädler Passage, Grimmaische str 2-4
Plug sockets/WiFi Yes /No
Open Noon-11pm daily
The cultural pedigree of
Leipzig, a German city
perhaps more known for its
trade fairs, can surprise
outsiders. If you happen to
attend a conference at the
cavernous halls on the city’s
outskirts, or are meeting a
tech start-up’s founders in
the wider Saxony region,
then Auerbachs Keller could
well be worth a detour into
Leipzig’s historic centre.
Once a hang-out for
Johann Wolfgang von
Goethe, the four-centuries-
old restaurant features in his
drama Faust, enhancing its
reputation as a Leipzig
institution.
For a quick meeting, the
restaurant’s above-ground
Mephisto bar — set in Mädler
Passage, one of Leipzig’s
many grand shopping
arcades — is a handy venue.
Indeed, it might be quieter
Espresso €2.60
Privacy AAEEE
and more intimate than the
restaurant in the cellar,
unless you are in a group
that has booked one of its
many rooms, which feature
murals of the first scenes of
Faust.
Since you have made the
effort, going below ground is
far more atmospheric. Sure,
it is quite touristy. Yet this is
not a boisterous Bavarian
beer hall, and the laid-back
atmosphere makes
Auerbachs Keller popular
with business and academic
visitors too.
So rather than being a
venue where you actually do
work, this is more of a place
where you get to know your
contacts, while sampling
traditional regional fare and
beverages from eastern
Germany.
Michael Bruning
Tuesday 29 December 2015
What to watch
out for in 2016
The FT’s writers select some of the artists, performers or events
that will make their hearts beat faster during the coming year
JAZZ
Cécile McLorin Salvant
Cécile McLorin Salvant (pictured below)
isn’t the only jazz singer to deliver know-
ing songbook remakes and to reference
thegreatvocalistsofthepast.Butfewpir-
ouette from style to style with her
panache or match the
Miami-born 26-year-
old’s repertoire and
range. She moans and
growls the classic blues
of Bessie Smith, tiptoes
through obscure rag-
time ditties and stamps
chanson with the auth-
enticity of her French-
speaking roots — her
father is Haitian and her
motherFrench.Lyricsare
delivered with such theat-
rical relish that even the
flimsiest gain narrative
weight. Classically trained, she
h started to
perform jazz in 2007, after moving to
France. Three years later she won the
Thelonius Monk Institute International
JazzCompetition.HerthirdCD,
t ForOneto
Love,confirmsherpotentialtobetheout-
standingjazzvocalistofhergeneration.
Mike Hobart
VISUAL ARTS
Francisco Vidal
Francisco Vidal paints brilliantly col-
oured cotton flowers directly on to metal
machetes traditionally used to harvest
cotton — a reference to the 1961 Malanje
plantation uprising which sparked
Angola’s war of independence. He is also
a master of decorative pattern, abstract-
ing motifs under colour blocks inter-
spersed with calligraphic lines. But
Vidal, born 1978 and working between
Luanda and Lisbon, is more than an
expressive painter. Like many innova-
tors, he furthers collaboration — he co-
founded the collective e-studio Luanda,
which represented Angola at last year’s
Venice Biennale. His first London exhi-
bition, Workshop Maianga Mutamba, took
place at TiwaniContemporary at theend
of 2015; he will have a solo presentation
at New York’s Armory Show in March.
Jackie Wullschlager
WORLD MUSIC
Lula Pena
This Portuguese singer’s admirers are
always trying to convert unbeliev-
ers. Although she plays
regularly — she accom-
panies her own arrest-
ing alto on guitar, often
joined by a Guinea-
Bissauan multi-instru-
mentalist or a New
Zealander saxophonist
— she records rarely:
there was a 12-year gap
between Pena’s first
record and her second,
and that was six years
ago. But for 2016 she has
signedupwithcelebrated
Brussels label Crammed
for an as-yet untitled
third. Her music is an
eclectic bricolage of Atlantic crossings
and recrossings; the new album should
finallyraiseher internationalprofile.
David Honigmann
THEATRE
Alistair McDowall
When this young British playwright’s
Pomona opened at the Orange Tree The-
atre in Richmond, Surrey, in 2014, it
caused shockwaves. Here was a venue
THIS EVENING’S TELEVISION & RADIO
TELEVISION
Ten years ago Gareth Malone, looking
scarcely older than his charges,
launched his crusade to make the
nation regard choral singing as normal,
starting with schoolkids variously
stroppy, hostile or shy. Gareth Malone’s
Great Choir Reunion (BBC2 8pm) is the
first of two films in which the
perpetually enthusiastic maestro
reassembles singers from the 14 choirs
he has created over the decade for a
grand reunion party.
Tonight he traces students from his
first two school experiments and there
are surprises: some of the most scornful
or mutinous boys are working in music.
One talented kid, now a devout Muslim,
regretfully declines the invitation to
something he sees rooted in Christian
practice. The bullied have blossomed,
★ FINANCIAL TIMES 13
ARTS
spring/summer we get Kent Jones’s doc-
umentary Hitchcock/Truffaut, strewn
with soundbites from Wes Anderson,
Peter Bogdanovich, David Fincher.
Hitch may have been a genius, but it
took Truffaut, interviewing the master,
to press that truth on the world. (In
the year’s second half, hold your breath,
we might get Godard’s new film,
progressing as we speak.)
Nigel Andrews
VISUAL ARTS
Nasreen Mohamedi
In March, the Metropolitan Museum
not readily associated with the wilder will inaugurate its new Breuer building
shores of innovation but Pomona was a with an exhibition of work by Nasreen
strange, experimental piece. A year Mohamedi. It should propel the Indian
later the dystopian thriller transferred to abstractionist into the global spotlight
theNationalTheatre’stemporaryspace. after too long as the best-kept secret of
McDowall’s boldness lies partly in his connoisseurs of south Asian art. Steeped
willingness to mix social issues with- in Zen and Sufi, influenced by Indian
ideas drawn from abstractionists such as V. S. Gaitonde as
ggraphic novels, game well as western modernists including
cculture or cult films. Mondrian and Malevich, Mohamedi’s
P
Pomona ’s starting point starting point was the grid. Her tools
was a real strip of
w were pencil, pen and paper. Yet her frail,
wasteland in Manches-
w monochrome geometries possess a cha-
t but it spiralled in
ter risma that few oil paintings can rival. By
aand out of fantasy ter- her death in 1990, her shapes had taken
r
ritory. For his next flight into transcendence. Ellipses, tri-
major piece he is off
m angles and chevrons soar across the
iinto space: X X, staged page in silky blacks and diaphanous
iin March at London’s whites. This exhibition should see
Royal Court, consid-
R Mohamedi recognised as one of the
eers a future in which greatest artists of the 20th century.
a research group has Rachel Spence
been abandoned on
b
Pluto. What
Pluto Wh might that do to a CLASSICAL MUSIC
person? If anyone can imagine it, Thomas Adès
McDowall can.
Sarah Hemming It is 13 years since Thomas Adès’s last
opera. Expectations have been mount-
FILM ing ever since and the suspense will at
Ryan Coogler ‘R’ (2015) by Francisco Vidal, a ‘master of decorative pattern’ — Tiwani Gallery last be broken this summer when The
Exterminating Angel has its premiere at
Safehandsarerarelyidleinthefilmbusi- should — then in Carner (below), UK itself. Sixty years on, bits of it are still to the Salzburg Festival. The opera is based
ness, but in Creed, the latest instalment of Ballet’s Laura Morera and Bennet Gart- rap will haveanewnametoconjurewith. be found under every filmmaker’s car on the film of the same name by Luis
the Rocky saga, 29-year-old director side, the hope is that they will continue Ludovic Hunter-Tilney bonnet. (Even Tarantino’s. He named Buñuel. Adès says he was attracted by
Ryan Coogler (below) has proved him- to illuminate every role they perform. his film company A Band Apart after the film’s almost surreal territory, in
self more than just a reliable journey- Clement Crisp FILM a Godard movie.) Britain’s BFI which people are “trapped inside their
man. The film is vivid, fresh, unexpect- Wave rules Southbank starts 2016 with a own heads”. With a cast of 19 this also
edly stirring. Its excel- THEATRE
T Britannia Godard retrospective, its promises to be a true ensemble work.
lence should not have Thom Southerland
T showpiece a revival run Adès’s name should take it far. Unlike so
been a surprise: Coog- The French New of Le Mépris (1963). many contemporary operas, which
ler’s debut Fruitvale T
Thom Southerland’s Wave, the starter Brigitte Bardot, struggle to get repeat performances, The
Station was a potent production of Titanic
p mechanism for Jack Palance, Fritz Exterminating Angel — a joint commis-
account of the 2009 won both the WhatsOn-
w modern cinema, Lang — who else sion from Salzburg, London, New York
killing of the young SStage and Off West End changed the got casts like that in and Copenhagen — sets out with a full
African-American Awards for Best Pro-
A way we see and the penurious prime of diary, even before it has been seen.
Oscar Grant by transit duction and transferred
d appraise cinema European art cinema? In Richard Fairman
police in Oakland, Cal- tto Tokyo and Toronto in
ifornia. Now, two films 22015. He has shown an
intohiscareer,Coogler uncanny skill at animat-
u
looks set for the long- iing musicals in small
term: a big-league sspaces, often the Union
presence with his own Theatre beneath the rail-
T
distinctive voice, and way arches of South-
w
abeaconforblackfilmmakers. wark. His résumé
é runs from a brace of
Danny Leigh the Union’s all-male Gilbert & Sullivan
revivals (HMS Pinafore and The Mikado)
DANCE to lesser-known works by prominent
Choreographers and dancers writers such as Jerry Herman’s The
Grand Tour and Rodgers & Hammer-
The coming year could do worse than stein’s Me and Juliet. In January he stages
bring us creations from three astute and the European premiere of the stage
gifted choreographers: Canada’s subtle, musical version of the Maysles broth-
errs’ documentary film Grey Gardens;
itt can’t be long before he is unleashed
onn the West End.
Iaan Shuttleworth
POP
P
LLoyle Carner
Looyle Carner grew up on grime,
Loondon’s take on rap music, but has
tu
urned into a different kind of rap-
peer. The 20-year-old drama-school
drropout has a softly spoken flow,
ollder-sounding than his age and set
too a slower beat than grime’s
hyyperactive motions. The set-up
foocuses our attention on the words,
and they
the repay it. “Cantona”, about his
elegant,
l imaginative Crystal Pite; New stepfather’s death, contrasts a mournful
York City Ballet’s Justin Peck (above), looped sample with Carner’s busy weave
who turns music into dance with an of memories and thoughts: life goes on.
unstressed felicity; and Britain’s Alex- “Tierney Terrace” uses an old-school
ander Whitley, whose imagery is always drumbeat to recount a portrait of family
intriguing. As for dancers: the Bolshoi life that grows more complex with each
Ballet’s summer season in London bar he raps. Among his models are hip-
should bring Olga Smirnova, whose hop golden-age greats A Tribe Called
every action touches the sublime, and Quest and performance poet-turned-
the young Apollonian classicist Artem rapper Kate Tempest, with whom he
Ovcharenko. The Royal Ballet’s Vadim collaborated on the track “Guts”. If his
Muntagirov provides a similar example debut album keeps up the quality — and
of classical dancing that is unalloyed his measured demeanour suggests it
the rebellious are fulfilled, for many the
choir was a turning point. There are few,
but the effect is heartening. Next week
Malone tracks down the Military Wives
and the workplace choirs that emerged
from stony ground.
FILM
Whiplash (Sky Select 6pm) continues
the subject of the inspirational music
teacher, but J. K. Simmons’s abrasive
tyrant is miles from our nice Gareth.
RADIO
On a related theme, in Radio 4’s Notes
From a Northern Irish Childhood
(11.30pm), Marie-Louise Muir recalls the
impact made by the many youth
orchestras that flowered in Northern
A grand reunion party for Gareth Ireland during the Troubles.
Malone and his choirs Martin Hoyle
14 ★ FINANCIAL TIMES Tuesday 29 December 2015

The estate we’re in

PROPERTY
London’s West End remains the most expensive place in the world to rent an
office. Most of its rivals for that dubious crown are in Asia, but New York’s
property market remained the most active in the first half of 2015

Twitter: @FTLex Email: lex@ft.com

Most expensive markets Most active markets
Prime office rental price ($ per square foot per year) Commercial real estate transactions
0 50 100 150 200 250 Market Mid-2015 sales Year-on-year
more than doubled over the past 15 volume ($bn) change (%)
Tokyo flats: years, might find Japanese property — London - West End New York City
San Francisco:
37 59
bargain basement down 30 per cent in the same Hong Kong - Central metro area bridge finance
timeframe, according to Economist London 30
It is a cliché that Asians are especially data — attractive. After all, Asians do Beijing - Finance Street 48
A drag queen orchestrating last
metro area
fond of property assets. The Japanese, not just love property at home. Beijing Los Angeles
month’s Christmas tree lighting in San
scarred by the 1980s bubble, may be an 17 25 Francisco’s Castro district paused to
Hong Kong - West Kowloon metro area
exception. Since late 2012 the Topix mutter an epithet at a passing “shuttle”
stock index has risen about one-third New Delhi - Connaught Place* San Francisco 16 30 — a coach ferrying tech workers
in US dollar terms. Tokyo’s property
Sydney property: metro area between the city and Silicon Valley.
Tokyo - Marunouchi Otemachi
market has been a slouch. According to pride or a fall London - City
Tokyo 16 -21 Though gentrification has generated
Japan Real Estate Institute, between backlashes among long-term residents
November 2012 and August 2015 Sydneysiders could be forgiven for Shanghai - Pudong Sydney 5 -20 from Brixton to Brooklyn, it is hard to
secondary market condominium prices being a little house proud. In the five New York - Midtown Manhattan Hong Kong 4 -26 find an entire city that is as hostile as
in the Tokyo metro area rose only years to September, residential San Francisco. That is understandable,
12 per cent, and that was in yen. In property prices there have risen by Moscow Shanghai 3 -33 given the interaction between its twin
dollars, prices are down by a quarter. more than half in local currency terms, booms: housing and technology.
FT graphic Source: CBRE *Central Business District
Tokyo metro prices have also lagged beating the average performance of The correlation is overstated,
behind those in all of Asia’s big cities. Australia’s eight state capitals by more though. The first dotcom bubble
Based on JREI data, condo values in the than 20 percentage points. The line between cool hipster and workspace that they share with Brooklyn. The median apartment certainly shows up on the city’s house
Japanese capital halved between Two-thirds of Australians own their yuppie monster is a fine one. The like-minded peers. They also avoid the rental in that now-trendy borough is price chart, according to data
October 2010 and April 2015. Even in own home and, while they may be New York City property market, both hassles of navigating the office market over $2,900 per month, according to from Corelogic and S&P Case-Shiller.
local currency terms, Tokyo prices rose happy with soaring prices, the for office space and living on their own. WeWork’s nearly 2m consultants Miller Samuel. But the However, the 7 per cent fall from April
less than in all regional capitals with government and central bank are accommodation, is as heated as ever. square feet in New York has led to a sharpest price explosion has been in 2001 to January 2002 was a blip
the exception of Ho Chi Minh City and worried — most notably about rising Obnoxious “masters of the universe” $10bn private company valuation (the the ownership market. Prices were compared with the effects of the
Seoul. Asia’s best performer has been debt. Over five years, nationwide are not its only mascots, though: company also has locations across the up 15 per cent in the third quarter — national housing boom and bust a few
Shanghai: residential property rose residential property loans have enter the software engineer sporting US and a handful abroad). the median sale price of a Brooklyn years later. Prices in the metropolitan
36 per cent in US dollar terms between increased by nearly one-half, according a shaggy beard, ironic T-shirt and, According to advisers CBRE, 6 per apartment was $676,000 and it is the area went on a tear, rising 75 per cent
October 2010 and April of this year. to data from the Australian Prudential worst of all, pre-IPO shares. cent of Manhattan office space is taken only NYC borough whose prices have to the next peak in 2006 before
Tokyo rents are similarly moribund. Regulation Authority; investors’ Unlike its west coast equivalent, by tech groups — a small proportion, surpassed pre-crisis highs. Bankers plummeting 45 per cent by May 2009.
Savills says they are nearly a tenth demand for debt has risen even faster, the New York tech explosion is not but double what it was a decade ago. looking to buy face rising prices in The latest tech boom has ushered in
below 2008 levels, despite gradual by two-thirds. best characterised by social networks Rents in the borough have topped $71 the Manhattan market too; rents and another housing boom for greater San
increases since 2012. Interest rates are low, so the cost of or dating apps. Instead, the Big per sq ft for the first time since 2008, asking prices have jumped there as Francisco, with an 80 per cent increase
Sentiment is positive, though. A servicing loans remains moderate. Yet Apple’s entrepreneurs are often led by the Downtown and Midtown inventory remains depressed. in prices since 2009. Yet those rises
study from the Urban Land Institute household debt is at a record 175 per landlords. WeWork first acquires South neighbourhoods where emerging A more diverse New York economy look almost modest compared with the
and PwC found that more than 300 real cent of disposable income and a rise in long-term leases in buildings and companies cluster. may be a sign of health, but Gotham’s gains enjoyed by tech workers: Apple
estate professionals worldwide ranked rates could quickly change that. And then rents desks and offices to After the coding crew is done lack of affordable office and stock is up 500 per cent during the
the city as the region’s most promising affordability has fallen. The median start-up groups under simple terms. drinking craft beer at the WeWork residential space is a problem as same period; Google almost 300 per
for 2016. Tokyo’s status as a haven, house price of nearly four times annual Entrepreneurs not only get a “fun” communal keg, they retreat to intractable as ever. cent. And price growth in San
along with low interest rates and high incomes is approaching the 2010 peak, Francisco has been slower than Los
loan to value ratios, gave it the edge says the Australian Bureau of Statistics. Angeles, according to Case-Shiller.
over 22 other markets. The weak yen, First-time buyers are being priced out; In the city proper, San Francisco’s
especially for buyers whose own in September 2015, they accounted for rises, the pace of house price growth and tenant demand high; CBRE, a significant transactional and upkeep real problem is supply. Hemmed in by
currencies are pegged to the dollar, the smallest proportion of financed slowed in the September quarter; the consultancy, said that rents grew at costs. Interest rates will rise. In the the Pacific Ocean and San Francisco
adds to the appeal. property sales in over a decade, at only ABS says it may have peaked in July. double-digit rates (compared with the longer term, sovereign wealth funds’ Bay does not help, but wrong-headed
Tokyo’s longer-term prospects are 15 per cent. previous year) in October for the first enthusiasm for London offices may local politicians have put barriers in
more mixed. Japan’s ageing population One of the issues is overseas buyers. time since the financial crisis. Capital fade (they are already withdrawing the way of development while
is not good for demand, and changes in Sydney prices rose one-fifth in the year London offices: values have risen. Nor do stock prices money from other asset classes) while bemoaning a lack of affordable
inheritance tax for tower flats, which to September in local currency terms telegraph distress. The FTSE 350 real tenants, faced with eye-watering rents, housing. Despite a 6 per cent increase
are taxed at values well below market but, with the Australian dollar down by yield day estate index has almost doubled since may relocate elsewhere in London or in population in five years, housing
prices, could also hurt. Low interest the same amount, US dollar prices 2011. even outside the capital. stock is only creeping upwards. A
rates — which have helped to fuel a have not budged. National Australia The arrival of prestige new buildings Two potential clouds loom. One is The biggest property owners have net 0.9 per cent increase in units in
recovery — could bring later Bank says that in the third quarter, often heralds a downturn in demand; physical; as the daily procession of different views on the cycle. Land 2014 does not keep up with demand.
refinancing problems, according to the foreigners accounted for 14 per cent of this was as true of Dubai’s Burj Khalifa cyclist-killing tipper trucks in and out Securities said in 2014 that it would A tech bust would hurt prices just as
ULI and PwC report, especially if new property sales in New South in 2009 as it was of New York’s Empire of the City attests, a lot of new space is not undertake further development successful IPOs from the biggest
Abenomics fails and price stagnation Wales, an increase on the prior quarter. State Building in 1930. So should news under construction. CBRE thinks 3.7m without pre-lets, and has been private companies, such as Uber, would
leaves high loan-to-value debt exposed. For existing homes, where there are of two more steel-and-glass monsters square feet will arrive in 2017, with conservative with its gearing. British fuel demand. Still, the real key to house
Still, in the near term, with inflation rules to restrict foreign buying, they in the City of London — on Bishopsgate only a quarter of it pre-let. The other is Land believes this will be a longer prices is in the politicians’ hands.
and economic recovery at the forefront accounted for one-tenth of sales by and Leadenhall Street — worry financial. Gross rental yields on City cycle, and is financed accordingly.
of the political agenda, rates are likely number of dwelling. investors in the sector? offices are 4 per cent or so. That sounds Investors have reserved judgment on
to remain low, enticing domestic A slowdown may be coming all the There are no obvious signs of attractive compared with 10-year which is right; the share prices of the Lex on the web
For notes on today’s breaking
buyers. Speculators in places such as same. More supply is expected and, impending doom in London’s office bonds or equity market yields, but two groups moved in lock-step during stories go to www.ft.com/lex
Hong Kong, where house prices have perhaps in response to mortgage rate market. Vacancy rates are very low commercial property comes with 2015. That may not be the case in 2016.

LOW Forecasts by
44 1020
HIGH 1030
9 -2
8 980
1000 0
-1 -6
990
9 1040
970 Luxembourg Cloudy 8 46
9
Lyon Rain 11 52
9 11 Madrid Fair 12 54
11 10 0 -2 Manchester Sun 10 50
6
9 19 1010 13 16 Miami Cloudy 29 84
10 22 8 6 Milan Cloudy 8 46
69
10 1020 Montreal Snow -3 27
12 7 OW
11 5 Moscow Fair -6 21
11 12 5 Mumbai Sun 32 90
12 15 14 Munich Cloudy 5 41
11 15 4
13 New York Rain 11 52
14 Nice Fair 15 59
12 16 12 15 Paris Cloudy 12 54
8 18
19 Prague Cloudy 5 41
20 1030 Reykjavik Snow 2 36
17 1020
20 19 LOW 22 Rio Fair 34 93
Wind speed in MPH at 12 GMT 21 HIGH Rome Sun 14 57
Temperatures max for day˚C Wind speeds in KPH 18 San Francisco Sun 12 54
Stockholm Fair 1 34
Today’s temperatures Strasbourg Fair 9 48
Abu Dhabi Sun 24 75 Belgrade Fog 3 37 Copenhagen Cloudy 4 39 Hamburg Fair 6 43 Sydney Sun 23 73
Amsterdam Cloudy 10 50 Berlin Fair 6 43 Delhi Sun 24 75 Helsinki Sun -2 28 Tokyo Sun 10 50
Athens Sun 18 64 Brussels Cloudy 11 52 Dubai Sun 24 75 Hong Kong Fair 18 64 Toronto Rain 7 45
B’ham Sun 11 52 Budapest Fair 7 45 Dublin Fair 11 52 Istanbul Rain 12 54 Vancouver Cloudy 5 41
Bangkok Sun 34 93 Buenos Aires Fair 34 93 Edinburgh Shower 10 50 Jersey Sun 12 54 Vienna Fog 3 37
Barcelona Fair 18 64 Cardiff Sun 11 52 Frankfurt Fair 6 43 Lisbon Fair 16 61 Warsaw Sun 0 32
Beijing Sun 3 37 Chicago Cloudy 4 39 Geneva Rain 7 45 London Sun 13 55 Washington Rain 18 64
Belfast Fair 10 50 Cologne Fair 10 50 Glasgow Shower 9 48 Los Angeles Sun 16 61 Zurich Fair 5 41

CROSSWORD ACROSS 3 Film star far steadier dancing

No. 15,124 Set by FALCON 1 Leader of the Jets, flashy, is hard
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(4,7)
4 Actress rented farm beneath
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9 The subject of a musical, opening technician (9,6)
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10 Shown in a film concerning controversy, ultimately (6)
partition (2-6) 7 Play game right (1,1,1)
11 Ms Breckinridge, perhaps a 8 Conservationist to shoot film
  
contrary Mary? (4) (5,4)
12 Italian film director and composer 13 Little Richard song and dance
crossing the Spanish lake (10) leaving American actress (7,4)
   14 Sleeveless coat on prostitute, a 15 The making of cartoons may get
Molière character (8) one male in a state (9)

16 Extract from film about border 17 Awful ham, pants in horror film
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18 Film produced by two US soldiers 20 Bishop in Wesker play and film
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19 US producer of singular film that 23 A young man who is in love with
  
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21 Actor, TV foil of 13, in orange and 25 Actor, Trevor, in The Verdict (3)
gold combination (4,6) Solution 15,122
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2 Film director’s trailer about 7 ( & $ ( 7 6 $
soldiers (5) 2 $ 5 + $ % ( 5 ' $ 6 + ( 5

Solution to Saturday’s prize puzzle on Saturday January 9

Solution to yesterday’s prize puzzle on Monday January 11
Winners’ names will be printed in Weekend FT
Tuesday 29 December 2015 ★ 15

Inside Finance Banks’ to-do Adidas ArcelorMittal Valeant

Pharma
Brent oil WTI crude Euro / dollar Hang Seng Shanghai
Composite
lists should include succession 1.21% 5.21% 10.23% 2.77% 3.49% 0.2% 0.99% 2.6%
PATRICK JENKINS, PAGE 16
€89.09 €3.98 $102.44 $36.84 $36.77 $1.0979 21,919 3,533

Deutsche to sell stake in China lender Valeant shares

hit after chief
3 German bank seeks to raise €3.6bn from Hua Xia disposal 3 Move part of effort to strengthen balance sheet steps aside
JAMES SHOTTER — FRANKFURT Mr Cryan, who succeeded Anshu Jain strength — by 30 to 40 basis points. 2006, at a time when many western co-chief executive, hinted in Septem-
with illness
as co-chief executive of Deutsche in At the end of September, Deutsche’s lenders were keen to get access to the ber that a sale could be on the cards,
Deutsche Bank is to sell its stake in the July, has made bolstering the bank’s ratio stood at 11.5 per cent, which is growth potential of the Chinese market. saying that Deutsche would have to
Chinese lender Hua Xia for up to capital position a vital part of his five- comfortably above regulators’ mini- In the following years it built up a 19.99 work out how to allocate its capital as DAVID CROW — NEW YORK
€3.6bn as Germany’s biggest bank steps year turnround plan. He has already mum requirements. However, with per cent stake, as well as taking two efficiently as possible in the face of
Valeant chief executive Michael Pear-
up efforts to strengthen its balance said that Deutsche, which is on course tighter capital rules starting to bite, and seats on the Chinese lender’s board, and China’s restrictions on foreign owner-
son is to take a medical leave of absence
sheet under John Cryan. to make a big loss this year, will pay no a number of legal concerns hanging setting up a credit card joint venture ship. Deutsche subsequently wrote
after being admitted to hospital with a
Regulators around the world have dividends for 2015 or 2016. over the bank, some analysts fear the with the Chinese bank. down the stake by €649m, in part to
case of severe pneumonia over Christ-
been pushing global banks such as Deutsche said the sale of Hua Xia ratio could come under pressure. However, as Chinese regulators account for the possibility of a sale.
mas, sending shares in the drugmaker
Deutsche to hold more capital to avoid a to China’s PICC Property and Casualty Mr Cryan said that “China remains a prevented foreign investors from own- Deutsche’s decision to offload its
down 10 per cent.
repeat of the 2008 financial crisis. The Company, for between Rmb23bn key growth market” for Deutsche but ing more than 20 per cent in its banks, stake in Hua Xia follows a number of
German bank historically operated and Rmb25.7bn (€3.2bn-€3.6bn), insisted that “now is the right time for the stake in Hua Xia came to be seen as other western disposals in China. In The Canada-based company gave no
with higher debt levels than most of its would bolster its core tier one capital us to sell this investment”. non-strategic by Deutsche’s leadership. January, the Spanish bank BBVA sold a update on Mr Pearson’s condition in a
rivals. ratio — a key measure of financial Deutsche first bought into Hua Xia in Jürgen Fitschen, Mr Cryan’s outgoing €1.5bn stake in China Citic Bank Corp. statement yesterday, citing a request for
privacy from his family. On Sunday, a
spokeswoman said the 56-year-old
remained in hospital.
Valeant has lurched from one crisis to
another in recent months. It has been
hit by a political furore over the high
Overhead alert price of some of its drugs and a sus-
Americans told to tained attack by short sellers, who
claimed a mail-order pharmacy chain it
register their drones controlled was perpetrating accounting
fraud — something the company has
strenuously denied.
From the Golden Gate Bridge, right, Rather than handing control to a sin-
to Denver airport, a new type of gle interim chief executive, Valeant said
warning is appearing across the US: no a team of managers would fill in for Mr
drones allowed, writes Leslie Hook in Pearson: Robert Chai-Onn, the com-
San Francisco. pany’s general counsel, Robert Rosiello,
This festive season, as hundreds of its chief financial officer, and Ari Kellen,
thousands of drones are given as an executive vice-president.
Christmas gifts, regulators are cracking Valeant’s board of directors has also
down on recreational drone flights created a committee to oversee the
because of safety concerns. “interim office of the chief executive”,
Those worries were amplified this including Robert Ingram, its lead inde-
weekend as social media sites filled up pendent director, Mason Morfit of
with stories and videos of expensive toys ValueAct Capital, one of the group’s big-
crashing into trees, gardens, lakes and gest shareholders, and Howard Schiller,
people — as owners discovered that it is Valeant’s former chief financial officer.
hard to fly a drone for the first time. “Our thoughts are with Mike and his
The Consumer Technology family,” said Mr Ingram. “The board has
Association expects 700,000 drones to full confidence in Rob, Ari and Rob to
have been sold in the US this year, an preserve continuity of the Valeant oper-
increase of almost two-thirds from 2014. ations and protect the long-term
But this is the first holiday season in strength of the company . . . while Mike
which Americans are required to focuses on his health.”
register their drone with the Federal Shares in the group, which have lost
Aviation Administration before flying it roughly 60 per cent of their value since
— or face civil and criminal penalties. All August, were down a further 10.2 per
drones weighing more than half a pound cent in midday trading in New York.
(227g) must have labels displaying an More than $50bn has been wiped from
FAA number. This is stricter than in the its market capitalisation over the same
UK, where only drones weighing more period, resulting in large paper losses
than 20kg need to be registered with the for its top shareholders, which include
Civil Aviation Authority. big hedge funds such as Bill Ackman’s
Some hobbyist groups, such as the Pershing Square, Jeffrey Ubben’s Value-
Academy of Model Aeronautics, the Act and John Paulson’s Paulson & Co. Mr
largest model aeroplane group in the US, Pearson became chief of Valeant in
are resisting the call for registration. 2008, when it was a tiny drugmaker
with a market capitalisation of $2.1bn.
David Paul Morris/Bloomberg

Volvo gears up for first dip into bond

markets as overhaul picks up speed
ANDY SHARMAN Volvo has been engaged in an ambi- model line-up and, at that stage, Volvo
MOTOR INDUSTRY CORRESPONDENT
tious and expensive overhaul, which aims to be selling almost 800,000 cars a
Volvo is preparing to issue bonds for began when Ford sold the carmaker to year, compared with 466,000 in 2014.
the first time as a standalone carmaker Geely in 2010. To finance its growth ambitions,
as the Swedish company enters the Mr Samuelsson told the Financial Volvo relies on cash flow and several
next phase of its turnround having Times: “We have to be ready to go out on loans from the China Development
developed a new manufacturing plat- the bond market . . . as part of [acting] Bank, including an $800m loan sealed
Oil sector set to pump out form and launched upmarket models. as a listed company with all the trans- in 2013. Earlier this year it paid $260m
more losers than winners parency and reporting that is required. to take control of three Chinese facto-
A move into the capital markets by the So I wouldn’t exclude that we would go ries, which was funded by loans from
For oil and gas producers, 2016 will be Gothenburg-based company, which has out on the bond market [in 2016].” the parent company.
a year of cost-cutting, restructuring, been owned by Zhejiang Geely Holding The Swedish brand has built an $11bn Raising money on the bond market
refinancing and, in some cases, of China since 2010, could be a prelude platform for a range of large cars, begin- would mark a further step towards
bankruptcy. But tighter supply in the to a stock market debut, say people ning with the XC90 sport utility vehicle, Volvo operating in effect as an inde-
future is likely to trigger a recovery in close to the company. which was launched last year as the first pendent entity. However, the underly-
oil prices, and companies that have cut “What’s important for us is . . . that car produced under Geely. It was fol- ing profitability of the business remains
costs will be well placed to benefit. we have to improve the company and lowed this month by the S90 saloon. weak, with first-half operating margins
Analysis i PAGE 17 run it as if it was listed,” said Hakan By 2019, the XC90 will be the oldest at 2.2 per cent.
Samuelsson, chief executive. car in the company’s revamped nine- Unleashing Volvo’s tiger page 16

Companies / Sectors / People

Companies
Adams............................................................18
Adidas............................................................18
Amazon.........................................................18
American International Group........16
Anbang..........................................................18
Anglo American.......................................16
Apple...............................................................17
ArcelorMittal..............................................26
Arm Holdings............................................18
Ashworth......................................................18
Audi.................................................................16
BATS Global Markets...........................26
BBVA .............................................................15
BG Group......................................................17
BMW ..............................................................16
BP......................................................................17
Bank One......................................................16
Baoneng Group........................................18
Barclays.........................................................16
BlackRock....................................................26
British Land................................................14
CBRE...............................................................19
Channel 4.......................................................3
Chesapeake Energy..............................26
China Citic Bank .....................................15
China Communications
Construction ...............................................9
China Euro Vehicle Technology.....16
China Merchants Group........................9
China Resources......................................18
China Vanke...............................................18
Chinalco...........................................................9
Citigroup....................................................5,16
ConocoPhillips...........................................17
Consol Energy..........................................26
Daimler..........................................................16
Dairy Crest..................................................19
Deutsche Bank.......................................5,15
EOG Resources.........................................17
Ebay.................................................................18
ExxonMobil..................................................17
Fonterra.........................................................19
Ford.................................................................16
Forrester.........................................................4
Foxconn.........................................................17
Freeport-McMoRan..........................16,26
GBL..................................................................18
Geely Auto..................................................16
General Electric........................................16
Glencore........................................................16
Goldman........................................................16
HSBC...............................................................16
Halliburton...................................................17
Hammerson ...............................................19
Hoyts................................................................9
Hua Xia..........................................................15
Huawei ...........................................................9
JPMorgan...............................................16,26
Jaguar Land Rover.................................16
Khazanah Nasional Berhad.................9
Korea Development Bank....................9
Land Securities.........................................14
LinkedIn..........................................................4
Marathon Oil..............................................26
Mercedes-Benz.........................................16
MetLife...........................................................16
Morgan Stanley..........................................5
NNS Holding..............................................18
National Australia Bank......................14
Nike..................................................................18
Oz Minerals...................................................9
Paulson & Co.............................................15
PayPal.............................................................18
Pershing Square.......................................15
Pioneer Natural Resources................17
RBS.....................................................................2
Reebok...........................................................18
Repsol............................................................26
Rio Tinto .......................................................9
Rolls-Royce..................................................18
Royal Bank of Scotland.......................16
Royal Dutch Shell....................................17
Santander.....................................................16
Sharp...............................................................17
SoftBank ......................................................18
Southeastern Asset Mangt...............18
Standard Chartered...............................16
Tata Motors ..............................................16
TaylorMade.................................................18
Transocean..................................................17
UBS ...................................................................5
Under Armour...........................................18
Valeant...........................................................15
Valiant............................................................18
ValueAct Capital.................................15,18
Volvo..........................................................15,16
Wanelo...........................................................18
WeWork.........................................................14
Workday..........................................................4
Zhejiang Geely Holding.................15,16
Zillow..............................................................18
Sectors
Aerospace & Defence...........................18
Automobiles..........................................15,16
Banks........................................14,16,18,19,26
Basic Resources.................................16,26
Energy...........................................................26
Financials..........................................16,18,26
Food & Beverage....................................19
Industrial Goods...........................16,18,26
Insurance......................................................16
Media..............................................................18
Mining.........................................................9,16
Oil & Gas......................................................17
Pharmaceuticals.......................................15
Property..................................................14,18
Retail & Consumer.................................18
Technology........................................17,18,19
People
Adkerson, Richard...................................16
Allen, Mark..................................................19
Blankfein, Lloyd........................................16
Cavanagh, Mike........................................16
Concannon, Chris....................................26
Cooper, Simon...........................................16
Cryan, John.................................................15
Davies, Mervyn.........................................16
Dimon, Jamie.............................................16
East, Warren...............................................18
Fitschen, Jürgen.......................................15
Flint, John....................................................16
Frère, Albert...............................................18
Gou, Terry....................................................17
Gulliver, Stuart..........................................16
Hainer, Herbert........................................18
Hancock, Peter.........................................16
Hawkins, Mason.......................................18
Icahn, Carl....................................................16
Jain , Anshu................................................15
Kers, Ronald...............................................19
Kothari, Jason............................................18
Lesar, Dave..................................................17
Moffett, James..........................................16
Morris-Manuel, James..........................19
Pandit, Vikram...........................................16
Paulson, Hank...........................................16
Pearson, Michael......................................15
Reed, John...................................................16
Rubin, Robert.............................................16
Samuelsson, Hakan...........................15,16
Sawiris, Nassef..........................................18
Shi, Wang.....................................................18
Simoes, Antonio.......................................16
Staley, Jes....................................................16
Stalker, Robin.............................................18
Sullivan, Chris............................................16
Talwar, Rana...............................................16
Wenig, Devin..............................................18
Winters, Bill.................................................16
Wu, Xiaohui.................................................18
Yadav, Rahul...............................................18
Yao, Zhenhua.............................................18

© The Financial Times Limited 2015 Week 53

16 ★ FINANCIAL TIMES Tuesday 29 December 2015

COMPANIES
INSIDE BUSINESS
Mining
FINANCE

Moffett exit caps tough year at Freeport Patrick

Jenkins
Biggest boardroom change since Mr Icahn revealed he held an 8.5 ples with about $20bn of net debt. 8.5 % annual fee of $1.5m, according to a regu-
per cent stake in August, when he called Shares in Freeport have lost more than latory filing.
since activist revealed stake Size of

and called for shake-up

JAMES WILSON
MINING CORRESPONDENT
James “Jim Bob” Moffett is stepping
down as executive chairman of Freep-
ort-McMoRan, capping a year of turmoil
at the US copper and oil group after it
for changes including lower spending
and cuts to executive pay.
It also comes as Freeport struggles
with the consequences of its decision
three years ago to reunite its copper
business with oil assets including
McMoRan Exploration, Mr Moffett’s
company, as part of a $20bn expansion
into energy.
With oil and copper prices under
two-thirds of their value this year.
Freeport said Mr Moffett, executive
chairman since 2003, would step down
Carl Icahn’s
holding in
the company
He will advise Freeport on its negotia-
tions in Indonesia, where it wants an
extension to its contract to mine at Gras-
Savvy bank chiefs put
from its board as of December 31 and be
replaced by Gerald Ford, the lead inde- $20 bn
berg, a huge copper and gold deposit.
Mr Moffett was one of the founders of
succession on their
pendent director on the board.
“During his over 50-year career in the
natural resource industry, Jim Bob has
The group’s
net debt. It has
suspended
McMoRan, which takes its name
from him and two colleagues. It first
merged with Freeport in 1981 but split
new year to-do list
become an icon as an explorationist,” dividend payouts in the 1990s.
Mr Ford said in a statement. Many of Freeport’s investors were

came under fire from activist investor
Carl Icahn and began restructuring in
response to a commodity price slump.
The resource industry veteran’s exit
marks the end of an era at Freeport and
is the biggest change in its boardroom
pressure, Freeport is now considering a
spin-off or initial public offering of its oil
and gas business. Freeport has sus-
pended dividend payments — following
other leading miners including Glen-
core and Anglo American — as it grap-
Automobiles. S90 launch
I
Mr Ford will be a non-executive chair- deeply unhappy when the company
man while Richard Adkerson remains reunited with McMoRan in 2012.
Freeport’s chief executive. Freeport has already shaken up its
Mr Moffett will hold a “chairman governance this year in response to Mr
emeritus” title at Freeport and still act Icahn’s demands, and has reduced the
as a consultant to the company, with an number of directors from 16 to 11.
t is a natural year-end phenomenon to plan for the
future. For boards and senior executives, that should
involve succession and recruitment. Sure enough,
within the past fortnight, Standard Chartered scored a
coup, hiring the widely admired HSBC “lifer” Simon
Cooper to head its corporate and investment bank.
Santander UK made a big hire, too, appointing Chris Sulli-
van, the former number two at Royal Bank of Scotland, as
its head of corporate banking.
The StanChart appointment was particularly notewor-
thy. In one swoop, chief executive Bill Winters secured an
experienced divisional head and a potential successor —

Chinese owners seek to unleash Volvo’s tiger
Four-cylinder engine and fresh
aesthetic nudge carmaker
into the premium market
ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT
Volvo’s new S90 saloon has a familiar
face. The car is the second big model to
come off the Swedish brand’s heavily
touted $11bn vehicle platform and fol-
lows the styling of the XC90 sport utility
vehicle.
The S90 has the same, T-shaped LED
headlights — a nod to Thor’s hammer
from Norse mythology — and a grille
made of 23 rods of curved iron.
“This is the face of Volvo,” says chief
designer Thomas Ingenlath. “It’s confi-
dent, it’s proud and it is strong.”
To that list could be added the word
independent. Five years after falling
under the control of Chinese industrial
group Zhejiang Geely Holding in a
landmark Asian acquisition, Volvo feels
‘We based our turnround
on a new platform, new
vehicles . . . So that
takes a longer time’
more Scandinavian — and more suc-
cessful — than ever.
The company is forecasting a large
rise in profits and record sales this year.
It is gaining credibility as an alternative
to the three German premium carmak-
ers. The privately held company is even
preparing to tap the bond market for the
first time.
Now Volvo is trying to shake off its
buttoned-up reputation and tell the
world about its transformation.
“We’re a normal company,” says
Hakan Samuelsson, Volvo’s understated
chief executive, in an interview at the
company’s Gothenburg headquarters.
The group still shares part of the site
with the truckmaker of the same name
that used to own Volvo.
“We’re not a division within a huge
group like we have always been,” he
says. “That sets the tone . . . [and comes
with] responsibility for profit and loss
and for your balance sheet — including
the external responsibility to explain
and defend.”
Mr Samuelsson’s predecessors had
plenty of defending to do. Volvo, as part
of Ford’s Premier Automotive Group
between 1999 and 2010, suffered stag-
nating sales. It was not helped by unin-
spired products that were, Volvo execu-
tives now say, compromised by having
to share parts, styles and skeletons with
its US parent.
“If this were a hospital, the patient
would have been declared dead,” says
one Volvo manager of the then lossmak-
ing company.
Under Chinese ownership, Volvo is
The S90 has getting on to the shopping list of drivers
T-shaped LED who normally prefer Audi, BMW and
headlights — Mercedes-Benz. The XC90 put Volvo
a nod to Thor’s into a higher price category and has had
hammer consumer magazines agog with the
from Norse sleek design of its interior, in-car tech-
mythology — nology and advanced safety features.
and a grille “[Geely] bought Volvo because they
made of 23 rods assumed Volvo deserved a better
of curved iron future,” says Mr Samuelsson. “They
wanted to release the tiger. And they are
seeing that happening now, in steps.”
The company’s ambition draws com-
parisons with another resurgent pre-
mium carmaker, Jaguar Land Rover of
the UK, which was also formerly part of
the Ford stable and has since fallen into
Asian possession.
So far, JLR’s profitability has left Volvo
in the dust. The British-based group
made £2.6bn in pre-tax profit in its last
financial year — twice what Tata Motors
paid Ford to acquire the two UK brands
in 2008. Volvo made only $260m in
operating profits last year, despite sell-
ing an almost identical number of cars,
about 460,000.
Operating margins at Volvo are also
thin; 2.2 per cent in the first half of this
year. JLR, by contrast, makes operating
margins close to 10 per cent, having
built on the success of products con-
ceived during the Ford era, such as the
Range Rover Evoque.
At Volvo, “we based our turnround
exactly on a new platform, new vehicles,
not just new-style vehicles,” says Mr
Samuelsson. “I don’t think you can
say that Jaguar has that same process.
So that, of course, takes a longer time.”
Volvo created SPA (scalable product
architecture), the first of two com-
pletely new modular building systems,
for large cars. It has moved to innova-
tive, four-cylinder petrol and diesel
engines that will power the majority of
its future cars. And by 2019, it will have a
line-up of nine new or reworked vehi-
cles: three sizes in three different styles.
Volvo is now moving into phase two of
its turnround: capitalising on the invest-
ments, launching the new products, and
sustaining a higher price point.
Attention now turns to the second,
smaller toolkit: CMA, which stands for
compact modular architecture and is
the big test of Volvo’s relationship with
its Chinese paymasters.
Geely Auto, the Hangzhou-based vol-
ume carmaker also owned by Volvo’s
Global premium car sales
By brand, Jan to Nov 2015 (m units)
0 1000 2000
Mercedes-Benz
BMW
Audi
Lexus
Volvo
Land Rover
Jaguar
Source: LMC Automotive
parent, is working with Volvo to create
midsize cars in a variety of shapes —
hatchbacks, saloons and small SUVs.
The platform is an attempt to find cost
savings and make acceptable margins
on small cars.
It means that upmarket Volvo must
share parts with mass-market Geely.
That task has scuppered a high-profile
former alliance with DaimlerChrysler.
“It’s very difficult to develop platforms
and architectures if the brands are posi-
tioned very differently,” says Martin
Skold, associate professor at Stockholm
School of Economics.
But the collaboration, enshrined in
China Euro Vehicle Technology, a sister
company to Volvo and Geely Auto, gives
Volvo greater volumes for its engines.
Geely in return gets European design
and perhaps the chance to become the
first Chinese carmaker to achieve global
renown.
There is still some talk around
Gothenburg and among suppliers of
conflict between the Chinese and Swed-
ish participants in and around CEVT.
“Of course it has been challenging —
God, I can tell you, there are days I won-
der, ‘How the hell should we fix this?’,”
says Mats Fagerhag, the former R&D
chief at Saab who runs CEVT.
But he says that the focused nature of
the collaboration means that Volvo and
Geely have created a “smarter” way of
integrating. “Somehow you are forced:
let’s solve those cultural issues here
quickly here because we have an impor-
tant task to do.”
plugging a big gap at the top of the group.
But it was more noteworthy still for what it says about
HSBC. For years, the bank had fostered Mr Cooper, along-
side John Flint, head of retail banking, and Antonio
Simoes, the group’s UK chief, as potential future CEOs. The
exit of Mr Cooper, widely seen as favourite to succeed cur-
rent boss Stuart Gulliver, may suggest either that HSBC is
no longer inclined to stitch the role up internally or that Mr
Cooper had grown impatient waiting to be anointed.
Either way, it raises the question of how long CEOs should
stay in their jobs before giving way to the next generation.
Mr Gulliver, who has run HSBC for five years, is, by all
accounts, as exhausted as he is frustrated by running a
bank in the political and regulatory climate. But he also
seems determined not to give up. He wants more to show
for his efforts at overhauling this lumbering giant than the
20 per cent fall in the share price he has overseen so far.
Despite — or perhaps because of — the turbulent years
since 2008, bank bosses seem to have just as much of a
penchant for clinging to power as ever they did. Goldman’s
Lloyd Blankfein and JPMorgan’s Jamie Dimon are two of
the longest-serving bank chief executives in the world,
both having started in their jobs in 2006. They owe their
longevity to a combination of force of character and finan-
cial performance: both banks came through the 2008 cri-
sis in far better shape than rivals.
But in Mr Dimon’s case at least, an ambivalent attitude
to succession planning has also been at play. On the face of
it, Mr Dimon has done more than most to make rounded
characters of his senior
team, revolving executives
round different departments
Had Citi done
to ready them for the top job. more to groom
But at the same time, any-
one who has become too
top executives, it
rounded or influential is might have fared
apparently defenestrated.
That happened to Mr Win-
better in the crisis
ters, who took eight years to
return to banking after his exit from JP in 2007. But it also
happened to Jes Staley, his successor as JP’s investment
banking boss and now recently arrived as Barclays’ chief.
Mike Cavanagh, the next man identified as a potential
Dimon successor, and another investment banking boss,
left the industry for private equity.
Does any of this matter? After all, the movement of sen-
ior executives, frustrated or not, from one employer to
another can be a sign of a healthy financial ecosystem.
StanChart and Barclays are no doubt grateful to have
found chief executives who came through the Dimon
school of business.
For the banks that lose top executives, there can be
advantages, too. Goldman has been famously adept at cul-
tivating a diaspora across business and politics. Two of the
best-known Goldman alumni, Robert Rubin and Hank
Paulson, were both helpful to Wall Street during their ten-
ures as US Treasury secretary.
But there may be such a thing as an excessive diaspora,
caused by frustration at the boss spending too long at the
top. For much of the 1980s and all of the 1990s, Citigroup
was led by John Reed. Over a similar period, a clutch of
promising bankers, some of them very senior, left the Citi
fold and later headed other banks and financial institu-
tions. Among them were Mr Dimon, before he ran Bank
One and then JPMorgan; and Rana Talwar and Mervyn
Davies, who both went on to run StanChart. More top tal-
ent leaked from the bank over the early 2000s.
When Citi all but collapsed amid the 2008 financial cri-
sis, it found itself with such a dearth of leadership candi-
dates that it had to appoint the head of a hedge fund it had
just acquired (Vikram Pandit) as its chief executive.
Citi’s problems were more deeply rooted than mishan-
dled succession alone could answer for. But if the group
had done a better job of grooming top executives and pre-
paring its next generation of leaders, it might have fared
better in the crisis. For the JPMorgans and HSBCs of the
world, whether bosses are keen to maintain success or des-
perate to recover lost ground, there may be a cautionary
tale in there.
patrick.jenkins@ft.com

Insurance

AIG chief launches fightback against disgruntled investors ahead of key strategy update
BEN MCLANNAHAN AND STEPHEN FOLEY
NEW YORK
Peter Hancock’s fightback began in the
middle of last month, with a gathering
of investors at American International
Group’s low-key headquarters over-
looking New York’s East River.
The chief executive, accused by veteran
activist investor Carl Icahn of a cata-
logue of failings, spoke of years of
under-investment in technology at the
insurer, even before the grim years fol-
lowing its rescue by the US government
at the height of the financial crisis.
He complained of being dealt a bad
hand, according to people familiar with
discussions, noting that AIG had
dumped 30 businesses in short order to
pay back the government.
One investor was unimpressed but
sympathetic. “He’s under a lot of pres-
sure, and he didn’t have a lot of good
answers,” he says. “Let’s give him until
January to see if he does. Even the great-
est CEO in the world would have a hard
time fixing [AIG], as is.”
Other outsiders agree that Mr Han-
cock will have to come up with some-
thing extraordinary at a strategy update
next month, if he wants to head off a
shareholder revolt. So far, the measures
have left many of them underwhelmed.
The burly 57 year-old Briton has
promised to dismiss almost a quarter of
the top 1,400 members of senior man-
agement, while ditching old technology
and pledging to buy back shares. But the
three main business areas, life, proper-
Peter Hancock: analysts say AIG’s
‘Sifi’ designation is a core problem
ty-casualty and mortgage insurance,
remain.
The most recent share buyback
announcement came this month, on the
same day that the US Federal Reserve
signalled an end to the crisis era by rais-
ing US rates after a nine-year freeze. But
critics argue that AIG has yet to pull off a
similar exit from its own troubled past.
The group’s return on equity over the
past 12 months was 6.9 per cent, well
short of the low teens ROEs of peers and
AIG’s own target of 10 per cent.
The core of the problem, says Josh
Stirling, an analyst at Bernstein, is AIG’s
status as a “globally significant financial
institution”, which means it is subject to
the most intense level of supervision by
the Fed. AIG was the first non-bank to
be designated as such in July 2013, after
regulators judged that it could pose a
serious threat to the stability of the
financial system if it ran into trouble.
According to Mr Stirling, this status
has created a culture of “comfortable
deference” to the Fed and an “over-
whelming focus on de-risking,” as well
as an extra billion dollars or so of annual
compliance costs. He points to a lawsuit
from MetLife, another insurer, to rid
itself of the designation, and efforts by
General Electric to shake off the tag by
selling about $200bn of assets.
AIG should do likewise, he says, and
“shrink itself to greatness” by selling
itself — piece by piece — to competitors.
“It’s a tremendous pain in the neck to
be a Sifi, and that point can’t be argued
with,” says one major shareholder. “If it
was easy to be a Sifi, GE would still have
its financial services division.”
According to Mr Hancock, however,
the Sifi designation is irrelevant. He has
argued that the only practical constraint
on AIG’s returns is the attitude of the
credit rating agencies. If Sifi peers such
as MetLife and Prudential are achieving
higher ROEs, it is because they choose to
run their operations with more lever-
age, and are willing to take more risk,
including through derivatives
Tuesday 29 December 2015
Oil groups enter 2016 facing grim prospects
New year is shaping up to be worse than 2015, with cuts, restructuring, refinancing and even bankruptcy on the horizon
ED CROOKS
As a miserable year for the oil industry
draws to a close, any relief that execu-
tives might feel will be tempered by the
knowledge that 2016 is shaping up to be
worse.
The collapse in oil and gas prices that
began in the summer of last year has
already cost hundreds of thousands of
jobs, and caused projects worth hun-
dreds of billions of dollars to be can-
celled or delayed. Today, the external
environment is more challenging than it
was a year ago, and the energy compa-
nies’ ability to cope with tough condi-
tions is diminished.
For oil and gas producers, 2016 will be
a year of cost-cutting, restructuring,
refinancing when it is possible and, in
some cases, bankruptcy when it is not.
Merger and acquisition activity, which
was sluggish this year because of disa-
greements over valuations, may pick up
speed.
Oil and gas producers that have other
sources of revenues such as refining and
chemicals operations, and that still have
access to capital markets, will find life
difficult but should be able to survive.
Companies that are exclusively focused
on production and have weak balance
sheets will have done well if they can
make it through the year.
The outlook was already dire a year
ago. Since then, Brent crude has fallen
by a further 39 per cent to about $37 per
barrel yesterday and is trading at close
to an 11-year low. Longer-dated oil
futures prices have also dropped
sharply, making it less attractive for
producers to use derivatives to protect
their revenues, and raising expectations
that crude will stay “lower for longer”.
Prices for natural gas, which are
Charges for oilfield
services have to be high
enough for providers
to stay in business
linked to oil under contracts used in
Europe and Asia, have been falling too.
In the US, the warm winter weather has
helped drive benchmark Henry Hub gas
to a 16-year low.
Many of the levers available for
responding to weak prices have already
been pulled, according to Andy Brogan
of Ernst & Young, the accounting firm.
“Companies had oil price hedges in
place, they had costs they could cut rela-
tively quickly, they had capital expendi-
tures that they could put on the back-
burner,” he says. “A lot of these things
are going away.”
Oil producers have cut costs through
efficiency gains and by driving down the
rates they have been charged by their
suppliers, the oilfield-services compa-
nies. ConocoPhillips, the world’s largest
independent oil and gas producer by
market capitalisation, said earlier this
month that the cost of land rigs for drill-
ing wells in the US had dropped by 32
per cent over the past year, while the
cost of hydraulic fracturing to bring
those wells into production had fallen
38 per cent.
US shale oil producers have also con-
tinued the steady improvements in pro-
ductivity they have achieved in recent
years. EOG Resources, for example, said
last month it had cut the average time to
drill a well in the Eagle Ford shale of
south Texas from 8.9 days last year to 7.7
days.
Companies have also been cutting
capital spending. BP of the UK said in
October that it proposed to spend about
$19bn this year, down from an original
plan of $24bn-$26bn.
Such cuts have helped stabilise the
industry’s finances. The leading listed
Technology
Sharp gains on Gou’s turnround claim
ROBIN HARDING — TOKYO
Sharp’s share price jumped 7 per cent
in Tokyo yesterday after the chief exec-
utive of Foxconn said he could turn
round the electronics group in three
years if the Japanese government
would let him.
In remarks reported on Saturday, Terry
Gou told the Central News Agency of
Taiwan that he could get Sharp to break
even within two years.
Mr Gou is founder of Foxconn, the
world’s largest contract electronics
manufacturer, and his remarks high-
light the enduring value of Sharp’s tech-
nology — and his interest in the strug-
gling company. His comments followed
meetings with Sharp in Osaka and they
put pressure on Tokyo to let Mr Gou
invest in an icon of the Japanese elec-
tronics industry.
Troubles run deep
Oil crash impact
Share price change since Jan 2015, $ terms (%)
Oil majors
-100 -50 0 50
PetroChina
Royal Dutch Shell
ExxonMobil
BG
Source: Bloomberg Companies named include some of the largest groups by market capitalisation within each subsector (as at Dec 18)
oil companies will on average need a
Brent crude price of $66 per barrel next
year to cover their capital spending,
interest payments and dividends from
their cash flows, down from $81 this
year, according to Wood Mackenzie, the
energy consultancy.
Before the cost and spending cuts,
they would have needed $104 per barrel
to achieve that cash break-even.
The break-even level of $66 per bar-
rel, however, still means that at today’s
oil prices the industry’s borrowings are
set to rise. The large international oil
companies can accept higher debts, but
do not want their borrowings to run out
of control, and they have started to
announce a new round of cost reduc-
tions. Royal Dutch Shell, which is trying
to win shareholder approval for its pro-
posed takeover of BG Group, said this
month that it planned a further 2,800
job cuts, about 3 per cent of the com-
bined group’s workforce, once the deal
goes through.
Falling rates for oilfield services will
continue to deliver lower costs for pro-
ducers as contracts come up for renego-
tiation. For example, Transocean’s
Deepwater Champion rig is under con-
tract to ExxonMobil to work in the Gulf
of Mexico at a rate of $395,000 per day
from November to January, down 41 per
cent compared with its previous day
$66 32 %
Brent price top Fall in the
groups need in cost of land
2016 to meet their rigs over the
commitments past year
Sharp fell into a deep crisis after its
solar cell and liquid crystal display
businesses fell prey to cheaper competi-
tors in Taiwan and China, and Apple
took away its leading position in the Jap-
anese mobile phone market.
According to CNA, Mr Gou said that,
unlike when he invested in Sharp’s LCD
Terry Gou says he could make
Sharp break even in two years
★ FINANCIAL TIMES 17
COMPANIES
Fewer hedges
Weakening of positions
stokes investors’ fears
For companies that use derivatives
to hedge their revenues against
commodity price risk, one of the
mounting pressures in 2016 will be
the exhaustion of positions put in
place when oil and gas futures were
higher than they are today.
Companies have been hedging
less. This year, 52 per cent of the
leading US independent
companies’ oil production was
hedged, but only 39 per cent of
2016’s expected output was
covered at the end of September,
according to Energy Aspects, a
consultancy.
The hedges in place are typically
at lower prices, too. The average
floor price is $64.80 for 2016,
compared with $74.80 for 2015,
says Energy Aspects. Pioneer
Natural Resources, which is one of
the most hedged US companies for
next year, has covered 85 per cent
of its expected production for 2016,
but at a price of $59 per barrel,
compared with $71 per barrel for
this year, adds the consultancy.
The weakening of hedging
US exploration and production Oil services Pipeline companies positions is one stoking investors’
-100 -50 0 50 -100 -50 0 50 -100 -50 0 50 anxieties about smaller oil and gas
Chesapeake Energy Ensco Kinder Morgan companies, and the more highly
leveraged ones in particular. The
energy sector of the Bloomberg US
Williams high-yield bond index has dropped
Transocean 20 per cent this year.
“A lot of companies [refinanced]
this year, and their hope was ‘This
Noble Energy Baker Hughes will let us fight another day,’ ” says
Schlumberger Steve Wood, managing director of
the oil and gas team at Moody’s,
EOG Resources TransCanada the credit rating agency. “Now the
other day has come, or is coming.
Newfield Exploration Cameron Int. Magellan Midstream And they are going to run out of
money.”
rate. There are, however, limits on how
far this cost deflation can go. Trading Directory
Charges for oilfield services have to be
high enough for providers to stay in
business. Dave Lesar, chief executive of
Halliburton, argues that rates in the US
are already at unsustainably low levels.
Companies have been raising produc-
tivity, for example by drilling only in the
best areas, but there are signs that in the
Eagle Ford and the Bakken of North
Dakota, two of the three largest shale oil
regions of the US, productivity gains are
levelling off.
Nor can companies continue to cut
capital spending indefinitely without
damaging their revenues. This year
companies have typically been focusing
on projects that have quick paybacks in
production, while slamming the brakes
on exploration and longer-term devel-
opments, but the natural decline of oil-
fields means that continued investment
is needed to stop output falling.
The prospect of tighter supply in the
future is laying the foundations for a
recovery in oil prices, and companies
that have cut costs will be well-placed to
benefit. “If oil goes back to $60, things
might start to look a lot better,” says
Tom Ellacott of Wood Mackenzie. “The
sector should have reset at a lower cost
base.”
The one ray of hope in the oil indus-
try’s Pandora’s Box of troubles is that the
greater the cuts in exploration and
development spending now, the
stronger the eventual upturn is likely to
be. The task facing oil companies will be
to stay in business for long enough to
enjoy that rebound when it comes.
unit three years ago, the problem was
not opposition from the company. In
2012, Mr Gou bought a 38 per cent stake
in the large LCD business through
a personal investment vehicle. This
time, he said, the Innovation Network
Corporation of Japan, a government-
backed fund, was worried about export-
ing Sharp’s technology. The INCJ has
been trying to arrange its own rescue
plan for Sharp.
After years of struggle, Sharp suffered
a further crisis with a net loss of Y83.6bn
($700m) in the first half of the current
fiscal year, due to the plunging price of
LCD panels for smartphones.
A report by Kyodo News claiming
Foxconn is willing to pay Y300bn to
acquire Sharp in full added to the share
price rally. At Y118, Sharp shares are still
down 56 per cent during 2015, giving it a
market capitalisation of about Y200bn.
18
Retail & consumer
Adidas denies facing pressure to offload Reebok
CFO says activist investors
have not urged divestment
of low-performing assets
JAMES SHOTTER — HERZOGENAURACH
Adidas is not facing pressure to trim its
portfolio beyond the sale of footwear
brand Rockport and several golf labels,
despite the arrival of three big activist
shareholders, the German sportswear
group’s chief financial officer has said.
Over the course of 2015, the US inves-
Investors seek new chiefs to revive ailing fortunes
technology
& engineering
new brooms
Tech and engineering groups
are looking around for talent
to spur quick turnrounds
FT REPORTERS
Investors in technology and engineering
companies typically prefer them to
retain their leaders, and the expertise
and spirit of innovation they can bring.
A study of tech chief executives by
Vell, the US recruitment firm that serves
Fortune 500 companies, found that 87
per cent have been at their companies
more than five years.
But when business models change or
start to fail, shareholders can quickly
seek a new broom to clean up the busi-
ness. It is a low-tech strategy that can
work: the Vell study found that tech
chief executives who have been in place
between three and six years outper-
formed peers with a longer tenure, espe-
cially in the larger companies. Investors
in Rolls-Royce, eBay and Housing.com
will hope these results can be replicated.
Warren East
Rolls-Royce
Warren East spoke his first words to
Rolls-Royce, where he is now chief exec-
utive, long before he ever joined the
board of the UK engine maker.
“I’m not interested in a glorious suc-
cess followed by failure,” he said. “The
legacy is just as important to me.” This
philosophy, uttered in an interview in
2012 when he was still leading Cam-
bridge-based chip designer Arm Hold-
ings, will give comfort to investors,
employees and the British government
— all of whom are feeling jittery about
the future for Rolls after five profit
warnings in two years.
Mr East is the understated engineer
who led Arm’s rise from a relatively
unknown semiconductor company to
global leader. In July, he became head of
a group whose name has been synony-
mous with UK engineering excellence
ever since its Merlin engines powered
Spitfire aircraft in the second world war.
Since the first of those warnings, in
February 2014, analysts’ expectations
for 2016 earnings have more than
halved. Mr East’s challenge will be to
shift that culture and cut costs without
weakening Rolls’ engineering capabil-
ity. He will also have to reassure inves-
tors, including activist ValueAct, that
have been unsettled by the warnings.
Investors will judge Mr East not just
on his plans, but on whether he can
Legal Notices
tor Mason Hawkins, Belgium’s Albert
Frère and the Egyptian billionaire
Nassef Sawiris have all built up stakes in
Adidas.
Mr Hawkins and Mr Sawiris earlier
this month set up a combined entity to
co-invest in European companies.
Their purchases have prompted spec-
ulation that they could push for the Ger-
man group to offload low-performing
assets such as Reebok or the US golf
brand TaylorMade.
One top 20 investor said that share-
holders expect the trio to demand a role
Changing of the guard
- 2.7% - 44.4%
Growth in
year before
appointment
Share price since
appointment
Appointment
reported
22 Apr 2015
Warren East
Rolls-Royce
deliver a company better able to gener-
ate cash from its investments.
Britain’s government is also anxious
to see stability return to Rolls, which
provides the propulsion for the nation’s
nuclear deterrent. Its concerns were
shown in a secret analysis of the options,
including a possible nationalisation of
the sensitive submarines unit, should
Mr East fail to restore confidence.
In mid-December he abolished the
divisional structure that had separated
the chief executive from the operating
businesses. That was just the first step in
what Mr East says will be a four-to-five-
year programme to create a leaner,
more responsive company.
Peggy Hollinger
Devin Wenig
eBay
When companies snap themselves in
half, someone usually ends up with the
short straw. And in the case of eBay’s
decision to split off its fast-growing pay-
ments unit PayPal in July, that person
was the new eBay boss Devin Wenig.
Splitting off PayPal made sense for
★ FINANCIAL TIMES
COMPANIES
in the search for a successor to Herbert
Hainer, Adidas’s chief executive, whose
contract expires in 2017.
But Robin Stalker, Adidas’s CFO, said
that the investors had not been pushing
for the group to sell assets.
“I’ve never had a conversation where
anyone has given me any pressure about
anything,” he said in an interview with
the Financial Times.
Mr Stalker conceded that the com-
pany, which posted operating profits of
€1.08bn from sales of €12.7bn in the
first nine months of the year, had not yet
Leadership. Fresh faces
Share price change since
appointment
Appointment reported
+28.5%
Share price in
year before
appointment
Devin Wenig
eBay
shareholders. But it also left eBay
exposed for what it is: a mature retail
website that is losing market share to
Amazon and lacks the technological
edge needed to expand.
Mr Wenig has since done what all
heads of mature tech groups tend to do:
returned cash to shareholders via buy-
backs, and controlled costs such that
profits beat expectations in the most
recent quarter. Ebay also increased rev-
enue 5 per cent last quarter on a con-
stant currency basis, and generated free
cash flow of nearly $500m.
Even so, the task ahead is not an easy
one, as new websites such as Wanelo
and existing titans such as Amazon keep
pressing into eBay’s territory. In
response, the company has been
revamping its catalogue data, a project
expected to improve search results.
Youssef Squali, analyst at Cantor Fit-
zgerald, says Mr Wenig’s biggest chal-
lenges are dealing with an auctions busi-
ness that is shrinking, and a fixed-price
retail business that is losing market
share to other ecommerce companies.
“I think Devin is a very smart CEO,
Property
Vanke tussle paves way for China’s first hostile takeover battle
TOM MITCHELL — BEIJING
BEN BLAND — HONG KONG
There are not many countries where, in
pitting new money against old, the old
money was made in the 1990s.
Such a battle is brewing in China, where
an obscure insurer — privately held Bao-
neng Group — has built up the largest
single stake in China Vanke, one of the
country’s biggest property companies.
Vanke is also one of China’s best
known corporate brands with a celeb-
rity chairman, Wang Shi. Baoneng and
its low-key founder, Yao Zhenhua, were
largely unheard of until this year.
Adding to the intrigue surrounding
what could become China’s first hostile
takeover battle, Vanke has sought a
potential white knight in the form of
Anbang, another private insurer.
Over recent months, Baoneng compa-
met its ambition of a double-digit oper-
ating margin.
But he said Adidas had “good discus-
sions” with Mr Hawkins’ Southeastern
Asset Management and Mr Frère’s GBL.
He said the group had not yet spoken to
Mr Sawiris, who has built up a stake via
his investment vehicle NNS Holding.
“What has been of interest to every-
body is that we have said we are
prepared to look at our portfolio. We’ve
done a very good review of that,” said
Mr Stalker.
After selling off footwear business
0.0%
17 Jul 2015
$250m
Estimated
value
Dec 2014
Jason Kothari
Housing.com
and he is trying to right the ship,” he
notes. “The problem is that it is not even
a multi-quarter process, it is a multiyear
process, to stabilise [sales] and then to
reaccelerate [them].”
Part of the promise of the eBay-PayPal
separation was that each company
would be able to focus on its own busi-
ness. Ebay might be able to go after new
deals with big box retailers, for example,
while PayPal could expand its services
to retailers that compete with eBay.
This, however, has not really hap-
pened for either company, even though
the market valued the two companies
slightly higher after the split.
Living up to the high expectations
baked into that divorce may prove Mr
Wenig’s most difficult challenge of all.
Leslie Hook
Jason Kothari
Housing.com
It is often hard for a new chief executive
to recover if their predecessor left under
a cloud. But for Jason Kothari, who was
appointed head of Indian property
start-up Housing.com in November,
nies quietly amassed more than 20 per
cent of Vanke’s Shenzhen shares. Up to
that point Vanke’s largest shareholder
was state-owned conglomerate China
Resources, with a 17 per cent stake.
Mr Wang, 64, decried the develop-
ment as one that could “ruin” his com-
pany’s brand. Vanke put a temporary
halt to Baoneng’s stakebuilding by sus-
pending trading in its shares on Decem-
ber 18, pending a “restructuring”
announcement expected next month.
But according to Credit Suisse, which
hosted two investor presentations by
Vanke’s chairman on December 23, Mr
Wang said that there would be no poison
pill and that all shareholders’ interests
would be protected. Any new equity
placement would also require the
approval of investors in more than two-
thirds of the company.
Baoneng declined an interview
Rockport, Adidas indicated that it
might sell its Adams and Ashworth
golf brands.
The group plans to decide in the first
quarter of next year whether to part
company with TaylorMade as well,
which, like other golf brands, has been
hit by a decline in the popularity of
the sport.
Mr Stalker said that Adidas would
make that decision based on how Tay-
lorMade fits into its overall strategy.
“We are more in soft goods and foot-
wear than we are in hard goods.
$226m
Estimated value
May 2015
Appointment
reported
5 Nov 2015
that cloud was darker and more charged
than most.
Early last year, Housing seemed set
for greatness. Riding a wave of enthusi-
asm for India’s burgeoning tech sector, it
secured a $90m funding round led by
Japanese telecoms group SoftBank, and
gained widespread media coverage for
the vision of its charismatic co-founder
Rahul Yadav.
He promised to up-end India’s old-
fashioned processes of home rental and
purchase, much as Zillow had done in
the US.
But in July, everything went wrong.
Mr Yadav resigned, penning a withering
resignation note in which he mocked
both his financiers and board members
as “intellectually incapable” — the text
spread quickly online. Then the temper-
amental 26-year-old retracted his
words, keeping his job for two further
months, before SoftBank took its
revenge and fired him.
Mr Kothari was brought in the follow-
ing month as chief business officer in an
effort to stop the business from collaps-
ing after much of its original manage-
request. Vanke did not respond to a
request for comment.
Mr Wang has been a fixture of China
Inc since the mid-1990s, when Vanke
began building a name for itself in the
southern Chinese boomtown of Shen-
zhen.
After dabbling in foreign trade, he
made a well-timed entry into the prop-
erty sector and soon cemented Vanke’s
reputation as a developer of quality resi-
dential housing in the country’s largest
and richest urban centres.
Unusually for his peer group, Mr
Wang has cultivated a celebrity profile
Wang Shi has
decried Baoneng’s
stakebuilding,
saying that it
could ‘ruin’ his
company’s brand
Tuesday 29 December 2015
The TaylorMade part of golf is hard
goods . . . If we were to decide to divest,
it has to be for the right price. We don’t
need to sell TaylorMade,” he said.
The arrival of the new investors
comes at a critical juncture for Adidas,
which in March launched a new strategy
in a bid to boost profitability and close
the gap on arch-rival Nike.
A key part of the strategy is a market-
ing push in the US, where Adidas has
been investing heavily to recover
ground after losing its second place in
the market to Under Armour last year.
Rolls-Royce
Share price (pence)
1200
1000
800
600
400
2010 11 12 13 14 15
eBay
Revenues ($bn)
0 5 10 15 20
2010
2011
2012
2013
2014
Housing.com
Cumulative funds raised ($m) 140
120
100
80
60
40
20
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 14
Sources: Thomson Reuters Datastream; company
ment left. But by the time the board
appointed him chief executive three
months later, the start-up had come to
represent the hubris of India’s internet
economy, rather than its potential.
Still, the fact that its new chief had
previously run Valiant Entertainment, a
financing vehicle used to rejuvenate
comic book publisher Valiant, sug-
gested an improbable superhero rescue-
plan might be possible.
Housing had already begun to shed
staff, and Mr Kothari continued cutting
jobs, shutting wasteful projects to
reduce cash burn. Expensive billboard
advertising campaigns were chopped.
Despite having steadied his ship,
Housing’s new head faces a tricky 2016.
He is likely to need to raise more money
— a tough task after a turbulent 12
months, not least given what is certain
to be a sharply reduced valuation.
Instead, he and his main Japanese
funders might well decide it would be
wiser to merge the company with a rival
in the same sector, or offload it to one of
India’s larger online retailers instead.
James Crabtree
as an avid mountain climber, parachut-
ist and environmentalist.
Mr Yao’s first company was a grocery
chain, from which he expanded into
logistics, property and, insurance.
He now stands on the cusp of becom-
ing Communist China’s first corporate
raider.
Some analysts think that Mr Yao spot-
ted an opportunity that could herald a
new corporate era in which Chinese
companies with diversified ownership
structures and attractive share prices
will have to watch their backs.
Others say that Mr Yao may not need
to launch a bid for full control of Vanke
to achieve his aims.
Jeffrey Gao at Nomura argues that it
makes sense for Chinese insurance com-
panies such as Baoneng and Anbang to
invest in property developers with good
portfolios for purely financial reasons.
Tuesday 29 December 2015 ★ FINANCIAL TIMES 19

COMPANIES

Technology Banks

Virtual tours help build real estate’s appeal Regulation

CBRE to announce deal
with start-up that enables
digital capture of offices
JUDITH EVANS
Prospective London office tenants and
investors can now take interactive
virtual tours of buildings, including
some of the capital’s best-known sky-
scrapers, using technology akin to
Google Street View.
CBRE, the world’s largest property
services company, will today announce
a two-year partnership with Virtual
Walkthrough, a London-based start-up,
A series of residential property agents
have also adopted the technology in
to enable 360-degree digital capture of
UK offices available to let.
2015, enabling buyers to take digital
tours of luxury homes including some
The deal comes as digital capture and on The Bishops Avenue, a north London
virtual reality move into real estate’s street known as “Billionaires’ Row”.
mainstream, partly driven by the indus- The retail landlord Hammerson this
try’s internationalisation. year mapped all its UK shopping centres
Virtual Walkthrough has “captured” and retail parks using Virtual Walk-
offices in London’s Heron Tower at 110 through, which integrates 360-degree
Bishopsgate and Tower 42, the City’s photography with floor plans.
oldest skyscraper. It expects to produce “We feel this counts as a first viewing
tours of other towers as part of the deal — people are usually going to physically
with CBRE, which has handled lettings do the second viewing but this helps
in buildings such as the Shard. to better qualify them and speed up
Food & beverage. Unit sale
the sales cycle,” said James Morris-
Manuel, chief commercial officer at
Virtual Walkthrough.
“We’ve had clients in Dubai buy [resi-
dential] properties off-plan from the
virtual tour, but that’s the exception.”
A series of companies are vying to
replicate buildings in digital form,
including the US start-ups Matterport
and Studio216, which use three-dimen-
sional imaging that works on headsets
such as the Oculus Rift.
Virtual Walkthrough also plans to
make its tours available on the headsets.
In the UK, rivals include 360imagery,
boosts
run by a chartered surveyor, which is
working with British Land and the
demand for
Greater London Authority. Superyacht
providers and hotel chains are also
City lawyers
experimenting with virtual tours.
LA-based CBRE has tripled its spend-
ing on technology in the past four years LAURA NOONAN
to almost $350m as it anticipates digital
Banks advertised almost 50 per cent
disruption in the real estate industry,
more legal jobs in 2015 than a year ear-
affecting areas such as valuations as well
lier, as massive fines for past legal fail-
as viewings.
ings and escalating regulation made
Virtual Walkthrough charges on a
lawyers the most in demand profes-
sliding scale depending on office size,
sional in the City.
with “capture” of a 10,000 sq ft office
costing £1,000. Recruitment firm Robert Walters
revealed the surge in financial services’
legal recruitment in its annual UK jobs
index, which recorded a 22 per cent rise
in overall job ads posted online.
The 48 per cent rise in legal job ads —
based on figures for the first 11 months

Dairy Crest loses taste for UK milk production of the year — marked the biggest
increase in the banking and financial
services sector for 2015. Compliance job
vacancies were up only 10 per cent, but
from a very high base after large
increases the previous two years.
Company decides to focus on “Pressure from regulators has played
small-ingredients business and a critical role in driving recruitment
within banking and financial services,”
tap into infant formula market said Chris Hickey, Robert Walters’ chief
executive for Europe, the Middle East
and Africa. He added that financial
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR

Boxing Day was not a typical holiday

this year at Dairy Crest. It was the day
the UK’s last listed milk producer with-
drew from the sector, with the comple-
tion of the sale of its milk operations to
Germany’s Müller Group.
The £40m deal, struck more than a
year ago but delayed by competition
concerns, marks the end of an era for a
company that grew out of the Milk Mar-
keting Board — the government agency
set up in 1933 to guarantee minimum
prices for dairy farmers. With the dis-
posal, Dairy Crest has shrunk its busi-
ness from £1.3bn ofsales last year to
£450m, according to analyst forecasts.
“There aren’t many companies that
sell two-thirds of their turnover,” says
Mark Allen, Dairy Crest chief executive,
in an interview with the Financial
Times. Getting out of milk was “abso-
lutely necessary”, he adds, noting the
£143m of dairy losses racked up over
the past four years that contributed to
the headline price for the sale dropping
from £80m originally.
Now milk-free, Mr Allen is placing a
big bet, a £75m investment, on develop-
ing the group’s small-ingredients busi-
ness into products aimed primarily at
the global infant formula market.
These are whey and the difficult-to-
pronounce galacto-oligosaccharide
(GOS). Dairy Crest already sells whey, a
byproduct in the cheesemaking process,
but is switching production to deminer-
alised whey, while GOS, a lactose-
derived product, is a new venture.
Sitting in his office at the company’s
HQ in Esher, Surrey, Mr Allen, who
became chief executive in January 2007,
expresses relief that the dairy sale is
over after the uncertainties of a “gruel-
ling” year-long competition inquiry.
“We’ve been looking at a solution for
our dairies business since I’ve been CEO
— so nearly nine years,” he says. “Farm-
ers are having a tough time [as] milk
prices are very low. Creating a more sus-
tainable business has to benefit farmers
in the medium and the long term.”
Plunging milk prices because of an
oversupply have been a “nightmare”
this year for UK dairy farmers, accord-
ing to the National Farmers’ Union.
The UK’s three biggest producers all
reported losses in their most recent
annual accounts; £16m at Dairy Crest,
£83m at Arla Foods, the UK arm of the
Danish co-operative and £98m at
Müller UK and Ireland.
Mr Allen believes that milk produc-
Dairy Crest’s £40m agreement with Müller Group, which was delayed by competition concerns, marks the end of an era for the company — Jason Alden/Bloomberg
tion is better off in the hands of co- now left with three businesses: cheese,
operatives or privately owned compa- dominated by its successful Cathedral
nies, such as Müller Group, instead of “a City brand; the low-growth butter and
publicly quoted company that has to spreads unit that includes Country Life,
produce results every six months”. Clover and Frylight low-calorie cooking
Three big companies are a crowd in a oil; and its nascent ingredients unit.
sector that makes little or no profit, Mr Allen’s growth ambitions are
according to Ronald Kers, Müller Group focused on manufacturing ingredients
chief executive. for the infant formula market, though it
He said: “There is no question that remains to be seen whether he can emu-
further consolidation is required in the late the kind of growth that Cathedral
UK fresh milk sector.” City has enjoyed.
The UK government and the NFU Cathedral City is bought by more than
welcomed the disposal, as have Dairy half the country’s households and is the
Crest investors. The shares have risen 55 16th biggest-selling grocery product.
per cent since it was announced in Last year’s sales of £285m were 24 times
November 2014, giving the group a mar- higher than in 1996, soon after Dairy
ket value of £900m. Crest bought the brand.
The slimmed-down Dairy Crest is About 70 per cent of that growth has
The whey ahead Dairy Crest is left with plenty of
Demineralised variant whey when it makes cheese, including
Cathedral City, the UK’s biggest-selling
set to drive profitability branded cheese. It puts the whey
through an evaporator and drier to
Little Miss Muffet famously sat on a turn it into a powder, which it then sells
tuffet, tucking into her curds and whey. to food manufacturers.
But few children familiar with the This sweet whey powder is
nursery rhyme know what she was commonly used in the food industry as
eating before the spider frightened a flavouring in ready meals and cakes.
her away. But Dairy Crest has decided to stop
Whey, a byproduct in the making sweet whey powder, in favour
cheesemaking process, is a creamy of a less commoditised variant —
milky-coloured liquid that separates demineralised whey. According to
naturally from the solids, or curds. Investec, the latter commands a price
come from innovations, says Mr Allen.
These include new formulations and
packaging, such as snack packs and
lighter cheese versions.
Mr Allen says that “the vast amount
of our profits” will continue to come
from its branded products.
“What demineralised whey and GOS
give us, is growth to those profits. And
that’s the exciting bit.”
The group is close to completing its
two-year investment in its Davidstow
plant in Cornwall.
About £45m has gone into the capa-
bility to produce demineralised whey,
which it will sell to New Zealand’s
Fonterra, the world’s biggest milk sup-
plier, under a five-year contract.
The rest has been spent on a new
premium of £800-£900 a tonne to
standard whey prices.
Extracting the minerals from whey
makes it suitable for babies and
therefore for use in infant formula.
The paediatric market — baby food
and drinks — is worth $50bn, according
to Euromonitor.
Mark Allen, chief executive of Dairy
Crest, said the demand was a way to
boost exports and profitability.
He added: “Demineralised whey
has a premium to conventional whey.
That premium to sweet whey powder
will drive the profitability.”
process to manufacture GOS, a prebiotic
derived from lactose that supports good
bacteria in the gut, and to which
a proprietary enzyme is added. Used
for infant formula, GOS can be devel-
oped into a nutritional product for
adults and animals.
This too will be sold to Fonterra. Mr
Allen says he is not worried about the
threat of over-dependence on Fonterra,
saying that the group has provided
Dairy Crest with technical know-how
and access to customers. “They give us a
global reach that we wouldn’t be able to
do as Dairy Crest,” he says.
He expects the payback from the
demineralised whey investment to
take five years, and for GOS seven or
eight years.
Last week, Dairy Crest paid £6m to
Fayrefield Foods to take full control of
their joint venture company developing
GOS. Mr Allen says that further bolt-on
acquisitions are possible.
Some analysts believe that, freed of
milk, Dairy Crest could itself become a
bid target.
Charles Pick, analyst at Numis, says
that the “slimmer Dairy Crest will be a
far more attractive proposition for
investors and it remains feasible that
the group could attract bid interest”.
For now, Mr Allen, who has no plans
to move on, is content. “We’re a business
that can talk about growth; that is some-
thing I’ve not been able to do over the
last nine or so years.”
“Pressure from regulators
has played a critical role in
driving recruitment”
Chris Hickey
firms in the north west and Midlands
had also been hiring strongly for their
legal teams, along with firms in the City
of London.
And the lawyers’ party is not over yet.
Mr Hickey said he expected “significant
demand” again in 2016, when he
expected the area to outperform the rest
of the financial services sector.
He was more circumspect on the out-
look for the overall financial services
jobs market, even though he expected
brokerages and funds to hire strongly.
“A number of large investment banks
are consolidating their hiring and taking
stock,” said Mr Hickey, adding there is a
“good bit of caution” around their 2016
hiring.
Big banks announced almost 100,000
job cuts in 2015, with Morgan Stanley’s
1,200 cuts and Rabobank’s 9,000 among
the most recent.
Across the wider corporate jobs mar-
ket, marketing professionals were most
in demand this year, with a 63 per cent
surge in job ads. “There’s been a real
move towards digital,” Mr Hickey said.
“It’s a relatively new industry, a new
area and the job volumes have picked up
very significantly.” He expects that
trend to continue into 2016.
Firms are finding it difficult to source
digital marketing employees with rele-
vant experience, and Mr Hickey said
people are retraining so they can move
into the area “mid-career”.
Big banks announced 100,000 job
cuts in other areas this year

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20 ★ FINANCIAL TIMES Tuesday 29 December 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.56% -0.63% -0.47% -0.54% -0.99% -0.37% -0.268% -2.81% -0.62%

0.22% 0.56% 0.091% 0.017% 0.272%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Nov 29 - Dec 28 Index All World Nov 29 - Dec 28 Index All World Nov 25 - Dec 24 Index All World Nov 29 - Dec 28 Index All World Nov 29 - Dec 28 Index All World Nov 29 - Dec 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
11,169.54 19,944.41 2,028.99
2,088.87 13,403.42 13,309.80 6,337.64 6,254.64
2,049.41 10,653.91 1,964.06
18,873.35
Day -0.56% Month -1.90% Year -1.84% Day 0.19% Month -0.73% Year -8.89% Day 0.22% Month -0.33% Year -5.34% Day -0.69% Month 1.49% Year NaN% Day 0.56% Month -5.08% Year 5.92% Day -1.34% Month -3.20% Year 0.82%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,516.25 22,488.94
5,116.14 44,247.98 10,310.70 2,884.69 2,875.32
43,508.72 21,919.62
5,016.92 1,432.22
9,552.50
Day -0.63% Month -2.11% Year 4.42% Day -0.04% Month -1.69% Year 1.16% Day -0.54% Month -5.33% Year 4.13% Day -1.35% Month -7.35% Year -8.87% Day -0.99% Month -0.67% Year -6.12% Day -0.08% Month -0.32% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,813.39 4,930.14 25,958.63 26,034.13
22,359.23 3,533.78
17,469.95 45,120.36 4,617.95
43,810.00 21,369.15 3,436.30

Day -0.47% Month -1.80% Year -3.19% Day -0.47% Month -4.52% Year -12.65% Day -0.97% Month -6.33% Year 7.50% Day -0.41% Month -5.34% Year 10.42% Day -2.59% Month 2.84% Year 11.91% Day 0.76% Month -0.36% Year -4.43%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 11841.61 12040.85 Cyprus CSE M&P Gen 66.40 65.64 Italy FTSE Italia All-Share 23149.53 23212.88 Philippines Manila Comp 6983.61 7002.42 Taiwan Weighted Pr 8358.49 8363.28 Cross-Border DJ Global Titans ($) 234.86 235.75
Australia All Ordinaries 5256.10 5193.50 Czech Republic
PX 950.21 945.49 FTSE Italia Mid Cap 34429.82 34234.23 Poland Wig 46532.37 46564.08 Thailand Bangkok SET 1285.87 1282.93 Euro Stoxx 50 (Eur) 3256.31 3284.47
S&P/ASX 200 5207.60 5141.80 Denmark OMXC Copenahgen 20 1002.48 999.80 FTSE MIB 21369.15 21456.36 Portugal PSI 20 5295.09 5349.50 Turkey BIST 100 74189.53 74050.35 Euronext 100 ID 902.45 910.01
S&P/ASX 200 Res 2441.90 2349.20 Egypt EGX 30 6749.11 6812.65 Japan 2nd Section 4648.85 4592.40 PSI General 2506.12 2532.26 UAE Abu Dhabi General Index 4252.18 4246.52 FTSE 4Good Global ($) 5421.88 5439.33
Austria ATX 2395.47 2401.19 Estonia OMX Tallinn 896.59 897.05 Nikkei 225 18873.35 18769.06 Romania BET Index 6997.26 6987.23 UK FT 30 2892.10 2890.60 FTSE All World 264.45 265.43
Belgium BEL 20 3688.40 3691.71 Finland OMX Helsinki General 8511.64 8570.01 S&P Topix 150 1266.76 1257.05 Russia Micex Index 1731.20 1734.21 FTSE 100 6254.64 6240.98 FTSE E300 1432.22 1439.94
BEL Mid 6048.45 6026.57 France CAC 40 4617.95 4663.18 Topix 1529.22 1516.19 RTX 756.07 772.94 FTSE 4Good UK 5706.76 5698.47 FTSE Eurotop 100 2840.59 2855.59
Brazil Bovespa 43810.00 44014.93 SBF 120 3645.24 3676.11 Jordan Amman SE 2084.86 2085.50 Saudi-Arabia TADAWUL All Share Index 6992.19 6946.00 FTSE All Share 3448.56 3441.21 FTSE Global 100 ($) 1314.72 1319.95
Canada S&P/TSX 60 784.16 783.07 Germany M-DAX 20590.05 20708.82 Kenya NSE 20 3980.57 3980.57 Singapore FTSE Straits Times 2875.32 2877.62 FTSE techMARK 100 3985.91 3985.99 FTSE Gold Min ($) 917.47 917.47
S&P/TSX Comp 13309.80 13284.91 TecDAX 1808.16 1814.35 Kuwait KSX Market Index 5628.41 5647.16 Slovakia SAX 293.19 293.69 USA DJ Composite 5999.29 6033.13 FTSE Latibex Top (Eur) 2296.00 2309.00
S&P/TSX Met & Min 372.33 375.39 XETRA Dax 10653.91 10727.64 Latvia OMX Riga 581.62 592.35 Slovenia SBI TOP 690.19 685.02 DJ Industrial 17469.95 17552.17 FTSE Multinationals ($) 1500.47 1500.98
Chile IGPA Gen 18020.21 18020.37 Greece Athens Gen 615.31 619.96 Lithuania OMX Vilnius 483.75 483.82 South Africa FTSE/JSE All Share 51188.72 51324.01 DJ Transport 7542.33 7622.61 FTSE World ($) 468.97 470.65
China FTSE A200 9513.51 9794.75 FTSE/ASE 20 179.50 181.60 Luxembourg LuxX 1373.83 1390.19 FTSE/JSE Res 20 25688.05 26115.74 DJ Utilities 580.76 581.02 FTSEurofirst 100 (Eur) 4022.91 4053.42
FTSE B35 11378.86 12098.44 Hong Kong Hang Seng 21919.62 22138.13 Malaysia FTSE Bursa KLCI 1670.73 1663.51 FTSE/JSE Top 40 46243.42 46355.04 Nasdaq 100 4597.50 4622.77 FTSEurofirst 80 (Eur) 4388.18 4425.11
Shanghai A 3699.30 3796.96 HS China Enterprise 9789.46 9953.21 Mexico IPC 43508.72 43528.27 South Korea Kospi 1964.06 1990.65 Nasdaq Cmp 5016.92 5048.49 MSCI ACWI Fr ($) 402.13 402.27
Shanghai B 407.77 442.76 HSCC Red Chip 4036.47 4061.99 Morocco MASI 8893.10 8893.10 Kospi 200 241.79 245.33 NYSE Comp 10190.75 10258.55 MSCI All World ($) 1673.30 1674.00
Shanghai Comp 3533.78 3627.91 Hungary Bux 23600.03 23547.40 Netherlands AEX 440.49 444.12 Spain IBEX 35 9552.50 9682.90 S&P 500 2049.41 2060.99 MSCI Europe (Eur) 1412.50 1412.50
Shenzhen A 2415.17 2468.61 India BSE Sensex 26034.13 25838.71 AEX All Share 676.78 682.86 Sri Lanka CSE All Share 6828.51 6858.64 Wilshire 5000 21219.74 21354.56 MSCI Pacific ($) 2280.77 2288.08
Shenzhen B 1280.12 1345.67 S&P CNX 500 6700.70 6656.75 New Zealand NZX 50 6225.53 6225.53 Sweden OMX Stockholm 30 1437.53 1446.69 Venezuela IBC 14520.18 14555.81 S&P Euro (Eur) 1458.66 1469.89
Colombia COLCAP 1154.77 1161.02 Indonesia Jakarta Comp 4557.36 4522.65 Nigeria SE All Share 26871.24 26918.22 OMX Stockholm AS 500.59 502.81 Vietnam VNI 569.90 567.67 S&P Europe 350 (Eur) 1469.04 1477.52
Croatia CROBEX 1675.88 1655.77 Ireland ISEQ Overall 6746.72 6774.53 Norway Oslo All Share 640.95 644.39 Switzerland SMI Index 8739.36 8705.74 S&P Global 1200 ($) 1840.30 1847.70
Israel Tel Aviv 100 13.22 13.08 Pakistan KSE 100 32674.04 32500.75 Stoxx 50 (Eur) 3091.87 3108.11
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Dec 24 %Chg %Chg Dec 24 %Chg %Chg Dec 24 %Chg %Chg Dec 24 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 13.5 107.17 -0.86 Bp 26.2 365.95 5.55 Novartis N 249.3 78.42 0.00 Toyota Motor 338.0 7484.00 1.00 Anglo American 328.05 24.5 -72.7 Evraz 75.85 23.2 -50.9 Ferrexpo 20.00 42.9 -62.3 Industrial Metals 747.03 24.5 -50.4
Hospira 11.8 89.95 -0.01 Hsbc Holdings 21.6 541.30 0.40 Iberdrola 220.8 6.47 -0.03 Mitsubishi Ufj Fin,. 206.2 751.20 9.10 Glencore 92.40 14.3 -69.1 Ophir Energy 97.10 15.5 -31.4 Petra Diamonds 87.75 27.0 -54.8 Mining 7501.18 10.4 -47.6
Amazon.com 8.3 668.01 5.22 Royal Dutch Shell 20.7 1571.00 6.50 Telefonica 202.2 10.31 -0.23 Toshiba 183.6 226.00 9.40 Antofagasta 462.60 11.5 -38.5 Cairn Energy 158.40 14.9 -11.3 Gem Diamonds 119.50 20.7 -31.6 Oil & Gas Producers 5782.67 7.3 -18.7
The Walt Disney 5.6 107.06 1.20 Glencore 18.1 92.40 -0.69 Inditex 201.5 31.49 -0.30 Canon . 181.5 3665.00 -65.00 Bhp Billiton 776.50 10.9 -44.1 Acacia Mining 183.50 14.8 -28.2 Kaz Minerals 102.00 15.8 -60.4 Oil Equipment & Services 13228.50 6.1 -19.4
Facebook Class A 5.3 104.89 -0.13 Astrazeneca 17.7 4540.00 27.00 Nestle N 185.0 67.63 0.00 Softbank . 180.1 6129.00 93.00 Fresnillo 715.50 9.3 -6.6 Tullow Oil 178.80 14.8 -56.8 Hunting 319.25 15.8 -39.9 Industrial Engineering 7236.42 5.0 -18.1
Netflix 4.5 114.97 -2.36 Vodafone 17.5 216.65 1.05 Endesa 177.0 18.21 -0.03 Mizuho Fin,. 170.6 240.50 2.50 Rio Tinto 2006.50 7.9 -33.1 Nostrum Oil & Gas 395.50 13.6 -5.8 Hss Hire 71.50 14.4 - Health Care Equip.& Services 7104.52 3.8 5.3
Microsoft 4.2 55.30 -0.37 Royal Dutch Shell 16.4 1557.00 6.00 Santander 174.0 4.58 -0.11 Sumitomo Mitsui Fin,. 159.1 4549.00 57.00 Royal Dutch Shell 1571.00 7.6 -29.6 Home Retail 101.20 12.8 -51.2 Stv 501.00 14.1 37.3 Food & Drug Retailers 2550.38 3.7 -9.7
Bank Of America 3.5 17.03 -0.24 Standard Chartered 16.4 589.00 5.40 Roche Gs 161.2 251.26 0.00 Nippon Suisan Kaisha, 158.3 643.00 -4.00 Bp 365.95 7.5 -11.0 Amec Foster Wheeler 440.60 12.3 -48.3 Premier Oil 48.75 13.4 -70.8 Electricity 8852.84 3.6 -9.9
Exxon Mobil 3.0 78.65 -0.68 Rio Tinto 15.5 2006.50 -8.00 Red Ele. 142.8 76.62 -0.35 Sony 154.2 2983.00 49.50 Royal Dutch Shell 1557.00 7.4 -27.7 Drax 252.30 11.9 -45.2 Brammer 177.50 13.1 -48.0 Life Insurance 7876.67 2.9 4.5
Alphabet Class A Common Stock 3.0 773.63 7.79 Glaxosmithkline 14.8 1376.00 6.00 Total 130.3 41.38 -0.73 Fast Retailing Co., 141.1 42590.00 -550.00 Standard Chartered 589.00 7.1 -38.8 Centamin 66.80 10.5 13.4 Consort Medical 1133.00 12.0 31.0 Pharmaceuticals & Biotech. 12784.07 2.6 0.5
Carnival 3800.00 6.9 30.2 Serco 101.80 8.5 -36.7 Soco Int 150.00 11.7 -50.6 Banks 3862.31 2.5 -11.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Randgold Resources Ld 4235.00 6.5 -3.3 Dechra Pharmaceuticals 1085.00 8.5 29.7 Enquest 21.50 11.7 -39.4 Automobiles & Parts 7135.78 2.4 -10.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Csra 28.96 0.94 3.35 Ophir Energy 97.10 4.00 4.30 Alcatel-lucent 3.54 0.08 2.43 Sharp 118.00 8.00 7.27 Next 7180.00 -3.0 5.3 Onesavings Bank 348.40 -8.3 62.4 Game Digital 127.50 -34.6 -46.9 Food Producers 8848.50 -0.9 8.4
Signet Jewelers 121.29 1.65 1.38 Jimmy Choo 131.00 4.70 3.72 Ucb 83.16 1.59 1.95 Toho Z Co., 284.00 18.00 6.77 Admiral 1639.00 -2.1 24.0 Ted Baker 2996.00 -7.6 34.9 Exova 142.50 -8.1 -10.9 Fixed Line Telecommunication 5269.38 -0.7 15.4
Intercontinental Exchange 254.92 3.00 1.19 Cairn Energy 158.40 5.00 3.26 Alstom 27.68 0.48 1.76 Pioneer 324.00 20.00 6.58 Sports Direct Int 564.50 -2.1 -20.6 Card Factory 361.40 -6.9 27.7 Oxford Biomedica 6.40 -7.9 21.9 Technology Hardware & Equip. 1271.74 -0.3 6.7
The Walt Disney 107.06 1.20 1.13 Evraz 75.85 2.20 2.99 Relx 15.42 0.14 0.95 Oki Electric Industry , 149.00 9.00 6.43 Coca-cola Hbc Ag 1475.00 -2.1 20.1 B&m Eur Value Retail S.a. 281.10 -6.0 -1.4 Hostelworld 215.00 -4.9 - General Retailers 2983.15 -0.3 0.3
Nasdaq Common Stock 58.61 0.62 1.07 Jardine Lloyd Thompson 949.50 26.00 2.82 Kpn Kon 3.45 0.03 0.79 Asahi Kasei 830.70 45.30 5.77 Provident Fin 3299.00 -2.0 34.0 Shawbrook 340.80 -4.5 - Hilton Food 528.00 -4.8 34.8 Real Estate Investment Trusts 3285.52 0.2 7.4
Associated British Foods 3339.00 -1.9 5.9 Riverstone Energy 772.75 -3.9 -10.1 Rm 165.00 -4.8 5.3 Nonlife Insurance 2458.97 0.2 27.1
Downs Downs Downs Downs
Ashtead 1112.00 -1.3 -3.5 Allied Minds 387.00 -3.3 5.4 Lms Capital 71.00 -4.7 -9.0 Real Estate & Investment Servic 3092.44 0.5 15.5
Consol Energy 7.89 -0.76 -8.79 Nostrum Oil & Gas 395.50 -14.70 -3.58 Arcelormittal 3.98 -0.22 -5.21 J.front Retailing Co., 1756.00 -91.00 -4.93
Marks And Spencer 453.40 -1.0 -5.3 Telecom Plus 1055.00 -3.1 -16.4 Novae 850.00 -4.5 42.6 Household Goods 16223.96 0.6 26.7
Navient 11.60 -1.01 -8.01 Ted Baker 2996.00 -111.00 -3.57 Repsol 10.49 -0.45 -4.11 Bridgestone 4133.00 -84.00 -1.99
Bt 467.05 -0.8 16.3 Entertainment One 170.70 -3.1 -47.1 Goodwin 1855.00 -4.4 -25.5 General Financial 9382.87 0.6 10.1
Freeport-mcmoran 7.00 -0.57 -7.53 Shawbrook 340.80 -11.70 -3.32 Royal Dutch Shella 20.88 -0.60 -2.77 Japan Tobacco . 4406.00 -87.00 -1.94
Whitbread 4440.00 -0.5 -6.9 Int Personal Finance 291.20 -2.6 -35.2 Mears 445.00 -4.3 18.5 Mobile Telecommunications 5012.72 0.6 -0.4
Chesapeake Energy 4.12 -0.34 -7.53 Allied Minds 387.00 -13.00 -3.25 Acs Const. 26.58 -0.72 -2.64 Canon . 3665.00 -65.00 -1.74
Wolseley 3682.00 -0.5 -0.1 Jupiter Fund Management 448.30 -2.5 22.9 Avon Rubber 1003.00 -4.3 31.1 Media 7347.00 0.8 12.4
Marathon Oil 12.99 -0.94 -6.74 Onesavings Bank 348.40 -11.60 -3.22 Santander 4.58 -0.11 -2.34 Daiwa House Industry Co., 3418.00 -48.00 -1.38
Taylor Wimpey 197.20 -0.4 43.1 Atkins (ws) 1616.00 -2.4 18.2 Photo-me Int 148.25 -4.2 5.2 Equity Investment Instruments 7448.78 0.8 2.9
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change Dec 24 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.0539 -0.0210 14.3221 -0.0060 19.4508 -0.0836 Indonesia Indonesian Rupiah 13650.0000 7.5000 14976.1580 25.9496 20339.1347 -43.5294 Poland Polish Zloty 3.8688 0.0014 4.2446 0.0065 5.7646 -0.0135 ..Three Month 0.6712 0.0018 0.7362 0.0028 - -
Australia Australian Dollar 1.3768 0.0017 1.5106 0.0037 2.0516 -0.0030 Israel Israeli Shekel 3.8784 -0.0112 4.2551 -0.0072 5.7789 -0.0323 Romania Romanian Leu 4.1243 -0.0095 4.5250 -0.0050 6.1454 -0.0306 ..One Year 0.6714 0.0018 0.7355 0.0028 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4137 0.0004 0.5618 -0.0017 Japan Japanese Yen 120.3050 0.0200 131.9930 0.1781 179.2600 -0.4522 Russia Russian Ruble 72.0625 1.8425 79.0636 2.1127 107.3765 2.4640 United States United States Dollar - - 1.0972 0.0013 1.4900 -0.0040
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.5704 -0.0020 10.2813 -0.0426 ..One Month 120.3049 0.0198 131.9930 0.1782 179.2599 -0.4524 Saudi Arabia Saudi Riyal 3.7518 -0.0002 4.1162 0.0046 5.5903 -0.0154 ..One Month - - 1.0970 -0.3969 1.4901 -0.0040
Brazil Brazilian Real 3.8932 -0.0483 4.2714 -0.0478 5.8010 -0.0877 ..Three Month 120.3047 0.0195 131.9930 0.1782 179.2597 -0.4528 Singapore Singapore Dollar 1.4085 0.0028 1.5453 0.0049 2.0987 -0.0015 ..Three Month - - 1.0969 -0.3969 1.4901 -0.0040
Canada Canadian Dollar 1.3888 0.0036 1.5237 0.0057 2.0693 -0.0003 ..One Year 120.3035 0.0170 131.9930 0.1781 179.2599 -0.4542 South Africa South African Rand 15.2743 -0.0123 16.7582 0.0064 22.7593 -0.0796 ..One Year - - 1.0957 -0.3969 1.4903 -0.0040
Chile Chilean Peso 707.0500 6.8500 775.7420 8.4247 1053.5374 7.4010 Kenya Kenyan Shilling 102.2500 -0.0500 112.1839 0.0780 152.3573 -0.4844 South Korea South Korean Won 1165.4500 -2.4000 1278.6769 -1.1167 1736.5748 -8.2559 Venezuela Venezuelan Bolivar Fuerte 6.3055 0.0205 6.9181 0.0307 9.3955 0.0054
China Chinese Yuan 6.4880 0.0112 7.1183 0.0207 9.6674 -0.0093 Kuwait Kuwaiti Dinar 0.3033 -0.0001 0.3328 0.0003 0.4519 -0.0014 Sweden Swedish Krona 8.3694 -0.0243 9.1825 -0.0158 12.4708 -0.0699 Vietnam Vietnamese Dong 22476.0000 -56.0000 24659.6354 -32.2104 33490.2912 -173.7351
Colombia Colombian Peso 3176.9250 40.4250 3485.5727 48.4249 4733.7681 47.6667 Malaysia Malaysian Ringgit 4.2985 -0.0118 4.7161 -0.0073 6.4050 -0.0349 Switzerland Swiss Franc 0.9885 0.0012 1.0845 0.0026 1.4729 -0.0022 European Union Euro 0.9114 -0.0011 - - 1.3581 -0.0053
Costa Rica Costa Rican Colon 536.3000 0.8700 588.4031 1.6498 799.1120 -0.8493 Mexico Mexican Peson 17.2672 -0.0116 18.9447 0.0097 25.7289 -0.0865 Taiwan New Taiwan Dollar 32.8100 0.0195 35.9976 0.0640 48.8884 -0.1023 ..One Month 0.9113 -0.0011 - - 1.3581 -0.0053
Czech Republic Czech Koruna 24.6320 -0.0315 27.0251 -0.0025 36.7028 -0.1458 New Zealand New Zealand Dollar 1.4598 -0.0040 1.6016 -0.0024 2.1751 -0.0118 Thailand Thai Baht 36.1200 0.0300 39.6292 0.0798 53.8205 -0.0999 ..Three Month 0.9112 -0.0011 - - 1.3579 -0.0053
Denmark Danish Krone 6.8019 -0.0075 7.4628 0.0006 10.1352 -0.0385 Nigeria Nigerian Naira 199.0000 -0.0500 218.3334 0.2036 296.5193 -0.8721 Tunisia Tunisian Dinar 2.0212 -0.0033 2.2175 -0.0009 3.0116 -0.0130 ..One Year 0.9100 -0.0011 - - 1.3573 -0.0053
Egypt Egyptian Pound 7.8301 0.1490 8.5908 0.1734 11.6672 0.1912 Norway Norwegian Krone 8.6841 0.0253 9.5277 0.0389 12.9396 0.0029 Turkey Turkish Lira 2.9081 -0.0094 3.1906 -0.0065 4.3332 -0.0257
Hong Kong Hong Kong Dollar 7.7510 -0.0004 8.5040 0.0096 11.5493 -0.0317 Pakistan Pakistani Rupee 104.9000 0.1350 115.0913 0.2842 156.3059 -0.2187 United Arab Emirates UAE Dirham 3.6729 -0.0001 4.0297 0.0047 5.4728 -0.0149
Hungary Hungarian Forint 285.8817 -2.7482 313.6559 -2.6404 425.9770 -5.2515 Peru Peruvian Nuevo Sol 3.4005 0.0048 3.7309 0.0097 5.0669 -0.0065 United Kingdom Pound Sterling 0.6711 0.0018 0.7363 0.0028 - -
India Indian Rupee 66.1950 -0.0200 72.6260 0.0640 98.6336 -0.2951 Philippines Philippine Peso 47.1700 -0.0550 51.7527 0.0010 70.2855 -0.2712 ..One Month 0.6712 0.0018 0.7363 0.0028 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Dec 24 Dec 23 Dec 22 Dec 21 Dec 18 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2892.10 2890.60 2823.11 2809.90 2778.10 0.00 3110.40 2067.70 Software & Comp Serv 33.67 Real Est Invest & Tr 8.27 NON FINANCIALS Index -2.87 FTSE 100 Price Change FTSE 100 Price Change
Dec 24 chge% Index Dec 23 Dec 22 ago yield% Cover ratio adj Return FT 30 Div Yield 1.74 1.74 1.78 1.79 1.84 0.00 3.93 2.74 Forestry & Paper 29.43 Consumer Services 6.87 Gas Water & Multi -3.30 3I Group PLC 479.80 4.50 Kingfisher PLC 329.70 -0.90
FTSE 100 (100) 6254.64 0.22 6658.69 6240.98 6083.10 6609.93 3.97 1.46 17.22 248.53 4900.28 P/E Ratio net 25.62 25.58 25.03 24.96 24.31 0.00 19.44 14.26 Nonlife Insurance 27.34 Health Care Eq & Srv 6.12 Chemicals -3.58 Aberdeen Asset Management PLC 290.00 -2.30 Land Securities Group PLC 1186 4.00
FTSE 250 (250) 17415.10 0.13 18540.11 17391.88 17166.18 16104.92 2.58 1.93 20.13 443.23 12119.19 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 27.06 Electronic & Elec Eq 5.90 Utilities -4.71 Admiral Group PLC 1639 -7.00 Legal & General Group PLC 269.30 1.50
FTSE 250 ex Inv Co (209) 18942.24 0.16 20165.91 18911.42 18659.98 17379.65 2.60 2.02 19.03 485.90 13441.52 FT 30 hourly changes Construct & Material 23.72 FTSE SmallCap Index 5.65 FTSE 100 Index -4.74 Anglo American PLC 328.05 4.70 Lloyds Banking Group PLC 73.50 -0.15
FTSE 350 (350) 3499.64 0.20 3725.72 3492.53 3411.84 3616.16 3.72 1.52 17.68 130.18 5526.33 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 16.43 Telecommunications 5.62 Industrial Transport -5.31 Antofagasta PLC 462.60 -0.50 London Stock Exchange Group PLC 2702 -7.00
FTSE 350 ex Investment Trusts (309) 3475.51 0.21 3700.03 3468.22 3387.08 3595.81 3.75 1.52 17.48 130.32 2825.86 2890.6 2890.5 2890.8 2891.6 2888.8 2892.1 2896.8 2886.5 Technology 15.92 Support Services 5.56 Electricity -9.65 Arm Holdings PLC 1038 -6.00 Marks And Spencer Group PLC 453.40 6.40
FTSE 350 Higher Yield (108) 3175.38 0.41 3380.51 3162.36 3078.98 3532.83 5.48 1.28 14.25 172.95 5143.24 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 15.47 Life Insurance 4.35 Food & Drug Retailer -10.07 Ashtead Group PLC 1112 -10.00 Merlin Entertainments PLC 450.00 3.00
FTSE 350 Lower Yield (242) 3494.42 -0.01 3720.16 3494.63 3425.36 3346.22 1.94 2.20 23.34 72.44 3698.04 Tobacco 13.02 Tech Hardware & Eq 4.17 Automobiles & Parts -11.28 Associated British Foods PLC 3339 21.00 Mondi PLC 1359 24.00
FTSE SmallCap (290) 4612.39 0.48 4910.35 4590.44 4581.99 4348.87 2.83 1.37 25.72 127.91 6321.84 Consumer Goods 12.54 Personal Goods 3.93 Banks -11.71
FTSE SmallCap ex Inv Co (155) 4172.63 0.47 4442.18 4153.04 4147.33 3792.39 2.78 1.82 19.74 113.35 6006.16 FX: EFFECTIVE INDICES Media 12.19 Equity Invest Instr 2.29 Aerospace & Defense -12.25
Astrazeneca PLC 4540 27.00 National Grid PLC 935.00 1.60
Aviva PLC 519.00 - Next PLC 7180 -40.00
FTSE All-Share (640) 3448.56 0.21 3671.34 3441.21 3364.33 3552.11 3.69 1.52 17.87 127.09 5508.80 Travel & Leisure 11.32 Industrials 1.68 Industrial Eng -16.39
Dec 23 Dec 22 Mnth Ago Dec 24 Dec 23 Mnth Ago Babcock International Group PLC 1023 3.00 Old Mutual PLC 181.70 2.60
FTSE All-Share ex Inv Co (464) 3409.95 0.22 3630.23 3402.62 3324.54 3519.31 3.73 1.53 17.52 127.15 2818.45 Financial Services 10.13 General Retailers 1.20 Oil Equipment & Serv -18.23 Bae Systems PLC 497.30 -1.60 Pearson PLC 768.00 0.50
FTSE All-Share ex Multinationals (575) 1191.93 0.09 1051.71 1190.81 1172.53 1137.93 2.80 1.56 22.82 33.84 2031.62 Australia 91.69 91.57 92.60 Sweden 79.95 79.87 78.65 Beverages 8.80 Health Care 1.13 Oil & Gas -18.95 Barclays PLC 221.70 -0.60 Persimmon PLC 1973 -12.00
FTSE Fledgling (101) 7710.44 0.15 8208.54 7698.53 7666.51 6741.59 2.55 1.16 33.85 177.58 13894.50 Canada 84.93 84.38 88.45 Switzerland 159.59 159.55 158.07 Leisure Goods 8.46 Pharmace & Biotech 0.63 Oil & Gas Producers -18.97 Barratt Developments PLC 616.00 - Provident Financial PLC 3299 16.00
FTSE Fledgling ex Inv Co (51) 10544.28 0.21 11225.44 10522.67 10481.12 8270.51 2.79 1.37 26.05 237.62 18484.49 Denmark 105.71 106.04 104.99 UK 90.95 90.33 93.83 Food Producers 8.38 Mobile Telecomms -0.22 Basic Materials -41.02 Berkeley Group Holdings (The) PLC 3613 -65.00 Prudential PLC 1540 -0.50
FTSE All-Small (391) 3198.09 0.46 3404.68 3183.38 3177.16 3004.70 2.82 1.36 26.03 87.97 5628.27 Japan 127.49 127.28 126.16 USA 106.18 106.06 106.17 FTSE 250 Index 8.27 Financials -0.95 Mining -47.39 Bg Group PLC 986.50 -1.60 Randgold Resources LD 4235 -13.00
FTSE All-Small ex Inv Co Index (206) 3113.70 0.46 3314.85 3099.40 3094.84 2811.14 2.78 1.81 19.93 83.89 5678.76 New Zealand 115.61 115.90 112.30 Euro 86.04 86.70 84.31 FTSE All{HY-}Share Index -2.38 Industrial Metals & -51.75 Bhp Billiton PLC 776.50 -1.60 Reckitt Benckiser Group PLC 6226 21.00
FTSE AIM All-Share Index (861) 728.24 0.39 775.28 725.42 723.68 696.75 1.52 0.65 101.62 9.57 783.72 Norway 84.06 83.89 86.23
BP PLC 365.95 5.55 RELX PLC 1180 -2.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3781 35.50 Rio Tinto PLC 2006.5 -8.00
Oil & Gas (18) 6116.39 0.68 6511.50 6075.08 5794.68 7696.89 6.16 0.20 81.34 371.71 5122.86 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 793.50 4.00 Rolls-Royce Holdings PLC 595.00 4.50
Oil & Gas Producers (11) 5816.24 0.71 6191.97 5775.00 5507.80 7318.76 6.18 0.16 99.97 354.65 5037.18 Bt Group PLC 467.05 -5.85 Royal Bank Of Scotland Group PLC 304.80 0.50
Oil Equipment Services & Distribution (7)13888.37 -0.28 14785.56 13927.17 13328.50 17477.14 5.48 1.41 12.93 761.22 10214.32 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1870 8.00 Royal Dutch Shell PLC 1571 6.50
Basic Materials (28) 2793.49 -0.06 2973.95 2795.28 2652.27 4659.72 7.30 1.88 7.28 198.46 2739.11 Burberry Group PLC 1209 -2.00 Royal Dutch Shell PLC 1557 6.00
Chemicals (7) 11633.38 -0.45 12384.90 11685.54 11389.91 12034.56 2.39 2.28 18.34 237.16 10001.53 Dec 24 No of US $ Day Mth YTD Total
YTD Gr Div Dec 24 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1223 11.00 Royal Mail PLC 450.00 1.10
Forestry & Paper (1) 15973.05 1.80 17004.91 15690.96 15514.66 12482.25 2.26 3.37 13.13 360.52 16592.37 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3800 8.00 Rsa Insurance Group PLC 430.90 -1.20
Industrial Metals & Mining (2) 751.34 2.86 799.87 730.44 680.68 1520.15 1.53 -18.64 -3.50 11.18 655.68 FTSE Global All Cap 7751 453.82 0.0 -1.7 -3.4 620.57
-1.1 2.5 Oil & Gas 165 312.47 0.0 0.0 -21.5 477.45 -18.7 4.2 Centrica PLC 218.20 1.40 Sabmiller PLC 4075 30.00
Mining (18) 7191.73 -0.14 7656.31 7201.86 6776.29 13418.08 8.68 1.85 6.22 616.70 3692.35 FTSE Global All Cap 7115 466.64 0.0 -1.8 -3.6 626.89
-1.4 2.4 Oil & Gas Producers 117 292.60 -0.1 -0.1 -19.2 455.08 -16.2 4.2 Coca-Cola Hbc AG 1475 -12.00 Sage Group PLC 596.00 -4.00
FTSE Global Large Cap 1416 401.39 0.0 -1.6 -3.7 561.46
-1.3 2.7 Oil Equipment & Services 39 283.71 0.0 0.0 -31.6 395.27 -29.3 4.6 Compass Group PLC 1160 -3.00 Sainsbury (J) PLC 266.40 0.40
Industrials (119) 4375.77 0.26 4658.44 4364.51 4294.37 4324.61 2.51 1.20 33.34 112.35 4346.07
Construction & Materials (14) 5313.15 0.16 5656.38 5304.84 5255.58 4304.87 2.21 -0.81 -55.97 121.45 5429.23 FTSE Global Mid Cap 1642 604.83 0.0 -1.8 -2.0 789.49
-0.2 2.1 Basic Materials 261 356.32 -0.1 -0.1 -18.2 521.56 -15.9 3.4 Crh PLC 1946 - Schroders PLC 2961 -7.00
Aerospace & Defense (9) 4332.83 0.16 4612.73 4325.95 4246.02 4953.69 2.64 0.96 39.53 113.27 4479.26 FTSE Global Small Cap 4693 630.44 0.0 -2.2 -3.4 799.07
-1.6 2.0 Chemicals 122 596.17 0.0 0.0 -4.4 875.21 -2.2 2.6 Dcc PLC 5620 -15.00 Severn Trent PLC 2175 6.00
General Industrials (6) 3593.45 0.33 3825.59 3581.76 3527.39 3183.96 3.23 1.67 18.60 115.93 3912.09 FTSE All-World 3058 265.43 0.0 -1.7 -3.4 382.92
-1.1 2.6 Forestry & Paper 16 198.63 0.0 0.0 -4.6 319.04 -1.7 3.4 Diageo PLC 1856.5 3.50 Shire PLC 4609 39.00
Electronic & Electrical Equipment (10) 5416.04 0.08 5765.92 5411.71 5337.55 5075.37 2.26 1.98 22.33 111.33 4786.18 FTSE World 2541 470.65 0.0 -1.6 -3.1 911.66
-0.8 2.5 Industrial Metals & Mining 67 263.54 -0.4 -0.4 -36.1 386.43 -34.5 3.4 Direct Line Insurance Group PLC 410.70 1.70 Sky PLC 1099 -8.00
Industrial Engineering (14) 7716.67 0.27 8215.17 7696.01 7492.05 9406.45 3.18 1.57 20.01 244.11 9035.53 FTSE Global All Cap ex UNITED KINGDOM In 7426 466.15 0.0 -1.7 -3.1 628.56
-0.9 2.4 Mining 56 333.97 0.0 0.0 -41.4 489.36 -38.8 6.5 Dixons Carphone PLC 497.70 - Smith & Nephew PLC 1173 2.00
Industrial Transportation (8) 3930.96 -0.21 4184.91 3939.38 3890.49 4108.81 3.86 0.94 27.61 168.06 3307.00 FTSE Global All Cap ex USA 5745 418.75 -0.1 -1.7 -6.4 607.22
-3.8 3.0 Industrials 536 300.16 -0.1 -0.1 -4.6 416.95 -2.6 2.3 Easyjet PLC 1721 -3.00 Smiths Group PLC 958.50 -1.50
Support Services (58) 6687.78 0.35 7119.81 6664.29 6558.46 6371.71 2.26 1.52 29.12 158.26 6706.09 FTSE Global All Cap ex JAPAN 6489 463.00 0.0 -1.6 -4.3 638.72
-2.0 2.6 Construction & Materials 109 421.60 -0.1 -0.1 -2.2 612.96 -0.2 2.2 Experian PLC 1204 6.00 Sports Direct International PLC 564.50 3.50
FTSE Developed 2104 429.36 0.0 -1.5 -2.0 591.49
0.3 2.5 Aerospace & Defense 28 509.45 0.0 0.0 2.5 701.67 4.6 2.1 Fresnillo PLC 715.50 3.00 Sse PLC 1533 17.00
Consumer Goods (40) 18204.95 0.30 19380.99 18151.34 17830.03 16311.63 3.02 1.73 19.18 548.74 12842.47
FTSE Developed All Cap 5741 450.13 0.0 -1.6 -2.1 613.41
0.2 2.4 General Industrials 56 216.83 -0.1 -0.1 -0.3 323.61 2.3 2.6 Gkn PLC 305.20 -2.70 St. James's Place PLC 996.00 3.50
Automobiles & Parts (1) 7172.34 -0.88 7635.67 7235.79 6925.59 8180.51 2.79 1.53 23.45 199.75 6595.97
FTSE Developed Large Cap 916 397.40 0.0 -1.4 -2.3 554.91
0.1 2.6 Electronic & Electrical Equipment 69 316.39 0.0 0.0 -2.7 405.37 -1.0 1.9 Glaxosmithkline PLC 1376 6.00 Standard Chartered PLC 589.00 5.40
Beverages (6) 15440.67 0.38 16438.13 15382.20 15159.92 14328.07 2.48 1.65 24.53 382.69 10517.00
FTSE Developed Europe Large Cap 218 333.83 0.0 -1.1 -5.6 525.95
-2.4 3.5 Industrial Engineering 104 537.93 -0.3 -0.3 -13.0 734.93 -11.0 2.7 Glencore PLC 92.40 -0.69 Standard Life PLC 395.20 2.80
Food Producers (10) 8897.44 0.59 9472.22 8845.24 8706.27 8317.59 1.84 1.39 38.94 163.90 7445.82
FTSE Developed Europe Mid Cap 302 516.29 0.0 0.9 3.2 739.34
5.7 2.6 Industrial Transportation 97 497.98 0.0 0.0 -16.6 689.84 -14.9 2.4 Hammerson PLC 605.00 3.00 Taylor Wimpey PLC 197.20 -2.10
Household Goods & Home Construction (13)13570.26 -0.20 14446.90 13596.89 13379.31 10647.34 2.15 2.54 18.37 289.55 9231.46
FTSE Dev Europe Small Cap 721 733.21 0.0 2.3 6.5 1022.75
8.9 2.3 Support Services 73 277.08 -0.2 -0.2 1.7 370.06 3.6 1.9 Hargreaves Lansdown PLC 1482 1.00 Tesco PLC 150.90 -2.00
Leisure Goods (2) 5440.58 -0.31 5792.04 5457.31 5546.07 5029.75 4.40 1.32 17.20 238.83 4607.83
FTSE North America Large Cap 318 440.40 0.0 -1.4 -1.0 579.61
1.2 2.2 Consumer Goods 421 418.67 0.0 0.0 3.4 594.80 5.8 2.4 Hikma Pharmaceuticals PLC 2251 7.00 Travis Perkins PLC 1975 7.00
Personal Goods (6) 22293.07 0.13 23733.21 22263.37 21822.15 21749.87 2.93 3.01 11.35 652.95 14382.74
FTSE North America Mid Cap 395 646.59 0.0 -2.6 -4.7 797.82
-3.2 1.7 Automobiles & Parts 102 383.83 -0.2 -0.2 -1.5 523.51 0.7 2.5 HSBC Holdings PLC 541.30 0.40 Tui AG 1230 -4.00
Tobacco (2) 45940.25 0.64 48907.98 45649.66 44733.55 41082.50 4.34 1.18 19.58 1994.40 27997.02
FTSE North America Small Cap 1522 649.87 0.0 -3.5 -5.7 780.07
-4.2 1.8 Beverages 48 577.84 0.0 0.0 7.4 833.36 10.2 2.5 Imperial Tobacco Group PLC 3543.5 - Unilever PLC 2891 8.00
Health Care (19) 9393.91 0.51 10000.76 9346.52 9111.28 9285.20 3.72 3.53 7.61 348.00 6849.49
FTSE North America 713 294.06 0.0 -1.6 -1.6 396.61
0.5 2.2 Food Producers 106 560.62 0.1 0.1 1.6 819.93 3.8 2.2 Inmarsat PLC 1130 12.00 United Utilities Group PLC 936.50 -0.50
Health Care Equipment & Services (7) 7229.94 0.25 7696.99 7212.07 7069.59 6727.49 1.57 2.15 29.65 104.41 6130.00
FTSE Developed ex North America 1391 227.15 -0.1 -1.3 -2.7 353.32
0.1 3.0 Household Goods & Home Construction 47 402.55 0.0 0.0 1.6 569.08 4.0 2.3 Intercontinental Hotels Group PLC 2636 -11.00 Vodafone Group PLC 216.65 1.05
Pharmaceuticals & Biotechnology (12)12686.35 0.53 13505.89 12619.34 12295.39 12616.82 3.92 3.58 7.12 498.46 8216.61
FTSE Japan Large Cap 177 322.09 -0.5 -2.8 5.6 402.41
7.6 2.0 Leisure Goods 28 131.93 0.0 0.0 4.7 168.71 5.7 1.4 International Consolidated Airlines Group S.A. 603.00 5.50 Whitbread PLC 4440 34.00
Consumer Services (97) 4884.81 -0.08 5200.37 4888.60 4817.57 4551.21 2.31 1.61 26.93 114.75 4408.52 FTSE Japan Mid Cap 303 480.38 -0.4 -3.4 13.0 579.76
14.7 1.5 Personal Goods 79 599.25 0.0 0.0 2.8 811.85 4.7 2.0
Food & Drug Retailers (7) 2659.20 -0.38 2830.99 2669.39 2570.79 2912.22 2.01 -1.50 -33.07 53.33 3040.81 Intertek Group PLC 2790 12.00 Wolseley PLC 3682 -14.00
FTSE Global wi JAPAN Small Cap 782 510.01 -0.5 -2.5 8.8 635.49
10.7 1.8 Tobacco 11 1227.09 0.0 0.0 14.3 2393.89 19.1 4.0 Intu Properties PLC 322.30 2.10 Worldpay Group PLC 300.90 -1.50
General Retailers (32) 2921.01 0.14 3109.70 2916.87 2895.26 2855.64 2.45 2.27 18.01 72.09 3199.56
FTSE Japan 480 133.84 -0.5 -3.0 7.1 187.90
9.0 1.9 Health Care 173 459.59 0.0 0.0 5.8 640.06 7.8 1.8 Itv PLC 275.00 - Wpp PLC 1538 -10.00
Media (22) 7442.17 -0.36 7922.93 7468.97 7338.09 6634.98 2.74 1.62 22.48 208.85 4393.78
FTSE Asia Pacific Large Cap ex Japan 531 542.18 0.0 -1.2 -11.9 809.23
-9.3 3.3 Health Care Equipment & Services 61 651.31 0.0 0.0 10.3 746.72 11.4 1.0 Johnson Matthey PLC 2703 -30.00
Travel & Leisure (36) 8768.73 0.11 9335.19 8758.98 8669.63 7870.11 1.96 1.95 26.15 174.07 7991.39
FTSE Asia Pacific Mid Cap ex Japan 433 744.07 0.1 -1.1 -7.7 1071.23
-5.4 2.9 Pharmaceuticals & Biotechnology 112 348.89 0.0 0.0 4.5 504.85 6.7 2.1
Telecommunications (7) 3939.62 -0.16 4194.12 3945.96 3850.28 3801.75 4.15 0.18 131.47 162.88 4128.15 FTSE Asia Pacific Small Cap ex Japan 1426 494.91 0.2 -1.6 -7.4 703.05
-5.0 2.8 Consumer Services 386 390.52 0.0 0.0 4.4 507.21 6.1 1.7
Fixed Line Telecommunications (5) 5357.16 -1.14 5703.23 5419.15 5275.32 4796.67 2.89 1.74 19.87 153.43 4646.01
Mobile Telecommunications (2) 5005.13 0.53 5328.46 4978.54 4865.90 5068.95 5.02 -0.44 -45.29 251.48 4681.15
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
964
2010
429.98
575.67
0.0
0.1
-1.2
-3.6
-11.4 682.13
-8.8
-16.5 820.88
-14.1
3.3 Food & Drug Retailers
3.2 General Retailers
54 303.34
121 531.88
0.0
0.1
0.0
0.1
0.9 409.84
11.2 674.22
2.6
13.0
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (7) 8399.86 0.42 8942.49 8364.32 8169.88 8871.73 4.83 1.36 15.20 405.87 8945.60 FTSE Emerging Large Cap 500 543.82 0.0 -3.9 -16.8 780.27
-14.4 3.3 Media 87 290.40 0.0 0.0 -3.4 377.92 -1.8 1.9 Dec 24 Dec 23 Dec 22 Dec 21 Dec 18 Yr Ago
Electricity (2) 8832.74 1.09 9403.34 8737.67 8567.12 9793.78 5.71 1.35 13.01 504.89 11750.08 FTSE Emerging Mid Cap 454 714.70 0.1 -3.2 -17.0 1013.89
-14.8 2.9 Travel & Leisure 124 381.37 0.0 0.0 5.9 500.13 7.7 1.7 SEAQ Bargains 2375.00 2375.00 2375.00 2712.00 4476.00 4441.00
Gas Water & Multiutilities (5) 7837.77 0.25 8344.09 7818.08 7628.74 8167.39 4.59 1.37 15.90 360.10 8380.01 FTSE Emerging Small Cap 1056 613.10 0.3 -1.8 -13.3 842.77
-10.9 3.0 Telecommunication 92 158.34 0.0 0.0 -5.2 278.53 -1.3 4.2 Order Book Turnover (m) 3.60 - - 3.59 18.97 26.89
Financials (285) 4597.95 0.14 4894.98 4591.58 4514.60 4673.76 3.56 1.87 14.99 164.01 4015.76 FTSE Emerging Europe 99 273.65 -0.2 -7.9 -12.2 401.49
-8.6 4.5 Fixed Line Telecommuniations 44 133.58 0.0 0.0 -2.5 256.95 2.0 4.7 Order Book Bargains 156594.00 65.00 65.00 157173.00 624732.00 619621.00
Banks (9) 3813.64 0.01 4060.00 3813.14 3724.10 4347.09 4.31 1.37 17.00 170.78 2628.85 FTSE Latin America All Cap 244 607.35 0.0 -7.5 -32.6 896.94
-30.6 3.8 Mobile Telecommunications 48 165.14 0.0 0.0 -8.7 263.45 -5.6 3.6 Order Book Shares Traded (m) 286.00 3.00 3.00 296.00 1015.00 940.00
Nonlife Insurance (11) 2830.53 -0.06 3013.38 2832.28 2809.57 2238.05 2.66 2.06 18.24 75.75 4757.01 FTSE Middle East and Africa All Cap 220 631.95 0.0 -6.4 -17.9 941.82
-15.6 2.9 Utilities 162 237.64 -0.2 -0.2 -11.1 435.05 -7.8 4.0 Total Equity Turnover (£m) 2041.29 - - 2035.83 - -
Life Insurance/Assurance (11) 7989.31 0.29 8505.42 7966.53 7796.77 7742.44 3.79 1.59 16.60 293.04 7334.28 FTSE Global wi UNITED KINGDOM All Cap In 325 333.98 0.0 -1.7 -7.0 527.77
-3.7 3.8 Electricity 111 258.79 -0.3 -0.3 -8.7 468.66 -5.5 3.8 Total Mkt Bargains 210577.00 80.00 80.00 211511.00 1.00 1.00
Index- Real Estate Investment & Services (21) 3107.75 0.35 3308.51 3096.99 3078.75 2674.95 2.04 5.73 8.54 61.70 7989.45 FTSE Global wi USA All Cap 2006 505.64 0.0 -1.7 -0.6 647.82
1.3 2.0 Gas Water & Multiutilities 51 253.18 -0.1 -0.1 -14.9 475.44 -11.4 4.4 Total Shares Traded (m) 2524.00 3.00 3.00 2611.00 0.00 0.00
Real Estate Investment Trusts (25) 2978.78 0.50 3171.21 2964.02 2934.84 2791.48 2.95 5.97 5.67 88.33 3520.44 FTSE Europe All Cap 1400 385.20 0.0 -0.7 -3.3 588.50
-0.3 3.3 Financials 676 202.27 -0.1 -0.1 -6.2 314.03 -3.6 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8026.11 0.06 8544.60 8021.50 7949.26 7308.97 2.87 2.21 15.76 217.93 8711.22 FTSE Eurobloc All Cap 636 362.53 0.0 -0.5 -1.6 560.18
1.2 3.0 Banks 243 180.10 -0.1 -0.1 -10.4 297.93 -7.6 3.4 (c) Market closed.
Equity Investment Instruments (176) 7689.12 0.17 8185.84 7676.20 7620.10 7527.37 2.63 1.08 35.35 199.46 4042.65 FTSE RAFI All World 3000 3009 5471.08 -0.1 -2.0 -7.1 6887.28
-4.4 3.1 Nonlife Insurance 71 215.95 0.1 0.1 0.8 300.48 3.1 2.3
Non Financials (355) 3981.93 0.24 4239.16 3972.37 3875.57 4120.37 3.74 1.39 19.22 148.48 5575.72 FTSE RAFI US 1000 1001 8935.21 0.0 -1.5 -3.8 11291.02
-1.5 2.5 Life Insurance 51 200.93 0.0 0.0 -4.8 304.74 -2.3 2.9
Technology (20) 1430.52 -0.51 1522.93 1437.93 1420.38 1234.40 1.37 1.93 37.82 18.79 1787.68 FTSE EDHEC-Risk Efficient All-World 3058 317.00 0.0 -1.1 -0.8 425.78
1.3 2.3 Financial Services 141 223.65 0.0 0.0 -3.4 297.85 -1.6 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1826.04 -0.52 1944.00 1835.57 1808.61 1366.33 1.79 1.75 31.94 32.44 2390.55 FTSE EDHEC-Risk Efficient Developed Europe 520 281.05 0.0 0.3 0.9 410.22
3.5 2.7 Technology 186 175.43 0.0 0.0 1.9 209.17 3.6 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1584.07 -0.51 1686.40 1592.21 1576.38 1521.11 0.96 2.25 46.20 14.34 1818.37 Software & Computer Services 85 310.04 0.0 0.0 14.2 355.75 15.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 101 128.20 0.0 0.0 -8.4 157.18 -6.4 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6253.20 6249.90 6250.31 6250.07 6242.69 6254.64 0.00 0.00 0.00 6259.80 6236.92 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17414.27 17408.97 17412.44 17419.10 17409.44 17415.10 0.00 0.00 0.00 17423.13 17404.95 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4592.51 4593.43 4597.80 4602.07 4605.03 4612.39 0.00 0.00 0.00 4612.39 4589.76
FTSE All-Share 3447.37 3445.77 3446.18 3446.41 3442.94 3448.56 0.00 0.00 0.00 3449.85 3440.53 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:29:15 Day's Low11:41:30 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5874.06(14/12/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:30:00 Day's Low11:41:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

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

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Tuesday 29 December 2015 ★ FINANCIAL TIMES 21

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) ArcherDan 36.29 -0.36 53.50 33.84 2.93 12.74 21655.69 Lockheed 217.72 -0.84 227.91 181.91 2.71 19.64 66904.37
ANZ 27.25 0.37 37.25 25.01 9.04 11.12 57814.84 Nokia 6.49 -0.12 7.87 4.91 2.16 -44.61 28431.27 AstellasPh 1704 23.00 2047 1514.5 1.86 22.37 31469.9 AtlasCpcoB 195.50 -2.20 270.00 173.70 1.51 17.32 9115.09 AT&T 34.80 0.14 36.45 30.97 5.31 37.30 214089.6 Lowes 76.02 -0.26 78.13 64.22 1.29 24.88 69566.25
BHPBilltn 18.34 0.93 34.29 16.25 12.60 21.50 42833.75 SampoA 46.63 -0.17 49.40 37.72 4.19 15.48 28588.34 Bridgestne 4133 -84.00 5182 3753.5 2.87 12.13 27933.6 Ericsson 81.55 -0.65 120.00 75.30 3.98 27.19 32203.36 AutomData♦ 85.27 -0.67 90.67 64.29 2.26 28.85 39327.09 Lyondell 87.29 -0.88 107.32 71.74 3.34 9.52 39231.95
CmwBkAu 83.32 1.27 96.69 70.15 7.12 15.69 103460.46 France (€) Canon 3665 -65.00 4539 3402 4.31 18.49 40632.09 H&M 299.00 -1.00 368.50 292.20 3.12 23.98 59128.08 Avago Tech♦ 145.03 -1.29 150.50 95.18 1.03 30.37 40099.28 Marathon Ptl 51.53 -1.11 60.38 37.62 2.04 8.29 27464.15
CSL 103.25 -0.18 105.71 81.48 1.35 27.02 34757.96 Airbus Grpe 61.71 -0.44 68.50 40.78 1.95 17.03 53171.26 CntJpRwy 21340 395.00 24800 17170 0.56 14.51 36540.79 Investor 310.10 -2.40 363.40 266.60 2.85 15.34 28227.42 BakerHu 46.00 -1.72 70.45 42.78 1.45 -74.98 20059.99 Marsh&M 55.21 -0.33 59.99 50.90 2.60 20.45 28800.2
NatAusBk 29.39 0.39 39.71 27.51 9.10 12.63 56377.88 AirLiquide 103.75 -0.25 123.95 97.02 2.36 21.12 39172.63 Denso 5779 20.00 6548 4945 2.10 17.98 42467.34 Nordea Bk 92.80 -0.50 115.50 86.35 6.14 11.00 44905.91 BankAm 17.03 -0.24 18.48 14.60 1.16 12.98 177350.56 MasterCard 98.09 -0.50 101.76 74.61 0.64 30.68 107921.91
Telstra 5.46 0.04 6.74 5.06 7.88 15.85 48541.97 AXA 24.93 -0.16 26.02 18.16 3.67 12.41 66316.52 EastJpRwy 11285 -15.00 12815 8710 1.09 21.17 36817.78 SEB 88.95 -0.10 111.50 83.70 5.24 11.30 23062.97 Baxter♦ 38.09 -0.06 43.44 32.18 4.33 11.60 20835.9 McDonald's 118.55 -0.02 118.99 87.50 2.82 26.10 108856.15
Wesfarmers 40.68 0.37 46.95 36.65 8.15 18.78 33313.71 BNP Parib 52.36 -0.94 61.00 43.14 2.87 9.08 71589.57 Fanuc 21200 155.00 28575 17930 3.61 20.46 36290.89 SvnskaHn 113.20 -0.20 426.00 108.40 3.61 15.04 25316.89 BB & T 37.71 -0.56 41.90 34.24 2.66 14.20 29419.47 McGraw Hill 96.99 -0.50 109.13 84.64 1.31-268.59 26216.4
Westpc 32.54 0.48 40.07 29.10 7.68 14.12 78934.61 ChristianDior 157.35 -0.50 195.35 135.60 2.08 11.48 31372.81 FastRetail 42590 -550.00 61970 40610 0.79 41.02 37551.86 Swedbank 186.80 -1.00 223.90 177.20 5.96 13.50 25265.69 BectonDick♦ 155.38 -0.53 157.50 128.87 1.52 47.15 32966.31 McKesson♦ 200.58 1.17 243.61 160.10 0.49 22.93 46155.28
Woolworths 24.27 0.58 34.71 22.42 7.03 14.19 22430.91 Cred Agr 10.68 -0.21 14.49 9.82 3.28 22.80 30926.55 Fuji Hvy Ind 4961 24.00 5223 3669 2.17 11.45 32282.93 TeliaSonera 42.08 -0.20 55.85 39.89 7.00 12.80 21770.97 BerkshHat 199210-1927.00 228870 190007 - 14.62 161585.01 Medtronic♦ 77.29 -0.34 79.50 55.54 1.71 45.85 108681.78
Belgium (€) Danone 62.27 -0.20 67.74 51.73 2.32 42.73 44746.08 Hitachi 685.50 15.40 929.10 585.70 1.73 13.60 27541.17 Volvo 79.10 -0.95 120.50 75.90 3.72 17.21 15338.55 Biogen 303.12 0.83 480.18 254.00 - 20.13 67566.39 Merck♦ 52.70 -0.15 63.62 45.69 3.36 14.21 147219.72
AnBshInBv 114.60 -0.35 124.20 87.73 2.61 22.99 202210.27 EDF 13.45 -0.23 24.89 12.40 8.94 7.35 28334.93 HondaMtr 3875 17.00 4499 3420 2.24 12.90 58345.75 Switzerland (SFr) BkNYMeln 40.94 -0.30 45.45 35.63 1.63 18.01 44740.01 Metlife 47.91 -0.36 58.23 44.49 2.98 9.44 53258.02
KBC Grp 57.28 -0.37 66.00 43.99 3.49 9.44 26255.39 Engie SA 16.30 -0.18 20.08 13.80 5.90 45.47 43551.64 JapanTob 4406 -87.00 4848 3101 2.29 19.38 73247.16 ABB 17.91 0.07 22.16 16.49 - 17.07 41939.35 BlackRock 338.75 1.35 382.84 275.00 2.46 17.70 55552.47 Microsoft 55.30 -0.37 56.79 39.72 2.21 37.48 441711.63
Esslr Intl 114.25 -0.25 125.15 88.72 0.86 41.46 27127.93 KDDI 3131 15.00 8550 2519 1.89 16.59 70031.83 CredSuisse 21.68 -0.05 28.94 18.57 3.16 10.23 42929.67 Boeing 143.33 -0.20 158.83 115.14 2.37 18.31 96028.75 Mnstr Bvrg 147.40 -1.42 160.50 106.77 - 51.94 29881.29
Brazil (R$)
Hermes Intl 310.00 0.95 365.55 277.55 0.92 36.43 35905.99 Keyence 65390 -40.00 70100 50700 0.31 32.53 33047.98 Nestle 73.60 0.25 77.00 64.55 3.00 16.27 237396.31 BrisMySq 68.78 -0.19 70.87 51.82 2.12 66.05 114744.73 MondelezInt 45.08 -0.27 48.58 33.97 1.35 8.95 71639.67
Ambev♦ 18.17 -0.03 20.46 15.54 8.73 23.38 73355.84
LOreal 154.80 -1.90 181.30 133.40 1.68 30.66 95061.56 MitsbCp 2024.5 61.50 2837 1887.5 2.68 11.02 26757.91 Novartis 85.80 0.75 103.20 82.20 3.09 25.25 232358.12 Broadcom 57.68 -0.14 58.48 40.21 0.92 25.48 32358.48 Monsanto 98.50 -0.77 126.00 81.22 1.93 21.40 43366.3
Bradesco 21.38 0.11 32.40 20.90 4.39 7.74 13862.88
LVMH 144.10 -1.95 176.60 123.50 2.14 13.22 80342.42 MitsubEst 2503 16.50 2975 2321 0.59 46.14 28927.84 Richemont 71.90 -0.05 91.75 66.40 2.21 23.32 37968.44 CapOne 72.53 -0.99 92.10 67.73 1.90 10.37 38589.24 MorganStly 32.05 -0.43 41.04 30.15 1.53 20.04 62055.98
Cielo 34.50 0.08 46.27 30.48 1.92 17.08 16718.98
Nmrcble-SFR 33.42 -0.28 60.01 32.19 - -41.07 16069.07 MitsubishiEle 1268.5 24.00 1718 1063 2.10 11.99 22640.16 Roche 274.10 1.60 289.40 238.80 2.92 26.35 194812.78 CardinalHlth 90.22 0.51 91.91 74.76 1.59 22.96 29680.67 MylanNV 54.32 -0.50 76.69 37.59 - 30.82 26711.7
ItauHldFin 24.38 -0.05 32.66 23.81 2.03 5.65 19081.18
Orange 15.32 -0.04 16.98 12.21 3.77 41.90 44523.47 MitsuiFud 3052 20.00 3879 2951 0.91 25.38 25151.31 Swiss Re 98.45 - 99.75 74.95 4.46 39.46 36920.69 Carnival 54.25 0.13 54.62 42.51 1.88 31.12 32013.49 Netflix 114.97 -2.36 133.27 45.26 - 312.24 49136.83
Petrobras 8.60 -0.28 16.26 7.66 - -3.35 16440.23
PernodRic 104.00 -1.00 117.75 87.95 1.52 33.36 30285.64 MitUFJFin 751.20 9.10 936.80 604.00 2.37 6.91 88472.17 Swisscom 500.00 2.70 580.50 471.10 4.38 18.42 26202.3 Caterpillar 68.62 -0.76 94.28 62.99 4.11 14.41 39952.88 NextEraE 103.64 -0.29 112.64 93.74 2.88 15.11 47729.94
Vale 12.64 -0.58 27.89 11.25 18.61 -5.50 10445.21
Renault 93.40 -1.85 100.25 56.85 1.96 10.49 30303.87 Mizuho Fin 240.50 2.50 280.40 191.00 3.18 7.54 49727 Syngent 391.50 -2.20 435.20 280.00 2.80 26.56 36811.55 CBS♦ 46.83 -0.62 63.95 38.51 1.26 15.37 20308.13 Nike♦ 63.45 0.27 68.20 45.35 0.86 33.11 42811.99
Canada (C$) Murata Mfg 17045 -195.00 22220 12520 1.16 17.02 31915.7 Celgene 119.77 -2.37 140.72 92.98 - 61.03 94682.99 NorfolkS 85.59 -1.19 112.22 72.10 2.69 15.73 25554.59
Safran 62.60 -0.36 72.45 50.40 1.84 -19.75 28642.33 UBS 19.41 0.10 22.57 13.58 3.85 12.06 75587.79
BCE♦ 54.03 -0.16 60.20 51.56 4.84 17.41 33755.47 NipponTT 4749 54.00 5066 3011 1.98 16.96 82754.48 CharlesSch 32.83 -0.22 35.72 25.43 0.72 33.62 43221.46 Northrop 188.93 -1.18 193.99 141.58 1.56 18.53 34457.63
Sanofi 78.54 -0.55 101.10 72.94 3.49 22.29 112506.63 Zurich Fin 255.00 -0.70 334.60 232.60 - 12.80 38799.03
BkMontrl 78.71 0.44 82.91 64.01 4.22 11.69 36512.95 Nissan Mt 1268.5 15.00 1350 963.10 2.92 9.86 47666.56 ChevrnTx 90.36 -1.69 114.38 69.58 4.66 19.95 170060.84 NXP 85.25 -1.17 114.00 72.05 - 29.93 21461.82
Sant Gbn 39.49 -0.38 44.84 32.36 1.51 27.53 24302.55 Taiwan (NT$)
BkNvaS 57.95 0.47 67.72 52.60 4.77 10.11 50333.72 Nomura 679.80 9.60 909.20 609.30 3.34 9.67 21599.93 Cigna 146.39 -0.07 170.68 100.67 0.03 18.23 37714.15 Occid Pet♦ 68.30 -0.90 83.74 63.60 4.23 -8.78 52163.16
Schneider 53.10 -0.47 75.29 48.57 3.48 19.09 34232.88 Chunghwa Telecom 99.50 - 101.00 92.10 4.78 19.84 23525.31
Brookfield♦ 44.50 0.32 48.64 38.58 1.41 11.64 31516.69 Nppn Stl 2444.5 62.00 3505 2122.5 2.63 10.16 19309.76 Cisco 27.23 -0.16 30.31 23.03 2.91 15.12 138497.74 Oracle 36.60 -0.41 46.09 35.14 1.54 17.77 153764.65
SocGen 42.75 -0.52 48.77 32.45 2.81 11.75 37809.42 HonHaiPrc 81.00 -0.60 99.70 77.90 4.38 8.62 38607.18
CanadPcR 176.88 -1.08 245.05 168.12 0.81 19.33 19517.72 NTTDCMo 2466.5 14.00 2873.5 1731 2.80 20.85 83766.74 Citigroup 52.19 -0.52 60.95 46.60 0.23 11.96 155473.51 Pepsico♦ 100.32 -0.22 103.44 76.48 2.66 30.25 146151.27
Total 41.38 -0.73 50.30 36.92 6.01 113.33 110712.37 MediaTek 259.50 3.00 505.00 227.00 8.31 12.97 12429.93
CanImp♦ 93.04 0.34 102.90 83.10 4.73 10.23 26684.49 Panasonic 1238 45.00 1853.5 1177.5 1.30 88.61 25243.17 CME Grp■ 91.91 0.01 100.87 83.43 2.11 25.00 31087.02 Perrigo 145.67 -1.87 215.73 140.40 0.32 146.68 21326.39
UnibailR 233.25 -2.90 262.00 209.10 4.02 13.76 25243.47 TaiwanSem 143.50 0.50 155.00 112.50 3.07 12.48 113410.93
CanNatRs♦ 31.06 -0.07 42.46 25.01 3.00 77.48 24540.43 Seven & I 5416 -42.00 5998 4117.5 1.33 28.68 39906.65 Coca-Cola 43.34 -0.20 43.91 36.56 2.94 28.27 188485.02 Pfizer 32.51 -0.12 36.46 28.47 3.33 24.83 200155.06
Vinci 58.46 -0.82 62.60 43.40 2.91 17.34 38505.51
CanNatRy♦ 78.78 0.09 88.89 69.90 1.54 18.20 45014.44 ShnEtsuCh 6619 128.00 8310 5801 1.57 20.72 23773.86 Thailand (THB) Cognizant 60.18 -0.55 69.80 50.71 - 24.01 36681.47 Phillips66 82.76 -1.60 94.12 57.33 2.52 9.82 44147.52
Vivendi 19.53 -0.08 24.83 18.81 10.25-226.57 29307.77
Enbridge 46.42 0.01 66.14 40.17 3.83-117.46 28942.31 Softbank 6129 93.00 7827 5370 0.64 13.21 61168.25 PTT Explor 247.00 -1.00 382.00 206.00 4.36 -75.76 19532.29 ColgtPlm 66.78 -0.21 71.56 50.84 2.18 25.12 59896.45 PhilMorris♦ 88.34 -0.52 90.27 75.27 4.48 19.30 136864.78
GtWesLif♦ 34.77 -0.04 37.70 30.42 3.77 12.46 24935.59 Germany (€)
Sony 2983 49.50 3970 2351.5 0.75 36.36 31299.14 United Arab Emirates (Dhs) Comcast 56.87 -0.43 64.99 50.01 1.69 18.13 119114.74 PNCFin 95.24 -1.00 100.52 81.84 2.05 13.03 49326.73
ImpOil 45.43 -0.04 55.37 39.30 1.07 22.42 27798.46 Allianz 161.50 -1.50 170.15 131.05 4.24 11.42 80975.92
SumitomoF 4549 57.00 5770 3902 3.37 12.05 53468.6 Emirtestele 15.95 0.05 16.50 9.77 3.97 17.56 34333.36 ConocPhil 47.61 -0.98 70.68 41.10 6.05 -59.06 58781.18 PPG Inds 99.85 -0.54 118.95 82.93 1.37 23.74 26886.53
Manulife 21.24 -0.04 24.20 18.91 3.12 16.49 30233.72 BASF 70.31 -0.64 97.22 63.00 3.99 12.74 70852.2
Takeda Ph 5929 34.00 6657 4904.5 3.00 -30.82 38943.08 United Kingdom (p) Corning 18.22 -0.34 25.16 15.42 2.48 12.11 21553.98 Praxair 103.70 -0.81 132.65 98.55 2.65 21.48 29538.48
Potash 25.09 -0.33 47.10 22.89 7.95 10.41 15125.17 Bayer 115.50 -0.60 146.45 106.80 1.95 25.63 104791.79
TokioMarine 4668 17.00 5504 3703 2.28 18.82 29392.99 AscBrFd♦ 3339 21.00 3606 2705.75 1.02 46.79 39493.81 Costco 161.23 -0.52 169.73 117.03 0.95 30.53 70905.29 Prec Cast♦ 231.19 -0.01 242.96 186.17 0.05 24.69 31806.7
RylBkC 75.64 0.64 81.53 68.05 4.17 11.00 81091.95 BMW 97.35 -1.20 123.75 72.05 2.98 11.35 64297.8
Toyota 7484 1.00 8783 6650 2.97 10.38 207651.98 AstraZen 4540 27.00 4931.68 3746 4.09 51.28 85729.29 CrownCstl♦ 86.88 -0.06 89.44 75.78 3.71 57.60 28998.05 Priceline 1266.36 -6.71 1476.52 990.69 - 26.89 63044.32
Suncor En 36.89 -0.30 40.93 32.13 2.32 545.94 38496.95 Continental 222.85 -2.65 234.25 166.60 1.46 16.73 48901.57
Mexico (Mex$) Aviva 519.00 - 578.68 428.40 3.49 13.58 31372.71 CSX 25.95 -0.18 37.67 24.47 2.58 13.11 25299.82 ProctGmbl 79.79 - 93.43 65.02 3.22 27.10 217074.5
ThmReut 52.81 -0.02 55.92 45.29 3.45 15.35 29277.52 Daimler 77.30 -0.54 96.07 62.06 3.17 10.70 90732.83
AmerMvl 12.33 -0.13 17.37 12.15 2.03 22.47 30004.2 Barclays 221.70 -0.60 289.90 209.05 2.93 0.74 55649.83 CVS 98.64 -0.22 113.65 81.37 1.32 22.54 109225.76 Prudntl 82.02 -0.53 92.60 73.19 2.78 10.88 36826.98
TntoDom 55.03 0.16 56.48 47.75 3.72 12.75 73741.15 Deut Bank 22.18 -0.14 33.42 20.69 3.38 -7.26 33564.4
FEMSA UBD 163.79 0.27 169.74 121.38 0.67 31.85 33941.77 BG 986.50 -1.60 1301.62 785.20 1.93 -19.05 50375.67 Danaher♦ 93.03 -0.37 97.62 81.25 0.53 26.28 63752.09 PublStor♦ 249.38 1.13 252.86 182.08 2.45 42.51 43116.77
TrnCan 46.72 -0.20 59.50 40.58 4.45 19.44 23913.26 Deut Tlkm 16.55 -0.07 17.63 12.63 3.02 34.11 83621.74
WalMrtMex 44.70 0.90 47.00 28.32 1.21 34.15 45204.59 BP 365.95 5.55 499.25 252.55 7.36 -13.37 100422.52 Deere 77.31 -1.48 98.23 71.85 3.00 13.88 24484.12 Qualcomm 49.59 0.04 75.60 45.93 3.57 15.66 74538.28
ValeantPh 157.68 -1.87 347.84 92.65 - 65.96 38838.43 DeutsPost 25.94 -0.11 31.19 22.93 - 21.67 34463.72
BrAmTob 3781 35.50 3931.5 3231.5 3.92 17.55 105310.03 Delphi 86.73 -0.11 90.57 66.10 1.13 18.57 24292.05 Raytheon 125.28 -1.01 129.99 95.32 2.05 18.81 37721.56
E.ON 8.85 -0.10 14.85 7.08 1.58 -1.91 19422.73 Netherlands (€)
China (HK$) BSkyB 1099 -8.00 1180 857.50 2.94 14.05 28225.66 Delta 51.75 -0.51 52.77 34.61 0.77 15.16 40700.01 Regen Pharm 538.95 1.32 605.93 393.00 - 108.30 55054.42
Fresenius Med 77.13 0.02 83.17 60.41 0.99 25.00 26326.7 Altice 12.68 -0.19 47.73 9.98 - 226.69 11420.09
AgricBkCh 3.26 -0.08 4.55 2.84 6.80 4.94 12928.44 BT♦ 467.05 -5.85 502.60 385.60 2.44 17.60 58376.48 DiscFinServ 53.97 -0.80 66.70 50.20 1.90 11.32 23071.3 ReynoldsAm♦ 46.17 -0.27 49.56 31.35 2.91 17.69 65981.61
Fresenius SE 64.99 0.20 70.00 42.29 0.68 28.29 38856.46 ASML Hld 82.83 -0.24 104.85 70.25 0.85 25.67 39380.02
Bk China 3.49 -0.01 5.68 3.25 6.63 5.19 37652.6 Compass 1160 -3.00 1223.36 963.00 2.37 22.22 28505.51 Disney♦ 107.06 1.20 122.08 90.00 1.66 22.19 176989.22 Salesforce 77.68 -0.15 82.90 54.95 - -600.26 51579.45
HenkelKgaA 88.38 -0.37 99.44 75.76 1.46 21.63 25191.46 Heineken 78.41 -0.97 85.90 56.14 1.35 23.13 49552.21
BkofComm 5.52 -0.09 8.61 5.17 5.96 5.11 24934.4 Diageo 1856.5 3.50 2055 1592.5 2.88 19.62 69769.45 DominRes 67.69 -0.08 80.89 64.54 3.69 22.79 40298.13 Schlmbrg♦ 70.06 -0.47 95.13 66.57 2.67 26.91 88352.93
Linde 131.55 -1.00 195.55 127.85 2.40 21.41 26806.96 ING 12.52 -0.03 16.00 10.20 - 27.63 53156.21
BOE Tech 2.20 - 4.78 1.17 1.72 31.43 56.47 GlaxoSmh♦ 1376 6.00 1645 1227.5 5.81 6.81 100056.5 DowChem 52.02 -0.30 57.10 35.11 3.18 14.25 60238.67 Shrwin-Will 264.75 -0.42 294.35 218.27 0.95 25.79 24647.95
MuenchRkv 182.45 -1.75 206.50 156.00 4.25 9.82 33398.08 Unilever 39.74 -0.21 42.84 31.34 2.80 24.38 74763.6
Ch Coms Cons 8.04 -0.06 17.00 7.70 2.93 7.33 4592.6 Glencore 92.40 -0.69 318.46 66.67 12.39-214.88 19872.08 DukeEner 72.08 0.04 89.97 65.50 4.38 21.29 49615.14 SimonProp 192.96 -1.39 208.14 170.99 2.93 36.68 59705.31
SAP 72.86 -0.14 75.75 53.63 1.51 28.20 98204.86 Norway (Kr)
Ch Evrbrght 3.71 -0.04 5.65 3.22 6.11 4.91 3287.72 HSBC 541.30 0.40 674.57 478.35 6.19 10.67 159174.69 DuPont 66.01 -0.39 76.61 47.11 2.70 19.27 57851.63 SouthCpr 26.29 -0.62 33.31 23.41 1.57 20.97 20647.54
Siemens 89.14 -0.50 106.35 77.91 3.56 13.39 86161.99 DNB 109.00 -0.70 143.00 100.90 3.65 7.67 20444.28
Ch Rail Cons 10.00 -0.16 17.70 8.10 1.83 8.78 2678.75 ImpTob 3543.5 - 3665 2763.7 3.73 20.03 50755.87 Eaton 52.52 -0.73 73.82 49.21 4.01 12.36 24306.26 Starbucks 59.88 -0.44 64.00 39.28 1.05 33.41 88909.82
Volkswgn 142.60 -0.60 254.50 95.00 3.37 11.32 46167.98 Statoil 123.20 -1.70 161.70 113.90 5.85 -10.52 45237.11
Ch Rail Gp 5.97 -0.09 12.30 5.47 1.59 10.07 3240.66 LlydsBkg 73.50 -0.15 89.35 68.57 2.04 43.83 78466.5 eBay 27.44 -0.22 29.83 22.11 - 11.27 32945.94 StateSt 66.77 -0.37 81.26 63.97 1.89 15.88 26940.77
ChConstBk 5.38 -0.05 7.98 5.02 6.81 4.88 166876.07 Hong Kong (HK$) Telenor 145.80 -1.40 186.10 140.20 2.61 35.60 25208.58 Ecolab♦ 115.18 -0.60 122.48 97.78 1.13 31.38 34013.06 Stryker 93.83 -0.53 105.34 89.81 1.45 30.97 35235.25
Natl Grid♦ 935.00 1.60 954.00 806.40 4.59 16.30 52298.01
China Vanke RMB 24.43 - 24.43 10.93 2.05 16.75 36633.77 AIA 46.40 -0.60 58.20 38.85 0.91 21.90 72125.75 Qatar (QR) EMC 25.92 -0.10 30.76 22.66 1.75 22.08 50244.97 Sychrony Fin 30.23 -0.37 36.40 27.92 - 11.68 25206.56
Prudential 1540 -0.50 1761.5 1045.99 2.40 15.68 59169.2
ChinaCitic 5.04 -0.04 7.40 4.36 - 4.77 9676.98 BOC Hold 23.80 -0.20 33.70 22.30 4.46 10.26 32464.67 QatarNtBk 171.00 - 214.00 158.20 4.31 10.89 32867.84 Emerson 47.99 -0.27 62.85 42.21 3.85 12.18 31410.23 Target 72.50 -0.67 85.81 68.15 2.82 16.82 44663.74
RBS 304.80 0.50 414.00 281.40 - -13.67 52935.31
ChinaLife 25.25 -0.70 41.00 23.40 1.90 15.37 24240.89 Ch OSLnd&Inv 26.55 -0.15 34.05 20.70 1.96 7.72 33776.34 EOG Res 70.82 -2.60 101.36 68.15 0.93 -10.34 38932.13 TE Connect 65.35 0.06 73.73 54.32 1.87 22.07 25245.09
Russia (RUB) ReckittB 6226 21.00 6450 5060 2.23 26.45 65856.49
ChinaMBank 18.26 -0.26 26.85 16.40 4.47 6.56 10815.43 ChngKng 50.20 -0.90 77.55 50.05 - 11.16 24997.71 EquityResTP♦ 80.73 -0.14 82.53 61.90 2.63 35.59 29406.86 Telsa Mtrs 227.71 -2.86 286.65 181.40 - -43.43 29818.92
Gzprm neft 134.97 0.49 166.94 129.15 6.54 6.59 44339.54 RELX 1180 -2.00 1232 988.50 2.20 27.10 36374.13
ChinaMob 87.60 -0.95 118.00 85.00 3.14 13.91 231410.63 Citic Ltd 13.68 -0.08 16.40 11.64 1.49 6.82 51342.57 Exelon 27.74 -0.02 38.93 25.09 4.40 12.53 25504.12 TexasInstr 55.93 -0.82 59.99 43.49 2.39 20.12 56736.07
Lukoil 2309.9 -0.30 3297.7 2126 8.14 18.92 27264.06 RioTinto 2006.5 -8.00 3280 1843 6.80 19.96 41216.28
ChinaPcIns 32.35 -0.85 47.10 24.80 1.83 15.97 11583.21 Citic Secs 18.54 -0.30 40.50 12.82 1.85 8.36 5449.67 ExpScripts 87.67 -0.58 94.61 68.06 - 27.66 59288.91 TheTrvelers♦ 112.88 -0.39 116.48 95.21 2.02 10.19 34340.22
MmcNrlskNckl 9350 6.00 12247 7975 15.52 10.73 20532.11 RollsRoyce 595.00 4.50 1061 504.50 3.88 -43.76 16345.09
ChMinsheng 7.77 -0.07 11.88 6.70 2.90 5.06 6950.64 CK Hutchison 103.90 -0.80 174.90 97.50 3.33 4.32 51738.26 ExxonMb 78.65 -0.68 93.86 66.55 3.55 16.88 327415.11 ThrmoFshr♦ 140.74 -0.58 141.75 117.10 0.42 29.10 56169.01
Novatek 579.20 -2.60 646.30 410.80 10.93 48.85 24404.22 RylDShlA 1557 6.00 2216.5 1415.5 8.07 94.11 92838.49
ChMrchSecs RMB 21.52 -1.15 40.00 13.85 1.95 12.30 15931.35 CNOOC 8.29 -0.12 13.78 7.41 6.49 7.57 47752.69 Facebook 104.89 -0.13 110.65 72.00 - 107.66 237027.61 TimeWrnr 64.10 -0.29 91.34 62.94 2.10 14.97 52278.77
Rosneft 246.00 0.20 294.20 192.00 3.61 6.14 36179 SABMill 4075 30.00 4090 2773 1.82 33.76 98634.68
Chna Utd Coms RMB 6.28 0.03 10.74 4.27 1.08 42.51 20517.03 HangSeng 145.60 -1.20 162.10 126.50 3.64 11.00 35913.56 Fedex♦ 147.61 -2.04 185.19 130.01 0.60 38.05 40683.57 TimeWrnrC 182.97 -1.53 194.22 134.21 2.02 27.76 51816.66
Sberbank 100.20 -1.14 110.70 51.60 0.49 9.99 30015.79 Shire 4609 39.00 5870 4082 0.32 13.60 40793.32
ChShenEgy 12.24 -0.26 24.40 11.28 7.25 8.56 5366.91 HK Exc&Clr 200.40 -2.80 311.40 170.60 1.88 36.23 31246.58 FordMtr 14.21 -0.11 16.74 10.44 3.98 12.11 55367.94 TJX Cos 70.75 -0.14 76.93 63.53 1.05 22.35 47369.19
Surgutneftegas 33.68 -0.24 39.80 23.21 - 1.18 16694.76 StandCh 589.00 5.40 1166 475.55 8.70 13.77 28640.05
ChShpbldng RMB 9.42 -0.31 20.19 8.05 0.41-573.18 26073.19 MTR 37.45 0.30 40.00 31.10 2.66 14.52 28299.63 Franklin♦ 36.80 -0.17 57.07 34.62 1.60 11.37 22134.81 T-MobileUS 39.46 -0.21 43.43 26.46 - 66.41 32200.84
Saudi Arabia (SR) Tesco 150.90 -2.00 252.52 141.00 0.77 -2.17 18354.24
ChStConEng RMB 6.40 -0.28 12.52 4.88 2.70 8.17 29494.29 SandsCh 26.30 -0.45 40.55 22.85 7.17 15.12 27379.84 GenDyn 138.81 -1.03 153.76 130.91 2.35 15.90 43881.75 UnionPac♦ 78.27 -0.53 124.52 74.78 2.70 13.74 66852.02
AlRajhiBnk 52.81 0.88 69.00 46.60 3.48 13.60 22873.66 Vodafone♦ 216.65 1.05 258.00 201.25 5.18 -40.57 85953.11
ChUncHK 9.51 -0.06 16.00 8.90 2.56 20.40 29381.87 SHK Props 94.45 -0.55 137.60 92.00 2.41 9.08 35257.49 GenElectric♦ 30.76 -0.07 31.23 19.37 2.94 60.63 310960.19 UPS B 96.42 -0.92 114.40 93.64 2.92 22.50 67122.07
Natnlcombnk 50.80 0.14 72.75 48.80 - 11.71 27008.04 WPP 1538 -10.00 1616 1273 2.48 15.90 29750.46
CNNC Intl RMB 9.46 -0.20 14.38 4.07 - 26.50 5673.39 Tencent 150.90 -0.90 171.00 111.30 0.23 42.50 183064.07 GenMills 58.48 -0.24 59.87 47.43 2.93 24.41 34697.05 USBancorp 42.80 -0.62 46.26 38.81 2.30 13.79 74864.78
SaudiBasic 81.75 0.44 110.50 70.50 6.18 10.55 65369.49 United States of America ($)
CSR 9.65 -0.19 20.70 7.80 - 21.66 5442.02 India (Rs) GenMotors♦ 34.37 -0.23 39.00 24.62 3.78 12.82 53485.8 UtdHlthcre 117.75 -0.59 126.21 95.00 1.46 18.99 112228.52
SaudiTelec 67.26 0.27 73.25 52.75 5.85 13.98 35855.26 21stC Fox A 27.32 -0.12 39.15 22.81 1.08 7.23 31979.09
Daqin RMB 8.69 -0.33 15.15 7.88 5.55 9.11 19912.58 Bhartiartl 331.75 -6.70 452.45 304.15 0.66 23.18 20033.81 GileadSci♦ 101.80 -1.78 123.37 86.00 0.83 9.51 146712.14 UtdTech 95.81 -0.50 124.45 85.50 2.58 15.30 84981.04
Singapore (S$) 3M 150.88 -0.31 170.50 134.00 2.56 19.85 92898.77
Gree Elec Apl 0.24 0.00 0.45 0.13 - -2.68 370.22 HDFC Bk 1077.25 3.25 1128 936.25 0.74 24.99 41058.91 GoldmSchs♦ 180.44 -2.03 218.77 167.49 1.36 12.05 76964.19 ValeroEngy 70.68 -1.25 73.88 43.45 2.05 7.99 34032.66
DBS 16.65 0.01 21.50 16.00 3.51 12.94 29576.14 AbbottLb 44.95 -0.15 51.74 39.00 2.06 27.15 67052.81
GuosenSec RMB 19.48 -0.62 34.94 7.00 1.03 11.76 24620.25 Hind Unilevr 865.85 1.60 981.00 744.50 1.66 40.45 28304.06 Halliburton 34.32 -0.83 50.20 30.93 2.06 113.36 29371.51 Verizon 46.75 0.04 50.86 38.06 4.66 19.06 190219.82
JardnMt US$ 47.68 0.20 67.88 45.00 2.88 11.71 33488.26 Abbvie 58.54 0.08 71.60 45.45 3.24 34.42 95698.08
HaitongSecs 13.70 -0.36 27.90 10.00 2.22 8.53 6026.52 HsngDevFin 1227.65 -1.90 1402.3 1093.2 1.21 21.58 29274.25 HCA Hold 68.06 -0.86 95.49 43.91 - 14.47 27745.86 VertexPharm 123.57 -1.27 143.45 97.45 - -45.79 30363.29
JardnStr US$ 26.98 -0.21 36.93 25.75 0.95 10.09 30030.05 Accenture 103.72 -0.51 109.86 83.47 2.02 23.29 83621.48
Hngzh HikVDT RMB 34.63 -0.67 56.48 21.80 1.16 24.54 16843.75 ICICI Bk 264.05 6.10 393.40 243.05 1.87 12.40 23183.97 Hew-Pack♦ 11.65 -0.08 18.66 11.03 5.57 4.87 20875.03 VF Cp 62.10 -0.18 77.83 61.17 2.03 26.31 26473.79
OCBC 8.82 -0.03 10.92 8.50 3.98 10.05 25766.28 Ace 117.83 -0.36 118.78 96.00 2.20 14.63 38198.3
Hunng Pwr 6.78 -0.11 11.90 6.24 6.79 6.47 4111.57 Infosys 1104.75 8.40 2336 932.65 3.32 20.15 38145.46 HiltonWwde♦ 21.65 -0.22 31.60 20.91 0.32 29.08 21378.33 Viacom♦ 40.85 -0.26 77.50 36.32 3.52 8.78 14181.75
SingTel♦ 3.68 0.02 4.57 3.43 4.63 15.54 41655.94 Adobe 93.65 -0.65 96.42 68.98 - 99.09 46712.56
IM Baotou Stl RMB 3.62 -0.09 7.50 3.16 - -46.11 8783.26 ITC 326.20 2.50 409.95 294.00 1.95 25.60 39582.79 HomeDep 132.20 -0.70 135.47 92.17 1.63 25.68 167613.9 Visa Inc 78.16 -0.10 81.01 60.00 0.60 30.85 152133.94
UOB■ 19.44 0.04 25.05 18.20 4.26 10.10 22114.3 AEP 58.46 0.06 65.38 52.29 3.57 16.49 28693.19
In&CmBkCh 4.75 -0.05 7.10 4.30 6.56 5.14 53189.99 L&T 1295.15 0.65 1893.8 1264.5 1.17 23.78 18219.85 Honywell 104.08 -0.57 107.41 87.00 1.96 18.54 80213.56 Walgreen 85.82 -0.65 97.30 73.00 1.55 22.12 93165.58
Aetna 108.57 -1.06 134.40 87.25 0.88 16.93 37858.74
IndstrlBk RMB 16.96 -0.48 21.42 11.90 3.37 6.45 42294.49 OilNatGas 240.20 6.35 373.80 211.25 4.09 10.56 31045.05 South Africa (R) HumanaInc♦ 177.33 -0.97 219.79 137.45 0.63 20.74 26284.55 WalMartSto♦ 60.86 0.03 90.97 56.30 3.09 13.52 194867.22
Aflac 60.07 -0.11 66.53 51.41 2.55 10.69 25634.19
Kweichow RMB 219.12 -5.38 290.00 166.20 2.00 17.05 42425.73 RelianceIn 1010.4 9.85 1067.85 796.45 0.98 12.21 49443.29 Firstrand 43.50 -0.96 58.47 34.08 5.21 9.22 15975.43 IBM 137.13 -1.12 176.30 131.65 3.44 9.56 133031.2 WellsFargo 54.37 -0.46 58.77 47.75 2.62 13.36 279075.08
AirProd 132.66 -0.53 158.20 123.66 2.37 22.94 28586.9
Midea 2.01 0.02 2.68 1.65 4.71 13.35 55.76 SBI NewA 228.90 0.60 336.00 220.15 1.52 9.53 26843.45 MTN Grp 143.00 4.00 250.00 123.04 10.38 7.20 17277.8 IllinoisTool 93.45 -0.68 100.14 78.79 2.11 18.70 33968.31 Williams Cos 24.24 -0.67 61.38 20.95 9.66 55.03 18174.22
Alexion 188.74 -0.67 208.88 142.02 - 173.79 42527.71
New Ch Life Ins 32.70 -1.15 56.55 27.05 0.77 9.17 4362.73 SunPhrmInds 811.60 20.75 1200.8 704.00 - 68.95 29506.77 Naspers N 2130.71 -18.29 2270 1489.17 0.24 61.62 61082.38 Illumina 187.91 -1.09 242.37 130.00 - 55.77 27510.39 Yahoo 33.45 -0.66 51.68 27.20 - 133.14 31588.68
Allegran 309.90 -1.33 340.34 237.50 - -42.75 122139.19
PetroChina 5.27 -0.11 11.04 4.93 3.64 18.66 14345.56 Tata Cons 2462.7 28.45 2812.1 2315.25 1.59 23.42 73307.25 South Korea (KRW) Intcntl Exch♦ 254.92 3.00 266.74 202.24 0.83 24.51 27981.21 Yum!Brnds 73.55 -0.45 95.90 66.35 2.19 35.74 31717.82
Allstate♦ 62.44 -0.70 72.87 54.12 1.86 11.06 24183.4
PingAnIns 43.50 -0.70 62.90 35.00 1.89 11.64 41797.44 Indonesia (Rp) HyundMobis 249500-3000.00 271500 185500 1.16 13.02 20839.41 Intel 34.62 -0.36 37.52 24.87 2.69 15.07 163371.78 Venezuela ()
Alphabet 773.63 7.79 793.05 490.91 - 36.29 225379.91
PngAnBnk RMB 11.98 -0.43 17.50 9.30 1.46 7.58 21796.07 Bk Cent Asia 13325 150.00 15600 11000 1.02 20.30 24067.97 KoreaElePwr 49400 -900.00 54000 38750 1.00 7.04 27210.97 Intuit 97.42 -0.17 109.21 79.63 1.04 61.61 25719.3 Bco de Vnzla 105.00 9.00 143.95 27.00 - - 28366.6
Altria♦ 58.14 -0.16 61.74 47.31 3.60 22.24 113984.1
Pwr Cons Corp RMB 7.91 -0.26 20.00 6.31 1.27 15.50 4023.26 SK Hynix 30900 -800.00 51700 28550 0.94 5.04 18732.82 John&John 103.05 -0.67 106.50 81.79 2.77 20.10 285133.54 Bco Provncl 4150 -50.00 4400 850.00 0.82 57.28 33146.96
Israel (ILS) Amazon 668.01 5.22 684.82 285.25 - 979.81 313135.36
SaicMtr RMB 21.21 -0.64 29.18 14.00 6.15 8.08 36043.79 SmsungEl 1266000-19000.00 1510000 1033000 1.57 9.59 140469.19 JohnsonCn♦ 39.87 -0.63 54.52 38.48 2.57 18.59 25832.11 Mrcntl Srvcs 5000 - 5900 1310 0.16 37.68 22000.5
TevaPha 257.20 -1.20 275.90 214.70 1.96 32.49 67132.36 AmerAir 43.11 -0.70 56.20 34.10 0.91 6.29 27173.33
ShenwanHong 0.16 -0.01 0.41 0.15 - -2.48 51.86 Spain (€) JPMrgnCh 65.92 -0.68 70.61 50.07 2.51 11.41 242660.07
Italy (€) AmerExpr 69.54 -0.62 94.89 67.57 1.56 12.58 68444.46
ShgPdgBk RMB 18.70 -0.62 20.12 11.91 4.06 7.04 53763.78 Kimb-Clark♦ 127.50 0.62 128.13 103.04 2.68 78.04 46281.79 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.88 -0.02 4.50 3.36 3.61 64.69 40070.9 BBVA 6.86 -0.09 9.77 6.70 2.34 17.42 47890.68 AmerIntGrp 61.32 -0.38 64.93 48.68 1.05 18.08 75853.61
Sinopec Corp 4.78 -0.17 7.79 4.29 5.06 22.60 15734.14 KinderM 15.25 -0.83 44.71 14.22 11.99 28.90 34039.3 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 13.87 -0.09 17.66 13.05 6.93 -18.18 55303.25 BcoSantdr 4.58 -0.11 7.17 4.45 10.84 8.80 72548.63 AmerTower♦ 98.18 0.04 104.12 86.83 1.70 74.51 41586.12
Sinopec Oil RMB 8.43 -0.19 14.23 5.08 - -242.22 584.69 Kraft Heinz 73.40 -0.56 81.20 61.42 0.74 -48.93 89067.65 based on intraday trading over a rolling 52 week period.
Generali 16.78 -0.14 19.21 15.16 3.58 13.56 28662.4 CaixaBnk 3.25 -0.04 4.57 3.20 2.46 27.40 20766.89 Amgen 161.21 -2.34 181.81 130.09 1.82 19.58 121605.2
Denmark (kr) Iberdrola 6.47 -0.03 6.71 5.35 2.40 16.57 44961.93 Kroger 42.51 0.05 42.67 27.32 0.87 21.69 41435.46 ♦ ex-dividend
IntSPaolo 3.07 -0.02 3.65 2.22 2.28 17.68 53488.8 Anadarko 50.12 -1.10 95.94 44.50 2.12 -4.44 25468.11
DanskeBk 183.00 -0.80 218.00 155.50 3.01 27.02 27135.96 Inditex 31.49 -0.30 35.38 22.61 1.24 35.62 107678.27 L Brands 96.17 -0.65 101.11 75.11 1.85 25.07 27834.91 ■ ex-capital redistribution
Luxottica 59.75 -0.35 67.80 44.80 1.21 36.26 31702.76 Anthem 139.31 -1.25 173.59 122.86 1.63 13.56 36357.62
MollerMrsk 8875 -80.00 16450 8760 3.28 8.13 13886.54 Repsol♦ 10.49 -0.45 18.75 9.90 9.12 30.71 16116.94 LasVegasSd♦ 43.89 -0.47 61.59 36.53 5.49 16.05 35000.13 # price at time of suspension
Unicred 5.12 -0.04 6.61 4.82 2.35 16.01 33520.14 Aon Cp 91.78 -0.28 107.08 86.38 1.18 21.31 25138.72
NovoB 397.00 3.20 415.00 259.60 1.26 31.02 120382.83 Telefonica 10.31 -0.23 14.31 9.97 3.88 17.34 55023.73 LibertyGbl 39.25 -0.49 58.66 38.43 - -25.74 9920.68
Apple 107.17 -0.86 134.54 92.00 1.82 11.82 597508.22
Lilly (E) 85.31 -0.54 92.85 68.31 2.29 39.24 94530.01

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 Firstrand 43.50 44.46 -0.96 -2.16 -4253.50 -99.0 -9.00 Dec 24 date Coupon S* M* F* price yield yield yield US Dec 24 date Coupon S* M* F* price yield yield yield US
Glencore 92.40 93.09 -0.69 -0.74 11.54 14.3 -1.68 Naspers N 2130.71 2149.00 -18.29 -0.85 -206187.29 -99.0 -0.58 High Yield US$ US$
Williams Cos 24.24 24.91 -0.67 -2.69 2.24 10.2 -32.96 MTN Grp 143.00 139.00 4.00 2.88 -13361.00 -98.9 -0.31 Windstream Services, LLC 11/17 7.88 B+ B2 BB 102.50 6.51 -0.02 1.20 5.50 Burlington Resources, Inc. 02/26 6.88 A A2 A 112.94 5.28 -0.01 0.71 3.06
CanNatRs 31.06 31.13 -0.07 -0.22 2.83 10.0 -6.70 Nike 63.45 63.18 0.27 0.43 -66.35 -51.1 -5.43 High Yield Euro Halliburton Company 02/27 6.75 A A2 A- 118.02 4.70 -0.01 0.29 -
PTT Explor 247.00 248.00 -1.00 -0.40 22.00 9.8 -6.79 ShenwanHong 0.16 0.17 -0.01 -3.01 -0.01 -6.4 -12.97 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 98.94 7.00 0.00 -0.01 -
Celgene 119.77 122.14 -2.37 -1.94 8.93 8.1 6.37 ChMrchSecs 21.52 22.67 -1.15 -5.07 -1.44 -6.3 6.06 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 109.04 5.05 -0.01 0.00 -
RioTinto 2006.50 2014.50 -8.00 -0.40 147.50 7.9 -11.76 CNNC Intl 9.46 9.66 -0.20 -2.07 -0.50 -5.0 -1.66 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 119.34 4.80 -0.01 -0.04 -
BHPBilltn 18.34 17.41 0.93 5.34 1.32 7.8 -8.62 ChShpbldng 9.42 9.73 -0.31 -3.19 -0.41 -4.2 -8.72 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.23 E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 115.99 4.80 -0.01 0.59 -
Anadarko 50.12 51.22 -1.10 -2.15 3.57 7.7 -17.44 Bridgestne 4133.00 4217.00 -84.00 -1.99 -178.00 -4.1 -6.30 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.88 1.56 0.00 0.12 0.55
Brazil 01/18 8.00 BB+ Baa3 BB+ 103.64 6.06 0.00 0.66 5.06 Euro
Vale 13.22 13.22 0.00 0.00 0.93 7.6 -4.96 Pwr Cons Corp 7.91 8.17 -0.26 -3.18 -0.28 -3.4 -3.18 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.46 3.11 0.00 0.15 -
SouthCpr 26.29 26.91 -0.62 -2.30 1.84 7.5 2.49 FastRetail 42590.00 43140.00 -550.00 -1.27 -1480.00 -3.4 -14.20 Russia 07/18 11.00 BB+ Ba1 BBB- 118.23 3.50 0.00 0.24 2.50
Peru 03/19 7.13 BBB+ A3 BBB+ 114.15 2.57 -0.01 0.21 0.87 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 106.37 2.61 0.00 0.52 -
BP 365.95 360.40 5.55 1.54 25.60 7.5 -5.17 CaixaBnk 3.25 3.29 -0.04 -1.07 -0.10 -2.9 -6.90 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.01 2.41 0.00 0.26 -
RylDShlA 1557.00 1551.00 6.00 0.39 107.00 7.4 -5.64 MitsuiFud 3052.00 3032.00 20.00 0.66 -88.00 -2.8 -3.30 Brazil 01/21 7.88 BB+ Baa3 BB+ 92.76 6.69 -0.02 1.10 4.98
Turkey 03/21 5.63 - Baa3 BBB- 105.78 4.43 -0.01 0.12 2.72 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 108.03 2.18 0.00 0.19 -
StandCh 589.00 583.60 5.40 0.93 39.10 7.1 7.07 Telenor 147.20 147.20 0.00 0.00 -4.00 -2.6 -5.01
Poland 04/21 5.13 A- A2 A- 111.26 2.84 -0.01 0.06 1.14 Yen
ImpOil 45.43 45.47 -0.04 -0.09 2.93 6.9 4.77 SingTel 3.68 3.66 0.02 0.55 -0.10 -2.6 -3.41
Colombia 07/21 4.38 BBB Baa2 BBB 100.14 4.39 -0.01 0.39 2.69 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Petrobras 8.88 8.88 0.00 0.00 0.57 6.9 -7.82 IM Baotou Stl 3.62 3.71 -0.09 -2.43 -0.09 -2.4 -4.23
OilNatGas 240.20 233.85 6.35 2.72 15.40 6.9 2.04 Nomura 679.80 670.20 9.60 1.43 -16.50 -2.4 -8.75 Turkey 04/26 4.25 - Baa3 BBB- 93.72 5.10 -0.01 0.12 2.88 £ Sterling
AgricBkCh 3.26 3.34 -0.08 -2.40 0.20 6.5 9.03 ChngKng 50.20 51.10 -0.90 -1.76 -1.20 -2.3 -1.18 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.17 4.05 0.00 0.10 1.84
Enbridge 46.42 46.41 0.01 0.02 2.52 5.7 -4.70 Toyota 7484.00 7483.00 1.00 0.01 -174.00 -2.3 -2.41 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.20 3.41 0.00 0.19 1.19
ConocPhil 47.61 48.59 -0.98 -2.02 2.51 5.6 -10.98 GuosenSec 19.48 20.10 -0.62 -3.08 -0.42 -2.1 0.10 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.49 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.46 3.03 0.00 0.10 1.33 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.75 3.95 0.00 0.07 1.73
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Dec 24 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 28 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.61 1.87 15.74 53.29 10.88 Dec 24 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 17.21 1.56 15.65 56.32 7.04 Tr 2pc '16 100.11 0.31 -11.43 -6.06 -26.19 -31.11 101.68 100.11 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 173.38 0.03 0.02 -2.75 0.47 -2.33 VXN 19.47 1.66 17.81 46.72 11.15 Tr 1.75pc '17 101.40 0.43 -4.44 0.00 -4.44 -29.51 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 295.30 -0.36 -0.96 0.61 -0.48 1.41 VDAX 21.27 1.54 19.73 29.94 - Tr 5pc '18 109.52 0.62 -1.59 6.90 6.90 -31.11 113.54 109.52 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.47 -0.19 -0.75 -0.40 -0.75 -0.40 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.31 0.89 -2.20 5.95 8.54 -21.93 115.07 111.30 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.11 -0.12 -0.94 -0.75 -0.66 -0.55 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 114.83 1.12 -0.88 6.67 5.66 -16.42 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 225.01 -0.26 -1.16 1.50 -0.80 1.82 Tr 1.5pc '21 100.48 1.40 -1.41 6.06 6.06 -4.76 142.92 99.91 0.12
Gilts( £) 287.14 -0.51 -1.05 0.52 -0.36 1.60 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.19 1.43 -1.38 6.72 4.38 -9.49 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 239.93 -0.53 -1.15 -4.35 -0.91 -4.56 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.04 1.79 -1.65 5.29 4.68 -3.76 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.08 -0.36 -0.86 0.54 -0.39 1.32 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.11 2.06 -0.96 5.10 5.10 -1.44 131.90 119.79 0.31
Dec 24 (Libor: Dec 23) night Day Week Month month month month year Overall ($) 225.33 -0.21 -0.25 0.52 -0.25 0.52 Australia 10/18 3.25 103.27 2.05 0.00 0.00 0.00 0.00 Tr 4.25pc '32 125.59 2.36 -0.84 3.96 3.51 0.00 136.85 121.93 0.35
US$ Libor 0.36710 0.000 0.246 0.000 0.42190 0.60310 0.82730 1.14750 Overall( £) 286.84 -0.47 -0.99 0.54 -0.37 1.52 04/26 4.25 112.59 2.83 0.00 0.00 0.00 0.00 Tr 4.25pc '36 126.95 2.54 -0.78 3.67 3.67 1.20 140.37 123.52 0.28
Euro Libor -0.28143 -0.002 -0.109 0.001 -0.20429 -0.12714 -0.03786 0.05929 Overall(€) 220.46 -0.21 -1.04 0.90 -0.75 1.17 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 136.39 2.61 -0.76 3.57 3.98 0.77 153.16 132.20 0.26
£ Libor 0.48188 0.000 0.002 -0.001 0.50381 0.58794 0.74844 1.06119 Treasuries ($) 217.28 -0.24 0.06 1.03 0.06 1.03 10/25 1.20 103.35 0.84 -0.07 0.02 0.10 0.00 Tr 3.75pc '52 128.87 2.53 -1.17 3.27 3.27 -3.44 145.21 121.95 0.22
Swiss Fr Libor 0.000 -0.80500 -0.77000 -0.70160 -0.60960 FTSE Belgium 06/18 0.75 101.81 0.01 0.00 0.00 0.00 -0.35 Tr 4pc '60 140.38 2.49 -0.80 3.75 3.32 -4.23 159.23 131.72 0.21
Yen Libor -0.003 0.05000 0.07714 0.11443 0.22286 Sterling Corporate (£) 110.02 -0.08 - - -0.75 -2.89 06/25 0.80 98.69 0.95 -0.02 0.07 0.16 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.20100 -0.13100 -0.04000 0.06000 Euro Corporate (€) 105.52 0.18 - - -1.28 -3.84 Canada 11/17 0.25 99.54 0.50 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.79500 Euro Emerging Mkts (€) 862.03 -1.76 - - -9.71 -7.34 06/26 1.50 99.90 1.51 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.38000
-0.22500
0.54000
-0.16500
0.77000
-0.05500
Eurozone Govt Bond 113.55 0.30 - - -1.32 -0.70 Denmark 11/18 0.25 101.44 -0.25 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 107.91 0.91 0.01 0.08 0.19 0.00
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.22 1.34 -0.01 0.04 0.09 0.00
Fixed Coupon Dec 24 chg % Return 1 month 1 year Yield
Dec 24 term notice month month month year Markit iTraxx 09/25 0.88 100.16 0.86 -0.07 0.00 0.13 0.00
1 Up to 5 Years 98.46 0.05 2367.28 -0.03 1.32 0.98
Euro -0.35 -0.25 -0.35 -0.20 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.04 0.11 Crossover 5Y 325.37 1.24 -0.60 24.35 389.82 280.05 France 05/18 1.00 102.95 -0.23 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.93 0.16 3238.07 -0.20 2.30 1.64
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.72 0.87 1.02 1.17 Europe 5Y 79.32 0.34 0.67 7.00 95.40 68.39 11/20 0.25 100.72 0.10 -0.01 0.05 0.00 0.00
3 10 - 15 Years 203.26 0.27 3785.93 -0.56 2.28 2.15
Swiss Franc - - - - - - - - - - - - Japan 5Y 74.39 -0.62 3.44 1.30 83.13 65.01 11/25 1.00 100.25 0.97 -0.02 0.08 0.18 0.00
4 5 - 15 Years 184.64 0.19 3369.95 -0.32 2.27 1.84
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.71 0.35 -1.19 3.12 99.56 65.28 05/45 3.25 128.46 1.97 -0.02 0.11 0.13 0.00
5 Over 15 Years 293.63 0.43 4263.04 -0.86 2.98 2.54
US Dollar 0.32 0.42 0.32 0.42 0.40 0.50 0.60 0.70 0.80 0.90 1.10 1.20 Germany 04/18 0.25 101.30 -0.31 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.22 0.24 3210.17 -0.39 2.15 2.27
Japanese Yen -0.05 0.15 -2.00 -1.00 -0.30 0.00 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.35 -0.03 0.00 0.00 0.00 0.00
Emerging Markets 5Y 353.83 -0.12 2.29 34.65 376.07 299.17 08/25 1.00 103.53 0.62 -0.01 0.07 0.15 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 475.88 -3.44 -29.98 22.55 522.53 416.39 08/46 2.50 126.37 1.43 -0.01 0.11 0.10 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Dec 24 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 89.68 -0.27 -4.64 5.12 96.32 75.52 Greece 07/17 3.38 94.31 7.38 0.00 0.00 0.29 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 308.36 0.03 -0.30 -2.42 2355.89 -0.30 -0.83
02/26 3.00 69.86 8.03 -0.12 0.01 0.60 0.00 2 Over 5 years 561.52 0.39 -1.47 0.55 4144.52 -1.47 1.30
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.30 -0.21 0.00 0.00 0.00 0.00 3 5-15 years 424.64 0.17 -1.27 -2.99 3226.91 -1.27 -1.88
03/25 5.40 137.10 1.13 -0.01 0.05 0.14 0.00 4 Over 15 years 690.83 0.48 -1.54 2.28 5004.78 -1.54 2.89
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.51 0.12 -0.05 -0.05 0.03 0.00 5 All stocks 521.01 0.33 -1.30 0.39 3894.99 -1.30 1.25
11/20 0.65 100.13 0.62 -0.03 0.01 0.15 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 103.32 1.64 -0.03 0.05 0.22 0.00 Yield Indices Dec 24 Dec 23 Yr ago Dec 24 Dec 23 Yr ago
Crude Oil† Jan 37.05 -1.07 Corn♦ Mar 365.00 0.50 Dec 24 Dec 24 Prev return stock Market stocks
09/46 3.25 112.27 2.68 -0.01 0.05 0.10 0.00 5 Yrs 1.25 1.26 1.28 20 Yrs 2.56 2.59 2.51
Brent Crude Oil‡ 36.85 -1.08 Wheat♦ Mar 470.00 1.75 Can 4.25%' 21 127.45 -0.327 -0.298 0.48 5.18 70132.45 7
Japan 12/17 0.10 100.29 -0.05 0.00 0.00 0.00 0.00 10 Yrs 1.96 1.98 1.93 45 Yrs 2.51 2.53 2.63
RBOB Gasoline† Dec 1.24 -0.02 Soybeans♦ Jan 871.50 -5.50 Fr 2.25%' 20 114.05 -0.752 -0.732 -1.49 20.31 212447.32 14
12/20 0.10 100.31 0.04 0.00 0.00 0.00 0.00 15 Yrs 2.38 2.40 2.31
Heating Oil† Jan 1.13 0.00 Soybeans Meal♦ Jan 268.30 -0.60 Swe 0.25%' 22 106.98 -0.655 -0.655 -2.27 32.00 222665.12 7
12/25 0.30 100.32 0.27 -0.01 -0.01 0.00 0.00
Natural Gas† Jan 2.14 0.10 Cocoa (ICE Liffe)X Mar 2264.00 0.00 UK 2.5%' 16 - - - - - - -
12/45 1.40 102.92 1.27 -0.01 -0.01 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 3209.00 -11.00 UK 2.5%' 24 333.96 -0.637 -0.619 -1.68 6.82 475402.43 25
Netherlands 04/17 0.50 101.12 -0.36 0.00 0.00 0.00 0.00 Real yield Dec 24 Dur yrs Previous Yr ago Dec 24 Dur yrs Previous Yr ago
Uranium Jan 36.75 0.00 Coffee(Robusta)X Jan 1485.00 0.00 UK 2%' 35 226.67 -0.657 -0.642 -2.23 9.08 475402.43 25
07/25 0.25 95.09 0.79 -0.01 0.07 0.15 0.00 Up to 5 yrs -0.72 2.36 -0.71 -1.13 -1.54 2.39 -1.54 -1.76
Carbon Emissions - - Coffee (Arabica)♥ Mar 119.50 -0.25 US 0.625%' 21 100.66 0.505 0.519 -0.86 35.84 1101158.73 36
Diesel Mar - - White SugarX 414.80 0.00 New Zealand - - - - - - - Over 5 yrs -0.73 23.34 -0.71 -0.67 -0.76 23.43 -0.74 -0.71
US 3.625%' 28 131.03 0.948 0.519 -1.20 16.78 1101158.73 36
Unleaded (95R) - - Sugar 11♥ 14.95 -0.10 12/17 6.00 106.34 2.66 0.00 0.00 0.00 0.00 5-15 yrs -0.60 9.59 -0.58 -0.83 -0.72 9.60 -0.70 -0.97
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 104.92 0.66 0.00 0.01 0.10 0.00 Over 15 yrs -0.74 28.99 -0.73 -0.65 -0.76 29.04 -0.75 -0.67
Base Metals (♠ LME 3 Months) Cotton♥ Mar 63.70 0.11 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.31 1.48 -0.01 0.03 0.05 0.00 All stocks -0.73 20.24 -0.71 -0.68 -0.77 20.40 -0.76 -0.72
Aluminium 1540.50 -2.50 Orange Juice♥ Jan 150.65 2.40 amount.
Aluminium Alloy 1605.00 15.00 Palm Oil♣ Jan 562.00 - Portugal 06/18 4.45 110.38 0.21 -0.05 -0.06 -0.08 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4692.50 -25.50 Live Cattle♣ Feb 136.80 0.00 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.18 2.50 -0.03 0.01 0.18 0.00
Lead 1744.00 5.00 Spain 04/18 0.25 100.17 0.18 -0.07 -0.07 0.09 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 163.68 0.53
Nickel 8620.00 -35.00 Lean Hogs♣ Feb 58.65 0.00 Spread Spread Spread Spread 10/25 2.15 103.12 1.80 -0.05 0.01 0.27 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14540.00 -65.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.23 1.26 -0.01 0.03 0.07 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1553.50 -2.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 112.78 1.06 0.02 0.07 0.31 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Dec 23 Month Year Australia 2.83 2.21 0.61 Italy 1.64 1.02 -0.58 Switzerland 01/18 3.00 107.92 -0.86 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1068.25 -6.65 S&P GSCI Spt 309.92 -8.03 -27.71 Austria 0.84 0.22 -1.38 Japan 0.27 -0.35 -1.95 05/26 1.25 113.22 -0.02 0.00 0.00 0.00 0.00
Silver (US cents) 1420.00 -13.00 DJ UBS Spot 77.96 -3.84 -26.77 Belgium 0.95 0.32 -1.27 Netherlands 0.79 0.17 -1.43 United Kingdom 07/18 1.25 101.06 0.83 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 866.00 -3.00 R/J CRB TR 175.19 -4.66 -25.52 Canada 1.51 0.89 -0.71 Norway 1.48 0.86 -0.74 01/21 1.50 100.47 1.40 0.00 0.00 0.00 0.00
Palladium 551.00 -7.00 Rogers RICIX TR 2026.30 - - Denmark 0.91 0.29 -1.31 Portugal 2.50 1.88 0.29 09/25 2.00 100.69 1.92 0.00 0.00 0.00 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.86 0.24 -1.36 Spain 1.80 1.18 -0.42 01/45 3.50 117.43 2.64 0.00 0.00 0.00 0.00
Iron Ore (Platts) 41.45 1.15 UBS Bberg CMCI TR 12.02 -4.43 -27.79 France 0.97 0.35 -1.24 Switzerland -0.02 -0.64 -2.24 United States 11/17 0.88 99.76 1.00 0.00 0.05 0.06 0.00
Iron Ore (The Steel Index) 40.50 0.30 LEBA EUA Carbon 8.02 -5.87 18.64 Germany 0.62 0.00 -1.60 United Kingdom 1.92 1.30 -0.30 11/20 1.63 99.63 1.70 -0.02 0.04 0.04 0.00
GlobalCOAL RB Index 48.75 0.30 LEBA CER Carbon 0.47 -26.56 -11.32 Greece 8.03 7.41 5.81 United States 2.22 1.60 0.00 11/25 2.25 100.28 2.22 -0.02 0.02 0.00 0.00
Baltic Dry Index 478.00 3.00 LEBA UK Power 725.00 2.11 -19.71 Ireland 1.13 0.51 -1.09 11/45 3.00 101.27 2.94 -0.03 0.02 -0.05 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
22 ★ FINANCIAL TIMES Tuesday 29 December 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 101.00 0.50 113.50 87.00 - 22.86 2.6 Rotork 186.50 3.40 267.20 162.60 2.69 16.25 428.7 ..5%Pf♦ 0.60 - 0.60 0.60 - - - Redefine 51.00 - 59.90 48.26 6.47 10.00 105.8 Lavendon 145.50 -1.25 211.50 130.00 3.16 15.34 253.0
AvonRub 1003 14.00 1180 687.39 0.62 18.37 24.8 HenderGp 305.00 -0.60 314.30 205.40 2.95 21.28 178.0 Severfd♦ 65.25 -0.25 75.00 57.00 0.77 142.16 1.7 AquarsPl 10.75 -0.25 15.75 5.53 - -2.57 98.5 SEGRO 431.70 1.90 466.70 369.00 3.50 4.04 61.1 MngCnslt 14.88 0.13 19.00 13.25 5.55 -72.56 1103.6
BAE Sys 497.30 -1.60 549.00 419.30 4.12 22.46 797.2 ICAP 510.50 2.00 573.00 420.60 4.31 25.35 77.5 SKF SKr 138.10 -2.80 231.70 134.80 3.91 14.75 708.1 Barrick C$ 10.85 0.21 16.54 7.89 1.26 -3.02 1249.3 Shaftbry 921.00 0.50 975.50 771.00 1.46 5.50 50.5 MearsGp 445.00 2.00 475.00 367.04 2.25 17.20 6.2
Chemring 179.50 0.50 242.00 131.00 2.28 -20.53 1.6 Indvardn SKr 145.30 -0.70 183.50 130.00 4.22 13.52 137.7 Spirax-S 3309 53.00 3767.56 2738 2.02 25.39 10.0 BHP Bltn 776.50 -1.60 1670.5 665.70 10.26 18.70 1688.5 Town Ctr♦ 325.00 5.00 336.25 260.71 3.21 7.20 0.2 MenziesJ 414.00 3.75 525.00 338.50 3.91 36.81 221.2
Cobham 281.00 1.60 349.10 250.50 3.79 -163.18 249.3 ICG♦ 612.00 5.50 712.83 485.70 4.19 9.59 53.4 Tex 106.50 - 130.00 86.30 5.63 7.57 4.5 BisichMg 77.50 - 94.75 60.15 5.16 5.96 0.3 Wkspace 971.00 - 988.00 748.40 1.24 4.51 8.3 MichaelPge 498.10 6.10 568.00 397.70 2.21 24.10 51.6
Meggitt 370.90 -1.20 593.50 337.60 3.71 15.43 175.7 IPF 291.20 -2.30 512.00 230.00 4.12 8.47 243.7 Trifast 119.00 -1.00 134.00 93.50 1.76 14.24 8.8 EVRAZ 75.85 2.20 209.90 58.00 - -1.47 485.1 Real Estate Inv & Services MITIE♦ 310.00 -0.30 341.00 265.70 3.77 15.51 39.5
RollsRoyceX 595.00 4.50 1061 504.50 3.88 -43.76 552.5 Investec 493.70 8.20 649.50 410.70 4.05 14.09 366.6 Vitec 597.25 5.25 670.85 588.00 4.02 23.64 0.1 Fresnillo 715.50 3.00 939.50 569.63 0.27 151.27 173.8 Cap&Count 448.80 4.70 475.10 361.10 0.33 6.60 151.1 PayPoint 945.00 8.00 1112.15 779.82 4.07 32.04 4.8
Senior 231.50 0.30 361.70 215.60 2.43 15.57 145.0 Jupiter 448.30 2.80 481.30 338.79 2.94 13.41 70.8 Weir 989.50 -28.50 2045 925.00 4.45 - 343.1 GemDmnd 119.50 -2.00 189.13 94.75 2.66 9.79 18.8 CLS 1827.5 -26.50 2037 195.00 - 3.89 1.8 PremFarn 100.25 2.00 204.60 87.75 10.37 8.44 321.4
UltraElc 1950 1.00 2044 1627 2.27 -171.07 7.9 Liontrust 283.00 11.50 393.50 260.82 2.83 20.99 27.4 Harmony R 16.19 -0.06 38.50 7.92 - -1.30 872.3 Daejan 6515 -80.00 6614.2 5323.5 1.26 6.70 0.3 Rentokil 159.80 1.00 162.50 115.60 1.62 22.38 278.8
Man 173.00 0.40 217.80 138.60 3.68 11.72 673.2
Industrial General Hochschild 49.50 1.25 134.25 44.50 - -3.45 271.3 Ricardo 872.50 2.50 967.50 620.99 1.78 24.81 2.0
Grainger♦ 238.00 -2.50 256.00 183.60 1.06 23.15 36.8
Automobiles & Parts NB GFRIF 91.60 - 99.75 91.40 4.06 23.45 76.3 BritPoly 680.00 8.00 755.00 620.00 2.35 10.93 1.9 Kenmr 0.33 -0.02 4.92 0.27 - -0.15 7294.8 HelclBar♦ 462.00 -2.50 475.50 365.00 1.57 4.91 17.8 RbrtWlts 366.50 -1.50 478.00 303.72 1.64 21.37 284.4
FordMtr $X 14.21 -0.11 16.74 10.44 - - 5223.5 Paragon 360.00 -2.40 461.50 343.80 2.50 11.08 51.5 Coats Group 24.75 - 30.90 20.00 - -369.40 14.0 Lonmin 77.00 7.75 18970 55.00 - 0.00 741.8 RPS 233.00 - 271.37 181.50 3.64 16.48 37.4
ExovaGroup 142.50 -2.50 199.12 134.50 1.40 20.42 168.7 HK Land $ 6.90 -0.06 8.80 6.40 2.61 13.41 822.9
GKN 305.20 -2.70 389.00 248.56 2.75 33.97 680.6 Providnt 3299 16.00 3654 2414 2.97 24.62 27.6 Petra 87.75 -0.75 205.10 52.77 - 15.02 979.5 Lon&Assc 25.00 - 42.52 24.00 0.62 -3.53 22.0 Shanks♦ 96.00 -1.50 113.50 88.00 3.59 -50.29 8.7
RathbnBr 2194 -16.00 2348 1983 2.37 28.26 0.7 JardnMt $X 47.68 0.20 67.88 45.00 2.88 11.71 62.1 Petropvlsk 6.68 0.06 18.89 4.21 - -0.97 1324.6 SIG 144.40 0.40 212.20 117.00 3.05 25.87 233.2
Banks Jard Str $X 26.98 -0.21 36.93 25.75 0.95 10.09 113.4 MacauPrp 157.13 -1.38 239.50 149.25 - -3.71 1.5
Record 27.00 - 41.00 26.26 6.11 9.73 36.1 PolymtIntl 575.00 12.00 634.00 424.20 2.36 -17.73 399.9 Mntview 11950 241.00 12900 9975 2.30 13.00 0.1 SpeedyHr♦ 38.88 -0.38 80.00 27.94 1.80 -14.14 51.8
ANZ A$X 27.25 0.37 37.25 25.01 9.04 11.12 2659.8 Macfrlne 57.25 3.25 58.96 35.60 2.88 13.89 147.4
S&U 2457.5 -37.50 2595 1955 2.69 14.62 3.1 RndgldRs 4235 -13.00 5752.1 3546 0.92 30.77 72.1 RavenRuss 40.38 -0.13 58.56 37.25 - -2.85 38.7 St Ives 223.25 4.75 225.00 156.68 3.20 64.10 21.5
BcoSant 346.00 4.75 563.00 320.84 10.59 9.03 71.3 REXAM 602.50 3.00 609.00 424.60 2.94 21.31 239.6
Schroder 2961 -7.00 3441 2538 2.63 18.17 13.4 RioTintoX 2006.5 -8.00 3280 1843 6.80 19.96 770.8 RavenR Prf♦ 129.50 - 146.00 116.80 9.27 - 5.5 TribalGrp 24.00 -0.50 188.00 19.16 7.50 -4.08 131.8
BnkGeorgia 1894 8.00 2345 1609 2.36 9.32 7.3 RPC♦ 849.50 10.00 849.50 490.00 1.82 43.54 176.7
..N/V 2222 -3.00 2629 1961 3.51 13.64 2.2 Troy Res A$ 0.20 - 0.77 0.20 - -0.43 1318.9 RavenR Wrt 24.50 -0.50 34.00 22.00 - - 7.1 Vp♦ 755.00 10.00 816.00 582.85 2.19 15.23 2.7
BankIre € 0.35 0.00 0.39 0.07 - 16.35 3355.8 Smith DS 392.70 -0.40 423.70 304.30 2.90 28.54 285.1
SVG Cap 495.40 -0.70 535.00 416.35 - 12.36 6.3 VedantaRs 284.00 2.40 695.06 258.00 14.66 -0.56 200.8 Safestre 356.50 5.80 370.00 232.00 2.09 7.33 38.7 Watermn♦ 92.00 - 95.00 53.15 1.52 20.91 8.5
BkNvaS C$X 57.95 0.47 67.72 52.60 4.77 10.11 984.1 Smiths 958.50 -1.50 1243 915.00 4.23 15.53 103.0
TullettPre 366.40 -2.60 415.90 275.50 4.60 7.83 28.5 Savills 870.50 4.00 991.46 638.50 1.26 20.35 24.5 Wolseley 3682 -14.00 4398 3414.95 2.32 29.84 75.7
BarclaysX 221.70 -0.60 289.90 209.05 2.93 0.74 5576.7
WlkrCrip 52.00 - 55.00 37.60 3.27 30.93 5.0 SmurfKap € 23.25 -0.02 30.31 17.98 2.59 18.23 21.4 Oil & Gas
CanImp C$X♦ 93.04 0.34 102.90 83.10 4.73 10.23 479.0 Vesuvius 346.20 3.70 530.00 316.60 4.66 9.74 49.0 Aminex 1.48 - 2.92 1.25 - -17.35 897.6 SchroderRE 60.50 - 63.00 56.10 4.10 7.41 225.5 Tech - Hardware
HSBCX 541.30 0.40 674.57 478.35 6.19 10.67 3984.3 Food & Beverages BGX 986.50 -1.60 1301.62 785.20 1.93 -19.05 1500.1 Smart(J) 103.50 - 114.80 87.50 2.86 16.06 30.6 ARM Hldgs 1038 -6.00 1332.5 811.50 0.74 46.01 205.8
LlydsBkgX 73.50 -0.15 89.35 68.57 2.04 43.83 18116.2 AngloEst 540.50 15.50 683.10 508.00 0.56 -42.20 0.2
Industrial Transportation BPX 365.95 5.55 499.25 252.55 7.36 -13.37 7161.9 StModwen 424.50 1.00 499.40 379.47 1.08 4.00 36.2 Laird 341.50 -1.50 413.30 299.20 3.66 16.62 426.1
RylBkC C$X 75.64 0.64 81.53 68.05 4.17 11.00 814.7 AscBrFdX♦ 3339 21.00 3606 2705.75 1.02 46.79 115.3 BBA Aviat 184.00 -1.60 259.11 165.20 4.03 15.27 237.9 Cadogan 8.13 - 13.25 8.00 - -0.49 150.0 U and I 239.00 6.50 293.00 214.75 2.47 11.29 19.5 Pace# 415.40 -2.70 520.80 316.34 1.05 11.89 32039.0
RBSX 304.80 0.50 414.00 281.40 - -13.67 1082.0 Barr(AG) 520.00 1.50 699.36 500.00 2.33 19.75 6.5 Braemar 442.63 2.63 513.86 390.00 5.87 21.08 1.2 CairnEng 158.40 5.00 210.00 133.60 - -2.59 359.1 UNITE Gp 653.00 3.50 706.00 459.30 1.72 5.27 26.1 SpirentCM 68.25 1.00 98.75 64.25 3.61 75.58 92.1
StandChX 589.00 5.40 1166 475.55 8.70 13.77 2785.5 Britvic♦ 718.50 -3.50 788.00 632.00 2.99 17.42 98.1 Clarkson 2337 -14.00 2855 1850 2.57 48.17 2.4 Cape 239.50 -2.25 275.75 177.00 5.85 13.18 2.9 Urban&C 284.50 5.25 291.00 243.25 0.53 9.27 0.7
..7.375%Pf 107.13 0.13 128.00 104.50 6.88 - 7.7 C&C € 3.77 0.06 4.08 3.16 3.03 -14.22 11.7 Eurotunnl € 11.13 0.03 14.57 10.57 1.56 56.97 257.0 EnQuest 21.50 2.25 61.00 17.69 - -1.88 807.1
Tech - Software & Services
Fisher J 1090 -11.00 1442 894.50 2.02 14.12 1.3
Retailers AVEVA 1601 -26.00 2350 1267 1.91 36.21 22.8
..8.25%Pf 120.00 - 141.00 116.50 6.88 - 26.2 CarrsGroup♦ 154.50 -2.50 178.50 136.00 2.25 11.94 8.4 ExxonMb $X 78.65 -0.68 93.86 66.55 - - 3815.3 AA 314.90 4.20 434.50 254.80 - -188.45 54.8
TntoDom C$X 55.03 0.16 56.48 47.75 3.72 12.75 1112.8 Coca-Cola H 1475 -12.00 1638 1051 3.43 23.43 30.1 Flybe Grp 91.25 1.25 111.00 52.00 - 30.42 19.6 GenelEgy 183.00 - 736.00 164.25 - -2.24 287.4 Computcnt 852.00 -3.00 857.50 651.67 2.32 9.27 7.5
Goldenpt 30.75 3.00 233.50 24.38 - -0.11 20.0 AO World 160.00 1.90 240.00 118.60 - -69.32 133.2 DRS Data 12.00 - 14.90 11.25 - -5.06 8.8
VirginMoney 385.00 -1.70 472.90 284.00 - -962.50 11.5 Cranswk♦ 1950 26.00 1950 1280 1.74 23.05 7.2 GeoPark $ 2.75 - 5.73 2.70 - - 2.0 AshleyL 27.00 -0.50 36.00 25.00 7.41 10.51 26.7
Westpc A$X 32.54 0.48 40.07 29.10 7.68 14.12 2454.8 Dairy Cr 680.00 17.00 687.00 437.90 3.19 49.16 113.7 OceanWil♦ 767.50 - 1028.9 722.00 5.21 70.56 3.0 GrnDnGas 225.00 - 412.25 220.00 - 18.28 5.0 Elecdata 65.00 -0.50 74.90 62.00 3.08 21.62 1.7
RoyalMail♦ 450.00 1.10 532.50 396.48 4.67 15.65 292.2 Brown N♦ 312.10 3.90 400.00 286.03 4.56 21.00 33.0 MicroFoc 1579 -8.00 1589 1016.51 1.97 38.84 51.3
Devro 275.00 -3.25 328.00 256.17 3.20 49.13 32.9 GulfKeyst 16.75 0.50 70.17 14.75 - -0.79 898.7 Caffyns♦ 540.00 - 665.00 480.00 3.75 1.57 0.2
Basic Resource (Ex Mining) UK Mail♦ 270.00 10.00 569.00 260.00 8.07 17.89 0.5 NCC Grp 303.50 -3.50 307.63 192.68 1.20 38.79 146.7
Glanbia € 16.85 -0.28 19.59 12.19 0.63 32.10 0.5 HellenPet € 3.89 0.06 5.65 3.35 - -16.92 93.1 Card Factor 361.40 -4.60 401.50 250.72 1.88 21.04 22.6
Ferrexpo 20.00 0.25 83.00 12.50 20.99 2.05 810.6 RM 165.00 -5.00 185.00 137.50 2.42 10.38 3.3
Grncore♦ 352.90 1.00 359.40 262.80 1.60 25.15 314.3 Insurance Hunting 319.25 6.75 677.00 271.10 6.19 -20.08 123.7 Dairy Fm $ 5.91 -0.01 9.77 5.76 3.69 18.07 141.9
Mondi 1359 24.00 1614.36 1006 2.19 17.62 376.3
HiltonFd 528.00 -2.00 550.00 375.00 2.52 21.06 1.8 ImpOil C$X 45.43 -0.04 55.37 39.30 1.07 22.42 370.7 Sage 596.00 -4.00 625.50 363.39 2.09 33.11 240.8
Vale BRLX 12.75 -0.47 27.89 11.25 18.45 -5.55 806.5 Admiral 1639 -7.00 1699 1286 2.82 15.62 40.2 Debenhm♦ 74.10 1.10 96.80 68.00 4.59 9.74 579.1 SDL 419.50 -4.50 472.00 315.00 0.60 39.84 1.2
Kerry € 73.74 -0.89 77.61 56.51 0.77 25.70 3.9 Amlin 662.00 -0.50 666.00 445.70 4.08 14.43 145.8 IE Hldgs 80.00 4.75 173.00 67.00 - -2.73 13.1 Dignity 2475 -49.00 2643 1729 0.81 -28.45 4.7 Telecity 1221 -7.00 1250 973.75 1.11 97.01 18.0
Chemicals Nestle SFrX 73.60 0.25 77.00 64.55 3.00 16.27 2736.1 AvivaX 519.00 - 578.68 428.40 3.49 13.58 883.0 JKX 27.25 - 39.40 10.23 - -0.72 0.7 DixonsCar 497.70 - 500.00 398.90 - 23.48 590.1
PremFds 39.50 2.00 47.79 29.50 - -1.55 743.2 Nostrum 395.50 -14.70 670.00 333.40 4.45 55.14 69.6 TriadGp 26.50 -1.00 43.00 9.25 - 9.26 7.8
Bayer €X 115.80 -0.30 146.45 106.80 1.94 25.70 449.6 Beazley 387.50 - 402.08 269.00 2.43 13.48 24.1 Dunelm 952.00 6.00 1023 800.00 2.15 20.14 11.6
Carclo 131.00 - 169.75 87.00 2.10 43.78 0.1 PureCircle 412.00 17.00 590.00 352.24 - 261.59 1.9 Chesnar 338.50 3.50 367.81 310.00 5.44 13.27 6.7 OphirEgy 97.10 4.00 171.20 78.00 - -2.24 845.0 Findel 204.50 -0.50 255.00 162.00 - -29.54 1.4 Telecommunications
Croda 3042 13.00 3150 2537 2.15 23.68 26.0 REA 264.00 6.50 352.00 244.00 2.92 55.31 0.6 DirectLine 410.70 1.70 418.90 299.96 3.51 12.87 252.7 PremOil 48.75 - 191.40 41.00 - -0.52 2571.6 Halfords♦ 335.60 3.00 563.51 317.80 4.35 10.07 74.1 BTX♦ 467.05 -5.85 502.60 385.60 2.44 17.60 1622.6
Elemntis 230.60 0.50 324.10 206.70 2.30 10.03 309.4 SABMillX 4075 30.00 4090 2773 1.82 33.76 342.4 Eccles prf♦ 134.25 - 146.00 124.50 6.42 - 31.7 RylDShlAX 1557 6.00 2216.5 1415.5 8.07 94.11 1055.2 Inchcape 775.00 5.50 906.65 673.50 2.59 20.86 67.6 Inmarsat 1130 12.00 1141 780.00 2.85 24.61 112.5
Syngent SFrX 391.50 -2.20 435.20 280.00 2.80 26.56 129.4 StckSpirit 140.50 1.50 235.00 97.75 1.26 21.03 20.1 Hansard 112.50 0.50 123.24 80.00 7.56 10.37 24.0 ..B 1571 6.50 2315 1423 8.00 94.96 1319.9 JDSportsF♦ 1012 -5.00 1081 439.86 0.70 23.31 6.1 KCOM Gp♦ 118.75 -3.25 124.50 78.50 4.52 47.56 385.9
Synthomer 325.00 -3.30 364.10 217.20 2.40 21.92 29.0 Tate&Lyl♦ 595.00 -3.50 682.50 492.20 4.71 61.75 85.5 Hiscox 1039 -6.00 1059 699.50 2.26 12.75 22.7 Schlmbrg $X♦ 70.06 -0.47 95.13 66.57 - - 2688.0 Lookers 177.80 -0.20 185.30 128.00 1.60 14.51 51.1 TalkTalk 217.40 -2.80 415.10 210.10 6.35 40.92 221.4
Victrex 1819 -13.00 2202.55 1606 2.48 18.38 28.2 TongtHu R 91.00 0.30 172.92 77.85 4.54 10.81 133.7 JardineL 949.50 26.00 1112 840.50 3.04 18.56 7.3 SEPLAT 73.38 0.88 169.00 66.00 13.31 7.42 100.0 Marks&Sp♦ 453.40 6.40 600.00 438.10 3.97 17.37 1129.6 TelePlus 1055 -15.00 1291 725.50 3.79 25.71 15.9
Unilever 2891 8.00 3087 2450 2.85 24.09 338.0 Lancashire 622.50 -5.00 772.90 539.50 1.43 8.75 31.6 Soco Int 150.00 8.75 314.50 117.00 6.49 -12.95 153.6 MossBros 101.50 1.25 112.00 83.50 5.17 22.82 1.2
Construction & Materials ..NV € 39.73 -0.25 42.98 31.41 2.80 24.38 4.2 TrnCan C$X 46.72 -0.20 59.50 40.58 4.45 19.44 1255.6 Next♦ 7180 -40.00 8175 6465 2.09 16.91 91.8 Tobacco
Leg&Gen 269.30 1.50 296.02 230.40 4.18 15.68 2887.9
Alumasc 177.50 - 221.83 117.00 2.99 11.99 22.2 Tullow 178.80 1.40 456.90 150.59 2.36 -1.65 2127.4 Ocado 340.80 2.20 478.50 309.50 - 298.69 400.2 BrAmTobX 3781 35.50 3931.5 3231.5 3.92 17.55 329.5
Health Care Equip & Services NovaeGp 850.00 -24.50 914.39 585.00 2.92 11.15 9.1
Boot(H) 226.00 2.00 245.00 121.00 2.48 13.83 2.5 Pendragn 45.38 -1.13 47.00 31.00 1.98 7.95 106.5 ImpTobX 3543.5 - 3665 2763.7 3.73 20.03 277.6
Bioquell 141.50 - 155.50 80.00 2.33 141.22 3.5 Old Mut 181.70 2.60 20590 154.60 4.79 12.62 1253.6 Pharmaceuticals & Biotech
ClarkeT 82.25 - 91.00 56.00 3.77 - 6.2 Photo-Me 148.25 -1.00 163.00 131.50 3.29 21.33 22.4
ConstMed 1133 5.00 1133 820.50 1.60 112.65 10.3 PermTSB € 4.60 0.05 6.30 0.05 - -5.79 30.9 BTG 675.50 1.00 835.87 504.00 - 56.75 86.8 Travel & Leisure
CRH 1946 - 2478.5 1454 2.28 36.41 84.2
PhoenixGrp 916.00 1.50 935.00 783.50 5.83 19.26 57.2 Saga 201.60 1.70 225.10 146.00 2.03 16.43 58.0
GalfrdT 1513 -7.00 1824 1195.63 3.97 13.64 44.3 GNStre kr 123.50 0.40 158.50 113.70 0.73 25.31 285.9 CathayIn 16.50 - 28.29 16.00 - -17.17 14.6 888 Hldg 185.00 0.25 187.75 131.00 2.75 24.63 155.4
UDGHlthC♦ 582.00 -0.50 588.00 378.00 1.31 46.40 41.3 PrudntlX 1540 -0.50 1761.5 1045.99 2.40 15.68 484.1 Dechra 1085 -8.00 1105 818.00 1.45 49.34 10.2 SuperGroup 1643 -7.00 1733.49 750.00 - 33.58 41.7 AirPrtnr 420.00 7.50 470.00 251.00 5.25 14.71 8.3
Keller 835.50 4.50 1105 780.50 3.02 26.38 12.5 TescoX 150.90 -2.00 252.52 141.00 0.77 -2.17 3130.8
RSA Ins 430.90 -1.20 528.00 390.50 0.46 66.37 224.1 Genus 1555 -10.00 1565 1210 1.18 23.96 9.5 bwin.party 127.70 -0.20 128.20 70.40 2.80 352.76 346.1
KierGp 1382 8.00 1779 1250 4.25 34.55 43.0 House, Leisure & Pers Goods SagicFin 59.00 - 68.00 53.00 4.48 4.72 1.0 GlaxoSmhX♦ 1376 6.00 1645 1227.5 5.81 6.81 1077.6 Cineworld 560.00 -6.00 599.00 397.39 2.41 18.76 77.4
Kingsp € 24.12 0.22 26.07 13.81 0.65 31.77 3.0
BarrttDev 616.00 - 673.50 411.60 1.93 13.82 255.8 StJmsPl 996.00 3.50 1031 764.00 2.34 29.64 75.0
Support Services
LowBonr 67.00 1.00 76.00 49.00 4.03 17.25 47.9 HikmaPhm 2251 7.00 2617 1849.38 0.62 29.14 40.3 Acal♦ 278.50 -3.25 334.75 225.98 2.73 26.16 3.5 CompassX 1160 -3.00 1223.36 963.00 2.37 22.22 297.5
Bellway♦ 2732 -48.00 2798.38 1686 2.23 11.84 58.5 Stan Life 395.20 2.80 505.68 365.70 4.62 29.18 418.5 Oxfd Bio 6.40 -0.10 13.38 5.18 - -16.37 183.0 EntInns 110.00 1.40 139.60 94.65 - -8.48 22.6
Marshlls 319.40 -2.60 379.80 228.51 1.88 26.04 32.3 Aggreko 957.00 10.50 1724.15 866.00 2.83 12.67 102.9
Berkeley♦ 3613 -65.00 3788 2264 4.98 11.99 96.1 RichterG $ 18.89 0.12 19.22 12.20 0.62 24.81 0.0 FirstGrp 108.00 1.10 129.90 88.65 - 19.51 210.2
MorgSdl 747.50 0.50 865.00 604.00 3.61 -21.87 1.8
BovisHme 989.50 -4.00 1206 750.00 3.54 12.14 76.8
Media APR Engy 170.75 -0.25 407.44 49.98 2.00 -0.29 6.1
Norcros♦ 192.50 0.50 227.60 150.00 2.91 13.56 23.6 4imprint 1265 -9.00 1351.85 780.00 1.62 29.01 2.3 ShireX 4609 39.00 5870 4082 0.32 13.60 236.3 AshtdGp 1112 -10.00 1231 838.00 1.37 15.71 326.0 Fuller A♦ 1178 41.00 1250 905.50 1.33 23.36 1.1
Cairn Homes € 1.22 0.03 1.22 1.00 - - 167.2 VecturGp 178.60 3.20 187.50 127.00 - 110.52 36.6 Go-Ahead 2634 3.00 2758 2269 3.25 22.04 3.6
StGobn €X 39.52 -0.35 44.84 32.36 1.51 27.55 450.7 Creston♦ 123.00 - 163.00 108.00 3.41 15.98 46.2 AtknsWS♦ 1616 -2.00 1669 1225 2.26 16.60 27.0
CrestNic 545.50 -2.50 598.50 342.00 2.62 12.21 60.5 GreeneKg♦ 926.00 -4.00 985.00 730.00 3.10 22.80 53.9
Tyman 295.00 2.00 342.00 230.00 2.71 42.78 0.9 DlyMailA♦ 696.00 -2.50 989.50 647.50 2.97 15.33 76.8 Real Estate Babcock♦ 1023 3.00 1152.76 868.50 2.31 19.09 67.2
GamesWk 591.50 1.50 620.00 487.25 8.79 15.45 1.0 IrishCtl € 5.30 - 5.50 3.11 1.91 15.06 0.5
HaynesPb 106.50 - 157.00 103.00 7.04 -2.00 5.0 Berendsen 1078 -2.00 1161 946.50 2.78 21.17 10.3
Electronic & Electrical Equip Gleeson 528.00 -7.00 551.62 345.02 1.44 22.97 11.4 Harworth Gr 12.38 -0.13 14.37 7.26 - 2.99 128.8
Brammer 177.50 8.00 420.50 138.50 6.03 24.77 888.3 Ladbrokes 119.80 - 147.00 92.85 7.43 -45.87 708.2
Headlam♦ 500.00 -5.00 550.00 408.00 3.50 16.62 2.0 ITE Grp 153.00 -3.50 204.75 125.00 4.84 14.65 142.2
Dialight 465.00 -12.00 850.00 398.00 3.23 24.88 152.7
ITV 275.00 - 281.90 205.50 1.71 21.01 762.5
REITs Bunzl♦ 1870 8.00 1969 1665 1.90 27.40 54.7 MandarO $ 1.54 0.09 1.78 1.42 4.24 20.51 197.1
e2v Tech 224.25 3.25 268.00 167.50 2.27 20.39 1.4 McBride 159.75 2.00 176.00 74.00 - -416.02 116.0 Assura♦ 55.50 0.40 64.00 49.63 3.51 10.05 115.5 Marstons♦ 166.70 0.10 177.00 137.60 4.02 -35.30 130.4
McCarthy&S 254.00 4.00 255.00 180.00 - 21.29 132.0 JohnstnP 52.00 -1.00 174.00 35.00 - -108.56 0.3 Capita 1223 11.00 1336 1032 2.39 33.15 84.9
Halma 869.50 -4.50 876.50 658.00 1.38 30.85 67.0 BigYellw♦ 821.50 -6.00 838.50 578.50 2.64 9.77 36.5 Carillion 317.00 -0.50 371.40 293.20 5.60 25.34 172.2 Natl Exp 327.00 -1.20 333.96 216.30 3.15 20.26 22.8
Persimn 1973 -12.00 2156 1423.36 - 13.70 91.1 News Corp A $ 13.36 -0.27 17.55 12.16 - - 552.7
MorganAd 254.80 0.80 375.84 224.85 4.28 44.08 49.4 BritLand 793.50 4.00 891.50 755.00 3.51 5.78 297.5 Comnsis 42.75 1.75 63.00 36.25 4.68 -5.87 103.2 PPHE Htl 664.00 -6.00 688.00 440.00 2.67 10.12 35.0
Philips € 23.61 -0.18 28.00 20.48 - 36.94 1144.3 NewsCpB $ 13.92 -0.31 17.11 12.24 - - 199.5
OxfordIn 713.00 20.50 1114 502.62 1.82 -83.24 16.7 Cap&Reg 67.50 2.25 71.50 50.95 1.41 4.11 122.4 ConnectGp 165.25 1.25 175.00 128.02 5.75 18.33 14.5 Restaurt 680.00 0.50 748.70 631.50 2.26 24.29 50.3
PZCusns 283.40 -1.60 376.90 264.70 2.77 22.79 26.7 Pearson 768.00 0.50 1517.42 695.00 6.64 32.90 320.8
Renishaw 1920 -7.00 2672.9 1800 2.21 11.46 16.5 Countrywd 406.80 2.10 608.00 375.00 3.69 20.26 27.0 DCC 5620 -15.00 6060 3357 1.50 36.61 14.6 Sportech 59.50 1.50 72.00 52.56 - -1.42 5.4
ReckittBX 6226 21.00 6450 5060 2.23 26.45 148.3 Quarto 222.50 -1.50 239.00 147.00 3.72 8.65 5.7
Spectris 1815 - 2420 1608 2.56 16.81 26.6 DrwntLdn 3718 42.00 3891 2969 1.07 5.15 21.7 DeLaRue♦ 450.00 11.25 606.00 414.75 5.56 11.60 40.1 Stagech 296.20 -2.80 437.90 291.00 3.54 12.86 101.4
Redrow 462.20 -4.20 504.50 254.50 0.87 10.41 103.4 RELX NV € 15.41 0.13 16.75 12.42 2.49 26.07 623.8
TT Elect 159.88 1.13 164.00 96.00 3.44 -81.86 3.1 Gt Portld♦ 836.00 1.00 892.50 728.00 1.08 4.54 36.4 Diploma♦ 754.00 -6.00 916.50 600.29 2.31 23.22 5.7 ThomasCook 120.70 0.40 162.20 97.65 - -31.16 650.4
TaylorWm 197.20 -2.10 207.40 121.85 0.79 15.52 1080.5 RELX PLCX 1180 -2.00 1232 988.50 2.20 27.10 240.8
XP Power♦ 1447.5 12.50 1750 1375 4.28 14.38 1.9 Green Reit € 1.55 - 1.70 1.21 - - 2.7 Elctrcmp♦ 235.80 3.50 263.10 167.55 4.98 24.81 65.6 TUI 1230 -4.00 1294.78 996.74 - 21.96 82.4
TedBaker 2996 -111.00 3650 2169 1.35 35.44 17.3 STV Grp 501.00 1.00 505.00 338.00 1.60 15.30 15.8
Hammersn 605.00 3.00 708.00 569.50 3.37 6.99 116.9 EnergyAst 485.00 -10.00 640.00 392.25 - 16.58 0.6 Whitbrd 4440 34.00 5475 4278 1.85 21.51 91.8
Financial General ThmReut C$X 52.81 -0.02 55.92 45.29 3.45 15.35 221.5
Hansteen 116.00 1.30 128.95 106.50 4.31 5.72 191.4
Industrial Engineering UTV Med 176.00 4.00 204.00 137.00 4.12 31.47 1.6 Essentra 836.50 2.00 1069 714.00 2.19 29.94 48.7 Willim H 390.90 -0.40 432.10 312.10 3.12 19.52 244.5
3i♦■ 479.80 4.50 571.50 421.70 1.69 7.66 236.5 HIBERNIA 1.40 0.01 1.45 1.06 - - 114.6
AberAsM 290.00 -2.30 509.64 280.30 6.47 13.31 1157.1 Bodycote 574.50 8.00 797.59 489.90 2.51 18.39 28.9 WPPX 1538 -10.00 1616 1273 2.48 15.90 272.6 Experian 1204 6.00 1264 1017 2.18 26.56 229.5 Utilities
Castings♦ 474.75 -9.25 488.00 360.00 2.80 13.91 1.7 Highcrft 987.50 - 1090 820.00 3.65 18.09 0.1 Grafton 747.00 -0.50 868.00 615.00 1.44 19.36 47.5
BrewDlph 309.80 -2.90 361.00 247.70 3.20 47.08 44.5 Mining INTU 322.30 2.10 376.50 301.50 4.25 16.85 166.8 Centrica 218.20 1.40 300.70 200.87 6.19 -21.95 3098.5
Canaccord 230.00 - 460.00 201.50 4.28 -8.57 0.5 Fenner 148.00 3.50 237.00 124.50 8.11 -27.33 75.8 HarvyNah 86.88 -0.25 107.00 69.50 4.10 12.60 3.4 DeeVally♦ 1455 2.50 1484 1135 4.30 18.97 0.9
Goodwin 1855 55.00 3040 1629 2.28 13.72 0.5 Acacia 183.50 4.80 318.90 154.00 1.50 51.21 196.4 LandSecs♦ 1186 4.00 1363 1138 2.71 4.49 162.8 Hays 148.30 1.90 173.70 134.20 1.80 20.29 400.5
CtyLonInv 334.50 -1.25 380.37 310.00 7.17 12.85 5.9 LondonMtrc 163.10 1.80 173.20 149.20 4.29 6.61 152.0 Drax 252.30 1.50 463.10 205.60 4.72 5.91 278.9
Hill&Sm♦ 756.00 1.00 776.50 565.00 2.38 29.35 67.7 AngloAmer 328.05 4.70 1277.59 261.50 16.63 -0.95 2278.2 Homesve♦ 419.70 1.70 447.84 320.70 2.95 23.98 15.5
CloseBrs 1350 -3.00 1857.39 1303 3.74 11.59 18.2 McKaySec♦ 266.00 -4.00 279.75 223.28 3.27 4.64 1.2 Natl GridX♦ 935.00 1.60 954.00 806.40 4.59 16.30 987.6
IMI 881.50 2.00 1454.55 831.00 4.27 13.62 74.8 AngloPacif♦ 58.50 0.25 106.43 49.00 14.44 -2.34 65.3 HowdenJny 518.00 0.50 538.50 386.50 1.62 22.05 156.2
DBAG € 28.97 -0.42 34.50 24.65 1.33 11.31 5.9 MucklGp♦ 505.13 -9.88 530.00 440.00 4.06 5.67 0.6 Pennon 863.00 3.00 925.00 711.90 3.64 29.83 72.1
MelroseInd 294.30 -0.30 314.78 242.70 2.83 46.05 250.6 AnGoldA R 110.32 -1.77 149.99 71.59 - -24.13 377.1 Intserve 517.00 - 878.50 487.20 4.45 14.05 42.5
Hargr Lans 1482 1.00 1533 912.50 1.53 44.81 47.9 PrimyHth 108.00 0.25 113.50 90.25 4.57 12.11 126.3 UtdUtils♦ 936.50 -0.50 1045 816.50 4.03 22.82 138.5
Renold 58.00 2.00 86.00 50.75 - 22.70 2.4 Antofagasta 462.60 -0.50 811.50 408.90 2.95 30.05 425.9 Intertek 2790 12.00 2949 2196 1.76 23.69 22.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap♦ 397.63 -13.63 489.75 335.00 6.29 15.52 4.4 Symphny 6.13 - 11.22 5.60 - -17.16 253.7 EuropaOil 3.00 - 9.72 2.63 - -3.49 10.6 Palace Cap♦ 355.00 - 405.00 328.75 3.66 6.11 0.6 Tech - Hardware
Cohort 395.00 - 432.04 230.00 1.27 29.08 7.9 Share 28.00 - 40.75 25.00 2.21 297.87 2.0 FalkldO&G 7.90 0.30 45.00 6.25 - -17.02 164.2 PnthrSec 367.50 - 402.00 300.00 3.27 16.23 0.1 AminoTech 109.50 - 171.00 103.00 4.57 9.75 71.1
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 0.2
Insurance GETECH 29.00 - 65.00 21.75 7.66 5.27 2.3 PSPI 42.75 1.25 43.00 23.50 - -8.92 9.2 IQE 17.75 -0.25 27.00 15.78 - 73.65 796.8
Banks STM Group 60.00 1.50 73.00 20.50 - 32.29 12.5 Gable 14.00 - 60.00 12.00 - -2.03 30.3 Infrastrata 1.45 -0.13 5.65 1.10 - -0.29 925.6 SiriusRE €♦ 0.50 0.00 0.54 0.39 3.25 7.84 129.1
BCB Hldgs 8.50 - 11.60 3.25 - -0.78 13.0 WH Ireland 90.00 0.50 130.00 79.00 2.22 34.63 27.9 Helios 201.00 6.00 210.00 120.00 0.75 26.10 10.0 Iofina 13.38 - 43.50 8.50 - -4.61 3.0 SumGermny € 0.98 0.01 0.99 0.69 3.07 16.88 333.2 Tech - Software & Services
STB 3285 5.00 3425 2701 2.07 23.87 0.3 Media Ithaca Engy 28.00 1.25 76.25 26.25 - 19.68 1564.5 TaliesinPr 2250 - 2545 1973.6 - 8.15 0.2 Blinkx 17.63 1.88 40.50 14.75 - -1.21 580.0
Food & Beverages KBC Adv 136.50 - 144.50 77.00 0.73 34.61 12.7 BondInt 98.50 - 148.25 83.48 2.23 18.34 6.5
Basic Resource (Ex Mining) FinsbryFd 113.00 - 118.50 56.00 1.40 20.21 22.2 Avesco 223.50 - 252.00 106.55 2.68 15.57 31.5 Retailers Brady 51.00 1.50 110.13 33.60 3.63 -40.06 208.0
Cello Gp 87.50 - 106.70 79.00 2.97 81.70 4.8 PetrelRes 3.25 - 4.98 2.00 - -1.59 4.0
CropperJ♦ 620.00 - 718.00 390.00 1.37 28.55 0.2 Nichols 1425 10.00 1496.81 872.00 1.57 24.68 1.5 ASOS 3264 52.00 4259 2146 - 73.52 84.5 Datatec 225.00 - 370.00 210.00 2.31 10.58 0.1
M&Csaatc 330.25 7.00 395.00 280.25 1.90 -45.21 1.6 Petroceltic 24.00 -5.75 140.00 24.00 - -0.32 293.4
RealGdFd 53.50 - 59.40 31.00 - 38.74 2.5 Koovs 26.75 - 158.00 26.50 - -0.90 156.8 DDD 1.75 -0.13 4.50 1.25 - -1.81 240.0
Chemicals MissionMk 43.50 0.50 50.00 39.00 2.30 9.65 11.6 PetroNeft 2.18 - 5.00 1.86 - -3.20 150.0
Wynnstay 562.50 -12.50 610.00 474.52 1.81 15.85 6.3 Plexus 167.63 -1.63 245.00 148.00 0.67 27.20 4.9 Majestic 300.00 -0.50 480.00 273.25 1.40 22.97 61.4 Eckoh 50.00 - 56.00 35.89 0.74 73.31 172.5
Scapa 213.00 2.00 225.25 124.08 0.70 42.98 43.6 Next15Cm 241.50 -0.50 278.25 147.00 1.14 156.21 11.5
Rockhop 26.25 0.25 83.00 24.00 - -5.13 310.7 StanlGib 86.50 - 312.00 84.00 5.78 -38.75 48.9 EgSoltns 54.50 - 79.00 53.10 - -37.82 1.5
Health Care Equip & Services YouGov 145.50 - 156.00 101.50 0.55 47.18 9.6
Construction & Materials Sound Oil 14.50 - 26.73 8.75 - -9.20 232.2 Support Services Iomart 265.00 5.00 310.00 159.93 0.94 31.01 109.4
Advnc Med 180.00 - 187.29 120.00 0.39 28.10 56.0
Abbey 1172.5 - 1215 833.35 0.73 7.11 0.6
AVO 6.63 0.13 16.90 3.75 - -8.39 394.0
Mining TowerRes 0.10 - 0.75 0.08 - -0.43 144.5 AndSyks 322.50 - 355.00 270.00 7.38 13.86 0.2
K3BusTc♦ 364.50 0.50 377.00 205.00 0.34 34.12 15.5
AccsysTch 66.13 3.13 81.50 56.00 - -42.31 49.9 Amara 7.53 -0.08 20.00 6.80 - -4.44 316.5 TrinityE 4.38 0.13 28.00 2.92 - -0.05 125.0 OMG♦ 44.50 -1.00 51.56 32.30 1.12 42.38 10.0
CareTech 236.00 1.00 262.15 190.00 3.39 11.13 18.5 Augean 53.50 - 62.00 37.65 0.93 10.79 1.1
Aukett 6.63 - 8.50 5.50 3.17 8.69 0.3 AMC 7.75 -0.01 44.58 5.50 - 7.72 718.1 UnJackOil 0.14 - 0.30 0.12 - -5.38 5839.0 Progility 1.43 - 8.00 1.25 - 5.84 39.5
CircleHldgs 35.50 - 68.75 32.00 - -10.33 1.4 Begbies 45.00 1.75 51.08 38.50 4.89 -35.71 50.9
BotswanaD 0.88 - 2.50 0.63 - -5.34 520.8 VictorOil 38.75 - 89.05 34.49 - -1.22 16.9 Pub Tech 129.00 - 208.00 114.00 - -3.97 56.0
Electronic & Electrical Equip ImmunDiag 242.50 - 340.00 216.40 1.24 55.68 1.5 Christie 126.50 - 162.00 118.00 1.78 11.04 0.5
SciSys 72.00 - 95.51 38.50 2.24 -62.88 26.3
SphereMed 10.50 - 23.50 8.30 - -1.34 21.6 CentAsiaM 150.25 2.25 198.00 135.16 8.25 15.45 0.9 VolgaGas 33.00 -0.50 76.85 31.00 9.63 8.02 5.0 Empres 99.50 -0.50 106.90 38.13 0.70 12.00 7.4
CeresPow 7.00 0.23
10.08 5.90 - -5.25 11.1 WANdisco 86.00 8.00 545.00 75.07 - -0.94 11.0
Tristel 146.50 1.50 152.00 67.10 1.26 27.99 63.7 Connema 1.30 - 2.80 0.25 - -3.69 115.0 Hargreaves 258.75 -4.75 650.00 255.00 10.32 4.03 15.0
ElektronT 5.88 - 8.70 4.00 - 8.87 65.0
C'royG&NR 32.50 - 31.00 0.28 - -5.82 1.1
Pharmaceuticals & Biotech
FlowGp 15.25 - 49.00 9.75 - -3.17 119.5 House, Leisure & Pers Goods Abcam 645.00 4.00 649.50 420.00 1.23 34.73 57.2 Impellam 800.00 - 859.60 500.00 0.78 13.07 6.5 Telecommunications
GrekaDrill 5.25 - 13.90 5.02 - -5.05 10.8 ISG 142.50 - 355.00 119.50 3.45 -4.29 28.5
LPA 89.50 -0.50 99.00 58.00 1.73 79.06 5.0 AllcePharm♦ 43.75 - 63.00 33.25 2.29 14.02 152.9 AltNetwks 494.13 6.63 545.00 405.00 2.93 26.67 7.2
Airea 17.50 -0.25 23.00 12.25 3.43 13.52 14.0 Herencia 0.06 - 0.30 0.05 - -0.68 617.3 JhnsnSrv 88.75 0.50 95.41 60.88 1.92 60.54 109.6
ThorpeFW 236.00 -0.50 250.70 130.00 1.40 23.34 1.3 Epistem 120.00 - 339.00 110.00 - -3.99 0.9 Peoples Op 89.00 -1.00 147.60 85.00 - -39.29 1.7
Churchll 700.00 -2.50 713.50 502.00 2.30 21.72 2.1 HighldGld 57.00 -0.13 59.75 26.00 7.97 -9.42 29.7 JourneyGp 178.50 4.00 187.50 120.00 1.67 14.17 5.3
Zytronic 431.50 -1.00 440.00 252.00 2.39 17.74 32.4 e-Thera 27.25 -0.25 49.40 20.25 - -8.81 23.9
gamingrealm 24.50 0.50 36.89 20.00 - -5.24 4.4 KarelianDd 0.93 0.05 1.85 0.80 - -30.83 1383.3 LonSec 2100 - 2400 1800 2.95 21.95 0.2 Travel & Leisure
GW Phrms 399.50 24.25 708.55 310.00 - -22.09 66.2
Financial General Mulberry 927.75 -7.00 969.00 771.00 - -638.07 0.2 OracleC 2.23 - 3.20 0.47 - -14.26 100.0 Matchtech 496.00 -9.00 587.80 483.85 4.09 16.77 2.3 32Red PLC 116.00 -0.75 123.00 35.25 2.07 42.00 39.5
Portmern 942.50 2.50 980.00 860.20 2.81 15.42 1.5 ShantaGold 4.63 - 11.45 4.00 - -9.54 52.7 HtchChMd 2762.5 40.00 2896.6 1140.15 - 159.87 2.2
Ambrian 4.88 - 12.05 4.50 - -1.27 346.3 NewmkSec 2.83 0.03 4.93 1.92 2.65 6.62 76.9 CastleStIn 32.50 -1.00 41.25 17.00 - 5.80 108.9
TelfordHms♦ 382.50 -2.00 495.00 337.00 2.90 7.97 39.4 SierraRut 18.75 - 32.00 16.06 - -16.15 126.0 ImmuPhar 29.88 - 65.00 19.10 - -10.05 56.8
Arbuthnot 1530 - 1650 1281 1.76 21.01 1.2 NWF 190.00 1.50 206.75 123.00 2.68 14.92 8.7 Celtic 73.50 - 79.00 70.75 - -17.28 0.4
WalkerGb 202.50 - 244.85 178.00 1.14 22.52 2.0 Sirius Min 15.25 1.25 29.50 6.40 - -45.12 4488.9 ReNeuron 3.00 0.13 6.50 2.26 - -6.24 708.5
Aurora 11.25 - 11.77 8.00 - -0.81 2.2 Paysafe 356.50 2.75 378.00 326.17 - 54.53 242.2 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.0
Stratex 1.40 0.03 2.50 1.00 - -2.90 443.4 Sareum 0.19 - 0.65 0.18 - -2.92 420.3
BP Marsh 152.50 - 159.00 127.00 1.80 6.77 8.7 Industrial Engineering PennaCns 281.50 - 292.00 28.30 1.24 16.36 0.1 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
ZincOx 1.73 0.08 18.00 0.53 - -0.14 8956.2 SinclairIS 39.00 - 61.33 31.50 - -14.95 29.7
BrooksMac 1950.5 -22.50 1985 1320 1.49 28.63 0.3 Petards 12.25 - 14.65 10.00 - 9.74 8.8 Dalata 385.00 -10.00 400.00 111.15 - 207.55 2.6
600 Grp 13.88 - 20.00 11.35 - 10.00 0.3 Vernalis 69.88 1.88 88.29 44.45 - -105.08 7.4
Camellia 9056 -45.50 9992 8401 1.39 307.29 0.7 Oil & Gas RedhallGp 6.63 - 15.50 5.00 - -1.06 25.4 Dart 570.00 -2.00 576.00 267.50 0.53 9.01 20.7
Molins 77.00 0.50
96.80 66.10 7.14 -18.78 8.3
Fairpoint 132.00 0.50 195.00 105.66 4.85 18.99 42.3
MS Intl♦ 205.00 - 227.50 116.00 3.90 25.01 1.6 AmeriRes 22.75 1.00 47.00 19.50 - -35.16 859.9
Real Estate Renew 389.25 12.50 401.25 237.00 1.48 18.48 29.8 GoalsSocc 164.50 -0.50 242.00 127.00 1.22 11.53 4.3
Leeds 36.00 - 43.79 30.00 - 9.43 3.2 Conygar 172.00 - 195.00 163.50 1.02 22.29 2.0 Restore 298.00 - 316.00 232.00 0.81 54.41 13.4 MinoanGp 7.00 - 13.50 6.00 - -11.09 10.0
Pres Tech 192.50 -1.50 395.00 140.00 4.36 11.67 8.2 AndesEnrg 19.50 -0.13 38.75 16.50 - -14.37 0.2
MattioliWds 642.50 - 650.00 435.50 1.45 32.79 1.6 FltchKng 50.50 1.00 64.00 41.11 4.46 4.33 0.5 SafeCharge 248.00 2.00 297.00 235.01 2.15 27.02 0.3 PeelHtls 102.00 -1.00 110.00 78.00 1.47 20.11 3.5
TP Group 2.75 - 6.75 2.25 - -2.61 5.0 BahamasP 1.98 0.06 3.10 0.92 - -8.44 2892.6
Miton 27.00 0.25 31.00 18.50 2.22 9.38 171.0 InlandHms♦ 83.00 -1.25 88.00 54.00 0.72 6.03 935.1 Servoca 27.50 0.25 34.75 17.00 - 20.46 1.0
Numis♦ 246.00 -2.25 278.00 196.09 4.47 13.43 6.7 Industrial General
BorSthnPet 1.43 -0.12 7.18 1.25 - -2.89 232.6 Utilities
ClontarfEn 0.23 0.01 1.00 0.13 - -4.69 288.4 Lok'nStor 322.50 -3.00 374.00 235.00 2.27 42.21 7.8 Utilityws 192.00 1.75 288.25 115.00 2.34 13.19 85.2
Park Grp 76.25 1.25 97.97 52.00 3.15 15.17 196.4 ModernWtr 7.38 - 20.50 7.00 - -0.34 11.0
Powerflte 89.00 - 100.98 49.00 1.19 28.65 13.0 Egdon Res 9.63 - 17.00 6.24 - -4.76 2.9 LXB Retail 94.50 - 149.00 77.00 - - 67.1
SeaEnergy 3.50 - 30.40 3.04 - -0.37 7.8
RM2 38.75 - 73.00 36.50 - -3.90 32.6 NewRiver♦ 343.00 -5.50 362.00 283.25 3.79 9.11 83.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 726.00 -2.00 737.00 633.15 3.29 715.3 1.5 JPMGIConv♦ 90.75 0.50 106.00 89.50 6.20 95.1 -4.6 ScotAmer 260.00 1.00 276.50 230.44 4.06 246.2 5.6 VCTs 52 Week Dis(-) Marwyn Val 213.50 - 251.93 199.07 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 462.38 1.88 502.44 389.26 0.32 495.3 -6.6 JPM GEI♦ 87.63 -0.38 124.67 79.00 5.59 90.3 -3.0 Scottish In 593.50 -5.50 670.00 552.50 2.06 674.0 -11.9 Price +/-Chg High Low Yld NAV or Pm TerraCat 106.00 - 110.89 90.00 - - -
3i Infra♦ 172.30 -0.10 189.56 163.40 4.51 - - EP Global 227.50 1.00 262.10 212.05 1.45 237.3 -4.1 JPM I&C Uni 348.50 - 370.00 342.00 - 363.7 -4.2 ScottMort 277.20 -1.10 283.40 226.20 1.06 266.9 3.9 AlbionDev 69.00 - 70.89 66.00 7.25 73.7 -6.4
AbnAsianIn 156.50 1.50 207.75 142.50 5.24 168.2 -7.0 Estabmt 168.50 1.00 187.00 138.00 2.91 204.7 -17.7 JPM Inc&Gr 105.38 - 115.85 102.00 4.27 109.7 -3.9 ScottOrtll♦ 743.75 1.75 898.50 660.00 1.55 836.3 -11.1 Albion Ent 91.50 - 91.90 85.50 5.46 101.1 -9.5 ISDX
AbnAsian 737.75 7.75 953.50 653.77 1.36 837.7 -11.9 Euro Ast 1117.5 5.00 1160 966.10 4.72 1098.4 1.7 JPM Ind 503.50 - 605.50 443.00 - 567.2 -11.2 SecTstScot 128.50 0.50 148.00 120.50 4.05 138.1 -7.0 AlbionTech 74.00 - 78.49 72.50 6.76 75.3 -1.7
EuroInvT 717.50 -2.50 849.00 667.00 1.95 777.7 -7.7 JPM JpSm 272.00 2.00 275.00 203.32 - 291.4 -6.7 Seneca I&G 144.13 0.88 150.00 134.00 3.98 146.1 -1.3 52 Week Vol
AbnJapInv 471.50 -0.25 571.00 430.00 0.55 522.9 -9.8 AlbionVCT♦ 66.50 - 67.90 63.00 7.52 70.0 -5.0
F&C Cp&I♦ 260.50 2.50 277.00 249.00 3.84 258.3 0.9 JPM Jap♦ 294.75 2.00 307.95 227.76 0.95 316.9 -7.0 Shires Inc 214.50 1.00 261.00 205.00 5.71 234.5 -8.5 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn♦ 45.50 0.50 73.00 43.10 9.34 50.8 -10.4 ArtemisVCT♦■ 60.00 - 74.00 58.11 6.67 66.4 -9.6
F&CGblSmlr 987.50 7.50 1028.92 875.00 0.98 974.8 1.3 JPM Mid 1088 -5.00 1094.63 777.00 1.88 1072.9 1.4 StdLf Eqt 460.00 1.00 471.46 396.50 3.13 456.1 0.9 ArsenalFC 1567000 - 1600000 1430000 - 48.64 0.0
..Sub 0.05 -0.10 0.61 0.10 - - - ..VCT 2 96.50 - 99.00 91.00 6.74 100.2 -3.7
F&CMgdG 152.00 - 158.00 138.00 - 151.2 0.5 JPM O'seas 1045 10.00 1159 930.00 1.44 1126.4 -7.2 StdLf Sml 375.00 1.00 384.75 271.10 1.23 375.8 -0.2 ShephdNm 1185 -10.00 1232 1000.00 2.20 24.30 3.0
AbnNewDn 150.50 1.00 205.23 136.00 2.52 171.8 -12.4 ..VCT 3 101.00 - 103.49 94.00 7.43 104.6 -3.4
F&CMgdI♦ 118.50 - 130.00 112.10 4.18 116.3 1.9 JPMRussian 315.00 7.00 391.00 259.50 4.13 365.7 -13.9 StrategicEq 221.00 1.00 241.50 175.75 0.35 210.8 4.8 Thwaites 117.50 - 131.00 102.00 3.80 7.08 5.0
AbnNewThai 353.00 2.00 489.88 324.00 2.32 419.8 -15.9 ..VCT 4 94.00 - 95.19 88.25 3.19 97.0 -3.1
AbnSmlCo 214.50 - 229.00 177.00 3.03 248.6 -13.7 FidAsian 242.88 3.13 285.50 195.50 0.45 272.2 -10.8 JPMSnrSec♦ 83.00 - 101.05 82.50 7.41 87.6 -5.3 Temp Bar♦ 1054 -1.00 1235.01 1002 4.44 1121.4 -6.0 ..VCT 5 81.00 - 82.49 72.00 4.94 86.1 -5.9
Abn UK 302.50 2.50 334.75 281.83 3.37 317.0 -4.6 FidChiSpS 142.10 0.40 179.78 105.06 0.91 167.0 -14.9 JPM Smlr 909.00 10.00 929.20 599.58 1.06 1034.6 -12.1 TempEmerg 408.90 -0.60 607.78 370.00 2.02 465.0 -12.1 BSC VCT♦ 86.00 - 91.00 82.00 6.40 97.1 -11.4
Abf Gd Inc 206.00 2.00 212.00 162.25 3.57 221.5 -7.0 Fid Euro 173.40 - 187.50 155.91 1.79 180.9 -4.1 JPM US Sml 183.38 - 193.75 155.25 - 184.0 -0.3 TRIG 101.20 0.30 109.00 93.80 6.01 - - ..VCT2 56.00 - 59.00 51.98 8.04 60.7 -7.7 Guide to FT Share Service
Abf Sml 1185 - 1235 1015 2.09 1262.2 -6.1 Fid Jap 86.50 1.50 88.25 70.75 - 96.4 -10.3 JupUSSmCo 584.50 5.50 704.03 569.00 - 697.0 -16.1 ThreadUKSel 166.50 - 180.00 156.00 2.61 189.4 -12.1 Crown Place 29.00 - 30.50 27.75 8.62 30.5 -4.9
AcenciADbt $ 1.45 0.03 1.80 1.41 4.15 1.6 -9.4 Fid Spec 201.00 -0.25 217.00 164.80 2.14 - - KeystoneInv♦■ 1810 10.00 1900 1720.95 2.79 1899.8 -4.7 TREurGth 649.25 7.25 661.00 509.00 1.00 693.6 -6.4 FrsightSol 104.50 - 106.00 95.00 5.74 109.7 -4.7
AdvDvpMk 400.50 5.50 483.00 350.00 - 450.9 -11.2 FinsG&I 586.00 -1.00 609.36 522.00 2.00 583.0 0.5 Law Deb 497.63 4.13 545.50 452.50 3.15 473.0 5.2 TroyInc&G 72.25 0.50 74.71 64.43 3.18 71.5 1.0 Inc&GthVCT 99.00 - 104.00 88.25 10.10 106.2 -6.8
Alliance♦■ 514.00 0.50 531.50 437.00 1.93 558.1 -7.9 FstPacfic H HK$ 5.08 -0.01 8.10 4.56 3.91 - - LinTrain £ 570.00 - 585.00 370.00 1.13 430.4 32.4 UtilicoEmg 166.00 1.25 173.75 119.11 3.67 185.5 -10.5 KingsAYVCT 18.50 - 19.00 17.25 5.41 19.9 -7.0 For queries about the FT Share Service pages e-mail
AllianzTech 644.50 2.50 650.00 507.00 - 673.7 -4.3 For & Col 443.30 -3.20 467.90 395.60 2.12 480.3 -7.7 Ln&StLaw 348.00 5.00 384.00 331.51 4.08 370.8 -6.1 UtilEmSubs 10.00 - 14.00 7.01 - - - Maven I&G 66.75 - 75.00 59.50 8.84 62.6 6.6 ft.reader.enquiries@morningstar.com.
AltAstsOps 42.00 -0.13 46.81 37.50 - 49.2 -14.6 Geiger 12.00 - 24.50 10.50 - 15.9 -24.5 Lowland 1383 18.00 1440 1231.25 2.82 1346.4 2.7 UIL Inv 107.75 0.50 126.00 105.00 6.96 156.8 -31.3 MavenVCT2 49.25 - 64.00 45.00 8.12 50.3 -2.1 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 246.38 3.38 294.25 242.00 1.44 311.7 -21.0 GenEmer 455.60 -0.90 575.00 391.70 - 511.4 -10.9 M&GHighInc 160.00 - 179.95 145.00 2.88 170.1 -5.9 ValAndInc♦ 245.00 3.00 264.75 228.50 3.67 305.6 -19.8 MavenVCT4 85.50 - 88.39 80.00 5.85 97.9 -12.7 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 16.50 - 33.00 15.50 7.27 - - GFIS 14.00 - 20.89 12.00 - 39.8 -64.8 Majedie 270.88 -3.38 283.00 230.75 2.77 270.3 0.2 Witan 785.00 1.00 850.00 676.78 1.99 777.2 1.0 MavenVCT5 35.50 - 37.00 32.00 7.04 39.3 -9.7 100 constituent stocks are shown in bold.
AsianToRt 190.13 -0.38 224.00 163.25 1.71 207.5 -8.4 GRIT 6.38 - 25.11 4.00 - - - Man&Lon 247.00 - 259.28 219.00 1.41 308.3 -19.9 WitanPac 226.75 1.75 274.75 203.03 2.01 262.8 -13.7 Nthn 2 VCT 73.00 - 88.00 67.25 7.53 76.8 -4.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 156.00 - 162.23 144.00 2.47 164.6 -5.2 GoldenPros 19.00 - 34.00 17.00 - 21.6 -12.0 MCGlobPort 178.63 0.88 195.00 155.00 2.30 179.1 -0.3 WorldTst♦ 252.00 4.00 285.25 231.00 1.38 294.0 -14.3 Nthn 3 VCT 95.50 - 104.00 86.50 5.76 100.5 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - Hansa 802.50 12.50 921.00 740.50 1.99 1110.2 -27.7 MCurPac 259.00 -4.00 336.00 236.73 2.90 302.2 -14.3 WwideHlth♦ 1935 -1.00 2108.5 1590.25 0.65 2025.6 -4.5 NthnVent 76.00 - 85.36 74.00 7.89 79.6 -4.5 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 475.00 -5.00 493.25 371.75 - 452.7 4.9 ..A 767.50 - 930.00 747.25 - 1110.2 -30.9 MercantIT♦ 1818 1.00 1821 1410 2.37 1973.8 -7.9 ProVenGI 75.25 - 81.25 73.00 5.98 78.6 -4.3 with interim figures. PER is calculated using the company’s diluted earnings
Conventional - Private Equity 52 Week Dis(-)
BG Shin 442.75 2.75 446.25 303.00 - 435.1 1.8 Hend Alt 222.50 2.50 241.75 215.00 1.35 276.7 -19.6 MrchTst 437.00 9.00 500.00 401.50 5.47 457.0 -4.4 ProVenVCT 91.50 - 97.89 89.50 5.46 100.0 -8.5 from continuing operations. Yields are based on closing price and on dividends
Price +/-Chg High Low Yld NAV or Pm
BSRT 14.50 - 34.00 13.00 - 39.7 -63.5 Hen Div♦ 87.63 0.63 95.50 86.50 5.82 87.0 0.7 Mid Wynd 340.50 - 352.50 299.68 1.13 333.1 2.2 UnicornAIM 143.50 - 144.79 122.00 4.18 162.1 -11.5 paid in the last financial year and updated with interim figures. Yields are
HenEuroF 1057.5 12.50 1148.5 925.91 2.31 1036.2 2.1 MitonUKMic 56.75 - 57.65 50.00 - - - AbnPvtEq 88.88 0.25 96.00 82.00 2.52 126.2 -29.6
Bankers 635.50 0.50 674.50 548.00 2.38 626.5 1.4 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 908.00 9.00 957.00 779.50 1.98 877.8 3.4 MitonWw 158.00 - 164.65 155.95 - 176.8 -10.6 Altamir € 10.93 -0.18 11.82 9.60 4.40 17.1 -36.1 Ordinary Income Shares 52 Week HR
BrngEmEu 472.50 6.00 607.70 433.00 4.02 551.7 -14.4 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 288.00 3.00 362.00 238.25 6.42 285.1 1.0 MMP 3.13 - 4.25 3.00 - - - Dun Ent 321.50 0.50 378.00 305.00 1.46 511.9 -37.2 Price +/-Chg High Low Yld WO GRY 0%
BH Global 1275 5.00 1343.6 1225 - 1350.0 -5.6 capital changes where appropriate.
HendGlob♦ 375.00 - 416.81 334.86 2.67 414.8 -9.6 Monks 425.50 0.50 458.90 371.50 0.93 470.0 -9.5 Electra 3704 22.00 3750 2994 1.03 3936.3 -5.9 JPM I&C 88.75 - 106.00 82.00 7.49 -18.3 1.0
..USD $ 12.65 0.05 13.35 12.20 - 13.3 -4.9 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 179.25 1.50 195.25 165.90 4.85 175.2 2.3 MontanSm♦ 576.00 -4.00 580.00 441.00 1.30 623.8 -7.7 ElectraPrf 152.00 - 152.75 147.43 - 149.0 2.0 JupiterDv&G 3.50 - 5.40 3.00 21.14 7.1 -40.3
BH Macro 2037 2.00 2191 1990 - 2134.0 -4.5 1,000 shares.
HenInt Inc 120.00 0.13 137.69 106.92 3.71 121.3 -1.1 Mur Inc 679.50 5.00 793.58 637.04 4.60 722.4 -5.9 F&C PvtEq 239.00 - 244.50 214.00 4.54 292.8 -18.4 M&GHI&Gt 49.00 - 65.50 45.50 - -21.1 -0.8
..EUR € 19.63 0.23 21.10 19.11 - 20.7 -5.2
Hen Opp 896.25 -0.25 1059.1 778.31 1.39 963.6 -7.0 Mur Int 830.00 4.00 1070 777.18 5.42 844.2 -1.7 GraphEnt 576.50 3.50 615.94 555.00 1.73 705.8 -18.3 Rghts&Icp 4725 25.00 4950 3840 - -91.2 -3.3 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.47 0.01 21.10 19.05 - 20.5 -5.0
HenSmlr 691.00 -3.00 698.00 549.74 1.66 732.4 -5.7 ..B 725.00 - 1144.44 627.00 - 844.2 -14.1 HVPE 912.00 1.50 912.00 803.99 - 1130.8 -19.3 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 720.50 - 898.92 582.73 - 774.0 -6.9 Income Shares 52 Week HR
Herald 744.00 -6.00 750.00 650.12 - 878.9 -15.3 NB DDIF $ 1.09 0.01 1.21 1.00 - - - HgCapital 1099 4.00 1169 1044 2.91 1297.5 -15.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 55.00 -0.75 94.14 50.69 10.93 54.9 0.2 Price +/-Chg High Low Yld WO GRY 0%
HICL Infra♦ 151.30 -0.10 161.40 149.90 4.86 137.7 9.9 NewCtyEgy 12.25 0.25 21.88 8.32 - 17.0 -27.9 JPM Pvt Eq $ 0.94 0.00 1.07 0.81 - 1.3 -27.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 202.63 0.38 240.00 164.58 - 231.7 -12.5 JPM In&Gr 98.13 - 100.50 92.50 4.59 -79.7 9.7
Impax Env. 159.50 0.50 167.75 139.00 0.88 178.1 -10.4 NewCityHY 55.38 0.63 65.11 52.00 7.78 55.7 -0.6 JZ Capital 383.50 - 480.00 381.00 - 640.9 -40.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 103.50 2.25 118.50 95.25 4.00 106.2 -2.5 M&GHghIc 49.25 0.50 63.00 45.00 - -21.1 2.6
Ind IT 393.00 - 398.00 280.00 1.27 398.3 -1.3 NewIndia 314.50 2.50 371.30 263.00 - 347.6 -9.5 Mithras 146.00 - 151.91 126.50 0.68 168.6 -13.4 in pence.
BlckRGtEur 255.00 4.00 264.50 219.00 1.90 257.3 -0.9 Rghts&I 1285 - 1350 925.00 2.80 - 34.2
Intl PP 139.90 -0.10 141.80 130.00 4.50 128.3 9.0 New Star IT 72.50 - 78.00 65.45 - 113.4 -36.1 NB PE Ptnr $ 10.73 - 12.20 10.61 - - -
..Sub 10.50 - 25.63 8.50 - - -
InvAsTr 182.00 2.50 213.58 147.00 2.01 201.0 -9.5 NorthAmer 811.00 2.00 906.45 729.50 3.76 930.5 -12.8 Nthn Invs 562.50 2.50 695.00 439.00 3.02 553.6 1.6 Capital Shares 52 Week HR X FT Global 500 company
BlckR I&G 186.50 - 193.00 171.01 3.06 189.4 -1.5
Inv Inc♦ 279.00 1.00 305.00 264.00 3.64 302.6 -7.8 NthAtSml 2238 -13.00 2274.31 1785 - 2680.2 -16.5 Pantheon 1322 -6.00 1395 1220 - 1644.2 -19.6 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRIncStr 135.50 - 141.00 124.44 4.97 135.4 0.1
InvPerp 70.00 - 79.00 68.40 7.14 69.4 0.9 Oryx Int 647.50 - 657.00 400.00 - 693.2 -6.6 PantheonR 1232.5 - 1300 1170 - 1644.1 -25.0 JPM Inc&Gr 8.25 0.13 15.19 7.75 4.6 -1.9 2.5 ■ trading ex-capital distribution
BlckRckLat 279.75 5.75 413.13 262.11 6.89 313.5 -10.8
IPST BalR 116.00 -1.00 123.00 115.11 - 115.1 0.8 PacAsset 190.00 -0.50 226.15 156.25 1.37 192.7 -1.4 PrincssPE € 7.90 0.06 8.15 6.90 6.87 9.1 -13.2 M&GHghIc 2.35 0.05 5.30 1.70 14.5 13.4 - # price at time of suspension from trading
BlckRckNrAm♦ 113.00 -0.25 124.50 101.00 3.54 126.3 -10.5
IPST Gbl Eq 158.00 -0.75 172.00 149.76 2.91 157.6 0.3 PacHorzn 173.25 1.75 223.77 142.50 0.81 194.1 -10.7 Riverstone 772.75 -6.25 1114 750.00 - 1063.7 -27.4
BlckRSmlr 1000.00 15.00 1000.00 764.50 1.45 1047.3 -4.5 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST Mngd 102.75 - 104.00 101.00 - 103.2 -0.4 Perp I&G 417.00 - 431.00 382.40 2.97 413.0 1.0 StdLfEuPv♦ 208.75 -2.25 223.50 198.00 3.23 271.7 -23.2
BlckRThrmt 366.75 2.50 368.28 272.39 1.20 396.8 -7.6 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 185.00 3.25 336.91 168.25 11.35 213.7 -13.4 IPST UK Eq 173.50 0.75 174.39 153.78 3.54 170.6 1.7 PerAsset♦ 34879.5 169.50 36313.1 33000 1.61 34950. -0.2 Conventional - Property ICs 52 Week Dis(-)
Abf Gd Inc 153.75 - 154.40 146.25 -51.0 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 192.00 -0.50 200.00 185.00 - 201.2 -4.6 InvPpUK 393.50 6.50 395.06 316.75 4.36 411.0 -4.3 4 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 155.75 - 156.35 152.67 -83.3 -96.2 160.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp♦ 456.90 1.80 557.08 435.50 2.30 527.2 -13.3 Invs Cap A 91.50 2.00 102.00 88.00 4.96 98.0 -6.6 PolarFins 104.75 0.75 112.84 94.00 2.96 111.5 -6.1 Direct Property JPM I&C 175.63 - 176.50 170.41 -22.4 - 192.1 or use of the information.
Brunner 525.25 5.25 584.12 506.10 2.28 609.2 -13.8 Invs Cap B 92.00 1.50 103.00 88.00 3.73 98.0 -6.1 ..Sub 4.75 - 9.50 3.75 - - -
AXA Propty 54.13 - 55.50 41.57 - - - JupiterDv&G 114.75 - 116.50 109.00 -6.6 - 131.2
Calednia♦ 2380 -5.00 2517.66 2110 2.13 2817.2 -15.5 Invs CapU 363.50 1.00 404.95 349.00 1.88 392.4 -7.4 PolarHealth 171.88 1.88 187.50 163.00 2.09 181.9 -5.5 The FT Share Service is a paid-for-print listing service and may not be fully
CustdnREIT♦ 106.75 0.75 110.50 104.00 5.15 - - JZ Capital 364.00 - 365.00 353.00 - - 369.8
CanGen C$ 18.25 -0.19 22.00 17.08 3.00 24.8 -26.4 JLaingInf 117.30 0.20 128.60 113.99 5.65 105.7 11.0 PolarTech 630.00 3.50 647.00 487.40 - 628.6 0.2 representative of all LSE-listed companies. This service is available to all listed
F&CComPrp♦ 134.30 1.40 149.00 129.50 4.47 132.3 1.5 M&GHghIc 117.00 - 117.50 112.25 -24.3 -98.8 122.8
Cap Gear 3282.5 32.50 3575 3152.28 0.49 3328.3 -1.4 JPM Amer 275.10 -1.40 296.14 238.90 1.18 292.5 -5.9 ProspJap $ 1.04 0.01 1.09 0.90 - 1.3 -20.0 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CUKRealE♦ 101.13 -0.38 105.50 93.50 4.94 96.9 4.4 UILFn16 189.25 - 189.90 182.50 - - -
City Merch 179.25 -0.75 194.00 179.00 5.58 178.3 0.5 JPM Asn 218.25 2.25 268.92 182.00 1.01 245.1 -11.0 QatarInvF $♦ 1.10 - 1.49 1.02 3.02 1.3 -15.4 email jessica.llewelyn@ft.com or call 020 7873 4012.
InvistaERET# 0.30 0.05 1.50 0.03 - 2.0 -85.0 UILFn18 144.50 - 146.50 136.50 - - -
CityNatRs 84.75 0.75 107.79 75.00 6.61 95.1 -10.9 JPM Brazil 35.75 - 62.80 32.25 1.12 39.5 -9.5 RIT Cap 1672 1.00 1675 1383 1.78 1593.6 4.9
Longbow♦ 103.63 -0.63 106.75 101.25 5.79 - - UILFn20 123.88 - 125.25 107.75 - - -
City Lon 387.80 0.50 418.35 359.00 3.91 380.7 1.9 JPM China♦ 166.50 -0.50 233.96 136.30 0.96 198.2 -16.0 RobecoNV € 30.38 - - - - - -
PictonProp 71.75 0.25 74.75 64.50 4.39 72.1 -0.5
DexionAb 181.00 1.00 191.00 175.25 - 189.9 -4.7 JPMElct MC 100.00 - 101.99 97.01 0.35 101.3 -1.3 RolincoNV € 28.32 - - - - - -
SLIPropInc♦ 85.00 - 90.25 77.00 5.46 79.7 6.6 Investment Companies - AIM Data provided by Morningstar
DiverseInc♦ 95.50 0.50 97.50 78.00 2.46 91.5 4.4 ..MG 619.00 1.00 635.00 568.00 1.09 625.9 -1.1 Ruffer Inv 210.50 - 226.00 207.00 - 208.6 0.9
UKComPrp 84.25 -0.65 94.00 79.55 4.37 85.1 -1.0
Dun Inc 227.50 2.50 273.00 214.75 4.95 244.9 -7.1 ..MI 103.50 - 110.00 92.00 3.67 104.7 -1.1 SchdrAsiaP♦ 266.88 -0.88 321.50 226.25 1.03 294.2 -9.3 52 Week Dis(-)
Dun Sml 206.00 2.00 229.00 176.03 2.55 240.7 -14.4 JPM Emrg 539.00 -1.50 674.65 486.00 1.02 610.0 -11.6 Schdr Inc♦ 259.88 0.38 348.25 243.50 3.89 273.8 -5.1 Property Securities
Price +/-Chg High Low Yld NAV or Pm
JPM EurGth 250.00 -2.00 263.00 217.00 2.88 258.5 -3.3 SchdrJap 155.00 0.50 165.00 128.00 1.16 162.8 -4.8 SchdrGlbRe 127.00 0.13 132.98 111.90 1.71 133.6 -4.9
EcofinWatr 117.50 2.25 158.90 113.00 5.96 143.3 -18.0 AdFrntMkt 49.50 0.25 60.50 48.13 - 54.4 -9.0
JPM EurInc♦ 134.75 1.25 147.50 120.00 3.53 133.4 1.0 SchdrOrient 177.88 0.88 215.25 154.00 4.36 181.4 -1.9 TR Prop♦ 303.00 0.90 325.00 278.50 2.54 319.3 -5.1
..CULS 99.50 - 106.00 99.48 - - - CrysAmber 157.50 - 173.96 148.00 0.3 159.4 -1.2
EdinDragn 242.13 -0.38 311.00 212.50 0.91 269.2 -10.1 JPM EuSm♦ 288.00 - 291.24 200.02 1.11 297.1 -3.1 SchdrUK 156.25 0.75 174.00 145.00 3.20 175.3 -10.9 GLI Finance♦ 36.50 - 65.00 32.00 13.7 - -
JPM Clavr 600.50 4.50 645.18 550.50 3.41 638.9 -6.0 SchdrUKMd 489.00 3.00 504.50 423.00 1.74 536.9 -8.9
..CULS 103.25 - 107.89 102.00 - - - IndiaCap 61.00 - 69.40 52.00 - 73.3 -16.8 www.morningstar.co.uk
Infra India 18.50 - 21.99 11.10 - 48.4 -61.8
MMP 3.13 - 4.25 3.00 - - -
Tuesday 29 December 2015 ★ FINANCIAL TIMES 23

MANAGED FUNDS SERVICE

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

Artemis US Select I Inc 106.85 - 0.52 - Cavendish UK Select Fund A Class 144.30 - 0.80 1.38 CF Eclectica Agriculture C USD Acc ♦ $ 1.63 - 0.02 0.40 Japan £ 2.81 - -0.03 0.00 HL Multi-Manager Equity & Bond Trust M Acc 147.26 154.77 0.78 1.03

ACPI Global UCITS Funds Plc (IRL) Artemis US Smlr Cos I Acc 121.03 - 0.77 0.00 Japan Smaller Companies £ 2.06 - -0.03 0.00 Foord Asset Management HL Multi-Manager Strategic Bond Trust A Acc 166.39 171.53 -0.22 1.80
www.acpishard.com Other International Funds
Artemis US Ex Alpha I Acc 125.91 - 0.66 0.14 Cedar Rock Capital Limited (IRL) MoneyBuilder Asset Allocator £ 1.18 - 0.01 0.63 HL Multi-Manager Strategic Bond Trust M Acc 166.38 171.52 -0.21 0.89
Regulated Foord International Trust $ 34.56 - 0.00 0.00
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.56 - 0.21 0.00 MoneyBuilder Balanced £ 0.50 - 0.00 3.99 HL Multi-Manager Strategic Bond Trust A Inc 138.26 142.53 -0.18 1.82
Cedar Rock Capital Fd Plc $ 362.04 - -6.02 0.00 Foord Global Equity Fund_Class B $ 12.61 - 0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.93 - 0.00 0.00 Artisan Partners Global Funds PLC (IRL) Money Builder Dividend £ 2.60 - 0.01 4.34 HL Multi-Manager Strategic Bond Trust M Inc 138.24 142.51 -0.18 0.91
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Cedar Rock Capital Fd Plc £ 375.93 - -7.94 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.97 - 0.05 0.00 MoneyBuilder Growth £ 0.76 - 0.01 2.40 HL Multi Manager Emerging Markets A Acc 85.64 88.27 0.30 0.33
Tel: 44 (0) 207 766 7130 CCLA Investment Management Ltd (UK) Cedar Rock Capital Fd Plc € 341.77 - -21.01 0.00
FCA Recognised Senator House 85 Queen Victoria Street London EC4V 4ET MoneyBuilder Growth ISA £ 0.76 - 0.00 2.56
Franklin Templeton International Services Sarl (IRL) HL Multi-Manager European A Acc 103.49 106.67 1.12 0.74
Q ACPI India Fixed Income UCITS Fund USD A $ 9.95 - 0.00 - EdenTree Investment Management Ltd (UK) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Artisan Partners Global Funds plc Authorised Inv Funds
ACPI India Fixed Income UCITS Fund USD A3 $ 85.09 - 0.05 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 MoneyBuilder Income £ 0.35 - 0.00 3.21 Other International Funds HL Multi-Manager UK Growth A Acc 104.27 107.49 1.33 1.24
Artisan Emerging Markets I USD Acc $ 6.77 - 0.07 0.00 The Public Sector Deposit Fund
Charles Schwab Worldwide Funds Plc (IRL) Authorised Inv Funds Franklin Emerging Market Debt Opportunities Fund Plc
ACPI International Bond UCITS Fund USD A $ 17.72 - -0.05 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.52 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.21
Artisan Global Equity Fund Class I USD Acc $ 14.54 - 0.18 0.00 Regulated Amity UK Cls A Inc 214.40 - 1.00 1.46 Franklin Emg Mkts Debt Opp CHFSFr 17.44 - 0.51 8.01
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.34 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Multi Asset Adventurous A-Acc £ 1.32 - 0.01 0.44 Haussmann
Artisan Global Opportunities I USD Acc $ 12.28 - 0.11 0.00 Amity UK Cls B Inc 214.90 - 0.90 2.25 Franklin Emg Mkts Debt Opp EUR € 12.27 - 0.36 7.13
Multi Asset Alloc Adventurous A-Acc £ 3.74 - -0.01 3.07 Other International Funds
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.39
ACPI Select UCITS Funds PLC (IRL) Artisan Global Value Fund Class I USD Acc $ 15.86 - 0.19 0.00 Higher Income Cls A Inc 122.90 - 0.60 4.98 Franklin Emg Mkts Debt Opp GBP £ 10.18 - 0.25 6.96 Haussmann Cls A $ 2671.56 - -36.15 0.00
Regulated The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.45 Multi Asset Alloc Strategic A-Acc £ 1.17 - 0.01 0.37
Artisan US Value Equity Fund Class I USD Acc $ 10.54 - 0.20 0.00 Chartered Asset Management Pte Ltd Higher Income Cls B Inc 126.60 - 0.60 4.90 Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.51 6.17 Haussmann Cls C € 2336.81 - -33.24 0.00
ACPI Balanced UCITS Fund USD Retail $ 13.80 - 0.08 0.00 Other International Funds Multi Asset Alloc Def - Gross A £ 1.12 - 0.01 0.34
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34
UK Equity Growth Cls A Inc 243.60 - 1.10 0.59 Franklin Emg Mkts Debt Opp USD $ 17.18 - 0.35 6.99 Haussmann Cls D SFr 1236.49 - -18.03 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.40 - 0.05 0.00 CAM-GTF Limited $ 271900.24 271900.24 -414.02 0.00
Multi Asset Alloc Def - Net A £ 1.11 - 0.00 0.38
Ashmore Sicav (LUX) UK Equity Growth Cls B Inc 249.80 - 1.20 1.20
ACPI Balanced UCITS Fund GBP Retail £ 10.53 - 0.06 0.00 CAM GTi Limited $ 612.98 - -36.72 0.00
Multi Asset Alloc Growth A £ 1.20 - 0.01 0.09
2 rue Albert Borschette L-1246 Luxembourg CCLA Investment Management Ltd (UK) Amity Balanced For Charities A Inc 107.20 - 0.40 6.09
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - FCA Recognised Senator House 85 Queen Victoria Street London EC4V 4ET Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 Frontier Capital (Bermuda) Limited Heartwood Wealth Management Limited (IRL)
Multi Asset Defensive £ 1.22 - 0.01 0.26
Amity European Fund Cls A Inc 201.30 - 1.00 1.23 Other International Regulated
Ashmore SICAV Emerging Market Debt Fund $ 90.28 - 0.30 8.42 Property & Other UK Unit Trusts
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Multi Asset Defensive - Gross £ 1.22 - 0.00 0.27
CBF Church of England Funds Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Caut Multi Asset B Acc 138.77 - 0.59 0.00
Amity European Fund Cls B Inc 204.20 - 1.10 2.09
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.49 - 0.67 0.97
Investment Inc 1322.84 1337.47 20.03 3.78 Multi Asset Growth £ 1.35 - 0.00 0.25 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Amity Global Equity Inc for Charities A Inc 102.20 - 0.70 3.99
ACPI Horizon UCITS Fund $ 12.87 - 0.07 0.00 Ashmore SICAV Emerging Market Total Return Fund $ 77.27 - 0.27 6.05
Investment Acc 2714.19 2744.21 41.10 - MultiManager Balanced £ 1.09 - 0.00 0.56
Amity International Cls A Inc 203.40 - 1.20 1.38 Henderson Global Investors (UK)
Ashmore SICAV Global Small Cap Equity Fund $ 127.43 - 0.54 0.00
Global Equity Inc 150.38 152.04 3.30 4.31 Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.59 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 205.70 - 1.10 2.25 www.henderson.com
Ashmore SICAV Local Currency Fund $ 80.73 - 0.15 0.32
Abbey Life Assurance Company Limited (UK) Global Equity Acc 221.37 223.82 4.86 - Multi Asset Open Strategic A-Acc £ 1.22 - 0.01 1.03 Authorised Inv Funds
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Amity Sterling Bond Fund A Inc 105.20 - 0.00 5.17
EM Mkts Corp.Debt USD F $ 85.24 - 0.16 8.49
UK Equity Inc 144.73 146.18 3.49 4.05 Cheyne Capital Management (UK) LLP (IRL) Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.53 Asia Pacific Capital Growth A Acc 705.40 - 0.30 0.16
additional fund prices can be found @ www.abbeylife.co.uk
Amity Sterling Bond Fund B Inc 113.70 - 0.00 5.16
Insurances EM Mkts Loc.Ccy Bd USD F $ 74.05 - 0.15 4.38 Regulated
UK Equity Acc 215.95 218.12 5.20 - Multi Asset Strategic £ 1.52 - 0.00 0.30 Asian Dividend Income Inc 83.83 88.46 0.00 7.17
Life Funds Cheyne Convertibles Absolute Return Fund € 1356.01 - 5.00 0.00
Fixed Interest Inc 161.76 162.41 -0.21 3.96 Open World A-Acc £ 1.20 - 0.01 0.00 Cautious Managed A Acc 236.70 - 0.50 3.28
Prop. Acc. Ser 2 1565.70 1648.20 0.30 - Cheyne Global Credit Fund € 117.35 - 0.06 0.00 Edinburgh Partners Limited (IRL) Fundsmith LLP (1200)F (UK)
Fixed Interest Acc 495.63 497.62 -0.67 - Multi Asset Income A Gross Acc £ 1.56 - 0.01 3.45 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Inc 146.40 - 0.40 3.34
Selective Acc. Ser 2 1580.00 1663.20 4.50 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Cheyne European Mid Cap Fund € 1126.48 - -2.94 0.00 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Property Fund Inc 133.46 137.93 0.16 6.51 Dealing - Fax only - +353 1 434 5230 Multi Asset Income A Gross Inc £ 1.08 - 0.00 4.92 China Opportunities A Acc 859.70 - 0.70 0.40
American Ser. 4 1708.50 1798.40 12.80 - FCA Recognised Authorised Inv Funds
Property Fund Acc 234.22 242.07 2.73 - Edinburgh Partners Opportunities Fund PLC Multi Asset Income A Net Acc £ 1.47 - 0.00 3.47 Fundsmith Equity T Acc 228.92 - 1.11 1.15 Emerging Markets Opportunities A Acc 139.40 - 0.20 0.80
Custodian Ser. 4 490.80 516.60 1.20 -
Cheyne Capital Management (UK) LLP European Opportunities I EUR € 2.52 - 0.08 2.20 Multi Asset Income A Net Inc £ 1.08 - 0.00 4.90 Fundsmith Equity T Inc 216.19 - 1.05 1.16 European Growth A Acc 171.20 - 0.50 0.54
Equity Ser. 4 558.30 587.70 4.60 - Other International Funds
Aspect Capital Ltd (UK) CCLA Fund Managers Ltd (UK) European Opportunities I GBP £ 1.83 - 0.03 2.47 South East Asia £ 8.08 - -0.01 0.12 European Selected Opportunities A Acc 1286.00 - 7.00 0.67
Cheyne European Event Driven Fund € 145.83 - -0.11 0.00
European Ser 4 577.20 607.60 3.10 -
Other International Funds Senator House 85 Queen Victoria Street London EC4V 4ET European Opportunities I USD $ 2.75 - 0.06 2.05
Cheyne Real Estate Credit Holdings Fund £ 161.86 - 0.94 0.00 Special Situations £ 30.96 - 0.20 0.78 European Special Situations A Acc 94.66 - -0.29 1.05
Fixed Int. Ser. 4 887.00 933.60 -1.30 - Aspect Diversified USD $ 434.82 - -4.20 0.00 Property & Other UK Unit Trusts GAM Limited (2300)F (UK)
COIF Charity Funds (UK) European Opportunities A EUR € 2.46 - 0.08 1.53 Sterling Core Plus Red Dur £ 10.02 - -0.02 - GAM Sterling Management Limited Fixed Interest Monthly Income A Inc 21.66 22.72 0.00 5.85
Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00
Intl Ser. 4 442.20 465.40 2.80 - Aspect Diversified EUR € 261.36 - -2.55 - 20 King Street, London SW1Y 6QY. 0800 919 927
Investment Inc 1216.56 1230.01 0.19 3.62 Global Opportunities I USD $ 1.62 - 0.02 2.09 Strategic Bond £ 0.31 - 0.00 2.83 Global Care Growth A Inc 200.60 - 1.10 0.00
Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Internet: gam.com
Japan Ser 4 374.20 393.90 -0.90 - Aspect Diversified GBP £ 133.74 - -1.28 0.00
Investment Acc 11715.26 11844.84 1.79 - Global Opportunities I GBP £ 1.09 - 0.01 1.94 Strategic Bond Gross £ 0.31 - 0.00 2.83 Authorised Inv Funds
Cheyne Total Return Credit Fund - December 2017 Class $ 173.12 - -9.06 0.00 Global Equity Income A Inc 49.51 - 0.27 3.78
Man. Ser. 4 1660.60 1748.00 7.40 - Aspect Diversified CHF SFr 124.86 - -1.28 0.00 GAM Funds OEIC
Ethical Invest Inc 187.44 189.51 -0.06 3.73 Global Opportunities I EUR € 1.52 - -0.01 1.98 Target 2015 £ 0.50 - 0.00 0.38
Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - GAM Global Diversified Acc 3840.49 - 44.25 0.00 Global Growth Fund 2084.42 2179.23 10.95 0.00
Money Ser. 4 524.40 552.00 0.00 - Aspect Diversified Trends USD $ 128.78 - -1.18 0.00
Ethical Invest Acc 241.32 243.99 -0.07 - Global Opportunities A GBP £ 1.02 - 0.01 1.47 Target 2020 £ 0.56 - 0.00 0.52
GAM North American Gwth Acc 3180.87 - 39.80 0.00 Global Technology A Acc 985.30 - 3.00 0.00
Prop. Ser. 4 1111.70 1170.20 0.20 - Aspect Diversified Trends EUR € 129.00 - -1.21 0.00

Asset Management
Global Equity Inc 143.39 144.98 0.41 4.41 Pan European Opportunities I EUR € 1.52 - 0.05 - Target 2025 £ 1.32 - 0.01 0.32
GAM UK Diversified Acc 1708.50 - 25.28 1.14 Multi-Manager Absolute Return A Acc 134.40 - 0.20 0.39
Cohen & Steers SICAV (LUX)
Asset Manageme
Custodian Ser 5 471.20 496.00 1.10 - Aspect Diversified Trends GBP £ 133.84 - -1.23 0.00
Global Equity Acc 212.74 215.10 0.60 - Regulated Target 2030 £ 1.42 - 0.01 0.40 Multi-Manager Active A Acc ▲ 173.10 - 0.00 0.00
International Ser 5 424.50 446.80 2.70 -
Fixed Interest Inc 133.17 133.70 0.58 4.14 European Real Estate Securities € 23.7239 - 0.3571 1.54
UK Select £ 2.44 - 0.01 0.86 Multi-Manager Distribution A Inc 125.90 - 0.60 3.33
Managed Ser 5 1594.30 1678.20 7.10 - GAM Limited (IRL)
Atlantas Sicav (LUX) Fixed Interest Acc 763.55 766.61 3.31 - Europ.RealEstate Sec. IX € 31.7601 - 0.4782 0.00
UK Growth £ 3.60 - 0.01 0.00 FCA Recognised Multi-Manager Diversified A Acc 77.37 - 0.24 2.86
Money Ser 5 513.50 540.50 0.00 - Regulated
Property Inc 114.67 118.52 0.08 5.79 Gbl Listed Infrastructure I $ 9.7901 - 0.1376 - GAM Fund Management Ltd
American Dynamic $ 3379.98 - -7.77 0.00 UK Smaller Companies £ 2.16 - 0.01 0.18 Multi-Manager Global Select Acc 178.00 - 0.90 0.00
Property Ser 5 1067.30 1123.50 0.20 - Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Property Acc 248.62 256.95 2.77 - Gbl Listed Infrastructure IX $ 9.7901 - 0.1376 - GAM Star Fund Plc
American One $ 3166.01 - -0.89 0.00 WealthBuilder A Acc £ 1.03 - 0.01 0.48 Multi-Manager Income & Growth A Acc 151.40 - 0.80 2.21
Pension Funds
Local Authorities Property Fd (LAMIT) (UK) Gbl RealEstate Sec. I $ 10.8739 - 0.0735 1.42 Fidelity PathFinder
American 1978.30 2082.40 17.90 - GAM Star Asia-Pacific Eqty USD Acc F $ 11.79 - 0.06 0.00 Multi-Manager Income & Growth A Inc 139.10 - 0.80 2.24
Bond Global € 1393.55 - 11.23 0.00 EFG Hermes
Property 274.76 295.14 2.73 4.81 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - 0.00 -
Gbl RealEstate Sec. IX $ 12.8603 - 0.0869 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Asian Eqty USD Ord Acc F $ 13.30 - 0.06 0.00
Equity 4907.70 5166.00 59.40 - Eurocroissance € 874.57 - 7.66 0.00 Multi-Manager Managed A Acc 225.50 - 0.00 0.42
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
European 1164.60 1225.90 8.50 - GAM Star Balanced GBP Acc £ 10.41 - 0.07 0.00 Multi-Manager Managed A Inc 221.50 - 0.00 0.41
Far East $ 672.33 - 9.09 0.00 Other International Funds
CG Asset Management Limited (IRL) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.08 - 0.00 -
Fixed Int. 1627.60 1713.30 -4.20 - Consistent Unit Tst Mgt Co Ltd (1200)F (UK) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.21 - 0.29 0.00 Sterling Bond Acc 194.86 203.60 -0.08 2.85
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Foundation 3 Acc (clean) £ 1.07 - 0.00 -
International 941.10 990.60 7.00 - 00 353 1 434 5098 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cat Bond USD Acc $ 12.70 - 0.00 0.00 Sterling Bond Inc 60.41 63.11 -0.03 2.89
Atlantis Investment Management Ltd (IRL) Dealing & Client Services 0845 0264281
FCA Recognised Fidelity PathFinder Foundation 4 Acc (clean) £ 1.09 - 0.01 -
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Authorised Inv Funds GAM Star Cautious GBP Acc £ 10.43 - 0.06 0.00
Japan 394.60 415.40 -1.20 - Saudi Arabia Equity Fund SR 12.69 - 0.19 0.00 Strategic Bond A Inc 125.30 - 0.00 5.22
www.atlantis-investmenet.com, Tel: 0207 877 3377 Capital Gearing Portfolio Fund Plc £ 26944.26 26944.26 162.14 0.62
Consistent UT Inc 53.62 54.29 0.23 4.72 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.19 - 0.00 -
Managed 4309.00 4535.80 24.80 - GAM Star China Equity USD Acc F $ 23.17 - 0.18 0.00 UK & Irish Smaller Companies A Acc 539.80 - 1.50 0.00
Regulated CG Portfolio Fund Plc
Consistent UT Acc 124.98 126.53 0.55 4.57 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 -
Property 2885.00 3036.80 0.60 - Atlantis China Fund $ 6.44 - 0.00 0.00 Real Return Cls A £ 167.46 167.46 2.41 1.76 GAM Star Cont European Eqty GBP Acc F £ 3.68 - 0.03 0.00 UK Absolute Return A Acc 151.60 - 0.00 0.00
Electric & General (1000)F (UK)
Practical Investment Inc 202.43 207.88 1.10 3.98 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
Security 1476.60 1554.30 0.00 - Atlantis China Healthcare Fund $ 2.09 - 0.00 0.00 Dollar Fund Cls D £ 130.33 130.33 2.20 1.65 GAM Star Cred Opportunities GBP Acc £ 12.34 - 0.00 4.57 UK Alpha A Acc ♦ 115.40 - 0.20 1.86
Practical Investment Acc 988.54 1015.14 5.37 3.87 Orders & Enquiries: 0845 850 0255
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.11 - 0.00 - GAM Star Defensive GBP Acc £ 10.85 - 0.03 0.00
Selective 2015.10 2121.20 8.50 - Atlantis Japan Opportunities Fund $ 2.54 - -0.03 0.00 Capital Value Fund Cls V £ 130.65 130.65 0.88 0.27 Authorised Inv Funds UK Equity Income & Growth A Inc 596.90 - 3.10 3.90
Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Focussed 3 Acc (clean) £ 1.11 - 0.01 - GAM Star Discretionary FX USD Acc F $ 12.76 - 0.03 0.00
Formerly Hill Samuel Life Assurance Ltd Atlantis Asian Fund $ 6.18 - 0.02 0.00 UK Index A Acc 490.60 - 2.50 2.90
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Electric&General Net Income A 149.70 - 1.30 1.97 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.13 - 0.01 - GAM Star Dynamic Gbl Bd USD Acc H $ 9.64 - -0.04 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Managed Ser A (Life) 1566.90 1658.10 13.00 -
Fidelity PathFinder Focussed 5 Acc (clean) £ 1.17 - 0.02 - GAM Star Emerg. Market Rates USD Acc F $ 11.37 - 0.02 0.00 UK Property A Inc 97.68 102.81 0.03 4.16

AXIOM
Managed Ser A (Pensions) 1045.60 1100.60 10.30 -
Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.01 - GAM Star European Eqty USD Acc F $ 23.58 - 0.25 0.00
Formerly Target Life Assurance Ltd UK Tracker A Acc 218.70 - 1.30 2.99
5 Kensington Church St, London W8 4LD 020 7368 4220
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.01 - GAM Star Flexible Gbl Port GBP Ac £ 12.53 - 0.08 0.00
ALTERNATIVE INVESTMENTS FCA Recognised US Growth A Acc 793.60 - 2.80 0.00
Managed (Life) 1592.70 1676.50 14.90 - Ennismore European Smlr Cos NAV £ 101.33 - -0.42 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
Crèdit Andorrà Asset Management (LUX) GAM Star GAMCO US Equity Acc F $ 12.92 - 0.21 0.00
Managed Growth (Life) 500.80 527.20 6.00 - Canada Life Investments (UK) www.creditandorra.com Ennismore European Smlr Cos NAV € 138.48 - 0.95 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.05 - 0.01 -
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 GAM Star Global Rates USD Acc F $ 12.20 - -0.06 0.00
Axiom Alternative Investments (FRA) FCA Recognised
Managed (Pensions) 6274.20 6604.40 61.30 - Authorised Inv Funds Fidelity PathFinder Freedom 4 Acc (clean) £ 1.04 - 0.01 -
1 Conduit Street - 4th floor - London W1S 2XA Crediinvest SICAV Money Market Eur I € 11.20 - 0.00 0.00 GAM Star Global Selector USD Acc F $ 12.71 - 0.05 0.00
Managed Growth (Pensions) 613.00 645.30 8.90 - www.axiom-ai.com Tel: +44 330 822 0374 Asia Pacific B Acc 771.57 - 0.01 1.12 Fidelity PathFinder Freedom 5 Acc (clean) £ 1.12 - 0.01 -
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.01 0.00 Ennismore European Smlr Cos Hedge Fd GAM Star Japan Eqty USD Acc F $ 13.44 - 0.03 0.00
additional fund prices can be found on our website Regulated
Balanced B Acc 148.37 - 0.57 1.47 Other International Funds Fidelity PathFinder Income 1 Income (clean) £ 1.01 - 0.00 3.97
Axiom Contingent Capital € 1030.52 - 0.99 - Crediinvest SICAV Fixed Income Eur € 10.54 - 0.00 0.00 GAM Star Keynes Quant Strat USD Acc F $ 11.58 - -0.06 0.00
Corporate Bond B Inc 204.24 - -0.21 4.03 NAV € 496.00 - 10.70 0.00
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.01 - 0.00 4.95 GAM Star Local EM Rates and FX USD Acc $ 10.63 - 0.00 0.00
Axiom Contingent Capital £ 1034.95 - 1.29 - Crediinvest SICAV Fixed Income Usd $ 10.36 - 0.01 0.00
European B Acc 254.33 - 0.88 1.57 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.55 Hermes Investment Funds Plc (IRL)
Axiom Equity $ 884.19 - -2.99 - Crediinvest SICAV Spanish Value € 250.86 - 0.13 0.00 GAM Star North of South EM Equity Acc F $ 9.78 - 0.10 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Global Bond B Inc 92.15 - -0.11 2.96 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Income 2 gross £ 1.03 - 0.01 4.45 FCA Recognised
Axiom Equity € 928.11 - -3.27 0.00 Crediinvest SICAV International Value € 216.13 - -0.13 0.00 Regulated GAM Star Technology USD Acc F $ 15.57 - 0.12 0.00
Global Equity B Acc 598.01 - 4.51 1.10 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - 0.00 4.43 Hermes Abs Return Credit Fund Class F Acc £ £ 1.02 1.02 0.00 -
Axiom Obligataire $ 1779.72 - 0.78 0.00 Crediinvest SICAV Big Cap Value € 15.85 - -0.01 0.00 Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00 GAM Star US All Cap Eqty USD Acc F $ 13.40 - 0.18 0.00
Global Equity Income B Inc 121.89 - 0.70 3.91 Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.05 Hermes Abs Return Credit Fund Class R Acc € € 2.00 2.00 0.02 -
Axiom Obligataire € 1776.12 - 0.31 0.00 Crediinvest SICAV US American Value $ 18.07 - -0.04 0.00 GAM Star Worldwide Eqty USD Acc F $ 3084.11 - 44.36 0.00
Algebris Investments (IRL) Global High Yield Bond B Inc 90.92 - 0.41 5.02 Institutional OEIC Funds Hermes Active UK Inflation Fund Class F Acc £ 1.27 1.27 0.00 0.00
Regulated Axiom Obligataire £ 1788.88 - 0.83 0.00 Crediinvest SICAV Sustainability € 15.53 - 0.14 0.00 Euronova Asset Management UK LLP (CYM)
America £ 4.03 - 0.04 0.52
Global Infrastructure B Acc 109.46 - 1.05 0.94 Regulated Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.56 1.56 0.00 0.00
Algebris Financial Credit Fund - Class I EUR € 132.03 - -0.63 0.00 Emerging Markets £ 3.14 - 0.00 0.81
GYS Investment Management Ltd (GSY)
Global Resource B Acc 69.69 - 3.05 0.89 Smaller Cos Cls One Shares (Est) € 35.82 - 0.55 0.00 Regulated Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.37 3.37 0.01 0.00
Algebris Financial Income Fund - Class I EUR € 118.55 - 0.60 0.00 BLME Asset Management (LUX) Daiwa SB Investments (UK) Ltd (LUX)
Japan B Acc 51.49 - -0.04 0.93 Smaller Cos Cls Two Shares (Est) € 24.98 - 0.33 0.00 Europe £ 4.12 - 0.02 1.55 Taurus Emerging Fund Ltd $ 169.96 173.43 1.14 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.17 1.17 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF 5 King William Street, London EC4N 7DA
Algebris Financial Equity Fund - Class B EUR € 98.41 - 1.67 -
Regulated Portfolio III B Acc 107.61 - 0.17 2.32 www.daiwasbi.co.uk 0207 597 7000 Smaller Cos Cls Three Shares (Est) € 12.59 - 0.18 0.00 Fidelity Pre-Retirement Bond Fund £ 116.90 - 0.00 3.01 Hermes Global Emerging Markets Fund Class R Acc € 2.94 2.94 0.01 0.00
Algebris Asset Allocation Fund - Class B EUR € 99.57 - 0.69 - Income Fund - Share Class A Acc $ 1135.08 - -0.15 0.00 Regulated
Portfolio IV B Acc 109.78 - 0.24 2.36 Smaller Cos Cls Four Shares (Est) € 16.17 - 0.22 0.00 Global Focus £ 2.87 - 0.02 1.61 Hermes Global Equity Fund Class F Acc £ 1.53 1.53 0.01 0.00
Generali International Limited
DSBI Japan Equity Fundamental Active I JPY ¥ 12392.38 12392.38 26.32 0.00
Income Fund - Share Class G Acc £ 1075.97 - -0.13 0.00 Index Linked Bond £ 2.58 - -0.01 0.72 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Portfolio V B Acc 109.51 - 0.33 1.56 Hermes Global Equity Fund Class R Acc € 4.00 4.00 0.04 0.00
DSBI Japan Equity Fundamental Active I GBP £ 123.19 123.19 0.29 0.00 International Insurances
Alken Asset Management (LUX) Gl Sukuk Fund - Share Class A Acc $ 1224.55 - 0.42 0.00
Portfolio VI B Acc 108.10 - 0.30 1.60 Index Linked Bond Gross £ 3.12 - 0.00 0.71 Hermes Global ESG Equity Fund Class F Acc £ 1.19 1.19 0.01 0.00
Global Multi-Strategy Managed $ 4.71 5.07 0.02 0.00
Asset Management
61 Conduit Street, London, W1S 2GB DSBI Japan Equity Fundamental Active A EUR € 118.14 124.05 0.27 0.00
www.alken-am.com Gl Sukuk Fund - Share class B Acc £ 1093.19 1093.19 0.37 0.00 Index-Linked Bond Fund Gross Inc £ 12.19 - 0.00 0.72 Hermes Global High Yield Bond Fund Class F Acc £ 1.04 1.04 -0.01 0.00
Portfolio VII B Acc 104.59 - 0.31 1.58 UK Multi-Strategy Managed £ 4.84 5.21 0.08 0.00
Regulated Japan £ 2.06 - -0.02 0.78
North American B Acc 854.80 - 9.72 0.74 EU Multi-Strategy Managed € 3.03 3.26 0.02 0.00 Hermes Global High Yield Bond Fund Class R Acc € 2.71 2.71 0.01 0.00
Alken European Opportunities € 211.19 - -0.29 0.00 DAVIS Funds SICAV (LUX)
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Strategic Return B Acc 97.58 - 0.54 0.00 Long Bond £ 0.50 - 0.00 2.85 Hermes Global Small Cap Fund Class F Acc £ £ 0.99 0.99 0.00 -
Regulated Global Bond USD $ 3.43 3.70 0.00 0.00
Alken European Opportunities £ 123.89 - 0.12 0.00 Regulated
Total Return B Acc 98.77 - 0.90 2.97 Davis Value A $ 40.34 - -0.03 0.00 Long Bond Gross £ 0.82 - 0.00 2.79 Hermes Global Small Cap Fund Class R Acc € € 1.95 1.95 0.02 -
Alken Absolute Return € 143.20 - -0.22 0.00 Global Liquidity USD $ 1.00 - 0.00 0.45 Eurobank Fund Management Company (Luxembourg) S.A.
UK Equity B Acc 111.37 - 0.57 1.68 Davis Global A $ 28.62 - 0.02 0.00 Regulated Long Bond Fund Gross Inc £ 11.10 - 0.01 2.84 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.00 0.00
Alken Absolute Return £ 116.30 - -0.17 0.00 Genesis Asset Managers LLP
UK Equity & Bond Income B Inc 237.67 - 0.63 5.04 (LF) Absolute Return € 1.33 - 0.00 0.00 Pacific (Ex Japan) £ 3.55 - 0.03 1.94 Other International Funds Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00
Alken Small Cap € 188.18 - -1.32 0.00 Barclays Investment Funds (CI) Ltd (JER)
Emerging Mkts NAV £ 5.13 - 0.04 0.00
UK Equity Income B Inc 427.41 - 1.38 4.97 (LF) Eq Emerging Europe € 0.69 - 0.01 0.00 Pan European £ 2.66 - 0.01 2.04 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.31 1.31 0.01 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Discretionary Unit Fund Mngrs (1000)F (UK)
FCA Recognised 1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Reduced Duration UK Corporate Bond £ 10.42 - -0.02 3.56
UK Government Bond B Inc 46.91 - -0.01 1.97 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.27 1.27 0.00 1.29
Amundi Funds (LUX) Bond Funds Authorised Inv Funds
(LF) Eq Mena Fund € 12.81 - -0.05 0.00 Reduced Duration UK Corporate Bond Gross £ 10.61 - -0.02 3.56 Guardian (UK) Hermes Sourcecap EU Alpha Fund Class R Acc € 3.16 3.16 0.02 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Sterling Bond F £ 0.45 - 0.00 3.30 Disc Inc 1617.14 1726.01 15.89 0.00
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
www.amundi-funds.com (LF) Greek Government Bond € 18.30 - -0.02 - Reduced Duration UK Corporate Bond Inc £ 9.80 - -0.02 3.56 Hermes Sourcecap EX UK Fund Class F Acc £ 1.39 1.39 0.01 0.00
Capita Asset Services (UK) Do Accum 6093.54 6503.76 59.87 0.00 Insurances
FCA Recognised
40 Dukes Place, London EC3A 7NH (LF) Greek Corporate Bond € 11.99 - 0.00 - Reduced Duration UK Corp Bond Gross Inc £ 9.81 - -0.03 3.56 Guardian Assurance Hermes Sourcecap EX UK Fund Class R Acc € 3.25 3.25 0.02 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.45 - -0.01 0.00 Baring Fund Managers Ltd (1200)F (UK) Order Desk and Enquiries: 0345 922 0044
Dealing and Enquiries 020 7214 1004 (LF) FOF Dynamic Fixed Inc € 11.66 - -0.02 0.00 Select Emerging Markets Equities £ 1.15 - 0.00 1.64 Equity S-GH Class B £ 12.04 - 0.06 - Hermes UK Small & Mid Cap Fund Class F Acc £ 1.71 1.71 0.01 0.00
Authorised Inv Funds
Bd. Global AU Class - R - USD $ 25.36 - -0.04 0.00
Fund Information: www.barings.com (LF) FOF Real Estate € 16.75 - 0.14 0.00 Select European Eqts £ 1.73 - 0.01 1.88 Managed Fund Bond £ 23.37 24.35 0.03 -
CF Heartwood Cautious B Acc X 127.01 - 0.29 0.15 Hermes UK Small & Mid Cap Fund Class R Acc € 5.11 5.11 0.03 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Authorised Inv Funds
CF Heartwood Cautious Income B Inc X 109.14 - 0.36 2.42 Select Global Equities £ 3.03 - 0.02 1.10 Choices Wth-Pfts Lg-tm 321.10 338.00 0.00 - Hermes US All Cap Equity Class F Stg £ Acc £ 1.01 1.01 0.01 -
Multi Asset A Acc ... C 154.20 - 0.40 1.50
Eq. Emerging World AU Class - R - USD $ 80.58 - 0.67 0.00
CF Heartwood Growth B Acc X 143.35 - 0.95 0.66 South East Asia £ 3.57 - 0.00 2.05 Choices Wth-Pfts St-tm 271.90 286.20 0.00 - Hermes US All Cap Equity Class R € Acc € 1.98 1.98 0.03 -
Multi Asset A Inc ... C 147.10 - 0.50 1.27
Eq. Greater China AU Class - R - USD $ 560.28 - 3.63 0.00
Charity Fund CF Heartwood Balanced Income B Inc X 110.93 - 0.69 2.95 Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.39 Choices Managed 616.48 648.93 0.00 - Hermes US SMID Equity Fund Class F Acc £ 1.62 1.62 0.01 0.00
Eq. Latin America AU Class - R - USD $ 308.67 - 4.01 0.00
Enquiries 020 7214 1763 Dodge & Cox Worldwide Funds (IRL)
CF Heartwood Balanced B Acc X 124.27 - 0.70 0.31 Sterling Core Plus Bond Inc £ 1.33 - 0.00 3.50 Choices Equity 679.30 715.05 0.00 - Hermes US SMID Equity Fund Class R Acc € 3.46 3.46 0.04 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.68 - 0.03 0.00 Targeted Return Fund Acc 144.60 145.40 0.50 3.14 6 Duke Street,St.James,London SW1Y 6BN
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.98 - 0.18 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK £ 3.61 - 0.02 2.22 Freedom With Pfts Long-Tm 220.20 231.80 0.00 -
Targeted Return Fund Inc 110.70 111.30 0.30 3.20 FCA Recognised
CF Richmond Core X 175.84 - 1.73 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.00 4.57 Freedom With Pfts Short-Tm 197.90 208.30 0.00 -
Dodge & Cox Worldwide Funds plc - Global Bond Fund FIL Investment Services (UK) Limited (1200)F (UK) Hermes Property Unit Trust (UK)
The Antares European Fund Limited
CF Seneca Diversified Growth A ACC 218.75 - 1.16 1.42 EUR Accumulating Class € 11.60 - 0.04 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ UK Aggregate Bond Inc £ 1.21 - 0.00 3.14 Freedom Managed 358.98 377.88 0.00 - Property & Other UK Unit Trusts
Other International
Baring International Fd Mgrs (Ireland) (IRL) Callfree: Private Clients 0800 414161 Property £ 5.78 6.15 0.03 4.14
AEF Ltd Usd (Est) $ 672.06 - 5.02 - CF Seneca Diversified Growth B ACC 129.49 - 0.69 2.43 EUR Accumulating Class (H) € 9.07 - 0.01 0.00 UK Corporate Bond £ 1.21 - 0.00 3.93 Freedom Equity 399.13 420.13 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Broker Dealings: 0800 414 181
AEF Ltd Eur (Est) € 674.59 - 4.80 0.00 FCA Recognised CF Seneca Diversified Growth N ACC 128.19 - 0.69 2.10 Authorised Inv Funds UK Corporate Bond - Gross £ 2.25 - 0.00 3.80 Corp Pens Mananged 217.63 217.63 0.00 -
EUR Distributing Class € 10.99 - 0.04 3.09
ASEAN Frontiers A GBP Inc £ 108.43 - -0.06 0.59 Unit Trust
CF Seneca Diversified Income A INC 87.80 - 0.36 5.56 EUR Distributing Class (H) € 8.58 - 0.01 3.37 UK Gilt Bond £ 1.27 - 0.00 1.94 Corp Pens Equity 221.78 221.78 0.00 - Hermes UK Residential Real Estate (UK)
Cash Accum Units 186.42 186.42 0.00 0.00 Property & Other UK Unit Trusts
Asia Growth A GBP Inc H £ 45.11 - -0.07 0.00
CF Seneca Diversified Income B INC 104.21 - 0.43 5.65 GBP Distributing Class £ 9.82 - -0.03 3.26 UK Gilt Gross £ 2.03 - 0.00 1.91 Corp Pens Fixed Interest 296.64 296.64 0.00 -
Arisaig Partners Cash Fund £ 1.00 1.00 0.00 0.15 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Other International Funds Australia A GBP Inc £ 70.66 - 0.80 1.95
CF Seneca Diversified Income N INC 103.19 - 0.43 5.65 GBP Distributing Class (H) £ 8.66 - 0.01 3.34 UK Long Corp Bond £ 1.36 - 0.00 4.32 Corp Pens Index Linked 334.16 334.16 -2.94 -
Gross Accum Cash £ 1.28 1.28 0.00 0.00
Arisaig Africa Consumer Fund Limited $ 13.48 - 0.05 0.00 Baring China Bond Fund $ 9.80 - 0.00 0.00 Investment Adviser - DSM Capital Partners
USD Accumulating Class $ 9.14 - 0.01 0.00 UK Long Corp Bond - Gross £ 2.45 - -0.01 4.16 Corp Pens Deposit 191.04 191.04 0.00 -
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Impax Asset Management (IRL)
Arisaig Asia Consumer Fund Limited $ 64.01 - 0.08 0.00 Baring Emerging Markets Corporate Debt Fund $ 9.15 - 0.01 0.00 The Westchester X $ 28.12 - 0.33 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund UK Long Corporate Bond Fund - Gross Income £ 10.90 - -0.02 4.30 Corp Pens Protector 356.45 356.45 0.00 - Norfolk House, 31 St James's Square, London, SW1Y 4JR
MoneyBuilder Global £ 2.64 2.64 0.03 0.20
Arisaig Global Emerging Markets Consumer UCITS € 11.98 - 0.15 0.00 Baring European Opportunities Fund Class A EUR Acc € 13.82 - 0.09 0.00 The Westchester Class 1 GBP Acc £ 20.42 - 0.19 0.00 USD Accumulating Share Class $ 15.72 - 0.24 0.00 Retail Share Classes FCA Recognised
OEIC Funds Corp Pens UK Index Tracker £ 1.92 1.92 0.00 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.18 - 0.02 0.00 Baring Global Mining Fund - Class A GBP Inc £ 3.51 - 0.06 0.65 The Westchester Class 2 GBP Acc £ 20.47 - 0.20 0.00 GBP Accumulating Share Class £ 17.39 - 0.20 0.00 Emerging Markets - retail £ 1.25 - 0.00 0.07 Env Mkts (Ire) Stl A £ 2.26 - 0.02 0.00
American £ 27.27 - 0.34 0.00 Guardian Linked Life Assurance Ltd
Arisaig Latin America Consumer Fund $ 20.18 - 0.05 0.00 Investment Adviser - Morant Wright Management Limited {*}CAR - Net income reinvested Env Mkts (Ire) Euro A € 2.12 - 0.04 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.56 - 0.00 0.00 GBP Distributing Share class £ 12.65 - 0.15 0.83 Managed Acc £ 17.87 18.81 0.00 -
American Special Sits £ 11.77 - 0.10 0.00
CF Morant Wright Japan A X 278.84 - -1.78 0.00
Eastern Europe A GBP Inc £ 40.28 - 0.07 1.72 EUR Accumulating Share Class € 21.62 - 0.39 0.00 Equity Acc £ 32.37 34.07 0.00 - Env Mkts (Ire) USD A $ 1.76 - 0.02 0.00
Asia Pacific Ops W-Acc £ 1.09 - 0.00 0.42
CF Morant Wright Japan A Inc X 274.73 - -1.75 0.00 FIL Fund Management (LUX)
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.01 - 0.01 6.56 Dodge & Cox Worldwide Funds plc-International Stock Fund Fixed Interest Acc £ 17.02 17.92 0.00 -
Fidelity Asian Dividend Fund A-Accumulation £ 1.10 - 0.00 1.43 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
CF Morant Wright Japan B X 296.79 - -1.88 0.50 USD Accumulating Share Class $ 13.44 - 0.24 0.00
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00
Fidelity Asian Dividend Fund A-Income £ 1.03 - 0.00 3.52
Phone: 800 22 089, 800 22 088 International Acc £ 13.30 14.00 0.00 - INDIA VALUE INVESTMENTS LIMITED (INVIL)
CF Morant Wright Japan B Inc X 279.86 - -1.78 0.52 EUR Accumulating Share Class € 14.48 - 0.28 0.00 Regulated www.invil.mu
Glb Emerging Markets A GBP Inc H £ 18.93 - 0.02 0.00 International S-NA Acc £ 6.84 7.19 0.01 -
China Consumer £ 1.50 - 0.00 0.08 China Consumer A-GBP £ 14.85 - -0.07 0.00 Other International Funds
CF Morant Wright Nippon Yield ACC A X 283.69 - -2.23 2.06 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Glb Resources A GBP Inc H £ 10.70 - 0.18 0.37 International S-PA Acc £ 4.13 4.34 0.00 - NAV £ 7.91 - 0.02 0.00
USD Accumulating Share Class $ 17.93 - 0.26 0.00 Emerging Asia £ 1.18 - 0.00 0.14 China Focus A-GBP £ 4.40 - -0.03 0.71
CF Morant Wright Nippon Yield ACC B X 294.27 - -2.31 2.06
High Yield Bond A GBP Hedged Inc H £ 6.09 - 0.02 7.10 International S-EU Acc £ 3.33 3.50 0.00 -
Artemis Fund Managers Ltd (1200)F (UK) GBP Accumulating Share Class £ 18.75 - 0.19 0.00 Emerg Eur, Mid East & Africa H £ 1.28 - 0.01 0.97 Global Financial Services A-GBP £ 0.45 - 0.00 0.11
CF Morant Wright Nippon Yield Fund A Inc X 246.60 - -1.94 2.10
57 St. James's Street, London SW1A 1LD 0800 092 2051 Hong Kong China A GBP Inc £ 594.05 - -0.60 0.59 Managed S-PR Acc £ 6.79 7.15 0.00 -
GBP Distributing Share Class £ 11.92 - 0.12 0.57 Enhanced Income - Acc £ 1.92 - 0.01 6.45 Global Health Care A-GBP £ 0.58 - 0.00 0.00 Intrinsic Value Investors (IVI) LLP (IRL)
Authorised Inv Funds CF Morant Wright Nippon Yield Fund B Inc X 255.87 - -2.01 2.09
India Fund - Class A GBP Inc £ 14.28 - -0.05 0.00 Fixed Interest S-IL Acc £ 6.43 6.77 0.00 - 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis Capital R ACC 1280.80 1353.45 6.18 1.24 EUR Accumulating Share Class € 21.29 - 0.36 0.00 Enhanced Income - Inc £ 1.22 - 0.01 7.18 Global Industrials A-GBP £ 0.64 - 0.00 0.00 FCA Recognised
Latin America A USD Inc H $ 25.29 - 0.27 0.23 Deposit Accum £ 4.44 4.67 0.00 -
Artemis European Growth R Acc 246.37 259.98 0.61 1.19 European - Inc £ 1.43 - 0.01 0.77 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.00 0.56 IVI European Fund EUR € 17.89 - 0.34 0.00
MENA A GBP Inc F * £ 12.10 - -0.05 0.66 Cavendish Asset Management Limited (1200)F (UK) Guardian Pensions Management Ltd
Artemis European Opps R Acc 75.93 80.13 0.23 0.82 Chelsea House, Westgate, London W5 1DR European £ 16.27 - 0.06 1.16 Global Real Asset Securities £ 1.38 - 0.01 0.00 IVI European Fund GBP £ 17.64 - 0.15 1.02
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Pens. Managed Acc. £ 23.29 24.51 0.00 -
Artemis Global Emg Mkts I GBP Acc 80.95 - -0.08 - European Opportunities £ 3.86 - 0.02 0.24 Global Technology A-GBP £ 0.27 - 0.00 0.00
Authorised Inv Funds Pens. Equity Acc. £ 34.21 36.01 0.00 -
Artemis Global Emg Mkts I GBP Dist 80.96 - -0.07 - Baring International Fd Mgrs (Ireland) (IRL) Extra Income £ 0.26 - 0.00 3.29 Global Telecomms A-GBP £ 0.29 - 0.00 1.17
Cavendish Opportunities Fund B Class 1053.00 - 5.00 1.66
Regulated
Artemis Global Energy R Acc 20.77 22.06 0.61 0.00 Cavendish Opportunities Fund A Class 1047.00 - 4.00 0.82 Extra Income - Gross £ 0.26 - 0.00 3.29 India Focus A-GBP £ 4.35 - -0.02 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00
HPB Assurance Ltd
Artemis Global Growth R Acc 182.59 192.67 0.63 0.81 Cavendish Opportunities Fund C Acc 1096.00xd - 5.00 1.48 Global Dividend - Acc £ 1.62 - 0.00 3.08 Latin America A-GBP £ 1.30 - 0.00 0.65
Dragon Capital Group Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artemis Global Income R Acc 95.38 100.76 0.48 4.09 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Dividend - Inc £ 1.44 - 0.01 3.27 International Insurances
Cavendish Worldwide Fund B Class 302.40 - 1.50 0.70
Barings (Luxembourg) (LUX)
Fund information, dealing and administration: funds@dragoncapital.com Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Artemis Global Income R Inc 76.80 81.14 0.39 4.26 FCA Recognised Cavendish Worldwide Fund A Class 301.80 - 1.50 0.00 Global Focus £ 13.46 - 0.10 0.00
Other International Funds Findlay Park Funds Plc (IRL) Invesco Fund Managers Ltd (UK)
Russia A GBP Inc F £ 25.22 - 0.40 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Artemis Global select R Acc 72.63 76.64 0.23 0.00 Cavendish Worldwide Fund C Acc 310.20xd - 1.50 0.62 Vietnam Enterprise Inv. (VEIL) NAV $ 3.59 - 0.09 0.00 Global High Yield Fund - A Gross Acc £ 11.72 - 0.02 4.86 Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
FCA Recognised Dealing: 0800 085 8571
Artemis High Income R Inc 77.20 82.29 0.09 5.83 Cavendish AIM Fund B Class 160.50 - 0.20 0.71 Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.53 0.00 Global High Yield Fund - A Gross Inc £ 9.70 - 0.02 5.53
American Fund USD Class $ 81.03 - 0.76 0.00 Investor Services: 0800 085 8677
Artemis Income R Inc 203.44 215.66 0.97 4.22 BlackRock (JER) Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00 Global High Yield Fund - A Net Acc £ 11.28 - 0.02 4.92 Hargreaves Lansdown Fd Mgrs (1100)F (UK) www.invescoperpetual.co.uk
Cavendish AIM Fund A Class 156.40 - 0.30 0.00 American Fund GBP Hedged £ 43.77 - 0.23 0.00
Regulated PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Authorised Inv Funds
Artemis Income R Acc 346.93 367.78 1.65 4.10 Cavendish Asia Pacific Fund B Class 156.50 - 0.30 1.74 Global High Yield Fund - A Net Inc £ 9.69 - 0.02 5.53 Enquiries 0117 90090000 INVESCO PERPETUAL Funds
BlackRock UK Property £ 41.21 - 0.17 3.37 American Fund GBP Unhedged £ 54.10 - 0.51 -
www.hl.co.uk
Artemis Monthly Dist R Inc 62.27 66.09 0.11 4.61 Cavendish Asia Pacific Fund A Class 156.60 - 0.30 0.77 Global Property - Acc £ 1.50 - 0.00 1.31 Asian Acc ♦ F 434.90 - 2.14 0.92
Blackrock UK Long Lease £ 1071.52 - 0.97 0.00 DSM Capital Partners Funds (LUX) Latin American Fund USD Class $ 11.08 - 0.00 0.00 Authorised Inv Funds
Artemis Pan-Euro Abs Ret GBP 112.67 - 0.09 - www.dsmsicav.com Global Property W Inc £ 1.23 - 0.01 3.06 Hargreaves Lansdown Funds Asian Inc ♦ F 388.49 - 1.92 0.93
Cavendish Asia Pacific Fund C Acc 163.50 - 0.30 1.71 Latin American Fund GBP Unhedged £ 7.47 - 0.03 -
BLK Intl Gold & General $ 3.93 4.15 0.05 0.00 Regulated Unit Trust
Artemis Strategic Assets R Acc 73.43 77.77 0.08 0.00 Cavendish European Fund B Class 143.70 - 1.10 1.12 Global Special Sits £ 26.34 - 0.10 0.00 Asian Equity Income Acc ♦ F 55.86 - 0.16 4.69
Global Growth I2 Acc € 139.41 - 2.70 0.00
HL Multi-Manager Special Situations Trust A Acc 269.43 283.61 1.52 0.52
Artemis Strategic Bond R M Acc 83.11 88.28 -0.02 4.04 Cavendish European Fund A Class 142.50 - 1.10 0.30 Index Emerging Markets P-Acc £ 0.96 - 0.00 2.70 Asian Equity Income Inc ♦ F 46.44 - 0.13 4.82
Global Growth I1 Eur € 104.25 - 2.01 -
BONHOTE HL Multi-Manager Special Situations Trust M Acc 269.44 283.62 1.53 0.42
Artemis Strategic Bond R M Inc 53.46 56.79 -0.01 4.12 Cavendish Japan Fund B Class 159.80 - -0.90 0.73 Index Europe ex UK P-Acc £ 1.03 - 0.00 2.43 Balanced Risk 6 Acc 51.30 - 0.11 0.00
Other International Funds
HL Multi-Manager Income & Growth Trust A Acc 165.30 173.92 2.08 3.83
Artemis Strategic Bond R Q Acc 83.19 88.37 -0.02 4.10 Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28 Cavendish Japan Fund A Class 158.90 - -0.90 0.00 Index Japan P-Acc £ 1.14 - -0.01 1.53 Balanced Risk 8 Acc 52.38 - 0.17 0.00
Eclectica Asset Management (UK) HL Multi-Manager Income & Growth Trust M Acc 165.31 173.92 2.08 1.79
Artemis Strategic Bond R Q Inc 53.67 57.01 -0.01 4.18 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92 Cavendish North American Fund B Class 195.50 - 2.80 0.51 40 Dukes Place, London EC3A 7NH Index Pacific ex Japan P-Acc £ 1.03 - 0.00 3.98 Balanced Risk 10 Acc 53.39 - 0.21 0.13
HL Multi-Manager Income & Growth Trust A Inc 99.10 104.28 1.24 3.91
Asset Management
Order Desk and Enquiries: 0345 608 0941
Artemis UK Growth R Acc 459.14 486.35 1.82 0.54 Cavendish North American Fund A Class 190.00 - 2.70 0.00 Index UK A-Acc £ 0.83 - 0.00 2.86 Childrens Acc ♦ F 395.74 - 2.92 1.79
Authorised Corporate Director - Capita Financial Managers
Fleming Financial Trust Investment Fund Limited (NZ) HL Multi-Manager Income & Growth Trust M Inc 99.10 104.27 1.24 1.81
Artemis UK Smaller Cos R Acc 1167.38 1258.85 5.82 0.48 Authorised Inv Funds Index UK P-Acc £ 1.02 - 0.01 3.10 Corporate Bd Acc (Gross) ♦ F 206.69 - -0.12 3.50
Braemar Group PCC Limited (GSY) Cavendish Technology Fund B Class 294.30 - 2.10 0.02 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.45 - 0.02 0.00 HL Multi-Manager Balanced Managed Trust A Acc 183.86 193.38 1.20 1.10
Regulated Index US A-Acc £ 1.68 - 0.02 1.40 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Corporate Bd Inc (Gross) ♦ F 87.83 - -0.05 3.60
Artemis UK Special Sits R Acc 524.45 557.63 2.69 1.63 Cavendish Technology Fund A Class 279.50 - 2.00 0.00
UK Agricultural Class A £ 1.27 - 0.01 0.00 www.fftinvestmentfund.com HL Multi-Manager Balanced Managed Trust M Acc 183.87 193.39 1.21 0.71
CF Eclectica Agriculture A GBP Acc ♦ 105.91 - 0.91 0.00 Index US P-Acc £ 1.29 - 0.01 1.60 Corporate Bond Acc ♦ F 183.83 - -0.11 3.52
Artemis US Abs Ret I Acc 108.85 - -0.16 0.00 Cavendish UK Balanced Income Fund B Class 136.70 - 0.60 4.90 info@fftinvestmentfund.com
UK Agricultural Class B £ 1.39 - -0.02 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - 0.02 0.00 HL Multi-Manager Equity & Bond Trust A Inc 108.55 114.09 0.57 2.25
Index World A-Acc £ 1.45 - 0.01 1.77 Other International Funds Corporate Bond Inc ♦ F 87.69 - -0.05 3.59
Artemis US Equity I Acc 117.46 - 0.60 0.28 Cavendish UK Balanced Income A Class 129.90 - 0.50 5.16
Student Accom Class B £ 0.55 - -0.17 0.00 Fleming FT Investment Fund HL Multi-Manager Equity & Bond Trust M Inc 108.54 114.07 0.57 1.04
CF Eclectica Agriculture C EUR Acc ♦ € 1.50 - 0.02 0.32 Index World P-Acc £ 1.18 - 0.01 1.88 Distribution Acc ♦ F 108.29 - 0.19 4.47
Artemis US Select I Acc 119.63 - 0.58 0.12 Cavendish UK Select Fund B Class 144.50 - 0.80 2.28 Fleming Fund £ 4.52 4.52 -0.01 -
CF Eclectica Agriculture C GBP Acc ♦ 109.96 - 0.94 0.38 HL Multi-Manager Equity & Bond Trust A Acc 147.25 154.76 0.78 2.22
24
Fund Bid Offer +/- Yield
Distribution Acc (Gross) ♦ F 124.10 - 0.22 4.45
Distribution Inc ♦ F 62.91 - 0.11 4.56
Distribution Inc (Gross) ♦ F 62.94 - 0.11 4.56
Emerging European Acc ♦ F 33.05 - 0.22 2.84
Emerging European Inc ♦ F 30.13 - 0.20 2.91
European Equity Acc ♦ F 843.53 - 2.28 1.51
European Equity Inc ♦ F 703.84 - 1.90 1.54
European Equity Income Acc ♦ F 73.32 - 0.22 3.46
European Equity Income Inc ♦ F 55.74 - 0.17 3.55
European High Income Acc ♦ F 80.55 - 0.12 3.49
European High Income Inc ♦ F 58.39 - 0.09 3.55
European Opportunities Inc ♦ F 84.63 - 0.40 1.12
European Opportunities Acc ♦ F 87.54 - 0.41 1.11
European Smlr Cos Acc ♦ F 193.82 - 1.20 0.23
Global Bd Acc (Gross) ♦ F 131.61 - -0.13 1.17
Global Bd Inc (Gross) ♦ F 81.04 - -0.07 1.18
Global Bond Acc ♦ F 123.64 - -0.11 1.17
Global Bond Inc ♦ F 80.98 - -0.08 1.18
Glbl Distribution Acc 52.66 - 0.16 4.91
Glbl Distribution Acc (Gross) 53.40 - 0.17 4.91
Glbl Distribution Inc 49.90 - 0.15 4.93
Glbl Distribution Inc (Gross) 49.92 - 0.15 4.93
Global Emerging Markets Acc ♦ F 235.46 - 1.22 0.99
Global Emerging Markets Inc ♦ F 212.33 - 1.10 1.00
Global Equity (acc) ♦ F 474.33 - 2.94 0.64
Global Equity (inc) ♦ F 430.00 - 2.66 0.64
Global Equity Income Acc ♦ F 121.39 - 0.76 3.60
Global Equity Income Inc ♦ F 98.59 - 0.62 3.70
Gbl Financial Capital Acc 89.05 - 0.10 4.29
Gbl Financial Capital Inc 74.93 - 0.08 4.42
Gbl Financial Cap Acc Gross 93.25 - 0.10 4.78
Gbl Financial Cap Inc Gross 75.15 - 0.08 4.97
Global Opportunities Acc ♦ F 94.66 - 0.72 0.47
Global Smaller Cos Acc ♦ F 1681.49 - 8.73 0.20
Global Smaller Cos Inc ♦ F 1605.63 - 8.35 0.20
Global Targeted Rets Acc 56.54 - 0.01 0.29
High Income Acc ♦ F 830.81 - 3.78 3.28
High Income Inc ♦ F 458.30 - 2.09 3.36
High Yield Fund Acc 104.81 - 0.07 5.23
High Yield Fund Acc (Gross) 122.44 - 0.08 5.19
High Yield Fund Inc 41.47 - 0.03 5.37
High Yield Fund Inc (Gross) 41.55 - 0.03 5.37
Hong Kong & China Acc ♦ F 477.62 - 0.88 0.74
Income & Growth Acc ♦ F 954.43 - 4.64 4.05
Income & Growth Inc ♦ F 414.08 - 2.01 4.17
Income Acc ♦ F 3188.20 - 13.50 3.13
Income Inc ♦ F 1773.09 - 7.50 3.20
Japan Acc ♦ F 314.95 - -0.24 0.31
Japanese Smlr Cos Acc ♦ F 66.70 - -1.74 0.00
Latin America Acc ♦ F 97.41 - 0.91 1.14
Latin America Inc ♦ F 81.09 - 0.76 1.16
Managed Growth Acc ♦ F 161.06 - 1.13 0.71
Managed Growth Inc ♦ F 134.08 - 0.94 0.71
Managed Income Acc ♦ F 159.78 - 0.83 2.97
Managed Income Inc ♦ F 97.37 - 0.51 3.02
Money Acc ♦ F 90.19 - 0.00 0.21
Money Acc (Gross) ♦ F 95.32 - 0.00 0.21
Monthly Income Plus Acc ♦ F 294.38 - 0.20 4.84
Monthly Income Plus Acc (Gross) ♦ F 346.52 - 0.24 4.82
Monthly Income Plus Inc ♦ F 108.11 - 0.07 4.95
Monthly Income Plus Inc (Gross) ♦ F 108.29 - 0.07 4.94
Pacific Acc ♦ F 983.12 - 2.07 0.38
Pacific Inc ♦ F 899.66 - 1.90 0.38
Tactical Bond Acc ♦ F 68.49 - 0.00 0.81
Tactical Bond Inc ♦ F 59.38 - 0.00 0.82
Tactical Bond Acc (Gross) ♦ F 71.07 - 0.01 0.81
Tactical Bond Inc (Gross) ♦ F 59.44 - 0.00 0.82
UK Focus Acc F 197.62 - 1.78 1.83
UK Focus Inc F 164.57 - 1.48 1.86
UK Growth Acc ♦ F 540.86 - 4.07 1.87
UK Growth Inc ♦ F 343.14 - 2.58 1.90
UK Smaller Cos Equity Acc ♦ F 888.95 - 4.37 0.77
UK Smaller Cos Equity Inc ♦ F 680.74 - 3.35 0.78
UK Strategic Income Acc ♦ F 185.37 - 0.82 3.50
UK Strategic Income Inc ♦ F 136.57 - 0.61 3.59
US Equity Acc ♦ F 547.55 - 9.70 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 182.36 - 0.90 1.47
Asian (No Trail) Inc ♦ F 164.04 - 0.81 1.49
Asian Equity Income (No Trail) Acc ♦ F 114.41 - 0.33 4.67
Asian Equity Income (No Trail) Inc 95.13 - 0.27 4.80
Balanced Risk 6 No Trail Acc 104.56 - 0.23 0.16
Balanced Risk 8 No Trail Acc 106.73 - 0.34 0.43
Balanced Risk 10 No Trail Acc 108.80 - 0.43 0.59
Corporate Bond (No Trail) Acc ♦ F 163.63 - -0.11 3.76
Corporate Bond (No Trail) Inc ♦ F 115.91 - -0.08 3.85
Distribution (No Trail) Acc ♦ F 166.24 - 0.30 4.46
Distribution (No Trail) Inc ♦ F 109.94 - 0.19 4.55
Emerging European (No Trail) Acc ♦ F 68.79 - 0.45 3.40
Emerging European (No Trail) Inc ♦ F 60.80 - 0.40 3.51
European Equity (No Trail) Acc ♦ F 149.02 - 0.40 2.06
European Equity (No Trail) Inc ♦ F 123.51 - 0.34 2.10
European Equity Income (No Trail) Acc ♦ F 151.12 - 0.46 3.46
European Equity Income (No Trail) Inc ♦ F 114.92 - 0.34 3.54
European High Income (No Trail) Acc ♦ F 166.04 - 0.24 3.48
European High Income (No Trail) Inc ♦ F 120.35 - 0.18 3.54
European Opportunities (No Trail) Acc ♦ F 183.38 - 0.87 1.64
European Opportunities (No Trail) Inc ♦ F 171.43 - 0.81 1.67
European Smaller Companies (No Trail) Acc ♦ F 238.16 - 1.47 0.74
Global Balanced Index (No Trail) Acc ♦ F 158.75 - 0.68 2.03
Global Bond (No Trail) Acc ♦ F 138.97 - -0.13 1.42
Global Bond (No Trail) Inc ♦ F 125.64 - -0.12 1.43
Glbl Distribution Acc (No Trail) 106.15 - 0.32 3.89
Glbl Distribution Inc (No Trail) 100.60 - 0.31 3.97
Gbl Emerging Markets (No Trail) Acc ♦ F 154.41 - 0.80 1.59
Gbl Emerging Markets (No Trail) Inc ♦ F 143.48 - 0.74 1.61
Global Equity (No Trail) acc ♦ F 209.50 - 1.30 1.18
Global Equity (No Trail) inc ♦ F 193.84 - 1.21 1.20
Global Equity Income (No Trail ) Acc ♦ F 251.25 - 1.57 3.59
Global Equity Income (No Trail) Inc ♦ F 204.06 - 1.27 3.69
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 175.98 - 1.20 1.55
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 203.69 - 1.53 2.04
Gbl Fin Cap No Trail Acc 181.58 - 0.20 4.28
Gbl Fin Cap No Trail Inc 152.82 - 0.17 4.41
Global Opportunities (No Trail) Acc ♦ F 243.73 - 1.85 1.02
Global Smaller Companies (No Trail) Acc ♦ F 245.80 - 1.28 0.75
Global Smaller Companies (No Trail) Inc ♦ F 234.87 - 1.23 0.75
Global Targeted Rets (No Trail) Acc 114.30 - 0.03 0.83
High Income (No Trail) Acc ♦ F 177.75 - 0.81 3.27
High Income (No Trail) Inc ♦ F 130.69 - 0.60 3.35
High Yield Fund (No Trail) Acc 217.33 - 0.14 5.22
High Yield Fund (No Trail) Inc 160.18 - 0.11 5.35
Hong Kong & China (No Trail) Acc ♦ F 189.53 - 0.36 1.24
Income & Growth (No Trail) Acc ♦ F 224.82 - 1.10 4.03
Income & Growth (No Trail) Inc ♦ F 177.97 - 0.86 4.15
Income (No Trail) Acc ♦ F 175.29 - 0.74 3.12
Income (No Trail) Inc ♦ F 128.34 - 0.55 3.19
Japan (No Trail) Acc ♦ F 149.74 - -0.11 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 169.99 - -4.44 0.00
Latin American (No Trail) Acc ♦ F 94.25 - 0.89 1.85
Latin American (No Trail) Inc ♦ F 84.64 - 0.80 1.88
Managed Growth (No Trail) Acc ♦ F 195.37 - 1.37 1.23
Managed Growth (No Trail) Inc ♦ F 179.67 - 1.26 1.24
Managed Income (No Trail) Acc ♦ F 191.58 - 1.00 2.96
Managed Income (No Trail) Inc ♦ F 156.57 - 0.81 3.02
Monthly Income Plus (No Trail) Acc ♦ F 169.89 - 0.11 4.83
Monthly Income Plus (No Trail) Inc ♦ F 106.62 - 0.07 4.93
Fund Bid Offer +/- Yield
Pacific (No Trail) Acc ♦ F 182.48 - 0.39 0.87
Pacific (No Trail) Inc ♦ F 171.67 - 0.36 0.95
Tactical Bond (No Trail) Acc ♦ F 140.25 - 0.00 1.31
Tactical Bond (No Trail) Inc ♦ F 118.90 - 0.01 1.32
UK Focus (No Trail) Acc F 162.68 - 1.47 2.38
UK Focus (No Trail) Inc F 136.88 - 1.23 2.43
UK Enhanced Index (No Trail) Acc ♦ F 397.66 - 2.18 3.60
UK Enhanced Index (No Trail) Inc ♦ F 247.68 - 1.37 3.69
UK Growth (No Trail) Acc ♦ F 143.14 - 1.08 2.40
UK Growth (No Trail) Inc ♦ F 117.13 - 0.89 2.45
UK Smaller Companies Equity (No Trail) Acc ♦ F 289.58 - 1.43 1.26
UK Smaller Companies Equity (No Trail) Inc ♦ F 267.15 - 1.32 1.28
UK Strategic Income (No Trail) Acc ♦ F 736.73 - 3.26 3.50
UK Strategic Income (No Trail) Inc ♦ F 542.81 - 2.40 3.58
US Equity (No Trail) Acc ♦ F 228.14 - 4.05 0.11
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.86 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.77 - 0.05 3.72
Invesco Asia Consumer Demand Fund A income $ 12.41 - 0.05 0.24
Invesco Asia Infrastructure (A) $ 12.14 - 0.09 0.78
Invesco Asia Opportunities Equity A $ 100.99 - 0.48 0.00
Invesco Balanced Risk Allocation Fund A € 14.52 - 0.03 0.00
Invesco Emerging Europe Equity Fund A $ 7.50 - 0.12 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.63 - -0.01 6.93
Invesco Emerging Mkt Quant.Eq. A $ 8.94 - 0.08 0.00
Invesco Energy A $ 15.86 - 0.33 0.00
Invesco Euro Corporate Bond Fund (A) € 17.00 - -0.02 0.00
Invesco Euro Inflation Linked Bond A € 15.47 - -0.03 0.00
Invesco Euro Reserve A € 322.69 - -0.01 0.00
Invesco Euro Bond A € 7.11 - -0.01 0.00
Invesco European Growth Equity A € 24.63 - 0.39 0.00
Invesco Global Absolute Return Fund A Class € 11.73 - 0.01 0.00
Invesco Global Bond A Inc $ 5.50 - 0.00 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.88 - 0.01 0.00
Invesco Global Equity Income Fund A $ 58.63 - 0.79 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.05 - 0.03 2.23
Invesco Global Inv Grd Corp Bond A Dist $ 11.80 - -0.01 3.03
Invesco Global Leisure A $ 36.24 - 0.18 0.00
Invesco Global Smaller Comp Eq Fd A $ 56.87 - 0.32 0.00
Invesco Global Structured Equity A $ 46.33 - 0.43 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.14 - -0.01 0.00
Invesco Gold & Precious Metals A $ 3.50 - 0.00 0.00
Invesco Greater China Equity A $ 44.48 - 0.54 0.00
Invesco India Equity A $ 51.57 - 0.42 0.00
Invesco Japanese Equity Adv Fd A ¥ 3803.00 - 0.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1280.00 - 0.00 0.00
Invesco Latin American Equity A $ 5.50 - 0.03 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1035.00 - 0.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 19.06 - 0.45 0.00
Invesco Pan European High Income Fd A € 13.73 - 0.04 2.38
Invesco Pan European Small Cap Equity A € 23.00 - 0.22 0.00
Invesco Pan European Structured Equity A € 17.30 - 0.27 0.00
Invesco UK Eqty Income A £ 31.75 - 0.36 0.00
Invesco UK Investment Grade Bond A £ 0.97 - -0.01 2.90
Invesco US Structured Equity A $ 20.82 - 0.16 0.00
Invesco US Value Eq Fd A $ 30.48 - 0.30 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.59 - 0.00 3.30
Invesco Asian Equity A $ 6.21 - 0.03 0.53
Invesco ASEAN Equity A $ 87.05 - 0.24 0.45
Invesco Bond A $ 26.75 - -0.02 2.22
Invesco Continental Eurp Small Cap Eqty A $ 198.89 - 1.36 0.00
Invesco Emerging Markets Equity A $ 34.77 - 0.27 0.00
Invesco Emerging Markets Bond A $ 20.33 - -0.01 4.73
Invesco Continental European Equity A € 8.73 - 0.13 0.19
Invesco Gilt A £ 14.86 - -0.10 1.40
Invesco Global Small Cap Equity A NAV $ 118.08 - 0.71 0.00
Invesco Global High Income A NAV $ 11.66 - 0.02 5.46
Invesco Gbl R/Est Secs A GBP F F £ 7.89 - 0.02 0.89
Invesco Global Health Care A $ 127.78 - 0.54 0.00
Invesco Global Select Equity A $ 12.96 - 0.17 0.00
Invesco Jap Eqty Core A $ 1.80 - 0.00 0.00
Invesco Japanese Equity A $ 19.02 - 0.02 0.00
Invesco Korean Equity A $ 31.42 - 0.00 0.00
Invesco PRC Equity A $ 52.27 - 0.52 0.00
Invesco Pacific Equity A $ 47.02 - 0.24 0.19
Invesco Global Technology A $ 16.09 - 0.07 0.00
Invesco UK Eqty A £ 7.95 - 0.18 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 62.62 - 0.82 0.00
Invest AD - Emerging Africa Fund $ 894.49 - -4.24 0.00
Invest AD - GCC Focus Fund $ 1416.22 - -10.71 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 62.58xd - 0.76 0.00
America Equity Inc 62.58xd - 0.77 0.00
Asia Acc 120.10 - -0.10 0.32
Asia Inc 66.67 - -0.05 0.31
Cautious Managed Rt Acc 67.73xd - -0.06 0.47
Cautious Managed Rt Inc 59.57xd - -0.06 0.47
Diversified Real Ret Acc 50.10 - 0.10 1.07
Diversified Real Ret Inc 48.67 - 0.11 1.09
Emerging Mkts Acc 133.40 - 0.70 0.78
Emerging Mkts Inc 57.37 - 0.30 0.78
Emrg Eur Eq Acc 132.40 - 0.40 2.74
Asset Management
Emrg Eur Eq Inc
Emrg Mkts Inc Acc... C
31.46
46.45xd
-
-
0.08 2.70
0.16 5.32
Emrg Mkts Inc Inc... C 40.53xd - 0.14 5.47
Europe Acc 1074.00 - 4.00 1.45
Europe Inc 61.84 - 0.23 1.45
Eur Dynamic exUK Acc 163.40 - 0.50 0.80
Eur Dynamic exUK £ hdg Acc 186.20 - 0.70 0.71
Eur Dynamic exUK Inc 75.02 - 0.22 0.80
Eur Smaller Cos Acc 514.90xd - 3.20 0.03
Eur Smaller Cos Inc 66.95xd - 0.41 0.02
Fusion Balanced Acc 54.93 - 0.26 0.47
Fusion Balanced Inc 55.33 - 0.26 0.47
Fusion Conservative Acc 54.23 - 0.20 0.65
Fusion Conservative Inc 54.17 - 0.20 0.67
Fusion Growth Acc 56.53 - 0.41 0.47
Fusion Growth Inc 56.53 - 0.41 0.47
Fusion Growth + Acc 59.16 - 0.47 0.47
Fusion Growth + Inc 59.17 - 0.47 0.47
Fusion Income Acc...C 53.70xd - 0.18 2.37
Fusion Income Inc...C 50.74xd - 0.17 2.41
Global Allocation Acc 52.98xd - 0.20 0.91
Global Allocation Inc 52.17xd - 0.20 0.92
Global Bond exUK Acc 251.10 - -0.30 0.74
★ FINANCIAL TIMES Tuesday 29 December 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Global Bond exUK Inc 197.50 - -0.20 0.74 Eq Market Neutral B Acc 1022.09 - -0.36 - Sands US Growth PA $ 17.38 - 0.11 0.00 Euro Bond A F € 15.68 - -0.03 0.00
Global Bond Opport. Acc 48.49xd - 0.06 2.91 Eq Market Neutral Plus B Acc 1036.08 - -0.67 - Will.Blair Gbl. Ldrs PA € 16.16 - 0.29 0.00 MMIP Investment Management Limited (GSY) Euro Corporate Bond AX F £ 21.73 - -0.20 1.52
Regulated
Global Bond Opport. Inc 47.36xd - 0.06 2.98 High Yield Global Bond A GBP Inc 513.17 - 1.20 5.26 Will.Blair Gbl. Ldrs PA $ 13.11 - 0.13 0.00 Euro Strategic Bond A F € 43.19 - -0.07 0.00
Multi-Manager Investment Programmes PCC Limited
Global Eq Income £ hdg Acc... C 68.51xd - 0.43 3.16 High Yield Global Bond B GBP Inc 1066.32 - 2.50 5.26 European Currencies High Yield Bd A F € 21.39 - 0.00 0.00
European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00
Global Eq Income £ hdg Inc ... C 49.03xd - 0.31 3.23 Investment Grade Global Bd A GBP Inc 551.92 - -0.34 2.34 Lothbury Property Trust (UK) European Equity Alpha A F € 42.72 - 1.00 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Global Eq Income Acc... C 72.48xd - 0.38 3.11 Kames Global Equity Income B GBP Acc 1201.69 - 8.04 - European Property A F € 35.38 - 0.41 0.00
Property & Other UK Unit Trusts MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 Oasis Crescent Management Company Ltd
Global Eq Income Inc ... C 62.79xd - 0.33 3.17 Kames Global Equity Income B GBP Inc 1145.49 - 7.67 - Eurozone Equity Alpha A F € 11.54 - 0.23 0.00 Other International Funds
Lothbury Property Trust GBP £ 1787.34 1916.91 11.71 3.22 Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00
Global Financials Acc 735.60 - 5.20 0.85 Strategic Global Bond A GBP Inc 1085.70 - -0.29 0.71 Global Bond A F $ 38.10 - -0.11 0.00 Oasis Crescent Equity Fund R 9.38 - -0.05 0.00
UK Equity Fd Cl A Series 01 £ 2357.45 2381.20 0.73 0.00
Global Financials Inc 41.84 - 0.30 0.86 Strategic Global Bond B GBP Inc 616.11 - -0.17 1.21 Global Brands A F $ 98.26 - 1.52 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00
Global High Yield Bd Mth Inc C 34.74xd - 0.14 7.25
Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00
Global Convertible Bond A F $ 42.06 - 0.16 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Global High Yield Bd Acc C 92.35xd - 0.37 7.22 Kleinwort Benson Bank (UK) Global Property A F $ 27.60 - 0.16 0.00
Oasis Global Investment (Ireland) Plc
14 St. George Street, Mayfair, London W1S1FE
Global High Yield Bd Inc C 34.89xd - 0.14 7.22 Indian Equity A F $ 34.43 - 0.26 0.00 Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.79
Dealing and enquiries: 0800 024 2400 Manek Investment Mgmt Ltd (1000)F (UK)
Global Property Secs Acc 58.31 - 0.43 0.58 Authorised Inv Funds P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Latin American Equity A F $ 35.94 - 0.37 0.00 Oasis Global Equity $ 27.12 - 0.22 0.23
Unit Trust Manager/ACD - Host Capital M & G Securities (1200)F (UK) Authorised Inv Funds
Oasis Crescent Global Investment Fund (Ireland) plc
Global Property Secs Inc 50.33 - 0.37 0.57 PO Box 9039, Chelmsford, CM99 2XG Short Maturity Euro Bond A F € 20.37 - 0.00 0.00
HC KB Capital Growth A Acc 169.46 - 0.50 1.36 Growth Fd Acc 52.27 55.33 0.08 0.00
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Oasis Crescent Global Equity Fund $ 27.61 - 0.23 0.00
Global Unconstrained Eq. Acc 1028.00 - 11.00 0.15 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
HC KB Capital Growth A Inc 158.68 - 0.47 1.38 Authorised Inv Funds Oasis Crescent Variable Balanced Fund £ 10.26 - 0.03 0.59
Global Unconstrained Eq. Inc 76.40 - 0.80 0.14 US Growth A F $ 68.86 - 0.42 0.00
HC KB Enterprise Equity Income A Inc 108.22 - 1.46 3.06 Charifund Inc 1432.46 - 7.75 4.83
LNG Capital (CYM) OasisCresGl Income Class A $ 10.76 - 0.01 2.40
Income Acc ... C 48.48xd - 0.06 6.64 Kingsbury House, 15-17 King St, London SW1Y 6QU US Growth AH F € 47.72 - 0.29 0.00
HC KB Enterprise Equity Income A Acc 160.79 - 2.18 3.69 Charifund Acc 19771.63 - 107.08 4.68
www.lngcapital.com, Tel: 0207 839 3456 OasisCresGl LowBal D ($) Dist $ 11.56 - 0.05 0.00
Income Inc ... C 44.86xd - 0.05 6.73 US Growth AX F £ 46.29 - 0.17 0.00
HC KB Endeavour Multi Asset Balanced A Acc 130.46 - 0.66 0.81 M&G Corporate Bond A Acc 62.38 - 0.00 3.09 Regulated OasisCresGl Med Eq Bal A ($) Dist $ 11.80 - 0.07 0.32
Japan Acc 302.10 - -5.10 0.00 US Property A F $ 68.45 - 0.20 0.00
HC KB Endeavour Multi Asset Balanced A Inc 123.99 - 0.63 0.81 M&G Corporate Bond A Inc 39.18 - 0.00 3.09 LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Oasis Crescent Gbl Property Eqty $ 9.43 - 0.06 2.07
Japan Inc 72.72 - -1.23 0.00
HC KB Enterprise Fixed Income A Acc 121.85 - -0.39 3.44 M&G Dividend A Inc 60.91 - -0.03 4.47 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
Multi-Asset Inc Mth Inc ... C 63.01xd - 0.23 3.65 Morgens Waterfall Vintiadis.co Inc
HC KB Enterprise Fixed Income A Inc 108.16 - -0.35 3.44 M&G Dividend A Acc 610.08 - -0.38 4.32 LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
Multi-Asset Inc Acc... C 84.16xd - 0.31 3.64 Other International Funds
M&G Episode Growth X Inc 51.54xd - 0.19 1.78
Phaeton Intl (BVI) Ltd (Est) $ 402.53 - 4.90 0.00
Multi-Asset Inc Inc... C 63.18xd - 0.23 3.73
M&G Episode Income A Acc 135.94xd - 0.38 3.58 Marlborough Fd Managers Ltd (1200)F (UK)
Lloyds Investment Fund Managers Limited (1000)F (JER)
Multi-Asset Macro Acc 65.22 - -0.04 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Episode Income A Inc 113.07xd - 0.30 3.65
Other International Funds www.marlboroughfunds.com
Multi-Asset Macro Inc 65.22 - -0.04 0.00
M&G Extra Income A Inc 719.03xd - 2.68 4.53 Authorised Inv Funds
Lloydstrust Gilt £ 12.1400 - -0.0800 2.38
Multi-Manager Growth Acc 734.60 - 3.00 0.45 Balanced 155.98 164.94 0.03 0.05 Odey Asset Management LLP (UK)
M&G Extra Income A Acc 5932.09xd - 22.09 4.39
Lloyds Investment Funds Limited 40 Dukes Place, London, EC3A 7NH
Multi-Manager Growth Inc 685.60 - 2.80 0.45 Bond Income 49.36 52.23 -0.09 4.95
Euro High Income € 1.6120 - -0.0030 2.97 M&G Global Basics A Inc 612.85 - 2.13 0.61 Order Desk and Enquiries: 0345 300 2106
Natural Resources Acc 322.60 - 8.20 0.13 Cash 50.05 50.05 0.00 0.32 Authorised Corporate Director - Capita Financial Managers
European £ 7.5070 - 0.1700 1.24 M&G Global Basics A Acc 931.23 - 3.23 0.57
Authorised Inv Funds
Natural Resources Inc 22.85 - 0.59 0.13 Cautious Inc 81.99 86.30 -0.05 1.33 Natixis International Funds (Lux) I SICAV (LUX)
High Income £ 0.8574 - -0.0031 4.96 M&G Global Dividend Fund A Acc 185.68 - 3.13 3.30 CF Odey Continental European GBP R Acc 720.79 - 1.56 0.19
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Portfolio Acc 201.70 - 1.30 0.68 Defensive A Inc 117.22 117.22 -0.05 0.27 FCA Recognised
International £ 3.9370 - 0.0540 1.17 M&G Global Dividend Fund A Inc 146.53 - 2.47 3.37 CF Odey Opus GBP R Inc 3729.42 - -4.51 0.00
Sterling Corporate Bond Acc 82.35xd - -0.04 2.33 Emerging Markets 222.09 222.09 1.46 1.71 Harris Global Equity R/A (USD) $ 258.76 258.76 3.41 0.00
North American £ 15.5700 - 0.2000 0.13 M&G Glbl Emrgng Mkts A Acc 183.28 - 1.16 0.94 CF Odey Absolute Return GBP R 321.52 - -0.99 0.00
Sterling Corporate Bond Inc 51.48xd - -0.02 2.33 ETF Global Growth A 152.13 152.13 1.14 0.00 Harris US Equity Fund R/A (USD) $ 207.94 207.94 3.16 0.00
Sterling Bond £ 1.4580 - -0.0070 3.63 M&G Glbl Emrgng Mkts A Inc 177.07 - 1.12 0.95 CF Odey Portfolio Fund GBP R Inc 146.50 - -0.30 0.07
Strategic Bond Acc 68.05xd - 0.01 3.24 ETF Commodity A 65.13 65.13 0.29 0.00 Harris Concentrated US Equity R/A (USD) $ 158.34 158.34 2.53 0.00
UK £ 6.3650 - 0.1300 1.69 M&G Global Macro Bond Fund A Acc 106.68xd - 0.10 1.38
Strategic Bond Inc 56.49xd - 0.01 3.24 Lloyds Gilt Fund Limited European Multi-Cap 292.50 292.50 0.43 0.29 Loomis Sayles Strategic Alpha R/A (USD) $ 109.12 109.12 0.07 -
M&G Global Macro Bond Fund A Inc 73.90xd - 0.07 1.38
Odey Asset Management LLP (CYM)
UK Dynamic Acc 161.20 - 0.80 1.46 Lloyds Gilt Fund Quarterly Share £ 1.2640 - -0.0080 1.88 Extra Income 78.96 83.56 0.67 4.39 Regulated
M&G Global High Yield Bond X Inc 47.47xd - 0.09 4.70
UK Dynamic Inc 131.80 - 0.60 1.48 Monthly Share £ 1.2140xd - -0.0080 1.88 Far East Growth A Inc 161.60 161.60 1.00 2.33 Natixis International Funds (Dublin) I plc (IRL) OEI Mac Inc GBP A £ 373.47 - 29.16 0.00
M&G Global High Yield Bond X Acc 112.33xd - 0.23 4.70
UK Eq & Bond Inc Acc ... C 141.00xd - 0.40 3.36 Lloyds Money Fund Limited Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 OEI Mac Inc GBP B £ 204.92 - 15.22 0.00
M&G Managed Growth X Inc 75.69xd - 0.38 0.57 Global 177.35 186.68 0.20 0.00
Sterling Class £ 52.6160 - 0.0000 0.12 Regulated
UK Eq & Bond Inc Inc ... C 82.05xd - 0.26 3.44 Global Bond Inc 136.42 144.36 -0.30 3.19 OEI MAC Inc USD $ 1994.35 - 156.27 0.00
Lloyds Multi Strategy Fund Limited M&G Optimal Income A Inc 141.11 - 0.17 2.63 Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.25 12.25 -0.03 1.21
UK Equity Blue Chip Acc 65.58xd - 0.29 2.15 High Yield Fixed Interest 72.90 77.35 0.20 5.71 Odey European Inc EUR € 870.27 - 63.05 0.00
Conservative Strategy £ 1.0930 - -0.0020 1.97 M&G Optimal Income A Acc 186.41 - 0.22 2.63 Loomis Sayles High Income R/D (USD) $ 8.11 8.11 0.03 14.98
UK Equity Blue Chip Inc 54.89xd - 0.24 2.19 Multi Cap Income A Inc 160.08 160.08 0.85 4.40 Odey European Inc GBP A £ 335.21 - 25.12 0.00
Growth Strategy £ 1.4710 - 0.0060 1.32 M&G Recovery GBP A Inc 115.09 - 1.00 0.76 Loomis Sayles Multisector Income R/D (GBP) $ 11.91 11.91 0.03 5.77
UK Equity Core Acc 279.70 - 1.50 3.07 Nano-Cap Growth A Acc 102.3154 112.6300 0.0776 0.00 Odey European Inc GBP B £ 190.23 - 14.27 0.00
Aggressive Strategy £ 1.8030 - 0.0170 0.00 M&G Recovery GBP A Acc 258.43 - 2.24 0.76
UK Equity Core Inc 52.74 - 0.27 3.07 Special Situations A Acc 1194.81 1264.35 2.95 0.37 Odey European Inc USD $ 401.96 - 30.18 0.00
Global USD Growth Strategy $ 1.3740 - 0.0090 0.00 M&G Strategic Corp Bond A Inc 72.46xd - 0.01 2.98 Natixis International Funds (UK)
UK Equity Growth Acc 113.20 - 0.60 1.16 Dealing Daily UK Multi-Cap Growth A Inc 242.84 256.97 0.93 0.65 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Giano Capital EUR Inc € 4456.59 - 3.33 0.00
M&G Strategic Corp Bond A Acc 104.59xd - 0.02 2.98
Authorised Funds
UK Equity Growth Inc 105.60 - 0.50 1.18 UK Micro Cap Growth A 473.25 500.79 0.24 0.00
M&G Global Leaders GBP A Inc 193.16 - 0.42 1.34 H2O MultiReturns Fund N/A (GBP) £ 1.40 - 0.00 1.40
UK Higher Inc Acc ... C 908.80 - 3.60 4.12 US Multi-Cap Income 322.96 322.96 2.60 0.63 Odey Asset Management LLP (IRL)
M&G Global Leaders GBP A Acc 454.92 - 0.97 1.32 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.05 - 0.00 0.00
MFM - Third Party Funds FCA Recognised
UK Higher Inc Inc ... C 528.20 - 2.10 4.25
M&G UK Inflation Lnkd Corp Bnd A Acc 110.72 - 0.22 0.12 Loomis Sayles Strategic Income N/D (GBP) £ 0.94 - 0.00 4.06
Junior Oils 57.50 60.85 2.23 0.00 Odey Pan European EUR R € 342.77 - 5.49 0.00
UK Smaller Cos Acc 388.40xd - 2.50 0.27
M&G UK Inflation Lnkd Corp Bnd A Inc 109.13 - 0.21 0.12 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.89 - 0.01 4.14
Junior Gold C Acc 18.50 18.50 -0.03 0.00 Odey Absolute Return Focus Fund $ 100.00 - - -
UK Smaller Cos Inc 75.21xd - 0.48 0.27
Loomis Sayles US Equity Leaders N/A (GBP) £ 1.51 - 0.00 0.25 Odey Allegra European EUR O € 262.71 - 4.34 0.00
UK Strategic Eq Inc Acc ... C 151.60xd - 0.60 3.73 MFM Artorius Fund 159.08 159.08 1.14 0.17
Lombard Odier Funds (Europe) S.A (LUX) M & G Securities Ltd (UK) Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 1.00 - 0.00 - Odey Allegra International EUR O € 176.09 - 2.48 0.00
UK Strategic Eq Inc Inc ... C 98.04xd - 0.39 3.82 www.loim.com MFM Bowland 163.94 177.23 2.41 0.00
Property & Other UK Unit Trusts
Regulated Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 1.00 - 0.00 - Odey Allegra Developed Markets USD I $ 131.29 - 1.76 0.00
US Acc 733.10 - 6.10 0.00 Charibond 122.25 - -0.04 5.29 MFM Hathaway Inc 105.15 110.10 0.16 1.89
Lombard Odier Funds
MFM SGWM Managed A Acc 125.95 125.95 -0.06 0.15 Odey European Focus Fund € 17.60 - 0.33 0.49
US Inc 101.50 - 0.90 0.00 Absolute Ret Bond (EUR) PA € 11.95 - 0.00 0.00 (Accum Units) 3619.20 - -1.19 5.29
NAACIF 74.38 - 0.50 4.71 MFM Techinvest Special Situations Acc 140.56 140.56 0.56 0.01 NatWest (2230)F (UK) Odey Atlas Fund GBP I S £ 1.14 - 0.00 0.00
US Equity Income Acc ... C 123.00xd - 1.40 2.11 Absolute Ret Bond (USD) PA $ 17.57 - -0.01 0.00 PO Box 23873, Edinburgh EH7 5WJ**
MFM Techinvest Technology Acc 345.33 345.33 6.80 0.00 Odey Giano European Fund EUR R € 122.10 - 0.18 0.00
US Equity Income £ hdg Inc ... C 99.20xd - 1.31 2.22 All Roads (CHF) PA SFr 17.24 - 0.04 0.00 (Accum Units) 6667.06 - 45.13 4.58 Enquiries: 0800 085 5588
Authorised Inv Funds Odey Naver Fund EUR I € 126.50 - -0.63 0.00
US Equity Income Inc ... C 104.40xd - 1.20 2.13 All Roads (USD) PA $ 11.00 - 0.02 0.00 M&G Property Portfolio A Acc 135.69 142.83 0.01 3.40 MFM UK Primary Opportunities A Inc 326.63 326.63 4.86 1.35
Series 1(Minimum initial investment 16375,000)
Slater Investments Ltd - Investment Adviser Odey Odyssey USD I $ 141.78 - -0.17 0.00
US Select Acc 114.20 - 1.20 0.00 All Roads (GBP) PA £ 11.24 - 0.03 0.00 Property Portfolio A 124.49 131.04 0.01 3.46 United Kingdom Equity Index Fund £ 12.32 - 0.28 2.92
MFM Slater Growth 418.07 443.58 3.42 0.11 Odey Orion Fund EUR I € 119.32 - -0.10 0.00
US Select Inc 112.80 - 1.20 0.00 All Roads (EUR) PA € 11.14 - 0.02 0.00 Property Portfolio X 124.49 124.49 0.01 3.46 UK Specialist Equity Inc £ 19.16 - 0.35 0.40
MFM Slater Income A Inc 160.71 160.71 0.97 3.81 Odey Swan Fund EUR I € 94.01 - -2.72 0.00
US Smaller Cos Acc 382.60xd - 4.50 0.00 Alpha Japan (EUR) PA F € 11.68 - 0.00 0.00 Contl Europe Spec Equity £ 15.95 - 0.19 0.00
MFM Slater Recovery 181.25 192.31 1.62 0.23 Odey European Absolute Return GBP S £ 98.42 - -0.88 0.00
US Smaller Cos Inc 100.20xd - 1.12 0.00 Alpha Japan (CHF) PA F SFr 14.57 - 0.00 0.00 M & G (Guernsey) Ltd (GSY) US Spec Equity Fund £ 14.12 - 0.12 0.00
Regulated
Alpha Japan (JPY) PA F ¥ 1388.00 - 0.00 0.00 Japan Specialist Fund X £ 9.93 - 0.01 0.00
The M&G Offshore Fund Range
Marlborough International Management Limited (GSY) Odey Wealth Management (CI) Ltd (IRL)
JPMorgan Charity Funds (UK) Alpha Japan (USD) PA F $ 16.74 - 0.00 0.00 Corporate Bond 1304.39 1344.73 0.00 3.07 Pacific Basin Specialist Equity Fund £ 21.84 - 0.04 0.92
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 www.odey.com/prices
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 FCA Recognised UK Sovereign Bd Index Fund £ 10.81 - -0.05 2.53 FCA Recognised
Alternative Beta PA F SFr 114.23 - 0.46 0.00 Global Basics 2267.70 2337.83 7.85 0.32
Property & Other UK Unit Trusts
Marlborough North American Fund Ltd £ 31.55 33.62 0.63 0.00 Odey Opportunity EUR I € 222.29 - 2.35 0.00
Alternative Beta PA F € 77.24 - 0.31 0.00 Global Leaders 3354.94 3494.73 7.26 1.06 UK Specialist Equity Income Fund £ 9.49 - 0.14 4.08
UK Equity Fund for Charities I...C £ 2.809538 2.821504 1.786384 3.52
Marlborough Tiger Fund Ltd F £ 25.38 27.05 0.24 0.00
Alternative Beta PA F $ 115.62 - 0.47 0.00 Global High Yield Bond 933.30 962.17 1.76 4.69 Global Spec Inv Grade Bd Fund GBP £ 9.73 - -0.03 3.03
Bond Fund for Charities £ 1.333069 1.339426 0.309915 3.58
Commodities (CHF) PA SFr 4.91 - 0.05 0.00 Global Macro Bond Fund 11091.94 11434.99 10.48 1.39 Global Emerg Mkts Equity Fund X £ 10.95 - 0.01 0.08 Omnia Fund Ltd
Other International Funds
Commodities (EUR) PA € 4.98 - 0.05 0.00 Marwyn Asset Management Limited (CYM) Series 2 (Investment Management customers only)
North American Dividend Fund 158.12 164.71 2.61 2.22
Regulated United Kingdom Equity Index Fund £ 12.32 - 0.28 3.57 Estimated NAV $ 855.62 - 16.81 0.00
Commodities (USD) PA $ 5.17 - 0.06 0.00 Optimal Income Fund 139.83 144.16 0.17 2.56 Marwyn Value Investors £ 458.79 - -5.08 0.00
UK Specialist Equity Inc £ 19.37 - 0.36 1.59
Convertible Bd P A € 17.45 - 0.07 0.00 Recovery Fund Limited 'A' Participating Shares 9960.76 10375.79 85.48 0.48
Contl Europe Spec Equity £ 16.65 - 0.20 1.18
Convertible Bd Asia PA F SFr 13.59 - 0.03 0.00 Recovery Fund Limited 'I' Participating Shares 9988.20 10089.09 86.17 1.33
McInroy & Wood Portfolios Limited (UK)
US Spec Equity Fund £ 14.73 - 0.12 0.37
Convertible Bd Asia PA F € 14.52 - 0.03 0.00 Strategic Corporate Bond Fund 131.57 137.05 0.02 2.96 Easter Alderston, Haddington, EH41 3SF 01620 825867
GAM Authorised Inv Funds Japan Specialist Fund X £ 10.52 - 0.00 0.64
funds@gam.com, www.jbfundnet.com Convertible Bd Asia PA F $ 14.64 - 0.03 0.00 UK Select 1506.80 1569.58 12.56 0.97
Balanced Fund Personal Class Units 3905.80xd - 22.80 1.90 Pacific Basin Specialist Equity Fund £ 21.63 - 0.05 1.90
Regulated Emerg. Consumer (CHF) PA SFr 11.33 - 0.08 0.00
Income Fund Personal Class Units 2378.80 - 17.00 2.89
JB BF ABS-EUR B € 104.75 - 0.01 0.00 UK Sovereign Bd Index Fund £ 11.00 - -0.05 2.53 Optima Fund Management
Emerg. Consumer (EUR) PA € 11.49 - 0.08 0.00
MFS Investment Funds (LUX) Emerging Markets Fund Personal Class Units 1605.10 - 8.90 2.44 Other International Funds
JB BF Abs Ret Def-EUR B € 108.81 - -0.01 0.00 UK Specialist Equity Income Fund £ 10.29 - 0.15 4.03
Emerg. Consumer (USD) PA $ 11.47 - 0.07 0.00 FCA Recognised
Cuttyhunk Fund II Limited $ 1473.36 - -17.59 0.00
JB BF Abs Ret EM-USD B $ 112.96 - -0.20 0.00 Smaller Companies Fund Personal Class Units 3653.00 - 25.30 1.70 Global Spec Inv Grade Bd Fund GBP £ 9.90 - -0.02 3.03
Blend.Research Gb.Eq.Fd. € 103.32 - -0.80 -
Emerg.Eq. Risk Par.(EUR) PA € 7.56 - 0.15 0.00 JENOP Global Healthcare Fund Ltd $ 15.01 - -0.05 0.00
JB BF Abs Ret-EUR B € 127.33 - -0.10 0.00 Blend.Research Gb.Eq.Fd. £ 101.81 - -0.54 - Global Emerg Mkts Equity Fund X £ 10.52 - 0.01 0.91
Emerg. Eq. Risk Par.(USD) PA $ 5.75 - 0.07 0.00 OPTIKA Fund Limited - Cl A $ 100.29 - -0.54 -
The initial charge you will pay will depend on the amount you invest
JB BF Abs Ret Pl-EUR B € 125.86 - -0.16 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10325.00 - -76.00 - Meridian Fund Managers Ltd
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.78 - -0.01 0.00 Other International Funds **Address and Telephone number for series 1 only Optima Fd NAV $ 89.52 - 0.11 0.00
JB BF EM Corporate-USD B $ 105.98 - 0.03 0.00 Blend.Research Gb.Eq.Fd. $ 99.95 - -0.05 -
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.21 - 0.06 0.00 Global Gold & Resources Fund $ 181.65 - 1.97 - Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
JB BF EM Infl Link-USD B $ 78.46 - -0.09 0.00 Em.Mk.Eq.Fund Euro € 110.16 - -0.91 0.00
Emerg.Loc.Cur.Bd.Fdt PA € 10.95 - 0.12 0.00 Global Energy & Resources Fund $ 34.67 - 0.79 - The Dorset Energy Fd Ltd NAV $ 21.19 - -2.22 0.00
JB BF EM Inv Grade-USD B $ 96.97 - 0.03 0.00 Em.Mk.Eq.Fund Sterling £ 95.01 - -0.56 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 8.27 - 0.02 0.00 Platinum Fd Ltd $ 85.93 - -0.34 0.00
JB Emerging (EUR)-EUR B € 327.40 - 0.11 0.00 Em.Mk.Eq.Fd.US Dollar $ 92.20 - -0.09 0.00
Euro BBB-BB Fdt PA SFr 15.34 - 0.00 0.00 Ministry of Justice Common Investment Funds (UK) Platinum Fd Ltd EUR € 16.68 - -0.07 0.00
JB Emerging (USD)-USD B $ 399.15 - 0.07 0.00 Gb.Conc.Eq.Fd.Euro € 278.01 - -1.40 0.00 Property & Other UK Unit Trusts
Euro BBB-BB Fdt PA € 12.20 - -0.01 0.00 Platinum Japan Fd Ltd $ 53.63 - -0.11 0.00
JB BF Local EM-USD B $ 243.93 - 0.50 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 170.60 - -0.44 0.00 The Equity Idx Tracker Fd Inc 1317.00 1317.00 8.00 2.86
Euro BBB-BB Fdt PA £ 10.79 - 0.00 0.00
Distribution Units New Capital Fund Management Ltd (IRL) Optima Partners Global Fd $ 14.10 - -0.17 0.00
JB BF Total Ret-EUR B € 96.62 - -0.03 0.00 Gb.Conc.Eq.Fd.Sterling £ 258.20 - -0.67 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Euro BBB-BB Fdt PA $ 17.34 - 0.00 0.00 Optima Partners Focus Fund A $ 15.81 - -0.10 0.00
FCA Recognised
JB EF Abs Ret Eur-EUR B € 120.39 - -0.04 0.00 Gb.Conc.Eq.Fd.US $ 192.90 - 0.43 0.00
Euro Credit Bd PA F € 12.83 - -0.02 0.00 New Capital UCITS Funds
Mirabaud Asset Management (LUX)
JB EF Euro Value-EUR B € 176.62 - -0.02 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 182.27 - -0.37 0.00
Euro Government Fdt PA € 12.51 - -0.03 0.00 www.mirabaud.com, marketing@mirabaud.com Asia Pac Bd USD Inst Inc $ 92.59 - -0.06 3.25
Oryx International Growth Fund Ltd
JB EF Japan-JPY B ¥ 17348.00 - 49.00 0.00 Gb.Eq.Euro Hdg Fd. € 258.28 - -0.53 0.00 Regulated
Euro Inflation-Lk Fdt PA € 11.91 - -0.02 0.00 Asia Pac Bd USD Ord Inc $ 94.33 - -0.06 2.52 Other International Funds
Mir. Conv. Bds Eur A EUR € 136.69 - -0.07 0.00
JB EF Luxury B-EUR B € 215.20 - -1.53 0.00 Gb.Eq.Fund Euro € 282.75 - -1.57 0.00 NAV (Fully Diluted) £ 6.93 - 0.36 0.00
Euro Resp.Corp. Fdt PA € 18.05 - -0.02 0.00 Asia Pac Eq EUR Ord Inc € 85.09 - 0.42 3.37
Mir. Conv. Bds Glb A USD $ 114.45 - 0.12 0.00
JB Ms EF Special Val. EUR/A € 136.81 - -0.41 1.10 Gb.Eq. Fd Euro IRE T € 178.90 - -1.00 0.00
Europe High Conviction PA € 11.90 - 0.25 0.00 Asia Pac Eq GBP Ord Inc £ 88.34 - 0.46 3.81
JB Strategy Balanced-CHF/B SFr 148.72 - -0.11 0.00 Gb.Eq.Fd.Sterling UK T £ 209.79 - -0.66 0.00 Mir. - Eq Asia ex Jap A $ 173.23 - -0.20 0.00
Eurozone Small&Mid Caps PA € 54.57 - 0.73 0.00 Asia Pac Eq USD Ord Inc $ 88.78 - 0.47 3.19 OTP Asset Management Romania SAI SA ((ROM))
JB Strategy Balanced-EUR € 154.04 - -0.16 0.00 Gb.Eq.Fd.US Dollar $ 309.72 - 0.52 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 87.41 - -0.10 0.00 www.otpfonduri.ro
Fdmt.Eq.L/S SH Sd EUR PA € 10.67 - 0.00 0.00 Asia Pac Eq USD Inst Acc $ 94.27 - 0.50 0.00
Other International Funds
JB Strategy Balanced-USD/B $ 128.72 - 0.08 0.00 Mir. - Eq Global Focus A USD $ 100.72 - 0.66 0.00
Gb.Eq.Fund Sterling £ 207.36 - -0.66 0.00
Fdmt.Eq.L/S SH Sd USD PA $ 10.71 - 0.00 0.00 Asia Pac Eq USD Inst Inc $ 99.26 - 0.52 3.91 OTP Comodisro RON 16.86 - 0.00 -
JB Strategy Growth-CHF/B SFr 91.54 - -0.14 0.00 Gb.Val.Ex-Jap.Fd.USD $ 117.67 - 0.22 0.00 Mir. -Eq Spain A € 24.97 - 0.13 0.00
Gbl.Gvt.Fdmt PA € 10.52 - 0.04 0.00 Dyn Europ Eq EUR Ord Inc € 177.53 - 3.93 1.29 OTP Obligatiuni RON 14.25 - 0.00 -
JB Strategy Growth-EUR € 115.32 - -0.21 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13917.00 - -57.00 0.00 Mir. - Eq Swiss Sm/Mid A SFr 327.75 - -0.06 0.00
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.79 - 0.02 0.00 Dyn Europ Eq GBP Ord Inc £ 188.74 - 4.40 1.64 OTP Avantisro RON 8.46 - 0.00 -
JB Strategy Inc-CHF/B SFr 118.44 - -0.08 0.00 Gb.Val.Fd. Euro € 132.73 - -0.93 0.00 Mir. - Glb High Yield Bds A $ 106.27 - 0.10 -
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.42 - -0.04 0.00 Dyn Europ Eq USD Ord Inc $ 177.15 - 4.06 1.21 OTP Euro Bond € 12.40 - 0.00 -
JB Strategy Inc-EUR/B € 158.89 - -0.11 0.00 Gb.Val.Fd.Sterling £ 118.57 - -0.54 0.00 Mir. - Glb Eq High Income A USD $ 97.86 - 0.71 0.00
Gbl.5B Fdmt (EUR) PA € 11.70 - 0.06 0.00 China Equity EUR Ord Acc € 132.84 - 1.28 0.00 OTP Dollar Bond $ 10.56 - 0.00 -
JB Strategy Inc-USD/B $ 145.48 - 0.06 0.00 Gb.Val.Fd.USD $ 104.84 - 0.03 0.00 Mir. - Glb Inv Grade Bds A € 100.39 - -0.16 -
Gbl.5B Fdmt (CHF) PA SFr 10.34 - 0.02 0.00 China Equity GBP Ord Acc £ 139.06 - 1.43 0.00 OTP Premium Return RON 1070.47 - 0.43 -
Low Volatility Gb.Eq.Fd.Euro € 104.94 - -0.83 - Mir. - Glb Strat. Bd A USD $ 103.62 - -0.11 0.00
Gbl.5B Fdmt SH (USD) PA $ 10.81 - -0.01 0.00 China Equity USD Ord Acc $ 135.21 - 1.37 0.00
Low Volatility Gb.Eq.Fd.Sterl £ 103.41 - -0.57 -
Generation Global (CHF) PA F SFr 13.85 - 0.20 0.00 China Equity USD Inst Acc $ 139.06 - 1.42 0.00
Low Volatility Gb.Eq.Fd.USD $ 101.51 - -0.07 - MW Japan Fund Plc (IRL)
Generation Global (EUR) PA F € 21.10 - 0.35 0.00 Global Val.Cr.Fd GBP Ord Inc £ 110.72 - -0.01 3.61
FCA Recognised
Low Volatility Gb.Eq.Fd.Yen ¥ 9524.00 - -62.00 -
Generation Global (USD) PA F $ 15.65 - 0.14 0.00 MW Japan Fund PLC A $ 25.26 - -0.07 - Global Val.Cr.Fd USD Inst Acc $ 122.28 - -0.02 0.00
Global Energy (USD) PA F $ 6.00 - 0.39 0.00 MW Japan Fund PLC B $ 25.46 - -0.07 - Global Val.Cr.Fd GBP Ord Acc £ 176.27 - -0.02 0.00
Kames Capital ICVC (UK) Golden Age (CHF) PA F SFr 21.48 - 0.19 0.00 MFS Meridian Funds SICAV (LUX) MW Japan Fund PLC C $ 97.37 - -0.69 - Global Val.Cr.Fd USD Ord Acc $ 165.43 - -0.03 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Regulated Permal Investment Mgmt Svcs Ltd
Golden Age (EUR) PA € 14.62 - 0.12 0.00 Global Val.Cr.Fd EUR Ord Acc € 154.01 - -0.05 0.00 www.permal.com
0800 45 44 22 www.kamescapital.com Absolute Return A1 € 19.73 - -0.03 0.00
Other International Funds
Authorised Funds Golden Age (USD) PA F $ 20.29 - 0.17 0.00 Swiss Select Equity Inst Acc SFr 115.44 - 1.46 0.00
Asia ex-Japan A1 $ 22.66 - 0.00 0.00 Morant Wright Funds (Ireland) PLC (IRL) Offshore Fund Class A US $ Shares
Diversified Income B Acc 112.56 - 0.32 0.00 FCA Recognised
Sh.T- Money Mkt EUR PA € 112.27 - 0.00 0.00 Swiss Select Equity Ord Acc SFr 114.11 - 1.43 0.00 Investment Holdings N.V. $ 5487.68 - 49.80 0.00
Bond A1 $ 10.29 - 0.01 0.00
Diversified Income B Inc 102.61 - 0.29 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
Sh.T- Money Mkt CHF PA SFr 128.50 - 0.00 0.00 US Growth USD Ord Acc $ 211.38 - 2.23 0.00 Macro Holdings Ltd $ 4192.02 - 66.31 0.00
China Equity Fd A1 $ 9.28 - -0.01 0.00
Diversified Growth B Acc £ 1.40 - 0.01 3.25 Morant Wright Fuji Yield EUR Dist Hedged € 10.98 - -0.10 -
Sh.T- Money Mkt GBP PA £ 10.28 - 0.00 0.00 US Growth EUR Ord Acc € 202.10 - 2.07 0.00 Fixed Income Holdings N.V. $ 364.13 - -1.93 -
Continental European Eqty A1 € 17.45 - -0.01 0.00
Ethical Cautious Managed B Acc £ 1.23 - 0.00 2.29 Morant Wright Fuji Yield GBP Acc Hedged £ 11.39 - -0.11 0.00
Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00 US Growth GBP Ord Acc £ 212.76 - 2.27 0.00 Permal Absolute Return Fund $ 163.59 - 0.48 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 10.70 - 0.01 0.00
Ethical Cautious Managed B Inc £ 1.17 - 0.01 2.32 Morant Wright Fuji Yield GBP Dist Hedged £ 11.08 - -0.10 -
Sw.Fr.Bd(For) PA SFr 23.58 - 0.01 0.00 US Growth USD Inst Acc $ 195.27 - 2.05 0.00
Emerging Markets Debt A1 $ 32.49 - 0.02 0.00
Ethical Corporate Bond B Acc £ 1.69 - -0.01 3.67 Morant Wright Fuji Yield USD Acc Hedged $ 11.07 - -0.11 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.53 - 0.01 0.00 Wealthy Nat Bd EUR Inst Inc € 107.94 - -0.10 3.77
Emerging Markets Eq.A1 $ 10.18 - -0.02 0.00
Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.74 Morant Wright Fuji Yield USD Dist Hedged $ 11.10 - -0.11 2.09
Tactical Alpha (CHF) PA SFr 9.99 - -0.01 0.00 Wealthy Nat Bd GBP Inst Inc £ 112.15 - -0.07 3.61
European Concentrated A1 € 17.26 - 0.00 0.00
Ethical Equity B Acc £ 2.03 - 0.00 2.11 Morant Wright Fuji Yield YEN Acc ¥ 1141.48 - -11.06 0.00
Tactical Alpha (EUR) PA € 10.30 - 0.00 0.00 Wealthy Nat Bd EUR Ord Inc € 107.13 - -0.10 3.53
European Core Eq A1 € 31.49 - 0.02 0.00
Morant Wright Fuji Yield B YEN Acc ¥ 1007.08 - -9.74 -
Asset Management
High Yield Bond B Acc £ 2.39 - 0.01 5.18
High Yield Bond B Inc £ 0.96 - 0.01 5.30
Tactical Alpha (USD) PA $ 14.83 - -0.01 0.00
European Res.A1 € 32.41 - -0.01 0.00
Morant Wright Fuji Yield YEN Dist ¥ 1117.80 - -10.83 2.08
Wealthy Nat Bd GBP Ord Inc
Wealthy Nat Bd USD Ord Inc
£ 112.71
$ 109.67
-
-
-0.08 3.34
-0.07 3.32
Managemen
Asset Management
Technology PA € 13.32 - 0.09 0.00
Investment Grade Bond B Acc 158.55 - -0.22 1.50
Technology PA Asset Management
$ 20.19 - 0.14 0.00
European Smaller Companies A1 € 52.03
European Value A1 € 36.48
-
-
-0.05 0.00
0.04 0.00
Morant Wright Sakura Fund Sterling Acc Hedged £ 13.98 - -0.12 0.00 New Capital Alternative Strategies
Pictet Asset Management (Europe) SA
15, Avenue J.F. Kennedy L-1855 Luxembourg
(LUX)
Investment Grade Bond B Inc £ 1.16 - 0.00 3.55 Morant Wright Sakura Fund Euro Acc Hedged € 13.94 - -0.12 0.00 All Weather Fd USD Cls $ 118.47 - 0.69 0.00 Tel: 0041 58 323 3000
Wld Gold Expertise PAF SFr 8.77 - 0.14 0.00
Global Conc.A1 $ 35.94 - 0.03 0.00 FCA Recognised
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.36 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1423.11 - -11.97 0.00 All Weather Fd EUR Cls € 106.34 - 0.53 0.00
Wld Gold Expertise PA € 7.00 - 0.11 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 106.80 - 0.08 0.00
Global Credit Fund $ 10.24 - 0.03 0.00
Sterling Corporate Bond B Inc £ 0.31 - 0.00 3.43 Morant Wright Sakura Fund Dollar Acc Hedged $ 13.88 - -0.12 0.00 All Weather Fd GBP Cls £ 114.58 - 0.58 0.00
Wld Gold Expertise PA $ 9.35 - 0.15 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 124.74 - 0.27 0.00
Global Energy Fund A1 $ 12.08 - -0.02 0.00
Strategic Bond B Acc £ 1.11 - 0.00 2.75 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.80 - -0.12 0.00 Tactical Opps USD Cls $ 136.80 - 0.69 0.00
LO Selection
Global Equity A1 $ 44.79 - 0.00 0.00 Pictet-Agriculture-I EUR F € 182.81 - 1.48 0.00
Strategic Bond B Inc £ 1.16 - 0.00 2.79 Balanced (CHF) PA F SFr 107.14 - 1.02 0.00 Tactical Opps EUR Cls € 114.49 - 0.51 0.00
Global Equity A1 € 25.95 - -0.04 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 204.07 - -0.72 0.00
UK Equity B Acc £ 2.61 - 0.01 2.35 Balanced (EUR) PA F € 125.29 - 1.39 0.00 Tactical Opps GBP Cls £ 128.72 - 0.55 0.00
Global High Yield Fund $ 23.72 - 0.02 0.00 Pictet-Asian Local Currency Debt-I USD F $ 150.97 - 0.36 0.00
UK Equity Absolute Return B Acc £ 1.24 - 0.00 0.00 Conservative (CHF) PA F SFr 103.26 - 0.40 0.00
Global High Yield Fund € 15.79 - -0.01 0.00 Pictet-Biotech-I USD F $ 840.67 - -2.85 0.00
UK Equity Income B Acc £ 2.17 - 0.01 4.68 Conservative (EUR) PA F € 113.89 - 0.52 0.00
Global Multi-Asset A1 $ 14.87 - 0.01 0.00 Pictet-Brazil Index I USD $ 34.89 - 1.04 0.00
UK Equity Income B Inc £ 1.68 - 0.01 4.81 Global Allocation (GBP) PA F £ 10.05 - 0.02 0.00
Global Res.A1 $ 25.60 - -0.04 0.00 Pictet-CHF Bonds I CHF SFr 503.69 - -0.66 0.00
UK Opportunities B Acc £ 1.77 - 0.01 2.28 Growth (CHF) PA F SFr 112.11 - 1.57 0.00
Global Total Return A1 € 17.72 - -0.02 0.00
Morgan Stanley Investment Funds (LUX) Pictet-China Index I USD $ 105.11 - 0.17 0.00
UK Smaller Companies B Acc £ 2.99 - 0.01 1.45 Growth (EUR) PA F € 135.82 - 2.18 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Inflation-Adjusted Bond A1 $ 13.75 - 0.02 0.00 www.morganstanleyinvestmentfunds.com Pictet-Clean Energy-I USD F $ 78.07 - 0.30 0.00
Vantage 1500 (EUR) MA € 10.16 - 0.00 0.00
FCA Recognised Northwest Investment Management (HK) Ltd
Japan Equity A1 $ 10.31 - -0.12 0.00 Pictet-Digital Communication-I USD F $ 259.61 - 1.86 0.00
Vantage 3000 (EUR) MA € 10.27 - 0.01 0.00 US Advantage A F $ 58.75 - 0.55 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Kames Capital Investment Portfolios ICVC (UK) Pictet-Eastern Europe-I EUR F € 259.56 - -2.13 0.00
Latin American Equity Fd A1 $ 11.08 - -0.02 0.00 Other International Funds
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA PrivilEdge
Asian Equity A F $ 40.90 - 0.44 0.00
0800 45 44 22 www.kamescapital.com Northwest $ class $ 2357.94 - -24.48 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 151.41 - -0.61 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.64 - -0.01 0.00 Limited Maturity A1 $ 13.97 - 0.00 0.00
Authorised Funds Asian Property A F $ 17.57 - 0.21 0.00
Northwest Warrant $ class $ 1969.35 - -444.40 0.00 Pictet-Emerging Markets-I USD F $ 458.63 - 2.83 0.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.61 - -0.03 0.00 Prudent Wealth Fd A1 $ 14.81 - -0.04 0.00
Property Income B Acc 119.20 - 0.13 4.53 Asian Property AX F £ 10.78 - -0.01 0.54
Inc.Pt.RMB Dt.SH EUR PA € 9.70 - -0.03 0.00 Research Bond A1 $ 16.45 - 0.02 0.00 Pictet-Emerging Markets Index-I USD F $ 206.43 - 0.82 0.00
Property Income B Inc 110.53 - 0.13 4.67 Diversified Alpha Plus A F € 29.54 - 0.03 0.00
Inc.Pt.RMB Dt.USD PA $ 9.78 - -0.03 0.00 UK Equity A1 £ 8.01 - 0.01 0.00 Pictet-Emerging Corporate Bonds I USD $ 105.08 - 0.03 0.00
Emerg Europ, Mid-East & Africa Eq A F € 65.61 - 0.89 0.00
Jenn. US Eq.Opp. USD PA $ 9.57 - 0.21 0.00 US Conc.Growth A1 $ 15.41 - -0.03 0.00 Pictet-Emerging Markets High Dividend I USD $ 89.87 - 0.71 0.00
Kames Capital VCIC (IRL) Emerging Markets Debt A F $ 73.97 - 0.05 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Neubrg.Berman US Core PA $ 13.89 - 0.21 0.00 US Government Bond A1 $ 17.01 - 0.02 0.00 Pictet-Emerging Markets Sust Eq I USD $ 80.96 - 0.47 0.00
Emerging Markets Domestic Debt AX F £ 10.23 - -0.02 5.50
FCA Recognised Pictet-Environmental Megatrend Sel I EUR € 159.17 - -0.09 0.00
Sands US Growth PA € 14.39 - 0.09 0.00 Value A1 $ 21.82 - -0.03 0.00
Absolute Return Bond B GBP Acc 1081.92 - 0.43 - Emerging Markets Equity A F $ 32.80 - 0.36 0.00
Pictet-EUR Bonds-I F € 554.55 - -2.07 0.00
Tuesday 29 December 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.65 - -0.25 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.58 - -0.03 3.03 Equity Inc Inc Ret 213.10 - 0.80 - UK Corporate Bond £ 1567.30 - -0.72 0.00 UK Income B Acc X F 283.60 - 1.35 3.86

Pictet-EUR Corporate Bonds-I F € 199.12 - -0.29 0.00 Series 6 (Investment Management Customers Only) Equity Inc Acc Inst 150.20 - 0.60 - Smith & Williamson Fd Admin Ltd (1200)F (UK) Gilt £ 1573.90 - -0.97 0.00 UK Income B Inc X F 254.54 - 1.21 3.95 Money Market
United Kingdom Equity Index Fund £ 15.21 - 0.35 3.57 25 Moorgate, London, EC2R 6AY 0141 222 1150
Pictet-EUR Government Bonds I EUR € 157.95

Pictet-EUR High Yield-I F € 239.37

-

-
-0.47 0.00

0.05 0.00
UK Specialist Equity £ 19.37 - 0.35 1.59
N&P UK Gwth Inc Ret

Stckmkt 100 Track Gwth Acc Inst

168.40

90.47
-

-
0.70

0.51
-

-
Authorised Inv Funds
Global Eq (Ex Japan) Index Fund

Global Eq (ex Japan) Class HJ4

¥

¥
1.38

1.43
-

-
0.00 0.00

0.00 0.00
Trusts and
S&W Deucalion Fd (OEIC) 2061.00 - 0.00 0.27 Value Partners Hong Kong Limited (IRL)
Pictet-EUR Short Mid-Term Bonds-I F € 136.74 - -0.11 0.00
Contl Europe Specialist Fund £ 24.37 - 0.29 1.18
Stckmkt 100 Track Gwth Acc Ret 168.10 - 0.90 - S & W Magnum 378.70 400.30 1.40 1.91 Global Eq (ex Japan) Class JP5 ¥ 1.54 - 0.00 0.00
www.valuepartners.net, fis@vp.com.hk
Regulated
Bank Accounts Gross
Japan Specialist Fund X £ 15.80 - 0.00 0.64
Pictet-EUR Short Term HY I EUR € 119.26 - 0.02 0.00 UK Growth Acc Inst 294.90 - 1.30 - S & W Marathon Trust 185.40 196.10 0.50 1.73 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.41 - 0.00 0.00 Value Partners Asia ex-Japan Equity Fund $ 8.83 - 0.02 - Gross Net AER Int Cr
Polar Capital Funds Plc (IRL)
US Spec Equity Fund £ 19.95 - 0.16 0.37
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.95 - -0.01 0.00 Regulated UK Growth Acc Ret 341.50 - 1.40 - Gbl Govt Bond (Ex Japan) Index ¥ 1.32 - 0.00 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 11.46 - -0.01 0.00
Asian Financials I USD $ 278.75 278.75 0.44 0.00 Pacific Basin Specialist Equity Fund £ 38.15 - 0.07 1.90 CCLA Investment Management Ltd
Pictet-Euroland Index IS EUR € 132.23 - 2.65 0.00 UK Growth Inc Ret 225.10 - 1.00 - Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.30 - 0.01 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.99 - -0.01 0.00
Standard Life Wealth (JER) Senator House 85 Queen Victoria Street, London EC4V 4ET
Biotechnology I USD $ 18.28 18.28 0.30 0.00 UK Sovereign Bd Index Fund £ 10.72 - -0.05 2.53 Managed OEIC CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Pictet-Europe Index-I EUR F € 170.16 - 4.53 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Japan Equity Index Fund ¥ 1.05 - 0.01 0.00 Value Partners Classic Equity Fund EUR Hedged € 12.11 - -0.02 0.00
European Income Acc EUR € 11.61 11.61 0.31 0.00 UK Specialist Equity Income Fund £ 10.29 - 0.15 4.03 Glob Em Shs Port Acc Ret 152.60 - 0.80 - FCA Recognised
Pictet-European Equity Selection-I EUR F € 615.13 - 1.91 0.00 Japan Equity Class JP3 ¥ 1.28 - 0.01 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.39 - -0.02 0.00
Standard Life Offshore Strategy Fund Limited CCLA Fund Managers Ltd
European Ex UK Inc EUR Acc € 9.94 9.94 0.24 - Global Spec Inv Grade Bd Fund GBP £ 9.88 - -0.02 3.03 Max 70% Shs Port Acc Ret 255.90 - 1.20 -
Pictet-European Sust Eq-I EUR F € 243.31 - 5.46 0.00 Bridge Fund £ 1.6365 - 0.0056 1.96 Value Partners Classic Equity Fund GBP Unhedged £ 12.99 - -0.04 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Financial Opps I USD $ 12.26 - 0.09 2.13 Global Emerg Mkts Equity Fund X £ 10.52 - 0.01 0.91 Max 70% Shs Port Acc X 183.80 - 0.90 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Pictet-Global Bds Fundamental I USD $ 116.12 - 0.01 0.00 Diversified Assets Fund £ 1.1867 - 0.0032 2.82 The National Investor (TNI) Value Partners Classic Equity USD Hedged $ 14.09 - -0.01 0.00
Address and telephone number for Series 5 only Max 70% Shs Port Acc S 148.70 - 0.80 -
GEM Growth I USD $ 8.29 - 0.09 0.00 www.tni.ae
Pictet-Global Bonds-I EUR € 164.17 - -0.52 0.00 Global Equity Fund £ 1.9222 - 0.0092 1.02 Value Partners Greater China Equity Fund $ 8.70 - 0.04 -
Other International Funds
GEM Income I USD $ 9.18 - 0.08 0.00 Investment Port Acc Ret 230.60 - -0.30 -
Pictet-Global Emerging Currencies-I USD F $ 95.91 - 0.10 0.00 Global Balanced Fund - Income Units £ 1.3624 - 0.0051 1.85
Global Alpha I USD $ 12.80 12.80 0.17 0.00
Royal London Unit Managers Ltd. (1200) F (UK) Investment Port Acc X 163.50 - -0.20 -
TNI Blue Chip UAE Fund * AED 9.65 - 0.02 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 10.16 - 0.02 -
Data Provided by
Pictet-Global Emerging Debt-I USD F $ 352.77 - -1.44 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Global Balanced Fund - Accumulations Units £ 1.5813 - 0.0059 1.82 TNI Funds Ltd (BMU) Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.55 - 0.01 -
Global Convertible I USD $ 11.33 11.33 0.01 0.00 Authorised Inv Funds Max 50% Shs Port Acc Ret 243.90 - 0.70 -
Pictet-Global Megatrend Selection-I USD F $ 220.16 - 1.46 0.00 Global Fixed Interest Fund £ 0.9789 - 0.0010 5.04 MENA Hedge Fund $ 905.00 - -40.66 0.00
Value Partners Health Care Fund USD Class A Unhedged $ 9.59 - 0.01 -
Royal London Sustainable Diversified A Inc £ 1.57 - 0.01 2.01 Max 50% Shs Port Inc Ret 217.20 - 0.60 - TNI Funds Plc (Ireland)
Pictet-Greater China-I USD F $ 450.69 - -2.07 0.00 Global Insurance I GBP £ 4.18 - 0.01 0.00
Sterling Fixed Interest Fund £ 0.8402 - -0.0005 4.20
Royal London Sustainable World A Inc 173.60 - 0.90 0.81 Max 50% Shs Port Acc X 176.50 - 0.50 - MENA UCITS Fund * $ 1076.24 - -3.55 0.00
Pictet-Health-I USD $ 270.95 - 1.29 0.00 Global Technology I USD $ 23.72 - 0.12 0.00
UK Equity Fund £ 1.9519 - 0.0093 2.66
Royal London Corporate Bond Mth Income 88.28 92.93 -0.08 4.16 Max 50% Shs Port Acc S 147.80 - 0.40 -
Veritas Asset Management LLP (IRL)
Pictet-High Dividend Sel I EUR F € 151.97 - 0.22 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.73 10.73 0.14 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal London European Growth Trust 111.90 117.80 0.50 0.41 Max 100% Shs Port Acc Ret 283.20 - 2.30 - Thesis Unit Trust Management Limited (UK) Veritas Funds Plc
Pictet-India Index I USD $ 94.05 - -0.50 0.00 Healthcare Opps I USD $ 38.83 - 0.49 0.00

Income Opportunities B2 I GBP Acc £ 1.73 1.73 0.01 0.00

Royal London Sustainable Leaders A Inc 465.50 - 2.30 0.80 Max 100% Shs Port Acc X 203.30 - 1.70 -
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
www.veritas-asset.com
+353 1 635 6799
www.morningstar.co.uk
Pictet-Indian Equities-I USD F $ 437.58 - 4.25 0.00
Royal London UK Growth Trust 483.30 508.70 2.60 1.44 Max 100% Shs Port Acc S 148.30 - 1.20 - TM New Court Fund A 2011 Inc £ 12.84 - -0.02 0.00
FCA Recognised Data as shown is for information purposes only. No
Pictet-Japan Index-I JPY F ¥ 16162.77 - -23.21 0.00 Japan Alpha I JPY ¥ 209.16 209.16 -2.04 0.00
Institutional offer is made by Morningstar or this publication.
Royal London UK Income With Growth Trust 222.00 233.70 0.70 4.40 Enhanced Inc Inc Ins 212.10 - 0.80 -
Japan I JPY ¥ 2074.05 - -18.88 0.00 TM New Court Fund - A 2014 Acc £ 12.95 - 0.04 0.00 Veritas Asian Fund A USD H $ 316.45 - 1.30 0.43
Pictet-Japanese Equities Opp-I JPY F ¥ 9700.59 - -8.57 0.00
Royal London US Growth Trust 154.30 162.30 1.90 0.00 Enhanced Inc Inc Ret 200.00 - 0.70 -
North American I USD $ 17.80 17.80 0.17 0.00 TM New Court Equity Growth Fund - Inc £ 12.90 - -0.03 0.00 Veritas Asian Fund A GBP H £ 392.35 - 0.67 0.24
Pictet-Japanese Equity Selection-I JPY F ¥ 14349.37 - -50.88 0.00
Additional Funds Available Stenham Asset Management Inc
UK Absolute Equity I GBP £ 12.89 12.89 0.07 0.00 Enhanced Inc Inc X 170.10 - 0.60 -
Pictet-LATAM Index I USD $ 47.92 - 0.89 0.00 Please see www.royallondon.com for details www.stenhamassetmanagement.com Veritas Asian Fund A EUR H € 328.10 - 1.49 0.21
Enhanced Inc Acc Inst 158.90 - 0.60 - Other International Funds
Pictet-LATAM Lc Ccy Dbt-I USD F $ 104.92 - 0.55 0.00 Veritas China Fund A USD $ 145.48 - 0.01 0.36

Pictet-Pacific Ex Japan Index-I USD F $ 327.21 - 6.04 0.00 Polar Capital LLP (CYM) Ruffer LLP (1000)F
40 Dukes Place, London EC3A 7NH
(UK)
Managed Investments OEIC
Max 30% Shs Port Acc Ret 154.40 - 0.30 -
Stenham Asia USD

Stenham Credit Opportunities A Class USD (Est) $ 100.94

$ 129.80 -

-
-0.24

-1.12 0.00
-
Veritas China Fund A GBP £ 150.78 - 0.01 0.37 Guide to Data
Regulated
Pictet-Premium Brands-I EUR F € 151.41 - 0.66 0.00 Order Desk and Enquiries: 0345 601 9610 Veritas China Fund A EUR € 143.99 - 0.00 0.37
ALVA Convertible A USD $ 128.64 - -0.21 0.00 Max 30% Shs Port Acc X 154.10 - 0.20 -
Stenham Equity UCITS USD $ 141.72 - 1.78 0.00
Pictet-Quality Global Equities I USD $ 133.05 - 1.27 0.00 Authorised Inv Funds Veritas Global Equity Income Fund D USD $ 112.96 - 0.94 4.11 The fund prices quoted on these pages are supplied by
European Conviction A EUR € 140.86 - 1.11 0.00 Authorised Corporate Director - Capita Financial Managers Max 30% Shs Port Acc S 148.00 - 0.20 - the operator of the relevant fund. Details of funds
Stenham Growth USD (Est) $ 215.41 - 0.52 -
Pictet-Russia Index I USD $ 45.26 - 0.28 0.00 Veritas Global Equity Income Fund D EUR € 199.95 - 1.38 3.91 published on these pages, including prices, are for the
European Forager A EUR € 174.98 - 0.29 0.00
CF Ruffer Investment Funds Max 30% Shs Inc Port Inc Ret 152.70 - 0.10 - Toscafund Asset Management LLP (UK)
Stenham Healthcare USD (Est) $ 183.28 - 2.64 0.00 purpose of information only and should only be used
www.toscafund.com Veritas Global Equity Income Fund D GBP £ 147.07 - 0.93 4.08
Pictet-Russian Equities-I USD F $ 39.94 - 0.04 0.00 CF Ruffer Gold Fund C Acc 82.20 - 2.69 0.00 as a guide. The Financial Times Limited makes no
Max 30% Shs Inc Port Inc X 152.80 - 0.10 - Authorised Funds
Stenham Managed Fund USD $ 114.16 - 0.50 - representation as to their accuracy or completeness
Pictet-Security-I USD F $ 198.41 - 0.92 0.00 CF Ruffer Gold Fund O Acc 81.34 - 2.65 0.00 Veritas Global Focus Fund D USD $ 25.72 - 0.14 0.64 and they should not be relied upon when making an
Max 30% Shs Inc Port Inc S 146.80 - 0.20 - Aptus Global Financials B Acc £ 3.18 - 0.04 4.53
Polunin Capital Partners Ltd Stenham Macro UCITS USD $ 101.56 - 0.08 - investment decision.
Pictet-Select-Callisto I EUR € 105.25 - 0.08 0.00 Other International Funds Equity & General C Acc 373.11 - -0.25 0.06 Aptus Global Financials B Inc £ 2.81 - 0.03 4.53 Veritas Global Focus Fund D EUR € 23.66 - 0.10 0.61
Max 60% Shs Port Acc Ret 267.90 - 1.30 -
Stenham Multi Strategy USD $ 116.28 - 0.06 - The sale of interests in the funds listed on these pages
Pictet-Small Cap Europe-I EUR F € 1131.72 - -4.74 0.00 Emerging Markets Active $ 40.08 - -0.85 - Equity & General C Inc 344.13 - -0.22 0.06 Veritas Global Focus Fund D GBP £ 29.26 - 0.11 0.63
Max 60% Shs Port Inc Ret 212.00 - 1.10 - may, in certain jurisdictions, be restricted by law and
Stenham Quadrant USD A (Est) $ 401.44 - 7.18 -
Pictet-ST.MoneyMkt-I € 140.45 - -0.01 0.00 Luxcellence Em Mkts Tech $ 924.87 - 44.96 0.00 Equity & General O Inc 342.69 - -0.24 0.00 Veritas Global Focus Fund A GBP £ 28.25 - 0.10 0.36 the funds will not necessarily be available to persons
Max 60% Shs Port Inc X 164.20 - 0.90 -
Stenham Trading Inc USD (Est) $ 116.37 - 2.08 - Toscafund Asset Management LLP (CYM) in all jurisdictions in which the publication circulates.
Pictet-ST.MoneyMkt JPY I USD ¥ 101504.81 - -10.13 0.00 Polunin Developing Countries $ 716.15 722.24 7.66 0.00 Equity & General O Acc 369.35 - -0.26 0.00 www.toscafund.com Veritas Global Focus Fund A EUR € 13.79 - 0.05 0.35 Persons in any doubt should take appropriate
Max 60% Shs Port Inc S 145.40 - 0.70 - professional advice. Data collated by Morningstar. For
Stenham Universal USD $ 431.45 - -0.38 - Regulated
Pictet-ST.MoneyMkt-ICHF SFr 124.22 - 0.00 0.00 Polunin Discovery - Frontier Markets $ 1348.32 - 9.08 0.00 European C Acc 499.69 - -1.10 0.27 Managed Investments OEIC 2 Veritas Global Focus Fund A USD $ 24.82 - 0.14 0.37 other queries contact reader.enquiries@ft.com +44
Stenham Universal II USD $ 159.84 - -0.20 0.00 Tosca A USD $ 306.65 - 4.15 0.00 (0)207 873 4211.
Pictet-ST.MoneyMkt-IUSD $ 135.26 - 0.00 0.00 Polunin Small Cap $ 1380.61 1397.87 52.27 0.00 European O Acc 494.69 - -1.12 0.00 Investments Inc Port Inc Ret 161.90 - 0.10 - Veritas Global Focus Fund C GBP £ 30.68 - 0.11 0.00
Tosca Mid Cap GBP £ 253.12 - -6.14 0.00 The fund prices published in this edition along with
Pictet-Timber-I USD F $ 146.42 - 0.97 0.00 Japanese Fund C Acc 183.87 - 0.15 0.00 Investments Inc Port Inc X 146.70 - 0.10 - Veritas Global Focus Fund C EUR € 24.92 - 0.10 0.00 additional information are also available on the
Tosca Opportunity B USD $ 346.98 - -10.49 0.00
£ Gov Bond Inc Inst (gross) 175.60 - 0.00 -
Stratton Street Capital (CI) Limited (GSY)
Veritas Global Focus Fund C USD $ 27.02 - 0.15 0.00
Financial Times website, www.ft.com/funds. The
Pictet Total Ret-Agora I EUR € 116.21 - -0.13 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Japanese Fund O Acc X 181.78 - 0.15 0.00
Regulated funds published on these pages are grouped together
Regulated £ Gov Bond Inc Inst 144.30 - 0.00 - Veritas Global Equity Income Fund A GBP £ 140.94 - 0.89 4.09 by fund management company.
Pictet Total Ret-Corto Europe I EUR € 137.11 - -0.46 0.00 Pacific C Acc 303.49 - 5.03 0.54 Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00
Monument Growth 22/12/2015 £ 489.13 494.57 5.40 1.01
Pictet Total Ret-Divers Alpha I EUR € 105.25 - 0.07 0.00 Pacific O Acc 300.14 - 4.96 0.25 £ Gov Bond Acc Inst 146.40 - 0.00 - Veritas Global Equity Income Fund A EUR € 194.24 - 1.34 3.91 Prices are in pence unless otherwise indicated. The
Japan Synthetic Warrant GBP Hedged Class £ 199.88 - 1.10 0.00
change, if shown, is the change on the previously
Pictet Total Ret-Kosmos I EUR € 109.03 - -0.04 0.00 Total Return C Acc 387.97 - 0.41 1.38 Strat Bond Inc Inst (gross) 179.50 - 0.10 - Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00 Veritas Global Equity Income Fund A USD $ 108.69 - 0.90 4.11 quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
Pictet Total Ret-Mandarin I USD $ 115.38 - 0.13 0.00
Prusik Investment Management LLP (IRL)
Total Return C Inc 268.81 - 0.28 1.39 Strat Bond Inc Inst 148.40 - 0.00 - Veritas Global Equity Income Fund C GBP £ 169.40 - 1.07 -
Japan Synthetic Warrant USD Hedged Class $ 198.97 - 1.03 0.00 percentage figures (in Tuesday to Saturday papers)
Enquiries - 0207 493 1331
allow for buying expenses. Prices of certain older
Pictet-US Equity Selection-I USD $ 187.95 - 1.19 0.00 Regulated Total Return O Inc 265.96 - 0.26 1.39 Strat Bond Acc Inst 150.90 - 0.10 - Renminbi Bond Fund AUD Cls A A$ 119.18 - 0.24 3.82 Veritas Global Equity Income Fund C EUR € 233.34 - 1.61 - insurance linked plans might be subject to capital
Prusik Asian Equity Income B Dist $ 157.29 - 0.78 3.83 Managed Investments OEIC 3 TreeTop Asset Management S.A. (LUX) gains tax on sales.
Pictet-US High Yield-I USD F $ 142.35 - 0.30 0.00 Total Return O Acc 384.03 - 0.39 1.38 Renminbi Bond Fund AUD Cls B A$ 120.90 - 0.24 3.57 Veritas Global Equity Income Fund C USD $ 129.81 - 1.08 -
Div Inc Port Inc Ret 175.50 - 0.70 - Regulated
Prusik Asia A $ 194.15 - 0.81 0.00 Veritas Global Real Return Fund A USD $ 20.42 - 0.02 0.30 Guide to pricing of Authorised Investment Funds:
Pictet-USA Index-I USD F $ 180.20 - 1.59 0.00 Renminbi Bond Fund CHF Cls A SFr 115.85 - 0.21 3.88 TreeTop Convertible Sicav
(compiled with the assistance of the IMA. The
Prusik Asian Smaller Cos A $ 137.00 - -0.22 0.00 Corp Bond Acc Inst (gross) 212.10 - 0.00 -
Pictet-USD Government Bonds-I F $ 634.17 - -1.48 0.00 International A € 301.23 - 0.42 0.00 Veritas Global Real Return Fund A GBP £ 11.44 - 0.01 0.32 Investment Management Association, 65 Kingsway,
Renminbi Bond Fund CHF Cls B SFr 115.56 - 0.21 3.64
Corp Bond Inc Inst 141.40 - 0.00 - London WC2B 6TD.
Pictet-USD Short Mid-Term Bonds-I F $ 129.39 - -0.06 0.00 International B $ 386.31 - 0.72 0.00 Veritas Global Real Return Fund A EUR € 12.05 - 0.01 0.12 Tel: +44 (0)20 7831 0898.)
Renminbi Bond Fund CNH Cls A CNH 126.55 - 0.15 3.33
Corp Bond Acc Inst 144.00 - 0.00 - Retail
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.64 - 0.01 0.00 Purisima Investment Fds (UK) (1200)F (UK) International C £ 130.39 - 0.22 0.00 OEIC: Open-Ended Investment Company. Similar to a
Renminbi Bond Fund CNH Cls B CNH 126.19 - 0.14 3.10
40 Dukes Place, London EC3A 7NH Multi-Manager OEIC Veritas Asian Fund B USD $ 220.98 - 0.90 0.00 unit trust but using a company rather than a trust
Pictet-Water-I EUR F € 276.83 - 0.28 0.00 International D € 279.61 - 0.38 2.94
Order Desk and Enquiries: 0345 922 0044 Bal Intl Track Acc Ret 263.70 - 1.50 - Renminbi Bond Fund Euro Cls B € 117.33 - 0.22 3.64 structure.
Authorised Inv Funds TreeTop Global Sicav Veritas Asian Fund B GBP £ 289.26 - 0.49 0.00
Bond Mthly Inc Acc Ret 142.40 - -0.30 - Renminbi Bond Fund GBP Cls B £ 119.43 - 0.23 3.42 Different share classes are issued to reflect a different
Authorised Corporate Director - Capita Financial Managers S W Mitchell Capital LLP (CYM) Global Opp.A € 142.94 - 0.00 0.00 Veritas Asian Fund B EUR € 241.83 - 1.07 0.00 currency, charging structure or type of holder.
Pimco Fds: Global Investors Series Plc (IRL) Regulated Renminbi Bond Fund SGD Cls B S$ 118.70 - 0.23 3.38
Global Total Fd PCG A 170.00 - 1.55 0.34 Bond Mthly Inc Inc Ret 91.17 - -0.21 -
Global Opp.B $ 141.07 - 0.44 0.00 Veritas China Fund B GBP £ 146.11 - 0.00 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH S W Mitchell European Fund Class A EUR € 338.41 - 4.04 - Selling price: Also called bid price. The price at which
Global Total Fd PCG B 168.45 - 1.54 0.12 Renminbi Bond Fund USD Cls B $ 118.78 - 0.22 3.19
http://gisnav.pimco-funds.com/ Global Opp.C £ 180.81 - -0.25 0.00 Veritas China Fund B EUR € 163.91 - 1.09 0.00 units in a unit trust are sold by investors.
Dealing: +44 20 3640 1000 S W Mitchell Small Cap European Fund Class A EUR € 231.17 - -2.80 -
Global Total Fd PCG INT 166.22 - 1.51 0.00 Renminbi Bond Fund YEN Cls B ¥ 13067.70 - 22.79 0.00
PIMCO Funds: +44 (0)20 3640 1407
Santander Asset Management UK Limited (1200)F (UK) Sequoia Equity A € 144.12 - -0.06 0.00 Veritas Global Focus Fund B USD $ 17.93 - 0.10 0.00 Buying price: Also called offer price. The price at
The Charlemagne Fund EUR € 327.90 - 4.49 - 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 which units in a unit trust are bought by investors.
FCA Recognised Renminbi Bond Fund USD Cls A $ 163.88 - 0.31 3.43
Authorised Inv Funds Sequoia Equity B $ 147.60 - 0.38 0.00 Veritas Global Focus Fund B GBP £ 21.59 - 0.07 0.00 Includes manager’s initial charge.
Capital Securities Inst Acc $ 15.04 - 0.01 0.00 Santander Premium Fund (OEIC) Renminbi Bond Fund GBP Cls A £ 159.29 - 0.31 3.66
Purisima Investment Fds (CI) Ltd (JER) Sequoia Equity C £ 169.36 - -0.37 0.00 Veritas Global Focus Fund B EUR € 16.43 - 0.07 0.00 Single price: Based on a mid-market valuation of the
Commodity Real Return Fund Inst Acc $ 5.70 - 0.03 0.00 Regulated S W Mitchell Capital LLP (IRL) A Shares Renminbi Bond Fund SGD Cls A S$ 157.33 - 0.30 3.62 underlying investments. The buying and selling price
Regulated Veritas Global Equity Income Fund B GBP £ 129.61 - 0.81 4.11 for shares of an OEIC and units of a single priced unit
PCG B X 166.56 - 1.84 0.00 Europe (ex-UK) 280.10 - 1.30 -
Credit Absolute Return Fund Inst Acc $ 10.96 - 0.00 0.00 Renminbi Bond Fund YEN Cls A ¥ 19352.04 - 33.76 0.00 trust are the same.
SWMC European Fund B EUR € 15443.99 - 285.50 0.00 Veritas Global Equity Income Fund B EUR € 178.19 - 1.23 3.93
PCG C X 164.23 - 1.81 0.00 Japan Equities 156.90 - -0.60 -
Diversified Income - Inst Acc $ 19.01 - 0.03 0.00 Renminbi Bond Fund EUR Cls A € 107.98 - 0.21 3.88
SWMC UK Fund B £ 12064.25 - 22.80 0.00 Treatment of manager’s periodic capital charge:
Veritas Global Equity Income Fund B USD $ 107.72 - 0.90 4.13
Pacific Bas (ex-Japan) 510.10 - 2.00 - The letter C denotes that the trust deducts all or part
Diversified Income Durat Hdg Fund Inst Acc $ 11.13 - 0.00 0.00
SWMC Small Cap European Fund B EUR € 13454.94 - 59.86 0.00 Veritas Global Real Return Fund B USD $ 19.80 - 0.01 0.00 of the manager’s/operator’s periodic charge from
Putnam Investments (Ireland) Ltd (IRL) Sterling Bonds 262.80 - 0.00 - capital, contact the manager/operator for full details
Emerging Asia Bond Fund Inst Acc $ 9.53 - 0.01 0.00
SWMC Emerging European Fund B EUR € 9050.45 - 138.91 0.00 Veritas Global Real Return Fund B GBP £ 11.23 - 0.01 0.00 of the effect of this course of action.
Regulated
UK Equities 270.90 - 1.60 -
Emerging Local Bond - Inst Acc $ 10.57 - 0.03 0.00
Putnam New Flag Euro High Yield Plc - E € 1012.24 - 0.15 4.27 Veritas Global Real Return Fund B EUR € 12.88 - 0.01 0.00 Exit Charges: The letter E denotes that an exit charge
Emerging Markets Bond - Inst Acc $ 37.10 - 0.02 0.00
US Equities 270.90 - 2.70 - Troy Asset Mgt Ltd (UK)
may be made when you sell units, contact the
40 Dukes Place, London EC3A 7NH
B Shares manager/operator for full details.
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.48 - 0.01 0.00 Order Desk and Enquiries: 0345 608 0950
Rathbone Unit Trust Mgmt (1200)F (UK) Pacific Bas (ex-Japan) 509.40 - 2.10 - Authorised Inv Funds Veritas Asset Management LLP Time: Some funds give information about the timing of
Emerging Markets Short-Term Local Currency Fund $ 11.67 - 0.01 0.00 PO Box 9948, Chelmsford, CM99 2AG
E.I. Sturdza Strategic Management Limited (GSY) ACD Capita Financial Mgrs www.veritas-asset.com price quotes. The time shown alongside the fund
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Other International Funds manager’s/operator’s name is the valuation point for
Euro Bond - Inst Acc € 22.64 - 0.00 0.00 Regulated Trojan Investment Funds
Authorised Inv Funds their unit trusts/OEICs, unless another time is
Saracen Fund Managers Ltd (1000)F (UK) Nippon Growth Fund Limited ¥ 103357.00 - 1500.00 0.00 Spectrum Fund 'O' Acc ♦ 162.01 - 0.60 0.27 Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 indicated by the symbol alongside the individual unit
Euro Credit - Inst Acc € 14.69 - 0.01 0.00 Blue Chip Income Inc 153.83 158.89 0.63 4.19 19 Rutland Square, Edinburgh EH1 2BB trust/OEIC name.
RobecoSAM (LUX)
Dealing: 00 353 1 603 9921 Strat Evarich Japan Fd Ltd JPY ¥ 91049.00 - 849.00 0.00 Spectrum Fund 'O' Inc ♦ 157.92 - 0.59 0.27 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00
Euro Income Bond - Inst Acc F € 12.92 - 0.01 0.00 Blue Chip Income Acc 229.34 236.64 0.94 4.06 Tel. +41 44 653 10 10 http://www.robecosam.com/
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Euro Long Average Duration - Inst Acc € 21.35 - 0.01 0.00 Regulated Strat Evarich Japan Fd Ltd USD $ 901.12 - 8.51 0.00 Spectrum Income Fund 'O' Acc 97.03 - 0.45 -
Ethical Bond Inc 89.97 91.95 -0.05 4.69 Authorised Inv Funds 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
RobecoSAM Sm.Energy/A £ 11.73 - 0.01 1.69 midnight. Daily dealing prices are set on the basis of
Euro Low Duration Fund Inst Acc € 11.28 - 0.00 0.00 Saracen Growth Fd Alpha Acc £ 3.71 - 0.07 0.98 Spectrum Income Fund 'O' Inc 96.58 - 0.44 -
Ethical Bond Acc 172.08 175.49 -0.09 4.87 the valuation point, a short period of time may elapse
RobecoSAM Sm.Energy/N € 12.12 - -0.01 0.00 Trojan Fund O Acc ♦ 260.78 - 0.92 0.43 Waverton Investment Funds Plc (1600)F (IRL) before prices become available. Historic pricing: The
Euro Real Return - Inst Acc € 13.36 - 0.01 0.00 Global Opportunities Acc 142.32 146.87 0.84 0.11 Saracen Growth Fd Beta Acc £ 5.92 - 0.10 1.46 E.I. Sturdza Funds PLC (IRL)
waverton.investments@citi.com letter H denotes that the managers/operators will
RobecoSAM Sm.Materials/A £ 123.03 - -0.52 1.42 Regulated
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.15 - 0.02 3.03 Trojan Fund O Inc ♦ 216.34 - 0.76 0.43 normally deal on the price set at the most recent
Income Inc 857.63 887.98 4.16 4.09 FCA Recognised
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1082.97 - -0.32 0.00 valuation. The prices shown are the latest available
RobecoSAM Sm.Materials/N € 144.51 - -0.95 0.00 Trojan Global Equity O Acc 222.92 - 0.94 0.87 Waverton Asia Pacific A USD $ 17.60 - 0.13 5.27 before publication and may not be the current dealing
Euro Ultra Long Duration - Inst Acc € 28.03 - 0.12 0.00 Income Acc 1334.51 1380.00 6.48 3.97 Saracen Global Income & Growth Fund A - Dist £ 1.07 - 0.02 2.76
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1275.69 - -0.37 0.00 levels because of an intervening portfolio revaluation
RobecoSAM Sm.Materials/Na € 99.73 - -0.65 - Trojan Global Equity O Inc 189.89 - 0.80 0.88 Waverton Global Bond Fund Cls A $ 8.76 - 0.00 5.41
Global Advantage - Inst Acc $ 11.98 - 0.05 0.00 Multi Asset Enhanced Growth Acc 123.71 - 0.64 0.00 Saracen Global Income and Growth Fund -Acc # £ 1.43 - 0.02 3.39 or a switch to a forward pricing basis. The
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100145.00 - -34.00 0.00 managers/operators must deal at a forward price on
RobecoSAM Gl.Small Cap Eq/A £ 78.23 - -0.30 1.30 Trojan Income O Acc ♦ 278.44 - 1.69 3.62 Waverton Global Equity Fund A GBP £ 13.59 - 0.09 0.58
Global Advantage Real Return Fund Inst Acc $ 8.36 - 0.04 0.00 Multi Asset Strategic Growth inc 149.47 - 0.52 1.13 Saracen Global Income and Growth Fund -Dist # £ 1.26 - 0.02 2.79 request, and may move to forward pricing at any time.
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 83974.00 - -29.00 0.00
RobecoSAM Gl.Small Cap Eq/N € 159.12 - -0.99 0.00 Forward pricing: The letter F denotes that that
Global Bond - Inst Acc $ 27.80 - 0.02 0.00 Saracen UK Income Fund - Acc £ 0.98 - 0.02 - Trojan Income O Inc ♦ 176.38 - 1.08 3.74 Waverton UK Fund A GBP £ 13.32 - 0.07 1.83
Multi Asset Strategic Growth acc 158.18 - 0.55 1.12 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00
managers/operators deal at the price to be set at the

Asset Management
RobecoSAM Sustainable Gl.Eq/B € 181.11 - -1.05 0.00 Waverton Equity Fund A GBP £ 14.72 - 0.15 0.19 next valuation.
Global Bond Ex-US - Inst Acc $ 19.49 - 0.01 0.00 Multi Asset Total Return inc 126.31 - 0.17 1.83 Saracen UK Income Fund - Dist £ 0.97 - 0.02 -

Asset Management Asset Management

Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54375.00 - -18.00 0.00
RobecoSAM Sustainable Gl.Eq/N € 156.33 - -0.90 0.00 . Waverton Sterling Bond Fund A GBP £ 9.46 - 0.01 5.31 Investors can be given no definite price in advance of
Global High Yield Bond - Inst Acc $ 19.58 - 0.03 0.00 Multi Asset Total Return acc 139.24 - 0.19 1.79 UBS Asset Management (UK)
For Save & Prosper please see Countrywide Assured Strategic China Panda Fund USD $ 2246.42 - 13.93 0.00 the purchase or sale being carried out. The prices
RobecoSAM S.HealthyLiv/B € 178.41 - -1.13 0.00 21 Lombard Street, London, EC3V 9AH
Global Investment Grade Credit - Inst Income $ 12.08 - 0.02 3.65 appearing in the newspaper are the most recent
Recovery Inc 428.53 445.36 2.03 2.62 Strategic China Panda Fund Hedged EURO € 2190.37 - 12.72 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112 provided by the managers/operators. Scheme
RobecoSAM S.HealthyLiv/N € 166.28 - -1.05 0.00 www.ubs.com/retailfunds
Global Investment Grade Credit Fund Inst Acc € € 11.64 - -0.04 0.00 Recovery Acc 517.83 537.61 2.46 2.57 WA Fixed Income Fund Plc (IRL) particulars, prospectus, key features and reports: The
Schroder Property Managers (Jersey) Ltd Strategic China Panda Fund Hedged Sterling £ 2220.25 - 12.79 0.00 Authorised Inv Funds most recent particulars and documents may be
RobecoSAM S.HealthyLiv/Na £ 106.40 - -0.41 - Regulated
Global Investment Grade Credit Fund Inst Acc $ $ 16.52 - 0.02 0.00 Strategic Bond I-Class Acc 124.33 125.05 0.03 3.93 Other International Funds OEIC obtained free of charge from fund
Strategic Euro Bond Accumulating Class CHFSFr 982.46 - -1.03 0.00 European Multi-Sector € 115.66 - 0.11 0.00 managers/operators. * Indicates funds which do not
RobecoSAM S.Water/A £ 167.42 - -0.45 1.21 Indirect Real Estate SIRE £ 133.37 139.46 0.14 2.88
Global Multi-Asset - Inst Acc $ 14.43 - 0.01 0.00 Strategic Bond I-Class Inc 109.06 109.76 0.03 3.88 Global Emerg Mkts Eqty B Acc £ 1.28 - 0.00 1.73 price on Fridays.
Strategic Euro Bond Institutional Class EUR € 1009.75 - -0.82 0.00
RobecoSAM S.Water/N € 164.32 - -0.83 0.00
Global Real Return - Inst Acc $ 17.78 - 0.04 0.00 Global Optimal B Acc £ 1.00 - 0.01 0.64
Strategic Euro Bond Fund Accumulating Class Shares € 1132.04 - -0.93 0.00 Charges for this advertising service are based on the
number of lines published and the classification of the
Income Fund Inst Acc $ 12.31 - 0.00 0.00 Scottish Friendly Asset Managers Ltd (UK) UBS UK Opportunities Fund B Acc £ 0.85 - 0.01 3.09
Strategic Euro Bond Fund Distributing Class Shares € 1021.62 - -0.84 1.33 fund. Please contact data@ft.com or
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Inflation Strategy Fund Inst Acc $ 8.68 - 0.02 0.00 US Equity B Acc £ 1.49 - 0.02 0.28 call +44 (0)20 7873 3132 for further information.
Authorised Inv Funds Strategic European Smaller Companies Fund EUR Class € 973.36 - 11.72 -
Low Average Duration - Inst Acc $ 14.79 - 0.01 0.00 Managed Growth ♦ 243.20 - 1.20 0.00 UBS S&P 500 Index C Acc £ 0.55 - 0.01 1.08
Strategic Global Bond RMB Acc $ 1046.84 - -3.81 0.00
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.09 - 0.01 0.00 UK Growth ♦ 265.80 - 1.60 0.00 UBS Targeted Return B Acc £ 1.24 - 0.00 0.81
Strategic Global Bond USD Acc $ 1041.84 - -1.27 0.00
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 10.81 - 0.01 0.00 UBS Sterling Corporate Bond Indexed Fund 50.72 - -0.26 3.26 Yuki International Limited (IRL)
Robeco Asset Management (LUX) Strategic US Momentum and Value Fund $ 769.16 - 5.90 0.00 Tel +44-20-7269-0207 www.yukifunds.com
PIMCO RAE Fundam.PLUS US Inst Acc $ 12.24 - -0.02 0.00 UBS Multi Asset Income B Inc (net) £ 0.48 - 0.00 3.61 Regulated
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. SIA (SIA Funds AG) (LUX) Strategic US Momentum & Value Fund USD I Class $ 510.88 - 3.92 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.36 - 0.00 0.00 www.robeco.com/contact Regulated UBS UK Equity Income B Inc Net £ 0.37 - 0.00 4.85 Yuki Mizuho Umbrella Fund
FCA Recognised Strategic US Momentum and Value EUR Hedged Class EUR € 536.61 - 4.09 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6717.00 - -88.00 0.00
LTIF Classic € 333.49 - 9.04 0.00
StocksPLUS{TM} - Inst Acc $ 23.23 - -0.03 0.00 Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00
Asia-Pacific Equities (EUR) € 131.77 - -0.93 0.00 Santander Asset Management UK Limited (1200)F (UK) Strategic US Momentum and Value CHF Hedged Class CHFSFr 533.61 - 3.94 0.00
LTIF Natural Resources € 69.19 - 2.53 0.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Total Return Bond - Inst Acc $ 27.12 - 0.03 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 UBS Global Allocation (UK) B Acc £ 1.07 - 0.01 1.42
Chinese Equities (EUR) € 74.97 - -0.21 0.00
Authorised Funds LTIF Stability A ACCU € 162.45 - -0.48 0.00 Yuki Japan Low Price ¥ 25555.00 - -281.00 0.00
UK Corporate Bond - Inst Acc £ 17.15 - -0.04 0.00 UBS Global Enhanced Equity Income C Inc £ 0.46 - 0.01 10.94
Em Stars Equities (EUR) € 170.21 - -2.69 0.00 Santander Atlas Range
Taube Hodson Stonex Ptnrs UT (1200)F (UK) Yuki Japan Value Select ¥ 12136.00 - -219.00 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 18.98 - -0.09 0.00 Santander Atlas Inc Port Acc Inst 287.50 - 2.00 - 50 Bank Street, Canary Wharf, London E14 5NT UBS US Growth Fund B Acc £ 1.57 - 0.01 0.00
Emerging Markets Equities (EUR) € 143.12 - -1.50 0.00 YMR Umbrella Fund
UK Low Duration - Inst Acc £ 14.05 - 0.00 0.00 SIA (SIA Funds AG) (CH) Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS Emerging Markets Equity Income B Inc £ 0.34 - 0.00 6.60
Flex-o-Rente (EUR) € 109.24 - -0.15 0.00 Santander Atlas Inc Port Inc Inst 221.10 - 1.60 - YMR N Growth ¥ 16989.00 - -25.00 0.00
Other International Fds Dealing & Enquiries: 0870 870 8433
UK Real Return - Inst Acc £ 22.31 - -0.25 0.00 Santander Atlas Port 3 Acc Ret 147.60 - 0.10 - Authorised Inv Funds Yuki Asia Umbrella Fund
Glob.Consumer Trends Equities (EUR) € 156.16 - -0.97 0.00 LTIF Stability Growth SFr 188.30 - 0.50 -
THS Growth & Value Funds Yuki Japan Rebounding Growth Fund JPY Class ¥ 22999.00 - -295.00 0.00
UK Sterling Long Average Duration - Inst Acc £ 21.31 - -0.17 0.00 Santander Atlas Port 3 Inc Ret 101.70 - 0.00 - Unicapital Investments (LUX)
High Yield Bonds (EUR) € 121.82 - 0.82 0.00 LTIF Stability Inc Plus SFr 161.70 - 0.50 5.80 International
Regulated Yuki Japan Rebounding Growth Fund USD Hedged Class $ 912.94 - -11.87 -
Unconstrained Bond - Inst Acc $ 11.88 - 0.00 0.00 Santander Atlas Port 3 Acc Inst 162.30 - 0.10 -
Lux -O- Rente (EUR) € 140.06 - -0.41 0.00 IGV - Inc A 324.30 - 2.70 2.42
Investments III € 5.03 - -22.38 -
US High Yield Bond Fund Inst Acc $ 26.79 - 0.04 0.00 Santander Atlas Port 4 Acc Ret 181.30 - 0.70 -
New World Financials (EUR) € 52.49 - -0.21 0.00 Smith & Williamson Investment Management (1200)F (UK) IGV - Inc B 323.30 - 2.70 1.60
Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
US Premium Equities (EUR) € 182.05 - 0.07 0.00 Santander Atlas Port 4 Inc Ret 129.70 - 0.40 - 25 Moorgate, London, EC2R 6AY 020 7131 8100
IGV - Acc X 395.80 - 3.30 1.89 Zadig Gestion (Memnon Fund) (LUX)
www.sandwfunds.com Investments IV - Global Private Eq. € 366.42 384.74 -49.81 - FCA Recognised
US Premium Equities (USD) $ 203.53 - 0.10 0.00 Santander Atlas Port 4 Acc Inst 164.70 - 0.60 - Authorised Inv Funds IGV - Acc Y 424.70 - 3.50 2.38 Memnon European Fund I GBP £ 115.46 - 0.30 0.00
Santander Atlas Port 5 Acc Ret 190.60 - 1.30 - European Equity Fund A Class 512.70 - 1.90 0.73 IGV - Acc Z 393.10 - 3.30 1.61
Unicorn Asset Management Ltd (UK)
Santander Atlas Port 5 Acc Inst 161.80 - 1.10 - Far Eastern Income and Growth Fund A Class 425.90 - -1.90 3.14 European
Royal Bank of Scotland (2230)F (UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Zebedee Capital Partners LLP (CYM)
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Santander Atlas Port 6 Acc Ret 260.70 - 2.00 - Fixed Interest Fund A Class 119.90 - 0.00 3.11 EGV - Acc S 275.00 - 2.00 0.00 Authorised Inv Funds
Regulated
Authorised Inv Funds UK Growth A Inc 410.23 - 1.02 0.00
Santander Atlas Port 6 Acc X 186.10 - 1.40 - Global Gold and Resources Fund A Class 131.20 - 1.50 0.00 EGV - Acc Z 275.00 - 2.00 0.82 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Platinum Capital Management Ltd Series 5 (Minumum Initial Investment £75,000)
Other International Funds Continental Mastertrust A Inc X F 368.35 - 1.39 0.07
United Kingdom Equity Index Fund £ 15.42 - 0.36 2.92 Santander Atlas Port 6 Acc Inst 160.50 - 1.20 - MM Endurance Balanced Fund A Class 212.60 - 1.10 1.19 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Platinum All Star Fund - A $ 117.44 - - - CGV Acc S 114.70 - 0.70 0.06 UK Growth B Inc 411.70 - 1.04 0.56
UK Specialist Equity Inc £ 19.16 - 0.34 0.40 Santander Atlas Port 7 Acc Ret 202.80 - 1.90 - MM Global Investment Fund A Class 2091.00 - 8.00 1.83 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Platinum Global Dividend Fund - A $ 57.27 - - - CGV Acc X 113.30 - 0.70 0.00 Mastertrust B Inc X F 330.30 - 1.25 0.91
Contl Europe Specialist Fund £ 23.56 - 0.28 0.00 Santander Atlas Port 7 Acc Inst 160.90 - 1.50 - North American Fund A Class 1716.00 - 15.00 0.00
Platinum Maverick Enhanced Fund Limited $ 96.79 - - 0.00 Authorised Inv Funds CGV Inc A 114.30 - 0.70 - Outstanding British Cos A Acc X F 259.72 - 0.75 0.66
Japan Specialist Fund X £ 15.03 - 0.01 0.00 Oriental Growth Fund A Class 150.80 - -0.10 1.01
Max 70% Shs Acc Ret 168.00 - 0.50 - CGV Inc B 114.30 - 0.70 - Outstanding British Cos B Acc X F 271.49 - 0.78 1.42
US Spec Equity Fund £ 19.08 - 0.16 0.00 UK Equity Growth Fund A Class 417.40 - 2.90 0.66
Max 70% Shs Inc Ret 141.50 - 0.40 - UK Smaller Cos A Inc X F 439.02 - 2.55 0.35
Pacific Basin Specialist Equity Fund £ 38.52 - 0.08 0.90 UK Equity Income Fund A Class 223.10 - 0.90 4.68
Investments Inc Acc Ret 154.10 - 0.00 - The Hartford International Funds (IRL) UK Smaller Cos B Inc X F 429.33 - 2.50 1.22
UK Sovereign Bd Index Fund £ 10.60 - -0.05 2.53
Investments Inc Inc Ret 101.80 - 0.00 - Regulated UK Income A Acc X F 266.92 - 1.26 3.88
UK Specialist Equity Income Fund £ 9.47 - 0.14 4.08
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1605.20 - 0.25 0.00
Equity Inc Inc Inst 248.70 - 1.00 - UK Income A Inc X F 239.46 - 1.13 3.97
Global Emerg Mkts Equity Fund X £ 10.58 - 0.01 0.07
26 ★ Tuesday 29 December 2015

SMART MONEY Equities. Trading volatility

John
Authers
Lessons from a nightmare day on Wall Street
Exchanges are striving to Looking over the abyss
ensure that the turbulence
Spectre of the last of August 24 is not repeated
August 24th flash crash

crisis hangs over NICOLE BULLOCK — NEW YORK

exchange traded funds A Monday morning in the supposedly

quiet days of August this year has
become a striking example of sudden
market turmoil that also reveals the

T
he next financial crisis will be played out in structural limitations of trading
indexes and exchange traded funds. That is US shares.
inevitable given the huge share that ETFs now From the onset, August 24 had
take of investor fund flows, and their popular-
ity as hedge fund trading vehicles.
loomed as a tough day on Wall Street,
foreshadowed by a rout in Asia. It was Share price ($) Share price ($) Index S&P 500
What is less clear, and deeply controversial, is whether also rooted in something clearly identi- 20 65 2000
the structure of ETFs will contribute to the next crisis, or fiable: the changing economic picture
even cause it. Regulators — worried by past incidents in in China. 18
which untested financial innovations helped exacerbate Still, what transpired at the start of 60 1950
financial crises — are worried that it could. ETF providers trading in New York was read almost 16
counter that they make the market more liquid, and less immediately by traders, investors and 55 1900
prone to sudden stops. They complain that regulations exchange heads as evidence of cracks in 14
exacerbate a problem they were meant to cure. the plumbing that underpins the world’s
The ETF industry now holds more than $3tn in assets. largest equity market. 12 50 1850
But this raises the question of whether they have come to Within minutes of the start the Dow 21 24 21 24 21 24
lead the market rather than follow it. This operates at two Jones Industrial Average plunged 1,000 Aug 2015 Aug 2015 Aug 2015
levels. First, there is a concern that the power of the points and behemoths such as JPMor- FT graphic Source: Thomson Reuters Datastream Photo: Dreamstime
indexes distorts markets over time, and second, there is gan had fallen 20 per cent or more.
the possibility that the structure of ETFs and index funds Almost half the equities listed on the
worsens market shocks when they happen. New York Stock Exchange opened late. August 24 suggested strongly that some extent of the dislocation in products — issuers, exchanges and the market
Indexes’ influence spreads to virtually all institutionally In turn, some exchange traded funds things needed to be addressed.” that have been marketed as both track- maker community — to ensure August
managed funds. Benchmarking by the consultants on were being quoted at significant dis- That day’s turmoil has raised ques- ing underlying assets and liquid, collec- 24 doesn’t happen again,” says Chris
whom institutions rely when choosing fund managers is so counts to the underlying markets they tions about the functioning of the stock tively called for a reassessment of stock Concannon, chief executive of BATS Glo-
widespread that active managers have no choice but to were supposed to track. market, particularly the trading day’s market risk controls. One of the largest bal Markets, the US equity exchange.
watch the index they are compared to very closely, and fol- As human market makers on the MARKET opening, as well as how ETFs transact ETF providers, BlackRock, outlined a However, financial markets in recent
low any major changes in its composition. NYSE trading floor struggled to find the SHOCKS 2015 after their proliferation over the past series of recommendations for changes. years were tamed after extraordinary
When the Russell indices — highly popular among US correct opening levels for some shares, decade. The volatile trading of August NYSE has since extended the period support from central banks.
fund managers — are updated each year, they often others, mostly ETFs, were intermit- also rekindled calls for more uniformity for giving indications on price imbal- August 24 serves as a reminder that
drive the heaviest trading of tently trading and suspended. Against of rules among the markets for futures, ances in stocks until they are all open. It financial markets are inherently volatile
the year. In June, Chinese that backdrop, electronic traders, which cash equities and ETFs which are priced has also changed its rules for how ETFs and may become more so now the Fed-
A-shares peaked and began to
There is a have come to dominate modern share and arbitraged off each other. reopen after suspensions and stopped eral Reserve has begun its tightening
fall shortly after MSCI — the concern that the trading, did not have enough informa- A good share of the blame for the may- accepting automatic stop-loss trades, cycle.
most important index pro- tion about prices to run their algo- hem initially fell on NYSE’s use of “Rule which were criticised for extending the “Financial markets are always on an
vider for emerging markets —
power of indexes rithms. Not surprisingly, they backed 48”. It allows market makers to avoid a early declines. earthquake fault and that fault can
decided to delay their inclu- distorts markets away from the market instead. slow process for opening stocks on vola- While regulatory changes to market move at any time,” says James Angel, a
sion in its flagship index. This “When everybody wants to pile in tile days, but market participants felt it structure typically move at a glacial professor at Georgetown University.
came as a surprise. Chinese
over time or out, there is going to be disruption,” added to the confusion because traders pace, equity market participants gener- “We cannot get too complacent. We
authorities had lobbied hard says Andrew Brooks, head of US can stop giving information on potential ally agree that progress already has been have to continue to refine what we do
for inclusion in the index as this would have driven capital equity trading at T Rowe Price, an asset opening prices which could have drawn made on preventing a repeat of that day, when our markets are under stress.”
into the A-shares market. Many investors at the time said manager. buyers into the market. even if more needs to be done. Additional reporting from Joe Rennison in
that the subsequent sell-off could in part be attributed to “The stress test we went through on ETF providers, concerned about the “Everyone has been working together New York
the knock to confidence that came with MSCI’s decision.
Indexers do their best to limit their impact on the mar-
ket. Russell makes its methodology very public, so inves-
tors can see weeks in advance what changes are likely. Global overview
MSCI conducts public consultations.
But while indexing and benchmarking remain preva-
lent, the problem of overpowerful indexes seems impossi-
ble to avoid. For passive investors, rules for indexes must
Shares hit as Shanghai
remain as clear as possible. For active managers, the solu-
tion may be to change benchmarking. Rather than looking
sets cheerless tone
at past performance, consultants could look at investors’
past behaviour, or rate them on their degree of style disci-
pline. If clients show that they are more interested in NEIL DENNIS AND ERIC PLATT S&P 500 fell 0.5 per cent to
highly concentrated funds taking contrarian positions, 2,050 while the Nasdaq Com-
and not in funds that merely shadow an index, then the Equities were undermined posite declined 0.7 per cent.
industry would adjust to meet the demand, and the sys- yesterday by losses in main- Energy and materials com-
temic problems caused by indexes should reduce. land China after a near-3 per panies made up eight of the
Then there is the issue of market structure. Two inci- cent drop on the Shanghai 10 biggest declines on the
dents in 2015 raised concern. First, on August 24 US share exchange triggered fresh S&P, with Consol Energy,
prices gapped downwards at the opening in New York, and commodity losses. Chesapeake Energy, Freep-
ETF prices were not available for a while. Second, in As many markets reopened ort-McMoRan and Marathon
December, a gradual sell-off in high-yield bonds turned following the Christmas Oil all down more than 5 per
into a rout for ETFs holding high-yield bonds. weekend break, the Shang- cent.
Was this due to liquidity mismatches? ETFs only offer hai Composite fell 2.6 per Sentiment towards Euro-
prices throughout the trading day because market makers cent after weak industrial pean stocks was damped, as
trade to ensure that there is no gap between the market profit data for November the FTSE Eurofirst 300
price and the underlying price of the securities in the index dashed hopes of an end-of- dropped 0.6 per cent to 1,432,
they track, so this has to be a risk — especially when, as in year rally. with losses recorded for
the case of high-yield bonds, the underlying security is The data, released on Sun- resource stocks.
fundamentally less liquid. day, showed that profits ArcelorMittal, the steel-
There are two theories. One is that the problems were earned by Chinese industrial maker, was the biggest faller
driven by regulations. Mandatory trading pauses following companies fell 1.4 per cent on the pan-European index,
the 2010 “flash crash” made it harder for ETF managers to last month — a sixth-consec- down 5.2 per cent, followed
get a handle on the underlying price of their securities. The utive month of year-on-year by a 4.1 per cent loss for
other theory: there is indeed a mismatch. declines. Spanish oil group Repsol.
Debate is healthy. The echoes of credit derivatives, More than a third of the Commodity markets were
which in 2008 helped to turn a serious housing downturn losses on the Shanghai index hit by the Chinese data. After
into a near-collapse of the world financial system, are clear came from the financial sec- last week’s 2.7 per cent rally,
enough. Without a major market disruption, it is hard to tor, while a fifth came from Brent crude was down 2.8
test whether new financial instruments will work as the industrial sector. The per cent at $36.83 a barrel
intended when under stress. Better for everyone, includ- index’s 2.6 per cent loss was and nearing an 11-year low.
ing ETF providers, to err on the side of caution. the biggest daily decline Nymex WTI, which had
since the 5.5 per cent rout taken the premium from its
john.authers@ft.com seen on November 27. Brent rival last week, was
Fears of a fresh bout of cap- down 3.5 per cent to $36.77 a
ital outflows hit the ren- barrel.
minbi, which had just There was little impact
enjoyed a six-session win- from China’s stock losses on
ning streak. China’s currency currencies. The dollar index
More comment and data on ft.com fell to a four-and-a-half year was 0.1 per cent higher at
low against the dollar, down 97.91.
0.2 per cent to Rmb6.4871. Both the euro and sterling
Y Fast FT Our global economies, headed The Shenzhen equity mar- were little changed, but there
team gives you market- by Brazil, Russia, India ket also fell sharply, down 2.2 were gains among emerging
moving news and views, and China. per cent, while in Hong markets. South Korea’s won
24 hours a day, five days ft.com/beyondbrics Kong, the Hang Seng was rose 0.4 per cent, while Hun-
a week. ft.com/fastft down 1 per cent. gary’s forint added 0.8 per
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a “Industrial profits are cent.
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Join Paul Murphy and the global currency the health of the Chinese an earlier rise as risk senti-
Bryce Elder for the daily market. ft.com/podcasts economy. Falling profits ment came to the fore. As
Markets Live session at imply less demand for com- investors sought the relative
Y Lex Video Analysis modities,” said Marshall Git- safety of US government
11am. ft.com/alphaville
and opinion from the tler of FX Primus. bonds, yields were pushed
Y beyondbrics News and team on the hot issues In the US, equity markets lower as prices rose. The 10-
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was light. The benchmark ing earlier been up by 1.4bp.