Professional Documents
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00
doubts rise over US commitment Labour activist Li Qiang, who was investigating a
factory in China that makes shoes for the Ivanka
Trump fashion brand, has been detained by police
and two of his colleagues are missing. PAGE 6
NATIONAL
Brexit planning
Borrowing
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Shoppers shrug off inflation and pile debt on to credit cards
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
CHRIS GILES ECONOMICS EDITOR of the vehicle but has moved into credit explained robust consumer consumer slowdown. The greater con-
Trump vs the Valley A Five Star plan? Dear Don...
rapid increases in other forms of unse- spending growth seen in the economy in cern at the BoE is that households risk
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
Italys populists are trying to woo
the poor BIG READ, PAGE 11
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
The amount Britons borrowed on their
HMRC warns Lloyds of Brussels Insurance market cured lending. Credit card debt was the second half of last year, after the EU spending more than they can sustain
credit cards grew at the fastest pace in
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
growing at an annual rate of 5.3 per cent referendum. But economists said bor- and lenders sometimes relying on
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
being swamped
11 years in April, as consumers contin-
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped. PAGE 4
two years ago, 6.8 per cent last April and rowing was acting as a cushion for dubious accounting practices are will-
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
squeezing incomes.
A computer system acquired to collect our own customs system is proving during 2016. PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels. The US secretary of state has failed to reconcile
Bank of England figures published yes- in total consumer credit, which is domi- Martin Beck, senior economic adviser defaults.
Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehalls time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
ZURICHa range of gender-neutral it followed a strategy offull client tax
increase in declarations expected at been relegated to amber/red, which DUNCAN
titles such asROBINSON BRUSSELS
Mx, in addition to Mr, Mrs, Misscompliance
or but was still trying to
British ports when the UK leaves the EU. means there are major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas. Credit
needs Suisse hascustomers.
of transgender been targeted by
PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: [CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerlands attempts to clean up dering by a global financial institution
Datawatch
terday showed the outstanding amount nated by car loans, credit card growth is to the EY Item Club, said: In the short Separate BoE figures yesterday
Theresa May announced in January that international trade once the UK leaves its image as a tax haven. and certain ofits employees. The UK
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro- AFP
Terror attacks inwith
co-operating
were contacted
Highlighted
western
attack byOthers
borrowed on credit cards hit 68.1bn, a now almost as rapid as other forms of term at least, that households are able showed that the number of mortgages
whether Whitehall can implement a caused by Mrs Mays unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Paris bombings have
host of regulatory regimes in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the countrys banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation. customers meet international tax The Swiss attorney-generals office
Sources: Janes Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- Londons specialist insurance Lex page 14
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines.
and the fastest rate of credit card bor- in April, the BoE said, having fallen from fund consumption should at least help 64,600 in April from 66,000 in March,
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
The figures will heighten concerns at The BoE has said it does not believe tion and subdued pay rises and present The figure is in line with recent lend-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britains exit bill and
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.
the BoE that the rapid increase in credit that the rapid growth in consumer some upside risk to forecasts of a sharp ing levels but less than half the level of
STOCK MARKETS CURRENCIES INTEREST RATES new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
Tel: 0800 298 4708 expected to cost councils care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg
Reprints
360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per 1.074 1.075 per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
www.ft.com Nasdaq Composite 5902.74 5897.55 0.09 $ per 1.249 1.241 per $ 0.801 0.806 UK Gov 10 yr 100.46 1.21 -0.03
Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
Dow Jones Ind 20703.38 20659.32 0.21 per 0.859 0.866 per 1.164 1.155 Ger Gov 10 yr 98.68 0.39 -0.01
THE FINANCIAL TIMES LTD 2017 FTSEurofirst 300 1500.72 1493.75 0.47 per $ 111.295 111.035 per 119.476 119.363 Jpn Gov 10 yr 100.45 0.06 0.00
No: 39,435 Euro Stoxx 50 3481.67 3475.27 0.18 per 139.035 137.822 index 76.705 76.951 US Gov 30 yr 100.14 2.99 0.01
Printed in London, Liverpool, Glasgow, Dublin, FTSE 100 7369.52 7373.72 -0.06 index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr 102.58 -0.75 0.00 Subscribe In print and online World Markets
Subscriptions and Customer Service card borrowing is unsustainable and the peak recorded in 2003. The recent
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238 price prev chg
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
CAC 40
Xetra Dax
Nikkei
Hang Seng
FTSE All World $
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
0.00
0.00
Data provided by Morningstar
www.ft.com/subscribenow
Tel: 0800 298 4708
S&P 500
Nasdaq Composite
Dow Jones Ind
FTSEurofirst 300
Mar 31
2367.10
5918.69
prev %chg
CURRENCIES
0.932 US Gov 10 yr
0.801 UK Gov 10 yr
1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
price
98.63
100.35
99.27
100.36
yield
2.41
1.22
0.33
0.07
chg
-0.01
0.02
-0.01
0.00
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Printed by cost 75p/min. ment to higher prices in shops, the rise George Buckley of Nomura.
St Clements Press (1988) Ltd, London, Newsprinters in debt would not ultimately stop them Brexit and sterling will be key influ-
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling reining in spending as real incomes fell. ences on the London market going for-
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Press Ld, Kells, Ireland 2014 was 78.5% The growth in credit card lending is ward, while regional markets may be
the latest episode in a consumer bor- more closely affected by traditional
Copyright The Financial Times Limited 2017. All rowing surge that started with car loans affordability variables, such as interest
rights reserved. Reproduction of the contents of this
where lending is backed by the value Jingling tills: the amount borrowed on credit cards rose 9.7% Dominic Lipinski/PA rates and incomes.
Thursday 1 June 2017 FINANCIAL TIMES 3
NATIONAL
Whitehall
INTERNATIONAL
Monetary policy
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
Sluggish US inflation raises concerns for Fed rate-setters
HMRC warns
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
OF THE TECHNOLOGY IS
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
CHANGING AN
being swamped ROAD
i Report outlines longer NHS waiting times
A report on how the health service can survive AMERICAN WAY OF LIFE
meeting showed some participants rais- Ms Brainard said in her speech that they could be forced to step up the pace
more austerity has said patients will wait longer for Censors and sensitivity
by Brexit surge
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped. PAGE 4
engulfed in
planned or under construction
JAMES BLITZ WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. If running almost one tower a week
fall in inflation. If price growth contin- tion is driven up when the economy more than expected, if wage growth un-
A computer system acquired to collect our own customs system is proving during 2016. PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
ought to have an impact on how we
press for certain options in Brussels.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was challenging but
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
Chic new lodgings
in Scotland
MAGAZINE Even as the Federal Reserve lays the
FEBRUARY 4 2017
ues to undershoot expectations, doves approaches full employment, was prov- expectedly surged or if Congress began a
needed urgent action to be ready by achievable. But, it added, CDS was a i Toshiba investors doubt revival plan
March 2019, when Brexit is due to be complex programme that needed to be 3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
on the Federal Open Market Committee ing flatter across a number of econo- highly stimulative fiscal policy.
increase in declarations expected at been relegated to amber/red, which Credit
titles suchSuisse
as Mx,has been targeted
in addition by Miss or
to Mr, Mrs, HM Revenue & Customs said it had
British ports when the UK leaves the EU. means there are major risks or issues Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
cater to launched
the a criminal investigation into
France and the Netherlands,
customers. setting suspected tax evasion and money laun-
will probably reassert themselves. mies. She also said it was possible the US Why the bullish approach? The US
Recent attacks
concerning client tax matters. notably the 2011 Dutch prosecutors, who initiated the
declarations a year but, once outside the
customs union, the number is expected
focus and resource it requires for suc-
cessful delivery. Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint- of foreign flora HOUSE & HOME
If we keep getting these low inflation labour market was not as strong as the economy has been adding jobs at a
customers meet internationalbucked tax the trend The Swiss attorney-generals office
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool of generally low
requirements following a US-led clamp- said it was astonished at the way this
to agriculture and fisheries by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and extremely good regula- fatalities from
banker loses job over WhatsApp boast subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Houlder in London, and Michael Stothard
Austens descendants insist the Rice portrait depicts her as a girl see magazine Bridgeman Art Library
a pension headache FT MONEY
tions on the path for monetary policy, three months, unemployment is at its
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON LONDON
The dominant view at the central bank said Tim Duy at the University of Ore- lowest level since before the crisis, and
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus ALEX BARKER BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a GEORGE PARKER LONDON Gibraltar yesterday hit back at the status within the single market after
April 28 have resisted Donald Trumps Authority highlights the increasing ing system on a number of occasions client and information about a rival of STEFAN WAGSTYL BERLIN clause, saying the territory had shame- Brexit, the guidelines state it would
attempt to tack funds to pay for a wall
on the US-Mexico border on to
problem new media pose for companies
that need to monitor and archive their
last year to impress people.
Several banks have banned the use of
Jefferies. In one instance the banker
boasted how he might be able to pay off
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
fully been singled out for unfavourable
treatment by the council at the behest of
Spain. Madrid defended the draft
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply.
ECO-GLAM
require existing regulatory, budgetary,
stopgap spending plans. They fear staffs communication. new media from work-issued devices, his mortgage if a deal was successful. Britains plea for early trade talks and
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- Living wage rise to pile explicitly giving Spain a veto over any clause, pointing out that it only reflected Mr Tusk wants talks on future trade
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
pressure on care services
About 2.3m people will benefit from
todays increase in the national living
wage to 7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
arrangements that apply to Gibraltar.
European Council president Donald
Tusks first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ains expectations by setting out a
the traditional Spanish position.
Senior EU diplomats noted that
Mr Tusks text left room for negotiators
to work with in coming months. Prime
minister Theresa Mays allies insisted
that the EU negotiating stance was
largely constructive, with one saying it
to begin only once sufficient progress
has been made on Britains exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
is that with the US nearing full employ- gon. Should price growth remain slug- James Bullard says reports from employers of skills short-
lot more. Some 43 per cent of care phased approach to the divorce proc- was within the parameters of what we Nato summit in Brussels that Mrs May
inflation rising
MAKE A SMART INVESTMENT
staff amounting to 341,000 people ess that prioritises progress on with- were expecting, perhaps more on the had not intended to threaten the EU
aged 25 and over earn less than the drawal terms. upside. when she linked security co-operation
ment, the slack in the jobs market is gish into the second half of the year ages have been multiplying. If the Fed
390_Cover_PRESS.indd 1 19/01/2017 13:57
Subscribe In print and online World Markets new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
expected to cost councils care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
www.ft.com/subscribenow 360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708 Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
meaningfully when
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per 1.074 1.075 per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
www.ft.com Nasdaq Composite 5902.74 5897.55 0.09 $ per 1.249 1.241 per $ 0.801 0.806 UK Gov 10 yr 100.46 1.21 -0.03
Dow Jones Ind 20703.38 20659.32 0.21 per 0.859 0.866 per 1.164 1.155 Ger Gov 10 yr 98.68 0.39 -0.01
THE FINANCIAL TIMES LTD 2017 Subscribe In print and online World Markets
more or less gone and it is a matter of they will have to make some changes to waits too long before acting, chair Janet
FTSEurofirst 300 1500.72 1493.75 0.47 per $ 111.295 111.035 per 119.476 119.363 Jpn Gov 10 yr 100.45 0.06 0.00
No: 39,435 Euro Stoxx 50 3481.67 3475.27 0.18 per 139.035 137.822 index 76.705 76.951 US Gov 30 yr 100.14 2.99 0.01
FTSE 100 7369.52 7373.72 -0.06 index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr 102.58 -0.75 0.00
www.ft.com/subscribenow
Printed in London, Liverpool, Glasgow, Dublin, STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708
unemployment is
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238 price prev chg
Mar 31 prev %chg Mar 31 prev Mar 31 prev price yield chg
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
CAC 40
Xetra Dax
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44 Mar 30
Fed Funds Eff
prev %chg US 3m Bills
0.66
0.78
0.66
0.78
0.00
0.00
For the latest news go to S&P 500 2367.10 2368.06 -0.04 $ per 1.070 1.074 per $ 0.935 0.932 US Gov 10 yr 98.63 2.41 -0.01
Nikkei 19063.22 19217.48 -0.80 Oil WTI $ 50.22 49.51 1.43 Euro Libor 3m -0.36 -0.36 0.00
www.ft.com Nasdaq Composite 5918.69 5914.34 0.07 $ per 1.251 1.249 per $ 0.800 0.801 UK Gov 10 yr 100.35 1.22 0.02
Dow Jones Ind 20689.64 20728.49 -0.19 per 0.855 0.859 per 1.169 1.164 Ger Gov 10 yr 99.27 0.33 -0.01
Hang Seng 24301.09 24392.05 -0.37 Oil Brent $ 52.98 52.54 0.84 UK 3m 0.34 0.34 0.00 THE FINANCIAL TIMES LTD 2017 FTSEurofirst 300 1503.03 1500.72 0.15 per $ 111.430 111.295 per 119.180 119.476 Jpn Gov 10 yr 100.36 0.07 0.00
FTSE All World $ 297.99 297.73 0.09 Gold $ 1248.80 1251.10 -0.18 Prices are latest for edition Data provided by Morningstar No: 39,436
time before core inflation hits tar- the forecast. Yellen has stressed, there is a risk of the
Euro Stoxx 50 3495.59 3481.58 0.40 per 139.338 139.035 index 77.226 76.705 US Gov 30 yr 99.27 3.04 0.01
FTSE 100 7322.92 7369.52 -0.63 index 88.767 89.046 $ index 104.536 104.636 Ger Gov 2 yr 102.57 -0.75 0.00
get. That contention will probably James Bullard, president of the St proved by studies economy overheating
underpin a further quarter-point rate Louis Fed, is one of the officials voicing While the Fed is watching sluggish
Morning briefing. Midday analysis. Mobile updates. Subscribe to increase on June 14, as well as a move concern. The jobless rate is 4.4 per cent, gested. The ratio of employment to the inflation carefully, the data seem
the FT and youre better informed all day. later this year towards shrinking the below the Feds 4.7 per cent estimate of overall population remained a percent- unlikely to force a change of strategy
Feds $4.5tn balance sheet. the long-term unemployment rate, so age point below pre-crisis levels, she just yet. Jim OSullivan of High Fre-
With newspaper delivery, you start the day prepared.* With FT.com, The trouble is that as Fed board gover- conventional models suggest wages and said, adding that there might also be quency Economics said if mobile phone
youre on top of the news throughout the day. And with mobile nor Lael Brainard pointed out in a inflation should be heating up. scope for further falls in the share of services were stripped out, core infla-
and tablet access, youre up to speed wherever you are. speech on Tuesday, inflation measured But Mr Bullard told the Financial employees working part-time because tion was at 1.7 per cent in April.
by the core personal consumption Times the idea that inflation goes up they could not get a full-time job. Ms Brainard has tended towards the
expenditures (PCE) gauge has under- meaningfully once the economy hits Most Fed policymakers think that if dovish side, yet in her speech continued
shot the Feds target for 58 straight very low unemployment was not borne the US is not yet at full employment, it is to advocate further tightening soon. If
Visit FT.com/subscribenow months, even as the unemployment out by economic studies. With gross getting very close, however. They have the clash between progress on employ-
rate has halved. Tuesdays numbers domestic product growth stuck at about proved willing to dismiss weak inflation ment and disappointing inflation per-
showed core inflation of just 1.5 per cent the 2 per cent trend rate, Mr Bullard said as a temporary factor and forge ahead sisted, it might be time to reassess the
*Terms and conditions can be found at www.ft.com/subscribenow below the Feds 2 per cent target. there was no need for the Fed to be pre- with plans for tighter monetary policy. outlook for rates, she said, but added: It
Minutes of the latest Fed rate-setting emptive in lifting interest rates. In their latest meeting some even said is premature to make that call today.
Thursday 1 June 2017 FINANCIAL TIMES 5
INTERNATIONAL
Diplomatic spat
to pull plug on chief executive
Putin and Erdogan deepen ties as Russia eases Turkey sanctions JOSEPH COTTERILL JOHANNESBURG He took up his post just weeks after Mr
Zuma fired Pravin Gordhan, a critic of
South Africas power utility Eskom has
cronyism and suspect procurement at
been ordered to sack Brian Molefe, the
KATHRIN HILLE ST PETERSBURG leader to immediately step down. The lifting of the sanctions will bring age tours even though that embargo was state companies, as finance minister.
chief executive it rehired after he left
Moscow, which backs the Assad some relief for Turkeys struggling econ- one of the first lifted by Moscow. The The ANC, which is riven over corrup-
Russia said yesterday it was lifting most the organisation in the wake of a report
regime, and Ankara, one of the main omy. Previously one of the best per- flow of Russian tourists to Turkey fell to tion allegations and Mr Zumas legacy of
of the sanctions it imposed on Ankara into state corruption.
supporters of the Syrian opposition, also forming emerging markets, Turkey has less than 1m last year from 3.6m in 2015. scandals, agreed at a weekend meeting
after the Turkish military shot down a
co-operated to broker a ceasefire for been battered by instability and weak Mr Putins latest decrees will enable Yesterday Lynne Brown, the public that the rehiring of Mr Molefe should be
Russian fighter jet over the border with
Aleppo, the northern Syrian city, in investor sentiment since a failed coup Turkish construction companies, which enterprises minister who oversees reversed ahead of a court challenge to
Syria 18 months ago.
December and have mediated peace last year, which prompted Mr Erdogan held a leading position in the Russian Eskom, instructed its board to remove the appointment by opposition parties.
The move underscores an easing of ten- talks. The truce has not held, but diplo- to impose a state of emergency and market, to return to the country. Mr Molefe from office less than 20 days Malusi Gigaba, Mr Gordhans succes-
sions between Vladimir Putin, Russian mats in Moscow said the co-operation launch a crackdown targeting the mili- However, Moscow is keeping in place since his reappointment divided the rul- sor, said yesterday that Mr Molefes brief
president, and Recep Tayyip Erdogan, helped Russia and Turkey identify areas tary, the civil service, media and opposi- an import ban on Turkish tomatoes, ing African National Congress and deep- comeback had caused a lot of harm, a
his Turkish counterpart, after a long- of joint interest in Syria as the two tion politicians. which has hurt the countrys agricul- ened concerns over the chaotic manage- lot of reputational damage to the gov-
running diplomatic spat that was seen emerged as pivotal foreign powers The tourism industry was particu- tural sector. Russia once accounted for ment of Africas biggest utility. ernment. Mr Gigabas Treasury under-
as a test of resolve between the two involved in the conflict. larly hard hit by a ban on Russia pack- 70 per cent of Turkish tomato exports. Mr Molefe resigned from Eskom last writes Eskoms R320bn ($24bn) net
strongmen. Mr Putins stubborn refusal to lift the year. He was the biggest casualty of a debt, which is the largest of South
Mr Putin yesterday partially restored tomato ban caused Turkey to take retal- report issued by South Africas public Africas state-owned enterprises and is
a bilateral agreement on visa-free iatory measures. In March, Ankara sus- protector, a government ombudsman, set to escalate as ageing coal power sta-
movement between the two countries, pended the issuance of licences for duty- which detailed alleged corruption at tions are replaced.
lifted restrictions on Turkish companies free grain imports from Russia. Turkey public institutions for private gain But banks in South Africa and abroad
operating in Russia and ended a ban on was one of the largest markets for Rus- under Jacob Zumas presidency. have grown wary of lending to Eskom
employing Turkish workers. He also sian wheat and the move triggered Mr Molefe denied any wrongdoing because of its links to the Guptas and
ended an embargo on a range of Turkish warnings of a trade war. and said he would leave the utility to other scandals.
imports. When the two presidents met in Rus- clear his name. It was alleged he was in Everybodys looking at this the same
The decision to lift the sanctions sia a month ago, Mr Erdogan pleaded contact with the Guptas, a business fam- way, an executive at a South African
comes almost a year after Mr Putin and the case for Turkish tomatoes, praising ily with ties to Mr Zuma and his relatives, bank said. One problem is the level of
Mr Erdogan vowed to repair relations them as both tasty and cheap. at the same time that a mining company Eskoms debt. The second is the govern-
following an apology by the latter for the However, Mr Putin was unmoved. owned by the family negotiated to buy a ance problem. The third is that people at
shooting down of the fighter jet. He argued that Russian companies that collierythatsuppliedEskom. the top are not only PEPs [politically
The rapprochement also comes after had stepped in to fill the gap created But Mr Molefe returned to his desk in exposed persons], but the kind of PEPs
Ankara has appeared to soften its stance by the ban on Turkish tomatoes needed May, saying he had in fact been on that banks do not want to deal with.
on President Bashar al-Assad, with it no to be given time to recoup their unpaid leave despite becoming an ANC They are being treated with extreme
longer publicly calling for the Syrian Strongmen: Recep Tayyip Erdogan, left, and Vladimir Putin Ozan Kose/AFP/Getty investments. MP and Eskom advertising his old job. caution.
6 FINANCIAL TIMES Thursday 1 June 2017
INTERNATIONAL
Afghanistan
Activist held
Israeli critics of the occupation draw flak in China
Views of ex-security officials
while probing
pack a punch as it is harder for Ivanka Trump
rightwingers to dismiss them shoe factory
JOHN REED JERUSALEM
Duterte tested as battle for Marawi highlights extremists regional strength across China are facing a harsher cli-
mate, said Ms Pun.
Mr Hua and Li Zhao, one of his miss-
ing colleagues, had both recently been
MICHAEL PEEL BANGKOK his bloody drugs war delivers a prom- pockets of resistance. He admitted Maute members were behind thwarted Now its apparent that [Isis] has built prevented from leaving the country,
GRACE RAMOS MANILA
ised security clampdown. extremist groups in the southern Philip- bomb plots in Manila and a blast in Sep- a very strong capability in the Philip- according to Li Qiang.
A battle between Isis-aligned militants While Duterte has been focusing all pines were becoming a serious con- tember that killed 15 people in a night pines and this threat is not going to go He said Mr Hua had been pulled in for
and the Philippine army is a show of his attention on killing drug lords, a big- cern, particularly because of growing market in Mindanaos biggest city of away, said Professor Rohan Gunaratna, questioning by state security officers in
extremist strength and a blow to ger problem has been growing under the co-operation between different groups, Davao, where Mr Duterte was mayor for a security expert at Singapores S Shenzhen last week while attempting to
President Rodrigo Dutertes self-styled noses of the authorities, said Sidney the presence of foreign fighters and the more than 20 years. Rajaratnam School of International travel to Hong Kong, and had been told
image as both hard man and peace- Jones, a Southeast Asia terrorism expert ease with which militants had entered Abu Sayyaf, which is notorious for Studies. What we are seeing is that all he was suspected of a crime. He said Li
maker. and director of the Indonesia-based built-up areas undetected. beheading western hostages and hijack- these disparate groups have joined Zhao had also been stopped at the bor-
Institute for Policy Analysis of Conflict. The Marawi operation is the biggest of ing ships, appears to be diversifying together and they are willing to con- der in Shenzhen when trying to leave
Government troops yesterday entered What Isis has done is provide for the several recent attacks by the Maute, after coming under increasing pressure duct joint operations. China last month, but that the two had
their ninth day of fighting to regain con- first time a real umbrella that can link who are named after the brothers who from security force attacks on its bases Mr Duterte has faced only muted been permitted to return to Ganzhou.
trol of the southern city of Marawi on Mr across the region, across clan and across founded the group, in their home region off the shores of Mindanao. The siege of opposition to his declaration of 60 days The run-ins with state security offic-
Dutertes home island of Mindanao, ethnicity. and beyond. Authorities allege that Marawi began after government forces of martial law on Mindanao and his ers and police in Shenzhen and Ganzhou
after a failed security force raid trig- Philippine troops backed by tried to capture Isnilon Hapilon, an Abu warnings that he might need to expand suggest a wider regional collaboration
gered a siege and spurred the president armoured vehicles and attack helicop- Sayyaf leader who was thought to be in it to other parts of the country. But his rather than the local police interference
to impose martial law. ters are battling to dislodge militants the city. He is on a US most wanted list decision is highly sensitive because of to which activists are accustomed.
The fierce skirmishes near the shores who have occupied strategic parts of and has been declared an Isis emir in the way the late Ferdinand Marcos used Mr Hua had twice before been inter-
of Lake Lanao have killed scores of peo- Marawi. Authorities say at least 21 secu- Southeast Asia after pledging loyalty to the special powers in 1972 to turn the viewed by police during his research
ple, driven thousands from their homes rity force members, 19 civilians and 89 the group. country into a dictatorship. into the suppliers of Apple and Samsung
and underscored how the southern militants have been killed in fighting in Authorities say the two Mindanao Christian Monsod, a constitutional in Shanghai and Tianjin, but each time
islands of the Philippine archipelago which at least two extremist groups militant organisations have been joined expert who has studied the peace proc- was told simply to leave the city, accord-
have become a magnet and launch pad the local Maute and Abu Sayyaf of by foreign fighters from countries ess in Mindanao, said some young peo- ing to CLW.
for violent south-east Asian Islamist south-west Mindanao have joined including Malaysia, Indonesia and ple in the region were growing impa- Su Heng, the third missing activist,
groups. forces. states outside Southeast Asia. They tient. The solution is not martial law had not been approached by police dur-
Analysts warn more trouble is likely Delfin Lorenzana, defence secretary, have responded to a call for militants but to speed up the peace process and to ing the Ivanka Trump project to the
to spring from a region plagued by long- said the military had control of about 70 who want to go to the Middle East go into projects that would show the knowledge of CLW.
running Islamist and communist insur- per cent of the city of 200,000 people as Under siege: a government soldier where Isis is under increasing pressure Muslim youth there is a better way to Additional reporting by Yingzhi Yang
gencies, even if a president notorious for of Tuesday night and was clearing three carries a girl to safety in Marawi to divert to the Philippines instead. improve their lives. Editorial Comment page 10
Thursday 1 June 2017 FINANCIAL TIMES 7
EXECUTIVE
APPOINTMENTS
www.ft.com/recruit www.exec-appointments.com Twitter: @carola_hoyos
8 FINANCIAL TIMES Thursday 1 June 2017
ARTS
A
good exhibition of draw- drama of antithesis in which the apos-
ings, bringing us near to an tles respond to the disciples humbling
artists thought processes failure to cure a possessed boy. One is a
and inventions of hand, sensuous, full-lipped youth, his features
mind and eye, is always full of concern, the other an elderly,
exciting. But a game-changing presenta- bearded man with wispy hair, alert,
tion of graphic art, one which alters our sympathetic, with an expression mixing
conception of its creator, is rare. The pity and perturbation. The contrasts
Ashmoleans Raphael: The Drawings is a extend to their hands, one pair closed,
once-in-a-generation opportunity to see anxious, the other open and accepting.
some hundred exceptional, unexpected Hands, hard to draw and gesturally
works in a display that challenges the powerful, are a dominant motif. Clasped
century-old view of this artist as a Ren- hands imply inner turmoil in Adam in
aissance master of harmonious balance the Disputa, clenched, gnarled hands in
and chiselled perfection, remote com-
pared with Leonardos subtle ambiva-
lences or Michelangelos terribilit.
Raphael on paper remains astound-
ingly beautiful. In delicate, fluid red
chalk contours, a contrapposto infant,
arms outstretched, leaps joyfully across
the sheet in the Uffizis Christ Child.
A metalpoint nude in surging motion,
white body colour accentuating muscu-
lature, giving texture to flesh, and defin-
ing a helmets floppy feathers and
metallic sheen, fizzes with energy in
Study for a Horseman from Frank-
furts Stdel Museum.
Five pen and ink variations of a poised
Mary supporting her toddler son in his
first faltering steps in Studies for the
Virgin and Child from Viennas Alber-
tina have an experimental liveliness and
variety of pressure and speed touch-
ingly mirroring the subject. A black
chalk Head of a Muse from a private
collection looks freely sketched, almost
breezy; then you notice how different An Elderly Sibyl convey visionary
Americas well-connected sugar barons are frustrating Washingtons efforts to cut a deal on Mexican
imports. The outcome of the negotiations will set the tone for Donald Trumps aim to renegotiate Nafta.
By Shawn Donnan and Jude Webber
T
he description reads like a
Caribbean jet-set fantasy.
Sugar
By night there was dancing
with actor George Hamilton
and alfresco dinners at the
local outpost of Le Cirque. By day there
were boat trips to deserted beaches with
Prince Dimitri of Yugoslavia. Breakfast
talks
was delivered to guests villas on flower-
laden platters and featured the most
heavenly freshly squeezed tomato
juice.
Gotta say, staying chez Fanjul is
turn
about as good as it gets, the author
writes. First of all there are no better
hosts, more fun or adorable than Pepe
and Emilia. Plus they happen to live in
Paradise.
The travelogue would be little more
sour
than a high society vacation diary were
it not for the individuals involved.
Instead, the authors husband and her
hosts are now two of the lead characters
in one of the worlds most sensitive trade
negotiations, which has the potential to
add a sugar war to a growing list of ten-
sions between the US and Mexico.
Describing the 2009 trip was Hilary
Geary Ross, socialite wife of Wilbur
Ross, the billionaire investor who is now
Donald Trumps commerce secretary.
Their hosts at Casa de Campo, a Domini-
can Republic luxury resort: Jos Pepe
Fanjul, the Cuban-born Florida sugar
baron, and his wife Emilia.
Eight years on, Mr Ross and Mr Fanjul
are star players in a negotiation to
resolve a bitter sugar dispute over Mexi-
can exports to the US by a June 5 dead-
line. Mexican negotiators fear Mr Fanjul
a longtime Republican donor and part
owner of the UK sugar producer Tate &
Lyle, which lobbied for Brexit is
Letters
Email: letters.editor@ft.com
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections: corrections@ft.com
dealings with Trump Karachi emerges Arif Habib recently bought a 1,300- of Pakistan writ large. It is ranked as Instead, it is Chinese companies that
acre plot in Karachi that was one of the least liveable and most have received the contract to do so.
The institution should not trade personal favours for US funding
slowly from originally the site of a nationalised
steel plant. Among the problems the
dangerous cities on earth. Not long
ago the country was considered close
To be sure, progress has been made
in eradicating the scourge of the
Pity the World Bank. Challenged by
other lenders in its key role of provid-
ing finance to developing countries, it is
ing out if the fund underperforms.
Mr Trumps fondness for mixing
public policy with personal considera-
decades of founder of Arif Habib Corp, the
Karachi-based conglomerate, faced
was the fact that squatters occupied
to becoming a failed state. So if the
government can indeed restore law
and order in Karachi it will be a big
gangs, although they have not entirely
gone away. The mix of crime and
politics is, sadly, a big feature of life in
battling for legitimacy as it tries to
reflect the rising influence of emerging
tions is not the least of his many flaws.
But for the bank, securing continuing
darkness 250 acres of the property.
These illegal residents had found
step forward both for a nation of more
than 200m people and for the region
both Karachi and in the country. The
gangs operate in collusion with a
markets and grappling with discontent funding from the US is not worth the their way there thanks to the so-called generally. number of political parties, their ties
among its staff. On top of this comes blow to its credibility that such a quid land mafia; gangs of professional land It is hard to believe that this is a city reinforced by regional and clan
hostility from the administration of pro quo would deliver. grabbers, many of whom came from of as many as 25m people and could loyalties.
Donald Trump, who has threatened to The banks legitimacy is already the restive border region of Khyber even be the largest city on the planet, Meanwhile, the state of the property
cut the US funding contribution. compromised by the time-honoured Pakhtunkhwa. The main source of exceeding Tokyo or Mexico City. The market is symptomatic of the ills that
The response of Jim Yong Kim, the stitch-up whereby an American always income for these gangs is the latest census was nearly 20 years ago, plague Karachi. Much of it is part of
banks president, appears to be to put holds the presidency, purely in order to protection money they receive from which is one reason no accurate the black economy, which bankers
bank services at Mr Trumps disposal. persuade Congress to sign off contin- such squatters. statistics exist today. Since then the calculate is almost as large as the
He has offered to set up and administer ued US funding for the institution. This Lots of gangs roam Karachi, which city has expanded; its population official one.
a fund for womens entrepreneurship attempt to curry favour with the US is one but hardly the only reason why growth swelled equally by new births Developers say they have to pay
championed by Ivanka Trump, the US administration strengthens the argu- it is not exactly a normal city. There is and by an influx of immigrants and speed money to government
presidents daughter, and offered to ment for a truly merit-based appoint- virtually no public transport; no refugees. officials and the gangs if they are to
provide expertise for Mr Trumps ment. Mr Kim was not the best candi- metro and hardly any buses. Few Weve lost the glory and shine of get their legal rights, while the
planned infrastructure plan. date when he was appointed in 2012, tower cranes or skyscrapers dot the Karachi, unfortunately, says Shahbaz squatters demand market value to
Looked at narrowly, neither of these but the unspoken US lock on the presi- skyline. Karachi used to be known as Sharif, chief minister of Punjab, vacate the properties they illegally
actions is outside the banks remit, and dency carried the day. the City of Lights; now, after twilight Pakistans largest province, and the occupy.
pursuing them may be politically
astute. But such an obvious trading of
One suggestion to deal with the cur-
rent problems, admittedly an ambi- Notebook descends, darkness follows. Once
considered more cosmopolitan than
brother of prime minister Nawaz
Sharif. The [central] government is
After the terror attacks in the US in
September 2001, most wealthy
favours for funding falls well short of tious one, does present itself. Angela Mumbai, today it looks decades committed to restore Karachis Pakistani families put their money
required standards of probity, particu- Merkel, the German chancellor, said
by Henny Sender behind that Indian metropolis. splendid law and order tradition. outside the country.
larly for an agency that insists its bor- over the weekend Europe should take a There are few beggars, thanks to the That law and order is maintained by In recent years, though, some of the
rower countries improve governance. stronger role in global governance. Fill- Islamic tradition of giving known as the Rangers and the Army rather than money that flowed to Dubai and to tax
The initial capital for the fund, ing a funding gap at the bank created by zakat. There are also few cinemas and the local police force, which is widely havens such as Panama has come
$200m from Saudi Arabia and the a US withdrawal would be an excellent other places of entertainment, a regarded as both corrupt and weak. back through informal channels.
United Arab Emirates, justifiably way to show that Europe is serious. legacy of the days when people did not There is still a long way to go Much of it has come into the property
raised some eyebrows, given the Sau- Mr Kim is in a difficult position. The dare venture out for fear of however. Karachi remains market.
dis record on womens rights and the World Bank does not normally have to kidnapping and mugging. dysfunctional. We are ground zero, Karachi remains a long way from
banks commitment to gender equality. deal with a White House that seems so Sophisticated residents believe they says Naheed Memon, chairwoman of what it once was. But at least it is no
And although the bank already admin- indifferent to its continued existence. are hostage to the worst traits of the Sindh Board of Investment, Sindh longer quite as dark as it was a few
isters a number of standalone funds, But risking the banks credibility by Islam, yet they also benefit from the being the province in which Karachi years ago.
making a deal with a presidents daugh- appearing to engage in personal kindest and most charitable elements. sits. We cant even collect our own
ter presents a conflict of interest. The favours for the US president is not the The problems of Karachi are those garbage. henny.sender@ft.com
bank will have political difficulty pull- way to proceed.
Thursday 1 June 2017 FINANCIAL TIMES 11
Comment
The untimely death of American statecraft Chinas financial
clampdown
AMERICA
The threats confronting todays
America require the meritocracy of
Soviets. That dimension gave an edge to
his insights that other Sovietologists
would be welcome in the Trump admin-
istration. Nor was there much appetite
and think-tanks. The America in which
Brzezinski thrived valued independent is a risky
Edward
Luce
intellect it nurtured in the cold war. The
US under Mr Trump faces a rising
China, a menacing Russia, a disintegrat-
lacked. Even before becoming Jimmy
Carters national security adviser
Brzezinski foresaw that the Soviet
for virtuosity of statecraft in Barack
Obamas White House or the Bush and
Clinton presidencies before. Brzezinski
thinkers. Todays climate makes it hard
for a contrarian to advance in govern-
ment. It is better to be wrong in good
business
ing Middle East and the fraying of the Union would be sunk by bureaucratic ran the national security council with company than right and alone. Brzezin-
transatlantic world. Navigating such sterility. just 25 people. Today it has burgeoned ski was pilloried in 2003 for opposing
hazards requires expertise and courage. Much the same clear-mindedness to over 400. Brzezinski complained that the Iraq invasion. He was vindicated,
Neither quality is highly prized in Wash- shaped the Camp David agreement bureaucratic inflation suffocated room but it harmed his influence. OPINION
I
t was a quirk of fate that Zbigniew ington today. It is hard to imagine some- between Israel and Egypt, which for strategic thinking. Though he What did Brzezinski make of Mr
Brzezinskis visa application to one like Brzezinski rising from any- dreaded Mr Trump, he was disap- Trumps foreign policy? In one of his George
Britain was turned down. Had the where else than the Ivy Leagues cold pointed by Mr Obama. The question is, final interviews, he said there was little Magnus
scholar gone to London in the
1940s instead of the US, there is
war campuses. America then was
spurred by the Soviet threat into a quest
If there are budding young does Obama have it in his guts to strate-
gise as well as sermonise? Brzezinski
sign of any thought at all. The United
States is currently a kind of wonderland
Brzezinskis and Kissingers
T
scant chance he would have achieved for global knowledge. With his Polish asked in 2012. I dont know the answer with the president speaking on subjects he financial crackdown in
high office let alone shaped the course
of a superpower. But it was Washing-
background, and deep Russian scholar-
ship, Brzezinskis skills were prized. But
available, they are unlikely to that. I really dont know.
Then there was his courage. No figure,
of his choice . . . none of which are stra-
tegically substantive. It was a gentle
China in the past three
months flies in the face of
tons gain. the past is another country. Mr Trumps to be found in Washington other than Mr Kissinger, orchestrated a summary offered before Mr Trumps the conventional wisdom
Brzezinskis death marks the passing America is foreign to the one that sought presidencys entire foreign policy. When damaging visit to Europe. He would that nothing would be
of an American era. It is a sad irony that counsel from Brzezinski. Brzezinski always said should be asked why he had sidelined Cyrus have been devastated to see the USs allowed to happen to rock the boat
he died just as Donald Trump was dan- If there is anything positive in extended to the Arab world as a whole. Vance, the secretary of state, in favour withdrawal from the Paris deal on global ahead of the important 19th Communist
gling the prospect of a weakened Nato Brzezinskis passing, it is to remind the He had better luck with China, with of Brzezinski, Carter said: Because Zbig warming. Brzezinskis legacy is a testa- party congress later this year. There is
before Russia. Not many outdid US of what it had and could still have. which he normalised relations. He sent me 10 ideas a night, and I was lucky ment to the value of knowledge. The no doubting the serious intent of the
Brzezinskis cold war hawkishness. His career would have been impossible toasted the deal with Deng Xiaoping at to get a single idea a month out of the more you understand the world, the regulatory squeeze, but it may never-
Fewer still could outclass his strategic without Americas spirit of openness. his colonial-era farmhouse in Virginia. state department. Are there budding higher your chance of shaping it. By that theless not persist.
brain. A handful of others notably Born in Poland in 1928, Brzezinski never Brzezinskis mark on American for- young Brzezinskis and Kissingers avail- measure, America is rapidly squander- The catalyst for the crackdown was
Henry Kissinger, Brent Scowcroft and shed his foreign accent. Nor did he lose eign policy is often unfairly overshad- able to work for future presidents? It is ing its influence. probably President Xi Jinpings personal
George Shultz are still with us. But the tragic sense that came from watch- owed by Mr Kissingers another refu- quite possible. But they are unlikely to support for co-ordinated measures and
Brzezinski was in a category of his own. ing his homeland razed by the Nazis and gee from war-torn Europe. Neither be found among Washingtons law firms edward.luce@ft.com edicts by the main regulatory agencies:
the Peoples Bank of China and the
banking, securities and insurance regu-
latory commissions. The heads of the
securities and banking commissions
Chemicals were
were replaced by reform-minded and
highly respected people. In April the
head of the insurance commission was
placed under investigation for viola-
tions of party discipline, and fired.
This clean-up has been partly about
but no longer
Mr Xis standpoint ahead of the
Congress, therefore, the timing is quite
fortuitous.
Guo Shuqing, the head of the banking
commission, vowed to clean up the
chaos in the banking system. He
aimed to limit speculation and excessive
risk-taking, and penalise lax or corrupt
ChemChina would not be involved in a management. The authorities are urg-
BUSINESS series of mergers, the biggest wave of ing banks to strengthen risk control sys-
restructuring since conglomerates spun tems, to curb the issuance of wealth
John off their pharmaceutical divisions in the
Gapper 1990s.
Growth and innovation the future
that Mr McGuire recommended as
The authorities reckoned
chemical engineering came into its own that doing nothing was
in the 1960s are in short supply. probably worse than
I
n the 1967 coming-of-age film The Instead, balance sheets are bulging with
Graduate, the alienated hero Ben cash for which chief executives have trying to restore order
Braddock, played by Dustin Hoff- struggled to find uses. Corporate raid-
man, is taken to one side at a Cali- ers, also known as activist hedge funds, It has more to do with financial engi- to polymers and batteries, comes from ing spinning up to four companies out of management products, and to account
fornia party and given career are knocking on the door. neering than chemical engineering. The chemicals, says Mike Shannon, KPMGs its speciality chemicals arm. for them properly so that banks do not
advice by a friend of his parents. Plas- The elements have combined at Akzo giant leaps of the past have given way to global head of chemicals. Dow and DuPonts independent direc- evade capital adequacy regulations.
tics . . . Theres a great future in plastics. Nobel, the Dutch paints and speciality smaller steps. There is plenty of activity That creates a big market but not one tors have promised to rethink after the The insurance commission has been
Think about it, says Mr McGuire. chemicals maker, which has rebuffed in laboratories, where scientists are with exciting prospects. US companies merger is completed but there is no active in banning or restricting the issu-
The scene is meant to convey the hor- takeover attempts by PPG, founded in developing materials from brake fluids have invested heavily in commodity longer a clear answer to the question of ance of universal life insurance poli-
rible claustrophobia of bourgeois life 1883 as Pittsburgh Plate Glass. Elliott to emulsifiers and thermoplastics, but refining trying to profit by cracking how to structure a large chemicals com- cies investment products that car-
but Mr McGuire was right: there was a Management, the hedge fund, this week these are incremental advances. ethylene from cheap shale gas. Saudi pany. The options range from placing ried higher risks than they claimed to
great future in plastics. The industry of lost a legal battle to eject Antony Burg- This has been dubbed a game of Aramco is adding to global overcapacity thousands of products within a single and bringing the sometimes reckless
the 1960s was filled with innovation: mans as Akzos chairman. inches by McKinsey, the consultancy. by forming a joint venture with Dow corporate entity to putting bundles of behaviour of leading insurance compa-
materials from Kevlar to Gore-Tex were Delve inside chemicals conglomer- With the exception of innovative crop Chemical to build a $20bn manufactur- them into their own enterprises. nies to heel.
being invented and Neil Armstrong ates and you will find many venerable protection, we would be hard pressed to ing complex in Jubail. This promises plenty of work for con- The central bank has allowed some
walked on the moon in boots with Dow names. Akzo includes the old Imperial name a single chemical blockbuster The combination of a capacity glut sultants and bankers, merging and market interest rates to rise since the
Corning silicone rubber soles. Chemical Industries, which split itself 25 developed in the last 10 years, wrote a and an innovation drought has turned dividing companies long into the future. start of the year, making liquidity more
The films poster showed Mrs Robin- years ago into ICI and Zeneca, the group of partners in March. chemicals companies into unstable It is only a means to an end for hedge expensive and discouraging fundraising
son, Bens seductress, drawing up one pharma group that is now part of Astra- It is a result of success: buildings, air- compounds. They are pulled into merg- funds, though; the underlying purpose at very short-term maturities for a
leg a stocking made of silk or perhaps Zeneca, under pressure from Hanson, a craft and cars are stuffed with materials ing by having to cut costs in commodity of Third Points intricate restructuring is broad range of banks and financial firms
DuPonts Nylon. Artificial materials conglomerate raider. from recent decades. Everything you operations, while being pushed towards that it wants Dow and DuPont to hand in the shadow banking sector. For many
refined from oil and gas were replacing This merger boom carries an echo of see when you drive a car, from plastics more specialisation. They often seek to $40bn back to their shareholders within of them, wholesale funding now
silk and cotton in clothing and being those days. Companies such as ICI and do both things at once. two years of merging. accounts for more than a third of their
adopted for all kinds of industrial and Hoechst spun off pharmaceuticals and Dow Chemical and DuPont launched It is enough to make one long for the deposit liabilities three times as much
medical products. Ben would have been
wise to heed Mr McGuire.
agrochemicals to unleash them from the
low-margin business of refining chemi-
The merger boom echoes their merger in 2015 with a plan to split
the amalgamated company into three
era when Dow was Dow, ICI was ICI, cor-
porations were simpler, and there was
as five years ago.
The effects of the crackdown are not
Markets now offer the opposite les- cals from ethane and naphtha. Their the era of The Graduate, divisions. That was not precise enough more of a future in chemical engineer- visible in conventional measures of
son: there is not a great future in chemi-
cals. If there were, then companies such
successors are reshuffling again, with
complex materials and speciality chem-
when the industry was for Third Point, the aggressively activist
US hedge fund, which this month
ing than financial. Think about it. credit expansion. However, the central
banks separately published data on
as Dow Chemical, DuPont, Evonik and icals as the new hopes. at its most innovative pushed it to divide into six parts, includ- john.gapper@ft.com non-banking financial firms and the
government sector reveal a significant
year-on-year slowdown from more than
20 per cent at the end of 2016 to about 15
per cent in April.
Money trumps civic duty in Kenyas elections This is certainly welcome, as the
authorities try to draw a line under
years of financial excess, indiscipline
and unacceptable leverage. They proba-
bly reckoned that doing nothing was
likely to be worse for financial stability
Kenyan elections, he says, has more to investment, says Alphonce Shiundu, a devolution which split Kenya into 47 ters at a cost of about $3.8m each for than the risk of trying to restore order.
AFRICA do with money than with the supposed political journalist who estimates that counties in 2013 has multiplied the campaign. The Independent Elec- Accordingly, we should expect the
ethnic rivalries politicians whip up at MPs earn above Ks1m a month, includ- opportunities for graft. Though he toral and Boundaries Commission, squeeze to persist for now but not if it
David polling time. Political office is like win- ing basic salary and a plethora of car applauds the idea of bringing politics which oversees polling, last year capped exacerbates the slowdown in the econ-
Pilling ning a lottery and people are willing to
kill or maim for it, he says. Three out of
allowances, committee-attendance fees
and per diems. Even so, he says, you
closer to communities, he worries that it
will unleash new evils. If Ali Baba has
campaign expenditure; however, limits
were later suspended by the High Court.
omy that seems to be starting again.
It appears a safe bet, therefore, that
four presidents since independence would need to spend years in office to 40 thieves, he says, Kenya has just Many Kenyans are inured to the mon- the authorities will back off again before
from the British in 1963 have been from recoup the costs of being elected. multiplied the opportunity for thieves ey-infused nature of politics. At election long and resume the stop-go policy
the Kikuyu ethnic group, Kenyas larg- Mr Lumumba says salary is just the to 47. One Ali Baba stealing at the centre rallies some expect to receive cash, even cycle. Chinas commitment to a 6.5 per
O
fficial campaigning started est. But that has more to do with patron- start of it. Many politicians find other and 47 thieves stealing in the devolved if only a few dollars. Eliud Mutembei, an cent growth target, and the economys
last weekend for Kenyas age networks than with tribal loyalty. units. agricultural field officer in Meru credit-dependency, strongly suggest
general election. In August For years, ordinary Kenyans have Electoral violence is common. In County, once campaigned for his local that the current squeeze is not really
voters will choose not only
their next president but
pushed back against corruption. Yet if
anything, many say, politicians are
Political office is like 2007 more than 1,000 people were mur-
dered, hundreds of thousands pushed
assembly but gave up when would-be
voters asked him for money. No man
about regaining control of credit crea-
tion, and the risky ways in which finan-
also 416 members of the national parlia- worse than ever. The assumption is that winning a lottery and from their homes and thousands of licks an empty hand, they told him, cial companies fund assets.
ment, 47 county governors and deputy
governors and 1,450 members of 47
money, not civic duty, is the motivation
to seek office. Why else, people ask,
people are willing to women raped in an eruption of killing
that many allege was orchestrated.
quoting a Swahili proverb.
Mr Kenyatta has criticised high sala-
As the liabilities of these companies
continue to grow in size and riskiness,
county assemblies. Nationally, Raila would candidates lavish such vast sums kill or maim for it Though elections in 2013 were more ries for politicians and civil servants, though, the government will have to
Odinga, a perennial opposition candi- on their campaigns? Isaac Mwaura, who peaceful partly because two of the which gobble up half the national engage with both regulatory and macro-
date, will challenge President Uhuru hoped to become the governing Jubilee ways, he alleges. A report by the audi- warring factions joined forces dozens, budget. In a recent Financial Times economic tightening and take the eco-
Kenyatta for power. But many fear that coalitions candidate for MP in Kiambu tor-general last June found that about perhaps hundreds, still died. One west- interview, he conceded there was little nomic and currency consequences. Oth-
the next 10 weeks of rallies and rousing County, just outside Nairobi, told local $200m had gone missing from the ern diplomat agreed that electoral vio- difference in the platforms of the com- erwise, it faces a more abrupt and forced
speeches will be less a festival of democ- media he had spent Ks29m shillings National Youth Service, which had paid lence was better understood in terms of peting parties, implying that elections deleveraging. What we are watching
racy and more an orgy of greed. Politics (about $280,000) on his losing primary. out grants to bogus companies. Many money than ethnicity. There are bil- are more about patronage and ethnic today is a dress rehearsal for a bigger
in Kenya, they say, is big business. He garnered just 4,632 votes, less than academics point to what they say is the lions at stake and a lot of people simply allegiance than policy. Ideologically, show within the next two years or so.
People get into public office simply half the tally of his opponent whom, he grossly inflated $4bn cost of a Chinese- cant afford to lose. he said, we are all pretty much the
to steal, says Patrick Lumumba, who said, had presumably spent even more built railway as evidence that officials Candidates are pulling out all the same. The writer is an economic consultant and
used to run the Anti-Corruption Com- on securing victory. are raking commissions off the top. stops to ensure victory. Local media associate at Oxford universitys China
mission. The violence associated with You have to ask what is the return on What is more, says Mr Lumumba, reported they had imported 50 helicop- david.pilling@ft.com Centre
12 FINANCIAL TIMES Thursday 1 June 2017
Twitter: @FTLex Email: lex@ft.com Eurozone government 10-year bond spreads Central bank balance sheets
Over Bund yield (% points) Italy Spain Portugal $tn Fed ECB BOJ
15 5
4
Ericsson: rollout of 4G tech is largely over, but Berkshire Hathaway,
the move to 5G will not begin in earnest 3
swing time until at least 2019. The afterglow of Mr 2 Amazon: comma club
Ekholms appointment is not going to 10
1
Fifty years ago a pop band asked if last that long. Cevian is right to turn up The club is exclusive but the newly rich
listeners believed in magic. It would the volume on calls for change. 2012 13 14 15 16 17 tech crowd is lobbying to be admitted.
seem that fans of Ericssons newish Only four companies in the US have
chief executive Brje Ekholm do. Eurozone government debt exchange-traded shares valued at more
Shares in the Swedish telecoms Michael Kors: 5 As % of GDP (2016) than $1,000 each.
equipment maker have jumped 38 per Germany 68.3 Berkshire Hathaway is the senior
cent since he was appointed. That is 2020 vision member, with A shares costing almost
more than Finnish rival Nokia, but it France 96.0 $250,000. Now on the brink of entry,
has not stopped a new shareholder For institutions in upheaval, the Spain 99.4 almost certainly disobeying the dress
demanding more change. turnround playbook is clear: come up Portugal 130.4 code and demanding charging stations
0
Mr Ekholm has promised to remove with a strategic report with the year for their electric cars, are Amazon and
the rocks from Ericssons business, 2020 in the title. The New York Italy 132.6 Alphabet. Amazon briefly surpassed
2012 13 14 15 16 17
retaining the roll. But Cevian Capital Times has a 2020 document on how to Sources: Thomson Reuters Datastream; Eurostat $1,000 on Tuesday, while Alphabet, the
wants to see new members on reinvent its newsroom. Deutsche Bank parent company of Google, is just a
Ericssons board to ensure that his plan promises something similar for its couple of dollars shy.
is delivered. On Tuesday evening, it business. Michael Kors has a plan to Eurobonds are the dream that more liquid form of collective debt. the debt crisis. A year later, the idea By itself, this says little about the
revealed that it has taken a stake of sell more handbags: Runway 2020. In refuses to die. No matter how often The obvious beneficiaries would be of eurozone bonds was raised again, state of the companies. Macys could
more than 5 per cent in Ericssons B the meantime, it is working through Germany rebuffs the notion of jointly eurozone countries with the highest backed by politicians and the OECD. get one over on Amazon tomorrow by
shares, and may increase that further. something possibly called issued debt, eurozone officials cannot levels of debt and largest borrowing Each time, the idea has been shot doing a 50-1 reverse split of its shares.
Mr Ekholms major target depends Retrenchment 2018. let go. The latest iteration is costs. Italys borrowings, at 132 per cent down by Germany, horrified at the Its market capitalisation would remain
on erasing losses from Ericssons two The luxury goods company had European safe assets, a fixed-income of GDP, are almost double Germanys. thought of debt mutualisation. This $470bn lower, however.
smaller units: IT and Cloud, and Media. weak full-year results yesterday. instrument to compete with US But for the European Central Banks time will be no different. Note that The high per-share cost does price
Together, these account for roughly a Revenue fell by 5 per cent, same-store Treasuries. It is likely to receive as bond buying, it would be paying a lot the commission paper carries no out some small investors. Demand
quarter of sales. The rest of the sales dropped a tenth, and operating frosty a reception as its predecessors. more than the current 189 basis point German signatory. from that quarter 20 years ago, and the
revenues come from Ericssons core profit was down a quarter. Its fiscal Proponents argue that debt premium over Germany to borrow. But there is already a version of threat that a third-party would satisfy
Networks unit, which supplies 2018 outlook was worse than hoped. distribution is a stumbling block to a European safe assets could provide pan-eurozone bonds. The European it with a synthetic product, prompted a
networking equipment and, in recent Earnings should fall by another fifth. genuine union. Borrowing costs vary Italy with a source of low-cost funding. Stability Mechanism borrows on reluctant Warren Buffett to issue
quarters, all the operating profits. Mr Kors also said it would shut between according to creditworthiness, one of Experience suggests they will remain behalf of all eurozone nations to fund modestly priced B shares in Berkshire.
Ekholm says that by fixing the 100 and 125 stores. Closing shops is many imbalances in the region. The castles in the sky. In 2010, economists rescue programmes. The programme Amazon and Alphabet have split
troublesome units, he can get group standard stuff these days for US European Commissions vision for came up with blue bonds, in which is small and countries cannot access their stock in the past, but doing so has
operating margin to double after 2018 retailers. Credit Suisse recently the future includes a common asset eurozone countries might sell joint its funding for their own purposes. become less fashionable over time. A
from last years decade-low of 6.6 per estimated that close to 9,000 store class, denominated in euros. To begin debt worth up to 60 per cent of GDP. Eurobond believers cite the ESM to popular argument against splits is that
cent. That would take group margins closures will happen this year, with, it suggests a security issued by a The following year, the European put forward their own fancies. retail investors should (and
back only to the normalised level of exceeding the peak of 6,200 in 2008. commercial entity but backed by Commission suggested E-bonds, issued Without German acquiescence, they increasingly do) buy index funds
Networks. Such a move at Kors jars, given its sovereign bonds. Later, it envisages a by a European debt agency, to tackle will continue to dream on. rather than individual stocks.
So far, analysts are willing to dance recent history. Even without the annoying
near him, if not exactly lose themselves At the end of 2012, Kors had fewer paternalism, it is an odd time to make
in the music. Ericssons ratio of than 250 retail stores. By April, that this argument. Amazon and Alphabet
enterprise value to 2019 forecasts for number had exploded to more than dreaded year of transition. Just in Retail banks should provide a Yes, non-performing loans have fallen are only approaching $1,000 because of
earnings before interest, tax, 800. Having listed in late-2011 at $20, case, though, it has built in an extra leveraged bet on economic growth. If by 70 per cent to 8.6bn, or 14 per cent their outperformance. Amazon is up a
depreciation and amortisation two two years later its shares were touching two-year cushion with a 2020 plan. so, AIB, with a 40 per cent share of of customer loans. But use a broader third this year, Alphabet by a quarter;
years forward still looks about a fifth $100 as it opened store after store to current accounts and nearly the same definition, taking into account the S&P 500 is up 8 per cent.
cheaper than Nokia. Cevian, too, does keep up with unstoppable demand. in mortgage lending, is the equivalent restructured loans and that ratio rises Active managers who bought the
not necessarily dispute the new plans But saturation and competition have Allied Irish Banks: of doubling down. During Irelands to 21 per cent. FAANG stocks have trounced the
aims. It has faith in Ericssons core taken their toll. The stock is now just financial crisis the lenders decline was Declining NPLs will help drive index. Those who have not like
business. Its beef is that Ericssons above $30. Kors admitted its product surfacing catastrophic. Thanks to high single- earnings. So will more home loans. Berkshire Hathaway itself have been
board is largely the same as the one and store experience did not engage digit economic growth since 2014, plus Mortgage lending totalled just under doomed to underperform. Mr Buffett
that sanctioned the previous failed and excite customers. It is trying to Even the sunniest optimist might a 21bn government bailout, AIBs 6bn across the country last year, has recently revised his views and
growth strategy. There is also an re-energise its style. It is also building a express surprise should Allied Irish rehab has been remarkable. down from around 40bn during the invested in Apple, but Berkshire
iniquitous split between the A and B menswear business as well as Banks trade around its book value Capital buffers are solid. So is peak. New housing completions have remains underweight on the sector.
shares that, in effect, entrenches an old expanding into China. It believes both again. Such is the confidence around underlying profitability. Credit quality barely budged off near-decade lows. With or without Mr Buffetts letter of
guard. Two big Swedish shareholders, could turn over $1bn. AIB shares following this weeks news is improving. A sustainable net Lending can comfortably double. endorsement, Amazon and Alphabet
Investor and Industrivrden, hold 8.5 Kors also admitted that its retail that Irelands government intends to interest margin of 2.4 per cent With an economy expected to grow will soon qualify for his comma club.
per cent of the A shares but have strategy has to adapt. Online sales are sell a quarter of its 99 per cent stake. compares favourably with Lloyds, in excess of 3 per cent for the They would be better splitting from it.
36.9 per cent of votes. proliferating. The company still Analysts expect it to fetch about which has a similarly dominant retail foreseeable future, both these goals are
Singing a new tune may boost believes high-quality stores are 3bn at IPO in London and Dublin. A position in the UK, and is slightly attainable. Investors may have missed
Ericsson short term. Longer term, the essential to its brand it just needs pledge to ramp up mortgage lending higher than domestic peer Bank of the initial turnround. A recovering Lex on the web
For notes on todays breaking
company will still need a new strategy. fewer of them running constant should drive earnings, helping to put Ireland. And dividends have restarted. property market, however, should stories go to www.ft.com/lex
The boost to revenues from the promotions. Perhaps 2018 is its its dark past behind it. But this is not yet a normal bank. ensure plenty of upside remains.
CROSSWORD ACROSS
1 Nice caption, but cross it out! (6)
5 Part of a ship in port (4)
6 Frank Sinatras heart broken,
No. 15,564 Set by MUDD 4 Green light wallop! Bus nation supporting Martin initially
swerving into it (6-2) (3-2-3)
9 Light casket in Gibraltar tipping 7 Material went this way then that,
over somewhat (6) say? (5)
10 Information required to access 8 Talk nonsense, primarily, as a
industrial business thats model (7)
booming (8) 11 Opponent of Richard I leaves
12 Unconventional characteristic home (7)
(8) 14 Artist, tragic character standing
13 Stick present beside card, around a pub (7)
ostensibly both to open? (6) 17 However, adult was awake for
15 Double agents ultimate success the story? (9)
(4) 18 Swinging under a power line
16 Taking part in samba, nan asking initially foolish (8)
for a potential slip-up! (6,4) 19 Party put up figure to be the PM
19 Philanderer in decay, evidence of (7)
slowing down (5,5) 21 Occupy digs around university,
20 Talk about scent for a flower! (4) the dregs (7)
23 Lubricate back, having accepted 22 Arctic ale (6)
proposal for passion (6) 24 Stay on top of toilet thats fitting
25 Performances from memory in the bathroom (5)
improvised, its clear (8) 26 I agree with that change, not
27 A burning passion no longer? entirely! (4)
(3,5) Solution 15,563
28 Little boy gripping male with a
% 8 5 / , ( 6 7 , 1 . 3 2 7
fleece thats thick (6) 2 $ 1 , 2 $ +
29 Quiet going upstairs? (8) ) 2 5 $ 7 , 0 ( 2 1 ( 6 , (
30 Card game, a walkover perhaps? ) , ( 0 ' 7 *
, 1 7 $ 1 ' ( 0 ( $ 6 , ( 5
(6) 1 < 7 5 6 , & $
JOTTER PAD DOWN ( ' , 7 2 5 6 + , 3
1 Taste something cheap, and dear $ 6 7 2 5 < ( (
% / 8 ( + $ : $ , ,
(7) 6 6 5 1 1 ) & +
2 Delicate items on beach in a , 0 3 5 2 9 $ * 5 , & 2 / $
mess (4,5) 1 ( : 9 7 & 8
7 8 1 ' 5 $ 7 ( $ 6 3 2 2 1
3 Amateur has installed phone a + 6 8 6 8 2 &
short time ago (6) ( 1 ( 5 * < $ 7 $ 3 , 1 & +
Thursday 1 June 2017 13
Burberry Sterling/dollar FTSE 100 Rio Tinto Gold Glencore Dollar index 10-year Bund
Russia relents Dividend
rules relaxed for some 1.6% 0.25% 0.09% 2.5% 0.58% 2.4% 0.27% 1bp
NEIL BUCKLEY, PAGE 14
18.15 $1.2890 7,519.95 31.02 $1,270.1 285.1p 97.02 0.31%
to set record While markets for stocks, bonds and currencies are largely
tranquil, the way asset prices are interacting displays a
high level of what statisticians might call unusualness.
COMPANIES
INSIDE BUSINESS
Technology
EUROPE
I
blaming them for contributing to the tors looks for people with more indus- higher voting rights than their capital supportive approach than other activist t is becoming an annual ritual. Each spring, Russias
mess the company is in. try experience. exposures thanks to vote-heavy class A investors. It has also held on to its posi- government presses its state-controlled companies to
Cevian Capital, one of Europes largest The shares closed up 4.5 per cent shares. Investor owns 5.9 per cent of the tions for an average of about five years, pay out more of their profits in dividends. The compa-
activist investors, has spent $1bn on a higher yesterday at SKr63.40, their capital but controls 21.8 per cent of the longer than most activists. However, it nies then scurry to find loopholes or lobby for exemp-
5.6 per cent stake in Ericsson. It is seen highest since last autumn. votes. Industrivrden has 2.6 per cent of has been unafraid to push for radical tions.
as likely to raise its position further to Ericsson has been mired in trouble for the capital and 15.1 per cent of the votes. change in Volvo Group, Danske Bank Moscow has been trying for years to increase the payout
become the biggest shareholder in some time as competition has increased If the investor has very low capital and ThyssenKrupp. from national champions such as Alrosa, the diamond
terms of capital, although it is only from Chinas Huawei and a revitalised exposure, theres a fundamental prob- See Lex producer, Russian Railways, Transneft, the oil pipeline
monopoly, and Rosneft and Gazprom, the energy groups.
It first proposed state companies should pay out at least 25
per cent of net profits in 2012 and later sought more as low
oil prices and sanctions squeezed budget revenues.
Technology. Internet trends Last year, the government demanded a 50 per cent pay-
out, originally as a one-off anti-crisis move. But in April
Pace of digital disruption surprises this yea, the prime minister Dmitry Medvedev, signed a
decree again ordering state companies to pay out 50 per
cent of net income under International Financial Report-
ing Standards.
The issue is vital for state coffers. The finance ministrys
projected revenues assume state companies will pay the
Meeker says healthcare is ripe full 50 per cent, with Rbs480bn ($8.5bn) in dividends ear-
for upheaval, with India on the marked for this years budget. Getting them to pay up is a
test of how much control the government really exerts,
cusp of an online explosion and a way of trying to enforce tighter capital discipline.
The payout ratio matters to investors, too. Many state-
RICHARD WATERS controlled companies have substantial and largely foreign-
owned free floats. Expectations of higher payouts have
A new phase of global competition has underpinned recent investor interest in several of the busi-
broken out between a handful of mas- nesses. If some groups really moved to a 50 per cent payout
sively wealthy US and Chinese internet ratio, a big jump in share prices could result.
companies with consumers and busi- Analysts at Renaissance Capital, the investment bank,
nessesthebeneficiariesoftheir services. suggest the government has had some success. For nine
That, at least, is the view of Mary state-owned companies in the MSCI Russia index, they
Meeker, the former US internet analyst found the aggregate payout rate nearly doubled from 16
who is still most closely associated with per cent of 2012 earnings to 28 per cent of 2015 earnings.
the dotcom boom of the 1990s. Since But in all, only five companies hit the 50 per cent level
leaving Wall Street for Silicon Valley last year. Some of the biggest payers in cash terms won
seven years ago to join venture capital exemptions. Rosneft was on 35 per cent, Gazprom 24 per
firm Kleiner Perkins Caufield & Byers, cent and Transneft 9 per cent.
her annual analysis in more than 200 A clash loomed this year when Gazproms management
slides has become a widely used refer- proposed holding its dividend payment at last years level,
ence on the global state of the internet. saying it had to fund big
After what she calls an epic half-dec- investments. By mid-May, it
ade of expansion and stock market was clear the battle for a big-
Exemptions
appreciation, Apple, Microsoft, Alpha- ger payout was already lost. should be based
bet, Amazon and Facebook have President Vladimir Putin
emerged as the worlds five most valua- publicly backed Gazproms
on transparent
ble companies. Two Chinese internet line that almost half of its reasoning, not
companies Alibaba and Tencent Rbs951bn IFRS profit for
have also broken into the top 10. 2016 was only on paper,
special pleading
The rise of this handful of internet since it came from currency
giants has stirred worries among regula- movements. Gazprom will pay out 20 per cent of IFRS
tors and other industries that have not profit.
yet felt the touch of digital disruption. Rosneft, meanwhile, proposed the same 35 per cent
But, according to Ms Meeker, the con- ratio as last year, arguing that it, too, must make big invest-
cerns fail to take into account the rivalry ments and is not a directly state-controlled company.
that has engulfed the internet compa- That is because the states 72.5 per cent stake in Rosneft
nies as they move out of their initial is owned by Rosneftegaz, an intermediary holding com-
markets and on to each others turf. pany chaired, like Rosneft itself, by the redoubtable Igor
People dont spend enough time The internet regulations and barriers to sharing data ify has already secured 20 per cent of scale where they are poised to have a Sechin. Rosneftegaz also holds 11 per cent of Gazprom, and
looking at how intense the competition market in China have slowed innovation, but which she global music revenues, and Netflix 30 strong beneficial impact on their econo- more than a quarter of Inter RAO, an electricity holding.
is, she says in an interview with the has reached a nowsaysisripeforchange. per cent of home entertainment reve- mies, Ms Meeker says. Their mobile Then, to general amazement, Russian media reported in
Financial Times. The bet here is: we scale where it Despite Ms Meekers optimism about nue in the US. These digital-first compa- payment infrastructures, for instance, May that Rosneftegaz had managed to make a Rbs90.4bn
cant stop progress. Are we better off or will strongly competition, however, the picture that nies reflect a trend towards increasingly put both countries in an enviable posi- loss last year, and might not pay any full-year dividend.
worse off? So far, the data implies we are benefit its emerges from her global snapshot also personalised services, she says: It tion relative to the rest of the world. The company has not published accounts, but exchange
better off. economy, shows the effects of increasingly heavy speaks to the power of the algorithms And thanks to its national identity rate effects on cash holdings were reportedly to blame.
The picture of growing global domi- Ms Meeker says concentrations in some digital markets. and the data. It improves pricing for scheme, Aadhaar, and the spread of low- Rosneftegaz said the Rbs692bn proceeds from selling a
nance emerges from Ms Meekers latest Jie Zhao/Getty
Google and Facebook, for instance, users and consumer satisfaction. cost bandwidth, India is on the brink of 19.5 per cent stake in Rosneft to Qatar and Glencore, which
slideshow, published yesterday. Refer- accounted for 85 per cent of online Future competition between the dig- an explosion of digital services. it handed to the treasury last December, were a de facto
ring to how online activity is reshaping advertising in the US last year, up from ital giants is likely to take place on the With so much to play for, that has dividend. It had also paid a small interim dividend.
markets spanning retail to transport, 76 per cent a year before. In the media global stage. The internet markets in already made India a global priority Anton Siluanov, the finance minister, countered that
she says: The pace and breadth of glo- world, Ms Meeker estimates that Spot- China and India have each reached a between US and Chinese companies. Rosneftegaz could fund a payout from prior-year profits.
bal change is happening at a pace that is American companies such as Amazon The minister, who has championed the 50 per cent rate,
faster than I would have anticipated. are approaching new markets such as suffered a setback, conceding that lower dividend payouts
In the US, for instance, growth in
Worlds biggest stocks by market capitalisation this more aggressively, she says. than planned meant budgetary receipts might have to be
online advertising and ecommerce has $bn 2016 revenues, $bn But even if competition becomes revised down.
accelerated again since earlier this dec- increasingly fierce between the digital Mr Siluanov has faced opposition within government to
ade, with advertising revenues up 22 per 0 200 400 600 800 giants, will it create a new global oli- the 50 per cent payout, and in reality a one-size-fits-all
cent last year and ecommerce up 15 per Apple 218 gopoly? After more than two decades approach across companies and sectors may be too rigid.
cent. Global online ad spending, at Alphabet 90 watching the rise of internet leaders, Ms But setting ambitious targets and failing to enforce them
nearly $200bn, is forecast to exceed TV Microsoft 86 Meeker says she is highly confident for all highlights the extent to which Russias government
advertising for the first time this year. Amazon.com 136 new categories of activity will emerge, struggles to make its writ stick with companies it suppos-
The disruption is deeper than the Facebook 28 with new groups set to dominate them edly controls and the ability of corporate barons to use
numbers suggest. In ecommerce, the Berkshire Hathaway 215 much as Uber and Didi Chuxing have their closeness to Mr Putin to lobby for special treatment.
adoption of technologies such as geolo- ExxonMobil 198 cometodominateridehailing. Exemptions should be based on transparent reasoning,
cation and machine learning are chang- Johnson & Johnson 72 But at least one thing has changed. not special pleading. Raising payout rates could lead to a
ing retail at what is probably an acceler- Tencent 22 What is different this time is these glo- re-rating for Russias market. But so, too, could ending the
ating rate. And the collection of data on Alibaba 21 bal players, she concedes. They have impression that there is one rule for some state companies,
a mass scale is about to have a profound CEOs who have the ability to see around and different rules for others.
impact. Ms Meekers tip for a sector on corners and they will continue to
Source: Bloomberg
the cusp of upheaval: healthcare, where make acquisitions. neil.buckley@ft.com
Vivo backs Fifa as western groups step back Exxon shareholders insist on climate updates
MURAD AHMED vided welcome support for Fifa, which cial and marketing deals related to the ED CROOKS NEW YORK technological advances and global cli- only 38.1 per cent of the shares. The
LEISURE CORRESPONDENT
has struggled to secure commercial 2018 World Cup were $246m in 2015, mate change policies. economic tide is running fast, showing
Shareholders have backed a call for
Fifa has secured crucial financial back- partners before next years World Cup in down from $404m in 2013. The lack of The proposal requests an assessment market support for Paris, said Anne
ExxonMobil to publish an annual
ing from Chinese smartphone maker Russia. It lost several big sponsors, sponsors, alongside legal costs related to of the effects on Exxons oil and gas Simpson of Calpers, the California state
assessment of the potential impact of
Vivo in a 400m sponsorship deal, as including Sony and Emirates, when corruption probes, contributed to Fifa reserves and resources if government employees pension fund. Money talks
climate policies on its business.
western groups continue to shun the their contracts expired at the end of the making a $369m loss in 2016. policies restrict greenhouse gas emis- on this.
2018 and 2022 World Cups. previous tournament in 2014. Sports industry analysts have said The vote at the largest US oil and gas sions to try to keep the rise in global BlackRock, one of the worlds largest
Fifas secretary-general, Fatma western groups are avoiding the poten- group suggests there will still be signifi- temperatures since pre-industrial times investment management groups, sup-
According to people briefed on the deal, Samoura, told the Financial Times: Its tial reputational damage of being associ- cant investor pressure to address cli- to 2C. ported the resolution, according to a
Vivo will pay about 60m-70m a year not always an easy business [to seek ated with scandal-hit governing body. mate change, even if the US withdraws Darren Woods, chief executive, who person familiar with the voting.
to sponsor tournaments run by interna- sponsorship] anywhere, but to have To a certain extent, China can step from the Paris agreement. wrote to Donald Trump, US president, The largest European oil companies
tional footballs governing body, up until China as a partner of Fifa for the third back from Fifa and say what happened Investors controlling 62.3 per cent of last week supporting the Paris accord, have agreed to conduct regular assess-
the 2022 World Cup in Qatar. time in less than a year demonstrates over the last 20 or 30 years is nothing to the shares supported the proposal, sub- reiterated his position. ments of climate policies, and Chevron,
It becomes the third big Chinese com- that football is a global sport, and that do with us, we are associated with the mitted by the New York State pension But the board had recommended a the largest US oil group after Exxon,
pany to sponsor the World Cup in the China will be an important client when new Fifa, said Simon Chadwick, a pro- fund and the commissioners of the vote against the proposal on climate published a report on the issue in
past year, after real estate and leisure it comes to football. fessor of sports enterprise at Salford Church of England at the annual meet- change, arguing that Exxon already March.
conglomerate Wanda and consumer Vivo becomes Fifas 12th sponsor for Business School, who has studied Chi- ing in Dallas yesterday. took such factors into account. No other proposal at the Exxon meet-
electronics brand Hisense. the 2018 World Cup. According to its nese football. In those terms, the repu- Exxon is asked to report every year on A similar resolution a year ago won ing had majority votes against the
Endorsements from China have pro- annual reports, revenues from commer- tational damage is far less for China. the long-term portfolio impacts of support from investors controlling boards recommendation.
Thursday 1 June 2017 FINANCIAL TIMES 15
COMPANIES
Technology
COMPANIES
Media Industrials
BA account of meltdown greeted with scepticism tion rights on the basis of its claimed
joint venture rights.
The Japanese group had feared that
the process of resolving the dispute
could take up to a year. But people close
to Toshiba said the technical switch
Some experts say it is very could see the sale of the Nand memory-
rare for uninterruptible chip unit completed within a month.
Toshiba is anxious to sell its memory
power supply systems to fail business. The group has yet to have its
most recent financial statements signed
off by its auditor and is struggling with
TANYA POWLEY AND NATHALIE THOMAS
huge losses arising from its US nuclear
IT and electricity experts have reacted business. It remains on the brink of a
with scepticism to British Airways stock market delisting.
explanation of the cause behind the sys- Western Digitals complaint, consist-
tems meltdown that led to travel chaos ently dismissed by Toshiba, has rattled
for 75,000 passengers worldwide over
the weekend.
Willie Walsh, chief executive of IAG,
The groups main lenders
BAs parent company, blamed the prob- fear that Western Digitals
lem on a back-up system known as an
uninterruptible power supply a big
legal assault could derail
battery connected to the mains power the whole process
that ensures IT systems and data cen-
tres can continue to function even if parties involved in the sale of the Nand
there is a power cut. business. As well as unsettling potential
IAG said the UPS malfunctioned, cut- bidders a list of leading private equity
ting off power supply. and technology groups Toshibas
When power was restored, it returned main lenders and Japanese government
in an uncontrolled way, which dam- officials have grown increasingly fearful
aged its IT infrastructure, BA claimed that Western Digitals legal assault,
triggering the chain of events that through its acquisition of SanDisk last
caused it to cancel all flights out of Lon- year, could derail the whole process.
don on Saturday and resulted in further Toshibas transfer back to the main
disruption across the UK bank holiday conglomerate in effect resets ownership
weekend. of its assets in the venture to where they
Some people working in the field have stood before the chip arm was separated
questioned the explanation, however, in April as a prelude to the sale.
pointing out that it is extremely rare for To be clear, Toshiba is not and
UPS systems to fail. never has been in breach of any of the
Even if they do, it should not affect the agreements related to the JVs or its
continued supply of mains electricity to The airline pointed to loss of electrical power at its data centre near Heathrow, saying the back-up supply was at the root of the problem Daniel Leal-Olivas/AFP/Getty Nand flash manufacturing business,
the data centres they serve, the people the letter said. This transfer back, how-
added. ever, puts this matter (and SanDisks
when it doesnt have any electrical the plug out of the back, it shouldnt Mr Walsh said there was no evidence low-voltage networks cover Heathrow demands in the arbitration) to rest, to
What is BAs explanation? power going to it, he said. affect your laptop, it keeps running until of sabotage, but it was looking at all airport and the surrounding area have the benefit of our process and stake-
The airline has blamed its problems on He insisted there was no data loss, the battery runs down. Even if you possibilities. both denied there were any issues on holders.
the loss of electrical power at its main no data corruption. The IT systems unplug the battery [of a laptop], it their networks on Saturday morning. Western Digital jointly operates a
data centre, near Heathrow. It said the functioned how they are supposed to doesnt like it from a data perspective. Why would the failure of the UPS NAND flash manufacturing plant in
back-up power supply was at the root of function. but plug it back in again, you dont sud- impact BAs back-up data centre? How can BA prevent Japan with Toshiba, which produces
the problem, rather than an issue with denly get a big power surge. This remains unclear. BA would not this happening again? chips that account for about 17 per cent
the electricity networks that serve Hea- What are IT experts saying? Mr Woodward said one possible comment on whether their two Heath- There are protection measures such of the Japanese groups sales. Under the
throw airport and the surrounding area. Jonathan Glover, co-founder of PSI, a explanation was that a voltage regulator row-based data centres relied on the as equipment called transient voltage partnership, the US group provides
BA said there was an immediate loss company that helps businesses protect contained within the UPS may have same UPS. surge arresters that can shield financing for some of the memory man-
of power from the UPS. When power their equipment against sudden, unex- malfunctioned, but he added it was Ryanair on Tuesday pointed out that against power surges both from the local ufacturing equipment, while Toshiba
returned, a surge physically damaged pected power surges said the failure of very unusual for it to happen. it had IT systems in three locations electricity network as well as malfunc- controls the chipmaking process.
its IT servers. This caused the loss of cus- an UPS was relatively unlikely as they Normally they fail and power stops, around Europe and if one went down, tions in a companys own equipment. Western Digital was not immediately
tomer, baggage, flight and crew infor- are robust and well-proven pieces of he said. there were backups at each of its data According to Mr Glover, either they available for comment and has yet to
mation and required the airline to phys- equipment. Another expert on UPS technology centres. This also helps add another had inadequate defences or they didnt confirm receipt of the letter.
ically replace IT infrastructure that had He added that even if the UPS system confirmed that even if the system had layer of insurance by making sure data have the right level of industrial-level Earlier in the day, Toshiba acknowl-
been damaged. did fail, it should not make a difference failed, it would simply have been centres are not in close proximity. surge protection. edged it would not be able to submit
to the power supply to the airlines IT bypassed and normal electricity supply BA would not comment on what pro- audited full-year results when it holds
So it was not an issue system. should have continued. Could external power tection measures it had. its shareholder meeting on June 28, trig-
with BAs systems? The answers given dont make a lot have been at fault? gering a 3.4 per cent drop in its shares.
Mr Walsh was at pains to stress that of sense, he said. What else could have According to BA, it had nothing to do What happens next? The company faces an end-of-June
the meltdown was not a technology Alan Woodward, visiting professor at caused the failure? with the external power supply provided Mr Walsh said the airline would be fur- deadline to persuade its auditor to sign
problem. the department of computer science at This is still being investigated by BA. by energy companies. Mr Walsh insisted ther investigating what caused the off on its accounts for the 2016-2017 fis-
You give me any IT system in the the University of Surrey, agreed: It is It said it was looking at whether it itwasdowntopowerfromtheUPS. power loss and the following surge. We cal year, or seek an extension from
world and Ill show you how good it is like on your laptop and if you just pull was human error or a mechanical fault. The two electricity companies whose are consulting with experts in this area. financial regulators.
Executive Appointments
Telecoms
COMPANIES
Onerous
China emerges as engine of BMW strategy emissions
standards risk
Shenyang factory is part of
a plan to double production
Sino-German journey punishing
in the country by 2020 the worst off
CHARLES CLOVER SHENYANG
PATRICK MCGEE FRANKFURT MICHAEL STOTHARD PARIS
UK COMPANIES
Briefs
Investors in buyout funds must get over their FoMo or pay the price Tottenham Hotspur
New stadium funding
Tottenham Hotspur has agreed a
credit facility to help fund its new
investors waving wads of greenbacks to into private equity coffers do anything those cases that warrant greater buybacks are good or bad for investors. stadium. The club, which boasted
Kate catch its attention.
Such was the demand that CVC has
to suppress asset prices. CVC alone
intends to throw up to 4bn a year into
attention.
So thats Mrs May told then. Or is it?
It is whether, by squeezing investment
and weakening company balance
its best season this year after
finishing second in the premier
Burgess been able to change its charges to give
its managers an earlier, and greater,
the market in the hunt for targets.
Even if CVC is a better manager of
It seems to Lombard that Ms
Fairbairns faintly patronising response
sheets (which they do), they cause
long-term damage to the economy,
league, has secured a five-year
bank facility worth 400m to help
share of returns. money puddles than most, sanctioning misses the point about share buybacks whatever the pros and cons for share fund its 61,500 seater stadium.
In the past, CVC managers started the cut to hurdle rate sends the wrong and why the prime minister might prices in the near term. The facility to be provided by
siphoning off fees after the funds signal to the rest of the industry. have singled them out for special Indeed, the fact that investors may HSBC, Bank of America Merrill
The fear of missing out, or FoMo, has investment returns crested 8 per cent Investors need to get over their FoMo. treatment. have a knee-jerk preference for Lynch and Goldman Sach will
been driving investor behaviour and the average hurdle rate for most The longer they let their fear fester, the As the investment guru Andrew buybacks is precisely why they should replace an interim 200m deal
stock market bubbles for aeons long private equity funds. But CVC has more it will cost them. Smithers has tirelessly pointed out, the not be made the gatekeepers for such
before FoMo was defined as a social shaved the hurdle rate to 6 per cent for problem is not just the rewards they practices.
anxiety of teenagers glued to Instagram its new fund. It didnt offer discounts to generate for bosses (through stock- Mrs May has not yet explained her
and Snapchat. early-bird investors either. May-be buybacks linked remuneration), which can be thinking, but a more fruitful approach
FoMo underpins the wall of money Backers have swallowed the new both manipulated by the recipients and might be to use taxes to discourage
that private equity managers have charging rate because they believe Theresa May has tabled some rather obscenely excessive. buybacks relative both to normal
been raising from pension schemes, CVCs investment returns are best-in- vague proposals in the Conservative More important still is the negative dividends and business investment.
sovereign wealth funds and money class. Its funds have paid out about 20 manifesto, promising to look at curbing impact they have on business That, of course, wont be popular with
managers. Number crunchers Preqin per cent a year after costs. Preqins share buybacks to ensure these investment, encouraging chief the CBI either. agreed in 2015. Tottenhams
reckon Europes buyout firms raised latest figures show the median fund cannot be used artificially to hit executives to divert cash to share However, given the worrying running total for its new stadium
nearly 100bn in 2016. That is a rise of return was 9 per cent in 2014. performance targets and inflate repurchases rather than funding epidemic of high profit margins and complex, which will include the
50 per cent on the year before. The Worryingly, though, Preqin also executive pay, writes Jonathan Ford. investment that supports the long- low business investment among large largest football retail store in
average fund size has risen from sub- shows that hurdle rates have been These have received a predictable term health of the businesses they run. UK quoted companies, Mrs May is Europe, is up to 340m. The clubs
200m in 2010 to 500m. edging down across the industry while and dismissive raspberry from Britains Critics of Mr Smithers and his right not to hand the decision on new home will be built on the site
CVC Capital Partners is in a place all fees have been inching up. Managers business leaders. According to Carolyn acolytes have long bearded them with buybacks over to the market. What is of its old White Hart Lane stadium
of its own. It has raised 16bn for its clearly recognise it will be increasingly Fairbairn, leader of the bosses union, evidence that, on average, companies needed is a more dispassionate review. in north London.
newest fund. That sets a new record in tough to earn double-digit returns in the CBI, the Tory leaders intentions that buy back their stock outperform The remaining costs of the
Europe. The one-time owner of an era of low yields, high asset prices on executive pay would be best served their peers. But that is to miss the kate.burgess@ft.com project will be funded from the
Formula One and Saga could have and regulatory constraints on leverage. by developing the existing regime to point. Conservative manifesto/buybacks: facility and the club, Tottenham
raised double the amount from Nor will the gazillions being poured focus stricter [shareholder] votes on The issue is ultimately not whether jonathan.ford@ft.com said. The loan is secured against
the new stadium and related
commercial and match day
revenues. Mehreen Khan
Banks
Telford Homes
African business
tax profit rose to 34m, from 32m
in the previous period. Total
dividends for the year rose by 10
per cent to 15.7p per share.
The developer has moved to
secure its sources of revenue by
Preliminary sale is part Barclays said yesterdays sale, which stepping up its pre-construction
went ahead after the South African sales and moving into the buy-to-
of the banks plan to raise Treasury agreed to its stake falling let market, by selling 230m-worth
1.5bn towards core capital below 50 per cent, further progresses of developments to institutional
its intention to deconsolidate the Afri- investors. These forward sales
MARTIN ARNOLD AND ARASH MASSOUDI can group from its accounts. amount to half of its total 1.5bn
LONDON However, Barclays Africa will remain development pipeline.
JOSEPH COTTERILL JOHANNESBURG dependent on its former UK parent for Jon Di-Stefano, Telford Homes
Barclays is selling almost half its shares technology, branding and other services chief executive, said the companys
in its African operations to institutional for up to three years, under the terms of confidence in delivering continued
investors in a deal to raise about 1.5bn a separation agreement that was final- growth remains unchanged thanks
and cut the stake in its Johannesburg- ised recently. to Londons chronic housing
listed offshoot well below 50 per cent. Barclays, which has given itself until shortage. It plans to step up its
Yesterday the bank said it was looking 2019 to complete the selldown, said it build-to-rent activity. Kate Allen
to offload a 22 per cent stake in Barclays aimed to reduce its stake further to
Africa in a sale that would reduce its around 15 per cent. BT
holding to 28 per cent. Accountants have advised Barclays
South Africas Public Investment Cor- that it will receive the full benefit of
Openreach cuts cost
offloading the African business only by BT sliced the cost Vodafone, Sky
deconsolidating it from its accounts
Accountants say the full once its stake falls below 15 per cent,
and TalkTalk have to pay to use its
wholesale broadband service after
benefit will be felt only according to a person briefed on the criticism that it would benefit from
matter.
when the stake falls much This year the UK bank agreed to pay
delays in bringing down the cost.
Openreach, the network division
further, to below 15% nearly $1bn to Barclays Africa as part of of BT, has told regulator Ofcom that
HSBC to roll out robo-advice for small savers IG sees quiet time ahead as trading rules loom
EMMA DUNKLEY City watchdog in 2013 designed to clar- funds holding shares, bonds, or CHLOE CORNISH listed rivals CMC Markets and Plus500. to be tightened. Justin Bates at Liberum
ify the cost of gaining advice. exchange traded funds, for example. CFDs allow amateur traders to buy found the results slightly disappoint-
HSBC is to start offering online invest- IG Group has said its full-year profits
However, the exodus meant many HSBC said it would select from a and sell stocks and currencies without ing, given the proposed Europe-wide
ment advice for thousands of UK cus- will be modestly ahead of the previ-
savers with only small amounts to line-up of internal funds as well as those owning underlying assets. But regula- regulatory changes should not have had
tomers with small savings pots, as high ous financial year but revenues will
invest were left without any guidance. managed by third parties, and would tors are concerned that many custom- a meaningful impact.
street banks re-enter the market fol- undershoot analysts estimates.
The Treasury last year flagged concerns offer ISAs as a tax-free wrapper. ers, lacking experience of financial mar- Analysts, on average, had expected
lowing a string of mis-selling scandals
over the number of people who do not Mr Turan said: The entry point is In a pre-close trading update for the kets, are losing large amounts of money full-year revenues to reach 496m, but
and a regulatory clampdown.
understand investments and who do going to be significantly lower than year to May 31, Britains largest online on risky bets, which can be leveraged to the update would lower them to 488m,
The bank is preparing to launch robo- not have access to advice due to the cost. 15,000, so any customer with any trading provider by market share said 200 times the value of a clients stake. said Paul McGinnis at Shore Capital.
advice with a personalised service in Taylan Turan, head of HSBC UKs kinds of savings, suitable to consider fourth-quarter revenues were higher Investor worries about the extent of IG makes money when its customers
the coming months, aimed at providing wealth management business, said the investments, can gain access to this than for the same period last year forthcoming restrictions have pushed trade, but low volatility has damped
low-cost investment help online for peo- online site was aimed at providing fast advice. Its personalised, as two custom- despite quiet financial markets. IGs share price down nearly 30 per cent appetite for trying to beat the market.
ple with savings of less than 15,000. and low-cost access to investment ers with the same amount of potential The FTSE 250 group expected full- in the past 12 months. Yesterday it was The group blamed slow trading for
The move comes as all UK high street advice that would be specifically tai- investments will not necessarily have year revenues to be 7 per cent higher, trading up 4 per cent at 477p. falling revenues in its third quarter,
banks launch online advice sites lored to individual requirements. the same recommendation, even if they shy of the consensus estimate of But the UK regulator has yet to down 3.8 per cent to 117.4m. At the
dubbed robo-advisers having with- Customers must answer a series of have the same risk profile. 8.9 per cent. impose the harsh restrictions includ- time it indicated that the fourth quarter
drawn from providing face-to-face questions about their financial circum- The charges, which have not yet been A sweeping clampdown by European ing limits on leverage and marketing had started better.
advice to the masses a few years ago. stances, such as their goals and whether disclosed, will be designed to be trans- regulators is set to hit the online retail offers it suggested late last year. Jeremy Grime, head of research at
The retreat followed a series of large they have any debts. This will feed into parent and competitive, partly through trading industry, curbing the profitabil- Some analysts said IG was indicating FinnCap, said IG was the least exposed
fines on banks for mis-selling invest- algorithms that will then recommend the use of low-cost passive investments, ity of selling contracts for difference, that profits would be lower than of the spreadbetters to regulatory
ments and tough regulations from the an investment from a range of risk-rated Mr Turan said. financial products provided by IG and expected even though the rules had yet upheaval.
Thursday 1 June 2017 FINANCIAL TIMES 19
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,526.51 2,347.38
2,407.94 19,650.57
2,388.33 15,575.63 12,615.06
15,309.77 7,237.17 12,507.90 19,251.87 2,219.67
Day -0.21% Month 1.00% Year 14.72% Day -0.41% Month -1.77% Year 8.84% Day -0.09% Month 4.46% Year 20.77% Day 0.13% Month -0.22% Year NaN% Day -0.14% Month 2.36% Year 15.13% Day 0.16% Month 6.44% Year 19.33%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
6,189.04 25,660.65
49,588.84 10,880.00
6,091.60 49,139.09 10,820.30 3,210.82
1,532.14 24,698.48
1,527.55 3,175.44
Day -0.23% Month 2.34% Year 25.46% Day -0.28% Month -0.26% Year 8.08% Day -0.10% Month 0.84% Year 12.36% Day 0.03% Month 1.53% Year 19.34% Day -0.16% Month 4.25% Year 24.39% Day 0.19% Month 1.11% Year 14.81%
Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
31,145.80
20,996.08 66,721.75 3,300.81
20,913.46 3,264.54
63,032.97 5,304.15 20,733.25 20,731.68
5,283.63 29,921.18
Day -0.16% Month 0.24% Year 17.44% Day -1.45% Month -3.60% Year 30.08% Day -0.42% Month 0.31% Year 16.65% Day -0.40% Month 0.59% Year 15.01% Day 0.23% Month -1.19% Year 10.44% Day -0.04% Month 4.10% Year 16.54%
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 22263.74 22310.58 Cyprus CSE M&P Gen 77.16 76.67 Italy FTSE Italia All-Share 22982.45 23058.36 Philippines Manila Comp 7837.12 7860.77 Taiwan Weighted Pr 10040.72 10101.95 Cross-Border DJ Global Titans ($) 274.30 274.56
Australia All Ordinaries 5761.30 5756.00 Czech Republic
PX 1002.38 1006.15 FTSE Italia Mid Cap 40186.51 40135.95 Poland Wig 60130.38 60344.58 Thailand Bangkok SET 1561.66 1568.57 Euro Stoxx 50 (Eur) 3562.99 3561.22
S&P/ASX 200 5724.60 5717.90 Denmark OMXC Copenahgen 20 995.63 987.64 FTSE MIB 20731.68 20814.48 Portugal PSI 20 5289.98 5279.80 Turkey BIST 100 97347.63 97725.95 Euronext 100 ID 1019.99 1022.64
S&P/ASX 200 Res 3360.80 3380.20 Egypt EGX 30 13239.16 13207.94 Japan 2nd Section 5960.52 5971.39 PSI General 2921.18 2908.82 UAE Abu Dhabi General Index 4501.76 4492.92 FTSE 4Good Global ($) 6071.52 6076.85
Austria ATX 3123.54 3160.27 Estonia OMX Tallinn 1116.57 1116.20 Nikkei 225 19650.57 19677.85 Romania BET Index 8676.72 8688.50 UK FT 30 3365.70 3367.10 FTSE All World 306.26 306.58
Belgium BEL 20 3888.32 3890.83 Finland OMX Helsinki General 9664.53 9711.88 S&P Topix 150 1270.23 1273.55 Russia Micex Index 1896.95 1932.91 FTSE 100 7519.95 7526.51 FTSE E300 1532.14 1533.66
BEL Mid 6749.61 6719.66 France CAC 40 5283.63 5305.93 Topix 1568.37 1572.67 RTX 1052.93 1074.81 FTSE 4Good UK 6678.64 6682.46 FTSE Eurotop 100 3003.64 3007.72
Brazil Bovespa 63032.97 63962.26 SBF 120 4213.76 4228.62 Jordan Amman SE 2160.39 2155.26 Saudi-Arabia TADAWUL All Share Index 6870.62 6821.71 FTSE All Share 4116.08 4119.58 FTSE Global 100 ($) 1507.26 1506.75
Canada S&P/TSX 60 905.28 Germany
907.53 M-DAX 25128.46 25229.32 Kenya NSE 20 3438.17 3438.20 Singapore FTSE Straits Times 3210.82 3204.79 FTSE techMARK 100 4641.46 4653.18 FTSE Gold Min ($) 1500.33 1506.40
S&P/TSX Comp 15309.77 15372.35 TecDAX 2289.26 2284.48 Kuwait KSX Market Index 6726.87 6662.89 Slovakia SAX 304.13 307.54 USA DJ Composite 7266.46 7279.68 FTSE Latibex Top (Eur) 3962.20 3976.10
S&P/TSX Div Met & Min 711.71 701.59 XETRA Dax 12615.06 12598.68 Latvia OMX Riga 851.33 855.16 Slovenia SBI TOP 782.22 785.95 DJ Industrial 20996.08 21029.47 FTSE Multinationals ($) 1761.66 1762.11
Chile IGPA Gen 24332.32 24572.19
Greece Athens Gen 775.24 776.02 Lithuania OMX Vilnius 592.18 589.05 South Africa FTSE/JSE All Share 53562.57 54158.04 DJ Transport 9113.56 9163.66 FTSE World ($) 542.23 542.69
China FTSE A200 9047.77 9019.42 FTSE/ASE 20 2061.55 2064.22 Luxembourg LuxX 1732.15 1743.69 FTSE/JSE Res 20 31220.26 31489.10 DJ Utilities 725.21 722.73 FTSEurofirst 100 (Eur) 4328.45 4338.65
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 25660.65 25701.63 Malaysia FTSE Bursa KLCI 1765.87 1765.34 FTSE/JSE Top 40 47153.91 47699.35 Nasdaq 100 5784.73 5794.63 FTSEurofirst 80 (Eur) 4887.86 4895.54
Shanghai A 3264.54 3256.93 HS China Enterprise 10602.97 10619.34 Mexico IPC 49139.09 49277.95 South Korea Kospi 2347.38 2343.68 Nasdaq Cmp 6189.04 6203.19 MSCI ACWI Fr ($) 463.73 464.29
Shanghai B 320.96 320.81 HSCC Red Chip 4084.68 4078.50 Morocco MASI 11536.13 11534.46 Kospi 200 304.67 304.59 NYSE Comp 11575.75 11601.31 MSCI All World ($) 1909.90 1911.70
Shanghai Comp 3117.18 3109.94
Hungary Bux 34551.90 34321.14 Netherlands AEX 524.07 525.70 Spain IBEX 35 10880.00 10876.90 S&P 500 2407.94 2412.91 MSCI Europe (Eur) 1594.48 1598.24
Shenzhen A 1891.38 1893.24
India BSE Sensex 31145.80 31159.40 AEX All Share 798.18 800.11 Sri Lanka CSE All Share 6674.32 6655.25 Wilshire 5000 24988.79 25053.41 MSCI Pacific ($) 2541.58 2533.33
Shenzhen B 1081.09 1086.47 Nifty 500 8350.95 8328.95 New Zealand NZX 50 7418.90 7411.95 Sweden OMX Stockholm 30 1639.11 1639.74 Venezuela IBC 74977.92 73959.10 S&P Euro (Eur) 1629.63 1632.94
Colombia COLCAP 1444.09 1448.93
Indonesia Jakarta Comp 5738.16 5712.33 Nigeria SE All Share 29064.52 28467.61 OMX Stockholm AS 588.46 588.27 Vietnam VNI 737.82 738.21 S&P Europe 350 (Eur) 1576.23 1578.12
Croatia CROBEX 1854.08 1853.42
Ireland ISEQ Overall 6946.59 6995.83 Norway Oslo All Share 781.55 788.92 Switzerland SMI Index 9016.64 9007.54 S&P Global 1200 ($) 2126.24 2128.39
Israel Tel Aviv 100 12.96 12.97 Pakistan KSE 100 50591.57 51453.16 Stoxx 50 (Eur) 3224.66 3220.57
(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.
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
May 31 Currency Mid Change Mid Change Mid Change May 31 Currency Mid Change Mid Change Mid Change May 31 Currency Mid Change Mid Change Mid Change May 31 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 16.1363 0.0488 18.1453 0.1634 20.8312 0.1409 Indonesia Indonesian Rupiah 13320.0000 -2.5000 14978.4236 87.1226 17195.5443 61.3717 Poland Polish Zloty 3.7215 -0.0150 4.1848 0.0084 4.8042 -0.0012 ..Three Month 0.7750 -0.0029 0.8709 0.0020 - -
Australia Australian Dollar 1.3433 0.0021 1.5105 0.0114 1.7341 0.0092 Israel Israeli Shekel 3.5393 -0.0042 3.9800 0.0192 4.5691 0.0118 Romania Romanian Leu 4.0645 -0.0251 4.5706 -0.0006 5.2471 -0.0126 ..One Year 0.7761 -0.0029 0.8703 0.0019 - -
Bahrain Bahrainin Dinar 0.3771 0.0000 0.4241 0.0025 0.4868 0.0018 Japan Japanese Yen 110.5850 -0.3950 124.3534 0.3049 142.7603 0.0281 Russia Russian Ruble 56.7625 0.1312 63.8297 0.5298 73.2779 0.4440 United States United States Dollar - - 1.1245 0.0067 1.2910 0.0048
Bolivia Bolivian Boliviano 6.9100 - 7.7703 0.0466 8.9205 0.0335 ..One Month 110.5848 -0.3953 124.3534 0.3050 142.7603 0.0280 Saudi Arabia Saudi Riyal 3.7504 - 4.2173 0.0253 4.8416 0.0182 ..One Month - - 1.1243 -0.1616 1.2911 0.0048
Brazil Brazilian Real 3.2428 -0.0244 3.6465 -0.0054 4.1863 -0.0157 ..Three Month 110.5845 -0.3959 124.3535 0.3051 142.7601 0.0277 Singapore Singapore Dollar 1.3834 -0.0017 1.5556 0.0074 1.7859 0.0045 ..Three Month - - 1.1239 -0.1616 1.2913 0.0049
Canada Canadian Dollar 1.3507 0.0041 1.5189 0.0136 1.7437 0.0118 ..One Year 110.5830 -0.3991 124.3536 0.3053 142.7603 0.0271 South Africa South African Rand 13.1863 0.0625 14.8280 0.1589 17.0229 0.1443 ..One Year - - 1.1222 -0.1616 1.2925 0.0048
Chile Chilean Peso 671.5100 -4.2200 755.1165 -0.1844 866.8896 -2.1718 Kenya Kenyan Shilling 103.4000 -0.0100 116.2738 0.6867 133.4848 0.4884 South Korea South Korean Won 1119.6000 -5.6000 1258.9962 1.2975 1445.3541 -1.7741 Venezuela Venezuelan Bolivar Fuerte 10.1029 0.1329 11.3607 0.2167 13.0423 0.2198
China Chinese Yuan 6.8210 -0.0400 7.6703 0.0013 8.8056 -0.0184 Kuwait Kuwaiti Dinar 0.3037 0.0001 0.3415 0.0021 0.3921 0.0015 Sweden Swedish Krona 8.6750 -0.0649 9.7551 -0.0140 11.1990 -0.0414 Vietnam Vietnamese Dong 22715.0000 4.0000 25543.1756 157.8260 29324.1373 115.2882
Colombia Colombian Peso 2922.8450 4.4600 3286.7545 24.7131 3773.2631 19.9053 Malaysia Malaysian Ringgit 4.2800 -0.0025 4.8129 0.0261 5.5253 0.0175 Switzerland Swiss Franc 0.9675 -0.0078 1.0880 -0.0021 1.2491 -0.0053 European Union Euro 0.8893 -0.0054 - - 1.1480 -0.0026
Costa Rica Costa Rican Colon 573.7450 -2.8200 645.1793 0.7205 740.6793 -0.8452 Mexico Mexican Peson 18.6998 0.0393 21.0280 0.1701 24.1406 0.1412 Taiwan New Taiwan Dollar 30.0790 -0.0260 33.8240 0.1740 38.8307 0.1124 ..One Month 0.8891 -0.0054 - - 1.1480 -0.0026
Czech Republic Czech Koruna 23.4353 -0.2355 26.3531 -0.1051 30.2539 -0.1893 New Zealand New Zealand Dollar 1.4090 -0.0022 1.5844 0.0071 1.8189 0.0040 Thailand Thai Baht 34.0600 -0.0700 38.3006 0.1517 43.9699 0.0751 ..Three Month 0.8887 -0.0054 - - 1.1478 -0.0026
Denmark Danish Krone 6.6159 -0.0395 7.4396 0.0005 8.5408 -0.0187 Nigeria Nigerian Naira 314.7500 - 353.9380 2.1245 406.3283 1.5259 Tunisia Tunisian Dinar 2.4387 0.0069 2.7423 0.0241 3.1482 0.0206 ..One Year 0.8870 -0.0054 - - 1.1473 -0.0026
Egypt Egyptian Pound 18.1025 0.1255 20.3564 0.2625 23.3695 0.2492 Norway Norwegian Krone 8.4224 -0.0236 9.4710 0.0305 10.8729 0.0105 Turkey Turkish Lira 3.5365 -0.0145 3.9768 0.0077 4.5655 -0.0014
Hong Kong Hong Kong Dollar 7.7925 -0.0009 8.7627 0.0516 10.0597 0.0366 Pakistan Pakistani Rupee 104.8350 - 117.8875 0.7076 135.3373 0.5083 United Arab Emirates UAE Dirham 3.6730 0.0000 4.1303 0.0247 4.7417 0.0177
Hungary Hungarian Forint 274.1530 -1.5035 308.2865 0.1700 353.9193 -0.6045 Peru Peruvian Nuevo Sol 3.2693 -0.0177 3.6763 0.0022 4.2205 -0.0070 United Kingdom Pound Sterling 0.7746 -0.0029 0.8711 0.0020 - -
India Indian Rupee 64.5200 -0.1175 72.5531 0.3042 83.2925 0.1617 Philippines Philippine Peso 49.7750 -0.0550 55.9722 0.2745 64.2573 0.1706 ..One Month 0.7747 -0.0029 0.8710 0.0020 - -
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 May 31 May 30 May 26 May 25 May 24 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 3365.70 3367.10 3367.40 3359.20 3358.40 0.00 3369.50 3060.90 Personal Goods 22.76 FTSE 250 Index 9.60 General Retailers 4.41 FTSE 100 Price Change FTSE 100 Price Change
May 31 chge% Index May 30 May 26 ago yield% Cover ratio adj Return FT 30 Div Yield 1.46 1.47 1.47 1.48 1.48 0.00 3.93 2.74 Electronic & Elec Eq 19.50 Real Est Invest & Se 9.31 Banks 4.38 3I Group PLC 895.00 6.50 London Stock Exchange Group PLC 3425 -17.00
FTSE 100 (100) 7519.95 -0.09 6730.72 7526.51 7547.63 6191.93 3.67 0.91 29.93 139.74 6249.32 P/E Ratio net 30.51 30.36 30.36 30.11 30.05 0.00 19.44 14.26 Forestry & Paper 18.85 FTSE SmallCap Index 8.82 Utilities 3.80 Admiral Group PLC 2037 6.00 Marks And Spencer Group PLC 382.50 -4.40
FTSE 250 (250) 19972.17 -0.10 17876.08 19991.85 20024.92 17061.47 2.64 1.70 22.37 231.82 14468.55 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 16.88 Equity Invest Instr 8.63 Construct & Material 3.29 Anglo American PLC 1031.5 -24.50 Mediclinic International PLC 808.50 19.00
FTSE 250 ex Inv Co (207) 21409.05 -0.16 19162.16 21442.54 21466.09 18529.79 2.67 1.73 21.65 256.03 15824.83 FT 30 hourly changes Consumer Goods 14.26 Health Care 8.46 Real Est Invest & Tr 3.04 Antofagasta PLC 801.00 -8.50 Merlin Entertainments PLC 529.00 9.50
FTSE 350 (350) 4172.99 -0.09 3735.03 4176.71 4187.61 3458.04 3.49 1.01 28.29 72.54 6967.52 8 9 10 11 12 13 14 15 16 High Low Aerospace & Defense 13.45 Chemicals 8.19 Basic Materials 3.00 Ashtead Group PLC 1566 -5.00 Micro Focus International PLC 2394 -18.00
FTSE 350 ex Investment Trusts (306) 4138.43 -0.10 3704.10 4142.44 4152.99 3434.08 3.52 1.01 28.22 72.88 3559.60 3367.1 3373.1 3372.9 3373 3381.3 3388.3 3386.2 3377.4 3376 3391.1 3364.7 Tobacco 13.10 Pharmace & Biotech 8.02 Leisure Goods 2.44 Associated British Foods PLC 2996 12.00 Mondi PLC 2024 5.00
FTSE 350 Higher Yield (121) 3877.29 -0.14 3470.36 3882.81 3891.63 3157.85 4.75 0.74 28.57 91.83 6775.79 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Eng 12.82 Nonlife Insurance 7.68 Mining 1.80 Astrazeneca PLC 5234 19.00 Morrison (Wm) Supermarkets PLC 246.20 -1.40
FTSE 350 Lower Yield (229) 4069.78 -0.03 3642.66 4070.85 4083.10 3432.18 2.01 1.78 27.97 40.23 4448.71 Software & Comp Serv 12.42 Automobiles & Parts 6.57 Telecommunications 1.18 Aviva PLC 525.00 0.50 National Grid PLC 1089.5 0.50
FTSE SmallCap (277) 5655.22 0.02 5061.70 5653.93 5661.48 4569.78 2.69 1.22 30.58 61.66 8075.96 Financial Services 12.37 Financials 6.17 Media 0.20
FTSE SmallCap ex Inv Co (146) 5032.50 -0.07 4504.34 5035.97 5043.67 4159.48 2.81 1.54 23.08 54.02 7549.43 FX: EFFECTIVE INDICES Health Care Eq & Srv 12.10 Gas Water & Multi 5.85 Food & Drug Retailer -2.25
Babcock International Group PLC 933.00 -4.00 Next PLC 4360 -20.00
Bae Systems PLC 665.50 0.50 Old Mutual PLC 188.20 -3.10
FTSE All-Share (627) 4116.08 -0.09 3684.09 4119.58 4130.15 3407.91 3.46 1.02 28.37 70.58 6948.59 Travel & Leisure 10.53 FTSE All{HY-}Share Index 5.54 Electricity -3.69
May 30 May 26 Mnth Ago May 31 May 30 Mnth Ago Barclays PLC 210.00 0.80 Paddy Power Betfair PLC 8070 -25.00
FTSE All-Share ex Inv Co (452) 4061.31 -0.10 3635.07 4065.23 4075.50 3369.91 3.51 1.01 28.10 70.97 3550.08 Support Services 10.37 Life Insurance 5.39 Oil Equipment & Serv -5.50 Barratt Developments PLC 612.50 11.00 Pearson PLC 706.50 6.50
FTSE All-Share ex Multinationals (567) 1249.93 0.02 927.24 1249.68 1252.82 1145.62 2.95 1.29 26.26 14.88 2226.68 Australia 92.58 92.58 93.72 Sweden 76.82 77.27 77.13 Technology 10.09 NON FINANCIALS Index 5.32 Industrial Metals & -5.76 Bhp Billiton PLC 1173 -29.50 Persimmon PLC 2455 2.00
FTSE Fledgling (94) 9936.71 0.33 8893.85 9904.40 9887.69 7660.76 2.49 1.79 22.41 103.30 18556.61 Canada 87.06 87.19 85.97 Switzerland 160.55 160.78 160.34 Industrials 9.99 Food Producers 5.08 Oil & Gas -7.02 BP PLC 466.70 -5.40 Provident Financial PLC 3051 -6.00
FTSE Fledgling ex Inv Co (45) 13972.61 1.03 12506.18 13829.86 13757.25 10381.24 2.84 2.90 12.11 152.50 25450.55 Denmark 108.81 108.75 107.89 UK 77.72 77.25 79.43 Beverages 9.91 Industrial Transport 5.00 Oil & Gas Producers -7.07 British American Tobacco PLC 5530 29.00 Prudential PLC 1736 -4.00
FTSE All-Small (371) 3931.23 0.04 3518.64 3929.73 3934.37 3168.89 2.68 1.24 30.02 42.76 7206.39 Japan 138.94 138.60 139.57 USA 103.16 103.21 104.54 Mobile Telecomms 9.90 FTSE 100 Index 4.59 Tech Hardware & Eq -9.13 British Land Company PLC 634.00 -2.50 Randgold Resources LD 7365 200.00
FTSE All-Small ex Inv Co Index (191) 3770.11 -0.03 3374.43 3771.08 3775.84 3102.28 2.81 1.60 22.28 40.50 7165.16 New Zealand 118.08 117.57 115.00 Euro 91.07 91.25 89.08 Consumer Services 4.54 Fixed Line Telecomms -13.85 Bt Group PLC 309.55 0.70 Reckitt Benckiser Group PLC 7938 12.00
FTSE AIM All-Share Index (799) 992.55 0.14 888.38 991.11 991.38 737.16 1.58 0.77 82.27 5.41 1091.20 Norway 87.24 87.80 87.40
Bunzl PLC 2432 4.00 Relx PLC 1663 11.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1815 29.00 Rentokil Initial PLC 265.60 1.50
Oil & Gas (16) 8175.13 -1.05 7317.14 8261.64 8285.25 6416.72 6.33 0.40 39.18 259.92 7570.10 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 4970 11.00 Rio Tinto PLC 3102.5 -80.50
Oil & Gas Producers (9) 7851.96 -0.99 7027.89 7930.38 7955.19 6120.10 6.38 0.41 37.80 251.49 7527.13 Centrica PLC 203.30 0.60 Rolls-Royce Holdings PLC 867.50 -1.00
Oil Equipment Services & Distribution (7)13388.26 -3.22 11983.16 13834.36 13733.68 13322.78 4.69 -0.22 -97.33 306.86 10450.56 FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2253 6.00 Royal Bank Of Scotland Group PLC 260.00 -0.60
Basic Materials (28) 5079.15 -1.75 4546.09 5169.67 5181.44 3138.35 2.45 1.09 37.31 90.92 5189.91 Compass Group PLC 1670 9.00 Royal Dutch Shell PLC 2143.5 -21.50
Chemicals (7) 14328.82 -0.34 12825.00 14377.20 14457.55 11446.43 2.12 1.89 24.95 95.63 12755.91 May 30 No of US $ Day Mth YTD Total
YTD Gr Div May 30 No of US $ Day Mth YTD Total YTD Gr Div Convatec Group PLC 320.00 - Royal Dutch Shell PLC 2100 -15.00
Forestry & Paper (1) 23789.15 0.25 21292.46 23730.38 23636.35 15596.93 2.38 3.36 12.50 375.43 25950.40 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2792 -12.00 Royal Mail PLC 441.40 3.20
Industrial Metals & Mining (2) 2345.99 -4.03 2099.78 2444.42 2402.46 1121.96 0.55 21.48 8.39 13.01 2058.44 FTSE Global All Cap 7723 524.89 -0.1 1.7 9.6 745.21
10.8 2.4 Oil & Gas Producers 108 327.49 -0.7 -0.7 -6.8 537.44 -5.4 3.8 Croda International PLC 3963 -3.00 Rsa Insurance Group PLC 625.50 -2.00
Mining (18) 14002.24 -2.01 12532.70 14288.79 14323.76 8333.21 2.52 0.84 47.28 273.28 7495.24 FTSE Global Large Cap 1442 462.40 -0.1 2.0 9.9 673.34
11.3 2.5 Oil Equipment & Services 28 308.24 -1.6 -1.6 -11.8 448.29 -10.8 3.2 Dcc PLC 7375 30.00 Sage Group PLC 720.50 3.50
FTSE Global Mid Cap 1644 707.64 -0.1 1.3 9.8 953.46
10.9 2.0 Basic Materials 259 456.83 -0.2 -0.2 8.2 696.24 9.7 2.4 Diageo PLC 2327 4.00 Sainsbury (J) PLC 281.00 1.30
Industrials (112) 5489.74 0.06 4913.59 5486.38 5491.36 4402.53 2.23 0.84 53.27 57.73 5659.89
Construction & Materials (15) 7152.38 -0.03 6401.73 7154.34 7115.80 5452.11 2.14 0.39 120.93 101.80 7598.91 FTSE Global Small Cap 4637 736.87 -0.3 0.2 7.2 961.05
8.1 1.9 Chemicals 123 695.23 -0.3 -0.3 10.3 1065.07 11.8 2.4 Direct Line Insurance Group PLC 348.60 0.20 Schroders PLC 3157 -11.00
Aerospace & Defense (9) 5598.34 -0.30 5010.79 5615.08 5632.24 4141.11 2.14 -2.18 -21.42 63.69 6012.32 FTSE All-World 3086 306.58 -0.1 1.9 9.9 459.76
11.2 2.4 Forestry & Paper 15 268.64 0.5 0.5 12.8 456.97 15.3 2.9 Easyjet PLC 1414 14.00 Scottish Mortgage Investment Trust PLC 397.10 -1.70
General Industrials (5) 4883.94 0.29 4371.37 4869.87 4852.59 3782.18 2.69 1.20 31.04 56.24 5550.14 FTSE World 2543 542.69 -0.1 1.8 9.7 1092.94
11.0 2.4 Industrial Metals & Mining 68 375.66 -0.1 -0.1 3.7 568.94 4.6 2.2 Experian PLC 1618 3.00 Severn Trent PLC 2500 -34.00
Electronic & Electrical Equipment (10) 7598.17 -0.19 6800.74 7612.28 7537.26 5427.67 1.66 1.91 31.52 53.21 6926.38 FTSE Global All Cap ex UNITED KINGDOM In 7396 543.57 -0.1 1.6 9.5 760.03
10.7 2.3 Mining 53 538.88 0.1 0.1 5.0 818.84 6.7 2.3 Fresnillo PLC 1576 -9.00 Shire PLC 4471.5 -31.50
Industrial Engineering (12) 12773.17 -0.61 11432.62 12852.11 12939.36 8516.00 2.09 1.41 33.87 171.69 15599.31 FTSE Global All Cap ex USA 5826 476.26 -0.1 2.5 12.1 723.82
13.8 2.8 Industrials 547 369.82 0.1 0.1 11.6 531.81 12.8 2.1 Gkn PLC 350.00 -2.70 Sky PLC 991.00 -6.00
Industrial Transportation (7) 5128.92 0.99 4590.63 5078.75 5086.00 4455.60 3.80 1.25 21.07 52.62 4553.11 FTSE Global All Cap ex JAPAN 6436 537.04 -0.2 1.6 9.7 769.51
10.9 2.4 Construction & Materials 113 517.15 0.0 0.0 12.3 777.44 13.6 2.0 Glaxosmithkline PLC 1703.5 30.50 Smith & Nephew PLC 1354 4.00
Support Services (54) 7716.89 0.23 6906.99 7699.27 7719.03 6644.04 2.15 1.81 25.65 69.69 8008.32 FTSE Global All Cap ex Eurozone 7074 540.36 -0.1 1.4 8.8 752.31
9.9 2.3 Aerospace & Defense 26 651.76 -0.3 -0.3 15.4 929.24 16.6 2.1 Glencore PLC 285.10 -6.90 Smiths Group PLC 1603 13.00
FTSE Developed 2102 492.47 -0.1 1.8 9.5 705.27
10.8 2.4 General Industrials 57 245.69 0.0 0.0 4.4 381.26 5.6 2.5 Hammerson PLC 585.50 1.50 Smurfit Kappa Group PLC 2181 -1.00
Consumer Goods (38) 22987.99 0.40 20575.39 22896.14 23032.67 19051.26 2.77 1.84 19.67 339.50 16961.25
FTSE Developed All Cap 5666 517.28 -0.1 1.6 9.2 731.87
10.4 2.3 Electronic & Electrical Equipment 71 404.79 0.5 0.5 17.8 532.88 18.5 1.6 Hargreaves Lansdown PLC 1398 1.00 Sse PLC 1505 -10.00
Automobiles & Parts (1) 8225.16 -0.77 7361.93 8288.61 8330.91 6490.83 2.53 1.89 20.88 138.65 7928.41
FTSE Developed Large Cap 917 454.38 -0.1 1.9 9.5 660.65
10.9 2.5 Industrial Engineering 102 723.62 0.2 0.2 14.9 1027.15 16.3 2.0 Hikma Pharmaceuticals PLC 1688 13.00 St. James's Place PLC 1173 -10.00
Beverages (5) 18725.63 0.18 16760.37 18692.64 18806.66 15816.57 2.54 1.53 25.72 175.38 13190.25
FTSE Developed Europe Large Cap 227 361.62 -0.2 3.6 13.3 605.52
15.9 3.3 Industrial Transportation 99 629.86 0.4 0.4 11.8 905.83 13.1 2.2 HSBC Holdings PLC 675.60 0.40 Standard Chartered PLC 731.90 5.40
Food Producers (8) 8666.97 0.36 7757.37 8635.78 8570.33 8276.05 1.87 2.05 26.05 9.11 7419.19
FTSE Developed Europe Mid Cap 313 580.19 0.0 3.5 17.8 869.23
19.8 2.5 Support Services 79 323.63 0.1 0.1 9.6 445.20 10.6 1.8 Imperial Brands PLC 3629 21.50 Standard Life PLC 382.80 -2.10
Household Goods & Home Construction (15)16051.26 0.30 14366.68 16003.91 15927.76 14211.65 2.32 2.52 17.07 212.12 11328.78
FTSE Dev Europe Small Cap 709 823.50 0.1 3.5 18.7 1194.40
20.4 2.4 Consumer Goods 430 476.07 -0.1 -0.1 13.9 702.80 15.2 2.4 Informa PLC 671.00 1.50 Taylor Wimpey PLC 203.10 1.80
Leisure Goods (1) 5638.04 -0.60 5046.33 5672.01 5765.41 5295.41 3.84 1.34 19.48 104.95 5087.90
FTSE North America Large Cap 295 516.16 -0.1 1.3 7.9 701.45
8.9 2.1 Automobiles & Parts 105 387.07 0.4 0.4 5.2 552.99 6.8 2.7 Intercontinental Hotels Group PLC 4373 27.00 Tesco PLC 183.70 -1.65
Personal Goods (6) 32849.39 0.60 29401.83 32654.83 32638.74 23743.01 2.52 3.04 13.05 376.77 22151.58
FTSE North America Mid Cap 388 759.47 -0.3 0.1 5.8 960.87
6.5 1.7 Beverages 45 628.88 -0.2 -0.2 14.0 939.30 15.0 2.5 International Consolidated Airlines Group S.A. 604.00 -1.50 Tui AG 1198 6.00
Tobacco (2) 60618.22 0.54 54256.30 60289.88 61335.40 49897.28 3.39 1.24 23.90 1304.93 39221.89
FTSE North America Small Cap 1432 769.70 -0.7 -0.9 3.1 946.11
3.7 1.6 Food Producers 107 620.51 -0.3 -0.3 9.0 943.05 10.7 2.2 Intertek Group PLC 4299 49.00 Unilever PLC 4331.5 21.50
Health Care (21) 10776.93 0.80 9645.88 10691.06 10702.05 9212.29 3.26 0.72 42.79 208.49 8321.32
FTSE North America 683 344.72 -0.1 1.1 7.5 479.49
8.5 2.0 Household Goods & Home Construction 49 454.56 0.2 0.2 12.5 666.14 13.8 2.3 Intu Properties PLC 272.00 1.80 United Utilities Group PLC 1029 -12.00
Health Care Equipment & Services (9) 8522.64 0.81 7628.18 8454.27 8512.75 7267.29 1.26 2.43 32.67 60.36 7391.70
FTSE Developed ex North America 1419 251.95 0.0 2.9 12.6 412.41
14.6 2.9 Leisure Goods 31 210.21 -0.9 -0.9 31.4 276.21 32.3 1.4 Itv PLC 195.70 -3.20 Vodafone Group PLC 231.50 2.35
Pharmaceuticals & Biotechnology (12)14497.10 0.80 12975.62 14381.68 14386.26 12406.79 3.50 0.64 44.44 300.97 9980.57
FTSE Japan Large Cap 180 350.46 0.4 2.8 2.1 Personal Goods
7.5 453.04
8.6 81 686.84 0.2 0.2 18.8 959.51 19.9 1.9 Johnson Matthey PLC 3112 -25.00 Whitbread PLC 4291 62.00
Consumer Services (94) 5205.51 0.04 4659.19 5203.57 5209.60 4714.62 2.53 2.00 19.80 62.50 4884.30 FTSE Japan Mid Cap 313 572.92 0.4 3.3 10.9 711.24
11.8 1.7 Tobacco 12 1519.57 -0.3 -0.3 19.9 3119.63 21.4 3.3
Food & Drug Retailers (7) 3187.81 -0.42 2853.25 3201.21 3221.65 2834.02 1.31 2.26 33.84 22.81 3726.55 Kingfisher PLC 325.10 1.10 Wolseley PLC 5110 70.00
FTSE Global wi JAPAN Small Cap 794 625.93 0.7 3.7 12.2 804.47
13.3 1.9 Health Care 181 469.02 -0.1 -0.1 10.9 674.85 12.2 2.0 Land Securities Group PLC 1070 -4.00 Worldpay Group PLC 310.60 -4.90
General Retailers (30) 2611.96 -0.13 2337.83 2615.26 2626.34 2681.90 3.00 2.00 16.72 21.52 2972.98
FTSE Japan 493 148.53 0.4 2.9 2.0 Health Care Equipment & Services
8.3 215.48
9.3 68 797.83 -0.1 -0.1 16.0 928.44 16.5 1.0 Legal & General Group PLC 251.80 0.30 Wpp PLC 1744 -7.00
Media (21) 8066.71 -0.08 7220.10 8073.35 8077.04 7376.77 2.88 1.82 19.11 95.38 4967.51
FTSE Asia Pacific Large Cap ex Japan 548 655.46 -0.1 2.0 15.6 1022.50
16.7 2.8 Pharmaceuticals & Biotechnology 113 333.20 -0.1 -0.1 8.9 501.40 10.5 2.5 Lloyds Banking Group PLC 70.59 -0.53
Travel & Leisure (36) 9713.75 0.33 8694.29 9682.11 9672.05 8274.98 2.39 2.13 19.64 146.27 9226.29
FTSE Asia Pacific Mid Cap ex Japan 412 875.68 0.1 1.4 15.1 1309.22
15.9 2.6 Consumer Services 383 440.92 -0.1 -0.1 11.7 587.76 12.6 1.6
Telecommunications (6) 3529.37 0.75 3158.96 3503.14 3532.78 3886.51 5.01 -0.01 -1347.4 4.42 3885.89 FTSE Asia Pacific Small Cap ex Japan 1449 541.94 0.1 0.1 11.5 797.70
12.2 2.6 Food & Drug Retailers 55 292.19 -0.2 -0.2 3.3 406.47 4.4 2.0
9
Fixed Line Telecommunications (4) 3642.93 0.29 3260.60 3632.33 3691.51 4989.12 4.81 1.20 17.40 0.00 3284.34
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
960 518.37
2057 714.10
-0.1
-0.1
2.0
1.8
15.6 858.90
16.6 2.8 General Retailers
14.0 1057.37
14.9 2.8 Media
120 610.79
79 336.60
-0.1
0.0
-0.1
0.0
12.2 792.78
10.7 449.65
13.0
11.4
1.5
1.6
UK STOCK MARKET TRADING DATA
Mobile Telecommunications (2) 5202.32 0.95 4656.34 5153.49 5179.55 5125.84 5.10 -0.51 -38.63 9.33 5147.52 FTSE Emerging Large Cap 525 676.73 -0.2 2.6 14.4 1008.80
15.2 2.8 Travel & Leisure 129 446.97 0.0 0.0 17.4 602.73 18.4 1.7 May 31 May 30 May 26 May 25 May 24 Yr Ago
Utilities (7) 9105.87 -0.31 8150.20 9134.18 9144.69 8640.11 4.64 1.64 13.16 83.90 10261.79 FTSE Emerging Mid Cap 459 892.63 -0.1 -0.9 12.2 1314.25
13.3 2.8 Telecommunication 94 165.46 0.4 0.4 2.7 307.23 4.2 4.1 SEAQ Bargains 4742.00 5233.00 5202.00 5202.00 5202.00 5058.00
Electricity (2) 8886.98 -0.60 7954.29 8940.63 8953.85 8868.24 5.53 2.02 8.96 149.05 12698.17 FTSE Emerging Small Cap 1073 737.05 -0.1 -0.5 13.7 1048.61
14.5 2.6 Fixed Line Telecommuniations 43 134.60 0.6 0.6 -4.3 275.44 -2.5 4.8 Order Book Turnover (m) 346.64 193.26 193.78 193.78 193.78 139.89
Gas Water & Multiutilities (5) 8660.13 -0.24 7751.25 8680.59 8689.85 8111.85 4.42 1.51 14.95 63.82 9764.86 FTSE Emerging Europe 114 352.75 -0.5 -0.5 4.9 543.93
5.8 4.0 Mobile Telecommunications 51 181.03 0.1 0.1 13.3 301.43 14.1 3.3 Order Book Bargains 1303651.00 1020479.00 1020304.00 1020304.00 1020304.00 950568.00
Financials (289) 5098.39 -0.06 4563.31 5101.42 5110.78 4174.65 3.55 1.04 27.00 101.66 4736.50 FTSE Latin America All Cap 230 841.65 -0.2 -1.6 9.6 1294.94
11.1 2.8 Utilities 167 274.47 0.3 0.3 11.3 530.90 13.0 3.7 Order Book Shares Traded (m) 2953.00 1709.00 1702.00 1702.00 1702.00 1275.00
Banks (12) 4269.13 -0.03 3821.08 4270.46 4287.29 3276.23 4.13 0.62 38.75 107.82 3174.76 FTSE Middle East and Africa All Cap 242 712.81 -0.5 2.8 8.4 1110.16
10.0 3.0 Electricity 109 300.81 0.3 0.3 10.6 575.06 12.2 3.7 Total Equity Turnover (m) 11361.67 8747.73 8690.30 8690.30 8690.30 8386.30
Nonlife Insurance (10) 3448.14 0.14 3086.25 3443.19 3412.63 2949.83 3.12 1.69 18.96 60.87 6087.79 FTSE Global wi UNITED KINGDOM All Cap In 327 343.52 -0.1 3.4 3.5 Gas Water & Multiutilities
10.3 574.30
12.4 58 289.06 0.2 0.2 12.6 574.38 14.5 3.6 Total Mkt Bargains 1498417.00 1152592.00 1152315.00 1152315.00 1152315.00 1060320.00
Life Insurance/Assurance (10) 8399.81 -0.32 7518.24 8426.38 8461.32 7069.83 3.69 1.26 21.54 210.60 8251.25 FTSE Global wi USA All Cap 1897 593.32 -0.2 0.9 7.4 782.68
8.3 1.9 Financials 698 226.79 -0.4 -0.4 6.3 369.66 7.9 3.0 Total Shares Traded (m) 6527.00 4815.00 4794.00 4794.00 4794.00 3976.00
Index- Real Estate Investment & Services (20) 2742.63 -0.38 2454.79 2753.16 2765.92 2760.58 2.49 1.86 21.56 31.00 7326.63 FTSE Europe All Cap 1440 423.52 -0.2 3.4 14.2 684.20
16.6 3.1 Banks 248 202.56 -0.6 -0.6 5.2 354.61 6.9 3.4 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
Real Estate Investment Trusts (31) 2756.31 0.09 2467.04 2753.97 2740.49 2815.61 3.53 1.19 23.74 44.78 3434.82 FTSE Eurozone All Cap 649 414.15 -0.2 3.7 17.0 675.02
19.3 2.9 Nonlife Insurance 68 245.69 -0.1 -0.1 5.9 356.81 7.7 2.3 (c) Market closed.
General Financial (31) 9083.82 -0.23 8130.46 9104.84 9067.41 7580.55 3.18 2.17 14.49 108.34 10387.89 FTSE RAFI All World 3000 3042 6390.28 -0.2 1.3 7.0 8420.10
8.5 3.0 Life Insurance 52 214.60 -0.2 -0.2 7.1 342.10 8.8 3.0
Equity Investment Instruments (175) 9646.26 0.17 8633.88 9629.60 9662.48 7590.10 2.37 1.17 36.17 93.60 5267.21 FTSE RAFI US 1000 1001 10407.29 -0.2 -0.2 2.6 13615.53
3.5 2.4 Financial Services 147 259.71 -0.4 -0.4 7.8 356.95 8.7 2.0
Non Financials (338) 4870.60 -0.09 4359.42 4875.18 4888.90 4051.00 3.43 1.01 28.88 78.79 7192.45 FTSE EDHEC-Risk Efficient All-World 3086 369.70 -0.1 1.9 10.4 513.59
11.5 2.2 Technology 182 235.14 0.2 0.2 21.1 287.66 22.0 1.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Technology (16) 2076.40 -0.04 1858.48 2077.18 2070.60 1424.19 2.17 1.30 35.54 26.90 2672.40 FTSE EDHEC-Risk Efficient Developed Europe 540 313.43 0.0 3.6 17.1 477.82
19.0 2.5 Software & Computer Services 89 403.81 0.2 0.2 21.3 471.07 22.0 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Software & Computer Services (12) 2376.79 0.04 2127.34 2375.87 2367.49 1908.57 2.09 1.48 32.47 32.21 3231.99 Oil & Gas 145 347.77 -0.9 -1.5 -7.3 559.41
-6.0 3.7 Technology Hardware & Equipment 93 177.92 0.3 0.3 20.9 226.21 22.0 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment (4) 1895.29 -0.84 1696.38 1911.41 1912.61 1505.97 3.00 0.00-7302.44 12.16 2221.97 Alternative Energy 9 109.88 -1.2 -1.2 19.6 147.99 19.9 1.6 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment & Services 107 323.35 0.1 0.1 17.1 537.64 18.7 2.5 For all queries e-mail ft.reader.enquiries@morningstar.com
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/
FTSE 100 7532.74 7543.03 7548.01 7542.31 7555.84 7576.80 7576.20 7552.73 7546.02 7586.29 7519.95 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 20017.44 20003.31 19990.20 19982.87 19994.33 19989.03 19988.86 19981.00 19974.70 20030.88 19948.39
FTSE SmallCap 5654.75 5647.48 5649.25 5648.40 5650.91 5655.54 5654.59 5650.33 5648.22 5658.81 5645.28 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
FTSE All-Share 4123.21 4127.03 4128.81 4126.05 4132.81 4141.52 4141.23 4130.60 4127.43 4145.69 4115.88 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:12:12:30 Day's Low15:35:30 FTSE 100 2010/11 High: 7547.63(29/05/2017) Low: 7099.15(31/01/2017) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:13:00 Day's Low15:27:00 FTSE 100 2010/11 High: 4130.15(29/05/2017) Low: 3858.26(31/01/2017)
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.
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.
20 FINANCIAL TIMES Thursday 1 June 2017
MARKET DATA
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
Tesla Mtrs 341.65 335.10 6.55 1.95 31.43 10.1 8.81 IM Baotou Stl 2.19 2.99 -0.80 -26.76 -0.77 -26.0 -27.48 May 31 date Coupon S* M* F* price yield yield yield US May 31 date Coupon S* M* F* price yield yield yield US
MediaTek 230.00 229.50 0.50 0.22 17.50 8.2 5.99 SunPhrmInds 501.60 508.00 -6.40 -1.26 -112.50 -18.3 -21.86 High Yield US$ US$
Surgutneftegas 30.08 31.18 -1.11 -3.54 2.27 8.1 7.79 ShgPdgBk 12.84 12.84 0.00 0.00 -2.59 -16.8 9.74 Navient Corporation 03/20 8.00 BB- Ba3 BB 110.09 4.21 0.00 -1.29 2.93 Citigroup Inc. 01/28 6.63 BBB+ Baa1 A 121.14 4.19 0.00 0.11 1.96
ChUncHK 11.18 11.34 -0.16 -1.41 0.82 7.9 11.35 Devon Energy 34.03 34.49 -0.46 -1.33 -3.10 -8.3 -13.93 High Yield Euro SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 111.09 4.72 0.00 -0.02 2.49
ChinaPcIns 31.20 29.95 1.25 4.17 2.25 7.8 8.52 Deut Bank 15.58 16.14 -0.56 -3.47 -1.38 -8.1 -8.11 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 120.98 4.43 0.00 -0.15 2.20
NorfolkS 123.25 124.13 -0.88 -0.71 8.28 7.2 4.87 Unicred 15.57 15.85 -0.28 -1.77 -1.31 -7.8 4.22 Nicor Gas Company 02/28 6.58 A Aa3 AA- 117.13 4.59 0.00 -0.07 2.36
China Vanke 20.70 20.75 -0.05 -0.24 1.32 6.8 4.86 ValeantPh 16.07 16.48 -0.41 -2.49 -1.29 -7.4 27.19 Emerging US$ NationsBank Corp. 03/28 6.80 BBB Baa3 A- 121.97 4.28 0.00 -0.29 2.06
Hunng Pwr 6.22 6.17 0.05 0.81 0.39 6.7 15.83 SocGen 46.67 49.02 -2.35 -4.78 -3.58 -7.1 -7.05 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 United Utilities PLC 08/28 6.88 BBB- Baa1 A- 120.02 4.62 0.00 -0.19 2.40
ICICI Bk 326.45 321.40 5.05 1.57 20.40 6.7 17.22 Petrobras 13.80 14.17 -0.37 -2.61 -1.01 -6.8 -3.83 Peru 03/19 7.13 BBB+ A3 BBB+ 109.92 1.61 0.00 -0.18 0.33
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Euro
ChinaMBank 23.40 23.55 -0.15 -0.64 1.45 6.6 15.84 Williams Cos 28.27 28.69 -0.43 -1.48 -2.02 -6.7 -7.80 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 104.14 2.22 0.02 0.15 -
Softbank 9003.00 8980.00 23.00 0.26 495.00 5.8 6.65 Shire 4471.50 4503.00 -31.50 -0.70 -307.00 -6.4 -0.17 Brazil 01/20 12.75 BB Ba2 BB 124.48 3.00 0.00 0.41 1.72
Brazil 01/22 12.50 BB Ba2 BB 112.45 9.15 -0.07 -0.23 7.38 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 104.83 2.15 0.00 0.06 -
Ch Evrbrght 3.69 3.68 0.01 0.27 0.20 5.7 1.10 Sberbank 155.86 161.64 -5.78 -3.58 -10.45 -6.3 -5.61 Citigroup Inc. 02/30 4.25 BBB Baa3 A- 117.34 2.29 0.02 0.04 -
BOE Tech 1.58 1.57 0.01 0.64 0.08 5.3 3.27 Novatek 639.50 650.60 -11.10 -1.71 -41.50 -6.1 -8.04 Colombia 03/23 2.63 BBB Baa2 BBB 97.23 3.18 -0.02 -0.09 1.41
Poland 03/23 3.00 BBB+ A2 A- 100.95 2.84 -0.02 -0.20 1.07 HBOS plc 03/30 4.50 BBB- Baa2 A- 117.08 2.47 0.02 -0.23 -
ChMinsheng 7.99 7.99 0.00 0.00 0.40 5.3 4.31 Cred Agr 13.64 13.78 -0.14 -1.02 -0.88 -6.1 -0.07
Turkey 03/23 3.25 - Ba1 BB+ 80.65 7.41 0.06 0.27 5.64 Yen
SandsCh 35.95 35.20 0.75 2.13 1.65 4.8 1.84 BNP Parib 62.82 63.60 -0.78 -1.23 -4.02 -6.0 -3.03
Russia 05/26 4.75 - - BBB- 105.31 4.08 0.00 0.00 1.85 Enagas Transportes, S.A.U. 09/39 3.23 A- Baa2 A- 106.57 2.85 0.00 0.01 -
PngAnBnk 9.20 9.15 0.05 0.55 0.41 4.7 2.34 Hngzh HikVDT 26.50 26.74 -0.24 -0.90 -1.63 -5.8 -27.54
Ericsson 64.05 60.65 3.40 5.61 2.85 4.7 12.08 Halliburton 44.98 45.15 -0.17 -0.38 -2.73 -5.7 -2.14 Turkey 03/27 6.00 - Ba1 BB+ 106.82 5.17 0.00 0.03 2.94 Sterling
AbbottLb 45.53 45.00 0.53 1.18 2.00 4.6 4.33 ENI 14.09 14.32 -0.23 -1.61 -0.84 -5.6 -1.26 Emerging Euro Electricite de France (EDF) 05/28 6.25 A A3 A- 135.06 2.55 -0.01 -0.19 0.32
Fresenius Med 85.16 82.90 2.26 2.73 3.58 4.4 4.39 GoldmSchs 211.46 218.42 -6.96 -3.19 -12.37 -5.5 -5.60 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 HSBC Holdings plc 08/28 2.63 A A1 AA- 101.54 2.47 -0.01 -0.30 0.24
ChMrchSecs 17.00 16.80 0.20 1.19 0.70 4.3 6.65 MmcNrlskNckl 7905.00 8050.00 -145.00 -1.80 -454.00 -5.4 -9.60 Mexico 02/20 5.50 BBB+ A3 BBB+ 113.88 0.35 0.00 -0.07 -0.92 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M -
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.90 1.35 0.02 -0.01 -0.42 Moodys, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BB+ Baa2 BBB- 108.38 2.12 0.02 0.01 -0.11
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
May 31 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 31 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.50-0.75 14-12-2016 1.00 0.50-0.75 0.25-0.50 Index change change change 1 month 1 year VIX 10.76 0.38 10.38 26.72 9.56 May 31 Price Yield Day Week Month Year High Low m
US Prime 4.00 16-12-2008 3.75 3.50 3.50 Markit IBoxx VXD 10.73 0.45 10.28 23.69 3.59 Tr 8.75pc '17 102.05 0.02 100.00 100.00 -300.00 -94.59 105.16 100.00 11.14
US Discount 0.75 16-12-2015 0.75 1.00 0.75 ABF Pan-Asia unhedged 181.42 -0.09 0.90 4.74 0.90 1.05 VXN 13.23 0.33 12.90 27.10 9.75 Tr 5pc '18 103.73 0.13 30.00 44.44 333.33 -56.67 108.38 103.73 35.24
Euro Repo 0.00 10-09-2014 0.05 0.05 0.05 Corporates( ) 343.70 0.10 1.51 4.12 1.51 11.26 VDAX - - - - - Tr 4.5pc '19 107.78 0.09 28.57 28.57 200.00 -80.00 111.97 107.78 36.35
UK Repo 0.25 05-03-2009 0.25 0.50 0.50 Corporates($) - - - - - - CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 112.86 0.09 12.50 0.00 12.50 -86.57 117.02 112.86 33.31
Japan O'night Call 0.00-0.00 05-10-2010 0.00 0.00-0.10 0.00-0.10 Corporates() 223.81 -0.03 0.37 1.14 0.37 2.86 Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 104.58 0.24 9.09 0.00 -4.00 -73.63 106.04 102.80 32.46
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov() 231.47 -0.03 0.53 -0.52 0.53 -0.46 Tr 4pc '22 117.46 0.31 6.90 -8.82 -3.13 -67.37 121.31 116.43 37.95
Gilts( ) 325.76 -0.02 0.77 2.73 0.77 7.59 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 132.18 0.73 2.82 -3.95 -2.67 -45.11 138.11 129.09 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 258.03 0.10 0.20 4.40 0.24 3.60 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 101.34 1.11 1.83 -3.48 -1.77 -31.06 138.26 99.31 5.43
Over Change One Three Six One Markit iBoxx Non-Gilts 338.49 0.09 1.28 3.71 1.28 9.82 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 138.27 1.41 0.71 -2.08 -2.76 -27.69 148.92 131.34 35.44
May 31 (Libor: May 30) night Day Week Month month month month year Overall ($) - - - - - - Australia 10/19 2.75 102.65 1.62 -0.01 -0.08 -0.13 -0.03 Tr 4.25pc '36 143.20 1.58 1.28 -1.25 -3.07 -25.47 155.77 134.98 29.76
US$ Libor 0.93111 0.001 0.002 0.006 1.05050 1.20178 1.41489 1.72150 Overall( ) 326.49 0.01 0.92 3.02 0.92 8.24 11/28 2.75 102.15 2.53 -0.01 -0.10 -0.20 0.00 Tr 4.5pc '42 157.97 1.69 1.81 -0.59 -2.31 -23.18 174.65 147.27 26.64
Euro Libor -0.43000 0.000 -0.002 -0.004 -0.40214 -0.36929 -0.28571 -0.16729 Overall() 227.79 -0.02 0.43 -0.10 0.43 0.25 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00 Tr 3.75pc '52 157.40 1.61 2.55 0.00 -1.83 -23.33 177.28 143.60 23.59
Libor 0.22375 0.000 0.000 0.000 0.25225 0.29650 0.43925 0.63631 Treasuries ($) - - - - - - 04/27 0.50 99.26 0.58 0.00 -0.11 -0.03 0.00 Tr 4pc '60 176.89 1.54 2.67 0.00 -1.91 -24.14 201.27 159.04 23.21
Swiss Fr Libor -0.002 -0.78740 -0.72960 -0.66180 -0.48960 FTSE Belgium 06/18 0.75 100.87 -0.11 0.00 0.00 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
Yen Libor -0.012 -0.02850 -0.01564 0.02300 0.12643 Sterling Corporate () 118.69 -0.12 - - 0.86 5.58 06/27 0.80 101.44 0.65 -0.04 -0.12 -0.11 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Euro Euribor -0.001 -0.37300 -0.32900 -0.25400 -0.13100 Euro Corporate () 107.44 0.03 - - 0.17 -0.52 Canada 08/19 0.75 100.00 0.75 0.00 0.02 0.00 0.00
Sterling CDs
US$ CDs
0.000
0.000
0.20000
0.97000
0.28000
1.13000
0.42500
1.31000
Euro Emerging Mkts () 803.84 -5.63 - - 0.16 -8.52 06/27 1.00 96.07 1.42 -0.02 -0.09 -0.09 0.00 GILTS: UK FTSE ACTUARIES INDICES
Eurozone Govt Bond 112.45 0.19 - - 0.50 -2.97 Denmark 11/20 0.25 102.29 -0.41 0.00 0.00 0.00 0.00
Euro CDs 0.000 -0.43500 -0.39500 -0.29500 11/27 0.50 99.33 0.57 -0.02 -0.10 -0.03 0.00 Price Indices Day's Total Return Return
CREDIT INDICES Day's Week's Month's Series Series Fixed Coupon May 31 chg % Return 1 month 1 year Yield
Short 7 Days One Three Six One Index change change change high low Finland 09/19 1.75 100.48 1.54 0.00 0.00 -0.02 0.23
07/28 2.75 115.37 1.45 0.00 0.00 0.00 0.00 1 Up to 5 Years 96.66 -0.07 2434.96 0.03 1.55 0.19
May 31 term notice month month month year Markit iTraxx 2 5 - 10 Years 186.48 -0.20 3513.88 0.39 4.71 0.71
Euro -0.50 -0.35 -0.50 -0.35 -0.51 -0.36 -0.47 -0.32 -0.37 -0.22 -0.36 -0.11 Crossover 5Y 369.26 -12.07 35.21 40.34 390.04 288.69 France - - - - - - -
3 10 - 15 Years 218.15 -0.26 4275.48 0.66 7.16 1.16
Sterling 0.15 0.25 0.15 0.25 0.23 0.33 0.35 0.50 0.47 0.62 Europe 5Y 85.00 -1.98 7.21 7.01 90.43 67.59 11/20 0.25 102.44 -0.44 0.00 0.00 0.00 0.00
4 5 - 15 Years 193.96 -0.22 3701.90 0.49 5.48 0.91
Swiss Franc - - - - - - - - - - - - Japan 5Y 70.05 -2.51 2.21 -0.87 93.03 64.22 10/22 2.25 112.98 -0.14 0.00 0.00 0.00 0.00
5 Over 15 Years 344.67 -0.41 5212.98 1.20 11.96 1.61
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 111.86 -3.89 10.86 12.50 121.66 80.36 05/27 1.00 102.59 0.73 -0.04 -0.11 -0.09 0.00
7 All stocks 184.19 -0.25 3606.63 0.65 6.81 1.40
US Dollar 0.90 1.00 0.95 1.05 1.00 1.10 1.10 1.20 1.25 1.35 1.50 1.60 Germany 10/19 0.25 102.29 -0.71 0.00 0.00 0.00 0.00
Markit CDX 08/23 2.00 114.03 -0.24 0.00 0.00 0.00 0.00
Japanese Yen -0.15 0.05 -0.20 0.00 -0.40 -0.10 -0.30 0.00 -0.25 0.05 -0.20 0.10 Day's Month Year's Total Return Return
Emerging Markets 5Y 198.09 -3.26 -11.46 -11.68 218.09 197.56 02/27 0.25 99.59 0.29 -0.03 -0.12 -0.04 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked May 31 chg % chg % chg % Return 1 month 1 year
Nth Amer High Yld 5Y 328.29 0.17 -17.13 -10.17 353.95 327.35 08/46 2.50 133.68 1.14 -0.02 -0.10 0.03 0.25
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 1 Up to 5 Years 314.86 -0.12 -0.24 1.88 2472.69 -0.03 3.78
Nth Amer Inv Grade 5Y 63.53 0.28 -4.09 -3.35 69.24 62.53 Greece 04/19 4.75 98.38 5.68 0.10 0.16 -0.13 -1.39
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 2 Over 5 years 720.73 -0.81 -1.27 22.78 5365.54 -1.15 23.43
02/27 3.00 84.14 5.98 0.09 0.26 0.07 -1.25 3 5-15 years 483.40 -0.42 -0.10 10.82 3734.38 0.11 11.99
Ireland 10/19 5.90 115.28 -0.47 0.00 0.00 0.00 0.00 4 Over 15 years 926.07 -0.94 -1.64 27.35 6747.85 -1.55 27.80
05/26 1.00 102.06 0.76 -0.02 -0.09 -0.07 -0.04 5 All stocks 651.48 -0.76 -1.19 20.34 4922.08 -1.06 21.12
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/19 0.05 99.80 0.14 0.01 0.05 -0.12 0.00
11/21 0.35 98.48 0.70 0.04 0.08 -0.10 0.00 Yield Indices May 31 May 30 Yr ago May 31 May 30 Yr ago
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 2.20 100.33 2.18 0.00 0.06 -0.12 0.00 5 Yrs 0.33 0.30 0.82 20 Yrs 1.71 1.69 2.18
Crude Oil Jun 48.65 -0.85 Corn Jul 371.25 4.50 Apr 21 Apr 21 Prev return stock Market stocks
03/47 2.70 89.72 3.27 0.02 0.06 -0.10 0.69 10 Yrs 1.06 1.03 1.55 45 Yrs 1.53 1.52 2.05
Brent Crude Oil 50.86 -1.24 Wheat Jul 432.50 1.75 Can 4.25%' 21 121.46 -0.361 -0.372 0.29 5.18 75355.91 7
Japan 05/19 0.10 100.52 -0.17 0.00 0.00 0.00 0.00 15 Yrs 1.53 1.50 2.00
RBOB Gasoline Jun 1.59 -0.03 Soybeans Jul 915.00 3.00 Fr 2.25%' 20 112.37 -1.431 -1.458 0.13 20.31 222459.38 16
03/22 0.10 101.07 -0.12 0.00 0.00 0.00 0.00
Heating Oil Jun 1.58 0.00 Soybeans Meal Jul 299.30 1.80 Swe 0.25%' 22 114.09 -1.848 -1.830 0.17 30.03 229025.37 7
03/27 0.10 100.59 0.04 0.00 -0.01 0.02 0.00 inflation 0% inflation 5%
Natural Gas Jun 3.16 0.02 Cocoa (ICE Liffe)X Jul 1586.00 4.00 UK 2.5%' 20 373.10 -2.880 -2.849 0.27 6.58 653041.71 27
03/47 0.80 100.00 0.80 -0.01 0.00 0.00 0.00 Real yield May 31 Dur yrs Previous Yr ago May 31 Dur yrs Previous Yr ago
Ethanol - - Cocoa (ICE US) Jul 2058.00 27.00 UK 2.5%' 24 371.80 -2.205 -2.162 0.74 6.82 653041.71 27
Netherlands 01/20 0.25 102.40 -0.65 0.00 0.00 0.00 0.00 Up to 5 yrs -2.45 1.97 -2.51 -1.25 -3.19 1.97 -3.25 -1.86
Uranium Jun 18.10 0.00 Coffee(Robusta)X Jul 1989.00 -21.00 UK 2%' 35 273.88 -1.791 -1.774 1.49 9.08 653041.71 27
07/27 0.75 102.32 0.51 -0.03 -0.10 -0.03 0.00 Over 5 yrs -1.70 24.65 -1.73 -0.92 -1.73 24.73 -1.76 -0.95
Carbon Emissions - - Coffee (Arabica) Jul 132.30 0.25 US 0.625%' 21 103.72 -0.249 -0.260 0.21 35.84 1253376.13 38
White SugarX 435.10 -2.90 New Zealand 04/20 3.00 102.48 2.11 0.00 -0.03 -0.14 -0.03 5-15 yrs -1.96 8.46 -2.01 -0.91 -2.09 8.47 -2.13 -1.03
Diesel - - US 3.625%' 28 133.26 0.507 -0.260 0.58 16.78 1253376.13 38
Sugar 11 15.11 -0.16 04/27 4.50 114.35 2.82 0.00 -0.04 -0.17 0.23 Over 15 yrs -1.68 29.72 -1.71 -0.92 -1.69 29.77 -1.72 -0.94
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
Norway 05/19 4.50 107.69 0.57 0.01 -0.01 -0.08 -0.05 All stocks -1.70 22.93 -1.74 -0.92 -1.74 23.04 -1.77 -0.96
Base Metals ( LME 3 Months) Cotton Jul 76.98 -0.34 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 1932.00 1.00 Orange Juice Jul 134.85 -1.15 02/27 1.75 102.24 1.50 -0.02 -0.03 -0.12 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
amount.
Aluminium Alloy 1670.00 -10.00 Palm Oil - - Portugal 06/19 4.75 109.20 0.22 0.01 -0.06 -0.14 -0.83
Copper 5690.50 32.50 Live Cattle Jun 122.93 0.00 BONDS: TEN YEAR GOVT SPREADS 04/27 4.13 108.60 3.10 -0.04 -0.06 -0.46 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Lead 2116.50 16.50 Feeder Cattle Aug 149.85 2.65 Spain 01/19 0.25 100.89 -0.28 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Nickel 8955.00 -155.00 Lean Hogs Jun 80.58 0.00 Spread Spread Spread Spread 04/27 1.50 99.78 1.52 -0.01 -0.07 -0.12 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Tin 20360.00 -15.00 Bid vs vs Bid vs vs Sweden 10/18 1.00 99.42 1.44 0.00 0.00 0.02 0.30 loss arising from the reliance on or use of the listed information. For all queries e-mail
Zinc 2601.00 -25.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 11/26 1.00 104.62 0.50 0.01 -0.03 -0.09 -0.30 ft.reader.enquiries@morningstar.com
Precious Metals (PM London Fix) May 30 Month Year Australia 2.53 2.24 0.30 Italy 2.18 1.88 -0.05 Switzerland 07/20 2.25 109.54 -0.78 0.00 0.00 0.00 0.00
Gold 1266.20 3.50 S&P GSCI Spt 377.87 -1.37 1.52 Austria 0.58 0.29 -1.65 Japan 0.04 -0.25 -2.19 06/27 3.25 134.53 -0.15 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Silver (US cents) 1731.00 4.00 DJ UBS Spot 82.87 -1.39 -3.07 Belgium 0.65 0.36 -1.58 Netherlands 0.51 0.22 -1.71 United Kingdom 07/19 1.75 103.56 0.09 0.00 -0.04 0.01 0.00
Platinum 941.00 -20.00 R/J CRB TR 181.38 -1.08 -3.01 Canada 1.42 1.13 -0.81 Norway 1.50 1.21 -0.73 07/22 0.50 100.29 0.44 -0.02 -0.08 -0.07 0.00
Palladium 797.00 17.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.57 0.27 -1.66 Portugal 3.10 2.80 0.87 07/27 1.25 101.68 1.07 -0.02 -0.09 -0.09 0.00
Bulk Commodities UBS Bberg CMCI TR 13.50 -1.83 1.26 Finland 1.45 1.15 -0.78 Spain 1.52 1.23 -0.70 07/47 1.50 96.34 1.65 0.00 -0.05 -0.07 0.00
Iron Ore (Platts) 57.40 -0.40 LEBA EUA Carbon 5.04 0.00 -13.55 France 0.73 0.44 -1.50 Switzerland -0.15 -0.44 -2.38 United States 03/19 1.25 99.95 1.28 -0.03 -0.02 0.01 0.00
Iron Ore (The Steel Index) 56.20 -1.70 LEBA CER Carbon 0.23 -8.00 -42.50 Germany 0.29 0.00 -1.94 United Kingdom 1.07 0.78 -1.15 04/22 1.88 100.49 1.77 -0.02 -0.06 -0.03 0.00
GlobalCOAL RB Index 74.00 0.25 LEBA UK Power 5835.00 520.74 200.77 Greece 5.98 5.69 3.75 United States 2.23 1.94 0.00 05/27 2.38 101.30 2.23 -0.02 -0.06 0.00 0.00
Baltic Dry Index 878.00 -22.00 Ireland 0.76 0.47 -1.47 05/47 3.00 102.07 2.90 -0.01 -0.05 0.00 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 Data provided by SIX Financial Information
unless otherwise stated.
Thursday 1 June 2017 FINANCIAL TIMES 21
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 CtyLonInv 404.00 13.88 414.00 285.00 5.94 13.38 29.5 TedBaker 2451 -48.00 3150 2069 2.02 23.45 171.0 Mining PrimyHth 112.50 0.25 115.50 100.58 4.56 15.41 1099.1 Hays 166.90 1.10 176.30 91.10 1.68 19.94 3857.0
Avon Rubber 1100 -8.00 1141.75 792.00 0.86 17.35 11.7 CloseBrs 1601 -13.00 1715 975.00 3.56 12.29 270.6 AngloAmer 1031.5 -24.50 1529.01 572.00 - 10.36 11497.3 Redefine 38.44 -0.16 46.92 34.39 8.32 16.71 3218.4 Homesve 735.00 -2.50 803.00 441.25 1.73 37.31 540.7
DBAG 41.37 -0.48 42.83 25.03 2.85 9.94 26.4
Industrial Engineering SEGRO 503.00 5.70 505.00 331.40 3.14 9.38 4347.6 HowdenJny 453.00 -3.60 516.50 339.70 2.30 15.41 1766.0
BAE Sys 665.50 0.50 668.69 464.80 3.17 23.19 8534.3 AngloPacif 112.50 -0.75 134.50 74.00 5.33 7.21 151.5
Hargr Lans 1398 1.00 1454 1056 1.58 37.48 879.1 Bodycote 777.50 -7.00 845.50 500.00 1.97 22.09 472.2 Shaftbry 972.00 3.00 1008 650.00 1.51 22.40 794.6 Intertek 4299 49.00 4332 3037.39 1.27 27.42 980.4
Chemring 180.50 0.25 208.00 90.25 - 75.21 1919.9 AnGoldA R 148.50 -1.49 317.75 125.02 - 71.86 1619.4
HBM Hlth SFr 115.90 -0.50 118.00 98.30 4.72 -8.95 71.8 Castings 490.00 7.50 490.00 388.10 2.80 15.01 5.3 Town Ctr 294.75 3.88 325.00 260.00 3.54 13.16 34.0 MngCnslt 8.45 0.05 25.00 3.00 - -4.22 65.4
Cobham 134.00 -4.80 177.80 102.50 5.80 -2.92 16076.6 Barrick C$ 22.08 -0.01 30.45 18.52 0.57 13.09 1073.5
Indvardn SKr 205.40 0.80 215.60 128.00 2.44 3.91 587.1 Fenner 313.00 -2.75 351.25 138.00 0.96 223.57 831.3 TritaxBBOX 147.50 1.70 149.00 104.70 5.19 14.03 4694.1 MearsGp 513.50 3.50 540.00 346.75 2.18 21.94 11.6
Meggitt 502.00 -1.00 507.00 361.80 2.81 21.92 2442.9 BisichMg 79.50 - 83.00 52.00 5.03 17.75 7.7
ICG 882.50 2.00 940.00 500.96 2.93 15.40 1053.7 Goodwin 1630 23.00 2350 1510 2.60 14.92 28.2 Wkspace 882.00 7.50 890.00 569.00 1.71 6.22 243.5 MenziesJ 710.00 9.00 725.00 459.63 2.14 60.17 284.6
RollsRoyceX 867.50 -1.00 895.00 588.00 1.35 -3.94 17837.3 EVRAZ 190.00 -5.70 280.64 104.90 - -15.45 2877.4
Investec 608.00 -3.00 630.50 387.00 3.45 14.14 2793.1 Hill&Sm 1439 20.00 1439 754.48 1.54 33.86 1353.9
Senior 235.30 -3.40 245.00 161.00 2.68 21.73 1401.9
IMI 1254 7.00 1317 891.50 3.06 32.57 1079.9
Fresnillo 1576 -9.00 2057.21 993.50 0.62 33.63 3120.4 Real Estate Inv & Services MITIE 242.20 0.60 287.60 165.00 5.00 -13.38 848.5
UltraElc 2132 15.00 2245 1573 2.18 25.75 348.7 Jupiter 493.60 -0.50 498.80 324.60 2.74 17.32 1121.9 GemDmnd 92.00 2.00 145.00 84.00 4.40 -0.99 175.8 Cap&Count 314.30 -7.30 363.10 257.20 0.48 -22.45 2564.0 PageGroup 470.90 -4.10 510.00 156.30 2.47 20.39 1174.0
Liontrust 455.00 -5.00 470.00 235.00 2.64 36.14 2191.2 MelroseInd 239.25 1.75 834.50 135.75 0.32 -92.02 5061.1 PayPoint 945.50 -2.50 1176.51 700.00 4.48 34.38 123.6
Harmony R 26.28 -0.51 67.00 25.87 1.88 4.15 1128.2 CLS 199.90 2.80 209.00 112.50 - 8.46 135.7
Automobiles & Parts Man 157.30 -0.20 164.10 102.50 4.86 -12.30 4445.6 Renold 55.00 -1.75 65.00 33.50 - 34.38 206.6
Hochschild 286.40 -0.60 327.60 134.50 0.39 39.32 1776.8 Daejan 6785 85.00 7005 4401 1.30 6.98 1.6 Renewi 94.50 0.75 115.75 70.75 3.17 -108.75 2280.6
FordMtr $X 11.04 -0.05 14.04 10.67 - - 21312.8 NB GFRIF 97.45 0.45 100.65 88.60 4.72 21.89 1531.2 Rotork 235.60 -5.70 269.40 173.97 2.14 30.60 2679.6 Rentokil 265.60 1.50 266.72 164.00 1.15 29.22 4248.1
Kenmare 270.50 -0.38 366.25 126.02 - -0.63 38.0 Grainger 270.30 0.30 271.10 193.00 1.32 15.10 3970.2
GKN 350.00 -2.70 379.30 249.40 2.49 30.70 7968.6 NEX Group 644.50 -30.00 867.30 445.90 5.97 60.87 1643.4 Severfd 83.25 -1.75 88.00 43.00 1.80 20.56 82.4 Ricardo 882.00 1.00 1040 645.00 2.05 18.93 21.9
Lonmin 73.50 -6.50 252.56 72.75 - -0.46 4968.6 Harworth Grp 100.50 -0.25 107.00 69.00 - 3.25 155.8
Paragon 456.20 -10.50 490.80 225.10 2.96 11.18 1106.2 SKF SKr 177.80 0.30 203.20 127.70 3.09 20.37 3265.8 RbrtWlts 433.50 -9.38 465.83 242.00 1.71 17.07 10.2
Banks Petra 129.70 0.40 173.60 98.50 - 9.98 2396.9 Helical 335.25 -0.75 418.25 228.00 2.22 3.62 158.1
Providnt 3051 -6.00 3402.27 2125 4.07 16.97 587.0 Tex 142.50 1.00 147.35 96.50 4.91 7.74 1.2 RPS 276.00 -1.00 279.50 158.52 3.53 24.45 271.4
ANZ A$X 28.01 0.11 32.95 22.66 8.63 13.49 10344.5 Petropvlsk 7.93 0.03 9.15 5.74 - 9.80 2578.7 HK Land $ 7.56 0.04 7.89 5.79 2.63 5.09 2121.1
RathbnBr 2625 36.00 2640 1577 2.10 33.57 657.4 Trifast 216.25 1.00 228.94 118.76 1.29 22.62 55.4 SIG 154.20 1.50 155.90 86.60 3.07 -7.67 4393.5
BcoSant 504.50 1.00 537.80 230.56 3.48 14.04 7150.1 PolymtIntl 1011 12.00 1367.91 723.00 1.75 13.43 1185.8 Lon&Assc 21.50 - 25.48 19.00 0.74 -7.76 110.0
Record 41.13 -0.38 47.55 20.94 4.01 16.32 3.6 Vitec 960.00 -4.50 970.00 485.00 2.60 47.76 261.4 St Ives 48.00 -2.25 152.00 45.25 16.25 -2.22 694.1
BnkGeorgia 3668 -29.00 3781 2241 3.15 10.63 101.8 RndgldRs 7365 200.00 9820 5410 0.71 34.87 1596.4 MacauPrp 168.50 6.50 185.00 90.00 - -36.78 1.0
S&U 2039 14.00 2612 1940 3.73 13.30 5.0 Weir 1816 -39.00 2096 1162 2.42 90.80 1583.1 Vp 855.00 5.00 866.84 615.00 1.97 15.69 0.4
BankIre 0.24 0.00 0.28 0.16 - 11.02 45390.1 Sirius Min 30.75 0.75 52.50 14.22 - -102.50 74769.6 Mntview 11037.5 -1.00 11675 9700 3.40 11.12 0.3
Schroder 3157 -11.00 3284 1960 2.63 18.96 1090.4 Industrial General Troy Res A$ 0.08 0.00 0.66 0.08 - -0.33 2758.9 RavenRuss 48.25 - 55.00 31.50 - -2.54 204.2 Watermn 139.50 -0.50 141.50 52.50 2.15 19.38 352.9
BkNvaS C$X 76.44 -0.16 82.30 62.36 4.06 12.17 743.7
..N/V 2308 -55.00 2423.27 1492 3.60 13.86 41.8 Coats Group 74.50 -0.25 76.00 24.50 - 20.32 3242.3 VedantaRs 611.50 -37.00 1112.5 366.10 4.58 -1.32 1358.8 RavenR CNV 116.50 -0.50 119.00 100.50 - - 27.6 Wolseley 5110 70.00 5285 3489 1.96 28.79 982.6
BarclaysX 210.00 0.80 267.32 121.10 1.43 16.03 79506.9
SVG Cap 739.50 1.50 743.50 475.10 - 6.35 85.6 ExovaGroup 236.50 -0.25 254.56 160.71 1.35 28.84 117.1 RavenR Prf 140.50 - 148.28 115.00 8.54 - 13.2
CanImp C$X 104.94 -0.34 120.83 95.50 4.63 8.87 536.4
TP ICAP 477.30 -3.70 497.50 270.80 5.89 27.75 2512.2 Oil & Gas Tech - Hardware
HSBCX 675.60 0.40 715.20 392.37 6.15 119.26 44152.9 JardnMt $X 63.89 -0.09 67.27 52.90 2.37 9.15 2704.3 RavenR Wrt 27.00 - 29.85 13.00 - - 17.7 Laird 139.25 -0.75 361.10 123.50 7.26 -4.38 955.7
WlkrCrip 39.63 0.50 50.25 37.00 4.67 39.63 5.0 BPX 466.70 -5.40 521.20 349.35 6.59 -30.18 88552.6 Safestre 440.00 -1.00 448.80 311.90 2.33 10.55 655.5
LlydsBkgX 70.59 -0.53 73.58 47.10 3.33 29.41 732111.5 Jard Str $X 41.97 -0.18 43.78 28.45 0.72 8.60 809.3 SpirentCM 122.00 -1.25 130.25 72.00 2.56 -21.75 555.9
CairnEng 202.60 -2.70 250.60 171.10 - -15.12 1973.4 Savills 865.00 -10.00 960.50 542.18 1.39 18.64 777.5
RylBkC C$X 93.28 -0.26 99.90 74.64 3.74 12.24 930.1 Food & Beverages Macfrlne 61.00 0.50 69.00 49.00 3.02 13.15 110.3
Cape 240.25 -1.75 252.00 139.00 5.83 -7.02 374.1 SchroderRE 65.00 0.25 65.50 43.43 3.82 9.29 631.3 Tech - Software & Services
RBSX 260.00 -0.60 271.00 148.40 - -4.37 13020.9 AngloEst 775.00 10.00 784.50 380.00 0.24 10.93 3.7 RPC 858.00 -1.50 1106 707.00 2.00 34.18 1266.4
ExxonMb $X 80.59 -0.51 95.55 80.30 - - 5342.1 SiriusRE 56.25 0.13 57.50 0.49 3.42 8.99 249.1
STB 2326.5 -43.50 2749 1550 3.09 22.85 0.3 AscBrFdX 2996 12.00 3183 1910 1.23 21.55 926.7 Smith DS 437.20 1.60 458.00 355.60 2.93 19.69 2344.2 Computcnt 847.00 -16.00 895.00 666.45 2.62 16.20 116.8
GeoPark $ 8.63 -0.08 9.00 2.30 - - 78.2 Smart(J) 111.50 - 115.00 98.00 2.75 14.26 13.7
StandChX 731.90 5.40 821.60 471.34 - -62.37 13044.6 Barr(AG) 658.50 0.50 662.00 455.30 2.05 21.54 137.9 Smiths 1603 13.00 1685 1028 2.62 14.84 1938.9 MicroFoc 2394 -18.00 2675 1408 2.24 41.08 1025.4
GrnDnGas 81.38 - 284.00 78.19 - -13.06 10.7 StModwen 347.80 -1.70 370.25 218.10 1.66 17.57 252.8
..7.375%Pf 122.50 - 131.50 102.20 6.02 - 31.3 Britvic 700.00 -2.50 742.00 521.00 3.50 16.39 1522.2 SmurfKap 2181 -1.00 2260 1503.93 2.75 14.13 385.4 NCC Grp 165.50 8.00 377.30 87.80 2.81 91.94 4622.7
GulfKeyst 113.25 -2.50 800.08 107.75 - -0.12 600.6 U+I 193.50 -4.50 204.75 140.00 3.05 30.23 116.8
..8.25%Pf 137.00 - 144.20 112.50 6.02 - 1.4 CarrsGroup 139.00 - 167.50 106.50 2.73 13.37 19.5 Vesuvius 579.50 0.50 609.00 270.20 2.81 33.50 517.9 RM 170.00 -0.25 196.00 112.00 3.12 11.81 7.4
HellenPet 6.94 0.19 7.06 3.13 - 6.56 386.4 UNITE Gp 630.00 6.50 667.50 541.57 2.46 6.65 1193.2
TntoDom C$X 64.35 -0.09 71.31 54.20 3.45 12.90 1002.4 Coca-Cola HBC 2253 6.00 2284 1322 1.52 27.78 1290.5 Sage 720.50 3.50 807.50 573.00 1.96 31.85 3298.8
Industrial Transportation Hunting 505.50 -33.50 650.00 303.75 3.62 -4.77 680.1 Urban&C 267.38 0.50 275.00 183.00 1.08 8.71 23.2 SDL 626.50 -7.00 633.50 372.91 0.49 62.03 23.5
VirginMoney 298.20 0.90 376.30 196.10 1.58 10.25 3619.1 Cranswk 2965 20.00 3092 1950.37 1.26 28.02 200.3 ImpOil C$X 38.40 -0.28 48.72 38.24 1.62 14.31 276.4
BBA Aviat 322.30 3.70 324.00 196.00 3.11 -209.56 2716.3 TriadGp 77.50 - 90.00 24.00 - 7.22 66.9
Westpc A$X 30.50 0.17 35.39 27.57 9.00 13.71 13168.9 Dairy Cr 611.00 -1.50 697.00 503.00 3.57 22.06 553.5 JKX 21.25 - 35.96 15.50 - -0.63 8.3 Retailers
Braemar 301.75 -6.25 459.75 218.00 8.62 -181.78 70.3
Devro 212.00 -3.50 291.04 139.34 4.15 58.89 382.3 Nostrum 531.50 37.90 535.00 255.00 - -22.15 152.4 AA 233.50 -5.20 309.00 209.50 3.90 19.14 7368.4 Telecommunications
Basic Resource (Ex Mining) Clarkson 2680 36.00 3033 1629 2.31 22.60 16.3
Glanbia 18.04 -0.45 19.78 14.00 0.68 25.74 66.0 Eurotunnl 10.49 -0.02 11.82 7.70 2.06 42.80 1535.1 OphirEgy 82.75 -2.75 103.41 64.50 - -9.30 3179.0 AO World 144.00 2.00 192.30 119.60 - 576.00 814.8 BTX 309.55 0.70 453.62 297.40 4.67 16.21 31572.6
Ferrexpo 171.70 -10.90 182.60 28.50 - 6.65 6339.4
Grncore 241.50 2.90 370.00 215.00 2.15 25.76 5392.4 Fisher J 1724 18.00 1755 1275 1.42 21.91 10.7 PremOil 57.75 -2.75 99.50 47.89 - 2.81 6374.2 AshleyL 12.75 -0.13 24.50 12.50 15.69 6.07 710.9 Inmarsat 800.00 -3.00 889.00 594.50 5.30 18.65 2749.0
Mondi 2024 5.00 2053 1240 2.40 18.00 1346.5
HiltonFd 761.00 -7.50 798.00 486.25 1.98 22.92 26.7 Flybe Grp 37.25 0.50 63.00 29.90 - -12.42 1114.1 RylDShlAX 2100 -15.00 2295.5 1645 7.18 44.74 10549.9 Caffyns 510.00 - 603.00 473.00 4.07 5.75 0.4 KCOM Gp 94.25 -1.25 121.00 87.00 6.27 7.49 662.6
Chemicals Kerry 78.02 -0.85 82.98 61.06 0.65 26.36 124.4 OceanWil 1032.5 - 1126.54 725.00 4.62 20.94 0.8 ..B 2143.5 -21.50 2403.68 1646 7.03 45.67 8514.2 Dairy Fm $ 7.99 0.08 9.25 6.24 2.62 22.48 945.7 TalkTalk 177.50 5.40 248.70 144.96 8.94 57.26 3494.4
Bayer X 118.10 1.60 118.85 85.00 2.08 21.36 2692.5 Nestle SFrX 82.65 0.30 83.45 71.45 2.71 30.22 7927.3 RoyalMail 441.40 3.20 549.00 397.40 5.10 16.17 20947.0 Schlmbrg $X 69.70 0.96 87.84 68.23 - - 4598.6 Debenhams 50.10 -0.75 75.05 49.69 6.84 7.59 5017.8 TelePlus 1321 2.00 1336.6 799.89 3.48 30.65 80.5
Carclo 143.00 -1.50 169.00 106.75 1.99 32.50 14.7 PremFds 40.75 -0.25 57.00 36.40 - 9.94 2648.4 SEPLAT 77.88 -0.88 111.50 61.50 4.16 -3.32 27.5 Dignity 2530 -28.00 2940 2240 0.88 22.08 373.7
Croda 3963 -3.00 3999 2754.13 1.82 26.98 539.9 PureCircle 322.75 -3.25 562.47 190.00 - 78.20 12.8 Insurance Soco Int 132.00 1.00 168.26 115.00 1.66 -11.17 351.1 DixonsCar 328.60 1.10 446.56 242.00 - 15.50 4356.2 Tobacco
Elemntis 300.30 -0.80 320.68 179.60 2.34 25.41 1025.4 REA 332.50 10.13 385.00 210.00 - -8.52 1.0 Admiral 2037 6.00 2288 1680 3.46 25.95 2022.1 TrnCan C$X 62.79 -0.24 65.24 54.11 3.86 111.21 529.6 Dunelm 626.00 6.00 999.00 579.50 4.01 14.63 306.5 BrAmTobX 5530 29.00 5602 4072 2.78 23.88 4081.8
Syngent SFrX 463.00 -6.70 471.20 360.50 2.57 34.61 2226.3 StckSpirit 175.00 4.75 200.25 146.25 1.58 24.70 100.6 AvivaX 525.00 0.50 570.50 290.00 4.09 34.77 11775.7 Findel 207.00 3.00 220.00 130.00 - -111.89 1.8 Imperial BrX 3629 21.50 4154 3324 4.28 34.17 2932.2
Victrex 1931 -9.00 2063 1364 2.42 19.97 250.3 Tate&Lyl 738.00 1.00 850.00 603.39 3.79 18.92 4136.4 Beazley 472.20 1.80 474.70 327.30 2.11 14.74 1331.0 Pharmaceuticals & Biotech Halfords 363.30 -10.00 450.40 299.50 4.67 12.44 743.3
TongtHu R 118.60 -0.79 135.50 102.98 2.58 20.74 287.5 Chesnar 380.00 - 402.00 248.25 4.98 40.17 99.5 BTG 653.50 11.50 739.50 528.36 - 41.94 914.6 Travel & Leisure
Inchcape 817.00 -9.50 861.00 574.00 2.58 19.18 1570.6
Construction & Materials Unilever 4331.5 21.50 4368.5 3050.5 2.51 27.88 5483.4 Eccles prf 144.00 - 148.00 126.75 5.99 - 14.7 CathayIn 13.13 - 21.00 12.81 - -5.18 24.8 JDSportsF - - - - - - -
888 Hldg 290.75 5.25 301.75 188.50 1.87 52.26 658.4
Alumasc 183.50 - 205.00 115.00 3.54 11.99 17.6 ..NV 50.82 0.36 50.99 36.27 2.43 28.49 5.6 Hansard 87.00 -4.00 142.75 80.14 10.23 15.26 67.1 Dechra 1944 55.00 1944 811.00 0.95 131.26 1716.9 AirPrtnr 134.00 12.50 138.00 59.90 18.08 5.73 158.3
Lookers 128.50 1.25 150.07 88.00 2.59 7.25 489.4 Cineworld 718.00 -2.00 744.90 496.53 2.47 23.62 560.7
Boot(H) 235.00 1.75 243.80 161.24 2.68 11.03 36.9 Hiscox 1228 7.00 1229 903.00 2.00 10.59 460.2 Genus 1873 12.00 2113 1323 1.04 36.65 84.9 Marks&Sp 382.50 -4.40 397.80 255.10 4.89 24.84 9403.9
ClarkeT 89.00 -1.00 93.67 52.00 3.48 13.69 251.3 Health Care Equip & Services JardineL 1180 - 1188 825.00 2.64 31.22 268.5 GlaxoSmhX 1703.5 30.50 1745.56 1363 4.70 49.96 27085.0 CompassX 1670 9.00 1683 1242.15 1.90 24.81 5408.1
Bioquell 166.00 - 173.00 119.50 - 79.05 7.3 MossBros 120.00 5.00 120.00 86.50 4.72 22.26 85.4 Dalata Hotel 445.00 4.75 451.88 280.00 - 27.54 16.8
CRH 2792 -12.00 3342 1700 1.92 21.94 2406.7 Lancashire 695.50 2.00 775.00 467.00 1.47 12.98 308.6 HikmaPhm 1688 13.00 2703 1573 1.41 26.93 957.5 Next 4360 -20.00 5705 3550 3.62 9.95 1171.5
GalfrdT 1250 12.00 1592 739.86 6.56 8.86 341.9 ConstMed 1040 10.00 1180 940.00 1.77 32.20 12.6 Leg&Gen 251.80 0.30 262.06 160.50 5.54 11.92 21482.0 Oxfd Bio 5.00 0.01 6.00 2.98 - -8.06 2463.2 EI Group 142.25 -1.50 149.75 71.50 - 15.13 737.2
ConvaTec 320.00 - 326.20 213.00 - -26.90 112294.5 Ocado 314.70 6.10 326.00 203.00 - 147.06 3722.8 FirstGrp 149.80 -1.50 154.50 87.75 - 17.42 4269.1
Keller 859.50 -0.50 1044 643.50 3.15 29.64 68.1 Old Mut 188.20 -3.10 229.84 168.30 4.74 18.63 20266.5 RichterG $ 25.57 0.20 25.93 18.33 1.02 17.92 0.0 Photo-Me 166.00 -1.00 177.50 122.77 3.08 21.50 3888.7
KierGp 1256 4.00 1505 917.50 5.14 67.17 336.4 GNStre kr 202.00 2.90 203.10 114.70 0.48 28.14 734.2 PermTSB 2.80 0.03 2.90 1.47 - 15.13 491.1 ShireX 4471.5 -31.50 5377 2707.19 0.54 118.97 4032.3 Fuller A 1085 15.00 1125 925.50 1.58 18.56 8.3
UDGHlthC 816.50 2.50 824.00 518.50 1.22 34.18 1244.8 Saga 202.10 -1.30 227.38 175.00 3.81 14.44 4656.8 Go-Ahead 1831 18.00 2590 1686 5.23 11.84 283.8
Kingsp 30.78 -0.17 33.09 17.38 0.86 22.18 90.6 PhoenixGrp 754.50 -10.50 900.50 691.00 6.02 -22.00 984.1 VecturGp 117.70 0.20 166.97 117.40 - 98.08 3740.7 SuperGroup 1551 -21.00 1793.66 1100 - 31.72 202.5
LowBonr 89.50 1.50 90.03 53.50 3.13 17.38 1652.7 PrudntlX 1736 -4.00 1801.5 1096 2.27 23.15 6263.3 GreeneKg 754.50 5.00 910.00 646.50 3.81 18.58 1433.5
House, Leisure & Pers Goods Real Estate TescoX 183.70 -1.65 219.40 143.08 - 226.79 22704.8 IrishCtl 5.35 -0.10 5.72 3.90 1.69 22.21 3.3
Marshlls 412.20 13.00 415.50 199.40 1.86 22.15 413.1 RSA Ins 625.50 -2.00 635.13 425.60 0.88 90.65 5401.4
BarrttDev 612.50 11.00 624.50 326.00 2.99 10.88 4894.8
MorgSdl 1240 -15.00 1270 560.00 2.42 15.23 42.9 SagicFin 90.00 - 95.00 60.00 2.22 5.86 0.6 REITs Support Services Jackpotjoy 595.50 -1.00 660.00 528.50 - -2.87 315.7
Bellway 2826 -19.00 3001 1622 2.72 10.24 624.6 Ladbrokes Coral 119.20 -3.40 164.80 105.60 2.52 -6.81 23591.9
Norcros 167.00 - 197.95 137.00 3.95 7.66 31.0 StJmsPl 1173 -10.00 1195 521.00 2.52 55.07 2551.8 Assura 63.50 0.50 63.65 48.08 3.62 10.95 11670.9 Acal 277.50 1.13 280.00 203.20 2.90 38.01 26.7
Berkeley 3256 -11.00 3421 2015 6.14 9.89 796.6 MandarO $ 1.46 0.02 1.49 1.22 3.22 31.90 68.1
StGobn X 49.78 -0.28 52.40 32.15 2.44 21.61 3029.4 Stan Life 382.80 -2.10 414.90 248.20 4.80 17.72 6172.4 BigYellw 788.50 -3.00 887.50 629.50 3.16 11.25 311.2 Aggreko 864.50 -5.50 1305 751.00 3.14 17.09 613.9
BovisHme 912.00 5.00 1028 430.00 4.53 10.13 455.3 Marstons 135.50 1.90 157.19 126.80 5.39 9.89 3956.8
Tyman 343.50 5.50 352.25 223.00 2.65 28.79 104.9 BritLand 634.00 -2.50 773.35 499.96 4.45 5.11 5363.1 AshtdGp 1566 -5.00 1764 875.78 1.44 17.08 2346.2
Cairn Homes 1.59 0.04 1.62 0.87 - - 8706.5 Media Natl Exp 370.70 0.70 379.70 252.81 3.11 16.77 643.7
Cap&Reg 58.00 -0.75 65.00 43.58 5.59 -96.67 308.1 AtknsWS 2081 - 2148 1191 1.79 20.20 615.9
Electronic & Electrical Equip CtrySide 332.80 -1.20 337.70 170.60 1.02 15.41 4884.7 4imprint 1716 -31.00 1900 1177.06 2.03 24.37 90.6 Civitas SH 109.00 -1.75 113.50 102.50 - - 3209.5 Babcock 933.00 -4.00 1112 780.00 2.77 15.42 1842.3 PPHE Htl 865.00 13.00 875.00 651.50 2.31 10.42 10.7
Dialight 1035 3.00 1115 484.25 - -123.21 67.0 CrestNic 631.50 7.00 648.50 323.90 3.12 11.89 971.5 Centaur 50.63 0.13 57.31 32.88 5.93 -13.32 16.4 Restaurt 364.20 2.80 437.50 229.85 4.78 -18.16 2220.4
Countrywd 170.00 -5.00 375.00 147.96 8.82 21.17 297.8 Berendsen 1098 16.00 1371 722.00 2.91 20.64 1417.5
Halma 1146 - 1158 854.01 1.07 39.85 883.6 GamesWk 934.00 14.00 990.00 420.00 5.57 24.40 34.8 DlyMailA 689.50 -5.00 836.00 571.00 3.19 35.36 1500.9 Stagech 211.50 0.20 262.20 193.80 5.11 12.44 1200.2
DrwntLdn 2766 -29.00 3507.8 2230 1.61 52.60 406.9 Bunzl 2432 4.00 2587.89 1949.5 1.61 30.51 1391.8
Morgan Ad 298.60 -4.20 338.40 200.30 3.68 16.32 473.8 Gleeson 642.00 16.50 695.00 385.00 2.26 14.81 15.2 HaynesPb 163.50 - 166.13 95.00 4.59 -15.00 0.3 ThomasCook 92.35 0.05 97.03 52.60 0.54 131.93 3289.1
Gt Portld 634.50 -6.50 824.21 562.63 1.43 3.92 2390.4 Capita 582.50 15.50 1097 431.30 5.55 104.95 4982.4
OxfordIn 1103 -31.00 1139 610.00 1.18 114.90 55.9 Headlam 604.50 -5.50 654.50 408.00 3.54 16.52 44.3 ITE Grp 157.00 -1.00 181.25 118.06 2.87 -27.07 591.7 TUI 1198 6.00 1231 813.00 3.99 20.16 6522.6
Green Reit 1.41 0.01 1.53 1.19 - - 265.5 Comnsis 53.75 1.75 57.50 32.50 3.83 7.71 405.0
Renishaw 3702 7.00 3792 1720 1.26 39.01 74.9 McBride 190.00 -5.75 207.25 127.00 - 20.43 320.9 ITV 195.70 -3.20 221.76 141.00 3.32 17.63 21790.6 Whitbrd 4291 62.00 4380 3283 2.11 19.77 738.8
Hammersn 585.50 1.50 606.00 400.00 3.91 14.60 4745.5 ConnectGp 126.00 0.75 168.00 121.00 7.54 9.40 282.6
Spectris 2613 5.00 2869 1604.32 1.89 29.86 589.3 McCarthy&S 187.00 4.70 243.24 129.36 2.41 14.38 9430.6 Pearson 706.50 6.50 989.50 552.00 7.36 -2.46 3733.0 Willim H 287.30 -4.70 353.60 235.50 4.35 15.28 71370.7
Hansteen 128.90 1.20 130.83 94.50 4.15 9.34 2577.4 DCC 7375 30.00 8029.92 5780 1.32 32.41 227.3
TT Elect 198.50 -1.50 210.00 116.43 2.77 19.27 28.0 Persimn 2455 2.00 2481 1170 4.48 12.46 1743.1 Quarto 248.50 -4.00 325.00 225.25 4.36 6.84 42.9 HIBERNIA 1.39 0.03 1.43 1.14 1.07 10.07 5528.7 DeLaRue 678.00 5.00 690.00 458.34 3.69 14.68 441.5 Utilities
XP Power 2680 22.00 2750 1475 2.50 25.82 70.5 Philips 31.46 0.15 33.34 20.90 2.50 25.02 3903.3 RELX NV 18.47 0.17 18.49 13.92 2.03 28.83 5679.2 INTU 272.00 1.80 319.90 254.70 5.04 24.29 14143.5 Diploma 1119 -1.00 1187 736.00 1.79 28.77 139.6
PZCusns 345.60 5.60 374.60 291.70 2.35 24.70 1098.2 RELX PLCX 1663 11.00 1676 631.02 1.96 29.80 5855.8 Drax 346.20 0.20 393.20 273.10 0.78 7.37 1107.3
Financial General LandSecs 1070 -4.00 1209 810.00 3.35 15.88 3726.7 Elctrcmp 586.50 2.50 588.76 236.40 2.00 117.91 1544.6
ReckittBX 7938 12.00 8083 6496 1.85 30.95 4190.8 STV Grp 377.75 5.38 440.00 300.00 2.91 11.84 1.9 Natl GridX 1089.5 0.50 1252.36 969.71 4.34 18.36 11435.9
3i 895.00 6.50 904.24 468.50 2.68 5.66 4453.1 LondonMtrc 168.50 1.70 170.10 133.90 5.37 187.22 4039.3 Essentra 575.00 1.50 855.50 366.70 3.60 -29.04 819.0
Redrow 560.50 -4.00 597.50 100.00 1.78 8.87 1290.6 ThmReut C$X 59.08 0.11 62.83 50.01 3.22 28.43 247.1 Pennon 921.00 -10.50 958.00 761.00 3.50 24.96 1527.8
AberAsM 289.00 -2.50 354.40 212.50 6.75 22.90 5525.0 McKaySec 233.00 5.00 240.00 140.00 3.78 14.96 110.7 Experian 1618 3.00 1708 1224 1.92 24.16 3571.6
TaylorWm 203.10 1.80 207.20 109.44 0.84 11.35 31696.7 WPPX 1744 -7.00 1928.07 1204 2.77 16.15 6453.8 UtdUtils 1029 -12.00 1078 853.50 3.74 16.41 2409.4
BrewDlph 338.60 1.60 340.40 150.00 3.57 24.36 1566.5 MucklGp 506.00 7.25 521.00 380.00 4.24 16.05 23.7 HarvyNah 83.00 3.88 85.69 50.34 4.64 10.17 156.0
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Leeds 36.00 - 43.35 32.00 - 8.18 10.0 WalkerGb 213.50 - 224.00 155.15 1.41 26.42 40.2 ShantaGold 7.63 -0.25 13.38 5.75 - -3.02 1358.8 LXB Retail 38.88 -0.63 70.07 33.50 - - 57.2 Tribal Grp 91.38 -0.63 94.50 46.00 - -130.54 15.6
Cohort 425.00 -15.50 468.00 276.00 1.25 22.63 77.7 MattioliWds 819.50 - 858.30 435.00 1.34 38.84 11.8 Stratex 1.53 - 2.57 1.41 - -3.39 64.1 Palace Cap 390.00 7.50 395.00 300.00 4.10 14.61 14.4 Utilityws 124.75 -1.25 202.50 112.00 5.21 -66.36 95.3
Miton 37.50 -1.00 42.25 20.00 1.79 19.74 403.9
Industrial Engineering PnthrSec 317.50 - 403.00 285.00 1.89 -57.73 10.0
Banks Numis 252.00 -4.25 292.38 175.00 2.58 13.70 187.4 600 Grp 12.50 - 14.50 7.25 - 9.01 20.0 Oil & Gas SIR 347.00 - 353.90 257.75 1.69 7.32 117.4
Tech - Hardware
Caribbean Inv 11.75 - 35.00 6.00 - -2.54 12.9 Park Grp 84.00 0.75 87.99 59.25 2.92 16.22 69.4 MS Intl 160.00 2.50 184.50 138.00 5.00 19.52 7.8 AmeriRes 26.75 0.75 32.75 19.75 - -15.89 3423.1 SumGermny 1.10 - 1.12 0.85 3.60 10.64 6.5 AminoTech 209.00 - 222.00 100.00 2.69 55.44 77.3
PolarCap 402.75 11.00 420.00 262.00 6.21 20.01 17.4 Pres Tech 153.50 -1.50 244.95 120.00 5.47 31.89 3.0 AndesEnrg 59.50 -1.25 68.59 13.70 - -22.92 458.9 TaliesinPr 3572.5 - 3720 2696 - 6.63 0.5 IQE 69.50 0.50 72.50 16.00 - 18.89 15686.5
Basic Resource (Ex Mining) TP Group 6.50 - 9.00 3.13 - -130.00 283.0 BorSthnPet 2.38 -0.03 5.88 1.46 - -5.88 521.6
Share 24.75 - 30.00 24.00 2.51 54.04 15.4 Tech - Software & Services
CropperJ 1505 - 1535 705.00 0.62 36.98 2.2
ShoreCap 252.50 - 312.50 210.00 - 43.53 0.8 ClontarfEn 0.33 -0.01 1.08 0.15 - -8.25 1500.6 Retailers
Industrial General Egdon Res 8.75 - 20.33 7.10 - -4.09 451.5 ASOS 6417 47.00 6490 3303 - 141.97 585.3 Brady 77.00 - 83.75 58.00 2.40 -36.90 124.1
Chemicals STM Group 40.50 0.50 60.00 30.30 3.46 10.47 166.2 RM2 19.50 0.50 35.20 16.16 - -1.74 200.1 Eckoh 46.63 - 55.00 30.00 0.97 67.57 83.8
Ithaca Engy 111.25 -0.75 121.00 48.88 - -10.57 132.7 Koovs 34.25 0.25 96.90 32.10 - -1.06 225.6
Scapa 501.00 18.25 502.50 224.75 0.35 73.68 1282.5 Food & Beverages EgSoltns 92.00 3.75 95.70 40.00 - 131.43 33.1
Insurance PetrelRes 3.88 - 8.30 3.75 - -24.53 5.0
Support Services Ingenta 200.00 -1.50 225.03 110.00 - 33.44 6.0
Construction & Materials FinsbryFd 116.50 - 139.00 102.25 2.23 19.42 56.9 Helios 160.50 -1.00 185.60 135.00 0.93 13.52 2.8 Rockhop 21.50 0.25 40.10 18.64 - 1.21 862.6
Nichols 1779.5 -34.50 1959 1373 1.44 27.50 14.1 Sound Energy 70.75 2.75 102.00 15.52 - -28.08 5530.4 AndSyks 495.00 - 530.00 295.00 4.81 14.45 1.0 Iomart 301.00 1.00 325.00 226.00 1.05 27.34 607.1
Abbey 1220 - 1269 925.00 1.03 6.77 0.1
RealGdFd 36.50 - 44.23 23.77 - 6.26 85.7 Media UnJackOil 0.14 0.01 0.22 0.12 - -7.00 19473.6 Begbies 51.00 - 54.00 38.45 4.31 510.00 53.3 K3BusTc 161.00 0.50 365.00 140.00 0.93 13.09 126.4
AccsysTch 76.88 0.38 80.00 51.73 - -18.91 29.2
Wynnstay 550.00 2.50 685.00 371.18 2.07 18.45 16.7 Cello Gp 134.50 - 140.00 93.00 2.25 -47.03 217.4 Christie 86.00 1.50 102.10 71.00 2.91 16.38 9.3 Oxford Metrics 50.50 -0.50 53.80 40.13 1.29 29.02 274.3
Aukett 2.50 -0.13 4125 2.05 8.80 3.38 500.0 Pharmaceuticals & Biotech
M&Csaatc 362.75 3.25 383.75 275.25 2.05 1909.21 19.6 Empres 167.50 0.50 169.95 70.00 0.60 18.01 63.6 Progility 1.18 - 3.17 0.55 - -2.14 44.8
Electronic & Electrical Equip Health Care Equip & Services MissionMk 43.50 -0.50 49.00 33.00 4.71 9.02 33.2 Abcam 979.00 0.50 988.50 619.00 0.91 49.22 868.6 Gattaca 320.00 -4.25 439.81 240.00 7.19 11.99 43.8 RhythmOne 42.75 - 50.00 18.50 - -9.54 3103.2
CeresPow 9.35 0.25 11.00 6.79 - -7.36 422.9 Advnc Med 285.50 7.00 288.00 180.00 0.30 38.69 927.8 YouGov 265.00 2.50 294.00 161.00 0.53 77.94 16.6 AllcePharm 51.50 -1.75 54.00 40.50 2.14 10.45 647.9 Hargreaves 333.50 -2.38 348.82 162.00 0.69 -10.77 35.5 SciSys 111.00 - 117.99 66.23 2.08 14.80 11.4
ElektronT 7.75 - 9.00 5.01 - - 129.2 AVO 21.50 0.50 200.00 20.18 - -0.61 289.4 e-Thera 7.50 -0.13 14.90 6.00 - -1.53 693.4 Impellam 785.00 -2.50 812.00 600.40 2.17 9.12 5.3 WANdisco 470.00 -5.00 541.00 120.00 - -10.83 25.4
FlowGp 1.03 - 14.75 0.97 - -0.19 772.9 CareTech 398.00 -1.00 410.00 228.00 2.11 11.00 12.1 Mining Genedrive 42.50 - 93.00 30.00 - -1.08 0.0 JhnsnSrv 125.00 -4.75 134.75 83.00 1.68 23.15 244.2
Tristel 209.50 -0.50 214.96 87.11 1.59 27.93 23.1 AMC 6.02 -0.03 18.00 2.26 - -6.19 1472.5 HtchChMd 3147.5 10.00 3335.71 1758 - 194.46 22.1 LonSec 2000 - 2150 1550 4.00 17.79 0.2
Travel & Leisure
LPA 146.50 -1.00 206.00 103.00 1.37 12.91 9.3
BotswanaD 1.58 -0.03 2.40 1.13 - -10.50 650.0 Mereo Bio 322.00 - 340.00 240.00 - -5.11 1.4 NewmkSec 1.43 0.03 2.99 1.00 7.02 4.60 75.2 Celtic 96.50 - 105.00 69.69 - 135.92 0.0
ThorpeFW 395.00 - 412.50 203.00 1.03 32.67 5.6 House, Leisure & Pers Goods CentAsiaM 221.00 1.00 263.00 135.75 6.91 11.82 82.8 ReNeuron 1.95 - 3.70 1.90 - -4.88 935.7 NWF 136.50 - 181.00 132.00 3.96 11.19 15.9 ..6%CvPf 90.00 - 105.00 56.95 3.60 - 0.5
Zytronic 515.00 -20.00 539.00 311.10 2.39 19.73 77.0
Airea 32.25 - 40.00 16.00 4.65 8.42 0.3 Connema 1.48 - 3.21 1.29 - -5.57 2.6 Sareum 0.90 0.03 1.73 0.56 - - 5893.6 Petards 33.25 -0.50 38.89 11.75 - 20.52 18.1 ..Cv Pf 185.00 5.00 170.00 120.00 - - 0.4
Financial General Churchll 1045 - 1178.5 675.00 1.82 0.22 1.6 C'royG&NR 13.63 - 50.00 11.50 - -4.08 0.1 Vernalis 18.38 0.13 49.75 16.00 - -5.74 102.2 RedhallGp 10.63 - 12.90 5.65 - -31.25 5.0 Cortex Holdings 36.50 - 37.45 27.00 - -19.41 165.7
Arbuthnot 1479.5 - 1770.55 1165 2.03 -399.86 1.4 gamingrealms 13.13 - 21.00 10.92 - -3.39 30.0 GrekaDrill 2.76 -0.13 4.75 1.70 - -2.21 226.6 Renew 444.75 -5.25 490.00 290.17 1.80 27.04 289.2 Dart 625.00 -3.50 657.00 354.50 0.64 8.82 498.7
BP Marsh 204.00 - 222.00 146.00 1.35 6.85 4.0 Mulberry 1085 29.50 1174.5 911.39 0.46 293.24 3.3 HighldGld 152.50 -1.50 195.50 81.00 3.28 55.09 3013.4
Real Estate Restore 432.00 13.50 436.20 252.04 0.82 44.08 214.6 GoalsSocc 109.50 -1.00 122.40 90.00 1.83 -10.53 35.5
Camellia 10842 -1.50 11600 7300 1.20 32.20 0.5 Portmern 887.50 - 1180.36 740.00 3.38 14.24 10.9 KarelianDd 0.50 - 1.09 0.40 - -7.35 5452.4 InlandHms 59.63 -1.25 76.75 46.05 2.18 10.84 414.8 SafeCharge 281.00 -4.50 295.50 183.00 4.14 20.05 365.6 MinoanGp 9.88 -0.13 12.75 5.82 - -9.68 279.0
Fairpoint 11.13 0.50 128.50 10.25 58.88 -0.78 208.0 TelfordHms 421.50 -9.00 439.76 254.01 3.37 19.98 942.8 OracleC 2.70 - 3.65 2.10 - -27.00 218.6 Lok'nStor 455.00 - 500.00 265.00 1.98 38.82 4.4 Servoca 26.00 -1.00 28.70 18.00 1.15 12.26 53.0 PeelHtls 145.50 - 149.00 93.00 1.37 23.10 6.5
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 765.50 0.50 772.00 618.00 3.18 810.7 -5.6 JPMElct MC 101.00 - 103.00 97.00 0.35
102.2 -1.2 RIT Cap 1867 7.00 1934.22 1529 1.66 1794.2 4.1 Conventional - Property ICs 52 Week Dis(-) Infra India 6.00 -0.13 15.00 4.00 - 50.5 -88.1
Price +/-Chg High Low Yld NAV or Pm Edin WWd 617.00 - 623.50 398.16 - 647.0 -4.6 ..MG 755.00 2.50 753.88 560.00 1.34
769.0 -1.8 RobecoNV 30.38 - - - - - - Price +/-Chg High Low Yld NAV or Pm
3i Infra 198.70 -0.10 203.40 165.00 3.72 170.4 16.6 EP Global 304.50 2.38 304.72 200.00 1.02 317.8 -4.2 ..MI 112.50 - 114.71 92.00 3.47
116.2 -3.2 RolincoNV 28.32 - - - - - - Direct Property
AbnAsianIn 210.00 -1.00 215.75 157.91 4.05 225.0 -6.7 Euro Ast
EuroInvT
1278.5
916.00
1.00 1287
6.00 922.00
915.00
600.00
6.17
1.75
1289.1
1031.6
-0.8
-11.2
JPM Emrg
JPM EurGth
790.00
302.25
-5.00
-0.13
799.00
307.50
560.52
205.83
0.76
908.0
1.94
333.9
-13.0
-9.5
Ruffer Inv Pr
Schroder ToRt
237.75
294.75
-1.13
0.13
240.00
299.00
191.00
195.50
1.43
1.29
231.5
306.1
2.7
-3.7
AEW UK REIT 103.75 - 104.50 89.50 7.23 96.0 8.1 Guide to FT Share Service
AbnAsian 1041 4.00 1049 777.08 1.01 1197.8 -13.1 CustdnREIT 113.75 0.25 114.25 99.00 5.57 101.9 11.6
Abrdn Div I&G 114.63 0.13 124.50 93.43 5.76 124.8 -8.1 F&C Cp&I 323.50 1.00 325.00 244.93 3.20 321.7 0.6 JPM EurInc 165.00 1.75 167.00 104.98 2.88
175.2 -5.8 SchdrAsiaP 407.00 -0.75 410.00 254.00 1.03 454.8 -10.5
F&CComPrp 148.50 0.80 151.80 98.00 4.04 139.4 6.5
AbnEmgMkts 570.00 -8.50 578.50 388.75 - 660.0 -13.6 F&CGblSmlr 1288 -8.00 1310 927.48 0.83 1293.7 -0.4 JPM EuSm 376.00 0.50 378.00 248.79 0.85
417.4 -9.9 Schdr Inc 295.88 -0.88 299.00 224.50 3.48 320.3 -7.6
F&CUKRealE 104.25 0.75 104.48 76.40 4.80 98.3 6.1
AbnJapInv 558.00 5.00 565.00 435.00 0.75 639.7 -12.8 F&CMgdG 189.00 - 192.50 139.00 - 185.7 1.8 JPM Clavr 684.25 1.25 702.43 520.00 3.14
743.6 -8.0 SchdrJap 198.00 1.13 202.00 131.96 1.41 211.1 -6.2 For queries about the FT Share Service pages e-mail
Longbow 103.50 0.75 106.50 98.00 5.80 102.0 1.5
AbnLatAmIn 71.13 -0.75 77.25 50.22 4.92 82.9 -14.2 F&CMgdI 140.00 -0.50 144.00 106.50 2.89 137.1 2.1 JPMGIConv 99.00 0.25 99.00 85.37 4.55
100.8 -1.8 SchdrOrient 246.75 0.50 250.75 176.00 3.49 244.1 1.1 ft.reader.enquiries@morningstar.com.
PictonProp 85.00 -0.25 86.00 56.88 3.88 81.0 4.9
AbnNewDn 219.25 -1.00 222.00 145.25 1.78 254.2 -13.7 F&C UK HIT A 107.00 - 107.50 86.98 4.36 115.0 -7.0 JPM GEI 125.50 - 129.00 83.00 3.90
130.5 -3.8 SchdrUK 176.50 1.00 177.35 139.03 2.95 203.6 -13.3 All data is as of close of the previous business day. Company classifications
SLIPropInc 88.75 - 92.50 64.41 6.38 80.2 10.7
AbnNewIndia 458.00 3.13 463.00 317.50 - 503.5 -9.0 F&C UK HIT B 106.50 - 107.00 86.00 4.38 114.9 -7.3 JPM Gl Gr&Inc 303.00 -0.25 397.43 182.00 1.78
309.2 -2.0 SchdrUKMd 529.00 1.00 535.50 352.56 1.79 617.4 -14.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
UKComPrp 87.80 0.55 91.55 47.48 4.19 88.3 -0.6
AbnNewThai 525.00 -2.50 539.00 371.00 1.62 623.7 -15.8 F&C UK HIT UNIT 419.00 - 420.00 335.00 3.34 460.1 -8.9 JPM I&C Uni 369.50 - 371.30 306.50 - 397.2 -7.0 ScotAmer 355.00 0.75 355.68 257.00 3.03 334.0 6.3 100 constituent stocks are shown in bold.
AbnSmlInCo 239.50 -2.00 245.00 173.00 3.51 303.8 -21.2 FidAsian 399.75 0.50 404.00 258.36 1.13 402.3 -0.6 JPM Ind 724.00 11.50 738.50 495.00 - 797.8 -9.3 Scottish Inv 805.00 - 815.50 574.66 1.58 891.8 -9.7 Property Securities
TR Prop 349.10 1.90 352.10 241.70 2.39 382.7 -8.8 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Abf Gd Inc 250.50 3.50 258.00 163.00 3.59 257.1 -2.6 FidChiSpS 202.70 1.00 204.50 131.00 0.89 234.4 -13.5 JPM JpSm 349.75 3.25 349.75 265.00 - 399.4 -12.4 ScottMort 397.10 -1.70 402.90 245.07 0.75 385.4 3.0
are based on intra-day trading over a rolling 52 week period. Price/earnings
Abf Sml 1319 5.00 1344 835.00 1.97 1499.4 -12.0 Fid Euro 220.30 2.50 221.00 151.20 1.51 238.0 -7.4 JPM Jap 365.75 2.63 367.00 284.00 1.00
414.1 -11.7 ScottOrtll 1024 - 1042.16 740.85 1.12 1148.5 -10.8 VCTs 52 Week Dis(-) ratios (PER) are based on latest annual reports and accounts and are updated
AcenciADbt $ 1.57 0.01 1.61 1.31 3.57 1.7 -7.6 Fid Jap 114.50 1.63 114.50 86.00 - 134.3 -14.7 JPM Mid 1051 -5.00 1075.67 760.00 1.90
1200.4 -12.4 SecTstScot 169.25 -0.50 173.00 126.00 3.43 181.6 -6.8 Price +/-Chg High Low Yld NAV or Pm with interim figures. PER is calculated using the companys diluted earnings
Alliance 699.00 -1.50 705.50 480.20 1.84 740.9 -5.7 Fid Spec 240.25 -2.00 251.93 168.70 1.54 254.8 -5.7 JPMRussian 460.00 -16.00 565.00 329.26 2.83
561.9 -18.1 Seneca I&G 173.88 -0.13 174.25 137.00 3.44 171.2 1.6 AlbionDev 68.50 1.00 69.50 63.00 7.30 72.0 -4.9 from continuing operations. Yields are based on closing price and on dividends
AllianzTech 1015 4.00 1024 565.00 - 1061.0 -4.3 FinsG&I 734.50 2.50 741.50 521.00 1.88 731.2 0.5 JPM Smlr 947.75 -2.00 955.00 669.79 1.93
1172.4 -19.2 Shires Inc 250.00 0.25 259.75 186.44 4.90 285.3 -12.4 Albion Ent 95.00 - 97.00 83.00 5.26 98.6 -3.7 paid in the last financial year and updated with interim figures. Yields are
Art Alpha 294.50 4.88 306.00 204.75 1.32 363.0 -18.9 FstPacfic HK HK$ 6.10 -0.06 6.35 5.08 2.32 - - JPM US Sml 261.75 -0.50 292.29 163.00 - 278.6 -6.0 StdLf Eqt 448.00 2.25 449.50 360.00 3.53 474.4 -5.6 AlbionTech 68.50 - 70.50 61.00 7.30 71.1 -3.7 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
..Sub 2.75 - 4.00 1.20 - - - For & Col 588.00 3.00 591.00 343.50 1.68 632.0 -7.0 KeystoneInv 1808 -17.00 1838 1502.5 2.82
2010.7 -10.1 StdLf Sml 441.00 -0.38 447.54 258.00 1.50 468.8 -5.9 AlbionVCT 67.00 - 68.94 62.00 7.46 73.8 -9.2 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Aurora Inv 201.00 - 201.00 149.00 0.50 197.7 1.7 Geiger 19.50 0.25 33.50 12.35 - 20.5 -4.9 Law Deb 581.00 1.00 606.00 445.15 2.79
639.7 -9.2 StrategicEq 217.75 -0.63 221.78 169.03 0.36 257.9 -15.6 ArtemisVCT 75.00 0.50 79.70 55.50 5.33 83.4 -10.1 capital changes where appropriate.
Axiom 101.50 - 102.00 91.00 - 101.2 0.3 GenEmer 661.00 - 670.50 482.30 - 753.1 -12.2 Lazard WorldTst 341.25 3.50 348.02 231.00 1.93
385.8 -11.5 Temp Bar 1302 -5.00 1331.78 959.00 3.08 1357.8 -4.1 Baronsmead 2nd VT 88.75 - 97.40 82.00 16.34 93.1 -4.7
BG Japan 657.00 7.00 695.50 419.70 - 633.0 3.8 GRIT 11.88 0.50 13.00 4.81 - 20.3 -41.5 LinTrain 787.50 - 932.50 550.00 1.03
634.9 24.0 TempEmerg 685.00 - 693.50 440.29 1.20 794.2 -13.7 Trading volumes are end of day aggregated totals, rounded to the nearest
BSC VCT 76.50 -0.50 108.00 73.50 7.19 98.2 -22.1
BG Shin 672.00 16.00 673.28 451.00 - 650.5 3.3 GoldenPros 36.13 -0.38 58.50 28.50 - 42.7 -15.4 Lowland 1545 10.00 1570 1117.03 2.98
1638.0 -5.7 TRIG 112.20 0.50 112.30 88.75 6.95 100.3 11.9 1,000 shares.
..VCT2 56.50 - 61.00 54.75 7.96 60.4 -6.5
Bankers 784.00 2.00 800.00 546.00 2.03 829.1 -5.4 Hansa 890.00 -13.50 945.00 684.94 1.80 1314.9 -32.3 Majedie 294.00 - 313.50 244.50 2.98
324.8 -9.5 ThreadUKSel 213.50 - 214.35 151.95 2.11 226.4 -5.7 Crown Place 29.00 - 29.49 24.75 7.76 31.0 -6.5 Net asset value per share (NAV) and split analytics are provided only as a
BH Global 1283 0.50 1328 1180 - 1431.0 -10.3 ..A 895.00 - 913.80 675.00 1.79 1314.9 -31.9 Man&Lon 349.00 2.00 365.81 224.25 0.64
420.0 -16.9 TREurGth 1037.5 21.50 1040 580.00 0.87 1138.9 -8.9 Inc&GthVCT 83.00 - 100.00 81.00 14.46 93.4 -11.1 guide. Discounts and premiums are calculated using the latest cum fair net
..USD $ 13.00 0.10 13.30 11.80 - 14.2 -8.5 Hend Alt 275.00 2.63 301.38 205.00 1.20 329.5 -16.5 MCAsiaUncnst 385.13 1.13 387.40 258.86 2.04
441.1 -12.7 TroyInc&G 82.00 -0.13 83.00 67.00 3.02 81.5 0.6 KingsAYVCT 20.75 - 21.25 17.00 4.82 21.7 -4.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BH Macro 2043 1.00 2160 1870 - 2182.0 -6.4 Hen Div Inc Tr 93.25 0.25 95.50 87.43 5.47 89.8 3.8 MCGlobPort 235.00 -0.13 239.60 168.00 1.77
236.1 -0.5 UtilicoEmg 221.50 -2.00 225.50 165.00 2.93 244.5 -9.4 Nthn 2 VCT 74.50 0.50 81.00 65.50 7.38 75.8 -1.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..EUR 19.78 - 20.85 18.10 - 21.2 -6.7 HenEuroF 1395 26.50 1395 873.00 1.89 1371.5 1.7 Marwyn Val 163.50 0.50 166.00 134.50 - 232.5 -29.7 UtilEmSubs 32.50 0.38 33.44 12.00 - - - Nthn 3 VCT 101.00 - 103.00 85.00 5.45 106.2 -4.9 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..USD $ 20.13 -0.11 20.81 17.90 - 21.8 -7.7 HenEuro 1155 24.00 1155 764.98 1.73 1187.4 -2.7 MercantIT 1967 - 1972 1369 2.22
2195.7 -10.4 UIL Inv 168.00 - 193.55 111.50 4.46 218.8 -23.2 NthnVent 82.50 -1.00 86.50 68.00 7.27 79.3 4.0 in pence.
BiotechGth 705.25 -5.50 790.00 517.86 - 759.5 -7.1 HenFarEs 360.00 -2.75 370.50 269.00 5.61 358.9 0.3 MrchTst 487.63 1.13 495.00 375.00 4.94
515.2 -5.4 ValAndInc 276.00 0.88 277.00 220.50 3.33 332.4 -17.0 ProVenGI 74.50 - 77.69 70.00 8.05 81.1 -8.1
BlckRCom 72.75 -0.13 92.75 53.00 7.56 75.7 -3.9 HenHigh 201.25 2.38 201.50 156.63 4.55 194.9 3.3 Mid Wynd 446.25 4.75 448.00 330.00 1.01
441.7 1.0 VEIL 348.00 - 350.00 255.54 - 411.8 -15.5 X FT Global 500 company
ProVenVCT 94.50 - 97.00 89.50 6.88 102.6 -7.9
BlckREmEur 328.50 -4.50 344.00 215.00 - 357.2 -8.0 HenInt Inc 159.75 2.50 159.75 119.00 2.94 157.2 1.6 Miton Global 248.50 - 249.99 159.00 - 254.7 -2.4 Witan 1011 -1.00 1022.13 710.00 1.72 1032.4 -2.1 trading ex-dividend
UnicornAIM 145.00 - 147.20 129.00 4.31 169.7 -14.6
BlckRFrnt 150.00 -0.25 151.75 106.50 3.46 146.2 2.6 Hen Opp 945.00 -18.75 996.81 676.50 1.96 1165.6 -18.9 MitonUKMic 61.75 -0.50 64.50 49.00 0.2364.7 -4.6 WitanPac 311.25 1.50 318.69 223.48 1.51 359.7 -13.5 trading ex-capital distribution
BlckRGtEur 321.75 5.00 321.75 231.00 1.65 330.3 -2.6 HenSmlr 799.00 1.25 809.44 511.38 1.88 918.7 -13.0 Monks 705.50 6.50 875.50 400.00 0.56
692.0 2.0 WwideHlth 2386 16.00 2468.73 1708 0.69 2356.4 1.3 Ordinary Income Shares 52 Week HR # price at time of suspension from trading
BlckR I&G 205.00 - 206.00 169.00 2.93 212.6 -3.6 Herald 991.00 5.00 999.00 638.65 - 1238.2 -20.0 MontanSm 787.00 3.75 790.00 507.41 0.95
892.6 -11.8 Price +/-Chg High Low Yld WO GRY 0%
Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
BlckRckLat 415.25 -3.25 469.00 304.30 3.77 483.0 -14.0 HICL Infra 171.00 -0.40 185.50 158.80 4.36 146.9 16.4 Mur Inc 817.25 0.50 825.00 598.50 3.95
893.2 -8.5 JPM I&C 95.25 0.25 97.00 68.00 7.56 -47.4 3.5
Price +/-Chg High Low Yld NAV or Pm JupiterDv&G 4.13 0.25 5.50 2.25 27.88 53.2 -90.5 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRckNrAm 154.38 -0.38 177.00 116.41 2.98 167.7 -7.9 Highbridge Multi 209.00 0.88 211.00 176.10 - 213.8 -2.2 Mur Int 1251 3.00 1266 896.00 4.56
1216.4 2.8
Impax Env. 232.75 0.88 234.00 166.00 0.62 261.8 -11.1 NewCtyEgy 16.50 - 17.25 9.00 - - - AbnPvtEq 121.25 -0.13 123.00 84.69 1.82 145.7 -16.8 Rghts&Icp 2165 36.00 2162 1220 1.66 - - guarantee that the information is reliable or complete. The FT does not accept
BlckRSmlr 1245 -2.50 1268.5 725.00 1.49 1395.6 -10.8
Ind IT 518.00 4.00 811.00 322.35 1.54 534.4 -3.1 NewCityHY 61.75 -0.75 63.50 53.00 7.0659.2 4.3 Altamir 16.50 0.85 16.50 9.55 3.33 21.9 -24.7 responsibility and will not be liable for any loss arising from the reliance on
BlckRThrmt 436.00 1.75 439.40 264.50 1.54 520.3 -16.2 Zero Dividend Preference Shares 52 Week HR
IntBiotech 572.00 -9.50 630.00 392.13 2.01 602.2 -5.0 New Star IT 104.00 - 109.50 72.00 0.29
147.7 -29.6 Electra 2746 9.00 5154.9 2416 5.61 2932.6 -6.4 or use of the information.
BlckRWld 337.00 -5.00 405.00 222.00 5.34 384.4 -12.3 Price +/-Chg High Low SP WO TAV 0%
Intl PP 161.20 0.10 164.60 144.00 4.06 143.5 12.3 NorthAmer 1166 -11.00 1299 838.75 2.96
1290.1 -9.6 F&C PvtEq 362.00 -0.13 366.00 230.88 3.30 345.1 4.9
Brit Emp 681.00 2.00 690.00 435.90 1.72 763.9 -10.9 Abf Gd Inc 158.63 - 160.40 152.75 - - 159.7
InvAsTr 267.13 -2.38 274.00 177.00 1.37 303.5 -12.0 NthAtSml 2655 -55.00 2790 2025 -3194.5 -16.9 HVPE 1306 6.00 1310 875.00 - 1458.6 -10.5 The FT Share Service is a paid-for-print listing service and may not be fully
Brunner 701.00 - 708.00 497.50 2.18 801.9 -12.6 JPM I&C 187.50 - 189.40 176.50 -50.8 - 192.1
Inv Inc 306.00 -0.88 308.50 245.00 3.35 346.6 -11.7 Oryx Int 697.50 5.00 705.00 570.25 - 844.7 -17.4 HgCapital 1518 -2.00 1620 1090 2.64 1647.3 -7.8 representative of all LSE-listed companies. This service is available to all listed
Caledonia Inv 2881 35.00 2884 2055 1.83 3476.0 -17.1 JupiterDv&G 141.00 - 142.90 113.00 -5.3 - 145.0
InvPerp 80.75 0.50 81.00 69.50 4.64 77.2 4.6 PacAsset 257.00 - 263.50 179.00 0.86
253.8 1.3 ICG Ent Tr 754.00 -10.00 768.00 523.00 2.12 869.3 -13.3 companies, subject to the Editors discretion. For new sales enquiries please
CanGen C$ 21.80 0.01 23.03 17.25 3.09 29.5 -26.1 UILFn18 155.00 -0.13 156.50 146.00 -68.2 -96.1 160.5
IPST BalR 133.50 1.50 133.64 120.75 - 135.0 -1.1 PacHorzn 254.50 -0.50 261.12 164.63 0.14
282.4 -9.9 JZ Capital 566.00 - 578.00 385.00 - 807.4 -29.9 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
Cap Gear 3915 16.00 3920 3321 0.51 3848.8 1.7 UILFn20 137.63 0.25 137.75 127.00 -27.7 -37.4 154.9
IPST Gbl Eq 197.50 0.25 200.40 149.60 3.04 198.9 -0.7 Perp I&G 405.80 0.30 407.80 330.00 3.18
440.6 -7.9 Mithras 219.00 1.50 223.00 144.00 0.46 226.2 -3.2
City Merch 199.00 0.38 199.50 170.19 5.03 195.3 1.9 UIL Finance 2022 ZDPs 111.25 - 111.75 100.00 -12.7 -17.8 147.0
NB PE Ptnr 1065 -9.00 1086.63 9.85 - 1222.2 -12.9
CityNatRs 113.00 -0.38 149.00 88.75 4.96 136.2 -17.0 IPST Mngd 101.50 - 101.80 100.00 1.38 103.1 -1.6 PerAsset 41380 140.00 41490 36228.4 1.35
40726. 1.6
Nthn Invs 387.50 -37.50 695.00 105.00 6.19 536.6 -27.8 Data provided by Morningstar
City Lon 438.00 1.50 440.18 340.00 3.66 430.3 1.8 IPST UK Eq
InvPpUK
192.00
477.63
- 193.50
-2.13 493.45
154.00
329.00
3.41
3.01
193.1
509.6
-0.6
-6.3 PolarFins 134.00 1.13 137.08 91.50 2.41 139.7
5
-4.1 Pantheon 1793 -2.00 1810 1190 - 2129.3 -15.8 Investment Companies - AIM
DiverseInc 102.50 0.50 102.75 72.50 2.73 100.1 2.4
JLaingInf 140.00 0.70 141.10 120.60 4.87 119.2 17.4 ..Sub 13.75 - 16.40 2.10 - - - PantheonR 1632.5 - 1650 1152 - 2129.3 -23.3
Dun Inc 269.75 0.13 272.30 202.00 4.23 297.9 -9.4 52 Week Dis(-)
JPM Amer 377.90 -0.40 393.70 280.10 1.26 398.0 -5.1 PolarHealth 204.50 0.13 214.75 154.00 2.03 207.5 -1.4 PrincssPE 10.18 -0.01 10.74 6.91 4.49 10.8 -5.7
Dun Sml 244.88 1.38 249.00 173.75 2.45 294.2 -16.8 Price +/-Chg High Low Yld NAV or Pm
JPM Asn 324.75 - 325.00 207.75 0.92 356.1 -8.8 PolarTech 1014 4.00 1023 568.00 - 1008.2 0.6 Riverstone 1270 10.00 1358 784.50 - 1584.8 -19.9
EcofinGlobal 125.00 0.13 135.50 106.00 - 144.1 -13.3 AbnFrntrMkts 64.88 -0.63 72.57 50.00 1.5 71.6 -9.4
JPM Brazil 62.50 0.38 71.50 41.50 0.80 72.9 -14.3 ProspJap $ 1.35 0.26 1.38 0.89 - 1.2 12.5 StdLfPv 317.25 -2.50 327.00 209.15 1.67 357.6 -11.3
EdinDragn 350.50 -1.25 352.00 240.25 0.91 397.3 -11.8 CrysAmber 233.50 0.50 248.70 140.00 3.2 232.5 0.4
..CULS 108.00 - 109.50 100.50 - - - JPM China 239.50 2.50 240.00 151.30 0.75 273.8 -12.5 QatarInvF $ 1.01 -0.02 1.20 1.00 3.81 1.2 -15.8 IndiaCap 93.88 -0.88 102.00 58.02 - 110.3 -14.9
www.morningstar.co.uk
22 FINANCIAL TIMES Thursday 1 June 2017
Baring European Growth Trust GBP Inc 1388.00 - 12.00 0.93 (LF) Eq Mena Fund 13.26 - -0.01 0.00 European High Income Acc F 101.24 - 0.57 3.43 Invesco Global Structured Equity A $ 49.62 - 0.12 0.77 Aggressive Strategy 2.3480 - -0.0060 0.00
Baring German Growth Trust GBP Acc 873.00 - 8.70 0.66 (LF) Greek Government Bond 22.88 - -0.16 0.00 European High Income Inc F 69.33 - 0.39 3.50 Invesco Global Total Ret.(EUR) Bond Fund A 13.73 - 0.01 0.00 Global USD Growth Strategy $ 1.5460 - -0.0010 0.00
Abbey Life Assurance Company Limited (UK) Franklin Templeton International Services Sarl (IRL)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 Baring German Growth Trust GBP Inc 790.30 - 7.80 0.63 (LF) Greek Corporate Bond 13.60 - -0.02 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland European Opportunities Inc F 101.38 - 0.39 1.44 Invesco Gold & Precious Metals A $ 5.48 - -0.04 0.00 Dealing Daily
additional fund prices can be found @ www.abbeylife.co.uk Baring Global Growth Trust GBP Inc 517.10 - 1.40 0.00 (LF) FOF Dynamic Fixed Inc 12.44 - 0.01 0.00 Other International Funds European Opportunities Acc F 106.51 - 0.41 1.41 Invesco Greater China Equity A $ 55.20 - -0.33 0.00
Insurances Baring Japan Growth Trust GBP Acc 193.50 - 0.60 0.18 (LF) FOF Real Estate 16.62 - -0.02 0.00 Franklin Emerging Market Debt Opportunities Fund Plc European Smlr Cos Acc F 247.63 - 0.48 0.84 Invesco India Equity A $ 66.00 - 0.80 0.00 Lothbury Property Trust (UK)
Life Funds Franklin Emg Mkts Debt Opp CHFSFr 23.67 - 5.49 5.95
Baring Korea Trust GBP Acc 342.50 - 1.50 0.00 Global Bond Acc F 138.72 - 0.44 1.13 Invesco Japanese Equity Adv Fd A 4267.00 - -10.00 0.00 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Prop. Acc. Ser 2 1512.30 1591.90 0.30 - Franklin Emg Mkts Debt Opp EUR 12.94 - 0.05 5.89 Property & Other UK Unit Trusts
Baring UK Growth Trust GBP Inc 296.00 - 0.60 1.22 Global Bond Inc F 89.52 - 0.29 1.14 Invesco Japanese Value Eq Fd A 1366.00 - -5.00 0.00
Selective Acc. Ser 2 1828.60 1924.80 0.90 - Cheyne Capital Management (UK) LLP (IRL) Franklin Emg Mkts Debt Opp GBP 11.09 - -0.26 6.31 Lothbury Property Trust GBP 1844.59 1988.08 20.63 3.27
Baring Strategic Bond Fund GBP Inc 117.00 - 0.00 0.31 Glbl Distribution Acc 60.13 - 0.06 4.32 Invesco Latin American Equity A $ 6.97 - -0.02 0.00
American Ser. 4 2273.30 2392.90 8.50 - Regulated Franklin Emg Mkts Debt Opp SGD S$ 17.86 - -6.17 5.98
Baring Dynamic Capital Growth Fund GBP Acc 734.60 - 0.40 2.58 Glbl Distribution Inc 53.72 - 0.05 4.34 Invesco Nippon Small/Mid Cap Equity A 1346.00 - 11.00 0.00
Custodian Ser. 4 553.40 582.60 0.70 - Cheyne Convertibles Absolute Return Fund (D) 1424.58 - -0.85 0.00 Franklin Emg Mkts Debt Opp USD $ 18.13 - -0.27 5.87
Baring Dynamic Capital Growth Fund GBP Inc 283.40 - 0.10 2.64 Global Emerging Markets Acc F 346.84 - -0.19 0.53 Invesco Pan European Equity A EUR Cap NAV 20.64 - -0.05 0.00
Equity Ser. 4 668.30 703.40 1.20 - Cheyne Global Credit Fund (D) 124.97 - -0.03 0.00
UK Authorised Open-Ended Investment Company Global Emerging Markets Inc F 310.80 - -0.18 0.53 Invesco Pan European High Income Fd A 14.69 - 0.01 2.53
European Ser 4 750.20 789.70 5.90 - Cheyne European Mid Cap Fund (W) 1061.05 - 2.99 0.00
Baring Multi Asset Fund GBP Acc 174.00 - 0.10 1.01 Frontier Capital (Bermuda) Limited Global Equity (acc) F 623.22 - 1.55 0.94 Invesco Pan European Small Cap Equity A 24.06 - -0.18 0.00
Fixed Int. Ser. 4 964.20 1014.90 0.00 - Baring Multi Asset Fund GBP Inc 163.10 - 0.10 1.03 FIL Investment Services (UK) Limited (1200)F (UK) Other International Global Equity (inc) F 558.74 - 1.39 0.95 Invesco Pan European Structured Equity A 19.01 - 0.06 0.00
Intl Ser. 4 572.80 603.00 2.20 - 130, Tonbridge Rd, Tonbridge TN11 9DZ
Common Investment Fund Cheyne Capital Management (UK) LLP Commercial Property-GBP Class 71.42 - -0.53 - Global Equity Income Acc F 156.84 - 0.66 3.06 Invesco UK Eqty Income A 35.46 - 0.15 0.00
Callfree: Private Clients 0800 414161
Japan Ser 4 476.50 501.60 1.30 - Baring Targeted Return Fund GBP Acc 164.30 165.00 0.20 2.77 Other International Funds Global Real Estate-GBP C Class 45.26 - -0.50 -
Broker Dealings: 0800 414 181 Global Equity Income Inc F 121.72 - 0.52 3.14 Invesco UK Investment Grade Bond A 1.08 - 0.00 1.99
Man. Ser. 4 1994.70 2099.70 4.60 - Baring Targeted Return Fund GBP Inc 121.50 122.00 0.20 2.82 Cheyne European Event Driven Fund (M) 143.68 - 4.28 - M & G Securities (1200)F (UK)
OEIC Funds Gbl Financial Capital Acc 99.75 - 0.04 4.30 Invesco US Structured Equity A $ 24.29 - -0.01 0.00 PO Box 9039, Chelmsford, CM99 2XG
Money Ser. 4 525.10 552.70 0.00 - Cheyne Real Estate Credit Holdings Fund (M) 174.46 - 0.95 0.00
Allocator World Fund N-ACC-GBP 1.57 - 0.01 0.87 Gbl Financial Capital Inc 78.11 - 0.03 4.45 Invesco US Value Eq Fd A $ 35.79 - -0.19 0.00 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Prop. Ser. 4 1083.60 1140.60 0.20 - Cheyne Real Estate Credit Holdings Fund III (M) 117.85 - 0.67 0.00 Authorised Inv Funds
BlackRock (JER) American Fund W-ACC-GBP 36.90 - -0.01 0.12 Global Opportunities Acc F 134.06 - 0.08 0.28 Invesco USD Reserve A $ 87.42 - 0.00 0.00
Custodian Ser 5 529.40 557.30 0.60 - Cheyne Real Estate Debt Fund Class A1 (M) 144.68 - 1.33 0.00 Charifund Inc 1628.23 - 6.93 4.40
Regulated American Special Sits W-ACC-GBP 14.44 - 0.02 0.69 Global Smaller Cos Acc F 2381.06 - 3.74 0.13
International Ser 5 548.00 576.90 2.20 - BlackRock UK Property 41.83 - 0.05 3.07 Cheyne Total Return Credit Fund - December 2017 Class (M) $ 229.77 - 1.04 0.00 Charifund Acc 24063.83 - 102.31 4.26
Asia Pacific Ops W-Acc 1.68 - 0.00 1.00 Global Smaller Cos Inc F 2270.01 - 3.57 0.13
Managed Ser 5 1908.20 2008.70 4.40 - BLK Intl Gold & General $ 6.06 6.39 0.02 0.00 Cheyne Total Return Credit Fund 2020 (M) $ 134.41 - 3.20 0.00 Invesco Global Asset Management Ltd (IRL) M&G Corporate Bond A Acc 69.79 - 0.06 2.53
Cash Fund Y-Acc-GBP 1.00 - 0.00 0.08 Global Targeted Rets Acc 59.71 - -0.09 0.98
price updated (D) daily, (W) weekly, (M) monthly Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Money Ser 5 514.10 541.20 0.00 - Cash Fund Y-Inc-GBP 1.00 - 0.00 0.17 M&G Corporate Bond A Inc 41.94 - 0.04 3.66
High Income Acc F 934.56 - 3.94 2.99 FCA Recognised
Property Ser 5 1036.60 1091.20 0.20 - Asian Dividend Fund W-ACC-GBP 1.62 - 0.01 1.93
Fundsmith LLP (1200)F (UK) M&G Dividend A Inc 68.68 - 0.25 4.13
BLI - Banque de Luxembourg Investments S.A. High Income Inc F 491.83 - 2.07 3.06 Invesco Stlg Bd A QD F 2.72 - 0.00 3.57
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Pension Funds Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Asian Dividend Fund W-INC-GBP 1.47 - 0.01 2.66 M&G Dividend A Acc 731.11 - 2.73 2.82
FCA Recognised www.fundsmith.co.uk, enquiries@fundsmith.co.uk High Yield Fund Acc 117.85 - 0.08 5.70 Invesco Asian Equity A $ 8.03 - 0.00 0.25
American 2753.10 2898.00 11.70 - Stuart House, St John's Street, Peterborough, PE1 5DD M&G Episode Income A Acc 162.85 - 0.32 2.00
BL-Equities Europe B 6989.04 - 6.19 - China Consumer Fund W-ACC-GBP 2.42 - 0.01 0.66 Authorised Inv Funds High Yield Fund Inc 43.22 - 0.03 5.89 Invesco ASEAN Equity A $ 95.24 - 0.04 0.12
Equity 6014.70 6331.30 11.30 - Dealing & Client Services 0345 850 8818
BL-Equities America B $ 6452.31 - -5.05 - Emerging Asia Fund W-ACC-GBP 1.33 - 0.00 0.53 Fundsmith Equity T Acc 339.98 - 3.04 0.65 Invesco Bond A $ 27.88 - 0.07 1.93 M&G Episode Income A Inc 128.13 - 0.25 3.42
Authorised Inv Funds Hong Kong & China Acc F 641.08 - -1.12 0.51
European 1578.00 1661.00 14.70 - Fundsmith Equity T Inc 317.52 - 2.83 0.65 M&G Episode Growth A Inc 58.65 - -0.08 2.37
BL-Equities Japan B 17920.00 - 9.00 0.00 Consistent UT Inc 59.16 62.81 0.24 3.73 Emerging Eur Mid East and Africa W 2.09 - -0.01 1.69 Income & Growth Acc F 1128.91 - 5.66 3.30 Invesco Continental Eurp Small Cap Eqty A $ 258.70 - 0.62 0.00
Fixed Int. 1805.00 1900.00 0.10 - M&G Global Basics A Inc 873.24 - 2.92 1.63
BL-Emerging Markets B 169.88 - -0.34 - Consistent UT Acc 145.70 154.80 0.60 3.73 Enhanced Income Fund W-ACC-GBP 1.53 - 0.01 6.06 Income & Growth Inc F 464.03 - 2.33 3.39 Invesco Emerging Markets Equity A $ 43.87 - -0.12 0.00
International 1266.90 1333.60 6.00 - M&G Global Basics A Acc 1332.76 - 4.45 0.41
BL-Global Equities B 830.33 - 0.93 0.00 Practical Investment Inc 240.60 256.90 0.50 2.91 Enhanced Income Fund W-INC-GBP 1.12 - 0.00 6.40 Invesco Emerging Markets Bond A $ 22.44 - 0.02 4.98
Japan 521.50 548.90 1.70 -
GAM Income Acc F 3545.61 - 15.03 2.99
BL-Global 30 B 1417.08 - 0.59 - Practical Investment Acc 1230.00 1314.00 2.00 2.91 European Fund W-ACC-GBP 15.17 - 0.20 1.77 funds@gam.com, www.jbfundnet.com Invesco Continental European Equity A 9.61 - 0.02 0.96 M&G Global Dividend Fund A Acc 265.48 - 0.97 1.39
Income Inc F 1879.21 - 7.97 3.07
Managed 5345.90 5627.30 16.20 - Regulated M&G Global Dividend Fund A Inc 199.08 - 0.73 2.86
BL-Global 50 B 1749.36 - 1.35 - European Fund W-INC-GBP 17.07 - 0.23 1.80 Japan Acc F 412.53 - -0.53 0.60 Invesco Gilt A 16.49 - 0.02 1.02
Property 2798.00 2945.30 0.60 - LAPIS TOP 25 DIV.YLD-D 107.18 - -0.10 - M&G Glbl Emrgng Mkts A Acc 274.22 - 0.29 0.80
BL-Global 75 B 2425.80 - 1.82 0.00 European Opportunities W-ACC-GBP 4.71 - 0.06 0.87 Japanese Smlr Cos Acc F 111.93 - 1.33 0.00 Invesco Global Small Cap Equity A NAV $ 144.66 - -0.09 0.00
Security 1481.90 1559.90 0.00 - DAVIS Funds SICAV (LUX)
M&G Glbl Emrgng Mkts A Inc 258.35 - 0.27 1.60
BL-Global Flexible EUR B 163.36 - 0.16 - Extra Income Fund Y-ACC-GBP 1.25 - 0.00 3.68 Latin America Acc F 144.09 - -0.61 0.80 Invesco Global High Income A NAV $ 12.65 - 0.01 6.67
Regulated
Selective 2342.00 2465.30 0.10 - M&G Global High Yield Bond A Inc 52.03 - 0.01 4.68
Davis Value A $ 46.84 - -0.21 0.00 Extra Income Fund Y-GACC-GBP 1.28 - 0.01 3.81 GYS Investment Management Ltd (GSY) Latin America Inc F 118.92 - -0.51 0.81 Invesco Gbl R/Est Secs A GBP F F 9.47 - 0.02 0.88
Formerly Hill Samuel Life Assurance Ltd M&G Global High Yield Bond A Acc 130.28 - 0.03 3.28
Davis Global A $ 35.20 - -0.37 0.00 Extra Income Fund Y-GINC-GBP 1.29 - 0.00 3.86 Regulated Invesco Global Health Care A $ 121.23 - -0.84 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Managed Growth Acc F 214.08 - 0.35 0.44
Extra Income Fund Y-INC-GBP 1.29 - 0.00 3.86 Taurus Emerging Fund Ltd $ 187.50 191.32 10.42 0.00 Invesco Global Select Equity A $ 14.58 - 0.00 0.48 M&G Global Macro Bond Fund A Acc 132.21xd - 0.50 1.18
Managed Ser A (Life) 1885.70 1995.50 -2.20 - Managed Growth Inc F 177.19 - 0.29 0.44
Fidelity Short Dated Corporate Bond Fund Y - Gross Inc 10.15 - 0.01 - Invesco Jap Eqty Core A $ 20.36 - -0.06 0.13 M&G Global Macro Bond Fund A Inc 89.19xd - 0.33 2.58
Asset Management
Managed Ser A (Pensions) 1288.70 1356.50 -1.70 - Managed Income Acc F 197.54 - 0.49 2.41
M&G Managed Growth A Inc 105.65 - 0.15 1.41
Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc 10.27
Global Dividend Fund W-ACC-GBP 2.02
-
-
0.00
0.02 2.76
-
Generali Worldwide
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Managed Income Inc F
Money Acc F
Asset Management 116.79
90.38
-
-
0.29 2.45
0.00 0.13
Invesco Japanese Equity A
Invesco Korean Equity A
$ 21.78
$ 29.66
-
-
-0.05 0.00
0.28 0.00 M&G Optimal Income A Inc Asset Management 150.02 - 0.01 3.07
Managed (Life) 1906.40 2006.70 -2.20 - Global Dividend Fund W-INC-GBP 1.76 - 0.01 2.85 International Insurances Invesco PRC Equity A $ 61.63 - -0.16 0.04 M&G Optimal Income A Acc 206.23 - 0.01 1.68
Monthly Income Plus Acc F 326.08 - 0.38 4.33
Managed Growth (Life) 626.20 659.10 -1.20 - CCLA Investment Management Ltd (UK)
Global Enhanced Income W-ACC-GBP 1.65 - 0.01 3.55
Global Multi-Strategy Managed $ 5.31 5.72 0.02 0.00 M&G Recovery GBP A Inc 143.41 - -0.06 1.95
Monthly Income Plus Inc F 112.29 - 0.13 4.44 Invesco Pacific Equity A $ 59.22 - -0.04 0.22
Senator House 85 Queen Victoria Street London EC4V 4ET UK Multi-Strategy Managed 5.68 6.12 0.03 0.00
Managed (Pensions) 7734.40 8141.50 -10.50 - Global Enhanced Income W-INC-GBP 1.40 - 0.01 4.55 Invesco Global Technology A $ 19.35 - -0.02 0.00 M&G Recovery GBP A Acc 328.12 - -0.12 0.57
Authorised Inv Funds Pacific Acc F 1443.82 - 2.37 0.52
Managed Growth (Pensions) 792.60 834.30 -1.80 - Dodge & Cox Worldwide Funds (IRL) EU Multi-Strategy Managed 3.23 3.49 0.00 0.00 M&G Strategic Corp Bond A Inc 77.71 - 0.06 3.59
Diversified Income 1 Units GBP Inc 1.59 1.59 0.00 - Global Focus Fund W-ACC-GBP 20.21 - 0.06 0.46 Pacific Inc F 1313.29 - 2.15 0.53 Invesco UK Eqty A 9.36 - 0.02 1.67
additional fund prices can be found on our website 6 Duke Street,St.James,London SW1Y 6BN Global Bond USD $ 3.65 3.93 0.01 0.00 M&G Strategic Corp Bond A Acc 116.02 - 0.08 2.45
Diversified Income 2 Units GBP Inc 1.53 1.53 0.00 - Global High Yield Fund Y-ACC-GBP 13.87 - 0.00 5.50 Tactical Bond Acc F 72.31 - 0.00 1.81
www.dodgeandcox.worldwide.com 020 3713 7664
The Public Sector Deposit Fund Global High Yield Fund Y-GACC-GBP 14.36 - 0.00 4.89 M&G UK Income Distribution A Acc 7128.93 - 25.34 2.94
FCA Recognised Tactical Bond Inc F 61.26 - -0.01 1.83 Janus Henderson Investors (UK)
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.27 Dodge & Cox Worldwide Funds plc - Global Bond Fund Global High Yield Fund Y-GINC-GBP 10.83 - 0.00 4.84 Genesis Asset Managers LLP M&G UK Income Distribution A Inc 818.89 - 2.91 4.09
UK Focus Acc F 249.93 - 0.89 1.77 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.00 EUR Accumulating Class 12.97 - -0.02 - Global High Yield Fund Y-INC-GBP 10.85 - 0.00 4.84 Other International Funds www.janushenderson.com M&G UK Inflation Lnkd Corp Bnd A Acc 117.96 - -0.04 0.06
UK Focus Inc F 200.37 - 0.71 1.80
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.00 EUR Accumulating Class (H) 10.16 - 0.00 0.00 Global Property Fund W-ACC-GBP 1.69 - 0.01 1.71 Emerging Mkts NAV 7.52 - -0.10 0.00 Authorised Inv Funds M&G UK Inflation Lnkd Corp Bnd A Inc 115.02 - -0.05 1.21
UK Growth Acc F 660.82 - 1.68 1.94
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.21 EUR Distributing Class 11.70 - -0.03 - Global Property W Inc 1.47 - 0.01 2.51 Asia Pacific Capital Growth A Acc 1035.00 - 0.00 0.12
UK Growth Inc F 402.11 - 1.03 1.98
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.00 EUR Distributing Class (H) 9.15 - -0.01 - Global Special Sits W-ACC-GBP 34.83 - 0.11 0.67 Asian Dividend Income Inc 107.37 112.80 1.15 6.45
HPB Assurance Ltd UK Smaller Cos Equity Acc F 1172.84 - -0.15 0.36 M & G Securities Ltd (UK)
GBP Distributing Class 12.39 - -0.05 3.78 Index Emerging Markets P-Acc 1.44 - 0.00 1.76 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Cautious Managed A Acc 267.60 - 0.60 3.14
UK Smaller Cos Equity Inc F 893.85 - -0.10 0.36 Property & Other UK Unit Trusts
Algebris Investments (IRL)
International Insurances Cautious Managed A Inc 157.70 - 0.40 3.20
Regulated GBP Distributing Class (H) 9.35 - 0.00 3.79 Index Emerging Markets P-Inc-GBP 1.23 - 0.00 1.78 Charibond 129.98 - 0.17 3.55
CCLA Investment Management Ltd (UK) UK Strategic Income Acc F 204.46 - 0.70 2.95
Holiday Property Bond Ser 1 0.53 - 0.00 0.00 China Opportunities A Acc 1230.00 - 2.00 0.00
Algebris Financial Credit Fund - Class I EUR 151.10 - -0.10 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET USD Accumulating Class $ 10.46 - -0.01 - Index Europe ex UK Fund P-Inc-GBP 1.37 - 0.01 2.06 (Accum Units) 4061.86 - 5.32 3.55
UK Strategic Income Inc F 143.64 - 0.49 3.02
Property & Other UK Unit Trusts Dodge & Cox Worldwide Funds plc-Global Stock Fund Holiday Property Bond Ser 2 0.64 - 0.00 0.00 Emerging Markets Opportunities A Acc 202.70 - 0.70 0.65
Algebris Financial Income Fund - Class I EUR 136.49 - -0.80 - Index Europe ex UK P-Acc 1.42 - 0.02 2.01 NAACIF 87.02 - 0.32 3.95
US Equity Acc F 728.53 - -2.34 0.00
CBF Church of England Funds USD Accumulating Share Class $ 20.11 - -0.11 - Index Japan Fund P-Inc-GBP 1.46 - 0.01 1.68 European Growth A Acc 236.00 - 2.70 0.90 (Accum Units) 8320.21 - 30.04 3.86
Algebris Financial Equity Fund - Class B EUR 121.54 - -2.36 0.00 Invesco Perpetual Funds (No Trail)
Investment Inc 1596.34 1614.00 24.81 3.78 GBP Accumulating Share Class 25.72 - -0.24 0.00 European Selected Opportunities A Acc 1677.00 - 20.00 0.63
Algebris Asset Allocation Fund - Class B EUR 98.18 - -0.05 0.00 Index Japan P-Acc 1.50 - 0.00 1.66 Hargreaves Lansdown Fd Mgrs (1100)F (UK) Asian (No Trail) Acc F 302.20 - 0.14 0.84 M&G Property Portfolio A Acc 128.07 128.07 0.31 2.93
Investment Acc 3436.09 3474.10 53.41 - GBP Distributing Share class 18.51 - -0.17 0.74 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Fixed Interest Monthly Income A Inc 22.62 23.60 0.02 5.09
Algebris Macro Credit B EUR Acc 108.06 - -0.35 - Index Pacific ex Japan P-Acc 1.45 - 0.01 2.93 Asian (No Trail) Inc F 269.06 - 0.12 0.85 M&G Property Portfolio A Inc 113.10 113.10 0.28 2.97
Global Equity Inc 181.77 183.78 3.33 4.31 EUR Accumulating Share Class 26.99 - -0.19 - Enquiries 0117 90090000 Global Care Growth A Inc 267.40 - 1.50 0.17
Index Pacific ex Japan P-INC-GBP 1.18 - 0.01 3.00 Asian Equity Income (No Trail) Acc F 168.62 - 0.44 3.09
Global Equity Acc 282.83 285.96 5.18 - www.hl.co.uk
GBP Distributing Class (H) 11.02 - -0.06 - Index UK Fund P-INC-GBP 1.18 - 0.00 2.57 Global Equity Income A Inc 62.51 - 0.40 3.05
Authorised Inv Funds Asian Equity Income (No Trail) Inc 134.90 - 0.35 3.18
The Antares European Fund Limited UK Equity Inc 170.45 171.99 2.49 4.05
M & G (Guernsey) Ltd (GSY)
Dodge & Cox Worldwide Funds plc-International Stock Fund Global Growth Fund 2910.36 3035.72 0.90 0.00
Other International Index UK P-Acc 1.29 - 0.00 2.52 Hargreaves Lansdown Funds Balanced Risk 6 No Trail Acc 116.69 - -0.02 0.00 Regulated
UK Equity Acc 267.77 270.19 3.91 - USD Accumulating Share Class $ 16.51 - -0.09 - Global Technology A Acc 1503.00 - 5.00 0.00
AEF Ltd Usd (Est) $ 674.59 - 3.94 - Index US Fund P-Inc-GBP 1.64 - 0.00 1.58 Unit Trust Balanced Risk 8 No Trail Acc 122.94 - -0.03 0.00 The M&G Offshore Fund Range
Fixed Interest Inc 172.29 173.16 1.00 3.96 EUR Accumulating Share Class 17.37 - -0.13 - HL Multi-Manager Special Situations Trust A Acc 355.19 373.88 -0.42 0.59 Multi-Manager Absolute Return A Acc 142.30 - 0.20 0.07 Corporate Bond A 1396.11 - 1.33 3.98
AEF Ltd Eur (Est) 669.92 - 3.71 0.00 Index US P-Acc 1.80 - 0.00 1.56 Balanced Risk 10 No Trail Acc 129.70 - -0.04 0.00
Fixed Interest Acc 555.90 558.69 3.23 - Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Multi-Manager Active A Acc 217.50 - 0.40 0.39
Index World Fund P-Inc-GBP 1.48 - 0.01 1.77 HL Multi-Manager Special Situations Trust M Acc 355.21 373.90 -0.38 0.59 Corporate Bond (No Trail) Acc F 178.38 - 0.15 3.42 Global Basics X 3226.62 - 10.70 0.17
Property Fund Inc 131.68 136.10 0.99 5.69 USD Accumulating Share Class $ 22.71 - -0.07 0.00
Index World P-Acc 1.62 - 0.01 1.74 HL Multi-Manager Income & Growth Trust A Acc 196.20 206.47 -0.44 3.92 Multi-Manager Distribution A Inc 136.80 - 0.00 2.94 Global Dividend A 154.69 - 0.57 2.66
Corporate Bond (No Trail) Inc F 120.55 - 0.10 3.51
Arisaig Partners GBP Accumulating Share Class 27.48 - -0.19 0.00
Japan Fund W-ACC-GBP 3.50 - 0.01 0.55 HL Multi-Manager Income & Growth Trust M Acc 196.20 206.45 -0.44 3.92 Multi-Manager Diversified A Acc 85.05 - -0.03 3.54 Global Leaders A 4403.47 - 5.00 1.03
Other International Funds Distribution (No Trail) Acc F 187.32 - 0.45 4.09
GBP Distributing Share Class 17.30 - -0.13 0.64
HL Multi-Manager Income & Growth Trust A Inc 111.01 116.84 -0.25 4.02 Multi-Manager Global Select Acc 231.80 - 0.20 0.01 Global High Yield Bond X 1022.93 - 0.21 5.26
Arisaig Africa Consumer Fund Limited $ 12.11 - 0.06 0.00 CCLA Fund Managers Ltd (UK) Japan Smaller Cos Fund W-ACC-GBP 3.10 - 0.01 0.36 Distribution (No Trail) Inc F 116.57 - 0.28 4.18
EUR Accumulating Share Class 26.33 - -0.13 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET MoneyBuilder Balanced Y-ACC-GBP 0.58 - 0.00 3.05 HL Multi-Manager Income & Growth Trust M Inc 111.01 116.83 -0.25 4.01 Multi-Manager Income & Growth A Acc 173.80 - 0.00 2.00 Global Macro Bond A 13334.13 - 49.27 2.52
Arisaig Asia Consumer Fund Limited $ 75.27 - -0.34 - Emerging European (No Trail) Acc F 109.01 - -0.89 1.76
Property & Other UK Unit Trusts GBP Distributing Class (H) 10.43 - -0.03 -
MoneyBuilder Balanced Y-INC-GBP 0.64 - 0.01 3.68 HL Multi-Manager Balanced Managed Trust A Acc 230.08 241.99 -0.33 1.12 Multi-Manager Income & Growth A Inc 154.60 - 0.00 2.02 North American Dividend A 225.34 - 0.13 1.77
Arisaig Global Emerging Markets Consumer Fund $ 10.81 - -0.01 - Emerging European (No Trail) Inc F 94.22 - -0.77 1.80
COIF Charity Funds (UK)
MoneyBuilder Dividend Y-INC-GBP 1.46 - 0.01 3.99 HL Multi-Manager Balanced Managed Trust M Acc 230.09 242.00 -0.33 1.13 Multi-Manager Managed A Acc 273.40 - 0.50 0.52 Optimal Income A 148.64 - 0.01 3.96
Arisaig Global Emerging Markets Consumer UCITS 12.48 - -0.02 0.00 Investment Inc 1426.00 1441.77 12.91 3.62 European Equity (No Trail) Acc F 211.12 - 1.95 1.74
MoneyBuilder Growth Fund Y-INC-GBP 0.83 - 0.01 2.79 HL Multi-Manager Equity & Bond Trust A Inc 121.83 128.10 -0.21 2.28 Multi-Manager Managed A Inc 266.40 - 0.50 0.53 Recovery A 12392.89 - -5.25 2.17
Arisaig Global Emerging Markets Consumer UCITS STG 13.76 - -0.04 0.00 Investment Acc 14470.91 14630.97 131.05 - European Equity (No Trail) Inc F 171.41 - 1.59 1.77
MoneyBuilder Income Fund Y-ACC-GBP 12.85 - 0.02 3.34 HL Multi-Manager Equity & Bond Trust M Inc 121.84 128.10 -0.21 2.28 Sterling Bond Acc 221.81 231.38 0.30 2.25 Strategic Corproate Bond A 141.08 - 0.11 3.97
Arisaig Latin America Consumer Fund $ 25.88 - -0.14 - Ethical Invest Inc 219.87 222.30 2.21 3.73 European Equity Income (No Trail) Acc F 207.62 - 2.08 3.10
MoneyBuilder Income Fund Y-GACC-GBP 14.82 - 0.02 3.33 HL Multi-Manager Equity & Bond Trust A Acc 170.75 179.53 -0.29 2.25 Sterling Bond Inc 66.65 69.52 0.09 2.28 UK Inf Lkd Corp Bd A Inc 111.49 - -0.05 2.19
Ethical Invest Acc 298.96 302.27 3.00 - European Equity Income (No Trail) Inc F 150.00 - 1.50 3.18
MoneyBuilder Income Fund Y-GINC-GBP 1.27 - 0.01 3.39 HL Multi-Manager Equity & Bond Trust M Acc 170.76 179.53 -0.30 2.25 Strategic Bond A Inc 127.60 - 0.20 4.51 UK Select A 1745.61 - 9.48 1.08
Global Equity Inc 168.25 170.11 0.93 4.41 European ex UK Enhanced Index (No Trail) Acc F 125.87 - 1.33 -
MoneyBuilder Income Fund Y-INC-GBP 1.26 - 0.00 3.39 HL Multi-Manager Strategic Assets A Acc 114.55 118.06 -0.18 1.18 UK & Irish Smaller Companies A Acc 637.30 - 0.40 0.00
Global Equity Acc 264.86 267.79 1.47 - European ex UK Enhanced Index (No Trail) Inc F 124.49 - 1.32 -
Multi Asset Adventurous N-ACC-GBP 1.39 - 0.00 1.08 HL Multi-Manager Strategic Assets A Inc 113.15 116.61 -0.18 1.19 UK Absolute Return A Acc 157.10 - 0.00 0.00
Fixed Interest Inc 141.00 141.70 0.28 4.14 Dragon Capital Group European High Income (No Trail) Acc F 209.89 - 1.18 3.42 MMIP Investment Management Limited (GSY)
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Multi Asset Alloc Advent N-ACC-GBP 1.35 - 0.00 0.96 HL Multi-Manager Strategic Bond Trust A Acc 183.45 189.12 0.13 2.03 UK Alpha A Acc 142.70 - -0.20 1.10 Regulated
Fixed Interest Acc 856.40 860.70 1.66 - European High Income (No Trail) Inc F 143.74 - 0.81 3.49
Fund information, dealing and administration: funds@dragoncapital.com HL Multi-Manager Strategic Bond Trust M Acc 183.45 189.12 0.12 2.03 UK Equity Income & Growth A Inc 670.80 - 0.30 3.35 Multi-Manager Investment Programmes PCC Limited
Property Inc 112.89 116.68 0.75 5.71 Multi Asset Alloc Def N-ACC-GBP 1.19 - 0.00 1.23 European Opportunities (No Trail) Acc F 224.71 - 0.86 1.82
Other International Funds UK Index A Acc 616.70 - 2.80 1.67 UK Equity Fd Cl A Series 01 2707.53 2734.99 38.81 0.00
Multi Asset Alloc Def N-GACC-GBP 1.20 - 0.00 1.22 HL Multi-Manager Strategic Bond Trust A Inc 148.32 152.90 0.11 2.06 European Opportunities (No Trail) Inc F 205.88 - 0.79 1.86
Local Authorities Property Fd (LAMIT) (UK) Vietnam Property Fund (VPF) NAV $ 0.80 - 0.01 0.00
Artemis Fund Managers Ltd (1200)F (UK) HL Multi-Manager Strategic Bond Trust M Inc 148.33 152.91 0.11 2.05 UK Property A Acc 193.08 203.24 0.05 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1597.89 - 17.46 0.00
Property 283.31 307.19 -0.54 4.81 Multi Asset Alloc Growth N-ACC-GBP 1.26 - 0.00 1.01 European Smaller Companies (No Trail) Acc F 306.48 - 0.60 1.22
57 St. James's Street, London SW1A 1LD 0800 092 2051 HL Multi Manager Emerging Markets A Acc 123.88 127.67 -0.08 0.63 UK Property A Inc 97.68 102.81 0.03 - Diversified Absolute Return Stlg Cell AF2 1601.47 - 16.27 0.00
Multi Asset Alloc Strat N-ACC-GBP 1.24 - 0.00 1.07 Global Balanced Index (No Trail) Acc F 196.00 - 0.67 1.81
Authorised Inv Funds Global Equity Fund A Lead Series 1351.48 1356.88 -16.72 0.00
DSM Capital Partners Funds (LUX) Multi Asset Balanced Inc N-GINC-GBP 1.15 - 0.01 4.35 HL Multi-Manager European A Acc 138.50 142.75 -0.93 0.61 Global Bond (No Trail) Acc F 156.42 - 0.50 1.38
UK Tracker A Acc 277.90 - 1.50 1.59
Artemis Capital R ACC 1504.38 1588.93 3.64 1.84 CG Asset Management Limited (IRL) www.dsmsicav.com
Multi Asset Balanced Inc N-INC-GBP 1.15 - 0.01 3.65 HL Multi-Manager UK Growth A Acc 130.02 134.04 -0.03 1.57 US Growth A Acc 969.40 - 2.40 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Regulated Global Bond (No Trail) Inc F 138.87 - 0.44 1.39
Artemis European Growth R Acc 334.91 353.48 2.96 0.88
00 353 1 434 5098 Multi Asset Defensive N-ACC-GBP 1.22 - 0.00 1.04 HL Multi-Manager High Income A Inc 112.20 115.67 -0.07 4.14 Glbl Distribution Acc (No Trail) 122.10 - 0.12 3.81 Manek Investment Mgmt Ltd (1000)F (UK)
Artemis European Opps R Acc 102.85 108.60 1.01 0.78 DSM Global Growth I2 Acc 166.49 - -0.84 0.00
FCA Recognised Multi Asset Defensive N-GACC-GBP 1.23 - 0.01 1.04 HL Multi-Manager High Income A Acc 117.15 120.77 -0.08 4.04 Glbl Distribution Inc (No Trail) 109.09 - 0.10 3.89 P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Artemis Global Emg Mkts I GBP Acc 124.04 - 0.87 - DSM Global Growth I1 Acc 122.20 - 0.19 0.00
Capital Gearing Portfolio Fund Plc 31501.78 31501.78 315.25 0.53 Authorised Inv Funds
DSM US Large Cap Growth I3 $ 120.81 - -0.37 - Multi Asset Growth Fund N-ACC-GBP 1.31 - 0.00 1.04 Gbl Emerging Markets (No Trail) Acc F 229.10 - -0.12 0.87
Artemis Global Emg Mkts I GBP Dist 117.80 - 0.82 - Growth Fd Acc 53.93 57.00 -0.17 0.00
CG Portfolio Fund Plc Multi Asset Inc & Growth N-INC-GBP 1.17 - 0.01 3.92
DSM US Large Cap Growth A 112.47 - -0.28 - Haussmann Gbl Emerging Markets (No Trail) Inc F 210.65 - -0.12 0.88
Artemis Global Energy R Acc 29.34 31.14 -0.42 0.41
Absolute Return M Inc GBP 114.91 116.08 -0.25 -
DSM US Large Cap Growth I2 112.50 - -0.29 - Multi Asset Income Fund N-GINC-GBP 1.12 - 0.01 4.48 Other International Funds Global Equity (No Trail) acc F 277.25 - 0.69 1.31
Artemis Global Growth R Acc 240.52 253.83 1.00 0.89
Real Return Cls A 199.99 202.01 -0.72 1.81 Haussmann Cls A $ 2748.03 - 56.20 0.00 Marlborough Fd Managers Ltd (1200)F (UK)
Multi Asset Income Fund N-INC-GBP 1.12 - 0.00 4.28 Global Equity (No Trail) inc F 252.55 - 0.63 1.33
Artemis Global Income R Acc 123.28 130.13 0.50 2.88 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Dollar Fund Cls D 156.24 157.82 -0.48 1.87 Haussmann Cls C 2352.02 - 46.23 0.00
Fidelity Asia Fund W-ACC-GBP 11.84 - 0.02 1.02 Global Equity Income (No Trail ) Acc F 326.96 - 1.39 3.05
Artemis Global Income R Inc 94.97 100.25 0.38 2.95
Capital Value Fund Cls V 152.29 152.29 1.45 0.44 Dynasty AM SICAV- UCITS V (LUX) Kames Capital ICVC (UK) www.marlboroughfunds.com
Multi Asset Open Advent N-ACC-GBP 1.32 - 0.00 0.58 Haussmann Cls D SFr 1234.68 - 24.18 0.00 Global Equity Income (No Trail) Inc F 253.75 - 1.08 3.13 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Artemis Global select R Acc 96.31 101.59 0.33 0.00 16, Avenue Marie-Thrse L-2132 Luxembourg Authorised Inv Funds
Dollar GBP Hedged Inc 99.03 100.03 0.23 -
Authorised Multi Asset Open Defen N-ACC-GBP 1.22 - 0.00 1.34 Global ex UK Core Equity Index ( No Trail) Acc F 240.27 - 0.53 1.26 0800 358 3009 www.kamescapital.com Balanced 192.10 202.37 0.01 0.80
Artemis High Income R Inc 80.69 85.81 0.05 5.66
Multi Asset Open Defen N-GACC-GBP 1.23 - 0.00 1.33 Global ex UK Enhanced Index ( No Trail) Acc F 278.61 - 0.82 2.27 Authorised Funds
Dynasty Global Convertibles A EUR 111.08 - 0.15 0.00 Bond Income 52.54 55.60 0.07 3.99
Artemis Income R Acc 415.76 440.74 2.27 3.77
Diversified Monthly Inc B Acc 132.12 - 0.17 4.88
Dynasty Global Convertibles A CHFSFr 108.91 - 0.14 0.00 Multi Asset Open Growth N-ACC-GBP 1.29 - 0.00 1.16 Global ex UK Enhanced Index (No Trail) Inc F 114.03 - 0.34 - Cautious Inc 92.21 97.30 -0.15 1.14
Artemis Income R Inc 228.67 242.41 1.25 3.89
Diversified Monthly Inc B Inc 111.76 - 0.14 5.08
Dynasty Global Convertibles A USD $ 112.26 - 0.15 0.00 Multi Asset Open Strat N-ACC-GBP 1.27 - 0.00 1.37 Gbl Fin Cap No Trail Acc 204.85 - 0.09 4.30 Defensive A Inc 114.72 114.72 0.06 0.00
Artemis Monthly Dist R Inc 73.04 77.34 0.16 4.02
Diversified Growth B Acc 1.56 - 0.01 2.80
Dynasty Global Convertibles B EUR 111.85 - 0.14 0.00 Multi Asset Strategic N-ACC-GBP 1.29 - 0.00 1.00 Gbl Fin Cap No Trail Inc 160.45 - 0.07 4.45 Emerging Markets 320.37 320.37 0.59 1.56
Artemis Pan-Euro Abs Ret GBP 122.66 - -0.24 -
Ethical Cautious Managed B Acc 1.34 - 0.01 1.85
Dynasty Global Convertibles B CHFSFr 105.89 - 0.13 - Open World Fund N-ACC-GBP 1.52 - 0.00 0.18 Global Opportunities (No Trail) Acc F 347.66 - 0.23 0.64 ETF Global Growth A 188.71 188.71 1.25 0.00
Artemis Strategic Assets R Acc 84.00 88.87 -0.34 0.00
Ethical Cautious Managed B Inc 1.23 - 0.00 1.87
Dynasty High Yield 2021 A EUR 103.10 - 0.03 0.00 Special Situations Fund W-ACC-GBP 35.49 - -0.09 1.53 Global Smaller Companies (No Trail) Acc F 350.57 - 0.56 0.48 ETF Commodity A 79.34 79.34 -0.38 0.00
Artemis Strategic Bond R M Acc 93.60 99.25 0.04 3.56 Hermes Investment Funds Plc (IRL) Ethical Corporate Bond B Acc 1.89 - 0.01 3.08
Dynasty Corporate Bonds 1-3 A EUR 101.80 - 0.02 - Sterling Core Plus Bond GMACC 12.44 - 0.03 2.32 Global Smaller Companies (No Trail) Inc F 332.98 - 0.53 0.49 European Multi-Cap 476.81 476.81 3.43 0.20
Artemis Strategic Bond R M Inc 57.56 61.03 0.03 3.62 Canada Life Investments (UK) Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Ethical Corporate Bond B Inc 1.06 - 0.01 3.11
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Dynasty Corporate Bonds 1-3 B EUR 101.37 - 0.02 - Sterling Core Plus Red Dur 11.18 - 0.00 2.10 FCA Recognised Global Targeted Income Fund Acc (No Trail) 105.25 - -0.04 - Extra Income 87.00 92.06 0.43 3.68
Artemis Strategic Bond R Q Acc 93.78 99.43 0.05 3.60
Ethical Equity B Acc 2.22 - 0.01 2.04
Authorised Inv Funds Strategic Bond Fund Y-ACC-GBP 1.20 - 0.00 3.02 Hermes Abs Return Credit Fund Class F Acc 1.24 1.24 0.00 0.00 Global Targeted Income Fund Inc (No Trail) 106.69 - -0.04 - Far East Growth A Inc 232.26 232.26 0.58 1.40
Artemis Strategic Bond R Q Inc 57.63 61.10 0.03 3.68
Asia Pacific C Acc 10.54 - 0.02 1.09 High Yield Bond B Acc 2.68 - 0.00 3.91
Strategic Bond Fund Y-GACC-GBP 1.20 - 0.00 3.07 Hermes Abs Return Credit Fund Class R Acc 2.02 2.02 0.01 0.00 Global Targeted Rets (No Trail) Acc 121.43 - -0.19 1.36 Global 232.66 245.11 0.07 0.00
Artemis UK Select Fund Class R Acc 528.41 558.94 1.03 1.69
Balance C Acc 1.81 - 0.01 1.76 High Yield Bond B Inc 1.00 - 0.00 3.93
Strategic Bond Fund Y-GINC-GBP 1.24 - 0.00 2.97 Hermes Asia Ex-Japan Equity Fund Class F Acc 2.40 2.40 0.01 0.00 High Income (No Trail) Acc F 201.39 - 0.86 2.98 Global Bond Inc 156.39 165.42 0.44 2.60
Artemis UK Smaller Cos R Acc 1540.07 1649.21 1.60 0.99
Corporate Bond C Acc 2.61 - 0.00 3.60 Investment Grade Bond B Acc 177.78 - 0.91 2.22
Strategic Bond Fund Y-INC-GBP 1.24 - 0.00 2.97 Hermes Asia Ex-Japan Equity Fund Class R Acc 4.31 4.31 -0.02 0.00 High Income (No Trail) Inc F 141.26 - 0.60 3.05 High Yield Fixed Interest 75.86 80.49 0.04 5.05
Artemis UK Special Sits R Acc 598.11 634.75 0.60 1.46
Investment Grade Bond B Inc 1.25 - 0.00 2.75
Asset Management
European C Acc 1.40 - 0.02 1.45 Target 2020 A-ACC-GBP 0.66 - 0.00 0.31 Hermes Europe Ex-UK Equity Fund Class F Acc 1.96 1.96 0.02 0.00 High Yield Fund (No Trail) Acc 246.12 - 0.16 5.68 Multi Cap Income A Inc 163.07 163.07 0.02 4.09
Artemis US Abs Ret I Acc 111.39 - 0.04 0.00
Asset Manageme
Global Bond C Inc 1.12 - 0.01 2.40 Sterling Corporate Bond B Acc 0.82 - 0.00 2.76
Target 2025 A-ACC-GBP 1.60 - 0.00 0.47 Hermes Europe Ex-UK Equity Fund Class R Acc 3.81 3.81 0.01 0.00 High Yield Fund (No Trail) Inc 168.15 - 0.11 5.88 Nano-Cap Growth A Acc 140.2805 154.1800 -0.4574 0.00
Artemis US Equity I Acc 161.60 - 0.13 0.42
Global Equity C Acc 8.37 - 0.02 1.21 Sterling Corporate Bond B Inc 0.34 - 0.00 2.78
Target 2030 A-ACC-GBP 1.79 - 0.00 0.50 Hermes European Alpha Equity Fund Class F Acc 1.76 1.76 0.02 0.00 Hong Kong & China (No Trail) Acc F 256.23 - -0.44 0.90 Special Situations A Acc 1574.24 1665.86 0.72 0.30
Artemis US Ex Alpha I Acc 179.23 - 0.07 0.00
Global Equity Income C Inc 1.58 - 0.01 3.14 EdenTree Investment Management Ltd (UK) Strategic Bond B Acc 1.20 - 0.00 2.19
UK Invest Grade Long Credit GACC 118.40 - 0.20 3.37 Hermes European Alpha Equity Fund Class F Dis 1.68 1.68 0.02 1.18 Income & Growth (No Trail) Acc F 267.82 - 1.35 3.29 UK Multi-Cap Growth A Inc 317.54 336.02 0.37 0.35
Artemis US Extended Alpha I Hedged Acc 1.23 - 0.00 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Global High Yield Bond C Inc 0.99 - -0.01 5.83 Strategic Bond B Inc 1.21 - 0.00 2.21
UK Opportunities Fund W-ACC-GBP 233.90 - -1.00 1.26 Hermes European Alpha Equity Fund Class R Acc 3.53 3.53 0.02 0.00 Income & Growth (No Trail) Inc F 200.87 - 1.01 3.38 UK Micro Cap Growth A 649.27 687.06 -0.10 0.11
Artemis US Select I Acc 162.74 - 0.09 0.31 Authorised Inv Funds
Japan C Acc 1.40 - 0.00 0.92 UK Equity B Acc 3.07 - 0.01 2.01
Amity UK Cls A Inc 242.10 - 1.10 1.34 UK Opportunities Fund W-INC-GBP 133.00 - -0.50 1.31 Hermes Global Emerging Markets Fund Class F Acc 1.79 1.79 0.00 0.00 Income (No Trail) Acc F 196.35 - 0.84 2.99 US Multi-Cap Income 421.82 421.82 0.06 0.53
Artemis US Select I Hedged Acc 1.20 - 0.00 0.22
Managed 0%-35% C Acc 1.05 - 0.01 - UK Equity Absolute Return B Acc 1.18 - 0.00 0.00
Amity UK Cls B Inc 241.90 - 1.10 2.04 UK Select Fund W-ACC-GBP 2.96 - 0.02 1.40 Hermes Global Emerging Markets Fund Class R Acc 3.76 3.76 -0.02 0.00 Income (No Trail) Inc F 137.00 - 0.59 3.06 MFM - Third Party Funds
Artemis US Select I Inc 144.59 - 0.07 0.31
North American C Acc 12.59 - -0.02 0.72 UK Equity Income B Acc 2.61 - 0.02 4.15 Junior Oils 80.35 85.03 -1.99 0.00
Higher Income Cls A Inc 138.90 - 0.50 4.16 UK Smaller Companies W-ACC-GBP 2.44 - -0.01 1.37 Hermes Global Equity Fund Class F Acc 2.11 2.11 0.00 0.00 Invesco Global Emerging Mkts Bond Acc (No Trail) 99.63 - 0.29 -
Artemis US Smlr Cos I Acc 176.57 - -0.67 0.05
Portfolio III C Acc 1.24 - 0.00 1.96 UK Equity Income B Inc 1.88 - 0.01 4.27 Junior Gold C Acc 36.72 36.72 -0.11 0.00
WealthBuilder Fund N-ACC-GBP 1.52 - 0.01 1.08 Invesco Global Emerging Mkts Bond Inc (No Trail) 98.95 - 0.27 -
Asset Management
Higher Income Cls B Inc 144.20 - 0.60 4.11 Hermes Global Equity Fund Class R Acc 4.61 4.61 -0.02 0.00
UK Opportunities B Acc 2.03 - 0.00 1.70
Asset Management
Portfolio IV C Acc 1.28 - 0.01 2.38
Asset Management
Institutional OEIC Funds Hermes Global ESG Equity Fund Class F Acc 1.62 1.62 0.00 0.00 Japan (No Trail) Acc F 197.55 - -0.25 1.01 MFM Artorius Fund 184.58 184.58 1.91 0.36
UK Equity Growth Cls A Inc 274.90 - 0.70 1.28
Artisan Partners Global Funds PLC (IRL) Portfolio V C Acc 1.30 - 0.00 1.72 America 5.40 - 0.00 0.56 Hermes Global High Yield Credit Fund Class F Acc 1.44 1.44 0.00 0.00 Japanese Smaller Companies (No Trail) Acc F 287.33 - 3.41 0.00
UK Smaller Companies B Acc 3.51 - 0.00 1.22 MFM Bowland 217.34 234.96 -0.67 1.17
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland UK Equity Growth Cls B Inc 281.10 - 0.70 1.95
Portfolio VI C Acc 1.32 - 0.00 1.72 Emerging Markets 4.36 - -0.01 0.46 Hermes Global High Yield Credit Fund Class R Acc 3.12 3.12 0.01 0.00 Latin American (No Trail) Acc F 140.40 - -0.60 1.18 MFM Hathaway Inc 130.83 136.99 1.27 1.06
Tel: 44 (0) 207 766 7130 Amity Balanced For Charities A Inc 118.00 - 0.60 4.87
Portfolio VII C Acc 1.30 - 0.00 1.49 Europe (ex-UK) Fund ACC-GBP 5.30 - 0.08 1.09 Hermes Global Small Cap Fund Class F Acc 1.39 1.39 0.00 0.00 Latin American (No Trail) Inc F 124.51 - -0.54 1.19 Kames Capital Investment Portfolios ICVC (UK) MFM Techinvest Special Situations Acc 191.91 191.91 0.35 0.00
FCA Recognised Amity European Fund Cls A Inc 276.50 - 2.90 1.39
Artisan Partners Global Funds plc Short duration Corporate Bond C Acc 1.01 - 0.00 - Fidelity Pre-Retirement Bond Fund 139.70 - 0.30 2.65 Hermes Global Small Cap Fund Class R Acc 2.26 2.26 -0.02 0.00 Managed Growth (No Trail) Acc F 261.23 - 0.43 0.79 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA MFM Techinvest Technology Acc 491.86 491.86 8.88 0.00
Amity European Fund Cls B Inc 279.80 - 2.90 2.01
Artisan Global Equity Fund Class I USD Acc $ 16.28 - -0.02 0.00 Strategic Return C Acc 1.17 - 0.00 0.00 Global Focus 3.98 - 0.01 0.43 0800 358 3009 www.kamescapital.com
Hermes Multi Asset Inflation Fund Class F GBP Acc 1.03 1.03 -0.01 0.00 Managed Growth (No Trail) Inc F 237.73 - 0.39 0.80 MFM UK Primary Opportunities A Inc 415.52 415.52 0.75 1.71
Amity Global Equity Inc for Charities A Inc 125.70 - 0.80 3.34 Authorised Funds
Artisan Global Opportunities I USD Acc $ 15.26 - -0.02 0.00 Total Return C Acc 1.09 - 0.00 2.19 Index Linked Bond 3.35 - 0.00 0.39 Hermes Multi Strategy Credit Fund Class F Acc Hed 1.14 1.14 0.00 0.00 Managed Income (No Trail) Acc F 238.22 - 0.59 2.40 Slater Investments Ltd - Investment Adviser
Amity International Cls A Inc 265.40 - 1.80 1.21 Property Income B Acc 125.91 125.91 0.57 4.34
Artisan Global Value Fund Class I USD Acc $ 19.11 - -0.05 0.00 UK Equity & Bond C Inc 2.64 - 0.01 3.83 Index Linked Bond Gross 4.07 - -0.01 0.40 Managed Income (No Trail) Inc F 188.89 - 0.46 2.45 MFM Slater Growth 480.60 509.92 1.13 0.35
Amity International Cls B Inc 268.20 - 1.90 1.86 Hermes US All Cap Equity Class F Stg Acc 1.38 1.38 0.00 0.00 Property Income B Inc 109.32 109.32 0.49 4.44
Artisan US Value Equity Fund Class I USD Acc $ 13.64 - -0.10 0.00 UK Equity C Inc 1.12 - 0.00 2.06 Index-Linked Bond Fund Gross Inc 15.76 - -0.03 0.39 Monthly Income Plus (No Trail) Acc F 189.55 - 0.22 4.32 MFM Slater Income A Inc 165.22 165.22 0.05 4.24
Amity Sterling Bond Fund A Inc 107.90 - 0.10 4.82 Hermes US All Cap Equity Class R Acc 2.25 2.25 -0.01 0.00
Artisan Global Opportunities Class I EUR Acc 20.49 - -0.05 0.00 UK Equity Income C Inc 4.70 - 0.02 3.49 Japan 2.75 - 0.01 0.75 Monthly Income Plus (No Trail) Inc F 111.54 - 0.13 4.42 MFM Slater Recovery 212.21 225.16 3.76 0.48
Amity Sterling Bond Fund B Inc 117.70 - 0.10 4.78 Hermes US SMID Equity Fund Class F Acc 2.28 2.28 -0.01 0.00
UK Government Bond C Inc 1.15 - 0.00 1.64 Long Bond 0.59 - 0.00 2.27 Pacific (No Trail) Acc F 269.91 - 0.45 0.84
Kames Capital VCIC (IRL)
Hermes US SMID Equity Fund Class R Acc 4.04 4.04 -0.04 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Long Bond Gross 1.00 - 0.00 2.23 Pacific (No Trail) Inc F 251.31 - 0.42 0.96
Ashmore Sicav (LUX) FCA Recognised Marwyn Asset Management Limited (CYM)
2 rue Albert Borschette L-1246 Luxembourg
Edinburgh Partners Limited (IRL) Long Bond Fund Gross Inc 13.17 - 0.04 2.26 Regulated
Capita Asset Services (UK) Tactical Bond (No Trail) Acc F 149.00 - 0.00 2.29 Absolute Return Bond B GBP Acc 1104.36 - 0.06 1.03
FCA Recognised
27-31 Melville Street, Edinburgh EH3 7JF
Pacific (Ex Japan) 4.95 - 0.01 1.20
Hermes Property Unit Trust (UK)
40 Dukes Place, London EC3A 7NH Tactical Bond (No Trail) Inc F 122.65 - 0.00 2.32 Marwyn Value Investors 449.78 - 12.85 0.00
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Property & Other UK Unit Trusts Eq Market Neutral B Acc 970.96 - -2.25 -
Ashmore SICAV Emerging Market Debt Fund $ 103.11 - 0.17 7.26 Order Desk and Enquiries: 0345 922 0044 Pan European 3.51 - 0.03 1.56
FCA Recognised Property 6.09 6.53 0.02 2.83 UK Focus (No Trail) Acc F 207.21 - 0.74 2.16 Eq Market Neutral Plus B Acc 928.47 - -0.18 -
Ashmore SICAV Emerging Market Frontier Equity Fund $ 176.66 - -1.02 1.01 Authorised Inv Funds Edinburgh Partners Opportunities Fund PLC Select Emerging Markets Equities 1.77 - 0.00 0.92 UK Focus (No Trail) Inc F 166.23 - 0.60 2.21 High Yield Global Bond A GBP Inc 534.40 - 0.20 3.12 McInroy & Wood Portfolios Limited (UK)
Ashmore SICAV Emerging Market Total Return Fund $ 90.10 - -0.07 6.26 CF Heartwood Cautious B Acc X 140.63 - 0.20 0.16 Emerging Opportunities I USD $ $ 1.33 - 0.00 1.43 Select Global Equities 4.01 - 0.02 0.92 UK Enhanced Index (No Trail) Acc F 500.29 - 2.50 3.14 Easter Alderston, Haddington, EH41 3SF 01620 825867
High Yield Global Bond B GBP Inc 1117.92 - 0.44 3.69
Ashmore SICAV Global Small Cap Equity Fund $ 151.63 - 0.20 - CF Heartwood Cautious Income B Inc X 114.95 - 0.09 3.17 European Opportunities I EUR 2.81 - -0.01 - South East Asia 5.15 - 0.02 1.55 Hermes UK Residential Real Estate (UK) Authorised Inv Funds
UK Enhanced Index (No Trail) Inc F 296.22 - 1.48 3.22 Investment Grade Global Bd A GBP Inc 579.19 - 0.42 1.99
CF Heartwood Growth B Acc X 171.87 - 0.25 0.53 Property & Other UK Unit Trusts
EM Mkts Corp.Debt USD F $ 98.07 - 0.13 7.20 European Opportunities I GBP 2.43 - -0.01 - Sterling Core Plus Bond Gr Accum 2.53 - 0.01 2.37 Balanced Fund Personal Class Units 4752.30xd - 21.50 1.55
VISTA UK Residential Real Estate 1.02 1.06 0.03 - UK Growth (No Trail) Acc F 176.14 - 0.45 2.34 Kames Emerging Market Bond Fund - B Acc USD $ 11.02 - 0.01 0.00
EM Mkts Loc.Ccy Bd USD F $ 85.77 - -0.33 4.55 CF Heartwood Balanced Income B Inc X 119.78 - 0.09 3.75 European Opportunities A EUR 2.75 - -0.01 - Income Fund Personal Class Units 2715.60 - 7.80 2.68
Sterling Core Plus Bond Inc 1.59 - 0.01 2.42 UK Growth (No Trail) Inc F 136.88 - 0.35 2.40 Kames Global Equity Income B GBP Acc 1554.85 - 7.35 -
EM Short Duration Fund Acc USD $ 129.91 - 0.11 0.00 CF Heartwood Balanced B Acc X 143.82 - 0.12 0.43 Global Opportunities I USD $ 1.85 - -0.01 2.35 Emerging Markets Fund Personal Class Units 2151.20xd - 10.30 1.69
UK 4.34 - 0.02 1.96 UK Smaller Companies Equity (No Trail) Acc F 384.81 - -0.05 0.72 Kames Global Equity Income B GBP Inc 1411.89 - 6.67 3.11
CF Heartwood Defensive Multi Asset Fund B Accumulation 116.20 - 0.09 0.01 Global Opportunities I GBP 1.44 - -0.01 2.25 INDIA VALUE INVESTMENTS LIMITED (INVIL) Smaller Companies Fund Personal Class Units 4855.30 - 18.70 1.29
UK Aggreg Bond Gr Accum 2.09 - 0.00 2.51 UK Smaller Companies Equity (No Trail) Inc F 351.54 - -0.03 0.73
www.invil.mu Kames Global Diversified Growth Fund - B Acc EUR 10.91 - 0.00 -
CF Seneca Diversified Growth A ACC 262.13 - -0.02 2.05 Pan European Opportunities I EUR 1.91 - 0.00 - UK Corporate Bond 1.34 - 0.00 3.15 UK Strategic Income (No Trail) Acc F 818.47 - 2.82 2.94
Other International Funds Kames Global Equity Market Neutral Fund - B Acc GBP 9.95 - 0.01 -
CF Seneca Diversified Growth B ACC 156.60 - -0.01 2.61
UK Corporate Bond - Gross 2.60 - 0.00 3.07 UK Strategic Income (No Trail) Inc F 575.06 - 1.97 3.01 Meridian Fund Managers Ltd
NAV 9.57 - 0.02 0.00 Kames Global Sustainable Equity Fund - B Acc EUR 11.80 - -0.08 0.00
CF Seneca Diversified Growth N ACC 154.49 - -0.01 2.39
UK Corporate Bond Fund Gross Inc 12.13 - 0.01 3.14 Other International Funds
Electric & General (1000)F (UK) US Enhanced Index (No Trail) Acc F 114.99 - 0.15 - Kames Absolute Return Bond Global Fund - B Acc GBP 10.24 - 0.00 0.00
CF Seneca Diversified Income A INC 96.47 - 0.01 4.71 Global Gold & Resources Fund $ 317.06 - 0.43 -
Stuart House St.John's Street Peterborough PE1 5DD UK Gilt Fund Inc 1.40 - 0.00 1.77 US Enhanced Index (No Trail) Inc F 113.93 - 0.15 - Strategic Global Bond A GBP Inc 1119.22 - -3.19 0.54
CF Seneca Diversified Income B INC 115.35 - 0.01 4.70 Orders & Enquiries: 0845 850 0255 UK Gilt Gross 2.29 - 0.00 1.74
Intrinsic Value Investors (IVI) LLP (IRL)
Global Energy & Resources Fund $ 38.21 - -0.83 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 US Equity (No Trail) Acc F 305.73 - -0.97 0.28 Strategic Global Bond B GBP Inc 634.93 - -1.81 0.99
CF Seneca Diversified Income N INC 113.89 - 0.01 4.70 Authorised Inv Funds
UK Long Corp Bond 1.59 - 0.01 3.31 FCA Recognised
Aspect Capital Ltd (UK) Investment Adviser - Morant Wright Management Limited Authorised Corporate Director - Carvetian Capital Management
UK Long Corp Bond - Gross 3.02 - 0.00 3.22 IVI European Fund EUR 22.10 - 0.05 0.00
Other International Funds CF Morant Wright Japan A X 374.39 - 0.12 0.00 Electric&General Net Income A 197.70 - 1.70 1.55
UK Long Corporate Bond - Gross Inc 12.69 - 0.03 3.30 Kleinwort Benson Bank (UK)
Aspect Diversified USD $ 384.34 - 2.81 0.00 IVI European Fund GBP 25.67 - -0.14 0.62
CF Morant Wright Japan A Inc X 366.53 - 0.12 0.45 14 St. George Street, Mayfair, London W1S1FE
Retail Share Classes
Aspect Diversified EUR 226.35 - 1.58 0.00 CF Morant Wright Japan B X 401.36 - 0.13 0.97 Dealing and enquiries: 0800 024 2400
Ennismore Smaller Cos Plc (IRL) Emerging Markets - retail 1.72 - 0.00 0.00
Aspect Diversified GBP 118.18 - 0.84 0.00 Authorised Inv Funds
CF Morant Wright Japan B Inc X 371.91 - 0.12 0.98 5 Kensington Church St, London W8 4LD 020 7368 4220 {*}CAR - Net income reinvested Unit Trust Manager/ACD - Host Capital
Aspect Diversified CHF SFr 106.99 - 0.75 0.00 CF Morant Wright Nippon Yield ACC A X 391.21 - -0.42 1.94 FCA Recognised
HC KB Capital Growth A Acc 203.39 - 0.72 1.36
Aspect Diversified Trends USD $ 114.97 - -0.24 0.00 Ennismore European Smlr Cos NAV 122.47 - -0.47 0.00
CF Morant Wright Nippon Yield ACC B X 408.70 - -0.43 1.93 Emerging Markets Managed Accounts PLC (IRL)
Findlay Park Funds Plc (IRL) Invesco (LUX) HC KB Capital Growth A Inc 186.38 - 0.66 1.38
Aspect Diversified Trends EUR 112.84 - -0.25 0.00 Ennismore European Smlr Cos NAV 140.91 - 0.31 0.00 emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
CF Morant Wright Nippon Yield Fund A Inc X 326.31 - -0.35 1.99 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 HC KB Enterprise Equity Income A Inc 118.23 - -0.14 3.06
Aspect Diversified Trends GBP 119.32 - -0.25 0.00 Regulated
CF Morant Wright Nippon Yield Fund B Inc X 340.99 - -0.36 2.00 FCA Recognised FCA Recognised
HC KB Enterprise Equity Income A Acc 186.66 - -0.22 4.00
Invesco Management SA Milltrust ASEAN A $ 105.53 - -0.51 0.00
Ennismore European Smlr Cos Hedge Fd American Fund USD Class $ 96.87 - 0.10 0.00
Invesco Fund Managers Ltd (UK) HC KB Endeavour Multi Asset Balanced A Acc 154.10 - -0.20 0.81
Milltrust India A $ 162.38 - 0.82 0.00
Other International Funds American Fund GBP Hedged 52.19 - 0.06 0.00 Invesco Active Multi-Sector Credit Fund A 3.14 - 0.00 0.00
Atlantas Sicav (LUX)
Cedar Rock Capital Limited (IRL) Perptual Park, Henley-On-Thames, Oxon, RG9 1HH HC KB Endeavour Multi Asset Balanced A Inc 145.64 - -0.19 0.81
NAV 523.73 - -0.38 0.00 Invesco Asia Balanced A dist $ 14.36 - 0.01 3.72 Milltrust Latin America A $ 92.69 - -1.00 -
Regulated Regulated American Fund GBP Unhedged 75.31 - -0.34 0.00 Dealing: 0800 085 8571
HC KB Enterprise Fixed Income A Acc 131.14 - 0.11 3.44
American Dynamic $ 4181.75 - 28.85 0.00 Investor Services: 0800 085 8677 Invesco Asia Consumer Demand Fund A income $ 15.05 - 0.03 0.11 Milltrust Keywise China Fund $ 133.75 - 0.23 0.00
Cedar Rock Capital Fd Plc $ 424.89 - 10.23 1.38 Latin American Fund USD Class $ 15.67 - -0.18 -
www.invescoperpetual.co.uk HC KB Enterprise Fixed Income A Inc 112.99 - 0.09 3.44
American One $ 3859.96 - 34.72 - Invesco Asia Infrastructure (A) $ 13.89 - 0.03 0.68 Milltrust SEDCO MENA Fund (Class A) * $ 101.40 - 0.44 -
Cedar Rock Capital Fd Plc 517.46 - 14.30 1.45 Equinox Fund Mgmt (Guernsey) Limited (GSY) Latin American Fund GBP Unhedged 12.41 - -0.21 -
Authorised Inv Funds
Bond Global 1461.44 - 12.70 - Regulated Invesco Asia Opportunities Equity A $ 124.85 - -0.24 0.00
Cedar Rock Capital Fd Plc 404.89 - 8.54 1.43 INVESCO PERPETUAL Funds
Eurocroissance 985.53 - 3.32 0.00 Equinox Russian Opportunities Fund Limited $ 180.44 - 8.90 0.00 Asian Acc F 715.58 - 0.31 0.50 Invesco Balanced Risk Allocation Fund A 16.51 - 0.00 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) Ministry of Justice Common Investment Funds (UK)
The First Investor QSCC PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Far East $ 827.50 - 8.16 0.00 Asian Inc F 635.38 - 0.27 0.50 Invesco Emerging Europe Equity Fund A $ 10.21 - -0.11 0.00 Property & Other UK Unit Trusts
5th Floor, Barwa Bank Building, Grand Hamad Street Other International Funds
Charles Schwab Worldwide Funds Plc (IRL) Invesco Emerging Local Currencies Debt A Inc $ 7.12 - 0.02 5.70 The Equity Idx Tracker Fd Inc 1678.00 1678.00 0.00 2.37
, P.O. Box 16034, Doha, State of Qatar Asian Equity Income Acc F 81.74 - 0.22 3.10
Regulated Euronova Asset Management UK LLP (CYM) Lloydstrust Gilt 12.9600 - 0.0000 1.95
+ 974 4459 6111 Invesco Emerging Mkt Quant.Eq. A $ 11.83 - -0.01 0.00 Distribution Units
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.02 Regulated Asian Equity Income Inc F 65.38 - 0.17 3.19 Lloyds Investment Funds Limited
http://www.tfi.com.qa/ Invesco Energy A $ 16.46 - -0.28 0.00
Regulated Smaller Cos Cls One Shares 41.52 - 0.06 0.00 Balanced Risk 6 Acc 56.86 - -0.01 0.00 Euro High Income 1.6230 - 0.0010 3.01
Other International Funds
Global Liquidity USD $ 1.00 - 0.00 0.61 Smaller Cos Cls Two Shares 28.35 - 0.03 0.00 Balanced Risk 8 Acc 59.93 - -0.01 0.00 Invesco Euro Corporate Bond Fund (A) 17.75 - 0.01 0.00 European 10.0700 - 0.1010 0.70 Mirabaud Asset Management (LUX)
TFI GCC Equity Opportunities Fund (Q)QAR 1275.53 - 9.44 0.00
Chartered Asset Management Pte Ltd Smaller Cos Cls Three Shares 14.28 - 0.02 0.00 Invesco Euro Inflation Linked Bond A 15.78 - 0.02 0.00 www.mirabaud.com, marketing@mirabaud.com
Balanced Risk 10 Acc 63.21 - -0.02 0.00 High Income 0.9050 - 0.0007 4.44
Other International Funds Regulated
Smaller Cos Cls Four Shares 18.34 - 0.02 0.00 Childrens Acc F 474.68 - 1.72 1.89 Invesco Euro Reserve A 321.14 - 0.00 0.00 International 5.4800 - 0.0310 0.35
Barclays Investment Funds (CI) Ltd (JER) CAM-GTF Limited $ 307234.10 307234.10 -353.72 0.00
Foord Asset Management Mir. - Conv. Bds Eur A EUR 141.56 - 0.00 -
Corporate Bond Acc F 199.76 - 0.16 3.19 Invesco Euro Bond A 7.43 - 0.00 0.00 North American 21.2800 - 0.1000 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 CAM GTi Limited $ 686.20 - -1.02 0.00 Website: www.foord.com - Email: info@foord.com Mir. - Conv. Bds Glb A USD $ 122.26 - -0.09 0.00
Invesco European Growth Equity A 27.04 - 0.02 0.00
Asset Management
FCA Recognised Corporate Bond Inc F 91.19 - 0.07 3.26 Sterling Bond 1.5810 - 0.0020 3.03
Raffles-Asia Investment Company $ 1.62 1.62 -0.01 1.90 FCA Recognised - Luxembourg UCITS Mir. - Eq Asia ex Jap A $ 209.46 - -0.07 0.00
Mir. - Glb Strat. Bd A USD $ 112.72 - 0.07 - Pictet-Emerging Markets-I USD F $ 606.21 - -0.59 0.00 CF Ruffer Pacific Fund C Inc 1.01 - 0.02 - Stenham Universal II USD $ 159.80 - 1.02 0.00 Trojan Fund O Inc 253.19 - 0.79 0.36
Mir. - US Shrt Term Credit Fd $ 103.95 - 0.07 0.00 Pictet-Emerging Markets Index-I USD F $ 270.74
Pictet-Emerging Corporate Bonds I USD $ 121.46
-
-
3.20
0.09 0.00
-
Purisima Investment Fds (UK) (1200)F (UK)
Equity & General C Acc
Equity & General C Inc
428.88
395.58
-
-
-0.10 0.00
-0.10 0.00
Trojan Global Equity O Acc
Trojan Global Equity O Inc
297.56
250.67
-
-
1.91 0.76
1.61 0.77
Money Market
40 Dukes Place, London EC3A 7NH
Pictet-Emerging Markets High Dividend I USD $ 113.35 - -0.06 0.00 Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Equity & General O Inc 392.24 - -0.11 0.00 Trojan Global Income O Acc 106.76 - 0.81 - Trusts and
Pictet-Emerging Markets Sust Eq I USD $ 103.38 - 1.12 0.00 Equity & General O Acc 422.75 - -0.13 0.00 Trojan Global Income O Inc 105.35 - 0.79 -
Pictet-EUR Bonds-I F 580.31 - 0.64 0.00
Authorised Corporate Director - Capita Financial Managers
Global Total Fd PCG A 231.03 - 0.90 0.59
European C Acc 564.12 - 4.90 0.06 Trojan Income O Acc 334.60 - 2.08 3.47 Bank Accounts Gross
Pictet-EUR Corporate Bonds Ex Fin i EUR 150.02 - 0.25 0.00 European O Acc 556.03 - 4.80 0.00 Trojan Income O Inc 199.37 - 1.24 3.58
Oasis Crescent Management Company Ltd Global Total Fd PCG B 229.15 - 0.89 0.39 Gross Net AER Int Cr
Pictet-EUR Corporate Bonds-I F 209.50 - 0.26 - Japanese Fund C Acc 220.08 - 0.00 0.24
Other International Funds Global Total Fd PCG INT 226.35 - 0.88 0.19 E.I. Sturdza Strategic Management Limited (GSY)
Pictet-EUR Government Bonds I EUR 161.83 - 0.00 0.00 Japanese Fund O Acc X 216.64 - -0.02 0.03
Morgan Stanley Investment Funds (LUX)
Oasis Crescent Equity Fund R 10.01 - 0.02 0.00 Regulated UBS Asset Management (UK) CCLA Investment Management Ltd
Pictet-EUR High Yield-I F 267.22 - 0.02 0.00 Pacific C Acc 355.00 - 6.49 0.97 21 Lombard Street, London, EC3V 9AH Senator House 85 Queen Victoria Street, London EC4V 4ET
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61 Nippon Growth Fund Limited 97026.00 - 1524.00 0.00
Pictet-EUR Short Mid-Term Bonds-I F 137.44 - 0.04 0.00 Purisima Investment Fds (CI) Ltd (JER) Pacific O Acc 349.60 - 6.37 1.10 Client Services 0800 358 3012, Client Dealing 0800 358 3012 CBF Church of England Deposit Fund 0.25 - 0.25 Qtr
www.morganstanleyinvestmentfunds.com Strat Evarich Japan Fd Ltd JPY 80572.00 - 488.00 0.00
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Regulated www.ubs.com/retailfunds
FCA Recognised Pictet-EUR Short Term HY I EUR 125.90 - -0.32 0.00 Total Return C Acc 444.23 - -1.18 1.55
Regulated PCG B X 195.41 - -1.61 0.00 Strat Evarich Japan Fd Ltd USD $ 789.53 - 4.55 0.00 Authorised Inv Funds
US Advantage A F $ 69.99 - 0.03 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I 102.13 - 0.00 0.00 Total Return C Inc 301.61 - -0.79 1.57
OEIC
CCLA Fund Managers Ltd
Oasis Global Investment (Ireland) Plc PCG C X 192.21 - -1.59 0.00
Asian Equity A F $ 49.14 - -0.20 0.00 Pictet-Euroland Index IS EUR 153.68 - -0.75 - Total Return O Inc 297.12 - -0.80 1.58 Senator House 85 Queen Victoria Street, London EC4V 4ET
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.40 UBS Global Emerging Markets Equity C Acc 0.71 - 0.00 1.12
E.I. Sturdza Funds PLC (IRL) COIF Charities Deposit Fund 0.20 - 0.20 Qtr
Asian Property A F $ 19.54 - 0.00 0.00 Pictet-Europe Index-I EUR F 190.76 - -0.31 - Total Return O Acc 437.86 - -1.18 1.56 UBS Global Optimal C Acc 0.94 - 0.00 1.00
Oasis Global Equity $ 28.73 - 0.00 0.26 Regulated
Diversified Alpha Plus A F 27.87 27.87 0.02 0.00 Oasis Crescent Global Investment Fund (Ireland) plc Pictet-European Equity Selection-I EUR F 738.29 - -3.05 - Putnam Investments (Ireland) Ltd (IRL)
UBS UK Opportunities C Acc 0.86 - 0.00 2.43
Regulated Nippon Growth (UCITS) Fd - B 83399.00 - 26.00 -
Emerg Europ, Mid-East & Africa Eq A F 78.07 - -0.45 0.00 Oasis Crescent Global Equity Fund $ 29.68 - -0.01 0.14 Pictet-European Sust Eq-I EUR F 269.56 - 0.14 0.00 UBS US Equity C Acc 1.15 - -0.01 0.42
Putnam New Flag Euro High Yield Plc - E 1052.14 - 0.45 3.37 Nippon Growth (UCITS) Fd - D Inst 54431.00 - 18.00 -
Emerging Markets Debt A F $ 87.04 - 0.01 0.00 Oasis Crescent Variable Balanced Fund 10.68 - -0.01 0.55 Pictet-Global Bds Fundamental I USD $ 122.24 - 0.00 -
Strategic China Panda Fd - USD $ 2719.72 - 3.48 0.00 UBS S&P 500 Index C Acc 0.76 - -0.01 1.46 Data Provided by
Emerging Markets Domestic Debt AX F 12.92 12.92 -0.03 4.92 OasisCresGl Income Class A $ 10.79 - 0.01 - Pictet-Global Bonds-I EUR 171.73 - 0.38 - UBS Targeted Return C Acc 13.57 - -0.03 1.19
Strategic China Panda Fd - USD Inst $ 1050.08 - 1.39 0.00
Emerging Markets Equity A F $ 40.72 40.72 -0.15 0.00 OasisCresGl LowBal D ($) Dist $ 12.01 - -0.01 0.00 Pictet-Global Defensive Equities I USD $ 161.29 - -0.40 0.00 UBS Sterling Corporate Bond Indexed C Acc 0.60 - 0.00 2.86
Strategic Euro Bond Fd - Acc 1134.18 - -0.07 -
Euro Bond A F 16.23 16.23 0.01 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.47 - -0.01 0.45 Pictet-Global Emerging Currencies-I USD F $ 105.21 - -0.02 0.00 UBS Multi Asset Income C Inc Net 0.49 - 0.00 -
Strategic Euro Bond Fd - Dist 1011.39 - -0.06 1.28
Euro Corporate Bond AX F 27.20 27.20 -0.01 - Oasis Crescent Gbl Property Eqty $ 9.60 - -0.03 - Pictet-Global Emerging Debt-I USD F $ 402.01 - 0.75 0.00 UBS UK Equity Income C Inc Net 0.72 - 0.00 3.28
Strategic Euro Bond Fd - EUR Inst 1016.01 - -0.05 -
Euro Strategic Bond A F 45.90 45.90 -0.01 0.00 Pictet-Global Env.Opport-I EUR 190.84 - 0.35 0.00 S W Mitchell Capital LLP (CYM)
Asset Management
Regulated Strategic Europe Value Fd - EUR 218.25 - 0.14 - UBS Corporate Bond UK Plus C Inc Net 0.53 - 0.00 -
Asset Management
European Currencies High Yield Bd A F 24.25 24.25 0.00 0.00 Pictet-Global Megatrend Selection-I USD F $ 261.63 - -0.16 - UBS Global Allocation (UK) C Acc 0.78 - 0.00 1.61
S W Mitchell European Fund Class A EUR 296.93 - 29.15 - Strategic Europe Value Fd - EUR Inst 192.14 - 0.13 -
European Equity Alpha A F 46.47 - -0.02 0.00 Pictet-Greater China-I USD F $ 531.72 - -1.31 0.00
European Property A F 34.95 34.95 0.03 0.00 Pictet-Health-I USD $ 267.59 - -1.58 0.00
Ram Active Investments SA
www.ram-ai.com
Strategic Europe Value Fd - EUR Inst Dist 104.45 - 0.07 0.00 UBS Global Enhanced Equity Income C Inc
UBS US Growth C Acc
www.morningstar.co.uk
0.47
1.15
-
-
0.00 8.47
0.00 0.00
Strategic Europe Value Fd - Euro R Class 102.47 - 0.05 -
Eurozone Equity Alpha A F 13.19 13.19 0.00 - Pictet-High Dividend Sel I EUR F 173.72 - -0.07 0.00 Other International Funds S W Mitchell Capital LLP (IRL) Data as shown is for information purposes only. No
Strategic European Smaller Companies Fd - EUR 1331.54 - 14.43 0.00 UBS Emerging Markets Equity Income C Inc 0.50 - 0.00 3.75
RAM Systematic Emerg Markets Core Eq $ 95.23 - 0.03 - Regulated offer is made by Morningstar or this publication.
Global Bond A F $ 40.91 40.91 0.05 - Pictet-India Index I USD $ 114.73 - 0.22 0.00 UBS FTSE RAFI Dev 1000 Index J Acc 137.41 - -1.22 2.44
SWMC European Fund B EUR 16813.04 - -70.14 0.00 Strategic Global Bond Fd - RMB $ 1053.37 - 2.01 0.00
Global Brands A F $ 119.43 - -0.01 - Pictet-Indian Equities-I USD F $ 568.68 - 6.33 0.00 RAM Systematic Emerg Markets Eq $ 170.33 - 0.10 -
SWMC UK Fund B 13937.36 - -5.18 0.00 Strategic Global Bond Fd - USD $ 1055.87 - 1.35 - UBS MSCI World Min Vol Index J Acc 147.95 - -0.70 2.14
Global Convertible Bond A F $ 44.66 - 0.00 0.00 Odey Asset Management LLP (UK) Pictet-Japan Index-I JPY F 16659.27 - -47.03 0.00 RAM Systematic European Eq 439.62 - 1.08 -
40 Dukes Place, London, EC3A 7NH SWMC Small Cap European Fund B EUR 14543.81 - 23.24 0.00 Strategic Global Quality Fd - USD $ 120.47 - 0.03 -
Global Property A F $ 28.92 - -0.01 - Pictet-Japanese Equities Opp-I JPY F 10630.32 - -9.87 0.00 RAM Systematic Global Shareholder Yield Eq $ 116.01 - -0.03 0.00
Order Desk and Enquiries: 0345 300 2106 SWMC Emerging European Fund B EUR 11991.65 - 47.71 0.00 Strategic Global Quality Fd - USD Inst $ 130.07 - 0.04 -
Indian Equity A F $ 43.96 - 0.04 - RAM Systematic Long/Short Emerg Markets Eq $ 116.12 - 0.25 - Unicapital Investments (LUX)
Authorised Corporate Director - Capita Financial Managers Pictet-Japanese Equity Selection-I JPY F 15203.37 - -18.27 0.00
Strategic Quality Emerging Bond Fd - EUR Inst 1034.97 - 1.10 0.00 Regulated
Latin American Equity A F $ 50.29 - 0.06 - Authorised Inv Funds Pictet-LATAM Lc Ccy Dbt-I USD F $ 134.24 - -0.90 0.00 RAM Systematic Long/Short European Eq 148.34 - 1.07 -
Short Maturity Euro Bond A F 20.40 20.40 0.01 0.00 CF Odey Continental European GBP R Acc 921.50 - 8.75 0.64 Pictet-Multi Asset Global Opportunities-I EUR 121.02 - -0.13 0.00 RAM Systematic North American Eq $ 274.05 - -0.38 -
Strategic Quality Emerging Bond Fd - USD $ 1051.39
Strategic US Momentum and Value Fd - USD Class $ 796.88
-
-
0.98
-2.55
-
-
Investments IV - European Private Eq. 164.09
Investments IV - Global Private Eq. 238.25
-
-
-28.22 18.28
0.00 8.18
Guide to Data
US Dollar Liquidity A F $ 13.07 - 0.00 0.00 CF Odey Opus GBP R Inc 4062.81 - 13.73 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 392.76 - -1.53 0.00 RAM Tactical Convertibles Europe 153.16 - -0.13 -
Strategic US Momentum and Value Fd - USD Inst $ 533.41 - -1.68 -
US Growth A F $ 86.13 - 0.10 - CF Odey Absolute Return GBP R 268.75 - -2.26 0.00 Pictet-Premium Brands-I EUR F 162.36 - 0.20 - RAM Tactical Global Bond Total Return 144.58 - -0.02 -
The fund prices quoted on these pages are supplied by
US Growth AH F 58.51 58.51 0.07 0.00 CF Odey Portfolio Fund GBP R Inc 149.28 - 0.24 0.11 Pictet-Russia Index I USD $ 63.91 - 0.20 0.00 RAM Tactical II Asia Bond Total Return $ 137.79 - 0.03 - Unicorn Asset Management Ltd (UK) the operator of the relevant fund. Details of funds
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 published on these pages, including prices, are for the
US Growth AX F 66.93 66.93 -0.11 - Pictet-Russian Equities-I USD F $ 66.34 - 0.15 0.00 Authorised Inv Funds purpose of information only and should only be used
US Property A F $ 69.43 - -0.26 - Pictet-Security-I USD F $ 229.46 - -0.19 - as a guide. The Financial Times Limited makes no
Odey Asset Management LLP (CYM) Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) UK Growth A Inc 568.29 - 0.44 0.63
representation as to their accuracy or completeness
Regulated Pictet-Select-Callisto I EUR 104.66 - 0.17 0.00 PO Box 9948, Chelmsford, CM99 2AG Tel. +41 44 653 10 10 http://www.robecosam.com/ Mastertrust A Inc X F 479.05 - 0.27 0.25 and they should not be relied upon when making an
OEI Mac Inc GBP A 171.51 - 4.83 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated investment decision.
Pictet-Small Cap Europe-I EUR F 1330.65 - 2.64 0.00 UK Growth B Inc 571.73 - 0.45 1.17
Morgens Waterfall Vintiadis.co Inc Authorised Inv Funds RobecoSAM Sm.Energy/A 15.64 - 0.03 1.48
Other International Funds OEI Mac Inc GBP B 102.24 - 3.28 0.00 Pictet-ST.MoneyMkt-I 139.85 - 0.00 0.00 Mastertrust B Inc X F 430.78 - 0.25 0.83
Blue Chip Income Inc 175.97 181.75 1.28 3.42 The sale of interests in the funds listed on these pages
OEI MAC Inc USD $ 905.06 - 25.82 0.00 RobecoSAM Sm.Energy/N 14.00 - 0.05 0.00
Phaeton Intl (BVI) Ltd (Est) $ 372.76 - 0.00 0.00 Pictet-ST.MoneyMkt JPY I USD 101237.06 - 0.89 0.00 Superfund Asset Management GmbH Outstanding British Cos A Acc X F 294.08 - 0.12 0.23 may, in certain jurisdictions, be restricted by law and
Blue Chip Income Acc 276.34 285.08 2.01 3.26 RobecoSAM Sm.Materials/A 186.51 - -0.22 1.23 the funds will not necessarily be available to persons
Odey European Inc EUR 393.09 - 10.72 0.00 Pictet-ST.MoneyMkt-ICHF SFr 122.77 - 0.01 0.00 www.superfund.com, +43 (1) 247 00 Outstanding British Cos B Acc X F 310.49 - 0.14 0.88
Ethical Bond Inc 95.98 97.89 0.09 4.20 in all jurisdictions in which the publication circulates.
Odey European Inc GBP A 156.03 - 4.32 0.00 RobecoSAM Sm.Materials/N 189.52 - 0.05 0.00 Regulated
Pictet-ST.MoneyMkt-IUSD $ 137.26 - 0.00 0.00 UK Smaller Cos A Inc X F 553.33 - 0.09 1.00 Persons in any doubt should take appropriate
Ethical Bond Acc 194.15 197.53 0.19 4.11 RobecoSAM Sm.Materials/Na 128.95 - 0.03 1.20 Superfund Green EUR SICAV 828.70 - -2.37 0.00
Odey European Inc GBP B 88.51 - 2.45 0.00 professional advice. Data collated by Morningstar. For
Pictet-Timber-I USD F $ 172.47 - -0.03 0.00 UK Smaller Cos B Inc X F 542.45 - 0.10 1.58
Global Opportunities Acc 189.43 195.21 0.88 0.00 RobecoSAM Gl.Small Cap Eq/A 108.26 - -0.14 1.07 Superfund Red EUR SICAV 809.86 - -1.16 0.00 other queries contact reader.enquiries@ft.com +44
Odey European Inc USD $ 185.07 - 5.19 0.00 Pictet Total Ret-Agora I EUR 118.13 - -0.32 - UK Income A Acc X F 314.64 - -0.01 3.40 (0)207 873 4211.
Income Inc 980.06 1013.40 5.84 3.37 RobecoSAM Gl.Small Cap Eq/N 189.94 - 0.02 0.00 Superfund Blue EUR 834.93 - -0.93 0.00
Giano Capital EUR Inc 3874.78 - 20.04 0.00 Pictet Total Ret-Corto Europe I EUR 141.95 - 0.30 - UK Income A Inc X F 266.08 - 0.00 3.49
Income Acc 1602.94 1655.08 9.54 3.35 RobecoSAM Sustainable Gl.Eq/B 206.68 - -0.05 - The fund prices published in this edition along with
Pictet Total Ret-Divers Alpha I EUR 108.83 - -0.09 0.00 UK Income B Acc X F 337.92 - 0.00 3.38 additional information are also available on the
Multi Asset Enhanced Growth Acc 154.92 - 0.38 0.39 RobecoSAM Sustainable Gl.Eq/N 180.20 - -0.04 -
Pictet Total Ret-Kosmos I EUR 110.37 - -0.03 0.00 Thesis Unit Trust Management Limited (UK) Financial Times website, www.ft.com/funds. The
Odey Asset Management LLP (IRL) Multi Asset Strategic Growth inc 171.65 - 0.32 1.51 UK Income B Inc X F 285.90 - 0.00 3.47
Natixis International Funds (LUX) I SICAV (LUX) RobecoSAM S.HealthyLiv/B 188.05 - -0.23 - funds published on these pages are grouped together
FCA Recognised Pictet Total Ret-Mandarin I USD $ 136.60 - -0.36 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Multi Asset Strategic Growth acc 186.09 - 0.33 1.50 by fund management company.
FCA Recognised RobecoSAM S.HealthyLiv/N 177.17 - -0.20 - Authorised Funds
Odey Pan European EUR R 315.93 - 0.07 0.00 Pictet-US Equity Selection-I USD $ 208.27 - -0.56 -
ASG Managed Futures Fund I/A (USD) $ 96.55 96.55 -0.22 - Multi Asset Total Return inc 133.20 - 0.17 1.64 RobecoSAM S.HealthyLiv/Na 132.87 - -0.34 1.04 TM New Court Fund A 2011 Inc 14.71 - 0.03 0.00 Value Partners Hong Kong Limited (IRL) Prices are in pence unless otherwise indicated. The
Odey Allegra International EUR O 166.34 - -0.03 0.00 Pictet-US High Yield-I USD F $ 162.59 - 0.11 0.00 change, if shown, is the change on the previously
Harris Global Equity Fund R/A (USD) $ 295.03 295.03 -0.76 0.00 Multi Asset Total Return acc 149.99 - 0.20 1.49 TM New Court Fund - A 2014 Acc 14.75 - 0.03 0.00 www.valuepartners.net, fis@vp.com.hk
RobecoSAM S.Water/A 235.24 - 0.07 1.46
Odey Allegra Developed Markets USD I $ 137.60 - -0.26 0.00 Pictet-USA Index-I USD F $ 217.04 - -0.24 0.00 Regulated quoted figure (not all funds update prices daily). Those
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 119.36 119.36 -0.11 - Recovery Inc 481.66 500.57 -0.60 2.28 RobecoSAM S.Water/N 199.99 - 0.35 0.00 TM New Court Equity Growth Fund - Inc 15.30 - 0.03 0.00 designated $ with no prefix refer to US dollars. Yield
Odey European Focus Fund 18.68 - -0.05 0.00 Pictet-USD Government Bonds-I F $ 651.65 - 1.29 0.00 Value Partners Asia Dividend Stocks Fund $ 10.58 - 0.04 0.00
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 118.12 118.12 0.09 - Recovery Acc 600.38 623.17 -0.75 2.24 percentage figures (in Tuesday to Saturday papers)
Odey Giano European Fund EUR R 102.06 - -0.20 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 131.69 - -0.01 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 12.87 - 0.00 0.00 allow for buying expenses. Prices of certain older
Strategic Bond I-Class Acc 140.41 141.16 0.05 3.61 insurance linked plans might be subject to capital
Odey Odyssey USD I $ 104.25 - 0.59 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 103.71 - 0.00 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 13.03 - 0.00 0.00
Strategic Bond I-Class Inc 117.01 117.74 0.04 3.69 gains tax on sales.
Natixis International Funds (UK) Odey Swan Fund EUR I 49.50 - -0.02 0.00 Pictet-Water-I EUR F 332.46 - 0.73 0.00 Value Partners Classic Equity Fund EUR Hedged 13.25 - 0.00 0.00
Authorised Funds Guide to pricing of Authorised Investment Funds:
Odey Absolute Return Focus Fund $ 82.78 - 2.60 0.00 Value Partners Classic Equity Fund GBP Hedged 13.70 - 0.00 0.00
H2O MultiReturns Fund N/A (GBP) 1.44 - -0.01 0.62 (compiled with the assistance of the IMA. The
Rubrics Global UCITS Funds Plc (IRL) Value Partners Classic Equity Fund GBP Unhedged 16.53 - 0.02 0.00 Investment Management Association, 65 Kingsway,
Loomis Sayles U.S. Equity Leaders N/A (GBP) 2.17 - 0.01 0.00 Platinum Capital Management Ltd www.rubricsam.com
Value Partners Classic Equity USD Hedged $ 16.02 - -0.01 0.00 London WC2B 6TD.
Odey Wealth Management (CI) Ltd (IRL) Other International Funds Tel: +44 (0)20 7831 0898.)
Regulated
www.odey.com/prices Platinum All Star Fund - A $ 125.32 - - - Toscafund Asset Management LLP (UK) Value Partners Global Emerging Market Bond Fund $ 10.26 - 0.01 0.00
Rubrics Emerging Markets Fixed Income UCITS Fund $ 132.22 - -0.12 0.00
NatWest (2230)F (UK) FCA Recognised Platinum Global Dividend Fund - A $ 47.94 - - - www.toscafund.com Value Partners Greater China Equity Fund $ 10.14 - 0.00 0.00 OEIC: Open-Ended Investment Company. Similar to a
PO Box 23873, Edinburgh EH7 5WJ** Rubrics Global Credit UCITS Fund $ 15.43 - 0.01 0.00 unit trust but using a company rather than a trust
Odey Opportunity EUR I 234.53 - -0.21 - Authorised Funds Value Partners Health Care Fund RMB Class Z UnhedgedCNH 11.48 - -0.03 0.00
Platinum Maverick Enhanced Fund Limited $ 93.69 - - 0.00 structure.
Enquiries: 0800 085 5588 Rubrics Global Fixed Income UCITS Fund $ 161.60 - 0.13 0.00
Aptus Global Financials B Acc 4.00 - 0.00 4.50
Authorised Inv Funds Robeco Asset Management (LUX)
Q Rubrics India Fixed Income UCITS Fund $ 11.40 - -0.02 0.00
Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.56 - -0.03 0.00
Aptus Global Financials B Inc 3.29 - 0.00 4.73 Different share classes are issued to reflect a different
Series 1(Minimum initial investment 16375,000) Weena 850, 3014 DA Rotterdam, The Netherlands Value Partners Health Care Fund USD Class A Unhedged $ 10.54 - -0.03 0.00
Omnia Fund Ltd Rubrics India Fixed Income UCITS Fund $ 97.35 - -0.23 0.00 currency, charging structure or type of holder.
Global Spec Inv Grade Bd Fund GBP 9.75 - 0.00 2.66 www.robeco.com/contact
Other International Funds
FCA Recognised Rubrics International Bond UCITS Fund $ 17.49 - -0.01 0.00 Selling price: Also called bid price. The price at which
Series 2 (Investment Management customers only) Estimated NAV $ 933.67 - 10.72 0.00 Toscafund Asset Management LLP
UK Specialist Equity Inc 21.36 - -0.12 0.49
Asia-Pacific Equities (EUR) 155.21 - 0.13 0.00 Waverton Investment Funds Plc (1600)F (IRL) units in a unit trust are sold by investors.
www.toscafund.com
BP US Premium Equities (EUR) 212.04 - -0.73 0.00 waverton.investments@citi.com
Global Spec Inv Grade Bd Fund GBP 9.97 - 0.00 2.66 Schroder Property Managers (Jersey) Ltd Other International Funds Buying price: Also called offer price. The price at
FCA Recognised
BP US Premium Equities (USD) $ 241.49 - -0.80 0.00 Other International Funds Tosca A USD $ 313.10 - 8.82 - which units in a unit trust are bought by investors.
The initial charge you will pay will depend on the amount you invest Waverton Asia Pacific A USD $ 21.70 - 0.00 0.80 Includes managers initial charge.
**Address and Telephone number for series 1 only Chinese Equities (EUR) 87.45 - -0.26 0.00 Indirect Real Estate SIRE 133.88 140.74 0.60 2.10 Tosca Mid Cap GBP 298.41 - -0.99 -
Polar Capital Funds Plc (IRL) Waverton Global Equity Fund A GBP 18.88 - 0.05 0.18
Regulated Em Stars Equities (EUR) 212.98 - -1.70 0.00 Tosca Opportunity B USD $ 422.76 - -0.08 - Single price: Based on a mid-market valuation of the
Waverton Global Strategic Bond Fund A USD $ 8.53 - -0.01 4.59 underlying investments. The buying and selling price
Asian Financials I USD $ 350.79 350.79 -0.46 0.76 Emerging Markets Equities (EUR) 181.39 - -1.37 0.00 Pegasus Fund Ltd A-1 GBP 70.19 - -1.53 0.00
Scottish Friendly Asset Managers Ltd (UK) Waverton UK Fund A GBP 14.67 - 0.06 1.71 for shares of an OEIC and units of a single priced unit
Biotechnology I USD $ 18.90 18.90 -0.24 0.00 Flex-o-Rente (EUR) 106.01 - -0.06 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 trust are the same.
Waverton Equity Fund A GBP 18.20 - 0.01 0.17
Optima Fund Management European Income Acc EUR 12.74 12.74 -0.05 0.00 Glob.Consumer Trends Equities (EUR) 180.29 - -0.24 - Authorised Inv Funds
Waverton Sterling Bond Fund A GBP 9.65 - 0.01 4.90 Treatment of managers periodic capital charge:
Other International Funds European Ex UK Inc EUR Acc 11.50 11.50 -0.03 - High Yield Bonds (EUR) 143.54 - 0.05 0.00 Managed Growth 279.40 - 1.10 0.00 The letter C denotes that the trust deducts all or part
Cuttyhunk Fund II Limited $ 1668.83 - -24.82 0.00 Financial Opps I USD $ 13.19 - -0.07 - Lux -O- Rente (EUR) 140.71 - -0.02 - UK Growth 304.40 - 1.40 0.00 of the managers/operators periodic charge from
capital, contact the manager/operator for full details
JENOP Global Healthcare Fund Ltd $ 13.24 - -0.66 0.00 GEM Growth I USD $ 10.43 - -0.06 0.00 New World Financials (EUR) 60.04 - -0.07 0.00 WA Fixed Income Fund Plc (IRL)
of the effect of this course of action.
New Capital Fund Management Ltd (IRL) OPTIKA Fund Limited - Cl A $ 108.36 - -1.47 0.00 Regulated
GEM Income I USD $ 11.56 - -0.07 0.00 SIA (SIA Funds AG) (CH)
Leconfield House, Curzon Street, London, W1J 5JB European Multi-Sector 119.42 - -0.09 0.00 Exit Charges: The letter E denotes that an exit charge
Optima Fd NAV (Est) $ 92.76 - -0.16 0.00 Global Alpha I USD $ 14.71 14.71 -0.02 0.00 Other International Fds
www.newcapitalfunds.com Royal Bank of Scotland (2230)F (UK) may be made when you sell units, contact the
FCA Recognised Optima Discretionary Macro Fund Limited $ 83.80 - -0.17 0.00 Global Convertible I USD $ 12.05 12.05 0.02 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 LTIF Stability Growth SFr 214.70 - -1.20 - TreeTop Asset Management S.A. (LUX) manager/operator for full details.
Regulated
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 95.81 - -0.03 2.52 The Dorset Energy Fd Ltd NAV (Est) $ 29.69 - 0.23 0.00 Global Insurance I GBP 5.76 - -0.04 0.00 Authorised Inv Funds LTIF Stability Inc Plus SFr 180.90 - -1.10 - Yapi Kredi Asset Management (TUR)
TreeTop Convertible Sicav Time: Some funds give information about the timing of
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 103.10 - -0.21 3.15 Platinum Fd Ltd (Est) $ 97.91 - 0.58 0.00 Series 5 (Minumum Initial Investment 75,000) www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Global Technology I USD $ 33.73 - -0.07 0.00 price quotes. The time shown alongside the fund
International A 315.96 - 0.73 0.00 Other International Funds
Platinum Fd Ltd EUR (Est) 18.52 - 0.09 0.00 Global Spec Inv Grade Bd Fund GBP 9.59 - 0.00 2.66 managers/operators name is the valuation point for
New Capital Dynamic European Equity Fund - EUR Ord Inc. 190.36 - 0.43 1.30 Healthcare Blue Chip Fund I USD Acc $ 11.30 11.30 -0.04 0.00
Series 6 (Investment Management Customers Only) Standard Life Wealth (JER) International B $ 415.88 - 0.95 0.00 Eurobond Fund TRY 0.100541 - -0.937656 - their unit trusts/OEICs, unless another time is
New Capital China Equity Fund - USD Ord Acc. $ 145.68 - -0.06 - Platinum Japan Fd Ltd (Est) $ 62.04 - -0.14 0.00 Healthcare Opps I USD $ 38.38 - -0.25 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 indicated by the symbol alongside the individual unit
US Spec Equity Fund 26.95 - 0.13 0.26 International C 132.45 - 0.29 2.64 Koc Affiliate and Equity Fund TRY 0.954536 - -0.083661 -
New Capital Global Value Credit Fund - USD Ord Acc. $ 180.97 - 0.09 0.00 Optima Partners Global Fd (Est) $ 15.71 - -0.06 0.00 FCA Recognised trust/OEIC name.
Income Opportunities B2 I GBP Acc 2.15 2.15 -0.01 0.00 International D 276.98 - 0.64 2.53
Global Spec Inv Grade Bd Fund GBP 9.95 - 0.00 2.66 DPM Bonds and Bills Fund (FX) $ 1.038557 - 0.000360 -
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 106.37 - 0.03 0.00 Optima Partners Focus Fund A $ 16.48 - 0.05 0.00 Standard Life Offshore Strategy Fund Limited
Japan Alpha I JPY 221.76 221.76 -0.64 0.00 Address and telephone number for Series 5 only TreeTop Global Sicav The symbols are as follows: 0001 to 1100 hours;
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 109.23 - 0.01 - Bridge Fund 1.9173 - 0.0053 1.84 1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
Japan I JPY 2163.08 - -4.08 0.00 Global Opp.A 158.64 - 0.11 0.00
Global Equity Fund 2.3800 - 0.0080 1.01 midnight. Daily dealing prices are set on the basis of
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 120.83 - 0.14 3.22 North American I USD $ 21.40 21.40 -0.03 0.00 Global Opp.B $ 161.39 - 0.14 0.00
Oryx International Growth Fund Ltd Royal London Unit Managers Ltd. (1200) F (UK) Global Fixed Interest Fund 1.0237 - 0.0011 4.05
the valuation point, a short period of time may elapse
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 150.69 - -0.15 0.00 Other International Funds UK Absolute Equity I GBP 17.34 17.34 0.00 0.00 Global Opp.C 227.26 - -0.12 0.00 before prices become available. Historic pricing: The
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Income Fund 0.5732 - 0.0030 3.30 letter H denotes that the managers/operators will
New Capital US Growth Fund - USD Ord Acc. $ 234.94 - -0.42 0.00 NAV (Fully Diluted) 8.19 - 0.36 0.00 UK Val Opp I GBP Acc 11.31 11.31 0.03 - Authorised Inv Funds Sequoia Equity A 162.94 - 0.24 0.00 normally deal on the price set at the most recent
New Capital All Weather UCITS Fund - EUR Inst Acc. 101.22 - -0.05 - Sterling Fixed Interest Fund 0.9035 - 0.0012 3.51
Royal London Sustainable Diversified A Inc 1.87 - 0.01 1.36 Sequoia Equity B $ 174.45 - 0.18 0.00 valuation. The prices shown are the latest available
UK Equity Fund 2.2061 - 0.0049 2.77 before publication and may not be the current dealing
New Capital Dynamic UK Equity Fund - GBP Inst Acc. 110.26 - 0.13 - Royal London Sustainable World A Inc 222.50 - 1.30 0.57 Sequoia Equity C 215.23 - -0.09 2.79
Polar Capital LLP (CYM) levels because of an intervening portfolio revaluation
New Capital US Small Cap Growth Fund - USD Inst Acc $ 105.52 - -1.26 - Royal London Corporate Bond Mth Income 95.28 96.73 0.11 3.99 Yuki International Limited (IRL) or a switch to a forward pricing basis. The
Regulated
New Capital Global Alpha Fund - USD Ord Inc $ 104.20 - -0.08 - Tel +44-20-7269-0207 www.yukifunds.com managers/operators must deal at a forward price on
European Conviction A EUR 154.97 - 3.40 0.00 Royal London European Growth Trust 143.30 145.50 2.20 0.33 request, and may move to forward pricing at any time.
Regulated
European Forager A EUR 184.68 - 6.59 0.00 Royal London Sustainable Leaders A Inc 555.50 - 4.20 1.19 Forward pricing: The letter F denotes that that
Yuki Mizuho Umbrella Fund managers/operators deal at the price to be set at the
Royal London UK Growth Trust 566.50 575.10 3.00 1.29 Yuki Mizuho Japan Dynamic Growth 8080.00 - 27.00 0.00 next valuation.
Royal London UK Income With Growth Trust 238.10 241.70 0.80 4.23 Yuki Japan Low Price 34580.00 - -27.00 0.00
Pictet Asset Management (Europe) SA (LUX) Private Fund Mgrs (Guernsey) Ltd (GSY) Investors can be given no definite price in advance of
Regulated Royal London US Growth Trust 212.90 216.10 -0.30 0.00 Yuki Japan Value Select 17423.00 - 34.00 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg the purchase or sale being carried out. The prices
Tel: 0041 58 323 3000 Monument Growth 30/05/2017 528.19 533.97 2.35 1.58 Additional Funds Available appearing in the newspaper are the most recent
Stenham Asset Management Inc Yuki Asia Umbrella Fund
FCA Recognised Please see www.royallondon.com for details
www.stenhamassetmanagement.com Troy Asset Mgt (1200) (UK)
Yuki Japan Rebounding Growth Fund JPY Class 29981.00 - 161.00 0.00
provided by the managers/operators. Scheme
40 Dukes Place, London EC3A 7NH particulars, prospectus, key features and reports: The
Pictet-Absl Rtn Fix Inc-HI EUR 108.46 - 0.14 0.00 Other International Funds Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1162.08 - 6.33 0.00 most recent particulars and documents may be
Northwest Investment Management (HK) Ltd Prusik Investment Management LLP (IRL) Order Desk and Enquiries: 0345 608 0950
Pictet-Agriculture-I EUR F 209.13 - -0.48 0.00 Ruffer LLP (1000)F (UK) Stenham Credit Opportunities A Class USD $ 108.81 - 0.46 0.00 obtained free of charge from fund
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Enquiries - 0207 493 1331 Authorised Inv Funds
40 Dukes Place, London EC3A 7NH Stenham Equity UCITS USD $ 157.70 - -2.82 0.00 managers/operators. * Indicates funds which do not
Other International Funds Pictet-Asian Equities Ex Japan-I USD F $ 266.08 - 0.01 0.00 Regulated ACD Capita Financial Mgrs price on Fridays.
Order Desk and Enquiries: 0345 601 9610 Stenham Growth USD $ 209.71 - 0.54 - Trojan Investment Funds
Zadig Gestion (Memnon Fund) (LUX)
Northwest China Opps $ Class $ 3099.89 - -74.89 0.00 Pictet-Asian Local Currency Debt-I USD F $ 162.34 - 0.26 0.00 Prusik Asian Equity Income B Dist $ 200.48 - 0.79 3.05
Authorised Inv Funds FCA Recognised Charges for this advertising service are based on the
Northwest $ Class $ 2437.10 - -16.23 0.00 Pictet-Biotech-I USD F $ 715.91 - -11.64 0.00 Prusik Asia A $ 226.05 - -0.60 0.00 Stenham Healthcare USD $ 185.92 - -0.22 0.00 Spectrum Fund O Acc 209.53 - 0.62 0.45
Authorised Corporate Director - Capita Financial Managers Memnon European Fund I GBP 160.37 - -0.92 0.00 number of lines published and the classification of the
Pictet-CHF Bonds I CHF SFr 510.58 - 0.44 0.00 Prusik Asian Smaller Cos A $ 168.74 - -0.67 0.00 CF Ruffer Investment Funds Stenham Managed Fund USD $ 113.80 - 0.15 0.00 Spectrum Fund O Inc 202.63 - 0.60 0.46 fund. Please contact data@ft.com or
Pictet-China Index I USD $ 129.21 - 0.23 0.00 Stenham Macro UCITS USD $ 94.92 - -0.03 0.00 Spectrum Income Fund O Acc 114.14 - 0.06 2.77 call +44 (0)20 7873 3132 for further information.
CF Ruffer European Fund C Inc 1.05 - 0.01 -
Pictet-Clean Energy-I USD F $ 93.14 - 0.16 0.00 CF Ruffer Gold Fund C Acc 147.35 - -0.30 0.54 Stenham Multi Strategy USD $ 110.96 - 0.58 - Spectrum Income Fund O Inc 108.47 - 0.05 2.83
Pictet-Digital-I USD F $ 347.95 - -0.83 - CF Ruffer Gold Fund C Inc 0.89 - 0.00 - Stenham Quadrant USD A $ 413.31 - -1.62 - Trojan Ethical Income O Acc 117.21 - 0.79 2.98
Pictet-Em Lcl Ccy Dbt-I USD F $ 175.80 - -0.51 0.00 CF Ruffer Gold Fund O Acc 145.18 - -0.31 0.35 Stenham Trading Inc USD $ 119.09 - -0.47 - Trojan Ethical Income O Inc 113.73 - 0.77 -
Pictet-Emerging Europe-I EUR F 369.28 - -1.20 0.00 CF Ruffer Japanese Fund C Inc 1.04 - 0.00 - Stenham Universal USD $ 434.42 - 2.95 - Trojan Fund O Acc 306.75 - 0.97 0.36
Franklin India High Growth Cos Gr INF090I01981 Indian Rupee 36.05 25.86 22.71 25.59 0.00 - 63,431,667,961 QQQQQ 06/06/2016 06:30 Himanshu Srivastava
Birla Sun Life Equity Gr INF209K01AJ8 Indian Rupee 642.60 30.67 19.10 23.50 0.00 - 52,867,544,928 QQQQ 27/12/2016 06:30 Kavitha Krishnan
Franklin India Prima Plus Gr INF090I01239 Indian Rupee 530.57 16.81 18.88 20.70 0.00 - 109,637,376,991 QQQQ 23/12/2016 06:30 Himanshu Srivastava
SBI Magnum Multiplier Fund Reg Div INF200K01289 Indian Rupee 95.54 20.15 18.19 20.61 8.18 - 18,430,875,978 QQQQ Under Review 20/09/2016 03:45 Himanshu Srivastava
Reliance Growth Gr INF204K01323 Indian Rupee 985.61 26.11 17.36 19.16 0.00 - 63,091,130,544 QQQ Neutral 02/02/2016 10:07 Himanshu Srivastava
ICICI Pru Value Discovery Gr INF109K01AF8 Indian Rupee 132.32 16.23 17.07 22.78 0.00 - 173,057,935,611 QQQQQ 30/09/2016 06:30 Himanshu Srivastava
Templeton India Growth Gr INF090I01296 Indian Rupee 238.02 28.05 16.95 18.43 0.00 - 5,561,410,907 QQQ 31/03/2017 05:00 Nehal Meshram
Franklin India Flexi Cap Gr INF090I01205 Indian Rupee 72.17 15.67 16.13 20.06 0.00 - 29,538,433,955 QQQ 19/05/2017 05:00 Himanshu Srivastava
Franklin India Flexi Cap Gr INF090I01205 Indian Rupee 72.17 15.67 16.13 20.06 0.00 - 29,538,433,955 QQQ 19/05/2017 05:00 Himanshu Srivastava
DSP BlackRock Equity Reg Div INF740K01011 Indian Rupee 58.18 28.69 16.08 17.81 9.12 - 23,945,091,952 QQQ Neutral 27/12/2016 07:26 Himanshu Srivastava
Reliance Vision Gr INF204K01406 Indian Rupee 523.36 23.71 15.23 16.85 0.00 - 31,539,392,873 QQ 27/04/2017 05:00 Kavitha Krishnan
MSCI Benchmark 22.09 12.64 15.91 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest).
Morningstar Category Benchmark 24.80 17.63 19.28 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures
24 FINANCIAL TIMES Thursday 1 June 2017
INSIGHT EU regulations
Willem
Buiter Letterbox companies face Brexit ban
City businesses warned as common effort, at EU level, to safeguard passport while essentially performing The UKs earlier this year that rival financial cen-
investor protection, the orderly func- all substantial activities or functions tres were engaged in regulatory arbi-
regulator sets out rules for tioning of financial markets and finan- outside the EU27. departure trage in a bid to lure business from
It is time for proper those seeking to relocate cial stability, said Mr Maijoor. The
EU27 have a shared interest in building
a common approach.
Relocations should also be rejected
when they are linked to evading
stricter rules in force elsewhere, it said.
creates a
unique
London.
Eoghan Murphy, the Irish financial
services minister, warned that compa-
management of public JIM BRUNSDEN BRUSSELS
One of the EUs top financial regulators
Another priority for the agency is to
make sure that national supervisors do
Numerous financial institutions have
already taken steps to shift operations
situation nies are being offered certain incentives,
that they are offering a back door to the
requiring a
commercial assets has warned businesses in the City of
London that they will not be allowed to
use letterbox companies in Europe to
not compete with each other to take a
lighter-touch approach in overseeing
the industry to attact business.
to the continent as they adapt to the
UKs imminent departure from the EU
single market, or have outlined plans to
common
single market, without the requirement
to have capital to back up their entities
in the European Union.
save their market access after Brexit. The nine relocation conditions set out do so. effort, at Valdis Dombrovskis, the EUs finan-
The European Securities and Markets by Esma include that national supervi- Some of the most high-profile moves EU level cial regulation chief, has also raised con-
I
t is often claimed that there is this great wall of money Authorityyesterdaysetoutrulesforthose sors should be able to verify the objec- have included the decision of insurer cerns, saying work must be acceler-
searching for assets but a dearth of investment oppor- keen to relocate, ahead of an expected tive reasons for relocation and that AIG to set up a new base in Luxembourg Esma chief ated to develop common supervisory
tunities. Yet at the same time commercial assets influxastheUKexitdrawsnearer. special attention should be granted to and that of Lloyds of London to open a Steven Maijoor standards across the bloc.
owned by the public sector transportation, airports, Esma chief Steven Maijoor said the avoid letterbox entities. new subsidiary in Brussels. Esma added: Firms need to be sub-
ports, water and electric utilities, communications step is intended to make sure compa- The Paris-based agency, which brings Investment bank JPMorgan has indi- ject to the same standards of authorisa-
and vast portfolios of real estate represent a veritable nies cannot get around EU rules on over- together market watchdogs from across cated that it will move hundreds of peo- tion and ongoing supervision across the
gold mine. Much of it is hidden from public view, without seas access to its financial markets. the EU, said explicitly that regulators ple from London to Frankfurt, Luxem- EU27 in order to avoid competition on
professional management and impaired by rent-seeking The UKs departure from the EU cre- should reject requests when it is clear bourg and Dublin. regulatory and supervisory practices
activities of the insiders in control. ates a unique situation requiring a companies plan to benefit from an EU The Irish government complained between member states.
There is an obvious opportunity to match the wall of
money with the gold mine. It is not something that has
appeared suddenly. Rather, the opportunity, with its
potential and challenges, has been demonstrated by occa-
sional bursts of privatisation. Analysis. Capital markets
How can the growing supply of yield-hungry funds find a
significant and sustainable way of working with public
commercial assets? If properly managed, the yield from
this vast portfolio could more than double the level of
infrastructure investments.
June set to recalibrate the global outlook
Publicly owned commercial assets at central govern-
ment level have a book value of $75tn, roughly equivalent
to global annual gross domestic product. Their market
value would be a multiple of global GDP. On top of this Four big events in the next
are commercial assets at the local (city, provincial and few weeks have the potential
state) government level, which are of at least of the same
magnitude. to alter expectations sharply
In total this public wealth represents a substantial
opportunity for investors, business and society as a whole.
FT REPORTERS
The global capital market is valued at almost three times
global annual GDP. It transacts mostly assets of the private This is set to be a busy month in the glo-
sector and liabilities of both private and public sectors, but bal markets calendar, with important
remarkably few public sector assets. What is missing, first meetings for the EU and US central
of all, is a better understanding of the variety and valua- banks, a decision that could shape the
tion of public assets transparency that can be achieved future for Chinese equities, and an elec-
through better accounting (including serious attempts at tion in a UK racked by doubts over its
fair valuations). exit from the EU.
But in order for investors
and ordinary savers to engage
This vast Eurozone recovery
with this vast portfolio of portfolio could When European Central Bank meets to
opportunities, the public sec- discuss monetary policy in Tallinn in
tor would need to package
yield a doubling Estonia on June 8, a tweak to the institu-
and present assets in a way of spending on tions language is expected.
that instils trust in the capital Interest rates will remain below zero
markets community.
infrastructure for an extended period, but policymak-
As regards accounting, ers could remove the possibility of mov-
trust is created by using internationally accepted account- ing lower from guidance given to the
ing standards such as IFRS and its public sector equivalent, public, a reflection of economic
IPSAS. Such international language transcends geogra- improvement.
phies, cultures, politics and language barriers, with the Bond investors will be alert to any dis-
help of international auditors, lawyers and investment cussion of the asset purchase pro-
bankers. gramme, which buys 60bn of securi- Sterling Euro markets The dollar and Treasury yield
In the same way, the public sector needs an organisa- ties each month. Mario Draghi, ECB Against the dollar ($ per ) Rebased 10-year Treasury yield (%) Dollar index
tional vehicle to manage its portfolio of commercial assets president, has just damped expecta- Cac 40 Eurofirst 300
1.50 120 3.0 105
in order to interact in a professional and transparent way tions of any swift announcement of a Dax $ per
with the private sector that is, in a way that is recognised reduction in buying, however. 110 2.5
as the international standard of asset management. In the Speaking to the European Parliament 1.40 100
private sector that vehicle would be a corporate holding this week, he said risks had receded and 100 2.0
company, set up with internationally recognised standards Europes economic upswing was 1.30 95
90 1.5
of corporate governance and accounting. increasingly solid. However, he was
Commercial assets owned by the public sector are in firmly convinced, he said, of the need 1.20 80 1.0 90
urgent need of professional management. There can be no for monetary stimulus and reiterated May 2016 2017 May Jan 2016 2017 May May 2016 2017 May
professional management without such a vehicle and the ECBs commitment to providing it.
Source: Thomson Reuters Datastream
the best place to start is most likely at the local level. After the comments Citigroup econo-
Cities could set up an urban wealth fund, an institution mists lowered their modest expecta-
that would be capable of managing commercial assets tions for action. Even the guidance tandem with higher policy rates to The addition of mainland stocks to an about the countrys uncertain future.
and would be recognised by the private sector as an equal change we currently expect (dropping
All the tighten financial conditions. index tracked by $1.5tn of assets would The prime minister, whoever that is
professional partner. the reference to lower interest rates) is signalling All the signalling and posturing from be a watershed for Chinese markets. after June 8, will have a demanding
A UWF is necessary not only to unlock the value hidden not a foregone conclusion, they said. the Fed is for a June [rate rise], says Mainland regulators have been courting domestic agenda. However, for markets
in public commercial asset portfolios, but also to avoid giv-
and Todd Lowenstein, director of research foreign investment for years, but suf- the most important signal from the
ing away public value through the many unsuccessful The Fed posturing at HighMark Capital Management. fered a big setback following the dra- result will be what it means for Britains
attempts to co-operate with the private sector in public- Many investors are near certain that The Fed seems to be more outlook matic stock market bubble and bust of relationship with the EU.
private partnerships. PPPs have their place; properly the US Federal Reserve will tighten pol-
from the dependent than data dependent, and 2015. MSCIs endorsement would surely If, as most polls predict, the Conserva-
designed and implemented, they can benefit both public icy in June. The market implied proba- Fed is for a absent a destabilising shock they are be welcomed by Beijing. tives win a sizeable majority, Theresa
and private partners. Too often, however, they have been bility is 86 per cent that the Fed will set on their agenda . . . to normalise It will be the fourth time the question May, the current prime minister, could
no more than vehicles to avoid public sector budgetary raise its target policy rate 25 basis points
June [rate policy. has been asked, but recently the mood have more elbow room to carve out a
and balance sheet constraint, transferring most of the to a corridor between 1 per cent and rise] But weaker data, a falling dollar and music has changed. BlackRock has Brexit deal while disempowering hard-
gains to the private partners. 1.25 per cent. low longer-dated Treasury yields have backed the move, which would force line Eurosceptics in her party a pros-
Professional management of public commercial wealth The question on investors minds is cast doubt as to how fast the US central global fund managers benchmarked pect that boosted demand for the pound
by means of UWFs, achieving returns above 3.5 per cent, what happens next? The policy meeting bank can continue on its tightening tra- against the MSCI EM index to add when the election was called.
would enable governments to double spending on national on June 13-14 could provide clues. jectory. Shanghai and Shenzhen equities to But a narrow Tory win or a shock
infrastructure for transport, power, water, and commu- Minutes of the most recent Fed meet- Traders put the odds that the Fed will their portfolios. Labour victory could lead to the cur-
nications combined. ing gave additional detail on the poten- have lifted its target rate by 75bp by Regulatory changes during the past rency sinking back to test last years
Institutionalising professional management of public tial for the US central bank to begin years end at 44 per cent. That is down year, such as the opening of the Shen- post-referendum lows.
commercial assets in what smells and feels like a private winding down its balance sheet by the from as much as 59 per cent in mid-May. zhen-Hong Kong Stock Connect, have Sterling took a dip last week after a
sector corporation would enable the great wall of money to end of the year. bolstered the case for inclusion. poll showed the Tory lead narrowing.
start working for the public sector and in the public inter- Policymakers have contemplated China shares But analysts at JPMorgan say the pros-
est to the benefit of investors, savers, businesses, taxpay- ending the reinvestment in its more On June 20 comes the return of MSCIs The pound pect of a centre-left coalition govern-
ers and society as a whole. than $4tn portfolio of mortgage-backed yearly will-they-wont-they ritual, when As the UK general election nears, all ment could be positive for the pound.
securities and Treasuries. Such a move the index provider decides whether to eyes in the market will be on sterling,
Willem Buiter is the chief economist of Citigroup; his co-author, would, in turn, be likely to put upward include mainland-listed Chinese shares which has in the past year become the Reporting by Kate Allen, Josh Noble,
Dag Detter, also co-wrote The Public Wealth of Cities pressure on interest rates, serving in in its popular emerging markets gauge. main conduit for changing sentiment Dan McCrum, Joe Rennison and Eric Platt
Capital markets
Global overview
TRADING POST Markets update
Jamie
Chisholm
Stocks end seventh successive S&P 500 index
Change on day 0.16%
FTSE 350 Mining index from a brief drop below $1.28, the blue-
000 chip index lost steam and closed off 0.1 Trading Directory
18 per cent at 7,519.95. That clipped the
benchmarksperformancefor May, with
16
the index up 4.9 per cent on the month.
14 The fortunes of the pound have been a
Jan 2017 May big driver of the FTSE 100 over the past
London Source: Thomson Reuters Datastream 12 months, and fresh weakness in
sterling dominated early trading on the
Weakness for miners ,QGLFHV &ORVH
'D\
V
FKDQJH stock market. Exporters, which benefit
from weakness in the currency, gained.
tempers FTSE 100s )76(
)76(
Unilever, the maker of Ben and Jerrys
run at a record close )76(
)76($OO6KDUH
ice cream, climbed 0.5 per cent to
43.31. Burberry, the exporter of
)76($OO6KDUH<LHOG
luxury clothing, also fared well, rising
)76()XWXUHV
\U*LOW<LHOG
1.6 per cent at 18.15.
Elsewhere, IG Group rose 5.5 per cent
Michael Hunter \U*LOW$OO6KDUH5DWLR
to 584p after the UKs largest online
and Henry Sanderson trading company by market share said
its full-year profits would be modestly
A weak performance from the mining months as stockpiles of the steelmaking ahead of its previous financial year,
sector kept the FTSE 100 from setting a ingredient build up in China, where despite quiet financial markets in its
record closing high, as sliding iron ore inventory of iron ore at Chinas ports final quarter. In a pre-close trading
prices took their toll on the blue-chip rose to a record 136.6m tonnes last update for the year to May 31, the mid-
index. week, according to data from cap group said fourth-quarter revenues
Rio Tinto was the biggest single faller SteelHome. The stockpiles have were higher than the same period last
on the blue-chip index, dropping 2.5 per expanded more than a third this year. year, and it anticipated full-year
cent to 31.02. Five other miners also As consumption rolls over into the revenues would be up 7 per cent.
found a place on the list of the top 10 middle of the year, iron ore inventory The FTSE 250, whose fortunes are
fallers, with BHP Billiton dropping 2.45 will start to become an increasing drag more closely tied to the UK economy,
per cent to 11.73, while Glencore fell on prices, analysts at Macquarie said. was also held back by its miners, and
2.4 per cent to 285.1p. We continue to look for iron ore prices was unable to make overall gains. It
The FTSE 350 mining index recorded to average only $50 a tonne over 2H17. slipped 0.1 per cent to 19.972.17.
a 2 per cent drop that pulled the The weakness in the mining sector Back on the top tier, shares in BT
benchmark back into negative territory stood out on a day in which the overall Group were fractionally higher at
for the year. FTSE 100 briefly surpassed last Fridays 309.5p after it cut the cost it charges
The selling came after iron ore prices record close and set an all-time intraday Vodafone, Sky and TalkTalk for its
dropped to their lowest levels in six peakof7,586.45.Asthe pound recovered broadband service.
Michael Kors added that it would Asia was a bright spot, with sales up to
close 100 to 125 of its full-price retail $117.1m from $38.8m. Total revenues
stores over the next two years as part of came in at $1.06bn, above the $1.05bn
its plans to improve the profitability of that analysts expected.
its store fleet, according to a statement. The group swung to a net loss of
The company is the latest big US $26.8m, or $0.17 a share, from a profit of
retailer to announce closures, as stores $177m, or $0.98 a share, in the previous
grapple with shifts in consumer year. Adjusted earnings per share of 73
spending habits, including the cents beat estimates by 3 cents.
Wall Street continuing rise of ecommerce.
For the current fiscal year, Michael
The S&P 500 index fell 0.1 per cent to
2,410, extending Tuesdays losses, with
Michael Kors hit Kors expected a high-single-digit fall utilities and consumer staples among
in like-for-like sales. Total revenues sectors that outperformed. The Dow
as sales slide and were forecast at $4.25bn, with earnings Jones Industrial Average dipped 0.1 per
outlook disappoints per share of $3.57-$3.67, falling short of
the $4.36bn and $3.96 a share that
cent to 21,010 and the tech-heavy
Nasdaq Composite dropped 0.2 per cent
analysts had expected. to 6,192.
The shares slid 10 per cent to $32.65 in It proved a particularly bruising
the morning, extending the year-to- morning for the financials sector which
Adam Samson date fall to more than 23 per cent. fell 1.1 per cent and trailed the broader
and Joe Rennison Fiscal 2017 was a challenging year, as S&P 500 index, prompted by executives
we continued to operate in a difficult at both JPMorgan and Bank of America
Michael Kors posted a sharp drop in an retail environment with elevated Merrill Lynch who said low market
important sales metric yesterday and promotional levels. In addition, our volatility was weighing on second-
revealed a disappointing outlook, product and store experience did not quarter revenue at their trading
sending shares in the fashion retailer sufficiently engage and excite businesses.
into the red. consumers, said chief executive John Goldman Sachs was the worst-
The group said its comparable-store Idol. performing bank, down 3 per cent to
sales tumbled 14.1 per cent in the fiscal Fourth-quarter sales in the Americas $211.70, while Bank of America dropped
fourth quarter that ended on April 1, Michael Korss biggest market 2.7 per cent to $22.28. Morgan Stanley
worse than the 13.4 per cent fall Wall declined 13.8 per cent to $351.7m. fell 2 per cent to $41.43 and JPM was off
Street analysts forecast. Revenues in Europe dipped as well, but 1.9 per cent to $82.35.
26 Thursday 1 June 2017
2200
50
0
Bond investors signal
2000 -50 gloomier UK outlook
1800 -100
2015 16 17 KATE ALLEN CAPITAL since Theresa May called a
Source: Bloomberg MARKETS CORRESPONDENT snap election last month.
Bond investors are flagging The currency markets
Fund manager relief first time the hit rate has up a deteriorating outlook look as if they are pricing in a
exceeded 50 per cent for the UK economy as the relatively even set of eco-
Active fund managers who since 2009. country negotiates leaving nomic outcomes, but the
face mounting competition This figure, compared the EU, with fixed-income bond markets are skewed
from passive investment to last years 19 per cent, assets denominated in ster- towards a gloomier eco-
products after years of comes as managers have lingextendingthisyearsout- nomic outlook, said Mike
underperformance can at bet on the technology, performanceduringMay. Amey, head of sterling port-
last brag about something. consumer discretionary folio management at asset
Goldman Sachs says and healthcare sectors. Yields on sterling-denomi- manager Pimco. The level of
52 per cent of funds that These represent the nated bonds have remained pessimism priced into bonds
focus on large-cap US top-performing S&P 500 low, with those on the bench- is overdone, he said; So far
stocks have beaten sectors this year, with mark 10-year gilt this week the economy has weathered
benchmarks since the start price returns of 20.1 per dipping below 1 per cent, a the uncertainty pretty well. .
of 2017. If the trend held cent, 11.5 per cent, and 9.7 level not seen since October. Britains decision to leave
steady, it would mark the per cent, respectively. In contrast, yields on US and the EU has added a political
German government bonds layer of uncertainty to the
Mutual fund performance improves have trailed the drop in gilt economic outlook, leaving
Percentage of large-cap funds beating their benchmarks yields, reflecting expecta- bond investors anticipating
80 tions UK growth risks lagging that the Bank of England will
behind big competitors. have little room to manoeu-
Survey data published this vre over the next two years.
60
week suggested that the The two-year gilt a
buoyant economic senti- measure of investors risk
40 ment of recent months may appetite in the run-up to
now be aligning with official Britains EU exit in March
20 data, which have for some 2019 has been drifting
time been signalling a slow- lower since the referendum,
0 down. and has repeatedly dipped
2007 08 09 10 11 12 13 14 15 16 17 The UK bond markets con- below 0.1 per cent since the
Year-to-date
cern about the economy has start of the year. Yields move
Source: Goldman Sachs
translated into relative out- in the opposite direction to a
performance for investors. bonds price.
Gilts were on course for total Kacper Brzezniak, a port-
returns of 0.75 per cent in folio manager at Allianz, said
More comment and data on ft.com May, compared with 0.53 per the political uncertainty
cent for US Treasuries and meant the Bank of England
0.54 per cent for euro area would be constrained in the
Y Fast FT Our global economies, headed sovereign debt, according to actions it could take.
team gives you market- by Brazil, Russia, India BloombergBarclaysindices. As a result, I dont see
moving news and views, and China. A wider measure that them hiking interest rates
24 hours a day, five days ft.com/beyondbrics includes sterling-denomi- during the Brexit negotia-
a week. ft.com/fastft nated corporate and other tions, particularly if we see
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a bonds fared even better, gen- even weaker economic per-
irreverent financial blog. look at what is driving erating a total return of 0.9 formance than were seeing
Join Paul Murphy and the global currency per cent in May against the now and so it is hard to see
Bryce Elder for the daily market. ft.com/podcasts US equivalent of 0.67 per a catalyst that would see
Markets Live session at cent and a euro area aggre- yields move much higher.
Y Lex Video Analysis gate of just 0.44 per cent. Lefteris Farmakis, global
11am. ft.com/alphaville
and opinion from the The gloom of bond inves- macro strategist at UBS,
Y beyondbrics News and team on the hot issues tors has so far exceeded that warned: Brexit risks remain
comment from more affecting companies and of the currency market, acute, all the more so if they
than 40 emerging markets. ft.com/lexvideo where sterling has found a materialise during a cyclical
new range just below $1.30 downturn.
FT SPECIAL REPORT
Inside
C
ardiff has a chance to show build about 41,000 new homes over the
off its best side this Satur- next two decades. cheap rent
day, when the Welsh capital The next challenge will be for Cardiff Page 2
plays host to Europes big- to capitalise on this growth. Over the
gest football fixture the next five to seven years, Mr Poole says, The Silicon Valleys
final of the Uefa Champions League. 6bn of spending is planned to improve
Preparations are well advanced: Lon- infrastructure, including a new rail link Semiconductor makers
dons Paddington station, from where connecting the city with outlying towns. hope to spur new
many fans will catch trains to Cardiff, is The aftermath of the Brexit vote has specialist industries
planning billboard advertisements dis- made forecasting growth more difficult. Page 3
playing the citys attractions. Cardiff which voted 60 per cent to
In Cardiff, buildings are festooned remain in the EU has in the past been
with banners. Bars and restaurants can a beneficiary of the relocation of finan- Talking bout a
anticipate lively business from the more cial services companies from London, regeneration
than 170,000 fans expected to arrive in lured by its skilled labour force and
the city for the match between Spains comparatively low office rents. As a City centre undergoes a
Real Madrid and Italys Juventus. result, it has one of the fastest growing facelift that it expects to
Staging the event poses big logistical financial services sectors of any British attract business
challenges, not least security a height- city and, in 2015, the UK government Page 3
ened concern since last weeks terror recognised the South Wales region as a
attack in Manchester. Police say 2,000 financial centre of excellence.
officers will patrol Cardiffs streets on But, as David Stevens, chief executive
the day of the final. A secure zone is of Waless only FTSE 100 company,
being established around the stadium. insurer Admiral Group, says: If youre
Huw Thomas, leader of Cardiff coun- moving people out of London not
cil, says: Hosting the Champions within the UK, but to Frankfurt, Brus-
League shows that we can welcome the sels or Luxembourg then thats not
worlds biggest events to our city. Visi- helpful for Cardiff.
tors will see the development that is cur- Flag day: Cardiff castle festooned with banners to celebrate the city hosting the Champions League final Francesca Jones The Welsh capital has some natural A travellers guide:
rently taking place. advantages over other regional cities.
Mr Thomas says such events are just at the top of the league in the UK in year, according to Ken Poole, head of More than 45 per cent of Cardiffs Paul Swinney, principal economist at what to do in the city
one part of the citys development terms of measures of growth and quality economic development at Cardiff Coun- working age population has a degree the think-tank Centre for Cities, says Thousands of tourists
agenda. Cardiff s economy has of life, and our vision for the city will cil. This is a faster rise than in any of the and the city enjoys high demand for that investors view its private-sector- are due to arrive this
changed considerably in recent years, make sure we stay there. other members of the Core Cities UK office space. Estate agent Savills says dominated economy as having greater
with an increasingly diverse business The citys economy has indeed had a group made up of Englands eight big- 2016 was the strongest year of take-up resilience than those that depend more week for the Uefa
base creating more and better jobs and good run of late. The number of resi- gest city economies outside London, for 15 years and that Cardiff remains on public sector jobs, such as Swansea, Champions League final
opportunities, he says. Were regularly dents in work grew by 6 per cent last plus Glasgow and Cardiff. one of the UKs strongest office market Continued on page 4 Page 4
2 FINANCIAL TIMES Thursday 1 June 2017
become the citys first unicorn Welsh governments financial and pro-
fessional services advisory panel. The
major challenge is making sure that the
people who are making investment
decisions understand the scale of oppor-
tunity here.
Business School created a 56-seat trad-
ing room in partnership with the tech-
nology company Market Squared a
subsidiary of derivatives trader OSTC
in which students use a simulator to
practise trading like a professional.
Start-ups A generation profile in cyber security and compound
semiconductors. The citys creative
Mr Smith, who is originally from
Llanelli in south-west Wales, was living
To date, Cardiffs biggest weakness
has been a lack of experienced technol-
Across the UK the financial services
sector faces uncertainties, not least the
Mr Hughes, who took the top job at
Principality in March, says 700-800 of
of entrepreneurs wants industries are also growing. in England when the business started ogy entrepreneurs and investors, but potential impact of Brexit, but Mr Nott its 1,100 staff are based in its Cardiff
to put the capital city Cardiff and Swansea have nearly
17,500 digital jobs between them,
but he was keen to bring it home as soon
as he could. Wales needs success sto-
there are now some locally based busi-
ness angels and small venture capital
says Cardiff offers a substantial pool of
staff, prime office rents that are half
offices and expects its core activities to
continue to grow. Assets have increased
on investors maps, according to Tech City UK, the govern- ries of people who have put a business companies. Loans and equity finance those in London and good communica- from 5bn to more than 8bn over the
ment-backed body that promotes tech- together and grown it, so others can are also available from Finance Wales, tions with the City. Rail electrification past five years, he says.
reports Brian Groom nology companies. That places the Car- understand how it was done, he says. the governments venture capital arm. by 2018 will bring the Cardiff-London Deloitte has expanded its staff in Car-
diff/Swansea area 16th out of 30 zones My view is that, here in Cardiff, we Cardiff needs to make itself better journey down from two hours to 1hr 45 diff from 300 to 720 over the past nine
O
nce, Cardiff was at the in the UK for technology jobs, just need to figure out how to build a uni- known to venture capitalists in London mins and, with the completion of Lon- years, mainly by establishing a centre
heart of an economy based behind Nottingham and ahead of corn. That ambition, he says, will be a and beyond. To this end, Innovation dons Crossrail (Elizabeth Line) project, for regulatory and compliance work,
on coal and steel. But, in Bournemouth and Brighton. more realistic prospect for a consumer- Point is promoting an annual digital it will be possible to travel from Cardiff which serves the Deloitte network and
recent years, the Welsh But David Warrender, chief executive facing business than a business-to-busi- dozen of promising start-ups. to Canary Wharf in two hours. some clients.
capital has been looking to of Innovation Point, a Welsh govern- ness venture. I wont claim we will be Stephen Milburn, a co-founder of Car- According to the Welsh government, Wayne Harvey, senior partner in
grow new industries such as digital ment agency set up to encourage the there, but we have got that mindset and diff Start who runs an app development Cardiffs financial and professional Wales, expects the number of staff
start-ups to help secure its future. sectors development, says those figures that capability, he says. agency called Tradebox Media, says he services sector employed 46,700 in based in the city to rise to almost 900 by
Amplyfi, for example, is an artificial are underestimates. We think we have Cardiff is working hard on promoting is positive about the future but would 2014, almost a quarter of the citys total the end of next year. Its a great place to
intelligence start-up that wants to trans- got about 40,000 digital economy jobs tech skills to support the nascent indus- like the Welsh government to create a employment up 4,000 from 2011. recruit, he says, citing the high propor-
form the business intelligence industry. in the South Wales region, he says. try. A National Software Academy has centralised platform for making open TheCityUK, the finance sector lobby tion of graduates and undergraduates to
Its DataVoyant software platform har- I grew up in Wales, went away to uni- opened at Cardiff university and discus- data available an area in which, he group, estimates a lower total of about the adult population. We have 32 lan-
vests and reads data that is both publicly versity, looked around for things to do in sions are under way about the creation says, it is lagging. 20,300, making it the seventh largest in guages [spoken] at a business standard
available online and from the deep web Wales and couldnt find what I wanted, of a data science academy. Cardiff-based Nudjed, a start-up spe- the UK behind Edinburgh, Manches- in our delivery centre.
the parts of the internet that are not so I moved away for many years, Mr cialising in health data, is working with ter and Birmingham, but ahead of Bel- Cardiffs growth as a finance centre
indexed by standard search engines. Warrender says. When I compare that the National Health Service using tech- fast and Sheffield, for example. In 2015, was boosted by the creation of a city-
The technology enables clients to spot with the opportunities in the Cardiff nology to boost preventive care. For the UK government designated South
potential disruptions to their busi- region for having a career in digital and We have a generational example, it is working for a weight man- Wales a financial centre of excellence
nesses, whether a war, a market shift, or technology now, [there is] a world of dif- opportunity to replace the agement service to find out why some one of eight outside London. 46,700 2 hrs
a new technology. ference. patients often those with low literacy, Cardiff is also growing its fintech sec-
The companys co-founders made the There has been, as yet, no Cardiff uni- industrial economy that we anxiety or depression miss their tor with start-ups including Wealthify, a
Financial and Train journey time
professional to Canary Wharf
decision to base themselves in Cardiff in corn a start-up valued at more than are emerging from appointments or drop out of its pro- so-called robo-investor; Sonovate, a services workers after completion
2015, having considered London, San $1bn but several companies have grammes. provider of financial services to recruit- in Cardiff of Crossrail
Francisco, Boston, Beijing and Cam- ambitions to grow quickly. Mr Ganje Warren Fauvel, Nudjed chief execu- ment agencies; and Delio, which helps
bridge as potential headquarters. Chris expects Amplyfis Cardiff workforce to A National Cybersecurity Academy is tive and co-founder, is talking to the financial institutions connect wealthy centre enterprise zone in 2012, exclu-
Ganje, Amplyfis American chief execu- increase from 14 to 40 over the next two also being piloted at the University of NHS about other ways to apply the tech- clients to investment opportunities. sively for financial and professional
tive, says Cardiff beat rival locations years and its turnover to reach 50m South Wales, which has campuses at nology, he says. Within five years I Target Group, a financial software services, which offers incentives such as
because of its low costs, a ready supply within five years. Cardiff, Newport and Pontypridd. would be hoping for us to be an interna- outsourcer, was founded in Cardiff in training grants and assistance with busi-
of graduates from local universities as DevOpsGuys is an IT consultancy that Several co-working spaces and incu- tionally traded business in the tens if not the 1970s and now employs more than ness rates for small businesses.
well as funding and incentives from the helps online businesses manage their bators have opened in the city, including hundreds of millions [of pounds in turn- 900 people. It was recently acquired in a Cardiff is in a strong place, says
Welsh government. Relatively easy applications in the cloud. Founded in Tramshed Tech, Indycube, Entrepre- over], he says. 112m deal by Indian IT services com- Chris Sutton of property agent JLL, who
access to London, and to international 2013, the company now has 40 staff and neurial Sparks Cardiff Hatchery and We have got a large public sector and pany Tech Mahindra. Equiniti, the chairs the enterprise zones advisory
airports, was another factor. employs another 40 associates. James Cardiff Medicentre, as well as the Welsh we need it to support the growth of new financial administrator, has created a board. I guess the challenge is always to
Cardiffs tech start-up scene, which Smith, chief executive and co-founder, Innovation Centre for Enterprise in digital or intellectual-property-driven fintech innovation centre in the city. get more of the headline acts.
includes many locally founded compa- says his target is to employ 500 people nearby Caerphilly. Cardiff Start, a net- business. We have a real generational Admirals presence has been crucial There are no easy wins, he adds. The
nies, is already strong in life sciences with a 100m turnover within five years work of start-ups and entrepreneurs, opportunity to replace the industrial to Cardiffs growth as a financial centre. city has to have a relentless focus on
and software technology. It is building a up from 5m now. has 2,500 members. economy that we are emerging from. Started in 1993 with 57 staff, it has improving the business environment.
Semiconductor
maker eyes a
market in
optical sensors
I
t has been known for years that have not been able to use technology to Silicon Valleys: sensing is deployed, could allow such by Japanese telecoms group SoftBank, semiconductors. The facility will be
dogs can detect disease, but a Welsh do that, but optical sensing is getting to Cardiff and the cars to see through stationary vehi- many UK technology investors owned by Cardiff and nine neighbour-
semiconductor company says that the precision where that can happen surrounding area cles. We think this will be a growing switched allegiance to IQE. ing councils. Equipment will be leased
optical sensors in healthcare using lasers and detectors. is earmarked as market for us, Mr Meadows says. The company has become a driving to manufacturers.
devices for the home could one day He says the semiconductor industry is a hub for tech IQE employs 600 people worldwide, force behind efforts by the Welsh gov- We will build a pilot line production
provide a similar early warning system. at an inflection point: Mobiles have Patrick Olner
including 160 at two facilities in Cardiff. ernment to create a cluster of specialist to give us the critical mass needed to be
IQE of St Mellons, Cardiff, makes grown the industry, but compound Forty per cent are graduates and half of electronics companies in Cardiff and seen as a go to place for compound
compound semiconductors composed semiconductors are key to driverless those are PhDs. South Wales, dedicated to producing semiconductors, says Mr Meadows,
of two or more chemical elements. cars and sensors in healthcare technol- The company was founded in 1988 by and selling compound semiconductors. adding that there are already potential
These work faster than conventional, ogy. Healthcare will be dependent on chief executive Drew Nelson, who had Mr Meadows says there are already end users in Wales, such as Airbus, the
single-element silicon semiconductors. compound semiconductors. previously worked at BTs global several clusters of semiconductor man- aircraft manufacturer, and General
The wafers that are the base for semi- Mr Meadows says the cost of com- research headquarters at Martlesham, ufacturing in Europe. One is Eindhoven Dynamics UK, the aerospace and
conductors can be found in mobile pound semiconductors account for $10 near Ipswich. It has grown through in the Netherlands, which is the centre defence company.
phone handsets and are also used in of the price of a mobile phone. The part acquisition and has 11 sites, housing fac- of research and was the original head- Separately, Cardiff has been selected
lasers. They were a key technology in played by IQE represents about 30 per tories, research and sales teams, includ- quarters for electronics company to be the home of the UKs Compound
DVD and Blu-ray players. cent of that. ing five in North America. Philips. They also exist in university Semiconductor Applications Catapult, a
Three years ago, more than 80 per The bulk of these processors are still IQE floated on the Easdaq, the former towns such as Leuven, Belgium, but UK government-funded facility where
cent of IQEs production was to support made by the big telecommunications Brussels-based market for fast-growth
Healthcare these clusters are all concentrated on technologies will be available to mid-
wireless technology in mobile handsets. companies such as Motorola and Sam- companies that is now part of Brse Ber- will be silicon [semiconductor manufactur- tier and small companies to use for a fee.
But Chris Meadows, IQEs head of mar- sung. Of the specialist, standalone com- lin. It was briefly on the main UK mar- ing], he says. This is one of 10 hubs of high-perform-
keting, says that has now dropped to panies whose only activity is making ket before switching to the Alternative
totally Cardiff already has some semicon- ance manufacturing across the UK.
around 70 per cent, because the fastest compound semiconductors, IQE Investment Market in London in 2003. dependent ductor research activity. Cardiff Univer- Both initiatives are designed to
growing sector is photonics, the area of accounts for half the global market. The company had sales of 133m in sity tests radio frequency components encourage more supply-chain activity
technology that is concerned with the IQEs products are found in the sen- 2016 and profit of 19.8m before tax.
on these for handset manufacturers often in Wales. We have come across UK
properties and transmission of photons, sors in the speaker-receiver part of a The share price has more than tripled compound these are companies supplied by IQE. companies that are developing new
such as fibre optics. mobile phone, which tells touchscreens over the past year. One explanation for Last month, Cardiff Capital Region healthcare technologies and they are
Dogs can [detect] compounds down to switch off when they are brought its strong performance is that when the
semi- announced it was allocating nearly importing lasers from China, says Mr
to parts per million, or parts per billion close to the ear. They are also used British smartphone chip designer Arm conductors 38m to fund a high-volume foundry Meadows. We probably supplied China
even, Mr Meadows says. Until now, we in driverless cars and, once infrared Holdings was bought for 24bn in July specifically to make compound with the materials to make those lasers.
T
he nearest thing to a Welsh architectural firm to build the new BBC
national dish is cawl a Wales headquarters, the centrepiece of
lamb and potato stew so the Central Square development around
watery it is sometimes the citys former bus station. But, unlike
mistaken for a soup. Not a in Edinburghs Georgian New Town or
great advertisement for foodies visiting the grand municipal centres of the
Cardiff, you might think. northern cities of Liverpool and
But the Welsh actor Rhys Ifans swears Glasgow, Cardiffs built environment is
by it, as did his fellow Welshman the late nothing to set the pulses racing.
Howard Marks. The convicted drug The main reason tourists come to
smuggler and counter culture pin-up Cardiff is to watch their sporting heroes.
whose autobiography, Mr Nice, was For rugby fans, the Principality Stadium
made into a film starring Mr Ifans (formerly known as the Millennium
once said that he never returned to Stadium), and the iconic Cardiff Arms
Cardiff without treating himself to a Park have provided the backdrop for
bowl of cawl. He even claimed it was a some of the sports greatest moments. It
cure for erectile dysfunction. was at the Arms Park in 1973 that
Food is not what lures most travellers Gareth Edwards scored a try for the
to the Welsh capital. The city has never Barbarians v the All Blacks, which
had pretensions to match the buzz of experts say has never been matched.
Birminghams restaurant scene, say, or This week, Cardiff plays host to
Manchesters sophistication. But woe another huge sporting event. As many
betide the Englishman who dares point as 170,000 football fans are expected to
that out. arrive for the 2017 Champions League
When the food critic Jay Rayner Final between Spains Real Madrid and
visited Cardiff in 2016, he was subjected Juventus of Italy.
to an angry Twitter storm after Staging such extravaganzas presents
suggesting the best place to head to for Cardiff is the birthplace of several pop Two major Welsh National Opera would be wise to nightclubs are centrally located and logistical challenges. With all the citys
lunch was Cardiffs Central Station and rock bands, including Super Furry exhibitions are grab it with both hands. Cardiff has the advantage of being hotel rooms sold out long ago (and
because from there, he observed, you Animals, who, along with Stereophonics showing at the For those who like clubbing, the city compact and easy to navigate on foot, many block-booked by footballs
can catch a train to Bristol. and the Manic Street Preachers, were National has a wide choice of venues. Tiger Tiger although the commercial and business governing body Uefa, according to
In truth, the choice of restaurants is part of a resurgence of Welsh music in Museum. Left: is the place to be on Mondays. The chain district can feel cut off from the Cardiff locals) the BBC reports that travelling
much improved. Among the best city- the 1990s. Catatonias Cerys Matthews, works from a Revolutions Cardiff bar is the hang out Bay area. fans are being invited to campsites, and
centre eateries is The Potted Pig, which who sings in Welsh and English, was private for Tuesdays and, on Thursdays, there is One of the less well known tourist charged 300 to sleep in a two-person
is housed in a converted bank vault. born in Cardiff, as was pop and classical collection. Right Clwb Ifor Bach. attractions is the National Museum, tent in a city-centre park.
Also rated by locals are Nant, I Giardini music star Charlotte Church. (above and Theatre too is thriving. The Sherman which is currently showing two One of the Local residents have also tried to cash
di Sorrento, Purple Poppadom and, for No Cardiffian will let you forget that below) works by Theatre routinely wins prizes for its important exhibitions of modern art. less well in. Adverts on websites such as Gumtree
vegetarians and vegans, Anna-Loka. Shirley Bassey was brought up in the Gillian Ayres. productions. One homegrown success One features the brightly coloured and Airbnb are offering rooms for
Cardiff is better known for its pubs city. She was raised in the working-class Francesca Jones for the FT from the Cardiff theatre company abstract works of painter Gillian Ayres. known between 80 and 2,000. Special
and nightclubs than its fine dining. dockland neighbourhood of Tiger Bay, Sherman Cymru was Deep Cut, a play The other is a show of paintings and tourist surveillance cameras are in operation
Music particularly singing is part of which is now part of the redeveloped based on the real-life deaths of four sculpture from the private collection of for the event. Roads have been closed off
the Welsh identity, as anyone who has Cardiff Bay cultural zone. trainees at the Deepcut army barracks Ian and Mercedes Stoutzker, including attractions and trees in the city centre are to be
attended a rugby international can This month, the city hosts the in Surrey. A more recent production was works by Francis Bacon, Lucian Freud, is the boxed in.
testify. Membership of a male voice biennial BBC Cardiff Singer of the World of Robin Soans play Crouch, Touch, Barbara Hepworth and David Hockney. There is even talk of waiving road tolls
choir or a colliery band used to be a rite competition to discover opera stars of Pause, Engage, about the gay former In the past, Cardiff has had a National for the day on the Severn Bridge
of passage for young men from coal the future. Any visitor lucky enough to Welsh rugby captain, Gareth Thomas. somewhat chequered relationship with Museum crossing from England reason enough
mining communities in the Valleys. obtain a ticket to a production by the The citys theatres, concert halls and famous architects. The Richard Rogers to drop in for some cawl.
Watches Jewellery
Time is (less) money Lost lustre Mrs Motivator
Mechanical watches The pearl industry is Jewellers hire coaches
are now under 500 recovering from a crisis to pep up deflated staff
INDUSTRY Page 3 LONG READ Page 6 RETAIL Page 9
Ralph Atkins
2017 were 21.6 per cent higher than the cerns over the timing of any tangible
same period a year earlier, according to restocking cycle, warns Thomas Chau-
the Federation of the Swiss Watch vet, analyst at Citigroup.
Industry (FHS). Optimism is growing As a result, it remains unclear how
J
ohann Rupert, the veteran among industry executives and analysts powerful the sector-wide recovery will
chairman and controlling that the worst of the downturn is over, prove or whether the upheaval caused
shareholder of Richemont, was although jewellery is outperforming by sluggish global economic growth,
in a defensive mood when watches, where excessive inventory geopolitical risks and technological
unveiling the Swiss luxury remains significant. change spell a further period of restruc-
Contributors
Ralph Atkins Alan Knox
Switzerland correspondent Picture editor
The rise of
the low-cost
mechanical
watch makes
up for lost time
Competition
Today 500 will
buy you a stylish No expense saved: Gordon Fraser
and Oliver Goffe of the mid-price
product with a proper Marloe watch company (right) and
(below, from top to bottom) their
movement, says Cherwell and Derwent watches
and the Meakin watch from Farer
Simon de Burton Mark Lord
S
ince 2000, Switzerlands most It was absolutely a conscious deci-
expensive watches have sion to price our watches at below 500.
attracted the most attention It was a long process to get them down to
and have almost trebled in that figure but weve proved that its
numbers sold, according to possible to maintain quality and cus-
the Federation of the Swiss Watch tomer service for that price while still
Industry. But beneath that success is a making enough of a profit to support
story of crisis and of opportunity, which and grow the business, he adds.
agile watchmakers are starting to seize. Perhaps ironically, the success of Mar-
The crisis is in the cheapest category loes initial offerings has led to calls from
of watches, inexpensive quartz-pow- existing and potential customers for a
ered ones. In April 2017, sales of watches Marloe with a Swiss-made movement.
under SFr200 ($205) fell 11 per Having contacted a number of Swiss
cent by units from a year suppliers, Mr Goffe believes that he
earlier. Furthermore, this will be able to offer such a watch
is not a blip. Since 2000, before the end of the year at a tar-
the category has con- get price of 750.
tracted by a quarter, fall- If he achieves his aim,
ing from 22.8m watches Marloe will be competing
sold to 16.5m. A with the well-estab-
YouGov survey from lished Christopher
2013 found that 61 Ward ecommerce
per cent of 18 to 39- brand, which started
year olds used their selling Chinese-made
smartphone, rather quartz watches in 2005,
than a watch, to tell the before forming a part-
time, giving context to nership with Swiss move-
the decline. ment maker Synergies
There is more promising Horlogres in 2008. (The
news a little further up the price two companies merged in
scale. The SFr200-SFr500 category 2014.) Christopher Ward
has registered a 31 per cent growth in offers several mechanical
units sold since 2000. What this watches for under 1,000,
implies is that even if cheap watches with the entry-level Mal-
are giving way to electronic devices, in vern automatic from 495.
the medium term there is still a market Paul Sweetenham, a former senior
for pricier, more ambitious brands. executive at TJX Europe, parent com-
Such brands include those producing pany of discount retailer TK Maxx, is
mechanical watches at lower costs, with another person who has nurtured a
lower margins, than established houses, close relationship with a Swiss move-
and then selling them online. ment maker in order to offer cheaper
One watchmaker is taking a bet that mechanical watches. Mr Sweetenham
the stigma formerly attached to cheap has used his considerable retail
Chinese mechanisms is fading, meaning experience to engineer a
that they can be regarded (and deal with Roventa-
priced) seriously. Marketing con- Henex, which pro-
sultant Oliver Goffe and draughts- duces watches for
man Gordon Fraser launched other brands under
British watch company their names.
Marloe on crowdfunding On this basis, he
platform Kickstarter in founded online-
January 2016. only brand Farer,
Having raised an ini- which sells three-
tial 179,000, Marloe hand automatic
began deliveries of its watches from
first model the three- 875, a niche he
hand Cherwell (249) in believes is largely
August 2016 and has since ignored by the promi-
introduced a two-hand nent Swiss makers. (Baume
design (the Derwent) at et Mercier did recently intro-
329 and a chronograph duce a range, Classima, for
(the Lomond) at 449. under 1,000 but they are quartz,
All three models use hand- not mechanical.) I think the mar-
wound mechanisms produced by ket is polarising at a point some-
Chinas Tianjin Seagull, the worlds larg- where between excessively expensive
est manufacturer of mechanical watch mechanical watches and very cheap,
movements. With almost 2,000 Mar- almost throwaway quartz fashion
loes sold to date, Mr Goffe says reliabil- watches, Mr Sweetenham says.
ity problems have been negligible. We started the business by selling
I decided to establish Marloe after good-quality quartz products and had
living in Sweden for a few years, where some success but then we realised that
there are two or three brands there are many people in their mid-30s
which have become very who aspire to own a good mechanical
successful selling watch but dont want to pay the prices
quartz watches at very charged by the established brands,
high margins, says Mr Mr Sweetenham adds. We have
Goffe. It sort of infuri- been able to produce a watch
ated me to think that which we can sell for between
people would pay so one-third and one-half of
much for a quartz watch the amount typically
that cost, perhaps, $5 to charged by a Swiss
make. So I went down firm . . . I would say
the route of seeing we now sell three
how much a proper mechanical watches
mechanical watch for every one quartz.
could actually be pro- He thinks the Swiss
duced for. He and Mr industry needs myth-
Fraser chose Seagull busting when it comes
because it makes its compo- to mechanisms prices
nents with Swiss machinery. and says he can obtain
Mr Goffe is reluctant to reveal movements for one-
how much his company pays for tenth of what bigger
what he describes as absolute brands say they cost.
grade-A Seagull movements. He indi- When you add that to
cates a ceiling of around 50 per unit, the low overheads and
however, plus cases, dials, crystals and marketing costs of ecommerce, he
so on. Even after the cost of assembly says, Its suddenly perfectly possible to
by a Chinese manufacturing partner offer mechanical watches that are
he is left with a viable profit. affordable and of great quality.
4 FINANCIAL TIMES Thursday 1 June 2017
A
in Basel, Switzerland. Its a mar- principal reason for
keting balloon where you have a the shift to openness
few companies who are really about using external
doing it, then some who are stretch- watchmakers is the
ing the truth. role of social media,
blogs and collectors clubs. Mr Torrigiani
T
here are several reasons says that these have raised awareness
why large houses find it about the independents and recognition will
worthwhile to call on independ- come. There is a need from collectors to have
ents. Equipment and labour costs more transparency, he says. There will be
are high, especially for complicated added premium for brands that can tell the full
movements in low quantities. A dedicated labora- story. Collectors already suspect that outstanding
tory is also needed to test new watches for daily use. complications may not come from within the house.
Independents can thus benefit from econo- For smaller brands, the association can be a
mies of scale: developing 10 complex boost. Mr Strehler helped create the first
movements, or calibres, for 10 watches for independent Swiss house H
brands does not require significantly Moser & Cie in 2003 by developing around
more equipment or space than a 10 calibres and producing its movements
brandworkingonjust one in-house. for the first five years. Meanwhile, in 2015
Watchmakers Robert Greubel and Faberg launched its first watch after sev-
Stephen Forsey not only have their eral years of franchising: the Visionnaire I
own brand, launched in 2004 (their (from $220,000), a flying tourbillon that
Art Piece, top right), but run Com- has created complications for brands including IWC and A Clockwise from top: is made by APRP.
pliTime, which has been supplying Lange & Shne. Co-founder Dominique Renaud, who sold Christophe Claret; You cant waste any time when you
mechanisms to other brands since his share in APRP in 2000 and has since started his own Stephen Forsey; only have 18 months to develop, says
2001. The mechanical watch uses about brand, believes it is almost impossible for watchmakers to Jean-Marc Wiederrecht; Aurlie Picaud, Fabergs timepieces direc-
30 techniques or skills, says Mr Forsey, all have all these skills in-house. Andreas Strehler tor, who adds that it is still important to keep
of which were historically performed by It is nonsense to think that you can master everything, Alex Stephen Teuscher, Keystone/Alessandro della development know-how and 3D and technical ani-
Valle, Darrin Vanselow, Anne Morgenstern for the FT
separate craftsmen. Hence, endeavouring to says Luiggino Torrigiani, Mr Renauds business partner in mation in-house. All of Fabergs subsequent time-
make all parts of the movement in-house is his new venture. pieces have been co-created.
really challenging. These watchmakers do not necessarily linger in the
T
CompliTime specialises in more unusual, radical complica- ime and access to expertise count too. While a background, however little the large houses may want to men-
tions; Mr Greubel and Mr Forsey made the Opus 6, part of an prototype can be made in a few months, new cali- tion them. Mr Claret, Mr Greubel and Mr Forsey, Mr Renaud
annual project that Harry Winston launched in 2001 to cele- bres take three to four years. It can be easier to and Mr Strehler have all launched their own brands, some-
brate independent watchmaking. Mr Greubel and Mr Forseys outsource this to avoid wasting manpower. times before or concurrent with their external work. It makes
co-design featured a double tourbillon inclined at 30 degrees, Andreas Strehler, based in Switzerlands Ger- There is a need from economic sense, too, having dual income streams.
giving the impression of being suspended in space. Compli- man-speaking north, was previously chief of prototyping at collectors to have more But the more discreet method can also be a vital first step or
Time makes a few tens of movements each year that are tai- Renaud & Papi and today works with other brands alongside accompaniment: Mr Forsey notes that without CompliTime,
lored to clients. Theyre la carte and made to measure to fit his own (his Sauterelle, above left); one of his designs holds the transparency, There will be he and Mr Greubel might have never launched their own line.
the companys identity, says Mr Forsey. Guinness world record for the precision of its lunar phase. added premium for brands If you just focus on your brand, you can find the walls closing
Renaud & Papi, a movement-maker in which Audemars Employing nine people who create on average three calibres a in around you, he says. When you have to look outside and
Piguet took a stake in 1992 and which is now known as APRP, year for outside houses, Mr Strehler says that, with staff that can tell the full story interact with others, you keep dynamic and fresh.
Meanwhile, a unique Patek wristwatches supplied by convertible car, plunging into a six watches that belonged to Henry
Second-hand
Imperial Philippe perpetual calendar
wristwatch that was
Lincolnshires Robert Loomes.
These are the first English watches
swimming pool and clubbing with
friends. The film will be shown in
Graves Jr, a celebrated collector in the
1920s and 1930s, and five owned by his Bremont has become the first watch
royal prices
yellow gold watch, with conquered Everest in 1953. The Cartier wristwatch worn by ran throughout May and enabled
a rare matte black dial The team attempted the Jacqueline Kennedy Onassis for owners to submit details of watches
and Selassies climb in 2015 but were Return to Camelot much of her life is expected to online to receive a cash-buy valuation or
monogram engraved
on the case back, was
forced to abandon it by
the catastrophic
(1) fetch up to $120,000 when it
crosses the block at Christies in
a store credit (worth 20 per cent more)
to use at Bremonts New York boutique.
commissioned by Italian earthquake that struck Patek Philippe has announced New York on June 21. The yellow
Auction house Phillips has set a record aviation pioneer Federico Nepal as they neared the that its Art of Watches gold Tank (left) was given to
price for a Rolex with the sale of a Bazzi. According to the summit. This years successful exhibition, running at her by her brother-in-law, Time for a drink
Reference 6062 triple calendar model catalogue, Selassie gifted the ascent, completed on May 15, Cipriani 42nd Street in Prince Stanislaw Stas Historical maker Louis Moinet has
for more than SFr5m ($5.1m). The watch to an eminent African made the Gurkhas the first to New York July 13-23, will Radziwill, in 1963, following made 50 watches fitted with airtight
yellow gold watch one of three black- personality whose descendant reach the top this season. feature a US Historic Room the 50-mile hike the pair capsules containing a drop of Old Vatted
dial models set with diamond hour consigned it to Christies. The showcasing 27 important undertook in Palm Beach Glenlivet from 1862, supposedly the
markers and the only one of its house attempted to sell the watch two pieces with American as part of the craze for worlds oldest whisky. Collectibles
particular configuration was years ago, but it was withdrawn A day in the life connections. The items will endurance walking investment company Wealth Solutions
originally owned by Bao Dai, the last moments before being offered because Sofia Coppola has made a (very) short include the desk clock sparked by President conceived the spirit watches idea;
emperor of Vietnam. Bao Dai bought of an ownership dispute. It was acquired film to promote Cartiers recently presented to John F Kennedy. The back of the previous watches in the run made
the watch (above right) in Geneva in this time by dealer Davide Parmegiani. relaunched Panthre womens Kennedy by West Berlin watch is engraved Stas to with different manufacturers contain
1954 during a break from peace talks on wristwatch, which was first sold in 1983 mayor Willy Brandt after Jackie 23 Feb. 63 2.05am to cognac from 1762 and rum from 1780.
the future of Vietnam, following the first but phased out 21 years later. The film, the president gave his Ich 9.35pm, referring to the The whisky belongs to Sukhinder Singh,
Indochina war. Peak performance which runs in UK cinemas from June 9 bin ein Berliner speech in hikes duration. Consigned by co-owner of spirits dealer the Whisky
It was first offered on the open market Members of the British Armys Brigade to July 21, stars Mad Max actress June 1963, as well as a an anonymous owner, some of Exchange. There are 10 examples of the
by Bao Dais family in 2002 following his of Gurkhas made up of Nepalese Courtney Eaton as a young woman chronograph originally owned the sale proceeds will go to the whisky watch in gold and 40 in steel,
death five years earlier, when it sold for soldiers have climbed Mount Everest living an average day in 1980s Los by baseball player Joe National Endowment for the priced at around 36,000 and 15,000.
SFr370,000, also then a record. in their ancestral home equipped with Angeles which involves driving a DiMaggio. There will also be Arts. Simon de Burton
Thursday 1 June 2017 FINANCIAL TIMES 5
P
eople will always find a rea- spend on average 44 per cent more on As well as a continued collaboration
son for bad business, says their next purchase. The companys fine with Muse, a showroom in New York
Deborah Nicodemus, chief jewellery sales have increased 170 per representing independent designers,
executive of high-fashion cent in the year to date so far, compared and a new luxury collection with former
ecommerce business Moda with 2016, she says. Tiffany designer Maria Canale, Gem- Ring of truth: the Couture Show for the fifth year with The recent results from middle-
Operandi. Some in the industry are Mark Emanuel, co-owner of jewellers fields comes to Las Vegas to broaden brands sell their his first diamond collection, priced at American department stores would
blaming political uncertainty, others David Webb, says it is exhibiting at the sales of its smaller, accessibly-priced wares at the JCK $10,000 to $100,000, a higher range support this theory, although consul-
economic drag. But as the trade fairs of Couture Show for the first time to coloured gemstones. Ms Morrison fair in Las Vegas than his coloured gem collections. He tancy McKinsey argued in late 2016 that
Las Vegas Jewellery Week get under engage with independent US retailers, points to fashion fine jewellery brands has received strong pre-show interest the luxury end of the [watches and jew-
way, designers and retailers are reflect- having focused previously on relation- like Wwake and Zo Chicco, whose from his US partners, which include Online, we ellery] category suffered an especially
ing on the poor performance of tradi- ships with department stores: We hope smaller-scale jewellery resonates with higher-end departments stores like Bar- sell a big hard blow after a decade of growth.
tional retail and conceding that there is these stores can help us reach customers younger consumers, in a combination of neys New York. As challenging as these times may be
a need to innovate and diversify. in many parts of the country that Nei- both aesthetic and price point, she says. People are buying high jewellery or piece every in US jewellery retail, it remains, says
Las Vegas Jewellery Week includes man Marcus and Saks cant reach. We want to be a part of that. very simple, low-priced fine jewellery, month, over Euromonitor, the second strongest jew-
the JCK trade fair, which organisers While the company has experi- Some designers are taking the oppo- he argues. The middle ground seems to ellery market after China, which grew
expect to attract 30,000 (June 5-8); the mented with ecommerce for its lower- site approach. Fernando Jorge returns to have plateaued. $30,000 by 9.6 per cent last year to $103bn.
Couture Show, a higher-end fair (June price Tool Chest collection (from
2-6); and the Las Vegas Antique Jewelry $2,600), Mr Emanuel believes that
and Watch Show (June 5-8). online technology still lacks the sophis-
There is no doubt that business could tication to sell higher-end products, at
be better. Although US jewellery sales $50,000 and above. He recognises that
grew 2.5 per cent in 2016 to $61.8bn, emerging technologies like virtual real-
according to Euromonitor, this com- ity will make selling online easier, but
pares with an average growth of 7.5 per for now we are committed to more tra-
cent across the worlds top 10 markets. ditional ways of retailing.
The Jewelers Board of Trade ( JBT) Ms Nicodemus disagrees: Moda Oper-
reports that, in 2016, 1,564 retail jewel- andis no-returns policy has not
lers, wholesalers and manufacturers deterred customers from buying expen-
closed down in North America, a rise of sive pieces. A recent sale included a pair
64 per cent on 2015s 956. of $80,000 Martin Katz diamond and
This in part reflects a growing seg- ruby tassel earrings.
ment of customers willing to buy jewel- Jay Hartington of Marissa Collections
lery online or who reject old-fashioned in Florida says lower-price jewellery
retail. Were seeing many owners of the may represent the bulk of his stores
traditional independent family jewel- online sales but we sell a big piece every
lers choosing to quietly liquidate their month, something over $30,000. Since
businesses and retire, rather than pass the multi-brand fashion boutique
them on to the next generation, says started selling fine jewellery eight years
Anthony Capuano, president of the JBT. ago, the category has grown to more
The news from department store than 50 per cent of revenue.
chains has been poor, with Macys, Nor- One area of growth lately is what Mr
dstrom and JC Penney all reporting falls Hartington describes as more fashion-
in sales in the first quarter. In March, driven jewellery, priced under $2,000,
retail giant Signet Jewelers, which owns by brands such as Dana Rebecca and
Kay Jewelers and Zales, became the S&P Shay Jewelry. The store initially
500s worst performer so far this year. It invested in this category believing it
blamed poor mall traffic, ecommerce would work well for ecommerce but
problems and flat sales across the indus- customers in-store also responded. One
try over the critical Christmas period. recently came in and bought 20 $800
Ms Nicodemus says companies need necklaces as office gifts.
to find an advantage in the market or try Sally Morrison, director of sales and
something radical. Moda Operandi marketing in the Americas for miner
The First Daughter and her jewellery line Drew Angerer/Larry Busacca/Getty Images
T
owned by Queen Mary I and Elizabeth Taylor and his inquest heard. Three years later, Paspaley was fined he peak in pearl prices at auction
sold by Christies for $11.8m in 2011. Nature, sci- A$60,000 after pleading guilty to failing to provide a safe was 18 months to two years ago, Mr
ence and industry are playing their part and, workplace, having been unprepared for such an emergency, Warren says. People are being
after a century of dullness, the pearl is regain- according to the WorkSafe agency. At the inquest into Hamp- more selective now, they are buy-
ing its lustre. tons death in May 2017, the court was told the diver had no ing better quality. Collectors will
buoyancy control and no inflation device to lift him to the sur- pay a lot for perfection in pearls because it
P
earls have the longest demonstrable face. (Paspaley has made these devices mandatory since the doesnt really exist. Hong Kong and the Middle
history of any jewellery. Mother-of-pearl incident. There had been no verdict from the inquest as this East are the most prominent places for buyers, fol-
was used as far back as 100,000 years ago, story went to press. The company declined to comment.) lowed by India, he says. Even so, I think prices will stay
says jewellery historian Beatriz Chadour-Sampson, You can only produce high-quality pearls by working in a high because they are so genuinely rare. Like all markets it
the co-curator of the Victoria and Albert Museums pristine marine environment, says Laurent Cartier, a lecturer fluctuates a little bit but I think after 100 years of solitude,
Pearls exhibition. Roman women were at Lausanne university and a researcher into sustainable from the early 20th century to the early 21st
particularly keen on natural pearls, pearls and no relation to the jewellery house. Climate century . . . the world has moved on
which were symbols of beauty, change is having a huge impact on the pearl industry, he and realised how precious they are.
purity and fertility. The gems adds. The increased regularity of typhoons and hurricanes can Prominent and influential
desirability was heightened wipe out whole harvests; ocean acidification from higher car- women wearing pearls have
because men risked their lives bon dioxide levels make it harder for oyster shells to form; and aided the revival. London jew-
to hand-collect them and rising water temperatures can hurt sensitive oyster shells. The eller Annoushka Ducas says
still do. Elizabeth I wore industry has an inherent need to do sustainability so their pearls are among the bestsell-
pearls lavishly, as a symbol of business is still around in 50 years. ers across her 13 boutiques,
her chastity and her king- including a diamond hoop and
G
doms affluence, according to lobal production of cultured saltwater pearls is freshwater baroque pearl drop
Ms Chadour-Sampson. A por- now worth $400m, according to veteran pearl earring for 1,115. (Baroque
trait in the Tate Britain gallery wholesale trader Andy Muller, who is based in pearls are irregularly shaped.)
testifies to this a long string hangs Kobe, Japan; he says the South Sea pearl accounts [Former US First Lady] Michelle
from her waist almost to the floor. for $230m of that. If cultured saltwater pearls are Obama changed a lot about the way peo-
They were the most valuable and prized gem for thousands no more than 5 per cent of what China produces in its fresh- ple view pearls. She wore a lot of pearls in big chokers, in a cool,
of years, says David Warren, senior international jewellery water, according to Russell Thor, senior industry analyst at modern way. I think she probably did a lot for making pearls
director at auction house Christies. He pores over The Book of the Gemological Institute of America, this suggests the whole modern again, says Ms Ducas.
the Pearl, published in 1908, which records the ancient belief pearl industry is valued somewhere above $8bn. Taste is diversifying beyond traditional colours and being
that pearls were formed by dewdrops falling into clams. able to tell a story of provenance is now attractive too. Ms
In New York just before Nicholas Paspaley started Ducas finds golden pearls from Iloilo in the Philip-
his diving adventures in Australia the pearl reached pines, where they are cultivated with minimal inter-
what in retrospect seems like its high point. In 1917, vention. She buys them directly from the farmer,
Morton Freeman Plant made a deal with jeweller not by the bucketload from wholesale dealers
Pierre Cartier: Plant would give Cartier his Fifth and harvests 8,000 a year, numbering each one in
Avenue mansion in exchange for $100 and a neck- her collection. There is a real warmth about
lace of 128 natural pearls, valued then at $1m. The golden pearls that is incredibly flattering, Ms
house is now Cartiers flagship store. Ducas says.
Gabrielle Coco Chanel is also vital to the story, J Hunter Pearls Fiji, established in 1999, pro-
says Ms Chadour-Sampson. Chanel wore several duces some new, very rare colours, including choc-
ropes of pearls in varying lengths, and turned them olate brown, peacock green, cranberry and pistachio.
into haute couture and fast fashion, mixing real pearls It benefits from the unique shell colours of Fijis black-
whether natural or cultivated with plastic. Her effort- lipped oyster subspecies, alongside modern hatchery
less everyday use put them back in womens wardrobes but techniques. Partnering with Savusavu villages has helped
ultimately made them unpleasantly ubiquitous. locals to retain their traditional way of life and the natural
environment needed to produce the pearls.
A
t the turn of the 20th century, Japanese entrepre- Scientific intervention is allowing more spectacular pearls
neur Mikimoto Kokichi revolutionised the indus- to be created. Chinese freshwater producers have grown hol-
try by commercialising cultured pearls. Scarce low souffl pearls, which come in iridescent colours, as well as
natural pearls, retrieved by hand from the sea- giant fireballs, ripples, Ming pearls and Edisons, all formed
beds around the Gulf, India and Sri Lanka, were using different nuclei and culturing processes. Some of Chinas
replaced by a scientific endeavour, changing the economics of Pearly kings and queens freshwater pearls come in colours, sizes and lustres compara-
the pearl industry. (anticlockwise from top ble to South Sea pearls.
Today, there are three main species of cultivated saltwater left): Nicholas Paspaley; Not everyone approves of the Chinese approach. Mr Thor of
pearl: the Pinctada fucata, which produces the small, round Mikimoto Kokichi; Mary I the Gemological Institute of America says Chinese pearls are
Akoya pearls used by jewellery house Mikimoto; the Pinctada and Elizabeth Taylor, both a cheap alternative because they come from mussels, which
maxima, which can grow up to the size of a dinner plate and wearing La Peregrina; produce pearls much faster than oysters. Its really fakeland
produces the white South Sea pearl, considered the largest and Elizabeth I; Coco Chanel; when it comes to pearls, he says.
most lustrous in the industry; and the Pinctada margaritifera, Michelle Obama All cultured pearls are ultimately fake to one degree or
which produces black Tahitian pearls. Freshwater pearls, by Gamma-Keystone via Getty Images, another, beauty augmented by science, but that argument was
Jim Smeal/Ron Galella Collection, UIG via Getty
contrast, are made from mussels, not oysters, and raised in Images, Pictorial Press Ltd / Alamy, AFP/ settled a century ago by Chanel and other tastemakers. What
hatcheries. Getty Images has been real is their renaissance.
Thursday 1 June 2017 FINANCIAL TIMES 7
The
Deconstructed
Watch
If you bought a Louis Vuitton watch more than 10 years ago, the
chances are you were more fashionista than horophile. Nowadays,
however, LV watches can be seen on the wrists of serious collectors
and leading industry figures after the brand best known for
selling luxury luggage decided it wanted to compete seriously as
a watchmaker.
This week Louis Vuitton unveils an example of watchmaking
artistry, the Tambour Moon Flying Tourbillon (197,000), which is
good enough to have been awarded the Poinon de Genve
(Geneva Seal), an independently-assessed symbol of quality
available only to watches made within the canton of Geneva.
The Moon in the name refers to the scalloped edge of the
42.5mm diameter case, a new take on Louis Vuittons signature
softly-rounded Tambour design. Only available in platinum, the
watch features an in-house, hand-wound movement that has been
skeletonised to the point that it is largely transparent.
Almost all of the 160 components have been filed, drilled or
filigree-decorated to leave a mechanism in which important parts
are reduced to gossamer-thin frameworks. Even the carriage for the
tourbillon (a device that contains the escapement within a
revolving cage to counteract the effect of gravity on timekeeping
accuracy) has been reduced to something reminiscent of a spiders
web. The winding mechanism is exposed and the mainspring barrel
Keystone/Jean-Christophe Bott
My Favourite Pieces Auction expert Paul Maudsley favours vintage watches from under-appreciated houses of the 1940s, says Kate Youde
Forgotten
brands
reappear on
the wrist
P
aul Maudsleys affinity for with whom she was friends during
the watch trade was evident world war two. This is the watch
from his first purchase. Aged which started me off on my journey,
14, he bought a silver-case he says.
pocket watch in a slight state
of disrepair from an antiques shop in Doxa (c1945-50)
Whitby, on the Yorkshire coast. I can Mr Maudsley bought his Doxa (bottom,
remember fitting the hand back on second right) at the Munich Watch Fair
myself with my dads tweezers. [I] about seven years ago. Doxa is a Swiss
polished the case and I sold it, he says. brand best known for its dive watches.
I made double the money that I Also a classic car collector, he
bought it for. remembers wearing the piece in the pit
Since then, Mr Maudsley, 45, who lane for the Goodwood Revival vintage
joined Phillips auction house as motorsport event a few weeks later.
international specialist and director of I love this one to bits, says Mr
watches two years ago from Bonhams, Maudsley. To me, its everything a
reckons he has sold more than 20,000 chronograph should be. This includes
watches on other peoples behalf. He its size the case is 38mm in diameter
has also continued to pursue his love of and its sought after black dial. He
horology through a personal collection likes the balance of the watch, which
with a focus on chronographs. features a telemeter dial with inner
Alongside his interest in Rolex sports snail scale tachymeter for measuring
watches, he is drawn to lesser-known speed over a fixed distance.
brands such as Gruen and Doxa. It
doesnt have to be an $11m Patek Glycine (1940s)
Philippe to excite the senses, he says. Its salmon pink dial very of the
He studied ceramics and 3D design at period attracted Mr Maudsley to
university and worked in Selfridges another of his 1940s pieces. Since 1914,
ceramics department, then set up a Swiss manufacturer Glycine has made
business producing handmade ceramic watches favoured by the military.
wall tiles before joining Bonhams in He loves the chapter ring (the
1998. It is perhaps unsurprising, circular band on the dial showing the
therefore, that it is a watchs look, style numerals) of the Glycine (main
and complications, rather than name, picture), which he bought six months meetings for fellow Rolex collectors in include a constant seconds subdial, Handy picks: Maudsley said it was the Carrera
which appeal. ago from a collector friend, and says it Hong Kong, London and Maastricht. moonphase with calendar and 30- Paul Maudsleys reference 3147. Introduced in 1966, the
is quite unusual in having Roman If you collected violins, you wouldnt minute and 12-hour recording subdials, favourite watches model is unusual because Heuer only
Gruen centre seconds doctors watch numerals on the dial. The majority of all meet in a restaurant . . . and get all housed in a beautiful brushed and Craig Gibson for the FT
made it for one year with the date at
(1941) wristwatches have either batons (hour your violins out, he says. polished case. Collectors have coveted the 12 oclock position (second left).
While his elder brother was into the markers) or Arabic numerals. this piece, Mr Maudsley says, but he A couple of weeks after Mr Maudsley
outdoors, Mr Maudsley loved all things Most of his watches are vintage as, Mulco (c1955) will not sell it he does not like to part I dont handled the sale of the Haslinger
mechanical. When he was 11, his unlike modern pieces, he finds them It was from another collector, Gerd- with his watches. He makes a better actively go Collection at Bonhams in 2010, the pair
grandmother gave him a vintage Gruen emotive. I think its when an item Rdiger Lang, the founder of auctioneer than client: I wouldnt be met and Mr Haslinger gave him a
(bottom left), a US brand that had its was made and how it was made and manufacturer Chronoswiss, that Mr great for an auction house, would I? out seeking Heuer Carerra reference 3147, which
heyday in the 1930s and 1940s. As well how it was designed, thats the appeal, Maudsley bought his Mulco (bottom watches. I they had not discussed since 2000.
as telling the time, the watch has a he says. I get thinking [about the] right). The piece features in Mr Langs Heuer Carrera reference 3147 This, to me, marks an achievement
central seconds hand that allows a historical context of a watch, so its not bible of chronograph collecting, (1966/67) think, more, in the auction and a friendship really
doctor to take a pulse over 60 seconds. just something that tells the time. Chronograph Wristwatches: To Stop Time. In 2000, Mr Maudsley befriended the the watches more than anything else, he says. I
His grandmother had been given the Mr Maudsley enjoys the social side of Like most of Mr Maudsleys pieces, the collector Arno Haslinger, who asked dont actively go out seeking watches. I
watch by an American pilot, Ralph, watch collecting and has organised watch is stainless steel. Its features him about his favourite Heuer. Mr find me think, more, the watches find me.
8 FINANCIAL TIMES Thursday 1 June 2017
A
wful: the exact word Kim-Eva Wempe, fourth- watch workshop in Europe from its headquarters, where 28
generation owner of her familys chain of watch technicians last year repaired or serviced 35,000 watches.
and jewellery retailers, uses to describe online The company says it can offer a faster turnround than the
watch sales. It treats the pieces solely as a manufacturer and, while prices can be slightly higher, parts
commodity, she says, sitting in Wempes are often supplied for free.
Hamburg headquarters. Selling a watch face-to-face and The workshop costs money to run, but it doesnt make
selling one over the internet is rather like the difference any, says Ms Wempe. But if we sell someone a watch I
between simply looking at a piece of art on ones own and think we should be willing to repair it. I have always admired
having an expert there who can explain it to you and help how Rolex builds the service infrastructure in a country
you to see what makes it special. before working on the sales side, because it immediately
Ms Wempe is not wholly recalcitrant when it comes to creates confidence.
ecommerce, citing luxury conglomerate Richemonts Some Swiss brands are in danger of losing the confidence
purchase of fashion website Net-a-Porter as a positive of their customers by failing to maintain the quality of their
example of engagement. In an ideal world, a customer products as the industry has gone through difficult times, Ms
would always be able to have personal contact but thats Wempe believes. The Swiss really need to keep an eye on
not always possible when someone lives in a country where the value of being Swiss, she says. I am very afraid that, if
there isnt a store just around the corner. the Swiss industry fails to tell things exactly as they are, then
Ecommerce is not something, of course, that could have it will backfire.
been envisaged when Wempe was founded. Master What does she mean by this I am very afraid
watchmaker Gerhard Wempe established his first shop in hint of deceit? It is obvious
1878 in the town of Elsfleth, near Bremen. Almost 30 years that some brands are using that, if the Swiss
later he opened one in Hamburg, quickly adding four more more components sourced industry fails to tell
in the city. The company has occupied its headquarters in a from abroad and they can be
historic building on Hamburgs Steinstrasse since 1923. of inferior quality. But there things exactly as
Absorbed into the aviation and navy ministry by the Nazis should be no problem if, for they are, then it will
in 1939, it regained independence in 1945, with its Hamburg example, a bracelet comes
branches bombed to ruins, amid the destruction of the city, from overseas and it is backfire
and the third generations intended heir dead. As Germanys perfect. I would just love it if
postwar economic miracle helped to resuscitate the the manufacturers could maintain the quality and be totally
company, Hellmut Wempe, Kim-Evas father, expanded the open about where components come from. She added that
number of its branches around the world to 29 by the time she also felt some brands were placing too much emphasis
he handed over control to her. on marketing and not enough on product: If it becomes all
Ms Wempe had joined the business full-time in 1994 after about marketing then we will lose the industry, its as simple
deciding university was not for me and built her as that.
knowledge of watch retail while working for Rolex in One industry myth (or wish) Ms Wempe is keen to tackle
Geneva. She says this was an experience which helped her to is that women are now buying more watches with
learn the importance of long-term commitment over short- mechanical movements. Asian women have been told that
term gain when it comes to establishing customer loyalty the real value of a watch lies in its mechanism and so they
loyalty which can be won, she reiterates, through old- often buy them but many women who have long,
fashioned, across-the-counter selling. manicured nails hate the business of having to pull out the
There is certainly plenty of selling going on: in 2016, crown of a watch and wind it. Cartier knows that, which is
Wempe had revenues of 466m and sold 32,000 watches and Family time: Kim-Eva Wempe is Over the past couple of years, Ms Wempe might have why the new Panthre has a quartz movement and why it
27,000 pieces of jewellery, according to Ms Wempe. But if the fourth generation to run the regretted this certainty: watch sales account for 80 per cent will probably become one of the brands biggest sellers.
things were to go less well, Ms Wempe and her father would Wempe retail business of Wempes business, while global sales of Swiss watches fell Ms Wempe might be pointed when it comes to online sales,
be fully liable. When I turned 40, around 15 years ago, Petra Stadler from SFr22.2bn ($22.8bn) in 2014 to SFr19.4bn in 2016. but her company looks like it is conceding to the times.
people asked if I wanted to make Wempe a limited Wempes own watch brand, made in the Saxon town of When the Financial Times checked Wempes website in late
company, she says. But I said no because I love being Glashtte, will have been affected too: German watch May, a message said Wempe was revising our online shop
responsible for my decisions and for being certain that exports fell 16 per cent in 2016. These falls were reflected in and that it was unavailable. But it added that this was only
everything we do here is for the long-term. a 12 per cent drop in Wempes revenues. for the moment.
O
n a gloomy Wednesday confidence.
morning in Staines, a town Back at Swag, Ms Henderson is about
west of London, two to end her day with Omid Wahedi, a
women sit at a small table sharp young sales associate a year into
in the plush seating area of the job with a passion for watches but
Swag jewellers having a congenial chat. little interest in jewellery sales. At their
They laugh and joke as if friends or close last meeting, Ms Henderson had
colleagues, which makes the nature of How to buy a luxury watch focused on building his confidence so
their relationship all the more surpris- that he could approach shoppers who
ing. Jo Henderson, who will submit an Led by Simon de were browsing jewellery in the stores
Burton, this
invoice after this and subsequent con- event will windows.
versations, is a motivational coach provide a Keen to demonstrate he is willing, and
brought in to enthuse Susanne Moschini comprehensive perhaps buoyed by a Rolex sale earlier
and her colleagues at the jewellers to overview of that ensured his weekly target was
deftly rein in the cocky, bolster the anx- todays luxury watch market already in the bag, he turns the plan into
ious and reflate the deflated. action while waiting for Ms Henderson
18:30 14 June 2017
Ms Henderson is not the only one to finish with another staff member. It
Sofitel London St James,
making a living from motivating shop London seems to have worked: on a day with
floor staff. She is part of a wave of train- live.ft.com/LuxuryWatch scant footfall, he sells a 4,000 engage-
ers in the jewellery and watch industry Mrs Motivator: Jo Henderson is brought in by jewellers to inspire and enthuse their staff Jon Super/FT ment ring.
eschewing flipcharts and sales tran-
scripts in favour of a person-centric
approach, and businesses from inde- Luxury conglomerate Richemont has
pendent jewellers to international invested in sales coaching, though
watch brands are paying for it. because of expense and time constraints
This is becoming a more common sce- it has focused its resources on senior
nario across the broader economy: staff retail managers, office-based senior
need motivating as their wages lag. UK managers and boutique managers.
inflation outpaced wage growth Ward Niou, who is learning and devel-
between 2008 and 2014, and looks like opment director for Richemont in Asia-
it will do so again this year. The UK was Pacific, says coaching will become even
also the only major advanced nation more important for the next generation,
where wages fell by 1 per cent a year which he describes as having more dif-
as its economy expanded between 2007 ficulties building face-to-face relation-
and 2015, according to the OECD. ships. He adds: Coaching is about
While the rise of internet shopping helping individuals become more self-
means consumers who wish to purchase aware and thereby understand ways to
a watch or jewel no longer have to leave overcome different obstacles.
the house to do so, this is still a small It can be like staring into the abyss,
share of the sector. Online jewellery says Lee Lawson, whose luxury sales
shopping will be 10 per cent of the mar- training company Lee Lawson Associ-
ket by 2020, forecasts consultancy ates has worked with Pandora, TAG
McKinsey. Heuer and Aurum Holdings (owner of
I dont tell them anything they dont Mappin & Webb, Goldsmiths and
already know, says Ms Henderson, who Watches of Switzerland).
before launching JHJ Consultancy spent While Mr Lawson started out on the
more than a decade building her Wave shop floor of a jeweller and speaks their
Jewellers chain. Its about making peo- language, he is also fluent in the contro-
ple happy and getting them to fall in love versial system of neuro-linguistic pro-
with their jobs. The bedrock of every gramming (NLP). This school of
team has to be positivity. Often I get thought emerged from California in the
called in because a store has become a 1970s and believes that life experiences
negative environment, and its about have a direct impact on the way we react
ripping that down and starting again. in a situation and the language we use.
Indeed, Ms Moschini does seemed By figuring out why sales staff are hold-
buoyed by the session, describing it as ing back or using negative phrases, they
infectious affirmation. As Ms Hender- work to break the cycle. In the past, Mr
son steps out of earshot, she whispers: Lawson claims to have had tangible
She wasnt so much training me as results by getting a sales associate to
really reminding me of all the stages we substitute a single word in their pitch.
need to go through. Im not adverse to it, Its about understanding what cre-
and there are things I will take away ates patterns and triggers certain
from this. behaviour, says Mr Lawson. We take
For the man footing the bill, Swag all the structure out and it becomes sim-
managing director Edward Ferris, ply about communication. You have to
investment in individual sales staff is a raise their awareness, and to do that
long-term strategy from the late 1990s they do have to tap into their emotions.
when the company brought in a sales
N
trainer from the US. We started send- ot everyone holds with
ing people on seminars or one-day NLP: it has been discredited
training courses but it wasnt developing by some mainstream scien-
staff properly, he says. tists. Christian Jarrett, edi-
We needed them to get closer to their tor of the British Psycholog-
normal environment, and have some- ical Societys Research Digest, has writ-
one teach them the science of selling but ten: It is a serious error to think that
bring out their personality. Even the NLP is grounded in scientific findings in
best salespeople get lazy, and [this train- either psychology or neuroscience. He
ing] is a reminder of all the right words, goes on to describe it as full of false
body language and buying signals. claims that sound scientific-ish.
Working in the jewellery sector can Marmalades Mr Johnson is aware of
have its own charms, says Simon John- the criticisms of NLP, yet describes Mr
son, director of Marmalade Fine Jewel- Lawson, whom he has hired to train
lery in Chiswick and chairman of the staff, as a Jedi and is himself an enthu-
National Association of Jewellers: the siast for NLP, calling it a kind of magic.
industry tends to attract and retain It looks weird and sounds weird, and if
more sales professionals because the you treat it like a lifestyle it is potentially
potential rewards are greater thanks to cultish, but its powerful.
the commission they can make. Swags Mr Ferris has also studied NLP,
and still uses it with managers, but had
Simon to rein it back, as it got a bit heavy. He
Johnson, explains: Its very exciting but also
chairman of mind-manipulating, look into my eyes
the National sort of stuff, and people find it hard to
Association get on board.
of Jewellers You can get into looking for custom-
David Parry/FT ers eye movements, pace of voice, seat-
ing position, how they interact with
their partner, and before you know it
youre off in cloud-cuckoo land and
youve forgotten youre trying
to sell a diamond ring.
Nigel Neill of Aura Consul-
tancy uses a more struc-
tured approach to sales
training his bible is The
Leadership Challenge by
Jim Kouzes and Barry
Posner. His encourage-
ment of those under his
watch to reflect and
address suppressed
feelings to boost pro-
ductivity carries a hint
of the mindfulness
zeitgeist. People do
get emotional and can
find coaching liberat-
ing, confirming, fun,
challenging and some-
times a good way of reflect-
ing out loud.
10 FINANCIAL TIMES Thursday 1 June 2017