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www.whatinvestment.co.uk WhatInvestment January 2020 3

New Year, new investment ideas? Not for us. Instead, it is a case of New Year and a re-visit of ‘old’ investment ideas.

In this issue we go back to examining the outlook for gold and re-visit the perennial but fundamental question of that for UK shares.

I think the majority of us hold our stockmarket investments in UK-listed shares, including investment trusts, or Open-ended investment companies (Oeics) which invest in the UK market, so the outlook for our country and its economy is a key issue.

Over the course of the last two years so much comment on the outlook for UK shares has been overshadowed by the protracted Brexit debate and the behaviour of our politicians. (I am writing this comment piece as we await the result of the latest general election.)

But as many subscribers and readers will know, it is not actually politicians who drive the value of UK shares forward, it is the companies themselves by the way they run their businesses.

The impact politicians do have is on the value of the currency – the value of sterling has fallen since the EU referendum and that has helped those UK companies who rely on exports for profits.

But as we saw in the days and weeks running up to the election, the value of sterling has begun to recover a little which would imply that the outlook for UK companies with more of a domestic focus could be improving.

Of course if income from your investments is something you rely on then a balance of share price appreciation and ability to pay dividends is what is most important.

2019 was a patchy year for dividends amongst some sectors and companies that had long been relied upon for their payouts – Vodafone is a name that springs to mind – so the issue for 2020 is surely

that of companies’ and funds’ ability to maintain or increase their distributions.

In this issue, we suggest a number of funds, in particular investment trusts, where we think there is potential to maintain or increase dividends. Some of these might be in sectors or assets which readers have not looked at before, but we would

encourage you to consider some of them.An asset class which, of course, pays no

dividends or income is gold. The precious metal is a store of wealth, but predicting its price movements is notoriously difficult even for those who really understand the commodity.

We suggested an allocation at the beginning of 2019 and were rewarded by a rise of about 10% in the price; so forgive us for ‘crowing’ a bit about being right.

We would not be so bold as to predict another 10% rise, but given how long the returns on cash deposits remain, a small allocation to gold may still be worthwhile for 2020.

If you do not like the idea of buying gold through an exchange traded fund, then some shares in an appropriate investment trust which invest in the shares of mining companies could be a route that works for you.

I always feel quite positive about the investment outlook as we move into a new year, and I hope my optimism is not misplaced.

I am a great believer in investing when sentiment is not strong. Certainly, UK shares are not universally favoured; and gold remains an enigma to many. That is a good starting point for me.

I am writing this before the end of 2019, so all that remains is for the team and myself to wish you all a merry Christmas and happy and prosperous New Year.

Lawrence Gosling is editor-in-chief of What Investment.

Keep an eye on unloved sectors

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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Unit Trusts

82 WhatInvestment May 2018 www.whatinvestment.co.uk

>| The Last Word | Peter Elston

I am not exactly sure how I have ended up as a chief investment officer. 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 officer 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 efforts 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 office 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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FEATURES21 InvestmentThe role of the business founder and the search for ones whose level of involvement is in the Goldilocks zone

48 ISAsAdvice and five fund recommendations for ISA investors seeking income

14 CharityHow to make your philanthropic instincts count

16 CommoditiesCan gold continue to glitter or is it set to lose its shine in 2020?

>| Contents: Features January 2020

pages 28-35

Each month you’ll receive:l Expert jargon-free guidance on investing for growth or income

l Our selection of the best-performing fundsl News of the latest alternative investment opportunities

l Our pick of the most promising sharesPLUS regular special sections on investment trusts,ISAs

and saving for children

>|

News and views

3 EditorialKeep an eye on unloved sectors

7 News & commentFAM founder calls for action on AIM costs; the Investment Association’s responsible investment definitions; how your investments can make a real impact the search for value; and Charles Calkin urges readers to make sure they use their tax allowances

20 VCTs The usefulness of venture capital trusts as an addition to pension savings

23 Offers Our independent panel examines the latest funds and what they have to offer investors

24 Stock Picks Growth stocks to watch

Four stocks to beat the January blues

26 Opinion The Conscientious Investor gets thematic

36 Investment TrustsAn unconstrained and high-conviction fund investing in Thailand; a high income trust with prospects of capital growth; a trust with an emphasis on multi-asset value investing; and the largest listed fund focused on Vietnamese equities

Page 24

Page 31

Page 82

>| Contents: Regulars January 2020

6 WhatInvestment January 2020 www.whatinvestment.co.uk

Page 25

46 PerformanceInvestment companies are delivering solid returns against a turbulent background; and a good reason to be bullish about UK plc

80 SavingsWith the government backed bond option for savers suffering a hit, is it time to look again at high street banks?

82 Last WordHumility and hubris – it is not a lost Jane Austen novel, but rather the qualities Peter Elston believes a skilful manager needs

Performance data

52 Savings & Taxes2019/20 tax rates, mortgage calculator and inflation data

53 Unit Trusts & Investment Trusts

Morningstar data covering the performances of all unit trusts over six 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

75 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


The AIM market needs a lot of TLC from the new government. Up to the general election there has been a lack of appetite for investing in AIM. Not that the AIM market is alone in this respect, according to Christopher Boxall, co-founder of Fundamental Asset Management (FAM).

“The stock market as a whole (not just AIM) was clearly very wary of Labour getting in, given their views on nationalisation,” said Boxall.

AIM itself is going through a very tricky period and is in desperate need of new companies, he added.

“With a large number of departures this year and few new arrivals I would suggest that the government needs to do something significant to encourage more companies to join.

“We are also concerned that the AIM listing process has become far too costly and needs to be addressed.”

Boxall said it has been a dire time for new arrivals on AIM with only one new joiner and several sizeable departures in the last month.

“The high cost of AIM admission is clearly a major barrier for many small companies in need of capital who are thinking of joining the stock market. The London Stock Exchange needs to get behind a more cost-effective solution for AIM.”

FAM reports that at the end of November 2019 there were 872 companies on AIM, with the total market value £100bn. This compares with 876 companies at the end of October 2019 when AIM’s market value was £96.8bn. There was just one new arrival and four departures in November 2019.

Longboat Energy (LON:LBE) was the sole newcomer to AIM in the month. It was established by the former management team from Faroe Petroleum to fast-track the creation of an independent full-cycle North Sea oil and gas company. The directors believe there is a unique opportunity to build a meaningful North Sea business on a relatively short time scale, with ongoing exits from incumbent firms presenting a timely opportunity to acquire assets.

Longboat raised £9.5m of new money at 100p per share with the market capitalisation on AIM admission £10m. Net proceeds received by the company of £8.76m means that this simple listing, which was a clean fund raise with no legacy matters to contend with, came at cost of £740,000, equivalent to 7.8% of the new money raised.

Referring again to the problem of the high cost of AIM admission, particularly for smaller companies, Boxall highlighted the AIM admission document of Brickability Group (LON: BRCK), the last sizeable business to join AIM in August 2019, which reveals total costs and expenses relating to the placing and admission of approximately £3m.

FAM founder calls for action on AIM costs

United Kingdom | AIM | Fundamental Asset Management

News>|

“The high cost of AIM admission is clearly a

major barrier for many small companies”Christopher Boxall,

Fundamental Asset Management

“True, Brickability was a complicated transaction involving the combination of several companies, but that is still a huge sum of money for paperwork, most of which is boiler-plate language, and a few meetings. Brickability raised £46m from new shareholders with a market capitalisation on AIM admission of £150m,” said Boxall.

“We would urge the London Stock Exchange to support a more cost-effective process to help small innovative companies join the market. Many entrepreneurs who have built their businesses up from scratch, will no doubt shudder at the high cost of listing. If the London Stock Exchange wants to encourage more dynamic companies to join, the AIM IPO process needs a total re-think,” he continued.

“Leavers in the month included AIM broker Shore Capital Group, a nice business majority owned by its management, which had little requirement for AIM to raise new capital. The group has retained its listing on the Bermuda Stock Exchange which means that shareholders can keep their shareholdings in ISA wrappers and continue to trade in the shares.

“Stratpro Group, a leading provider of portfolio analysis to the asset management industry, succumbed to a takeover at £161m, a 55% premium to the value the day before. Synnovia, which was formerly called Plastics Capital, was acquired for £49m, a premium of 43%.

“Clearly the stock market failed to recognise the true value of these profitable, cash generative businesses, while others grabbed the opportunity to pick up a bargain. With many other sub £100m market capitalisation companies on AIM also failing to attract much attention, there are plenty more takeover candidates out there,” Boxall added.

• Fundamental Asset Management offers an AIMsearch tool for investors to check on the Inheritance Tax qualifying status of all AIM companies: https://aimsearch.investorschampion.com.

https://aimsearch.investorschampion.com

For as long as ethical investment, or green or environmental has been around there has been confusion as to what the terms mean and an overriding impression that investors will have to forego returns for investing with their conscience.

Now the investment management industry has agreed a common language and clear product categorisation for responsible investment approaches to help savers better access and compare funds with a focus on environmental or social outcomes.

The Investment Association (IA), which has published industry wide definitions for responsible investment concedes that currently “…a variety of terms and phrases are used in different ways, which could leave customers confused or unable to find the investment opportunities to match their diverse responsible investment goals”.

The definitions aim to provide clarity and consistency for savers for terms such as Environmental, Social and Governance (ESG) integration, stewardship, impact investing, exclusions and sustainability focus and encourage fund managers to follow a set framework for implementation.

Definitions include: • Stewardship – the responsible

allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society;

• ESG integration – the systematic and explicit inclusion of material ESG factors into investment analysis and investment decisions;

• Impact investing – investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return;

• Exclusions – prohibition of certain investments from a firm, fund or portfolio. (Exclusions may be applied on a variety of issues, including to align with client expectations;

and to the level of: sector; business activity; product or revenue stream; a company; or jurisdictions/countries.); and

• Sustainability focus – investment approaches that select and include investments on the basis of their fulfilling certain sustainability criteria and/or delivering on specific and measurable sustainability outcome(s). Investments are chosen on the basis of their economic activities (what they produce/what services they deliver) and on their business conduct (how they deliver their products and services).

Chris Cummings, chief executive of the IA, said: “The agreement of industry-wide definitions provides consumers with much-needed clarity and choice. The investment management industry can now give its customers a clear picture of the opportunities available to them and the confidence that their chosen product matches their expectations. This is a new milestone in making it easy for people to choose a responsible investment.”

Consensus among fund managers is that things are different in the world of responsible investing which is less

about exclusions and more about a maturing market offering real growth.

Ben Constable-Maxwell, head of Sustainability and Impact at M&G, said: “Regulators are increasingly pushing for improved transparency from companies and investors, resulting in higher quality disclosure and reporting. While previously viewed primarily as about exclusions, ESG has evolved into more of a holistic approach: and companies are increasingly recognising the broader benefits of sustainability, such as improving their prospects for growth, lowering volatility of returns, and reducing the cost of capital.”

And investors – or consumers – drive much of the change in the market.

Esmé van Herwijnen, responsible investment analyst at EdenTree Investment Management, said: “Similar to the trends in the food and beverage sector, where we are seeing increased consumer consciousness over the origins and environmental impact of products, customers of investment providers are wanting to know what is in the fund that they are buying.

“That can be both through the companies that they own and their active engagement with these companies on ESG issues. It is important for asset managers to ensure this information is available, to allow customers to ask the right questions of their fund managers.”

Certainly, this is not a time for the responsible investing fund management industry to be complacent.

Neil Brown, fund manager, Liontrust Sustainable Investment team said: “We have a responsibility as an industry to be more transparent. Consumer behaviours show that people make different choices when armed with information, for example with our supermarket shopping and knowing where food has come from.

“There is still a lack of transparency around investments, and if people knew what was being done with their money then they may well make different choices.”


News>|

IA publishes responsible investment definitions

United Kingdom | ESG | Investment Association

“The agreement of industry-wide

definitions provides consumers with

much-needed clarity and choice”Chris Cummings,

The Investment Association


Comment>|

Tom Rosser | The Share Centre

Often used interchangeably – and perhaps incorrectly – with ESG (environmental, social and corporate governance) investing; impact investing concentrates on the positive externalities produced by a company’s products or services.

Capital is allocated to create a positive and measurable social and environmental impact as well as generate a financial return.

Both practices seek to identify companies with sound ESG practices in its operations, but for a company to qualify as an impact company it has to be doing something material in helping the world achieve its sustainability goals.

It challenges the long-held views that environmental and social issues are only to be addressed through philanthropic donations, while investing should focus on achieving financial returns.

Now, investors have opportunities to advance social and environmental solutions through investments which also produce competitive financial returns. In 2015, the General Assembly of the United Nations introduced 17 Sustainable Development Goals (SDGs), which requires considerable capital investment in order to meet.

Currently, we are not keeping pace. More money is needed to implement the SDGs, especially from the private sector and financial institutions who have the ability to reduce perceived risks and encourage other stakeholders to invest.

The Global Impact Investing Network estimated the impact investing market size at the end of 2018 at over $500bn in terms of assets under management.

Spread over 1,340 organisations

this indicates a significant amount of capital is at work to address the issues we face.

You only have to look at the surging demand and issuance of green bonds to see investors are increasingly seeking to allocate some fixed income assets sustainably. These help finance projects aimed at energy efficiency and pollution prevention.

One measure illustrating this is the ICE Bank of America Green Bond Index, which has grown from $55bn in 2015 to $345bn at the end of October 2019.

While measuring the impact of impact investing is a key challenge for investors, various new instruments for impact investing are being developed and measurement is becoming increasingly data driven. However it still relies on qualitative information to produce reliable results – which makes disclosure, transparency and accountability all the more important.

We are already seeing evidence of industry-wide systems, policy

influence and sector interventions all aiding in familiarising the impact investing narrative with investors.

The following funds invest to generate a positive impact, with some giving investors the ability to see what effect their investment can have.

M&G Positive Impact. The fund aims to deliver a higher total return than its respective benchmark over any five-year period by investing in companies with a positive societal impact through

addressing global sustainability challenges. Although the fund has been running just over a year, it has lived up to its name by strongly outperforming the IA Global sector.

The fund embraces the SDG

framework and allocates capital to companies focused on six key impact areas which are aligned with the SDGs.

With a wealth of expertise at the helm, and reasonable growth in assets and share price shown so far it will be an interesting one to watch in the coming years.

Montanaro Better World. The fund looks to invest in high quality companies, whose products or services are aimed at generating positive societal and environmental impacts, with an emphasis on strong ESG practices.

The fund has fared well – outperforming the sector since its inception in April 2018. From its 2019 Impact Report, it indicates that a £1m investment can help treat 200,000 gallons of water and provide 3,000 people access to healthier foods.

While this may be a very large investment, scale this down and you can start to see the impact your money can have.

FP WHEB Sustainability fund. The single global equity strategy of a specialist fund management business focused entirely on environmental and sustainable investing, seeks to invest in companies providing solutions to sustainability challenges. The team is one of the most experienced in the sector and mould the investment universe around the identification of four mega-trends: resource scarcity; ageing population; rising population/living standards; and globalisation.

Having been around a bit longer than the other funds, WHEB has a track record of producing reasonable market rate returns. In 2018, they reportedhaving avoided 218,000 tonnes of CO2 and recovering or recycling 49,000 tonnes of waste through its investments.

Tom Rosser is an investment research analyst at The Share Centre.

How your investments can make a real impact

“For a company to qualify as an impact company it has to be doing

something material

in helping the world

achieve its sustainability

goals”


“Value is dead, long live growth” is being shouted from the towers of high finance these days, particularly if those towers are occupied by growth managers.

We disagree. A simpler explanation for value shares’ decade-long underperformance is that their starting valuations were high relative to history. Sentiment moves in cycles and value shares now look cheap once again. We view this questioning of value’s relevance as a condition of its success, not proof of its failure.

Over multiple decades, value investing has worked remarkably well. Over the last decade, it has not, leading to relentless outflows from value managers.

However, when you look at the long-term performance of value against growth in the US stock market it is perhaps surprising that investors have lost faith as value has outperformed growth most of the time over the past 90 years (see Figure 1).

There have been some periods where value has performed poorly. Table 1 shows the eight largest prior periods of value underperformance, measured peak to trough relative to growth.

Four of these periods were during the Great Depression; two were during oil crises; and two were during bubbles (Japan and Tech bubbles).

The current period still needs a label but given the amount of money created in the last 10 years we could

perhaps name it “Money Bubble”.

So, if this is the death of value, then it has suffered a similar fate many times before. The current period is unusual in one respect: it has been an extraordinary slow death lasting 148 months so far, compared to 26 months on average for prior occasions.

However, growth managers will argue that this time it is different because technology and low interest rates have changed the environment permanently.

TechnologyThe technology argument suggests that because technology is developing so fast, lower-quality value stocks are having their competitive positions eroded at an ever increasing pace while higher-quality companies, who own more of this technology, expand their lead.

This is certainly not what the data suggests.

If we are creating new technology faster than previous generations and that technology is genuinely

useful (i.e. productivity enhancing), then we would expect real GDP per capita to be growing faster than in the past.

There is a real problem with this, because rapidly

evolving technology has been a characteristic of the past 100 years. There is no sign that the growth rate we are experiencing today is any faster than in the past.

Interest ratesThe argument that growth should beat value when interest rates fall is quite persuasive.

Growth stocks are more interest rate sensitive than value stocks because their cash flows are further out in time, and hence more sensitive to the discount rate used.

Is value really dead? Graeme Shaw | Orbis Investments

Comment>|Va

lue

prem

ium

0.1

1

10

100

1930 1950 1970 1990 2010

Figure 1: US value vs growth

Source: Kenneth French, Center for Research in Security Prices, Orbis. Relative return series calculated from the monthly return of a portfolio of high book-to-price US stocks compared to the monthly return of a portfolio of low book-to-price US stocks, rebased to 1 at July 1926.

Table 1: Previous periods when value underperformed growth Relative drawdown Subsequent relative performancePeak Trough Months Peak 1 year 2 year 3 yearAug 1933 Mar 1935 19 -43% 44% 86% 44%Aug 1998 Feb 2000 18 -41% 66% 90% 91%Mar 1937 May 1940 39 -36% 20% 31% 90%May 1927 Dec 1931 56 -34% 30% 72% 38%Aug 1932 Dec 1932 4 -33% 32% 6% 15%Jul 1979 Nov 1980 16 -28% 28% 41% 61%Mar 1989 Dec 1991 34 -25% 22% 43% 42%Aug 1970 Jun 1972 22 -18% 27% 48% 54% Average of first eight 26 -32% 34% 52% 54%Dec 2006 Aug 2019 154 -40% Source: Orbis and Kenneth French, Centre for Research in Security Prices. Relative return series calculated from the monthly return of a portfolio of high book-to-price US stocks compared to the monthly return of a portfolio of low book-to-price US stocks, large- and smallcap shares.

“If this is the death of value, then it has suffered a similar fate many times

before”


Comment>| Graeme Shaw | Orbis Investments

So theoretically value should beat growth when rates rise and vice versa.

One does, however, have to be a little careful with investment theories, so before believing this argument about duration we should check the data.

At a big picture level, Figure 2 suggests that there is not a strong relationship between interest rates and the performance of value vs growth.

From January 1946 to September 1981, bond yields rose from 1.6% to 15% and value outperformed growth by 4.5% pa. But then from September 1981 to June 2003 (the low point for interest rates prior to the financial crisis), bond yields fell from 15% to 3.3%; and value outperformed growth by an almost identical 4.7% pa. So in one of the largest periods when interest rates rose and when interest rates fell in the past 500 years, there is barely any difference in the annual rate with which value beats growth.

If value has underperformed for no particularly good reason then we might guess that now would be a particularly good time to become a value investor, as was the case during the tech bubble era.

A simple way to estimate when value might potentially be cheap is to look for periods where value has performed poorly in the past, and then test to see if this is followed by attractive future performance.

What you find in Figure 3 is that when trailing

five-year returns have been poor, subsequent five-year returns have been above average on seven out of the nine occasions this occurred, positive on eight occasions and negative only once.

Conversely, when trailing five-year returns have been high, subsequent five-year returns were below average on four out of five occasions and were negative on three of these five occasions.

So, if we look back to the 2006/2007 period, value had experienced the best five-year performance in nearly 100 years.

It was therefore not surprising that growth performed unusually well from that starting point. When you look at where we are now, value has experienced one of the worst five-year periods on record, and in our view history suggests that it is due to outperform from here.

So maybe value is not dead, but it has been wounded by investors’ rush to bond proxies and long-term momentum stocks – both of which have higher weightings in growth indices rather than value.

Today, momentum stocks are close to the most expensive they have been relative to history.

Just another cycleValue has a long history of outperforming growth and investors should require a strong argument before accepting the unusual performance

since 2006 as a permanent fixture.

Falling interest rates and unusually rapid technological development are often cited as reasons for growth stocks permanently outperforming value shares in the future.

When you look at the data, you find that technology has not achieved a growth rate faster than what was achieved historically, and that historical return differences between value and growth have not been sensitive to large changes in interest rates.

Thus our conclusion

is that “this time it is not different”. A far simpler explanation is that market momentum has now carried the trend to a point where growth stocks look expensive and value stocks look cheap.

This pattern is a recurring theme in the stock market: what begins in truth ends in farce. That is why we have cycles and this time around we believe the cycle is offering investors a real opportunity in value stocks.

Graeme Shaw is an investment counsellor at Orbis Investments.

Rela

tive

retu

rn

0

2

8

32

%

0

5

10

15

1930 1950 1970 1990 2010

Relative return of US valuevs growth shares (LHS)US 10-year bond yield (RHS)

Figure 2: Interest rates and the performance of value vs growth

Source: Kenneth French, Centre for Research in Security Prices and Orbis. Relative return series calculated from the monthly return of a portfolio of high book-to-price US stocks compared to the monthly return of a portfolio of low book-to-price US stocks, large- and small-cap shares.

% p

a

1930 1950 1970 1990 2010-10

0

10

20

5-year subsequent return5-year trailing returnAverage 5-year forward return

Figure 3: US value/growth: 5-year lagging returns and 5-year future returns

Source: Orbis and Kenneth French, Centre for Research in Security Prices. Relative return series calculated from the monthly return of a portfolio of high book-to-price US stocks compared to the monthly return of a portfolio of low book-to-price US stocks, large- and smallcap shares, rebased to 1 at July 1926.

“if we look back to the 2006/2007

period, value had

experienced the best five-year

performance in nearly 100

years”


January is the month when millions of Britons rush to meet HMRC’s deadline for submitting their online self-assessment tax returns.

Those who are late face an immediate fine of £100 (though some excuses are permissible, like serious illness or the death of a spouse, civil partner or close relative). The fines escalate after 30 days, so it is worth getting on with it.

If completing a tax return is a pain, then paying the bill can hurt even more. These tips might help reduce it.

Get your income rightA number of expenses can be subtracted from your total income, creating what is known as your “taxable income”. Those who work from home or are self-employed may be able to offset expenses necessary to the running of their business against their income.

Those who are employed may be able to deduct the cost of petrol if their employer does not provide a mileage allowance, or if the amount provided falls short of HMRC’s approved mileage rates. Commuting to work is unlikely to count.

You may be able to offset the cost of repairing or replacing small tools necessary for your job, or for cleaning, repairing or replacing specialist clothing (like a uniform or safety boots). You can reclaim tax for up to five years’ uniform expenses, which could add up to several hundred pounds. Ordinary working clothes do not count and,

“You can reclaim tax for up to five years’ uniform

expenses… Ordinary working clothes do

not count and, HMRC tell us, nor did one

person’s claim last year for £45 towards woolly

underwear”Charles Calkin, James

Hambro & Partners

It is tax return time – use your allowances

Charles Calkin | James Hambro & Partners

Comment>|

HMRC tell us, nor did one person’s claim last year for £45 towards woolly underwear!

Income from investments also has to be included in your ‘taxable income’ figure, but again there are allowances to mitigate this. For instance, we each have a £2,000 dividend allowance. Income from ISAs, National Savings Certificates and premium bond or National Lottery winnings are tax free.

The first £1,000 of income

from property you own is tax-free – this is known as the “property allowance”. If you rent a room in your house, where the gross rents are less than the rent-a-room threshold (currently £7,500) the income is exempt from tax and does not need to be reported to HMRC.

Gift aid benefitsMake a note of all the donations you have made to charities in the year through gift aid. As I discussed in some detail in last month’s column, higher-rate (40%) tax payers can claim back 20% on all gift aid donations

made during the tax year. Additional rate taxpayers can claim 25%. This can be offset against your income tax bill.

Pension allowance Higher-rate and additional-rate taxpayers can claim tax relief at their marginal rate on their pension contributions but only the basic-rate tax relief of 20% is added to pension contributions by providers at source. It means these taxpayers must remember

to claim back the extra relief in their tax return. It is estimated that high earners lose out on hundreds of millions of pounds of relief every year by forgetting to do this. You can backdate claims from the three previous years too.

Marriage allowanceMany couples also miss out on ‘marriage allowance’, which can be worth up to £250. This allows you to transfer £1,250 of your tax-free personal allowance to a higher-earning spouse or civil partner. The lower earner must normally have

an income below their personal allowance, usually £12,500, and the higher earner should be a basic rate taxpayer. You can backdate claims to 5 April 2015.

Tax-friendly investment schemesAn effective relief for some people is the Enterprise Investment Scheme. The scheme is aimed at wealthier, sophisticated investors, often with a greater appetite for risk, allowing them to invest up to £1m in qualifying small companies in any tax year and receive up to 30% tax relief on this sum.

A similar scheme called the Seed Enterprise Investment Scheme allows people to invest up to £100,000 a year in early-stage companies and receive initial tax relief of 50% on their investments.

Other so-called venture capital schemes include Social Investment Tax Relief, which allows investors to claim 30% tax relief on up to £1m invested in certain socially focused organisations, and, finally, 30% tax relief on up to £200,000 invested in Venture Capital Trusts, which raise money to invest in early-growth companies.

Ask for helpFilling out a tax return remains difficult. It is worth considering hiring an accountant, who will ensure you are claiming back the maximum allowed relief.

Charles Calkin is a financial planner at James Hambro & Partners.

Technology has changed the world. But to keep your finger on the pulse, we believe it helps to be in touching distance. The award-winning Allianz Technology Trust offers the seasoned, long-term investor access to the complex, fast-moving world of technology, but with the reassurance that investment decisions are made by an experienced manager and team based in San Francisco. That puts them in close proximity to Silicon Valley, where many of the world’s key technology companies are headquartered. The team takes full advantage of its location, capitalising on the research resources of Allianz Global Investors to seek out major trends ahead of the crowd, and enjoying close and regular contact with the tech companies we identify as having the potential for long-term growth. So if you’ve taken appropriate advice and are wondering what technology could do for your portfolio, call or visit us online.

A ranking, a rating or an award provides no indicator of future performance and is not constant over time. Past performance is not a reliable indicator of future returns. You should contact your financial adviser before making any investment decision.

0800 389 4696 www.allianztechnologytrust.com

This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk).

Allianz Technology Trust PLC

AT THE HEART OF THE CUTTING EDGE

INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.

Technology has changed the world. But to keep your finger on the pulse, we believe it helps to be in touching distance. The award-winning Allianz Technology Trust offers the seasoned, long-term investor access to the complex, fast-moving world of technology, but with the reassurance that investment decisions are made by an experienced manager and team based in San Francisco. That puts them in close proximity to Silicon Valley, where many of the world’s key technology companies are headquartered. The team takes full advantage of its location, capitalising on the research resources of Allianz Global Investors to seek out major trends ahead of the crowd, and enjoying close and regular contact with the tech companies we identify as having the potential for long-term growth. So if you’ve taken appropriate advice and are wondering what technology could do for your portfolio, call or visit us online.

A ranking, a rating or an award provides no indicator of future performance and is not constant over time. Past performance is not a reliable indicator of future returns. You should contact your financial adviser before making any investment decision.

0800 389 4696 www.allianztechnologytrust.com

This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk).

Allianz Technology Trust PLC

AT THE HEART OF THE CUTTING EDGE

INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.


Charity>|

L ast year alone over £10bn was donated by UK households to good causes.

And as recently as October, it was revealed that the UK was the seventh most generous nation in the world over the last decade.

Armed with such a strong appetite to give back, sometimes the hardest part of charitable giving is the getting started.

Philanthropy can be a grandiose word for some, but at its heart, it is simply about finding the perfect fit for your good intentions and generosity.

At the Charities Aid Foundatione, we work with thousands of people each year to make sure they find causes that match what they are trying to achieve. Whether you are thinking about donating a considerable amount of money or a small nest egg that you want to ensure is put to good use, we have pulled together a few thoughts to get you started.

Who gives to charity?Most people in the UK give to charity in some way, but our research tells us that women and older people are the most likely to engage in charitable and social activities.

Only 10% of women in the UK have not taken part in a charitable activity in the last year. Pensioners are also highly engaged with charities; among all adults aged 65+, only 8% have not done something charitable within the last 12 months.

What do people give to?Of those who have donated money to charity within the last month, 26% gave to charities supporting children or young people; and 26% also gave money to animal welfare charities. Medical research was the choice of 25% of donors; while 20% gave to hospitals and hospice charities.

Overseas aid and disaster relief donations saw a spike in 2017, likely due to the number of large-scale international disasters that year including the Rohingya

crisis, Hurricanes Harvey and Maria and the earthquake in Mexico.

How to startThis is a great time to ask yourself a few questions about what motivates you to give in order to decide where to make your contribution: • Where have I spent my time

and money in the past and why?

• What upsets me about the

A time of gifts

As the season of giving shades into one of new resolutions, many people’s thoughts turn to charity without knowing how best to go about it. Joanna Walker explains how to make your philanthropic instincts count

world today and what would I like to improve?

• What long-term change would I like to see as a result of my giving?

• Do I have specialised skills or networks that I can draw on in addition to my giving? (For example, if you are a financial adviser and want to help a small charity local to you, you may be able to give your time to provide professional financial advice free of charge.)


Charity>|

These questions should help single out where your interests lie

and perhaps separate out causes that you may have supported in the past, but which no longer match your goals or what you’re

truly interested in.

How much should I give?

This is a highly personal decision. You should only contribute an amount that you can afford and feel comfortable with giving. Charities are grateful

for any financial support a donor provides, and money is only one piece of a much bigger puzzle. Some people are able to

introduce their own network of friends, neighbours and colleagues to the work of a great

charity and some can provide professional services such as accountancy on a pro bono or discount basis – a strong example of giving that does not necessarily involve a wallet.

How you can help Take an example of someone who wants to

improve women’s rights by giving to charities that

work in this area. It is useful to think about what you want to achieve. Do you want to help an organisation close to home where you can be more hands-on? Perhaps supporting women from disadvantaged backgrounds in your local community into training or employment?

Or perhaps you want to take a more national or international view and press for major political or legal changes. It could be that you would like to see overseas aid used to help educate women in the world’s poorest countries. In which case, a charity that has a strong background in advocacy and campaigning might be the best fit.

You may also want to identify where important issues affecting women’s rights are being neglected or underfunded, or where road-blocks to progress might be most acute.

Pinpointing what you foresee

as the result of giving your time and resources is helpful across a host of issues. Whether you are interested in helping to find a cure for cancer, eager to save the Amazon Rainforest or offer opportunities to vulnerable young people, it is vital to recognise how you personally want to help.

Finding the right charities There will, inevitably, be a wide range of charities out there who are involved in the type of problem you are eager to help solve and it’s important to work out which one is your best fit.

This is the point where we suggest to clients that they identify the charities that implement their programmes – essentially deliver their good work – based on underlying evidence, ideally produced elsewhere.

If, for example, you want to help protect endangered rhinos, then a charity that only produces accounts of its work in-house, claiming to save dozens of rhinos a year without independent verification is not the type of organisation you want to work with. It is much better to choose a rhino charity that has audited financial statements and is cited by other leading organisations for the results it has achieved.

Support from respected national governments and international bodies such as the United Nations is also a bonus.

As a donor, evidence is the best way to ensure your donations are effective. It brings both objectivity and rigour to your decision, while reducing the chances of any misunderstandings about the charity’s work – something that can happen when we rely on anecdotes and word of mouth rather than concrete evidence.

Types of donationsWe often see donors who prefer to make what are known as restricted grants – essentially a pot of money directed towards a specific programme or project over a set period of time.

Taking the rhino example, it could be that people direct their donations towards a specific breeding programme in Tanzania. This approach helps connect donors to the cause and gives them a clear vision of how their donation is working.

However, for some charities – especially smaller ones – this can inadvertently create a problem. Donations that are restricted can damage small charities’ ability to monitor their work – an essential part of providing us with that vital evidence of how they operate.

A charitable legacyOne of the ways you can create a lasting relationship with your favourite charity is to leave them money in your will.

For example, a donor who is passionate about alleviating child poverty in Birmingham might want to create a charitable legacy.

There are a couple of ways to go about this.

The donor could leave several different pots of money in his/her will to different charities that work with young people in Birmingham. This would require documentation for each individual legacy and can take a fair bit of both time and paperwork.

Alternatively, they can work with a charity that offers legacy services and identify the charities they would like to support, or if they are not sure, legacy advisers can connect them with charities that will achieve their mission. The donor’s wishes can then be condensed into a Letter of Wishes that will act as a roadmap to putting them wishes into action once they passes away. The aim is clearly stated and can be achieved with minimal fuss.

There are experts to support your giving, to help define the sort of problems you want to solve, which charities fit the bill, establish how much you want to give and how to get involved. Get help and give help.

Joanna Walker, is head of private clients at the Charities Aid Foundation.

WI


This year has been another rollercoaster for global markets, rocked

by the on-and-off trade war between China and the US and the uncertainty surrounding Brexit negotiations closer to home, as well as fears about slowing global growth.

This has been particularly positive for safe-haven assets such as gold, which tend to become a place of refuge for investors during times of market stress. In September, the price of gold bullion rallied some 21% to a multi-year high of around $1,550 per ounce.

Recent months, however, have seen global tensions calm amid hopes for a resolution of the trade war, while UK

2019 began as very positive for gold, as geopolitical events spooked investors and sent them running towards safe havens. Can we expect another year of stellar returns from the shiny metal or is it time to sell? Anna Fedorova reports

GOLD Can it continue to glitter or is it set to lose its shine in 2020?

Commodities>|

investors enjoyed a brief respite from Brexit troubles after the deadline was pushed back once again. Consequently, the price of gold retreated back below the $1,500 level.

The near-term outlook for gold remains relatively bleak as it stumbles around the $1,450 mark, according to Craig Erlam, senior market analyst at broker OANDA.

In a note on the 29 November, he said the precious metal is “…still looking vulnerable to further downside action, with a break below $1,440 potentially being the catalyst for another sell-off, at


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which point $1,400 becomes a key level of interest”.

However, going into 2020, gold is likely to see further strength and could hit new multi-year highs, according to some market experts.

Sheridan Admans, investment manager at The Share Centre, expects gold to breach its recent peak of $1,550 once again in the coming 12 months before pushing to around $1,600.

Others are even more bullish: John Leiper, head of portfolio management at Tavistock Wealth, sees gold rallying to $1,700 per ounce next year; while David McAlvany, CEO of Vaulted and McAlvany ICA, predicts an even more astronomical rise.

“If troubling trade relations or a global economic trajectory deteriorates, and central banks are unable to alleviate fears, the journey to the old highs of $1,920 will be a short one,” he said.

“Thereafter, competitive devaluations could open the door to a target roughly twice the inflation adjusted price of the metal …$4-5,000 per ounce.”

Catalysts for growthThere are a number of reasons gold can be expected to glitter once again in 2020, according to experts. A weaker dollar and rate cuts by central banks across the globe are both positive for the precious metal, said Admans.

In fact, the interest rate swap

market is pricing in 58 cuts over the coming 12 months.

Steven Jon Kaplan, CEO of True Contrarian Investments, predicts gold will approach its all-time peak of 1919 next year, driven by a lower US dollar and a surprise rise in inflation.

He added: “It is also the case that gold tends to outperform when the Russell 2000 has been in an extended downtrend. The Russell 2000 had topped out at 1,742.0889 on 31 August 2018 and even with the recent rebound remains well below that level. This should be positive for gold for perhaps one year.”

Another tailwind is the rising demand from central banks, especially those of emerging market countries such as Russia and China.

“They have been significantly increasing gold reserves in recent years in an effort to diversify away from the US dollar as tariffs and protectionism remain on the political agenda,” Admans said.

“It is also worth considering rising negative yielding bonds, gold is negatively correlated to interest rates so in a negative interest rate environment gold should shine.”

Meanwhile, continued political uncertainty, an ongoing trade war and an upcoming US presidential election are likely to keep investors on their toes next year, meaning gold will likely retain its safe-haven appeal, according to Ben Yearsley, co-founder of Fairview Investing.

He added: “Quite often gold performs well two or three years in a row so on that basis 2020 could be decent.”

To hold or not to hold?Based on these positive views and against a shaky global backdrop, most commentators advocate holding gold in portfolios for protection and diversification purposes.

Carsten Menke, head of Next Generation Research at Julius Baer International, said: “Gold typically performs well in such

The gold story of the year gone by At the beginning of 2019 What Investment looked at the outlook for a rise in the gold price after a long conversation with Sharps Pixley, one of London’s most well-known bullion dealers.

Gold is often said to be a store of wealth in times of fear, but as it pays no dividend or income, some private investors are not too keen on it as an investment.

Twelve months on, any readers who took up our suggestion to look at putting a bit of money into gold would be looking at double digit returns.

The investment bank Goldman Sachs has kept its 12 month forecast for gold at $1,600 per troy ounces, saying investment demand will be supported by fears of recession and political uncertainty.

Gold gained about 14% in 2019, its biggest annual rise since 2010, but down about 6% from a six-year peak of $1,557 an ounce in early September, according to the Reuters news agency.

Goldman, in a note dated 6 December, attributed this fall to rising global ‘risk’ appetite on an easing in US-China trade tensions and a strong US labour market.

However: “Without a major growth acceleration, recession fears are likely to remain elevated supported by a low unemployment rate and an inverted yield curve,” it added.

The US bank predicted a small depreciation in the US dollar, which should make gold cheaper for holders of other currencies in 2020. It also expects political uncertainty due to prolonged trade tensions and the US elections, which should drive demand for gold.

Geopolitical uncertainty is already translating into greater gold demand, Goldman said, adding that 2019 will likely be a record year for global central bank buying with a target of 750 tonnes combined purchases.

“Next year, we see central bank purchases slightly below 2019 but likely to remain elevated due to high geological uncertainty, a low level of interest rates globally and a low share of gold in a number of emerging market central bank reserves.”

The end of November saw the Polish government move its store of gold out of the Bank of England vaults in London back to Poland; and during 2019 the monetary authorities in China were regular buyers of gold, as was India.


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an uncertain environment and should we experience some setback in the equity markets, it should benefit as well.”

According to Adrian Ash, director of research at peer-to-peer exchange BullionVault, over the long term gold is one of the best diversifiers against global equities.

“On a five-year horizon, gold has risen 98% of the time that the US stock market fell from a half-decade before,” he said. “The figure for gold priced in sterling versus the FTSE All-Share (price index) is 96%.”

The Share Centre’s Admans believes as much as 10% of a well-diversified portfolio should be dedicated to gold to “reap the rewards”.

“I think this is a must,” he said. “Gold tends to respond positively to events that cause the value of fixed income and equities to fall. While gold does not provide an income/cash flow over the long term it has maintained its purchasing power despite short-term volatility in the metal.”

He noted that over the past 15 years, gold has had a compound annual growth rate of 8.82% versus 6.52% for the S&P 500 index, and has achieved this with lower annualised volatility.

What could derail the rally?Not all markets participants are bullish on the outlook for gold.

Rupert Thompson, head of research at wealth managers Kingswood, said: “We see little reason to expect the gold price to rise any further following its strong gains of late as we believe the global economic environment should improve somewhat.”

On the back of similar expectations, Marcus Garvey, commodities strategist at financial services group Macquarie is expecting gold prices to “to consolidate in the low-mid

$1,400 per ounce area” in 2020, which he believes will give investors an opportunity to top up their holdings “before prices move higher in 2021/22”.

At the same time, the possibility that the price of gold will plummet more significantly still remains.

BullionVault’s Ash said: “While gold has been used as money throughout history, it does not pay a yield. So its price can be very sensitive to interest-rate expectations.”

The most likely reason for a collapse in the gold price, according to Kingswood’s Thompson, would be “…a major improvement in the global economy triggering a sizeable rebound in bond yields”.

“Gold pays no interest and investors would very likely switch out of gold into government bonds if the latter started to have a more attractive yield again,” he added.

However, Scott Spencer, a manager in BMO GAM’s multi-manager team, believes the long-term supply and demand dynamics for gold remain strong: “If we see emerging market banks no longer being buyers, that would be more of a concern for us,” he said.

How to invest?If you choose to make an allocation, the key question is, what is the best way to gain exposure?

Investors have a number of options: buying physical bullion, investing in an exchange-trade vehicle called an exchange-traded commodity (ETC) or buying an open-ended fund that invests in gold miners, such as BlackRock Gold & General.

Spencer prefers owning direct physical gold rather than allocating to a fund that invests in gold miners.

This is because of the risk that gold miners could behave like equities in a major sell-off and therefore add volatility to a

portfolio, rather than dampening it through diversification.

He allocates through the iShares Physical Gold ETC, the largest and most liquid product on the market, and therefore also one of the cheapest at a total expense ratio of 0.25%.

ETCs tend to track the LBMA London Gold Market Fixing Price index, providing investors with a return equal to the movements in the gold spot price, minus management and storage fees.

Owning an ETC instead of physical bullion has the advantage of being easier and more secure to hold, without the need to pay for storage. It can also be owned within an ISA or SIPP, meaning the returns are tax-free.

However, BullionVault’s Ash added: “Although 2019 saw strong growth in gold-backed ETF positions, outright holdings of physical bullion have also increased as private investors and intermediaries look at broader risks, whether jurisdictional or trading related.

“The risk of exchange controls cannot be discounted as state finances struggle to meet ever-growing political promises.

“Because gold trades in a global market, its sharpest price moves can come when local stock markets are closed.”

But when it comes to UK-based investors, Yearsley believes an ETC may not be the ideal option given the recent volatility of sterling. Instead, his favourite way of gaining exposure is through the Merian Gold & Silver fund.

“It’s unusual as it invests in both gold shares (i.e. gold miners) and also physical gold,” he said.

“Ned Naylor-Leyland, the fund’s manager does seem to live and breathe gold. When he is feeling more defensive there will be more physical in the fund; and when bullish more gold equities.”

BMO’s Spencer added it is worth being aware of the gold allocation within other funds in a portfolio. For example, he holds the Majedie UK Focus and Majedie Tortoise funds, both of which have small allocations to gold.

“Competitive devaluations could open

the door to a target

roughly twice the inflation

adjusted price of the metal …$4-5,000 per ounce”

Sheridan Admans, The Share Centre


able to access funding from other sources.

Octopus Investments for example, the largest VCT provider in the UK, invested £43m into 15 new smaller companies last year.

One example is Cazoo, which is aiming to transform the way people buy used cars in the UK. Cazoo was founded by Alex Chesterman who previously founded Zoopla Property Group, another company that Octopus invested in in 2008, and which was the first VCT backed business to reach a £1bn valuation.

Companies in the OctopusVCT portfolio created more than 700 more new jobs in 2018 adding to more than 2,000 jobs created in the previous three years, showcasing the valuable economic benefits that VCTs provide.

It so happens that the tax reliefs that come with a VCT investment have the added benefit of offering an alternative way to build up your retirement portfolio for those that are comfortable with the risks.

What are the risks?Of course, you need to recognise that investing in a VCT is not without risk.

VCTs are considered high risk and are not suitable for everyone. They invest in smaller, less established companies. The value of a VCT investment, and any income from it, can fall as well as rise and you may not get back the full amount invested.

As well as the risk of loss, you should also remember that the share prices of VCTs can move around more than other companies you will find listed on the main market of the London Stock Exchange. They may also be harder to sell.

It is important to note that tax treatment depends on individual circumstances and may change in the future. Tax reliefs will also depend on the VCT maintaining its qualifying status.

Paul Latham is managing director at Octopus Investments.

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R ecent restrictions on pension contributions have encouraged many

higher and additional rate taxpayers to turn to venture capital trusts (VCTs) when planning for retirement.

While VCTs have always been valued for their usefulness in tax planning, and for offering exposure to growing UK businesses, years ago they used to be considered niche. Now they are becoming more mainstream, as higher earners look for tax-efficient ways to complement their pension and ISA allowance through additional investments.

The limits on your pension potThere are additional charges incurred if you put too much in your pension – both within a tax-year and in your lifetime. This means there is a point at which your pension loses its tax-efficiency. When you exceed your annual allowance you lose the upfront tax relief. High earners could be limited to as little as £10,000 for the annual limit they can put into their pension.

There is also the lifetime allowance. This limit sits at £1.055m for the 2019-20 tax year, compared with £1.8m just a few years ago.

When your pension exceeds the lifetime allowance, contributions can incur an additional tax charge when you retire. The tax rate of the additional charge depends of whether the excess is paid as a lump sum, where it is taxed at 55%, or as income, where it is taxed at 25% (tax is then payable

on the income received at marginal rates).

Little wonder then, that many investors have turned to alternative tax-efficient ways to plan for their retirement.

An incentive to back smaller businessesIn 1995, the government set up VCTs to encourage investors to invest their money in higher risk, early-stage UK businesses. To help encourage this behaviour, VCTs offer tax reliefs on investments up to £200,000 each year.

You can claim up to 30% upfront income tax relief on a VCT investment, provided you

hold the investment for five years. And there is no tax to pay on any dividends or capital gains.

If you are concerned about being affected by the tax treatment of oversubscribed pensions, a VCT can be a tax-efficient way to add to your retirement pot, alongside your pension and ISA. However, it is important to recognise that VCTs have a higher risk profile compared to your typical retirement planning investments. This is why we recommend

investors seek professional financial advice before making investment decisions.

Supporting the UK economySmaller companies create jobs, innovate and generate tax revenue for the government. But without significant investment, they would not have the same impact on our economy and without the capital may not be

Paul Latham examines the usefulness of venture capital trusts as an addition to pension savings

A key asset in flexible retirement planning

“It is important to recognise that VCTs

have a higher risk profile

compared to your typical retirement planning

investments”


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Finding the Goldilocks zoneStephen English ruminates on the role of the business founder and asks if it is possible to find one whose level of involvement is ‘just right’

The search for extra-terrestrial life is not normally my field. As

interesting as it is to speculate on whether we are alone in this universe, more earthbound concerns around earnings dividends will inevitably be more pressing for fund managers, even for those of the star variety.

So the news that astronomers have identified what they deem to be habitable planets many light years away might seem like an unlikely starting point for a discussion of founder interest in listed stock-market companies.

But there is a link, I promise. In attempting to classify

these exoplanets – planets from outside of our own solar system - scientists determine habitability by talking about a “Goldilocks zone”. That is, in order for a planet to potentially support life it should be neither too hot, nor too cold for liquid water, an essential building block for life, to exist.

Similarly, startups have a Goldilocks zone – one where the founder’s involvement is pitched “just right”.

Founder feelingInvestors generally like investing with those that have the entrepreneurial spark. This is the whole basis of angel investing. But further along any company’s evolutionary path, the importance of the founder to a business is sometimes overlooked.

A founder that is still in the business will be able to exert their influence on how the business runs. They will go above and beyond in ensuring the company is run along the right lines; they will not go on acquisition sprees just to play to their egos or to artificially inflate earnings. Nor do they tend to issue more shares; indeed, they are more likely to shrink the share capital rather than issue more.

And yet, while founder interest is on the whole a good thing, there are limits. Sometimes the underlying reasons for their success often account for a founder’s demise. They might end up believing their own press and become overly self-promotional. Or they can be too clever by half or too pushy about hitting targets.

Such traits will often be tied to the size of their holding and this is where I reach for the interplanetary comparison. A company where the founder controls and over-sized holding will be too close to the sun. Anything over the 30% mark rings warning bells for me.

Above that level, there is a tendency for a founder to believe they can do whatever they want, even if it is to the detriment of other shareholders. There are, however, some great examples of businesses that benefit from a founder that gets it right.

The first is a specialist recruitment firm that works

in niche areas such as tech, AI, robotics and life sciences. It was founded by Ian Temple who is also the chief executive and currently controls just over 12% of the shares. The company has net cash which by year end will represent 35% of its £18m market cap by year end.

Lok’n’Store is a self-storage group which is currently executing a strong store roll-out programme which offers abundant evidence of structural growth trend. Founded by Andrew Jacobs, who owns 19% of the company and, again, also performs the role of chief executive, Lok’n’Store trades at a 5% premium to NAV against the 40% for larger peers such as Big Yellow and Safestore.

Lastly, there is corporate finance house K3 which was founded by current executive vice-chairman Tony Ford who now owns just over 15% of the firm while the CEO John Rigby, who did not found the firm but has been in the post there since 2000, has another 18%. While the business had a stellar 2018, landing some large sizeable deals, these haven’t been repeated yet the underlying growth in its core business of matching buyers and sellers for sub-£50m businesses remains strong.

Stephen English is investment director at wealth managers Blankstone Sington.

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GCI_subsad.indd 1 13/12/2019 12:24


JPMorgan Funds – Emerging Markets Sustainable Equity FundPatrick Connolly, chartered financial planner at IFAs Chase de Vere, examines a fund taking an old name into a new market sector

The trend towards ethical investments, including ESG, responsible and sustainable investing, continues unabated as investment companies want to grab their share of what they see as a growing opportunity.

JP Morgan is recognised as an ethical investment company, but with this launch it is one of the first to offer a sustainable emerging markets fund, following the likes of BMO and Stewart Investors.

They conduct two separate exclusion screenings, the first removes unsustainable industries such as tobacco companies, weapons and fossil fuels, which you would not expect to find in any ethical fund. The second excludes unsustainable businesses and is based on a 98-question checklist of environmental, social and, particularly, governance factors. This checklist brings up red flags for negative outcomes and businesses with the most red flags are excluded. The stocks are then reviewed from a valuation perspective, with a tilt given in favour of companies with the fewest red flags.

There is no doubt that JP Morgan has extensive research resources in the Emerging Markets. This makes it particularly well equipped to manage emerging market equity funds and we use some of its funds in our client portfolios. Their size and strength also means that it

conducts its own ESG analysis, which it has since 2013, without having to rely on third parties. This is another positive factor.

However, we must not forget that investing in emerging markets is high risk, and some ethical investors may wish to see JP Morgan establish its ethical credentials over a longer period before considering investing.

I give it 3 stars.

Artemis Corporate Bond fund Darius McDermott, managing director, Chelsea Financial Services, reviews a fund headed by a highly regarded fixed income manager

Artemis has bolstered its fixed income range with the launch of a corporate bond fund under the management of Stephen Snowden.

The fund will invest in around 100 holdings, at least 80% of which will be invested in investment-grade corporate bonds (those deemed to be higher quality and with less risk of defaulting on their loans). The portfolio will also be able to invest in some high yield, government and emerging market debt and at least 80% of the portfolio will be denominated in, or hedged back to Sterling, so reducing the currency risk.

Snowden left Kames Capital for Artemis last year. His colleagues Juan Valenzuela, David Ennett and Stephen Baines made the move with him. Their colleague Jack Holmes joined the firm earlier this year. Snowden is highly regarded in the fixed income market. In his second stint at Kames, the Investment Grade Bond fund he managed returned 47.8%* between September 2011 and November 2018, compared to 40.6%* for the Investment Association Sterling Corporate Bond sector.

Snowden has an exemplary track record in his two decades managing fixed income funds. In my view this is an experienced pair of hands running a fund which will not be too different to his previous offering. The new fund will have an ongoing charge of 0.4% and individual bond selection will be key to adding value.

I would give it 4 out of 5 stars.

*Source: FE Analytics, total returns in sterling, 1 September 2011 to 30 November 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. Darius McDermott’s views are his own and do not constitute financial advice.

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

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exposure when compared to the international titans of the FTSE 100, so this move seems a little odd if investors have been fretting all year about political paralysis and Brexit risk. Looking more closely at the charts we can see this outperformance started in August, coinciding with the turning point in sterling which has also seen a meaningful rally since. This suggests investors decided UK pessimism was overdone at that point and have started to anticipate a different narrative.

Of course this move could well be reversed or reinforced by the outcome of the election, which takes place a few days after I write this. If it is reinforced, then it seems reasonable to expect at least a catch-up by the small cap segment of the market.

Political clarity might also rekindle the animal spirits in both business and the consumer which have been in hibernation for a few years now. In turn, this would provide for a more sustained run in small cap stocks.

It is unusual for the investor in me to be so interested in UK politics; but then these have been unusual times.

Cake BoxCake Box (AIM: CBOX) operates a franchised estate of 122 shops selling freshly made, egg-free cakes. There are lots of geographical gaps in the network and the aim is to open 24 outlets a year. However the six months to September saw only nine openings which caused a pull-back in the shares. Management remain confident of hitting their annual target with five shops opened so far in the second half, a further five being built and five more in the pipeline.

The company has opened new warehouse and manufacturing facilities in Bradford, which reduces the risk of being dependent on the main Enfield site and supports expansion in the North and Scotland.

There is net cash on the balance sheet and the franchise model means that the company can fulfil its roll-out plans while generating cash. The prospective p/e of 14x and 3% yield look attractive.

RecordRecord (LON: REC) is an institutional fund manager focused on the currency markets. It was founded by Chairman Neil Record in 1983 and has been listed since 2007.

Typical clients are large institutions for whom Record provides a tailored currency overlay. This might be a straightforward passive hedge to remove currency risk, an enhanced hedge which also seeks to add some value, or be a return-seeking mandate.

The latest period saw client numbers rise from 65 to 70 but revenue has been relatively static, partly due to ongoing fee pressure which is common across the industry.

Performance fees are hard to predict with none being booked in the latest half, though returns suggest that they should remain a feature.

The shares pay a healthy dividend with occasional specials. Last year saw 3.3p of earnings with an ordinary 2.3p dividend and 0.7p special. A maintained 2.3p ordinary dividend equates to an attractive 6% yield.

David Thornton is editor of Growth Company Investor (www.growthcompany.co.uk).

Stock Picks>|

A year ago we were mired in a nasty fourth quarter bear market which bottomed out on Christmas Eve. The AIM index fell 23% in just a few weeks from the start of October 2018 before Santa arrived to kick off a relief rally. However it has not been plain sailing since, with AIM continuing to lag the broader indices. The FTSE Small Cap index has fared a bit better, recovering 10% from those lows; but this is hardly anything to write home about.

Interestingly, the part of the UK equity market which has performed best subsequently is the FTSE Mid 250 index, which comprises stocks between £500m and £5bn in value. These are typically more domestic in their business

David Thornton is hoping that some sort of political clarity will fire up consumer and business spending and lead to the long-awaited catch-up by small caps

Growth Stocks to Watch

Cake Box: egg-free cake supplier is confident it will continue to close the geographical gaps in its market

http://www.growthcompany.co.uk


Stock Picks>|

New Year is traditionally the time when many people try and get their acts together: making resolutions to break bad habits or start good ones.

Today, many of our resolutions are focused around health and well-being, and with good reason. According to a 2014 survey from the Association of UK Dieticians, the average person in the UK can consume around 6,000 calories on Christmas Day – more than double the daily allowance. They also believe the average person can easily consume an additional 500 calories each day in December, equating to a 5lbs weight gain by 1 January.

Here are four investments taking advantage of the post-Christmas blues – and the subsequent health drive – of their customers.

Reckitt Benckiser – Liontrust Special Situations fundAfter a long night where many have had one (or five) too many, the next day can often be difficult, with headache relief a top priority.

Reckitt Benckiser is a British multinational consumer company which focuses on numerous areas, including consumer healthcare products such as Nurofen. It is also a top 10 holding in the Liontrust Special Situations fund*.

Liontrust co-manager Julian Fosh said: “Reckitt Benckiser has an excellent international distribution network – more than 40,000 employees operating out of 60 plus countries.

“Its brands help give Reckitt Benckiser significant pricing power: the ability to maintain prices and profit margins in a crowded and competitive marketplace. In other words, it possesses barriers to competition.”

Coca-Cola – Morgan Stanley Global Brands fundIt may not be the healthiest solution, but Coca-Cola is often the first port of call for numerous people who are attempting dry January. There are also Diet Coke, Coke Zero and other non-caffeine variants of the brand.

The company is a 3.6% holding in the Morgan Stanley Global Brands fund*. Laura Bottega, managing director and lead portfolio specialist on the fund said: “We think they have a fantastic team and have a CIO in James Quincy who really understands pricing power and what really matters in soft drinks.

“His team has changed from focusing on the volume it can sell to the price it can achieve for its sales. It has a great brand and is evolving into a total beverage company, rather than just Coca-Cola – for example moving into healthier areas like still water and orange juice.”

Gym Group – Unicorn UK Smaller Companies fundGym memberships soar in January, as people try to assuage the guilt of their Christmas excess.

Since launch in 2007, Gym Group has opened around 170 gyms and over 800,000 members. The company is a holding† in the Unicorn UK Smaller Companies

fund, managed by Simon Moon, who said: “Gym group is a market leader in low-cost gyms in the UK and has significant scope to grow through a self-funded roll out of new sites.

“The low-cost segment of the UK gym market is growing and taking share from traditional, higher priced offerings. In addition, UK gym membership penetration lags European averages, which provides support for further growth.”

Boohoo – ASI UK Ethical Equity fundIn January, the sales are in full swing with bargains aplenty. This includes online retailers like Boohoo, which specialises in its own brand of clothing. The firm has over 36,000 products and is a 3.2% holding in the ASI UK Ethical Equity fund*.

According to manager Lesley Duncan: “Boohoo’s sales run-rate remains high and on-track. We expect the strong sales momentum of around 25% plus to continue to be driven by overseas expansion and brand development.

“The firm is also capturing customers from different socio-demographics, following its recent deal with Karen Millen, which we believe will be a key driver of customer wallet capture and their ability to take market share from both the high street and online peers.”

Sources: * Fund factsheets, 31 October 2019; † FE Analytics, full holdings, 31 October 2019.

Juliet Schooling Latter is research director at FundCalibre. Her views are her own and do not constitute financial advice. 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 views expressed are those of the managers, are not statements of fact, and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment can fall as well as rise and investors may not get back the amount invested.

Four stocks to beat the January blues

Coca-Cola: a company that “really understands pricing power”, according Morgan Stanley managing director and lead portfolio specialist, Laura Bottega


Opinion>|

The CONSCIENTIOUS

INVESTOR

Patrick Thomas | Canaccord Genuity Wealth Management

Whether you are a conscientious investor who wants to save the planet or a Darth Vader-esque, climate change denier, investing is not an easy game. There will always be the disruptors in markets and investors do not usually see them coming. Take the big retail story – 15 years ago, who would have thought that a young contender like fashion retailer Asos would overtake British high street behemoth M&S? And it is not just stock picking that is tricky – with more funds available than actual stocks, selecting the right fund manager with the right companies in their portfolios is not easy either.

From an environmental, social and governance (ESG) perspective, the premise of stock – or fund-picking is problematic. Finding the companies that produce the product or service to solve the world’s problems is not easy. Neither is finding the fund manager who finds that company.

The thematic approachThematic investing is a good option for those of us that are not Mystic Meg. Thematic investing is about identifying a particular trend – like solar energy, cloud computing, or online education – and investing in companies that operate in that space. It means the likelihood of ‘picking the winner’ increases when you invest in a broader range of similar companies.

You probably want to pick a theme that has genuine longevity. Take smartphone adoption: different companies will be involved at different stages of the supply chain and different companies will succeed at different stages of the theme’s lifecycle (remember Blackberry?). This is why investing across the theme is a more sensible strategy than attempting to pick the winner.

An attractive by-product of investing like this is you move away from the traditional fund management approach of taking big bets on individual countries. Sustainable themes are inherently global in nature.

Thematic ESG investing involves two main approaches: multi-theme and single theme.

Multi-theme approach. Various funds offer a multi-theme approach linked to the 17 UN Sustainable Development Goals. The Baillie Gifford Positive Change fund is a concentrated, global equity fund with two objectives – to deliver attractive long-term returns and to deliver positive change by contributing toward a more sustainable and inclusive world.

The strategy invests in high quality large-cap growth companies which deliver positive social change in one of four areas: social inclusion and education; environment

and resource needs; healthcare and quality of life; and what it calls “base of the pyramid” (addressing the needs of the world’s poorest populations). Similarly, the Montanaro Better World fund’s goal is to deliver attractive returns by investing in small- and medium-sized companies that make a positive impact on the world. Holdings align to six themes that support the UN Sustainable Development Goals’ framework: environmental protection; low carbon economy; healthcare; innovative technologies; nutrition; and well-being.

Single theme approach. Investors

can also access more specialist strategies, which invest in a single

theme. Legal & General (L&G) has exchange traded funds invested in areas such as battery technology, cyber security and water. These are

constructed by teams of experts who advise L&G on the types of companies

who offer pure play exposure to the theme.

Pictet and Schroders have launched ‘smart cities’ funds, which invest in the infrastructure, technology

and logistics involved in making the world’s most populous cities

more environmentally friendly. Pictet has also launched funds investing in sustainable food

production. More recently, Candriam has launched a

strategy investing in ground-breaking oncology treatment.

The personal aspectThematic investing is not without its risks. For a start, it can result in a higher concentration in individual sectors – sector performance can vary and some are more volatile than others. It also often means more exposure to smaller-cap stocks, which are intrinsically more volatile than larger, more established companies. The key is to invest across a variety of themes that behave in different ways at different times.

Ultimately, thematic investing is an excellent way to align your personal values with an investment strategy and make a real difference to the world’s problems. It is also a nice way of making sure your portfolio is sensibly positioned for the next wave of disruption – wherever that is coming from.

Patrick Thomas is investment director and head of ESG investing at Canaccord Genuity Wealth Management (www.canaccordgenuity.com/wealth-management-uk).

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. This is not a recommendation to invest or disinvest in any of the companies or funds mentioned. Names of companies and funds are included for illustrative purposes only.

Want to save the planet? Choose your theme and stick to it…

http://www.canaccordgenuity.com/wealth-management-uk

http://www.canaccordgenuity.com/wealth-management-uk


volatility. Overall, a rise in US bond yields and concerns around weakening global economic growth, has resulted in increased risk aversion among investors.

Some parts of the market are experiencing a rotation away from ‘expensive’ growth stocks towards ‘defensive’ value stocks.

Naturally the continuing process of Brexit represents an additional uncertainty at present, with the more complex discussions around trading relationship in the future just getting started. It is quite possible that the arrangements will vary by sector, and they may yet fail to be agreed in their entirety.

Clearly there is potential for more geo-political shocks to come.

How all this plays out is anyone’s guess. I have always felt trying to predict these cycles or time the market is something of a mug’s game. So I remain focused on the individual companies we see before us, aiming to outperform across the full market cycle.

Partner Content

The approach I take to managing Fidelity European Values PLC is to look beyond the economic and political noise and concentrate on the real-life progress of listed businesses across this large and diverse region.

In running the Trust, I focus on researching and investing in stocks I believe can grow their dividends consistently, irrespective of the prevailing economic backdrop. History shows that these companies tend to outperform the market over the longer-term.

Since the launch of Fidelity European Values over 26 years ago, Europe has witnessed its fair share of political and economic upheaval. It is important to note though, that however significant changes might be on the political stage, the corporate sector carries on regardless.

Investment processI am naturally cautious and I am not inclined to take large bets against the market in individual sectors or countries, preferring instead to focus on companies which I believe will be able to outperform their competition over the longer-term.

My process is therefore built from the bottom up, looking at individual businesses, but keeping an eye on the wider market to avoid unexpected pitfalls.

On this basis I look to build

Sam Morse is Portfolio Manager of Fidelity European Values PLC

a portfolio of 50-60 attractively valued companies, with strong balance sheets and a track record in cash generation, which have the potential to grow dividends consistently on a three to five-year view.

This type of company offers a good combination of fundamental value and therefore downside protection, as well as good growth prospects likely to be identified by the market in future.

OutlookThe outlook for Europe remains uncertain amid heightened

Built to stand the test of timeSam Morse, Portfolio Manager of Fidelity European Values PLC,

explains why companies that can sustainably grow dividends tend to reward investors over time

Past performance is not a reliable indicator of future returns. The value of investments and the income from them can go down as well as up, so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. Overseas investments are subject to currency fluctuations. 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.This article is 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. UKM1219/25260/CSO9438/0520.


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CARPE DIEM

Back in early 2018 a well-known UK equity fund manager was asked

at a conference for financial advisers for his view of the UK stockmarket and whether or not it was a ‘buy’ on a valuation basis.

His reply yielded quite a few laughs: “It is about as unloved as a North Korean guide book.”

Behind the humour, his reasoning was simple. The UK was very out of favour off the back of the Brexit debate, which at that point had dragged on for ‘only’ 18 months.

Combine this with a variety of ‘patchy’ corporate results, some dividend cuts and a general malaise on the high street and it was easy to see why sentiment was in general a bit miserable.

The fund manager believed that as investors began to see UK shares were cheap compared to their US equivalents then money would come back into the sector. Add in his view that Brexit would be done by early 2019, and then the outlook was one which said shares were cheap.

His thinking was spot-on but he was about 12-24 months early – maybe longer depending on how long it takes for a conclusion of the UK’s departure from the EU.

There have been plenty of reasons to remain negative or fearful about the outlook for the UK stockmarket as we progressed through 2019.

UK EQUITIES LOOK CHEAP AND THE FUNDAMENTALS ARE STRONG.TIME TO INVEST? OVER THE NEXT FEW PAGES WE EXAMINE THE CASE, SUGGEST INVESTMENT APPROACHES AND TAP INTO THE EXPERTISE OF TWO LEADING FUND MANAGERS. INTRODUCTION BY LAWRENCE GOSLING

We saw notable dividend cuts from firms like Vodafone; a number of high profile companies going bust; a slowing of the economy; the protracted Brexit debate; and then the general election at the end of the year.

But in such a scenario a certain Warren Buffet quotation is worth remembering: “Invest when others are fearful.”

Companies are not valued on the public’s view of politicians, but on fundamentals –namely is their business growing, are they increasing the amount of cash they generate and are they doing the right things with that cash?

All the people we have spoken to in the course of putting together our view of the UK stockmarket are agreed – there are enough good companies listed on the London Stock Exchange, whose share prices are at attractive levels, to make it worth a plunge back into the market if you have stayed away for a few years.

Many readers hold the bulk, if not all, of their stockmarket investments, in UK-listed funds and companies so the advice is simple: stick with what you have and, if you can, invest a bit more.

And after all, the UK stockmarket performed quite well in 2019 – it just did not feel like a very positive investing year.

Maybe that is another thing we can blame on politicians!

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Investors have not been queuing up to buy UK stocks over the past few

years. They have largely been disinterested in UK-focused businesses at a time when many companies have experienced weak consumer and business confidence.

The end result has been low company valuations across a range of sectors. Those valuations, however, do not correspond to what has been an encouraging performance from the UK economy. A number of measures, such as employment levels, inflation and wage growth, suggest that investor apathy towards UK stocks may be misplaced.

Political risks, Brexit and a range of other challenges may remain during 2020. But now could be a good time to buy UK stocks due to them offering wide margins of safety. This could mean there are a wealth of buying opportunities for long-term investors.

Economic fundamentalsA wide range of data indicates that the UK economy is in a relatively strong position. For example, the unemployment rate reached a 45-year low in

2019. It currently stands at 3.8%, and has gradually declined since a post-financial crisis peak of 8.5% was recorded in 2011. This is indicative of an economy that is expanding and creating new jobs, which could gradually produce improving GDP growth.

Higher levels of employment may also lead to rising wages. Their growth rate reached an 11-year high of 3.9% in 2019. Crucially, wage growth is ahead of inflation. A continuation of this trend, spurred on by low unemployment levels, could lead to a rise in consumer disposable incomes on a real-terms basis.

Consumers may find that the pessimism they have felt over the last four years, according to the GfK consumer sentiment index, gradually subsides. They may increase their spending on a range of goods and services, thereby providing a tailwind for companies that operate in the UK. This situation is made more likely by an inflation rate that has been close to the Bank of England’s 2% target throughout 2019, and which is expected to remain at 1.9% during 2020.

A modest rate of inflation could dissuade the Bank of England from raising interest rates at a fast pace. The central

bank’s recent updates have suggested that it is likely to maintain a dovish stance on monetary policy, which could encourage growth in consumer spending. In turn, this may alleviate weak business sentiment that has been present during 2019, and could encourage a larger amount of investment in the UK economy.

The UK’s recently downgraded GDP forecasts suggest that growth of 1.4% is expected in 2020. This may be below the growth forecast for the US of 2.1%, but is ahead of other major developed economies such as Germany and Japan, forecast to grow by 1.2% and 0.5% respectively in 2020. Therefore, on a relative basis, the UK’s macroeconomic prospects may be relatively robust. This could mean that the sales and profitability of companies that rely on the UK improves in future.

Political changePolitical risks have contributed to weak investor sentiment towards UK shares over the past few years. Much of this has been centred on Brexit, with the UK having faced a period of ‘stalemate’ in the House of Commons as various deals with the EU have repeatedly failed to gain a majority among MPs.

Brexit is set to remain a central political theme throughout 2020, and possibly beyond. This may mean that there is an ongoing sense of uncertainty that permeates into business, consumer and investor sentiment, and causes further operating challenges for UK-focused businesses.

However, the valuations of UK shares suggest that in many cases investors have factored in the possible risks of Brexit. Companies across sectors such as banking, retail and housebuilding trade on earnings multiples that are substantially below their long-term averages.

Moreover, Brexit and wider political uncertainties are unlikely to remain as prominent

Robert Stephens discusses why low valuations, a resilient UK economy and political uncertainty could combine to produce an investment opportunity; and examines a range of investment trusts and funds that provide exposure to UK stocks

Time to take a fresh look at UK plc


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The fund’s top quartile performance over the past five years suggests that its strategy is sound. It adopts a long-term approach and invests in businesses that are capable of growing their cash flow and profitability at a faster pace than the market average.

This has contributed to the fund’s total return of 85% in the past five years, which is more than double the 37% return achieved by the Investment Association (IA) UK All Companies benchmark.

The aim of the fund is to outperform the FTSE All-Share index by at least 2% pa over rolling five-year periods. It has the capacity to invest in a range of large, medium and small companies, and aims to maintain a concentrated portfolio of between 30 and 40 stocks.

Evidence of the fund’s long-term approach can be seen in its annual turnover. It stands at

just 3%, while an ongoing charges figure (OCF) of 0.56% is lower than many of its industry peers.

Its Sharpe ratio of 0.9 over the last three years represents a top-quartile performance, and suggests that its risk-adjusted returns are attractive.

It is unsurprising that the fund has a dividend yield of just 1.45%. Among its top holdings are growth-focused businesses such as Rightmove, Ocado, Trainline, Auto Trader and Hargreaves Lansdown. Together, they contribute 29% of the portfolio and could provide capital growth over the long run.

With a bias towards sectors such as consumer services, industrials and financials, the fund offers exposure to a range of potential growth areas. The UK focus of many of its major holdings could appeal to investors who are seeking to capitalise on the domestic economy’s growth potential.

in the minds of investors, consumers and businesses in the long run as they have been in the past few years. This may cause sentiment to gradually improve, particularly if the UK’s macroeconomic outlook remains robust in terms of its unemployment levels, inflation and wage growth.

There is even the possibility of a Brexit ‘bounce’, in terms of UK shares making gains over a short time period as the economic and political risks associated with leaving the EU subside. This could occur if a new government with a working majority is able to deliver on its Brexit strategy after a three-year period following the 2016 referendum that has been dominated by discussion, as opposed to action.

As ever, political risks are highly fluid and subject to sudden change. Additionally, political uncertainty in countries such as the US, which has an election in November 2020, and China, where civil unrest in Hong Kong is ongoing, could impact on the outlook for the UK.

Alongside them, developments in trade relations between the US and China, as well as the prospects for a struggling eurozone economy, may affect UK share prices.

The valuations of UK shares suggest that, in many instances, such risks have been accounted for by an investment community that seems to be relatively sceptical about UK plc. This could increase the appeal of domestic stocks from an investment perspective.

Investment outlookBuying shares today in UK-focused companies may be considered a risky strategy by some investors. Political risks are likely to remain present over the course of 2020, and possibly beyond, as there is not yet clarity on Brexit. This could prolong a period of weak investor sentiment that causes further volatility in the share prices of

Baillie Gifford UK Equity Alpha fund

many UK-focused companies over the near term.

However, on a long-term basis, UK shares seem to be highly attractive at the moment. Their low valuations and the

resilient performance of the economy suggest that now is a good time to buy and hold them either directly, or through a range of investment trusts and funds.

FOUR FUNDS OR TRUSTS POISED TO MAKE THE MOST OF ANY UPTURN FOR UK EQUITIES

WI

group over the past three years indicates that its risk-adjusted returns are relatively appealing.

The trust’s dividend yield of 2.5% is lower than the FTSE 250’s 3% yield. An OCF of 0.87% could be attractive as a result of its past performance, while the growth prospects of UK-focused mid-cap shares could be high.

The investment trust’s total return of 128% in the past five years represents top-quartile performance.

It is substantially higher than the UK Smaller Companies benchmark’s return, with it having recorded a 72% rise in the past five years.

The company invests in smaller UK-quoted companies to obtain long-term capital growth for its shareholders. Investing in smaller companies is inherently risky, which means that the trust could experience a volatile performance compared to investments in mid and large-cap equities.

However, when its returns are taken into account alongside its risk over the past three years, a resulting Sharpe ratio of 1.25 places it in the first quartile of its peer group.

This suggests that investors who can accommodate short-term volatility may be generously rewarded by high returns in the long run.

The company’s past performance means that it now trades at a modest premium of 2% to its NAV. An OCF of 0.7% and gearing of 5% are generally in line with its sector peers. A 2% dividend yield is likely to keep pace with inflation over the medium term. However, the trust is likely to be more appealing to growth investors with a long time horizon, rather than income-seeking investors who are aiming to generate a robust dividend.


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The fund invests in mid and small-cap companies which are highly cash generative and that benefit from high margins.

It focuses on businesses that have a strong market position and a sustainable competitive advantage which enables them to grow at a faster pace than the wider economy.

In addition, it seeks pragmatic management teams that have a solid plan to improve the performance of their respective companies.

The strategy has been highly successful over the past five years. The fund ranks in the first quartile of its peer group, having recorded a total return of 132%. This is above and beyond the IA UK All Companies return of 37% in the same time period.

As with many funds that focus on mid and small-cap companies, it is likely to occupy a position at the riskier end of the investment spectrum.

An exposure to technology companies amounting to 28% of the fund’s assets could further increase its volatility. This is likely to make it suitable only for long-term growth investors, while its 1% dividend yield makes it unappealing for income investors.

The fund’s investment process focuses on key areas such as balance sheet leverage, cash conversion and the breadth of a company’s customer base.

This rules out the majority of stocks within its investment universe, and allows it to focus its efforts on a smaller number of ideas from which approximately 75 companies are deemed suitable for its portfolio.

An OCF of 0.91% is relatively high compared to some of its sector peers, but the fund’s past performance suggests it is a price worth paying.

The objective of this investment trust is to outperform the FTSE 250 index through investing in mid-cap shares.

It has achieved this goal over the last five years, with the fund producing an annualised total return of 12% vs 8% for the FTSE 250.

In doing so it has delivered top-quartile performance within the IA UK All Companies sector, which has grown at an annual rate of 7% in the past five years.

The trust’s portfolio differs from its benchmark in terms of sector weightings. For example, it is underweight the industrials sector by 7.3 percentage points, while its technology exposure of 7.7% is 3.7 percentage points greater than that of the index.

Among its top holdings are JD Sports Fashion, Games Workshop and Bellway, while the majority of its holdings operate within the financials and consumer services sectors.

The company currently trades at an 8% discount to its net asset value (NAV). This suggests that it offers good value for money despite its strong performance over the past five years. Its gearing of 4.4% is modest, given that it can borrow up to 25% of its net assets.

A Sharpe ratio that is in the first quartile among its peer WI

Blackrock Smaller Companies Investment Trust

JP Morgan Mid Cap Investment Trust

MI Chelverton UK Equity Growth fund

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‘There is smart money out there that sees value in the UK’The Artemis Equity Income fund is one of the largest and oldest available to private investors. What Investment went to speak to two of its fund managers, Nick Shenton and Andy Marsh, to hear their outlook for UK shares. Interview by Lawrence Gosling

through a sustainability lens, it is very apparent to us that the change in consumer behaviour, the societal belief structures, is impacting companies and the prospects for cash flow. That could be businesses that are going to have to reinvent themselves because they are making money in ways that society deems unacceptable. That could be, for example, oil majors. Are they going to have to reallocate capital into sustainable energy, green energy?

Andrew Marsh (AM): The governance is a given; the environmental and social is the evolving part of it and, for us particularly, where we can see it impacting cash flows going forward –not only from a consumer behaviour perspective, but government regulation and, indeed, cost of capital.

I was at a conference recently around hydrogen, which was fascinating. Everyone is talking about electric vehicles. Hydrogen could still be a really interesting area for heavy vehicles in particular. So those sorts of things – we talk about trying to look round the corner, those things that might

What characteristics are you looking for in a company to invest in for the fund?Nick Shenton (NS): We find ourselves constantly coming back to this perspective of characteristics because of the rate of structural change in industries, which is both a threat and an opportunity for a lot of companies.

What we are looking for overall is sustainable durable cash flow that drives the income. So the process has always been focused on cash flow, we think that is why it works through cycles as long as you stick to that process. But also you do have to evolve and iterate and think about the potential growth of the cash flow as well.

So when we look at the characteristics, it is looking for things like if the CEO were to change, would the strategy? So we are looking for companies where the strategy would not change because the company is well run and well positioned.

We look for companies passing the 10-year test, which is when we have a good idea of what the industry and what the company’s economics will look like in 10 years. And the other thing we like is we have a multi-year time horizon. We want to

see management teams that are thinking on those terms as well.

We have a question we ask ourselves: are they thinking like hired hands, tenants or owners? We want people to think about their business as being owners.

The scale of the fund clearly creates challenges around [entry and exit positions] but actually having that multi-year time horizon means you cannot really look for things that are a trading opportunity around a rerating; we have got to have something that we believe is structurally sound in the medium to long term.

Do you look for issues related to ESG?NS: Yes, I think you have to really understand the corporate culture so far as you can. Are they doing the right things just because they are the right things to do? We quite like owner operators because that gives you a bit more skin in the game.

Actually where we are thinking through a slightly different lens is more about the wider sustainability piece, and so the fund has always focused on free cash flow.

We never start with the dividend and working our way out, because that is how you get in trouble. And when we look at sustainability of cash flows

“If we look at how we have done and what has been driving things in the UK,

we would hope that people would always be able to

describe us as doing what it says on the tin”

Nick Shenton, Artemis


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How do you look at decent yielding sectors such as utilities which have become a political football?AM: We have shied away from them, for that reason. We also think they are a good example of businesses that could have done a better job for all stakeholders, particularly customers.

It is a sector we have not been exposed to in a meaningful way over the last few years. But we have recently bought one stock in the sector: National Grid. We could see that there is a lot of discount in the price for the UK assets and the risk attached to those.

It has got a big US business so it is quite dramatically undervalued. And we actually see an opportunity for a business like National Grid to be required to invest and make a good regulatory turn on upgrading infrastructure for electrification. So we can see a structural opportunity as well for that UK asset.

And what about the banks? NS: Lloyd’s has been in the portfolio. If interest rates were higher, times could be quite different for them. We would say that they have rebuilt their capital and quite strong capital basis; the ability to return capital because they do not need much to grow, they are not really looking for much growth. But there is a political overhang.

Generally we have felt that the sector is not particularly popular with politicians in the UK, and therefore there will always be pressure on the banks in particular not to return outsize amounts to investors.

When we take the financial sector and look at insurance, it is arguable that the insurers have a stronger capital basis and less leverage, and with some structural growth opportunities.

What is the biggest change in your thinking in the last year? NS: We would come back to this point about societal shifts on climate change becoming much more front and centre. So

impact us going forward that are not necessarily investible opportunities for us today but could be broad enough to impact our companies and we try to gain some understanding.

How has the fund done in the last year? NS: If we look at how we have done and what has been driving things in the UK, we would hope that people would always be able to describe us as doing what it says on the tin, which is aiming for around 4% dividend yield that can grow at 5%. That leads to high single-digit compounding. That is what the fund has done since inception.

The numbers that we have through to the end of October 2019 are that the fund was up 17.7% to that month, against a market that was up 12.8%.

So what has driven that and what has happened with the UK market for it to be up that much this year? Well, we should highlight that while the UK market remains very much unloved by international asset allocators, private equity has been active and has been coming and bidding for UK stocks, which shows that there is probably quite smart money out there that sees value in the UK and despite the rally I think we still see value in the UK.

AM: I think it has been trade buyers that have come back to the UK market not institutional, international investors. And we think that could be the next leg back at some point. It is a really interesting backdrop as well when we look at the UK, and its valuation relative to many of its international global peers.

NS: The cost of debt is so cheap in the world; private equity can borrow at 1%, well, 2%, 3%, 4%. And when you have got stocks trading at 12x earnings, the cost of equity is 8%. So we think the portfolio is quite cheap still. Also the UK market offers reasonable value versus the rest of the world.

And as to what has driven

performance this year, a bit of a tailwind from two bids, both companies that we thought were very vulnerable to trade buyers. So a bit of good fortune, a bit of pragmatism and skill.

AM: And the process leans towards the way a private equity or a trade buyer would think about a business because we try to find businesses that have attractive market positions, so to be capitalised on finance. Good management teams, sensible capital allocation – they are all good businesses that are very attractive to trading.

The fund had two bids for its holdings in Cobham and Inmarsat.NS: A lot of the hard work that we have been doing for the past 4-6 years on understanding technology and structural change in industries has been coming through and helping performance of some stocks, such as LSE group, and Segro. And actually if you look at the top 10 holdings in the fund, one of the common denominators you would see there is that none of them are particularly structurally challenged by technological change.

“It has been trade buyers that have come back to the UK market not institutional,

international investors… that could be the next leg back

at some point”Andrew Marsh, Artemis

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‘Dividend and dividend progression are important drivers of valuation’The Artemis Income fund is unusual amongst other UK equity income funds in so much as it has three experienced fund managers looking after the portfolio of between 50 and 70 stocks. The most experienced manager is Adrian Frost (pictured below), who started his investing career nearly 40 years ago, and has worked on the fund since its launch in January 2002.

Fellow manager Nick Shenton has co-managed this fund since July 2014, having joined the company’s UK income team in the summer of 2012. He previously worked in fund management at F&C Asset Management and Polar Capital.

Andy Marsh joined the team and became a co-manager in 2018 having also managed money at Polar Capital. He has a little more experience in small and mid-cap stocks across Europe.

The benefit to investors is clear with a greater depth of experience and a broad sector/company experience and the improvement in returns from May 2017 when the fund has once again outperformed the average funds in the Investment Associations Equity Income category.

The fund is not designed to be a ‘shoot the lights’ out one, but create a steady and reliable income stream for unit holders through a spread of companies listed on the London Stock Exchange, although the fund can have up to 20% in overseas companies if the managers find suitable investments.

The fund is one of the largest in the sector and its fees is in line with many of the other active peer group funds, which are often run by only one manager. Typically the fund does not have a high turnover of investments, preferring a patient approach so as to avoid short-term trading fads that hit markets.

“For most companies, cashflow is reflected in dividend policy. So we invest in companies where dividend and dividend progression are important drivers of valuation,” said Frost.

Artemis Equity Income fund Fund size: £4,980.55m Ongoing charges figure: 0.80% Annual management charge: 0.75% Annual Income (historic): 4.45% Fund manager start date: 1 January 2002 Payment date(s): June, December

we have been thinking about this in an evolving way, we have had a steep learning curve, but we see, we recognise patterns that we saw in the technological disruption phase of the market, and we think that we can apply many of those learnings to understanding change from these societal perspectives.

The starting point is not looking for new things but figuring out what you have got that is going to be challenged. So you go through your portfolio, see what is at risk and you sell it. And we have been doing that. And then you think very carefully about where you might allocate capital in the future to replace that.

That has been quite a substantial change in our thinking because, as we say, we do see fundamental changes to cash flows in the industries as a result of rising awareness of climate change and demand for the change in behaviours from business.

What is the view of Vodafone?AM: We had reduced some of our weighting in Vodafone ahead of the dividend cut – we could see that coming post the Liberty deal.

We can see the logic for what they are doing in all their core markets but unfortunately they are having to invest quite a lot of capital to get to the point where they are going to make a sustainable and sufficient return. And that capital is being funded from quite a lot of debt at the moment. So that is a concern.

When we look at our business and the industry characteristics, we can see that potentially Vodafone could have a brighter future but there is quite a lot of risk on this side of the balance sheet .

That has led us to not add further to that position over the last 12 months. And in truth we are watching very carefully how things are developing and emerging particularly around things like 5G and some of the

spectrum auctions that are coming that could require more capital to be consumed by that business at this juncture.

And BT? AM: I think we would have rather they had gone down the route of becoming a core infrastructure provider before now. We think, again, we are going to wait and see what the strategy is around fibre investment but the market is anticipating some sort of dividend cut as a result, so again, we have been reducing that position over the last 12-18 months.

Supermarkets?NS: We own Tesco – it is one of our larger positions, about 3.5%

of the fund. We think Tesco have a competitive advantage versus the market. And that is down to their scale. They feed almost one-in-three people in the UK.

They have made some very good strategic decisions in recent years, most notably acquiring Booker, which has given them more growth and make them channel agnostic. Whether people eat at home, or eat out in a restaurant, Tesco have them covered.

And they have a greater focus on cash flow than they have had before. The dividend has been growing extremely strongly and the valuation is attractive, so that it is around 4% dividend yield with scope to increase that over time through special dividends. WI

Investment Trust Reports

Aberdeen New Thai Investment TrustAn unconstrained and high-conviction fund

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Aberdeen New Thai Investment TrustPrice 557.5pMarket cap £95.4mNAV* 662.0pDiscount to NAV 12.8%NAV† 672.8pDiscount to NAV 14.2%Yield 3.3%*Excluding income. †Including income. As at 7 November 2019.

L aunched in December 1989, berdeen New Thai Investment Trust (ANW)

is the only investment trust specialising in Thai equities. Its investment objective is to provide shareholders with a high level of long-term, above-average capital growth through investing in companies listed in Thailand.

The fund also provides investors with indirect exposure to Thailand’s fast-growing neighbours including Cambodia, Laos, Myanmar and Vietnam as many Thai companies have a significant and increasing presence in these countries.

The manager follows a disciplined bottom-up approach to build a diversified portfolio of around 40 stocks, representing the Asian team’s highest-conviction investment ideas.

Gearing is permitted up to 15% of NAV and the trust can invest up to 10% of NAV in


Investment strategyA discplined, bottom-up process with a focus on quality companiesANW is managed by Aberdeen Standard Investment’s well-resourced Asian team which consists of over 40 equity investment professionals in the region, including three Thailand specialists, based in Bangkok. The manager follows a disciplined bottom-up investment process to identify quality companies that are mispriced relative to their long-term intrinsic value.

The team supports an intensive schedule of meetings with managements to enable in-depth knowledge of companies and detailed fundamental analysis. It believes the market often underestimates the sustainability of returns from high-quality companies. The team evaluates firms on multiple criteria, including management pedigree and track record of capital allocation, sustainable competitive advantages, balance sheet strength, and environment, social and governance (ESG) credentials. The manager believes that ESG factors are financially material, and have an impact on corporate performance, and that its engagement with companies enhances the value of its investments for shareholders.

Following a board review in May 2018, in consultation with the manager, the trust is permitted to invest up to 10% of NAV in unlisted companies which have visible plans for initial public listing (IPO). Gearing is permitted up to 15% of NAV. As at end-September 2019, the portfolio had 1.5% in unlisted equities and had net gearing of 4.3%.

Investment Trust Reports>|

unlisted companies, which have visible plans to list.

The portfolio is typically very different from its SET Index benchmark, and historically has had a high active share of over 75%. As a result, the trust’s performance can diverge significantly from the benchmark.

PerformanceANW has delivered strong long-term performance to shareholders; over 10 years to end-September 2019, the trust’s annualised NAV and share price total returns have increased 15.4% and 16.3%, respectively.

The trust has also outperformed the MSCI Asia ex-Japan index over one and three years, and by a significant margin over 10 years.

However, ANW’s NAV performance has lagged the SET Index benchmark over all periods shown.

This partly reflects the portfolio’s consistent underweight (or zero exposure) to many of the largest stocks in the benchmark, owing to factors such as the manager’s negative view on a company’s corporate governance track record, and the tendency to find better investment opportunities in less well-researched mid- and small-cap companies.

The high tracking error against the benchmark means the trust’s performance can diverge meaningfully from the index

ANW currently trades at a 14.2% discount to its cum-income NAV, which is slightly narrower than its three-year average of 14.8%. The board actively monitors the discount and has the authority (renewed annually) to selectively repurchase shares if this is deemed to be in the best interest of shareholders.

It introduced a number of measures in May 2018 aimed at broadening the appeal of the trust, and tightening the discount. These included permitting the fund to invest


in unlisted companies ahead of an IPO, a reduction in the management fee and the introduction of an interim dividend.

ANW does not have a fixed life, however, if in the 12 weeks preceding its year end, the

shares have been trading at an average discount in excess of 15% to the cum-income NAV, a special resolution to wind up the company will be proposed at the following AGM.

Source: Edison

The managers’ viewShort-term challenge, long-term promise The team thinks the near-term outlook for the Thai economy remains challenging given the weakness of the export sector, while relatively high levels of household debt, which stand at nearly 80% of GDP, hampers private consumption. However, it believes ANW’s holdings should be relatively resilient in uncertain conditions, given their high-quality characteristics.

Furthermore, the team also believes the government is likely to introduce more stimulus measures to help stabilise the economy. The new government’s budget should be revealed over the coming months and the team expects infrastructure spending to continue to be an area of focus, highlighting the Bank of Thailand (BoT) forecast of a public investment increase of 6.3% in 2020 (following a 2.5% forecast for 2019).

The manager noted that the return of General Prayut Chan-O-Cha as prime minister signals the continuation of business-friendly government policies. His previous government articulated Thailand’s current 20-year vision, which includes significant investment in infrastructure, digital technology and healthcare.

The team believes ANW is also an excellent play on the Cambodia, Laos, Myanmar and Vietnam (CLMV) region. It is growing faster than Thailand and has a population of ca 165 million people, offering Thai companies a large and underpenetrated market for their goods and services.

Access for foreign equity investors to CLMV is limited, but many of the ANW’s companies have a significant and growing exposure to the opportunities in these countries. Examples cited by the manager include AEON Thana Sinsap, TOA Paint, Mega Life and Osotspa, which already have CLMV revenues of between 10-30%.

In its view, Thai companies can represent excellent proxies to investing directly in these countries, given their superior access to capital markets, longer-established brands and better corporate governance.

Looking longer term, Thailand’s economy is slowing, which partly reflects cyclical factors but also the impact of the US-China trade dispute, which has tipped the world into a trade recession. Exports, which account for around two-thirds of Thailand’s GDP, have been contracting and drought has contributed to weak domestic consumption.

Thailand’s Q2 2019 GDP growth of 2.3% year-on-year was the slowest in nearly five years and the BoT has lowered its GDP forecast for 2019 to 3.3%. It cut interest rates this August, while signalling further potential cuts in 2020. The BoT also approved a THB316bn (ca £7.5bn) stimulus package, aimed at boosting consumption and tourism.

Measures include debt relief and loans for drought-affected farmers, an extended free visa-on-arrival provision for several countries for a further six months, and spending money and rebates for domestic tourists who travel outside their home provinces.

Thai equities are not obviously inexpensive. Their mid-teens forward p/e multiple, however, is not demanding relative to other developing Asian markets, excluding China. Geopolitical developments are likely to continue to influence Thailand’s near-term economic and equity market outlook; however, prospects for the longer-term remain positive and over the past 10 years, Thai equities have significantly outperformed Asia and global markets.

The Thai economy benefits from a number of positive secular trends, including urbanisation and rising incomes. Thai companies are also well-positioned to benefit from the rapid development of its CLMV neighbours, which are growing significantly faster than Thailand.

WI



Henderson High Income TrustPrice 176.7pNAV 181.1pPremium/(discount) (2.4%)Yield 5.5%As at 26 November 2019.

H enderson High Income Trust (HHI) invests in a prudently diversified

selection of both well-known and smaller companies, to provide investors with a high income stream, while also maintaining the prospect of capital growth.

A majority of assets will be invested in ordinary shares of listed companies with the balance in listed fixed interest stocks. The trust will not hold unquoted investments. Investee companies should have strong balance sheets that are capable of paying dividends.

There is a focus on well-managed companies whose qualities may have been temporarily overlooked and

Henderson High Income Trust

Diversification, high income and the prospect of capital growth

which offer the potential for capital appreciation over the medium term.

A maximum of 20% of gross assets may be invested outside the UK. Gearing (borrowing) is used to enhance income returns, and also to achieve capital growth

over time. A portion of gearing is usually invested in fixed interest securities.

Henderson Investment Funds Limited is the company’s alternative investment fund manager (AIFM) and it delegates investment management services

The managers’ viewQuality focus in the face of uncertaintyFund manager David Smith acknowledges that we are late in the economic cycle and there is clear evidence of slowing growth. In the face of this, the portfolio has been made more defensive and there is a bias to quality within the portfolio.

Brexit has clearly overshadowed the UK market to the extent that it may have become oversold. Smith points out that the passing of the ‘Benn Act’ lessened the threat of a ‘no-deal’ Brexit and this triggered a rally in more domestic-focused UK stocks. These received further support in mid-October when hints of a deal started to emerge. Sterling’s strength is closely related to the threat of a ‘no-deal’ exit and this impacts on the valuations of stocks with overseas earnings.

In the face of this uncertainty, Smith has been focusing on companies whose earnings are likely to be less affected by whatever happens on the Brexit front. Smith feels that a Corbyn-led government may pose a greater threat to sentiment than the prospect of a ‘no-deal’ Brexit, and this is another reason to try to focus on quality and income sustainability, while seeking to balance the portfolio between domestic and overseas earners.

The portfolio has some exposure to industries such as oil and tobacco, which are out of favour with some investors on environmental, social and corporate governance (ESG) grounds, but nonetheless are still generating strong cash flows. Good governance is an essential requisite for stocks being considered for inclusion within the portfolio and Smith also considers environmental and social factors when assess companies. While a company operating in a contentious industry is not blocked, however, Smith seeks to understand the company’s policy to ESG risk factors and how they manage them. As with managing a business’s operational and financial risks, those companies with good processes towards managing ESG risk factors generally outperform. Janus Henderson uses a number of third party ESG research providers along with an internal dedicated team to help Smith analyse company specific ESG risks and rate their policies and processes relative to their peers. Those companies that score poorly are avoided while companies that only have an average rating can be owned but are actively engaged with.

The investment approach emphasises the importance of diversification within the portfolio. The mid-cap stocks within HHI tend to offer greater prospect of dividend growth than the big defensive companies, whose businesses are less sensitive to changes in economic conditions, that are the mainstay of most UK equity income funds. The income boost from the bond portfolio affords the opportunity to include these within the mix.

The managers of the bond portfolio are convinced that the world is mired in low growth and low inflation, for the foreseeable future. When yields were rising in the second half of 2018, Smith was allocating more money to this part of the portfolio and that decision has helped both the revenue account and the trust’s performance in 2019.

Murray International Trust ISA and Share PlanPlotting a path between defending your capital and generating a good income needs an expert sense of direction.

At Murray International Trust, we know how to explore the world searching for those companies that may deliver the right combination of capital preservation and income generation. And because we insist on meeting every company in whose shares we look to invest, you can be confident we are guiding you to potentially the best investments we can find.

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-intl.co.uk

We search widely.

Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen AB10 1XL, which is authorised and regulated by the Financial Conduct Authority in the UK. Telephone calls may be recorded. aberdeenstandard.com

Please quote 2181

121039810_MINT_WHAT_INVESTMENT_2181.indd 1 11/12/2019 10:20

Strong outperformance in 2015 was reversed in 2016, as investors became more focused on ‘growth’ stocks, and HHI’s domestically-focused portfolio was impacted by the Brexit referendum.

In the face of these headwinds, the manager has been able to claw back some outperformance of the benchmark. This is reflected in its cumulative performance numbers where HHI is now



to Henderson Global Investors (both are subsidiaries of Janus Henderson Group Plc). The lead fund manager assigned to the trust is David Smith. He was made co-manager of the trust in 2014 and has been sole manager since 2015.

PerformanceOver the five years to the end of October 2019, HHI has delivered an NAV total return ahead of the benchmark.

ahead of the benchmark over 3 month to 5 year time periods.

Greene King was the subject of a £4.6bn recommended cash offer by a vehicle controlled by Li Ka-Shing. Shareholders approved the offer on 9 October 2019.

Relative to the wider UK market, it was helpful that HHI was underweight HSBC and Glencore, but not holding London Stock Exchange (LSE) held back returns. The LSE was the subject of a failed approach by Hong Kong stock exchange, but it is the company’s prospective tie-up with data provider Refinitiv that has driven its share price higher.

Intermediate Capital Group has been delivering strong growth in assets under management. Its dividend was upped by 50% year-on-year. Phoenix Group has been rebounding this year from poor performance in the second half of 2018. The company bought the Standard Life Assurance business in a deal that concluded at the end of August 2018. Its interim results statement, released in August 2019, suggested that the integration of the two businesses was going well.

On the downside, Imperial Brands has been hit by increased regulatory uncertainty surrounding is vaping business and, perhaps, the growth of ESG investing. Ted Baker was impacted by the loss of its founder and deteriorating profitability, which culminated in October with a profit warning.

BT has a sizeable investment programme to fund, and there were concerns that this might put pressure on its dividend. Its share price has recovered since the end of September as those fears were allayed. Chesnara’s shares slid over the summer. Interest rate cuts weighed on financials generally but a High Court judgement that blocked the transfer of annuities from Prudential to Rothesay Life called into question Chesnara’s ability to grow through acquisition.

Source: Quoted Data

WI

Investment strategyFundamentals, financials and valuationLead fund manager David Smith is responsible for stock selection in the equity portfolio, asset allocating between bonds and equities and setting the day-to-day level of gearing. The split between bonds and equities in the portfolio varies, but is typically 20:80. The bond portfolio will usually be funded in whole or in part by gearing and the margin achieved on the bond portfolio supplements the income account and allows HHI to hold lower yielding, and higher dividend growth equities, without compromising the trust’s dividend paying ability. The bond portfolio is managed by John Pattullo and Jenna Barnard, part of a five-strong Strategic Fixed Income team. They are supported by Janus Henderson’s wider fixed-income team.

Within the global equity income team, each manager has a good deal of autonomy and are accountable for the performance of their funds. The managers on the team are generalists, and get to know investee companies directly rather than relying on analysts’ views. That said, there is considerable proprietary research available to Smith – regular meetings and a centralised system enable the sharing of research across the whole group, including the analysts based in the US.

For inclusion within HHI’s portfolio, each stock has to pass muster on each of three criteria – fundamentals, financials and valuation. If a stock fails on one criterion, it will be excluded from the portfolio.

• Fundamentals – the process places strong emphasis on companies that display market leadership, good visibility of earnings, strong franchises, proven management and robust defensible business models with high barriers to entry that cannot be disintermediated.

• Financials – companies with the fundamental characteristics outlined above should also demonstrate sustainable returns. Smith is also looking for cash generative companies with robust balance sheets; that have invested in their businesses; have a sustainable dividend policy – the payment of dividends should not compromise investment in the business; and where management’s interests are aligned with shareholders.

• Valuation – companies should be paying dividends and offer the prospect of dividend growth. They should be valued at a discount to Smith’s estimation of their fair value, offering upside in absolute terms, and attractively valued relative to their peers. The valuation should also be underpinned in some way, for example, by realisable assets so that the downside is limited. Smith aims to own companies for the long-term. He looks two-to-three years out when valuing businesses.

Smith believes that there is a sweet spot for equity income investors of companies offering yields between about 2% and 6%. Within this range, companies tend to offer a good combination of yield and dividend growth. Above this level, it is more common to see dividend cuts/omissions and stocks that fall into value traps.

To achieve a balanced portfolio, Smith focuses on three types of stock: stable growth companies that can provide good dividend growth through a cycle, such as Relx and Diageo; high yielders that provide a good base level of stable, predictable income, such as GlaxoSmithKline and National Grid; and quality cyclicals that provide strong dividend growth during economic upswings but given their quality nature can still pay and maybe grow their dividend in more challenging times, such as Whitbread and Victrex. Utilising gearing and owning bonds to boost income means HHI can own lower yielding companies that offer more dividend growth, typically those stable growth companies and quality cyclicals.



Seneca Global Income & Growth TrustPrice 174.5pNAV* 171.1pPremium to NAV 2.0%NAV† 173.3pPremium to NAV 0.7%Dividend yield 5.5%*Excluding income. †Including income. As at 22 November 2019.

F ounded as the Taverners Trust and initially managed by Aberdeen

Asset Management, the trust became the Midas Income & Growth Trust in August 2005. In March 2014, the fund’s investment manager was purchased by Seneca Asset Managers. The fund management business was renamed Seneca Investment Managers (SIML) and the trust itself was renamed Seneca Global Income & Growth Trust (SIGT), highlighting its diverse mandate.

SIML is a multi-asset specialist, with a focus on value, with ca £700m of assets under management. The investment process is transparent and team-based, and the portfolio holdings are straightforward. One of the benefits of the multi-asset strategy is that it should provide lower volatility of returns compared with an equity-only portfolio, while it offers the potential for reasonable returns over the medium to long term.

Prior to July 2017, SIGT’s benchmark was Libor +3% pa. Since then it has aimed to generate a total annual return of at least CPI +6% after costs, with low volatility, over the course of a typical investment cycle. This is defined as a five- to 10-year period, in which returns from various asset classes are generally in line with their very long-term averages.

SIGT also aims to grow its annual dividend at least in line with UK inflation. SIML believes that SIGT’s investment objective can be achieved using a combination of strategic asset allocation, tactical asset allocation and investing in undervalued assets, while employing a modest level of gearing. Inevitably, there

Seneca Global Income & Growth TrustMulti-asset value investing

will be periods when SIGT’s performance underperforms the benchmark; however, the manager believes it can achieve the trust’s investment objective over the course of a typical investment cycle.

Within SIGT’s multi-asset portfolio are UK (primarily direct investments, or funds with the board’s approval) and overseas equities (funds), fixed income securities (direct or funds), specialist assets (infrastructure, specialist financial, property and private equity funds), and cash/managed liquidity/physical gold.

Performance In FY 2019 (ending 30 April), SIGT’s NAV and share price total returns of +7.6% and +6.0% trailed the benchmark’s +8.2% total return. FY 2019 NAV performance was significantly boosted by the IPO of former private company AJ Bell. Detractors from performance were an overweight exposure to UK equities, along with no exposure to US equities and safe-haven government bonds.

The manager considers these two asset classes to be particularly overvalued, hence they are not represented in the fund. In terms of holding-specific attribution, AJ Bell contributed 8.6pp, while Kier

Group was the largest detractor (-1.1pp).

SIGT has outperformed its benchmark over one and five years and since the change in mandate in January 2012, while lagging over three years. The trust has outperformed the FTSE All-Share index over one, three and five years and since the change of mandate.

Fund manager Gary Moglione explained that over the last six months, SIGT has struggled vs its benchmark and peers as growth stocks have significantly outperformed value names. There have also been stock-specific issues such as Kier Group and Woodford Patient Capital Trust, both of which remain in the portfolio. Kier is seeking to sell its house building arm, Kier Living, in order to reduce debt.

Moglione believes that Kier Living is a saleable asset, and a transaction could occur by the end of 2019, which could lead to a material uplift in Kier’s share price. The manager believes that the appointment of Schroders as the manager of Woodford Patient Capital Trust is a welcome development, and he is encouraged by its new fee structure. Given the trust’s deep discount, Moglione believes there



is significant upside potential if the fund is managed well.

The manager noted how well SIGT performed in September, when there were increased hopes of a Brexit resolution and value stocks rallied significantly as sterling strengthened. He argued that the valuation disparity between growth and value

strategies had become too wide, and there are signs of a change in investor mentality.

Moglione views September as an early warning sign for growth investors, and believes that market leadership in the future will switch in favour of value stocks.

SIGT aims to generate relatively

low-volatility returns. Data from SIML show that since the change in mandate to end-October 2019, the trust’s annualised volatility of returns is 8.3%, vs an average 11.3% for the AIC Flexible Investment sector and 13.1% for the FTSE All-Share index.

Source: Edison

Investment strategyAn overriding focus on valueSIML’s managers have an overriding focus on value. They select high-quality investments across a range of asset classes, aiming to generate aggregate returns in excess of CPI +6% pa over the course of a typical investment cycle. The investment team utilises a long-term strategic asset allocation (SAA), with a shorter-term tactical asset allocation (TAA). The SAA is based on the assumption that future long-term returns of individual asset classes will be comparable to their historical long-term returns, while the TAA takes account of how different asset classes typically perform at each stage of the business cycle (expansion, peak, recession and recovery). In order to determine the stage of the business cycle, the managers assess economic indicators such as yield curves, inflation and unemployment. SIML has a team-based investment approach and all portfolio changes are agreed before implementation, which acts as an effective risk control. Each asset class and portfolio holding has a target weighting, and while actual portfolio exposures may vary modestly from these targets, all variances are closely monitored.

SIGT’s largest exposure is to UK equities, where holdings tend to be direct, chosen with a focus on profit and dividend capacity; the majority are mid-cap companies. The manager explained that smaller companies have outperformed large-cap firms in recent decades due to their superior growth potential; they can be under-researched and provide opportunities to invest in mispriced securities. Overseas equity exposure is via collective investments, focusing on benchmark-agnostic, niche managers with high active shares. Fixed income investments (direct and funds) focus on capital preservation and yield, while specialist assets (funds) offer exposure to real assets, and the potential to lower portfolio volatility while enhancing returns.

SIGT has a diverse income stream from UK equities (yielding ca 5.0%), overseas equities (yielding ca 4.5%), fixed income (yielding ca 6.5%), specialist assets (yielding ca 6.0%), and cash and managed liquidity (yielding ca 1.0%).

SIGT’s tactical positioning reflects where the manager sees relative value. As at the end of October, the positioning was similar to end-April 2019. The equity TAA was 8.5pp below the SAA (-5.5pp in the UK and -3.0pp overseas). SIGT has no US equity exposure; the last American holding was sold in August 2017. The trust is underweight fixed income (-2.3pp), with no exposure to safe-haven government debt; overweight specialist assets (+2.8pp); and has a +8.0pp TAA to cash, managed liquidity and physical gold.

The managers’ viewPositioned for higher interest rates Fund manager Gary Moglione said that there has been no real change in the macro environment over the last few months. He believes that we are coming towards the end of a prolonged bull market and valuations are extended in most asset classes. The manager suggested that unemployment may be reaching a trough, having declined over a number of years, and noted that purchasing managers indices are weakening across the board. Against this economic backdrop, he stressed the importance of de-risking SIGT’s portfolio. The fund’s equity exposure has been reduced steadily since mid-2017 at a rate of around 1pp per quarter. While there was no reduction in SIGT’s equity TAA in Q319, there is room to further reduce the trust’s equity exposure in the future if deemed appropriate. The last equity asset allocation change was at the end of June 2019, when European and Japanese equity exposures were each reduced by 0.5pp, with 1.0pp added to SIGT’s physical gold position.

Moglione explained that over the long term, there is a high correlation between equity markets and bond yields, and as bond yields rise over time from their current very low levels, he would expect the stock market to come under pressure. His expectation is for market weakness ahead of a global recession in late 2020/early 2021. The manager argued that an environment of rising rates should favour SIGT’s value style. The trust’s relative performance has suffered in 2019 as the growth style has continued to outperform value strategies; this was particularly evident between April and September. A turnaround in US monetary policy, with the Federal Reserve becoming more dovish, has been unhelpful for SIGT’s value focus; however, while markets undergo short-term periods of volatility in response to changing interest rate expectations, Moglione said the broad structure of the trust’s portfolio will remain unchanged. He noted with interest that in the UK, the Brexit overhang is presenting opportunities.

Moglione said there is a very wide disparity in company valuations between those with overseas earnings – in aggregate, trading on a forward p/e multiple of ca 21x – and those with domestic earnings – forward p/e of ca 8x. Within the portfolio, exposure to more expensive names has been reduced, with capital redeployed into low-valued companies with domestic operations. Moglione explained that historically, within the UK, SIGT’s exposure was typically 60:40 between domestic and overseas earners; there is now a higher percentage allocated to domestic earners given compelling valuations. He noted that some of these attractively valued companies are offering well-covered dividend yields of 5-8%.

WI


Vietnam Enterprise InvestmentsPrice 496.5pMarket cap £1,082.7mNAV* 551.0pDiscount to NAV 9.9%Yield 0.0%*Excluding income. As at 14 November 2019.

Vietnam Enterprise Investments (VEIL) is the largest and longest-

established listed fund focused on Vietnamese equities. It was launched by Dragon Capital in August 1995 as a closed-ended fund, incorporated in the Cayman Islands, and was originally listed on the Irish Stock Exchange.

In July 2016, it de-listed from the Irish Stock Exchange and was admitted to the main market of the London Stock Exchange; it has been included in the FTSE 250 Index since July 2017.

VEIL’s investment objective is to deliver long-term capital growth.

It aims to outperform the Vietnam Stock Index (VN Index) on a rolling three-year basis by employing a rigorous fundamental investment

Vietnam Enterprise InvestmentsHigh conviction in Vietnamese equities

approach that is unconstrained by benchmark considerations.

The portfolio is relatively concentrated, with 35-40

holdings representing the manager’s highest-conviction investment ideas.

Most of its companies are listed on one of Vietnam’s three exchanges: the Ho Chi Minh Stock Exchange (HSX), the Hanoi Stock Exchange (HNX) and the Unlisted Public Companies Market (UPCoM), an exchange for newly listed state-owned companies, which must transfer to either the HSX or HNX within one year.

VEIL is permitted to invest in unlisted companies, although these tend to be those with visible plans for listing in the near term.

Performance VEIL has a solid track record for medium- and long-term NAV total return and share price performance, outperforming the VN Index over three, five and 10 years. Over these periods, VEIL has also significantly outperformed the VN30 and MSCI Emerging Markets indices.

Performance over one


The managers’ viewOutstanding opportunitiesLead portfolio manager Vu Huu Dien believes Vietnam has many positive investment characteristics that make it a particularly attractive market for the long-term equity investor. These include social and political stability, and a well-managed economy that is fast-growing, yet with manageable inflation and a stable currency. In his view, its economic prospects are underpinned by a number of structural factors, such as a growing working-age population, urbanisation and rising consumption.

Vietnam has a population of around 97 million and Dien noted the country adds around one million new entrants into the workforce each year, helped by a culture of gender equality, which results in high female participation. He believes Vietnam’s demographic profile, with a median age of 31 years, to be attractive: young enough to be economically active, yet at the point of generating disposable income.

Dien argued that the risks to Vietnam’s outlook are likely to be externally driven, including the US-China trade dispute and protests in Hong Kong, which may further aggravate the relationship between these two economic giants. These international issues have a global impact, but Vietnam has been a relatively safe haven so far. Dien thinks it unlikely that the US will target Vietnam on trade issues despite its rising trade surplus. He believes the size of Vietnam’s trade with the US, while growing, is insufficiently significant for it to be targeted, and that the country represents a geopolitical counterbalance to China’s ambitions in the region.

Dien also expects that, should the US take issue with Vietnam on trade, its government is likely to prefer a path of co-operation rather than retaliation, which should militate against an economically damaging outcome. He noted that the Vietnam stock market largely reflects the domestic economy, and relatively few export-oriented companies are listed. The manager believes Vietnamese equities to be attractively valued, and is finding plenty of long-term opportunities. Dragon Capital’s research team monitors its own universe of 60 stocks (covering ca 75% of the market), which is currently trading on a forward 2020 p/e multiple of ca 11x, based on the team’s expectations for 18% EPS growth.

discount relative to similar single country investment companies investing in Asia ex-Japan, taking market conditions into consideration.

It has the ability to manage an imbalance in the supply and demand for the shares through buy backs.

Source: Edison


year has lagged. Most of this underperformance occurred during Q1 2019 when the market experienced sizeable foreign inflows, which concentrated buying in the largest and most liquid index stocks.

VEIL was underweight some of the large-cap outperformers, as its focus on

quality companies trading on reasonable valuations often leads it to stocks outside of the well-researched larger firms.

VEIL is currently trading at a 9.9% discount to NAV, which is narrower than its three-year average of 14.1%.

The board seeks to avoid large fluctuations in the

Investment strategyA rigorous fundamental process to identify well-managed companiesVEIL follows a disciplined bottom-up investment process to find well-managed companies with sustainable growth that trade on reasonable valuations. It has a well-resourced investment team of three portfolio managers, led by Vu Huu Dien, who are supported by 10 sector specialist analysts.

Around 1,600 stocks are screened by quality, size and liquidity criteria, which results in a universe of around 135 stocks that are subject to in-depth analysis. Key components of the process include getting to know the managements of companies, evaluating financials and determining the intrinsic value of the business.

Assessment of a company’s environmental, social and governance (ESG) standards is integrated into the investment process, and Dragon Capital’s reputation and size help facilitate effective engagement with managements. Dragon Capital is a signatory of the Principles for Responsible Investment (PRI), which has awarded the group high A+ and A ratings.

The manager is not constrained by index considerations and the portfolio typically holds 35-40 stocks, representing his highest-conviction, long-term investment ideas. The portfolio is materially different from the benchmark VN Index, which means its performance can diverge meaningfully.

The manager is focused on key domestic themes of rising income, the growth of the middle class and urbanisation, and over two-thirds of the portfolio is invested in the real estate, banks and retail sectors.

The most significant sector change over the past year is a 7pp increase to real estate, which accounts for 31.4% of VEIL’s portfolio. This largely reflects the additions to the position in Vinhomes after participating in its IPO in May 2018. As at end-October 2019, Vinhomes was the second largest holding in the portfolio, at 7.7% of NAV. The company is Vietnam’s leading property developer, focused on the mid- to high-end segment of the market.

The manager believes Vinhomes is very well placed for growth over the next few years, with around 40% share of the premium residential sales market and a vast land bank, which at some 20 times the size of its next largest competitor, in Dien’s view, should be sufficient for around 15 years of development.

VEIL’s exposure to the retail sector increased by 4pp over the past year, reflecting an addition to Vincom Retail and strong performance from holdings including Mobile World, the portfolio’s largest stock (11.2% as at end-October 2019). Investors had been sceptical about Mobile World’s diversification into food stores, giving the manager the opportunity to accumulate shares at weaker levels. The company’s businesses, however, have continued to be strong, and it recently announced eight-month results, reporting a 37% increase in post-tax profits.

The manager also initiated a position in Vingroup, the parent company of Vinhomes and Vincom Retail. Vingroup is a large conglomerate with a broad range of businesses. In the past, Dien has been reluctant to invest in this company in view of a lack of transparency in its underlying operations. This has improved significantly with the listing of Vinhomes and Vincom Retail, and the manager believes there may be further listings in the pipeline, which would also help unlock value in the company.

He thinks the group’s supermarkets and convenience store business, VinMart, may be a potential IPO candidate following a US$500m investment in the company by Singapore’s sovereign wealth fund, GIC. Dien notes that the transaction implied a valuation higher than that of Mobile World, Vietnam’s largest retailer.

Sales over the past 12 months to end-October 2019 included the long-held position in low-cost airline VietJet. The company has performed well since it launched its services in 2011. Operating in an oligopoly environment, it increased its share to ca 45% of the passenger aviation market. Two new operators are set to enter the low-cost air travel market this year, and the manager believes intensifying competition will create a more challenging environment, potentially depressing profitability.

He has also disposed of power generation company PV Power, which VEIL had held prior to its listing, benefiting from the stock’s re-rating when it transferred from UPCoM to the HSX in January 2019. The manager thinks the outlook for profitability has deteriorated, with pressure on tariffs from the government, as well as rising input prices. Over the past year to end-October 2019, VEIL also took profits from several positions that have outperformed, including in Vietnam Engine and Agricultural Machinery (VEAM) and Saigon Beer.


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Partner Content

I have been running Japanese equity portfolios for both domestic and overseas clients since 2000. What first brought me to Japan in the early 1990s was a deep interest in understanding how differently companies are run here compared with the West. Above all, I am interested in finding out what makes a business model and company successful, which in turn is what stands to make it a good potential investment.

I have always said that if you turn over enough stones in Japan, you will find some pearls, particularly among small and mid-cap companies. Around 90% of Japanese companies in this segment tend to get little or no coverage from sell-side analysts and that is where being on-the-ground in Japan has huge advantages when picking stocks.

Investment philosophyFundamental research can help to uncover and take advantage of market inefficiencies and add value to clients’ portfolios. The prospects of individual companies and their comparative valuations can be predicted with a greater degree of accuracy than macroeconomic themes and factors, hence stock selection provides the best opportunity to capture added value.

My ‘growth at reasonable price’ approach utilises Fidelity’s local research capability as well as its broader global research network. We have a team of 13 equity

Rich pickings on offer in Japan Nicholas Price, Fidelity Japan Trust PLC’s portfolio manager for four years, explains how he uses local know how to spot Japan’s untapped potential

Nicholas Price is Portfolio Manager of Fidelity Japan Trust PLC

analysts* on the ground in Japan, and with them, I typically make around 350 company visits every year, doing traditional ‘bottom-up’ research. I also conduct my own research, looking for under-covered names using multiple information sources, including venture capital companies, recent IPOs, regulators, professors, and non-listed companies. I closely examine a company’s business model, particularly its sustainability and the barriers to entry, followed by valuations, liquidity and the potential upside against the downside.

Understanding the businesses in which I invest involves talking to management, customers, vendors and both local and regional competitors using our on-the-ground research network in Asia.

I also recognise that one cannot be continually right with every investment decision. That means locking in performance gains when things are going your way and maintaining a strong sell discipline, trimming outperformers and recycling the proceeds into new ideas, retesting a mid-term growth thesis for signs of change and moving on if there are more attractive opportunities elsewhere.

OutlookIn terms of recent market moves, Japanese equities have faced multiple headwinds as uncertainty over US-China trade frictions and the impact of the

global economy have clouded the outlook for corporate earnings. But looking beyond the macro challenges that are familiar to most market participants, we see some attractive opportunities in Japan’s technology sector, where selected companies are ideally positioned to take advantage of the structural changes underway.

In particular, as we look ahead to 2020 we expect a re-acceleration of demand for memory semiconductors, driven by content growth from the global rollout of fifth-generation (5G) smartphones as well as a recovery in spending by data centres. Memory supply/demand will tighten as new capacity additions were controlled over the past one to two years. We are also looking at globally competitive companies that are well positioned to capture the structural growth in automotive semiconductors.

The technology sector is a good example of how the trust aims to benefit from investing in the more dynamic sectors of Japan’s economy, focusing on fast growing but attractively valued stocks. There are also plenty of opportunities to discover pearls in the medtech and dynamic internet services sectors. With an acute understanding of this unique region and economy, combined with our hands-on local research, we are able to hone in on stocks often not picked out by others.

*As of 30 September 2019, Fidelity International.

The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments are subject to currency fluctuations. The trust invests 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 and the securities are often less liquid. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. 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. Investors should note that the views expressed may no longer be current and may have already been acted upon.This article is 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. Investment professionals include both analysts and associates. Source: Fidelity International, 30 June 2019. Data is unaudited. UKM1119/25263/CSO9439/0520.


Top 10 investment company sectors Returns to 30 Nov 2019 Year to date 1 year 3 years 5 years 10 year1. Technology & Media 34.33 24.36 N/A N/A N/A2. Environmental 29.58 21.33 53.13 N/A N/A3. UK All Companies 26.93 20.06 43.56 66.82 237.584. UK Smaller Companies 26.09 20.56 57.50 81.07 358.835. Hedge Funds 25.67 18.05 22.13 14.47 86.656. Global Smaller Companies 25.44 16.86 48.7 108.75 332.767. Europe 23.42 15.85 50.61 67.02 191.158. North America 23.27 11.19 35.05 71.70 248.209. Japan 22.65 9.27 43.81 107.16 308.6410. Private Equity 22.60 16.94 32.63 83.75 293.66 Overall weighted av. ex. VCTs 14.15 9.84 32.88 59.11 201.10

By % share price total return from 1 January to 30 November 2019. N/A is shown where sectors had fewer than three constituents for a period. Source: AIC/Morningstar.

Top 10 performing AIC member investment companies

Returns to 30 Nov 2019 Year to date 1 year 3 years 5 years 10 year1. BlackRock Throgmorton Trust 42.78 108.98 161.22 572.77 2. UIL 48.36 52.17 97.57 176.16 233.133. JPMorgan Russian Securities 47.44 44.68 71.68 155.88 113.114. Aberdeen Smaller Companies 45.54 31.73 76.39 106.21 386.595. HgCapital Trust 45.18 36.03 89.44 176.77 293.436. Gresham House Strategic 45.07 36.42 69.00 42.05 225.697. Pershing Square Holdings 44.77 30.69 28.42 -7.27 N/A8. Mercantile 40.58 33.60 58.45 92.62 288.759. Standard Life UK Sm Cos 40.51 34.58 68.15 121.82 453.1310. JPMorgan Chinese 40.35 33.29 61.66 84.83 141.96 Overall weighted av. ex. VCTs 14.15 9.84 32.88 59.11 201.10

By % share price total return from 1 January to 30 November 2019. N/A is shown where sectors had fewer than three constituents for a period. Source: AIC/Morningstar.

Performance>|

Technology & Media was the top-performing investment company

sector over the year to 30 November, data from the Association of Investment Companies (AIC) can reveal. The sector produced an impressive return of 34% over the year so far, compared to the average investment company return of 14% over the same period.

As interest in sustainable investing continues to rise, companies in the Environmental sector delivered the second-highest return of 30%. Placed third and fourth, the UK All Companies and UK Smaller Companies sectors also delivered impressive returns, 27% and 26% respectively, showing that the UK has been a rewarding region for investors during a time of intense political uncertainty.

Annabel Brodie-Smith, communications director of the Association of Investment Companies (AIC), said: “Political uncertainty, trade wars and worries about an economic slowdown have been on investors’ minds all year. So it is good to see the average investment company delivering a healthy 14% return.

“Despite the lack of clarity surrounding Brexit, the UK sectors have delivered strong returns. And as more investors have become interested in ESG investing, it is encouraging that the Environmental sector has performed well, with a return of 30% since January.

“Although it is always interesting to look back at the best performing companies at the end of the year, it is important to remember that investing should be for the long term and past performance is not an indicator of future returns. Investors need a balanced portfolio and the investment company industry offers a broad variety of sectors, regions and risk profiles to match these needs.

Investors should also consider their objectives and the level of risk they are willing to take when looking at potential investments and, if they have any concerns, should speak to a financial adviser.”

The top performersThe 10 best-performing AIC member investment companies came from a variety of sectors,

but companies in the UK Smaller Companies sector featured most prominently, making four appearances among the top ten.

BlackRock Throgmorton Trust was the best-performing member company over the year. The company from the UK Smaller Companies sector produced a chart-topping 49% share price total return from

Tech & Media top performance tablesAssociation of Investment Companies’ data for year to end November shows investment companies delivering solid returns against a turbulent background

F or the last three years, investors have been paid handsomely to

avoid UK equities; however, the general election offers a chance to make UK plc more investible and remove one of the many clouds of uncertainty that hang over it.

While Brexit will dominate the headlines for years to come, the possibility of a political majority should help reassure businesses and investors that the discount on UK plc is too wide.

We have unpacked the UK investment trust sector and shortlisted names that can help investors rebalance portfolios towards this domestic value.

Over the last three years, sterling has been the pressure valve for UK risk and has been an indicator of sentiment for a variety of Brexit scenarios.

We used a purely quantitative approach to analyse the latest available portfolios and run both sterling correlations and sub-sector analysis.

Portfolio correlation to sterling We selected the 33 most liquid trusts across the three AIC UK sectors (UK All Companies, UK Equity Income and UK Smaller Companies). For each trust we used the latest available portfolio (typically within the last three months) and analysed the 12-month correlation between the movement of each underlying

stock position (over and above market beta) and the movements of sterling. The weighted average is adjusted for net cash or gearing to provide a final number (that

can range between +100% and -100%).

To help interpret the movements shown in the sterling correlation charts thus generated, we ran the same analysis for every stock in the FTSE All-Share and FTSE AIM All-Share, as well as any overseas stocks

owned by UK equity investment trusts.

The sub-sectors that showed the highest correlation to sterling were banks, life insurance, construction, real estate and retailers. Conversely, those sub-sectors that were most negatively correlated were beverages, telecom services (due to high overseas holdings), leisure goods, precious metals and mining.

The comparison goes beyond AIC sector boundaries, eg the current Henderson Smaller Companies portfolio has historically shown greater correlation to sterling than the Schroder UK Mid Cap.

From this study the clear winners are Aurora, Henderson Smaller Companies and Temple Bar; whereas Finsbury Growth & Income and Troy Income & Growth would be inversely correlated.

Priyan Rayatt and Anthony Leatham are investment trust analysts at broker Peel Hunt.


WI

Performance>|

WI

A reason to be bullish on UK plc

Priyan Rayatt and Anthony Leatham examine the link between the strength of the pound and the performance of a range of UK smaller companies investment trusts

1 January to 30 November. It was closely followed by UIL in the Flexible Investment sector, up 48%, and JPMorgan Russian Securities up 47, over the same period.

Dan Whitestone, Manager of BlackRock Throgmorton Trust, said: “As we have long argued, stock and industry specific outcomes can triumph over the volatility created by macro, political and economic events.

“This certainly held true in 2019, which has been a strong year for the trust in absolute and relative terms, aided by positive contributions from both long and short positions.

“The management teams of the companies the trust invests in have played a key part in helping deliver value and wealth creation for shareholders, not just this year but over the course of many years.

Whitestone continued: “The premium for genuine secular growth is high, as we remain within an era of low inflation, low interest rates and weaker growth. However, we see many companies with solid business models, that have enormous growth potential, are all too often dismissed by the market as expensive.

“Conversely, many so-called value shares are under significant pressure from the structural changes wrought by technological disruption, resulting in fundamental changes in distribution, manufacturing and customer behaviour.

“Throgmorton aims to identify and own, for the long term, the exciting, fast-growing companies that we believe are truly differentiated and disruptive and taking full advantage of the structural changes reshaping industries. Our belief is that the stock market persistently undervalues these companies, which have strong balance sheets, and have been able to heavily invest ahead of their peers.”

“Over the last three

years, sterling has

been the pressure

valve for UK risk”


ISAs>|


ISAs>|

S avers have struggled to get decent interest rate returns for too long it

seems. Savings should be a good source of income but are failing most savers. Other options for income are clearly bonds that pay returns or stocks and shares that do. Not all do, of course, because not all pay dividends.

The reasons for how and why individuals seek income are myriad and, of course, personal to each investor. Arguably the ways in which one accesses income are equally varied with many funds purporting to do so on the market.

On the next page are five ISA fund recommendations for those seeking income within their ISA portfolio, courtesy of financial planner Patrick Connolly at IFAs Chase de Vere. But first, what should investors consider when, broadly, they are looking for income?

Fund manager viewsAlan Dobbie, fund manager at Rathbone Income fund, which features in Connolly’s five income fund recommendations, said: “Equity income investing is about much more than just

buying stocks trading on high dividend yields. To create a secure long-term income stream, you must consider a company’s dividend alongside its ability and willingness to pay.

“Willingness and ability are often two very different things. Furthermore, persistent inflation can eat away at the purchasing power of a dividend stream over time, so you need to find businesses that can grow their dividend by at least inflation.”

One can usually struggle to find a benefit from the fiasco of the UK leaving the EU but there are some positives of the situation we find ourselves in.

“Brexit uncertainty has pushed the dividend yield on the FTSE All-Share towards a multi-year high, creating opportunities for income investors,” added Dobbie.

“While lacklustre share price performance over recent years is partly responsible for this, you should not underestimate the boost that a weaker pound has given to the profits – and dividends – of the multinational-heavy FTSE All-Share.”

However, Dobbie warned: “Looking forward, a key risk to UK dividends is that any clarity

ISAs for income seekers

Continuing our series of features highlighting five top fund picks for particular ISA investors needs, Stephanie Spicer focuses on income returns


ISAs>|

over Brexit could cause Sterling to rally. That would pressure the security and growth potential of many UK dividends which are overwhelmingly backed by overseas earnings.

“We are alert to this risk, ensuring that our portfolio contains a diverse mix of stocks, with well-covered dividends and good growth potential.”

Forecast for 2020In terms of what to look for in 2020, according to Dan Roberts, portfolio manager on the Fidelity Global Dividend fund, which focuses on stocks that provide secure income and offer the prospect of dividend growth, there are three important risks that equity investors will need to navigate:• Valuations are significantly

above long-term averages;• Levels of corporate profitability

are very high vs history; and • Corporate balance sheets

looking stretched.

Patrick Connolly, head of communications at Chase de Vere selects top five funds that will generate income for your ISA portfolio.

1. Rathbone Income. This fund has an experienced

investment manager in Carl Stick, who is the longest serving manager of the same equity income fund, and he focuses on delivering a sustainable income, which is currently 4.4%, along with some capital growth by investing in UK shares.

The manager aims to invest in high quality companies at a sensible price. It has strong risk controls and puts a big focus on not losing investors’ money and giving them a pay rise each year by way of increasing dividend pay-outs.

2. Fidelity Global Dividend. This fund is an ideal core

holding which achieves a good balance between risk and return.

It has a consistent track record and stands up particularly well in volatile markets. It is run by an experienced manager supported by a strong investment team and invests in large good quality companies, with the largest holdings in the US, UK, Europe and Japan.

The manager, Dan Roberts, is prepared to buy stocks which pay lower dividends if he expect them to grow in the future, as a result the fund’s yield of 2.8% is lower than some competitor funds. However, the aim is to maintain the yield at around 3% pa.

3. Schroder Income Maximiser. This funds holds

most of the same stocks as the Schroder Income fund, which is a value-oriented UK equity income fund, but it sells covered call options on about 70% of the stocks in the fund. This means that the growth potential of these stocks is sacrificed but the benefit

of giving up this upside is that the proceeds are used to boost the fund’s income.

This is really helpful for those who main focus is a higher level of income, although the fund can get left behind if markets perform strongly.

The current yield is 6.8% and the fund has maintained a yield of around 7% in all 13 years since its launch.

4. Fidelity Extra Income. This is a very diversified and

defensively managed bond fund which is typically invested about 60% in investment grade bonds and 40% in high yield bonds although can also hold government bonds.

It is invested about 60% in UK bonds and gilts and despite being in the Strategic Bond sector it has a low level of volatility. The fund has an excellent long-term track record of out-performance and pays a consistent yield which is currently 3.5%.

5. L&G UK Property. Commercial property has

traditionally provided investors with a consistent level of income and some degree of capital protection. However, the EU referendum result and ongoing uncertainty that we have endured since then has been considered negative for property investments with many investors fearing significantly outflows which could potentially lead to funds being suspended.

L&G has the largest UK property fund and very possibly the most liquid and so should hopefully be equipped for whatever the future holds.

The fund imposes transaction charges upfront and so is only suitable for long-term investors, but it pays a yield of 3%, continues to grind out positive returns and property could be positioned to perform better if there is a positive Brexit outcome.

PATRICK CONNOLLY’S TOP FIVE INCOME FUNDS

“We have trimmed our triple-B holdings over the

year in favour of more higher quality single-A rated names on which we have a

high conviction”Sajiv Vaid, Fidelity

returns compared to bonds and a lower risk profile than equities, UK property remains a core component of any diversified portfolio and continues to provide a healthy level of income.”

Jarvis added: “Historically, property returns have been 66% income but this also demonstrates potential for value creation through selective risk-taking and, unlike many other asset classes, the ability to physically improve the investment and enhance income streams.

“Although it is anticipated that returns will be relatively benign over the short term, in comparison to previous performance, UK property remains well placed compared with many other asset classes.

“Across the sector, rents continue to hold up well due to solid economic conditions and there are a number of other factors supporting stable returns including a lower than average level of new supply, conservative debt levels and low interest rates; the latter emphasising the relative income advantage offered by property.”

Looking forward, Jarvis said that he anticipates: “The future performance of UK property sector investments will be generated by its robust income profile, taking selective risk and tilting portfolios to the more resilient economies within the UK.”

Against wider market uncertainty, his fund remains well-placed for the future, given its liquidity, sector weightings, opportunistic purchasing, robust performance track record and the underlying quality of its income profile.

“We analyse our properties frequently and in detail ensuring preparedness for market changes while leveraging the experience, scale, and reach of our wider Real Assets platform.

“This reach means we continue to see opportunities in the wider market and allows us to transact where we feel it is appropriate even during times of increased uncertainty,” he concluded.


ISAs>|

WI

“On the positive side,” Roberts said, “persistently low interest rates increase the relative attractiveness of equites to investors looking for a balance of income and growth.

“It is also worth saying that the aforementioned risks refer to equities in aggregate: in a broad global market there will always be the opportunity to find good quality companies trading at fair valuations.”

Sajiv Vaid, portfolio manager of the Fidelity Extra Income fund said he continues to prefer defensive areas of the credit market and bias the portfolio towards asset backed securities, utilities and real estate, which include names such as Thames Water, Westfield and Blackstone.

“We particularly like these areas because they offer stable cash flows, solid asset backing and come with the robust covenants that are missing from straight corporate debt,” he said.

“Importantly, the downside protection they offer does not always mean that coupons are lower, more often than not issuers compensate creditors for the complex nature of the bond structure.

“Going into 2020, we will continue to keep a healthy balance of credit and duration in the portfolio. Not only does duration provide investors with diversification away from equity exposure, it also allows them to earn higher income in an environment where rates are likely to stay lower for longer.”

In light of continuous market uncertainty, Vaid said he is cautious on lower quality credit and has a low exposure to high-beta areas of the market.

“We are underweight these sectors, which include banks and consumer goods, given that they exhibit a higher correlation to equities and greater volatility.

“Given the lack of spread compensation, we also prefer to stay away from quasi-sovereign and supranational issuers and prefer to find liquidity in pure government bonds instead.

“In terms of credit rating,

we have trimmed our triple-B holdings over the year in favour of more higher quality single-A rated names on which we have a high conviction. At the same time, given late-cycle dynamics, we are cautious and very selective on high yield credit where we cap our exposure.”

PropertyCommenting before the news of the closure to withdrawals of the M&G Property Portfolio fund, Matt Jarvis, fund manager at L&G’s UK Property fund, highlighted the importance of property in producing income.

“The importance of income to an investment portfolio of moderate risk remains clear and is evidenced by historic robust returns,” said Jarvis.

“Over the long term, 80% of overall returns within multi-asset portfolios have been generated by income producing assets, of which property is a key driver.

“Typically offering premium

“To create a secure long-term income stream, you

must consider a company’s dividend alongside its ability

and willingness to pay”Alan Dobbie, Rathbone


1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%15% 7 8 8 8 8 8 9 9 10 11 12 14 16 2014% 7 8 8 8 9 9 10 11 11 13 14 17 2113% 8 8 9 9 9 10 11 12 13 15 17 2212% 9 10 10 11 11 11 12 14 16 18 2211% 10 11 11 12 12 13 14 16 19 2510% 10 11 12 13 14 15 17 20 269% 11 12 13 14 16 18 22 288% 13 14 15 17 20 23 307% 15 16 18 21 25 336% 18 20 23 28 365% 22 25 30 414% 28 35 463% 40 552% 691%

Annual growth

Annu

al w

ithdr

awal

The rate at which prices rise and money loses its purchasing power.

CPI RPI

Current rate 1.5% 2.1%1 month ago 1.7% 2.4%1 year ago 2.2% 3.3%3 years ago 1.3% 2.0%5 years ago 1.3% 2.3%10 years ago 1.2% -0.8%

Data as at 13 November 2019. Source: ONS

Monthly cost per £1,000 of mortgage – remember to add the monthly cost of any repayment vehicle (endowment, ISA, etc) to the total on an interest-only loan. Repayment figures assume a mortgage term of 25 years.

Rate Interest-only Repayment mortgage mortgage2.0% £1.67 £4.272.5% £2.09 £4.523.0% £2.50 £4.793.5% £2.92 £5.064.0% £3.34 £5.334.5% £3.75 £5.625.0% £4.17 £5.915.5% £4.59 £6.216.0% £5.00 £6.526.5% £5.42 £6.837.0% £5.84 £7.157.5% £6.25 £7.488.0% £6.67 £7.818.5% £7.09 £8.149.0% £7.50 £8.489.5% £7.92 £8.8310.0% £8.34 £9.1810.5% £8.72 £9.4311.0% £8.14 £9.7811.5% £8.56 £10.1312.0% £8.98 £10.48

Source: Halifax

Income taxBasic rate (£12,501-£37,500 of taxable income) 20%Higher rate (£37,501-£150,000 of taxable income) 40%Additional rate (over £150,000 of taxable income) 45%Dividend ordinary rate 7.5%Dividend upper rate 32.5%Dividend additional rate 38.1%

ScotlandStarter rate (£12,501-£14,549 of taxable income) 19%Basic rate (£14,550-£24,944 of taxable income) 20%Intermediate rate (£24,945-£43,430 of taxable income) 21%Higher rate (£43,431-£150,000 of taxable income) 41%Top rate (over £150,000 of taxable income) 46%

AllowancesPersonal allowance £12,500*Personal savings allowance (basic rate taxpayers) £1,000Personal savings allowance (higher rate taxpayers) £500Dividend allowance £2,000Marriage allowance £1,250†Blind person’s allowance £2,450

* Allowance is reduced by £1 for every £2 of income over £100,000. † A spouse or civil partner who is not liable to income tax (or not liable at the higher or additional rate) can transfer this amount of their personal allowance to their spouse or civil partner. The recipient must not be liable to income tax at the higher or additional rate. The relief for this allowance is given at 20%.

Capital gains tax (CGT)Gains are taxed at 10% and 20% depending on taxable income.

Annual exemptionIndividuals £12,000Trustees generally £6,000

Inheritance taxRatesNil £1-£325,00040% £325,000+

Lifetime transfersInheritance tax is not chargeable on most lifetime transfers. Gifts on or within seven years of death will be first set against the nil-rate band and any excess charged at the death rate subject to reductions as follows:

Years between % tax rate gift and death chargeable0-3 403-4 324-5 245-6 166-7 8Over 7 years Nil

ExemptionsAnnual £3,000

Gifts between husbands, wives and civil partners (and to charities, museums, universities or community amateur sports clubs) are totally exempt, as are gifts in contemplation of marriage, within certain limits.

ISAsAnnual investment limitsISA £20,000Junior ISA £4,368Child Trust Fund £4,368

From 1 July 2014, the cash limit was abolished – funds can therefore be invested in any desired combination of cash and stocks and shares.

National Insurance contributions (NICs) from 6/4/19Class 1 (Employed) Contracted in ratesEarnings per week Employer % Employee %£0.01-£118.00 – –£118.01-£166.00 – –£167.01-£962.00 13.8 12.0Over £962.00 13.8 2.0

Class 1A and 1B (employers only) 13.8%Class 2 (self-employed) £3.00per week (small earnings exemption) £6,365Class 3 (voluntary) £15.00per weekClass 4 (self-employed) 0% on profits up to £8,632 9% on profits from £8,632 to £50,000 2% on profits above £50,000 pa

>| Savings & Taxes

Tax Rates for 2019/20

Income/Capital Growth Calculator

Mortgage Calculator

InflationIndicator

Personal pension contributionsYou can save as much as you like into any number of pensions and get tax relief on up to 100 per cent of your earnings each year, subject to an upper annual allowance. For the tax year 2019/20, this is £40,000. Savings above the annual allowance will be subject to tax charges. The allowance is tapered for those with an ‘adjusted income’ of over £150,000.Individuals also have a lifetime allowance against which the total value of the benefits built up in pension funds (including investment growth) will be tested. For the 2019/20 tax year, the lifetime allowance is £1.055m.

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 30 NOVEMBER 2019

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

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What InvestmentSUBSCRIBE FOR £29.99* – SAVING 45% ON THE SHOP PRICE


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 – Page 23

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

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 reflected in the performance data.

The performance data in What Investment is produced by Morningstar, which is a global investment research firm. This data shows how funds have performed over six months, one year and three years. It is sensible to look at performance over different time periods and by using these figures 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 profits 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 reflects 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 specified 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 100Test 105 - 110 - 123 - 134 - 207 - - -FTSE All ShareTest 106 - 111 - 124 - 137 - 220 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAB Asia Ex-Japan Eq I GBP Acc 103 77 104 95 118 86 - - - - 1.22 -Allianz Total Return Asian Equity C Inc 107 21 111 35 127 46 143 69 233 28 1.24 1.62Alquity Asia USD Y 98 103 106 82 115 94 - - - - - -AS SICAV I Asia Pac Eq X Acc GBP 103 76 110 54 128 41 143 72 212 43 1.27 -AS SICAV I Asn Smllr Coms X Acc GBP 104 67 109 56 117 93 125 91 248 16 1.41 -ASI (SLI) Asian Pacific Grth Eqty P1 Acc 105 50 111 34 127 50 150 56 240 23 - 1.65ASI Asia Pacific Equity Enh Index B Acc 102 84 106 88 124 62 - - - - - 2.98ASI Asia Pacific Equity I Acc 103 75 110 52 130 36 143 70 221 37 1.12 1.11AXA Rosenberg Asia Pacific ex Japan Z 101 100 101 101 118 88 140 75 206 49 1.09 2.37Baillie Gifford Pacific B Acc 110 2 115 8 147 3 167 26 312 1 0.79 -Barings ASEAN Frontiers I GBP Acc 104 72 111 40 127 47 144 66 252 14 1.00 -Barings Eastern I GBP Inc 108 18 111 33 138 14 174 13 242 21 1.02 -BGF Asian Dragon D2 106 26 111 36 127 49 168 24 244 18 1.10 -BlackRock Asia D Acc GBP 107 19 112 30 129 40 161 33 - - - 0.94BlackRock Asia Special Situations D Acc 105 35 107 75 120 78 164 30 - - - -BMO Pacific Equity 2 Acc 102 93 110 49 134 25 171 18 208 46 1.10 1.20BNY Mellon Asian Income Instl W Acc 104 57 112 27 125 52 150 54 285 4 0.83 -BNY Mellon Oriental Inst W Acc 110 4 115 12 123 69 140 74 177 57 - 0.56Comgest Growth Asia Pac ex Jpn GBP U Acc 106 27 105 93 120 82 163 31 241 22 1.10 -Fidelity As Pacific Opps W GBP Acc 108 14 119 4 149 2 208 1 - - - 1.02Fidelity Asia Focus W-Acc-GBP 106 30 113 22 140 9 171 19 230 30 1.19 -Fidelity Asia W Acc 107 20 113 18 139 11 182 5 265 10 - 0.97Fidelity Asian Dividend W Inc 102 82 113 21 137 17 177 8 - - - 3.54Fidelity Asian Special Sits A-Dis-GBP 105 37 109 58 129 38 167 27 249 15 1.93 -Fidelity Emerging Asia W Acc 106 25 113 19 137 16 174 12 - - - -Fidelity Emerging Asia W-Acc-GBP 102 91 109 57 139 12 169 21 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 102 89 112 26 124 65 151 52 - - - 3.25Fidelity Instl Pacific ex Japan Acc 100 102 111 37 118 91 144 67 209 45 0.90 2.11Fidelity Instl South East Asia Acc 104 66 109 55 132 31 167 28 243 19 0.94 -First State Asia All-Cap B Acc GBP 104 70 109 64 125 56 - - - - - 0.99First State Asia Focus B Acc GBP 106 29 112 25 141 8 - - - - - 1.04GAM Multistock Asia Focus Equity USD B 107 23 110 53 132 29 169 22 - - 2.02 -GAM Star Asian Equity Instl GBP Acc 111 1 117 7 119 83 141 73 166 59 1.32 -GlobalAccess Asia Pac (exJpn) M Acc GBP 106 24 107 77 132 32 135 82 - - - 1.53GS Asia Equity R Acc USD 107 22 111 38 135 24 172 16 237 25 1.15 -Guinness Asian Equity Income Y GBP Inc 106 31 109 59 128 43 162 32 - - 0.99 4.01Guinness Best of Asia Y GBP Acc 104 62 106 83 - - - - - - 0.99 -Halifax Far Eastern C 102 83 105 92 123 70 147 61 204 50 1.57 1.68Hermes Asia ex-Japan Equity F GBP Acc 104 54 103 99 129 39 173 14 - - 0.85 -HSBC Pacific Index Accumulation C 105 41 110 46 125 53 152 50 220 38 0.31 2.86Invesco Asia Consumer Demand A USD SD 105 43 106 87 125 54 140 76 203 51 2.02 0.06Invesco Asian Equity Inc UK Z Acc 102 80 108 69 123 68 146 62 - - - 3.76Invesco Asian UK Z Acc 104 53 107 78 131 33 173 15 267 8 - 1.45Investec Asia Pacific Franchise I AccGBP 110 3 119 5 147 5 177 9 296 3 1.00 -iShares Pacific ex Jpn Eq Idx (UK) D Acc 105 45 110 45 125 55 153 47 - - 0.19 3.10Janus Henderson Asian Div Inc UT I Acc 104 73 112 24 128 45 154 45 244 17 1.11 6.39Janus Henderson AsiaPac Cptl Gr I Acc 105 39 111 41 133 26 158 38 228 31 1.08 1.40Janus Henderson Instl APexJpn IdOpp IAcc 105 34 111 39 124 66 152 49 216 40 0.83 2.78JOHCM Asia ex-Japan A GBP Inc 104 56 110 43 107 99 131 89 - - 1.01 1.64JOHCM Asia ex-Japan Sm & Md-Cp A £ I 102 90 110 42 102 100 133 87 - - 1.21 1.63JPM Asia Growth C Net Acc 108 13 114 16 155 1 197 3 264 11 0.93 -Jupiter Asia Pac Inc L GBP Q Inc 105 42 113 20 122 71 146 64 207 48 1.72 3.92Jupiter Asian I Acc 105 49 106 86 109 97 140 77 197 53 - 0.74Jupiter Asian Income I GBP Acc 105 33 114 15 128 42 - - - - - 3.67L&G Asian Income I Acc 101 98 107 74 120 79 145 65 238 24 - -L&G Pacific Index I Acc 105 46 110 47 125 58 153 48 224 34 0.38 3.13Legg Mason IF MC Asia Pac X Acc £ 104 58 105 90 127 48 159 36 227 32 - 1.48Legg Mason MC Asia L-T Uncons MGBPDis(A) 102 92 104 98 122 73 138 80 - - 1.20 1.35LF Canlife Asia Pacific C Acc 105 38 110 44 126 51 133 88 178 56 0.89 -Liontrust Asia Income I Inc 104 71 108 68 118 87 151 53 - - 1.25 5.60M&G Asian GBP I Acc 104 61 109 60 120 80 139 79 222 36 0.97 2.06Marlborough Far East Growth P Inc 106 28 106 84 117 92 155 42 165 60 - 2.15Matthews Asia-Asia EX JP Div I GBP Acc 102 79 108 67 135 21 - - - - 1.50 -Matthews Asia-Asia Sm Com I GBP Acc 104 68 110 50 119 84 135 83 - - 1.75 -Matthews Asia-Pac Tiger I GBP Acc 101 99 103 100 124 64 153 46 - - 1.10 -Merian Asia Pacific R GBP Acc 104 59 106 85 132 30 168 23 265 9 1.11 1.42Merian Asian Equity Income R GBP Acc 102 87 104 96 111 95 135 84 - - 1.18 -Merian Pacific Equity R GBP Acc 104 64 107 79 109 96 134 85 - - 1.20 -MFS Meridian Asia Ex-Japan W1 USD 104 63 109 61 130 35 158 39 226 33 0.94 -Mirabaud Equities Asia ex Japan A USD 100 101 100 102 118 89 140 78 171 58 0.97 -Mirae Asset As Great Consumer Eq R GBP 108 16 121 1 146 6 160 35 - - 0.98 -Mirae Asset Asia Sect Ldr Eq R GBP Cap 105 36 111 32 124 60 143 71 - - 0.99 -New Capital As Pac Eq Inc GBP Ord Inc 105 47 109 65 120 81 107 92 - - 1.91 4.80Nomura Fds Asia ex Japan High Cnv I USD 108 17 113 23 135 22 177 10 - - 1.40 -Ostrum Pacific Rim Equity R/A USD 103 78 112 29 121 77 136 81 148 61 1.80 -Pictet-Asian Equities Ex Japan I USD 109 7 115 9 136 19 170 20 234 27 1.06 -


Pictet-Pacific Ex Japan Index I GBP 101 97 111 31 124 61 150 55 - - 0.29 -Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 104 52 107 76 131 34 172 17 - - - 1.54Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 108 15 120 2 138 13 157 40 - - - 1.34Quilter Investors Asia Pac U2 (GBP) Acc 104 55 106 80 - - - - - - - 1.73Robeco Asian Stars Equities F £ 104 60 106 89 118 90 - - - - 0.96 -Royal London Asia Pac ex Jpn Tracker Z 105 48 110 48 125 57 152 51 208 47 1.05 2.96Santander Pacific Basin (Ex Jpn) Eqs A 102 81 104 97 122 72 154 44 219 39 1.05 2.07Schroder Asian Alpha Plus Z Acc 105 40 109 66 137 15 168 25 296 2 0.96 1.28Schroder Asian Income Maximiser Z Acc 102 94 106 81 119 85 146 63 - - 0.96 -Schroder Asian Income Z Acc 102 85 108 70 124 63 155 41 276 6 0.95 -Schroder Institutional Pacific I Acc 104 65 114 17 132 28 160 34 242 20 0.51 3.01Scottish Widows Pacific Growth A 102 88 105 91 121 76 144 68 192 54 1.65 1.53SLI Pacific Basin Trust 104 51 108 73 129 37 149 57 216 41 0.86 1.79Smith & Williamson Oriental Growth B 104 69 109 62 136 20 181 7 258 13 - 1.93SSgA Asia Pacific ex-Japan Eq Tracker 102 86 108 72 122 74 148 60 209 44 0.90 1.65Stewart Investors Asia Pacific B Acc GBP 94 104 96 103 108 98 133 86 259 12 1.04 1.22T. Rowe Price Asian ex-Japan Eq Q GBP 109 10 115 13 135 23 159 37 237 26 0.92 -T. Rowe Price Asian Opps Eq C GBP 109 9 115 11 - - - - - - - -T. Rowe Price Asian Opps Eq Q GBP 108 11 115 14 141 7 181 6 - - 0.92 -Templeton Asian Growth W(acc)GBP 106 32 109 63 121 75 126 90 187 55 1.25 -Threadneedle Asia Z Acc GBP 108 12 115 10 137 18 166 29 232 29 0.91 1.41TT Asia-Pacific Equity H GBP 105 44 108 71 140 10 188 4 223 35 1.11 0.49Vanguard Pac ex-Jpn Stk Idx GBP Acc 101 96 112 28 125 59 149 58 213 42 0.30 3.60Veritas Asian A GBP 109 8 119 3 147 4 199 2 275 7 1.16 0.53Veritas Asian A GBP 109 8 119 3 147 4 199 2 275 7 1.16 0.53Vontobel mtx Sust AsLdrs ExJpn I USD 103 74 105 94 133 27 176 11 281 5 1.18 -VT Halo Global Asian Cnsmr B £ Net Acc 101 95 110 51 128 44 148 59 - - - 1.69Waverton Asia Pacific A USD 110 5 118 6 124 67 154 43 197 52 1.51 -Wellington Asian Opps N Uhdg GBP Acc 109 6 - - - - - - - - - -Average/Total 105 105 110 104 128 101 156 93 230 62 1.10 2.07

(IA) ASIA PACIFIC INCLUDING JAPANASI Asia Pacific and Japan Eq I Acc 106 6 111 3 128 5 149 7 232 5 - 1.04Baillie Gifford Developed As Pac B Acc 107 3 111 2 133 2 189 2 293 1 0.73 1.01GAM Star Asia-Pacific Eq Instl EUR Acc 109 2 111 4 126 6 163 5 202 6 1.76 1.46Invesco Pacific UK Z Acc 106 5 107 6 130 4 168 4 264 3 - 1.27JPM Pacific Equity A (dist) GBP 110 1 113 1 141 1 193 1 267 2 1.80 0.04Matthews Asia-Asia Div I GBP Acc 104 7 103 7 118 7 158 6 - - 1.17 -Smith & Williamson Far East Inc&Gr B 107 4 111 5 130 3 178 3 259 4 - 2.26Average/Total 107 7 110 7 129 7 171 7 253 6 1.36 1.18

(IA) CHINA/GREATER CHINAAllianz All China Equity WT GBP 114 2 131 1 - - - - - - - -Allianz China Equity RT GBP 103 33 105 33 118 32 157 23 185 15 1.38 -AS SICAV I Chinese Eq X Acc GBP 103 32 111 17 129 18 154 26 206 12 1.24 -Baillie Gifford China B Acc 112 7 115 11 145 2 193 2 262 3 1.13 0.81Barings China Select I GBP Inc 110 9 114 12 123 28 157 24 175 20 1.10 0.58Barings Hong Kong China I GBP Acc 110 10 112 14 133 14 164 20 183 16 1.00 -Comgest Growth China GBP U Acc 109 12 111 18 126 21 183 8 262 4 - -Fidelity China Consumer W Acc 108 18 116 8 139 10 183 7 - - - 0.41Fidelity China Focus Y-Dis-GBP 100 34 100 35 123 26 177 13 222 11 1.06 2.07First State All China B Acc USD 113 5 128 2 - - - - - - - 0.48First State Greater China Gr B Acc GBP 110 11 116 10 142 7 184 5 315 1 1.06 0.99GAM Multistock China Evolution Eq USD B 107 22 106 30 123 27 175 16 - - 1.90 -GAM Star China Equity Instl GBP Acc 108 17 116 9 121 30 146 29 - - 1.04 0.69GS China Opportunity Equity R Inc GBP 109 15 109 22 140 9 174 17 206 13 1.15 0.97Guinness Best of China X GBP Acc 109 16 110 20 125 23 - - - - 1.24 -HSBC GIF Chinese Equity AD 110 8 109 23 127 20 162 21 182 18 1.90 0.31Invesco China Equity Fund UK Z Acc 105 28 109 25 138 11 173 18 259 6 - 1.07Janus Henderson China Opps I Acc 106 23 112 15 132 16 179 12 250 8 1.09 1.15Janus Henderson Hrzn China A2 USD 105 26 110 21 123 29 170 19 191 14 1.93 -JPM Greater China A (dist) USD 115 1 123 3 144 5 176 14 257 7 1.78 0.07Jupiter China I Acc 98 35 98 36 107 34 130 31 152 22 1.02 1.23Legg Mason IF MC China X Acc £ 113 4 118 6 142 6 183 9 - - - 0.67Liontrust China C Acc GBP 107 20 106 29 124 25 149 28 181 19 - 1.04Matthews Asia-China Div I USD Acc 98 36 105 34 125 24 183 6 - - 1.50 -Matthews Asia-China I GBP Acc 109 13 118 7 142 8 180 11 - - 1.25 -Matthews Asia-China Sm Com I USD Acc 113 3 121 4 147 1 189 4 - - 1.75 -Merian China Equity U1 GBP Acc 104 30 107 28 128 19 - - - - 1.13 -Neuberger Berman China Eq USD A Acc 106 24 111 16 144 4 198 1 283 2 2.03 -New Capital China Equity GBP Ord Acc 109 14 107 27 115 33 100 32 - - 1.26 -Nomura Fds China I USD 104 29 109 24 119 31 143 30 162 21 1.59 -Pictet-Greater China I GBP 112 6 119 5 144 3 181 10 242 10 1.04 -Quilter Investors China Eq U2 (GBP) Acc 107 21 113 13 133 15 176 15 - - - 0.98Schroder ISF Greater China C Acc USD 108 19 110 19 137 12 189 3 260 5 1.31 -SLI China Equities A Acc GBP 103 31 105 32 126 22 150 27 - - 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.

Unit Trusts 1

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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

£ £ £ £ £ % %Templeton China W(acc)GBP 105 27 106 31 134 13 161 22 183 17 1.40 -Threadneedle China Opps Z Acc GBP 105 25 108 26 131 17 156 25 244 9 1.46 1.03Average/Total 107 36 112 36 131 34 168 32 221 22 1.39 0.86

(IA) EUROPE EXCLUDING UK7IM European Equity Value C Inc 108 81 108 99 135 23 - - - - - 3.51AB Eurozone Eq Ptf I EUR Acc 108 67 110 86 133 38 167 13 - - 1.03 -Allianz Continental European C Acc 112 10 119 11 141 18 175 7 269 9 0.97 0.68Allianz European Equity Income C Inc 104 117 102 113 120 94 136 87 191 65 - 4.45Artemis European Growth I Acc 109 37 112 68 122 91 144 72 226 30 0.85 1.92Artemis European Opportunities I Acc 108 69 108 94 134 27 158 23 - - 1.63 1.76AS SICAV I Eurp Eq Ex UK X Acc GBP 107 87 119 10 148 7 167 12 226 28 1.11 -ASI Europe ex UK Equity I Acc 107 83 120 8 149 5 172 9 233 21 1.10 0.67ASI Europe ex UK Ethical Equity P1 Acc 109 29 114 37 132 46 150 47 195 64 - 1.34ASI Europe ex UK Growth Equity P1 Acc 109 33 111 74 128 64 146 66 212 42 - 1.75ASI Europe ex UK Income Equity P1 Acc 110 22 112 70 125 74 143 73 227 27 - 2.66ASI European Equity Enhanced Index B Acc 109 42 113 43 133 41 - - - - - 2.57ASI European Equity Tracker B Acc 109 45 - - - - - - - - - -Aviva Investors Contnn Eurp Eq 2 GBP Acc 108 60 109 89 119 98 152 38 220 38 0.84 1.58AXA Framlington European Z GBP Acc 109 25 114 35 125 73 146 68 234 20 0.75 1.51AXA Rosenberg European Z 108 61 111 76 120 95 137 84 186 69 1.08 2.91AXAWF Fram Eurozone F Cap EUR 108 51 112 67 131 50 148 61 209 47 1.00 -Baillie Gifford European B Acc 112 7 118 17 144 13 183 4 316 4 0.75 0.72Barclays Europe (ex-UK) Alpha R Acc GBP 112 9 122 4 130 54 141 76 - - - 0.63Barings European Growth I GBP Inc 107 93 115 31 130 52 152 36 220 37 0.87 2.70BlackRock Continental Euro D Acc 113 5 122 3 146 8 177 6 281 6 0.92 0.65BlackRock Continental Eurp Inc D Acc 109 40 114 38 133 35 158 24 - - 1.10 4.22BlackRock European Dynamic D Acc 113 6 122 5 148 6 181 5 329 3 0.93 0.62BlackRock Systm Continen Euro D GBP Acc 107 96 112 65 133 40 - - - - - 2.42BMO Select European Equity 2 Acc 108 62 116 21 134 28 159 21 251 15 0.87 0.86BNY Mellon Continental European InstWAcc 105 112 110 84 134 32 155 29 - - - 1.58Castlefield B.E.S.T Sust Eurp Gen Inc 108 63 118 15 - - - - - - - 0.39Comeragh European Growth B EUR Acc 109 32 107 102 121 92 - - - - - -Comgest Growth Europe ex UK GBP U Acc 111 15 120 7 153 3 - - - - 1.10 -EdenTree Amity European B 106 100 107 104 125 79 148 58 225 33 0.92 -ES AllianceBernstein Eurp Ex UKEqIGBPAcc 109 41 - - - - - - - - - -Fidelity European Opportunities W Acc 105 109 109 87 121 93 149 57 198 60 - 0.99Fidelity European W Acc 108 59 116 25 144 11 168 11 251 14 - 1.58Fidelity Index Europe ex UK P Acc 109 39 114 39 133 33 151 40 - - - 2.30FP Argonaut European Alpha R GBP Acc 105 110 110 85 114 104 124 94 204 51 - 1.09FP Argonaut European Income Opp R Acc 107 90 109 91 - - - - - - - 5.77FP Carmignac European Leaders A GBP Acc 115 1 - - - - - - - - - -Franklin European Opportunities W Acc 102 120 101 115 114 105 135 89 177 73 1.05 1.88GAM Star Continental Eurp Eq Instl £ Acc 109 36 116 27 122 88 154 32 225 32 1.06 1.09GlobalAccess Eurp ex-UK Alpha M Acc GBP 113 4 118 16 134 31 139 80 - - - 2.44Guinness European Equity Income Y £ Inc 108 78 114 34 - - - - - - 0.99 3.28Halifax European C 108 75 112 69 129 57 149 52 205 50 1.53 1.91Hermes Europe ex-UK Equity F GBP Acc 110 21 115 33 143 14 172 8 - - 0.89 -HL Multi-Manager European A Acc 107 91 113 60 137 22 - - - - - 0.70HSBC European Growth Accumulation C 108 52 108 96 122 90 139 81 186 70 - 2.44HSBC European Index Accumulation C 109 44 114 41 134 26 152 34 213 41 0.28 2.60HSBC GIF Euroland Equity AD 107 82 106 105 119 100 132 91 161 75 1.85 -Invesco European Equity Inc UK Z Acc 106 102 103 112 120 96 137 83 220 40 - 3.51Invesco European Equity UK Z Acc 108 55 105 108 123 86 147 64 225 34 - -Invesco European Opps UK Z Acc 104 118 97 117 105 107 128 92 231 22 - -Invesco Eurp ex UK Enh Idx UK Z Acc 108 49 113 59 130 56 - - - - - 1.20iShares Continen Eurp Eq Idx (UK) D Acc 109 43 113 45 134 29 152 39 - - 0.17 2.66Janus Henderson European Focus I Acc 111 17 116 23 133 37 154 33 277 7 - 1.25Janus Henderson European Gr I Acc 106 101 111 73 126 70 156 28 264 11 1.00 1.54Janus Henderson European Sel Opps I Acc 110 23 114 36 130 55 149 51 240 18 1.10 1.24Janus Henderson Instl Eurp Idx Opp I Acc 108 54 113 62 132 45 150 43 211 43 0.79 2.34JOHCM Continental European A GBP 107 84 108 95 123 85 147 63 240 17 0.84 1.74JPM Europe C Net Acc 108 77 112 63 131 51 154 31 229 24 0.93 2.36JPM Europe Dynamic (ex-UK) C Net Acc 108 66 112 71 125 76 150 45 254 13 0.93 1.56Jupiter European I Acc 106 103 114 40 158 2 192 3 367 1 1.04 0.52Jupiter European Income I Acc 105 114 109 92 125 78 144 71 195 63 - 3.08Jupiter European Special Sits I Acc 108 72 113 50 125 80 143 74 220 39 1.05 -L&G European Equity Income I Acc 108 68 106 106 - - - - - - - 3.74L&G European I Acc 108 46 111 75 116 102 136 86 198 59 - 0.58L&G European Index I Acc 108 50 113 55 133 36 150 42 210 46 0.31 2.65Lazard European Alpha C Acc 108 64 113 46 129 59 148 59 - - - 1.91Lazard European Equity C Acc GBP 108 57 113 44 129 58 149 53 - - 1.03 -Legg Mason IF MC Eurp Uncons X Acc £ 112 8 126 1 144 12 157 25 228 25 - 0.77LF Canlife European C Acc 108 48 112 64 128 62 148 60 198 61 - 1.21LF Lightman European R Acc 105 111 - - - - - - - - - -LF Miton European Opportunities B Acc 111 16 126 2 167 1 - - - - - 0.52Liontrust European Growth I Inc 109 27 115 30 124 84 158 22 247 16 1.02 1.59Liontrust European Income Instl Acc 107 86 107 100 119 99 138 82 185 71 - 4.33Liontrust European Opports C Acc GBP 105 115 101 114 111 106 135 88 176 74 - 2.20Liontrust Eurp Enh Inc Instl Hdg Acc 111 14 113 42 124 83 132 90 - - - 4.29Liontrust Sust Fut Eurp Gr 2 Net Acc 110 20 117 18 132 47 160 18 227 26 0.79 1.24M&G European Index Tracker GBP A Acc 108 58 113 61 131 48 147 62 203 55 0.71 2.25M&G European Select GBP I Acc 107 95 110 81 127 67 150 50 198 62 0.93 1.52Man GLG Continental Eurp Gr Prf Acc C 109 26 119 9 139 21 208 2 355 2 1.06 0.45Man GLG Eurp Alpha Inc Profl Acc C 112 13 113 49 - - - - - - - 2.58Marlborough European Multi-Cap P Inc 109 24 113 54 133 34 218 1 267 10 - 1.92Merian European Equity ex UK R GBP Acc 107 97 109 88 115 103 125 93 187 67 0.93 1.62MFS Meridian Continen Eurp Eq WH1 GBP 112 12 121 6 149 4 150 49 - - 1.03 -MGTS AFH DA European Equity I GBP Acc 106 104 106 107 - - - - - - - 4.88MI Chelverton European Select B Acc 113 3 115 32 - - - - - - - 2.24Montanaro European Income £ Inc 106 108 115 29 142 16 - - - - 0.85 2.74OYSTER Continental Eurp Inc R GBP D 102 121 100 116 - - - - - - - 2.42OYSTER Continental Eurp Sel R GBP D 106 105 103 111 102 108 - - - - 1.28 1.80Polar Cptl Eurp Ex UK Inc I GBP Acc 107 94 108 98 131 49 - - - - 0.78 -Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 109 31 119 12 139 20 163 15 - - - 1.16Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 111 19 116 24 132 44 152 35 - - - 1.89Robeco QI Continental Eurp Cnsrv Eqs F £ 106 106 113 52 132 43 - - - - 0.67 -Royal London Europe ex UK Tracker Z Acc 108 47 113 48 133 39 150 46 - - - 2.47Royal London European Growth 107 85 113 51 145 10 169 10 211 45 1.57 0.23Royal London European Growth M Acc 108 70 113 57 128 61 146 69 203 54 0.70 -Royal London European Opps M Acc 107 89 111 78 125 72 140 78 184 72 - 1.03Russell Inv Continental Eurp Eq I 108 76 110 83 126 71 149 54 223 36 0.93 2.06RWC Continental European Eq R GBP Acc 115 2 116 20 - - - - - - - -Santander Europe (Excluding UK) Eqs A 108 53 111 79 127 66 147 65 204 53 1.04 2.04Schroder European Alpha Income Z Acc 106 107 105 109 118 101 149 56 - - 0.92 3.37


Schroder European Alpha Plus Z Acc 105 116 104 110 119 97 150 44 204 52 0.92 -Schroder European Recovery Z Acc 107 88 107 101 122 89 137 85 201 56 0.85 2.92Schroder European Z GBP Acc 111 18 110 82 127 69 152 37 238 19 0.77 1.40Scottish Widows European Gr A 107 98 112 72 130 53 145 70 187 68 1.63 1.42Scottish Widows Eurp Sel Gr A 104 119 116 19 145 9 163 16 207 48 1.63 0.26SLI European Trust 109 35 112 66 125 75 142 75 199 58 0.86 1.99SLI European Trust II Ret Acc 109 30 113 56 124 81 139 79 200 57 1.77 1.43Smith & Williamson European Equity B 112 11 115 28 128 63 146 67 224 35 0.87 -SSgA Europe ex UK Equity Tracker 108 71 113 53 134 30 150 48 206 49 0.90 0.27SVM Continental Europe Instl 108 80 109 90 127 65 157 26 255 12 1.23 1.26T. Rowe Price Continental Eurp Eq C GBP 109 28 116 22 142 15 - - - - - 1.47T. Rowe Price Continental Eurp Eq Q GBP 109 38 116 26 141 17 159 20 - - 0.82 -Threadneedle European Sel Z Acc GBP 109 34 119 14 140 19 163 14 308 5 0.82 1.10Threadneedle European Z Acc GBP 108 79 119 13 135 24 157 27 230 23 - 1.39TM CRUX European I GBP Acc 108 74 111 77 123 87 - - - - - 1.62TM CRUX European Opportunities A Acc 106 99 107 103 125 77 141 77 - - - 2.17TM CRUX European Special Sit A Acc GBP 108 73 111 80 124 82 159 19 269 8 - 0.23TM Stonehage European All Cap Eq B Inc 94 122 95 118 101 109 123 95 226 31 1.97 -Vanguard Eurozone Stock Idx Ins EUR Acc 108 56 113 58 132 42 149 55 190 66 0.30 -Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 108 65 113 47 134 25 151 41 211 44 0.25 2.74Waverton European Capital Gr R GBP Inc 107 92 108 93 127 68 155 30 - - - 1.45Waverton European Dividend Gr L GBP Inc 105 113 108 97 129 60 161 17 226 28 - 2.88Average/Total 108 122 112 118 130 109 152 95 226 75 0.98 1.90

(IA) EUROPE INCLUDING UKAB European Eq Ptf I Acc 108 21 109 41 127 30 154 18 206 25 1.08 -Allianz Europe Equity Gr Sel RT GBP 112 5 118 11 131 22 157 15 - - - -Allianz Europe Equity Growth P GBP 111 6 118 10 136 14 166 9 314 6 0.72 0.60BGF European Value D2 106 40 108 45 110 48 125 43 201 28 1.06 -Candriam Quant Equities Europe C Acc EUR 106 44 109 42 124 35 140 34 180 35 1.91 -Capital Group Eurp Gr & Inc (LUX) Bh $ 106 39 114 24 120 43 - - - - 1.74 -Carmignac Pf Grande Europe W GBP Acc 115 1 121 5 144 9 - - - - 1.86 -Comgest Gr Europe Opps EUR I Acc 108 17 114 23 153 3 204 3 356 2 1.08 -Comgest Growth Europe EUR I Acc 111 9 120 8 150 6 177 5 312 8 1.05 -Comgest Growth Eurp Smlr Coms EUR I Acc 108 18 120 7 170 1 228 1 413 1 1.09 -Fidelity Eurpn Dynamic Gr W-Acc-GBP 110 10 127 2 159 2 207 2 334 3 1.16 -GAM Multistock Euroland Value Eq GBP R 108 20 106 47 123 39 140 31 189 31 0.95 -GAM Star (Lux) - European Momentum IAcc 106 43 113 27 129 28 161 13 259 13 1.40 -GAM Star European Equity Instl EUR Acc 108 19 116 13 125 31 152 20 227 18 1.70 -GS Europe CORE® Equity R Inc GBP 107 34 110 39 129 29 160 14 220 20 0.65 -Hermes European Alpha Equity F GBP Acc 109 15 111 37 123 40 145 24 - - 0.86 -IFSL Trade Union Unit Trust 106 37 121 4 141 11 153 19 198 30 1.10 0.73JOHCM European Concentrated Value B EUR 98 53 98 53 - - - - - - - 0.66JOHCM European Select Val A GBP 95 54 96 54 106 49 129 42 238 16 1.45 2.05JPM Europe Equity Plus A perf (dist) GBP 106 42 112 32 123 41 141 29 271 11 1.80 -JPM Europe Strategic Growth A (dist) GBP 107 35 117 12 139 13 173 6 313 7 1.80 0.27JPM Europe Strategic Value A (dist) GBP 105 50 104 49 114 45 131 39 172 36 1.80 3.08Jupiter European Growth D GBP Acc 106 38 115 22 152 4 189 4 332 4 0.95 -Jupiter European Opps D EUR Acc 108 28 112 31 124 34 141 30 220 19 0.95 -Legg Mason QS MV Eurp Eq G&I A EUR DisA 104 51 105 48 116 44 130 40 181 34 1.92 2.55LO Funds Europe High Convc EUR NA 107 32 111 36 135 18 157 17 263 12 1.00 -M&G Pan European Select GBP I Acc 107 33 112 34 133 20 161 12 211 21 0.92 1.65Merian European Equity U1 GBP Acc 106 45 108 44 114 46 117 45 - - 1.13 -MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP 113 3 121 6 135 15 140 33 - - 0.81 -MFS Meridian European Core Eq W1 GBP 107 29 115 19 144 8 - - - - 1.01 -MFS Meridian European Research WH1 GBP 112 4 123 3 140 12 140 32 - - 1.02 -MFS Meridian European Value W1 GBP 105 47 115 17 143 10 172 7 285 9 1.17 -New Capital Dynamic Eurp Eq GBP Ord Inc 110 11 115 16 130 25 145 25 - - 1.26 2.69Overstone UCITS EAFE Eq A USD 108 24 103 51 122 42 136 37 198 29 - 1.07OYSTER European Selection R EUR 104 52 102 52 105 50 132 38 - - 1.50 -Pictet-European Equity Sel I EUR 109 14 110 40 131 23 150 21 186 32 0.91 -Pictet-European Sustainable Eqs P dy EUR 108 27 113 26 130 26 147 22 209 22 1.18 -PIMCO GIS RAE Europe Instl GBP UnH Acc 107 36 107 46 123 37 - - - - 0.45 -Principal European Equity I Acc USD 106 41 116 15 134 19 157 16 240 15 0.98 -RWC European Equity R GBP Acc 114 2 116 14 - - - - - - - -Schroder ISF Eurp Eq Yld Z Acc EUR 105 48 104 50 123 38 138 36 209 23 1.08 -Seilern Europa EUR U R (Founders) 108 26 119 9 147 7 163 11 317 5 - -SLI European Equity Uncons D Acc EUR 107 30 112 35 114 47 125 44 183 33 0.99 -SLI Pan-European Trust 108 22 113 29 125 33 138 35 203 26 0.78 -SVM All Europe SRI B Acc 109 13 113 28 123 36 146 23 255 14 1.23 0.98T. Rowe Price European Eq Q EUR 110 12 115 18 135 16 145 26 236 17 0.81 -Threadneedle Pan Eurp Focus Z Acc GBP 108 25 127 1 152 5 165 10 282 10 0.92 -Tideway European Equity Income A GBP Acc 105 49 110 38 - - - - - - - -Vanguard European Stock Idx Ins EUR Acc 107 31 112 33 130 24 143 27 206 24 0.30 -Vanguard SRI European Stock GBP Acc 108 23 113 30 129 27 141 28 - - 0.35 -Virgin Climate Change 111 7 114 25 135 17 129 41 202 27 1.96 -Wellington Focused European Eq N GBP Acc 111 8 115 20 - - - - - - - -Wellington Strategic Eurp Eq N GBP Acc 109 16 115 21 133 21 166 8 - - 1.10 -Winton European Equity I GBP Acc 105 46 109 43 125 32 - - - - - -Average/Total 107 54 113 54 131 50 152 45 245 36 1.15 1.48

(IA) EUROPEAN SMALLER COMPANIESASI Europe ex UK Smaller Comp P1 Acc 106 13 110 14 134 9 185 7 356 4 - 1.21ASI European Smaller Companies I Acc 106 12 119 2 156 1 188 6 289 12 - 0.77Barings Europe Select I GBP Inc 107 9 113 7 137 7 189 5 337 6 0.79 1.53BMO European Smaller Coms Ex UK C Acc 103 22 110 15 127 16 - - - - - 1.49BMO European Smaller Coms R Acc EUR 102 23 110 13 124 18 140 19 303 9 1.20 -BNY Mellon Small Cap Euroland GBP W Acc 110 2 112 9 135 8 - - - - 0.93 1.53Carmignac Pf Euro-Entrprs W GBP Acc 104 20 109 18 141 5 - - - - 2.71 -Invesco European Smlr Coms UK Z Acc 99 26 94 26 105 24 140 18 224 16 - 1.04Janus Henderson European Smr Coms I Acc 107 11 112 11 146 4 211 1 335 7 1.08 1.30JPM Europe Dynamic Sm Cp A perf(dist)EUR 109 4 110 17 132 10 183 8 338 5 2.28 0.62JPM Europe Small Cap A (dist) GBP 108 6 112 8 127 15 172 13 299 11 1.80 0.99JPM Europe Smaller Companies C Acc 107 7 107 21 132 11 194 4 281 13 0.93 1.04Lazard European Smaller Coms C Acc 106 15 112 10 129 14 178 10 - - - 1.50M&G Pan Eurp Sel Smllr Coms GBP I Acc 106 16 107 20 114 22 156 16 240 15 0.93 1.30Merian Europe ExUK Smlr Coms R GBP Acc 106 18 110 16 112 23 163 15 - - 0.92 -MFS Meridian European Smlr Coms W1 EUR 106 17 118 4 138 6 179 9 381 2 1.23 -Mirabaud - Discovery Europe D GBP Acc 100 25 103 24 118 20 - - - - 1.05 -Mirabaud-Discovery Eur ex UK D GBP Acc 105 19 108 19 122 19 - - - - 1.05 -OYSTER European Mid & Small Cap R EUR 108 5 103 23 114 21 148 17 - - 1.28 -Pictet-Small Cap Europe I GBP 107 10 116 5 131 13 173 12 303 10 1.11 -Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc 106 14 110 12 - - - - - - - -Schroder European Sm Cos Z Acc 103 21 103 25 125 17 168 14 279 14 0.94 0.91SLI European Smaller Coms D Acc EUR 109 3 118 3 147 3 203 2 391 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 101 24 104 22 131 12 175 11 307 8 1.12 -Threadneedle Eurp Smlr Coms Z Acc GBP 107 8 115 6 147 2 200 3 380 3 1.05 0.86Wellington Pan Eurp Sm Cp Eq N GBP AccUh 110 1 122 1 - - - - - - - -Average/Total 106 26 110 26 130 24 176 19 315 16 1.23 1.15

(IA) FLEXIBLE INVESTMENT7IM AAP Adventurous C Acc 105 94 107 108 119 82 134 87 202 49 0.61 -7IM Adventurous C Acc 104 121 107 122 116 99 130 91 203 45 1.58 -AB Em Mkts Mlt-Asst I GBP H Acc 105 109 107 109 112 112 113 112 - - 1.05 -ACPI Balanced UCITS USD Retail Acc 104 135 107 119 117 94 147 32 211 38 - -ACPI Horizon UCITS EUR Retl 100 160 97 155 102 129 - - - - - -ACUMEN Portfolio 6 Acc 109 7 110 47 120 79 - - - - - -AHFM Defined Returns B GBP Acc 105 104 110 50 129 18 143 53 - - - -Allianz Global Fdmtl Strat RT2 H GBP 106 68 110 45 106 124 - - - - - -Architas MA Active Dynamic A Acc 107 51 110 62 123 56 147 34 224 26 1.71 0.74Architas MA Active Growth A Acc 107 58 109 79 125 40 150 23 233 20 - -Artemis Strategic Assets I Acc 106 70 100 153 100 131 109 118 159 69 0.82 0.64ASC Acer Sterling Income 108 34 114 11 122 64 140 73 201 51 1.15 -ASC Bridge Income 107 37 114 9 122 68 142 59 211 36 0.83 -ASC Merlin Income 109 12 115 4 122 65 140 74 207 41 1.21 -ASI Multi-Manager Equity Managed I Acc 107 50 110 51 124 48 144 47 216 30 - -Aviva Investors Multi-Mgr Flexible 2£Acc 108 18 112 25 126 34 148 30 235 17 1.64 -AXAWF Global Flexible Prpty F Cap USD 103 143 111 33 118 83 - - - - 0.93 -Baillie Gifford Multi Asset Income B Inc 108 27 115 6 - - - - - - - 3.82Barclays Wealth Global Mkts 5 R Acc GBP 107 43 110 52 130 15 142 58 - - 1.08 1.78BMO Managed Growth 1 Acc 104 118 106 125 117 92 137 79 197 56 1.89 0.13BMO MM Navigator Growth C Acc 105 103 107 121 118 84 141 66 198 53 - -BMO Multi-Manager Investment Trust C Acc 105 107 108 96 134 9 153 19 256 9 - 0.71BNY Mellon Mlt-Asst Growth Inst W Acc 109 15 114 13 130 16 156 10 251 11 - -BNY Mellon Mlt-Asst Income Inst W Acc 107 61 110 54 121 73 - - - - - 3.97Capital Group EM Ttl Opps (LUX) Z 103 139 109 85 115 100 134 86 165 68 1.03 -Capital Group Global Allc (LUX) Z 106 75 111 34 124 47 157 9 - - 0.75 -Carmignac Patrimoine A EUR Acc 101 157 103 146 98 132 110 117 122 74 1.78 -Cavendish International B Inc 108 28 111 42 125 37 147 33 230 23 0.88 0.99Close Growth Portfolio X Acc 108 19 114 12 132 10 143 52 - - 0.95 -Close Managed Growth X Acc 106 64 109 73 127 22 144 44 - - 1.12 0.83Close Strategic Alpha X Acc 107 39 110 43 127 23 149 26 224 27 1.82 -Close Tactical Select Passive Gr X Acc 108 29 111 41 126 29 145 43 - - 0.66 1.83Courtiers Total Return Growth 112 2 113 16 131 12 156 13 250 13 2.01 0.22Credo Dynamic A Retail GBP Acc 105 98 108 98 - - - - - - - -Discovery Managed Growth B GBP Acc 107 59 108 101 123 57 140 68 199 52 - 0.11EF 8AM Focussed A Inc 103 144 105 133 117 87 131 90 - - 2.50 -EF 8AM Tactical Growth A Inc 107 38 110 57 122 61 137 81 153 70 1.97 1.42EF Brompton Global Opps B GBP Acc 106 79 108 94 117 93 143 48 - - 1.90 0.19EF Brunswick Growth Portfolio C Acc GBP 105 112 110 63 128 21 152 20 - - 2.47 -Family Investments Child Trust 108 26 111 38 120 81 135 85 193 57 1.47 1.74Fidelity MltAsst Open Adv W Acc 106 72 110 55 124 52 140 70 - - - -Fidelity Multi Asset Allctr Advtrs W Acc 108 22 112 21 123 58 146 39 - - - -First State Diversified Gr B Acc GBP 109 16 112 24 113 110 - - - - - 1.38FP Mattioli Woods Adventurous E GBP Inc 105 93 110 46 - - - - - - - 0.42FP Mattioli Woods Cautious E GBP Inc 103 140 108 105 - - - - - - - 2.05FP Mattioli Woods Growth E GBP Inc 105 117 109 71 - - - - - - - 1.20Galatea Opportunity Instl GBP Acc 104 130 107 117 112 114 118 107 - - - 0.59GAM Star Dynamic Growth Instl GBP Acc 107 46 111 40 125 39 140 69 - - 1.96 -GAM Star Growth Institutional GBP Acc 106 66 110 53 122 67 134 88 - - 1.68 -HC Kleinwort Hambros Growth A Acc 107 54 109 70 117 91 132 89 181 61 1.83 0.16HC Sequel Growth Trgt Ret Strat B £ Acc 101 156 104 143 113 108 126 97 - - - 3.27HC Verbatim Multi-Index Portfolio 6 A 107 42 111 36 124 49 143 57 - - 0.80 2.12HL Multi-Manager High Income A Acc 105 97 107 106 116 97 - - - - - 4.25HL Multi-Manager Strategic Assets A Acc 102 148 103 148 106 126 - - - - - -IFML Vitality Dynamic Multi-Asset D 104 132 109 84 114 105 139 76 - - - 0.22IFML Vitality Multi-Asset Growth D 107 63 111 31 - - - - - - - 0.51IFSL Brooks Macdonald Strat Growth A GBP 105 91 109 72 129 19 144 46 - - 1.21 -IFSL Brunsdon Adventurous Gr C Acc 106 71 109 77 124 51 142 60 - - - -IFSL Sanlam Growth A Inc 108 23 - - - - - - - - - -Invesco Managed Growth UK Z Acc 107 60 105 130 117 95 143 56 234 18 - 1.50Investec Glb MA Ttl Ret I GBP Acc 104 125 110 66 115 101 141 67 250 12 0.85 0.58Janus Henderson Mlt-Mgr Active I Acc 106 69 108 95 121 75 143 55 202 48 - -JPM Diversified Growth C Net Acc 106 88 109 78 124 50 149 24 252 10 0.93 1.46Jupiter Merlin Growth I Acc 107 44 111 35 128 20 155 15 247 14 1.81 -L&G Multi Manager Growth I Acc 106 73 110 59 125 43 139 77 175 65 1.73 -L&G Worldwide I Acc 106 74 110 58 120 80 139 75 211 37 0.82 1.76LF Bentley Global Growth A Acc 106 67 108 100 111 118 126 98 - - 3.02 -LF Bentley Sterling Balanced Acc 104 128 105 137 106 125 110 116 151 72 2.30 0.21LF Canlife Portfolio VII C Acc 107 47 110 64 122 70 136 82 - - - 2.09LF Catalyst Trust Acc 111 3 117 3 140 4 163 4 259 7 0.94 -LF Cautela Retail Acc 104 122 106 124 110 119 113 113 - - - 0.63LF Havelock Global Select A GBX Acc 107 55 109 81 - - - - - - - 1.99LF IM Global Strategy A Acc 108 24 108 89 124 46 160 6 204 43 1.49 0.55LF Miton Worldwide Opportunities B Acc 101 155 103 147 123 54 150 21 230 22 1.58 0.88LF Odey Continental European I Acc 101 159 98 154 127 28 141 65 213 35 1.08 -LF Odey Opus I Acc 99 162 96 156 114 106 116 109 183 59 1.08 -LF Purisima EAFE Total Return PCG B nc 110 5 114 14 125 44 144 45 204 42 1.80 -LF Ruffer Equity & General C Acc 104 129 103 145 115 102 121 104 181 60 - -LF Ruffer Japanese C Acc 112 1 110 67 135 8 158 8 284 3 1.23 0.51LF Stewart Ivory Investment Markets Acc 106 65 113 15 126 32 145 40 241 15 1.16 -LF Waverton Portfolio B Inc 106 80 111 37 127 26 147 35 232 21 1.85 -Liontrust Global Alpha C Acc GBP 107 35 112 28 147 3 156 12 272 5 0.72 -LionTst Sust Fut Absolute Gr 2 Net Acc 108 20 119 1 153 1 181 1 306 1 0.85 -LO Funds All Roads EUR NA 102 154 105 127 117 90 126 99 - - 0.71 -M&G Managed Growth GBP I Acc 108 21 109 87 125 45 156 11 197 55 1.04 -Man Stockmarket Managed Profl Acc C 107 45 109 69 125 41 135 84 213 34 0.93 -Margetts Opes Income R GBP Acc 106 83 110 61 116 96 130 92 198 54 0.90 3.18Margetts Venture Strategy R GBP Acc 106 85 110 65 125 42 147 36 220 28 0.93 -MFS Meridian Diversified Income WH1 GBP 107 62 111 32 117 86 - - - - 1.05 -MFS Meridian Global Total Ret WH1 GBP 107 41 109 82 117 88 120 105 - - 1.20 -MFS Meridian Prudent Capital W1 GBP 102 149 109 74 126 33 - - - - 1.00 -MGTS Clarion Explorer Portfolio R Acc 106 78 109 86 127 24 149 25 209 40 1.33 -MGTS Frontier Adventurous R Acc 105 92 108 92 123 60 143 51 - - 1.60 0.50MI Charles Stanley Multi Asst5 Adv A£Acc 107 48 109 80 - - - - - - - 1.25MI Diversified Strategy C Acc 105 110 107 114 122 66 - - - - - -MI Downing Diversified Global Mgrs A Acc 103 145 102 150 111 115 123 102 179 62 1.75 0.16MI Hawksmoor Global Opps D GBP Acc 105 111 109 83 - - - - - - - 1.29MI Momentum Focus 3 A Acc 102 153 103 144 105 127 114 111 - - 3.22 0.83MI Momentum Focus 4 A Acc 103 146 104 139 110 120 124 101 - - - 1.51


MI Momentum Focus 5 A Acc 103 141 105 129 114 107 129 93 - - - 1.75Neuberger Bm Uncrltd Strats GBP I Acc 100 161 102 149 - - - - - - 1.06 -Newgate GBP Inc 107 57 110 44 120 76 138 78 202 47 1.34 0.13Newton SRI for Charities GBP Inc 107 36 113 17 130 13 145 42 - - 0.83 2.55NFU Mutual Mixed Portfolio Max100% C 106 77 110 68 - - - - - - - 2.08Nomura Fds Diversified Growth I GBP 108 30 107 116 110 121 - - - - 1.00 -Osprey Sterling Inc 109 14 112 23 127 27 153 18 274 4 1.14 0.36PIMCO GIS Strategic Inc E USD Acc 101 158 105 128 111 116 143 50 - - 1.75 -Premier Diversified Dynamic Growth D Inc 109 13 - - - - - - - - - -Premier Liberation No. VII Class C Acc 105 101 106 123 121 74 142 63 210 39 1.86 -Premier Multi Asset Global Gr C Inc 105 114 107 111 122 72 154 17 - - 1.98 1.17Pyrford Glbl Tot Ret(Sterling)B GBP Acc 102 147 104 140 104 128 - - - - - -Quilter Investors Cirilium Adventurous R 102 151 105 134 - - - - - - - 0.60Quilter Investors Cirilium Dynamic R 105 113 107 112 118 85 140 71 240 16 1.24 1.14Quilter Investors Fndtn 5 R (GBP) Acc 107 40 110 56 122 71 142 61 - - - 1.28RBS Managed Equity Growth 1 Acc 108 33 - - - - - - - - - -S&W ILEX Trust Acc 103 137 105 135 108 123 118 106 122 73 1.60 3.21S&W Starhunter Managed Acc 105 115 107 113 116 98 128 96 174 66 1.73 -Sanlam AI Global Managed Risk I GBP Acc 105 108 105 132 123 55 115 110 153 71 0.85 -Sarasin FoF Global Equity P Acc 110 6 112 20 126 31 143 49 - - 1.60 0.58Sarasin Global Equity Real Return P Acc 110 4 114 8 136 6 148 29 185 58 1.24 -Schroder Dynamic Multi Asset Z Acc 106 84 108 102 113 111 117 108 166 67 0.50 0.99Schroder MM Diversity Tactical Z Acc 105 100 104 138 109 122 124 100 - - 1.42 0.75Sentinel Enterprise B Acc 108 31 118 2 149 2 158 7 203 46 - -Smith & Williamson MM Global Invmt B 102 152 104 142 123 53 136 83 214 32 - -SVS Brown Shipley Dynamic I Acc 107 52 111 30 125 35 142 64 - - 2.08 -SVS Heritage Balanced A Acc 105 99 112 29 - - - - - - - -TB Elite Strategic A Accumulation 104 119 108 99 120 77 - - - - - 3.74TB Enigma Dynamic Growth B Acc GBP 105 89 110 60 - - - - - - - 0.27TB Wise Multi-Asset Growth B Acc 105 105 108 97 131 11 154 16 261 6 1.53 -TB Wise Multi-Asset Income B Inc 105 106 108 93 120 78 146 38 258 8 1.46 6.10TC Centre Multi Mgr Advnturs A Acc 103 138 106 126 123 59 148 31 201 50 3.00 -The Norfolk Trust 109 11 115 7 122 62 146 37 228 24 0.93 1.60The Notts Trust 109 10 115 5 122 69 145 41 226 25 0.88 1.58Thesis Elfynn Trust Acc 109 9 112 26 127 25 150 22 - - - 0.80Thesis Palm 108 25 111 39 125 36 149 27 - - 1.33 0.62Thesis Thameside Managed 104 133 108 88 129 17 143 54 214 33 2.01 0.67Threadneedle Managed Eq Z Acc 107 56 112 22 126 30 149 28 234 19 - -TM Balanced Growth Fund 106 81 107 107 114 104 128 95 178 63 2.07 1.29TM Cerno Select C Acc 104 127 102 151 111 117 121 103 - - - 0.85TM Fulcrum Diversified Growth C GBP 106 76 108 104 113 109 111 115 - - 1.48 -Trojan Ethical Fund O Acc 104 120 - - - - - - - - - -Trojan O Inc 104 134 107 110 112 113 128 94 175 64 1.03 0.80Trojan Spectrum O Acc 105 95 109 75 125 38 155 14 216 29 1.49 0.65UBS Multi Asset Defensive Gr (GBP) C Acc 104 123 - - - - - - - - - -Unicorn Mastertrust B 104 126 108 91 130 14 161 5 290 2 1.75 0.99VT AJ Bell Passive Adventurous I Acc 108 17 113 18 - - - - - - - -VT AJ Bell Passive Global Growth IGBPAcc 108 32 112 27 - - - - - - - 1.24VT Esprit Careful Growth GBP Acc 102 150 107 120 - - - - - - - 0.26VT Esprit Tactical Alpha Plus GBP Acc 105 102 107 115 - - - - - - - 0.22VT Esprit Tactical Balanced GBP Acc 106 82 110 48 - - - - - - - 0.77VT Esprit Tactical Growth GBP Acc 105 116 108 90 - - - - - - - 0.25VT Esprit Tactical Income GBP Inc 103 136 107 118 - - - - - - - 4.88VT Garraway Multi Asset Dyn I Acc 106 87 100 152 101 130 112 114 - - - 0.24VT Grosvenor Adventurous A GBP Acc 105 96 109 76 - - - - - - - 1.10VT PEF Global Multi-asset A GBP Acc 103 142 104 141 - - - - - - - 0.26VT Redlands Multi-Asset A GBP Acc 104 131 105 136 - - - - - - - 1.01VT Tatton Oak Advanced B Acc 107 53 110 49 122 63 142 62 214 31 1.51 1.55VT Thistledown Income Z GBP Net Acc 104 124 105 131 114 103 137 80 - - - 1.89VT Ursus Arctos 1 Net GBP Inc 105 90 113 19 140 5 165 3 - - - 1.00WAY Flexible Global Growth Port Tr E Acc 106 86 108 103 117 89 140 72 204 44 - -Wellington Multi-Asset Ttl Ret Inc N£Acc 107 49 - - - - - - - - - -Zurich Horizon Multi-Asset V Z Acc 109 8 114 10 135 7 168 2 - - - -Average/Total 106 162 109 156 121 132 140 118 212 74 1.41 1.29

(IA) GLOBALAB Global Core Eq I USD Acc 109 128 113 147 142 67 180 61 - - 0.97 -AB SICAV I Low Volatility Eq I GBP H Acc 110 92 113 148 - - - - - - 0.94 -AB Sustainable Glb Tmtc I USD 108 171 116 72 148 35 183 46 262 93 1.22 -ACUMEN Portfolio 7 Acc 109 131 110 232 - - - - - - - 0.11Allianz Best Styles Global AC Eq C Acc 108 162 110 226 127 202 - - - - - 1.95Allianz Best Styles Global Eq RT GBP 110 91 111 218 129 174 - - - - 0.80 -Allianz Global AC Eq Inigts W Acc GBP 111 49 116 80 135 117 177 69 - - - 0.88Allianz Global Small Cap Equity RT GBP 106 271 108 277 124 230 - - - - - -Ardevora Global Equity C GBP Acc 107 213 119 27 146 43 198 15 - - - -Ardevora Global Long Only Eq C GBP Acc 109 136 115 92 142 65 194 26 - - - -Artemis Global Growth I Acc 108 185 108 276 129 178 168 117 350 18 1.00 2.05Artemis Global Select I Acc 111 68 116 62 142 70 192 29 - - 1.17 -Artemis Instl Global Capital IN Acc 108 197 108 279 129 175 168 114 351 17 0.82 1.82AS SICAV I World Equity X Acc GBP 107 235 111 214 127 199 142 221 223 137 1.19 -ASC Falcon GBP Accumulation 109 141 116 77 123 234 144 216 238 127 1.55 0.53ASI Global Equity I Acc 107 215 111 201 128 190 143 218 228 133 1.13 0.82ASI Global Ethical Equity I Acc 108 202 112 166 130 165 148 207 211 150 1.12 0.70ASI Global Smaller Companies P1 Acc 103 314 108 268 147 37 204 11 - - - -ASI Global Unconstrained Equity P1 Acc 109 153 118 39 127 203 152 195 289 68 - 0.72ASI World Equity Enhanced Index B Acc 110 106 111 202 132 143 - - - - - 1.95Aviva Investors Global Eq Endur 2 £ Acc 110 103 119 25 - - - - - - - 0.79Aviva Investors Intl Idx Tr 2 £ Acc 110 104 113 139 136 110 176 74 299 59 0.50 1.69AXA Framlington Global Thematics Z Inc 114 9 120 18 147 40 178 67 300 58 - 0.19AXA Rosenberg Global Z 108 158 110 225 132 149 165 130 278 78 1.06 1.43Baillie Gifford Global Alpha Gr B Acc 111 45 118 41 151 24 198 15 - - 0.68 0.55Baillie Gifford Global Discovery B Acc 108 201 115 104 178 1 223 5 - - 0.88 -Baillie Gifford Global Stewardship B Acc 107 252 114 132 153 19 - - - - - -Baillie Gifford International B Acc 111 47 118 43 152 22 202 12 375 13 0.69 0.49Baillie Gifford L/T Glb Gr Invm B Inc 114 8 - - - - - - - - - -Baillie Gifford Positive Change B Acc 115 5 115 107 - - - - - - - 0.35Baillie Gifford UK and Worldwide Eq B 107 247 114 118 - - - - - - - 1.61Barclays Global Core R Acc GBP 107 233 112 179 130 166 161 145 - - - 0.45Barings Global Div Champions I GBP Acc 106 274 114 122 139 90 - - - - 0.85 -Barings Global Leaders A GBP Inc 107 222 108 270 131 160 157 168 233 129 2.15 -BlackRock Consensus 100 D Acc 110 101 113 145 134 133 167 121 - - 0.27 1.89BlackRock Global Equity D Acc 107 209 110 221 125 222 156 177 230 132 0.92 2.00BlackRock Global Equity D GBP Acc 109 146 113 158 131 163 158 161 - - 0.24 2.57BlackRock Overseas Equity I Acc GBP 111 51 114 127 138 95 181 52 322 36 0.24 1.49BMO Global Equity 4 Inc 107 250 109 258 130 164 171 96 322 37 0.03 -



£ £ £ £ £ % %BMO MM Navigator Boutiques C Acc 107 216 110 235 127 215 157 172 243 123 - 0.32BMO Responsible Global Equity 2 Acc 111 41 118 37 150 27 196 20 333 26 0.80 0.61BMO Sustainable Opports Glb Eq 1 Acc 110 72 117 51 149 33 171 99 265 88 2.43 -BNY Mellon Global Equity Inst W Acc 108 187 113 153 134 135 171 95 284 73 - 1.12BNY Mellon Global Infras Inc Instl WAcc 107 241 108 264 - - - - - - - 5.84BNY Mellon Global Leaders GBP W Acc 112 25 116 71 - - - - - - 0.89 0.63BNY Mellon Global Opps Inst W Acc 109 112 116 73 133 140 180 62 306 53 - 1.24BNY Mellon Long-Term Global Eq Int W Acc 109 120 116 76 148 34 193 28 320 39 - 0.67BNY Mellon Sus Global Eq Instl W Acc 111 50 119 28 - - - - - - - 1.46Brown Advisory Global Leaders C USD Acc 113 21 122 7 164 5 - - - - 0.75 -Candriam Quant Equities MF Glb C Acc EUR 107 212 106 293 121 252 154 188 253 113 2.03 -Capital Group New Pers (LUX) Z 110 90 117 59 146 44 190 35 340 24 0.87 -Carmignac Investissement A EUR Acc 104 309 108 265 113 272 123 235 159 157 2.02 -Carmignac Pf Invmt F GBP Acc Hdg 108 166 115 110 117 266 121 236 - - 1.16 -CCM Intelligent Wealth I Inc 103 312 104 305 - - - - - - - -Comgest Growth Global Flex I EUR Acc 101 318 105 303 - - - - - - 1.08 -Comgest Growth World GBP U Acc 106 281 112 183 157 12 196 18 327 31 0.95 -CQS New City Global Equity I GBP UnH 107 230 - - - - - - - - - -Credo Global Equity A Retail GBP Acc 113 13 114 126 - - - - - - - -Davy Discovery Equity M GBP Acc 108 181 113 151 135 119 - - - - - -Davy ESG Equity U GBP Acc 111 42 115 88 141 78 - - - - - -Davy Global Brands Equity M Acc 110 87 116 85 134 128 - - - - - -Denker Global Equity A GBP Acc 107 245 106 298 122 246 140 223 166 155 1.59 1.92Denker Global Financial A GBP 100 320 107 283 125 226 154 183 261 97 1.51 1.27Dimensional International Core Eq Acc 110 81 112 170 132 150 175 78 306 52 0.46 1.54Dimensional International Val Acc 111 65 108 274 122 245 158 160 257 101 0.57 1.98Dodge & Cox Worldwide Global Stk GBP Acc 109 118 106 290 123 239 157 171 289 66 0.65 -Dominion Global Trends - Managed GBP I 104 303 110 240 128 196 148 205 - - - -Dominion Global Trends Lxy Cnsmr GBP I 112 24 122 5 132 145 133 229 233 130 - -EdenTree Amity International B 108 191 109 247 125 224 142 220 216 144 0.83 -EF Brompton Global Equity B GBP Acc 108 188 111 200 126 219 163 136 - - 1.71 0.17EF WM Global Corp Autonomies I GBP Acc 107 218 113 159 133 137 - - - - - 1.24Electric & General Net Income A 106 259 116 63 142 73 182 49 - - - 1.28ES R&M Global High Alpha Fund B Acc 107 244 107 289 125 221 - - - - - 1.39ES R&M Global Recovery Fund B Inc 106 273 107 284 124 232 155 181 - - 1.25 1.17Fidelity Allocator World W Acc 109 117 113 149 133 138 170 107 - - - 1.42Fidelity Global Cnsmr Inds W-Acc-GBP 106 266 115 100 144 53 184 45 349 19 1.17 -Fidelity Global Financial Svcs W-Acc-GBP 108 180 110 244 127 206 168 115 254 109 1.16 -Fidelity Global Focus W Acc 111 69 118 40 146 47 191 33 347 21 - 0.36Fidelity Global Health Care W-Acc-GBP 112 35 112 173 149 29 173 85 362 15 1.17 -Fidelity Global Industrials W-Acc-GBP 105 293 106 294 114 271 153 191 195 153 1.19 -Fidelity Global Special Sits W Acc 110 95 111 197 137 105 188 37 326 32 - 0.86Fidelity Index World P Acc 111 61 114 117 137 102 178 66 - - - 1.73Fidelity Instl Global Focus Acc 109 147 114 124 143 60 187 40 347 22 0.90 0.62Fidelity Open World W Acc 107 210 111 215 131 152 164 135 - - - -Fidelity Sust Water & Waste A Acc USD 107 217 116 67 - - - - - - - -First State Glbl Lstd Infras B Acc GBP 104 302 116 82 132 148 177 70 318 41 0.95 3.00FP Octopus Global Growth B 108 200 109 251 127 209 159 153 - - 1.49 0.78FP Octopus International Equity B Acc 110 86 113 150 135 118 172 90 288 70 0.93 0.97FP Russell Invsmts Intl Gr Assts C Acc 110 94 114 112 138 93 161 148 - - 1.07 0.77FP SCDavies Global Equity A Acc GBP 107 239 109 249 126 217 158 157 - - 1.81 -FP WHEB Sustainability C 109 143 109 246 135 123 168 113 213 146 1.05 -Fundsmith Equity T Acc 105 291 117 55 161 7 233 4 - - 1.17 0.58Fundsmith Sustainable Equity I Inc 105 297 115 96 - - - - - - - 0.48GAM Global Diversified Instl GBP Acc 108 178 109 263 106 277 131 232 216 143 1.09 1.16GAM Multistock Luxury Brands Eq GBP Ra 107 238 118 38 155 15 167 124 - - 1.23 0.60GAM Star Comps Glbl Eq Ord GBP Acc 109 138 112 176 128 191 154 186 - - 1.90 0.25GAM Star Worldwide Equity Ord GBP Acc 107 251 106 291 116 268 132 231 190 154 1.62 -GS Glb Sm Cp CORE® Eq R Inc GBP Snap 109 139 111 219 129 176 181 56 383 12 0.85 0.63GS Glbl Eq Ptnrs ESG R Inc USD 112 32 118 42 141 79 166 125 254 110 1.00 0.32GS Global CORE® Eq R Acc USD Snap 109 145 109 260 132 151 182 50 331 28 0.63 -GS Global Equity Income R Inc GBP 109 140 114 131 134 130 159 155 228 134 1.05 0.36GS Global Equity Ptnrs R Inc GBP 112 29 119 32 141 80 173 88 290 65 0.99 0.36GS Global Millennials Eq R Inc USD 110 85 121 16 153 17 182 47 - - 1.15 -Guinness Global Energy X 95 323 90 316 81 278 88 239 101 159 1.24 -Guinness Global Equity GBP X 112 34 115 94 - - - - - - 1.24 -Guinness Global Innovators Y GBP ACC 116 1 120 20 144 51 181 54 447 2 0.99 -Guinness Global Money Managers X 111 46 112 190 123 241 129 234 - - 1.24 -Guinness Sustainable Energy X GBP Acc 106 263 111 196 118 262 105 238 77 160 0.74 -Halifax Ethical C 106 276 110 231 127 204 147 208 242 124 1.52 -Halifax Fund of Invmt Trusts C 108 199 112 195 131 155 157 174 264 90 1.51 -Halifax Intl Gr C 107 219 108 271 127 214 157 173 264 89 1.51 0.96Harris Associates Global Eq R/A USD 111 48 111 220 122 243 144 217 243 121 2.15 -HC Charteris Global Macro A Acc 106 258 114 119 108 275 - - - - - 2.49Heriot Global A Acc 113 14 122 8 150 28 179 63 - - - -Hermes Global Equity ESG F GBP Acc 108 205 110 228 130 168 169 110 - - 0.73 -Hermes Global Equity F GBP Acc 108 186 110 223 132 142 172 89 322 38 0.66 -Hermes Global Small Cap Equity F GBP Acc 108 174 110 239 131 161 - - - - 1.15 -Hermes Impact Opportunities Eq F GBP Acc 112 26 116 75 - - - - - - - -Hermes SDG Engagement Eq F GBP Acc 108 173 113 163 - - - - - - - -HL Multi-Manager Special Sits A Acc 104 308 106 295 124 227 153 193 255 106 1.50 0.94HL Select Global Growth Shares A GBP Acc 107 237 - - - - - - - - - -HSBC FTSE All-World Index C Acc 109 127 113 146 135 116 173 87 - - - 1.85IFML Vitality Global Equity D 108 190 113 138 144 56 195 24 - - - 0.74IFML Vitality Global Equity Income D 109 154 113 141 131 154 - - - - - 1.68IFSL Ravenscroft Huntress GlbBlueChpBInc 109 148 116 65 - - - - - - - 0.99Invesco Global Equity UK Z Acc 110 93 106 296 119 261 148 204 - - - 2.04Invesco Global ex UK CorEqIdxUK(NoTr)Acc 108 167 107 287 121 253 160 149 289 67 0.72 1.40Invesco Global ex UK Enh Idx UK(NoTr)Acc 109 119 110 222 131 162 173 86 318 43 0.37 1.86Invesco Global Opportunities UK Z Acc 113 12 111 213 125 225 162 143 303 55 - 1.60Invesco Global Smaller Coms UK Z Acc 107 211 109 252 127 208 165 128 318 42 - 0.90Investec Glb Dynamic I Acc GBP 106 260 114 136 131 157 163 137 297 61 0.87 0.94Investec Glb Equity I Acc GBP 108 179 112 178 131 159 159 154 282 76 0.88 1.25Investec Glb Quality Eq Inc I Inc-2 109 150 115 105 133 141 - - - - - 2.33Investec Glb Special Sits I Acc 111 44 110 242 128 186 173 81 270 84 0.91 1.78Investec Glb Strat Eq I Acc GBP 107 246 109 253 134 134 167 118 315 46 0.86 0.92Investec Global Franchise I Acc 108 177 115 102 146 45 200 14 - - 0.85 1.62Janus Henderson Glb Research A USD Acc 108 169 112 185 132 144 156 175 268 86 2.50 -Janus Henderson Global Equity I Acc 106 265 112 194 144 52 191 31 417 3 - 0.31Janus Henderson Global Sust Eq I Acc 112 27 121 10 150 26 187 39 330 30 - -Janus Henderson Instl Gl 50/50IdOpp 3Acc 108 183 112 174 129 182 155 180 253 111 0.39 2.69Janus Henderson Mlt-Mgr Global Sel I Acc 106 257 109 261 126 220 148 202 223 138 - 0.72JOHCM Global Opportunities A GBP Acc 105 300 - - - - - - - - - -JOHCM Global Opps Offshore A GBP Inc 105 292 110 238 127 198 180 60 - - 0.83 2.00JOHCM Global Select A GBP 106 264 113 144 136 111 162 142 347 20 0.79 0.75


JPM Global Equity A (dist) GBP 109 149 107 286 123 237 153 194 248 118 1.80 0.47JPM Global Focus A (dist) USD 109 142 112 177 127 210 161 146 255 107 1.80 0.08JPM Global Unconstrained Eq C Net Acc 107 232 114 135 129 180 168 116 266 87 0.93 0.81JPM Multi-Manager Growth C Net Acc 107 221 112 175 140 88 164 133 260 98 0.83 1.17Jupiter Ecology I Acc 110 77 115 99 126 216 156 176 245 120 0.79 -Jupiter Fund of Investment Trusts I Acc 106 279 109 256 137 106 158 166 256 103 - 0.76Jupiter Global Elgy Gr D EUR A Inc Dist 111 62 115 90 128 197 154 184 223 136 0.70 -Jupiter Global Managed I Acc 108 168 113 140 138 99 167 119 280 77 0.99 1.18Jupiter Global Sustainable Eqs P Inc 109 124 121 14 - - - - - - - 0.59Jupiter Global Value Equity Instl Acc 106 268 100 312 - - - - - - - 2.79Jupiter Global Value L GBP A Inc 106 277 99 313 125 223 154 189 - - 1.72 2.14Jupiter Merlin Worldwide Portfolio I Acc 107 253 110 241 130 170 158 158 243 122 1.81 0.23Kames Gbl Sustainable Eq GBP B Acc 112 30 128 1 156 14 - - - - 0.93 -Kames Global Equity GBP B Acc 107 214 112 181 136 112 167 122 262 95 1.30 0.22Kempen (Lux) Global Small-Cap I GBP 108 164 108 278 138 98 205 10 - - - -Kennox Strategic Value Institutional Acc 102 316 98 314 107 276 133 230 - - - 2.73L&G Future Wld Clmt Chg Eq Fct Idx I Acc 110 100 112 187 - - - - - - - 2.12L&G Future World ESG Dev Idx I GBP Acc 112 33 - - - - - - - - - -L&G Glbl Dev Four Fac Sci Bt Idx JGBPAcc 108 176 111 211 - - - - - - - 1.45L&G Global 100 Index I Acc 111 38 115 98 144 50 182 48 288 69 0.32 -L&G Global Equity Index I Acc 110 99 113 157 135 125 172 93 - - 0.87 1.72L&G Global Health & Pharma Index I Acc 113 18 108 267 142 68 173 83 401 8 0.32 1.24L&G Global Infrastructure Index I Acc 104 310 114 129 - - - - - - - 2.42L&G International Index I Acc 110 82 113 143 137 104 178 68 306 51 0.39 1.88Lazard Global Eq Franchise A Acc USD 109 125 105 302 132 146 - - - - 1.02 -Lazard Global Equity Select A Acc USD 106 280 111 198 139 89 171 94 - - 1.61 -Lazard Global Lstd Infras Eq A Acc GBP 107 220 113 142 139 91 160 151 - - 1.02 -Lazard Global Managed Vol A Acc USD 106 261 110 237 130 171 171 100 - - 0.93 -Lazard Global Strategic Eq A Acc USD 108 198 114 130 134 127 160 150 - - - -Lazard Managed Equity A Acc 106 275 111 210 129 181 154 182 264 92 1.05 1.98Lazard Thematic Global A Acc USD 109 113 117 58 142 66 171 97 - - - -Legg Mason MC Glb L-T Uncons X GBP Acc 110 84 121 11 154 16 - - - - 1.25 -LF Adam Worldwide Acc 106 269 112 186 127 205 154 185 256 104 1.37 1.49LF Blue Whale Growth R Sterling Acc 105 290 119 24 - - - - - - - -LF Canlife Global Equity C Acc 112 28 112 191 127 207 165 126 264 91 0.81 1.38LF Macquarie Global Infras Secs B Acc 104 304 115 109 128 184 149 200 253 112 1.13 2.55LF Majedie Global Equity X GBP Acc 107 236 114 134 135 120 175 75 - - - 0.73LF Majedie Global Focus X GBP Acc 105 289 111 207 132 147 170 104 - - - 0.86Lindsell Train Global Equity B GBP Inc 101 319 115 106 169 3 244 2 - - - 0.85Liontrust Global Equity C Acc GBP 109 114 112 184 141 82 157 169 221 140 - 0.33Liontrust Global Smaller Coms C Acc GBP 105 295 116 83 160 8 171 98 211 149 1.30 -Liontrust Sust Fut Glbl Gr 2 Net Acc 109 132 121 13 158 9 192 30 311 48 0.85 0.28LO Funds Emerging Hi Convc USD NA 103 315 102 310 118 265 137 227 - - 1.13 -LO Funds Golden Age USD NA 107 208 110 229 141 75 168 112 303 56 1.00 -M&G Global Dividend GBP I Acc 107 227 108 269 129 183 157 170 285 71 0.91 2.20M&G Global Listed Infras GBP I Acc 109 110 124 3 - - - - - - - -M&G Global Select GBP I Acc 113 20 116 79 138 96 181 53 276 80 0.91 0.83M&G Global Strategic Value GBP I Acc 105 288 102 309 111 273 148 206 - - 0.93 1.06M&G Global Themes GBP I Acc 110 79 117 46 136 113 169 108 211 148 0.92 1.05M&G Positive Impact Sterling I GBP Acc 111 55 117 48 - - - - - - - 0.05Margetts Intl Strategy R GBP Acc 108 163 112 188 129 177 158 165 247 119 0.74 0.95Margetts Opes Growth R GBP Acc 107 234 114 137 127 211 158 163 249 117 0.88 0.37Marlborough Global P Acc 108 203 111 206 123 238 153 190 222 139 - 0.23McInroy & Wood Smaller Comps Pers Inc 106 270 112 180 143 64 185 42 359 16 - 0.91Merian Global Equity R GBP Acc 107 223 110 227 134 132 184 44 408 5 1.14 -Merian World Equity U1 GBP Acc 107 242 109 250 131 153 - - - - 0.91 -MFS Meridian Global Concntr W1 GBP 111 67 117 49 143 58 - - - - 1.28 -MFS Meridian Global Energy WH1 GBP 97 321 90 315 80 279 76 240 - - 1.00 -MFS Meridian Global Equity Inc WH1 GBP 110 80 108 272 123 240 - - - - 0.96 -MFS Meridian Global Equity W1 GBP 110 89 116 61 139 92 175 76 317 45 1.15 -MFS Meridian Global Rsrch Focus W1 USD 109 135 116 69 140 84 177 71 283 75 1.00 -MI Charles Stanley UK & Intl Gr A Acc 106 262 110 236 122 248 144 215 227 135 1.49 1.66MI Metropolis Value A Acc 112 23 106 297 128 188 179 64 - - 1.83 0.68MI Thornbridge Global Opps C Acc 111 58 117 57 140 86 170 105 - - 0.91 0.93Mirabaud Equities Global Focus D GBP Acc 104 307 114 115 156 13 - - - - 1.05 -Montanaro Better World GBP 105 296 121 12 - - - - - - 0.66 0.19Morgan Stanley UK Global Brands I GBP 107 243 117 53 152 21 207 8 409 4 1.00 -MS INVF Emerging Leaders Equity Z 111 63 119 26 130 169 150 199 - - 0.95 -MS INVF Global Brands I 107 248 116 68 153 18 205 9 403 7 0.94 -MS INVF Global Opportunity Z 109 133 124 4 178 2 265 1 - - 0.90 -MS INVF Global Quality I 109 130 116 66 149 30 196 21 - - 0.94 -MT Total Return 108 184 113 161 129 173 155 178 262 94 0.65 1.35New Capital Glbl Eq Convict USD Ord Acc 106 284 112 172 143 62 - - - - 1.54 -NFU Mutual Global Growth C 108 204 107 281 120 254 158 167 205 152 - 1.39Nomura Fds Global High Conviction I USD 113 15 121 9 147 41 - - - - 1.25 -Orbis OEIC Global Equity Standard 110 74 109 257 121 251 169 111 296 62 - 3.90Overstone UCITS Smaller Coms A USD 110 102 115 111 126 218 144 214 298 60 - 0.66Pictet - Global Envir Opps I dy GBP 111 40 122 6 144 55 188 38 - - 1.22 -Pictet - Global Thematic Opps-I GBP 113 10 117 45 146 49 - - - - 1.23 -Pictet SmartCity I dm GBP 106 285 117 44 131 156 153 192 - - 0.98 1.52Pictet-Clean Energy I dy GBP 114 7 120 22 130 167 145 213 165 156 1.20 -Pictet-Global Megatrend Sel I dy GBP 111 64 115 95 141 74 175 77 325 35 1.21 0.06Pictet-Premium Brands I dy GBP 111 37 119 34 149 32 152 196 308 49 1.20 0.26Pictet-Security I dy GBP 112 31 118 36 148 36 197 17 405 6 1.20 -Pictet-Water I dy GBP 110 70 119 29 138 97 181 58 318 44 1.20 -PIMCO GIS RAE Glbl Dev Instl GBP UnH Acc 108 161 106 300 123 242 - - - - 0.50 -Polar Cptl Atmtn & Artfcl Intllgnc I Acc 116 2 121 15 - - - - - - 0.73 -Premier Global Alpha Growth C Acc 105 287 105 301 120 256 162 139 255 108 1.27 1.30Principal Global Equity I Acc USD 105 301 104 307 120 255 146 210 256 105 1.34 -Purisima Global Total Return A 110 88 114 114 140 87 182 51 285 72 1.32 0.63Quilter Inv Glbl Dyn Eq R (GBP) Acc 109 157 112 171 129 179 146 209 212 147 1.06 0.99Quilter Inv Glbl Eq Idx U2 (GBP) Acc 111 58 114 125 138 100 181 55 - - - 1.38Quilter Investors Ethical Eq R (GBP) Acc 111 36 117 54 124 231 162 141 251 116 - -Quilter Investors Glbl Eq Gr U2 GBP Acc 108 194 114 128 141 76 186 41 - - - 0.70Quilter Investors Glbl Uncons EqR £ Acc 106 267 112 189 128 187 149 201 259 99 - 0.21Rathbone Global Opportunities I Acc 105 294 117 56 151 23 202 13 388 10 - 0.07Rathbone Global Sustainability I Acc 107 226 114 116 - - - - - - - 0.91Robeco BP Global Premium Eq F GBP 109 151 106 299 120 258 - - - - 0.80 -Royal London Global Equity Divers M Acc 109 109 114 113 - - - - - - - 1.69Royal London Global Equity Select M Acc 110 107 113 156 - - - - - - - 1.40Royal London GMAP Dyn M GBP Acc 108 193 112 182 127 200 - - - - - 1.94Russell Inv Global List Infras I GBP 103 311 116 81 128 194 155 179 - - 1.76 3.72Russell Inv World Equity I 110 105 113 154 136 107 178 65 307 50 1.01 1.14RWC Global Horizon R GBP Cap 109 152 110 224 129 172 177 72 - - 1.16 -

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


S&W Aubrey Global Conviction 107 229 119 33 162 6 185 43 338 25 1.75 -Sanlam Global High Quality C GBP Acc 106 256 111 216 137 103 191 32 - - 0.64 -Sanlam Global Value A GBP 109 108 107 285 117 267 135 228 - - 0.99 -Sanlam Stable Global A GBP Acc 108 182 107 282 120 259 - - - - 0.97 -Sarasin IE Global Eq Opps GBP P Acc 111 57 115 103 140 83 165 127 - - - 2.02Sarasin IE Global Eq Opps USD P$ Acc 111 60 115 108 141 81 167 120 - - - 2.02Sarasin Responsible Glb Eq Stg Hdg P Acc 116 4 118 35 146 46 145 212 - - 0.98 0.70Sarasin Responsible Global Equity P Acc 113 17 117 47 146 48 173 82 - - 1.00 0.74Sarasin Thematic Global Eq Stg Hdg P Acc 115 6 117 52 143 57 139 224 220 141 0.98 0.67Sarasin Thematic Global Equity P Acc 113 16 116 70 143 61 165 131 257 102 0.97 0.71Schroder Global Equity I Acc 109 123 113 152 141 77 181 57 303 54 0.53 1.13Schroder Global Healthcare Z Acc 113 19 110 245 142 71 170 103 393 9 0.93 0.41Schroder Global Recovery Z Acc GBP 107 231 111 208 122 250 - - - - - 1.71Schroder ISF Global Energy Z Acc EUR 85 324 75 317 69 280 56 241 45 161 1.06 -Schroder ISF Global Eq Alp Z Acc EUR 109 129 111 199 135 121 167 123 251 114 1.05 -Schroder ISF Global Eq Yld Z Acc EUR 106 278 108 273 122 247 158 164 278 78 1.06 -Schroder ISF Global Smlr Coms C Acc USD 111 66 109 248 122 249 170 101 314 47 1.32 -Schroder MM International Z Acc 108 196 110 230 124 229 161 144 292 63 1.36 0.69Schroder QEP Glbl Active Val Z Acc 108 207 106 292 118 263 148 203 241 125 0.77 2.16Schroder QEP Global Core Eq A Acc 110 97 112 167 131 158 173 84 - - 0.37 2.05Scot Wid MM International Eq A 109 115 111 203 128 193 162 138 271 83 1.83 0.41Scottish Widows Global Growth G Acc 108 206 109 262 128 185 158 159 - - - 1.14Scottish Widows Global Sel Gr A 107 224 111 212 127 212 139 225 219 142 1.62 0.24Scottish Widows Intl Eq Tracker I Acc 110 98 112 169 134 136 170 102 269 85 0.61 0.13Scottish Widows Opportunity A 107 225 110 234 123 236 146 211 238 128 2.00 0.60Seilern World Growth USD U I 111 54 120 19 167 4 237 3 471 1 - -SKAGEN Global A 109 156 115 89 138 101 164 134 262 96 1.00 -SKAGEN Kon-Tiki A 96 322 101 311 111 274 118 237 157 158 1.79 -SLI International Trust 110 71 114 133 135 124 172 91 345 23 0.14 1.66Stewart Investors Wldwd Select B Acc GBP 103 313 105 304 124 228 165 132 271 82 0.92 0.96Stewart Investors Wldwd Sustbl B Acc GBP 105 298 110 233 135 122 176 73 - - - 0.62Stewart Investors Worldwide Eq B Acc GBP 102 317 103 308 120 257 160 152 - - 2.41 0.69Stonehage Flmg GlbBest IdeasEq C GBP Inc 108 175 116 78 147 38 193 27 - - - -SVM World Equity Instl 109 116 113 165 128 195 159 156 275 81 1.98 0.41SVS Church House Esk Global Equity A Acc 107 255 113 164 135 126 161 147 - - - -T. Bailey Growth A Acc 105 299 107 280 128 189 158 162 251 115 1.74 -T. Rowe Price Glb Fcd Gr Eq Q GBP 111 53 119 31 157 11 219 6 372 14 0.92 -T. Rowe Price Global Fcs Gr Eq C GBP 111 52 120 23 - - - - - - - 0.06T. Rowe Price Global Growth Eq Q GBP 108 192 117 50 153 20 194 25 331 27 0.92 -Templeton Growth W Acc 108 160 104 306 118 264 140 222 232 131 0.85 2.68Threadneedle Glb Extnd Alp Ins Acc GBP 110 73 120 21 147 42 195 23 384 11 1.43 -Threadneedle Global Focus Z Grs Acc GBP 111 43 120 17 - - - - - - - 0.03Threadneedle Global Select Z Acc 111 56 119 30 150 25 196 19 325 34 0.89 0.48TM Stonehage Fleming Global Eqs B Inc 108 189 110 243 122 244 143 219 215 145 1.87 1.29TM Stonehage Fleming Global Eqs II B Inc 106 272 108 275 119 260 139 226 210 151 1.70 2.13TM UBS (UK) - Global Equity C Acc 107 228 111 209 127 201 150 197 - - - 1.12Trojan Global Equity O Acc 107 254 117 60 147 39 190 34 326 33 1.11 0.62UBS (Lux) ES Gl Opp Uncons$ Q-acc 107 240 115 91 144 54 - - - - 1.07 -UBS Global Optimal C 110 75 115 101 136 115 162 140 258 100 - 0.89UBS MSCI World Minimum Vol Idx C Acc 109 126 115 86 - - - - - - - 2.07Vanguard FTSE Dev Wld ex UK Eq Idx Acc 110 76 113 155 138 94 181 59 319 40 0.30 1.83Vanguard FTSE Glb All Cap Idx Inv A £Acc 109 121 112 192 134 131 - - - - - 1.88Vanguard Glbl Small-Cap Idx GBP Acc 108 165 109 254 127 213 174 80 - - 0.40 1.46Vanguard Global Equity A GBP Acc 112 22 115 87 136 108 - - - - - 1.18Vanguard Global Stock Index Inv EUR Acc 110 83 113 160 136 109 174 79 302 57 0.30 -Vanguard LifeStrategy 100% Equity A Acc 109 155 112 193 133 139 165 129 - - 0.33 1.80Vanguard SRI Global Stock GBP Acc 110 78 113 162 136 114 172 92 - - 0.40 1.66Veritas Global Focus A GBP 110 96 114 121 143 63 188 36 331 29 1.12 0.43Veritas Global Focus A GBP 110 96 114 121 143 63 188 36 331 29 1.12 0.43Virgin Global Share 106 282 109 259 124 233 - - - - - 1.90Vontobel Global Equity I GBP 109 137 115 97 149 31 195 22 - - 1.17 -VT Gravis Clean Energy Income C GBP Acc 113 11 125 2 - - - - - - - 3.36VT Greystone Global Growth R Acc 107 249 111 204 134 129 170 106 284 74 - -VT Price Value A GBP Acc 104 305 109 255 116 269 - - - - - 1.65VT Redlands Equity A GBP Acc 108 170 111 205 - - - - - - - 1.35VT Tyndall Global Select A GBP Acc 109 122 114 123 142 69 169 109 291 64 - -Waverton Global Equity A GBP 106 283 108 266 123 235 150 198 240 126 1.53 -Waverton Tactical Equity A GBP 104 306 107 288 115 270 130 233 - - 1.34 -Wellington Durable Entrprs N GBP Acc UnH 109 111 - - - - - - - - - -Wellington Durb Coms N GBP Inc UnH 109 134 116 74 140 85 - - - - 1.00 0.52Wellington Enduring Assets GN GBP AccUnH 105 286 - - - - - - - - - -Wellington Glbl Quality Gr N GBP H Acc 108 195 116 64 158 10 217 7 - - - -Wellington Global HlthC Eq N GBP Acc Unh 116 3 112 168 142 72 - - - - 1.50 -Wellington Global Impact N GBP Acc Unhdg 109 144 116 84 - - - - - - - -Wellington Global Innovation N GBP UnH 111 39 114 120 - - - - - - - -Wesleyan International Growth X Acc 108 172 115 93 143 59 - - - - - 0.61Winton Global Equity I GBP Acc 108 159 111 217 128 192 154 187 - - - -Average/Total 108 325 113 318 134 281 167 242 280 162 1.08 1.19

(IA) GLOBAL BONDSAB Euro High Yield I2 GBP H Acc 106 4 111 20 116 8 - - - - 0.87 -AB Glbl Pls Fxd Inc I2 GBP H Acc 103 51 108 68 109 71 113 101 - - 0.82 -AB Global Dynamic Bd I2 GBP Acc 102 86 104 128 105 122 109 118 - - 0.90 -AB Short Dur Hi Yld I2 GBP H Acc 103 47 106 95 109 66 116 89 - - 0.76 -ACUMEN Portfolio 3 Acc 102 68 106 104 - - - - - - - 1.27Allianz Flexi Asia Bond PQ H2 GBP 101 100 108 67 106 112 111 112 - - 0.86 4.83Allianz Global Multi Sect Crdt W GBP Acc 103 50 105 112 108 88 114 96 - - - 0.53Allianz US High Yield AM USD 102 58 107 76 108 93 131 45 - - 1.44 7.21Allianz US Short Dur Hi Inc Bd P H2 GBP 102 64 104 135 - - - - - - - 4.03AS SICAV I SelEuro HYBd X MInc GBP 100 140 103 146 110 53 130 49 167 25 0.89 4.13ASI Euro Corporate Bond I Acc 99 158 102 155 108 92 119 69 141 52 - 0.85ASI Global Corporate Bond Tracker B Acc 105 10 111 15 - - - - - - - 2.45ASI Global Inflat-Link Bnd Tracker B Acc 102 87 - - - - - - - - - -ASI Global Inflation-Link Bnd P1 Acc 101 102 109 49 108 85 116 87 144 46 - 1.39ASI Short Dated Gbl Infl Lnk Trckr B Acc 101 99 - - - - - - - - - -ASI Short Dtd Glob Crp Bnd Tracker B Acc 102 83 - - - - - - - - - -ASI Short Dur Gbl Infl Lnk P1 Acc 101 115 104 127 104 134 107 126 - - - 1.24Aviva Investors Global HY Bd Amh GBP Inc 104 21 108 65 111 47 115 92 169 24 1.48 6.03AXA Global Short Duration Bond Z GBP Acc 102 84 104 130 - - - - - - - 2.05AXA US Short Duration Hi Yld Z Gross Acc 102 76 104 125 107 103 110 115 - - 0.79 4.06AXAWF Asian Short Dur Bds F Cap USD 100 131 110 31 111 43 - - - - 0.83 -AXAWF Euro Credit Short Dur F Cap EUR 97 174 97 170 101 151 109 117 111 69 0.57 -AXAWF European High Yld Bds F Cap EUR 100 134 104 139 - - - - - - 0.83 -AXAWF Global Buy & Mntn Crdt I Cap GBP H 104 11 111 16 112 35 119 70 - - 0.23 -AXAWF Global Credit Bonds F Cap EUR H 100 125 105 110 - - - - - - 0.85 -


AXAWF Global Green Bds F Cap EUR 99 149 104 138 106 113 - - - - 0.68 -AXAWF Global Infl Bds F Cap EUR 97 173 103 153 105 132 118 79 - - 0.57 -AXAWF Global Infl Sh Dur Bds F Cap USD 99 162 103 148 102 144 - - - - 0.52 -AXAWF Global Strategic Bds F Cap USD 100 124 107 72 111 46 145 15 - - 0.77 -AXAWF US Dynamic HY Bds F Cap USD 101 92 109 51 - - - - - - 0.93 -AXAWF US High Yield Bonds F Cap USD 100 126 107 93 114 22 150 11 249 2 0.83 -Barings Global Invm Grd Strats S GBP Dis 102 85 - - - - - - - - - -Barings International Bond I GBP Inc 102 78 109 38 109 70 129 52 142 51 0.75 -Barings Strategic Bond I GBP Inc 106 2 108 60 110 55 108 121 127 64 0.78 3.09BNY Mellon International Bond Inst W Acc 101 107 108 58 108 91 134 34 147 41 - -Candriam Bds Crdt Opps C EUR Cap 97 172 99 166 104 138 117 85 146 43 2.01 -Candriam Bds Euro High Yld C EUR Cap 101 122 104 123 114 17 133 36 193 12 1.26 -Candriam Bds Global Hi Yld C EUR Cap 101 119 104 132 113 32 131 46 177 18 1.23 -Candriam Bds Total Ret C EUR Cap 97 175 97 169 99 154 107 124 112 68 0.95 -Capital Group Euro Bond (LUX) Ch 102 73 107 82 - - - - - - 0.10 -Capital Group GlbHi Inc Opps (LUX) Z 101 108 107 73 116 7 150 12 219 9 0.90 -Capital Group Global Bd (LUX) Z EUR 100 132 107 85 108 96 131 48 148 38 0.60 -Capital Group US Corp Bd (LUX) Z 103 34 113 5 114 15 155 6 - - 0.60 -Courtiers Investment Grade Bd Retl R 100 142 102 157 99 153 - - - - - 5.42Dimensional Global Short Dated Bd Acc 101 112 103 145 103 142 107 125 124 66 0.33 0.66Dodge & Cox Worldwide Global Bd GBP Inc 103 46 110 26 115 13 140 18 - - 0.45 3.96Eaton Vance Intl (IRL) Glb HY Bd I2 USD 102 62 109 39 - - - - - - 0.65 -Fidelity Global Infl-Link Bd Y-Dis-GBP H 102 88 105 121 105 125 105 129 116 67 0.51 0.32FP Octopus Fixed Income B Acc 104 25 109 40 108 89 113 106 137 55 1.08 3.11FP SCDavies Global Fixed Inc A Acc GBP 101 91 104 126 102 149 98 134 - - 1.50 3.75GAM Multibond Total Return Bond EUR B 98 170 98 168 100 152 104 131 109 70 1.09 -GAM Star Cat Bond Institutional GBP Acc 104 20 103 142 105 133 111 111 - - 1.37 6.06GAM Star Credit Opps (EUR) Instl EUR Acc 102 59 106 98 117 4 139 24 - - 1.13 3.30GAM Star Credit Opps (USD) Instl USD Acc 105 9 113 6 118 3 162 1 - - 1.13 4.15GAM Star MBS Total Return Instl GBP Acc 101 116 102 159 107 104 115 94 - - 1.20 4.38GlobalAccess Glbl Shrt Dur Bd M Dis GBP 102 89 104 137 104 135 109 119 - - - 2.78GlobalAccess Global Govt Bd M Dis GBP 102 54 107 89 106 118 109 120 - - - 0.46GS Euro Short Dur Bd Plus R Acc EUR 97 176 98 167 102 148 111 110 - - 0.39 -GS Glbl Crdt (Hdg) R Inc GBP Hdg 106 3 114 3 114 23 118 83 156 32 0.58 2.79GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 103 29 109 33 108 84 113 103 - - 0.69 1.83GS Glbl Hi Yld R Inc GBP Hdg 103 27 108 61 111 41 113 105 - - 0.72 5.79GS Global Fixed Inc (Hdg) R Inc GBP Hdg 104 26 109 34 109 60 115 93 - - 0.57 1.68GS Global Fixed Income R Acc USD 101 118 108 59 109 67 135 29 154 34 0.60 -GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 103 33 105 109 108 81 112 109 - - 0.95 4.51GS US Fixed Income R Acc USD 101 101 110 29 109 77 140 20 181 15 0.60 -Hermes Unconstrained Credit F USD Acc 103 43 112 13 - - - - - - - -Invesco Global Bond UK Z Acc 101 110 105 120 105 130 118 80 144 45 - 1.21iShares Overseas Corp Bd Idx (UK) D Acc 102 56 110 22 112 37 140 19 - - 0.17 2.77iShares Overseas Govt Bd Idx (UK) D Acc 100 139 107 90 106 110 134 32 - - 0.18 -Janus Henderson Flexible Inc I USD Inc 102 81 109 44 108 94 136 28 178 17 0.74 2.74Janus Henderson High Yield I USD Inc 102 67 109 45 114 24 148 13 225 8 0.87 4.68Janus Henderson Hrzn Euro Corp Bd H2 EUR 99 157 103 151 110 56 121 66 - - 0.80 -Janus Henderson Instl Overseas Bd A Inc 100 133 107 88 104 140 127 56 128 63 1.20 -Janus Henderson US Sh-Trm Bd I USD Inc 99 161 102 154 102 146 129 53 146 42 0.75 2.10JPM Global (ex-UK) Bond C Grs Acc 103 28 109 48 110 57 116 88 140 53 0.58 1.10L&G Global Inflation Linked Bd Idx I Acc 103 38 107 77 107 101 109 116 - - - 1.20Lazard Global Fixed Income A Acc USD 100 135 106 94 107 109 127 55 - - 1.14 -Legg Mason BW Glb FI X USD Dis(S) 99 160 105 119 106 116 122 61 156 31 0.88 3.18Legg Mason BW Glb Oppc FI A USD Dis(M) 99 156 105 113 106 114 122 60 - - 1.42 2.75Legg Mason WA Asian Opps X USD Dis(M) 103 44 110 27 114 18 137 27 173 22 0.86 3.67Legg Mason WA Glb Hi Yld X USD Dis(D) 101 109 108 57 130 1 161 2 232 7 0.95 5.58LF Canlife Global High Yield Bond C Acc 104 18 108 52 112 36 117 84 179 16 - 4.70LF Canlife Global Macro Bond C GBP Acc 102 82 108 63 111 49 132 44 - - - 2.44Loomis Sayles Global Opp Bd R/D GBP 99 152 105 111 105 121 127 54 144 44 1.50 1.24Loomis Sayles Multisector Inc R/D GBP 101 105 106 97 109 64 134 33 197 11 1.40 3.35Lord Abbett Multi Sector Inc I USD Acc 102 75 110 30 117 5 157 3 236 6 0.70 -Lord Abbett Short Dur Inc I USD Acc 99 151 104 136 105 120 137 26 166 26 0.60 -M&G European Corporate Bond GBP I Acc 99 163 101 162 107 102 119 71 137 56 0.66 -M&G Global Government Bond GBP I Acc 101 104 107 74 110 52 143 16 164 27 0.71 2.90M&G Global Macro Bond GBP I Acc 100 130 107 91 106 111 132 38 171 23 0.81 2.48Marlborough Global Bond P Inc 103 52 109 46 113 28 133 37 190 13 - 3.03MFS Meridian Global Credit WH1 GBP 105 7 111 17 113 33 113 107 - - 0.75 -MFS Meridian Global High Yield WH1 GBP 104 17 109 35 115 14 - - - - 0.90 -MFS Meridian Global Oppc Bd WH1 GBP 104 19 111 19 112 34 - - - - 0.75 -MFS Meridian Inflation Adjstd Bd W1 USD 100 146 107 79 105 131 132 39 161 29 0.72 -MFS Meridian Limited Maturity W1 USD 99 154 103 140 104 139 132 43 150 37 0.70 -MFS Meridian US Corporate Bond WH1 GBP 105 5 114 4 113 30 - - - - 0.75 -MFS Meridian US Government Bond W1 USD 100 138 107 78 105 124 133 35 161 28 0.73 -MFS Meridian US Total Return Bd WH1 GBP 104 24 110 32 109 78 - - - - 0.75 -Mirabaud Global Hi Yld Bds DH GBP Acc 102 74 106 102 109 72 114 98 - - 0.85 -MS INVF Euro Corporate Bond I 100 137 104 134 111 45 123 59 147 40 0.64 -Neuberger Berman Strat Inc A GBP MD 102 61 106 96 - - - - - - 1.17 3.99New Capital Glbl Val Crdt GBP Acc 104 23 108 54 110 51 113 102 151 36 0.82 -New Capital Wlthy Ntn Bd GBP Inst Inc 106 1 114 1 115 12 120 68 174 21 1.18 4.19Nomura Fds Asia High Yield Bond I USD 100 145 110 28 110 50 - - - - 1.25 -Nomura Fds Asia Investment Grd Bd I USD 102 70 112 8 113 27 - - - - 0.90 -Nomura Fds Global High Yield Bd I USD 101 123 106 106 113 31 148 14 - - 0.98 -Nomura Fds US High Yield Bond I USD 101 121 106 105 113 29 156 4 285 1 0.62 -Nordea 1 - Flexible Fixed Income BC EUR 98 167 101 161 106 117 - - - - 0.75 -OYSTER European Corporate Bds R GBP D HP 101 94 105 114 107 106 - - - - 0.88 1.60Pictet-Asian Local Ccy Debt I GBP 103 45 107 87 112 39 138 25 176 20 0.93 -Pictet-EUR Bonds HI USD 103 49 112 10 116 10 - - - - 0.64 -Pictet-EUR High Yield I 101 114 105 117 115 11 129 51 182 14 0.83 -Pictet-EUR Short Term High Yield I EUR 98 169 99 165 105 129 118 77 - - 0.73 -Pictet-Latin Amer Lcl Ccy Dbt I GBP 100 141 107 80 111 42 118 78 136 58 0.94 -Pictet-US High Yield I dm GBP 103 39 107 75 111 48 139 23 - - 0.83 6.45PIMCO GIS Credit Opps Bd E Acc 99 155 104 131 108 95 134 31 - - 1.80 -PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 104 22 114 2 126 2 151 8 237 5 0.46 -PIMCO GIS Euro Bond E EUR Inc 98 165 102 156 108 86 119 76 139 54 1.36 -PIMCO GIS Euro Credit E EUR Acc 98 166 101 160 107 99 119 73 - - 1.36 -PIMCO GIS Euro Income Bond E EUR Inc 98 168 101 163 109 74 119 75 - - 1.39 2.83PIMCO GIS Euro Low Dur E EUR Acc 96 178 96 173 98 156 104 130 - - 1.36 -PIMCO GIS Euro Short-Term E EUR Acc 96 180 95 174 97 157 102 133 93 72 1.15 -PIMCO GIS Glb AdvRlRt Ins GBPPrtly H Inc 101 103 107 83 109 69 108 122 - - 0.69 3.02PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 102 65 107 84 111 44 119 72 - - 0.70 -PIMCO GIS Glb Bd Ex-US E USD Inc 100 147 106 107 108 90 143 17 201 10 1.39 1.08PIMCO GIS Glb Bd R GBP Hedged Inc 102 63 107 86 109 65 115 91 - - 0.75 1.87PIMCO GIS Glb Rl Ret R GBPH Acc 101 97 108 62 108 83 115 95 - - 0.76 -PIMCO GIS Low Avrg Dur Instl GBPH Inc 101 113 103 152 102 150 103 132 - - 0.45 3.09

Unit Trusts 5



£ £ £ £ £ % %PIMCO GIS Ttl Ret Bd Instl GBPH Inc 103 40 108 53 109 76 111 113 135 59 0.50 2.97Robeco Global Credits FH GBP 104 12 112 11 114 21 - - - - 0.58 -Robeco Global Credits Short Matrty IH £ 102 71 105 108 - - - - - - 0.40 -Robeco High Yield Bonds FH £ 105 6 110 23 117 6 - - - - 0.68 -Royal London European Corporate Bd Z Inc 99 159 102 158 109 73 120 67 - - - -Royal London Global Index Linked M Inc 102 77 108 55 109 63 118 82 - - - 0.92Royal London International Govt Bd M Inc 103 41 108 66 107 100 112 108 - - - 1.49Royal London Shrt Dur Glb Idx Lnkd M Inc 101 96 104 133 105 126 - - - - - 0.91Russell Inv Global Bond I Income 100 127 107 92 108 80 132 42 160 30 0.79 2.42Schroder ISF EURO Corp Bd Z Acc EUR 100 129 105 118 113 26 130 50 147 39 0.57 -Schroder ISF Glb Crdt Dur H C Acc EUR H 99 164 99 164 102 147 111 114 104 71 0.74 -Schroder ISF Glb InflLnkdBd C Acc EUR 98 171 103 149 105 128 119 74 128 62 0.65 -Schroder ISF Glbl Corp Bd Z Acc USD 103 35 112 9 114 19 - - - - 0.58 -Schroder ISF Glbl Hi Yld C Acc USD 101 98 109 41 114 16 153 7 242 4 0.80 -Scottish Widows Cautious A Acc 104 15 109 47 110 54 116 86 156 33 1.50 1.11Scottish Widows International Bd A Acc 100 144 106 99 104 137 126 57 135 60 1.36 -SLI European Corporate Bd D Acc EUR 99 153 103 150 108 82 121 64 142 49 0.54 -SLI Global Bond A Acc GBP 100 143 106 100 104 136 125 58 - - - -SLI Global Corporate Bond D Acc USD 103 37 112 14 113 25 151 9 - - - -SLI Global High Yield Bond D Acc USD 102 57 109 37 114 20 150 10 - - 0.73 -Smith & Williamson Glbl Inf-Lkd Bd X Inc 102 80 108 71 107 105 114 99 - - - 0.72T. Rowe Price Dynamic Glbl Bd Qh GBP 96 179 97 171 94 158 - - - - 0.67 -T. Rowe Price Euro Corporate Bond Q EUR 99 150 103 147 109 61 122 62 142 48 0.57 -T. Rowe Price European Hi Yld Bd Q EUR 101 117 106 103 108 87 132 40 - - 0.77 -T. Rowe Price Global Aggregate Bd Q EUR 99 148 106 101 106 115 132 41 153 35 0.62 -T. Rowe Price Global HY Bd Q USD 102 55 110 24 116 9 155 5 248 3 0.71 -T. Rowe Price US Aggregate Bond Qh GBP 103 32 109 42 107 98 - - - - 0.57 -TCW Fds MetWest Total Return Bd RGHG-QD 103 42 109 43 107 97 - - - - 0.55 2.93Templeton Global Bond W(Mdis)GBP-H1 97 177 97 172 102 145 96 135 125 65 0.91 7.43Templeton Global Total Ret Bd W Acc H3 95 181 94 175 98 155 94 136 - - 0.80 8.69Threadneedle Dollar Bond Z Inc GBP 101 95 110 25 109 68 140 21 176 19 - -Threadneedle European Bd Z Inc GBP 100 128 105 116 109 75 122 63 142 50 0.64 0.83Threadneedle Global Bd Z Inc GBP 101 120 109 50 107 107 131 47 136 57 - -TM UBS (UK) - Global Fixed Income E Acc 102 90 104 124 103 143 105 128 - - - 1.43Vanguard Euro Govt Bd Idx GBPH Acc 104 14 109 36 111 40 118 81 - - - 0.92Vanguard Euro IG Bd Idx GBPH Acc 103 48 107 81 109 59 114 97 - - - 1.14Vanguard Euroz InfLnk Bd Idx Ins EUR Acc 102 79 103 143 110 58 121 65 129 61 0.20 -Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 101 106 103 144 104 141 106 127 - - - 1.38Vanguard Glbl ST Corp BdIdx Inv GBPH Acc 101 93 105 122 - - - - - - - 1.50Vanguard Global Bond Index GBPH Acc 103 36 108 56 109 62 114 100 143 47 0.20 1.85Vanguard Global Corp Bd Idx Inv GBPH Acc 104 16 111 18 - - - - - - - 1.88Vanguard Global Credit Bond Inv GBPH Acc 104 13 112 7 - - - - - - - 2.75Vanguard Japan Govt Bd Idx GBPH Acc 101 111 104 129 105 127 113 104 - - - 0.13Vanguard US Govt Bd Idx GBPH Acc 102 69 108 70 105 123 107 123 - - - 2.11Vanguard US IG Crdt Idx GBPH Acc 105 8 112 12 112 38 116 90 - - - 3.16VT Redlands Fixed Income A GBP Acc 103 53 108 69 - - - - - - - 2.96Waverton Global Strategic Bond A USD 102 66 108 64 108 79 135 30 - - 1.28 4.99Wellington Global Bond N GBP Acc H 102 60 105 115 107 108 140 22 - - - -Wellington Global Crdt Pls N GBP Acc H 103 30 111 21 - - - - - - - -Wellington Global Impact Bond N GBP AccH 103 31 - - - - - - - - - -Wellington Oppc Fxd Inc N GBP Acc H 102 72 - - - - - - - - - -Wellington World Bond N GBP Acc Hdg 100 136 103 141 106 119 - - - - 0.70 -Average/Total 101 181 106 175 109 158 124 136 161 72 0.83 2.85

(IA) GLOBAL EMERGING MARKETS7IM Emerging Markets Equity Value C Inc 101 94 100 101 103 95 - - - - - 2.90AB Emerging Markets Gr I Acc 105 35 114 11 118 74 136 59 176 25 1.16 -Allianz Emerging Markets Equity C Acc 104 52 105 79 121 63 138 54 143 41 1.19 2.03Alquity Future World USD Y 96 104 105 86 - - - - - - - -Artemis Global Emerging Mkts I Acc GBP 102 80 107 63 128 29 - - - - 0.98 2.71AS SICAV I Em Mkts Eq X Acc GBP 101 87 107 60 117 79 131 72 189 17 1.30 -AS SICAV I EM Smlr Coms X Acc GBP 101 83 105 72 106 94 116 85 207 7 1.47 -ASI (SLI) Emerging Markets Equity P1 Acc 105 34 110 35 132 19 145 29 - - - 1.65ASI Emerging Markets Eq Enh Index B Acc 104 59 105 81 125 40 143 35 166 31 0.84 2.12ASI Emerging Markets Equity I Acc 101 93 107 62 117 80 131 70 196 13 1.20 0.83ASI Emerging Markets Income Eq P1 Acc 106 28 112 25 135 12 153 19 - - - 2.55AXA Framlington EmerG Markets Z GBP Acc 106 21 116 7 130 23 146 24 186 18 0.90 0.82Baillie Gifford Em Mkts Lead Coms B Acc 108 10 116 6 148 1 170 4 213 5 0.87 1.05Baillie Gifford Emerging Mkts Gr B Acc 106 22 113 19 146 3 169 5 216 4 0.83 1.10Barings Global Emerging Mkts I GBP Acc 106 27 111 27 137 10 161 12 175 27 1.00 -BlackRock Emerging Markets D Acc 108 5 113 13 145 5 154 16 200 9 0.92 0.87BMO Emerging Markets Equity 2 Acc 100 99 106 69 124 51 138 52 161 34 0.84 1.68BMO LGM Glbl EmMkts Gr and Inc B USD Acc 99 101 105 76 125 41 144 33 200 8 1.05 1.53BNY Mellon Emerging Income Inst W Acc 103 64 110 40 113 87 121 80 - - - 3.86BNY Mellon Global Emerging Mkts Int WAcc 106 19 112 22 125 45 140 43 - - - 0.40Candriam Eqs L Em Mkts C EUR Cap 104 48 107 61 119 67 137 56 167 30 2.06 -Carmignac Pf Emerg Discv W GBP Acc 96 105 104 89 118 72 144 32 - - 1.49 -Carmignac Pf Emergents W GBP Acc 107 14 114 9 120 66 132 69 - - 1.15 -Comgest Growth Emerging Mkts Flx I Acc 101 91 100 102 110 91 118 83 - - 1.26 -Comgest Growth Emerging Mkts GBP U Acc 102 77 105 85 116 81 133 66 182 21 1.09 -Comgest Growth GEM Promis Coms USD I Acc 95 106 96 105 90 96 108 88 151 40 1.40 -Dimensional Emerging Mkts Core Eq Acc 103 69 105 77 121 60 139 48 178 23 0.78 2.07Eaton Vance Intl (IRL) Prmtrc EM I2 GBP 100 96 102 98 113 84 121 81 - - 0.76 -Edinburgh Partners Emerging Opps I £ Inc 101 86 101 99 112 88 124 78 - - 1.00 2.12Fidelity Index Emerging Markets P Acc 104 58 106 70 124 46 140 44 - - - 2.19Fidelity Instl Emerg Mkts W Acc 107 11 116 4 133 17 150 22 - - - 1.44First State Glb Emerg Mkts Foc B Acc GBP 103 71 112 21 - - - - - - - 0.66FP Carmignac Emerging Discv A GBP Acc 99 102 - - - - - - - - - -FP Carmignac Emerging Markets A GBP Acc 109 3 - - - - - - - - - -FP Henderson Rowe FTSE RAFI Em Mkt B 103 74 107 65 129 24 152 20 - - - 3.57GAM Multistock EM Equity GBP C 103 76 108 56 125 42 147 23 - - 1.10 -GAM Star Emerging Equity Instl GBP Acc 102 78 105 80 123 54 144 31 - - 1.38 0.86GlobalAccess Emerging Mkt Eq M Acc GBP 106 25 107 57 122 59 110 87 - - - 1.71GS EM CORE Eq R Inc GBP Close 101 88 102 96 121 62 145 28 199 10 0.82 2.41GS Emerging Markets Eq R Inc GBP 107 16 113 16 132 20 163 10 199 11 1.04 0.77Guinness Emerging Mkts Eq Inc Y GBP Dist 104 51 109 41 - - - - - - 0.99 3.27Hermes Global EM SMID Eq F GBP Acc 107 17 111 33 - - - - - - - -Hermes Global Emerging Mkts F GBP Acc 108 6 113 18 139 7 172 2 230 2 1.13 -HSBC GIF Global Emerging Mkts Eq AD 104 39 106 68 120 65 135 63 134 43 1.90 0.93Invesco Global Emerg Mkts UK Z Acc 103 73 105 78 121 61 142 36 195 15 - 1.56Investec Emerg Markets Equity I Acc 105 33 108 52 127 30 139 46 - - 0.97 1.84iShares Emerging Mkts Eq Idx (UK) D Acc 104 43 108 50 125 39 140 41 - - 0.27 2.50Janus Henderson Emerg Mkts Opps I Acc 96 103 99 103 109 92 127 75 155 39 - 1.63JOHCM Global Emerging Mkts Opps GBP A 99 100 103 94 125 43 145 30 - - 1.04 1.53JPM Em Mkts Small Cap A (dist) perf GBP 103 61 110 36 125 38 160 13 239 1 1.85 0.86


JPM Emerging Markets B Net Acc 108 8 119 1 145 4 163 9 210 6 1.18 0.62JPM Emerging Markets Income C Net Acc 104 53 111 30 129 26 140 39 - - 0.87 3.90Jupiter Global Emerging Markets I Acc 104 49 109 46 109 93 132 68 - - 1.11 1.61L&G Global Emerging Markets Index I Acc 104 55 108 51 124 50 140 40 - - 0.49 2.35Lazard Developing Markets C Acc 107 13 112 20 128 28 151 21 - - - -Lazard Developing Markets Eq C Inc USD 110 1 116 5 133 18 157 15 - - 0.94 0.69Lazard Emerging Markets A Acc 103 62 105 73 114 83 126 77 174 28 1.06 2.25Lazard Emerging Markets Eq A Inc USD 102 81 105 88 113 86 123 79 164 33 1.19 2.11Lazard Emerging Mrkts Core Eq A Acc USD 104 45 108 55 125 37 136 61 - - 1.26 -Lazard Emerging World C Acc GBP 104 40 111 29 127 33 137 55 - - - -Lazard MENA A Acc USD 90 108 96 106 127 32 146 27 - - 1.77 -Legg Mason IF MC Emerg Mkts X Acc £ 109 2 113 12 139 6 158 14 185 19 - 0.80Legg Mason QS Em Mkts Eq A USD Acc 100 98 100 100 111 90 118 84 121 45 1.97 -Liontrust Emerging Markets C Acc GBP 102 82 104 91 123 57 154 18 156 37 0.90 1.59M&G Global Emerging Markets GBP I Acc 104 42 113 15 124 48 143 34 184 20 0.99 1.94Magna Emerging Markets B EUR Acc 104 57 110 38 - - - - - - - -Magna Emerging Markets Div B GBP Inc 100 95 109 42 125 44 136 58 - - 1.40 4.04Marlborough Emerging Markets Trust P Inc 105 32 107 67 115 82 141 38 160 35 - 1.83Merian Global Emerging Mkts R GBP Acc 104 38 111 31 123 53 139 51 - - 1.13 -MFS Meridian Emerging Mkts Eq WH1 GBP 105 30 107 64 126 35 114 86 136 42 1.35 -MI Somerset Emerg Mkts Div Gr A Acc 103 67 109 48 118 76 134 64 - - 1.30 2.82MI Somerset Emerg Mkts Sm Cp B Acc 103 75 106 71 117 78 136 60 - - 1.72 1.49MI Somerset Glbl Em Mkts Screened A Acc£ 103 66 111 32 - - - - - - - 2.22MI Somerset Global Emerg Mkts B Acc 103 63 112 23 126 36 139 45 195 14 1.35 0.94Mirabaud Equities Glbl Em Mkts D GBP Acc 103 72 105 83 121 64 133 67 - - 1.05 -Neuberger Berman Em Mkts Eq USD A Acc 103 65 105 82 119 69 137 57 - - 2.32 -NFU Mutual Global Emerging Markets C 106 26 109 45 128 27 146 25 166 32 - 1.70Pictet-Emerg Mkt Sustainable Eq I GBP 101 85 104 93 118 77 126 76 - - 1.16 -Pictet-Emerging Markets I USD 107 12 114 10 122 58 142 37 156 38 1.06 -Pictet-Emerging Markets Index I GBP 103 68 105 74 124 49 139 50 - - 0.37 -Pictet-Emerging Mkts High Div I dm GBP 108 9 115 8 129 25 140 42 - - 1.08 3.20PIMCO GIS RAE Em Mkts E Acc 101 92 102 97 113 85 - - - - 1.60 -Polar Capital Emerging Markets Inc I Acc 102 79 107 58 123 55 130 74 - - 1.15 -Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 108 7 119 2 147 2 166 8 - - - 0.77Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc 104 44 108 54 - - - - - - - 2.43Quilter Inv Em Mkts Eq U2 (GBP) Acc 104 46 111 26 - - - - - - - 0.40Robeco Emerging Stars Equities F £ 106 24 113 14 127 31 - - - - 1.01 -Robeco QI Emerging Cnsrv Eqs F £ 100 97 105 84 123 52 - - - - 0.70 -Royal London EM ESG Ldrs Eq Trkr Z £ Acc 105 31 108 53 - - - - - - - 1.70Russell Inv Emerging Markets I 104 50 107 59 119 70 135 62 177 24 1.40 1.14RWC Global Emerging Markets R GBP Acc 105 29 109 44 119 68 - - - - - -Sarasin IE Systematic EM Div GBP A Acc 104 60 107 66 118 71 120 82 - - - 2.45Schroder Global Emerg Mkt Z Acc 107 18 110 39 133 16 154 17 190 16 0.95 1.55Schroder ISF QEP Glbl EM Z Acc GBP 101 89 103 95 118 73 130 73 - - 1.09 -Schroder QEP Glbl EMM Z GBP Acc 101 84 104 90 118 75 131 71 - - - 2.95Scottish Widows Emerg Markets A 104 56 105 87 123 56 138 53 157 36 1.73 1.36T. Rowe Price Em Mkts Discv Eq Qdn(GBP)9 101 90 104 92 - - - - - - 0.92 -T. Rowe Price Emerging Mkts Eq Q GBP 107 15 113 17 137 8 161 11 198 12 1.17 -Templeton Em Mkts Smlr Coms W(acc)GBP 95 107 99 104 112 89 139 49 222 3 1.49 -Templeton Global Emerging Markets W Acc 106 23 111 28 133 15 146 26 122 44 1.20 1.11Threadneedle Global EM Eq Z Acc GBP 108 4 117 3 126 34 133 65 175 26 0.93 0.65TT Emerging Markets Equity H GBP Acc 104 41 109 47 132 21 168 6 - - 1.13 -UBS Global Em Markets Opp Q GBP 106 20 112 24 135 13 171 3 - - 0.98 -UBS Global Emerging Markets Equity C Acc 105 36 111 34 137 9 167 7 181 22 - 1.54Vanguard Emerg Mkts Stk Idx GBP Acc 103 70 105 75 124 47 139 47 168 29 0.40 2.29Vanguard Global Emerging Markets A Acc 105 37 109 43 134 14 - - - - - 1.78Vontobel mtx Sust EmMkts Ldrs N GBP 104 47 110 37 136 11 178 1 - - 1.01 -Wellington Em Mkts Rsrch Eq N GBP UH Acc 104 54 108 49 131 22 - - - - - -Average/Total 103 108 108 106 124 96 141 88 179 45 1.15 1.79

(IA) GLOBAL EMERGING MARKETS BONDAllianz Emerging Markets Sel Bd I USD 102 48 110 31 110 39 143 11 - - - 4.57ASI EM Local Ccy Bond Tracker B Acc 103 32 - - - - - - - - - -ASI Emerging Market Govt Bond P1 Acc 102 47 112 12 114 13 147 4 - - - 4.41ASI Emerging Markets Bond I Acc 103 26 111 21 113 15 116 28 - - - 6.38Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 103 30 109 38 112 23 115 30 137 10 0.84 5.72AXAWF Em Mkts Sh Dur Bds F Cap USD 100 55 107 49 110 38 143 10 - - 0.86 -Baillie Gifford Emerging Mkts Bd B Inc 104 14 109 35 110 37 114 33 133 13 0.76 6.20Barings EM Corp Bd A GBP Acc 105 7 112 15 116 5 - - - - 0.70 -Barings EM Debt Blnd Ttl Ret C GBP Acc 106 3 113 4 123 1 - - - - 0.89 -Barings EM Debt Short Duration A USD Dis 101 49 108 46 112 24 - - - - 0.63 5.33Barings EM Local Debt C GBP Acc 102 37 107 48 - - - - - - 0.85 -Barings EM Sovereign Debt Tr A GBP Acc 109 1 120 1 - - - - - - 0.69 -BNY Mellon EM Dbt Lcl Ccy GBP C Inc 101 50 105 57 108 44 110 39 121 18 1.19 6.81BNY Mellon Em Mkts Corp Dbt GBP W Acc H 106 4 113 5 117 4 127 16 - - 0.82 4.52Candriam Bds Em Dbt Lcl Ccis C USD Cap 102 42 107 52 109 42 116 29 - - 1.36 -Candriam Bds Em Mkts C USD Cap 100 58 109 33 113 20 150 2 237 1 1.28 -Fidelity Emerging Mkt Dbt A-Acc-EUR 101 53 111 23 111 34 146 6 211 3 1.66 -First State Emerg Mkts Bd B Hdg Acc GBP 104 18 111 18 112 30 118 24 - - - 4.92GAM Multibond Emerging Bond USD B 99 60 108 42 107 47 140 12 202 5 1.95 -GAM Multibond Local Emerging Bond GBP R 103 27 106 54 111 35 96 40 113 19 1.29 -GlobalAccess Emerging Mkt Dbt M Dis GBP 104 17 112 11 113 19 118 23 - - - 4.54GS EM Corp Bd R Inc GBP Hdg 104 10 111 16 113 14 122 17 - - 0.88 5.03GS Em Mkts Dbt Blnd R Inc GBP 103 23 111 24 114 12 119 21 - - 0.91 5.80GS Em Mkts Dbt R Inc GBP Hdg 102 40 111 19 109 43 115 31 - - 0.91 6.18GS Emerging Mkts Dbt Lcl R Inc GBP 102 41 108 40 112 26 114 34 140 9 0.88 6.41HSBC GIF Global EM Local Dbt AD 100 59 104 59 104 49 113 36 128 15 1.60 2.44Invesco Emerging Markets Bond A USD SD 102 45 112 7 111 36 145 7 210 4 - 4.17Invesco Global Emerg Mkts Bd UK Z Acc 103 31 110 27 - - - - - - - 5.94Investec EM Blnded Dbt I Acc GBP 104 20 109 34 113 18 131 15 - - - 4.55Investec EmMkts Lcl Ccy Dbt I Acc GBP 104 12 108 44 117 3 117 25 137 11 0.95 4.90JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 104 22 108 47 112 25 113 37 - - 1.30 4.49JPM Emerging Markets Debt A (dist) GBP 101 52 111 22 112 28 144 8 - - 1.45 5.19L&G EM Govt Bond Lcl Ccy Index I Acc 104 21 108 41 114 11 - - - - - 5.33L&G EM Govt Bond US$ Index I Acc 100 56 110 29 109 41 144 9 - - - 2.26Legg Mason WA EM TR Bd A USD Dis(D) 100 57 107 50 108 45 136 13 177 7 1.79 4.51Loomis Sayles Em Debt & Ccies R/D USD 99 61 105 58 107 48 110 38 126 17 1.60 6.80M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 103 33 114 3 - - - - - - 0.81 -M&G Emerging Markets Bond GBP I Acc 103 35 112 9 119 2 156 1 215 2 0.81 5.33Merian Emerging Market Debt U1 GBP Inc 102 38 114 2 115 10 - - - - 0.96 6.78Merian Local Ccy EmMkt Dbt U1 GBP Inc 105 8 109 39 113 21 - - - - 1.42 8.33MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP 106 2 110 28 115 9 - - - - 1.15 -MFS Meridian Emerging Mkts Dbt WH1 GBP 104 13 111 20 112 31 118 22 - - 1.06 -Mirabaud Global Emerg Mkt Bd DH GBP Acc 103 25 108 43 - - - - - - 0.85 -

Unit Trusts 6



£ £ £ £ £ % %Neuberger Berman EM Corp Dbt GBP I Acc 104 15 110 26 113 17 120 20 - - 1.00 -Neuberger Berman EM Dbt Blnd GBP I Acc 103 34 109 37 112 27 - - - - 0.89 -Neuberger Berman EM Dbt LclCcy GBP I Acc 104 11 107 51 - - - - - - 1.01 -Neuberger Berman EM DbtHrdCcy GBP I C 104 16 112 8 - - - - - - 0.17 -Neuberger Berman Shrt DurEM DbtGBP I Acc 102 46 105 56 - - - - - - 0.64 -Nomura Fds Emerging Market LC Debt I USD 102 43 108 45 112 33 - - - - 1.29 -Pictet-Emerging Local Ccy Dbt I dy GBP 103 36 106 53 108 46 114 35 131 14 0.94 6.38Pictet-Global Emerging Debt I GBP 102 39 112 10 112 29 148 3 - - 0.83 -PIMCO GIS Em Asia Bd E USD Inc 102 44 112 13 112 32 132 14 - - 1.50 3.87PIMCO GIS Em Mkts Bd Instl GBPH Acc 104 9 112 6 116 6 121 19 171 8 0.77 -PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 104 19 110 25 115 8 114 32 - - 0.95 4.53PIMCO GIS Emerg Lcl Bd E USD Acc 103 29 109 32 113 22 117 26 136 12 1.89 -Quilter Inv Em Mkts Bd U2 (GBP) Acc 105 5 110 30 - - - - - - - 7.92Russell Inv EMkt Dbt Lcl Ccy I GBP 101 54 106 55 110 40 116 27 - - - 4.39TCW Fds Emerging Mkts Income RGHG-QD 103 24 111 17 - - - - - - 0.95 5.56Templeton Emerging Mkts Bd W(Qdis)GBP-H1 95 62 96 60 100 50 95 41 - - 0.98 12.05Threadneedle EM Bd Z Inc GBP 101 51 112 14 113 16 146 5 191 6 - 6.59Threadneedle EM Local Z Inc GBP 103 28 109 36 116 7 121 18 127 16 0.90 7.26Wellington Blended Oppc Em Mkts Dbt N H 105 6 - - - - - - - - - -Average/Total 103 62 109 60 112 50 125 41 160 19 1.06 5.58

(IA) GLOBAL EQUITY INCOMEAptus Global Financials B Acc 97 54 97 52 114 46 126 36 - - - 4.39Architas Global Equity Income A Inc 107 32 111 27 - - - - - - - 3.84Artemis Global Equity Income I Inc GBP 108 21 104 48 116 42 - - - - 0.95 3.15Artemis Global Income I Inc 108 25 104 49 116 41 145 27 - - 0.99 3.27ASI Global Income Equity P1 Acc 107 35 111 26 124 30 152 25 259 9 - 1.72ASI World Income Equity I Acc 105 51 107 39 119 36 129 35 - - - 3.94Aviva Investors Global Eq Inc 2 GBP Acc 107 28 113 15 137 7 171 8 275 6 1.14 -Baillie Gifford Gbl Inc Gr B Inc 111 5 115 7 137 6 177 3 295 3 0.70 2.66Baillie Gifford Rspnb Glb Eq Inc B Inc 111 3 - - - - - - - - - -BlackRock Global Income D Acc 107 29 110 30 124 28 160 14 - - - 2.72BNY Mellon Global Income Inst W Acc 106 41 112 20 132 16 182 1 308 1 - 3.01Courtiers Glbl (ex UK) Eq Inc Retl R 106 36 104 51 112 47 - - - - - 4.45Davy Defensive Equity Income H GBP Acc 106 43 108 37 117 39 - - - - - -Davy Global Equity Income U GBP Acc 109 15 111 23 126 24 - - - - - -Fidelity Global Dividend W Inc 108 20 115 11 133 12 173 7 - - - 2.78Fidelity Global Enhanced Income W Inc 106 37 112 21 128 21 166 11 - - - 4.56Fidelity Global Infras W-Acc-GBP 106 46 108 35 115 43 132 34 215 14 1.18 -GlobalAccess Global Equity Inc M Acc GBP 110 6 106 44 116 40 114 38 - - - 3.09Guinness Global Equity Income Y GBP Acc 110 9 115 9 136 8 168 9 - - 0.98 -HSBC Global Equity Income C Inc 110 7 113 17 - - - - - - - 2.72Invesco Global Equity Inc UK Z Acc 110 10 110 29 126 26 156 18 300 2 - 3.49Janus Henderson Global Eq Inc I Inc 106 47 107 41 123 31 153 24 284 4 1.05 3.66JPM Global Equity Income C Net Acc 109 16 115 10 134 10 174 5 - - 0.93 2.27Jupiter Global Equity Income I Acc 107 30 107 40 125 27 156 20 - - - 3.21Kames Global Equity Income GBP C Inc 109 14 114 12 133 11 174 6 - - 0.60 3.01Kempen (Lux) Global High Dividend I GBP 105 48 106 45 126 25 160 15 - - 0.91 -Lazard Global Equity Income C Acc 108 18 110 32 122 32 133 33 - - - 4.52Legg Mason IF CB Glbl Eq Inc X Inc 106 40 105 47 114 44 139 31 232 12 - 3.70Legg Mason IF MC Glb Eq Inc X Acc £ 110 8 116 5 131 18 154 21 - - - 3.06Legg Mason IF RARE Gbl Infras Inc X Inc 106 39 120 2 139 3 - - - - - 5.91LF Canlife Global Equity Income C Acc 108 17 110 31 127 23 162 13 - - - 3.52LF Miton Global Infrastructure Inc B Acc 108 26 119 3 - - - - - - - -Liontrust Global Dividend C Acc GBP 112 2 123 1 141 2 153 22 - - - -Liontrust Global Income I Inc 105 50 109 34 119 35 137 32 240 10 0.91 4.91Merian Global Eq Inc (IRL) R GBP Inc 106 38 108 38 128 22 - - - - 1.02 3.17Mirabaud Global Equity Hi Inc D GBP Acc 106 45 113 16 132 14 157 17 - - 1.05 -Morgan Stanley Glb Brands Eq Inc I Inc 105 49 114 13 142 1 - - - - - 3.91Overstone Global Eq Inc Fd I Acc 108 19 111 25 133 13 166 12 - - - 3.37Premier Global Infrastructure Inc C Inc 107 33 114 14 114 45 140 29 164 15 1.25 5.16Premier Global Optimum Income C GBP Inc 104 52 104 50 - - - - - - - 6.23Quilter Inv Glbl Eq Val U2 (GBP) Acc 107 34 113 18 132 15 181 2 - - - 3.09Sarasin Global Dividend P Acc 111 4 115 8 138 4 176 4 - - - 1.12Sarasin Global Dividend Stg Hdg P Acc 113 1 116 6 138 5 149 26 - - - -Sarasin Global Higher Div P Acc 108 22 111 28 129 19 167 10 271 7 - 1.91Sarasin Global Higher Div Stg Hdg P Acc 109 12 111 24 129 20 140 30 226 13 - 1.69Schroder Global Equity Income Z Acc 106 44 108 36 122 34 160 16 277 5 0.90 4.02TB Chawton Global Equity Inc B GBP Inc 109 13 - - - - - - - - - -TB Evenlode Global Income B GBP Inc 109 11 118 4 - - - - - - - 2.80TB Saracen Global Income and Growth BAcc 104 53 105 46 117 38 142 28 - - 1.02 3.64Threadneedle Glbl Eq Inc Z Inc GBP 106 42 110 33 122 33 156 19 270 8 0.88 3.19Trojan Global Income Fund O Acc 107 31 113 19 134 9 - - - - - 2.90UBS Global Enhanced Equity Income C Acc 108 23 107 42 119 37 126 37 - - - 8.74Vanguard Global Equity Income A GBP Acc 107 27 106 43 124 29 - - - - - 3.11Veritas Global Equity Income A GBP 108 24 112 22 132 17 153 23 233 11 1.13 3.48Veritas Global Equity Income A GBP 108 24 112 22 132 17 153 23 233 11 1.13 3.48Average/Total 107 55 111 53 127 48 154 39 255 16 0.99 3.55

(IA) JAPANAB Japan Strategic Val I Acc 109 59 102 67 110 66 154 53 210 43 1.18 -Allianz Japan Equity RT GBP 110 46 106 47 111 65 168 33 241 27 1.05 -AS SICAV I Japanese Eq X Acc GBP 112 20 110 21 112 61 161 46 268 15 0.92 -ASI Japan Equity Enhanced Index B Acc 109 58 107 43 120 42 - - - - - 1.96ASI Japan Equity Tracker B Acc 110 43 - - - - - - - - - -ASI Japanese Equity I Acc 112 21 110 20 113 60 161 45 282 9 1.11 0.78ASI Japanese Growth Equity P1 Acc 111 28 105 62 122 33 162 44 242 26 - 0.68Aviva Investors Japan Eq MoM 1 2 GBP Inc 110 38 106 49 115 57 159 50 223 35 1.32 1.02AXA Framlington Japan Z Inc 112 22 107 45 127 21 198 7 300 5 - 0.60AXA Rosenberg Japan Z 110 39 105 54 119 44 173 21 222 37 1.08 1.65Baillie Gifford Japanese B Acc 108 69 107 35 134 12 195 8 360 2 0.68 1.09Baillie Gifford Japanese Inc Gr B £ Inc 109 63 107 37 135 11 - - - - - 2.31Barings Japan Growth I GBP Acc 112 19 113 8 132 15 183 14 273 12 - -Capital Group Japan Equity (LUX) Z 110 41 107 44 122 31 170 27 271 13 0.90 -Comgest Growth Japan GBP I Acc 109 62 111 15 152 3 - - - - 0.89 -Fidelity Index Japan P Acc 111 34 108 26 122 30 170 31 - - - 1.84Fidelity Instl Japan Acc 114 10 112 13 133 14 175 20 268 17 0.88 0.44Fidelity Japan Smaller Companies W Acc 114 8 109 22 128 20 189 11 292 7 - 0.42Fidelity Japan W Acc 112 18 114 4 129 18 169 32 212 42 - -First State Japan Focus B Acc GBP 120 1 122 1 160 1 - - - - - 0.04GAM Multistock Japan Equity JPY R 108 65 107 42 119 45 167 37 238 28 1.14 -GAM Star Japan Ldrs Instl GBP Acc 110 50 113 9 131 16 206 5 269 14 1.67 0.52GlobalAccess Japan M Acc GBP 113 15 103 65 121 36 129 56 - - - 0.97GS Japan Equity Ptnrs R Inc GBP Hdg 118 2 113 7 147 5 - - - - 1.15 0.13GS Japan Equity R Inc GBP Snap 113 14 112 12 129 19 178 17 251 20 0.89 0.51


Halifax Japanese C 108 68 105 61 115 58 160 49 214 39 1.53 1.28HSBC Japan Index C Acc 110 40 107 38 122 29 171 26 238 29 0.23 1.87HSBC Japan Multi-Factor Eq Instl A Acc 109 57 106 51 120 43 166 39 222 36 0.56 1.77Invesco Japan UK Z Acc 106 72 99 71 110 68 155 52 200 46 - 1.47iShares Japan Equity Index (UK) D Acc 111 35 107 34 122 35 172 23 - - 0.17 1.90Janus Henderson Instl Jpn Idx Opps A Acc 110 53 106 46 120 41 164 41 - - 1.70 1.47Janus Henderson Japan Opps I Acc 111 32 111 17 119 46 190 10 282 8 0.87 0.89JOHCM Japan Dividend Growth A GBP Inc 110 49 105 60 110 67 146 55 - - 0.77 2.32JOHCM Japan GBP A 111 26 103 66 112 63 152 54 231 32 0.84 1.40JPM Japan C Net Acc 108 67 113 10 142 7 219 3 340 3 0.93 0.34JPM Japan Select Equity A (dist) JPY 109 61 106 52 123 27 162 42 205 44 1.80 0.11Jupiter Japan Income I Acc 114 12 115 2 136 8 203 6 277 11 - -Jupiter Japan Select D USD Acc 114 11 115 3 135 10 192 9 257 19 0.95 -L&G Japan Index I Acc 110 48 107 40 122 34 170 28 237 30 0.27 1.99Lazard Japanese Strategic Eq C Inc GBP H 117 4 105 55 117 52 122 57 - - 1.28 0.41Legg Mason IF Japan Equity X Acc 110 44 112 11 155 2 296 1 791 1 - -LF Morant Wright Japan B Acc 108 64 102 68 116 56 176 19 246 22 1.17 1.32LF Morant Wright Nippon Yield B Acc 111 33 103 64 118 50 185 13 - - 1.41 3.01Lindsell Train Japanese Eq B GBP QutdInc 107 71 108 31 145 6 238 2 325 4 - 1.43Liontrust Japan Equity C Acc GBP 112 17 108 27 116 53 - - - - 0.90 1.13Liontrust Japan Opportunities C Acc GBP 116 5 105 58 116 54 114 58 185 47 - 1.27M&G Japan GBP I Acc 110 52 101 70 111 64 167 38 268 16 0.92 1.78Man GLG Japan CoreAlpha Profl Acc C 107 70 101 69 112 62 168 34 242 24 0.91 2.07Matthews Asia-Japan I GBP Acc 111 31 111 16 125 23 - - - - 1.50 -MFS Meridian Japan Equity A1 USD 110 51 107 33 117 51 160 48 213 41 2.05 -New Capital Japan Equity JPY Inst Acc 112 23 109 24 118 48 162 43 224 34 - -Nomura Fds Japan High Conviction I GBP 115 6 114 5 - - - - - - - -Nomura Fds Japan Strategic Value R JPY 114 13 107 32 121 38 - - - - 0.85 -OYSTER Japan Opportunities R JPY 109 55 109 25 120 39 188 12 - - 1.30 -Pictet-Japan Index I GBP 110 42 108 29 121 37 167 35 - - 0.29 -Pictet-Japanese Equity Opps I GBP 113 16 108 28 125 24 179 16 280 10 0.98 -Pictet-Japanese Equity Sel I GBP 114 7 109 23 123 25 - - - - 0.91 -Polar Capital Japan Value S 114 9 107 36 134 13 177 18 - - 0.48 -Quilter Investors Jpn Eq U2 (GBP) Acc 111 30 105 56 118 49 172 24 - - - 1.35Royal London Japan Tracker Z Acc 110 45 107 39 122 32 171 25 245 23 1.03 1.83Russell Inv Japan Equity I 109 60 106 48 129 17 183 15 250 21 0.99 -RWC Nissay Japan Focus R GBP Acc Unhdg 118 3 114 6 148 4 - - - - 3.73 -Santander Japan Equities A 109 56 106 50 119 47 160 47 213 40 1.03 1.18Schroder Tokyo Z Acc £ 111 27 105 59 116 55 170 30 262 18 0.92 1.23Scottish Widows Japan Gr A 108 66 104 63 114 59 157 51 200 45 1.65 0.70SLI Japanese Trust 111 29 105 57 120 40 165 40 242 25 0.86 0.74SLMT Standard Life Japan Inst S Acc 111 25 105 53 - - - - - - - 1.10SSgA Japan Equity Tracker 110 54 107 41 123 28 170 29 232 31 0.90 0.78T. Rowe Price Japanese Eq C Acc GBP 111 36 111 18 - - - - - - - 0.51T. Rowe Price Japanese Equity Q EUR 112 24 111 19 136 9 214 4 299 6 0.87 -Threadneedle Japan Z Acc GBP 110 37 111 14 126 22 173 22 221 38 - 0.56Vanguard Japan Stock Index GBP Acc 110 47 108 30 123 26 167 36 230 33 0.30 1.65Average/Total 111 72 108 71 124 68 174 58 262 47 1.05 1.19

(IA) JAPANESE SMALLER COMPANIESAS SICAV I Jpn SmlrComs X Acc GBP 111 5 112 2 135 4 196 5 388 3 0.93 -Baillie Gifford Japan Small Co B Acc 108 6 100 5 157 1 264 1 560 1 0.61 0.24BGF Japan Small & MidCap Opps D2 117 2 108 3 130 5 188 6 296 5 1.06 -BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 111 4 105 4 137 2 231 2 - - 0.92 0.59Invesco Japanese Smlr Coms UK Z Acc 104 7 98 6 136 3 210 4 295 6 - -Janus Henderson Hrzn Jpn Smr Coms H2 USD 121 1 116 1 124 6 218 3 406 2 1.07 -M&G Japan Smaller Companies GBP I Acc 112 3 98 7 111 7 182 7 359 4 0.93 1.47Average/Total 112 7 105 7 133 7 213 7 384 6 0.92 0.77

(IA) MIXED INVESTMENT 0-35% SHARES7IM AAP Income C Acc 102 50 105 45 109 37 117 30 154 12 1.25 3.217IM AAP Moderately Cautious C Acc 103 39 105 42 106 46 112 37 146 16 0.65 1.497IM Cautious C Acc 103 34 106 36 108 42 - - - - - 1.227IM Income Gross Inc 103 41 104 49 109 40 121 14 - - - 2.567IM Moderately Cautious C Acc 103 43 105 43 105 47 110 41 146 15 1.36 1.687IM Personal Injury C Acc 103 37 106 38 108 41 114 35 150 14 0.72 1.44Architas MA Active Moderate Income A Acc 104 25 107 25 111 27 122 13 157 10 1.57 1.96Architas MM Monthly High Inc A Acc 103 44 106 37 110 30 118 26 154 13 0.94 3.88AXA Defensive Distribution Z Acc Gross 100 54 107 26 109 36 120 19 157 8 1.02 2.02Barclays Wealth Global Mkts 1 R Acc GBP 102 48 104 50 110 34 113 36 - - 0.93 1.72BlackRock Consensus 35 D Acc 104 12 110 3 114 9 134 2 - - 0.29 1.74EF Brompton Global Cnsrv B GBP Acc 104 27 107 29 113 12 126 7 - - 1.84 0.53EF New Horizon Cautious B Inc 102 46 105 44 105 48 111 39 129 21 1.69 0.37EF New Horizon Inc B Inc 104 24 106 33 107 44 111 38 139 19 1.75 3.70Fidelity Mlt Asst Allctr Defesv W Acc 105 4 110 2 111 25 121 16 - - - 1.25Fidelity MltAsst Income W Inc 104 18 109 9 116 4 127 5 181 1 - 4.12Fidelity MltAsst Open Def W Acc 104 22 107 22 111 24 121 15 - - - -FP Russell Invsmts Multi Asst Gr I C Acc 104 29 108 18 110 33 - - - - - 1.34GAM Star Defensive Instl GBP Acc 103 38 106 39 111 26 118 23 - - 1.69 0.55GS Global MA Cnsv R Inc GBP PtH 105 10 109 12 111 21 120 17 - - 0.74 2.03IFML Vitality Multi-Asset Income D 101 52 104 52 111 29 117 31 - - - 3.56IFSL Avellemy 3 B GBP Inc 104 26 - - - - - - - - - -IFSL Brooks Macdonald Def Inc A Inc 104 20 107 21 113 10 120 21 169 3 1.06 2.42IFSL Brunsdon Cautious Gr C Acc 103 32 107 23 112 19 118 25 - - - 1.30IFSL Sinfonia Income Portfolio A Acc 103 33 108 17 110 32 122 11 157 9 1.85 0.92Investec Diversified Income I Acc GBP 101 53 104 51 111 22 118 27 158 7 0.86 3.50Janus Henderson Mlt-Mgr Divers I Inc 104 30 106 31 111 28 116 34 167 5 - 3.18Jupiter Distribution I Acc 104 14 109 14 110 31 122 12 175 2 0.90 2.93Jupiter Merlin Conservative I Acc 105 3 110 5 118 2 128 3 - - 0.95 2.61L&G Mixed Investment 0-20% I Acc 104 19 108 15 112 20 - - - - - 2.04L&G Mixed Investment 0-35% I Acc 105 5 109 8 115 5 125 9 - - - 2.32L&G Mixed Investment Income 0-35% I Acc 105 6 110 6 115 8 - - - - - 3.60LF Canlife Managed 0%-35% C Acc 104 17 107 27 - - - - - - - 2.12LF Canlife Portfolio III C Acc 103 31 107 28 112 18 123 10 - - - 1.79LF Miton Defensive Multi Asset B Acc 105 8 107 20 112 17 120 20 139 18 1.38 1.94Libero Cautious B Acc 102 47 105 46 106 45 117 33 - - - 0.16MI Charles Stanley Monthly Hi Inc Acc 105 9 109 13 112 14 118 28 162 6 1.10 4.29Optimal Multi Asset Defensive A GBP 102 51 101 53 100 51 - - - - - -Quilter Investors Cirilium Cnsrv R 102 49 105 47 109 38 125 8 - - 1.09 2.27Royal London Cautious Managed A Acc 104 21 107 24 113 11 - - - - - 2.22Royal London GMAP Defensv M GBP Acc 103 35 105 41 109 39 - - - - - 1.36Royal London Sustainable Mgd Gr C Acc 105 2 112 1 123 1 136 1 - - - 2.64Sarasin IE GlobalSar Income GBP P Acc 104 28 106 34 111 23 117 29 - - - 2.20SVS Brown Shipley Cautious I Acc 103 36 107 30 109 35 - - - - - 1.45

Unit Trusts 7



£ £ £ £ £ % %Thesis Optima Income B Acc 104 23 106 32 113 13 119 22 155 11 - 2.44Threadneedle Managed Bond Fcs Z Acc 104 16 110 7 115 7 127 6 169 4 - 1.45TM UBS (UK) - Global Yield C Acc 104 15 108 16 112 15 120 18 - - - 2.40Vanguard LifeStrategy 20% Eq A Grs Acc 104 13 110 4 115 6 127 4 - - 0.29 1.50VT AJ Bell Passive Cautious I Acc 105 7 109 11 - - - - - - - -VT Garraway Multi Asset Divs I Acc 107 1 108 19 105 49 110 40 142 17 - 7.05VT Greystone Conservative Managed R Acc 103 42 105 40 112 16 118 24 - - - -VT Grosvenor Cautious A GBP Acc 103 40 106 35 - - - - - - - 1.81VT MS Informed Smartfund Cau Strat Z£Acc 100 55 100 54 100 50 - - - - - -WAY Global Cautious Portfolio E Acc 102 45 104 48 108 43 117 32 138 20 1.69 -Wesleyan Low Risk/Rwd Gr X Acc 104 11 109 10 116 3 - - - - - 1.53Average/Total 103 55 107 54 111 51 120 41 155 21 1.15 2.20

(IA) MIXED INVESTMENT 20-60% SHARES7IM AAP Balanced C Acc 104 128 106 122 111 121 120 105 167 58 0.60 1.527IM Balanced C Acc 103 137 106 128 110 130 118 114 166 60 1.47 1.347IM Sustainable Balance C Acc 105 51 109 66 117 37 131 34 181 37 1.57 1.89ACUMEN Income Portfolio Acc 106 21 107 111 112 117 - - - - - 3.35ACUMEN Portfolio 4 Acc 106 12 109 68 112 116 127 66 - - - 0.70Architas Diversified Global Income A£Acc 104 131 107 114 112 115 - - - - - 3.96Architas MA Active Interm Inc A Acc 105 60 108 82 116 68 132 27 - - - 1.79Artemis Monthly Distribution I Inc 105 62 108 72 115 71 143 5 - - - 4.03ASC Phoenix B Income 105 66 110 27 120 14 131 33 178 42 0.89 2.28ASI Diversified Income I Acc 104 133 105 141 111 118 122 97 183 27 - 4.99ASI Dynamic Distribution P1 Acc 104 103 107 109 115 70 123 92 200 11 - 3.63ASI Multi-Manager Cautious Mngd I Acc 105 76 109 42 117 41 129 42 181 36 - 1.92ASI Multi-Manager Diversity D Acc 103 142 107 113 113 103 122 98 154 70 1.87 1.33ASI Multi-Manager Multi-Asset Dist I Acc 106 15 110 40 116 56 129 48 187 21 - 3.22Aviva Investors Distribution 2 GBP Inc 106 14 112 8 118 26 129 43 205 8 0.83 3.38Aviva Investors Multi-Mgr 20-60% 2 £Acc 106 29 110 26 116 60 130 38 187 20 1.39 0.80AXA Distribution Z Acc 105 87 111 14 116 51 127 69 184 26 1.03 2.78AXA Ethical Distribution Z Acc 103 138 112 11 116 63 132 29 200 10 1.05 2.62AXA Global Distribution Z Acc 105 59 109 45 121 8 144 3 215 2 1.02 1.55AXA IM Lifetime Distribution A GBP Inc 105 71 113 5 120 12 - - - - - 2.59Barclays Multi-Asset High Inc R Dis GBP 105 80 108 94 116 49 119 108 - - 1.45 2.86Barclays Multi-Asset Income R Acc GBP 104 123 107 108 113 104 117 116 - - - 2.69Barclays Wealth Global Mkts 2 R Acc GBP 104 116 107 103 117 44 123 93 - - 1.00 1.76Barclays Wealth Global Mkts 3 R Acc GBP 106 35 109 54 123 5 132 26 - - 1.11 1.95BlackRock Consensus 60 D Acc 105 54 111 20 117 34 135 12 - - 0.27 1.98BlackRock Global Multi Asset Inc D Acc 105 84 108 80 116 66 122 101 178 41 - 5.50BMO MM Navigator Cautious C Acc 105 95 107 105 114 91 130 37 179 39 - 2.74BMO MM Navigator Distribution C Inc 103 156 105 138 113 106 124 85 207 6 - 4.80BNY Mellon Global Multi-StrategyInstWAcc 106 13 111 18 117 33 126 75 - - - 0.90Carmignac Pf Emerg Patrim F GBP Acc Hdg 111 1 115 2 111 124 120 106 - - 1.15 -Carmignac Pf Patrimoine F GBP Acc Hdg 106 37 109 46 102 143 109 131 - - 1.15 -Close Conservative Portfolio X Acc 105 93 109 70 119 18 127 67 - - 0.94 1.02Close Diversified Income Port X Acc 104 129 107 110 113 102 123 94 - - 0.83 3.82Close Managed Conservative X Acc 104 115 107 115 115 81 127 65 - - 1.13 1.89Close Managed Income X Acc 104 132 106 131 113 100 126 72 - - 1.18 3.63Close Tactical Select Passv Cnsrv X Acc 105 73 109 64 116 50 131 31 - - 0.68 1.74Courtiers Total Return Cautious Risk 105 49 106 130 113 101 126 73 174 50 1.88 0.18Discovery Balanced B GBP Inc 104 112 106 124 116 58 126 74 191 18 - 3.27EF Brompton Global Balanced B GBP Acc 105 53 108 74 116 62 136 9 - - 1.90 0.60EF Brompton Global Inc B GBP Inc 104 102 107 100 115 82 133 22 - - 1.89 3.21EF Brunswick Diversified Port B Acc GBP 105 83 109 56 116 52 128 58 155 68 1.79 0.55EF FACET Balanced Discretionary C Acc 96 165 99 154 110 127 114 123 - - 2.00 2.03EF FACET Cautious Discretionary C Acc 92 166 95 155 104 140 109 130 - - 1.85 2.72EF New Horizon Balanced Inc & Gr B Inc 105 63 108 85 110 126 123 90 201 9 0.98 1.43EF Tellsons Endeavour RF GBP Acc 106 25 111 17 118 23 117 117 - - - 1.74Elite Income Trust B Acc 103 145 107 116 115 73 124 83 177 43 2.10 1.95ES R&M Dynamic Asset Allocation Cl B Acc 106 30 107 104 114 89 129 56 - - - 0.70Fidelity Mlt Asst Allctr Strat W Acc 106 22 111 16 115 80 128 60 - - - 1.13Fidelity MltAsst Bal Inc W Inc 104 127 108 75 116 65 128 59 - - - 3.77Fidelity MltAsst Open Str W Acc 105 67 109 47 117 38 130 36 180 38 - -FP Carmignac Emerging Patrim A GBP Acc H 110 2 - - - - - - - - - -FP Carmignac Patrimoine A GBP Acc H 106 17 - - - - - - - - - -FP Russell Invsmts Mlt Asst Gr II C Acc 105 90 109 65 114 98 - - - - - 1.25FP Russell Invsmts Mlt Asst Gr III C Acc 106 27 110 34 118 29 125 82 - - - 1.24FP Russell Invsmts Multi Asset Inc C Inc 104 106 107 99 110 125 116 119 - - - 3.94GAM Star Cautious Institutional GBP Acc 105 89 108 79 116 59 125 80 - - 1.64 0.48GS Global MA Bal R Inc GBP PtH 106 20 109 43 117 45 129 49 - - 0.90 1.76GS Global MA Inc R Inc GBP-Prtly Hdg 107 8 111 19 118 28 132 23 - - 0.90 3.28Halifax Cautious Managed C 105 86 109 48 115 84 124 88 169 55 1.50 2.04HC Sequel Cau Trgt Ret Strat B £ Acc 100 162 101 151 106 136 115 120 - - - 2.92HC Sequel Cautious Inc Strat Retl £ Inc 100 163 101 152 103 142 109 128 - - - 4.78HC Verbatim Multi-Index Portfolio 3 A 105 98 109 52 114 95 126 77 - - 0.80 1.33HC Verbatim Multi-Index Portfolio 4 A 106 28 110 32 118 27 134 16 - - 1.68 1.57HL Multi-Manager Equity & Bond A Acc 103 141 104 146 109 132 121 102 186 22 1.38 2.94HSBC World Selection Div Dis Port C Acc 105 61 108 73 118 32 133 21 193 17 1.43 4.01IFML Vitality Multi-Asset Moderate D 104 114 111 15 - - - - - - - 0.87IFSL Avellemy 4 B GBP Inc 104 113 - - - - - - - - - -IFSL Avellemy 5 B GBP Inc 105 50 - - - - - - - - - -IFSL Brooks Macdonald Cautious Growth A 104 120 107 97 116 53 129 46 182 32 2.17 1.76IFSL Ravenscroft Huntress Balanced B Inc 104 126 109 50 - - - - - - - 0.87IFSL Sanlam Cautious A Inc 106 42 - - - - - - - - - -IFSL Sinfonia Cautious Managed A Acc 105 88 110 38 115 75 130 39 182 31 1.84 0.97IFSL Sinfonia Income and Growth A Acc 106 26 110 30 119 22 133 18 194 16 1.93 1.67Invesco Distribution UK Z Acc 106 32 110 24 117 36 122 100 194 15 - 4.54Invesco European High Inc UK Z Acc 106 36 108 90 120 11 136 11 195 14 0.91 3.53Invesco Global Income Fund UK Z Acc 107 9 109 58 119 16 130 35 - - - 4.06Investec Cautious Managed I Acc 105 74 105 142 105 137 119 110 160 63 0.84 1.12Janus Henderson Cautious Mgd I Acc 107 11 109 67 113 107 120 107 176 46 - 3.40Janus Henderson Mlt-Mgr Distr I Inc 105 82 108 87 115 78 124 86 172 52 - 3.16Janus Henderson Mlt-Mgr Inc & Gr I Inc 104 104 107 96 116 55 127 68 174 49 - 2.64JOHCM Global Income Builder A GBP 105 57 112 10 - - - - - - - 4.49JPM Multi-Asset Income C Net Acc 105 100 109 69 116 57 120 104 181 35 0.83 3.45Jupiter Enhanced Distribution I Acc 104 107 108 77 110 129 - - - - - 3.53Jupiter Merlin Income I Acc 105 55 110 39 120 13 129 50 185 23 1.61 2.72Kames Diversified Monthly Inc GBP B Inc 108 7 114 3 125 3 141 7 - - - 4.66Kames Ethical Cautious Managed GBP B Acc 106 38 112 6 115 83 125 79 214 3 - 1.69L&G Distribution Trust I Acc 105 58 109 51 112 112 118 112 167 59 0.67 3.58L&G Mixed Investment 20-60% I Acc 106 39 110 29 117 39 129 52 - - - 2.11L&G Mixed Investment Income 20-60% I Acc 105 47 110 25 117 46 - - - - - 3.60L&G Multi Manager Income I Acc 105 64 109 61 117 42 124 84 162 62 1.75 2.42LF Canlife Managed 20%-60% C Acc 106 31 - - - - - - - - - -


LF Canlife Portfolio IV C Acc 104 108 108 91 114 86 129 44 - - - 1.77LF Miton Cautious Multi Asset B Acc 106 23 107 98 114 93 130 40 153 71 0.99 3.05LF Ruffer Total Return C Acc 103 144 105 140 102 144 114 122 156 67 - 1.55LionTst Sust Fut Defesv Mgd 2 Net Inc 105 70 113 4 129 2 143 4 - - - 2.00M&G Episode Allocation GBP I Acc 105 48 107 107 116 48 126 71 179 40 0.84 1.99M&G Episode Income GBP I Acc 110 3 112 9 123 6 134 15 - - 0.74 2.68M&G Sustainable Mlt Asst Stlg I GBP Acc 109 5 - - - - - - - - - -Margetts Providence Strategy R GBP Acc 105 97 108 88 113 99 122 96 175 48 0.62 3.22Marlborough Cautious P Inc 103 154 105 139 111 123 122 99 163 61 - 2.40MGTS Clarion Prudence Portfolio R Acc 104 110 107 117 112 110 119 109 170 54 2.32 1.60MGTS Frontier Cautious R Acc 105 96 108 89 112 111 118 115 167 56 1.36 2.89MGTS Future Money Income R Acc 105 72 109 71 116 61 126 70 184 25 0.90 3.16MGTS Future Money Real Growth R Acc 105 94 107 95 116 67 126 76 176 47 0.87 1.74MGTS Future Money Real Value R Acc 104 130 106 123 111 119 118 113 159 64 0.91 1.59MI Charles Stanley Multi Asst2 Cau A£Acc 103 152 104 147 - - - - - - - 1.26MI Hawksmoor Vanbrugh C Acc 103 151 106 129 115 79 133 19 195 13 - 1.94MI Miton Cautious Mthly Inc A Acc units 105 52 107 101 112 113 125 81 - - - 4.29NFU Mutual Mixed Portfolio 20-60% C 105 101 108 83 - - - - - - - 1.74Optimal Multi Asset Balanced A GBP 104 119 104 148 103 141 - - - - - -PIMCO GIS Glb Cr Ast Allc Instl GBPH Inc 106 33 108 92 119 17 121 103 - - 0.95 3.89Premier Diversified Cautious Gr D Inc 104 105 - - - - - - - - - -Premier Diversified Income D GBP INC 108 6 112 7 - - - - - - - 4.05Premier Liberation No. IV Class C Acc 103 157 104 143 113 108 129 47 182 30 1.41 2.03Premier Liberation No. V Class C Acc 103 143 105 137 116 64 135 14 206 7 1.34 1.56Premier Multi Asset Cnsrv Gr C 103 149 105 134 112 114 119 111 152 72 1.03 0.99Premier Multi-Asset Distribution C Inc 104 134 108 93 119 21 132 24 213 4 1.43 4.35Premier Multi-Asset Monthly Inc C Inc 103 150 107 112 117 35 130 41 209 5 - 4.87Quilter Investors Cirilium Balanced R 103 148 106 121 114 88 131 30 198 12 1.24 2.07Quilter Investors Divers R (GBP) Acc 104 118 108 84 111 122 111 126 148 73 - 1.57Quilter Investors Fndtn 3 R (GBP) Acc 105 45 108 86 116 69 128 64 - - - 1.74RBS Collective Stakeholder Invest 105 92 110 31 114 92 123 91 170 53 1.50 -RBS Managed Defensive 1 Acc 105 78 - - - - - - - - - -RBS Managed Income 1 Inc 105 68 - - - - - - - - - -Royal London GMAP Bal M GBP Acc 104 121 107 106 114 96 - - - - - 1.31Royal London Sustainable Div C Inc 109 4 118 1 136 1 156 1 251 1 - -Sarasin Globalsar Strategic P Acc 106 34 110 36 121 9 132 25 183 29 - 1.03Sarasin IE GlobalSar Strategic EUR A Acc 102 158 104 145 115 85 128 57 - - - 1.34Sarasin IE GlobalSar Strategic GBP P Acc 106 18 109 41 120 15 131 32 - - - 1.74Sarasin IE GlobalSar Strategic USD P Acc 104 109 110 28 118 24 151 2 - - - 1.88Schroder MM Diversity Income Z Acc 103 139 102 150 108 133 115 121 - - 1.40 3.24Schroder MM Diversity Z Acc 103 146 102 149 105 139 111 127 - - 1.21 0.62Schroder Monthly Income Z Acc 103 136 106 127 114 90 129 45 - - 1.17 5.35Scottish Widows Balanced A 106 43 109 44 115 72 128 61 188 19 2.00 0.60Sentinel Income B Acc 107 10 110 33 117 40 - - - - - 2.71SVS Brown Shipley Income I Acc 105 69 108 76 115 76 124 87 - - 1.93 2.78T. Bailey Dynamic A Inc 102 160 104 144 115 74 129 55 177 44 1.79 1.55TB Doherty Cautious Managed B GBP Acc 103 140 105 135 107 134 117 118 154 69 - 1.62TB Doherty Distribution B Acc 105 85 106 119 110 128 - - - - - -TC Centre Multi Mgr Cau A Inc 102 159 105 136 109 131 123 95 167 57 2.00 2.85Thesis Optima Balanced B Acc 106 40 109 57 118 31 125 78 182 33 - 2.60Threadneedle Glbl Mlt Ast Inc Z Inc 104 117 107 102 118 30 135 13 - - - 2.96Threadneedle Managed Eq and Bond Z Acc 105 46 110 22 117 43 133 20 184 24 - 1.32TM UBS (UK) - Global Balanced C Acc 105 75 109 55 116 47 129 54 - - - 1.34TM UBS (UK) - UK Balanced C Acc 105 99 108 81 116 54 129 53 - - - 1.64UBS Multi-Asset Income L Gross Inc 105 81 109 53 113 105 112 125 - - - 4.55Vanguard LifeStrategy 40% Equity A Acc 105 56 110 23 119 19 136 10 - - 0.30 1.39Vanguard Target Retirement 2015 Acc 105 91 109 63 118 25 - - - - - 1.11Virgin Bond, Gilt and UK Share 103 135 108 78 114 97 - - - - - 2.42Volare Cautious A GBP Acc 103 153 106 118 - - - - - - - 0.83VT AJ Bell Passive Moderately Cau I Acc 106 24 110 21 - - - - - - - 2.09VT Garraway Multi Asset Bal I Acc 105 65 105 132 105 138 109 129 156 66 - 3.71VT Greystone Cautious Managed R Acc 103 155 105 133 114 87 129 51 181 34 - 3.29VT MS Informed Smartfund Bal Strat Z£Acc 100 164 100 153 100 145 - - - - - -VT Seneca Diversified Income B Inc 101 161 110 35 121 7 136 8 183 28 - 5.40VT Tatton Blended Balanced A Acc 105 44 109 49 - - - - - - - 1.18VT Tatton Blended Cautious A Acc 105 77 109 62 - - - - - - - 0.86VT Tatton Oak Cautious Growth B Acc 105 79 109 60 114 94 128 62 177 45 1.39 0.72VT Tatton Oak Distribution B Acc 104 122 106 126 106 135 113 124 - - 1.30 3.37Waverton Multi-Asset Income P GBP Inc 104 111 109 59 115 77 132 28 - - - 3.57WAY Global Balanced Portfolio E Acc 104 124 106 120 112 109 128 63 173 51 - -WAY MA Cautious Portfolio E Acc 104 125 106 125 111 120 124 89 158 65 1.88 -Wellington Dynamic Divers N GBP Inc Hdg 103 147 - - - - - - - - - -Wesleyan Moderate Risk/Rwd Gr X Acc 106 19 110 37 120 10 - - - - - 1.57Zurich Horizon Multi-Asset I Z Acc 106 41 112 12 119 20 134 17 - - - 0.67Zurich Horizon Multi-Asset II Z Acc 106 16 111 13 124 4 142 6 - - - 1.13Average/Total 105 166 108 155 115 145 126 131 181 73 1.30 2.38

(IA) MIXED INVESTMENT 40-85% SHARES7IM AAP Moderately Adventurous C Acc 105 136 107 142 116 123 129 105 188 63 0.63 1.367IM Moderately Adventurous C Acc 104 145 106 147 113 129 126 111 186 68 1.50 0.82ACUMEN Portfolio 5 Acc 108 13 109 102 119 96 133 89 - - - 0.21Architas MA Active Prog A Acc 106 82 108 124 122 61 144 25 209 29 1.63 1.50ASC Balanced Bridge Income 107 48 112 20 123 51 139 46 198 49 0.83 2.80ASI Global Balanced Growth P1 Acc 107 51 110 66 124 43 140 41 219 17 - 1.54ASI Multi-Asset I Acc 106 68 114 10 128 14 141 32 215 23 1.49 1.11ASI Multi-Manager Balanced Mngd I Acc 106 88 110 87 121 75 137 66 198 51 - 1.41Aviva Investors Multi-Mgr 40-85% 2 £Acc 107 17 111 34 121 66 141 36 216 21 1.52 0.58AXA Framlington Managed Balanced Z Acc 108 9 115 6 127 19 144 22 232 9 - 1.08Baillie Gifford Managed B Acc 107 44 114 9 137 4 166 3 276 2 0.47 1.36Barclays Dividend and Growth I Acc GBP 105 116 109 116 119 95 125 113 - - 1.65 3.03Barclays Multi-Impact Growth R Acc GBP 106 87 110 73 - - - - - - - 0.76Barclays Wealth Global Mkts 4 R Acc GBP 107 56 110 84 127 18 138 58 - - 1.05 1.96BlackRock Balanced Growth D Acc 107 57 112 23 127 22 141 33 201 46 - 1.62BlackRock Balanced Managed A Acc 107 41 111 47 126 28 139 47 196 52 1.59 0.29BlackRock Consensus 70 D Acc 106 86 111 52 119 92 139 53 - - 0.26 2.05BlackRock Consensus 85 D Acc 107 49 111 42 123 45 145 20 - - 0.23 2.30BMO MM Navigator Balanced C Acc 105 120 108 130 118 117 136 68 195 57 - 1.85BNY Mellon Dynamic Total Ret USD A Acc 102 167 105 153 107 141 - - - - 2.21 -BNY Mellon Global Balanced Expt 1 Acc 107 47 114 13 131 8 151 11 216 22 0.55 1.68BNY Mellon Mlt-Asst Balanced Inst W Acc 108 15 115 7 124 37 141 35 188 64 - 2.06Castlefield B.E.S.T Port Founder Inc 107 46 111 43 - - - - - - - 2.29Climate Assets B GBP Acc 108 11 115 5 129 12 153 9 - - 1.36 2.00Close Balanced Portfolio X Acc 106 80 111 46 126 25 137 62 - - 0.86 1.12Close Managed Balanced X Acc 106 105 109 118 123 54 138 57 - - 1.37 1.22Close Tactical Select Passive Bal X Acc 106 62 110 77 122 62 142 31 - - 0.65 1.80

Unit Trusts 8



£ £ £ £ £ % %Consistent Practical Investment A Acc 106 83 111 44 125 36 136 71 251 6 1.11 -Courtiers Total Return Balanced Risk 108 4 109 89 122 58 141 38 215 24 1.90 0.19EdenTree Higher Income B 105 127 107 137 118 107 132 93 209 28 0.83 4.99EF Brompton Global Growth B GBP Acc 106 76 109 113 118 113 140 44 - - 1.92 0.34EF New Horizon Growth B Inc 106 106 108 126 111 132 127 110 162 74 2.39 0.77Elite Balanced Trust B Acc 104 156 107 135 120 90 133 91 187 66 2.05 0.31Family Balanced International B 107 30 111 50 120 91 133 86 187 65 1.15 -Fidelity MltAsst Inc & Gr W Inc 104 150 108 123 116 121 132 95 - - - 3.77Fidelity MltAsst Open Gr W Acc 106 96 110 82 121 67 136 73 196 55 - -Fidelity MoneyBuilder Balanced W Inc 107 24 110 65 112 131 124 115 200 47 - 3.99Fidelity Multi Asset Allctr Growth W Acc 107 39 112 28 118 108 133 85 - - - 1.20FP Mattioli Woods Balanced E GBP Inc 104 147 110 85 - - - - - - - 1.35FP Russell Invsmts Mlt Asst Gr IV C Acc 107 53 110 62 120 82 - - - - - -FP Russell Invsmts Multi Asst Gr V C Acc 108 10 111 39 122 55 - - - - - -GAM Star Balanced Institutional GBP Acc 105 114 109 106 118 104 129 104 - - 1.66 0.17GS Global MA Gr R Inc GBP PtH 107 31 109 95 121 70 137 63 - - 0.94 1.47HC Kleinwort Hambros Multi Ast Bal A Acc 106 97 108 133 116 125 128 108 161 76 1.72 -HC Sequel Bal Trgt Ret Strat B £ Acc 101 168 103 161 109 137 120 119 - - - 3.32HC Sequel Glbl Trgt Inc Strat A £ Acc 100 170 101 163 111 134 124 116 191 61 1.92 5.53HC Verbatim Multi-Index Portfolio 5 A 106 67 110 71 121 69 138 55 - - 0.80 1.88HL Multi-Manager Balanced Managed A Acc 104 159 105 154 116 120 136 69 203 37 1.46 1.46HSBC Ash Institutional A Acc 104 140 107 141 115 126 131 97 203 38 0.83 1.78HSBC Balanced Acc C 106 81 110 75 119 101 135 78 196 53 - 2.28IFML Vitality Multi-Asset Balanced D 105 108 111 33 - - - - - - - 0.68IFSL AMR Diversified A GBP Acc 107 42 110 67 122 57 - - - - - 3.12IFSL Avellemy 6 B GBP Inc 106 100 - - - - - - - - - -IFSL Avellemy 7 B GBP Inc 106 74 - - - - - - - - - -IFSL Brooks Macdonald Balanced A Acc 105 117 108 127 123 46 136 74 198 50 1.12 1.08IFSL James Hambro Barnham Broom 105 133 109 92 124 38 144 23 - - - 0.48IFSL James Hambro Harrier Bal Inc 104 146 110 64 122 60 - - - - - 0.09IFSL James Hambro Harrier Cap Gr Inc 106 93 112 27 126 33 143 26 - - - 0.50IFSL James Hambro Master 106 103 111 29 126 29 140 40 207 32 0.86 -IFSL James Hambro Penrhos GBP Inc 104 142 109 98 123 49 140 43 220 16 1.61 1.35IFSL James Hambro Rires 105 128 111 60 127 24 147 17 205 34 1.42 0.29IFSL Sanlam Balanced A Inc 107 45 - - - - - - - - - -IFSL Sinfonia Adventurous Growth A Acc 106 63 111 54 123 50 138 54 208 31 2.12 -IFSL Sinfonia Balanced Managed A Acc 106 61 111 59 121 68 137 65 204 35 1.96 1.01Invesco Global Balanced Idx UK (NoTr)Acc 105 124 108 125 117 118 134 81 222 13 0.70 2.23Invesco Managed Income UK Z Acc 104 144 104 159 111 133 128 107 205 33 - 3.07Janus Henderson Instl Gl Rpnsb Mgd I Acc 110 2 118 2 134 5 153 10 261 5 0.85 -Janus Henderson Mlt-Mgr Managed I Acc 106 79 109 105 119 98 136 76 193 60 - 0.96Jupiter Distribution and Growth I Inc 105 132 107 140 107 142 119 120 191 62 1.06 4.33Jupiter Merlin Balanced I Acc 105 112 110 80 126 27 150 13 226 12 1.66 2.00L&G Mixed Investment 40-85% I Acc 107 27 111 30 123 44 140 42 - - - 2.53L&G Multi Manager Balanced I Acc 106 77 110 88 122 56 132 92 169 72 1.77 1.55L&G Real Capital Builder I Acc 107 16 112 21 - - - - - - - 1.21L&G Real Income Builder I Acc 107 36 112 17 120 79 - - - - - 2.43Lazard Managed Balanced A Acc 105 118 111 32 127 23 144 24 232 10 0.86 2.05LF Canlife Balanced C Acc 107 54 109 90 118 115 137 64 195 56 - 1.67LF Canlife Portfolio V C Acc 106 95 109 119 118 112 134 82 - - - 1.56LF Canlife Portfolio VI C Acc 106 65 109 111 120 85 136 75 - - - 1.93LF Miton Balanced Multi Asset B Acc 108 14 109 115 - - - - - - - 2.25LF Odey Portfolio Sterling Instl Acc 104 151 102 162 107 143 111 121 - - - 0.62LF Resilient MM Balanced Managed X Acc 104 138 109 103 119 103 139 51 194 59 2.64 1.70LF Waverton Charity Growth & Inc Acc 105 113 - - - - - - - - - -Libero Balanced B Acc 107 35 112 24 121 72 137 61 - - - 1.99Libero Strategic B Acc 106 89 110 79 116 122 129 102 - - - 0.50Liontrust Balanced C Acc GBP 107 32 111 49 131 7 146 18 213 26 - 0.09Liontrust Sust Fut Cau Mgd 2 Net Inc 105 111 114 8 133 6 150 12 - - - 2.07Liontrust Sust Fut Mgd 2 Net Inc 107 37 118 3 145 2 167 2 264 4 0.85 1.07M&G Episode Growth GBP I Acc 108 6 109 107 120 81 133 83 184 70 0.94 2.06Man Balanced Managed Profl Acc C 106 91 109 110 120 78 129 101 201 44 0.92 1.47Margetts Select Strategy R GBP Acc 105 110 108 128 118 110 133 90 202 40 0.68 1.56Marks & Spencer Worldwide Mgd Acc 106 102 109 112 121 64 141 34 217 20 1.66 1.61Marlborough Balanced P Acc 105 119 110 70 121 71 142 28 195 58 - 0.94Marlborough Extra Income P Inc 107 26 114 12 126 31 139 45 238 8 - 3.98McInroy & Wood Balance Pers Inc 102 165 109 108 119 97 143 27 228 11 1.00 0.88McInroy & Wood Income Pers Inc 105 126 110 63 115 127 130 100 201 45 - 2.95MFM Hathaway Inc 110 3 117 4 141 3 164 4 270 3 1.59 1.10MGTS Clarion Meridian Portfolio R Acc 105 129 108 131 118 106 132 94 202 42 2.32 0.86MGTS Future Money Dynamic Growth R Acc 106 75 110 68 121 76 135 80 200 48 0.87 1.04MI Charles Stanley Multi Asst 4 Gr B Acc 107 52 109 109 118 109 127 109 - - 0.98 1.68MI Charles Stanley Multi Asst3 Mod A£Acc 105 134 106 149 - - - - - - - 1.33MI Hawksmoor Distribution C Acc 104 158 106 151 119 94 140 39 - - - 4.14NFU Mutual Mixed Portfolio 40-85% C 105 121 109 99 - - - - - - - 2.10Optimal Multi Asset Opportunities A GBP 106 98 107 145 110 135 - - - - - -Orbis OEIC Global Balanced Standard 105 137 103 160 109 138 147 16 - - - 5.61Premier Diversified Balanced Gr D Inc 105 122 - - - - - - - - - -Premier Diversified Growth D Inc 107 43 110 76 129 11 154 8 - - 1.43 2.06Premier Liberation No. VI Class C Acc 104 153 105 152 119 100 139 50 221 15 1.66 1.81Premier Multi-Asset Growth&Inc C Inc 104 148 108 134 120 87 145 21 240 7 - 2.93Quilter Investors Cirilium Moderate R 104 149 107 144 116 124 136 67 221 14 1.24 1.62Quilter Investors Fndtn 4 R (GBP) Acc 107 55 109 104 119 102 135 79 - - - 1.35Quilter Investors Managed U2 (GBP) Acc 106 85 109 94 117 119 131 98 218 19 1.16 -RBS Managed Growth 1 Acc 107 28 - - - - - - - - - -Royal London GMAP Adventurous M GBP Acc 106 78 109 101 123 52 - - - - - 1.86Royal London GMAP Gr M GBP Acc 106 104 109 120 119 93 - - - - - 1.61Royal London Sustainable World C Acc 110 1 122 1 152 1 185 1 339 1 - -Sarasin FoF Global Diversified Gr P Acc 107 33 111 55 120 84 - - - - 1.29 0.42Sarasin IE GlobalSar Dynamic GBP P Acc 107 34 111 61 125 35 139 48 - - - 1.40Sarasin IE GlobalSar Dynamic USD P Acc 106 90 111 58 124 39 159 5 - - - 1.66Schroder Managed Balanced Z Acc 106 69 109 117 119 99 133 87 196 54 - 1.90Schroder MM Diversity Balanced Z Acc 105 107 104 158 109 136 125 114 - - 1.36 0.74Scottish Friendly Managed Growth 104 143 106 148 113 130 125 112 186 67 1.46 -Scottish Widows Progressive A 107 58 110 78 120 80 139 49 218 18 2.00 0.61Sentinel Growth B Acc 108 12 114 11 126 32 - - - - - 0.86Sentinel Universal B Acc 105 130 108 122 121 74 142 30 202 39 - 2.47Smith & Williamson MM Endurance Bal B 104 154 106 150 118 116 129 103 184 69 - 1.58SVS Brown Shipley Balanced I Acc 106 101 110 83 120 83 133 84 - - - 1.80SVS Brown Shipley Growth I Acc 106 64 111 51 123 48 138 56 - - 1.97 1.56SVS Church House Balanced Eq Inc A Inc 103 160 109 121 121 73 131 96 208 30 1.57 3.16TB Doherty Active Managed B GBP Acc 103 162 105 156 109 139 122 118 167 73 - -TB Doherty Balanced Managed B GBP Acc 103 164 105 155 108 140 123 117 161 75 - 0.73TB New Sarum Real Return Fund A Inc 104 152 107 143 123 53 137 60 - - - -


TC Centre Multi Mgr Bal A Inc 103 163 106 146 118 114 136 72 174 71 2.50 2.22Thesis Optima Growth B Acc 106 60 109 97 120 88 133 88 202 41 - 1.40Threadneedle Managed Eq Focused Z Acc 106 66 112 25 122 59 141 37 213 27 - 1.27TM UBS (UK) - Global Growth C Acc 106 84 110 72 121 65 138 59 - - - 1.51TM UBS (UK) - UK Growth C Acc 105 123 109 114 120 86 136 70 - - - 1.90TM UBS (UK) - UK Income Focus C Acc 105 131 107 139 115 128 128 106 - - - 3.44Vanguard Global Balanced A GBP Acc 108 5 111 31 126 30 - - - - - 1.76Vanguard LifeStrategy 60% Equity A Acc 106 71 111 56 124 41 146 19 - - 0.31 1.51Vanguard LifeStrategy 80% Equity A Acc 107 25 111 35 128 13 155 7 - - 0.29 1.67Vanguard Target Retirement 2020 Acc 106 92 110 74 122 63 - - - - - 1.38Vanguard Target Retirement 2025 Acc 107 59 111 57 124 40 - - - - - 1.48Vanguard Target Retirement 2030 Acc 107 50 111 53 125 34 - - - - - 1.38Vanguard Target Retirement 2035 Acc 107 40 111 48 126 26 - - - - - 1.47Vanguard Target Retirement 2040 Acc 107 29 111 45 127 20 - - - - - 1.40Vanguard Target Retirement 2045 Acc 107 21 111 37 128 16 - - - - - 1.45Vanguard Target Retirement 2050 Acc 107 19 111 41 128 17 - - - - - 1.46Vanguard Target Retirement 2055 Acc 107 18 111 36 128 15 - - - - - 1.46Vanguard Target Retirement 2060 Acc 107 22 111 38 - - - - - - - 1.11Vanguard Target Retirement 2065 Acc 107 20 111 40 - - - - - - - 1.25Verus Sustainable Balanced Fd A GBP Acc 105 109 110 86 118 105 130 99 - - - 1.77Virgin Bond, Gilt, UK and Overseas Share 105 125 110 81 120 89 - - - - - 2.67Volare Balanced A GBP Acc 103 161 108 132 - - - - - - - 0.96Volare Growth A GBP Acc 104 139 109 91 - - - - - - - 0.78Volare Strategic Income A GBP Inc 104 141 107 136 - - - - - - - 3.38VT AJ Bell Passive Balanced I Acc 107 23 112 19 - - - - - - - 2.07VT AJ Bell Passive Moderately Adv I Acc 108 8 113 15 - - - - - - - 1.92VT Cantab Balanced A GBP Acc 105 115 112 26 - - - - - - - 0.18VT Cantab Moderate A GBP Acc 106 99 112 18 - - - - - - - 0.69VT Garraway Multi Asset Growth I Acc 106 70 105 157 105 144 110 122 - - - 3.05VT Greystone Balanced Managed R Acc 104 155 109 100 123 47 142 29 - - - 0.80VT MS Infmd Smrtfd ICVC Gr Stgy Z GBPAcc 100 169 100 164 100 145 - - - - - -VT Seneca Diversified Growth B Acc 102 166 112 16 130 10 148 15 213 25 - -VT Tatton Blended Active A Acc 106 73 109 96 - - - - - - - 1.27VT Tatton Oak Capital Growth B Acc 106 72 109 93 118 111 136 77 201 43 1.45 1.45VT Vanneck Defensive GBP Acc 104 157 108 129 - - - - - - - 2.24WAY Global Growth Portfolio E Acc 105 135 107 138 120 77 139 52 204 36 2.14 -Wesleyan Moderate High Rk/Rwd Inc X Acc 106 94 110 69 124 42 - - - - - 2.38Zurich Horizon Multi-Asset III Z Acc 107 38 112 22 127 21 150 14 - - - 1.29Zurich Horizon Multi-Asset IV Z Acc 108 7 113 14 130 9 157 6 - - - 1.13Average/Total 106 170 110 164 121 145 138 122 208 76 1.33 1.69

(IA) NORTH AMERICA7IM US Equity Value C Inc 109 110 109 125 132 98 - - - - - 1.54AB American Gr Ptf I Acc 113 11 119 16 169 8 238 5 502 9 0.98 -AB Select US Equity I USD Acc 111 56 113 82 142 55 190 56 - - 1.20 -Allianz Best Styles US Equity RT GBP 111 69 112 88 140 67 - - - - 0.80 -Allianz US Equity C Acc 110 92 116 34 136 84 186 66 341 75 0.87 0.41Artemis US Equity I Acc GBP 111 57 116 33 151 29 208 20 - - 1.00 0.27Artemis US Extended Alpha I Acc GBP 111 58 116 41 148 34 224 11 - - 0.81 0.02Artemis US Select I Acc GBP 110 76 118 21 158 16 218 15 - - 0.82 -AS SICAV I North Amer Eq X Acc GBP 109 115 114 72 142 59 181 84 317 83 0.98 -ASI American Equity Enh Index B Acc 111 68 113 80 140 66 - - - - - 1.33ASI American Equity I Acc 110 102 115 61 144 45 185 71 341 73 1.12 0.45ASI American Equity Tracker B Acc 110 78 - - - - - - - - - -ASI American Income Equity P1 Acc 110 83 115 59 137 79 - - - - - 0.87ASI American Unconstrained Equity P1 Acc 110 98 118 18 129 103 177 90 362 61 - 0.30Aviva Investors US Eq Inc 2 GBP Acc 110 85 109 123 122 123 173 95 - - 0.88 2.73Aviva Investors US Equity Inc II 2 £ Acc 109 108 108 128 121 126 170 100 - - - 2.52AXA Framlington American Growth Z Acc 110 96 119 13 165 10 212 19 468 15 0.72 -AXA Rosenberg American Z 111 67 114 62 139 70 187 63 405 35 1.05 0.68Baillie Gifford American B Acc 109 119 116 32 183 1 265 1 551 4 0.67 -BGF US Basic Value D2 108 135 106 139 115 131 155 114 302 87 1.06 -Blackrock ACS US Equity Tracker T1 113 13 116 36 146 36 203 27 - - - 1.43BlackRock US Dynamic D Acc 112 27 112 95 144 47 197 40 387 44 0.94 0.67BlackRock US Opportunities D Acc 113 9 112 91 128 107 170 101 359 63 - 0.91BMO North American Equity 2 Acc 112 18 114 68 144 50 190 59 408 33 0.81 1.07BNY Mellon US Equity Income GBP W Inc 112 25 109 122 - - - - - - - 2.24BNY Mellon US Equity Income Instl W Acc 111 53 - - - - - - - - - -BNY Mellon US Opps Inst W Acc 105 145 103 146 121 125 158 112 303 86 - 0.56Brown Advisory US Equity Growth $ B 114 6 124 2 179 2 232 8 495 10 0.91 -Brown Advisory US Flexible Eq B $ Acc 114 5 118 22 152 28 198 38 - - 0.93 -Brown Advisory US Mid-Cap Gr $ C Acc 109 118 121 7 - - - - - - - -Brown Advisory US Sust Gr USD C Acc 110 80 120 10 - - - - - - - -Candriam Quant Equities USA C Cap USD 111 51 110 116 129 104 169 103 348 70 1.80 -Candriam Sust North America C USD Cap 109 112 110 114 121 127 155 115 307 85 2.16 -Capital Group AMCAP (LUX) Z 109 113 111 109 141 64 190 54 418 26 - -Capital Group Inv Co of Amer(LUX) Z 109 121 109 127 128 108 174 94 350 69 0.80 -Comgest Growth America USD I Acc 108 126 114 69 152 27 203 25 421 25 0.85 -Dodge & Cox Worldwide US Stock A GBP 110 86 106 143 127 110 183 79 387 43 0.66 -Fidelity American Special Sits W Acc 105 146 100 148 113 134 164 107 366 57 - 0.67Fidelity American W Acc GBP 109 117 111 100 138 78 177 89 330 79 0.92 0.61Fidelity Index US P Acc 112 17 116 42 145 41 201 32 - - - 1.37Fidelity Instl America 109 106 111 104 131 99 180 85 380 50 0.88 2.45Franklin Mutual Shares W Acc 108 133 108 129 116 130 158 113 326 80 1.04 0.82Franklin US Opportunities W Acc 108 131 120 11 157 19 204 23 453 16 0.83 -GAM Multistock Health Innovt Eq USD B 111 61 109 126 134 93 152 117 558 3 1.80 -GAM North American Growth Instl GBP Acc 106 144 106 142 123 119 170 102 369 54 0.98 0.10GAM Star Capital Apprec US Eq Instl £Acc 109 122 117 26 144 49 173 96 358 64 2.16 -GAM Star US All Cap Equity Instl GBP Acc 110 89 108 131 136 81 173 97 - - 1.14 -GlobalAccess US Equity M Acc GBP 115 4 115 52 130 101 136 121 - - - 0.56GS US CORE® Equity R Inc Snap GBP 110 99 110 113 139 71 190 60 409 32 0.70 0.56GS US Equity R Inc GBP 111 64 113 78 138 77 172 98 337 77 0.95 0.22GS US Focused Growth Equity R Inc GBP 110 103 118 19 154 23 189 61 363 60 1.15 -Guinness US Equity GBP X 112 31 110 110 - - - - - - 1.24 -Halifax North American C 110 97 111 101 135 90 182 80 383 47 1.51 0.59Harris Associates US Equity Fd R/A GBP 112 34 - - - - - - 317 82 1.95 -HSBC American Index C Acc 111 50 116 46 145 43 200 33 431 20 0.18 1.43HSBC US Multi-Factor Eq Instl A Acc 111 62 115 56 142 57 195 47 417 27 0.54 1.28Invesco US Enhanced Index UK Z Acc 111 47 113 83 140 65 - - - - - 1.41Invesco US Equity UK Z Acc 111 48 107 133 118 128 158 111 311 84 - 0.84Investec American Franchise I Acc GBP 109 111 119 14 157 18 227 10 355 66 0.85 0.28iShares North American Eq Idx (UK) D Acc 112 20 116 40 144 46 197 42 - - 0.17 1.51iShares US Equity Index (UK) D Acc 112 15 116 39 145 39 200 34 - - - 1.46Janus Henderson Instl NA Idx Opps A Acc 111 65 115 49 142 60 190 58 377 51 1.76 1.09Janus Henderson INTECH US Cor A USD Acc 109 120 112 92 132 96 177 87 377 52 1.75 -

Unit Trusts 9



£ £ £ £ £ % %Janus Henderson Oppc Alp A USD Inc 116 1 124 3 131 100 160 110 297 89 2.50 -Janus Henderson US Forty A USD Acc 112 36 121 9 162 13 206 22 399 38 2.20 -Janus Henderson US Growth I Acc 112 30 122 6 151 30 186 69 384 46 1.09 0.06Janus Henderson US Research A USD Acc 108 130 112 85 139 73 175 93 343 72 2.13 -Janus Henderson US Strat Val I USD Inc 110 82 111 105 128 109 175 92 302 88 1.20 0.67JPM America Equity A (dist) USD 109 114 112 96 139 72 194 50 385 45 1.71 -JPM US Equity Income C Net Acc 109 116 112 87 136 85 187 65 435 19 0.93 2.14JPM US Select C Net Acc 111 63 115 47 143 54 196 45 416 28 0.93 0.71JPM US Select Equity Plus A (dist) GBP 111 71 112 86 134 91 181 81 368 55 1.80 0.05Jupiter North American Income I Acc 106 143 109 124 130 102 176 91 356 65 1.04 2.17L&G US Index I Acc 112 22 115 50 144 48 199 37 427 23 0.25 1.36Lazard US Equity Concntr C Acc USD 112 38 117 30 - - - - - - 0.99 -Legg Mason CB US Agrsv Gr X USD Dis(A) 112 41 107 137 122 122 153 116 387 42 1.11 -Legg Mason CB US Apprec X USD Dis(A) 110 88 113 81 142 56 190 55 365 59 1.00 0.30Legg Mason CB US Eq Sust Ldrs X GBP Acc 116 3 121 8 154 24 - - - - 1.10 -Legg Mason CB US Lg Cp Gr X USD Acc 110 101 116 43 154 25 224 12 471 14 1.09 -Legg Mason IF CB US Eq Inc X Inc 109 107 115 57 139 69 185 73 - - 1.05 1.65Legg Mason IF CB US Eq X Acc 110 100 110 118 117 129 150 119 284 90 - 0.37Legg Mason IF MC Nth Am X Acc £ 111 60 119 17 156 20 199 36 382 48 - 0.34LF Canlife North American C Acc 111 44 112 97 128 106 186 70 361 62 0.81 0.78LF Miton US Opportunities B Acc 107 139 111 107 137 80 203 28 - - - 0.33Liontrust US Income C Acc GBP 108 136 110 117 135 89 187 64 - - - 1.41Liontrust US Opportunities C Acc GBP 109 105 117 29 158 15 189 62 331 78 - 0.13Loomis Sayles US Equity Inc Fd R/A USD 108 134 104 145 127 112 168 105 338 76 1.70 -Lord Abbett US Gr Ldrs I USD Acc 107 140 119 15 163 11 206 21 - - 1.00 -M&G North American Dividend GBP I Acc 109 125 114 71 147 35 203 26 382 49 0.91 1.03M&G North American Value GBP I Acc 108 137 102 147 123 120 172 99 352 68 0.91 1.37Majedie Asset Mgmt US Equity Z GBP Acc 110 73 115 58 139 74 184 75 - - - -Marlborough US Multi-Cap Income P Inc 112 14 123 5 150 32 203 24 388 41 - 1.40Merian North American Equity R GBP Acc 108 129 111 102 136 82 196 44 483 13 0.90 0.47Merian US Equity Income R GBP Acc 107 138 109 121 122 124 162 108 - - 1.15 -MFS Meridian US Concentrated Gr WH1 GBP 116 2 124 1 171 5 178 86 - - 1.20 -MFS Meridian US Equity Income WH1 GBP 111 49 108 130 127 114 - - - - 0.95 -MFS Meridian US Value WH1 GBP 112 24 110 111 126 116 140 120 - - 1.00 -MGTS AFH DA North American Eq I GBP Acc 110 75 110 119 - - - - - - - 1.69Morgan Stanley US Advantage I Acc GBP 103 147 117 28 158 17 - - - - - -MS INVF US Advantage I 103 148 117 27 162 12 233 7 534 7 0.89 -MS INVF US Growth Z 101 149 113 77 178 3 245 3 572 1 0.85 -Natixis Loomis Sayles US Eq Ldrs N/A £ 110 91 117 25 155 21 230 9 - - - 0.05Neuberger Berman US MltCp Opps GBP I Acc 113 7 111 108 - - - - - - 0.99 -New Capital US Future Leaders GBP UnHAcc 96 151 110 115 - - - - - - - -New Capital US Growth GBP Acc 113 12 114 64 145 37 150 118 - - 0.95 -OYSTER US Selection R GBP D 106 142 107 134 128 105 - - - - 1.28 1.23Pictet-USA Index I GBP 112 28 114 75 143 53 195 46 - - 0.29 -PIMCO GIS RAE US Instl GBP UnH Acc 111 54 107 135 126 117 - - - - 0.40 -PIMCO GIS StocksPLUS E USD Acc 112 33 114 67 142 61 192 52 422 24 1.45 -Polar Capital North American I 106 141 111 99 133 95 186 67 - - 0.99 -Quilter Inv Nrth Amer Eq U2 (GBP) Acc 108 128 112 98 - - - - - - - 0.21Quilter Inv US Eq Small/MC U2 GBP Acc 110 72 113 79 127 111 193 51 - - - 0.22Quilter Investors US Eq Gr A (GBP) Acc 111 66 120 12 160 14 213 17 - - - -Quilter Investors US Eq Inc U2 (GBP) Acc 111 59 112 93 - - - - - - - 2.43Robeco BP US Large Cap Equities F £ 111 46 107 136 126 115 168 106 - - 0.79 -Robeco QI US Conservative Equities F £ 108 132 112 94 132 97 - - - - 0.66 -Royal London US Growth 111 52 115 54 134 94 177 88 348 71 1.55 -Royal London US Tracker Z Acc 112 21 116 44 144 44 198 39 428 21 0.23 1.29Russell Inv US Quant I 111 42 112 90 135 88 184 77 400 37 1.83 0.37Sanlam US Dividend A GBP Acc 108 127 107 138 123 118 - - - - 0.97 -Santander United States Equities A 109 124 111 106 135 87 185 72 405 34 1.03 0.61Schroder QEP US Core I Acc 111 43 114 74 140 68 194 49 413 30 0.32 1.43Schroder US Eq Inc Mxmsr Fund Z Acc £ 110 81 112 89 - - - - - - - 4.63Schroder US Mid Cap Z Acc 111 45 112 84 127 113 191 53 396 39 - 0.23Scottish Widows American Growth A 110 95 111 103 134 92 181 82 367 56 1.62 0.18Seilern America USD U I 113 10 118 24 171 4 253 2 516 8 1.31 -SLI North American Trust 111 70 115 53 136 86 183 78 372 53 0.84 0.54Smith & Williamson North American Eq B 110 84 116 45 145 40 184 76 352 67 0.86 0.36SSgA North America Equity Tracker 112 32 114 65 143 52 194 48 394 40 0.90 0.69T. Rowe Price US Blue Chip Eq Q GBP 109 109 116 37 168 9 237 6 537 6 0.82 -T. Rowe Price US Equity C GBP 110 74 115 60 142 62 - - - - - 0.62T. Rowe Price US Equity Q GBP 110 77 114 66 141 63 202 30 412 31 0.82 -T. Rowe Price US Large Cap Gr Eq Q GBP 110 79 115 48 170 6 244 4 541 5 0.80 -T. Rowe Price US Large Cp Gr Eq C GBPCap 110 93 116 38 - - - - - - - -T. Rowe Price US Large Cp Val Eq C GBP 110 94 110 112 - - - - - - - 1.28T. Rowe Price US Large Cp Val Eq Q GBP 110 87 110 120 123 121 169 104 341 74 0.82 -Threadneedle Amer Extnd Alpha Ins AccGBP 112 16 116 35 154 26 212 18 450 17 0.81 -Threadneedle American Sel Z Acc GBP 112 19 118 20 149 33 203 29 403 36 0.82 0.12Threadneedle American Z Acc GBP 112 35 117 31 150 31 202 31 439 18 0.81 0.43Threadneedle US Eq Inc Z Inc GBP 112 39 115 55 136 83 186 68 - - - 2.38UBS S&P 500 Index C Acc 112 26 114 63 145 42 200 35 - - - 1.42UBS US Equity C Acc 113 8 118 23 138 75 184 74 365 58 - 0.39UBS US Growth C Acc 112 23 123 4 169 7 221 14 485 12 - -Vanguard US 500 Stock Index Ins USD Acc 112 29 114 70 143 51 197 41 414 29 0.20 -Vanguard US Equity Index Acc 112 40 113 76 142 58 196 43 428 22 0.20 1.44Vanguard US Fundamental Val Inv GBP Inc 112 37 106 141 114 132 161 109 326 81 0.95 1.08Vanguard US Opportunities Inv GBP Inc 110 104 106 140 145 38 215 16 567 2 0.95 -Vontobel US Equity I USD 111 55 115 51 155 22 223 13 488 11 1.17 -VT De Lisle America B GBP 109 123 108 132 114 133 181 83 - - 1.33 0.70VT Tyndall North American A GBP Net Acc 100 150 105 144 - - - - - - - -Wellington US Research Eq N GBP UnH Inc 110 90 114 73 138 76 190 57 - - - 0.21Average/Total 110 151 113 148 141 134 190 121 397 90 1.04 0.97

(IA) NORTH AMERICAN SMALLER COMPANIESArtemis US Smaller Cos I Acc GBP 111 9 113 8 155 2 234 1 - - 0.92 -BMO US Smaller Companies C Inc 109 11 105 18 120 14 177 11 387 8 - 0.01Brown Advisory US Small Cap Blend B $ 107 15 112 9 130 8 189 7 - - 1.25 -Brown Advisory US SmlrComs Dollar B Acc 106 17 118 4 144 4 219 3 492 3 0.93 -GlobalAccess US Sm & Md Cp Eq M Acc GBP 113 3 113 6 128 9 145 15 - - - -GS US Sm Cp CORE® Eq R Inc GBP Snap 111 8 109 15 125 12 185 9 454 5 0.85 0.20Hermes US Smid Equity F GBP Acc 112 6 113 7 126 11 189 6 - - 0.87 -Janus Henderson US Venture A USD Acc 106 16 111 13 138 5 180 10 457 4 2.47 -JPM US Small Cap Growth C Acc 111 10 120 3 170 1 227 2 506 2 0.93 -Legg Mason IF Royce US Smlr Coms X Acc 113 2 112 10 122 13 160 14 289 10 - 0.24Legg Mason RY US SmCp Opp X USD Acc 114 1 105 17 118 15 168 13 373 9 1.21 -LF Miton US Smaller Companies B Acc 109 12 111 12 - - - - - - - -Neuberger Berman US Sm Cap USD A Acc 109 13 110 14 130 6 186 8 - - 1.92 -New Capital US Small Cp Gr GBP UnHInsAcc 104 18 106 16 - - - - - - 1.26 -


Schroder US Smaller Comp Z Acc 113 4 114 5 130 7 189 5 403 7 - 0.11T. Rowe Price US Smaller Coms Eq C GBP 111 7 121 1 - - - - - - - -T. Rowe Price US Smlr Cm Eq Q GBP 112 5 120 2 146 3 210 4 534 1 1.07 -Threadneedle AmerSmlrComs(US) Z Acc GBP 108 14 112 11 127 10 176 12 407 6 - 0.14Average/Total 110 18 113 18 134 15 189 15 430 10 1.24 0.14

(IA) PROPERTY OTHERASI European Real Estate Share I Acc 112 2 123 2 149 3 172 4 285 9 - -ASI Global Real Estate P1 Acc 107 17 110 26 118 28 137 25 185 18 - 2.06ASI Global Real Estate Share P1 Acc 110 5 118 9 129 14 125 28 225 14 - 2.44ASI UK Real Estate Share I Acc 116 1 128 1 153 2 164 9 314 3 - 1.62AXAWF Fram Global Rl Est Secs F Cap EUR 105 25 115 20 128 18 159 13 295 6 1.15 -BMO Eurpn Real Estate Scs B Acc GBP 109 9 118 10 146 4 176 3 - - 1.81 -BMO Global Real Estate Securities 3 Acc 107 15 117 11 128 16 169 5 - - - 1.38BMO Property Growth & Income I Acc 108 13 112 25 128 19 146 19 221 16 - 3.09Fidelity Global Property W Acc 105 26 115 19 128 17 161 11 296 5 - 1.94First State Asian Prpty Secs B Acc GBP 102 28 113 24 122 24 154 16 231 13 1.53 2.81First State Glbl Prpty Secs B Acc GBP 110 4 120 6 129 13 160 12 318 2 1.11 2.06GlobalAccess Global Prpty Secs M Acc GBP 107 16 115 17 133 11 - - - - - 2.39HSBC Global Property C Acc 106 21 109 27 121 26 143 22 220 17 1.59 2.25iShares Glb Prpty Secs Eq Idx (UK) D Acc 106 19 114 21 126 22 162 10 - - - 2.59Janus Henderson Hrzn AsPac Pty Eqs H2USD 105 23 119 8 127 20 156 14 222 15 1.12 -Janus Henderson Hrzn Glbl Pty Eqs H2 USD 110 8 122 3 142 6 181 2 312 4 1.47 -Janus Henderson Hrzn PanEurpPtyEqs H2EUR 110 7 120 5 157 1 189 1 324 1 1.37 -Kempen (Lux) Global Property J 106 22 116 16 131 12 - - - - 0.91 3.15L&G Global Real Estate Div Index I Acc 106 20 114 22 127 21 - - - - - 2.63MS INVF Global Property IX 102 27 108 28 118 27 142 23 245 12 1.04 2.03Neuberger Bm US Rel Est Sec GBP I Inc 109 10 119 7 134 8 136 26 282 10 1.39 1.11Premier Pan Europe Prop Share C Acc 110 3 117 12 137 7 151 18 290 7 1.04 2.90Principal Glb Propty Secs I Acc USD 105 24 116 15 134 9 166 8 - - 0.91 -Quilter Inv Glbl Prpty Scs R GBP HPt Inc 107 14 113 23 129 15 141 24 - - - 2.13Sarasin IE Sust Glb Rl Est Eq GBP P Acc 101 29 106 29 113 29 145 20 - - - 2.51Sarasin IE Sust Glb Rl Est Eq USD P Acc 101 30 106 30 112 30 143 21 - - - 2.46Schroder Glbl Cities Real Estt Inc Z Acc 108 11 117 14 124 23 155 15 - - 0.98 4.02Schroder Global Cities Real Estt Z Acc 110 6 122 4 134 10 167 6 290 8 1.18 1.03Scot Wid MM Global Rel Est Sec A Inc 106 18 115 18 122 25 153 17 262 11 1.90 2.52SKAGEN m2 A 108 12 117 13 143 5 167 7 - - 1.50 -TM Home Investor D 101 31 101 31 108 31 126 27 - - - 0.98Average/Total 107 31 115 31 130 31 155 28 268 18 1.29 2.27

(IA) SHORT-TERM MONEY MARKETBlackRock Cash D Acc 100 4 101 4 101 4 101 5 103 3 0.31 0.50Fidelity Cash W Acc 100 3 101 3 101 3 102 3 102 5 - 0.55ILF GBP Liquidity 1 100 5 100 5 101 6 101 6 102 6 0.20 0.44JPM GBP Liquidity LVNAV Agcy (dist.) 100 6 100 6 101 5 101 4 103 2 0.25 0.42L&G Cash Trust I Acc 100 2 101 2 101 2 102 2 103 1 0.21 0.66Royal London Short Term Money Mkt Y Acc 100 1 101 1 101 1 102 1 103 4 - -Scottish Widows Cash A Acc 100 7 100 7 100 7 100 7 100 7 0.61 0.21Average/Total 100 7 101 7 101 7 101 7 102 7 0.32 0.46

(IA) SPECIALISTAB RMB Income Plus I2 Acc 98 210 103 180 108 157 132 101 - - 0.85 -AB Select Abs Alpha I GBP H Acc 106 69 106 140 115 126 117 151 - - 1.22 -ACUMEN Portfolio 8 Acc 108 47 108 99 - - - - - - - 0.12Allianz China Strategic Bond P H2 GBP 100 187 106 136 105 173 99 196 - - 0.51 4.46Allianz German Equity P GBP 110 31 112 59 126 70 154 56 - - 1.01 0.79Allianz Global Agricultural Trds RT GBP 104 119 99 230 105 170 112 164 179 58 - -Allianz Income and Growth RM H2 GBP 108 49 110 73 124 79 128 113 - - 0.90 6.20Allianz Oriental Income AT USD 117 11 119 27 135 38 170 25 232 28 1.80 -Allianz Renminbi Fixed Income P H2 GBP 100 176 102 195 107 161 102 187 - - 0.55 2.90Alquity Africa GBP Y 93 242 98 232 98 204 82 207 - - 1.90 -Alquity Indian Subcontinent USD Y 87 247 93 245 - - - - - - - -Alquity Latin America USD Y 98 205 103 182 105 169 - - - - - -Architas Diversified Real Assets D Acc 103 126 107 126 109 151 120 141 - - - -AS SICAV I Indian Equity X Acc GBP 98 211 104 170 130 47 154 54 275 11 1.09 -ASI Diversified Growth R Acc 103 129 104 171 111 141 - - - - - 3.13ASI Dynamic Multi Asset Growth P1 Acc 107 65 108 95 118 107 120 140 - - - -ASI Eastern European Equity I Acc 109 41 123 17 123 81 147 71 153 80 1.27 -ASI Financial Equity I Inc 103 128 112 61 136 35 168 31 221 34 - 1.16ASI Latin American Equity I Acc 100 183 109 83 128 61 135 92 - - 1.30 1.61ASI Multi-Manager Ethical I Acc 108 45 112 64 126 68 159 45 242 22 - -Aviva Investors Glbl Convert Ia GBP Inc 105 80 107 114 115 127 140 87 189 48 0.79 0.23AXA Framlington Biotech GBP Z Acc 107 56 105 144 120 98 135 93 490 3 0.80 -AXA Framlington FinTech Z GBP Acc 109 39 121 22 143 12 172 22 247 18 - 4.23AXA Framlington Health Z Inc 113 20 107 127 130 50 156 50 389 5 - 0.26AXAWF Fram Global Conv F Cap EUR pf 101 173 102 198 111 142 125 123 - - 0.86 -AXAWF Fram Robotech F Cap USD 115 14 118 30 - - - - - - 0.99 -Barings Australia I GBP Acc 103 132 113 56 123 85 143 80 175 62 1.00 -Barings Eastern Europe I GBP Acc 107 61 118 29 135 37 160 42 135 96 1.00 -Barings German Growth I GBP Acc 105 81 110 74 123 83 155 52 259 14 0.81 1.64Barings Global Agriculture I GBP 109 40 109 89 126 67 142 82 196 43 1.15 0.79Barings Global Resources I GBP Acc 105 82 105 160 106 164 116 155 96 114 1.00 -Barings Korea I GBP Acc 96 232 88 246 100 198 115 157 158 75 0.94 0.68Barings Latin America I GBP Acc 99 194 104 164 117 114 113 162 100 112 1.00 -BGF Emerging Europe D2 108 48 119 25 138 28 157 48 161 72 1.45 -BGF India D2 96 229 105 145 129 56 162 38 232 27 1.21 -BGF Latin American D2 98 209 105 159 125 73 125 124 114 102 1.35 -BGF Sustainable Energy D2 110 27 117 37 132 40 159 44 159 74 1.31 -BGF World Energy D2 98 213 96 238 86 216 92 202 97 113 1.31 -BGF World Mining D2 104 98 111 68 117 112 124 130 77 122 1.32 -BlackRock Dynamic Allocation D GBP Acc 105 79 108 110 116 117 - - - - - -BlackRock Dynamic Diversified Gr D Acc 104 103 107 116 116 115 111 165 145 83 - -BlackRock Gold and General D Acc 119 6 135 4 111 143 152 58 84 117 1.16 0.73BlackRock Managed Volatility I C 105 85 109 80 118 106 128 112 - - 0.24 1.67BlackRock Managed Volatility II C 106 70 110 76 120 97 132 100 - - 0.24 1.77BlackRock Managed Volatility III C 106 67 111 69 123 86 136 91 - - 0.26 1.64BlackRock Market Advantage D GBP Acc 104 104 108 103 114 130 - - - - - -BlackRock Ntrl Resources Gr & Inc D Acc 103 133 103 192 106 166 123 134 - - - -BlackRock Strategic Growth D GBP Acc 107 62 109 88 - - - - - - - 0.71Blackrock UK Managed Volatility I C £Acc 105 84 110 78 113 137 118 146 - - - 1.12Blackrock UK Managed Volatility II C£Acc 104 101 108 98 111 145 117 152 - - - 1.43Blackrock UK Managed Volatility IIIC£Acc 104 108 108 108 113 131 118 148 - - - 1.94BMO Diversified Monthly Income 1 Inc 102 146 102 202 104 175 105 182 108 106 1.72 5.47BMO Overseas Equity-Linked UK Gilt 3 Acc 117 10 131 10 155 4 185 12 - - 0.39 0.95BMO Overseas Equity-Linked UK Infl 3 Acc 110 28 125 13 148 8 184 13 - - 0.39 0.06

Unit Trusts 10



£ £ £ £ £ % %BMO UK Equity-Linked Gilt 3 Acc 110 30 126 12 138 26 170 26 - - 0.37 1.02BMO UK Equity-Linked Inflation 3 Acc 103 130 119 26 132 43 169 29 - - 0.43 0.07BNY Mellon 50/50 Global Eq Expt 1 Acc 110 29 116 39 130 51 148 66 231 29 0.55 1.82BNY Mellon Brazil Equity GBP W Acc 102 149 108 101 137 29 155 53 135 94 1.02 1.69BR Global Funds - Nutrition D2 104 105 104 177 110 147 125 125 - - 1.30 -Brown Advisory Latin American B USD Inc 95 237 95 241 98 206 86 205 126 97 - 0.82Candriam Eqs L Australia C AUD Cap 109 36 113 52 122 90 151 59 187 51 1.85 -Candriam Eqs L Biotech C USD Cap 121 5 119 28 139 23 156 49 637 1 1.83 -Capital Group New World (LUX) Z 108 52 117 36 137 33 158 46 227 32 1.03 -Carmignac Emergents A EUR Acc 106 71 112 63 116 119 128 115 167 70 2.04 -Carmignac Pf Commodities W GBP Acc 101 162 97 234 99 201 110 169 - - 1.15 -Carmignac Pf L-S Eurp Eqs F GBP Acc 96 228 96 235 127 64 - - - - 1.81 -Comgest Growth Latin America USD I Acc 101 172 111 70 113 136 106 177 - - 1.49 -Consistent Opportunities Unit Trust Inc 104 106 112 66 101 191 107 176 157 77 1.13 -Eaton Vance Intl (IRL) PrGl DefEq I2£Acc 105 76 106 139 - - - - - - 0.60 -EF WM Global Trend B Acc GBP 105 90 102 201 102 189 117 153 - - - 0.15ES Gold and Precious Metals B Acc 113 19 105 161 81 218 105 180 - - - -Fidelity Emerg Eur Mid East&Africa W Acc 101 164 109 92 122 91 130 108 191 46 - 3.17Fidelity India Focus Y-GBP 95 236 104 163 137 30 161 39 255 15 1.22 -Fidelity Latin America W-Acc-GBP 100 193 105 146 125 75 124 128 122 100 1.23 -First State Indian SubcontnnAllCap B GBP 97 223 103 184 - - - - - - - -FP Foresight UK Infras Inc A GBP Acc 107 64 115 46 - - - - - - - -FP Octopus Dynamic Mixed Asset B Acc 105 75 110 77 117 110 134 96 153 79 0.82 1.63FP Russell Invsmts Real Assets C GBP Acc 104 102 109 85 112 138 113 161 - - 1.24 1.30FP SCDavies Global Alts A Acc GBP 100 182 101 213 100 197 99 195 - - 2.06 -Franklin India W(acc)GBP 97 227 105 147 120 99 146 74 237 25 1.07 -GAM Multibond ABS EUR B 97 226 96 236 101 192 109 174 122 99 1.09 -GAM Star Alpha Technology USD Inc 104 109 109 86 128 59 180 16 - - 4.03 -GAM Systematic Alt Rsk Pre GBP Acc 103 135 105 153 105 171 110 170 - - 0.99 1.49GS BRICs Eq R Inc GBP 107 63 117 33 148 7 179 17 177 59 1.20 0.78GS Glbl Strat Inc Bd R Inc GBP Hdg 100 178 103 181 101 194 99 194 - - 0.77 3.82GS Glbl Strat Macro Bd R Inc GBP Hdg 100 179 103 191 100 196 106 178 - - 0.93 3.68GS India Equity R Inc GBP 97 224 104 168 127 63 161 40 279 9 1.10 -GS N-11® Equity R Inc GBP 102 156 105 150 107 159 101 188 - - 1.21 1.05GS NA Engy & Engy Infras Eq R Acc USD 94 239 94 244 85 217 79 208 - - 1.05 -GS Strat Abs Ret Bd I R Inc GBP Hdg 101 174 102 194 102 186 103 184 - - 0.45 1.82GS Strat Abs Ret Bd II R Inc GBP Hdg 101 169 104 178 102 190 102 186 - - 0.75 2.65GS US Mortgg Bckd Secs R Acc USD 100 191 106 133 105 168 137 89 172 64 0.52 -GS US RlEstt Bal R Acc USD 105 74 114 48 123 84 168 30 - - 0.94 -GSF II GS Balanced Allc R USD Inc 104 118 108 96 116 116 - - - - 0.74 1.19HC Charteris Gold and Prcious Mtls B Acc 133 1 151 1 - - - - - - - 0.60HL Multi-Mgr Asia and Emerging Mkt A Acc 104 114 108 107 119 103 - - - - - 0.90HSBC GIF Brazil Equity AD 98 208 105 143 125 76 118 147 82 119 2.15 1.87HSBC GIF BRIC Markets Equity AD 103 124 113 54 141 14 179 18 168 69 1.85 1.49HSBC GIF GEM Debt Total Return M1D 97 220 101 207 97 207 123 131 158 76 1.35 2.65HSBC GIF Indian Equity AD 94 238 104 172 123 87 129 110 141 90 1.90 -HSBC GIF Russia Equity AD 109 37 123 16 140 20 199 8 149 82 2.15 3.20Invesco Emerging European UK Z Acc 107 60 116 41 142 13 186 11 186 53 - 4.31Invesco Global Fincl Cptl UK Z Acc 109 33 110 75 124 80 128 114 - - - -Invesco India Equity A USD AD 97 217 104 174 124 77 162 36 243 20 2.12 -Invesco Latin American UK Z Acc 102 157 106 135 118 108 109 173 111 104 - 2.01Investec Diversified Gr I Acc 104 111 109 91 108 154 110 168 169 68 1.00 -Investec Enhanced Natural Res I Acc 109 38 112 58 104 176 126 119 123 98 0.00 2.35Investec Glb Energy I Acc GBP 102 154 103 183 94 213 87 204 94 115 0.89 2.45Investec Glb Gold I Acc GBP 124 3 141 3 129 57 182 15 105 109 0.87 0.06Investec MA Protector 2 I Acc 104 96 108 109 115 124 126 120 - - 1.46 0.60Investec Multi Asset Protector A Acc 104 99 107 117 113 134 121 138 154 78 2.08 -Investec UK Total Return I Acc 109 43 109 82 118 109 126 117 169 66 0.74 1.86Janus Henderson Diversified Alts Y Acc 102 152 105 151 119 100 134 94 - - - 3.03Janus Henderson Global Fncls I Acc 108 51 116 43 141 17 162 35 236 26 1.09 1.20Janus Henderson Latin American H Acc 95 235 101 211 115 129 121 137 - - 0.99 2.25Janus Henderson Secured Lns Y Acc GBP 101 160 103 187 110 149 119 145 160 73 1.04 3.69JOHCM UK Opportunities A GBP Acc 105 89 107 115 115 120 138 88 243 21 0.79 3.06JPM Africa Equity A perf (dist) GBP 101 165 101 206 110 148 95 201 143 87 1.80 1.93JPM Brazil Equity A (dist) USD 101 159 113 55 136 36 126 121 92 116 1.80 1.08JPM Emerging Europe Equity C Net Acc 108 53 121 21 130 48 151 60 144 86 0.93 3.37JPM Emerging Middle East Eq A (dist) USD 92 243 106 141 128 60 114 158 176 61 1.80 2.23JPM Global Convert (EUR) A (dist) GBP H 105 93 106 134 111 144 110 172 142 89 1.55 0.07JPM India A (dist) USD 92 244 99 229 115 122 131 105 183 55 1.80 0.01JPM Korea Equity A (dist) USD 103 138 98 231 122 92 147 70 193 44 1.80 0.08JPM Latin America Equity A (dist) USD 100 181 112 62 125 72 119 143 121 101 1.80 -JPM Natural Resources C Net Acc 101 167 106 142 113 133 120 139 81 120 0.93 -JPM Russia A (dist) USD 110 32 124 14 137 32 198 9 144 85 1.80 4.54Junior Gold P Acc 116 13 107 119 67 220 103 185 26 126 - -Junior Oils P Acc 83 248 75 247 79 219 47 209 32 125 - -Jupiter Emerging European Opps I Acc 111 25 121 20 145 10 170 27 144 84 1.21 -Jupiter Financial Innovt D GBP Acc 104 121 116 40 138 24 173 21 244 19 0.95 -Jupiter Financial Opportunities I Acc 104 112 117 35 144 11 174 20 201 40 1.00 0.32Jupiter India I Acc 93 241 100 215 96 210 132 98 192 45 1.12 0.56Jupiter India Select D USD Acc 92 245 99 225 97 208 133 97 188 50 0.95 -Jupiter International Fincls I Acc 104 120 116 38 140 19 171 24 - - 1.02 -Jupiter Monthly Alternative Income I Acc 103 127 109 94 123 82 145 78 252 16 0.97 4.24Kames Diversified Growth GBP B Acc 105 88 107 121 117 113 123 133 - - 0.56 -L&G Future World Sustainable Opps I £Acc 103 131 104 166 - - - - - - - 0.80LF Bentley Sterling Income Inc 100 186 101 210 100 199 100 192 105 108 2.30 1.28LF Bentley USD Balanced Acc 103 137 106 132 110 146 131 102 184 54 2.39 -LF Canlife Global Infrastructure C Acc 103 123 113 53 127 66 146 75 - - - 3.04LF Canlife Global Resource C Acc 106 66 101 212 93 214 105 181 - - - 1.38LF Ruffer Gold C Acc 125 2 141 2 124 78 236 1 75 123 - -LF Ruffer Pacific & Emerging Mkts C Acc 104 122 104 167 104 177 126 118 198 42 - 1.27LF Waverton Alternatives II B Inc 100 184 100 219 98 203 96 199 - - 2.63 0.05Liontrust India C Acc GBP 90 246 94 243 102 184 125 122 169 67 1.77 -Liontrust Latin America C Acc GBP 100 177 111 71 141 18 149 65 142 88 - 1.57Liontrust Russia C Acc GBP 109 42 122 18 157 1 210 4 171 65 - 3.72LO Funds Cmdty Risk Premia USD NA 101 175 100 217 99 202 101 191 - - 1.00 -Loomis Sayles Strat Alpha Bd H-N/D GBP 99 199 100 223 101 195 104 183 - - 1.00 3.09M&G Global Convertibles GBP I Acc 102 142 105 149 104 174 132 99 180 57 0.92 1.88Magna MENA G EUR Acc 99 202 114 49 156 3 202 7 - - 5.47 -Marlborough ETF Commodity P Acc 98 207 95 242 94 212 90 203 66 124 - -Matthews Asia-India I GBP Acc 96 231 102 196 122 93 147 72 - - 1.25 -McInroy & Wood Emerging Mkts Pers Inc 99 201 108 97 118 105 129 109 200 41 1.50 1.67Merian Financial Cntgnt Cptl R GBP H Acc 111 24 118 31 - - - - - - 0.97 -Merian Gold & Silver R GBP Acc 124 4 131 9 103 182 - - - - 0.99 -MFS Meridian Latin American Eq WH1 GBP 113 21 118 32 130 52 97 198 - - 1.35 -


MFS Meridian Managed Wealth WH1 GBP 102 151 101 209 104 178 - - - - 1.00 -MFS Meridian Prudent Wealth W1 GBP 102 147 110 79 130 49 - - - - 1.27 -MI Asset Backed Opps I Gross GBP Inc 101 161 104 173 - - - - - - - 4.67MI TwentyFour AM Monument Bond I Acc 101 166 102 193 109 153 110 171 136 93 1.01 1.82Mirabaud Convertible Bds Eurp A EUR Acc 99 200 102 199 103 181 113 160 - - 1.67 -Mirae Asset India Sector Leader Eq R GBP 99 204 109 87 131 44 162 34 - - 1.10 -MS INVF Global Balanced Income IR 100 185 102 205 109 152 124 126 - - 1.01 -MS INVF Global Fixed Income Opps I 101 163 108 111 115 125 148 69 - - 0.64 -Neuberger Berman AbsRetMltStrt GBP I Acc 102 153 104 165 103 180 98 197 - - 1.95 -Neuberger Berman Divers Ccy USD A Acc 97 222 99 224 100 200 124 127 - - 1.91 -Neuberger Berman Glb Bd AbsRt GBP I4 Acc 99 203 99 226 101 193 101 189 - - 0.45 -Neuberger Berman Glb Eq Idx PW GBP I Acc 105 77 105 155 - - - - - - 1.08 -Neuberger Berman US Eq Idx PW GBP I Acc 107 57 105 158 - - - - - - 0.81 -Nomura Fds India Equity I USD 98 215 105 148 141 16 192 10 250 17 1.21 -Pictet - Emerging Europe P dy GBP 114 16 123 15 139 22 149 62 135 95 1.87 -Pictet Absolute Ret Fxd Inc HI GBP 102 143 107 123 106 162 108 175 - - 0.67 -Pictet-Biotech I dy GBP 117 12 117 34 132 41 146 73 397 4 1.20 -Pictet-Health I dy GBP 111 23 109 93 137 34 148 67 349 7 1.22 -Pictet-India Index I GBP 96 230 103 179 129 53 140 86 - - 0.42 -Pictet-Indian Equities I GBP 101 170 109 84 127 62 164 32 208 37 1.06 -Pictet-Nutrition I dy GBP 102 141 106 138 128 58 149 64 208 38 1.21 0.19Pictet-Russia Index I GBP 112 22 133 7 157 2 213 3 - - 0.45 -Pictet-Russian Equities I GBP 108 44 122 19 139 21 225 2 176 60 1.19 -Pictet-Timber I dy GBP 118 9 109 90 122 89 149 63 241 23 1.21 1.17PIMCO GIS Capital Scs E USD Acc 105 91 113 51 118 104 156 51 - - 1.69 -PIMCO GIS Cmdty Real Ret E USD Inc 97 218 95 240 89 215 85 206 77 121 1.62 -PIMCO GIS Dynamic Bd E Acc 98 214 102 203 105 172 130 106 - - 1.80 -PIMCO GIS Glb Lw Dur Rl Rt Ins USD Acc 98 206 103 188 103 179 130 107 - - 0.49 -PIMCO GIS Infl Strat E USD Acc 98 216 105 156 102 185 115 156 - - 2.10 -PIMCO Sel Dynamic Bd Ret GBP Acc 100 188 102 200 102 183 100 193 - - - -Polar Capital Biotech I Inc 109 35 110 72 147 9 202 6 - - 2.20 -Polar Capital Financial Opports R Inc 105 87 107 124 117 111 143 81 - - 1.17 0.79Polar Capital Glbl Convert I Acc 98 212 103 189 115 128 142 83 - - 1.14 -Polar Capital Global Ins R Acc 106 73 115 44 137 31 204 5 - - 0.96 -Polar Capital Healthcare Opports I Inc 108 50 103 186 148 6 174 19 524 2 1.24 -Polar Capital Hlthcare Blue Chip I Acc 113 17 107 120 138 27 163 33 - - 0.87 -Principal Preferred Secs I Acc USD 105 94 114 50 119 102 161 41 275 10 0.45 -Quilter Inv Natrl Res Eq U2 (GBP) Acc 105 86 104 169 112 140 120 142 - - - 2.09Quilter Investors PM Eq U2 (GBP) Acc 118 8 133 6 108 155 148 68 - - - 0.34RWC Enhanced Income Fund R GBP Acc 102 148 100 216 113 135 117 149 - - 1.17 -RWC Global Convertibles Fund R GBP Acc 103 125 105 152 107 160 110 167 151 81 1.10 -RWC Income Opportunities Fund R GBP Acc 102 139 101 208 115 121 126 116 - - 1.12 -RWC Sustainable Convertibles B EUR Acc 99 198 102 204 106 163 117 154 108 107 1.24 -Sanlam Real Assets A GBP Inc 108 46 116 42 - - - - - - 0.97 3.07Sarasin Food & Agriculture Opps P Acc 104 110 108 104 135 39 171 23 231 30 0.99 0.84Schroder Diversified Growth I Acc 104 97 107 129 112 139 114 159 164 71 0.80 1.46Schroder GAIA Egerton Equity A Dis GBP 103 134 108 102 129 55 141 84 190 47 2.43 -Schroder ISF Asian Ttl Ret C Acc USD 104 113 109 81 129 54 169 28 313 8 1.34 -Schroder ISF Emerging Europe C Acc EUR 109 34 120 23 152 5 183 14 222 33 1.34 -Schroder ISF Eurp Div Mxmsr Z Acc EUR 105 95 105 154 119 101 129 111 182 56 1.07 -Schroder ISF Glb Div Mxmsr Z DisGBP QF 105 92 107 125 115 123 145 77 230 31 1.06 7.05Schroder ISF Glb Em Mkt Opps C Acc USD 107 54 115 45 138 25 153 57 188 49 1.35 -Schroder ISF Indian Equity C Acc USD 97 219 103 185 132 42 157 47 239 24 1.37 -Schroder ISF Latin American C Acc USD 102 144 107 118 131 45 122 135 110 105 1.34 -Schroder ISF Wealth Presv C Acc EUR 99 197 102 197 102 187 113 163 104 110 1.01 -Schroder Small Cap Discovery Z Acc 102 155 105 157 105 167 121 136 - - - 0.89Scottish Widows Latin Amer A Acc 99 196 108 106 125 74 131 103 112 103 1.81 0.99SKAGEN Vekst A 104 100 107 128 122 94 136 90 174 63 1.00 -Smith & Williamson Artfcl Intllgnc Z GBP 115 15 129 11 - - - - - - - -Smith & Williamson Global Gold & Res B 118 7 132 8 95 211 141 85 84 118 - -Stewart Inv Indian Sbctnt Sustnby B GBP 97 225 100 221 122 88 154 55 - - - 0.09Stewart Investors AsiaPac Ldrs B Acc GBP 101 171 104 176 125 71 150 61 273 12 0.89 1.09Stewart Investors AsiaPac Sust B Acc GBP 100 180 106 137 131 46 162 37 357 6 1.00 0.84Stewart Investors Glbl EM Ldrs B Acc GBP 96 233 95 239 108 156 123 132 212 35 0.91 1.79Stewart Investors Glbl EM Sust B Acc GBP 100 189 106 131 127 65 144 79 270 13 1.03 0.91Stewart Investors Global EM B Acc GBP 94 240 96 237 109 150 124 129 211 36 1.06 1.70Stewart Investors Latin Amer B Acc GBP 95 234 99 227 116 118 146 76 186 52 1.14 2.07T. Rowe Price Frontier Markets Eq Q GBP 101 168 108 112 113 132 134 95 - - 1.27 -T. Rowe Price Glbl Natrl Res Eq Q EUR 102 140 100 218 98 205 117 150 139 92 0.92 -T. Rowe Price Global Natrl Res Eq C GBP 103 136 100 222 - - - - - - - -TB Guinness Global Energy I Acc 97 221 99 228 107 158 101 190 - - 0.87 1.69Templeton BRIC A(acc)USD 107 55 111 67 141 15 160 43 141 91 2.46 -Threadneedle Latin America Z Acc GBP 102 145 108 113 121 95 111 166 103 111 - 2.01TIME Defensive Income Securities Acc 106 68 113 57 - - - - - - - 4.54TM Fulcrum Diversified Liqd Alts CGBPAcc 104 117 106 130 - - - - - - - 0.25TM Stonehage UK Equity Income B Inc 104 115 103 190 121 96 131 104 202 39 1.65 5.89UTI India Dynamic Equity USD RDR Acc 99 195 108 105 - - - - - - 1.36 -Vontobel Clean Technology N GBP 113 18 119 24 - - - - - - 0.98 -VT Gravis UK Infras Inc C GBP Acc 107 58 115 47 126 69 - - - - - 4.33VT icf Absolute Return Portfolio F GBP 101 158 100 214 102 188 105 179 - - 2.06 -VT Protean Capital Elder Net Acc 104 107 107 122 - - - - - - - 3.88Vt Protean Capital Procsi Core A GBP Acc 102 150 104 162 - - - - - - - -VT Reyker Real Assets R Acc 107 59 112 65 - - - - - - - 3.62VT RM Alternative Income Retail GBP Acc 105 83 112 60 - - - - - - - 4.39VT SG UK Defined Return Assets A Acc 104 116 108 100 - - - - - - - -Waverton Absolute Return A GBP 100 192 100 220 96 209 96 200 - - - -WAY Global Momentum E Acc 106 72 104 175 106 165 119 144 - - 1.55 -Wellington EmergingMarket Devpmt N £ UnH 105 78 - - - - - - - - - -Wellington FinTech N GBP Unhedged Acc 110 26 134 5 - - - - - - - -Winton Diversified UCITS I GBP Inc 100 190 98 233 - - - - - - - -Average/Total 104 248 108 247 118 220 136 209 184 126 1.24 1.93

(IA) STANDARD MONEY MARKETASI Sterling Money Market I Acc 100 1 101 2 102 1 102 2 104 3 0.37 0.69Invesco Money UK Z Acc 100 3 101 3 101 2 102 1 104 2 - 0.60LF Canlife Sterling Liquidity I Acc 100 2 101 1 - - - - - - - 0.54Premier UK Money Market B Inc 100 4 101 4 101 3 102 3 105 1 - 0.60Average/Total 100 4 101 4 101 3 102 3 104 3 0.37 0.61

(IA) TARGETED ABSOLUTE RETURN7IM Real Return C Acc 102 49 104 59 107 35 118 16 - - - -Absolute Insight Credit B2p2 GBP 102 54 102 75 108 33 102 53 - - 2.84 -Absolute Insight Currency B3p GBP 100 95 100 96 90 94 92 71 - - 0.95 -Absolute Insight Emerg Mkt Debt B3p GBP 101 81 102 76 99 77 97 63 - - 1.22 -Absolute Insight Eq Mkt Netrl B3p GBP 100 98 99 97 97 80 100 60 112 28 1.10 -

Unit Trusts 11



£ £ £ £ £ % %Absolute Insight W 101 77 101 88 100 74 100 58 123 22 - 1.56Allianz Fixed Income Macro E GBP Acc 101 84 107 26 - - - - - - - 2.83Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 103 37 97 102 101 71 119 15 - - 0.92 0.34Artemis US Absolute Return I Hdg Acc GBP 100 92 101 90 106 42 115 22 - - 0.95 0.25ASI Global Absolute Ret Strat P1 Acc 103 32 106 35 104 55 102 54 138 18 - 2.16ASI Target Return Bond I Acc 102 55 104 58 106 43 103 46 115 27 - 1.68Aviva Investors Mlt-Strat Trgt Inc 2£Inc 101 73 105 39 102 69 - - - - - 4.47Aviva Investors Mlt-Strat Trgt Ret 2£Acc 104 25 103 62 102 68 106 41 - - - 1.08Baillie Gifford Diversified Gr B1 Acc 104 18 108 15 114 18 120 13 - - 0.86 -Baillie Gifford Multi Asset Gr B1 Acc 104 16 109 12 117 8 - - - - - 1.53Barings Multi Asset I GBP Acc 104 17 106 29 115 13 122 9 161 8 0.79 3.03BlackRock Absolute Return Bond D Acc 101 76 102 78 103 60 106 42 - - - 1.67BlackRock Emerging Mkts Abs Alpha D Acc 98 104 101 84 104 54 - - - - - -BlackRock European Absolute Alpha D Acc 100 89 104 52 114 17 119 14 149 11 0.97 -BlackRock Glbl Long/Short Eq D Acc 94 112 100 93 111 28 - - - - - -BlackRock UK Absolute Alpha D 102 60 109 10 106 40 117 19 126 20 0.93 0.23BMO Global Equity Market Netrl V10 C Acc 84 116 72 112 77 96 - - - - - 1.86BNY Mellon Absolute Ret Bd EUR X Acc 97 110 97 100 97 82 107 37 - - 0.07 -BNY Mellon Absolute Ret Eq GBP U Acc 99 99 98 99 96 86 101 57 - - 0.96 0.03BNY Mellon Global Absolute Ret Inst WAcc 106 6 109 7 115 14 115 21 - - - 1.14BNY Mellon Global Dynamic Bd Inst Inc 102 45 106 32 106 41 108 32 140 17 0.81 -BNY Mellon Mlt-Asst Divers Ret Inst WAcc 105 7 109 9 118 5 129 6 176 4 - 2.44BNY Mellon Real Return Inst W Acc 104 22 111 4 113 19 118 17 147 13 - 2.19BNY Mellon Sus Real Return Ins W Acc 104 24 111 5 - - - - - - - 2.08Castlefield Real Return Instl 103 36 108 19 111 27 117 18 160 9 2.23 1.06Eaton Vance Intl (IRL) Global Mac I2 GBP 107 5 108 18 - - - - - - 1.15 -FP Argonaut Absolute Return R GBP Acc 102 58 109 13 109 32 96 67 173 5 - -FP Octopus Global Strategies B 101 85 102 79 101 70 104 44 - - 1.62 0.18FP Pictet Multi Asset Portfolio A Acc 102 43 104 50 105 47 - - - - - 0.30Franklin Absolute Return Bd W(acc) 100 90 101 85 - - - - - - - -GAM Multistock Abs Ret Eurp Eq GBP Rh 100 94 103 71 96 85 97 64 - - 0.74 -GAM Star (Lux) - Convert Alpha I EUR Acc 98 101 99 98 103 61 116 20 117 26 1.38 -GAM Star (Lux) - European Alpha I GBP 100 93 104 53 106 44 107 35 - - 1.53 -GAM Star Emerging Market Rates Instl£Inc 102 44 104 55 105 51 108 33 - - 1.25 2.21GAM Star Global Rates GBP Acc 103 30 112 3 100 73 94 69 118 25 3.13 -Gemini Principal Asset Allc A £ Acc 92 115 93 108 88 95 - - - - - -GS Global Absolute Ret R Inc GBP Hdg 103 35 104 49 103 63 - - - - 0.86 1.01H2O Multireturns N/D GBP 114 1 120 2 139 2 162 2 - - - 0.91Hermes Absolute Ret Crdt F GBP Hdg Acc 103 31 106 28 107 36 - - - - 0.94 -IFML Vitality Targeted Absolute Ret Bd D 101 71 101 89 95 89 93 70 - - - 0.41IFSL Brooks Macdonald Def Cap A Acc 103 33 106 31 112 23 124 8 176 3 0.81 -Invesco Global Targeted Inc UK Z Acc 101 86 105 44 105 45 - - - - - 3.58Invesco Global Tgtd Rets UK Z Acc 101 68 104 54 102 65 107 36 - - - 1.01Investec Target Return Bd I Acc GBP 102 59 102 74 96 84 94 68 94 30 0.77 1.76Janus Henderson Abs Ret Fxd Inc I GBPAcc 101 74 - - - - - - - - - -Janus Henderson Eurp Abs Ret I Acc 108 3 108 17 112 22 113 26 162 7 1.11 0.31Janus Henderson Mlt-Ast AbsRet I Acc 101 87 102 77 104 56 109 31 126 21 - 1.10Janus Henderson UK Absolute Return I Acc 102 48 103 68 104 52 114 23 155 10 1.08 -JPM Global Macro C Net Acc 100 91 101 92 104 58 108 34 120 24 0.83 -JPM Global Macro Opportunities C Net Acc 100 88 101 87 118 6 130 5 - - 0.93 0.57JPM Unconstrained Bond C Grs Acc 102 61 103 61 105 48 109 30 133 19 0.68 -Jupiter Absolute Return I Acc 97 108 97 101 92 92 106 38 - - 0.84 -Jupiter Merlin Real Return I GBP Acc 102 42 105 43 - - - - - - - -Kames Absolute Return Bond GBP B Acc 101 79 101 86 102 67 105 43 - - 0.67 -Kames Global Eq Mkts Netrl GBP B Acc 101 65 106 36 103 62 - - - - 1.12 -Kames UK Equity Absolute Ret GBP B Acc 104 21 105 38 97 83 97 65 - - 0.82 -L&G Multi-Asset Target Return I Acc 100 97 103 65 116 11 - - - - - 4.43LF Odey Absolute Return Sterling I Acc 98 105 94 107 103 64 97 66 242 1 5.06 -Liontrust GF Absolute Ret Bd C5 Acc GBP 101 83 102 72 - - - - - - - -LionTst GF EurpStratEq C3 H Instl Acc£ 110 2 120 1 119 4 - - - - - -M&G Absolute Return Bond GBP I Acc 103 27 108 20 - - - - - - - 2.16M&G Global Target Return GBP I Acc 102 63 100 95 - - - - - - - -Man Dyn Allc Professional C Acc 104 23 109 8 - - - - - - - 0.22Man GLG Alpha Select Alt IL GBP Acc 102 51 107 25 129 3 135 3 - - 2.15 -Man GLG European Alpha Alt IN H GBP 101 75 101 91 105 49 103 50 - - 2.73 -Man GLG UK Absolute Value Profl CX £ Acc 104 13 107 24 - - - - - - - -Merian Global Equity Abs Ret R GBP H Acc 94 114 91 111 93 91 100 59 148 12 1.42 -Merian Strategic Abs Ret Bd F2 GBP H Acc 103 28 105 40 105 46 103 47 - - 0.70 -Merian UK Opportunities R GBP Acc 103 41 102 81 96 87 87 73 - - - -Merian UK Specialist Equity R GBP Acc 98 100 106 34 113 20 - - - - 1.05 -MI Activus Investment Z GBP Acc 101 82 103 67 108 34 - - - - - 0.01New Capital Global Alpha GBP Inst Acc 104 26 105 45 - - - - - - 0.98 -Newton Managed Targeted Ret Inst W Acc 104 14 109 11 110 30 120 12 - - - 1.63Nordea 1 - GBP Diversified Return BC GBP 105 9 108 16 111 25 - - - - 1.00 -OYSTER Absolute Return GBP R GBP D 104 19 106 30 107 37 - - - - 0.76 1.46Polar Capital UK Absolute Eq I GBP 98 102 105 37 144 1 196 1 - - 9.50 -Premier Defensive Growth C Inc 97 106 96 103 97 81 101 55 - - - 0.45Premier Multi Asset Absolute Ret C Acc 103 40 105 47 106 39 111 29 146 15 1.20 0.13Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc 94 113 91 110 - - - - - - - -Quilter Investors Abs Rt Bd U2 GBP Acc 102 56 - - - - - - - - - -Royal London Abs Ret Govt Bd M GBP Acc 101 70 102 83 101 72 - - - - - -Royal London Duration Hedged Crdt Z Acc 102 52 104 57 111 24 114 24 - - - 2.45RWC Pensato Europa Absolute Ret R GBPAcc 108 4 103 66 - - - - - - - -Sanlam Multi Strat A GBP Acc 104 15 107 23 117 7 121 11 - - 1.03 -Schroder Absolute Return Bond Z GBPAcc 102 57 103 63 104 53 103 49 123 23 0.92 1.61Schroder European Eq Abs Ret P2 Acc Euro 97 109 92 109 93 90 98 62 95 29 1.01 -Schroder ISF Asn Bd TR Z Acc USD 101 69 108 14 109 31 - - - - 0.94 -Schroder ISF EM Dbt Abs Rt Z Acc EUR H 96 111 96 104 99 79 103 45 91 31 1.07 -Schroder Multi-Asset Total Return Z Acc 103 34 104 51 - - - - - - - 0.57Schroder UK Dynamic Abs Ret P2 GBP Acc 102 64 105 42 116 12 133 4 187 2 1.25 -SLI Abs Ret Glb Bd Strats A Acc GBP 101 66 104 56 100 76 101 56 - - - -Smith & Williamson Defensive Growth B 103 38 107 27 117 10 126 7 165 6 - 0.50Smith & Williamson Enterprise C 101 67 106 33 107 38 111 27 146 14 0.93 -SVS Church House Tenax AbsRt Strts A Acc 101 72 102 73 105 50 113 25 145 16 1.35 0.43Threadneedle Dynamic Rl Ret Z Acc 103 29 105 41 111 26 121 10 - - - -Threadneedle UK Abs Alpha Z Acc GBP 101 78 103 64 104 59 106 40 - - 0.93 0.30Tideway High Income Real Ret A GBP Acc 105 10 109 6 112 21 111 28 - - - 1.79TM Euro Select A Acc 98 103 96 105 100 75 90 72 - - - 0.14TM Fulcrum Divers Cor Abs Ret C GBP Acc 102 62 102 82 102 66 102 51 - - - -TM Fulcrum Diversified Abs Ret C GBP Acc 102 47 103 70 104 57 103 48 - - - -TM Fulcrum Income C GBP Inc 103 39 104 48 - - - - - - - 5.28TM Neuberger Berman Absolute Alpha F Acc 97 107 - - - - - - - - - -TM UK Select A Acc 105 8 95 106 90 93 - - - - - -TMI Diversified Assets GBP Acc Hdg 105 12 107 22 114 16 - - - - - -


Uni-Global Cross Asset Navigator RA-USD 105 11 108 21 117 9 - - - - 0.75 -Vontobel Ttfr Abs Ret Crdt G GBP 102 53 105 46 110 29 - - - - 0.37 -VT iFunds Absolute Return Green A Acc 102 46 103 60 95 88 102 52 - - - -VT iFunds Absolute Return Orange A Acc 104 20 102 80 99 78 106 39 - - - -VT Woodhill UK Equity Strat Net Inc GBP 102 50 103 69 114 15 99 61 - - - -Wellington Glbl Ttl Ret GBP N Acc H 100 96 - - - - - - - - - -Winton Absolute Return Futures I GBP Acc 101 80 100 94 - - - - - - 1.00 -Average/Total 102 116 103 112 106 96 110 73 142 31 1.33 1.43

(IA) TECHNOLOGY AND TELECOMMUNICATIONSAS SICAV I Technology Eq X Acc GBP 113 6 127 4 161 10 204 8 377 9 0.95 -AXA Framlington Gbl Technology Z Acc 110 11 125 5 183 3 271 3 580 2 - -Close FTSE TechMark X Acc 118 4 129 1 142 12 181 9 392 7 1.04 1.41Fidelity Global Technology W-Acc-GBP 119 2 128 3 180 4 287 2 572 3 1.16 -GAM Star Technology Instl GBP Acc 112 9 120 13 176 7 222 6 - - 1.71 -Janus Henderson Global Technology I Acc 113 8 125 6 178 6 249 5 502 5 1.03 -L&G Global Technology Index I Acc 119 3 128 2 180 5 255 4 520 4 0.32 0.83Liontrust Gbl Technology C GBP Acc 108 13 120 12 185 2 - - - - 0.93 -MFM Techinvest Technology A Acc 102 15 105 15 133 13 154 10 387 8 1.74 -Pictet - RoboticsI GBP 116 5 122 9 167 8 - - - - 1.19 -Pictet-Digital I dy GBP 106 14 112 14 151 11 217 7 469 6 1.20 -Polar Capital Global Tech I Inc 113 7 122 11 194 1 289 1 625 1 1.75 -T. Rowe Price Global Tech Eq C GBP 110 10 123 7 - - - - - - - -T. Rowe Price Global Tech Eq Qd GBP 110 12 122 10 163 9 - - - - 0.97 -Wellington Asia Technology N UnH GBP Acc 122 1 123 8 - - - - - - - -Average/Total 113 15 122 15 169 13 233 10 491 9 1.17 1.12

(IA) UK ALL COMPANIES7IM UK Equity Value C Inc 102 248 105 243 117 199 - - - - - 4.94Allianz UK Mid Cap C Acc 106 144 115 71 117 193 147 65 289 35 - -Allianz UK Opportunities C Acc GBP 111 21 112 127 133 41 155 37 232 91 - -Architas MM UK Equity A Acc 106 180 112 131 124 99 136 119 220 118 1.25 1.77Ardevora UK Equity B GBP Acc 108 81 119 31 127 74 163 27 - - - -Artemis Capital I Acc 109 48 114 89 124 100 144 74 266 49 0.94 -Artemis Instl UK Special Sits IN Acc 114 7 116 57 117 197 128 179 242 78 0.77 2.63Artemis UK Select I Acc 115 5 121 19 129 65 143 77 275 42 0.84 -Artemis UK Special Situations I Acc 114 9 116 60 117 194 127 189 228 103 0.81 -Artorius A GBP Acc 107 93 121 17 150 9 169 19 - - - -AS SICAV I UK Eq X SInc GBP 108 68 121 14 133 40 144 75 233 90 0.98 1.24ASI UK All Share Tracker C Acc 107 131 111 154 123 124 137 113 - - - 3.64ASI UK Equity Enhanced Index B Acc 105 199 109 213 122 147 - - - - - 3.84ASI UK Equity I Acc 108 78 121 16 133 38 144 72 238 86 1.10 1.40ASI UK Equity Index Managed B Acc 106 178 111 172 122 146 135 132 203 152 - 3.82ASI UK Ethical Equity P1 Acc 109 43 118 41 141 23 159 32 306 27 - 1.60ASI UK Growth Equity P1 Acc 105 191 108 226 121 164 126 197 179 184 - -ASI UK High Alpha Equity P1 Acc 107 88 106 238 120 170 129 171 258 58 - 3.68ASI UK Impact Employ Opprt Eq P1 Acc 111 30 124 3 - - - - - - - 1.87ASI UK Mid-Cap Equity I Acc 107 109 126 1 147 13 170 16 339 13 - 1.28ASI UK Opportunities Equity P1 Acc 103 239 120 26 146 14 153 43 216 125 - 0.85ASI UK Recovery Equity P1 Acc 99 254 80 253 88 241 116 216 187 181 - 2.27ASI UK Responsible Equity I Acc 111 23 123 6 142 18 163 26 250 71 - -ASI UK Unconstrained Equity P1 Acc 110 35 107 231 117 192 120 213 282 40 - -Aviva Investors UK Index Tracking 2 £Inc 106 179 111 179 123 126 135 133 209 147 0.23 -Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 107 102 105 239 115 215 122 210 224 109 0.78 3.48Aviva Investors UK Lstd Eq MoM1 2 GBPInc 102 247 117 49 154 5 179 7 441 3 1.03 -Aviva Investors UK Lstd Eq Uncons2GBPAcc 110 38 111 164 121 155 142 80 238 85 0.82 3.72Aviva Investors UK Lstd S&M Cap2 GBP Acc 112 14 120 25 137 30 152 48 251 69 0.82 1.65AXA Framlington UK Growth Z GBP Acc 111 20 120 22 130 54 143 76 242 77 0.72 -AXA Framlington UK Mid Cap Z Acc 108 66 121 13 134 36 164 22 - - 0.93 1.38AXA Framlington UK Select Opps ZI Acc 104 236 112 151 121 157 133 146 252 67 - -AXAWF Fram UK F Cap GBP 104 234 118 42 131 51 - - - - 1.00 -Baillie Gifford UK Equity Alpha B Acc 105 188 119 28 154 4 188 4 312 22 0.69 1.33Baillie Gifford UK Equity Core B Acc 106 171 114 86 - - - - - - - 3.13Baillie Gifford UK Equity Focus B GBPAcc 105 187 114 98 - - - - - - - 1.39Barclays UK Alpha R Acc GBP 108 73 109 203 116 208 127 183 229 96 - 2.67Barclays UK Alpha S2 R Acc GBP 108 71 109 209 115 216 127 188 - - - 2.39Barclays UK Core R Acc GBP 107 132 110 195 120 171 136 126 201 157 - 2.48Barclays UK Lower Cap R Acc GBP 109 47 117 47 129 58 160 30 - - - 1.38Barclays UK Opportunities R Acc GBP 106 181 113 103 132 49 151 54 259 56 - 2.29BlackRock UK D Acc 105 204 117 44 132 44 154 40 229 100 0.92 -BlackRock UK Equity D Acc 107 90 118 38 131 50 153 42 - - - -BlackRock UK Special Situations D Acc 108 64 121 15 140 24 161 29 292 33 0.92 1.81BMO FTSE All-Share Tracker 2 Inc 106 142 111 157 123 129 136 121 212 138 0.38 3.98BMO Responsible UK Equity 2 Acc 108 79 115 77 138 25 156 34 283 38 0.81 2.20BMO Select UK Equity 2 Acc 109 56 114 85 123 130 138 105 191 174 0.86 2.58BMO UK Mid-Cap C Acc 109 53 113 101 126 82 150 58 356 10 - 2.65BNY Mellon UK Equity Inst W Acc 106 154 114 93 127 76 146 67 210 145 - -BNY Mellon UK Opportunities Inst W Acc 108 77 118 35 127 79 150 59 258 59 - -Castlefield CFP SDL UK Bufftlgy Inst Inc 106 183 117 50 161 2 224 2 - - - 0.92Cavendish Opportunities B Inc 102 244 108 218 124 113 146 69 330 16 0.83 -CFP SDL Free Spirit General (Acc) 106 141 118 36 - - - - - - - 0.98Dimensional UK Core Equity GBP Acc 107 96 112 125 125 92 140 88 228 102 0.36 3.45Dimensional UK Value Acc 106 148 110 196 119 178 127 186 193 169 0.54 3.97EdenTree Amity UK B 109 49 114 83 124 114 139 98 260 55 0.87 2.21EdenTree UK Equity Growth B 107 94 116 56 137 29 153 44 338 14 0.84 1.91ES R&M UK Dynamic Equity Fund B Acc 110 40 114 100 122 145 142 79 263 52 1.19 -ES R&M UK Equity High Alpha Fund B Acc 107 113 110 185 125 94 145 71 265 50 0.82 -ES R&M UK Recovery Fund B Inc 107 106 111 162 126 80 148 63 294 32 1.17 2.43Family Asset Trust 106 151 110 183 120 169 130 167 192 170 1.03 2.85Family Charities Ethical Tr Inc 106 186 111 178 122 143 127 184 173 186 1.46 2.73Fidelity FAST UK Y-ACC-GBP 107 87 119 33 135 33 155 35 - - 1.28 -Fidelity Index UK P Acc 107 128 112 147 124 112 138 102 214 131 - 3.34Fidelity Instl UK Acc 108 61 112 129 118 184 135 136 231 94 0.87 2.59Fidelity Special Situations W Acc 107 115 110 198 122 148 151 52 251 70 - 2.21Fidelity UK Opportunities W Acc 110 39 109 212 114 221 148 62 - - - -Fidelity UK Select W Acc 107 91 117 51 132 48 153 45 258 57 - 1.91FP Octopus UK Equity B Acc 104 230 107 235 116 201 129 172 220 115 1.11 2.47FP Russell Invsmts UK Growth Assts C Acc 106 160 112 126 126 84 135 140 - - 1.07 -Franklin UK Managers' Focus W Acc 108 62 114 87 129 60 152 47 310 23 0.83 -Franklin UK Mid Cap W Acc 116 3 125 2 150 8 172 13 382 7 0.82 2.88Franklin UK Opportunities W Acc 109 42 115 75 124 109 140 93 226 105 0.55 -Franklin UK Rising Dividends W Acc 109 52 114 88 129 62 152 46 253 65 0.55 -GlobalAccess UK Alpha M Acc GBP 108 84 109 216 115 213 127 191 - - 0.72 2.65GlobalAccess UK Opportunities M Acc GBP 106 167 114 92 132 47 150 57 - - 0.81 2.53GVQ Opportunities A GBP Inc 112 17 114 84 118 181 - - - - - 2.69

Unit Trusts 12



£ £ £ £ £ % %GVQ UK Focus I GBP Inc 110 34 116 64 118 186 134 143 310 25 1.00 2.93Halifax Special Situations C 103 240 115 80 125 90 132 157 161 189 1.51 0.73Halifax UK FTSE 100 Idx Track C 105 198 110 200 119 174 129 176 185 182 1.53 3.17Halifax UK FTSE AllSh Idx Track C 106 162 111 180 121 163 132 154 199 162 1.50 3.06Halifax UK Growth C 103 237 107 232 118 190 129 173 192 171 1.51 2.81HC Charteris Premium Income I Acc 107 116 111 153 108 232 119 215 150 192 - 5.51HL Multi-Manager UK Growth A Acc 104 220 108 223 120 165 - - - - - -HL Select UK Growth A Acc 104 225 116 67 - - - - - - - 1.44HSBC Common For Growth Income 106 140 112 132 114 220 125 199 203 154 0.75 4.15HSBC FTSE 100 Index Accumulation C 106 177 111 177 122 142 134 142 202 155 0.17 -HSBC FTSE 250 Index C Acc 113 13 117 48 129 59 150 56 297 30 0.18 -HSBC FTSE All Share Index C Acc 107 119 112 139 124 111 138 101 217 123 0.17 -HSBC UK Focus R Acc 109 59 112 121 113 224 124 205 214 134 1.54 -HSBC UK Growth & Income C Acc 108 83 112 136 116 206 124 204 191 173 1.00 -HSBC UK Multi-Factor Eq Instl A Inc 107 134 112 133 124 103 135 130 216 124 0.53 -IFML Vitality UK Listed Equity D 104 219 112 138 123 134 137 117 - - - 2.35IFML Vitality UK Listed Equity Income D 104 226 115 81 128 67 - - - - - -Invesco High Income UK Z Acc 100 252 99 251 99 238 108 221 210 146 - 3.58Invesco Income UK Z Acc 100 253 100 248 100 237 108 222 205 151 - 3.60Invesco UK Companies UK Z Acc 111 22 111 165 113 225 123 209 238 84 - -Invesco UK Enhanced Index UK(NoTrail)Acc 105 190 110 184 126 86 141 85 240 82 0.41 4.19Invesco UK Focus UK Z Acc 111 29 107 228 116 210 128 180 262 53 - -Invesco UK Growth UK Z Acc 109 50 108 227 115 218 125 198 248 74 - -Invesco UK Strategic Inc UK Z Acc 101 251 99 250 97 239 102 223 214 130 - 4.02Investec UK Alpha I Inc 105 207 113 115 125 97 140 92 284 37 0.87 2.47Investec UK Equity Income I Acc 104 224 115 78 129 64 - - - - - -Investec UK Special Situations I Acc 113 11 118 39 124 115 135 134 225 107 0.85 -Investec UK Sustainable Equity I GBP Acc 106 165 - - - - - - - - - -iShares 100 UK Equity Index (UK) D Acc 106 176 111 169 123 132 136 127 - - - 4.32iShares Mid Cap UK Equity Idx (UK) D Acc 112 15 116 55 129 63 150 55 - - 0.19 -iShares UK Equity Index (UK) D Acc 107 122 112 144 124 107 138 99 219 120 0.16 -Janus Henderson Instl Hi Alp UK Eq I Acc 107 92 113 118 123 121 135 141 249 73 0.77 -Janus Henderson Instl MainstrmUKEq I Acc 107 101 113 112 124 106 135 128 240 81 0.54 3.99Janus Henderson Instl UK Eq Trck A Inc 106 150 111 174 120 168 131 162 200 160 1.04 3.32Janus Henderson Instl UK Idx Opps I Acc 107 112 112 134 124 104 139 97 220 116 0.52 3.62Janus Henderson UK Alpha I Acc 105 213 111 161 128 69 151 53 202 156 1.06 2.61Janus Henderson UK Index I Acc 106 147 111 158 122 137 136 123 213 135 0.44 3.35Janus Henderson UK Tracker A Acc 105 194 110 193 120 167 131 164 189 178 1.22 3.22JOHCM UK Dynamic A Acc 106 159 111 160 128 72 146 70 283 39 1.00 -JOHCM UK Growth GBP A 102 245 105 242 114 222 113 218 198 164 0.79 2.08JPM UK Dynamic C Net Acc 106 168 109 206 120 166 142 82 256 63 0.93 3.16JPM UK Equity Core E Net Acc 107 104 113 111 123 119 140 87 230 95 0.40 -JPM UK Equity Growth C Net Acc 107 105 116 63 128 71 151 51 270 47 0.93 -JPM UK Equity Plus C Net Acc 109 46 120 24 132 45 - - - - - 2.59JPM UK Strategic Equity Income C Net Acc 106 164 110 182 118 182 133 149 223 112 0.93 4.72Jupiter Growth & Income I Acc 104 227 107 234 106 233 112 220 213 137 1.01 4.13Jupiter Responsible Inc Fd I Acc 108 63 111 168 117 195 122 211 219 119 - 3.94Jupiter UK Alpha I Acc 106 163 108 224 104 236 113 217 212 141 0.86 3.58Jupiter UK Growth I Acc 103 242 103 245 106 234 102 224 211 144 1.03 2.34Jupiter UK Special Situations I Acc 111 25 108 220 118 180 142 81 271 44 0.78 -Kames Ethical Equity GBP B Acc 109 58 119 29 122 151 135 139 267 48 0.82 1.76Kames UK Equity GBP B Acc 107 117 112 122 115 217 132 156 207 150 0.82 2.35Kames UK Opportunities GBP B Acc 111 26 120 27 118 188 135 137 212 140 1.10 1.05L&G (N) Tracker I Acc 106 137 111 155 123 116 138 104 212 142 - -L&G Ethical I Acc 111 33 119 32 127 75 138 107 252 66 0.32 2.99L&G Future Wld Gender Lead UK Idx I Acc 106 158 112 150 - - - - - - - 3.83L&G Future World ESG UK Index I £ Acc 106 172 - - - - - - - - - -L&G Growth I Acc 114 8 120 20 130 55 169 17 234 88 0.79 -L&G UK 100 Index I Acc 106 182 111 176 122 139 135 135 203 153 0.24 4.32L&G UK 350 Index A Acc 106 145 111 163 121 156 131 161 195 167 1.42 3.65L&G UK Alpha I Acc 98 255 90 252 91 240 91 225 166 188 0.80 0.68L&G UK Index I Acc 107 128 112 149 124 108 138 100 218 122 0.23 3.97L&G UK Mid Cap Index I Acc 113 12 117 46 - - - - - - - -L&G UK Select Equity I Acc 109 51 113 104 117 196 135 138 212 139 - 2.72L&G UK Special Situations I Acc 104 228 105 240 108 230 140 90 224 111 0.83 2.70Lazard UK Omega C Acc 105 200 109 214 116 209 132 158 - - - 3.22Legg Mason IF QS UK Equity X Acc 108 85 108 222 109 229 123 207 192 172 - -LF Canlife UK Equity C Acc 106 139 110 197 117 200 119 214 - - - 3.17LF IM UK Growth A Inc 104 229 110 199 120 172 135 129 - - 1.44 2.55LF Lindsell Train UK Equity Acc 103 243 118 43 149 10 179 6 435 4 0.83 -LF Majedie UK Equity X Acc 106 153 105 241 111 228 126 194 229 98 0.78 3.23LF Majedie UK Focus X Acc 106 173 110 186 121 160 137 109 265 51 1.53 2.30LF Miton UK Value Opps B Instl Acc 110 36 120 21 134 34 164 24 - - - 1.70LF Purisima UK Total Return A PCG 105 210 113 113 122 152 133 152 216 126 1.46 1.73Liontrust Macro UK Growth I Acc 107 118 113 108 118 189 121 212 - - - 4.23Liontrust Special Situations I Inc 104 221 113 116 141 22 178 9 414 5 0.92 1.78Liontrust Sust Fut UK Gr 2 Net Acc 104 223 117 52 142 20 164 25 296 31 0.85 1.60Liontrust UK Ethical 2 Net Acc 109 54 122 8 150 7 168 20 310 24 - 1.91Liontrust UK Growth I Inc 106 175 112 120 131 53 164 23 322 19 0.92 2.07Liontrust UK Mid Cap C Acc GBP 107 127 103 244 108 231 126 195 324 18 - 2.83Liontrust UK Opportunities C Acc GBP 111 24 114 97 118 187 128 182 236 87 - 2.25M&G Index Tracker GBP A Acc 107 126 111 156 123 127 137 118 214 133 0.46 3.52M&G Recovery GBP I Acc 98 256 99 249 105 235 112 219 151 190 0.91 2.07M&G UK Select GBP I Acc 104 235 112 119 125 95 132 159 215 127 0.91 2.21Man GLG Undervalued Assets Profl Acc C 105 208 110 189 135 31 152 50 - - - 3.23Marks & Spencer UK 100 Comp Acc 105 206 110 201 122 149 131 165 191 175 1.03 3.83Marks & Spencer UK Selection Acc 107 103 111 159 116 207 123 208 188 180 1.61 2.60Marlborough UK Multi-Cap Growth P Inc 104 232 115 74 137 28 175 10 355 11 - -Merian UK Alpha R GBP Acc 109 44 115 76 127 77 133 147 246 75 - -Merian UK Dynamic Equity R GBP Inc 108 86 119 30 137 26 186 5 447 2 1.05 -Merian UK Mid Cap R GBP Acc 108 82 116 65 127 78 172 12 395 6 0.85 -MFM Bowland 105 212 112 142 151 6 204 3 315 20 2.09 0.94MFM UK Primary Opportunities P Inc 105 189 109 202 132 43 155 38 209 149 - 2.52MFS Meridian UK Equity W1 GBP 106 136 112 140 123 131 134 145 227 104 1.00 -MGTS AFH DA UK Multi-Cap Gr I GBP Acc 107 107 113 114 - - - - - - - 6.77MI Brompton UK Recovery Trust Acc 105 196 109 205 126 83 144 73 240 79 2.55 1.01MI Charles Stanley Equity A Acc 111 31 122 11 129 61 139 95 243 76 1.60 2.30MI Chelverton UK Equity Growth B Acc 109 41 123 5 166 1 241 1 - - - 0.93Mirabaud UK Equity High Alpha A GBP Acc 102 249 113 106 125 96 134 144 193 168 1.55 -Montanaro UK Income GBP 112 19 122 10 141 21 - - - - 0.87 3.73NFU Mutual UK Growth C 105 192 116 66 135 32 146 66 224 110 - 2.50Ocean UK Equity B Acc 106 161 117 53 - - - - - - - 2.26Polar Capital UK Value Opports I GBP Acc 105 202 114 94 - - - - - - 1.69 -Premier Ethical C Inc 116 2 122 12 133 42 152 49 299 29 0.99 1.58


Premier UK Growth C Inc 116 4 124 4 142 19 160 31 271 46 1.03 1.75Quilter Inv UK Eq Opports U2 (GBP) Acc 115 6 117 54 117 191 128 181 - - - 2.43Quilter Investors Equity 1 A (GBP) Acc 108 75 116 61 126 87 172 14 359 9 1.10 1.16Quilter Investors UK Eq Gr U2 (GBP) Acc 108 69 118 37 130 56 147 64 - - - 2.41Quilter Investors UK Equity U2 (GBP) Acc 107 95 113 117 - - - - - - - 3.03Rathbone UK Opportunities I Inc 105 215 111 171 116 203 138 106 252 68 0.81 2.25RBS UK Equity 1 Acc 106 143 - - - - - - - - - -Royal London FTSE 350 Tracker Z Acc 107 120 112 146 123 128 138 103 219 121 0.12 -Royal London Sustainable Leaders C Acc 112 16 123 7 148 11 169 18 307 26 - -Royal London UK All Share Tracker Z Acc 107 130 112 124 124 102 139 96 221 114 0.13 3.67Royal London UK Dividend Growth M 109 57 114 95 133 37 142 83 232 92 - -Royal London UK Equity M Acc 108 80 114 96 128 70 140 89 226 106 0.53 3.40Royal London UK FTSE4Good Tracker 106 156 112 135 123 118 132 153 197 166 1.50 3.77Royal London UK Growth 107 98 115 73 126 85 137 112 223 113 1.53 1.94Royal London UK Mid-Cap Growth Instl M 110 37 121 18 143 16 161 28 372 8 0.74 -Royal London UK Opportunities M Acc 111 28 118 34 120 173 127 190 215 128 0.72 2.56RWC UK Focus R GBP Acc 107 89 109 211 115 211 132 155 - - 1.15 -S&W Revera UK Dynamic Ret Acc 111 27 122 9 131 52 136 120 249 72 1.55 -Sanlam Active UK A GBP 105 203 112 145 123 135 124 201 188 179 1.11 -Santander Stockmarket 100 Trcr Gr RA 105 197 110 187 121 153 133 150 200 159 0.35 1.98Santander UK Equities A 107 111 114 91 121 159 132 160 198 165 1.01 2.80Santander UK Growth RA Acc 107 108 116 59 123 123 133 151 190 176 1.26 3.14Sarasin Charity Thematic UK Eq GBP A Acc 107 121 114 99 126 81 130 169 - - 0.95 2.05Sarasin UK Equity P Acc 107 123 113 107 122 144 126 193 - - 0.96 1.65Schroder Core UK Equity Z Acc 108 72 112 143 118 185 125 200 189 177 0.84 4.15Schroder MM UK Growth Z Acc 108 65 108 219 115 212 126 196 215 129 1.40 -Schroder Prime UK Equity I Acc 107 135 112 128 125 91 136 125 229 97 0.51 3.57Schroder Recovery Z Acc 104 218 102 247 115 214 127 187 256 60 0.92 3.39Schroder Responsible Value UK Eq I Acc 104 233 102 246 118 179 137 115 238 83 0.77 3.56Schroder UK Alpha Plus Z Acc 107 125 110 192 118 183 130 168 232 93 0.90 2.87Schroder UK Equity Z Acc 106 157 106 236 114 223 126 192 228 101 0.91 -Schroder UK Mid 250 Z Acc 109 55 112 141 125 88 133 148 272 43 0.91 2.38Schroder UK Opportunities Z Acc 106 138 111 175 117 198 124 203 262 54 0.82 2.62Scot Wid MM UK Equity Focus A Acc 106 166 110 194 123 125 137 110 209 148 1.81 2.02Scot Wid MM UK Equity Growth A Acc 107 114 112 123 122 140 129 175 211 143 1.82 1.90Scottish Friendly UK Growth 105 193 112 137 121 158 137 116 220 117 1.56 -Scottish Widows UK All Share Track I Acc 106 169 111 167 124 101 136 122 213 136 0.35 3.78Scottish Widows UK Growth A 103 238 107 230 119 177 127 185 174 185 1.61 2.49Scottish Widows UK Select Gr A 102 246 114 82 125 89 129 177 151 191 1.61 0.62Scottish Widows UK Tracker G Acc 104 217 109 210 121 161 129 174 - - - 3.48Slater Growth P Acc 108 67 120 23 147 12 168 21 553 1 0.79 -Slater Recovery P Acc 105 195 118 40 156 3 174 11 314 21 0.78 -SLI UK Equity General Trust Retl Acc 106 152 107 233 119 176 124 202 183 183 0.84 1.74Smith & Williamson UK Equity Gr B Inc 106 155 116 68 124 110 141 86 240 80 - -SSgA UK Equity Tracker 106 174 111 170 123 117 136 124 214 132 0.70 1.05SVM UK Growth Instl 107 110 116 62 132 46 154 41 290 34 1.16 0.87SVM UK Opportunities Instl 113 10 115 69 127 73 156 33 287 36 1.09 1.17SVS Church House UK Managed Growth A Acc 104 222 109 217 123 133 140 91 225 108 1.59 1.37TB Evenlode Income B Inc 106 146 117 45 146 15 178 8 354 12 - 3.00TB Saracen UK Alpha B Acc 107 133 113 105 137 27 155 36 278 41 1.44 1.62Threadneedle UK Equity Opps Z Inc GBP 109 45 107 229 119 175 138 108 - - - 2.93Threadneedle UK Extnd Alpha Ins Acc GBP 108 74 115 72 125 93 146 68 256 61 1.17 -Threadneedle UK Growth & Inc Z Inc 112 18 112 130 124 98 143 78 271 45 - -Threadneedle UK Institutional Ins Acc 108 70 109 207 121 154 137 111 229 99 0.78 -Threadneedle UK Mid 250 Z Acc GBP 105 211 114 90 130 57 149 61 300 28 0.87 1.44Threadneedle UK Select Z Inc GBP 103 241 109 215 116 205 131 163 234 89 - 3.06Threadneedle UK Sustainable Eq Z Acc 108 60 111 152 128 68 - - - - - -Threadneedle UK Z Inc GBP 108 76 113 110 122 150 141 84 256 62 - -TM CRUX UK B Inc 106 149 113 102 128 66 149 60 255 64 1.18 -TM CRUX UK Opportunities FUND A ACC 118 1 109 208 112 226 - - - - - -TM CRUX UK Special Situations I GBP Acc 107 97 115 79 - - - - - - - 1.12TM UBS (UK) - UK Eq C Acc 105 201 108 221 123 136 139 94 - - - 2.39TT UK Equity B 106 185 112 148 116 204 128 178 199 163 1.70 1.53UBS UK Opportunities C Acc Net 105 216 106 237 114 219 135 131 199 161 - 3.91Unicorn Outstanding British Co Instl 102 250 111 173 122 141 154 39 326 17 1.18 1.30Unicorn UK Growth A 107 124 116 58 143 17 171 15 337 15 1.97 1.03Vanguard FTSE 100 Index A GBP Acc 105 209 110 190 123 120 - - - - - 4.17Vanguard FTSE U.K. All Shr Idx UT Acc 106 170 111 166 124 105 137 114 - - 0.15 -Virgin UK Idx Tracking Trust 106 184 110 188 121 162 131 166 200 158 1.00 3.52VT Cape Wrath Focus GBP A Net Acc 111 32 110 191 112 227 - - - - - -VT Castlebay UK Equity A Accumulation 107 100 115 70 133 39 - - - - - -VT Garraway UK Equity Mrkt F GBP net Acc 105 205 113 109 122 138 129 170 - - - 4.05VT Munro Smart Beta UK A Acc Retail 105 214 108 225 116 202 123 206 172 187 2.40 5.69VT Sorbus Vector A 104 231 111 181 134 35 - - - - - 1.88Wesleyan UK Growth X Acc 107 99 109 204 123 122 - - - - - 3.01Average/Total 107 256 113 253 125 241 141 225 246 192 0.96 2.65

(IA) UK DIRECT PROPERTYAberdeen UK Property Feeder UT I Acc 96 21 93 26 105 20 107 16 150 8 - 2.90Aberdeen UK Property I Acc 96 20 93 25 105 19 107 15 150 7 0.89 2.92Aviva Inv UK Prpty Fdr Acc 1 GBP Acc 95 24 94 23 105 21 102 21 137 15 - 2.37Aviva Inv UK Prpty Fdr Inc 1 GBP Inc 95 23 93 24 105 18 102 20 137 14 - 2.43Aviva Investors UK Property 2 GBP Acc 95 22 94 20 106 15 104 19 142 13 - 2.91BMO UK Property 2 Inc 94 25 95 18 105 16 115 13 - - 1.19 3.26BMO UK Property Feeder 1 Acc 94 26 94 22 103 24 - - - - - 2.18Janus Henderson UK Pty PAIF Feeder I Acc 101 9 103 7 117 3 122 7 172 4 - 2.99Janus Henderson UK Pty PAIF I Acc 101 10 103 8 117 4 122 8 172 5 - 3.03Kames Property Inc Feeder(Acc) GBP B Acc 100 12 96 17 105 17 117 10 - - - 4.48Kames Property Income GBP B Gross Acc 100 11 96 16 108 14 121 9 - - - 4.37L&G UK Property Feeder I Acc 101 7 103 10 120 2 133 1 192 2 - 1.74L&G UK Property I Acc 102 6 103 9 120 1 133 3 192 1 - 1.56LF Canlife UK Property ACS I Acc 100 16 100 11 - - - - - - - 3.85M&G Feeder of Property GBP I Acc 93 27 92 27 103 23 105 18 145 12 1.34 3.04M&G Property Portfolio GBP I Acc 93 28 92 28 103 22 106 17 147 11 1.39 3.15MGTS St Johns High Income Property Acc 102 3 103 6 112 7 124 5 - - - 2.14Royal London Property A Acc 100 13 100 12 111 10 124 6 185 3 0.85 3.14SLI UK Real Estate Acc Feeder P 1 Acc 99 18 99 15 111 11 - - - - - 3.22SLI UK Real Estate Inc Feeder P 1 Inc 99 19 99 14 111 9 - - - - - 3.36SLI UK Real Estate Platform 1 Acc 99 17 99 13 111 8 113 14 156 6 - 3.74Threadneedle UK Prpty Authrsd GBP InsInc 100 15 94 19 110 12 115 11 148 9 - 4.65Threadneedle UK Prpty Authrsd Invmt INI 100 14 94 21 110 13 115 12 148 10 - 4.66TIME Commercial Long Income A Gross Acc 102 1 104 2 115 5 133 2 - - - 3.21TIME Commercial Long Income Fdr I NetAcc 102 2 104 4 113 6 128 4 - - - 2.61TIME Social Long Income A Gross Acc 102 5 104 3 - - - - - - - 3.91

Unit Trusts 13>|



£ £ £ £ £ % %TIME Social Long Income Fdr Tr I Net Acc 101 8 104 5 - - - - - - - 3.35VT Redlands Prpty A GBP Acc 102 4 105 1 - - - - - - - 2.99Average/Total 99 28 98 28 110 24 117 21 158 15 1.13 3.15

(IA) UK EQUITY AND BOND INCOMECavendish UK Balanced Income B 111 1 113 1 115 7 130 5 - - 0.63 4.84HSBC Monthly Income C Acc 107 6 112 4 116 6 124 6 189 6 - 3.44LF Canlife UK Eq and Bond Inc C Acc 107 5 110 6 117 4 133 3 208 4 0.80 4.62LF IM UK Equity & Bond Income A Acc 103 9 106 9 113 9 122 9 176 7 1.57 2.43M&G UK Income Distribution GBP I Acc 107 7 112 3 120 2 135 2 228 2 0.84 3.93Royal London UK Income with Growth 108 4 111 5 115 8 122 8 195 5 1.53 5.50Scottish Widows High Reserve A Acc 103 8 107 8 116 5 124 7 175 8 1.36 4.42Threadneedle Managed Eq Inc Z Inc 108 3 110 7 118 3 132 4 226 3 - 3.77Threadneedle Mthly Etr Inc Z Inc GBP 110 2 112 2 123 1 139 1 260 1 - 3.64Average/Total 107 9 110 9 117 9 129 9 207 8 1.12 4.07

(IA) UK EQUITY INCOMEAllianz UK Equity Income C Inc 113 1 117 6 131 5 142 9 233 28 - 4.85Ardevora UK Income C GBP Inc 105 67 112 33 115 57 135 29 - - - 4.56Artemis Income I Inc 109 15 115 9 126 13 140 16 250 14 0.79 -ASI UK High Income Equity P1 Acc 107 49 105 78 114 64 119 69 194 53 - 4.89ASI UK Income Equity I Acc 109 23 117 5 125 14 133 39 227 31 1.10 -ASI UK Income Unconstrained Eq P1 Acc 102 81 101 83 111 74 118 70 245 17 - 4.74Aviva Investors UK Listed Eq Inc 2 £ Acc 108 25 113 26 124 23 140 15 - - 0.81 4.33AXA Framlington Monthly Income Z GBP Inc 104 75 109 62 125 16 138 21 238 22 0.84 4.50AXA Framlington UK Equity Income Z £ Acc 108 38 115 10 121 29 132 40 235 26 - 3.76Barclays UK Equity Income R Acc GBP 107 45 110 57 120 37 130 47 - - - 4.73Barclays UK Equity Income S2 R Acc GBP 107 55 109 59 119 40 129 49 - - - 4.77BlackRock UK Income D Acc 107 51 112 31 121 28 138 20 221 37 0.92 4.02BMO Responsible UK Income 2 Inc 108 34 113 24 127 10 143 7 260 11 0.85 4.16BMO UK Equity Income 2 Inc 112 2 118 4 123 24 139 18 207 46 1.85 -BNY Mellon Equity Income Bster Inst WAcc 107 54 106 70 115 55 125 60 209 44 - 7.55BNY Mellon Equity Income Inst W Acc 106 63 107 66 120 34 131 45 234 27 - 4.95BNY Mellon UK Income Inst W Acc 108 30 113 25 124 22 140 14 187 54 - 4.33Castlefield B.E.S.T. Sust Inc Instl 110 12 111 44 112 72 120 67 172 58 2.87 4.34Courtiers UK Equity Income Retl R 109 17 110 54 132 4 - - - - - -ES Ardevora UK Income Instl Net Acc 105 69 111 42 115 62 135 30 - - 1.31 4.29ES R&M UK Equity Income Fund B Inc 106 66 106 71 115 58 129 48 230 30 0.93 4.85Fidelity Enhanced Income W Inc 109 14 110 53 112 70 120 66 197 52 - 7.12Fidelity MoneyBuilder Dividend W INC 110 11 111 47 114 67 127 52 232 29 0.67 4.85FP Miton Income B Acc 108 31 108 64 116 51 134 34 223 36 0.93 3.97FP Octopus UK Multi Cap Income R GBP Acc 109 19 - - - - - - - - - -Franklin UK Equity Income W Acc 108 27 115 11 127 11 148 4 265 6 0.54 -GAM UK Equity Income Instl Acc 104 76 103 80 - - - - - - - 3.55Halifax UK Equity Income C 103 79 105 73 115 56 125 59 178 56 1.54 5.11HC Kleinwort Hambros Equity Income A Acc 106 62 108 65 113 68 120 68 187 55 2.30 4.42HL Multi-Manager Income & Growth A Acc 104 72 104 79 112 71 125 58 225 33 1.31 4.85HL Select UK Income Shares A Acc 103 78 112 37 - - - - - - - 4.13HSBC Income Accumulation C 108 36 112 34 115 61 122 65 197 51 - 4.00Invesco Income & Growth UK Z Acc 107 53 113 23 120 32 132 43 215 41 - 3.83Janus Henderson UK Eq Inc&Gr I Inc 101 84 102 81 105 77 115 72 260 10 0.82 4.87Janus Henderson UK Responsible Inc I Inc 112 3 118 3 129 7 143 8 288 3 0.84 -JOHCM UK Equity Income A GBP Acc 109 13 110 56 124 19 139 19 265 5 0.80 5.19JPM UK Equity Income C Net Acc 107 42 114 18 - - - - - - - 4.85JPM UK Higher Income C Net Acc 105 68 110 55 118 45 129 50 211 42 0.93 -Jupiter Income Trust I Acc 107 44 105 74 116 54 138 23 221 38 0.94 4.23Kames UK Equity Income GBP B Inc 108 33 113 27 119 38 138 24 227 32 1.11 -L&G UK Equity Income I Acc 108 35 111 46 114 65 123 64 - - 0.88 -Lazard Multicap UK Income A Acc 106 64 112 32 120 36 134 33 240 19 1.01 4.64LF Canlife UK Equity Income C Acc 109 21 111 43 115 59 132 41 205 47 0.93 -LF Gresham House UK Mlt Cap Inc C £ Acc 110 8 119 1 - - - - - - - 3.57LF Majedie UK Income X Acc 107 46 107 67 121 30 131 44 - - 0.79 4.75LF Miton UK Multi Cap Inc B Acc Instl 102 83 105 75 117 50 141 12 - - 0.82 4.68LF Woodford Income Focus A Sterling Acc 88 86 84 85 - - - - - - - 7.20Liontrust Income C Acc GBP 106 61 112 38 128 8 147 5 220 39 - 3.37Liontrust Macro Equity Income I Acc 107 52 113 22 118 43 126 54 224 35 - -M&G Dividend GBP I Acc 107 50 111 49 113 69 126 55 203 49 0.91 4.02M&G Equity Investment for Chrts GBP Inc 108 41 113 28 125 15 141 13 252 13 0.47 5.22Man GLG UK Income Professional Acc C 107 43 114 17 142 1 163 1 262 7 0.91 5.58Marlborough Multi Cap Income P Acc 106 58 114 13 126 12 138 22 - - - -Merian UK Equity Income R GBP Acc 108 29 111 41 116 53 125 57 238 21 0.94 4.83MI Chelverton UK Equity Income B Acc 106 59 110 51 130 6 154 2 372 1 1.00 4.82MI Downing Monthly Income Acc 103 80 107 69 111 75 116 71 - - 1.93 4.49NFU Mutual UK Equity Income C 107 57 110 58 121 31 135 31 224 34 - 4.82Premier Income C Inc 110 7 114 14 118 44 134 35 243 18 0.88 -Premier Monthly Income C 110 10 114 15 118 46 133 37 245 16 0.95 -Premier Optimum Income C Inc 110 9 113 20 120 35 135 32 237 24 1.44 -Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 109 16 115 12 124 21 136 27 - - - 4.23Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 108 26 113 19 125 17 141 11 - - - 4.57Quilter Investors UK Eq Inc U2 (GBP) Acc 109 18 112 36 - - - - - - - 4.81Rathbone Income I Inc 105 70 109 60 117 48 134 36 255 12 0.81 4.30Royal London UK Equity Income M 109 20 114 16 125 18 142 10 - - 0.68 -Santander Enhanced Income II 108 32 117 7 124 20 137 26 199 50 0.80 -Santander Equity Income IA 107 47 116 8 123 25 - - - - - -Schroder Income Fd Z Acc 103 77 100 84 118 42 133 38 238 20 0.91 4.38Schroder Income Maximiser Z Acc 104 74 102 82 117 49 127 51 208 45 0.91 8.10Schroder UK Alpha Income Z Inc 108 39 112 30 115 60 125 61 250 15 0.86 -Scot Wid MM UK Equity Income A Acc 107 48 109 61 114 63 127 53 209 43 1.81 4.42Scottish Widows UK Equity Income A Acc 102 82 105 76 116 52 124 62 174 57 1.36 4.88Slater Income P Inc 104 73 111 45 119 41 132 42 - - 0.80 4.81SVS Albion Olim UK Equity Acc 106 65 110 52 120 33 135 28 238 23 1.50 3.81TB Guinness UK Eq Inc Y Clean Income 110 6 112 35 - - - - - - - 4.10TB Saracen UK Income B Acc 108 40 111 40 133 2 - - - - - -Threadneedle UK Eq Inc Z Inc GBP 111 4 110 50 122 26 139 17 271 4 - 3.99Threadneedle UK Equity Alpha Inc Z Inc 111 5 108 63 117 47 130 46 262 8 0.88 4.56Threadneedle UK Monthly Inc Z Inc 108 24 111 39 114 66 126 56 237 25 - 4.85TM RWC UK Equity Income R Acc 106 60 106 72 - - - - - - - 3.90Trojan Income O Acc 108 28 113 21 122 27 144 6 262 9 1.05 3.79UBS UK Equity Income C Acc Net 105 71 105 77 111 73 137 25 203 48 - 5.07Unicorn UK Ethical Income B Inc 100 85 112 29 127 9 - - - - - 4.77Unicorn UK Income B Inc 107 56 118 2 132 3 149 3 363 2 0.89 4.57Vanguard FTSE U.K. Eq Inc Idx Acc 109 22 111 48 119 39 124 63 220 40 0.25 -VT Tyndall Real Income GBP A Acc 108 37 107 68 107 76 - - - - - 3.88Average/Total 107 86 110 85 120 77 133 72 232 58 1.05 4.66


(IA) UK GILTSAllianz Gilt Yield C Inc 103 16 112 7 114 5 123 10 156 10 0.53 1.26ASI (AAM) Sterling Govt Bond I Acc 103 20 111 15 112 15 120 20 155 11 - 0.71ASI Sterling Inflation-Linked Bond I Acc 98 29 111 8 113 7 138 5 203 4 - 0.98ASI Sterling Long Dated Govt Bond I Acc 106 4 120 2 123 1 144 2 209 2 - 1.10ASI Sterling Short Term Govt Bond I Acc 100 28 102 28 102 26 103 26 112 21 - 0.42ASI UK Government Bond P1 Acc 103 21 110 17 112 16 122 17 152 16 - 0.63BNY Mellon Long Gilt Exempt 2 Acc 106 4 119 5 121 3 143 3 214 1 0.25 1.30Franklin UK Gilt W Acc 104 9 110 19 - - - - - - - 1.16HSBC Gilt & Fixed Interest C Acc 103 23 110 23 111 19 120 22 149 19 - 2.01HSBC UK Gilt Index C Acc 103 15 110 16 112 11 123 12 - - 0.17 2.31iShares Over 15 Yrs Gilts Idx (UK) D Acc 106 3 120 3 - - - - - - - 1.76iShares UK Gilts All Stks Idx (UK) D Acc 103 13 111 13 113 9 124 7 - - 0.16 1.23Janus Henderson Instl Lg Datd Gilt I Acc 106 2 120 4 120 4 140 4 205 3 0.54 1.39Janus Henderson Instl UK Gilt I Acc 104 7 111 10 111 21 121 18 153 15 0.54 1.55L&G All Stocks Gilt Index I Acc 103 19 110 20 112 12 123 11 157 8 - 1.18LF Canlife UK Government Bond C Inc 103 22 109 25 110 23 119 23 143 20 - 1.29M&G Gilt & Fixed Interest Inc GBP I Acc 103 25 109 26 110 22 122 16 155 12 0.66 0.70Quilter Investors Gilt Index A GBP Acc 103 18 111 12 111 18 120 21 152 17 0.69 2.50Royal London Short Duration Gilts M Inc 100 27 101 29 101 27 103 25 - - - 0.81Royal London UK Government Bond M Acc 104 10 111 11 112 13 122 15 153 14 - 2.27Santander Sterling Government Bond IA 104 8 111 9 113 8 123 9 160 7 - 1.31Schroder Gilt & Fxd Int A Acc GBP 103 17 110 22 111 20 121 19 149 18 0.56 2.14Scottish Widows Gilt G Acc 103 24 109 24 109 24 117 24 - - - 0.31Scottish Widows UK Fix-Int Trkr I Acc 104 12 110 21 111 17 122 14 157 9 0.37 1.27Threadneedle Sterling Bond Z Inc 103 14 110 18 112 14 123 13 154 13 - 1.09Threadneedle UK Fixed Interest Z Acc 104 11 111 14 112 10 124 8 162 6 - 0.82Vanguard UK Govt Bd Idx GBP Acc 104 6 112 6 114 6 126 6 166 5 0.12 1.23Vanguard UK Lg Dur Gilt Idx A Grs Acc 106 1 120 1 123 2 144 1 - - 0.15 1.47Wesleyan Risk Averse A Acc 101 26 103 27 104 25 - - - - - 0.77Average/Total 103 29 111 29 112 27 124 26 163 21 0.40 1.27

(IA) UK INDEX-LINKED GILTSAllianz Index-Linked Gilt W GBP Acc 99 2 112 2 - - - - - - - 1.33AXA Sterling Index Lkd Bond Z Gross 97 9 112 4 113 5 140 3 219 1 0.33 -Baillie Gifford Act IdxLnkd Glt InvmBInc 97 13 109 12 111 9 134 11 - - 0.42 1.22BNY Mellon Index Lkd Gilt Exempt 2Acc 98 5 112 1 114 3 142 1 216 2 0.25 1.51iShares Index Linked Gilt Idx (UK) D Acc 97 10 111 5 113 4 141 2 - - 0.29 0.29Janus Henderson Index-Linked Bond I Acc 98 8 112 3 112 8 138 6 214 3 0.54 -L&G All Stocks Index Linked Gt Idx I Acc 98 7 110 8 112 6 136 7 203 6 - -M&G Index-Linked Bond GBP I Acc 97 11 109 11 111 11 136 8 207 5 0.56 -Royal London Index Linked M Acc 98 4 111 6 114 2 138 4 211 4 - -Schroder All Mats Idx Lnkd Bd I Acc 98 6 110 9 112 7 136 9 198 9 0.28 0.25Scottish Widows UK Idx Lnkd Trkr I Acc 97 12 109 13 110 12 133 12 199 7 0.37 0.18Threadneedle UK Index Lnkd Ins Acc 98 3 110 10 111 10 135 10 199 8 - 0.93Vanguard UK Infl-LnkdGltIdx A Grs Acc 99 1 111 7 114 1 138 5 - - 0.15 -Average/Total 98 13 111 13 112 12 137 12 207 9 0.35 0.82

(IA) UK SMALLER COMPANIESAberforth UK Small Companies Acc 105 24 110 32 129 36 142 41 300 36 0.86 2.77Artemis UK Smaller Companies I Acc 107 16 113 25 145 16 183 11 360 25 0.84 -ASI (AAM) UK Smaller Companies I Acc 106 17 122 3 143 17 169 26 325 31 - -ASI UK Smaller Companies P1 Acc 108 6 127 1 164 2 213 5 454 4 - -Aviva Investors UK Smaller Coms 2 £ Acc 103 30 115 17 137 29 153 36 343 26 1.13 1.25AXA Framlington UK Smlr Coms Z GBP Acc 102 39 112 27 139 25 178 17 428 9 0.88 0.73Baillie Gifford British Smlr Coms B Acc 98 47 102 47 108 46 127 44 308 34 0.69 0.75BlackRock UK Smaller Companies D Acc 108 7 116 15 147 12 188 10 407 15 0.92 -BMO UK Smaller Companies 2 Acc 103 33 107 40 139 26 170 23 405 17 0.85 1.70Castlefield B.E.S.T Sust UK SmComs Instl 106 19 112 31 137 28 168 27 318 33 2.77 0.53Cavendish AIM B 98 49 120 5 169 1 225 3 425 10 0.89 0.96Dimensional UK Smlr Coms Acc 111 2 117 12 128 38 150 38 328 30 0.66 2.46Elite Webb Cap Smaller Co Inc & Gr B Acc 87 51 84 50 124 42 136 43 - - - -ES R&M UK Equity Smaller Coms Fd B Acc 104 27 108 37 127 40 162 32 436 8 0.95 1.57Fidelity UK Smaller Companies W Acc 108 5 112 28 131 33 163 30 - - - 1.57FP Octopus UK Micro Cap Growth P Acc 99 46 105 46 152 10 169 24 280 38 - -Franklin UK Smaller Companies W Acc 105 22 114 22 139 23 168 28 291 37 0.83 -Halifax Smaller Coms C 102 38 110 33 128 39 149 39 265 39 1.51 1.29Invesco UK Smaller Coms Eq UK Z Acc 107 13 122 4 152 9 199 7 396 20 - -Investec UK Smaller Companies I Inc 102 40 115 18 141 21 154 35 391 22 0.85 1.41Janus Henderson UK Smaller Coms I Acc 107 12 116 14 145 15 175 18 442 7 0.82 -Janus Henderson UK&Irish Smr Coms I Acc 107 14 114 21 120 44 127 45 223 41 - -JPM UK Smaller Companies C Acc 111 1 122 2 146 13 169 25 334 28 0.93 -Jupiter UK Smaller Companies Fd I 101 42 109 35 158 4 218 4 404 18 - 0.64Kames UK Smaller Companies GBP B Acc 106 18 120 7 146 14 173 19 333 29 1.10 1.40L&G UK Smaller Companies I Acc 107 10 112 29 121 43 139 42 323 32 - -Lazard UK Smaller Companies C Inc 108 9 113 26 126 41 147 40 - - - 2.00LF Gresham House UK Micro Cap C Acc 103 35 108 38 148 11 183 12 452 5 - 0.75LF Gresham House UK Smaller Coms C Acc 108 4 - - - - - - - - - -LF Miton UK Smaller Companies B Acc 87 52 81 51 94 47 110 46 - - - 0.14LF Tellworth UK Smaller Companies R Acc 104 25 118 9 - - - - - - - 0.55Liontrust UK Micro Cap I Acc 106 21 114 24 156 6 - - - - - 0.23Liontrust UK Smaller Companies I Inc 103 34 115 19 152 8 203 6 497 3 - -M&G Smaller Companies GBP I Acc 109 3 120 6 139 24 170 22 335 27 0.91 -Marlborough Nano Cap Growth P Acc 99 45 107 39 158 3 181 13 - - - 0.15Marlborough Special Situations P Acc 102 41 107 43 132 32 173 20 419 11 - -Marlborough UK Micro Cap Growth P Acc 101 43 107 41 140 22 180 15 451 6 - 0.59Merian UK Smaller Companies R GBP Acc 104 29 114 23 142 18 189 9 412 14 1.05 0.73Merian UK Smaller Coms Foc R GBP Inc 100 44 110 34 154 7 225 2 514 1 0.84 -MFM Techinvest Special Situations A Acc 103 32 92 48 110 45 162 31 249 40 1.84 -MGTS AFH DA UK Smaller Coms I GBP Acc 107 11 117 11 - - - - - - - 3.63MI Discretionary Unit Inc 98 48 107 42 136 31 193 8 416 12 0.42 -MI Downing UK Micro-Cap Growth B 92 50 87 49 87 48 103 47 203 42 2.04 0.64Royal London UK Smaller Companies M 108 8 118 8 141 20 168 29 364 24 - 0.84Schroder Instl UK Smaller Cos I Acc 102 36 106 44 138 27 179 16 406 16 0.52 -Schroder UK Dynamic Smaller Coms Z Acc 103 31 109 36 129 37 160 34 415 13 0.86 -Schroder UK Smaller Companies Z Acc 104 26 106 45 131 35 171 21 386 23 0.91 -Scottish Widows UK Smlr Coms A 102 37 112 30 131 34 151 37 301 35 1.61 -TB Amati UK Smaller Companies B 107 15 117 10 157 5 226 1 503 2 1.39 1.07Threadneedle UK Smaller Coms Z Inc 106 20 116 16 141 19 181 14 399 19 - -Unicorn UK Smaller Companies A 104 28 117 13 136 30 160 33 394 21 1.86 1.63VT Teviot UK Smaller Companies Net Acc 105 23 115 20 - - - - - - - 2.24Average/Total 104 52 111 51 137 48 170 47 372 42 1.09 1.22

Unit Trusts 14>|



£ £ £ £ £ % %

(IA) UNCLASSIFIED SECTORAbbotsford GBP Acc 106 71 111 55 125 50 143 50 218 42 1.22 1.39Arbor GBP Inc 107 51 110 80 123 68 140 64 191 68 1.56 0.35Architas MM Divers Prot 85 R Net Acc 103 218 104 224 106 209 107 200 - - 0.02 -Architas MM Diversified Protector 70 106 94 107 167 114 149 121 158 - - 2.39 -Architas MM Diversified Protector 80 104 177 105 213 109 197 112 188 - - 2.20 -Artemis Instl Equity Income IN Acc 109 6 115 12 126 47 138 69 248 11 0.78 -ASI Diversified Core Adventurous I Acc 108 27 107 181 121 81 - - - - - 3.01ASI Diversified Core Cautious I Acc 103 220 106 204 109 199 - - - - - 2.38ASI Diversified Core Conservative I Acc 102 238 103 227 105 213 - - - - - 1.11ASI Diversified Core Growth I Acc 106 97 106 205 113 159 - - - - - 2.47ASI Sterling Bond I Acc 104 183 111 47 113 158 121 155 158 115 - 1.11Baillie Gifford Act Lng Glt Invmt B Inc 106 96 117 6 120 96 140 60 207 52 0.43 1.52Baillie Gifford Active Glt Invmt B Inc 104 191 110 88 112 171 121 156 155 118 0.42 1.21Baring Targeted Return A GBP Inc 105 145 107 168 117 126 124 139 171 98 0.90 3.86BlackRock Growth and Recovery A Acc 108 33 116 10 146 1 188 1 389 1 1.03 -Carmignac Pf Sécurité F GBP Acc Hdg 103 215 105 220 104 215 109 195 - - 0.71 -Carmignac Sécurité A EUR Acc 99 246 99 240 101 221 111 190 110 135 0.98 -Chestnut Fund Inc 109 10 113 29 126 45 135 87 - - - 0.19Elite Specialist Portolio Instl Inc 105 121 103 228 101 223 101 205 121 134 1.39 0.26Fidelity Diversified Growth A 105 118 109 117 118 117 127 124 177 87 1.18 -Fidelity Inst Lng Bd Inc 106 65 119 3 122 72 143 49 221 36 0.33 1.69Fidelity Instl Europe ex UK Acc 110 4 118 5 139 5 156 18 227 26 0.89 -Fidelity Instl Index Linked Bond Inc 97 247 111 41 113 157 140 58 221 37 0.33 0.17Fidelity Instl Select Emerg Mkt Acc 106 59 110 75 127 37 151 25 175 88 1.16 1.11Fidelity Instl Select Global Eqs Acc 110 3 113 17 132 13 165 7 289 3 0.88 -Fidelity Instl UK Gilt Inc 104 173 111 52 113 154 124 137 168 101 0.32 1.30Folla Inc 105 144 111 64 125 51 137 76 180 82 1.14 0.92FP Apollo Multi Asset Adven D GBP Acc 106 104 108 157 119 109 123 144 - - 2.45 -FP Apollo Multi Asset Bal D GBP Acc 104 185 105 218 115 141 124 140 144 128 1.97 0.29FP Apollo Multi Asset Cau D GBP Acc 104 194 105 214 115 136 122 150 144 129 2.15 0.12FP CAF Alternative Strategies A Acc 101 242 102 232 101 222 103 203 - - 1.47 0.33FP CAF Fixed Interest A Acc 104 195 109 122 108 203 113 186 - - 1.00 1.99FP CAF International Equity A Acc 109 7 112 38 133 11 170 2 - - 1.17 0.64FP CAF UK Equity A Acc 104 181 107 188 116 130 129 117 - - 1.24 2.75FP Frontier MAP Balanced C 102 228 107 189 110 190 110 192 - - 1.27 0.84FP Luceo 3 A Acc 104 172 109 136 - - - - - - - 0.53FP Luceo 4 A Acc 105 125 110 99 117 127 - - - - - 0.55FP Luceo 5 A Acc 105 116 109 126 118 118 - - - - - 0.59FP Luceo 6 A Acc 106 75 109 131 120 85 - - - - - 0.66FP Luceo 7 A Acc 106 68 109 125 - - - - - - - 0.74FP Russell Invsmts Defensive Assts C Acc 103 217 107 173 108 205 109 196 - - 0.88 2.64FP Shenkman Hansa High Yield 102 237 102 229 110 195 121 154 - - - -Hawthorn Portfolio A Inc 106 92 110 96 121 80 129 118 - - - -HC Stirling House Balanced Acc 106 93 110 103 119 105 131 109 - - - 0.43HC Stirling House Dynamic Acc 108 15 112 39 129 27 144 46 - - - 0.30HC Stirling House Growth Acc 107 46 111 61 123 69 137 77 - - - 0.41HC Stirling House Monthly Income Ret Acc 104 167 108 154 111 179 114 184 - - - 2.73HC Verbatim Portfolio 3 B Acc 103 221 107 176 112 165 124 138 - - 1.32 0.90HC Verbatim Portfolio 4 B Acc 103 202 108 163 117 122 130 114 - - 1.33 1.01HC Verbatim Portfolio 5 Growth B Acc 104 189 108 165 118 112 134 90 - - 1.33 0.99HC Verbatim Portfolio 5 Income B Inc 107 55 109 124 120 86 132 100 - - 1.22 3.53HC Verbatim Portfolio 6 B Acc 104 171 108 161 120 90 133 96 - - 1.35 1.09HC Verbatim Portfolio 7 B Acc 104 150 108 145 121 74 138 70 - - 1.34 1.07HSBC Common For Income Income 104 200 109 114 112 174 122 151 159 112 0.50 2.43HSBC Global Sust MA Bal C GBP Acc 108 25 111 51 - - - - - - - 0.79HSBC Global Sust MA Cons C GBP Acc 106 95 110 89 - - - - - - - 0.98HSBC World Selection Advent Port Acc C 108 22 111 65 130 21 - - - - - 1.29HSBC World Selection Balanced C Acc 106 82 109 121 120 88 139 67 204 54 1.22 1.70HSBC World Selection Cautious C GBP Acc 104 184 108 160 111 183 119 167 151 122 1.18 1.34HSBC World Selection Conser Port Acc C 105 141 109 134 114 146 - - - - - 1.67HSBC World Selection Dynamic C Acc 107 42 110 87 126 42 153 21 235 18 1.27 1.58HSBC World Selection Intst Inc C Acc 105 134 109 123 115 139 126 131 - - 1.25 3.83Insight Inv UK Broad Mkt Bd Gross P 104 179 111 63 115 142 127 127 177 86 0.37 1.59Insight UK Govt Long Mat Bd P2 106 74 120 2 122 71 145 42 217 44 0.38 1.16Janus Henderson Diversified Gr A Acc 104 190 107 186 112 166 119 172 - - 1.72 1.75Janus Henderson Instl Hi Alp Crdt I Acc 104 157 111 68 111 186 125 135 173 94 0.68 2.51Janus Henderson Instl Hi Alp Gilt Y Acc 104 176 111 42 108 202 124 141 161 109 0.68 1.49Janus Henderson Mlt Ast Crdt I Acc GBPH 102 236 104 226 110 194 118 173 - - - 1.82LF Aegon Multi-Asset 1 A Acc 102 226 - - - - - - - - - -LF Aegon Multi-Asset 2 A Acc 104 196 - - - - - - - - - -LF Aegon Multi-Asset 3 A Acc 105 130 - - - - - - - - - -LF Aegon Multi-Asset 4 A Acc 106 83 - - - - - - - - - -LF Aegon Multi-Asset 5 A Acc 107 52 - - - - - - - - - -LF Boyer Global A GBP Acc 109 8 - - - - - - - - - -LF Broden 108 17 111 60 128 36 145 43 222 35 1.29 0.82LF Buxton Acc 104 192 105 212 106 211 119 169 182 79 0.64 -LF Circus 108 31 111 57 124 60 140 59 203 55 1.26 0.78LF Crystal Fund 103 207 106 195 115 140 133 98 191 69 1.11 1.01LF Dartmoor Fund 105 149 106 198 111 187 125 136 171 97 1.48 -LF Davids 104 193 106 202 108 206 125 132 172 95 1.35 0.36LF Drygate 104 166 108 158 116 133 125 133 188 72 1.43 1.66LF Greenmount Inc 106 62 114 13 128 35 140 63 217 43 1.61 -LF Gulland 107 44 110 69 124 55 149 27 230 24 1.29 1.03LF Heartwood Balanced Multi Asset I Acc 104 170 105 210 113 163 122 153 - - 1.22 1.55LF Heartwood Cautious Multi Asset I Acc 103 223 105 216 109 196 116 179 - - 1.23 1.77LF Heartwood Defensive Multi Asset I Acc 102 231 104 225 105 212 110 194 - - 1.29 1.08LF Heartwood Growth Multi Asset I Acc 105 115 108 153 120 89 132 104 - - 1.39 -LF Heartwood Income Multi Asset I Inc 102 232 104 223 108 200 115 182 - - 1.27 3.63LF Heartwood Income Plus Multi Ast I Inc 104 198 105 215 114 150 122 149 - - 1.26 4.29LF Holly Fund 103 212 110 105 113 160 105 201 84 138 1.20 1.89LF KH Feelgood Trust £ Inc 106 80 111 56 116 128 132 103 180 81 1.12 0.78LF Lorimer Trust 104 188 111 44 126 48 141 55 241 14 0.81 1.56LF Mermaid 102 233 101 235 101 225 113 187 165 104 1.33 -LF New Grande Motte GBP 106 85 110 97 122 70 142 51 226 27 1.33 0.94LF New Institutional World Inc 106 64 110 104 - - - - - - - 0.38LF New Viaduct Inc 105 117 112 33 128 32 152 22 241 15 1.40 0.33LF New Villture Inc 107 54 111 58 121 76 134 89 179 84 1.35 0.24LF Robin A Acc 106 66 110 81 120 91 134 94 181 80 0.95 -LF Ruffer Absolute Return O Acc 103 205 105 221 101 220 112 189 152 121 1.53 1.72LF The Mulberry 108 32 111 50 124 59 138 71 194 62 1.38 -M&G (Lux) Em Mkts Inc Opps CH GBP Acc 106 91 110 73 - - - - - - 0.98 -M&G Episode Macro GBP T-H Acc 107 58 105 211 111 184 122 148 - - 0.94 0.24MGTS AFH Tactical Core R Acc 105 109 106 207 110 193 119 171 168 100 - 1.22


MGTS IBOSS 1 R Acc 103 211 106 200 110 191 - - - - - 0.25MGTS IBOSS 2 R Acc 104 164 107 171 113 155 - - - - - 0.26MGTS IBOSS 4 R Acc 105 126 109 135 118 115 - - - - - 0.66MGTS IBOSS 6 R Acc 106 102 109 107 120 98 - - - - - 0.61Navajo GBP Acc 107 43 111 40 130 20 148 31 228 25 1.48 0.14New Capital Swiss Sel Eq CHF Ord Acc 105 108 107 187 123 65 164 9 - - 1.54 -OHP Fund 108 18 111 67 127 40 151 24 224 30 1.53 -Prestney GBP Inc 105 123 107 191 119 102 136 79 185 75 1.32 0.91Quilter Inv Cirilium Advnturs Pasv R 110 5 113 21 - - - - - - - -Quilter Inv Creation Advnturs R GBP Acc 108 21 112 37 - - - - - - - -Quilter Inv Creation Bal R (GBP) Acc 104 152 108 155 111 180 116 180 162 107 - 1.91Quilter Inv Creation Cnsrv R (GBP) Acc 103 213 106 196 109 198 115 183 155 119 - 2.02Quilter Inv Creation Mod R (GBP) Acc 106 100 110 102 114 143 121 159 173 92 - 1.76Quilter Inv Generation CPI+ 3 R GBP Inc 102 230 105 209 106 210 109 197 - - - 2.85Quilter Inv Generation CPI+ 4 R GBP Inc 103 222 105 219 107 208 110 191 - - - 2.87Quilter Inv Generation CPI+ 5 R GBP Acc 104 182 106 201 110 189 - - - - - 2.42Quilter Investors Cirilium Bal Pasv R 105 106 110 94 119 100 139 65 - - 0.85 -Quilter Investors Cirilium Cnsrv Pasv R 104 174 108 156 113 153 127 126 - - 0.85 -Quilter Investors Cirilium Dyn Pasv R 108 35 112 36 128 30 155 19 - - 0.85 -Quilter Investors Cirilium Mod Pasv R 107 57 111 53 124 58 148 35 - - 0.85 -Quilter Investors Equity 2 A (GBP) Acc 111 1 115 11 121 79 133 97 220 40 1.08 3.25Rathbone Active Income and Growth Inc 104 163 108 144 125 52 141 56 - - - 3.68Rathbone Dragon Trust £ Acc 105 110 109 109 129 26 151 23 222 34 0.89 0.74Rathbone Global Alpha Instl GBP Acc 107 39 113 25 132 14 156 17 - - - 0.73Rathbone Heritage Inst Inc 103 204 108 149 116 129 140 61 - - - 1.58Rathbone Spenser 103 214 109 110 120 92 134 93 175 89 1.16 1.03Rathbone Sussex Growth 104 153 109 138 131 18 154 20 246 13 1.62 0.91Rathbone Sussex Income 102 229 109 140 124 57 139 66 234 20 1.26 3.74Royal London Cash Plus M Inc 100 243 101 237 102 219 103 204 - - - 0.76Royal London Enhanced Cash Plus Y Acc 101 240 102 230 103 217 - - - - - 1.43S&W Acacia 107 50 113 26 143 2 168 4 320 2 0.78 1.37S&W Bay 108 19 116 9 143 3 170 3 278 7 0.84 1.77S&W Beech 107 40 110 82 123 67 130 113 185 74 0.84 2.17S&W Brighton Rock 108 30 114 14 128 33 149 28 225 29 1.57 -S&W Daisybelle 106 87 106 206 104 216 114 185 - - 1.16 -S&W Endeavour II Acc 106 60 110 92 121 78 148 32 200 58 1.67 -S&W Enterprise Trust 108 13 114 16 131 17 147 36 191 67 1.31 2.23S&W Gryphon Dover Net Inc 103 219 102 233 104 214 109 198 154 120 2.00 -S&W Gryphon East River Net Inc 104 151 106 194 113 156 131 111 168 102 1.71 1.24S&W Gryphon Peapod Net Inc 105 131 108 164 117 125 138 73 198 60 1.74 1.21S&W Headway 106 81 109 111 124 62 138 72 184 76 1.49 -S&W Jetwave Trust Acc 104 201 108 162 126 43 142 53 215 49 1.40 -S&W Knotts Investment Inc 106 101 111 59 123 63 132 101 206 53 1.02 -S&W Lancaster 106 73 108 146 120 93 135 86 192 66 1.96 -S&W Langham Trust 104 175 107 182 114 144 116 181 140 130 1.92 -S&W Magnum 106 76 111 45 121 75 137 75 223 33 1.03 -S&W Marathon Inc 103 216 108 151 130 22 147 37 215 50 1.31 -S&W MF 103 208 108 147 130 23 156 15 220 39 1.92 -S&W Millennium Inc 107 53 110 77 122 73 130 112 173 93 1.42 2.53S&W Milne 105 107 109 113 117 124 132 106 162 106 1.33 1.19S&W Norton 107 49 110 95 118 113 128 122 193 64 1.40 -S&W Skye Inc 111 2 124 1 135 8 138 68 284 4 0.63 2.55S&W Staffordshire Portfolio 108 26 113 22 132 12 150 26 201 57 1.18 -S&W Stellar 108 14 112 32 129 29 142 52 223 31 1.05 -S&W Sylvan Alder Invest 107 47 113 28 - - 145 39 219 41 0.83 1.17S&W Sylvan Bromfield 107 38 114 15 - - 148 33 231 22 0.95 -S&W Sylvan Global Opportunities 107 45 113 19 - - 148 34 226 28 0.62 -S&W Sylvan Hornbeam 108 34 113 20 - - 143 48 231 23 0.69 -S&W The Rosslyn Net Inc 105 143 109 115 117 123 131 108 - - - 0.60S&W Thoroughbred 105 142 109 130 124 61 136 80 216 46 1.46 -S&W Witch General Inc 105 119 110 72 129 28 140 62 221 38 1.25 -S&W Worldwide 105 112 109 120 119 99 132 102 179 83 2.03 -Santander Atlas Income Portfolio II 104 165 107 174 111 182 123 142 192 65 2.15 4.65Santander Balanced International Trg RA 106 77 110 100 121 83 137 78 202 56 1.50 0.73Santander Investment Income Port RI 105 128 112 30 114 147 123 145 - - 1.01 -Santander Investment Income RA 104 186 110 78 112 176 120 163 160 110 1.08 2.17Santander Investment Portfolio RA 104 169 110 79 112 173 120 166 158 114 0.99 1.97Santander Max 100% Shares Portfolio RA 109 12 111 46 132 15 166 5 248 12 1.90 0.76Santander Max 30% Shares Income Port RI 104 161 110 74 112 167 120 164 - - - 3.18Santander Max 30% Shares Portfolio RA 104 187 109 139 112 172 119 168 - - - 2.14Santander Max 50% Shares Portfolio RA 104 155 109 127 115 138 127 125 177 85 1.48 1.50Santander Max 60% Shares Income RA 105 136 109 118 114 152 122 152 174 91 1.83 4.02Santander Max 70% Shares Portfolio RA 105 122 109 119 118 116 132 105 186 73 1.82 1.66Santander Max 70% Shares RA 106 98 111 66 119 108 133 95 190 70 1.34 1.73Santander Multi Index 1 RA 104 159 110 98 115 137 - - - - - 1.82Santander Multi Index 2 RA 105 140 110 101 117 121 - - - - - 1.50Santander Multi Index 3 RA 106 99 110 91 120 95 - - - - - 1.49Santander Multi Index 4 RA 106 90 109 116 - - - - - - - 1.60Santander Sterling Bond A 104 168 110 71 112 170 120 162 159 111 1.02 -Schroder Instl Growth I Acc 101 239 101 234 97 227 103 202 102 137 0.47 0.13Schroder Managed Wealth Portfolio Z Acc 104 162 106 203 113 162 128 120 171 96 - 1.16Schroder Stlg Broad Mkt Bd I Acc 105 120 112 35 116 132 129 119 183 77 0.32 2.71Scottish Widows Adventurous Gr D Acc 104 154 107 179 119 101 136 83 - - 1.82 -Scottish Widows Balanced Gr D Acc 104 160 106 199 116 131 126 129 - - 1.76 1.47Scottish Widows Balanced Growth A 105 148 107 177 114 145 125 134 170 99 1.65 1.51Scottish Widows Cautious Gr D Acc 103 203 106 197 112 168 118 174 - - 1.77 -Scottish Widows Corporate Bd Trkr W Acc 104 178 110 86 114 151 126 130 - - - 2.57Scottish Widows Diversified 103 224 105 208 112 178 120 165 149 124 1.86 0.18Scottish Widows Dynamic Income A Acc 104 199 107 183 113 161 121 160 164 105 1.40 1.99Scottish Widows Environmental Inv G 106 63 119 4 139 4 145 40 - - - -Scottish Widows Ethical G Acc 107 48 117 7 138 6 142 54 - - - 0.44Scottish Widows IPS Growth P Net Inc 107 37 110 90 124 54 145 41 - - 1.00 1.69Scottish Widows Managed Income A Acc 103 210 107 184 110 192 117 177 150 123 1.40 1.55Scottish Widows Momentum Income A Acc 103 209 107 172 111 185 118 176 156 117 1.39 1.77Scottish Widows Progressive Gr D Acc 105 133 107 185 119 103 134 91 - - 1.77 1.59Scottish Widows Stockmarket Gr A 105 137 107 190 119 104 135 85 197 61 1.67 -Scottish Widows Strategic Growth A 105 114 107 175 119 110 135 88 193 63 1.63 1.58Sentinel Defensive B Acc 101 241 101 236 103 218 108 199 138 131 - -Smith & Williamson Cash 100 244 100 238 101 224 101 206 103 136 0.73 0.35Smith & Williamson Eagle 108 36 110 76 128 31 143 47 207 51 2.17 0.67Smith & Williamson Forest 108 28 113 23 131 19 164 8 251 10 1.70 0.62Smith & Williamson Orchard 106 69 108 152 124 56 156 16 234 19 2.20 0.70Smith & Williamson Plain Andrews UT GBP 106 78 108 150 112 169 122 147 148 125 1.47 -SVS Capital Balanced Scheme Acc 108 20 113 24 127 41 141 57 - - - 0.33

Unit Trusts 15



£ £ £ £ £ % %SWIP Asset Allocator A Acc 105 129 107 178 108 201 110 193 134 132 2.06 -SWIP IPS Higher Income P Net Inc 105 135 110 85 116 134 121 157 - - 1.02 3.50SWIP IPS Income P Net Inc 104 180 108 143 112 176 116 178 - - 0.95 2.30SWIP Managed Growth 4 L Net GBP Acc 105 124 109 137 117 120 129 115 - - - 1.71SWIP Managed Growth 6 L Net GBP Acc 106 72 109 106 121 77 136 84 - - - 1.94The Alkerton Trust Income I/A 104 158 107 180 117 119 128 123 189 71 1.28 3.75The Aurinko Acc 105 105 111 62 124 53 136 81 215 48 1.44 -The Beamish 106 70 108 159 118 114 121 161 131 133 0.44 0.33The Cranmer Investment 102 227 102 231 108 204 118 175 158 116 2.34 -The Jay 108 23 113 18 126 49 133 99 199 59 1.08 -The Kingfisher Fund Acc 100 245 100 239 100 226 100 207 - - - -The Mishka Fund 105 127 106 193 112 175 123 146 145 127 1.68 1.80The Monoux 104 156 109 141 128 34 162 10 271 8 1.39 -The New Floco Inc 107 41 113 27 127 39 162 11 281 5 1.21 -The New Jaguar Inc 108 16 111 43 127 38 161 14 279 6 1.35 -The Oenoke Acc 109 9 111 49 126 44 149 30 217 45 1.42 0.97The Pendennis Acc 108 24 111 48 130 25 147 38 223 32 1.29 1.14The Sardasca 102 225 106 192 111 188 119 170 148 126 1.27 -The Windrush Inc 105 147 105 217 107 207 123 143 167 103 1.53 -Thesis Abaco GBP 106 67 109 132 120 94 134 92 174 90 1.05 -Thesis Darin A Inc 109 11 112 31 133 10 161 12 237 17 1.47 1.47Thesis Eden Investment Inc 106 61 109 129 120 97 131 110 182 78 1.85 0.72Thesis Headway A Inc 102 235 104 222 113 164 128 121 161 108 1.57 1.50Thesis Lion Growth Inc 105 113 110 70 132 16 161 13 232 21 1.89 -Thesis Ord Acc 106 79 111 54 135 9 166 6 262 9 1.19 0.78Thesis PM A Acc 106 86 109 108 123 66 144 45 215 47 1.39 0.66Threadneedle Managed Bond Z Acc 103 206 109 128 114 148 127 128 158 113 - -TM New Court A 2011 Inc 106 88 110 93 119 106 129 116 - - - 0.11TM Oak 106 103 110 84 121 84 149 29 239 16 1.26 0.80TM Opus Inc 105 146 107 166 119 111 138 74 - - - 0.51TM Private Portfolio Trust A2000 Inc 106 89 110 83 121 82 132 107 - - - 0.54Trojan Ethical Income Fund O Acc 108 29 116 8 136 7 - - - - - 2.67Volare Defensive A GBP Acc 102 234 - - - - - - - - - -VT Active Portfolio Overlay C Acc 106 84 109 133 123 64 - - - - 0.92 1.10VT Aggressive Portfolio Overlay C Acc 107 56 109 112 126 46 - - - - - 1.29VT Balanced Portfolio Overlay C Acc 105 111 109 142 119 107 - - - - - 0.95VT Cautious Portfolio Overlay C Acc 105 138 108 148 115 135 - - - - - 0.75VT Defensive Portfolio Overlay C Acc 104 197 107 170 111 181 - - - - - 0.61VT Rossie House Portfolio B Inc 105 139 107 169 120 87 136 82 - - - 1.30VT Vanneck Equity B GBP Acc 105 132 112 34 130 24 144 44 - - - 4.54Average/Total 105 247 109 240 118 227 132 207 195 138 1.27 1.46

(IA) VOLATILITY MANAGEDAllianz RiskMaster Cnsrv Mlt Asst C Acc 106 44 109 40 113 80 127 55 - - - -Allianz RiskMaster Growth Mlt Asst C Acc 107 12 110 30 116 56 136 30 - - - 1.02Allianz RiskMaster Mod Mlt Asst C Acc 107 25 110 36 114 75 130 48 - - - -Architas MA Active Reserve A Acc 103 126 105 116 107 98 117 81 148 25 1.22 2.15Architas MA Blended Growth A Acc 106 34 109 44 123 16 148 11 211 2 1.53 -Architas MA Blended Interm A Acc 105 86 108 69 117 50 136 31 197 10 1.13 1.40Architas MA Blended Moderate A Acc 104 107 108 74 115 70 131 44 185 16 1.11 1.31Architas MA Blended Prog A Acc 105 70 108 65 121 26 142 18 208 6 1.23 1.36Architas MA Blended Reserve A Acc 102 127 107 103 112 86 123 68 162 21 1.02 1.91Architas MA Passive Dynamic A Acc 107 20 111 17 129 6 153 4 - - 0.65 1.59Architas MA Passive Growth A Acc 107 21 111 15 130 3 158 2 - - 0.65 1.57Architas MA Passive Interm A Acc 106 55 110 33 122 20 143 16 198 9 0.65 1.75Architas MA Passive Moderate A Acc 105 66 110 34 120 35 139 25 191 13 0.65 1.51Architas MA Passive Prog A Acc 107 29 111 21 126 10 151 5 209 5 0.65 1.63Architas MA Passive Prudent R Acc 103 116 106 108 111 91 124 67 - - 1.30 0.54Architas MA Passive Reserve A Acc 105 76 110 35 118 46 135 37 - - 0.65 -ASI MyFolio Index I Inst B Fixed Acc 104 113 - - - - - - - - - -ASI MyFolio Index II Inst B Fixed Acc 105 83 - - - - - - - - - -ASI MyFolio Index III Inst B Fixed Acc 106 50 - - - - - - - - - -ASI MyFolio Index IV Inst B Fixed Acc 107 28 - - - - - - - - - -ASI MyFolio Index V Inst B Fixed Acc 107 17 - - - - - - - - - -ASI MyFolio Managed I P1 Acc 103 117 106 112 109 93 116 83 - - - -ASI MyFolio Managed II P1 Acc 104 110 106 115 111 88 120 76 - - - 1.36ASI MyFolio Managed III P1 Acc 104 91 106 111 114 72 125 61 - - - 1.45ASI MyFolio Managed IV P1 Acc 105 69 106 109 117 55 131 47 - - - 1.66ASI MyFolio Managed V P1 Acc 106 36 108 82 119 40 135 35 - - - 1.75ASI MyFolio Market I P1 Acc 104 111 107 95 113 83 121 73 - - - 1.87ASI MyFolio Market II P1 Acc 104 98 107 87 116 62 129 51 - - - 1.87ASI MyFolio Market III P1 Acc 105 73 108 62 121 29 137 29 - - - 2.16ASI MyFolio Market IV P1 Acc 106 51 109 48 125 13 145 13 - - - 2.31ASI MyFolio Market V P1 Acc 107 13 111 12 129 4 153 3 - - - -ASI MyFolio Multi-Man Inc II P1 Acc 104 95 107 94 112 84 118 79 - - - 2.32ASI MyFolio Multi-Man Inc III P1 Acc 105 72 107 91 114 73 123 69 - - - 2.86ASI MyFolio Multi-Man Inc IV P1 Acc 106 48 108 66 116 60 125 60 - - - 3.09ASI MyFolio Multi-Manager I P1 Acc 103 125 105 117 109 95 115 85 - - - 0.56ASI MyFolio Multi-Manager II P1 Acc 103 118 106 114 112 87 121 74 - - - 0.52ASI MyFolio Multi-Manager III P1 Acc 104 109 106 113 114 74 126 57 - - - 0.58ASI MyFolio Multi-Manager IV P1 Acc 105 85 106 106 117 53 132 42 - - - 1.25ASI MyFolio Multi-Manager V P1 Acc 106 60 107 83 119 36 137 27 - - - 0.72Aviva Investors Mlt-asset I 2 GBP Acc 104 112 107 89 109 96 116 84 - - - 0.35Aviva Investors Mlt-asset II 2 GBP Acc 106 39 110 39 115 67 127 54 - - - 0.58Aviva Investors Mlt-asset III 2 GBP Acc 107 18 110 25 119 37 135 33 - - - 0.58Aviva Investors Mlt-asset IV 2 GBP Acc 108 9 111 19 122 19 141 20 - - - 0.80Aviva Investors Mlt-asset V 2 GBP Acc 110 2 112 8 127 9 150 7 - - - -BlackRock Volatility Strategy I C Acc 107 22 111 10 122 21 141 19 - - - 1.78BlackRock Volatility Strategy II C Acc 108 8 112 6 125 12 145 14 - - - 1.93BlackRock Volatility Strategy III C Acc 109 4 113 3 129 7 149 10 - - - 2.03BlackRock Volatility Strategy IV C Acc 110 1 113 2 132 1 149 8 - - - 2.30BMO MM Lifestyle 3 B Inc 103 115 107 93 112 85 122 72 - - - 2.00BMO MM Lifestyle 4 B Inc 104 90 108 76 116 63 129 50 186 15 1.19 2.02BMO MM Lifestyle 5 B Inc 105 65 108 56 120 33 135 38 199 8 1.19 1.94BMO MM Lifestyle 6 B Inc 106 54 108 63 122 22 138 26 210 4 1.19 2.02BMO MM Lifestyle 7 B Inc 106 40 108 57 123 17 139 23 210 3 1.19 -BMO Universal MAP Balanced C Acc 107 27 111 20 - - - - - - - 1.84BMO Universal MAP Cautious C Acc 106 41 110 31 - - - - - - - 1.85BMO Universal MAP Growth C Acc 107 16 111 16 - - - - - - - 1.91Carmignac Pf Uncons Euro FI F GBP Acc H 101 128 103 119 104 99 111 86 - - 0.75 -EF 8AM Multi-Strategy I A Inc 100 129 100 120 101 100 104 87 - - 2.86 0.83EF 8AM Multi-Strategy II A Inc 103 123 105 118 114 76 124 66 156 22 2.06 1.65EF 8AM Multi-Strategy III A Inc 103 119 106 110 118 48 131 46 - - 2.70 0.95EF 8AM Multi-Strategy IV A Inc 104 106 106 105 118 43 135 34 - - 3.20 0.73


HSBC Global Strategy Adventurous AC 109 3 112 5 - - - - - - - -HSBC Global Strategy Balanced C Acc 107 19 111 11 126 11 149 9 - - 0.82 1.29HSBC Global Strategy Cautious C Acc 104 89 109 46 115 66 127 53 - - 0.72 1.27HSBC Global Strategy Cnsv Port AC 106 59 110 24 - - - - - - - 1.15HSBC Global Strategy Dynamic C Acc 109 6 112 7 131 2 162 1 - - 0.94 1.17Invesco Balanced Risk 10 UK Z Acc 107 30 113 1 119 39 122 70 - - - 0.79Invesco Balanced Risk 8 UK Z Acc 105 67 111 13 116 65 119 77 - - - 0.67Invesco Summit Growth 1 UK Z Acc 103 124 107 100 - - - - - - - 1.39Invesco Summit Growth 2 UK Z Acc 104 96 108 75 - - - - - - - 1.74Invesco Summit Growth 3 UK Z Acc 105 74 108 78 - - - - - - - 1.79Invesco Summit Growth 4 UK Z Acc 106 57 108 73 - - - - - - - 1.93Invesco Summit Growth 5 UK Z Acc 106 33 108 71 - - - - - - - 2.70Janus Henderson Core 3 Income I Inc 103 121 107 98 111 89 119 78 - - - 3.47Janus Henderson Core 4 Income I Inc 104 102 108 79 114 77 122 71 - - - 3.89Janus Henderson Core 5 Income I Inc 105 82 108 61 116 61 127 56 - - - 4.25Janus Henderson Core 6 Inc&Gr I Inc 106 52 110 38 120 30 133 40 - - - 3.80L&G Multi-Index 3 I Acc 104 99 109 53 114 78 126 59 - - - -L&G Multi-Index 4 I Acc 105 68 110 37 117 51 131 45 - - - 1.82L&G Multi-Index 5 I Acc 106 45 110 23 122 23 139 24 - - - 1.91L&G Multi-Index 6 I Acc 107 32 110 22 125 14 143 17 - - - 2.05L&G Multi-Index 7 I Acc 107 15 111 14 128 8 147 12 - - - -L&G Multi-Index Income 4 I Acc 105 75 110 32 117 52 - - - - - 3.22L&G Multi-Index Income 5 I Acc 106 58 110 27 119 38 - - - - - 3.28L&G Multi-Index Income 6 I Acc 106 46 110 29 121 25 - - - - - 3.60LF Prudential Risk Managed Actv 1 P Acc 105 84 108 60 115 68 125 64 - - - 1.96LF Prudential Risk Managed Actv 2 P Acc 105 81 108 64 116 64 126 58 - - - 1.74LF Prudential Risk Managed Actv 3 P Acc 104 103 107 92 117 54 129 49 - - - 1.65LF Prudential Risk Managed Actv 4 P Acc 105 87 108 77 118 44 132 41 - - - 1.54LF Prudential Risk Managed Actv 5 P Acc 104 101 107 99 120 31 136 32 - - - 1.42LF Prudential Risk Managed Pasv 1 P Acc 104 108 107 84 115 69 125 62 164 20 - 2.12LF Prudential Risk Managed Pasv 2 A Acc 104 97 108 80 114 71 - - - - - 1.59LF Prudential Risk Managed Pasv 3 P Acc 105 78 108 59 119 42 133 39 186 14 - 2.07LF Prudential Risk Managed Pasv 4 A Acc 105 63 109 45 119 41 - - - - - 1.72LF Prudential Risk Managed Pasv 5 A Acc 106 61 109 51 121 27 - - - - - 1.80MyMap 3 D GBP Acc 104 93 - - - - - - - - - -MyMap 4 D GBP Acc 107 31 - - - - - - - - - -MyMap 5 D GBP Acc 108 11 - - - - - - - - - -MyMap 6 D GBP Acc 109 5 - - - - - - - - - -Rathbone Multi Asset Enhanced Gr S Acc 106 35 112 4 129 5 151 6 - - - -Rathbone Multi Asset Strategic Gr S Inc 104 88 110 28 121 24 140 21 197 11 - 1.58Rathbone Multi Asset Total Return S Inc 103 122 107 85 111 90 121 75 154 24 - 1.48Rathbone Strategic Income Portfolio Acc 104 92 108 55 118 47 - - - - - 3.45Santander Atlas Portfolio 3 IA 103 120 106 107 110 92 118 80 154 23 - -Santander Atlas Portfolio 4 IA 103 114 107 101 113 79 125 63 175 19 - 1.78Santander Atlas Portfolio 5 IA 105 71 107 97 116 58 128 52 184 17 - 1.41Santander Atlas Portfolio 6 IA 106 49 108 58 120 34 135 36 192 12 - 1.58Santander Atlas Portfolio 7 IA 107 24 109 43 122 18 139 22 205 7 - -Schroder Dynamic Planner Port 3 Z Acc 104 104 107 96 - - - - - - - 0.84Schroder Dynamic Planner Port 4 Z Acc 105 77 108 81 - - - - - - - 0.73Schroder Dynamic Planner Port 5 Z Acc 106 53 108 54 - - - - - - - 0.85Schroder Dynamic Planner Port 6 Z Acc 106 37 109 52 - - - - - - - 1.26Schroder Dynamic Planner Port 7 Z Acc 107 23 109 49 - - - - - - - 1.41Schroder Fusion 3 F Acc 104 100 107 90 - - - - - - - 0.88Schroder Fusion 4 F Acc 105 80 107 88 - - - - - - - 0.91Schroder Fusion 5 F Acc 106 62 108 70 - - - - - - - 1.08Schroder Fusion 6 F Acc 106 47 108 72 - - - - - - - 1.00Schroder Fusion 7 F Acc 106 43 107 86 - - - - - - - 0.92SVS Cornelian Cautious D Acc 105 79 108 68 113 82 124 65 181 18 1.24 1.81SVS Cornelian Cautious RMP G GBP Acc 105 64 108 67 113 81 - - - - - 1.72SVS Cornelian Defensive D Acc 104 105 107 102 109 94 117 82 - - 1.61 1.64SVS Cornelian Defensive RMP G GBP Acc 104 94 106 104 108 97 - - - - - 1.65SVS Cornelian Growth D Acc 107 26 109 41 118 45 137 28 215 1 1.21 1.39SVS Cornelian Growth RMP G GBP Acc 107 14 110 26 120 32 - - - - - 1.81SVS Cornelian Managed Growth D Acc 106 56 109 47 116 57 132 43 - - 1.31 1.80SVS Cornelian Managed Gwth RMP G GBP Acc 106 38 109 50 116 59 - - - - - 1.86SVS Cornelian Managed Income D GBP Acc 106 42 109 42 118 49 - - - - - 3.12SVS Cornelian Progressive D Acc 108 10 111 18 121 28 144 15 - - 1.36 -SVS Cornelian Progressive RMP G GBP Acc 109 7 112 9 124 15 - - - - - 1.80Average/Total 105 129 109 120 118 100 132 87 187 25 1.27 1.70

(IA) £ CORPORATE BONDASI (AAM) Sterling Short Dtd Corp I Inc 102 87 104 88 105 86 - - - - - 1.73ASI (SLI) Corporate Bond P1 Acc 105 19 112 19 117 18 125 33 186 16 - 3.31ASI AAA Bond P1 Acc 102 86 105 82 107 81 114 73 144 57 - 1.86ASI Corporate Bond I Acc 106 14 112 17 116 30 126 28 183 24 - -ASI Ethical Corporate Bond P1 Acc 105 28 111 34 115 39 124 39 171 40 - 2.33ASI Investment Grade Corp Bnd P1 Acc 105 29 111 25 116 34 124 43 171 41 - 2.64ASI Short Dated Corporate Bnd P1 Acc 101 93 104 90 104 90 - - - - - 1.18ASI Short Dated £ Corp Bnd Tracker B Acc 101 95 - - - - - - - - - -ASI Short Duration Credit P1 Acc 103 79 106 79 109 77 113 75 153 54 - 2.00Aviva Investors Corporate Bd 2 GBP Inc 104 64 110 60 113 63 122 61 172 39 0.72 2.46Aviva Investors Mthly Inc Pls 2 GBP Acc 105 23 111 28 115 36 124 47 174 34 - 2.98AXA Sterling Corporate Bond Z Gross Acc 104 49 110 61 117 22 127 22 176 30 0.56 3.00AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 101 94 103 93 104 89 108 81 - - 0.38 1.48AXA £ Buy and Maintain Crdt Z Acc Grs 104 58 110 51 114 53 125 31 - - - 2.41Baillie Gifford Investment Grd Bd B Inc 105 36 111 47 115 37 124 41 185 19 0.30 2.95Baillie Gifford Invm Grd Lng Bd B Inc 108 2 118 6 124 7 137 6 225 3 0.27 2.93Barclays Sterling Corporate Bd R Acc GBP 104 67 110 63 113 68 121 66 168 44 - 3.09BlackRock Corporate Bond 1-10 Year D Acc 104 76 108 76 112 69 121 64 - - 0.17 2.49BlackRock Corporate Bond D Acc 104 73 109 70 116 24 128 17 194 10 0.58 2.82BMO Corporate Bond C Inc 104 61 110 64 115 48 124 50 178 27 - 2.87BMO Long Dated Sterling Corp Bd 3 Acc 108 4 120 3 124 4 143 2 - - - -BMO Responsible Sterling Corp Bd C Inc 104 65 110 59 114 60 123 56 167 45 - 2.50BMO Sterling Corporate Bond 3 Acc 104 48 111 37 115 38 127 24 - - - 2.37BNY Mellon Corporate Bond Inst W Acc 105 37 111 33 116 27 127 21 179 26 - 2.50BNY Mellon Global Credit GBP W Acc H 105 21 112 23 112 71 - - - - 0.53 2.32BNY Mellon Long Corp Bd Exempt 1 Acc 106 9 115 7 120 9 135 7 203 7 0.26 -Close Bond Income Portfolio X Acc 104 72 108 74 115 45 123 53 - - 0.54 2.88EdenTree Amity Short Dated Bond B 101 91 103 94 - - - - - - - 1.07Fidelity Instl Lng Dtd Stlg Corp Bd Inc 108 6 118 5 124 3 140 5 224 4 0.42 -Fidelity Instl Sterling Corp Bond Inc 105 40 111 35 117 21 127 25 185 17 0.42 2.31Fidelity MoneyBuilder Income W Inc 104 53 110 49 114 57 123 54 174 36 0.57 3.13Fidelity Short Dated Crprate Bd W Acc 102 88 104 87 107 83 - - - - - 3.73Franklin Sterling Corporate Bond W Acc 105 32 111 29 - - - - - - - 2.47

Unit Trusts 16



£ £ £ £ £ % %GlobalAccess Global Corp Bd M Dis GBP 104 52 111 31 112 75 118 71 - - - 2.40GS Sterling Credit R Acc GBP 105 38 112 20 116 35 127 26 180 25 0.65 -Halifax Corporate Bd C 105 45 110 52 114 50 121 65 153 55 1.01 2.94HSBC Corporate Bond C Acc 105 18 112 13 116 25 127 19 176 29 - -HSBC Sterling Corp Bd Idx Acc C 104 59 111 48 114 55 - - - - - 3.10Invesco Corporate Bond UK Z Acc 104 69 108 72 114 58 120 68 166 49 - 1.56iShares Corporate Bond Index (UK) D Acc 104 57 111 44 115 46 125 30 - - 0.17 2.24Janus Henderson All Stocks Credit I Acc 105 46 111 39 115 40 125 36 171 42 0.55 2.36Janus Henderson Instl Lg Datd Crdt I Inc 108 3 121 2 124 5 141 4 211 5 0.55 -Janus Henderson Sterling Bond UT I Acc 105 47 111 36 116 26 126 29 190 12 - 2.36JPM Sterling Corporate Bond C Grs Acc 105 39 110 50 114 49 125 32 175 33 0.68 2.09Jupiter Corporate Bond I Acc 105 30 111 30 114 56 123 55 167 46 - 2.46Kames Ethical Corporate Bond GBP B Acc 104 55 109 68 113 62 123 52 174 35 0.58 2.71Kames Investment Grade Bond GBP B Acc 105 41 109 69 114 51 125 37 184 20 0.81 2.26Kames Sterling Corporate Bond GBP B Acc 105 33 111 45 115 44 124 49 183 23 0.58 2.77L&G Fixed Interest I Acc 105 22 112 16 117 20 128 18 187 15 0.34 -L&G Managed Monthly Income I Acc 105 20 112 15 118 15 129 12 193 11 0.44 2.61L&G Short Dated £ Corporate Bd Idx I Acc 102 83 105 84 108 80 114 74 - - - 2.05L&G Sterling Corporate Bond Index I Acc 104 75 110 67 113 65 124 45 - - - 2.00L&G Sterling Income I Acc 103 77 107 78 112 73 121 63 167 47 - 3.17LF Canlife Corporate Bond C Acc 105 34 111 41 116 29 125 34 166 48 0.81 3.39LF Canlife Short Duration Corp Bd C Acc 101 96 102 95 105 88 - - - - - 2.32Liontrust Monthly Income Bond B Grs Inc 105 24 108 75 116 32 124 46 - - 0.67 5.30Liontrust Sust Fut Corp Bd 2 Grs Inc 106 10 112 24 118 13 129 13 185 18 0.60 3.59M&G Corporate Bond GBP I Acc 105 27 111 38 115 41 124 44 178 28 0.66 2.83M&G Short Dated Corp Bd GBP I Inc 102 89 104 89 106 85 110 79 122 58 0.57 2.23M&G Strategic Corporate Bond GBP I Acc 105 17 111 42 115 47 122 58 175 31 0.66 2.97Marlborough Bond Income P Inc 103 78 107 77 113 66 122 60 173 38 - 2.82Merian Corporate Bond R GBP Acc 106 12 112 12 117 17 124 51 189 13 0.74 2.73Morgan Stanley UK Sterling Corp Bd I Acc 105 44 111 43 115 42 125 35 184 22 0.60 2.59Neuberger Berman Corp Hyb Bd GBP I Acc 106 8 112 18 - - - - - - 0.77 -PIMCO GIS GlInGd Crdt R GBPH Inc 104 66 111 40 113 64 118 72 - - 0.75 3.16PIMCO GIS UK Corporate Bd Instl GBP Acc 105 26 112 21 117 16 130 11 197 8 0.46 -PIMCO GIS UK L/T Corp Bd Instl GBP Acc 108 5 119 4 125 2 142 3 230 1 0.46 -Premier Corporate Bond Monthly Income C 103 82 106 81 109 78 112 77 156 53 1.00 2.98Quilter Inv Stlg Corp Bd U2 GBP Acc 104 62 111 46 114 61 122 57 - - - 3.15Quilter Investors Bond 2 A (GBP) Acc 104 60 110 56 114 59 121 62 166 50 0.99 4.91Quilter Investors Corp Bd U2 (GBP) Acc 106 13 113 10 - - - - - - - 2.17Quilter Investors IG Corp Bd U2 GBP Acc 104 74 108 73 112 72 120 69 - - - 2.34Rathbone Ethical Bond I Inc 106 15 112 14 122 8 132 10 203 6 0.70 3.94Rathbone High Quality Bond S Acc 101 90 103 91 - - - - - - - 1.61Royal London Corporate Bond M Acc 105 35 111 26 118 12 129 14 196 9 - 3.59Royal London Corporate Bond Monthly Inc 104 68 110 58 116 28 124 42 165 51 1.04 3.60Royal London Inv Grade SD Credit Z Inc 102 85 104 86 107 82 - - - - - 2.49Royal London Sterling Credit M Acc 105 31 111 27 119 11 129 15 - - - 3.65Royal London Sustainable Mgd Inc C Acc 104 50 110 53 117 23 127 23 - - - 3.47Santander Corporate Bond IA 105 42 111 32 113 67 124 48 - - - 2.98Sarasin Responsible Corporate Bond P Acc 104 54 110 55 114 52 - - - - - 2.25Schroder All Maturities Corp Bd Z Acc 105 25 112 22 117 19 127 20 168 43 0.46 3.59Schroder Instl Long Dated Corp Bd I 109 1 122 1 128 1 149 1 227 2 0.27 -Schroder Sterling Corporate Bond Z Acc 107 7 115 8 124 6 135 8 188 14 0.61 -Scottish Widows Corporate Bd G Acc 105 43 110 62 112 70 122 59 - - - 2.19Smith & Williamson Fxd Interest B 104 70 109 71 112 74 120 70 164 52 - 2.36SVS Church House Invmt Grd Fxd Intr Acc 103 80 105 83 108 79 113 76 151 56 1.05 2.13Threadneedle SterlingCorpBd Ins Inc 104 51 110 54 116 33 126 27 175 32 0.55 -Threadneedle Stlg MLD Corp Bd InsGrsInc£ 106 11 115 9 119 10 133 9 - - - -Threadneedle Stlg SD Corp Bd Ins Inc £ 102 84 105 85 107 84 112 78 - - - -Threadneedle UK Social Bd Z Acc£ 103 81 106 80 111 76 120 67 - - - 2.23TwentyFour Corporate Bond GBP Acc 104 56 110 66 116 31 - - - - - 3.48UBS Corporate Bond UK Plus K Acc Gross 105 16 113 11 118 14 129 16 184 21 0.03 3.10UBS Sterling Corporate Bd Indexed K Acc 104 71 110 57 115 43 125 38 - - - 2.34Vanguard UK Inv Grd Bd Idx GBP Acc 104 63 110 65 114 54 124 40 174 37 0.20 2.42Vanguard UK Short-Term IG Bd Idx GBP Acc 101 92 103 92 105 87 109 80 - - 0.20 1.40Average/Total 104 96 110 95 115 90 125 81 179 58 0.56 2.67

(IA) £ HIGH-YIELDASI European High Yield Bond I Acc 104 24 108 27 112 29 125 12 - - - 4.74ASI Global High Yield Bond I Acc 105 14 108 24 115 17 115 28 172 16 - 4.98ASI High Yield Bond P1 Acc 104 20 108 28 114 23 125 13 178 11 - 2.94Aviva Investors High Yield Bd 2 GBP Inc 105 5 110 12 111 30 122 20 189 5 0.74 4.37AXA Global High Income Z Gross Acc 103 40 107 33 115 20 118 25 178 12 0.82 5.30AXA Pan European High Yld Bond Z Grs Acc 104 21 109 18 114 24 126 8 189 6 - 3.75Baillie Gifford High Yield Bond B Inc 105 15 110 8 119 5 127 5 209 2 0.38 3.95Barings Dev and EM HY Bd I GBP H Inc 103 37 108 30 112 28 111 31 134 20 1.01 6.64Barings European High Yield Bd B GBP Acc 104 18 110 10 - - - - - - 0.52 -Barings Global High Yield Bond D GBP Acc 104 25 108 26 115 19 - - - - 0.70 -Barings Global Senior Scrd Bd B GBP Acc 104 22 109 16 116 11 - - - - 0.54 -Barings US High Yield Bond A GBP Dis 103 35 106 38 - - - - - - 0.40 4.63BMO Multi-Sector Higher Income Bd C Inc 105 13 110 9 118 7 125 11 184 8 - 4.02BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 102 45 105 41 111 31 - - - - - 4.83BNY Mellon Global High Yield Bd Int WAcc 104 30 109 13 115 18 123 18 171 17 - 4.49Eaton Vance Intl (IRL) US HY Bd I2 GBP 103 34 107 36 112 27 121 22 - - 0.75 -Fidelity Global High Yield W Acc 103 38 109 20 115 16 126 6 - - 0.87 3.18GlobalAccess Global Hi Yld Bd M Dis GBP 103 41 106 39 109 34 116 26 - - - 5.44GS Europe High Yld Bd R Inc GBP Hdg 106 3 112 3 119 4 127 3 - - 0.84 3.53Hermes Gbl High Yld Crdt F GBP Acc H 106 2 112 1 118 6 126 7 - - 0.82 -Invesco High Yield UK Z Acc 107 1 112 2 121 1 126 9 219 1 - 4.63Investec Monthly High Income I Acc GBP 104 28 108 29 113 26 124 16 168 18 0.75 3.57JPM Global High Yield Bond C Grs Acc 103 36 107 35 115 14 120 24 174 14 0.73 5.50Kames High Yield Bond GBP B Acc 105 7 111 4 118 8 122 21 194 3 0.81 4.96Kames Short Dated HY Glbl Bd GBPH B Acc 103 39 105 40 - - - - - - 0.72 -L&G High Income I Acc 104 23 108 23 115 13 124 15 173 15 0.42 5.66Liontrust GF High Yield Bond C5 Acc GBP 105 4 111 5 - - - - - - - -Lord Abbett High Yield Core I GBP H Acc 103 32 - - - - - - - - - -Lord Abbett High Yield I GBP Hdg Acc 104 29 108 25 - - - - - - 0.80 -M&G (Lux) Global HY ESG Bd CH GBP Acc 104 19 109 14 - - - - - - 0.95 -M&G Global Fltng Rt Hi Yld GBP I-H Acc 102 43 104 43 108 35 115 27 - - 0.83 3.78M&G Global High Yield Bond GBP I Acc 105 8 110 11 116 12 123 17 175 13 0.81 4.10Marlborough High Yield Fixed Int P Inc 105 10 108 22 115 15 129 2 182 10 - 4.41Neuberger Berman Glb HY Bd GBP I Acc 104 17 109 19 - - - - - - 1.01 -Neuberger Berman HY Bd GBP A Acc 104 26 107 37 109 33 114 29 - - 1.38 -Neuberger Berman Shrt Dur HY Bd £InsAccH 102 42 104 42 107 36 111 32 - - 0.80 -PIMCO GIS Glb Hi Yld Bd R GBPH Inc 105 16 109 17 114 22 120 23 - - 0.80 4.63PIMCO GIS US Hi Yld Bd Instl GBPH Acc 103 33 107 32 114 21 124 14 194 4 0.55 -


Quilter Investors Hi Yld Bd U2 GBP Acc 105 6 110 7 119 2 127 4 - - - 3.83Royal London Global High Yield Bd M£Inc 105 11 109 21 113 25 123 19 - - - 4.77Royal London Shrt Dur Glbl HY Bd M£Inc 102 44 104 44 107 37 113 30 - - - 4.93Schroder High Yield Opportunities Z Acc 103 31 108 31 117 10 134 1 184 9 0.82 6.18Scottish Widows High Income Bd Acc 104 27 107 34 111 32 108 33 149 19 1.63 5.23T. Rowe Price Global High Inc Bd Qdh GBP 105 9 111 6 119 3 - - - - 0.77 5.15Threadneedle HY Bd Z Inc GBP 105 12 109 15 117 9 125 10 184 7 - 4.13Average/Total 104 45 108 44 114 37 122 33 180 20 0.79 4.59

(IA) £ STRATEGIC BONDAllianz Strategic Bond C Inc 106 10 115 1 116 19 122 24 179 14 0.91 1.94Architas MM Strategic Bond A Acc 102 87 105 86 111 67 116 55 145 38 1.07 -Artemis High Income I Inc 104 37 108 54 115 25 124 14 204 4 0.71 5.33Artemis Strategic Bond I Quarterly Acc 103 70 108 64 115 28 125 12 180 13 0.58 3.20ASI (SLI) Strategic Bond P1 Acc 105 19 110 35 113 41 117 47 165 24 - 2.84ASI Global Opprtunistic Bnd I Acc 105 25 111 15 113 39 116 54 - - - 2.88ASI Sterling Opp Corp Bond I Acc 104 41 108 58 112 48 119 40 133 42 - 2.53ASI Strategic Bond I Acc 104 36 109 44 114 31 120 31 - - - 3.40Aviva Investors Higher Inc Pls 2 GBP Inc 105 13 111 18 114 32 124 15 188 8 0.62 3.72Aviva Investors Managed Hi Inc 2 GBP Inc 105 26 110 32 114 36 122 25 188 7 0.63 4.49Aviva Investors Strategic Bd 2 GBP Inc 104 44 108 66 108 75 116 57 170 22 0.73 3.50AXA Framlington Managed Income Z Grs Acc 103 60 108 65 116 23 128 9 206 3 - 4.75AXA Sterling Strategic Bond Z (G) Acc 104 47 111 19 113 45 124 16 172 20 0.54 1.62Baillie Gifford Sterling Agg Bd C Acc 105 21 112 13 116 17 - - - - - 2.30Baillie Gifford Stlg Agg Pls Bd C Acc 104 31 111 16 115 26 - - - - - -Baillie Gifford Strategic Bond B Inc 105 12 111 17 121 7 130 5 215 2 0.55 3.30Barclays Sterling Bond R Acc GBP 104 43 111 24 112 49 124 18 - - - 1.88BlackRock Fixed Inc Global Opps D Acc 102 86 104 89 106 78 109 66 123 44 - -BlackRock Sterling Strategic Bd D £ Acc 103 74 108 61 114 35 - - - - - 2.48BMO Global Total Ret Bd (GBP Hdg) C Inc 102 83 106 77 104 84 106 70 146 37 - -BMO Multi-Sector Bond C Inc 104 48 109 42 114 30 121 28 178 15 - 3.05BNY Mellon Global Dynamic Bd IncInstWInc 103 77 107 67 108 76 - - - - - 3.55BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 103 78 106 79 111 59 118 41 - - - -BNY Mellon Sus Stlg Bd Inst W Acc 104 40 110 27 - - - - - - - 2.77Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 106 5 111 14 110 70 128 7 - - 1.45 -Close Select Fixed Income X Inc 104 49 109 41 116 18 126 10 - - - 4.56EdenTree Amity Sterling Bond B 104 45 108 52 116 21 122 23 173 19 0.78 -Fidelity Extra Income W Inc 105 20 111 23 117 14 125 11 186 10 0.78 -Fidelity Strategic Bond W Inc 103 71 110 30 111 64 116 56 165 26 0.68 2.12GAM Star Credit Opps (GBP) Instl GBP Acc 106 7 112 10 122 4 140 1 - - 1.14 4.13HC Kleinwort Hambros Fixed Income A Acc 103 75 105 85 106 82 111 64 - - 1.12 -Hermes Multi-Strategy Credit F GBP Acc H 105 22 109 38 111 61 120 33 - - 0.79 -HL Multi-Manager Strategic Bond A Acc 103 67 107 70 111 57 117 50 159 30 1.26 -Invesco Monthly Inc Plus UK Z Acc 105 30 108 45 116 22 122 27 189 6 - 5.14Invesco Tactical Bond UK Z Acc 103 81 104 90 106 80 110 65 - - - -Investec Global Total Ret Crdt I GBP Acc 103 64 106 78 - - - - - - - 2.64Janus Henderson Fxd Intr MthInc I Inc 106 6 113 7 121 5 131 4 185 11 0.78 4.17Janus Henderson Preference & Bond I Acc 105 16 112 9 119 9 128 8 185 12 0.68 3.81Janus Henderson Strategic Bond I Inc 104 38 111 20 116 20 123 19 173 18 0.68 2.93JPM Global Bond Opportunities C Grs Acc 103 61 108 53 113 42 - - - - - 3.35Jupiter Strategic Bond I Acc 103 59 111 26 114 37 122 22 186 9 0.73 3.56Kames Strategic Bond GBP B Acc 105 14 110 33 115 27 118 44 159 31 - 2.14L&G Dynamic Bond I Acc 104 53 108 50 105 83 104 71 141 39 0.64 5.40Legg Mason IF BW Glbl Inc Optr X Inc 105 27 110 36 114 33 120 32 - - 1.10 2.97Legg Mason IF WA Glb Mlt Strat Bd X Inc 103 79 108 47 111 63 114 60 138 40 - 5.94Legg Mason IF WA Retirement Inc Bd X Inc 103 66 107 69 110 69 116 53 136 41 - 3.40Legg Mason WA Mcr OppBd X GBPH Acc 106 11 115 2 119 10 124 13 - - 1.25 -LF IM Bond A Inc 104 46 108 48 110 72 114 59 - - 1.54 1.65Liontrust Strategic Bond B Gross Acc 103 62 108 60 - - - - - - - 2.44Loomis Sayles Strategic Inc H-N/DG GBP 103 69 108 56 114 38 117 48 - - - -M&G Optimal Income GBP I Acc 104 35 107 68 112 50 118 45 176 16 0.91 -M&G UK Inflation Lnkd Corp Bd GBP I Acc 101 92 103 91 106 81 108 67 - - 0.66 -Man GLG Strategic Bond I GBP Cap 105 18 111 20 124 3 140 2 - - - -Man GLG Strategic Bond Profl Acc C 106 9 110 29 112 55 108 68 - - 0.83 3.29Marks & Spencer High Income Acc 104 52 109 37 111 58 117 51 159 32 1.00 4.19Merian Global Strategic Bond P GBP Acc 106 8 112 11 112 53 112 63 128 43 0.64 2.33Merian Monthly Income Bond R GBP Acc 107 3 113 6 116 15 117 49 165 27 0.85 3.75MI TwentyFour AM Dynamic Bond I Acc 104 32 108 46 117 13 124 17 - - 1.10 4.01Muzinich Global Tact Crdt HGBP Inc H 104 33 109 40 110 71 - - - - 0.81 2.83NFU Mutual Gilt & Corp Bond C 103 73 109 43 111 66 122 26 162 28 - 2.59Nomura Fds Global Dynamic Bond I GBP H 108 2 114 4 121 8 - - - - 0.83 -PIMCO GIS Divers Inc Dur H Ins GBP H Acc 103 63 106 82 113 43 116 52 - - 0.69 -PIMCO GIS Divers Inc Instl GBPH Inc 105 17 112 12 117 12 123 20 173 17 0.68 4.11PIMCO GIS Income R GBP Hedged Inc 102 91 106 75 111 65 118 43 - - 0.80 4.02PIMCO Sel UK Income Bond R GBP Inc 103 76 106 81 108 77 112 62 - - - -Quilter Inv Stlg Divers Bd U2 (GBP) Acc 104 57 111 22 111 60 119 35 - - - 2.57Quilter Investors Bond 1 A (GBP) Inc 104 42 107 71 115 29 119 37 167 23 1.08 -Quilter Investors Divers Bd U2 (GBP) Acc 107 4 114 5 - - - - - - - 3.73Quilter Investors Strat Bd R GBP Inc 103 65 109 39 111 62 113 61 152 33 - 3.72Rathbone Strategic Bond Instl Inc 103 82 106 80 113 47 120 30 - - 1.28 -RBS Global Bond 1 Inc 104 34 - - - - - - - - - -RLBF II Royal London Ethical Bond M Acc 105 28 111 25 118 11 128 6 194 5 - 3.24RLBF II Royal London Shrt Dur Crdt M Inc 103 80 106 83 112 51 119 38 - - - 2.73Royal London Global Bd Opps Z GBP 104 54 108 55 121 6 - - - - - 5.93Royal London GMAP Cnsrv M GBP Acc 102 84 108 63 110 68 - - - - - 1.54Royal London Monthly Income Bd M GBP Inc 103 72 107 73 - - - - - - - 5.01Royal London Sterl Extra Yld Bd A 103 58 108 62 127 2 136 3 237 1 0.88 5.83Santander Strategic Bond IA 104 51 108 57 112 54 119 34 146 36 - 3.53Sarasin Sterling Bond I Acc 104 50 110 34 113 40 123 21 165 25 0.86 -Schroder Strategic Bond Z Acc 105 24 108 49 113 44 118 46 - - - 3.10Schroder Strategic Credit Z GBP Acc 103 68 107 74 112 56 119 39 149 34 - 4.06Scottish Widows Strategic Income A Acc 105 23 110 31 113 46 121 29 171 21 1.38 -SLI Total Return Credit B Acc GBP 105 15 110 28 114 34 - - - - - -TCW Fds MetWest Unconstrain Bd RGHG-QD 102 89 105 87 106 79 - - - - 0.85 4.61TCW Funds Tcw Income IGHG YD Inc 102 90 106 84 109 73 - - - - - 5.38Threadneedle Strategic Bond Z Inc 104 56 108 51 112 52 118 42 160 29 - 2.62Tideway GBP Credit A GBP Acc 104 39 108 59 115 24 - - - - - -Tideway GBP Hybrid Capital Bd A GBP Acc 109 1 115 3 129 1 - - - - - -UBS Global Strategic Bond C Acc 104 55 107 72 - - - - - - - 2.80Virgin Money Bond & Gilt Fd GBP 102 85 106 76 109 74 116 58 149 35 1.00 -VT Garraway Divers Fxd Intr R Acc 102 88 104 88 102 85 107 69 - - - -Waverton Sterling Bond A GBP 105 29 112 8 116 16 119 36 - - 1.06 3.78Average/Total 104 92 109 91 113 85 120 71 169 44 0.89 3.47

Unit Trusts 17

>| Investment Trusts 1

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

ASIA PACIFICAberdeen New Dawn 105 5 116 1 141 4 146 9 240 9 1.79 -12.59All Active Asset Capital Limited 80 10 20 10 3 10 2 10 - - - -20.00Asia Dragon 105 3 112 4 140 5 150 8 246 8 1.21 -10.80Fidelity Asian Values 96 9 100 9 126 9 178 2 272 4 2.21 3.33Invesco Asia 105 2 111 5 133 6 164 5 270 5 2.46 -10.23Pacific Assets 100 8 104 8 128 7 156 6 321 1 1.06 -0.52Pacific Horizon 101 7 105 7 156 1 167 4 254 7 - -5.48Schroder AsiaPacific plc 105 4 112 3 142 3 172 3 310 2 2.13 -8.75Schroder Asn Total Return Inv. Company 103 6 108 6 150 2 198 1 275 3 1.72 1.51Witan Pacific 107 1 113 2 127 8 154 7 257 6 2.11 -9.68Average/Total 101 10 100 10 125 10 149 10 272 9 1.84 -7.32

ASIA PACIFIC INCOMEAberdeen Asian Income 103 4 111 3 122 4 127 4 241 3 4.49 -5.92Henderson Far East Income 104 3 110 4 125 2 145 3 216 4 6.42 1.74JPMorgan Asian 109 1 117 1 159 1 190 1 255 2 4.27 -4.95Schroder Oriental Income 105 2 112 2 125 3 160 2 332 1 4.09 1.82Average/Total 105 4 112 4 133 4 156 4 261 4 4.82 -1.83

ASIA PACIFIC SMALLER COMPANIESAberdeen Standard Asia Focus 103 1 109 1 120 1 123 1 350 1 1.79 -9.75Scottish Oriental Smaller Cos 96 2 105 2 113 2 122 2 303 2 1.19 -10.62Average/Total 99 2 107 2 116 2 122 2 326 2 1.49 -10.18

BIOTECHNOLOGY & HEALTHCAREAdams 400 1 376 1 74 6 36 6 - - - 77.94BB Healthcare 110 5 107 5 - - - - - - 3.43 0.83Biotech Growth 120 2 117 2 114 5 120 5 609 1 - -10.22International Biotechnology 107 6 110 4 130 3 176 3 606 2 4.43 -2.88Polar Capital Glb Healthcare 114 4 103 7 129 4 153 4 - - 0.88 -7.50Polar Capital Glb Healthcare ZDP 2024 100 7 104 6 - - - - - - - 0.85Syncona 95 8 85 8 176 1 198 1 - - 1.03 11.31Worldwide Healthcare 117 3 112 3 147 2 180 2 597 3 0.89 -0.03Average/Total 145 8 139 8 128 6 144 6 604 3 2.13 8.79

COMMODITIES & NATURAL RESOURCESBaker Steel Resources 118 3 126 2 208 1 169 1 - - - -19.59BlackRock Energy and Resources Income 97 7 99 5 93 3 92 4 98 2 6.17 -12.50BlackRock World Mining Trust plc 107 5 112 3 124 2 136 2 102 1 5.83 -11.46CQS Natural Resources G&I 104 6 96 7 82 4 96 3 71 3 6.65 -22.63Geiger Counter 79 9 63 9 81 5 61 6 21 6 - 2.31Global Resources IT 186 1 109 4 63 7 16 10 - - - 222.92Golden Prospect Precious Metal 129 2 135 1 69 6 88 5 37 4 - -27.62Polo Resources 88 8 99 6 48 9 46 8 26 5 - -75.24Riverstone Energy 50 10 36 10 32 10 48 7 - - - -59.06Tiger Resource 110 4 73 8 61 8 22 9 12 7 - -11.29Average/Total 107 10 95 10 86 10 77 10 52 7 6.22 -1.42

COUNTRY SPECIALIST: ASIA PACIFIC EXCLUDING JAPANAberdeen New India 94 11 106 8 129 6 143 5 257 4 - -12.31Aberdeen New Thai 102 7 108 6 131 5 139 7 457 2 3.49 -14.10Ashoka India Equity Investment 103 6 123 4 - - - - - - - 4.23Fidelity China Special 106 5 110 5 125 8 175 4 - - 1.80 -9.87India Capital Growth 81 12 85 12 103 11 122 10 181 7 - -14.52JPMorgan Chinese 124 2 133 2 162 2 184 3 242 5 1.11 -11.12JPMorgan Indian 95 10 107 7 124 9 140 6 198 6 - -7.56Kubera Cross-Border 151 1 138 1 144 3 132 8 91 8 - -47.73Vietnam Enterprise 111 3 106 9 164 1 - - - - - -7.83VietNam Holding 107 4 124 3 125 7 286 1 477 1 - 10.84VinaCapital Vietnam Opp Fund 98 9 102 10 142 4 209 2 411 3 2.58 -14.91Weiss Korea Opportunity 100 8 101 11 112 10 126 9 - - 2.88 -1.93Average/Total 106 12 112 12 133 11 166 10 289 8 2.37 -10.57

COUNTRY SPECIALIST: EUROPE EX UKJPMorgan Russian Securities 120 1 145 1 172 1 256 1 213 1 4.52 -11.97


Average/Total 120 1 145 1 172 1 256 1 213 1 4.52 -11.97

COUNTRY SPECIALISTS: LATIN AMERICAJPMorgan Brazil 107 1 118 1 125 1 115 1 - - 1.17 -19.51Average/Total 107 1 118 1 125 1 115 1 - - 1.17 -19.51

DEBT - DIRECT LENDINGBioPharma Credit 97 9 101 7 - - - - - - 7.00 -1.23GCP Asset Backed Income 105 3 109 2 119 3 - - - - 5.95 6.98Hadrian's Wall Secured Investments 66 11 66 11 66 8 - - - - 9.68 -34.04Honeycomb Investment Trust 91 10 93 9 118 4 - - - - 8.23 -2.86Pollen Street Secured Lending 100 7 109 3 133 2 102 1 - - 5.67 -14.05RDL Realisation 124 1 85 10 70 7 - - - - 9.84 -16.77RM Secured Direct Lending 103 4 105 4 - - - - - - 6.53 3.98RM Secured Direct Lending ZDP 2021 102 5 104 5 - - - - - - - -0.45SME Credit Realisation Fund 101 6 99 8 100 6 - - - - 6.21 -9.51SQN Secured Income 99 8 102 6 115 5 - - - - 8.16 -6.85VPC Specialty Lending Investments 114 2 110 1 141 1 - - - - 10.55 -16.57Average/Total 100 11 99 11 108 8 102 1 - - 7.78 -8.31

DEBT - LOANS & BONDSAlcentra Eur Floating Rate Inc 103 7 104 8 114 7 119 9 - - 4.60 -3.86Axiom European Financial Debt Fund 101 9 104 9 118 5 - - - - 6.56 -7.19City Merchants High Yield 106 2 112 2 121 3 135 3 219 4 5.17 2.06CQS New City High Yield 103 8 107 6 126 2 130 6 219 3 7.67 6.38CVC Credit Partners Euro Opps EUR 95 11 91 12 112 9 129 7 - - 5.70 -1.98CVC Credit Partners Euro Opps GBP 94 12 93 11 114 8 124 8 - - 5.61 -5.10Henderson Diversified Income 107 1 123 1 118 6 132 5 247 2 4.79 3.22Invesco Enhanced Income 106 3 110 3 120 4 141 1 302 1 6.54 2.63M&G Credit Income Investment 104 4 105 7 - - - - - - 3.94 5.48NB Distressed Debt Inv Extended Life 86 16 79 15 80 14 84 12 - - 1.15 -18.82NB Distressed Debt New Glb 91 13 85 14 92 12 82 13 - - 1.02 -12.99NB Distressed Debt 91 15 86 13 81 13 94 11 - - 0.01 -7.34NB Global Floating Rate Income GBP 104 6 108 4 108 10 116 10 - - 5.30 -3.37NB Global Floating Rate Income USD 101 10 103 10 105 11 136 2 - - 5.30 -3.68Riverstone Credit Opportunities Income 91 14 - - - - - - - - - -5.81TwentyFour Select Monthly Income 104 5 107 5 128 1 133 4 - - 6.81 1.39Average/Total 99 16 101 15 110 14 120 13 247 4 4.68 -3.06

DEBT - STRUCTURED FINANCEBlackstone/GSO Loan Financing 101 3 105 2 115 3 138 2 - - 12.35 -9.53Blackstone/GSO Loan Financing C 104 1 - - - - - - - - 16.19 -7.83Carador Income Fund USD 81 9 82 8 92 6 116 3 654 1 12.49 -6.11Carador Income Repurchase Pool 88 7 88 6 - - - - - - - 39.88Chenavari Toro Income Fund Limited 104 2 110 1 122 1 - - - - 10.13 -19.95Fair Oaks Income 2017 84 8 89 5 100 4 146 1 - - 16.46 -9.16Marble Point Loan Financing 96 5 83 7 - - - - - - 10.39 3.58TwentyFour Income 99 4 102 3 120 2 116 4 - - 5.84 -0.23UK Mortgages 94 6 90 4 97 5 - - - - 6.43 -12.40Average/Total 95 9 94 8 108 6 129 4 654 1 11.28 -2.42

ENVIRONMENTALImpax Environmental Markets 113 1 120 3 158 2 225 2 326 1 0.93 2.25Jupiter Green 105 3 114 4 121 4 141 3 252 2 1.13 -3.61Leaf Clean Energy 84 4 543 1 272 1 283 1 130 3 - 3.55Menhaden 109 2 138 2 139 3 - - - - 0.75 -18.31Average/Total 103 4 229 4 172 4 216 3 236 3 0.94 -4.03

EUROPEBaillie Gifford European Growth Trust 113 2 109 7 133 7 133 8 222 8 3.60 -5.39BlackRock Greater Europe 114 1 124 1 159 3 186 2 293 2 1.24 -2.86European Opportunities Trust 102 8 113 5 162 1 187 1 499 1 0.68 -2.51Fidelity European Values 108 7 122 2 160 2 177 3 293 4 2.51 -6.79

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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>|


Henderson European Focus Trust 112 4 114 4 134 6 147 6 278 5 2.47 -9.15Henderson EuroTrust 113 3 117 3 140 5 167 4 293 3 2.68 -8.77JPMorgan European Growth Pool 109 6 112 6 131 8 146 7 231 7 3.12 -12.14JPMorgan European Income Pool 110 5 106 8 142 4 151 5 265 6 4.16 -8.64Average/Total 110 8 115 8 145 8 162 8 297 8 2.56 -7.03

EUROPEAN EMERGING MARKETSBaring Emerging Europe 111 1 131 1 157 1 187 1 167 1 4.14 -6.54Average/Total 111 1 131 1 157 1 187 1 167 1 4.14 -6.54

EUROPEAN SMALLER COMPANIESEuropean Assets 103 4 109 3 126 4 144 4 348 2 5.78 -7.75JPMorgan European Smaller Comp 107 3 104 4 138 2 198 2 337 3 1.81 -12.99Montanaro European Smaller 115 1 128 1 190 1 253 1 375 1 0.83 -4.45TR European Growth 110 2 109 2 133 3 193 3 282 4 2.40 -11.81Average/Total 109 4 113 4 147 4 197 4 335 4 2.70 -9.25

FINANCIALSChenavari Capital Solutions 95 5 96 5 100 2 94 2 - - 3.17 -15.38EJF Investments 96 4 104 3 - - - - - - 6.11 -7.89EJF Investments ZDP 2022 101 2 107 2 - - - - - - - 4.03Polar Capital Global Financials 111 1 112 1 129 1 166 1 - - 3.02 -3.51Trian Investors 1 100 3 99 4 - - - - - - - -14.44Average/Total 101 5 104 5 114 2 130 2 - - 4.10 -7.44

FLEXIBLE INVESTMENTAberdeen Diversified Income & Growth 102 16 95 21 118 11 100 18 164 13 4.98 -11.24BMO Managed Portfolio Growth 103 12 107 12 134 3 152 7 277 2 - 0.20BMO Managed Portfolio Income 105 8 111 6 127 4 139 9 262 5 4.44 2.12Caledonia Investments 106 6 110 7 136 2 154 6 249 7 1.94 -16.04Capital Gearing 103 11 107 11 120 10 133 10 181 10 0.53 2.35CIP Merchant Capital 86 24 75 24 - - - - - - - -39.00Hansa Trust 'A' Class A 92 23 95 22 116 12 110 15 144 14 1.24 -33.58Hansa Trust 96 22 93 23 115 13 102 17 142 15 1.24 -32.27Henderson Alternative Strategies Trust 98 20 99 18 108 17 116 14 125 17 1.94 -20.82Invesco Perp Select Balanced Risk Alloc 104 9 109 9 113 16 124 13 - - 1.04 -1.06JPMorgan Multi-Asset 111 3 112 4 - - - - - - 4.00 -5.75JZ Capital Partners 73 25 74 25 69 21 94 19 212 9 - -60.49JZ Capital Partners ZDP 2022 99 19 100 17 104 19 - - - - - 1.74Livermore Investments 118 2 113 2 107 18 125 12 273 3 0.10 -61.69Miton Global Opportunities 97 21 99 19 127 5 171 2 243 8 - -0.60New Star Investment Trust 110 4 112 3 122 9 167 3 169 12 1.22 -29.22Personal Assets 103 10 107 13 114 15 129 11 180 11 1.33 1.73RIT Capital Partners 109 5 110 8 126 6 165 4 267 4 1.59 9.44Ruffer Investment Company 103 13 99 20 95 20 108 16 141 16 0.82 -2.88Seneca Global Income & Growth Trust 101 18 111 5 123 7 156 5 262 6 3.86 1.18UIL 127 1 152 1 198 1 276 1 333 1 3.05 -27.25UIL ZDP 2020 101 17 103 16 114 14 146 8 - - - 4.11UIL ZDP 2022 103 14 105 15 122 8 - - - - 0.01 8.22UIL ZDP 2024 105 7 107 10 - - - - - - - 4.31UIL ZDP 2026 102 15 105 14 - - - - - - - 0.70Average/Total 102 25 104 25 119 21 140 19 213 17 1.96 -12.23

FORESTRY & TIMBERCambium Global Timberland 109 1 112 1 163 1 59 1 18 1 - -32.71Average/Total 109 1 112 1 163 1 59 1 18 1 - -32.71

GLOBALAlliance Trust 110 3 113 8 150 9 190 7 337 8 1.72 -5.51AVI Global Trust 106 11 111 10 132 13 164 11 239 13 2.17 -8.19Bankers 110 3 117 7 152 6 185 8 355 5 2.16 -0.18Brunner 113 2 119 5 157 5 181 10 311 10 2.30 -4.67EP Global Opportunities 102 15 99 16 114 15 139 15 217 16 1.87 -5.47F&C Investment Trust 109 5 109 11 150 8 193 6 354 6 1.59 -1.12JPMorgan Elect Managed Growth 107 9 113 9 138 11 163 12 300 11 1.81 -1.87Lindsell Train 75 16 118 6 166 4 396 1 966 1 2.24 25.26Majedie Investments 103 14 100 15 109 16 130 16 226 15 4.54 -17.37Manchester & London 105 13 125 1 202 1 243 2 235 14 2.67 -5.68Martin Currie Global Portfolio 108 8 121 3 142 10 182 9 336 9 1.43 0.17Mid Wynd International Inv Tr PLC O Inc 115 1 123 2 152 7 211 5 420 3 0.98 3.05Monks 109 6 119 4 172 2 241 3 369 4 0.20 3.92Scottish Investment Trust 107 10 104 14 121 14 153 14 249 12 3.08 -7.92Scottish Mortgage 106 12 107 13 171 3 214 4 598 2 0.60 -2.70Witan 108 7 109 12 137 12 162 13 337 7 2.27 -3.32Average/Total 106 16 113 16 148 16 197 16 366 16 1.98 -1.98

GLOBAL EMERGING MARKETSAberdeen Emerging Markets 105 6 116 5 127 6 144 4 170 6 3.72 -13.84Aberdeen Frontier Markets Investment 97 11 101 9 79 12 83 11 127 8 3.38 -8.12Africa Opportunity 92 13 85 14 89 10 77 12 131 7 - -8.28Ashmore Global Opp GBP 57 16 47 16 47 14 46 14 28 10 - -54.94Ashmore Global Opp USD 73 15 71 15 79 11 91 10 60 9 - -36.73BlackRock Frontiers 99 9 96 11 110 8 130 6 - - 4.43 2.97Fundsmith Emerging Equities Trust 96 12 96 12 107 9 102 9 - - 0.18 -10.27Genesis Emerging Markets Fund 110 1 122 2 138 3 144 3 207 4 1.99 -10.21Gulf Investment Fund 109 3 126 1 130 4 128 8 326 1 2.39 -6.81JPMorgan Emerging Markets 109 2 122 3 157 1 174 1 248 3 1.42 -7.47


JPMorgan Global Emerg Mkts Inc 100 8 113 8 127 5 128 7 - - 3.94 -3.83Jupiter Emerging & Frontier Income 108 4 117 4 - - - - - - 4.60 -5.25Mobius Investment Trust 87 14 88 13 - - - - - - - -13.30Qannas Investments 97 10 99 10 60 13 70 13 - - - 2.46Templeton Em Mkts Invmt Tr TEMIT 108 5 115 6 146 2 148 2 190 5 2.04 -11.08Utilico Emerging Markets 102 7 115 7 125 7 132 5 257 2 3.41 -10.84Average/Total 97 16 102 16 109 14 114 14 174 10 2.86 -12.22

GLOBAL EQUITY INCOMEHenderson International Income 109 5 110 6 132 4 168 4 - - 3.39 3.15Invesco Perp Select Glo Eq Inc 109 4 111 5 126 5 161 5 279 4 3.41 -1.34JPMorgan Global Growth & Income 110 3 113 4 147 1 190 2 329 2 3.89 3.18Murray International 108 6 115 3 122 6 140 6 240 5 4.41 3.54Scottish American 111 2 116 2 146 2 198 1 344 1 2.85 5.21Securities Trust of Scotland 119 1 126 1 142 3 171 3 326 3 3.14 0.31Average/Total 111 6 115 6 136 6 171 6 303 5 3.52 2.34

GLOBAL HIGH INCOMEBlue Planet Investment Trust 94 1 95 1 116 1 143 1 - - 6.96 -21.12Average/Total 94 1 95 1 116 1 143 1 - - 6.96 -21.12

GLOBAL SMALLER COMPANIESBMO Global Smaller Companies 108 3 105 5 122 4 166 4 418 3 1.18 -5.14Edinburgh Worldwide 111 2 122 2 205 1 253 1 451 1 0.01 3.01Herald 107 4 121 3 170 2 211 2 448 2 - -10.73North Atlantic Smaller Cos 103 5 112 4 125 3 173 3 400 4 0.97 -26.58ScotGems 83 6 79 6 - - - - - - - -18.77Smithson Investment Trust 112 1 126 1 - - - - - - - 3.17Average/Total 104 6 111 6 155 4 201 4 429 4 0.72 -9.17

GROWTH CAPITALAdamas Finance Asia 56 3 50 2 21 2 20 1 1 1 - -72.02Merian Chrysalis Investment Company 103 1 117 1 - - - - - - - 5.37Schiehallion Fund 97 2 - - - - - - - - - 15.58Woodford Patient Capital Trust 39 4 34 3 33 1 - - - - 0.03 -43.02Average/Total 74 4 67 3 27 2 20 1 1 1 0.03 -23.52

HEDGE FUNDSAlternative Liquidity Fund 61 10 70 10 101 6 - - - - - -64.80BH Global GBP 102 7 101 7 114 5 120 7 140 7 - -6.78BH Global USD 103 6 104 5 117 4 155 2 188 3 - -5.10BH Macro GBP 108 2 111 2 126 2 129 4 160 6 - 1.96BH Macro USD 109 1 113 1 134 1 171 1 223 2 - 0.26Boussard & Gavaudan EUR 105 3 94 8 99 7 138 3 170 4 - -21.91Boussard & Gavaudan GBP 101 8 102 6 99 9 127 6 165 5 - -23.91Gabelli Merger Plus+ Trust 104 5 108 4 - - - - - - 5.49 -10.16Highbridge Tactical Credit Fund 90 9 91 9 99 8 105 8 129 8 - -9.22Third Point Offshore USD 105 4 111 3 117 3 127 5 414 1 - -22.76Average/Total 99 10 100 10 112 9 134 8 199 8 5.49 -16.24

INFRASTRUCTURE3i Infrastructure 104 4 117 1 166 1 222 1 405 1 3.16 22.18BBGI SICAV 112 1 113 2 138 2 163 2 - - 4.18 25.50GCP Infrastructure Investment 103 5 109 4 126 4 150 3 - - 5.76 20.19HICL Infrastructure Company 103 6 105 5 117 6 135 5 242 2 5.17 2.54Infrastructure India 72 7 74 7 15 7 13 6 3 4 - -90.94International Public Partnerships 107 2 105 6 119 5 145 4 223 3 4.61 6.20Sequoia Economic Infrastructure Inc 106 3 111 3 128 3 - - - - 5.43 11.14Average/Total 101 7 105 7 116 7 138 6 218 4 4.72 -0.46

INSURANCE & REINSURANCE STRATEGYIESCATCo Reinsurance Opps C 94 5 68 6 - - - - - - 13.09 -34.30CATCo Reinsurance Opps 106 3 74 5 22 1 38 1 - - 13.32 -27.29Life Settlement Assets A 101 4 125 3 - - - - - - - -21.76Life Settlement Assets B 88 6 103 4 - - - - - - - -35.27Life Settlement Assets D 134 2 258 2 - - - - - - - -25.48Life Settlement Assets E 144 1 325 1 - - - - - - - -44.20Average/Total 111 6 159 6 22 1 38 1 - - 13.20 -31.38

JAPANAberdeen Japan 120 2 115 2 129 5 150 5 313 5 0.86 -10.11Baillie Gifford Japan 109 5 105 5 147 2 222 2 599 1 0.42 -0.03CC Japan Income & Growth 109 6 107 4 144 4 - - - - 2.53 -2.85Fidelity Japan Trust 124 1 123 1 172 1 245 1 402 2 0.01 -9.33JPMorgan Japanese 112 4 114 3 147 3 215 3 387 3 1.06 -7.88Schroder Japan Growth plc 113 3 100 6 117 6 169 4 320 4 2.38 -12.68Average/Total 115 6 111 6 143 6 200 5 404 5 1.21 -7.15

JAPANESE SMALLER COMPANIESAtlantis Japan Growth 113 2 115 2 153 3 203 3 242 3 1.04 -11.95AVI Japan Opportunity 110 3 110 3 - - - - - - - 3.13Baillie Gifford Shin Nippon 105 4 97 4 160 1 301 1 885 1 0.01 0.33JPMorgan Japan Smaller Cos 117 1 116 1 156 2 234 2 364 2 4.03 -9.84Average/Total 111 4 110 4 156 3 246 3 497 3 1.69 -4.58

LATIN AMERICAAberdeen Latin American Income 103 1 114 1 125 2 119 2 - - 5.04 -12.81BlackRock Latin American 100 2 111 2 130 1 126 1 108 1 5.95 -14.59Average/Total 101 2 113 2 127 2 122 2 108 1 5.50 -13.70





LEASINGAmedeo Air Four Plus 84 7 81 7 96 3 - - - - 10.51 -29.76Doric Nimrod Air One 92 6 79 8 93 4 112 4 - - 11.11 -30.05Doric Nimrod Air Three 99 3 90 4 108 1 121 2 - - 10.00 15.45Doric Nimrod Air Two 93 4 86 5 100 2 114 3 - - 11.15 -12.62DP Aircraft I 83 8 83 6 93 5 138 1 - - 11.39 -18.97SQN Asset Finance Income C 100 2 102 1 - - - - - - 8.38 -11.74SQN Asset Finance Income 93 5 91 3 93 6 107 5 - - 8.78 -11.55Tufton Oceanic Assets 100 1 101 2 - - - - - - 6.83 5.40Average/Total 93 8 89 8 97 6 118 5 - - 9.77 -11.73

LIQUIDITY FUNDSInvesco Perp Select Liquidity 101 2 101 2 102 1 101 2 105 2 0.78 -2.07JPMorgan Elect Managed Cash 102 1 102 1 101 2 104 1 106 1 0.39 0.39Average/Total 102 2 102 2 101 2 102 2 105 2 0.58 -0.84

NORTH AMERICABaillie Gifford US Growth 107 6 119 1 - - - - - - - 3.09BlackRock North American 111 3 112 3 137 3 198 2 - - 4.28 1.48Gabelli Value Plus+ Trust 112 2 107 6 107 5 - - - - 0.56 -8.21JPMorgan American 110 4 109 5 138 2 178 3 415 1 1.38 -5.36Middlefield Canadian Income 114 1 117 2 124 4 124 4 270 3 4.89 -10.43North American Income Trust 108 5 111 4 140 1 202 1 381 2 2.92 0.72Average/Total 110 6 113 6 129 5 176 4 355 3 2.81 -3.12

NORTH AMERICAN SMALLER COMPANIESJPMorgan US Smaller Companies 113 1 109 1 139 1 209 1 576 1 0.73 1.77Jupiter US Smaller Companies 111 2 108 2 138 2 170 2 401 2 - -9.16Average/Total 112 2 108 2 138 2 189 2 488 2 0.73 -3.70

PRIVATE EQUITY3i 104 12 133 4 172 3 290 1 554 3 3.29 19.30Apax Global Alpha 122 2 138 2 156 6 - - - - 5.22 -6.08Better Capital PCC 2009 101 13 89 19 95 16 143 17 - - 0.02 -38.49Better Capital PCC 2012 84 23 87 22 81 20 31 21 - - 0.13 -56.32BMO Private Equity Trust 115 4 115 8 141 10 207 6 479 6 4.03 -6.03Dunedin Enterprise 110 6 113 10 218 1 223 3 329 11 14.40 -13.53EIH 67 26 67 24 64 22 82 19 222 14 20.00 -35.90Electra Private Equity 91 19 85 23 89 19 161 14 372 10 - -38.96EPE Special Opportunities 89 20 109 11 72 21 153 15 563 2 - -32.24FastForward Innovations Limited 84 24 67 25 60 23 134 18 25 18 - -47.93HarbourVest Global Priv Equity 109 8 125 6 155 7 220 4 - - - -14.37HgCapital Trust 119 3 136 3 189 2 277 2 393 9 1.90 1.00ICG Enterprise Trust 111 5 120 7 158 5 192 9 467 7 2.22 -15.02JPEL Private Equity 87 21 87 21 113 13 197 8 136 15 - -24.17LMS Capital 99 17 95 17 90 18 64 20 121 16 - -42.03NB Private Equity Partners 105 10 106 15 131 12 186 10 487 5 4.16 -23.61NB Private Equity ZDP 2022 100 15 101 16 109 14 - - - - - 1.52NB Private Equity ZDP 2024 101 14 106 14 - - - - - - - 3.20Oakley Capital Investments 110 7 133 5 170 4 166 13 251 13 1.88 -23.39Origo Partners 216 1 139 1 21 25 5 23 2 20 - -87.50Pantheon International Ord PLC 104 11 113 9 137 11 186 11 646 1 - -14.49Princess Private Equity 107 9 106 13 147 8 215 5 541 4 5.55 -12.93Reconstruction Capital II 85 22 88 20 91 17 197 7 39 17 - -32.03St Peter Port Capital 68 25 62 26 43 24 14 22 12 19 8.82 -69.49Standard Life Private Eq 100 16 107 12 142 9 184 12 444 8 3.88 -23.40Symphony International Holding 98 18 92 18 107 15 145 16 271 12 4.18 -39.52Average/Total 103 26 105 26 118 25 160 23 318 20 5.31 -25.86

PROPERTY - DEBTEnergiser Investments 93 5 50 5 24 4 19 4 19 2 - -15.73ICG-Lgbow Senior Sec. UK Prop Debt Inv 101 4 100 4 110 3 121 3 - - 6.28 -2.49Real Estate Credit Investments 102 2 110 1 126 1 144 1 190 1 7.19 0.22Starwood Eurpn Real Estate Finance 101 3 106 3 117 2 128 2 - - 6.44 -1.85TOC Property Backed Lending 103 1 106 2 - - - - - - 5.80 12.90Average/Total 100 5 94 5 94 4 103 4 105 2 6.43 -1.39

PROPERTY - EUROPEAberdeen Standard European Logistics Inc 99 5 96 6 - - - - - - 5.17 0.76Alpha Real Trust 124 1 138 1 192 2 404 1 288 1 1.51 -14.35AXA Property 96 8 85 8 49 6 75 4 64 2 - -30.79Dragon Ukrainian Properties 106 3 81 9 110 5 98 3 40 3 14.25 -68.18Globalworth Real Estate Investments 102 4 108 3 213 1 164 2 - - 6.50 5.43Phoenix Spree Deutschland 94 9 94 7 142 3 - - - - 2.07 -22.97Schroder European Real Estate Inv Trust 113 2 113 2 127 4 - - - - 5.91 -16.81Tritax EuroBox Euro 98 7 99 5 - - - - - - 3.12 0.93Yew Grove REIT 98 6 100 4 - - - - - - 6.85 -1.88Average/Total 103 9 102 9 139 6 185 4 131 3 5.67 -16.43

PROPERTY - REST OF WORLDAseana Properties 89 2 86 2 88 2 124 2 151 2 - -30.93Ceiba Investments 86 3 77 3 - - - - - - 6.90 -38.86Dolphin Capital Investors 84 4 72 4 56 4 16 4 8 4 - -76.94Macau Property Opportunities 73 5 65 5 87 3 48 3 130 3 - -47.51Pacific Alliance China Land 95 1 97 1 129 1 175 1 378 1 - 2.35Average/Total 85 5 79 5 90 4 90 4 167 4 6.90 -38.38


PROPERTY - UK COMMERCIALAEW UK Long Lease REIT 94 16 89 16 - - - - - - 7.86 -24.81AEW UK REIT 101 9 107 9 122 6 - - - - 8.57 -2.47BMO Commercial Property Trust 100 11 92 15 99 12 113 7 228 3 5.23 -13.63BMO Real Estate Investments 94 17 103 12 102 11 116 6 207 4 6.04 -20.14Custodian REIT 99 12 104 11 125 5 141 4 - - 5.80 9.63Drum Income Plus REIT 90 19 88 18 92 14 - - - - 7.74 -7.85Ediston Property Investment Company 92 18 88 17 95 13 111 9 - - 6.69 -18.74Ground Rents Income Fund Plc 101 10 87 19 75 15 105 10 - - 4.25 -16.08LXI REIT 102 8 111 8 - - - - - - 4.44 9.79Regional REIT 104 6 118 2 127 4 - - - - 7.60 0.03Schroder Real Estate Invest 95 15 101 13 105 10 112 8 243 2 4.71 -19.45Secure Income REIT 106 5 114 5 151 1 157 2 - - 4.04 2.28Standard Life Inv. Prop. Inc. 98 14 106 10 119 8 147 3 280 1 5.31 0.22Supermarket Income REIT 106 4 112 6 - - - - - - 5.40 13.90The Local Shopping REIT 112 1 101 14 112 9 84 11 47 6 - 1.61Tritax Big Box 102 7 115 4 129 3 175 1 - - 4.59 1.33UK Commercial Property REIT 98 13 111 7 122 7 126 5 202 5 4.29 -4.11Urban Logistics REIT plc 109 2 120 1 133 2 - - - - 5.14 -2.83Warehouse REIT 107 3 116 3 - - - - - - 5.66 1.63Average/Total 101 19 104 19 114 15 126 11 201 6 5.74 -4.72

PROPERTY - UK HEALTHCAREImpact Healthcare REIT 102 2 110 2 - - - - - - 5.66 2.13Target Healthcare REIT 103 1 114 1 124 1 151 1 - - 5.71 10.14Average/Total 102 2 112 2 124 1 151 1 - - 5.68 6.14

PROPERTY - UK RESIDENTIALCivitas Social Housing 108 2 89 4 96 2 - - - - 6.02 -16.43GCP Student Living 116 1 129 1 145 1 197 1 - - 3.21 14.39PRS REIT 88 5 89 5 - - - - - - 5.85 -8.94Residential Secure Income 102 4 109 2 - - - - - - 5.35 -12.99Triple Point Social Housing REIT 107 3 94 3 - - - - - - 5.72 -15.47Average/Total 104 5 102 5 120 2 197 1 - - 5.23 -7.89

PROPERTY SECURITIESTR Property 116 1 124 1 176 1 191 1 396 1 2.93 1.96Average/Total 116 1 124 1 176 1 191 1 396 1 2.93 1.96

RENEWABLE ENERGY INFRASTRUCTUREBluefield Solar Income Fund 110 3 120 2 155 1 179 1 - - 5.68 21.51Foresight Solar 103 7 113 6 136 6 150 6 - - 5.73 9.86Gore Street Energy Storage Fund 125 1 106 8 - - - - - - 7.09 7.23Greencoat Renewables 103 9 112 7 - - - - - - 5.21 15.15Greencoat UK Wind 110 2 117 5 143 3 172 3 - - 4.65 23.17Gresham House Energy Storage 103 10 104 9 - - - - - - 4.25 8.91JLEN Environmental Assets Group 107 5 119 3 137 5 151 5 - - 5.55 16.71NextEnergy Solar 109 4 117 4 139 4 158 4 - - 5.50 13.10Renewables Infrastructure Grp 107 6 122 1 146 2 172 2 - - 5.16 15.33SDCL Energy Efficiency Income 103 8 - - - - - - - - 4.72 9.43US Solar Fund 95 11 - - - - - - - - 0.41 2.79Average/Total 107 11 114 9 143 6 164 6 - - 4.90 13.02

ROYALTIESHipgnosis Songs 107 1 105 1 - - - - - - 4.61 1.09Average/Total 107 1 105 1 - - - - - - 4.61 1.09

TECHNOLOGY & MEDIAAllianz Technology Trust 106 2 124 2 207 1 286 1 663 2 - -1.28Augmentum Fintech 97 4 107 3 - - - - - - - -8.98Polar Capital Technology 116 1 125 1 181 2 263 2 664 1 - -2.85Sure Ventures 100 3 - - - - - - - - - 23.35Average/Total 105 4 119 3 194 2 275 2 663 2 - 2.56

UK ALL COMPANIESArtemis Alpha Trust 117 2 115 4 144 4 117 10 155 12 1.55 -14.32Aurora 113 5 111 7 131 8 153 5 165 11 1.82 -0.31Baillie Gifford UK Growth 101 10 114 5 128 9 135 7 233 9 2.39 -7.84Fidelity Special Values 108 6 110 9 133 7 172 4 300 7 2.75 1.86Henderson Opportunities 98 11 101 11 135 6 130 9 337 5 2.17 -15.83Independent 94 12 100 12 153 2 195 1 387 4 1.92 -8.36Invesco Perp Select UK Equity 104 9 113 6 119 10 134 8 332 6 3.74 -1.67JPMorgan Mid Cap 115 3 122 3 140 5 176 3 445 1 2.37 -4.87Jupiter UK Growth 106 8 103 10 106 12 106 12 211 10 3.02 -1.53Keystone 107 7 111 8 114 11 107 11 240 8 3.49 -14.44Mercantile 120 1 134 1 158 1 193 2 389 3 2.64 -2.47Schroder UK Mid Cap 114 4 127 2 151 3 147 6 412 2 2.77 -12.55Average/Total 108 12 113 12 134 12 147 12 300 12 2.55 -6.86

UK EQUITY & BOND INCOMEAcorn Income Fund (Split) ZDP 2022 100 3 103 3 113 3 121 3 - - - 1.15Acorn Income Fund 101 2 106 2 126 1 163 1 533 1 5.54 -12.44Henderson High Income 107 1 115 1 121 2 129 2 283 2 5.33 0.77Average/Total 103 3 108 3 120 3 138 3 408 2 5.44 -3.51

UK EQUITY INCOMEAberdeen Standard Equity Inc Trust 98 27 97 27 111 21 116 23 222 21 5.18 -6.38BlackRock Income and Growth 106 16 111 17 119 14 134 15 221 22 3.61 -7.29





BMO Capital & Income 107 11 115 7 133 7 152 2 248 17 3.47 -0.75BMO UK High Income B Share 108 8 114 11 119 13 137 9 205 25 5.43 -8.53BMO UK High Income 106 18 113 12 119 15 136 13 215 23 5.37 -7.82BMO UK High Income Units Unit 105 21 111 18 115 19 139 7 211 24 5.24 -7.73British & American 90 28 92 28 60 27 78 27 115 26 23.20 49.36Chelverton UK Dividend Trust 108 6 105 20 110 23 142 6 431 2 4.99 -3.12Chelverton UK Dividend Trust ZDP 2025 99 26 99 26 - - - - - - - -0.02City of London 107 10 112 16 125 12 136 12 276 9 4.52 2.19Diverse Income Trust 105 19 102 22 110 22 133 16 - - 3.98 -2.54Dunedin Income Growth 105 20 121 3 134 6 130 18 250 16 4.41 -6.55Edinburgh Investment 106 15 101 23 100 26 113 24 258 13 4.68 -10.38Finsbury Growth & Income 102 24 118 5 151 1 181 1 488 1 1.88 0.31Invesco Income Growth 109 5 113 13 114 20 117 22 253 15 4.29 -14.33Investment Company 112 3 114 8 116 18 111 25 412 3 4.55 -9.14JPMorgan Claverhouse 109 4 114 10 140 3 147 4 277 8 3.93 -1.63JPMorgan Elect Managed Inc 104 22 109 19 118 16 128 19 226 20 4.45 -1.13Law Debenture Corporation 104 23 112 15 129 9 136 11 317 4 3.22 -8.97Lowland 100 25 101 24 108 24 122 20 314 5 4.47 -7.64Merchants Trust 112 2 117 6 138 4 137 8 272 10 5.13 1.22Murray Income Trust 107 12 123 2 137 5 137 9 255 14 3.83 -4.94Perpetual Income & Growth 106 17 103 21 101 25 98 26 235 19 4.66 -10.95Schroder Income Growth plc 106 14 112 14 129 10 131 17 262 12 4.26 -5.30Shires Income 107 13 123 1 149 2 145 5 282 7 4.69 1.04Temple Bar 113 1 120 4 132 8 135 14 268 11 3.90 -1.83Troy Income & Growth 108 7 114 9 127 11 148 3 282 6 3.31 1.66Value And Income 108 8 100 25 118 17 117 21 242 18 4.63 -18.71Average/Total 106 28 110 28 121 27 131 27 271 26 5.01 -3.21

UK SMALLER COMPANIESAberdeen Smaller Companies Inc 112 10 132 5 176 4 206 6 487 8 2.48 -10.51Aberforth Smaller Companies 114 9 119 10 155 10 150 12 375 11 2.17 -2.23Aberforth Split Level Income 101 15 108 13 - - - - - - 4.92 -9.79Aberforth Split Level Income ZDP 2024 99 18 104 14 - - - - - - - 0.18Athelney Trust 110 12 104 15 112 17 131 13 271 13 4.04 -14.60BlackRock Smaller Companies 112 11 131 7 185 2 226 4 661 3 1.97 1.16BlackRock Throgmorton Trust plc 121 2 143 1 209 1 261 1 673 2 1.57 1.35Chelverton Growth Trust 85 24 76 25 65 21 91 16 238 14 - -16.99Crystal Amber 75 25 80 23 96 18 123 15 167 16 3.48 -31.90Downing Strategic Micro-Cap Inv. Trust 94 20 83 21 - - - - - - 1.89 -13.19Gresham House Strategic plc 116 6 136 2 169 6 - - - - 1.70 -4.92Henderson Smaller Companies 116 5 130 8 170 5 202 8 608 4 2.34 -3.17Invesco Perpetual UK Smaller 118 4 132 6 163 9 227 3 526 6 3.32 0.28JPMorgan Smaller Companies 125 1 134 4 184 3 197 9 438 10 2.03 -8.82Marwyn Value Investors 89 22 88 19 84 20 63 17 202 15 0.01 -36.89Marwyn Value Investors Realisation 100 17 100 17 151 11 - - - - - -47.01Miton UK Microcap 86 23 81 22 86 19 - - - - 0.41 -3.14Montanaro UK Smaller Companies 119 3 122 9 165 8 173 11 358 12 4.12 -9.66Odyssean Investment Trust 103 14 102 16 - - - - - - - -6.09Oryx International Growth 116 7 111 11 140 13 205 7 492 7 - -15.58Rights & Issues Investment Trust 104 13 100 18 136 14 236 2 693 1 1.52 -5.65River and Mercantile UK Micro Cap 94 19 87 20 125 15 - - - - - -12.45Standard Life UK Smaller Co. 116 8 135 3 168 7 222 5 553 5 1.38 -3.61Strategic Equity Capital 101 16 111 12 124 16 123 14 475 9 0.66 -15.41SVM UK Emerging 92 21 78 24 143 12 182 10 157 17 - -26.10Average/Total 105 25 109 25 143 21 177 17 434 17 2.22 -11.79

UTILITIESEcofin Global Utilities & Infra 119 1 124 2 162 1 - - - - 4.15 -5.07Premier Gbl Infrastructure ZDP 2020 103 3 104 3 107 2 - - - - - 0.77Premier Global Infrastructure 112 2 129 1 102 3 97 1 166 1 8.29 -7.94Average/Total 111 3 119 3 124 3 97 1 166 1 6.22 -4.08

VCT AIM QUOTEDAmati AIM VCT 99 5 106 2 152 1 177 2 280 3 5.54 -7.68Artemis VCT PLC O Inc 103 3 81 8 140 2 232 1 423 1 11.11 -2.12Hargreave Hale AIM VCT 101 4 96 6 113 5 122 7 204 5 6.67 -7.51New Century AIM 2 VCT 83 8 83 7 103 8 118 8 113 8 6.94 3.11New Century AIM VCT 104 2 101 3 119 4 145 3 144 7 5.00 3.40Octopus AIM VCT 2 99 6 98 4 111 6 129 5 188 6 6.09 -4.70Octopus AIM VCT 98 7 97 5 111 7 126 6 241 4 5.67 -3.93Unicorn AIM VCT 104 1 112 1 120 3 141 4 344 2 8.27 -10.73Average/Total 99 8 97 8 121 8 149 8 242 8 6.91 -3.77

VCT GENERALISTAlbion Development VCT 104 15 109 10 143 3 156 6 253 14 5.66 -4.26Albion Enterprise VCT 100 35 106 18 142 6 158 4 250 17 5.31 -5.38Albion Technology & Gen VCT 113 8 119 6 143 4 139 21 208 27 5.06 -5.14Albion VCT 101 27 106 17 136 7 155 7 239 20 6.78 -4.65Baronsmead Second Venture Trust 99 36 96 32 106 30 123 26 219 25 17.95 -4.16Baronsmead Venture Trust 95 43 94 37 107 28 125 24 232 23 19.11 -4.35British Smaller Companies VCT 103 21 107 13 115 18 158 3 306 5 15.83 -4.01British Smaller Companies VCT2 104 16 107 15 114 20 139 19 208 26 15.53 -4.10


Calculus VCT 96 39 90 38 69 40 - - - - 5.67 -16.90Chrysalis VCT 104 14 103 23 130 10 166 2 329 4 8.70 -16.73Crown Place VCT 104 18 107 14 144 1 156 5 283 8 6.12 -6.09Downing Four VCT DP67 131 2 152 2 129 11 143 17 128 31 66.70 -11.48Downing Four VCT DSO 1 D 187 1 187 1 142 5 148 14 - - 0.09 12.24Downing ONE VCT 97 38 103 22 104 31 112 32 158 29 6.94 -4.64Downing Three VCT 'F' 108 11 89 39 99 33 93 35 - - 31.25 -25.23Downing Three VCT 'H' 86 44 62 42 65 41 59 38 - - 28.99 2.99Downing Three VCT 'J' 67 46 62 41 59 42 - - - - 4.55 -13.25Downing Two VCT 'F' 125 3 125 3 93 38 88 36 - - 0.05 -7.41Downing Two VCT 'G' 86 45 77 40 78 39 76 37 - - - 4.29Draper Esprit VCT 96 40 102 26 94 36 111 33 253 15 5.80 -5.39Foresight 4 VCT 108 12 108 12 127 13 151 10 114 32 6.61 -7.35Foresight VCT 105 13 108 11 121 15 123 28 234 22 7.25 -10.04Kings Arms Yard VCT 103 20 101 27 127 14 149 13 496 1 5.69 -3.70Maven Income & Growth VCT 3 100 31 99 30 102 32 129 23 285 7 13.30 -12.05Maven Income & Growth VCT 4 100 31 99 29 107 26 123 27 241 18 3.17 -13.28Maven Income & Growth VCT 5 100 30 96 33 117 17 140 18 289 6 4.60 -12.13Maven Income & Growth VCT 100 31 106 16 112 23 133 22 277 13 28.78 -6.20Maven Income and Growth VCT 6 101 24 94 36 93 37 118 30 278 12 4.23 -4.81Mobeus Income & Growth 2 VCT 117 5 120 5 136 8 154 8 453 3 5.85 -5.68Mobeus Income & Growth 4 VCT 111 10 117 8 131 9 153 9 238 21 21.90 -5.92Mobeus Income & Growth VCT 114 7 123 4 144 2 168 1 464 2 14.12 -5.91Northern 2 VCT 101 25 104 21 110 24 147 15 278 11 10.00 -4.76Northern 3 VCT 101 28 102 25 107 27 150 12 253 16 6.82 -4.45Northern Venture Trust 102 23 105 20 113 22 145 16 282 10 6.25 -4.33Octopus Apollo VCT 101 26 103 24 106 29 115 31 153 30 6.80 -1.34Octopus Titan VCT 104 19 105 19 114 19 123 25 228 24 4.95 -6.39Pembroke VCT 100 34 100 28 94 35 96 34 - - 3.09 -28.29Pembroke VCT B 104 17 115 9 114 21 - - - - 2.90 -4.96ProVen Growth and Income VCT 96 42 95 35 109 25 119 29 201 28 3.39 -4.38ProVen VCT 96 41 95 34 119 16 139 20 240 19 3.52 -4.57Puma VCT 11 98 37 98 31 98 34 - - - - 6.02 0.61The Income & Growth VCT 113 9 118 7 129 12 151 11 282 9 8.45 -10.96Triple Point Income VCT C 124 4 - - - - - - - - 5.08 -25.83Triple Point Income VCT D 114 6 - - - - - - - - 4.88 -9.72Triple Point VCT 2011 A 102 22 - - - - - - - - 5.06 -6.01Triple Point VCT 2011 B 101 29 - - - - - - - - 5.21 -4.90Average/Total 105 46 105 42 113 42 132 38 261 32 10.09 -7.20

VCT GENERALIST PRE-QUALIFYINGDowning Four Generalist Shs 85 6 85 4 - - - - - - - -0.49Downing Two VCT 'K' 78 7 74 5 67 2 - - - - - 2.94Puma VCT 12 99 4 91 3 86 1 - - - - 1.20 1.05Puma VCT 13 99 3 94 1 - - - - - - - 2.69Seneca Growth Capital VCT B 92 5 92 2 - - - - - - 1.69 -9.18Triple Point 2011 Venture Shares 100 2 - - - - - - - - - 5.82Triple Point Income VCT E 103 1 - - - - - - - - - -10.21Average/Total 94 7 87 5 76 2 - - - - 1.44 -1.05

VCT SPECIALIST: ENVIRONMENTALForesight Solar & Infrastructure VCT 100 8 104 7 113 7 115 9 - - 7.06 -5.97Gresham House Renewable Energy VCT 1 100 7 102 9 113 9 123 8 - - 5.19 -5.61Gresham House Renewable Energy VCT 2 99 9 103 8 113 8 136 5 - - 5.19 -4.49Ventus VCT 2 C 110 3 113 3 138 1 179 4 201 3 6.30 -8.44Ventus VCT 2 D 110 6 108 6 124 6 136 7 - - 3.94 -15.61Ventus VCT 2 113 2 115 2 136 3 183 3 154 4 6.58 -8.21Ventus VCT C 110 3 113 3 138 1 183 2 212 2 6.30 -5.58Ventus VCT D 110 5 108 5 124 5 136 6 - - 3.94 -14.71Ventus VCT 113 1 120 1 136 4 194 1 214 1 7.02 -0.61Average/Total 107 9 110 9 126 9 154 9 195 4 5.72 -7.69

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGYSeneca Growth Capital VCT 100 1 110 1 99 1 72 1 99 1 0.05 -37.50Average/Total 100 1 110 1 99 1 72 1 99 1 0.05 -37.50

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE-QUALIFYINGDowning Four Healthcare Shs 89 1 80 1 - - - - - - - -0.50Average/Total 89 1 80 1 - - - - - - - -0.50

VCT SPECIALIST: MEDIA, LEISURE & EVENTSEdge Performance VCT 'H' 203 1 149 1 86 1 54 1 - - 13.73 -46.82Edge Performance VCT 'I' 79 2 51 2 39 2 26 2 - - 0.07 -56.59Average/Total 141 2 100 2 62 2 40 2 - - 6.90 -51.70

VCT SPECIALIST: TECHNOLOGYOxford Technology VCT 2 83 4 56 4 169 1 201 1 134 3 32.00 -23.78Oxford Technology VCT 3 100 1 83 3 99 2 119 3 169 2 30.40 -51.43Oxford Technology VCT 4 100 1 100 1 81 4 138 2 107 4 11.32 -38.94Oxford Technology VCT 100 1 88 2 95 3 68 4 338 1 2.86 -29.29Average/Total 96 4 82 4 111 4 131 4 187 4 19.14 -35.86



FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM£ £ £ % (£m)

AFRICA & MIDDLE EAST EQUITYXtrackers MSCI GCC Select Swap ETF 1C 91 103 126 0.65 XGLF $ 22 IRL AFRICA EQUITYXtrackers MSCI Africa Top 50 Swap ETF 1C 98 102 108 0.65 XMKA $ 19 LUX ALT - CURRENCYFirst Trust FactorFX ETF A USD 100 103 - 0.75 FTFX $ 7 IRLFirst Trust FactorFX ETF B GBP 102 102 - - FXGB £ 7 IRL ALT - LONG/SHORT CREDITTabula EurpiTraxxCrsvrCrdtShrtETFEURJAcc 92 - - - TECS € 29 IRL ALT - LONG/SHORT EQUITY - GLOBALJPM Equity Long-Short ETF EUR Acc H 98 93 - - JLEE € 17 IRLJPM Equity Long-Short ETF GBP Acc H 102 98 - 0.67 JLSP £ 17 IRLJPM Equity Long-Short ETF USD Acc 100 98 - 0.67 JELS $ 17 IRL ALT - OTHERTabula JPM Glb Crdt Vol Prm ETF EUR JAcc 96 - - - TVOL € 102 IRL ALT - RELATIVE VALUE ARBITRAGELyxor EUR 2-10Y Infl Expct ETF C EUR 96 93 96 0.25 INFL £ 1,177 LUXLyxor US$ 10Y Inflation Expct ETF C USD 97 97 96 0.25 EUIN $ 158 LUX ALT - SYSTEMATIC FUTURESJPM Managed Futures ETF EUR Acc H 101 103 - - JMFE € 73 IRLJPM Managed Futures ETF GBP Acc H 105 108 - - JMFP £ 73 IRLJPM Managed Futures ETF USD Acc 103 109 - 0.57 JPMF $ 73 IRL ALT - VOLATILITYWisdomTree CBOE S&P 500 PutWrite ETF$Acc 105 103 - - PUTW $ 1 IRL ASIA BONDXtrackers II $ Asia ex Jpn CorpBd ETF 1D 102 111 112 0.30 ALQD $ 14 LUX ASIA BOND - LOCAL CURRENCYiShares Em Asia Lcl Govt Bd ETF USD Acc 103 107 - 0.50 IGAA $ 71 IRLiShares Em Asia Lcl Govt Bd ETF USD Dist 103 107 114 0.50 IS0S $ 71 IRL ASIA EXCLUDING JAPAN EQUITYFranklin LibertyQ AC Asia ex Japan ETF 99 101 - - FVSJ $ 4 IRLHSBC MSCI AC FAR EAST ex JAPAN ETF 104 106 125 0.45 HMAD $ 275 IRLHSBC MSCI EM Far East ETF 106 106 126 0.60 H4ZI $ 10 IRLLyxor MSCI EM Asia ETF 105 106 - 0.12 LCUA $ 51 LUXSPDR® MSCI EM Asia ETF 105 106 127 0.55 SPYA $ 548 IRLWisdomTree Emerging Asia Equity Inc ETF 101 103 120 0.54 WTEA $ 9 IRLXtrackers MSCI AC Asia ex Jpn Swap ETF1C 103 106 125 0.65 DXS5 $ 417 LUX ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITYiShares MSCI AC FarEast exJpn SC ETF$Dis 97 99 126 0.74 IUS9 $ 54 IRL ASIA-PACIFIC EQUITYSPDR® S&P Pan Asia Div Aristocrats ETF 105 110 131 0.55 ZPRA $ 146 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITYSciBeta HFE Pacific ex-Jap Eq 6F EW ETF 103 114 - - PHEF € 48 IRLVanguard FTSE Dev AsiaPac exJpn ETF $Dis 103 108 122 0.22 VAPX $ 318 IRL AUSTRALIA & NEW ZEALAND EQUITYiShares MSCI Australia ETF USD Acc 104 115 125 0.50 SAUS $ 242 IRL BRAZIL EQUITYHSBC MSCI Brazil ETF 97 104 125 0.60 H4ZG $ 28 IRL CANADA EQUITYHSBC MSCI Canada ETF 106 113 116 0.35 HCAD $ 23 IRLiShares MSCI Canada ETF USD Acc 106 113 117 0.48 SXR2 $ 533 IRLXtrackers MSCI Canada ETF 1C 106 113 117 0.35 D5BH $ 222 LUX CHINA EQUITYHSBC MSCI China ETF 106 105 129 0.60 HMCD $ 298 IRLICBCCS WisdomTree S&P China 500 ETF B 105 112 120 0.75 CHIN $ 45 LUXLyxor MSCI China ETF Acc 106 106 - 0.30 LCCN $ 39 LUXXtrackers Harvest FTSE China A-H 50ETF1D 104 119 126 0.65 AH50 $ 7 LUX CHINA EQUITY - A SHARESHSBC MSCI China A Inclusion ETF 103 120 - 0.60 HMCT $ 114 IRLiShares MSCI China A ETF USD Acc 104 120 107 0.40 CNYA $ 459 IRLL&GE Fund MSCI China A ETF 102 117 96 0.88 CASH $ 19 IRLLyxor Hwabao WP MSCI China A DR ETF Acc 104 121 97 0.65 CNAA $ 34 FRAXtrackers CSI300 Swap ETF 1C 105 125 118 0.50 XCHA $ 377 LUXXtrackers Harvest CSI300 ETF 1D 103 119 106 - RQFI $ 354 LUX CONVERTIBLE BOND - GLOBALSPDR® Thomson Reuters Glb Convert Bd ETF 103 107 115 0.50 ZPRC $ 791 IRL EUR CORPORATE BONDiShares Corp Bond ESG ETF EUR Dist 99 102 - - SUOE € 794 IRLiShares CorpBd IntrRt Hdg ETF EUR Dist 98 99 102 0.25 IS0Y € 802 IRLiShares Core Corp Bond ETF EUR Acc 99 102 - 0.20 IEAA € 11,859 IRLiShares Core Corp Bond ETF EUR Dist 99 102 108 0.20 IEAC € 11,859 IRLJPM EUR Corporate Bd Rsh Enh ETF EUR Acc 99 - - 0.19 JREB € 31 IRL EUR CORPORATE BOND - SHORT-TERMiShares Corp Bond 1-5yr ETF EUR Dist 97 99 104 0.20 IE15 € 3,447 IRL


iShares Floating Rate Bond ETF EURDist 97 97 - 0.10 EFRN € 30 IRLJPM EUR Corp Bd 1-5yr Rsh Enh ETF EURAcc 97 - - 0.19 JER5 € 21 IRL EUR GOVERNMENT BONDiShares France Govt Bond ETF EUR Dist 99 102 109 0.20 IFRB € 304 IRL EUR GOVERNMENT BOND - SHORT-TERMJPM BetaBuilders EURGovtBd1-3yrETFEURAcc 97 97 - - J13E € 69 IRL EUR HIGH-YIELD BONDiShares High Yield CorpBd ETF EUR Acc 100 103 - 0.50 HIGH € 6,438 IRLiShares High Yield CorpBd ETF EUR Dist 100 104 112 0.50 IHYG € 6,438 IRL EUR ULTRA SHORT-TERM BONDiShares Ultrashort Bond ETF EUR Dist 96 96 100 0.09 ERNE € 2,580 IRLJPM EUR Ultra-Short Income ETF EUR Acc 97 96 - 0.22 JEST € 459 IRL EUROPE EQUITY INCOMEiShares MSCI Europe Qual Div ETF EUR Dis 102 106 - 0.28 EQDS € 31 IRLWisdomTree Europe Equity Income ETF 105 107 128 0.32 EEIE € 35 IRLWisdomTree Europe Equity Income ETF Acc 105 107 128 0.32 EEIP € 35 IRL EUROPE EX-UK EQUITYBMO MSCI Europe ex-UK Inc Ldrs ETF EUR 109 115 187 0.35 ZIEU € 1 IRLL&G Europe ex UK Equity ETF 108 114 - 0.10 LGEG € 101 IRL EUROPE LARGE-CAP BLEND EQUITYBMO Enhanced Income Euro Equity ETF 109 113 - 0.30 ZWEE € 62 IRLiShares Edge MSCI Eurp Mini Vol ETF Acc 105 112 133 0.25 EUN0 € 1,222 IRLiShares Edge MSCI Eurp Mltfctr ETF Acc 107 112 128 0.45 FSEU € 198 IRLiShares Edge MSCI Eurp Mom Fctr ETF Acc 108 116 133 0.25 CEMR € 207 IRLiShares Edge MSCI Eurp QualFctr ETF Acc 109 117 138 0.25 CEMQ € 109 IRLiShares Edge MSCI Eurp QualFctr ETFDist 109 116 - 0.25 IEQD € 109 IRLiShares MSCI Europe ETF EUR Acc 107 113 130 0.12 IMAE € 1,408 IRLJPM Europe Rsrch Enh Eq ESG ETF EUR Acc 108 116 - 0.25 JREE € 34 IRLSciBeta HFE Europe Equity 6F EW ETF 108 114 - - EHEF € 112 IRLWisdomTree Europe Equity ETF EUR Acc 107 112 131 0.35 WTDF € 96 IRL EUROPE LARGE-CAP VALUE EQUITYiShares Edge MSCI Eurp Val Fctr ETF Acc 109 107 122 0.25 CEMS € 909 IRLiShares Edge MSCI Eurp Val Fctr ETFDist 109 107 - 0.25 IEDL € 909 IRL EUROPE MID-CAP EQUITYiShares Edge MSCI Eurp Sz Fctr ETF Acc 109 112 129 0.25 CEMT € 30 IRLiShares MSCI Europe Mid Cap ETF EUR Acc 110 115 - 0.15 EUMD € 444 IRLiShares MSCI Europe Mid Cap ETF EUR Dist 110 115 - 0.15 EMID € 444 IRL

EUROPE SMALL-CAP EQUITYWisdomTree Europe SmallCap Div ETF 106 110 126 0.38 DFEE € 37 IRLWisdomTree Europe SmallCap Div ETF Acc 106 110 126 0.38 WTD7 € 37 IRL

EUROZONE LARGE-CAP EQUITYWisdomTree Euroz Eqlty Div Gr ETF EUR 111 118 142 - EGRP € 20 IRLWisdomTree Euroz Eqlty Div Gr ETF EURAcc 111 118 143 - EGRA € 20 IRL

GBP CORPORATE BONDiShares Core £ Corp Bond ETF GBP Dist 105 113 116 0.20 SLXX £ 1,902 IRLiShares £ Corp Bond 0-5yr ETF GBP Dist 102 104 106 0.20 IS15 £ 1,499 IRLiShares £ Corp Bond ex-Fncl ETF GBP Dist 105 113 116 0.20 ISXF £ 267 IRLLyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 106 113 116 0.09 COUK.LN £ 28 LUXSPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 102 104 106 0.20 SYBQ £ 134 IRLSPDR® Blmbrg Bcly Stlg Corp Bd ETF 105 113 116 0.20 SYBS £ 215 IRL

GBP DIVERSIFIED BOND - SHORT-TERMiShares £ Ultrashort Bond ETF GBP Dist 100 101 102 0.09 ERNS £ 1,029 IRLJPM GBP Ultra-Short Income ETF GBP Acc 101 - - - JGSA £ 119 IRLJPM GBP Ultra-Short Income ETF GBP Inc 101 101 - 0.22 JGST £ 119 IRLPIMCO Sterling Short Maturity Source ETF 101 101 102 - QUID £ 242 IRL GBP GOVERNMENT BONDInvesco UK Gilt 1-5 Year ETF GBP Inc 100 - - - GLT5 £ 13 IRLInvesco UK Gilts ETF GBP Inc 104 - - - GLTP £ 23 IRLiShares Core UK Gilts ETF GBP Dist 103 110 112 0.20 IGLT £ 1,585 IRLiShares UK Gilts 0-5yr ETF GBP Dist 100 101 101 0.20 IGLS £ 1,276 IRLJPM BetaBuilders UK Gilt 1-5 yrETFGBPInc 100 102 - - JG15 £ 24 IRLLyxor FTSE Actr UK Gilts (DR) ETF D GBP 103 111 113 0.07 GILS.LN £ 274 LUXLyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 100 101 101 1.11 GIL5 £ 190 LUXSPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 100 101 101 0.15 SYB5 £ 410 IRLSPDR® Blmbrg Bcly 15+ Yr Gilt ETF 106 120 122 0.15 SYBL £ 51 IRLSPDR® Blmbrg Bcly UK Gilt ETF 104 111 113 0.15 SYBG £ 197 IRLVanguard U.K. Gilt ETF GBP Acc 105 - - - VGVA £ 152 IRLVanguard UK Gilt UCITS ETF 104 112 114 0.12 VGOV £ 152 IRL GBP INFLATION-LINKED BONDiShares £ Index-Lnkd Gilts ETF GBP Dist 99 111 114 0.25 INXG £ 907 IRLLyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 99 111 114 0.07 GILI.LN £ 31 LUX© 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 FundsFund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM £ £ £ % (£m) £ £ £ % (£m)

Exchange-Traded Funds 1>|

Investment Trusts X>|



GERMANY EQUITYWisdomTree Germany Eq ETF EUR Acc 108 109 122 0.32 WTEZ € 8 IRL GLOBAL BONDiShares Core Global Aggt Bd ETF USD Dist 100 107 - 0.10 AGGG $ 2,447 IRLiShares Global AAA-AA Govt Bd ETF $ Acc 99 103 - 0.20 GAAA $ 112 IRLiShares Global AAA-AA Govt Bd ETF $ Dist 99 104 107 0.20 IS0Z $ 112 IRLiShares Global Govt Bond ETF USD Acc 100 107 - 0.20 IGLA $ 1,099 IRLiShares Global Govt Bond ETF USD Dist 100 107 107 0.20 IGLOz $ 1,099 IRLSPDR® Blmbrg Bcly Glb Aggr Bd ETF USD 100 107 - 0.10 SYBZ $ 484 IRL GLOBAL BOND - GBP HEDGEDiShares Core Global Aggt Bd ETF GBPHDist 103 108 - 0.10 AGBP £ 2,447 IRLiShares Global Govt Bond ETF GBP H Dist 103 108 - 0.25 IGLH £ 1,099 IRLXtrackers II Glb Agg Bd Swap ETF 3D £ H 103 108 108 0.30 XBGG £ 641 LUXXtrackers II Global Govt Bd ETF 2D GBP H 103 108 108 0.25 XGSG £ 1,733 LUX GLOBAL BOND - USD HEDGEDiShares Core Global Aggt Bd ETF USD HAcc 101 108 - 0.10 AGGU $ 2,447 IRLXtrackers II Global Govt Bd ETF 3C USD H 101 108 - 0.25 XGSI $ 1,733 LUX GLOBAL CORPORATE BONDiShares Global Corp Bond ETF USD Acc 102 110 - 0.20 CRPA $ 1,473 IRLiShares Global Corp Bond ETF USD Dist 102 110 112 0.20 IS0X $ 1,473 IRL GLOBAL CORPORATE BOND - GBP HEDGEDBMO Bbg Barc 1-3Y Glb Corp Bd (GBPH) ETF 101 103 103 0.30 ZC1G £ 142 IRLBMO Bbg Barc 3-7Y Glb Corp Bd (GBPH) ETF 103 109 109 0.30 ZC3G £ 48 IRLBMO Bbg Barc 7-10Y Glb Corp Bd(GBPH) ETF 105 114 113 0.30 ZC7G £ 28 IRLiShares Global Corp Bond ETF GBP H Dist 105 111 - 0.25 CRHG £ 1,473 IRL GLOBAL CORPORATE BOND - USD HEDGEDiShares Global Corp Bond ETF USD H Acc 103 112 - 0.25 CRPU $ 1,473 IRL GLOBAL EMERGING MARKETS BONDiShares JP Morgan $ EM Bd ETF USD Acc 102 113 - 0.45 JPEA $ 7,497 IRLiShares JP Morgan $ EM Bond ETF USD Dist 102 113 115 0.45 IEMB $ 7,497 IRLiShares JP Morgan ESG $ EM Bd ETF USDAcc 103 113 - - EMSA NA $ 442 IRLiShares JP Morgan ESG $ EM Bd ETFUSDDist 103 113 - - EMES $ 442 IRLJPM USD Emerging Mkts Sov Bd ETF USD Inc 104 115 - - JPMB $ 262 IRLSPDR® ICE BofAML0-5YrEM$GovBdETF$Dis 98 104 105 0.42 ZPR5 $ 225 IRLVanguard USD EmMktsGovBd ETFUSDAcc 102 - - - VDEA $ 415 IRLVanguard USD EmMktsGovBd UCITS ETF 102 111 - - VDET $ 415 IRLXtrackers $ Emerging MktsBdQualWghtETF1D 103 113 114 0.50 XQUA $ 84 IRL GLOBAL EMERGING MARKETS BOND - EUR BIASEDiShares JP Morgan $ EM Bond EURH ETF Dis 99 106 110 0.84 EMBE € 2,756 IRLJPM USD Emerging Mkts Sov Bd ETF EURAccH 101 109 - - JMBE € 262 IRL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCYiShares JPMorgan EM Lcl Govt Bd ETF$Acc 102 107 - 0.50 EMGA $ 8,155 IRLiShares JPMorgan EM Lcl Govt Bd ETF$Dist 102 107 111 0.50 IEML $ 8,155 IRLPIMCO EM Advtg Lcl Bd Res ETF Acc USD 103 109 112 - EMLB $ 289 IRLPIMCO EM Advtg Lcl Bd Res ETF Inc USD 103 109 112 - EMLI $ 289 IRLSPDR® Blmbrg Bcly EM Lcl Bd ETF 103 109 114 0.55 SYBM $ 3,195 IRLVanEck Vectors JPM EM LC Bd ETF A USD 100 105 - - G2X1 $ 62 IRL GLOBAL EMERGING MARKETS CORPORATE BONDiShares JPMorgan $ EM Corp Bd ETF $ Acc 103 112 - 0.50 EMCA $ 713 IRLiShares JPMorgan $ EM Corp Bd ETF $ Dist 102 111 115 0.50 IS0Q $ 713 IRLSPDR® ICE BofAML EM Corp Bd ETF 103 112 115 0.50 SYBE $ 12 IRLVanEck Vectors Em Mkts HY Bd ETF A USD 103 111 - - HYEM $ 11 IRL GLOBAL EMERGING MARKETS EQUITYBMO MSCI Em Mkts Inc Ldrs ETF USD Inc 100 102 - 0.38 ZEMI $ 4 IRLFidelity Emerg Mkts Qual Inc ETF USD Acc 103 107 - 0.50 FYEM $ 44 IRLFirst Trust Em Mkts AlphaDEX® ETF A Acc 105 105 125 0.80 FEM $ 57 IRLFranklin LibertyQ Emerging Markets ETF 100 103 - 0.55 FLXE $ 49 IRLHSBC MSCI Emerg Mkts ETF 103 106 124 0.40 HMEM $ 134 IRLInvesco FTSE Em Mkts Hi Div Low Vol ETF 101 107 127 0.49 EMHD $ 32 IRLInvesco Goldman Sachs Eq Fac EM ETF AUSD 100 101 - - EFIM $ 157 IRLInvesco MSCI Emerging Markets ETF 103 105 123 0.29 EMSM $ 427 IRLiShares Core MSCI EM IMI ETF USD Acc 103 105 124 0.25 EMIM $ 10,635 IRLiShares Core MSCI EM IMI ETF USD Dist 103 105 - 0.18 EIMU $ 10,635 IRLiShares Edge MSCI EM Mini Vol ETF $ Acc 98 101 117 0.40 EUNZ $ 593 IRLiShares Edge MSCI EM Val Fac ETF USD Acc 102 - - 0.40 - $ 53 IRLiShares EM Dividend ETF USD Dist 100 104 124 0.65 EUNY $ 341 IRLiShares MSCI EM ETF USD Acc 102 104 121 0.50 IEMA $ 493 IRLiShares MSCI EM IMI ESG Scrn ETF USD Acc 103 106 - 0.18 AYEM $ 172 IRLiShares MSCI EM IMI ESG Scrn ETF USDDist 103 106 - 0.18 SEDM $ 172 IRLiShares MSCI EM SRI ETF USD Acc 103 106 128 0.35 QDVS $ 413 IRLJPM Global EM Rsh Enh Eq ESG ETF USD Acc 104 - - 0.30 JREM $ 174 IRLLyxor FTSE Emerging Minimum VarETF C USD 97 102 111 0.40 MVMX $ 6 LUXSciBeta HFE EM Equity 6F EW ETF 98 99 - - EMHF € 67 IRLSPDR® MSCI Emerging Markets ETF 103 106 126 0.42 SPYM $ 321 IRLSPDR® S&P Emerging Markets Dividend ETF 98 104 126 0.55 SPYV $ 135 IRLVanguard FTSE Emerg Markets ETF $Dis 103 107 124 0.29 VDEM $ 1,654 IRLWisdomTree Emerging Mkts Eq Inc ETF 103 109 128 0.46 DEMD $ 36 IRLWisdomTree Emerging Mkts Eq Inc ETF Acc 102 109 127 0.46 WTD8 $ 36 IRLXtrackers MSCI Emerging Markets ETF 1C 103 106 - 0.20 XMME $ 1,987 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITYiShares MSCI EM Small Cap ETF USD Dist 100 103 111 0.74 IEMSz $ 237 IRLSPDR® MSCI Emerging Markets SmallCap ETF 99 101 110 0.55 EMSCz $ 57 IRLWisdomTree Emerging Markets SmCp Div ETF 100 108 123 0.54 WTED $ 26 IRL GLOBAL EQUITY INCOMEFidelity Global Qual Inc ETF Inc 111 115 - 0.40 FGEQ $ 118 IRLFranklin LibertyQ Global Dividend ETF 107 112 - 0.45 FLXX $ 17 IRLiShares MSCI World Qual Div ETF USD Dist 108 112 - 0.38 WDQV $ 65 IRLLyxor SG Global Qual Inc NTR ETF C GBP 104 108 117 0.45 SGQL £ 1,310 LUXSPDR® S&P Global Div Aristocrats ETF 107 109 124 0.45 ZPRG $ 495 IRLVanguard FTSE AllWld HiDivYld ETF $Dis 107 109 122 0.29 VHYL $ 736 IRLWisdomTree Glbl Eqlty Div Gr ETF USD 112 119 148 0.33 GGRP $ 28 IRLWisdomTree Glbl Eqlty Div Gr ETF USD Acc 112 120 149 0.33 GGRA $ 28 IRL GLOBAL FLEX-CAP EQUITYiShares Ageing Population ETF USD Acc 108 105 119 0.40 AGED $ 206 IRLVanguard Glb Liqd Fac ETFShrUSDAcc 107 110 129 - VDLQ $ 12 IRLVanguard Glb Momt Fac ETFShrUSDAcc 107 112 132 - VDMO $ 42 IRLVanguard Global Val Fac ETFUSDAcc 108 102 116 0.22 VDVA $ 172 IRL GLOBAL FRONTIER MARKETS EQUITYXtrackers S&P Select Frntr Swap ETF 1C 96 108 127 0.95 DX2Z $ 74 LUX GLOBAL HIGH-YIELD BONDiShares Fallen Angels HY CorpBd ETF $Acc 104 111 - 0.50 WIAU $ 689 IRLiShares Fallen Angels HY CorpBd ETF$Dist 104 111 119 0.50 WING $ 689 IRLiShares Global HY Corp Bd ETF GBP H Dist 104 - - - GHYG £ 690 IRLiShares Global HY Corp Bd ETF USD Acc 102 107 - 0.50 HYEA $ 690 IRLiShares Global HY Corp Bd ETF USD Dist 102 107 114 0.50 HYLD $ 690 IRLVanEck Vectors Glb Flln Angl HY BdETFA$ 103 110 - - GFA $ 6 IRL GLOBAL HIGH-YIELD BOND - EUR HEDGEDiShares Fallen Angels HY CorpBdETFHDist 102 106 - 0.55 IBC7 € 689 IRL GLOBAL HIGH-YIELD BOND - GBP HEDGEDBMO Bbg Barc Global Hi Yld Bd (GBPH) ETF 104 109 113 0.35 ZHYG £ 141 IRLiShares Fallen Angels HY CorpBdETF£HDist 106 112 - 0.55 WIGG £ 689 IRL


iShares Global HY Corp Bd GBPH ETF Dist 104 108 113 0.55 GHYS £ 133 IRL GLOBAL INFLATION-LINKED BONDiShares Global Infl Lnkd GovBd ETF $ Acc 100 107 108 0.25 IGIL $ 507 IRLLyxor Cr Glb Inf-Ld 1 10Y Bd DR ETF Inc 99 - - - GIST $ 16 LUX GLOBAL INFLATION-LINKED BOND - EUR HEDGEDiShares Global Infl Lnkd GovBd ETFHDist 97 103 - 0.25 GILE € 507 IRL GLOBAL INFLATION-LINKED BOND - GBP HEDGEDXtrackers II Glb Infl-Lnkd Bd ETF 3D £ H 102 108 109 0.25 XGIG £ 1,020 LUX GLOBAL INFLATION-LINKED BOND - USD HEDGEDXtrackers II Glb Infl-Lnkd Bd ETF 2C $ H 100 108 109 0.25 XG7U $ 1,020 LUX GLOBAL LARGE-CAP BLEND EQUITYFranklin LibertyQ Global Equity SRI ETF 109 112 - 0.40 FLXG $ 14 IRLHSBC MSCI World ETF 110 114 138 0.15 HMWDl $ 1,156 IRLHSBC Multi Factor Worldwide Equity ETF 108 110 130 0.25 H41J $ 292 IRLInvesco Elwood Global Blockchain ETF 110 - - - BNXG $ 25 IRLInvesco Global Buyback Achievers ETF 112 113 129 0.39 BUIB $ 81 IRLInvesco Goldman Sachs Equity Fac Wld ETF 107 109 131 - EFIW $ 517 IRLInvesco MSCI World ETF 110 114 137 0.45 SC0J $ 979 IRLiShares Core MSCI World ETF USD Acc 110 113 137 0.20 IWDA $ 17,787 IRLiShares Dow Jones Glb Sust Scrn ETF $Acc 110 113 136 0.60 IGSG $ 191 IRLiShares Edge MSCI Wld Min Vol ETF $ Acc 107 113 137 0.30 IQQ0 $ 3,209 IRLiShares Edge MSCI Wld Mltfct ETF $ Acc 110 109 130 0.50 IFSW $ 404 IRLiShares Edge MSCI Wld Qual Fctr ETF $Acc 110 116 141 0.30 IWFQ $ 1,325 IRLiShares MSCI ACWI ETF USD Acc 109 113 135 0.60 IUSQ $ 658 IRLiShares MSCI World ESG Enh ETF USD Dist 110 - - 0.20 EEWD $ 13 IRLiShares MSCI World ESG Scrn ETF USD Acc 111 115 - 0.20 SNAW $ 112 IRLiShares MSCI World ESG Scrn ETF USD Dist 110 114 - 0.20 S6DW $ 112 IRLiShares MSCI World ETF USD Dist 110 113 136 0.50 IWRD $ 4,405 IRLiShares MSCI World SRI ETF EUR Acc 112 116 - 0.30 SUSW € 544 IRLiShares MSCI World SRI ETF USD Dist 112 116 - 0.30 SUWS $ 544 IRLJPM Global Rsrch Enh Eq ESG ETF USD Acc 110 115 - 0.25 JREG $ 30 IRLL&G Global Equity ETF 110 114 - 0.10 LGGL $ 30 IRLLyxor Core MSCI World (DR) ETF 110 114 - 0.12 LCUW $ 90 LUXLyxor Global Gender Eqlty (DR) ETF C USD 108 113 - 0.22 ELLE $ 14 LUXLyxor Msci All Country World ETF USD Acc 109 112 - 0.45 ACWU $ 321 LUXLyxor MSCI World ESG TrendLdrs(DR)ETFAcc 110 114 - 0.30 LESW $ 18 LUXMS Scientific Beta Glb Eq Fact ETF USD 108 111 130 - GEF $ 0 IRLSPDR® MSCI ACWI UCITS ETF 109 113 135 0.40 SPYY $ 1,168 IRLSPDR® MSCI World ETF 110 - - - SWRD $ 213 IRLSPDR® Portfolio MSCI Global Stk Mkt ETF 109 112 132 0.40 SPYI $ 124 IRLVanguard FTSE All-World UCITS ETF 109 112 135 0.25 VWRD $ 3,174 IRLVanguard FTSE Dev World ETF $Dis 110 113 137 - VEVE $ 306 IRLXtrackers ESG MSCI World ETF 1C 111 116 - 0.20 XZW0 $ 92 IRLXtrackers FTSE All-World ex UK ETF 1C 110 113 136 0.40 XDEX £ 33 IRLXtrackers MSCI World ETF 1C 110 113 137 0.19 XDWD $ 4,488 IRL GLOBAL LARGE-CAP GROWTH EQUITYiShares Edge MSCI Wld Mom Fctr ETF $ Acc 108 115 155 0.30 IWFM $ 889 IRL GLOBAL LARGE-CAP VALUE EQUITYHSBC Economic Scale Worldwide Equity ETF 106 102 125 0.25 HEWD $ 330 IRLiShares Edge MSCI Wld Val Fctr ETF $Acc 110 105 120 0.30 IWFV $ 1,776 IRLiShares Edge MSCI Wld Val Fctr ETF $Dist 110 106 - 0.30 IWVU $ 1,776 IRLiShares Thomson Reuters Incl & Divst ETF 109 111 - 0.25 OPEN $ 4 IRLOssiam World Minimum Var NR ETF 1C USD 105 109 128 0.65 WDMV $ 16 LUX GLOBAL SMALL-CAP EQUITYiShares Edge MSCI Wld Size Fctr ETF $Acc 109 111 126 0.30 IS3T $ 549 IRLiShares MSCI World Small Cap ETF USD Acc 108 109 - 0.35 WSML $ 718 IRLSPDR® MSCI World Small Cap ETF 109 110 126 0.45 ZPRS $ 308 IRL INDIA EQUITYiShares MSCI India ETF USD Acc 94 103 - 0.65 QDV5 $ 262 IRLWisdomTree India Quality ETF USD Acc 96 100 - - WTD0 $ 4 IRLXtrackers Nifty 50 Swap ETF 1C 94 105 131 0.85 DBX7 $ 111 LUX INDONESIA EQUITYHSBC MSCI Indonesia ETF 97 101 115 0.60 HIDD $ 34 IRL ISLAMIC EQUITY - OTHERiShares MSCI EM Islamic ETF USD Dist 104 105 126 0.85 ISEM $ 37 IRLiShares MSCI USA Islamic ETF USD Dist 109 106 124 0.50 ISUS $ 53 IRL ISLAMIC GLOBAL EQUITYiShares MSCI World Islamic ETF USD Dist 107 109 126 0.60 ISWD $ 110 IRL ISRAEL LARGE/MID-CAP EQUITYiShares TA-35 Israel ETF USD Acc 112 110 123 0.60 QDVM $ 18 IRL JAPAN LARGE-CAP EQUITYInvesco MSCI Japan ETF 111 108 121 0.45 SC0I $ 12 IRLInvesco STOXX Japan Exporters ETF 114 112 123 - JEXE $ 4 IRLiShares Core MSCI Japan IMI ETF USD Acc 110 107 124 0.20 IJPA $ 4,138 IRLiShares MSCI Japan ESG Enh ETF USD Dist 111 - - 0.20 EEJD $ 13 IRLiShares MSCI Japan ESG Scrn ETF USD Acc 111 109 - 0.20 SGAJ $ 37 IRLiShares MSCI Japan ESG Scrn ETF USD Dist 111 109 - 0.20 SODJ $ 37 IRLiShares MSCI Japan ETF USD Acc 111 108 121 0.48 SXR5 $ 353 IRLiShares MSCI Japan ETF USD Dist 110 108 120 0.59 IJPN/L $ 1,119 IRLiShares MSCI Japan SRI ETF 115 110 - 0.30 SUJP $ 162 IRLL&G Japan Equity ETF 111 109 - 0.10 LGJP $ 88 IRLSciBeta HFE Japan Equity 6F EW ETF 110 103 - - JHEF € 82 IRLVanguard FTSE Japan ETF $Dis 110 107 123 0.19 VJPN $ 1,460 IRLWisdomTree Japan Equity ETF JPY Acc 112 105 115 0.40 WTIZ $ 199 IRLXtrackers ESG MSCI Japan ETF 1C 113 111 - 0.20 XZMJ $ 106 IRLXtrackers MSCI Japan ETF 1C 111 108 121 0.50 DBXJ $ 2,330 LUX JAPAN SMALL/MID-CAP EQUITYiShares MSCI Japan Small Cap ETF USD Dis 111 106 125 0.58 IDJP $ 401 IRLWisdomTree Japan SmallCap Div ETF USD 112 103 - - DFJ $ 2 IRLWisdomTree Japan SmallCap Div ETF USDAcc 112 103 - - DFJA $ 2 IRL KOREA EQUITYHSBC MSCI Korea ETF 104 99 115 0.60 HKOD $ 10 IRL LATIN AMERICA EQUITYHSBC MSCI EM LA ETF 97 103 116 0.60 HMLD $ 12 IRLiShares MSCI EM Latin Amer ETF USD Dist 96 100 115 0.74 LTAM $ 231 IRL MONEY MARKET - OTHERCommerzbank CCBI RQFII Mny Mkt ETF A 96 96 95 - CCMR 256 GBRCommerzbank CCBI RQFII Mny Mkt ETF B 97 96 95 - CCMG £ 256 GBRCommerzbank CCBI RQFII Mny Mkt ETF C 97 96 95 - CCME € 256 GBRLyxor Fed Funds US Dollar Cash ETF C USD 98 101 101 0.10 FEDF $ 16 LUXLyxor Smart Cash ETF C GBP 100 101 102 0.07 CSH2 £ 942 LUXLyxor Smart Cash ETF C USD 98 101 102 0.13 - $ 942 LUXXtrackers II $ Overnight Rt Swap ETF 1C 98 101 - 0.15 DXSZ $ 126 LUXXtrackers II £ Overnight Rt Swap ETF 1D 100 101 101 0.15 DXS1 £ 104 LUXXtrackers USD Overnight Rate Swap ETF 1C 98 101 101 0.15 3011 $ 12 LUX OTHER BONDFinEx Tradable Russian Corp Bds ETF USD 102 108 115 0.50 FXRU $ 59 IRLInvesco AT1 Capital Bond ETF 106 116 - - AT1 $ 423 IRLInvesco AT1 Capital Bond ETF GBP Hdg Dis 108 115 - - AT1S £ 423 IRLInvesco Preferred Shares ETF 101 112 - - PRFD $ 350 IRLInvesco Preferred Shares ETF USD Acc 102 - - - PRAC $ 350 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)




Invesco US High Yield Faln Angl ETF GBPH 101 104 - - FAGB £ 66 IRLInvesco US Trs Bd 3-7 Yr ETF GBP Hdg Dis 102 - - - TR7S £ 17 IRLInvesco US Trs Bd 7-10 Yr ETF GBP H Dis 103 - - - TRXS £ 1,705 IRLInvesco Variable Rate Preferred ETF 103 112 - - VRPS $ 248 IRLInvesco Variable Rate Preferred ETF USD 103 - - - VPAC $ 248 IRLiShares $ Corp Bond ETF EUR H Dist 103 111 - 0.25 LQEE € 4,796 IRLiShares $ Corp Bond ETF GBP H Dist 107 117 - 0.25 LQGH £ 4,796 IRLiShares $ Floating Rate Bd ETF GBPH Dist 101 102 - 0.12 FLOS £ 2,235 IRLiShares $ High Yld Corp Bd ETF EURH Dist 99 102 - 0.55 IHYE € 4,224 IRLiShares $ High Yld Corp Bd ETF GBPH Dist 104 107 - 0.55 IHHG £ 4,224 IRLiShares $ TIPS 0-5 ETF GBP H Dist 101 102 - 0.12 TI5G £ 369 IRLiShares $ TIPS ETF EUR H Acc 98 102 - 0.27 ITPE € 1,883 IRLiShares $ TIPS ETF GBP H Dist 102 107 - 0.27 ITPG £ 1,883 IRLiShares $ Treasury Bd 1-3yr ETF EURH Acc 96 97 - 0.22 IBTE € 5,827 IRLiShares $ Treasury Bd 1-3yr ETF GBPHDist 101 102 - 0.22 IBTG £ 5,827 IRLiShares $ Treasury Bd 20+y ETF EUR HDist 103 116 - 0.25 DTLE € 756 IRLiShares $ Trs Bd 7-10yr ETF GBP H Dist 103 - - - IGTM £ 3,138 IRLiShares High Yield Corp Bd ETF USDHAcc 103 109 - 0.55 HYGU $ 6,438 IRLiShares Core Corp Bond ETF GBP H Dist 103 108 - 0.25 IEAH £ 11,859 IRLiShares Italy Govt Bond ETF USD H Acc 108 116 - 0.22 ITEH $ 806 IRLiShares JP Morgan $ EM Bd ETF GBP H Dist 104 112 - 0.50 EMHG £ 7,497 IRLiShares Spain Govt Bond ETF USD H Acc 102 111 - 0.22 SPEH $ 668 IRLiShares US Aggregate Bond ETF EUR H Acc 99 103 - 0.30 IUAE € 1,817 IRLiShares US Aggregate Bond ETF GBP H Dist 103 108 - 0.30 IUGA £ 1,817 IRLITI Funds Russia-Fcs USD EurobondETFAUSD 103 114 - - RUSB $ 10 LUXJPM BetaBuilders US TreasuryBdETFGBPHAcc 103 - - - BBTP £ 63 IRLLyxor $ Floating Rate Note ETF MH D GBP 101 102 - 0.15 SWIH £ 130 LUXLyxor US TIPS (DR) ETF MthlyH D GBP 102 107 - 0.20 TIPH £ 1,517 LUXPIMCO ST HY Corp Bd Sour ETF EURH Acc 97 99 - - STEA € 1,145 IRLPIMCO ST HY Corp Bd Sour ETF GBPH Inc 101 104 111 - STHS £ 1,145 IRLPIMCO ST HY Corp Bd Sour ETF Inc EURH 97 99 108 - STHE € 1,145 IRLSPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 102 109 113 0.55 SYBI $ 61 IRLTabula European Perf Crdt ETF EUR G Dis 101 104 - - TCED € 14 IRLTabula European Perf Crdt ETF EUR J Acc 103 105 - - TCEP € 14 IRLTabula Eurp iTraxx Crsvr Crdt ETFEURJAcc 100 - - - TECC € 5 IRLUBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 101 104 102 0.20 UBTP £ 799 LUXUBS ETF BlombgBarcl US Liq Corp GBPH A 107 116 115 0.23 UC85 £ 646 LUXUBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 102 106 105 0.23 - £ 774 LUXVanEck Vectors Preferred US Equity ETF 101 112 - - PRF $ 3 IRLWisdomTree AT1 CoCo Bond ETF GBP Hdg 109 116 - - COGO £ 42 IRLWisdomTree AT1 CoCo Bond ETF USD 106 115 - - CCBO $ 42 IRLWisdomTree AT1 CoCo Bond ETF USD Acc 106 115 - - COCB $ 42 IRLWisdomTree AT1 CoCo Bond ETF USD Hdg 107 117 - - CODO $ 42 IRL OTHER EQUITYBMO MSCI Europe ex-UK Inc Ldrs(GBPH) ETF 113 119 137 0.40 ZIEG £ 4 IRLBMO MSCI USA Income Leaders (GBPH) ETF 111 113 142 0.40 ZISG £ 2 IRLFidelity Europe Qual Inc ETF GBP H Acc 110 119 - - FEQP £ 10 IRLFidelity Global Qual Inc ETF GBP H Acc 113 115 - 0.45 FGQP £ 118 IRLFidelity US Quality Income ETF GBP H Acc 114 115 - 0.35 FUSP £ 827 IRLHSBC MSCI Malaysia ETF 92 94 105 0.60 HMYD $ 3 IRLHSBC MSCI Mexico Capped ETF 100 108 100 0.60 HMED $ 6 IRLHSBC MSCI SAUDI ARABIA 20/35CAP UCITSETF 87 - - - HMSA $ 10 IRLInvesco EQQQ NASDAQ-100 ETF (GBP Hdg) 116 126 - - EQGB £ 1,870 IRLInvesco JPX-Nikkei 400 ETF (USD Hdg) 113 106 122 - N4US $ 162 IRLInvesco MSCI Saudi Arabia ETF 89 102 - - MSAU $ 477 IRLInvesco STOXX Eurozone Exporters ETFUSDH 113 122 138 - EZXU $ 15 IRLiShares Core FTSE 100 ETF USD H Acc 104 111 - 0.20 ISFD $ 8,254 IRLiShares Core MSCI EMU UCITS ETF £ H Dist 113 118 - 0.12 CEMP £ 2,269 IRLiShares Core MSCI World ETF GBP H Dist 112 114 - 0.30 IWDG £ 17,787 IRLiShares Core S&P 500 ETF GBPH Dist 113 114 - 0.10 GSPX £ 28,961 IRLiShares Edge MSCI Wld Min Vol ETFGBPHAcc 109 - - 0.35 WMVG £ 3,209 IRLiShares Edge S&P 500 MinVol ETF EURH Acc 96 96 117 0.25 IS31 € 1,866 IRLiShares Elctrc Vhcl&Drvng Tech ETFUSDAcc 113 - - 0.40 IEVD $ 34 IRLiShares MSCI EMU USD Hedged ETF Acc 111 119 137 0.38 CEBP $ 202 IRLiShares MSCI Europe ex-UK GBPH ETF Dist 112 118 137 0.40 EUXS £ 110 IRLiShares MSCI Japan EUR Hedged ETF Acc 110 100 117 0.64 IJPE € 1,043 IRLiShares MSCI Japan GBP Hedged ETF Acc 114 105 119 0.64 IJPH £ 129 IRLiShares MSCI Japan USD Hedged ETF Acc 112 106 121 0.64 IJPD $ 227 IRLiShares MSCI Saudi Arabia Cpd ETF USDAcc 88 - - - IUSS $ 197 IRLiShares MSCI Saudi Arabia Cpd ETFUSDDist 87 - - - IUSW $ 197 IRLiShares MSCI World EUR Hedged ETF Acc 108 108 132 0.55 IWDE € 1,543 IRLiShares MSCI World GBP Hedged ETF Acc 112 114 134 0.55 IGWD £ 235 IRLiShares S&P 500 EUR Hedged ETF Acc 109 109 138 0.20 IUES € 3,046 IRLiShares S&P 500 GBP Hedged ETF Acc 113 114 141 0.45 IGUS £ 464 IRLKMEFIC FTSE Kuwait Equity ETF Acc 101 - - - KUW8 $ 32 IRLL&G ROBO Global Rbtc and Atmtn ETF 111 112 144 0.80 ROBO $ 682 IRLLyxor Core MSCI Japan (DR) ETF DHGBP Acc 115 106 - 0.20 LCJG £ 433 LUXLyxor Euro Stoxx 50 DR ETF DH GBP Acc 114 122 136 0.20 MSEX £ 4,552 FRALyxor Euro Stoxx 50 DR ETF DH USD Acc 112 123 138 0.20 MSEU $ 4,552 FRALyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 114 105 118 0.25 JPXX £ 399 LUXLyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 113 106 121 0.25 JPXU $ 399 LUXLyxor MSCI World ETF MH USD Dist A/I 110 115 138 0.30 WLDU $ 2,824 FRALyxor S&P 500 ETF Daily Hedged C GBP 112 - - - SP5G £ 7,661 LUXLyxor SG Global Qual Inc NTR ETF MH CGBP 106 111 121 0.45 SGQX £ 1,310 LUXMU Lux Lyxor FTSE 100 ETF Mly H USD Acc 103 111 - 0.30 100H $ 355 LUXNomura JPX-Nikkei 400 Net TR Dly $Hg ETF 113 106 121 - NJXU $ 11 IRLNomura JPX-Nikkei 400 Net TR Dly Hg ETF 110 100 117 - NJXE € 46 IRLNomura Nikkei 225 EUR-Hedged ETF 110 101 127 0.60 NXKE € 37 IRLNomura Nikkei 225 USD-Hedged ETF 113 107 131 0.60 NXKU $ 20 IRLUBS ETF Fact MSCI USA LowVol H GBP A dis 109 116 139 0.35 ULOV £ 101 IRLUBS ETF Fact MSCI USA PrmVal H GBP A dis 114 109 133 0.35 UPVL £ 32 IRLUBS ETF Fact MSCI USA Qual H GBP A dis 116 121 153 0.35 UQLT £ 130 IRLUBS ETF MSCI Canada GBPH A acc 107 113 116 0.43 UC87 £ 1,369 LUXUBS ETF MSCI Canada GBPH A dis 101 103 110 0.43 UC88 £ 1,369 LUXUBS ETF MSCI EMU GBPH A acc 113 118 - 0.28 UB0E £ 2,764 LUXUBS ETF MSCI EMU GBPH A dis 113 118 - 0.28 UB0F £ 2,764 LUXUBS ETF MSCI Europe GBPH A acc 110 116 - 0.30 UBEU £ 381 LUXUBS ETF MSCI Japan GBPH A acc 114 105 - 0.45 UB0C £ 2,470 LUXUBS ETF MSCI Japan GBPH A dis 114 105 - 0.45 UB0D £ 2,470 LUXUBS ETF MSCI Swtzl 20/35 GBPH A acc 111 121 149 0.30 UC93 £ 895 LUXUBS ETF MSCI Swtzl 20/35 GBPH A dis 111 121 148 0.30 UC94 £ 895 LUXUBS ETF S&P 500 ESG A GBP H Dis 114 - - - 5ESG £ 251 IRLVanguard Glb Min Vol ETFShr USDAcc 107 113 131 - VDMV $ 48 IRLWisdomTree Europe Equity ETF GBP Hedged 111 117 133 0.35 HEDP £ 96 IRLWisdomTree Europe Equity ETF USD Hdg Acc 109 118 135 0.58 HEDS $ 96 IRLWisdomTree Europe Equity ETF USD Hedged 109 118 135 0.58 WTDH $ 96 IRLWisdomTree Germany Eq ETF GBP Hedged 113 114 124 0.35 DXGP £ 8 IRLWisdomTree Germany Eq ETF USD Hedged 111 116 127 0.48 DXGE $ 8 IRLWisdomTree ISEQ 20® ETF 114 117 119 0.49 WTIE € 17 IRLWisdomTree Japan Equity ETF GBP Hedged 115 102 113 0.45 DXJP £ 199 IRLWisdomTree Japan Equity ETF USD Hdg Acc 114 103 - - DXJA $ 199 IRLWisdomTree Japan Equity ETF USD Hedged 114 103 115 0.48 WTDX $ 199 IRLWisdomTree US Equity Inc ETF GBP Hdg Acc 110 107 118 0.35 DHSG £ 46 IRLXtrackers JPX-Nikkei 400 ETF 2D - £ H 115 106 120 0.30 XDNG £ 240 IRLXtrackers JPX-Nikkei 400 ETF 4C - $ H 113 106 122 0.30 XDNU $ 240 IRLXtrackers MSCI EMU ETF 1C - USD Hedged 111 119 138 0.25 XD5D $ 1,978 LUXXtrackers MSCI EMU ETF 2C - GBP Hedged 113 119 136 0.25 XD5S £ 1,978 LUXXtrackers MSCI Japan ETF 2D USD H 113 107 122 0.60 XMUJL $ 2,330 LUXXtrackers MSCI Japan ETF 6C GBP H 114 106 120 0.60 XMJG £ 2,330 LUXXtrackers MSCI Mexico ETF 1C 100 108 100 0.65 D5BI $ 55 LUXXtrackers MSCI World ETF 2D GBP H 112 114 - 0.29 XDWG £ 4,488 IRLXtrackers MSCIEMEurpMdlEast&AfrSwapETF1C 98 104 114 0.65 XMEAs $ 37 LUXXtrackers S&P 500 ETF 2C - GBP H 113 114 141 0.09 XDPG £ 983 IRL PACIFIC EXCLUDING JAPAN EQUITYHSBC MSCI Pacific ex Japan ETF 101 111 124 0.40 H4ZH $ 21 IRLiShares MSCI Pacific ex-Jpn ETF USD Dist 101 111 124 0.60 SPXJm $ 166 IRLL&G Asia Pacific ex Japan Equity ETF 102 113 - 0.10 LGAP $ 25 IRLLyxor MSCI Pacific Ex Japan ETF D USD 101 112 125 0.12 PAXJ $ 8 LUXXtrackers MSCI Pacific ex Japan ETF 1C 101 111 124 0.45 XPXJm $ 507 LUX POLAND EQUITYiShares MSCI Poland ETF USD Acc 92 90 128 0.74 IPOL $ 40 IRL


PROPERTY - INDIRECT EUROPEiShares MSCI Target UK Rl Est ETF £ Dist 111 116 124 0.40 2B7N £ 76 IRL PROPERTY - INDIRECT GLOBALHSBC FTSE EPRA/NAREIT Developed ETF 105 114 127 0.40 HPRD $ 127 IRLiShares Dev Mkts Prpty Yld ETF USD Acc 105 114 - 0.59 DPYA $ 2,422 IRLSPDR® Dow Jones Global Real Estate ETF 105 113 121 0.40 SPYJ $ 741 IRL PROPERTY - INDIRECT NORTH AMERICAInvesco Real Estate S&P US Sel Sec ETF 104 117 136 - XRES $ 20 IRLiShares US Property Yield ETF USD Dist 106 114 124 0.40 IUSP $ 753 IRL PROPERTY - INDIRECT OTHERiShares Dev Mkts Prpty Yld ETF EURH Acc 103 109 - 0.64 DPYE € 2,422 IRLiShares Dev Mkts Prpty Yld ETF GBPH Dist 107 114 - 0.64 DPYG £ 2,422 IRLiShares UK Property ETF GBP Dist 115 120 128 0.40 IUKP £ 836 IRL RMB BOND - ONSHOREXtrackers II Harvest China Govt Bd ETF1D 98 102 101 0.55 CGB $ 37 LUX RUSSIA EQUITYHSBC MSCI Russia Capped ETF 113 133 156 0.60 HRUD $ 53 IRLInvesco RDX ETF 106 124 140 1.20 RDXS $ 12 IRLITI Funds RTS Equity ETF A USD 114 129 - - RUSE $ 5 LUXLyxor MSCI Russia ETF Dist 112 - - - RUSU £ 384 LUXXtrackers MSCI Russia Capped Swap ETF 1C 112 132 153 0.65 DBXV $ 148 LUX SECTOR EQUITY AGRICULTUREiShares Agribusiness ETF USD Acc 106 103 118 0.55 IS0C $ 48 IRL SECTOR EQUITY BIOTECHNOLOGYInvesco NASDAQ Biotech ETF 116 110 126 0.40 SBIO $ 362 IRLiShares Nasdaq US Biotech ETF USD Acc 116 109 - 0.35 BTEK $ 34 IRLiShares Nasdaq US Biotech ETF USD Dist 116 109 - 0.35 BTEE $ 34 IRLL&G Pharma Breakthrough ETF 112 105 - 0.49 BIOT $ 7 IRL SECTOR EQUITY COMMUNICATIONSInvesco Comms S&P US Slct Sec ETF $ Acc 110 120 - - XLCS $ 526 IRLiShares S&P 500 Comm Sect ETF USD Acc 110 120 - 0.15 IUCM $ 57 IRLLyxor MSCI World TelecomSvcsTR ETF C USD 108 115 121 0.30 TELW $ 25 LUXSPDR® MSCI World Comm Svcs ETF USD Acc 108 116 122 0.30 WTEL $ 48 IRLSPDR® S&P® US Comm Svcs Sel Sect ETF 109 117 - 0.15 ZPDK $ 157 IRLXtrackers MSCI Wld Comm Svc ETF 1C 108 115 122 0.30 XWTS $ 94 IRL SECTOR EQUITY CONSUMER GOODS & SERVICESAmundi IS S&P Global Luxury ETF-C USD 111 117 - - LUXU $ 44 LUXInvesco Consumer Discr S&P US SelSec ETF 109 114 149 0.30 XLYS $ 70 IRLInvesco Consumer Stap S&P US Sel Sec ETF 109 112 126 0.30 XLPS $ 52 IRLiShares MSCI EM Consumer Gr ETF USD Acc 103 107 123 0.60 CEMG $ 9 IRLiShares S&P 500 Cnsmr Discr Sect ETF$Acc 107 113 147 0.15 IUCD $ 90 IRLiShares S&P 500 Cnsmr Stpls Sect ETF$Acc 109 112 - 0.15 2B7D $ 56 IRLLyxor MSCI World Cnsmr Disc TR ETF C USD 109 113 140 0.30 DISW $ 44 LUXLyxor MSCI World Cnsmr Stp TR ETF C USD 106 111 125 0.30 STAW $ 48 LUXSPDR® MSCI Wld Cnsmr Discret ETF USD 109 113 140 0.30 WCOD $ 19 IRLSPDR® MSCI World Cnsmr Stapl ETF 106 111 125 0.30 WCOS $ 34 IRLSPDR® S&P US Cnsmr Discret Sel Sect ETF 108 114 149 0.15 ZPDD $ 66 IRLSPDR® S&P US Cnsmr Staples Sel Sect ETF 109 112 126 0.15 ZPDS $ 121 IRLXtrackers MSCI USA Consumer Disc ETF 1D 108 113 - 0.12 XUCD $ 35 IRLXtrackers MSCI USA Consumer Stp ETF 1D 109 112 - 0.12 XUCS $ 34 IRLXtrackers MSCI Wld Consumer Dscrt ETF 1C 109 114 140 0.30 - $ 87 IRLXtrackers MSCI Wld Consumer Stp ETF 1C 106 112 125 0.30 XDWS $ 154 IRL SECTOR EQUITY ENERGYAmundi IS MSCI World Energy ETF-C USD 97 94 - - CWEU $ 53 LUXInvesco Energy S&P US Select Sector ETF 98 91 83 0.30 XLES $ 51 IRLInvesco Morningstar US EnrgInfrMLPETF 83 89 79 0.50 MLPS $ 381 IRLInvesco Morningstar US EnrgInfrMLPETFDis 83 89 79 - MLPD $ 381 IRLiShares S&P 500 Energy Sect ETF USD Acc 98 91 83 0.15 IUES $ 80 IRLL&G US Energy Infrastructure MLP ETF 84 88 77 0.25 XMLP $ 14 IRLLyxor MSCI World Energy TR ETF C USD 97 94 93 0.30 NRGW $ 59 LUXSPDR® MSCI World Energy ETF 97 94 94 0.30 WNRG $ 184 IRLSPDR® S&P US Energy Select Sector ETF 98 91 83 0.15 ZPDE $ 94 IRLXtrackers MSCI USA Energy ETF 1D 97 90 - 0.12 XUEN $ 5 IRLXtrackers MSCI World Energy ETF 1C 97 94 94 0.30 - $ 91 IRL SECTOR EQUITY FINANCIAL SERVICESAmundi IS MSCI World Financials ETF-CUSD 109 110 - - CWFU $ 56 LUXInvesco Financials S&P US Select Sec ETF 113 113 135 0.30 XLFS $ 363 IRLiShares S&P 500 Financials Sect ETF $Acc 113 113 136 0.15 IUFS $ 604 IRLiShares S&P U.S. Banks ETF 114 108 - 0.35 IUS2 $ 6 IRLLyxor MSCI World Financials TR ETF C USD 109 110 124 0.30 FINW $ 19 LUXLyxor S&P 500 Banks ETF USD Acc 117 113 - 0.20 BNKU $ 13 LUXSPDR® MSCI World Financials ETF USD Acc 109 110 125 0.30 WFIN $ 98 IRLSPDR® S&P US Financials Select Sect ETF 113 113 136 0.15 ZPDF $ 438 IRLXtrackers MSCI USA Financials ETF 1D 113 114 - 0.12 XUFN $ 102 IRLXtrackers MSCI World Financials ETF 1C 109 110 125 0.30 - $ 206 IRL SECTOR EQUITY HEALTHCAREHAN-GINS Indxx Healthcare Innovt ETF Acc 114 - - - WELL $ 2 IRLInvesco Health Care S&P US Sel Sec ETF 111 106 145 0.30 XLVS $ 136 IRLiShares Healthcare Innov ETF USD Acc 105 100 138 0.40 HEAL $ 371 IRLiShares S&P 500 Health Care Sect ETF$Acc 111 106 145 0.15 IUHC $ 792 IRLLyxor MSCI World HealthCare TR ETF C USD 113 109 142 0.30 HLTW $ 310 LUXSPDR® MSCI World Health Care ETF 112 109 143 0.30 WHEA $ 121 IRLSPDR® S&P US Health Care Select Sect ETF 111 106 145 0.15 ZPDH $ 124 IRLXtrackers MSCI USA Health Care ETF 1D 111 106 - 0.12 XUHC $ 320 IRLXtrackers MSCI World Health Care ETF 1C 113 109 143 0.30 - $ 338 IRL SECTOR EQUITY INDUSTRIAL MATERIALSInvesco Industrials S&P US Sel Sec ETF 111 115 129 0.30 XLIS $ 81 IRLInvesco Materials S&P US Select Sec ETF 111 111 124 0.30 XLBS $ 3 IRLiShares S&P 500 Indstr Sect ETF USD Acc 111 115 - 0.15 2B7C $ 33 IRLiShares S&P 500 Matrls Sect ETF USD Acc 111 111 - 0.15 2B7B $ 2 IRLLyxor MSCI World Materials TR ETF C USD 109 112 124 0.30 MATW $ 23 LUXLyxor MSCI WorldIndustrials TR ETF C USD 110 115 131 0.30 INDW $ 42 LUXSPDR® MSCI World Industrials ETF USD Acc 110 115 131 0.30 WNDU $ 35 IRLSPDR® MSCI World Materials ETF USD Acc 109 112 124 0.30 WMAT $ 12 IRLSPDR® S&P US Industrials Select Sect ETF 111 115 133 0.15 ZPDI $ 49 IRLSPDR® S&P US Materials Select Sect ETF 111 111 123 0.15 ZPDM $ 8 IRLXtrackers MSCI World Industrials ETF 1C 110 115 132 0.30 XDWI $ 90 IRLXtrackers MSCI World Materials ETF 1C 109 112 124 0.30 XDWM $ 13 IRL SECTOR EQUITY INFRASTRUCTUREXtrackers S&P Global Infras Swap ETF 1C 104 115 126 0.60 DX2E $ 168 LUX SECTOR EQUITY NATURAL RESOURCESiShares Oil & Gas Explr&Prod ETF USD Acc 89 84 70 0.55 IS0D $ 60 IRLL&G Battery Value-Chain ETF 109 102 - 0.49 BATT $ 36 IRLVanEck Vectors Global Mining ETF A USD 106 119 - - GDIG $ 4 IRLVanEck Vectors Natural Resources ETF 105 105 - - HAP $ 2 IRL SECTOR EQUITY PRECIOUS METALSiShares Gold Producers ETF USD Acc 122 142 132 0.55 IS0E $ 845 IRLL&G Gold Mining ETF 123 141 132 0.65 AUCO $ 192 IRLVanEck Vectors Gold Miners ETF 122 140 129 0.51 GDX $ 190 IRLVanEck Vectors Junior Gold Miners ETF 125 140 111 0.52 GDXJl $ 115 IRL SECTOR EQUITY PRIVATE EQUITYiShares Listed Private Eq ETF USD Dist 115 126 148 0.75 IPRV $ 366 IRL

Exchange-Traded Funds 3>|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 TECHNOLOGYEMQQ Emerging Mkts Internet&Ecomm ETFAcc 110 114 - - EMQQ $ 6 IRLFirst Trust Cloud Computing ETF A USD 105 - - 0.60 SKYE $ 22 IRLFirst Trust Dow Jones Internet ETF A USD 96 108 - 0.55 FDNE $ 8 IRLFirst Trust IndxxInnvtvTrsctn&PrcssETFA$ 108 114 - - LEGR $ 25 IRLHAN-GINS Cloud Technology ETF Acc 114 123 - - 5XYE $ 4 IRLHAN-GINS Innovative Technologies ETF Acc 112 117 - - T3KE $ 2 IRLInvesco KBW NASDAQ Fintech ETF 107 121 - - FTEK $ 44 IRLInvesco Technology S&P US Sel Sec ETF 119 131 185 0.30 XLKS $ 340 IRLiShares Automation&Robotics ETF USD Acc 114 120 156 0.40 RBOT $ 1,715 IRLiShares Automation&Robotics ETF USD Dist 114 120 - 0.40 RBOD $ 1,715 IRLiShares Digital Security ETF USD Acc 110 118 - 0.40 LOCK $ 196 IRLiShares Digital Security ETF USD Dist 110 118 - 0.40 SHLD $ 196 IRLiShares Digitalisation ETF USD Acc 102 113 144 0.40 DGTL $ 388 IRLiShares S&P 500 Info Tech Sect ETF$Acc 119 131 192 0.15 IUIT $ 730 IRLKraneShares CSI China Internet ETF USD 111 109 - - KWEB $ - IRLL&G Cyber Security ETF 106 118 165 0.75 ISPY $ 813 IRLL&G Ecommerce Logistics ETF 111 116 - 0.49 ECOM $ 5 IRLLyxor MSCI World Info Tech TR ETF C USD 118 129 185 0.30 TNOW $ 332 LUXLyxor Robotics & AI ETF 113 121 - 0.40 ROAI $ 96 LUXSPDR® MSCI World Technology ETF USD Acc 118 130 185 0.30 WTEC $ 140 IRLSPDR® S&P US Technology Select Sect ETF 119 131 185 0.15 ZPDT $ 166 IRLWisdomTree Artificial Intlgc ETF USD Acc 113 - - - WTAI $ 25 IRLXtrackers MSCI USA Info Tech ETF 1D 119 131 - 0.12 XUTC $ 56 IRLXtrackers MSCI Wld Info Tech ETF 1C 118 130 186 0.30 XDWT $ 484 IRL SECTOR EQUITY UTILITIESInvesco Utilities S&P US Select Sec ETF 107 116 140 0.30 XLUS $ 32 IRLiShares S&P 500 Utilts Sect ETF USD Acc 107 116 - 0.15 2B7A $ 42 IRLLyxor MSCI World Utilities TR ETF C USD 106 114 136 0.30 UTIW $ 49 LUXSPDR® MSCI World Utilities ETF USD Acc 106 115 137 0.30 WUTI $ 18 IRLSPDR® S&P US Utilities Select Sect ETF 107 116 140 0.15 ZPDU $ 21 IRLXtrackers MSCI World Utilities ETF 1C 106 115 138 0.30 XDWU $ 73 IRL SECTOR EQUITY WATERiShares Global Water ETF USD Dist 111 120 141 0.65 IH2O $ 755 IRL SOUTH AFRICA & NAMIBIA EQUITYHSBC MSCI South Africa ETF 93 97 103 0.60 HZAD $ 3 IRLiShares MSCI South Africa ETF USD Acc 93 98 103 0.65 IRSA $ 98 IRL TAIWAN LARGE-CAP EQUITYHSBC MSCI Taiwan Capped ETF 118 123 138 0.60 HTWD $ 13 IRL TURKEY EQUITYHSBC MSCI Turkey ETF 114 101 86 0.60 HTRD $ 7 IRL UK EQUITY INCOMEBMO MSCI UK Income Leaders ETF GBP 110 112 122 0.35 ZILK £ 7 IRLiShares UK Dividend ETF GBP Dist 112 107 107 0.40 IUKD £ 767 IRLSPDR® S&P UK Dividend Aristocrats ETF 115 117 114 0.30 SPYG £ 96 IRLWisdomTree UK Equity Income ETF 108 111 117 0.29 WUKD £ 8 IRL UK FLEX-CAP EQUITYFirst Trust UK AlphaDEX® A GBP 112 118 130 0.75 FKU £ 25 IRLFirst Trust UK AlphaDEX® B GBP 112 119 131 0.75 FKUD £ 25 IRL UK LARGE-CAP EQUITYBMO Enhanced Income UK Equity ETF 105 111 - 0.30 ZWUK £ 40 IRLHSBC FTSE 100 ETF 105 110 123 0.07 H4ZB £ 213 IRLInvesco FTSE 100 ETF 105 110 122 0.35 SC0A £ 7 IRLInvesco FTSE RAFI UK 100 ETF 105 106 118 0.50 PSRU £ 11 IRLiShares Core FTSE 100 ETF GBP Dist 105 110 122 0.07 ISF/L £ 8,254 IRLL&G UK Equity ETF 104 109 - 0.05 LGUK £ 9 IRLLyxor Core Morningstar UK NT (DR) ETF 105 111 - 0.04 LCUK £ 15 LUXLyxor FTSE 100 ETF Acc 105 110 - 0.15 L100 £ 355 LUXLyxor FTSE 100 ETF Inc 105 - - 0.15 100D £ 355 LUXOssiam FTSE 100 Minimum Var ETF 1C GBP 108 113 123 0.45 UKMV £ 6 LUXSPDR® FTSE UK All Share ETF Acc 106 111 123 0.20 SPYF £ 543 IRLUBS ETF MSCI UK IMI SRI GBP A dis 109 113 125 0.28 UKSR £ 268 IRLVanguard FTSE 100 ETF GBP Acc 106 - - - VUKG £ 2,767 IRLVanguard FTSE 100 UCITS ETF 105 110 123 0.09 VUKE £ 2,767 IRLXtrackers FTSE 100 ETF 1C 105 110 123 0.09 XDUK £ 73 LUXXtrackers FTSE 100 Income ETF 1D 105 111 123 0.30 XUKX/L £ 83 LUXXtrackers FTSE All-Share ETF 1D 106 111 123 0.40 DBXZ £ 51 LUX UK MID-CAP EQUITYHSBC FTSE 250 ETF 112 116 128 0.35 HMCX £ 41 IRLInvesco FTSE 250 ETF 111 116 128 0.35 SC0B £ 107 IRLiShares FTSE 250 ETF GBP Dist 112 116 128 0.40 MIDD/L £ 1,147 IRLVanguard FTSE 250 UCITS ETF 111 116 128 0.10 VMID £ 2,337 IRLXtrackers FTSE 250 ETF 1D 111 116 128 0.35 DBXY £ 44 LUX US LARGE-CAP BLEND EQUITYAmundi IS S&P 500 Buyback ETF-C USD 113 114 - - BYBU $ 51 LUXBMO Enhanced Income USA Equity ETF 110 113 - 0.30 ZWUU $ 16 IRLFirst Trust US Lg Cp Cor AlphaDEX® A USD 109 111 131 0.75 FEX $ 118 IRLFranklin LibertyQ U.S. Equity ETF 111 114 - 0.25 FLXU $ 16 IRLHSBC S&P 500 ETF 112 115 145 0.09 H4ZF $ 2,612 IRLInvesco MSCI USA ETF 112 116 145 0.30 SC0H $ 339 IRLInvesco S&P 500 ETF 112 116 145 0.05 P500 $ 6,235 IRLInvesco S&P 500 QVM ETF 110 110 - 0.35 QVMP $ 5 IRLInvesco S&P 500 VEQTOR ETF 100 99 117 0.39 SPVX $ 3 IRLiShares Edge MSCI USA Mltfct ETF USD Acc 113 111 132 0.35 IFSU $ 79 IRLiShares Edge MSCI USA Mltfct ETF USDDist 113 111 - 0.35 UFSD $ 79 IRLiShares Edge MSCI USA Momt Fac ETF $ Acc 108 115 163 0.20 QDVA $ 270 IRLiShares Edge MSCI USA Momt Fac ETF $Dist 108 115 - 0.20 IUMD $ 270 IRLiShares Edge MSCI USA Qual Fac ETF $ Acc 112 118 146 0.20 IUQF $ 517 IRLiShares Edge MSCI USA Qual Fac ETF $Dist 112 118 - 0.20 IUQD $ 517 IRLiShares Edge S&P 500 Min Vol ETF USD Acc 110 114 138 0.20 IBCK $ 1,866 IRLiShares Edge S&P 500 MinVol ETF USDDist 110 116 - 0.20 SPMD $ 1,866 IRLiShares MSCI USA ESG Enh ETF USD Dist 112 - - 0.10 EEDS $ 49 IRLiShares MSCI USA ESG Scrn ETF USD Acc 112 116 - 0.07 SGAS $ 129 IRLiShares MSCI USA ESG Scrn ETF USD Dist 112 116 - 0.07 SLUS $ 129 IRLiShares MSCI USA SRI ETF USD Acc 113 116 153 0.30 QDVR $ 1,265 IRLiShares S&P 500 ETF USD Dist 112 114 145 0.07 IUSA/L $ 7,905 IRLiShares US Equity Buyback Achiev ETF$Acc 115 109 119 0.55 CEM2 $ 8 IRLJPM BetaBuilders US Equity ETF USD Acc 111 - - - BBUS $ 6 IRLJPM BetaBuilders US Equity ETF USD Inc 111 - - - BBUD $ 6 IRLJPM US Research Enh Eq ESG ETF USD Acc 112 115 - 0.25 JREU $ 89 IRLL&G US Equity ETF 111 116 - 0.05 LGUS $ 129 IRLLyxor Core Morningstar US (DR) ETF-Dist 111 115 - 0.04 LCUS $ 41 LUXLyxor FTSE USA Minimum Var ETF C USD 108 112 134 0.20 MVAU $ 153 LUXLyxor MSCI USA ESG Trend Ldrs(DR)ETFAcc 111 115 - 0.25 LESU $ 19 LUXLyxor S&P 500 ETF D USD 112 114 146 0.15 LSPU $ 7,661 LUXMS Scientific Beta US Eq Fact ETF USD 109 112 133 - USEF $ 45 IRLOssiam Shiller BclyCp®US SectValTR 1C$ 110 116 145 0.65 UCAP $ 1,655 LUXSciBeta HFE US Equity 6F EW ETF 112 116 - - USHF € 474 IRLSPDR® S&P 500 ETF 112 114 145 0.09 SPY5 $ 3,258 IRLVanEck Vectors Morningstar US WidMotETF 118 119 154 - GMVM $ 142 IRLVanguard FTSE North America UCITS ETF 111 115 143 0.10 VNRT $ 322 IRLVanguard S&P 500 ETF USD Acc 108 - - - VUAA $ 18,844 IRLVanguard S&P 500 UCITS ETF 112 114 145 0.07 VUSD $ 18,844 IRLWisdomTree US Eqlty Div Gr ETF USD 114 114 147 0.38 DGRP $ 51 IRLWisdomTree US Eqlty Div Gr ETF USD Acc 114 114 147 0.38 DGRA $ 51 IRLWisdomTree US Multifactor ETF USD 108 109 - - USMF $ 2 IRLWisdomTree US Multifactor ETF USD Acc 108 109 - - FCTR $ 2 IRLXtrackers ESG MSCI USA ETF 1C 113 118 - 0.15 XZMU $ 35 IRLXtrackers MSCI USA ETF 1C 112 114 145 0.07 - $ 5,375 IRLXtrackers MSCI USA Minimum Vol ETF 1D 108 116 147 0.20 XMVU $ 4 IRLXtrackers S&P 500 Swap ETF 1C 112 114 146 0.20 XSPUl $ 3,674 LUX


US LARGE-CAP GROWTH EQUITYLyxor Russell 1000 Growth ETF Acc 112 120 164 0.40 RUSG $ 114 FRA

US LARGE-CAP VALUE EQUITYBMO MSCI USA Income Leaders ETF USD 109 113 249 0.35 ZIUS $ 25 IRLFidelity US Quality Income ETF Acc 112 117 - 0.30 FUSA $ 827 IRLFidelity US Quality Income ETF Inc 112 117 - - FUSD $ 827 IRLInvesco FTSE RAFI US 1000 ETF 111 110 128 0.39 PSRF $ 256 IRLInvesco S&P 500 High Div LowVol ETF 107 107 119 0.30 HDLG $ 162 IRLiShares Edge MSCI USA Val Fac ETF $ Acc 115 109 131 0.20 IUVF $ 1,120 IRLiShares Edge MSCI USA Val Fac ETF $ Dist 115 109 - 0.20 IUVD $ 1,120 IRLiShares MSCI USA Quality Div ETF USD Dis 110 109 135 0.35 QDIV $ 338 IRLLyxor Russell 1000 Value ETF Acc 110 110 126 0.40 RUSV $ 20 FRASPDR® MSCI USA Value ETF USD Acc 115 109 127 0.25 ZPRU $ 27 IRLSPDR® S&P 500 Low Volatility ETF 106 116 143 0.35 SPY1 $ 346 IRLSPDR® S&P US Dividend Aristocrats ETFDis 109 110 132 0.35 SPYD $ 2,701 IRLWisdomTree US Equity Inc ETF 108 109 121 0.29 DHSD $ 46 IRLWisdomTree US Equity Inc ETF Acc 108 108 121 0.29 WTD9 $ 46 IRL US MID-CAP EQUITYiShares Edge MSCI USA Size Fac ETF $ Acc 110 112 129 0.20 IUSF $ 60 IRLSPDR® S&P 400 US Mid Cap ETF 109 108 124 0.30 SPY4 $ 546 IRLXtrackers Russell Midcap ETF 1C 109 113 134 0.35 XRSM $ 165 IRL US SMALL-CAP EQUITYFirst Trust US Sm Cap Core AlphaDEX® ETF 107 102 - 0.75 FYX $ 1 IRLInvesco Russell 2000 ETF 108 107 122 0.45 SC0K $ 64 IRLInvesco S&P SmallCap 600 ETF 110 - - - USML $ 10 IRLiShares S&P SmallCap 600 ETF USD Dist 109 103 121 0.40 IDP6 $ 656 IRLL&G Russell 2000 US Small Cap ETF 108 106 121 0.45 RTWO $ 46 IRLLyxor Russell 2000 ETF Acc 109 107 123 0.40 RUS2 $ 5 FRASPDR® MSCI USA Small Cap Val Wtd ETF USD 109 103 111 0.30 ZPRV $ 26 IRLSPDR® Russell 2000 US Small Cap ETF 108 107 122 0.30 ZPRR $ 461 IRLWisdomTree US SmallCap Dividend ETF 109 103 108 0.38 DESD $ 10 IRLXtrackers Russell 2000 ETF 1C 108 107 122 0.30 XRS2 $ 444 IRL USD CORPORATE BONDFranklin Liberty USD Invmt Grd CorpBdETF 104 114 - 0.35 FVUI $ 4 IRLInvesco USD Fltng Rt Note ETF 99 103 - - UFLT $ 7 IRLiShares $ Corp Bond ETF USD Acc 105 117 - 0.20 LQDA $ 4,796 IRLiShares $ Corp Bond ETF USD Dist 105 117 117 0.20 LQDA $ 4,796 IRLiShares $ Corp Bond Intr Rt H ETF $ Acc 102 106 - 0.25 HLQD $ 243 IRLiShares $ Corp Bond Intr Rt H ETF $ Dist 102 106 108 0.25 IS3F $ 243 IRLiShares $ CorpBd 0-3y ESG UCITS ETF$Dist 99 - - - SUSU $ 28 IRLiShares $ Floating Rate Bd ETF USD Acc 99 102 - 0.10 FLOA $ 2,235 IRLiShares $ Floating Rate Bd ETF USD Dist 99 102 - 0.10 FLOT $ 2,235 IRLiShares $ Intermdt Crdt Bd ETF USD Dist 101 109 - 0.15 ICBU $ 54 IRLiShares $ Short Dur Corp Bd ETF USD Acc 100 105 - 0.20 SDIA $ 2,775 IRLiShares $ Short Dur Corp Bd ETF USD Dist 100 105 105 0.20 SDIG $ 2,775 IRLiShares $ Ultrashort Bond ETF USD Acc 99 102 - 0.09 ERNA $ 745 IRLiShares $ Ultrashort Bond ETF USD Dist 99 102 103 0.09 ERND $ 745 IRLJPM USD Corporate Bd Rsh Enh ETF USD Acc 104 - - 0.19 JRUB $ 62 IRLLyxor $ Floating Rate Note ETF D USD 99 103 - 0.11 BUOY $ 130 LUXLyxor USD Liq Inv GrdCorpBdsETF D USD 105 117 116 0.09 USIG $ 114 LUXPIMCO LowDur US CorpBd Sour ETF USD Inc 100 106 108 0.39 LDCU $ 117 IRLSPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 99 103 104 0.20 SYBF $ 101 IRLSPDR® Blmbrg Bcly 1-10 Yr US Corp BdETF 102 111 111 0.20 SYBR $ 53 IRLSPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 109 124 126 0.20 SYBN $ 115 IRLSPDR® Blmbrg Bcly US Corp Bd ETF 104 114 115 0.20 SYB1 $ 25 IRLUBS ETF BlombgBarcl US LqCrp1-5Yr USD A 100 106 107 0.18 UEF7 $ 774 LUXUBS ETF BlombgBarclMSCI USLqCpSu $ A dis 104 116 116 0.20 UC97 $ 410 LUXVanguard USD Corp 1-3yr Bd UCITS ETF 99 104 - - VUSC $ 190 IRLVanguard USD Corp Bd ETF USD Acc 104 - - - VDPA $ 268 IRLVanguard USD Corp Bd UCITS ETF 104 114 114 - VDCP $ 268 IRLVanguard USD Corp1-3yrBd ETFUSDAcc 100 - - - VDCA $ 190 IRLXtrackers iBoxx $ CorpoRt Bd Yld PlETF1D 104 115 - 0.25 XYLD $ 28 IRLXtrackers USD Corporate Bond ETF 1D 105 117 118 0.16 XDGU $ 721 IRL USD DIVERSIFIED BONDiShares US Aggregate Bond ETF USD Acc 101 109 - 0.25 IUAA $ 1,817 IRLiShares US Aggregate Bond ETF USD Dist 101 109 108 0.25 EUNX $ 1,817 IRLSPDR® Blmbrg Bcly US Aggt Bd ETF 101 109 108 0.17 SYBU $ 32 IRL USD DIVERSIFIED BOND - SHORT-TERMJPM USD Ultra-Short Income ETF USD Acc 99 - - - JPPA $ 208 IRLJPM USD Ultra-Short Income ETF USD Inc 99 102 - 0.22 JPST $ 208 IRLPIMCO USD Short Mat Source ETF 99 102 103 - MINT $ 3,001 IRL USD GOVERNMENT BONDInvesco US Treasury Bond ETF USD Dis 101 - - - TRES $ 36 IRLInvesco US Trs Bd 1-3 Yr ETF USD Dis 99 - - - TRE3 $ 15 IRLInvesco US Trs Bd 3-7 Yr ETF USD Dis 100 - - - TRE7 $ 17 IRLInvesco US Trs Bd 7-10 Yr ETF USD Dis 101 - - - TREX $ 1,705 IRLiShares $ Treasury Bd 0-1yr ETF USD Acc 98 - - 0.07 IB01 $ 2,833 IRLiShares $ Treasury Bd 0-1yr ETF USD Dist 98 - - 0.07 IBCC $ 2,833 IRLiShares $ Treasury Bd 1-3yr ETF USD Acc 99 103 - 0.20 IBTA $ 5,827 IRLiShares $ Treasury Bd 20+y ETF USD Acc 105 123 - 0.20 DTLA $ 756 IRLiShares $ Treasury Bd 20+y ETF USD Dist 105 123 122 0.20 IS04 $ 756 IRLiShares $ Treasury Bd 7-10yr ETFUSD Dist 101 111 109 0.20 BTMA $ 3,138 IRLiShares US Mortg Backed Secs ETF USD Dis 100 106 105 0.28 QDVP $ 1,372 IRLiShares US Mortgage Backed Secs ETF $Acc 100 106 - 0.28 IMBA $ 1,372 IRLJPM BetaBuilders US TrsBd1-3 yrETFUSDAcc 99 103 - - JA13 $ 78 IRLLyxor iBoxx $ Treas 7-10Y(DR)ETF D USD 101 111 109 0.07 US71 $ 86 LUXLyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 99 105 104 0.07 US35 $ 7 LUXSPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 99 103 101 0.15 SYBW $ 158 IRLSPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 105 123 121 0.15 SPPX $ 12 IRLSPDR® Blmbrg Bcly 3-7 Yr US Trs Bd ETF 100 105 104 0.15 SPP3 $ 13 IRLSPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 101 111 109 0.15 SPP7 $ 32 IRLSPDR® Blmbrg Bcly US Trs Bd ETF 100 108 106 0.15 SYBT $ 346 IRLVanguard USD Trs Bd ETF USD Acc 101 - - - VDTA $ 181 IRLVanguard USD Trs Bd UCITS ETF 100 108 107 - VDTY $ 181 IRLWisdomTree USD Fl Rt Trs Bd ETF USD 98 - - - USFR $ 6 IRLWisdomTree USD Fl Rt Trs Bd ETF USD Acc 98 - - - TFRN $ 6 IRLXtrackers II US Treasuries 1-3 ETF 1D 99 103 101 0.15 XUT3 $ 89 LUXXtrackers II US Treasuries ETF 1D 101 108 107 0.15 XUTD $ 715 LUX USD HIGH-YIELD BONDInvesco US High Yield Faln Angl ETF 100 104 109 0.45 HYFA $ 66 IRLiShares $ High Yld Corp Bd ETF USD Acc 102 108 - 0.50 IHYA $ 4,224 IRLiShares $ High Yld Corp Bd ETF USD Dist 102 107 114 0.50 IS0R $ 4,224 IRLiShares $ Short Dur HY CorpBd ETF $ Acc 100 105 - 0.45 SDHA $ 861 IRLiShares $ Short Dur HY CorpBd ETF $ Dist 100 105 111 0.45 SDHY $ 861 IRLLyxor BofAML $ High Yield Bd ETF D USD 101 108 113 0.40 UHYG $ 81 LUXLyxor BofAML $ ST H Yld Bd ETF D USD 100 104 - 0.30 HYST $ 25 LUXPIMCO ST HY Corp Bd Sour ETF Inc 99 105 112 - STHY $ 1,145 IRLPIMCO ST HY Corp Bd Sour ETF USD Acc 99 105 112 - STYC $ 1,145 IRLSPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 100 105 111 0.40 SYBK $ 82 IRLXtrackers USD High Yield Corp Bd ETF 1D 102 109 - 0.35 XUHY $ 78 IRL

USD INFLATION-LINKED BONDiShares $ TIPS 0-5 ETF USD Dist 99 103 - 0.10 TIP5 $ 369 IRLLyxor US TIPS (DR) ETF D USD 100 108 106 0.09 TIPU $ 1,517 LUXSPDR® Blmbrg Bcly US TIPS ETF 100 108 106 0.17 SYBY $ 315 IRL

USD MODERATE ALLOCATIONSPDR® Morningstar Mlt-Asst Glb Infrs ETF 103 112 123 0.40 ZPRI $ 613 IRL

VIETNAM EQUITYXtrackers FTSE Vietnam Swap ETF 1C 96 101 133 0.85 DXS7 $ 219 LUX

Exchange-Traded Funds 4>|


>| Cash Savings/Investment

Savings AccountsInstant-Access Branch AccountsProvider Contact Account Notice Min. % Int details or term deposit gross paidBuckinghamshire BS via branch Single Access Saver Instant £100 1.35% YlyYorkshire Building Society via branch Annual Access Account Instant £100 1.30% YlyBritannia co-operativebank.co.uk Select Access Saver 10 Instant £500 1.30% YlyEarl Shilton BS via branch Heritage Instant £1,000 1.30% G YlyFamily Building Society familybuildingsociety.co.uk Market Tracker Saver (1) Instant £500 1.29% YlyFamily Building Society familybuildingsociety.co.uk Branch Saver (2) Instant £500 1.21% Yly

No Notice AccountsMarcus by Goldman Sachs marcus.co.uk Online Savings Account None £1 1.45% A MlyShawbrook Bank shawbrook.co.uk Easy Access - Issue 17 None £1,000 1.41% YlySAGA saga.co.uk Saga Easy Access SA None £1 1.40% A MlyInvestec Bank plc investec.co.uk E-asy Access Account None £10,000 1.20% MlyNS&I nsandi.com Income Bonds None £500 1.16% MlySainsbury’s Bank sainsburysbank.co.uk Defined Access Svr - Iss17 None £1,000 1.14% Yly

Internet Accounts Virgin Money virginmoney.com Double Take E-Sr Iss 12 None £1 1.45% YlyVirgin Money virginmoney.com MUFC Dble Take E-Sr Iss 7 None £1 1.45% YlyYorkshire Building Society ybs.co.uk 1 Year Limited Access Saver None £100 1.40% YlyChelsea Building Society thechelsea.co.uk 1 Year Limited Access Saver None £100 1.40% YlyGatehouse Bank C gatehousebank.com Easy Access Account None £1,000 1.40% YlyPost Office Money postoffice.co.uk Online Saver Issue 42 None £1 1.38% A Yly

Notice AccountsMarket Harborough BS mhbs.co.uk 180 Day Account 180 Day £5,000 1.76% MlyUnited Trust Bank utbank.co.uk UTB 200d Notice Account 200 Day £5,000 1.75% YlyBLME C blme.com 90 Day Notice Acc (Iss 1) 90 Day £10,000 1.71% QlyUnited Trust Bank utbank.co.uk UTB 100d Notice Account 100 Day £5,000 1.70% YlyMoneybox moneyboxapp.com 95 Day Notice SA 95 Day £1 1.65% MlyFirstSave firstsave.co.uk 90 Day Notice Account 90 Day £100 1.65% Yly

Monthly InterestMarket Harborough BS mhbs.co.uk 180 Day Account 180 Day £5,000 1.76% MlyMoneybox moneyboxapp.com 95 Day Notice SA 95 Day £1 1.65% MlyFirstSave firstsave.co.uk 90 Day Notice Account 90 Day £5,000 1.65% MlyAl Rayan Bank C alrayanbank.co.uk 90 Day Notice Account 90 Day £250 1.51% MlyCharter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 13 60 Day £5,000 1.50% MlyWyelands Bank wyelandsbank.co.uk 95 Day Notice Account 95 Day £5,000 1.47% Mly

Children’s AccountsHalifax halifax.co.uk Kid’s Monthly Saver 12 Month £10 4.50% F YlyHSBC via branch MySavings Instant £10 3.00% MlyVirgin Money 0345 606 7685 Young Saver Issue 5 Instant £1 2.25% YlyVirgin Money via branch Fred the Red Young Sr Iss 2 Instant £1 2.25% YlyBuckinghamshire BS via branch JS100 100 Day £100 2.25% YlyCambridge BS via branch Children’s Fixed Rate Bond 3 Year £1,000 2.00% F Yly

Current AccountsThe Co-operative Bank 0345 721 2212 Current Everyday Rewards Instant £0 £5.00pm E MlyNationwide BS 0800 302010 FlexDirect Instant £0 4.89% A MlyHalifax 0345 720 3040 Reward Current Instant £1 £2.50pm E MlyTSB 0345 975 8758 Classic Plus Instant £1 2.96% MlyTesco Bank 0345 835 3353 Current Account Instant £0 1.00% MlySantander 0800 912 3123 123 Current Account Instant £0 1.49% Mly

Cash ISAsCash ISAs £1,000Provider Contact Notice Min. % Interest details or term deposit gross paidVirgin Money virginmoney.com None £1 1.45% YlyVirgin Money virginmoney.com None £1 1.45% YlyAl Rayan Bank C alrayanbank.co.uk Instant £50 1.36% MlyYorkshire BS ybs.co.uk None £100 1.35% YlyFamily BS familybuildingsociety.co.uk Instant £500 1.34% YlyBath BS via branch Instant £1 1.30% YlyMansfield BS via branch 180 Day £1 1.30% YlyEarl Shilton via branch 90 Day £10 1.30% YlyYorkshire BS via branch Instant £100 1.30% YlyTeachers BS teachersbs.co.uk 90 Day £100 1.30% Yly

Cash ISAs £20,000Virgin Money virginmoney.com None £1 1.45% YlyVirgin Money virginmoney.com None £1 1.45% YlyAl Rayan Bank C alrayanbank.co.uk Instant £50 1.36% MlyYorkshire BS ybs.co.uk None £100 1.35% YlyCharter Savings Bank chartersavingsbank.co.uk 95 Day £5,000 1.35% YlyFamily BS familybuildingsociety.co.uk Instant £500 1.34% YlyBath BS via branch Instant £1 1.30% YlyMansfield BS via branch 180 Day £1 1.30% YlyEarl Shilton BS via branch 90 Day £10 1.30% YlyYorkshire BS via branch Instant £100 1.30% Yly

Fixed Cash ISAs £1,000Hampshire Trust Bank via post 1 Year £1 1.40% YlyMetro Bank via branch 1 Year £1 1.40% YlyVirgin Money virginmoney.com 24.12.20 £1 1.40% YlyYorkshire Bank ybonline.co.uk 30.11.20 £10 1.40% YlyClydesdale Bank cbonline.co.uk 30.11.20 £10 1.40% YlyCynergy Bank cynergybank.co.uk 1 Year £500 1.40% YlyNewcastle BS newcastle.co.uk 25.01.21 £500 1.40% YlyAldermore aldermore.co.uk 1 Year £1,000 1.40% OMLoughborough BS via branch 05.04.21 £1,000 1.40% YlyOakNorth Bank oaknorth.co.uk 12 Month £1 1.39% Mly

Fixed Cash ISAs £20,000Charter Savings Bank chartersavingsbank.co.uk 1 Year £5,000 1.41% YlyHampshire Trust Bank via post 1 Year £1 1.40% YlyMetro Bank via branch 1 Year £1 1.40% YlyVirgin Money virginmoney.com 24.10.20 £1 1.40% YlyYorkshire Bank ybonline.co.uk 30.11.20 £10 1.40% YlyClydesdale Bank cbonline.co.uk 30.11.20 £10 1.40% YlyCynergy Bank cynergybank.co.uk 1 Year £500 1.40% YlyNewcastle BS newcastle.co.uk 25.01.21 £500 1.40% YlyAldermore aldermore.co.uk 1 Year £1,000 1.40% OMLoughborough BS via branch 05.04.21 £1,000 1.40% Yly

National savings and InvestmentsAccounts and bonds Notice Min. Max. Rate Interest or term deposit deposit deposit paid

Income Bonds None £500 £1m 1.16% MlyDirect Saver None £1 £2m 1.00% YlyInvestment Account None £20 £1m 0.80% Yly

Tax-free products Notice Min. Max. Rate Interest or term deposit deposit deposit paid

Junior ISA Age 18 £1 £0 3.25% YlyDirect ISA None £1 £0 0.90% Yly

A = Introductory rate for a limited period. B = Protected by a non-UK compensation scheme. C = Provider operates under Islamic finance principles, rate shown is

expected profit rate. D = 1 year term regular savings account min £10, max £100 per month. E = Paid as a reward. F = Fixed Rate. G = Over 50s. 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.

All data as at 5 December 2019.


Savings>|

Savers have suffered for a long time with ever reducing interest rate

options available to them. National Savings &

Investment (NS&I) products were always a good option for savers but now they are being hit by a double blow as October inflation figures show a fall in the consumer price index (CPI) and NS&I cuts its link to the (often slightly higher) retail price index (RPI).

The Consumer Price Index fell to 1.5% at the end of October, which means some savers, namely those holding National Savings Index Linked Certificates, will earn less going forward, according to national financial planners LEBC.

Kay Ingram, director of public policy at national advisory group LEBC explained: “Whilst those with fixed rate deposit savings paying in excess of 1.5% may see interest rates beat inflation for the first time since 2016, savers with maturing NS&I Index Linked Certificates are facing a double blow.

“If the impact of falling inflation were not bad enough, any new Certificates issued will now be linked to the CPI, not the Retail Price Index. The RPI has consistently been around 0.7% higher than the CPI in recent times, so those investing in NS&I Index Linked Certificates going forward will have their interest pegged to the lower of the two inflation measures.”

The government has introduced no new NS&I Index Linked Certificates issues for some time. These are in any event available only to existing investors, who can renew their investments when the original fixed term matures.

Existing investors are given 30 days’ notice of a Certificate maturing, and if they do nothing, the investment, plus the interest earned, is rolled over to a new term of 1, 3 or 5 years. Investors can choose to cash in some or all their investment at maturity and the proceeds are completely tax-free.

In deciding whether to roll over, savers must be aware that future returns could be less than they have experienced in the past. So, someone with a maturing Certificate must decide whether they think inflation will go up

again from here, in which case they should stick with Index Linked Certificates – or if they think that inflation could turn into deflation in the near future, look to bag a fixed rate interest bearing account as they are

Savings options diminish again, but don’t give upDecent savings rates are hard to come by and the government backed bond option for savers has just suffered a double hit. But there are better rates to be had than by leaving your funds at high street banks. Stephanie Spicer reports

guaranteed link to CPI plus a small bonus of 0.01%;

• Over the term of the Certificate inflation could rise again, increasing the return on savings;

• Interest is tax-free;• Certificates are guaranteed

by the government and are therefore secure; and

• Once cashed, Certificates cannot be replaced, unless a future government offers new index-linked issues.Ingram said those willing

to take on more risk could get inflation protection from investing in shares, which tend to outstrip inflation over the longer term, but they can also go down in value.

The Barclays Equity Gilt Study shows that asset backed securities have grown at an average of 4.9% above inflation over the longer term. If held within an Individual Savings Account (ISA) these too are tax-free.

Whether inflation, which has been on a downward trend this year, remains low, depends upon several factors. Global growth is slowing, and should that continue, “inflation is likely to stay low”, according to Ingram.

“With every political party promising increased public spending, weakening the UK’s credit rating, the cost of borrowing is likely to increase. A new government could turn once more to savers and issue new Index Linked Certificates,” she continued.

“With Brexit yet unresolved, it is difficult to predict the impact of leaving the EU either with or without a deal on inflation. Higher government borrowing is likely to weaken sterling, pushing up the cost of imports and inflation, so regardless of the current deflationary

trend, abandoning guaranteed inflation proofing could yet be premature.”

Anna Bowes, co-founder of Savings Champion said that a fall in CPI could be seen as positive as it means that the price of some goods are rising more slowly. But this might be bad news for savers as there could be more reasons for the Bank of England to cut the base rate which would lead to further cuts to savings rates.

However, she added: “A drop in inflation does mean that, although competition has waned over the last few months, bringing best buy rates down, there are still plenty of accounts to choose from that will keep your cash in line with the cost of living.”

Bowes pointed out that there are over 300 accounts available that currently match or beat CPI. Although there are still no easy access accounts that are paying as much as 1.50%, there are approximately 18 notice accounts that will beat inflation, at least for the time being.

Bowes warned against leaving funds in high street bank accounts: “If you leave your funds languishing in an easy access account paying 0.15%, a deposit of £50,000 would have fallen to just £46,762 in real terms over five years, assuming an inflation rate of 1.50%.

“But if you were to choose one of the best easy access accounts available today, paying 1.45% AER, while the real value of your money would still be lower, it would be worth £3,115 more, at £49,877. Better still if you choose the best five-year rate available today paying 2.36% AER, it would be worth £5,392 more (at £52,154) and, more importantly, it would be worth more in real terms.”


Savings>|

WI

presently paying more than CPI and offer a rate which is fixed for the term of the investment.

Certificates can only be cashed without penalty at the new maturity date, so investors need to consider whether they will need to access any of their funds before automatically rolling them over for a new term. Cashing in during the fixed term leads to a loss of 90 days’ interest and the index linking for the whole year, so should be avoided.

In recognition of the switch in linking to CPI – which represents a significant change in the terms – NS&I have given savers an extra 30 days beyond the automatic renewal date when they may cash their savings penalty free.

Stick or fold?Should holders of Index Linked Certificates stick with them or consider other options?

In considering their options, savers must remember that:• The Certificates have a

Fixed term bonds2 years AER (%) 3 years AER (%) 5 years AER (%)BLME 2.10 Secure Trust Bank 2.21 Secure Trust Bank 2.37UBL UK 2.00 BLME 2.20 UBL UK 2.36 Gatehouse Bank 1.90 UBL UK 2.20 United Trust Bank 2.10

As at 3 December/2019. Source: Savings Champion


>| The Last Word | Peter Elston

A few years ago, I attended a talk by a professional sports bettor. The aim of the talk was to explain the difference between professional gamblers and so-called problem gamblers. The audience was comprised of healthcare volunteers, and the distinction between the two types was important because problem gamblers were among those whom they would likely be called on to support.

What struck me most about the sports bettor was his humility. He did not suggest he was special or better than others, just that he had a simple, disciplined process intended to spot the occasional mispricing of odds.

If his process flagged a mispricing, he would bet a percentage of his purse commensurate with the odds themselves, as well as the extent of the mispricing. Even when the potential pay-out was highest – the longer the odds and the bigger the perceived mispricing, the higher the potential pay-out – he would still only bet a relatively small percentage of his purse. The reason? He knew he could be wrong.

Perhaps the biggest trap any professional or amateur investor can fall into is to start believing he or she is better than others. A financial market, whether stocks or bonds, is the expression of the collective intelligence of millions of individuals. Thinking by default that you are right, and the market and its millions of participants are wrong, is arrogant in the extreme.

The problem is that arrogance serves an evolutionary purpose – to persuade others to do what you want them to do. You are much more likely to follow or be persuaded by someone who exudes confidence.

The benefits of arrogance are

significant of the cognitive biases. Because optimistic bias can be both a blessing and a risk, you should be both happy and wary if you are temperamentally optimistic.”

As for overconfidence among businessmen, Kahneman refers to one survey that found 81% of entrepreneurs in the US put their personal odds of success at 7 out of 10 or higher, and 33% said their chance of failing was zero. The actual probability that a small business will survive for five years is around 35%.

Kahneman does not suggest that such overconfidence is without its benefits, as it: “…encourages persistence in the face of obstacles.” Furthermore, all enterprises, whether destined for success or failure, stimulate economic activity even if those in the latter category end up causing pain for one or more stakeholders.

In nature, the process of natural selection is based on successes rising above the failures. Failures are an essential component of both the living world and the business world – they provide successes with something to rise above.

Overconfidence is particularly evident in financial markets. A survey of CFOs’ forecasts of S&P500 returns found that the incidence of surprises, as defined by the CFOs themselves, was

more than three times higher than they expected.

Kahneman finishes by stating that he is not

optimistic that overconfidence can be overcome by training.

Presumably therefore he would be even less confident in an individual’s ability to exhibit both overconfidence and humility simultaneously. This may be why genuinely skilful fund managers, like successful sports bettors, are very rare beasts indeed.

Peter Elston is the chief investment officer 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 efforts 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 office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18 158

“Perhaps the biggest trap any investor can fall into is to start believing he or

she is better than others”

thus two-fold. First, the individual in possession of said quality will tend to get what he/she wants, whether a promotion or the attention of a mate. Second, society as a whole benefits by having leaders who are not afraid to act.

Humans would not have got very far had they had nobody to lead them out of their caves.

Striking a balanceFor professional investors, therefore, whether fund managers or otherwise, success is about getting a balance between humility and hubris. You need to make good investment decisions, but you also need to persuade – perhaps the two most important powers one can possess are those of prediction and persuasion.

In his book, Thinking, Fast And Slow, Nobel Laureate Daniel Kahneman writes that: “…the optimistic bias may well be the most

Humility and hubrisNot a lost Jane Austen novel, but the qualities Peter Elston believes a skilful manager needs

SCOTTISH MORTGAGE INVESTMENT TRUST

*Source: Morningstar, share price, total return as at 30.09.19. **Ongoing charges as at 31.03.19 calculated in accordance with AIC recommendations. Details of other costs can be found in the Key Information Document. Your call may be recorded for training or monitoring purposes. Issued and approved by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford & Co Limited is the authorised Alternative Investment Fund Manager and Company Secretary of the Company. Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority.

WHO SAID THE SKY HAD TO BE THE LIMIT?Business’s ability to exhibit exponential growth lies at the heart of the Scottish Mortgage Investment Trust.

Our portfolio consists of around 80 of what we believe are the most exciting companies in the world today. Our vision is long term and we invest with no limits on geographical or sector exposure.

We like companies that can deploy innovative technologies that threaten industry incumbents and disrupt sectors as diverse as healthcare, energy, retail, automotive and advertising.

Over the last five years the Scottish Mortgage Investment Trust has delivered a total return of 124.7% compared to 101.9% for the sector*. And Scottish Mortgage is low-cost with an ongoing charges figure of just 0.37%**.

Standardised past performance to 30 September*

2015 2016 2017 2018 2019

Scottish Mortgage 4.2% 37.0% 30.3% 29.0% -6.4%

AIC Global Sector Average 4.3% 29.0% 26.2% 19.2% -0.2%

Past performance is not a guide to future returns.

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

For a blue sky approach call 0800 917 2112 or visit us at www.scottishmortgageit.com

A Key Information Document is available by contacting us.

SCOTTISH MORTGAGE ENTERED THE FTSE 100 INDEX IN MARCH 2017.

SCOTTISH MORTGAGE INVESTMENT TRUST

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