000-084 wi 0718 - what investment€¦ · aberdeen global asn smllr coms x acc gbp 99 83107 84122...

www.whatinvestment.co.uk FOR A WEALTHIER FUTURE Issue 424 July 2018 £4.50

What Investment

Emerging MarketsChina and India are catching the US, but are they worth investing in? – Page 36

Profit from WineHow looking beyond the blockbuster vintages can deliver corking returns – Page 50

The artof investingin smaller

companies– Page 30

WI.JULY.2018.Cover.indd 1 21/06/2018 16:07

www.whatinvestment.co.uk FOR A WEALTHIER FUTURE Issue 423 June 2018 £4.50

What Investment

The Aging bullThe bull market might be getting older but there is still opportunities – Page 18

The Empire TrustThe British Empire Trust is one the UK’s most consistent ITs – page 44

Britain’sBuffetts

How can you profit from the UK managers

inspired by the legendary American

investor – Page 14

20 WhatInvestment May 2018 www.whatinvestment.co.uk

Unit Trusts 1>|

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD£ £ £ £ £ % %

FTSE 100 99 - 103 - 117 - 137 - 180 - - -FTSE All Share 99 - 104 - 119 - 142 - 190 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 - - - - - - - 2.50Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 -Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 -Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 -Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 -BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 -F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 -Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82Fidelity Asian Special Sits A-Dis-GBP 102 48 120 26 158 17 182 13 279 10 1.93 -Fidelity Emerging Asia W Acc 104 26 121 24 154 24 188 6 - - - 0.47Fidelity Emerging Asia W-Acc-GBP 105 21 124 16 152 27 180 15 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 99 84 104 93 132 77 - - - - - 2.79Fidelity Instl Pacific ex Japan 101 60 105 89 132 78 145 47 227 28 0.90 1.41Fidelity Instl South East Asia 102 56 115 44 149 30 159 30 283 7 0.94 1.53First State Asia All-Cap B Acc GBP 103 36 114 53 - - - - - - - 0.56First State Asia Focus B Acc GBP 105 19 118 34 - - - - - - - 0.81GAM Multistock Asia Focus Equity USD B 107 8 123 18 169 8 183 11 - - 1.90 -GAM Star Asian Equity Instl GBP Acc 98 89 113 62 140 59 141 55 164 55 1.32 -GlobalAccess Pacific Rim exJpn M Acc GBP 109 5 130 4 142 51 - - - - - 0.82GS Asia Equity R Acc USD 109 4 128 6 166 11 184 10 216 38 1.15 -Guinness Asian Equity Income Y GBP Acc 100 73 115 46 156 21 - - - - - -Halifax Far Eastern C 102 53 114 49 144 44 148 44 213 40 1.57 1.86Hermes Asia Ex Japan Equity F GBP Acc 102 52 119 30 169 7 233 1 - - 0.85 -HSBC Asian Growth Retail Acc 102 45 117 37 148 31 148 42 186 50 1.79 0.36HSBC Pacific Index Accumulation C 101 64 109 75 141 57 141 56 216 36 0.31 2.45Invesco Asia Consumer Demand A USD SD 106 10 125 11 147 36 160 27 - - 2.02 0.06Investec Asia ex Japan I Acc Net 103 38 125 13 154 23 176 17 280 8 1.00 1.20IP Asian Equity Income Z Acc 98 90 106 87 131 81 140 61 - - - 3.75IP Asian Z Acc 103 39 120 27 171 4 191 5 303 3 - 1.21iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 66 109 74 141 53 142 51 - - 0.19 2.77Janus Henderson Asian Div Inc UT I Acc 100 72 111 64 137 66 143 50 217 34 1.11 5.32Janus Henderson AsiaPac Cptl Gr I Acc 101 69 117 40 146 39 159 29 238 19 1.08 0.82Janus Henderson Instl APexJpn IdOpp IAcc 100 75 108 81 140 60 139 62 217 35 0.83 2.47JOHCM Asia ex-Japan A GBP Inc 96 94 110 72 136 69 157 32 - - 1.01 0.91JOHCM Asia ex-Japan Sm & Md-Cp A £ I 93 96 97 96 124 88 149 41 - - 1.21 0.48JPM Asia Growth C Net Acc 105 16 130 5 172 3 181 14 248 15 0.93 -Jupiter Asia Pac Inc L GBP Q Inc 95 95 104 94 125 86 134 66 - - 1.94 4.13Jupiter Asian I Acc 100 79 107 85 137 67 151 39 202 45 - 0.68Jupiter Asian Income I GBP Acc 96 92 105 91 - - - - - - - 3.91L&G Asian Income Trust I Acc 99 85 106 88 134 71 140 60 239 17 - 3.97L&G Pacific Index Trust I Acc 101 65 109 76 141 55 142 54 225 31 0.38 2.92Legg Mason IF MC Asia Pac X Acc £ 100 77 113 55 148 32 147 46 208 43 - 1.26Legg Mason MC Asia L-T Uncons MGBPDis(A) 99 87 110 68 133 73 147 45 - - 1.20 1.19Legg Mason MC Asia Pacific X USD Dis(A) 101 70 114 54 144 43 140 59 186 51 1.25 1.26LF Canlife Asia Pacific C Acc 105 22 118 35 130 83 134 67 200 48 0.89 1.18Liontrust Asia Income I Inc 102 57 110 66 142 49 154 38 - - 1.25 4.52M&G Asian GBP I Acc 99 88 106 86 133 74 141 57 226 30 0.99 1.45Marlborough Far East Growth P Inc 103 41 114 50 163 14 158 31 210 42 - 1.94Matthews Asia Fds As Ex Jp Div I GBP Acc 112 2 128 7 - - - - - - 1.50 -Matthews Asia Funds Asia Small Co I GBP 102 50 113 60 130 82 - - - - 1.72 -Matthews Asia Funds Pacific Tiger I GBP 105 24 116 42 145 41 168 20 - - 1.34 -MFS® Meridian Asia Pacific ex-Jpn W1 USD 100 74 114 51 148 34 154 36 231 26 0.94 -Mirabaud Equities Asia ex Japan A USD 104 34 121 23 151 28 163 25 175 53 2.21 -Mirae Asset Asia Great Consumer Eq R GBP 107 9 132 3 143 46 - - - - 0.96 -Mirae Asset Asia Sector Leader Eq R GBP 105 17 125 15 147 35 - - - - 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 106 12 119 32 115 90 111 77 - - 1.31 3.84Newton Asian Income Instl W Acc 96 93 103 95 125 87 129 73 273 11 0.83 4.52Newton Oriental Inst W Acc 100 82 114 52 133 75 129 72 187 49 0.89 0.72Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 46 113 58 135 70 - - - - - 1.26Old Mutual Asia Pacific R GBP Acc 105 18 125 12 168 9 196 3 267 12 1.01 1.31


Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 -Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 -Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 -Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 -Robeco Asian Stars Equities F £ 103 40 115 48 - - - - - - 1.01 -Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 -Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 -T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 -Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 -Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43Vanguard Pac ex-Jpn Stk Idx GBP Acc 100 81 105 92 133 76 131 71 - - 0.30 4.18Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55Waverton Asia Pacific A USD 97 91 111 65 142 47 148 43 208 44 1.51 0.64Average/Total 102 97 116 97 146 91 156 78 234 57 1.15 1.81

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 103 5 112 6 135 7 140 7 239 4 - 0.75Baillie Gifford Developed As Pac B Acc 109 1 115 4 159 4 186 3 243 3 0.73 0.91GAM Star Asia-Pacific Eq Instl EUR Acc 105 4 111 7 147 6 163 6 175 6 1.76 -IP Pacific Z Acc 106 3 117 3 160 3 194 1 307 1 - 1.05JPM Pacific Equity A (dist) GBP 103 6 119 2 164 2 184 4 237 5 1.80 0.04Matthews Asia Funds Asia Dividend I GBP 102 7 114 5 153 5 168 5 - - 1.22 -Smith & Williamson Far East Inc&Gr B 108 2 122 1 174 1 194 2 289 2 - 1.70Average/Total 105 7 116 7 156 7 176 7 249 6 1.38 0.89

(IA) CHINA/GREATER CHINAAberdeen Global Chinese Eq X Acc GBP 106 23 116 35 145 33 134 32 216 11 1.24 -Allianz China Equity RT GBP 105 34 120 31 153 28 177 24 - - - -Baillie Gifford Greater China B Acc 106 21 136 3 189 2 229 3 - - 1.13 0.70Baring China Select I GBP Inc 105 31 120 32 154 26 168 27 - - 1.44 0.01Baring Hong Kong China I GBP 106 26 126 24 156 23 178 23 198 15 1.23 -Fidelity China Consumer W Acc 107 17 129 15 165 15 218 5 - - - 0.56Fidelity China Focus Y-Dis-GBP 105 27 123 30 167 14 210 7 - - 1.16 1.09First State All China B Acc USD 113 1 - - - - - - - - - -First State Greater China Gr B Acc GBP 110 9 125 25 163 17 187 18 340 1 1.06 1.05GAM Multistock China Evolution Eq USD B 107 16 128 19 188 3 - - - - 1.92 -GAM Star China Equity Instl GBP Acc 105 33 123 29 156 22 179 22 - - 1.04 -GS China Opportunity Equity R Inc GBP 109 12 130 12 162 19 189 16 - - 1.15 0.63Guinness Best of China X GBP Acc 105 32 125 27 - - - - - - 1.24 -HSBC Chinese Equity Retail Acc 104 36 126 22 152 29 173 25 194 18 1.78 0.19HSBC GIF Chinese Equity AD 105 29 128 18 156 24 184 19 198 16 1.91 0.33Invesco PRC Equity A USD AD 112 2 137 2 177 6 193 13 224 9 2.21 -IP HK & China Z Acc 106 22 129 16 164 16 207 9 276 4 - 0.91Janus Henderson China Opps I Acc 110 8 135 6 179 5 230 2 271 5 1.09 0.82Janus Henderson Hrzn China A2 USD 111 7 134 7 177 9 221 4 332 2 1.95 -JPM Greater China A (dist) USD 109 13 133 8 163 18 192 14 268 6 1.78 0.13JPM Hong Kong A (dist) USD 106 25 125 26 151 30 168 28 217 10 1.80 0.91Jupiter China I Acc 107 19 119 33 147 32 169 26 197 17 1.02 1.04Legg Mason IF MC China X Acc £ 107 20 131 10 172 12 188 17 - - - 0.40Legg Mason MC Greater China A USD Dis(A) 105 28 127 20 169 13 190 15 215 12 1.60 -Matthews Asia Funds China Div I USD Acc 109 11 124 28 177 7 201 11 - - 1.50 -Matthews Asia Funds China I GBP 112 4 135 4 175 10 182 21 - - 1.50 -Matthews Asia Funds China Sm Coms I Acc 111 5 132 9 186 4 218 6 - - 1.71 -Neptune China C Acc GBP 107 18 127 21 158 21 162 29 208 13 - 0.84Neuberger Berman China Eq USD A Acc 112 3 144 1 190 1 235 1 - - 2.11 -New Capital China Equity GBP Ord Acc 110 10 130 13 115 34 149 30 - - 1.37 -Old Mutual Henderson China Opps U2 £ Acc 111 6 135 5 177 8 - - - - - 0.68Pictet-Greater China I GBP 106 24 129 14 160 20 183 20 241 8 1.05 -Schroder ISF Greater China C Acc USD 105 30 126 23 174 11 205 10 289 3 1.32 -SLI China Equities A Acc GBP 108 14 129 17 153 27 193 12 - - 2.06 -© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk

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Main coverline to this styleSecondary coverline runs across here to this style Ipsapit veruptat que esequati ditiandita cusape de fugiquundellut erchica tureceat – Page 14

Second story headline hereMaion repero omnihil rehen quundellut erchica tureceatquam otasperovit – 3

Third story headline hereMaion repero omnihil rehen quundellut erchica tureceatquam otasperovit – Page 23

What Investmentwww.whatinvestment.co.uk FOR A WEALTHIER FUTURE Issue 421 March 2018 £4.50

Unit Trusts


>| The Last Word | Peter Elston

I am not exactly sure how I have ended up as a chief investment ocer. Looking forward at the investment landscape, I generally only see potential for things to go wrong. Looking back at my career, my investment mistakes dominate my memories. Many, perhaps even most, of them were a long time ago, but they still haunt me, both in my waking hours and in my sleep. I’m a worrier - managing people’s hard earned savings is an austere and great responsibility, second only to undertaking.

Furthermore, my career progression has hardly been conventional. Although I spent long stints at two big firms, I also spent a number of years in between on an Indonesian island trying to build a food business. How can such neuroticism and wanderlust constitute suitable CIO material?

When the editor and I were discussing this opportunity to pen The Last Word column, he recalled a presentation at which a well-known and respected fund manager was asked to name what he thought was the biggest challenge investors faced. Inflation? Growth? Valuations? Politics? “Hubris”, came the simple and immediate response. I could not agree more.

There is so much uncertainty in the world of investing that it is foolish to think you have it sussed. In Ancient Rome, a slave would whisper repeatedly, “Remember, you are mortal”, in the ears of victorious generals returning to Rome and its adoring crowds. A few years of good investment performance or a run of good stock picks can make one feel invincible, while the reality may well be that

behaviour of, say, numbers or planets or elementary particles or rocks or plants or people. Successful investing, on the other hand, necessitates disagreement. For me to give myself a chance of beating my competitors, and thus the market, the last thing I should do is agree with them. I seek out where they are huddled together, such as government

bond positioning currently, and do precisely the opposite.

This however requires one to be completely comfortable being apart from the crowd. This is hard, as it is human nature to want to conform and be part of a group. There is a famous saying in Japanese, Deru kugi

wa utareru, which means ‘A protruding nail gets hammered down’ - a stern warning to non-conformists. You will also find that many animals operate in groups too, while the dissidents perish.

I think I have my father to thank for any humility I might have and my school boarding house for turning me into something of a rebel. Boarding schools generally are horrific institutions – it is I believe completely wrong for children to be apart from their parents – but they can also nurture traits that are useful in certain professions. I learned at the age

of thirteen to despise my lazy and nasty boarding masters. Ever since, I have had what I

think is a healthy disdain for authority, whether the authority

that is embedded in the crowd or otherwise. At other times, I have completely accepted it – my prison record, or rather lack of it, speaks for itself!

Perhaps it is this unusual and somewhat contradictory combination that has made me feel lucky in my chosen profession.

Peter Elston is the chief investment ocer of Seneca Investment

The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable e�orts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered oce at 10th Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18/107

“It is possible that there was

skill involved, but let this inflate

your portfolio not your head”

one was just lucky. Probably best to assume you were lucky. There is no downside to doing this, and it does not cost anything - what a great investment! It is possible that there was skill involved, but let this inflate your portfolio not your head.

The uncertainty in investing manifests itself in the largely random movement of stock prices. It can however also relate to something equally fundamental – no one can agree whether investing is an art or a science. Some say it is one, some the other, some both. Some even say it is neither! I challenge you to think of another pursuit where there is such uncertainty.

For what it is worth, I think investing is ‘art’ not ‘science’. Science involves broad agreement about the

Hubris is the greatest challengeOur new columnist argues that being a non-conformist and not following the crowd can be uncomfortable but can also produce good returns


What Investment



Britain’sBuffetts




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www.whatinvestment.co.uk WhatInvestment July 2018 3

>| Contents: Features July 2018>|COVER STORY

Hidden gems and how to fi nd them

Three Unicorn Asset Management fund managers o� er the benefi t of their

considerable experience in investing in smaller

companies

0

FEATURES12 Investment TrustsWith Britain’s oldest investment vehicles growing in popularity, we highlight three to watch out for

36 Emerging MarketsThe bull and bear case; plus the arguments foradding China and Indiato your portfolio

48 AlternativesWorld Cup sticker albums are a collectable asset. We o� er a mathematician’s guide to fi lling your album for a fi h less than any previous estimate

50 WineLet fi ne wine investor Vin-X add some fi zz to your portfolio with our guide to vintage diversifi cation





We strive to go deeper.Murray Income Trust ISA and Share Plan Investing for income growth is a skill. Sometimes, an investment that seems great on paper may not be so good when you look beneath the surface.

Murray Income Trust searches for high-quality income opportunities by getting to know in depth every company in whose shares we invest. We meet management face-to-face. We ask tough questions – and we only invest when we get to the bottom of how a business works.

So when we include a company in Murray Income Trust, you can be sure we’ve done the legwork.

Please remember, the value of shares and the income from them can go down as well as up and you may get back less than the amount invested. No recommendation is made, positive or otherwise, regarding the ISA and Share Plan.

The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. We recommend you seek financial advice prior to making an investment decision.

Request a brochure: 0808 500 4000 murray-income.co.uk

Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen AB10 1YG, which is authorised and regulated by the Financial Conduct Authority in the UK. Telephone calls may be recorded. aberdeen-asset.co.uk

Please quote MINC WI 33

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>| Contents: Regulars July 2018>|

News and views

6-9 NewsGrowthInvest adds dedicated IHT and Alternatives areas to its platform

10 Tax PlanningWhen is leverage appropriate? (And who is it appropriate for?)

15 Investment TrustsIndia equity investment trust aims to raise £100m

18 Outlook M&G’s leading bond managers on the outlook for inflation and interest rates

21 Trends What can artificial intelligence do for your portfolio?

22 Offers Our panel of leading wealth managers look at some of the new funds launched in recent weeks and analyse where they might fit into your portfolio

26 Opinion & EditorialThe advent of Blockchain technology and the impact of such decentralised services on existing financial systems and regulatory oversight

Smaller companies, emerging market equities and wine. Read what the editor thinks these diverse alternatives have to o�er

80 Investment ClubsOur regular look at one investment club and how they invest, plus analysis of their portfolio and holdings by the Share Centre

82 Last WordPeter Elston, chief investment o�cer and fund manager at Seneca Investments, applies a gambler’s tools to investment

Performance data54 Unit Trusts & Investment Trusts

Morningstar data covering the performances of all unit trusts over 6 months, one year, three years and ten years, showing the value of your holdings and where your fund ranks across others in the same sector

76 Exchange Traded Funds (ETFs)Morningstar analysis of the performance of a range of ETFs covering the main investment markets around the world

79 Cash Savings/InvestmentMoneyfacts analysis of the latest savings, cash ISA and NS&I account and bond rates

Page 6

Page 10

Page 21

Page 82

We strive to go deeper.Murray Income Trust ISA and Share Plan Investing for income growth is a skill. Sometimes, an investment that seems great on paper may not be so good when you look beneath the surface.

Murray Income Trust searches for high-quality income opportunities by getting to know in depth every company in whose shares we invest. We meet management face-to-face. We ask tough questions – and we only invest when we get to the bottom of how a business works.

So when we include a company in Murray Income Trust, you can be sure we’ve done the legwork.



Request a brochure: 0808 500 4000 murray-income.co.uk


Please quote MINC WI 33

121032645_IT_ADVERT_MINC_WI_33.indd 1 16/05/2018 15:03

6 WhatInvestment July 2018 www.whatinvestment.co.uk

News>|

DESIGNED TO DELIVER AN INCOME THAT GOES THE DISTANCE.

SAINTS HAS GROWN ITS DIVIDEND EVERY YEAR FOR THE LAST 38 YEARS.

SAINTS (The Scottish American Investment Company) is designed to generate an infl ation-beating income from your investments that won’t weaken in the long term. It aims to deliver a winning combination of growth, income and dependability.

Our analysis centres on the sustainability and long-term growth of a fi rm’s cash fl ow. This naturally leads SAINTS to invest in high quality global companies with strong balance sheets. The desired outcome is a dependable and growing income stream alongside the prospect of capital growth. It’s a solution that could be well suited to investors enjoying a long and happy retirement.

Please remember that changing stock market conditions and currency exchange rates will affect the value of your investment in the fund and any income from it. The level of income is not guaranteed and you may not get back the amount invested.

For an investment that aims to deliver the classic “one-two” of income together with growth, call 0800 917 2112 or visit www.saints-it.com

A Key Information Document is available by contacting us. Long-term investment partners

Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affi liate of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C.

SCOTTISH AMERICAN INVESTMENT COMPANY

GrowthInvest, the independent platform for investors in the tax e�cient investment arena, has announced the launch of dedicated IHT and Alternatives areas on the platform.

This will sit alongside the existing range of EIS & SEIS funds and portfolios, VCTs and direct single company investments.

The new IHT service will cover both unlisted and AIM IHT products, and the accompanying Alternatives section will initially launch with a selection of secured bonds.

As with the EIS & VCT areas, key product information and data and documentation, including links to available 3rd party information and research.

The platform can facilitate both direct and

advised investments across all product groups, and comes with a suite of analytical and reporting dashboards.

This strengthens an already compelling solution for investors and advisers looking to find an intelligent single

option for their tax e�cient portfolios and goes live in direct response to demand from the adviser marketplace.

Daniel Rodwell, Managing Director of GrowthInvest said: “We are delighted to be broadening the platform product range, and have done

so in response to demand from both advisers and their clients.

“The use of Business Relief products within Inheritance tax planning is becoming increasingly widespread amongst the adviser marketplace, and

it made perfect sense for us to bring a range of products onto the platform.”

Jonathan Gain, CEO of Stellar Asset Management, one of the first IHT providers to launch on GrowthInvest saidd: “Interest in IHT products using Business relief has never been higher, and we are pleased to be working with the GrowthInvest team to make our products available in a successful platform environment, one in which technology is being used intelligently to help facilitate investments.”

Andrew Aldridge, Partner at Deepbridge Capital, added: “GrowthInvest seeks to provide access to range of tax-e�cient products on one platform and therefore it makes a great deal of sense for the Deepbridge IHT Service to join the panel so there is access to our full range of propositions via the GrowthInvest platform.”

Jack Rose, Head of Tax E�cient Products, LightTower Partners commented: “A platform that holds an investor’s entire tax e�cient portfolio in one place makes life simpler.”

Rodwell is a founding investor in GrowthInvest (originally Seed EIS Platform) and has been Chairman of the Investment Committee since June 2012. He became Managing Director in late 2014. During his tenure, he has overseen numerous investment rounds into SEIS and EIS qualifying companies.

For more information visit www.growthinvest.com.

British Journal of Photography owner seeks funds through EIS structureThe owner of the oldest photographic magazine in the world, the British Journal of Photography, is seeking to raise funds using the tax e�cient structure EIS, which has been approved by HMRC.

1854 Media, so named because the original magazine was launched in 1854, is using funds to grow the brands digital and exhibition business.

Investor rewards include free BJP subscriptions and entry to its awards, and special first edition reprints of BJP.

Its rapidly growing new agency, Studio 1854, creates standout visual content for global brands, while commissioning photographers and filmmakers from our audience

The business plan is forecasting more than a 3x return on investment, and its award-winning Portrait of Britain has been seen by millions and just closed 50% up year on year

The British Journal of Photography has been defining and curating the medium since 1854, making it the third oldest magazine in the world in any sector, with The Economist being the oldest.

For more information visit https://bit.ly/2yqDIC1.

“The use of Business Relief products within Inheritance tax planning is becoming increasingly widespread amongst the adviser marketplace”DANIEL RODWELL

GrowthInvest introduces IHT to the platform

Crowd funding | UK

1854 Media

Daniel Rodwell | UK

GrowthInvest

Daniel Rodwell

DESIGNED TO DELIVER AN INCOME THAT GOES THE DISTANCE.

SAINTS HAS GROWN ITS DIVIDEND EVERY YEAR FOR THE LAST 38 YEARS.

SAINTS (The Scottish American Investment Company) is designed to generate an infl ation-beating income from your investments that won’t weaken in the long term. It aims to deliver a winning combination of growth, income and dependability.

Our analysis centres on the sustainability and long-term growth of a fi rm’s cash fl ow. This naturally leads SAINTS to invest in high quality global companies with strong balance sheets. The desired outcome is a dependable and growing income stream alongside the prospect of capital growth. It’s a solution that could be well suited to investors enjoying a long and happy retirement.

Please remember that changing stock market conditions and currency exchange rates will affect the value of your investment in the fund and any income from it. The level of income is not guaranteed and you may not get back the amount invested.

For an investment that aims to deliver the classic “one-two” of income together with growth, call 0800 917 2112 or visit www.saints-it.com

A Key Information Document is available by contacting us. Long-term investment partners

Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affi liate of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C.

SCOTTISH AMERICAN INVESTMENT COMPANY


News>|

FTSE 100 financial services group Old Mutual has joined the list of major companies supporting moves by the Treasury and one of the financial regulators to look into the funeral sector.

The Treasury’s consultation on pre-paid funeral plans and the Competition Market Authority’s investigation follow increasing concern about the lack of regulation in the sector and the rising cost.

Rachael Gri�n, tax and financial planning expert at Old Mutual Wealth, agrees that funeral plans need to become regulated, and says the probate process may change as a result of the review of inheritance tax by the O�ce of Tax Simplification.

She said: “The grieving process generally doesn’t include panic about money problems, but with the average funeral costs reaching £3,800 in 2017 and many costing more than that, this is becoming a very real issue for many families.

The announcements from the Treasury and the Competition Markets Authority show that o�cial bodies have noted that people are oen very vulnerable in these situation and providers and the government need to ensure they are doing all they can to protect people.

Gri�n said: “The CMA’s investigation and the Treasury’s consultation are taking a close look at pre-paid funeral plans. Scammers have latched onto these plans over the past year as an opportunity to swindle people out of their money and we welcome the suggestion that the sector become regulated by the FCA.

“Funeral plans are popular in part because of the probate process. Under this process money from the deceased’s estate has to go through probate first so tax is paid before it is distributed, which can take several months or even years to complete. However, for those who are nervous about funeral plans there are alternatives, like a life assurance policy.

“Last year, The Protection Distributors Group launched a ‘Funeral Pledge’ which commits insurers to pay out an advance on all valid life assurance claims, when they sign up. This means money can be paid directly to a funeral company to cover costs, with no need to wait for probate. Most major insurers including Old Mutual Wealth have signed up.”

She added: “The O�ce of Tax Simplification is considering the probate process as part of its review of inheritance tax and it will be intriguing to see if they decide to make changes to the system. The rationale for the process is it ensures that IHT is paid before assets are distributed, which avoids tax needing to be recovered later. Changing the system may prove to be complicated and put more of an onus on the executor of an estate to ensure that beneficiaries pay up.”

Moneyfacts UK Savings Trends Treasury Report data shows that the total number of savings products in the market has increased by 154 year-on-year, making June’s 1,791 products the highest number on the market since November 2012.

Charlotte Nelson, Finance Expert at Moneyfacts, said: “June saw yet another rise in the number of products in the savings market, which has resulted in the number of deals reaching a near six-year high.

“Interestingly, the increase in numbers was largely fuelled by a boost in products in the ISA market. The number of ISA deals has increased to 409, which is the first time the Moneyfacts UK Savings Trends Treasury Report has seen the number of ISAs surpass the 400 mark since May 2012, when it stood at 418.

“While the consumer demand data shows a drop in interest in ISAs aer the end of ISA season, this has yet to deter providers, as the numbers keep ticking up. This seems to be a clear indication that ISAs are still core products in savings providers’ minds. Alongside this, the fact that there are fewer providers in this market means it is far easier to compete here than in the non-ISA market, where competition for the top spot is fierce.”

Nelson continued: “Yet again, it is the challenger banks that are driving the product numbers forward, as they look to expand their dominance beyond their usual home (fixed rate bonds). Building societies are also in on the action, as they look to keep loyal customers on their books when their accounts reach maturity.

“All these extra products have started to have a small e�ect on rates as well, with the average one-year fixed rate ISA rising from 1.19% last month to 1.22% in June, the first time it has risen above 1.20% since June 2016. The non-ISA market saw a similar rise, with the average long-term fixed rate bond increasing by 0.02% to 1.76%.

“While any positive news is always welcome, savers will not be able to deny that the reluctance of the main banks to get involved is starting to wear them down. In fact, figures from UK Finance show that a significant £8.2bn of ISA savings has been moved out of high street banks, which marks a fall of 5% in just one year.”

Rachel Griffin | UK

Old Mutual

Cash ISAs boost product numbers to six-year high

HM Treasury and CMA plans to investigate pre-paid funeral costs gain industry support

Charlotte Nelson | UK

Moneyfacts

Rachael Gri�n

0

500

1000

1500

2000

Jun-18Jun-17Jun-16Nov-12

Total number of live savings products

Source: Moneyfacts Treasury Reports


News>|

Triple Point, which provides innovative investment solutions for private and institutional investors, has launched its Impact EIS service.

The Impact EIS’s strategy is to target investments in commercially successful companies that earn a property market return for investors whilst making a positive social impact.

The Triple Point Impact EIS is initially raising £10m and o�ers investors a portfolio of between 8 and 12 fast-growing companies across four key sectors – the environment, health, inequality and children and young people.

The funds raised will aim to provide scale-up capital for revenue-generating companies, which have the potential to achieve returns of 5-10 times.

The capital should be deployed over 12-18 months and the target is to exit investors four to seven years aer allotment. The o�er is available all year round, for a minimum investment of £25,000. Triple Point seeks to align its interests with its investors and maximise returns by limiting the costs for investee companies and not charging arrangement fees.

Belinda Thomas, Head of Sales and Investor Relations at Triple Point, said: “Increasingly, investors want to do well from doing good. No longer is it enough for many investors that the investment schemes they commit to, such as ethical funds, just avoid social damage. Nor are they happy to give up a fair market

return to support companies that make a positive impact, which is what many socially responsible funds o�er.”

Triodos, the sustainable bank, recently found that nearly two thirds of UK citizens would prefer their money to support companies that are not only profitable, but that also have a positive impact on society and the environment.

Academic research also backs up this investment approach. Research from Friede, Busch and Bassen, authors of the Sustainable Journal of Finance, showed in a recent study titled, ‘ESG and financial performance’, that in 90% of 2,200 peer reviewed research papers there was a positive or neutral correlation between the two.

Thomas said: “What is also important to understand is that this approach is not simply catering to the investment philosophy of a cohort of more progressive individuals. In fact, taking positive societal

contribution into account when analysing prospective investments provides fundamental critical insight into a company’s viability and potential long-term business performance.”

Triple Point sees Impact Investing as a subset of commercial investing that happens to be sustainable and make a positive impact. One of the rationales of impact investing is that the long-term risk adjusted returns will be superior because the investment approach is in tune with the forces shaping the global economy. This is because it takes into account the risks and opportunities for businesses of transitioning to a more sustainable, low carbon economy where companies will increasingly be penalised for their negative social impacts.

A government review commissioned last year, led by Elizabeth Corley, chair of Allianz Global Investors, reported that “there is growing interest among individuals for

their investments to have a positive impact on society as well as produce financial returns.” The review also said that the Impact Investing market required further development to cater for retail investors.

The government has made clear that it supports the expansion of the Impact Investing sector and is backing moves to facilitate further retail investment into Impact Investing by encouraging greater transparency, a more robust governance framework and better measurement of outcomes so investors can be clear on the positive impact their investments have made.

Active for 14 years, Triple Point has over £800m in assets under management and invests in tax-e�cient VCT and EIS products. The firm has supported 44 EIS and 18 VCT qualifying companies in that time, and has in the past two years returned £130m to investors.

Belinda Thomas, Head of Sales and Investor Relations at Triple Point, commented: “The Triple Point Impact EIS, looks to back companies that maximise financial returns while also having a positive impact on society. The Impact EIS is the fruition of several years of development and is a response to growing demand from investors for principled investment products.

“Its Impact Investment strategy reflects and capitalises on the macro forces shaping global growth, with the opportunity for superior long-term returns.”

Triple Point launches Impact EIS

SRI | UK | Products

Private investment specialist targets investors seeking returns from the property market while making a positive social impact across key sectors such as health and environment


Tax Planning>|

“When you combine ignorance and leverage, you get some pretty interesting results…” –Warren Bu�ett.

Just using the word ‘leverage’ tends to ignite excited, anguished debate within the world of investment. Questions about asset price volatility, the over-pricing of real assets, and the direction of monetary policy gatecrash any informed discussion. But one simple question is sometimes curiously absent amongst the noise: is leverage appropriate for the average end client?

In the world of tax-e�cient investing and Business Relief services, this to me seems hugely important and oddly lacking. How comfortable are investors with structures that have embedded leverage – or do they even realise their investment returns are predicated on the “judicious” use of debt to boost returns?

A four-letter wordLet’s step back and consider for one moment who the average customer actually is. They are likely to be in their 70s and 80s. They are looking to minimise their future IHT charge but they’ve probably spent their entire life paying o� debt.

Ask most of those over 65 in debt whether they’d want to embark on a financial journey with leverage baked into the structure, and I think we’d know the answer. ‘Debt’ is a nasty four-letter word for the vast majority of clients.

While we’re in reflective mode, let’s by contrast consider the “average” BR investment service, for example in the field of renewable energy assets. Valuable,

cash-producing assets are in e�ect parked in a standard limited company that pays out an income of between 3 and 5% per annum to its end investors, aer charges and Corporation Tax.

This isn’t exactly a king’s ransom compared to other risk assets, but for many investors its predictable cash flows and tax-

e�ciency makes absolute sense. But dig into these financially engineered vehicles and one quickly encounters that many providers have layered on debt to get returns up to that 3–5% level.

Judging returnsWhy do managers use leverage? In my view, debt is used most

obviously to increase returns – which, self-evidently, will occur only if debt costs are lower than the return.

Debt is also used to achieve scale faster. High levels of debt enable the manager to buy bigger assets, or more assets than would otherwise be possible with 100% equity funding. However,

experience suggests that bigger is not necessarily better – at least in the renewables space. For example, ROC schemes typically have greater exposure to power price movements than FIT schemes.

For me, though, an obvious truth emerges. If returns are ‘only’ going to be 3–5%, why on earth would you want to risk this relatively modest return – compared with other riskier assets – by using debt, given the potential of increased volatility?

Some providers don’t use leverage, but their returns tend to be viewed through the same prism as those that do –surely this is not a fair way to judge them? Should we not include potential risk-adjusted returns as a yardstick?

Again, my guess is that the risk-intolerant (at the risk of generalisation, older) IHT investor sometimes doesn’t realise the risks of using leverage.

They may for instance fail to realise that debt magnifies the e�ect of valuation movements. If renewable energy values fall, the NAV impact is magnified by the presence of debt.

By contrast, if the opposite occurs, investors should experience high returns.

I would also argue that a risk-intolerant IHT investor should be more concerned about losing capital than achieving high returns and therefore should wish to reduce their risk position by being in an un-leveraged service.

Debt isn’t evil, and leverage can make sense in some circumstances, especially where consenting adults are in the room, who understand what can go wrong if everything doesn’t quite go to plan.

Tony Mudd, Divisional Director Tax &Technical Support at St James’s Place, argues that, while not all debt is bad, investors need to consider if debt has already been embedded and the risks accounted for

When is leverage appropriate? (And who is it appropriate for?)

My guess is that the risk-

intolerant IHT investor sometimes

doesn’t realise the risks of using

leverage

The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Fidelity InvestmentTrusts are managed by FIL Investments International. Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, theFidelity International logo and F symbol are trademarks of FIL Limited. UKM0418/21881/SSO/0618

It may sound odd that nappy absorption could have an impacton one of the investment trusts from our global range, but it did.When researching two manufacturers in Asia, we questioned whyone of them had declining sales. Management told us it was amarketing issue, but was it something more fundamental?

We ran an independent test and found their nappy just didn’thold water, which put them out of the running. Hands-on localresearch helped us make a better investment decision.

Our 381 investment professionals across the globe always digdeeper by cross-checking facts, asking the difficult questionsand sometimes even testing nappies. We believe this gives usstronger insights across the regions and markets our investmenttrusts cover.

Fidelity’s range of investment trusts

• Fidelity Asian Values PLC• Fidelity China Special Situations PLC• Fidelity European Values PLC• Fidelity Japanese Values PLC• Fidelity Special Values PLC

This information is not a personalrecommendation for any particular investment.If you are unsure about the suitability of aninvestment you should speak to an authorisedfinancial adviser. The value of investments andthe income from them can go down as well asup and you may get back less than you invest.Past performance is not a reliable indicator offuture results. Overseas investments are subjectto currency fluctuations. Investments in small and emergingmarkets can be more volatile than other overseas markets. Sometrusts invest more heavily than others in small companies, whichcan carry a higher risk because their share prices may be morevolatile than those of larger companies. The trusts may also usefinancial derivative instruments, which may expose them to ahigher degree of risk and can cause investments to experiencelarger than average price fluctuations. Research professionalsinclude both analysts and associates. Source: Fidelity International,31 December 2017. Data is unaudited.

Let your investment benefit from our robust research.Visit fidelity.co.uk/research or speak to an adviser.

TESTING NAPPIES.THE LENGTHS WE’LLGO TO FOR ABETTER INVESTMENT.

LET’S TALK HOW.

Job No: 56387-1 Publication:What Investment Size: 297x210 Ins Date: 01.06.18 Proof no: 1 Tel: 020 7291 4700


Investment trusts have a small but very loyal following. It is small most likely because they are not as widely available on fund platforms as their open-ended counterparts. But in performance terms, as a result of their ability to gear (borrow money in order to invest more), they more oen than not are able to outperform. Hence loyalty from those who do take the plunge.

But interest in Britain’s oldest investment vehicles is finally starting to creep up. We polled the users of our fund research website a couple of years ago and the results showed a strong interest in learning about, and investing in, investment trusts. So we decided to widen our research to include them. We are agnostic about the structure of an investment – we just want to find the most skillful managers running them.

Discounts vs premiumsWhen you are researching and investing in a trust, as opposed to an open-ended fund, there are some extra considerations: Is the board truly independent and challenging the manager? How much gearing has the manager taken on and at what cost? Is it trading at a discount or a premium?

The latter is worth expanding on. When you buy and sell an investment trust you are doing so using the share price, just as you would a ‘normal’ stock like BP or Lloyds. So to me this is the most important return to consider. But understanding the relationship

between the share price and the net asset value (whether the share is trading at a discount or a premium) is also important.

At first glance, you could be forgiven for assuming that a trust trading on a discount is a bargain – aer all you are paying less for it than the ‘true’ value. In the same way you might assume that if you are buying a share at a premium, it is expensive.

However, you need to see what is ‘normal’ for that trust and sector and also decide if there are other short-term factors that may be influencing it.

For example, infrastructure trusts nearly always trade at a

premium as the underlying assets are valued so infrequently. In 2017, however, they became very popular, as they were o�ering a a higher yield than most other asset classes. The premium then rose even higher. Only then, were they deemed to be more expensive than usual.

And just because a trust is trading at a discount, it doesn’t automatically mean it will turn into a premium one day and reward you with extra returns. Some trusts also always seem to trade at a discount. So it is important to see if this discount is larger or smaller than the long-term average.

Investment Trusts: Three to watchTony Yousefian, investment trust analyst at FundCalibre, takes a look at the reasons for the growing popularity of Britain’s oldest investment vehicles and highlights three of the most interesting offerings

Launched in 1891, this is one of the longest-running investment trusts in UK. It is a ‘dividend hero’ having seen its dividend grow in each of the past 51 consecutive years.

For the past 26 years it has

1. City of London

Investment Trusts>|


been managed by Job Curtis of Janus Henderson Investors.

It aims to provide growth in income and capital by investing in predominantly in the UK’s larger companies. Curtis’ investment process is thorough and conservative, which has helped the trust deliver steady returns over an extremely long period of time.

Maintaining dividend income is of the utmost importance to the board and company’s ability to pay, and over time increase, its dividends has a high priority in Curtis’ stock selection process.

Over his tenure, Curtis has dipped into the revenue reserve on seven separate occasions to maintain the trusts dividend growth.

The revenue reserve is a tool exclusive to investment trusts which is designed to be used at times when income payments may be under threat. In the good years – like the past five – the manager adds to it with surplus cash so that there is a back-stop when times are harder.

Other than in exceptional circumstances, the trust’s gearing is not allowed to exceed 20%. At the moment it stands at 8.5% and has been funded by 32-year borrowing at 2.94%, which Curtis took out last autumn. “It makes sense to get borrowing while it is this cheap,” he said.

“I firmly believe that the stock market can return more than 2.94% per annum for shareholders over the next three decades, so it is worth borrowing the money to invest more.”

Curtis believes that the continued rise of the UK stock market is in no small part due to the fact that the yield is around 3.5% compared with just 1.5% for UK government bonds and 0.5% for cash. Income investors have no-place else to go.

With ongoing Brexit uncertainty in the UK, Curtis feels companies with a global focus are a better option right now. As a consequence, nine of the top ten holdings in the trust are global in nature – only Lloyds has a UK domestic focus.

This trust invests in the shares of property companies in the UK and mainland Europe and will also hold a small number of physical properties in Britain.

Its history dates back to 1904, although it became a real estate specialist vehicle in 1982. It has been run by Marcus Phayre-Mudge since 2004. Phayre-Mudge is part of one of the largest pan-European real estate equity teams in London and he is extremely experienced, having qualified as a chartered surveyor and worked in property investment since 1992.

Phayre-Mudge has a structured but pragmatic process. He analyses how economic policies will a�ect property as an asset, as well as individual property companies. He makes full use of all the members of his team to ensure every investment opportunity receives in-depth attention in his search for well-run businesses.

The maximum gearing allowed on the trust is 25% of the portfolio value. It currently

stands at around 14%.Around a third of the trust

is currently invested in British companies, with its other major geographical areas being Germany (24%), France (20%), Scandinavia (15%) and Spain (10%).

This reflects Marcus’s view that European economies are growing at a faster pace than the UK. In the UK he has therefore invested in properties and property companies that can do well even in a lower growth environment: self-storage, student accommodation and social housing, for example.

In Europe, he has both long-term and short-term themes in play: “While 20% of UK retail sales are online in the UK, just 2% are online in Italy.

“Italians still like to go shopping and Amazon hasn’t quite made it yet. So shopping centres in the north of Italy are a short-term investment I like,” he said.

“In Germany I’m invested in the biggest owner of apartment buildings. In contrast to the UK, there is only 15% home-ownership in Germany – most people rent instead. With the German economy enjoying almost full employment and wage inflation, it means the tenants are unlikely to default on their payments.”

“Italians still like to go shopping

and Amazon hasn’t quite made it yet”

2. TR Property

Investment Trusts>|


Investment Trusts>|

The ‘baby’ of my selection is Baillie Gi�ord Shin Nippon, which was launched as recently as 1985. Shin Nippon means ‘new Japan’ and this trust focuses on Japan’s smaller companies that are acting as disrupters and o�er innovative growth opportunities. Gearing is currently around 12%. These factors combine to put it at the higher end of investors’ risk scale.

The quality of Baillie Gi�ord’s in-house research and its specialist Japan equity team are two factors hugely in this trust’s favour. Praveen Kumar took it on in December 2015; however, he has been a core member of the team since 2011 and the group’s thorough company research methodology is infused in his approach.

Praveen believes that a ‘new Japan’ is emerging in more ways than one: ‘Abenomics’ – the name given to Prime Minister Abe’s set of reforms, have played their role over the past few years, as they have enabled some significant structural changes to take place: a mix of measures to introduce inflation back into the system, government spending and growth strategies designed

to get a long-dormant economy back on track.

Coupled with this there is also a increasing crop of young, dynamic Japanese entrepreneurs willing to take risks.

“They are either western-educated or have spent time working abroad, and have seen how other countries and businesses operate,” Praveen commented.

“They are bringing things

3. Baillie Gifford Shin Nippon

back to Japan and, with them, a di�erent way of thinking.

“Japan is still an ine�cient market. There are too many middle-men and a number of sectors operate in multi-layers. This makes costs high. So there is still huge scope for disruption.”

When he meets a prospective company, the first question he asks is: “What problem are you trying to solve?”

Sectors that are particularly interesting to the team include Japan’s emerging services industry, which is expanding fast, due to government deregulation and corporate outsourcing, as well as traditional areas like retail and finance where niche opportunities can be found.

Praveen has a three- to five-year time horizon when selecting stocks and does not rely on short-term valuations. He is happy to hold some stocks that may be classed as overvalued by other managers, as long as they meet his investment quality criteria.

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. Tony Yousefian’s views are his own and do not constitute financial advice.

A long traditionThe independent research company Fund Calibre has looked at three very different investment trusts providing investors with exposure to property, Japanese equities and a global portfolio. It assesses where the companies may sit in a client’s portfolio and the broad outlook for the asset classes they invest in.

The author Tony Yousefian, who has over 30 years of investing experience on behalf of private and professional investors, also explains some of the vagaries of investment trusts, such as discounts and premiums, who may be confusing.

The three trusts analysed have been selected because they are amongst the oldest companies in their sectors.

This year is the 150th anniversary of the first ever investment trust, Foreign & Colonial, which is also the first ever collective investment fund in the world.

In the original prospectus to accompany the issue of the F&C trust it spoke about bringing ‘diversification’ to the ordinary man in the street.

One of the trusts analysed here, City of London, is nearly as old as the F&C trust at 147 years, and it has had the same fund manager for over a quarter of a century, which is a theme of the investment trust sector in general.


Investment Trusts>|

The Ashoka India Equity Investment Trust plc has announced its intention to launch its initial public o�ering on the premium segment of the main market of the London Stock Exchange.

The company will target an issue of £100m by means of a placing, o�er for subscription and intermediaries o�er of ordinary shares.

In addition the company can issue up to 200 million further ordinary shares and/or C shares in the 12 months from the date of publication of the Prospectus.

Ashoka India Equity Investment Trust will be a high conviction, long-only investment trust, investing mainly in securities listed in India and listed securities of companies with a significant presence in India. The company will adopt a benchmark agnostic approach and, once fully invested, it is expected to be invested in approximately 20 to 40 investments, limiting investment to only those companies considered to be high conviction opportunities.

The company was founded by Prashant Khemka aer 17 years of leadership roles at Goldman Sachs Asset Management. Prashant was CIO and Portfolio Manager of GS India Equity from March 2007 to March 2017, and also for the GS Global Emerging Markets (GEM) Equity from June 2013 to March 2017. He was directly responsible for managing $5.0bn in assets at Goldman Sachs Asset Management.

Multi-generational investment opportunityKhemka believes that the economic evolution of India is at a stage where it presents a multi-generational investment opportunity. India not only o�ers strong domestically driven growth led by attractive

demographics, domestic consumption and investment, but also has the institutional infrastructure of a mature democracy evident by an independent central bank, election commission and judiciary.

The Indian economy has been growing at approximately 7% pa for more than a decade and is expected to grow at similar pace going forward. This growth is driven by a number of structural factors such as improving demographics and domestic consumption demand for goods and services, infrastructure developments, and increasing liberalisation of the economy.

Khemka believes that such growth, combined with a stable democratic form of government, provides attractive investment opportunities across various sectors of the economy.

The company’s focus will be on portfolio companies that can make a secular and steady long-term return for investors. Khemka believes that India currently enjoys a benign economic environment supported by: (a) a stable government with the

political will to carry out major reforms; (b) moderate inflation and commodity prices, auguring well for a relatively stable interest rate regime; and (c) a structural shi in household saving patterns from less productive physical assets to financial assets.

The company will not charge an annual management fee but instead is entitled to receive a performance fee (paid in the company’s shares) subject to delivering outperformance versus the MSCI India IMI Index total return (in sterling) over the medium-term (measured over consecutive, discrete performance periods of three years). The company will also have an annual redemption facility in order to assist with discount control. Finally, directors’ fees will be paid in shares.

Peel Hunt is acting as sole sponsor, placing agent and will act as the Company’s corporate broker.

High conviction Indian equity opportunitiesCommenting on the new trust, Chairman of Ashoka India Equity Investment Trust plc, Andrew Watkins, said:

“The Company is targeting high conviction Indian equity opportunities that present the potential for long-term capital growth.”

Khemka believes that India presents a compelling investment opportunity, combining consistent economic growth with attractive demographics and a stable regulatory and legal framework.

It is the Board’s belief that the track record of the investment advisory team in delivering alpha, alongside its well-resourced local presence and experience of the market, makes it strongly positioned to capitalise on the market opportunity.

Ashoka India Equity Investment Trust will be a high conviction, long-only investment trust, investing mainly in securities listed in India

India equity investment trust aims to raise £100m


While the Tokyo Stock Exchange finished 2017 at its highest year-end level in over 25 years, investing in Japan has not always been an easy ride. So what is your starting point when looking to invest in a company? Nicholas Price (NP): I’m generally looking for signs of change. This can be a change in fundamentals such as a company developing a new service that addresses market needs, as well as any trends in the competitive environment, such as M&A activity.

From a tactical perspective I also take sentiment into account, in particular changes in the economic cycle can provide an opportunity to take advantage of any disparities between company fundamentals and market valuations.

I tend to focus on companies which I believe have a 3-4 year runway of growth and where the return on equity is north of 10% or higher and also where the management has reasonable shareholder interests in mind.

You have been investing in the Japanese market for over 25 years, are you beginning to see changes, particularly in corporate mindsets, that could indicate more consistent long term performance? NP: Certainly, shareholder-friendly management has not always been the case in Japan, but we are now seeing a change in the right direction. Generally speaking, Japanese companies are good at managing their businesses and profit and loss accounts, but they are weak

at managing balance sheets. However, improvements are slowly driing through. For example, share buybacks are up about 20% year-on-year.

I’ve been in Japan since 1991 when companies had relatively low margins and pretty high multiples. But over

the last 10-15 years, we’ve seen this adjustment process that is reversing the situation.

In the early to mid-90s the operating margin for the Tokyo Stock Price Index (Topix), excluding financials, was around about 2%; today it’s over 6%, which means earnings

Is Japan set to become a stock picker’s paradise?As host nation for the Rugby World Cup in 2019 and the 2020

Olympics, there’s a buzz about Japan that is already being reflected in recent stock market performance. But what is the long term

performance outlook and how can investors tap into fundamentals that are propelling the Japanese market forward? Nicholas

Price, portfolio manager of the Fidelity Japan Trust Plc, talks to WhatInvestment’s Lawrence Gosling about how the environment for stock picking in Japan has changed and how investors can benefit

Nicholas Price, portfolio manager of the Fidelity Japan Trust Plc

Partner Content


in the market have risen by approximately 3 to 4 times.

Over that period valuations have come down yet companies are more profitable. Return on equity (ROE) is much better and now Japan’s price/earnings ratios are among the lowest in Europe, US and Asia Pacific.

Over the last five years, there’s been a focus on how successful Prime Minister Shinzo Abe – Abenomics – has been in revitalising the Japanese economy. What impact does this have on how you as an investor?NP: The trust is really built from the bottom-up, so it’s not trying to digest any macro e�ects as a primary process. But I would say the overall economic environment in Japan is reasonable right now.

There’s a buoyant property market in Tokyo and 98% of new graduates found employment in the latest employment cycle. While there’s been a slight increase in inflation, wages due to a tight employment market have risen slightly faster so we’ve seen a real increase in Japanese incomes.

Japan is also hosting the Rugby World Cup in 2019 and the 2020 Olympics, so, barring an external shock, Japan’s economy is reasonably underpinned going forward.

Certainly, inbound tourism has been growing about 15-20% over the last couple of years, mainly due to Chinese tourists taking advantage of more relaxed visa regulations, which is helping to sustain consumer spending.

Does the trust focus on any particular market sectors and how is this reflected in the portfolio’s holdings?NP: If anything I tend to lean towards services and high turnover models where there is a high degree of free cash flow and structural growth opportunities. Examples include Recruit Holdings which is the number one online job site in Japan which also owns Indeed, its

UK equivalent, which is showing strong growth.

There’s also Makita which is one of the largest power tool manufacturers in the world. It’s currently expanding into the gardening market and working on increasing environmentally-friendly tools with bigger battery capacity.

It’s a good story as over a 3-5 year period, it’s a move that can increase Makita’s market penetration by 50%-60%. Another company in the portfolio is ‘no brand quality goods’ label Muji which is a company I’ve been following for 20 years and is expanding globally, including into China.

So I don’t particularly focus on particular sectors, but I like stories where there is core growth that o�ers additional growth opportunities. In total I have around 90 holdings in the portfolio. But in terms of concentration, the top 10 holdings account for approximately 40% of the portfolio.

Typically, how long do you hold a stock and do you have a price target?NP: Some of the names in the top 10, such as medical portal, M3, have been in the portfolio for 2-3 years.

At the same time if a stock’s fundamentals don’t work out as expected I’m relatively quick to sell. I operate a strong sell discipline and am a natural trimmer of stocks as they go up.

It means I tend to hold a core of stocks, but then as other stocks hit their target prices or the fundamentals change, I can take cash o� the table or reduce the portfolio’s position.

The trust has been performing well, yet you have recently made changes including changing the name from Fidelity Japanese Values Plc to Fidelity Japan Trust Plc. What’s the thinking behind the changes and how do changes benefit investors?NP: The point of the change was to try and align the fund’s

objectives with how I actually manage the portfolio. It was called the Japanese Values Plc, but in reality it’s more growth focused so the name change was to make it more understandable and transparent for investors.

In addition, as from 1 July 2018, the Trust will move to a variable management fee designed to better align shareholder interests with the investment style. While there’s no change in how I manage the portfolio, the introduction of additional flexibility also increases the percentage of unlisted companies I can invest in from 5% to 10%, which will be useful as more opportunities to arise.

What sort of opportunities do the small, mid-sized and unlisted market in Japan offer?NP: It’s an interesting part of the market and being on-the-ground has huge advantages in terms of the company selection process. As almost half of the companies in the mid and small-cap sector are not covered by analysts, there’s a huge opportunity to turn over stones and find interesting ideas and link that information in with global research. I undertake roughly 300 company contacts a year myself and obviously we do a lot more than that as a company.

In the unlisted market section, a good example is Raksul, an online printing and delivery start up. This was a pre-IPO we invested in 2 years ago. It just went public in May, which saw us double our initial investment. However, we have been quite selective in what we’ve invested in as generally speaking the market is a little bit hot with venture capital.

I will use the portfolio’s new flexibility to invest in unlisted securities when the market cools o� a bit and valuations become interesting. For investors, there’s a big opportunity to benefit from this going forward.

This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Please note that the views expressed may no longer be current and may have already been acted upon. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. The value of investments can go down as well as up so investors may get back less than they invest. Past performance is not a guide to the future. Overseas investments are subject to currency fluctuations. The investment trust can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Where this is the case, their use may lead to higher volatility in the Net Asset Value and Share Price. Some investment trusts, like Fidelity Japan Trust PLC, invest more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies. The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Issued by Financial Administration Services Limited, authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM

Partner Content


Outlook>|

Ben Lord, manager of the M&G UK inflation linked corporate bond fundWhat is the attraction of inflation-linked bonds currently with inflation generally so modest?While inflation remains relatively subdued on a global scale we continue to find attractive value in parts of the index-linked bond market.

For example, we have recently been increasing our exposure to US Treasury-Inflation Protected Securities (TIPS) which we believe are placed to benefit from an expected pick-up in US inflation.

TIPS continue to price in a fairly benign inflation outlook, with five-year breakeven rates suggesting that US inflation will average just above 2% over this timeframe. Given the rapidly tightening US labour market and building wage pressures, coupled with the inflationary impact of the recent fiscal stimulus measures, we think this represents attractive value.

In contrast, we have been reducing our exposure to index-linked gilts given the likelihood that UK inflation will fall back towards its 2% target as the earlier weakness in sterling falls out of the equation.

However, this needs to be balanced against the impact of higher oil prices, while a tight UK labour market could eventually start to feed through to some real wage growth. Taking all these factors into account, UK breakeven rates appear fairly-priced.

Given the uncertain outlook for UK inflation over the medium- to longer-term, index-linked gilts continue to serve a useful role within a well-diversified fixed income portfolio.

Stefan Isaacs, deputy head of retail fixed interest at M&GWith the exception of a few high profile names, not many companies have gone bust, should we be worried about that, or are companies financially stronger?Default rates remain very low by historical standards and, barring any unexpectedly severe economic downturn, it is di�cult to envisage a scenario where defaults increase significantly over the next couple of years. Companies have taken the opportunity to re-finance much of their debt at low rates and over longer maturities, which means they should not be immediately exposed to any future increase in borrowing costs. While certain sectors have been experiencing issues – notably in the retail space – these seem to be mainly structural in nature rather than a sign of a deeper malaise. Although leverage is creeping up in the US, we think companies are generally still being conservatively managed and debt levels relative to earnings do not appear excessive.

This is an environment where we want to take credit risk while keeping a low exposure to interest rates. However, with credit spreads still quite tight across many areas of the market it pays to be selective. We are currently finding good value in the primary market, where we are oen able to capture a more attractive yield compared to what can be found on an equivalent bond trading in the secondary market.

Another area of focus are European corporate bonds that have not been included within the ECB’s bond-buying programme – these issues tend to have been less distorted by central bank buying and trade at a more attractive price; they should also be less a�ected by any unwinding of QE.

Where next for inflation and interest rates?At a recent meeting with members of the M&G retail fixed income team WhatInvestment asked a number of the group’s leading bond managers what they thought about the outlook for inflation and interest rates are around the world, plus what the challenges investors looking for additional yield in areas like emerging market debt face


Outlook>|

Wolfgang Bauer, manager of the M&G absolute return bond fundShould investors be worried about the politics in Europe currently and what can the ECB do to ‘calm’ markets, if, indeed, they need calming?The sharp sell-o� in Italian government bonds at the end of May served as a reminder of how market sentiment can shi very rapidly when politics is concerned.

Since the first round of the French election last April, markets had arguably become too complacent in this respect, perhaps best reflected in the relentless tightening in the spread between Italian government bonds and bunds. However, as the prospect of a populist coalition with a strongly anti-EU agenda took shape, market sentiment made a dramatic U-turn, with BTPs seeing their biggest monthly sell-o� in more than a decade.

While the situation has since stabilised, it’s probably fair to say that political risk in the eurozone periphery is likely to remain an ongoing feature of the region. However, it is episodes of volatility such as these that can create attractive opportunities for active investors. The sell-o� in Italian assets quickly spread to other parts of the markets – such as European financials and corporate hybrids – creating some attractive entry points to add exposure.

Against a backdrop of steadily improving economic fundamentals and very low corporate default rates, we believe that European investment grade credit continues to o�er a good source of value.

While the ECB confirmed that it would be stopping its bond buying programme by the end of the year, last week’s announcement was fairly dovish overall, with the ECB ruling out any rate hikes for the first half of 2019.

With European interest rates likely to remain in negative territory for some time yet, European credit should continue to see a strong demand from yield-seeking investors.

Claudia Calich, manager of the M&G emerging market debt fundCan investors still get a good yield on emerging market bonds and what are the risk investors should be aware of? The outlook for higher US interest rates and inflation has remained a key theme that has dampened returns across the global bond markets in the year-to-date. Against this backdrop, yields have risen among many segments of the core government bond markets, notably US Treasuries.

While markets are right to assess the implications of such factors, other considerations continue to be supportive towards the outlook for emerging market (EM) bonds. These include synchronised global economic growth activity, despite some evidence of soer data recently, and firmer markets for commodity prices, notably for oil.

In addition, EM bonds continue to o�er an attractive pick-up in yield versus their developed market counterparts, with interest rates remaining especially low in Europe and the UK. We would also note that the higher yields available from EM bonds relative to their developed market counterparts are solid real yields in many cases.

While attention should continue to focus on US monetary tightening, we would note that the higher US interest rate environment is less challenging for many EM economies than in previous cycles. This is largely due to the improvements they have made to their current accounts, as well as lower overall levels of US dollar-denominated debt.

That said, US rate increases may still cause headwinds for those emerging economies that are more dependent on US dollar funding. Also relevantly, the rate hikes by the Fed have so far been gradual and widely anticipated.

A more aggressive stance towards inflation, with the Fed liing rates more than expected this year, may start adversely impacting EM technical flows.

In addition to the pace of normalisation of US monetary policy, the risks in the EM outlook include idiosyncratic country stories such as in Argentina, Turkey, and Russia.

When considering the opportunities, we would note that EM fundamentals are stabilising, and we believe default risk has diminished. In our view, the huge diversity of both the EM government and corporate bond universes provides another favourable consideration.

“Political risk in the eurozone periphery is likely to remain an ongoing feature of the region.

However, it is episodes of volatility such as these that can create

attractive opportunities for active investors”


Please quote G WIS 18

We strive to explore further.Aberdeen Investment Trusts ISA and Share PlanWe believe there’s no substitute for getting to know your investments face-to-face. That’s why we make it our goal to visit companies – wherever they are – before we invest in their shares and while we hold them.

With a wide range of investment companies investing around the world – that’s an awfully big commitment. But it’s just one of the ways we aim to seek out the best investment opportunities on your behalf.



Request a brochure: 0808 500 4000 invtrusts.co.uk

121032646_IT_ADVERT_G_WIS_18.indd 1 16/05/2018 15:07


Please quote G WIS 18

We strive to explore further.Aberdeen Investment Trusts ISA and Share PlanWe believe there’s no substitute for getting to know your investments face-to-face. That’s why we make it our goal to visit companies – wherever they are – before we invest in their shares and while we hold them.

With a wide range of investment companies investing around the world – that’s an awfully big commitment. But it’s just one of the ways we aim to seek out the best investment opportunities on your behalf.



Request a brochure: 0808 500 4000 invtrusts.co.uk

121032646_IT_ADVERT_G_WIS_18.indd 1 16/05/2018 15:07


Once the stu� of science fiction, artificial intelligence (AI) is fast becoming part of our day-to-day reality.

On a recent trip to California’s Silicon Valley, I learnt more about tackling the challenges and opportunities presented by AI – and the technology required to unleash its potential across the business world.

What is clear is consumers and companies will be universally touched by the new technologies – and firms must consider the opportunities and risks associated with AI.

To help investors understand the shape of change, we assess how four major sectors might feel the impact.

Brands could dominate the AI worldConsumers are moving weekly shops from in-store to online, and our research suggests investors should be in the top couple of brands.

PepsiCo’s market shares online are bigger than those in-store, and its Frito-Lay snacks division derives 90% of its sales from brands that are number one or two in their sub-category. This data suggests brand awareness is paramount in the digital world.

We can imagine a future where we can order what we like via a digital assistant and have it delivered by drone in a matter of minutes. This is Amazon’s vision of Alexa.

Now consider a thought experiment: imagine you are peckish and ask “Alexa – get

me generic Mexican-style chips”. Who knows what might come back? Perhaps you’ll be more certain of the outcome by asking: “Alexa – get me some Doritos”.

The fear stalking consumer goods companies is having brand o�erings diminished, as searches become AI-enabled.

In the next stage of the internet of things, AI might observe our corn chip consumption behaviour, anticipate our need for a snack, and fill up the cupboard with our favourite brand before we know we want it.

Thus, we will need sources of reassurance where decisions are made for us, which might be provided by familiar brand names.

The future of medical careTreating people’s ailments requires a deep understanding of human anatomy, physiology and pharmacology.

Oen quick decisions are demanded in chaotic situations where physicians are not in full knowledge of the facts. A patient presents chest pains in a busy emergency room – what do the professionals do? Even in the controlled world of medical imaging and diagnostics there is room for interpretation and error.

AI may aid healthcare professionals in making decisions. One start-up company we heard from proposes to use natural language processing (NLP) to read all of the literature on medical diagnostic

testing, something an individual could never do, and suggest tests to carry out on a patient exhibiting particular symptoms. The NLP capabilities are provided by IBM’s Watson, which famously won the US game show Jeopardy against human contestants.

Other applications surround medical research. Intel have recently teamed up with Novartis to use AI in image recognition on cells – a crucial function in identifying potential new molecules for development into novel drugs. AIs have learnt to recognise cats on YouTube, but the images in the cellular data are much more detailed. Intel have provided the hardware, Novartis the biomedical knowhow.

Combining analysis of biomarkers, genomics, and physical indications for an individual with information gathered on specific remedies could lead to tailored treatment and prevention programmes. Big data could be used to deliver precisely targeted medicine.

Deep learning can drive innovationMore generally, there is a need to navigate ever increasing amounts of data. Media companies like Wolters Kluwer have transformed themselves from providers of printed information to digital deliverers of data and tools. Wolters Kluwer in healthcare, Relx in scientific research and Thomson Reuters in law might all be able to deploy AI to help users find what they

want, and perhaps suggest things that they had never thought of.

I have heard from start-up companies that propose to o�er services that aggregate information for businesses or research departments that produce ever increasing amounts of data. Not only do they stitch the data together, by using deep-learning AI techniques, they can show businesses where there are unexpected correlations in their information. This might lead to more novel insights and rapid business development.

Realising electric dreamsThe IT sector itself is at the front line of this innovation. As people dream up applications for AI, IT firms react by developing products to cope with the increasing demands on the hardware and soware that run AI applications. Intel has been building out its product set so that it can o�er solutions to data centres at the heart of AI training and processing.

Cisco must help networks deal with the increasing amount of data tra�c that AI will generate. It can also use AI itself to help manage networks and optimise performance, as Oracle has done in its own field with the ‘self-driving database’. Apple must develop Siri to compete with Alexa and Google Assistant, and has a joint initiative with IBM Watson to put together tools for developers to be able to create AI-based applications on the iOS operating system.

Trends>|

What can artificial intelligence do for your portfolio?

Ben Peters, portfolio manager of the Evenlode Global Income Fund, examines the opportunties and risks that AI technology represents for investors

VT RM Alternative Income FundWhatInvestment’s Editor-in-chief Lawrence Gosling examines a highly defensive alternatives fund with a focus on capital preservation and income generation

VT RM Alternative Income Fund (RMAI), an actively managed open-ended fund investing in defensive, income producing alternative assets has been launched by RM Funds, the specialist alternative investment manager.

The UCITS V fund, which targets 5% annual income distribution, o�ers investors a single route to a diversified, highly selected and defensive portfolio of alternative, predominantly listed, income producing assets.

The diversified portfolio will invest in securities across specialist real estate, alternative lending and infrastructure.

With a focus on capital preservation and income generation, the fund o�ers investors interest rate and inflation protection in a low yield and rising interest rate environment. The fund will select investments with low correlation to the wider equity and fixed income markets. Investments are underpinned by contracted cash flows and tangible assets.

The fund, available on most investment platforms will be managed by RM Funds, with all fund charges capped at 0.85%.

Pietro Nicholls, Principal Investment Manager of RM Funds, said: “The fund is designed to be a single investment that o�ers investors exposure to an actively managed diverse portfolio of alternative income-producing assets which traditionally have been seen as defensive, less volatile and uncorrelated with the wider equity and fixed income markets to generate reliable and stable income well insulated from increases in market volatility and macro-economic conditions. VT RM Alternative Income will o�er investors stable income, with reliable returns and downside risk protection from low yields, the rising interest rate environment, increasing economic uncertainty and Brexit.

“Our investment team have spent years at the coal face of the alternatives sector, with in-depth knowledge of the portfolio investments. We are confident in our firm’s ability to construct and manage a portfolio of investments that will produce consistent returns in challenging market conditions.”

RM Funds is a trading name of RM Capital. RM Capital specialises in alternative credit fund management, capital markets and advisory, sales & trading, and foreign exchange. Founded in 2010, with o�ces in Edinburgh, and London, it has transacted in excess of £50bn of bonds and loans since its inception.

Offers>|


SYZ OYSTER Continental European Income Darius McDermott of Chelsea Financial Services looks at where a new passive fund in the infrastructure sector may offer investors

The SYZ OYSTER Continental European Income fund was launched in March. It looks to generate a yield at least 10% higher than the MSCI Europe ex UK index (currently 3.13%) and is run by Mike Clements, who is head of European equities and also manager of OYSTER Continental European Selection fund – a fund he has managed successfully since 2014 when he joined SYZ from Franklin Templeton.

Michael had a very strong record at Franklin and has a strong track record at SYZ. He is a good manager with a good team. The new fund will have a very similar approach to the established Selection fund, investing in European companies of all sizes and run in a true contrarian manner. However, as the new fund is aimed at investors seeking an income, as well as capital growth, the fund will also invest in companies that deliver a sustainable and growing dividend.

Mike’s style is to invest in top-quality companies that have long-term competitive advantages – strong brands, strong market share, possibly a technical edge and pricing power. Ideally a company that does one thing and does it well, but where the share price may reflect short-term pressures, or negative sentiment towards the company or the sector in which the company operates.

It’s how he goes about finding those stock ideas that sets him apart: he really thinks outside the box and his ideas are far from obvious, which results in a very di�erent portfolio composition.

The AMC is 0.75%. I rate it 4 out of 5.

Our independent panel examines the latest funds and what they have to offer investors. Each product has been analysed to assess its overall value for money based on cost, terms and conditions and investment potential

Funds to Watch


Offers>|

BlackRock Investment Management has expanded its active equity platform with the launch of the Advantage Series of alpha products .

The range consists of six funds, including one global and five regional exposures: World, US, Emerging Markets, Pan-European, Europe ex-UK, Asia ex-Japan. Built for the core of an investor’s portfolio, the funds are aimed at investors seeking long term capital growth and consistent outperformance of the benchmark.

All six Advantage funds screen the social and environmental footprints of the companies in which they invest.

The ongoing charges range from 30 basis points, 0.30%, for the US fund to 60 basis points, or 0.60%, for the emerging markets fund.

The introduction of the Advantage Series in Europe follows a successful launch of the range in the U.S. in 2017.

The funds are managed by BlackRock’s 80+ strong Systematic Active Equity (SAE) team, in San Francisco and London, using a variety of innovative technologies, including Big Data and machine learning, the funds systematically pick stocks.

‘Investment signals’The team also creates “investment signals” from an array of alternative data sources, including earnings calls, internet tra�c and satellite images, to better inform their investment decisions.

These signals are combined to create portfolios that seek consistent, di�erentiated sources of outperformance above the funds’ benchmarks.

Ra�aele Savi, Co-Head of Systematic Active Equity at BlackRock, said: “The pace of change in the world today is accelerating. The way people interact, transact, work and consume is unrecognisable from even a decade ago. With our new BlackRock Advantage series, we are building on that change and unlocking the opportunities presented by big data including internet search, the geolocation of smartphones and satellite images. As pioneers in quantitative investment, we are excited to bring this product o�ering to a broader range of clients and to help them meet their investment objectives.”

‘Quantitative active’ strategyThe Advantage Series is part of the four suites that comprise BlackRock’s Active Equities platform: Systematic Alpha (which includes the Advantage Series), High Conviction, Specialised Outcomes and Thematic. The funds sit in the ‘quantitative active’ strategy area of the investment spectrum, with index strategies at one end and higher conviction alpha seeking strategies at the other. The product set allows investors to rethink the way they allocate their portfolio risk or fee budget and access di�erentiated sources of returns.

Michael Gruener, Head of EMEA Retail at BlackRock, said: “Demand has evolved beyond a binary call for active or index investment solutions. Portfolios are now

constructed from a range of techniques to reflect the vast array of options and information available to investors. The Advantage range, and expansion of our product spectrum, bolsters our active equity franchise and our unique ability to deliver di�erentiated returns for our clients.”

The teamBlackRock, as of March 31, 2018, managed approximately $6.317trn in assets on behalf of investors worldwide, making it the largest fund manager as measured by asset under management.

BlackRock’s Systematic Active Equity team consists of 80+ investment professionals globally managing $105bn in assets (as at 31 March 2018).This includes more than 20 PhDs in computer science, Economics and Finance and physics and engineering

Harnessing the power of human and machine, (in an approach that can be referred to as human(machine)) the goal of SAE is to provide investors with alpha by using data and technology to improve insight. The process builds on more than 30 years of experience and innovation based on in-depth research into the drivers of equity markets and forecasting relative returns using proprietary models and advanced data analytics to unlock opportunities.

BlackRock Advantage SeriesBlackRock Investment Management has enlarged its active equity range with the launch of six ‘human and machine’ funds

Case studyThe human(machine) in practice

BlackRock’s SAE team uses their investment and technological expertise to create a variety of signals that work together within a model that helps determine whether to buy and sell a stock.

One such signal the team created measures consumer foot traffic to forecast company sales.

The team uses geolocation capabilities within smartphones to measure the traffic. This investment signal on consumer activity works with many macro, sentiment and fundamental signals within SAE’s model to render an investment decision on stocks. Here’s an example of how this signal worked:

A global fast-food chain with more than 14,000 US locations had remodelled store locations and revamped its menu. All the while, SAE’s models were monitoring the firm’s progress.

The signals detecting foot traffic at restaurant locations began to reflect significantly rising consumer activity. SAE’s macro models identified that the firm had locations in U.S. regions where economic activity was heating up.

Meanwhile, algorithms monitoring the sentiment of sell-side analysts started identifying that they were becoming more positive. As a result, SAE started building a position in the company’s stock.

Months later, the company reported a better-than-expected quarterly earnings report, sending its stock higher. The SAE model had gained a head start on the company’s prospects as result of investment signals created by the SAE’s team’s investment and technology expertise: human (machine).

Stock Picks>|


Summer is o en cited as a bit of a damp squib for investors, as people jet o� on holiday and take a hiatus from investing their money. Remember the adage: “Sell in May, go away, come back on St Leger Day”?

But which stocks are full of hot air, and which should be far more than a summer fl ing for investors?

Four FundCalibre Elite Rated managers give their thoughts on the companies which, come rain or shine, have stood the test of time in their portfolios over the years.

DIAGEOThreadneedle UK Extended Alpha When the jackets come o� , it’s British tradition to hit the beer garden. Chris Kinder, who runs the Elite Rated Threadneedle UK Extended Alpha fund, has alcoholic beverages company Diageo in his list of top 10 holdings.

The £18.1bn company owns brands which are responsible for key summer cocktail ingredients such as Smirno� , Captain Morgan, Gordons and, for a Tequila Sunrise, Don Julio.

Not only is Diageo a signifi cant constituent of the FTSE 100 index, it also pays out two dividends per year and yields 2.31%*.

It has comfortably outperformed the index over one, three and fi ve years; over the last decade, it has more than tripled the FTSE with a return of 276.28%†.

Other brands that Diageo

owns include Johnnie Walker, Guinness and Baileys.

“We believe Diageo has a good long-term growth story,” Kinder said. “It has a diverse brand o� ering with pricing power and is positioned to do well in growth markets such as China and India.

“Recently its reserve brands (luxury spirits) have been growing faster than the group as a whole.

“The company’s program to improve e� ciency and productivity means that it can continue to invest in marketing and drive growth in the premium brands which should in turn also improve their margin mix.”

BRITVICJOHCM UK Dynamic Alex Savvides, who runs the Elite Rated JOHCM UK Dyanmic fund, holds FTSE 250 beverage company Britvic. The company is home to 27 so drink brands including J20, Pepsi Max, 7UP and Tango – perfect for the designated driver not able to enjoy Diageo’s o� erings.

“I have held Britvic in my portfolio since 2013 a er the

arrival of a new CEO (o en the catalyst for the positive change I look for in

the companies I invest in),” he explained.

“My investment case was based on Britvic’s underappreciated international potential, something which was quickly addressed a er it signed a bottling and distribution agreement with Pepsi Americas for Fruit Shoot. Later acquisitions of Brazilian juice businesses Bela Ischia Alimentos and Ebba have also provided good cost and revenue synergies.”

UNILEVERM&G Global DividendStuart Rhodes, manager of the Elite Rated M&G Global Dividend fund, holds British-Dutch consumer goods company Unilever in his list of top 10 holdings. The FTSE 100 company owns several delicious brands to keep you cool this summer including Ben & Jerry’s, HB Ireland’s Ice Cream and Magnum.

Rhodes said: “Unilever has a genuine growth story which di� erentiates the company from its peers. While many consumer staples businesses have seen their growth rates deteriorate, Unilever has continued to deliver.

“The company has a strong brand portfolio, a broad distribution capability with a signifi cant presence in emerging markets, and a disciplined

Stocks to celebrate summer

Juliet Schooling Latter, research director, FundCalibre

Threadneedle UK

come o� , it’s British

runs the Elite Rated

“I have held Britvic in my portfolio since 2013 a er the

arrival of a new CEO (o en the catalyst for the positive change I look for in


Stock Picks>|

Growth stocks to watchThe mantra of my favourite chartist was: “the trend is your friend, until it comes to a bend”. It looked like we might have hit a bend when the AIM index had a setback in February and March which saw it break below its long-term moving average. That loss of momentum proved short-lived. The chart now looks more like a nice consolidation over the Winter, setting us up for the recent move into new high ground.

So the trend remains upwards and the market continues to be led by good quality growth stocks. It still feels right to stick to this theme. Value stocks, those on lower p/e ratios and higher yields, are still fi nding life hard. This is where we see the profi t warnings and trading disappointments. And when these happen a low rating o� ers little defence. For example, distributor Connect Group still halved in price following its recent warning, despite scoring highly on every valuation metric. Connect is an extreme case but there are plenty of milder ‘value traps’ out there. Why is this?

I think the reason is the absence of a traditional economic cycle. We have been chugging along for years at a modest growth rate, without a slowdown or acceleration of note. That means value stocks, which are typically more dependent on the cycle, haven’t had the benefi t of a following wind. The lack of a recession and continued ultra-low interest rates also means weak companies have survived and unproductive capacity has remained in the system. We are seeing this in the way returns are held down in competitive industries like retail.

So it’s no surprise that growth stocks, which don’t rely on the general economic background, have prospered and seen their ratings expand. There should be more to investing than just identifying ‘good’ companies; but for now that’s most of the battle.

Nasstar (AIM: NASA) shares have moved o� a three year plateau around the 8p level, refl ecting what looks like a decisive move into profi tability. The company provides hosting and cloud computing services for business customers. It has grown by acquisition to provide a complete range of services covering telephony, data, cyber security, network management and support. Management has concentrated on integrating the acquisitions and 2017 saw a single team and brand providing a complete o� ering. The focus now is on adding customers and putting more volume on the platform, with plenty of consolidation opportunities still available.

As revenue builds margins should reach 25 per cent by the end of next year from the current 23 per cent. Helped by acquisitions the 2018 sales base of £26 million is almost double the level prevailing three years ago and the company has moved into a net cash position. Broker fi nnCap has a 15p target price.

We recommended logistics specialist Xpediator (AIM: XPD) in April’s GCI and our positive stance was confi rmed by a recent conversation with its entrepreneurial founder Stephen Blyth. The company has a good road logistics business into Central and Eastern Europe but is keen to expand its network by adding air and sea freight capability. So the purchase of Anglia Forwarding comes as no surprise. This brings a valuable asset in the form of an o� ce at Heathrow as well as a presence in the Midlands and at the Felixstowe container port. There’s also a cross-dock facility in Essex which Xpediator is already using. Anglia is also a member of the United Shipping Group consortium which provides Xpediator with access to a US network. Blyth said there’s a lot more M&A to come as he adds to Xpediator’s capabilities. The prospective p/e of 14 looks attractive given the growth prospects.David Thornton, Editor, Growth Company Investor

management team committed to returning generous amounts of cash to shareholders.”

ANTA SPORTGuinness Global Equity Income All of that alcohol and ice cream is bound to take its toll and, with trips to the beach on the cards, there’s always a desire (no matter how fl eeting) to get down the gym and tone up for the summer months.

Matthew Page, so-manager of the Elite Rated Guinness Global Equity Income fund, hold Chinese sporting goods company ANTA Sports, which owns brands such as Fila, NBA and Japanese sports fashion brand Descente.

“The company should continue to benefi t from rising disposable incomes, particularly of the Chinese middle class,” he reasoned. “It is the o� cial Olympic team sponsor for Beijing 2022.

“ANTA Sport invests in innovative apparel and footwear technology, while boasting a healthy cash fl ow and low levels of debt.”

* Source: www.dividenddata.co.uk/dividendyield.py?market=� se100. Correct as of 30 May 2018. † Source: FE Analytics. Total return in sterling terms. Correct as of 30 May 2018.

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. The managers’ views are their own and do not constitute fi nancial advice.


Opinion>|

Gabriel Dusil | Adel Ecosystem’s co-founder & General Manager

For centuries, the exchanges of London, New York, Frankfurt and Tokyo have dominated the buying and selling of equities, commodities and other asset classes.

Although technology has improved over the years and people can engage with these markets from the comfort of their own home, the core premise of a centralised exchange has remained the same.

The dawn of Blockchain has the potential to radically disrupt the way traditional exchanges operate and the way in which clearing services carry out their functions. The ‘Distributed Ownership’ nature of blockchain could be transformative through the e�ective use of distributed ledgers.

Given cryptocurrencies didn’t even exist a decade ago (unlike their traditional fiat exchanges which have operated for more than 200 years), existing exchanges are less evolved and unable to execute in heavy trading conditions, compared to more established equities.

Brownouts and service blackouts are a reflection of the immaturity in crypto markets. Many exchanges experience service disruptions because they haven’t create an ideal load balancing architecture or high availability contingencies.

Despite these initial discrepancies, the design of Decentralised Cryptocurrency Exchanges (DCX) could provide insight into the future of equity trading and how people engage with markets to claim ownership of their assets.

Regulation vs decentralisationAs it stands today, centralised exchanges are governed by laws and regulations in the countries where they are registered. Participants have to abide by a set of rules that may forsake the control of their assets, use of private data, or even risk devastating security breaches. It’s no coincidence that crypto liberalists avoid centralised platforms when building blockchain infrastructures.

Decentralised platforms, on the other hand, are still at the starting gate, in terms of development maturity.

Regardless, they have the foundations to be adaptable and scale well, due to their inherent distributed architecture.

Instead of having the oversight of national governments and regulatory bodies, they are governed by communities, and can adapt to exceed the resilience of the most advanced centralised platforms.

By definition, this technology isn’t hardened from an IT or security perspective, compared to mainstream exchanges. For example, Nasdaq can process one million transactions per second (tps), where most crypto exchanges struggle to process up to 100,000 tps – however DCXs o�er a viable alternative that enables tradable

assets without the vulnerabilities of centralised control. There are those who argue that introducing middle-

men into the crypto supply-chain would help to facilitate widespread adoption.

But crypto liberalists prefer to eliminate their function, even if they serve to increase ease-of-use, stability, reliability and other features that may not be easily accessible in their absence.

Exchange services, for example, can be viewed as a classic middle-man service, directly in conflict with this core ideology. These intermediary services inevitably become the catalyst to global adoption where cryptocurrency trading needs to reach mass-market potential.

Furthermore, decentralised exchanges can be accessible to anyone in the world. Challenges however, remain in the areas of market volatility, regulatory compliance, and security best practices before this can take place.

There are also legal issues, as investors su�er when an exchange is shut down due to non-compliance.

The issue here is the single point of failure when centralised services store large sums of wealth, and sensitive information. Until relevant legal structures and safeguards are created, mainstream consumers will hesitate to trust the Blockchain as a repository for their money.

Then there is looming threat of protecting personal wealth from hackers, phishing attacks, malware, and zero-day attacks, adding further fear, uncertainty and doubt.

A new political and economic forceIn many ways the discussion regarding regulatory oversight and protective legal controls cuts to the core of

the Blockchain debate. Crypto libertarians dream of a world free from big

brother, and are willing to accept the risks that come with that. Will there be a balanced equilibrium of regulations that protect consumers in the ‘Wild West’ of virtual currencies? Will governments allow their central banks be sidelined as virtual currencies grow from infancy to maturity?

The relationship between free markets and collective responsibility has been one of the driving economic and political forces in history.

The advent of Blockchain technology has contributed yet another dimension. The impact of decentralised services on existing

financial systems and regulatory oversight remains to be seen.

In the meantime, stakeholders have never had a greater opportunity to take ownership of their financial future, even if that path remains volatile.

Crypto trading for everyone

“Brownouts and service blackouts are a reflection of the immaturity in crypto markets”

“Decentralised exchanges can be accessible to anyone in the world”


Editorial>|

Email format: fi [email protected]

EditorialEditor-in-chiefLawrence Gosling 0207 250 7027

[email protected] 0207 250 7010

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Design and productionPhil Turton

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Vitesse Media PlcChief Executive Offi cer Simon Stillwell 020 7250 7010Chief Operating Offi cer James Robson 020 7250 7010 Group Editorial Director Lawrence Gosling 0207 250 7027

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Average monthly circulation -January to December 2017: 7,240

Advice to Readers:Information carried in What Investment is checked for accuracy, but we recommend that you make enquiries and, if necessary, take legal advice before entering into any transactions.ISSN 0263 953X. © Vitesse Media Plc. All rights reserved in respect of all articles, drawings, photographs, etc published in What Investment anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission of the publishers. Editorial contributions requiring an answer should be accompanied by a stamped self-addressed envelope. Conditions of sale and supply: this periodical is sold subject to the following conditions, namely that it shall not, without the prior written consent of the publishers, be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade. All advertising is subject to the terms of our current rate card. Printed in England by Stephens & George Ltd. News agency distribution by Select Publisher Services Ltd,PO Box 6337, Bournemouth BH1 9EH, Tel: 01202 586848

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Welcome to the latest edition of your ‘new look’ WhatInvestment magazine and thank you to so many of you for getting in touch with us following the changes to the June issue.

The changes we made were drastic in many cases and we gave you no notice in May of what was to come, so we appreciate your patience.

The June issue was unfortunately littered with a number of errors, so my apologies for those, and I am genuinely grateful to those who pointed them out.

Without the interaction of our readers we would not know whether we are doing the right things or not, and I think on the while we are heading in the right direction.

We have tried to make the magazine more readable by changing the size of some of the Morningstar statistics on unit trusts and investment trusts to make it easier to check the value of your investments.

We will endeavour to do a similar job with the performance tables of the Exchange Traded Funds in future issues, and we are investigating how to get more data on the performance of the constituent companies of the FTSE 100 in response to some subscribers.

The magazine is heading towards its 35th anniversary this coming October and we have attempted to guide you through all the stockmarket corrections, crashes and mania that has taken place in that time.

We will carry on doing this with the core objective of trying to help you have a wealthier future whether you have large or modest amounts to invest.

At the heart of successful investing is patience – it is not about chasing the latest investment fads – it is about taking considered long term decisions but it is also about being open-minded to di� erent ideas.

With that in mind this issue has a theme of three core alternative investment ideas – smaller companies, emerging market equities and wine.

We have something for all of you with these areas.

For long-standing investors the theme of the UK-based smaller companies is a well-known one but the sector has evolved and we have interviews with three experienced fund managers from the Unicorn investment group which has specialised in the area.

In particular the senior manager Chris Hutchison has been investing in the sector for 30 years and in that time he has seen the arrival and evolution of the AIM market, which is now home to high growth companies such as Fever Tree and ASOS, as well as tiddlers.

So the sector is not an homogenous one but o� ers a range of investing opportunities for investors either looking for individual equities or funds. With the longer term e� ects of Brexit still unclear, smaller companies could well be more insulated against some of the fall out.

At the other end of the risk spectrum are emerging market equities which also o� er growth opportunities and exposure to fast growing economies but that may well be more volatility in the short term.

The term emerging markets is somewhat misleading in my opinion, with China and India in the top fi ve economies by size in the world, and it is likely that within the next fi ve years one or both of them will take the US’s position as the world largest economy.

As an investor can you a� ord to not to have any exposure to these countries?

If emerging markets feels a bit racy then perhaps an exposure to wine might be a more palatable alternative and we are grateful to Vin-X, the wine experts, for its analysis of some of the opportunities.

I hope you enjoy the issue and if you have any thoughts or observations please get in touch with me directly. I genuinely want to hear from you.

Lawrence GoslingEditor-in-chief, WhatInvestment

Alternatives with something for all

As with all investing, your capital is at risk. Past performance is not a reliable indicator of future results.

Orbis Investments (U.K.) Limited is authorised and regulated by the Financial Conduct Authority

Conventional wisdom has been around for ages, but people forget to challenge what it means. Or why we

continue to repeat it.

At Orbis, we’ve always questioned common thinking

to avoid sleepwalking into common results.

Watched pots do eventually boil, and they’ve

served our clients well. Ask your financial adviser for

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Smaller companies are always perceived as a higher risk sector of the market, do you agree with that?No – a private investor, who invests directly in individual smaller quoted companies, may well be taking on a higher level of risk relative to his mate who prefers to invest only in large cap companies.

The additional risk in this circumstance is di�cult to quantify. However, when it comes to investing in funds, the picture changes. It is perfectly possible to construct a diversified portfolio

of smaller quoted companies, that not only delivers superior total returns over the longer term, but which can also o�er a demonstrably lower level of risk.

An investor who is looking for exposure to smaller companies, at an acceptable level of risk, should focus their attention on finding funds that invest in smaller companies that are sustainably profitable, have a track record of consistently growing those profits, are cash generative and that maintain strong balance sheets with low levels of debt.

Such funds tend to deliver higher total returns over the long term. This is because a portfolio made up smaller companies o�ering these characteristics, will tend to operate with lower stock specific risk, lower volatility, lower bankruptcy risk, and lower maximum drawdown.

In other words, such smaller company funds can be statistically and historically proven to be less risky than many large cap portfolios, especially over long term holding periods. What do you look for when you are looking for a company to invest in?Proper businesses, selling products and services that their customers really need and from which they derive a tangible

Hidden gems and how to find them

Three Unicorn Asset Management fund managers o�er the benefit of their considerable experience in investing in smaller companies. Interviews by Lawrence Gosling

Cover Feature>|

CHRIS HUTCHINSONDirector and Senior Fund Manager,

Unicorn Asset Management


benefit. Businesses that are simple to understand, that are profitable, that generate cash and that return growing levels of dividend to shareholders.

I try and avoid investing in highly geared businesses, highly acquisitive businesses and those businesses that are very capital intensive. I also exclude companies that operate in sectors where I have little expertise. Is there a difference between how you look at micro cap and small cap companies?Not really – other than when assessing the suitability of potential investments for our Venture Capital Trust (VCT), the Unicorn AIM VCT.

The businesses that qualify for this fund are subject to complex and restrictive rules regarding their eligibility for inclusion and, as a result, they tend to be at a less mature stage in their development. What are the market cap thresholds for you with these two sectors?The Unicorn Outstanding British Companies fund (one of the funds that I manage at Unicorn), is an ‘All Companies’ fund. This means that I am not restricted by the size of the companies that I can consider for inclusion.

In reality however, a company with a market value of around £50m is about the smallest size I would consider for inclusion in this Fund. Of the 30 investments currently held, only two are actually below £100m in size, with the smallest having a value today of over £55m.

By contrast, the Unicorn AIM VCT will occasionally invest in businesses that are under £5m in value at the point of investment. Director’s buying is often said to be a good signal for small cap investors – does that hold true/consistent for you?Not so much – all too oen it turns out that director purchases relate to the exercise of attractively priced options and these ‘purchases’ are quite oen followed by disposals at full market price.

A more important indicator of true alignment arises where management teams, owners, or founders, own a meaningful equity stake in the business and are prepared to retain that stake even when that business has matured su�ciently to support a stock market listing.

I am a big believer in putting your money where your mouth is, which is why, at Unicorn, the investment team all invest in Unicorn funds. It is also why we like the management teams of the businesses we invest in to hold a meaningful personal equity stake in their businesses How much does your experience/age play a part in analysing the market?Gathering valuable experience is the one obvious advantage of the inevitable ageing process.

I have been involved in Small Cap investing for over 20 years and, although I still make mistakes from time to time, I like to think that experience has at least taught me to avoid making the same mistake more than once.

The current bull market in equities has now been going on for over nine years, which potentially leaves some younger fund managers with a slightly lopsided view on investing.

Anyone under the age of about 30, simply has no experience of a proper bear market or how to survive it with their fund performance still relatively intact. I am long enough in the tooth to have been through two savage market corrections and have direct experience of how to insulate investors from the worst e�ects of a market crash. When looking at AIM are you looking for the same characteristics as you are with the broader small & micro-cap sectors?Yes – to me AIM is just the name given to an index.

It actually works in my favour

that many investors appear to shy away from AIM stocks simply because they believe them to be inherently more risky. This tends to leave the field more open for AIM specialists such as Unicorn.

There are some fantastically high quality businesses listed on AIM and they are normally

listed there for very sound reasons. The trick lies in knowing how to separate the wheat from the cha�. Are their sectors of AIM which you avoid because of past experience?Yes. For example, I don’t invest in junior mining or oil & gas stocks. I simply don’t have the experience

or expertise to properly assess the potential value of a hole in the ground in Kazakhstan.

In life generally and in investment specifically, I have learned the value of ‘sticking to my knitting’. There are plenty of specialists who can give investors exposure to more exotic stocks and sectors and who would almost certainly do a better job of it than I could ever reasonably hope to.

One of my favourite quotes about investment comes from the legendary US investor, Peter Lynch who argues that you should always “know what you own and know why you own it”. I adopted this simple philosophy

a long time ago because I know it works.

Is the AIM market misunderstood i.e. do people think it is just full of energy stocks and they miss the wider opportunities?Perhaps – certainly AIM has a reputation for being at the frontier of

UK investing and there can be a misconception, oen fuelled by the media, that it is a sort of lawless ‘Wild West’, populated only by unscrupulous bandits.

For sure, there have been some high profile scandals over the years, but in reality AIM’s reputation for being an extremely high risk market is undeserved.

“Smaller company funds can be proven to be less risky than many large cap portfolios”

“In life generally and in investment specifically, I

have learned the value of ‘sticking to my knitting’ ”

Cover Feature>|


Cover Feature>|

What have been your best investments over the years in the small cap market and why?I have numerous examples of really successful investments, many of which I have held consistently in the funds I manage since I joined Unicorn in 2005.

The most obvious example would be an investment in Abcam, a world leading provider of protein research tools to the pharmaceutical research market. Abcam was valued at £57m when it first listed on AIM 12 years ago and it is now worth over £2.5bn.

Abcam has been a constituent of the funds I manage throughout this period, albeit that I have had to regularly lock in capital profits through partial disposals on numerous occasions in order to prudently manage the risk associated with over-exposure.

Perhaps my most satisfying investment however (albeit not yet the best in terms of total return), would be Tracsis, a leading provider of soware and services for the tra�c data and transportation industry.

I first invested in this business when it floated on AIM in November 2007. At IPO, Tracsis raised net proceeds of £1.58m, of which the Unicorn AIM VCT contributed £600,000, giving the business an initial market value of just £7mn.

The investment decision was tricky, because there was little trading history to analyse, the CEO at 32 years old was quite young and therefore relatively inexperienced and, if I remember rightly, the business consisted of three full time employees, together with ownership of a piece of interesting intellectual property in the form of sta� scheduling soware, which was being sold into a small number of train operating companies.

Revenues for the financial year ended 31 July 2007 were £700,000 and so on valuation grounds alone, our stake in the business did not come cheap.

Therefore, in order to get comfortable with the business, I went to visit Tracsis before its

IPO on AIM and what convinced me to invest was not just the talent, the passion and the determination of the CEO, John Macarthur or the commercial potential o�ered by the soware, but it was also that every aspect of the business had been organised and structured to allow it to scale into something much bigger and really successful over time.

Despite the share price going nowhere for several years, I never failed to be impressed by the quality of management at our regular meetings and was fortunate to have the opportunity to invest further capital at later dates.

My last investment was in August 2008 and, since then the business has grown phenomenally.

Today, Tracsis employs over 700 sta�, has developed world leading technologies, operates internationally, and provides solutions to multiple strands of the transportation sector.

Annual revenues are now in excess of £35m, profit growth has been extremely consistent, while the cash generative nature of the business remains intact, meaning that the business now sits on net cash balances of over £18m, despite self-financing a number of

selective acquisitions and maintaining a healthy and growing dividend income stream to shareholders.

What have been your worst and what did you learn?The worst investments I have made have ended up going bust and therefore have resulted in total capital loss.

Thankfully, this has not happened oen, with the most recent example being in 2016, when an unquoted investment in a high street fashion retailer was forced into administration.

The lessons I have learnt from investment failures include being wary of low margin businesses that are under-capitalised, oen have far too much debt and which face significant competition and therefore have no pricing power.

This type of business will almost always struggle to create meaningful and lasting shareholder value, especially if the management teams are handsomely financially rewarded, despite not owning, or paying for, a meaningful personal equity stake in the businesses they run. Finally, why should investors have part of their portfolio devoted to the sector, and what sort of percentage would that be?In general terms, no-one should automatically reject small companies as an investment option, but for those who are cautious by nature and/or for whom personal circumstances dictate a cautious approach, then probably a 10% allocation of their total equity exposure

could sensibly be deployed into a diversified portfolio of small cap stocks in a fund run by an experienced fund management firm with a proven track record.

“AIM has a reputation for being at the

frontier of UK investing and

there can be a misconception”

Chris Hutchinson, Unicorn Asset Management


Cover Feature>|

What is more important for you as investors – the business model of a company or its management?The thing that first gets you interested is the business model, then you meet the company and make a call on the management.

There’s no point having a good business model if there’s not a management team in place capable of delivering.

You look for the sustainability of business models – what does that mean in reality?For longevity we look for a strong end market and a strong position within that market.

This should give a company the ability to deliver and grow over our longer term investment horizon.

How do you judge price/value in a stock?Our primary valuation measure is dividend yield – with a real focus on the quality and sustainability of the dividend payments. Clearly strong cash flow needs to be in place to support these meaningful, regular payments to shareholders.

FRASER MACKERSIE & SIMON MOON

Co-Managers, Unicorn UK Income Fund

Fraser Mackersie (right) and Simon Moon, Unicorn Asset Management

What is the importance of dividends in your analysis? Is it possible to create a sustainable stream of dividends from a portfolio of smaller company stocks?Dividends are exceptionally important to us. We believe the smaller companies space o�ers a fantastic hunting ground to uncover some real dividend heroes.

Some of the best dividend track records on the market can be found further down the market cap spectrum.

How far up the market cap scale do ‘fish’?We don’t exclude any companies over a certain size, however we consistently find the best opportunities further down the market cap scale.

How has the introduction of fund managers having to pay for investment research affected the coverage of smaller companies? Does that create a challenge or opportunity for you as active managers? Why?We haven’t noticed a big di�erence yet, but we feel this will inevitably lead to lower levels of coverage over the long term.

One of the key attractions of investing in small companies is the lower levels of broker and research coverage – we feel any reduction of this could present more mis-priced opportunities.

Where are the sectors/areas of the

markets you have had the most investing success?We have a large number of world leading industrial companies in the UK, accordingly we’ve found continued success investing in this area.

What’s the most important investing lesson you have learnt so far in your careers?Don’t over complicate

things and meet as many companies as you can – even if you’ve held a stock for a long time you can always learn more.

“One of the key attractions of investing in

small companies is the lower

levels of broker and research

coverage”

34 WhatInvestment July 2018 www.whatinvestment.co.ukwww.WhatInvestment.co.uk 4746 www.WhatInvestment.co.uk

�e free ‘lunch’ of diversi�cation

Mike Brooks and Tony Foster, managers of the Aberdeen Diversified Income and Growth Trust, believe investors may achieve lower risk and a good level

of income by investing in a truly diversified portfolio of assets

One of the oldest maxims in the world of investing is ‘there is no such thing as a free lunch,

except diversification.’It is an expression which was coined by

Nobel Prize winning economist Harry Markowitz but Mike Brooks and Tony Foster, managers of the Aberdeen Diversified Income and Growth Trust, believe many multi-asset portfolios are not a true mix of asset classes with many just being a simple mix of equities and bonds.

Brooks says some investors believe diversification is achieved just by having a split of bonds and equities in a portfolio, and there have been periods of history where that has worked well, but there have been times when such a simple mix of investments has let investors down.

He points to the first ten years of this century from 2000 to 2010 where the return from equities was lower than cash, so a traditionally diversified portfolio of bonds and equities would not have served investors very well from a growth or income perspective. Also the inflation shock in the early 1970s was bad for both bonds and equities.

But by using a full range of asset classes a much smoother, ideally positive return can be achieved, he says, pointing out that the year of 2008 which saw the start of the Global Financial Crisis as being a good example of the true benefits of diversification.

In 2008 emerging market equities fell in value in sterling terms by 30% but emerging markets bonds, as measured also in sterling

terms, rose in value by 30% during the year.He says it’s also important to try and

insulate portfolios against different scenarios of risk through diversification. He points to the sell-off in February this year when most equity markets fell in value because of concerns about valuation or if markets became spooked about the prospect of rapidly rising inflation then other asset classes would sell-off.

Brooks and Foster use a mixture of liquid and illiquid asset classes to give the trust the flexibility to achieve the target level of income and maintain the longer term growth objective.

The portfolio had, at the end of December 2017, 12 asset allocation categories ranging from private equity, listed equities, emerging market debt, property and infrastructure

through to insurance linked assets and special opportunities such as healthcare royalties and aircraft leasing.

Brooks believes that the ability to invest in illiquid investments is a key benefit of the investment trust structure, differentiating Aberdeen Diversified Income and Growth Trust from the open-ended funds managed by him and his team. This allows the trust to access to some really attractive investment opportunities in areas such as farmland, infrastructure, insurance-linked, private equity and property where double digit annual percentage returns can be on offer. These longer term investments are complemented by opportunistic investments in specialist investment trusts accessing areas such as social housing and healthcare royalties.

These alternative assets are held alongside mainstream asset classes such as equities and emerging market bonds where Brooks and Foster outsource stock selection to asset class specialists within Aberdeen Standard Investments.

This spread provides the diversification that smooths the variability of returns, compared to equities, but without reducing the income and growth objectives of the trust.

Brooks says the trust tends to have a very low exposure to cash, preferring to be as fully invested as possible to enhance the benefits of diversification. Over the longer term he is aiming to have only 0.5% cash in the trust.

He adds: ‘If some multi-asset managers have a negative view of the world then the only way they can express that is through having high cash holdings. However, that can be a blunt investment compared to other investments such as insurance linked assets. Cash can often be a drag on returns.

Similarly, Brooks and Foster tend to avoid commodities as part of the trust because to achieve positive returns they would have to successfully time investment in and out of areas like gold or oil, which is very difficult as they take a longer term view of market conditions. Additionally, there is no income to be derived from holding most commodities such they add little to the income objective of the trust.

The investment objective of Aberdeen Diversified Income and Growth Trust targets a total portfolio return of LIBOR (the London Interbank Offered Rate, which is roughly equivalent to the base interest rate) plus 5.5 per cent per annum¹ (net of fees) over rolling five year periods. The annualised dividend based on the annual results to 30th September 2017 was 5.24p per share. Brooks notes that this gives investors an attractive yield of around 4 - 4.5% whilst still leaving significant scope for capital growth and a rising dividend payout over time.

The trust now has net assets of £433m (as at 28 February 2018) and the Ongoing Charge is 0.6%. The Board operates a discount control policy which sees a repurchase of shares at a 5% discount to the Net Asset Value, subject to normal market condition.

Mike Brooks and Tony Foster are part of an experienced Diversified Assets team that benefits from the breadth and depth of experience that Aberdeen Standard Investments has across a wide range of traditional and alternative asset classes. The team manages a range funds and has been awarded 4 multi-asset manager of the year awards from leading pension fund publications over the past year².u

Find out more at – www.aberdeendiversif ied.co.uk

• The value of investments and the income from them can fall and investors may get back less than the amount invested. The investment places capital at risk and there is no guarantee that the performance target will be achieved over any time period.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid offer spread. If trading volumes fall, the bid-offer spread can widen.

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss.

• The Company may invest in alternative investments (including direct lending, commercial property, renewable energy and mortgage strategies). Such investments may be relatively illiquid and it may be difficult for the Company to realise these investments over a short time period, which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value

Risk factors you should consider prior to investing:

Mike Brooks, lead manager of the Aberdeen Diversified Income & Growth Trust

ADVERTISING FEATUREADVERTISING FEATURE

Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer, investment recommendation or solicitation to deal in investments. Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. ¹This is an internal performance target which the Investment Manager aims to achieve as at the date of this document. This target is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer to the investment objective and restrictions as stated in the latest prospectus. ² Please visit the website for the full list of investment trust awards -www.invtrusts.co.uk/en/investmenttrusts/education-and-resources/awards

www.whatinvestment.co.uk WhatInvestment July 2018 35www.WhatInvestment.co.uk 4746 www.WhatInvestment.co.uk

�e free ‘lunch’ of diversi�cation

Mike Brooks and Tony Foster, managers of the Aberdeen Diversified Income and Growth Trust, believe investors may achieve lower risk and a good level

of income by investing in a truly diversified portfolio of assets

One of the oldest maxims in the world of investing is ‘there is no such thing as a free lunch,

except diversification.’It is an expression which was coined by

Nobel Prize winning economist Harry Markowitz but Mike Brooks and Tony Foster, managers of the Aberdeen Diversified Income and Growth Trust, believe many multi-asset portfolios are not a true mix of asset classes with many just being a simple mix of equities and bonds.

Brooks says some investors believe diversification is achieved just by having a split of bonds and equities in a portfolio, and there have been periods of history where that has worked well, but there have been times when such a simple mix of investments has let investors down.

He points to the first ten years of this century from 2000 to 2010 where the return from equities was lower than cash, so a traditionally diversified portfolio of bonds and equities would not have served investors very well from a growth or income perspective. Also the inflation shock in the early 1970s was bad for both bonds and equities.

But by using a full range of asset classes a much smoother, ideally positive return can be achieved, he says, pointing out that the year of 2008 which saw the start of the Global Financial Crisis as being a good example of the true benefits of diversification.

In 2008 emerging market equities fell in value in sterling terms by 30% but emerging markets bonds, as measured also in sterling

terms, rose in value by 30% during the year.He says it’s also important to try and

insulate portfolios against different scenarios of risk through diversification. He points to the sell-off in February this year when most equity markets fell in value because of concerns about valuation or if markets became spooked about the prospect of rapidly rising inflation then other asset classes would sell-off.

Brooks and Foster use a mixture of liquid and illiquid asset classes to give the trust the flexibility to achieve the target level of income and maintain the longer term growth objective.

The portfolio had, at the end of December 2017, 12 asset allocation categories ranging from private equity, listed equities, emerging market debt, property and infrastructure

through to insurance linked assets and special opportunities such as healthcare royalties and aircraft leasing.

Brooks believes that the ability to invest in illiquid investments is a key benefit of the investment trust structure, differentiating Aberdeen Diversified Income and Growth Trust from the open-ended funds managed by him and his team. This allows the trust to access to some really attractive investment opportunities in areas such as farmland, infrastructure, insurance-linked, private equity and property where double digit annual percentage returns can be on offer. These longer term investments are complemented by opportunistic investments in specialist investment trusts accessing areas such as social housing and healthcare royalties.

These alternative assets are held alongside mainstream asset classes such as equities and emerging market bonds where Brooks and Foster outsource stock selection to asset class specialists within Aberdeen Standard Investments.

This spread provides the diversification that smooths the variability of returns, compared to equities, but without reducing the income and growth objectives of the trust.

Brooks says the trust tends to have a very low exposure to cash, preferring to be as fully invested as possible to enhance the benefits of diversification. Over the longer term he is aiming to have only 0.5% cash in the trust.

He adds: ‘If some multi-asset managers have a negative view of the world then the only way they can express that is through having high cash holdings. However, that can be a blunt investment compared to other investments such as insurance linked assets. Cash can often be a drag on returns.

Similarly, Brooks and Foster tend to avoid commodities as part of the trust because to achieve positive returns they would have to successfully time investment in and out of areas like gold or oil, which is very difficult as they take a longer term view of market conditions. Additionally, there is no income to be derived from holding most commodities such they add little to the income objective of the trust.

The investment objective of Aberdeen Diversified Income and Growth Trust targets a total portfolio return of LIBOR (the London Interbank Offered Rate, which is roughly equivalent to the base interest rate) plus 5.5 per cent per annum¹ (net of fees) over rolling five year periods. The annualised dividend based on the annual results to 30th September 2017 was 5.24p per share. Brooks notes that this gives investors an attractive yield of around 4 - 4.5% whilst still leaving significant scope for capital growth and a rising dividend payout over time.

The trust now has net assets of £433m (as at 28 February 2018) and the Ongoing Charge is 0.6%. The Board operates a discount control policy which sees a repurchase of shares at a 5% discount to the Net Asset Value, subject to normal market condition.

Mike Brooks and Tony Foster are part of an experienced Diversified Assets team that benefits from the breadth and depth of experience that Aberdeen Standard Investments has across a wide range of traditional and alternative asset classes. The team manages a range funds and has been awarded 4 multi-asset manager of the year awards from leading pension fund publications over the past year².u

Find out more at – www.aberdeendiversif ied.co.uk

• The value of investments and the income from them can fall and investors may get back less than the amount invested. The investment places capital at risk and there is no guarantee that the performance target will be achieved over any time period.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid offer spread. If trading volumes fall, the bid-offer spread can widen.

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss.

• The Company may invest in alternative investments (including direct lending, commercial property, renewable energy and mortgage strategies). Such investments may be relatively illiquid and it may be difficult for the Company to realise these investments over a short time period, which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value

Risk factors you should consider prior to investing:

Mike Brooks, lead manager of the Aberdeen Diversified Income & Growth Trust

ADVERTISING FEATUREADVERTISING FEATURE

Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer, investment recommendation or solicitation to deal in investments. Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. ¹This is an internal performance target which the Investment Manager aims to achieve as at the date of this document. This target is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer to the investment objective and restrictions as stated in the latest prospectus. ² Please visit the website for the full list of investment trust awards -www.invtrusts.co.uk/en/investmenttrusts/education-and-resources/awards


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Figure 1: The performance of EM equities is highly correlated (75%) with the global PMIEM equities typically produce positive returns when the global PMI is above 51

Figure 2: The net international investment position of the US has deterioratedAmerica’s negative NII position is without precedent. A worry, given the US’s host of other fiscal imbalances

The cyclical argument in favour of EMs (Figure 1) is well known and frequently cited. However, we are concerned that, aer 106 months of expansion, the US is already late-stage, so much closer to the end than the beginning of this cycle. Still, provided the global PMI remains moderately above the 50 breakeven mark, EPS growth benefits from a nice tailwind and EM equities usually perform well.

The weaker USD provides a nice tailwind for EM equitiesAs the cycle matures, the USD typically weakens as growth accelerates even more in overseas economies, leading capital to flow abroad in search of opportunities with higher expected returns. Acting in the same direction is a problematic development that is quite unique to this cycle, which is that US fiscal imbalances have

deteriorated conspicuously. Following the Tax Cuts and

Jobs Act of 2017, the US budget deficit is set to skid even further into negative territory, especially worrisome give that it is occurring against a backdrop of an extremely low savings rate.

The fiscal binge means even more borrowing from abroad, and a further widening of the overall current account deficit. This has created a stubborn structural headwind for the USD whose e�ect will be felt for years to come.

To be more specific, the US federal budget deficit is projected to almost double from its 2014 – 2016 average of 2.8% of GDP to 5.3% in 2019. This would constitute the worst budget deficit ever, excluding periods of war and recession. Further, the US personal savings rate (% of pdi) has collapsed from 6.3% in late-2015 to 3.2% today (for context, the post-1960 average is 8.2%).

Key pointsWe are in the midst of a synchronised global recovery, which usually augurs well for the earnings outlook and performance of emerging market (EM) equities. However, the US is undoubtedly late-cycle, and several dark clouds have recently appeared on the horizon.

The cyclical argument regarding EM equities would be more compelling if the USD continued to weaken, as often occurs in the late stages of the cycle. This is doubly relevant today as US fiscal imbalances have deteriorated conspicuously.

Emerging markets: The bull vs bear case

Emerging Markets>|

Source: JP Morgan, NBER, Bloomberg, Epoch Investment Partners Source: Bloomberg, Bureau of Economic Analysis, Epoch Investment Partners

EPOCH INVESTMENT PARTNERS’ KEVIN HEBNER OUTLINES THE PRIMARY BULL AND BEAR ARGUMENTS FOR INVESTING IN EMs


With government revenues set to plummet and the households savings rate extraordinarily low, the US will need to attract more and more foreign capital. This means a lower greenback over the medium-term appears more likely than not.

Additionally, the US trade balance is approaching historical deficits. It averaged -$42 bn per month in 2016, but this has fallen to -$56bn, quickly approaching its worse level ever (-$66bn in August 2006, toward the end of the housing bubble). Further, the net international investment position has degenerated to levels never seen in any major economy (Figure 2).

While currency markets are amongst the most di�cult to forecast, the current confluence of USD negatives is striking indeed.

The likelihood of a weaker USD is important because EM equities and the greenback are highly negatively correlated (Figure 3). A recent publication from the BIS (“The dollar exchange rate as a global risk factor”, January 2018) explains one of the primary reasons why this relationship is so remarkably strong. In particular,

the USD is the dominant international funding currency, so that a weakening greenback means more USD borrowing by non-residents. In EMs, there is a lot more borrowing in USDs (by governments, corporations and households),

than there is lending. This implies that anyone who has borrowed in USD to finance domestic assets would see a strengthening of their balance sheet due to the weaker USD. Empirically, a weaker USD is associated with more cross-border bank

lending, increased capex growth and EM equity outperformance.

EM Asia is a much better place to gain tech exposure than Europe or JapanMoving on from the dollar, “Tech is the new macro” is one of our key investment themes and a topic we have written extensively about during the last year. Although we have emphasised that the acceleration in innovation is disrupting all sectors (retail, media, finance, transportation, healthcare…), it is creating many opportunities in tech. This is important as, outside of the US, EMs in Asia are the best place for investors who wish to gain tech exposure

“ ‘Tech is the new macro’ is one of our

key investment themes”

Emerging Markets>|

Key pointsOne of our key investment themes is “Tech is the new macro,” a topic we have written extensively about. This theme is relevant here as EMs in Asia are the best place, outside of the US, for investors who wish to gain tech exposure.

EMs almost always trade at a valuation discount to developed markets (DMs), a discount that doesn’t appear to be justified by fundamentals and is likely to narrow going forward.

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Figure 3: The performance of EM equities is negatively correlated (-86%) with the USDThe USD faces a number of headwinds, a situation that is usually positive for EM equities

Figure 4: EMs have a much higher weighting in Tech than do DMsEMs are the second best place, after the US, to gain tech exposure

Source: Bloomberg, NBER, Epoch Investment Partners Source: MSCI


(Figure 4). Moreover, the EM IT sector trades at a significant discount to its DM equivalent (Figure 5), in spite of possessing similar fundamentals (dividend yield, EPS growth, FCF yield, RoE…).

EMs almost always trade at a valuation discount to DMsIn fact this observation regarding the valuation discount in EMs applies more broadly to the overall market, and not just to the IT sector (Figure 6). Further, this EM vs DM markdown doesn’t appear to be justified by fundamentals (Figure 7), suggesting it is likely to narrow going forward and constituting an additional reason to be constructive on EM equities over the medium-term. However, this argument doesn’t apply to all sectors. For example, fundamentals suggest at least four EM sectors (industrials, consumer discretionary, consumer staples and telecoms) appear expensive relative to their DM analogues.

Greater macro stability and convergence of EM and DM inflationOne reason why EM equities might trade on a lower multiple than DMs is because they are

perceived as carrying more macro risk. It is certainly plausible that some investors fret about EM exposure because of painful memories from the crises in the ‘80s and ‘90s.

However, over the last two decades most EMs (especially those with the highest weight in the MSCI index) have dramatically improved their macroeconomic stability, possess fewer imbalances and are much less crisis-prone.

Latin America su�ered from a series of debt crises for much of the 1990s and into the early 2000s (e.g. Mexico’s “Tequila” crisis in 1994, Brazil’s in 1999 and Argentina’s from 1999 – 2002), while the Asian crisis hit from 1997 to 1998 (most dramatically a�ecting Korea, Indonesia and Thailand) and

was closely followed by the Russia financial crisis of 1998 and Turkey in 2000.

However, since then almost all of the major financial crises have emanated from DMs rather than EMs. For example, the tech bubble collapse of 2000 – 2002,

the GFC of 2007 – 2009 and the European sovereign debt crisis from 2010 – 2012.

The greater macro stability of most EMs reflects enhanced monetary policy credibility,

“Over the last two decades

most EMs have dramatically

improved their macroeconomic

stability”

Emerging Markets>|

Key pointsMany investors fret about EM exposure because of painful memories from the crises in the ‘80s and ‘90s. However, over the last decade most EMs have dramatically improved their macroeconomic stability, possess fewer imbalances, and are less crisis-prone. As a consequence, we believe the “emerging” vs “developed” market dichotomy is less meaningful. Similarly, given the huge differences across countries, we don’t believe the “emerging market” category is especially useful.

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Figure 5: The EM IT sector trades at a 26% PE discount to its DM counterpartThe IT sector in EMs trades at a much lower multiple, a markdown that is difficult to justify

Figure 6: The net international investment position of the US has deterioratedThe trailing PE for EM equities is only 82% of that for DMs

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, NBER, Epoch Investment Partners


as well as increased balance sheet resilience (including a shi from debt-based to equity-based financing), which has reduced the frequency of EM crises. Improved central bank policy has helped lead to a dramatic decline in EM inflation, which has converged to the low level experienced by DMs (Figure 8).

China has certainly been a big part of this convergence trend, with its headline and core inflation rates over the last 12 years averaging a tame 2.3% and 1.2%, respectively, well below the current target of 3.0%.

The structural improvement in EMs can also be seen in the World Competitiveness rankings assembled by the World Economic Forum, as well as the Digital Competitiveness rankings compiled by IMD.

The former shows dramatic improvement over the last decade by countries such as China and India, as well as Poland and Russia (although positions have deteriorated for a few EMs, specifically South Africa and Brazil). Similar trends over the decade to 2017 are evident in the digital ranking, with China being the standout improver (and Russia doing better than many investors realise).

EM equities punching well below its weightAs a consequence of the improvements in macro stability and competitiveness, we believe the “emerging” vs “developed” market dichotomy is much less meaningful for investors today that it was previously. Similarly, given the huge di�erences across countries, we don’t believe the “emerging market” category is an especially useful one.

EMs now contribute 37.4% to global GDP when measured on a USD-basis (the figure is much higher, 59.4%, on a PPP-basis which takes into account the low price in less developed countries of non-tradeables like haircuts).

Additionally, EMs contribution to global GDP

growth is 58.9% when measured in USD (and 71.6% using PPP). Moreover, the contribution from EMs has been growing by 0.5 to 1.0 ppts per year over the last decade or so. While this cannot keep increasing indefinitely, the contribution from

EMs is likely to keep rising at a similar pace for at least another decade.

In sharp contrast to their contribution to global growth, EMs account for only 12.1% of

“In contrast to their contribution to global growth,

EMs account for only 12.1% of

global market cap”

Emerging Markets>|

Key pointsAdditionally, over coming years and decades we expect the EM share of global market cap, currently 12%, to at least triple, so that it converges with the EM share of global GDP. Still, there are three key risks to investing in EMs. One is a trade war which, although a low probability event, would inflict the most damage on Asian economies, as well as the tech and materials sectors.

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Figure 7: The dividend yield of EM equities is almost identical to that of DMsDividend yield is one of several fundamentals on the basis of which EMs appear similar to DMs

Figure 8: The difference between EM and G10 core inflation has narrowed to just 1.0%The macroeconomic stability of EMs has improved markedly over the last two decades

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, Goldman Sachs, Epoch Investment Partners


Emerging Markets>|

Key pointsThe second risk concerns the transition from QE to QT, which should eventually tighten financial conditions and USD liquidity. This normally leads to higher volatility and credit spreads, all of which are typically bearish for EM equities. Third, the leverage of the Chinese corporate sector has soared over the last decade, although many of the worst offenders are SOEs which bear an implicit government guarantee.

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Figure 9: EM % share of global market capitalisation, GDP and GDP growthThe EM share of global market cap is only 12%, leagues below its share of global GDP and global GDP growth

Figure 10: EM investment grade spreads and the VIX are 86.5% correlatedWith the transition from QE to QT, we expect volatility to move higher, with credit spreads eventually following

Source: Bloomberg, Epoch Investment Partners Source: Bloomberg, NBER, Epoch Investment Partners

global market cap (Figure 9). While it might take a generation to approach convergence and for the bulk of this gap to close, it seems reasonable to expect that over coming decades the EM share of global market cap will at least triple. This would go a long way towards narrowing the enormous disparity between the huge role EMs play in global GDP growth and their understated role in global financial markets.

Three key risks to investing in EMsHaving considered several of the key cyclical and structural bull arguments, we now turn to three bearish developments.

The first concerns the possibility of a trade war. Although this is low probability event and in nobody’s interest, recent actions from the Trump administration have increased the chance of a policy error (out of either D.C., Beijing or Brussels) that could escalate in something truly ugly. Such a development would inflict the most damage on Asian economies and markets, as well as the tech and materials sectors.

(We keep our discussion here short as we have previously written extensively on this topic. Please see: “Trump and

Trade: What are the Risks?” WhatInvestment, February 2017; “The Case for Trade Remains Overwhelming, But dislocated workers need more help,” WhatInvestment, May 2016; and “A Really Bad Idea,” WhatInvestment, February 2009.)

The winds of changeThe second risk concerns the transition from QE to QT, which should eventually tighten financial conditions and USD liquidity.

Given that one of the purposes of QE was to dampen market volatility (thereby encouraging

investors to move out the risk curve), it seems reasonable to expect the transition to QT to result in higher volatility. With this we would expect credit spreads to widen, a series of developments which are typically bearish for EM equities (Figures 10 and 11). (For a more detailed discussion please see our paper, “The Winds of Change: The Transition from Quantitative Easing to Quantitative Tightening,” December 2017.)

EM credit spreads have become extremely tight, due to the e�ect of QE policies in the G4. The possibility of markedly higher spreads constitutes a significant risk to EM equities.

“Recent actions from the Trump administration have increased the chance of a

policy error”


Emerging Markets>|

Key pointsFinally, regardless of whether investors are considering opportunities in DMs or EMs, we believe they should focus on companies that have demonstrated an ability to produce free cash flow on a sustainable basis and possess superior managements with a proven track record of allocating that cash flow wisely between return of capital options and reinvestment/acquisition opportunities.

China’s debt binge: In a league of its ownThe third risk concerns the leverage of the Chinese corporate sector, which has soared since the GFC. In fact, China accounted for 82% of the overall increase in corporate debt in EMs over the last decade. As a result, its corporate debt to GDP ratio has rocketed to over 160%, while that for EMs ex-China remains moderate and below 60% (Figure 12).

However, there are three reasons why we shouldn’t be overly concerned about China’s binge.

First, the other two sectors of the economy have been relatively restrained, with household debt at 44% of GDP (vs 80% in the US) and government debt at 56% of GDP (vs the US at 109%).

Second, EM debt crises are oen triggered by problems paying down external or “hard currency” debt. However, very little of the debt burden of Chinese non-financial corporations is external (representing only 6% of domestic GDP).

Finally, many of the worst o�enders are SOEs, which bear an implicit government guarantee. Even though Chinese SOEs make a lot less money and are much deeper in debt than other firms,

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Figure 11: EM equities performance is correlat-ed with EM investment grade credit spreadsEM credit spreads have become extremely tight, due to the effect of QE policies in the G4

Figure 12: Chinese corporates have gone on a credit splurge over the last decadeNo need to worry? The four most dangerous words in investing are: “This time is different”

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, BIS, Epoch Investment Partners

Beijing has the fiscal capacity to keep any problems contained and prevent contagion to the broader economy.

Implications for InvestorsThis note has outlined the primary bull and bear arguments for investing in EMs. However, regardless of whether investors are identifying opportunities in

DMs or EMs, we believe they should focus on companies that: (a) have demonstrated an ability to produce free cash flow on a sustainable basis; and (b) possess superior managements with a proven track record of allocating that cash flow wisely between return of capital options

and reinvestment/acquisition opportunities.

Epoch has always favored companies that consistently generate free cash flow and possess competent capital allocation policies. In today’s challenging investment environment we believe these principles are ever more important, and most certainly hold true whether investing in developed or emerging markets.

Kevin Hebner is the managing director of Epoch Investment Partners

“We shouldn’t be overly concerned

about China’s binge”


Capturing the growth of the world’s second-largest economy, China equities can serve as a core, strategic holding for long-term investors. Yet many investors remain underallocated, despite China’s enormous economic output.

China currently makes up roughly 31% of the MSCI Emerging Markets (EM) Index, so some investors may think they have adequate China exposure through their EM allocation. Investors oen allocate less than 10% of an overall portfolio, however, to emerging markets.

Against this backdrop, China may represent only 1% to 3% of a portfolio that is considered to be globally diversified. What’s more, many active EM managers are underweight China relative to the benchmark, so investors might have less exposure to China than they intend.

Given that the size of China’s economy could surpass that of the US within a decade, many investors may need to increase their weight toward China to better align portfolios with long-term goals.

Tipping point for benchmarksFinding the right weight for China in global portfolios requires assessing the true size of China’s economic engine – and the related investment opportunity.

Benchmarks have not kept up with China’s growth. By definition, benchmarks look

Preparing for a Chinese future

China’s phenomenal growth in the past decade is well known to investors, but, argues Andrew Mattock, Portfolio Manager at Matthews Asia, this is often not adequately reflected in many portfolios

Emerging Markets>|


backward, while investors look squarely ahead. In China today, venture capital, listed equities and corporate debt all are attracting significant inflows. In 2017, China attracted US$38bn in venture capital, making it one of the world’s largest VC markets, second only to the US.*

The Shenzhen delta, China’s Silicon Valley, is home to a significant number of start-ups serving China’s domestic markets. Local VC flows are being driven by a Chinese innovation boom, accompanied by record patent filings and increased R&D spending by businesses in China’s private sector.

In the case of listed equities, index provider MSCI plans to begin including mainland China stocks (known as A-shares) into the MSCI Emerging Markets Index in phases. On June 1, 2018, MSCI added 234 large-cap A-shares to the Index, and over time may gradually add securities with a current market cap totaling US$7.5trn.†

At current market values, fuller inclusion of large-cap A-shares would make China an estimated 42% of the MSCI Emerging Markets Index, even using a fairly limited list of A-shares. China’s weight in MSCI’s regional indexes could grow even larger if MSCI eventually includes mid-cap A-shares and any large-cap A-shares with greater than 30% foreign ownership, both of which are currently excluded.

Fuller inclusion of China A-shares into regional indices will likely reshape those indices in the foreseeable future. Over the next five to 10 years, for example, China could become more than 50% of the MSCI Emerging Markets Index. By that point, we expect that the Index would either need to be renamed for its largest constituent (China), or be reconstituted so that China is spun o�.

This means China would e�ectively become its own asset class, similar to Japan – a change that would likely be reflected in institutional asset allocation models as well. For investors with time horizons of five to 10 years or longer, increasing allocations to China now, particularly to dedicated China equity strategies, can help them shi portfolios toward what commonly used benchmarks may look like in the future.

Turning to China’s fixed income markets, the inclusion of Chinese bonds in the Bloomberg Barclays Global Aggregate Index (Global Agg), once fully realized next year, will make the renminbi the fourth-largest currency in the benchmark aer the US dollar, the euro and the yen.

Significantly, the Global Agg is a developed market index, not an emerging markets index. Based on critical factors in bond investing such as default risk, China is a solidly developed fixed income market.

The bond rating agencies of Moody’s, S&P and Fitch currently rank China’s bond market as

A1, A+ and A+, respectively.‡ Chinese government bond yields are also relatively low, reflective of a low risk, inflation and illiquidity premium. Thus, a holistic look at China’s capital

Key points• Benchmarks have not kept up with China’s growth. By definition, benchmarks look backward, while investors look squarely ahead. In China today, venture capital, listed equities and corporate debt all are attracting significant inflows.

• Earnings growth in China today is fed by innovation-driven businesses with secular staying power. As China’s growing middle class flexes its spending muscle, the country’s economy is increasingly dominated by newer, more consumer-driven sectors, including information technology (IT), light industrials, consumer staples, discretionary and health care.

• China’s A-share market is still largely driven by retail investors, creating potential for higher volatility than markets dominated by institutional investors. Investors will also need a keen understanding of the differences between state-owned enterprises (SOEs) and the private sector as the private sector has historically done a better job of allocating capital and generating attractive shareholder returns.

• As the spending power of China’s middle class continues to grow, sectors such as health care, travel and leisure and consumer services will play a much greater role in fuelling China’s economic engine.

“Allocations to China now can shift portfolios toward what

commonly used benchmarks may

look like in the future”

markets, including China’s bond markets, reveals how China is slowly entering developed market benchmarks.

Where to invest in China: New sectors drive earnings growthEarnings growth in China today is fed by innovation-driven businesses with secular staying power. As China’s growing middle class flexes its spending muscle, the country’s economy is increasingly dominated by newer, more consumer-driven sectors, including information technology (IT), light industrials, consumer staples, discretionary and health care.

These new sectors are driving a surge in corporate earnings. Earnings for all industrials were up 21% in 2017, vs 8.5% in 2016. And these earnings reflect an increase in consumer spending.

We have been surprised by the speed at which the smartphone, the internet and 3G/4G technologies seemed to have come at the right time for China. Just when China was developing a consumption and service-led economy, the internet speeded that transition.

The earnings story today is about the market composition changing. The old industrials are becoming less important while the new industrials are taking on a bigger role from a macro perspective.

Emerging Markets>|


As bottom-up, fundamental investors, we see the emergence of sectors such as IT, pharmaceuticals and consumer discretionary. The composition change is important for the earnings turn and we believe earnings are on more solid footing than in previous cycles.

Earlier, we saw the earnings cycle in China as cyclical in nature. Now, we are beginning to see less cyclicality in the cycle, in part due to consumer spending.

Managing the risks of rapid growthChina’s rapid economic growth means the country will continue to play an expanding role in global benchmarks. This growth presents both risks and opportunities for investors.

Indexes tracking China’s equity markets tend to be skewed toward some of the largest companies, creating concentration risk for investors using index funds or exchange traded funds (ETFs) tracking cap-weighted indexes. Both EM and China benchmarks alike have a history of significant stock-specific concentration risk.

Consider the example of state-owned banks in the mid/late-2000s dominating the indexes. Fast forward to today, and private, entrepreneurial information technology companies now represent some of the biggest names in the indexes.

In addition, China’s A-share market is still largely driven by retail investors, creating potential for higher volatility than markets dominated by institutional investors. Investors will also need a keen understanding of the di�erences between state-owned enterprises (SOEs) and the private sector as the private sector has historically done a better job of allocating capital and generating attractive shareholder returns.

Key components of an active approach to security selection may include determining which A-shares to own, which mega-cap names to own,

which SOEs to own (and which to avoid) and which private enterprises are most promising. Thus, we believe a bottom-up, fundamental approach to investing in China is essential.

An active approach to security selection can help manage risks in markets, such as China, that are still inherently ine�cient.

In our view, corporate governance is a good place to start a discussion of risk management because many risks stem from weakness in governance oversight at the company level. Important questions related to governance include: • Who are the owners of the

firm and what is the track record of its management team in creating and returning shareholder value?

• Are a company’s margins or working capital turnover significantly di�erent than the other peers in the industry?

• Do cash flows tell the same story as earnings?

• Do companies report large amounts of cash on their books and yet make below-market interest income out of the cash?

• Do suppliers and customers confirm what a company is publicly reporting about its business? MSCI currently ranks

China’s corporate governance practices as being in line with the median for its All Country World Index.§ Even in fully developed markets, governance issues continue to occasionally bedevil investors. Examining governance structures is an especially important benefit of active management in a rapidly growing market such as China.

A dedicated allocation to ChinaA dedicated allocation to China can help investors fine-tune and recalibrate how they gain access to the world’s fastest-growing economy, while improving global diversification.

As a core portfolio holding, China equities can comfortably sit alongside such portfolio

staples as US and EAFE (Europe, Australasia and the Far East) investment strategies.

Looking ahead, we expect earnings growth in China to be increasingly driven by innovation and consumer-driven sectors.

As the spending power of China’s middle class continues to grow, sectors such as health care, travel and leisure and consumer services will play a much greater role in fueling China’s economic engine. Accordingly, we believe that an e�ective way to capture the future of China’s growth is through a dedicated allocation to China that employs an active approach to security selection.

Given China’s growth potential, we believe investors can benefit from considering China strategies that are forward-looking by design, seeking to capture China’s future, rather than its past.

At Matthews Asia, we have been investing in China for more than 20 years. During that time we have seen dramatic transformations. As we look to the next 20 years of investing in China, we will continue to employ a flexible, bottom-up approach across our China strategies.

* The Wall Street Journal, “Silicon Valley Powered American Tech Dominance—Now It Has a Challenger,” April 12, 2018.† MSCI, “MSCI Equity Indexes May 2018 Index Review”.‡ Country rating for China’s bond market as of May 15, 2018. Source: Tradingeconomics.com.§ MSCI, Corporate Governance in China, September 2017.

About the authorFor more than two decades, Andrew Mattock, CFA, has been managing investment strategies that seek to capture the growth of Asia equities. He has been Lead Manager of the Matthews China Strategy since April 2015. A Chartered Accountant, Andrew lives in the Bay Area and frequently travels to China to meet management teams of our portfolio companies, as well as their vendors, suppliers and customers.

Emerging Markets>|


Emerging markets>|

The European Union has 28 member countries.

India is made up of 29 statesBut there the similarities end.What is ‘real’ India like from

an investment perspective?India has now moved beyond

being an emerging economy. It is now o�cially designated a ‘growth’ economy by Goldman Sachs. The reasons are simple. Today, India is the second largest country in the world by population, with 1.35 billion. They are expected to overtake China within 5 years.

It is the fih largest economy in the world and has an average GDP growth of 6.5% since 2010, and a forecast GDP growth of 7.4% in 2018.

It is a country where there is a massive trend to urbanisation. Ten million people are leaving the countryside, to live in towns and cities, every year, and it is forecast to continue at this rate for the next 30 years.

For example, over the next five years there are plans to build more than 50,000 miles of new roads. To put this into context, there are just over 1800 miles of motorway in the whole of the UK.

But there are many opportunities beyond this. The middle class in India wants to spend their wealth to improve their lifestyle, so the want goods and services that are in demand all over the world.

There are also opportunities to export best practice for infrastructure development in the UK to India, and then implement the construction there.

Many multi-national firms have recognised these opportunities, and are setting up new operations in India. It is forecast that by 2020 India will be one of the top three manufacturing countries in the world.

It has a large, tech savvy population, in fact India is now one of the leading IT nations in the world.

It also has an increasingly wealthy middle class.

All this creates high energy and a massive need for new and expanded infrastructure. A demand for homes, hotels, hospitals, schools, transport and so on.

It is increasingly very di�erent from the way the country is depicted in films like Slumdog Millionaire.

What are the opportunities?The biggest opportunities are likely to be in the areas of construction and technology.

There is a need for millions of a�ordable homes; and there needs to be a road and rail network in oreder to support these new, growing centres of population.

Choices, choices…Where would you invest? The case for India

Emerging Markets>|


How important is the politics of the country?Led by Prime Minister Modi, the government is playing a crucial role in driving economic reforms across India.

In 2017 Modi’s government introduced the Goods and Services Tax, a common taxation system across all 29 states. This makes trade across di�erent states so much simpler.

The year before that there was a massive demonetisation programme, to remove most of the cash from the economy, so limiting opportunities for the ‘black’ economy.

There are other developments to curb tax evasion and corruption.

The impact of the work of the government in the economy was recognised when Modi

was invited to give the opening address at the World Economic Forum in Davos in January 2018.

Is corruption an issue that can affect investors’ return?Yes, it can be an issue. In fact the government see it as a major issue, and it is driving a number of their reforms.

Corruption can mean that it takes longer to set up a business than it should, and hence longer to create value for stakeholders. It takes longer to get authorisation for buildings and use of land, and to deal with bureaucracy. But culturally this is now changing.

Should you invest in India as a whole, or in particular states?India covers 3 million square miles, and 1600 languages are spoken. It is a federal country, with many variations.

The di�erences between states are reflected through their wealth. The south (Kerala, Maharashtra an Goa) and

north (around Delhi) are wealthier that the East (Bengal) and the hinterland (Rajasthan, Madhya Pradesh). But these variations can also be a strength.

The sheer variety and diversity create a resilience against

economic shocks, and there are investment opportunities throughout the country.

“India is facing a transformation

into a consumer society, and is creating huge

demand”

Reforms that count…10 numbers that illustrate the changes the Indian government is making to strengthen the economy, improve effidiency, reduce corruption and attract more investment

1. India has signed tax treaties with 140 countries. Other measures implemented in the battle against corruption include the withdrawal of large denomination notes and the the introduction of Aadhaar, a unique biometric identity number covering over 1 billion people.

2. The corporate tax regime is being simplified, with the headline rate of corporation tax being cut to 25%.

3. Power shortages are being addressed, with the generative capacity of both traditional and renewable sources of energy being scaled up, with the latter expected to generate 175GW of electricity by 2022.

4. Around 843 million people are expected to reside in India’s urban areas by 2050. To prepare for this, the government’s Smart Cities Mission programme plans to invest $1.2trn in transportation, energy and public security over the next 20 years.

Emerging Markets>|


What are the emerging areas in India that could provide investment opportunities?India is facing a transformation into a consumer society, and is creating huge demand in each sector of the economy.

The retail market was $630bn in 2015, and is expected to reach $1trn by 2020. The tech market is forecast to have a $350bn market value by 2025. The residential real estate sector will be worth $2trn by 2025, and the commercial sector $1.5trn by that date.

What percentage of an investor’s portfolio

should be in India? Of course it depends on the

investor’s risk profile, but if you consider that the Indian population is around four times that of Europe, and GDP growth of India is likely to be in excess of three times that of European countries this year, Indian is an

exciting place for investors. It is now arguable that an

investor should now have 5-10% of their portfolio invested in India.

Is India a risk market, or is there a greater risk of investor’s missing out on the country’s potential because

“It could be argued that it is riskier to your

wealth not to be invested in India”

of a focus on short term returns? Investing in India is still at the higher end of the risk spectrum, but this has to be tempered with the vast scale, and wide range of opportunities that India has to o�er.

Economic trends and sheer demand are driving growth, so it could be argued that it is riskier to your wealth not to be invested in India.

It is certainly better to take a longer term view, and let the economic forces deliver returns, rather than chase the short term returns.

5. Rules governing foreign direct investment foreign direct investment are being relaxed, reinforcing India’s ranking as the world’s 3rd largest host to foreign investors. This liberalisation is of particular note in previously highly protected sectors such as aerospace and defence.

6. It is estimated didgital payments in India will total $500bn by 2020, contributing 15% of GDP.

7. A government priority is to enhance the ease of doing business in India. Progress in the this respect can be seen by the countries elevation by 12 places in the World Bank’s last Doing Business survey.

8. In a drive to ensure every household has access to at least one bank account, over 300 million new accounts have been opened since 2014.

9. Working to encourage competition in the banking industry, the Reserve Bank of India has issued 21 new banking licences in the spaceof three years.

10. Inflation has dropped from a peak of around 12% to just 2% in the last five years.

The Tejas, India’s indigineous fighter. One of many programmes now open to foreign investment

Emerging Markets>|

Alternatives>|


With the Russia 2018 Football World Cup underway, the thoughts of millions of schoolboys and girls turn to squeezing more pocket money out of their parents to complete their World Cup sticker albums.

But mums and dads can rest a little easier in the knowledge that a mathematical model has now been developed for the cheapest way yet devised to complete their collection.

Sammy Ford, a consulting actuary with a degree in mathematics from Balliol College, Oxford, has calculated that filling a Panini album could cost as little as £161.65 – around a fih of previous estimates.

She did this by building a model that assumes collectors swapping with friends and buying the last 50 stickers needed to complete the 682-strong set directly from the company.

She said: “Armed with this information, those determined to fill their albums should be able to do so in the most cost-e�cient way possible.

“I’m sorry if this takes the fun out of it but I’m sure many parents – and adult collectors – will be more interested in how much money they can save.”

Fun with actuariesFord, who works for actuarial consultancy APR, based in Edinburgh and London, originally had the idea of working out the cost as a recruitment exercise for the company, where graduate applicants are set questions like this because they relate to rules of probability and outcome relevant to the insurance industry.

She was encouraged by the company, which has several Panini enthusiasts, to develop the idea further.

As well as pictures of the 32 squads of players competing in Russia from next week, there are special stickers for national badges, team group shots and host city posters, making a total of 682 stickers needed to fill the book.

In theory collectors would only have to buy 137 packets of

The mathematician’s guide to World Cup sticker albumsAN OXFORD GRADUATE WORKING AS AN ACTUARY HAS COME UP WITH A FORMULA FOR FILLING THE FAMOUS PANINI STICKER ALBUM FOR A FIFTH THE COST OF ANY PREVIOUS ESTIMATE

Alternatives>|


stickers, at a total cost of £109.60, to complete the collection, but this assumes they never got any duplicates.

Pay attention, here comes the maths bit…Ford began with a basic set of assumptions: that stickers are sold in packets of fi ve, costing 80p each, that no packet contains the same sticker twice, and that all stickers are equally likely to be in a single packet.

She then moved to the end of the problem and supposed that she had all but one of the stickers. In each new packet, she had a 5/682 probability of getting the one missing so, on average, from that point she’d need to buy 682/5 = 136.4 more packets.

She expressed as e_681, the expected number of packets needed given she currently held 681 unique stickers., She’d also know that e_682 = 0, because at that point she held all the stickers.

The next step was to think about what would happen if she held 680 stickers. At that point, there were three possibilities for her next packet of stickers: she’d get no new stickers, or just one new sticker or she’d get both the missing stickers.

Knowing that all stickers are equally likely, then Pr(k,i) could be expressed as the probability of getting i new stickers in the next packet given she already held k unique stickers.

So from 680 stickers, her expected number of packets to completion could be expressed as:

e_680 =1+Pr_(680,0) ×e_680 +Pr(680,1) ×e_681 +Pr(680,2) ×e_682

Given what she knew already, she was able to solve this for e680 and to repeat this approach for k = 679, 678, all the way back to k = 0 using the following formula:

e_k =1+∑ i=0,5 Pr(k,i) ×e_k+i

Or equivalently:

e_k =1/[1−Pr(k,0)] × (1+∑ i=1,5 Pr (k,i) ×e_k+i )

That gave her a total expected number of packets needed (e_0) of about 966.4, or a cost of £773.12

Allowing for the fact that collectors can buy up to 50 stickers directly from Panini at a cost of 22p each, the average cost plummets to £294.20 for individual collectors assuming they order the last 50 stickers in this way rather than the fi rst 50.

“This might seem counter-intuitive, given that 50 stickers represent far less than a tenth of the book and yet buying these directly saves over 60% on expected cost,” she says.

“This happens because the more stickers you have, the less and less likely it becomes that the next sticker will be new. The last sticker alone takes us an average of 136 packets to fi nd.”

SwapsiesThese numbers still assume that all collectors operate independently, rather than working together on the playground principle known as ‘the swapsie’.

Factoring swapsies into the equation makes the maths di� cult and so it was to cover this scenario that Ford developed her model.

Based on fi ve friends swapping fairly to maximise each person’s chances, Ford ran her model through 1,000 di� erent simulations, bringing the average cost down to £329.40 even if you don’t order any individual stickers directly from Panini. Of course the more friends you swap with, the cheaper it gets.

Panini insists all stickers in the collection are printed in equal quantities and while Ford didn’t dispute this there are plenty of claims online that the 50 national association and tournament badges – known to collectors as ‘shinies’ – are more di� cult to fi nd. As you’d expect, if this were true it would make the whole thing even more expensive.

Combining all those factors, assuming fi ve collectors were sharing their swapsies, that the fi nal 50 stickers were bought directly from Panini and even

assuming the conspiracy theorists are right and that shinies have a relative probability of 0.5 compared with the rest of the stickers, Ford ran 2,000 further simulations to arrive at a fi nal average cost of £161.65.

The other key point is that each of these cost saving measures also signifi cantly reduces the volatility of the overall cost. So while without swapping or buying the last remaining stickers directly you could spend anywhere between £500 and £1,500 (or more if you were really unlucky), under this fi nal scenario the range of possible costs is much narrower, with all but the luckiest and unluckiest spending between £154.36 and £170.04.

APR partner Gary Heslop said: “As well as being a bit of fun, these models have similarities to those that solve more important problems that actuaries work on.

“Swapping stickers can be compared to insurers pooling risks, and buying stickers directly from the supplier overlaps with the principles of reinsurance.”

A spreadsheet of Ford’s complete workings is available at https://bit.ly/2Mv6hkX.

Panini World Cup stickers in numbers

The fi rst World Cup album had 250 stickers, compared with 682 for Russia 2018. Were you to strike lucky and get packs with no duplicates, it would cost you £63.90

to fi ll your album for Mexico ’70.

Last year, a completed Mexico 70 album was sold for £5,050 at auction and a completed Mexico 86 album recently sold for £811.

Earlier this year, Professor Harper, from Cardiff University’s School of Mathematics estimated it would cost the average collector £773.60 to fi ll this year’s

World Cup album.

Italian Gianni Bellini has the world’s biggest Panini sticker collection with 3,000 completed albums.

Panini generates up to £650m from sticker sales during a World Cup year. But 2018 being the fi rst time Italy has failed to qualify for a World Cup since Panini stickers

have been around may hit sales in their home country.

The fi rst World Cup album had 250 stickers, compared

to fi ll your album for Mexico ’70.

250

£5,050

Earlier this year, Professor Harper, from Cardiff

World Cup album.

£773

3,000

have been around may hit sales in their home country.

£650M


Wine has significantly outperformed Equities, Gold and Property over the period since 1986 and shows beyond doubt, on performance alone, all investors should be at least considering an investment in fine wine.

Whilst it appears that the best performers have been improving in quality over recent years, the clear and unambiguous results of our investigation show that during di�erent phases of the market from 2008- 2016, di�erent groups have been the best performers.

This emphasises the need for a broad portfolio, varied not only just by region but also by vintage, and by extension quality. This is an investment strategy long advocated by Vin-X.

What is ‘vintage’ when applied to wine? Simply put it is the year in which the grapes are harvested. The overall quality of a vintage is generally measured by the market by the relative number of high scores achieved by key wines from notable critics.

The larger number of higher scores per year indicates an overall better quality, or ‘Prime’ vintage, and so can be applied to an average, ‘Mid’, and lower number – ‘O� Prime’ vintage.

The excellent wines in Mid and O� vintages are still highly desirable, but there are less of them.

Prime vintages can therefore add a premium to wine values, they command greater euphoria by the industry at harvest and the key tastings thereaer, but does that mean prices are inflated and do similarly scored wines from Mid and O� vintages o�er better value and enhance portfolio performance over the long term?

Our study aims to answer this question.

We have defined O�-vintages using the vintage charts at www.erobertparker.com.

The Bull and the Bear; performance between 2008 and 2014The 2008-2014 period saw explosive growth in the values of fine wine, followed by a

prolonged slow decline. Some Vin-X clients saw prices rise in excess of 100% within a few months as the market rose.

We saw the upwards movements from 2008-2011, all the wines considered rose by a minimum of nearly 21%, and in almost all instances Mid and O� vintages outperformed Prime vintages. Only three wines saw the best performance in their best vintages: Beychevelle; Cos d’Estournel and Leoville-Poyferre.

As the market rose we can see that O� vintages were the best

Does vintage diversification offer better returns?

Wine has proved a better investment than more mainstream assets in recent decades, but does looking beyond the obvious produce corking returns? Fine wine investor Vin-X investigates

performers for 16 of these 25 wines, with mid ranking vintages being superior for a further six of these wines.

Even when a Mid vintage hadthe absolute best performance, the corresponding O� vintages still outperformed the Prime vintages.

It is generally accepted that during 2008-2011 the best wines to hold were O� vintages of the first growths and their second wines; and it’s widely held that Lafite and Carruades Lafite were the best wines to hold. Is this

growths and towards second growth wines like Montrose, Leoville-Poyferre and Pontet-Canet was a shrewd one.

The average and median falls seen by these “second tier” wines were significantly smaller than for the first growths even if we correct for Pavie and Angelus reclassification and remove them from consideration.

Non first growths have a significantly smaller standard deviation in the bull market of 2008-2011 than first growths, ie there is a tighter clustering of performance figures.

In contrast in the bear market of 2011-2014 the first growths show a lower standard deviation than super seconds and Right Bank wines, although the di�erence is much smaller.

Comfortably the best wines from this selection to hold as the market fell were Pavie and Angelus, this is perhaps explained by their 2012 upgrade in the St. Emilion classification to join Cheval Blanc and Ausone as the region’s “Grand Cru Classe A” wines.

Anyone who was initially sceptical of the impact of this paper change was demonstrably incorrect.

Duhart-Milon Rothschild’s movements show clearly the attraction and danger of focusing too heavily on brand association. Although it has some good Robert Parker scores (97 for the 2009, 96 for the 2010, 94 for the 2008) that place it at the top table in terms of pure quality, demand for the wine and its price moved up largely due to its Rothschild brand name association.

On these relatively weak foundations, and aer such explosive growth, there was little to support Duhart-Milon’s prices once the market turned. As a result, it was the best performer across Prime, Mid and O�

vintages as the market rose and the poorest performer as the market fell.

Before their category upgrade, price performance by Pavie and Angelus is by no means remarkable. The best showing is by those wines with strong brand recognition, particularly for the Chinese and Asian markets.

Duhart-Milon we have already discussed, Beychevelle’s success is attributed to the dragon boat on its label amplifying its appeal to the Chinese market, and Pontet-Canet whose price movements were generally attributed to a dramatic improvement in quality.

As the market rose we can again clearly see that

among these wines O� vintages were the best to hold, in eight of the 13 wines O� vintages were the best performers, and as the market fell the same was true, in seven wines the O�-vintages were superior.

The outlook for Prime vintages did improve as the market fell, however, in all four chateaux where the Prime vintages were the best performers some sort of externality impacted on the prices.

Aside from Pavie and Angelus’ upgrades both Pontet-Canet and Montrose received 100 and 99 point scores from Robert Parker

in the period under examination7.

Perhaps the biggest surprise to a casual observer of the fine wine market is the relatively poor performance of Latour across this period.

Considered by most second only to Lafite, and by a significant number its superior in both quality

and image, Latour was in fact the poorest performing first growth as the market rose, and the second poorest as the market fell. A significant portion of this can, we believe, be attributed to Latour choosing to make the 2011 en primeur campaign their last, now only releasing wines in the bottle


“Vin-X’s decision in 2011 to move

our focus away from first growths was a shrewd one”

“During 2008-2011 the best wines to hold

were Off vintages of the first growths”

assumption correct? If so does it hold for the period 2011-2014?

The best wines to hold as the market rose became the poorest wines to hold as the market fell. As the market fell, the performance of Lafite and Carruades was certainly inferior to their classmates, however we should again note that the di�erential is significantly reduced compared to the upside, and dramatically outweighed by previous gains.

Vin-X’s decision in 2011 to move our focus away from first


when they deem them ready to drink.

The relatively poor performance for Prime vintage Cheval Blanc is worth comment and context.

The Prime vintages of Cheval Blanc are distorted by the performance of the 2005 vintage in particular. This wine was so widely expected to receive 100 points on its initial bottle score that its actual 96 point score given in April 2008 saw prices plummet from £8,000 per bottle to £5,400 over the course of the following 12 months, bottoming out at £5,000 in early 2010, but seeing little growth over the bull market.

Stability and recovery: Performance from 2014 to 2016There are key trends in the bull and bear market that applied quite clearly and in a majority of instances:• first growths (and their

second wines) were best ton the way up;

• second growths were better on the way down;

• O� vintages were better in all instances.This tells us that the market

is acting more normally and, while obviously some wines still perform better than others, it is not being led in quite such a dramatic fashion by a small group of very high performing wines.

Current trends in a growing market: Performance in 2016Our final and perhaps most important data set looks just at

the movements from the lowest point in the months around December 2015 until the end of August 2016, and is the data set of most practical use in portfolio planning and asset allocation, particularly if we take as a given the importance of momentum to investors.

This period of data includes the release of the 2015 vintage which was certainly very strong although, in the absence of final bottle scores, we have yet to tell if it is to be considered among the prime vintages considered in this analysis.

This period of data also includes significant broader market turmoil surrounding the UK’s 2016 EU referendum and its immediate consequences.

With the shape of post EU trade policy yet to be determined we cannot comment on the likely future impact of Brexit, only to say that at the moment the prospect of this change has had a significant and negative impact on the value of sterling on foreign exchange markets and

thus a positive impact on the value of wine investments purchased in sterling.

As well as showing that none of the wines under review have fallen in value in 2016. This clearly reinforces the key finding from the 2014-2016 data; O� vintages are no longer the wines to have, with best performance being seen almost exclusively from Mid vintages.

ConclusionsOur previous reports on the fine wine market have shown that it is demonstrably a better performing asset than many more mainstream investments.

In this report we have seen how important stock selection is to ensuring the best performance possible.

Over the periods examined the best performers were as follows:• 2008-2011: O� vintage First

growths and their secondwines;• 2011-2014: O� vintage super

seconds and Right Bank wine, particularly Angelus and Pavie;

• 2014-2016: Mid vintage first growths and their second

wines;• 2016: Mid vintage first growths

and their second wines.The best wines to hold in 2008

were far from the best wines to hold in autumn 2016, and although the best performing producers are the same as in 2008-2016, there was a very di�erent picture in 2011-014.

These dramatic shis in performance show the importance of holding a good spread of wines both in terms of vintages as well as producers in your portfolio, and being prepared to make changes when necessary.

Diversification across vintage, producer and region has always been, and remains, Vin-X’s advice.

Insofar as it is possible to predict the future, Vin-X expects an increasing move towards Prime vintages, as the “new” market in China, which had such a dramatic impact on wine prices between 2008 and 2011, becomes more normalised and quality sensitive.

We also believe that the retirement of Robert Parker Jr. from the day-today business of tasting wine has yet to be really felt in the price of wine.

We feel that it is a reasonable assumption, that with no single voice holding the power over the market that Parker once did, his 100 point-scored wines will become increasingly valuable in the coming years.

First Growths Second Wines Super Seconds Right Bank Other

Haut-Brion Clarence Haut Brion Beychevelle Angelus La Mission Haut-BrionLafite-Rothschild Carruades Lafite Cos d’Estournel Cheval Blanc Latour Forts de Latour Ducru Beaucaillou Pavie Margaux Pavillon Rouge Duhart-Milon Mouton-Rothschild Petit Mouton Leoville Las Cases Leoville-Poyferre Lynch-Bages Montrose Pichon-Baron Pichon-Lalande Pontet-Canet

“The best showing is by

wines with strong brand recognition,

particularly for the Chinese and Asian markets”

What the stats tell you>|

Understanding the statisticsINVESTMENT FUND PERFORMANCE INFORMATION, SUCH AS THAT LISTED IN WHAT INVESTMENT, CAN BE VERY USEFUL. HOWEVER, THE CHALLENGE IS TO MAKE SURE THAT YOU UNDERSTAND THIS INFORMATION AND USE IT TO MAKE INFORMED INVESTMENT DECISIONS. ALL DATA AS AT 31 MAY 2018

54 WhatInvestment June 2018 www.whatinvestment.co.uk

>|

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val RnkFUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD

£ £ £ £ £ % %FTSE 100 102 - 109 - 121 - 141 - 180 - - -FTSE All Share 102 - 108 - 123 - 146 - 191 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAberdeen Asia Pac Eq Enh Idx B GBP Acc 101 47 113 44 - - - - - - - 2.52Aberdeen Asia Pacific Equity I 102 15 111 59 129 71 136 66 228 26 1.12 1.04Aberdeen Global Asia Pac Eq X Acc GBP 102 20 111 66 128 74 136 67 218 33 1.27 -Aberdeen Global Asn Smllr Coms X Acc GBP 100 62 104 92 121 88 116 78 296 5 1.41 -Allianz Total Return Asian Equity C Inc 98 83 114 39 126 78 165 22 232 22 1.24 1.28Aviva Investors Apac Eq MoM 1 2 GBP Inc 100 71 111 64 131 66 148 42 175 54 1.31 1.24AXA Rosenberg Asia Pacific ex Japan Z 101 28 115 32 132 61 144 53 221 29 1.09 1.58Baillie Gifford Pacific B Acc 101 41 124 2 150 12 185 8 266 13 0.79 0.39Baring Eastern I GBP Inc 100 67 123 3 153 10 189 4 228 25 1.02 0.55Barings ASEAN Frontiers I GBP Acc 105 2 115 31 137 40 125 76 - - 1.25 -BGF Asian Dragon D2 100 68 114 42 142 27 185 9 237 18 1.09 -BlackRock Asia D Acc GBP 101 42 114 37 141 31 - - - - - 0.78BlackRock Asia Special Situations D Acc 102 19 113 47 146 19 - - - - - 0.95Emerise Pacific Rim Equity R/A USD 103 8 108 79 123 85 119 77 148 58 1.80 -F&C Pacific Growth 2 101 44 109 77 137 39 157 33 169 56 1.10 1.83Fidelity As Pacific Opps W GBP Acc 100 61 114 38 160 2 - - - - - 1.11Fidelity Asia Focus W-Acc-GBP 104 4 121 12 145 21 163 26 237 19 1.19 -Fidelity Asia W Acc 103 7 122 4 154 9 187 6 284 7 - 0.73Fidelity Asian Dividend W Acc 103 6 111 58 139 35 - - - - - 2.31Fidelity Asian Special Sits A-Dis-GBP 101 49 115 35 144 23 183 12 269 12 1.93 -Fidelity Emerging Asia W Acc 102 9 118 20 145 22 187 7 - - - 0.52Fidelity Emerging Asia W-Acc-GBP 102 14 118 19 147 17 177 16 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 101 43 105 90 128 73 - - - - - 3.43Fidelity Instl Pacific ex Japan Acc 101 23 104 96 129 69 143 55 219 32 0.90 1.42Fidelity Instl South East Asia Acc 102 10 115 33 141 32 163 27 283 8 0.94 1.51First State Asia All-Cap B Acc GBP 99 74 112 53 - - - - - - - 0.57First State Asia Focus B Acc GBP 102 17 115 29 - - - - - - - 0.82GAM Multistock Asia Focus Equity USD B 101 27 119 17 147 15 180 14 - - 1.90 -GAM Star Asian Equity Instl GBP Acc 97 92 111 56 120 90 146 46 166 57 1.32 -GlobalAccess Pacific Rim exJpn M Acc GBP 101 45 119 15 132 62 - - - - - 0.81GS Asia Equity R Acc USD 101 39 121 13 147 14 183 11 203 46 1.15 -Guinness Asian Equity Income Y GBP Acc 98 85 110 68 136 46 - - - - - -Halifax Far Eastern C 100 58 112 49 135 49 148 41 206 43 1.57 1.86Hermes Asia Ex Japan Equity F GBP Acc 98 87 116 27 149 13 234 1 - - 0.85 -HSBC Asian Growth Retail Acc 102 22 115 36 136 43 152 38 184 52 1.79 0.36HSBC Pacific Index Accumulation C 101 50 110 70 136 47 143 56 209 39 0.31 2.44Invesco Asia Consumer Demand A USD SD 101 37 119 14 141 29 159 30 253 14 2.02 0.06Investec Asia ex Japan I Acc Net 101 24 122 6 144 24 179 15 271 11 1.00 1.20IP Asian Equity Income Z Acc 97 93 106 88 126 80 142 59 - - - 3.77IP Asian Z Acc 101 36 117 23 161 1 192 3 292 6 - 1.22iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 46 110 71 137 41 144 49 - - 0.19 2.77Janus Henderson Asian Div Inc UT I Acc 101 25 111 61 132 64 141 60 213 37 1.11 5.28Janus Henderson AsiaPac Cptl Gr I Acc 99 76 112 54 144 25 164 25 233 21 1.08 0.82Janus Henderson Instl APexJpn IdOpp IAcc 99 73 108 78 135 53 143 57 209 40 0.83 2.47JOHCM Asia ex-Japan A GBP Inc 93 98 100 98 127 77 142 58 - - 1.01 0.97JOHCM Asia ex-Japan Sm & Md-Cp A £ I 92 99 96 99 116 92 140 62 - - 1.21 0.49JPM Asia Growth C Net Acc 101 29 122 5 160 3 182 13 243 15 0.93 -Jupiter Asia Pac Inc L GBP Q Inc 98 90 104 95 120 89 140 63 - - 1.94 3.85Jupiter Asian I Acc 97 94 104 91 129 70 155 36 205 44 - 0.68Jupiter Asian Income I GBP Acc 99 79 106 86 - - - - - - - 3.72L&G Asian Income Trust I Acc 100 64 107 81 131 65 136 65 234 20 - 3.95L&G Pacific Index Trust I Acc 101 48 110 72 136 44 144 52 219 31 0.38 2.83Legg Mason IF MC Asia Pac X Acc £ 100 70 113 43 142 28 154 37 207 42 - 1.47Legg Mason MC Asia L-T Uncons MGBPDis(A) 100 55 110 69 133 58 146 47 - - 1.20 1.16Legg Mason MC Asia Pacific X USD Dis(A) 99 75 113 45 136 42 146 45 185 51 1.25 1.25LF Canlife Asia Pacific C Acc 101 51 115 30 118 91 130 70 197 49 0.89 1.20Liontrust Asia Income I Inc 100 66 111 63 130 68 148 43 - - 1.25 4.53M&G Asian GBP I Acc 98 84 106 89 125 83 144 51 214 36 0.99 1.45Marlborough Far East Growth P Inc 101 34 115 34 146 18 165 21 202 47 - 1.94Matthews As Fds As Ex Jp Div I GBP Acc 105 3 124 1 - - - - - - 1.50 -Matthews Asia Funds Asia Small Co I GBP 105 1 113 46 124 84 151 40 - - 1.72 -Matthews Asia Funds Pacific Tiger I GBP 101 32 111 60 135 52 164 24 - - 1.34 -MFS® Meridian Asia Pacific ex-Jpn W1 USD 99 77 111 55 142 26 159 31 222 27 0.94 -Mirabaud Equities Asia ex Japan A USD 97 91 116 26 133 56 162 28 170 55 2.21 -Mirae Asset Asia Great Consumer Eq R GBP 103 5 121 8 128 72 - - - - 0.96 -Mirae Asset Asia Sector Leader Eq R GBP 101 26 118 21 138 36 - - - - 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 102 21 112 51 107 93 107 79 - - 1.38 3.91Newton Asian Income Instl W Acc 98 88 102 97 126 81 125 75 271 10 0.83 4.42Newton Oriental Inst W Acc 96 96 107 83 133 55 127 73 180 53 0.89 0.73Nomura Fds Asia ex Japan High Cnv I USD 100 56 122 7 152 11 - - - - 1.40 -Nomura Fds Asia High Dividend I USD 100 60 111 67 126 79 - - - - 1.10 -Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 13 111 57 131 67 - - - - - 1.26


Old Mutual Asia Pacific R GBP Acc 101 31 121 9 156 7 189 5 279 9 1.01 1.33Old Mutual Asian Equity Inc R GBP Acc 98 86 106 85 125 82 135 68 - - 0.94 -Old Mutual Invesco Perpt Asian U2 GBPAcc 101 38 117 25 160 4 - - - - - 1.30Old Mutual Pacific Equity R GBP Acc 96 95 106 87 123 86 145 48 - - 1.02 -Pictet-Asian Equities Ex Japan I USD 99 80 117 22 145 20 183 10 207 41 1.08 -Pictet-Pacific Ex Japan Index I GBP 101 40 104 94 127 75 129 71 - - 0.29 -Principal Asian Equity I Acc USD 100 65 117 24 137 38 157 34 229 23 1.74 -Robeco Asian Stars Equities F £ 99 78 112 50 - - - - - - 1.01 -Royal London Asia Pac ex Jpn Tracker Z 100 53 109 73 136 48 143 54 203 45 1.05 2.71Santander Pacific Basin (Ex Jpn) Eqs A 102 11 114 40 140 33 165 23 217 34 1.05 1.90Schroder Asian Alpha Plus Z Acc 100 57 119 18 155 8 174 17 332 1 0.96 0.86Schroder Asian Income Maximiser Z Acc 100 63 109 76 136 45 139 64 - - 0.96 6.96Schroder Asian Income Z Acc 100 52 111 62 140 34 152 39 328 2 0.95 3.67Schroder Instl Pacific I Acc 102 12 107 84 132 60 133 69 238 17 0.51 2.77Scottish Widows Pacific Growth A 100 69 111 65 133 57 144 50 190 50 1.65 1.39SLI Asian Pacific Growth Plat 1 Acc 98 89 112 52 132 63 159 29 228 24 - 1.15SLI Pacific Basin Trust 99 72 114 41 132 59 156 35 220 30 0.86 1.19Smith & Williamson Oriental Growth B 100 54 121 10 157 6 173 18 - - - 1.26SSgA Asia Pacific ex-Japan Eq Tracker 101 35 109 74 135 51 140 61 213 38 0.90 -Stewart Investors Asia Pacific B Acc GBP 101 30 109 75 134 54 168 20 310 3 1.04 1.02T. Rowe Price Asian ex-Japan Eq Q GBP 99 81 113 48 137 37 158 32 239 16 1.17 -T. Rowe Price Asian Opps Eq Q GBP 100 59 115 28 147 16 - - - - 1.17 -Templeton Asian Growth W(acc)GBP 96 97 107 82 123 87 127 74 199 48 1.34 -Threadneedle Asia Z Acc GBP 102 18 119 16 141 30 168 19 214 35 0.91 1.02Vanguard Pac ex-Jpn Stk Idx GBP Acc 101 33 104 93 127 76 128 72 - - 0.30 4.23Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55Waverton Asia Pacific A USD 99 82 108 80 135 50 147 44 221 28 1.51 0.81Average/Total 100 100 113 100 137 94 156 80 230 59 1.14 1.82

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 101 6 110 7 130 7 139 7 228 5 - 0.75Baillie Gifford Developed As Pac B Acc 108 1 118 1 152 2 181 2 240 3 0.73 0.89GAM Star Asia-Pacific Eq Instl EUR Acc 101 4 112 6 134 6 153 6 171 6 1.76 -IP Pacific Z Acc 102 2 117 3 150 4 185 1 296 1 - 1.06JPM Pacific Equity A (dist) GBP 99 7 114 4 151 3 172 3 228 4 1.80 0.04Matthews Asia Funds Asia Dividend I GBP 101 5 113 5 144 5 160 5 - - 1.22 -Smith & Williamson Far Eastern Inc&Gr B 102 3 118 2 158 1 170 4 278 2 - 1.98Average/Total 102 7 114 7 146 7 166 7 240 6 1.38 0.94

(IA) CHINA/GREATER CHINAAberdeen Global Chinese Eq X Acc GBP 104 7 113 36 129 24 139 34 211 11 1.24 -Allianz China Equity RT GBP 102 18 120 29 121 31 184 21 - - - -Baillie Gifford Greater China B Acc 98 36 126 9 164 1 227 3 - - 1.13 0.73Barings China Select I GBP Inc 97 37 111 37 121 30 169 30 198 16 1.44 0.01Barings Hong Kong China I GBP Acc 101 23 121 25 126 27 183 22 200 14 1.23 -Fidelity China Consumer W Acc 102 20 123 18 141 13 220 5 - - - 0.45Fidelity China Focus Y-Dis-GBP 104 9 123 19 135 18 219 6 - - 1.06 1.10First State All China B Acc USD 106 3 125 11 - - - - - - - 0.49First State Greater China Gr B Acc GBP 102 16 120 27 141 14 182 24 318 1 1.06 1.07GAM Multistock China Evolution Eq USD B 99 30 120 28 142 12 - - - - 1.92 -GAM Star China Equity Instl GBP Acc 102 19 118 31 117 33 183 23 - - 1.04 -GS China Opportunity Equity R Inc GBP 101 24 125 10 130 22 197 13 - - 1.15 0.65Guinness Best of China X GBP Acc 100 26 117 33 - - - - - - 1.24 -HSBC Chinese Equity Retail Acc 100 29 123 17 121 29 176 25 182 19 1.78 0.20HSBC GIF Chinese Equity AD 99 35 123 15 123 28 186 19 195 17 1.91 0.34Invesco PRC Equity A USD AD 100 28 126 7 136 16 185 20 220 9 2.22 -IP HK & China Z Acc 101 22 123 20 139 15 200 11 272 4 - 0.92Janus Henderson China Opps I Acc 103 12 127 6 151 4 228 2 268 5 1.09 0.85Janus Henderson Hrzn China A2 USD 101 21 124 13 143 11 219 7 308 2 1.95 -JPM Greater China A (dist) USD 99 33 122 22 136 17 187 18 252 7 1.78 0.13JPM Hong Kong A (dist) USD 102 17 119 30 127 26 169 29 210 12 1.80 0.94Jupiter China I Acc 99 32 118 32 117 32 171 27 194 18 1.02 1.07Legg Mason IF MC China X Acc £ 104 4 126 8 147 7 192 15 - - - 0.24Legg Mason MC Greater China A USD Dis(A) 101 25 121 24 146 9 191 16 215 10 1.60 -Matthews As Funds China Sm Coms I Acc 106 2 131 3 152 2 219 8 - - 1.71 -Matthews Asia Funds China Div I USD Acc 103 15 120 26 144 10 199 12 - - 1.50 -Matthews Asia Funds China I GBP 107 1 134 2 146 8 188 17 - - 1.50 -Neptune China C Acc GBP 104 5 124 12 130 21 170 28 204 13 - 0.84Neuberger Berman China Eq USD A Acc 104 10 135 1 151 3 237 1 - - 2.11 -New Capital China Equity GBP Ord Acc 99 31 116 34 89 35 151 33 - - 1.30 -Nomura Fds China I USD 100 27 116 35 115 34 165 31 179 20 1.59 -Old Mutual Henderson China Opps U2 £ Acc 104 8 127 5 148 6 222 4 - - - 0.70© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Unit Trusts 1

Unit Trusts







Investment performance is shown after charges have been deducted. This helps to provide an accurate picture for investors by showing the return they would have achieved if they had been invested. Some funds have hefty charges, which act as a drag on their overall performance, and this is refl ected in the performance data.

The performance data in What Investment is produced by Morningstar, which is a global investment research fi rm. This data shows how funds have performed over 6 months, 1 year and 3 years. It is sensible to look at performance over different time periods and by using these fi gures investors may be able to spot any short-term trends, which could act as a buying opportunity, an indication to sell or a time to rebalance a portfolio. Rebalancing is where profi ts are taken from funds which have performed well and reinvested in those which have under-performed.

A single priced fund is usually bought and sold at the same price, which refl ects the mid-point of the buying and selling price of the fund’s assets.

The information shows how much a hypothetical £100 would be worth if it was invested in the fund over the specifi ed time period. While investors are unlikely to hold just £100 in a fund, this approach can help to bring the performance to life more than showing a percentage return.

The performance is shown assuming that all income generated, such as dividends and interest, is reinvested. This puts income-generating and growth funds on an equal footing and makes total return comparisons much easier than by assuming income is paid out.


The performance is also shown on a bid-to-bid basis. Funds can either be single or dual priced.

Dual priced funds have two prices; the price at which the fund units are bought, called the offer price, and the price at which they are sold, called the bid price. The offer price is higher than the bid price, with the difference effectively being an initial charge which new investors pay.

By showing performance data on a bid-to-bid basis, it is assumed that there is no initial charge and, while this may not be realistic for new investors, it does provide a fair comparison between single and dual priced funds.

So, by showing performance over different timescales, with charges included and income reinvested, using bid-to-bid pricing, investors will have information on a like-for-like basis on which to compare all investment funds


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Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val RnkFUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD

£ £ £ £ £ % %FTSE 100 107 - 106 - 124 - 141 - 185 - - -FTSE All Share 107 - 107 - 124 - 145 - 197 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAberdeen Asia Pac Eq Enh Idx B GBP Acc 105 36 112 42 - - - - - - - 2.46Aberdeen Asia Pacific Equity I 104 48 108 81 132 76 136 71 235 26 1.12 1.04Aberdeen Global Asia Pac Eq X Acc GBP 104 51 108 83 131 79 135 72 224 32 1.27 -Aberdeen Global Asn Smllr Coms X Acc GBP 103 59 104 96 123 90 116 78 305 5 1.41 -Allianz Total Return Asian Equity C Inc 103 68 114 32 134 70 172 20 252 17 1.24 1.09Aviva Investors Apac Eq MoM 1 2 GBP Inc 103 65 111 55 136 65 155 39 183 54 1.31 1.21AXA Rosenberg Asia Pacific ex Japan Z 106 22 115 27 139 58 153 44 223 35 1.09 1.53Baillie Gifford Pacific B Acc 104 42 120 7 152 17 183 14 276 13 0.79 -Baring Eastern I GBP Inc 102 84 120 9 151 20 188 7 240 24 1.02 0.54Barings ASEAN Frontiers I GBP Acc 104 53 111 52 138 61 121 77 - - 1.25 -BGF Asian Dragon D2 104 52 113 38 146 31 185 11 248 20 1.09 -BlackRock Asia D Acc GBP 103 67 113 39 144 34 - - - - - 0.77BlackRock Asia Special Situations D Acc 104 56 111 53 149 25 - - - - - 0.94Emerise Pacific Rim Equity R/A USD 108 4 113 36 132 77 131 76 152 58 1.80 -F&C Pacific Growth 2 106 10 110 60 147 29 169 22 183 53 1.10 1.73Fidelity Asia Focus W-Acc-GBP 109 2 120 8 152 15 166 26 251 18 1.19 -Fidelity Asia Pacific Opps W GBP Acc 107 7 114 29 169 1 - - - - - 1.04Fidelity Asia W Acc 106 9 119 12 160 7 191 4 302 6 - 0.71Fidelity Asian Dividend W Acc 105 24 110 62 143 37 - - - - - 2.27Fidelity Asian Special Sits A-Dis-GBP 103 63 112 40 149 23 180 16 280 12 1.93 -Fidelity Emerging Asia W Acc 107 8 116 24 150 22 189 5 - - - 0.50Fidelity Emerging Asia W-Acc-GBP 105 27 117 21 151 19 179 17 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 104 37 108 73 135 67 - - - - - 3.31Fidelity Instl Pacific ex Japan Acc 106 17 107 87 133 72 152 45 223 34 0.90 1.37Fidelity Instl South East Asia Acc 105 28 114 30 147 28 168 24 294 7 0.94 1.47First State Asia All-Cap B Acc GBP 104 54 110 57 - - - - - - - 0.55First State Asia Focus B Acc GBP 106 18 115 26 - - - - - - - 0.79GAM Multistock Asia Focus Equity USD B 107 6 118 15 157 12 188 10 - - 1.90 -GAM Star Asian Equity Instl GBP Acc 105 25 111 46 124 88 148 55 177 57 1.32 -GlobalAccess Pacific Rim exJpn M Acc GBP 103 73 118 17 136 63 - - - - - 0.79GS Asia Equity R Acc USD 104 39 121 3 154 14 185 12 219 38 1.15 -Guinness Asian Equity Income Y GBP Acc 99 95 109 65 140 54 - - - - - -Halifax Far Eastern C 104 44 111 48 142 42 157 37 214 42 1.57 1.81Hermes Asia ex-Japan Equity F GBP Acc 106 11 116 23 161 6 234 1 - - 0.85 -HSBC Asian Growth Retail Acc 104 45 111 50 143 39 155 40 192 52 1.79 0.35HSBC Pacific Index Accumulation C 103 64 108 75 141 51 150 50 213 45 0.31 2.98Invesco Asia Consumer Demand A USD SD 106 21 118 16 147 27 160 34 271 14 2.02 0.06Investec Asia ex Japan I Acc Net 106 12 120 6 152 18 188 9 294 8 1.00 1.14IP Asian Equity Income Z Acc 99 96 102 97 128 85 142 66 - - - 3.73IP Asian Z Acc 100 93 109 69 160 8 188 8 289 10 - 1.23iShares Pacific ex Jpn Eq Idx (UK) D Acc 103 58 108 74 141 47 151 48 - - 0.19 2.73Janus Henderson Asian Div Inc UT I Acc 105 35 107 84 132 75 145 63 219 37 1.11 5.13Janus Henderson AsiaPac Cptl Gr I Acc 102 77 111 56 149 26 165 29 242 22 1.08 0.81Janus Henderson Instl APexJpn IdOpp IAcc 103 72 107 85 140 52 150 53 213 43 0.83 2.32JOHCM Asia ex-Japan A GBP Inc 92 99 97 99 124 87 137 70 - - 1.01 0.98JOHCM Asia ex-Japan Sm & Md-Cp A £ I 102 76 104 93 119 92 145 64 - - 1.21 0.45JPM Asia Growth C Net Acc 104 43 119 11 167 3 185 13 260 16 0.93 -Jupiter Asia Pac Inc L GBP Q Inc 102 81 104 95 123 89 139 68 - - 1.94 3.75Jupiter Asian I Acc 100 90 105 92 131 78 154 41 213 44 - 0.66Jupiter Asian Income I GBP Acc 103 70 106 88 - - - - - - - 3.62L&G Asian Income Trust I Acc 106 19 108 79 136 62 145 61 248 19 - 3.84L&G Pacific Index Trust I Acc 103 62 108 76 141 49 150 51 220 36 0.38 2.80Legg Mason IF MC Asia Pac X Acc £ 101 88 111 54 145 32 157 36 215 41 - 1.46Legg Mason MC Asia L-T Uncons MGBPDis(A) 101 89 106 89 135 66 146 57 - - 1.20 1.16Legg Mason MC Asia Pacific X USD Dis(A) 102 78 111 47 142 45 150 52 192 51 1.25 1.27LF Canlife Asia Pacific C Acc 106 20 117 22 122 91 138 69 211 47 0.89 1.15Liontrust Asia Income I Inc 105 29 112 44 136 64 154 42 - - 1.25 4.39M&G Asian GBP I Acc 102 80 104 94 127 86 145 59 219 39 0.99 1.43Marlborough Far East Growth P Inc 104 41 111 49 150 21 167 25 206 49 - 1.92Matthews Asia Fds As Ex Jp Div I GBP Acc 104 55 119 10 - - - - - - 1.50 -Matthews Asia Funds Asia Small Co I GBP 110 1 118 14 131 80 153 43 - - 1.72 -Matthews Asia Funds Pacific Tiger I GBP 103 69 110 58 139 57 168 23 - - 1.34 -MFS® Meridian Asia Pacific ex-Jpn W1 USD 106 13 112 43 149 24 166 27 231 29 0.94 -Mirabaud Equities Asia ex Japan A USD 102 79 114 31 142 41 166 28 181 56 2.21 -Mirae Asset Asia Great Consumer Eq R GBP 107 5 122 2 138 60 - - - - 0.96 -Mirae Asset Asia Sect Ldr Eq R GBP Cap 103 74 115 25 143 38 - - - - 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 101 86 109 66 107 93 110 79 - - 1.38 3.94Newton Asian Income Instl W Acc 101 85 101 98 132 74 133 73 283 11 0.83 4.30Newton Oriental Inst W Acc 100 91 108 82 141 48 132 74 183 55 0.89 0.70Nomura Fds Asia ex Japan High Cnv I USD 102 75 121 5 158 11 - - - - 1.40 -Nomura Fds Asia High Dividend I USD 105 26 109 64 130 81 - - - - 1.10 -Old Mutual Aberdeen Asia Pac U2 GBP Acc 104 46 109 70 134 71 - - - - - 1.24


Old Mutual Asia Pacific R GBP Acc 106 23 121 4 164 4 198 3 291 9 1.01 1.28Old Mutual Asian Equity Inc R GBP Acc 100 94 108 78 130 83 140 67 - - 0.94 -Old Mutual Invesco Perpt Asian U2 GBPAcc 100 92 109 71 159 9 - - - - - 1.31Old Mutual Pacific Equity R GBP Acc 98 98 107 86 128 84 151 47 - - 1.02 -Pictet-Asian Equities Ex Japan I USD 103 60 117 18 155 13 188 6 224 33 1.08 -Pictet-Pacific Ex Japan Index I GBP 105 31 109 68 135 68 145 62 - - 0.29 -Principal Asian Equity I Acc USD 104 47 115 28 142 43 157 38 235 25 1.74 -Robeco Asian Stars Equities F £ 103 66 110 61 - - - - - - 1.01 -Royal London Asia Pac ex Jpn Tracker Z 103 61 108 77 141 50 150 49 208 48 1.05 2.67Santander Pacific Basin (Ex Jpn) Eqs A 106 14 114 35 145 33 172 21 228 30 1.05 1.72Schroder Asian Alpha Plus Z Acc 106 16 117 20 164 5 180 15 352 1 0.96 0.82Schroder Asian Income Maximiser Z Acc 104 49 108 80 139 59 145 58 - - 0.96 6.83Schroder Asian Income Z Acc 105 33 110 59 143 36 158 35 335 2 0.95 3.60Schroder Instl Pacific I Acc 106 15 111 45 139 56 147 56 244 21 0.51 2.68Scottish Widows Pacific Growth A 104 40 111 51 140 53 152 46 201 50 1.65 1.35SLI Asian Pacific Growth Plat 1 Acc 102 83 113 37 140 55 162 32 241 23 - 1.10SLI Pacific Basin Trust 103 71 114 33 141 46 161 33 233 27 0.86 1.15Smith & Williamson Oriental Growth B 101 87 119 13 158 10 176 18 - - - 1.23SSgA Asia Pacific ex-Japan Eq Tracker 104 50 110 63 142 44 149 54 215 40 0.90 -Stewart Investors Asia Pacific B Acc GBP 99 97 105 91 133 73 163 31 309 4 1.04 1.04T. Rowe Price Asian ex-Japan Eq Q GBP 104 38 112 41 144 35 163 30 261 15 1.17 -T. Rowe Price Asian Opps Eq Q GBP 105 32 114 34 152 16 - - - - 1.17 -Templeton Asian Growth W(acc)GBP 102 82 106 90 130 82 131 75 212 46 1.34 -Threadneedle Asia Z Acc GBP 105 34 117 19 147 30 175 19 226 31 0.91 0.99Vanguard Pac ex-Jpn Stk Idx GBP Acc 105 30 109 67 135 69 143 65 - - 0.30 4.07Veritas Asian A GBP 108 3 123 1 168 2 219 2 324 3 1.17 0.52Veritas Asian A GBP 108 3 123 1 168 2 219 2 324 3 1.17 0.52Waverton Asia Pacific A USD 103 57 109 72 142 40 145 60 231 28 1.51 0.81Average/Total 104 100 112 100 142 94 160 80 240 59 1.14 1.81

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 103 6 107 7 134 7 142 7 234 5 - 0.74Baillie Gifford Developed Asia Pac B Acc 110 1 116 2 155 3 188 1 245 3 0.73 0.92GAM Star Asia-Pacific Eq Instl EUR Acc 103 4 113 4 136 6 163 6 171 6 1.76 -IP Pacific Z Acc 102 7 111 5 148 4 184 2 295 1 - 1.06JPM Pacific Equity A (dist) GBP 105 2 116 3 160 2 183 4 243 4 1.80 0.04Matthews Asia Funds Asia Dividend I GBP 103 5 110 6 145 5 165 5 - - 1.22 -Smith & Williamson Far East Inc&Gr B 104 3 117 1 164 1 183 3 286 2 - 1.90Average/Total 104 7 113 7 149 7 172 7 246 6 1.38 0.93

(IA) CHINA/GREATER CHINAAberdeen Global Chinese Eq X Acc GBP 109 15 115 37 135 25 144 34 223 12 1.24 -Allianz China Equity RT GBP 108 19 119 33 126 31 188 22 - - - -Baillie Gifford Greater China B Acc 103 37 124 20 170 1 233 2 - - 1.13 0.56Barings China Select I GBP Inc 104 36 118 35 129 30 170 30 218 14 1.44 0.24Barings Hong Kong China I GBP Acc 107 30 122 29 133 28 187 23 216 16 1.23 -Fidelity China Consumer W Acc 109 17 124 21 148 14 223 7 - - - 0.42Fidelity China Focus Y-Dis-GBP 109 16 123 25 142 20 219 9 - - 1.06 1.06First State All China B Acc USD 119 2 132 4 - - - - - - - 0.47First State Greater China Gr B Acc GBP 109 11 124 19 149 13 189 21 338 1 1.06 1.01GAM Multistock China Evolution Eq USD B 108 20 123 26 152 11 - - - - 1.92 -GAM Star China Equity Instl GBP Acc 111 7 121 31 125 32 186 24 - - 1.04 -GS China Opportunity Equity R Inc GBP 109 14 125 15 136 24 202 12 - - 1.15 0.61Guinness Best of China X GBP Acc 105 34 121 32 - - - - - - 1.24 -HSBC Chinese Equity Retail Acc 105 32 123 23 131 29 183 25 198 19 1.78 0.19HSBC GIF Chinese Equity AD 107 28 126 10 135 27 194 18 215 17 1.91 0.33Invesco PRC Equity A USD AD 105 33 125 16 142 18 181 26 235 9 2.22 -IP HK & China Z Acc 110 10 126 12 150 12 205 11 299 4 - 0.85Janus Henderson China Opps I Acc 108 21 127 8 163 2 231 3 284 5 1.09 0.81Janus Henderson Hrzn China A2 USD 107 24 124 17 155 8 227 6 338 2 1.95 -JPM Greater China A (dist) USD 106 31 126 11 145 17 194 17 280 7 1.78 0.13JPM Hong Kong A (dist) USD 107 27 121 30 135 26 174 27 227 11 1.80 0.92Jupiter China I Acc 108 23 118 34 122 34 171 29 206 18 1.02 1.02Legg Mason IF MC China X Acc £ 108 22 126 9 156 7 199 14 - - - 0.22Legg Mason MC Greater China A USD Dis(A) 107 25 123 22 155 9 197 15 235 10 1.60 -Matthews As Funds China Sm Coms I Acc 123 1 141 1 162 3 227 4 - - 1.71 -Matthews Asia Funds China Div I USD Acc 112 5 126 14 147 16 202 13 - - 1.50 -Matthews Asia Funds China I GBP 113 3 133 3 154 10 194 19 - - 1.50 -Neptune China C Acc GBP 110 9 126 13 140 21 174 28 223 13 - 0.80Neuberger Berman China Eq USD A Acc 111 6 135 2 161 4 249 1 - - 2.11 -New Capital China Equity GBP Ord Acc 104 35 123 24 94 35 160 33 - - 1.30 -Nomura Fds China I USD 107 29 117 36 124 33 169 31 195 20 1.59 -Old Mutual Henderson China Opps U2 £ Acc 109 13 127 6 160 5 227 5 - - - 0.67© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Unit Trusts 1

Unit Trusts

What InvestmentSUBSCRIBE FOR £39.99* – GET 12 ISSUES FOR THE PRICE OF 10







>|Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val RnkFUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD

£ £ £ £ £ % %Pictet-Greater China I GBP 107 26 127 7 147 15 189 20 252 8 1.05 -Schroder ISF Greater China C Acc USD 110 8 122 28 157 6 221 8 301 3 1.32 -SLI China Equities A Acc GBP 108 18 123 27 136 23 194 16 - - 2.06 -Templeton China W(acc)GBP 113 4 124 18 142 19 166 32 217 15 1.54 -Threadneedle China Opps Z Acc GBP 109 12 128 5 138 22 216 10 280 6 1.46 0.92Average/Total 109 37 124 37 143 35 197 34 249 20 1.49 0.62

(IA) EUROPE EXCLUDING UK7IM European Equity Value C Inc 101 33 108 11 130 65 - - - - - 2.72Aberdeen European Equity Enh Idx B Acc 99 60 102 61 135 34 - - - - - 2.21Aberdeen European Equity I 107 5 109 9 137 28 151 70 172 52 1.10 0.93Aberdeen Global Eurp Eq Ex UK X Acc GBP 107 4 109 7 135 36 151 74 170 54 1.11 -Allianz Continental European C Acc 105 14 107 20 143 11 171 23 232 9 0.97 0.88Allianz European Equity Income C Inc 98 95 100 85 125 84 150 75 - - - 3.19Artemis European Growth I Acc 100 50 106 22 137 26 170 24 166 60 0.85 1.57Artemis European Opportunities I Acc 101 27 104 27 139 21 173 17 - - 1.63 1.47Aviva Investors Euro Eq MoM 1 2 GBP Inc 99 63 103 45 129 71 157 50 167 59 1.06 1.27Aviva Investors Euro Eq MoM 2 2 GBP Inc 107 6 103 36 156 4 177 12 193 36 1.07 1.44Aviva Investors European Eq 2 GBP Acc 100 48 102 56 137 30 176 14 217 16 0.84 1.19AXA Framlington European Z GBP Acc 98 89 97 104 124 87 148 76 196 31 0.75 1.64AXA Rosenberg European Z 96 104 98 99 124 88 151 71 145 71 1.08 1.77Baillie Gifford European B Acc 103 19 105 25 154 5 181 8 279 5 0.75 1.13Barclays Europe (ex-UK) Alpha R Acc GBP 96 103 98 101 119 96 145 82 - - - 1.90Baring European Growth I GBP Inc 100 54 107 19 139 18 171 22 180 43 0.87 1.44BlackRock Continental Euro D Acc 103 16 109 8 138 25 168 28 251 7 0.92 1.37BlackRock Continental Eurp Inc D Acc 96 101 100 89 132 50 164 36 - - 1.10 3.91BlackRock European Dynamic D Acc 103 20 109 10 146 9 186 5 317 3 0.93 1.11BlackRock Systm Continen Euro D GBP Acc 99 81 102 46 132 49 - - - - - 1.76Castlefield B.E.S.T Sust Eurp Gen Inc 99 59 - - - - - - - - - -Comeragh European Growth B EUR Acc 98 86 99 90 - - - - - - - -EdenTree Amity European B 96 102 98 100 135 35 166 32 214 17 0.92 1.91F&C European Growth & Income 2 Acc 102 25 108 14 139 20 172 20 229 11 0.87 2.40Fidelity European Opportunities W Acc 101 30 102 59 132 51 162 39 177 46 - 0.82Fidelity European W Acc 102 24 104 28 134 41 159 44 177 47 - 1.55Fidelity Index Europe ex UK P Acc 99 72 101 75 129 68 - - - - - 2.15FP Argonaut European Alpha R GBP Acc 98 90 103 31 113 98 151 73 189 38 - 1.16FP Argonaut European Income Opp R Acc 103 17 114 2 - - - - - - - 4.19FP CRUX European I GBP Acc 100 55 102 51 - - - - - - - 1.39FP CRUX European Special Sit A Acc GBP 99 66 102 55 140 16 168 30 - - - 0.61Franklin European Opportunities W Acc 99 74 102 57 127 80 151 72 164 62 1.05 3.04GAM Star Continental Eurp Eq Instl £ Acc 101 26 101 73 137 29 163 37 206 24 1.06 -GlobalAccess Eurp ex-UK Alpha M Acc GBP 100 39 101 65 106 99 148 77 - - - 1.55Guinness European Equity Income X GBPAcc 97 96 95 107 134 39 - - - - 1.24 -Halifax European C 99 65 101 67 131 55 159 47 171 53 1.53 1.19Hermes Europe ex-UK Equity F GBP Acc 106 9 111 4 152 7 178 11 - - 0.89 -HL Multi-Manager European A Acc 100 40 105 26 138 24 - - - - - 0.54HSBC European Growth Accumulation C 95 108 98 95 122 93 143 85 169 55 - 2.15HSBC European Index Accumulation C 99 69 101 68 130 62 157 49 175 49 0.28 2.59HSBC GIF Euroland Equity AD 95 109 97 103 128 76 152 67 148 70 1.86 1.08IP European Equity Income Z Acc 97 98 98 97 127 79 170 26 198 30 - 3.41IP European Equity Z Acc 98 94 98 98 132 52 179 9 205 26 - 2.02IP European ex UK Enh Idx Z Acc 99 79 101 77 - - - - - - - 2.52IP European Opportunities Z Acc 101 28 102 53 128 74 165 33 223 14 - 1.51iShares Continen Eurp Eq Idx (UK) D Acc 99 80 101 71 130 64 156 56 - - 0.17 2.38Janus Henderson European Focus I Acc 101 31 100 83 127 82 168 29 207 23 - 1.35Janus Henderson European Gr I Acc 100 53 102 60 137 27 173 18 238 8 1.08 1.43Janus Henderson European Sel Opps I Acc 100 51 100 84 125 85 160 43 213 18 1.10 1.34Janus Henderson Instl Eurp Idx Opp I Acc 99 73 101 70 130 59 156 53 174 50 0.79 2.13JOHCM Continental European A GBP 99 68 102 47 130 58 166 31 222 15 0.84 1.47JPM Europe C Net Acc 100 52 103 41 136 32 170 25 191 37 0.93 -JPM Europe Dynamic (ex-UK) C Net Acc 98 83 101 64 136 31 178 10 212 19 0.93 -Jupiter European I Acc 109 1 117 1 153 6 200 3 330 1 1.04 0.40Jupiter European Income I Acc 99 78 102 52 130 63 155 59 184 42 - 2.86Jupiter European Special Sits I Acc 100 57 99 91 126 83 154 62 205 25 1.05 1.08L&G European Index Trust I Acc 99 76 101 74 130 66 155 57 175 48 0.31 2.56L&G European Trust I Acc 105 12 108 13 135 37 173 19 194 35 - 0.97Lazard European Alpha C Acc 99 64 103 39 130 60 161 42 188 40 - 1.54Lazard European Equity C Acc GBP 99 67 103 37 133 45 - - - - 1.28 -Legg Mason IF MC Eurp Eq Income X Acc £ 98 92 99 92 121 94 142 86 164 63 - 3.43LF Canlife European C Acc 99 82 101 78 128 75 157 52 159 68 - 1.68LF Miton European Opportunities B Acc 108 2 113 3 - - - - - - - 0.73Liontrust European Growth I Inc 107 7 103 32 156 3 176 13 226 13 1.02 1.95Liontrust European Income Instl Acc 96 105 98 102 122 91 144 83 159 66 - 3.93Liontrust Eurp Enh Inc Instl Hdg Acc 97 97 100 86 104 100 143 84 - - - 4.32Liontrust Sust Fut Eurp Gr 2 Net Acc 101 35 102 58 133 44 164 34 198 29 0.79 1.39M&G European Index Tracker GBP A Acc 98 84 100 82 128 77 154 63 169 56 0.70 2.05M&G Pan European Smaller Coms GBP I Acc 100 45 105 24 133 43 158 48 165 61 0.93 1.08Man GLG Continental Eurp Gr Prf Acc C 108 3 110 6 165 2 233 1 329 2 1.06 0.53Marlborough European Multi-Cap P Inc 103 18 103 44 186 1 220 2 227 12 - 0.98MFS® Meridian Continen Eurp Eq WH1 GBP 105 15 106 21 120 95 142 87 - - 1.02 -MGTS AFH DA European Equity I GBP Acc 100 38 - - - - - - - - - -Montanaro European Income £ Inc 105 11 107 18 - - - - - - 0.83 2.49Neptune European Opportunities C Acc GBP 96 107 103 40 140 17 162 40 179 45 - 1.68Newton Continental European Inst W Acc 99 62 103 34 134 40 163 38 - - 0.83 1.45Old Mutual European Eq ex UK R GBP Acc 95 110 94 108 117 97 142 88 161 64 0.98 2.14Old Mutual Henderson European U2 GBP Acc 100 47 100 88 125 86 151 68 - - - 1.70Old Mutual Threadneedle Eurp Sel U2 £Acc 100 43 103 42 133 46 159 45 - - - 1.19OYSTER Continental Eurp Sel R GBP D 99 61 98 96 143 12 - - - - 1.28 1.47Polar Cptl Eurp Ex UK Inc I GBP Acc 95 111 96 106 - - - - - - - -Robeco QI Continental Eurp Cnsrv Eqs F £ 98 93 99 93 - - - - - - 0.68 -Royal London Europe ex UK Tracker Z Acc 99 77 101 79 129 67 - - - - - 2.20Royal London European Growth 105 10 110 5 140 15 174 15 188 41 1.57 -Royal London European Growth M Acc 98 87 101 66 129 72 154 64 210 20 0.70 1.73Royal London European Opps M Acc 98 91 100 81 127 81 147 80 - - - 1.54Russell Inv Continental Eurp Eq I 100 37 102 54 139 19 169 27 189 39 0.93 2.00Santander Europe (Excluding UK) Eqs A 98 88 100 80 129 69 156 54 173 51 1.04 2.20Schroder European Alpha Income Z Acc 100 42 102 48 139 22 193 4 - - 0.92 1.44Schroder European Alpha Plus Z Acc 100 41 105 23 144 10 159 46 202 28 0.92 2.05Schroder European Recovery Z Acc 97 99 100 87 122 90 155 58 195 34 0.85 2.03Schroder European Z GBP Acc 102 23 104 29 141 14 174 16 230 10 0.77 1.37


Scottish Widows European Gr A 100 58 101 62 129 70 148 78 155 69 1.63 1.16Scottish Widows Eurp Sel Gr A 106 8 108 12 134 38 146 81 159 65 1.63 0.52SLI European Equity Growth Plat 1 Acc 101 34 103 38 132 48 154 61 196 32 - 2.05SLI European Equity Income Plat 1 Acc 99 70 102 50 131 56 151 69 - - - 2.75SLI European Ethical Equity Plat 1 Acc 101 32 104 30 136 33 157 51 159 67 - 1.57SLI European Trust 100 56 102 49 130 61 148 79 180 44 0.86 1.54SLI European Trust II Ret Acc 98 85 98 94 122 92 141 89 168 58 1.77 1.55Smith & Williamson European Equity B 105 13 108 17 134 42 171 21 207 22 0.87 1.28SSgA Europe ex UK Equity Tracker 99 75 101 76 131 57 155 60 168 57 0.90 -Stonehage European All Cap Equity B Inc 96 106 94 109 128 73 154 65 299 4 1.97 -SVM Continental Europe Instl 100 44 103 35 138 23 181 7 208 21 1.23 -T. Rowe Price Continental Eurp Eq C GBP 101 36 101 63 - - - - - - - -T. Rowe Price Continental Eurp Eq Q GBP 100 49 101 72 131 54 164 35 - - 0.82 -Threadneedle European Sel Z Acc GBP 100 46 103 43 133 47 161 41 264 6 0.82 1.09Threadneedle European Z Acc GBP 101 29 103 33 127 78 153 66 196 33 - 1.41TM Sanditon European A Acc 96 100 96 105 122 89 - - - - - 1.78Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 99 71 101 69 131 53 156 55 - - 0.25 2.50Waverton European Capital Gr R GBP Inc 103 21 108 16 143 13 - - - - - 0.23Waverton European Dividend Gr L GBP Inc 103 22 108 15 148 8 185 6 203 27 - 2.49Average/Total 100 111 103 109 133 100 163 89 199 71 1.00 1.77

(IA) EUROPE INCLUDING UKAllianz Europe Equity Gr Sel RT GBP 102 24 102 33 134 18 175 6 - - - -Allianz Europe Equity Growth P GBP 105 10 104 20 139 9 168 9 - - 0.72 0.77Amundi SICAV II Euroland Equity R GBP ND 100 40 102 32 137 11 158 19 199 16 0.95 -Amundi SICAV II Eurp EqTgt Inc R GBP DSA 96 51 95 52 116 44 - - - - 0.94 7.42Amundi SICAV II Top Eurp Plyrs R GBP ND 101 33 101 39 120 41 144 37 192 20 0.96 -BGF European Value D2 99 44 99 46 123 36 151 29 201 15 1.06 -Candriam Quant Equities Europe C Acc EUR 102 20 104 26 130 22 150 30 159 31 1.91 -Capital Group Eurp Gr & Inc (LUX) Bh $ 103 17 98 47 124 35 - - - - 1.81 -Carmignac Pf Grande Europe W GBP Acc 104 13 105 17 - - - - - - 1.86 -Fidelity European Dynamic Gr W-Acc-GBP 107 6 108 8 152 1 179 4 241 5 1.16 -Fidelity Instl Pan European Acc 100 42 100 40 125 32 151 28 193 19 0.88 1.78GAM Multistock Euroland Value Eq GBP R 96 52 106 15 142 8 171 8 163 29 0.98 -GAM Multistock Europe Focus Equity EUR B 103 19 103 28 130 21 142 40 142 34 1.85 -GAM Star (Lux) - Eurpn Momentum IAcc 106 8 111 2 144 5 188 3 229 9 2.52 -GAM Star European Equity Instl EUR Acc 103 18 104 21 135 13 161 16 209 12 1.70 -GS Europe CORE® Equity R Inc GBP 102 25 105 16 145 4 178 5 191 21 0.68 1.87Hermes European Alpha Equity F GBP Acc 104 11 101 37 129 25 149 32 - - 0.86 -IFSL Trade Union Unit Trust 104 15 104 23 121 37 134 43 146 32 1.10 1.45JOHCM European Concentrated Value B EUR 98 46 100 41 - - - - - - - -JOHCM European Select Val A GBP 97 49 97 50 130 23 162 14 281 2 1.45 0.82JPM Europe Equity Plus A perf (dist) GBP 100 34 103 30 128 26 161 15 223 10 1.82 1.47JPM Europe Strategic Growth A (dist) GBP 105 9 108 7 145 3 193 1 229 8 1.80 0.54JPM Europe Strategic Value A (dist) GBP 98 47 100 42 128 27 151 26 145 33 1.80 2.50Jupiter European Growth D GBP Acc 107 4 111 3 147 2 191 2 303 1 0.95 -Jupiter European Opps D EUR Acc 100 38 102 35 124 33 152 25 204 14 0.95 -Legg Mason QS MV Eurp Eq G&I A EUR DisA 100 37 98 49 121 38 142 39 141 35 1.92 2.24LO Funds Europe High Convc EUR NA 100 36 102 34 136 12 168 10 229 7 1.00 -M&G European Strategic Value GBP I Acc 102 23 104 19 134 17 165 12 204 13 0.92 1.63M&G Pan European Dividend GBP I Acc 97 50 98 48 124 34 149 31 - - 0.93 3.15M&G Pan European Select GBP I Acc 100 41 106 13 135 15 159 17 180 25 0.92 1.40MFS® Meridian Blnd Rsrch Eurp Eq WH1 GBP 102 27 103 29 116 45 132 45 - - 0.98 -MFS® Meridian European Core Eq W1 GBP 104 12 107 10 - - - - - - 1.01 -MFS® Meridian European Research WH1 GBP 104 16 105 18 111 48 134 44 - - 0.97 -MFS® Meridian European Value W1 GBP 104 14 106 12 143 6 172 7 252 4 1.16 -New Capital Dynamic Eurp Eq GBP Ord Inc 102 21 103 27 111 49 159 18 - - 1.45 2.62Old Mutual European Equity U1 GBP Acc 97 48 97 51 110 50 - - - - 1.29 -Overstone UCITS European Eq A EUR 111 1 112 1 135 14 158 20 176 26 - 0.76Pictet-European Equity Sel I EUR 101 30 107 9 142 7 147 34 161 30 0.92 -Pictet-European Sustainable Eqs P dy EUR 99 43 99 44 126 28 151 27 169 28 1.18 1.38Polar Capitlal European Income I Acc 94 53 94 53 119 43 - - - - - -Principal European Equity I Acc USD 106 7 109 5 137 10 165 11 196 17 1.13 -Schroder ISF Eurp Eq Yld Z Acc EUR 107 5 109 4 134 16 156 21 184 22 1.08 -Seilern Stryx Europa EUR U R (Founders) 110 2 106 14 129 24 155 23 - - - -SLI European Equity Uncons D Acc EUR 101 31 100 43 114 46 139 41 181 24 0.99 -SLI Pan-European Trust 102 22 104 24 125 31 147 35 176 27 0.78 2.12SVM All Europe SRI B Acc 100 39 106 11 133 19 163 13 262 3 1.23 -T. Rowe Price European Eq Q EUR 102 26 101 38 120 40 148 33 182 23 0.78 -Threadneedle Pan European Z Acc GBP 101 28 104 22 126 29 155 22 230 6 - 1.38Threadneedle Pan Eurp Eq Div Z Inc GBP 98 45 99 45 120 42 144 38 196 18 1.14 3.79Threadneedle Pan Eurp Focus Z Acc GBP 101 29 104 25 120 39 155 24 210 11 0.92 1.36Vanguard SRI European Stock GBP Acc 100 35 101 36 125 30 146 36 - - 0.35 2.64Virgin Climate Change 109 3 109 6 113 47 137 42 116 36 1.96 -Winton European Equity I GBP Acc 101 32 102 31 131 20 - - - - - -Average/Total 102 53 103 53 129 50 157 45 197 36 1.21 2.05

(IA) EUROPEAN SMALLER COMPANIESAberdeen European Smlr Coms Eq I Acc 111 1 113 5 148 16 170 17 211 16 - 0.59Amundi SICAV II Eurpn Potential R GBP ND 104 15 107 18 132 20 - - - - 0.95 -Baring Europe Select I GBP Inc 103 17 106 21 157 9 205 10 318 4 0.79 0.94BNY Mellon Small Cap Euroland GBP W Acc 105 11 109 13 - - - - - - 0.93 1.25Carmignac Pf Euro-Entrprs W GBP Acc 101 21 108 14 - - - - - - - -F&C European Small Cap R EUR Acc 99 24 98 24 121 21 161 18 230 14 1.20 -F&C European SmallCap Ex UK C Acc GBP 100 23 100 23 133 19 - - - - - 1.39IP European Small Companies Z Acc 104 14 108 17 143 18 195 13 181 17 - 0.81Janus Henderson European Smr Coms I Acc 103 16 110 10 175 1 237 1 275 10 1.08 0.72JPM Europe Dynamic Sm Cp A perf(dist)EUR 108 4 113 4 168 4 212 8 282 9 1.80 1.08JPM Europe Small Cap A (dist) GBP 105 8 109 11 156 10 210 9 244 12 1.80 1.52JPM Europe Smaller Companies C Acc 105 10 111 9 172 3 229 3 231 13 0.93 -Lazard European Smaller Coms C Acc 102 20 108 15 153 12 220 6 292 8 - 1.13M&G Pan Eurp Sel Smllr Coms GBP I Acc 101 22 102 22 148 15 179 16 229 15 0.94 0.90MFS® Meridian European Smlr Coms W1 EUR 105 9 106 19 145 17 191 14 329 3 1.22 -Mirabaud Eqs Eurp Ex-Uk S&M D GBP Acc 105 13 111 7 - - - - - - 0.98 -Mirabaud Eqs Pan Eurp S&M D GBP Acc 107 5 115 2 - - - - - - 0.96 -Old Mutual Eurp ExUK Sm Coms R GBP Acc 97 25 97 25 153 13 - - - - 0.95 -Pictet-Small Cap Europe I GBP 102 18 106 20 149 14 189 15 265 11 1.12 -Schroder European Sm Cos Z Acc 108 2 114 3 163 7 230 2 292 7 0.94 0.76SLI Europe ex UK Smlr Coms Plat £ Acc 102 19 108 16 163 8 218 7 312 6 - 1.13SLI European Smaller Coms D Acc EUR 108 3 113 6 164 6 222 4 400 1 0.97 -

Unit Trusts 2


>|Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk

Unit Trusts 3


T. Rowe Price Eurp Smlr Coms Eq Q GBP 106 6 115 1 174 2 221 5 - - 1.12 -Threadneedle Eurp Smlr Coms Z Acc GBP 105 12 109 12 165 5 204 11 340 2 1.05 0.78Threadneedle Pan EurpSmlrComs Z Acc GBP 105 7 111 8 154 11 196 12 314 5 0.93 0.75Average/Total 104 25 108 25 154 21 205 18 279 17 1.09 0.98

(IA) FLEXIBLE INVESTMENT7IM AAP Adventurous C Acc 103 30 107 34 118 104 146 62 178 47 0.61 1.237IM Adventurous C Acc 103 49 106 51 118 105 149 40 190 35 1.58 0.64Aberdeen Capital Trust Inc 104 19 106 70 126 56 145 64 175 50 1.63 1.14Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc 101 109 105 87 125 68 148 45 189 37 - 0.63ACPI Balanced UCITS USD Retail Acc 102 51 102 115 131 25 146 55 196 25 - -ACPI Horizon UCITS EUR Retl 101 102 102 113 - - - - - - - -Acumen Adventurous X Acc 101 116 104 93 - - - - - - - 1.41AHFM Defined Returns B GBP Acc 104 16 107 46 124 71 - - - - - -Allianz Global Fdmtl Strat RT2 H GBP 95 156 97 151 107 128 - - - - - -Amundi SICAV II Pio Flex Opps R GBP ND 104 14 108 19 130 34 - - - - 0.99 -Architas MA Active Dynamic A Acc 101 93 106 53 132 23 150 39 209 14 1.71 0.64Architas MA Active Growth A Acc 102 55 107 35 131 28 152 30 206 19 - 0.66Artemis Strategic Assets I Acc 104 5 105 74 110 123 120 109 - - 0.82 -Aviva Investors Multi-Mgr Flexible 2£Acc 100 130 105 86 126 57 153 29 208 15 1.64 0.38Barclays Wealth Global Mkts 5 R Acc GBP 102 67 107 36 126 61 143 70 - - 1.08 1.90Capital Group EM Ttl Opps (LUX) Z 99 142 99 143 120 97 118 112 193 31 1.02 -Capital Group Glb Abs Inc Gr (LUX) Z 100 138 99 144 124 78 139 81 - - 0.90 -Capital Group Global Allc (LUX) Z 102 54 103 105 136 12 - - - - 0.90 -Carmignac Patrimoine A EUR Acc 99 144 98 148 115 118 116 115 172 54 1.79 -Carmignac Pf Emerg Patrim F GBP Acc Hdg 96 155 97 150 104 132 108 117 - - 1.19 -Carmignac Pf Patrimoine F GBP Acc Hdg 100 133 98 145 97 138 118 114 - - 1.16 -Carvetian Capital Income 103 43 112 7 103 134 135 91 179 45 1.15 0.21Carvetian Generation Income 101 107 105 89 104 131 130 98 166 60 1.14 0.85Cavendish International B Inc 103 24 108 31 129 37 151 34 215 12 0.88 0.78CF Purisima EAFE Total Return PCG B nc 98 150 102 117 124 74 142 74 165 63 1.80 0.37City Financial Multi Asset Dyn I Acc 103 47 101 118 108 127 - - - - - 0.34Close Growth Portfolio X Acc 103 28 105 90 116 111 144 66 - - 0.95 1.10Close Managed Growth X Acc 103 21 108 24 126 55 150 37 - - 1.12 0.89Close Strategic Alpha X Acc 104 7 110 8 127 50 157 20 - - 1.82 0.25Close Tactical Select Passive Gr X Acc 103 44 106 55 126 58 147 54 - - 0.66 1.34Courtiers Total Return Growth 104 13 108 26 132 21 164 11 185 42 2.01 -Discovery Managed Growth B GBP Acc 101 113 106 50 124 79 147 48 157 71 - 0.16EF Brompton Global Opps B GBP Acc 101 96 106 58 127 48 149 41 - - 1.90 0.61F&C Managed Growth 1 Acc 103 38 106 57 127 49 146 58 169 57 1.89 0.48F&C MM Navigator Select C Acc 101 100 105 72 128 41 155 23 187 40 - -F&C Multi Man Invest Trust Fd C Net Acc 104 6 112 6 135 15 165 10 194 29 - 0.43Family Investments Child Trust 103 48 104 101 122 87 140 78 179 44 1.47 1.45Fidelity MltAsst Open Adv Y Acc 102 83 105 81 124 80 138 83 - - - 0.39Fidelity Multi Asset Adventurous Y Acc 103 22 106 69 123 81 147 50 - - - 0.35Fidelity Multi Asset Allctr Advtrs Y Acc 101 118 103 109 122 88 140 79 - - - 1.19First State Diversified Gr B Acc GBP 98 148 98 146 - - - - - - - 1.50FP 8AM Focussed A Inc 103 34 107 45 126 60 131 94 - - 2.50 -FP Brunswick Growth Portfolio C Acc GBP 103 45 108 20 135 14 157 21 - - 2.47 -FP Mattioli Woods Adventurous E GBP Inc 103 36 - - - - - - - - - -FP Mattioli Woods Cautious E GBP Inc 100 134 - - - - - - - - - -FP Mattioli Woods Growth E GBP Inc 101 94 - - - - - - - - - -FP Tatton Oak Advanced B 101 91 105 83 123 83 146 63 - - 1.51 1.40GAM Star Dynamic Growth Instl GBP Acc 104 11 110 10 127 46 147 53 - - 1.96 -GAM Star Growth Institutional GBP Acc 103 29 108 25 121 93 143 73 - - 1.68 -HC Kleinwort Hambros Growth A Acc 101 103 101 119 119 100 127 102 - - 1.83 0.81HC Sequel Growth Trgt Ret Strat B £ Acc 100 121 104 97 116 109 - - - - - 0.21HC Verbatim Multi-Index Portfolio 6 A 102 61 105 80 125 65 141 77 - - 0.80 1.07Hermes Multi-Asset Inflation F GBP Acc 98 149 100 130 100 137 - - - - - -HL Multi-Manager High Income A Acc 102 75 104 100 - - - - - - - 4.03HL Multi-Manager Strategic Assets A Acc 101 104 100 131 - - - - - - - 0.58IFSL Brooks Macdonald Strat Growth A GBP 104 20 109 15 124 76 - - - - - 0.71IFSL Brunsdon Adventurous Gr C Acc 103 39 107 41 125 64 141 75 - - - 0.74IFSL Select Z Acc GDP 103 42 106 62 127 51 148 43 189 38 - 1.14Investec Global MA Ttl Ret I GBP Acc 98 152 102 112 124 77 155 22 200 23 0.85 0.78IP Managed Growth Z Acc 101 106 104 96 130 33 161 15 217 7 - 1.14Janus Henderson Mlt-Mgr Active I Acc 103 35 106 56 126 52 151 35 161 66 - 0.58JPM Diversified Growth C Net Acc 99 147 103 107 126 53 158 18 212 13 0.93 -Jupiter Merlin Growth I Acc 104 10 106 54 127 45 154 24 220 5 1.81 0.30L&G Multi Manager Growth Trust I Acc 103 46 106 49 122 84 137 85 159 67 1.73 0.82L&G Worldwide Trust I Acc 103 41 106 71 125 62 152 31 188 39 0.82 1.50LF Bentley Global Growth A Acc 100 132 100 139 110 124 128 100 - - 3.02 -LF Bentley Sterling Balanced Acc 100 131 99 142 104 133 115 116 138 73 2.30 -LF Canlife Portfolio VII C Acc 104 8 108 28 122 86 - - - - - 1.72LF Catalyst Trust Acc 101 84 107 33 131 27 159 17 221 4 0.94 0.72LF Cautela Retail Acc 102 77 100 138 100 136 107 118 - - - 0.89LF IM Global Strategy A Acc 103 26 108 21 139 7 166 8 - - 1.49 0.68LF Miton Worldwide Opportunities B Acc 102 80 108 29 144 1 165 9 190 34 1.58 0.10LF Odey Continental European I Acc 101 119 109 12 136 11 154 26 192 33 1.08 0.77LF Odey Opus I Acc 112 1 112 5 115 116 137 84 200 22 1.08 0.44LF Prudential Dyn Focs 60-100 Port A Acc 102 66 104 92 - - - - - - - 1.32LF Prudential Dynamic 60-100 Port P Acc 102 56 105 75 121 90 143 71 - - - 1.21LF Ruffer Equity & General C Acc 102 82 107 42 117 107 131 96 216 9 - 0.04LF Ruffer Japanese C Acc 104 12 115 2 127 43 175 3 - - 1.23 0.23LF Stewart Ivory Investment Markets Acc 102 70 103 104 124 72 151 33 194 28 1.16 2.52LF Waverton Portfolio B Inc 102 81 105 88 127 44 148 46 206 18 1.85 0.98Liontrust Sust Fut Absolute Gr 2 Net Acc 106 3 113 3 139 9 167 7 218 6 0.85 0.38LO Funds All Roads EUR NA 98 151 104 94 132 22 121 106 - - 0.72 -M&G Fund of Invest Trust Shares A Acc 103 32 110 9 141 4 167 6 193 30 1.20 0.41M&G Managed Growth GBP I Acc 101 111 108 22 139 8 150 38 174 51 1.04 1.08Man GLG Stockmarket Managed Profl Acc C 103 50 107 40 118 103 147 52 183 43 0.93 1.12Margetts Opes Income R GBP Acc 100 128 101 125 116 112 131 95 178 48 0.90 2.61Margetts Venture Strategy Fd R GBP Acc 101 114 107 43 134 16 146 57 216 11 0.93 0.78MFS® Meridian Diversified Income WH1 GBP 97 153 100 136 105 130 - - - - 1.05 -MFS® Meridian Global Total Ret WH1 GBP 97 154 101 121 109 125 123 105 - - 1.19 -MGTS Clarion Explorer Portfolio R Acc 102 57 109 14 134 18 148 42 193 32 1.33 0.29MGTS Frontier Adventurous R Acc 100 123 106 59 130 31 144 68 - - 1.60 0.56MI Charles Stanley Multi Asst5 Adv A£Acc 101 88 108 30 - - - - - - - 0.88MI Downing Diversified Global Mgrs A Acc 102 64 106 66 121 91 136 88 165 62 1.75 -MI Momentum Focus 3 A Acc 100 139 100 141 111 122 119 111 - - 3.22 1.11


MI Momentum Focus 4 A Acc 101 101 102 114 116 113 129 99 - - - 1.27MI Momentum Focus 5 A Acc 102 79 103 106 119 99 136 89 - - - 1.45Neptune Global Alpha C Acc GBP 111 2 126 1 135 13 196 1 201 21 0.72 0.45Newgate GBP Inc 102 74 103 110 121 96 134 92 165 64 1.34 1.05Newton Multi-Asset Growth Inst W Acc 104 15 107 47 130 32 164 12 195 26 0.67 1.36Newton Multi-Asset Income Inst W Acc 101 95 101 129 128 40 - - - - 0.98 3.72Newton SRI for Charities GBP Inc 103 25 105 76 126 59 146 61 - - 0.83 2.18Nomura Fds Diversified Growth I GBP 99 145 100 140 - - - - - - 1.00 -Old Mutual Cirilium Adventurous R 102 59 - - - - - - - - - -Old Mutual Cirilium Dyn R GBP Acc 101 90 105 79 128 39 158 19 - - 1.24 1.17Old Mutual Foundation 5 R GBP Acc 100 127 105 73 123 82 - - - - - 1.61Osprey Sterling Inc 100 126 100 135 130 29 162 14 236 2 1.14 0.74PIMCO GIS Strat Inc E USD Acc 101 110 100 134 125 63 - - - - 1.75 -Premier Liberation No. VII Class C Acc 102 62 106 63 130 30 151 36 170 56 1.86 1.46Premier Multi Asset Global Gr C Inc 101 89 106 67 136 10 167 5 - - 1.98 0.59P-Solve Inflation Plus A Inc 100 136 103 108 117 106 132 93 175 49 1.75 -Pyrford Glbl Tot Ret(Sterling)B GBP Acc 100 129 98 147 - - - - - - - -Rathbone Dragon Trust £ Acc 103 33 109 17 134 17 164 13 208 16 0.89 0.56RBS INV Adventurous Growth 102 73 105 82 124 75 147 49 - - 2.06 0.26RHFS Diversified Strategy C Acc 102 58 107 32 127 47 - - - - - -River & Mercantile Dyn Asst Allc B Acc 100 137 103 103 116 115 - - - - - 0.87S&W ILEX Trust Acc 100 122 101 127 112 121 120 110 120 75 1.60 2.96S&W Starhunter Managed Acc 101 99 104 98 115 117 127 101 171 55 1.73 0.30Sarasin FoF Global Equity P Acc 101 86 107 39 121 92 153 28 - - 1.60 1.10Sarasin FoF Global Growth P Acc 101 115 105 77 116 110 - - - - 1.37 1.16Sarasin Global Equity Real Return P Acc 102 76 107 37 126 54 135 90 143 72 1.24 1.61Schroder Dynamic Multi Asset Z Acc 100 124 104 95 109 126 125 104 158 68 0.50 1.66Schroder MM Diversity Tactical Z Acc 100 125 101 128 113 119 130 97 - - 1.42 0.44Sentinel Enterprise B Acc 104 17 109 16 125 67 136 87 157 69 - 0.40Smith & Williamson MM Global Invmt B 103 27 108 27 129 36 154 27 165 65 - 1.81Spectrum Income Fund O Acc 100 140 104 99 - - - - - - - 2.89Standard Life Wealth Acer Fund 101 85 101 124 118 102 137 86 157 70 1.15 1.68Standard Life Wealth Bridge Inc 101 87 101 126 120 98 141 76 169 58 0.83 1.59Standard Life Wealth Merlin 102 72 101 120 119 101 139 82 167 59 1.21 1.27SVS Brown Shipley Dynamic I Acc 102 60 107 48 121 95 143 72 - - 2.08 1.18SVS Church House UK Managed Growth A Acc 103 37 104 102 121 94 146 56 207 17 1.59 0.97SVS Heritage Balanced A Acc 102 52 105 84 - - - - - - - -TB Elite Strategic A Accumulation 102 69 106 52 - - - - - - - -TB Enigma Dynamic Growth B Acc GBP 101 105 - - - - - - - - - -TB Wise Multi-Asset Growth B Acc 102 65 109 13 141 3 161 16 216 8 1.53 0.96TB Wise Multi-Asset Income B Inc 101 108 100 137 133 19 169 4 232 3 1.46 5.29TC Centre Multi Mgr Advnturs A Acc 102 78 106 65 133 20 148 44 172 53 3.00 -The Norfolk Trust 102 71 100 132 125 66 144 67 197 24 0.93 1.45The Notts Trust 102 68 100 133 124 70 143 69 195 27 0.88 1.42Thesis Elfynn Trust Acc 104 18 108 23 130 35 147 51 - - - 0.74Thesis Palm 101 117 106 60 128 38 146 60 - - 1.33 0.36Thesis Thameside Managed 102 63 106 63 122 85 140 80 178 46 2.01 0.55Threadneedle Managed Eq Z Acc 103 40 106 61 128 42 151 32 203 20 - 0.84TM Balanced Growth Fund 99 141 102 111 117 108 125 103 166 61 2.07 1.29TM Cerno Select C Acc 101 98 101 122 113 120 - - - - - 0.45TM Fulcrum Diversified Growth C GBP 101 120 105 78 101 135 118 113 - - 1.48 -Troy Spectrum O Acc 101 92 105 91 132 24 147 47 216 10 1.49 0.49Troy Trojan O Inc 99 143 98 149 116 114 120 107 186 41 1.03 0.44UBS Targeted Return C 99 146 101 123 106 129 120 108 135 74 1.45 1.32Unicorn Mastertrust B 103 23 110 11 143 2 177 2 254 1 1.75 0.88VT Grosvenor Adventurous A GBP Acc 102 53 107 44 - - - - - - - 1.12VT Tcam Growth Net Acc 103 31 107 38 122 89 - - - - - 0.67VT Thistledown Income Z GBP Net Acc 101 97 102 116 131 26 154 25 - - - 1.57VT Ursus Arctos 1 Net GBP Inc 105 4 112 4 139 6 - - - - - 0.96WAY Global Red Active Portfolio Tr E Acc 101 112 106 68 124 73 146 59 190 36 - -WAY MA Growth Portfolio E Acc 100 135 105 85 124 69 144 65 174 52 2.17 -Zurich Horizon Multi-Asset V Z Acc 104 9 108 18 140 5 - - - - - 0.64Average/Total 102 156 105 151 123 138 144 118 187 75 1.41 1.05

(IA) GLOBALAberdeen Ethical World Equity I Acc 103 156 106 198 128 217 136 218 175 140 1.12 0.83Aberdeen Global World Equity X Acc GBP 100 265 102 266 126 228 135 222 194 122 1.19 -Aberdeen World Eq Enh Idx Net B Acc 105 89 110 80 143 86 - - - - - 1.84Aberdeen World Equity I 100 262 102 265 126 221 135 219 193 124 1.13 0.72Acumen Equity X Acc 102 225 - - - - - - - - - -Allianz Best Styles Global AC Eq C Acc 103 197 108 153 - - - - - - - 1.73Allianz Best Styles Global Eq RT GBP 102 209 107 165 137 149 - - - - - -Allianz Global AC Eq Inigts W Acc GBP 108 38 113 45 149 46 209 15 - - - -Allianz Global Small Cap Equity RT GBP 108 39 115 31 142 93 - - - - - -Ardevora Global Equity A GBP Acc 108 34 115 33 159 15 217 12 - - - -Ardevora Global Long Only Eq C GBP Acc 108 37 114 38 159 13 - - - - - -Artemis Global Growth I Acc 103 180 112 56 141 101 196 25 227 72 1.00 1.59Artemis Global Select I Acc 106 70 112 60 148 50 183 58 - - 1.17 0.67Artemis Instl Global Capital IN Acc 103 177 113 53 141 102 196 21 230 69 0.82 1.66Aviva Investors Intl Idx Tr 2 £ Acc 103 159 108 146 143 83 177 78 245 53 0.50 1.65AXA Framlington Global Thematics Z Inc 106 56 112 55 143 89 183 59 194 123 - 0.64AXA Rosenberg Global Z 103 166 110 90 142 94 174 85 207 101 1.06 1.71Baillie Gifford Gbl Discovery B Acc 121 2 133 2 167 8 243 3 481 1 0.88 -Baillie Gifford Global Alpha Gr B Acc 107 47 114 43 161 10 202 17 - - 0.68 0.41Baillie Gifford Global Select B Acc 111 16 120 13 - - - - - - - 0.38Baillie Gifford International B Acc 107 45 114 39 163 9 205 16 311 16 0.69 0.36Baillie Gifford UK and Worldwide Eq B 109 26 - - - - - - - - - -Barclays Global Core R Acc GBP 102 221 107 174 136 157 157 173 - - - 1.81Barings Global Div Champions I GBP Acc 100 268 101 271 - - - - - - 0.85 -Barings Global Leaders A GBP Inc 104 134 106 194 135 162 158 172 186 133 2.15 -BlackRock Consensus 100 D Acc 103 157 107 168 138 131 169 113 - - 0.27 1.80BlackRock Global Equity D Acc 96 290 96 283 123 236 147 201 182 136 0.92 1.82BlackRock Global Equity D GBP Acc 105 86 107 159 134 174 162 146 - - 0.24 2.31BlackRock Overseas Equity I Acc GBP 104 131 109 126 146 66 184 56 260 41 0.24 1.37BNY Mellon Global Leaders GBP W Acc 104 112 107 179 - - - - - - 0.89 0.47BNY Mellon Long-Term Global Eq Int W Acc 106 68 110 83 147 56 176 81 274 28 0.81 0.79Brown Advisory Global Leaders C USD Acc 109 30 118 14 158 16 - - - - 0.75 -Candriam Quant Equities MF Glb C Acc EUR 104 125 108 136 141 105 170 108 209 99 1.96 -Capital Group New Pers (LUX) Z 106 48 111 63 151 37 191 33 300 19 0.80 -Carmignac Investissement A EUR Acc 105 81 103 250 118 249 135 220 183 135 2.00 -



£ £ £ £ £ % %Carmignac Pf Invmt F GBP Acc Hdg 106 57 104 241 99 255 136 217 - - 1.17 -Davy Discovery Equity M GBP Acc 106 55 112 61 - - - - - - - -Davy Ethical Equity U GBP Acc 104 105 108 127 - - - - - - - -Davy Global Brands Equity M Acc 102 232 100 273 - - - - - - - -Dimensional International Core Eq Acc 104 148 109 111 145 72 181 62 257 45 0.46 1.45Dimensional International Val Acc 102 206 108 137 139 129 171 101 207 102 0.57 1.67Dodge & Cox Worldwide Global Stk GBP Acc 101 257 102 262 138 134 178 75 255 47 0.68 -Dominion Global Trends - Managed GBP I 105 74 107 170 138 132 143 208 - - - -Dominion Global Trends Lxy Cnsmr GBP I 111 14 108 141 122 239 128 223 200 116 - -EdenTree Amity International B 104 144 108 139 131 194 145 205 225 75 0.83 1.84EF Brompton Global Equity B GBP Acc 102 231 108 144 137 148 164 137 - - 1.71 0.17Electric & General Net Income A 99 279 97 281 135 160 162 151 - - - 1.54F&C Global Thematic Opps 1 Acc 106 53 114 42 133 177 167 125 187 132 2.43 -F&C Institutional Global Eq 4 Inc 102 229 109 117 142 91 193 30 255 46 0.03 2.06F&C MM Navigator Boutiques C Acc 102 212 107 172 134 170 167 121 223 79 - 0.05F&C Responsible Global Equity 2 106 63 113 47 148 49 187 45 265 36 0.80 0.68Fidelity Allocator World Y Acc 103 170 108 138 139 128 171 98 - - - 0.95Fidelity Global Cnsmr Inds W-Acc-GBP 110 24 111 74 155 21 190 39 353 10 1.17 -Fidelity Global Financial Svcs W-Acc-GBP 99 273 109 98 140 111 165 132 217 90 1.16 -Fidelity Global Focus W Acc 109 32 112 58 151 36 189 41 269 35 - 0.33Fidelity Global Health Care W-Acc-GBP 105 73 106 202 120 243 182 60 333 13 1.17 -Fidelity Global Industrials W-Acc-GBP 108 40 108 130 143 80 146 202 174 141 1.19 -Fidelity Global Special Sits W Acc 103 176 109 104 149 40 199 20 225 74 - 0.64Fidelity Index World P Acc 104 122 108 132 143 82 179 68 - - - 1.77Fidelity Instl Global Focus Acc 106 58 111 67 149 41 187 44 276 26 0.90 0.56Fidelity Open World Y Acc 102 201 107 171 138 143 163 141 - - - 0.16Fidelity Undiscovered Talent Y Acc 101 246 105 217 130 203 - - - - - 1.53Fidelity WealthBuilder Y Acc 102 205 105 212 130 204 160 161 215 92 - 1.05First State Glbl Lstd Infras B Acc GBP 97 287 96 284 136 154 174 86 242 56 0.95 3.10First State Global Resources B Acc GBP 110 22 115 34 130 202 111 228 87 148 0.89 1.14FP CRUX Global B Inc 104 133 107 178 135 164 164 136 246 52 1.29 0.99FP Octopus Global Growth B 103 175 109 116 138 142 154 185 - - 1.49 0.49FP Octopus International Equity B Acc 103 164 109 105 140 114 173 89 - - 0.93 0.99FP Russell Invsmts Intl Gr Assts C Acc 101 248 109 106 135 161 176 79 - - 1.07 0.56FP SCDavies Global Equity A Acc GBP 101 241 105 221 136 158 162 155 - - 1.81 -FP WHEB Sustainability C 107 46 112 54 142 90 183 57 - - 1.05 -FP WM Global Corp Autonomies I GBP Acc 103 189 106 211 144 79 - - - - - 1.02Fundsmith Equity T Acc 106 52 111 64 176 4 237 4 - - 1.17 0.54GAM Global Diversified Instl GBP Acc 97 288 98 276 120 244 144 207 210 98 1.09 -GAM International Growth & Val X Acc 101 244 105 225 124 235 147 198 - - - -GAM Multistock Luxury Brands Eq GBP Ra 120 3 127 5 160 12 162 150 - - 1.27 0.46GAM Star Comps Glbl Eq GBP Acc 103 186 107 167 131 196 159 168 - - 1.90 -GAM Star Global Quality Instl GBP Inc 100 261 102 263 132 189 159 170 - - 1.16 0.91GAM Star Worldwide Equity Ord GBP Acc 101 255 105 222 125 229 149 193 190 128 1.62 -GS GIVI Gl Eq GrMkts Tilt R Acc $ Snap 103 181 107 166 139 124 168 117 - - 0.50 -GS Glb Sm Cp CORE® Eq R Inc GBP Snap 109 29 117 18 155 24 201 18 336 12 0.85 0.48GS Glbl Eq Ptnrs ESG R Inc USD Snap 104 110 107 169 130 206 155 183 - - 1.00 0.35GS Global CORE® Eq R Acc USD Snap 107 42 114 36 159 14 213 13 283 23 0.75 -GS Global Equity Ptnrs R Inc GBP 103 187 107 185 131 195 167 122 229 70 0.99 0.29GS Global Millennials Eq R Inc USD 109 31 109 96 139 127 172 94 - - 1.15 -GS Strategic Global Equity R Inc GBP 104 128 108 140 132 188 162 149 279 25 1.05 0.46Guinness Alternative Energy X 111 15 115 28 103 254 124 227 - - 1.24 -Guinness Global Energy X 116 8 120 11 112 253 107 229 - - 1.24 -Guinness Global Innovators Y GBP ACC 105 75 116 27 158 18 223 7 397 2 0.99 -Guinness Global Money Managers X 99 272 109 109 116 252 162 154 - - 1.24 -Halifax Ethical C 103 151 106 190 128 214 156 178 202 110 1.52 0.67Halifax Fund of Invmt Trusts C 104 121 109 121 138 141 168 116 204 109 1.51 0.33Halifax Intl Gr C 104 114 109 119 138 137 163 144 220 82 1.51 0.76Harris Associates Global Eq R/A USD 100 269 106 206 132 192 155 181 223 78 2.15 -HC Charteris Global Macro A Acc 108 36 105 230 119 248 - - - - - 1.92Heriot Global A Acc 105 88 111 73 140 118 162 153 - - - 1.52Hermes Global Equity ESG F GBP Acc 104 136 108 157 141 108 - - - - 0.73 -Hermes Global Equity F GBP Acc 105 82 110 92 145 74 186 47 - - 0.66 -Hermes Global Small Cap Equity F GBP Acc 107 41 115 30 155 22 - - - - 1.15 -HL Multi-Manager Special Sits A Acc 103 183 106 192 135 163 166 130 222 81 1.49 0.56HSBC FTSE All-World Index C Acc 104 147 108 131 142 96 - - - - - 1.87IFSL Ravenscroft Huntress GlbBlueChpBInc 98 284 - - - - - - - - - -Investec Glb Quality Eq Inc I Inc-2 Net 99 276 97 280 - - - - - - - 2.77Investec Global Dynamic I Acc Net GBP 105 90 111 69 133 176 173 92 252 50 0.87 1.04Investec Global Equity I Acc Net GBP 103 169 109 113 132 191 168 118 232 68 0.88 1.10Investec Global Franchise I Net Acc 102 213 103 258 147 57 176 80 - - 0.85 2.28Investec Global Special Sits I Net Acc 104 109 114 35 154 29 195 27 302 18 0.91 0.54Investec Global Strat Eq I Acc Net GBP 104 120 113 50 140 115 191 34 260 42 0.86 0.71IP Global Equity Z Acc 103 171 109 93 136 152 169 114 - - - 1.47IP Global ex UK Core Equity Index 104 123 108 145 144 77 181 63 263 38 0.72 1.42IP Global ex UK Enhanced Index 104 104 110 87 146 69 185 50 279 24 0.37 1.67IP Global Opportunities Z Acc 104 115 111 71 146 63 185 52 274 29 - 0.94IP Global Smaller Companies Z Acc 102 203 109 100 147 60 185 54 313 15 - 0.66Janus Henderson Glb Research A USD Acc 105 72 109 110 129 209 163 143 211 95 2.50 -Janus Henderson Global Equity I Acc 107 44 109 95 153 31 219 9 368 7 - 0.19Janus Henderson Global Sust Eq I Acc 106 60 114 40 145 76 196 22 269 34 - 0.50Janus Henderson Instl Gl 50/50IdOpp 3Acc 104 127 107 187 133 186 160 162 218 89 0.39 2.39Janus Henderson Mlt-Mgr Global Sel I Acc 102 228 106 199 131 200 153 186 160 144 - 0.99Janus Henderson World Select I Acc 105 97 109 118 131 198 162 145 219 85 0.85 0.77JOHCM Glbl Smaller Companies A USD Inc 110 25 115 32 148 54 - - - - 1.24 -JOHCM Global Opportunities A GBP Inc 101 243 101 270 140 113 178 74 - - 0.83 2.47JOHCM Global Select A GBP 113 9 120 10 133 183 190 38 - - 0.79 0.84JPM Global Dynamic A (dist) GBP 105 93 110 77 138 140 167 123 210 97 1.80 0.28JPM Global Focus A (dist) USD 101 245 105 226 135 168 165 135 247 51 1.80 0.87JPM Global Unconstrained Eq C Net Acc 103 167 105 215 134 175 170 107 217 91 0.93 0.73JPM Multi-Manager Growth C Net Acc 104 116 111 68 140 120 171 97 191 126 0.83 -Jupiter Ecology I Acc 103 199 106 209 133 184 167 124 197 117 0.79 0.68Jupiter Fund of Investment Trusts I Acc 105 85 113 48 139 123 172 93 206 104 - 1.01Jupiter Global Elgy Gr D EUR A Inc Dist 103 191 106 195 132 190 161 157 175 139 0.79 0.65Jupiter Global Managed I Acc 101 259 103 252 128 213 155 184 205 107 0.99 1.57Jupiter Global Value L GBP A Inc 112 13 122 8 155 25 177 76 - - 1.84 0.53Jupiter Merlin Worldwide Portfolio I Acc 103 152 108 151 131 199 153 187 210 96 1.81 -Kames Global Equity GBP B Acc 106 65 121 9 154 26 192 32 189 129 1.30 0.37Kennox Strategic Value Institutional Acc 104 124 104 247 127 220 137 216 - - - 2.56


L&G Global 100 Index Trust I Acc 103 168 108 148 146 64 172 96 240 60 0.32 2.29L&G Global Equity Index I Acc 104 141 108 134 142 95 171 100 - - 0.87 1.64L&G Global Health&PharmaIdx Tr I Acc 103 161 105 218 126 222 185 51 387 5 0.32 1.40L&G International Index Trust I Acc 104 143 109 125 145 73 178 73 252 48 0.39 1.78Lazard Global Eq Franchise A Acc USD 104 138 107 164 - - - - - - - -Lazard Global Equity Select A Acc USD 105 96 110 81 145 75 170 105 - - 1.61 -Lazard Global Lstd Infras Eq A Acc GBP 95 291 98 277 127 219 181 64 - - 1.06 -Lazard Global Managed Vol A Acc USD 102 237 104 239 141 110 179 69 - - - -Lazard Global Strategic Eq A Acc USD 105 80 109 114 139 126 161 156 - - - -Lazard Managed Equity A Acc 106 61 109 103 133 180 165 133 224 77 1.05 1.40Lazard Thematic Global A Acc USD 105 99 110 82 134 172 161 158 - - - -Legg Mason CB Glb Equity A USD Dis(A) 98 281 100 274 119 245 138 215 177 138 1.90 0.38LF Adam Worldwide Acc 103 178 106 204 131 201 155 180 233 66 1.37 1.46LF Blue Whale Growth R Sterling Acc 111 17 - - - - - - - - - -LF Canlife Global Equity C Acc 104 135 103 251 137 145 170 104 236 65 0.81 1.25LF Macquarie Global Infras Secs B Acc 98 285 97 278 123 237 148 195 200 115 1.13 2.10Lindsell Train Global Equity B GBP Inc 113 10 120 12 178 3 245 2 - - - 0.78Liontrust Sust Fut Glbl Gr 2 Net Acc 106 54 114 37 143 84 175 84 219 84 0.85 0.44LO Funds Emerging Hi Convc USD NA 104 137 112 57 143 85 142 209 - - 1.15 -LO Funds Golden Age USD NA 104 118 108 155 130 205 177 77 - - 1.00 -M&G Global Dividend GBP I Acc 105 79 111 70 141 109 156 176 - - 0.91 1.91M&G Global Listed Infras GBP I Acc 100 266 - - - - - - - - - -M&G Global Recovery GBP I Acc 104 111 111 72 139 122 169 112 - - 0.93 0.98M&G Global Select GBP I Acc 102 208 106 200 138 136 160 167 224 76 0.92 0.85M&G Global Themes GBP I Acc 101 250 106 193 137 146 141 213 154 145 0.91 0.97Majedie Global Equity X GBP Acc 104 117 109 99 143 88 - - - - - 0.56Majedie Global Focus X GBP Acc 102 220 107 161 137 147 - - - - - 0.60Margetts Intl Strategy R GBP Acc 102 216 108 150 135 165 160 163 219 88 0.74 0.63Margetts Opes Growth R GBP Acc 102 233 107 189 135 167 158 171 192 125 0.88 0.37Marlborough Global P Acc 102 204 108 143 133 179 164 138 187 131 - 0.02McInroy & Wood Smaller Comps Pers Inc 109 27 115 29 154 27 194 28 344 11 - 1.02MFS® Meridian Global Concntr W1 GBP 101 253 103 253 - - - - - - 1.26 -MFS® Meridian Global Energy WH1 GBP 107 43 110 85 97 256 92 230 - - 1.00 -MFS® Meridian Global Equity Inc WH1 GBP 97 286 105 233 - - - - - - 0.95 -MFS® Meridian Global Equity W1 GBP 101 238 103 257 139 125 170 109 269 33 1.14 -MFS® Meridian Global Rsrch Focus W1 USD 103 150 107 173 141 100 172 95 214 93 0.94 -MFS® Meridian Managed Wealth WH1 GBP 100 270 101 272 - - - - - - 1.00 -MI Charles Stanley UK & Intl Gr A Acc 102 207 103 259 124 230 148 196 - - 1.49 1.69MI Metropolis Value A Acc 102 223 105 213 153 32 186 48 - - 1.47 0.36MI Thornbridge Global Opps C Acc 104 108 110 88 149 42 160 166 - - 0.91 1.24Mirabaud Equities Global Focus D GBP Acc 110 21 117 16 142 92 - - - - 1.24 -Morgan Stanley UK Global Brands I GBP 104 129 104 248 152 34 180 66 358 8 1.00 0.90MS INVF Emerging Leaders Equity Z 99 280 98 275 128 211 128 224 - - 0.96 -MS INVF Global Brands I 104 106 104 243 152 33 179 70 357 9 0.95 -MS INVF Global Opportunity Z 119 5 130 3 208 1 332 1 - - 0.90 -MS INVF Global Quality I 106 64 104 238 149 47 - - - - 0.95 -MT Total Return 103 155 107 163 132 187 162 152 240 61 0.65 0.66NatWest International Growth NAV 103 184 105 219 124 233 151 189 201 112 - 1.15Neptune Global Equity C Acc GBP 109 33 122 7 137 144 170 103 164 142 - 0.55Neptune Global Smaller Coms C Acc GBP 117 6 130 4 138 138 160 164 163 143 2.50 0.44New Capital Glbl Eq Convict USD Ord Acc 108 35 117 17 149 43 - - - - 1.95 -Newton Global Equity Inst W Acc 102 230 105 228 135 166 166 127 206 103 0.80 0.99Newton Global Opportunities Inst W Acc 103 160 104 236 136 153 170 106 209 100 0.83 0.89NFU Mutual Global Growth C 102 217 105 229 146 67 155 182 196 120 - 0.88Nomura Fds Global High Conviction I USD 105 84 107 160 - - - - - - 1.25 -Old Mutual Ethical R GBP Acc 100 267 104 237 137 150 164 139 201 114 - 0.82Old Mutual Fidelity Glbl Foc U2 GBP Acc 105 76 110 84 148 52 185 49 - - - 0.73Old Mutual Global Best Ideas R GBP Acc 106 69 107 184 126 226 150 192 197 118 - 0.08Old Mutual Global Equity R GBP Acc 106 50 113 49 158 17 218 10 316 14 1.14 0.38Old Mutual Voyager Glbl Dyn Eq R GBP Acc 102 235 107 188 118 250 139 214 - - 1.06 0.67Old Mutual World Equity U1 GBP Acc 106 49 113 52 155 23 - - - - 1.36 -Old Mutual World Index U2 GBP Acc 103 153 108 133 145 71 - - - - - 1.39Orbis OEIC Global Equity Standard 101 247 108 149 154 30 189 42 305 17 - -Overstone UCITS Smaller Coms A USD 117 7 118 15 130 208 179 67 259 44 - 0.75Pictet - Global Envir Opps I dy GBP 103 193 110 78 149 45 185 53 - - 1.22 -Pictet-Clean Energy I dy GBP 103 200 106 191 120 242 160 165 120 147 1.20 0.05Pictet-Global Megatrend Sel I dy GBP 105 78 111 66 143 87 187 46 - - 1.21 -Pictet-Premium Brands I dy GBP 111 18 117 20 138 135 148 194 284 22 1.20 0.09Pictet-Security I dy GBP 106 67 110 79 144 78 196 23 372 6 1.20 -Pictet-Water I dy GBP 98 282 103 260 143 81 169 111 241 58 1.20 0.46Polar Cptl Atmtn & Artfcl Intllgnc I Acc 105 98 - - - - - - - - - -Premier Global Alpha Growth C Acc 105 71 116 26 148 51 192 31 239 62 1.27 0.92Principal Global Equity I Acc USD 104 139 108 158 133 185 162 148 212 94 1.28 -Purisima Global Total Return A 102 210 108 156 146 62 179 71 225 73 1.32 0.53Rathbone Global Opportunities I Acc 110 19 116 25 160 11 213 14 275 27 - 0.14RBS International Growth 1 103 184 105 219 124 233 151 189 201 112 1.63 1.15River and Mercantile Glbl Hi Alpha B Acc 105 91 110 89 - - - - - - - 0.92River and Mercantile World Recovery B 103 172 109 124 141 99 196 24 - - 1.25 0.67Robeco BP Global Premium Equities F £ 101 251 105 227 - - - - - - 0.81 -Royal London GMAP Dyn M GBP Acc 104 130 107 175 - - - - - - - 1.74Russell Inv Global List Infras I GBP 97 289 97 282 127 218 147 197 - - 1.76 2.71Russell Inv World Equity I 102 219 108 135 146 65 181 65 263 39 1.01 0.61RWC Global Horizon R GBP Cap 104 146 106 205 150 39 - - - - 1.16 -S&W Aubrey Global Conviction 120 4 134 1 176 5 217 11 270 32 1.75 -Sanlam FOUR Global Equity A GBP 101 242 103 254 119 246 141 211 - - 0.97 -Sanlam FOUR Stable Global Eq A GBP Acc 99 274 97 279 122 240 - - - - 1.01 -Sanlam Global Best Ideas A GBP Acc 99 278 104 245 128 212 125 226 140 146 1.56 0.78Sanlam Global Financial A GBP 99 277 106 201 149 48 150 191 240 59 1.60 1.59Sanlam Global High Quality C GBP Acc 101 258 104 240 157 19 - - - - 0.64 -Sarasin IE Global Eq Opps GBP P Acc 103 182 108 147 134 171 156 174 - - - 2.00Sarasin IE Global Eq Opps USD P$ Acc 104 145 108 128 136 156 156 177 - - - 1.96Sarasin Responsible Glb Eq Stg Hdg P Acc 103 196 111 75 119 247 147 200 - - 0.98 1.47Sarasin Responsible Global Equity P Acc 105 94 109 102 138 133 162 147 - - 1.00 1.49Sarasin Thematic Global Eq Stg Hdg P Acc 103 190 110 76 116 251 141 212 - - 0.98 1.49Sarasin Thematic Global Equity P Acc 104 132 109 122 134 173 156 175 196 119 0.97 1.53Schroder Global Alpha Plus Z Acc 104 140 106 196 141 107 178 72 - - - 0.44Schroder Global Equity I Acc 105 77 112 62 146 68 182 61 259 43 0.53 1.09Schroder Global Healthcare Z Acc 106 66 106 203 126 227 190 36 394 3 0.93 0.45Schroder Global Recovery Z Acc 100 264 104 235 - - - - - - - 1.45

Unit Trusts 4


>|Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk


Schroder ISF Global Energy Z Acc EUR 122 1 116 24 97 257 75 231 - - 1.07 -Schroder ISF Global Eq Alp Z Acc EUR 104 102 110 91 141 106 168 115 228 71 1.06 -Schroder ISF Global Eq Yld Z Acc EUR 105 87 114 44 145 70 188 43 262 40 1.06 -Schroder ISF Global Smlr Coms C Acc USD 105 101 109 120 147 58 194 29 297 20 1.34 -Schroder MM International Z Acc 101 252 104 249 133 181 163 140 252 49 1.36 0.53Schroder QEP Glbl Active Val Z Acc 103 195 105 214 133 178 160 159 220 83 0.77 1.73Schroder QEP Global Core Eq A Acc 104 142 107 176 141 103 175 82 - - 0.37 1.85Scot Wid MM International Eq A 102 224 106 207 138 139 166 128 238 63 1.83 0.27Scottish Widows Global Growth G Acc 105 95 109 97 140 119 163 142 - - - 1.13Scottish Widows Global Sel Gr A 100 263 102 267 124 231 135 221 178 137 1.62 0.47Scottish Widows Intl Eq Tracker I Acc 103 174 108 154 142 97 171 99 222 80 0.61 -Scottish Widows Opportunity A 103 173 106 197 128 215 155 179 205 106 2.00 0.50Seilern Stryx World Growth USD U I 112 11 116 22 170 7 235 5 388 4 - -SKAGEN Global A 102 234 105 231 133 182 142 210 201 111 1.00 -SKAGEN Kon-Tiki A 101 240 104 242 130 207 127 225 185 134 1.79 -SLI Gbl Smaller Cos Pltfm 1 Acc 112 12 125 6 184 2 222 8 - - - -SLI Global Equities A Acc GBP 101 256 103 261 124 232 152 188 - - 1.49 -SLI Global Equity Uncons Plat 1 Acc 101 249 104 244 129 210 166 126 232 67 - 0.41SLI International Trust 103 163 107 180 140 116 189 40 273 31 0.14 1.47Standard Life Wealth Falcon Acc 102 218 102 268 121 241 146 203 205 105 1.55 0.50Stewart Investors Wldwd Ldrs B Acc GBP 105 92 104 234 148 53 173 91 237 64 0.92 0.41Stewart Investors Wldwd Sustbl B Acc GBP 103 161 103 256 149 44 175 83 - - - 0.32Stewart Investors Worldwide Eq B Acc GBP 103 165 104 246 147 55 166 129 - - 2.41 0.11Stonehage Fleming Global Eqs II B Inc 100 260 105 232 126 225 145 204 190 127 1.70 1.64Stonehage Fleming Global Equities B Inc 100 271 105 224 126 223 145 206 187 130 1.87 0.82Stonehage Flmg GlbBest IdeasEq C GBP Inc 103 179 108 141 147 59 - - - - - -SVM World Equity Instl 105 100 109 108 137 151 165 131 243 55 1.98 -SVS Church House Esk Global Equity A Acc 101 239 105 216 135 159 - - - - - -T Bailey Growth Inst Acc 102 202 110 86 138 130 167 120 219 86 1.74 -T. Rowe Price Global Fcs Gr Eq C GBP 110 23 116 23 - - - - - - - -T. Rowe Price Global Focused Gr Eq Q GBP 110 20 117 19 172 6 230 6 245 54 0.92 -T. Rowe Price Global Growth Eq Q GBP 109 28 117 21 157 20 200 19 - - 0.92 -Templeton Growth W Acc 102 215 105 223 126 224 159 169 204 108 0.85 1.58Threadneedle Glb Extnd Alp Ins Acc GBP 106 62 112 59 150 38 195 26 - - 1.43 0.03Threadneedle Global Select Z Acc GBP 106 59 114 41 154 28 190 37 264 37 0.89 0.46TM UBS (UK) - Global Equity C Acc 103 158 107 181 131 193 - - - - - 0.96Troy Trojan Global Eq O Acc 103 188 103 255 141 98 173 90 274 30 1.11 0.66UBS (Lux) ES Gl Opp Uncons$ Q-acc 105 83 113 51 - - - - - - 1.10 -UBS FTSE RAFI Developed 1000 Index J Acc 102 222 107 162 - - - - - - - 2.41UBS Global Equity Allocation J Acc 103 194 107 186 - - - - - - - 0.31UBS Global Optimal C 104 103 109 101 136 155 168 119 219 87 - 0.68UBS MSCI World Minimum Vol Idx J Acc 101 254 102 264 - - - - - - - 2.21Vanguard FTSE Dev Wld ex UK Eq Idx Acc 103 149 109 115 146 61 184 55 - - 0.30 1.52Vanguard FTSE Glb All Cap Idx Inv A £Acc 104 126 109 107 - - - - - - - -Vanguard Glbl Small-Cap Idx GBP Acc 106 51 113 46 151 35 191 35 - - 0.40 1.21Vanguard Global Equity A GBP Acc 104 113 109 94 - - - - - - - 0.82Vanguard LifeStrategy 100% Equity A Acc 104 107 108 129 140 117 171 102 - - 0.33 1.70Vanguard SRI Global Stock GBP Acc 103 154 108 152 141 104 174 88 - - 0.40 1.53Veritas Global Focus A GBP 99 275 101 269 139 121 174 87 294 21 1.12 0.08Veritas Global Focus A GBP 99 275 101 269 139 121 174 87 294 21 1.12 0.08Virgin Global Share 103 198 107 177 131 197 - - - - - 0.93VT Gravis Clean Energy Income C GBP Acc 98 283 - - - - - - - - - -VT Greystone Global Growth R Acc 103 192 109 123 140 112 169 110 242 57 - 0.25VT Price Value A GBP Acc 102 226 109 112 - - - - - - - 1.05VT Redlands Equity A GBP Acc 102 211 107 183 - - - - - - - 0.01Waverton Global Equity A GBP 102 236 106 208 135 169 160 160 195 121 1.53 0.24Waverton Tactical Equity A GBP 102 214 107 182 123 238 147 199 - - 1.34 -Wesleyan International Growth X Acc 104 119 111 65 - - - - - - - 0.58Winton Global Equity I GBP Acc 102 227 106 210 128 216 165 134 - - - -Average/Total 104 292 109 285 139 258 170 232 239 149 1.11 1.01

(IA) GLOBAL BONDSAberdeen Euro Corporate Bond I Acc 98 110 101 21 127 30 115 71 178 37 - 1.01Aberdeen Global Corporate Bd Trkr B Acc 98 126 - - - - - - - - - -Aberdeen Global SelEuro HYBd X MInc GBP 99 86 102 5 136 3 127 20 180 36 0.89 4.59Acumen Bond X Acc 98 107 - - - - - - - - - -Allianz Flexi Asia Bond PQ H2 GBP 97 142 99 81 106 104 - - - - 0.86 3.73Amundi SICAV II Euro High Yield R GBP ND 98 128 102 8 134 8 128 17 - - 0.79 -Amundi SICAV II Glbl Aggt Bd R GBP ND 100 45 97 128 115 86 112 86 185 29 0.59 -Amundi SICAV II Pio Global HY R GBP ND 100 37 99 72 127 34 131 14 241 8 0.76 -Amundi SICAV II Pio Strat Inc R GBP ND 100 41 97 130 122 54 129 16 243 7 0.82 -Aviva Investors Glbl Agg MoM 1 2 GBP Inc 99 84 99 68 101 131 108 102 118 68 0.80 2.51Aviva Investors Global HY Bd Amh GBP Inc 98 112 99 83 105 108 112 88 - - 1.48 7.09AXA Global Short Duration Bond Z GBP Acc 100 55 100 33 - - - - - - - 1.34AXA US Short Duration Hi Yld Z Net Acc 100 53 100 36 104 117 109 99 - - 0.77 3.89Baring Strategic Bond I GBP Inc 100 56 100 35 101 135 101 111 159 55 0.80 1.13Barings International Bond I GBP Inc 101 17 98 102 119 72 112 93 171 44 1.08 0.80Candriam Bds Crdt Opps C EUR Cap 98 121 100 53 126 35 116 65 172 43 2.01 -Candriam Bds Euro High Yld C EUR Cap 98 124 101 13 135 6 132 13 211 14 1.26 -Candriam Bds Global Hi Yld C EUR Cap 97 143 99 64 133 14 125 24 187 28 1.23 -Candriam Bds Total Ret C EUR Cap 99 97 100 43 119 73 112 85 144 62 0.95 -Capital Group Euro Bond (LUX) Ch CHF 100 31 - - - - - - - - 0.10 -Capital Group GlbHi Inc Opps (LUX) Z 100 44 98 98 131 16 131 15 258 4 0.90 -Capital Group Global Bd (LUX) Z 101 28 97 124 121 62 119 49 177 38 0.60 -Capital Group US Corp Bd (LUX) Z 100 57 97 137 127 33 138 7 - - - -Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 99 78 100 47 107 98 126 23 - - 0.84 -Courtiers Investment Grade Bd Retl R 100 35 97 132 - - - - - - - 1.07Dimensional Global Short Dated Bd Acc 99 76 99 76 102 125 106 107 132 67 0.33 1.37Dodge & Cox Worldwide Global Bd GBP Inc 100 40 98 101 125 41 - - - - 0.50 3.59F&C Global Bond 2 Acc 99 91 99 66 105 106 116 68 171 45 0.32 1.04Fidelity Global Infl-Link Bd Y-Dis-GBP H 100 54 100 37 102 127 99 118 - - 0.51 0.48FP Octopus Fixed Income B Acc 98 127 98 117 104 114 109 101 - - 1.08 2.24FP SCDavies Global Fixed Inc A Acc GBP 98 119 97 126 96 139 99 116 - - 1.50 2.66GAM Multibond Total Return Bond EUR B 97 138 99 59 119 74 101 113 137 64 1.09 -GAM Star Cat Bond Institutional GBP Acc 102 7 101 15 108 95 119 46 - - 1.37 1.90GAM Star Credit Opps (EUR) Instl EUR Acc 97 144 104 2 142 1 150 4 - - 1.13 -GAM Star Credit Opps (USD) Instl USD Acc 98 123 98 100 133 10 159 1 - - 1.13 -GAM Star Dynamic Global Bd Instl USD Acc 101 26 97 123 126 36 118 54 - - 0.85 -GAM Star MBS Total Return Instl GBP Acc 101 23 102 3 110 90 - - - - 1.20 -GlobalAccess Glbl Infl Lnkd Bd M Dis GBP 100 61 99 69 107 100 110 96 - - - 1.74


GlobalAccess Glbl Shrt Dur Bd M Dis GBP 99 99 99 67 104 118 107 105 - - - 2.11GlobalAccess Global Govt Bd M Dis GBP 99 81 99 82 101 134 108 104 - - - 0.22GS Euro Short Dur Bd Plus R Acc EUR 99 87 100 38 124 45 - - - - 0.45 -GS Glbl Crdt (Hdg) R Inc GBP Hdg 98 120 99 73 104 116 112 90 176 39 0.65 2.57GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 99 83 99 85 104 115 112 89 - - 0.75 1.64GS Glbl Hi Yld R Inc GBP Hdg 98 108 99 62 105 110 112 84 - - 0.80 5.46GS Global Fixed Inc (Hdg) R Inc GBP Hdg 99 72 100 52 104 111 112 91 - - 0.60 1.64GS Global Fixed Income R Acc USD 101 13 99 89 123 49 121 38 188 27 0.60 -GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 99 80 101 22 107 101 112 92 - - 0.95 3.83GS US Fixed Income R Acc USD 101 22 96 140 119 76 124 28 208 17 0.60 -IP Global Bond Z Acc 100 60 98 96 113 88 112 82 170 46 - 2.00iShares Overseas Corp Bd Idx (UK) D Acc 99 89 97 121 123 50 124 27 - - 0.17 2.75iShares Overseas Govt Bd Idx (UK) D Acc 100 34 98 115 124 48 119 50 - - 0.18 1.05Janus Henderson Flexible Inc I USD Inc 100 39 96 142 117 82 122 36 219 10 0.76 2.79Janus Henderson High Yield I USD Inc 101 8 99 90 126 39 132 12 253 5 0.87 5.84Janus Henderson Hrzn Euro Corp Bd H2 EUR 99 92 102 6 128 26 118 53 - - 0.81 -Janus Henderson Instl Overseas Bd A Inc 100 49 97 134 120 65 111 94 159 54 1.20 0.12Janus Henderson US Sh-Trm Bd I USD Inc 102 6 97 127 116 83 117 58 183 31 0.76 1.68JPM Global (ex-UK) Bond C Grs Acc 99 64 101 23 105 107 114 76 133 66 0.58 0.33L&G Global Inflation Lnkd Bd Idx I Acc 99 65 100 31 103 122 - - - - - 1.71Lazard Global Fixed Income A Acc USD 100 32 98 116 119 75 114 74 - - 1.12 -Legg Mason BW Glb FI X USD Dis(S) 101 20 98 92 119 70 117 60 196 20 0.88 2.56Legg Mason BW Glb Oppc FI A USD Dis(M) 100 47 98 106 120 66 117 59 - - 1.42 2.36Legg Mason IF WA Glb Mlt Strat Bd X Inc 97 139 99 78 106 105 110 97 142 63 - 5.53Legg Mason WA Asian Opps X USD Dis(M) 100 43 99 79 121 61 116 66 - - 0.86 3.82LF Canlife Global Bond C Acc 99 85 98 93 122 56 122 35 - - - 2.59LF Canlife Global High Yield Bond C Acc 98 118 100 48 108 96 114 75 182 33 - 4.63Loomis Sayles Global Opp Bd R/D GBP 100 46 98 103 122 58 115 70 181 34 1.50 1.17Loomis Sayles Multisector Inc R/D GBP 101 15 98 109 121 59 125 25 217 11 1.36 2.69M&G European Corporate Bond GBP I Acc 98 114 101 26 128 27 117 56 175 41 0.66 1.52M&G European High Yield Bond GBP I Acc 98 131 101 25 133 13 124 29 192 24 0.93 3.25M&G Global Government Bond GBP I Acc 99 69 99 91 129 20 122 32 209 15 0.73 2.85M&G Global Macro Bond GBP I Acc 100 36 97 125 120 64 120 39 201 18 0.81 1.71Man GLG Corporate Bond Profl Acc C 98 130 96 141 120 63 123 30 244 6 0.69 2.64Marlborough Global Bond P Inc 99 73 99 60 118 79 126 21 211 13 - 3.41MFS® Meridian Global Credit WH1 GBP 97 145 99 80 104 113 100 114 - - 0.75 -MFS® Meridian Global High Yield WH1 GBP 98 136 99 58 108 97 - - - - 0.90 -MFS® Meridian Inflation Adjstd Bd W1 USD 102 4 97 129 117 80 115 72 183 32 0.75 -MFS® Meridian US Corporate Bond WH1 GBP 97 146 98 114 - - - - - - 0.75 -MFS® Meridian US Government Bond W1 USD 101 19 96 144 116 85 120 40 193 22 0.71 -MFS® Meridian US Total Return Bd WH1 GBP 98 129 98 104 102 126 - - - - 0.75 -Mirabaud Global Hi Yld Bds DH GBP Acc 97 141 98 95 107 99 119 47 - - 0.80 -Mirabaud Global Strategic Bd AH GBP Inc 98 137 98 108 101 133 - - - - 1.39 2.65MS INVF Euro Corporate Bond I 98 125 101 11 131 17 122 33 190 26 0.65 -New Capital Glbl Val Crdt GBP Ord Acc 98 134 99 63 105 109 112 87 152 60 1.11 -New Capital Wealthy Nat Bd GBP Inst Inc 95 149 96 143 103 123 111 95 - - 1.33 4.48Newton International Bond Inst W Acc 101 27 98 113 123 52 118 55 176 40 0.57 1.52Nomura Fds Asia High Yield Bond I USD 99 93 97 136 132 15 - - - - 1.25 -Nomura Fds Asia Investment Grd Bd I USD 100 63 96 139 125 42 - - - - 0.90 -Nomura Fds Global Dynamic Bond I USD 103 1 101 10 127 31 - - - - 0.82 -Nomura Fds Global High Yield Bd I USD 101 12 100 45 133 11 - - - - 0.98 -Nomura Fds US High Yield Bond I USD 103 2 100 40 136 5 150 3 - - 0.61 -Nordea 1 - Flexible Fixed Income BC EUR 99 95 100 46 - - - - - - 0.88 -Old Mutual GlbStratBd (IRL) S GBP Inc 99 90 97 131 115 87 107 106 - - 2.04 2.04Old Mutual Global Strat Bd P GBP Acc 99 100 101 28 102 124 96 121 162 51 0.62 1.94OYSTER European Corporate Bds R GBP D HP 98 117 100 30 101 130 - - - - 0.90 1.85Pictet-Asian Local Ccy Debt I GBP 101 25 99 65 124 46 120 41 215 12 0.94 -Pictet-EUR Bonds HI USD 101 10 99 75 125 40 - - - - 0.65 -Pictet-EUR High Yield I 98 135 102 7 133 12 127 19 208 16 0.84 -Pictet-EUR Short Term High Yield I EUR 99 71 101 16 129 21 116 64 - - 0.73 -Pictet-Latin Amer Lcl Ccy Dbt I GBP 96 148 95 146 121 60 98 120 161 52 0.94 -Pictet-US High Yield I dm GBP 101 11 98 110 123 53 125 26 - - 0.83 5.81PIMCO GIS Credit Abs Ret E USD Acc 101 14 99 88 122 57 122 34 - - 1.80 -PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 101 9 105 1 136 4 150 2 284 1 0.46 -PIMCO GIS Euro Bond E EUR Inc 98 103 101 12 126 37 118 52 163 49 1.36 -PIMCO GIS Euro Credit E EUR Acc 99 88 101 19 128 29 117 57 - - 1.36 -PIMCO GIS Euro Income Bond E EUR Inc 98 113 101 27 130 19 116 61 - - 1.39 3.64PIMCO GIS Euro Low Dur E EUR Acc 98 109 99 70 119 67 103 109 - - 1.36 -PIMCO GIS Euro Short-Term E EUR Acc 98 116 99 86 117 80 99 117 117 69 1.15 -PIMCO GIS Glb AdvRlRt Ins GBPPrtly H Inc 98 105 97 138 104 119 99 119 - - 0.69 2.74PIMCO GIS Glb Bd Ex-US E USD Inc 103 3 100 51 126 38 136 9 234 9 1.39 0.46PIMCO GIS Glb Bd R GBP Hedged Inc 99 75 100 29 106 103 116 67 165 48 0.76 1.32PIMCO GIS Glbl Advtg Ins GBP Prtly H Acc 100 59 101 20 112 89 115 69 - - 0.70 -PIMCO GIS Glbl Rl Ret R GBPH Acc 100 52 100 41 108 92 113 79 155 57 0.76 -PIMCO GIS Low Avrg Dur R GBPH Inc 99 94 99 87 99 137 101 112 - - 0.75 0.90PIMCO GIS Ttl Ret Bd R GBPH Inc 98 133 98 99 102 128 105 108 - - 0.77 1.95Robeco High Yield Bonds FH £ 99 102 101 17 116 84 - - - - 0.68 -Royal London Global Index Linked M 100 48 100 49 109 91 115 73 - - - 1.18Royal London International Govt Bd M Inc 99 82 99 61 103 120 110 98 - - - 1.20Royal London Shrt Dur Glb Idx Lnkd Inc M 100 62 99 55 - - - - - - - 0.83Russell Inv Global Bond I Income 101 18 99 84 123 51 120 42 198 19 0.79 2.52Schroder ISF EURO Corp Bd Z Acc EUR 98 104 102 4 134 9 128 18 193 23 0.58 -Schroder ISF Glb Crdt Dur H C Acc EUR H 98 115 100 32 125 43 108 103 134 65 0.74 -Schroder ISF Glb InflLnkdBd C Acc EUR 99 77 99 77 128 28 113 77 157 56 0.66 -Schroder ISF Glbl Corp Bd Z Acc USD 101 24 98 119 - - - - - - 0.58 -Schroder ISF Glbl Hi Yld C Acc USD 101 16 98 94 130 18 143 5 277 3 0.80 -Scottish Widows Cautious A Acc 99 70 100 41 107 102 116 63 154 59 1.50 1.03Scottish Widows International Bd A Acc 101 21 97 135 119 68 113 80 161 53 1.36 -SLI European Corporate Bd D Acc EUR 98 106 101 14 128 24 119 48 183 30 0.54 -SLI Global Bond A Acc GBP 100 51 97 133 118 77 112 81 - - - -SLI Global Corporate Bond D Acc USD 100 30 97 120 124 44 135 10 - - - -SLI Global High Yield Bond D Acc USD 100 38 98 111 127 32 134 11 - - 0.73 -SLI Global Index Linked Bond Plat 1 Acc 100 58 99 74 108 94 112 83 145 61 - 0.93SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 99 66 99 71 103 121 - - - - - 0.68Smith & Williamson Glbl Inf-Lkd Bd X Inc 100 33 100 39 108 93 109 100 - - - 0.27T. Rowe Price Euro Corporate Bond Q EUR 98 111 101 18 129 23 119 45 175 42 0.57 -T. Rowe Price Eurpn Hi Yld Bd Q EUR 98 122 100 50 136 2 137 8 - - 0.75 -T. Rowe Price Global Aggregate Bd Q EUR 102 5 99 57 124 47 121 37 191 25 0.62 -T. Rowe Price Global HY Bd Q USD 100 29 98 112 128 25 139 6 279 2 0.71 -

Unit Trusts 5



£ £ £ £ £ % %T. Rowe Price US Aggregate Bond Qh GBP 98 132 98 107 - - - - - - 0.57 -Templeton Global Bond W(Mdis)GBP-H1 97 140 98 97 97 138 100 115 154 58 1.00 6.90Templeton Global Total Ret Bd W Acc H3 97 147 98 118 101 132 103 110 - - 0.80 5.45Threadneedle Dollar Bond Z Inc GBP 99 68 96 145 118 78 123 31 194 21 - 2.37Threadneedle European Bd Z Inc GBP 99 74 100 34 122 55 119 44 180 35 0.64 0.43Threadneedle Eurp Corp Bd Z GBP 99 101 101 24 129 22 118 51 166 47 - 0.79Threadneedle Eurp HY Bd Z Acc GBP 99 96 102 9 135 7 126 22 - - - 4.07Threadneedle Global Bd Z Inc GBP 100 42 97 122 119 69 116 62 163 50 - 1.71TM UBS (UK) - Global Fixed Income E Acc 99 98 98 105 101 136 - - - - - 1.40Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 99 67 99 56 102 129 - - - - - 0.91Vanguard Global Bond Index GBPH Acc 99 79 100 44 104 112 113 78 - - 0.20 1.61Waverton Global Strategic Bond A USD 100 50 99 54 119 71 119 43 - - 1.28 5.26Average/Total 99 149 99 146 117 139 118 121 185 69 0.88 2.37

(IA) GLOBAL EMERGING MARKETS7IM Emerging Markets Equity Value C Inc 101 47 103 80 - - - - - - - 2.57Aberdeen Emerging Markets Equity I Acc 98 84 98 91 125 77 122 67 217 6 1.20 1.07Aberdeen Global Em Mkts Eq X Acc GBP 98 82 98 92 126 76 121 68 212 7 1.30 -Aberdeen Global EM Smlr Coms X Acc GBP 100 51 98 90 120 83 110 74 263 2 1.47 -Aberdeen Global Emerging Mkts Quant Eq B 103 17 110 29 140 32 143 31 153 28 0.84 1.77Allianz Emerging Markets Equity C Acc 104 5 114 10 142 27 157 13 130 32 1.19 1.42Artemis Global Emerging Mkts I Acc GBP 104 10 113 12 148 17 - - - - 1.00 1.98Aviva Investors EM Eq MoM 1 2 GBP Inc 102 19 114 9 149 14 157 15 269 1 1.33 0.27AXA Framlington EmerG Markets Z GBP Acc 98 80 105 71 136 43 134 54 160 24 0.90 0.65Baillie Gifford Em Mkts Gr B Acc 98 86 112 22 148 16 167 3 204 8 0.83 0.57Baillie Gifford Em Mkts Lead Coms B Acc 98 87 109 45 152 5 164 5 182 14 0.87 0.63Barings Global Emerging Mkts I GBP Acc 101 40 114 7 149 13 155 17 181 15 1.28 -BlackRock Emerging Markets D Acc 104 4 114 8 143 24 144 29 180 16 0.92 0.86BMO LGM Glbl EmMkts Gr and Inc B USD Acc 105 3 106 65 142 30 141 33 - - 1.05 1.03Candriam Eqs L Em Mkts C EUR Cap 102 33 113 15 142 26 150 23 171 21 2.06 -Carmignac Pf Emerg Discv W GBP Acc 98 77 103 78 135 50 - - - - 1.30 -Carmignac Pf Emergents W GBP Acc 93 93 100 88 122 81 - - - - 1.15 -Dimensional Emerging Mkts Core Eq Acc 101 42 107 55 136 44 141 36 196 9 0.78 1.74Eaton Vance Intl (IRL) Prmtrc EM I2 GBP 101 41 103 76 127 73 126 63 - - 1.06 -Edinburgh Partners Emerging Opps I £ Inc 97 88 100 89 126 75 - - - - 1.00 1.46F&C Emerging Markets 2 102 22 104 75 139 36 132 55 230 4 0.84 0.93Fidelity Index Emerging Markets P Acc 101 43 109 38 135 49 - - - - - 1.93Fidelity Instl Emerg Mkts W Acc 101 48 111 25 140 33 160 10 - - - 0.80FP Henderson Rowe FTSE RAFI Em Mkt B 103 13 108 48 138 39 138 46 - - - 2.59GAM Multistock EM Equity GBP R 100 61 110 33 139 37 - - - - 1.10 -GAM Star Emerging Equity Instl GBP Acc 100 55 112 21 150 9 155 16 - - 1.38 -GlobalAccess Emerging Mkt Eq M Acc GBP 98 73 109 41 116 86 116 71 - - - 1.04GS EM CORE Eq R Inc GBP Close 103 11 114 11 146 19 158 12 - - 0.87 1.42GS Emerging Markets Eq R Inc GBP 100 62 113 19 148 15 168 2 185 11 1.10 0.51Hermes Global Emerging Mkts F GBP Acc 101 49 111 23 149 11 177 1 - - 1.13 -HSBC GIF Global Emerging Mkts Eq AD 102 34 109 43 134 56 134 52 119 34 1.91 0.57Investec Emerg Markets Equity I Net Acc 101 39 112 20 135 51 141 34 - - 0.97 1.03IP Global Emerging Markets Z Acc 98 75 107 57 141 31 154 19 185 10 - 1.21iShares Emerging Mkts Eq Idx (UK) D Acc 102 36 108 50 131 63 139 39 - - 0.27 2.21Janus Henderson Emerg Mkts Opps I Acc 99 67 101 83 133 57 138 42 135 30 - 1.14JOHCM Emerging Markets GBP A 99 71 109 47 134 54 141 35 - - 1.40 0.76JOHCM Global Emerging Mkts Opps GBP A 100 65 108 49 134 55 154 18 - - 1.04 1.09JPM Em Mkts Small Cap A (dist) perf GBP 103 12 109 44 143 23 162 7 257 3 2.03 0.97JPM Emerging Markets B Net Acc 100 56 109 37 149 10 145 26 183 13 1.18 -JPM Emerging Markets Income C Net Acc 102 18 106 62 131 61 130 58 - - 0.87 2.25Jupiter Global Emerging Markets I Acc 96 92 103 81 136 47 152 21 - - 1.11 0.85L&G Global Emerging Markets Index I Acc 101 37 108 52 130 67 139 40 - - 0.49 2.11Lazard Developing Markets C Acc 100 57 110 31 151 7 140 37 - - - 0.33Lazard Developing Markets Eq C Inc USD 101 44 111 28 152 6 135 50 - - 1.26 0.50Lazard Emerging Markets A Acc 98 85 101 85 131 66 128 60 178 17 1.06 1.84Lazard Emerging Markets Eq A Inc USD 98 83 101 86 129 69 124 64 172 19 1.29 1.68Lazard Emerging Mrkts Core Eq A Acc USD 99 69 109 42 128 70 135 51 - - 1.39 -Lazard Emerging World C Acc GBP 100 60 107 56 127 72 - - - - - -Lazard MENA A Acc USD 115 1 119 1 146 20 - - - - 2.29 -Legg Mason IF MC Emerg Mkts X Acc £ 102 32 118 2 155 3 147 25 159 26 - 0.59Legg Mason QS Em Mkts Eq A USD Acc 100 54 103 79 120 85 115 73 111 36 1.97 -M&G Global Emerging Markets GBP I Acc 100 59 105 70 133 58 129 59 - - 0.99 1.21Magna Emerging Markets Div B GBP Inc 102 23 107 58 131 65 127 62 - - 1.40 3.57Man GLG Unconstrained Emerg Mkt Eq C£Acc 96 91 103 77 - - - - - - - 1.10Marlborough Emerging Markets Trust P Inc 102 31 107 60 140 35 144 28 169 22 - 1.75MFS® Meridian Emerging Mkts Eq WH1 GBP 102 27 113 16 122 82 115 72 128 33 1.35 -MI Somerset Emerg Mkts Div Gr A Acc 99 68 104 74 130 68 138 44 - - 1.30 2.17MI Somerset Glbl Em Mkts Screened A Acc£ 99 72 101 84 - - - - - - - 2.28MI Somerset Global Emerg Mkts B Acc 100 64 102 82 136 42 138 45 - - 1.35 1.55Mirabaud Equities Glbl Em Mkts D GBP Acc 100 63 113 17 142 28 - - - - 1.00 -Neptune Emerging Markets C Acc GBP 104 6 118 3 155 4 161 8 - - - 0.83Neuberger Berman Em Mkts Eq USD A Acc 100 53 111 26 143 25 142 32 - - 2.30 -Newton Emerging Income Inst W Acc 98 81 95 93 120 84 108 75 - - - 3.48Newton Global Emerging Mkts Int W Acc 97 89 105 69 145 21 161 9 - - - 0.46NFU Mutual Global Emerging Markets C 104 9 107 54 140 34 131 56 - - - 1.03Old Mutual Global Em Mkts R GBP Acc 98 76 109 35 136 45 153 20 - - 1.37 -Old Mutual JPM Emerging Mkts U2 GBP Acc 100 58 109 34 149 12 150 24 - - - 0.83Pictet-Emerging Markets I USD 99 70 106 66 132 59 136 49 134 31 1.06 -Pictet-Emerging Markets Index I GBP 102 28 110 32 135 52 138 43 - - 0.38 -Pictet-Emerging Mkts High Div I dm GBP 101 45 106 64 125 78 122 66 - - 1.07 4.25PIMCO GIS RAE Fdml EM E USD Acc 104 8 109 39 - - - - - - 1.60 -Polar Capital Emerging Markets Inc I Acc 102 35 101 87 123 80 118 69 - - 1.27 -Principal Emerging Markets Eq I Acc USD 102 21 113 18 137 41 136 48 158 27 1.74 -Robeco Emerging Stars Equities F £ 98 79 105 73 - - - - - - 1.72 -Robeco QI Emerging Cnsrv Eqs F £ 105 2 108 51 128 71 - - - - 0.85 -Russell Inv Emerging Markets I 103 16 109 46 136 46 140 38 175 18 1.40 0.90RWC Global Emerging Markets R GBP Acc 104 7 115 5 - - - - - - 1.38 -Sarasin IE Systematic EM Div GBP A Acc 100 52 105 68 131 62 116 70 - - - 2.30Schroder Global Emerg Mkt Z Acc 101 38 111 24 146 18 151 22 184 12 0.95 1.23Schroder ISF QEP Glbl Em Mkts Z Acc GBP 103 15 107 59 132 60 134 53 - - 1.11 -Schroder QEP Glbl EMM Z GBP Acc 102 25 106 63 131 64 - - - - - 2.17Scottish Widows Emerg Markets A 102 26 109 40 138 40 137 47 142 29 1.73 0.97SLI Global Emerging Mrkt Eq Inc Plat 1 A 99 66 113 14 142 29 144 30 - - - 1.71SLI Global Emerging Mrkt Eq Plat 1 Acc 98 78 111 27 139 38 145 27 - - - 1.12T. Rowe Price Emerging Mkts Eq Q GBP 102 24 113 13 150 8 157 14 165 23 1.17 -


Templeton Em Mkts Smlr Coms W(acc)GBP 103 14 106 67 134 53 166 4 228 5 1.65 -Templeton Global Emerging Markets W Acc 97 90 107 53 145 22 128 61 118 35 1.20 0.64Threadneedle Global EM Eq Z Acc GBP 101 50 107 61 126 74 130 57 159 25 0.93 1.02UBS Emerging Markets Equity Income C Acc 98 74 105 72 125 79 124 65 - - - 3.94UBS Global Em Markets Equity C Acc 102 29 115 6 155 2 159 11 171 20 - 1.15UBS Global Emerging Markets Opp Q GBP 102 20 116 4 162 1 163 6 - - 0.98 -Vanguard Emerg Mkts Stk Idx GBP Acc 102 30 110 30 135 48 139 41 - - 0.40 1.83Vanguard Global Emerging Markets A Acc 101 46 109 36 - - - - - - - 0.76Average/Total 101 93 108 93 137 86 141 75 177 36 1.21 1.43

(IA) GLOBAL EMERGING MARKETS BONDAberdeen Emerging Markets Bond I Acc 96 48 98 21 110 34 111 18 - - - 5.89Amundi SICAV II Emerg Mkts Bd R GBP ND 99 4 99 11 134 1 142 2 256 3 0.77 -Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 99 13 97 28 116 25 98 26 - - 0.84 6.15Baillie Gifford Emerging Mkts Bd B Inc 96 36 93 50 117 20 91 37 - - 0.76 6.67Barings EM Debt Blnd Ttl Ret C GBP Acc 95 51 98 20 - - - - - - 1.17 -BNY Mellon EM Dbt Lcl Ccy GBP C Inc 98 16 96 46 116 26 93 34 149 14 1.19 6.14BNY Mellon Em Mkts Corp Dbt GBP W Acc H 96 46 99 4 111 31 120 10 - - 0.82 4.46Candriam Bds Em Dbt Lcl Ccis C USD Cap 98 18 96 42 117 22 100 24 - - 1.36 -Candriam Bds Em Mkts C USD Cap 97 27 98 23 132 3 139 3 287 1 1.28 -Fidelity Emerging Mkt Dbt A-Acc-EUR 99 11 96 35 127 7 134 5 265 2 1.66 -First State Emerg Mkts Bd B Hdg Acc GBP 96 47 98 19 108 37 116 13 - - - 5.73GAM MultiBond EM Infl Lnkd Bd GBP R 94 52 95 48 100 44 88 38 - - 1.07 -GAM MultiBond EM Opportunities Bd GBP Ra 95 50 98 17 105 41 - - - - 0.99 6.13GAM Multibond Emerging Bond USD B 97 29 94 49 126 10 129 7 253 4 1.61 -GAM Multibond Local Emerging Bond GBP R 97 32 99 5 104 43 93 35 - - 1.32 -GlobalAccess Emerging Mkt Dbt M Dis GBP 96 45 98 14 108 38 113 17 - - - 4.37GS EM Corp Bd R Inc GBP Hdg 97 30 99 6 109 36 116 12 - - 0.95 4.63GS Em Mkts Dbt Blnd R Inc GBP 97 26 98 12 115 27 108 20 - - 0.95 5.16GS Em Mkts Dbt R Inc GBP Hdg 96 44 98 24 110 35 115 15 - - 1.00 5.27GS Emerging Mkts Dbt Lcl R Inc GBP 98 17 97 26 118 19 95 31 159 13 0.95 5.89HSBC GIF Global Em Mkts Local Dbt AD 99 9 96 36 115 28 100 25 167 12 1.61 2.32Invesco Emerging Markets Bd A USD SD 97 34 96 38 126 8 129 6 234 6 1.27 5.33Investec Em Mkts Blnded Dbt I Acc GBP 99 6 99 9 125 12 116 14 - - - 5.65Investec EmMkts Lcl Ccy Dbt I Acc GBP 100 1 99 8 118 18 97 29 169 11 0.95 6.38IP Global Emerging Mkts Bd Z Acc 98 15 97 30 - - - - - - - 4.69JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 98 20 96 39 114 29 93 36 - - 1.30 5.68JPM Emerging Markets Debt A (dist) GBP 98 25 96 40 126 11 - - - - 1.45 4.81L&G Em Mkts Govt Bd (Lcl Ccy) Idx I Acc 100 3 97 27 - - - - - - - 5.04L&G Em Mkts Govt Bd (US$) Idx I Acc 96 37 93 51 125 13 128 8 - - - 4.39Legg Mason WA EM TR Bd A USD Dis(D) 97 33 96 44 120 14 118 11 213 8 1.92 4.27Loomis Sayles Em Debt & Ccies R/D USD 98 24 96 41 117 24 95 33 147 16 1.60 6.05M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 99 14 98 18 - - - - - - - -M&G Emerging Markets Bond GBP I Acc 99 12 98 15 133 2 142 1 244 5 0.94 5.18MFS® Meridian Em Mkts Dbt Lcl Ccy WH1GBP 97 35 99 10 100 45 - - - - 1.15 -MFS® Meridian Emerging Mkts Dbt WH1 GBP 95 49 97 25 106 40 110 19 - - 1.10 -Mirabaud Global Emerg Mkt Bd DH GBP Acc 96 40 - - - - - - - - - -Neuberger Berman EM Corp Dbt GBP I Acc 96 39 99 7 108 39 - - - - 1.10 -Neuberger Berman EM Dbt Blnd GBP I Acc 98 22 99 3 - - - - - - 1.00 -Neuberger Berman EM DbtHrdCcy GBP I Acc 96 43 100 2 - - - - - - 1.00 -Nomura Fds Emerging Market LC Debt I USD 96 41 96 37 119 16 - - - - 1.29 -Old Mutual Em Mkt Debt U1 GBP Inc 97 31 96 47 126 9 - - - - 0.97 6.48Pictet-Emerging Local Ccy Dbt I dy GBP 99 7 97 32 117 23 95 32 172 9 0.94 5.63Pictet-Global Emerging Debt I GBP 98 19 96 45 127 6 - - - - 0.83 -PIMCO GIS Em Asia Bd E USD Inc 99 5 97 31 113 30 105 22 - - 1.50 5.01PIMCO GIS Em Mkts Bd Instl GBPH Acc 96 38 98 16 111 32 114 16 170 10 0.79 -PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 98 21 100 1 105 42 107 21 - - 0.95 4.79PIMCO GIS Emerg Lcl Bd E USD Acc 99 8 96 34 117 21 96 30 - - 1.89 -Russell Inv EMkt Dbt Lcl Ccy I GBP 99 10 97 33 119 17 97 28 - - - 4.20SLI Emerging Market Debt Plat 1 Acc 98 23 97 29 127 5 134 4 - - - 3.84Templeton Emerging Mkts Bd W(Qdis)GBP-H1 96 42 98 22 110 33 101 23 - - 1.12 10.17Threadneedle EM Bd Z Inc GBP 97 28 96 43 128 4 127 9 226 7 - 6.16Threadneedle EM Local Z Inc GBP 100 2 98 13 119 15 98 27 148 15 0.90 8.45Average/Total 97 52 97 51 117 45 111 38 204 16 1.16 5.49

(IA) GLOBAL EQUITY INCOMEAberdeen World Equity Income I Acc 97 48 98 45 120 35 116 32 - - - 3.65Amundi SICAV II Glb Eq Trgt Inc R GBP DM 99 40 101 34 124 33 - - - - 0.95 6.99Aptus Global Financials B Acc 103 13 110 3 131 22 174 3 - - - 4.40Architas Global Equity Income A Inc 100 30 - - - - - - - - - -Artemis Global Equity Income I Inc GBP 105 2 109 6 - - - - - - 0.96 3.11Artemis Global Income I Inc 106 1 110 5 135 12 182 2 - - 0.99 3.39Aviva Investors Global Eq Inc 2 GBP Acc 104 6 108 9 136 9 169 4 201 9 1.14 2.60Baillie Gifford Global Inc Growth B Inc 103 12 105 19 142 4 167 6 220 6 0.70 2.72BlackRock Global Income D Acc 96 50 96 50 131 20 153 20 - - - 2.95Courtiers Glbl (ex UK) Eq Inc Retl R 102 20 103 23 - - - - - - - 2.33Davy Defensive Equity Income H GBP Acc 98 47 98 47 - - - - - - - -Davy Global Equity Income U GBP Acc 98 46 100 39 - - - - - - - -Epoch Global Eq Shld Yld A Instl GBP Inc 96 51 97 49 - - - - - - - 2.78Fidelity Global Dividend W Acc 100 36 99 42 135 15 167 8 - - - 2.83Fidelity Global Enhanced Income W Inc 99 38 99 43 134 16 - - - - - 4.95GAM Multistock Global Equity Inc EUR B 101 28 104 20 125 30 158 16 168 13 1.50 -GlobalAccess Global Equity Inc M Acc GBP 99 42 106 15 112 39 130 31 - - - 2.59Guinness Global Equity Income Y GBP Acc 104 7 105 18 137 8 163 15 - - 0.99 -HSBC Global Equity Income C Inc 101 24 104 22 - - - - - - - 2.43Investec Global Dividend I Acc Net GBP 104 10 108 11 140 6 - - - - - 2.19IP Global Equity Income Z Acc 102 19 107 13 135 14 164 11 - - - 3.04Janus Henderson Global Eq Inc I Inc 100 31 103 27 133 17 164 10 201 10 1.05 3.28JPM Global Equity Income C Net Acc 103 14 107 14 138 7 164 12 - - 0.93 0.93Jupiter Global Equity Income I Acc 99 37 103 29 131 23 152 22 - - - 2.78Kames Global Equity Income GBP C Inc 103 11 108 8 142 5 - - - - 0.66 3.44Lazard Global Equity Income C Acc 102 16 103 28 121 34 135 30 193 12 - 5.06Lazard Global Equity Income C Acc GBP 102 18 102 32 - - - - - - - -Legg Mason IF CB Glbl Eq Inc X Inc 100 32 103 25 128 27 163 13 227 5 - 3.25Legg Mason IF MC Glb Eq Inc X Acc £ 100 34 102 30 127 28 140 26 - - - 3.54Legg Mason IF RARE Gbl Infras Inc X Inc 95 54 90 53 - - - - - - - 4.72LF Canlife Global Equity Income C Acc 101 25 102 31 135 11 154 19 - - - 3.30LF Miton Global Infrastructure Inc B Acc 96 53 93 52 - - - - - - - 3.07Liontrust Global Income I Inc 105 3 107 12 129 26 149 24 197 11 0.90 4.90Mirabaud Global Equity Hi Inc D GBP Acc 104 8 110 4 130 25 - - - - 1.02 -

Unit Trusts 6



£ £ £ £ £ % %Morgan Stanley Glb Brands Eq Inc I Inc 101 21 100 40 - - - - - - - 3.70Neptune Global Income C Acc GBP 102 15 109 7 112 40 137 28 - - - 2.75Newton Global Income Inst W Acc 101 27 101 38 143 2 167 7 235 2 0.79 2.89Old Mutual Global Equity Inc R GBP Inc 105 4 113 2 - - - - - - 0.00 2.67Old Mutual Newton Global Inc U2 GBP Acc 101 26 101 37 143 3 165 9 - - - 3.45Pictet-High Dividend Selection I dm GBP 100 35 99 44 125 31 136 29 - - 0.98 3.83Premier Global Infrastructure Inc C Inc 96 52 96 51 125 32 153 21 137 14 1.25 5.27Sarasin Global Dividend P Acc 101 23 104 21 135 13 - - - - - 2.74Sarasin Global Dividend Stg Hdg P Acc 100 29 106 16 118 36 - - - - - 2.70Sarasin Global Higher Div P Acc 99 39 101 35 132 19 163 14 228 4 - 3.31Sarasin Global Higher Div Stg Hdg P Acc 98 45 103 26 114 37 146 25 - - - 3.31Schroder Global Equity Income Z Acc 105 5 113 1 146 1 182 1 260 1 0.90 3.15SLI Global Equity Income Plat 1 Acc 99 43 100 41 127 29 155 18 219 7 - 1.70TB Saracen Global Income and Growth BAcc 101 22 103 24 132 18 157 17 - - 1.02 2.52The TM Overstone UCITS Eq Inc I Acc 104 9 108 10 135 10 168 5 - - - 2.96Threadneedle Glbl Eq Inc Z Inc GBP 100 33 102 33 131 21 150 23 231 3 0.88 3.43Trojan Global Income O Acc 98 44 98 46 - - - - - - - 3.07UBS Global Enhanced Equity Income C Acc 97 49 101 36 114 38 - - - - - 6.87Vanguard Global Equity Income A GBP Acc 102 17 106 17 - - - - - - - 2.95Veritas Global Equity Income A GBP 99 41 98 48 130 24 139 27 218 8 1.13 3.69Veritas Global Equity Income A GBP 99 41 98 48 130 24 139 27 218 8 1.13 3.69Average/Total 101 55 103 54 130 41 155 33 210 15 0.99 3.37

(IA) JAPANAberdeen Global Japanese Eq X Acc GBP 100 61 106 68 141 31 174 30 250 12 0.92 -Aberdeen Japan Eq Enh Idx Net B Acc 102 41 109 60 138 46 - - - - - 1.67Aberdeen Japan Equity I 100 60 106 67 141 33 173 32 262 10 1.11 0.82Allianz Japan Equity RT GBP 97 72 107 65 147 18 180 21 209 29 - -Aviva Investors Japan Eq MoM 1 2 GBP Inc 100 62 109 62 134 55 168 41 184 38 1.32 0.60AXA Framlington Japan Z Inc 101 51 114 24 169 6 213 7 251 11 - 0.35AXA Rosenberg Japan Z 102 37 113 27 147 19 177 26 177 43 1.08 1.19Baillie Gifford Japanese B Acc 105 15 119 10 167 8 214 5 322 3 0.68 0.78Baillie Gifford Japanese Inc Gr B £ Inc 108 9 119 9 - - - - - - - 1.84Baring Japan Growth I GBP Acc 102 44 112 34 152 14 179 24 193 35 - 0.79BGF Japan Flexible Equity D2 103 24 111 39 145 26 168 40 187 37 1.07 -BNY Mellon Japan All Cap Eq GBP W Acc 103 19 111 37 148 17 - - - - 0.92 0.28Capital Group Japan Equity (LUX) Z 103 21 113 26 143 29 180 22 232 20 0.90 -Fidelity Index Japan P Acc 102 42 110 48 138 45 - - - - - 1.63Fidelity Instl Japan Acc 101 49 117 12 146 21 184 14 221 24 0.88 0.39Fidelity Japan Smaller Companies W Acc 101 54 117 13 164 9 214 6 337 2 - 0.25Fidelity Japan W Acc 103 27 110 55 133 59 160 51 161 48 - 0.44First State Japan Focus B Acc GBP 111 4 128 2 - - - - - - - 0.06GAM Multistock Japan Equity JPY R 102 29 111 46 140 36 174 31 242 16 1.15 -GAM Star Japan Equity Instl GBP Acc 105 11 115 21 168 7 216 4 212 26 1.67 -GlobalAccess Japan M Acc GBP 98 69 115 18 107 64 - - - - - 0.54GS Japan Equity Ptnrs R Inc GBP Hdg 103 25 123 5 - - - - - - 1.15 0.10GS Japan Equity R Inc GBP Snap 105 13 115 19 145 24 180 23 211 28 0.89 0.47Halifax Japanese C 101 52 108 64 133 58 160 50 179 41 1.53 0.86HSBC Japan Index C Acc 102 36 111 44 140 38 173 35 198 32 0.23 1.59HSBC MERIT Japan Equity Instl A Acc 102 43 110 53 138 48 167 42 181 39 0.56 1.24IP Japan Z Acc 100 58 106 70 130 61 160 52 239 17 - 1.19iShares Japan Equity Index (UK) D Acc 102 31 111 42 140 37 177 25 - - 0.17 1.53Janus Henderson Instl Jpn Idx Opps A Acc 102 40 110 49 136 51 163 47 - - 1.70 1.06Janus Henderson Japan Opps I Acc 97 70 102 72 139 44 182 19 232 19 0.87 0.69JOHCM Japan Dividend Growth A GBP Inc 99 66 106 69 127 63 - - - - 0.77 2.57JOHCM Japan GBP A 100 57 113 32 139 43 161 49 232 21 0.84 0.82JPM Japan C Net Acc 113 3 125 3 174 4 230 3 297 6 0.93 -JPM Japan Select Equity A (dist) JPY 104 18 113 30 139 40 164 46 176 44 1.80 0.01Jupiter Japan Income I Acc 109 8 121 8 157 11 192 9 242 15 - 1.67Jupiter Japan Select D USD Acc 109 6 121 7 154 13 181 20 - - 0.87 -L&G Japan Index Trust I Acc 102 35 110 47 139 42 171 37 200 31 0.27 1.46Lazard Japanese Strategic Eq C Inc GBP H 93 73 111 35 106 65 - - - - - 0.86Legg Mason IF Japan Equity X Acc 117 1 135 1 260 1 295 1 741 1 - -Legg Mason IF MC Japan Alpha X Acc £ 100 59 114 23 149 16 159 53 211 27 - 0.73LF Canlife Japan C Acc 102 38 109 59 131 60 149 57 209 30 0.88 0.97LF Morant Wright Japan B Acc 99 67 110 50 145 25 188 11 263 9 1.17 0.84LF Morant Wright Nippon Yield B Acc 100 63 111 43 151 15 190 10 - - 1.41 2.35Lindsell Train Japese Eq B GBP QutdInc 116 2 125 4 197 2 243 2 315 4 - 1.19M&G Japan GBP I Acc 98 68 110 54 139 41 188 12 278 7 0.92 1.02Man GLG Japan CoreAlpha Profl Acc C 102 46 109 57 136 53 182 17 265 8 0.91 1.43Matthews Asia Funds Japan I GBP Acc 104 16 116 17 161 10 - - - - 1.50 -MFS® Meridian Japan Equity A1 USD 103 20 109 56 138 49 169 39 190 36 2.05 -Neptune Japan Equity C Acc GBP 100 56 112 33 - - - - - - - 0.80Neptune Japan Opportunities C Acc GBP 97 71 114 22 106 66 153 55 308 5 - 0.76Nomura Fds Japan High Conviction I GBP 109 7 - - - - - - - - - -Nomura Fds Japan Strategic Value R JPY 103 28 113 28 - - - - - - 0.85 -Old Mutual Schroder Tokyo U2 GBP Acc 102 48 111 38 140 34 182 18 - - - 1.14Overstone UCITS Japanese Eq A USD 99 64 106 66 133 57 174 29 181 40 - 0.30Pictet-Japan Index I GBP 102 34 110 52 137 50 167 44 - - 0.29 -Pictet-Japanese Equity Opps I GBP 100 55 109 58 146 22 183 16 244 14 0.98 -Pictet-Japanese Equity Sel I GBP 101 53 109 61 136 52 - - - - 0.91 -Polar Capital Japan I Inc 103 22 116 14 146 23 171 38 - - 1.22 -Polar Capital Japan Value S 102 39 113 31 141 30 176 27 - - 1.02 -Principal Japanese Equity I Acc USD 99 65 106 71 127 62 153 56 172 47 1.50 -Royal London Japan Tracker Z Acc 102 33 111 45 140 39 176 28 233 18 1.03 1.50Russell Inv Japan Equity I 105 12 116 15 155 12 185 13 222 23 0.99 0.13RWC Nissay Japan Focus R GBP Acc Unhdg 109 5 122 6 186 3 - - - - 1.25 -Santander Japan Equities A 102 32 110 51 135 54 162 48 176 45 1.03 0.69Schroder Tokyo Z Acc 101 50 111 41 141 32 183 15 245 13 0.92 0.98Scottish Widows Japan Gr A 102 45 108 63 134 56 159 54 174 46 1.65 0.57SLI Japanese Equity Growth Plat 1 Acc 104 17 115 20 146 20 173 33 197 33 - 0.40SLI Japanese Trust 102 30 113 29 145 27 172 36 215 25 0.86 0.55SSgA Japan Equity Tracker 103 23 111 36 140 35 173 34 196 34 0.90 -T. Rowe Price Japanese Equity C GBP 105 14 116 16 - - - - - - - -T. Rowe Price Japanese Equity Q EUR 106 10 117 11 172 5 203 8 228 22 0.92 -Threadneedle Japan Z Acc GBP 102 47 114 25 143 28 165 45 178 42 - 0.56Vanguard Japan Stock Index GBP Acc 103 26 111 40 138 47 167 43 - - 0.30 1.50Average/Total 103 73 113 72 145 66 180 57 235 48 1.02 0.92


(IA) JAPANESE SMALLER COMPANIESAberdeen Global Jpn SmlrComs X Acc GBP 108 5 117 5 159 7 217 5 381 4 0.93 -Baillie Gifford Jap Small Co B Acc 116 1 133 1 220 2 290 1 517 1 0.61 0.23BGF Japan Small & MidCap Opps D2 109 4 122 4 173 4 199 6 320 6 1.07 -BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 114 2 126 3 196 3 - - - - 0.92 0.39IP Japanese Smaller Companies Z Acc 112 3 131 2 222 1 238 2 340 5 - -Janus Henderson Hrzn Jpn Smr Coms H2 USD 100 7 110 7 172 5 234 3 425 3 1.75 -M&G Japan Smaller Companies GBP I Acc 101 6 111 6 163 6 224 4 454 2 0.94 0.77Average/Total 109 7 121 7 187 7 234 6 406 6 1.04 0.46

(IA) MIXED INVESTMENT 0-35% SHARES7IM AAP Income C Acc 101 20 101 31 109 28 120 19 154 10 1.25 3.017IM AAP Moderately Cautious C Acc 100 26 102 16 105 42 117 30 151 12 0.65 1.327IM Cautious C Acc 101 23 101 25 105 41 - - - - - 1.287IM Moderately Cautious C Acc 100 39 101 34 104 44 116 31 155 9 1.36 1.817IM Personal Injury C Acc 100 24 101 24 106 39 116 33 - - 0.72 1.49Architas MA Active Moderate Income A Acc 100 38 99 48 112 16 122 15 157 8 1.57 2.77Architas MM Monthly High Inc A Acc 99 54 99 47 110 27 120 21 147 13 0.94 4.48AXA Defensive Distribution Z Acc Net 102 5 101 28 113 10 123 13 140 16 1.02 0.84Barclays Wealth Global Mkts 1 R Acc GBP 100 36 102 17 107 34 113 37 - - 0.93 1.39BlackRock Consensus 35 D Acc 101 12 100 40 120 1 131 2 - - 0.29 1.62City Financial Multi Asset Divs I Acc 101 22 98 53 100 45 117 28 145 15 - 3.53Coram Global Defensive A GBP 99 53 99 50 106 38 - - - - - -EF Brompton Global Cnsrv B GBP Acc 100 27 102 7 115 7 - - - - 1.84 1.17Fidelity Mlt Asst Allctr Defesv Y Acc 100 51 99 49 107 36 116 34 - - - 0.99Fidelity MltAsst Income Y Acc 100 49 99 51 112 15 126 5 175 2 - 3.26Fidelity MltAsst Open Def Y Acc 100 32 100 39 111 18 120 22 - - - 0.89Fidelity Multi Asset Defensive Y Acc 101 11 101 36 109 29 120 18 - - 1.10 0.77FP New Horizon Cautious B Inc 100 29 98 55 106 40 113 36 122 21 1.69 0.65FP New Horizon Inc B Inc 100 46 98 54 105 43 113 38 135 19 1.75 2.69FP Russell Invsmts Multi Asst Gr I C Acc 100 28 100 38 - - - - - - - 1.47GAM Star Defensive Instl GBP Acc 101 21 103 3 110 22 121 16 - - 1.69 -GS Wealthbuilder MACnsv R Inc GBP PtH 100 50 101 26 111 19 - - - - 0.85 1.93IFSL Brooks Macdonald Def Inc A Inc 100 42 100 43 109 30 121 17 161 7 2.09 2.61IFSL Brunsdon Cautious Gr C Acc 101 18 102 6 115 6 123 12 - - - 1.93Investec Diversified Income I Acc GBP 101 14 102 8 110 24 119 24 164 6 0.86 3.34Janus Henderson Mlt-Mgr Divers I Inc 100 37 101 29 108 33 118 26 135 18 - 2.65JPM Global Macro Balanced C Net Acc 99 55 105 1 107 35 124 11 126 20 0.83 0.36Jupiter Distribution I Acc 99 52 99 52 110 26 126 6 171 4 0.90 2.66Jupiter Merlin Conservative I Acc 101 8 102 18 113 12 119 25 - - 0.95 2.91L&G Mixed Investment 0-20% I Acc 100 47 100 42 - - - - - - - 2.01L&G Mixed Investment 0-35% I Acc 100 33 101 27 113 14 127 4 - - - 2.22L&G Mixed Investment Inc 0-35% I Acc 100 45 100 44 - - - - - - - 3.36LF Canlife Managed 0%-35% B Acc 103 1 102 4 - - - - - - - 0.77LF Canlife Portfolio III C Acc 102 3 102 12 113 11 - - - - - 1.95LF Miton Defensive Multi Asset B Acc 100 43 102 21 110 25 114 35 152 11 1.38 1.67LF Prudential Dyn Focs 0-30 Port P Acc 100 25 102 5 118 3 125 9 176 1 - 2.57LF Prudential Dynamic 0-30 Port P Acc 100 31 102 14 113 13 125 7 - - - 2.14Libero Cautious B Acc 101 10 100 41 110 23 120 20 - - - 0.79MI Charles Stanley Monthly Hi Inc Acc 100 35 99 46 107 37 116 32 171 3 1.10 4.33Old Mutual Cirilium Consrv R GBP Acc 100 48 101 33 116 4 128 3 - - 1.09 1.92Royal London Cautious Managed A £ Acc 102 6 102 10 - - - - - - - 1.89Royal London GMAP Defensv M GBP Acc 101 13 102 11 - - - - - - - 1.31Royal London Sustainable Mgd Gr C Acc 101 7 102 13 118 2 135 1 - - - 2.94Sarasin IE GlobalSar Income GBP P Acc 100 44 100 45 108 32 117 29 - - - 2.36SVS Brown Shipley Cautious I Acc 101 9 101 37 - - - - - - - 1.78Thesis Optima Income B Acc 101 15 102 23 109 31 120 23 147 14 - 2.38Threadneedle Managed Bond Fcs Z Acc 101 16 101 32 114 9 124 10 169 5 - 1.42TM UBS (UK) - Global Yield C Acc 100 40 101 30 111 17 - - - - - 2.22UBS Global Yield Allocation J Acc 100 41 102 20 - - - - - - - 0.70Vanguard LifeStrategy 20% Eq A Grs Acc 101 17 102 15 114 8 125 8 - - 0.29 1.40VT Greystone Conservative Managed R Acc 100 34 102 9 111 20 118 27 - - - 1.22VT Grosvenor Cautious A GBP Acc 101 19 102 19 - - - - - - - 1.70VT Tcam Income Gross Inc 102 4 103 2 116 5 122 14 - - - 2.42WAY Global Cautious Portfolio E Acc 100 30 102 22 111 21 112 39 138 17 1.68 -Wesleyan Low Risk/Rwd Gr X Acc 103 2 101 35 - - - - - - - 1.52Average/Total 100 55 101 55 110 45 121 39 152 21 1.15 1.98

(IA) MIXED INVESTMENT 20-60% SHARES7IM AAP Balanced C Acc 101 51 104 22 110 117 128 64 166 36 0.60 1.397IM Balanced C Acc 101 53 103 30 109 121 128 65 168 31 1.47 1.297IM Sustainable Balance C Acc 102 27 102 57 115 67 133 29 156 50 1.57 1.84Aberdeen Diversified Income I Acc 99 133 100 135 111 102 124 81 180 19 - 4.67Aberdeen MM Diversity D Acc 101 62 102 101 111 108 121 95 145 58 1.87 0.63Aberdeen Multi-Mgr Cautious Mgd I Acc 100 122 101 109 115 62 129 59 166 35 - 1.79Aberdeen Multi-Mgr Multi Asset Dist I 100 130 101 108 114 69 130 56 154 51 - 3.40Acumen Conservative X Acc 99 132 101 121 115 59 - - - - - 1.20Acumen Income X Acc 99 136 100 136 - - - - - - - 3.39Architas MA Active Interm Inc A Acc 101 66 101 117 118 30 133 32 - - - 2.66Artemis Monthly Distribution I Inc 100 103 102 59 127 4 157 1 - - - 4.05Aviva Investors Distribution 2 GBP Inc 102 34 101 115 115 65 131 45 193 7 0.83 3.37Aviva Investors Multi-Mgr 20-60% 2 £Acc 99 142 101 116 113 88 130 54 186 9 1.39 0.85AXA Distribution Z Acc 103 10 102 91 115 68 129 61 172 29 1.03 2.09AXA Ethical Distribution Z Acc 101 49 101 110 115 52 135 21 164 39 1.05 1.51AXA Global Distribution Z Acc 102 28 105 6 129 2 146 3 205 4 1.02 0.91AXA IM Lifetime Distribution A GBP Inc 103 6 104 19 124 7 - - - - - 3.54Barclays Multi-Asset High Inc R Dis GBP 100 120 103 41 113 89 120 101 - - 1.45 3.52Barclays Multi-Asset Income R Acc GBP 99 138 102 98 112 100 118 107 - - - 2.91Barclays Wealth Global Mkts 2 R Acc GBP 101 97 103 42 113 95 123 89 - - 1.00 1.75Barclays Wealth Global Mkts 3 R Acc GBP 101 59 105 4 118 25 132 42 - - 1.11 1.91BlackRock Consensus 60 D Acc 102 25 102 90 120 14 134 25 - - 0.27 1.80BlackRock Global Multi Asset Inc D Acc 98 148 100 130 110 111 121 94 153 52 - 4.33City Financial Multi Asset Bal I Acc 103 7 102 106 102 132 124 83 143 60 - 2.45Close Conservative Portfolio X Acc 102 30 103 39 112 101 130 55 - - 0.94 1.55Close Diversified Income Port X Acc 100 128 98 144 111 107 122 92 - - 0.83 3.60Close Managed Conservative X Acc 101 78 102 85 115 60 130 49 - - 1.13 1.91Close Managed Income X Acc 100 109 101 118 115 61 131 46 - - 1.18 3.29Close Tactical Select Passv Cnsrv X Acc 102 37 102 58 119 24 134 23 - - 0.68 1.58Coram Global Balanced A GBP 99 141 99 142 112 97 - - - - - -

Unit Trusts 7



£ £ £ £ £ % %Courtiers Total Return Cautious Risk 102 23 103 33 115 54 132 36 152 53 1.88 -Discovery Balanced B GBP Inc 101 69 105 3 117 34 134 27 175 27 - 3.30EF Brompton Global Balanced B GBP Acc 101 79 104 16 121 13 - - - - 1.90 0.97EF Brompton Global Inc B GBP Inc 101 74 103 37 119 20 135 20 - - 1.89 3.52EF FACET Balanced Discretionary C Acc 101 57 104 15 108 125 120 100 - - 2.00 1.62EF FACET Cautious Discretionary C Acc 100 104 103 53 108 127 119 105 - - 1.85 1.86Elite Income Tust B Acc 101 90 102 63 113 94 127 67 159 47 2.10 1.78F&C MM Navigator Distribution C Inc 101 67 102 88 114 76 131 47 228 1 - 4.67F&C MM Navigator Moderate C Acc 101 72 104 26 119 19 139 13 180 20 - 1.79Fidelity Mlt Asst Allctr Strat Y Acc 100 118 100 131 111 104 123 87 - - - 0.97Fidelity MltAsst Bal Inc Y Acc 99 131 99 140 114 74 - - - - - 3.21Fidelity MltAsst Open Str Y Acc 101 87 102 99 116 46 127 66 151 54 - 1.02Fidelity Multi Asset Strategic Y Acc 102 14 103 55 115 64 131 48 179 22 1.19 0.96FP New Horizon Balanced Inc & Gr B Inc 101 84 99 139 115 56 133 33 180 21 0.98 1.53FP Russell Invsmts Mlt Asst Gr II C Acc 101 77 102 82 - - - - - - - 1.49FP Russell Invsmts Mlt Asst Gr III C Acc 102 45 104 17 113 86 126 71 - - - 1.42FP Russell Invsmts Multi Asset Inc C Inc 99 140 99 141 108 128 119 104 - - - 3.05FP Tatton Oak Cautious Growth B 100 113 101 123 113 83 128 63 - - 1.39 1.27FP Tatton Oak Distribution B Acc 100 126 97 146 105 130 118 108 - - 1.30 2.23GAM Star Cautious Institutional GBP Acc 102 32 104 11 114 81 130 53 - - 1.64 -GS Glbl Inc Buldr R Inc GBP-Prtly Hdg 98 146 101 122 115 55 - - - - 0.90 3.33GS Wealthbuilder MABal R Inc GBP PtH 100 100 104 24 118 33 - - - - 0.90 1.74Halifax Cautious Managed C 103 8 102 65 114 77 126 75 166 38 1.50 2.05HC Sequel Cau Trgt Ret Strat B £ Acc 100 123 101 120 110 113 - - - - - 1.10HC Sequel Cautious Inc Strat Retl £ Inc 98 147 98 145 108 126 - - - - - 4.07HC Verbatim Multi-Index Portfolio 3 A 101 52 102 104 114 80 126 74 - - 0.80 1.09HC Verbatim Multi-Index Portfolio 4 A 102 36 103 48 118 29 134 24 - - 0.80 1.13HL Multi-Manager Equity & Bond A Acc 101 96 101 119 113 84 133 31 176 24 1.39 2.66HSBC Open Global Distribution C Acc 100 112 100 128 118 26 133 28 180 17 1.43 3.83IFSL Brooks Macdonald Cautious Growth A 102 44 102 62 117 39 133 30 157 48 2.75 1.54IFSL Ravenscroft Huntress Balanced B Inc 101 85 - - - - - - - - - -Insight Global Multi-Strategy Inst W Acc 100 111 102 86 111 106 125 79 - - - 0.72Investec Cautious Managed I Acc Net 101 65 102 95 113 93 120 99 187 8 0.84 0.60IP Distribution Z Acc 100 129 99 137 108 124 122 90 185 10 - 4.46IP European High Income Z Acc 99 135 101 113 126 6 144 5 209 2 0.91 3.22IP Global Distribution Z Acc 99 137 103 35 115 53 - - - - - 3.82Janus Henderson Cautious Mgd I Acc 103 4 102 89 110 109 127 69 179 23 - 3.17Janus Henderson Mlt-Mgr Distr I Inc 101 91 102 68 113 92 126 77 180 18 - 2.90Janus Henderson Mlt-Mgr Inc & Gr I Inc 101 81 103 46 114 73 130 52 181 16 - 2.16JPM Multi-Asset Income C Net Acc 99 139 102 94 109 122 123 88 - - 0.83 1.81Jupiter Enhanced Distribution GBP Inc 99 145 99 143 - - - - - - - 3.44Jupiter Merlin Income I Acc 103 12 103 47 114 79 124 82 182 13 1.61 2.83Kames Diversified Monthly Inc GBP B Inc 100 101 102 66 117 37 - - - - - 5.05Kames Ethical Cautious Managed GBP B Acc 101 80 102 72 110 120 137 17 199 5 - 2.01L&G Distribution Trust I Acc 102 33 101 114 110 114 123 86 164 43 0.67 3.22L&G Mixed Investment 20-60% I Acc 100 105 101 111 115 58 - - - - - 1.96L&G Mixed Investment Inc 20-60% I Acc 100 107 100 129 - - - - - - - 3.27L&G Multi Manager Income Trust I Acc 100 108 103 51 114 78 124 85 169 30 1.75 2.60LF Canlife Portfolio IV C Acc 103 11 103 34 117 41 - - - - - 1.91LF Miton Cautious Multi Asset B Acc 100 121 104 25 118 31 126 72 167 34 0.99 2.32LF Prudential Dyn Focs 10-40 Port A Acc 101 99 102 64 - - - - - - - 1.58LF Prudential Dyn Focs 20-55 Port P Acc 101 64 103 28 119 23 134 26 175 25 - 2.16LF Prudential Dynamic 10-40 Port P Acc 101 61 103 45 115 63 129 57 - - - 1.66LF Prudential Dynamic 20-55 Port P Acc 101 55 103 43 116 43 132 39 - - - 1.46LF Ruffer Total Return C Acc 101 70 101 126 107 129 121 98 205 3 - 1.43LF Seneca Diversified Income B Inc 100 102 102 87 119 22 134 22 145 59 - 4.93Liontrust Sust Fut Defesv Mgd 2 Net Inc 103 13 106 2 121 12 - - - - - 1.98M&G Episode Allocation GBP I Acc 100 119 104 21 117 38 136 18 196 6 0.84 1.09M&G Episode Income GBP I Acc 101 76 104 10 118 27 139 11 - - 0.74 2.73Margetts Providence Strategy R GBP Acc 102 31 102 96 113 90 127 70 172 28 0.62 2.74Marlborough Cautious P Inc 101 54 104 20 115 57 132 38 160 46 - 1.77MGTS Clarion Prudence Portfolio R Acc 102 42 102 93 110 110 122 91 163 44 2.32 1.20MGTS Frontier Cautious R Acc 102 22 102 74 110 119 121 96 168 33 1.36 2.35MGTS Future Money Income R Acc 102 35 102 67 114 70 132 43 - - 0.90 2.58MGTS Future Money Real Growth R Acc 102 24 103 50 114 71 129 58 - - 0.87 1.47MGTS Future Money Real Value R Acc 101 60 102 103 110 118 121 93 - - 0.91 1.24MI Charles Stanley Multi Asst2 Cau A£Acc 101 86 102 56 - - - - - - - 1.24MI Hawksmoor Vanbrugh C Acc 101 63 105 9 124 9 139 8 - - - 1.32MI Miton Cautious Mthly Inc A Acc units 100 124 103 44 114 75 129 60 - - - 3.76Old Mutual Cirilium Bal R GBP Acc 100 115 102 76 120 16 138 15 - - 1.24 1.89Old Mutual Foundation 3 R GBP Acc 100 125 103 32 117 35 - - - - - 2.11Old Mutual Voyager Diversified R GBP Acc 100 127 100 127 101 133 109 110 149 57 - 1.56PIMCO GIS Glbl Mlt-Asst Instl GBP H Acc 100 117 105 8 108 123 119 106 - - 0.95 -Premier Diversified Income D GBP INC 101 82 - - - - - - - - - -Premier Liberation No. IV Class C Acc 102 40 103 27 120 15 141 7 168 32 1.41 1.93Premier Liberation No. V Class C Acc 102 26 104 13 124 8 145 4 185 11 1.34 1.51Premier Multi Asset Cnsrv Gr C 101 95 102 77 110 112 120 103 133 61 1.03 0.47Premier Multi-Asset Distribution C Inc 101 50 102 80 116 45 143 6 182 14 1.43 4.03Premier Multi-Asset Monthly Inc C Inc 102 29 102 75 115 51 139 10 - - - 4.59RBS Collective Stakeholder Invest 104 2 102 83 113 87 126 78 166 37 1.50 1.34RBS INV Cautious Growth 101 98 101 112 112 99 125 80 - - 1.90 0.75RBS INV Income 101 48 103 49 115 66 131 44 - - 2.00 1.87Royal London GMAP Bal M GBP Acc 102 21 104 18 - - - - - - - 1.35Royal London Sustainable Div C Inc 104 1 106 1 129 1 153 2 - - - 1.72Sarasin FoF Global Strategic Gr P Acc 101 92 102 71 113 96 130 50 - - 1.35 1.75Sarasin Globalsar Strategic P Acc 101 88 102 84 116 47 132 40 149 55 - 2.05Sarasin IE GlobalSar Strategic EUR A Acc 99 143 102 100 128 3 - - - - - 1.88Sarasin IE GlobalSar Strategic GBP P Acc 101 89 102 81 116 49 132 37 - - - 1.88Sarasin IE GlobalSar Strategic USD P Acc 101 56 100 132 126 5 139 9 - - - 2.07Schroder Mixed Distribution Z Acc 102 17 105 7 120 18 137 16 - - 1.17 5.10Schroder MM Diversity Income Z Acc 102 20 102 105 110 116 120 102 - - 1.40 3.22Schroder MM Diversity Z Acc 100 110 99 138 104 131 112 109 - - 1.21 0.64Scottish Widows Balanced A 101 73 103 54 116 50 132 41 175 26 2.00 0.48Sentinel Income B Acc 101 75 102 92 - - - - - - - 2.64SLI Dynamic Distribution Plat 1 Acc 102 18 104 12 111 103 138 14 184 12 - 3.18Standard Life Wealth Phoenix B Inc 102 38 101 107 114 72 124 84 149 56 0.89 1.97SVS Brown Shipley Income I Acc 102 19 102 70 111 105 126 73 - - 1.93 2.80T Bailey Dynamic Inst Inc 101 83 105 5 119 21 139 12 164 40 1.79 1.09TB Doherty Cautious Managed B GBP Acc 99 144 100 134 110 115 121 97 - - - 0.60


TB Doherty Distribution B Acc 99 134 100 133 - - - - - - - 3.54TC Centre Multi Mgr Cau A Inc 100 114 101 124 113 91 127 68 157 49 2.00 1.24Thesis Optima Balanced B Acc 102 15 103 40 112 98 129 62 161 45 - 2.40Threadneedle Glbl Mlt Ast Inc Z Inc 101 47 103 38 121 11 - - - - - 2.96Threadneedle Managed Eq and Bond Z Acc 102 41 102 97 118 31 133 34 182 15 - 1.33TM UBS (UK) - Global Balanced C Acc 101 93 102 60 117 40 - - - - - 1.14TM UBS (UK) - UK Balanced C Acc 101 58 102 73 116 42 - - - - - 1.47UBS Global Balanced Allocation J Acc 101 94 103 52 - - - - - - - 1.06Vanguard LifeStrategy 40% Equity A Acc 102 39 103 36 120 17 136 19 - - 0.30 1.29Vanguard Target Retirement 2015 Acc 102 43 103 29 - - - - - - - 1.24Virgin Bond, Gilt and UK Share 104 3 102 79 113 85 - - - - - 0.95Volare Cautious A GBP Acc 101 71 103 31 - - - - - - - -VT Greystone Cautious Managed R Acc 101 46 102 78 118 28 132 35 164 42 - 3.10Waverton Cautious Income P GBP Inc 101 68 102 102 116 48 - - - - - 4.03WAY Global Blue Managed Portfolio E Acc 100 106 104 23 117 36 130 51 164 41 - -WAY MA Cautious Portfolio E Acc 100 116 102 69 114 82 126 76 - - 1.88 -Wesleyan Moderate Risk/Rwd Gr X Acc 103 5 102 61 - - - - - - - 1.41Zurich Horizon Multi-Asset I Z Acc 102 16 101 125 116 44 - - - - - 1.13Zurich Horizon Multi-Asset II Z Acc 103 9 104 14 123 10 - - - - - 0.90Average/Total 101 148 102 146 115 133 129 110 171 61 1.29 2.19

(IA) MIXED INVESTMENT 40-85% SHARES7IM AAP Moderately Adventurous C Acc 103 53 106 32 115 117 139 63 178 49 0.63 1.357IM Moderately Adventurous C Acc 102 82 105 64 114 118 140 58 183 35 1.50 0.75Aberdeen Multi-Asset I 103 25 103 119 119 87 131 98 182 39 1.49 1.70Aberdeen Multi-Mgr Balanced Mgd I Acc 101 135 103 112 119 82 139 62 181 43 - 1.09Acumen Progressive X Acc 101 137 104 85 118 95 - - - - - 0.98Architas MA Active Prog A Acc 102 83 105 46 127 19 143 38 191 28 1.63 1.94Aviva Investors Multi-Mgr 40-85% 2 £Acc 100 153 103 114 121 64 143 43 197 20 1.52 0.45AXA Framlington Managed Balanced Z Acc 103 37 104 101 122 50 143 44 198 18 - 1.33Baillie Gifford Managed B Acc 107 2 110 4 140 3 161 4 246 1 0.47 1.43Barclays Dividend and Growth I Acc GBP 100 152 104 96 112 125 131 102 - - 1.65 2.52Barclays Multi-Impact Growth R Acc GBP 101 121 - - - - - - - - - -Barclays Wealth Global Mkts 4 R Acc GBP 102 91 106 22 123 44 138 73 - - 1.05 1.80BlackRock Balanced Growth D Acc 103 41 104 76 121 65 139 66 164 60 - 2.27BlackRock Balanced Managed A Acc 104 19 106 33 121 60 138 77 163 62 1.59 0.26BlackRock Consensus 70 D Acc 102 73 103 129 122 46 138 72 - - 0.26 1.81BlackRock Consensus 85 D Acc 103 51 104 92 126 20 147 26 - - 0.23 2.08BNY Mellon Dynamic Total Ret USD A Acc 100 151 97 154 112 126 - - - - 2.21 -Carvetian FENIX Balanced Income 100 148 101 142 96 133 121 112 155 66 1.13 1.75City Financial Multi Asset Growth I Acc 102 102 100 151 104 132 - - - - - 1.56Climate Assets B GBP Acc 101 128 103 128 127 14 149 15 - - 1.36 1.98Close Balanced Portfolio X Acc 103 35 105 66 115 111 140 52 - - 0.86 1.45Close Managed Balanced X Acc 103 48 106 38 121 59 142 46 - - 1.37 1.24Close Tactical Select Passive Bal X Acc 102 80 105 73 124 32 144 36 - - 0.65 1.42Consistent Practical Investment A Acc 102 70 104 103 124 36 147 22 205 12 1.11 3.31Coram Global Opportunities A GBP 100 150 100 148 116 107 - - - - - -Courtiers Total Return Balanced Risk 103 54 106 40 123 42 148 19 171 55 1.90 -EdenTree Higher Income B 104 8 106 35 121 63 139 69 220 5 0.83 4.15EF Brompton Global Growth B GBP Acc 101 123 106 39 122 48 - - - - 1.92 0.86EFA Eden SRI A GBP Acc 102 99 104 108 115 116 - - - - - 1.99Elite Balanced Trust B Acc 102 88 105 55 119 88 139 64 165 59 2.05 0.31F&C MM Navigator Progressive C Acc 101 118 105 70 123 41 149 16 182 38 - 0.96Family Balanced International B 102 95 103 127 119 83 137 83 - - 1.15 1.60Fidelity MltAsst Inc & Gr Y Acc 99 154 99 152 116 110 - - - - - 3.06Fidelity MltAsst Open Gr Y Acc 101 109 104 104 121 61 132 96 156 65 - 2.21Fidelity MoneyBuilder Balanced Y Inc 102 84 97 155 111 129 130 103 201 16 - 4.14Fidelity Multi Asset Allctr Growth Y Acc 100 143 101 141 113 123 127 108 - - - 1.08Fidelity Multi Asset Growth Y Acc 103 40 104 100 117 102 135 93 - - 1.32 0.80FP New Horizon Growth B Inc 101 132 101 143 117 101 137 81 143 71 2.39 0.18FP Russell Invsmts Mlt Asst Gr IV C Acc 102 96 105 68 - - - - - - - 1.22FP Russell Invsmts Multi Asst Gr V C Acc 102 87 105 50 - - - - - - - 1.12FP Tatton Oak Capital Growth B 101 134 102 131 119 86 138 71 - - 1.45 1.46GAM Star Balanced Institutional GBP Acc 102 72 106 36 117 104 136 89 - - 1.66 -GS Wealthbuilder MAGr R Inc GBP PtH 101 107 107 21 123 40 - - - - 1.00 1.34HC Kleinwort Hambros Multi Ast Bal A Acc 101 124 103 117 115 112 125 109 146 70 1.72 -HC Sequel Bal Trgt Ret Strat B £ Acc 100 145 102 139 112 127 - - - - - 0.83HC Sequel Glbl Trgt Inc Strat A £ Acc 99 155 102 136 117 99 143 42 188 31 1.92 2.31HC Verbatim Multi-Index Portfolio 5 A 102 76 104 91 122 49 138 75 - - 0.80 1.09HL Multi-Manager Balanced Managed A Acc 101 110 103 115 124 35 145 32 187 32 1.46 1.03HSBC Ash Institutional A Acc 102 105 102 138 117 105 136 87 181 44 0.83 1.66HSBC Balanced Acc C 101 127 102 132 118 98 136 88 168 56 - 2.28IFSL Brooks Macdonald Balanced A Acc 103 29 107 11 121 70 139 70 174 53 2.14 1.13IFSL James Hambro Barnham Broom 103 31 107 12 124 31 145 31 - - - 0.72IFSL James Hambro Harrier Bal A Inc 102 94 105 57 - - - - - - - 0.51IFSL James Hambro Harrier Cap Gr Inc 103 60 106 29 123 37 142 47 - - - 0.60IFSL James Hambro Penrhos GBP Inc 103 50 106 26 122 55 140 60 203 14 1.61 1.74IFSL James Hambro Rires 103 49 107 15 126 24 147 24 164 61 1.42 0.70IP Global Balanced Index 103 43 105 69 125 26 151 11 212 7 0.70 1.82IP Managed Income Z Acc 100 142 101 147 120 76 146 29 204 13 - 2.49Janus Henderson Instl Gl Rpnsb Mgd I Acc 104 9 107 17 123 43 158 8 217 6 0.85 1.32Janus Henderson Mlt-Mgr Managed I Acc 102 64 104 80 120 73 142 50 149 68 - 0.82Jupiter Distribution and Growth I Inc 98 156 97 153 110 130 135 90 182 37 1.06 3.95Jupiter Merlin Balanced I Acc 104 11 106 30 127 16 148 18 211 8 1.66 1.97L&G Mixed Investment 40-85% I Acc 102 104 104 106 122 47 - - - - - 2.57L&G Multi Manager Balanced Trust I Acc 102 89 106 41 118 97 131 101 162 63 1.77 0.94Lazard Managed Balanced A Acc 104 7 107 9 126 22 150 12 201 15 0.86 1.95LF Canlife Balanced C Acc 103 52 103 116 121 71 140 56 177 50 - 1.45LF Canlife Portfolio V C Acc 103 26 105 67 119 84 - - - - - 1.70LF Canlife Portfolio VI C Acc 104 13 106 28 121 69 - - - - - 1.77LF Odey Portfolio Sterling Instl Acc 109 1 109 6 109 131 125 110 - - - 0.16LF Prudential Dyn Focs 40-80 Port A Acc 101 119 104 109 - - - - - - - 1.39LF Prudential Dynamic 40-80 Port P Acc 102 92 104 81 118 91 138 76 - - - 1.32LF Resilient MM Balanced Managed X Acc 103 59 104 82 122 54 140 55 - - 2.64 1.27LF Ruffer European C Acc 103 32 106 37 113 122 138 74 200 17 - 0.29LF Seneca Diversified Growth B Acc 101 129 105 71 121 66 143 40 172 54 - 2.79Libero Balanced B Acc 103 33 104 74 121 68 139 68 - - - 1.93Libero Strategic B Acc 103 47 104 110 117 103 131 100 - - - 0.44Liontrust Sust Fut Cau Mgd 2 Net Inc 103 38 107 16 124 34 - - - - - 2.00Liontrust Sust Fut Mgd 2 Net Inc 105 5 110 5 131 8 161 3 211 9 0.85 1.26

Unit Trusts 8



£ £ £ £ £ % %M&G Episode Growth GBP I Acc 102 97 107 10 121 58 143 41 180 45 0.94 1.57Man GLG Balanced Managed Profl Acc C 101 117 105 48 116 109 142 48 182 36 0.92 1.27Margetts Select Strategy R GBP Acc 102 77 104 86 121 67 140 57 191 27 0.68 1.27Marks & Spencer Worldwide Mgd Acc 102 103 103 124 125 27 145 34 193 25 1.66 0.78Marlborough Balanced P Acc 102 69 105 53 126 21 142 49 165 58 - 1.08Marlborough Extra Income P Inc 100 144 103 120 118 92 145 30 206 11 - 3.81McInroy & Wood Balance Pers Inc 104 18 104 79 126 25 142 45 226 4 1.00 1.10McInroy & Wood Income Pers Inc 102 93 100 150 114 120 127 107 189 29 - 2.95MFM Hathaway Inc 102 68 109 7 136 5 160 5 239 2 1.59 1.44MGTS Clarion Meridian Portfolio R Acc 102 63 105 72 119 78 137 80 189 30 2.32 0.99MGTS Future Money Dynamic Growth R Acc 103 58 105 63 120 74 139 61 - - 0.87 0.93MI Charles Stanley Multi Asst 4 Gr B Acc 101 112 105 45 113 124 129 105 - - 0.98 1.07MI Charles Stanley Multi Asst3 Mod A£Acc 101 131 104 90 - - - - - - - 0.74MI Hawksmoor Distribution C Acc 101 111 105 62 127 15 147 23 - - - 3.29NatWest Balanced 101 125 103 122 118 89 135 91 174 51 - 0.86Neptune Balanced C Acc GBP 107 3 114 1 128 12 148 17 179 47 - 0.39Newton Global Balanced Expt 1 Acc 103 42 104 102 126 23 146 27 211 10 0.55 1.62Newton Multi-Asset Balanced Inst W Acc 102 100 101 144 118 96 131 99 179 46 0.67 2.07Old Mutual Cirilium Mod R GBP Acc 101 140 104 111 125 29 148 20 - - 1.24 1.51Old Mutual Foundation 4 R GBP Acc 100 146 104 88 121 62 - - - - - 1.41Old Mutual Managed R GBP Acc 101 120 104 89 118 93 139 67 196 22 1.16 1.81Orbis OEIC Global Balanced Standard 102 85 105 58 142 2 165 2 - - - -Premier Diversified D Inc 104 6 111 2 138 4 156 9 - - 1.43 1.31Premier Liberation No. VI Class C Acc 102 66 105 49 128 11 150 13 196 21 1.66 1.65Premier Multi-Asset Growth&Inc C Inc 101 106 105 47 128 10 159 6 230 3 - 2.34RBS Balanced Acc 101 125 103 122 118 89 135 91 174 51 1.56 0.86RBS INV Balanced Growth 102 90 104 98 120 75 140 53 - - 1.97 0.44Rosetta Andromeda Growth Net GBP Inc 103 44 104 75 122 51 137 82 179 48 - 1.03Rosetta Andromeda Income Net GBP Inc 101 115 100 149 111 128 121 111 - - - 2.95Royal London GMAP Adventurous M GBP Acc 104 12 108 8 - - - - - - - 1.53Royal London GMAP Gr M GBP Acc 103 28 106 34 - - - - - - - 1.68Royal London Sustainable World C Acc 106 4 111 3 145 1 183 1 - - - 0.99S&W New Sarum Real Return Fund A Inc 102 71 105 52 124 30 136 84 - - - 1.57Sarasin FoF Global Diversified Gr P Acc 101 138 104 105 115 115 - - - - 1.29 1.68Sarasin IE GlobalSar Dynamic GBP P Acc 101 133 103 113 119 85 141 51 - - - 1.90Sarasin IE GlobalSar Dynamic USD P Acc 102 86 102 133 130 9 151 10 - - - 1.95Schroder Managed Balanced Z Acc 103 39 105 56 122 53 140 59 186 34 - 1.66Schroder MM Diversity Balanced Z Acc 100 141 101 145 114 121 130 104 - - 1.36 0.60Scottish Friendly Managed Growth 101 116 104 87 119 79 149 14 149 69 1.46 -Scottish Widows Progressive A 102 65 105 59 123 39 146 28 195 23 2.00 0.50Sentinel Growth B Acc 102 81 103 130 - - - - - - - 1.24Sentinel Universal B Acc 101 122 104 107 124 33 144 37 197 19 - 1.93SLI Global Advantage Plat 1 Acc 103 46 106 27 125 28 147 21 195 24 - 1.35SLI Multi-Asset Trust Ret Acc 104 17 104 99 120 77 139 65 181 41 1.00 1.94Smith & Williamson MM Endurance Bal B 101 108 102 134 114 119 133 95 167 57 - 1.66Standard Life Wealth Bal Bridge 102 101 102 140 120 72 135 94 160 64 0.83 3.13SVS Brown Shipley Balanced I Acc 103 55 105 65 117 106 - - - - - 1.79SVS Brown Shipley Growth I Acc 103 36 106 23 119 80 143 39 - - 1.97 1.13SVS Church House Balanced Eq Inc A Inc 104 10 103 126 116 108 136 86 182 40 1.57 3.01TB Doherty Active Managed B GBP Acc 100 147 102 135 115 113 132 97 - - - 0.14TB Doherty Balanced Managed B GBP Acc 100 149 101 146 115 114 129 106 - - - 0.51TC Centre Multi Mgr Bal A Inc 102 78 105 51 123 38 137 79 152 67 2.50 1.33Thesis Optima Growth B Acc 103 22 105 61 117 100 140 54 181 42 - 1.04Threadneedle Managed Eq Focused Z Acc 102 61 104 97 122 52 144 35 192 26 - 1.16TM UBS (UK) - Global Growth C Acc 102 98 104 83 122 45 - - - - - 1.18TM UBS (UK) - UK Growth C Acc 102 79 104 94 122 56 136 85 - - - 1.52TM UBS (UK) - UK Income Focus C Acc 102 75 103 118 118 94 - - - - - 3.03UBS Global Allocation (UK) C Acc 102 67 104 93 119 81 138 78 186 33 - 1.73UBS Global Growth Allocation J Acc 101 113 104 77 - - - - - - - 1.30Vanguard Global Balanced A GBP Acc 101 136 103 121 - - - - - - - 1.77Vanguard LifeStrategy 60% Equity A Acc 103 56 105 60 127 18 147 25 - - 0.31 1.42Vanguard LifeStrategy 80% Equity A Acc 103 20 107 14 133 7 158 7 - - 0.29 1.54Vanguard Target Retirement 2020 Acc 102 74 104 78 - - - - - - - 1.19Vanguard Target Retirement 2025 Acc 103 57 105 54 - - - - - - - 1.23Vanguard Target Retirement 2030 Acc 103 45 105 43 - - - - - - - 1.26Vanguard Target Retirement 2035 Acc 103 34 106 31 - - - - - - - 1.35Vanguard Target Retirement 2040 Acc 103 27 106 24 - - - - - - - 1.29Vanguard Target Retirement 2045 Acc 103 21 107 18 - - - - - - - 1.26Vanguard Target Retirement 2050 Acc 103 23 107 19 - - - - - - - 1.25Vanguard Target Retirement 2055 Acc 103 24 107 20 - - - - - - - 1.30Virgin Bond, Gilt, UK and Overseas Share 104 15 104 95 122 57 - - - - - 1.12Volare Balanced A GBP Acc 101 114 104 84 - - - - - - - -Volare Growth A GBP Acc 102 62 106 25 - - - - - - - -Volare Strategic Income A GBP Inc 101 139 102 137 - - - - - - - 3.69VT Greystone Balanced Managed R Acc 101 130 105 44 127 16 145 33 - - - 1.09Wesleyan Moderate High Rk/Rwd Inc X Acc 104 16 103 125 - - - - - - - 2.63Zurich Horizon Multi-Asset III Z Acc 103 30 106 42 128 13 - - - - - 1.11Zurich Horizon Multi-Asset IV Z Acc 104 14 107 13 134 6 - - - - - 1.18Average/Total 102 156 104 155 121 133 141 112 186 71 1.31 1.53

(IA) MONEY MARKETAberdeen Sterling Money Market I Acc 100 3 100 3 101 3 101 4 107 4 0.37 0.26Aviva Investors Cash 2 GBP Acc 100 5 100 5 101 4 101 5 103 8 0.28 0.20F&C Short Duration Bond 4 100 1 100 1 102 1 103 1 104 7 0.08 0.49ILF GBP Liquidity 1 100 9 100 6 100 8 101 8 105 6 0.20 0.13IP Money Z Acc 100 2 100 2 101 2 102 2 108 2 - 0.33Janus Henderson Instl Cash Retail Acc 100 8 100 8 101 7 101 7 108 3 0.37 0.13Janus Henderson Money Market UT Acc 100 7 100 7 101 6 101 6 106 5 0.32 0.10LF Canlife Sterling Liquidity I Acc 100 4 - - - - - - - - - -NFU Mutual Deposit C 100 10 100 9 100 9 99 9 - - - 0.36Premier UK Money Market B Inc 100 6 100 4 101 5 101 3 108 1 - 0.20Average/Total 100 10 100 9 101 9 101 9 106 8 0.27 0.24

(IA) NORTH AMERICA7IM US Equity Value C Inc 106 57 116 23 146 81 - - - - - 1.58Aberdeen Global North Amer Eq X Acc GBP 105 75 110 82 141 96 170 99 260 73 0.98 -Aberdeen North American Equity I 105 76 110 76 143 91 174 95 279 66 1.12 0.67Aberdeen Northern Amr EqEnhIdx Net B Acc 106 45 112 45 150 62 - - - - - 1.38ACS US Equity Tracker T1 GBP Acc 106 49 111 56 155 29 - - - - - 1.62Allianz Best Styles US Equity RT GBP 105 83 110 70 151 56 - - - - - -


Allianz US Equity C Acc 104 89 109 90 147 77 189 69 301 47 0.87 0.45Amundi SICAV II Pio US Fdml Gr R GBP ND 104 92 108 96 150 60 208 24 - - 0.93 -Artemis US Equity I Acc GBP 108 27 113 32 159 20 - - - - 1.00 0.14Artemis US Extended Alpha I Acc GBP 106 44 110 67 169 9 - - - - 2.47 -Artemis US Select I Acc GBP 111 17 118 14 166 11 - - - - 0.86 0.07Aviva Investors US Eq Inc 2 GBP Acc 101 124 104 130 141 103 173 96 - - 0.88 2.39Aviva Investors US Eq MoM 1 2 GBP Inc 105 62 111 58 152 52 204 35 322 29 1.03 0.48Aviva Investors US Equity Inc II 2 £ Acc 101 128 103 133 139 106 - - - - - 2.41AXA Framlington American Growth Z Acc 113 9 119 11 155 32 219 13 362 12 0.72 -AXA Rosenberg American Z 104 94 110 71 151 57 198 53 300 49 1.05 0.88Baillie Gifford American B Acc 127 1 135 1 212 1 266 2 434 5 0.67 -BGF US Basic Value D2 103 114 107 112 129 119 165 102 270 69 1.05 -BlackRock US Dynamic D Acc 104 91 113 38 158 22 206 26 312 38 0.94 0.61BlackRock US Opportunities D Acc 105 85 108 103 134 112 189 72 300 48 - 0.89BNY Mellon US Equity Income GBP W Inc 103 108 108 99 - - - - - - - 2.11Boston Company US Opps Inst W Acc 111 16 120 8 148 75 201 44 296 50 - 0.29Brown Advisory US Flexible Eq B $ Acc 108 25 116 21 154 40 - - - - 0.93 -Brown Advisory US Mid-Cap Gr USD C Acc 111 15 114 27 - - - - - - - -Brown Advisory US Sust Gr USD C Acc 111 14 119 9 - - - - - - - -Candriam Quant Equities USA C Cap USD 102 117 107 106 142 94 180 86 262 72 1.91 -Candriam Sust North America C USD Cap 101 129 101 135 129 117 160 104 235 75 2.16 -Capital Group AMCAP (LUX) Z 110 22 116 20 154 36 214 16 389 9 - -Capital Group Inv Co of Amer(LUX) Z 104 90 108 93 148 74 197 57 313 34 0.80 -Dodge & Cox Worldwide US Stock A GBP 104 105 109 91 153 43 205 32 312 39 0.70 -Eaton Vance Intl (IRL) US Value I2 USD 103 110 108 102 - - - - - - 1.25 -F&C North American 2 105 68 113 34 152 54 209 22 346 17 0.81 0.98Fidelity American Special Sits W Acc 103 115 103 132 136 109 193 65 313 36 - 0.58Fidelity American W Acc GBP 106 46 107 105 139 107 182 83 280 64 - 0.37Fidelity Index US P Acc 105 60 110 66 155 33 205 31 - - - 1.50Fidelity Instl America 104 98 106 117 141 101 194 63 320 30 0.88 0.58Franklin Mutual Shares W Acc 100 134 98 136 129 118 164 103 215 76 1.04 1.53Franklin US Opportunities W Acc 113 10 117 17 155 30 220 11 - - 0.83 -GAM Multistock Health Innovt Eq USD B 105 80 113 42 111 124 217 14 536 1 1.80 -GAM North American Growth Instl GBP Acc 104 93 111 51 146 80 177 92 352 14 0.98 -GAM Star Capital Apprec US Eq Instl £Acc 105 63 109 89 125 121 166 101 282 62 2.16 -GAM Star GAMCO US Equity Instl GBP Acc 101 131 110 78 141 95 - - - - 1.19 -GAM Star US All Cap Equity Instl GBP Acc 107 33 111 55 150 64 190 68 - - 1.14 -GlobalAccess US Value M Acc GBP 98 137 107 107 115 123 143 106 - - - 0.95GS US CORE® Equity R Inc Snap GBP 108 30 115 24 159 21 211 19 331 23 0.75 0.52GS US Equity R Inc GBP 105 69 108 101 136 111 177 91 269 70 0.95 0.35GS US Focused Growth Equity R Inc GBP 114 6 118 15 156 28 205 28 311 41 1.15 -Halifax North American C 105 65 110 72 149 73 196 61 310 42 1.51 0.25Hermes US All Cap Equity F GBP Acc 105 87 108 104 149 72 - - - - 1.44 -HSBC American Index C Acc 105 61 110 69 154 37 203 38 335 22 0.18 1.47HSBC MERIT US Equity Institutional A Acc 105 59 111 59 151 55 199 48 338 21 0.54 1.13Investec American I Acc Net GBP 109 23 117 16 165 13 211 21 286 60 0.85 0.44IP US Enhanced Idx Z Acc 106 42 113 40 - - - - - - - 1.35IP US Equity Z Acc 105 74 110 84 142 93 182 81 272 68 - 0.42iShares North American Eq Idx (UK) D Acc 106 56 111 63 152 47 199 50 - - 0.17 1.50iShares US Equity Index (UK) D Acc 106 51 111 61 154 38 204 37 - - - 1.45Janus Henderson Instl NA Idx Opps A Acc 105 70 110 74 149 69 189 71 295 51 1.76 0.99Janus Henderson INTECH US Cor A USD Acc 104 96 110 79 150 61 198 55 313 35 1.72 -Janus Henderson US Forty A USD Acc 109 24 117 18 152 53 214 15 280 65 2.21 -Janus Henderson US Growth I Acc 110 20 111 48 139 108 178 89 302 46 1.09 0.31Janus Henderson US Research A USD Acc 107 39 111 62 140 105 183 79 266 71 2.28 -Janus Henderson US Strat Val I USD Inc 103 113 107 113 144 87 173 97 272 67 1.32 0.33JOHCM US Small Mid Cap Equity A GBP Inc 110 18 116 22 153 45 - - - - 1.25 -JPM America Equity A (dist) USD 106 50 112 46 154 39 197 56 317 32 1.71 0.49JPM America Equity C Net Acc 106 48 111 50 157 25 - - - - - -JPM US Equity Income C Net Acc 103 111 108 95 147 76 187 74 - - 0.93 0.95JPM US Select C Net Acc 105 66 109 88 149 66 202 41 357 13 0.93 -JPM US Select Equity Plus A (dist) GBP 105 77 110 80 145 84 195 62 328 26 1.80 0.78Jupiter North American Income I Acc 101 126 106 121 146 82 178 90 313 37 1.04 1.84L&G US Index Trust I Acc 106 55 111 52 154 35 203 39 340 20 0.25 1.46Lazard US Equity Concntr C Acc USD 105 71 106 116 - - - - - - - -Legg Mason CB Growth A USD Dis(A) 105 78 109 85 141 100 189 70 198 78 2.19 -Legg Mason CB US Agrsv Gr X USD Dis(A) 108 26 107 108 128 120 179 87 319 31 1.12 -Legg Mason CB US Apprec X USD Dis(A) 103 116 107 109 145 83 183 78 287 57 1.11 0.26Legg Mason CB US Lg Cp Gr X USD Acc 110 21 117 19 167 10 231 9 410 7 1.10 -Legg Mason IF CB US Eq Inc X Inc 101 127 105 125 145 86 176 93 - - 1.05 1.71Legg Mason IF CB US Eq X Acc 101 130 104 129 130 116 171 98 209 77 - 0.25Legg Mason IF MC Nth Am X Acc £ 110 19 114 29 146 78 196 60 258 74 - 0.52LF Canlife North American C Acc 105 73 105 127 153 44 186 75 322 28 0.81 0.58LF Miton US Opportunities B Acc 107 38 113 36 161 18 211 20 - - - 0.08Loomis Sayles US Equity Leaders N/A GBP 105 79 113 35 173 8 235 7 - - - 0.13Loomis Sayles US Research R/A USD 104 99 109 86 146 79 185 76 294 53 1.70 -M&G North American Dividend GBP I Acc 108 31 115 26 160 19 199 47 308 43 0.91 0.96M&G North American Value GBP I Acc 106 52 111 53 154 34 204 33 305 45 0.91 0.87Majedie Asset Mgmt US Equity Z GBP Acc 104 101 107 114 136 110 - - - - - -Marlborough US Multi-Cap Income P Inc 104 100 112 44 149 68 184 77 282 63 - 1.16MFS® Meridian US Concentrated Gr WH1 GBP 105 84 114 31 131 115 166 100 - - 1.19 -MFS® Meridian US Value WH1 GBP 96 138 103 131 117 122 149 105 - - 1.00 -MGTS AFH DA North American Eq I GBP Acc 102 122 - - - - - - - - - -Morgan Stanley US Advantage I Acc GBP 114 5 119 10 - - - - - - - -MS INVF US Advantage I 115 3 121 5 179 5 252 6 520 2 0.90 -MS INVF US Growth Z 120 2 128 2 195 2 286 1 - - 0.86 -Neptune US Income C Acc GBP 106 47 110 81 150 59 194 64 - - - 2.09Neptune US Opportunities C Acc GBP 107 32 115 25 141 98 182 84 293 54 - 0.33New Capital US Growth GBP Ord Acc 108 29 120 7 133 113 200 46 - - 1.22 -Old Mutual JPM US Gr Advtg A GBP Acc 112 11 120 6 166 12 213 17 - - - -Old Mutual North American Eq R GBP Acc 106 43 113 33 163 16 233 8 371 10 0.90 0.18Old Mutual Schroder US Mid Cap U2 GBPAcc 102 121 106 120 150 63 206 27 - - - 0.15Old Mutual US Equity Income R GBP Acc 106 40 108 98 144 89 175 94 - - 1.25 -OYSTER US Selection R GBP D 104 103 113 39 162 17 - - - - 1.34 0.84Pictet-USA Index I GBP 105 88 110 73 153 46 201 43 - - 0.29 -PIMCO GIS StocksPLUS E USD Acc 104 97 110 83 151 58 198 52 328 25 1.45 -Polar Capital North American I 105 86 111 54 157 23 207 25 - - 0.97 -Principal US Equity I Acc USD 106 41 113 37 144 90 191 67 287 58 1.10 -Robeco BP US Large Cap Equities F £ 102 118 109 87 141 102 181 85 - - 0.80 -

Unit Trusts 9



£ £ £ £ £ % %Robeco QI US Conservative Equities F £ 100 136 105 128 - - - - - - 0.68 -Royal London US Growth 105 64 108 100 140 104 193 66 287 59 1.55 -Royal London US Tracker Z Acc 105 58 110 68 153 42 202 42 340 19 0.23 1.27Russell Inv US Quant I 104 104 110 75 149 70 201 45 323 27 1.83 0.42Sanlam FOUR US Dividend Income A GBP Acc 102 123 108 92 157 24 - - - - 1.10 -Santander United States Equities A 107 34 112 47 152 49 205 30 330 24 1.03 0.46Schroder QEP US Core I Acc 105 72 111 60 152 50 198 51 350 15 0.32 1.41Schroder US Eq Inc Maximiser Z Acc 104 102 107 110 - - - - - - - 4.89Schroder US Mid Cap Z Acc 102 120 106 122 149 67 205 29 349 16 - 0.05Scottish Widows American Growth A 106 54 110 77 149 71 188 73 317 33 1.62 0.22Seilern Stryx America USD U I 112 12 119 12 185 3 258 4 415 6 1.31 -SLI American Eqty Unconstrained Plat 1 A 101 125 103 134 141 99 196 59 295 52 - 0.35SLI American Equity Income Pltfrm 1 Acc 104 106 106 119 - - - - - - - 0.90SLI North American Trust 103 107 105 124 144 88 198 54 306 44 0.84 0.59Smith & Williamson North American Eq B 107 36 114 28 149 65 182 82 288 56 0.86 0.52SSgA North America Equity Tracker 105 82 111 65 152 48 199 49 312 40 0.90 -T. Rowe Price US Blue Chip Eq Q GBP 114 4 123 4 179 6 253 5 438 4 0.82 -T. Rowe Price US Equity C GBP 103 112 106 118 - - - - - - - -T. Rowe Price US Equity Q GBP 103 109 106 115 152 51 202 40 - - 0.82 -T. Rowe Price US Large Cap Gr Eq Q GBP 113 7 123 3 182 4 261 3 460 3 0.82 -T. Rowe Price US Large Cp Val Eq C GBP 101 132 106 123 - - - - - - - -T. Rowe Price US Large Cp Val Eq Q GBP 100 135 105 126 141 97 179 88 284 61 0.82 -Threadneedle Amer Extnd Alpha Ins AccGBP 108 28 114 30 163 15 212 18 407 8 0.81 -Threadneedle American Sel Z Acc GBP 107 35 111 57 156 27 204 34 343 18 0.82 0.30Threadneedle American Z Acc GBP 107 37 112 43 156 26 209 23 366 11 0.81 0.46Threadneedle US Eq Inc Z Inc GBP 104 95 108 97 145 85 183 80 - - - 2.53UBS S&P 500 Index C Acc 105 81 111 64 155 31 - - - - - 1.43UBS US Equity C Acc 106 53 108 94 142 92 197 58 291 55 - 0.25UBS US Growth C Acc 112 13 118 13 165 14 226 10 - - - -Vanguard US Equity Index Acc 105 67 111 49 154 41 204 36 - - 0.20 1.41VT De Lisle America B GBP 100 133 113 41 176 7 219 12 - - 1.33 0.11VT Tyndall North American A GBP Net Acc 113 8 - - - - - - - - - -Winton US Equity I GBP Acc 102 119 107 111 132 114 - - - - - -Average/Total 106 138 111 136 150 124 198 106 319 78 1.09 0.91

(IA) NORTH AMERICAN SMALLER COMPANIESArtemis US Smaller Cos I Acc GBP 113 2 120 3 172 2 - - - - 1.00 -Brown Advisory US Smaller Cos $ B 109 6 113 11 160 5 211 3 371 7 0.93 -F&C US Smaller Comp Fd C Net Inc 108 8 112 12 151 8 187 10 385 6 - 0.10GlobalAccess US Sm & Md Cp Eq M Acc GBP 104 14 116 7 128 15 169 12 - - - -GS US Sm Cp CORE® Eq R Inc GBP Snap 112 3 123 2 162 3 206 5 402 4 0.85 0.24Hermes US Smid Equity F GBP Acc 104 16 108 15 149 10 195 8 - - 0.87 -Janus Henderson US Venture A USD Acc 111 5 118 4 147 11 207 4 389 5 2.50 -JPM US Smaller Companies C Acc 119 1 134 1 178 1 227 1 422 2 0.93 -Jupiter US Small and Midcap Coms I Acc 112 4 118 5 139 14 - - - - - -Legg Mason IF Royce US Smlr Coms X Acc 106 11 114 9 145 13 169 13 261 10 - 0.27Legg Mason RY US SmCp Opp X USD Acc 106 12 118 6 161 4 191 9 362 8 1.20 -Neuberger Berman US Sm Cap USD A Acc 104 15 110 13 150 9 182 11 - - 1.99 -Schroder US Smaller Comp Z Acc 105 13 110 14 153 7 201 6 339 9 - -T. Rowe Price US Smaller Coms Eq C GBP 108 9 114 10 - - - - - - - -T. Rowe Price US Smlr Coms Eq Q GBP 108 7 115 8 158 6 212 2 443 1 1.12 -Threadneedle Amer Smlr Coms Z Acc GBP 107 10 108 16 145 12 201 7 407 3 - 0.15Average/Total 108 16 116 16 153 15 197 13 378 10 1.27 0.19

(IA) PERSONAL PENSIONSLF Tracker Pension Acc 104 2 105 2 119 2 137 2 175 2 1.00 -Virgin Money Pension Bond and Gilt 100 3 99 3 108 3 116 3 160 3 1.00 1.22Virgin Pension Growth 106 1 105 1 121 1 139 1 179 1 1.00 2.56Average/Total 104 3 103 3 116 3 130 3 171 3 1.00 1.89

(IA) PROPERTYAberdeen European Property Share I Acc 106 8 109 5 129 7 172 4 201 7 - 2.84Aberdeen Property Share I Acc 107 3 111 4 118 26 169 5 188 11 - 2.00Aberdeen UK Property A Inc 103 31 106 28 105 41 135 29 129 24 1.48 2.14Aberdeen UK Property Feeder UT I Acc 103 27 106 24 - - - - - - - 2.58Aviva Inv UK Prpty Fdr Acc 6 GBP Acc 102 36 - - - - - - - - - 1.39Aviva Inv UK Prpty Fdr Inc 6 GBP Inc 102 35 107 19 104 43 131 35 - - - 2.77Aviva Investors Asia Pacific Prpty I£Acc 101 44 99 49 162 1 141 21 - - 1.23 -Aviva Investors European Prpty I GBP Inc 91 52 86 51 98 46 84 42 - - 1.50 1.34Aviva Investors UK Property 6 GBP Acc 102 37 108 11 105 42 132 34 - - - 2.67F&C Global Real Estate Securities 3 Acc 103 29 103 37 129 6 - - - - - 1.07F&C Property Growth & Income I Acc 104 14 107 12 122 18 164 6 179 14 - 4.14F&C Real Estate Securities B GBP Acc 108 1 112 3 143 4 198 2 - - 1.38 -F&C UK Property 2 inc 102 33 105 30 115 31 134 30 - - 1.19 2.85F&C UK Property Feeder 1 GBP Acc 102 34 105 32 - - - - - - - 2.16Fidelity Global Property W Acc 103 26 103 41 125 13 151 9 204 5 - 1.97First State Asian Prpty Secs B Acc GBP 106 6 106 21 126 12 138 24 180 13 1.53 2.72First State Glbl Prpty Secs B Acc GBP 104 18 104 34 121 21 148 11 226 1 1.11 2.51GlobalAccess Global Prpty Secs M Acc GBP 100 47 107 20 109 37 - - - - - 2.52HC Charteris Property A Acc 103 20 100 48 102 44 125 40 - - 2.29 4.13HSBC Global Property C Acc 102 38 103 38 119 24 142 20 186 12 1.59 2.46iShares Glb Prpty Secs Eq Idx (UK) D Acc 102 39 102 45 128 10 147 12 - - - 2.58Janus Henderson Hrzn AsPac Pty Eqs H2USD 106 7 106 26 125 14 129 39 192 10 1.90 -Janus Henderson Hrzn Glbl Pty Eqs H2 USD 105 9 106 27 137 5 147 13 213 2 1.27 -Janus Henderson Hrzn PanEurpPtyEqs H2EUR 108 2 115 1 147 2 204 1 211 3 1.39 -Janus Henderson UK Pty PAIF Feeder I Acc 104 13 108 9 112 35 138 26 137 21 - 2.98Janus Henderson UK Pty PAIF I Acc 104 12 108 8 112 34 138 25 137 20 - 2.65Kames Property Inc Feeder(Acc) GBP B Acc 102 32 105 31 115 29 - - - - - 4.26Kames Property Income GBP B Gross Acc 103 28 106 25 118 28 - - - - - 5.03L&G Global Real Estate Div Idx L Dist 102 41 102 44 - - - - - - - 3.22L&G UK Property Feeder I Acc 105 10 109 6 121 22 152 7 167 15 - 2.47L&G UK Property I Acc 105 11 109 6 121 23 152 7 167 15 - 2.17M&G Feeder of Property GBP I Acc 104 17 107 18 108 40 133 33 130 23 1.34 2.32M&G Property Portfolio GBP I Acc 104 16 107 15 108 39 133 31 131 22 1.39 2.45MGTS St Johns High Income Property Acc 103 30 105 33 115 30 130 38 - - - 5.49MS INVF Global Property IX 103 22 103 40 122 17 142 19 202 6 1.05 1.92Old Mutual Glbl Prpty Secs R GBP HPt Inc 102 40 107 13 118 27 137 27 - - - 1.99Premier Pan Europe Prop Share C Acc 106 5 108 10 119 25 180 3 206 4 1.04 3.27Principal Glb Propty Secs I Acc USD 104 15 106 29 129 8 149 10 - - 1.18 -


Sarasin IE Glbl Real Estt Eq GBP P Acc 101 45 101 46 124 16 146 14 - - - 2.96Sarasin IE Sust Glb Rl Est Eq USD P Acc 102 43 102 43 125 15 144 15 - - - 2.80Schroder Glbl Cities Real Estt Inc Z Acc 100 51 98 50 129 9 133 32 - - 0.98 4.02Schroder Global Cities Real Estt Z Acc 102 42 103 39 127 11 143 18 201 8 1.18 1.13Scot Wid MM Global Rel Est Sec A Inc 101 46 100 47 122 19 140 22 195 9 1.90 2.08SKAGEN m2 A 107 4 113 2 145 3 139 23 - - 0.76 -SLI Global Real Estate Plat 1 Acc 100 50 103 42 122 20 130 36 95 26 - 3.83SLI Global REIT Plat 1 Acc 100 49 104 35 99 45 120 41 125 25 - 2.28SLI UK Real Estate Acc Feeder P 1 Acc 103 25 107 16 - - - - - - - 3.20SLI UK Real Estate Inc Feeder P 1 Inc 103 24 107 17 - - - - - - - 3.26SLI UK Real Estate Platform 1 Acc 103 23 107 14 109 38 130 37 142 19 - 2.57Threadneedle UK Prpty Authrsd Invmt INI 103 21 106 22 115 33 143 17 145 17 - 4.19Threadneedle UK Prpty Authrsd Tr INI 103 19 106 23 115 32 143 16 144 18 - 4.18TM Hearthstone UK Residential D 100 48 103 36 111 36 135 28 - - - 0.76Average/Total 103 52 105 51 120 46 143 42 170 26 1.37 2.76

(IA) PROTECTEDInvestec Multi Asset Protector A Acc Net 100 3 102 3 109 2 124 2 - - 2.08 0.15MFS® Meridian Prudent Wealth W1 GBP 106 1 106 1 - - - - - - 1.28 -Scottish Widows Capital Protected 21 103 2 104 2 124 1 136 1 - - - -Average/Total 103 3 104 3 117 2 130 2 - - 1.68 0.15

(IA) SHORT-TERM MONEY MARKETBaillie Gifford Cash A Inc 100 7 100 7 100 6 101 6 104 6 0.16 0.05BlackRock Cash D Acc 100 5 100 6 100 5 101 3 105 2 0.31 0.02Fidelity Cash Y Acc 100 4 100 4 101 3 101 4 104 3 - 0.20JPM Sterling Liquidity Agency (dist.) 100 6 100 5 101 4 101 2 104 5 0.25 0.13L&G Cash Trust I Acc 100 3 100 3 101 2 101 1 105 1 0.21 0.25Royal London Short Term Money Mkt Y Acc 100 1 100 1 101 1 101 5 104 3 - 0.28Scottish Widows Cash A Acc 100 9 100 9 100 8 99 8 101 8 0.61 -SLI Short Term Money Market 100 8 100 8 100 7 100 7 102 7 0.63 -Wesleyan Risk Averse A Acc 100 2 100 2 - - - - - - - 0.28Average/Total 100 9 100 9 100 8 101 8 104 8 0.36 0.17

(IA) SPECIALISTAberdeen Eastern European Equity I Acc 98 189 97 206 125 112 106 145 80 107 1.27 1.70Aberdeen Financial Equity I Inc 102 106 111 35 142 41 162 37 155 56 - 0.99Aberdeen Global Indian Equity X Acc GBP 102 91 103 125 140 50 191 18 315 9 1.39 -Aberdeen Latin American Equity I Acc 91 228 96 213 133 77 93 175 - - 1.30 1.65Aberdeen Multi-Mgr Ethical I Acc 101 125 106 79 136 65 165 35 201 38 - 0.17Acumen Strategic X Acc 102 92 - - - - - - - - - -Allianz China Strategic Bond P H2 GBP 96 210 98 187 94 217 98 166 - - 0.55 4.13Allianz German Equity P GBP 101 126 105 85 147 25 174 29 - - 1.01 0.68Allianz Global Agricultural Trds RT GBP 95 218 104 101 110 173 129 88 - - - -Allianz Income and Growth RM H2 GBP 103 75 109 51 117 145 134 80 - - - 6.02Allianz Renminbi Fixed Income P H2 GBP 104 67 109 48 106 185 110 137 - - 0.60 3.38Artemis Global Energy I Acc 121 1 121 6 126 110 84 185 - - 0.87 0.99Aviva Investors Glbl Convert Ia GBP Inc 104 57 102 130 126 105 133 82 199 39 0.81 0.45AXA Framlington Biotech GBP Z Acc 112 13 117 13 102 199 213 7 565 2 0.80 -AXA Framlington Financial Z GBP Acc 100 157 108 59 133 79 166 34 165 51 - 0.65AXA Framlington Health Z Inc 105 52 104 99 115 151 184 23 362 5 - 0.36Baillie Gifford Diversified Gr B1 Acc 101 128 102 131 111 169 122 108 - - 0.86 0.57Baillie Gifford Multi Asset Gr B1 Acc 100 143 102 132 - - - - - - - 1.38Baring German Growth I GBP Acc 99 167 105 84 152 10 184 21 265 17 0.81 0.99Baring Global Agriculture I GBP 103 71 107 63 122 125 136 74 - - 1.07 0.68Baring Korea I GBP Acc 106 47 113 26 134 74 152 51 180 45 0.93 0.35Baring Russia R GBP Inc 100 152 105 90 162 4 122 105 82 104 1.98 0.34Barings Australia I GBP Acc 107 35 111 36 130 85 128 93 153 58 1.32 -Barings Eastern Europe I GBP Acc 98 183 102 143 140 52 106 144 81 105 1.24 -Barings Frontier Markets I GBP Inc 96 206 98 191 124 116 137 72 - - 1.75 1.11Barings Global Resources I GBP Acc 105 54 113 29 123 121 118 116 67 117 1.25 -Barings Latin America I GBP Acc 96 208 98 198 112 165 85 182 80 109 1.29 -BGF Emerging Europe D2 100 147 103 114 134 72 117 120 98 88 1.37 -BGF India D2 99 168 105 88 148 22 211 9 253 22 1.22 -BGF Latin American D2 97 198 102 140 126 103 98 165 101 85 1.34 -BGF New Energy D2 103 86 104 96 135 70 158 45 99 87 1.32 -BGF World Agriculture D2 98 185 104 108 113 159 126 96 - - 1.32 -BGF World Energy D2 114 8 118 10 113 163 100 155 95 94 1.31 -BGF World Mining D2 112 12 125 2 141 43 105 146 62 118 1.31 -BlackRock Dynamic Allocation D GBP Acc 101 118 104 100 104 189 - - - - - 0.47BlackRock Dynamic Diversified Gr D Acc 101 120 104 102 104 191 114 129 134 70 - 1.08BlackRock Gold and General D Acc 95 213 87 224 126 107 98 164 81 106 1.16 0.01BlackRock Managed Volatility 102 103 102 144 112 164 124 104 - - - 1.88BlackRock Managed Volatility I C 102 96 102 134 115 149 127 95 - - 0.24 1.78BlackRock Managed Volatility II C 102 93 103 118 118 142 131 84 - - 0.24 1.68BlackRock Managed Volatility III C 103 85 104 103 120 129 136 75 - - 0.26 1.48BlackRock Market Advantage D GBP Acc 101 131 103 112 108 179 - - - - - -BlackRock Ntrl Resources Gr & Inc D Acc 109 25 117 14 135 66 129 89 - - - 2.03Blackrock UK Managed Volatility I C £Acc 103 88 101 152 109 174 - - - - - 1.11Blackrock UK Managed Volatility II C£Acc 103 84 102 141 111 170 - - - - - 1.24Blackrock UK Managed Volatility IIIC£Acc 104 66 104 106 113 160 - - - - - 1.98BNY Mellon Brazil Equity GBP W Acc 103 82 107 65 150 16 98 160 109 81 1.02 0.81Candriam Eqs L Australia C AUD Cap 106 43 110 39 137 62 138 71 181 44 1.85 -Candriam Eqs L Biotech C USD Cap 104 61 112 30 109 175 215 6 738 1 1.83 -Capital Group New World (LUX) Z 104 59 110 45 141 48 151 54 198 40 1.02 -Carmignac Emergents A EUR Acc 93 224 99 168 121 127 120 112 151 60 1.76 -Carmignac Pf Commodities W GBP Acc 113 11 122 5 137 63 - - - - 1.15 -Carmignac Pf L-S Eurp Eqs F GBP Acc 105 50 118 11 - - - - - - - -Consistent UT Inc 100 139 95 216 100 204 118 119 146 64 1.13 4.79Eaton Vance Intl (IRL) PrGl DefEq I2£Acc 101 132 - - - - - - - - - -EF Tellsons Endeavour RF GBP Acc 102 105 102 129 111 172 - - - - - 0.76F&C High Income 101 130 102 137 103 197 104 151 108 82 1.72 5.52F&C Overseas Equity-Linked UK Gilt 3 104 69 108 54 133 76 207 11 - - 0.39 1.01F&C Overseas Equity-Linked UK Inf 3 102 104 107 69 136 64 209 10 - - 0.39 0.06F&C UK Equity-Linked Gilt 3 109 20 106 82 139 59 179 25 - - 0.37 1.05F&C UK Equity-Linked Inflation 3 107 33 104 107 141 44 179 24 - - 0.43 0.06Fidelity Emerg Eur Mid East&Africa W Acc 97 195 103 126 126 102 131 86 173 48 - 1.66Fidelity India Focus Y-Dis-GBP 102 102 107 75 145 33 202 15 - - 1.22 -Fidelity Latin America W-Acc-GBP 95 215 99 170 125 114 92 176 110 79 1.23 -FP Brunswick Diversified Port B Acc GBP 101 112 102 133 115 152 126 97 133 71 1.79 0.80

Unit Trusts 10



£ £ £ £ £ % %FP Octopus Dynamic Mixed Asset B Acc 102 110 103 127 119 135 136 77 - - 0.82 1.54FP Russell Invsmts Real Assets C GBP Acc 100 156 101 148 108 178 108 139 - - 1.24 1.19FP SCDavies Global Alts A Acc GBP 99 173 99 172 98 211 102 153 - - 2.06 -FP WM Global Trend B Acc GBP 97 204 98 193 114 155 118 117 - - - 0.61Franklin India W(acc)GBP 99 170 101 156 139 56 205 12 290 10 1.13 -GAM Multibond ABS EUR B 100 151 101 150 125 113 107 140 124 73 1.10 -GAM Star Alpha Technology USD Inc 112 14 108 60 147 28 161 39 - - 1.61 -GAM Star India Equity Instl GBP Acc 104 64 109 50 147 26 - - - - - -GAM Systematic Alt Rsk Pre GBP Acc 98 188 98 185 100 206 111 136 - - 0.99 -GS BRICs Eq R Inc GBP 103 77 120 8 150 13 170 31 147 63 1.23 0.78GS Glbl Strat Inc Bd R Inc GBP Hdg 100 153 98 181 99 209 100 158 - - 0.85 2.10GS Glbl Strat Macro Bd R Inc GBP Hdg 99 175 98 197 105 188 - - - - 0.86 3.32GS Global Currency Plus R Inc GBP Hdg 97 205 96 210 96 213 97 168 - - 0.95 -GS India Equity R Inc GBP 98 186 105 86 150 14 236 2 344 7 1.10 0.15GS N-11® Equity R Inc GBP 94 220 95 217 106 186 97 169 - - 1.21 1.01GS NA Engy & Engy Infras Eq R Acc USD 114 7 111 38 90 218 - - - - 1.15 -GS Strat Abs Ret Bd I R Inc GBP Hdg 100 145 100 163 102 201 102 152 - - 0.50 1.63GS Strat Abs Ret Bd II R Inc GBP Hdg 100 155 98 183 101 203 100 156 - - 0.75 2.13GS US Mortgg Bckd Secs R Acc USD 101 122 97 208 119 138 126 99 211 30 0.70 -GS US RlEstt Bal R Acc USD 100 138 102 135 135 67 151 53 - - 1.10 -HL Multi-Mgr Asia and Emerging Mkt A Acc 98 190 102 136 129 89 - - - - - 0.74HSBC GIF Brazil Equity AD 93 223 96 211 119 134 71 190 59 119 2.16 0.88HSBC GIF BRIC Markets Equity AD 100 141 108 53 145 36 149 56 135 69 1.86 0.66HSBC GIF GEM Debt Total Return M1D 99 169 93 219 114 156 120 113 213 29 1.35 1.75HSBC GIF Indian Equity AD 95 216 99 176 130 86 159 44 142 66 1.91 -HSBC GIF Latin American Equity M1D 98 180 101 161 118 141 85 183 91 99 1.40 1.18HSBC GIF Russia Equity AD 107 34 111 34 155 6 120 114 84 103 2.16 1.21Invesco Asia Infrastructure A USD SD 104 63 108 55 126 108 136 73 150 61 2.02 0.75Invesco Global Health Care A USD AD 104 70 104 98 105 187 154 49 278 13 2.43 -Invesco India Equity A USD AD 103 83 107 73 151 12 224 4 257 20 2.12 -Invesco Korean Equity A USD AD 91 227 86 226 90 219 130 87 176 47 2.37 -Investec Diversified Gr I Acc Net 97 203 100 164 103 194 117 121 158 55 1.00 1.46Investec Enhanced Natural Res I Acc Net 108 30 113 25 133 80 116 126 131 72 0.00 1.27Investec Global Energy I Acc Net GBP 111 16 110 43 102 198 86 179 87 101 0.89 1.83Investec Global Gold I Acc Net GBP 104 56 102 142 141 46 105 148 94 95 0.87 -Investec Short Dated Bond I Acc GBP 100 154 100 165 100 205 101 154 109 80 - 0.12Investec Target Return Bd I Acc GBP 96 209 97 205 96 215 95 172 101 84 0.77 1.52Investec UK Total Return I Acc Net 102 94 104 105 113 162 124 101 167 49 0.74 1.61IP Emerging European Z Acc 101 124 109 46 152 9 131 85 105 83 - 2.46IP Global Financial Capital Z Acc 97 196 103 120 116 147 139 70 - - - 4.66IP Latin American Z Acc 96 212 99 180 114 154 80 187 95 92 - 1.81Janus Henderson Diversified Alts Y Acc 102 107 103 124 119 137 134 81 - - - 2.07Janus Henderson Global Fncls I Acc 104 68 113 27 133 78 161 40 185 43 1.09 1.10Janus Henderson Latin American H Acc 100 146 101 153 138 60 - - - - 0.99 1.30Janus Henderson Secured Lns Y Acc GBP 101 113 103 119 111 168 119 115 154 57 1.04 3.15JOHCM UK Opportunities A GBP Acc 103 80 100 162 117 143 142 66 218 27 0.79 3.36JPM Africa Equity A perf (dist) GBP 108 28 112 32 111 171 109 138 - - 1.80 0.96JPM Brazil Equity A (dist) USD 89 232 95 215 118 139 72 189 - - 1.79 1.74JPM Emerging Europe Equity C Net Acc 94 222 98 184 129 92 96 170 79 110 0.93 -JPM Emerging Middle East Eq A (dist) USD 115 6 110 40 117 144 113 131 136 67 1.80 1.39JPM Global Convert (EUR) A (dist) GBP H 101 117 104 104 103 192 121 109 - - 1.55 1.26JPM India A (dist) USD 100 148 103 121 131 83 163 36 211 31 1.79 0.45JPM Korea Equity A (dist) USD 105 49 110 42 149 17 155 48 207 35 1.80 0.07JPM Latin America Equity A (dist) USD 90 230 93 221 114 153 85 184 94 96 1.79 0.97JPM Natural Resources C Net Acc 114 10 123 3 141 45 112 134 78 111 0.93 -JPM Russia A (dist) USD 103 74 106 78 147 24 113 130 69 116 1.80 2.69Junior Gold P Acc 116 5 105 87 139 57 85 181 - - - -Junior Oils P Acc 107 38 101 151 81 220 54 192 34 120 - -Jupiter Emerging European Opps I Acc 99 171 103 122 140 49 106 142 76 112 1.21 2.17Jupiter Financial Opportunities I Acc 109 21 117 12 142 42 168 32 242 23 1.00 0.93Jupiter Global Financials D GBP Acc 108 26 114 24 148 21 178 27 256 21 1.01 -Jupiter India I Acc 91 226 92 222 141 47 202 14 274 14 1.12 0.50Jupiter India Select D USD Acc 92 225 93 220 145 37 203 13 266 16 0.99 -Jupiter International Fincls I Acc 109 24 114 21 145 34 176 28 - - 1.02 1.52Jupiter New Europe L GBP A Inc 98 184 102 139 139 55 106 143 96 91 1.64 1.82Kames Diversified Growth GBP B Acc 101 123 105 83 112 167 122 107 - - 0.56 2.72LF Bentley Sterling Income Inc 100 149 98 192 99 208 98 161 112 78 2.30 1.42LF Bentley USD Balanced Acc 101 116 100 166 117 146 129 90 177 46 2.39 0.39LF Canlife Global Infrastructure C Acc 97 199 99 174 123 122 143 61 - - - 2.32LF Canlife Global Resource C Acc 118 2 118 9 129 91 115 128 - - - -LF Canlife Strategic Return C Acc 99 177 102 138 112 166 - - - - - -LF Canlife Total Return C Acc 100 133 107 74 107 182 115 127 75 113 - 1.31LF Ruffer Gold C Acc 109 23 104 92 174 1 127 94 88 100 - 0.08LF Ruffer Pacific C Acc 101 121 106 81 107 183 153 50 235 24 - 0.93LF Waverton Alternatives II B Inc 99 164 98 190 96 212 100 157 - - 2.63 0.73LF Woodford Income Focus A Sterling Acc 99 160 97 201 - - - - - - - 5.42LO Funds Absolute Return Bd EUR NA 99 161 101 149 121 126 99 159 115 75 0.72 -LO Funds Cmdty Risk Premia USD NA 109 22 113 28 120 131 97 167 - - 1.00 -Loomis Sayles Strat Alpha Bd H-N/D GBP 100 140 101 155 103 193 105 147 - - 1.00 2.70M&G Global Convertibles GBP I Acc 99 159 98 199 122 124 135 78 208 34 0.92 1.70Magna Africa G EUR Acc 98 181 97 200 103 196 - - - - 2.13 -Marlborough ETF Commodity P Acc 110 17 115 19 113 158 86 180 71 114 - -Marlborough ETF Global Growth P Acc 97 194 98 182 119 133 134 79 161 53 - 0.91Matthews Asia Funds India I GBP 103 73 108 57 140 51 211 8 - - 1.50 -McInroy & Wood Emerging Mkts Pers Inc 98 187 101 154 123 120 116 124 214 28 1.50 1.48MFS® Meridian Latin American Eq WH1 GBP 90 231 99 179 98 210 68 191 - - 1.35 -MI TwentyFour AM Monument Bond I Acc 101 114 103 113 108 177 116 125 - - 1.01 2.17Mirabaud Convertible Bds Eurp A EUR Acc 97 201 97 207 119 132 117 123 - - 2.04 -Mirae Asset India Sector Leader Eq R GBP 99 178 104 94 142 40 - - - - 1.10 -MS INVF Global Balanced Income IR 99 166 101 145 127 98 - - - - 0.99 5.88MS INVF Global Fixed Income Opps I 102 98 101 157 126 104 - - - - 0.65 -Neptune India C Acc GBP 97 202 99 169 139 53 197 16 230 25 1.77 0.01Neptune Latin America C Acc GBP 99 165 104 91 145 31 107 141 113 77 - 1.15Neptune Russia & Greater Russ C Acc GBP 107 39 117 16 164 3 121 110 99 86 - 3.99Neuberger Berman AbsRetMltStrt GBP I Acc 100 150 101 158 95 216 - - - - 1.95 -Neuberger Berman Divers Ccy USD A Acc 103 87 99 171 118 140 117 122 - - 1.20 -Neuberger Berman Gb Dy AstAllc GBP I Acc 100 143 103 123 - - - - - - 0.95 -Newton 50/50 Global Equity Expt 1 Acc 103 78 103 111 122 123 142 64 190 41 0.55 1.82Newton Maiden GBP Inc 104 62 106 77 130 87 160 42 207 36 0.45 1.84


Newton Multi-Asset Divers Ret Inst W Acc 101 127 101 159 116 148 128 91 153 59 0.71 2.17Old Mutual BlackRock Gold&Gen U2 GBP Acc 95 219 87 225 125 115 96 171 - - - 0.21Old Mutual Finacl Cntgnt Cptl R £ H Acc 96 207 - - - - - - - - - -Old Mutual Gold & Silver R GBP Acc 106 42 94 218 - - - - - - - -Old Mutual JPM Natural Res U2 GBP Acc 114 9 122 4 144 38 112 135 - - - 1.26Pictet - Emerging Europe P dy GBP 95 217 98 189 130 88 95 174 80 108 1.82 1.09Pictet Absolute Ret Fxd Inc HI GBP 99 176 99 173 102 200 - - - - 0.68 -Pictet-Biotech I dy GBP 104 58 109 49 102 202 184 22 339 8 1.20 -Pictet-Health I dy GBP 103 79 103 115 107 184 187 20 345 6 1.22 -Pictet-India Index I GBP 99 158 103 116 134 73 161 38 - - 0.42 -Pictet-Indian Equities I GBP 103 89 104 110 147 27 216 5 224 26 1.05 -Pictet-NutritionI I dy GBP 103 76 107 62 129 90 143 63 - - 1.21 0.09Pictet-Russia Index I GBP 107 36 116 17 150 15 112 132 - - 0.46 -Pictet-Russian Equities I GBP 105 51 110 41 168 2 132 83 97 89 1.16 -Pictet-Timber I dy GBP 111 15 121 7 153 8 168 33 - - 1.21 0.28PIMCO GIS Capital Scs E USD Acc 99 163 98 195 128 95 - - - - 1.69 -PIMCO GIS Cmdty Real Ret E USD Inc 108 31 107 70 104 190 79 188 71 115 1.64 0.17PIMCO GIS Glb Lw Dur Rl Rt Ins USD Acc 102 100 98 194 119 136 - - - - 0.49 -PIMCO GIS Infl Strat E USD Acc 102 109 97 204 108 176 104 150 - - 2.10 -PIMCO GIS Uncons Bd E USD Acc 102 99 99 178 120 130 118 118 - - 1.80 -PIMCO Sel Uncons Bd Retl GBPH Acc 99 174 99 175 100 207 98 162 - - - -Polar Capital Biotech I USD Inc 118 3 125 1 146 30 - - - - - -Polar Capital Financial Opports R Inc 100 136 106 76 127 97 155 47 - - 1.76 1.91Polar Capital Glbl Convert I Acc 108 29 107 68 129 93 - - - - - -Polar Capital Global Ins R Acc 98 182 102 128 152 11 189 19 - - 1.47 -Polar Capital Healthcare Opports I Inc 110 18 115 18 126 109 237 1 - - 1.22 -Principal Preferred Secs I Acc USD 99 162 98 196 130 84 146 59 285 12 0.50 -RWC Enhanced Income Fund R GBP Acc 106 45 104 95 114 157 124 103 - - 1.16 -RWC Global Convertibles Fund R GBP Acc 100 137 101 146 103 195 121 111 161 54 1.11 -RWC Income Opportunities Fund R GBP Acc 106 40 106 80 120 128 140 69 - - 1.11 -Sarasin Food & Agriculture Opps P Acc 110 19 114 22 149 20 157 46 188 42 0.99 1.26Schroder Diversified Growth I Acc 100 134 104 109 108 181 124 102 162 52 0.80 1.30Schroder GAIA Egerton Equity A Dis GBP 104 60 109 52 146 29 145 60 - - 2.44 -Schroder ISF Asian Ttl Ret C Acc USD 104 65 115 20 159 5 173 30 414 3 1.33 -Schroder ISF Emerging Europe C Acc EUR 102 111 108 56 155 7 128 92 136 68 1.36 -Schroder ISF Eurp Div Mxmsr Z Acc EUR 105 55 108 61 129 94 141 67 167 50 1.07 -Schroder ISF Glb Em Mkt Opps C Acc USD 102 97 111 33 147 23 152 52 209 33 1.35 -Schroder ISF Glbl Div Mxmsr Z Dis GBP 103 90 108 58 137 61 161 41 210 32 1.08 6.93Schroder ISF Indian Equity C Acc USD 102 95 107 67 149 18 195 17 259 19 1.38 -Schroder ISF Latin American C Acc USD 98 191 101 147 124 117 88 178 93 97 1.36 -Schroder ISF Wealth Presv C Acc EUR 98 192 98 186 127 101 104 149 142 65 1.04 -Schroder Small Cap Discovery Z Acc 100 142 103 117 127 99 148 57 - - - 0.79Scottish Widows Latin Amer A Acc 91 229 95 214 131 82 95 173 95 93 1.81 0.99SKAGEN Vekst A 102 101 105 89 135 69 140 68 148 62 1.85 -SLI Enhanced-Diversification Plat 1 Acc 101 115 107 71 108 180 - - - - - -Smith & Williamson Artfcl Intllgnc Z GBP 117 4 - - - - - - - - - -Smith & Williamson Global Gold & Res B 101 119 88 223 127 100 98 163 97 90 - -Stewart Investors AsiaPac Ldrs B Acc GBP 106 44 107 66 133 75 159 43 288 11 0.89 1.12Stewart Investors AsiaPac Sust B Acc GBP 106 48 111 37 139 54 178 26 370 4 1.00 0.70Stewart Investors Glbl EM Ldrs B Acc GBP 102 108 104 93 135 68 143 62 269 15 0.91 1.49Stewart Investors Glbl EM Sust B Acc GBP 105 53 107 64 134 71 148 58 - - 1.03 0.84Stewart Investors Global EM B Acc GBP 103 72 104 97 132 81 136 76 263 18 1.06 1.01Stewart Investors Indian Sbctnt B AccGBP 107 37 112 31 149 19 229 3 - - - 0.08Stewart Investors Latin Amer B Acc GBP 99 179 99 167 143 39 112 133 - - 1.14 1.37Stonehage UK Equity Income B Inc 107 32 107 72 124 119 142 65 203 37 1.65 4.72T. Rowe Price Frontier Markets Eq Q GBP 98 193 101 160 139 58 - - - - 1.27 -T. Rowe Price Glbl Natrl Res Eq Q EUR 106 46 110 44 126 106 125 100 114 76 0.85 -T. Rowe Price Global Natrl Res Eq C GBP 106 41 109 47 - - - - - - - -TC South River Gold and Prec Mtls B Acc 95 214 81 227 125 111 - - - - - -Templeton BRIC A(acc)USD 101 129 117 15 145 32 149 55 117 74 2.49 -Templeton Frontier Markets W(acc)GBP 97 200 97 203 124 118 126 98 - - 1.74 -Templeton Latin America W(acc)GBP 96 211 99 177 128 96 91 177 91 98 1.41 -Threadneedle Latin America Z Acc GBP 94 221 96 209 113 161 81 186 86 102 - 1.97VT Gravis UK Infras Inc C GBP Acc 100 135 96 212 - - - - - - - 5.53VT Halo Global Asian Cnsmr B £ Net Acc 108 27 114 23 145 35 - - - - - 1.25VT SG UK Defined Return Assets A Acc 103 81 - - - - - - - - - -Waverton Alternatives A GBP Inc 99 172 97 202 96 214 - - - - - 0.52WAY Global Momentum E Acc 97 197 98 188 115 150 122 106 - - 1.55 0.67Average/Total 102 232 104 227 125 220 133 192 171 120 1.25 1.56

(IA) TARGETED ABSOLUTE RETURN7IM Real Return C Acc 99 65 100 54 107 29 131 8 - - - 0.97Aberdeen Target Return Bd I Acc 101 28 101 48 101 59 98 65 114 19 - 1.14Absolute Insight Credit B2p2 GBP 100 57 102 35 101 62 111 36 - - 2.84 -Absolute Insight Currency B3p GBP 99 77 96 100 92 82 96 67 - - 0.95 -Absolute Insight Emerg Mkt Debt B3p GBP 98 90 100 62 100 64 103 55 - - 1.22 -Absolute Insight Eq Mkt Netrl B3p GBP 101 31 101 37 103 51 106 48 - - 1.10 -Absolute Insight W 100 56 100 56 100 65 105 50 135 12 - 0.87Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 100 50 101 45 116 12 - - - - 3.08 0.14Artemis US Absolute Return I Hdg Acc GBP 100 38 101 42 111 20 - - - - 1.30 -Aviva Investors Mlt-Strat Trgt Inc 2£Inc 97 97 96 101 99 72 - - - - - 4.71Aviva Investors Mlt-Strat Trgt Ret 2£Acc 99 64 98 95 99 68 - - - - - 0.71Baring Multi Asset I GBP Acc 101 27 103 21 112 18 124 16 - - 0.79 2.11Barings Dynamic Absolute Ret I GBP H Acc 99 85 99 79 - - - - - - 1.01 -BlackRock Absolute Return Bond D Acc 100 51 101 43 104 43 106 47 - - - 1.54BlackRock Emerging Mkts Abs Alpha D Acc 105 5 94 103 99 69 - - - - - -BlackRock European Absolute Alpha D Acc 101 34 105 16 106 31 115 26 - - 0.97 -BlackRock Glbl Long/Short Eq D Acc 102 13 108 8 - - - - - - - -BlackRock UK Absolute Alpha D 99 73 99 71 105 34 125 14 125 17 0.93 0.25BNY Mellon Absolute Ret Bd EUR X Acc 97 103 98 92 123 5 107 43 - - 0.07 -BNY Mellon Absolute Ret Eq GBP U Acc 101 20 102 29 106 33 112 31 - - 0.96 3.64Castlefield Real Return Instl 99 60 100 66 107 28 114 28 141 10 2.23 0.61City Financial Absolute Eq I GBP Acc 85 112 86 110 107 27 165 1 295 1 1.24 -F&C Global Equity Market Neutral C Acc 96 106 107 12 - - - - - - - -FP Argonaut Absolute Return R GBP Acc 97 99 113 3 90 85 137 4 - - - 0.64FP Octopus Global Strategies B 99 75 100 61 102 56 107 44 - - 1.62 0.63FP Pictet Multi Asset Portfolio A Acc 101 17 103 24 - - - - - - - 0.49GAM MultiBond Absolute Ret Bd Def GBP R 99 68 100 65 100 63 100 62 - - 0.94 -GAM MultiBond Absolute Ret Bd GBP R 99 72 99 76 101 60 100 61 116 18 1.37 -GAM MultiBond Absolute Ret Bd Pls GBP R 99 80 98 84 103 54 101 58 125 16 1.58 -

Unit Trusts 11



£ £ £ £ £ % %GAM Multistock Abs Ret Eurp Eq GBP Rh 98 88 98 87 97 77 104 52 - - 0.74 -GAM Star (Lux) - Convert Alpha I EUR Acc 97 101 99 73 128 1 115 25 148 9 1.40 -GAM Star (Lux) - Emerging Alpha I £ Acc 101 16 104 17 100 67 - - - - 1.59 -GAM Star (Lux) - European Alpha I GBP 104 8 109 7 106 30 116 21 - - 1.53 -GAM Star Discretionary FX GBP Acc 99 81 92 108 80 91 93 69 - - 3.88 -GAM Star Emerging Market Rates Instl£Inc 98 93 100 63 105 37 108 42 - - 1.25 0.41GAM Star Global Rates GBP Acc 95 107 92 107 86 88 91 70 - - 3.13 -GAM Star Keynes Quants Strats Instl£ Acc 99 62 101 44 94 79 111 35 - - 5.46 -Gemini Principal Asset Allc A £ Acc 100 53 98 88 98 75 - - - - - -GS Global Absolute Ret R Inc GBP Hdg 98 95 99 78 - - - - - - 1.00 0.23H2O Multireturns N/D GBP 98 94 107 11 120 7 - - - - - 1.76Hermes Absolute Ret Crdt F GBP Hdg Acc 99 74 99 67 103 53 - - - - 0.94 -IFSL Brooks Macdonald Def Cap A Acc 101 25 101 46 112 16 125 15 164 2 - 1.31Insight Global Absolute Ret Inst W Acc 99 78 101 38 104 42 116 22 - - - 1.27IP Global Targeted Income Z Acc 98 96 97 98 - - - - - - - 3.50IP Global Targeted Returns Z Acc 99 84 98 93 104 40 - - - - - 1.30Janus Henderson Credit Alpha Y Acc 100 44 100 53 93 81 96 66 - - 1.52 0.39Janus Henderson Eurp Abs Ret I Acc 101 30 100 57 104 39 132 6 - - 1.11 1.01Janus Henderson Mlt-Ast AbsRet I Acc 100 37 100 60 104 45 109 39 - - - 1.36Janus Henderson UK Absolute Return I Acc 101 33 102 36 109 23 129 12 - - 1.08 0.16JPM Gbl Macro Opportunities C Net Acc 102 12 116 1 118 9 144 2 - - 0.93 -JPM Unconstrained Bond C Grs Acc 99 70 100 55 105 35 108 41 - - 0.68 1.33Jupiter Absolute Return I Acc 101 29 99 77 110 21 115 23 - - 0.84 -Jupiter Strategic Reserve I Acc 98 86 99 80 99 71 104 53 - - - 1.58Kames Absolute Return Bond GBP B Acc 100 39 100 52 103 49 106 45 - - 0.68 -Kames UK Equity Absolute Ret GBP B Acc 96 105 95 102 91 84 99 64 - - 0.82 -L&G Multi-Asset Target Return I Acc 100 36 103 23 - - - - - - - 2.92LF Odey Absolute Return Sterling I Acc 103 10 110 5 104 44 125 13 - - 5.06 -Liontrust GF EurpStratEq C3 H Instl Acc£ 106 3 105 15 116 11 - - - - - -M&G Absolute Return Bond GBP I Acc 100 55 101 50 - - - - - - - 1.58M&G Global Target Return GBP I Acc 101 35 103 26 - - - - - - - 0.59Man GLG Alpha Select Alt IL GBP Acc 105 4 113 2 123 4 141 3 - - 1.35 -Man GLG European Alpha Alt IN H GBP 105 6 108 9 103 47 106 46 - - 1.65 -Man GLG UK Absolute Value Profl CX £ Acc 104 9 - - - - - - - - - -MI Activus Investment Z GBP Acc 100 52 102 27 - - - - - - - 0.01Newton Global Dynamic Bd Inst Inc 99 71 99 68 103 50 106 49 161 3 0.81 2.86Newton Managed Targeted Ret Inst W Acc 101 26 99 74 111 19 - - - - 0.77 1.30Newton Real Return Inst W Acc 99 66 98 94 103 52 110 37 149 8 0.79 2.33Nordea 1 - GBP Diversified Return BC GBP 97 100 98 90 - - - - - - 0.99 -Old Mutual AR Govt Bd R GBP Acc 105 7 107 10 - - - - - - 0.75 -Old Mutual Glb Eq Abs Rt R GBP Hdg Acc 101 24 110 6 119 8 131 7 - - 1.92 -Old Mutual Strat Abs Ret Bd F2 GBP H Acc 99 69 101 40 102 57 95 68 - - 0.92 -Old Mutual Style Pre Abs Ret F GBPH Acc 99 83 99 72 - - - - - - - -Old Mutual UK Opportunities R GBP Acc 97 102 98 85 91 83 101 57 - - - -Old Mutual UK Specialist Eq R GBP Acc 98 92 105 14 - - - - - - 3.52 -OYSTER Absolute Return GBP R GBP D 99 63 100 51 103 46 - - - - 0.80 1.19Premier Defensive Growth C Inc 99 61 99 70 102 55 110 38 - - - -Premier Multi Asset Absolute Ret C Acc 100 41 102 32 106 32 114 27 137 11 1.20 -Royal London Abs Ret Govt Bd M GBP Acc 100 46 100 59 100 66 - - - - - -RWC Core Plus B EUR 99 82 101 41 124 3 114 30 131 13 1.00 -RWC Europe Absolute Alpha Fund R GBP 108 1 106 13 98 74 118 18 - - 1.35 -RWC US Absolute Alpha R GBP 107 2 111 4 112 17 129 10 - - 1.36 -Sanlam FOUR Multi Strat A GBP Acc 101 23 102 30 112 15 - - - - 1.01 -Sarasin IE Systm Abs Ret-UK GBP I Acc 102 15 98 86 - - - - - - - 2.10Schroder Absolute Return Bond Z GBP Acc 99 67 100 58 102 58 102 56 127 15 0.92 1.12Schroder European Eq Abs Ret P2 Acc Euro 101 32 98 89 118 10 100 59 - - 1.01 -Schroder ISF Asian Bd Ttl Rt Z Acc USD 101 22 99 75 - - - - - - 0.93 -Schroder ISF EM Dbt Abs Rt Z Acc EUR H 97 98 99 81 127 2 103 54 128 14 1.08 -Schroder Multi-Asset Total Return Z Acc 100 59 102 28 - - - - - - - -Schroder UK Dynamic Abs Ret P2 GBP Acc 101 21 104 20 121 6 133 5 - - 1.25 -SLI Abs Ret Glb Bd Strats A Acc GBP 99 76 98 96 99 70 100 60 - - - -SLI Global Absolute Ret Strat Plat 1 Acc 97 104 97 97 94 80 105 51 153 5 - 1.32Smith & Williamson Defensive Growth B 102 11 104 19 115 13 122 17 151 6 - 0.66Smith & Williamson Enterprise C 100 48 102 31 109 22 129 11 157 4 0.93 -SVS Church House Tenax AbsRt Strts A Acc 100 58 100 64 108 25 118 19 151 7 1.35 0.29T. Rowe Price Dynamic Glbl Bd Qh GBP 98 87 98 91 - - - - - - 0.67 -Threadneedle Abs Ret Bd Ins Acc GBP 99 79 98 82 85 89 89 71 106 20 0.70 1.74Threadneedle Crdt Opps Inst Acc GBP H 100 47 101 49 105 36 111 34 - - 0.70 1.52Threadneedle Dynamic Rl Ret Z Acc 101 19 104 18 114 14 - - - - - 0.77Threadneedle Global Opps Bd Z Acc 98 89 98 83 88 86 - - - - - 1.69Threadneedle UK Abs Alpha Z Acc GBP 100 43 99 69 103 48 117 20 - - 0.93 -Tideway Real Return A GBP Acc 98 91 101 39 104 38 111 32 - - - -TM Fulcrum Divers Cor Abs Ret C GBP Acc 100 45 103 25 98 73 - - - - - -TM Fulcrum Diversified Abs Ret C GBP Acc 100 40 103 22 98 76 111 33 - - - -TM Sanditon European Sel GBP A Acc 94 110 91 109 85 90 - - - - - -TM Sanditon UK Select A NET Acc 102 14 93 105 87 87 - - - - - -Vontobel Ttfr Abs Ret Crdt G GBP 100 42 102 34 - - - - - - 0.45 -VT icf Absolute Return Portfolio F GBP 100 54 101 47 104 41 108 40 - - 2.06 -VT iFunds Absolute Return Green A Acc 93 111 93 106 101 61 114 29 - - - -VT iFunds Absolute Return Indigo A Acc 94 109 94 104 95 78 99 63 - - - -VT iFunds Absolute Return Orange A Acc 95 108 96 99 108 24 130 9 - - - 0.81WAY Absolute Return Portfolio E Acc 101 18 102 33 108 26 115 24 - - 1.04 1.89Winton Absolute Return Futures I GBP Acc 100 49 - - - - - - - - - -Average/Total 100 112 101 110 104 91 113 71 146 20 1.37 1.32

(IA) TECHNOLOGY AND TELECOMMUNICATIONSAberdeen Global Technology Eq X Acc GBP 106 13 111 13 150 9 187 9 303 9 0.95 -AXA Framlington Global Technology Z Acc 116 3 125 3 197 3 291 2 552 1 - -Close FTSE TechMark X Acc 106 14 104 15 121 11 175 11 331 7 1.04 1.21Fidelity Gbl Technology W-Acc-GBP 108 11 118 10 199 2 280 3 457 3 1.16 -Fidelity Global TeleComms W-Acc-GBP 93 16 89 16 108 12 126 12 167 10 1.18 -GAM Star Technology Instl GBP Acc 120 1 122 4 173 7 235 7 - - 1.71 -Invesco Global Technology A USD AD 113 5 119 9 167 8 225 8 320 8 1.99 -Janus Henderson Global Technology I Acc 111 8 122 5 191 4 259 5 462 2 1.03 0.01L&G Global Technology Index Trust I Acc 112 6 121 6 189 5 268 4 421 5 0.32 0.88MFM Techinvest Technology A Acc 108 12 105 14 135 10 187 10 381 6 1.74 -Neptune Global Technology C GBP Acc 117 2 128 2 - - - - - - - -Pictet - RoboticsI GBP 104 15 116 11 - - - - - - 1.20 -Pictet-Digital I dy GBP 109 10 115 12 181 6 259 6 455 4 1.21 -


Polar Capital Global Tech I Inc 115 4 128 1 216 1 303 1 - - 1.69 -T. Rowe Price Global Tech Eq C GBP 110 9 120 8 - - - - - - - -T. Rowe Price Global Tech Eq Qd GBP 111 7 120 7 - - - - - - 1.01 -Average/Total 110 16 116 16 169 12 233 12 385 10 1.25 0.70

(IA) UK ALL COMPANIES7IM UK Equity Value C Inc 109 11 110 52 125 83 - - - - - 3.71Aberdeen Global UK Eq X SInc GBP 105 190 103 226 113 214 127 228 186 140 0.98 2.04Aberdeen Responsible UK Equity I Acc 108 42 108 82 127 68 143 154 200 105 - 1.82Aberdeen UK All Share Tracker C Acc 106 129 106 143 122 118 142 166 - - - 3.21Aberdeen UK Eq Enh Idx B GBP Acc 107 71 108 88 - - - - - - - 3.33Aberdeen UK Equity I Acc 105 175 103 220 114 206 129 223 190 125 1.10 2.09Aberdeen UK Equity Index Managed B Acc 105 183 106 149 122 126 141 171 - - - 3.39Aberdeen UK Mid-Cap Equity I Acc 106 99 105 184 124 99 157 89 267 30 - 1.25Allianz UK Mid Cap C Acc 109 25 113 18 133 33 178 27 277 21 - 0.80Allianz UK Opportunities C Acc GBP 109 28 112 31 135 28 163 64 187 136 - 1.27Architas MM UK Equity A Acc 104 217 105 189 120 155 143 160 178 155 1.25 1.72Ardevora UK Equity A GBP Acc 112 3 115 9 136 25 177 29 - - - -Artemis Capital I Acc 107 89 112 27 126 69 166 57 205 95 0.94 2.22Artemis Instl UK Special Sits IN Acc 104 206 103 216 116 190 151 109 225 63 0.77 2.09Artemis UK Select I Acc 104 222 109 61 126 75 162 66 240 47 0.84 1.78Artemis UK Special Situations I Acc 104 208 104 204 117 188 145 143 214 79 0.81 2.17Artorius A GBP Acc 105 197 112 25 139 17 198 10 - - - 0.23Aviva Investors UK Eq MoM 1 2 GBP Inc 109 12 113 19 141 13 190 13 349 8 1.03 1.16Aviva Investors UK Eq MoM 2 2 GBP Inc 107 81 107 98 124 103 131 216 124 194 1.03 2.62Aviva Investors UK Eq MoM 3 2 GBP Inc 105 169 103 224 115 197 136 192 167 178 1.07 2.18Aviva Investors UK Equity 2 GBP Acc 104 219 105 186 126 77 158 85 240 46 0.82 2.54Aviva Investors UK Growth 2 GBP Acc 107 88 112 32 130 51 154 96 229 57 0.82 1.63Aviva Investors UK Index Tracking 2 £Inc 106 98 106 134 123 112 143 157 186 139 0.23 3.37Aviva Investors UK Opportunities 2 £ Acc 107 90 109 59 120 152 149 113 216 74 0.78 2.32AXA Framlington UK Growth Z GBP Acc 106 140 105 193 116 194 146 129 196 110 0.72 2.11AXA Framlington UK Mid Cap Z Acc 104 213 107 102 129 55 179 24 - - 0.93 1.27AXA Framlington UK Select Opps Z Inc 104 215 105 188 113 213 142 165 222 67 - 0.73Baillie Gifford UK Equity Alpha B Acc 112 2 119 2 138 19 160 75 239 48 0.69 1.16Baillie Gifford UK Equity Focus B GBPAcc 109 15 - - - - - - - - - -Barclays UK Alpha R Acc GBP 107 65 105 172 119 166 149 116 202 102 - 2.04Barclays UK Alpha S2 R Acc GBP 107 70 105 178 119 168 148 122 - - - 2.09Barclays UK Core R Acc GBP 107 83 105 182 125 86 143 155 184 142 - 2.08Barclays UK Lower Cap R Acc GBP 104 212 109 71 139 15 194 12 - - - 1.03Barclays UK Opportunities R Acc GBP 107 51 107 99 129 53 164 63 245 42 - 1.89BlackRock UK D Acc 110 10 111 42 134 31 162 68 180 150 0.92 1.51BlackRock UK Equity D Acc 107 63 107 94 130 48 158 81 - - - 1.84BlackRock UK Focus D Acc 110 8 106 145 124 104 153 100 - - - 1.48BlackRock UK Special Situations D Acc 108 31 113 20 135 29 156 92 247 41 0.92 1.45Castlefield B.E.S.T UK Opps Instl 107 50 107 117 114 207 142 164 146 190 2.31 1.55Castlefield CFP SDL UK Bufftlgy Inst Inc 108 45 118 5 169 4 225 4 - - - 1.09Cavendish Opportunities B Inc 107 66 107 113 132 40 170 44 299 14 0.83 1.45CF Purisima UK Total Return A PCG 104 225 102 231 114 205 131 215 192 119 1.46 1.93CFP SDL Free Spirit General (Acc) 106 115 118 6 - - - - - - - -Dimensional UK Core Equity GBP Acc 108 49 108 85 125 88 148 119 205 97 0.36 2.50Dimensional UK Value Acc 107 69 111 38 119 163 135 200 167 180 0.54 2.45EdenTree Amity UK B 104 228 104 200 117 183 149 115 229 56 0.87 2.13EdenTree UK Equity Growth B 105 172 111 43 126 76 171 40 300 13 0.84 1.71F&C FTSE All-Share Tracker 2 Inc 106 131 106 144 122 121 143 158 190 129 0.38 3.40F&C Institutional UK Eq 4 107 57 103 219 124 100 144 150 191 122 0.02 2.93F&C Responsible UK Equity Gr 2 106 107 109 57 128 56 166 56 221 70 0.81 1.93F&C UK Alpha 2 107 58 102 233 119 167 134 205 171 170 0.86 1.92F&C UK Mid-Cap C Net Acc 108 29 108 73 128 58 187 16 335 9 - 1.50Family Asset Trust 106 117 105 170 119 165 136 191 162 185 1.03 2.75Family Charities Ethical Tr Inc 106 151 105 187 115 201 128 224 129 192 1.46 2.34Fidelity FAST UK Y-ACC-GBP 104 210 104 201 125 80 159 78 - - 1.28 -Fidelity Index UK P Acc 107 91 107 107 124 94 145 137 190 126 - 2.59Fidelity Instl UK Acc 104 220 101 239 117 182 145 136 201 104 0.87 2.05Fidelity MoneyBuilder Growth Y Inc 105 174 103 221 111 221 143 159 191 121 0.68 2.21Fidelity Special Situations W Acc 106 150 107 97 132 35 164 60 249 40 - 1.56Fidelity UK Opportunities W Acc 107 72 108 84 139 16 182 22 - - - 1.34Fidelity UK Select W Acc 103 236 103 213 122 120 157 90 216 76 - 1.63FP CRUX UK B Inc 105 165 105 192 125 82 153 101 202 101 1.18 1.84FP Octopus UK Equity B Acc 105 184 106 160 121 139 144 148 - - 1.11 1.48FP Russell Invsmts UK Growth Assts C Acc 107 78 108 87 120 160 144 149 - - 1.07 2.11Franklin UK Managers' Focus W Acc 106 102 107 112 126 71 182 21 258 34 0.83 1.91Franklin UK Mid Cap W Acc 108 33 114 14 127 62 178 26 353 7 0.82 1.89Franklin UK Opportunities W Acc 104 223 104 210 120 161 146 128 185 141 0.55 3.35Franklin UK Rising Dividends W Acc 104 216 103 230 127 64 159 76 204 98 0.55 3.33GAM UK Diversified Instl GBP Acc 102 250 100 250 106 239 133 210 199 106 1.12 -GlobalAccess UK Alpha M Acc GBP 107 75 105 174 119 164 - - - - 0.72 1.93GlobalAccess UK Opportunities M Acc GBP 108 47 108 91 128 59 161 72 - - 0.81 1.92GVQ Opportunities A GBP Inc 103 238 100 249 - - - - - - - 1.76GVQ UK Focus I GBP Inc 105 180 102 237 113 209 162 70 276 22 1.00 1.93Halifax Special Situations C 105 195 102 235 111 220 120 232 128 193 1.51 1.36Halifax UK FTSE 100 Idx Track C 106 111 106 156 120 150 135 199 164 183 1.53 2.76Halifax UK FTSE AllSh Idx Track C 106 156 106 161 120 148 139 182 176 157 1.50 2.62Halifax UK Growth C 106 97 107 111 121 138 141 174 175 159 1.51 2.28HL Multi-Manager UK Growth A Acc 103 235 105 179 127 65 - - - - - 1.61HL Select UK Growth A Acc 108 39 107 120 - - - - - - - 1.75HSBC Common For Growth Income 103 239 100 251 109 231 128 225 180 149 0.75 4.13HSBC FTSE 100 Index Accumulation C 106 120 106 138 122 124 140 180 179 154 0.17 3.74HSBC FTSE 250 Index C Acc 106 143 107 105 123 116 164 61 261 33 0.18 2.45HSBC FTSE All Share Index C Acc 107 93 107 110 124 96 146 135 192 118 0.17 3.56HSBC MERIT UK Equity I A Inc 106 103 107 109 121 142 142 168 187 134 0.53 2.95HSBC UK Focus R Acc 103 241 99 253 109 233 128 226 172 167 1.54 2.95HSBC UK Freestyle Retail Acc 102 244 100 246 109 232 126 231 152 189 1.69 3.72HSBC UK Growth & Income C Acc 103 242 101 243 110 227 131 219 174 164 1.00 3.72Investec UK Alpha I Inc Net 106 118 105 183 122 119 169 47 234 52 0.87 2.22Investec UK Special Situations I Acc Net 105 181 103 215 115 195 134 203 241 44 0.85 2.11IP High Income Z Acc 101 253 96 256 107 235 139 181 208 90 - 3.31IP Income Z Acc 100 255 96 257 105 240 136 194 201 103 - 3.24IP UK Companies Z Acc 105 189 102 236 110 226 147 124 221 68 - 2.69IP UK Enhanced Index No Trail 109 19 110 48 128 57 156 93 216 75 0.41 3.48IP UK Focus Z Acc 105 170 106 137 120 154 160 74 270 25 - 2.68

Unit Trusts 12



£ £ £ £ £ % %IP UK Growth Z Acc 105 200 106 153 116 192 155 95 226 61 - 2.61IP UK Strategic Income Z Acc 100 256 97 255 105 241 140 178 225 64 - 2.92iShares 100 UK Equity Index (UK) D Acc 106 116 106 135 123 114 141 173 - - - 3.31iShares Mid Cap UK Equity Idx (UK) D Acc 106 133 107 101 123 107 165 59 - - 0.19 2.47iShares UK Equity Index (UK) D Acc 106 121 106 123 124 106 145 138 195 114 0.16 3.16Janus Henderson Instl Hi Alp UK Eq I Acc 104 218 105 180 117 186 152 102 202 100 0.77 3.83Janus Henderson Instl MainstrmUKEq I Acc 105 203 106 158 118 177 148 121 196 111 0.54 3.51Janus Henderson Instl UK Eq Trck A Inc 106 152 105 166 119 162 138 188 173 165 1.04 2.57Janus Henderson Instl UK Idx Opps I Acc 106 119 106 136 123 109 145 144 194 116 0.52 3.05Janus Henderson UK Alpha I Acc 106 145 111 36 134 32 183 19 167 179 1.06 2.33Janus Henderson UK Index I Acc 106 132 106 142 122 122 143 156 190 128 0.44 2.74Janus Henderson UK Responsible Inc I Inc 103 232 103 229 115 202 156 91 225 62 0.84 3.81Janus Henderson UK Tracker A Acc 106 138 106 162 121 141 136 198 167 177 1.22 2.52JOHCM UK Dynamic A Acc 107 56 110 54 131 45 170 45 - - 1.00 3.40JOHCM UK Growth GBP A 105 163 109 65 117 187 149 117 252 38 0.81 1.41JPM UK Dynamic C Net Acc 109 16 111 37 130 50 168 51 222 66 0.93 1.21JPM UK Equity Core E Net Acc 105 159 106 150 125 85 151 106 196 109 0.40 -JPM UK Equity Growth C Net Acc 108 35 110 50 131 43 170 43 - - 0.93 -JPM UK Equity Plus C Net Acc 109 17 112 30 - - - - - - - -JPM UK Strategic Equity Income C Net Acc 105 158 108 90 124 89 154 99 197 108 0.93 1.85Jupiter Growth & Income I Acc 99 257 98 254 103 242 133 209 221 69 1.01 3.62Jupiter Responsible Inc Fd I Acc 101 252 100 247 106 236 136 193 180 148 - 3.61Jupiter UK Alpha I Acc 105 196 101 244 106 237 139 183 208 88 0.86 2.70Jupiter UK Growth I Acc 109 26 101 241 100 244 141 172 206 94 1.03 1.75Jupiter UK Special Situations I Acc 107 86 105 181 127 63 158 80 262 32 0.78 2.19Kames Ethical Equity GBP B Acc 102 248 105 175 113 210 152 103 217 73 0.82 1.97Kames UK Equity GBP B Acc 104 224 105 173 119 174 145 141 187 135 0.82 2.13Kames UK Opportunities GBP B Acc 105 176 105 169 113 212 146 133 187 133 1.10 1.64L&G (A&L) Capital Growth Acc 106 154 105 165 119 170 136 197 172 166 1.42 2.56L&G (N) Tracker Trust I Acc 106 134 106 133 123 113 145 145 186 137 - 3.36L&G Ethical Trust I Acc 105 188 104 199 111 222 148 123 196 112 0.32 2.71L&G Growth Trust I Acc 111 5 109 64 144 12 187 17 211 85 0.79 1.01L&G UK 100 Index Trust I Acc 106 127 106 147 122 123 140 179 181 146 0.24 3.68L&G UK Alpha Trust I Acc 93 260 99 252 118 179 146 134 257 36 0.80 1.73L&G UK Index Trust I Acc 106 126 106 129 123 110 145 142 194 115 0.23 3.34L&G UK MID Cap Index I Acc 106 108 107 104 - - - - - - - 2.56L&G UK Select Equity I Acc 107 64 105 190 125 84 152 104 194 117 - 2.74L&G UK Special Situations Trust I Acc 104 229 106 151 135 27 178 28 - - 0.83 1.05Lazard UK Omega C Acc 105 194 108 78 122 117 164 62 233 54 - 2.41Lazard UK Omega Equity C Acc GBP 106 153 108 77 122 128 - - - - 0.97 -Legg Mason IF QS UK Equity X Acc 105 173 103 222 112 215 140 177 176 158 - 3.22LF Canlife UK Equity C Acc 108 48 107 93 107 234 - - - - - 2.08LF IM UK Growth A Inc 105 167 107 115 124 93 143 161 - - 1.44 2.47LF Lindsell Train UK Equity Acc 108 40 110 46 140 14 187 15 403 2 0.83 1.77LF Miton UK Value Opps B Instl Acc 103 240 106 131 132 36 203 9 - - - 1.54LF Woodford Equity Income C Sterling Acc 96 259 89 258 101 243 - - - - - 3.33Liontrust FTSE 100 Tracker R Inc 106 148 105 163 121 140 137 189 177 156 0.46 3.20Liontrust Macro UK Growth I Acc 104 230 104 198 106 238 140 176 - - - 3.23Liontrust Special Situations I Inc 109 13 112 24 144 11 180 23 388 4 0.92 1.60Liontrust Sust Fut UK Gr 2 Net Acc 108 43 110 56 132 41 174 34 227 60 0.85 1.25Liontrust UK Ethical 2 Net Acc 106 101 110 51 129 52 172 39 218 72 - 1.62Liontrust UK Growth I Inc 109 23 108 72 137 21 169 49 234 51 0.92 2.07M&G Index Tracker GBP A Acc 105 179 106 146 122 131 143 153 191 123 0.46 3.09M&G Recovery GBP I Acc 107 55 108 83 120 156 126 230 171 169 0.91 1.26M&G UK Select GBP I Acc 106 157 105 171 115 203 143 162 192 120 0.91 1.34Majedie UK Equity X Acc 106 124 105 194 120 159 151 105 250 39 0.78 2.48Majedie UK Focus X Acc 110 9 108 80 124 92 170 46 284 20 1.53 1.54Man GLG UK Select Professional Acc C 107 62 109 69 114 204 148 118 - - 0.90 1.12Man GLG Undervalued Assets Profl Acc C 107 53 115 7 136 23 - - - - - 1.85Marks & Spencer UK 100 Comp Acc 106 135 106 159 121 143 135 201 170 173 1.03 3.09Marks & Spencer UK Selection Acc 102 247 101 245 110 225 132 214 155 188 1.61 3.59Marlborough UK Multi-Cap Growth P Inc 107 80 115 8 155 6 197 11 324 10 - 0.64MFM Bowland 107 52 119 4 173 2 227 2 268 29 2.09 0.92MFM UK Primary Opportunities P Inc 105 171 106 132 136 26 162 65 169 175 - 1.96MFS® Meridian UK Equity W1 GBP 104 209 103 218 119 171 134 204 214 78 1.00 -MGTS AFH DA UK Multi-Cap Gr I GBP Acc 106 109 - - - - - - - - - -MI Brompton UK Recovery Trust Acc 108 46 110 53 130 49 162 71 233 53 2.55 0.53MI Charles Stanley Equity A Acc 103 237 102 232 112 216 129 221 212 82 1.60 1.85MI Chelverton UK Equity Growth B Acc 108 30 119 3 187 1 - - - - - 0.93Mirabaud UK Equity High Alpha A GBP Acc 101 254 107 114 120 146 138 187 183 143 1.48 -Montanaro UK Income STG Unhedged 105 187 108 75 134 30 177 30 291 17 0.23 3.36NatWest Growth NAV 106 122 107 121 131 42 171 42 285 18 - 2.03Neptune UK Mid Cap C Acc GBP 97 258 103 217 112 218 168 54 - - - 1.80Neptune UK Opportunities C Acc GBP 102 251 103 228 112 219 146 132 230 55 - 2.06Newton UK Equity Inst W Acc 105 198 103 214 121 137 150 111 170 174 0.79 3.13Newton UK Opportunities Inst W Acc 104 205 104 203 125 78 160 73 228 58 0.80 1.88NFU Mutual UK Growth C 106 110 109 67 127 61 144 152 188 131 - 2.19Old Mutual Artemis UK Spec Sits U2 £ Acc 105 199 104 207 117 189 147 126 - - - 2.12Old Mutual Equity 1 A GBP Acc 108 37 112 26 154 7 226 3 269 26 1.10 0.89Old Mutual Newton UK Opps U2 GBP Acc 105 201 104 202 122 129 142 170 - - - 1.90Old Mutual UK Alpha R GBP Acc 107 79 109 70 118 178 145 140 188 130 1.08 3.00Old Mutual UK Dynamic Eq R GBP Inc 106 100 112 23 159 5 230 1 - - 2.30 -Old Mutual UK Equity R GBP Acc 102 245 103 223 115 198 147 125 210 86 0.95 2.33Old Mutual UK Index R GBP Acc 106 139 106 148 121 136 141 175 182 145 - 3.09Old Mutual UK Mid Cap R GBP Acc 108 34 112 29 154 8 224 5 397 3 0.85 0.94Old Mutual Woodford Eq Inc U2 GBP Acc 91 261 82 259 90 245 - - - - - 2.90Polar Capital UK Value Opports I GBP Acc 105 202 108 86 - - - - - - - -Premier Ethical C Inc 103 231 108 76 127 67 178 25 257 35 0.99 1.72Premier UK Growth C Inc 109 27 107 108 122 125 167 55 213 80 1.03 2.24Rathbone UK Opportunities I Inc 105 161 111 40 126 74 165 58 - - 0.81 2.24RBS Growth 1 104 227 104 197 124 105 154 98 228 59 1.30 1.84River & Mercantile UK Eq Hi Alpha B 107 67 111 34 132 38 173 38 264 31 0.82 2.22River & Mercantile UK Eq L/T Rec B 107 54 113 22 139 18 189 14 - - 1.17 1.84River and Mercantile UK Dynamic Eq B Acc 102 249 105 177 129 54 168 53 207 93 1.19 2.01Royal London FTSE 350 Tracker Z Acc 105 162 106 130 123 111 144 151 195 113 0.12 3.09Royal London Sustainable Leaders C Acc 107 95 109 58 133 34 169 48 237 49 - 1.73Royal London UK All Share Tracker Z Acc 106 125 107 106 124 97 146 131 - - 0.13 3.04Royal London UK Dividend Growth M 107 61 109 60 121 134 151 108 207 92 - 2.42Royal London UK Equity M Acc 107 77 108 81 121 144 148 120 188 132 0.53 2.69


Royal London UK FTSE4Good Tracker 106 142 106 154 118 180 136 196 168 176 1.50 2.16Royal London UK Growth 104 207 107 119 120 157 146 130 182 144 1.53 1.47Royal London UK Mid-Cap Growth Instl M 106 149 111 39 125 81 176 32 369 5 0.74 1.40Royal London UK Opportunities M Acc 106 105 106 139 113 208 145 146 202 99 0.72 2.46RWC UK Focus R GBP Acc 109 22 110 47 126 72 168 50 - - 1.06 -S&W Revera UK Dynamic Ret Acc 105 204 108 79 113 211 151 107 - - 1.55 1.59Sanlam FOUR Active UK Equity A 106 136 107 95 109 230 131 218 175 161 0.95 -Santander N&P UK Growth RI 107 68 105 167 120 153 132 213 172 168 1.30 2.78Santander Stockmarket 100 Trcr Gr RA 106 141 106 155 121 132 138 186 179 153 0.35 3.51Santander UK Equities A 106 128 106 157 119 172 137 190 171 171 1.01 2.62Santander UK Growth RA Acc 107 73 106 152 120 147 133 207 171 172 1.26 2.82Sarasin Charity Thematic UK Eq GBP A Acc 103 233 104 196 111 223 127 227 - - 0.95 3.54Sarasin UK Equity P Acc 102 246 102 234 110 228 126 229 - - 0.96 3.25Schroder Core UK Equity Z Acc 107 74 105 176 115 199 129 222 179 152 0.84 3.41Schroder MM UK Growth Z Acc 105 168 104 208 115 196 136 195 186 138 1.40 1.70Schroder Prime UK Equity I Acc 107 59 107 122 121 133 150 112 212 84 0.51 2.69Schroder Recovery Z Acc 109 14 111 41 126 73 157 86 305 12 0.92 1.89Schroder Responsible Value UK Eq I Acc 113 1 112 28 131 46 155 94 255 37 0.77 2.60Schroder UK Alpha Plus Z Acc 106 114 105 191 118 181 143 163 219 71 0.90 2.11Schroder UK Equity Z Acc 108 41 104 205 118 176 150 110 208 91 0.91 2.41Schroder UK Mid 250 Z Acc 105 185 111 45 120 149 162 69 240 45 0.91 1.54Schroder UK Opportunities Z Acc 105 178 106 125 116 191 132 211 295 15 0.82 2.20Scot Wid MM UK Equity Focus A Acc 106 112 107 96 121 135 147 127 175 162 1.81 1.00Scot Wid MM UK Equity Growth A Acc 107 76 107 92 116 193 142 167 181 147 1.82 0.96Scottish Friendly UK Growth 105 182 109 66 124 98 162 67 212 81 1.56 -Scottish Widows UK All Share Track I Acc 106 137 106 140 122 130 142 169 190 124 0.35 3.14Scottish Widows UK Growth A 106 104 107 118 119 169 133 206 157 187 1.61 2.07Scottish Widows UK Select Gr A 104 226 102 238 111 224 113 233 135 191 1.61 1.22Scottish Widows UK Tracker G Acc 106 147 105 168 120 158 133 208 - - - 2.77Slater Growth P Acc 103 234 109 62 136 24 216 6 452 1 0.80 0.72Slater Recovery P Acc 105 186 114 12 149 10 208 7 268 28 - 0.64SLI UK Eq Unconstrained Plat 1 Acc 109 20 119 1 115 200 158 84 361 6 - 1.80SLI UK Equity General Trust Retl Acc 106 146 107 103 117 185 134 202 166 181 0.84 1.35SLI UK Equity Growth Plat 1 Acc 108 44 110 49 117 184 138 185 162 184 - 2.42SLI UK Equity High Alpha Plat 1 Acc 109 21 113 15 122 127 157 87 273 23 - 2.52SLI UK Equity Recovery Plat 1 Acc 111 4 113 16 153 9 182 20 - - - 1.23SLI UK Ethical Plat 1 Acc 106 123 111 44 132 37 168 52 243 43 - 1.27SLI UK Opportunities Plat 1 Acc 107 82 112 33 127 66 173 37 205 96 - 0.60Smith & Williamson UK Equity Gr B 106 130 107 100 124 91 174 33 215 77 - 1.35SSgA UK Equity Tracker 107 85 106 128 124 102 145 147 190 127 0.70 -Stonehage Core UK Equity B Inc 105 177 101 240 109 229 130 220 174 163 1.90 -SVM UK Growth Instl 107 92 113 21 131 47 174 35 273 24 1.16 -SVM UK Opportunities Instl 108 36 111 35 137 20 176 31 268 27 1.09 -TB Evenlode Income B Inc 107 87 106 124 137 22 173 36 - - - 2.47TB Saracen UK Alpha B Acc 109 18 114 11 131 44 184 18 197 107 1.44 1.68TC Delmore Growth & Income A Inc 105 191 101 242 112 217 131 217 164 182 2.17 3.34Threadneedle Ethical UK Equity Z Acc 104 214 103 225 - - - - - - - 1.54Threadneedle UK Extnd Alpha Ins Acc GBP 104 221 104 211 123 115 158 82 212 83 1.17 2.23Threadneedle UK Growth & Inc Z Inc 107 84 103 227 125 87 157 88 235 50 - 3.39Threadneedle UK Institutional Ins Acc 106 144 105 185 123 108 149 114 208 89 0.78 2.41Threadneedle UK Mid 250 Z Acc GBP 102 243 108 74 125 79 171 41 284 19 0.87 0.96Threadneedle UK Overseas Earn Z Inc 107 94 104 195 126 70 - - - - - 2.47Threadneedle UK Select Z Inc GBP 104 211 104 209 120 151 158 79 209 87 - 2.18Threadneedle UK Z Inc GBP 105 193 103 212 124 101 154 97 223 65 - 2.42TM Sanditon UK A GBP Acc 108 32 100 248 - - - - - - - 2.73TM UBS (UK) - UK Eq C Acc 105 192 106 141 124 95 - - - - - 2.10UBS UK Opportunities C Acc Net 109 24 109 63 132 39 159 77 175 160 - 2.78Unicorn Outstanding British Co Instl 106 155 108 89 128 60 158 83 308 11 1.18 1.38Unicorn UK Growth A 105 166 113 17 172 3 206 8 292 16 1.97 0.68Vanguard FTSE 100 Index A GBP Acc 106 96 106 126 - - - - - - - 2.51Vanguard FTSE U.K. All Shr Idx UT Acc 107 60 107 116 124 90 145 139 - - 0.15 3.36Virgin UK Idx Tracking Trust 106 113 105 164 120 145 138 184 179 151 1.00 2.68VT Cape Wrath Focus GBP A Net Acc 106 106 104 206 - - - - - - - 0.90VT Castlebay UK Equity A Accumulation 105 164 109 68 119 175 - - - - - 2.97VT Munro Smart Beta UK A Acc Retail 105 160 106 127 119 173 132 212 161 186 2.40 4.20VT Sorbus Vector A 111 7 114 13 - - - - - - - 0.53VT Strategic Value Net Inc 111 6 114 10 - - - - - - - 3.39Wesleyan UK Growth X Acc 108 38 110 55 - - - - - - - 2.64Average/Total 106 261 107 259 123 245 154 233 217 194 0.97 2.23

(IA) UK EQUITY AND BOND INCOMECavendish UK Balanced Income B 100 10 101 7 114 7 140 6 - - 0.63 4.83HSBC Monthly Income C Acc 102 7 101 8 112 9 130 8 168 7 - 3.87Jupiter Monthly Income I Acc 102 8 103 5 125 1 149 2 202 3 0.97 4.35LF Canlife UK Equity and Bond Inc C Acc 105 2 104 2 119 3 143 4 183 5 0.80 3.92LF IM UK Equity & Bond Income A Acc 104 4 103 4 114 8 130 9 137 9 1.57 3.57M&G UK Income Distribution GBP I Acc 103 5 103 3 118 4 143 3 205 2 0.91 3.67Royal London UK Income with Growth 102 9 100 10 110 10 129 10 175 6 1.53 4.21Scottish Widows High Reserve A Acc 105 3 104 1 117 6 132 7 163 8 1.36 3.95Threadneedle Managed Eq Inc Z Inc 103 6 101 9 117 5 142 5 201 4 - 3.73Threadneedle Mthly Etr Inc Z Inc GBP 105 1 102 6 122 2 152 1 228 1 - 3.67Average/Total 103 10 102 10 117 10 139 10 185 9 1.11 3.98

(IA) UK EQUITY INCOMEAberdeen UK Equity Income I Acc 102 73 97 79 109 75 123 78 184 42 1.10 3.75Allianz UK Equity Income C Inc 109 6 112 6 120 34 144 57 196 35 - 3.91Ardevora UK Income A GBP Inc 107 17 105 31 116 57 150 34 - - - 3.51Artemis Income I Inc 107 16 108 13 124 14 153 21 235 8 0.79 4.00Aviva Investors UK Equity Income 2 £ Acc 105 41 105 35 123 16 152 22 - - 0.81 4.09AXA Framlington Blue Chip Eq Inc Z £ Acc 105 40 102 60 115 61 144 56 - - - 3.92AXA Framlington Monthly Income Z GBP Inc 103 67 105 30 127 10 172 5 174 47 - 4.24Barclays UK Equity Income R Acc GBP 107 10 108 16 121 24 151 27 - - - 3.96Barclays UK Equity Income S2 R Acc GBP 107 12 107 17 121 28 151 28 - - - 3.98BlackRock UK Income D Acc 105 39 103 57 120 32 155 19 221 15 0.92 3.73Castlefield B.E.S.T. Sust Inc Instl 97 87 95 85 102 80 127 76 157 54 2.87 3.90Courtiers UK Equity Income Retl R 104 43 107 19 - - - - - - - 2.26F&C Responsible UK Income 2 104 48 105 34 120 39 152 25 208 27 0.85 3.66F&C UK Equity Income 2 107 14 105 33 125 12 139 65 174 49 1.85 4.10

Unit Trusts 13



£ £ £ £ £ % %Fidelity Enhanced Income W Inc 102 75 95 84 106 79 126 77 - - - 6.84Fidelity MoneyBuilder Dividend Y Inc 102 72 96 83 111 71 136 69 200 34 0.67 4.59FP Miton Income B Acc 106 31 104 45 119 40 152 26 205 30 0.93 4.30Franklin UK Equity Income W Acc 105 38 104 41 126 11 159 14 221 16 0.54 4.07GAM UK Equity Income Instl Acc 104 51 - - - - - - - - - -Halifax UK Equity Income C 107 20 106 24 119 42 138 66 172 51 1.54 4.24HC Kleinwort Hambros Equity Income A Acc 103 68 102 59 112 70 133 72 184 39 2.30 3.82HL Multi-Manager Income & Growth A Acc 104 54 104 49 117 52 149 37 213 21 1.32 3.92HL Select UK Income Shares A Acc 103 60 97 82 - - - - - - - 4.07HSBC Income Accumulation C 103 70 101 68 111 72 130 74 179 46 - 4.02Insight Equity Income Booster Inst W Acc 103 63 103 50 118 48 142 60 - - - 7.33Insight Equity Income Inst W Acc 107 19 106 21 121 29 150 33 217 18 - 4.03Investec UK Equity Income I Net Acc 104 44 101 67 122 22 - - - - - 2.72IP Income & Growth Z Acc 103 64 99 75 113 65 142 59 167 52 - 3.68Janus Henderson UK Eq Inc&Gr I Inc 104 52 101 65 113 64 149 39 230 11 0.82 3.70JOHCM UK Equity Income A GBP Acc 108 8 113 4 128 8 163 10 311 3 0.80 4.03JPM UK Equity Income C Net Acc 105 36 108 12 - - - - - - - -JPM UK Higher Income C Net Acc 106 21 108 14 120 35 146 47 189 37 0.93 2.32Jupiter Income Trust I Acc 107 15 107 20 129 6 159 13 201 33 0.94 3.52Kames UK Equity Income GBP B Inc 104 57 103 51 122 19 149 38 - - 1.11 4.39L&G UK Equity Income I Acc 104 45 103 56 115 59 138 67 - - 0.88 4.55Lazard Multicap UK Income A Acc 104 53 106 26 122 23 152 23 212 24 1.01 3.98LF Canlife UK Equity Income C Acc 106 30 104 46 117 49 143 58 174 48 0.93 3.64LF Livingbridge UK Multi Cap Inc C £ Acc 109 5 - - - - - - - - - -LF Miton UK Multi Cap Inc B Acc Instl 104 56 106 23 132 5 188 2 - - 0.82 3.80Liontrust Macro Equity Income I Acc 102 74 103 54 110 73 140 64 203 31 - 5.05M&G Charifund GBP Inc 103 62 105 37 121 31 152 24 206 29 0.47 4.65M&G Dividend GBP I Acc 101 77 97 80 112 67 134 70 181 45 0.91 3.50Majedie UK Income X Acc 111 3 112 5 120 37 175 4 - - 0.79 4.24Man GLG UK Income Professional Acc C 108 7 113 3 136 2 178 3 218 17 0.91 4.91Marlborough Multi Cap Income P Acc 103 69 105 29 117 51 168 6 - - - 4.18MGTS Ardevora UK Income Instl Net Acc 107 11 106 22 118 46 156 17 - - 1.31 3.43MI Chelverton UK Equity Income B Acc 106 29 111 7 136 3 189 1 323 2 1.00 4.15MI Downing Monthly Income Acc 99 86 101 66 110 74 140 61 - - 1.93 4.71NatWest Equity Income NAV 104 47 104 42 121 26 148 43 233 9 - 4.07Neptune Income C Acc GBP 106 23 109 9 127 9 150 35 193 36 - 3.63Neptune Quarterly Income C Acc GBP 104 58 105 28 109 76 132 73 173 50 1.00 3.65Newton UK Income Inst W Acc 104 55 103 55 121 25 146 49 147 55 0.79 3.75NFU Mutual UK Equity Income C 107 13 104 40 122 18 145 52 - - - 4.19Old Mutual Artemis Income U2 GBP Acc 106 26 107 18 121 30 150 32 - - - 3.47Old Mutual Newton UK Income U2 GBP Acc 104 50 103 53 122 21 146 50 - - 0.71 3.80Old Mutual UK Equity Income R GBP Acc 103 61 106 27 112 66 147 46 214 20 0.94 4.02Premier Income C Inc 101 78 102 64 117 53 151 30 213 22 0.88 4.34Premier Monthly Income C 101 80 102 63 117 54 150 36 216 19 0.95 4.37Premier Optimum Income C Inc 101 83 101 70 119 45 156 18 211 25 1.44 7.28Rathbone Blue Chip Income And Gr I Inc 97 88 89 86 106 78 130 75 182 44 0.90 4.00Rathbone Income I Inc 103 65 99 77 118 47 149 40 208 28 0.81 3.78RBS Equity Income 1 104 46 104 43 121 27 148 44 233 10 1.32 4.06River & Mercantile UK Equity Income B 105 42 105 32 120 33 150 31 - - 0.93 3.59Royal London UK Equity Income M 105 37 104 48 124 13 165 8 - - 0.68 3.83Santander Dividend Income RI 106 28 104 44 116 55 148 41 - - - 5.18Santander Enhanced Income II 106 32 105 38 120 38 144 54 - - 0.80 5.63Santander Equity Income II 106 24 105 39 119 44 153 20 211 26 0.68 5.10Schroder Income Fd Z Acc 113 1 114 2 129 7 163 9 274 4 0.91 3.32Schroder Income Maximiser Z Acc 110 4 111 8 122 17 148 42 225 13 0.91 6.53Schroder UK Alpha Income Z Inc 101 79 100 71 112 69 140 63 239 6 0.86 4.68Scot Wid MM UK Equity Income A Acc 104 49 103 52 117 50 144 53 184 41 1.81 4.27Scottish Widows UK Equity Income A Acc 106 22 106 25 119 43 136 68 157 53 1.36 4.08Slater Income P Inc 105 35 105 36 119 41 168 7 - - - 4.43SLI UK Equity High Inc Plat 1 Acc 106 27 108 10 115 60 146 48 184 40 - 3.72SLI UK Equity Income Uncons Plat 1 Acc 103 66 108 11 114 62 158 16 222 14 - 3.94Smith & Williamson UK Equity Inc B 101 82 99 76 107 77 140 62 186 38 - 4.10SVS Albion Olim UK Equity Acc 101 81 102 61 120 36 144 55 212 23 1.50 3.67TB Guinness UK Eq Inc Y Clean Income 100 84 98 78 - - - - - - - 3.51TB Saracen UK Income B Acc 111 2 116 1 138 1 - - - - - 4.10Threadneedle UK Eq Inc Z Inc GBP 107 18 103 58 123 15 160 12 238 7 - 3.84Threadneedle UK Equity Alpha Inc Z Inc 105 33 100 72 115 58 151 29 226 12 0.88 4.06Threadneedle UK Monthly Inc Z Inc 103 59 99 74 112 68 146 51 202 32 - 4.40Troy Trojan Income O Acc 102 76 97 81 116 56 147 45 240 5 1.05 3.91UBS UK Equity Income C Acc Net 107 9 108 15 135 4 158 15 184 43 - 3.68Unicorn UK Ethical Income B Inc 103 71 101 69 - - - - - - - 4.29Unicorn UK Income B Inc 99 85 100 73 122 20 161 11 345 1 0.89 4.11Vanguard FTSE U.K. Eq Inc Idx Acc 106 25 104 47 113 63 134 71 - - 0.25 4.63VT Odd Real Income GBP A Acc 105 34 102 62 - - - - - - - 3.31Average/Total 105 88 104 86 119 80 149 78 209 55 1.04 4.14

(IA) UK GILTSAberdeen Sterling LD Govt Bd I GBP Acc 104 5 100 5 123 3 146 2 217 2 - 1.21Allianz Gilt Yield C Inc 102 8 100 6 112 6 119 19 173 5 0.53 1.24Aviva Investors UK Gilts MoM 1 2 GBP Inc 102 23 99 20 109 23 118 21 143 18 0.78 1.26Franklin UK Gilt W Inc 102 19 100 9 - - - - - - - 1.02HSBC Gilt & Fixed Interest C Acc 102 10 100 8 111 19 119 18 157 16 - 2.57HSBC UK Gilt Index C Acc 102 14 100 15 112 12 121 13 - - 0.17 2.56Invesco Gilt A GBP QD 102 18 99 25 111 18 121 11 164 12 0.89 0.85iShares Over 15 Yrs Gilts Idx (UK) D Acc 105 1 102 1 - - - - - - - 2.29iShares UK Gilts All Stks Idx (UK) D Acc 102 11 100 10 112 7 122 6 - - 0.16 1.59Janus Henderson Instl Lg Datd Gilt I Acc 104 4 100 7 120 4 141 4 212 3 0.54 1.60Janus Henderson Instl UK Gilt I Acc 102 22 99 27 110 20 118 22 165 10 0.54 1.18L&G All Stocks Gilt Index Trust I Acc 102 15 100 16 112 10 121 10 166 8 - 1.36LF Canlife UK Government Bond C Inc 102 25 99 22 109 22 116 23 151 17 - 1.54M&G Gilt & Fixed Interest Inc GBP I Acc 102 24 99 23 111 14 121 8 170 6 0.66 0.57Newton Long Gilt Exempt 2 Acc 104 3 101 3 123 2 145 3 218 1 0.25 1.54Old Mutual Gilt A GBP Acc 102 20 99 24 110 21 118 20 160 15 0.69 2.71Royal London Short Dur Gilts M GBP Inc 100 27 99 21 102 25 - - - - - 0.39Royal London UK Government Bond M Acc 102 21 99 19 111 17 119 16 165 9 - 2.63Santander Sterling Government Bond IA 102 17 100 14 112 11 121 12 - - - 1.07Schroder Gilt & Fixed Interest Acc 102 7 100 13 111 15 119 15 161 13 0.56 2.28Scottish Widows Gilt G Acc 102 26 99 26 109 24 116 24 - - - 0.45Scottish Widows UK Fix-Int Trkr I Acc 102 12 100 11 112 9 121 9 167 7 0.37 1.39


SLI UK Gilt Plat 1 Acc 102 16 100 18 111 16 119 17 164 11 - 0.37Threadneedle Sterling Bond Z Inc 102 13 100 17 112 13 121 14 160 14 - 1.08Threadneedle UK Fixed Interest Z Acc 102 9 100 12 112 8 122 7 173 4 - 0.86Vanguard UK Govt Bd Idx GBP Acc 103 6 101 4 113 5 125 5 - - 0.12 1.29Vanguard UK Lg Dur Gilt Idx A Grs Acc 104 2 102 2 123 1 148 1 - - 0.15 1.75Average/Total 103 27 100 27 112 25 124 24 171 18 0.46 1.43

(IA) UK INDEX-LINKED GILTSAXA Sterling Index Linked Bond Z Net 102 7 97 12 124 3 144 2 216 2 0.33 -Baillie Gifford Act Idx-Lk Glt Pls B Inc 101 12 98 3 123 4 138 13 - - 0.42 1.44F&C Institutional Active Index Lnkd3£Acc 101 11 97 13 123 5 143 4 - - - 0.04HSBC Index-Linked Gilt index Acc C 102 8 98 7 - - - - - - - 1.63iShares Index Lkd Gilt Idx (UK) D Acc 102 5 98 8 124 2 145 1 - - 0.29 0.35Janus Henderson Index-Linked Bond I Acc 101 10 97 14 123 8 141 7 217 1 0.54 -L&G All Stocks IdxLnk Gilt Idx Tr I Acc 102 9 98 10 121 11 140 10 204 7 - -M&G Index-Linked Bond GBP I Acc 102 3 98 6 122 9 140 8 212 4 0.56 -Newton Index Lkd Gilt Exempt 2 Acc 102 4 98 4 124 1 143 3 214 3 0.25 2.47Royal London Index Linked M Acc 102 1 99 2 123 6 141 6 210 5 - 0.25Schroder All Mats Idx Lnkd Bd I Acc 102 2 98 5 122 10 140 9 205 6 0.28 0.21Scottish Widows UK Idx Lnkd Trkr I Acc 100 14 98 9 121 12 138 12 203 8 0.37 0.24Threadneedle UK Index Lnkd Ins Acc 101 13 97 11 121 13 138 11 199 9 - 0.39Vanguard UK Infl-LnkdGltIdx A Grs Acc 102 6 99 1 123 7 142 5 - - 0.15 -Average/Total 102 14 98 14 123 13 141 13 209 9 0.35 0.78

(IA) UK SMALLER COMPANIESAberdeen UK Smaller Companies Eq I Acc 109 10 116 9 137 36 183 36 298 27 - 1.30Aberforth UK Small Companies Acc 106 31 107 44 128 43 184 35 290 29 0.86 2.53Artemis UK Smaller Companies I Acc 108 21 114 21 161 13 205 23 242 39 0.84 1.84Aviva Investors UK Smaller Coms 2 £ Acc 109 11 115 18 133 39 178 37 335 18 1.13 0.88AXA Framlington UK Smlr Coms Z GBP Acc 104 40 113 26 154 18 234 10 352 14 0.88 0.53Baillie Gifford British Smlr Coms B Acc 107 26 106 45 127 44 163 45 334 19 0.69 0.61BlackRock UK Smaller Companies D Acc 109 14 117 8 158 14 205 22 329 20 0.92 0.89Castlefield B.E.S.T Sust UK SmComs Instl 100 48 113 28 154 19 192 30 259 35 2.77 -Cavendish AIM B 110 8 124 3 189 4 255 4 318 23 0.89 0.22Dimensional UK Smlr Coms Acc 107 27 108 39 124 46 169 44 296 28 0.66 2.07Elite Webb Cap Smaller Co Inc & Gr B Acc 110 9 127 2 146 26 224 15 - - - 1.54F&C UK Smaller Companies 2 107 25 116 10 148 23 210 20 360 12 0.85 1.04Fidelity UK Smaller Companies W Acc 106 30 108 41 138 35 193 29 - - - 1.31FP Octopus UK Micro Cap Growth P Acc 114 3 119 7 164 12 199 27 252 36 - -Franklin UK Smaller Companies W Acc 107 24 114 22 142 29 211 19 209 41 0.83 1.00Halifax Smaller Coms C 109 12 115 13 135 37 173 41 250 37 1.51 0.75Investec UK Smaller Companies I Inc Net 107 23 115 14 142 30 198 28 397 9 0.85 1.50IP UK Smaller Companies Eq Z Acc 105 36 110 32 152 21 212 17 310 24 - 0.85Janus Henderson UK Smaller Coms I Acc 108 20 115 17 144 28 204 24 365 11 0.82 1.30Janus Henderson UK&Irish Smr Coms I Acc 106 34 109 36 128 42 158 46 213 40 - 1.07JPM UK Smaller Companies C Acc 110 7 115 19 139 32 176 38 266 34 0.93 -Jupiter UK Smaller Companies Fd I 114 2 131 1 195 2 252 6 326 22 - 0.71Kames UK Smaller Companies GBP B Acc 108 18 114 23 138 34 186 33 329 21 1.10 1.39L&G UK Smaller Companies Trust I Acc 106 32 110 33 126 45 175 40 299 26 - 1.23Lazard UK Smaller Companies C Inc 105 39 111 31 129 41 176 39 266 33 - 1.67LF Livingbridge UK Micro Cap C Acc 111 6 121 5 155 17 257 2 - - - 0.35LF Miton UK Smaller Companies B Acc 108 17 115 16 145 27 232 11 - - - 0.59Liontrust UK Micro Cap I Acc 111 5 115 15 - - - - - - - 0.11Liontrust UK Smaller Companies I Inc 108 22 114 25 171 7 242 7 496 2 - 0.22M&G Smaller Companies GBP I Acc 103 45 108 42 139 33 171 43 267 32 0.91 1.29Marlborough Nano Cap Growth P Acc 115 1 120 6 171 6 - - - - - 0.25Marlborough Special Situations P Acc 106 33 112 30 156 16 222 16 402 8 - 0.90Marlborough UK Micro Cap Growth P Acc 106 29 115 12 167 9 237 8 472 3 - 0.65MFM Techinvest Special Situations A Acc 109 13 109 37 176 5 254 5 244 38 1.84 -MGTS AFH DA UK Smaller Coms I GBP Acc 108 16 - - - - - - - - - -MI Discretionary Unit Inc 106 28 106 46 168 8 235 9 302 25 0.42 0.75MI Downing UK Micro-Cap Growth B 97 49 94 48 123 47 184 34 - - 2.04 0.23Old Mutual UK Smaller Coms R GBP Acc 105 35 114 24 165 10 225 13 395 10 1.05 0.57Old Mutual UK Smlr Coms Foc R GBP Inc 104 42 113 27 203 1 285 1 522 1 1.56 -River & Mercantile UK Eq Sm Cos B Acc 102 46 110 35 147 25 231 12 441 5 0.95 0.93Royal London UK Smaller Companies M 103 44 108 40 129 40 190 31 289 30 - 1.07Schroder Instl UK Smaller Cos I Acc 105 37 112 29 153 20 212 18 404 7 0.52 1.49Schroder UK Dynamic Smaller Coms Z Acc 104 43 105 47 147 24 188 32 420 6 0.86 0.37Schroder UK Smaller Companies Z Acc 104 41 108 38 150 22 210 21 347 16 0.91 0.88Scottish Widows UK Smlr Coms A 108 19 114 20 135 38 171 42 272 31 1.61 0.67SLI UK Smaller Companies Pltfrm 1 Acc 109 15 116 11 164 11 202 25 356 13 - 0.69TB Amati UK Smaller Companies B 111 4 124 4 193 3 256 3 453 4 1.39 0.62Threadneedle UK Smaller Coms Z Inc 100 47 107 43 157 15 224 14 349 15 - 0.66Unicorn UK Smaller Companies A 105 38 110 34 141 31 201 26 336 17 1.86 1.08Average/Total 107 49 113 48 151 47 207 46 333 41 1.12 0.94

(IA) UNCLASSIFIED SECTORAbbotsford GBP Acc 102 118 104 91 124 54 144 50 182 56 1.22 1.10Aberdeen Diversified-Core Advnts I Acc 100 266 106 48 128 32 - - - - - 1.55Aberdeen Diversified-Core Cau I Acc 98 286 100 253 113 169 - - - - - 0.69Aberdeen Diversified-Core Cnsrv I Acc 101 204 100 225 104 248 - - - - - 0.82Aberdeen Diversified-Core Gr I Acc 99 278 103 147 119 110 - - - - - 1.96Aberdeen Sterling Bond I GBP Acc 101 163 100 264 109 211 119 187 162 81 - 1.29Aberdeen Sterling Govt Bd I GBP Acc 102 114 99 267 110 204 118 203 167 73 - 0.65Aberdeen Sterling Idx-Lnkd Bd I GBP Acc 102 121 98 283 123 69 139 78 205 26 - 0.55Aberdeen Sterling Shrt Term Gov Bd I Acc 100 251 99 271 101 259 101 237 125 123 - 0.13Arbor GBP Inc 104 34 106 40 125 48 140 73 158 90 1.56 0.27Architas Diversified Real Assets D Acc 100 236 99 277 108 220 - - - - - 2.86Architas MA Active Reserve A Acc 100 259 98 280 108 224 119 190 148 108 1.22 2.44Architas MA Passive Prudent A Acc 102 103 102 167 116 128 131 114 - - 0.65 0.92Architas MM Divers Prot 85 R Net Acc 100 267 101 214 102 253 104 233 - - 0.02 -Architas MM Diversified Protector 70 100 255 102 177 109 216 117 208 - - 2.39 -Architas MM Diversified Protector 80 99 276 101 208 105 243 109 229 - - 2.20 -Artemis Instl Equity Income IN Acc 106 4 107 20 122 80 151 27 236 6 0.78 3.51Aviva Investors UK Credit MoM 1 2 £ Inc 100 247 99 266 109 215 120 185 145 113 - 3.60Baillie Gifford Active Gilt Plus B Inc 102 92 100 252 112 186 118 200 167 71 0.42 1.22Baillie Gifford Active Lng Glt Pls B Inc 105 18 101 215 122 82 141 65 216 19 0.43 1.65

Unit Trusts 14



£ £ £ £ £ % %Baring Dynamic Capital Growth I GBP Inc 100 220 102 162 109 212 124 167 151 101 - 2.44Baring Targeted Return A GBP Inc 101 162 103 127 111 189 127 146 157 91 0.90 3.47BlackRock Growth and Recovery A Acc 108 1 117 1 157 1 208 1 275 1 1.03 0.67Carmignac Pf Sécurité F GBP Acc Hdg 100 262 100 232 104 244 110 225 - - 0.75 -Carmignac Sécurité A EUR Acc 99 285 100 251 124 61 108 230 147 111 1.03 -Carvetian Capital Hendom Income 103 71 106 50 123 67 134 100 205 27 1.54 1.05Cazenove Caversham Inc 102 119 103 124 123 77 139 77 202 31 1.01 1.28CF Aquarius 102 141 105 87 122 85 138 87 163 76 1.40 0.96CF Broden 103 65 106 55 125 46 144 48 195 39 1.29 0.59CF Buxton Acc 101 167 101 202 110 205 126 150 229 12 0.64 1.10CF Circus 101 164 104 102 122 81 138 81 163 77 1.26 0.62CF Crystal Fund 98 287 97 286 120 103 125 163 201 33 1.11 0.96CF Dartmoor Fund 101 174 103 158 111 188 127 142 185 51 1.48 -CF Davids 101 197 101 198 113 166 130 121 155 95 1.35 0.29CF Drygate 101 148 104 115 114 158 130 128 180 59 1.43 2.02CF Gulland 102 115 104 101 127 39 153 24 216 18 1.29 0.81CF Holly Fund 105 8 101 219 112 180 84 242 83 129 1.20 1.39CF Lorimer Trust 104 21 108 17 126 43 146 40 209 22 0.81 1.68CF Mermaid 99 274 99 269 106 238 124 166 220 17 1.33 0.95CF New Grande Motte GBP 100 237 103 133 123 65 141 67 203 29 1.33 0.89CF New Viaduct Inc 103 54 107 26 128 29 154 20 - - 1.40 0.41CF The Mulberry 101 173 103 118 121 94 135 94 147 110 1.38 0.56Chestnut Fund Inc 100 229 102 171 113 162 122 177 - - - 0.66Elite Specialist Portolio Instl Inc 97 291 96 287 102 255 104 234 - - 1.35 1.59F&C MM Lifestyle Balanced B Inc 103 59 107 21 124 59 149 34 - - 1.19 1.77F&C MM Lifestyle Cautious B Inc 103 68 106 44 121 98 143 57 - - 1.19 1.74F&C MM Lifestyle Defensive B Inc 102 96 104 107 116 132 136 93 - - 1.19 1.60F&C MM Lifestyle Foundation B GBP Inc 101 165 102 179 112 183 - - - - - 1.37F&C MM Lifestyle Growth B Inc 103 53 109 9 127 40 150 30 - - 1.19 1.66Fidelity Diversified Growth A 101 170 104 116 114 152 127 149 151 99 1.18 1.93Fidelity Inst Lng Bd Inc 105 19 101 217 123 76 147 38 233 8 0.33 2.06Fidelity Instl Europe ex UK Acc 101 193 101 203 123 66 152 25 184 53 0.89 1.09Fidelity Instl Index Linked Bond Inc 102 117 98 284 124 53 145 45 224 13 0.33 0.21Fidelity Instl Select Emerg Mkt Acc 98 288 109 7 141 4 155 19 - - 1.16 0.69Fidelity Instl Select Gbl Eqs Acc 103 46 107 38 135 16 172 3 232 9 0.88 0.94Fidelity Instl Sterl Core Pls Bd Inc 103 72 100 255 121 86 143 56 222 15 0.49 2.48Fidelity Instl UK Gilt Inc 102 80 100 254 113 174 123 171 182 55 0.32 1.61Fidelity Target 2020 A Acc 102 129 102 176 112 179 126 157 154 96 1.95 0.45Fidelity Target 2025 A Acc 102 108 103 123 118 121 136 91 168 69 1.90 0.51Fidelity Target 2030 A Acc 102 122 104 95 124 57 149 33 189 49 1.88 0.56Folla Inc 103 49 107 35 121 88 144 49 147 109 1.14 0.93FP 8AM Tactical Growth A Inc 104 23 107 36 124 60 133 110 - - 1.97 1.26FP Active Portfolio Overlay C Acc 103 60 107 29 - - - - - - 0.92 0.82FP Aggressive Portfolio Overlay C Acc 104 38 109 13 - - - - - - - 0.77FP Apollo Multi Asset Adven D GBP Acc 100 258 105 72 112 182 127 144 - - 2.45 -FP Apollo Multi Asset Bal D GBP Acc 100 264 105 82 117 126 125 161 - - 1.97 0.13FP Apollo Multi Asset Cau D GBP Acc 100 254 105 80 116 136 127 141 - - 2.15 0.25FP Balanced Portfolio Overlay C Acc 102 94 105 76 - - - - - - - 1.01FP CAF Alternative Strategies A Acc 99 281 100 257 101 258 109 228 - - 1.47 0.77FP CAF Fixed Interest A Acc 98 289 98 282 104 245 109 227 - - 1.00 2.39FP CAF International Equity A Acc 103 42 110 5 141 3 176 2 - - 1.17 0.78FP CAF UK Equity A Acc 105 15 105 64 120 100 146 43 - - 1.24 1.92FP Cautious Portfolio Overlay C Acc 102 142 103 153 - - - - - - - 1.27FP Defensive Portfolio Overlay C Acc 101 216 101 213 - - - - - - - 1.34FP Frontier MAP Balanced C 97 290 100 242 104 246 113 218 - - 1.43 1.13FP Luceo 3 A Acc 101 181 101 192 - - - - - - - 1.34FP Luceo 4 A Acc 101 146 103 135 - - - - - - - 1.08FP Luceo 5 A Acc 102 123 104 93 - - - - - - - 1.31FP Luceo 6 A Acc 102 77 106 42 - - - - - - - 1.34FP Luceo 7 A Acc 103 61 107 32 - - - - - - - 1.53FP Russell Invsmts Defensive Assts C Acc 99 272 100 261 102 254 102 236 - - 0.88 2.69FP Shenkman Hansa High Yield 95 292 100 230 131 27 121 179 - - - 3.68Hawthorn Portfolio A Inc 101 188 103 157 111 190 - - - - - 0.91HC Stirling House Balanced Acc 100 222 101 194 115 138 129 130 - - - 0.34HC Stirling House Dynamic Acc 101 184 104 100 123 71 141 68 - - - 0.29HC Stirling House Growth Acc 100 235 102 166 118 116 137 89 - - - 0.25HC Stirling House Monthly Income Ret Acc 100 249 99 278 107 237 112 222 - - - 3.01HC Verbatim Portfolio 3 B Acc 101 205 102 185 115 142 128 138 - - 1.32 0.76HC Verbatim Portfolio 4 B Acc 101 169 103 137 116 130 134 103 - - 1.33 1.14HC Verbatim Portfolio 5 Growth B Acc 101 157 104 109 121 93 139 76 - - 1.33 0.85HC Verbatim Portfolio 5 Income B Inc 99 280 100 263 116 134 134 104 - - 1.22 3.54HC Verbatim Portfolio 6 B Acc 101 177 105 89 120 99 135 98 - - 1.35 0.92HC Verbatim Portfolio 7 B Acc 101 151 105 63 126 44 142 61 - - 1.34 0.92HSBC Common For Income Income 102 90 100 240 112 185 121 178 169 68 0.50 2.68HSBC Global Strategy Adventurous AC 102 89 - - - - - - - - - -HSBC Global Strategy Balanced C Acc 102 125 105 79 128 30 148 35 - - 0.82 1.58HSBC Global Strategy Cautious C Acc 100 219 101 190 114 150 124 169 - - 0.72 1.73HSBC Global Strategy Dynamic C Acc 102 84 107 28 137 10 164 10 - - 0.94 1.36HSBC World Selection Advent Port Acc C 102 76 108 19 139 7 - - - - - 1.25HSBC World Selection Balanced C Acc 102 139 104 92 123 70 143 55 - - 1.22 1.59HSBC World Selection Cautious C GBP Acc 100 256 100 224 109 214 118 198 - - 1.18 1.11HSBC World Selection Conser Port Acc C 100 271 101 211 113 168 - - - - - 1.60HSBC World Selection Dynamic C Acc 103 55 107 23 133 18 160 15 - - 1.27 1.52HSBC World Selection Income C Acc 100 248 100 250 113 173 124 170 - - 1.25 3.62IFSL Galatea Opportunity Instl GBP Acc 101 191 103 136 107 230 117 207 - - - 0.24IFSL James Hambro Master 102 79 106 57 120 101 138 82 195 40 0.86 1.61IFSL Tilney Bestinvest Agrsv Gr Cln Acc 103 67 106 60 123 75 143 58 - - - 0.55IFSL Tilney Bestinvest Defensive Cln Acc 101 155 103 161 110 209 119 189 - - - 1.28IFSL Tilney Bestinvest Growth Clean Acc 102 86 105 88 119 114 138 86 185 52 - 0.49IFSL Tilney Bestinvest Inc & Gr Cln Acc 101 153 103 159 113 163 130 129 168 70 - 1.55IFSL Tilney Bestinvest Inc Clean Acc 101 161 102 165 112 187 125 159 165 75 - 1.97Insight Inv UK Broad Mkt Bd Gross P 101 176 100 245 115 141 126 154 180 61 0.37 1.93Insight UK Govt Long Mat Bd P2 105 17 101 205 123 63 146 44 224 14 0.38 1.36Janus Henderson Diversified Gr A Acc 101 175 103 149 110 207 120 184 - - 1.72 0.12Janus Henderson Instl Abs Ret Bd Y Acc 100 230 100 236 99 262 100 239 113 125 0.69 0.95Janus Henderson Instl Hi Alp Crdt I Acc 100 261 100 233 111 195 121 180 - - 0.68 2.60Janus Henderson Instl Hi Alp Gilt Y Acc 102 106 99 268 111 191 118 202 - - 0.68 1.28Janus Henderson Mlt Ast Crdt I Acc GBPH 101 185 103 151 111 196 120 182 - - - 2.40Janus Henderson UK Strategic Inc UT Inc 100 260 96 288 113 165 130 123 141 118 1.70 4.06


LF Greenmount Inc 100 227 105 74 126 41 132 113 181 58 1.61 0.81LF Heartwood Balanced Multi Asset I Acc 102 130 103 128 114 157 126 151 - - 1.22 0.84LF Heartwood Cautious Multi Asset I Acc 101 186 102 186 110 208 118 199 - - 1.23 1.03LF Heartwood Defensive Multi Asset I Acc 100 240 100 238 105 242 110 224 - - 1.29 0.37LF Heartwood Growth Multi Asset I Acc 103 63 105 65 119 109 138 84 - - 1.39 0.41LF Heartwood Income Multi Asset I Inc 101 199 101 189 109 218 118 195 - - 1.27 2.93LF Heartwood Income Plus Multi Ast I Inc 103 74 104 94 114 156 130 127 - - 1.26 3.48LF KB Feelgood Trust £ Inc 101 172 101 196 117 125 130 126 159 86 1.12 0.75LF New Institutional World Inc 102 109 - - - - - - - - - -LF New Villture Inc 101 203 102 172 115 148 125 164 144 115 1.35 0.24LF Robin A Acc 101 214 103 154 115 145 126 153 159 85 0.95 0.08LF Ruffer Absolute Return O Acc 101 200 100 231 106 239 119 191 201 35 1.53 1.36M&G (Lux) Em Mkts Inc Opps CH GBP Acc 99 273 107 34 - - - - - - - -M&G Episode Macro GBP T-H Acc 100 225 105 68 112 178 134 99 - - 2.51 -Marlborough Defensive Fund P Inc 100 252 101 221 101 257 99 240 - - - 1.07Marten Fund 102 133 102 174 121 96 129 134 182 57 1.74 3.51MGTS AFH Tactical Core R Acc 102 140 101 201 113 164 126 155 - - - 1.68MGTS IBOSS 1 R Acc 101 206 102 183 - - - - - - - 0.65MGTS IBOSS 2 R Acc 101 183 103 144 - - - - - - - 0.84MGTS IBOSS 4 R Acc 101 179 104 105 - - - - - - - 0.89MGTS IBOSS 6 R Acc 101 159 105 84 - - - - - - - 0.87MI Charles Stanley MltAst 1 Defesv B Acc 100 233 101 220 107 233 108 231 - - 0.88 1.87Navajo GBP Acc 104 27 107 22 132 22 153 23 207 24 1.48 0.16New Capital Swiss Sel Eq CHF Ord Acc 107 2 106 46 153 2 - - - - 1.69 -OHP Fund 102 85 106 47 131 25 147 37 - - 1.53 0.37Old Mutual Cirilium Adventurous Pasv R 102 83 - - - - - - - - - -Old Mutual Cirilium Bal Pasv R GBP Acc 101 189 103 142 123 73 139 75 - - 0.85 0.82Old Mutual Cirilium Consrv Pasv R GBPAcc 100 241 101 191 115 146 125 160 - - 0.85 0.56Old Mutual Cirilium Dyn Pasv R GBP Acc 103 66 106 41 132 21 153 22 - - 0.85 0.97Old Mutual Cirilium Mod Pasv R GBP Acc 102 111 105 83 128 31 147 39 - - 0.85 0.96Old Mutual Creation Advnturs R GBP Acc 102 127 - - - - - - - - - -Old Mutual Creation Balanced R GBP Acc 100 269 100 244 107 236 118 201 152 98 - 1.44Old Mutual Creation Cnsrv R GBP Acc 99 275 99 265 106 240 116 211 150 105 - 1.46Old Mutual Creation Dynamic R GBP Acc 101 190 103 160 110 203 127 145 158 88 - 1.30Old Mutual Creation Moderate R GBP Acc 100 238 101 197 108 227 123 172 155 94 - 1.35Old Mutual Equity 2 A GBP Acc 104 29 103 156 116 135 136 92 200 36 1.08 2.76Old Mutual Generation Trgt 3 R GBP Inc 99 283 100 259 103 251 110 226 - - - 2.20Old Mutual Generation Trgt 4 R GBP Inc 99 284 100 262 103 250 116 210 - - - 2.53Old Mutual Generation Trgt 5 R GBP Acc 100 270 101 212 - - - - - - - 2.23Prestney GBP Inc 101 152 103 132 121 89 130 119 150 104 1.32 1.59Rathbone Active Income and Growth Inc 103 51 106 43 122 78 139 80 - - - 2.29Rathbone Global Alpha Instl GBP Acc 105 12 109 12 132 20 - - - - - 0.65Rathbone Heritage Inst Inc 102 87 103 126 128 33 158 16 - - - 1.26Rathbone Sussex Growth 106 6 113 2 137 8 164 12 222 16 1.62 0.51Rathbone Sussex Income 104 22 109 8 122 84 146 42 229 11 1.26 3.18Royal London Cash Plus M Inc 100 234 100 228 101 256 102 235 - - - 0.34Royal London Duration Hedged Credit Z 101 194 103 122 108 221 115 216 - - - 3.06Royal London Enhanced Cash Plus Y Acc 100 223 101 223 103 252 - - - - - 1.04Royal London Sustainable Mgd Inc C Acc 101 212 101 222 113 171 124 165 - - - 3.21S&W Bay 106 5 110 3 141 5 163 14 232 10 0.84 1.61S&W Beech 105 10 106 53 114 154 129 133 201 34 0.84 2.27S&W Brighton Rock 104 24 103 130 121 90 146 41 192 44 1.57 0.80S&W Daisybelle 99 277 99 270 107 235 125 158 - - 1.16 0.78S&W Devonshire Trust 104 25 104 106 111 194 127 143 - - 1.35 1.81S&W Endeavour II Acc 102 97 105 81 127 36 144 53 236 7 1.67 1.15S&W Enterprise Trust 104 28 104 98 124 56 138 85 144 116 1.31 2.17S&W Gryphon Dover Net Inc 103 48 100 243 106 241 120 183 144 114 2.00 3.65S&W Gryphon East River Net Inc 101 187 102 169 121 97 129 131 151 100 1.71 1.31S&W Gryphon Peapod Net Inc 102 135 103 125 125 49 137 88 180 60 1.74 1.25S&W Headway 102 93 106 39 122 79 135 95 159 84 1.49 0.06S&W Jetwave Trust Acc 104 26 109 14 127 35 149 31 193 43 1.40 2.42S&W Knotts Investment Inc 105 20 105 75 114 149 134 105 203 28 1.02 2.17S&W Lancaster 103 45 105 85 121 91 138 83 159 87 1.96 0.95S&W Langham Trust 102 131 102 164 114 155 114 217 141 117 1.92 0.24S&W Magnum 103 41 105 77 118 118 144 52 195 41 1.03 2.04S&W Marathon Inc 107 3 109 15 127 34 150 28 211 21 1.31 1.51S&W MF 105 11 110 4 135 17 157 18 206 25 1.92 1.36S&W Millennium Inc 103 43 105 66 124 58 131 118 138 119 1.42 2.48S&W Milne 101 149 103 152 116 131 128 135 151 103 1.33 1.19S&W Norton 102 104 102 163 115 137 128 137 167 72 1.40 1.42S&W Quercus Unit Trust 100 224 100 249 103 249 113 219 - - 1.35 1.62S&W Skye Inc 105 14 109 10 112 181 154 21 245 4 0.63 2.70S&W Staffordshire Portfolio 105 16 106 58 129 28 140 70 157 92 1.18 1.51S&W Stellar 100 228 104 108 121 95 141 64 177 66 1.05 1.45S&W The Rosslyn Net Inc 102 75 104 110 115 144 133 108 - - - 0.84S&W Thoroughbred 104 39 106 61 119 112 142 59 192 45 1.46 1.24S&W Witch General Inc 104 36 107 30 120 105 141 66 190 47 1.25 1.10S&W Worldwide 101 217 102 180 116 133 127 148 162 79 2.03 0.49Santander Atlas Income Portfolio II 100 263 99 272 108 226 130 125 - - 2.15 4.62Santander Balanced International Trg RA 102 82 104 112 121 92 139 79 183 54 1.50 0.72Santander Bond Monthly Income RI 100 265 98 285 107 232 116 212 146 112 1.06 1.56Santander Global Emerging Shares RA 100 257 107 27 132 19 133 111 151 102 2.17 0.39Santander Investment Income Port XI 100 250 98 281 110 206 118 197 - - - 3.91Santander Investment Income RI 100 231 99 276 109 213 118 204 159 83 0.58 2.61Santander Investment Portfolio XA 100 244 99 274 109 219 117 206 - - - 2.02Santander Max 100% Shares Portfolio XA 103 69 108 18 139 6 168 6 - - - 0.62Santander Max 30% Shares Income Port XI 101 154 100 258 108 225 - - - - - 3.19Santander Max 30% Shares Portfolio XA 100 221 100 247 108 222 - - - - - 1.88Santander Max 50% Shares Portfolio XA 101 208 101 206 115 147 129 132 - - - 1.42Santander Max 60% Shares Income XI 102 101 101 216 111 193 127 147 - - - 3.66Santander Max 70% Shares Portfolio XA 101 156 103 141 118 120 134 101 - - - 1.34Santander Max 70% Shares RA 102 88 103 148 120 106 134 102 172 67 1.34 1.96Santander Multi Index 1 RA 101 180 100 229 - - - - - - - 1.94Santander Multi Index 2 RA 101 160 102 182 - - - - - - - 1.68Santander Multi Index 3 RA 102 124 103 139 - - - - - - - 1.81Santander Sterling Bond A 100 243 99 275 109 217 117 205 153 97 1.02 2.10Schroder Instl Growth I Acc 101 215 99 279 98 263 98 241 99 128 0.47 -Schroder Managed Wealth Z Acc 101 202 101 188 118 119 127 140 149 107 - 1.10Schroder Stlg Broad Mkt Bd I Acc 102 138 100 241 114 151 126 152 189 48 0.32 2.50

Unit Trusts 15



£ £ £ £ £ % %Scottish Widows Adventurous Gr D Acc 103 58 106 54 125 47 144 51 - - 1.82 0.82Scottish Widows Adventurous Solu G Acc 102 81 105 78 122 83 145 47 - - - 1.06Scottish Widows Bal Solution G Acc 101 166 103 155 113 170 128 136 - - - 1.50Scottish Widows Balanced Gr D Acc 103 70 104 103 116 129 133 107 - - 1.76 1.16Scottish Widows Balanced Growth A 102 100 103 146 117 127 128 139 166 74 1.65 1.30Scottish Widows Cau Solution G Acc 100 239 101 209 107 231 118 196 - - - 2.19Scottish Widows Cautious Gr D Acc 101 210 101 195 110 210 121 181 - - 1.77 1.54Scottish Widows Corporate Bd Trkr W Acc 101 209 100 234 113 172 - - - - - 2.75Scottish Widows Defensive Solution G Acc 100 253 100 226 107 234 116 214 - - - 1.99Scottish Widows Discovery Solution G Acc 101 201 102 175 110 201 124 168 - - - 1.78Scottish Widows Diversified 101 196 102 178 112 177 118 193 - - 1.86 0.50Scottish Widows Dynamic Income A Acc 101 145 102 181 113 167 123 175 162 78 1.40 1.82Scottish Widows Dynamic Solution G Acc 102 98 105 90 120 107 140 71 - - - 1.37Scottish Widows Environmental Inv G 105 9 103 134 115 140 139 74 - - - 1.11Scottish Widows Ethical G Acc 105 13 106 49 119 113 141 69 - - - 0.94Scottish Widows Managed Income A Acc 100 232 100 247 110 200 116 209 156 93 1.40 1.47Scottish Widows Momentum Income A Acc 101 213 100 237 110 202 118 194 158 89 1.39 1.67Scottish Widows Progressive Gr D Acc 104 37 106 62 123 74 142 60 - - 1.77 1.04Scottish Widows Stockmarket Gr A 104 32 106 52 124 52 142 62 178 64 1.67 1.27Scottish Widows Strategic Growth A 103 57 105 69 124 62 140 72 179 63 1.63 1.28Scottish Widows Strategic Solution G Acc 102 113 104 111 115 143 133 109 - - - 1.46Sentinel Defensive B Acc 99 279 100 235 104 247 113 220 134 120 - 0.22Smith & Williamson Cash 100 242 100 239 100 260 101 238 105 127 0.73 0.07Smith & Williamson Eagle 102 78 107 24 124 55 145 46 177 65 2.17 0.43Smith & Williamson Forest 104 31 109 11 137 9 166 7 208 23 1.70 1.08Smith & Williamson Orchard 103 64 107 33 136 15 163 13 202 32 2.20 0.56Smith & Williamson Plain Andrews UT GBP 99 282 101 218 114 159 119 192 130 122 1.47 1.02SVS Capital Balanced Scheme Acc 103 62 106 59 123 72 - - - - - 0.68SWIP Asset Allocator A Acc 102 126 102 184 107 229 111 223 - - 2.06 0.12SWIP IPS Growth P Net Inc 103 52 106 45 126 42 150 29 - - 1.00 1.64SWIP IPS Higher Income P Net Inc 100 245 101 210 111 197 119 186 - - 1.02 3.28SWIP IPS Income P Net Inc 100 268 100 227 108 228 115 215 - - 0.95 2.37SWIP Managed Growth 4 L Net GBP Acc 101 178 102 187 115 139 - - - - - 2.50SWIP Managed Growth 6 L Net GBP Acc 102 95 103 117 120 102 - - - - - 2.41The Alkerton Trust Income I/A 102 128 103 138 118 115 132 112 - - 1.28 3.15The Aurinko Acc 102 105 104 99 119 111 137 90 194 42 1.44 1.38The Beamish 101 192 103 120 108 223 113 221 109 126 0.44 0.31The Cranmer Investment 102 107 103 129 112 176 123 173 180 62 2.34 1.29The Jay 101 150 103 119 110 199 133 106 162 80 1.08 0.43The Kingfisher Fund Acc 100 246 100 245 100 261 105 232 - - - -The Mishka Fund 101 198 100 260 110 198 116 213 118 124 1.68 1.93The Monoux 102 110 105 67 136 12 166 8 256 2 1.39 0.36The New Floco Inc 101 182 104 97 132 23 169 5 245 5 1.21 0.63The New Jaguar Inc 102 112 105 71 131 24 172 4 251 3 1.35 0.43The Oenoke Acc 103 73 106 51 127 38 149 32 188 50 1.42 1.07The Pendennis Acc 103 44 107 25 127 37 148 36 191 46 1.29 1.22The Windrush Inc 102 99 103 140 113 161 130 122 213 20 1.53 0.61Thesis Abaco GBP 101 168 105 86 120 108 135 97 133 121 1.05 -Thesis Darin A Inc 104 35 109 16 136 13 158 17 202 30 1.47 1.49Thesis Eden Investment Inc 102 143 103 121 117 124 131 115 - - 1.85 1.33Thesis Headway A Inc 102 136 103 143 118 117 131 117 150 106 1.57 1.39Thesis Lion Growth Inc 106 7 110 6 136 11 164 9 198 37 1.89 0.12Thesis Ord Acc 103 56 107 31 136 14 164 11 - - 1.19 0.54Thesis PM A Acc 102 120 103 145 125 50 143 54 - - 1.39 0.52Threadneedle Managed Bond Z Acc 101 207 101 207 114 153 123 174 160 82 - 1.94TM New Court A 2011 Inc 100 226 102 170 112 184 123 176 - - - 0.40TM Oak 103 50 105 73 131 26 152 26 197 38 1.26 0.70TM Opus Inc 101 147 104 104 125 45 135 96 - - - 0.79TM Private Portfolio Trust A2000 Inc 101 211 103 150 113 160 126 156 - - - 0.51Trojan Ethical Income O Acc 102 134 101 199 - - - - - - - 3.00VT AJ Bell Passive Adventurous I Acc 104 30 107 37 - - - - - - - 1.68VT AJ Bell Passive Balanced I Acc 104 40 104 96 - - - - - - - 1.81VT AJ Bell Passive Cautious I Acc 102 132 101 204 - - - - - - - 1.38VT AJ Bell Passive Moderately Adv I Acc 104 33 106 56 - - - - - - - 1.75VT AJ Bell Passive Moderately Cau I Acc 102 91 102 168 - - - - - - - 1.78VT Multi-Asset DRP III Retail Acc 101 195 99 273 111 192 119 188 - - 0.29 1.38VT Multi-Asset DRP IV Retail Acc 101 171 100 256 112 175 - - - - 0.33 1.70VT Multi-Asset DRP V Retail Acc 101 144 101 193 117 123 130 124 - - 0.25 2.14VT Multi-Asset DRP VI Retail Acc 102 137 102 173 120 104 - - - - 0.29 2.21VT Multi-Asset DRP VII Retail Acc 102 102 103 131 121 87 131 116 - - 0.32 2.22VT Multi-Asset DRP VIII Retail Acc 101 158 104 113 123 64 125 162 - - 0.47 1.95VT Rossie House Portfolio B Inc 102 116 105 70 124 51 - - - - - 1.34VT Vanneck Equity B GBP Acc 103 47 104 114 123 68 141 63 - - - 4.19WAY Green Portfolio Elite E Acc 101 218 101 200 118 122 130 120 - - 2.47 0.03Average/Total 102 292 103 288 117 263 132 242 178 129 1.27 1.43

(IA) VOLATILITY MANAGED7IM Dynamic Planner Portfolio 4 C Acc 103 20 - - - - - - - - - -7IM Dynamic Planner Portfolio 5 C Acc 103 14 - - - - - - - - - -7IM Dynamic Planner Portfolio 6 D Acc 103 10 - - - - - - - - - -Allianz RiskMaster Cnsrv Mlt Asst C Acc 100 78 101 83 117 45 125 58 - - - 1.13Allianz RiskMaster Growth Mlt Asst C Acc 101 62 103 52 126 13 140 24 - - - 1.33Allianz RiskMaster Mod Mlt Asst C Acc 101 61 102 63 120 33 132 43 - - - 1.30Architas MA Blended Growth A Acc 103 9 107 8 130 5 146 12 157 9 1.53 1.00Architas MA Blended Interm A Acc 102 26 104 37 122 25 136 34 162 8 1.13 1.48Architas MA Blended Moderate A Acc 102 41 102 61 119 40 132 42 163 6 1.11 1.49Architas MA Blended Prog A Acc 103 8 106 19 127 11 142 20 165 4 1.23 1.46Architas MA Blended Reserve A Acc 101 46 101 74 115 57 124 59 152 10 1.02 2.23Architas MA Passive Dynamic A Acc 103 16 108 3 133 2 147 11 - - 0.65 1.72Architas MA Passive Growth A Acc 104 3 108 1 135 1 153 3 - - 0.65 1.52Architas MA Passive Interm A Acc 103 12 105 28 125 15 141 22 - - 0.65 1.63Architas MA Passive Moderate A Acc 102 23 103 43 122 26 138 31 - - 0.65 1.48Architas MA Passive Prog A Acc 104 4 107 10 131 4 149 10 - - 0.65 1.62Architas MA Passive Reserve A Acc 102 22 103 55 119 39 135 36 - - 0.65 1.34Aviva Investors Multi-asset I R3 GBP Acc 99 97 99 92 105 82 117 70 - - - 0.75Aviva Investors Multi-Asset II R3 £ Acc 99 96 101 75 112 68 129 48 - - - 0.69Aviva Investors Multi-asset III R3 £ Acc 100 92 102 62 117 46 139 29 - - - 0.69Aviva Investors Multi-Asset IV R3 £ Acc 100 86 103 51 120 34 145 15 - - - 0.73Aviva Investors Multi-Asset V R3 GBP Acc 101 69 105 30 126 12 155 2 - - - 0.49


BlackRock Volatility Strategy I C Acc 102 28 103 42 123 19 140 25 - - - 1.58BlackRock Volatility Strategy II C Acc 103 19 105 26 125 16 146 13 - - - 1.78BlackRock Volatility Strategy III C Acc 103 7 107 9 127 8 151 6 - - - 1.83BlackRock Volatility Strategy IV C Acc 104 5 108 2 127 7 - - - - - 2.07BMO Universal MAP Balanced C Acc 104 2 - - - - - - - - - -BMO Universal MAP Cautious C Acc 103 6 - - - - - - - - - -BMO Universal MAP Growth C Acc 105 1 - - - - - - - - - -Carmignac Pf Capital Plus F GBP Acc Hdg 101 63 103 53 104 83 111 76 - - 0.75 -FP 8AM Multi-Strategy I A Inc 98 98 100 87 107 81 114 74 - - 2.86 1.08FP 8AM Multi-Strategy II A Inc 100 81 103 44 117 47 129 50 134 12 2.06 1.68FP 8AM Multi-Strategy III A Inc 102 35 106 16 120 32 138 30 - - 2.70 0.74FP 8AM Multi-Strategy IV A Inc 101 56 105 25 122 24 145 14 - - 3.20 0.51IFSL Sinfonia Adventurous Growth A Acc 102 29 105 27 123 22 142 21 - - 2.12 0.83IFSL Sinfonia Balanced Managed A Acc 102 33 104 33 121 31 139 28 - - 1.96 1.10IFSL Sinfonia Cautious Managed A Acc 101 49 102 66 118 44 131 45 - - 1.84 0.73IFSL Sinfonia Income and Growth A Acc 102 36 103 47 118 41 135 37 - - 1.93 1.48IFSL Sinfonia Income Portfolio A Acc 101 60 100 86 114 61 122 61 - - 1.85 0.68IP Balanced Risk 10 Z Acc 102 24 107 5 117 50 130 47 - - - 0.80IP Balanced Risk 8 Z Acc 102 34 106 14 113 63 124 60 - - - 0.64Janus Henderson Core 3 Income I Inc 100 91 100 90 109 74 117 72 - - - 3.59Janus Henderson Core 4 Income I Inc 100 94 100 91 112 69 120 64 - - - 4.18Janus Henderson Core 5 Income I Inc 99 95 100 88 114 59 127 55 - - - 4.33Janus Henderson Core 6 Inc&Gr I Inc 100 82 101 70 118 42 134 40 - - - 3.81L&G Multi-Index 3 I Acc 101 76 101 71 112 67 - - - - - 1.89L&G Multi-Index 4 I Acc 101 70 102 64 115 54 - - - - - 1.94L&G Multi-Index 5 I Acc 101 45 104 40 120 36 - - - - - 2.09L&G Multi-Index 6 I Acc 102 27 105 24 123 21 - - - - - 2.18L&G Multi-Index 7 I Acc 103 13 106 11 126 14 - - - - - 2.18L&G Multi-Index Income 4 I Acc 101 73 101 80 - - - - - - - 3.30L&G Multi-Index Income 5 I Acc 101 54 102 67 - - - - - - - 3.82L&G Multi-Index Income 6 I Acc 101 43 103 54 - - - - - - - 3.50Rathbone Multi Asset Enhanced Gr S Acc 103 15 107 4 129 6 152 4 - - - 1.02Rathbone Multi Asset Strategic Gr S Inc 103 17 105 22 122 23 141 23 - - - 1.38Rathbone Multi Asset Total Return S Inc 101 64 101 82 110 73 119 66 - - - 1.52Rathbone Strategic Income Portfolio Acc 101 50 101 68 - - - - - - - 3.11Santander Atlas Portfolio 3 IA 100 83 101 79 109 75 118 68 147 11 - 1.66Santander Atlas Portfolio 4 IA 101 67 102 59 114 58 127 52 162 7 - 1.71Santander Atlas Portfolio 5 IA 101 48 104 36 116 52 132 44 166 3 - 1.33Santander Atlas Portfolio 6 IA 102 39 105 23 121 30 138 32 - - - 1.35Santander Atlas Portfolio 7 IA 102 25 107 7 125 18 145 16 179 2 - 1.10SLI MyFolio Managed I Plat 1 Acc 100 85 101 78 108 79 118 69 - - - 1.37SLI MyFolio Managed II Plat 1 Acc 101 72 102 57 112 66 127 53 - - - 1.25SLI MyFolio Managed III Plat 1 Acc 101 51 104 34 116 53 135 35 - - - 1.21SLI MyFolio Managed Income I Plat 1 Acc 100 87 101 81 109 76 117 73 - - - 1.74SLI MyFolio Managed Income II Plat 1 Acc 100 88 101 72 110 71 122 62 - - - 1.70SLI MyFolio Managed Income III Plat1 Acc 101 75 103 48 113 62 129 49 - - - 1.90SLI MyFolio Managed Income IV Plat 1 Acc 101 57 104 39 115 56 133 41 - - - 2.03SLI MyFolio Managed Income V Plat 1 Acc 101 58 104 31 120 37 140 26 - - - 1.96SLI MyFolio Managed IV Plat 1 Acc 102 40 106 17 120 35 144 17 - - - 1.22SLI MyFolio Managed V Plat 1 Acc 102 32 106 12 123 20 151 7 - - - 1.01SLI MyFolio Market I Plat 1 Acc 101 74 101 69 111 70 121 63 - - - 1.53SLI MyFolio Market II Plat 1 Acc 101 55 103 50 116 51 131 46 - - - 1.42SLI MyFolio Market III Plat 1 Acc 102 37 105 29 121 28 140 27 - - - 1.62SLI MyFolio Market IV Plat 1 Acc 102 21 106 13 127 9 149 9 - - - 1.66SLI MyFolio Market V Plat 1 Acc 103 11 107 6 132 3 156 1 - - - 1.50SLI MyFolio Multi-Man Inc I Plat 1 Acc 100 93 101 84 108 78 113 75 - - - 1.71SLI MyFolio Multi-Man Inc II Plat 1 Acc 100 89 101 73 110 72 119 65 - - - 1.78SLI MyFolio Multi-Man Inc III Plat 1 Acc 100 79 102 58 114 60 125 57 - - - 2.18SLI MyFolio Multi-Man Inc IV Plat 1 Acc 101 68 103 49 115 55 128 51 - - - 2.31SLI MyFolio Multi-Man Inc V Plat 1 Acc 101 65 104 41 119 38 135 38 - - - 2.17SLI MyFolio Multi-Man IV Plat 1 Acc 101 44 105 20 121 29 143 19 - - - 0.67SLI MyFolio Multi-Man V Plat 1 Acc 102 38 106 15 125 17 149 8 - - - 0.59SLI MyFolio Multi-Manager I Plat 1 Acc 100 90 101 77 108 80 117 71 - - - 0.56SLI MyFolio Multi-Manager II Plat 1 Acc 100 80 102 56 113 64 126 56 - - - 0.69SLI MyFolio Multi-Manager III Plat 1 Acc 101 66 104 35 117 48 134 39 - - - 0.75SVS Cornelian Cautious D Acc 101 71 102 65 113 65 127 54 164 5 1.24 1.80SVS Cornelian Cautious RMP G GBP Acc 101 59 101 76 - - - - - - - 1.68SVS Cornelian Defensive D Acc 100 84 100 85 109 77 119 67 - - 1.61 1.63SVS Cornelian Defensive RMP G GBP Acc 100 77 100 89 - - - - - - - 1.39SVS Cornelian Growth D Acc 102 42 104 32 122 27 143 18 188 1 1.21 1.46SVS Cornelian Growth RMP G GBP Acc 102 31 104 38 - - - - - - - 1.83SVS Cornelian Managed Growth D Acc 101 52 103 45 118 43 136 33 - - 1.31 1.80SVS Cornelian Managed Gwth RMP G GBP Acc 101 47 102 60 - - - - - - - 1.89SVS Cornelian Managed Income D GBP Acc 101 53 103 46 117 49 - - - - - 3.24SVS Cornelian Progressive D Acc 102 30 106 18 127 10 152 5 - - 1.36 1.28SVS Cornelian Progressive RMP G GBP Acc 103 18 105 21 - - - - - - - 1.88Average/Total 101 98 103 92 118 83 134 76 162 12 1.46 1.64

(IA) £ CORPORATE BONDAberdeen Corporate Bond I GBP Acc 100 72 99 65 112 41 124 32 175 29 - 2.71Aberdeen Sterling SD Corp Bd I GBP Inc 100 42 100 29 - - - - - - - 1.53Aviva Investors Corporate Bd 2 GBP Inc 100 39 99 74 110 63 120 55 177 26 0.72 2.96Aviva Investors Monthly Inc Pls R3 £ Acc 100 69 99 73 111 48 124 26 170 38 - 3.31AXA Sterling Corporate Bond Z Net Acc 101 18 101 14 115 10 124 34 148 53 0.54 3.04AXA Sterling Crdt Shrt Dura Bd Z Net Acc 100 31 100 30 104 81 107 76 - - 0.43 1.30AXA £ Buy and Maintain Crdt Z Acc Net 100 19 99 69 112 31 122 45 - - - 2.60Baillie Gifford Investment Grd Bd B Inc 101 2 100 43 112 26 124 36 168 42 0.30 2.95Baillie Gifford Invm Grd Lng Bd B Inc 101 6 99 84 115 11 132 7 218 3 0.27 3.11Barclays Sterling Corporate Bd R Acc GBP 100 27 100 49 110 55 123 40 165 46 - 3.12BlackRock Corporate Bond 1-10 Year D Acc 100 52 100 36 111 50 120 58 - - 0.17 2.87BlackRock Corporate Bond D Acc 101 15 101 12 115 13 127 14 196 12 0.58 2.99BNY Mellon Global Credit GBP W Acc H 98 88 99 70 105 76 - - - - 0.53 2.04Close Bond Income Portfolio X Acc 100 43 102 3 113 21 122 46 - - 0.54 3.98EdenTree Amity Short Dated Bond B 100 46 - - - - - - - - - -F&C Corporate Bond C Net Inc 100 49 100 40 112 38 124 31 172 32 - 3.59F&C Institutional All Stks Corp Bd 3£Acc 101 13 100 33 113 20 126 17 - - - 2.71F&C Institutional Lng Dtd Corp Bd3£Acc 101 1 99 62 120 2 141 2 - - - 3.01F&C Responsible Sterling Bond C Net Inc 100 44 100 56 111 52 121 52 172 33 - 2.88Fidelity Instl UK Corporate Bond Inc 100 32 100 45 113 24 126 19 190 16 0.42 2.85

Unit Trusts 16



£ £ £ £ £ % %Fidelity Instl UK Lng Corp Bd Inc 101 11 99 75 119 4 136 4 226 2 0.42 2.99Fidelity MoneyBuilder Income Net Y 100 45 100 50 111 49 122 48 183 20 0.57 3.26Fidelity Short Dated Crprate Bd Y Acc 100 22 101 20 - - - - - - - 3.96Franklin UK Corporate Bond W Inc 100 59 99 81 - - - - - - - 2.61GlobalAccess Global Corp Bd M Dis GBP 98 87 99 77 105 79 112 69 - - - 2.26GS Sterling Credit R Acc GBP 101 17 100 46 112 32 125 24 - - 0.65 -Halifax Corporate Bd C 100 67 100 51 109 67 117 64 140 55 1.01 3.29HSBC Corporate Bond C Acc 100 60 99 64 112 27 125 21 166 43 - 3.27HSBC Sterling Corp Bd Idx Acc C 100 24 99 66 - - - - - - - 2.23Insight Corporate Bond Inst W Acc 99 84 99 76 114 17 125 22 168 40 - 2.34IP Corporate Bond Z Acc 100 65 101 8 110 62 119 59 178 25 - 3.07iShares Corporate Bond Index (UK) D Acc 100 21 100 57 112 33 124 35 - - 0.17 2.40Janus Henderson All Stocks Credit I Acc 100 30 100 53 111 43 122 44 178 24 0.55 2.78Janus Henderson Instl Lg Datd Crdt I Inc 101 9 98 87 117 5 134 5 211 5 0.55 3.00Janus Henderson Sterling Bond UT I Acc 101 12 100 31 112 28 124 29 164 48 - 2.73JPM Sterling Corporate Bond C Grs Acc 100 75 99 80 112 36 125 20 192 14 0.68 1.27Jupiter Corporate Bond I Acc 100 80 99 61 109 65 120 54 171 35 - 2.11Kames Ethical Corporate Bond GBP B Acc 100 48 100 42 110 54 122 47 168 41 0.58 3.02Kames Investment Grade Bond GBP B Acc 100 71 101 16 112 34 126 18 192 15 0.81 2.68Kames Sterling Corporate Bond GBP B Acc 100 70 100 39 110 56 121 51 175 28 0.58 2.92L&G Fixed Interest Trust I Acc 100 53 99 59 113 25 125 23 187 17 0.34 3.13L&G Managed Monthly Income Trust I Acc 100 34 100 41 114 16 127 15 193 13 0.44 3.22L&G Short Dated Stlg Corp Bd Idx I Acc 100 28 100 24 107 71 - - - - - 2.02L&G Sterling Corporate Bond Index I Acc 101 10 99 68 111 44 122 42 - - - 2.18L&G Sterling Income I Acc 100 66 101 6 111 47 123 38 165 45 - 3.33LF Canlife Corporate Bond C Acc 100 61 100 52 111 42 121 50 182 22 0.81 3.72LF Canlife Short Duration Corp Bd C Acc 100 47 100 25 - - - - - - - 2.50Liontrust Sust Fut Corp Bd 2 Grs Inc 99 82 100 48 114 18 126 16 182 21 0.60 3.79M&G Corporate Bond GBP I Acc 100 64 101 17 112 29 123 37 200 8 0.66 2.98M&G Global Corporate Bond GBP I-H Acc 97 89 99 83 107 70 - - - - 0.77 2.31M&G Short Dated Corp Bd GBP I Inc 100 51 101 13 105 77 111 73 120 56 0.55 1.56M&G Strategic Corporate Bond GBP I Acc 100 57 101 7 112 37 122 43 210 6 0.66 2.86Marlborough Bond Income P Inc 100 37 101 9 111 45 124 30 173 31 - 3.53Morgan Stanley UK Sterling Corp Bd I Acc 100 55 100 35 112 35 125 25 198 10 0.60 2.57Newton Long Corp Bd Exempt 1 Acc 101 3 99 79 116 7 132 8 199 9 0.26 2.95Old Mutual Bond 2 A GBP Acc 100 73 100 47 110 61 118 62 160 51 0.99 3.90Old Mutual Corporate Bond R GBP Acc 100 40 100 26 110 57 121 49 171 34 0.74 2.24Old Mutual Fidelity Mnybldr Inc U2 £ Acc 100 33 100 23 112 40 - - - - - 3.34Old Mutual Invesco Perpt Corp Bd U2 £Acc 100 68 101 21 110 60 119 61 - - - 2.57PIMCO GIS GlInGd Crdt R GBPH Inc 98 86 100 55 106 73 114 68 - - 0.76 3.00PIMCO GIS UK Corporate Bd Instl GBP Acc 100 58 100 34 114 14 130 10 203 7 0.46 -PIMCO GIS UK L/T Corp Bd Instl GBP Acc 101 16 100 28 119 3 141 1 239 1 0.46 -Premier Corporate Bond Monthly Income C 100 74 101 18 105 78 116 65 155 52 1.00 3.41Rathbone Ethical Bond I Inc 100 78 102 1 116 8 132 6 197 11 0.70 4.10RBS Extra Income 1 100 62 99 85 108 68 118 63 169 39 1.04 2.24Royal London Corporate Bond M Acc 101 7 101 5 115 12 129 11 187 18 - 3.73Royal London Corporate Bond Monthly Inc 100 76 99 60 111 51 120 57 160 50 1.04 3.67Royal London Inv Grade SD Credit Inc Z 100 29 101 11 - - - - - - - 2.28Royal London Sterling Credit M Acc 101 14 101 10 114 15 128 12 - - - 3.66Santander Corporate Bond IA 100 56 99 82 110 53 120 56 - - - 3.53Schroder All Maturities Corp Bd Z Acc 100 41 99 58 113 23 124 28 - - 0.46 3.95Schroder Instl Long Dated Corp Bd I 101 5 99 72 121 1 140 3 213 4 0.27 4.28Schroder Sterling Corporate Bond Z Acc 101 4 102 2 117 6 128 13 184 19 0.61 3.95Scottish Widows Corporate Bd G Acc 99 85 98 86 109 64 119 60 - - - 2.33SLI AAA Income Plat 1 Acc 100 20 99 67 107 69 115 66 147 54 - 1.75SLI Corporate Bond Plat 1 Acc 100 63 100 44 110 59 123 39 171 37 - 3.29SLI Ethical Corp Bond Plat 1 Acc 100 77 99 63 111 46 123 41 171 36 - 2.49SLI Investment Grade Corp Bd Plat 1 Acc 100 81 99 71 110 58 120 53 165 44 - 2.99SLI Short Duration Credit Plat 1 Acc 100 54 101 15 106 72 112 71 161 49 - 1.66Smith & Williamson Fxd Interest B 101 8 100 32 109 66 114 67 164 47 - 2.20SVS Brown Shipley Sterling Bond I Acc 99 83 98 88 100 82 110 74 - - 0.77 2.79SVS Church House Invmt Grd Fxd Intr Acc 100 79 100 54 106 74 112 70 174 30 1.05 2.05Threadneedle Stlg MLD Corp Bd InsGrsInc£ 100 23 99 78 115 9 130 9 - - - 2.50Threadneedle Stlg SD Corp Bd Ins Inc £ 100 36 100 22 106 75 111 72 - - - 1.73Threadneedle UK Corp Bd Ins Inc 100 38 100 37 113 22 124 33 176 27 0.55 2.91Threadneedle UK Social Bd Z Acc£ 100 35 100 38 112 39 - - - - - 2.54TwentyFour Corporate Bond GBP Acc 100 50 102 4 114 19 - - - - - -Vanguard UK Inv Grd Bd Idx GBP Acc 100 26 100 27 112 30 124 27 179 23 0.20 2.53Vanguard UK Short-Term IG Bd Idx GBP Acc 100 25 101 19 105 80 110 75 - - 0.20 1.29Average/Total 100 89 100 88 111 82 123 76 179 56 0.58 2.82

(IA) £ HIGH-YIELDAberdeen Eurpn High Yld Bond I Acc 100 3 103 3 114 5 128 3 - - - 5.57Aberdeen Global High Yield Bond I Acc 99 25 101 18 107 28 114 25 153 17 - 5.30Aviva Investors High Yield Bd 2 GBP Inc 98 31 99 34 109 23 126 5 - - 0.74 4.78AXA Global High Income Z Net Acc 99 28 100 28 108 26 117 21 180 7 0.80 4.98AXA Pan European High Yield Bond Z Acc 100 12 102 10 113 8 127 4 161 15 - 4.44Baillie Gifford High Yield Bond B Inc 99 19 102 5 113 9 126 9 207 3 0.38 3.84Barings Dev and EM HY Bd I GBP H Inc 98 29 100 25 104 31 108 30 154 16 1.25 6.84Barings Global High Yield Bond D GBP Acc 99 24 101 23 - - - - - - 0.71 -BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 100 4 102 4 - - - - - - - 4.55Eaton Vance Intl (IRL) US HY Bd I2 GBP 99 17 100 27 110 17 122 15 - - 0.82 -F&C Maximum Income Bond C Net Inc 99 26 102 12 111 15 124 13 173 10 - 4.60Fidelity Global High Yield Y Acc 99 16 102 11 116 3 124 12 - - 0.87 3.62GlobalAccess Global Hi Yld Bd M Dis GBP 100 10 101 22 110 18 116 24 - - - 4.97GS Europe High Yield Bd Base Inc EUR 98 35 101 14 132 1 - - - - 1.35 3.22Hermes Global High Yld Crdt F GBP Acc H 98 37 101 24 110 21 - - - - 0.82 -Investec Monthly High Income I Acc GBP 98 36 100 33 114 7 121 16 172 11 0.75 4.10IP High Yield Z Acc 99 18 103 2 112 12 125 11 207 2 - 5.85JPM Global High Yield Bond C Grs Acc 99 14 101 15 110 20 118 20 165 13 0.73 4.18Kames High Yield Bond GBP B Acc 99 20 101 20 107 27 118 18 191 4 0.81 4.67Kames Short Dated HY Glbl Bd GBPH B Acc 99 13 - - - - - - - - 0.61 -L&G High Income Trust I Acc 98 30 102 7 114 6 126 8 164 14 0.42 6.58M&G Global Fltng Rt Hi Yld GBP I-H Acc 100 5 101 19 109 24 - - - - 0.83 3.46M&G Global High Yield Bond GBP I Acc 100 8 101 17 111 16 123 14 182 6 0.81 4.01Marlborough High Yield Fixed Int P Inc 100 6 102 6 115 4 128 2 173 9 - 4.89Neuberger Berman HY Bd GBP A Acc 99 27 99 36 106 30 113 27 - - 1.40 -Neuberger Berman Shrt Dur HY Bd £InsAccH 99 15 100 31 103 32 111 28 - - 0.80 -Newton Global High Yield Bond Int W Acc 99 21 100 29 111 14 117 23 172 12 0.61 4.90


Old Mutual Threadneedle HY Bd U2 GBP Acc 100 9 102 8 112 13 126 7 - - - 4.58PIMCO GIS Glbl Hi Yld Bd R GBPH Inc 98 33 100 32 108 25 117 22 - - 0.80 4.75PIMCO GIS US Hi Yld Bd R GBPH Inc 99 22 100 26 110 19 118 19 - - 0.80 5.30Royal London Global High Yield Bd M Inc 99 23 100 30 109 22 119 17 - - - 4.94Royal London Shrt Dur Glbl HY Bd M Inc 101 1 101 16 106 29 113 26 - - - 5.37Schroder High Yld Opportunities Z Acc 100 2 104 1 121 2 141 1 214 1 0.82 6.27Scottish Widows High Income Bd Acc 98 34 99 35 103 33 108 29 152 18 1.63 5.30SLI Higher Income Plat 1 Acc 100 11 102 13 112 10 126 6 180 8 - 3.30T. Rowe Price Global High Inc Bd Qdh GBP 98 32 101 21 - - - - - - 0.77 5.47Threadneedle HY Bd Z Inc GBP 100 7 102 9 112 11 125 10 183 5 - 4.68Average/Total 99 37 101 36 111 33 121 30 177 18 0.85 4.82

(IA) £ STRATEGIC BONDAberdeen Sterling Opps Corp Bd I Acc 100 34 100 43 110 36 115 47 - - - 2.92Aberdeen Strategic Bd I Acc 99 46 102 21 109 47 120 36 - - - 3.20Aberdeen World Opportunistic Bond I Acc 98 77 100 54 105 62 112 57 - - - 3.03Allianz Strategic Bond C Inc 99 54 99 78 104 68 114 52 160 28 0.91 1.23Architas MM Strategic Bond A Acc 99 47 100 45 110 37 114 51 149 35 1.07 3.14Artemis High Income I Inc 100 33 102 10 113 11 132 6 195 4 0.69 5.69Artemis Strategic Bond I Quarterly Acc 100 40 102 18 113 12 127 13 181 13 0.58 3.78Aviva Investors Higher Inc Pls 2 GBP Inc 99 50 99 63 110 30 125 15 179 15 0.62 4.27Aviva Investors Managed Hi Inc 2 GBP Inc 99 67 99 72 109 44 122 29 177 17 0.63 4.62Aviva Investors Strategic Bd 2 GBP Inc 99 65 99 73 106 57 120 33 - - 0.73 3.33AXA Framlington Managed Income Z GBP Acc 101 12 103 8 116 5 134 4 - - - 3.53AXA Sterling Strategic Bond Z Net 102 3 100 51 112 16 122 28 144 37 0.51 1.62Baillie Gifford Sterling Agg Bd C Acc 101 6 100 42 - - - - - - - 1.77Baillie Gifford Stlg Agg Pls Bd C Acc 102 4 101 34 - - - - - - - 2.48Baillie Gifford Strategic Bond B Inc 100 22 102 19 114 8 128 9 204 3 0.55 3.47Barclays Sterling Bond R Acc GBP 101 7 100 47 113 13 124 20 - - - 2.07BlackRock Fixed Inc Global Opps D Acc 100 30 101 30 103 69 105 67 157 30 - 2.24BlackRock Sterling Strategic Bd D £ Acc 100 24 102 20 - - - - - - - 2.15BNY Mellon Global Oppc Bd GBP I Acc H 98 78 98 82 95 75 - - - - 0.78 4.02City Financial Divers Fxd Intr R Acc 100 43 97 84 100 73 - - - - - 6.29Close Select Fixed Income X Inc 100 25 102 13 115 7 122 26 - - - 4.11EdenTree Amity Sterling Bond B 100 29 103 7 111 25 124 17 180 14 0.78 4.44F&C Extra Income Bond C Net Inc 99 58 101 25 110 29 123 25 166 24 - 3.64F&C Institutional Aggt Fxd Intr 3 £ Acc 101 8 100 49 112 15 124 18 - - - 1.99F&C Strategic Bond Fd C Net Inc 99 45 99 70 101 71 107 65 145 36 - 1.26Fidelity Extra Income Net Y 100 28 101 29 112 14 125 16 188 8 0.78 3.59Fidelity Strategic Bond Net Y 98 74 99 62 105 63 115 48 181 12 0.68 2.18GAM Star Credit Opps (GBP) Instl GBP Acc 98 76 104 5 122 4 151 1 - - 1.14 -GS Stlg Broad Fxd Inc Plus R Acc GBP 103 1 100 46 115 6 127 11 190 5 0.34 -HC Kleinwort Hambros Fixed Income A Acc 100 31 99 74 104 67 109 62 - - 1.12 1.90Hermes Multi-Strategy Credit F GBP Acc H 98 71 99 61 108 49 - - - - 0.79 -HL Multi-Manager Strategic Bond A Acc 99 51 100 41 109 46 116 45 - - 1.27 2.93HSBC Global High Income Bond C Acc 98 80 99 56 - - - - - - - 3.04Insight Infl-Lnkd Corp Bd Inst W Acc 99 59 100 38 112 21 116 46 - - - 1.98IP Monthly Income Plus Z Acc 99 61 101 28 110 32 123 22 190 6 - 4.71IP Tactical Bond Z Acc 99 60 99 67 104 65 112 56 - - - 2.53Janus Henderson Fxd Intr MthInc I Inc 97 81 100 44 112 19 127 10 164 25 0.78 4.99Janus Henderson Preference & Bond I Acc 98 69 101 33 111 24 125 14 170 20 0.68 4.42Janus Henderson Strategic Bond I Inc 99 63 100 40 108 48 122 27 177 16 0.68 3.75JPM Global Bond Opportunities C Grs Acc 99 52 101 24 108 50 - - - - - 3.83Jupiter Strategic Bond I Acc 99 66 100 52 109 45 120 34 - - 0.73 3.74Kames Strategic Bond GBP B Acc 100 26 102 17 106 56 113 55 167 22 - 2.30L&G Dynamic Bond Trust I Acc 96 83 98 80 97 74 105 68 188 7 0.64 6.41Lazard Sterling Glb Hi Qual Bd A Inc GBP 101 13 100 36 112 18 124 19 168 21 0.60 2.18Legg Mason IF BW Glbl Inc Optr X Inc 99 57 100 39 110 41 117 41 - - 1.10 3.98Legg Mason IF WA Retirement Inc Bd X Inc 99 44 100 55 108 53 109 64 133 39 - 3.34Legg Mason WA Mcr OppBd X GBPH Acc 95 84 99 57 111 26 - - - - 1.26 -LF IM Bond A Inc 101 10 98 81 104 66 113 54 - - 1.54 1.79Loomis Sayles Strategic Inc H-N/DG GBP 98 68 100 50 112 17 119 38 - - - 4.43M&G Optimal Income GBP I Acc 99 48 102 15 112 22 121 31 211 2 0.91 1.84M&G UK Inflation Lnkd Corp Bd GBP I Acc 100 42 100 37 105 64 107 66 - - 0.66 -Man GLG Strategic Bond Profl Acc C 93 85 97 85 101 72 111 59 - - 0.83 4.19Marks & Spencer High Income Acc 98 75 99 75 108 51 115 49 149 34 1.00 4.14MI TwentyFour AM Dynamic Bond I Acc 100 39 102 9 111 27 130 7 - - 1.10 4.77Muzinich Global Tact Crdt HGBP Acc A 98 73 99 71 106 58 - - - - 1.26 -NatWest High Yield NAV 100 35 99 65 110 33 123 23 185 10 - 2.96Newton Global Dynamic Bd Inc Inst W Inc 99 62 99 64 - - - - - - - 3.41NFU Mutual Gilt & Corp Bond C 101 9 99 59 112 23 123 21 171 18 - 2.77Old Mutual Bond 1 A GBP Inc 100 21 103 6 110 38 127 12 166 23 1.08 6.35Old Mutual Fidelity Strat Bd U2 GBP Acc 98 70 99 58 105 60 116 44 - - - 2.28Old Mutual Monthly Income Bd R GBP Acc 97 82 98 79 103 70 112 58 141 38 0.85 4.15Old Mutual Voyager Strat Bd R GBP Inc 98 72 99 68 105 61 109 63 157 29 - 3.91PIMCO GIS Divers Inc Dur H Ins GBP H Acc 99 49 101 22 110 31 114 53 - - 0.69 -PIMCO GIS Divers Inc R USD Inc 100 20 98 83 127 1 134 5 251 1 0.87 3.82PIMCO Sel UK Income Bond R GBP Inc 100 38 100 53 106 59 111 61 - - - 4.10Rathbone Strategic Bond Instl Inc 100 19 102 14 113 10 121 30 - - 1.28 2.96RBS High Yield 1 100 35 99 65 110 33 123 23 185 11 1.05 2.96Royal London Ethical Bond M Acc 101 11 101 23 114 9 128 8 152 33 - 3.68Royal London Global Bd Opp Z GBP 100 18 104 4 - - - - - - - 5.60Royal London GMAP Cnsrv M GBP Acc 101 16 100 48 - - - - - - - 1.80Royal London Short Dur Crdt M GBP Inc 101 15 102 16 111 28 - - - - - 3.95Royal London Sterl Extra Yld Bd A 102 2 107 2 123 3 139 3 186 9 0.88 5.55Sanlam Strategic Bond P GBP Acc 102 5 107 1 124 2 141 2 - - 0.44 -Santander Strategic Bond IA 99 53 101 26 110 40 119 37 - - - 4.43Sarasin Sterling Bond I Acc 101 14 99 60 112 20 120 35 170 19 0.86 3.65Schroder Strategic Bond Z Acc 100 23 102 11 109 42 118 40 - - - 2.98Schroder Strategic Credit Z GBP Acc 100 37 101 27 110 39 116 43 154 31 - 4.20Scottish Widows Strategic Income A Acc 100 41 99 77 110 35 120 32 162 27 1.38 3.05SLI Strategic Bond Plat 1 Acc 99 55 100 35 108 52 118 39 - - - 2.42Threadneedle Strategic Bond Z Inc 100 27 101 32 109 43 117 42 163 26 - 3.49Tideway GBP Credit A GBP Acc 100 32 102 12 - - - - - - - -Tideway GBP Hybrid Capital A GBP Acc 99 64 104 3 - - - - - - - -Virgin Income Trust 100 17 99 76 108 55 115 50 153 32 1.00 1.09Waverton Sterling Bond A GBP 99 56 101 31 108 54 111 60 - - 1.06 4.28Zurich Horizon Mthly Income Plus Z Inc 98 79 99 69 - - - - - - - 4.18Average/Total 99 85 100 85 109 75 120 68 172 39 0.87 3.43

Unit Trusts 17

>|


Investment Trusts 1

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC£ £ £ £ £ % %

ASIA PACIFIC - EXCLUDING JAPAN

Aberdeen Asian Income 100 13 104 11 122 14 112 14 275 8 4.31 -10.14

Aberdeen Asian Smaller 101 12 102 12 127 13 101 15 407 1 1.15 -15.84

Aberdeen New Dawn 103 8 110 5 137 9 132 12 249 11 1.68 -13.64

All Asia Asset Capital Limited 88 16 70 16 21 16 54 16 - - - 272.34

Edinburgh Dragon 104 5 108 9 136 10 134 11 264 9 0.88 -13.48

Fidelity Asian Values 107 2 102 12 160 4 201 2 310 6 1.12 -4.57

Henderson Far East Income 102 9 108 7 130 11 139 10 233 13 5.85 0.82

Invesco Asia 99 14 110 6 150 6 192 4 310 5 1.49 -12.17

JPMorgan Asian 102 11 117 3 160 5 185 6 222 14 4.33 -10.86

Martin Currie Asia Unconstrained 102 9 108 8 138 8 151 9 184 15 1.97 -12.33

Pacific Assets 104 4 101 14 127 12 168 7 237 12 1.01 -6.17

Pacific Horizon 119 1 149 1 191 1 232 1 258 10 - 2.18

Schroder Asia Pacific 104 5 116 4 168 3 187 5 323 4 1.20 -11.20

Schroder Asn Total Return Inv. Company 106 3 127 2 189 2 194 3 306 7 1.30 2.45

Schroder Oriental Income 103 7 107 10 140 7 151 8 328 3 3.80 -1.29

Scottish Oriental Smaller Cos 98 15 98 15 120 15 119 13 382 2 1.15 -14.64

Average/Total 102 16 109 16 138 16 153 16 286 15 2.23 9.47

ASIA PACIFIC - INCLUDING JAPAN

Witan Pacific 100 1 108 1 132 1 144 1 224 1 1.67 -14.76

Average/Total 100 1 108 1 132 1 144 1 224 1 1.67 -14.76

COUNTRY SPECIALISTS: ASIA PACIFIC

Aberdeen New India 103 6 100 10 140 9 196 6 306 2 - -14.45

Aberdeen New Thai 105 5 112 6 144 7 120 9 386 1 1.96 -14.87

Fidelity China Special 110 2 128 3 156 5 289 1 - - 0.97 -14.12

India Capital Growth 91 11 102 9 164 3 244 3 110 7 - -17.35

JPMorgan Chinese 99 8 132 2 157 4 216 5 284 4 0.51 -15.23

JPMorgan Indian 97 9 97 11 133 10 183 7 195 6 - -14.27

Kubera Cross-Border 111 1 109 7 151 6 71 10 68 8 - -15.88

Vietnam Enterprise 108 4 133 1 - - - - - - - -13.64

VietNam Holding 109 3 127 4 183 2 255 2 285 3 - -11.00

VinaCapital Vietnam Opp Fund 102 7 117 5 204 1 236 4 280 5 2.24 -20.75

Weiss Korea Opportunity 97 10 104 8 140 8 175 8 - - 1.88 -2.80

Average/Total 103 11 115 11 157 10 198 10 239 8 1.51 -14.03

COUNTRY SPECIALISTS: EUROPE

JPMorgan Russian Securities 106 1 116 1 164 1 121 1 76 1 4.10 -15.26

Average/Total 106 1 116 1 164 1 121 1 76 1 4.10 -15.26

COUNTRY SPECIALISTS: LATIN AMERICA

JPMorgan Brazil 85 1 91 1 104 1 66 1 - - 1.43 -15.88

Average/Total 84 1 91 1 104 1 66 1 - - 1.43 -15.88

COUNTRY SPECIALISTS: OTHER

Africa Opportunity 111 3 118 1 110 2 86 2 148 2 - -12.80

Cambria Africa 98 4 107 2 139 1 12 4 1 4 - 416.62

Gulf Investment Fund 125 1 99 3 100 3 139 1 160 1 2.99 -15.31

Tau Capital 111 2 93 4 46 4 19 3 10 3 - -59.34

Average/Total 111 4 104 4 99 4 64 4 80 4 2.99 82.29

EUROPE

BlackRock Greater Europe 100 2 106 2 139 2 165 7 245 5 1.62 -6.30

European Investment 100 3 101 4 116 8 168 6 153 8 2.49 -10.91

Fidelity European Values 98 4 100 5 124 6 162 8 195 6 2.01 -11.74

Henderson European Focus Trust 91 8 90 8 119 7 173 4 251 3 2.43 -7.86

Henderson EuroTrust 95 6 99 6 131 3 180 3 270 2 2.32 -7.32

JPMorgan European Growth Pool 94 7 102 3 130 4 172 5 182 7 2.28 -10.99


JPMorgan European Income Pool 97 5 99 7 127 5 182 2 245 4 3.68 -9.29

Jupiter European Opportunities 106 1 112 1 144 1 196 1 383 1 0.84 -1.16

Average/Total 98 8 101 8 129 8 175 8 240 8 2.21 -8.20

EUROPEAN EMERGING MARKETS

Baring Emerging Europe 95 2 100 2 143 2 112 2 92 1 4.65 -13.14

BlackRock Emerging Europe plc 97 1 103 1 148 1 130 1 91 2 4.59 -5.11

Average/Total 96 2 102 2 146 2 121 2 92 2 4.62 -9.12

EUROPEAN SMALLER COMPANIES

European Assets 94 3 97 4 125 4 189 3 260 3 0.26 -4.10

JPMorgan European Smaller Comp 98 2 110 1 169 1 252 2 314 1 1.15 -11.06

Montanaro European Smaller 107 1 109 2 167 2 184 4 257 4 0.97 -13.94

TR European Growth 87 4 101 3 166 3 267 1 261 2 1.12 -11.20

Average/Total 96 4 104 4 157 4 223 4 273 4 0.88 -10.08

FLEXIBLE INVESTMENT

Aberdeen Diversified Income & Growth 104 3 109 6 101 15 114 12 158 10 4.35 -2.10

Capital Gearing 102 6 103 12 116 12 113 13 197 7 0.50 1.55

Establishment Investment Trust 97 14 105 8 132 6 105 15 180 9 2.97 -15.11

F&C Managed Portfolio Growth 105 2 111 4 135 4 170 3 214 2 - 1.33

F&C Managed Portfolio Income 102 6 103 13 122 8 146 6 222 1 4.06 2.03

Hansa Trust 'A' Class A 99 11 112 3 121 9 139 8 135 12 1.63 -29.66

Hansa Trust 93 15 114 1 117 10 139 7 136 11 1.61 -28.77

Henderson Alternative Strategies Trust 97 13 104 10 127 7 127 9 70 14 1.69 -16.54

Invesco Perp Select Balanced Risk Alloc 101 8 105 9 115 13 126 10 - - - -2.69

Miton Global Opportunities 100 10 113 2 172 1 192 1 204 5 - 0.75

New Star Investment Trust 102 5 106 7 151 2 157 5 102 13 0.73 -30.71

Personal Assets 99 11 98 15 117 11 120 11 184 8 1.41 1.46

RIT Capital Partners 105 1 110 5 135 3 181 2 200 6 - 7.95

Ruffer Investment Company 101 9 99 14 109 14 111 14 212 3 0.77 1.91

Seneca Global Income & Growth Trust 102 4 104 11 135 5 164 4 204 4 3.77 1.71

Average/Total 100 15 106 15 127 15 140 15 173 14 2.14 -7.13

GLOBAL

Alliance Trust 102 17 108 16 156 7 184 11 280 9 1.83 -6.06

Bankers 104 12 115 10 144 12 183 13 280 10 2.17 -1.23

British Empire 104 12 111 12 151 9 165 19 194 18 1.62 -9.24

Brunner 102 19 116 9 151 10 184 12 233 16 2.08 -8.61

Caledonia Investments 100 21 100 21 123 20 170 17 176 20 2.10 -19.32

Edinburgh Worldwide 124 2 142 2 185 5 262 4 336 6 - 1.78

EP Global Opportunities 103 15 105 19 126 18 162 20 252 13 1.69 -5.75

F&C Global Smaller Companies 102 17 109 15 141 14 185 10 385 4 0.91 -2.82

Foreign & Colonial Investment Trust 109 5 118 5 160 6 205 8 282 8 1.52 -1.39

Independent 114 3 144 1 243 1 325 2 492 2 0.82 11.74

JPMorgan Elect Managed Growth 107 6 112 11 138 16 177 15 257 12 1.47 -2.48

Law Debenture Corporation 102 19 107 18 125 19 141 21 270 11 2.87 -11.71

Lazard World Trust Fund 102 16 116 7 150 11 181 14 181 19 3.44 -3.74

Lindsell Train 125 1 135 3 226 2 345 1 813 1 1.48 34.02

Majedie Investments 106 9 102 20 113 21 206 7 138 21 3.55 -12.99

Martin Currie Global Portfolio 104 14 107 17 137 17 170 16 240 15 1.70 -0.86

Mid Wynd International Inv Tr PLC O Inc 106 7 116 8 155 8 206 6 342 5 0.97 4.31

Monks 106 9 116 6 189 4 235 5 250 14 0.15 2.70

Scottish Investment Trust 106 8 111 13 143 13 169 18 217 17 2.33 -8.59

Scottish Mortgage 113 4 129 4 192 3 308 3 439 3 0.60 2.86

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk

Investment Trusts

What InvestmentSUBSCRIBE FOR £39.99* – 12 ISSUES FOR THE PRICE OF 10







Investment Trusts 2>|


Witan 104 11 109 14 140 15 196 9 304 7 2.08 -1.13

Average/Total 107 21 116 21 157 21 207 21 303 21 1.77 -1.83

GLOBAL EMERGING MARKETS

Aberdeen Emerging Markets 99 8 110 5 134 5 135 4 134 6 - -12.97

Aberdeen Frontier Markets Investment 91 13 91 13 101 12 117 9 107 7 2.62 -9.85

Ashmore Global Opp GBP 102 6 104 10 105 11 73 11 42 9 - -32.37

Ashmore Global Opp USD 113 1 125 1 122 9 88 10 71 8 - -29.15

BlackRock Frontiers 97 9 108 7 150 1 172 2 - - 3.46 3.54

Fundsmith Emerging Equities Trust 105 3 110 3 120 10 - - - - - 0.82

Genesis Emerging Markets Fund 103 4 108 6 133 6 128 6 192 3 1.51 -13.41

JPMorgan Emerging Markets 102 5 110 4 145 3 149 3 194 2 1.28 -13.23

JPMorgan Global Emerg Mkts Inc 95 10 104 11 125 7 117 8 - - 3.19 -6.21

Jupiter Emerging & Frontier Income 95 11 106 9 - - - - - - 5.40 1.98

Templeton Emerging Mkts Invmt Tr TEMIT 93 12 106 8 139 4 126 7 182 5 2.08 -15.01

Terra Capital 112 2 112 2 148 2 189 1 222 1 - -7.30

Utilico Emerging Markets 100 7 100 12 123 8 131 5 184 4 3.30 -10.19

Average/Total 100 13 107 13 129 12 129 11 148 9 2.86 -11.03

GLOBAL EQUITY INCOME

Blue Planet Investment Trust 96 6 113 1 150 2 194 1 - - 9.89 -6.33

Henderson International Income 100 3 106 5 142 4 162 5 - - 3.18 1.18

Invesco Perp Select Glo Eq Inc 101 2 106 4 135 5 169 4 247 3 3.32 -2.52

JPMorgan Global Growth & Income 99 5 107 2 155 1 194 2 308 1 3.87 0.22

Murray International 94 7 96 7 127 7 120 7 238 4 4.56 0.40

Scottish American 102 1 106 3 149 3 175 3 253 2 3.04 3.29

Securities Trust of Scotland 99 4 102 6 134 6 130 6 214 5 3.56 -7.84

Average/Total 99 7 105 7 142 7 164 7 252 5 4.49 -1.66

GLOBAL HIGH INCOME

Henderson Diversified Income 95 1 98 1 111 2 130 2 175 2 7.73 1.85

Invesco Perpetual Enhanced Income Ltd 92 2 96 2 117 1 153 1 193 1 6.89 -0.83

Average/Total 93 2 97 2 114 2 141 2 184 2 7.31 0.51

GLOBAL SMALLER COMPANIES

Marwyn Value Investors 86 4 85 3 67 2 97 2 165 2 6.30 -34.23

Marwyn Value Investors Realisation 100 3 128 1 - - - - - - - -18.06

Oryx International Growth 109 1 117 2 163 1 275 1 349 1 - -13.05

ScotGems 102 2 - - - - - - - - - -5.54

Average/Total 99 4 110 3 115 2 186 2 257 2 6.30 -17.72

HEDGE FUNDS

Alternative Liquidity Fund 72 11 110 3 - - - - - - - -57.75

BH Global GBP 104 4 110 2 107 8 115 7 137 8 - -9.32

BH Global USD 109 2 106 7 126 3 135 4 204 5 - -8.74

BH Macro GBP 104 5 101 10 98 10 89 9 148 7 - -12.08

BH Macro USD 108 3 101 10 118 5 107 8 220 3 - -12.04

Boussard & Gavaudan EUR 102 7 102 9 161 1 169 1 245 2 - -16.07

Boussard & Gavaudan GBP 99 8 106 8 139 2 165 2 - - - -17.23

Global Fixed Income Realisation 120 1 121 1 109 7 36 10 21 9 - -37.03

Highbridge Multi-Strategy Fund GBP 103 6 108 4 120 4 123 6 186 6 - 0.64

Third Point Offshore GBP 99 9 108 5 99 9 126 5 213 4 0.05 -15.81

Third Point Offshore USD 98 10 107 6 115 6 148 3 346 1 0.05 -16.20

Average/Total 102 11 107 11 119 10 121 10 191 9 0.05 -18.33

JAPAN

Aberdeen Japan 98 5 111 5 123 5 169 5 283 3 0.85 -11.84

Baillie Gifford Japan 101 4 129 2 183 2 283 1 452 1 - 2.67

CC Japan Income & Growth 108 1 124 4 - - - - - - 2.10 2.14

Fidelity Japan Trust 108 2 141 1 188 1 238 2 267 4 - -9.81

JPMorgan Japanese 108 3 126 3 165 3 227 3 291 2 1.09 -11.21

Schroder Japan Growth 98 5 110 6 137 4 201 4 261 5 1.64 -9.01

Average/Total 104 6 124 6 159 5 223 5 311 5 1.42 -6.18

JAPANESE SMALLER COMPANIES

Atlantis Japan Growth 110 2 139 2 167 3 205 3 294 2 - -10.56

Baillie Gifford Shin Nippon 112 1 147 1 261 1 393 1 710 1 - 6.87

JPMorgan Japan Smaller Cos 102 3 124 3 170 2 239 2 250 3 - -13.26


Average/Total 108 3 137 3 199 3 279 3 418 3 - -5.65

LATIN AMERICA

Aberdeen Latin American Income 87 2 92 2 115 2 72 2 - - 5.63 -15.52

BlackRock Latin American 94 1 100 1 120 1 92 1 87 1 2.41 -14.51

Average/Total 91 2 96 2 118 2 82 2 87 1 4.02 -15.02

NORTH AMERICA

BlackRock North American 105 1 113 2 162 2 171 3 - - 4.80 -1.86

Gabelli Merger Plus+ Trust 102 4 - - - - - - - - 7.06 3.50

Gabelli Value Plus+ Trust 100 6 97 5 122 4 - - - - - -9.26

JPMorgan American 105 2 111 3 151 3 194 1 364 1 1.34 -4.62

Middlefield Canadian Income 101 5 101 4 121 5 116 4 208 3 5.23 -11.83

North American Income Trust 104 3 115 1 171 1 176 2 296 2 3.00 -4.36

Average/Total 103 6 107 5 145 5 164 4 289 3 4.29 -4.74

NORTH AMERICAN SMALLER COMPANIES

JPMorgan US Smaller Companies 107 2 122 2 178 1 242 1 479 1 0.79 1.43

Jupiter US Smaller Companies 119 1 127 1 147 2 145 3 378 2 - -7.58

North Atlantic Smaller Cos 105 3 106 3 145 3 194 2 276 3 - -22.04

Average/Total 110 3 118 3 157 3 194 3 377 3 0.79 -9.40

PRIVATE EQUITY

3i 107 9 110 10 189 3 339 1 181 13 3.15 30.24

Aberdeen Private Equity 38 31 40 31 57 25 64 25 61 19 88.89 -2.17

Adamas Finance Asia 78 26 43 30 43 27 53 27 - - - -36.50

Apax Global Alpha 91 24 98 17 - - - - - - 6.35 -17.05

Better Capital PCC 2009 109 6 58 27 101 22 66 24 - - - -44.10

Better Capital PCC 2012 72 27 90 23 56 26 36 28 - - - -45.99

Dunedin Enterprise 107 8 161 1 176 8 155 18 216 10 4.99 -14.65

EIH 112 4 103 14 105 21 143 19 171 15 - -24.35

Electra Private Equity 101 18 99 16 179 6 254 3 357 2 - -15.60

Energiser Investments 58 29 46 29 30 29 58 26 24 21 - -19.58

EPE Special Opportunities 54 30 52 28 155 13 274 2 66 18 - -27.06

F&C Private Equity Trust 103 16 102 15 179 7 218 5 241 6 2.46 2.04

FastForward Innovations Limited 125 1 133 2 307 1 190 14 32 20 - 73.28

HarbourVest Global Priv Equity 101 19 96 21 143 18 197 10 - - - -21.34

HgCapital Trust 110 5 126 3 188 4 195 12 278 3 2.48 -1.90

ICG Enterprise Trust 105 10 114 7 154 14 189 15 219 9 2.53 -14.30

JPEL Private Equity 104 14 111 9 174 10 217 6 119 16 - -14.34

Livermore Investments 88 25 96 18 144 17 174 16 198 12 0.11 -45.77

LMS Capital 105 11 114 5 65 24 69 23 69 17 - -36.22

Mithras 115 2 116 4 174 9 205 7 237 8 1.60 -2.99

NB Private Equity Partners 104 13 96 18 144 16 204 8 - - 3.73 -23.74

Northern Investors 99 20 62 26 108 20 224 4 402 1 13.39 -3.49

Oakley Capital Investments 113 3 110 11 118 19 126 20 207 11 2.45 -24.45

Origo Partners 60 28 69 24 23 30 12 30 2 24 - -86.56

Pantheon International Ord PLC 108 7 112 8 157 12 191 13 243 5 - -15.07

Princess Private Equity 95 23 104 13 182 5 200 9 250 4 - -10.72

Qannas Investments 102 17 68 25 75 23 91 21 - - - -22.20

Reconstruction Capital II 97 21 95 22 219 2 80 22 23 22 - -23.66

St Peter Port Capital 104 12 96 20 40 28 19 29 15 23 8.22 -63.93

Standard Life Private Eq 96 22 108 12 164 11 196 11 177 14 3.80 -16.08

Symphony International Holding 103 15 114 5 153 15 174 17 237 7 32.35 -31.76

Average/Total 96 31 95 31 133 30 154 30 168 24 11.77 -19.36

PROPERTY DIRECT - ASIA PACIFIC

Aseana Properties 104 3 104 4 113 3 151 3 97 4 - -23.34

Macau Property Opportunities 103 4 114 2 90 4 134 4 216 2 - -26.38

Pacific Alliance China Land 113 2 111 3 139 2 176 2 423 1 - -12.15

Vinaland 115 1 128 1 251 1 279 1 133 3 - -4.08

Average/Total 109 4 114 4 148 4 185 4 217 4 - -16.49

PROPERTY DIRECT - EUROPE

Alpha Pyrenees Trust 119 1 111 5 8 6 2 5 0 5 - -99.00

Alpha Real Trust 96 7 103 7 207 1 286 1 172 1 1.90 -24.71

AXA Property 72 8 68 8 93 3 109 2 79 2 - -25.12





Dolphin Capital Investors 105 5 115 4 32 5 19 4 6 4 - -62.03

Dragon Ukrainian Properties 116 2 138 1 91 4 94 3 28 3 12.18 -48.12

Gblworth Real Estate Investments 112 3 133 2 197 2 - - - - 5.76 9.75

Phoenix Spree Deutschland 106 4 131 3 - - - - - - 2.14 -3.11

Schroder European Real Estate Inv Trust 100 6 109 6 - - - - - - 5.66 -1.85

Average/Total 103 8 113 8 105 6 102 5 57 5 5.53 -31.77

PROPERTY DIRECT - UK

AEW UK REIT 102 11 104 7 118 6 - - - - 8.17 3.75

Custodian REIT 107 5 111 4 131 3 - - - - 5.39 13.16

Drum Income Plus REIT 103 9 104 7 94 12 - - - - 6.35 0.63

Ediston Property Investment Company 101 12 102 11 116 9 - - - - 5.23 -1.36

F&C Commercial Property 104 8 101 12 119 5 167 5 276 1 4.16 1.76

F&C UK Real Estate Investments 98 14 102 10 117 8 177 3 222 5 4.95 -5.43

Ground Rents Income Fund Plc 92 17 83 17 103 11 122 7 - - 3.67 -13.63

KCR Residential REIT 91 18 91 16 - - - - - - - -16.75

LXB Retail Properties 115 1 58 18 51 13 59 8 - - - -23.95

LXI REIT 105 7 104 6 - - - - - - 5.07 0.77

Picton Property Income 109 4 110 5 142 2 243 1 271 2 3.85 4.03

PRS REIT 96 15 95 15 - - - - - - 4.60 -0.80

Regional REIT 95 16 97 13 - - - - - - 8.47 -6.78

Schroder Real Estate Invest 103 10 97 14 117 7 175 4 209 6 4.09 -10.33

Secure Income REIT 109 3 115 1 144 1 - - - - 4.08 6.15

Standard Life Inv. Prop. Inc. 106 6 112 3 127 4 222 2 233 3 5.05 6.79

UK Commercial Property 101 13 103 9 114 10 151 6 227 4 4.23 -5.93

Urban Logistics REIT plc 109 2 113 2 - - - - - - 7.54 16.73

Average/Total 102 18 100 18 115 13 164 8 240 6 5.31 -1.73

PROPERTY SECURITIES

TR Property 110 1 122 1 146 1 233 1 348 1 2.96 -1.18

Average/Total 110 1 122 1 146 1 233 1 348 1 2.96 -1.18

PROPERTY SPECIALIST

AEW UK Long Lease REIT 91 15 - - - - - - - - 3.29 2.00

Civitas Social Housing C 93 13 - - - - - - - - 3.13 -4.33

Civitas Social Housing 93 14 97 7 - - - - - - - -1.20

Empiric Student Property 101 8 80 9 94 7 - - - - 5.85 -16.07

GCP Student Living 105 2 99 4 127 3 171 2 - - 4.14 -1.68

Impact Healthcare REIT 104 4 104 3 - - - - - - 5.80 3.95

MedicX 99 11 93 8 117 5 138 4 191 2 7.66 16.08

Primary Health Properties 101 9 105 2 129 2 180 1 250 1 4.80 20.84

Residential Secure Income 98 12 - - - - - - - - 2.68 -3.08

Supermarket Income REIT 105 2 - - - - - - - - 5.34 6.35

Target Healthcare REIT 101 9 99 6 122 4 139 3 - - 5.86 6.39

The Local Shopping REIT 102 6 99 5 108 6 107 5 56 3 - -24.52

Triple Point Social Housing REIT 104 5 - - - - - - - - 3.51 6.43

Tritax Big Box 106 1 106 1 149 1 - - - - - 7.94

Warehouse REIT 102 7 - - - - - - - - 5.39 -0.12

Average/Total 100 15 98 9 121 7 147 5 166 3 4.79 1.27

SECTOR SPECIALIST

Polo Resources 133 1 84 1 74 1 18 1 7 1 - -71.44

Average/Total 133 1 84 1 74 1 18 1 7 1 - -71.44

SECTOR SPECIALIST: BIOTECHNOLOGY & HEALTHCARE

Adams 75 7 41 7 38 6 109 6 - - - 53.58

BB Healthcare 104 3 110 3 - - - - - - - -0.48

Biotech Growth 95 6 105 5 90 5 179 4 742 1 - -6.50

International Biotechnology 100 4 108 4 115 4 245 2 543 3 - -4.96

Polar Capital Glb Healthcare 99 5 98 6 121 3 148 5 - - 1.71 -7.75

Syncona 118 1 147 1 190 1 208 3 - - - 43.66

Worldwide Healthcare 106 2 111 2 138 2 254 1 636 2 0.86 0.23

Average/Total 100 7 103 7 115 6 190 6 640 3 1.28 11.11

SECTOR SPECIALIST: COMMODITIES & NATURAL RESOURCES

Baker Steel Resources 104 4 129 1 174 1 76 5 - - - -20.04

BlackRock Commodities Income 111 1 118 3 113 6 96 3 78 3 4.93 -8.02


BlackRock World Mining Trust plc 111 2 126 2 155 2 109 1 79 2 3.88 -11.99

City Natural Resources 109 3 113 4 138 3 101 2 84 1 4.93 -16.82

El Oro 96 7 107 5 137 4 94 4 - - 3.61 -25.65

Geiger Counter 80 10 102 6 95 8 66 6 24 5 - 8.51

Global Resources IT 93 8 84 8 66 9 - - - - - -46.10

Golden Prospect Precious Metal 91 9 81 9 109 7 65 7 36 4 - -24.71

Riverstone Energy 97 6 97 7 116 5 - - - - - -19.02

Tiger Resource Finance 100 5 77 10 63 10 28 8 16 6 - -40.76

Average/Total 99 10 103 10 117 10 79 8 53 6 4.34 -20.46

SECTOR SPECIALIST: DEBT

Alcentra Eur Floating Rate Inc 103 14 103 16 107 16 119 7 - - 4.28 -5.16

Axiom European Financial Debt Fund 103 12 107 4 - - - - - - 5.85 5.31

BioPharma Credit 103 12 96 31 - - - - - - 5.23 3.90

Blackstone/GSO Loan Financing 96 31 99 26 145 3 - - - - 10.99 3.06

Carador Income Fund USD 99 27 97 27 124 5 132 4 - - 9.05 -9.44

Chenavari Toro Income Fund Limited 102 15 106 10 123 6 - - - - 9.79 -16.51

CVC Credit Partners Euro Opps EUR 100 22 103 16 147 2 - - - - 5.09 -1.02

CVC Credit Partners Euro Opps GBP 101 20 102 18 122 9 - - - - 5.00 -1.93

Fair Oaks Income 2014 107 5 115 1 - - - - - - 8.24 9.61

Fair Oaks Income 2017 103 9 103 15 158 1 - - - - 8.70 2.42

Funding Circle SME Income Fund 105 6 107 7 - - - - - - 6.25 4.40

GCP Asset Backed Income 101 21 99 25 - - - - - - 6.01 1.54

Hadrian's Wall Secured Investments 100 23 101 20 - - - - - - 5.91 3.69

Honeycomb Investment Trust 100 24 107 4 - - - - - - 7.17 9.37

ICG-Longbow Senior Sec. UK Prop Debt Inv 105 6 107 8 123 7 129 5 - - 5.76 3.65

JPMorgan Global Convertibles Income Fund 99 26 101 20 106 17 - - - - 4.74 -2.77

NB Distressed Debt Inv Extended Life 111 2 104 14 103 18 98 10 - - 2.59 -11.90

NB Distressed Debt New Glb 108 4 114 2 114 12 - - - - 1.25 -12.35

NB Distressed Debt 102 18 100 22 109 15 114 8 - - 1.35 -6.16

NB Global Floating Rate Income GBP 102 16 100 22 109 14 110 9 - - 3.40 -2.54

NB Global Floating Rate Income USD 103 11 96 29 127 4 122 6 - - 3.43 -3.22

P2P Global Investments 104 8 96 30 87 21 - - - - 6.01 -15.18

Ranger Direct Lending Fund 113 1 105 13 97 19 - - - - 12.27 -20.74

Real Estate Credit Investments 98 30 108 3 122 8 164 1 181 1 7.27 0.86

SQN Secured Income 99 28 100 24 - - - - - - 6.89 -6.12

Starwood Eurpn Real Estate Finance 100 25 102 18 118 11 132 3 - - 6.10 4.46

TOC Property Backed Lending 103 10 105 12 - - - - - - 6.76 5.61

TwentyFour Income 101 19 105 11 111 13 147 2 - - 6.13 1.18

TwentyFour Select Monthly Income 102 17 107 4 121 10 - - - - 6.64 4.37

UK Mortgages 98 29 97 28 - - - - - - 6.94 1.41

VPC Specialty Lending Investments 110 3 107 9 97 19 - - - - 10.23 -11.50

Average/Total 103 31 103 31 118 21 127 10 181 1 6.30 -1.99

SECTOR SPECIALIST: ENVIRONMENTAL

Impax Environmental Markets 105 1 117 1 169 1 210 1 221 1 0.93 -4.45

Jupiter Green 102 3 109 3 129 2 166 2 176 2 0.63 -4.76

Leaf Clean Energy 67 4 55 4 64 3 45 3 21 3 - -63.22

Menhaden Capital 104 2 113 2 - - - - - - - -21.82

Average/Total 95 4 98 4 121 3 140 3 139 3 0.78 -23.56

SECTOR SPECIALIST: FINANCIALS

Chenavari Capital Solutions 92 3 94 3 100 2 - - - - 6.21 -8.35

EJF Investments 123 1 135 1 - - - - - - 5.49 5.69

Polar Capital Global Financials 99 2 104 2 138 1 - - - - 2.89 -5.40

Average/Total 104 3 111 3 119 2 - - - - 4.86 -2.69

SECTOR SPECIALIST: FORESTRY & TIMBER

Cambium Global Timberland 108 1 106 1 52 2 23 2 11 2 - -43.03

Phaunos Timber 102 2 87 2 150 1 107 1 67 1 4.37 -15.04

Average/Total 105 2 97 2 101 2 65 2 39 2 4.37 -29.04

SECTOR SPECIALIST: INFRASTRUCTURE

3i Infrastructure 109 1 113 1 144 1 204 1 292 1 3.81 7.47

BBGI SICAV 98 6 96 5 122 2 149 3 - - 4.89 5.79

GCP Infrastructure Investment 101 4 101 4 122 3 154 2 - - 6.37 8.06

HICL Infrastructure Company 93 8 87 8 107 7 141 4 194 3 5.71 -4.69





Infrastructure India 104 2 48 9 20 9 9 8 - - - -91.66

International Public Partnerships 97 7 93 6 119 5 139 5 206 2 4.90 1.18

John Laing Infrastructure 100 5 90 7 110 6 131 6 - - 5.95 -3.52

PME African Infrastructure 92 9 102 2 75 8 75 7 23 4 - -54.76

Sequoia Economic Infrastructure Inc 104 3 102 3 119 4 - - - - 5.50 8.23

Average/Total 100 9 92 9 104 9 125 8 179 4 5.30 -13.77

SECTOR SPECIALIST: INFRASTRUCTURE - RENEWABLE ENERGY

Bluefield Solar Income Fund 106 1 108 1 133 1 - - - - 6.24 9.38

Foresight Solar 106 1 101 4 123 4 - - - - 6.15 2.47

Greencoat Renewables 100 6 - - - - - - - - 5.78 8.64

Greencoat UK Wind 105 4 102 2 128 2 150 1 - - 5.59 6.78

John Laing Environmental Assets 100 7 95 6 113 6 - - - - 6.23 1.66

NextEnergy Solar 105 3 101 3 127 3 - - - - 5.86 7.89

Renewables Infrastructure Grp 105 5 100 5 119 5 - - - - 6.17 4.93

Average/Total 104 7 101 6 124 6 150 1 - - 6.00 5.96

SECTOR SPECIALIST: INSURANCE & REINSURANCE STRATEGY

Blue Capital Alternative Income Fund 94 1 69 1 94 1 103 1 - - 11.53 -12.96

CATCo Reinsurance Opps 56 2 42 2 65 2 91 2 - - 10.43 -23.46

Average/Total 75 2 55 2 79 2 97 2 - - 10.98 -18.21

SECTOR SPECIALIST: LEASING

Amedeo Air Four Plus 108 2 114 1 129 2 - - - - 7.60 15.12

Doric Nimrod Air One 103 6 95 5 117 3 122 2 - - 8.87 0.40

Doric Nimrod Air Three 109 1 104 3 115 4 - - - - 8.17 49.53

Doric Nimrod Air Two 107 3 104 4 106 5 129 1 - - 8.74 23.77

DP Aircraft I 106 4 106 2 150 1 - - - - 8.33 11.99

SQN Asset Finance Income 104 5 91 7 105 6 - - - - 7.97 -6.73

SQN Asset Finance Income C 98 7 92 6 - - - - - - 2.06 -4.67

Average/Total 105 7 101 7 121 6 126 2 - - 7.39 12.77

SECTOR SPECIALIST: LIQUIDITY FUNDS

Invesco Perp Select Liquidity 100 1 101 1 100 2 101 2 109 1 - -1.44

JPMorgan Elect Managed Cash 100 2 100 2 102 1 101 1 106 2 0.35 -1.62

Average/Total 100 2 100 2 101 2 101 2 107 2 0.35 -1.53

SECTOR SPECIALIST: LITIGATION

Juridica Investments 126 1 204 1 73 1 98 1 130 1 - -22.66

Average/Total 126 1 204 1 73 1 98 1 130 1 - -22.66

SECTOR SPECIALIST: SMALL MEDIA, COMMUNICATION & IT COMPANIES

Herald 110 1 132 1 181 1 237 1 431 1 - -12.44

Average/Total 110 1 132 1 181 1 237 1 431 1 - -12.44

SECTOR SPECIALIST: TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

Allianz Technology Trust 118 1 139 1 226 1 350 1 603 2 - 1.00

Polar Capital Technology 109 2 124 2 210 2 302 2 620 1 - -1.96

Average/Total 113 2 131 2 218 2 326 2 611 2 - -0.48

SECTOR SPECIALIST: UTILITIES

Ecofin Global Utilities & Infra 97 2 106 2 - - - - - - 5.10 -10.36

EF Realisation 162 1 150 1 - - - - - - - -19.24

Average/Total 129 2 128 2 - - - - - - 5.10 -14.80

SPLIT - ORDINARY INCOME SHARE

Aberforth Split Level Income Ord/Inc 101 5 - - - - - - - - 4.08 -8.58

Acorn Income Fund 103 2 113 1 149 3 192 2 582 1 4.18 -1.12

Chelverton Small Companies Dividend 102 4 107 2 169 1 241 1 367 2 3.27 1.64

JZ Capital Partners Ord/Inc 91 7 82 6 110 4 112 5 115 4 - -36.14

Premier Global Infrastructure 91 6 87 5 85 5 134 4 133 3 7.66 -6.12

RM Secured Direct Lending 103 3 104 3 - - - - - - 6.37 3.42

UIL Ord/Inc 109 1 104 4 165 2 150 3 112 5 4.52 -41.01

Average/Total 100 7 99 6 136 5 166 5 262 5 5.01 -12.56

SPLIT - ZERO DIVIDEND SHARE

Aberforth Split Level Income ZDP 2024 99 10 - - - - - - - - - 5.25

Acorn Income Fund (Split) ZDP 2022 101 7 104 5 115 2 127 2 - - - 4.06

JZ Capital Partners ZDP 2022 101 5 105 4 - - - - - - - 9.71

NB Private Equity-ZDP 2022 102 2 106 3 - - - - - - - 6.16


Polar Capital Glb Healthcare ZDP 2024 101 3 - - - - - - - - - 2.10

Premier Gbl Infrastructure ZDP 2020 99 9 101 9 - - - - - - - 2.80

Ranger Direct Lending ZDP 2021 105 1 106 2 - - - - - - - -1.68

Regional REIT ZDP 2019 101 6 103 8 - - - - - - - 1.26

UIL ZDP 2018 101 4 103 7 113 3 140 1 - - - 2.32

UIL ZDP 2020 99 10 104 6 120 1 - - - - - 8.97

UIL ZDP 2022 100 8 112 1 - - - - - - - 10.72

Average/Total 101 11 105 9 116 3 134 2 - - - 4.70

UK ALL COMPANIES

Artemis Alpha Trust 115 4 121 3 132 7 140 11 166 11 1.30 -15.37

Aurora 109 7 111 8 149 4 163 8 157 12 1.25 3.18

Crystal Amber 131 1 98 13 160 2 191 4 - - 2.24 -9.29

Damille Investments II 58 16 59 16 56 16 55 14 - - - -46.49

Fidelity Special Values 115 3 117 4 143 5 199 2 326 3 1.67 1.42

Henderson Opportunities 104 11 116 5 113 11 191 4 290 6 1.86 -16.98

Invesco Perp Select UK Equity 103 12 100 11 120 10 154 9 296 5 3.47 -1.57

JPMorgan Mid Cap 108 8 122 2 149 3 227 1 347 1 1.83 -5.02

Jupiter UK Growth 112 6 102 10 109 12 143 10 210 8 2.06 -0.57

Keystone 102 13 100 12 104 13 127 13 238 7 3.16 -12.30

Manchester & London 114 5 143 1 213 1 188 6 189 10 0.73 -4.33

Mercantile 106 10 115 6 140 6 195 3 324 4 2.67 -9.38

Sanditon Investment Trust 97 14 84 14 82 14 - - - - 1.07 -9.09

Schroder UK Growth 117 2 115 7 128 8 137 12 207 9 3.06 -6.74

Schroder UK Mid Cap 108 9 109 9 121 9 172 7 334 2 2.33 -14.46

Woodford Patient Capital Trust 87 15 79 15 69 15 - - - - - -11.51

Average/Total 105 16 106 16 124 16 163 14 257 12 2.05 -9.91

UK EQUITY & BOND INCOME

Aberdeen Smaller Companies Inc 102 1 126 1 144 1 179 1 306 1 2.45 -14.12

City Merchants High Yield 99 3 102 3 119 3 144 2 223 3 5.20 2.34

CQS New City High Yield 100 2 105 2 124 2 129 4 221 4 7.34 4.88

Henderson High Income 98 4 95 4 109 4 138 3 243 2 5.30 -4.54

Average/Total 100 4 107 4 124 4 148 4 248 4 5.07 -2.86

UK EQUITY INCOME

BlackRock Income and Growth 104 13 103 14 118 13 149 8 171 22 3.24 -5.40

British & American 121 1 84 23 112 19 157 6 215 16 11.73 63.04

City of London 105 10 103 12 119 12 147 9 260 4 4.08 2.07

Diverse Income Trust 109 4 108 7 136 3 189 2 - - 3.04 1.82

Dunedin Income Growth 102 18 99 18 112 18 117 23 187 20 4.73 -10.95

Edinburgh Investment 101 19 93 22 110 20 141 17 249 7 3.88 -9.47

F&C Capital & Income 107 7 109 6 140 2 158 5 217 15 3.16 0.96

F&C UK High Income 104 14 103 13 123 8 141 16 210 17 4.65 -7.25

Finsbury Growth & Income 109 5 112 5 144 1 190 1 428 1 1.81 0.76

Invesco Income Growth 99 23 97 19 106 22 134 20 220 14 3.83 -13.86

Investment Company 103 16 107 9 109 21 135 18 239 11 6.18 -7.80

JPMorgan Claverhouse 110 3 117 1 134 4 170 3 228 12 3.57 -2.52

JPMorgan Elect Managed Inc 106 8 108 8 121 9 150 7 190 19 3.62 -1.90

Lowland 103 16 101 15 119 11 142 15 268 3 3.41 -7.77

Merchants Trust 114 2 114 3 126 5 144 13 226 13 4.70 -4.01

Murray Income Trust 104 14 100 17 117 15 123 22 203 18 4.24 -9.16

Perpetual Income & Growth 99 20 94 21 97 23 127 21 244 8 3.80 -10.81

Schroder Income Growth 105 11 104 11 115 16 147 10 251 6 3.81 -9.32

Shires Income 104 12 113 4 125 6 146 12 241 10 4.82 -4.21

Standard Life Equity Income 108 6 114 2 125 6 165 4 254 5 3.83 -0.34

Temple Bar 105 9 104 10 120 10 134 19 283 2 3.27 -5.89

Troy Income & Growth 99 20 97 20 114 17 143 14 172 21 3.45 -1.53

Value And Income 99 20 101 16 117 14 146 11 241 9 4.26 -20.24

Average/Total 105 23 104 23 120 23 148 23 236 22 4.22 -2.77

UK SMALLER COMPANIES

Aberforth Smaller Companies 111 6 111 9 129 13 192 11 323 10 2.02 -9.52

Athelney Trust 95 14 103 15 139 12 200 9 247 12 3.55 -5.89

BlackRock Smaller Companies 116 4 121 5 170 5 245 2 481 1 1.42 -7.34

BlackRock Throgmorton Trust plc 119 1 126 3 173 2 242 3 478 3 1.67 -10.06





Chelverton Growth Trust 93 17 90 17 150 9 167 12 202 13 - -17.13

Downing Strategic Micro-Cap Inv. Trust 92 18 84 18 - - - - - - - -0.53

Dunedin Smaller Companies 109 8 115 7 142 11 166 13 326 9 2.33 -17.94

Gresham House Strategic plc 111 7 104 13 - - - - - - 1.60 -23.85

Henderson Smaller Companies 117 3 124 4 151 8 237 4 469 4 1.97 -7.73

Invesco Perpetual UK Smaller 105 11 112 8 149 10 232 5 400 6 2.08 -5.49

JPMorgan Smaller Companies 118 2 131 1 158 7 202 8 340 7 1.89 -13.52

Miton UK Microcap 107 9 108 10 128 14 - - - - 0.54 -5.95

Montanaro UK Smaller Companies 101 12 106 12 118 15 145 14 280 11 1.79 -19.86

Rights & Issues Investment Trust 106 10 104 14 211 1 335 1 407 5 1.39 -9.05

River and Mercantile UK Micro Cap 93 16 107 11 171 3 - - - - - -12.83

Standard Life UK Smaller Co. 101 13 115 6 170 4 197 10 478 2 1.34 -6.43

Strategic Equity Capital 94 15 102 16 100 16 216 7 338 8 0.35 -15.72

SVM UK Emerging 112 5 127 2 162 6 219 6 136 14 - -22.26

Average/Total 106 18 110 18 151 16 214 14 350 14 1.71 -11.73

VCT AIM QUOTED

Amati AIM VCT 110 2 131 2 190 2 201 5 167 5 5.26 -7.84

Artemis VCT PLC O Inc 126 1 146 1 269 1 406 1 418 1 - 6.75

Hargreave Hale AIM VCT 1 109 4 111 4 132 6 174 6 181 4 - -5.61

New Century AIM 2 VCT 104 7 109 5 128 8 205 3 84 8 - -19.35

New Century AIM VCT 102 8 120 3 137 3 202 4 88 7 0.75 -18.58

Octopus AIM VCT 2 109 5 106 7 132 4 161 8 162 6 - -4.95

Octopus AIM VCT 109 3 106 6 132 5 165 7 243 3 - -4.68

Unicorn AIM VCT 107 6 105 8 130 7 205 2 280 2 1.03 -10.60

Average/Total 109 8 117 8 156 8 215 8 203 8 2.35 -8.11

VCT GENERALIST

Albion Development VCT 109 3 112 6 128 10 145 25 212 16 5.52 0.38

Albion Enterprise VCT 101 26 104 26 125 19 150 22 146 30 5.35 -6.98

Albion Technology & Gen VCT 108 4 111 7 113 34 127 32 153 26 5.63 2.83

Albion VCT 100 38 107 18 126 13 142 27 150 28 7.52 -7.71

Baronsmead Second Venture Trust 103 11 103 27 124 20 145 24 221 15 0.69 -4.73

Baronsmead Venture Trust 102 18 104 24 126 15 151 19 226 13 0.80 -4.74

British Smaller Companies VCT 103 16 98 41 133 5 166 9 241 8 - -9.55

British Smaller Companies VCT2 103 14 103 30 120 26 134 30 258 6 5.45 -7.07

Chrysalis VCT 115 1 110 9 126 17 195 5 238 11 - -21.17

Crown Place VCT 109 2 113 4 129 7 150 21 183 22 6.56 -5.09

Downing Four VCT Dp2011 Gen A Shs 100 30 200 2 400 2 400 2 - - - -22.65

Downing Four VCT Dp2011 Str A Shs 100 30 233 1 693 1 467 1 - - - 3.48

Downing Four VCT DP67 79 49 74 49 72 47 95 37 64 34 - -68.23

Downing Four VCT DSO 1 D 100 30 89 45 92 44 82 40 - - - -43.93

Downing ONE VCT 101 23 104 23 115 31 153 16 80 33 9.23 -5.96

Downing Three VCT 'F' 84 48 75 48 61 49 58 42 - - - -60.47

Downing Three VCT 'H' 91 45 98 40 97 43 - - - - - -12.28

Downing Three VCT 'J' 100 30 100 35 100 40 - - - - - 5.60

Downing Two VCT 'F' 87 47 78 47 69 48 68 41 - - - -50.59

Downing Two VCT 'G' 90 46 89 46 90 45 87 39 - - - -22.11

Elderstreet Draper Esprit VCT 100 30 104 25 114 32 183 6 183 21 - -7.48

Foresight 4 VCT 97 41 103 29 121 24 89 38 99 32 - -18.37

Foresight VCT 103 13 110 11 108 37 118 34 201 18 - -9.99

Kings Arms Yard VCT 105 6 108 15 134 4 158 12 272 5 5.66 -2.13

Maven Income & Growth VCT 2 101 24 101 33 116 29 142 28 253 7 2.15 -7.85


Maven Income & Growth VCT 4 104 8 106 19 123 22 132 31 211 17 - -18.49


Maven Income & Growth VCT 105 7 105 21 126 18 138 29 345 1 - -4.03

Maven Income and Growth VCT 6 101 20 100 35 128 9 177 7 282 3 - -3.01

Mobeus Income & Growth 2 VCT 103 14 110 10 120 27 207 3 198 19 - -18.83

Mobeus Income & Growth 4 VCT 102 17 110 8 123 23 152 17 182 23 5.41 -10.34

Mobeus Income & Growth VCT 103 10 112 5 126 13 170 8 241 9 2.42 -9.56

Northern 2 VCT 101 26 99 39 127 12 156 13 234 12 8.66 -5.08

Northern 3 VCT 98 40 99 38 128 8 155 14 224 14 2.23 -4.79

Northern Venture Trust 95 44 94 44 126 16 158 11 337 2 7.43 -4.88


Octopus Apollo VCT 102 19 103 27 114 33 120 33 151 27 6.64 -4.75

Octopus Titan VCT 101 20 106 20 120 25 147 23 189 20 5.56 -6.10

Pembroke VCT 99 39 96 43 99 42 117 35 - - 2.83 -4.55

Pembroke VCT B 100 30 98 41 89 46 - - - - 3.14 -6.38

ProVen Growth and Income VCT 96 43 101 32 110 35 158 10 164 25 - -7.61

ProVen VCT 96 42 101 33 116 30 151 20 179 24 - -6.84

Puma VCT 10 100 30 100 35 100 41 - - - - 7.79 -2.26

Puma VCT 9 101 20 101 31 101 39 99 36 - - 8.57 -5.19

The Income & Growth VCT 104 9 108 13 123 21 155 15 239 10 2.32 -10.13

Triple Point Income VCT 100 30 115 3 168 3 152 18 100 31 10.00 -20.74

Triple Point Income VCT C 101 28 109 12 117 28 - - - - 4.74 0.00

Triple Point Income VCT D 101 25 108 14 106 38 - - - - 4.86 0.00

Triple Point VCT 2011 A 101 28 108 16 109 36 - - - - - -2.57

Average/Total 100 49 107 49 132 49 155 42 202 34 5.08 -11.88

VCT GENERALIST PRE-QUALIFYING

Calculus VCT 136 1 89 7 - - - - - - 4.71 -2.30

Downing Four Generalist Shs 100 3 100 3 - - - - - - - 4.56

Downing Two VCT 'K' 95 6 91 6 - - - - - - - -2.76

Puma VCT 11 96 5 99 4 - - - - - - 5.49 -4.63

Puma VCT 12 92 7 92 5 - - - - - - 5.43 -4.63

Triple Point Income VCT E 100 4 101 1 - - - - - - - 0.00

Triple Point VCT 2011 B 100 2 100 2 - - - - - - - 0.00

Average/Total 103 7 96 7 - - - - - - 5.21 -1.95

VCT SPECIALIST: ENVIRONMENTAL

Foresight Solar & Infrastructure VCT 101 8 103 12 106 9 122 7 - - 6.52 -4.76

Foresight Solar & Infrastructure VCT C 99 11 108 11 102 10 101 8 - - 6.02 -4.93

Hazel Renewable Energy VCT 1 106 1 115 3 121 8 175 5 - - 4.42 0.35

Hazel Renewable Energy VCT 2 105 2 114 5 133 5 175 6 - - 4.46 -3.21

Octopus VCT 3 103 4 134 1 96 11 90 9 - - - -3.77

Octopus VCT 4 103 4 134 1 96 11 90 9 - - - -3.77

Ventus VCT 2 C 101 6 111 6 155 2 211 2 - - 6.67 -10.58

Ventus VCT 2 D 100 9 109 9 126 6 - - - - 4.17 -4.91

Ventus VCT 2 97 12 110 8 149 4 195 4 147 2 7.19 -8.19

Ventus VCT C 101 6 111 6 152 3 211 1 - - 6.67 -9.71

Ventus VCT D 100 9 114 4 126 6 - - - - 20.83 -4.15

Ventus VCT 105 3 109 10 157 1 199 3 258 1 7.48 -3.60

Average/Total 102 12 114 12 127 12 157 10 202 2 7.44 -5.10

VCT SPECIALIST: ENVIRONMENTAL PRE-QUALIFYING

Foresight Solar & Infrastructure VCT D 94 1 94 1 - - - - - - - -0.85

Average/Total 94 1 94 1 - - - - - - - -0.85

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY

Hygea VCT 116 1 111 1 78 1 75 1 221 1 - -22.02

Average/Total 116 1 111 1 78 1 75 1 221 1 - -22.02

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE QUA

Downing Four Healthcare Shs 100 1 100 1 - - - - - - - 5.35

Average/Total 100 1 100 1 - - - - - - - 5.35

VCT SPECIALIST: MEDIA, LEISURE & EVENTS

Edge Performance VCT 'H' 71 6 63 6 40 6 37 6 - - - -52.55

Edge Performance VCT 'I' 95 3 87 3 53 3 47 3 - - - -41.76

Ingenious Entertainment VCT 1 H 98 1 95 1 84 1 83 1 - - - 0.00

Ingenious Entertainment VCT 1G 81 4 78 4 45 4 44 4 - - - 0.00

Ingenious Entertainment VCT 2 H 98 1 95 1 84 1 83 1 - - - 0.00

Ingenious Entertainment VCT 2G 81 4 78 4 45 4 44 4 - - - 0.00

Average/Total 87 6 83 6 59 6 56 6 - - - -47.16

VCT SPECIALIST: TECHNOLOGY

Oxford Technology VCT 2 162 1 165 1 371 1 348 1 187 3 - 15.14

Oxford Technology VCT 3 124 2 121 2 127 2 131 2 187 2 - -39.10

Oxford Technology VCT 4 91 4 84 4 117 3 120 3 142 4 - -27.02

Oxford Technology VCT 114 3 118 3 85 4 74 4 344 1 2.50 -23.66

Average/Total 123 4 122 4 175 4 168 4 215 4 2.50 -18.66


Investment Trusts X>|


FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM£ £ £ % (£m)

AFRICA & MIDDLE EAST EQUITYX MSCI GCC Select Swap ETF 1C 117 112 108 0.65 XGLF $ 21 IRLAFRICA EQUITYX MSCI Africa Top 50 Swap ETF 1C 100 103 111 0.65 XMKA $ 26 LUXALT - CURRENCYFirst Trust FactorFX ETF A USD 103 - - - FTFX $ 7 IRLALT - DEBT ARBITRAGELyxor EUR 2-10Y Infl Expct ETF C EUR 100 101 - 0.25 INFL £ 988 LUXALT - LONG/SHORT EQUITY - GLOBALJPM Equity Long-Short ETF USD Acc 95 - - - JELS $ 12 IRLALT - SYSTEMATIC FUTURESJPM Managed Futures ETF USD Acc 100 - - - JPMF $ 45 IRLASIA BONDX II USD Asia ex Japan CorpBd ETF 1D 99 96 - - ALQD $ 23 LUXASIA BOND - LOCAL CURRENCYiShares Em Asia Lcl Govt Bd ETF USD Dist 101 100 120 0.50 IS0S $ 69 IRLASIA EXCLUDING JAPAN EQUITYHSBC MSCI AC FAR EAST ex JAPAN ETF 104 115 139 0.60 HMAD $ 224 IRLHSBC MSCI EM Far East ETF 103 114 143 0.60 H4ZI $ 29 IRLSPDR® MSCI EM Asia ETF 103 113 142 0.55 SPYA $ 358 IRLWisdomTree Emerging Asia Equity Inc ETF 105 108 - 0.54 WTEA $ 10 IRLX MSCI AC Asia ex Japan Swap ETF 1C 103 113 140 0.65 DXS5 $ 501 LUXASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITYiShares MSCI AC FarEast exJpn SC ETF$Dis 101 110 118 0.74 IUS9 $ 54 IRLASIA-PACIFIC EXCLUDING JAPAN EQUITYVanguard FTSE Dev Asia Pac exJpn ETF 103 109 137 0.22 VAPX $ 276 IRLASIA-PACIFIC INC. JAPAN EQUITYSPDR® S&P Pan Asia Div Aristocrats ETF 105 112 141 0.55 ZPRA $ 84 IRLAUSTRALIA & NEW ZEALAND EQUITYiShares MSCI Australia ETF USD Acc 103 107 132 0.50 SAUS $ 278 IRLBRAZIL EQUITYHSBC MSCI Brazil ETF 96 101 134 0.60 H4ZG $ 23 IRLCANADA EQUITYHSBC MSCI Canada ETF 102 108 125 0.35 HCAD $ 25 IRLiShares MSCI Canada ETF USD Acc 102 108 126 0.48 SXR2 $ 677 IRLX MSCI Canada ETF 1C 101 108 126 0.35 D5BH $ 207 LUXCHINA EQUITYHSBC MSCI China ETF 106 127 139 0.60 HMCD $ 281 IRLICBCCS WisdomTree S&P China 500 ETF B 102 124 - - CHIN $ 13 LUXX Harvest FTSE China A-H 50 ETF 1D 102 113 - 0.65 AH50 $ 6 LUXCHINA EQUITY - A SHARESETFS-E Fund MSCI China A GO ETF 99 110 83 0.88 CASH $ 17 IRLGF International FTSE China A ETF 101 109 - - PRCE $ 7 LUXiShares MSCI China A ETF USD Acc 98 113 83 0.65 CNYA $ 57 IRLLyxor CSI 300 A-Share ETF C-USD 103 118 94 0.40 CSIL $ 4 FRALyxor Fortune SG MSCI China A DR ETF Acc 102 114 81 0.65 CNAA $ 43 FRAX CSI300 Swap ETF 1C 101 119 91 0.50 XCHA $ 280 LUXX Harvest CSI300 ETF 1D 99 113 91 - RQFI $ 219 LUXCONVERTIBLE BOND - GLOBALSPDR® Thomson Reuters Glb Convert Bd ETF 103 103 130 0.50 ZPRC $ 585 IRLEUR BOND - LONG TERMiShares Govt Bond 10-15yr ETF EUR Dist 98 102 128 0.20 IEGZ € 69 IRLiShares Govt Bond 20y TgtDur ETF Dist 101 105 131 0.15 IS05 € 43 IRLEUR CORPORATE BONDETFS Lombard Odier IM Eur Corp Bd Fmt GO 99 101 128 0.30 FWEC € 14 IRLiShares Corp Bond ex-Fncl ETF EUR Dist 99 101 128 0.20 IEXF € 1,269 IRLiShares Corp Bond Fncl ETF EUR Dist 98 101 128 0.20 EUCF € 134 IRLiShares CorpBd IntrRt Hdg ETF EUR Dist 97 100 121 0.25 IS0Y € 1,318 IRLiShares Covered Bond ETF EUR Dist 99 101 124 0.20 ICOV € 1,109 IRLiShares Core Corp Bond ETF EUR Acc 98 - - 0.20 IEAA € 6,909 IRLiShares Core Corp Bond ETF EUR Dist 98 101 128 0.20 IEAC € 6,909 IRLEUR CORPORATE BOND - SHORT-TERMiShares Corp Bond 1-5yr ETF EUR Dist 99 101 126 0.20 IE15 € 2,982 IRLiShares Corp Bond SRI 0-3yr ETF Dist 99 100 - 0.25 QDVL € 419 IRLiShares CorpBd exFncl 1-5y ETF Dist 99 101 125 0.20 IEX5 € 1,521 IRLEUR DIVERSIFIED BONDiShares Aggregate Bond ETF EUR Dist 99 101 126 0.25 IEAG € 1,370 IRLEUR FLEXIBLE BONDiShares Corp Bond BBB-BB ETF EUR Dist 98 101 129 0.25 IS06 € 286 IRLEUR GOVERNMENT BONDiShares Govt Bond 5-7yr ETF EUR Dist 98 100 126 0.20 IEGYz € 276 IRLiShares Core Govt Bond ETF EUR Dist 98 101 126 0.20 IEGA € 1,374 IRLiShares France Govt Bond ETF EUR Dist 99 101 125 0.20 IFRB € 197 IRLiShares Germany Govt Bond ETF EUR Dist 100 101 125 0.20 IS0L € 32 IRLiShares Italy Govt Bond ETF EUR Dist 94 99 122 0.20 IS0M € 622 IRLiShares Spain Govt Bond ETF EUR Dist 100 103 131 0.20 IS0P € 382 IRLEUR HIGH-YIELD BONDiShares High Yield CorpBd ETF EUR Acc 98 - - - HIGH € 3,798 IRLiShares High Yield CorpBd ETF EUR Dist 98 102 132 0.50 IHYG € 3,798 IRLEUR ULTRA SHORT-TERM BONDiShares Govt Bond 0-1yr ETF EUR Dist 99 100 120 0.20 IEGE € 113 IRLiShares Ultrashort Bond ETF EUR Dist 99 100 122 0.09 ERNE € 2,249 IRLEUROPE EQUITY INCOMEiShares MSCI Europe Qual Div ETF EUR Dis 100 - - - EQDS € 6 IRLWisdomTree Europe Equity Income ETF 102 105 130 0.32 EEIE € 44 IRLWisdomTree Europe Equity Income ETF Acc 100 103 - 0.32 EEIP € 44 IRLEUROPE EX-UK LARGE-CAP EQUITYBMO MSCI Europe ex-UK Inc Ldrs ETF EUR 165 166 - - ZIEU € 23 IRLEUROPE LARGE-CAP BLEND EQUITYiShares Edge MSCI Eurp Mini Vol ETF Acc 102 100 129 0.25 EUN0 € 699 IRLiShares Edge MSCI Eurp Mltfctr ETF Acc 106 107 - 0.45 FSEU € 283 IRL


iShares Edge MSCI Eurp Mom Fctr ETF Acc 103 106 141 0.25 CEMR € 98 IRLiShares Edge MSCI Eurp QualFctr ETF Acc 103 103 133 0.25 CEMQ € 21 IRLiShares MSCI Europe ETF EUR Acc 101 102 128 0.33 IMAE € 608 IRLiShares MSCI Europe SRI ETF EUR Acc 101 102 125 0.44 IESE € 314 IRLWisdomTree Europe Equity ETF EUR Acc 100 101 - 0.32 WTDF € 104 IRLEUROPE LARGE-CAP VALUE EQUITYiShares Edge MSCI Eurp Val Fctr ETF Acc 100 102 124 0.25 CEMS € 1,260 IRLEUROPE MID-CAP EQUITYiShares Edge MSCI Eurp Sz Fctr ETF Acc 104 105 138 0.25 CEMT € 15 IRLiShares MSCI Europe Mid Cap ETF EUR Acc 104 106 - - EUMD € 505 IRLiShares MSCI Europe Mid Cap ETF EUR Dist 104 - - - EMID € 505 IRLEUROPE SMALL-CAP EQUITYWisdomTree Europe SmallCap Div ETF 102 105 149 0.38 DFEE € 75 IRLWisdomTree Europe SmallCap Div ETF Acc 104 107 - 0.38 WTD7 € 75 IRLEUROZONE LARGE-CAP EQUITYiShares EURO STOXX 50 exFncl ETF EUR Acc 101 102 135 0.20 EXFN € 41 IRLiShares MSCI EMU Large Cap ETF EUR Acc 99 102 133 0.49 IS3G € 117 IRLWisdomTree Euroz Eqlty Div Gr ETF EUR 105 110 - - EGRP € 15 IRLWisdomTree Euroz Eqlty Div Gr ETF EURAcc 106 111 - - EGRA € 15 IRLEUROZONE MID-CAP EQUITYiShares MSCI EMU Mid Cap ETF EUR Acc 101 107 149 0.49 IS3H € 279 IRLFIXED TERM BONDiShares iBonds Sep 2018 $ Corp ETF $ Dis 103 98 119 0.10 EI18 $ 9 IRLFRANCE LARGE-CAP EQUITYiShares MSCI France ETF EUR Acc 103 107 146 0.25 ISFR € 46 IRLGBP CORPORATE BONDiShares Core £ Corp Bond ETF GBP Dist 100 99 114 0.20 SLXX £ 1,603 IRLiShares £ Corp Bond 0-5yr ETF GBP Dist 100 100 106 0.20 IS15 £ 1,402 IRLiShares £ Corp Bond ex-Fncl ETF GBP Dist 101 99 114 0.20 ISXF £ 253 IRLLyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 99 99 - 0.09 COUK.LN £ 16 LUXSPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 100 100 107 0.20 SYBQ £ 93 IRLSPDR® Blmbrg Bcly Stlg Corp Bd ETF 100 99 114 0.20 SYBS £ 176 IRLGBP DIVERSIFIED BOND - SHORT-TERMiShares £ Ultrashort Bond ETF GBP Dist 100 101 102 0.09 ERNS £ 510 IRLPIMCO Sterling Short Maturity Source ETF 100 100 102 - QUID £ 291 IRLGBP GOVERNMENT BONDiShares Core UK Gilts ETF GBP Dist 102 100 113 0.20 IGLT £ 1,682 IRLiShares UK Gilts 0-5yr ETF GBP Dist 100 99 102 0.20 IGLS £ 1,609 IRLLyxor FTSE Actr UK Gilts (DR) ETF D GBP 102 100 113 - GILS.LN £ 212 LUXLyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 100 99 - - GIL5 £ 130 LUXSPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 100 99 103 0.15 SYB5 £ 561 IRLSPDR® Blmbrg Bcly 15+ Yr Gilt ETF 104 102 124 0.15 SYBL £ 29 IRLSPDR® Blmbrg Bcly UK Gilt ETF 102 100 113 0.15 SYBG £ 161 IRLVanguard UK Gilt ETF 103 100 114 0.12 VGOV £ 116 IRLGBP INFLATION-LINKED BONDiShares £ Index-Lnkd Gilts ETF GBP Dist 101 99 122 0.25 INXG £ 863 IRLLyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 101 99 - 0.07 GILI.LN £ 35 LUXLyxor UK£ 10Y Infl Expc ETF C GBP 99 99 - - UKBE £ 52 LUXGBP MODERATE ALLOCATIONBMO Enhanced Income UK Equity ETF 104 - - - ZWUK £ 6 IRLGERMANY LARGE-CAP EQUITYWisdomTree Germany Eq ETF EUR Acc 99 106 - 0.32 WTEZ € 21 IRLGLOBAL BONDETFS Lombard Odier IM Glb GovBdFmt GO 99 98 118 0.25 CORE $ 31 IRLiShares Global AAA-AA Govt Bd ETF $ Dist 100 99 121 0.20 IS0Z $ 57 IRLiShares Global Aggregate Bd ETF USD Dist 101 - - - AGGG $ 834 IRLiShares Global Govt Bond ETF USD Acc 101 - - 0.20 IGLA $ 791 IRLiShares Global Govt Bond ETF USD Dist 101 98 123 0.20 IGLOz $ 791 IRLX II Global Government Bond ETF 3C USD H 102 98 - - XGSI $ 903 LUXGLOBAL BOND - EUR HEDGEDiShares Global Aggregate Bd ETF EUR HAcc 98 - - - EUNA € 834 IRLGLOBAL BOND - GBP HEDGEDETFS Lombard Odier IM Glb GovBdFmt GO £H 99 99 - - COGH £ 31 IRLiShares Global Aggregate Bd ETF GBPHDist 99 - - - AGBP £ 834 IRLX II Global Agg Bd Swap ETF 3D GBP H 99 99 - 0.30 XBGG £ 591 LUXX II Global Government Bond ETF 2D GBP H 99 99 104 0.25 XGSG £ 903 LUXGLOBAL BOND - USD HEDGEDiShares Global Aggregate Bd ETF USD HAcc 102 - - - AGGU $ 834 IRLGLOBAL CORPORATE BONDETFS Lombard Odier IM Glb Corp Bd Fmt GO 99 99 121 0.30 CRED $ 85 IRLiShares Global Corp Bond ETF USD Dist 100 98 123 0.20 IS0X $ 982 IRLGLOBAL CORPORATE BOND - EUR HEDGEDiShares Global Corp Bond EURH ETF Dist 97 99 126 0.20 IBCQ € 1,162 IRLGLOBAL CORPORATE BOND - GBP HEDGEDBMO Barclays 1-3Y Glb Corp Bd (GBPH) ETF 99 99 - - ZC1G £ 36 IRLBMO Barclays 3-7Y Glb Corp Bd (GBPH) ETF 98 98 - - ZC3G £ 23 IRLBMO Barclays 7-10Y Glb Corp Bd(GBPH) ETF 97 98 - - ZC7G £ 24 IRLETFS Lombard Odier IM Glb Corp Bd FmtGO£ 99 100 - 0.30 CRGH £ 85 IRLGLOBAL CORPORATE BOND - USD HEDGEDiShares Global Corp Bond ETF USD H Acc 100 - - - CRPU $ 982 IRLGLOBAL EMERGING MARKETS BONDiShares JP Morgan $ EM Bd ETF USD Acc 98 95 - - JPEA $ 5,507 IRLiShares JP Morgan $ EM Bond ETF USD Dist 98 96 128 0.45 IEMB $ 5,507 IRLSPDR® BofA Merrill Lynch0-5YrEM$GovBdETF 101 97 122 0.42 ZPR5 $ 51 IRLVanguard USD Emerg Mrkts Govt Bd ETF 98 96 - - VDET $ 120 IRLX USD Emerging Mkts Bd Qual Wght ETF 1D 97 94 - 0.37 XQUA $ 77 IRLGLOBAL EMERGING MARKETS BOND - EUR BIASEDiShares JP Morgan $ EM Bond EURH ETF Dis 94 97 129 0.50 EMBE € 2,128 IRLGLOBAL EMERGING MARKETS BOND - LOCAL CURRENCYETFS Lombard Odier IM EM Lcl GvtBdFdm GO 99 97 - 0.55 LOCL $ 200 IRLiShares JPMorgan EM Lcl Govt Bd ETF$Dist 100 97 119 0.50 IEML $ 4,848 IRLPIMCO EM Advtg Lcl Bd Res ETF Acc USD 99 97 122 - EMLB $ 232 IRLPIMCO EM Advtg Lcl Bd Res ETF Inc USD 99 97 122 - EMLI $ 232 IRL© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may notbe copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Exchange-Traded Funds 1>|

Exchange Traded FundsFund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM £ £ £ % (£m) £ £ £ % (£m)




SPDR® Blmbrg Bcly EM Lcl Bd ETF 99 98 121 0.55 SYBM $ 2,272 IRLVanEck Vectors JPM EM LC Bd ETF A USD 99 97 - - G2X1 $ 40 IRLGLOBAL EMERGING MARKETS CORPORATE BONDiShares JPMorgan $ EM Corp Bd ETF $ Dist 99 96 126 0.50 IS0Q $ 260 IRLSPDR® BofA Merrill Lynch EM Corp Bd ETF 99 97 126 0.50 SYBE $ 14 IRLGLOBAL EMERGING MARKETS EQUITYFidelity Emerg Mkts Qual Inc ETF USD Acc 112 - - - FYEM $ 15 IRLFT Emerging Markets AlphaDEX® ETF A USD 106 120 138 - FEM $ 78 IRLHSBC MSCI Emerg Mkts ETF 102 110 135 0.40 HMEM $ 233 IRLiShares Core MSCI EM IMI ETF USD Acc 102 110 133 0.25 EMIM $ 7,515 IRLiShares Edge MSCI EM Mini Vol ETF $ Acc 106 109 124 0.40 EUNZ $ 453 IRLiShares EM Dividend ETF USD Dist 103 103 125 0.65 EUNY $ 250 IRLiShares MSCI EM ETF USD Acc 102 109 135 0.68 IEMA $ 748 IRLiShares MSCI EM SRI ETF USD Acc 100 104 - 0.35 QDVS $ 111 IRLLyxor FTSE Emerging Minimum VarETF C USD 108 109 - 0.40 MVMX $ 18 LUXPowerShares FTSE EM Hi Div LwVol ETF$Inc 102 103 - 0.16 EMHD $ 17 IRLSource MSCI Emerging Markets ETF 101 110 135 1.05 EMSM $ 543 IRLSPDR® MSCI Emerging Markets ETF 102 111 136 0.42 SPYM $ 243 IRLSPDR® S&P Emerging Markets Dividend ETF 109 111 126 0.55 SPYV $ 149 IRLVanguard FTSE Emerging Markets ETF 102 108 131 0.29 VDEM $ 1,166 IRLWisdomTree Emerging Mkts Eq Inc ETF 106 111 129 0.46 DEMD $ 26 IRLWisdomTree Emerging Mkts Eq Inc ETF Acc 111 116 - 0.46 WTD8 $ 26 IRLX MSCI Emerging Markets ETF 1C 102 - - - XMME $ 959 IRLGLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITYiShares MSCI EM Small Cap ETF USD Dist 104 111 128 0.74 IEMSz $ 358 IRLSPDR® MSCI Emerging Markets SmallCap ETF 103 110 129 0.55 EMSCz $ 60 IRLWisdomTree Emerging Markets SmCp Div ETF 105 113 144 0.54 WTED $ 14 IRLGLOBAL EQUITY INCOMEFidelity Global Qual Inc ETF Inc 103 109 - - FGEQ $ 39 IRLFranklin LibertyQ Global Dividend ETF 106 - - - FLXX $ 4 IRLiShares MSCI World Qual Div ETF USD Dist 103 - - - WDQV $ 11 IRLLyxor SG Global Qual Inc NTR ETF C GBP 98 98 127 0.45 SGQL £ 998 LUXSPDR® S&P Global Div Aristocrats ETF 100 102 132 0.45 ZPRG $ 303 IRLVanguard FTSE All-World High Div Yld ETF 100 103 132 0.29 VHYL $ 512 IRLGLOBAL FRONTIER MARKETS EQUITYX S&P Select Frontier Swap ETF 1C 99 100 139 0.95 DX2Z $ 123 LUXGLOBAL HIGH-YIELD BONDiShares Fallen Angels HY CorpBd ETF$Dist 100 100 - 0.50 WING $ 324 IRLiShares Global HY Corp Bd ETF USD Acc 100 - - - HYEA $ 488 IRLiShares Global HY Corp Bd ETF USD Dist 100 99 129 0.50 HYLD $ 488 IRLGLOBAL HIGH-YIELD BOND - GBP HEDGEDBMO Barclays Global Hi Yld Bd (GBPH) ETF 99 100 - - ZHYG £ 72 IRLiShares Global HY Corp Bd GBPH ETF Dist 99 101 109 0.55 GHYS £ 103 IRLGLOBAL INFLATION-LINKED BONDiShares Global Infl Lnkd GovBd ETF $ Acc 101 99 121 0.25 IGIL $ 581 IRLGLOBAL INFLATION-LINKED BOND - EUR HEDGEDiShares Global Infl Lnkd GovBd ETFHDist 99 - - 0.25 GILE € 581 IRLGLOBAL INFLATION-LINKED BOND - GBP HEDGEDX II Global Infl-Lnkd Bd ETF 3D GBP H 103 103 113 0.25 XGIG £ 1,187 LUXGLOBAL INFLATION-LINKED BOND - USD HEDGEDX II Global Infl-Lnkd Bd ETF 2C USD H 102 98 127 0.25 XG7U $ 1,187 LUXGLOBAL LARGE-CAP BLEND EQUITYFranklin LibertyQ Global Equity SRI ETF 102 - - - FLXG $ 4 IRLHSBC Economic Scale Worldwide Equity ETF 120 126 161 0.25 HEWD $ 321 IRLHSBC MSCI World ETF 131 125 144 0.15 HMWDl $ 454 IRLiShares Ageing Population ETF USD Acc 104 109 - 0.40 AGED $ 161 IRLiShares Core MSCI World ETF GBP H Dist 102 110 - 0.20 IWDG £ 9,337 IRLiShares Core MSCI World ETF USD Acc 104 108 144 0.20 IWDA $ 9,337 IRLiShares Dow Jones Glb Sust Scrn ETF $Acc 103 107 138 0.60 IGSG $ 113 IRLiShares Edge MSCI Wld Min Vol ETF $ Acc 101 103 144 0.30 IQQ0 $ 1,363 IRLiShares Edge MSCI Wld Mltfct ETF $ Acc 105 113 - 0.50 IFSW $ 401 IRLiShares Edge MSCI Wld Mom Fctr ETF $ Acc 109 120 165 0.30 IWFM $ 949 IRLiShares Edge MSCI Wld Qual Fctr ETF $Acc 105 109 146 0.30 IWFQ $ 390 IRLiShares MSCI ACWI ETF USD Acc 104 109 142 0.60 IUSQ $ 593 IRLiShares MSCI World ETF USD Dist 104 108 143 0.50 IWRD $ 4,053 IRLiShares MSCI World SRI ETF EUR Acc 104 - - - SUSW € 162 IRLiShares MSCI World SRI ETF USD Dist 104 - - - SUWS $ 162 IRLLyxor MSCI All Country World ETF C-USD 107 114 149 0.45 - $ 318 FRAMS Scientific Beta Glb Eq Fact ETF USD 103 108 144 - GEF $ 2 IRLOssiam World Minimum Var NR ETF 1C USD 99 103 137 0.65 WDMV $ 15 LUXPowerShares Glb Buyback Achrs ETF USDInc 100 106 143 0.39 BUIB $ 92 IRLSource Goldman Sachs Eq Factor Wld ETF 105 110 144 - EFIW $ 475 IRLSource MSCI World ETF 104 109 144 0.45 SC0J $ 543 IRLSPDR® MSCI ACWI ETF 104 109 144 0.40 SPYY $ 1,036 IRLSPDR® MSCI ACWI IMI ETF 106 111 147 0.40 SPYI $ 54 IRLVanguard FTSE All-World ETF 103 108 143 0.25 VWRD $ 1,579 IRLVanguard FTSE Developed World ETF 104 108 144 - VEVE $ 146 IRLVanguard Glb Liqd Factor ETF Shr USD Acc 105 111 - - VDLQ $ 14 IRLVanguard Glb Momt Fac ETF Shr USD Acc 109 118 - - VDMO $ 24 IRLWisdomTree Glbl Eqlty Div Gr ETF USD 105 110 - 0.33 GGRP $ 8 IRLWisdomTree Glbl Eqlty Div Gr ETF USD Acc 103 108 - 0.33 GGRA $ 8 IRLX FTSE All-World ex UK ETF 1C 103 108 144 - XDEX £ 29 IRLX MSCI World ETF 1C 104 108 143 0.19 XDWD $ 2,902 IRLGLOBAL LARGE-CAP VALUE EQUITYiShares Edge MSCI Wld Val Fctr ETF $Acc 102 110 135 0.30 IWFV $ 1,212 IRLVanguard Global Value Factor ETF USD Acc 104 112 - - VDVA $ 121 IRLGLOBAL SMALL-CAP EQUITYiShares Edge MSCI Wld Size Fctr ETF $Acc 104 109 143 0.30 IS3T $ 231 IRLSPDR® MSCI World Small Cap ETF 107 114 152 0.45 ZPRS $ 248 IRLINDIA EQUITYWisdomTree India Quality ETF USD Acc 99 102 - - WTD0 $ 5 IRLX Nifty 50 Swap ETF 1C 101 103 133 0.85 DBX7 $ 150 LUXINDONESIA EQUITYHSBC MSCI Indonesia ETF 95 94 122 0.60 HIDD $ 42 IRLISLAMIC EQUITY - OTHERiShares MSCI EM Islamic ETF USD Dist 103 113 133 0.85 ISEM $ 37 IRLiShares MSCI USA Islamic ETF USD Dist 105 107 135 0.50 ISUS $ 41 IRLISLAMIC GLOBAL EQUITYiShares MSCI World Islamic ETF USD Dist 104 107 134 0.60 ISWD $ 108 IRLISRAEL LARGE/MID-CAP EQUITYiShares TA-35 Israel ETF USD Acc 103 101 - 0.60 QDVM $ 13 IRLJAPAN LARGE-CAP EQUITYiShares Core MSCI Japan IMI ETF USD Acc 103 112 143 0.20 IJPA $ 3,101 IRLiShares MSCI Japan ETF USD Acc 102 110 135 0.48 SXR5 $ 419 IRLiShares MSCI Japan ETF USD Dist 102 110 137 0.59 IJPN/L $ 1,426 IRLiShares MSCI Japan SRI ETF 102 111 - 0.30 SUJP $ 26 IRLSource MSCI Japan ETF 102 110 137 0.45 SC0I $ 13 IRLSource STOXX Japan Exporters A USD 102 113 - - JEXE $ 6 IRLVanguard FTSE Japan ETF 102 111 141 0.19 VJPN $ 1,677 IRLWisdomTree Japan Equity ETF JPY Acc 100 109 - 0.40 WTIZ $ 203 IRLX MSCI Japan ETF 1C 102 110 138 0.50 DBXJ $ 3,520 LUXJAPAN SMALL/MID-CAP EQUITYiShares MSCI Japan Small Cap ETF USD Dis 104 114 165 0.58 IDJP $ 803 IRLKOREA EQUITYHSBC MSCI Korea ETF 100 107 155 0.60 HKOD $ 9 IRL


LATIN AMERICA EQUITYHSBC MSCI EM LA ETF 97 99 123 0.60 HMLD $ 12 IRLiShares MSCI EM Latin Amer ETF USD Dist 98 99 123 0.74 LTAM $ 423 IRLMONEY MARKET - OTHERCommerzbank CCBI RQFII Mny Mkt ETF A 105 104 114 - CCMR 254 GBRCommerzbank CCBI RQFII Mny Mkt ETF B 98 98 110 - CCMG £ 254 GBRCommerzbank CCBI RQFII Mny Mkt ETF C 104 104 116 - CCME € 254 GBRLyxor Fed Funds US Dollar Cash ETF C USD 102 98 - 0.09 FEDF $ 28 LUXLyxor Smart Cash ETF C GBP 100 101 - 0.09 CSH2 £ 736 LUXLyxor Smart Cash ETF C USD 103 99 - 0.13 - $ 736 LUXX II GBP Cash Swap ETF 1D 100 100 100 0.15 DXS1 £ 111 LUXX USD Cash Swap ETF 1C 102 98 117 0.15 3011 $ 23 LUXOTHER BONDFinEx Tradable Russian Corp Bds ETF USD 99 97 134 0.50 FXRU $ 44 IRLiShares $ Corp Bond ETF EUR H Dist 95 - - - LQEE € 4,230 IRLiShares $ Floating Rate Bd ETF EURH Dist 99 - - - FLOE € 471 IRLiShares $ Floating Rate Bd ETF GBPH Dist 100 - - - FLOS £ 471 IRLiShares $ Treasury Bd 20+y ETF EUR HDist 97 - - - DTLE € 240 IRLiShares High Yield Corp Bd ETF USDHAcc 101 - - - HYGU $ 3,798 IRLLyxor $ Floating Rate Note ETF MH D GBP 100 - - 0.15 SWIH £ 277 LUXLyxor US TIPS (DR) ETF MthlyH D GBP 99 99 - - TIPH £ 606 LUXPIMCO ST HY Corp Bd Sour ETF GBPH Inc 101 101 - - STHS £ 1,022 IRLPIMCO ST HY Corp Bd Sour ETF Inc EURH 100 101 133 - STHE € 1,022 IRLPowerShares Preferred Shares ETF 100 - - - PRFD $ 153 IRLPowerShares US HY Fallen Angels ETF£AccH 99 - - - FAGB £ 86 IRLSPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 99 96 117 0.55 SYBI $ 51 IRLUBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 99 99 - 0.25 UBTP £ 924 LUXUBS ETF BlombgBarcl US Liq Corp GBPH A 97 98 106 0.23 UC85 £ 585 LUXUBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 99 98 102 0.23 - £ 823 LUXVanEck Vectors Preferred US Equity ETF 100 - - - PRF $ 1 IRLOTHER EQUITYBMO MSCI Europe ex-UK Inc Ldrs(GBPH) ETF 96 98 - - ZIEG £ 72 IRLBMO MSCI USA Income Leaders (GBPH) ETF 100 110 - - ZISG £ 13 IRLFidelity US Quality Income ETF GBP H Acc 102 - - - FUSP £ 118 IRLHSBC MSCI Malaysia ETF 104 104 111 0.60 HMYD $ 4 IRLHSBC MSCI Mexico Capped ETF 91 85 93 0.60 HMED $ 7 IRLiShares Automation&Robotics ETF USD Acc 104 121 - 0.40 RBOT $ 1,865 IRLiShares Automation&Robotics ETF USD Dist 104 - - - RBOD $ 1,865 IRLiShares Core FTSE 100 ETF USD H Acc 110 - - - ISFD $ 5,872 IRLiShares Edge S&P 500 MinVol ETF EURH Acc 101 110 - 0.25 IS31 € 899 IRLiShares JPX-Nikkei 400 EURH ETF Acc 96 111 127 0.25 NK4E € 49 IRLiShares MSCI EMU USD Hedged ETF Acc 103 101 - 0.38 CEBP $ 269 IRLiShares MSCI Europe ex-UK GBPH ETF Dist 99 102 110 0.40 EUXS £ 278 IRLiShares MSCI Japan EUR Hedged ETF Acc 96 111 124 0.64 IJPE € 1,986 IRLiShares MSCI Japan GBP Hedged ETF Acc 97 111 101 0.64 IJPH £ 191 IRLiShares MSCI Japan SRI EURH ETF Acc 96 112 - 0.35 SUJS € 57 IRLiShares MSCI Japan USD Hedged ETF Acc 100 110 126 0.64 IJPD $ 504 IRLiShares MSCI World EUR Hedged ETF Acc 101 109 146 0.55 IWDE € 1,452 IRLiShares MSCI World GBP Hedged ETF Acc 102 109 121 0.55 IGWD £ 232 IRLiShares S&P 500 EUR Hedged ETF Acc 101 112 157 0.20 IUES € 2,836 IRLiShares S&P 500 GBP Hedged ETF Acc 103 113 130 0.45 IGUS £ 279 IRLLyxor EURO STOXX 300 (DR) ETFMthlyH CGBP 101 - - 0.23 MFEG £ 316 LUXLyxor Euro Stoxx 50 DR ETF DH GBP Acc 98 99 106 0.20 MSEX £ 5,839 FRALyxor Euro Stoxx 50 DR ETF DH USD Acc 101 98 124 0.20 MSEU $ 5,839 FRALyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 97 111 105 - JPXX £ 563 LUXLyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 100 110 123 - JPXU $ 563 LUXLyxor MSCI World ETF MH USD Dist A/I 104 108 144 0.30 WLDU $ 1,693 FRALyxor SG Global Qual Inc NTR ETF MH CGBP 97 100 - 0.45 SGQX £ 998 LUXMU Lux Lyxor FTSE 100 ETF Mly H USD Acc 112 - - - 100H $ 423 LUXNomura JPX-Nikkei 400 Net TR Dly $Hg ETF 104 115 - - NJXU $ 10 IRLNomura JPX-Nikkei 400 Net TR Dly Hg ETF 98 113 - - NJXE € 51 IRLNomura Nikkei 225 EUR-Hedged ETF 97 114 136 0.60 NXKE € 35 IRLNomura Nikkei 225 USD-Hedged ETF 100 112 132 0.60 NXKU $ 21 IRLPowerShares EQQQ Nasdaq-100 ETF GBP AccH 109 - - - EQGB £ 1,646 IRLROBO Global® Robotics and Atmtn GO ETF 101 117 176 0.80 ROBO $ 958 IRLSource JPX-Nikkei 400 ETF USD Hedged 100 110 130 - N4US $ 246 IRLSource STOXX EuroZ Exporters ETF A USD H 104 100 - - EZXU $ 16 IRLUBS ETF Fact MSCI USA LowVol H GBP A dis 98 104 - 0.35 ULOV £ 40 IRLUBS ETF Fact MSCI USA PrmVal H GBP A dis 102 113 - 0.35 UPVL £ 24 IRLUBS ETF Fact MSCI USA Qual H GBP A dis 104 114 - 0.35 UQLT £ 106 IRLUBS ETF Fact MSCI USA TtlShdYd H GBP A 102 110 - 0.35 UTSY £ 36 IRLUBS ETF MSCI Canada GBPH A acc 100 106 112 0.43 UC87 £ 858 LUXUBS ETF MSCI Canada GBPH A dis 101 102 109 0.43 UC88 £ 858 LUXUBS ETF MSCI EMU GBPH A acc 100 - - - UB0E £ 3,225 LUXUBS ETF MSCI EMU GBPH A dis 100 - - - UB0F £ 3,225 LUXUBS ETF MSCI Europe GBPH A acc 97 - - - UBEU £ 252 LUXUBS ETF MSCI Japan GBPH A acc 97 - - - UB0C £ 847 LUXUBS ETF MSCI Japan GBPH A dis 97 - - - UB0D £ 847 LUXUBS ETF MSCI Swtzl 20/35 GBPH A acc 94 98 - 0.30 UC93 £ 661 LUXUBS ETF MSCI Swtzl 20/35 GBPH A dis 94 98 - 0.30 UC94 £ 661 LUXVanguard Glb Min Vol ETF Shr USD Acc 101 101 - - VDMV $ 11 IRLWisdomTree Europe Equity ETF GBP Hedged 100 101 - 0.35 HEDP £ 104 IRLWisdomTree Europe Equity ETF USD Hdg Acc 103 99 - 0.58 HEDS $ 104 IRLWisdomTree Europe Equity ETF USD Hedged 103 98 134 0.58 WTDH $ 104 IRLWisdomTree Germany Eq ETF GBP Hedged 98 103 116 0.35 DXGP £ 21 IRLWisdomTree Germany Eq ETF USD Hedged 103 104 - 0.48 DXGE $ 21 IRLWisdomTree ISEQ 20® ETF 105 107 148 0.49 WTIE € 16 IRLWisdomTree Japan Equity ETF GBP Hedged 95 110 - 0.45 DXJP £ 203 IRLWisdomTree Japan Equity ETF USD Hdg Acc 97 108 - - DXJA $ 203 IRLWisdomTree Japan Equity ETF USD Hedged 98 108 119 0.48 WTDX $ 203 IRLWisdomTree US Equity Inc ETF GBP Hdg Acc 96 103 - 0.35 DHSG £ 25 IRLX JPX-Nikkei 400 ETF 2D - GBP Hedged 97 112 104 - XDNG £ 258 IRLX JPX-Nikkei 400 ETF 4C - USD Hedged 100 110 - - XDNU $ 258 IRLX MSCI EM EurpMdl East&Africa Swap ETF1C 99 102 111 0.65 XMEAs $ 47 LUXX MSCI EMU ETF 1C - USD Hedged 103 101 134 0.25 XD5D $ 2,404 LUXX MSCI EMU ETF 2C - GBP Hedged 100 103 113 0.25 XD5S £ 2,404 LUXX MSCI Japan ETF 2D USD H 104 114 127 0.60 XMUJL $ 3,520 LUXX MSCI Japan ETF 6C GBP H 97 111 102 0.60 XMJG £ 3,520 LUXX MSCI Mexico ETF 1C 89 84 91 0.65 D5BI $ 68 LUXX MSCI World ETF 2D GBP H 109 - - - XDWG £ 2,902 IRLX S&P 500 ETF 2C - GBP Hedged 102 112 130 - XDPG £ 1,141 IRLPOLAND EQUITYiShares MSCI Poland ETF USD Acc 87 95 110 0.74 IPOL $ 65 IRLPROPERTY - INDIRECT EUROPEiShares MSCI Target UK Rl Est ETF £ Dist 106 104 104 0.40 2B7N £ 45 IRLPROPERTY - INDIRECT GLOBALHSBC FTSE EPRA/NAREIT Developed ETF 102 102 128 0.40 HPRD $ 109 IRLSPDR® Dow Jones Global Real Estate ETF 101 100 124 0.40 SPYJ $ 119 IRLPROPERTY - INDIRECT NORTH AMERICAiShares MSCI Target US Rl Est ETF $ Dist 98 97 123 0.40 CEM1 $ 7 IRLiShares US Property Yield ETF USD Dist 99 99 128 0.40 IUSP $ 470 IRLSource Rel Est S&P US Sel Sect ETF 97 99 - - XRES $ 12 IRLPROPERTY - INDIRECT OTHERiShares UK Property ETF GBP Dist 109 106 100 0.40 IUKP £ 731 IRLRMB BOND - ONSHOREX II Harvest China Govt Bd ETF 1D 109 107 - - CGB $ 25 LUXRUSSIA EQUITYHSBC MSCI Russia Capped ETF 107 116 147 0.60 HRUD $ 158 IRLLyxor Russia DJ Russia GDR ETF Dist A/I 108 120 149 0.65 RUSL £ 407 FRASource RDX ETF 108 118 147 1.20 RDXS $ 11 IRLX MSCI Russia Capped Swap ETF 1C 107 116 144 0.65 DBXV $ 176 LUXSECTOR EQUITY AGRICULTUREiShares Agribusiness ETF USD Acc 101 106 125 0.55 IS0C $ 58 IRLSECTOR EQUITY BIOTECHNOLOGYiShares Nasdaq US Biotech ETF USD Acc 105 - - - BTEK $ 8 IRLSource NASDAQ Biotech ETF 106 111 103 - SBIO $ 345 IRLSECTOR EQUITY COMMUNICATIONSLyxor MSCI World TelecomSvcsTR ETF C USD 95 92 114 0.40 TELW $ 39 LUXSPDR® MSCI World Telecms ETF USD Acc 96 93 - 0.30 WTEL $ 5 IRLX MSCI World Telecom Services ETF 1C 95 92 - - XWTS $ 35 IRL

Exchange-Traded Funds 2>|Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM £ £ £ % (£m) £ £ £ % (£m)



Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM £ £ £ % (£m) £ £ £ % (£m)FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM

£ £ £ % (£m)

SECTOR EQUITY CONSUMER GOODS & SERVICESiShares MSCI EM Consumer Gr ETF USD Acc 99 104 144 0.60 CEMG $ 14 IRLiShares S&P 500 Cnsmr Discr Sect ETF$Acc 112 114 - 0.15 IUCD $ 29 IRLiShares S&P 500 Cnsmr Stpls Sect ETF$Acc 91 87 - 0.15 2B7D $ 4 IRLLyxor MSCI World Cnsmr Disc TR ETF C USD 108 112 148 0.40 DISW $ 35 LUXLyxor MSCI World Cnsmr Stp TR ETF C USD 96 92 128 0.40 STAW $ 31 LUXSource Cnsmr Discret S&P US Sel Sect ETF 112 114 164 0.30 XLYS $ 95 IRLSource Cnsmr Stapl S&P US Sel Sect ETF 91 87 124 0.30 XLPS $ 27 IRLSPDR® MSCI Wld Cnsmr Discret ETF USD 109 113 - 0.30 WCOD $ 20 IRLSPDR® MSCI World Cnsmr Stapl ETF 95 92 - 0.30 WCOS $ 18 IRLSPDR® S&P US Cnsmr Discret Sel Sect ETF 112 115 - 0.15 ZPDD $ 49 IRLSPDR® S&P US Cnsmr Staples Sel Sect ETF 92 87 - 0.15 ZPDS $ 13 IRLX MSCI USA Consumer Discretionary ETF 1D 106 - - - XUCD $ 5 IRLX MSCI USA Consumer Staples ETF 1D 91 - - - XUCS $ 7 IRLX MSCI World Consumer Dscrt ETF 1C 109 112 - 0.36 - $ 203 IRLX MSCI World Consumer Staples ETF 1C 95 91 - 0.37 XDWS $ 127 IRLSECTOR EQUITY ENERGYETFS US Energy Infrastructure MLP GO ETF 102 85 82 0.25 XMLP $ 29 IRLiShares S&P 500 Energy Sect ETF USD Acc 114 117 - 0.15 IUES $ 246 IRLLyxor MSCI World Energy TR ETF C USD 114 120 127 0.40 NRGW $ 166 LUXSource Energy S&P US Select Sect ETF 115 118 121 0.30 XLES $ 296 IRLSource Morningstar US Engy InfrasMLP ETF 109 93 84 - MLPS $ 538 IRLSource Mstar US Enrgy Infra MLP ETF B 107 91 84 - MLPD $ 538 IRLSPDR® MSCI World Energy ETF 113 118 - 0.30 WNRG $ 260 IRLSPDR® S&P US Energy Select Sector ETF 114 117 - 0.15 ZPDE $ 260 IRLX MSCI USA Energy ETF 1D 114 - - - XUEN $ 4 IRLX MSCI World Energy ETF 1C 113 118 - 0.37 - $ 332 IRLSECTOR EQUITY FINANCIAL SERVICESiShares S&P 500 Financials Sect ETF $Acc 101 116 - 0.15 IUFS $ 1,435 IRLLyxor MSCI World Financials TR ETF C USD 99 108 140 0.40 FINW $ 50 LUXSource Financials S&P US Select Sect ETF 101 116 163 0.30 XLFS $ 366 IRLSPDR® MSCI World Financials ETF USD Acc 99 109 - 0.30 WFIN $ 190 IRLSPDR® S&P US Financials Select Sect ETF 101 116 - 0.15 ZPDF $ 481 IRLX MSCI USA Financials ETF 1D 101 - - - XUFN $ 13 IRLX MSCI World Financials ETF 1C 99 109 - - - $ 299 IRLSECTOR EQUITY HEALTHCAREiShares Healthcare Innov ETF USD Acc 114 126 - 0.40 HEAL $ 219 IRLiShares S&P 500 Health Care Sect ETF$Acc 102 107 - 0.15 IUHC $ 612 IRLLyxor MSCI World HealthCare TR ETF C USD 102 103 122 0.40 HLTW $ 202 LUXSource Health Care S&P US Sel Sect ETF 102 107 132 0.30 XLVS $ 119 IRLSPDR® MSCI World Health Care ETF 103 103 - 0.30 WHEA $ 52 IRLSPDR® S&P US Health Care Select Sect ETF 102 107 - 0.15 ZPDH $ 63 IRLX MSCI USA Health Care ETF 1D 101 - - - XUHC $ 4 IRLX MSCI World Health Care ETF 1C 102 103 - 0.37 - $ 192 IRLSECTOR EQUITY INDUSTRIAL MATERIALSiShares S&P 500 Indstr Sect ETF USD Acc 104 108 - 0.15 2B7C $ 6 IRLiShares S&P 500 Matrls Sect ETF USD Acc 101 110 - - 2B7B $ 4 IRLLyxor MSCI World Materials TR ETF C USD 104 114 142 0.40 MATW $ 45 LUXLyxor MSCI WorldIndustrials TR ETF C USD 102 107 150 0.40 INDW $ 42 LUXSource Industrials S&P US Sel Sect ETF 103 108 157 0.30 XLIS $ 81 IRLSource Materials S&P US Select Sec ETF 101 110 139 0.30 XLBS $ 5 IRLSPDR® MSCI World Industrials ETF USD Acc 103 108 - 0.30 WNDU $ 30 IRLSPDR® MSCI World Materials ETF USD Acc 104 114 - 0.30 WMAT $ 15 IRLSPDR® S&P US Industrials Select Sect ETF 104 110 - 0.15 ZPDI $ 49 IRLSPDR® S&P US Materials Select Sect ETF 101 110 - 0.15 ZPDM $ 10 IRLX MSCI World Industrials ETF 1C 103 108 - - XDWI $ 46 IRLX MSCI World Materials ETF 1C 108 118 - - XDWM $ 25 IRLSECTOR EQUITY INFRASTRUCTUREiShares EM Infrastructure ETF USD Dist 103 103 115 0.74 IEMI $ 70 IRLLyxor FTSE USA Core Infras Cpd ETF D USD 97 - - 0.50 BILD $ 46 LUXX S&P Global Infrastructure Swap ETF 1C 96 96 121 0.60 DX2E $ 245 LUXSECTOR EQUITY NATURAL RESOURCESiShares Global Timber&Forestry ETF $ Dis 104 116 156 0.65 WOOD $ 146 IRLiShares Oil & Gas Explr&Prod ETF USD Acc 118 122 106 0.55 IS0D $ 174 IRLVanEck Vectors Natural Resources ETF 105 - - - HAP $ 2 IRLSECTOR EQUITY PRECIOUS METALSETFS DAXglobal Gold Mining GO ETF 100 93 137 0.65 AUCO $ 145 IRLiShares Gold Producers ETF USD Acc 101 95 135 0.55 IS0E $ 357 IRLVanEck Vectors Gold Miners ETF 102 97 133 0.51 GDX $ 90 IRLVanEck Vectors Junior Gold Miners ETF 105 101 152 0.52 GDXJl $ 58 IRLSECTOR EQUITY PRIVATE EQUITYiShares Listed Private Eq ETF USD Dist 102 104 144 0.75 IPRV $ 344 IRLSECTOR EQUITY TECHNOLOGYETFS ISE Cyber Security GO ETF Acc 125 124 - 0.75 ISPY $ 438 IRLiShares Digitalisation ETF USD Acc 114 119 - 0.40 DGTL $ 295 IRLiShares S&P 500 Info Tech Sect ETF$Acc 114 124 - 0.15 IUIT $ 1,020 IRLLyxor MSCI World Info Tech TR ETF C USD 112 123 191 0.40 TNOW $ 168 LUXSource Technology S&P US Select Sect ETF 112 121 192 0.30 XLKS $ 431 IRLSPDR® MSCI World Technology ETF USD Acc 112 123 - 0.30 WTEC $ 93 IRLSPDR® S&P US Technology Select Sect ETF 112 122 - 0.15 ZPDT $ 46 IRLX MSCI USA Information Technology ETF 1D 113 - - - XUTC $ 9 IRLX MSCI World Information Tech ETF 1C 112 122 - 0.36 XDWT $ 267 IRLSECTOR EQUITY UTILITIESiShares S&P 500 Utilts Sect ETF USD Acc 93 95 - 0.15 2B7A $ 1 IRLLyxor MSCI World Utilities TR ETF C USD 95 95 129 0.40 UTIW $ 21 LUXSource Utilities S&P US Select Sect ETF 93 95 143 0.30 XLUS $ 8 IRLSPDR® MSCI World Utilities ETF USD Acc 96 96 - 0.30 WUTI $ 3 IRLSPDR® S&P US Utilities Select Sect ETF 93 95 - 0.15 ZPDU $ 5 IRLX MSCI World Utilities ETF 1C 96 96 - - XDWU $ 21 IRLSECTOR EQUITY WATERiShares Global Water ETF USD Dist 98 104 141 0.65 IH2O $ 494 IRLSOUTH AFRICA & NAMIBIA EQUITYHSBC MSCI South Africa ETF 102 109 126 0.60 HZAD $ 3 IRLiShares MSCI South Africa ETF USD Acc 97 104 120 0.65 IRSA $ 141 IRLTAIWAN LARGE-CAP EQUITYHSBC MSCI Taiwan ETF 103 106 140 0.60 HTWD $ 9 IRLTURKEY EQUITYHSBC MSCI Turkey ETF 86 78 84 0.60 HTRD $ 4 IRLUK EQUITY INCOMEBMO MSCI UK Income Leaders ETF GBP 110 104 - - ZILK £ 38 IRLiShares UK Dividend ETF GBP Dist 108 99 104 0.40 IUKD £ 713 IRLWisdomTree UK Equity Income ETF 106 103 - 0.29 WUKD £ 5 IRLUK LARGE-CAP BLEND EQUITYFirst Trust UK AlphaDEX® A GBP 113 114 121 0.80 FKU £ 27 IRLFirst Trust UK AlphaDEX® B GBP 108 108 - - FKUD £ 27 IRLHSBC FTSE 100 ETF 107 106 124 0.07 H4ZB £ 163 IRLiShares Core FTSE 100 ETF GBP Dist 107 106 124 0.07 ISF/L £ 5,872 IRLLyxor FTSE All Share ETF A/I 107 106 124 0.40 LFAS £ 8 FRAMU Lux Lyxor FTSE 100 ETF Acc 107 - - - L100 £ 423 LUXOssiam FTSE 100 Minimum Var ETF 1C GBP 107 103 116 0.45 UKMV £ 5 LUXOssiam FTSE 100 Minimum Var ETF 1D GBP 95 91 97 0.45 UKMD £ 5 LUXSource FTSE 100 ETF 107 106 123 0.35 SC0A £ 11 IRLSPDR® FTSE UK All Share ETF Acc 107 106 124 0.20 SPYF £ 514 IRLUBS ETF MSCI UK IMI SRI GBP A dis 106 104 122 0.28 UKSR £ 100 IRLVanguard FTSE 100 ETF 107 106 123 0.10 VUKE £ 2,745 IRLX FTSE 100 Equal Weight ETF 1D 108 106 - 0.11 XFEW £ 25 IRLX FTSE 100 ETF 1C 107 107 124 0.09 XDUK £ 130 LUXX FTSE 100 Income ETF 1D 107 106 122 0.30 XUKX/L £ 117 LUXX FTSE All-Share ETF 1D 106 107 123 0.40 DBXZ £ 74 LUXUK LARGE-CAP VALUE EQUITYLyxor FTSE UK QualLow Vol Dd(DR)ETF DGBP 107 - - 0.19 DOSH £ 10 LUXPowerShares FTSE RAFI UK 100 ETF GBP Inc 108 110 128 0.50 PSRU £ 10 IRLPowerShares FTSE UK Hi Div LwVol ETF£Inc 103 96 - - UKHD £ 5 IRLSPDR® S&P UK Dividend Aristocrats ETF 103 93 105 0.30 SPYG £ 95 IRL


UK MID-CAP EQUITYHSBC FTSE 250 ETF 106 107 123 0.35 HMCX £ 42 IRLiShares FTSE 250 ETF GBP Dist 106 107 122 0.40 MIDD/L £ 858 IRLLyxor FTSE 250 ETF A/I 106 107 123 0.35 L250 £ 10 FRASource FTSE 250 ETF 106 107 123 0.35 SC0B £ 14 IRLVanguard FTSE 250 ETF 107 107 124 - VMID £ 708 IRLX FTSE 250 ETF 1D 102 103 122 0.35 DBXY £ 51 LUXUS LARGE-CAP BLEND EQUITYFirst Trust US Lg Cp Cor AlphaDEX® A USD 105 111 150 0.66 FEX $ 123 IRLFranklin LibertyQ U.S. Equity ETF 105 - - - FLXU $ 10 IRLHSBC S&P 500 ETF 105 111 156 0.09 H4ZF $ 2,450 IRLiShares Edge MSCI USA Mltfct ETF USD Acc 104 112 - 0.35 IFSU $ 104 IRLiShares Edge MSCI USA Momt Fac ETF $ Acc 110 122 - 0.20 QDVA $ 30 IRLiShares Edge MSCI USA Qual Fac ETF $ Acc 105 112 - 0.20 IUQF $ 60 IRLiShares Edge S&P 500 Min Vol ETF USD Acc 102 106 153 0.20 IBCK $ 899 IRLiShares MSCI USA SRI ETF USD Acc 107 115 - 0.30 QDVR $ 147 IRLiShares S&P 500 ETF USD Dist 105 111 154 0.40 IUSA/L $ 5,987 IRLiShares US Equity Buyback Achiev ETF$Acc 102 109 142 0.55 CEM2 $ 24 IRLLyxor FTSE USA Minimum Var ETF C USD 103 107 - - MVAU $ 85 LUXLyxor S&P 500 ETF D USD 105 111 156 0.15 LSPU $ 5,226 LUXMS Scientific Beta US Eq Fact ETF USD 104 108 - - USEF $ 38 IRLOssiam Shiller BclyCp®US SectValTR 1C$ 106 108 - 0.65 UCAP $ 1,151 LUXPowerShares S&P 500 QVM ETF USD Inc 110 - - - QVMP $ 4 IRLPowerShares S&P 500 VEQTOR ETF $ Inc 114 119 - 0.39 SPVX $ 3 IRLSource MSCI USA ETF 106 111 154 0.30 SC0H $ 55 IRLSource RBIS Equal Risk Equity US ETF 102 103 - - RUQR $ 3 IRLSource S&P 500 ETF 105 111 156 0.20 P500 $ 2,318 IRLSPDR® S&P 500 ETF 105 111 155 0.09 SPY5 $ 2,195 IRLVanEck Vectors Morningstar US WidMotETF 104 109 - - GMVM $ 17 IRLVanguard FTSE North America ETF 105 111 153 - VNRT $ 114 IRLVanguard S&P 500 ETF 105 111 155 0.09 VUSD $ 17,595 IRLWisdomTree US Eqlty Div Gr ETF USD 103 111 - 0.38 DGRP $ 11 IRLWisdomTree US Eqlty Div Gr ETF USD Acc 104 112 - 0.38 DGRA $ 11 IRLX MSCI USA ETF 1C 105 111 154 0.07 - $ 3,050 IRLX MSCI USA Minimum Vol ETF 1D 102 105 - - XMVU $ 6 IRLX S&P 500 Swap ETF 1C 105 111 156 0.20 XSPUl $ 2,727 LUXUS LARGE-CAP GROWTH EQUITYLyxor Russell 1000 Growth ETF Acc 110 118 170 0.40 RUSG $ 123 FRA

US LARGE-CAP VALUE EQUITYBMO MSCI USA Income Leaders ETF USD 216 206 - - ZIUS $ 20 IRLFidelity US Quality Income ETF Acc 104 110 - - FUSA $ 118 IRLFidelity US Quality Income ETF Inc 104 111 - - FUSD $ 118 IRLiShares Edge MSCI USA Val Fac ETF $ Acc 105 114 - 0.20 IUVF $ 1,085 IRLiShares MSCI USA Quality Div ETF USD Dis 102 106 154 0.35 QDIV $ 224 IRLLyxor FTSE US Qul LV Div DR ETF Dist A/I 100 - - - BUCK $ 8 FRALyxor Russell 1000 Value ETF Acc 102 105 141 0.40 RUSV $ 18 FRAPowerShares FTSE RAFI US 1000 ETF USDInc 103 108 146 0.39 PSRF $ 221 IRLPowerShares S&P 500 HiDivLwVolETF$Inc 98 100 155 0.30 HDLG $ 190 IRLSPDR® MSCI USA Value Wtd ETF USD 103 110 149 0.25 ZPRU $ 29 IRLSPDR® S&P 500 Low Volatility ETF 100 103 151 0.35 SPY1 $ 77 IRLSPDR® S&P US Dividend Aristocrats ETF 101 105 153 0.35 SPYD $ 1,672 IRLWisdomTree US Equity Inc ETF 99 101 141 0.29 DHSD $ 25 IRLWisdomTree US Equity Inc ETF Acc 104 106 - 0.29 WTD9 $ 25 IRLUS MID-CAP EQUITYiShares Edge MSCI USA Size Fac ETF $ Acc 105 111 - 0.20 IUSF $ 12 IRLSPDR® S&P 400 US Mid Cap ETF 105 112 153 0.30 SPY4 $ 753 IRLX Russell Midcap ETF 1C 105 110 145 0.35 XRSM $ 123 IRLUS SMALL-CAP EQUITYETFS Russell 2000 US Small Cap GO ETF 109 118 157 0.45 RTWO $ 38 IRLFirst Trust US Sm Cap Core AlphaDEX® ETF 105 116 - - FYX $ 1 IRLiShares S&P SmallCap 600 ETF USD Dist 109 119 166 0.40 IDP6 $ 707 IRLLyxor Russell 2000 ETF Acc 108 117 159 0.40 RUS2 $ 3 FRASource Russell 2000 ETF 109 118 156 0.45 SC0K $ 225 IRLSPDR® MSCI USA Small Cap Val Wtd ETF USD 106 114 145 0.30 ZPRV $ 74 IRLSPDR® Russell 2000 US Small Cap ETF 108 118 157 0.30 ZPRR $ 438 IRLWisdomTree US SmallCap Dividend ETF 102 111 152 0.38 DESD $ 10 IRLX Russell 2000 ETF 1C 109 118 155 0.30 XRS2 $ 479 IRLUSD CORPORATE BONDiShares $ Corp Bond ETF USD Acc 99 96 - - LQDA $ 4,230 IRLiShares $ Corp Bond ETF USD Dist 99 96 124 0.20 LQDA $ 4,230 IRLiShares $ Corp Bond Intr Rt H ETF $ Dist 101 99 124 0.25 IS3F $ 174 IRLiShares $ Floating Rate Bd ETF USD Dist 103 - - - FLOT $ 471 IRLiShares $ Intermdt Crdt Bd ETF USD Dist 101 96 - - ICBU $ 54 IRLiShares $ Short Dur Corp Bd ETF USD Acc 101 97 - 0.20 SDIA $ 2,074 IRLiShares $ Short Dur Corp Bd ETF USD Dist 101 97 119 0.20 SDIG $ 2,074 IRLiShares $ Ultrashort Bond ETF USD Dist 103 99 119 0.09 ERND $ 152 IRLLyxor $ Floating Rate Note ETF D USD 103 99 - 0.11 BUOY $ 277 LUXLyxor USD Liq Inv GrdCorpBdsETF D USD 99 97 - 0.09 USIG $ 222 LUXPIMCO LowDur US CorpBd Sour ETF USD Inc 101 98 123 0.39 LDCU $ 189 IRLSPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 102 98 119 0.20 SYBF $ 75 IRLSPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 99 99 - 0.20 SYBN $ 79 IRLSPDR® Blmbrg Bcly 3-10 Yr US Corp BdETF 99 96 - 0.20 SYBR $ 16 IRLSPDR® Blmbrg Bcly US Corp Bd ETF 99 97 - 0.20 SYB1 $ 32 IRLUBS ETF BlombgBarcl US LqCrp1-5Yr USD A 101 97 120 0.18 UEF7 $ 823 LUXUBS ETF BlombgBarclMSCI USLqCpSu $ A dis 98 95 - 0.20 UC97 $ 89 LUXVanguard USD Corporate Bond ETF 100 97 - - VDCP $ 83 IRLX USD Corporate Bond ETF 1D 99 96 - 0.20 XDGU $ 594 IRLUSD DIVERSIFIED BONDiShares US Aggregate Bond ETF USD Acc 100 96 - - IUAA $ 767 IRLiShares US Aggregate Bond ETF USD Dist 100 96 118 0.25 EUNX $ 767 IRLSPDR® Blmbrg Bcly US Aggt Bd ETF 100 96 118 0.10 SYBU $ 20 IRLUSD DIVERSIFIED BOND - SHORT-TERMPIMCO USD Short Mat Source ETF 103 99 120 - MINT $ 2,144 IRLUSD GOVERNMENT BONDiShares $ Treasury Bd 1-3yr ETF USD Acc 102 97 - - IBTA $ 2,634 IRLiShares $ Treasury Bd 20+y ETF USD Dist 100 97 121 0.20 IS04 $ 240 IRLiShares $ Treasury Bd 7-10yr ETFUSD Dist 100 95 116 0.20 BTMA $ 2,192 IRLiShares US Mortg Backed Secs ETF USD Dis 100 96 - 0.28 QDVP $ 469 IRLiShares US Mortgage Backed Secs ETF $Acc 101 96 - 0.28 IMBA $ 469 IRLLyxor iBoxx $ Treas 7-10Y(DR)ETF D USD 100 95 - 0.07 US71 $ 23 LUXLyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 100 95 - 0.07 US35 $ 11 LUXSPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 97 94 - 0.15 SPPX $ 3 IRLSPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 102 97 116 0.15 SYBW $ 105 IRLSPDR® Blmbrg Bcly 3-5 Yr US Trs Bd ETF 101 96 - 0.15 SPP3 $ 4 IRLSPDR® Blmbrg Bcly 5-7 Yr US Trs Bd ETF 102 96 - 0.15 SPP5 $ 2 IRLSPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 98 94 - 0.15 SPP7 $ 26 IRLSPDR® Blmbrg Bcly US Trs Bd ETF 101 96 117 0.15 SYBT $ 176 IRLVanguard USD Treasury Bond ETF 101 96 - - VDTY $ 46 IRLX II US Treasuries 1-3 ETF 1D 102 97 115 0.15 XUT3 $ 52 LUXX II US Treasuries ETF 1D 101 96 117 0.15 XUTD $ 324 LUXUSD HIGH-YIELD BONDiShares $ High Yld Corp Bd ETF USD Acc 101 98 - - IHYA $ 2,636 IRLiShares $ High Yld Corp Bd ETF USD Dist 101 98 127 0.50 IS0R $ 2,636 IRLiShares $ Short Dur HY CorpBd ETF $ Dist 103 99 127 0.45 SDHY $ 528 IRLLyxor BofAML $ High Yield Bd ETF D USD 101 99 - 0.30 UHYG $ 178 LUXLyxor BofAML $ ST H Yld Bd ETF D USD 104 - - 0.30 HYST $ 86 LUXPIMCO ST HY Corp Bd Sour ETF Inc 103 100 131 - STHY $ 1,022 IRLPIMCO ST HY Corp Bd Sour ETF USD Acc 103 100 130 - STYC $ 1,022 IRLPowerShares US HY Fallen Angels ETF $Inc 102 100 - 0.03 HYFA $ 86 IRLSPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 103 99 128 0.40 SYBK $ 67 IRLUSD INFLATION-LINKED BONDiShares $ TIPS 0-5 ETF USD Dist 102 98 - - TIP5 $ 434 IRLLyxor US TIPS (DR) ETF D USD 102 98 - 0.09 TIPU $ 606 LUXSPDR® Blmbrg Bcly US TIPS ETF 102 98 - 0.10 SYBY $ 421 IRLX II US Treasuries Inflation-Lnkd ETF 1D 102 98 120 0.20 XUIT $ 8 LUXUSD MODERATE ALLOCATIONSPDR® Morningstar Mlt-Asst Glb Infrs ETF 99 100 128 0.40 ZPRI $ 66 IRLVIETNAM EQUITYX FTSE Vietnam Swap ETF 1C 109 131 158 0.85 DXS7 $ 239 LUX

Exchange-Traded Funds 3>|


>| Cash Savings/Investment

Savings AccountsInstant-Access Branch AccountsProvider Contact Account Notice Min. % Int details or term deposit gross paidKent Reliance 0345 122 0022 Easy Access - Issue 27 Instant £1,000 1.25% YlyFamily Building Society 0333 014 0141 Branch Saver (1) Instant £500 1.11% YlyVirgin Money 0345 600 4466 Easy Access Saver 31 Instant £1 1.01% YlyPrincipality BS 0330 333 4000 Easy Saver Instant £500 0.90% YlyYorkshire BS via branch Triple Access Saver Instant £100 0.85% YlyScottish BS 0131 313 7700 Instant Access Saver Instant £1 0.80% Yly

No-Notice accounts Shawbrook Bank shawbrook.co.uk Easy Access - Issue 12 None £1,000 1.30% YlyTesco Bank tesco.com Internet Saver None £1 1.25% A YlySainsbury’s Bank sainsburysbank.co.uk Defined Access Saver 4 None £1,000 1.25% YlyAA theaa.com Easy Saver - Issue 7 None £100 1.15% A YlyInvestec Bank PLC investec.co.uk E-asy Access Account None £25,000 1.15% YlySainsbury’s Bank sainsburysbank.co.uk eSaver Special None £15,000 1.13% Yly

Internet AccountsBank of Cyprus UK bankofcyprus.co.uk Online Easy Access None £1 1.32% A YlyParagon Bank paragonbank.co.uk Ltd Easy Access (6) None £1 1.31% YlyVirgin Money virginmoney.com Double Take E-Saver 6 None £1 1.30% YlyRCI Bank UK B rcibank.co.uk Freedom Savings Account None £100 1.30% YlyCoventry BS coventrybuildingsociety.co.uk Easy Access (Online) None £1 1.25% YlyParagon Bank paragonbank.co.uk Easy Access (Issue 4) None £1 1.25% Yly

Notice AccountsCharter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 18 95 Day £1,000 1.67% YlyParagon Bank paragonbank.co.uk 120 Day Notice (9) 120 Day £500 1.66% YlySecure Trust Bank securetrustbank.com 180 Day Notice Account 180 Day £1,000 1.66% QlySecure Trust Bank securetrustbank.com 120 Day Notice Account 120 Day £1,000 1.56% QlyPCF Bank 0207 222 2426 100 Day Notice Issue 5 100 Day £1,000 1.55% YlyGatehouse Bank C gatehousebank.com 120 Day Notice Account 120 Day £1,000 1.53% Yly

Monthly InterestCharter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 18 95 Day £1,000 1.67% MlyParagon Bank paragonbank.co.uk 120 Day Notice (Issue 9) 120 Day £500 1.66% MlyGatehouse Bank C gatehousebank.com 120 Day Notice Account 120 Day £1,000 1.53% MlyOakNorth Bank oaknorth.com 120 Day Notice Deposit 120 Day £1,000 1.51% MlyCharter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 7 60 Day £1,000 1.46% MlyKent Reliance kentreliance.co.uk 60 Day Notice - Issue 21 60 Day £1,000 1.45% Mly

Children’s AccountsHalifax 0345 726 3646 Kid’s Monthly Saver 12 Mth (D) £10 4.50% F YlyHSBC 0800 032 4729 MySavings Instant £10 2.75% MlyNationwide BS nationwide.co.uk Smart Limited Access Instant £1 2.50% YlyHolmesdale BS 0173 723 2320 Young Saver Instant £10 2.25% YlyBath BS via branch SuperSaver Instant £1 2.05% YlyCambridge BS 0345 601 3344 Children’s Fixed Bond 3 Year £1,000 2.00% F Yly

Current AccountsTSB 0345 835 3863 Classic Plus Instant £1 4.89% E MlyNationwide BS 0800 302010 FlexDirect Instant £0 4.89% A MlyHalifax 0345 720 3040 Reward Current Instant £1 £3.75pm G MlyTesco Bank 0345 835 3353 Current Account Instant £0 2.96% MlyNationwide BS 0800 302010 FlexPlus Instant £0 2.96% MlyBank of Scotland 0345 721 3141 Classic with Vantage Instant £1 1.98% Mly

Cash ISAsCash ISAs £1,000Provider Contact Notice Min. % Interest details or term deposit gross paidCharter Savings Bank chartersavingsbank.co.uk Yes 1.40% Yly Al Rayan Bank A 0808 231 6804 Instant £50 1.36% MlyParagon Bank paragonbank.co.uk None £1 1.31% YlyShawbrook Bank shawbrook.co.uk None £1,000 1.30% YlyParagon Bank paragonbank.co.uk None £1 1.25% YlyVirgin Money virginmoney.com None £1 1.21% YlySainsbury’s Bank 0808 540 5060 None £500 1.21% YlyHinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% YlyAA theaa.com None £100 1.16% B YlyPost Office Money® postoffice.co.uk None £100 1.15% B Yly

Cash ISAs £20,000Charter Savings Bank chartersavingsbank.co.uk Yes 1.40% Yly Al Rayan Bank A 0808 231 6804 Instant £50 1.36% MlyParagon Bank paragonbank.co.uk None £1 1.31% YlyShawbrook Bank shawbrook.co.uk None £1,000 1.30% YlyParagon Bank paragonbank.co.uk None £1 1.25% YlyVirgin Money virginmoney.com None £1 1.21% YlySainsbury’s Bank 0808 540 5060 None £500 1.21% YlyHinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% YlyAA theaa.com None £100 1.16% B YlyPost Office Money® postoffice.co.uk None £100 1.15% B Yly

Fixed cash ISAs £1,000Al Rayan Bank A 0808 231 6804 12 Month £1,000 1.61% QlyCharter Savings Bank chartersavingsbank.co.uk Yes 1.52% Yly Paragon Bank paragonbank.co.uk 1 Year £500 1.50% YlyBank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.48% YlyKent Reliance 0845 122 0022 1 Year £1,000 1.48% OMFord Money fordmoney.co.uk 1 Year £500 1.45% YlyAldermore aldermore.co.uk 1 Year £1,000 1.40% OMTeachers BS 0800 783 2367 25.6.19 £1,000 1.40% YlyAA theaa.com 1 Year £500 1.36% YlySkipton BS via branch 18 Month £500 1.35% Yly

Fixed cash ISAs £20,000Al Rayan Bank A 0808 231 6804 12 Month £1,000 1.61% QlyCharter Savings Bank chartersavingsbank.co.uk Yes 1.52% Yly Paragon Bank paragonbank.co.uk 1 Year £500 1.50% YlyBank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.48% YlyKent Reliance 0845 122 0022 1 Year £1,000 1.48% OMFord Money fordmoney.co.uk 1 Year £500 1.45% YlyAldermore aldermore.co.uk 1 Year £1,000 1.40% OMTeachers BS 0800 783 2367 25.6.19 £1,000 1.40% YlySainsbury’s Bank 0808 540 5060 1 Year £5,000 1.38% YlyAA theaa.com 1 Year £500 1.36% Yly

National savings and InvestmentsAccounts and bonds Notice Min. Max. Rate Interest or term deposit deposit deposit paid

Guaranteed Growth Bonds 57 3 Yr Bnd £500 £1m 1.95% F YearlyGuaranteed Income Bonds 57 3 Yr Bnd £500 £1m 1.92% F MonthlyGuaranteed Growth Bonds 62 1 Yr Bnd £500 £1m 1.50% F YearlyGuaranteed Income Bonds 62 1 Yr Bnd £500 £1m 1.46% F MonthlyIncome Bonds None £500 £1m 1.00% MonthlyDirect Saver None £1 £2m 0.95% Yearly

Tax-free products Junior ISA Age 18 £1 £0 2.50% YearlyDirect ISA None £1 £0 1.00% Yearly

A = Over 60s. B = Introductory rate for a limited period. C = Protected by a non-UK compensation scheme. D = Provider operates under Islamic finance principles, rate shown is

expected profit rate. E = 1-year term regular savings account min £10, max £100 per month. F = Fixed Rate. G = £10pm reward available. IS = Provider operates under Islamic finance principles, rate shown is

expected profit rate. N = Paid as a reward. OM = On maturity.

All rates are shown as AER variable unless otherwise stated. Methods of opening and operating accounts will vary. Eligibility criteria apply to qualify for rates shown, rates paid up to a specified level only. Borrowing rates and availability of products are subject to individual credit ratings. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice. Visit moneyfacts.co.uk for full details.


The Warden Investment Club>|

By Holly Deegan, the Share Centre

“All you need is love,” the song will have you believe. While the sentiment is tempting, most couples know that to be untrue.

They know that the basis of a happy marriage rests on other factors, not purely on love: the comfortable home, healthy and educated children, and the means to enjoy a holiday abroad – things made possible by money.

Such reality makes proper financial planning an integral part of a marriage, but this does not restrict couples to the walls of their home o�ce. There are many di�erent options available to couples of any income level to save and make money.

The Warden Investment Club was formed over two decades ago and comprises of three married couples. Formed on 18 March 1995 the chair, Errol Nugent, contacted a number of friends, most of whom had close contact through their son’s football clubs. Of those invited to the first meeting, 15 decided that they would like to begin the Club and the Warden Investment Club was born.

While the club now only consists of six members and have realised a slight deficiency in subscriptions and thus investment opportunities, this

loss has been o�set by the social gain.

Funding their funWhen questioned on their strategy, it very quickly becomes clear that the objective of the Warden Investment Club is to generate as much income as their investments will allow.

Prioritising a good dividend yield from their portfolio is integral to the culture of the group as the income funds the Club’s annual trips to Europe.

“It has become our practice since 2003 that the club will pay towards the cost of a long weekend for the members,” said Nugent. “We’ve now been to 13 di�erent cities in Europe.”

He continued to explain that: “In general terms the amount of the dividends received has been used for this purpose.

“We see this as a benefit of being in a successful club and

continuing the social aspect of being members.”

Both at home and away the group socialise frequently as each meeting takes place in rotation and the respective couple provides a meal at the end of the meetings.

Nugent, described the nature of the meetings as “rather ad-hoc” due to the fact that one of the couples is abroad regularly. However, the relatively small size of the group has allowed for e�cient communication through regular contact via email.

With regard to selecting shares, Nugent clarified that suggestions are put forward by any member for discussion either during meetings or via email.

If there is a majority decision to purchase, then the group obtain further information, usually from The Share Centre website, and circulate relevant information to members for consideration.

Nugent highlights the variety of sources from which investors could gain information. He explained that: “Members also watch TV programmes, listen to the radio and obtain press cuttings which are used at meetings to assist our decision making.”

Investment clubs usually abide by a constitution, and the Warden Club does not deviate far from this norm.

Following a set of rules and a declaration of trust, club o�cers are central to the functionality, each hold varying responsibilities.

While the chairman leads each meeting, the secretary completes administrative duties, and the treasurer maintains money.

Banking on itThe membership comprises of company directors and a retired bank manager and so there is a

Until deflation do us part

The three married couples who comprise the Warden Investment Club


The Warden Investment Club>|

business and financial quality to the group.

This is reflected in their portfolio, which is made up of four major UK banks. Many would avoid such holdings due to the risk associated with the UK financial market, however the club has explained that this decision is a bit of a punt as they “…hope for better future market conditions which would enable us to liquidate some of these holdings at a favourable surplus.”

“Nugent emphasised the “excellent dividends” paid by such holdings such as Standard Life Aberdeen and HSBC. The latter was considered initially as

a cheap purchase, but has since enjoyed significant growth.

The Warden Investment Club recognise the benefits of being part of an investment club.

It has been said that “the more you invest in a marriage, the more valuable it becomes” and these couples have used investing as a tool to add value to many aspects of their lives.

The members concluded by sharing their ethos to a successful investment club: “Don’t be put o� by market fluctuations, keep meticulous records and provide good information for the members.

But most importantly, it has to be fun.”

It’s good that the club members value and implement the fun and social element to being part of an investment club, particularly given that there are currently only six members.

There is a tendency for investment clubs to be quite a bit larger, allowing for the potential of a broader discussion as well as learning opportunities. The Warden Investment Club on the other hand, is relatively small, and two members are oen abroad resulting in ad hoc meetings.

While this slightly defeats the idea of investment clubs in general, it is reassuring to know that the club are able to communicate e�ectively in the digital world.

As a result of their situation their activity is relatively low for an investment club and so if possible I would recommend for the members to try and meet more regularly in order to enhance their decision-making process or consider recruiting some new members.

I’m pleased to see that the group do research, and though limited in their numbers it is encouraging that they utilise a wide range of sources from which they draw information from. It’s good to see that they are

using The Share Centre’s website hopefully to their advantage as well as radio and television.

Upon viewing the group’s portfolio I would argue that they are extremely overweight in their position, in the banking and financial sector. Though these sectors may be of personal interest to the members, there is much overlap and similarities.

Owing to its parallels, there is an increased risk as should there be a repeat of the 2008 financial crisis, both of these sectors would take a hit.

Therefore I recommend that the club going forward diversify their investments, perhaps a good way to start this would be with each member holding responsibility for certain sectors and subsequently presenting investment opportunities

at meetings. Through doing this, members will become knowledgeable in a particular area and can then share their findings to other members. There is also a number of very small holdings which unless they are thinking of adding to do not sit well in the portfolio.

In line with this, their decision to focus primarily on FTSE 100 companies is also limiting their choice. It may be more interesting to look at smaller companies there is an increase in risk but oen this is o�set by financial gains and it could make for an exciting refresh for Warden’s portfolio.

They are not put o� by short-term market fluctuation and are happy to take a longer-term view, as demonstrated by their exposure to banks.

They have maintained and run the club in a professional manner despite not meeting that oen and being relatively small, demonstrated by the fact that they keep good records and continue to provide information sheets for members.

The importance placed on the social aspect is admirable and I hope that the group continue to have fun in their investments as well as their travels.

The Warden Investment ClubTop Ten Holdings:

Royal Bank of Scotland 35.3Morrison 18.1Mitchells & Butlers 12.9MDY Healthcare 7.8Lloyds Banking 7.5HSBC 3.3Greggs 3.0Glencore 2.8Dunelm 2.7Costain 2.5Carillion 1.3

The Share Centre’s viewGraham Spooner, investment research analyst at The Share Centre



I never gamble. Not because I think it is a stupid thing to do – though it certainly can be – I just don’t have the time or inclination. Furthermore, I get enough uncertainty in my job. As a professional investor, I seek to forecast the future direction of markets and stocks; the professional gambler, on the other hand, seeks to forecast the winner of the 1:50 at Haydock. Wait a minute! Is there really a fundamental di� erence?

When I talk about gambling, I am talking about skill games in which human beings play each other rather than luck games where you play against ‘the house’. The latter includes games in which the odds are both fi xed and stacked against you. You may have a lucky streak now and again, but it is just that – luck.

In essence, gambling involves two people disagreeing about the likelihood of the outcome of an event where the probabilities of the various outcomes are objectively unknowable.

Imagine two twitchers sitting over a pint in January disagreeing as to when the fi rst house martins will be seen in the UK this year. Twitcher A says March, which is a little earlier than usual; twitcher B says April. Is it possible that A has some sort of edge over B? Absolutely! There are all sorts of things that A could know that B does not. He could be the world’s leading authority on house martins; he could be a leading weather forecaster. Or he could know that B is a fool – something that B, being a fool, is ignorant of. All of these constitute some sort of edge.

It was Bell Laboratories scientist John L Kelly Jr who

somewhere between 0 and 100%. Still with me?

Now, let us look at the aforementioned formula. Edge can be measured as the di� erence between what you know or think and what the market, i.e. your opponent, knows or thinks. In this instance, you know that the probability is 60%. Your opponent on the other hand thinks it’s 50%. So, your edge is 10% (60%

minus 50%). What about the denominator in the formula, the market odds? We know this is 50% which is what the opponent thinks is the probability of the coin landing ‘heads’. Edge (10%) divided by odds (50%) equals 20%. It is a mathematical fact that if you bet 20% of your purse each toss you will over time get richer than with any

other bet size, say 19% or 21%. Things of course in the real

world, whether with respect to investing or gambling, are not so simple. While the odds or market probabilities will generally be available, gauging your edge is hard. This is why truly successful gamblers and investors are rare beasts, primarily because they know that most of the time they do not have an edge, or at least not a su� ciently large one, and so should not place a bet or establish a position in a portfolio.

It was driven into me as a young fund manager that

investing is not the same as gambling and suggesting so was foolish indeed – unless, that is, you wanted to lose

clients quickly. However, there is no fundamental di� erence

between the tools and principles used by the successful gambler and the successful investor.

In my next piece I will argue that the misunderstanding of this simple point lies at the heart of what is wrong with the entire investment industry.

Peter Elston is the chief investment o� cer of Seneca Investment Managers

The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable e� orts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered o� ce at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18 158

“Truly successful gamblers and investors are rare beasts,

primarily because they know that

most of the time they do not have

an edge”

in 1956 set out a scientifi c framework for gambling and how most e� ciently to convert ‘edge’ into profi t. His formula, known as the Kelly Criterion, is beautifully simple and says that the percentage of your purse that you should bet in order to maximise your winnings over time is equal to your ‘edge’ divided by the market odds.

Take a coin that you know is likely to land ‘heads’ 60% of the time. You play ‘toss’ with an opponent who of is unaware of the coin’s bias. What percentage of your purse should you bet in order to maximise your profi ts? If you bet your entire purse there is a 40% chance you will lose everything. If you bet nothing you waste your edge, namely your inside knowledge that the coin is biased. The optimal bet size must therefore be

Gaining an edge from gamblingPlacing a bet and making an investment are two fundamentally different things, but the same tools and principles can be applied to both






What Investment



Britain’sBuffetts





Unit Trusts 1>|


FTSE 100 99 - 103 - 117 - 137 - 180 - - -FTSE All Share 99 - 104 - 119 - 142 - 190 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 - - - - - - - 2.50Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 -Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 -Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 -Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 -BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 -F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 -Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82Fidelity Asian Special Sits A-Dis-GBP 102 48 120 26 158 17 182 13 279 10 1.93 -Fidelity Emerging Asia W Acc 104 26 121 24 154 24 188 6 - - - 0.47Fidelity Emerging Asia W-Acc-GBP 105 21 124 16 152 27 180 15 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 99 84 104 93 132 77 - - - - - 2.79Fidelity Instl Pacific ex Japan 101 60 105 89 132 78 145 47 227 28 0.90 1.41Fidelity Instl South East Asia 102 56 115 44 149 30 159 30 283 7 0.94 1.53First State Asia All-Cap B Acc GBP 103 36 114 53 - - - - - - - 0.56First State Asia Focus B Acc GBP 105 19 118 34 - - - - - - - 0.81GAM Multistock Asia Focus Equity USD B 107 8 123 18 169 8 183 11 - - 1.90 -GAM Star Asian Equity Instl GBP Acc 98 89 113 62 140 59 141 55 164 55 1.32 -GlobalAccess Pacific Rim exJpn M Acc GBP 109 5 130 4 142 51 - - - - - 0.82GS Asia Equity R Acc USD 109 4 128 6 166 11 184 10 216 38 1.15 -Guinness Asian Equity Income Y GBP Acc 100 73 115 46 156 21 - - - - - -Halifax Far Eastern C 102 53 114 49 144 44 148 44 213 40 1.57 1.86Hermes Asia Ex Japan Equity F GBP Acc 102 52 119 30 169 7 233 1 - - 0.85 -HSBC Asian Growth Retail Acc 102 45 117 37 148 31 148 42 186 50 1.79 0.36HSBC Pacific Index Accumulation C 101 64 109 75 141 57 141 56 216 36 0.31 2.45Invesco Asia Consumer Demand A USD SD 106 10 125 11 147 36 160 27 - - 2.02 0.06Investec Asia ex Japan I Acc Net 103 38 125 13 154 23 176 17 280 8 1.00 1.20IP Asian Equity Income Z Acc 98 90 106 87 131 81 140 61 - - - 3.75IP Asian Z Acc 103 39 120 27 171 4 191 5 303 3 - 1.21iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 66 109 74 141 53 142 51 - - 0.19 2.77Janus Henderson Asian Div Inc UT I Acc 100 72 111 64 137 66 143 50 217 34 1.11 5.32Janus Henderson AsiaPac Cptl Gr I Acc 101 69 117 40 146 39 159 29 238 19 1.08 0.82Janus Henderson Instl APexJpn IdOpp IAcc 100 75 108 81 140 60 139 62 217 35 0.83 2.47JOHCM Asia ex-Japan A GBP Inc 96 94 110 72 136 69 157 32 - - 1.01 0.91JOHCM Asia ex-Japan Sm & Md-Cp A £ I 93 96 97 96 124 88 149 41 - - 1.21 0.48JPM Asia Growth C Net Acc 105 16 130 5 172 3 181 14 248 15 0.93 -Jupiter Asia Pac Inc L GBP Q Inc 95 95 104 94 125 86 134 66 - - 1.94 4.13Jupiter Asian I Acc 100 79 107 85 137 67 151 39 202 45 - 0.68Jupiter Asian Income I GBP Acc 96 92 105 91 - - - - - - - 3.91L&G Asian Income Trust I Acc 99 85 106 88 134 71 140 60 239 17 - 3.97L&G Pacific Index Trust I Acc 101 65 109 76 141 55 142 54 225 31 0.38 2.92Legg Mason IF MC Asia Pac X Acc £ 100 77 113 55 148 32 147 46 208 43 - 1.26Legg Mason MC Asia L-T Uncons MGBPDis(A) 99 87 110 68 133 73 147 45 - - 1.20 1.19Legg Mason MC Asia Pacific X USD Dis(A) 101 70 114 54 144 43 140 59 186 51 1.25 1.26LF Canlife Asia Pacific C Acc 105 22 118 35 130 83 134 67 200 48 0.89 1.18Liontrust Asia Income I Inc 102 57 110 66 142 49 154 38 - - 1.25 4.52M&G Asian GBP I Acc 99 88 106 86 133 74 141 57 226 30 0.99 1.45Marlborough Far East Growth P Inc 103 41 114 50 163 14 158 31 210 42 - 1.94Matthews Asia Fds As Ex Jp Div I GBP Acc 112 2 128 7 - - - - - - 1.50 -Matthews Asia Funds Asia Small Co I GBP 102 50 113 60 130 82 - - - - 1.72 -Matthews Asia Funds Pacific Tiger I GBP 105 24 116 42 145 41 168 20 - - 1.34 -MFS® Meridian Asia Pacific ex-Jpn W1 USD 100 74 114 51 148 34 154 36 231 26 0.94 -Mirabaud Equities Asia ex Japan A USD 104 34 121 23 151 28 163 25 175 53 2.21 -Mirae Asset Asia Great Consumer Eq R GBP 107 9 132 3 143 46 - - - - 0.96 -Mirae Asset Asia Sector Leader Eq R GBP 105 17 125 15 147 35 - - - - 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 106 12 119 32 115 90 111 77 - - 1.31 3.84Newton Asian Income Instl W Acc 96 93 103 95 125 87 129 73 273 11 0.83 4.52Newton Oriental Inst W Acc 100 82 114 52 133 75 129 72 187 49 0.89 0.72Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 46 113 58 135 70 - - - - - 1.26Old Mutual Asia Pacific R GBP Acc 105 18 125 12 168 9 196 3 267 12 1.01 1.31


Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 -Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 -Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 -Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 -Robeco Asian Stars Equities F £ 103 40 115 48 - - - - - - 1.01 -Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 -Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 -T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 -Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 -Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43Vanguard Pac ex-Jpn Stk Idx GBP Acc 100 81 105 92 133 76 131 71 - - 0.30 4.18Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55Waverton Asia Pacific A USD 97 91 111 65 142 47 148 43 208 44 1.51 0.64Average/Total 102 97 116 97 146 91 156 78 234 57 1.15 1.81

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 103 5 112 6 135 7 140 7 239 4 - 0.75Baillie Gifford Developed As Pac B Acc 109 1 115 4 159 4 186 3 243 3 0.73 0.91GAM Star Asia-Pacific Eq Instl EUR Acc 105 4 111 7 147 6 163 6 175 6 1.76 -IP Pacific Z Acc 106 3 117 3 160 3 194 1 307 1 - 1.05JPM Pacific Equity A (dist) GBP 103 6 119 2 164 2 184 4 237 5 1.80 0.04Matthews Asia Funds Asia Dividend I GBP 102 7 114 5 153 5 168 5 - - 1.22 -Smith & Williamson Far East Inc&Gr B 108 2 122 1 174 1 194 2 289 2 - 1.70Average/Total 105 7 116 7 156 7 176 7 249 6 1.38 0.89

(IA) CHINA/GREATER CHINAAberdeen Global Chinese Eq X Acc GBP 106 23 116 35 145 33 134 32 216 11 1.24 -Allianz China Equity RT GBP 105 34 120 31 153 28 177 24 - - - -Baillie Gifford Greater China B Acc 106 21 136 3 189 2 229 3 - - 1.13 0.70Baring China Select I GBP Inc 105 31 120 32 154 26 168 27 - - 1.44 0.01Baring Hong Kong China I GBP 106 26 126 24 156 23 178 23 198 15 1.23 -Fidelity China Consumer W Acc 107 17 129 15 165 15 218 5 - - - 0.56Fidelity China Focus Y-Dis-GBP 105 27 123 30 167 14 210 7 - - 1.16 1.09First State All China B Acc USD 113 1 - - - - - - - - - -First State Greater China Gr B Acc GBP 110 9 125 25 163 17 187 18 340 1 1.06 1.05GAM Multistock China Evolution Eq USD B 107 16 128 19 188 3 - - - - 1.92 -GAM Star China Equity Instl GBP Acc 105 33 123 29 156 22 179 22 - - 1.04 -GS China Opportunity Equity R Inc GBP 109 12 130 12 162 19 189 16 - - 1.15 0.63Guinness Best of China X GBP Acc 105 32 125 27 - - - - - - 1.24 -HSBC Chinese Equity Retail Acc 104 36 126 22 152 29 173 25 194 18 1.78 0.19HSBC GIF Chinese Equity AD 105 29 128 18 156 24 184 19 198 16 1.91 0.33Invesco PRC Equity A USD AD 112 2 137 2 177 6 193 13 224 9 2.21 -IP HK & China Z Acc 106 22 129 16 164 16 207 9 276 4 - 0.91Janus Henderson China Opps I Acc 110 8 135 6 179 5 230 2 271 5 1.09 0.82Janus Henderson Hrzn China A2 USD 111 7 134 7 177 9 221 4 332 2 1.95 -JPM Greater China A (dist) USD 109 13 133 8 163 18 192 14 268 6 1.78 0.13JPM Hong Kong A (dist) USD 106 25 125 26 151 30 168 28 217 10 1.80 0.91Jupiter China I Acc 107 19 119 33 147 32 169 26 197 17 1.02 1.04Legg Mason IF MC China X Acc £ 107 20 131 10 172 12 188 17 - - - 0.40Legg Mason MC Greater China A USD Dis(A) 105 28 127 20 169 13 190 15 215 12 1.60 -Matthews Asia Funds China Div I USD Acc 109 11 124 28 177 7 201 11 - - 1.50 -Matthews Asia Funds China I GBP 112 4 135 4 175 10 182 21 - - 1.50 -Matthews Asia Funds China Sm Coms I Acc 111 5 132 9 186 4 218 6 - - 1.71 -Neptune China C Acc GBP 107 18 127 21 158 21 162 29 208 13 - 0.84Neuberger Berman China Eq USD A Acc 112 3 144 1 190 1 235 1 - - 2.11 -New Capital China Equity GBP Ord Acc 110 10 130 13 115 34 149 30 - - 1.37 -Old Mutual Henderson China Opps U2 £ Acc 111 6 135 5 177 8 - - - - - 0.68Pictet-Greater China I GBP 106 24 129 14 160 20 183 20 241 8 1.05 -Schroder ISF Greater China C Acc USD 105 30 126 23 174 11 205 10 289 3 1.32 -SLI China Equities A Acc GBP 108 14 129 17 153 27 193 12 - - 2.06 -© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk







Unit Trusts



I am not exactly sure how I have ended up as a chief investment ocer. Looking forward at the investment landscape, I generally only see potential for things to go wrong. Looking back at my career, my investment mistakes dominate my memories. Many, perhaps even most, of them were a long time ago, but they still haunt me, both in my waking hours and in my sleep. I’m a worrier - managing people’s hard earned savings is an austere and great responsibility, second only to undertaking.

Furthermore, my career progression has hardly been conventional. Although I spent long stints at two big firms, I also spent a number of years in between on an Indonesian island trying to build a food business. How can such neuroticism and wanderlust constitute suitable CIO material?

When the editor and I were discussing this opportunity to pen The Last Word column, he recalled a presentation at which a well-known and respected fund manager was asked to name what he thought was the biggest challenge investors faced. Inflation? Growth? Valuations? Politics? “Hubris”, came the simple and immediate response. I could not agree more.

There is so much uncertainty in the world of investing that it is foolish to think you have it sussed. In Ancient Rome, a slave would whisper repeatedly, “Remember, you are mortal”, in the ears of victorious generals returning to Rome and its adoring crowds. A few years of good investment performance or a run of good stock picks can make one feel invincible, while the reality may well be that

behaviour of, say, numbers or planets or elementary particles or rocks or plants or people. Successful investing, on the other hand, necessitates disagreement. For me to give myself a chance of beating my competitors, and thus the market, the last thing I should do is agree with them. I seek out where they are huddled together, such as government

bond positioning currently, and do precisely the opposite.

This however requires one to be completely comfortable being apart from the crowd. This is hard, as it is human nature to want to conform and be part of a group. There is a famous saying in Japanese, Deru kugi

wa utareru, which means ‘A protruding nail gets hammered down’ - a stern warning to non-conformists. You will also find that many animals operate in groups too, while the dissidents perish.

I think I have my father to thank for any humility I might have and my school boarding house for turning me into something of a rebel. Boarding schools generally are horrific institutions – it is I believe completely wrong for children to be apart from their parents – but they can also nurture traits that are useful in certain professions. I learned at the age

of thirteen to despise my lazy and nasty boarding masters. Ever since, I have had what I

think is a healthy disdain for authority, whether the authority

that is embedded in the crowd or otherwise. At other times, I have completely accepted it – my prison record, or rather lack of it, speaks for itself!

Perhaps it is this unusual and somewhat contradictory combination that has made me feel lucky in my chosen profession.

Peter Elston is the chief investment ocer of Seneca Investment

The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable e�orts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered oce at 10th Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18/107

“It is possible that there was

skill involved, but let this inflate

your portfolio not your head”

one was just lucky. Probably best to assume you were lucky. There is no downside to doing this, and it does not cost anything - what a great investment! It is possible that there was skill involved, but let this inflate your portfolio not your head.

The uncertainty in investing manifests itself in the largely random movement of stock prices. It can however also relate to something equally fundamental – no one can agree whether investing is an art or a science. Some say it is one, some the other, some both. Some even say it is neither! I challenge you to think of another pursuit where there is such uncertainty.

For what it is worth, I think investing is ‘art’ not ‘science’. Science involves broad agreement about the

Hubris is the greatest challengeOur new columnist argues that being a non-conformist and not following the crowd can be uncomfortable but can also produce good returns


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