Noble also said yesterday it was ning to cut headcount, sales, adminis-tration and operating expenses by morethan 20 per cent during 2016.. Under the proposed rights issue, onenew share
Trang 1Non-farm payrolls rose by a seasonallyadjusted 38,000 in May, below a revised123,000 figure for April and well belowexpectations for growth of about160,000 Employers took on 59,000fewer workers in March and April thanpreviously reported.
The unemployment rate slid to 4.7 percent from 5 per cent but the declineswere driven by people quitting thelabour force, rather than hiring Thenumber of people working part timebecause they could not find a full-timepost rose by 468,000 Stocks sold off and
the dollar fell on the report, which alsosent 10-year bond yields sliding from1.7938 per cent to 1.728 per cent
The latest payrolls numbers wereaffected by a strike by 35,000 VerizonCommunications workers that began inlate April and stretched through May
But even excluding that effect, the jobsreport was poor and contrasted sharplywith the robust gains that have beenseen for much of the decade
“This is a smack in the face for the USeconomy,” said Diane Swonk of DS Eco-nomics “They [the Fed] need to see amuch better June number to keep July
on the table When you are losingmomentum going into the meeting, that
is not when you raise rates.”
The strength of the US’s labour ket recovery has sat at the heart of Fedchair Janet Yellen’s case for higher inter-est rates, and a single month’s number
mar-will not force the bank completely toditch its assessment of the economy
The central bank’s anecdotal BeigeBook report on Wednesday indicatedthat “tight labour markets were widelynoted” in most of the Fed’s dozen dis-tricts around the country Yesterday’sdata from the Bureau of Labor Statisticsshowed that average hourly earningsgrew 2.5 per cent compared with theprevious year, marking a bright spot
But the jobs data make a Fed move onrates this month highly unlikely — andthe odds were already very low givenmarket risks surrounding Britain’s ref-erendum on its EU membership Trad-ers now also see a July move as less prob-able, given that the downward revisions
to March and April numbers suggest abroader slowing in hiring
Fed Brexit warning page 6 Global overview page 14
Weak jobs growth is ‘smack in the face’
for US economy and Fed rate increase
© THE FINANCIAL TIMES LTD 2016
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Populist troubleiPAGE 3
The woman looking to win
Rome and shake up Italy
Europe edition
Briefing
Beleaguered Hong Kong-based commodities traderNoble said that founder Richard Elman would quit
as chairman as it also revealed plans for a $500mrights issue to cut its debt load.— PAGE 10
Miho Otani, Japan’s first female captain of adestroyer-class warship, is a success story of thecountry’s gender equality drive, although she sees it
as a work in grindingly slow progress.— PAGE 4
Hillary Clinton’s principal adviser,Huma Abedin, is to be thrust into thespotlight with the release of a film onthe political comeback of AnthonyWeiner,her disgraced husband — PAGE 9
Jamie Dimon said Britain’s exit from the EU would be
a “terrible deal for the British economy”, the latesttop business leader to highlight risks facing serviceindustries.— PAGE 6; EDITORIAL COMMENT, PAGE 8
Myanmar has launched a probe into the possibledisappearance of almost $100m linked to its flagshipannual jade auction.— PAGE 4
Walmart is raising the stakes in grocery delivery,announcing a tie-up with car-hailing services Uberand Lyft in a pilot scheme.— PAGE 10
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MURAD AHMED — LONDON
Fifa’s disgraced former president Sepp
Blatter was among a group of football
chiefs who secretly paid themselves
$80m in a “co-ordinated effort to enrich
themselves”, an internal investigation at
the sport’s world governing body says
Attorneys hired by Fifa to probe
alleged widespread corruption at the
organisation found that Mr Blatter,
former secretary-general Jerome Valcke
and former deputy general Markus
Kat-tner, approved a “problematic” series of
bonuses, contract changes and
excep-tional payments over five years
Although the US justice department
indicted more than two dozen top Fifa
executives on corruption charges lastyear, the new revelations include some
of the most detailed allegations to dateagainst Mr Blatter He was not charged
as part of the US investigation, but hewas removed from Fifa and bannedfrom football last year
The US firm Quinn Emanuel saidsome of the actions represented “evi-dence of breaches of fiduciary duty” andcould be in breach of Swiss law
Mr Blatter’s lawyers said: “We lookforward to showing Fifa that Mr Blat-ter’s compensation payments wereproper, fair and in line with the heads ofmajor professional sports leaguesaround the world.”
Fifa released the details as part of its
effort to show its commitment toreform, but its current leadership con-tinues to face allegations of interferencewith investigations into its conduct
It is facing the most serious tion investigation in its history In addi-tion to the US charges, Swiss authoritieshave also launched a criminal inquiryinto alleged bribes paid to football exec-utives Fifa said it would pass on the lat-est information it has found in the inter-nal probe to US and Swiss investigators
corrup-Quinn Emanuel said it found that MrBlatter, Mr Valcke and Mr Kattner hadreceived retroactive special bonusesworth a total of SFr23m ($23.5m), fourmonths after the World Cup in SouthAfrica in 2010, “apparently without an
underlying contract provision ing such bonuses”
stipulat-“It’s almost as if these paymentsmaterialised out of thin air,” said a per-son close to Fifa’s internal investigation
The men also received bonusesrelated to the 2014 World Cup in Braziland the 2018 tournament in Russia, aswell as contact enhancements that liftedthe total to $80m, Fifa said
The probe found that in April 2011 MrValcke and Mr Kattner were given con-tract extensions until 2019, with largeincreases in base salaries and bonuses
Two new clauses were also insertedinto contracts, including guarantees ofthe full value of contracts even if termi-nated for “just cause”
Blatter and Fifa chiefs ‘paid $80m’
Art treasures
saved as Paris
floods worsen
Artworks from the Louvre museum
store rooms in Paris were packed in
boxes yesterday among ancient statues
after they were evacuated from the
basement to avert the risk of flooding
from the River Seine
The museum was closed as it carried
out the first such evacuation of artefacts
since the Louvre underwent renovation
in 1989 The Seine, which flows directly
past the museum, rose to the highest
levels seen since 1910 after a week of
heavy rain that swept across large parts
of France and Germany
Louvre removes treasures page 2
Geoffroy van der Hassel/AFP/Getty Images
‘It’s almost
as if these payments materialised out of
Euro 2016
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KRISTA MAHR — JOHANNESBURG
South Africa yesterday avoided adowngrade to its credit rating to junkstatus in a reprieve to officials whohave been trying to restore confidence
in one of the world’s most tradedemerging markets
Standard & Poor’s, the rating agency,affirmed South Africa’s foreign currencybond rating at one notch above subin-vestment grade, or “junk” status, citingimprovements in the energy sector,pending labour and mining reforms,and the government’s resolve to reducefiscal deficits at a faster-than-expectedpace
S&P, however, maintained its tive outlook, noting low gross domesticproduct growth, rising political tensionsand warning it could lower its ratingsthis year or next “if policy measures donot turn the economy around”
nega-A rating downgrade, which couldraise the country’s borrowing costs, hasloomed over Africa’s most industrial-ised nation all year
Government officials and businessleaders have been working to boost con-fidence in the economy since PresidentJacob Zuma in December sacked a well-respected finance minister and replacedhim with a little known backbencher,sending the rand plummeting Thedrive has been led by Pravin Gordhan,the finance minister brought in after thetumult
The government welcomed the S&Pdecision “The rating outcome demon-strates that South Africans can unite,especially during difficult times, toachieve a common mission,” the Treas-ury said
“It’s a reprieve, certainly,” said DavidFaulkner, economist at HSBC Africa,who said it gave time to see if growthmeasures set in motion this year, includ-ing improvements in the energy, miningand tourism sectors, would have aneffect
But he added: “To durably remove therisk of a downgrade, you need moreaggressive structural reforms that sig-nificantly raise the country’s growthpotential.”
South Africa’s rand strengthened to athree-week high yesterday, to 15.14 perdollar
Yet international investors remainwary of South Africa’s dysfunctionaleconomic and political environment.Foreign portfolio flows into the countryhave been volatile and equity funds inSouth Africa suffered larger outflowsthan any other emerging market in lateMay
But international investors have beennet buyers of the country’s bonds in thepast week, helping to send the yield onbenchmark 10-year government bonds,denominated in rand, to a three-weeklow of 9.19 per cent yesterday
While the S&P decision gives cians and business leaders time, somedoubt whether they will be able to turnthings round quickly enough to avoid adowngrade later this year The economy
politi-is forecast to grow 0.6 per cent in 2016.The political backdrop is also fraught,with the governing African NationalCongress facing a tough fight in Augustmunicipal elections with an energisedopposition and increasingly pessimisticvoters
Additional reporting by Elaine Moore in London
Emerging markets
South Africa avoids rating downgrade
to junk status
JOHN AGLIONBY — NAIROBI
High profits and relatively low tion rates are driving a sharp increase
detec-in global environmental crime, withcorporates and organised gangsbecoming increasingly involved,according to the UN and Interpol
The value of environmental crime isgrowing by 5-7 per cent annually and isworth $91bn-$259bn a year, 26 per centmore than the previous estimate in
2014, the two agencies conclude in TheRise of Environmental Crime, a reportpublished today
It is now the fourth largest area ofcriminal activity behind drugs, counter-feit crimes and human trafficking butfew governments see it as a priority, thestudy says Forestry — particularly thepulp and paper industry in China andSoutheast Asia — fisheries and miningare the largest areas of illegal activity
Davyth Stewart, a senior Interpolinvestigator who contributed to thereport, said: “These three industrieshave a legal component to them
so the sheer volume passing throughtheir legal channels provides thecorporate infrastructure to hide
illegal activity and illicit proceeds.”
Christian Nellemann, the report’schief editor, said forestry-sector crimehighlighted how sophisticated corpo-rate criminals were becoming “Unlike
10 to 15 years ago when they were justcutting down trees illegally, these net-works are becoming so organised theyensure their activities have some form
or furniture products, the report says
It gives a case study of an investigationlast year by environmental group WWFGermany, which tested 144 paper prod-ucts Tropical timber was found inalmost 20 per cent, despite most of thecompanies having ruled this out
The scale of organised gangs’ ment in environmental crime is demon-strated by the illegal mining in the east-ern Democratic Republic of Congo, MrNellemann said Of the estimated
involve-$660m accrued in illegal activity ally from the region only 2 per cent iskept by the groups fighting there, with
annu-the rest going to criminal syndicates
“It’s now seen more as a driven conflict than a political one,” hesaid, adding there was evidence of fight-ing breaking out between gold-smug-gling cartels in neighbouring countries
criminally-Mr Stewart said environmental crimehad proliferated largely because of thelack of political will to address it “Thereare enough international agreements,
there are enough laws on the books,” hesaid “What there’s a lack of is capacityand willingness to treat it as a high-pri-ority crime.”
Julian Newman, campaigns director
of the London-based EnvironmentalInvestigation Agency, welcomed thereport but said law enforcement agen-cies “need to use new tactics”
“Why can’t institutions follow themoney?” he said “You’re not going toget the bosses by targeting the guys onthe ground because they’re replaceable.You need to use anti-money-launderingand other financial legislation.”
Corruption is also a “key enabler” ofenvironmental crime, Mr Newman said
“We don’t see many places where corruption laws are being used againstport officials or customs agents.”The Amazon is one place where lawenforcers have succeeded in tacklingenvironmental crime, Mr Nellemannsaid There Brazilian police used satel-lites to monitor deforestation, deployedswat teams to arrest gangs and threat-ened supermarkets with prosecutionfor selling goods that they could notprove came from environmentallysound sources
anti-Organised gangs
UN and Interpol detect big jump in environmental crime
An open-pit mine in the southernDemocratic Republic of Congo
ALEX BARKER — BRUSSELS
Negotiations to grant 80m Turks
visa-free travel to Europe are back on track,
with Turkey this week signalling its
will-ingness to reform its broadly drafted
terrorism laws to meet EU conditions
The overture has broken a stalemate
in talks that endangered a crucial EU
deal with Turkey that has dramatically
cut migrant flows to Greece, according
to senior officials involved
If the breakthrough is matched by
substantial concessions, the stage is set
for Ankara to meet some remaining visa
waiver conditions and for the European
Commission to make a positive
recom-mendation on granting travel rights,
potentially within weeks
The travel rights are Turkey’s mainupside from the EU migration deal Butits fulfilment has become bogged downinpolitics,asAnkararefusedtheEUcon-ditions attached, immigration-waryEuropean politicians fretted over the el-ectoral consequences, and fears moun-ted over Ankara’s authoritarianism
Even taking account of recent gress, some diplomats warn there is stillonly a small chance of EU members andthe European Parliament being ready tovote on travel rights for Turks by earlyJuly But the path to a final deal by theautumn is open again, teeing up afraught and unpredictable debate withinthe EU, where unease over the deal ismounting on both left and right
pro-“The mood has changed, we’re ing seriously, it’s much more positive,”
talk-said a senior diplomat involved OneTurkish official said that despite recentsetbacks “we’re now back to business”
The progress came despite a highly
charged diplomatic spat between Berlinand Ankara over this week’s Bundestagvote recognising an Armenian “geno-cide” by Ottoman-era Turkey
The thaw over visas started last weekwhen Recep Tayyip Erdogan, Turkey’spresident, told Angela Merkel, Germanchancellor, he intended to uphold themigration deal and work to find a solu-tion to the stand-off over visas MrErdogan also retreated on a threat toretaliate against European foot-draggingover visas and allowed a planned EU-Turkey migrant returns deal to comeinto force on June 1 as planned
Further headway was made in sels this week in meetings with OmerCelik, Turkey’s newly appointed Europeminister, an ally of Mr Erdogan who ismore straightforward in seeking a deal
Brus-to ensure Turkey meets the final tions demanded by the EU
condi-Mr Celik said in Brussels that he madeclear that “we would not make changes
to Turkey’s antiterrorism law” But cials are in discussions on reforms tosatisfy the EU’s concerns about catch-allterrorism definitions and the pre-trialdetention of journalists or academics
offi-The compromise hinges on changesthat can be cast as strengthening Tur-key’s antiterrorist toolkit “As long as itdoesn’t hurt antiterrorism, we maytweak things here and there,” said anofficial familiar with Turkey’s position
One option is reform of Turkish rorism legislation to strengthen parts,such as curbs against foreign fighters,while refining the definition of terror-ism to be more EU-compliant “We arenot short of tough terror laws in Europe
ter-to copy,” said a senior EU diplomat
However, Turkey is yet to meet five of
72 conditions for visa rights, including
on terrorism laws, data protection rules,anti-corruption efforts and the frame-work for co-operation with Europeanlaw enforcement agencies
Migrant crisis
Breakthrough in EU-Turkey talks on visas
Ankara mood change on
antiterrorism laws aims to
meet Brussels’ concerns
‘We are not short of tough terror laws
in Europe [for the Turks]
to copy’
80m Turks set to be granted visa-free travel to Europe in effort to cut migrant flows
72
Conditions for visa rights set for Turkey by the European Commission
ADAM THOMSON — PARIS
JAMES SHOTTER — FRANKFURT
Staff at Paris’s Louvre moved to
evacu-ate 150,000 objects from the museum’s
priceless collection yesterday as water
levels in the Seine river were expected
to reach their highest point since 1910
The evacuation from the museum’s
store rooms, where the majority of the
Louvre’s collection is kept, took place as
city authorities battled against the
high-est water levels in living memory
Marion Benaiteau, Louvre press
officer, said it was the first such
evacua-tion since the museum’s 1989 makeover,
when it acquired its glass pyramid “It’s
a first,” she told the FT The Louvre’s
doors were closed to the public
yester-day, as were those of the Musée d’Orsay
on the opposite bank of the river
After days of intense rain, the interior
ministry said that 20,000 citizens had
been evacuated from their homes across
France François Hollande, France’s
Socialist president, declared a “naturalcatastrophe”
The emergency measures in Paris,just days before the country prepares tohost the Euro 2016 football tournament,came as Europe endured a week ofheavy rains
In Germany the worst damage was inBavaria, where houses and roads havebeen wrecked, and at least seven peoplehave died, according to local media
Angela Merkel, chancellor, expressedher condolences for the victims “Wemourn those for whom help came toolate,” she said on Thursday, adding thatshe was following the situation closely
In the Bavarian town of Simbach amInn, houses were flooded and roadswere damaged after local rivers bursttheir banks, while in nearby Triftern,about 30 children had to sleep in theirschool’s sport hall on Wednesday nightafter bridges became impassable
Siegfried Schmied, managing director
at the town hall in Triftern, said that the
clean-up exercise was in full swing andthe weather had improved, although theforecast for the weekend was uncertain
In North Rhine-Westphalia, the riverIssel rose from its normal depth of half ametre to over 2m on Thursday Localofficials said yesterday morning thatwater levels were falling However, Ger-many’s weather service had warned offurther rains last night
The GDV trade body for Germany’sinsurance industry said that the insuredlosses caused by storm Elvira, whichcaused localised flooding in Baden-Württemberg last weekend, wouldcome to about €450m
It added that this did not include thesubsequent damage in Bavaria andNorth Rhine-Westphalia
In the French capital, traffic wasthrown into chaos as authorities closedinundated tunnels and the road runningalong the side of the river The RER C, arapid transit line serving Paris, wasclosed and authorities opened two gym-
nasiums to shelter the city’s homeless
The tip of the Seine’s two main islands
in central Paris, traditional picnic spotsfor tourists during the summer months,were under water yesterday as theriver’s swirling brown water partiallycovered benches and trees
River traffic, including the city’s
famous bateaux mouches open-air
tour-ist boats, was suspended as water levelsfilled the normally spacious arches ofthe city’s numerous bridges
Anne Hidalgo, Paris mayor, said thatthe river levels were not a threat to thepopulation but conceded that the state
of alert remained “very very high”
By yesterday evening, the water in theSeine was expected to reach 6.5m, one ofthe highest readings since the greatParis flood of 1910
Ms Hidalgo told journalists water els were expected to subside from today
lev-But she added: “What we expect is thatthe decrease is going to be very slow andvery long.”
Europe floods
Louvre removes treasures to escape rising Seine
Paris yesterday:
after days ofintense rain,20,000 citizenshave beenevacuated fromtheir homesacross FrancePhilippe Wojazer/Reuters
River traffic was
suspended
as water filled the normally spacious arches of the city’s bridges
MAKE A SMART INVESTMENT
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Trang 3JAMES POLITI AND DAVIDE GHIGLIONE
ROME
Virginia Raggi was cheerfully serving
pizza last month to a packed house at
the Giapasi restaurant in a middle-class
area of north-eastern Rome But the
37-year-old was no ordinary waitress
Instead, the lawyer was rallying
doz-ens of supporters who had paid €20
each to back her populist campaign for
mayor of the Italian capital in a race that
could raise concerns about the political
prospects for Matteo Renzi, the
coun-try’s centre-left prime minister
“Rome is a disaster Public transport
is completely destroyed, garbage is
eve-rywhere and schools are breaking
down,” Ms Raggi told the Financial
Times as she headed back to the kitchen
to grab another tray of pizza “Liberals
or Democrats, they don’t really care
about us They only care about their
interests, the lobbies The citizens don’t
really count.”
Though unreliable, polls suggest Ms
Raggi will come first when Romans vote
in the first round of municipal elections
tomorrow She would then face a run-off
on June 19, which could crown her as the
first female mayor of Rome
But the significance of her possibly
becoming the first woman to govern the
capital is being overshadowed by her
threat to Italy’s political establishment
Ms Raggi represents the Five Star
Movement, the populist party led by
comedian Beppe Grillo Drawing
sup-port from left and right, it has grown to
be Italy’s second strongest political force
in recent years and is expected to be the
main challenger to Mr Renzi’s
govern-ment in national elections due in 2018
“In the short term a Raggi win would
be an immediate success for the Five
Star Movement and an immediate hit
for Renzi,” says Giovanni Orsina,
profes-sor of political science at Luiss
univer-sity in Rome “But then we have to see
what happens in six months Rome is a
city that is impossible to administer.”
Ms Raggi’s lead in the polls has been
driven by Romans’ distress with the way
the city has been governed over the
years, most recently under Ignazio
Marino of the ruling Democratic party,
who was forced to resign in October
amid an expenses scandal Since then,
the city has been managed by a special
commissar chosen by Mr Renzi
During Mr Marino’s tenure, it also
emerged that many of the city’s biggest
public contracts — from rubbish
collec-tion to migrant centres — had been
rigged by administrations from the left
and right over the years to benefit
crimi-nal organisations The so-called Mafia
Capitale affair shook confidence in the
city’s political class to its core
For Ms Raggi, this has provided ample
fodder to argue for a clean break from
the past, a return to honesty amongpublic officials and a return to efficiency
in the provision of basic services, whichmay seem normal in other Europeancapitals, but in Rome has long seemedelusive
“Corruption has ruined everything,this is the main problem,” Ms Raggisays “Every city in the world tries toapply the law, why can’t we?”
Yet despite these advantages, MsRaggi’s campaign has been far fromsmooth, offering hope to her opponents
— Roberto Giachetti, a Democraticparty lawmaker and Mr Renzi’s ally, aswell as rightwingers Giorgia Meloni andAlfio Marchini — that she may be vul-nerable
This week, she got into a verbal tusslewith Giovanni Malagò, head of Italy’sOlympic committee, after saying it was
“criminal” to even speak of a Rome bidfor the 2024 games while the city was
“drowning in traffic and potholes”
Mr Malago responded that her ments were “humiliating, offensive andincomprehensible” and Ms Raggi wasforced to backtrack, saying she wouldn’t
com-“prejudge” an Olympic bid “It’s not apriority now, then we’ll see,” she said
Ms Raggi has also had to defend posals that have seemed a little outland-ish, such as incentivising the use ofwashable nappies to reduce rubbish,and introducing a barter system mod-elled around Sardex, the complemen-tary currency launched on the island ofSardinia in recent years “It’s not herlack of experience that’s a problem, it’sher lack of awareness,” Mr Giachetti said
pro-at a recent press conference
Ms Raggi has struggled to distanceherself from charges that she is not suffi-ciently independent from the Five StarMovement’s brusque and often secre-tive leadership Critics have said herdecisions would be “remote-controlled”
by Mr Grillo or Davide Casaleggio, son ofthe movement’s co-founder Gianrob-erto Casaleggio, who died in April
And she has been vague about tant national issues, such as whetherItaly should exit the euro “I don't knowthe issue really well [enough] to reply,sorry,” she said at the recent pizza party
impor-But the big headaches for Ms Raggiand the Five Star Movement may come,ironically, if she wins, because the prize
of governing Rome could well be a soned chalice Mr Renzi could turn this
poi-to his advantage nationally by making
Ms Raggi a lightning rod for criticism
“If the Five Star Movement wins, onone side, it’s a great affirmation,” saysOreste Massari, professor of politicalscience at Rome’s La Sapienza univer-sity “But it’s also a test of their ability togovern and I’m not sure it’s worth it forthem to win Disappointment couldcome quickly.”
Populist aims to serve large slice
of trouble to Italy’s establishment
Victory in Rome’s mayoral election for Five Star candidate could raise concerns over PM’s prospects
If a win for Virginia Raggi in the Romemayoral race would deal a big symbolicblow to Matteo Renzi, the politicalstakes may be even higher in the racefor Milan, Italy’s capital of finance andfashion
While retaining political control ofRome always seemed difficult for Mr
Renzi’s Democratic party given thescandals that unfolded under theprevious administration of IgnazioMarino, Italy’s prime minister has beencounting on sealing a victory in thecountry’s second-largest city
This is because Mr Renzi hasinvested a lot of political energy inboosting the prospects of Milan since
he took power in February 2014,particularly by rebooting last year’sExpo world fair, which was initiallydogged by corruption but eventually
turned into a success Manager of Expo,Giuseppe Sala, is running as theDemocratic party candidate to replaceGiuliano Pisapia, also from Mr Renzi’sparty and generally well regarded
But Mr Sala only has a slight leadcompared to Stefano Parisi, a centre-right candidate, according to the latestopinion polls, suggesting a neck-and-neck race in the run-off Unlike in Rome,the Five Star Movement of the
comedian Beppe Grillo is far behind
James Politi and Davide Ghiglione
Milan race
Renzi faces challenge in finance and fashion capital
RALPH ATKINS — ZURICH
Life should be easy, and lucrative, forthe boss of a large telecoms company inaffluent and pro-business Switzerland.However, in a referendum tomorrow,the country will vote on a proposal toturn Swisscom and other state-ownedcompanies into non-profit organisa-tions The proposal, if approved, wouldalso ban them from paying salarieshigher than those of comparable gov-ernment officials
The “pro-service public” initiative isthe latest populist proposal to scarebusiness leaders in Switzerland, wherejust 100,000 signatures are required toput an idea to a referendum
Despite the country’s free-marketinstincts, opinion polls this year sug-gested that a majority of voters wouldapprove the measure Support hasdeclined as the No campaign has picked
up, but nevertheless as many as 46 percent of voters could come out in favour,according to a survey published lastweek by the GFS polling organisation inBern
Patrick Emmenegger, a political entist at the University of St Gallen, saidthe support highlighted how a Europeanbacklash against excessive executivepay, as well as nostalgia for the pre-pri-vatisation era, had reached Switzerland
sci-“It is very popular because it taps twothemes — ‘fat cats’ on one hand and theidea that certain things were great in thepast when they were publicly provided.”
In another example of Switzerlandacting as a laboratory for radical eco-nomic ideas, the Swiss will also votetomorrow on whether to introduce anunconditional “basic income” for all cit-izens regardless of whether they work,their wealth, or their contributions tothe welfare system
The concept of an unconditional basicincome has enjoyed rising global sup-port in recent years, with some econo-mists and commentators arguing itcould help overhaul inefficient welfarestates and manage job market disrup-tion to caused by technological change.However, the Swiss government isopposing the idea on both cost and prac-tical grounds, and opinion polls suggest
it will be rejected decisively
The “pro-service public” initiative,where the referendum outcome is likely
to be far tighter, would affect land’s railway and post companies aswell as Swisscom Despite operating likeprivate sector telecoms companies inother countries, Swisscom is 51 per centowned by the federal government
Switzer-If the initiative is approved, the mostimmediate impact would be on pay —employees’ salaries would no longer beallowed to exceed comparable levels inthe federal government
Alan Beattie page 9
Referendums
Swiss Yes vote
on non-profit groups would hit ‘fat cat’ pay
Waiting game:
Virginia Raggi
at a fundraisingevent in RomeTony Gentile/Reuters
‘Rome is a disaster.
Public transport is completely destroyed, garbage is everywhere and schools are breaking down’
VIRGINIA RAGGI, MAYORAL CANDIDATE
‘We have to see what happens in six months.
Rome is a city that is
impossible to administer’
GIOVANNI ORSINA, PROFESSOR, LUISS UNIVERSITY, ROME
Trang 4LEO LEWIS — YOKOSUKA
As a success story of Japan’s
“wome-nomics” programme, Miho Otani seems
to offer it all: a working, mid-forties
mother with a stellar career, the respect
of male colleagues — and control of a
3,500-tonne warship
Japan’s first female captain of a
destroyer-class vessel, however, sees the
country’s gender equality drive as a
work in grindingly slow progress Her
control over 220 crew, an
anti-subma-rine torpedo system and six types of
missile launcher may have won the
grudging approval of her father, she
says, “but the wider mentality of Japan’s
male community still has to change”
Her comments come amid deepening
disappointment with the progress of
Prime Minister Shinzo Abe’s reform
programmes, particularly the nomics” efforts to address Japan’s long-standing failure to promote women tosenior positions
“wome-Mr Abe’s initially stated target ofputting women into 30 per cent of man-agement positions by 2020 has beendramatically scaled back, with officialsconceding that the ambition “was notshared by society as a whole”
Despite that, says Commander Otani,her career has been an example of whatJapan can do if it abandons preconcep-tions over what its women can andshould do As a lieutenant with aspira-tions of higher rank, she married at theage of 29 and was immediately askedwhen she intended to quit
“Once people realised I was not going
to do that, I took on the duty of makingway for the next generations of women
to follow me I felt a responsibility toopen the doors.”
For Japan’s military, cajoled into damental change under the morenationalistic policy stance of Mr Abe,
fun-Cdr Otani is a powerful symbol of ing times
chang-Over her 20 years with the Marine SelfDefence Force, she has watched Chinabecome more potently armed andassertive while Japan has shifted frompostwar pacifism to a country whose
leadership has reinterpreted the “peaceclause” of the constitution and is com-fortable with the idea of deploying mili-tary force overseas
Cdr Otani is a self-declared patriotwho decided while studying at univer-sity to enter the National Defence Acad-emy after seeing television coverage ofthe 1990s Gulf war She became one ofthe academy’s first female graduates
“I was shocked to discover what wasgoing on in the world, and how different
it was to the peaceful life I led here inJapan,” Cdr Otani said in her first inter-view since being made captain of the JSYamagiri earlier this year
“I will do everything to protect mycountry.”
From the bridge of the Yamagiri, rently preparing to slip into the Pacificfor a month-long training mission underCdr Otani, the means to do that are close
cur-at hand
The ship bristles with the weaponrythat Japan would need in the sort of con-flict she and her colleagues must now
actively imagine: a maritime clash overdisputed territorial waters or islands,very possibly involving a Chinese vessel.The escalation of tensions in the region,say analysts at IHS Jane’s, could pushannual defence spending in the Asia-Pacific region from $435bn in 2015 to
$533bn by 2020
In common with other MSDF tains, Cdr Otani has a growing body ofexperiences to consider as the trainingmission begins: foremost among them
cap-an incident in 2010 when a Japcap-aneseCoast Guard ship was rammed by a Chi-nese fishing vessel near the SenkakuIslands (Diaoyu in China) whose sover-eignty is disputed between Beijing andTokyo
A diplomatic dispute erupted at thetime and military analysts have spentsubsequent years warning that thebuild-up of military and civilian vessels
in the disputed region raises the risk of
“accidental” clashes on the high seas
“I keep that incident in my mind allthe time,” says Cdr Otani
Japan
Abe ‘womenomics’ programme looks all at sea
Target of putting females
into 30% of top posts by
2020 dramatically reduced
ANDRES SCHIPANI — HUANCAYO, PERU
It was outside a school that members of
the Maoist-inspired Shining Path
rid-dled the woman’s parents with bullets
At the time in the 1990s, the Peruvian
city of Huancayo was the centre of a war
that claimed 70,000 lives
“I lived through violent deaths and
explosions and rapes all around me,”
she says “Fujimori brought order.”
The woman, now a 46-year-old police
officer who declined to be named,
cred-its Alberto Fujimori, Peru’s disgraced
former president, with defeating the
Shining Path rebels, as well as taming
hyperinflation, building Peru’s
infra-structure and setting the stage for the
country’s economic success of the
2000s
She is convinced that the autocrat’s
daughter, Keiko Fujimori, can do the
same as president by turning round the
economy and bringing Peru’s rampant
crime under control “If she follows in
her father’s footsteps, she can straighten
things out,” she says
Ms Fujimori has opened up a 4 to 8
point lead in tomorrow’s election to
replace leftwing president Ollanta
Humala, after winning almost 40 per
cent of the votes in the first round in
April The 41-year-old US-trained
law-maker, who would be Peru’s first female
president, has run a campaign
promis-ing to be tough on crime: “There’s been
no leader to face the problem head-on —
well, here I am,” she has said
Speaking from prison, where he is
serving a 25-year sentence after being
found guilty on human rights charges
related to killings and kidnappings
car-ried out by a state death squad, her
father says Keiko “is the president Peru
needs”
But the legacy of the man who
dis-solved congress, sent in tanks and
sol-diers and later resigned by fax from
Japan to avoid trial over alleged
corrup-tion and human rights violacorrup-tions
con-tinues to split the country and cast a
cloud over his daughter’s campaign
“This is, once again, an election betweenthose favouring Fujimorismo and thoseagainst Fujimorismo,” says Luis Nunes,
a Lima-based political analyst
In Huancayo, capital of the Junínregion, security is a big issue because of
a Shining Path offshoot that swappedideology for drugs and is active in
remote areas They killed eight soldiersand two civilians in an ambush the daybefore the first round of the presidentialvote in April
“People think she will bring securityhere because it’s in her blood,” says Car-los Tello, the local co-ordinator of herFuerza Popular party
Ms Fujimori has attracted largecrowds of supporters in Huancayo Butthose numbers have been matchedacross Peru at rallies in which protesterschant: “Fujimori, never again.”
Despite her efforts over the past ade, Ms Fujimori has been unable toescape the shadow of her father and thecorruption and abuses of his regime
dec-Many Peruvians worry that she hashis authoritarian tendencies Ms Fuji-mori insists that she is a different kind ofpolitician
“It’s crazy to see another Fujimori
heading for the presidency We neverlearn,” says a torture survivor and wit-ness in a new trial of members of a mili-tary death squad
His hope is that Verónika Mendoza, aleftwing congresswoman who finishedthird in the first round and who hasurged her supporters to vote against MsFujimori, can act as kingmaker on Sun-day
“We don’t want a country of tion and violence, so today, to blockFujimorismo, the only option is to votePPK,” she said recently, referring toPedro Pablo Kuczynski, the centre-rightcandidate and former World Bank econ-omist Mr Kuczynski, who leads amongPeru’s wealthy and won 21 per cent ofthe vote in April, has been gaining sup-port But he is also seen by many as out
corrup-of touch
Ms Fujimori dominates among the
poor After narrowly losing in the 2011election, she spent time building herparty and honing her image, getting toknow the urban shantytowns and trav-elling to some of the country’s mostremote corners Her party now controlscongress
However, her opponents warn of theparty’s historical links to drug-traffick-ing in a country that is a major cocaineproducer
Vladimiro Montesinos, Mr Fujimori’sright-hand man and spymaster, wasimprisoned for more than 40 offences,including drug trafficking Recently,Joaquín Ramírez, a Peruvian congress-man, stood down amid allegations that
he was being investigated in the US formoney laundering
Thanks to growth driven by the ing boom, Peru has in this century beenable to slash poverty, although it has atthe same time failed to strengthen itspolitical institutions
min-Even after China’s slowdown andlower mineral prices crimped growth, itremains one of South America’s top eco-nomic performers, partly thanks to pru-dent policymaking and a boost in cop-per output
Yet the incoming president faces areckoning Peru has slowed with the end
of the commodities supercycle andgrowth has been tentative
Ms Fujimori’s proposed finance ister, Elmer Cuba, wants to boost publicspending and increase taxes Mr Kuc-zynski’s choice, Alfredo Thorne, pledges
min-to lower them
But both focus their economic forms on “popular capitalism” — small,medium and informal businesses
plat-Mr Nunes also notes that modernPeru is very different from the one MrFujimori ruled in the 1990s It is a “lesssubmissive, more awakened andempowered society”, he says
For the survivor of the Huancayodeath squads, whoever becomes presi-dent must bridge the gulfs in Peruviansociety
“If Keiko wins I hope she corrects herfather’s mistakes,” he says “Peru is still
so divided
“But if she implements real policiesfor social inclusion and reconciliationand justice, she could fix part of thedark past.”
Peru Presidential election
Fujimori struggles to escape from father’s shadow
Many people worry that poll
frontrunner has inherited
authoritarian tendencies
MICHAEL PEEL
BANGKOK REGIONAL CORRESPONDENT
Myanmar has launched an tion into the possible disappearance ofalmost $100m linked to the annual jadeauction, sparking debate over a US deci-sion to loosen sanctions on the much-criticised gem business
investiga-The Southeast Asian country has set up acommittee to probe claims that leviesfrom its multibillion-dollar annual jadetrade were misappropriated under prev-ious governments The allegations high-light the challenges for internationalpowers as they try to support Myanmar’snew civilian-led government, even asquestions remain about how much someinstitutions and industries have changedafter decades of military rule
Win Htein, director-general of mar’s department of mines and aformer army colonel, confirmed yester-day that he had been asked to investi-gate an apparent discrepancy in thestate coffers of $96m, relating to a 1 per
Myan-cent levy paid by companies on sales atthe annual jade auction in the capitalNaypyidaw The country’s gems indus-try has long been dogged by allegations
of corruption and rights abuses
Members of the Myanmar Gems andJewellery Entrepreneurs Associationclaimed this week that the funds mighthave been diverted from their statedpurpose of improving the annual gemauction with projects such as construct-ing administrative buildings andexpanding CCTV surveillance
“We can complain because the ernment has changed and we have theright to talk,” said Kyaw Kyaw Oo, one ofthe group that made the claims Thecountry’s first civilian-led governmentfor more than 50 years, an administra-tion led by Aung San Suu Kyi’s NationalLeague for Democracy, was inauguratedtwo months ago “Previously if I talkedlike this, they would put me in jail.”
gov-Figures from the former governmenthave dismissed the allegations Ye Htut,the ex-information minister, this week
suggested the claims might have been toexploit tensions in the former rulingparty, the military-backed Union Soli-darity and Development party
Neither the gem association nor thestate-owned Myanmar Gems Enter-prise, which runs the annual auction,responded to a request for comment
The jade auction can generate nues of billions of dollars each year
reve-The misappropriation claims come
barely two weeks after the US liftedsanctions on Myanmar Gems Enter-prise, as part of its annual review ofmeasures put in place during the mili-tary era The US still bans imports ofjade and rubies from Myanmar.Global Witness, the campaign group,has criticised the delisting of MyanmarGems Enterprise It said in a report lastyear that Myanmar’s jade production in
2014 might have been worth as much as
$31bn, or almost half the official size ofthe economy, once a vast trade in smug-gled gems was taken into account.Juman Kubba of Global Witness, said:
“The removal of Myanmar Gems prise from the sanctions list removes animportant source of leverage for making
Enter-it more transparent and accountable tothe new government and to people.”The US embassy in Myanmar saidstate-owned institutions such as Myan-mar Gems Enterprise that reported tothe democratically elected civilian gov-ernment had been culled from the sanc-tions list
Gems business
Myanmar investigates claims of $96m jade auction discrepancy
Traders check a big stone for auction
CommanderMiho Otani:
wider mentality
of Japan’s malecommunity ‘stillhas to change’
Keiko Fujimoricampaigningthis week inLima Below: a
30% Initially stated target of putting women into management positions by 2020
$533bn Amount annual defence spending in Asia-Pacific region could reach by 2020 from $435bn in 2015
INTERNATIONAL
Businesses For Sale
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises Runs Daily
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
Trang 5JUNE 4 2016 Section:Ad Page Time: 3/6/2016 - 11:37 User: leej Page Name: AD CHANEL, Part,Page,Edition: USA, 5, 1
Trang 6DEMETRI SEVASTOPULO — WASHINGTON
Shortly after Hillary Clinton fired a
scathing salvo at Donald Trump on
Thursday, The Washington Post
pub-lished an editorial which declared it was
a “sad day for America”
The paper was not referring to the
bit-ter battle between the presidential
rivals but the fact that Paul Ryan, the
Republican Speaker of the House of
Representatives, had tweeted during
her speech that he would back the New
York mogul
As the Democratic frontrunner was
lambasting Mr Trump as an
undisci-plined braggart whose thin skin could
spark nuclear war, Mr Ryan, the most
powerful Republican in Congress,
tweeted: “I’ll be voting for
@realDon-aldTrump this fall I’m confident he will
help turn the House GOP’s agenda into
laws.”
The Wisconsin congressman and
run-ning mate for Mitt Romney in 2012 was
one of many establishment Republicanswho expressed unease about Mr Trump,refusing to endorse him after he effec-tively won the party’s nomination Onseveral occasions, he chastised him forhis rhetoric on Hispanics and Muslimsand for failing to disavow whitesupremacists
His move to support Mr Trumpcomes as many in the party elite rallyaround the de facto nominee, notbecause they are happy with him as acandidate but because they are moreconcerned about electing Mrs Clinton
Many Republican foreign policyexperts in Washington remain opposed
to Mr Trump because of his isolationist
“America First” policy and some seniormembers have privately said theywould vote for Mrs Clinton But Repub-licans more focused on pursuing theirparty’s domestic agenda believe that MrTrump would preserve the conservativebalance on the Supreme Court, whichwas upended with the recent death ofthe arch-conservative Antonin Scalia
One veteran operative said Mr Trumphad appeased many Republicans byunveiling a list of conservative judgesfor consideration for vacancies on the
court where the average age of the rent eight justices is 69
cur-Many Republicans remain concernedthat Mr Trump will struggle to beat MrsClinton in the November electionbecause of his divisive rhetoric aboutlarge swaths of voters, particularly His-panics and women Many were incensedwhen he attacked Susana Martinez, thegovernor of New Mexico, who is the onlyfemale Hispanic governor in the coun-try and also chairs the Republican gov-ernors association
Mitch McConnell, Republican Senatemajority leader, this week said he wasworried Mr Trump would drive Hispan-ics away from the party in the same wayAfrican-Americans were repelled by thecandidacy of Barry Goldwater in 1964
Mr Trump has made it very difficultfor Republicans to reach out to Hispanicvoters, the fastest growing segment ofthe electorate, which the party deter-mined after its 2012 loss needed moreattention Mr Trump has since tried tomake peace with Ms Martinez, telling aNew Mexico newspaper that he wouldlike her endorsement “I respect her Ihave always liked her,” he said
Mr Ryan’s endorsement should
pro-vide more momentum for Republicanholdouts to express support for MrTrump, but some party members worrythat it will not be enough to generate thekind of grass roots vote-getting opera-tions that helped Barack Obama win thepresidency in 2008 and 2012
Mr Trump has signed ing agreements with the RepublicanNational Committee, which will help
joint-fundrais-the party raise money that can be used
to help his campaign, particularly interms of using data to target potentialvoters But some people worry that MrTrump is placing too much emphasis onthe kind of big rallies he generated in theprimary race, believing his “move-ment” will overturn the traditional wayelections are won in the US
Gillian Tett page 8 Jacob Weisberg page 9
Republicans
Ryan backing for Trump boosts party unity hopes
Elite starts to rally around
candidate in effort to
focus on Clinton fight
Donald Trump in San Jose on Thursday Many Republicans believe he willstruggle to beat Hillary Clinton in November’s US election — David Paul Morris/Bloomberg
HENRY MANCE — LONDON
The chief executive of JPMorgan terday called a British exit from the EU
yes-a “terrible deyes-al for the British omy” as he becomes the latest interna-tional business leader to emphasise therisks facing service industries
econ-Speaking at an event with GeorgeOsborne, UK chancellor, ahead of theJune 23 In-Out referendum on member-ship of the bloc, Jamie Dimon said thebank “may have no choice but to reor-ganise our business model” in the coun-try should Britain vote to leave
He said that “Brexit could mean fewerJPMorgan jobs in the UK and more jobs
in Europe”, referring to the bank’s16,000 UK employees
“At a minimum, a Brexit will result inyears of uncertainty and I believe thatthis uncertainty will hurt the economies
of both Britain and the EU.”
Mr Dimon added: “In a bad scenario —and this is not the worst-case scenario —trade retaliation against Britain bycountries in the European Union is pos-sible, even though this would not be intheir own self-interest.”
Mr Dimon warned of the risks ofBrexit earlier this year, telling the FT inFebruary that it could cause “massivedislocation” to London’s status as finan-cial centre The heads of HSBC, BT,Ocado, PwC, Adecco and UPS alsobacked a statement in favour of EUmembership yesterday
Vote Leave, the official Out campaign,responded that there was no “significantevidence that the EU has benefited theUK’s service exporters, but it has bene-fited the giant multinational companieswhich spend millions lobbying Brusselseach year”
The interventions are in tune with theRemain campaign’s strategy of empha-sising the economic risks of leaving the
EU to counter concerns over tion
immigra-In a Sky News debate on Thursdayevening, David Cameron, prime minis-
ter, rejected the argument that other EUcountries would swiftly enter a tradedeal with the UK post-Brexit, sayingthat Britain had a substantial servicessurplus with them But Mr Cameronstruggled to land his message that Brexitwould lead to “a decade of uncertainty”
In an attempt to build momentum forthe Remain campaign, Mr Osborne said
at the event with Mr Dimon that Britons’livelihoods, dreams and aspirationswere “on the ballot paper” in the poll.Leave campaigners were deceivingvoters by claiming jobs would not be lost
if Britain pulled out of the EU, he added;400,000 service sector jobs would be atrisk “Today, 10 of the largest companies
in our services sector are all telling
us that there will be damage to our
econ-omy and jobs will be at risk if we leavethe EU So let’s end this deception thatsomehow if we quit the EU that jobswon’t be at risk It’s deceiving people topretend that we can leave the EU andjobs won’t be at risk.”
Unlike some rivals, JPMorgan has sofar opted to keep a large number of lessskilled jobs in the UK — at a site inBournemouth — meaning there may bemore scope for job losses JPMorgan,Morgan Stanley, Citi and GoldmanSachs have all donated to the Remaincampaign However, Bank of Americabacktracked on a plan to donate
£100,000 in an apparent attempt toavoid the limelight Citigroup, Bank ofAmerica and Morgan Stanley have con-sidered Ireland as a potential alternativebase to the UK, while Goldman has con-sidered the Netherlands
Additional reporting by Laura Noonan
Editorial Comment page 8 Comment page 9
JPMorgan chief
Dimon warns Brexit is ‘terrible deal for the British economy’
SAM FLEMING — WASHINGTON
A vote by UK voters to leave the EUcould deliver a “significant adversereaction” to global markets and impactthe US economic recovery, a seniorFederal Reserve official has warned
Lael Brainard, a member of the Fed’sboard of governors, signalled yesterdaythat she wanted the central bank to holdfire in its rate-setting meeting thismonth as it assesses signs of slower UShiring and below-target inflation athome and hazards overseas
She highlighted the “fragility” of theglobal economic environment whilehoming in on particular risks brewing inthe EU and China
Her words on the UK were stark IfBritain votes to leave the EU on June 23,
it could deliver a shock to global kets that may reverberate to the US, MsBrainard said at a speech at the Council
mar-on Foreign Relatimar-ons in Washingtmar-on, asshe noted warnings by the InternationalMonetary Fund about the risks and pro-
tracted economic uncertainty a Brexitcould entail “Although the economiceffects of this uncertainty and the costs
of adjusting to altered trade and cial ties are difficult to quantify, we can-not rule out a significant adverse reac-tion to such an outcome in the nearterm, such as a substantial jump infinancial risk premiums,” she said
finan-“Because international financial kets are tightly linked, an adverse reac-tion in European financial marketscould affect US financial markets, and,through them, real activity in theUnited States.”
mar-Concern about the ramifications ofthe UK vote has been growing at the Fed,
as a procession of senior officials arguethat it is possible grounds for the centralbank to leave rates unchanged at itsJune 14-15 meeting The idea that USmonetary policy could be influenced by
a vote in a foreign country is highly sual, but officials worry a Brexit couldhave destabilising consequences acrossEurope and global markets
unu-Monetary policy
Fed official fears vote to leave
EU risks global markets shock
16,000
Number of staff JPMorgan employs in Britain
400,000
Service sector jobs at risk if Britain leaves EU, say campaigners
Paul Ryan:
‘I’m confident [Trump] will help turn the House GOP’s agenda into laws’
Trang 7to jihad
Fouad she thought she was
dropping him off in the
cen-tre of Brussels for an
after-noon of cinema and
bowl-ing with a friend One of the final thbowl-ings
her son said to her was that he would be
back later than normal that evening,
about 6 or 7pm His friend was still
car-rying a sponge bag and some pyjamas
from a sleepover the previous night
A few hours later she received the
news Fouad’s friend had called his
mother to say the boys, both then 16,
would not be coming home They were
already hundreds of miles away, in
Atat-urk Airport, Istanbul, and on their way
to Syria
For Yasmeen, the timing of the
depar-ture was a shock but the possibility that
he would go had been in the back of her
mind Fouad was the second of her sons
to have made the trip to join an Islamist
group His older brother, Slimane, had
left Belgium that January Both of them
are still in Syria
She is haunted by the sense that, given
the delays in Fouad’s journey, including
a long stop in Ataturk airport, it should
have been possible for the authorities to
intercept him “The Belgians had from
Thursday, Friday, Saturday until
Sun-day morning to geolocate their cell
phones and to ask the Turkish
authori-ties [to intervene] It’s two adolescents,
minors,” says Yasmeen, who spoke to
the Financial Times on condition of
using pseudonyms for her and her sons
“We said, you geolocate them and we
will take the plane to go find them.”
The departures in 2013 of Slimane,
Fouad and his friend are just three of
more than a dozen such journeys
chron-icled in court documents relating to the
trial of Jean-Louis Denis, one of
Brus-sels’ notorious jihadist recruiters He
was sentenced in January to 10 years in
prison
Denis and his associates were in one of
a number of interconnected groups
operating in Belgium with the goal of
radicalising and recruiting people to
wage jihad in Syria Their activities have
left Belgium with the unwelcome
dis-tinction of being the country with the
highest number of foreign fighters per
head of population in the western
world More than 600 Belgians have
gone to support Islamist groups, such as
Isis, in Syria or Iraq
The problem has been put in even
sharper focus since jihadis murdered 32
people in a triple suicide bombing in
Brussels on March 22 The cell that
car-ried out the deadly assaults at the city
airport and Maalbeek metro station, as
well as the larger attacks in Paris on
November 13, included many people
who had grown up in Brussels
Isis operatives such as Abdelhamid
Abaaoud, the mastermind of the Paris
attacks, and Najim Laachraoui, one of
the Brussels airport bombers, had
already been pursued by Belgium in a
series of trials it has held over the past
two years in an attempt to break up the
radicalisation networks Many of the
defendants came from Belgium’s
Moroccan community, the main source
of departees to the Middle East
Tools of recruitment
Using court documents, interviews with
Belgian officials and with the parents of
those who have gone to the Middle East,
the FT has assembled a detailed account
of how jihadis are recruited in Belgium
and what the country is doing to stop it
Rather than having to deal with
prob-lems such as extremist preachers in a
particular mosque or prisoners
becom-ing radicalised by fellow inmates,
Bel-gian security forces are up against a
more complex phenomenon of informal
groups led by people who have
mas-tered social media and are adept at
tar-geting the young
Denis embodies the challenges the
Belgian authorities are facing He had an
effective recruitment weapon: a food
bank, known as the Resto du Tawhid,
that he started in September 2012 to
dis-tribute meals to the homeless around
Brussels’ Gare du Nord
According to the court judgment on
the Denis case, obtained by the FT, the
aim of Resto du Tawhid “consisted
primarily in offering a platform, via
charitable actions for attracting
candidates for jihad, most often young
men”
The investigation into Denis began
after a wave of departures of young
people for Syria, many of whom had
helped at Resto du Tawhid or a previous
food bank in which Denis was involved
Over 12 months, at least 11 young menconnected to Denis slipped out ofBelgium
Denis sought exposure on socialmedia He made sure that film clips ofthe food bank were posted on sites such
as YouTube and Daily Motion Images ofthe charity’s work were shown alongsiderecordings of his preaching One of hisvideos for Resto du Tawhid was entitled
“choose your parents or choose Allah”
In another, he urged Muslims “to stand that they are at war with the devi-ants here and are in danger” His pitchinvolved a comprehensive rejection ofdemocracy and Belgian law
under-His other activities included the use of
an online chatroom, Le Phare au MilieuDes Ténèbres (the lighthouse among theshadows), managed by Michặl Devred,
an associate who received a suspendedprison sentence The site was monitored
by police from 2010
According to Yasmeen, young peoplewere attracted to Denis and his activi-ties by a “boy scout spirit” Going toSyria, she says, was portrayed as con-tributing to a higher cause
Denis’s message to followers at thefood bank was that charitable work was
“all well and good, but it’s for the gian state to do that, not you,” she says
Bel-“You have your brothers in Palestine, inIraq and in Syria, your Muslim broth-ers, there is no one to help them.”
Denis was also connected to other keyfigures who recruited fighters for Isis, such as Fouad Belkacem, leader ofSharia4Belgium, and Khalid Zerkani,Molenbeek’s most notorious recruiter,also known as Papa Noël
Those who knew Denis describe him
as charismatic They say his cartoonishpersonality enthralled youngsters andconvinced adults that he was harmless
Murat, a student from Brussels whotravelled to Syria in November 2013 butquickly changed his mind andreturned, described to investigatorshow he had been “fascinated” by Denis
“It was [like seeing] a Muslim heroknown everywhere.”
Relatives of those who eventually leftfor Syria describe rapid changes in thechildren’s behaviour once they becameinvolved with Resto Du Tawhid Onemother told judges that Denis con-vinced her son, Hamza, “to no longer go
to school, to no longer work but[only] to distribute tracts or food”
He even taught him to no longer playsport or respect his parents
“Hamza went to the point of saying
people who went to Syria, who arguethat the Belgians closely monitoredtheir children, only to prosecute them
as foreign fighters once they had left.They also dispute the prosecution ofthose who go, saying they should betreated as victims rather than accom-plices of people like Denis Both of Yas-meen’s children, for instance, have beengiven prison sentences in absentia Inthe Denis trial, nine people who hadtravelled were given jail terms rangingfrom five to 15 years
According to Yasmeen, the tion from the authorities in November
notifica-2014 that Slimane, her elder son, wasgoing to be tried was “a shock out of theblue” She had been led to believe hewould be treated as a victim, she says.The Belgian approach of criminalisingpeople who join groups fighting in Syria
is in step with policies in other EUnations, says Claude Moniquet, a formerFrench spy and co-founder of the Euro-pean Strategic Intelligence and SecurityCentre
“It’s a common position for Europe,”
he says, adding that a notable outlier isDenmark, which has experimentedwith an “exit programme” for foreignfighters — a safe harbour for returneeswho can be rehabilitated without fear ofprosecution
Belgium argues that tough measuresare needed to disincentivise people, andthat these are justified given that Isis is adangerous terrorist group
Saliha Ben Ali, founder of the SocietyAgainst Violent Extremism in Belgium,whose son Sabri left for Syria in August
2013 and died there four months later,told the FT that the position of the Bel-gian authorities is that “we will do eve-rything so that they don’t comeback to say, you are condemned, it’snot worth coming back.”
This leads to a situation where youngpeople are effectively “trapped,” shesays
“Finally, even if they do not have awish to fight at the start they are obliged
to fight because there is no option left.”
The trial of Jean-Louis Denis, one of Brussels’ most notorious terror recruiters, revealed the depth of the challenges facing Belgian security forces For parents of his followers, it unearthed missed chances.
By Jim Brunsden
Jean-Louis Denis did not act alone andkey associates were sentencedalongside him One person, however,was conspicuously absent from theJanuary trial: Abdelkader El Farssaoui
The man, whose whereabouts isunknown, is cited in the courtjudgment as having been a keymember of Denis’s gang who helpedyoung people reach Syria
In the case of Murat, who was aged
19 when he caught a plane for Turkey
in November 2013, El Farssaoui, alsoknown as Abou Jaber, helped him tobuy his plane ticket, offered to keep it
so his parents wouldn’t find it andeven drove him to the airport
Murat, who returned from Syria afterthree weeks, told investigators thatDenis and El Farssaoui promoted “thesame religious message They
explained to me the benefits of jihad”
The mystery surrounding El Farssaoui
is all the more curious given his past
The same man is cited in a report by theSpanish parliament as having providedinformation to police before the 2004Madrid train bombings, warning that anattack was being prepared
El Farssaoui’s absence from the dock
in Belgium infuriated defence lawyers
They claimed he was a police informant
— something the Belgian authoritieshave not denied
Lawyers for Denis said the caseshould be thrown out on the grounds ofentrapment, arguing that someoneworking with the Belgian police hadencouraged people to break the law bytravelling to Syria
This was rejected by judges on thegrounds that the man was not an
employee of the police, and also thatthere was no evidence that theauthorities had encouraged him toinstigate departures
Still, the ruling notes that “given themanifest indications of the participation
of Abdelkader El Farssaoui in theactivity of a terrorist group, it seemsstrange that he has not been charged inthe present matter”, describing this as
“unusual, even curious”
Parents are outraged, saying thepolice should have targeted Denis’snetwork sooner
Eric Van Der Sypt, of the Belgianfederal prosecutor’s office, rejects thedefence lawyers’ claims “We havealways been clear about El Farssaoui:
he is charged in another file and willhave to explain himself later beforecourt,” he says
Informant allegations
Why was key player absent from trial?
that a woman like me, she should haveher head chopped off.”
According to Yasmeen, “the people inthe street, in the mosques, in the schools[were always] asking the police to arrestJean-Louis, because they found that hehad a rhetoric that was totally crazy andthat it was toxic and the police againdid nothing to arrest him at thismoment.”
By the time of his arrest in December
2013, Denis had become an tional reference point for people seeking
interna-to reach Syria, and had contact withgroups in France and Tunisia
For Corinne Torrekens, an expert onIslam at the Université Libre de Brux-elles, “he was someone who was reallylarger than life and I think that he wasn’ttaken seriously That realisation cametoo late”
Their motivations can range fromconcern about the humanitarian crisis
in Syria to a search for identity or sionment with western policies in theMiddle East In some cases they arelured by recruiters’ promises of a “fullpackage” — a better life with money, awife and independence
disillu-The Denis case shows that Belgianauthorities, which have faced intensecriticism for intelligence failings, wereable to follow and piece together theactivities of jihadi recruitment net-works in great detail The case comes upfor appeal this year
The fact they knew so much has led toconflict with the parents of the young
Recruitment ground Over 12 months,
at least 11 young men connected toJean-Louis Denis left Belgium
No great expectations Many of those
recruited leave with little idea of whatthey will encounter, say academics
Rehab route Denmark is experimenting
with an ‘exit programme’ for fighterswho return to the country
Europeans fighting in Syria and Iraq
Estimated numbers and country of origin
470
Belgium The man thought to have organised the November 2015 attacks in Paris, Abdelhamid Abaaoud (below), was born in Belgium and fought with Isis
Many parents ofthose who haveleft for Syria orIraq say theirchildren should
be treated asvictims ofradicalisation bymen like Jean-Louis Denis,below, ratherthan asaccomplices ofterror— Yves Herman/
Reuters
‘Even if they do not have
a wish to fight at the
start, they are obliged
to fight because
there is no option left’
Trang 8A silly snobbishness about red wine that has even spread as far as California
Sir, Ben Hunting (Letters, May 27)wonders how such a “gourmand” asCarlo Ancelotti could order a Tuscanblend of Cabernet Sauvignon andMerlot to drink with tagliolini andlobster (Lunch with the FT, May 21)
Perhaps Mr Ancelotti is merelysuffering from a bad case of red
wine snobisme, a gustatory disease
whose main symptom is theboring insistence that a decent redwine can be successfully paired withany food
Once confined to the Parismetropolitan area of France, it has nowspread its silliness throughout the EU
— and even as far as California
Stan Trybulski
Branford, CT, US
Visitors to Amsterdam — don’t walk in the road
Sir, Jeremy Paxman states, in TheDiary (Life & Arts, May 28), that inAmsterdam “young people on bicyclesexercise a particular tyranny”
Being one of these alleged tyrants,
I would like to remind both MrPaxman and your readers (who,being cosmopolitan, may well visitAmsterdam at some point) about thefollowing law of the land: tyranny
by bike in the form of loud bellringing or dangerously whooshing pastyou is exercised only upon thosewho do not understand thatpedestrians should stick to thesidewalk at all times
It is in fact Amsterdam that suffersfrom tyranny by visitors who seem tothink that all roads in our fair city arelaid out specifically for them
Casper Thomas
Amsterdam, The Netherlands
Extreme commissioning
by the FT’s Lycra wearers
Sir, In recent weeks the FT Weekend’sTravel pages have taken us on cyclingholidays in central Myanmar, acrossArgentina and, most recently, throughthe hills of Mallorca Isn’t this extremelevel of coverage of a minority activitytotally out of proportion? Am I right inassuming that the Travel
commissioning editors are Lycrawearers?
us to reflect and discuss what ishappening to the morale and identity
of Greeks during the current crisis But
it also contains a message for the rest of
us in a world where increasingglobalisation and the elimination ofborders has created new barriers
I visited the exhibition with an year-old Athenian friend who did notknow Ai’s work but whose reaction bythe end of our visit was that everyone
84-in Greece should see the show
You mention the artist’s response tothe refugee and migrant crisis inGreece, but not the other interventionsand works created specifically for theMuseum of Cycladic Art, where in thecontext of the permanent display ofarchaic Greek and Cycladic sculpturesand artefacts, the artist forces us toreflect on cultural history, the wilfuldestruction of art and its relationship
to national identity — issues ofparticular urgency today, going beyondGreece (where the destruction is not ofartefacts but a more insidious onerelating to national pride and dignity),
to a global arena in the wake of thedestruction of cultural heritage by Isis
In recognition of Greece’s heritageand within a short distance of themarble-columned Parthenon, Ai usesmarble to create new works that build
on his past work but acquire particularpoignancy in their Athenian context —the marble gas mask is both a reference
to environmental pollution but also thesilencing of citizens, in a space a stone’sthrow from the modern Greekparliament in the city where democracywas born; a surveillance camera isdeactivated when rendered in marble; alife-size standing figure imitates theCycladic statues in the museum, butwith arms outstretched dropping avessel recalls his photographic series
“Dropping a Han Dynasty urn”,questioning and celebrating nationalidentity and cultural difference as well
as the value of art
Ai wants us to become “obsessedcitizens” forever questioning andasking for accountability This is asrelevant for us in Britain on the eve ofthe Brexit referendum as we try toreflect as individuals, national andglobal citizens untrammelled byinsular fears and scaremongering
a father and retired educator, and as adaughter and American abroad
From David: Reading Mr Luce’sforceful and fair-minded articleinspired me, and made me wish that Iwere back in the classroom I couldhave taught (and learned from) Daniel
At the same time I am saddened andfrightened by Mr Luce’s careful portrait
of that profoundly depressed and
depressing corner of Virginia whereDaniel grew up, and miraculouslythrew off all the blinkers and barriersthat would have led him to be yetanother victim And maybe there will
be a second miracle Daniel has somuch talent and energy, and he justmight come home after his studies, andbecome the leader that BuchananCounty desperately needs
From Laura: Daniel’s tenacity in theface of a blinkered and backwardsschool system is admirable, andhumbling Growing up in Poughkeepsie,
NY, I too benefited from a loving andsupportive family, but did not confront
the same obstacles in my route “out”
Currently I work for a multinationalcompany in Paris, after stints in Londonand Hong Kong, and it was never aquestion that I would go to college,coming from an academic background
My big moment of school activismcame in fifth grade when I spoke outagainst a dictum that forbade girlsfrom wearing shorts to class, whileboys could A far cry from “fighting to
be taught extracurricular courses thatwould let him apply to college” asDaniel did in eighth grade It’s adamning indictment of America’seducational system that a bright
student would have to fight to learn aforeign language, to get himself tocollege from a school that has noscience lab Kudos to Daniel and hisfamily (and to Mr Luce for hisoutstanding reporting) I’ve sent thearticle to all my friends with teenagechildren Daniel clearly doesn’t need aleg up or further inspiration on his way
to a graduate degree and aninternational career, but he will serve
as inspiration to many others
David Schalk
Father — New York, NY, US
Laura Schalk
Daughter — Paris, France
We salute the courage and integrity of the boy who escaped
Two reasons exist for the US Federal
Reserve to leave interest rates on hold
when it meets in mid-June: a
moder-ately significant short-term
justifica-tion and a much stronger long-term
rationale
The short-term reason is the little
local difficulty of its transatlantic
cousin, the UK, which will hold a
potentially destabilising referendum
about its EU membership the week
after the Fed meets But a more
com-pelling long-term argument is for the
US central bank to hold interest rates
down until inflation is convincingly
ris-ing towards or above target, rather
than raising them in the expectation
that it will one day happen
The referendum, to the extent that it
will have any influence at all,
essen-tially just creates a timing issue It is
possible that a Leave vote will spark
some volatility in financial markets as
investors digest not merely the
pros-pect of the UK leaving the EU but a
gen-eral sense of political unease and
uncertainty within Europe
However, the chance that a vote to
leave will be such a seismic event that it
will shake the mighty US economy is
rather small
True, the Fed has been paying more
attention than usual to international
events over the past year, expressing
concern about volatility in financial
markets and the threat of global
eco-nomic turmoil
But that mainly reflected a fear that
the turbulence was a sign of major
dis-location in the Chinese economy China
has been grappling with the need to
reduce its debt load without triggering
a rapid deleveraging which could
imperil growth and encourage capital
flight, pushing the renminbi sharply
lower and affecting half the emerging
world
By contrast, a one-off event in a
smaller economy such as the UK,
which does not seem to have any lar underlying vulnerability or wide-spread spillover effects, is rather lessworrisome Given that the Fed’s OpenMarket Committee has another meet-ing due at the end of July, there is noth-ing to lose and potentially a moderateamount to gain by postponing any raterise until then A more important ques-tion than pausing for the UK vote iswhether the US central bank should beconsidering raising rates at all
simi-Gross domestic product seems to begrowing healthily But doubts about themomentum of the real economy wereunderlined by Friday’s release oflabour market data, in which non-farmpayrolls rose well below expectations
The unemployment rate fell onlybecause more workers stopped lookingfor jobs Were we living in the worldbefore the global financial crisis, theFed might well be justified in raisingborrowing costs now, given how lowthey are
But we are in an environment ofchronically low inflation where the risk
of tightening too soon and threatening
a destabilising deflation comfortablyexceeds the danger of letting price risesget out of control
Charles Evans, president of the cago Federal Reserve, said this weekthat, while he was quite relaxed aboutthe two quarter-point rises this yearthat Fed officials were expecting, therewas a case for leaving tightening untilinflation had risen above the Fed’s 2 percent target
Chi-That is a strong argument For theFed to postpone a rate rise for six weeks
to see a single source of moderate riskbeing resolved is reasonable Yet evenafter the UK’s referendum, there is pre-cious little reason to push ahead withrises in interest rates in an economywhose recovery is less than certain andwhere inflation continues to run stub-bornly below target
There is little case for raising US rates regardless of UK referendum
Sajid Javid has expended a great deal of
political energy trying to keep Tata’s
steel plant at Port Talbot from closing
Now, after weeks of lobbying, the
busi-ness secretary’s efforts may be about to
pay off In March, the Indian
conglom-erate caused shockwaves when it
announced it would no longer support
its lossmaking UK operations, putting
15,000 employees at risk
Following the offer of generous
financial incentives by the
govern-ment, Tata appears open to the idea of
remaining in the UK after all
The effort that Mr Javid has put in
trying to keep the steelworks’ existing
owners in the UK is understandable
South Wales is so dependent on steel
production that a sudden closure of the
Port Talbot works could cause
consid-erable hardship The government is
also determined to avoid a collapse of
the company with thousands of job
losses in the run-up to this month’s EU
referendum
Even so, as he tries to secure an
agreement with Tata’s Indian owners
over Port Talbot’s future, Mr Javid
should proceed with caution While he
is rightly going to some lengths to
con-vince the company to stay in the UK, he
needs to extract more from Tata than
the willingness to pocket a large
cheque
A final deal between the government
and Tata may still be some weeks from
completion From what can be gleaned,
the business secretary’s plan, if it
comes off, would be highly favourable
to the Indian group Its UK operation
has struggled to compete in an industry
facing global oversupply and low prices
and is said to be losing £1m a day
The company is also hampered by
the legacy of the £15bn British Steel
pension scheme with an estimated
def-icit of £700m Were it to sell this
busi-ness to another enterprise for what
would likely be a nominal sum, Tata
would face a substantial write off on itsinvestment
Mr Javid is now offering to legislate inorder to change the conditions of thepensions fund, watering down benefitsfor its members in order to slash its lia-bilities Unusually Tata would be able
to shrug these off while remaining theowner of the steel company’s assets
Even better for the Indian company,the business secretary is consideringoffering Tata a loan worth hundreds ofmillions of pounds on “commercialterms” That would be used to refi-nance an existing £900m loan thatTata’s parent company has made toTata Steel UK It would effectivelyreduce the Indian group’s financialexposure, substituting the British tax-payer in its place
Mr Javid’s largesse may be necessary
to keep the blast furnaces running But
it cannot give Tata an upside-onlyoption on the plant’s future survival Aviable business plan must also guaran-tee a long-term future for Port Talbot
The company has already duced job cuts and cost savings thathave narrowed losses and improvedperformance It now needs to go fur-ther, demonstrating that it will invest
intro-in ways that will make the South Walessteel mill internationally competitivefor years to come
The future of the British steel try is an issue that the Conservativescannot ignore The party’s future willoverwhelmingly depend on the out-come of the June 23 referendum Even
indus-so, many Tory MPs believe they cannotafford to evoke memories of theThatcher years when the death of min-ing and manufacturing communitiescreated social blight across Britain
Mr Javid is a committed free marketpolitician who is to be commended fordoing everything he can to save PortTalbot But Britain’s steel industry can-not be saved at any price
UK should only offer incentives to Tata in return for firm pledges
The Fed faces bigger
problems than Brexit
Port Talbot steel cannot
be saved at any price
Enrique de la Madrid Cordero,Mexico’s secretary of tourism, visitedNew York last week with a sales pitch
It was not to proclaim the joys ofMexico’s beaches or culture; instead,
Mr de la Madrid is part of a cohort ofMexican ministers who are beingquietly dispatched this summer toAmerica on a mission to persuadevoters to feel grateful for their tradepartnership
Recently, the word Mexico hasstirred up all manner of politicaltension: Donald Trump has said hewill force the country to pay for aborder wall and continues to makederogatory comments about Mexicanimmigrants Unfortunately, this anti-Mexican tone has infected othercorners of the Republican debate
So now the Mexicans are trying tofight back — but not with more insults
or by mentioning Trump by name
“We are not focused on anyparticular candidate,” Mr de la Madridtold me
Instead, they are marshalling data
to show why the relationship withMexico is good for Americans Anattack by a statistical shock troop thataims to “set the record straight”
Will it work? By any standard, thestatistics that Mr de la Madrid andothers are waving around arefascinating Most Americans assumethat Mexicans have been flooding intothe US in recent years and, if you lookback, that is half right: 16m Mexicansmoved north between 1965 and 2015
But last year more Mexicans left thanarrived
Trade flows, too, are no longer aone-way street Yes, the US importsabout $315bn of goods each year fromMexico But what tends to be
overlooked in the debate is thatexports from the US to Mexico havesoared to $270bn a year
That apparently leaves Mexico the
“second-biggest export destination forthe US”, which “supports 6m
American jobs”
“Texas exports $90bn to Mexico,which is 38 per cent of their exports
In Arizona, there are $9bn exports, or
41 per cent of the total,” Mr de laMadrid said “Even Wisconsin exports
$3bn — Wisconsin!” And then about
“20m Mexicans come each year fortourism and business travel: thatrepresents $20bn of expenditure”
It is striking stuff And the Mexicangovernment deserves credit for trying
to take the moral high ground infighting back However, as I listened to
Mr de la Madrid speak, I could nothelp but feel cynical about whether itwill work After all, many Trumpsupporters are driven by anger,frustration and fear Like the debateover the UK’s EU membership, this isnot a fight about numbers
And in any case, if you dig into thetrade data, they are often not entirelywhat they might seem These days,America “imports” finished cars fromMexican factories But, as the WilsonCenter think-tank points out, the
components used to make those carsoften originate in the US — and canend up crossing the border eight timesduring the assembly process Indeed,
if you look at Mexican exports to the
US, about 40 per cent of these werecreated with “Made in America”
But the existence of theseinterconnected supply chains raisesthe likelihood that disentangling those
“trade” ties could cause a shock andincrease consumer prices “Made inAmerica” might make powerfulpolitics but it is no longer a clear idea
in economic terms
The tragedy is that it is painfullyhard to communicate this messyreality to a sceptical voter base;
phrases such as “supply-chainintegration” do not pack muchrhetorical punch Therein lies thechallenge for the Mexican government
as it embarks on its sales pitch I wish
it the best of luck; in a world ofTrumpian soundbites, it will need it
gillian.tett@ft.com
Overturning assumptions about Mexican migration
Notebook
by Gillian Tett
Trang 93The lessons from the suicides at Zurich Insurance
It is natural to flounder when you find that
you are fallible, writes John Gapper
Top reads at FT.com/comment
3Turkey has changed — today it wants to
be less European, not more
The country’s democracy is in a downward
spiral, writes Elif Shafak
mentary It is a question the film-maker
at one point asks Mr Weiner directly
For him, the answer is simple Afterbeing the butt of many jokes, both forhis sexting scandal and his unfortunatelast name, Mr Weiner is ready to beviewed as a complete human being,however imperfect
Ms Abedin’s reasoning is harder tojudge It appears rooted in the hope thatthe documentary and mayoral runwould provide a vehicle for her ownredemption Mr Weiner reveals that shewanted him to get back in the limelight
“She was very eager to get her life backthat I had taken from her,” he explains,
an oblique reference to their former tus as a Washington golden couple
sta-By the end of the film, it is clear that
Mr Weiner’s failed mayoral run did notbring back the life that Ms Abedin had inmind Whether she will find better luckwith Mrs Clinton is another question
The writer is the FT’s US political correspondent
with him at public events are rebuffed
Ms Abedin remains eerily poised andunflappable, even as personal scandalbreaks around her; a lesson in the thickskin that both she and her mentor havedeveloped When Ms Abedin learns thenew scandal has broken, she does notscream or cry And when her husband’s
staff wrap up a difficult meeting, shereminds the communications director
to smile when leaving the building so asnot to hurt the campaign’s “optics”
One of the underlying questions of thefilm is why she has chosen to stay withher husband, with whom she has ayoung son An even bigger one is whythey agreed to participate in the docu-
She returned to the US to attend GeorgeWashington University In 1996, shebegan interning for Mrs Clinton
Colleagues say Ms Abedin regardsMrs Clinton as part friend, part boss andpart surrogate mother Mrs Clintonreciprocates “I have one daughter,” theDemocratic frontrunner famously said
at Ms Abedin’s 2010 nuptials to MrWeiner “But if I had a second daughter
it would be Huma.”
It was the Clintons who helped tate the introduction of Ms Abedin toher future husband, a favour they mightnow regret While Mr Weiner’s originalsexting scandal caused little collateraldamage to the Clinton empire, the latersurfacing of yet more sexting revela-tions during his mayoral run, did
facili-The documentary unfolds over thecourse of that later scandal, with MsAbedin torn between loyalty to the Clin-tons, who reportedly asked her to dis-tance herself from Mr Weiner’s cam-paign, and loyalty to her husband,whose entreaties for her to appear
fund-raiser, Anthony Weiner, a
New York mayoral
candi-date and disgraced former
congressman, introduced
the guests to a woman they had often
seen, but seldom heard: his wife, Huma
Abedin
It had been two years since the
revela-tion that Mr Weiner had accidentally
sent a photograph of his bulging boxer
shorts to his 45,000 followers on
Twit-ter, a fact made only more ridiculous by
the congressman’s last name He
resigned shortly afterwards
When Mr Weiner launched his
politi-cal comeback, he allowed documentary
makers to make a fly-on-the-wall
account of the campaign That film has
now been released to great reviews —
and an uncomfortable spotlight for Ms
Abedin, who turns 40 next month
She has lurked behind the scenes for
two decades as Hillary Clinton’s chief
“body woman” and confidante,
follow-ing Mrs Clinton from her office as first
lady to her role as senator, then
secre-tary of state — and has been by her side
for two presidential runs
The footage from Weiner of Ms Abedin
speaking on her husband’s behalf at that
2013 fundraiser shows Mr Weiner
jok-ing to the audience that by seejok-ing Ms
Abedin take the floor, they had just
wit-nessed a rare occurrence; a sensation
akin to “seeing talkies for the first time”
In the background, his wife looks
uncomfortable
It is a revealing moment, one of many
in the film Its release has come just in
time to wreak havoc on Mrs Clinton’s
presidential campaign as she prepares
to take on Donald Trump Officially, Ms
Abedin serves as the campaign’s vice
chairwoman Unofficially, she is one of
Mrs Clinton’s closest advisers
Ms Abedin is already facing scrutiny
for her involvement in Mrs Clinton’s use
of a private email server and email
address during her time as secretary of
state, and for her own unusual work
agreement while working for Mrs
Clin-ton at the state department A US
fed-eral court is expected to hear Ms Abedin
testify later this year about Mrs
Clin-ton’s email server and the terms of her
own state department contract, which
allowed Ms Abedin to receive a
govern-ment salary while simultaneously
working as a contractor for private
con-sulting firm Teneo It is a case brought
by a conservative watchdog
The Federal Bureau of Investigation
deposed Ms Abedin last month as part
of its own investigation into Mrs
Clin-ton’s server, a probe that is expected to
wrap up in the coming weeks,
poten-tially with major repercussions for some
Clinton staffers
The consequences of Weiner look less
dire But the film is an illuminating tale
of a key figure in the Clinton apparatus
who has come to resemble her boss in
more ways than one
Ms Abedin was born in 1976 in
Michi-gan, to a mother of Indian descent and
father of Pakistani descent Both
par-ents were academics and she spent
much of her childhood in Saudi Arabia,
where her father founded a think-tank
Person in the news | Huma Abedin
A reluctant star of the political screen
After two decades behind
the scenes, Clinton’s most
trusted aide is risking
public scrutiny, writes
Courtney Weaver
She remains eerily poised and unflappable even as personal scandal breaks around her
nom-inating convention, heldlast weekend in Orlando,Florida, was typical of itsgatherings One of its morepopular presidential candidates, soft-ware magnate John McAfee, is wantedfor questioning by the police in Belize as
a “person of interest” in connectionwith his neighbour’s murder Anothercandidate, who goes by the name of Ver-min Supreme, wore a rubber boot on hishead while explaining his platform oftime travel, self-defence against zom-bies and free ponies for all
It is all good fun, if observed from asafe distance But, unlike in previouselections, the Libertarians do not have
to be a total joke this time around — theyhave an unprecedented opportunity toplay an actual role Republicans withany moral sense are desperate for a sup-portable alternative to Donald Trump
Libertarianism, the political philosophy
of rugged individualism, ought to hold anatural appeal to tolerant, anti-statist,free-trade conservatives who deplorethe turn taken by the party of AbrahamLincoln towards racial prejudice,authoritarianism and mercantilism
Libertarians also happen to have crucialinfrastructure in place for the “never-Trump” crowd: probable ballot place-ment in all 50 states, alongside Demo-crats and Republicans
In Orlando, the Libertarians ended upnominating the most mainstream can-didates on offer: former New Mexicogovernor Gary Johnson for presidentand former Massachusetts governor BillWeld for vice-president Both are affa-ble, reasonable-seeming politicianswith governing experience Yet theparty is poised to remain entirely mar-ginal this year Why can it not harnessthe Jeffersonian instinct for individualliberty, even in a year when the leadingparties have put forward the most dis-liked nominees in memory?
The problem starts, of course, withthe Libertarians themselves — a Hallow-een parade of cryptocurrency enthusi-asts and conspiracy nuts of every per-mutation These eccentrics regard theirparty not as an expanding tent but as aprivate playground for diffuse forms ofself-expression People who devotetheir greatest passion to the cause oflegalising drugs, challenging the age ofconsent and removing limitations onthe ownership of fully automatic weap-onry are not really in the business ofattracting a broader following As apolitical party, the Libertarians havealways been more party than political
Beyond the adolescent antics, theirdifficulty is at the level of ideas Today’sLibertarians are not so much extremeleft or extreme right as they are lost inthe clouds of utopian anarchism Theirplatform calls for the abolition of gov-
ernment-funded schools and sanctioned marriage During their nom-inating debate, delegates booed MrJohnson for endorsing the Civil RightsAct of 1964
state-Like academic Marxists, who are theirsisters under the skin, libertarians arefar more interested in an ideal worldthan in the one where ordinary humanslive They regard the failure of policiesthey support, such as the self-regulation
of financial markets in the 2008 crisis,
as evidence that government still aged to play some corrupting role.When facts come into conflict with the-ory, they reject the facts The failure ofany libertarian state to ever actuallyexist anywhere in the world supportstheir faith that it would all work only if itcould be tried To a country beset by ris-ing inequality, stagnant wages and thehollowing out of the middle class, liber-tarians have literally nothing to say.And in a way the party is right to mis-trust supporters who have compro-mised their principles by moving intomainstream politics David Koch, theparty’s nominee for vice-president in
man-1980, has become with his brotherCharles the American face of oligarchy.For the Koch brothers, libertarianismbecame a convenient guise for the eco-nomic interests of their family oil andgas conglomerate Though the Kochsare thus far staying aloof from MrTrump, they have been generouspatrons of climate-change denial andmoralising evangelical Republicans
A somewhat different style of
liber-tarianism flourishes in Silicon Valley,where it meets the feeling of the rich andimmature that Washington should leavethem alone The leading exemplar ofthis set is Peter Thiel, the billionaire co-founder of PayPal and a Trump delegate
to the Republican convention Mr Thielcontends that extending the franchise towomen in the 1920s destroyed Ameri-can capitalism He helped found theSeasteading Institute, an organisationdevoted to creating a law-free floatingcommunity in the middle of the ocean.More recently, Mr Thiel has beenexposed as the financier of a libel suitagainst Gawker Media that threatensthe free press
In practice, wherever libertarianismhas moved beyond the defence of sexualperversity and antisocial behaviour, ithas revealed itself as a mask for self-interest and the abuse of economicpower
This is a shame because an ally coherent alternative to the Republi-can party, grounded in the principledrestraint of classical liberalism, hasnever been more wanted
intellectu-The writer is chairman of the Slate group and author of ‘Ronald Reagan’
A missed opportunity for America’s libertarians
They are not so much extreme left or right
as lost in the clouds of utopian anarchism
other interesting ideas in
pol-itics; perhaps it is the thrill of
an idea that appeals to
ideal-ists of both right and left The
basic or citizen’s income, by which
mul-ti-faceted welfare systems are replaced
by an unconditional fixed payment per
head, has been gaining a respectful
audience across the developed world
Switzerland will vote this weekend on
whether to adopt a basic income system
based on a SFr30,000 annual payout to
all residents If the opinion polls are
cor-rect, it will be comfortably defeated
That is to the good
With any luck, such a decision will
help put the idea on the side table of
interesting thought experiment ratherthan occupying the main workbench ofpractical proposition
The basic income idea, which hasbeen around for about a century,appeals to the kind of person who wants
to stand above all the messy politics ofwho gets what and instead run things onclean, simple lines
In theory, rather than encouragingidleness, handing out a fixed paymentwill provide an incentive to work more
Even if it is withdrawn as recipients’
wages rise beyond the minimum (the
“negative income tax” variation on thesame idea), effective marginal tax rateswill be less steep than for those who atpresent would receive targeted means-tested benefits
Eliminating a multiplicity of welfareprogrammes may reduce bureaucracy
But it will also require either politicallyimprobable rises in taxation or a severecut in the amount of help given to thebadly off In both cases, a pure basicincome will remove support from
groups in society in particular need ofhelp
Modelling shows that, if low-incomehouseholds are not to lose out relative tothe current arrangements, overall taxa-tion will have to rise sharply In the UK,
if tax-free allowances are kept, thiswould probably mean pushing the com-bined tax and national insurance rate to
50 per cent across the range of incomes,compared with a basic combined rate of
32 per cent now
Of course, some would welcome lowerpayments instead, even at the cost ofmaking the poor much poorer The lib-ertarian-leftist alliance in favour of abasic income would soon fall apart when
it became clear that the Milton manites wanted to use it to turn theeconomy into a small-state paradise andthe social democrats to create a Scandi-navian welfare wonderland
Fried-Even if rises in taxes or cuts in benefitswere politically manageable, a BI mightwell result in a reduction in labour sup-ply if households decide to cut back on
hours of work in response to higher wage income This would depress theamount of tax revenue available forredistribution, requiring yet higher taxrates Reintroducing work require-ments to prevent this would mean res-urrecting the apparatus of coercion thatthe BI is supposed to eliminate
non-Moreover, the payments that mostsocieties make to particular groups —the long-term disabled, parents, the eld-erly — would either have to be ditched orseparately added at extra expense
Some associated bureaucracy such asfitness-to-work requirements on thedisabled would also have to be retained
This gets to the heart of the problem
with BI The complexity in welfare tems directly reflects the fact that we, ascollective democratic societies, havedecided that we are going to supportcertain groups To each, as the sayinggoes, according to their needs
sys-We compensate the long-term bled because their lives are often moreexpensive and challenging, and theirability to work circumscribed We giveextra money to parents because havingchildren is expensive and yet has gen-eral benefit in generating future taxpay-ers to fund public spending We subsi-dise housing costs because rents differ
disa-so much across the UK and failing to do
so will in effect drive out or impoverishlower-income families in the richerareas, such as London We support theelderly because they are less able towork and because being old has often been associated with poverty
Shifting from this to a basic incomesystem is essentially saying that we con-sider the challenges of disability, oldage, parenthood and prohibitive rent
Handing out free cash to any old punter rather than looking after the needy seems an unlikely sell
less important than administrative plicity and the inefficiencies associatedwith means-testing Handing out freecash to any old punter rather than look-ing after the elderly and disabled seems
sim-an unlikely political sell
Declan Gaffney, a policy consultantwho advised the previous Labour gov-ernment, has put it best: basic income,
he argues, is a thought experimentallowing us to imagine what kind ofsocial welfare system we want In real-ity, it will probably show us that the pub-lic desires something closer to the cur-rent arrangements than to the neat buthighly problematic idea of a singleunconditional income for all
The system is messy but then so arepeople’s lives and needs Throwing outthat complexity in pursuit of a simplesystem ignores this fundamental fact ofthe human condition The basic income
is an idea against which the reality can
be tested It is not a replacement for it
Trang 10PEGGY HOLLINGER
INDUSTRY EDITOR
The “good old days” of lucrative ness class revenues are numbered ascompanies rein in spending and lowcost competition intensifies on longhaul routes, the head of one of theworld’s biggest airlines has said
busi-Sir Tim Clark, president of Emirates AirLine, said airlines would have to adapttheir strategies as business class passen-gers migrated to cheaper seats Airlineprofits may be rising, but average farespaid per mile, known as yields, areunder pressure, he added “I see achange out in the way corporate busi-ness is going to develop which of coursewill affect our yields because the highend stuff isn’t going to come through as
it was in the good old days,” Sir Tim said
“We have to recognise that things aregoing to be slightly different for themix,” the Emirates boss said on the side-lines of the annual meeting of Iata, theaviation industry trade body
He predicted passenger volumeswould continue to grow despite a weakglobal economy, but air fares — forecast
to fall by 7 per cent this year — wouldremain depressed “We are going to bethere for a long time on these fare lev-els,” he said
Sir Tim’s warning means airlines will
have to work hard to keep costs down,while finding new ways to drive reve-nue Business and first class fares are byfar the most profitable for airlines, espe-cially on long haul routes
Jonathan Wober of Capa, the aviationconsultancy, estimates premium cabinsfor a major European carrier on longhaul might account for 15 to 20 per cent
of passengers, but up to 50 per cent ofrevenue “The numbers will be muchlower on short haul,” he said
Emirates is considering introducing apremium economy class between busi-ness and ordinary coach, Sir Tim said.The carrier is also looking at new seatingand cabin layouts that would allow agreater segmentation of fares in its fleet
of A380 superjumbos That plane is tified to carry more than 800 passengersalthough no airline is operating at thatcapacity
cer-“We are mapping where we think [themarket] is going to go,” Sir Tim said.Chris Tarry, aviation analyst, said theshift to premium economy was acceler-ating across the industry “A number ofestablished airlines are introducing orincreasing the size of premium econ-omy,” he said “In some respect airlinesare no different from retailers in meas-uring the revenue per square meter andhere premium economy is the highestyielding cabin on an aircraft.”
Airlines
Lucrative business class gone for good, says Emirates head
PETER WELLS — HONG KONG
JEEVAN VASAGAR — SINGAPORE
DAVID SHEPPARD — VIENNA
Noble Group, the beleaguered
commod-ities trader, yesterday announced its
founder would step down as chairman
within a year as it also unveiled plans for
a $500m rights issue to cut its debt load
Richard Elman intends to relinquish
his position of executive chairman,
which follows Noble’s announcement
on Monday that Yusuf Alireza was
resigning as chief executive
Hong Kong-based Noble slumped to
its first net loss in almost 20 years last
year, as the commodities crash took its
toll on the company But Asia’s biggest
commodities trader has also been
con-tending with questions about its
accounting since early last year, and
credit rating agencies have cut Noble to
junk status partly because of concerns
about its ability to refinance its debts
The proposed rights issue to raise net
proceeds of $500m, which must be
approved by shareholders, is deeply
dis-counted
Noble’s shares fell 13 per cent
yester-day to S$0.260 The stock has dropped
64 per cent during the past year
Singapore-listed Noble said in a
state-ment that Mr Elman, a UK-born former
scrap metal dealer who founded the
company in 1986, “wishes to step down
as executive chairman within the next
12 months”
Noble outlined changes to its rate governance, saying its next chair-man would have non-executive status,and that it was adding another non-ex-ecutive director to the board
corpo-Mr Elman is Noble’s largest holder, with a 22.28 per cent stake,but that is expected to be diluted in therights issue
share-He has committed to buying 9.6 percent of the new shares being issued, and
Noble said proceeds from the rightsissue would be partly used to repaydebts falling due in 2017 and 2018 AtMarch 31, Noble had net debt of $3.7bn
Mr Elman said Noble had “movedfirmly to reposition our balance sheet”,adding: “Combined with focusing ouroperations on our high return marketleading franchises, we are confident wenow have the profile and capital struc-ture to enable us to best capture theopportunities we see going forward.”
Under new joint chief executives WillRandall and Jeff Frase, Noble intends tofocus on trading in commodities includ-ing oil, gas and coal
Noble also said yesterday it was ning to cut headcount, sales, adminis-tration and operating expenses by morethan 20 per cent during 2016
plan-On Monday, Noble announced plans
to sell its electricity supply business inthe US, called Noble Americas Energy Solutions
This and other disposals, plus furthermeasures, are intended to raise $1.5bnfor Noble
Under the proposed rights issue, onenew share will be issued for every exist-ing Noble share at a price of S$0.11each, representing a 63 per cent dis-count to the company’s closing stockprice on Thursday
Noble announces chairman to
step down days after chief goes
Commodities trader unveils proposals for $500m rights issue to slash debts
LINDSAY WHIPP — NEW YORK
Walmart is raising the stakes in grocerydelivery, announcing a tie-up with car-booking apps Uber and Lyft in a pilotscheme based in Denver and Phoenix
Doug McMillon, the retailer’s chief utive, was due to announce details of thetest service at the company’s annualmeeting yesterday A Walmartemployee will pack the grocery itemsand prepare them for delivery by anUber or Lyft driver
exec-The service will cost $7-$10 payable toWalmart rather than the delivery com-panies
The move comes as competition forlast-mile delivery intensifies, with start-ups such as Deliv competing against thelikes of Silicon Valley companies Insta-cart and DoorDash
According to a Walmart companyblog post, the move comes after a simi-lar pilot project between its Sam’s Clubstores with Deliv in Miami
Uber has been expanding into demand delivery, introducing it into anumber of US cities last year after test-ing it in New York Earlier this week thecompany announced a $3.5bn invest-ment from Saudi Arabia’s sovereignwealth fund partly to further expandthe range of its services
on-Walmart has committed $2bn in adrive to catch up with Amazon, theecommerce group that has investedheavily in logistics technology Amazonlaunched Prime Now more than a year
ago in a number of cities, offering bers of its annual subscription schemetwo-hour delivery on a range of items.Walmart’s pilot programmes includedrones for delivery and for use in ware-houses and an annual membershipservice to compete with Amazon Prime.The company has also spent $2.7bn toincrease staff wages and improve cus-tomer service, while also revampingstores and creating an integrated physi-cal and digital offering
mem-Its most recent quarterly results gested these investments were starting
sug-to pay off on sug-top line sales, a relief forinvestors who had seen disappointingearnings from US retailers
However, some continue to raise cerns about low wages and understaff-ing
con-Making Change At Walmart, a paign representing some existing andformer Walmart employees, unionmembers and small business owners,said yesterday: “Many Walmart work-ers are still struggling with povertywages, erratic schedules and understaff-ing at their stores, and many customersdon’t want to shop at a store that treatsworkers so poorly.”
cam-Walmart pilots grocery delivery tie-up with Uber
Noble
Sources: Thomson Reuters Datastream; Bloomberg
Share price and index (rebased) Net income ($bn)
Jan 2015 2016 Jun
20406080100120
NobleStraits Times
-2.0-1.5-1.0-0.500.51.0
2005 07 09 11 13 15
The resignation of Yusuf Alireza, chief executive at Hong Kong-based Noble Group, was announced earlier this week— Bryan van der Beek/Bloomberg
could buy more stock through a called “tail swallow” arrangement
so-One analyst said this may indicate MrElman, 76, is constrained by lack of capi-tal Noble declined to comment on this,
or explain why he had decided to stepdown as chairman Mr Elman’s futurerole at Noble is unclear
China Investment Corporation, theChinese sovereign wealth fund that isNoble’s third-largest shareholder with a9.65 per cent stake, has agreed to buy 9.6per cent of the new shares It will secure
a second seat on Noble’s board
Last-mile delivery:
Walmart customers will be able to get their groceries delivered by car for $7-$10
Name game Sponsors put their
shirts on the Premier League
ANALYSIS, PAGE 12
“You’re the Pepsi generation,” sangMichael Jackson to the tune of “BillieJean”, as a child clutching a can of thecola drink expressed astonishment tofind he had moonwalked into the popicon
Securing Jackson for this changing 1984 advertisement was thebrainchild of Roger Enrico, then chiefexecutive of PepsiCo’s beverage andfoods division Enrico, who has diedaged 71, contacted Jackson himself toseal his co-operation
game-As a follow-on from the hugely cessful Pepsi Challenge, in which Enricohad been involved, his pioneering movefor a soft drinks company to endorsecelebrities helped Pepsi usurp — albeittemporarily — arch-rival Coca-Colafrom the top spot in supermarket share
suc-in the cola wars
In 1985, Coke tweaked its recipe forthe first time in almost a century inresponse to flagging growth, only toreverse course months later amid con-sumer horror at the change The retreat
enabled it to re-establish its historicallyhigher market share
“That era was pretty much the goldenage of the cola wars,” said Duane Stan-ford, editor of Beverage Digest “Whatwas revolutionary was the number twoplayer went for such a huge star
Michael Jackson was the kind of talentyou’d expect Coca-Cola to grab and herewas the number two company signinghim.”
It was unusual for an executive ning an entire division to be involved innegotiations for an ad campaign asEnrico was with Jackson This was whatmade him so different, recalled AllenRosenshine, chairman emeritus andformer chief executive of ad agencyBBDO, who worked with Enrico whenhis company was responsible for Pep-siCo’s account and was a close friend
run-“He enabled Pepsi to stand out.”
Roger Enrico was born on November
11 1944 in the town of Chisholm, sota, close to the Canadian border Hispath to the top — before he retired he
Minne-was chairman of DreamWorks — Minne-waspeppered with pit stops Having wanted
to be an actor — to the disapproval of hisfactory worker father — he started outworking at General Mills before servingwith the navy in the Vietnam war Hejoined Pepsi in 1971 as a brand managerfor Funyuns at the company’s Frito-Laydivision
After his success at Pepsi, where hebecame group chief executive in 1996,
he stepped down in 2001 following aheart attack but stayed on for two years
in the less demanding role of chairman
“I think ‘career path’ are the two worstwords invented,” he told Fortune maga-zine in 1996 “I’ve always believed youought to go with the flow Be a bit fatalis-tic Don’t overprogramme yourself.”
This meant taking risks, even if theydid not always pan out Other celebrityendorsements included Madonna,which he admitted did not work so wellamid a backlash from some religiousgroups in the US, despite the resultingadvert’s popularity overseas
He also said in the Fortune article that
he should not have written his book The
Other Guy Blinked: How Pepsi Won the Cola Wars, explaining that he had written it to
sell Pepsi but it had morphed into sonal publicity
per-His legacy at Pepsi includes many cesses besides commercials In 1997 heengineered the sale of the restaurantdivision — what is now Yum Brands(KFC, Pizza Hut and Taco Bell) — as a
suc-means to help the company sell morefizzy drinks to a broader range of restau-rants with soda fountains And he wasinstrumental in the acquisition of Tropi-cana and Gatorade, a move that hasproved crucial as soda suffered a decadelong decline in US sales
“[Enrico] was a risk-taker, neverafraid to challenge the status quo ormake bold moves to get ahead,” IndraNooyi, PepsiCo’s current chief execu-tive “He was tough as nails, always pre-pared to get the job done and beat thecompetition At the same time, he had atrue love for our people and a passionfor empowering them to reach their fullpotential.”
Enrico is survived by his wife mary and son Aaron
Rose-His death comes just weeks after thepassing of Bill Backer, another impor-tant marketing guru from a similar era,who made ads for Coca-Cola Both left
an indelible mark on American tising history
Trang 11COMPANIES WEEK IN REVIEW
This week Morgan Stanley startedoffering month-long paid sabbaticals
to junior bankers who make it to thevice-president level — a step thatusually requires five years and lots oflong hours
Meanwhile Credit Suisse isencouraging all European employees tomake sure they take Friday night andSaturday morning off Swiss rival UBS
is telling employees to set aside twohours a week for personal business —like teacher conferences or marathontraining And JPMorgan, which inJanuary told employees to take everyweekend off unless they were working
on a “live deal”, this week relaxed itsdress code to business casual
It is easy for non-bankers to sneer at
a lot of these work-life balance efforts(two hours a week? Friday nights off?),but they may genuinely improve the lot
of many young Wall Street and Cityemployees Many still remember the
death of a Bank of America intern threeyears ago from an epileptic fit that mayhave been triggered by fatigue
The banks are also taking specificsteps to improve retention at a timewhen hedge funds and asset managershave been poaching some of theiryoung stars Goldman Sachs seems tohave set the pace on this front last yearwhen it unveiled a junior bankerretention initiative that includedswifter promotions, fewer menial tasksand more diverse work experiences
Royal Bank of Scotland and Barclaysfollowed suit
Now Morgan Stanley plans to starttelling top first-year analysts that theyhave a bright future at the bankwithin a few months of arrival and,crucially, before hedge funds starttheir annual recruiting season
These retention efforts make perfectsense in light of the recent survey ofmillennials in 25 countries by
Manpower Group It found that 21- to36-year-olds prioritise job securityabove everything except money whenchoosing their employers
Before the financial crisis, Wall Streetcould rely on huge bonuses to keeptheir young employees around Now,pressed to cut costs and boost capital,the banks have to find other levers topull Humane working environmentsand proper career development are agood way to start
It makes me think back to when Iwas deciding whether to jump from my
US newspaper to the Financial Times
The higher salary was attractive, but Icould have secured a raise by moving
to any number of media outlets
Instead, the FT stuck out for twoother reasons It promised a paidmonth-long sabbatical every fouryears, and it was willing to let me — atthe time a mother of preschoolers —start off by working four days a week
My prospective boss told me sheviewed it as an investment in mycareer and that she assumed I would gofull-time when my personal
responsibilities allowed I appreciatedthe flexibility, of course, but valued thelong-range perspective even more.There has been a lot of talk about theneed to change banking culture to getaway from the smash-and-grabattitudes that led to the 2008 crash.Much of it has taken the form ofplatitudes from the top but largelyignored by traders who continued toput themselves first
But the current crop of initiativescould actually make a real difference.The best way to get staff members tocare whether their employer prospersover the long term is to convincethem that they will be around tobenefit if it does
brooke.masters@ft.com
Banks have to show
recruits the benefits
of sticking around
Pressed to cut costs and boost capital, the banks have to find levers
to pull [other than bonuses] to keep young employees
When Gennady Timchenko and
Torbjörn Törnqvist started working
together in 1997, the first was a
former Soviet trade official based in
Finland, and the second was an ex-BP
trader from Sweden
Gunvor, the business that grew out
of their partnership in the next two
decades, became the dominant trader
of Russian oil It broke into the top
five of global independent oil trading
houses and made them billionaires
“We already had certain business
for many years in Russia — him and
me He did his business, I did mine
But when we joined forces, it was
synergy,” Mr Timchenko recalled in
a 2008 interview
But the last ties between the two
men have finally been severed, the
FT reported this week
Mr Törnqvist agreed to buy out
Mr Timchenko’s stake in March 2014
— the day before the US Treasury
imposed sanctions on Mr Timchenko
over Russia’s annexation of Crimea
But Mr Törnqvist only made the final
payment this year after receiving a
special $1bn dividend from Gunvor
“Payment to [Mr Timchenko] is
final and there are absolutely no
remaining commitments to [him] by
either Mr Törnqvist or the group,”
says Gunvor
Born in Armenia in 1952, Mr
Timchenko trained as an engineer
before working as an official at the
Leningrad department of the Sovietministry of foreign trade in the 1980s
He got his start in the tradingbusiness as the Soviet Union wascollapsing in the late 1980s, getting
a job in the trading arm of an oilrefinery at Kirishi in the Leningradregion He then moved to Finland in
1991 to head a trading company
It was in St Petersburg — asLeningrad was renamed after the fall
of the Soviet Union — that MrTimchenko first met Vladimir Putin,then an official in the mayor’s office
The relationship continued: Mr
Timchenko co-founded a judo clubwhere Mr Putin is honorary president
But as Gunvor enjoyed spectaculargrowth Mr Timchenko was forced todeny suggestions it had benefited fromhis relationship with Mr Putin, whobecame Russia’s president in 2000
“My career of more than 20 years inthe oil industry has not been built onfavours or political connections,” hedeclared in a letter to the FT in 2008
The US Treasury disagreed, and inMarch 2014 imposed sanctions on MrTimchenko, calling him a member ofVladimir Putin’s “inner circle” and
suggesting Mr Putin’s involvement
in Gunvor was substantial
“Timchenko’s activities in the energysector have been directly linked toPutin Putin has investments inGunvor and may have access toGunvor funds,” the Treasury said
Gunvor repeatedly denied thatclaim, but Mr Timchenko recognisedthat his political connections hadbecome a liability to the company Inthe hours following the US Treasury’sannouncement, Gunvor announcedthat Mr Timchenko had sold his stake
to Mr Törnqvist just one day before thesanctions were imposed
Since then, Gunvor has focused onits international business, while MrTimchenko retrenched to Russia Hesold many of his international assetsand moved much of his businessempire from offshore jurisdictions Hiswealth — estimated by Forbes at
$12.9bn — is largely held throughstakes in Novatek, Russia’s largestindependent gas producer; Sibur, itstop petrochemicals company; andStroytransgaz, a construction group
His relationship with Mr Putin hasalso become more public He appears
in ice hockey games with him, andrevealed his Labrador is the daughter
of Mr Putin’s “Frankly speaking, Iwas not a dog lover, but VladimirVladimirovich wanted to hand over apuppy to a reliable master and I, of
course, agreed,” he said Jack Farchy
Billionaire Russian oil trader breaks final link with Gunvor
‘My career of more than 20 years in the oil industry has not been built on favours’
DAVID CROW
Valeant, the besieged dian drugmaker, handedformer chief executive MikePearson a severance pack-age worth more than $10m
Cana-— just months after the pany’s board blamed the
com-“tone at the top” for a lapse in its market value
col-Mr Pearson, who held therole from 2008 until he wasousted in March, earnedplaudits for turning thegroup from a small drug-maker into one of the biggestforces in global pharmaceu-ticals by embarking on adebt-fuelled deals spree
However, Valeant cameclose to collapse after it wasforced to delay the publica-
tion of its earnings, after anaccounting scandal at a phar-macy chain controlled by thedrugmaker, taking the com-pany close to a default on itsmore than $30bn of debt
Mr Pearson paid for thecrisis with his job after biginvestors and the company’sdirectors concluded that hishard-charging managementstyle was partly to blame forthe fact that the group hadreported inflated revenues
Nonetheless, this week theboard signed off on $9m inseverance and agreed to payhim $850,000 over the nexttwo years for consultancyservices He will also receive
a bonus for 2016, taking thetotal package above $10m
Valeant’s market value —roughly $90bn this time lastyear — has plummeted sincethen and now stands at just
$10.5bn, resulting in billions
of dollars of paper losses
“This is the sort of action
by directors that leads tocalls for legislation and tosuspicions that they act inthe best interests of theirCEO buddies,” said Erik Gor-don, a business professor atthe University of Michigan
Pharmaceuticals
Ousted Valeant chief’s $10m pay-off causes controversy
FT REPORTERS
A former Barclays director
stands accused by US
prose-cutors of allegedly
commit-ting insider trading to pay
for home improvements
Steven McClatchey, 58, was
charged in a criminal
com-plaint filed in Manhattan this
week with conspiracy, wire
fraud and securities fraud
Prosecutors alleged he
passed insider information
on upcoming mergers to his
friend, a plumber, who did
up his bathroom
The plumber, Gary Pusey,
has pleaded guilty and
agreed to co-operate with
authorities
The government alleges
that Mr McClatchey, who
worked in a back office role,gave tips to Mr Pusey, 47,ahead of at least 10 separatetransactions before theybecame public, includingdeals involving Petsmart,CVS Health and DukeEnergy
In exchange for the tips,which allegedly earned MrPusey $76,000 in tradingprofits, the plumber madecash payments totallingthousands of dollars to MrMcClatchey by occasionallyplacing cash in a gym bag orhanding over the cashdirectly in Mr McClatchey’sgarage, it is alleged
He also allegedly provided
a free refitting of MrMcClatchey’s bathroom athis home in Freeport, on thesouth shore of Long Island
Barclays said in a ment that it “wholly sup-ports” the investigation
state-“Barclays will take priate action when employ-ees do not hold themselves tothe conduct and controlstandards which are embed-ded in our culture,” it added
appro-A l a w y e r f o r M rMcClatchey could not bereached for comment
Banks
Former Barclays director
charged with leaking tips
Valeant’s market value has plummeted since last year, with former chief executive Mike Pearson being held partly responsible for the company’s woes
Barclays says it ‘wholly
supports’ the investigation
into allegations that Steven
McClatchey passed tips to
his plumber to pay for
Alliance Trust this weekconfirmed that it hadreceived an approach fromthe investment trust of Brit-ish financier Jacob Roth-schild about a takeover tocreate a publicly listed com-pany with a market value ofmore than £5bn
reported over last weekendthat RIT Capital Partners,the 55-year-old investmenttrust chaired by Lord Roth-schild, made an informalapproach and remains inter-ested in a combination
In a statement AllianceTrust said RIT had approa-
ched its board “with an mal proposal for a merger ofthe two companies”, butadded “no detailed termshave been provided”
infor-A takeover of based Alliance Trust, one ofthe UK’s oldest and largesttrusts, would end years ofspeculation over the future
Dundee-of the company
It would also combine two
of the UK’s best-knowninvestment trusts, a type ofpublicly listed closed-endfund that dates back almost
150 years and allows tors to avoid double taxation.Alliance Trust, which had
inves-a minves-arket vinves-alue of £2.6bn inves-atthe end of last week, declined
to comment RIT Capital,which was worth £2.5bn, didnot immediately respond to
a request for comment.RIT Capital disclosed astake of less than 3 per cent
in Alliance Trust last year,say UK regulatory filings.Alliance Trust has over-hauled its leadership afteragreeing last year to appointtwo of the three independentdirectors nominated byElliott Advisors, the US activ-ist investor
Insur-Senn took his life just over aweek ago, less than sixmonths after stepping downand three years after thegroup’s finance director alsokilled himself
“Our thoughts are with hisbereaved family and friends,
to whom we extend ourdeepest sympathies,” Zurichsaid in a statement on Mon-day Senn was 59
Senn resigned in ber after coming under pres-
Decem-sure over a failed bid for RSA,the UK insurer, and a series
of problems in Zurich’s eral insurance division Hewas replaced earlier this year
gen-by Mario Greco, former chiefexecutive of Italian rivalGenerali
While Senn was Zurich’schief executive, the companywas hit by the suicide ofPierre Wauthier, its financedirector, who was found dead
at his house in August 2013
People who knew Sennsaid he had difficulties cop-ing with his sudden alteredstatus Such life upheavalscould have contributed todepression, experts said
“If you are high in a chy and have a dominantpsychology, and you defineyour life and values as such,
hierar-it can be very damaging foryour psychological wellbeing
if you lose your position,”
said Dr Thomas Heinsius,head doctor at Winterthur’sPolyclinic for integrated psy-chiatry, near Zurich
“You become depressed ifyour psychological reper-toire is not sufficientlyequipped to deal with thenew challenge.”
Insurance
Suicides at Zurich put focus
on senior managers’ stress
A takeover of Alliance Trust, one of the UK’s oldest and largest trusts, would end years of speculation over the future of the company
While Martin Senn was Zurich’s chief executive, the company was hit by the suicide of Pierre Wauthier, its finance director, who was found dead in August 2013
Gennady Timchenko
Joint founder of Gunvor
Gennady Timchenko amassed afortune in oil trading as he andTorbjörn Törnqvist built up GunvorChris Ratcliffe/Bloomberg
Companies this
week on ft.com
ARASH MASSOUDI AND JAMES SHOTTER
The London Stock ExchangeGroup and Deutsche Börseunveiled plans this week
to lay off 1,250 employees,
or about 14 per cent of theircombined workforce, aspart of a €450m cost-savingsinitiative in their proposedmerger
The two companies releasedthe figures on Wednesday asthey outlined the intendedsynergies from a £21bn all-stock combination agreedthis year
The potential savings are abig factor in winning supportfor the tie-up, on which LSEshareholders will vote onJuly 4, and Deutsche Börseinvestors by July 12
That means shareholderswill cast their votes after theJune 23 UK referendum onwhether the country shouldleave the EU
While the deal does nothinge on the outcome, manyinvestors and analysts
believe that a vote to leavethe EU would hurt the pros-pects of an LSE-DeutscheBörse combination
The job losses may alsoproduce extra problems forthe two companies, as theyare set to begin persuadinggovernments and regulators
to bless the creation of achampion for Europeantrading
The deal combines
exchange operators by ket value and would create amore powerful rival to lead-ing US and Chinese groups inwhat is already a heavily con-solidated industry
mar-“The strategic rationale forthis merger is very clear Wefirmly believe that thismerger allows the share-holder substantial long-termgrowth through diversifiedand resilient revenuestreams,” said CarstenKengeter, the chief executive
of Frankfurt-based DeutscheBörse
Hans-Walter Peters, head
of Germany’s banking ation, said the merger was “achance for Europe”, butinsisted it was importantthat business was dividedfairly between London andFrankfurt
associ-He also warned the mergerwould be endangered if Brit-ain votes to leave the EU laterthis month
“I hope Britain will vote tostay,” he said
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Trang 12pool as part of a partnership with 20th
Century Fox
Overseas companies now account formore than 80 per cent of all the sponsor-ship fees brought in by Premier Leagueclubs, says Repucom, often from brandswith little or no presence in the UK.Those willing to pay the most, says MrThode, are companies that treat the
“shirt as billboard” and sponsorship as a
“global brand awareness play”
Liverpool’s main sponsor, StandardChartered, though a UK-listed bank, has
no branches in the county, while KingPower is a Thailand-based retail chain —part of Leicester City owner Vichai Sri-vaddhanaprabha’s business empire.Next season, at least six clubs, includingnewly-promoted Burnley, will featureChinese characters on their shirts.But as the rewards of sponsorshiprise, so do the expectations The feepaid by Adidas to Man Utd will drop
30 per cent if the team fails to qualifyfor the Champions League for morethan two years in a row, putting newmanager José Mourinho on a tight dead-line Analysts say such performanceclauses are increasingly commonplace
“Brands we work with are getting farmore demanding of their sponsorships,”says Glenn Lovett, chief strategy officer
at Repucom “It’s being driven by brands
— particularly when they spend a lot ofmoney — demanding a return, and want-ing to know what that return might be.”
See Lex
most watched sport Total shirt sorship fees earned by clubs in Europe’stop six divisions have more than dou-bled since 2010 to €830m last year,according to data from sports consul-tancy Repucom Revenue increased 45per cent in the past two years alone
spon-England’s Premier League takes thelargest chunk of that, roughly the same
as Germany’s Bundesliga, Spain’s LaLiga and Italy’s Serie A combined Thatincreased commercial income, com-bined with the fast-rising prices of TVrights, has helped push many UK clubsinto profit, attracting investors fromacross the world, notably the US
Those in rights management say thatfootball’s pull as a live spectator sportwith a broad and dedicated worldwidefollowing has given it a special place ininternational marketing
“If you look at the advertisingworld, audiences are becoming morefragmented and diversified, so toreach a mass audience is increas-ingly difficult,” says ChristopherSatterthwaite, chief executive ofChime Communications, whichincludes La Liga among its clients
“Football attracts more eyeballs thananything that’s ever existed.”
The globalisation of fans is translatinginto quirkier commercial deals too ManUtd, for example, now has its own “offi-cial Indonesian sports drink partner”,and recently helped to promote super-
hero films including X-Men and
Dead-COMPANIES
JOSH NOBLE — LONDON
When surprise champions Leicester
City lifted the Premier League trophy
last month, there were plenty of
unlikely winners Manager Claudio
Ranieri’s previous job had ended when
his Greek national side lost to the lowly
Faroe Islands, while Jamie Vardy, one of
the league’s top goalscorers, only made
the jump from amateur football in 2012
Two corporate partners also had good
reason to celebrate — Leicester’s kit
maker Puma and its shirt sponsor King
Power Both are likely to have struck
bargain basement rights deals with the
Midlands club, only to ride an
unimagi-nable wave of media coverage as the
minnows conquered all
Their unexpected good fortune
comes at a time when the cost of kit and
sponsorship deals has been rising
rap-idly, as the audience for Premier League
and other European football games has
ballooned
Manchester United set the tone when
it switched from Nike to Adidas kits in
2013, in a deal worth around £75m a
year Barcelona did even better By
extending its Nike supply deal last
month, the club more than doubled its
annual revenue from kit to more than
€150m a year
Other teams have raced to catch up
Chelsea paid to end its deal with Adidas
six years early so it could seek more
money elsewhere Last month, it agreed
a contract with Nike worth more than
double its previous arrangement
“I think shirt deals were undervalued
for a long time,” says Carsten Thode,
chief strategy officer at Synergy
Spon-sorship “But in the past three years, the
value of these deals has escalated
quickly.”
Kit deal costs have risen as viewing
figures have soared and clubs’ clout on
social media has grown The top 32
teams in Europe have a combined
Twit-ter following of almost 600m, according
to KPMG, while Nike, Adidas and Puma,
the top three sportswear makers, can
muster only a combined 67m
Meanwhile, challenger brands such as
Under Armour and New Balance have
pushed up the competition for kit deals,
as they use football sponsorship as a way
to build relationships with new retailers
and expand their distribution networks
Mega-deals involving kit supply
remain the preserve of a select handful
of clubs with global cachet Arsenal’s
deal with Puma, at €40m-€50m a year,
is more than double that of north
Lon-don rival Tottenham, despite them
fin-ishing second and third in the league
respectively
Though Man Utd and Real Madrid can
command large fees thanks to their
glo-bal fan base, a typical lower half of the
table Premier League team might give
away their shirt manufacturing rights
for nothing and simply take a slice of the
profits from shirts sold to supporters
But all teams are benefiting from the
broader growth in sponsorship, such as
the branding across the belly of a shirt,
as a new breed of advertisers looks to
secure prime real estate in the world’s
Sponsors put their shirts on top-flight football
Kit branding is
proving lucrative for
advertisers and clubs
as the sport’s global
audience balloons
The winners
US sports like baseball andAmerican football are alreadyawash with billions of dollars ofadvertising money, but puttingadvertising on uniforms has alwaysbeen off limits — until now
Deals with equipment suppliersare agreed on a leaguewide basis,and the proceeds are divided upamong the individual teams, much
as they do with revenuebroadcasting rights Team jerseyshave always carried only onecorporate logo — that of themanufacturer
However, that firm barrier tocommercialisation has just cracked.The National Basketball
Association voted in April to allowits member teams to sell shirtsponsorships, and the Philadelphia76ers have followed up with thefirst partnership, a deal with onlineticket site StubHub
The team is owned by privateequity billionaires Josh Harris andDavid Blitzer, who last year bought
a stake in London-based PremierLeague football team CrystalPalace Such cross-sport tie-ups areincreasingly common, as ownerslook to secure more sophisticatedadvertising deals with globalbrands
Once the new NBA rules come in,all teams will be able to sell a 2.5 sq
in advertising space on their jerseysfrom the 2017-18 season This iswhen the league shifts its uniformsupply deal from Adidas to Nike.Adam Silver, NBA commissioner,said that jersey sponsorships wouldhelp “provide deeper engagement
with partners” Josh Noble
Teams wearing well
NBA courts partners to break commerce barrier
Despite being dumped out of the mostprestigious club competition in Europe bySpanish rivals Atlético Madrid this year,
FC Barcelona remains the footballingworld’s number one, at least when itcomes to sponsorship deals
The club signed a new 10-year kitagreement with Nike last month, which
it expects to bring in €150-€155m(£116-£120m) annually, compared withthe current €60m When the arrangementtakes effect in 2018, it will be football’smost lucrative shirt deal ever, faroutstripping Manchester United’s
£75m-a-year agreement with Adidas
Barcelona soon expects to become theworld’s top club for on-shirt advertising
as well At present, Manchester United is,thanks to its £47m-a-year contract with
US carmaker Chevrolet But the Catalanclub is in “advanced talks” with severalcompanies, including Qatar Airways,whose deal expires this year, says ManelArroyo, club vice-president of marketing
Though Barcelona’s new Nike kits forthe 2016-17 season have been unveiledwithout sponsors, a new agreement isdue to be signed some time this summer
The sale of naming rights for Camp Nou,Barcelona’s stadium, is also in the works
Mr Arroyo attributes Barcelona’scommercial triumphs to several factors,not least the team’s success on thepitch Despite disappointment in thepan-European Champions League, they
won La Liga and the Copa Del Rey,Spain’s two domestic competitions
The club has ambitions to becomethe first with annual revenue of €1bn
Aside from Nike and Qatar Airways,the club’s main partners, Barcelonalists a further five “Premium Partners”,
10 “Official Partners”, and 23 “RegionalPartners” The names range fromglobal brands Coca-Cola and Gillette
to local Catalan companies La Caixabank and Estrella Damm beer
There are also far-flung sponsors,such as Brazilian foot deodorant Tenys
Pé and Chinese smartphone makerOppo, pointing to a growing overseasaudience for European football Theclub has an office in Hong Kong,another opening soon in New York,and plans for a third in São Paulo
Revenue from “marketing” —principally sponsorship — rose by athird in the 2014-15 season to €225m,the most recent for which figures areavailable Media rights and match-dayrevenue from tickets and concessionsrose at a much slower pace
Marketing — at 37 per cent of thetotal — is the largest revenue sourcefor the club
The team has some of the world’smost recognisable on-field stars and
a dominant social-media presenceincluding 2.3m YouTube subscribersand 18m Twitter followers
Back of the net
Barcelona heads the deals league
Leicester City’sJamie Vardy,below, was onegoal behind thePremierLeague’s topscorer,TottenhamHotspur strikerHarry Kane
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Trang 13MARKETS & INVESTING
ERIC PLATT — NEW YORK
The pace of flows into high-grade porate bond funds slowed in the pastweek as investors worried that a recentrally had run out of steam before aseries of big economic and politicalevents
cor-Investment-grade bond funds recorded
$1.5bn of fresh capital in the week toJune 1, the smallest weekly additionsince the end of March and about a fifthbelow the previous week’s take, datafrom EPFR and Wells Fargo showed onThursday The funds have collectedroughly $54bn since the beginning ofthe year
Investors added a further $1bn to USmoney market accounts, often seen as aproxy for cash That lifted the haul forthe asset class over the past five weeks tonearly $25bn
Fund managers have said they areuncomfortable with the rapid rally inbond prices since a sell-off in Januaryand February, which was sparked by thedrop in commodity prices and fears of aslowdown in China
Despite the stabilisation in oil, aweakening renminbi, coupled with alooming vote on UK membership of the
EU days after a Federal Reserve ing, has put the market on edge
meet-The US payrolls report yesterday and
a speech from Fed chair Janet Yellenearly next week have also damped activ-ity, as investors wait for a clearer snap-shot of US economic activity and insightinto how the central bank may act
“We see the upside as limited Youwant to focus on protecting capital,” saidTodd Lowenstein, a portfolio managerwith HighMark Capital Management
“We think stability and safety are
over-valued It’s getting more difficult to findbargains.”
Investment-grade debt has returned5.4 per cent since the beginning of theyear, outpacing US indices and the assetclass’s own performance last year, statesBank of America Merrill Lynch
Demand has nonetheless remainedpositive for corporate bonds, whichhave benefited from sliding sovereigndebt yields in Europe and Asia
Funds invested in European ment-grade debt saw an acceleration ofinvestor interest over the past week,with $550m of inflows Investors added
invest-$128m to emerging market credit funds.Pressure on US equity funds alsoeased, with portfolio managers countingtheir first fresh capital since late April.Investors added roughly $1.7bn to theasset class, which has suffered $58bn ofredemptions since the year began
Capital markets
Corporate bond flows slow on fears over rally
ADAM SAMSON
A gloomy report on the American
labour market sent the policy-sensitive
US two-year Treasury note tumbling at
its fastest rate since September, when
the Federal Reserve pulled back from
raising interest rates
The yield, which moves in the opposite
direction to the bond’s price, fell as
much as 12.3 basis points to 0.76 per
cent, the biggest fall since September 17
The decline in the benchmark yield
reflected interest rate futures assigning
lower odds of a rate rise by the end of
July Expectations for tighter policy next
month eased to about one-third, having
climbed to half recently on the back of
strong signals from policymakers
“The Fed rhetoric, which pushed hard
to convince the market that they will
move in the coming few meetings, just
hit a wall,” said Marvin Loh, global kets strategist at BNY Mellon “Whilethe Fed has generally stated that no onenumber decides monetary policy, wethink that the across-the-board weak-ness will require a reassessment of thisrecently hawkish rhetoric.”
mar-Sharply lower bond yields helped spur
a dramatic slide in the US dollar Thebenchmark DXY dollar index fell 1.5 percent yesterday, its biggest one-day drop
in six months The decline retracesmuch of the index’s recent gains andleaves it down 4.6 per cent this year
Concerns that the broader economyhad slipped into a lower gear was com-pounded by a report showing growth inthe US services sector in May had eased
to its slowest pace since February 2014
Paul Ashworth, chief US economist atCapital Economics, said a June rate riselooked “very unlikely” and would rely
on clear proof of an improvement inJune, as well as other factors includingthe UK voting to remain in the EU
Longer-dated Treasury yields also fell,with the 10-year note yielding 1.71 percent, down from 1.85 per cent earlier thisweek Disappointing US jobs data alsoignited firmer prices for eurozone and
UK bonds
Germany’s five-year governmentyield fell to a record low of minus 0.403per cent Technically, the paper is nolonger eligible for the European CentralBank’s quantitative easing programme,which limits sovereign bond purchases
to debt that yields nothing below itsmain deposit rate of minus 0.4 per cent
The UK’s two-year Gilt yield fell to0.31 per cent, its lowest level since Feb-ruary when global markets were rocked
by heightened volatility in commoditiesand equities
Capital markets
Soft job data send Treasury yields tumbling
ANJLI RAVAL AND DAVID SHEPPARD
When Khalid al-Falih was brought in asthe Saudi health minister last year, thetechnocrat was charged with rejuvenat-ing the kingdom’s inefficient healthcaresector, which had gone off course Now,
in his role as energy minister, Mr Falih isbringing his skills to Opec, a oncemighty organisation that had been writ-ten off as dead by many industryobservers
At the Vienna meeting of ministersthis week, Mr Falih demonstrated why
he has the hard-won reputation forbeing a safe pair of hands AlthoughOpec did not agree on a new output tar-get, he was able to harness the group’sdisparate members whose economieshave been battered by a two-year fall inoil prices and present a unified front
“Despite the lack of co-operationbetween member countries and thefree-for-all output policy, Khalid al-Fa-lih did his best to calm nerves,” saidTamas Varga at London-based brokerPVM about Saudi Arabia’s first new oilminister in more than 20 years
His predecessor, the veteran Ali Naimi, had the unenviable task of per-suading Opec in 2014 not to cut produc-tion to bolster prices, in the face of grow-ing supply from rival producers MrFalih, in contrast, has to lead the group
al-as members endure the fallout of a tracted price slide that is deeper andmore drawn out than even the kingdomhad expected
pro-The message he brought was clear
After 18 months of letting marketforces balance supply and demand,Opec now needs to “steward” the trajec-tory of the recovery and reassert its rele-vance to the global oil industry He latertold reporters the reintroduction of anoutput cap for the group was “prema-ture” But it was Saudi Arabia that raisedthe prospect in the first instance,according to Gulf delegates
The remarks from the softly-spokenbut assured 56-year-old were a fillip toOpec’s economically weaker members
as well as the broader oil industry MrFalih said while market forces haveeased the global oil glut, the groupshould now “encourage the rebalanc-ing” Although it is limited in what it can
do, analysts say, it suggests Saudi Arabiahas not entirely abandoned its role asthe market’s guiding hand
The kingdom is not immune to nomic pressures and limiting sharpprice swings is of utmost importance
eco-Just as heightened inventory levels are aconcern for Mr Falih, so is a future spike
in prices should investment cutbacks bycompanies lead to a supply shortage
In Vienna, Mr Falih had to repair theimage of the kingdom after the collapse
of talks in Doha for a production freeze,following demands from Saudi Arabiathat arch rival Iran be part of any deal
Opec, too, looked ineffective
“He had to come here and improvethe tone inside Opec in the wake ofDoha,” said Bob McNally, a formerWhite House adviser and consultant atRapidan Group “He succeeded andOpec is on a better footing.”
The new minister had to play the lomat and show the kingdom was stillengaged with Opec Mr Falih met Opecsecretary-general Abdalla El Badri andthen other ministers, to eliminate thediscord and co-ordinate a message
dip-During the meeting, Mr Falih posed a new output ceiling, but gave nonumber, said one Gulf delegate Iran hadargued that without quotas a target waspointless, while Venezuela urged an “oilsupply range” for individual countries
pro-The minister showed co-operationand flexibility, according to one Gulfdelegate “The situation is differentunder the new minister he had tomake clear that it is not about just leav-ing it to the market It needs gentle sup-port,” he added
Rather than focus on the failure toagree, Mr Falih drew attention to theongoing market recovery He also reas-sured Opec’s peers that the kingdomwould not flood the market, easing fearsSaudi Arabia aimed to increase its out-put further This gave even Iran’s minis-ter Bijan Zanganeh reason to claim hewas largely happy with the outcome ofthe meeting
Even if the newfound unity is justsuperficial, it is significant Gary Ross,
executive chairman at New York-basedconsultancy PIRA Energy, said SaudiArabia was delivering an importantmessage: “Its behaviour will be respon-sible and if anything, constructivetowards oil prices.”
Just as price still matters for SaudiArabia, Mr Falih said Opec’s role wasalso vital “Managing in the traditionalway we have tried in the past may nevercome again,” said Mr Falih, referring toprice targets and other tactics Opec hasused to manage the market But action
in response to short-term shifts indynamics is still on the cards
“Saudi oil policy will adapt depending
on what it can get from the market,” saidBassam Fattouh, who heads the OxfordInstitute for Energy Studies “But theminister has dispelled many notions:that Opec doesn’t matter to Saudi, theydon’t care about price, that they aregoing to flood the market.”
“Opec is not a ship without any tain,” he said
cap-Analysis Commodities
Saudi energy chief aims to calm Opec discord
Kingdom’s new minister tries
to unify a cartel struggling to agree on oil output targets
5%
Increase in May in sovereign debt trading with
a sub-zero yield
-0.4%
European Central Bank’s current main deposit rate for bank reserves
ERIC PLATT AND MAMTA BADKAR
NEW YORK
Negative-yielding government debt hasrisen above $10tn for the first time,enveloping an increasingly large part offinancial markets after being fuelled bycentral bank stimulus and a voraciousinvestor appetite for sovereign paper
The amount of sovereign debt tradingwith a sub-zero yield climbed 5 per cent
in May from a month earlier to $10.4tn,buoyed by rising bond prices in Italy,Japan, Germany and France, according
to rating agency Fitch Yields fall as theprice of the underlying bonds climbs
The ascent of the negative yield first
affected only the shortest maturingnotes from highly rated sovereigns Itnow encompasses seven-year GermanBunds and 10-year Japanese govern-ment bonds as the European CentralBank and Bank of Japan cut benchmarkinterest rates and launch bond-buyingprogrammes
On Wednesday the ECB left its maindeposit rate for bank reservesunchanged at minus 0.4 per cent
“Central bank actions are certainly apart of it, but the global search for yield,the desire to find high-quality securi-ties, is [also] part of what is going onhere,” said Robert Grossman, an analystwith Fitch
Mr Grossman added that regulationsrequiring banks to increase capital buff-ers were intensifying the flight intothese securities
Portfolio managers, pension funds
and insurers have struggled with tive-yielding notes, which when held tomaturity will lose an investor money
nega-Fund managers have nonetheless dived
in, as central bank buying increasesprices on the debt
German government debt, which onaverage yields minus 0.1 per cent, hasreturned 4.2 per cent since the begin-ning of the year mainly because of risingprices, Barclays data show Japanesegovernment debt, which yields minus0.06 per cent, has returned 5.2 per centover the same period
Japan and Italy fuelled the increase innegative-yielding debt in May, withthree-year bonds issued by the lattersliding below the zero mark
Negative rates have not been confined
to the sovereign debt market Corporatebonds with a negative yield haveclimbed to $380bn, according to
Tradeweb “You have central bankswhich have gone through the lookingglass and gone through zero thatmany people thought was unbreaka-ble,” said Sameer Samana, a strategistwith Wells Fargo Investment Institute
Mr Samana added that he was mistic that recent stability in oil and thefragile economic rebound in the devel-oped world would cap the rise of nega-tive-yielding bonds
opti-“Both [the ECB and BoJ] are tellingyou there are limits to what they can do
in taking short-term rates into negativeterritory The spread [of negative rates]further out on the curve is probablybehind us.”
Although sovereign bonds make upmost of those with negative yields, morethan $36bn of corporate bonds with ashort-term maturity trade with a sub-zero yield, according to Barclays data
Capital markets
Sub-zero state debt passes $10tn mark
Rise in negative-yielding sovereign paper fuelled by central bank stimulus
140Brent
WTI
201011 12 13 14 15 1620
406080
OpecNon Opec
C all it terminal anxiety Big banks are cutting
traders and analysts; hedge funds are
strug-gling And providers of financial information —
the raw material of these firms — are nervously
adjusting their collars
According to a survey by Burton-Taylor International
Consulting, 2016 could turn out to be the roughest year for
the financial-data industry since the company started
scanning the horizon in 2011 Burton-Taylor asked around
six dozen executives on their projections for market
growth this year and next The responses were bleak In
most categories, bar compliance, spending in major
mar-kets looked set to be flat or only slightly up, respondents
said So who wins and who loses?
The incumbents — Bloomberg and Thomson Reuters,
with a 33 per cent and 24 per cent market share,
respec-tively — look vulnerable Challengers such as FactSet and
S&P Capital IQ are gaining traction And the staff cuts at
Wall Street investment banks are so deep that the
termi-nals giants may find it hard to offset them by selling more
units to asset managers or companies
Total headcount in fixed-income trading, investment
banking and equity trading at the world’s top 12 banks
dropped just over 20 per cent between the first quarter of
2011 and the first quarter this year, according to Coalition,
a London-based consultancy
“Lower numbers of people equals lower numbers of
ter-minals That’s the reality of it,” says a senior executive at a
Wall Street bank
And the cuts could keep coming
This week Deutsche Bank chief John Cryan said he
would need to “step up attention” to the bank’s trading
businesses, noting that market volumes had “probably
fallen off by anything between 20 and up to 50 per cent”
Deutsche’s trading revenue, its biggest source of income,
fell 29 per cent from a year
earlier in the first quarter to
€2.8bn Citigroup chief Mike
Corbat, too, said trading and
investment-banking revenue
for the second quarter should
be up only “slightly” from the
miserable opening period
Given that backdrop,
Bloomberg will do well to keep its 327,000 subscriptions
flat this year, says Douglas B Taylor of Burton-Taylor
According to his estimates, the three functions of debt,
equity trading and investment banking accounted for just
under half of the $26.6bn financial-data market last year
“If [Bloomberg] went through the year with one
termi-nal positive, they’d probably say it’s not a bad year,” he
says Then again, Bloomberg and Reuters have seen off
plenty of challengers in the past Even if staff are under
orders to cut back, it can be tough to persuade a senior
trader to surrender his status symbol
And sheer inertia can be a powerful force, says Mr
Tay-lor “Even when you see a better information service
launched, maybe at a lower price, you don’t see people
migrate because the cost of an error in transition can pay
for a thousand terminals for a year One has to have a really
compelling argument to make that change.”
Besides, the dominant duo will do everything they can to
stay on top Bloomberg, for example, has long insisted that
it never cuts prices: the first terminal will cost $25,000 a
year for a two-year lease, and every one after that another
$21,000 But market chatter suggests the firm has been
more willing to do deals
A spokesperson for Bloomberg said the company does
not bundle services in exchange for terminal subscriptions
However, a little flexibility could be smart Hamza
Khan, head of commodities strategy at ING in Amsterdam,
is a customer of Money.net, a rival set up in 2014 by an
ex-Bloomberg executive He says the browser-based tool can
do all that the terminals can, at about one-twentieth of the
cost A trial involving dozens of people “was easy to justify
to upper management”, he says “It’s all data from the
same exchanges; it’s just that the pipeline has changed.”
Morgan Downey, Money.net’s founder, argues that the
incumbents’ clunky hardware could soon go the way of the
Quotron That machine, with its wobbly green text on a
tiny black screen, played a starring role in the 1987 movie
Wall Street But a decade later it was almost extinct.
The moral of the story for any customer approaching a
cancellation notice on a terminal: if you’ve been looking to
cut a deal, now could be a good time to try
Saudi Arabia’snew energyminister Khalidal-Falih hasmade it clearthat thekingdom is notabout to floodthe marketRemy Steinegger
Trang 14MARKETS & INVESTING
DAVE SHELLOCK
The dollar and stocks sank, while ury prices and gold rose after a strik-ingly weak US jobs report promptedparticipants to rapidly review theirexpectations for the timing of the nextFederal Reserve interest rate rise
Treas-A further blow to those expecting aFed policy shift over the summer camefrom an unexpected dip in a closelywatched gauge of US service sectoractivity
The data releases capped a week ofimportant “risk events” for markets —including European Central Bank andOpec meetings on Thursday — andadded to nerves ahead of a speech fromFed chair Janet Yellen on Monday
Non-farm payrolls rose by a meagre38,000 last month, well short of the con-sensus forecast of 160,000 — even aftertaking into account the impact of strik-ing workers at Verizon — and the small-est increase since September 2010
Furthermore, the previous twomonths’ readings were revised down by
a net 59,000, while a drop in the joblessrate to 4.7 per cent from 5 per cent wasdriven by a big fall in the labour force
“We see this report as taking a Junerate hike off the table and likely does thesame for July since Federal Open Mar-ket Committee members will probablywant to see at least two months of evi-dence that hiring has rebounded beforemoving to another rate hike,” saidMichael Gapen, economist at Barclays
“The May employment report alsoposes risks to our baseline outlook for aSeptember rate hike and increases thelikelihood that any subsequent move by
the Fed to raise rates may not happenuntil December.”
The dollar took a heavy hit as Fedfunds futures moved to reduce the prob-ability of a June rate rise to just 4 percent, from about 22 per cent before thedata were released, according toBloomberg calculations
The dollar index — a gauge of the US
currency against a weighted basket of its
peers — was down 1.5 per cent on theday at 94.15, after hitting a two-monthintraday high of 95.97 on Monday
The euro was up 1.6 per cent at $1.330,while the dollar was down 2 per centagainst the yen at a one-month low of
¥106.70
“Data like this are obviously going to
take all the steam out of the dollar’srally,” said Deutsche Bank’s Alan Ruskin
“The data are more mixed for ing market and commodity currenciesthat are dependent on global growth,but the market is likely to take a viewthat the a reduced probability of a Fedrate hike just about outweighs growth concerns.”
emerg-The dollar was down 1.6 per centagainst the Russian rouble, while theAustralian dollar climbed 1.5 per cent
Meanwhile, the yield on the two-year
US Treasury, which is particularly
sen-sitive to the outlook for Fed policy, wasdown 11 basis points at 0.78 per cent, thelowest for nearly three weeks
“Core” sovereign debt yields across
the Atlantic also fell sharply, with theGerman five-year briefly slipping belowthe ECB’s deposit rate of minus 0.40 percent — technically making it ineligiblefor its quantitative easing programme
But Lena Komileva at G+ Economicsargued that the US jobs report was morelikely to have been an aberration, ratherthan a trend change
“Despite the adverse strike andweather effects, aggregate hoursworked rose 1.1 per cent annualised inthe three months to May,” she noted
“This confirms all other evidencepointing to a recovery in second-quarterGDP growth, with no sign of easing inlabour cost pressures This means thatmarket pessimism on the prospects for
US growth and Fed rates this year is sibly an overreaction.”
pos-However, there was further bad newsfor US growth bulls as the Institute forSupply Management’s non-manufac-turing index for May came in its lowestlevel since February 2014
Nevertheless, US stocks pared initiallosses, possibly as some in the equitymarkets welcomed the prospects of Fedrates being “lower for longer”
The S&P 500 equity index was down
0.4 per cent at midday at 2,097 — off alow of 2,085.36 — after closing at a sev-en-month high on Thursday The pan-European Stoxx 600 fell 0.9 per cent,not helped by the surging euro
The single currency slipped on day after “the ECB press conference sawpresident Mario Draghi maintain hisusual very dovish tone”, according to KitJuckes at Société Générale
Thurs-The failure of Opec to agree outputcaps at its meeting on Thursday could
not keep Brent oil from closing above
$50 a barrel for the first time sinceNovember, although on Friday thecrude benchmark was down 0.7 per cent
of summer Fed rate rise
Markets update
Cautious ECB keeps rates on hold: FT.com/video The FT’s Claire Jones explains that the ECB’s Mario Draghi is still cautious, despite strong eurozone growth earlier this year
6000610062006300
13001320134013601380
16.016.517.017.5
2.93%
US equities Financials led the way
lower on Wall Street yesterday as weakjobs data heightened doubts aboutwhether the Federal Reserve wouldraise interest rates this summer
UK equities Gains for mining stocks
helped the FTSE 100 outperform most
of its continental European peersyesterday as metals prices got a boostfrom hefty losses for the dollar
European equities Uncertainty about
the outlook for the US economyhelped drive the Eurofirst 300 loweryesterday as a run of three weeklygains for the index came to a halt
Japanese equities The Nikkei’s 0.5 per
cent rise yesterday, helped by a 6.9 percent jump for Fast Retailing, could notkeep it from recording a weekly fall
Bank stocks fell and utilities ralliedyesterday after the May employmentreport showed the slowest pace of US jobgrowth since 2010
The S&P 500 banks index of 17lenders fell as much as 3.9 per cent andwas down 2.4 per cent at midday Theindex was poised for its biggest one-daydrop since early April as the jobs datacast doubt over the timing of the nextinterest rate rise by the Federal Reserve
Citigroup shares led declines across
the sector, falling 5 per cent to $44.55
Meanwhile, Bank of America shares
were 4.6 per cent lower at $14.26,
JPMorgan shares slid 3 per cent to
$63.78 and Wells Fargo shares slipped
2.7 per cent to $49.74 Lower
expectations of a rate rise this summer,with interest rate futures showing odds
of a shift in July at one-third, souredbank shares Lower interest rates pressmargins for banks as they generateprofits on the difference in the ratesthey charge for loans and what they payfor deposits
By contrast, rate-sensitive utilitiesrallied as Treasury bond yields fellsharply The S&P 500 utilities index rose1.8 per cent — on track for its biggest
one-day gain since January Sempra
Energy led the index with a 2.6 per cent
gain pushing its shares to $109.46
Dividend paying utilities typicallybenefit in a low rate environment asinvestors flock to the sector in search of
income “We have been in thisoscillating environment for seeminglyyears now,” said Peter Stournaras,portfolio manager of the BlackRockLarge Cap Series Funds, noting goodnews and expectations of a rate rise hurtutilities and a dose of bad news tends todrive a reversal “Asset prices are at thewill of monetary policy right now,” headded
But some warned investors wereletting monetary policy cloud otherfactors that could sway the fortunes ofthese sectors “Transaction activity haspicked up in profitable areas like highyield and there are indications of abacklog in refinance activity at someinstitutions,” said Peter Tchir at BreanCapital “Those would be positive forbank earnings and outweigh currentinterest rate concerns.”
The disappointing jobs reportsparked a modest retreat across thebroad market By midday, the S&P 500had dropped 0.4 per cent to 2,097.45, theDow Jones Industrial Average was 0.2per cent lower to 17,802.92 The NasdaqComposite fell 0.6 per cent to 4,941.45 astechnology shares faltered
Elsewhere, Gap shares advanced 4
per cent to $19.11, after the apparelretailer reported better than expectedlike-for-like sales in May Sales slid 6 percent in May, which was narrower thanthe 8 per cent fall that analysts wereexpecting The group said comparisonswere made harder by the timing of theMemorial day holiday shifting to June
Banks
Utilities
Tesco and J Sainsbury slumped
yesterday after investors were given theclearest signal yet that Asda is planning
to launch a supermarket price war
David Cheesewright, chief executive
of Asda’s parent company WalmartInternational, said the company is
“very disappointed” at its UK division’sweak performance against revitalisedcompetition
“With the US business recovering,you can expect that we will shift thebalance from protecting profit toprotecting share,” he told reporters atWalmart’s annual investor meeting
This comments mark “a keydevelopment for the UK grocerymarket,” said Goldman Sachs
“Thisisthefirsttimetoourknowledgethat Walmart has publicly stated thatAsda was instructed to protect profits
Even more important, it is the first time
it has stated this will change.”
Sainsbury was down 4.2 per cent to246.2p and Tesco lost 4.4 per cent to
162p, while Ocado — which price
matches Tesco on branded products —faded 5 per cent to 263.6p
Asda has lost more market share thanits rivals over the past two years yet isstill generating the highest operatingmargin, which gives it the capacity toinvest heavily in prices to the detriment
of the other big-four grocers, Goldmansaid It advised selling Sainsbury’s ahead
of a trading update next week
Home Retail Group, soon to be bought
by Sainsbury’s, fell 1.9 per cent to 159.2pahead of a trading update scheduled forThursday Stifel cut its current-yearearnings forecast for the Argos owner bymore than half to reflect muted trading
Worse than expected USjobsdatajolted the wider market as investorsswitched from financials to preciousmetals, miners and dividend yield
plays such as National Grid, up 2 per
cent to 979p
The FTSE 100 pared a 1.1 per centgain to end 0.4 per cent higher, up 24.02points at 6,209.63 For the shortenedweek, the FTSE was down 1 per cent
Indivior soared 36.2 per cent to 235.1p
after the drugmaker won a patent trialthat could keep generic versions of itsSuboxone film for treating heroinaddiction off the US market until 2024.While generic drugmakers Actavisand Par are expected to appeal againstthe verdict, Indivior will now have atleast another year to launch itssuccessor treatment, a monthlyinjection, said Deutsche Bank
Dechra Pharmaceuticals, the
veterinary medicines maker, was down3.7 per cent to £11.34 after Jefferiesrestarted coverage with “hold” advice.Dechra’s purchase of US peer Putneymakes sense but the shares, priced atnearly 25 times next year’s underlyingearnings, are “priced to execute”, it said
Soap maker PZ Cussons faded 2.8 per
cent to 331p after Canaccord advisedtaking profit
“Auto is clearly a little stretched in my
opinion,” Jamie Dimon, chief executive
of JPMorgan, told a conference in New
York on Thursday “Someone is going
to get hurt It won’t be us, we have very
little subprime, we are very careful.”
Competition among auto lenders
looking to give credit to lower-quality
borrowers has resulted in continued
easing of lending quality, according to
Fitch Ratings This has fuelled fears
about the sector, which this year hit its
highest delinquency rate since 1996 for
loans overdue by more than 60 days
The auto loan market passed the
$1tn mark in 2015 and now stands at
about $1.05tn, up from $750bn in 2011,
according to data from the US Federal
Reserve Subprime auto loans are the
fastest-growing part of the market,
according to credit reporting agency
Experian, and account for 18.79 per
cent of outstanding loans and leases
Mr Dimon’s warning comes at a
delicate moment for the US economy,
with the Federal Reserve grappling
over whether to raise interest rates
Despite growth in recent years, the
size of the auto loan market is much
smaller than mortgages were in the
build-up to the financial crisis, easing
fears that it could pose a systemic risk
“If the subprime gets bad in auto and
someone gets hurt [its size is] not
that big of a deal,” Mr Dimon added
JPMorgan said in its 2015 annual
report that it was the third-largest bank
auto lender It had $60bn in auto loan
assets, with a 30-plus day delinquency
rate of 1.35 per cent Fitch’s 30-plus day
delinquency rate for lenders it covers
was 3.82 per cent at the end of 2015
Much of the auto loan market is
securitised, meaning a group of loans
is bundled up together into a bond and
sold to investors There were $107.5bn
of outstanding auto asset-backed
securities at the end of the first
quarter, says the Securities Industry
and Financial Markets Association —
$39.6bn of that was subprime, up from
$13bn at the start of 2010
Joe Rennison
Securitisation
Warning shot fired
over US car loans
Reuters/Leonhard Foeger
Trang 15JUNE 4 2016 Section:Ad Page Time: 3/6/2016 - 11:37 User: leej Page Name: AD FT, Part,Page,Edition: EUR, 15, 1
Trang 16MARKET DATA
Change during previous day’s trading (%)
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
May 04 - Jun 03 Index All World May 04 - Jun 03 Index All World May 04 - Jun 03 Index All World May 04 - Jun 03 Index All World May 04 - Jun 03 Index All World May 04 - Jun 03 Index All World
2,065.30
2,097.64
Nasdaq Composite New York
4,725.64
4,939.96
Dow Jones Industrial New York
S&P/TSX COMP Toronto
13,632.00
14,198.18
45,147.97
45,739.34
FTSE Eurofirst 300 Europe 1,306.87
20,449.82
20,947.24
Shanghai Composite Shanghai
FTSE Straits Times Singapore 2,767.81
2,809.23
25,262.21
26,843.03
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
S&P/TSX Met & Min 536.82 509.91
Chile IGPA Gen 19405.61 19324.55
China FTSE A200 8164.20 8107.14
SBF 120 3505.71 3539.00 Germany M-DAX 20525.71 20703.34
TecDAX 1688.37 1698.00 XETRA Dax 10103.26 10208.00 Greece Athens Gen 648.63 639.19
FTSE/ASE 20 179.04 176.07 Hong Kong Hang Seng 20947.24 20859.22
HS China Enterprise 8809.81 8756.38 HSCC Red Chip 3640.20 3614.52 Hungary Bux 27134.17 27208.42 India BSE Sensex 26843.03 26843.14
S&P CNX 500 6627.95 6634.30 Indonesia Jakarta Comp 4853.92 4833.23 Ireland ISEQ Overall 6402.55 6435.54 Israel Tel Aviv 100 12.52 12.55
Italy FTSE Italia All-Share 19253.88 19531.65
FTSE Italia Mid Cap 31891.25 32108.51 FTSE MIB 17495.09 17767.30 Japan 2nd Section 4385.89 4361.88
Nikkei 225 16642.23 16562.55 S&P Topix 150 1088.46 1084.63 Topix 1337.23 1331.81 Jordan Amman SE 2119.14 2118.44 Kenya NSE 20 3827.80 3860.94 Kuwait KSX Market Index 5374.47 5400.33 Latvia OMX Riga 646.77 636.63 Lithuania OMX Vilnius 515.13 513.97 Luxembourg LuxX 1492.20 1488.90 Malaysia FTSE Bursa KLCI 1636.46 1630.53 Mexico IPC 45739.34 45508.31 Morocco MASI 9783.23 9757.92 Netherlands AEX 445.31 447.59
AEX All Share 684.24 687.51 New Zealand NZX 50 7024.38 7003.12 Nigeria SE All Share 28902.25 28877.47 Norway Oslo All Share 663.11 665.18 Pakistan KSE 100 37223.00 37223.00
Philippines Manila Comp 7514.22 7464.59 Poland Wig 45505.40 44772.72 Portugal PSI 20 4775.20 4850.00
PSI General 2467.09 2492.85 Romania BET Index 6544.99 6574.40 Russia Micex Index 1884.37 1890.78
RTX 898.62 885.93 Saudi-Arabia TADAWUL All Share Index 6488.79 6457.95 Singapore FTSE Straits Times 2809.23 2795.09 Slovakia SAX 318.96 318.96 Slovenia SBI TOP 692.77 690.99 South Africa FTSE/JSE All Share 54259.36 53716.91
FTSE/JSE Res 20 31464.99 30658.63 FTSE/JSE Top 40 48083.54 47677.99 South Korea Kospi 1985.84 1985.11
Kospi 200 244.39 244.18 Spain IBEX 35 8801.60 8957.90 Sri Lanka CSE All Share 6519.23 6523.84 Sweden OMX Stockholm 30 1340.86 1359.14
OMX Stockholm AS 479.38 485.01 Switzerland SMI Index 8148.40 8205.82
Taiwan Weighted Pr 8587.36 8556.02 Thailand Bangkok SET 1436.43 1424.06 Turkey BIST 100 78028.90 78035.63 UAE Abu Dhabi General Index 4254.76 4284.92
UK FT 30 2819.60 2822.80
FTSE 100 6209.63 6185.61 FTSE 4Good UK 5611.51 5599.71 FTSE All Share 3416.10 3406.05 FTSE techMARK 100 3843.55 3843.00 USA DJ Composite 6258.55 6254.11
DJ Industrial 17807.30 17838.56
DJ Transport 7722.45 7763.08
DJ Utilities 673.08 661.53 Nasdaq 100 4509.99 4531.35 Nasdaq Cmp 4939.96 4971.36 NYSE Comp 10474.98 10487.58 S&P 500 2097.64 2105.26 Wilshire 5000 21224.32 21238.05 Venezuela IBC 15521.19 15555.12 Vietnam VNI 621.88 623.37
Cross-Border DJ Global Titans ($) 235.94 236.01
Euro Stoxx 50 (Eur) 2997.00 3033.86 Euronext 100 ID 872.61 880.09 FTSE 4Good Global ($) 5305.22 5299.41 FTSE All World 266.92 265.92 FTSE E300 1339.47 1350.99 FTSE Eurotop 100 2628.94 2652.55 FTSE Global 100 ($) 1310.27 1308.89 FTSE Gold Min ($) 1523.04 1518.25 FTSE Latibex Top (Eur) 2388.20 2378.00 FTSE Multinationals ($) 1500.45 1499.23 FTSE World ($) 473.66 471.97 FTSEurofirst 100 (Eur) 3757.96 3791.32 FTSEurofirst 80 (Eur) 4079.64 4125.85 MSCI ACWI Fr ($) 402.49 402.18 MSCI All World ($) 1673.77 1672.86 MSCI Europe (Eur) 1351.38 1351.67 MSCI Pacific ($) 2217.81 2243.38 S&P Euro (Eur) 1365.03 1379.63 S&P Europe 350 (Eur) 1375.86 1387.10 S&P Global 1200 ($) 1855.75 1850.40 Stoxx 50 (Eur) 2850.29 2877.49 (c) Closed (u) Unavaliable † Correction ♥ Subject to official recalculation For more index coverage please see www.ft.com/worldindices A fuller version of this table is available on the ft.com research data archive.
STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS
ACTIVE STOCKS stock close Day's
traded m's price change
J P Morgan Chase & Co 7.3 64.42 -1.39
Wells Fargo & 7.3 50.01 -1.11
BIGGEST MOVERS Close Day's Day's
ACTIVE STOCKS stock close Day's
traded m's price change Shire 225.4 4407.00 -43.82 Hsbc Holdings 143.5 444.80 1.57
Bp 124.5 358.55 8.38 Glaxosmithkline 111.8 1459.00 11.14 Glencore 96.8 135.65 6.11 Rio Tinto 94.8 1895.00 29.29 Royal Dutch Shell 90.3 1676.00 22.45 British American Tobacco 87.0 4206.00 50.93 Bhp Billiton 83.1 833.60 25.51 Vodafone 81.9 228.40 -0.41 BIGGEST MOVERS Close Day's Day's
price change chng%
Ups
Indivior 235.10 62.50 36.21 Acacia Mining 329.80 22.80 7.42 Centamin 106.40 6.80 6.83 Glencore 135.65 6.11 4.75 Anglo American 617.90 27.68 4.71
Downs
Interserve 319.20 -16.60 -4.94 Ocado 263.60 -13.54 -4.88 Sainsbury (j) 246.20 -10.70 -4.17 Dechra Pharmaceuticals 1134.00 -44.00 -3.74 Sophos 192.10 -6.85 -3.46
ACTIVE STOCKS stock close Day's
traded m's price change Bayer Ag Na 471.0 88.14 0.00 Novartis N 310.8 71.89 0.00 Roche Gs 309.9 234.43 0.00 Daimler Ag Na O.n 296.7 60.61 0.00 Santander 282.2 4.05 -0.15 Nestle N 277.6 66.25 0.00 Unicredit 272.5 2.77 0.00 Bnp Paribas Act.a 245.5 46.32 -1.19 Intesa Sanpaolo 236.6 2.25 0.00 Total 232.6 42.30 -0.04 BIGGEST MOVERS Close Day's Day's
price change chng%
Ups
Accor 40.45 2.55 6.73 Deutsche Wohnen Ag 28.23 1.12 4.15 Rwe Ag 8.83 0.24 2.81 Pandora A/s 130.53 3.02 2.37 Delhaize Sa 94.30 1.88 2.03
Downs
Grifols Sa 14.99 -14.40 -48.99 Bayerische Motoren Werke Ag 64.40 -4.15 -6.05 B.popular 1.57 -0.10 -5.81 Publicise Sa 62.04 -3.59 -5.47 Industrivarden Ab 16.14 -0.82 -4.81
ACTIVE STOCKS stock close Day's
traded m's price change Toyota Motor 570.7 5675.00 6.00 Fast Retailing Co., 424.8 30120.00 1940.00 Softbank 296.3 6020.00 -21.00 Mitsubishi Ufj Fin, 279.0 531.20 4.00 Sony 215.3 3072.00 49.00 Toshiba 203.6 271.60 -4.80 Sumitomo Mitsui Fin, 188.7 3411.00 10.00 Kddi 166.9 3150.00 21.00 Honda Motor Co., 154.6 2962.50 11.50 Fuji Heavy Industries 143.5 3949.00 -37.00 BIGGEST MOVERS Close Day's Day's
price change chng%
Ups
Fast Retailing Co., 30120.00 1940.00 6.88 Maruha Nichiro 2780.00 121.00 4.55 Nippon Suisan Kaisha, 646.00 27.00 4.36 Komatsu 1885.00 63.50 3.49 Toho Z Co., 351.00 11.00 3.24
Downs
Yokogawa Electric 1158.00 -67.00 -5.47 J.front Retailing Co., 1232.00 -52.00 -4.05 Tokyo Gas Co., 418.60 -17.50 -4.01 Fujitsu 418.00 -14.70 -3.40 Alps Electric Co., 2143.00 -67.00 -3.03
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Jun 03 %Chg %Chg FTSE 100 price(p) week ytd
Winners
Fresnillo 1123.00 7.1 53.8 Randgold Resources Ld 6250.00 6.3 47.2 Worldpay 280.00 2.8 -8.9 Sage 622.50 2.8 2.9 Shire 4407.00 2.7 -6.2 Mediclinic Int 889.00 2.1 - Johnson Matthey 2942.00 2.0 4.5 Gkn 278.70 1.9 -9.6 Merlin Entertainments 434.50 1.9 -5.4 Paddy Power Betfair 9400.00 1.9 1.7 Bae Systems 490.90 1.6 -1.8 Unilever 3199.00 1.5 9.3
Losers
Sainsbury (j) 246.20 -8.6 -4.9 Wolseley 3746.00 -8.4 1.4 Marks And Spencer 356.60 -8.2 -21.6 Taylor Wimpey 190.50 -7.5 -6.2 Royal Bank Of Scotland 237.20 -5.6 -21.4 Prudential 1330.00 -4.7 -13.2 Standard Life 327.20 -4.5 -16.0 Inmarsat 715.00 -4.5 -37.1
Bt 431.85 -4.0 -8.0 Sky 938.50 -3.6 -15.7 Barclays 179.65 -3.5 -18.0 Rio Tinto 1895.00 -3.5 -4.3
Jun 03 %Chg %Chg FTSE 250 price(p) week ytd
Winners
Indivior 235.10 36.7 25.2 Centamin 106.40 11.4 65.2 Supergroup 1496.00 7.0 -9.5 Acacia Mining 329.80 6.5 83.3 Allied Minds 352.60 5.5 -11.9 Hikma Pharmaceuticals 2331.00 4.8 1.3 Softcat 360.50 4.0 6.0 Dairy Crest 574.00 3.6 -15.6
Ao World 175.00 2.9 12.1 Worldwide Healthcare Trust 1827.00 2.9 -6.6 Fidelity China Special Situations 137.10 2.8 -3.5
Ip 167.40 2.6 -18.3
Losers
Cobham 139.00 -15.5 -50.9 Sophos 192.10 -12.5 -27.2 Halfords 408.30 -9.1 21.7 Investec 454.70 -6.7 -5.2 Thomas Cook 71.50 -6.6 -41.0 Virgin Money Holdings (uk) 354.20 -6.3 -7.0 Moneysupermarket.com 309.70 -6.3 -15.8 Brown (n) 237.10 -5.9 -23.3 Millennium & Copthorne Hotels 417.80 -5.6 -9.8 Marshalls 312.90 -5.5 -4.2 Drax 295.30 -5.4 20.9 Galliford Try 1328.00 -5.4 -12.9
Jun 03 %Chg %Chg FTSE SmallCap price(p) week ytd
Winners
Dialight 580.00 11.5 28.9 Game Digital 93.25 11.0 -22.9 Hochschild Mining 151.00 8.8 212.9 Sthree 350.00 8.8 7.4 Puretech Health 128.75 7.3 -21.0 Cambian 65.25 7.0 -53.3 Topps Tiles 148.50 6.5 -6.0
Tt Electronics 133.00 6.4 -15.0 Rps 193.00 5.1 -18.7 Exillon Energy 77.50 5.1 -27.6 Jpmorgan Chinese Investment Trust 160.00 4.7 -4.6 Lavendon 132.50 4.7 -9.9
Losers
Sportech 74.00 -8.9 21.0 Mckay Securities 215.00 -8.7 -18.6 Nanoco 43.00 -8.4 -28.7 Fisher (james) & Sons 1328.00 -7.6 13.7 Kainos 181.75 -7.6 -29.5 Servelec 360.00 -6.5 8.0
Rm 130.00 -6.1 -21.2 Hilton Food 560.00 -6.1 5.1 Lakehouse 34.13 -5.0 -64.2 Ferrexpo 31.00 -4.6 44.2 Severfield 47.00 -4.6 -27.5 Premier Farnell 114.50 -4.4 17.1
Jun 03 %Chg %Chg Industry Sectors price(p) week ytd
Winners
Automobiles & Parts 6516.19 2.0 -9.6 Software & Computer Services 1709.04 1.2 3.3 Pharmaceuticals & Biotech 12599.41 0.9 -2.5 Personal Goods 27425.65 0.9 6.1 Health Care Equip.& Services 7251.56 0.6 -0.1 Electronic & Electrical Equip 4341.03 0.5 2.5 Chemicals 10917.21 0.5 1.3 Technology Hardware & Equip 1216.64 0.4 -4.8 Food Producers 8264.38 0.3 -6.7 General Industrials 4666.00 0.2 6.1 Aerospace & Defense 4005.18 0.2 -3.4 Nonlife Insurance 2551.35 0.1 3.6
Losers
Industrial Metals 1099.12 -4.7 51.5 Fixed Line Telecommunication 4918.18 -4.3 -7.6 Food & Drug Retailers 2640.56 -3.8 5.5 Life Insurance 6883.27 -3.6 -12.1 General Retailers 2726.05 -3.0 -9.3 Forestry & Paper 14282.82 -2.4 -0.6 Gas Water & Multiutilities 6041.97 -2.4 1.7 Banks 3302.40 -2.3 -13.6 General Financial 8813.04 -2.3 -6.8 Oil Equipment & Services 12773.75 -2.3 -1.6 Real Estate Investment Trusts 3133.69 -1.9 -3.9 Mobile Telecommunications 5113.80 -1.8 0.3
Based on last week's performance †Price at suspension.
CURRENCIES
Closing Day's Closing Day's Closing Day's Jun 3 Currency Mid Change Mid Change Mid Change
Closing Day's Closing Day's Closing Day's Jun 3 Currency Mid Change Mid Change Mid Change
Closing Day's Closing Day's Closing Day's Jun 3 Currency Mid Change Mid Change Mid Change
Closing Day's Closing Day's Closing Day's Jun 3 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 13.8950 -0.0325 15.7465 0.2034 20.1722 0.0518
Australia Australian Dollar 1.3649 -0.0187 1.5468 0.0027 1.9815 -0.0173
Bahrain Bahrainin Dinar 0.3771 - 0.4273 0.0065 0.5474 0.0027
Bolivia Bolivian Boliviano 6.8850 -0.0050 7.8024 0.1132 9.9954 0.0417
Brazil Brazilian Real 3.5492 -0.0396 4.0221 0.0170 5.1525 -0.0320
Canada Canadian Dollar 1.2955 -0.0154 1.4681 0.0052 1.8807 -0.0130
Chile Chilean Peso 682.7750 -9.2250 773.7529 1.4831 991.2242 -8.4725
China Chinese Yuan 6.5853 0.0059 7.4628 0.1202 9.5603 0.0553
Colombia Colombian Peso 3025.8500 -91.4400 3429.0366 -49.8499 4392.8027 -110.5861
Costa Rica Costa Rican Colon 537.5100 0.2100 609.1317 9.5067 780.3345 4.1250
Czech Republic Czech Koruna 23.8482 -0.3673 27.0259 0.0015 34.6218 -0.3611
Denmark Danish Krone 6.5647 -0.1005 7.4394 0.0011 9.5303 -0.0985
Egypt Egyptian Pound 8.8774 0.0246 10.0602 0.1805 12.8878 0.0986
Hong Kong Hong Kong Dollar 7.7714 0.0007 8.8069 0.1348 11.2822 0.0563
Hungary Hungarian Forint 275.3144 -4.8827 311.9993 -0.6998 399.6899 -5.0964
India Indian Rupee 67.3150 0.0188 76.2845 1.1821 97.7251 0.5057
Indonesia Indonesian Rupiah 13591.5000 -53.5000 15402.5297 174.7372 19731.5717 19.3310 Israel Israeli Shekel 3.8364 -0.0239 4.3476 0.0395 5.5696 -0.0073 Japan Japanese Yen 106.7550 -1.8100 120.9798 -0.1784 154.9824 -1.8558 One Month 106.7549 -1.8103 120.9798 -0.1784 154.9823 -1.8561 Three Month 106.7547 -1.8107 120.9798 -0.1783 154.9821 -1.8565 One Year 106.7534 -1.8134 120.9797 -0.1787 154.9823 -1.8578 Kenya Kenyan Shilling 101.0500 0.1000 114.5146 1.8548 146.7002 0.8629 Kuwait Kuwaiti Dinar 0.3021 0.0001 0.3424 0.0053 0.4386 0.0022 Malaysia Malaysian Ringgit 4.1455 -0.0025 4.6979 0.0687 6.0183 0.0259 Mexico Mexican Peson 18.6380 0.0306 21.1215 0.3557 27.0579 0.1767 New Zealand New Zealand Dollar 1.4414 -0.0251 1.6335 -0.0031 2.0926 -0.0259 Nigeria Nigerian Naira 199.0500 -0.1450 225.5729 3.2719 288.9725 1.2057 Norway Norwegian Krone 8.2098 -0.1341 9.3037 -0.0080 11.9186 -0.1353 Pakistan Pakistani Rupee 104.6250 -0.0600 118.5660 1.7379 151.8902 0.6572 Peru Peruvian Nuevo Sol 3.3428 -0.0332 3.7882 0.0207 4.8529 -0.0241 Philippines Philippine Peso 46.4675 -0.0675 52.6592 0.7263 67.4596 0.2329
Poland Polish Zloty 3.8641 -0.0661 4.3789 -0.0071 5.6097 -0.0680 Romania Romanian Leu 3.9857 -0.0606 4.5167 0.0011 5.7862 -0.0593 Russia Russian Ruble 66.0063 -1.5175 74.8014 -0.5549 95.8251 -1.7230 Saudi Arabia Saudi Riyal 3.7504 - 4.2501 0.0647 5.4446 0.0267 Singapore Singapore Dollar 1.3605 -0.0147 1.5417 0.0071 1.9750 -0.0115 South Africa South African Rand 15.3140 -0.2710 17.3545 -0.0383 22.2322 -0.2826 South Korea South Korean Won 1183.6500 -3.0000 1341.3681 17.0706 1718.3737 4.0817 Sweden Swedish Krona 8.1728 -0.1496 9.2617 -0.0260 11.8649 -0.1580 Switzerland Swiss Franc 0.9783 -0.0115 1.1087 0.0040 1.4203 -0.0097 Taiwan New Taiwan Dollar 32.5965 -0.0120 36.9399 0.5489 47.3222 0.2144 Thailand Thai Baht 35.6300 0.0350 40.3776 0.6537 51.7261 0.3039 Tunisia Tunisian Dinar 2.1246 -0.0204 2.4077 0.0139 3.0844 -0.0143 Turkey Turkish Lira 2.9128 -0.0360 3.3009 0.0101 4.2286 -0.0313 United Arab Emirates UAE Dirham 3.6731 - 4.1625 0.0634 5.3325 0.0261 United Kingdom Pound Sterling 0.6888 -0.0034 0.7806 0.0081 - - One Month 0.6889 -0.0034 0.7805 0.0081 - -
Three Month 0.6889 -0.0034 0.7804 0.0081 - One Year 0.6894 -0.0035 0.7798 0.0081 - - United States United States Dollar - - 1.1332 0.0173 1.4518 0.0071 One Month - - 1.1331 -0.3114 1.4518 0.0071 Three Month - - 1.1329 -0.3114 1.4519 0.0071 One Year - - 1.1316 -0.3113 1.4523 0.0070 Venezuela Venezuelan Bolivar Fuerte 9.9900 0.0200 11.3211 0.1947 14.5031 0.0999 Vietnam Vietnamese Dong 22412.5000 -27.5000 25398.9541 355.9427 32537.5728 119.6145 European Union Euro 0.8824 -0.0136 - - 1.2811 -0.0134 One Month 0.8823 -0.0136 - - 1.2810 -0.0134 Three Month 0.8821 -0.0136 - - 1.2809 -0.0134 One Year 0.8808 -0.0136 - - 1.2802 -0.0134
-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
FTSE ACTUARIES SHARE INDICES UK SERIES
www.ft.com/equities
Produced in conjunction with the Institute and Faculty of Actuaries
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total Jun 03 chge% Index Jun 02 Jun 01 ago yield% Cover ratio adj Return FTSE 100 (100) 6209.63 0.39 6202.13 6185.61 6191.93 6859.24 4.00 0.71 35.21 125.39 4966.48
FTSE 250 (250) 17067.93 -0.05 17047.34 17076.26 17061.47 18090.42 2.69 2.09 17.79 214.54 12031.86
FTSE 250 ex Inv Co (208) 18547.03 0.00 18524.65 18546.13 18529.79 19691.56 2.70 2.23 16.57 235.11 13333.31
FTSE 350 (350) 3466.46 0.31 3462.28 3455.64 3458.04 3801.73 3.77 0.88 30.15 65.37 5580.61
FTSE 350 ex Investment Trusts (308) 3442.89 0.33 3438.74 3431.57 3434.08 3779.69 3.80 0.87 30.08 65.50 2854.37
FTSE 350 Higher Yield (105) 3171.12 0.71 3167.29 3148.83 3157.85 3581.87 5.31 0.45 42.25 85.51 5279.06
FTSE 350 Lower Yield (245) 3434.22 -0.10 3430.07 3437.78 3432.18 3650.34 2.13 2.03 23.10 34.87 3672.72
FTSE SmallCap (284) 4576.62 -0.21 4571.10 4586.10 4569.78 4796.24 2.98 1.27 26.45 57.90 6355.61
FTSE SmallCap ex Inv Co (152) 4158.12 -0.28 4153.10 4169.64 4159.48 4307.77 2.96 1.59 21.23 52.04 6062.30
FTSE All-Share (634) 3416.10 0.29 3411.98 3406.05 3407.91 3740.39 3.74 0.89 30.00 63.68 5562.11
FTSE All-Share ex Inv Co (460) 3378.37 0.32 3374.30 3367.66 3369.91 3704.58 3.78 0.89 29.84 63.85 2846.88
FTSE All-Share ex Multinationals (569) 1144.14 -0.17 947.14 1146.05 1145.62 1259.74 3.05 1.43 22.95 14.59 1975.77
FTSE Fledgling (98) 7729.32 0.60 7719.99 7683.07 7660.76 7944.80 2.65 0.65 57.62 75.69 14068.05
FTSE Fledgling ex Inv Co (49) 10496.41 0.88 10483.75 10405.12 10381.24 10604.40 2.69 0.12 301.03 94.86 18567.22
FTSE All-Small (382) 3174.84 -0.17 3171.01 3180.10 3168.89 3324.04 2.96 1.24 27.21 39.70 5660.19
FTSE All-Small ex Inv Co Index (201) 3102.64 -0.23 3098.90 3109.84 3102.28 3210.03 2.95 1.54 22.03 38.42 5730.59
FTSE AIM All-Share Index (825) 742.35 0.33 741.45 739.94 737.16 777.33 1.71 0.49 118.54 4.41 803.90
FTSE Sector Indices
Oil & Gas (17) 6478.29 1.09 6470.48 6408.47 6416.72 7435.09 6.87 -0.68 -21.46 228.00 5624.67
Oil & Gas Producers (10) 6183.65 1.16 6176.19 6112.65 6120.10 7030.87 6.93 -0.70 -20.59 218.77 5552.95
Oil Equipment Services & Distribution (7)13142.37 -1.03 13126.52 13279.09 13322.78 19539.37 5.11 0.25 79.53 387.17 9933.51
Basic Materials (27) 3237.52 2.95 3233.61 3144.85 3138.35 4635.98 4.25 0.23 104.28 49.24 3227.08
Chemicals (7) 11676.01 -0.87 11661.93 11778.68 11446.43 12717.33 2.55 1.72 22.87 138.95 10162.90
Forestry & Paper (1) 15585.18 -0.15 15566.38 15608.69 15596.93 16443.19 3.00 2.97 11.22 347.94 16551.60
Industrial Metals & Mining (2) 1109.73 1.05 1108.39 1098.17 1121.96 1654.37 0.52 2.79 69.50 0.00 968.44
Mining (17) 8631.84 3.80 8621.42 8316.10 8333.21 13110.22 4.62 -0.02-1343.03 132.94 4507.67
Industrials (119) 4397.64 -0.34 4392.33 4412.76 4402.53 4792.85 2.56 1.45 26.83 55.75 4426.05
Construction & Materials (14) 5392.29 -0.97 5385.79 5444.89 5452.11 5051.28 2.36 0.05 793.62 85.50 5601.81
Aerospace & Defense (9) 4154.32 -0.22 4149.31 4163.60 4141.11 5302.63 2.75 1.53 23.75 71.61 4365.18
Health Care Equipment & Services (8) 7314.07 0.60 7305.24 7270.44 7267.29 6844.79 1.59 1.80 35.09 56.53 6249.93
Pharmaceuticals & Biotechnology (12)12507.22 0.40 12492.13 12457.26 12406.79 13018.23 3.79 0.50 52.37 300.81 8303.91
Index- Real Estate Investment & Services (21) 2751.08 0.01 2747.76 2750.74 2760.58 3124.74 2.48 5.32 7.57 35.46 7166.35
Real Estate Investment Trusts (26) 2841.01 0.99 2837.59 2813.17 2815.61 3008.74 3.21 4.94 6.31 44.41 3412.08
General Financial (32) 7537.24 -0.11 7528.15 7545.65 7580.55 8460.21 3.28 2.01 15.12 126.53 8319.63
Equity Investment Instruments (174) 7587.72 -0.28 7578.57 7608.87 7590.10 7999.09 2.76 1.04 34.74 93.38 4040.92
Non Financials (352) 4069.30 0.51 4064.39 4048.75 4051.00 4308.19 3.65 0.66 41.29 69.35 5798.75
Technology (19) 1433.15 0.22 1431.42 1429.95 1424.19 1447.66 1.52 1.69 38.85 13.78 1810.33
Software & Computer Services (13) 1913.89 -0.14 1911.58 1916.50 1908.57 1668.48 1.95 1.59 32.30 24.03 2543.29
Technology Hardware & Equipment (6) 1520.55 0.57 1518.72 1511.89 1505.97 1735.65 1.12 1.86 48.27 10.68 1758.00
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day
FTSE 100 6224.76 6233.16 6242.38 6244.28 6243.20 6245.38 6203.86 6185.23 6206.71 6251.47 6168.33
FTSE 250 17107.96 17116.91 17146.01 17131.41 17149.53 17140.12 17066.68 17022.11 17069.35 17162.93 16994.19
FTSE SmallCap 4587.39 4592.18 4590.10 4593.27 4592.00 4575.49 4573.49 4574.37 4573.56 4594.32 4571.30
FTSE All-Share 3424.36 3428.48 3433.44 3433.88 3433.97 3434.19 3413.44 3404.17 3414.78 3437.17 3395.44
Time of FTSE 100 Day's high:07:37:15 Day's Low14:21:00 FTSE 100 2010/11 High: 6410.26(20/04/2016) Low: 5536.97(11/02/2016)
Time of FTSE All-Share Day's high:07:37:00 Day's Low14:21:00 FTSE 100 2010/11 High: 3504.16(20/04/2016) Low: 3046.53(11/02/2016)
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.
FT 30 INDEX
Jun 03 Jun 02 Jun 01 May 31 May 27 Yr Ago High Low
FT 30 2819.60 2822.80 2824.90 2850.30 2868.20 0.00 2876.90 2547.10
FT 30 Div Yield 1.73 1.73 1.73 1.71 1.70 0.00 3.93 2.74 P/E Ratio net 25.83 25.73 25.84 26.13 26.21 0.00 19.44 14.26
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
FT 30 hourly changes
8 9 10 11 12 13 14 15 16 High Low 2822.8 2835.8 2838.4 2839.2 2838.8 2838.8 2818.3 2806.9 2819.7 2841.9 2799.5 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
FX: EFFECTIVE INDICES
Jun 02 Jun 01 Mnth Ago Jun 03 Jun 02 Mnth Ago Australia 88.29 88.73 91.85
Canada 89.03 89.23 92.88 Denmark 106.57 106.63 106.66 Japan 140.92 139.73 141.16 New Zealand 112.16 112.18 112.56 Norway 86.26 86.51 87.31
Sweden 79.54 79.78 80.72 Switzerland 156.44 156.72 157.94
UK 86.92 86.65 86.25 USA 100.76 100.92 98.08 Euro 87.22 87.45 88.09 Source: Bank of England New Sterling ERI base Jan 2005 = 100 Other indices base average 1990 = 100.
Index rebased 1/2/95 for further information about ERIs see www.bankofengland.co.uk
FTSE SECTORS: LEADERS & LAGGARDS
Year to date percentage changes Industrial Metals & 51.70 Mining 22.47 Basic Materials 18.07 Industrial Transport 13.48 Industrial Eng 11.20 Tobacco 9.34 Oil & Gas Producers 8.58 Oil & Gas 8.16 Personal Goods 6.16 Food & Drug Retailer 5.56 Consumer Goods 4.67 Household Goods & Ho 4.02 Software & Comp Serv 3.67 Nonlife Insurance 3.55 Beverages 2.31 NON FINANCIALS Index 2.16 Electricity 2.02
Utilities 1.82 Gas Water & Multi 1.75 Electronic & Elec Eq 1.46 Chemicals 1.41 Industrials 0.74 Construct & Material 0.34 Mobile Telecomms 0.12 FTSE 100 Index -0.52 Support Services -0.54 Technology -0.59 Forestry & Paper -0.60 FTSE All{HY-}Share Index -0.82 Health Care Eq & Srv -0.83 FTSE SmallCap Index -1.25 Equity Invest Instr -1.55 FTSE 250 Index -2.08 Health Care -2.15 Media -2.25
Pharmace & Biotech -2.31 Telecommunications -2.95 Aerospace & Defense -3.58 Oil Equipment & Serv -3.71 Real Est Invest & Tr -3.82 Consumer Services -4.25 Tech Hardware & Eq -4.45 Travel & Leisure -5.82 Leisure Goods -5.93 Food Producers -6.45 Financial Services -6.77 Fixed Line Telecomms -7.50 General Retailers -8.91 Financials -9.08 Automobiles & Parts -9.63 Real Est Invest & Se -10.80 Life Insurance -12.04 Banks -13.50
FTSE GLOBAL EQUITY INDEX SERIES
Jun 03 No of US $ Day Mth YTD Total YTD Gr Div Regions & countries stocks indices % % % retn % Yield Jun 03Sectors stocksNo of indicesUS $ Day% Mth% YTD% Totalretn YTD Gr Div% Yield FTSE Global All Cap 7703 456.18 0.1 -0.2 1.2 632.21 2.5 2.6
FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5 FTSE Global Large Cap 1427 400.32 0.0 -0.4 0.4 568.07 1.8 2.7 FTSE Global Mid Cap 1641 619.16 0.2 -0.3 2.9 817.50 4.0 2.2 FTSE Global Small Cap 4635 649.98 0.4 0.9 3.6 832.00 4.6 2.0 FTSE All-World 3068 265.92 0.1 -0.4 0.8 388.99 2.2 2.6 FTSE World 2544 471.97 0.1 -0.3 0.9 927.24 2.3 2.6 FTSE Global All Cap ex UNITED KINGDOM In 7382 470.28 0.1 -0.1 1.5 642.40 2.7 2.5 FTSE Global All Cap ex USA 5749 412.47 -0.2 -2.0 -1.1 608.87 0.6 3.2 FTSE Global All Cap ex JAPAN 6440 466.94 0.2 -0.3 1.7 652.97 3.1 2.6 FTSE Global All Cap ex Eurozone 7058 471.42 0.1 0.0 1.6 641.06 2.8 2.5 FTSE Developed 2095 429.55 0.1 -0.1 0.7 600.31 2.1 2.6 FTSE Developed All Cap 5665 452.05 0.1 0.0 1.1 624.62 2.4 2.5 FTSE Developed Large Cap 900 395.70 0.0 -0.2 0.2 560.87 1.7 2.7 FTSE Developed Europe Large Cap 223 318.29 -0.1 -2.4 -3.6 515.05 -0.9 3.8 FTSE Developed Europe Mid Cap 305 505.20 0.1 -2.1 -1.5 737.64 0.5 2.8 FTSE Dev Europe Small Cap 695 720.56 0.2 -0.4 -1.5 1021.36 0.1 2.6 FTSE North America Large Cap 292 449.39 0.3 1.0 3.0 597.65 4.0 2.2 FTSE North America Mid Cap 395 677.83 0.6 1.2 5.9 843.14 6.7 1.8 FTSE North America Small Cap 1482 682.52 0.6 1.7 6.4 825.71 7.1 1.7 FTSE North America 687 301.44 0.3 1.0 3.4 410.66 4.4 2.2 FTSE Developed ex North America 1408 219.00 -0.4 -1.9 -3.4 347.86 -1.4 3.3 FTSE Japan Large Cap 176 306.75 -1.5 0.3 -6.4 387.71 -5.4 2.3 FTSE Japan Mid Cap 307 481.12 -1.3 1.0 -2.1 586.59 -1.2 1.9 FTSE Global wi JAPAN Small Cap 780 526.96 -1.0 2.7 0.1 664.37 1.2 2.1 FTSE Japan 483 128.81 -1.4 0.5 -5.5 182.89 -4.6 2.2 FTSE Asia Pacific Large Cap ex Japan 549 537.15 0.0 -1.8 -0.7 812.17 0.4 3.3 FTSE Asia Pacific Mid Cap ex Japan 421 739.00 -0.2 -3.4 -1.1 1076.70 -0.1 3.1 FTSE Asia Pacific Small Cap ex Japan 1430 492.62 0.0 -1.7 -1.3 706.71 -0.5 2.8 FTSE Asia Pacific Ex Japan 970 426.15 0.0 -2.0 -0.8 684.80 0.3 3.3 FTSE Emerging All Cap 2038 584.99 0.2 -2.9 2.4 841.16 3.3 3.1 FTSE Emerging Large Cap 527 552.33 0.2 -2.7 2.5 798.82 3.4 3.2 FTSE Emerging Mid Cap 446 739.65 0.1 -5.2 4.2 1060.58 5.3 3.0 FTSE Emerging Small Cap 1065 612.16 0.0 -1.9 -0.6 848.32 0.2 3.0 FTSE Emerging Europe 112 294.08 -0.8 -8.2 10.1 435.57 11.1 4.1 FTSE Latin America All Cap 238 674.56 0.9 -8.5 12.7 1009.01 14.1 3.3 FTSE Middle East and Africa All Cap 222 635.53 0.4 -5.9 2.7 962.05 4.4 3.0 FTSE Global wi UNITED KINGDOM All Cap In 321 319.25 0.2 -2.0 -2.9 514.43 -1.0 3.9 FTSE Global wi USA All Cap 1954 517.43 0.4 1.4 3.2 669.26 4.2 2.1 FTSE Europe All Cap 1411 371.17 0.0 -2.3 -2.7 580.80 -0.3 3.5 FTSE Eurozone All Cap 645 348.25 -0.1 -2.6 -2.9 551.57 -0.5 3.4 FTSE RAFI All World 3000 3049 5470.92 0.0 -2.1 0.8 7001.69 2.4 3.3 FTSE RAFI US 1000 1005 9237.57 0.3 0.4 4.5 11808.55 5.6 2.5 FTSE EDHEC-Risk Efficient All-World 3068 323.51 0.2 -0.2 2.5 439.73 3.7 2.3 FTSE EDHEC-Risk Efficient Developed Europe 528 275.71 0.0 -1.9 -1.3 409.86 0.6 2.7
Oil & Gas 153 331.97 -0.2 -0.2 8.9 516.08 10.7 3.8 Oil & Gas Producers 111 311.20 -0.2 -0.2 9.1 492.58 11.0 4.0 Oil Equipment & Services 32 302.30 -0.1 -0.1 8.9 428.13 10.6 3.4 Basic Materials 255 367.26 0.1 0.1 4.5 546.30 6.1 3.0 Chemicals 124 581.63 0.2 0.2 -1.7 869.21 0.0 2.8 Forestry & Paper 16 200.82 0.6 0.6 2.4 330.82 5.1 3.8 Industrial Metals & Mining 62 286.81 -0.3 -0.3 11.5 424.96 12.2 2.9 Mining 53 402.40 0.1 0.1 24.4 597.72 26.1 3.8 Industrials 536 309.47 -0.1 -0.1 3.4 435.44 4.7 2.3 Construction & Materials 111 446.43 -0.5 -0.5 6.5 657.73 7.9 2.2 Aerospace & Defense 26 511.88 0.1 0.1 1.0 714.61 2.4 2.4 General Industrials 55 224.27 -0.1 -0.1 3.4 339.46 4.8 2.6 Electronic & Electrical Equipment 69 313.06 -0.4 -0.4 -1.1 404.95 -0.2 2.0 Industrial Engineering 104 568.75 -0.3 -0.3 6.1 787.87 7.5 2.5 Industrial Transportation 98 516.20 -0.1 -0.1 4.3 724.87 5.6 2.5 Support Services 73 285.36 0.1 0.1 3.4 385.29 4.5 2.0 Consumer Goods 424 421.65 0.0 0.0 1.2 607.24 2.5 2.5 Automobiles & Parts 104 343.19 -0.3 -0.3 -10.1 476.47 -8.6 3.1 Beverages 48 592.20 0.1 0.1 3.6 862.53 4.5 2.5 Food Producers 103 583.92 0.0 0.0 4.5 868.02 6.2 2.2 Household Goods & Home Construction 48 418.83 0.1 0.1 4.3 599.44 5.6 2.3 Leisure Goods 31 138.86 0.6 0.6 5.3 179.54 5.8 1.4 Personal Goods 79 605.80 0.1 0.1 1.4 829.45 2.4 2.1 Tobacco 11 1330.20 0.0 0.0 9.3 2634.21 10.8 3.6 Health Care 178 452.78 0.9 0.9 -1.2 638.26 0.0 2.0 Health Care Equipment & Services 64 702.77 1.0 1.0 8.2 808.93 8.6 0.9 Pharmaceuticals & Biotechnology 114 333.26 0.8 0.8 -4.2 489.49 -2.8 2.3 Consumer Services 393 390.96 0.3 0.3 0.3 512.55 1.2 1.8 Food & Drug Retailers 55 298.08 0.4 0.4 -0.6 406.96 0.5 1.9 General Retailers 122 533.51 0.5 0.5 0.1 681.99 1.0 1.6 Media 86 299.32 0.3 0.3 3.5 393.21 4.4 2.0 Travel & Leisure 130 372.41 0.0 0.0 -2.4 493.37 -1.4 1.9 Telecommunication 91 164.48 0.0 0.0 4.4 294.57 6.3 4.1 Fixed Line Telecommuniations 42 140.72 0.3 0.3 6.1 276.44 8.4 4.5 Mobile Telecommunications 49 168.08 -0.4 -0.4 2.0 271.80 3.4 3.5 Utilities 163 252.74 -0.3 -0.3 6.5 470.96 8.4 3.8 Electricity 111 276.78 0.0 0.0 6.9 509.82 8.7 3.7 Gas Water & Multiutilities 52 266.52 -0.6 -0.6 5.8 510.10 7.8 4.0 Financials 689 193.30 -0.1 -0.1 -3.7 305.51 -2.0 3.2 Banks 246 166.05 -0.1 -0.1 -7.0 280.53 -5.0 3.8 Nonlife Insurance 68 214.87 -0.3 -0.3 0.2 304.76 2.1 2.5 Life Insurance 50 183.84 0.0 0.0 -7.3 283.94 -5.6 3.3 Financial Services 150 219.89 0.0 0.0 -1.1 295.94 -0.1 2.1 Technology 186 175.57 -0.2 -0.2 0.7 211.16 1.6 1.8 Software & Computer Services 89 316.79 -0.2 -0.2 2.1 365.73 2.8 1.1 Technology Hardware & Equipment 97 125.32 -0.2 -0.2 -0.8 155.44 0.3 2.7 Alternative Energy 10 100.30 -0.6 -0.6 -3.0 133.67 -2.4 1.3 Real Estate Investment & Services 103 275.00 -0.3 -0.3 -2.8 445.14 -1.4 2.7 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ Nos US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110) ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb For constituent changes and other information about FTSE, please see www.ftse.com © FTSE International Limited 2013 All Rights reserved ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
FTSE 100 SUMMARY
Closing Day's FTSE 100 Price Change FTSE 100 Closing Day'sPrice Change 3I Group PLC 545.00 -2.00
Admiral Group PLC 1977 15.00 Anglo American PLC 617.90 30.40 Antofagasta PLC 428.30 10.90 Arm Holdings PLC 991.50 7.50 Ashtead Group PLC 977.50 -2.00 Associated British Foods PLC 2951 51.00 Astrazeneca PLC 4039 -3.00 Aviva PLC 439.30 -4.30 Babcock International Group PLC 1032 -4.00 Bae Systems PLC 490.90 -1.90 Barclays PLC 179.65 -0.75 Barratt Developments PLC 578.00 -7.00 Berkeley Group Holdings (The) PLC 3239 30.00 Bhp Billiton PLC 833.60 28.00
BP PLC 358.55 5.45 British American Tobacco PLC 4206 63.50 British Land Company PLC 738.00 8.00
Bt Group PLC 431.85 -1.65 Bunzl PLC 2047 8.00 Burberry Group PLC 1070 -5.00 Capita PLC 1052 -7.00 Carnival PLC 3357 -37.00 Centrica PLC 202.10 1.20 Coca-Cola Hbc AG 1332 -3.00 Compass Group PLC 1300 6.00 Crh PLC 2052 -21.00 Dcc PLC 6285 5.00 Diageo PLC 1861.5 10.00 Direct Line Insurance Group PLC 375.30 1.30 Dixons Carphone PLC 432.40 1.80 Easyjet PLC 1524 10.00 Experian PLC 1296 - Fresnillo PLC 1123 79.00 Gkn PLC 278.70 -3.80 Glaxosmithkline PLC 1459 14.50 Glencore PLC 135.65 7.10 Hammerson PLC 573.50 6.50 Hargreaves Lansdown PLC 1321 10.00 HSBC Holdings PLC 444.80 -1.35 Imperial Brands PLC 3761.5 44.00 Informa PLC 678.00 1.50 Inmarsat PLC 715.00 5.50 Intercontinental Hotels Group PLC 2679 41.00 International Consolidated Airlines Group S.A 530.00 -2.00 Intertek Group PLC 3167 11.00 Intu Properties PLC 298.20 3.20 Itv PLC 213.50 1.00 Johnson Matthey PLC 2942 -53.00 Kingfisher PLC 364.80 -0.30 Land Securities Group PLC 1163 15.00
Legal & General Group PLC 232.80 -2.90 Lloyds Banking Group PLC 70.00 -0.53 London Stock Exchange Group PLC 2661 -39.00 Marks And Spencer Group PLC 356.60 - Mediclinic International PLC 889.00 9.50 Merlin Entertainments PLC 434.50 15.20 Mondi PLC 1326 -2.00 Morrison (Wm) Supermarkets PLC 188.90 -7.50 National Grid PLC 979.00 19.40 Next PLC 5350 -35.00 Old Mutual PLC 178.20 1.10 Paddy Power Betfair PLC 9400 190.00 Pearson PLC 836.50 -13.00 Persimmon PLC 2057 -15.00 Provident Financial PLC 2851 2.00 Prudential PLC 1330 -20.00 Randgold Resources LD 6250 400.00 Reckitt Benckiser Group PLC 6930 88.00 RELX PLC 1260 5.00 Rexam PLC 633.00 5.50 Rio Tinto PLC 1895 29.50 Rolls-Royce Holdings PLC 605.50 -1.50 Royal Bank Of Scotland Group PLC 237.20 -2.60 Royal Dutch Shell PLC 1683 17.50 Royal Dutch Shell PLC 1676 15.00 Royal Mail PLC 531.50 0.50 Rsa Insurance Group PLC 484.50 -0.20 Sabmiller PLC 4313 -7.00 Sage Group PLC 622.50 2.00 Sainsbury (J) PLC 246.20 -10.70 Schroders PLC 2656 3.00 Severn Trent PLC 2263 18.00 Shire PLC 4407 -42.00 Sky PLC 938.50 -0.50 Smith & Nephew PLC 1188 10.00 Sse PLC 1540 19.00
St James's Place PLC 904.00 -5.00 Standard Chartered PLC 527.20 -6.50 Standard Life PLC 327.20 -6.40 Taylor Wimpey PLC 190.50 -1.90 Tesco PLC 162.00 -7.50 Travis Perkins PLC 1860 -12.00 Tui AG 1049 7.00 Unilever PLC 3199 35.00 United Utilities Group PLC 959.00 13.00 Vodafone Group PLC 228.40 -0.40 Whitbread PLC 4182 18.00 Wolseley PLC 3746 -40.00 Worldpay Group PLC 280.00 1.80 WPP PLC 1581 -16.00
UK STOCK MARKET TRADING DATA
Jun 03 Jun 02 Jun 01 May 31 May 27 Yr Ago SEAQ Bargains 4577.00 4520.00 4568.00 5321.00 5330.00 5330.00 Order Book Turnover (m) 109.29 261.15 180.94 158.39 158.37 158.37 Order Book Bargains 837739.00 883593.00 824212.00 658755.00 658650.00 658650.00 Order Book Shares Traded (m) 1420.00 1559.00 2155.00 1230.00 1226.00 1226.00 Total Equity Turnover (£m) 2790.33 3054.56 3733.42 2581.68 2662.60 2662.60 Total Mkt Bargains 916533.00 978229.00 926531.00 731770.00 733153.00 733153.00 Total Shares Traded (m) 5190.00 5396.00 6255.00 5456.00 5418.00 5418.00
† Excluding intra-market and overseas turnover *UK only total at 6pm ‡ UK plus intra-market turnover (u) Unavaliable (c) Market closed.
All data provided by Morningstar unless otherwise noted All elements listed are indicative and believed accurate at the time of publication No offer is made by Morningstar or the FT The FT does not warrant nor guarantee that the information is reliable or complete The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar | www.morningstar.co.uk
UK RIGHTS OFFERS
Amount Latest
Issue paid renun closing
price up date High Low Stock Price p
+or-There are currently no rights offers by any companies listed on the LSE.
UK COMPANY RESULTS
Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Baron Oil Pre 1.048 2.83 1.775L 3.347L 0.15L 0.31L - - - - - Chrysalis VCT Int 0.365 0.35 0.176 0.168 0.5 0.5 1.75 1.75 Jul 29 4.982 5 DCD Media Pre 11.115 9.708 2.352L 1.188L 254L 177L - - - - - Norman Broadbent Pre 8.644 7.396 0.425L 1.447L 2.59L 9.85L - - - - - Personal Assets Trust Pre 39.149 37.815 478 365 140 140 Apr 21 280 280 Roxi Petroleum Pre 1.051 1.623 1.869L 20.094 0.009 0.002 - - - - - Value and Income Trust Pre 0.617 4.588 10.97 9.48 6 4.7 Jul 15 10.5 9 Verona Pharma Pre - - 8.926L 3.763L 0.73L 0.32L - - - - - YOLO Leisure and Technology Int - - 0.439L 0.031 0.29L 0.03 - - - - -
Figures in £m Earnings shown basic Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata
UK RECENT EQUITY ISSUES
date price(p) Sector code Stock price(p) +/- High Low Cap (£m) 05/27 75.00 AIM DCTA Directa Plus PLC 156.00 7.00 166.00 83.00 6897.2 05/26 160.00 AIM JOUL Joules Group PLC 197.00 -2.50 198.20 160.00 17237.5 05/18 130.00 AIM ONC Oncimmune Holdings PLC 130.50 0.00 140.00 126.00 6658.7 05/13 200.00 MOTR Motorpoint Group PLC 231.00 1.36 238.00 200.00 23100.0 05/12 9.00 AIM GSH Green & Smart Holdings PLC 10.38 -0.13 11.00 10.00 2870.4 05/10 148.00 AIM HOTC Hotel Chocolat Group PLC 205.50 -1.45 225.00 148.00 23188.2 05/10 8.00 TOOP Toople PLC 8.50 -0.05 10.00 8.00 850.0 05/06 208.00 AIM MIDW Midwich Group PLC 262.50 7.61 270.00 209.48 20855.2 05/05 108.00 AIM MCL Morses Club PLC 103.25 1.38 116.50 100.00 13370.9
§Placing price *Intoduction ‡When issued Annual report/prospectus available at www.ft.com/ir For a full explanation of all the other symbols please refer to London Share Service notes.
Trang 17France (€)
Airbus Grpe 53.35 -1.95 68.50 49.96 2.28 17.96 47131.86 AirLiquide 95.23 -1.77 123.65 90.77 2.53 19.78 37168.21 AXA 21.76 -0.56 26.02 18.80 4.12 10.01 59883.48 BNP Parib ♦ 46.32 -1.19 61.00 37.00 3.29 8.67 65425.26 ChristianDior 147.45 1.65 195.35 140.80 2.05 18.27 30366.1 Cred Agr ♦ 8.65 -0.23 14.48 7.59 4.11 6.84 25860.28 Danone 62.87 -0.04 66.50 51.73 2.25 31.69 46730.5 EDF 11.81 -0.10 22.13 9.13 9.61 6.84 25709.24 Engie SA 13.51 0.01 18.40 12.96 6.99 -7.18 37270.82 Esslr Intl ♦ 117.65 -0.50 125.15 95.01 0.82 35.65 28862.25 Hermes Intl ♦ 324.30 0.80 365.55 281.20 0.86 37.11 38798.03 LOreal 168.10 0.35 178.95 140.40 1.52 30.49 107247.69 LVMH 145.25 -0.10 176.60 130.75 2.15 21.74 83472.52 Nmrcble-SFR 27.97 0.24 56.64 25.57 - -36.43 13888.55 Orange 15.37 -0.13 16.98 12.21 3.69 21.71 46332.89 PernodRic 98.01 0.21 111.70 88.00 1.73 28.80 29480.26 Renault 80.28 -3.23 98.87 59.59 2.23 8.26 26903.95 Safran 61.74 -0.99 72.45 48.87 1.90 -64.40 29178.18 Sanofi 72.49 -0.89 101.10 66.44 3.71 22.99 105712.62 Sant Gbn 39.83 -0.10 44.84 31.47 1.47 63.91 24820.53 Schneider 57.01 -0.99 68.96 45.32 3.18 24.55 38036.03 SocGen 35.61 -0.62 48.77 26.61 3.42 7.71 32592.69 Total 42.30 -0.05 47.40 35.21 5.75 27.48 118808.51 UnibailR 240.40 2.00 257.85 212.05 3.77 10.94 26999.07 Vinci 66.69 -0.10 68.29 50.08 2.53 19.27 44909.71 Vivendi 17.30 -0.22 24.83 16.30 17.62 14.91 26824.3
Germany (€)
Allianz 142.65 -2.35 170.00 126.55 4.53 10.38 73877.57 BASF 68.35 -1.19 85.97 56.01 4.16 14.75 71143.02 Bayer 89.34 1.20 138.00 83.45 2.56 17.28 83723.76 BMW 72.27 -1.78 105.45 66.00 4.08 7.20 49303.27 Continental 188.45 -2.40 231.90 171.30 1.75 13.23 42713.37 Daimler 59.28 -1.33 87.63 56.19 5.57 7.99 71870.49 Deut Bank 15.00 -0.60 32.31 13.03 5.08 -2.79 23445.86 Deut Tlkm ♦ 15.65 -0.14 17.57 13.39 3.25 12.59 81674.33 DeutsPost 26.03 -0.44 29.10 19.55 - 19.21 35774.32 E.ON 8.69 0.07 13.64 7.08 1.64 -2.41 19696.62 Fresenius Med 76.09 -0.92 83.17 63.10 1.00 24.86 26413.09 Fresenius SE 66.32 -0.70 70.00 52.39 0.67 25.55 41016.11 HenkelKgaA 93.92 -0.11 95.37 75.76 1.40 20.32 27651.26 Linde 131.75 -2.40 182.55 113.50 2.43 20.89 27730.95 MuenchRkv 160.65 -2.80 193.65 154.65 4.90 9.49 30374.97 SAP 71.56 -0.60 75.75 53.91 1.56 26.20 99625.76 Siemens 95.29 -1.16 100.90 77.91 3.27 16.02 91789.06 Volkswgn 134.95 -5.25 220.05 95.00 3.36 -45.29 45128.59
Hong Kong (HK$)
AIA 46.15 0.25 53.50 36.85 1.10 27.47 71554.93 BOC Hold 24.05 0.10 33.30 18.82 4.60 10.74 32719.37
Ch OSLnd&Inv 23.50 0.05 29.00 20.45 2.31 6.59 29817.51 ChngKng 49.30 0.40 71.45 38.20 0.70 11.26 24399.05 Citic Ltd 11.12 0.16 15.28 10.02 2.66 6.98 41624.97 Citic Secs 17.36 0.54 32.55 12.82 2.00 9.56 6519.05
CK Hutchison 91.35 1.00 119.00 87.95 4.02 7.81 45369.14 CNOOC 9.53 0.03 12.22 6.41 5.71 17.84 54750.73 HangSeng ♦ 140.10 0.20 162.10 121.10 3.95 9.86 34466.01
HK Exc&Clr 190.00 1.80 298.00 160.10 2.72 28.98 29547.04 MTR ♦■ 37.25 - 39.25 33.10 2.78 16.99 28172.63 SandsCh ♦ 27.70 -0.25 37.55 20.75 7.09 20.01 28763.39 SHK Props 92.70 0.50 134.00 79.00 2.56 8.99 34533.15 Tencent 170.80 0.60 173.70 124.00 0.20 42.76 206755.26
India (Rs)
Bhartiartl 358.15 - 452.45 282.30 0.62 26.23 21268.21 HDFC Bk 1171.75 - 1195 928.00 0.68 25.90 44069.95 Hind Unilevr 884.85 - 944.00 766.40 1.60 41.73 28448.52 HsngDevFin 1254.9 - 1372.4 1011.45 1.20 21.30 29462.25 ICICI Bk 243.75 - 321.00 180.75 2.06 11.06 21060.15 Infosys 1266.9 - 2055 932.65 3.30 20.76 43229.58 ITC ♦■ 353.90 - 364.00 268.00 1.78 28.03 42307.14 L&T 1460.6 - 1888 1016.05 1.03 27.06 20222.7 OilNatGas 211.85 - 323.40 187.75 4.59 9.40 26925.33 RelianceIn 959.65 - 1089.75 818.00 1.04 10.59 46208.12 SBI NewA ♦ 196.60 - 291.80 148.25 1.78 9.53 22671.97 SunPhrmInds 737.35 - 966.00 704.00 0.41 45.51 26362.28 Tata Cons 2629.55 - 2770 2115 1.52 23.92 76971.54
Japan (¥)
AstellasPh 1501.5 19.00 2009 1358 1.86 20.13 31249.74 Bridgestne 3663 - 4934 3561 3.40 11.10 27899.34 Canon 3117 -4.00 4279.5 2977.5 4.62 16.56 38942.83 CntJpRwy 18970 95.00 22960 18255 0.55 14.06 36605.5 Denso 4124 -15.00 6439 3879 2.61 14.34 34152.03 EastJpRwy 9776 194.00 12815 9162 1.12 18.85 35942.86 Fanuc 16180 -20.00 27685 15300 4.18 19.53 31213.01 FastRetail 30120 1940 61970 26320 1.18 59.57 29927.76 Fuji Hvy Ind 3949 -37.00 5223 3275 2.41 8.61 28959.18 Hitachi 491.60 -3.70 851.00 431.00 2.13 10.00 22257.81 HondaMtr 2962.5 11.50 4499 2726 2.60 11.75 50267.97 JapanTob 4434 87.00 4850 3551 2.55 18.88 83068.7 KDDI 3150 21.00 3446 2519 1.66 18.96 77322.43 Keyence 69020 -220.00 70880 50500 0.25 39.71 39310.09 MitsbCp 1906.5 3.50 2837 1565 2.52 10.78 28396.63 MitsubEst 2046 6.00 2968 1962.5 0.64 58.87 26647.49 MitsubishiEle 1296.5 -7.00 1696.5 947.00 1.82 13.16 26076.97 MitsuiFud 2621.5 -11.00 3879 2260.5 0.93 23.77 24345.65 MitUFJFin 531.20 4.00 932.40 431.90 2.96 5.86 70502.52 Mizuho Fin 168.60 0.70 276.00 149.30 4.02 6.61 39538.75 Murata Mfg 12340 -95.00 22220 11610 1.42 14.06 26038.62 NipponTT 4707 27.00 5419 4005 1.76 16.93 92433.41 Nissan Mt 1078 -2.00 1339.5 922.00 3.04 9.05 45387.14 Nomura 454.20 2.50 909.20 435.10 4.43 8.25 16263.47 Nppn Stl 2071 -35.00 3504 1773.5 2.74 10.16 18435.82 NTTDCMo 2743 34.00 2888 1961 2.23 23.44 101712.19 Panasonic 964.50 -11.60 1798 799.00 1.81 12.82 22162.63 Seven & I 4703 82.00 5998 4168 1.61 26.22 39051.44 ShnEtsuCh 6136 -52.00 7790 5160 1.50 20.62 24836.37 Softbank 6020 -21.00 7800 4133 0.58 14.83 67706.2 Sony 3072 49.00 3905 2199 0.64 32.69 36330.41 SumitomoF 3411 10.00 5770 2819.5 3.97 9.57 45181.44 Takeda Ph 4627 53.00 6609 4550 3.40 -37.12 34252.68 TokioMarine 3699 19.00 5504 3310 2.54 14.90 26247.79 Toyota 5675 6.00 8564 5256 3.47 8.80 177444.94
Mexico (Mex$)
AmerMvl 11.31 0.02 16.94 10.87 2.53 21.61 25497.71 FEMSA UBD 170.31 1.29 176.84 133.52 1.42 35.47 32697.04 WalMrtMex 43.67 0.21 47.44 35.50 1.41 26.20 40914.68
Netherlands (€)
Altice 15.29 -0.32 47.73 9.98 - -13.24 14224.74 ASML Hld 88.75 -0.40 101.20 70.25 0.80 31.86 43582.71 Heineken 83.59 -0.02 86.95 64.54 1.33 26.81 54563.65 ING 10.84 -0.20 16.00 9.19 3.14 8.32 47629.19 Unilever 40.46 0.01 42.84 32.86 2.78 24.91 78622.29
Norway (Kr)
DNB 105.80 -0.30 138.80 90.10 3.60 7.47 20990.4 Statoil 131.90 0.60 148.00 97.25 5.48 55.19 51229.31 Telenor 136.60 -2.00 186.10 116.80 2.79 53.77 24982.23
Qatar (QR)
QatarNtBk 134.20 - 163.17 122.50 2.62 9.79 30955.13
Russia (RUB)
Gzprm neft 143.50 -0.50 170.43 122.75 4.47 4.71 51467.16 Lukoil 2577 -20.00 2902 2040.1 5.49 7.19 33207.49 MmcNrlskNckl 8849 -76.00 11284 7840 18.22 11.22 21214.87 Novatek 648.60 -12.20 673.50 530.10 9.01 15.39 29835.78 Rosneft 313.70 2.35 356.95 214.80 2.33 10.52 50368.69 Sberbank 131.77 -0.53 135.98 66.50 0.33 14.72 43094.67 Surgutneftegas 33.03 0.12 41.16 30.31 - 2.91 17877.65
Saudi Arabia (SR)
AlRajhiBnk 58.31 -0.07 69.00 44.70 2.59 12.36 25265.31 Natnlcombnk 40.99 0.32 68.50 36.60 3.80 8.92 21859.3 SaudiBasic 82.56 0.91 107.25 59.50 6.70 13.49 66041.85 SaudiTelec 62.22 -0.28 73.25 52.75 6.46 13.55 33180.9
Singapore (S$)
DBS ♦ 15.50 0.01 21.50 13.01 3.95 8.74 28542.05 JardnMt US$ 54.95 -0.90 61.03 45.00 2.60 11.61 39080.21 JardnStr US$ 29.00 -0.49 33.00 25.24 0.93 9.05 32255.39 OCBC ♦ 8.67 0.07 10.48 7.41 4.24 9.34 26215.11 SingTel 3.90 0.01 4.44 3.38 4.24 17.05 45705.45 UOB 18.30 0.02 23.60 16.80 4.74 9.40 21620.38
South Africa (R)
Firstrand 45.65 1.04 57.80 34.08 4.48 11.76 16721.49 MTN Grp 127.28 2.04 237.32 109.56 11.39 6.56 15338.54 Naspers N 2296 15.71 2334.11 1521.98 0.22 67.97 65656.56
South Korea (KRW)
HyundMobis 255000 - 272000 185500 1.43 12.99 20971.31 KoreaElePwr 60100 300.00 63700 40800 5.13 2.92 32595.82
SK Hynix 27600 -450.00 51700 25650 1.89 5.94 16462.34 SmsungEl 1377000 12000 1393000 1033000 1.42 10.55 166323.47
Spain (€)
BBVA 5.71 -0.13 9.48 5.24 6.58 21.63 41955.39 BcoSantdr 4.05 -0.15 6.89 3.31 7.52 10.23 66298.35 CaixaBnk 2.40 -0.09 4.50 2.33 5.08 19.78 16054.52 Iberdrola 5.98 -0.03 6.71 5.66 2.67 15.15 42308.57 Inditex 29.90 -0.28 35.38 26.00 1.31 33.14 105604.92 Repsol 11.29 -0.15 17.61 7.95 8.55 -10.22 18446.69 Telefonica 9.04 -0.18 14.31 8.48 8.37-233.84 50974.35
Sweden (SKr)
AtlasCpcoB 193.80 -3.50 230.90 162.60 3.15 20.35 9253.24 Ericsson 62.60 -0.40 97.40 60.70 5.53 14.23 23310.43
H & M 251.20 -1.00 362.00 249.50 3.85 21.15 44895.64 Investor 282.40 -3.90 343.70 256.80 3.25 -8.04 15738.73 Nordea Bk 79.35 -1.85 114.60 72.40 7.59 10.16 39321.35 SEB 77.85 -1.75 111.10 72.75 5.70 10.40 20670.65 SvnskaHn 102.60 -3.20 137.10 95.85 4.47 12.16 23498.37 Swedbank 179.40 -4.20 208.00 150.80 5.91 13.62 24848.66 Telia Co 38.71 -0.47 52.95 36.61 7.89 19.09 20509.32 Volvo 92.50 - 114.00 72.20 3.30 12.66 18368.58
Switzerland (SFr)
ABB 20.48 -0.11 22.16 15.94 - 24.50 48457.46 CredSuisse 13.03 -0.33 28.94 12.23 5.45 -5.24 26070.37 Nestle 73.35 -0.10 76.95 65.70 2.89 26.36 239056.67 Novartis 79.00 -0.70 103.20 67.00 3.39 28.49 212145.64 Richemont 59.05 0.50 86.75 55.65 2.59 19.86 31507.82 Roche 258.20 -1.70 283.90 229.90 2.98 26.09 185425.42 Swiss Re 87.60 -0.35 99.75 76.85 5.10 8.09 33194.24 Swisscom 478.60 7.00 572.00 452.70 4.74 17.47 25342.34 Syngent 394.10 -2.70 434.50 288.50 2.86 28.16 37442.38 UBS 14.41 -0.50 22.57 14.01 5.37 10.79 56712.26 Zurich Fin 235.00 -2.60 307.10 194.70 - 23.74 36148.37
Taiwan (NT$)
Chunghwa Telecom 112.00 1.00 112.00 93.10 4.44 19.67 26654.2 Formosa PetChem 87.30 -0.90 94.50 63.90 1.00 14.36 25512.43 HonHaiPrc 80.00 0.70 99.70 72.50 4.63 8.57 38380.27 MediaTek 219.00 4.00 439.50 192.00 10.28 14.51 10558.7 TaiwanSem 160.50 1.50 163.00 112.50 2.87 14.09 127677.05
BP ♦ 358.55 5.45 453.55 249.44 7.80 -9.80 97060.71 BrAmTob 4206 63.50 4357.13 3231.5 3.57 18.27 113836.75 BSkyB 938.50 -0.50 1180 917.97 3.49 25.70 23420.95
BT 431.85 -1.65 502.60 404.00 2.99 14.54 62238.55 Compass 1300 6.00 1312 963.00 2.26 23.70 31003.98 Diageo 1861.5 10.00 1964.38 1592.5 3.03 18.94 68023.92 GlaxoSmh ♦ 1459 14.50 1532.1 1227.5 5.48 116.13 103191.07 Glencore 135.65 7.10 290.25 66.67 9.00 -5.36 28347.71 HSBC ♦ 444.80 -1.35 633.22 413.95 7.91 10.94 127937.84 Imperial Brands 3761.5 44.00 3898 2926 3.75 31.88 52353.17 LlydsBkg 70.00 -0.53 89.35 55.84 3.21 -1.18 72532.13 Natl Grid ♦ 979.00 19.40 1015.5 806.40 4.38 17.06 53253.18 Prudential 1330 -20.00 1665.19 1045.99 2.86 13.18 49732.17 RBS 237.20 -2.60 370.00 204.30 - -6.31 40418.25 ReckittB 6930 88.00 7069.82 5403 1.87 28.77 70962.05 RELX 1260 5.00 1323 988.50 2.10 26.59 37072.79 RioTinto 1895 29.50 2917.5 1557 8.11 -58.85 37815.3 RollsRoyce 605.50 -1.50 996.00 497.00 2.33 135.16 16163.08 RylDShlA ♦ 1676 15.00 1950 1256 7.76 -78.50 104025.65 SABMill 4313 -7.00 4590.8 2773 1.72 35.73 101548.24 Shire 4407 -42.00 5870 3423 0.41 28.17 57489.27 StandCh 527.20 -6.50 1102.75 373.40 8.52 -9.10 25114.56 Tesco 162.00 -7.50 227.35 137.00 - 58.70 19224.39 Vodafone 228.40 -0.40 258.00 197.70 4.91 -42.77 88072.98 WPP 1581 -16.00 1690 1273 2.69 17.89 29624.07
United States of America ($)
21stC Fox A 29.22 -0.34 34.70 22.66 1.04 24.86 32011.63 3M ♦ 168.36 0.32 171.27 134.00 2.51 21.40 102115.52 AbbottLb 39.20 -0.33 51.74 36.00 2.53 27.26 57590.76 Abbvie 64.65 -0.44 71.60 45.45 3.28 19.18 104562.23 Accenture 118.86 -0.38 119.72 88.43 1.86 20.89 96622.83 Adobe 98.88 -1.29 100.56 71.27 - 60.20 49460.72 AEP ♦ 65.97 1.29 67.19 52.29 3.34 19.48 32411.94 Aetna 119.63 -0.40 134.40 92.42 0.63 17.86 41942.28 Aflac 69.23 -0.35 70.09 51.41 2.33 11.29 28660.32 AirProd 142.97 -0.54 152.16 114.64 2.32 21.74 30892.05 Alexion 152.59 -4.18 208.88 124.16 - 231.08 34183.21 Allegran 247.51 0.39 340.34 195.50 - -39.48 97904.29 Allstate ♦ 67.44 - 69.48 54.12 1.84 16.32 25247.33 Alphabet 737.07 -7.21 810.35 538.85 - 30.72 216457.68 Altria 65.42 1.11 65.53 47.31 3.42 23.36 127979.53 Amazon 723.21 -5.03 728.28 419.14 - 295.37 341230.7 AmerAir 30.74 -0.93 47.09 30.37 1.31 2.73 17773 AmerExpr 65.64 -0.77 81.92 50.27 1.78 12.99 62425.81 AmerIntGrp 57.25 -0.59 64.93 50.20 1.77-173.73 64064.6 AmerTower 106.80 0.24 107.29 83.07 1.71 68.53 45349.93 Amgen ♦ 159.18 -0.69 181.81 130.09 2.14 16.67 119578.73 Anadarko 51.29 -0.40 85.36 28.16 1.69 -5.79 26179.78 Anthem 132.47 -0.82 173.59 115.63 1.93 14.75 34832.49 Aon Cp 108.60 -0.83 109.65 83.83 1.12 21.98 28770.5 Apple 98.17 0.45 132.97 89.47 2.14 10.83 537691.43 ArcherDan ♦ 43.67 0.20 52.93 29.86 2.64 16.64 25659.71
AT&T 39.16 0.32 39.72 30.97 4.90 16.44 241038.18 AutomData 87.28 -0.81 91.00 64.29 2.36 27.22 39759.08 Avago Tech 164.33 9.42 166.00 100.00 1.02 31.86 64162.35 BakerHu ♦ 46.03 0.13 65.90 37.58 1.49 -8.49 20157.17 BankAm ♦ 14.35 -0.59 18.48 10.99 1.41 11.41 147401.99 Baxter ♦ 43.50 0.07 46.95 32.18 2.01 6.50 24023.43
BB & T 36.05 -0.88 41.90 29.95 3.03 13.96 28204.76 BectonDick 169.13 0.38 169.21 128.87 1.50 44.78 35889.75 BerkshHat 210870-1485.00 221985 186900 - 14.00 170099.97 Biogen 289.84 0.11 420.99 242.07 - 17.64 63489.88 BkNYMeln 41.31 -0.85 45.45 32.20 1.66 14.79 44494.28 BlackRock ♦ 356.35 -4.76 369.33 275.00 2.50 18.69 58215.74 Boeing 127.41 0.56 150.59 102.10 3.03 17.04 81161.59 BrisMySq 73.03 0.03 73.06 51.82 2.07 77.17 121909.51 CapOne 71.20 -2.18 92.10 58.49 2.27 10.27 36461.48 CardinalHlth 79.94 0.05 91.23 74.73 1.96 18.90 26045.68 Carnival ♦ 47.46 -0.87 55.77 40.52 2.52 19.12 26679.58 Caterpillar 74.63 1.01 88.81 56.36 4.07 38.98 43575.83 CBS 54.50 -0.90 62.51 38.51 1.11 17.42 22634.57 Celgene 107.75 -0.49 140.72 92.98 - 51.84 83465.33 CharlesSch 29.15 -1.69 35.72 21.51 0.83 26.18 38527.29 Charter Communications 226.39 -1.43 233.70 156.13 - -60.07 61215.86 ChevrnTx ♦ 100.50 -0.03 104.26 69.58 4.30 143.93 189412.59 Chubb 127.56 -0.25 128.14 96.00 2.12 17.46 59248.88 Cigna 130.00 0.43 170.68 123.54 0.03 15.82 33346.7 Cisco 29.16 0.08 29.49 22.46 3.03 14.65 146641.25 Citigroup 45.16 -1.81 60.95 34.52 0.45 8.91 132541.4 CME Grp 96.43 -1.12 100.87 81.87 2.20 25.14 32653.34 Coca-Cola 44.93 0.21 47.13 36.56 3.01 26.87 194376.11 Cognizant 60.89 -0.45 69.80 51.22 - 21.96 36891.4 ColgtPlm 71.66 0.24 72.72 50.84 2.14 46.73 63993.65 Comcast 63.72 0.06 64.99 50.01 1.62 19.10 154059.11 ConocPhil 44.07 -0.31 64.33 31.05 5.64 -8.79 54575.72 Corning ♦ 21.04 -0.12 21.29 15.42 2.38 56.78 22625.33 Costco 151.28 -0.24 169.73 117.03 1.09 28.65 66268.37 CrownCstl 92.31 0.51 92.54 75.71 3.73 73.40 31160.14 CSX ♦ 26.60 0.18 35.67 21.33 2.73 13.68 25426.06 CVS 96.28 -0.12 113.65 81.37 1.55 20.66 103406.85 Danaher ♦ 98.09 -0.55 100.50 81.25 0.58 24.39 67554.14 Deere 85.66 1.60 98.23 70.16 2.78 17.33 26919.42 Delphi 66.85 -1.49 90.57 55.59 1.57 15.49 18248.52 Delta 41.83 -0.62 52.77 34.61 1.20 6.94 32275.71 Devon Energy 36.09 -0.72 65.01 18.07 2.69 -1.09 18911.16 DiscFinServ 56.41 -0.74 59.88 42.86 2.01 10.75 23253.59 Disney 98.70 -0.03 122.08 86.25 1.40 17.99 160126.79 DominRes ♦ 73.04 1.55 76.59 64.54 3.65 22.83 45008.58 DowChem 52.93 0.69 57.10 35.11 3.36 10.35 59426.23 DukeEner ♦ 80.23 1.29 81.39 65.50 4.12 20.17 55270.82 DuPont ♦ 68.43 0.33 75.72 47.11 2.41 28.93 59770.06 Eaton 61.49 -0.26 73.28 46.19 3.65 14.75 28162.42 eBay 23.85 -0.40 29.83 21.52 - 14.37 27401.37 Ecolab 118.42 -0.45 122.48 98.62 1.16 35.21 34733.2 EMC 27.80 -0.13 28.77 22.66 1.67 26.81 54298.87 Emerson ♦ 52.06 -0.18 60.70 41.25 3.67 17.52 33492.86 EOG Res 79.72 -0.77 91.48 57.15 0.85 -8.93 43868.04 EquityResTP 65.11 -1.39 82.39 61.90 3.35 5.75 23798.58 Exelon ♦ 35.07 0.35 35.95 25.09 3.57 18.01 31115.88 ExpScripts 75.56 -0.71 94.61 65.55 - 19.68 47791.26 ExxonMb ♦ 88.31 -0.22 90.46 66.55 3.34 28.12 366187.25 Facebook 118.46 -0.47 135.60 72.00 - 72.05 273863.54 Fedex 163.31 -1.49 185.19 119.71 0.61 44.35 43836.28 FordMtr 12.98 -0.23 15.84 10.44 4.67 5.93 50647.74 Franklin 35.43 -0.35 51.94 31.00 1.88 12.71 20724.12 GenDyn 140.35 0.22 153.76 121.61 2.53 14.98 42897.55 GenElectric 30.03 -0.02 32.05 19.37 3.09 47.13 276145.58 GenMills 63.71 0.48 65.49 47.43 2.88 24.91 37869.32 GenMotors 29.56 -0.70 36.88 24.62 4.99 4.41 45513.39 GileadSci 86.42 -0.30 123.37 81.28 2.01 7.31 115096.01 GoldmSchs ♦ 155.61 -3.67 218.77 139.05 1.69 17.43 64641.13 Halliburton ♦ 42.17 0.04 46.69 27.64 1.72 -14.65 36235.21 HCA Hold 78.46 -0.52 95.49 43.91 - 14.64 30682.36 Hew-Pack 13.38 -0.17 15.55 8.91 4.87 5.36 23094.05 HiltonWwde ♦ 21.52 -0.09 29.55 16.16 0.99 13.48 21299.81 HomeDep ♦ 131.96 -0.45 137.82 92.17 1.85 23.38 164159.2 Honywell ♦ 114.64 0.11 116.56 87.00 1.96 18.42 87368.92 HumanaInc 186.14 -1.22 219.48 155.24 0.63 25.71 27741.68 IBM ♦ 152.53 -0.97 173.78 116.90 3.44 11.36 146422.98 IllinoisTool 107.09 -0.03 107.12 78.79 2.01 20.34 38484.97 Illumina 145.13 -1.97 242.37 127.10 - 51.65 21363.14 Intcntl Exch 265.76 -1.48 271.95 220.28 1.18 22.59 31637.57 Intel 31.60 -0.17 35.59 24.87 3.13 13.32 149046.3 Intuit 107.60 -0.52 108.68 79.63 1.06 39.44 27531.75 John&John ♦ 115.04 0.55 115.39 81.79 2.63 20.77 316434.12 JohnsonCn 44.83 -0.14 54.52 33.62 2.48 68.05 29066.43 JPMrgnCh 64.42 -1.39 70.61 50.07 2.76 10.80 235561.6 Kimb-Clark 129.59 1.59 138.76 103.04 2.77 42.98 46668.96 KinderM 17.89 -0.07 41.19 11.20 9.06 529.57 39922.54 Kraft Heinz ♦ 84.93 0.15 86.66 61.42 2.71 156.75 103271.08 Kroger 36.07 -0.37 42.75 27.32 1.12 16.94 34403.08
L Brands ♦ 71.39 0.06 101.11 60.00 2.87 16.53 20489.21 LasVegasSd 46.70 -0.07 57.77 34.88 5.77 20.76 37113.37 LibertyGbl 38.53 0.10 57.87 30.65 - -34.75 9757.08
Lilly (E) ♦ 74.44 -1.02 92.85 67.88 2.73 33.84 82169.63 Lockheed ♦ 239.40 1.57 245.37 181.91 2.66 20.98 72886.05 Lowes 79.99 -0.77 80.76 62.62 1.39 26.94 70879.52 Lyondell ♦ 79.66 -0.92 106.50 69.10 3.96 8.26 33993.08 Marathon Ptl ♦ 35.37 -1.31 60.38 29.24 3.46 9.59 18737.93 Marsh&M 66.06 -0.38 66.44 50.81 2.32 21.78 34432.66 MasterCard 96.04 -0.84 101.76 74.61 0.74 28.60 103561.37 McDonald's ♦ 121.32 0.15 131.96 87.50 2.90 23.12 106501.68 McKesson ♦ 187.21 -0.58 238.99 148.29 0.58 18.84 42126.09 Medtronic 82.79 -0.20 83.29 55.54 1.79 47.59 115992.37 Merck 56.64 -0.18 60.88 45.69 3.25 34.32 156780.96 Metlife ♦ 44.38 -1.34 58.23 35.00 3.41 9.44 48753.33 Microsoft ♦ 51.96 -0.53 56.85 39.72 2.61 39.58 408390.56 Mnstr Bvrg 152.95 0.49 160.50 113.08 - 43.07 31055.37 MondelezInt 45.05 -0.02 48.58 35.88 1.48 9.62 69920.49 Monsanto 110.68 0.32 117.11 81.22 1.94 34.22 48349.96 MorganStly 26.46 -0.82 41.04 21.16 2.29 11.49 51253.66 MylanNV 44.55 -0.41 74.66 37.59 - 28.16 22647.78 Netflix 99.23 -2.02 133.27 79.95 - 339.50 42500.09 NextEraE ♦ 121.85 2.04 121.92 93.74 2.64 20.16 56226.27 Nike ♦ 53.95 -0.58 68.20 47.25 1.16 24.01 71832.81 NorfolkS ♦ 83.24 0.07 98.75 64.51 2.86 15.16 24617.22 Northrop ♦ 215.51 2.13 218.84 152.31 1.50 19.38 38889.13 NXP 92.33 -1.17 111.97 61.61 - 20.52 31946.44 Occid Pet 74.71 -0.50 79.72 58.22 4.06 -6.82 57059.13 Oracle 39.11 0.45 45.24 33.13 1.60 18.52 162301.22 Pepsico ♦ 102.49 0.49 106.94 76.48 2.77 28.97 148038.3 Perrigo ♦ 96.93 -1.22 198.42 84.85 0.47 100.17 13882.21 Pfizer 34.61 -0.26 36.46 28.25 3.33 28.14 209904.44 Phillips66 80.03 -0.80 94.12 69.79 2.83 11.86 42062.28 PhilMorris 100.98 1.72 102.55 76.54 4.06 23.52 156646.67 PNCFin 88.07 -1.94 100.52 77.67 2.34 11.87 43975.44 PPG Inds ♦ 107.51 -0.69 118.69 82.93 1.35 20.08 28604.48 Praxair ♦ 110.07 0.26 124.17 95.60 2.66 21.09 31399.11 Priceline 1291 1.00 1476.52 954.02 - 25.16 64084.44 ProctGmbl 82.45 0.50 83.87 65.02 3.25 26.57 219480.33 Prudntl ♦ 76.39 -2.34 92.60 57.19 3.38 7.01 33764.38 PublStor 260.49 2.51 277.60 182.08 2.64 41.39 45163.42 Qualcomm ♦ 54.78 -0.11 70.05 42.24 3.54 17.17 80459.83 Raytheon 133.40 1.24 133.48 95.32 2.08 20.64 39615.65 Regen Pharm 400.06 -7.07 605.93 348.96 - 62.84 41272.37 ReynoldsAm 51.20 1.28 52.54 35.39 2.91 10.71 73072.73 S&P Global ♦ 108.84 -1.61 112.75 78.55 1.25 25.58 28799.06 Salesforce 82.68 -0.56 84.48 52.60 - -4364.11 56015.7 Schlmbrg ♦ 75.30 -0.15 92.47 59.60 2.68 59.18 94300.76 Sempra Energy 109.50 2.77 109.50 86.72 2.63 22.10 27319.89 Shrwin-Will 291.61 -0.42 309.00 218.27 0.99 25.37 26972.5 SimonProp 199.07 1.67 214.80 170.99 3.17 34.56 61594.02 SouthCpr 26.40 0.13 31.35 21.55 1.03 32.18 20425.87 Starbucks 55.05 0.43 64.00 42.05 1.32 32.22 80642.75 StateSt 61.00 -2.00 81.26 50.73 2.25 13.80 24152.36 Stryker 113.30 0.64 113.85 86.68 1.29 26.32 42372.06 Sychrony Fin 30.69 -0.59 36.40 23.74 - 11.32 25593.02 Target ♦ 68.89 0.57 85.81 65.50 3.16 13.17 41056.29
TE Connect ♦ 60.20 0.03 69.88 51.70 2.21 19.57 21528.5 Telsa Mtrs 218.71 -0.25 286.65 141.05 - -27.66 31026.12 TexasInstr 60.48 -0.28 61.24 43.49 2.40 20.92 60735.64 TheTrvelers 114.75 -0.12 118.28 95.21 2.15 10.66 33552.28 ThrmoFshr 152.89 -0.66 153.70 117.10 0.40 30.40 60164.08 TimeWrnr ♦ 75.55 -1.20 91.34 55.53 1.94 15.17 59412.09 TJX Cos 76.85 -0.15 79.20 63.53 1.08 22.75 50804.27 T-MobileUS 43.32 0.13 43.43 33.23 - 29.36 35617.08 UnionPac ♦ 85.87 1.26 102.85 67.06 2.59 15.90 72219.62 UPS B 102.81 -0.24 107.32 87.30 2.92 18.54 70985.29 USBancorp 42.24 -0.82 46.26 37.07 2.44 13.21 72923.27 UtdHlthcre 136.80 0.76 136.95 95.00 1.48 21.78 130070 UtdTech ♦ 100.59 -0.20 119.12 83.39 2.57 22.54 84180.32 ValeroEngy ♦ 54.94 -0.78 73.88 51.68 3.49 7.55 25811 Verizon 50.97 0.20 54.49 38.06 4.45 11.47 207748.02 VertexPharm 93.65 -2.17 143.45 75.90 - -56.28 23164.31
VF Cp 62.26 -0.48 77.40 52.21 2.24 22.07 25963.56 Viacom 44.79 -0.30 69.17 30.11 3.61 7.95 15517.78 Visa Inc ♦ 79.88 -0.07 81.73 60.00 0.66 28.03 152154.71 Walgreen ♦ 78.66 -0.44 97.30 71.50 1.88 24.62 86152.03 WalMartSto 70.99 0.04 75.20 56.30 2.83 15.18 223200.63 WellsFargo 50.01 -1.11 58.77 44.50 3.03 12.17 253877.77 Williams Cos 22.42 -0.18 61.38 10.22 11.31 -23.57 16827.77 Yahoo 36.75 -0.40 43.78 26.15 - -7.65 34909.53 Yum!Brnds 82.66 0.20 93.33 64.58 2.13 27.05 33679.05
Venezuela (VEF)
Bco de Vnzla 127.98 - 143.95 85.00 - - 880.09 Bco Provncl 3750 50.00 4400 2200 - 0.60 745.18 Mrcntl Srvcs 5600 - 6200 4300 0.22 20.12 613.04 Closing prices and highs & lows are in traded currency (with variations for that country indicated by stock), market capitalisation is in USD Highs & lows are based on intraday trading over a rolling 52 week period.
BONDS: HIGH YIELD & EMERGING MARKET
Day's Mth's Spread Red Ratings Bid Bid chge chge vs Jun 03 date Coupon S* M* F* price yield yield yield US
High Yield US$
Navient Corporation 06/18 8.45 BB- Ba3 BB 108.03 4.31 0.00 -0.48 3.53
High Yield Euro
Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00
-Emerging US$
Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 Brazil 01/18 8.00 BB+ Ba2 BB 105.11 4.69 -0.07 0.12 3.92 Russia 07/18 11.00 BB+ Ba1 BBB- 117.53 2.50 0.00 -0.23 1.73 Peru 03/19 7.13 BBB+ A3 BBB+ 128.75 1.95 0.00 0.00 1.18 Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Colombia 07/21 4.38 BBB Baa2 BBB 104.10 3.52 0.00 0.02 2.29 Brazil 01/22 12.50 BB+ Ba2 BB 106.43 10.94 -0.04 0.18 9.71 Poland 03/22 5.00 A- A2 A- 117.38 2.80 0.00 0.00 1.57 Turkey 09/22 6.25 - Baa3 BBB- 110.39 4.39 0.00 0.00 3.16 Turkey 10/26 4.88 - Baa3 BBB- 101.25 4.77 0.00 -0.06 3.06
Emerging Euro
Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.72 Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 0.00 0.82 Bulgaria 09/25 5.75 BB+ - BBB- 118.02 3.50 0.00 -0.12 1.79 Data provided by SIX Financial Information & Tullett Prebon Information US $ denominated bonds NY close; all other London close *S - Standard & Poor’s, M - Moody’s, F - Fitch.
BONDS: GLOBAL INVESTMENT GRADE
Day's Mth's Spread Red Ratings Bid Bid chge chge vs Jun 03 date Coupon S* M* F* price yield yield yield US
US$
Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 103.10 6.46 0.00 0.03 4.75 Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 103.10 6.46 0.00 0.03 4.75 FleetBoston Financial Corp 01/28 6.88 BBB Baa3 A- 122.48 4.43 0.00 0.04 - SunTrust Banks, Inc 01/28 6.00 BBB+ Baa1 A- 117.10 4.17 0.00 -0.06 - FleetBoston Financial Corp 01/28 6.88 BBB Baa3 A- 122.48 4.43 0.00 0.04 - SunTrust Banks, Inc 01/28 6.00 BBB+ Baa1 A- 117.10 4.17 0.00 -0.06 -
Euro
Electricite de France (EDF) 03/27 4.13 A+ A2 A 122.21 1.91 0.00 0.00 0.20 Electricite de France (EDF) 03/27 4.13 A+ A2 A 122.21 1.91 0.00 0.00 0.20 Credit Agricole S.A 03/27 2.63 BBB Baa3 A- 100.03 2.62 0.00 0.09 0.91 Credit Agricole S.A 03/27 2.63 BBB Baa3 A- 100.03 2.62 0.00 0.09 0.91
-INTEREST RATES: OFFICIAL
Jun 03 Rate Current Since Last Mnth Ago Year Ago
Japan O'night Call 0.00-0.00 05-10-2010 0.00 0.00-0.10 0.00-0.10
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25 0.25 0-0.25
INTEREST RATES: MARKET
Over Change One Three Six One
Jun 03 (Libor: Jun 02) night Day Week Month month month month year
Short 7 Days One Three Six One
Jun 03 term notice month month month year
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.
FTSE
Sterling Corporate (£) 114.02 0.54 - - 1.37 1.94 Euro Corporate (€) 108.55 0.30 - - 0.15 0.86 Euro Emerging Mkts (€) 882.25 8.54 - - 0.91 -8.35 Eurozone Govt Bond 116.42 0.39 - - 0.76 3.55
CREDIT INDICES Day's Week's Month's Series Series
Index change change change high low
Markit iTraxx
Crossover 5Y 328.33 7.55 22.82 -1.36 339.86 288.69 Europe 5Y 76.02 1.24 5.24 -2.46 82.07 67.59 Japan 5Y 67.27 -0.49 1.46 -6.64 93.03 64.22 Senior Financials 5Y 95.70 1.33 6.99 -3.22 102.83 80.36
Markit CDX
Emerging Markets 5Y 296.60 -2.76 -2.29 0.76 313.33 271.25 Nth Amer High Yld 5Y 438.50 0.94 6.82 -21.70 463.54 415.17 Nth Amer Inv Grade 5Y 77.31 -0.07 0.27 -7.41 85.25 72.99 Websites: markit.com, ftse.com All indices shown are unhedged Currencies are shown in brackets after the index names.
COMMODITIES www.ft.com/commodities
Energy Price* Change
Crude Oil† Jun 48.94 -0.04
Brent Crude Oil‡ 49.84 -0.02
RBOB Gasoline† Jun 1.62 0.00
Heating Oil† Jun 1.51 0.00
Natural Gas† Jun 2.43 0.02
Iron Ore (Platts) 50.70 1.40
Iron Ore (The Steel Index) 49.50 1.60
GlobalCOAL RB Index 56.75 0.50
Baltic Dry Index 610.00 4.00
Agricultural & Cattle Futures Price* Change
Corn♦ Jul 416.50 2.75 Wheat♦ Jul 487.00 4.00 Soybeans♦ Jul 1162.25 18.25 Soybeans Meal♦ Jul 429.10 10.20 Cocoa (ICE Liffe) X Jul 2231.00 -18.00 Cocoa (ICE US)♥ Jul 3067.00 15.00 Coffee(Robusta) X Jul 1642.00 10.00 Coffee (Arabica)♥ Jul 123.20 0.40 White Sugar X 508.20 11.60 Sugar 11♥ 18.25 0.09 Cotton♥ Jul 63.50 0.26 Orange Juice♥ Jul 157.10 -0.20 Palm Oil♣ - - Live Cattle♣ Jun 121.70 0.00 Feeder Cattle♣ Aug 146.38 0.05 Lean Hogs♣ Jun 82.00 0.00
% Chg % Chg
Jun 02 Month Year
S&P GSCI Spt 374.01 5.24 -15.73
DJ UBS Spot 87.10 2.77 -14.69 R/J CRB TR 189.32 3.24 -16.43 Rogers RICIX TR 2221.00 - -
M Lynch MLCX Ex Rtn 231.14 -9.84 -33.05 UBS Bberg CMCI TR 13.45 1.68 -15.25 LEBA EUA Carbon 5.01 -0.99 -26.32 LEBA CER Carbon 0.40 0.00 -4.76 LEBA UK Power 3504.00 21.04 51.16
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.
BONDS: INDEX-LINKED
Price Yield Month Value No of Jun 02 Jun 02 Prev return stock Market stocks Can 4.25%' 21 126.55 -0.509 -0.498 0.14 5.18 73867.86 7
Fr 2.25%' 20 113.84 -1.005 -1.016 -0.16 20.31 227646.13 15 Swe 0.25%' 22 112.11 -1.422 -1.424 0.07 29.70 237329.39 8
BONDS: TEN YEAR GOVT SPREADS
Spread Spread Bid vs vs Yield Bund T-Bonds
Spread Spread Bid vs vs Yield Bund T-Bonds Australia 2.36 2.29 0.65
Austria 0.44 0.36 -1.28 Belgium 0.46 0.39 -1.25 Canada 1.20 1.12 -0.51 Denmark 0.31 0.24 -1.40 Finland 0.35 0.27 -1.36 France 0.42 0.35 -1.29 Germany 0.07 0.00 -1.64 Greece 7.23 7.15 5.51 Ireland 0.74 0.67 -0.97
Italy 1.42 1.35 -0.29 Japan -0.11 -0.19 -1.82 Netherlands 0.17 0.09 -1.55 Norway 1.28 1.20 -0.43 Portugal 3.14 3.07 1.43 Spain 1.46 1.39 -0.25 Switzerland -0.40 -0.47 -2.11 United Kingdom 1.41 1.33 -0.31 United States 1.71 1.64 0.00 Data provided by SIX Financial Information & Tullett Prebon Information
VOLATILITY INDICES
Jun 03 Day Chng Prev 52 wk high 52 wk low VIX 13.63 0.00 13.63 53.29 10.88 VXD 12.82 -0.27 13.09 56.32 7.76 VXN 15.16 0.01 15.15 46.72 12.06 VDAX 19.15 0.41 18.74 32.55 16.71
† CBOE VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
‡ Deutsche Borse VDAX: DAX Index Options Volatility.
BONDS: BENCHMARK GOVERNMENT
Red Bid Bid Day chg Wk chg Month Year Date Coupon Price Yield yield yield chg yld chg yld Australia 10/18 3.25 103.75 1.63 0.01 0.00 0.05 -0.47
11/27 2.75 103.87 2.36 0.00 -0.02 -0.06 0.00 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00
10/26 0.75 103.18 0.44 -0.05 -0.06 0.00 0.00 Belgium 06/18 0.75 101.52 -0.01 0.00 0.00 0.00 0.00
06/26 1.00 105.26 0.46 -0.03 -0.05 -0.11 0.00 Canada 08/18 0.50 99.93 0.53 -0.05 -0.14 -0.03 0.00
06/26 1.50 102.85 1.20 -0.05 -0.15 -0.16 0.00 Denmark 11/18 0.25 101.68 -0.43 0.00 0.00 0.00 0.00
11/25 1.75 113.34 0.31 -0.05 -0.07 -0.07 -0.66 Finland 05/18 1.00 99.82 1.10 0.00 0.01 0.15 -0.09
04/26 0.50 101.48 0.35 -0.04 -0.07 0.00 0.00 France 05/19 1.00 104.23 -0.41 0.00 0.00 0.00 0.00
11/20 0.25 102.33 -0.27 0.00 0.00 0.00 0.00 05/26 0.50 100.74 0.42 -0.04 -0.05 -0.10 0.00 05/45 3.25 145.73 1.34 -0.07 -0.10 -0.15 -0.60 Germany 04/19 0.50 103.01 -0.54 0.00 0.00 0.00 0.00
10/20 0.25 103.17 -0.47 0.00 0.00 0.00 0.00 02/26 0.50 104.12 0.07 -0.04 -0.07 -0.07 0.00 08/46 2.50 147.28 0.75 -0.06 -0.11 -0.09 -0.74 Greece 07/17 3.38 96.49 6.75 0.04 0.02 -2.72 -15.34
02/26 3.00 75.47 7.23 0.01 0.06 -1.11 -3.41 Ireland 10/17 5.50 108.05 -0.38 0.00 0.00 0.00 0.00
05/26 1.00 102.47 0.74 -0.04 -0.03 -0.18 0.00 Italy 04/19 0.10 100.15 0.05 -0.01 -0.02 -0.04 0.00
06/21 0.45 100.12 0.43 -0.03 -0.01 -0.08 0.00 06/26 1.60 101.73 1.42 -0.05 -0.02 -0.14 0.00 03/47 2.70 104.10 2.52 -0.05 -0.04 -0.18 0.00 Japan 05/18 0.10 100.66 -0.24 0.00 0.00 0.00 0.00
06/21 0.05 101.30 -0.21 0.00 0.00 0.00 0.00 03/26 0.10 102.11 -0.11 0.00 0.00 0.00 0.00 03/46 0.80 113.17 0.32 0.00 0.01 0.04 0.00 Netherlands 01/19 1.25 104.50 -0.46 0.00 0.00 0.00 0.00
07/25 0.25 100.77 0.17 -0.04 -0.06 -0.08 -0.84 New Zealand 03/19 5.00 107.80 2.09 -0.01 0.01 0.08 -1.09
04/27 4.50 117.66 2.62 -0.02 0.05 0.00 -1.21 Norway 05/19 4.50 111.55 0.55 -0.02 -0.06 -0.03 -0.46
02/26 1.50 102.02 1.28 -0.04 -0.11 -0.07 0.00 Portugal 06/19 4.75 111.04 1.02 -0.01 -0.02 -0.14 -0.14
07/26 2.88 97.70 3.14 -0.01 0.11 0.00 0.00 Spain 01/19 0.25 100.67 0.00 0.00 0.00 0.00 0.00
04/26 1.95 104.50 1.46 -0.04 -0.04 -0.12 0.00 Sweden 10/18 1.00 99.69 1.14 0.00 0.00 0.17 0.00
05/25 2.50 118.21 0.42 -0.07 -0.11 -0.10 -0.52 Switzerland 05/19 3.00 111.61 -0.89 0.00 0.00 0.00 0.00
05/26 1.25 116.80 -0.40 0.00 0.00 0.00 0.00 United Kingdom 07/18 1.25 101.91 0.35 -0.03 -0.12 -0.07 -0.64
01/21 1.50 103.34 0.76 -0.05 -0.16 -0.07 0.00 07/26 1.50 100.89 1.41 -0.07 -0.16 -0.15 0.00 12/46 4.25 149.03 2.07 -0.05 -0.14 -0.16 -0.62 United States 05/18 0.88 100.20 0.78 -0.12 -0.14 0.00 0.00
05/21 1.38 100.69 1.23 -0.13 -0.15 0.00 0.00 05/26 1.63 99.22 1.71 -0.10 -0.14 0.00 0.00 05/46 2.50 99.47 2.53 -0.06 -0.12 0.00 0.00 Data provided by SIX Financial Information & Tullett Prebon Information
GILTS: UK CASH MARKET
Red Change in Yield 52 Week Amnt Jun 03 Price £ Yield Day Week Month Year High Low £m
GILTS: UK FTSE ACTUARIES INDICES
Price Indices Day's Total Return Return
Fixed Coupon Jun 03 chg % Return 1 month 1 year Yield
Day's Month Year's Total Return Return
Index Linked Jun 03 chg % chg % chg % Return 1 month 1 year
All data provided by Morningstar unless otherwise noted All elements listed are indicative and believed accurate
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Data provided by Morningstar | www.morningstar.co.uk
Trang 18FINANCIAL TIMES SHARE SERVICE
Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence
NB GFRIF 91.75 -0.05 98.85 84.25 4.31 22.88 2825.3 Paragon 306.40 -2.40 449.00 284.70 3.59 8.13 375.0
Providnt♦ 2851 2.00 3654 2641 3.62 19.04 196.2 RathbnBr 1903 -6.00 2373 1868 2.84 19.71 23.7 Record 24.50 - 41.00 20.30 6.73 8.83 4.5
S & U 2310 -25.00 2595 1996.5 2.99 17.45 0.4
Schroder 2656 3.00 3378 2320 3.13 15.95 320.6 N/V 2007 -1.00 2596 1792 4.14 12.05 30.7 SVG Cap 528.50 -7.50 565.00 435.30 - 10.27 115.0 TullettPre 327.50 -0.20 415.90 287.10 5.15 9.83 159.2 WlkrCrip 46.25 - 55.00 38.00 3.68 27.51 5.0
Food & Beverages
AngloEst 462.75 -7.25 679.00 420.00 0.69 -18.15 43.2
AscBrFdX♦ 2951 51.00 3606 2850 1.15 41.35 786.8 Barr(AG) ♦ 531.50 -5.00 642.50 482.80 2.33 18.01 28.2 Britvic ♦ 664.00 -9.50 761.50 632.00 3.46 16.16 670.2 C&C € ♦ 4.15 0.07 4.21 3.30 2.59 -16.66 47.5 CarrsGroup 142.25 -2.25 178.25 136.43 2.60 10.70 17.2
Coca-Cola H 1332 -3.00 1638 1236 1.99 23.55 498.0 Cranswk 2346 21.00 2608.91 1512.48 1.45 27.73 29.6 Dairy Cr 574.00 6.00 700.00 509.24 3.78 41.50 444.4 Devro 261.75 5.50 325.00 245.50 3.36 30.19 102.5 Glanbia € 16.90 0.18 19.59 15.50 0.59 34.28 60.3 Grncore ♦ 339.00 -4.50 396.70 262.80 1.81 26.68 2223.2 HiltonFd ♦ 560.00 -9.00 610.00 410.00 2.43 20.62 247.2 Kerry € 81.20 -0.28 84.80 62.17 0.54 28.83 35.8 Nestle SFr X 73.35 -0.10 76.95 65.70 2.89 26.36 4190.8 PremFds 42.50 - 62.00 29.65 - -1.67 2311.6 PureCircle 334.00 9.00 449.00 272.50 - 83.40 140.5 REA 269.50 -11.38 325.00 232.00 1.48 -35.53 10.0
SABMillX 4313 -7.00 4590.8 2773 1.72 35.73 1729.5 StckSpirit 164.75 2.75 207.50 97.75 1.68 23.25 132.8 Tate&Lyl 635.00 -2.50 641.85 492.20 4.41 65.90 1753.3 TongtHu R 113.60 1.97 137.25 77.85 3.55 13.81 191.1
Unilever 3199 35.00 3334.5 2450 2.78 25.24 1543.0 NV € 40.50 -0.10 42.79 32.92 2.78 24.94 1.9
Health Care Equip & Services
Bioquell 170.50 -1.50 178.00 126.00 1.94 113.67 17.6 ConstMed 948.50 -20.50 1155 872.50 1.91 94.30 3.3 GNStre kr 137.30 1.10 152.50 108.20 0.73 25.29 532.0 UDGHlthC ♦ 596.00 -1.00 629.50 452.20 1.46 34.32 909.7
House, Leisure & Pers Goods
BarrttDev 578.00 -7.00 673.50 493.90 2.61 11.21 3048.6 Bellway ♦ 2677 -18.00 2897.51 2218 2.88 9.70 217.0
Berkeley 3239 30.00 3788 2823 5.56 10.75 529.2 BovisHme 994.50 -11.50 1206 813.50 3.69 10.44 249.1 Cairn Homes € 1.08 0.00 1.23 1.00 - -7.20 2821.2 CtrySide 278.50 1.50 287.00 218.43 - 63.86 451.9 CrestNic 584.00 - 607.50 462.29 2.84 12.07 400.0 GamesWk 488.50 -1.25 625.00 455.00 10.64 12.76 52.0 Gleeson 541.00 -9.00 630.00 408.00 1.85 16.11 8.3 Headlam ♦ 479.75 1.25 550.00 456.00 3.81 14.24 8.6 McBride 149.50 -1.50 181.50 98.00 - 85.28 169.4 McCarthy&S 237.50 0.60 295.00 180.00 - 19.91 769.4
Persimn 2057 -15.00 2255 1772 - 12.36 699.2 Philips € ♦ 23.87 -0.24 26.10 20.48 - 63.03 2038.0 PZCusns 331.00 -9.50 370.00 240.70 2.42 25.83 324.1
ReckittBX 6930 88.00 7069.82 5403 1.87 28.77 1159.3 Redrow 415.00 -1.80 504.50 351.30 1.45 8.74 449.6
TaylorWm■ 190.50 -1.90 211.90 166.01 0.95 12.74 11478.2 TedBaker ♦ 2413 -14.00 3650 2244 1.75 24.31 27.1
Industrial Engineering
Bodycote 587.00 -8.00 777.00 489.90 2.49 19.84 200.3 Castings 445.00 3.00 514.50 385.00 2.99 13.04 32.3 Fenner 146.25 1.50 237.00 95.25 8.21 -12.95 126.4
Goodwin 1975 25.00 2802 1410 2.14 16.18 0.7 Hill&Sm ♦ 909.50 -19.50 1000.00 636.00 2.06 29.74 43.0 IMI 989.00 -9.00 1282 717.00 3.83 22.27 363.0 MelroseInd 388.90 -2.90 2046.17 274.00 14.28 -35.45 777.5 Renold 40.38 0.13 86.00 28.20 - 15.80 89.4 Rotork 193.30 -3.90 260.30 150.30 2.61 22.45 1978.0 Severfd 47.00 -0.25 75.00 46.75 1.06 102.40 57.9 SKF SKr 144.70 -1.50 209.90 120.00 3.87 16.80 1335.2 Spirax-S 3459 -18.00 3725.04 2664 1.95 26.74 61.1 Tex 123.50 - 132.00 99.30 4.86 6.74 16.8 Trifast 134.00 -0.50 140.50 101.96 1.57 16.03 12.1 Vitec 500.00 -4.00 670.85 485.00 4.84 17.11 163.9 Weir ♦ 1180 6.00 2001 764.50 3.73 - 1658.5
Industrial General
BritPoly 720.00 0.50 755.00 606.25 2.36 11.28 12.4 Coats Group 28.75 - 31.00 21.25 - 23.80 922.2 ExovaGroup ♦ 171.00 2.00 195.00 123.00 1.75 25.07 2.3 JardnMt $ X 54.95 -0.90 61.03 45.00 2.60 11.61 176.8 Jard Str $ X 29.00 -0.49 33.00 25.24 0.93 9.05 149.9 Macfrlne ♦ 61.50 - 69.82 40.00 2.73 14.13 41.6
REXAM 633.00 5.50 644.50 502.50 2.80 24.63 4976.2 RPC 810.00 -0.50 864.50 614.00 1.77 41.52 2727.8 Smith DS 387.20 -1.60 423.70 329.10 2.94 28.14 856.5 Smiths 1117 1.00 1243 858.00 3.67 15.40 764.7 SmurfKap 1896 -1.00 1948 18.24 2.51 13.50 1613.0 Vesuvius 328.90 -5.10 447.90 265.10 4.95 18.79 81.7
Industrial Transportation
BBA Aviat 202.70 0.50 238.22 149.70 3.94 25.91 1599.7 Braemar 441.00 -4.00 511.00 410.00 5.90 20.05 7.1 Clarkson 2266 - 2855 1710 2.69 33.68 11.2 Eurotunnl € 11.40 -0.07 13.88 8.84 1.49 60.37 812.8 Fisher J 1328 18.00 1523 894.50 1.71 16.78 64.2 Flybe Grp 53.00 0.50 99.00 49.98 - 17.67 164.8 OceanWil 787.50 - 924.90 696.50 5.42 26.53 0.6
Leg&Gen♦ 232.80 -2.90 277.50 199.50 5.07 12.90 12143.7 NovaeGp 835.50 -4.50 914.39 695.00 3.05 10.56 37.0
Old Mut 178.20 1.10 230.00 148.07 4.99 14.14 8627.2 PermTSB € 2.06 -0.06 5.46 1.81 - -2.18 235.9 PhoenixGrp 865.00 -6.00 952.00 777.00 6.17 9.65 523.6
PrudntlX 1330 -20.00 1665.19 1045.99 2.86 13.18 4144.9
RSA Ins 484.50 -0.20 528.00 371.00 1.14 70.22 3039.0 SagicFin 63.50 - 63.50 53.00 8.77 5.10 0.0
StJmsPl 904.00 -5.00 1031 800.50 2.78 23.44 811.5
Stan Life 327.20 -6.40 487.10 309.58 5.33 24.42 3525.0
Media
4imprint 1327 -43.00 1385 1039.3 1.73 24.22 1.0 Centaur 50.13 -2.88 87.09 47.93 5.59 -10.40 803.5 Creston 91.00 - 163.00 86.00 4.62 11.83 14.9 DlyMailA 679.00 - 989.50 601.50 3.15 9.78 465.8 HaynesPb 101.50 1.50 129.90 95.00 7.39 -1.94 3.0 ITE Grp 145.25 6.75 196.00 125.25 5.09 14.29 468.4
ITV 213.50 1.00 281.90 201.64 2.44 17.26 13540.4 JohnstnP 34.75 -0.75 160.00 34.75 - -72.55 23.5
Pearson 836.50 -13.00 1320 644.50 6.22 -19.32 2145.4 Quarto ♦ 237.50 - 274.00 183.38 3.62 7.79 1.0 RELX NV € 15.45 -0.05 16.75 12.64 2.37 25.45 1636.4
RELX PLCX 1260 5.00 1323 988.50 2.10 26.59 2045.1 STV Grp 353.00 -18.00 520.00 344.33 2.55 12.17 348.5 ThmReut C$ X♦ 54.56 -0.54 55.92 47.25 3.23 27.21 254.0 Wireless Gr ♦■ 177.25 -0.75 267.92 160.00 5.73 7.00 49.6
WPPX 1581 -16.00 1690 1273 2.69 17.89 3305.5
Mining
Acacia 329.80 22.70 355.18 154.00 0.88 -7.47 686.5
AngloAmer 617.90 30.40 1058.53 215.55 9.41 -2.09 9357.2 AngloPacif 83.25 2.50 97.00 49.00 9.61 -5.92 694.4 AnGoldA R 236.14 17.05 244.44 71.59 - 195.68 3240.6 Barrick C$ ♦ 24.29 2.06 25.44 7.89 0.59 -7.26 4564.3
BHP Bltn 833.60 28.00 1418.03 571.60 9.55 20.08 9962.9 BisichMg 70.50 5.00 94.70 60.00 7.09 -29.06 3.3 EVRAZ 111.60 1.70 171.00 54.00 - -3.67 1532.1
Fresnillo 1123 79.00 1171 569.63 0.31 172.96 1527.3 GemDmnd ♦■ 138.00 5.00 159.75 94.75 2.46 5.54 194.5 Harmony R 51.29 4.66 62.89 7.92 - -3.90 1770.5 Hochschild 151.00 7.00 163.15 38.75 - -4.26 1555.2 Kenmr 0.85 0.10 4.10 0.27 - -0.58 4531.4 Lonmin 180.50 4.25 14790 35.75 - -0.22 1250.8 Petra 118.00 2.00 176.60 52.77 1.72 62.93 923.8 Petropvlsk 7.79 0.14 9.11 5.09 - -1.64 2612.6 PolymtIntl 849.00 17.00 850.72 424.20 1.69 23.97 885.1
RndgldRs 6250 400.00 6885 3546 0.72 42.99 649.4
RioTintoX 1895 29.50 2917.5 1557 8.11 -58.85 5005.0 Troy Res A$ 0.55 -0.02 0.77 0.19 - -1.21 1079.1 VedantaRs 375.00 2.20 628.00 195.16 11.10 -0.74 310.7
Oil & Gas
Aminex 1.30 - 2.33 1.18 - -9.56 2095.2
BPX♦ 358.55 5.45 453.55 249.44 7.80 -9.80 34736.1 Cadogan 8.25 - 13.25 7.75 - -1.21 5.0 CairnEng 196.00 0.70 232.00 124.70 - -3.20 614.9 Cape ♦ 205.00 -2.00 262.50 199.00 6.83 12.06 41.6 ExxonMb $ X♦ 88.31 -0.22 90.46 66.55 3.34 28.12 3846.1 GenelEgy 133.00 5.25 564.50 71.75 - -0.47 2752.6 GeoPark $ 2.30 -0.01 5.40 1.90 - -0.63 0.6 GrnDnGas 242.50 - 362.50 200.00 - 6736.11 2.6 GulfKeyst 4.26 -0.05 40.99 3.52 - -0.44 3688.9 HellenPet € 4.13 0.11 5.65 2.74 - 20.44 115.5 Hunting 310.50 -5.00 677.00 232.00 5.89 -2.93 594.9 ImpOil C$ X♦ 41.36 -0.13 49.89 37.25 0.87 57.96 143.4
IE Hldgs 13.75 0.50 127.99 4.00 - -0.29 131.2 JKX 21.50 - 29.50 14.40 - -0.67 1.6 Nostrum 324.50 -1.25 623.50 203.00 5.72 -8.18 174.5 OphirEgy 71.55 0.70 136.40 63.49 - -2.24 1595.8 PremOil 69.00 1.00 170.50 19.00 - -0.49 4601.5
RylDShlAX♦ 1676 15.00 1950 1256 7.76 -78.50 5385.2
B♦ 1683 17.50 1970.01 1261.03 7.73 -78.83 4725.0 Schlmbrg $ X♦ 75.30 -0.15 92.47 59.60 2.68 59.18 1327.6 SEPLAT ♦ 90.63 2.38 126.90 54.80 9.83 31.22 2.6 Soco Int ♦ 119.75 -0.75 201.40 115.00 8.68 -17.19 385.4 TrnCan C$ X 55.48 -0.20 55.78 40.58 3.87 -28.21 519.5 Tullow 236.30 5.60 400.50 116.26 - -3.07 5367.4
Pharmaceuticals & Biotech
BTG 673.50 -8.00 716.00 504.00 - 56.58 634.2 CathayIn 17.25 - 28.29 7.10 - -7.07 12.1 Dechra 1134 -44.00 1250 902.50 1.49 49.42 362.4 Genus 1556 21.00 1629 1256 1.25 31.44 14.9
GlaxoSmhX♦ 1459 14.50 1532.1 1227.5 5.48 116.13 7660.0 HikmaPhm 2331 31.00 2520 1575 0.76 27.40 464.4 Oxfd Bio 5.45 -0.06 10.96 5.00 - -10.76 2017.0 RichterG $ ♦ 20.72 0.07 20.76 14.10 0.59 20.42 0.0
ShireX 4407 -42.00 5870 3423 0.41 28.17 5114.3 VecturGp 161.80 0.10 200.10 145.30 - 134.39 1666.5
Real Estate
Harworth Gr 96.50 - 143.70 92.00 - 3.12 11.0
REITs
Assura 55.95 -0.10 64.00 50.00 3.49 10.13 814.8 BigYellw 854.50 13.50 893.50 620.00 2.54 10.17 101.2
BritLand 738.00 8.00 879.00 642.27 3.77 5.38 3356.7 Cap&Reg 60.75 - 71.50 55.00 3.46 4.43 373.8 Countrywd 370.00 - 608.00 312.20 4.05 19.66 137.8 DrwntLdn ♦ 3301 57.00 3891 2904 1.23 4.77 211.3
Gt Portld ♦ 747.00 11.00 892.50 681.00 1.20 4.06 895.3 Green Reit € 1.46 -0.03 1.64 1.30 - - 24.7
Hammersn 573.50 6.50 689.50 531.00 3.68 6.19 1744.6 Hansteen 103.10 -0.40 126.16 99.68 4.95 5.82 347.1 HIBERNIA 1.28 -0.01 1.45 1.18 - - 11641.2 Highcrft 955.00 - 1090 910.00 3.88 17.19 0.0
INTU 298.20 3.20 355.70 269.20 4.59 8.08 1909.1
LandSecs 1163 15.00 1355 963.00 2.76 4.41 1620.1 LondonMtrc 161.70 1.80 172.10 152.20 4.33 6.55 3593.4 McKaySec ♦ 215.00 -3.50 279.75 210.00 4.05 3.75 245.4
MucklGp ♦ 460.13 -4.88 530.00 445.00 4.53 6.72 207.5 PrimyHth 107.25 -0.25 113.50 95.00 4.66 10.15 947.5 Redefine ♦ 44.91 0.02 57.95 41.83 7.24 15.75 1826.8 SEGRO 439.70 6.30 466.70 394.51 3.37 4.92 1073.5 Shaftbry 921.00 11.00 975.50 809.36 1.49 7.01 430.0 Town Ctr ♦ 300.00 - 336.75 272.00 3.48 7.15 0.1 Wkspace 850.00 2.00 989.50 705.50 1.42 3.95 201.1
Real Estate Inv & Services
Cap&Count ♦ 340.20 2.50 475.10 312.10 0.44 6.68 674.1 CLS 1557 -43.00 2037 195.00 - 5.09 2.9 Daejan 5965 -35.00 6614.2 5380 1.37 6.14 2.0 Grainger ♦ 241.20 2.80 256.00 201.40 1.14 19.23 623.9 HelclBar 394.00 -0.75 475.50 355.00 1.84 4.18 48.9
HK Land $ 6.02 -0.02 8.63 5.55 3.11 7.15 1890.9 Lon&Assc 25.00 - 40.10 19.50 0.62 -8.77 2.9 MacauPrp 115.13 -1.63 222.00 111.00 - -1.80 8.0 Mntview 10850 -100.00 12439.08 10774.94 2.53 11.81 0.4 RavenRuss 32.00 - 58.00 28.50 - -1.64 33.5 RavenR Prf ♦ 126.25 - 143.00 115.00 9.50 - 6.8 RavenR Wrt 15.00 -0.50 34.00 8.15 - - 4.0 Safestre 357.00 -3.00 370.00 269.50 2.32 6.87 113.3 Savills 780.00 -5.00 990.50 650.85 1.44 16.83 101.3 SchroderRE 58.75 -0.50 62.00 54.50 4.22 7.19 245.1 Smart(J) 108.00 1.00 114.80 97.25 2.74 16.76 10.1 StModwen 326.00 1.60 499.40 285.60 1.55 3.71 210.1 U+I ■ 192.00 0.25 293.00 178.50 3.07 11.00 47.5 UNITE Gp 650.50 2.00 706.00 567.00 2.23 4.33 202.4 Urban&C 250.00 -1.50 291.00 235.50 1.06 8.14 18.1
Retailers
AA ♦ 280.50 -3.90 423.30 246.00 1.25 278.55 808.9
AO World 175.00 1.00 198.00 118.60 - -75.82 543.0 AshleyL 24.00 -0.25 35.00 22.00 8.33 9.34 63.6 Caffyns 582.50 2.50 665.00 480.00 3.48 1.70 1.8 Card Factor ♦ 363.50 4.00 401.50 269.00 2.56 18.68 185.3 Dairy Fm $ 6.61 -0.16 8.98 5.56 3.43 21.39 203.9 Debenhams ♦ 70.80 -0.50 95.15 63.75 4.80 8.87 2590.1 Dignity ♦ 2553 -11.00 2643 2038.44 0.79 22.30 38.8
DixonsCar 432.40 1.80 506.50 398.90 - 20.40 2077.3 Dunelm 940.00 -11.00 1023 803.50 2.18 19.88 57.3 Findel 165.00 -0.75 254.75 162.00 - -23.84 8.8 Halfords 408.30 -6.00 563.51 310.80 3.58 12.25 855.3 Inchcape ♦ 675.50 -3.50 874.00 657.50 3.05 17.14 670.1 JDSportsF 1307 3.00 1321 635.00 0.54 30.10 216.5 Lookers 142.80 0.50 188.80 130.28 2.06 11.35 437.4
Marks&Sp♦■ 356.60 - 585.32 347.70 5.05 13.66 12434.7 MossBros ♦ 106.00 -0.25 112.00 88.00 5.05 23.56 42.8
Next 5350 -35.00 8175 4900 2.86 12.32 509.6 Ocado 263.60 -13.90 478.50 226.80 - 231.03 1784.4 Photo-Me 152.25 -3.00 185.50 131.75 3.21 21.91 430.3 Saga ♦ 209.50 -0.50 225.10 170.80 3.01 15.87 2722.5 SuperGroup 1496 66.00 1733.49 1128 - 30.57 250.0
TescoX 162.00 -7.50 227.35 137.00 - 58.70 31356.2
Support Services
Acal 258.00 3.00 334.75 235.25 2.95 24.23 15.6 Aggreko 1131 -10.00 1574.2 762.05 2.40 17.87 523.7
AshtdGp 977.50 -2.00 1168 749.00 1.66 13.20 1294.4 AtknsWS 1340 -13.00 1677 1110 2.72 13.77 81.5
Babcock 1032 -4.00 1152.76 840.00 2.29 19.26 630.9 Berendsen 1225 - 1235 946.50 2.49 23.66 198.5 Brammer 190.25 -5.00 330.00 136.50 5.62 26.56 828.6
Bunzl♦ 2047 8.00 2108 1665 1.77 29.18 505.6
Capita 1052 -7.00 1336 982.00 2.86 133.86 936.7 Carillion ♦ 271.70 -2.20 363.90 243.80 6.57 9.72 1018.0 Comnsis 39.75 0.50 57.00 36.25 5.18 5.70 128.7 ConnectGp 157.50 -2.50 175.00 129.75 5.84 14.79 228.5
DCC♦ 6285 5.00 6740 4522.72 1.35 40.94 197.9 DeLaRue 546.00 -1.50 585.00 395.50 4.58 14.07 102.3 Diploma ♦ 756.00 6.00 846.50 600.29 2.41 23.41 99.7 Elctrcmp 283.60 -3.80 293.86 167.55 4.14 29.84 409.7 EnergyAst 670.00 -12.00 695.00 433.64 - 22.90 2.2 Essentra 829.00 -6.50 1038 660.00 2.28 32.13 476.3
Experian 1296 - 1307 1017 2.03 28.59 1238.2 HarvyNah 69.63 -0.75 107.00 68.00 5.30 7.42 6.9 Hays 134.50 -0.70 173.70 112.60 2.05 17.55 2551.3 Homesve 488.00 -2.00 501.50 353.68 2.54 27.89 316.5 HowdenJny ♦ 503.00 2.00 538.50 440.46 1.85 18.49 813.4 Intserve 319.20 -16.60 673.00 276.00 7.33 6.76 1550.1
Intertek 3167 11.00 3377 2296 1.58 -14.13 325.7 Lavendon 132.50 0.25 211.50 120.75 3.70 27.12 88.3 MngCnslt 16.75 0.25 17.25 12.94 3.55 -10.47 187.6 MearsGp 384.25 -3.00 475.00 361.75 2.67 19.12 72.7 MenziesJ ♦ 522.00 -1.50 535.00 357.50 2.51 31.73 43.4 MichaelPge ♦ 389.80 -4.00 568.00 358.30 2.87 18.48 433.2 MITIE 280.70 -2.10 341.00 236.50 4.17 14.04 659.7 PayPoint 978.00 20.00 1112.15 709.00 3.94 33.16 53.6 PremFarn ♦ 114.50 -2.25 197.40 87.75 9.08 9.64 493.5 Rentokil 178.50 -1.10 183.30 138.70 1.51 26.21 1572.9 Ricardo 844.00 -18.00 958.00 764.60 1.97 21.02 65.3 RbrtWlts ♦ 320.00 - 478.00 298.00 1.97 17.10 16.8 RPS 193.00 -0.25 246.75 162.00 4.70 62.46 282.8 Shanks # 80.50 -0.50 113.50 68.75 4.29 -42.17 0.7 SIG 133.60 0.40 209.90 117.00 3.50 21.94 5602.9 SpeedyHr 39.00 -0.50 77.00 27.94 1.79 -14.18 138.3
St Ives 96.25 -4.75 248.17 96.00 7.43 27.63 109.5
Vp 719.75 -10.25 816.00 640.00 2.29 14.52 1.3 Watermn 96.00 -1.00 101.68 65.00 2.08 14.82 45.9
Wolseley 3746 -40.00 4398 3214 2.42 16.80 893.1
Tech - Hardware
ARM Hldgs 991.50 7.50 1332.5 811.50 0.77 40.66 3816.4 Laird ♦ 335.20 -8.90 413.30 314.90 3.77 -107.92 314.0 SpirentCM 79.50 -0.25 98.75 64.25 3.30 53.93 60.2
Tech - Software & Services
AVEVA 1621 1.00 2350 1221 1.88 36.66 114.1 Computcnt 838.50 -1.50 885.00 705.00 2.33 10.21 106.8 DRS Data 8.00 - 13.95 7.10 - -1.32 9.0 Elecdata 75.00 1.50 79.60 62.00 6.67 40.41 38.6 MicroFoc 1621 -14.00 1645 1150 1.92 40.81 425.5 NCC Grp 289.80 4.80 326.00 208.00 1.37 45.50 219.3
RM 130.00 -3.50 185.00 130.00 3.26 7.30 247.4
Sage 622.50 2.00 639.00 363.39 2.10 38.37 2452.5 SDL 417.00 -3.00 463.75 315.00 0.60 -11.02 4.2 TriadGp 25.25 - 43.00 14.50 - 8.82 8.5
Telecommunications
BTX 431.85 -1.65 502.60 404.00 2.99 14.54 11274.1
Inmarsat 715.00 5.50 1153 700.50 4.75 18.68 2102.0 KCOM Gp 111.00 2.25 124.50 86.00 4.84 44.45 2313.7 TalkTalk 240.30 -0.90 412.70 184.00 5.74 45.23 1058.7 TelePlus 1029 2.00 1215 780.00 3.89 25.08 97.1
CompassX 1300 6.00 1312 963.00 2.26 23.70 2134.4 EntInns 96.25 -0.75 135.10 69.80 - -13.38 556.1 FirstGrp 106.50 -0.90 129.90 79.55 - 19.24 1610.1 Fuller A 1026 -4.00 1250 993.75 1.53 20.35 5.2 Go-Ahead 2541 -9.00 2758 2134.59 3.54 18.96 32.2 GreeneKg 886.00 1.50 985.00 766.00 3.24 21.82 347.2 IrishCtl € ♦ 5.72 0.17 5.72 3.80 1.76 21.28 17.3 Ladbrokes 134.60 -1.20 150.00 92.85 4.16 256.38 7410.4 MandarO $ 1.43 0.01 1.72 1.18 4.82 19.58 85.1 Marstons ♦ 151.70 -0.70 177.00 142.70 4.42 -32.12 746.6 Natl Exp 335.10 -0.50 353.10 268.50 3.17 16.08 292.3 PPHE Htl 822.50 32.50 840.00 464.50 2.43 11.53 7.8 Restaurt 357.60 3.00 728.00 265.00 4.50 10.44 1686.0 Stagech 256.30 -1.50 420.20 240.60 4.10 11.13 728.5 ThomasCook 71.50 -0.45 147.77 69.96 - 19.56 13915.5
TUI 1049 7.00 1287 956.50 4.23 50.69 587.6
Whitbrd♦ 4182 18.00 5315 3641 2.04 19.54 634.2 Willim H 308.00 1.50 432.10 294.10 3.99 14.36 2372.1
Utilities
Centrica♦ 202.10 1.20 286.67 182.50 5.92 -13.56 17191.7 DeeVally 1295 - 1484 1270 4.83 16.89 0.3 Drax 295.30 -2.60 394.60 205.10 4.17 21.36 695.2
Natl GridX♦ 979.00 19.40 1015.5 806.40 4.38 17.06 6562.0 Pennon 850.50 8.50 901.00 711.90 3.80 23.08 1522.5
Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence
WH Ireland 92.50 0.50 130.00 81.10 2.16 -32.99 238.9
Food & Beverages
FinsbryFd 116.50 - 124.00 79.08 2.15 17.34 190.8 Nichols 1408 5.00 1496.81 1086 1.65 23.37 11.5 RealGdFd 35.50 -0.50 59.40 34.10 - 25.71 101.1 Wynnstay 410.00 - 610.00 396.00 2.56 11.96 0.4
Health Care Equip & Services
Advnc Med ♦ 199.50 -1.25 202.26 135.00 0.37 29.85 214.5 AVO 6.75 0.13 10.25 4.75 - -14.67 2151.2 CareTech 241.50 - 262.15 210.00 3.31 17.50 5.3 CircleHldgs 20.25 - 48.98 9.00 - -4.30 3.8 ImmunDiag 149.00 - 320.69 135.00 2.01 34.21 23.2 Tristel 116.50 10.00 152.00 80.50 2.33 30.22 135.8
House, Leisure & Pers Goods
Airea 19.50 - 23.00 15.50 4.62 14.52 131.4 Churchll 780.00 - 860.00 502.00 2.13 21.12 3.4 gamingrealm 20.75 -0.25 34.80 17.50 - -6.01 106.2 Mulberry 1037.5 - 1050 825.00 - -713.55 4.5 Portmern 1162.5 12.50 1275 880.00 2.33 17.75 17.9 TelfordHms 369.50 -0.25 492.75 306.85 3.00 7.70 456.3 WalkerGb 192.50 -0.50 244.85 184.00 1.25 20.22 57.1
Industrial Engineering
600 Grp 9.00 - 19.50 7.00 - 6.48 1.0
MS Intl 182.50 - 227.50 137.40 4.38 22.26 4.8 Pres Tech 135.00 0.50 275.42 90.00 6.22 28.05 6.2
TP Group 3.88 - 5.96 1.76 - -8.55 60.5
Industrial General
Powerflte 71.50 1.00 100.98 64.00 1.55 11.15 87.1 RM2 24.00 - 73.00 23.00 - -2.42 130.9
Insurance
Helios 180.00 - 210.00 157.00 0.83 23.38 0.3
Media
Avesco 213.50 - 254.00 140.00 3.04 17.36 18.5 Cello Gp 98.50 - 106.70 77.10 2.68 28.60 61.3 M&Csaatc 343.50 4.75 374.75 278.75 1.89 38.00 15.4 MissionMk 39.50 - 50.00 38.14 2.91 8.44 19.7 Next15Cm 272.50 - 305.00 177.00 1.36 48.91 4.8 YouGov 183.50 6.00 187.00 101.50 0.54 40.95 44.1
Mining
AMC 4.35 0.02 44.58 3.89 - 4.33 619.7 BotswanaD 1.73 -0.18 2.99 0.63 - -11.90 1056.0 CentAsiaM ♦ 162.50 5.50 188.00 118.21 7.67 12.10 87.8 Connema 2.40 0.03 4.30 1.00 - -6.82 436.0 C'royG&NR 28.00 -0.50 38.50 0.28 - -6.48 29.4 GrekaDrill 2.11 -0.10 8.48 1.75 - -2.03 582.6 HighldGld 90.00 2.75 100.25 37.00 4.61 -41.82 994.3 KarelianDd 0.98 - 1.54 0.50 - -36.11 2107.0 OracleC 3.20 0.50 3.30 1.10 - -27.12 17156.5 ShantaGold 5.88 - 8.75 4.00 - -2.32 1527.8 SierraRut 22.50 - 30.33 15.00 - -13.12 114.9 Sirius Min 19.25 -0.25 29.50 10.28 - -56.95 5495.8 Stratex 1.93 - 2.66 1.06 - -22.38 402.7 ZincOx 0.63 - 18.00 0.47 - -0.16 420.7
Oil & Gas
AmeriRes 27.50 0.25 39.75 16.69 - -16.17 1560.9 AndesEnrg 19.38 -0.13 33.50 14.94 - -14.28 297.0 BahamasP 1.65 - 3.25 0.92 - -6.27 1643.9 BorSthnPet 2.01 0.01 6.19 1.25 - -4.06 157.2
ClontarfEn 0.19 - 0.57 0.13 - -3.85 383.8 Egdon Res 10.88 0.13 17.00 6.60 - -5.09 25.2 EuropaOil 4.13 0.13 9.72 2.31 - -7.05 752.5 GETECH 26.00 - 61.00 21.75 8.46 21.21 0.4 Infrastrata 2.33 - 4.45 1.01 - -0.47 318.9 Iofina 17.63 0.13 33.17 4.25 - -11.13 238.1 Ithaca Engy 59.75 - 60.00 16.00 - 41.99 1205.8 PetrelRes 6.38 1.63 7.18 2.00 - -3.12 1921.8 Petroceltic # 7.50 - 120.50 3.50 - -0.10 49.0 PetroNeft 2.13 -0.08 5.00 1.86 - -3.13 1200.0 Rockhop 38.50 1.00 80.00 24.00 - 15.58 672.1 Sound Oil 16.75 -0.13 21.75 12.50 - -10.63 927.6 UnJackOil 0.17 0.01 0.27 0.10 - -6.88 16919.9 VictorOil 35.50 0.50 75.00 23.11 - 33.27 100.7
Pharmaceuticals & Biotech
Abcam 657.00 7.00 690.00 493.75 1.25 36.22 454.0 AllcePharm 47.75 -0.13 63.00 38.00 2.16 10.50 969.6 Epistem 90.00 - 288.00 70.00 - -2.06 3.0 e-Thera 14.75 - 42.40 12.00 - -4.42 14.3
GW Phrms 536.50 -4.00 708.55 211.00 - -20.37 645.2 HtchChMd 1912.5 -10.00 2896.6 1560 - -44.01 5.8 ReNeuron 3.38 0.25 6.50 2.26 - -7.02 2279.9 Sareum 0.87 - 1.20 0.17 - -18.02 6478.0 SinclairIS 35.00 -1.00 61.33 32.00 - -14.33 134.4 Vernalis 45.25 0.50 88.29 41.58 - -68.05 0.0
Real Estate
FltchKng 47.50 - 62.00 38.00 4.74 4.08 20.0 InlandHms 76.25 - 89.00 64.37 1.31 3.65 60.8 Lok'nStor ♦ 327.50 - 374.00 279.04 2.44 22.30 10.6 LXB Retail 63.00 - 104.00 60.38 - - 2227.2 NewRiver 317.00 -0.50 362.00 300.00 5.44 8.42 549.1 Palace Cap 360.00 - 405.00 320.00 3.61 6.20 8.8 PnthrSec 392.50 - 403.00 303.00 4.59 10.15 0.3 PSPI 53.00 0.50 54.52 28.20 - -15.81 7.8
SIR 284.50 0.50 300.00 235.40 - 13.95 45.3 SiriusRE € 0.53 0.01 0.54 0.42 2.89 8.80 679.5 SumGermny € 1.01 - 1.03 0.84 3.39 8.04 30.0 TaliesinPr 2850.5 -2.00 2915 2208.5 - 5.39 0.1
Retailers
ASOS 3490 -5.00 4076 2443 - 77.35 604.6 Koovs 53.25 5.50 75.18 10.66 - -1.79 1928.3 StanlGib 13.38 -0.50 262.00 13.05 37.38 -5.99 928.7
Support Services
AndSyks ♦ 322.50 - 355.00 236.00 7.38 12.62 3.3 Begbies 43.50 -0.75 51.08 38.50 5.06 -34.52 167.2 Christie 97.00 - 155.00 88.00 2.58 9.62 20.7 Empres 88.50 - 106.90 64.00 0.79 9.63 16.4 Hargreaves 174.50 -1.50 403.25 155.00 17.19 7.52 37.5 Impellam 750.00 - 870.00 692.00 0.83 12.25 4.6 JhnsnSrv 98.25 0.50 99.75 81.50 1.88 30.70 278.0 JourneyGp 197.50 3.00 208.72 140.00 0.84 17.21 24.2 LonSec 2075 - 2400 1800 3.28 20.74 0.0 Matchtech ♦ 418.75 -0.13 587.80 393.50 5.25 13.90 3.3 NewmkSec 2.88 -0.08 4.93 2.65 3.48 10.27 837.7 NWF 153.00 - 206.75 128.13 3.53 12.42 1.0 Petards 13.63 - 15.00 10.00 - 6.21 2.5 RedhallGp 6.38 - 13.25 5.00 - -1.02 551.8 Renew ♦ 368.00 5.75 418.00 297.40 1.90 16.38 188.2 Restore 349.00 -1.00 352.60 235.29 0.74 52.88 234.7 SafeCharge 227.50 - 297.00 225.00 2.82 22.67 15.1 Servoca 27.00 - 34.75 20.00 - 15.55 20.0 Tribal Grp 59.50 3.25 164.00 19.16 2.30 -1.72 215.2 Utilityws ♦ 149.50 -0.50 288.25 115.00 3.34 7.23 102.5
Tech - Hardware
AminoTech 101.00 - 171.00 100.00 5.06 167.77 150.7 IQE 19.00 -0.25 27.00 15.78 - 6.54 429.5
Tech - Software & Services
Blinkx 21.50 -1.50 36.00 14.75 - -1.35 173.4 BondInt 99.50 12.00 144.73 84.00 2.21 18.53 82.8 Brady 66.50 - 110.13 33.60 2.78 -31.86 5.5 Datatec 210.50 - 370.00 158.00 2.47 9.90 1.0 DDD 0.45 -0.03 3.94 0.25 - -0.35 3276.9 Eckoh 53.50 0.50 56.00 35.89 0.69 78.45 345.2 EgSoltns 56.00 2.50 75.40 48.00 - 75.57 10.0 Ingenta 127.00 - 147.55 114.00 - -11.26 0.0 Iomart 275.00 7.75 310.00 198.82 0.91 32.18 140.6 K3BusTc 348.50 1.00 377.00 232.00 0.43 27.47 8.8 mporium 8.75 0.25 11.25 3.62 - -5.37 249.6 OMG 45.00 - 51.56 39.00 1.44 26.90 30.5 Progility 0.78 - 6.09 0.55 - -0.51 11.9 SciSys 72.00 0.50 84.50 38.50 1.63 60.00 15.8 WANdisco 167.50 -2.50 257.50 69.75 - -2.38 2.0
Telecommunications
AltNetwks 330.50 -0.50 545.00 279.16 4.57 14.17 10.7 Peoples Op 18.25 - 142.92 15.00 - -1.65 23.0
Travel & Leisure
32Red PLC 138.75 -3.25 186.00 54.30 1.80 121.50 97.2 Celtic 74.00 - 79.00 70.68 - 88.84 0.7 6%CvPf 65.00 - 80.00 35.00 4.98 - 0.5 Cv Pf 135.00 - 150.00 120.00 - - 0.8 Cortex Hold 37.25 - 41.50 26.00 - 6.64 114.1 Dalata 372.50 - 410.00 251.50 - 34.92 65.4 Dart 628.00 -20.50 684.00 385.77 0.48 9.93 301.3 GoalsSocc 110.00 6.50 222.00 83.14 1.82 -10.57 1619.3 MinoanGp 6.88 -0.13 14.47 6.00 - -7.73 174.9 PeelHtls 99.00 - 110.00 90.00 1.52 19.52 0.1
Utilities
ModernWtr 5.13 -0.38 14.00 5.00 - -1.08 1407.6 SeaEnergy # 2.38 - 15.75 1.00 - -0.25 70.5
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm
JPMGIConv ♦ 90.25 1.00 104.75 84.25 4.99 96.5 -6.5 JPM GEI 91.75 0.25 116.00 72.94 5.34 97.9 -6.3 JPM I&C Uni ♦■ 321.00 - 370.00 318.25 - 337.9 -5.0 JPM Inc&Gr 101.00 - 113.45 96.00 4.65 107.5 -6.0 JPM Ind 537.50 2.00 554.50 430.00 - 609.0 -11.7 JPM JpSm 270.25 -1.75 289.00 210.00 - 319.5 -15.4 JPM Jap 287.00 -4.50 305.00 233.50 0.98 338.2 -15.1 JPM Mid 1000.00 -10.00 1100 876.09 2.00 1032.0 -3.1 JPM O'seas 211.00 2.00 221.20 170.50 1.52 - - JPMRussian 337.00 -5.25 365.00 259.50 3.86 395.4 -14.8 JPMSnrSec 87.50 - 101.05 82.00 7.03 88.0 -0.6 JPM Smlr 813.50 -5.50 929.20 805.00 1.35 989.4 -17.8 JPM US Sml 178.00 -0.50 185.22 148.00 - 203.5 -12.5 KeystoneInv ♦ 1655 5.00 1900 190.00 3.08 1805.2 -8.3 Law Deb 474.00 -1.25 538.00 432.50 3.42 517.2 -8.4 Lazard Worl 245.88 0.13 280.45 227.00 1.41 291.4 -15.6 LinTrain £ 647.50 10.00 655.00 435.00 0.99 459.1 41.0 Ln&StLaw 340.50 5.50 374.10 314.76 4.23 360.7 -5.6 Lowland 1261.5 1.50 1440 1095 3.33 1320.5 -4.5 M&GHighInc 157.00 - 174.00 140.00 4.27 166.0 -5.4 Majedie 257.00 3.75 281.21 230.75 3.11 269.8 -4.7 Man&Lon 239.75 -2.13 250.25 225.00 1.33 312.0 -23.2 MCGlobPort 181.00 -1.00 190.50 155.00 2.27 182.8 -1.0 MCurPac 271.50 -3.50 319.24 236.73 2.76 321.1 -15.4 MercantIT 1694 -8.00 1845 1532.56 2.77 1926.8 -12.1 MrchTst 402.00 1.25 493.88 374.50 5.97 429.1 -6.3 Mid Wynd 345.75 1.50 346.59 312.00 1.16 346.0 -0.1 Miton Globa 166.00 - 166.44 145.00 - 182.7 -9.1 MitonUKMic 56.50 - 60.97 51.50 - - - MMP 2.38 - 3.73 2.25 - - - Monks 421.40 -2.40 446.00 360.50 0.94 483.2 -12.8 MontanSm 561.00 -3.00 590.00 458.03 1.34 650.0 -13.7 Mur Inc ♦ 650.00 - 762.00 595.00 4.92 708.1 -8.2 Mur Int 930.00 -6.50 1047 739.42 6.08 921.2 1.0
NB DDIF $ 1.05 0.01 1.21 0.95 - - NewCtyEgy 11.50 - 19.30 8.00 - 15.6 -26.3 NewCityHY 57.25 -0.25 61.66 51.00 7.58 54.8 4.5 NewIndia 329.00 -1.00 350.00 263.00 - 378.8 -13.1 New Star IT 77.00 - 81.90 65.00 0.39 120.0 -35.8 NorthAmer ♦ 897.00 -12.00 919.90 729.50 3.51 1017.4 -11.8 NthAtSml 2343 -11.00 2385 1898.35 - 2748.1 -14.7 Oryx Int 630.00 - 660.00 490.25 - 696.8 -9.6 PacAsset ♦ 191.00 -1.00 208.99 156.25 1.36 202.3 -5.6 PacHorzn 168.75 -0.75 200.48 142.50 0.21 193.2 -12.7 Perp I&G 376.00 0.20 431.00 358.00 3.30 396.9 -5.3 PerAsset 37100 210.00 37600 33000 1.51 36734.
-8 1.0PolarFins 99.75 -0.25 112.84 83.50 3.21 109.6 -9.0 Sub 2.70 - 9.50 1.00 - - - PolarHealth 171.00 -1.00 187.50 151.50 2.16 182.7 -6.4 PolarTech 596.00 -3.00 647.00 487.40 - 649.4 -8.2 ProspJap $ 0.99 - 1.07 0.90 - 1.3 -23.8 QatarInvF $ 1.06 0.01 1.31 0.90 6.95 1.2 -11.7 RIT Cap 1597 -6.00 1703 1393.64 1.88 1555.2 2.7 RobecoNV € 30.38 - - - - RolincoNV € 28.32 - - - - Ruffer Inv 206.00 1.25 225.00 196.50 1.65 206.6 -0.3 SchdrAsiaP 271.25 1.25 295.50 226.25 1.01 307.2 -11.7 Schdr Inc 243.50 -2.00 348.25 220.29 4.23 266.5 -8.6 SchdrJap 138.00 1.00 165.00 127.00 1.45 156.6 -11.9 SchdrOrient 187.75 0.75 205.50 154.00 4.26 190.7 -1.5 SchdrUK 151.50 - 171.75 136.63 3.30 172.6 -12.2 SchdrUKMd 442.00 5.75 503.81 415.00 2.08 518.4 -14.7
ScotAmer ♦ 268.00 -4.00 277.59 230.00 3.97 258.2 3.8 Scottish In 607.00 -8.00 665.00 540.00 2.06 696.0 -12.8 ScottMort 260.50 -4.40 281.90 218.80 1.12 257.8 1.0 ScottOrtll 754.50 4.50 875.00 660.00 1.52 883.6 -14.6 SecTstScot ♦ 133.25 -0.75 141.00 118.00 4.35 143.4 -7.1 Seneca I&G ♦ 146.50 -0.25 150.00 136.35 3.92 145.7 0.5 Shires Inc 204.50 -0.25 252.00 180.78 5.99 231.9 -11.8 StdLf Eqt ♦ 419.63 1.38 471.46 402.00 3.55 428.5 -2.1 StdLf Sml 346.38 1.38 386.00 294.25 1.67 371.3 -6.7 StrategicEq 214.63 2.13 241.50 179.61 0.36 216.3 -0.8 Temp Bar 1044 -6.00 1229 921.96 4.51 1120.1 -6.8 TempEmerg 456.50 3.00 544.50 368.60 1.81 524.4 -12.9 TRIG ♦ 97.45 0.15 109.00 93.80 6.32 - - ThreadUKSel 164.50 - 179.50 156.00 2.67 189.0 -13.0 TREurGth 654.00 -1.00 661.00 559.80 1.07 751.2 -12.9 TroyInc&G 72.50 0.75 74.03 64.43 3.28 71.4 1.5 UtilicoEmg ♦ 169.25 -1.25 199.25 142.94 3.60 195.6 -13.5 UtilEmSubs 15.50 - 22.89 7.01 - - - UIL Inv ♦ 112.50 - 122.00 92.50 6.67 - - ValAndInc 227.00 1.00 263.50 219.00 3.96 294.1 -22.8 Witan ♦ 745.00 -3.00 834.50 676.78 2.17 791.9 -5.9 WitanPac ♦ 233.00 0.50 265.25 203.03 1.97 275.0 -15.3 WwideHlth 1827 2.00 2108.5 1541 0.68 1975.0 -7.5
Conventional - Private Equity 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm AbnPvtEq 87.63 -0.13 91.50 82.00 2.56 131.2 -33.2 Altamir € 10.75 -0.03 11.31 8.86 4.39 18.7 -42.5 Dun Ent 330.50 - 360.00 285.00 1.42 483.9 -31.7 Electra ♦ 3815 -6.00 3968 3131 3.04 4358.7 -12.5 ElectraPrf 153.38 - 153.60 149.10 - 153.6 -0.1 F&C PvtEq 252.50 -0.75 264.00 214.00 4.37 293.3 -13.9 HVPE 932.00 0.50 949.00 822.00 - 1175.2 -20.7 HgCapital 1238 -6.00 1250 981.00 2.58 1360.6 -9.0 ICG Ent Tr ♦ 538.50 -13.50 615.94 506.86 2.79 731.2 -26.4 JPEL Pvt Eq $ 0.94 - 1.07 0.90 - 1.2 -21.7
JZ Capital ♦ 385.00 -4.50 475.00 376.00 - 689.3 -44.1 Mithras 155.00 - 166.00 126.50 0.65 174.1 -11.0
NB PE Ptnr $ 10.30 - 12.11 9.85 - - Nthn Invs 705.00 - 725.00 465.00 2.41 685.3 2.9 Pantheon 1302 2.00 1395 1175 - 1744.4 -25.4 PantheonR 1175 - 1295 1120 - 1744.4 -32.6 PrincssPE € ♦ 7.47 0.02 8.15 5.72 6.83 9.6 -22.2 Riverstone 866.00 -8.00 1060 719.50 - 1098.3 -21.2 StdLfEuPv 227.00 -4.50 231.50 191.00 2.31 306.7 -26.0
-Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm
Direct Property
AXA Propty 56.25 - 58.00 43.75 - - CustdnREIT 106.25 - 109.75 104.50 5.18 - - F&CComPrp 128.10 0.90 149.00 124.60 4.68 136.6 -6.2 F&CUKRealE 99.50 -0.25 105.50 92.75 5.03 99.1 0.4 Longbow 101.25 - 106.75 100.50 5.93 - - PictonProp 73.25 - 74.75 64.75 4.30 76.9 -4.7 SLIPropInc 84.25 -1.25 88.50 80.25 6.73 83.4 1.0 UKComPrp 82.00 -0.85 92.00 77.00 4.49 85.3 -3.9
Ordinary Income Shares 52 Week HR
Price +/-Chg High Low Yld WO GRY 0%
JPM I&C ♦■ 77.50 - 105.90 70.00 8.77 -19.4 1.0 JupiterDv&G 3.00 - 5.40 1.75 27.67 11.6 -28.3 M&GHI&Gt 46.50 - 65.50 40.00 - -30.0 3.7 Rghts&Icp 5620 10.00 5660 4410 - -22.5 -0.3
Income Shares 52 Week HR
Price +/-Chg High Low Yld WO GRY 0%
JPM In&Gr ♦ 98.75 - 101.20 92.50 4.76 -94.7 18.6 M&GHghIc 47.25 - 63.00 38.25 7.62 -30.0 -1.1 Rghts&I 1440 5.00 1407.5 985.00 2.50 -53.9 5.3
Capital Shares 52 Week HR
Price +/-Chg High Low SP WO TAV 0%
JPM Inc&Gr 4.63 0.13 14.50 3.00 5.9 -0.9 0.8 M&GHghIc 1.13 - 4.97 0.50 24.4 23.6 -
Zero Dividend Preference Shares 52 Week HR
Price +/-Chg High Low SP WO TAV 0%
Abf Gd Inc 154.25 - 154.50 148.75 -62.1 - 159.7 EcofinWatr 158.13 - 159.00 153.50 - - 160.7 JPM I&C 178.50 - 179.79 171.91 -24.0 - 192.1 JupiterDv&G 117.00 - 119.00 108.17 -5.4 - 127.2
JZ Capital 371.00 1.75 370.00 354.75 - - 373.5 M&GHghIc 118.25 - 118.52 112.75 -33.4 - 122.8 UILFn16 190.00 - 191.00 183.50 - - - UILFn18 147.13 - 148.25 137.00 - - - UILFn20 127.63 0.13 128.00 116.65 - - -
Investment Companies - AIM
52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm AbnFrntrMkt 53.50 - 54.41 52.50 - 59.1 -9.5 CrysAmber 160.50 - 173.96 141.00 1.6 162.5 -1.2 GLI Finance ♦ 31.38 0.13 59.24 27.05 15.9 - - IndiaCap 61.75 0.25 63.17 52.00 - 75.9 -18.6 Infra India 14.00 - 21.99 12.00 - 49.1 -71.5 MMP 2.38 - 3.73 2.25 - - -
Guide to FT Share Service
For queries about the London Share Service pages e-mail ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day Company classifications are based on the ICB system used by FTSE (see www.icbenchmark.com) FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated Highs & lows are based on intra-day trading over a rolling 52 week period Price/earnings ratios (PER) are based on latest annual reports and accounts and are updated with interim figures PER is calculated using the company’s diluted earnings paid in the last financial year and updated with interim figures Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a guide Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price Discounts, premiums, gross redemption yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X FT Global 500 company
♦ trading ex-dividend
■ trading ex-capital distribution
# price at time of suspension from trading The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT The FT does not warrant nor guarantee that the information is reliable or complete The FT does not accept responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be fully representative of all LSE-listed companies This service is available to all listed companies, subject to the Editor’s discretion For new sales enquiries please email stella.sorrentino@ft.com or call 020 7873 4012.
Data provided by Morningstar
www.morningstar.co.uk
Trang 19MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 113.67 - 0.16 0.00
ACPI Global Credit UCITS Funds USD A $ 14.35 - 0.01 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 156.17 - 0.19 0.00
Q ACPI India Fixed Income UCITS Fund USD A $ 10.18 - 0.03 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 86.80 - 0.20 0.00
ACPI International Bond UCITS Fund USD A $ 18.49 - 0.03 0.00
ACPI Select UCITS Funds PLC (IRL)
Regulated
ACPI Balanced UCITS Fund USD Retail $ 14.18 - 0.00 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.63 - 0.00 0.00
ACPI Balanced UCITS Fund GBP Retail £ 10.80 - 0.01 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - -
-ACPI Balanced UCITS Fund EUR Institutional € 10.00 - -
-ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - -
-ACPI Horizon UCITS Fund $ 12.85 - 0.09 0.00
Abbey Life Assurance Company Limited (UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds
Prop Acc Ser 2 1510.00 1589.50 0.00
-Selective Acc Ser 2 1580.70 1663.90 0.90
-Formerly Hill Samuel Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
Managed Ser A (Life) 1604.60 1698.00 4.00
-Managed Ser A (Pensions) 1070.60 1127.00 2.70
-Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
Managed (Life) 1628.00 1713.70 4.10
-Managed Growth (Life) 508.80 535.60 1.50
-Managed (Pensions) 6424.80 6762.90 16.70
-Managed Growth (Pensions) 623.90 656.70 1.90
-additional fund prices can be found on our website
Algebris Investments (IRL)
Regulated
Algebris Financial Credit Fund - Class I EUR € 134.86 - 1.32 0.00
Algebris Financial Income Fund - Class I EUR € 114.69 - -0.07 0.00
Algebris Financial Equity Fund - Class B EUR € 93.86 - -0.18 0.00
Algebris Asset Allocation Fund - Class B EUR € 97.16 - 0.07
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Bd Euro Corporate AE Class - R - EUR € 18.88 - 0.02 0.00
Bd Global AU Class - R - USD $ 26.61 - -0.01 0.00
Eq Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00
Eq Emerging World AU Class - R - USD $ 81.43 - 0.33 0.00
Eq Greater China AU Class - R - USD $ 538.74 - 0.66 0.00
Eq Latin America AU Class - R - USD $ 327.78 - 2.14 0.00
Gl Macro Bds & Curr Low Vol AHG - GBP £ 98.57 - -0.05 0.00
The Antares European Fund Limited
Other International
AEF Ltd Usd (Est) $ 636.65 - 0.76
-AEF Ltd Eur (Est) € 639.31 - -0.81 0.00
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 13.51 - 0.02 0.00
Arisaig Asia Consumer Fund Limited $ 63.47 - 0.31 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.16 - 0.03 0.00
Arisaig Global Emerging Markets Consumer UCITS € 11.81 - 0.06 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.63 - 0.01 0.00
Arisaig Latin America Consumer Fund $ 22.25 - 0.06 0.00
Artemis Fund Managers Ltd (1200)F (UK)
57 St James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis Capital R ACC 1246.08 1316.38 5.45 1.68
Artemis European Growth R Acc 252.39 266.41 0.14 1.31
Artemis European Opps R Acc 78.14 82.48 0.11 0.74
Artemis Global Emg Mkts I GBP Acc 84.32 - 0.69
-Artemis Global Emg Mkts I GBP Dist 82.15 - 0.67
-Artemis Global Energy R Acc 23.75 25.35 0.04 0.00
Artemis Global Growth R Acc 187.38 197.77 1.13 1.07
Artemis Global Income R Acc 96.24 101.68 0.40 4.17
Artemis Global Income R Inc 76.61 80.94 0.32 4.34
Artemis Global select R Acc 76.29 80.57 0.49 0.00
Artemis High Income R Inc 76.20 81.18 0.07 6.05
Artemis Income R Acc 347.93 368.65 1.57 4.12
Artemis Income R Inc 199.35 211.23 0.89 4.25
Artemis Monthly Dist R Inc 63.01 66.84 0.21 4.61
Artemis Pan-Euro Abs Ret GBP 111.34 - 0.27
-Artemis Strategic Assets R Acc 73.70 77.95 -0.03 0.00
Artemis Strategic Bond R M Acc 85.36 90.67 0.12 4.02
Artemis Strategic Bond R M Inc 54.00 57.36 0.07 4.09
Artemis Strategic Bond R Q Acc 85.44 90.76 0.11 4.04
Artemis Strategic Bond R Q Inc 54.22 57.59 0.07 4.12
Artemis UK Select Fund Class R Acc 438.79 464.94 2.09 1.49
Artemis UK Smaller Cos R Acc 1170.62 1261.86 4.30 0.95
Artemis UK Special Sits R Acc 523.18 556.34 2.30 1.65
Artemis US Abs Ret I Acc 107.85 - 0.01 0.00
Artemis US Equity I Acc 120.78 - 0.34 0.42
Artemis US Ex Alpha I Acc 131.31 - 0.55 0.02
Artemis US Extended Alpha I Hedged Acc £ 1.03 - 0.01
-Fund Bid Offer +/- Yield Artemis US Select I Acc 120.57 - 0.46 0.25 Artemis US Select I Hedged Acc £ 1.00 - 0.00 - Artemis US Select I Inc 107.48 - 0.41 0.20 Artemis US Smlr Cos I Acc 126.98 - 0.56 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130
FCA Recognised Artisan Partners Global Funds plc
Artisan Global Equity Fund Class I USD Acc $ 14.51 - 0.05 0.00 Artisan Global Opportunities I USD Acc $ 12.66 - 0.01 0.00 Artisan Global Value Fund Class I USD Acc $ 16.32 - 0.02 0.00 Artisan US Value Equity Fund Class I USD Acc $ 11.76 - 0.08 0.00 Artisan Global Opportunities Class I EUR Acc € 17.06 - 0.07 0.00
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 95.00 - 0.41 8.67 Ashmore SICAV Emerging Market Frontier Equity Fund $ 143.92 - 0.45 1.17 Ashmore SICAV Emerging Market Total Return Fund $ 82.06 - 0.32 6.47 Ashmore SICAV Global Small Cap Equity Fund $ 124.09 - 0.21 0.00
EM Mkts Corp.Debt USD F $ 85.89 - 0.27 9.03
EM Mkts Loc.Ccy Bd USD F $ 78.77 - 0.13 3.71
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 404.73 - -7.24 0.00 Aspect Diversified EUR € 242.19 - -4.68 0.00 Aspect Diversified GBP £ 124.82 - -2.29 0.00 Aspect Diversified CHF SFr 115.20 - -2.32 0.00 Aspect Diversified Trends USD $ 119.85 - -0.02 0.00 Aspect Diversified Trends EUR € 119.61 - -0.02 0.00 Aspect Diversified Trends GBP £ 124.86 - -0.01 0.00
Regulated
American Dynamic $ 3530.72 - 99.74 0.00 American One $ 3322.05 - 90.30 0.00 Bond Global € 1410.05 - 9.83 0.00 Eurocroissance € 894.54 - 18.43 0.00 Far East $ 670.89 - 18.99 0.00
Atlantis Investment Management Ltd (IRL)
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL www.atlantis-investmenet.com, Tel: 0207 877 3377
Regulated
Atlantis China Fund $ 6.44 - 0.00 0.00 Atlantis China Healthcare Fund $ 1.90 - 0.02 0.00 Atlantis Japan Opportunities Fund $ 3.07 - 0.06 0.00 Atlantis Asian Fund $ 6.18 - 0.02 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
Income Fund - Share Class A Acc $ 1140.34 - -0.12 0.00 Income Fund - Share Class G Acc £ 1081.68 - -0.08 0.00
Gl Sukuk Fund - Share Class A Acc $ 1253.01 - -0.38 0.00
Gl Sukuk Fund - Share class B Acc £ 1118.67 1118.67 -0.31 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Regulated
Global Liquidity USD $ 1.00 - 0.00 0.61
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised Bond Funds
Sterling Bond F £ 0.47 - 0.01 3.21
Baring Asset Management (UK) Authorised Funds
UK Authorised Unit Trust
Baring Eastern Trust 668.60 - 4.60 0.00 Baring Eastern Trust 656.10 - 4.50 0.00 Baring Europe Select Trust 2912.00 - 7.00 0.61 Baring European Growth Trust 1041.00 1098.00 1.00 0.93 Baring German Growth Trust 616.90 - -0.40 1.00 Baring German Growth Trust GBP 562.20 - -0.40 1.00 Baring Global Growth Trust 396.30 417.50 2.70 0.00 Baring Japan Growth Trust 143.90 151.60 1.10 0.01 Baring Korea Trust 265.80 281.50 3.10 0.00 Baring UK Growth Trust 243.40 257.30 1.50 1.35 Baring Strategic Bond Fund 115.10 121.10 0.10 0.72 Baring Dynamic Capital Growth Fund 658.30 694.70 1.30 2.02 Baring Dynamic Capital Growth Fund 260.90 275.30 0.50 2.06
UK Authorised Open-Ended Investment Company
Baring Multi Asset Fund 155.50 - 0.50 1.26 Baring Multi Asset Fund 147.40 - 0.50 1.04
Common Investment Fund
Baring Targeted Return Fund 146.00 146.80 0.20 2.89 Baring Targeted Return Fund 111.30 111.80 0.20 2.94
Barings (Luxembourg) (LUX) FCA Recognised
Russia A GBP Inc F £ 29.34 - -0.13 0.00
Regulated
BlackRock UK Property £ 41.80 - 0.02 3.09 Blackrock UK Long Lease £ 1078.90 - -0.21 0.00 BLK Intl Gold & General $ 5.95 6.28 0.04 0.00
BLI - Banque de Luxembourg Investments S.A.
FCA Recognised
BL-Equities Europe B € 6090.71 - 16.95 0.00 BL-Equities America B $ 5727.34 - 22.32 0.00 BL-Equities Japan B ¥ 15287.00 - 77.00 0.00 BL-Emerging Markets B € 156.52 - 0.55 0.00 BL-Global Equities B € 751.45 - 1.89 0.00 BL-Global 30 B € 1411.70 - 1.05 0.00 BL-Global 50 B € 1693.10 - 2.04 0.00 BL-Global 75 B € 2287.32 - 3.47 0.00 BL-Global Flexible EUR B € 149.45 - 0.29 0.00
BONHOTE
Other International Funds
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6419.00 - -58.00 1.71 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9539.00 - -93.00 0.84
Braemar Group PCC Limited (GSY) Regulated
UK Agricultural Class A £ 1.23 - -0.01 0.00
UK Agricultural Class B £ 1.36 - 0.00 0.00 Student Accom Class B £ 0.55 - -0.17 0.00
Brown Advisory Funds plc (IRL)
http://www.brownadvisory.com Tel: 020 3301 8130
FCA Recognised
Brown Advisory US Equity Growth Fund USD B $ 22.99 - 0.13 0.00 Brown Advisory US Equity Value Fund USD B $ 11.68 - 0.07 0.96 Brown Advisory US Flexible Equity SRI Fund USD B $ 14.59 - 0.06 0.39
Fund Bid Offer +/- Yield Brown Advisory American Fund USD B $ 15.73 - 0.10 0.33 Brown Advisory US Smaller Companies Fund USD B $ 18.32 - 0.21 0.00 Brown Advisory US Small Cap Blend Fund USD B $ 12.70 - 0.11 0.00 Brown Advisory US Flexible Equity Fund USD B $ 10.90 - 0.04 0.00 Brown Advisory Global Leaders Fund $ 10.01 - 0.01 0.00
CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds The Public Sector Deposit Fund
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.53 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.38 The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.42 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.47 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.38
CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts CBF Church of England Funds
Investment Inc 1337.14 1351.93 0.36 3.78 Investment Acc 2779.92 2810.67 0.75 - Global Equity Inc 155.27 156.98 -0.03 4.31 Global Equity Acc 232.03 234.60 -0.05 -
UK Equity Inc 145.40 146.72 -0.54 4.05
UK Equity Acc 220.32 222.31 0.81 Fixed Interest Inc 165.78 166.61 0.27 3.96 Fixed Interest Acc 514.87 517.45 0.84 - Property Fund Inc 135.32 139.86 0.10 6.51 Property Fund Acc 234.22 242.07 2.73 -
-CCLA Fund Managers Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts COIF Charity Funds (UK)
Investment Inc 1223.16 1236.69 5.57 3.62 Investment Acc 11983.53 12116.08 54.55 - Ethical Invest Inc 187.90 189.98 0.76 3.73 Ethical Invest Acc 246.45 249.18 1.00 - Global Equity Inc 146.78 148.40 0.65 4.41 Global Equity Acc 221.99 224.45 0.98 - Fixed Interest Inc 136.86 137.55 0.68 4.14 Fixed Interest Acc 801.14 805.15 4.03 - Property Inc 116.23 120.13 0.08 5.79 Property Acc 248.62 256.95 2.77 -
Local Authorities Property Fd (LAMIT) (UK)
Property 290.66 315.17 1.83 4.81
CG Asset Management Limited (IRL)
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
Canada Life Investments (UK)
1-6 Lombard Street, EC3V 9JU Dealing 0345 606 6180
Authorised Inv Funds
Asia Pacific B Acc 747.06 - 6.38 1.41 Balanced B Acc 152.86 - 0.60 1.90 Corporate Bond B Inc 208.47 - 0.49 4.08 European B Acc 260.99 - -0.18 1.68 Global Bond B Inc 98.76 - 0.10 2.93 Global Equity B Acc 644.80 - 1.47 1.24 Global Equity Income B Inc 128.25 - 0.21 3.69 Global High Yield Bond B Inc 94.68 - 0.20 4.93 Global Infrastructure B Acc 122.40 - 0.09 1.45 Global Resource B Acc 91.45 - 0.66 0.69 Japan B Acc 53.28 - 0.26 0.47 Portfolio III B Acc 111.52 - 0.36 2.05 Portfolio IV B Acc 113.12 - 0.39 2.43 Portfolio V B Acc 112.67 - 0.47 1.67 Portfolio VI B Acc 110.28 - 0.53 1.75 Portfolio VII B Acc 105.53 - 0.58 1.46 North American B Acc 974.63 - 5.79 0.84 Strategic Return B Acc 106.46 - 0.99 0.00 Total Return B Acc 102.31 - 0.59 1.58
UK Equity B Acc 107.64 - 0.74 1.89
UK Equity & Bond Income B Inc 233.18 - 1.03 5.15
UK Equity Income B Inc 416.14 - 2.03 5.07
UK Government Bond B Inc 48.93 - 0.15 1.85
Candriam Investors Group (LUX) FCA Recognised
Candriam Eqts L Australia Cap A$ 1031.15 - 8.88 0.00 Candriam Eqts L Sust World Cap € 283.49 - 0.71 0.00 Candriam Bds Euro Cap € 1161.33 - 0.34 0.00 Candriam Bds Euro Infl Linked Cap € 143.25 - -0.05 0.00 Candriam Qt-Eqts Europe Cap € 2254.94 - 5.29 0.00 Candriam Qt-Eqts USA Cap $ 2405.38 - 8.97 0.00
Candriam Investors Group (BE) FCA Recognised
Candriam Sust Euro Bonds Cap € 367.25 - 0.13 0.00 Candriam Sust North America Cap $ 40.90 - 0.18 0.00 Candriam Sust World Cap € 26.25 - 0.07 0.00
Candriam Investors Group
Other International Funds
Candriam Eqts L Emerging Mkts Cap € 617.87 - 3.34 0.00 Candriam Eqts L Euro 50 Cap € 510.90 - -0.17 0.00 Candriam Eqts L Europe Cap € 926.18 - 1.57 0.00 Candriam Eqts L Japan Cap ¥ 18319.00 - 57.00 0.00 Candriam Bonds Credit Opportunities € 193.55 - 0.15 0.00 Candriam Bds Euro Conv Classic Cap € 3462.50 - 2.33 0.00 Candriam Bds Euro Corp ExFin Cap € 167.45 - 0.15 0.00 Candriam Bds Euro Gov.Cl.Cap € 2329.35 - 1.32 0.00 Candriam Bds Euro High Yield Cap € 1034.33 - 1.25 0.00 Candriam Bds Euro High Yield R Cap € 115.17 - 0.14 0.00 Candriam Bds Euro Long Term Cap € 8321.52 - 11.12 0.00 Candriam Bds Euro Sh.Term Cap € 2087.32 - -1.99 0.00 Candriam Bds International Cap € 1014.21 - 0.50 0.00 Candriam Bds USD Cap $ 961.64 - 2.11 0.00 Candriam Total Return Bond Cap € 132.24 - -0.06 0.00
Fund Bid Offer +/- Yield
Capita Asset Services (UK)
40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
CF Heartwood Cautious B Acc X 128.44 - 0.25 0.34
CF Heartwood Cautious Income B Inc X 109.08 - 0.18 2.84
CF Heartwood Growth B Acc X 144.66 - 0.37 0.75
CF Heartwood Balanced Income B Inc X 109.98 - 0.27 3.43
CF Heartwood Balanced B Acc X 125.34 - 0.32 0.32
CF Heartwood Defensive Multi Asset Fund B Accumulation 109.86 - 0.13 0.03
CF Richmond Core X 174.99 - 0.91 0.00
CF Seneca Diversified Growth A ACC 216.45 - 0.55 1.63
CF Seneca Diversified Growth B ACC 128.50 - 0.33 2.54
CF Seneca Diversified Growth N ACC 127.06 - 0.32 2.26
CF Seneca Diversified Income A INC 86.87 - 0.12 5.35
CF Seneca Diversified Income B INC 103.34 - 0.15 6.33
CF Seneca Diversified Income N INC 102.24 - 0.15 6.33
Investment Adviser - DSM Capital Partners
The Westchester X $ 27.62 - 0.13 0.00 The Westchester Class 1 GBP Acc £ 20.77 - 0.12 0.00 The Westchester Class 2 GBP Acc £ 20.83 - 0.12 0.00
Investment Adviser - Morant Wright Management Limited
CF Morant Wright Japan A X 276.15 - 0.36 0.19
CF Morant Wright Japan A Inc X 271.57 - 0.35 0.19
CF Morant Wright Japan B X 294.59 - 0.39 0.80
CF Morant Wright Japan B Inc X 275.63 - 0.36 0.77
CF Morant Wright Nippon Yield ACC A X 287.90 - 0.29 2.43
CF Morant Wright Nippon Yield ACC B X 299.29 - 0.30 2.42
CF Morant Wright Nippon Yield Fund A Inc X 246.38 - 0.25 2.48
CF Morant Wright Nippon Yield Fund B Inc X 256.22 - 0.26 2.47
www.carmignac.co.uk
FCA Recognised
Carmignac Emerg A EUR Acc € 782.91 - 1.39 0.00 Carmignac Invest A EUR Acc € 1109.22 - 6.24 0.00 Carmignac Patrim A EUR Acc € 624.75 - 1.95 0.00
www.carmignac.co.uk
Regulated
Carmignac Eur-Entr A EUR Acc € 283.47 - 1.16 0.00 Carmignac Eur-Pat A EUR Acc € 290.91 - 1.06 0.00 CarmignacSécurité A EUR Acc € 1736.19 - 0.49 0.00
Carmignac Portfolio (LUX)
www.carmignac.co.uk
FCA Recognised
Carmignac Cap + A EUR Acc € 1148.90 - 0.03 0.00 Carmignac GblBd A EUR Acc € 1312.77 - 4.28 0.00 Carmignac Em Pat A EUR Acc € 104.57 - 0.20 0.00 Some Funds have distribution units and/or units denominated in other currencies The full list can be found at www.carmignac.com
Cavendish Asset Management Limited (1200)F (UK)
Chelsea House, Westgate, London W5 1DR IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds
Cavendish Opportunities Fund B Class 1066.00 - 6.00 1.54 Cavendish Opportunities Fund C Acc 1116.00xd - 6.00 1.60 Cavendish Worldwide Fund B Class 303.90 - 1.80 0.95 Cavendish Worldwide Fund C Acc 314.00xd - 1.90 0.70 Cavendish AIM Fund B Class 166.30 - 1.00 0.69 Cavendish Asia Pacific Fund B Class 157.20 - 1.10 1.77 Cavendish Asia Pacific Fund C Acc 164.30 - 1.20 1.74 Cavendish European Fund B Class 148.70 - 0.20 1.09 Cavendish Japan Fund B Class 164.60 - 0.90 0.72 Cavendish North American Fund B Class 201.90 - 1.40 0.51 Cavendish Technology Fund B Class 299.10 - 1.30 0.02 Cavendish UK Balanced Income Fund B Class 134.90 - 0.30 4.79 Cavendish UK Select Fund B Class 146.40 - 0.90 2.10
Cedar Rock Capital Limited (IRL) Regulated
Cedar Rock Capital Fd Plc $ 382.64 - 2.52 0.00 Cedar Rock Capital Fd Plc £ 412.75 - -3.18 0.00 Cedar Rock Capital Fd Plc € 357.82 - 7.58 0.00
Charles Schwab Worldwide Funds Plc (IRL) Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management Pte Ltd
Other International Funds
CAM-GTF Limited $ 276618.62 276618.62 -1840.21 0.00 CAM GTi Limited $ 725.46 - 53.03 0.00 Raffles-Asia Investment Company $ 1.61 1.61 0.00 5.34
Cheyne Capital Management (UK) LLP (IRL) Regulated
Cheyne Convertibles Absolute Return Fund € 1344.61 - 1.07 0.00 Cheyne Global Credit Fund € 120.51 - -0.08 0.00 Cheyne European Mid Cap Fund € 1125.40 - -4.40 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund € 130.50 - -5.05 0.00 Cheyne Real Estate Credit Holdings Fund £ 166.60 - 1.13 0.00 Cheyne Real Estate Credit Holdings Fund III £ 109.71 - 0.68 0.00 Cheyne Real Estate Debt Fund Class A1 £ 131.56 - 0.31 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 186.74 - 14.87 0.00 Cheyne Total Return Credit Fund 2020 $ 104.25 - -1.96 -
Cohen & Steers SICAV (LUX) Regulated
European Real Estate Securities € 23.7798 - -0.0296 1.73 Europ.RealEstate Sec IX € 31.8921 - -0.0397 0.00 Gbl Listed Infrastructure I $ 10.4354 - -0.0197 - Gbl Listed Infrastructure IX $ 10.4807 - -0.0198 - Gbl RealEstate Sec I $ 11.1306 - -0.0015 1.61 Gbl RealEstate Sec IX $ 13.2529 - -0.0018 0.00
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB Dealing & Client Services 0845 0264281
Authorised Inv Funds
Consistent UT Inc 53.56 54.18 0.09 4.82 Consistent UT Acc 126.54 127.99 0.21 4.66 Practical Investment Inc 200.12 205.47 0.16 4.10 Practical Investment Acc 989.11 1015.57 0.78 3.98
Fund Bid Offer +/- Yield
Asset Management Asset Management
Asset Management Asset Management
Coronation Fund Managers
+44 (0)20 7389 8840 www.coronation.com Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za
Other International Funds
Global Equity Fund of Funds - Class A $ 14.08 - 0.31 0.00 Global Emerging Markets - Class A $ 12.65 - 0.17 0.00 All Africa $ 14.14 - -0.09 0.00 Africa Frontiers $ 16.22 - 0.70 0.00
CP Global Asset Management Pte Ltd.
www.cpglobal.com.sg, Tel: +65 6466 6990
International Mutual Funds
CP Multi-Strategy Currency Fund $ 119.02 - 2.60
-CP Capital Asset Management Limited
www.cpgbl.com, email: fundservices@cpgbl.com
International Mutual Funds
CPS Master Private Fund $ 165.20 - 0.26
-CP Global Alpha Fund $ 145.07 - 0.27
-Crèdit Andorrà Asset Management (LUX)
www.creditandorra.com
FCA Recognised
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Crediinvest SICAV Money Market Usd A $ 10.06 - 0.00 0.00 Crediinvest SICAV Fixed Income Eur € 10.75 - 0.00 0.00 Crediinvest SICAV Fixed Income Usd $ 10.70 - 0.01 0.00 Crediinvest SICAV Spanish Value € 247.57 - 0.90 0.00 Crediinvest SICAV International Value € 230.79 - 1.93 0.00 Crediinvest SICAV Big Cap Value € 15.32 - 0.05 0.00 Crediinvest SICAV US American Value $ 18.48 - 0.11 0.00 Crediinvest SICAV Sustainability € 15.21 - -0.03 0.00
Regulated
Davis Value A $ 40.77 - 0.09 0.00 Davis Global A $ 29.08 - 0.03 0.00
Deutsche Asset Management (LUX)
Tel: + 44 207 545 9070 www.dws.co.uk
FCA Recognised
Deutsche Invest I Top Dividend GBP RD £ 113.97 113.97 -0.29 2.53 Deutsche Invest I Top Euroland GBP RD £ 102.18 102.18 0.08 1.58 Deutsche Invest I Multi Opportunities GBP CH RD £ 95.34 95.34 0.07 0.00 Deutsche Invest I Global Bonds GBP CH (P) RD £ 100.78 100.78 0.05 -
Discretionary Unit Fund Mngrs (1000)F (UK)
1 Poultry, London EC2R 8JR 020 7 415 4130
Authorised Inv Funds
Disc Inc 1681.67 1801.94 6.30 0.82
Do Accum 6389.02 6845.94 23.96 0.81
Dodge & Cox Worldwide Funds (IRL)
6 Duke Street,St.James,London SW1Y 6BN www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class € 11.88 - 0.05 0.00 EUR Accumulating Class (H) € 9.43 - 0.01 0.00 EUR Distributing Class € 11.13 - 0.05 3.98 EUR Distributing Class (H) € 8.83 - 0.01 3.98 GBP Distributing Class £ 10.48 - 0.00 3.83 GBP Distributing Class (H) £ 8.95 - 0.01 4.00 USD Accumulating Class $ 9.56 - 0.01 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 15.91 - 0.10 0.00 GBP Accumulating Share Class £ 18.14 - 0.09 0.00 GBP Distributing Share class £ 13.16 - 0.06 0.85 EUR Accumulating Share Class € 21.42 - 0.21 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 13.13 - 0.07 0.00 EUR Accumulating Share Class € 13.86 - 0.12 0.00
Dodge & Cox Worldwide Funds plc-U.S Stock Fund
USD Accumulating Share Class $ 18.54 - 0.06 0.00 GBP Accumulating Share Class £ 19.99 - 0.04 0.00 GBP Distributing Share Class £ 12.68 - 0.02 0.63 EUR Accumulating Share Class € 21.56 - 0.14 0.00
Dragon Capital Group
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Property Fund (VPF) NAV $ 0.91 - -0.01 0.00 Vietnam Enterprise Inv (VEIL) NAV $ 3.82 - -0.06 0.00
DSM Capital Partners Funds (LUX)
UK Equity Growth Cls A Inc 233.80 - 1.20 0.88
UK Equity Growth Cls B Inc 239.00 - 1.20 1.77 Amity Balanced For Charities A Inc 107.60 - 0.30 6.12 Amity European Fund Cls A Inc 208.60 - -0.30 1.60 Amity European Fund Cls B Inc 210.90 - -0.30 2.48 Amity Global Equity Inc for Charities A Inc 102.50 - 0.40 4.16 Amity International Cls A Inc 211.70 - 1.00 1.59 Amity International Cls B Inc 213.80 - 1.10 2.45 Amity Sterling Bond Fund A Inc 104.90 - 0.20 5.19 Amity Sterling Bond Fund B Inc 113.70 - 0.20 5.20
Fund Bid Offer +/- Yield
Edinburgh Partners Limited (IRL)
27-31 Melville Street, Edinburgh EH3 7JF Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230
FCA Recognised Edinburgh Partners Opportunities Fund PLC
Emerging Opportunities I USD $ $ 1.05 - 0.00 0.97 European Opportunities I EUR € 2.32 - 0.01 1.57 European Opportunities I GBP £ 1.78 - 0.00 1.69 European Opportunities I USD $ 2.60 - 0.01 1.69 European Opportunities A EUR € 2.27 - 0.01 1.02 Global Opportunities I USD $ 1.56 - 0.00 1.25 Global Opportunities I GBP £ 1.08 - 0.00 1.45 Global Opportunities A GBP £ 1.01 - -0.01 0.87 Pan European Opportunities I EUR € 1.39 - 0.00 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1021.85 - -3.01 - EFG-Hermes MENA Equity UCITS Fund Class A $ 1004.13 - -3.68 - Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Saudi Arabia Equity Fund SR 11.99 - -0.20 0.00
Electric & General (1000)F (UK)
Stuart House St.John's Street Peterborough PE1 5DD Orders & Enquiries: 0845 850 0255
Authorised Inv Funds Authorised Corporate Director - Carvetian Capital Management
Electric&General Net Income A 157.10 - 0.70 2.24
ENISO Partners AG
Clairdenstrasse 34, Postfach CH-8022 Zurich Tel: +41 (0)44 286 17 17
www.eniso-partners.com
Other International Funds
ENISO Forte CH SMI Expanded SFr 148.14 - -0.25 0.00 ENISO Forte E € 115.21 119.82 -0.04 - ENISO Forte G (CHF) SFr 136.64 - 0.29 0.51 ENISO Forte G (CHF) € 123.35 - 0.16 0.81 ENISO Systematic Risk Class 1 € 95.74 - 0.03 -
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised
Ennismore European Smlr Cos NAV £ 107.41 - -0.04 0.00 Ennismore European Smlr Cos NAV € 139.05 - 0.45 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV € 501.33 - 4.17 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY) Regulated
Equinox Russian Opportunities Fund Limited $ 116.66 - 5.99 0.00
Euronova Asset Management UK LLP (CYM) Regulated
Smaller Cos Cls One Shares € 35.01 - 0.21 0.00 Smaller Cos Cls Two Shares € 24.44 - 0.13 0.00 Smaller Cos Cls Three Shares € 12.22 - 0.08 0.00 Smaller Cos Cls Four Shares € 15.82 - 0.10 0.00
Eurobank Fund Management Company (Luxembourg) S.A.
Regulated
(LF) Absolute Return € 1.31 - -0.01 0.00 (LF) Eq Emerging Europe € 0.73 - 0.00 0.00 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 (LF) Eq Mena Fund € 12.29 - -0.04 0.00 (LF) Greek Government Bond € 20.20 - 0.03 - (LF) Greek Corporate Bond € 12.67 - 0.00 - (LF) FOF Dynamic Fixed Inc € 11.84 - -0.01 0.00 (LF) FOF Real Estate € 16.69 - -0.04 0.00
FIL Investment Services (UK) Limited (1200)F (UK)
130, Tonbridge Rd, Tonbridge TN11 9DZ Callfree: Private Clients 0800 414161 Broker Dealings: 0800 414 181
Unit Trust
Cash Accum Units 186.54 186.54 0.00 0.00 Cash Fund £ 1.00 1.00 0.00 0.17 Gross Accum Cash £ 1.28 1.28 0.00 0.00 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.16 MoneyBuilder Global £ 2.70 2.70 0.00 0.19
OEIC Funds
Allocator World Fund N-ACC-GBP £ 1.21 - 0.00 0.96 American Fund W-ACC-GBP £ 28.96 - 0.15 0.00 American Special Sits W-ACC-GBP £ 11.61 - 0.03 0.81 Asia Pacific Ops W-Acc £ 1.24 - 0.01 1.45 Asian Dividend Fund W-ACC-GBP £ 1.20 - 0.01 2.31 Asian Dividend Fund W-INC-GBP £ 1.11 - 0.01 3.31 China Consumer Fund W-ACC-GBP £ 1.68 - 0.01 1.16 Emerging Asia Fund W-ACC-GBP £ 0.96 - 0.00 0.81 Emerging Eur Mid East and Africa W £ 1.56 - 0.01 2.22 Enhanced Income Fund W-ACC-GBP £ 1.35 - 0.00 7.41 Enhanced Income Fund W-INC-GBP £ 1.05 - 0.00 7.88 European Fund W-ACC-GBP £ 11.46 - 0.00 1.98 European Fund W-INC-GBP £ 13.16 - 0.00 2.02 European Opportunities W-ACC-GBP £ 3.58 - 0.00 1.58 Extra Income Fund Y-ACC-GBP £ 1.13 - 0.00 4.01 Extra Income Fund Y-GACC-GBP £ 1.16 - 0.00 3.98 Extra Income Fund Y-GINC-GBP £ 1.22 - 0.00 4.15 Extra Income Fund Y-INC-GBP £ 1.22 - 0.00 4.15 Global Dividend Fund W-ACC-GBP £ 1.61 - 0.00 3.21 Global Dividend Fund W-INC-GBP £ 1.45 - 0.01 3.34 Global Enhanced Income W-ACC-GBP £ 1.34 - 0.01 4.31 Global Enhanced Income W-INC-GBP £ 1.17 - 0.01 5.47 Global Focus Fund W-ACC-GBP £ 14.97 - 0.08 0.66 Global High Yield Fund Y-ACC-GBP £ 12.24 - 0.08 5.68 Global High Yield Fund Y-GACC-GBP £ 12.79 - 0.08 5.63 Global High Yield Fund Y-GINC-GBP £ 10.10 - 0.06 5.76 Global High Yield Fund Y-INC-GBP £ 10.11 - 0.06 5.76 Global Property Fund W-ACC-GBP £ 1.44 - 0.01 2.07 Global Property W Inc £ 1.28 - 0.01 2.97 Global Special Sits W-ACC-GBP £ 25.52 - 0.13 0.57 Index Emerging Markets P-Acc £ 1.01 - 0.00 2.53 Index Emerging Markets P-Inc-GBP £ 0.88 - 0.01 2.62 Index Europe ex UK Fund P-Inc-GBP £ 1.02 - -0.01 2.86 Index Europe ex UK P-Acc £ 1.05 - 0.00 2.75 Index Japan Fund P-Inc-GBP £ 1.12 - 0.00 1.83 Index Japan P-Acc £ 1.15 - 0.01 1.77 Index Pacific ex Japan P-Acc £ 1.09 - 0.01 3.81 Index Pacific ex Japan P-INC-GBP £ 0.91 - 0.01 3.95 Index UK Fund P-INC-GBP £ 0.97 - 0.01 3.74 Index UK P-Acc £ 1.03 - 0.00 3.64
Fund Bid Offer +/- Yield Index US Fund P-Inc-GBP £ 1.27 - 0.01 1.87 Index US P-Acc £ 1.38 - 0.01 1.84 Index World Fund P-Inc-GBP £ 1.14 - 0.00 2.19 Index World P-Acc £ 1.24 - 0.01 2.14 Japan Fund W-ACC-GBP £ 2.81 - 0.02 0.58 Japan Smaller Cos Fund W-ACC-GBP £ 2.37 - 0.02 0.27 MBuilder Inc Red Duration Y-ACC £ 10.50 - 0.01 2.62 MBuilder Inc Red Duration Y-GACC £ 10.69 - 0.01 2.57 MBuilder Inc Red Duration Y-GINC £ 9.73 - 0.00 2.74 Mbuilder Inc Red Duration Y-INC £ 9.72 - 0.00 2.74 MoneyBuilder Balanced Y-ACC-GBP £ 0.52 - 0.00 - MoneyBuilder Balanced Y-INC-GBP £ 0.58 - 0.00 4.36 MoneyBuilder Dividend Y-INC-GBP £ 1.29 - 0.01 4.91 MoneyBuilder Growth Fund Y-INC-GBP £ 0.73 - 0.01 3.05 MoneyBuilder Income Fund Y-ACC-GBP £ 11.93 - 0.03 3.56 MoneyBuilder Income Fund Y-GACC-GBP £ 13.69 - 0.04 3.55 MoneyBuilder Income Fund Y-GINC-GBP £ 1.21 - 0.01 3.62 MoneyBuilder Income Fund Y-INC-GBP £ 1.21 - 0.01 3.62 Multi Asset Adventurous N-ACC-GBP £ 1.15 - 0.00 1.18 Multi Asset Alloc Advent N-ACC-GBP £ 1.11 - 0.01 1.18 Multi Asset Alloc Def N-ACC-GBP £ 1.12 - 0.01 1.31 Multi Asset Alloc Def N-GACC-GBP £ 1.13 - 0.01 1.31 Multi Asset Alloc Growth N-ACC-GBP £ 1.10 - 0.01 1.14 Multi Asset Alloc Strat N-ACC-GBP £ 1.11 - 0.00 1.25 Multi Asset Balanced Inc N-GINC-GBP £ 1.05 - 0.00 3.95 Multi Asset Balanced Inc N-INC-GBP £ 1.05 - 0.00 3.52 Multi Asset Defensive N-ACC-GBP £ 1.13 - 0.01 0.97 Multi Asset Defensive N-GACC-GBP £ 1.14 - 0.01 0.98 Multi Asset Growth Fund N-ACC-GBP £ 1.14 - 0.01 1.07 Multi Asset Inc & Growth N-INC-GBP £ 1.06 - 0.01 4.12 Multi Asset Income Fund N-GINC-GBP £ 1.03 - 0.00 4.78 Multi Asset Income Fund N-INC-GBP £ 1.03 - 0.00 4.82 Multi Asset Open Advent N-ACC-GBP £ 1.08 - 0.01 0.68 Multi Asset Open Defen N-ACC-GBP £ 1.10 - 0.01 1.40 Multi Asset Open Defen N-GACC-GBP £ 1.11 - 0.01 1.39 Multi Asset Open Growth N-ACC-GBP £ 1.08 - 0.01 1.39 Multi Asset Open Strat N-ACC-GBP £ 1.10 - 0.01 1.65 Multi Asset Strategic N-ACC-GBP £ 1.15 - 0.01 0.95 Open World Fund N-ACC-GBP £ 1.16 - 0.00 0.21 South-East Asia Fund W-ACC-GBP £ 8.28 - 0.05 1.24 Special Situations Fund W-ACC-GBP £ 28.73 - 0.11 1.92 Sterling Core Plus Bond GMACC £ 11.05 - 0.05 - Sterling Core Plus Red Dur £ 10.32 - 0.01 - Strategic Bond Fund Y-ACC-GBP £ 1.15 - 0.01 3.25 Strategic Bond Fund Y-GACC-GBP £ 1.15 - 0.00 3.24 Strategic Bond Fund Y-GINC-GBP £ 1.23 - 0.01 3.28 Strategic Bond Fund Y-INC-GBP £ 1.23 - 0.01 3.28 Target 2020 A-ACC-GBP £ 0.58 - 0.00 0.52 Target 2025 A-ACC-GBP £ 1.35 - 0.01 0.32 Target 2030 A-ACC-GBP £ 1.45 - 0.01 0.40
UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.26
UK Invest Grade Long Credit GACC £ 104.10 - 0.50 1.63
UK Opportunities Fund W-ACC-GBP 190.60 - 1.70 1.26
UK Opportunities Fund W-INC-GBP 109.90 - 0.90 1.31
UK Select Fund W-ACC-GBP £ 2.42 - 0.01 1.88
UK Smaller Companies W-ACC-GBP £ 1.94 - 0.01 1.48 WealthBuilder Fund N-ACC-GBP £ 1.20 - 0.01 1.35
Fidelity PathFinder
Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.14 - 0.01 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.13 - 0.00 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.13 - 0.00 - Fidelity PathFinder Foundation 3 Acc (clean) £ 1.13 - 0.01 - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.15 - 0.01 - Fidelity PathFinder Foundation 5 Acc (clean) £ 1.24 - 0.01 - Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.14 - 0.00 - Fidelity PathFinder Focussed 1 Acc (clean) £ 1.13 - 0.00 - Fidelity PathFinder Focused 2 Acc (Clean) £ 1.16 - 0.01 - Fidelity PathFinder Focussed 3 Acc (clean) £ 1.16 - 0.01 - Fidelity PathFinder Focussed 4 Acc (clean) £ 1.18 - 0.01 - Fidelity PathFinder Focussed 5 Acc (clean) £ 1.20 - 0.00 - Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.11 - 0.01 - Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.00 - Fidelity PathFinder Freedom 1 Acc (clean) £ 1.10 - 0.00 - Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 - Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.01 - Fidelity PathFinder Freedom 5 Acc (clean) £ 1.17 - 0.00 - Fidelity PathFinder Income 1 Income (clean) £ 1.03 - 0.00 3.83 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.03 - 0.00 4.76 Fidelity PathFinder Income 2 Income (clean) £ 1.05 - 0.00 3.13 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.05 - 0.00 3.87 Fidelity PathFinder Income 3 Income (clean) £ 1.06 - 0.01 3.67
-Institutional OEIC Funds
America £ 4.28 - 0.02 0.50 Emerging Markets £ 3.27 - 0.01 0.80 Europe (ex-UK) Fund ACC-GBP £ 4.09 - 0.00 1.58 Fidelity Pre-Retirement Bond Fund £ 124.80 - 0.50 2.90 Global Focus £ 2.95 - 0.01 1.59 Index Linked Bond £ 2.72 - 0.02 0.76 Index Linked Bond Gross £ 3.29 - 0.02 0.75 Index-Linked Bond Fund Gross Inc £ 12.81 - 0.09 0.75 Japan £ 2.08 - 0.01 0.79 Long Bond £ 0.54 - 0.00 2.74 Long Bond Gross £ 0.90 - 0.00 2.69 Long Bond Fund Gross Inc £ 12.12 - 0.07 2.74 Pacific (Ex Japan) £ 3.68 - 0.03 1.84 Pan European £ 2.69 - 0.00 2.04 Reduced Duration UK Corporate Bond £ 10.51 - 0.00 3.47 Reduced Duration UK Corp Bond Gross £ 10.73 - 0.00 3.47 Reduced Duration UK Corp Bond Inc £ 9.74 - 0.00 3.47 Reduced Dur UK Corp Bond Gross Inc £ 9.75 - 0.00 3.46 Select Emerging Markets Equities £ 1.21 - 0.01 1.61 Select Global Equities £ 3.14 - 0.02 1.09 South East Asia £ 3.76 - 0.03 1.95 Sterling Core Plus Bond Gr Accum £ 2.25 - 0.01 2.83 Sterling Core Plus Bond Inc £ 1.44 - 0.01 2.91
UK £ 3.63 - 0.02 2.22
UK Aggreg Bond Gr Accum £ 1.90 - 0.01 4.47
UK Aggregate Bond Inc £ 1.26 - 0.01 3.10
UK Corporate Bond £ 1.25 - 0.01 3.83
UK Corporate Bond - Gross £ 2.35 - 0.01 3.70
UK Corporate Bond Fund Gross Inc £ 11.31 - 0.03 3.81
UK Gilt Fund Inc £ 1.33 - 0.00 1.95
UK Gilt Gross £ 2.14 - 0.01 1.92
UK Long Corp Bond £ 1.43 - 0.01 4.21
UK Long Corp Bond - Gross £ 2.64 - 0.01 4.05
UK Long Corporate Bond - Gross Inc £ 11.48 - 0.05 4.19
Retail Share Classes
Emerging Markets - retail £ 1.30 - 0.01 0.07 {*}CAR - Net income reinvested
Findlay Park Funds Plc (IRL)
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American Fund USD Class $ 84.42 - 0.32 0.00 American Fund GBP Hedged £ 45.92 - 0.17 0.00 American Fund GBP Unhedged £ 58.49 - 0.25 0.00 Latin American Fund USD Class $ 12.87 - 0.21 0.00 Latin American Fund GBP Unhedged £ 9.05 - 0.16 0.00
Fund Bid Offer +/- Yield
The First Investor QSCC
5th Floor, Barwa Bank Building, Grand Hamad Street , P.O Box 16034, Doha, State of Qatar + 974 4459 6111
http://www.tfi.com.qa/
Other International Funds
TFI GCC Equity Opportunities Fund (Q)QAR 1245.70 - 11.19 0.00
Asset Management Asset Management
Asset Management Asset Management
First State Investments (UK) (1200)F (UK)
23 St Andrew Square, Edinburgh, EH2 1BB enquiries@firststate.co.uk Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
Emerging Markets Bond A Accumulation £ 1.24 - 0.00 4.67 Emerging Markets Bond A Income £ 1.05 - 0.00 4.81 Global Agribusiness Fund A Accumulation 121.04 - -0.05 0.00 Global Listed Infrastructure Acc 198.51 - 1.01 2.91 Global Listed Infrastructure Inc 152.34 - 0.77 2.98 Global Opportunities A Shares 334.80 - 1.45 0.17 Global Property Securities A Accumulation 180.31 - 1.01 2.03 Global Property Securities A Income 139.01 - 0.78 2.06 Global Resources A Shares 202.28 - 1.58 1.37 Greater China Growth A Shares 514.09 - 4.04 1.05 Indian Subcontinent A Acc 356.13 - 0.18 0.00
Foord Asset Management
Other International Funds
Foord International Trust $ 34.81 - 0.05 0.00 Foord Global Equity Fund_Class B $ 12.53 - 0.03 0.00
Franklin Templeton International Services Sarl (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 16.87 - -0.17 9.07 Franklin Emg Mkts Debt Opp EUR € 11.89 - -0.12 7.00 Franklin Emg Mkts Debt Opp GBP £ 10.15 - -0.13 6.99 Franklin Emg Mkts Debt Opp SGD S$ 22.01 - -0.20 5.46 Franklin Emg Mkts Debt Opp USD $ 17.00 - -0.15 6.98
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class £ 71.42 - 0.53 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
-Asset Management Asset Management
Asset Management Asset Management
Fundsmith LLP (1200)F (UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds
Fundsmith Equity T Acc 252.14 - 1.23 1.04 Fundsmith Equity T Inc 237.37 - 1.16 1.05
GYS Investment Management Ltd (GSY) Regulated
Taurus Emerging Fund Ltd $ 186.52 190.33 4.60 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV £ 5.60 - 0.02 0.00
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances Guardian Assurance
Equity S-GH Class B £ 12.06 - 0.05 Managed Fund Bond £ 23.89 24.88 0.00 - Choices Wth-Pfts Lg-tm 323.20 340.20 0.00 - Choices Wth-Pfts St-tm 273.40 287.80 0.00 - Choices Managed 629.95 663.11 1.67 - Choices Equity 685.14 721.20 3.14 - Freedom With Pfts Long-Tm 221.40 233.10 0.00 - Freedom With Pfts Short-Tm 198.70 209.20 0.00 - Freedom Managed 366.27 385.55 -0.05 - Freedom Equity 403.14 424.36 -0.26 - Corp Pens Mananged 222.39 222.39 0.59 - Corp Pens Equity 223.69 223.69 1.03 - Corp Pens Fixed Interest 311.78 311.78 0.50 - Corp Pens Index Linked 334.16 334.16 -2.94 - Corp Pens Deposit 191.47 191.47 0.00 - Corp Pens Protector 391.72 391.72 1.63 - Corp Pens UK Index Tracker £ 1.94 1.94 0.01 -
-Guardian Linked Life Assurance Ltd
Managed Acc £ 18.25 19.21 0.05 Equity Acc £ 32.69 34.41 0.14 - Fixed Interest Acc £ 17.71 18.64 0.03 - International Acc £ 13.85 14.58 0.02 - International S-NA Acc £ 7.12 7.49 0.01 - International S-PA Acc £ 4.30 4.52 0.01 - International S-EU Acc £ 3.47 3.65 0.01 - Managed S-PR Acc £ 6.93 7.30 0.01 - Fixed Interest S-IL Acc £ 6.69 7.04 0.01 - Deposit Accum £ 4.43 4.67 0.00 -
-Guardian Pensions Management Ltd
Pens Managed Acc £ 23.79 25.05 0.06 Pens Equity Acc £ 34.51 36.32 0.16 -
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds Hargreaves Lansdown Funds Unit Trust
HL Multi-Manager Special Situations Trust A Acc 274.93 289.39 -0.08 0.51
HL Multi-Manager Special Situations Trust M Acc 274.93 289.40 -0.09 0.51
HL Multi-Manager Income & Growth Trust A Acc 164.85 173.44 0.16 3.95
HL Multi-Manager Income & Growth Trust M Acc 164.86 173.44 0.16 3.65
HL Multi-Manager Income & Growth Trust A Inc 97.02 102.08 0.10 4.04
HL Multi-Manager Income & Growth Trust M Inc 97.01 102.07 0.09 3.73
HL Multi-Manager Balanced Managed Trust A Acc 187.98 197.71 0.03 1.11
HL Multi-Manager Balanced Managed Trust M Acc 187.99 197.72 0.04 1.11
HL Multi-Manager Equity & Bond Trust A Inc 108.46 114.02 -0.10 2.28
HL Multi-Manager Equity & Bond Trust M Inc 108.46 114.02 -0.10 2.11
HL Multi-Manager Equity & Bond Trust A Acc 148.69 156.31 -0.14 2.25
HL Multi-Manager Equity & Bond Trust M Acc 148.69 156.30 -0.14 2.09
HL Multi-Manager Strategic Assets A Acc 104.30 107.49 0.04
-HL Multi-Manager Strategic Assets A Inc 104.30 107.48 0.05
-HL Multi-Manager Strategic Bond Trust A Acc 170.57 175.84 0.00 1.79
HL Multi-Manager Strategic Bond Trust M Acc 170.57 175.84 0.00 1.66
Trang 20MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield
HL Multi-Manager Strategic Bond Trust A Inc 140.64 144.98 0.00 1.81
HL Multi-Manager Strategic Bond Trust M Inc 140.63 144.97 0.00 1.68
HL Multi Manager Emerging Markets A Acc 91.84 94.68 0.28 0.51
HL Multi-Manager European A Acc 107.61 110.92 0.60 0.59
HL Multi-Manager UK Growth A Acc 104.80 108.04 0.23 1.84
HL Multi-Manager High Income A Inc 99.59 102.67 0.09
-HL Multi-Manager High Income A Acc 99.97 103.06 0.09
Heartwood Caut Multi Asset B Acc 139.55 - 0.30 0.00
Henderson Global Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 748.80 - -0.70 0.16
Asian Dividend Income Inc 86.72 91.51 0.85 6.57
Cautious Managed A Acc 239.20 - 0.60 3.19
Cautious Managed A Inc 145.70 - 0.40 3.25
China Opportunities A Acc 844.50 - 7.10 0.67
Emerging Markets Opportunities A Acc 152.70 - 0.90 0.62
European Growth A Acc 179.70 - 0.70 0.52
European Selected Opportunities A Acc 1291.00 - 2.00 0.68
Fixed Interest Monthly Income A Inc 21.60 22.66 0.02 5.71
Global Care Growth A Inc 208.70 - 1.10 0.00
Global Equity Income A Inc 50.88 - 0.09 3.95
Global Growth Fund 2145.85 2242.73 13.91 0.00
Global Technology A Acc 1007.00 - 4.00 0.00
Multi-Manager Absolute Return A Acc 135.40 - 0.00 0.34
Multi-Manager Active A Acc ▲ 180.00 - 0.50 0.00
Multi-Manager Distribution A Inc 127.30 - 0.20 3.42
Multi-Manager Diversified A Acc 78.57 - 0.10 3.41
Multi-Manager Global Select Acc 180.40 - 0.40 0.00
Multi-Manager Income & Growth A Acc 155.10 - 0.20 2.34
Multi-Manager Income & Growth A Inc 140.90 - 0.20 2.37
Multi-Manager Managed A Acc 232.90 - 0.60 0.21
Multi-Manager Managed A Inc 228.20 - 0.60 0.21
Sterling Bond Acc 202.68 211.77 0.63 2.79
Sterling Bond Inc 62.12 64.90 0.19 2.83
Strategic Bond A Inc 125.20 - 0.30 4.81
UK & Irish Smaller Companies A Acc 519.60 - -1.20 0.00
UK Absolute Return A Acc 153.50 - 0.20 0.00
Asset Management Asset Management
Asset Management Asset Management
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Abs Return Credit Fund Class F Acc £ £ 1.06 1.06 -0.01 0.00
Hermes Abs Return Credit Fund Class R Acc € € 1.96 1.96 0.00 0.00
Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.64 1.64 0.02 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.35 3.35 0.04 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.21 1.21 0.00 0.00
Hermes Global Emerging Markets Fund Class R Acc € 2.90 2.90 0.03 0.00
Hermes Global Equity Fund Class F Acc £ 1.61 1.61 0.01 0.00
Hermes Global Equity Fund Class R Acc € 3.98 3.98 0.03 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.23 1.23 0.01 0.00
Hermes Global High Yield Bond Fund Class F Acc £ 1.16 1.16 0.00 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.84 2.84 0.00 0.00
Hermes Global Small Cap Fund Class F Acc £ £ 1.10 1.10 0.01 0.00
Hermes Global Small Cap Fund Class R Acc € € 2.03 2.03 0.02 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.00 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.05 1.05 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.34 1.34 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.30 1.30 0.00 1.30
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.07 3.07 0.02 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.43 1.43 0.00 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.16 3.16 0.01 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.52 1.52 0.03 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.30 4.30 0.08 0.00
Hermes US All Cap Equity Class F Stg £ Acc £ 1.08 1.08 0.00 0.00
Hermes US All Cap Equity Class R € Acc € 2.00 2.00 0.02 0.00
Hermes US SMID Equity Fund Class F Acc £ 1.84 1.84 0.01 0.00
Hermes US SMID Equity Fund Class R Acc € 3.70 3.70 0.03 0.00
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts
Property £ 5.91 6.36 0.01 4.53
Hermes UK Residential Real Estate (UK)
Property & Other UK Unit Trusts
VISTA UK Residential Real Estate £ 1.02 1.06 0.03
-INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.95 - 0.04 0.00
Intercapital Asset Management Ltd (HRV)
Masarykova ul 1, 10000, Zagreb, Croatia
www.icam.hr, Tel; +385 1 4825 868
Other International Funds
Capital One Bond Fund (Ex-YU) HRK 209.39 - 0.12
-Capital Two Equity Fund (Ex-YU) HRK 92.56 - 0.43
-Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 18.22 - 0.00 0.00
IVI European Fund GBP £ 18.96 - -0.07 0.62
Asset Management Asset Management
Asset Management Asset Management
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 469.35 - 1.67 0.57
Asian Inc ♦ F 419.26 - 1.49 0.57
Asian Equity Income Acc ♦ F 60.47 - 0.40 4.67
Asian Equity Income Inc ♦ F 49.35 - 0.33 4.82
Balanced Risk 6 Acc 53.53 - 0.23 0.00
Balanced Risk 8 Acc 55.38 - 0.32 0.00
Balanced Risk 10 Acc 57.26 - 0.41 0.00
Childrens Acc ♦ F 384.76 - 1.24 2.22
Corporate Bd Acc (Gross) ♦ F 212.33 - 0.24 3.50
Fund Bid Offer +/- Yield Corporate Bd Inc (Gross) ♦ F 88.62 - 0.11 3.60 Corporate Bond Acc ♦ F 188.24 - 0.22 3.52 Corporate Bond Inc ♦ F 88.51 - 0.10 3.59 Distribution Acc ♦ F 109.70 - 0.24 4.88 Distribution Acc (Gross) ♦ F 126.32 - 0.27 4.85 Distribution Inc ♦ F 62.39 - 0.14 4.98 Distribution Inc (Gross) ♦ F 62.39 - 0.14 4.97 Emerging European Acc ♦ F 37.30 - 0.25 2.65 Emerging European Inc ♦ F 34.00 - 0.22 2.72 European Equity Acc ♦ F 856.79 - -7.26 1.51 European Equity Inc ♦ F 714.90 - -6.05 1.53 European Equity Income Acc ♦ F 73.28 - -0.33 3.72 European Equity Income Inc ♦ F 54.74 - -0.24 3.83 European High Income Acc ♦ F 83.29 - -0.12 3.82 European High Income Inc ♦ F 58.85 - -0.09 3.90 European Opportunities Inc ♦ F 83.04 - -0.03 1.14 European Opportunities Acc ♦ F 85.89 - -0.03 1.13 European Smlr Cos Acc ♦ F 192.79 - -0.02 0.23 Global Bd Acc (Gross) ♦ F 135.66 - 0.03 1.16 Global Bd Inc (Gross) ♦ F 83.04 - 0.02 1.17 Global Bond Acc ♦ F 127.31 - 0.03 1.16 Global Bond Inc ♦ F 83.00 - 0.02 1.17 Glbl Distribution Acc 53.74 - 0.06 5.13 Glbl Distribution Acc (Gross) 54.77 - 0.06 5.12 Glbl Distribution Inc 49.79 - 0.05 5.17 Glbl Distribution Inc (Gross) 49.79 - 0.05 5.17 Global Emerging Markets Acc ♦ F 251.07 - 1.09 0.95 Global Emerging Markets Inc ♦ F 226.41 - 0.98 0.96 Global Equity (acc) ♦ F 472.16 - 0.37 0.65 Global Equity (inc) ♦ F 428.04 - 0.34 0.65 Global Equity Income Acc ♦ F 124.81 - 0.07 3.74 Global Equity Income Inc ♦ F 100.23 - 0.06 3.86 Gbl Financial Capital Acc 87.14 - -0.15 4.58 Gbl Financial Capital Inc 71.54 - -0.12 4.75 Gbl Financial Cap Acc Gross 91.76 - -0.15 5.40 Gbl Financial Cap Inc Gross 71.72 - -0.12 5.64 Global Opportunities Acc ♦ F 99.25 - 0.47 0.46 Global Smaller Cos Acc ♦ F 1784.92 - 7.87 0.20 Global Smaller Cos Inc ♦ F 1704.39 - 7.52 0.20 Global Targeted Rets Acc 57.89 - -0.07 0.42 High Income Acc ♦ F 819.23 - 4.42 3.50 High Income Inc ♦ F 445.69 - 2.40 3.59 High Yield Fund Acc 106.72 - 0.06 5.66 High Yield Fund Acc (Gross) 125.36 - 0.07 5.62 High Yield Fund Inc 41.21 - 0.02 5.83 High Yield Fund Inc (Gross) 41.28 - 0.02 5.83 Hong Kong & China Acc ♦ F 479.19 - 0.52 0.78 Income & Growth Acc ♦ F 954.51 - 4.23 4.25 Income & Growth Inc ♦ F 407.35 - 1.80 4.37 Income Acc ♦ F 3135.41 - 16.49 3.27 Income Inc ♦ F 1715.76 - 9.02 3.35 Japan Acc ♦ F 318.76 - 2.92 0.29 Japanese Smlr Cos Acc ♦ F 91.72 - 1.34 0.00 Latin America Acc ♦ F 109.10 - 0.43 1.08 Latin America Inc ♦ F 90.81 - 0.35 1.10 Managed Growth Acc ♦ F 165.27 - 0.43 0.70 Managed Growth Inc ♦ F 136.79 - 0.36 0.71 Managed Income Acc ♦ F 162.86 - 0.47 2.77 Managed Income Inc ♦ F 97.89 - 0.29 2.82 Money Acc ♦ F 90.29 - 0.01 0.25 Money Acc (Gross) ♦ F 95.45 - 0.01 0.25 Monthly Income Plus Acc ♦ F 298.91 - 0.36 5.27 Monthly Income Plus Acc (Gross) ♦ F 353.63 - 0.43 5.24 Monthly Income Plus Inc ♦ F 107.37 - 0.13 5.39 Monthly Income Plus Inc (Gross) ♦ F 107.50 - 0.13 5.39 Pacific Acc ♦ F 1023.61 - 4.31 0.40 Pacific Inc ♦ F 936.71 - 3.94 0.40 Tactical Bond Acc ♦ F 69.84 - 0.01 1.26 Tactical Bond Inc ♦ F 60.16 - 0.01 1.27 Tactical Bond Acc (Gross) ♦ F 72.59 - 0.01 1.26 Tactical Bond Inc (Gross) ♦ F 60.22 - 0.01 1.28
UK Focus Acc F 196.71 - 1.39 2.05
UK Focus Inc F 160.71 - 1.13 2.09
UK Growth Acc ♦ F 529.22 - 1.57 2.29
UK Growth Inc ♦ F 328.76 - 0.97 2.34
UK Smaller Cos Equity Acc ♦ F 908.25 - 4.92 0.75
UK Smaller Cos Equity Inc ♦ F 695.51 - 3.77 0.75
UK Strategic Income Acc ♦ F 182.11 - 0.84 3.47
UK Strategic Income Inc ♦ F 132.04 - 0.61 3.56
US Equity Acc ♦ F 584.81 - 3.92 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 197.24 - 0.71 1.11 Asian (No Trail) Inc ♦ F 177.42 - 0.63 1.12 Asian Equity Income (No Trail) Acc ♦ F 124.14 - 0.84 4.65 Asian Equity Income (No Trail) Inc 101.33 - 0.68 4.81 Balanced Risk 6 No Trail Acc 109.34 - 0.47 0.01 Balanced Risk 8 No Trail Acc 113.07 - 0.66 0.19 Balanced Risk 10 No Trail Acc 116.93 - 0.85 0.29 Corporate Bond (No Trail) Acc ♦ F 167.71 - 0.19 3.76 Corporate Bond (No Trail) Inc ♦ F 116.99 - 0.14 3.84 Distribution (No Trail) Acc ♦ F 168.77 - 0.37 4.86 Distribution (No Trail) Inc ♦ F 109.27 - 0.24 4.96 Emerging European (No Trail) Acc ♦ F 77.81 - 0.52 3.17 Emerging European (No Trail) Inc ♦ F 68.75 - 0.45 3.28 European Equity (No Trail) Acc ♦ F 151.71 - -1.28 2.04 European Equity (No Trail) Inc ♦ F 125.74 - -1.07 2.08 European Equity Income (No Trail) Acc ♦ F 151.39 - -0.67 3.71 European Equity Income (No Trail) Inc ♦ F 113.11 - -0.51 3.82 European High Income (No Trail) Acc ♦ F 171.99 - -0.26 3.82 European High Income (No Trail) Inc ♦ F 121.54 - -0.18 3.89 European Opportunities (No Trail) Acc ♦ F 180.33 - -0.05 1.67 European Opportunities (No Trail) Inc ♦ F 168.59 - -0.05 1.69 European Smaller Companies (No Trail) Acc ♦ F 237.43 - -0.02 0.73 Global Balanced Index (No Trail) Acc ♦ F 161.04 - 0.62 2.03 Global Bond (No Trail) Acc ♦ F 143.23 - 0.04 1.40 Global Bond (No Trail) Inc ♦ F 128.75 - 0.03 1.42 Glbl Distribution Acc (No Trail) 108.57 - 0.11 4.15 Glbl Distribution Inc (No Trail) 100.60 - 0.10 4.24 Gbl Emerging Markets (No Trail) Acc ♦ F 165.02 - 0.72 1.52 Gbl Emerging Markets (No Trail) Inc ♦ F 153.34 - 0.67 1.55 Global Equity (No Trail) acc ♦ F 209.01 - 0.17 1.21 Global Equity (No Trail) inc ♦ F 193.38 - 0.15 1.22 Global Equity Income (No Trail ) Acc ♦ F 258.91 - 0.15 3.73 Global Equity Income (No Trail) Inc ♦ F 207.92 - 0.13 3.84 Global ex UK Core Equity Index ( No Trail) Acc ♦ F 183.73 - 0.73 1.51 Global ex UK Enhanced Index ( No Trail) Acc ♦ F 212.61 - 0.77 2.00 Gbl Fin Cap No Trail Acc 178.07 - -0.31 4.58 Gbl Fin Cap No Trail Inc 146.21 - -0.25 4.74 Global Opportunities (No Trail) Acc ♦ F 256.11 - 1.22 1.00 Global Smaller Companies (No Trail) Acc ♦ F 261.50 - 1.16 0.72 Global Smaller Companies (No Trail) Inc ♦ F 249.85 - 1.10 0.73 Global Targeted Rets (No Trail) Acc 117.22 - -0.14 0.86 High Income (No Trail) Acc ♦ F 175.67 - 0.95 3.49 High Income (No Trail) Inc ♦ F 127.37 - 0.68 3.58 High Yield Fund (No Trail) Acc 221.77 - 0.12 5.64 High Yield Fund (No Trail) Inc 159.56 - 0.09 5.81 Hong Kong & China (No Trail) Acc ♦ F 190.57 - 0.21 1.35
Fund Bid Offer +/- Yield Income & Growth (No Trail) Acc ♦ F 225.33 - 1.00 4.23 Income & Growth (No Trail) Inc ♦ F 175.47 - 0.78 4.36 Income (No Trail) Acc ♦ F 172.78 - 0.92 3.26 Income (No Trail) Inc ♦ F 124.47 - 0.66 3.34 Japan (No Trail) Acc ♦ F 151.89 - 1.40 0.84 Japanese Smaller Companies (No Trail) Acc ♦ F 234.28 - 3.41 0.00 Latin American (No Trail) Acc ♦ F 105.78 - 0.41 1.75 Latin American (No Trail) Inc ♦ F 95.00 - 0.37 1.78 Managed Growth (No Trail) Acc ♦ F 200.85 - 0.53 1.21 Managed Growth (No Trail) Inc ♦ F 182.79 - 0.48 1.23 Managed Income (No Trail) Acc ♦ F 195.62 - 0.57 2.76 Managed Income (No Trail) Inc ♦ F 157.69 - 0.46 2.81 Monthly Income Plus (No Trail) Acc ♦ F 172.89 - 0.21 5.26 Monthly Income Plus (No Trail) Inc ♦ F 106.13 - 0.13 5.37 Pacific (No Trail) Acc ♦ F 190.41 - 0.80 0.90 Pacific (No Trail) Inc ♦ F 179.14 - 0.75 1.01 Tactical Bond (No Trail) Acc ♦ F 143.26 - 0.01 1.76 Tactical Bond (No Trail) Inc ♦ F 120.42 - 0.01 1.78
UK Focus (No Trail) Acc F 162.28 - 1.14 2.63
UK Focus (No Trail) Inc F 133.24 - 0.94 2.69
UK Enhanced Index (No Trail) Acc ♦ F 401.23 - 1.71 3.67
UK Enhanced Index (No Trail) Inc ♦ F 245.83 - 1.04 3.77
UK Growth (No Trail) Acc ♦ F 140.37 - 0.41 2.87
UK Growth (No Trail) Inc ♦ F 111.86 - 0.34 2.95
UK Smaller Companies Equity (No Trail) Acc ♦ F 296.53 - 1.61 1.22
UK Smaller Companies Equity (No Trail) Inc ♦ F 273.54 - 1.48 1.23
UK Strategic Income (No Trail) Acc ♦ F 725.40 - 3.37 3.46
UK Strategic Income (No Trail) Inc ♦ F 525.99 - 2.45 3.55
US Equity (No Trail) Acc ♦ F 244.21 - 1.64 0.10
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.94 - 0.00 0.00 Invesco Asia Balanced A dist $ 13.92 - 0.03 3.73 Invesco Asia Consumer Demand Fund A income $ 12.22 - 0.01 0.25 Invesco Asia Infrastructure (A) $ 12.43 - 0.06 0.77 Invesco Asia Opportunities Equity A $ 104.68 - 0.08 0.00 Invesco Balanced Risk Allocation Fund A € 15.49 - 0.11 0.00 Invesco Emerging Europe Equity Fund A $ 8.23 - 0.05 0.00 Invesco Emerging Local Currencies Debt A Inc $ 6.78 - 0.00 6.47 Invesco Emerging Mkt Quant.Eq A $ 9.22 - 0.02 0.00 Invesco Energy A $ 18.31 - 0.06 0.00 Invesco Euro Corporate Bond Fund (A) € 17.30 - 0.04 0.00 Invesco Euro Inflation Linked Bond A € 15.74 - 0.03 0.00 Invesco Euro Reserve A € 322.36 - 0.00 0.00 Invesco Euro Bond A € 7.24 - 0.02 0.00 Invesco European Growth Equity A € 24.08 - 0.08 0.00 Invesco Global Absolute Return Fund A Class € 11.16 - -0.04 0.00 Invesco Global Bond A Inc $ 5.52 - -0.01 0.60 Invesco Global Conservative Fund 90 (EUR) A € 11.73 - 0.01 0.00 Invesco Global Equity Income Fund A $ 58.66 - -0.06 0.00 Invesco Global Inc Real Estate Sec A dist $ 9.38 - 0.05 2.24 Invesco Global Inv Grd Corp Bond A Dist $ 11.92 - 0.03 3.10 Invesco Global Leisure A $ 37.37 - 0.21 0.00 Invesco Global Smaller Comp Eq Fd A $ 59.65 - 0.13 0.00 Invesco Global Structured Equity A $ 45.22 - 0.23 1.17 Invesco Global Total Ret.(EUR) Bond Fund A € 13.27 - 0.02 0.00 Invesco Gold & Precious Metals A $ 5.42 - 0.03 0.00 Invesco Greater China Equity A $ 45.12 - -0.02 0.00 Invesco India Equity A $ 52.33 - -0.06 0.00 Invesco Japanese Equity Adv Fd A ¥ 3520.00 - 17.00 0.00 Invesco Japanese Value Eq Fd A ¥ 1147.00 - 5.00 0.00 Invesco Latin American Equity A $ 6.00 - 0.02 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1208.00 - 15.00 0.00 Invesco Pan European Equity A EUR Cap NAV € 17.62 - -0.01 0.00 Invesco Pan European High Income Fd A € 13.68 - 0.01 2.60 Invesco Pan European Small Cap Equity A € 21.39 - 0.15 0.00 Invesco Pan European Structured Equity A € 17.06 - 0.10 0.00 Invesco UK Eqty Income A £ 31.35 - 0.16 0.00 Invesco UK Investment Grade Bond A £ 1.01 - 0.00 2.64 Invesco US Structured Equity A $ 21.82 - 0.08 0.00 Invesco US Value Eq Fd A $ 31.14 - 0.16 0.00 Invesco USD Reserve A $ 87.06 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.61 - 0.00 3.37 Invesco Asian Equity A $ 6.30 - 0.01 0.00 Invesco ASEAN Equity A $ 92.39 - 0.25 0.28 Invesco Bond A $ 27.59 - 0.01 1.91 Invesco Continental Eurp Small Cap Eqty A $ 204.38 - -0.28 0.00 Invesco Emerging Markets Equity A $ 35.96 - 0.10 0.00 Invesco Emerging Markets Bond A $ 20.83 - 0.04 4.44 Invesco Continental European Equity A € 8.15 - -0.02 1.17 Invesco Gilt A £ 15.69 - 0.06 1.30 Invesco Global Small Cap Equity A NAV $ 121.77 - 0.38 0.00 Invesco Global High Income A NAV $ 11.90 - -0.01 5.77 Invesco Gbl R/Est Secs A GBP F F £ 8.41 - 0.07 0.93 Invesco Global Health Care A $ 121.08 - 1.42 0.00 Invesco Global Select Equity A $ 12.54 - -0.01 0.07 Invesco Jap Eqty Core A $ 1.77 - 0.01 0.09 Invesco Japanese Equity A $ 18.70 - 0.09 0.00 Invesco Korean Equity A $ 31.06 - 0.03 0.00 Invesco PRC Equity A $ 48.93 - 0.18 0.00 Invesco Pacific Equity A $ 47.43 - 0.13 0.07 Invesco Global Technology A $ 15.21 - 0.13 0.00 Invesco UK Eqty A £ 7.71 - 0.03 1.52
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Emerging Africa Fund $ 948.17 - 1.89 0.00 Invest AD - GCC Focus Fund $ 1391.61 - -0.61 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds JPM Retail OEIC (A class unless stated)
America Equity Acc 64.80 - 0.42 0.00 America Equity Inc 64.80 - 0.42 0.00 Asia Acc 123.30 - 0.50 0.37 Asia Inc 68.18 - 0.28 0.37 Cautious Managed Rt Acc 69.37 - 0.20 0.35 Cautious Managed Rt Inc 61.00 - 0.17 0.35 Diversified Real Ret Acc 53.23 - 0.26 0.96 Diversified Real Ret Inc 51.44 - 0.25 0.98 Emerging Mkts Acc 144.90 - 0.70 0.68 Emerging Mkts Inc 61.83 - 0.28 0.70 Emrg Eur Eq Acc 145.30 - 0.50 3.01 Emrg Eur Eq Inc 33.35 - 0.11 3.11
Fund Bid Offer +/- Yield Emrg Mkts Inc Acc C 51.25 - 0.21 4.64 Emrg Mkts Inc Inc C 44.00 - 0.18 4.78 Europe Acc 1090.00 - -3.00 1.15 Europe Inc 62.02 - -0.13 1.16 Eur Dynamic exUK Acc 164.30 - -0.10 0.62 Eur Dynamic exUK £ hdg Acc 177.80 - 0.40 0.74 Eur Dynamic exUK Inc 74.94 - -0.06 0.63 Eur Smaller Cos Acc 546.80 - 0.80 0.03 Eur Smaller Cos Inc 71.10 - 0.10 0.02 Global Allocation Acc 53.42 - 0.12 0.91 Global Allocation Inc 52.60 - 0.12 0.92 Global Bond exUK Acc 261.60 - 0.50 0.56 Global Bond exUK Inc 205.10 - 0.40 0.56 Global Bond Opport Acc 50.28 - 0.11 2.83 Global Bond Opport Inc 48.26 - 0.11 2.92 Global Eq Income £ hdg Acc C 68.32 - 0.26 2.82 Global Eq Income £ hdg Inc C 48.18 - 0.18 2.87 Global Eq Income Acc C 75.18 - 0.32 2.72 Global Eq Income Inc C 64.14 - 0.27 2.76 Global Financials Acc 711.20 - -0.10 1.05 Global Financials Inc 40.01 - 0.00 1.07 Global High Yield Bd Mth Inc C 36.13 - -0.13 7.32 Global High Yield Bd Acc C 98.62 - -0.36 7.26 Global High Yield Bd Inc C 36.27 - -0.14 7.35 Global Macro Opp A Net Acc 65.88 - 0.08 0.00 Global Macro Opp A Net Inc 65.88 - 0.08 0.00 Global Property Secs Acc 59.53 - 0.35 0.92 Global Property Secs Inc 51.11 - 0.30 0.93 Global Unconstrained Eq Acc 1029.00 - 8.00 0.07 Global Unconstrained Eq Inc 76.44 - 0.61 0.07 Income Acc C 50.05 - 0.07 6.41 Income Inc C 45.16 - 0.07 6.43 Japan Acc 342.40 - 6.80 0.00 Japan Inc 82.44 - 1.63 0.00 Multi-Asset Inc Mth Inc C 62.91 - 0.11 3.73 Multi-Asset Inc Acc C 85.86 - 0.15 3.65 Multi-Asset Inc Inc C 63.18 - 0.11 3.73 Multi-Manager Growth Acc 727.20 - 3.10 0.65 Multi-Manager Growth Inc 674.10 - 2.90 0.66 Natural Resources Acc 396.20 - 2.20 0.40 Natural Resources Inc 27.91 - 0.15 0.39 Portfolio Acc 202.20 - 0.50 1.18 Sterling Corporate Bond Acc 86.25 - 0.26 2.13 Sterling Corporate Bond Inc 53.40 - 0.16 2.14 Strategic Bond Acc 69.60 - 0.08 2.96 Strategic Bond Inc 57.05 - 0.06 2.98
UK Dynamic Acc 157.60 - 0.60 1.48
UK Dynamic Inc 128.20 - 0.50 1.46
UK Eq & Bond Inc Acc C 141.60 - 0.50 3.37
UK Eq & Bond Inc Inc C 80.89 - 0.25 3.47
UK Equity Blue Chip Acc 64.92 - 0.19 2.49
UK Equity Blue Chip Inc 53.55 - 0.16 2.53
UK Equity Core Acc 282.80 - 1.00 3.26
UK Equity Core Inc 51.54 - 0.19 3.37
UK Equity Growth Acc 111.90 - 0.50 1.40
UK Equity Growth Inc 103.00 - 0.50 1.42
UK Higher Inc Acc C 905.80 - 4.30 4.32
UK Higher Inc Inc C 516.50 - 2.40 4.47
UK Smaller Cos Acc 369.50 - 0.80 0.29
UK Smaller Cos Inc 71.56 - 0.16 0.29
UK Strategic Eq Inc Acc C 148.50 - 0.50 3.89
UK Strategic Eq Inc Inc C 94.12 - 0.32 3.99
US Acc 750.20 - 2.20 0.00
US Inc 103.80 - 0.30 0.00
US Equity Income Acc C 132.20 - 0.50 2.13
US Equity Income £ hdg Inc C 100.80 - 0.30 2.27
US Equity Income Inc C 110.90 - 0.50 2.17
US Select Acc 119.80 - 0.60 0.00
US Select Inc 118.30 - 0.60 0.00
US Smaller Cos Acc 381.70 - 5.10 0.00
US Smaller Cos Inc 99.98 - 1.34 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts
UK Equity Fund for Charities I C £ 2.743824 - 1.678317 3.71 Bond Fund for Charities £ 1.394863 - 0.329356 3.55
Asset Management Asset Management
Asset Management Asset Management
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Monthly Inc B Acc 117.06 - 0.34 0.00 Diversified Monthly Inc B Inc 103.89 - 0.31 0.00 Diversified Growth B Acc £ 1.42 - 0.01 2.90 Ethical Cautious Managed B Acc £ 1.24 - 0.01 2.17 Ethical Cautious Managed B Inc £ 1.16 - 0.01 2.20 Ethical Corporate Bond B Acc £ 1.76 - 0.01 3.50 Ethical Corporate Bond B Inc £ 1.01 - 0.00 3.57 Ethical Equity B Acc £ 2.00 - 0.01 2.12 High Yield Bond B Acc £ 2.47 - -0.01 4.88 High Yield Bond B Inc £ 0.96 - -0.01 4.99 Investment Grade Bond B Acc 164.67 - 0.30 1.50 Investment Grade Bond B Inc £ 1.19 - 0.01 3.45 Sterling Corporate Bond B Acc £ 0.76 - 0.00 3.33 Sterling Corporate Bond B Inc £ 0.32 - 0.00 3.39 Strategic Bond B Acc £ 1.13 - 0.00 2.69 Strategic Bond B Inc £ 1.17 - 0.00 2.73
UK Equity B Acc £ 2.63 - 0.02 2.35
UK Equity Absolute Return B Acc £ 1.23 - 0.00 0.00
UK Equity Income B Acc £ 2.19 - 0.01 4.32
UK Equity Income B Inc £ 1.65 - 0.01 4.44
UK Opportunities B Acc £ 1.75 - 0.01 2.30
UK Smaller Companies B Acc £ 2.94 - 0.03 1.44
Kames Capital Investment Portfolios ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Property Income B Acc 123.39 - 0.13 4.58 Property Income B Inc 111.78 - 0.12 4.69
Fund Bid Offer +/- Yield
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1088.89 - -0.28 1.58
Eq Market Neutral B Acc 1011.50 - 1.73
-Eq Market Neutral Plus B Acc 1014.53 - 1.43 High Yield Global Bond A GBP Inc 518.05 - 0.31 3.84 High Yield Global Bond B GBP Inc 1079.20 - 0.65 4.34 Investment Grade Global Bd A GBP Inc 569.17 - 0.73 2.20 Kames Global Equity Income B GBP Acc 1255.30 - 4.23 - Kames Global Equity Income B GBP Inc 1176.95 - 3.98 - Strategic Global Bond A GBP Inc 1105.44 - 0.52 0.37 Strategic Global Bond B GBP Inc 627.20 - 0.30 0.87
-Kleinwort Benson Bank (UK)
14 St George Street, Mayfair, London W1S1FE Dealing and enquiries: 0800 024 2400
Authorised Inv Funds Unit Trust Manager/ACD - Host Capital
HC KB Capital Growth A Acc 173.66 - 0.79 1.36
HC KB Capital Growth A Inc 160.85 - 0.74 1.38
HC KB Enterprise Equity Income A Inc 105.00 - 0.08 3.06
HC KB Enterprise Equity Income A Acc 159.03 - 0.13 3.69
HC KB Endeavour Multi Asset Balanced A Acc 133.51 - 0.87 0.81
HC KB Endeavour Multi Asset Balanced A Inc 126.18 - 0.82 0.81
HC KB Enterprise Fixed Income A Acc 125.71 - 0.18 3.44
HC KB Enterprise Fixed Income A Inc 110.47 - 0.16 3.44
Lazard Fund Managers Ltd (1200)F (UK)
Mellon House Ingrave Rd Brentwood Essex CM15 8TG Dealing: 0870 6066408, Info: 0870 6066459
Authorised Inv Funds Lazard Investment Funds (OEIC) Retail Share Class
Developing Markets Acc 78.92 - 0.54 0.00 Developing Markets Inc 77.97 - 0.54 0.00 Emerging Markets Acc 239.30 - 1.00 1.37 Emg Mkts Inc 208.80 - 0.90 1.38 European Alpha Acc 671.20 - -0.80 1.45 European Alpha Inc 609.60 - -0.80 1.44 European Smaller Cos Acc 466.30 - 1.50 0.45 Global Equity Income Acc 132.90 - 0.60 5.49 Global Equity Income Inc 88.20 - 0.39 5.65 Managed Bal Inc 137.00 - 0.60 2.25
UK Income Acc 1164.00 - 3.00 4.77
UK Income Inc 560.90 - 1.70 4.86
UK Omega Acc 204.30 - 0.70 2.31
UK Omega Inc 191.10 - 0.70 2.33
UK Smaller Cos Inc 1689.00 - 7.00 1.45
LF Funds (Banque Libano-Francaise Group) (LUX)
www.eblf.com - lffunds@eblf.com
Regulated
LF Total Return Bond Fund - Class A $ 116.77 - 0.15 0.00
LF Total Return Bond Fund - Class D $ 114.78 - 0.15 0.00
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt £ 12.6100 - 0.0300 2.19
Lloyds Investment Funds Limited
Euro High Income € 1.6390 - 0.0030 2.80 European £ 7.7560 - -0.0110 1.14 High Income £ 0.8703xd - 0.0017 4.92 International £ 4.2040 - 0.0130 0.64 North American £ 16.7900 - 0.0600 0.02 Sterling Bond £ 1.4960 - 0.0030 3.58
UK £ 6.5140 - 0.0380 1.50
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share £ 1.3160 - 0.0030 1.70 Monthly Share £ 1.2640xd - 0.0030 1.70
Lloyds Money Fund Limited
Sterling Class £ 52.6400 - 0.0000 0.09
Lloyds Multi Strategy Fund Limited
Conservative Strategy £ 1.1120xd - 0.0020 1.67 Growth Strategy £ 1.5020xd - 0.0010 1.22 Aggressive Strategy £ 1.8580xd - -0.0010 0.00 Global USD Growth Strategy $ 1.3920 - 0.0020 0.00
Dealing Daily
Lohengrin Management Ltd (BAH)
Lohengrin@genesisfundservices.com Tel: 242-502-7020
Other International Funds
Lohengrin Fund Ltd - Class C € 27.95 - 6.54 0.00
Lothbury Property Trust (UK)
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Lothbury Property Trust GBP £ 1825.96 1969.24 9.24 3.12
M & G Securities (1200)F (UK)
PO Box 9039, Chelmsford, CM99 2XG www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
Charifund Inc 1425.80 - 6.32 4.89 Charifund Acc 20099.63 - 89.03 4.72 M&G Corporate Bond A Acc 65.51 - 0.15 3.00 M&G Corporate Bond A Inc 40.64 - 0.09 3.00 M&G Dividend A Inc 60.41 - 0.69 4.54 M&G Dividend A Acc 613.32 - 7.02 4.38 M&G Episode Growth X Inc 49.62xd - 0.12 2.08 M&G Episode Income A Acc 140.00xd - 0.26 3.92 M&G Episode Income A Inc 113.83xd - 0.21 4.05 M&G Extra Income A Inc 713.47xd - 2.81 4.58 M&G Extra Income A Acc 6063.69xd - 23.93 4.34 M&G Global Basics A Inc 676.64 - 1.85 0.56 M&G Global Basics A Acc 1028.15 - 2.82 0.52 M&G Global Dividend Fund A Acc 202.94 - 1.09 3.32 M&G Global Dividend Fund A Inc 156.82 - 0.85 3.39 M&G Glbl Emrgng Mkts A Acc 195.16 - 1.12 0.80 M&G Glbl Emrgng Mkts A Inc 186.86 - 1.07 0.80 M&G Global Macro Bond Fund A Acc 116.00xd - 0.18 1.46 M&G Global Macro Bond Fund A Inc 79.83xd - 0.12 1.45 M&G Global High Yield Bond X Inc 49.26xd - 0.48 4.24 M&G Global High Yield Bond X Acc 118.70xd - 1.15 4.23 M&G Managed Growth X Inc 78.67xd - 0.34 0.42 M&G Optimal Income A Inc 143.26 - 0.05 2.45 M&G Optimal Income A Acc 190.99 - 0.07 2.45 M&G Recovery GBP A Inc 115.53 - 0.38 0.80 M&G Recovery GBP A Acc 260.47 - 0.85 0.79 M&G Strategic Corp Bond A Inc 74.22xd - 0.12 2.76 M&G Strategic Corp Bond A Acc 108.31xd - 0.18 2.75 M&G Global Leaders GBP A Inc 200.44 - 0.77 1.36 M&G Global Leaders GBP A Acc 474.56 - 1.82 1.34 M&G UK Inflation Lnkd Corp Bnd A Acc 112.26 - 0.03 1.24 M&G UK Inflation Lnkd Corp Bnd A Inc 110.65 - 0.03 1.24
M & G Securities Ltd (UK) Property & Other UK Unit Trusts
Charibond 126.92 - 0.35 3.63 (Accum Units) 3827.46 - 10.49 3.63
Fund Bid Offer +/- Yield NAACIF 75.58 - 0.33 4.63 (Accum Units) 6929.95 - 30.16 4.48 M&G Property Portfolio A Acc 138.26 145.53 8.76 3.24 Property Portfolio A 125.16 131.74 7.92 3.31 Property Portfolio X 125.16 125.16 7.92 3.30
M & G (Guernsey) Ltd (GSY) Regulated
The M&G Offshore Fund Range
Corporate Bond 1352.92 1394.77 2.99 3.02 Global Basics 2499.44 2576.74 6.82 0.25 Global Leaders 3481.26 3626.31 13.33 1.07 Global High Yield Bond 968.36 998.31 9.43 4.24 Global Macro Bond Fund 11957.08 12326.89 17.94 1.45 North American Dividend Fund 171.03 178.15 1.21 2.13 Optimal Income Fund 141.96 146.35 0.05 2.45 Recovery Fund Limited 'A' Participating Shares 10005.58 10422.48 32.33 0.49 Recovery Fund Limited 'I' Participating Shares 10026.51 10127.79 32.57 1.29 Strategic Corporate Bond Fund 134.75 140.37 0.22 2.76
UK Select 1459.15 1519.95 6.03 1.10
Asset Management Asset Management
Asset Management Asset Management
Majedie Asset Management LTD (UK)
www.majedie.com
Authorised Inv Funds
Global Equity X Acc GBP £ 1.17 - 0.01 0.57 Global Focus X Acc GBP £ 1.17 - 0.00 0.35
UK Equity X Acc 142.58 - 0.09 2.86
UK Focus X Acc 160.13 - -0.04 1.85
UK Income X Inc 148.88 - 0.54 5.02
UK Smaller Companies A Acc 263.77 - 1.25 1.14
Majedie Asset Management LTD (IRL) FCA Recognised
US Equity Z Acc GBP £ 1.32 - 0.00 0.00 Tortoise Z Acc GBP £ 1.01 - 0.00 0.00
MFS Investment Funds (LUX) FCA Recognised
Blend.Research Gb.Eq.Fd € 101.07 - 0.34 0.00 Blend.Research Gb.Eq.Fd £ 104.90 - -0.01 0.00 Blend.Research Gb.Eq.Fd $ 99.58 - 0.23 0.00 Blend.Research U.S.Core Eq.Fd € 104.50 - 0.46 - Blend.Research U.S.Core Eq.Fd £ 103.35 - 0.08 - Blend.Research U.S.Core Eq.Fd ¥ 9446.00 - -51.00 0.00 Blend.Research U.S.Core Eq.Fd $ 103.05 - 0.33 - Em.Mk.Eq.Fund Euro € 109.53 - 0.75 0.00 Em.Mk.Eq.Fund Sterling £ 99.50 - 0.34 0.00 Em.Mk.Eq.Fd.US Dollar $ 93.35 - 0.53 0.00 Gb.Conc.Eq.Fd.Euro € 286.36 - 1.12 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 185.05 - 0.07 0.00 Gb.Conc.Eq.Fd.Sterling £ 280.11 - 0.12 0.00 Gb.Conc.Eq.Fd.US $ 202.34 - 0.56 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 187.16 - 0.43 0.00 Gb.Eq.Euro Hdg Fd € 265.22 - 0.63 0.00 Gb.Eq.Fund Euro € 287.59 - 0.91 0.00 Gb.Eq Fd Euro IRE T € 181.97 - 0.58 0.00 Gb.Eq.Fd.Sterling UK T £ 224.77 - -0.08 0.00 Gb.Eq.Fd.US Dollar $ 320.83 - 0.66 0.00 Gb.Eq.Fund Sterling £ 222.23 - -0.07 0.00 Gb.Val.Ex-Jap.Fd.USD $ 123.24 - 0.08 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13156.00 - -104.00 0.00 Gb.Val.Fd Euro € 136.75 - 0.28 0.00 Gb.Val.Fd.Sterling £ 128.41 - -0.18 0.00 Gb.Val.Fd.USD $ 109.79 - 0.11 0.00 Low Volatility Gb.Eq.Fd.Euro € 108.22 - 0.25 0.00 Low Volatility Gb.Eq.Fd.Sterl £ 112.32 - -0.14 0.00 Low Volatility Gb.Eq.Fd.USD $ 106.62 - 0.13 0.00 Low Volatility Gb.Eq.Fd.Yen ¥ 9027.00 - -67.00 -
MMIP Investment Management Limited (GSY) Regulated
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01 £ 2305.23 2333.13 -7.29 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1531.02 - -6.75 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1549.30 - -6.53 0.00 Global Equity Fund A Lead Series £ 1047.03 1050.69 -1.09 -
Manek Investment Mgmt Ltd (1000)F (UK)
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Authorised Inv Funds
Growth Fd Acc 52.75 55.96 0.30 0.00
Marlborough Fd Managers Ltd (1200)F (UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 www.marlboroughfunds.com
Authorised Inv Funds
Balanced 156.73 165.16 0.02 0.64 Bond Income 50.03 52.94 0.04 4.89 Cash 50.12 50.12 0.00 0.32 Cautious Inc 82.65 86.99 0.03 1.07 Defensive A Inc 113.19 113.19 -0.47 0.18 Emerging Markets 226.92 226.92 0.90 1.47 ETF Global Growth A 151.49 151.49 0.73 0.00 ETF Commodity A 72.61 72.61 0.46 0.00 European Multi-Cap 317.35 317.35 0.25 0.26 Extra Income 78.50 83.07 0.18 4.59 Far East Growth A Inc 161.75 161.75 0.70 1.87 Global 184.69 194.43 0.57 0.00 Global Bond Inc 142.42 150.69 0.33 3.06 High Yield Fixed Interest 73.18 77.64 -0.02 5.67 Multi Cap Income A Inc 152.90 152.90 0.73 4.76 Nano-Cap Growth A Acc 106.6232 117.4300 0.0725 0.00 Special Situations A Acc 1226.38 1297.76 5.69 0.45
UK Multi-Cap Growth A Inc 252.08 266.75 0.34 0.63
UK Micro Cap Growth A 492.10 520.74 1.50 0.00
US Multi-Cap Income 341.70 341.70 1.52 0.59
MFM - Third Party Funds
Junior Oils 63.84 67.56 -1.25 0.00 Junior Gold C Acc 38.48 38.48 0.02 0.00 MFM Artorius Fund 151.62 151.62 0.55 0.32 MFM Bowland 167.07 180.62 2.79 0.00 MFM Hathaway Inc 109.81 114.98 -0.25 1.82 MFM Techinvest Special Situations Acc 146.48 146.48 1.38 0.00 MFM Techinvest Technology Acc 351.97 351.97 6.47 0.00 MFM UK Primary Opportunities A Inc 332.99 332.99 1.05 1.30
Slater Investments Ltd - Investment Adviser
MFM Slater Growth 405.08 429.79 2.10 0.12 MFM Slater Income A Inc 152.92 152.92 0.29 4.44 MFM Slater Recovery 169.43 179.77 -1.45 0.24
Marlborough International Management Limited (GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Marwyn Value Investors £ 437.31 - -6.34 0.00
Fund Bid Offer +/- Yield
McInroy & Wood Portfolios Limited (UK)
Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds
Balanced Fund Personal Class Units 4158.10xd - 20.30 1.74 Income Fund Personal Class Units 2452.70 - 12.30 2.88 Emerging Markets Fund Personal Class Units 1724.20xd - 11.30 1.97 Smaller Companies Fund Personal Class Units 3848.20 - 29.10 1.54
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 234.18 - 23.12 Global Energy & Resources Fund $ 34.58 - 2.74 -
-Emerging Markets Managed Accounts PLC (IRL)
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
Regulated
Milltrust ASEAN A $ 93.53 - 0.12 0.00 Milltrust India A $ 126.52 - 0.69 0.00 Milltrust Latin America A $ 73.99 - 0.61 0.00 Milltrust Keywise China Fund $ 108.01 - 0.03 0.00
Ministry of Justice Common Investment Funds (UK) Property & Other UK Unit Trusts
The Equity Idx Tracker Fd Inc 1339.00 1339.00 2.00 3.04
-Morgan Stanley Investment Funds (LUX)
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F $ 57.51 - 0.07 0.00 Asian Equity A F $ 40.04 - 0.13 0.00 Asian Property A F $ 17.71 - -0.05 0.00 Diversified Alpha Plus A F € 28.70 - 0.04 0.00 Emerg Europ, Mid-East & Africa Eq A F € 65.96 - 0.29 0.00 Emerging Markets Debt A F $ 79.02 - -0.02 0.00 Emerging Markets Domestic Debt AX F £ 10.95 - 0.04 4.34 Emerging Markets Equity A F $ 33.38 - 0.23 0.00 Euro Bond A F € 16.14 - 0.00 0.00 Euro Corporate Bond AX F £ 23.41 - -0.06 1.44 Euro Strategic Bond A F € 44.49 - -0.02 0.00 European Currencies High Yield Bd A F € 22.19 - 0.02 0.00 European Equity Alpha A F € 41.23 - 0.06 0.00 European Property A F € 34.89 - -0.01 0.00 Eurozone Equity Alpha A F € 11.15 - 0.02 0.00 Global Bond A F $ 40.00 - -0.07 0.00 Global Brands A F $ 102.55 - -0.31 0.00 Global Convertible Bond A F $ 41.36 - -0.03 0.00 Global Property A F $ 28.02 - -0.10 0.00 Indian Equity A F $ 35.68 - 0.23 0.00 Latin American Equity A F $ 40.29 - 0.51 0.00 Short Maturity Euro Bond A F € 20.38 - 0.00 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 376.43 - 8.31 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised
Harris Global Equity R/A (USD) $ 239.83 239.83 -0.27 0.00 Harris US Equity Fund R/A (USD) $ 209.98 209.98 0.60 0.00 Harris Concentrated US Equity R/A (USD) $ 158.39 158.39 0.40 0.00 Loomis Sayles Strategic Alpha R/A (USD) $ 111.54 111.54 -0.01 -
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.94 12.94 0.02 1.23
Fund Bid Offer +/- Yield Loomis Sayles High Income R/D (USD) $ 8.17 8.17 0.02 11.13 Loomis Sayles Multisector Income R/D (GBP) $ 12.15 12.15 0.02 5.60
Natixis International Funds (UK)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds
H2O MultiReturns Fund N/A (GBP) £ 1.30 - -0.01 1.64 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.07 - 0.00 1.35 Loomis Sayles Strategic Income N/D (GBP) £ 1.02 - 0.01 4.07 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.19 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.61 - 0.00 0.27 Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 1.02 - 0.00 2.08 Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 1.00 - 0.00 3.44
United Kingdom Equity Index Fund £ 12.20 - 0.00 2.95
UK Specialist Equity Inc £ 18.81 - 0.04 0.40 Contl Europe Spec Equity £ 16.19 - 0.12 0.00
US Spec Equity Fund £ 14.72 - 0.01 0.00 Japan Specialist Fund X £ 10.10 - -0.11 0.00 Pacific Basin Specialist Equity Fund £ 22.28 - 0.14 0.90
UK Sovereign Bd Index Fund £ 11.35 - 0.02 2.46
UK Specialist Equity Income Fund £ 9.22 - 0.02 4.20 Global Spec Inv Grade Bd Fund GBP £ 9.99 - 0.01 2.91 Global Emerg Mkts Equity Fund X £ 11.17 - 0.05 0.08
Series 2 (Investment Management customers only)
United Kingdom Equity Index Fund £ 12.20 - 0.00 3.60
UK Specialist Equity Inc £ 19.00 - 0.04 1.62 Contl Europe Spec Equity £ 17.00 - 0.12 1.16
US Spec Equity Fund £ 15.46 - 0.02 0.35 Japan Specialist Fund X £ 10.77 - -0.12 0.63 Pacific Basin Specialist Equity Fund £ 22.15 - 0.13 1.86
UK Sovereign Bd Index Fund £ 11.57 - 0.03 2.46
UK Specialist Equity Income Fund £ 10.07 - 0.03 4.12 Global Spec Inv Grade Bd Fund GBP £ 10.19 - 0.01 2.91 Global Emerg Mkts Equity Fund X £ 10.76 - 0.04 0.89 The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised New Capital UCITS Funds
Asia Pac Bd USD Inst Inc $ 93.81 - 0.03 3.31 Asia Pac Bd USD Ord Inc $ 95.62 - 0.03 2.61 Asia Pac Eq EUR Ord Inc € 85.51 - 0.02 3.17 Asia Pac Eq GBP Ord Inc £ 88.76 - 0.02 3.71 Asia Pac Eq USD Ord Inc $ 89.82 - 0.02 3.15 Asia Pac Eq USD Inst Acc $ 96.92 - 0.03 0.00 Asia Pac Eq USD Inst Inc $ 100.34 - 0.03 3.82 Dyn Europ Eq EUR Ord Inc € 171.87 - 0.02 0.69 Dyn Europ Eq GBP Ord Inc £ 182.47 - 0.04 1.04 Dyn Europ Eq USD Ord Inc $ 171.66 - 0.03 0.69 China Equity EUR Ord Acc € 115.84 - -0.17 0.00 China Equity GBP Ord Acc £ 121.02 - -0.16 0.00 China Equity USD Ord Acc $ 118.30 - -0.16 0.00 China Equity USD Inst Acc $ 122.10 - -0.15 0.00 Europ Equity Fd EUR € 102.68 - 0.01 - Europ Equity Fd GBP £ 101.10 - 0.02 - Europ Equity Fd USD $ 101.54 - 0.02 - Global Val.Cr.Fd GBP Ord Inc £ 111.94 - -0.06 3.53 Global Val.Cr.Fd USD Inst Acc $ 126.25 - -0.06 0.00 Global Val.Cr.Fd GBP Ord Acc £ 181.54 - -0.09 0.00 Global Val.Cr.Fd USD Ord Acc $ 170.49 - -0.08 0.00 Global Val.Cr.Fd EUR Ord Acc € 157.96 - -0.09 0.00 Swiss Select Equity Inst Acc SFr 120.07 - 0.20 0.00 Swiss Select Equity Ord Acc SFr 118.35 - 0.20 0.00
US Growth USD Ord Acc $ 198.04 - 1.06 0.00
US Growth EUR Ord Acc € 188.65 - 1.01 0.00
US Growth GBP Ord Acc £ 198.77 - 1.06 0.00
US Growth USD Inst Acc $ 183.58 - 0.99 0.00 Wealthy Nat Bd EUR Inst Inc € 110.97 - -0.09 3.60 Wealthy Nat Bd GBP Inst Inc £ 115.75 - -0.08 3.55 Wealthy Nat Bd EUR Ord Inc € 110.19 - -0.09 3.35 Wealthy Nat Bd GBP Ord Inc £ 116.34 - -0.08 3.29 Wealthy Nat Bd USD Ord Inc $ 113.60 - -0.08 3.27
New Capital Alternative Strategies
All Weather Fd USD Cls $ 114.53 - 0.00 0.00 All Weather Fd EUR Cls € 102.47 - 0.49 0.00 All Weather Fd GBP Cls £ 110.45 - 0.64 0.00 Tactical Opps USD Cls $ 130.38 - 3.20 0.00 Tactical Opps EUR Cls € 109.19 - 2.71 0.00 Tactical Opps GBP Cls £ 121.99 - 2.95 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 2280.74 - 1.03 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 10.23 - -0.01 0.00
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Regulated
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.03 Oasis Global Equity $ 27.35 - 0.08 0.34
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 28.07 - 0.08 0.11 Oasis Crescent Variable Balanced Fund £ 10.40 - 0.01 0.84 OasisCresGl Income Class A $ 10.83 - 0.00 2.51 OasisCresGl LowBal D ($) Dist $ 11.75 - 0.02 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.98 - 0.03 0.53 Oasis Crescent Gbl Property Eqty $ 9.72 - 0.00 1.74
Odey Asset Management LLP (UK)
40 Dukes Place, London, EC3A 7NH Order Desk and Enquiries: 0345 300 2106 Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Odey Continental European GBP R Acc 743.00 - 0.86 0.03
CF Odey Opus GBP R Inc 3546.64 - 5.72 0.00
CF Odey Absolute Return GBP R 316.47 - 0.78 0.00
CF Odey Portfolio Fund GBP R Inc 140.49 - 0.59 0.07
Trang 21MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield
Odey Asset Management LLP (CYM)
Regulated
OEI Mac Inc GBP A £ 246.93 - -15.09 0.00
OEI Mac Inc GBP B £ 138.88 - -10.06 0.00
OEI MAC Inc USD $ 1309.83 - -82.10 0.00
Odey European Inc EUR € 576.30 - -37.06 0.00
Odey European Inc GBP A £ 224.13 - -13.80 0.00
Odey European Inc GBP B £ 127.20 - -7.83 0.00
Odey European Inc USD $ 267.52 - -16.85 0.00
Giano Capital EUR Inc € 4413.43 - -216.41 0.00
Odey Asset Management LLP (IRL)
FCA Recognised
Odey Pan European EUR R € 298.33 - 0.52 0.00
Odey Absolute Return Focus Fund $ 90.30 - 2.89
-Odey Allegra European EUR O € 249.90 - -0.04 0.00
Odey Allegra International EUR O € 157.75 - -0.03 0.00
Odey Allegra Developed Markets USD I $ 128.58 - 0.41 0.00
Odey European Focus Fund € 17.24 - 0.02 0.00
Odey Giano European Fund EUR R € 115.42 - -0.37 0.00
Odey Naver Fund EUR I € 114.18 - -0.49 0.00
Odey Odyssey USD I $ 125.80 - -0.06 0.00
Odey Swan Fund EUR I € 69.40 - -0.40 0.00
Odey European Absolute Return GBP S £ 87.59 - -0.17 0.00
Odey Wealth Management (CI) Ltd (IRL)
Optima Fund Management
Other International Funds
Cuttyhunk Fund II Limited $ 1357.15 - -19.54 0.00
JENOP Global Healthcare Fund Ltd $ 12.37 - -0.19 0.00
OPTIKA Fund Limited - Cl A $ 89.70 - 1.27
-Optima Fd NAV $ 82.42 - 0.07 0.00
Optima Discretionary Macro Fund Limited $ 84.53 - -0.35 0.00
The Dorset Energy Fd Ltd NAV $ 31.90 - 0.64 0.00
Platinum Fd Ltd $ 81.19 - -0.29 0.00
Platinum Fd Ltd EUR € 15.60 - -0.07 0.00
Platinum Japan Fd Ltd $ 52.21 - 0.51 0.00
Optima Partners Global Fd $ 13.46 - 0.05 0.00
Optima Partners Focus Fund A $ 14.54 - -0.01 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) £ 6.99 - -0.01 0.00
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V $ 5037.64 - -16.52 0.00
Macro Holdings Ltd $ 4143.04 - 3.85 0.00
Fixed Income Holdings N.V $ 336.41 - 4.65
-Permal Absolute Return Fund $ 153.10 - -0.04 0.00
Pictet Asset Management (Europe) SA (LUX)
15, Avenue J.F Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR € 107.53 - 0.04 0.00
Pictet-Agriculture-I EUR F € 186.18 - 1.60 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 202.39 - 0.93 0.00
Pictet-Asian Local Currency Debt-I USD F $ 157.31 - 0.24 0.00
Pictet-Biotech-I USD F $ 709.85 - 14.06 0.00
Pictet-Brazil Index I USD $ 43.77 - 0.19 0.00
Pictet-CHF Bonds I CHF SFr 511.44 - -1.52 0.00
Pictet-China Index I USD $ 97.95 - 0.33 0.00
Pictet-Clean Energy-I USD F $ 78.39 - 0.15 0.00
Pictet-Digital Communication-I USD F $ 265.45 - 1.23 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 162.30 - 0.11 0.00
Pictet-Emerging Europe-I EUR F € 282.02 - -0.83 0.00
Pictet-Emerging Markets-I USD F $ 475.17 - 1.21 0.00
Pictet-Emerging Markets Index-I USD F $ 211.19 - 0.60 0.00
Pictet-Emerging Corporate Bonds I USD $ 112.14 - 0.10 0.00
Pictet-Emerging Markets High Dividend I USD $ 93.06 - 0.34 0.00
Pictet-Emerging Markets Sust Eq I USD $ 84.84 - 0.19 0.00
Pictet-EUR Bonds-I F € 575.41 - 1.59 0.00
Pictet-EUR Corporate Bonds Ex Fin i EUR € 147.74 - 0.11 0.00
Pictet-EUR Corporate Bonds-I F € 204.75 - 0.11 0.00
Pictet-EUR Government Bonds I EUR € 163.22 - 0.15 0.00
Pictet-EUR High Yield-I F € 247.65 - 0.30 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 137.27 - -0.01 0.00
Pictet-EUR Short Term HY I EUR € 122.67 - 0.08 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.77 - 0.00 0.00
Pictet-Euroland Index IS EUR € 126.64 - 0.14 0.00
Pictet-Europe Index-I EUR F € 163.17 - 0.22 0.00
Pictet-European Equity Selection-I EUR F € 602.13 - 1.11 0.00
Pictet-European Sust Eq-I EUR F € 241.58 - -0.03 0.00
Pictet-Global Bds Fundamental I USD $ 123.14 - 0.22 0.00
Pictet-Global Bonds-I EUR € 173.26 - 0.77 0.00
Pictet-Global Emerging Currencies-I USD F $ 98.81 - 0.05 0.00
Pictet-Global Emerging Debt-I USD F $ 375.92 - 0.92 0.00
Pictet-Global Env.Opport-I EUR € 163.77 - 0.52 0.00
Pictet-Global Megatrend Selection-I USD F $ 223.91 - 0.95 0.00
Pictet-Greater China-I USD F $ 421.27 - 1.34 0.00
Pictet-Health-I USD $ 267.93 - 3.16 0.00
Pictet-High Dividend Sel I EUR F € 158.48 - 0.58 0.00
Pictet-India Index I USD $ 96.89 - 0.64 0.00
Pictet-Indian Equities-I USD F $ 439.70 - -0.53 0.00
Pictet-Japan Index-I JPY F ¥ 14088.85 - 49.35 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 8446.19 - 15.43 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 12332.47 - 14.18 0.00
Pictet-LATAM Index I USD $ 54.05 - 0.23 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 116.27 - 0.23 0.00
Pictet-Multi Asset Global Opportunities-I EUR € 116.39 - 0.16 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 331.08 - -1.94 0.00
Pictet-Premium Brands-I EUR F € 140.64 - 0.33 0.00
Pictet-Quality Global Equities I USD $ 140.25 - 0.53 0.00
Pictet-Russia Index I USD $ 51.92 - -0.52 0.00
Pictet-Russian Equities-I USD F $ 48.09 - -0.22 0.00
Pictet-Security-I USD F $ 207.91 - 1.12 0.00
Pictet-Select-Callisto I EUR € 103.71 - 0.60 0.00
Pictet-Small Cap Europe-I EUR F € 1125.53 - 2.71 0.00
Fund Bid Offer +/- Yield Pictet-ST.MoneyMkt-I € 140.34 - 0.00 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 101478.29 - -1.46 0.00 Pictet-ST.MoneyMkt-ICHF SFr 123.79 - 0.00 0.00 Pictet-ST.MoneyMkt-IUSD $ 135.73 - 0.00 0.00 Pictet-Timber-I USD F $ 147.67 - 0.26 0.00 Pictet Total Ret-Agora I EUR € 114.54 - 0.03 0.00 Pictet Total Ret-Corto Europe I EUR € 134.70 - -0.02 0.00 Pictet Total Ret-Divers Alpha I EUR € 104.61 - 0.05 0.00 Pictet Total Ret-Kosmos I EUR € 109.89 - -0.03 0.00 Pictet Total Ret-Mandarin I USD $ 113.29 - 0.24 0.00 Pictet-US Equity Selection-I USD $ 193.21 - 0.82 0.00 Pictet-US High Yield-I USD F $ 146.40 - 0.13 0.00 Pictet-USA Index-I USD F $ 187.14 - 0.54 0.00 Pictet-USD Government Bonds-I F $ 654.89 - 1.53 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 130.91 - 0.03 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.87 - 0.01 0.00 Pictet-Water-I EUR F € 294.04 - 0.89 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised
Capital Securities Inst Acc $ 14.93 - 0.00 0.00 Commodity Real Return Fund Inst Acc $ 6.37 - 0.06 0.00 Credit Absolute Return Fund Inst Acc $ 11.14 - 0.02 0.00 Diversified Income - Inst Acc $ 20.29 - 0.03 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 11.51 - 0.00 0.00 Emerging Asia Bond Fund Inst Acc $ 10.17 - 0.00 0.00 Emerging Local Bond - Inst Acc $ 11.30 - 0.02 0.00 Emerging Markets Bond - Inst Acc $ 40.17 - 0.14 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 13.22 - 0.02 0.00 Emerging Markets Short-Term Local Currency Fund $ 12.04 - 0.02 0.00 Euro Bond - Inst Acc € 23.19 - 0.02 0.00 Euro Credit - Inst Acc € 15.19 - 0.01 0.00 Euro Income Bond - Inst Acc F € 13.37 - 0.01 0.00 Euro Long Average Duration - Inst Acc € 23.84 - 0.09 0.00 Euro Low Duration Fund Inst Acc € 11.32 - -0.01 0.00 Euro Real Return - Inst Acc € 13.68 - 0.00 0.00 Euro Short-Term Inst Acc € 12.25 - -0.01 0.00 Euro Ultra Long Duration - Inst Acc € 31.95 - 0.07 0.00 Global Advantage - Inst Acc $ 12.46 - 0.02 0.00 Global Advantage Real Return Fund Inst Acc $ 8.63 - 0.00 0.00 Global Bond - Inst Acc $ 28.77 - 0.04 0.00 Global Bond Ex-US - Inst Acc $ 20.30 - 0.02 0.00 Global High Yield Bond - Inst Acc $ 20.65 - 0.02 0.00 Global Investment Grade Credit - Inst Income $ 12.40 - 0.02 3.78 Global Investment Grade Credit Fund Inst Acc € € 12.02 - 0.04 0.00 Global Investment Grade Credit Fund Inst Acc $ $ 17.31 - 0.04 0.00 Global Multi-Asset - Inst Acc $ 14.34 - 0.00 0.00 Global Real Return - Inst Acc $ 18.49 - 0.02 0.00 Income Fund Inst Acc $ 12.71 - 0.01 0.00 Inflation Strategy Fund Inst Acc $ 9.05 - 0.01 0.00 Low Average Duration - Inst Acc $ 14.94 - 0.00 0.00 PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.53 - 0.04 0.00 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.02 - 0.02 0.00 PIMCO RAE Fundam.PLUS US Inst Acc $ 12.74 - 0.04 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.27 - 0.03 0.00 StocksPLUS{TM} - Inst Acc $ 23.97 - 0.07 0.00 Total Return Bond - Inst Acc $ 27.88 - 0.04 0.00
UK Corporate Bond - Inst Acc £ 18.01 - 0.02 0.00
UK Long Term Corp Bnd Inst-Inst Acc £ 20.31 - 0.04 0.00
UK Low Duration - Inst Acc £ 14.18 - 0.01 0.00
UK Real Return - Inst Acc £ 22.94 - -0.04 0.00
UK Sterling Long Average Duration - Inst Acc £ 23.19 - 0.00 0.00 Unconstrained Bond - Inst Acc $ 12.05 - 0.01 0.00
US High Yield Bond Fund Inst Acc $ 28.63 - 0.03 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum All Star Fund - A $ 115.01 - - Platinum Global Dividend Fund - A $ 49.22 - - - Platinum Maverick Enhanced Fund Limited $ 89.57 - - 0.00
-Polar Capital Funds Plc (IRL) Regulated
Asian Financials I USD $ 288.22 288.22 2.54 1.16 Biotechnology I USD $ 16.92 16.92 0.32 0.00 European Income Acc EUR € 11.24 11.24 0.01 0.00 European Ex UK Inc EUR Acc € 9.71 9.71 0.01 - Financial Opps I USD $ 11.48 - 0.03 1.93 GEM Growth I USD $ 8.49 - 0.02 0.00 GEM Income I USD $ 9.40 - 0.02 0.00 Global Alpha I USD $ 12.99 12.99 0.03 0.00 Global Convertible I USD $ 11.39 11.39 0.00 0.00 Global Insurance I GBP £ 4.48 - -0.01 0.00 Global Technology I USD $ 24.19 - 0.09 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.72 10.72 0.14 0.00 Healthcare Opps I USD $ 35.96 - 0.34 0.00 Income Opportunities B2 I GBP Acc £ 1.73 1.73 0.00 0.00 Japan Alpha I JPY ¥ 174.88 174.88 -0.23 0.00 Japan I JPY ¥ 1728.24 - -5.97 1.14 North American I USD $ 17.91 17.91 0.06 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) Regulated
Purisima Investment Fds (UK) (1200)F (UK)
40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers
Global Total Fd PCG A 174.16 - 0.46 0.48 Global Total Fd PCG B 172.80 - 0.46 0.24 Global Total Fd PCG INT 170.74 - 0.45 0.00
Purisima Investment Fds (CI) Ltd (JER) Regulated
PCG B X 166.17 - 0.43 0.00 PCG C X 163.73 - 0.43 0.00
Fund Bid Offer +/- Yield
Putnam Investments (Ireland) Ltd (IRL) Regulated
Putnam New Flag Euro High Yield Plc - E € 1010.62 - 0.91 4.01
Ram Active Investments SA
Tél +41 22 816 87 30 www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Core Eq $ 78.32 - 0.04 RAM Systematic Emerg Markets Eq $ 143.26 - -0.07 - RAM Systematic European Eq € 376.09 - 1.22 - RAM Systematic Global Shareholder Yield Eq $ 101.36 - 0.00 0.00 RAM Systematic Long/Short Emerg Markets Eq $ 118.35 - -0.27 - RAM Systematic Long/Short European Eq € 138.44 - -0.04 - RAM Systematic North American Eq $ 238.72 - 0.63 - RAM Tactical Convertibles Europe € 143.14 - 0.11 - RAM Tactical Global Bond Total Return € 141.85 - 0.10 - RAM Tactical II Asia Bond Total Return $ 130.43 - -0.04 -
-Rathbone Unit Trust Mgmt (1200)F (UK)
PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds
Blue Chip Income Inc 151.19 156.10 0.69 4.29 Blue Chip Income Acc 228.18 235.35 1.04 4.11 Ethical Bond Inc 90.45 92.50 0.06 4.70 Ethical Bond Acc 176.31 179.90 0.12 4.60 Global Opportunities Acc 147.19 151.80 0.70 0.00 Income Inc 842.49 871.09 3.57 4.01 Income Acc 1328.76 1371.95 5.62 3.85 Multi Asset Enhanced Growth Acc 125.80 - 0.43 0.08 Multi Asset Strategic Growth inc 151.53 - 0.30 1.26 Multi Asset Strategic Growth acc 161.63 - 0.32 1.25 Multi Asset Total Return inc 127.18 - 0.19 1.89 Multi Asset Total Return acc 141.24 - 0.21 1.87 Recovery Inc 424.64 440.82 2.63 2.66 Recovery Acc 516.64 535.71 3.20 2.61 Strategic Bond I-Class Acc 127.63 128.47 0.02 4.24 Strategic Bond I-Class Inc 109.92 110.72 0.03 4.44
Robeco Asset Management (LUX)
Weena 850, 3014 DA Rotterdam, The Netherlands www.robeco.com/contact
US Premium Equities (EUR) € 186.03 - 0.77 0.00
US Premium Equities (USD) $ 208.54 - 0.97 0.00
Royal Bank of Scotland (2230)F (UK)
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds Series 5 (Minumum Initial Investment £75,000)
United Kingdom Equity Index Fund £ 15.27 - 0.00 2.95
UK Specialist Equity Inc £ 18.82 - 0.04 0.41 Contl Europe Specialist Fund £ 23.91 - 0.17 0.00 Japan Specialist Fund X £ 15.29 - -0.17 0.00
US Spec Equity Fund £ 19.89 - 0.02 0.00 Pacific Basin Specialist Equity Fund £ 39.28 - 0.23 0.88
UK Sovereign Bd Index Fund £ 11.12 - 0.02 2.46
UK Specialist Equity Income Fund £ 9.20 - 0.02 4.20 Global Emerg Mkts Equity Fund X £ 10.79 - 0.05 0.07 Global Spec Inv Grade Bd Fund GBP £ 9.84 - 0.01 2.91
Series 6 (Investment Management Customers Only)
United Kingdom Equity Index Fund £ 15.06 - 0.00 3.60
UK Specialist Equity £ 19.00 - 0.03 1.62 Contl Europe Specialist Fund £ 24.88 - 0.18 1.16 Japan Specialist Fund X £ 16.18 - -0.18 0.63
US Spec Equity Fund £ 20.93 - 0.02 0.35 Pacific Basin Specialist Equity Fund £ 39.08 - 0.24 1.86
UK Sovereign Bd Index Fund £ 11.28 - 0.02 2.46
UK Specialist Equity Income Fund £ 10.06 - 0.02 4.12 Global Spec Inv Grade Bd Fund GBP £ 10.18 - 0.02 2.91 Global Emerg Mkts Equity Fund X £ 10.77 - 0.05 0.89 Address and telephone number for Series 5 only
Royal London Unit Managers Ltd (1200) F (UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds
Royal London Sustainable Diversified A Inc £ 1.60 - 0.01 2.01 Royal London Sustainable World A Inc 176.20 - 0.90 0.90 Royal London Corporate Bond Mth Income 89.37 90.73 0.21 4.18 Royal London European Growth Trust 112.60 114.30 0.00 0.07 Royal London Sustainable Leaders A Inc 458.40 - 2.60 1.38 Royal London UK Growth Trust 477.80 485.10 3.20 1.46 Royal London UK Income With Growth Trust 219.80 223.10 0.80 4.78 Royal London US Growth Trust 159.20 161.60 1.30 0.00 Additional Funds Available Please see www.royallondon.com for details
CF Ruffer Investment Funds
CF Ruffer Gold Fund C Acc 131.13 - 2.48 0.31
CF Ruffer Gold Fund O Acc 129.60 - 2.45 0.20 Equity & General C Acc 368.71 - -0.03 0.06 Equity & General C Inc 340.07 - -0.03 0.06 Equity & General O Inc 338.23 - -0.03 0.00 Equity & General O Acc 364.52 - -0.03 0.00 European C Acc 504.76 - 1.75 0.26 European O Acc 499.04 - 1.73 0.00 Japanese Fund C Acc 170.76 - 1.01 0.10 Japanese Fund O Acc X 168.60 - 0.99 0.00 Pacific C Acc 300.37 - 1.81 0.56 Pacific O Acc 296.69 - 1.80 0.25 Total Return C Acc 392.22 - 0.49 1.36 Total Return C Inc 270.50 - 0.33 1.37 Total Return O Inc 267.29 - 0.33 1.37 Total Return O Acc 387.71 - 0.48 1.36
Fund Bid Offer +/- Yield
S W Mitchell Capital LLP (CYM) Regulated
S W Mitchell European Fund Class A EUR € 276.69 - 2.32
-S W Mitchell -Small Cap European Fund Class A EUR € 217.54 - 1.23 The Charlemagne Fund EUR € 250.68 - 3.59 -
-S W Mitchell Capital LLP (IRL) Regulated
SWMC European Fund B EUR € 14277.24 - 48.26 0.00 SWMC UK Fund B £ 11267.16 - 14.12 0.00 SWMC Small Cap European Fund B EUR € 12856.65 - -84.71 0.00 SWMC Emerging European Fund B EUR € 9402.58 - 0.03 0.00
Tel +41 44 653 10 10 http://www.robecosam.com/
Regulated
RobecoSAM Sm.Energy/A £ 11.72 - -0.03 1.64 RobecoSAM Sm.Energy/N € 11.54 - 0.02 0.00 RobecoSAM Sm.Materials/A £ 128.97 - -0.06 1.38 RobecoSAM Sm.Materials/N € 144.30 - 0.44 0.00 RobecoSAM Sm.Materials/Na € 99.61 - 0.31 - RobecoSAM Gl.Small Cap Eq/A £ 82.14 - 0.01 1.24 RobecoSAM Gl.Small Cap Eq/N € 159.15 - 0.59 0.00 RobecoSAM Sustainable Gl.Eq/B € 178.66 - 0.29 0.00 RobecoSAM Sustainable Gl.Eq/N € 154.69 - 0.25 0.00 RobecoSAM S.HealthyLiv/B € 178.52 - 1.11 0.00 RobecoSAM S.HealthyLiv/N € 166.94 - 1.04 0.00 RobecoSAM S.HealthyLiv/Na £ 112.49 - 0.31 - RobecoSAM S.Water/A £ 186.31 - -0.38 1.11 RobecoSAM S.Water/N € 174.19 - 0.26 0.00
Santander Asset Management UK Limited (1200)F (UK)
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Authorised Funds Santander Atlas Range
Santander Atlas Inc Port Acc Inst 296.70 - 0.40 Santander Atlas Inc Port Inc Inst 223.20 - 0.30 - Santander Atlas Port 3 Acc Ret 151.10 - 0.30 - Santander Atlas Port 3 Inc Ret 103.30 - 0.20 - Santander Atlas Port 3 Acc Inst 166.50 - 0.40 - Santander Atlas Port 4 Acc Ret 184.70 - 0.20 - Santander Atlas Port 4 Inc Ret 130.80 - 0.10 - Santander Atlas Port 4 Acc Inst 168.00 - 0.30 - Santander Atlas Port 5 Acc Ret 192.30 - 0.20 - Santander Atlas Port 5 Acc Inst 163.40 - 0.20 - Santander Atlas Port 6 Acc Ret 263.30 - 0.40 - Santander Atlas Port 6 Acc X 188.00 - 0.30 - Santander Atlas Port 6 Acc Inst 162.50 - 0.20 - Santander Atlas Port 7 Acc Ret 203.30 - 0.20 - Santander Atlas Port 7 Acc Inst 161.50 - 0.10 -
-Authorised Inv Funds
Max 70% Shs Acc Ret 171.30 - 0.50 Max 70% Shs Inc Ret 142.90 - 0.50 - Investments Inc Acc Ret 161.20 - 0.50 - Investments Inc Inc Ret 105.20 - 0.30 - Equity Inc Inc Inst 244.00 - 1.30 - Equity Inc Inc Ret 208.50 - 1.10 - Equity Inc Acc Inst 150.80 - 0.80 - N&P UK Gwth Inc Ret 165.70 - 0.80 - Stckmkt 100 Track Gwth Acc Inst 91.82 - 0.39 - Stckmkt 100 Track Gwth Acc Ret 171.50 - 0.70 -
-UK Growth Acc Inst 290.50 - 1.50
-UK Growth Acc Ret 335.80 - 1.70
-UK Growth Inc Ret 219.00 - 1.10
-Managed OEIC
Glob Em Shs Port Acc Ret 159.60 - 0.50 Max 70% Shs Port Acc Ret 259.70 - 0.40 - Max 70% Shs Port Acc X 186.50 - 0.30 - Max 70% Shs Port Acc S 151.00 - 0.30 - Investment Port Acc Ret 240.40 - 0.70 - Investment Port Acc X 170.40 - 0.50 - Max 50% Shs Port Acc Ret 250.90 - 0.60 - Max 50% Shs Port Inc Ret 221.60 - 0.50 - Max 50% Shs Port Acc X 181.60 - 0.40 - Max 50% Shs Port Acc S 152.10 - 0.40 - Max 100% Shs Port Acc Ret 293.90 - 0.70 - Max 100% Shs Port Acc X 210.90 - 0.50 - Max 100% Shs Port Acc S 154.00 - 0.30 - Enhanced Inc Inc Ins 207.10 - 1.00 - Enhanced Inc Inc Ret 194.60 - 1.00 - Enhanced Inc Inc X 165.80 - 0.80 - Enhanced Inc Acc Inst 159.80 - 0.80 -
-Managed Investments OEIC
Max 30% Shs Port Acc Ret 158.30 - 0.40 Max 30% Shs Port Acc X 158.20 - 0.30 - Max 30% Shs Port Acc S 152.00 - 0.30 - Max 30% Shs Inc Port Inc Ret 155.70 - 0.50 - Max 30% Shs Inc Port Inc X 155.80 - 0.50 - Max 30% Shs Inc Port Inc S 149.60 - 0.50 - Max 60% Shs Port Acc Ret 273.00 - 0.80 - Max 60% Shs Port Inc Ret 212.70 - 0.70 - Max 60% Shs Port Inc X 164.60 - 0.50 - Max 60% Shs Port Inc S 146.30 - 0.40 -
-Managed Investments OEIC 2
Investments Inc Port Inc Ret 167.00 - 0.50 Investments Inc Port Inc X 151.30 - 0.40 -
-£ Gov Bond Inc Inst (gross) 185.40 - 0.70
-£ Gov Bond Inc Inst 152.20 - 0.50
-£ Gov Bond Acc Inst 155.10 - 0.50 Strat Bond Inc Inst (gross) 181.30 - 0.20 - Strat Bond Inc Inst 149.20 - 0.10 - Strat Bond Acc Inst 153.70 - 0.20 4.19
-Managed Investments OEIC 3
Div Inc Port Inc Ret 171.30 - 0.90 Corp Bond Acc Inst (gross) 222.70 - 0.60 - Corp Bond Inc Inst 145.60 - 0.40 3.86 Corp Bond Acc Inst 150.60 - 0.40 - SMIO3 Santander Multi Index Fund 1 153.80 - 0.40 - SMIO3 Santander Multi Index Fund 2 153.80 - 0.30 - SMIO3 Santander Multi Index Fund 3 153.50 - 0.30 -
-Multi-Manager OEIC
Bal Intl Track Acc Ret 270.90 - 0.50 Bond Mthly Inc Acc Ret 148.40 - 0.40 - Bond Mthly Inc Inc Ret 93.84 - 0.26 -
-Santander Asset Management UK Limited (1200)F (UK)
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Authorised Inv Funds Santander Premium Fund (OEIC)
A Shares
Europe (ex-UK) 285.40 - 0.50 Japan Equities 155.30 - 0.50 -
-Fund Bid Offer +/- Yield Pacific Bas (ex-Japan) 526.00 - 3.00 - Sterling Bonds 274.50 - 0.90 -
UK Equities 268.20 - 1.30
-US Equities 285.90 - 1.10
-B Shares
Pacific Bas (ex-Japan) 525.20 - 3.00
-Saracen Fund Managers Ltd (1000)F (UK)
19 Rutland Square, Edinburgh EH1 2BB Dealing: 00 353 1 603 9921 Saracen Investment Funds ICVC (OEIC) Enq 0131 202 9100
Authorised Inv Funds
Saracen Growth Fd Alpha Acc £ 3.66 - 0.02 1.14 Saracen Growth Fd Beta Acc £ 5.85 - 0.02 1.69 Saracen Global Income & Growth Fund A - Acc £ 1.18 - 0.00 0.79 Saracen Global Income & Growth Fund A - Dist £ 1.09 - 0.00 6.70 Saracen Global Income and Growth Fund -Acc # £ 1.47 - 0.00 2.36 Saracen Global Income and Growth Fund -Dist # £ 1.29 - 0.01 3.44 Saracen UK Income Fund - Acc £ 0.96 - 0.00 2.69 Saracen UK Income Fund - Dist £ 0.93 - 0.00 4.75
For Save & Prosper please see Countrywide Assured
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE £ 132.66 139.49 0.17 2.35
Scottish Friendly Asset Managers Ltd (UK)
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
-Smith & Williamson Investment Management (1200)F (UK)
25 Moorgate, London, EC2R 6AY 020 7131 8100 www.sandwfunds.com
Authorised Inv Funds
European Equity Fund A Class 521.60 - -0.30 0.70 Far Eastern Income and Growth Fund A Class 453.00 - 4.30 2.35 Fixed Interest Fund A Class 123.20xd - 0.30 2.56 Global Gold and Resources Fund A Class 217.70 - 1.30 0.00
MM Endurance Balanced Fund A Class 207.30 - 0.00 1.33
MM Global Investment Fund A Class 2030.00 - 3.00 1.95 North American Fund A Class 1783.00 - 10.00 0.00 Oriental Growth Fund A Class 160.10 - 0.70 0.35
UK Equity Growth Fund A Class 401.80 - 2.90 0.40
UK Equity Income Fund A Class 219.40 - 1.20 4.97
Smith & Williamson Fd Admin Ltd (1200)F (UK)
25 Moorgate, London, EC2R 6AY 0141 222 1150
Authorised Inv Funds
S&W Deucalion Fd (OEIC) 2069.00 - 14.00 0.24
S & W Magnum 385.10 406.90 1.60 2.99
S & W Marathon Trust 188.20 199.10 0.20 1.77
Standard Life Wealth (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised Standard Life Offshore Strategy Fund Limited
Bridge Fund £ 1.6603 - 0.0065 1.80 Diversified Assets Fund £ 1.1904 - 0.0023 3.19 Global Equity Fund £ 1.9644 - 0.0106 0.94 Global Balanced Fund - Income Units £ 1.3882 - 0.0057 1.95 Global Balanced Fund - Accumulations Units £ 1.6243 - 0.0067 1.92 Global Fixed Interest Fund £ 1.0002 - 0.0018 4.61 Sterling Fixed Interest Fund £ 0.8599 - 0.0025 3.86
UK Equity Fund £ 1.9026 - 0.0083 2.72
Stenham Asset Management Inc
www.stenhamassetmanagement.com
Other International Funds
Stenham Asia USD $ 122.12 - -1.29 0.00 Stenham Credit Opportunities A Class USD $ 99.58 - 1.93 0.00 Stenham Equity UCITS USD $ 137.66 - 0.79 0.00 Stenham Growth USD $ 196.98 - -2.42 - Stenham Healthcare USD $ 162.72 - 3.22 0.00 Stenham Managed Fund USD $ 106.75 - -0.25 0.00 Stenham Macro UCITS USD $ 99.72 - 0.06 0.00 Stenham Multi Strategy USD $ 108.98 - -0.90 - Stenham Quadrant USD A $ 399.31 - 3.86 - Stenham Trading Inc USD $ 115.63 - 1.12 - Stenham Universal USD $ 409.59 - -1.20 - Stenham Universal II USD $ 151.42 - -0.51 0.00
Stratton Street Capital (CI) Limited (GSY) Regulated
Japan Synthetic Warrant Yen Class ¥ 1243.57 - -34.21 0.00 Japan Synthetic Warrant GBP Hedged Class £ 132.09 - -9.67 0.00 Japan Synthetic Warrant USD Class $ 15.86 - 1.30 0.00 Japan Synthetic Warrant USD Hedged Class $ 132.10 - -8.49 0.00 Renminbi Bond Fund AUD Cls A A$ 122.08 - 0.21 3.35 Renminbi Bond Fund AUD Cls B A$ 124.02 - 0.21 3.13 Renminbi Bond Fund CHF Cls A SFr 117.16 - 0.19 3.47 Renminbi Bond Fund CHF Cls B SFr 117.04 - 0.18 3.22 Renminbi Bond Fund CNH Cls A CNH 130.44 - 0.24 3.26 Renminbi Bond Fund CNH Cls B CNH 130.25 - 0.25 3.02 Renminbi Bond Fund Euro Cls B € 119.22 - 0.19 3.14 Renminbi Bond Fund GBP Cls B £ 121.77 - 0.19 3.19 Renminbi Bond Fund SGD Cls B S$ 121.48 - 0.21 3.12 Renminbi Bond Fund USD Cls B $ 121.58 - 0.20 2.98 Renminbi Bond Fund YEN Cls B ¥ 13735.69 - 24.64 0.00 Renminbi Bond Fund USD Cls A $ 167.49 - 0.28 3.23 Renminbi Bond Fund GBP Cls A £ 162.16 - 0.25 3.45 Renminbi Bond Fund SGD Cls A S$ 160.77 - 0.28 3.37 Renminbi Bond Fund YEN Cls A ¥ 20326.00 - 37.00 0.00 Renminbi Bond Fund EUR Cls A € 109.55 - 0.18 3.39
Asset Management Asset Management
Asset Management Asset Management
E.I Sturdza Strategic Management Limited (GSY) Regulated
Nippon Growth Fund Limited ¥ 83884.00 - -547.00 0.00 Strat Evarich Japan Fd Ltd JPY ¥ 76521.00 - 2450.00 0.00 Strat Evarich Japan Fd Ltd USD $ 752.04 - 23.60 0.00
E.I Sturdza Funds PLC (IRL) Regulated
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 907.56 - -24.15 0.00 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1069.14 - -28.40 0.00 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 84523.00 - -2214.00 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 70858.00 - -1857.00 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 46055.00 - -1206.00 0.00 Strategic China Panda Fund USD $ 2027.34 - 0.54 0.00 Strategic China Panda Fund Hedged EURO € 1966.50 - 0.33 0.00 Strategic China Panda Fund Hedged Sterling £ 1996.99 - 0.50 0.00 Strategic Euro Bond Accumulating Class CHFSFr 985.55 - 0.04 0.00
Fund Bid Offer +/- Yield Strategic Euro Bond Institutional Class EUR € 1018.36 - 0.09 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1140.18 - 0.10 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1029.63 - 0.09 0.00 Strategic European Smaller Companies Fund EUR Class € 1004.94 - 2.14 0.00 Strategic Global Bond RMB Acc $ 1076.57 - 1.86 0.00 Strategic Global Bond USD Acc $ 1063.59 - 1.66 0.00 Strategic US Momentum and Value Fund $ 738.94 - 2.07 0.00 Strategic US Momentum & Value Fund USD I Class $ 492.09 - 1.38 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 514.31 - 1.41 0.00 Strategic US Momentum and Value CHF Hedged Class CHFSFr 509.75 - 1.38 0.00
Taube Hodson Stonex Ptnrs UT (1200)F (UK)
50 Bank Street, Canary Wharf, London E14 5NT Admin: 50 Bank Street, Canary Wharf, London E14 5NT Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds THS Growth & Value Funds International
IGV - Inc A 321.20 - 0.10 1.92 IGV - Inc B 321.50 - 0.10 1.19 IGV - Acc X 398.50 - 0.00 1.44 IGV - Acc Y 428.50 - 0.10 1.89 IGV - Acc Z 395.10 - 0.10 1.15
European
EGV - Acc S 280.40 - -0.60 0.00 EGV - Acc Z 280.40 - -0.60 1.51
Continental
CGV Acc S 117.10 - -0.40 1.63 CGV Acc X 115.50 - -0.50 0.00 CGV Inc A 115.10 - -0.50 1.62 CGV Inc B 115.10 - -0.50 0.00
The Hartford International Funds (IRL) Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1722.29 - -2.02 0.00
UK Corporate Bond £ 1645.87 - 4.44 0.00 Gilt £ 1667.94 - 6.43 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.39 - 0.00 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.45 - 0.00 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.41 - -0.01 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.30 - 0.00 0.00 Gbl Govt Bond (Ex Japan) Index ¥ 1.24 - -0.01 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.22 - -0.01 0.00 Japan Equity Index Fund ¥ 0.93 - 0.00 0.00 Japan Equity Class JP3 ¥ 1.13 - 0.01 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
TNI Blue Chip UAE Fund * AED 10.29 - -0.01 0.00
Thesis Unit Trust Management Limited (UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc £ 12.98 - 0.04 0.00
TM New Court Fund - A 2014 Acc £ 13.01 - 0.04 0.00
TM New Court Equity Growth Fund - Inc £ 13.10 - 0.05 0.00
Toscafund Asset Management LLP (UK)
-TreeTop Asset Management S.A (LUX) Regulated
TreeTop Convertible Sicav
International A € 280.67 - 1.03 0.00 International B $ 362.09 - 1.20 0.00 International C £ 118.38 - 0.38 3.40 International D € 252.52 - 0.89 3.18
TreeTop Global Sicav
Global Opp.A € 139.34 - 0.68 0.00 Global Opp.B $ 139.57 - 0.73 0.00 Global Opp.C £ 179.19 - 0.53 3.11 Sequoia Equity A € 138.07 - 0.82 0.00 Sequoia Equity B $ 143.20 - 0.86 0.00 Sequoia Equity C £ 164.73 - 0.60 3.10
40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds ACD Capita Financial Mgrs Trojan Investment Funds
Spectrum Fund O Acc ♦ 170.87 - 0.10 0.36 Spectrum Fund O Inc ♦ 166.05 - 0.10 0.36 Spectrum Income Fund O Acc 98.88 - 0.17 2.34 Spectrum Income Fund O Inc 96.79 - 0.17 2.35 Trojan Ethical Income O Acc 102.75 - 0.46 - Trojan Ethical Income O Inc 102.92 - 0.46 - Trojan Fund O Acc ♦ 275.04 - 0.44 0.42 Trojan Fund O Inc ♦ 227.87 - 0.37 0.42 Trojan Global Equity O Acc 235.80 - 1.18 0.88 Trojan Global Equity O Inc 200.37 - 1.01 0.88 Trojan Income O Acc ♦ 286.60 - 1.45 3.65 Trojan Income O Inc ♦ 177.50 - 0.90 3.76
UBS Asset Management (UK)
21 Lombard Street, London, EC3V 9AH Client Services 0800 587 2113, Client Dealing 0800 587 2112 www.ubs.com/retailfunds
Authorised Inv Funds OEIC
Global Emerg Mkts Eqty B Acc £ 1.35 - 0.01 1.24 Global Optimal B Acc £ 1.00 - 0.01 0.66 UBS UK Opportunities Fund B Acc £ 0.87 - 0.00 3.30
US Equity B Acc £ 1.54 - 0.01 0.28 UBS S&P 500 Index C Acc £ 0.58 - 0.00 1.76 UBS Targeted Return B Acc £ 1.20 - 0.00 1.46 UBS Sterling Corporate Bond Indexed Fund 52.76 - 0.15 3.19 UBS Multi Asset Income B Inc (net) £ 0.48 - 0.00 3.36
Fund Bid Offer +/- Yield UBS UK Equity Income B Inc Net £ 0.38 - 0.01 5.07 Corporate Bond UK Plus B Inc Net £ 0.53 - 0.00 4.00 UBS Global Allocation (UK) B Acc £ 1.07 - 0.00 2.13 UBS Global Enhanced Equity Income C Inc £ 0.45 - 0.00 11.25 UBS US Growth Fund B Acc £ 1.56 - 0.00 0.00 UBS Emerging Markets Equity Income B Inc £ 0.36 - 0.00 5.85
Unicapital Investments (LUX) Regulated
Investments III € 5.03 - 22.38 Investments IV - European Private Eq € 210.25 220.76 -4.08 - Investments IV - Global Private Eq € 311.03 326.58 -10.79 -
-Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
UK Growth A Inc 423.47 - 3.01 0.00 Mastertrust A Inc X F 370.46 - 1.30 0.07
UK Growth B Inc 426.30 - 3.02 0.55 Mastertrust B Inc X F 333.25 - 1.17 0.89 Outstanding British Cos A Acc X F 263.37 - 2.14 0.63 Outstanding British Cos B Acc X F 276.19 - 2.24 1.36
UK Smaller Cos A Inc X F 433.82 - 1.19 0.35
UK Smaller Cos B Inc X F 425.64 - 1.18 1.23
-Veritas Asset Management LLP (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc
www.veritas-asset.com +353 1 635 6799
FCA Recognised Institutional
Veritas Asian Fund A USD H $ 321.75 - 0.80 0.42 Veritas Asian Fund A GBP H £ 415.71 - 1.64 0.23 Veritas Asian Fund A EUR H € 329.99 - 2.55 0.21 Veritas China Fund A USD $ 123.71 - 0.62 0.41 Veritas China Fund A GBP £ 128.10 - 0.64 0.42 Veritas China Fund A EUR € 121.70 - 0.58 0.42 Veritas Global Equity Income Fund D USD $ 118.99 - 0.22 4.02 Veritas Global Equity Income Fund D EUR € 207.38 - 1.47 4.03 Veritas Global Equity Income Fund D GBP £ 160.55 - 0.53 3.89 Veritas Global Focus Fund D USD $ 26.50 - -0.01 0.63 Veritas Global Focus Fund D EUR € 23.95 - 0.12 0.64 Veritas Global Focus Fund D GBP £ 31.20 - 0.03 0.60 Veritas Global Focus Fund A GBP £ 30.10 - 0.03 0.35 Veritas Global Focus Fund A EUR € 13.94 - 0.06 0.36 Veritas Global Focus Fund A USD $ 25.54 - -0.01 0.37 Veritas Global Focus Fund C GBP £ 32.72 - 0.04 0.00 Veritas Global Focus Fund C EUR € 25.22 - 0.12 0.00 Veritas Global Focus Fund C USD $ 27.84 - -0.01 0.00 Veritas Global Equity Income Fund A GBP £ 153.66 - 0.50 3.90 Veritas Global Equity Income Fund A EUR € 201.21 - 1.43 4.04 Veritas Global Equity Income Fund A USD $ 114.35 - 0.20 4.03 Veritas Global Equity Income Fund C GBP £ 187.52 - 0.61 - Veritas Global Equity Income Fund C EUR € 245.13 - 1.74 - Veritas Global Equity Income Fund C USD $ 138.79 - 0.26 - Veritas Global Real Return Fund A USD $ 21.85 - -0.02 0.28 Veritas Global Real Return Fund A GBP £ 12.28 - -0.01 0.31 Veritas Global Real Return Fund A EUR € 12.86 - -0.01 0.11
Retail
Veritas Asian Fund B USD $ 224.02 - 0.55 0.00 Veritas Asian Fund B GBP £ 306.37 - 1.20 0.00 Veritas Asian Fund B EUR € 243.07 - 1.88 0.00 Veritas China Fund B GBP £ 123.94 - 0.62 0.00 Veritas China Fund B EUR € 163.91 - 1.09 0.00 Veritas Global Focus Fund B USD $ 18.41 - 0.00 0.00 Veritas Global Focus Fund B GBP £ 22.95 - 0.02 0.00 Veritas Global Focus Fund B EUR € 16.57 - 0.08 0.00 Veritas Global Equity Income Fund B GBP £ 140.97 - 0.46 3.93 Veritas Global Equity Income Fund B EUR € 184.13 - 1.30 4.06 Veritas Global Equity Income Fund B USD $ 113.05 - 0.20 4.06 Veritas Global Real Return Fund B USD $ 21.15 - -0.02 0.00 Veritas Global Real Return Fund B GBP £ 12.03 - -0.01 0.00 Veritas Global Real Return Fund B EUR € 13.71 - -0.01 0.00
Veritas Asset Management LLP
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FCA Recognised
Waverton Asia Pacific A USD $ 17.57 - 0.09 5.90 Waverton Global Bond Fund Cls A $ 8.46 - 0.01 5.45 Waverton Global Equity Fund A GBP £ 14.47 - 0.08 0.51 Waverton UK Fund A GBP £ 13.01 - 0.07 1.75 Waverton Equity Fund A GBP £ 14.56 - 0.02 0.37 Waverton Sterling Bond Fund A GBP £ 9.33 - 0.01 5.29
WA Fixed Income Fund Plc (IRL) Regulated
European Multi-Sector € 118.08 - 0.22 0.00
Yapi Kredi Asset Management (TUR)
Yapi Kredi Plaza A Blok Kat:13 Levent 34330 Istanbul / Turkey Email: info@ykportfoy.com.tr; Tel: + 90 (212) 385 48 48 www.yapikrediassetmanagement.com
Other International Funds
Private Sector Bonds and Bills FundTRY 0.011490 - 0.000010 Eurobond (Dollar) Bonds and Bills FundTRY 0.078920 - -0.000060 - Fourth Variable Fund TRY 0.021280 - - - Koc Affiliate and Eq Fund (Eq Intense Fund)TRY 0.760950 - -0.009910 - Istanbul Hedge Fund TRY 0.014460 - 0.000010 -
-Fund Bid Offer +/- Yield
Yuki International Limited (IRL)
Tel +44-20-7269-0207 www.yukifunds.com
Regulated Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth ¥ 7053.00 - 67.00 0.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00 Yuki Japan Low Price ¥ 28055.00 - 136.00 0.00 Yuki Japan Value Select ¥ 14129.00 - 18.00 0.00
YMR Umbrella Fund
YMR N Growth ¥ 10931.83 - -2753.17 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund JPY Class ¥ 24465.00 - 132.00 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 949.74 - 5.06 -
Zadig Gestion (Memnon Fund) (LUX) FCA Recognised
Memnon European Fund I GBP £ 118.24 - 0.44 0.00
Money Market Trusts and Bank Accounts
Gross Net Gross AER Int Cr
CCLA Investment Management Ltd
Senator House 85 Queen Victoria Street, London EC4V 4ET CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
CCLA Fund Managers Ltd
Senator House 85 Queen Victoria Street, London EC4V 4ET COIF Charities Deposit Fund 0.45 - 0.45 Qtr
as a guide The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision
The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons Persons in any doubt should take appropriate professional advice Data collated by Morningstar For other queries contact reader.enquiries@ft.com +44 (0)207 873 4211
The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds The funds published on these pages are grouped together
by fund management company
Prices are in pence unless otherwise indicated The change, if shown, is the change on the previously quoted figure (not all funds update prices daily) Those designated $ with no prefix refer to US dollars Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses Prices of certain older insurance linked plans might be subject to capital gains tax on sales
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA The Investment Management Association, 65 Kingsway, London WC2B 6TD
Tel: +44 (0)20 7831 0898.) OEIC: Open-Ended Investment Company Similar to a unit trust but using a company rather than a trust structure
Different share classes are issued to reflect a different currency, charging structure or type of holder
Selling price: Also called bid price The price at which units in a unit trust are sold by investors
Buying price: Also called offer price The price at which units in a unit trust are bought by investors
Includes manager’s initial charge
Single price: Based on a mid-market valuation of the for shares of an OEIC and units of a single priced unit trust are the same
Treatment of manager’s periodic capital charge:
The letter C denotes that the trust deducts all or part
of the manager’s/operator’s periodic charge from capital, contact the manager/operator for full details
of the effect of this course of action
Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details
Time: Some funds give information about the timing of price quotes The time shown alongside the fund manager’s/operator’s name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name
The symbols are as follows: ✠ 0001 to 1100 hours; ♦
1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to midnight Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis The managers/operators must deal at a forward price on request, and may move to forward pricing at any time
Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation
Investors can be given no definite price in advance of the purchase or sale being carried out The prices appearing in the newspaper are the most recent provided by the managers/operators Scheme particulars, prospectus, key features and reports: The most recent particulars and documents may be obtained free of charge from fund managers/operators * Indicates funds which do not price on Fridays
Charges for this advertising service are based on the number of lines published and the classification of the fund Please contact data@ft.com or call +44 (0)20 7873 3132 for further information.
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34 23
2014 Mixed reviews from wine criticsalso deterred them A better receptionfor the 2015 vintage lessened thiscaution, encouraging châteaux to liftprices by a quarter on average insterling terms, so far Warm wordsfrom wine tasters can only do so muchfor the top line, though Producerswhich once sold 70 per cent of theirproduction into the en primeur marketnow sell only half that, holding backthe rest in an effort to support prices
With few exceptions, all other winemerchants must buy top wines throughnegociants These middlemen can holdstock, taking up any slack in the supplychain and lightening the workingcapital burden on the producers
Perhaps too much; negociants heldnearly a year’s worth of inventory in
2014, according to wine exchange
Liv-ex, well up on previous years Itestimates their net debt has swelledrelative to equity, to 80 per cent Incomparison, UK merchants have netcash and carry a tenth of the inventory
Bordelaise premier winemakers seeblue skies ahead With low borrowingrates and good profit margins, thechâteaux may well feel that time is ontheir side Yet the growing financialpressure on negociants suggests thatnot all can afford such luxury
volume That activity is also highlyconcentrated: only three of more than
200 stocks in the Mothers have acapitalisation above $1bn Brangista, anonline publisher that is top performer
in 2016, is up fivefold — and that afterhalving from its April peak It hasrecently traded, on average, a quarter
of its outstanding shares each day
The excitement has drawn morecompanies to the index; this year, 16 ofthe 27 initial public offerings in Japanwere listed here Another 10 areexpected by July And a plan to launch
a Mothers futures market is expected
to facilitate an increased number ofproducts tracking the index
Not all observers are sceptical
Goldman Sachs says that returns onequity and the growth outlook forMothers companies exceed those of themain board Capital shifting fromJapan’s mature industries and towardsrobots and biotechnology may showAbenomics is succeeding, after all
Not earning enough in the day job? Try
dabbling in the stock market This may
explain the rally in Tokyo’s Mothers
index Even as negative interest rates
have failed to stimulate wage growth,
the index of emerging companies has
flown This year, it is up two-fifths, the
second largest gain of any country’s
indices barring those in Peru
The appeal is clear (if self-fulfilling):
in 2016 it markedly outperformed
Japan’s Topix, which is down 5 per cent
in dollar terms Yet, the companies’
earnings do not necessarily justify the
rise The largest, Cyberdyne, a medical
robotics firm, has lost money for the
three years of its listed history Perhaps
in anticipation of a first year in the
black the stock has doubled from last
year’s lows Its growth will not come
cheap, however, it trades at a whopping
162 times three-year forward earnings
Cyberdyne is not an isolated case in
an index that draws so much retail
participation While its capitalisation of
$16bn is just 0.5 per cent of the Topix,
it can account for 5 per cent of all
trading in Japan’s listed stocks by
Michael Mackenzie
The Long View
Other parts of the entertainment
industry struggle to wring revenue out
of a generation of cord-cutting music
streamers Football, in contrast, has the
perfect consumer Deloitte’s figures for
the English Premier League show
revenues of £3.3bn for 2014-15, up
almost threefold in 12 years The
sport’s fans are captive by
temperament A loyal core will pay up
to watch a game live, also bolstering ad
revenues in a way must-see television
drama cannot The game crosses global
boundaries, without exciting harmful
global competition: no matter how
many Chelsea fans Asia produces, it
cannot produce a Chelsea FC
Great revenues, but consistently
lousy profits The problem lies in the
supply chain Quality footballers are
rare and since a court ruling in 1995
stopped clubs from restricting their
movement, the players have had the
bargaining power With the glorious
recent exception of Leicester City, team
performance is correlated with wage
bills In the five years to 2012-13, 99 per
cent of revenue increases went into
wage growth
Last year the league agreed a
three-year £5.1bn television rights deal, £2bn
more than what went before After a
season in which 17 of the 20 Premier
League clubs made a profit, Deloitte
expects more of this bounty to flow
into profits More than Leicester’s freak
success, which may inspire owners to
wonder what those hefty wage packets
are for, the reason lies with regulation
In 2013 the Premier League
instituted “short-term cost control”
regulations to stop clubs jacking up
their wage bill above a certain rate It
has worked — just 30 per cent of
revenue growth has reached players’
pockets since
Nothing is normal about the football
industry — imagine bankers or film
stars being subject to restrictive wage
rules like these But Premier League
clubs may be about to morph, from
playthings for billionaires into
investable entertainment businesses
Premier League:
a good time to score
Tokyo Mothers:
growing family
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex
Few events elicit nostalgia fromBritain’s chattering classes like thedecline of high-street chains theynever visited: Woolworths, Cometand now BHS
Pensions delivered the coup degrâce, but the trajectory of BHS’sgross margins — double digits at thestart of the millennium, negative by
2014 — illustrates why the chaincould not survive
BHS is mainly an apparel retailer;
Marks and Spencer and Debenhams,with their older customer bases, arethe obvious potential winners Evenwith the former’s £4bn in generalmerchandise revenues, a chunk ofBHS business would be a welcomeboost amid recent poor sales growth
But unlike the consumer electricalstrade — dominated by only a fewplayers when Comet and Phones 4u
went bust — any uplift will be difficult
to detect in a more fragmentedmarket BHS accounts for only about
1 per cent of UK apparel sales
The most direct way to capturemarket share would be to take oversome of BHS’s 163 stores Theproblem is their quality Only about athird would be judged as desirable,according to the Local Data Company
Their relatively large size precludesall but a handful of suitors: M&S,Sports Direct, Primark and Matalanchief among them
That a company with a flagshipstore in a top retail location and
£668m in annual sales can disappear
so quickly says much about thecompetitiveness of UK retail This too
is why there are unlikely to be manydiscernible winners from BHS’sdemise
Investors entered June anticipatingshocks, and for good reason The monthheralds a series of hurdles at a timewhen many are struggling to gaugewhether bonds or equities represent thebest source of long-term returns
A very weak US headline jobs number
of 38,000 for May yesterday, offset by alower unemployment rate of 4.7 percent, was a genuine stunner givenexpectations of a 162,000 gain A strike
by workers at Verizon reduced May’spayrolls only by 35,000, a setback thatcannot justify the sudden loss of hiringmomentum in the world’s biggest econ-omy Having been on guard for a robustnumber that could greenlight a summerpolicy tightening by the FederalReserve, investors can reasonablyexpect interest rates will stay on holduntil after the US election in November
The bond market has virtually erasedexpectations of a June tightening and forJuly, expectations have sunk to aboutone-third
The jobs report means the upcomingFed policy meeting in mid-June has lostthe capacity for surprise That leavesinvestors facing just one more marketmoving event this month, and a realwild card at that — the UK voting onwhether to leave the European Union
Assessing the intention of votersshapes as an exercise in futility No mat-ter polls indicating voters will err on theside of remaining in the EU, nerves arejangling A measure of implied volatilityfor sterling — effectively the cost of buy-ing insurance against a swing in the cur-rency — has surged to its highest levelsince February 2009, just before globalequities registered their nadir for thefinancial crisis
Complicating matters, the vote runsfirmly on emotion rather than cold,hard reasoning As such, a vote to leavethe EU cannot be ruled out, raising theprospect of pronounced turmoil across
UK and eurozone markets should it
happen In the event that UK voterschoose to remain in the EU, the focus ofinvestors will naturally swing back on Fed policy in July
By then, we will have seen two moreemployment reports and further evi-dence as to whether inflation pressureswarrant a policy shift The Fed’s pre-ferred measure of inflation, the year-over-year core PCE price index, cur-rently sits at 1.6 per cent, still below thecentral bank’s 2 per cent target
Beyond the domestic triggers fortighter US interest rate policy, the globalconsequences of a firmer dollar proba-bly entails patience from the Fed duringJuly and beyond
Much depends on the performance ofChina’s economy and the country’s bub-bling credit concerns The renminbi haslately experienced pressure as the dollarhas appreciated
Dollar strength has also weighed oncertain commodities from copper toiron ore and nickel, the type of rawmaterials also viewed as barometers ofgrowth prospects in China
One commodity outlier at themoment is oil, and a sustainable recov-ery in the price of crude matters greatlyfor investor sentiment, particularly forthe energy and drilling equity sectors
Crucially, this week’s meeting of Opec
has not derailed oil’s robust recoveryfrom its nadir in January, with Brentcrude holding around $50 a barrel.For investors, paid to put money towork and unable to stay parked in cash,the rejection of Brexit and a consolidat-ing dollar with Fed policy on hold,presents an opportunity for the remain-der of the summer
Notably the divergence between USbonds and share prices earlier this yearhas reversed
The Barclays US Treasury indexsports a total return of 3.25 per cent forthe year, and now trails the S&P 500’sgain of 4 per cent, inclusive of divi-dends This week, the S&P 500 totalreturn version set a new record high,illustrating the appeal of dividend pay-ing stocks in a climate of low interestrates
Jack Ablin, chief investment officer atBMO Private Bank, makes the point:
“More than one-third of the S&P 500sports a dividend yield that is higherthan the same company’s bond yield, adramatic increase from the one-in-10companies that offered such generousdividends pre-crisis.’’
Given the current low level of bondyields and limits of further declines,owning equities powered by dividendpayouts represents a better long-termstrategy for investors
A bolder move would entail looking atEurope and perhaps Japan The per-formance of bonds this year handilyoutpaces that of equities, reflecting theeasing efforts of the ECB and Bank ofJapan that has driven yields well belowzero, while a firmer euro and yen havehit share prices
Switching out of richly priced bonds
in Japan and the eurozone and nibbling
at share markets that are currently inthe red for the year could make for arewarding summer
US equities
-2.9
3.5 3.0 3.3
-12.7
5.2
US government bonds Japanese equities Japanese bonds
Switching to equities offers rewards in face
of summer shocks
UK department stores Gross margin (%)
Source: S&P Capital IQ
Winners and losers
-10010203040
them for early buyers in the en primeur
market But values are also swungaround considerably by the quality of agiven vintage
While the sun shone, the châteauxand their authorised selling agents,
known as negociants, profited nicely By
2010, prices had soared far enough toput off the ultimate buyer: the drinker
En primeur wine prices halved, leaving
Bordeaux wine:
pour dealsTwitter: @FTLex Email: lex@ft.com
Trang 23Follow us on Twitter @FTLifeArts
under-standably jealous God, come
next Sunday the Tony award
for absolutely everything will
have been won by a history
lesson It is not, of course, the kind of
history that lumbers along in American
high schools dragging the ball and chain
of “social studies” behind it And it is
the very opposite of the
written-by-committee dinosaur-sized textbooks
through which corporate publishers
conspire to drain every vestige of life or
passion from the past
Lin-Manuel Miranda’s hip-hop
musi-cal Hamilton, which raps, struts and
dances its way through the American
Revolution, the making of a new
politi-cal nation, George Washington’s
Fare-well Address, and the Federalist Papers
has got more people of every kind — but
especially the easily distracted young —
to respond to the living voice of history
than any ink-and-paper volume could
ever hope to Going to see the show is to
experience history as call and response,
whoop-and-holler enthusiasm
Yet Hamilton hasn’t trashed
scholar-ship for the sake of entertainment
Much, though not all, of the story sticks
to the facts of the matter, even if anyone
who knows anything about the
melan-choly, conscientious George III might
have a hard time seeing him camp it up
in the show-stopping “You’ll be Back”
A happy byproduct of the show’s
suc-cess is that Ron Chernow’s fine 2004
biography Alexander Hamilton, the
orig-inal inspiration for Miranda’s project, is
enjoying a second strong innings in the
bestseller lists This is no bad thing,
since it suggests that a demographic not
readily switched on by the past can be
moved from riff to learned text
This, in fact, is how western history
got going in the first place,
two-and-a-half millennia ago If Miranda’s history
is a performance, so too was that of
Herodotus, whose brilliantly colourful
account of the wars of the Greeks with
the Persians was written to be spoken,
possibly by its author, before a mass
public at the Panhellenic Games In its
beginnings, European history was star showy (some accounts have musicbeing played during the recitations),and audience-driven, with the empha-sis on audio History was meant to beheard, not pored over in silence Defy-ing the deathly quiet of the tomb waspart of its vocation That’s what Hero-dotus meant in his famous openingparagraph, by introducing himself (avery Lin-Manuel touch) as the man
rock-who, through his historia, his inquiry,
will preserve the great deeds of Greeksand Persians from falling into oblivion,
by which he meant the expiry of hand witnesses
first-Contrary to received wisdom aboutthe duties of remembrance, Americanwriter David Rieff has argued recentlyfor the moral importance — and need-ful therapy — of collective forgetting
He has a point Obsessing about ancientwounds, endlessly picking over thescars so that they bleed again, gener-ation unto generation, can feed ven-detta, victimisation and the tribalfuries that still walk among us
Even so, it’s hard for historians not
to feel that the attrition of informedmemory is a bigger problem right now
Only someone as historically clueless as
Donald Trump could possibly havethought that “America First” would be anifty battle-cry for his campaign, un-aware of its morally contaminated past
as the slogan of those American tionists such as Charles Lindbergh who
isola-in 1940 were bent on stoppisola-ing a waragainst fascism It says something thatonce the candidate was made aware ofthe moral slime clinging to the phrase,
he too clung to it even tighter
Historical ignorance simplifies andexcludes; historical knowledge compli-cates and expands the national narra-tive Whichever position you take onBrexit, it helps to know which English
or British institutions were truly sui
generis, but also when insularity was
bridged by a common European ture Through the medieval centuries,England belonged to a largely undi-vided Christian universe of faith andpractice In the 17th century, it was thelong Dutch-led struggle against Louis
cul-XIV that doomed homegrown Stuartabsolutism and made possible the revo-lution of 1688 and the Bill of Rights wethink of as characteristically British
History, as Dutch historian Pieter Geylwrote of literature on Napoleon, is “anargument without end” — but thatargument presupposes disputantssharing a common fund of knowledge
That knowledge cannot, however, lie
embalmed in a mausoleum of nationalreverence Though its subject is mortal-ity, history is sustained by vitality
And it needs to ask questions aboutwho and what it is for: who gets to
“write the story”, as the last poignant
song in Hamilton has it Its opening
number begins, as all histories should,with a question: “How does a bastard,orphan, son of a whore and a Scotsman/
dropped in the middle of a forgottenspot in the Caribbean by providence,impoverished in squalor/ grow up to be
a hero and a scholar?”
All the musical’s rap-rhyme draws itsenergy from Miranda’s personal epiph-any when he read Chernow’s book, and
they were playing parts on the stage ofhistorical destiny
One of the most compelling scenes inthe stage show has Hamilton (as was thecase) helping Washington draft arevised version of the Farewell Address
of 1796 The president had originallyrecruited James Madison to help in 1792,when he thought he might retire after asingle term, and it was this draft thatHamilton subsequently revised Thenumber “One Last Time” lets Washing-ton and Hamilton, bound by personal aswell as political ties, imagine how theemotive power inherent in a valedictionmight calm the storms of party feuding.Then the number segues seamlesslyinto verbatim chunks of the addressitself in a kind of 18th-century chanteddeclamation, at once gravely poetic andprophetic, the most fatherly of thefounders losing the battle to be heardamid a chorus of bickering politicians.None of this would have had the
astounding popular impact that
Hamil-ton has enjoyed, had Miranda not
jumped the bounds of convention bycasting Hispanic and African-Americanactors in the lead roles — including him-self We have become accustomed towatching non-white and non-maleHamlets and Julius Caesars Somehow,when the parts are the FoundingFathers, the gamble is more daring.Miranda, a Puerto Rican who recentlyperformed another moving rap on TV
on behalf of his bankrupt island home,fits the cloth of the Caribbean bastardson Hamilton as if measured for it Hav-ing Thomas Jefferson played by theblack rapper Daveed Diggs, with per-fect pitch for the original’s combination
of cerebral superiority and politicalruthlessness, suggests the irony of thefreedom-loving slave-owner withoutresorting to billboarding
In contrast to the sententiousness ofthe textbooks, none of this seems labo-riously civic Instead it is somehowmiraculously unforced, as though itwere a self-evident truth that the his-tory of the revolution might speak per-ennially to anyone and everyone with astake in the fate of American democ-racy Sometimes the idiom-translation
is effortless Hamilton’s The Farmer
Refuted was an actual broadside in the
Continued on page 2
Who tells the story?
The triumph of a hip-hop musical about a US founding father reminds us history
at its best should be heard and not just studied in silence By Simon Schama
From top: ‘Hamilton’
at the Richard RodgersTheatre in New York, withLin-Manuel Miranda, theshow’s creator (centre);
John Trumbull’s portrait
of Alexander Hamilton(c1804); crowds line up inthe lottery for $10 ticketsNew York Times/Eyevine:
Bridgeman Art Gallery;
We’re used to non-white Hamlets but when the parts are Founding Fathers the gamble seems more daring
Blue-sky thinking Can private jets really be affordable?
TRAVELPAGE 6
Summer-ready Pack the perfect holiday wardrobe
STYLE PAGE 5
James Baker The Republican grandee
on Trump and power
LUNCH WITH THE FTPAGE 3
Trang 24pamphlet war of the mid-1770s between
champions of armed resistance and
their cautionary opponents Miranda
turns the play of pamphlets into a
polemic slam, its punch and
counter-punch coming immediately alive in a
way unimaginable from a silent perusal
of the texts
It is Miranda’s ingenuity in finding a
voice for history that the ahistorical
young can make their own (Hamilton’s
soundtrack has already gone platinum)
that has opened up the narrative to
those for whom it has been, in every
way, a closed book And this has turned
a hip-hop show into an educational
project Supported by a Rockefeller
Foundation grant, the impeccably
scholarly Gilder Lehrman Institute of
American History in New York has
developed a school curriculum on
“Hamilton and the Revolution”, tying
documents and arguments to numbers
from the show It has also made it
possi-ble for 20,000 school students to get to
see performances for $10 a time, when
the all-but-unattainable tickets are
going for prices in the hundreds
More significantly, it’s been taken up
by schools where pupils are unlikely to
see the show even at 10 bucks a pop
Moses Ojeda, principal of the Thomas
Edison School in Jamaica, Queens,
called it a game-changer, and reported
a surge of interest in American history
in classes where the teachers usually
Continued from page 1
just the ticket (at a penny a head)for the groundlings unlikely to be dip-ping into printed histories by EdwardHall or Holinshed
This kind of history — soaked in lore and patriotic gore, profane, vernac-ular and violent — often finds its public
folk-at times of nfolk-ational uncertainty dotus wrote partly to give Greeks asense that whatever their local enmi-ties, when faced with the foreigninvader, they all belonged to Hellas
Hero-The Shakespearean tetralogy appeared
at a time of renewed nervousness TheArmada had been frustrated but thethreat from Spain had not gone away;
Queen Elizabeth I was still under apapal excommunication that promisedabsolution to her assassin The countrywas without an heir, save for the son ofMary Queen of Scots, whom Elizabeth
ripe rhetorician in nearly every tence For the most part, though, vocal-ised history had turned into the aca-demic lecture, which was and is anotherthing entirely, obedient to those ironconventions of introductory position-ing within the literature; the reckoning
sen-of causes and consequences, everythingtied up neatly in summary conclusions
There was one exception to theformulaic lecturer; the greatest virtu-oso of all It would not be quite right tothink of AJP Taylor as the rapper of the1950s but neither was he a run-of-the-mill professor Herodotus and Thucy-dides would have recognised him atonce as a kindred spirit: the personifi-cation of the engaged polemicist, thenonstop talking historian And he was,
as all of us who presume to do televisionhistory have constantly had pointedout, a nonpareil of the small screen:
noteless, scriptless, perfect in his ing; no walks across fields; just the manand the words
tim-He had his chance when Lew Gradewanted something for wet Sundayafternoons and a colleague at ATV, onthe strength of having been spellbound
by Taylor at Oxford, made the tion It was not a vote of confidence,though, that he was first presented as if
sugges-on a game show Before he came sugges-on, ahidden voice boomed “ATV presents anexperiment Can a brilliant historian
hold the attention of a television ence of millions for half an hour? That isthe question, and the answer lies withyou.” On came Taylor through an open-ing in a heavy set of drapes, muttered
audi-“good evening”, and began right away
“In the last days of December 1916, asmall group of Swiss university stu-dents had an evening meeting and an
exiled Russian politician living in zerland gave them a talk on the comingrevolution He said, ‘The revolution’sbound to come You younger peoplewill live to see it We older people (hewas in his forties at the time), we shan’tsee it.’ Ten months later this same man,his name was Lenin, was dictator of one
Swit-of the greatest empires in the world.” Itwas magic The story, at a time whenthe Russian Revolution seemed bothheroic and terrifying, could not havemattered more It made, to a greater orlesser degree, historians of everyonewho watched and listened to Taylor.Part of the pleasure was surrender-ing to Taylor’s conviction that the pastfollies had something to say to presentperplexities That unfashionableassumption, stigmatised by scholars asdangerous presentism, would haveresonated with the Greek forefathersfor whom history was moral instruc-tion as well as the preservation ofmemory And it also powers the beat
of Hamilton, which raps about the
making and breaking of a nation, thetrade-off between power and freedom,the play of ambition and altruism.These things still matter In his lastsally of wicked glee, George III isincredulous that Washington is retir-ing of his own accord:
“Is zat true?/ I wasn’t aware that wassomething a person could do If sowho’s next? Oceans rise./ Empiresfall./Next to Washington, they all looksmall./ All alone, watch them run./They will tear each other into pieces,/Jesus Christ, this will be fun!”
Hamilton is spinning off multiple
pro-ductions at a number of cities across theUnited States — and bringing the show
to London some time next year
In the same way that Herodotus was
history for a world in which writtenbooks were still rare and reached a
small elite, so Hamilton has appeared at
a time when the nature of reading isevolving into something less silentlybookish Podcasts, audio books, liveperformances at literary festivals, therunaway popularity of television his-torical fiction — all have made the expe-rience of consuming history signifi-cantly more theatrical
But this has happened before Thediary of Elizabethan impresario PhilipHenslowe records that on March 3 1592,Lord Strange’s Men performed the play
of King Harey VI Though arguments
rage about the order in which the firsttetralogy was written and performed —and just how much Shakespeare (ifany) was in it — there is no doubt thatthe history plays were a public success
There can also be little doubt that itsattraction was precisely the literaryvulgarities of the plays: their endlessbattle scenes; the patriotic superhero
“English” Talbot and his slain son;
the witchy Joan of Arc and the hotlyadulterous termagant Margaret were Cast members from ‘Hamilton’ perform at the White House this year — PA Images
had executed Enter Talbot and the rest
of them (and not long after, as the ation deteriorated further into rebel-
situ-lions, Irish and domestic, came Richard
II and the rest of the second tetralogy,
with its unmissable message about thesteep price of usurpation)
It was at another time of nationalanxiety that I first cottoned on to his-tory: the 1950s, when the elation of war-time victory had given way to austerity,imperial dispossession and the terrors
of the cold war All of this seemed toshrink the magnitude of the IslandStory several sizes down
By way of compensation, there wasthe all-time performer Churchill,shameless plunderer of Shakespeareanhyperbole; when I read the volumes of
the History of the English Speaking
Peo-ples, it was impossible not to hear the
Who tells the story?
One invitee told us how she had once filmed the writer James Baldwin with his naked assistant — something the BBC decided not to use
listen in, use WhatsApp, stillimpenetrably encrypted
I am hopeless with faces and names,
which proves to be a source ofconstant anxiety at public events
“How exactly do you spell the nameyou’d like me to inscribe?” tends towork at a book signing when I amconfronted with a vaguely familiarface whose name I struggle toremember, but backfires spectacularly
if the dedicatee is a Liz or Charles
At an event in London earlier thisweek, it was a relief to reach the partwhere I could make a few remarks
I took the opportunity to express, verypublicly, feelings of fraternal lovetowards my brother, who has put upwith years of queries about obscurefamily memories for things I’ve written
Later, over dinner at nearbyFischer’s — where the Wiener schnitzelwins out over all competition — hethanks me for my nice words, thenasks whether there was a particularreason he got no mention in theacknowledgments for my latest book
I want to set him straight, but amunable to do so after leafing throughthe relevant pages Aghast, Iimmediately email my publishers with
a corrective insert, extolling thevirtues of “my brilliant brother Marc,
Last weekend I was at the Hay Festival
in Powys, Wales, to give the annualEric Hobsbawm Lecture My subjectwas the way in which individual livescan inform historical analysis andchange moments in history The themegenerated lively exchanges at a finelunch hosted by Eric’s widow Marlene
One invitee, film-maker Revel Guest,told us how she had once filmed the USwriter James Baldwin with his nakedassistant — something that the BBCdecided not to use in a film now lost
Another, Elizabeth Bingham, widow ofThomas, the law lord who did morethan anyone to safeguard Britain fromlawlessness in the years after 9/11,revealed that it was she who was theunidentified female candidate rejectedfor membership of the all-maleTravellers Club in London a couple ofyears ago — an incident that led oneprominent member, a certain JustinWelby, to give up his own membership
Later I take part in a radio discussion
with Harry Parker, the author who lost both legs to animprovised explosive device inAfghanistan, war correspondentJanine di Giovanni, and former CIAsupremo Michael Hayden — who issurely the only person at Hay whothinks waterboarding is not tortureand that former President George
soldier-turned-W Bush shouldn’t be prosecuted for it
The conversation is convivial, nothostile, but Janine and I feel impelled
to gang up on Michael when he saysthat the Abu Ghraib photos shouldn’thave been published He is againsttransparency and in favour ofsomething called “translucency”
As he says this, I wonder whether thewindows in his home are plain orfrosted glass, but decide not to inquire
In the course of a conversationabout the South China Sea disputebetween the Philippines (for whom Iact) and China, I glean one usefulsnippet of information from theworld’s former No1 spy: if you don’twant the Chinese or anyone else to
the finest” Knopf in New York replies,asking if he is my only brother “Thisinformation affects whether to userestrictive or non-restrictive commas,”they explain I take an instant decisionnot to consult our father
The Hay lecture goes well — apart
from a glitch with the PowerPoint, asApple decides that the right moment
to invite me to upgrade my software isjust when the screen is being looked at
by an audience of hundreds
I argue that once again a poisonousnationalism is coursing its waythrough the veins of Europe, and here
in Britain the noxious odour ofidentity politics is in the air, as the twoformer mayors of London invokeAdolf Hitler — one to argue that theFührer was actually an early supporter
of Zionist Jews, the other to suggestthat his aims were in some way shared
by the EU It is offensive nonsense ofboth kinds that seem to be propelling
us to a gloomier place, as groups arelumped together in blatant disregard
of history, a path that, if followed, willsurely consign us to a very darkcorner, a sort of race back to the 1930s.Nevertheless, lightness triumphs
in the end At a party that evening,
a friend commends me on the lecture
I have delivered “Superb,” he says
“Your grasp of science is astonishing,and so is your sense of what we canand cannot know.” Somewhatperplexed, as I barely passed anyscience O-level, I inquire further Like
me, it seems, he can’t tell one facefrom another, or indeed one lecturerfrom another, for he has confused mewith the professor of Public
Understanding of Science at theUniversity of Oxford, who haddelivered a parallel but ratherdifferent talk in the tent next door
Philippe Sands QC is professor of law
at University College London His book
‘East West Street: On the Origins of Genocide and Crimes against Humanity’
is published by Alfred Knopf (US)
DIARY PHILIPPE SANDS
Luke Waller
dealmaker, a rich
businessman who would
chase out his country’s
corrupt politicians and
defeat foreign business interests
He hinted that the country’s leader
secretly followed an alien religion He
barely had a campaign organisation,
yet poor voters worried about their
factory jobs flocked to him
Stanisław Tymiński, Poland’s
political sensation of 1990, was the
proto-Trump of the television age
The other day I Skyped him in
Canada An affable grey-haired
68-year-old, fiddling with his pipe in his
home office, appeared on screen and
agreed that Donald Trump’s campaign
echoed his own
“I follow him every day,” Tymiński
told me “I have one hour to drive to
work and back, and I enjoy listening
to Fox Radio The US needs to be, sort
of, repaired, and I think only a
businessman can do it.”
Tymiński’s surge from nowhere in
1990 helps illuminate the Trump
phenomenon; listening to him now
foreshadows how one day Trump
might try to explain his own electoral
defeat Post-communist Poland in
1990 had some similarities with the US
today Industrial workers and farmers
feared for their jobs Political parties
were weak “The power was lying on
the street,” Tymiński reminisces “So
it was not just me, it was the
circumstances.”
He had left Poland for Canada in
1969, built a computer company, and
spent time in Peru In September 1990
he returned to Poland to promote his
book, a political treatise called Sacred
Dogs Weeks later, wearing aviator
glasses and Italian suits, flanked by
his beautiful Peruvian wife, he was
running for president as an
aspirational candidate: everyone, he
implied, could get rich like him
Today Tymiński says, “I never
pretended to be rich, because I am
not.” However, when our Skype
connection crashes, he insists on
calling my mobile at his own expense,
chuckling: “I am not a poor man.”
Like Trump, he ran as a dealmaker
— in his words, “a leader who could
negotiate the best terms, especially
with the west” Now he notes ruefully:
“The term ‘negotiate’ was very new to
Poles, and misunderstood It was more
considered to be haggling.”
Poland’s then prime minister
Tadeusz Mazowiecki had been a brave
anti-communist dissident But
Tymiński branded him a traitor, who
was selling out the country to foreign
investors “I had no choice [but] to call
him a traitor,” says Tymiński “I know
that in the US lots of people have the
same opinion about Mr Obama But
they almost put me in jail for [saying]
that I had to post a substantial amount
of money to leave the country to see
my children again — which hopefullywill not happen to Mr Trump.”
Just as many Americans believe thefalse claim that Obama is a Muslim,many Poles in 1990 wrongly believedMazowiecki was Jewish In the sameway that Trump courts Islamophobicvoters in the US, Tymiński’s nationalistrhetoric played into a climate of anti-Semitism “Only the Jewish politicalinterests were supported byWashington at the time,” Tymińskisays now “I hope Mr Trump doesn’thave to deal with the same problem.”
Tymiński promised Poles that if hebecame president, the country would
“be better in a month” In the firstround of elections he finished second,knocking out Mazowiecki
But Tymiński lost the run-off againstLech Walesa, getting just 26 per cent ofthe vote “The election was falsified,”
he claims “The secret police filled upvoting cards and delivered them to themajor cities.” After the election, anincredulous Nato briefing laterpublished by the Polish governmentrevealed Tymiński had told officialsthat Walesa as a young man had killed
“at least two people” (Recall Trump’shints in his campaign against HillaryClinton that there were still suspicionsaround the death of White Housedeputy counsel Vince Foster in 1993,despite five investigations finding noevidence of murder.)
Looking back, Tymiński lamentshaving been too nice “I was a politeCanadian and I should have been avery aggressive American I wouldgive Trump the advice to have nomercy on his opponents.”
Does Tymiński have any regrets,having got so close to being president?
“As I found out, subsequently, I waspresident of Poland — having enoughvotes to be president It was anincredible personal adventure.”
Today he feels sorry not for himselfbut for Poles The country ended up
in “modern slavery!”
Still, he has a legacy The Natobriefing from 1991, reporting on ameeting with Tymiński at his party
HQ (his mother’s house), foresaw:
“In the smaller cities and towns,Tymiński himself, ‘New Tymińskies’
or many ‘Little Tymińskies’ — peoplewith extremist platforms from ‘out ofnowhere’, whose lack of participation
in any former political structure iscited as a selling point — may find aplace.” That prophesy is now comingtrue across the west Tymiński exults:
“I’m in political retirement, I live in
a beautiful part of Canada, and I enjoy
my success immensely: seeing myfollowers, Mr Trump and others
I feel the world is about to change forthe better.”
simon.kuper@ft.com; @KuperSimon More columns at ft.com/kuper
The rise and fall
Trang 25Baker III was named the 61st
US secretary of state, an and-coming Israeli diplomat
up-by the name of BenjaminNetanyahu asked a friend of Baker’s
what made him tick Simple, came the
reply: just watch him hunting wild
tur-key in south Texas
“He gets up at 3.30am-4am Smears
camo paint over his face Waits patiently
in the bush The heat’s rising, all sorts of
animals are crawling up his leg and
bit-ing,” the friend recalled, “Baker doesn’t
move, not even an eyebrow, and then:
Boom! He blows its ass off.”
As the Israelis discovered, patience,
along with an acute sense of power, are
the qualities which made Baker
between 1980 and 1993 one of the most
powerful men in Washington, alongside
Presidents Ronald Reagan and George
HW Bush He is the only American to
have served as White House chief of
staff, treasury secretary and secretary of
state At 86, says a long-serving Texan
aide, “he’s still strong as a horse and
kicks like a mule.”
But, in 2016, the world according to
James Baker and the rest of the
Republi-can establishment has turned upside
down Donald Trump has demolished
all rivals for the presidential
nomina-tion, including Jeb Bush, scion of the
dynasty to which Baker has remained
loyal all of his 46-year political life
Many Washington Republicans view
Trump as a narcissistic demagogue, a
mortal threat to the party The question
is whether elderstatesmensuchas Baker
declare him persona non grata and
vacate the field to Hillary Clinton, the
presumptive Democratic nominee; or
whether they try to finesse his positions
inpursuitof“ResponsibleTrump”?
It is 25 years since I first interviewed
Baker at the state department as the FT’s
Person of the Year The Cold War was
over America stood at the pinnacle of
power Now I am in the offices of Baker
Botts,theHoustonfamilylawfirmwhose
roots go back to 1840 Phone calls about
the terms of our interview have been a
tadfraught.Baker,whohasmanagedfive
presidential campaigns, is a master of
control:self-control,controlofothers
“I’m sorry about all that,” he says,
indicating that Trump is no longer off
limits, though his two conversations
with the billionaire real estate developer
must remain private The first was last
March when Trump called Baker
shortly after he had delivered a eulogy
to Nancy Reagan in California This led
to a (supposedly) secret half-hour
meeting at the Washington offices of
Jones Day, the law firm, when Trump
slipped in undetected through a
base-ment entrance
News of the meeting leaked — a
capi-tal offence in Baker’s book He appears
to bear no grudge “Like many people, I
was surprised by the size of Trump’s
vic-tory It rang a bell the way Reagan came
up in 1976 I remember all the
estab-lishment Republicans thought that
Rea-gan was a grade-B movie actor who
would get us into a nuclear war and who
was extraordinarily dangerous You are
seeing some of the same phenomenon.”
He looks me in the eye “But I am not
comparing Reagan with Trump I am
not suggesting the two are the same.”
After a brief tour of his office,
memen-toes and photos of the Bush and Reagan
presidencies sitting under mounted
Tanzanian water buffalo, we step out
into the steamy heat for a five-minute
walk to our luncheon destination in
downtown Houston: the Coronado Club
Named after the mid-16th century
Spanish conquistador, and founded in
1956, the Coronado is part-Mad Men set,
part-English gentleman’s club The smell
of stale cigar smoke hangs in the air,
alongside rustic paintings, elegant
fire-places and a bust of Winston Churchill
“Yup, that’s Churchill but we ain’t
sending him home,” says Baker, unable
to resist a dig at President Obama for
removing a similar bust from the Oval
Office in favour of Martin Luther King
room at the back of the club
He looks good for 86 Tall,handsome and trim, theformer marine and top cor-porate lawyer retains the command
presence of old “I’m still active,” he
says, “especially upstairs.” He is wearing
a dark suit, white monogrammed shirt
and the trademark turquoise green tie
A waiter recites the menu Baker cuts
him off “I want the trio salad: shrimp,
crabmeat and fresh fruit.”
workers losing out in the age of sation “That’s the thing about Trump
globali-As much as we might disagree with hisposition, the voters don’t.” he says “Thequestion is whether a ‘faceless’ estab-lishment decides where our party goes
or do the voters.”
Baker comes from one of Texas’ oldestfamilies He may even count ThomasJefferson as a distant relative Like Jef-ferson, he remains a firm believer inAmerican democracy, where alliances,foreign entanglements and policy mustcarry popular support As secretary ofstate, Baker was a master at buildingcoalitions at home and abroad If he isappalled at Trump’s alliance-bashing,
he is not letting on “Almost all cans agree: we cannot carry 100 per cent
Ameri-of the load The final arbiter Ameri-ofdemocracy is the will of the people and ifyou cannot carry the people you willlose the policy That’s what happened inVietnam and Iraq in 2003.”
Like George HW Bush, Baker wasapprehensive about the younger Bush’sdecision to go to war but he did not gopublic with criticism Once the US wasformally committed, he set out the risks
of toppling Saddam and occupying Iraq
Today, he criticises defence secretaryDonald Rumsfeld for failing to planproperly As for vice-president DickCheney, “We disagree on a lot of things,but we are still friends.”
B y contrast, the first Gulf war
in 1991 was, in his words,
“text book”: a vital nationalinterest in ejecting SaddamHussein’s army from oil-richKuwait, a limited war largely financed
by allies, led by Saudi Arabia; and macy conferred by favourable votes inCongress and the UN Security Council
legiti-Baker argues for “selective ment”, a cold-eyed assessment ofnational interest and a willingness to useall tools — diplomatic, economic, politi-cal and military “It’s too bad we cannotpractise foreign policy according to theprinciples of Mother Teresa, but the realworld is one of painful choices andtrade-offs.”
engage-My painful choice is whether to optfor dessert Does the Coronado do pecanpie? Baker chortles: “We call it pee-kahnpie, not peekin’ pie That’s like peekin’
round the corner Reminds me of when Iwent shootin’ in England People wouldsay: ‘Marvellous shot Well doneyou.’” Baker is a good mimic He’s aneven better political operative Baker’sstrength was his relationship with BushSnr No one came between him and thepresident No secretary of state hassince come close to enjoying that powerand authority
“Hillary Clinton was never given thing to do She was just there [at thestate department] to run for president,”
any-says Baker He gives John Kerry decentmarks for pushing the Middle Eastpeace process, but notes acidly thatKerry was not even consulted whenObama pulled back from the bombing
of Syria, retreating in 2013 from his “redline” of a year earlier if President Assadused chemical weapons
This violated a principle of Americanpower “The president can neverthreaten anything that he does notintend to carry out Never Never.”
As my chocolate mousse arrives,along with a cappuccino, Baker checkshis watch: a private plane is waiting tofly him to Washington
He calls for the bill I advise him thatthe FT pays No deal
I offer to make a donation to the BakerInstitute, the public policy think-tank
he set up at Rice University when heretired from Washington and went back
to law in Houston Deal
Who was the toughest adversary hefaced? Probably Li Peng, the Chinesepremier who presided over the Tianan-men Square massacre (“Hafez al-Assad
of Syria wasn’t a piece of cake, either.”)Nor were the Soviets, though Baker saysMikhail Gorbachev and Eduard Shev-ardnadze will be looked upon favoura-bly by history because they renouncedthe use of force when communism wascollapsing in eastern Europe and Russia.And Abenomics in Japan? Baker gives
a thumbs down — literally He worries
about terminally tepid growth in theeurozone (He always had doubts aboutthe lack of a fiscal union to accompanymonetary union) He bemoans the lack
of international economic policy ordination, his signature achievement
co-as treco-asury secretary He thinks theGroup of 20 forum is unworkable Thenumber one foreign policy challengefor the US is China, he says “We have
to be smart enough to manage thedifferences.”
And how might a President Trumpmanage those differences, I ask Bakeroffers general advice only
“Isolationism and protectionismwon’t work Don’t talk no trade deals;make a better deal Don’t talk aboutmaking Japan and South Korea nuclearpowers Don’t talk about negotiatingdown the American debt.”
I try one last shot Are America and itsinstitutions strong enough to surviveany shock, even one as seismic as Don-ald Trump in the White House?
“Yes,” declares Baker, emphatically
“I won’t get my panties in a wedgebecause of what I am hearing from thepolitical candidates What they say inthe campaign and what they do oncethey are in the White House are not thesame thing I don’t care who wins,whoever gets to the White House Presi-dents can do a lot but they can only do
so much through the system of checksand balances
“We are a country of laws, limited bybureaucracy and the power structure inWashington Presidents are not unilat-eral rulers If they did not know that,they will find out soon enough.”Thus speaks Washington’s wise man
It would be a brave man or woman tochallenge him, whether they go by thename of Clinton or Trump
Lionel Barber is editor of the FT
‘I won’t get my panties in
a wedge because of what
I hear from the political candidates I don’t care who wins, whoever gets
to the White House’
The Republican grandee
served as White House
chief of staff, treasury
secretary and secretary of
state Over shrimp and crab
he talks to Lionel Barber
about Nixon’s culinary
tastes, Reagan’s
pragmatism, the meaning
of Trump and how best to
wield American power
“Yes sir, yes sir,” the waiter stammers
“What’ll you have, Larnelle?”
“I’ll have the trio salad No problem.”
Baker opens with a question: will ain stay in the European Union? Well,the Remain camp is winning the eco-nomic argument, I reply Obama’s trip toLondon helped Then Leave was forced
Brit-to admit that Britain outside the EUwould no longer enjoy access to the sin-gle market So they argued for a tradedeal with the EU on the lines of Albania,Bosnia, Serbia and Ukraine
“Albania? You’re kiddin’ me,”
exclaims Baker, “Boris Johnston [sic]
said that? Really?” Actually, it wasMichael Gove, the pro-Brexit justice sec-retary Baker looks flummoxed Thename “Gove” clearly never made it toTexas He declined to sign a DowningStreet-inspired letter from former USTreasury secretaries and secretaries ofstate, believing it could be seen as undueinterference and backfire “Deep down Ihope you stay in,” he concludes
Our appetiser-cum-main coursearrives The crab and jumbo shrimp sit
in neat white dishes, along with a novelcombination: cottage cheese
“Richard Nixon used to put ketchup
on his cottage cheese,” says Baker,
“What you need is olive oil, salt, pepperand Tabasco.” The taste is smooth andtangy, especially with fresh crabmeatwashed down with iced tea
We turn to American politics, whichBaker was encouraged to take up afterhis first wife, Mary, died of cancer at theage of 38 George HW Bush, his old ten-nis doubles partner in Houston, invitedBaker to get involved in his losing bid for
a US Senate seat in 1970
Once a necessary distraction, politicsbecame a passion In 1975, thanks to aquiet word from Bush, Baker wasinvited to join the Ford administration
After managing Gerald Ford’s losingcampaign against Jimmy Carter in 1976,
he helped to run three successful paigns for the White House, for Reaganand Bush, until he ran out of luck in 1992when Bill Clinton beat his old friend
cam-Baker recalls his father’s admonitionwhen growing up in Texas: work hard,study and stay out of politics! Hetook the role of backroom operator: thelawyer with the steel-trap mind whocould count delegates and cut deals
Reagan loyalists viewed him as a
“Bushie” in 1980, but he was too smart
to ignore As Reagan’s first White Housechief of staff he was the man who gotthings done for him: social security, taxreform, a landmark free trade agree-ment with Canada; and German unifica-tion under George HW Bush
Even after retirement, he remains ago-to troubleshooter: he led George WBush’s successful legal battle in Florida
in 2000 to secure the presidency, ing all the way to the Supreme Court
fight-“He has a world-class strategic brain,”
says an old colleague, “but he’s also abrilliant negotiator.”
I ask Baker what has gone wrong inWashington since he pulled the strings
“The environment is much uglierthan it was Compromise has become adirty word What people don’t under-stand is that Ronald Reagan was a prag-matist We judge our presidents by whatthey get accomplished Reagan used tosay: “Jim, I’d rather get 80 per cent ofwhat I want than go over the cliff with
my flag flying.”
dealmak-ing is a distant memory
Baker blames a nationdivided between red andblue states, where the cen-tre has “evaporated” and comity doesnot sell In Texan, comity sounds likecomedy Baker laughs “Yes, well com-edy does sell, but I mean comity.”
An index finger jabs in my face “Youguys have also become players Youdon’t do objective reporting of the facts
When you turn on MSNBC, you’rewatching the house organ of the Demo-cratic party When you tune into FoxNews, you’re listening to the houseorgan of the Republican party.”
I correct him Fox News has oned Trump more than anyone Bakerconcedes Trump has done a stunningjob in attracting free coverage whilebarely spending a dime on TV adverts
champi-As a Bush loyalist, Baker is too creet to talk about the abject failure ofJeb Bush’s campaign Insiders say he wasdisappointed that the former Floridagovernor spent so much time talkingabout the past and the Bush dynastyrather than his own plans for the future
dis-Trump’s “low energy” jibe struck achord with voters, like his invectiveabout immigration and blue-collar
Cottage cheese x 2 Chocolate ice-cream x 1 Chocolate mousse bombe x 1 Cappucino x 1
Iced tea x2 Bill paid by Baker; donation
to be made by the FT to the Baker Institute
Trang 26evi-dence yet of a fashion
sys-tem in turmoil For years
the European menswear
schedule has been so regular that you
could set your watch by it Suddenly
there are no-shows, designers
switching cities, brands exiting the
schedule altogether What does it
all mean for the capitals of
fash-ion? Here’s a potted guide to the
mayhem, with points scored,
or more likely deducted, for
the brands in play
The scoring
New appearance by major
brand with the clout to
demand attendance of both
editors and buyers
+15 points
Buzz label: influencer
putting on shows that
insid-ers love to boast about
hav-ing seen +10 points
Bubbling under: debut
show from likely future
star +5 points
Departure of key show
-10 points
Fashion cities: the menswear winner and losers
in and Moschino’s off to LA.
Charlie Porter maps the ups
and downs of the season
S o today it’s a bit like a rugby
stadium but in two weeks wewill have a lawn, and then inanother two weeks it will befinished.” Jacques Cavallier-Belletrud, the third-generation Grasse-
born perfumer, is welcoming me at the
entrance to Les Fontaines Parfumées,
the home of Louis Vuitton’s new
per-fumery Until a century ago, the
build-ings were home to a 17th-century
domaine with a prominent position in
the French Riviera town of
Grasse, perfume’s capital
city “At least I can offer
you a glass of water,”
Cav-allier says “Last week we
didn’t even have that.”
He’s not wrong about the
rugby stadium Forget
fra-grant fields of lavender,
roses, jasmine or any other
romantic notions you might
have held about the famous
flower fields of Grasse Mud
squelches underfoot The sky
is leaden The tapping and
drilling noises around the
9,900 sq metre estate drown
our conversation The only
nod to poetry is the gentle
syn-copated swish-swish of paintbrushes
applying soft grey paint on the doors,
punctuated by the mutterings of the
meridional painters as they work It’s
Grasse, but not as we know it
It’s also perfume, but not as we
know it The whispers that Louis
Vuitton were launching a fragrance
started back in 2011 They became
louder the following year with the
appointment of their first in-house
perfumer, Cavallier, the nose
behind L’Eau d’Issey, Lancôme’s
Poême and Stella by Stella
McCart-ney It’s not the house’s first
fra-grance, but it might as well be; for
the brand established in 1854 there have
been remarkably few: Eau de Voyage
came out in 1946; Je Tu Il in 1928
Heu-res d’Absence, its first fragrance, was
launched in 1927 by Gaston-Louis
Vuit-ton (the third VuitVuit-ton heir) It was
pre-sented in a box meant to resemble the
milestones that peppered the road on
the way to the Vuitton family’s second
home But no trace remains of its smell
Shrouded in secrecy up until now, this
new release, due in September, will be a
collection of fragrances of which many
will focus on pure floral notes, as well as
Clockwise from main:
flowers in Grasse; LouisVuitton’s 1927 fragranceHeures d’Absence; 1928’s
Je Tu Il; Les FontainesParfumées; and thebrand’s first in-houseperfumer, JacquesCavallier-Belletrud— Louis Vuitton Malletier; Collection Louis Vuitton
A bigger splash
Beauty |With its new fragrance
collection, Louis Vuitton is
nosing into a $39bn market.
Kathleen Baird-Murray goes
on the scent of the year’s
most secretive launch
their scents Many work to a brief thathas more to do with marketing, focusgroups and shareholder interests thananything else Over the years someinventive, bestselling, highly innovativefragrances have been produced thisway, but the pressure to produce around
20 new scents a year (typical if you’re agood perfumer) is intense “Like chick-
ens making eggs, non?” says Cavallier,
who worked, very happily, at Firmenichuntil his appointment by Vuitton.Vuitton’s considered approach to fra-grance has been very much in keepingwith the traditions of the brand, and adeliberate strategy of LVMH to consoli-date artisanal skills with key supplychains; in 2012, the conglomerate pur-chased Les Tanneries Roux, the Frenchleather-makers founded in 1803 AsLouis Vuitton’s chief executive MichaelBurke puts it: “We’re not surfers, we’reinvestors We buy for the long term.”With no specified quotas to worktowards, Cavallier has been able tolaunch these fragrances in his own time,
a considerable leap of faith consideringthe investment required to set up theinfrastructure involved “There is timefor creation, there is time for business.Sometimes people want to reduce thetime of creation in the name of busi-ness,” he says “That doesn’t work.”The restoration of Les Fontaines Par-fumeés has also been heavy on the purse
strings The majestic domaine that
housed the eponymous perfumeriefrom 1640 had been shuttered since
1926 Purchased 40 years later by LouisVuitton, its renovation has been a majorundertaking But no one is better placedthan Cavallier to be its project manager.His family has been in Grasse for fivecenturies, and as a boy he peeredthrough the wrought iron gates of LesFontaines and wondered what laywithin He has been determined to keepthat authentic legacy at its heart
“We want it to feel like a home,” hesays To that end, no expense has beenspared: the new drainpipes are copper,the window panes are drawn glass;
a water fountain will be scented withnatural rose essence, a reminder of itsoriginal use when visitors, escaping thesmell of the tanneries, would fill their
bottles with the domaine’s fragrant
waters “Sometimes it’s difficult,” headmits “This morning I had to get a
little emotional with the builders,” he
says “But it worked!”
The gardens, too, will be a source ofinspiration Cavallier worked with Jean
Mus, “one of the greatest paysagistes
[landscape designers]”, to plant some
350 different species, including 3,000tuberose plants, 1,000 Grasse jasmineplants and 300 Grasse roses of May Andthen, of course, there’s his fragrance lab
— called the creative atelier — set acrossspacious white rooms on the top floorand lined with rows of phials containingsome 2,000 different materials.The only thing that’s missing from thetour are the fragrances themselves,which are still being kept under lock andkey Instead, he shows me a study inrose, which he’s nicknamed “RollingStone Rose” Before any trace of it can bewhisked away by the state-of the artvapour filtration system (installed toprotect his nose from the bombardment
of ingredients), a glorious full-bodiedrose tickles the senses It’s deliciouslycreamy, without being cloying, some-thing you instinctively want more of.Could this be one member of the newcollection? Let’s hope so
SHOPPING ROSE SCENTS
K Grace Coddington
x Comme des
Garçons £70,
Dover Street Market
LONDON, 10-13 June
Until 2012, London had never hosted shows aspart of the European men’s schedule With theintroduction of London Collections Men(LCM), which now starts the season, the BritishFashion Council brought together a potent mix
of new designers (JW Anderson, Craig Green),tailoring labels (Gieves & Hawkes, Dunhill)and major international brands The youngdesigners are still causing excitement It’s theactivity of the big brands that causing concern
Gains
Wales Bonner (pictured, left)
The good news for London is that Grace WalesBonner, one of the most talked-about
designers in fashion right now, graduatesfrom the incubator MAN show to make her
solo catwalk debut in LCM +5
Losses
Burberry
Burberry had been LCM’smajor tent-pole, lured fromMilan, where it had shownuntil 2013 The brand will nowshow its menswear alongside its women’s
at London Fashion Week, with thecollection available immediately afterthe show It means that Burberry is
exiting the men’s schedule altogether -10
Maternity leave means creative director Sarah
Burton is out of the studio, so no show -10
Final score -25
FLORENCE, 14-17 June
Think the fashion system is set in stone? Florence
is proof that it has always been in flux After thesecond world war, it was Florence that firststaged fashion shows in Italy, before theyappeared in Rome and then eventually Milan
Today, Florence is the home of Pitti Uomo, atrade fair held before the Milan schedule thatinvites guest designers to stage one-off shows inthe city’s grand spaces Some seasons the guestsare irrelevant to the fashion conversation; othertimes, Pitti hits temporary gold
Gains
Gosha Rubchinskiy (right)
Menswear’s newest bigname, the young Russiandesigner has shown in Parissince 2014, but has noaffiliation to the city Hisshift to Florence as aguest of Pitti is a sign
of the naturaldisruptiveness ofthe new
generation +10
Raf Simons (far right)
This is the third timeSimons has been a guestdesigner showing at Pitti(he’s been before withhis own label and, mostrecently, with Jil Sander
in 2010) His show is one
of the most-watched of theseason, making a stopover
in Florence an essential for
editors and buyers +10
Final score +20
MILAN, 18-21 June
For years, Milan menswear has stagnated,relying on established brands with no sign ofnewness to consolidate or eventually replacethem Milan men’s is already in trouble, butwhat happens next season when Gucci (below)rolls its menswear into its women’s show?
Losses
Brioni
New creative director JustinO’Shea is leaving Milan to makehis debut for the Rome-basedhouse at Paris couture The move issaid to fit with his new “prêt-a-couture”
approach Truth is, at couture he may find
an audience more willing to pose for those
all-important selfies -15
Ermenegildo Zegna
Alessandro Sartori doesn’t start
at Zegna until later this month,
so a pause from the schedulefor the Italian menswear
powerhouse -15
Calvin Klein Collection
Bye-bye beloved creativedirector Italo Zucchelli Noreplacement as yet, so noshow If Raf Simons takes over
as rumoured, will he return
menswear to Milan next season? -10
Bottega Veneta
Fifty years of BV, 15 years of TomasMaier as creative director: both are beingcelebrated in a joint women’s/men’s show
in September Will it return to the men’s
schedule? They’re deciding -15
Final score -55
PARIS, 22-26 June
Alongside its luxury powerhouses (Louis Vuitton,Dior, Givenchy, Hermès), the French capital haslong been the meeting point for the world’s mostindividualistic brands (Comme des Garçons, DriesVan Noten, Rick Owens) The resulting mix is aschedule that’s more deeply entrenched thanMilan, but there are still signs of problems ahead:where are the new young labels?
Gain
Balenciaga
The single piece of positive menswear news thisseason: new creative director Demna Gvasaliabrings Balenciaga men’s to the catwalk for thefirst time The designer’s own brand Vetements
will also make its Paris menswear debut +15
at men’s -15
Raf Simons
Simons is skipping Paris for
Florence, so for Paris it’s -10
Gosha Rubchinskiy
Rubchinskiy’s move to Florence leaves a big
hole in the Paris schedule -10
Final score -35
I Roja Parfums
£78, Debenhams
Olivier Polge Hermès has worked withJean-Claude Ellena since 2004, andmore recently Christine Nagel (whosefirst key fragrance for the French house
is imminent) Guerlain has ThierryWasser Dior, which, like Guerlain andLouis Vuitton, is part of the LVMHstable, works with François Dema-chy as their perfumer-creator (theGrasse-born perfumer is buildinghis own laboratory at Les Fon-taines Parfumées)
But the Estée Lauders, L’OréalPrestiges (think YSL, Lancôme,Giorgio Armani) or Procter & Gam-bles (Dolce & Gabbana) of thisworld rely instead on a bouquet of(hugely talented) perfumers atthe great “fragrance and flavour”
companies like Firmenich, dan or Quest International to develop
Givau-a new note from Louis Vuitton leGivau-ather
An innovative CO2-extraction methodhas been developed to preserve theessence of the flowers, which includeGrasse rose and jasmine Distributionwill be selective Don’t expect to pickone up when passing through duty-free — this will be available fromLouis Vuitton boutiques only
This is not normally how the world
of fragrance works In an industrypredicted to be worth around
$38.8bn next year, most scents areproduced under licence and pro-duced very fast
Louis Vuitton’s appointment ofCavallier is significant if onlybecause so few perfume houses cur-rently work in this way Chanel did
it first — with Ernest Beaux, HenriRobert, Jacques Polge and now
“Rose is a very challengingingredient to work with,” saysFrançoise Donche, creativedirector of Parfums Givenchy “It ischemically volatile, so doesn’t haveany longevity unless you associate
it with other ingredients.”
It’s also prohibitively expensive
“To get 1kg of oil from the finestvariety, Rose de Mai, it takes over300,000 flowers picked before thesun rises during the month of May,”
says perfumer Roja Dove
Little wonder perfumers haveshied away from it in the past But
a number of authentic rose-basedfragrances are being launched —ensuring that there is now a rosefor every nose Says Dove of hisnew Rose Parfum: “This one smellslike it has been plucked straightfrom the flower bed.” Grace Cook
K Byredo
Rose of NoMan’s Land eau
de parfum £88,
byredo.co.uk
Cavallier’s family has been
in Grasse for 500 years As
a boy he peered through the gates of Les Fontaines
h
aAheGwh
mnow
de its women’s
ashgodthg
Los
Bri
NeO’
hishousesaid to fit with h
at m
Ra
SimFlo
Gosha R
Trang 27N o one buys a bikini to have a
bad time in,” says wear designer Lisa MarieFernandez Quite right: aholiday wardrobe is anemotional investment, packed with
swim-hopes and dreams of trips to come, and
fond memories of past adventures
So in-demand are holiday clothes that
luxury vacation-wear has become a
cat-egory in its own right, and Net-a-Porter
has even created a specific year-round
“summer shop” “The demand for
vaca-tion-wear has increased Women want
to invest in high-quality pieces that can
take them from the beach to brunch or
dinner,” says Lisa Aiken, the site’s retail
fashion director “Our global customer
is always on the move — she is not only
taking her vacation in the summer but
all year round, be it Cuba in February or
the Maldives in November.”
It’s very much in the consumer
zeit-geist to spend more on fewer, quality
garments that are multifunctional The
need to minimise packing means
versa-tility is of particular appeal, and
best-sellers in this category include crisp,
cot-ton dresses “If you can buy a dress that
you can wear in London or in New York
when it’s hot, and over your bathing suit
on holiday, you’re getting a lot of uses
out of it,” says Fernandez, who has
intro-duced dresses into her expanding range
It’s also an area where brands offering
original, artisanal products are
find-ing their feet Net-a-Porter has
launched labels such as sundress
brand Dodo Bar Or, Mabu by
Maria BK, which offers
hand-embroidered Greek sandals,
and Muzungu Sisters, which
works with craft
communi-ties to create
embel-lished basket bags
that place,” says
Chris-tina Martini, co-founder of
Ancient Greek Sandals “I have this
LemLem kaftan that I love wearing
I haven’t been to Ethiopia but
when I wear it I feel like I have.”
Sandals
Ancient Greek Sandals(1)
Co-founded by Christina Martini
in 2012, the brand was born out of
the Corfu-based designer’s desire to
preserve the craft of
sandal-mak-ing The collection, made from
Ital-ian leather, is produced by an
Ath-ens artisan whose workshop was on
the brink of closure during the
coun-try’s economic crisis when Martini
enlisted his skills He now works
exclusively for the brand, which is
sold in 53 countries Zaira sandals,
£160,ancient-greek-sandals.com
Jewellery
Rosantica(2)
Founded in Italy in 2009, Michela
Pan-ero’s jewellery is hand-crafted in the
brand’s Milan workshop, where the
finished items are packaged in vintage
silks tied up with cord string Inspired
by traditional Peruvian dress, her
cap-sule edit for Net-a-Porter comprises
necklaces and bracelets with bright
tas-sels and pom-poms mixed with
colour-ful, chunky curb-link chains — ideal for
complementing a tan Rosita necklace,
£395, net-a-porter.com
Kaftans
Pippa Holt(3)
Ex-Vogue stylist Pippa Holt launched
her collection of brightly coloured
kaf-tans last summer after searching for
something cool to wear in the Texan
heat Great for the beach, and the bar,
each embroidered kaftan takes a month
to make, hand-woven on backstrap
looms by members of a women’s
com-munity who also produce and dye the
cotton in a remote Mexican village
They are sold with that kaftan’s number
out of 100 and an image of an
embroi-derer “Each woman will be on holiday
knowing that no one else has exactly the
Leaders of the pack
Trend | Vacation-wear is really going places Grace Cook meets the new creatives
with designs on your suitcase, and puts together the perfect holiday wardrobe
duction and which can be thrown in thewashing machine The fitted Apollotrousers, with pull-on waist for comfortand a secret phone pocket to keep tech-nology close, are ideal for flying, whilethe silk and cashmere-mix tasselledparty poncho will ward off airplane and
summer evening chills Party poncho,
£360, kitandace.com
Eveningwear
Kalita(8)Referring to themselves as “global gyp-sies”, designers Kalita Al Swaidi andRaechel Temily’s luxe resort collectionKalita offers timeless vacation piecesthat are elegant and understated Thepair divide their time between Londonand Bali (where the dresses are hand-made and dyed) Minimise your pack-ing with the billowing Camille maxi-dress: it’s reversible, giving you two chic
dresses in one Camille maxi-dress, £375,
matchesfashion.com
Sets
Lazul(9)London-based Lazul’s range of kaftanswith matching swimsuits take the co-ordination element out of packing.From nude neutrals to Noah’s arkprints, colours in exacting shades andpatterns are interpreted across a range
of styles: string bikinis are found side one-pieces, while kaftans are short
along-or long, sleeved along-or sleeveless Fine ian silks are made in Europe and fin-ished with decorative metalwork that
Ital-stays cool in the sun Caius Monroe
with-in the 1960s — and the style is still inent in the collection today Raffia solesare fused to classic canvas uppers inshades of navy and bright red;the wrap ankle ties create aperfectly feminine leg
prom-line Carina shoe, £70,
castaner.com
Travel bag
Eddie Harrop(11)The Hong Kong-born accessoriesdesigner EddieHarrop foundedher brand while liv-ing in Vietnam in
2012 Harrop nowresides between Lon-don and Ho Chi Minh City,where her cabin-friendlyVoyager bags are handmade by 15craftsmen Working under the guidance
of head artisan Mr Hieu, they producearound 40 bags each week Crafted fromItalian leather, the Aztec-panel insertsand tasselled zips bring an element ofwanderlust to the luggage An optionallong strap for easy carrying makes it a
travel must-have Voyager bag, £650,
eddieharrop.com
Hats
Eugenia Kim(12)Make a statement with Eugenia Kim’swide-brim styles, which bear sloganssuch as “Daydreamer”, “Do not disturb”and “Wish you were here”, channellingthe Zen-like aspirations of any holiday-maker Kim launched her brand in 1998after a bad haircut forced her to getinventive with headwear Handmade inNew York, her designs fuse classic milli-nery styles with playful touches, such ascolourful peaks and oversized bows
Hat, £340, eugeniakim.com
Swimwear
Lisa Marie Fernandez(13)Lisa Marie Fernandez’s bikinis and one-pieces are the Spanx of the swimwear world Crafted from luxe neoprene, thespecially created Italian fabric won’tdroop or sag, as it is designed to mould
to the body, pushing everything into theright place to create and support curves.This season, Fernandez will launchswimmable denim and velvet, too Hercollection, produced in New York, is
sporty yet feminine Arden swimsuit,
£340, lisamariefernandez.com
So in-demand are holiday clothes that luxury vacation- wear has become a category in its own right; Net-a-Porter has even created
of vivid patterns and brilliant shades,making it the ultimate beach bag Thecollection is handmade in Colombia byWayuu tribespeople the designer metwhile travelling in 2011; having initiallyworked with three weavers, she nowprovides work to 750 Wayuu across LaGuajira desert Switch to the Lia clutch
— an envelope style with pom-pom
detail — for the evening Jonas bag, £325,
sophieanderson.net
Towels
Hammamas(5)For a chic beach towel, look no furtherthan Hammamas, whose lightweight,super-soft stripy towels are finishedwith tassels The brand works withweavers in rural Turkey, using tech-niques and skills that have been handeddown for generations, to produce extra-absorbent, fast-drying “clever cotton”
towels that fold down to nothing to take
up minimal space in your suitcase £50
for two, hammamas.com
Day dresses
Gül Hürgel(6)Inspired by the Amalfi coastal towns ofPositano and Portofino, Parsons gradu-
ate Gül Hürgel’s pretty linen dresses areperfect for balmy summer evenings
Pinstriped cinch-waist designs in hues
of blue and rose are finished with derie anglaise frills that expose thedécolletage: at once innocent and flirty,
bro-and perfectly dolce vita Initially
availa-ble upon request only, her debut tion for SS16 has been picked up by
collec-Matches Fashion Ruffle dress, £528,
matchesfashion.com
Travel wear
Kit and Ace(7)Travel in comfort with Kit and Ace’sbrand of technical cashmere: cosy andsuper-soft pieces that are wear-testedfor 288 hours before being put into pro-
13
1
Trang 28POSTCARD
FROM
CAMBODIA
airport’s main terminal
processes more than
30,000 passengers with
the efficiency and warmth
of an industrial abattoir Meanwhile,
just yards away at the Signature private
jet terminal, First Officer Dominic
Rooney arrives to shake hands with his
passengers — both of us The Nespresso
machine has barely ceased chugging
before he invites me to board a Citation
CJ3 bound for Geneva Minutes later, we
soar above Luton
More than 50 years after a Missouri
carpenter’s son called Bill Lear ushered
in a new age of fast, efficient business
aviation, private jets have remained the
preserve of the very wealthy A
second-hand six-seater, like the one on which
I’m now eating strawberries, would cost
several million pounds to buy, and
much more to operate To charter it for
my return trip to Geneva could set me
back £10,000 Yet, if booked via the
lat-est app bidding to shake up the sector,
my leather upholstered seat can be
reserved for a fraction of that price —
potentially as little as £100 each way
That’s the offering of
JetS-marter, a Florida start-up
whose investors include
that classic corporate
alli-ance of the Saudi royal
family and Jay Z Sergey
Petrossov, its 28-year-old
founder and chief
execu-tive, started flying private
himself after selling the IT
company he had built from
his University of Florida
dorm room Sensing an
opportunity to bring new
technology to the booking
process, the Moscow-born
entrepreneur launched
JetS-marter in the US in 2013 Now
he wants to conquer Europe and
has agreed to let me hitch a ride
to Ebace, a business jet trade
show at Geneva Airport As many
in the industry doubt his business
model — a luxury Uber for the skies — he
will try to convince his newest
passen-ger that he can fly where so many others
have stalled
What is not in doubt is that going
pri-vate is ridiculously stress-free The
flight itself feels surprisingly solid I’m
cruising at 500mph and 40,000ft in a
tube with less headroom than a London
taxi, but it’s as stable and quiet as a 777
In little over an hour I’m passing
through Geneva’s swish business
termi-nal in a flash
It’s a short hop to Ebace, where
Petrossov is giving it the big sell at
JetSmarter’s slick exhibition stand The
show spills out of the Palexpo
conven-tion centre on to the Tarmac, where red
carpets link dozens of gleaming new jets
from the industry big boys: Learjet;
Gulfstream; Embraer
A Boeing 787 Dreamliner, revealed
here as a VIP private jet, is the star
attraction But my Financial Times
lan-yard holds no sway at the rope “Sir, this
is invitation-only,” I’m told I have
landed in an exclusive world, and one
where competition is fierce
“When I came into this industry,
peo-ple told me it’s like Game of Thrones,”
Pet-rossov says in a meeting room “It’s
crazy, some people are at our throats.”
JetSmarter and numerous rival
start-ups are bidding to upend the traditional
brokerage system, and open the market
to the reasonably, as well as the
fabu-lously, wealthy
The conventional model is that
pri-vate jets are made available by theiraa
owners to charter operators (both to
generate income and to benefit from tax
breaks — in certain countries a plane
used for international commercial
fly-ing attracts less tax than one solely for
personal use)
Brokers are used to connect those
operators to customers “So you’d call
up a broker and say, ‘get me a quote,’
wish As well as two return services perweek between London and Geneva (ofwhich my plane is one), there are flightsbetween London, Paris and Nice, as well
as Nice-Moscow and Nice-Paris, and,later this summer, London-Ibiza On myway home, I meet a London hedgefunder based in Geneva (he did not want
to be named) who used to fly home onEasyJet Now he flies private, and if hedid so once a fortnight, which he hopes
to, each leg would cost about $300 Usethe shuttles once a week and you aredown to $150 each way — though, ofcourse, it is all subject to availability andmembers can only hold two forward res-ervations at a time
Petrossov says 60 per cent of his ing membership (he declines to sharetheir number, but says it’s going by up to
grow-20 per cent each month) has neverflown private before “People talk aboutbusiness aviation being for the 1 per centbut it’s not, it’s for the 0.1 per cent,” headds “We want to make it for the 1 percent at least — people who would flybusiness or first on commercial — andkeep going from there.”
Members in New York can also takeadvantage of a “free” summer helicop-ter shuttle to the Hamptons Offers likethese have triggered scepticism in theindustry I talked to a JetSmarter mem-ber in the US who also works in businessaviation He didn’t want to be namedeither, for fear that he might lose out on
a deal that he believes is too good to besustainable “My buddies and I are justsaying, ‘Let’s use this the hell out of thisuntil it goes bust’,” he says
The private-jet graveyard is gettingcrowded “We’ve seen so many peoplecome in with big marketing budgets andthen fold,” says Adam Twidell, a formerRAF pilot who launched PrivateFly, asuccessful smart charter service, in
2008 Virgin Charter, Ocean Sky, BlueStar and Beacon have all failed Black Jetcouldn’t become the Uber for jets,despite having Uber co-founder GarrettCamp on board “It is a cacophony offailure,” says Clive Jackson, anotherBritish survivor who launched Victor, aPrivateFly rival (both services offerwhole jets, not seats) in 2011
Unsurprisingly, the brokers havedoubts, too “We’re a £45m business
Ahead in the clouds
A private-jet booking app offers seats for a fraction of the usual cost — potentially as little
as £100 each way — but can it succeed where others have failed? Simon Usborne reports
with four offices across the world,” saysNeil Harvey at Hunt & Palmer, a Gat-wick-based brokerage founded in 1986
“You don’t rise to that by being out ofdate.” He says there might be a faxmachine in the accounts department,
“but I don’t think it’s been used for along time” Nevertheless, he also recallsthe beneficial effect of the arrival ofNetjets in the late 1980s The Americancompany, later bought by Warren Buf-fett, pioneered a “fractional” model(you buy a bit of a plane in exchange foraccess to the fleet) “They spent a for-tune on advertising and thousands ofpeople became aware of private avia-tion, which benefited the whole indus-try,” Harvey says
But Petrossov doesn’t want to dienoisily, and is bullish about his pros-pects He expects his European opera-tions to be profitable within ninemonths, and plans imminently tolaunch a transatlantic service He alsodismisses doubts about people’s willing-ness to sink big money through a face-less touchscreen “We often have trans-actions of more than $100,000 andrecently a billionaire from Asia booked
a Boeing 767 from Hong Kong to Paris,round-trip, for $1.6m,” he says “Wecouldn’t believe it but I think peopletrust apps more than they trust peoplebecause there’s more information andit’s all there in your hand.”
My flight home to Luton is full
There’s me and the guy I flew out with,the hedge funder and Claude Nahum, aTurkish former racing driver turnedGeneva-based van magnate He used topilot his own jet to Britain, but has beengrounded by aviation bureaucracy Fill-ing the jet are Simon Phillips and Kat Downs The couple in their mid-30s hadonly just made it to France for their firstholiday together after EasyJet over-booked their flight Rather than sufferthe same indignity on the way back,Simon, who races and delivers yachtsfor a living, quietly downloaded the appand bought two seats, an option for Jet-Smarter non-members He won’t revealhow much he paid, but agrees to recoupsome of the cost in champagne Thecouple finish the bottle while they waitfor the London train home at LutonAirport Parkway
i/ DETAILS
Anlong Veng can be visited as a day trip from
Siem Reap; taxis are available through all hotels.
Siem Reap Dirt Bikes (siemreapdirtbikes.com)
offers motorbike tours to the area, an easy
way to gain good access to remoter parts
of the mountain
I stop for breakfast at anoodle stand It’s the exactmidpoint of the journey,and a moment of strange symmetry
Behind me, the ancient temples of theAngkorian empire — Cambodia’scrowning glory and its cash cow Upahead, a historic seat of power thatmany would like to forget
Ninety miles north of Siem Reap and
10 miles south of the Thai border,Anlong Veng was the last embattledstronghold of the Khmer Rouge — thecommunist regime that came to power
in 1975 After a four-year reign of terrorduring which almost a quarter of thecountry’s 8m people died, the KhmerRouge were forced out of the capitaland squeezed to Cambodia’s borders,until Anlong Veng and the Dangrekmountain ridge just beyond it were allthat remained of their dominion
It was here that the regime finallycollapsed Pol Pot, the Khmer Rouge’smost notorious leader, was put underhouse arrest on Dangrek mountain byhis own army He died in 1998, just asthe town was falling to governmentffforces, and was swiftly cremated in thejungle on a bed of car tyres
As I approach Anlong Veng on theback of an unsteady 100cc scooter, it’shard to shake the superstition that this
dark history has been absorbed intothe ground Many trees are blackenedhusks, killed at their roots by the lakesthat swell during the monsoon
But it is the absence of history, ormore accurately of historical record,that is exercising this remote town
Without maintenance, the markers ofits recent past are vanishing Some,including Pol Pot’s mountaintop lodge,have become almost unreachable
Recently, however, theDocumentation Centre of Cambodia(DC-Cam), Cambodia’s leadinggenocide research institute, has taken
up the challenge of restoring these sitesand even promoting Anlong Veng as atourist destination Staff are working to
make the most important sites moreaccessible and the process of trainingEnglish-speaking tour guides will beginshortly “We need to remember AnlongVeng’s history, as it is the history ofCambodia,” says Ly Sok Kheang, anearnest researcher who makes the 16-hour round trip from the capitalonce a month
Today he wants to visit Pol Pot’scremation site, where he has justoverseen the construction of aninformation booth We leave town andbegin the ascent into the mountains Aturn-off is signposted by a hand-paintednotice: “Pol Pot”, with an arrow pointingunceremoniously towards his remains
At the cremation site, weeds havesprouted from what were once ashes
The roof is a rusted triangle ofcorrugated iron The location is notintentionally obscured, just abandoned
Kheang inspects the hut, not yetstaffed, before we continue along themountain ridge Then the jungle partsunexpectedly; in its place a rockyclifftop, Cambodia’s rice fieldsstretching to the horizon below
It is a stunning view, and a strategicone This was where Ta Mok, theKhmer Rouge’s last commander, came
to direct his battles Perched on theledge is his meeting house, which DC-Cam has almost finished restoring Theex-Khmer Rouge soldiers who built it
originally are assisting the architects
“They even remember where Pol Potused to sit — with his back to the wall
of the toilet,” says Kheang
This is the main difference betweenAnlong Veng and the country’s existingsites of “genocide tourism”, as it hascome to be known The Killing Fields’mass graves and Tuol Sleng prison’storture chambers, which many touristsvisit while in Phnom Penh, are places
to mourn the regime’s victims; AnlongVeng tells the story of the perpetrators,many of whom are still alive
Kheang reminds me, not for the firsttime, that the Khmer Rouge’s footsoldiers were poor, uneducated, andoften had few options except to fight.Questions of their culpability are hard
to untangle, but reconciliation iscritical “If we want to have peace inthe country, we must have peace inAnlong Veng,” he says, surveying thevast landscape below
On the cliff ledge, an entrepreneurialsnack vendor has erected a line ofhammocks As the sun rises overhead,local families and monks arrive onmotorbikes to picnic and siesta on thequiet mountaintop The heat, and theweight of history, are carried away onthe breeze The peace that Kheanghopes for feels within reach
Harriet Fitch Little
The Killing Fields are a place to mourn the regime’s victims; Anlong Veng tells the story of the perpetrators, many of whom are still alive
What special items do expert travellers pack to ease their journeys? In the latest in our series,
polar explorer Ben Saunders
explains why he never flies without
a Field Notes notebook
On every expedition
I always take anotebook made by atiny American companycalled Field Notes It’ssmall and made from waterproofpaper, so it’s pretty rugged; I’vebeen using them for about 12 years.There is so much more to it thanjust a diary — the notebookbecomes like a control panel for thewhole expedition In the front I havevital phone numbers, printed andlaminated, from family members tosatellite phone numbers for rescueaircraft After that I’ve got all thedata — each
day I recordlatitude,longitude andthe distancecovered
After all thatuseful stuff, there’s
my diary itself It tends to be mecomplaining a lot and swearing [Onthe Scott expedition in 2013/4] Ihad Scott’s and Shackleton’sexpedition diaries on a Kindle and
we could juxtapose their days withours Their diaries were usuallywritten as log books so they tend to
be fairly devoid of emotion — theyjust talk about the weather anddistance It made us feel completelyinadequate, complaining aboutfeeling cold with 21st-centuryequipment when they had woollenjackets and hobnail boots
A bit like a prisoner writing on awall, I also have a tally crossing offthe days until we get home YouYYspend months counting down the
ou get outhen all you
is to getme
One of therangesthings was that
r nearly fouronths in thearctic we
y had accessternet Wectures andblog posts via satellite phone andreceive messages, but we weren’tsurfing the net It can drive youmad if you’re trying to think of acertain word or title of a film andcan’t Google it for months
My diary is heavily customised,but there’s one way I’d improve on itnext time There’s a Norwegianexplorer called Borge Ousland whowas the first to ski solo to the northpole He always carries pressedflowers and leaves In
the polar regions youreally miss living things
— foliage, flowers andgrass — so I’d definitely
do that in future
Ben Saunders’ expeditions include the 2013-14 Scott expedition, a 105- day round-trip to the South Pole, the first time the expedition that defeated both Scott and Shackleton had been completed He will be speaking on June 14 at the Royal Geographical Society, London, see darewincelebrate.eventbrite.co.uk kk
He was speaking to Carl Wilkinson
and [for London
to Geneva] they’dprobably quote
yo u a r o u n d
$12,000 for areturn,” saysPetrossov “Acouple of hourslater they’ll email you
an invoice You’ll print and sign it andfax or scan it back When I first read ‘fax’
on the invoice I was just thinking, like,what the This was 2009!”
Instead, a new generation of phone apps, from companies includingPrivateFly, Victor, Lunajets, Stratajetand more, tap into online industry data
smart-to search thousands of available jets inseconds The chosen aircraft can bebooked and paid for a couple of tapslater As well as chartering a plane for areturn journey, many of the apps alsoseek out the cheaper option of booking
“empty legs” (where a jet would wise be returning to base empty afterdropping its passengers)
other-JetSmarter’s eye-catching innovation
is that it also offers an even cheaperalternative — the chance to book a seat
on a network of private jet shuttles, ning in the US since 2013 and launched
run-in Europe last month These scheduledflights might sacrifice the convenience
of setting your own time and itinerary,but still carry the perks of using the pri-vate terminal and all the usual onboardluxuries Members, who pay $10,000 ayear on top of a $5,000 joining fee, canbook a seat on these regular flights at noextra cost and as frequently as they
Clockwise from above:
One of JetSmarter’sprivate jets; the interior of
a Cessna Mustang,operated by PrivateFly;
the JetSmarter app
f days until yo
there, thwanthomOstrthfomo
Anta
hardly
to the intcould send picblog posts via satellite
I NEVER LEAVE HOME
WITHOUT