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www.whatinvestment.co.uk Issue 439 October 2019 £4.50

What InvestmentFOR A WEALTHIER FUTUREwww.whatinvestment.co.uk Issue 446 May 2020 £4.50

What InvestmentFOR A WEALTHIER FUTURE

Passive InvestingUnderstanding the facts from the fictionPage XX

To boldly goCould space be the next investment frontier?4

ITs to WatchInfrastructure and UK growth & income trusts for the long-term investorPage 48

05

9770263953115

The get-rich slowly investment funds

Page 28

HOW TO RE-BUILD

YOUR WEALTH

Includes the

CHINA

SUPPLEMENT

Long-term

opportunities

Editorial>|

Email format: [email protected]

EditorialEditor-in-chiefLawrence Gosling 020 7250 7027

[email protected] Alyssia Sutherland 020 7065 7563

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www.whatinvestment.co.uk WhatInvestment May 2020 3

When there is a significant decline in the levels of stock markets, fund managers, commentators and historians look for precedents to create some kind of context.

If we can see that something has happened before, or something very similar, we feel we can get a better perspective about what is happening to us now; and if we understand that we feel we can see some path forward in the future.

In the current episode I have seen comparisons with economic events that go back to the early 1700s; and by some measures the impact is worse than the 1929 Wall Street stock market crash and the following Great Depression.

The respected Money Week magazine drew a convincing parallel to the 1957 US stock market crash which combined a recession, a deadly outbreak of flu and then large-scale unemployment.

But how much use is all of this analysis as we look at the value of our investments? Well, not to put too fine a point on it, I would say it is fairly useless, because it is the future not the past which is important to us.

That is what we are trying to focus on with this issue; but we have not tried to answer a question that many of you have asked: “When is the bottom of the markets coming?”

The bottom is only ever apparent well after the event, and even then analysts tend to debate among themselves whether something was the bottom or not.

From speaking to many of you over the last three years, I know you tend to be fully invested in the stock markets and property assets and have cash set aside as a ‘rainy day’ backstop rather than using that cash to dive in and out of the markets when you think a bottom has arrived.

I received the statement on my pension fund in the middle of March, just as the UK was beginning to being gripped by covid-19 and it made for sobering reading.

All the benefits of the rise in most markets during 2019 had been wiped out in those first 10 weeks of 2020. My investments are now back to 2017 or 2018 levels, so I share the ‘investment pain’ many of you will be feeling.

The one bit of advice which I think many of you will already know and will be practicing is not to panic. You will hopefully have

not sold out as the markets pulled back, unless you urgently needed cash.

Just as importantly, now is not to make switches into investments which might look like they will help you claw back all those lost gains in a short space of time.

It is periods like this where some unscrupulous investment schemes are promoting returns or levels of income significantly above the average of the stock market or cash deposits.

Remember the old adage: “If it looks too good to be true…“ and if you see an ‘investment’ offering 6,7, 8 or even up to 10% income or interest annually be very careful.

The other area to be wary of is the active versus passive question. It is not a binary one, the future is likely to see a blend of both active funds and a bit of passive because both can work in different markets in different ways based on your needs.

Mostly importantly do not take any risks with your hard-earned wealth; or with your health.

In the next issue of the magazine we will be answering in detail some of the questions you have been asking us recently, so if you have any please email or write to me and we will address them directly.

Some subscribers have faced delays in receiving their magazines since the covid-19 lockdown started. Please accept our apologies and thank you for your patience as we do our best to get your copies to you.

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

Look to the future, not the past

SPECIAL SUPPLEMENTChinaThe world’s second largest economy provides good long-term opportunities for the patient investor. Find out how to access them in our 8-page report compiled in conjunction with Fidelity International.

>|

14 InvestmentIs there really potential to make money in space and how do you go about this as an investor?

48 Investment TrustsInvesting in real estate, infrastructure and transportation; plus why now is the time to focus on fundamentals and process

>| Contents: Features May 2020

COVER STORY

pages 28-35

Page 14 8

4 WhatInvestment May 2020 www.whatinvestment.co.uk

HOW TO RE-BUILD

YOUR WEALTH


>|

News and views

3 EditorialLook to the future, not the past

6 News & commentMore choice for savers; a mobile SRI platform; Scottish Widows and Lloyds complete asset transfer; Sanlam’s lockdown events; index-linked bond comeback mooted; Gold attracts record levels of investment; and Charles Calkin on how to manage retirement income in a crisis

13 Financial Planning Stephen Jones kicks off our new series with a look at process

16 Wills Difficult times require the same preparation as calmer ones

18 Outlook The coronavirus lockdown is an economic calamity, but that does not mean that investors cannot start planning for a more prosperous future

20 Financials The unloved banking sector has never looked so cheap

21 Funds Fund analysis: PantheonFund of the month: VT Gravis Clean Energy IncomeOur independent panel examines two recently launched funds and what they have to offer investors

24 Stock Picks Growth stocks to watch

Stocks to tackle the coronavirus

26 Opinion Jump on the algo bandwagonThe Conscientious Investor finds an ESG silver lining to the coronavirus cloud

Page 18

Page 80

Page 82

>| Contents: Regulars May 2020

Page 24

36 Investment TrustsA multi-asset portfolio; a diversified private/public portfolio; multi-asset value investing; and a fundamental and ESG aware trust

47 ProductsTroy Income & Growth Investment Trust and Odyssean Investment Trust

80 AnalysisThe performance and prospects of fine wine as a non-traditional asset class

82 Last WordPeter Elston is concerned that policymakers tackling the covid-19 pandemic are underestimating the risk of a depression

Performance data

52 Savings & Taxes2020/21 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


Allica Bank (www.allica.bank), clients of which are small and medium-sized businesses, has launched a deposit account for retail savers, offering an interest rate of 1.49%, fixed for 12 months.

Accounts can be opened online and managed through the bank’s internet banking platform and secure messaging service.

Minimum investment is £1,000 and maximum £250,000. Interest is calculated daily and paid monthly (to the date of opening) or upon maturation of the product. Savers have up to 14 days to deposit all their funds before the fixed term begins.

Lawrence Holland, head of deposits at Allica Bank, said: “We believe this 12-month fixed rate

News>|

New account launches boost choice for savers

United Kingdom | Savings | Allica Bank, RCI Bank & Leeds Building Society

deposit is an appealing alternative to savers seeking reassurance during uniquely turbulent times.”

Mark Stephens, CEO of Allica Bank, said: “Our proposition uses the latest technology to provide a great customer experience but will always be supported by human relationships and expertise where needed.”

RCI Bank UK has opened a 95 Day Notice Account offering 1.4% AER gross variable, minimum deposit £1,000 and maximum £1m. Customers can choose to have their interest paid monthly or annually (www.rcibank.co.uk).

On its launch Anna Bowes, co-founder of savings advice platform Savings Champion wrote: “Although not currently

making it into our best buy tables, it is in the top five three-month notice accounts and RCI Bank has been a pretty safe pair of hands since it launched in the UK nearly five years ago.

“RCI is probably best known for its easy access Freedom Savings Account, launched in June 2015. What made this account stand out, apart from its competitive rate, is that there was no bonus that would drop off after 12 months, no restriction in the number of withdrawals that can be made each year and all customers earn the same rate – existing and new.

“This simplicity is something that RCI is extending to its new 95-day notice account, as it has pledged not to keep offering different issues – it will

simply pay the same rate to all customers.

“If this account behaves as the Freedom Savings account has and remains competitive, even if not market leading, then many may feel assured that they do not need to be constantly reviewing and switching.”

Leeds Building Society (www.leedsbuildingsociety.co.uk) has launched an easy access savings account called Defined Access Saver (Issue 2). Minimum investment is £5,000, maximum £1m. Interest is paid in tiers: 0.5% AER gross variable on balances between £5,000 and £24,999.99; 0.6% for between £25,000 and £49,999.99 and 0.70% on £50,000 plus. Below £5,000 the interest rate is 0.05%. Interest is calculated daily and paid annually on 30 September. SS

Clim8 Invest, a new mobile fintech platform for sustainable investments, has launched a Crowdcube campaign giving people a chance to invest in solutions that will fight climate change and protect the environment.

The fund raise is a second round, the platform having raised £650,000 in 2019. The new funds will support the completion of the investment platform, grow the company’s team of experienced professionals and further support business growth.

This is the first public opportunity to invest directly in the company, the previous funding being a private round with existing investors and some new investors.

Investors include board directors of fintechs, such as Marcus Exall

(Monese) and Marcus Mosen (N26). Clim8’s investors will be able to

track their investments via a user-friendly app. The investments aim to channel funding towards clean energy and sustainable companies that are making a positive impact on climate change. Themes include clean energy, cleantech, smart mobility, sustainable food and recycling.

Investment is via fundraising platford Crowdcube at www.crowdcube.com/clim8 where investors can register their interest by joining a waiting list and download the app and access the platform.

Duncan Grierson, founder and chief executive, said: “While the world grapples with the covid-19 pandemic, we must not lose our focus on the

longer-term climate crisis which will be a much bigger problem. Many people want to help by investing their savings into positive climate solutions; this is what the app is all about.”

Luke Lang, co-founder and chief marketing officer of Crowdcube, said: “We are honoured to partner with Clim8 Invest, a brilliant idea to fulfil the rising tide of people’s desire to invest in companies with a big mission.

“We at Crowdcube believe it is this blend of engagement and purpose which will drive the shape of businesses in the future, and as a result combat the world’s climate crisis. We look forward to supporting them in their drive for true mission-led growth.” SS

Fintech firm offers mobile SRI platformUnited Kingdom | ESG | Clim8 Invest

http://www.allica.bank

http://www.allica.bank

http://www.rcibank.co.uk

http://www.rcibank.co.uk

http://(www.leedsbuildingsociety.co.uk)

http://(www.leedsbuildingsociety.co.uk)

http://www.crowdcube.com/clim8

http://www.crowdcube.com/clim8


Partner Content

The stockmarket sell-off due to the coronavirus pandemic has been widespread and indiscriminate. Understandably, this will have been very traumatic for investors. However, at times like these, it is worth remembering what legendary investor Anthony Bolton – and former Fidelity Special Values PLC manager – once said: “The darkest hour is just before dawn.”

This is not to downplay the challenges ahead. The lockdown currently estimated to last between six weeks and six months is going to result in a significant economic contraction in both the UK and most economies globally. This will have implications for companies’ earnings and dividend pay-outs. In the meantime, markets are likely to remain volatile.

However, as a bottom-up investor whose focus is on individual stocks, I am currently finding a lot of opportunities to buy very attractively valued companies, whose share price does not reflect their underlying fundamentals. The sell-off has been relatively indiscriminate and creates opportunities for patient, selective, long-term investors.

A portfolio of undervalued stocksTurning to Fidelity Special Values PLC, the trust has

Fidelity Special Values PLC portfolio manager Alex Wright reminds us that challenging markets present opportunity to patient long-term investors

underperformed significantly this year. The underperformance of ‘value’ stocks – the area of the market where I tend to invest – has been particularly pronounced as investors turned to companies or sectors they saw as low risk or high quality, irrespective of valuations and long-term prospects.

What makes me confident about the prospects for the trust going forward is that the companies within the portfolio are currently very cheap. The trust is trading close to historically low valuations.

Reacting to the market environmentI am very mindful of the current situation and how this could affect the portfolio and have actively repositioned the trust where required. I, along with our analysts, have been reaching out to companies. Our prime focus has been to consider the impact of a three- to six-month shutdown on each company, and if they have sufficient access to cash to survive.

In terms of portfolio activity, I have sold or reduced the trust’s most levered positions – those companies with sizeable debts – although these were very small to start with. I have also sold or reduced those stocks most impacted by the coronavirus/

oil price slump and where the outlook has worsened beyond the short term. Here I have sold airlines and reduced exposure to oil producers.

I have taken advantage of the very low valuations to add to the trust’s market exposure, increasing the gearing (borrowing) from 3% to 12%. I have added to those companies in which I have a lot of conviction, particularly where I feel the sell-off has resulted in a disconnect between a stock’s price and its underlying fundamentals. This includes a lot of defensive businesses, which should be considerably less affected by the current crisis but whose share prices fell by 20% or more.

ConclusionI wanted to leave readers and existing investors in the trust with the message that, while the coming months are likely to prove very challenging, markets are currently presenting patient long-term investors with the opportunity to buy companies at exceptional prices, without having to take a big cyclical risk. The trust remains diversified across stocks, sectors and market capitalisations. While it is geared to the market given the cheapness of value stocks, the portfolio is well balanced with a defensive tilt.

Important information: The value of investments can go down as well as up and you may not get back the amount you invested. Past performance is not a reliable indicator of future returns. Investors should note that the views expressed may no longer be current and may have already been acted upon. Overseas investments are subject to currency fluctuations. 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 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. This fund uses financial derivative instruments for investment purposes, which may expose the fund to a higher degree of risk and can cause investments to experience larger than average price 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.The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Fidelity Investment Trusts are managed by FIL Investments International. 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. UKM0420/30085/CSO9710/1020.

The darkest hour is before dawn

Alex Wright is portfolio manager a of the Fidelity Special Values PLC trust

Schroders plc has completed its on-boarding of £75 bn of Scottish Widows and Lloyds insurance and wealth-related assets, following the announcement in October 2018 of a strategic partnership between Schroders and Lloyds Banking Group.

The migration of the assets to Schroders was completed in seven tranches between September 2019 and March 2020.

The mandates comprise more than 320 portfolios, including Active Equity, Equity Alpha, Equity Low Risk Active, Fixed Income, Multi Manager, Multi Asset, Portfolio Solutions, Private Equity and Property funds.

Peter Harrison, group chief executive at Schroders’ Group said: “The completion of on-boarding such a significant mandate is a monumental achievement for Schroders and underlines our strategy and commitment to being the leading active manager.

“We are incredibly proud of the work done to achieve this milestone, which is the culmination of a year-long project by a dedicated team of Schroders colleagues, alongside Lloyds Banking Group and other key stakeholders. It is all the more significant that this has been completed on time and on target, despite the challenging conditions of recent weeks due to the covid-19 situation.

“This partnership demonstrates our ability to manage large and complex portfolios, providing consistent returns for investors, which are as important as ever in today’s uncertain times.”

Antonio Lorenzo, chief executive of Scottish Widows and group director of Insurance & Wealth, said: “I am delighted that what we believe is the largest asset transfer in the UK has been successfully completed on schedule, particularly given the current environment. Our partnership with Schroders will give our customers leading investment management expertise, a stable investment team and strong performance across multiple asset classes.”

Jason Hollands, managing director of Tilney Investment Management Services said: “These assets were previously managed, under contract, by Aberdeen Standard Investments, much of which represent insurance funds. The vast majority of Scottish Widows policyholders will

therefore be oblivious as to who has been or will now be managing the assets that stand behind their life policies.

“There is however a bloc of assets within this that represents pension funds and retail investment funds, including those that were previously distributed through the Lloyds Banking network and which now form part of assets transferred into the Lloyds/Schroders joint venture, Schroder Personal Wealth.

“As with any funds, investors should periodically review whether the products they own are delivering on expectations, represent value for money or whether they might do better elsewhere. Schroders has many strengths in its asset management capabilities, but no group is universally the best choice across the board, and the new wealth joint venture is effectively a start-up despite the established brand attached.” SS

Scottish Widows and Lloyds Banking Group assets transferred to Schroders

United Kingdom | Investment Management | Schroders

News>|


“The largest asset transfer in the UK has been

successfully completed on

schedule”Antonio Lorenzo, Scottish Widows

Sanlam UK has launched the Wealthsmiths Wellbeing programme – a series of online events designed to help keep clients, their families and friends healthy, educated and entertained during the lockdown period.

Sanlam has called upon a series of experts to produce a programme of activities for the mind, body and pocket, from financial wellbeing to making cocktails.

Viewers will need to register to join at: www.sanlam.co.uk/knowledge-hub/insights/wealthsmiths-wellbeing-schedule.

Penny Lovell, chief executive officer of Sanlam Private Wealth said: “It is so important to keep communicating throughout this difficult time, and as we cannot physically meet with our clients, we wanted to take something to them. Our programme is a mix of fun, healthy and educational activities, catering for a variety of age groups.

“Looking after our physical and mental health is just as important as our financial health. These classes offer a fantastic way for us to stay connected with our clients and their families while offering a holistic plan that we hope offers

some light relief as well as practical advice during this period of social distancing. We will be looking at other activities to build into the programme, and hope our clients enjoy the experiences on offer.”

The launch programme incorporates the following activities: 14 April onwards – Future Leaders Webinar series;15 April onwards – Mobility and exercise class;16 April – Financial Planning clinic; 23 April – Self-portrait masterclass; and 24 April – Virtual mixology masterclass. SS

Sanlam offers online events to help clients through coronavirus lockdown

http://www.sanlam.co.uk/knowledge-hub/insights/wealthsmiths-wellbeing-schedule

http://www.sanlam.co.uk/knowledge-hub/insights/wealthsmiths-wellbeing-schedule

Inflation is not something that challenges economies and markets so much these days, with deflation almost more of a concern.

If you wanted inflation-linked bonds or savings you would be hard pressed to find them at the moment, which perhaps tells us something. However, whether the covid-19 pandemic could bring about the return of inflation and what savers and investors can do to hedge their prospects ahead of that is quietly being considered in a number of corners.

Randeep Somel, associate fund manager at M&G Investments has commented on this.

“The pandemic has, with dramatic effect, shown the weaknesses in global supply chains, and for the first time post World War II, led to governments all across the world closing their borders and airspace,” he said.

“A long-term consequence of this global pandemic may be that localisation of supply chains becomes prominent again – both companies and governments will prioritise security and accessibility over cost.”

Somel cited the US $2bn stimulus package announced in America, the €750bn stimulus package in Germany and the EU suspension of debt and deficit requirements across the European bloc as evidence of real change.

“While stimulus measures are required in times of large unexpected shocks, the scale and speed of the stimulus we have just witnessed is unprecedented.


News>|

Covid-19 prompts talk of index-linked bond comeback

United Kingdom | Fixed Income | M&G Investments

“The economic costs of covid-19 are still unknown, but policymakers have thrown caution to the wind and planned for the worst case scenario,” said Somel.

He added: “Let us now take one step forward. Once we have returned to some level of normality – and should the slow, but increasingly important trend of trade barriers begin to rise – we could find ourselves in a world with an excess of economic stimulus. Then, we are likely to see some longer-term economic implications.

“The death of the treasury 30+ year bull market has been predicted many times. It will require sustained inflation in the system to force longer term interest rates up.

“While our minds could not be further away from that thought today, the ingredients for this eventuality are all just

going into the mix. Policy choices have unintended consequences, especially when they are made in times of extreme pressure.”

A rush to inflation beating rates of return may not be high on the agenda, but there are savers and investors who commonly look for certainty of return.

Amidst the dearth of inflation linking bonds and products, investors could look to the smattering of funds that can offer inflation linking.

There is the iShares £ Index Linked Gilts ETF (GBP Dist) and the Lyxor Core FTSE Actuaries UK Gilts (DR) Ucits ETF. Performance year-to-date (YTD) of the latter is 1.73%, 0.31% three year annualised and 0.96% five year annualised (to 9/4/2020). The former return YTD was 6.11%, 3 year annualised 2.75% and five years annualised 6.29%.

The Lyxor Core FTSE Actuaries UK Gilts (DR)

Ucits ETF – Dist aims to track the benchmark index FTSE Actuaries UK Conventional Gilts All Stocks Total Return. The iShares ETF seeks to track the performance of an index composed of UK inflation-linked government bonds.

The M&G UK Inflation Linked Corporate Bond (GBP) Acc fund returned 1.73% YTD (9/4/2020) with three year annualised 0.31% and five year annualised 0.96%.

Invesco meanwhile has launched a Invesco GBP Corporate Bond UCITS ETF, with an ongoing charge of 0.10% pa.

It aims to deliver the performance of the Bloomberg Barclays Sterling Liquid Corporate Bond Index (after fees), which comprises investment grade, fixed-rate securities denominated in sterling.

Paul Syms, head of ETF fixed income product management at Invesco, said: “The current market volatility and widespread concerns around the coronavirus pandemic is driving a risk-off environment.

“Government bond yields have tumbled to all-time lows while credit yields have risen at a time when the Bank of England’s policy response is designed to support both asset classes, meaning credit could be looking more attractive.

“The wider spreads between government and investment grade credit is offering investors higher yields without having to venture too far out the credit quality spectrum.” SS

“A long-term consequence of this global pandemic may be that…

both companies and governments will prioritise security and accessibility over cost”

Randeep Somel, M&G Investments


Investors are placing their bets on gold as an investment, it seems – piling into gold products on the market as the covid-19 pandemic hits equity markets and oil prices fall. Experts are also optimistic on the commodity.

Gold has not been immune to price fluctuations: at the end of February gold fell from £1,308.73 per ounce to £1,226.34 – a drop of 6.29%. However, on 7 April the price rose from £1,324 to £1,367 an ounce, up 3%.

Three products investing in gold have reported record levels of investment and reached their funding targets ahead of time.

The Royal Mint Physical Gold Securities ETC (RMAU) from ETF specialist HANetf (https://www.hanetf.com/product/7/fund/the-royal-mint-physical-gold-etc-securities) has reached the $200m AUM milestone just weeks after launch, becoming one of the fastest growing gold-backed ETCs in Europe. RMAU has had a growth of 30.46% since listing on London Stock Exchange in February 2020.

RMAU is the first financially-listed product to be backed by The Royal Mint and the first physical gold backed ETC to be launched in partnership with a European sovereign mint.

The physical gold associated with RMAU is held in The Royal Mint’s purpose-built vault. Most other gold ETCs custody their gold at commercial banks, so the provider said RMAU offers an attractive alternative to investors looking to diversify their custody arrangements.

Hector McNeil, co-founder and co-chief executive officer at HANetf said: “Increased interest in gold is no surprise considering the multitude of risks that have emerged so far in 2020. RMAU is the only physical gold ETC to be 100% backed by gold certified by the LBMA [the trade transparency and reporting service for the precious metals market] responsible sourcing program, meaning investors can

continue to meet ESG goals while increasing downside protection to their portfolio.”

The RMAU ETC is priced at 0.22% pa.However as Jason Hollands,

managing director, business, development and communications at financial planners Tilney Investment Management has pointed out: “While you have the security of the Royal Mint behind this and the facility to exchange your ETC for physical gold is a differentiating – but largely cosmetic – feature, the annual costs of 0.22% are

quite a premium to the 0.19% ongoing fees on the Invesco Physical Gold ETC.

“The latter also has full replication, with bullion stored in JP Morgan Chase’s London vaults and therefore is a more competitive product for those wanting to allocate to gold as a pure investment position.”

Invesco’s Physical Gold Exchange Traded Commodity (ETC) (https://etf.invesco.com/gb/private/en/product/invesco-physical-gold-etc/trading-information) hit US$10bn in assets for the first time in its 10-year history, after record flows into the product in the first quarter of 2020. The ETC has grown 40% in terms of the value of its assets, or 30% without factoring in the increase in the gold price since the start of the year.

Historically, the fund claims low

bid-offer spreads (typically between 2-3 basis points) and said that in March, when the gold market came under severe stress due to global supply chain fears, spreads on its ETC remained tighter and more stable than its competitors.

The ETC is designed to provide the performance of the gold price, less the annual fee. Investments are used to purchase physical gold bars, which are held in an allocated account and stored securely in the London vaults of J.P. Morgan Chase Bank.

Chris Mellor, head of ETF equity and commodity product management at Invesco, said: “Investors are using ETCs to allocate to gold due to their liquidity and low costs – even at a time of abnormal market stress, record spreads, and when traditional physical trading routes and infrastructures are being restricted or even shut. Indeed, ETCs have weathered the quarter extremely well and delivered exceptional value for investors at a time of profound volatility and market disruption.

“Gold has been shown to be a safer store of value during the recent market turmoil than most other assets, and demand from investors has continued to grow. We expect this demand to continue in the foreseeable future as investors seek to capitalise on the benefits of ETCs to rebalance portfolios and reflect the market environment.”

Away from more mainstream investment options, fintech company Glint (https://glintpay.com), which enables physical gold and multiple fiat currencies to be used as e-money for spending via Glint’s pre-paid debit Mastercard, has seen the average individual purchase of gold via its app double in the last few weeks, from £1,373 to £2,739.

Jason Cozens, founder and chief executive officer of Glint said: “During these extraordinary days people are demonstrating that gold remains powerfully attractive and very useful. Glint provides customers with gold as a usable currency.” SS

Gold attracts record levels of investment

Global | Commodities | RMAU, Invesco & Glint

News>|

Gold: a glittering year

Source: WGC

Gold

pric

e pe

r oun

ce (£

) 1,500

1,400

1,300

1,200

1,100

1,00020 May 2019 30 Sep 2019 10 Feb 2020

https://www.hanetf.com/product/7/fund/the-royal-mint-physical-gold-etc-securities




https://etf.invesco.com/gb/private/en/product/invesco-physical-gold-etc/trading-information




https://glintpay.com

www.whatinvestment.co.uk WhatInvestment April 2020 11

Partner Content

With a pandemic sweeping the globe and causing panic in stock markets, investors may be looking for ways to tap into scientific innovation, while also diversifying in the face of a punishing sell-off. Biotechnology ticks both boxes and owning the theme through an investment trust can bring even more benefits.

International Biotechnology Trust (IBT) invests primarily in US-based drug-makers with a global reach that meet a medical need for consumers. IBT is also the only biotech trust which caters to income-seeking investors, offering an attractive dividend of 4% of NAV as well as the potential for rapid capital growth.

Intellectual propertyLed by Carl Harald Janson, a medical doctor by background, IBT’s investment team seeks out those businesses which can produce strong top-line growth. For this they need intellectual property which gives them pricing power and a competitive edge or monopoly. More than half the portfolio is invested in companies working in the specialisms of oncology (the treatment of cancer) and rare diseases, where barriers to entry are high. For example, one of the largest positions in the fund is in Vertex. A growth story in the treatment of rare diseases, it dominates the cystic fibrosis space, treating around 90% of patients.

Portfolio breakdownAt the geographical level, the fund is heavily skewed towards the US, the home of the biotech industry. It is

well diversified across the market-cap spectrum, and holds, directly and indirectly, approximately 100 companies at different stages of development working in a range of therapeutic areas. The portfolio is predominantly in large and mid-caps, although it also holds some small-cap companies of less than $1bn in size.

Alongside the names in its listed company portfolio, IBT also has a smaller portfolio of unquoted biotech stocks, most of which are held through an investment in a venture fund, SV Fund VI. This unquoted portfolio has proven itself to be an excellent diversifier, making a significant contribution to performance last year when biotech stocks as a whole struggled.

The M&A advantageRoughly two-thirds of the development of new drugs happens within smaller companies, while two-thirds of their commercialisation happens in large companies. This explains why merger and acquisition activity is so frequent within the biotech space. For IBT, this has been a happy side effect of choosing the strongest companies with the best valuations: 16 of the portfolio’s holdings have been M&A targets since 2017, with an average 58% premium paid on the deals.

Dampening volatilityBiotech is naturally volatile because a company’s fortunes can pivot on the results of a single drug trial. IBT’s managers attempt to reduce the impact

of binary events that could send share prices up or down. What this means in practice is that they will reduce their exposure before the results of a critical trial, for example. While they might lose out on some of the last bit of outperformance from a stock by doing this, it also means they won’t be so affected by a sharp share price fall if the trial ends unsuccessfully.

A rare yieldThe International Biotechnology Trust is the only one of its peers to pay a yield. Following a dividend policy introduced in 2016, the dividend of 4% of NAV per annum is paid from capital – effectively converting some of the underlying holdings’ capital growth into income each year – making the trust a compelling option for income-seekers as well as growth investors. Given that this dividend is paid from capital, it is not contingent on receipt of income from underlying portfolio companies.

Delivering an annualised return of 15% a year over the last decade, biotechnology has outperformed the annualised 8.75% return from the MSCI World over the long term*.

*Source: SharePad and MSCI (annualised % change of the Nasdaq Biotechnology Index versus the MSCI World 28/02/2010- 28/02/2020).

The International Biotechnology Trust’s focus on US-based drug makers offers compelling growth potential for long term investors

Disclaimer. International Biotechnology Trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed. Kepler Partners LLP is a limited liability partnership registered in England and Wales at 9/10 Savile Row, London W1S 3PF with registered number OC334771Full terms and conditions can be found on www.trustintelligence.co.uk.

Harness the power of biotech for income and growth in

uncertain times


It is a strange combination, I admit, but the grasping Roman ruler, Marcus Licinius Crassus, and A. A. Milne’s lovable grump, Eeyore, can offer inspiration to pensioners reliant on their investments in these troubled times.

Let us start with Crassus. A slave trader, he was the wealthiest man in Rome. His financial success came from his astute observation that Rome did not have a fire service. So he created one with his own slaves. When a building was ablaze, they would rush to the scene. And then stand doing nothing.

Crassus would arrive and offer to buy the building at a “fire sale” price. If the owner refused his parsimonious offer, he would let the building burn until it was worthless.

It is not a conventional way to build a property portfolio, but it was effective.

Many of us have had our fingers burned in this crisis. Some will be forced sellers, and forced sellers get fire sale prices. The conventional wisdom is to stay invested until markets recover.

DrawdownThat is not so easy for someone in retirement with a drawdown pension who relies on their investments for income.

Since pension freedoms were announced in 2015, the majority of people entering retirement have opted for drawdown over buying an annuity. There are lots of good reasons for this, but one of the challenges is drawing the right income.

In 1994 a Californian

“When the world reopens its doors it is going to need some

pensioners to be profligate. If you can

afford it, consider it a public duty!”Charles Calkin, James

Hambro & Partners

Charles Calkin | James Hambro & Partners

Comment>|

rocket scientist turned financial planner wrote an article in the Journal of Financial Planning calculating a sensible number. William P. Bengen studied returns from various asset classes over the previous seven

decades and concluded that you could take 4% a year with an annual cost-of-living increase. The strategy should see you through at least 30 years (including bear markets).

More recently it has been challenged. We live in an era of low returns. Quantitative easing has skewed bond returns. Starting out at 3.25% net of fees is considered more sustainable. Both strategies depend on you being appropriately invested.

But one of the advantages of drawdown is that it can be flexible. This can work for and against you. Most of us probably want more in the early years of retirement. You might think you could take 6% in the first decade and 3% thereafter, rather than 4%. But when you first retire your pension pot is at its biggest. That is when the compounding benefits of dividend and capital growth are at their most powerful. If you erode capital too quickly at this point you

bring forward the point when the pot runs dry quite dramatically.

Taming the bearThat leaves the question of what to do in a market crash. This may sound like closing

the door when the stable is suddenly eerily empty, but for younger readers considering a drawdown strategy and nervous about how to manage it in conditions like today, the answer is to build an emergency cash stash.

How much cash you need depends on your sources of retirement income. If you rely solely on non-drawdown income – the state pension, a final salary pension and/or annuity income – you have less cause to worry about markets and the equivalent of six months’ income should see you through issues like an exploding central heating boiler.

For those relying heavily on drawdown, two years’ supply of cash is a more prudent emergency pot. A two-year cash buffer enables you to switch strategies and draw on your emergency pot, replenishing it when markets have revived.

If you have to sell assets

within your portfolio then it makes sense to sell the most liquid first – think bonds and treasuries.

There is another option, but it is quite drastic and should only be taken with professional advice. Those investors who have a lot of illiquid assets behind them may consider borrowing. It may only be for a couple of years. Since the FTSE All-Share was launched in 1962 there have been 10 bear markets with an average duration just over a year. But markets can take years to recover too, so there is the risk of your loan extending longer than you hope.

If none of these options is possible or appeals, there is another more obvious step – draw less and cut your spending. But before you do that, talk to your adviser. We worry about pensioners living beyond their means and running out of cash, but there are also many retirees living needlessly frugal lives. A good adviser should be able to put you at ease about just how much you can afford to spend.

When the world reopens its doors it is going to need some pensioners to be profligate. If you can afford it, consider it a public duty!

And this crisis will end, which is where Eeyore comes in. Winnie the Pooh’s dour friend could occasionally offer some surprising words of comfort. He said: “The nicest thing about rain is that it always stops. Eventually.”

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

Managing retirement income in a crisis

Financial Planning>|

N ow is not the time for observation. Comments like “The impact of

covid-19 has had a massive effect on many people” will not achieve much.

Now is the time for containing further loss, stopping the possibility of being caught out again and acting on the opportunities adversity always presents.

Now is time for the rational mind, not the emotional.

Now is the time to follow a strong financial planning process.

Not everyone is affected in the same way but all of us use a system of some sort for evaluation, decision making and management to get back on track.

A professional planner will have spent many years perfecting their system so that the probability of success is greatly enhanced. The system should be followable with relative ease, help maintain the enthusiasm needed to keep going and deliver a feeling of achievement on completion.

How does this work in practice? Let us take the example of a couple in their mid-40s who are asking: “How will this affect our jobs?”; “Will this impact on our children’s education?”; “Will it affect the family holidays we can afford?”; “Can we still give our children the start in life we had hoped?”; and “How much can and should the bank of mum and dad help out?”

The answers to these questions may be sought in eight distinct phases.

The first phase is Capture.Where do I go to get all the data I need to be able to answer these questions? Use a checklist to make sure you have not missed anything.

The next phase is Categorise. You are trying to organise the data into relevant sections. A structured system has pre-

determined tested questions in each phase. We call these a “playlist.” They are designed to get you thinking beyond the obvious.

For a couple in their early 60s, the playlist is likely to be rather different: “How will this affect our retirement plans, and the level of income that we will have to live

on?”; “Will it mean that we can leave less money to our children?”; “Can we travel as much as we had hoped?”; and “Will I be able to afford a care home if needed?”

All of these carry worry and uncertainty. The first benefit of a good playlist is identifying the scale and location of the issues you face.

Prioritise. This is where a good financial planner can make a difference. They will take you through a decision process to identify your true life goals, and how to achieve common consent within your family.

Plan. Write it down so that others can follow. A very simple analogy is comparing an architect with a builder. Do you see a builder before an architect? The value of an architect is in the matching of the clients dreams to the available budget, by using

their skills and experience to squeeze out every extra step of

value in the situation presented. The builder may have a different skill set, but he or she will have a much greater belief in being able to build the client’s ideal if they are given a detailed plan to follow.

This is the difference between a financial planner (architect) and a wealth manager (builder).

Test. Will the plan deliver under all conditions, even a ‘black swan’ event such as the one we’re living through now? Are we using the right vehicles? Have we maximised all the tax reliefs? Pensions and ISAs are obvious ones, but there are also EISs, VCTs and business reliefs to be utilised if appropriate.

Communicate. This is something that is generally picked up too late by most people. Education and preparation is key to most successful transitions. It really helps if beneficiaries know what they are likely to receive and to prepare for it, whether they are members of your family or charities.

Implement. This is where the financial planner and wealth manager can be differentiated. Some financial planners stop here, preferring to stay within their specialism, some have both roles in their firm and can work in harmony, others can offer both roles, it depends on the complexity and scale involved.

The final phase is Review. A plan and life are fluid and they need to be kept aligned and up-to-date so that when some threat does appear you are well prepared.

Use this enforced ‘free time’ to go through your system or make contact with a financial planner on-line to get yourself financially fit.

There will be a series of articles in What investment over the coming months, to explore different uses of financial planning in more detail.

Stephen Jones is managing director of Clear Solutions Wealth and Tax Planning.

WI

Eight steps to financial fitnessIn the first of a new series of articles on financial planning, Stephen Jones addresses the issue of process


“A professional planner will have spent many years perfecting

their system so that the probability of success is greatly

enhanced”Stephen Jones, Clear Solutions


Investment>|

F or many decades, space has been humanity’s ultimate final frontier.

Back in the 1960s space exploration was a key item on the agendas of the world’s most powerful governments. In fact, the US government used to spend up to 4% of its federal budget on advances in rocketry.

Since then, however, governments have focused on more immediate challenges here on Earth. Yet the last 10 years have seen a resurgence in this area with a new and powerful player coming on the scene: the successful entrepreneur.

The key businessmen making a name for themselves in space exploration are: Jeff Bezos with Blue Origin; Elon Musk with his SpaceX venture; and Richard Branson with Virgin Galactic. However, according to Luke Ward, Baillie Gifford’s resident space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust: “At last count, there were over 100 companies designing rockets to put payloads into space.”

It is that private money flowing into space exploration that could be a game-changer.

The ‘next big thing’At this stage, those wishing to invest in space have limited options. However, many are predicting the final frontier for our civilisation will also be the next big thing in investing.

Clem Chambers, CEO of private investor information website ADVFN and author of 101 Ways to Pick Stock Market Winners, said: “It does not take a genius to work out that space is going to be the next big thing. Earth is a small spot in a huge universe. Unless you can get out of the gravity, well, that is your lot. But once you do, the whole universe is at your feet.”

Morgan Stanley predicts the global space industry could generate revenue of more than $1trn as early as 2040, triple the $350bn it brings in today.

“While the most recent space exploration efforts have been

The final frontier

Space exploration is still a niche investment sector, but a growing number of industry participants believe this could be the next big thing in investment. Is there really potential to make money in space and how do you go about this as an investor? Anna Fedorova investigates

driven by a handful of private companies in recent years, discussions of a sixth branch of the US military – the ‘Space Force’ – along with growing interest from Russia and China, means public-sector investment may also increase in the coming years,” the firm said in a research report.

In fact, in the UK, public investments in space already bring in higher average returns than typical innovation investments. The spaceport being built in Cornwall is expected to provide an £80m benefit to the UK economy – four times the original investment – according to research from local holiday cottages provider Stay in Cornwall.

If the spillover effect is taken into account, the benefit to the UK economy could be to the tune of £240m, while the venture is also expected to create 448 jobs and £200m of gross value added. Together with the other two

spaceports planned in the UK, the benefit to the economy could be up to £469m in the early 2020s.

Private sectorFor private sector companies, the short-term commercial opportunity is primarily in the telecommunications sector, according to BG’s Ward.

“I think the ability to launch satellite constellations is going to be a really interesting source of revenue,” he said.

“Being able to disrupt the existing telecommunication infrastructure around the world, which has traditionally been provided on a local basis, and provide that on a global basis is something quite unique.”

However, space tourism could become a big money-spinner in the future. Additionally, rockets also have a potential application for fast intercontinental travel, according to Michael Ruderman, professor of applied mathematics at the University of Sheffield.


Investment>|

“Imagine, you embark on a rocket in London, it takes off, and in less than an hour you are in Australia. Although the ticket price will be high, such flights will definitely be in demand by business people,” he said.

Meanwhile, according to Morgan Stanley, satellites and space exploration could be the key to addressing the problems of climate change. New technologies in areas such as Earth observation, energy and communications could help solve the key issues.

“Satellite technology and space exploration offer a potential new frontier of opportunities to assess and address climate change and sustainability on a global scale,” said Audrey Choi, Morgan Stanley’s chief sustainability officer.

“These technologies could enable us to have a more powerful global view of climate data and environmental science. Those insights, in turn, can help

enable a deeper integration of sustainability considerations into investment decisions.”

IssuesHowever, as with any nascent investment theme, investors must expect volatility and roadblocks on the way to success.

For example, when it comes to intergalactic space travel, it is difficult to predict how long it will take for this to become reality.

As BG’s Ward pointed out: “If you asked people back in the 1960s whether they thought [they would travel to Mars] there would be an emphatic yes. They thought, that within their lifetime, they would have holidays on the Moon and colonies on Mars.

“But the reality that played out over the subsequent 40 years was very different to that.”

Another concern, according to Kames Capital’s David Pringle, is the lack of regulation in space.

“Space debris and satellites straying off course are becoming a real issue and provide an additional liability/risk that investors need to consider,” he said. “It is, therefore, an area that insurers will inevitably play a bigger role in. Indeed, a recent Bloomberg article highlighted that the risk of a collision for satellites has increased from one in a million to one in 10,000 over the last 20 years.”

How to invest?Another issue is that it is not that easy to invest directly in these businesses on the open market. For example, both Blue Origin and SpaceX are currently privately owned. Elon Musk in particular has been vocal about his plans to keep SpaceX private for the time being, saying the company’s long-term goal – putting a man on Mars – are misaligned with the quarterly interests of shareholders.

Yet if, like Clem Chambers, you are convinced that space is the next big thing, it would pay to get in early. One option is to buy shares in Virgin Galactic, which shook up the investment universe last October with a listing on the

New York Stock Exchange – the first space tourism company to go public. However, it is worth being aware the stock price has already soared some 60% since IPO.

Meanwhile, investment trusts offer an opportunity to gain exposure to its privately owned competitor, SpaceX – a holding in the Edinburgh Worldwide Investment Trust and the Baillie Gifford US Growth Trust.

Boeing is also trying to build a space division to rival SpaceX, and can be found in open-ended US funds such as Artemis US Select, T. Rowe Price US Blue Chip Equity and T. Rowe Price US Large Cap Growth Equity.

Another US stock that could benefit is Lockheed Martin, whose space division brings in revenues of $10.9bn. The stock is held in Jupiter Global Managed and Jupiter North American Income.

Stuart Cox, manager on both funds, said: “According to Lockheed’s results dated 28 January, the Space division grew sales 14% year-on-year, thus confirming it to be one of the company’s fastest growing businesses.”

In the UK, investors can play the theme through businesses that stand to benefit from advances in space exploration, in areas such as telecoms, defence and technology.

Kames Capital’s Pringle, who runs the Kames UK Equity Absolute Return fund, holds Ultra Electronics, which provides fixed and mobile satellite ground stations and BAE Systems, which supplies highly advanced microprocessors for a number of space applications.

“Although a small part of each company, there is a wider benefit derived from taking technology developed for space applications and applying it to core defence markets where secure connectivity and durability in harsh environments are key. Exposure to space helps to drive growth in more obvious end markets,” Pringle said.

Anna Fedorova is an independent financial journalist.

WI


Writing a will or finding one in difficult times requires the same preparation as in calmer and easier ones. Individuals should make use of the help and advice available. Stephanie Spicer writes

Death in a time of coronavirus

Wills>|

I t is not surprising there has been increased focus on will writing in light of

coronavirus. But a challenge in this period of self-isolation and social distancing is how people can get their wills witnessed – two witnesses are needed and ‘wet’ signatures.

The Ministry of Justice is said to be looking into whether witnessing can be done remotely, ie via video link.

Emma Woollard, partner in the Wills, Trusts and Estates team at law firm Prettys, said where individuals are well but are self-isolating at home, her firm has had to be innovative in order to get wills signed and validated.

The firm always offered an at-home service whereby they go to clients’ houses, if they are unable to come to the office, and this has become the new norm for current signings.

“Abiding by social distancing rules and ensuring staff and clients are put at no risk, will signings are taking place through house windows, patio doors, either ends of a drive or corridors long enough to allow at least two metres distance.

“Although it is clear that there is no easy solution, this is an example of how the firm

is ensuring clients can get their affairs in order by any means necessary.

“Therefore, despite the challenges, solutions are

still being found – some reassuring news for individuals or families without wills in place who may be worried that it is too late.”

Prepare, or prepare to panicWoollard said it is important wills are about preparation, rather than panic and lists the following considerations to ensure your will is prepared properly: • Who will you appoint as

an executor to administer your estate?

• If you have young children, who will you appoint as their guardian? And, what provisions will you make for them and what is the age at which you want them to receive their inheritance?

• If you are a cohabiting couple, what provisions will you be making for one another?

• Are any of the beneficiaries disabled or do they lack capacity? If so, should you consider creating a trust in your will?“This information will allow

you to create a basic will that

can help you get your affairs in order without the process becoming too chaotic at a time already full of adversity,” advised Woollard.

“With all that is going on, it is easy to become consumed by feelings of stress and panic. However, it is reassuring to see how firms are stepping up and making necessary adjustments to cater for their clients’ needs.

“Although it may be some time before we see changes to the law itself, wills can still be written and signed in less conventional ways, allowing those in need to rest assured that, no matter what the future holds, their estates and affairs are safe.”

The national registerThe National Will Register, the Law Society’s endorsed national register, has reported an increase in people searching on the register for wills during the covid-19 crisis. It reports that people are needing to locate a will quickly in advance of a funeral to understand if the deceased’s will contained funeral wishes.

In such cases, they are using the register because they are either self-isolating, do not want to enter the home of others who may have or are suffering with the virus, or enter the home of a victim of the virus to look for evidence of a will.

A spokesperson for The National Will Register said: “The

“Although it may be

some time before we

see changes to the law itself, wills can still be written and

signed in less conventional

ways”Emma Woollard,

Prettys


majority of will searches are usually undertaken by executors prior to probate to ensure they are in possession of the very last will or to locate a will that they were unaware of in order to distribute the estate safely and without risk to them. However, in the current crisis our response times also remain high for those performing a will search for funeral purposes.”

Inheritance tax planning toolIt is of course useful to have a will as a tool in planning the distribution of your estate to minimise the payment of inheritance tax.

Kay Ingram, director of public policy at financial planners LEBC, said: “The assets of those who have no will are distributed in accordance with the law of intestacy which means the state decides for you, according to the relationship of the person to the deceased.

“Many people believe that a spouse or civil partner will automatically inherit everything. This is not true and there is no provision made for cohabitants to inherit anything from a deceased partner.”

Another key consideration, she added, concerns pensions and advises that nomination forms are updated. These can be obtained from the individual’s pension provider.

“Your pensions are not part of your taxable estate,” said Ingram. “The nomination form tells the provider and trustees of the plan who you would wish to inherit your pensions if you die leaving funds invested. The nominations are not binding on the trustees but are usually considered by them.

“If you die before age 75, the transfer of funds to someone else is usually tax free. On death after age 75, the beneficiaries pay income tax on the funds as and when they draw down from them.”

Stephanie Spicer is an independent financial journalist.

Wills>|

WI

How to contest a willContesting a will can be a delicate process and doing it in the right way means following certain steps. Sangita Manek explains

When someone is facing imminent death it is not unusual for them to make a last minute will – or a ‘deathbed will’. But what do you do if your loved one’s will seems out of character and it becomes clear they have left assets to someone you know they would not have under normal circumstances and especially if the deathbed will contradicts an earlier will? Wills can be challenged but to take this route, it is important to do your homework and gather evidence to support your case.

Lodge a caveat If you believe your loved one could not possibly have been able to make the will that is being presented as their last will, it is important that you lodge a caveat at the probate registry. This prevents an executor of the will from obtaining a grant of probate, which proves the will and gives them the power to administer and distribute the estate.To lodge a caveat, you can either do it yourself, or use a solicitor or another person licensed to provide probate services. In order to do this, you need the full name, date of death and last address of the person who has passed away, as well as your own home address in England or Wales. This caveat will then be valid for six months.

Check the legal formalities You need to ensure from the outset the will complies with legal formalities, and this includes checking whether your loved one had the necessary capacity to make a will. They must have had a certain level of understanding, and this varies according to the complexity of the will itself, the extent of the assets and the claims upon the testator. The test for this understanding a person making a will must:

• Understand the nature of making a will and its effects;

• Understand the extent of the property of which they are disposing;

• Be able to comprehend and appreciate the claims to which they ought to give effect;

• Have no disorder of the mind that perverts their sense of right or prevents the exercise of their natural faculties in disposing of his property by will, and

• Have not been susceptible to ‘undue’ influence.

Determine the facts Wills are often prepared by a solicitor and, if you ask for their file of papers, they should record the checks the solicitor took to ensure your loved one had the mental capacity to make a will. It is good practice for a solicitor to keep detailed notes of the information given to them by the person making the will, and the reasons behind why they have made it, including gifts they may have under it. These notes will be telling about your loved one’s mindset at the time the will was made. If earlier wills were made and the last is dramatically different to these without good reason, it could indicate lack of capacity. This will be strong evidence for you to contest the last will written.

Seek back up In the case of elderly or infirm testators, it is worth checking with their GP or consultant to ensure they would have had the right capacity to make a will. Alternatively, you may want to try and access your loved one’s medical records, as they could shed light on mental health issues or disclose medication they were on that may have impacted their capacity to understand the implications of making a will. If there are people who had regular contact with the deceased, including neighbours and carers, they may be able to give direct evidence of conversations they had. This may shed light on things they said and couldn’t do towards the end of their life that may indicate their state of mind. When a person makes a will, it is vital they are of “sound mind, memory and understanding”. Having clear information on the mental and physical health of the individual can support your contest. When contesting a will on these grounds, it must be shown that at the time, they did not have the capacity to make a will.

When all else fails If it is clear there are no grounds for challenging the will but you have been left out of it unexpectedly, you may have the right to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Certain categories of people, including family members and dependants, can apply to the court for provision to be made for them if they have been left out of their loved one’s will, or because they died without making a will.

Sangita Manek is a partner in the Dispute Resolution team at Blaser Mills Law.


Outlook>|

Shall we start speaking plainly? Let me begin. We are in the ****. There,

I said it. Why on Earth we are still

hearing such guff as “we think we may see a recession in Q2” and “our view is that interest rates are going to remain lower for longer”?

In the words of the late Sid James: “Get away!”

Some of the commentators on certain financial TV channels seem afflicted by ‘corporatespeak’ and give the impression that they have zero confidence in any of the ideas of how to deal with what needs dealing with.

So, let us leave such ‘corporatespeak’ to one side and speak openly and honestly.

Time to face the facts…Back in July 2018 I asked the question “Is The Bubble In Complacency Still Inflating?”

We now know the answer. It has been not only popped,

it has been well and truly trampled underfoot.

We are now all taking part in a real live social, psychological and economic experiment, the like of which has never been experienced before.

Facing facts, what we are seeing today is not an economic slowdown, it is a cessation of normal everyday life. So it is of little use looking at previous recessions and hoping that the Fed, the Bank of England or any other Central Bank can ride to the rescue this time. They cannot. They can help for sure, but their armoury, depleted extensively since 2008, is not sufficient to bail us out this time.

So it looks like governments need to step up.

(Rumour has it that this sentence inspired Edvard Munch to paint The Scream.)

The reality is that covid-19 is in control of what happens next. Until cases begin to drop, economies will continue to be decimated. Bear in mind, early forecasts were that

Just how bad can it get?

Andrew Merricks argues that the scale of the damage caused by the coronavirus lockdown is not fully appreciated, but that does not mean that investors cannot start planning for a more prosperous future


Outlook>|

1.4 billion people could be infected worldwide. With a 2% mortality rate, this would lead to 20 million deaths.

At the time this was written, we were at 365,000 confirmed cases and over 15,000 deaths. By the time you read this who knows what the numbers will be?

Those forecasting a “V” shaped recovery need to have a lie down.

Sadly, a lot of companies that exist today will not exist in a few months’ time, and we are not just talking about small to medium-sized ones either.

Despite the UK government’s best efforts in supporting workers, large scale unemployment is virtually assured. An army of self-employed and contractors will be looking for work as well.

Apart from on toilet rolls and tins of tomatoes, personal spending is going to fall off a cliff.

It is probably more accurate to look at previous charts from 1929 and the Second World War than anything more recent to try to anticipate what this means (see chart above).

If we follow this trajectory we will have a false rally followed by further decline. Is it all over for investors then? We think not.

What to invest in When we have seen periods of wealth destruction previously, cash has been a crucial asset to hold. It not only helps greatly in capital preservation, it also allows you the opportunity to take part in any subsequent rally. And there will be a subsequent rally. The question is when, and it is crucial not to get sucked back in too early (see chart above).

It is worth bearing in mind that the bottom of a bear market, by definition, has to be the point of maximum bearishness. I do not think we are there yet, and possibly not even close. However, from that point, the news does not actually have to be good, it just has to be less

bad than what has already been discounted in prices.

This is very important. Consider the 20 million figure mentioned earlier. It is a number that is impossible to comprehend in today’s context, but if numbers start rising rapidly in the weeks to come it will not seem so far-fetched. But if those figures start to slow, the bad news becomes less bad and an end comes into sight. At that point, the bottom may have been reached.

And when the bottom is reached, as with previous periods of wealth destruction, a long prosperous period of recovery and growth ensues.

If we think of the unprecedented stimulus that has been added to the mix already, this recovery could be strong indeed. But what will do well?

The 8AM Focussed Fund has always been a bit different from most, being actively managed across multiple asset classes. We try to invest in what the world wants and needs.

When this is over, will the world still need protection from cyber criminals? We think yes, so we invest in a cybersecurity ETF.

Robots do not go sick and do not need to work flexible hours. Will this seen to be an advantage after the crisis or a hindrance? We think the former, so we invest in a robotics ETF.

Will the internet be seen as

even more important than it was before we were all confined to our homes? We think that it will be a major winner here and abroad, so we invest in an emerging market e-commerce ETF.

Will people around the world simply sit staring at the walls whilst in isolation, particularly the younger age group? We think not, so we invest in a gaming and e-sports ETF.

Will artificial intelligence and automation be seen as being more important or less after we emerge from this? Again, we think the former, so we invest in an AI and automation fund.

And so on. We do not follow traditional asset allocation models and we feel confident that our approach is the correct one for the months ahead. Old models are letting investors down. Risk assessment modelling will be rewritten.

The last time that our fund was first quartile was in 2017 when thematic investment was finding its feet. We strongly believe that this will be repeated as we emerge from the debris of the ‘Corona Crash’.

We cannot say when this will be, but when it comes we think that you will need to look at things very differently from how they were viewed just three short months ago.

Andrew Merricks is the co-fund manager of the 8AM Focussed fund.

WI

Past trajectories: Dow Jones Industrial average 1929-1940

Source: Barton Biggs, Wealth, War and Wisdom

Dow

Jon

es In

dust

rial a

vera

ge

0

100

200

300

400

1929 1932 1935 1938

Great crash

Economic collapse

Deflation

Depression

FDR inaugurated as US presidentBanks reopened

Gradual economic recovery

FDR attempts to pack US Supreme Court

Fall of France

Churchill becomes UK prime minister


W hile investor focus is currently on what governments and the

medical authorities are doing to combat covid-19, the banking sector is also coming to the fore.

As an investment sector, financials, which encompasses everything from banks to insurers and credit card lenders, is diverse and global but has been largely out of favour since the Global Financial Crisis of 2008.

There is only one UK-based investment trust where investors can get exposure to the global financials sector and that is the Polar Capital Financials Trust, which began in July 2013.

The trust has very limited exposure to UK financial companies, in particular high street banks, so could easily compliment any individual holdings investors might have in the likes of Lloyds or RBS.

The trust is jointly managed by Nick Brind and John Yakas, as part of a team with over 100 years’ experience.

Brind points to the size of the financial sector as part of the opportunity – it accounts for over 17% of the value of global markets – and yet is under-owned by investors in the UK.

When he and I met a month ago he pointed to the “deep value” in the sector, which since our meeting has become greater because of the sell-off caused by covid-19.

“So why should investors consider the sector?” I asked Brind.

“FOMO”, he said. “Fear of missing out.

“The sector on a global basis has never been so unloved and so cheap, and we would argue that over time through the next economic cycle there could be

An overlooked opportunity?The unloved banking sector has never looked so cheap. Lawrence Gosling spoke to Polar Capital Financials Trust manager Nick Brind about its prospects

Financials>|

a very attractive opportunity to make money out of many of these companies.

“If you take the banks, many of them are much stronger financially than they were in the immediate aftermath of the Global Financial Crisis, and yet their share prices do not reflect this.”

ContinuityWhen the trust launched it was initially for a fixed seven-year period which was due to end this May, but key shareholders have indicated they would like to continue.

So, subject to all shareholders having a vote, the trust will officially continue for another five years, and a few changes will be made which arguably

makes the trust more attractive for investors.

The fixed life of seven years will move to five yearly periods and will include a policy to buy-back shares to keep the discount at no wider than 5%.

The annual management charge will move from 0.85% to 0.70% on the trust’s NAV, and the performance fee will only be charged if the trust outperforms the benchmark by at least 1.50%.

The trust is also switching to a more sensible benchmark which only has limited real estate investments in it but has a higher exposure to emerging markets.

The trust has six broad investment themes which it believes will provide good opportunities for the next decade.These include banks which have lagged the markets ever since the Lehman’s crisis; emerging markets where the growth in financial services matches the steady rise in personal wealth in these nations; and non-life insurance and specialist underwriting companies.

For investors looking for a decent income the trust has a dividend yield of 2.9% and is committed to a ‘progressive dividend policy.’

Since launch the trust has achieved a 10% pa total return – that is a combination of share price rise and dividends – which is very good given the backdrop.

With the current sell-off in the markets the shares look very cheap, particularly as measured by the value of the underlying portfolio, so now could be a good chance to buy-in before the trust adds in the discount mechanism when the continuation trust starts later in the year. WI

“If you take the banks, many of them are much stronger financially than they were in the immediate aftermath of the Global Financial Crisis, and yet their share prices

do not reflect this”Nick Brind, Polar Capital

Financial Crisis (GFC). However since the market turmoil caused by the onset of the coronavirus, prices have fallen substantially and discounts have widened dramatically.

The price of PIN peaked at £25 on 19 February with the discount showing 9.7%. The recent price low on the 19 March was £13.34 and the discount 54%.

This is not surprising as during periods of financial stress investors worry about the valuations of private equity companies given their use of leverage and the potential for businesses to fail. However LPEs are generally in a much better position than they were over the GFC in terms of leverage and uncovered commitments.

At the end of February PIN had no leverage at the fund level and actually held 9% of assets in cash. Outstanding commitments were relatively low at 32% of assets or 23% net of cash. If commitments are drawn

down faster than expected over the next few months PIN can use a £179m loan facility it has in place for these eventualities.

The portfolio of PIN will not be immune from write downs to the NAV and these lag the share price as the underlying investments are only valued monthly or quarterly. However the portfolio has a high weighting to technology and healthcare and investments are generally valued on a conservative basis. The NAV may not suffer quite as much as the share price suggests.

Peter Walls is manager of the Unicorn Mastertrust fund.


By Peter Walls, Unicorn

Much has been written, especially post Woodford, about the suitability of open-ended funds for illiquid investments. It is generally accepted that investment trusts, with their closed-end structure, allow managers to take long-term positions in illiquid companies without the fear of fund redemptions forcing sales of these investments at distressed prices.

Investment trusts that invest in unlisted companies or funds of unlisted companies, commonly called listed private equity (LPE) vehicles are a classic example. They give private individuals a reasonably liquid way to access an asset class usually reserved for institutions.

PerformancePantheon International (PIN) is one of the largest and oldest of the LPEs with net assets of approximately £1.5bn and is a member of the FTSE 250 index.

The manager, Pantheon, is one of the leading private equity houses with over $4bn of assets under management on behalf of 600 clients.

Since inception in 1987, PIN has delivered an annualised growth in NAV of 11.7% compared to 7.8% for the MSCI World Index (in £ terms) and 7.4% for the FTSE All Share Index. Over 10 years the NAV return increases to 13.2% per annum against 11.1% for the MSCI World and 6.8% for the FTSE All Share.

Portfolio constructionThe private equity market is now worth over $4trn globally but many of the best managers

are inaccessible to individual investors. PIN predominantly invests in funds managed by these specialists. The investments can be primary. where PIN invests on launch; or secondary, where PIN acquires a stake in an existing fund from another investor.

PIN also makes co-investments where it invests directly alongside a private equity manager. At the end of February the asset split between primaries, secondaries and co-investments was 30%, 36% and 34%, respectively.

PIN aims to build a well balanced portfolio and to maximise capital growth. The maturity profile of the assets is managed so the portfolio remains naturally cash generative on a sustainable basis.

As portfolio companies are sold by the underlying PE funds, PIN’s share of the cash generated is deployed into existing commitments made to other funds or into new investment opportunities. PIN’s policy is to adopt a global investment approach.

The latest fact sheet shows 54% of assets were US based, 29% in Europe, 10% in Asia/Emerging Markets and 7% in Global funds with no specific geographic mandate. Investment risk is also mitigated through diversification of the portfolio by sector, investment stage and fund vintage.

OutlookAfter the UK general election late last year, the discounts of most LPEs to their NAVs narrowed considerably from their averages post the Global

Funds>|

WI

Pantheon International PLCFUND ANALYSIS

“Listed private equity

vehicles… give private individuals a reasonably liquid way to access an asset

class usually reserved for institutions”

Funds>|

Huge inefficiencies in delivering power to users and an overreliance on oil and gas means there is a large and growing market for companies involved in making energy generation and supply cleaner and more efficient. This fund has been benefitting from this trend

VT Gravis Clean Energy Income was launched in 2017 and is run by William Argent, who has been investing in the listed infrastructure sector since 2006.

The aim of the fund is to deliver a regular income of around 4.5% pa (after charges) as well as growing and preserving investors’ capital throughout market cycles.

The manager endeavours to do this by investing in a blend of global listed securities including: • yieldco equities;• investment companies; • normal equities.

The core belief when investing in this area is that electricity from clean sources is a significant contributor to the world’s growing need for increased power.

Income streams generated in this area, in the form of subsidy payments and revenue from power sales, tend to be reliable and predictable.

Moreover, there is potential for capital growth because demand in the sector is growing – especially stemming from those integrating ESG, sustainability and climate change into their investment considerations.

Argent seeks to identify companies with mature technologies and established track records, attractive long-term dependable cash flows and

those that are income generative and profitable.

Portfolio positioning and performanceThe resulting portfolio is one concentrated in nature, with

around 30 holdings, providing exposure to around 900 separate

operational renewable energy assets.

Around 84.5% of the fund is invested in companies owning operational renewable energy assets, primarily wind, solar and hydro projects.

As a result, these tend to be medium to long-dated and either subsidised or fixed price, meaning that cash flow predictability is increased whilst volatility is reduced.

Furthermore, around 25% of the portfolio exhibits inflation protection.

The fund was in the top 10% of funds for both 2018 and 2019, highlighting both the resilient, defensive qualities as well as the potential for growth the fund has.

Investors must of course remember past performance is not an indication of future performance.

The relatively low levels of risk used means the risk-adjusted returns for the fund are very strong. In addition, the fund has a reasonably low sensitivity to market returns, making it a useful tool within a portfolio to improve diversification, helping to reduce overall portfolio risk.

This has all been achieved with one of the highest yields in the sector, and at a reasonable cost – an added bonus for investors.

VT Gravis Clean Energy Income (income and accumulation)


Tom RosserInvestment Research AnalystRosser holds a BSc Economics degree and an MSc Investment Management degree, and has passed both CFA Level l and CFA Level ll. He joined The

Share Centre in September 2018 on the graduate scheme and is now an Investment Research Analyst on the fund research team.

As well as being a fund commentator, Rosser also comments across equities and other asset classes.

Reasons to buy• Provides exposure to companies engaged in the provision, storage, supply and consumption of clean energy.• Has one of the highest yields in the sector, yet has also delivered very strong returns with relatively low levels of risk.• The fund has been awarded a 4 star rating by 3D investing, meaning it is likely to have a high social impact with low ethical concerns.• The nature of the underlying investments means the fund should provide good diversification benefits as well as some inflation protection for investors.

Things to be wary of• Investors should be aware that major renewable energy indices and similar active strategies suffered huge losses during and after the Global Financial Crisis.• The fund may have some exposure to companies involved in natural gas extraction or processing, which could go against some individual’s ESG considerations.• The fund does not have a long track record to make inferences from, although past performance should not be used as a guide for future performance.

Risk rating: M5

FUND OF THE MONTH


Pictet-Global Environmental Opportunities fundIndependent financial journalist Stephanie Spicer examines an ethical fund utilising a scientific framework in order to fight the scourge of ‘greenwashing’

The Pictet-Global Environmental Opportunities fund aims to address the problem investors have of assessing companies with a good environmental footprint and those ‘greenwashing’.

It deploys a scientific, rule-based framework to measure the environmental footprint of each of the 100-plus industries that make up the global economy. It looks at something called the Planetary Boundaries framework, developed by scientists at the Stockholm Resilience Centre. It quantifies a set of boundaries, which, if breached, would endanger the environmental conditions that have been instrumental to human prosperity over thousands of years.

The fund managers use this framework to pinpoint industries with the smallest environmental footprint.

These industries include renewable energy, energy efficiency, sustainable agriculture and forestry, waste management, water supply and pollution control.

The fund has returned 11.34% since inception in Q3 2014 beating its benchmark MSCI ACWI index by 3.62%.

Pictet estimates environmental solutions is a US $2.5trn industry which can grow at 6-7% pa. The fund is overweight North American and European large cap stocks but with a 20% proportion invested in mid-caps and 23%

in emerging markets. Pictet Asset Management

has been investing in thematic equities for 25 years – its belief is that investing in environmental opportunities can boost returns over the long-term, improve diversification and also offer the benefit of some defensive characteristics during short-term market volatility.

I would rate it four out of five.

Morgan Stanley Developing Opportunity fundDarius McDermott, managing director, Chelsea Financial Services, looks at a fund focused on undervalued, high quality companies in developing markets

Morgan Stanley Investment Management has launched an emerging markets fund under the management of Kristian Heugh and the global opportunity team.

The Developing Opportunity fund is a high conviction portfolio, which specifically targets undervalued, high quality companies located or operating in developing market countries.

The stock selection process focuses on companies with sustainable competitive advantages and long-term growth that creates value. The fund has the freedom to invest in any sector and companies of any size.

The global opportunity team has a proven track record of running money, and also manages the successful Morgan Stanley Global Opportunity fund, which has comfortably outperformed the Investment Association Global sector peer group in the past five years, returning 127%*, compared with 32%* for the average global equity fund. While this fund sits in the emerging markets arena, the fact that it is backed by the successful global opportunity team is a real boon

The fund has an annual management charge of 0.8% with no minimum investment.

I give it four out of five stars.

* Source: FE Analytics, total returns in sterling from 27 March 2015 to 27 March 2020.

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

Funds>|


is the unprecedented support for both sectors in the form of the government’s emergency programmes. So investor panic has quickly given way to greed and the ‘fear of missing out’, as witnessed by the impressive rally from the March low.

Stock markets seem to be betting on this tidal wave of cash saving the day, but we should also remember that big counter-trend rallies are common features of bear markets. So we still need to tread very carefully – especially amongst our small-cap stocks.

Several companies have been quick out of the blocks to raise fresh equity funds and give themselves more breathing room. This is a sensible strategy and at this stage our focus should be on balance sheet strength and the preservation of cash flows. The markets might have moved very quickly, but it is too early to look for big winners amongst more challenged value stocks. Their time will come.

Diversified Gas & OilMany companies are passing their dividend, but Diversified Gas and Oil (AIM: DGOC) is continuing with its quarterly payouts which add up to a yield of 12%. That is despite the collapse in the oil price and US natural gas prices falling a third from last autumn’s level.

Last year saw a 53% cash operating margin and a 24% free cash flow yield, which supported a 24% dividend increase, debt reduction, and a buy-back programme. The good news is that 90% of this year’s production is hedged at higher levels than last year’s average realised gas price, with 66% of 2021 production similarly hedged. The two following years are 27% and 24% covered.

This focus on risk management and protecting cash flows means the dividend looks relatively secure. DGOC’s competitors in non-conventional (fracked) gas production tend to have higher operating costs and capex requirements, their distress should ultimately result in better gas prices.

Kape TechnologiesKape Technologies (AIM: KAPE) should be immune from covid-19: as a supplier of computer security and internet privacy software its apps will likely be regarded as a necessary utility by their 2.3 million users.

Trading momentum is strong with a 42% increase in paying subscribers over the course of 2019, excluding the acquisition of Private Internet (PI) which came in at the end of the year.

Cost savings of around $4m are expected from this deal and CEO Ido Erlichman told us the integration was on track. The PI deal has taken Kape into a $32m net debt position but this is supported by recurring subscription revenues.

The debt facility has headroom to fund further acquisitions and Erlichman says he has a ‘significant pipeline of targets’ but that the priority is to focus on integrating PI. The current year p/e is 15x looks very reasonable.

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

Stock Picks>|

Smaller companies are always hit harder in bear markets and AIM fell 40% over the four week period to March 18th. The next three weeks up to Easter saw a 26% rebound, leaving a net fall of 24% from the February high. Looking at the stock market’s reaction to the covid-19 pandemic it is very tempting to see 1987 as the best template: a dramatic collapse over a matter of days, with the low point reached in short order. Back in 1987 we saw a steady recovery which recaptured the all-time-high in under two years.

But there was no economic fallout from the ’87 crash, at least in the near term. Whereas today, we know there is a drastic drop in economic output as a result of covid-19, which will have inevitable consequences for consumers and companies. However what is also different this time

David Thornton urges investors looking for value created by the covid-19 crisis to focus on balance sheet strength and the preservation of cash flows

Growth Stocks to Watch

Diversified Gas and Oil: focus on risk management and protecting cash flows means dividend looks relatively secure

http://www.growthcompany.co.uk


Stock Picks>|

Lenin’s quote: “There are decades where nothing happens; and there are weeks when decades happen,” seems very apt at the moment.

At the time of writing (1 April 2020), I am working from home, on lockdown, talking about the fastest ever fall in company shares prices in history. Quite a change from just six weeks ago, when I was talking about the longest stock market bull run in history – over a glass of wine in the pub, with my colleagues.

We are living in unprecedented times, with governments around the world taking steps not seen since World War II to meet the growing threat of the coronavirus.

Businesses have also been playing their part, with a number retooling in a bid to help the response to the outbreak. Amidst all the gloomy headlines, there are companies with positive stories to tell. Here are four.

Inditex – GAM Star Continental European fundInditex is a Spanish multinational clothing company. Having started out as a modest workshop making dresses and quilt dressing gowns in 1963, Inditex is now tone of the biggest fashion groups in the world. It owns brands such as Zara and is a 3.1% holding in the GAM Star Continental European fund*.

The firm has made its factories and logistics teams available to the Spanish government to donate much-needed masks for patients and medical workers. It is also trying to source medical grade fabric for hospital gowns and is investigating the possibility of switching some textile manufacturing capacity over

to the production of health materials.

Airbus SE – Fidelity Global Special Situations fundA consortium of over 20 companies, from industrial, technology and engineering sectors, named Ventilator Challenge UK, is also playing its part in the pandemic.

It has come together to produce medical ventilators and has already received formal orders from the UK government in excess of 10,000 units and is accelerating production.

The companies involved – including Airbus and Microsoft - have taken many of their people from key company projects to serve the national need.

Both companies are top ten holdings in the Fidelity Global Special Situations fund†.

LVMH – BlackRock European Dynamic fundMoët Hennessy – Louis Vuitton (LVMH), known more for its champagnes and luxury goods, has also joined the effort by using its perfume production lines to start making hand

sanitiser to protect people against the coronavirus outbreak.

The firm said it would manufacture the disinfectant gel using the production lines of its perfume and cosmetic gels, given it already has the three main ingredients – purified water, ethanol and glycerine - to hand. These are then being made available to the French health authorities free of charge.

The firm is the top holding in the BlackRock European Dynamic fund (5.8%)†.

Pernod Ricard – Threadneedle European Select fundAlcoholic beverage company Pernod Ricard has also switched production to focus on hand sanitisers. The move was kicked off by its US business arm, in response to the Trump administration’s call to action against the covid-19 outbreak. The firm is producing sanitisers at all manufacturing sites and distilleries in the US.

Its subsidiaries worldwide are also contributing to local efforts to fight the pandemic. Pernod Ricard India Foundation, for example, is supplying truck drivers with hand sanitisers and masks.

The company is a top 10 holding in the Threadneedle European Select fund (4.2%)†.

* Source: Figures from fund group at 27 March 2020.† Source: FE Analytics, and fund fact sheets, as at 29 February 2020.

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 tackle the coronavirus

Fidelity Global Special Situations fund holding Airbus is part of a consortium with an order for 10,000 ventilators from the UK government


Opinion>|

Ritabrata Bhattacharyya | Vanguard Capital AG

The first wave of investing was about the rise and growth of discretionary funds. In the 1970s charismatic investors like Warren Buffett and George Soros used their innate human decision making and analytical abilities to find new opportunities and maintain a competitive edge in the market. Over time, the proliferation of information technologies like the internet closed this gap. Opportunities and information have become more readily available and standardised. With everyone working from a similar base set of information and assumptions, there soon came the need for investors to develop a different kind of competitive edge.

This scenario developed into the second wave of investing in the early 2000s. Funds like Renaissance Technologies and WorldQuant brought a great degree of mathematical rigor to investing and trading by hiring ‘quants’. These quants, or quantitative analysts, leveraged new statistical models and computer algorithms to build systematic strategies that generate consistent alphas (ie, market advantages) across several markets and financial instruments.

Flash forward to today, and algorithmic trading is no longer the sole turf of institutional traders, brokers and big fund houses. Mid-size institutional investors and retail participants are also warming up to the idea with many discount brokerages and start-ups offering them algo trading platforms. So does algorithmic trading really offer any major advantages to investors? Or is it best left to the high frequency traders with co-located servers and complex trading models? Let us take a closer look.

What is algo trading? It is nothing more than the process of using computers to continuously follow a specific set of defined instructions

for placing orders, booking profits or taking losses and exiting. Hence, human intervention is limited to defining the trading rules and is minimal with respect to actual execution and tracking. To arrive at the set of rules that work for a particular strategy theme investors are generally expected to ‘back-test’ the system, which involves simulating the working of a particular trading system (along with its associated rules) under historical market conditions.

The mechanics of algo tradingConsider the extremely simple golden cross system – buy a stock when the 50 day moving average of price crosses over the 200 day moving average, close positions of the reverse cross. A quick back-test of the system on SPX from 1970 onwards shows that golden cross systems have been profitable 79% of the time and produce phenomenal returns. So, by coding in the above two simple instructions, an investor can build a program that tracks share prices including moving average indicators

and place buy and sell orders whenever the rules are met. There is no need for the investor to monitor the live prices or graphs or even place orders – the system can perform the investor’s work quietly and efficiently.

The advantages of algo trading Systematic and robust.

The main advantage of algorithmic trading is that it enables the user to convert an ‘idea’ about a trading strategy to a robust set of un-ambiguous rules that can be verified for effectiveness under a wide variety of instruments and historical market conditions. The very exercise brings about a systematic and structured approach to trading by removing human emotion and irrationality from the trading exercise.

Algorithmic traders are less susceptible to fear and greed – ‘gut

feeling’ and ‘hot tips’ can be safely avoided when you know you have a trading system that can mechanically follow hard rules and still generate returns over long periods of time.

Speed. Trading with algorithms has the advantage of scanning and executing on multiple indicators at a speed that no human could do. Since trades can be analysed and executed faster, more opportunities are available at better prices.

Precision. Precision is essential in any form of trading – all traders and investors always want to enter a trade at the ‘right’ price. This is better achieved in algo trading. Utilising computers in trading, you can diminish a few errors that may occur when you perform the same action manually. It encourages you to expel any mistakes prior to trading in the live market.

Flexibility and diversification. The ability to trade markets via computers that happily crunch numbers round the clock and never take a coffee break opens up a world of possibilities for the investor. He or she can trade instruments that were hereto difficult to trade or impossible to execute manually. In fact he or she can also design an algo strategy to act as a hedge against their specific current-holding portfolio and hence reduce overall risk. The possibilities are endless. Accessibility. Over the last five years, a host of platforms like tradingview.com have come into existence. These platforms come with a bunch of preexisting features and radically reduce the time and effort needed to back-test, optimise and automate a trading system. Such platforms have leveled the playing field significantly and provide the opportunity to medium and smaller market participants to jump on the algo bandwagon.

Ritabrata Bhattacharyya is chief technology officer at Vanguard Capital AG.

Time for the small investor to jump on the algo bandwagon

“Algorithmic trading is no longer the sole turf of institutional

traders, brokers and

big fund houses”


Opinion>|

The CONSCIENTIOUS

INVESTOR

Patrick Thomas | Canaccord Genuity Wealth Management

As if you needed any more proof that ESG is more than just a passing fad, it seems that in the chaos of the last few weeks where markets have back-flipped, tumbled, soared, dropped and bounced back again, ESG fund performance has been doing better than its non-ESG equivalents.

In the Morningstar world, ESG funds are not in a category of their own, ESG funds are placed in standard categories – for example, the US Large Cap Equity Index – so will be ranked alongside conventional funds that invest in the same parts of the market. This makes it really easy to see how their performance compares alongside non-ESG funds.

Looking back over the last year – in the first quarter, the returns of 70% of ESG equity funds ranked in the top halves of their categories and 44% were ranked in their category’s best quartile. By contrast, only 11% of ESG equity funds finished in their category’s worst quartile. In a nutshell, this tells us that overall, the performance of ESG funds is considerably better than non-ESG funds.

The same is true in the world of passive funds. We compared 26 ESG index funds with 26 conventional index funds – over the last month, 24 of the 26 ESG index funds outperformed the conventional index funds, and all 26 ESG funds outperformed their non-ESG equivalents for the year to date to March.

Rising to the challengeSo why is this the case? And why might ESG be the phoenix from the flames of this particular market crash? Well, it is for a number of reasons. As you would expect, most ESG funds are underweight in oil and ‘dirty’ cyclicals. And we all know what’s happened to the oil price in the last month or two. ESG funds are also overweight in so-called ‘quality’ companies (defined as those that have strong cash flows, are consistently profitable and not over-leveraged). ESG funds also tend to be overweight in healthcare and there is often a focus on growth companies which have long-term durability.

ESG also attracts some very talented fund managers, so we have to factor good stock picking capabilities into the mix.

While ESG is proving its mettle in this crisis, our new norm is also shepherding in some different ways of living, many of which play to ESG themes. The most obvious one is home working. Although people have been working from home for years, this pandemic containment exercise has rapidly accelerated companies’ facilitation of home working. The biggest winner from this trend is technology. I mean, what would we do without cloud computing? It is the reason why massive organisations have been able to mobilise their staff to work from home in a very short space of time.

For investors, there are different ways to access this theme – Allianz Technology Trust and Polar Technology Trust are both now trading at discounts compared to their history and have exposure to the cloud theme and there is First Trust Cloud Computing ETF too.

With increased home working comes increasing online threats. Cyber criminals are looking for new opportunities to exploit our new norm and cybersecurity solutions are going to be key in helping us protect ourselves. If investors are interested in the issue of cybersecurity and the protection it

can give to society, they could take a look at L&G’s Cyber Security ETF, iShares’ Cybersecurity and Tech

ETF and Pictet, which has an active fund focused on cyber security.

The other big winner is education technology. From schools and

universities, to tuition companies and night classes, educational

establishments of all shapes and sizes are scrambling to keep their students

engaged and plugged into their courses. And they are using online educational tools to allow them to

do this. As an investor, if education is something you are looking

at, then CPR Invest Education is one fund to access this theme, as is Baillie Gifford Positive

Change. It goes without saying that

all eyes are on the healthcare sector. Vaccine development, tests, ventilator production and

the manufacturing of protective clothing for healthcare staff – healthcare is the sector which will provide the solution to the crisis we are all in. For investors interested in this theme, funds such as BB Healthcare and Candriam Oncology Impact are worth looking at.

Bringing out the bestIt is not just about investing of course. This whole crisis has brought communities together; it has prompted legions of volunteers to help the cause. And the corporate sector has pulled together too – we have seen Formula One teams producing ventilators, while Gap, Burberry and Carharrt manufacture personal protective equipment.

The worst of times brings out the best in people; and the best in companies, too. Long may that continue.

Patrick Thomas is head of ESG Investing at Canaccord Genuity Wealth Management. 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.

Finding an ESG silver lining to the coronavirus cloud


WI

Cover Story>|

HOW TO RE-BUILD

YOUR WEALTH

Most investors will be looking at the value of their hard-earned

wealth and savings being severely depleted by the current covid-19 market sell offs and the likely long-term economic challenges that are going to result.

So how do we all try and rebuild the value of our investments, which if we went back to the beginning of 2020 looked largely very healthy after a good year in 2019 for markets?

There are some very basic things to remember: do not panic and do not think predictions of dire economic consequences necessarily reflect what the stock markets will do.

Readers will probably be familiar with the view that stock markets fall on a wall of worry and climb on a wall of hope; and equally the link between economies and stock markets

THE IMPACT OF THE CORONAVIRUS LOCKDOWN HAS BEEN DEVASTATING FOR MOST INVESTORS, BUT A MARKET CRASH IS NOTHING NEW AND THERE ARE ALREADY STEPS TO BE TAKEN ON THE PATH TO RECOVERY. INTRODUCTION BY LAWRENCE GOSLING

is not as simple as some would claim.

There is no doubt the increase in unemployment and the collapse of businesses will be severe, particularly for those involved, but this comes against a backdrop of regular high numbers of people in work in the UK and US, and unemployment lows not seen since the 1960s in some cases.

Equally markets fell when it was realised the virus was not going to be confined just to Asia, as SARS had been early in the century, and would severely impact Europe and North America, but with the virus reaching peaks and beginning to stabilise, those same markets are showing signs of recovery.

Over the next few pages we provide, we hope, a lot of advice on how to rebuild the value of investments which I hope will be of value and interest.

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WI


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T he late Sir John Templeton, founder of the eponymous fund

management group, used a series of maxims he had coined to determine the way in which his investment managers should operate. One of these was: “‘This time is different’ are amongst the most costly four words in market history.”

With markets reeling as a consequence of the coronavirus pandemic – or more correctly, because of the measures taken to contain its spread – it is all too easy to believe that this time is truly different and without precedence. Such an attitude is likely to prove very costly in the longer term.

The end was nighIn the half century plus that I have worked in the investment industry I have lived through many bear markets. All were uncomfortable. Most were unexpected and for some it felt as though the end of the world was nigh as we approached the bottom of the trough.

Perhaps the most dramatic, certainly in terms of scale, was the 1973/4 market crash which saw shares on the London Stock Exchange lose 70% of their value, peak to trough.

The circumstances behind this particular bear market were also worrying, to say the least.

In 1973, the Yom Kippur war between Israel and the Arab states resulted in a quadrupling of the price of oil.

I was 10 years into my career and, having spent time on the floor of the Stock Exchange and a brief period servicing institutional clients, I was settling into the role of looking after private clients which became my main focus through much of my working life.

Petrol rationing coupons were issued, though in the end they were never used.

Unfortunately, this disruption coincided with the miners’ strike and the three-day week when electricity supplies were severely curtailed.

Edward Heath, leader of the Conservative government, decided to go to the country in early 1974 on the platform of “Who runs Britain?”.

It turned out not to be him. A minority Labour government came to power, supported by the Liberal party, and a second election was held later that year which gave prime minister Harold Wilson a slim overall majority.

It also ushered in a period of rampant inflation.

As if this was not enough, a banking crisis developed which saw several secondary banks go to the wall.

By the end of 1974 there were fears that even the mainstream high street banks may not survive.

As if on cue, a major oil company collapsed at the very beginning of 1975.

It was the most unlikely of triggers, but by the end of the first quarter of that year, shares in London had more than doubled in value and the most savage bear market in my lifetime was consigned to history.

The fact that inflation shot up to 25%, with interest rates soaring also, forcing the government to go cap in hand to the IMF is another story altogether.

Big bang, big crashBy 1987 I was working for the leading stockbroker, James Capel, which had just been taken over by HSBC. The previous year had seen the huge shake up of City practices which had become known as the “Big Bang”.

Shares had risen significantly following the measures introduced and many long-established City firms had been taken over by foreign financial institutions.

It was not to last, though. In the early hours of Friday 16 October, a hurricane swept through south east England, disrupting transport and power supplies. As a direct result the London Stock Exchange failed to open that day as insufficient people had made it to their desks to allow an orderly market to function.

Unfortunately, shares on Wall Street opened sharply lower when trading commenced on Friday afternoon, London time. On Monday a bloodbath ensued, made all the worse by further falls on US markets when trading commenced there.

By the close of business, we had suffered a fall in London

The recent pandemic gripping the markets is nothing new to JM Finn’s consultant Brian Tora, who puts his experience of more than 50 years working in wealth management to good use, turning the clock back to highlight parallels with past crashes, and suggesting a recovery could come sooner and be quicker than the bears would have you think

Maximum PESSIMISM


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to minimise the consequences, both in health and economic terms.

Already there are signs that the peak has passed in China, Singapore and probably South Korea too.

In Italy, which has assumed the unwelcome mantle of being at the core of the pandemic, there is some hope that the peak will be reached soon. And there have even been some positive side effects of the action taken, with pollution levels falling in a number of places. We will undoubtedly find some good emerging from the disruption that has been caused.

As investors, we know most of all that we cannot be certain how long this unfortunate state

of affairs will continue, nor yet ascertain the extent of the damage wrought. But we will come out at the other side and markets will recover in due course.

It is difficult to take a positive stance when so much uncertainty exists, but I take comfort from another of Sir John Templeton’s maxims: “Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria – the time of maximum pessimism is the best time to buy”.

There is plenty of pessimism around right now.

Brian Tora is a consultant to wealth managers JM Finn.

that took the market into bear territory.

Traders were shell shocked. The market in Hong Kong was forced to close as it became clear that part of the cause of this massive loss in value was a growing disconnect between the cash and derivatives markets, which had been assuming increasing importance as ever more sophisticated instruments were introduced.

But we survived, even if the recovery took a little while. It did have some unfortunate consequences, though, with chancellor of the exchequer, Nigel Lawson, easing monetary policy to head off a perceived economic shock which in the end did not materialise.

The death of capitalismThe falls we have seen in markets recently have certainly been severe, but were nothing like as bad as those we experienced on Black Monday, as 19 October 1987 became known, and in the days immediately following.

There have, of course, been other bear markets.

In 2000 we had the bursting of the so-called TMT bubble. Technology, media and telecommunications stocks had been ramped up massively as the old millennium drew to a close, with plenty of easy money to finance purchases made available by central banks in an effort to head off financial disruption caused by the millennium bug.

In 2008 the collapse of Lehman Brothers triggered a swift bear market as investors pondered whether the global banking system could remain intact.

There were even doubts expressed as to whether capitalism could survive.

That the economic disruption caused by this pandemic will be significant is not in doubt. But we have seen an unprecedented level of cooperation between governments and central banks around the world as they seek

WI

“It is difficult to take a positive

stance when so much uncertainty exists, but I take comfort Sir John

Templeton’s maxim: ‘Bull markets are

born on pessimism, grow on scepticism, mature on optimism

and die on euphoria – the time of maximum

pessimism is the best time

to buy’”Brian Tora,

JM Finn


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W e have seen the sharpest falls in history in recent

months as global stock markets moved into bear territory – a grisly fall from peak of more than 20%, in just three weeks.

The covid-19 pandemic blindsided the investment community as nearly half the world’s population has been in lockdown and large swathes of industries, notably in the leisure and tourist sectors, were forced to close their doors.

As long term investment managers, we have experience of market crashes. In situations such as this, the first thing we try to do is stay calm and have faith in the quality of the companies we hold, checking if there are any where we believe the picture might have changed so materially that they could even go out of business.

Second, we look to sell those holdings where the price has held up but where we believe a further wave of selling could put pressure on the price, in effect playing a catch up of sorts.

After this, we can then sit back with the relative comfort of holding some extra cash while we await opportunities to invest in companies raising money by selling new shares. In the main these will be businesses who are simply bolstering their balance sheets enough to see them through the crisis, and perhaps adding some further capital to take advantage of the recovery when it arrives, by taking market share from weaker competitors or even acquiring them at rock bottom prices.

This is where we have seen the most attractive opportunities in the early stages of this current recession.

Good examples are retailers such as WH Smith, ASOS, Hotel Chocolat and travel concessions operator SSP, who have all tapped investors by issuing new shares, cognizant that whilst they are all are strong, market leading businesses, the unknown length of the shutdown, could still potentially put their companies at risk.

Oliver Brown examines the best options for investors looking to minimise losses in the current bear market and re-build their wealth as recovery takes shape

Put your faith in quality

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In all these cases, management have put themselves firmly on the front foot by raising money early in the downturn, providing investors with confidence the companies have the financial resources to not only weather a lengthy shutdown but to come out stronger on the other side.

Buying opportunitiesAs long term investors, we favour buying into high quality, market-leading companies, at attractive levels. However, one obvious issue is that valuing companies is currently harder than normal as there is less visibility on earnings and the asset value of any business.

To make matters worse, many companies have had to withdraw ‘market guidance’ as they genuinely do not know when their sales will start to recover.

Whilst we cannot profess to have a crystal ball to answer this, what we can do is look through the current turmoil and make a judgement as to whether we see sales and profits returning close to previous levels once ‘normality’ returns and hazard a guess as to how long this may take.

If we are confident that a particular company will recover, then investing now at low levels whilst uncertainty is high, gives us a good opportunity to make attractive returns over the long term.

In the shorter term, news flow may continue to be dire and shares may drift lower, but the very fact that we have bought into a company at the time it has raised money gives us confidence that it is not suddenly about to implode as we (along with other institutional investors) have just provided the company with capital to keep it going!

One such company is Hays, a FTSE 250 recruitment firm, which has recently raised £200m to strengthen its balance sheet. This was quite a surprise to the market, as it was viewed as a strong company with significant headroom on its debt facilities.

Nonetheless, its management felt it sensible to go into the

downturn with a substantial liquidity buffer and whilst it is too early for them to determine the impact of covid-19, they have assumed a 70% fall in revenue in the next four months, followed by a gradual recovery.

To us, this is prudent, sensible, strong management where they have taken precautionary action to protect their business. These are exactly the types of business we want to invest in, ones where management has a strong grip on all the potential scenarios and a strategy in place for each.

We predict that Hays will ultimately be a beneficiary of the downturn as, given the strength of its balance sheet, it should ultimately take market share from weaker rivals. In the shorter term it should benefit from aiding clients with their shifting recruitment needs.

Companies offering essential services such as food and medical supplies are, not surprisingly, seeing a spike in demand and therefore are recruiting temporary workers. Hays can use its market presence to help fill these roles.

One small cap that we purchased at IPO last year is Essensys, which provides IT and software services to the flexible workspace sector. This is an area that was already growing before the lockdown and we expect increased demand for flexible workspace as more and more businesses realise that they can function perfectly well without the majority of employees being in an office.

We anticipate companies increasingly wanting more flexibility with regard to how much office space they have, with long term leases for offices perhaps becoming a thing of the past. With this in mind, Essensys raised some £7m in April to fund the roll out of its services with flexible working space providers such as Jones Lang Lasalle and Cushman & Wakefield.

Also, as the impacts of the coronavirus on the economy

become clearer, we expect to see a growing number of severely impaired companies launch ‘rescue’ rights issues.

Obvious suspects are businesses such as airlines that

will run out of money, or highly indebted companies whose banks may force them to raise equity in return for advancing further debt facilities. In our view these opportunities should be treated with greater care than the stronger, market leading examples mentioned earlier.

Before you invest in companies that are struggling to stave off bankruptcy, it is important to have confidence that the business will still be in existence in years to

come. What may look like a bargain entry price on the face of it, could well turn out to be anything but the case! However, if you are able to identify those companies that have a long term future, then there is serious potential to make many times your initial stake as you are buying in at such a distressed level.

Sale pricesMany investment opportunities have arisen and will continue to arise as a result of the covid-19 impact on the economy. We do not anticipate a smooth recovery and there will be unexpected bumps along the way but, with the sharp falls experienced by equity markets, on the plus side there are now market leading companies available to buy at sale prices.

Those investors willing to take a longer term view of over three years should be well rewarded for the initial discomfort they will inevitably feel when investing in what are unquestionably worrying and turbulent times.

Oliver Brown is lead manager of the MFM Primary Opportunities fund and investment director of RC Brown Investment Management.


WI

“Look to sell where the price

has held up but where a further wave

of selling could put

pressure on the price”

“Investors willing to

take a longer term

view of over three

years should be well

rewarded for the initial discomfort”


Crisis and retirement:The importance of focusing on the long-termIt is easy to panic when all around you markets are losing their heads, but panic leads to poor decisions. Dan Brocklebank ponders the impact of covid-19 on pension savers

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the trough of the market in early 2009.

Another response is to lose sight of the long term. In a crisis, fear is triggered and fear shortens our time horizons. This is a fantastic evolutionary response. But, as tempting as moving to cash may be, knowing what will come next for the market is impossible: if you sell now, are you really going to be willing and able to reinvest when shares are even cheaper?

Holding cash is particularly tempting when markets are crashing and your investment portfolio is one of your main sources of income but, with inflation rates comfortably above any available interest rates, cash holdings simply guarantee a loss of spending power over time.

Stock markets have historically recovered over a long enough horizon. The loss in purchasing power from holding cash today is permanent.

Generating and maintaining an incomeMaintaining a long-term time horizon and avoiding the temptation of cash as a retiree can be difficult. Traditionally, when the majority of people

opted for an annuity to fund their retirement, the thinking was that a retirement portfolio should replicate a 100% bond allocation.

As a result, a culture where equity holdings are reduced to zero ahead of retirement became prevalent. However, pension freedoms since 2014 have given retirees the option to control their own portfolios and income. Coupled with the need to fund a lifestyle in retirement for far longer than our predecessors did, and the need for continued

investment to ensure growth of a portfolio becomes all the more important.

Demographic trends suggest it is time to rethink the traditional approach. The latest data from the Office of National Statistics finds that a man aged 65 today

T he last three decades have seen the world rocked by a number

of major crises. As with the covid-19 pandemic, each crisis permeates the national consciousness, and leaves everyone feeling like it may be the end of life as we know it.

My second son was born in February 2009, right into the teeth of the credit crisis. Like any parent, I can remember the joyous moment vividly. It was also a welcome escape from dealing with the chaos in the markets.

However, the extent to which the crisis had come to dominate the zeitgeist was demonstrated when the midwife brought me back to earth with a bump by ushering my son into the world with the now-immortal words: “Welcome to the credit crisis!”

Yet the experience of each crisis has reinforced my belief in three things. First, that this current crisis, like all others, will eventually end. Secondly, that keeping a long-term perspective is the only real way to take sensible decisions. Thirdly, that panic generally leads to very poor decisions.

While a crisis is the quickest way to learn these lessons, they provide extremely helpful

guidance for thinking about investment generally.

Keep calmTaking those in reverse order, we all recognise that it can be easy to panic in a crisis when markets are falling sharply. MRI scans have shown that financial loss triggers a similar response pattern in the human brain as the experience of physical pain.

When the biggest income-paying companies are scrapping dividends, well-known companies are collapsing and your portfolio has taken a big hit, it can be very scary to be an investor. The fear is even more acute if you are approaching, or already in, retirement when maintaining an income from a steady portfolio is top of your priorities.

A natural response is therefore to react to the unfolding crisis by becoming cautious and trying to avoid any further losses, particularly if your hard-saved for retirement pot is at risk. At a real extreme, reverting entirely to cash may seem very tempting to ‘stop the pain’.

It sounds crazy with hindsight, but there were plenty of people who did exactly this at

“With inflation

rates comfortably above any available interest

rates, cash holdings simply

guarantee a loss”

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crisis, but the trick is to remain obsessively focused on the long-term.

As difficult as that may seem to you or I, it is nothing compared to the challenges being faced by all those in the NHS fighting today’s crisis on the front lines. While we wait for this crisis to pass, the rest of us must simply remember to stay calm and be patient.

Dan Brocklebank is head of Orbis Investments in the UK.

can expect to live for another 20 years, and a woman can look forward to an average of 22 more years. For an increasing number of people, life expectancy could stretch even further in the future.

The ONS also found that a man aged 65 today has a 1 in 4 chance of living to 92, and a 2.9% chance of living to 100. A woman reaching retirement age has a 1 in 4 chance of living to 94, and nearly 5% chance of living to 100. The length you spend in retirement could – I would argue hopefully – stretch into decades.

Generating and maintaining an income for 20 years after retirement clearly still requires a long-term investment outlook. Traditional financial planning for retirement can end up leading to an investment approach that is overly conservative and one that is effectively invested in too short-term a manner, like a mild version of the panicked investor moving to cash at the bottom of the crisis.

Recognition that retirement today is quite probably a 20+ year horizon gives the freedom to stay invested, sensibly, in assets such as equities which will generate better long-term returns than government bonds, particularly at today’s rock bottom yields.

Of course, this is not a signal to simply rush in to high-risk assets, but is rather a call to reconsider the approach to risk we take in retirement. A diversified approach to equities could very well reap rewards over the 20 years you have to remain invested, and that is plenty of time to ride out market volatility.

Conclusion Investing through past crises shows us that keeping a long-term horizon and not panicking are the keys to avoiding big mistakes. With investing, that is often more than half the battle. So, how can we be confident that the first lesson above, namely that this current crisis will eventually end, is also true?

Well, the short answer is that we cannot be perfectly certain. But, the odds must be

stacked in our favour. It may not feel like it but, compared to previous generations, we live in remarkably fortunate times. Not only is life expectancy post-retirement at a high, but we also have access to health technology that would have been unimaginable 20 years ago.

When that NHS midwife brought me back, with a bump, to the reality of the credit crisis, I learned it takes a courage to remain invested through a

Approaching retirement? How to plan and protect your savingsRetirement should be one of the most exciting times of your life, but planning for it can be a daunting, and often confusing experience, especially when a global pandemic has thrown markets into turmoil. With people living longer than ever and pension pots needing to last for an average of 40 years, it has never been more important to have a strategy in place that allows you to live out your retirement safe in the knowledge that you can maintain your financial independence.

Granville Turner, director at company formation specialists Turner Little, urged careful consideration of the quality of life you are expecting when you stop working, as well as your financial goals.

“Your state pension is unlikely to be enough to provide the income you need to maintain a comfortable standard of living, to cover your retirement on its own. Are you planning on having enough money to pay for family holidays, buying property, contributing to family wedding costs? You will also need to factor in how your circumstances might change in the years ahead. Post-retirement risks include changes in your life or the life of a loved one, the need for professional caregivers or moving to a facility due to failing health. There are also financial risks that revolve around investments and stock market activities as well as governmental decisions that could affect retirees,” he said.

“Getting an early start on your retirement plans ensures you are likely to have more money when you retire. That is not to say it is ever too late to plan. The first step you need to take is to check your pensions. Topping up your pension plan can improve your financial security. Making a larger contribution is the obvious way to boost your pension pot, but you might also want to consider diverting some of a bonus to your pension. The tax relief makes a bonus worth more in your pension than in your bank account, so it is important to remember that you do not pay tax on the growth in your pension funds. It can also be combined with other savings vehicles such as ISAs and assets including property to maximise your funds for retirement.

“In the current circumstances however, savers and pensioners alike may be looking at drops in their investments. This turbulence will no doubt cause worry, but there are still ways to protect your retirement savings. In the first instance, do not panic. Keep in mind that with retirement savings, you are investing for the long-term, so the drop in value may not be permanent. If you are in a position where you are still building your retirement fund, use this time to review the investments you have made, and consider diversifying your investments across different assets and countries. Having a range of investments from gold to government bonds and absolute return funds is good for capital preservation,” he added.

Concluding, Granville said: “Many retirees plan on supplementing their income by working during retirement, but choosing the point at which you retire is integral to retirement planning. Whilst you can carry on working for as long as you like, it is important to understand that when you retire, you will still be liable for income tax on your pension income if it exceeds your personal allowance. Inheritance tax can also have an impact on your estate, so it is important to put together a carefully considered plan to protect your liabilities. Retirement is no longer linear, some people continue to work into their 60s and 70s, whilst others retire at 45. Whatever you decide, having a plan is essential, as you will likely be faced with a series of complex decisions that will shape your income for the rest of your life.

“Even the best laid plans can fail as a result of unexpected events. Although some risks can be minimised, there are a number of potential risks completely out of your control. However, understanding what the potential post-retirement risks are, and considering them in your retirement planning stages can help ensure they are mitigated and properly managed.”

WI

Investment Trust Reports

Aberdeen Diversified Income and Growth TrustA multi-asset portfolio with an absolute return focus

>|

Aberdeen Diversified Income and Growth TrustPrice 97.4pMarket cap £311.6mNAV* 108.4pDiscount to NAV 10.2%NAV† 111.9pDiscount to NAV 13.0%Prospective FY 2020 Yield 5.6%* Excluding income; † including income. As at 12 March 2020

A berdeen Diversified Income and Growth Trust (ADIG), founded

in 1898 as British Assets Trust, was a global equity income investment trust managed by F&C Investments (now BMO Global Asset Management) until February 2015. The mandate then moved to BlackRock and the trust became BlackRock Income Strategies, a multi-asset strategy with an absolute return focus.

The fund undertook a strategic review after a period of disappointing performance, resulting in Aberdeen Asset Management (now Aberdeen Standard Investments) being appointed as manager in February 2017. It was then enlarged by a merger with Aberdeen UK Tracker Trust and renamed Aberdeen Diversified Income and Growth Trust.

ADIG retains a multi-asset, absolute return approach, but now invests in a more diverse portfolio including longer-term, less liquid investment funds that individual investors would otherwise be unlikely or unable to access.

Since 31 March 2017, ADIG has


The managers’ viewFocus on long-term investments ADIG’s portfolio management team remains committed to offering its shareholders long-term investments in less accessible asset classes with different risk/return drivers and low volatility. The managers’ preference is for ‘alternative assets’, which improve returns and diversification of investor portfolios. They note that ‘mainstream’ assets appear fully valued and do not currently offer attractive medium-term return prospects. This includes developed market government bonds, corporate credit and listed equities, which the managers forecast will deliver annual returns of 0.2%, 0.6% and 3.5%, respectively, over the next five years as at end-September 2019.

The managers are thus advancing the process of recycling capital from listed to unlisted holdings as appropriate investments are identified by the investment team. The process has been a bit slower than anticipated but overall, they have been pleased with the recent pace of investment. The managers explained that they would prefer the managers of the companies to which ADIG has committed funds to take time to identify the appropriate investments.

been targeting a total portfolio return of Libor + 5.5% pa net of fees over rolling five-year periods. Libor is due to be phased out by 2021 and the manager is in the process of identifying a suitable alternative, following which the board will seek shareholders’ approval for a change in the investment objective. ADIG is a member of the Association of Investment Companies’ Flexible Investment sector.

The trust’s portfolio is managed by Mike Brooks who is head of Aberdeen Standard Investments’ (ASI) diversified assets team and Tony Foster, an investment director within the team. The team also manages

the Diversified Growth and the Diversified Income funds which follow a similar approach to ADIG but have a slightly lower return target of Libor +4.5% pa net of fees. This is because ADIG’s closed-ended structure allows it to invest in less liquid assets and it is also able to use gearing of up to 20% of net assets. ASI says the open-ended fund range has grown its assets under management from £150m when Brooks took it over in the first quarter of 2015 to ca £1,535m at end- January 2020.

Performance ADIG’s NAV and share price total returns net of fees since the

Aberdeen Standard's Asian Investment Trusts ISA and Share PlanWhen you invest halfway around the world, it’s good to know someone is there aiming to locate what they believe to be the best investments for you.

At Aberdeen Standard Investments we get to know companies first hand. From Thailand to Singapore, from China to Vietnam, we’re constantly analysing and talking to companies to understand their future.

To steer your portfolio in the right direction, be with the fund manager who aims to discover more in Asia.

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. Asian funds invest in emerging markets which may carry more risk than developed markets. 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 invtrusts.co.uk/asia

We strive to discover more.

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 2310

IT_ADVERT_Asian_What_Investment_2310.indd 1IT_ADVERT_Asian_What_Investment_2310.indd 1 09/04/2020 17:3309/04/2020 17:33


Investment Trust Reports>|

change in strategy have lagged the target return of Libor + 5.5%.

There are two principal reasons for this: first, the time inevitably taken for the trust’s commitments to higher-return long-term investments to be drawn down and invested by the managers of the underlying strategies, and second, issues with the allocations to insurance-linked securities.

The latter contributed negative 5.1% to NAV total return (TR) since the strategy change to end-December 2019. At the same time, notable positive contributions in this period came from listed equity (+4.4%) and infrastructure (+4.1%), followed by emerging market bonds (+2.6%) and asset-backed securities (+1.9%).

Over the 12 months ended December 2019, ADIG delivered an NAV TR of 9.2%, which compares with 6.2% for its benchmark. Performance in the period was driven by emerging market bonds (EMBs), listed equity and infrastructure, which contributed 3.2%, 2.6% and 2.1%, respectively, to NAV TR. Major negative contributions came from special opportunities (negative 1.1%), insurance- linked securities (-0.5%) and absolute return (-0.3%).

In January 2020, ADIG’s portfolio delivered NAV TR of positive 0.8% as the weak performance of listed equities was offset by solid returns of EMBs and asset backed securities, in particular ADIG’s largest exposure, TwentyFour Asset Backed Opportunities Fund. ADIG’s year-to-date NAV TR stands at a negative 5.3%. In this context, we note that around 75% of its portfolio is priced daily.

Given that ADIG holds ca 18% of the portfolio in the Aberdeen Smart Beta Low Volatility Global Equity Income fund, we note that the fund has generated a return of 5.2% over the 12 months ended January 2020 versus 16.4% for its benchmark, and an annualised return of 4.5% since its inception in May 2017 versus 9.4% for its benchmark. ADIG highlights that the underperformance results

from the disparity between growth and value styles, which has been recently close to record levels in favour of growth stocks. This is illustrated by the gross returns of the MSCI World Value Index at 11% vs ca 26% for the MSCI World Growth Index over the 12 months ended 31 January 2020.

ADIG’s share price performance lagged its NAV progression over the year ended 31 January 2020, which we believe reflects investors’ weakening sentiment towards the trust due to a somewhat disappointing performance compared to its benchmark since the change in strategy in March 2017.

Since the change in strategy in March 2017, ADIG has been targeting a maximum discount of 5% in ‘normal’ market conditions. In March 2019, ADIG traded at a small premium but the shares de-rated markedly over the summer. The managers highlighted it was partly attributable to a sale during a quiet period of

the year by a shareholder who was moving to a more overtly defensive asset allocation, and partly as a result of weakening sentiment towards the trust caused by the disappointing exposure to insurance-linked securities. As a result, the discount moved to double- digit territory in May 2019, which has triggered accelerated share repurchases. Since end-May 2019 to end-January 2020, the trust bought back 10.2m shares, or 3.1% of the share count at the start of the period.

As well as acting as a marginal buyer in the market, ADIG’s board sees building greater awareness of the strategy and the managers’ long-term track record as key to bringing the trust’s discount back into the target range. However, at 12 March 2020, ADIG’s shares still traded at a 13.0% discount to NAV including income, compared to the average discount of 7.3% over 12 months.

Source: Edison

Investment strategyA long-term focusADIG aims to generate highly attractive long-term capital and income returns by pursuing a truly diversified multi-asset approach, using both quoted and unquoted investments, with no geographical or sector restrictions. The trust’s focus is to provide investors with long-term investment opportunities in less accessible asset classes with different risk/return drivers. This is underpinned by robust risk management through maintaining an appropriate level of portfolio diversification and the use of detailed due diligence, specialist quantitative risk tools, ongoing scenario analysis, liquidity stress tests and peer review of investment ideas within the investment team.

ASI’s global investment platform consists of over 1,000 investment professionals across teams specialising in quantitative and active equities, private equity, fixed income, property, infrastructure, real assets, hedge funds and other alternative asset classes. ADIG has access to these teams’ expertise either via pooled funds or direct investment sub-portfolios. In addition, Tony Foster’s many years as a manager of investment trust portfolios helps to inform third-party manager selection, particularly with regard to the listed funds.

The company follows a flexible approach to asset allocation, with a focus on alternative assets, including social, renewable and economic infrastructure, farmland, property, private equity, healthcare royalties, asset-backed securities and litigation finance. Liquid asset classes such as equity and emerging market bonds also feature. ADIG is unlikely to invest in government and investment grade bonds given their low return expectations.

At end-September 2019, ca 61% of total assets were in ASI-managed funds or direct holdings, and ca 39% comprised third-party managed funds, which is broadly in line with the targeted split of ca 60%/40% upon full drawdown of commitments. Non-sterling currency exposure is typically hedged back to sterling unless currency exposure is part of the investment rationale, such as for local currency emerging market bonds. The local currency emerging market bonds position, rather than being funded entirely from sterling, is funded from a basket of six currencies (AUD, NZD, CAD, NOK, SEK, GBP). These have been carefully selected to reflect their sensitivities to economic conditions, commodity prices and debt vulnerabilities. According to the company, this has the effect of smoothing out returns and enhancing the diversification benefits of the asset class without materially impacting expected returns. Active currency positions may be taken in order to enhance the portfolio’s risk/return profile.

WI


Partner Content

Bear markets often create new turning points and changes in market leadership. A period of sustained fiscal stimulus may throw up new leadership and new winners from discarded losers, so I am working with our team of analysts to revisit the laggards as well as the long-term winners in their coverage. For example, what would happen if the US and/or China implement another auto scrappage subsidy? After the 2011 earthquake in Japan, tolls were cut to zero on the motorways to encourage domestic tourism. So things can and will change quickly when there is stimulus at the micro level, as this will push the market to look through the current near-term negativity in those areas.

Against this backdrop, it is our job to get active and find the new winners. If we keep on speaking to company management teams and casting the net wider while the market is busy focusing on daily newsflow, we should be well placed to find the new winners.

Recent portfolio activityOverall, I have not made any significant changes to the positioning of the Trust and continue to focus on stocks where I have a high level of conviction in their mid-term growth prospects.

Many of the companies held in the fund are market share gainers that are well positioned to come

Market turbulence can often lead to new winners and losers. With this in mind, Fidelity Japan Trust PLC’s Nicholas Price outlines how our locally-based team

are navigating the recent market turmoil and focuses on the sectors and stocks that could rebound strongest

out of the current downturn stronger than their competitors. Key holdings such as Keyence, Yamaha and Misumi Group are good examples.

In line with this view, I am maintaining the technology bias in the fund, focusing on names with strong balance sheets, reasonable valuations and a secular growth story. I think that there is a strong cycle ahead, supported by the shift to 5G and a new data-driven WFH cycle, and there is a good chance that these companies will lead us out of this crisis as demand for their products and services is likely delayed rather than foregone.

At the same time, I am looking at domestic services stocks that are well positioned to recover and grow their businesses once restrictions are lifted.

A lot of these names have been sold off sharply since the end of last year and offer attractive upside potential. I feel much more confident that the downturn is discounted when I see price-to-book ratios getting close to Lehman levels, particularly among small-caps, which have moved very quickly.

Companies in areas such as IT services, ecommerce and online learning that can benefit from changes in working practices and the ways in which we shop and play once the pandemic abates also look interesting.

Ultimately, I believe that there is greater risk in trying to time the market than maintaining existing positions in companies that can grow and even be stronger after the crisis.

On the flipside, I have been selectively reducing exposure to some consistent growers, where the relative valuations remain elevated and there will be at least two quarters of tough earnings. When aggregate demand goes close to zero, even the market share gainers cannot gain share of zero. I am also closely watching balance sheet leverage and covenants for the few companies in the fund which are relatively highly leveraged. Many of these stocks have been punished over recent times but those that can adapt will be well positioned to reward investors willing to take a longer-term view.

Important information: 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. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for illustration purposes only. 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. UKM0420/26588/CSO9727/1020.

Japan – lessons from history

Nicholas Price is portfolio manager of the Fidelity Japan Trust PLC

Key points•In the current environment, there is greater risk in trying to time the market than maintaining existing positions where conviction in mid-term growth is high.

•Things can change quickly when stimulus is effectively implemented and the market starts to look through the near-term negativity.

•Within Fidelity Japan Trust PLC, our job is to get active and find the new winners when others are standing still.



HBM Healthcare InvestmentsPrice CHF171.00Market cap CHF1,190.2mNAV per share* CHF202.21Discount to NAV 15.4%Yield 4.4%*Including income. As at 24 March 2020

Beginning its life in 2001 as HBM BioVentures, HBM Healthcare

Investments (HBMN) is a

HBM Healthcare InvestmentsA diversified private/public portfolio

Switzerland-based healthcare investment company that has been listed on the SIX Swiss Exchange since 2008. It has evolved from a pure private equity investor focused on the biopharmaceutical sector into a globally diversified portfolio of listed and private healthcare companies and private equity funds.

While more than half of the portfolio is now invested in

public equities, many of these companies, including six of the top 10 holdings, originated in the private segment.

Its main aim is to achieve long-term capital growth for its investors, but the fund also offers a high distribution policy, paying out ca 3-5% of NAV each year.

HBMN measures its performance with reference to the MSCI World Health Care Index in Swiss franc terms. However, given the significant proportion in unlisted holdings and the lack of exposure to ‘big pharma’, investors should be prepared for the fund’s performance to differ materially from that of the index.

In particular, its conservative approach to valuing private investments should limit the volatility of returns, although it should be noted that some of these companies may be earlier- stage and therefore at higher risk of disappointing clinical outcomes.

The fund publishes fortnightly NAVs, monthly summary factsheets, and full portfolio valuations are available quarterly. It is overseen by a six-strong non-executive board mainly made up of pharmaceutical industry specialists. The fund

The managers’ viewHolding up well amid turbulence On 13 March 2020, at the end of one of the worst weeks in global financial markets for many years as the coronavirus disease covid-19 spread further throughout the world, managers Andreas Wicki and Erwin Troxler said that notwithstanding the headline-grabbing race for a vaccine or cure for the disease, the immediate impact on the healthcare and biotech sector is likely to be twofold. First, ongoing clinical trials in a hospital setting are likely to be suspended, and recruitment for new trials will slow or stop, as hospitals will need their full capacity for accommodating the increased patient load. This could push out timelines for clinical readouts and drug approvals. Secondly, doctors with their hands full dealing with the disease outbreak will have less time or inclination to see drug company representatives, which could slow the pace of new product sales. While a pause of perhaps six months on a trial would have little impact on the clinical outcome, they point out that for companies short on development financing, the delay could mean they need to raise money, which is likely to be done based on lower valuations as a result of the market sell-off.

However, the managers say that HBMN’s private portfolio is primarily positioned in mature companies, as part of strong syndicates or with existing partners that have cash to finance immediate needs, so the risk of having to seek third-party financing and incur a material write-down is relatively limited.

While HBMN’s NAV fell by 12.6% between 15 February and 15 March, this was far less than the 24.2% decline in the MSCI World Health Care Index between these dates and all in Swiss franc terms, despite headwinds from the weakening US dollar. On the public side of the portfolio, performance was helped by the fund’s hedges of short positions in S&P Biotech Index ETFs, which the managers have reduced with each leg down in the market, generating cash “to grab opportunities in public markets when the time is right”, while effectively increasing market exposure at lower valuations. Chief financial officer Erwin Troxler said the high cash balance also means HBMN is very well positioned for paying its dividend, which will be declared with the fund’s final FY 2020 results to 31 March, due out in May.

The Merchants Trust aims to provide a rising income by investing in large UK companies with the potential to pay attractive dividends. Although past performance is no guide to the future, we’ve paid a rising dividend to our shareholders for 37 consecutive years, earning us the Association of Investment Companies’ coveted Dividend Hero status. Beyond a focus on dividends, Merchants offers longevity too. Founded in 1889, we are one of the oldest investment trusts in the UK equity income sector. To see the current Merchants dividend yield or to find out more about us, please call or have a look at our website.A ranking, a rating or an award provides no indicator of future performance and is not constant over time. You should contact your financial adviser before making any investment decision.

0800 389 4696 www.merchantstrust.co.uk

The Merchants Trust PLC

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).

AS FOCUSED ON DIVIDENDS AS YOU ARE

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.


between 29 February and 16 March, compared with a fall of 14.3% for the MSCI World Health Care Index and 19.2% for the NASDAQ Biotech Index in Swiss franc terms.

These index performances underline the somewhat defensive nature of the healthcare sector; by way of comparison, the MSCI World Index declined by 22.2% between these dates, and the CBOE UK All Companies Index by 27.4%.

In NAV terms, HBMN’s performance tends to be less volatile in part because of its unlisted exposure, which is around 41% of the portfolio at end-February, where most


management team is led by chief executive officer Andreas Wicki and chief financial officer Erwin Troxler.

Performance HBMN enjoyed a period of particularly strong performance over the 12 months to the end of February 2020, with both the share price and NAV reaching all-time highs during the month.

However, the severe global market sell-off caused by the coronavirus pandemic and the oil price war between former OPEC allies has undoubtedly had a negative impact, and HBMN’s share price and NAV fell by 22.1% and 8.5%, respectively,

individual holdings are valued conservatively at book cost.

The fund’s equity market hedges (ca 18% of public equity exposure was hedged at end-February) have also proved beneficial, and the managers have reduced them(to ca 10% of the portfolio at mid-March as markets have fallen, generating cash proceeds of ca CHF45m. The deliberately high cash balance of CHF220m at end-February, or 14% of total assets, has provided a further buffer in the recent sell-off.

While it is tempting in the midst of a market panic to focus on the very short term, it is important to remember that investment is a long-term endeavour, particularly in areas such as healthcare and biotechnology, where new product development can take many years.

HBMN has substantially outperformed the MSCI World Health Care Index in Swiss franc terms to end-February in both NAV and share price total return terms. It has also outperformed the NASDAQ Biotechnology Index over three, six and 12 months and three, five and 10 years; and is materially ahead of the broad UK equity market over all periods under consideration.

HBMN’s managers are seeing opportunities as a result of falling share prices in stocks such as Y-mAbs Therapeutics and XBiotech, a position sold in February after its sale of an asset to Johnson & Johnson.

Wicki noted that Y-mAbs has fallen dramatically on the back of low trading volumes but without any negative newsflow: “It still has two products coming to market this year and is now ridiculously undervalued.”

In the case of XBiotech, he said that it may once again look attractive on a long-term basis, having fallen by more than 50% compared with HBMN’s exit price, to the point where it is now trading below the value of its cash.

Source: Edison

WI

Investment strategySeeking listed and unlisted opportunitiesWhile it has its roots in private equity investment, HBMN now invests across the spectrum of listed and unlisted companies in the healthcare and biotechnology sectors, as well as in private equity funds. HBM Partners has teams specialising in private and listed equity, and the teams meet with each other weekly to discuss clinical and market developments. Most of the investment team members have a life sciences background.

HBMN follows a bottom-up approach, selecting stocks from an investment universe of ca 1,000 companies to build a diversified portfolio of ca 60-100 investments with solid long-term growth potential. In order to generate investment ideas, the teams track clinical trends, attend industry conferences, and communicate with a network of industry experts and executives. They then analyse potential investments both quantitatively and qualitatively, assessing the companies’ intellectual property and stakeholder involvement, and write up a summary of the opportunity, which may include a recommendation to invest.

On the private equity side, the team sources deals through its own networks, as well as via investment banks, other venture capital investors and directly, aiming typically to make eight to 12 deals each year. HBMN seeks to be an active lead or co-lead investor, sharing entrepreneurial responsibility with a firm’s management team, and securing board representation. A clear expectation of an exit, usually either through an initial public offering (IPO) or trade sale, is inherent in all private investments. In recent times many of HBMN’s new private positions have been taken specifically as pre-IPO investments, with the expectation of flotation in a matter of months, although some private holdings have been in the portfolio for a number of years.

The private portfolio is characterised by a conservative approach to valuation, with most positions held at acquisition cost. They may be revalued up or down when a financing round with a third-party lead investor establishes a new ‘price’, and will be written down in steps of 25%, 50%, 75% or 100% in response to negative clinical or regulatory developments. Positive developments are reflected only at the point of a liquidity event, such as a third-party financing round, IPO or trade sale. The exception is where a private company has significant revenues and profits, in which case it will be valued based on appropriate sales or earnings multiples. In the listed portfolio, valuations are based on market prices, and reflect positive or negative sentiment and/or developments as they occur.

HBMN’s managers seek to build a portfolio that is diversified by geography, clinical focus and development stage. The private equity funds portfolio has a tilt towards emerging markets, where it may be harder for the team to assess individual private opportunities. The overriding aim is to generate long-term capital growth, although there is also a focus on downside protection through the use of hedges in the public portfolio currently covering ca 10%. Positions are continually reviewed, and risk management also includes ongoing monitoring of global markets and macroeconomic developments.



Seneca Global Income & Growth Trust Price 128.0pMarket cap £62.8mNAV* 124.3pPremium to NAV 3.0%NAV† 125.1pPremium to NAV 2.3%Dividend yield 5.3%* Excluding income; † including income. As at 16 March 2020

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 January 2012, the board made a number of changes with a view to improving the trust’s future total returns, including rebasing the dividend to what was deemed a sustainable level and changing the benchmark from an absolute return of 8% per year to three-month Libor +3%.

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 value-based, multi-asset specialist; it employs a transparent investment process and SIGT’s holdings are straightforward to understand. The multi-asset strategy aims to provide reasonable returns over the medium to long term, while generating lower volatility of returns versus an equity-only fund.

Since July 2017, SIGT’s performance is benchmarked against CPI +6% pa, which it aims to outperform 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.

SIML believes that SIGT’s investment objective can be achieved using a combination of strategic asset allocation (SAA),

Seneca Global Income & Growth TrustMulti-asset value investing

tactical asset allocation (TAA) and investing in undervalued assets, while employing a modest level of gearing. The trust has a progressive dividend policy, targeting an annual increase at least in line with UK CPI inflation.

The different asset classes within SIGT’s portfolio are UK equities (primarily direct investments), overseas equities (funds), fixed income securities (direct or funds), specialist assets (funds – infrastructure, specialist financial, property and private equity), and cash/managed liquidity/physical gold/gold miners.

In order to mitigate risk, SIGT has a series of investment guidelines in place: at the time of purchase, up to 7.5% of gross assets may be held in any individual direct equity or fixed income investment, and up to 10% in any collective vehicle; a maximum 7.5% of gross assets may be invested in unquoted securities; and up to 25% of gross assets may be held in cash and equivalents. Gearing of up to 25% of NAV is permitted at the time of drawdown; at end-February 2020, SIGT had a 0.6% net liquid position.

SIML’s investment team has four fund managers, all of whom have individual research responsibilities: Mark Wright

(UK equities); Gary Moglione (developed markets overseas equities/fixed income and specialist financial assets); Tom Delic (emerging markets overseas equities/fixed income); and Richard Parfect (specialist assets, excluding specialist financials). Moglione and Parfect also have portfolio oversight responsibilities, which involve decision implementation and cash and cash flow management; however, they only have limited discretion to deviate from the target portfolio that is agreed by the whole team.

Performance In H1 2020 ending 31 October 2019, SIGT’s NAV and share price total returns of -1.6% and -0.8%, respectively, were behind the benchmark’s +3.7% total return. The largest positive contributors to absolute NAV performance in H120 were Arrow Global Group (+0.45pp) and Investec Global Gold Fund (+0.45pp), while the largest detractors were Kier Group (-1.21pp) and Woodford Patient Capital Trust (-0.94pp). Over the period, SIGT’s annualised volatility was 6.2% compared with 11.4% for the broad UK market.

Over the longer term, data from SIML show that since the change in mandate in January 2012 to end-February 2020, the

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trust’s volatility of returns is 8.4% pa, versus an average 11.8% pa for the AIC Flexible Investment sector and 13.2% pa for the broad UK market.

While not unexpected given its inflation-linked benchmark, SIGT’s relative returns have suffered in recent months in a falling market, which has negatively affected its longer-term

track record. The trust retains its significant outperformance versus the blended benchmark in both NAV and share price terms since the change in mandate in 2012. However, its NAV is now modestly behind over five years, and is lagging over the last one and three years.

SIGT continues to outperform the broad UK market; it is

ahead over all periods shown, particularly over the last three and five years and since the change in mandate. From the end of February to 16 March 2020, while the trust has underperformed its benchmark by 15.6pp, it has outperformed the broad UK market by 9.6pp.

Source: Edison

Investment strategySeeking undervalued assetsSIGT’s investment team seeks undervalued opportunities across a range of asset classes, aiming to generate aggregate total returns in excess of CPI +6% pa over the course of a typical investment cycle. As the trust’s income is derived from a wide range of sources, there is a good degree of certainty regarding the ability to generate a robust and growing revenue stream.

The team employs a long-term strategic asset allocation (SAA) between UK equities, overseas equities, fixed income and specialist assets (including property), on the assumption that future long-term returns of individual asset classes will be comparable to their historical long-term returns. There is also a shorter-term TAA; this differs from the SAA according to which assets offer the best value and future return prospects given the stage of the investment cycle (expansion, peak, recession or recovery). In order to determine the stage of the cycle, the managers assess economic indicators such as yield curves, inflation and unemployment.

UK equities held are primarily direct investments, with a focus on mid-cap companies. The manager seeks businesses with growing cash flows and dividends. Smaller companies have superior growth potential and have outperformed large-cap firms in recent decades; they can be under-researched and therefore mispriced in the market. In terms of overseas equities held, these are funds run by benchmark-agnostic, niche managers, whose portfolios have a high active share. Fixed income investments are currently all in funds, with a focus on capital preservation as well as yield. SIML seeks active managers who avoid defaults. For specialist assets, SIGT invests in funds in this heterogeneous asset class providing exposure to real assets. There is a focus on security of income, and asset and terminal values. These securities offer the potential to reduce portfolio volatility while enhancing returns.

SIML employs a team-based investment approach and all portfolio changes are agreed before implementation, which acts as an effective risk control. Any variances between actual portfolio exposures and their target weightings are closely monitored.

The managers’ view‘Keep calm and carry on’ Fund manager Gary Moglione said that while it is difficult to comment on the macro backdrop when markets are being heavily influenced by the coronavirus outbreak, he believes that there will be a significant negative impact on global supply chains, and multiple profit warnings from companies across a range of sectors. However, the manager reiterates that SIGT focuses on the long term, and the short-term market sell-off may be providing interesting investment opportunities. He said he will not panic and sell positions at depressed valuations into a falling market; instead he has been incrementally adding holdings that the team considers have become oversold.

While, historically, disease epidemics have led to sharp shocks in the market, Moglione said in 11 of the last 12 incidences, stocks had rallied within the subsequent six months. However, he does acknowledge the impact of increased globalisation in the spread of covid-19, which may mean this disease has more serious implications for economic growth than prior outbreaks. Despite this, the manager believes that markets will eventually recover.

Moglione highlighted that SIGT’s UK equity exposure is domestically focused and should respond positively to any good news surrounding Brexit. In the two days following the Conservative victory at the December 2019 general election, the broad UK market rallied by 5.4%, while SIGT’s UK portfolio rose by 11.0% on hopes of progress towards leaving the European Union. However, the manager said following an initial period of euphoria, UK stocks fell the following week as a hard end-2020 Brexit transition deadline was announced. Moglione expects Brexit-induced volatility in the UK market until the end of the year, commenting that if a deal is done, domestic stocks should perform relatively well; he noted that until the situation is resolved and valuations normalise, he is happy to collect a steady stream of dividends from SIGT’s UK equity holdings.

The manager explained that value stocks are more cyclical than growth stocks and have been hurt more in the recent stock market sell-off. Central banks are reducing interest rates, which is beneficial for the performance of long-duration assets, suggesting high-quality growth stocks may continue to outperform. Moglione said there was a promising sign of a return to value-led stock market leadership in Q4 2019, but he believes the coronavirus will exacerbate the divergence in performance between quality and value stocks. However, when there is an environment of rising bond yields, the manager suggests that “value stocks could move up quickly”.

WI



VietNam HoldingPrice 132.5pMarket cap £67.4mNAV* 172.4pDiscount to NAV 23.1%Yield 0.0%* As at 13 March 2020.

V ietNam Holding (VNH) was launched in April 2006 as a closed-ended

fund, incorporated in the Cayman Islands and listed on AIM. It changed its legal domicile to Guernsey in February 2019, de-listed from AIM and was admitted to the Main Market of the London Stock Exchange in March 2019.

The fund has been managed by Dynam Capital since July 2018, replacing the previous manager VNH Asset Management, which had been in place since VNH’s inception.

The fund’s objective is to generate long-term capital appreciation through investing in a relatively concentrated, yet diversified portfolio of around 20 to 25 companies that have high growth potential at attractive valuations. The disciplined investment approach is both bottom up and top down, with environmental, social and governance considerations a part of the process.

The company has been a signatory of the Principles of Responsible Investment for over a decade, and adopts its guidelines to exclude certain investments, such as companies with significant exposure to alcohol and tobacco, and those that do not commit to reducing, in a measurable way, pollution and environmental problems arising from their business activities.

Gearing is permitted up to 25% of NAV; however, VNH has historically not used this capability. The fund is also able to invest up to 20% of NAV in private companies; it currently has one unlisted holding accounting for less than 5% of the portfolio.

PerformanceAs the current manager, Dynam Capital, was appointed in

VietNam HoldingA fundamental and ESG aware trust


shortcomings and broaden its appeal to shareholders; these include the appointment of the current manager, a reduction in the management fee, the change of the fund’s domicile, and re-listing on the Main Market of the London Stock Exchange.

These changes, combined with increased market efforts and improved sentiment towards Vietnam equities, may help VNH’s discount to narrow.

Source: Edison


July 2018, the most relevant performance numbers to consider are for one year and less, and since change (SC). VNH’s NAV total return over one year has been flat relative to the VN All-Share Index.

Since the change of manager, the fund has underperformed, partly reflecting some transition-related issues. Shortly after the appointment of Dynam Capital, the board conducted a tender offer for up to 15% of issued equity, requiring the manager to provide liquidity to accommodate repurchases.

This represented a distraction from the day-to-day investing activities for the team. Furthermore, the new manager inherited two illiquid holdings it did not wish to keep: Yeah1 and VietCapital Securities.

These disposals were the largest detractors to relative performance since the change. Performance for periods less than one year have also lagged the index; however, the manager has a long-term investment horizon and is not influenced by short-term numbers.

VNH trades at a 23.1% discount to its total return NAV, which is considerably wider than its three-year average of 16.0%, partly reflecting the relatively short tenure of the new manager, and the company’s historic governance issues associated

with the previous board and management company. It also reflects investors’ lowered risk appetite in the current uncertain environment, which has resulted in wider discounts across the peer group since the outbreak of the coronavirus.

A new board was appointed in September 2017 and is committed to narrowing VNH’s discount and promoting the interests of shareholders. It has made significant changes to address the fund’s previous

Investment strategyRigorous analysis, company engagementThe Dynam Capital team follows a rigorous fundamental investment process, unconstrained by any index, to invest in a relatively concentrated portfolio of 20 to 25 of its highest-conviction stocks. Dynam employs both bottom-up and top-down analysis in its investment approach. The team is looking for companies that are well-managed industry leaders with a strong competitive position and healthy balance sheets, yet which are attractively valued. ESG assessments are integrated into the company analysis and the manager believes firms that score highly on this front tend to outperform over the long term. Engagement with management is important and Dynam seeks to add value to a company by advising it in areas such as improving corporate governance, board restructuring and training, and raising awareness of environmental and social initiatives. Dynam believes its active approach to ESG differentiates VNH from many Vietnamese equity products and that it is a thought-leader within the country. CIO Vu Quang Thinh leads Dynam’s company engagement process. Also a member of the Vietnam Institute of Directors, he is held in high regard in business circles on ESG matters in Vietnam.

The manager is typically biased in favour of small- and mid-cap companies, as these are often less well researched and more open to engagement. VNH’s relatively small size gives it the flexibility to invest in companies further down the market capitalisation spectrum, and around half of the portfolio is held in sub-$1bn companies. As a signatory of the PRI, the fund follows its guidelines which exclude certain investments, including companies with significant revenues from alcohol, tobacco, armaments and gambling. The fund will also not invest in companies that do not commit to reducing pollution and environmental problems caused by their business activities.

WI

The managers’ viewOutstanding long-term prospects The manager believes the coronavirus outbreak will have a meaningful and negative impact on Vietnam’s GDP growth in 2020. The team’s prior expectations for 7% growth this year will be cut, but there remains much uncertainty on the duration and impact of the virus. However, in Dynam’s view, when normality returns, there is likely to be a rapid rebound in domestic confidence, which should be reflected favourably in the domestic stock markets. The manager notes that Vietnam’s economy was robust prior to the outbreak, with record levels of foreign currency reserves, and this should help provide a buffer to some of the short-term impacts.

The team is focused on the longer term, and believes Vietnam has outstanding economic prospects. The economy is one of the fastest growing in the world, and Dynam expects it to be one of the largest 20 in the world by 2050. The manager identifies three key secular growth trends – rising incomes, urbanisation and industrialisation – and believes these underpin excellent long-term opportunities for investing in Vietnam. The team noted that the country’s GDP per capita, at approximately $3,000, is typically the inflexion point for acceleration.

Following a correction in Vietnamese equities, the manager believes that the market is attractively valued at a forward p/e multiple of ca 11x (excluding outliers). Dynam also believes there is considerable hidden value in the NAV of the fund because nearly half of the portfolio is held in stocks that have reached their foreign ownership limit (FOL). When this limit is reached, foreign buyers often offer a premium to the listed share price; however, NAVs must use the quoted price. Premiums for FOL companies currently range between around 7% and 30%.


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O dyssean may be a ‘newer’ name to many investors, inspired by

Odysseus who was a legendary hero in Greek mythology and the main protagonist of Homer’s epic Odyssey.

Troy Asset Management (TAM), on the other hand, is well-known to many investors with a deserved reputation for its sensible long term investment strategies and Troy Income & Growth Investment Trust’s (TIGiT) share price and net asset value (NAV) has demonstrated this during the early stages of the coronavirus crisis.

TAM released performance figures for the period leading up to 31 March 2020 just after Easter, commenting: “March saw the equity market downturn of the previous month accelerate into bear market territory, with a total return of -15.1% for the FTSE All-Share Index.

“The trust demonstrated more resilience than the market but the NAV total return of -10.4% and price total return of -7.3% for the month shows that the severity of the fall could only be partially resisted.

“Many business models are being tested to their limits and the need for balance sheet strength and liquidity has rarely been at more of a premium.”

TAM added: “With businesses prioritising the preservation of cash, the outlook for the market dividend is now more uncertain than at any time since 2008. The number of deferred or cancelled dividends, including those already declared, is extensive and climbs every day. We expect more companies will take this route and in particular those that have received government support.

“While market falls have had a degree of discrimination, good and great businesses have still fallen along with mediocre and poor ones. For some companies, current events may permanently impair their business model and dividend paying ability, but for others this will be a passing setback from which the strong will emerge stronger. Therefore,

we are pressing on with our previously communicated strategy of driving up the quality and resilience of the portfolio.”

The trust’s managers, Francis Brooke and Hugo Ure, believe the trust is in good shape longer term, and the evidence of their historical performance makes the trust’s shares worth looking at, even if they are at a slight premium to the underlying assets.

History shows it can be worth paying a premium for quality during an economic or stockmarket crisis and a look at TIGiT’s underlying holdings shows a portfolio of strong, high quality businesses.

UK focusThe Odyssean Investment Trust invests predominantly in UK-listed companies in the market cap range of £150-750m and is managed by a talented fund manager, Stuart Widdowson, who

had an excellent track record at his previous group,

where he also invested in these parts of the market.

Odyssean came into 2020 in good shape

with a cheap portfolio by most measures including a forward p/e of 15x with a dividend yield of 2.9% and low net debt

of 0.8 times across the companies.

Notably, the top 10 holdings account for around

75% of the trust’s NAV and this includes companies like Wilmington, Chemring and

Equiniti, but the trust also held a decent chunk of cash, which has given it some cushion against the market sell-off.

The manager does not aim for higher yielding stocks, and there are higher yields out there but as the manager points out with interest rates even lower since the turn of the year 2.9% is even more attractive than cash.

He has created a portfolio whose underlying companies, although all UK-listed, generate revenue on a global basis, so when looked at from that perspective around 40% comes from the UK, 25% from the US, 20% from Europe and 15% from the rest of the world.

The trust described the strategy as being more akin to a private equity style of investing rather than the traditional, typical long-only fund. It aims for a maximum of 25 holdings in the UK small and mid-cap sectors, where a long-only fund would have up to 100, while private equity would have 10-15. It aims to stay invested in the underlying companies for three-to-five years as a minimum, owning up to 20% of a company and playing the role of an active investor.

There are a number of investment trusts in the small and mid-cap sector but this one is well-worth a look because of its more focused approach, proven track record of the fund manager and the current discount on the shares. WI

Classical offerings

In times as unprecedented as these, one place to turn to for some investment enlightenment and opportunities is Ancient Greece.In this case it is two investment trusts which take their names from a previous millennium – namely the Troy Income & Growth Investment Trust and Odyssean Investment Trust. Lawrence Gosling reports


Investment Trusts>|

S o what are real assets and what do we mean by core?

Real assets for J.P. Morgan’s JARA Trust correspond to the income-producing part of three categories: real estate; infrastructure and transportation.

If we think about these real assets on a spectrum, core is at the high-quality end of the spectrum; so real assets that are in excellent locations, facing off against high-calibre counterparties. The majority of the return for these types of assets should be derived from income. Indeed, about two-thirds plus of the return profile should be income.

It is not just the level of income that is important; it is also the predictability of that income. So it has to be high quality income, often coming from contracted sources.

In the context of real estate, this would be a New York office building which has got Amazon as a tenant. You are not going to buy that building and expect it to double in value, but you have a pretty good tenant you expect to pay you on time.

At the other end of the spectrum, you have opportunistic real assets.

An example of that within real estate would be buying land, whereby you build a second-tier city on it and hope to sell it at a profit.

This approach focuses much more on capital appreciation, which is a much higher risk.

There is no right or wrong way to play real assets. At different times in the cycle, different ones will be more appropriate for investors’ portfolios.

Real estate opportunitiesIn terms of real estate, the focus is on core key markets. In the US, these include gateway cities such as New York, San Francisco and Chicago, whereas the definition is more complex in Asia.

Qualification as a core market requires: liquidity; the right

Keeping it realPhil Waller explains the thinking behind core real assets and what it means for investing in real estate, infrastructure and transportation

regulatory framework; and protection of ownership. For J.P. Morgan Asset Management that narrows the Asia Pacific region down to eight countries – including Japan, Australia, New Zealand, Singapore, Taiwan and South Korea – and 15 cities where we see that core return profile. However, with a developing region, more and more markets are more likely to open up to investors over time.

In addition, the US and the

Asia Pacific side complement each other. The US is very developed real estate market; Asia, a much newer market. While Asia Pacific is now the largest real estate market globally; larger than Europe and the US, it has the largest investor underweight. This points to a rising tide of opportunities ahead.

Scale is also relevant. In real estate, larger properties tend to outperform, particularly on a


Investment Trusts>|

volatility basis, as they attract more significant, higher quality counterparties that tend to pay on time. Also, larger tenants find it more difficult to move, and therefore your releasing risk is quite significantly reduced by playing in this part of the spectrum.

Infrastructure focus on mid-marketThere has been a lot of capital flow into the infrastructure space over the last 10 years or so, and long-term projections of infrastructure look very good. Yet while there is a lot of spending that needs to happen, care needs to be taken on chasing trophy assets. A more mid-market approach, with a preference for bolt-on acquisitions, is preferred.

For example, by working with existing solar farm

operators to help them grow either organically or through acquisition, it allows them to write smaller cheque sizes and therefore avoid a lot of the competitive processes.

This approach helps deploy capital more predictably, because if you are chasing these trophy assets and you lose out on your bidding process that is a lot of capital that you have not been able to deploy in that period. But also, smaller ticket sizes hopefully allow more efficient spending over time to maintain that all-important yield.

Transport behind the curveRight now we are probably seeing the best market dynamics on the transportation side. While a lot of capital has gone into real estate and infrastructure, transport is still five years behind in terms of its curve, particularly from a capital flow perspective.

There is a real need for capital in transport right now, which is driven by the fact that firstly the main capital providers in the space have always been the banks, particularly European banks. Now it is much more expensive for these banks to be equity owners of these assets, mainly driven by the fact that capital adequacy is much more punitive for them, so they have slowly withdrawn from the space.

If the traditional capital providers are not there, that space needs to be filled, particularly as a lot of the fleet of the world is ageing. Currently, 42% of the world’s fleet is now over 20 years old, which with the average useful life cycle of transport assets 25 to 35 years, it means they soon need to be replaced.

In many ways, the outlook is a very similar business model to real estate. In real estate, you own a building, and you put it on a lease, This can also happen in the transport space – you own a ship, and you put it on

long-term leases. And because of the need for capital, it can offer a yield north of 8% net. In the medium term, it is an attractive complement to the slightly lower-yielding infrastructure and real estate side of the market at present.

The outlook for returnsWe are obviously in a period of considerable uncertainty. but, looking ahead, while infrastructure is very much the golden child at the moment, we would expect all our core real assets to produce, whether it is real estate or transportation.

Over the last 10 years income of 4.5% to 5% yield, has been pretty much consistent quarter on quarter.

Having a predictable income stream is essential, particularly looking back to 2009/2010. During this period of negative capital values, there was still the ability to derive a positive return from that asset class because of the consistent income stream coming through.

Often we think about the key risk for real assets as being something of a local risk: that can be political; it can be jurisdictional; it can be a range of different things.

While taking a global investment approach can help diversify such risks, the predictability of income coming through is also a critical risk factor in our opinion, and of vital importance when we consider investing in real assets.

That said, all sectors, real assets included, are now facing enormous challenges as covid-19 spreads globally. While it may be some time before we see the equity markets recover with any level of consistency, by sticking to the core principles of investing in real core assets – focusing on income; high-quality locations and counterparties – we can hopefully enjoy a more predictable return to normality when it eventually arrives.

Phil Waller is a product specialist at J.P. Morgan Asset Management.

WI


Investment Trusts>|

T he world, or the decade so far, has certainly had to cope with a lot.

We have seen political unrest between the US and Iran, continuing Brexit disruption in Europe, devastating fires in Australia, floods in the UK and now the global coronavirus pandemic.

So what is an investor to do? Based on my 30 years as a fund manager and having faith in a long-established investment process, I believe it is a case of keeping calm and carry on.

While there is continued uncertainty over both the short- and long-term impact of coronavirus on the global economy and business, for investors who can still take a long term view of the situation, assessing the fundamentals can help give perspective to the situation.

In this respect, the investment trust structure has several advantages. Alongside gearing and revenue reserves, there is the fixed capital structure that is very much an aligned long-term view. There is no distraction from money in, money out; there is the ability to overwrite stocks within the portfolio; write covered calls to generate extra income; or gain overseas exposure when, in each case, the environment is right.

Inefficiency provides opportunitiesUnderpinning all of this is the belief that markets are inefficient and that inefficiency provides opportunities. So taking advantage of any adverse sentiment to buy out-of-favour stocks by focusing on the long-term fundamentals.

Idea generation is all about trying to spot opportunities when they present themselves; it is understanding the universe you are looking at; and it is trying to see why a stock might be out of favour – asking whether that is an opportunity or is it reflecting the fundamentals?

Keep calm and carry on

As uncertainty prevails, Sue Noffke explains why investors should now focus on fundamentals and process


Investment Trusts>|

Focus on key investment driversIn terms of key drivers, accounting is vital. Accounting helps avoid the blow-ups by paying attention to cash flow and the balance sheet; ensuring diversification across the value and growth spectrum; and having a valuation discipline. It is about assessing peers, looking at history and asking lots of questions about whether it is different this time.

Strategic positioning is probably one of the critical differentiators for stock performance; so looking at the sustainability of the profits of a business, looking at the threats from the disruption to stress test holdings and new ideas. Management and governance are also vital to assure the delivery on strategy and to make sure that shareholders benefit from that.

There are also macroeconomic driver considerations. These considerations help understand and inform the cyclicality, as well as the upsides and downsides in an absolute sense, to changes in the macro drivers.

When to sellSometimes a change in the investment thesis is beyond your ability to change or control, in which case you have to sell and move on. Sometimes it is much more about a judgement on the valuation.

It might be high because it is anticipating a significant upswing, in which case can you test and verify that?

Can fundamentals back the valuation or has it just been caught up in a wave of some flavour of the month? If so, is that something you want to run

with? Other red flags

include signs of deterioration. Sometimes frequent or expensive acquisitions, especially when it is not part of the stated business model, can be hiding some level of decline. Other signs include a deterioration in

ESG performance; failure to respond to disruption; and questions on the sustainability of the dividend.

For an income fund, the dividend is key. There is no point in just selling when it is already discounted in the price as you have suffered the capital deterioration. It is much more about stress testing how sustainable that dividend is going forward; not just this year or this half-year, but in

the next couple of years.

Weaker and deteriorating balance sheets are also a sign because the combination of operational and financial leverage can be toxic, particularly in a downturn. And that’s the critical reminder that long investment

experience in markets tends to leave you with.

Looking aheadClearly, the coronavirus pandemic is going to have an impact on stock markets and investment performance going forward.

Questions we now need to ask are to what level it will impact

on trade, and to what extent the market is going to look through that? How will the impact of liquidity support from central banks play out?

It is also essential to take into account that the UK equity market is not all about the UK economy, so it does matter what international markets are doing. All of these things are issues to think about and to explore.

As we move forward, diversification by style certainly gives opportunities to perform in several different market opportunities. So holding the right balance of value and growth stocks gives the flexibility to pick up on different market environments and opportunities.

Revenue reserves is a further tool for investment trusts, particularly those that have an income focus. In terms of Schroder Income Growth, the fund has been able to maintain dividend growth at times when dividend growth has been very hard to come by within the market.

While we have not been afraid to dip into revenue reserves to ensure continued dividend growth to investors, we have also repaired and rebuilt. So a “fix the roof while the sun is shining” approach to prepare for whatever the market throws at you in the future. Hopefully, these preparations will now help sustain and support as we move forward.

Despite the uncertain investment environment ahead, investment trusts must continue to provide investors with capital growth and grow income in real terms.

By using a combination of experience and focusing on investment process and fundamentals, we hope to continue to do that, regardless of whatever environment we happen to be operating in the world.

Sue Noffke, is a manager of the Schroder Income Growth fund and head of UK Equities at Schroders.

“It is essential to take into

account that the UK equity market is not all about the

UK economy”

“Sometimes a change in the

investment thesis is

beyond your ability to

control, in which case you have to

sell and move on”

WI


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

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awal

>| Savings & Taxes

Income/Capital Growth Calculator

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

CPI RPI

Current rate 1.7% 2.5%1 month ago 1.7% 2.7%1 year ago 1.7% 2.5%3 years ago 2.3% 3.2%5 years ago -0.1% 1.0%10 years ago 1.2% 3.7%

Data as at 25 March 2020. 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 £2,500

* 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 £12,300Trustees generally £6,150

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 £9,000Child Trust Fund £9,000

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 6/4/20Class 1 (Employed) Contracted in ratesEarnings per week Employer % Employee %£0.01-£183.00 – –£183.01-£962.00 13.8 12.0Over £962.00 13.8 2.0

Class 1A and 1B (employers only) 13.8%Class 2 (self-employed) £3.05 per week (small earnings exemption) £6,475Class 3 (voluntary) £15.30 per weekClass 4 (self-employed) 0% on profits up to £9,500 9% on profits from £9,501 to £50,000 2% on profits above £50,000 pa

Tax Rates for 2020/21 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 £1,073,100.

What the stats tell you>|

Understanding the statisticsINVESTMENT FUND PERFORMANCE INFORMATION, SUCH AS THAT LISTED IN WHAT INVESTMENT, CAN BE VERY USEFUL. HOWEVER, THE CHALLENGE IS TO MAKE SURE THAT YOU UNDERSTAND THIS INFORMATION AND USE IT TO MAKE INFORMED INVESTMENT DECISIONS. ALL DATA AS AT 31 MARCH 2020

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

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

Old Mutual Asia Pacific R GBP Acc 101 31 121 9 156 7 189 5 279 9 1.01 1.33Old Mutual Asian Equity Inc R GBP Acc 98 86 106 85 125 82 135 68 - - 0.94 -Old Mutual Invesco Perpt Asian U2 GBPAcc 101 38 117 25 160 4 - - - - - 1.30Old Mutual Pacific Equity R GBP Acc 96 95 106 87 123 86 145 48 - - 1.02 -Pictet-Asian Equities Ex Japan I USD 99 80 117 22 145 20 183 10 207 41 1.08 -Pictet-Pacific Ex Japan Index I GBP 101 40 104 94 127 75 129 71 - - 0.29 -Principal Asian Equity I Acc USD 100 65 117 24 137 38 157 34 229 23 1.74 -Robeco Asian Stars Equities F £ 99 78 112 50 - - - - - - 1.01 -Royal London Asia Pac ex Jpn Tracker Z 100 53 109 73 136 48 143 54 203 45 1.05 2.71Santander Pacific Basin (Ex Jpn) Eqs A 102 11 114 40 140 33 165 23 217 34 1.05 1.90Schroder Asian Alpha Plus Z Acc 100 57 119 18 155 8 174 17 332 1 0.96 0.86Schroder Asian Income Maximiser Z Acc 100 63 109 76 136 45 139 64 - - 0.96 6.96Schroder Asian Income Z Acc 100 52 111 62 140 34 152 39 328 2 0.95 3.67Schroder Instl Pacific I Acc 102 12 107 84 132 60 133 69 238 17 0.51 2.77Scottish Widows Pacific Growth A 100 69 111 65 133 57 144 50 190 50 1.65 1.39SLI Asian Pacific Growth Plat 1 Acc 98 89 112 52 132 63 159 29 228 24 - 1.15SLI Pacific Basin Trust 99 72 114 41 132 59 156 35 220 30 0.86 1.19Smith & Williamson Oriental Growth B 100 54 121 10 157 6 173 18 - - - 1.26SSgA Asia Pacific ex-Japan Eq Tracker 101 35 109 74 135 51 140 61 213 38 0.90 -Stewart Investors Asia Pacific B Acc GBP 101 30 109 75 134 54 168 20 310 3 1.04 1.02T. Rowe Price Asian ex-Japan Eq Q GBP 99 81 113 48 137 37 158 32 239 16 1.17 -T. Rowe Price Asian Opps Eq Q GBP 100 59 115 28 147 16 - - - - 1.17 -Templeton Asian Growth W(acc)GBP 96 97 107 82 123 87 127 74 199 48 1.34 -Threadneedle Asia Z Acc GBP 102 18 119 16 141 30 168 19 214 35 0.91 1.02Vanguard Pac ex-Jpn Stk Idx GBP Acc 101 33 104 93 127 76 128 72 - - 0.30 4.23Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55Waverton Asia Pacific A USD 99 82 108 80 135 50 147 44 221 28 1.51 0.81Average/Total 100 100 113 100 137 94 156 80 230 59 1.14 1.82

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 101 6 110 7 130 7 139 7 228 5 - 0.75Baillie Gifford Developed As Pac B Acc 108 1 118 1 152 2 181 2 240 3 0.73 0.89GAM Star Asia-Pacific Eq Instl EUR Acc 101 4 112 6 134 6 153 6 171 6 1.76 -IP Pacific Z Acc 102 2 117 3 150 4 185 1 296 1 - 1.06JPM Pacific Equity A (dist) GBP 99 7 114 4 151 3 172 3 228 4 1.80 0.04Matthews Asia Funds Asia Dividend I GBP 101 5 113 5 144 5 160 5 - - 1.22 -Smith & Williamson Far Eastern Inc&Gr B 102 3 118 2 158 1 170 4 278 2 - 1.98Average/Total 102 7 114 7 146 7 166 7 240 6 1.38 0.94

(IA) CHINA/GREATER CHINAAberdeen Global Chinese Eq X Acc GBP 104 7 113 36 129 24 139 34 211 11 1.24 -Allianz China Equity RT GBP 102 18 120 29 121 31 184 21 - - - -Baillie Gifford Greater China B Acc 98 36 126 9 164 1 227 3 - - 1.13 0.73Barings China Select I GBP Inc 97 37 111 37 121 30 169 30 198 16 1.44 0.01Barings Hong Kong China I GBP Acc 101 23 121 25 126 27 183 22 200 14 1.23 -Fidelity China Consumer W Acc 102 20 123 18 141 13 220 5 - - - 0.45Fidelity China Focus Y-Dis-GBP 104 9 123 19 135 18 219 6 - - 1.06 1.10First State All China B Acc USD 106 3 125 11 - - - - - - - 0.49First State Greater China Gr B Acc GBP 102 16 120 27 141 14 182 24 318 1 1.06 1.07GAM Multistock China Evolution Eq USD B 99 30 120 28 142 12 - - - - 1.92 -GAM Star China Equity Instl GBP Acc 102 19 118 31 117 33 183 23 - - 1.04 -GS China Opportunity Equity R Inc GBP 101 24 125 10 130 22 197 13 - - 1.15 0.65Guinness Best of China X GBP Acc 100 26 117 33 - - - - - - 1.24 -HSBC Chinese Equity Retail Acc 100 29 123 17 121 29 176 25 182 19 1.78 0.20HSBC GIF Chinese Equity AD 99 35 123 15 123 28 186 19 195 17 1.91 0.34Invesco PRC Equity A USD AD 100 28 126 7 136 16 185 20 220 9 2.22 -IP HK & China Z Acc 101 22 123 20 139 15 200 11 272 4 - 0.92Janus Henderson China Opps I Acc 103 12 127 6 151 4 228 2 268 5 1.09 0.85Janus Henderson Hrzn China A2 USD 101 21 124 13 143 11 219 7 308 2 1.95 -JPM Greater China A (dist) USD 99 33 122 22 136 17 187 18 252 7 1.78 0.13JPM Hong Kong A (dist) USD 102 17 119 30 127 26 169 29 210 12 1.80 0.94Jupiter China I Acc 99 32 118 32 117 32 171 27 194 18 1.02 1.07Legg Mason IF MC China X Acc £ 104 4 126 8 147 7 192 15 - - - 0.24Legg Mason MC Greater China A USD Dis(A) 101 25 121 24 146 9 191 16 215 10 1.60 -Matthews As Funds China Sm Coms I Acc 106 2 131 3 152 2 219 8 - - 1.71 -Matthews Asia Funds China Div I USD Acc 103 15 120 26 144 10 199 12 - - 1.50 -Matthews Asia Funds China I GBP 107 1 134 2 146 8 188 17 - - 1.50 -Neptune China C Acc GBP 104 5 124 12 130 21 170 28 204 13 - 0.84Neuberger Berman China Eq USD A Acc 104 10 135 1 151 3 237 1 - - 2.11 -New Capital China Equity GBP Ord Acc 99 31 116 34 89 35 151 33 - - 1.30 -Nomura Fds China I USD 100 27 116 35 115 34 165 31 179 20 1.59 -Old Mutual Henderson China Opps U2 £ Acc 104 8 127 5 148 6 222 4 - - - 0.70© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Unit Trusts 1

Unit Trusts

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

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

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

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 78 - 82 - 88 - 103 - 147 - - -FTSE All ShareTest 78 - 82 - 88 - 103 - 154 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAB Asia Ex-Japan Eq I GBP Acc 88 34 85 72 92 66 - - - - 1.22 -Allianz Total Return Asian Equity C Inc 95 4 99 7 110 17 125 41 196 14 1.24 1.71Alquity Asia USD Y 77 97 74 102 79 98 - - - - - -AS SICAV I Asia Pac Eq X Acc GBP 87 39 92 30 101 36 119 53 162 37 1.27 -AS SICAV I Asn Smllr Coms X Acc GBP 79 94 83 83 85 90 100 89 165 35 1.41 -ASI (SLI) Asian Pacific Grth Eq P1 Acc 88 37 93 28 102 34 127 37 184 24 - 1.74ASI Asia Pacific Equity Enh Index B Acc 86 50 88 52 97 49 - - - - - 3.39ASI Asia Pacific Equity I Acc 87 44 92 32 101 35 119 51 166 34 1.12 1.26AXA Rosenberg Asia Pacific ex Japan Z 86 52 86 70 92 69 113 67 154 42 1.09 2.57Baillie Gifford Pacific B Acc 93 7 99 4 121 3 144 12 244 1 0.79 0.61Barings ASEAN Frontiers I GBP Acc 71 103 77 100 86 85 99 90 151 47 1.00 -Barings Eastern I GBP Inc 90 21 96 11 110 18 140 17 195 15 1.02 2.16BGF Asian Dragon D2 88 31 90 41 102 33 131 31 189 20 1.10 -BlackRock Asia D Acc GBP 89 25 92 33 103 28 132 30 - - - 1.05BlackRock Asia Special Situations D Acc 88 29 91 38 96 54 129 32 - - - 1.15BMO Asia Pacific Equity 2 Acc 81 82 84 76 98 46 127 39 152 46 1.10 1.46BNY Mellon Asian Income Instl W Acc 79 93 84 79 92 65 115 65 197 12 0.83 4.81BNY Mellon Oriental Inst W Acc 97 2 102 2 106 25 124 42 147 51 - 0.60Comgest Growth Asia Pac ex Jpn GBP U Acc 90 22 90 44 98 42 134 21 196 13 1.10 -Fidelity Asia Focus W-Acc-GBP 88 30 92 34 114 11 142 13 179 26 1.19 -Fidelity Asia Pacific Opps W GBP Acc 86 48 94 22 116 6 166 2 - - - 1.61Fidelity Asia W Acc 90 23 94 21 114 9 148 10 208 9 - 1.22Fidelity Asian Dividend W Inc 79 89 84 77 101 37 133 27 - - - 4.98Fidelity Asian Special Sits A-Dis-GBP 86 55 88 50 102 32 133 23 192 17 1.93 0.12Fidelity Emerging Asia W Acc 88 33 92 31 110 20 139 18 - - - 1.23Fidelity Emerging Asia W-Acc-GBP 83 68 86 71 105 26 129 33 - - 1.21 -Fidelity Index Pacific ex Japan P Acc 76 101 80 92 86 86 110 74 - - - 4.15Fidelity Instl Pacific ex Japan Acc 78 95 82 87 85 91 108 80 148 50 0.90 2.63Fidelity Instl South East Asia Acc 88 35 91 36 104 27 133 24 185 23 0.94 2.24First State Asia All-Cap B Acc GBP 84 62 87 56 96 53 - - - - - 1.27First State Asia Focus B Acc GBP 87 38 93 27 111 15 141 14 218 6 - 1.34GAM Multistock Asia Focus Equity USD B 98 1 99 6 113 14 150 7 - - 2.02 -GAM Star Asian Equity Instl GBP Acc 93 9 98 8 100 39 120 49 136 60 1.32 0.79GlobalAccess Asia Pac (exJpn) M Acc GBP 83 69 79 98 92 68 103 86 - - - 1.90GS Asia Equity R Acc USD 92 11 96 12 113 12 144 11 192 18 1.06 -Guinness Asian Equity Income Y GBP Inc 80 86 82 86 92 67 121 47 - - 0.99 5.19Guinness Best of Asia Y GBP Acc 85 58 84 81 - - - - - - 0.99 -Halifax Far Eastern C 85 57 87 57 95 56 119 52 154 44 1.57 1.95Hermes Asia ex-Japan Equity F GBP Acc 83 67 82 90 93 64 127 40 - - 0.85 -HSBC Pacific Index Accumulation C 81 78 86 62 91 70 117 59 155 40 0.31 3.50Invesco Asia Consumer Demand A USD SD 97 3 95 15 110 19 129 35 175 29 2.02 0.07Invesco Asian Equity Inc UK Z Acc 80 88 83 84 88 81 110 72 - - - 4.93Invesco Asian UK Z Acc 82 74 84 82 94 61 133 28 194 16 - 2.21Investec As Pacific Franchise I AccGBP 94 6 103 1 122 2 150 6 239 2 1.00 1.23iShares Pacific ex Jpn Eq Idx (UK) D Acc 81 80 86 66 91 71 118 57 - - 0.19 3.88Janus Henderson Asian Div Inc UT I Acc 81 84 86 65 96 52 119 54 171 32 1.11 7.77Janus Henderson AsiaPac Cptl Gr I Acc 87 47 91 37 103 29 128 36 173 30 1.08 1.60Janus Henderson Instl APexJpn IdOpp IAcc 82 71 87 58 91 72 118 56 154 43 0.83 3.35JOHCM Asia ex-Japan A GBP Inc 89 27 95 14 90 77 112 69 - - 1.01 1.00JOHCM Asia ex-Japan Sm & Md-Cp A £ I 84 63 91 35 83 96 102 87 - - 1.21 1.79JPM Asia Growth C Net Acc 93 10 99 5 126 1 166 1 213 7 0.93 0.97Jupiter Asia Pac Inc L GBP Q Inc 82 70 88 54 94 60 110 73 150 49 1.72 4.70Jupiter Asian I Acc 84 66 86 67 86 87 107 82 146 52 - 0.87Jupiter Asian Income I GBP Acc 82 75 88 55 97 47 - - - - - 4.58L&G Asian Income I Acc 74 102 77 101 82 97 105 83 159 38 - 5.64L&G Pacific Index I Acc 81 79 86 63 91 74 118 58 157 39 0.38 3.98Legg Mason IF MC Asia Pac X Acc £ 86 56 88 51 98 45 127 38 176 27 - 1.66Legg Mason IF MC Asia Uncons A Acc £ 86 51 - - - - - - - - - -Legg Mason MC Asia L-T Uncons MGBPDis(A) 86 54 89 45 96 50 115 64 - - 1.20 1.58LF Canlife Asia Pacific C Acc 91 18 94 24 102 30 110 75 141 56 0.89 1.61Liontrust Asia Income I Inc 82 73 85 73 91 75 116 63 - - 1.25 5.90M&G Asian GBP I Acc 80 85 81 91 84 93 105 84 153 45 0.97 2.57Marlborough Far East Growth P Inc 84 65 87 61 89 80 124 44 130 61 - 2.19Matthews Asia-Asia EX JP Div I GBP Acc 89 26 95 16 115 7 - - - - 1.50 -Matthews Asia-Asia Sm Com I GBP Acc 85 59 93 29 98 43 111 70 - - 1.75 -Matthews Asia-Pac Tiger I GBP Acc 85 61 86 64 98 44 120 48 - - 1.10 -Merian Asia Pacific R GBP Acc 87 43 88 49 101 38 135 20 211 8 1.11 1.62Merian Asian Equity Income R GBP Acc 87 45 87 60 86 88 109 78 - - 1.18 -Merian Pacific Equity R GBP Acc 87 40 88 47 85 89 108 79 - - 1.20 -MFS Meridian Asia Ex-Japan W1 USD 88 36 90 43 102 31 133 29 176 28 1.00 -Mirabaud Equities Asia ex Japan A USD 92 12 88 53 99 41 118 55 138 58 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 84 64 82 88 90 79 89 91 - - 1.91 5.24Nomura Fds Asia ex Japan High Cnv I USD 91 16 97 9 114 10 148 9 - - 1.40 -Ostrum Pacific Rim Equity R/A USD 76 100 80 93 84 94 100 88 103 62 1.80 -Pictet-Asian Equities Ex Japan I USD 91 19 93 26 109 21 140 16 188 21 1.06 -Pictet-Pacific Ex Japan Index I GBP 76 99 80 95 87 84 109 77 - - 0.29 -Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 82 72 84 80 94 59 133 26 - - - 2.35


Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 87 46 94 19 107 24 129 34 - - - 1.47Quilter Investors Asia Pac U2 (GBP) Acc 87 42 88 48 - - - - - - - 1.98Robeco Asian Stars Equities F £ 85 60 85 74 90 78 - - - - 0.96 -Royal London Asia Pac ex Jpn Tracker Z 81 81 86 68 91 73 117 60 151 48 1.05 3.62Santander Pacific Basin (Ex Jpn) Eqs A 88 32 89 46 97 48 124 43 171 31 1.05 2.34Schroder Asian Alpha Plus Z Acc 90 20 90 42 108 23 141 15 226 4 0.96 1.44Schroder Asian Income Maximiser Z Acc 81 77 84 78 91 76 116 62 - - 0.96 8.73Schroder Asian Income Z Acc 81 76 85 75 94 57 122 46 200 11 0.95 4.89Schroder Institutional Pacific I Acc 79 90 86 69 95 55 120 50 171 33 0.51 3.74Scottish Widows Pacific Growth A 86 53 87 59 94 58 117 61 144 55 1.65 1.80SLI Pacific Basin Trust 86 49 90 39 100 40 123 45 164 36 0.86 2.05State Street Asia Pacific Ex-JPN Eq Trkr 79 92 82 89 87 83 112 68 145 53 0.90 -Stewart Investors Asia Pacific B Acc GBP 81 83 79 96 84 92 104 85 192 19 1.04 -SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 93 8 96 13 113 13 152 5 207 10 - 1.49T. Rowe Price Asian ex-Jap Eq Q GBP 92 13 96 10 111 16 136 19 188 22 0.92 -T. Rowe Price Asian Opp Eq CAccGBP 91 17 95 17 - - - - - - - -T. Rowe Price Asian Opp Eq Q GBP 91 15 95 18 116 5 149 8 - - 0.92 -Templeton Asian Growth W(acc)GBP 87 41 90 40 93 62 107 81 138 57 1.25 -Threadneedle Asia Z Acc GBP 88 28 94 23 109 22 133 25 180 25 0.91 1.78TT Asia-Pacific Equity H GBP 79 91 78 99 96 51 134 22 155 41 1.11 1.73Vanguard Pac ex-Jpn Stk Idx GBP Acc 76 98 80 94 87 82 109 76 145 54 0.30 5.04Veritas Asian A GBP 91 14 100 3 119 4 163 3 222 5 1.16 0.59Veritas Asian A GBP 91 14 100 3 119 4 163 3 222 5 1.16 0.59Vontobel mtx Sust AsLdrs ExJpn I USD 95 5 94 25 114 8 152 4 232 3 1.18 -VT Halo Global Asian Cnsmr B £ Net Acc 80 87 79 97 93 63 115 66 - - - 2.11Waverton Asia Pacific A USD 78 96 82 85 84 95 111 71 137 59 1.51 2.42Wellington Asian Opps N Uhdg GBP Acc 89 24 94 20 - - - - - - - -Average/Total 86 104 89 103 99 99 125 92 175 63 1.11 2.54

(IA) ASIA PACIFIC INCLUDING JAPANASI Asia Pacific and Japan Eq I Acc 89 3 96 3 103 4 123 6 176 5 - 1.16Baillie Gifford Developed As Pac B Acc 84 5 92 4 105 3 140 3 207 2 0.73 1.21Invesco Pacific UK Z Acc 84 6 88 6 98 5 131 4 190 4 - 2.00JPM Pacific Equity A (dist) GBP 90 2 98 2 115 1 155 1 205 3 1.80 0.04Matthews Asia-Asia Div I GBP Acc 86 4 89 5 96 6 126 5 - - 1.17 -SVS BambuBlack Asia Inc&Gr B 94 1 99 1 108 2 148 2 210 1 - 2.45Average/Total 88 6 94 6 104 6 137 6 198 5 1.23 1.37

(IA) CHINA/GREATER CHINAAllianz All China Equity WT GBP 107 2 113 2 - - - - - - 0.93 -Allianz China Equity RT GBP 101 8 99 18 113 23 134 26 171 15 1.38 -AS SICAV I Chinese Eq X Acc GBP 92 34 95 28 111 25 137 23 173 14 1.23 -ASI China A Share Equity I 94 30 - - - - - - - - - -Baillie Gifford China B Acc 102 7 106 5 130 7 175 2 237 5 1.13 0.81Barings Hong Kong China I GBP Acc 101 10 103 9 122 12 145 17 168 18 1.00 -Comgest Growth China GBP U Acc 94 28 92 30 109 29 148 15 213 9 - -Fidelity China Consumer W Acc 95 27 98 19 123 10 154 12 - - - 0.58Fidelity China Focus Y-Dis-GBP 93 32 88 33 110 28 140 21 195 11 1.06 2.18First State All China B Acc USD 100 12 109 4 137 2 - - - - - 0.51First State Greater China Gr B Acc GBP 93 31 99 16 122 13 152 13 254 2 1.06 -GAM Multistock China Evolution Eq USD B 107 3 102 10 117 18 161 8 - - 1.90 -GAM Star China Equity Instl GBP Acc 99 15 99 14 110 27 127 28 - - 1.04 0.70GS China Opportunity Equity R Inc GBP 96 25 97 21 122 15 141 19 183 13 1.15 0.75Guinness Best of China X GBP Acc 95 26 94 29 103 32 - - - - 1.24 -HSBC GIF Chinese Equity AD 99 16 99 15 116 20 134 25 169 17 1.90 0.33Invesco China Equity Fund UK Z Acc 99 14 103 7 131 6 166 4 241 3 - 1.03Janus Henderson China Opps I Acc 96 21 97 24 119 16 154 11 214 8 1.09 1.02Janus Henderson Hrzn China A2 USD 96 23 96 27 111 26 141 20 171 16 1.93 -JPM Greater China A (dist) USD 104 4 112 3 137 3 164 6 239 4 1.78 0.07Jupiter China I Acc 88 35 83 34 91 33 104 30 118 22 1.02 1.38Liontrust China C Acc GBP 100 11 99 13 114 22 136 24 163 19 - 1.29Matthews As-China Sm Com I USD Acc 121 1 132 1 161 1 219 1 - - 1.75 -Matthews Asia-China Div I USD Acc 92 33 91 32 116 21 159 9 - - 1.50 -Matthews Asia-China I GBP Acc 103 5 104 6 134 4 165 5 - - 1.25 -Merian China Equity U1 GBP Acc 98 17 97 23 117 19 143 18 - - 1.13 -Neuberger Berman China Eq USD A Acc 98 18 100 12 131 5 163 7 258 1 2.03 -New Capital China Equity GBP Ord Acc 102 6 97 25 105 31 94 31 - - 1.26 -Nomura Fds China I USD 96 22 98 20 109 30 123 29 152 21 1.59 -Pictet-Greater China I GBP 100 13 103 8 129 8 154 10 212 10 1.04 -Quilter Investors China Eq U2 (GBP) Acc 96 24 97 22 118 17 150 14 - - - 1.02Schroder ISF Greater China C Acc USD 97 20 99 17 125 9 166 3 229 6 1.31 -SLI China Equities A Acc GBP 94 29 92 31 112 24 128 27 184 12 2.06 -Templeton China W(acc)GBP 98 19 97 26 122 14 146 16 162 20 1.40 -© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Unit Trusts 1

Unit Trusts

What InvestmentSUBSCRIBE FOR £39.99* – GET 12 ISSUES FOR THE PRICE OF 10



>|Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val RnkFUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD

£ £ £ £ £ % %Threadneedle China Opps Z Acc GBP 101 9 102 11 123 11 139 22 220 7 1.46 1.02Average/Total 98 35 100 34 120 33 147 31 197 22 1.38 0.91

(IA) EUROPE EXCLUDING UK7IM European Equity Value C Inc 79 101 84 103 93 69 - - - - - 4.50AB Eurozone Eq Ptf I EUR Acc 73 113 79 113 86 92 116 48 - - 1.03 -Allianz Continental European C Acc 93 9 102 12 110 14 142 7 230 6 0.97 0.76Allianz European Equity Income C Inc 76 111 80 110 84 95 99 83 138 69 - 6.23Artemis European Growth I Acc 73 117 80 111 78 101 96 91 149 60 0.85 2.67Artemis European Opportunities I Acc 82 76 87 87 96 52 119 30 - - 1.63 2.16AS SICAV I Eurp Eq Ex UK X Acc GBP 91 13 102 13 122 5 141 9 195 15 0.94 -ASI Europe ex UK Equity I Acc 91 12 102 14 122 4 144 5 201 11 1.10 0.74ASI Europe ex UK Ethical Equity P1 Acc 87 26 97 22 101 29 122 25 164 41 - 1.55ASI Europe ex UK Growth Equity P1 Acc 88 23 96 24 99 35 118 38 176 29 - 1.76ASI Europe ex UK Income Equity P1 Acc 84 47 93 46 94 60 113 65 184 23 - 3.10ASI European Equity Enhanced Index B Acc 82 78 91 63 96 46 120 29 - - - 3.24ASI European Equity Tracker B Acc 83 64 92 50 - - - - - - - 3.15Aviva Investors Contnn Eurp Eq 2 GBP Acc 83 67 90 71 87 91 112 68 167 36 0.84 1.93AXA Framlington European Z GBP Acc 85 43 94 38 94 59 114 57 186 21 0.75 1.79AXA Rosenberg European Z 81 91 88 83 85 93 101 82 140 68 1.08 3.06AXAWF Fram Eurozone F Cap EUR 80 95 87 91 90 84 110 75 155 54 1.00 -Baillie Gifford European B Acc 98 2 108 1 115 9 155 3 263 3 0.75 0.78Barclays Europe (ex-UK) Alpha R Acc GBP 93 7 103 9 104 24 117 40 - - - 0.71Barings European Growth I GBP Inc 78 103 87 92 91 81 112 66 161 47 0.82 3.41BlackRock Continental Euro D Acc 93 10 104 6 118 7 142 6 229 7 0.92 0.65BlackRock Continental Eurp Inc D Acc 85 42 96 29 102 27 124 20 - - 1.10 4.46BlackRock European Dynamic D Acc 90 17 100 15 113 11 142 8 260 4 0.93 0.78BlackRock Systm Continen Euro D GBP Acc 83 70 90 73 95 55 115 52 - - - 2.96BMO Select European Equity 2 Acc 89 18 98 18 105 21 128 18 203 10 0.87 0.98BNY Mellon Continental European InstWAcc 85 45 93 42 103 25 124 21 - - - 1.84Castlefield B.E.S.T Sust Eurp Gen Inc 89 19 98 19 - - - - - - - 0.45Comeragh European Growth B EUR Acc 78 105 81 107 79 99 - - - - - -Comgest Growth Europe ex UK GBP U Acc 96 3 105 4 125 3 - - - - 1.10 -EdenTree Amity European B 78 104 85 100 85 94 108 78 161 48 0.92 3.50ES AllianceBernstein Eurp Ex UKEqIGBPAcc 76 110 82 106 - - - - - - - 2.41Fidelity European Opportunities W Acc 84 48 90 67 92 72 112 67 152 56 - 1.37Fidelity European W Acc 89 20 99 16 116 8 138 10 204 9 - 1.92Fidelity Index Europe ex UK P Acc 83 62 92 48 97 41 117 42 - - - 3.15FP Argonaut European Alpha R GBP Acc 86 32 94 39 93 70 98 85 160 49 - 1.34FP Argonaut European Income Opp R Acc 87 25 93 43 102 26 - - - - - 6.97FP Carmignac European Leaders A GBP Acc 95 4 - - - - - - - - - -GAM Star Continental Eurp Eq Instl £ Acc 87 27 95 37 92 74 117 43 178 28 1.06 1.28GlobalAccess Eurp ex-UK Alpha M Acc GBP 83 51 88 80 94 64 94 92 - - - 2.68Guinness European Equity Income Y £ Inc 78 106 87 95 - - - - - - 0.99 4.19Halifax European C 82 83 90 72 94 61 114 59 159 52 1.53 2.33Hermes Europe ex-UK Equity F GBP Acc 87 29 95 35 106 18 136 11 - - 0.89 -HL Multi-Manager European A Acc 83 53 93 45 100 31 123 22 - - - 0.85HSBC European Growth Accumulation C 78 107 85 101 83 96 98 84 128 72 - 3.16HSBC European Index Accumulation C 83 58 92 49 98 38 118 33 166 37 0.28 3.14HSBC GIF Euroland Equity AD 73 115 79 114 76 103 93 93 113 74 1.85 2.24Invesco European Equity Inc UK Z Acc 77 108 81 108 81 98 98 86 160 50 - 5.35Invesco European Equity UK Z Acc 73 114 77 116 77 102 97 88 149 61 - 4.33Invesco European Opps UK Z Acc 82 77 83 104 78 100 98 87 168 34 - 2.50Invesco Eurp ex UK Enh Idx UK Z Acc 82 72 91 65 93 66 - - - - - 3.18iShares Continen Eurp Eq Idx (UK) D Acc 83 69 92 52 97 42 118 37 - - 0.17 3.26Janus Henderson European Focus I Acc 85 44 95 32 98 36 118 36 218 8 - 1.50Janus Henderson European Gr I Acc 82 73 90 70 93 71 117 41 195 16 1.00 1.87Janus Henderson European Sel Opps I Acc 86 34 96 25 99 33 118 35 196 14 1.10 1.46Janus Henderson Instl Eurp Idx Opp I Acc 82 74 91 62 95 54 116 50 163 42 0.79 2.84JOHCM Continental European A GBP 81 85 88 82 91 78 111 72 179 27 0.84 2.49JPM Europe C Net Acc 80 93 89 76 93 68 114 56 171 31 0.93 2.52JPM Europe Dynamic (ex-UK) C Net Acc 80 96 87 93 88 90 111 69 181 26 0.93 2.33Jupiter European I Acc 91 16 103 11 129 2 159 2 298 2 1.04 0.56Jupiter European Income I Acc 81 87 88 84 89 87 108 79 150 59 - 4.19Jupiter European Special Sits I Acc 86 30 96 26 94 58 115 53 174 30 1.05 1.04L&G European Equity Income I Acc 77 109 81 109 - - - - - - - 4.92L&G European I Acc 92 11 97 20 95 56 114 58 167 35 - 0.65L&G European Index I Acc 83 71 92 56 97 44 117 45 163 44 0.31 3.21Lazard European Alpha C Acc 83 55 91 61 95 53 113 63 - - - 2.33Lazard European Equity C Acc GBP 84 49 92 47 96 49 116 49 - - 1.03 -Legg Mason IF MC Eurp Uncons X Acc £ 93 6 103 7 113 10 132 16 186 20 - 0.56LF Canlife European C Acc 83 60 91 64 94 65 114 60 152 58 - 1.45LF Lightman European R Acc 71 119 73 119 - - - - - - - 3.00LF Miton European Opportunities B Acc 94 5 107 3 137 1 - - - - - 0.57Liontrust European Growth I Inc 86 35 92 57 92 73 130 17 193 18 1.02 1.88Liontrust European Income Instl Acc 81 88 89 77 90 86 104 81 144 65 - 3.39Liontrust European Opports C Acc GBP 73 116 77 115 69 108 92 94 120 73 - 1.95Liontrust Eurp Enh Inc Instl Hdg Acc 82 75 87 88 90 83 91 95 - - - 3.33Liontrust Sust Fut Eurp Gr 2 Net Acc 93 8 104 5 106 17 134 12 197 12 0.79 1.36M&G European Index Tracker GBP A Acc 83 61 92 58 96 50 115 55 158 53 0.71 2.72M&G European Select GBP I Acc 82 79 87 86 92 75 109 76 149 62 0.93 1.90Man GLG Continental Eurp Gr Prf Acc C 99 1 107 2 119 6 171 1 304 1 1.06 0.49Man GLG Eurp Alpha Inc Profl Acc C 79 98 87 89 - - - - - - - 3.38Marlborough European Multi-Cap P Inc 81 84 89 75 90 85 151 4 194 17 - 2.46Merian European Equity ex UK R GBP Acc 82 80 89 74 83 97 96 89 142 67 0.93 1.98MFS Meridian Continen Eurp Eq WH1 GBP 88 21 94 40 110 16 117 39 - - 1.01 -MGTS AFH DA European Equity I GBP Acc 80 94 83 105 - - - - - - - 3.19MI Chelverton European Select B Acc 80 92 90 66 - - - - - - - 2.86Montanaro European Income £ Inc 82 82 87 85 100 32 - - - - 0.85 3.41OYSTER Continental Eurp Inc R GBP D 76 112 80 112 - - - - - - - 3.52OYSTER Continental Eurp Sel R GBP D 83 56 86 98 75 105 104 80 - - 1.28 2.08Polar Cptl Eurp Ex UK Inc I GBP Acc 79 99 85 99 91 79 - - - - 0.78 -Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 91 14 103 8 112 12 133 13 - - - 1.13Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 85 39 96 27 99 34 118 34 - - - 1.94Robeco QI Continental Eurp Cnsrv Eqs F £ 83 63 92 51 102 28 - - - - 0.67 -Royal London Europe ex UK Tracker Z Acc 83 68 92 54 97 45 117 46 - - - 3.01Royal London European Growth 85 41 96 28 110 15 132 15 168 32 1.57 0.26Royal London European Growth M Acc 86 38 95 34 98 37 116 47 163 43 0.70 1.97Royal London European Opps M Acc 86 33 94 40 96 51 113 64 152 57 - 1.13Russell Inv Continental Eurp Eq I 81 90 87 94 88 89 114 61 166 38 0.93 2.67RWC Continental European Eq R GBP Acc 86 31 95 33 - - - - - - - -Santander Europe (Excluding UK) Eqs A 81 86 89 79 91 80 110 74 155 55 1.04 2.53Schroder European Alpha Income Z Acc 69 121 71 120 70 107 90 96 - - 0.92 4.67Schroder European Alpha Plus Z Acc 72 118 74 118 75 104 96 90 132 70 0.92 3.31Schroder European Recovery Z Acc 68 122 74 117 74 106 87 97 128 71 0.85 5.01


Schroder European Z GBP Acc 83 57 93 44 92 76 117 44 186 22 0.77 1.72Scottish Widows European Gr A 82 81 90 69 94 62 111 71 145 64 1.63 1.86Scottish Widows Eurp Sel Gr A 79 102 89 78 105 22 121 26 159 51 1.63 -SLI European Trust 87 24 96 30 96 48 115 51 165 40 0.86 1.99SLI European Trust II Ret Acc 86 36 95 36 95 57 111 73 162 45 1.77 1.67Smith & Williamson European Equity B 88 22 98 17 100 30 115 54 182 25 0.87 1.21State Street Europe ex UK Equity Tracker 83 52 92 53 97 40 119 32 162 46 0.90 -SVM Continental Europe Instl 84 46 91 60 97 43 121 27 196 13 1.23 1.45T. Rowe Price Cont Eurp Eq CAccGBP 86 37 96 23 105 20 - - - - - -T. Rowe Price Cont Eurp Eq Q GBP 85 40 95 31 104 23 126 19 - - 0.82 -Threadneedle European Sel Z Acc GBP 91 15 103 10 112 13 133 14 246 5 0.82 0.97Threadneedle European Z Acc GBP 87 28 97 21 105 19 122 23 183 24 - 1.33TM CRUX European I GBP Acc 83 65 91 59 93 67 - - - - - 1.98TM CRUX European Opportunities A Acc 84 50 90 68 92 77 109 77 - - - 2.87TM CRUX European Special Sit A Acc GBP 79 97 87 90 89 88 113 62 190 19 - 1.16TM Stonehage European All Cap Eq B Inc 70 120 70 121 65 109 86 98 146 63 1.97 -TT Europe Ex-UK Equity H GBP Acc 83 59 88 81 54 110 62 99 - - 0.76 1.38Vanguard Eurozone Stock Idx Ins EUR Acc 79 100 87 96 90 82 111 70 144 66 0.30 -Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 83 54 92 55 98 39 119 31 165 39 0.25 3.28Waverton European Capital Gr R GBP Inc 83 66 87 97 96 47 120 28 - - - 0.72Waverton European Dividend Gr L GBP Inc 81 89 84 102 94 63 122 24 168 33 - 3.67Average/Total 83 122 91 121 96 110 116 99 175 74 0.97 2.36

(IA) EUROPE INCLUDING UKAB European Eq Ptf I Acc 76 45 80 45 85 38 111 26 145 30 1.01 -Allianz Europe Equity Gr Sel RT GBP 93 4 101 7 105 13 128 13 - - 1.05 -Allianz Europe Equity Growth P GBP 92 8 99 11 105 12 132 10 239 7 0.95 0.63BGF European Value D2 81 36 85 38 79 43 97 39 159 24 1.06 -Candriam Quant Equities Europe C Acc EUR 81 37 86 36 89 33 108 28 139 32 1.91 -Capital Group Eurp Gr&Inc (LUX) Bh USD 80 39 88 31 89 34 - - - - 1.74 -Comgest Gr Europe Opps EUR I Acc 92 6 100 9 119 7 170 3 296 2 1.08 -Comgest Growth Europe EUR I Acc 94 3 105 2 123 5 154 5 264 5 1.05 -Comgest Growth Eurp Smlr Coms EUR I Acc 92 7 99 10 134 1 189 1 346 1 1.09 -Fidelity Eurpn Dynamic Gr W-Acc-GBP 93 5 103 5 129 2 172 2 265 4 1.16 -GAM Star (Lux) - European Momentum IAcc 79 42 86 37 93 29 117 20 191 13 1.40 -GAM Star European Equity Instl EUR Acc 88 13 95 13 97 24 119 17 182 16 1.70 1.78GS Europe CORE® Equity R Inc GBP 80 41 84 40 90 32 120 16 162 23 0.64 3.30Hermes European Alpha Equity F GBP Acc 85 22 94 16 93 30 115 21 179 17 0.86 -IFSL Trade Union Unit Trust 90 9 100 8 114 8 127 14 163 22 1.10 0.73JOHCM European Concentrated Value B EUR 75 47 76 46 79 44 - - - - - 1.36JOHCM European Select Val A GBP 75 46 76 47 74 47 97 41 166 20 1.45 1.47JPM Europe Equity Plus A perf (dist) GBP 77 44 81 44 84 39 102 35 190 14 1.80 1.73JPM Europe Strategic Growth A (dist) GBP 84 25 93 20 104 14 134 8 238 8 1.80 0.32JPM Europe Strategic Value A (dist) GBP 69 49 71 50 70 48 86 44 112 36 1.80 4.49Jupiter European Growth D GBP Acc 90 10 103 4 123 4 155 4 271 3 0.95 -Jupiter European Opps D EUR Acc 86 15 94 17 95 25 113 23 171 19 0.95 -Lazard European Alt C Acc EUR 99 1 101 6 103 16 - - - - 1.62 -Legg Mason QS MV Eurp Eq G&I A EUR DisA 81 35 84 41 86 36 102 31 138 33 1.92 3.54LO Funds Europe High Convc EUR NA 88 12 94 15 103 17 130 11 206 11 1.00 -M&G Pan European Select GBP I Acc 82 29 87 33 97 23 118 18 156 26 0.92 2.09Merian European Equity U1 GBP Acc 81 38 86 35 82 41 90 43 - - 1.13 -MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP 82 33 87 32 95 26 103 30 - - 0.75 -MFS Meridian European Core Eq W1 GBP 82 30 92 23 106 10 - - - - 1.00 -MFS Meridian European Research WH1 GBP 86 16 93 18 106 11 110 27 - - 1.01 -MFS Meridian European Value W1 GBP 87 14 96 12 113 9 142 7 228 9 1.16 -New Capital Dynamic Eurp Eq GBP Ord Inc 85 19 90 28 98 21 102 33 - - 1.26 3.07Overstone UCITS EAFE Eq A USD 80 40 82 43 84 40 102 34 132 34 - 2.43OYSTER European Selection R EUR 84 26 84 39 76 46 97 40 - - 1.50 -Pictet-European Equity Sel I EUR 69 50 74 48 76 45 98 37 117 35 0.91 -Pictet-European Sustainable Eqs P dy EUR 84 24 92 22 99 19 118 19 165 21 1.18 2.21Principal European Equity I Acc USD 86 17 93 21 104 15 125 15 191 12 0.98 -RWC European Equity R GBP Acc 83 27 90 27 - - - - - - - -Schroder ISF Eurp Eq Yld Z Acc EUR 72 48 73 49 81 42 96 42 140 31 1.08 -Seilern Europa EUR U R (Founders) 95 2 107 1 124 3 143 6 262 6 - -SLI European Equity Uncons D Acc EUR 85 23 92 25 88 35 100 36 146 29 0.99 -SLI Pan-European Trust 83 28 90 26 92 31 107 29 155 27 0.78 2.35SVM All Europe SRI B Acc 78 43 82 42 86 37 102 32 178 18 1.23 2.31T. Rowe Price Eurp Eq Q EUR 85 20 94 14 101 18 114 22 184 15 0.81 -Threadneedle Pan Eurp Focus Z Acc GBP 89 11 104 3 122 6 133 9 228 10 0.92 0.64Vanguard European Stock Idx Ins EUR Acc 82 32 89 30 94 27 113 24 157 25 0.30 -Vanguard SRI European Stock GBP Acc 82 31 89 29 93 28 111 25 - - 0.35 3.84Virgin Climate Change 86 18 87 34 98 22 97 38 153 28 1.96 -Wellington Focused European Eq N GBP Acc 81 34 92 24 - - - - - - - -Wellington Strategic Eurp Eq N GBP Acc 85 21 93 19 98 20 129 12 - - 1.10 -Average/Total 84 50 90 50 97 48 119 44 189 36 1.16 2.13

(IA) EUROPEAN SMALLER COMPANIESASI Europe ex UK Smaller Comp P1 Acc 84 7 88 8 99 6 142 5 263 4 - 1.47ASI European Smaller Cos I Acc 87 1 93 2 114 1 144 3 212 9 - 0.94Barings Europe Select I GBP Inc 82 10 90 5 99 5 140 6 247 5 0.81 1.77BMO European Smaller Coms R Acc EUR 80 16 81 20 84 19 98 17 212 10 1.20 -BNY Mellon Small Cap Euroland GBP W Acc 78 18 85 14 90 14 - - - - 0.93 2.32Carmignac Pf Euro-Entrprs W GBP Acc 75 23 82 19 91 12 - - - - 2.71 -Invesco European Smlr Coms UK Z Acc 74 25 75 25 73 23 96 18 156 16 - 1.38Janus Henderson European Smr Coms I Acc 79 17 85 16 95 7 143 4 233 7 1.08 1.69JPM Europe Dynamic Sm Cp A perf(dist)EUR 78 19 84 17 89 16 123 10 234 6 2.28 0.85JPM Europe Small Cap A (dist) GBP 74 24 80 23 82 20 111 14 191 14 1.80 1.38JPM Europe Smaller Companies C Acc 81 15 86 11 92 11 135 9 198 13 0.93 1.73Lazard European Smaller Coms C Acc 81 14 85 13 91 13 122 12 - - - 1.94Lazard Pan-European Small Cap C Acc EUR 81 13 85 15 84 18 - - - - 0.95 -M&G Pan Eurp Sel Smllr Coms GBP I Acc 77 20 79 24 74 22 106 16 159 15 0.93 1.77Merian Europe ExUK Smlr Coms R GBP Acc 76 22 80 22 74 21 110 15 - - 0.92 -MFS Meridian European Smlr Coms W1 EUR 84 8 90 6 104 4 139 7 279 3 1.21 -Mirabaud - Discovery Europe D GBP Acc 83 9 87 10 89 15 - - - - 1.05 -Mirabaud-Discovery Eur ex UK D GBP Acc 85 4 92 4 92 9 - - - - 1.05 -Pictet-Small Cap Europe I GBP 82 12 86 12 92 10 123 11 211 11 1.11 -Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc 76 21 80 21 - - - - - - - 2.13Schroder European Sm Cos Z Acc 82 11 82 18 88 17 118 13 201 12 0.94 2.06SLI European Smaller Coms D Acc EUR 86 3 89 7 108 2 150 1 294 1 0.97 -T. Rowe Price Eurp Smlr Cm Eq Q GBP 85 5 87 9 95 8 136 8 232 8 1.12 -Threadneedle Eurp Smlr Coms Z Acc GBP 85 6 92 3 105 3 150 2 281 2 1.05 0.91Wellington Pan Eurp Sm Cp Eq N GBP AccUh 86 2 94 1 - - - - - - - -Average/Total 81 25 85 25 91 23 127 18 225 16 1.21 1.60

(IA) FLEXIBLE INVESTMENT7IM AAP Adventurous C Acc 84 114 89 118 95 77 105 88 153 47 0.61 2.02

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


7IM Adventurous C Acc 84 123 87 129 90 108 100 102 152 51 1.58 1.05AB Em Mkts Mlt-Asst I GBP H Acc 83 131 81 150 82 127 93 114 - - 1.05 -ACUMEN Portfolio 6 Acc 86 88 90 98 96 71 - - - - - 0.04AHFM Defined Returns B GBP Acc 85 102 88 125 100 42 117 43 - - - -Allianz Global Fdmtl Strat RT2 H GBP 97 10 101 18 96 70 105 87 - - 0.83 -Architas MA Active Dynamic A Acc 84 120 91 84 94 81 116 48 168 31 1.71 0.92Architas MA Active Growth A Acc 82 135 89 115 94 79 115 52 170 24 - 0.94Artemis Strategic Assets I Acc 84 124 83 147 77 128 84 117 111 73 0.82 0.81ASC Acer Sterling Income 92 28 101 21 105 15 120 28 171 23 1.15 1.77ASC Bridge Income 92 26 101 20 104 16 121 24 179 19 0.83 1.66ASC Merlin Income 92 27 101 19 103 23 119 33 173 21 1.21 1.62ASI Multi-Manager Equity Managed I Acc 81 139 89 123 93 95 110 71 157 43 - 1.38Aviva Investors Multi-Mgr Flexible 2£Acc 84 111 91 82 96 67 114 60 175 20 1.64 0.93Aviva Investors Sustainable Inc &Gr2£Acc 80 149 - - - - - - - - - -AXAWF Global Flexible Prpty F Cap USD 86 92 95 40 103 30 125 18 - - 0.93 -Baillie Gifford Multi Asset Income B Inc 89 43 96 35 - - - - - - - 4.49Barclays Wealth Global Mkts 5 R Acc GBP 86 80 93 63 103 26 120 30 - - 1.08 2.28BMO Managed Growth 1 Acc 85 107 89 113 92 97 110 76 151 52 1.89 0.78BMO MM Navigator Growth C Acc 84 115 89 121 92 100 110 74 151 54 - 0.64BMO Multi-Manager Investment Trust C Acc 87 71 89 112 104 21 122 23 189 11 - 0.91BNY Mellon Mlt-Asst Growth Inst W Acc 85 98 92 70 101 37 121 25 192 9 - 1.75BNY Mellon Mlt-Asst Income Inst W Acc 83 125 88 126 92 98 113 65 - - - 4.92Capital Group EM Ttl Opps (LUX) Z 87 63 93 57 94 90 116 49 131 68 1.03 -Capital Group Global Allc (LUX) Z 93 18 102 13 111 9 143 2 - - 0.75 -Carmignac Patrimoine A EUR Acc 97 9 102 12 94 87 105 89 119 72 1.78 -Cavendish International B Inc 87 68 93 56 97 56 118 37 170 25 0.88 1.15Close Growth Portfolio X Acc 86 77 96 33 106 14 114 55 - - 0.95 1.22Close Managed Growth X Acc 87 55 94 52 102 32 117 41 - - 1.12 0.96Close Strategic Alpha X Acc 84 112 91 80 98 48 113 66 169 27 1.82 0.48Close Tactical Select Passive Gr X Acc 83 126 90 103 96 66 114 63 - - 0.66 2.20Courtiers Total Return Growth 86 89 90 105 98 51 120 32 188 14 2.01 0.27Credo Dynamic A Retail GBP Acc 83 128 88 124 - - - - - - - -Discovery Managed Growth B GBP Acc 85 106 91 92 95 74 111 68 155 45 - -DMS Kleinwort Hambros Growth A Acc 87 65 94 54 96 65 111 67 143 61 1.83 0.19DMS Sequel Growth Trgt Ret Strat B£Acc 78 157 79 155 83 125 93 115 - - - 4.13DMS Verbatim Multi-Index Portfolio 6 A 86 76 93 61 98 47 116 45 - - 0.80 2.66EF 8AM Focussed A Inc 89 44 92 75 94 80 110 73 - - 2.50 -EF 8AM Tactical Growth A Inc 89 45 93 58 101 34 117 42 128 70 1.97 1.89EF Brompton Global Opps B GBP Acc 86 78 92 68 94 83 114 61 - - 1.90 0.23EF Brunswick Growth Portfolio C Acc GBP 81 140 86 132 94 84 115 53 - - 2.47 -ES Share Centre Multi Manager Gr A Acc 84 113 90 94 98 55 119 36 153 48 3.00 0.59Family Investments Child Trust 81 144 85 141 87 119 100 100 138 64 1.47 2.26Fidelity MltAsst Open Adv W Acc 85 95 92 76 98 52 115 51 - - - -Fidelity Multi Asset Allctr Advtrs W Acc 87 74 94 45 100 40 119 34 - - - 1.54First State Diversified Gr B Acc GBP 94 15 100 22 97 60 - - - - - 1.55FP Mattioli Woods Adventurous E GBP Inc 84 116 89 116 - - - - - - - 0.34FP Mattioli Woods Cautious E GBP Inc 91 35 95 39 - - - - - - - 1.58FP Mattioli Woods Growth E GBP Inc 86 86 91 87 - - - - - - - 0.97Galatea Opportunity Instl GBP Acc 90 37 95 43 98 49 101 99 - - - 0.60HL Multi-Manager High Income A Acc 82 133 85 140 88 118 - - - - - 5.35HL Multi-Manager Strategic Assets A Acc 91 34 93 60 92 99 - - - - - 1.00IFML Vitality Dynamic Multi-Asset D 87 56 89 119 93 94 113 64 - - - 0.25IFML Vitality Multi-Asset Growth D 87 72 94 50 - - - - - - - 0.59IFSL Brooks Macdonald Strat Growth A GBP 83 129 88 127 97 59 111 70 - - 1.21 1.31IFSL Brunsdon Adventurous Gr C Acc 81 143 86 135 91 104 106 83 - - - 0.78IFSL Sanlam Growth A Inc 87 59 94 53 - - - - - - - 1.55Invesco Managed Growth UK Z Acc 78 154 81 149 82 126 104 91 161 37 - 1.95Investec Glb MA Ttl Ret I GBP Acc 88 54 90 108 94 89 114 58 188 12 0.85 0.67Janus Henderson Mlt-Mgr Active I Acc 87 62 92 72 97 57 116 50 157 44 - 0.99JPM Diversified Growth C Net Acc 88 53 91 78 98 46 120 27 192 8 0.93 1.69Jupiter Merlin Growth I Acc 86 79 94 49 103 24 123 22 190 10 1.81 0.49L&G Multi Manager Growth I Acc 83 130 89 122 95 78 108 79 127 71 1.73 1.43L&G Worldwide I Acc 85 109 90 100 93 91 110 72 159 39 0.82 2.10Lazard Diversified Return C Acc USD 95 14 103 10 103 29 - - - - 1.00 -LF Bentley Global Growth A Acc 85 104 91 91 90 109 101 98 - - 3.02 -LF Bentley Sterling Balanced Acc 92 23 96 31 95 76 98 107 131 67 2.30 0.32LF Canlife Portfolio VII C Acc 84 119 89 120 94 85 107 81 - - - 2.52LF Catalyst Trust Acc 92 30 102 14 116 6 139 4 214 5 0.94 1.27LF Cautela Retail Acc 86 85 91 89 90 110 92 116 - - - 0.74LF Havelock Global Select A GBX Acc 82 134 86 136 - - - - - - - 2.99LF IM Global Strategy A Acc 89 42 96 36 103 28 132 9 161 35 1.49 0.62LF Miton Worldwide Opportunities B Acc 79 151 80 152 89 114 114 56 161 36 1.58 1.12LF Odey Continental European I Acc 72 160 76 157 89 112 101 96 147 58 1.08 1.07LF Odey Opus I Acc 87 60 89 111 93 93 94 113 147 57 1.08 0.97LF Purisima EAFE Total Return PCG B nc 85 105 92 71 94 88 109 77 150 56 1.80 0.61LF Ruffer Equity & General C Acc 92 20 95 41 99 44 107 82 152 50 - 0.55LF Ruffer Japanese C Acc 97 8 106 4 124 5 135 7 239 2 1.23 0.34LF Stewart Ivory Investment Markets Acc 85 103 90 104 97 58 116 46 183 18 1.16 3.16LF Waverton Portfolio B Inc 92 24 99 23 110 12 129 12 193 7 1.85 1.28Liontrust Global Alpha C Acc GBP 98 6 101 17 129 3 134 8 232 3 0.72 -LionTst Sust Fut Mgd Gr 2 Net Acc 96 11 104 9 129 2 156 1 254 1 0.85 0.26LO Funds All Roads EUR NA 97 7 104 8 113 8 137 5 - - 0.71 -M&G Managed Growth GBP I Acc 82 136 86 133 92 102 118 39 139 63 1.04 1.31Man Stockmarket Managed Profl Acc C 85 100 89 114 96 72 106 84 158 42 0.93 2.13Margetts Opes Income R GBP Acc 82 138 86 134 88 117 99 104 144 60 0.90 3.84Margetts Venture Strategy R GBP Acc 84 110 90 101 95 75 117 40 163 34 0.93 1.19MFS Meridian Diversified Income WH1 GBP 87 67 91 81 97 62 98 109 - - 1.03 -MFS Meridian Global Total Ret WH1 GBP 88 49 92 74 97 63 98 108 - - 1.19 -MFS Meridian Prudent Capital W1 GBP 102 2 111 1 125 4 - - - - 1.00 -MGTS Clarion Explorer Portfolio R Acc 85 101 91 86 98 50 120 31 160 38 1.33 0.47MGTS Frontier Adventurous R Acc 85 108 90 99 94 86 114 59 - - 1.60 0.59MI Charles Stanley Multi Asst5 Adv A£Acc 87 73 92 65 - - - - - - - 1.66MI Diversified Strategy C Acc 86 83 90 95 97 61 - - - - - 0.84MI Hawksmoor Global Opps D GBP Acc 82 137 85 139 - - - - - - - 1.58MI Momentum Focus 3 A Acc 90 38 92 77 91 106 101 97 - - 3.22 -MI Momentum Focus 4 A Acc 84 118 87 131 88 115 100 101 - - - 2.11MI Momentum Focus 5 A Acc 81 146 84 144 86 123 100 103 - - - 2.62MI Thameside Diversified Glb Mgrs A Acc 89 40 92 73 93 96 106 85 146 59 1.75 0.18Neuberger Bm Uncrltd Strats GBP I Acc 102 1 105 7 - - - - - - 1.06 -New Capital Strat Port UCITS USD InstAcc 92 29 99 24 111 11 135 6 - - 1.24 -Newgate GBP Inc 87 57 94 46 99 43 115 54 159 40 1.34 0.15Newton SRI for Charities GBP Inc 87 61 95 42 104 19 121 26 - - 0.83 2.96NFU Mutual Mixed Portfolio Max100% C 80 147 84 142 - - - - - - - 2.80Nomura Fds Diversified Growth I GBP 101 3 107 3 111 10 - - - - 1.00 -Osprey Sterling Inc 88 52 96 32 102 31 125 16 222 4 1.14 1.05


PIMCO GIS Strategic Inc Inst USD Acc 89 48 96 37 - - - - - - - -Premier Diversified Dynamic Growth D Inc 91 33 96 38 - - - - - - - 1.73Premier Liberation No. VII Class C Acc 79 152 82 148 87 122 105 86 151 53 1.86 2.08Premier Multi Asset Global Gr C Inc 81 141 86 137 89 111 114 62 - - 1.98 1.17Pyrford Glbl Tot Ret(Sterling)B GBP Acc 96 12 97 27 98 53 - - - - - -Quilter Investors Cirilium Adventurous R 78 158 80 153 - - - - - - - 0.77Quilter Investors Cirilium Dynamic R 80 150 83 146 86 124 103 92 168 30 1.24 1.45RBS Managed Equity Growth 1 Acc 83 132 - - - - - - - - - -S&W ILEX Trust Acc 87 66 89 117 89 113 99 106 99 74 1.60 3.70S&W Starhunter Managed Acc 87 75 91 79 94 82 104 90 139 62 1.73 0.38Sanlam AI Global Managed Risk I GBP Acc 89 46 92 69 101 33 102 95 130 69 0.92 -Sarasin FoF Global Equity P Acc 85 94 91 90 96 68 110 75 - - 1.60 0.87Sarasin Global Equity Real Return P Acc 93 17 103 11 116 7 132 11 159 41 1.24 1.36Schroder Dynamic Multi Asset Z Acc 90 39 93 55 96 69 99 105 135 66 0.50 1.12Schroder MM Diversity Tactical Z Acc 84 122 87 130 87 120 98 110 - - 1.42 1.41Scottish Widows Opportunity A 81 145 87 128 91 105 109 78 168 28 2.00 0.76Sentinel Enterprise B Acc 92 25 105 5 130 1 140 3 172 22 - 0.49Smith & Williamson MM Global Invmt B 78 153 80 154 87 121 103 94 151 55 - 2.76SVS Brown Shipley Dynamic I Acc 87 70 92 66 100 41 114 57 152 49 2.08 1.97SVS Heritage Balanced A Acc 87 58 91 83 101 38 - - - - - -TB Elite Strategic A Accumulation 80 148 84 143 88 116 - - - - - 4.73TB Enigma Dynamic Growth B Acc GBP 88 51 94 48 - - - - - - - 0.26TB Wise Multi-Asset Growth B Acc 81 142 83 145 95 73 120 29 185 16 1.53 1.18TB Wise Multi-Asset Income B Inc 73 159 73 158 75 129 96 112 168 29 1.46 7.50The Norfolk Trust 92 21 101 15 104 20 127 13 188 13 0.93 1.75The Notts Trust 92 22 101 16 104 22 126 14 187 15 0.88 1.73Thesis Elfynn Trust Acc 89 47 97 28 103 25 124 19 - - - 0.91Thesis Palm 85 97 92 67 98 54 119 35 - - 1.33 0.73Thesis Thameside Managed 86 90 91 85 103 27 116 44 165 32 2.01 0.78Threadneedle Managed Eq Z Acc 90 36 97 30 104 18 124 20 185 17 - 1.33TM Balanced Growth Fund 86 87 90 106 92 103 103 93 138 65 2.07 1.55TM Cerno Select C Acc 96 13 98 26 99 45 108 80 - - - 0.94TM Fulcrum Diversified Growth C GBP 94 16 94 44 101 39 97 111 - - 1.48 -Trojan Ethical Fund O Acc 100 4 107 2 - - - - - - - 0.16Trojan O Inc 98 5 105 6 106 13 125 17 163 33 1.03 0.59Trojan Spectrum O Acc 86 81 94 47 101 36 126 15 169 26 1.49 0.68UBS Multi Asset Defensive Gr (GBP) C Acc 93 19 99 25 - - - - - - - 0.16Unicorn Mastertrust B 78 155 80 151 91 107 116 47 199 6 1.75 1.31VT AJ Bell Adventurous I Acc 86 84 93 64 - - - - - - - 1.99VT AJ Bell Global Growth I Acc 84 117 90 107 - - - - - - - 1.70VT Esprit Careful Growth GBP Acc 91 31 96 34 - - - - - - - 0.68VT Esprit Tactical Alpha Plus GBP Acc 86 82 90 102 - - - - - - - 0.60VT Esprit Tactical Balanced GBP Acc 87 64 93 59 - - - - - - - 1.24VT Esprit Tactical Growth GBP Acc 85 93 90 109 - - - - - - - 0.68VT Esprit Tactical Income GBP Inc 83 127 86 138 - - - - - - - 5.84VT Garraway Multi Asset Dyn I Acc 78 156 79 156 73 130 76 118 - - - 0.32VT Grosvenor Adventurous A GBP Acc 85 96 90 96 96 64 - - - - - 1.17VT PEF Global Multi-asset A GBP Acc 91 32 97 29 - - - - - - - 0.71VT Redlands Multi-Asset A GBP Acc 89 41 93 62 - - - - - - - 1.13VT Thistledown Income Z GBP Net Acc 87 69 90 97 92 101 118 38 - - - 2.12VT Ursus Arctos 1 Net GBP Inc 84 121 89 110 101 35 123 21 - - - 1.51WAY Flexible Global Growth Port Tr E Acc 85 99 91 88 93 92 111 69 155 46 - -Wellington Multi-Asset Ttl Ret Inc N£Acc 88 50 91 93 - - - - - - - -Zurich Horizon Multi-Asset V Z Acc 86 91 94 51 104 17 132 10 - - - 1.30Average/Total 87 160 92 158 97 130 113 118 164 74 1.39 1.46

(IA) GLOBALAB Global Core Eq I USD Acc 85 204 94 185 111 96 146 60 - - 0.97 -AB SICAV I Low Volatility Eq I GBP H Acc 84 228 88 255 103 153 - - - - 0.94 -AB Sustainable Glb Tmtc I USD 91 77 100 74 119 53 153 44 211 72 1.22 -ACUMEN Portfolio 7 Acc 84 233 88 263 - - - - - - - 0.13Allianz Best Styles Global AC Eq C Acc 83 244 91 227 96 219 - - - - - 2.36Allianz Best Styles Global Eq RT GBP 85 201 92 208 100 180 126 149 - - 0.80 -Allianz Global AC Eq Inigts W Acc GBP 89 100 100 79 107 118 142 72 - - - 1.01Allianz Global Small Cap Equity RT GBP 82 265 86 277 93 234 111 221 - - 1.18 -Ardevora Global Equity C GBP Acc 90 84 100 73 121 47 165 19 - - - -Ardevora Global Long Only Eq C GBP Acc 87 152 95 160 112 85 155 40 - - - -Artemis Global Growth I Acc 82 259 88 261 96 218 123 163 246 34 1.00 2.52Artemis Global Select I Acc 92 57 102 45 120 50 155 39 - - 1.17 0.76Artemis Instl Global Capital IN Acc 82 257 88 262 97 217 124 161 247 32 0.82 3.04AS SICAV I World Equity X Acc GBP 86 162 94 179 99 193 119 185 169 132 1.19 -ASC Falcon GBP Accumulation 90 88 100 70 103 155 120 178 191 100 1.55 0.79ASI Global Equity I Acc 87 138 95 148 101 175 122 170 174 127 1.13 0.94ASI Global Ethical Equity I Acc 86 178 93 195 101 172 120 181 157 146 1.12 0.91ASI Global Smaller Companies P1 Acc 82 268 88 266 107 117 150 48 - - - -ASI Global Uncons Eq P1 Acc 84 237 95 143 99 196 119 186 213 68 - 0.65ASI World Equity Enhanced Index B Acc 86 171 94 163 105 140 135 109 - - - 2.36Aviva Investors Glb Eq Uncons 2 GBP Acc 87 143 - - - - - - - - - -Aviva Investors Global Eq Endur 2 £ Acc 92 54 105 20 - - - - - - - 0.87Aviva Investors Intl Idx Tr 2 £ Acc 86 160 96 127 107 119 140 79 223 58 0.50 1.98AXA Framlington Global Thematics Z Inc 95 20 106 13 123 39 153 43 245 36 - 0.21AXA Rosenberg Global Z 84 226 91 219 100 185 129 137 201 85 1.06 1.86AXAWF Global Factors-Sust Eq F Cap EUR 85 197 97 122 - - - - - - 0.40 -Baillie Gifford Gbl Discovery B Acc 99 5 99 86 149 2 182 9 - - 0.88 -Baillie Gifford Global Alpha Gr B Acc 93 47 100 71 122 43 161 29 287 14 0.68 0.76Baillie Gifford Global Stewardship B Acc 98 8 102 47 130 15 - - - - - 0.30Baillie Gifford International B Acc 93 42 101 57 124 34 166 17 289 13 0.69 0.64Baillie Gifford L/T Glb Gr Invm B Inc 117 1 - - - - - - - - - -Baillie Gifford Positive Change B Acc 109 2 116 1 166 1 - - - - - 0.51Barclays Global Core R Acc GBP 86 168 94 177 106 132 138 93 - - - 0.52Barings Global Div Champions I GBP Acc 88 115 100 75 115 66 - - - - 0.85 -Barings Global Leaders A GBP Inc 89 110 96 126 105 135 128 143 182 113 1.95 -BlackRock Consensus 100 D Acc 85 191 94 178 103 150 132 121 - - 0.27 2.41BlackRock Global Equity D Acc 86 176 93 199 98 205 124 157 171 130 0.92 2.68BlackRock Global Equity D GBP Acc 82 269 89 252 97 210 121 176 - - 0.24 3.46BlackRock Overseas Equity I Acc GBP 87 148 97 115 109 105 145 63 241 38 0.24 1.86BMO Global Equity 4 Inc 83 256 91 221 101 170 132 122 236 44 0.03 2.68BMO MM Navigator Boutiques C Acc 82 262 89 246 95 225 118 191 179 120 - 0.32BMO Responsible Global Equity 2 Acc 91 80 102 50 121 46 156 36 255 24 0.80 0.73BMO Sustainable Opports Glb Eq 1 Acc 90 85 101 62 121 48 141 74 208 75 2.43 -BNY Mellon Global Equity Inst W Acc 89 104 99 92 111 91 140 81 225 56 - 1.27BNY Mellon Global Infras Inc Instl WAcc 69 326 78 309 - - - - - - - 8.14BNY Mellon Global Leaders GBP W Acc 92 60 101 64 120 51 - - - - 0.89 0.55BNY Mellon Global Opps Inst W Acc 86 161 97 118 108 108 141 76 233 46 - 1.45BNY Mellon Long-Term Global Eq Int W Acc 90 90 99 84 123 40 163 25 249 31 - 0.74



£ £ £ £ £ % %BNY Mellon Sus Global Eq Instl W Acc 91 62 106 12 - - - - - - - 1.68Brown Advisory Global Leaders C USD Acc 87 139 100 77 131 13 - - - - 0.75 -Candriam Quant Equities MF Glb C Acc EUR 79 295 84 290 88 253 115 206 175 125 2.03 -Capital Group New Pers (LUX) Z 89 96 98 99 118 59 155 38 265 20 0.87 -Carmignac Investissement A EUR Acc 93 40 98 101 98 202 107 230 140 154 2.02 -Carmignac Pf Invmt F GBP Acc Hdg 93 35 96 128 99 197 92 243 - - 1.16 -CCM Intelligent Wealth R Inc 89 107 90 237 - - - - - - - -Comgest Growth Global Flex I EUR Acc 93 43 101 66 - - - - - - 1.08 -Comgest Growth World GBP U Acc 92 58 101 59 136 9 169 15 269 18 0.95 -CQS New City Global Equity I GBP UnH 91 64 - - - - - - - - - -Credo Global Equity A Retail GBP Acc 83 241 93 193 - - - - - - - -Davy Discovery Equity M GBP Acc 80 290 84 287 97 216 - - - - - -Davy ESG Equity U GBP Acc 87 136 99 89 114 70 - - - - - -Davy Global Brands Equity M Acc 84 229 94 169 105 139 - - - - - -Denker Global Equity A GBP Acc 83 245 87 272 93 239 113 215 114 160 1.59 2.31Denker Global Financial A GBP 62 329 65 319 69 284 96 238 133 158 1.51 2.04Dimensional International Core Eq Acc 82 273 90 235 99 194 132 127 212 70 0.46 2.05Dimensional International Val Acc 73 319 80 303 82 274 108 227 162 144 0.57 3.02DMS Charteris Global Macro A Acc 77 303 84 288 83 272 98 237 - - - 3.28Dodge & Cox Worldwide Global Stk GBP Acc 75 312 81 300 84 267 113 213 189 104 0.65 -Dominion Global Trends - Managed GBP I 88 121 94 161 107 115 128 139 - - - -Dominion Global Trends Lxy Cnsmr GBP I 87 146 104 26 109 102 114 211 177 122 - -EdenTree Amity International B 84 213 93 194 96 220 116 204 162 143 0.83 1.88EF Brompton Global Equity B GBP Acc 86 180 94 175 100 182 128 140 - - 1.71 0.20EF WM Global Corp Autonomies I GBP Acc 83 248 92 211 102 162 136 105 - - - 1.67Electric & General Net Income A 93 48 103 38 118 56 161 28 - - - 1.36Equitile Resilience Feeder A GBP Acc 90 89 94 167 120 52 - - - - - -ES R&M Global High Alpha Fund B Acc 76 310 79 306 83 271 - - - - - 1.86ES R&M Global Recovery Fund B Inc 74 317 77 312 79 279 104 233 - - 1.25 1.59Fidelity Allocator World W Acc 83 239 92 212 103 157 132 125 - - - 1.73Fidelity Global Cnsmr Inds W-Acc-GBP 91 67 101 61 122 44 159 30 281 15 1.17 -Fidelity Global Financial Svcs W-Acc-GBP 79 298 87 267 92 245 121 174 177 123 1.16 -Fidelity Global Focus W Acc 86 177 99 94 114 72 152 47 252 29 - 0.29Fidelity Global Health Care W-Acc-GBP 96 12 104 24 127 25 143 69 296 11 1.17 -Fidelity Global Industrials W-Acc-GBP 75 316 77 311 83 273 111 220 128 159 1.19 -Fidelity Global Special Sits W Acc 87 150 96 137 106 126 146 59 231 49 - 0.93Fidelity Index World P Acc 86 167 96 133 108 112 142 70 - - - 2.25Fidelity Instl Global Focus Acc 88 118 98 104 113 82 150 49 254 26 0.90 0.71Fidelity Open World W Acc 83 242 91 229 100 186 129 138 - - - -Fidelity Sust Water & Waste A Acc USD 80 291 90 236 - - - - - - - -First State Glbl Lstd Infras B Acc GBP 82 263 95 159 104 143 143 67 247 33 0.95 3.45FP Foresight Global Rl Infras A GBP Inc 91 63 - - - - - - - - - -FP Octopus Global Growth B 84 234 90 238 97 211 122 168 - - 1.49 0.67FP Octopus International Equity B Acc 85 187 95 151 105 137 135 111 212 71 0.93 0.91FP Russell Invsmts Intl Gr Assts C Acc 84 222 90 234 103 151 125 156 217 65 1.07 0.92FP SCDavies Global Equity A Acc GBP 80 292 87 269 92 244 118 190 - - 1.81 -FP WHEB Sustainability C 88 116 95 152 106 130 132 126 164 139 1.05 0.18Fundsmith Equity T Acc 92 55 101 65 133 10 202 2 - - 1.17 0.66Fundsmith Sustainable Equity I Inc 92 56 101 69 - - - - - - - 0.46GAM Global Diversified Instl GBP Acc 84 216 91 218 84 268 106 232 163 142 1.09 1.42GAM Multistock Luxury Brands Eq GBP Ra 84 236 90 242 115 68 135 108 - - 1.23 0.72GAM Star Comps Glbl Eq Ord GBP Acc 88 124 96 139 103 154 127 145 - - 1.90 0.28GAM Star Disruptive Gr Instl GBP Acc 97 10 108 5 147 4 198 3 - - 1.71 -GAM Star Worldwide Equity Ord GBP Acc 84 215 91 228 91 248 106 231 145 153 1.62 0.53GS Glb Sm Cp CORE® Eq R Inc GBP Snap 73 320 79 307 88 255 117 201 225 55 0.85 1.13GS Glbl Eq Ptnrs ESG R Inc USD 86 157 97 114 113 77 136 107 197 89 1.00 0.33GS Global CORE® Eq R Acc USD Snap 82 266 88 259 99 191 138 90 241 39 0.63 -GS Global Equity Income R Inc GBP 82 274 92 205 102 165 124 162 170 131 1.05 2.25GS Global Equity Ptnrs R Inc GBP 86 172 96 124 112 84 137 98 210 74 0.93 0.26GS Global Millennials Eq R Inc USD 96 15 107 10 129 21 164 23 - - 1.15 -Guinness Global Energy X 54 331 52 321 49 286 51 247 52 163 1.24 -Guinness Global Equity GBP X 81 283 90 244 92 247 - - - - 1.24 -Guinness Global Innovators Y GBP ACC 93 50 102 48 117 61 155 37 322 5 0.99 -Guinness Global Money Managers X 78 299 86 275 84 266 90 244 - - 1.24 -Guinness Sustainable Energy X GBP Acc 88 123 95 153 100 178 92 242 65 162 0.74 -Halifax Ethical C 84 238 90 240 98 204 116 202 176 124 1.52 0.63Halifax Fund of Invmt Trusts C 81 287 86 282 93 232 116 203 182 117 1.51 1.09Halifax Intl Gr C 84 221 91 222 99 198 125 155 199 86 1.51 1.14Harris Associates Global Eq R/A USD 71 323 78 308 78 280 95 240 145 152 2.15 -Heriot Global A Acc 93 44 107 7 125 32 152 45 - - - 1.40Hermes Global Equity ESG F GBP Acc 88 130 95 142 104 148 133 117 - - 0.73 -Hermes Global Equity F GBP Acc 88 120 97 117 106 125 138 88 245 35 0.66 -Hermes Global Small Cap Equity F GBP Acc 78 301 86 279 95 229 - - - - 1.15 -Hermes Impact Opportunities Eq F GBP Acc 91 65 98 97 - - - - - - - -Hermes SDG Engagement Eq F GBP Acc 76 307 85 284 - - - - - - - -HL Multi-Manager Special Sits A Acc 81 281 86 280 91 249 114 210 183 112 1.50 1.17HL Select Global Growth Shares A GBP Acc 94 32 - - - - - - - - - -HSBC FTSE All-World Index C Acc 86 159 95 146 106 128 138 91 - - - 2.17IFML Vitality Global Equity D 94 26 103 32 121 45 172 14 - - - 0.79IFML Vitality Global Equity Income D 93 46 101 55 110 100 - - - - - 1.82IFSL Ravenscroft Huntress GlbBlueChpBInc 93 39 105 15 - - - - - - - 1.11Invesco Global Equity UK Z Acc 80 288 86 281 88 254 109 226 - - - 2.57Invesco Global ex UK CorEqIdxUK(NoTr)Acc 84 230 89 249 93 236 123 166 207 77 0.72 1.70Invesco Global ex UK Enh Idx UK(NoTr)Acc 85 195 93 187 101 168 135 112 232 48 0.37 1.41Invesco Global Focus UK Z (Acc) 91 70 99 87 100 179 133 115 235 45 - 1.78Invesco Global Smaller Coms UK Z Acc 75 313 82 298 85 263 113 214 196 92 - 1.20Investec Glb Dynamic I Acc GBP 83 250 89 251 99 199 122 173 204 82 0.87 1.03Investec Glb Equity I Acc GBP 85 199 93 198 102 163 125 153 206 79 0.88 1.31Investec Glb Quality Eq Inc I Inc-2 93 45 102 49 111 90 - - - - - 2.40Investec Glb Special Sits I Acc 63 328 65 318 69 283 94 241 147 151 0.91 2.97Investec Glb Strat Eq I Acc GBP 82 267 88 256 101 176 126 151 222 59 0.86 1.52Investec Global Environment I 87 145 98 98 - - - - - - - 0.18Investec Global Franchise I Acc 95 24 104 23 123 36 176 11 - - 0.85 1.72Janus Henderson Glb Research A USD Acc 86 181 93 189 104 141 122 169 196 94 2.50 -Janus Henderson Global Equity I Acc 93 41 101 63 117 63 159 31 - - - 0.39Janus Henderson Global Sust Eq I Acc 94 25 107 8 127 28 157 34 259 23 - 0.62Janus Henderson Instl Gl 50/50IdOpp 3Acc 82 275 88 258 95 226 117 199 182 114 0.39 3.55Janus Henderson Mlt-Mgr Global Sel I Acc 85 208 90 239 97 213 118 194 168 135 - 0.86JOHCM Global Opportunities A GBP Acc 87 151 - - - - - - - - - -JOHCM Global Opps Offshore A GBP Inc 87 154 94 181 107 120 147 56 - - 0.83 2.75JOHCM Global Select A GBP 89 99 98 102 115 65 129 135 267 19 0.79 0.94JPM Global Equity A (dist) GBP 82 276 86 274 93 241 115 205 173 128 1.80 0.58JPM Global Focus A (dist) USD 86 169 94 182 98 206 127 148 182 116 1.80 0.10JPM Global Unconstrained Eq C Net Acc 95 21 104 27 113 80 146 57 221 60 0.93 0.44JPM Multi-Manager Growth C Net Acc 87 147 92 213 107 113 131 130 195 95 0.83 1.69


Jupiter Ecology I Acc 85 196 95 158 98 201 121 175 183 111 0.79 1.02Jupiter Fund of Investment Trusts I Acc 83 243 86 278 99 190 118 192 182 115 - 0.95Jupiter Global Elgy Gr D EUR A Inc Dist 85 189 94 164 99 194 121 177 169 133 0.70 1.07Jupiter Global Managed I Acc 90 93 102 52 113 76 141 77 219 62 0.99 0.95Jupiter Global Sustainable Eqs P Inc 92 53 104 30 - - - - - - - 0.65Jupiter Global Value Equity Instl Acc 78 300 82 297 - - - - - - - 3.59Jupiter Global Value L GBP A Inc 76 311 79 305 86 261 111 219 157 147 1.72 2.83Jupiter Merlin Worldwide Portfolio I Acc 86 179 93 190 104 146 124 158 185 108 1.81 0.27Kames Global Equity GBP B Acc 86 174 93 200 103 149 130 133 191 99 1.30 0.26Kames Global Sustainable Eq GBP B Acc 98 7 109 4 128 24 - - - - 0.93 -Kempen (Lux) Global Small-Cap I GBP 73 321 75 315 87 258 129 136 - - - -Kennox Strategic Value Institutional Acc 82 270 83 292 85 264 102 235 - - - 3.26L&G Future Wld Clmt Chg Eq Fct Idx I Acc 83 255 90 230 - - - - - - - 2.64L&G Future World ESG Dev Idx I GBP Acc 87 133 - - - - - - - - - -L&G Glbl Dev Four Fac Idx J Acc 81 278 91 226 - - - - - - - 2.37L&G Global 100 Index I Acc 91 78 101 60 118 58 157 33 236 42 0.32 2.37L&G Global Equity Index I Acc 85 200 93 186 105 138 137 100 - - 0.87 2.11L&G Global Health & Pharma Index I Acc 99 6 105 16 124 35 146 58 337 3 0.32 1.45L&G Global Infrastructure Index I Acc 84 212 95 156 - - - - - - - 2.85L&G International Index I Acc 85 184 94 166 107 122 141 75 227 52 0.39 2.22Lazard Global Eq Franchise A Acc USD 71 325 80 304 87 260 - - - - 1.02 -Lazard Global Lstd Infras Eq A Acc GBP 85 202 91 217 102 164 124 159 - - 1.02 -Lazard Global Managed Vol A Acc USD 83 253 90 231 101 174 134 113 - - 0.93 -Lazard Global Strategic Eq A Acc USD 89 109 98 106 113 78 137 99 - - - -Lazard Global Sust Eq Sel A Acc USD 86 173 95 149 113 81 144 66 - - 1.61 -Lazard Global Thematic A Acc USD 85 182 96 130 114 73 139 85 - - - -Lazard Managed Equity A Acc 82 277 88 260 98 203 118 188 192 98 1.05 2.42Legg Mason MC Glb L-T Uncons X GBP Acc 95 19 104 22 129 19 - - - - 1.25 -LF Adam Worldwide Acc 82 272 88 254 95 224 118 193 185 105 1.37 -LF Blue Whale Growth R Sterling Acc 93 38 104 28 - - - - - - - -LF Canlife Global Equity C Acc 88 128 96 123 102 167 132 123 203 84 0.81 1.48LF Heartwood Adventurous B Acc 86 164 - - - - - - - - - -LF Macquarie Global Infras Secs B Acc 80 289 89 248 96 222 118 197 184 110 1.13 3.08LF Majedie Global Equity X GBP Acc 88 127 96 129 111 89 142 71 - - - 0.82LF Majedie Global Focus X GBP Acc 85 207 92 202 108 111 133 118 - - - 1.02Lindsell Train Global Equity B GBP Inc 85 185 96 134 139 6 189 5 - - - 0.97Liontrust Global Equity C Acc GBP 97 11 105 19 124 33 137 96 185 107 - 0.24Liontrust Global Smaller Coms C Acc GBP 93 37 94 176 129 20 134 114 172 129 1.30 -Liontrust Sust Fut Glbl Gr 2 Net Acc 95 23 103 34 131 12 162 26 252 30 0.85 0.31LO Funds Emerging Hi Convc USD NA 87 137 88 264 93 235 117 200 - - 1.13 -LO Funds Golden Age USD NA 87 135 94 171 114 74 130 131 229 51 1.00 -M&G Global Dividend GBP I Acc 80 294 83 293 92 242 122 172 197 91 0.91 2.90M&G Global Listed Infras GBP I Acc 82 271 97 116 - - - - - - - 2.56M&G Global Select GBP I Acc 89 102 99 91 111 88 143 68 207 76 0.91 0.96M&G Global Strategic Value GBP I Acc 77 302 82 296 81 276 108 228 - - 0.93 1.61M&G Global Themes GBP I Acc 84 219 98 107 106 131 136 102 157 145 0.92 1.24M&G Positive Impact Sterling I GBP Acc 90 94 101 68 - - - - - - - 0.06Margetts Intl Strategy R GBP Acc 85 198 92 201 100 187 123 164 180 118 0.74 1.14Margetts Opes Growth R GBP Acc 84 223 92 215 97 208 123 167 184 109 0.88 0.45Marlborough Global P Acc 84 214 92 206 97 215 117 198 166 137 - 0.35McInroy & Wood Smaller Comps Pers Inc 84 211 94 184 111 97 139 83 254 26 - 1.18Merian Global Equity R GBP Acc 84 220 91 225 101 173 140 80 292 12 1.14 0.92Merian World Equity U1 GBP Acc 84 227 90 241 99 189 136 104 - - 0.91 -MFS Meridian Global Concntr W1 GBP 84 217 95 145 110 101 - - - - 1.28 -MFS Meridian Global Energy WH1 GBP 64 327 58 320 52 285 49 248 - - 1.01 -MFS Meridian Global Equity Inc WH1 GBP 83 252 84 289 91 250 - - - - 0.88 -MFS Meridian Global Equity W1 GBP 83 254 93 191 105 134 136 103 233 47 1.16 -MFS Meridian Global Rsrch Focus W1 USD 87 132 99 93 114 75 146 61 227 53 1.00 -MI Charles Stanley UK & Intl Gr A Acc 81 282 86 273 90 251 109 225 164 141 1.49 2.20MI Metropolis Value A Acc 89 103 94 173 99 200 142 73 - - 1.83 0.80MI Thornbridge Global Opps C Acc 77 304 85 286 95 227 119 182 - - 0.91 1.40Mirabaud Equities Global Focus D GBP Acc 85 186 95 155 129 18 - - - - 1.05 -Montanaro Better World GBP 94 31 102 43 - - - - - - 0.66 0.48Morgan Stanley UK Global Brands I GBP 94 33 105 18 128 22 185 7 323 4 1.00 0.97Morgan Stanley UK Global Sustain I Acc 94 34 - - - - - - - - - -MS INVF Emerging Leaders Equity Z 89 111 99 90 103 160 127 146 - - 0.95 -MS INVF Global Brands I 92 52 103 35 128 23 185 6 320 7 0.94 -MS INVF Global Opportunity Z 98 9 107 9 148 3 227 1 - - 0.90 -MS INVF Global Quality I 92 61 103 37 123 37 173 13 - - 0.94 -MT Total Return 88 129 94 183 104 147 124 160 203 83 0.65 1.56New Capital Glbl Eq Convict USD Ord Acc 94 29 102 53 125 31 - - - - 1.54 -NFU Mutual Global Growth C 75 315 81 302 81 277 114 207 135 156 - 2.16Nomura Fds Global High Conviction I USD 90 95 100 72 123 42 - - - - 1.25 -Nordea 1 - Global Climate & Envir BC GBP 87 155 97 111 - - - - - - 1.25 -Orbis OEIC Global Equity Standard 85 205 91 223 93 233 136 106 218 64 - -Overstone UCITS Smaller Coms A USD 72 322 75 316 82 275 90 245 164 138 - -Pictet - Global Envir Opps I dy GBP 91 79 102 51 117 62 154 41 - - 1.22 0.01Pictet - Global Thematic Opps-I GBP 88 119 98 103 114 71 - - - - 1.23 -Pictet SmartCity I dm GBP 86 158 95 144 104 142 132 120 - - 0.98 1.06Pictet-Clean Energy I dy GBP 91 74 102 54 104 144 118 195 137 155 1.20 0.12Pictet-Global Megatrend Sel I dy GBP 87 144 96 140 111 98 139 86 238 41 1.21 0.16Pictet-Premium Brands I dy GBP 84 231 94 162 112 86 122 171 213 67 1.20 -Pictet-Security I dy GBP 88 112 99 95 119 54 153 42 299 9 1.20 -Pictet-Water I dy GBP 86 165 97 119 108 106 149 51 242 37 1.20 0.64PIMCO GIS RAE Glbl Dev Instl GBP UnH Acc 76 308 82 295 87 256 - - - - 0.50 -Polar Cptl Atmtn & Artfcl Intllgnc I Acc 95 17 105 14 - - - - - - 0.73 -Premier Global Alpha Growth C Acc 91 82 93 192 99 192 127 147 204 81 1.27 1.25Principal Global Equity I Acc USD 86 163 90 245 97 207 118 189 194 96 1.34 -Purisima Global Total Return A 91 66 100 82 112 83 152 46 218 63 1.32 0.72Quilter Inv Glbl Dyn Eq R (GBP) Acc 85 210 92 209 100 183 114 208 155 148 1.06 1.27Quilter Inv Glbl Eq Idx U2 (GBP) Acc 87 140 97 108 109 103 145 62 - - - 1.51Quilter Investors Ethical Eq R (GBP) Acc 85 193 95 154 97 212 127 144 189 103 - 0.94Quilter Investors Glbl Eq Gr U2 GBP Acc 88 122 98 105 111 93 148 53 - - - 0.87Quilter Investors Glbl Uncons EqR £ Acc 62 330 66 317 71 282 84 246 135 157 - 0.56Rathbone Global Opportunities I Acc 95 18 103 33 132 11 174 12 320 6 - -Rathbone Global Sustainability I Acc 94 30 102 46 - - - - - - - 1.72Robeco BP Global Premium Eq F GBP 76 309 82 294 85 265 - - - - 0.80 -Royal London Global Equity Divers M Acc 87 153 96 131 - - - - - - - 1.99Royal London Global Equity Select M Acc 89 101 97 112 - - - - - - - 1.64Royal London GMAP Dyn M GBP Acc 81 279 87 271 95 228 - - - - - 2.24Russell Inv Global List Infras I GBP 76 305 86 276 93 240 119 184 - - 1.76 4.79Russell Inv World Equity I 84 232 92 207 104 145 138 87 224 57 1.01 1.35RWC Global Horizon R GBP Cap 81 285 88 257 93 238 130 134 - - 1.16 -S&W Aubrey Global Conviction 96 14 104 25 138 7 167 16 272 17 1.75 -Sanlam Global High Quality C GBP Acc 88 114 96 125 111 87 162 27 - - 0.64 -

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


Sanlam Global Value A GBP 79 296 85 283 85 262 102 236 - - 0.99 -Sanlam Stable Global A GBP Acc 91 81 100 81 103 159 133 116 - - 0.97 -Sarasin IE Global Eq Opps GBP P Acc 85 192 94 170 107 123 131 128 - - - 2.29Sarasin IE Global Eq Opps USD P$ Acc 85 203 93 188 106 124 132 124 - - - 2.41Sarasin Responsible Glb Eq Stg Hdg P Acc 90 87 98 96 115 69 120 179 - - 0.98 1.09Sarasin Responsible Global Equity P Acc 91 72 105 21 120 49 147 55 - - 1.00 1.15Sarasin Thematic Global Eq Stg Hdg P Acc 87 156 92 216 107 121 110 223 164 140 0.98 1.24Sarasin Thematic Global Equity P Acc 87 141 97 110 111 93 133 119 194 97 0.97 1.27Schroder Global Equity I Acc 89 106 97 109 115 67 148 54 236 43 0.53 1.32Schroder Global Healthcare Z Acc 104 3 110 2 129 17 149 50 342 2 0.93 0.41Schroder Global Recovery Z Acc GBP 71 324 75 314 80 278 - - - - - 4.12Schroder ISF Global Energy Z Acc EUR 39 332 33 322 28 287 28 249 17 164 1.06 -Schroder ISF Global Eq Alp Z Acc EUR 89 105 95 150 109 104 136 101 196 93 1.05 -Schroder ISF Global Eq Yld Z Acc EUR 73 318 77 313 84 269 107 229 189 102 1.06 -Schroder ISF Global Smlr Coms C Acc USD 75 314 81 301 84 270 113 216 197 90 1.32 -Schroder MM International Z Acc 83 247 90 233 96 223 123 165 213 69 1.36 1.44Schroder QEP Glbl Active Val Z Acc 81 286 85 285 87 259 112 217 166 136 0.77 2.71Schroder QEP Global Core Eq A Acc 86 170 95 157 103 156 137 94 - - 0.37 2.41Scot Wid MM International Eq A 85 188 94 180 99 188 128 142 198 88 1.83 0.49Scottish Widows Global Growth G Acc 85 209 91 220 100 181 126 150 - - - 1.70Scottish Widows Global Sel Gr A 88 117 96 135 101 171 120 180 175 126 1.62 0.21Scottish Widows Intl Eq Tracker I Acc 87 149 96 136 106 129 138 89 206 78 0.61 0.15Seilern World Growth USD U I 90 86 103 39 138 8 193 4 378 1 - -SKAGEN Global A 87 131 101 56 113 79 141 78 199 87 1.00 -SKAGEN Kon-Tiki A 79 297 78 310 77 281 96 239 106 161 1.79 -SLI International Trust 88 113 99 88 107 116 137 97 260 22 0.14 1.90Stewart Investors Wldwd Select B Acc GBP 90 91 97 120 105 136 140 82 220 61 0.92 -Stewart Investors Wldwd Sustbl B Acc GBP 92 59 99 85 111 92 148 52 - - - -Stewart Investors Worldwide Eq B Acc GBP 89 98 94 165 100 184 135 110 - - 2.41 -Stonehage Flmg GlbBest IdeasEq C GBP Inc 91 76 103 36 127 26 164 24 - - - -SVM World Equity Instl 91 73 96 138 103 161 128 141 216 66 1.98 0.64SVS Church House Esk Global Equity A Acc 91 75 99 83 111 99 138 92 - - - -T. Bailey Growth A Acc 84 225 88 253 97 214 119 183 185 106 1.74 -T. Rowe Price Glb Foc Gr Eq CAccGBP 94 27 102 44 - - - - - - - -T. Rowe Price Glb Foc Gr Eq Q GBP 94 28 101 58 130 14 183 8 297 10 0.92 -T. Rowe Price Glb Growth Eq Q GBP 90 83 97 113 123 38 158 32 255 25 0.92 -Templeton Growth W Acc 87 134 92 203 94 231 113 212 180 119 0.85 3.09Threadneedle Glb Extnd Alp Ins Acc GBP 95 16 108 6 127 27 165 20 308 8 1.43 -Threadneedle Global Focus Z Grs Acc GBP 96 13 110 3 - - - - - - - 0.03Threadneedle Global Select Z Acc 93 49 105 17 126 29 165 21 260 21 0.89 0.31TM Stonehage Fleming Global Eqs B Inc 82 258 87 270 92 246 110 224 155 149 1.87 1.52TM Stonehage Fleming Global Eqs II B Inc 80 293 84 291 87 257 103 234 147 150 1.70 2.77TM UBS (UK) - Global Equity C Acc 81 280 88 265 94 230 114 209 - - - 1.39Trojan Global Equity O Acc 91 69 102 41 123 41 166 18 277 16 1.11 0.57UBS (Lux) ES Gl Opp Uncons$ Q-acc 91 71 102 42 125 30 - - - - 1.07 -UBS Global Optimal C 82 260 90 232 101 177 125 154 178 121 - 1.18UBS MSCI World Minimum Vol Idx C Acc 85 183 98 100 - - - - - - - 2.39Vanguard FTSE Dev Wld ex UK Eq Idx Acc 86 175 95 147 108 110 145 65 239 40 0.30 2.14Vanguard FTSE Glb All Cap Idx Inv A £Acc 84 218 92 210 103 152 - - - - - 2.24Vanguard Glbl Small-Cap Idx GBP Acc 76 306 81 299 89 252 119 187 211 73 0.40 2.07Vanguard Global Equity A GBP Acc 89 108 97 121 108 107 - - - - - 1.37Vanguard Global Stock Index Inv EUR Acc 85 194 94 174 106 127 139 84 225 54 0.30 -Vanguard LifeStrategy 100% Equity A Acc 84 235 91 224 101 169 130 132 - - 0.33 2.16Vanguard SRI Global Stock GBP Acc 85 190 94 168 106 133 137 95 - - 0.40 2.11Veritas Global Focus A GBP 90 92 101 67 116 64 157 35 253 28 1.12 0.49Veritas Global Focus A GBP 90 92 101 67 116 64 157 35 253 28 1.12 0.49Virgin Global Share 82 261 87 268 92 243 112 218 - - - 2.56Vontobel Global Equity I GBP 88 125 100 76 117 60 164 22 - - 1.17 -VT Gravis Clean Energy Income C GBP Acc 93 36 106 11 - - - - - - - 3.82VT Greystone Global Growth R Acc 85 206 93 196 103 158 131 129 205 80 - -VT Price Value A GBP Acc 83 249 89 247 93 237 - - - - - 2.09VT Redlands Equity A GBP Acc 83 246 90 243 - - - - - - - 1.65VT Tyndall Global Select A GBP Acc 91 68 103 40 118 57 145 64 229 50 - -Waverton Global Equity A GBP 86 166 93 197 102 166 126 152 190 101 1.53 0.37Waverton Tactical Equity A GBP 92 51 96 132 97 209 110 222 168 134 1.34 -Wellington Durable Entrprs N GBP Acc UnH 83 251 95 141 - - - - - - - -Wellington Durb Coms N GBP Inc UnH 83 240 94 172 111 95 - - - - 1.00 0.70Wellington Enduring Assts GBP N Acc UnH 88 126 - - - - - - - - - -Wellington Glbl Quality Gr N GBP H Acc 89 97 100 78 130 16 180 10 - - - -Wellington Global HlthC Eq N GBP Acc Unh 104 4 104 29 118 55 - - - - 1.50 -Wellington Global Impact N GBP Acc Unhdg 82 264 92 204 108 109 - - - - - -Wellington Global Innovation N GBP UnH 95 22 104 31 142 5 - - - - - -Wellington Global Stewards N UnH USD Acc 87 142 100 80 - - - - - - - -Wesleyan International Growth X Acc 84 224 92 214 107 114 - - - - - 0.66Winton Global Equity I GBP Acc 81 284 89 250 96 221 118 196 - - - -Average/Total 86 333 94 323 105 288 133 250 208 165 1.08 1.45

(IA) GLOBAL BONDSAB Euro High Yield I2 GBP H Acc 83 179 87 178 92 151 - - - - 0.87 -AB Glbl Pls Fxd Inc I2 GBP H Acc 96 92 100 108 103 90 107 110 - - 0.82 -AB Global Dynamic Bd I2 GBP Acc 95 105 97 141 98 126 102 122 - - 0.90 -AB Short Dur Hi Yld I2 GBP H Acc 89 152 91 164 95 139 101 125 - - 0.76 -ACUMEN Portfolio 3 Acc 92 138 95 147 - - - - - - - 1.37Allianz Flexi Asia Bond PQ H2 GBP 89 151 90 171 92 148 100 130 - - 0.82 5.87Allianz Global Multi Sect Crdt W GBP Acc 92 137 95 150 97 128 103 120 - - - 0.58Allianz US High Yield AM USD 88 160 96 143 96 135 114 85 - - 1.39 7.82Allianz US Short Dur Hi Inc Bd P H2 GBP 89 153 91 167 94 141 - - - - 0.70 5.22AS SICAV I SelEuro HYBd X MInc GBP 85 176 91 165 94 142 121 75 128 67 0.89 4.38ASI Euro Corporate Bond I Acc 92 132 99 116 103 93 123 70 134 60 - 0.83ASI Global Corporate Bond Tracker B Acc 95 93 101 91 - - - - - - - 2.50ASI Global Inflat-Link Bond Trkr B Acc 99 41 104 49 - - - - - - - 1.65ASI Global Inflation-Link Bd P1 Acc 98 52 104 57 107 44 113 88 145 38 - 1.36ASI Short Dated Gbl Infl Lnk Trckr B Acc 99 35 102 78 - - - - - - - 1.94ASI Short Dated Glbl Corp Bd Trkr B Acc 98 60 100 111 - - - - - - - 1.81ASI Short Dur Gbl Infl Lnk P1 Acc 98 51 101 81 103 97 106 113 - - - 1.30Aviva Investors Global HY Bd Amh GBP Inc 85 172 88 175 92 152 96 134 133 62 1.48 6.93AXA Global Short Duration Bond Z GBP Acc 96 84 98 131 - - - - - - - 2.02AXA US Short Duration Hi Yld Z Gross Acc 93 117 95 148 99 118 102 121 - - 0.79 4.30AXAWF Asian Short Dur Bds F Cap USD 97 66 106 37 109 33 - - - - 0.83 -AXAWF Euro Credit Short Dur F Cap EUR 96 76 100 109 100 112 119 76 112 74 0.57 -AXAWF European High Yld Bds F Cap EUR 85 175 90 169 - - - - - - 0.83 -AXAWF Global Buy & Mntn Crdt I Cap GBP H 96 75 102 76 107 56 112 97 - - 0.23 -AXAWF Global Credit Bonds F Cap EUR H 95 106 102 74 - - - - - - 0.85 -AXAWF Global Green Bds F Cap EUR 96 80 104 52 107 48 - - - - 0.68 -AXAWF Global Infl Bds F Cap EUR 97 65 105 44 106 62 131 37 - - 0.57 -


AXAWF Global Infl Sh Dur Bds F Cap USD 99 34 108 29 105 68 - - - - 0.52 -AXAWF Global Strategic Bds F Cap USD 98 46 109 22 112 20 140 7 - - 0.77 -AXAWF US Dynamic HY Bds F Cap USD 89 154 96 142 102 99 - - - - 0.79 -AXAWF US High Yield Bonds F Cap USD 92 139 100 105 104 81 135 19 206 3 0.79 -Barings Global Bond I GBP Inc 98 48 111 15 113 13 131 39 143 41 0.75 1.30Barings Global Invm Grd Strats S GBP Dis 87 164 88 174 - - - - - - - 2.72Barings Strategic Bond I GBP Inc 85 178 91 163 92 149 92 137 105 76 0.78 4.23BMO Global Total Ret Bd (GBP Hdg) C Inc 96 82 100 107 99 119 101 126 130 65 - 1.62BNY Mellon International Bond Inst W Acc 100 21 113 8 114 9 135 18 151 28 - 1.49Candriam Bds Crdt Opps C EUR Cap 97 71 101 93 102 101 126 61 143 42 2.01 -Candriam Bds Euro High Yld C EUR Cap 92 133 98 126 105 78 135 22 173 12 1.26 -Candriam Bds Global Hi Yld C EUR Cap 95 99 101 85 107 52 137 10 167 16 1.23 -Candriam Bds Total Ret C EUR Cap 98 56 101 90 99 116 114 84 114 71 0.95 -Capital Group Euro Bond (LUX) Ch 97 61 109 21 - - - - - - 0.10 -Capital Group Glb Hi IncOpps(LUX)Z 90 148 97 139 102 102 135 21 178 9 0.90 -Capital Group Global Bd (LUX) Z EUR 98 50 108 26 109 35 131 38 146 37 0.60 -Capital Group US Corp Bd (LUX) Z 100 25 113 5 117 3 149 1 - - 0.60 -Courtiers Investment Grade Bd Retl R 100 30 103 59 100 114 - - - - - 5.36Dimensional Global Short Dated Bd Acc 100 27 101 88 103 96 105 116 123 69 0.33 0.52Dodge & Cox Worldwide Global Bd GBP Inc 93 121 103 60 107 55 133 25 - - 0.45 4.35Eaton Vance Intl (IRL) GlbHYBd I USD Acc 88 159 98 134 - - - - - - 0.65 -Fidelity Global Infl-Link Bd Y-Dis-GBP H 99 32 102 75 104 84 104 118 115 70 0.51 0.32FP Octopus Fixed Income B Acc 94 113 99 114 101 110 106 115 125 68 1.08 1.96FP SCDavies Global Fixed Inc A Acc GBP 92 135 96 145 93 143 92 136 - - 1.50 2.26GAM Multibond Total Return Bond EUR B 93 122 97 140 95 138 112 99 104 77 1.09 -GAM Star Credit Opps (EUR) Instl EUR Acc 86 168 92 158 96 136 125 65 - - 1.13 3.94GAM Star Credit Opps (USD) Instl USD Acc 89 150 99 117 101 106 135 20 - - 1.13 4.79GlobalAccess Glbl Shrt Dur Bd M Dis GBP 93 123 95 151 96 134 100 129 - - - 2.75GlobalAccess Global Govt Bd M Dis GBP 100 29 104 54 106 59 106 112 133 63 - 0.54GS Euro Short Dur Bd Plus R Acc EUR 97 67 100 99 101 104 122 72 - - 0.39 -GS Glbl Crdt (Hdg) R Inc GBP Hdg 95 107 101 87 106 57 109 105 133 61 0.59 2.94GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 98 45 103 62 106 60 110 103 - - 0.67 2.14GS Glbl Hi Yld R Inc GBP Hdg 86 171 89 173 93 147 97 133 - - 0.74 6.75GS Global Fixed Inc (Hdg) R Inc GBP Hdg 100 24 105 43 110 29 113 89 - - 0.59 1.75GS Global Fixed Income R Acc USD 98 49 108 25 111 25 136 16 151 27 0.60 -GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 90 149 92 161 94 140 100 128 - - 0.95 4.74GS US Fixed Income R Acc USD 101 16 113 7 114 8 138 9 175 11 0.60 -Invesco Global Bond UK Z Acc 94 112 100 100 100 113 112 100 132 64 - 2.68iShares Overseas Corp Bd Idx (UK) D Acc 94 109 106 36 108 40 133 26 - - 0.17 2.83iShares Overseas Govt Bd Idx (UK) D Acc 102 9 114 4 115 7 139 8 - - 0.18 1.23Janus Henderson Flexible Inc I USD Inc 100 23 112 11 112 18 134 23 169 15 0.74 2.70Janus Henderson High Yield I USD Inc 88 158 97 137 101 108 129 49 179 8 0.87 5.46Janus Henderson Hrzn Euro Corp Bd H2 EUR 93 115 100 110 105 72 126 60 149 33 0.80 -Janus Henderson Instl Overseas Bd A Inc 101 19 113 6 111 21 132 32 134 59 1.20 0.68Janus Henderson US Sh-Trm Bd I USD Inc 98 44 106 33 105 77 126 62 138 52 0.75 2.07JPM Global (ex-UK) Bond C Grs Acc 102 11 107 30 113 16 115 83 143 40 0.58 0.79L&G Global Inflation Linked Bd Idx I Acc 100 26 104 50 107 49 108 107 - - - 0.95Lazard Global Fixed Income A Acc USD 99 36 108 24 109 36 129 50 - - 1.14 -Legg Mason BW Glb FI X USD Dis(S) 91 144 97 135 96 133 113 90 138 51 0.88 3.17Legg Mason BW Glb Oppc FI A USD Dis(M) 92 143 98 130 96 131 113 87 - - 1.42 2.81Legg Mason WA Asian Opps X USD Dis(M) 96 87 105 48 109 38 130 41 152 26 0.86 3.89Legg Mason WA Glb Hi Yld X USD Dis(D) 90 147 98 129 116 4 146 3 188 6 0.95 6.07LF Canlife Global High Yield Bond C Acc 85 174 88 176 91 153 98 132 140 48 - 5.46LF Canlife Global Macro Bond C GBP Acc 95 95 105 40 107 42 127 56 - - - 2.44Loomis Sayles Global Opp Bd R/D GBP 97 74 105 41 105 71 127 59 139 49 1.50 1.02Loomis Sayles Multisector Inc R/D GBP 92 141 101 94 101 109 124 67 166 17 1.40 3.21Lord Abbett Glbl Mlt Sect Bd I USD Acc 92 140 - - - - - - - - - -Lord Abbett Multi Sector Inc I USD Acc 91 145 101 96 106 61 140 6 194 5 0.70 -Lord Abbett Short Dur Inc I USD Acc 95 103 103 64 104 88 128 52 150 30 0.60 -M&G European Corporate Bond GBP I Acc 94 111 100 98 104 82 125 64 135 57 0.66 1.29M&G Global Government Bond GBP I Acc 95 94 106 39 106 64 133 28 159 21 0.71 2.91M&G Global Macro Bond GBP I Acc 103 5 111 14 111 24 136 15 177 10 0.81 2.05Marlborough Global Bond P Inc 94 108 103 67 106 63 122 73 170 14 - 2.91MFS Meridian Global Credit WH1 GBP 94 114 98 127 102 98 101 124 - - 0.70 -MFS Meridian Global High Yield WH1 GBP 89 155 92 162 96 132 104 119 - - 0.90 -MFS Meridian Global Oppc Bd WH1 GBP 96 89 102 80 107 53 - - - - 0.70 -MFS Meridian Inflation Adjstd Bd W1 USD 101 12 112 12 110 28 133 27 161 19 0.70 -MFS Meridian Limited Maturity W1 USD 98 59 106 38 105 69 127 57 141 45 0.70 -MFS Meridian US Corporate Bond WH1 GBP 96 77 103 66 107 51 - - - - 0.75 -MFS Meridian US Government Bond W1 USD 104 2 115 2 115 6 137 13 163 18 0.73 -MFS Meridian US Total Return Bd WH1 GBP 98 57 103 69 105 74 107 109 - - 0.73 -Mirabaud Global Hi Yld Bds DH GBP Acc 88 161 89 172 91 154 98 131 - - 0.85 -MS INVF Euro Corporate Bond I 93 129 99 119 103 89 128 55 141 44 0.64 -Neuberger Berman Strat Inc A GBP MD 91 146 93 156 - - - - - - 1.17 4.53New Capital Glbl Val Crdt GBP Acc 95 102 99 123 101 103 106 111 136 54 0.78 -New Capital Wlthy Ntn Bd GBP Inst Inc 93 116 100 101 104 85 111 101 150 29 1.16 4.35Nomura Fds Asia High Yield Bond I USD 85 177 90 170 93 146 130 45 - - 1.25 -Nomura Fds Asia Investment Grd Bd I USD 98 47 111 18 114 10 146 4 - - 0.90 -Nomura Fds Global High Yield Bd I USD 87 166 94 154 97 129 130 43 - - 0.98 -Nomura Fds US High Yield Bond I USD 86 169 94 153 97 130 132 33 217 2 0.62 -Nordea 1 - Flexible Fixed Income BC EUR 99 33 104 56 107 45 - - - - 0.75 -Pictet-Asian Local Ccy Debt I GBP 95 104 104 53 105 66 129 46 155 24 0.93 -Pictet-EUR Bonds HI USD 96 85 110 19 117 2 142 5 - - 0.64 -Pictet-EUR High Yield I 87 165 92 157 99 121 124 68 149 31 0.83 -Pictet-EUR Short Term High Yield I EUR 87 163 91 168 93 144 116 80 - - 0.73 -Pictet-Latin Amer Lcl Ccy Dbt I GBP 83 180 91 166 88 155 115 82 109 75 0.94 -Pictet-US High Yield I dm GBP 88 156 97 136 98 125 122 74 - - 0.83 6.60PIMCO European S/T Opports Ins Acc 97 72 100 103 100 111 119 77 - - 0.46 -PIMCO GIS Credit Opps Bd Instl Acc 92 142 99 113 102 100 128 53 - - 0.93 -PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 95 97 112 10 131 1 146 2 241 1 0.46 -PIMCO GIS Euro Bond Instl EUR Acc 96 86 104 55 111 22 133 29 158 22 0.46 -PIMCO GIS Euro Credit Instl EUR Acc 93 120 100 112 105 76 129 48 140 47 0.46 -PIMCO GIS Euro Income Bond Instl EUR Acc 93 131 97 138 103 92 131 34 - - 0.49 -PIMCO GIS Euro Short-Term Instl EUR Acc 98 53 101 92 100 115 117 78 103 78 0.40 -PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 95 100 100 106 103 94 112 93 - - 0.70 -PIMCO GIS Glb Bd Ex-US Instl GBP H Inc 96 83 100 104 - - - - - - - 2.45PIMCO GIS Glb Bd Instl GBPH Acc 99 40 103 65 107 43 113 91 160 20 0.48 -PIMCO GIS Glb Rl Ret Instl GBP H Acc 96 79 102 79 105 75 112 94 149 34 0.49 -PIMCO GIS Low Avrg Dur Instl GBPH Inc 99 31 101 86 101 105 102 123 113 72 0.45 2.83PIMCO GIS Ttl Ret Bd Instl GBPH Inc 101 15 106 34 108 41 110 102 134 58 0.50 2.87Robeco Global Credits FH GBP 96 90 101 83 107 54 - - - - 0.56 -Robeco Global Credits Short Matrty IH £ 96 81 99 125 - - - - - - 0.40 -Robeco High Yield Bonds FH £ 88 157 92 159 98 124 - - - - 0.68 -RobecoSAM Global SDG Credits FH £ 96 78 102 71 - - - - - - 0.98 -RobecoSAM SDG Credit Income CH GBP 93 119 98 133 - - - - - - - -

Unit Trusts 5



£ £ £ £ £ % %Royal London European Corporate Bd Z Inc 93 118 101 95 105 80 125 63 - - - 2.29Royal London Global Index Linked M Inc 99 38 105 47 109 39 117 79 148 35 - 1.00Royal London International Govt Bd M Inc 102 6 107 31 111 26 113 86 - - - 1.45Royal London Shrt Dur Glb Idx Lnkd M Inc 99 39 102 77 104 87 - - - - - 0.99Russell Inv Global Bond I Income 98 58 108 28 110 32 133 30 156 23 0.79 2.69Schroder ISF EURO Corp Bd Z Acc EUR 93 126 100 102 106 58 133 24 140 46 0.57 -Schroder ISF Glb Crdt Dur H C Acc EUR H 92 136 96 144 95 137 115 81 97 79 0.74 -Schroder ISF Glb InflLnkdBd C Acc EUR 97 68 105 45 106 65 130 40 136 53 0.65 -Schroder ISF Glbl Corp Bd Z Acc USD 95 96 108 27 111 23 - - - - 0.58 -Schroder ISF Glbl Hi Yld C Acc USD 86 170 94 152 97 127 129 47 187 7 0.80 -Scottish Widows International Bd A Acc 102 7 112 9 112 19 131 35 142 43 1.36 0.40SLI European Corporate Bd D Acc EUR 93 130 99 124 103 95 125 66 135 55 0.54 -SLI Global Bond A Acc GBP 101 18 112 13 111 27 129 51 - - - -SLI Global Corporate Bond D Acc USD 94 110 106 35 110 30 137 14 - - - -SLI Global High Yield Bond D Acc USD 86 167 95 146 99 122 128 54 - - 0.73 -Smith & Williamson Glbl Inf-Lkd Bd X Inc 97 63 103 63 105 73 108 106 - - - 0.63T. Rowe Price Dyn Glb Bd Qh GBP 103 4 101 82 99 123 - - - - 0.67 -T. Rowe Price Dyn Glbl Bd CAccGBP 104 3 102 72 99 120 - - - - - -T. Rowe Price Euro Corp Bd Q EUR 93 127 99 118 104 83 127 58 135 56 0.57 -T. Rowe Price Eurp Hi Yld Bd Q EUR 85 173 92 160 93 145 123 69 - - 0.77 -T. Rowe Price Glb Aggr Bd Q EUR 101 13 111 17 113 14 137 11 154 25 0.62 -T. Rowe Price Glb HY Bd Q USD 88 162 98 132 101 107 132 31 195 4 0.71 -T. Rowe Price US Aggr Bd Qh GBP 99 42 103 61 105 70 - - - - 0.57 -TCW Fds MetWest Total Return Bd RGHG-QD 102 8 106 32 109 37 - - - - 0.55 2.66Templeton Global Bond W(Mdis)GBP-H1 95 98 93 155 92 150 94 135 112 73 0.91 6.78Templeton Global Total Ret Bd W Acc H3 92 134 87 177 84 156 90 138 - - 0.80 8.42Threadneedle Dollar Bond Z Inc GBP 101 14 114 3 114 11 137 12 171 13 - 2.58Threadneedle European Bd Z Inc GBP 99 43 108 23 113 15 131 36 149 32 0.64 0.49Threadneedle Global Bd Z Inc GBP 102 10 115 1 116 5 135 17 144 39 - 1.86TM UBS (UK) - Global Fixed Income E Acc 97 73 99 121 99 117 101 127 - - - 1.48Vanguard Euro Govt Bd Idx GBPH Acc 98 55 105 42 112 17 112 96 - - - 0.82Vanguard Euro IG Bd Idx GBPH Acc 96 91 99 115 105 79 107 108 - - - 1.00Vanguard Euroz InfLnk Bd Idx Ins EUR Acc 93 125 102 70 107 46 123 71 128 66 0.20 -Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 100 20 102 73 104 86 106 114 - - - 1.40Vanguard Glbl ST Corp BdIdx Inv GBPH Acc 97 68 99 120 - - - - - - - 2.03Vanguard Global Bond Index GBPH Acc 100 22 105 46 110 31 112 95 139 50 0.20 1.86Vanguard Global Corp Bd Idx Inv GBPH Acc 95 101 100 97 - - - - - - - 2.70Vanguard Global Credit Bond Inv GBPH Acc 97 62 103 58 - - - - - - - 2.42Vanguard Japan Govt Bd Idx GBPH Acc 99 37 101 89 105 67 112 98 - - - 0.11Vanguard US Govt Bd Idx GBPH Acc 107 1 111 16 113 12 112 92 - - - 1.99Vanguard US IG Crdt Idx GBPH Acc 97 64 103 68 107 47 110 104 - - - 3.45VT Redlands Fixed Income A GBP Acc 93 128 98 128 - - - - - - - 3.16Waverton Global Strategic Bond A USD 101 17 110 20 109 34 130 44 146 36 1.28 4.92Wellington Global Bond N GBP Acc H 100 28 104 51 107 50 130 42 - - - -Wellington Global Crdt Pls N GBP Acc H 96 88 101 84 - - - - - - - -Wellington Global Impact Bond N GBP AccH 98 54 - - - - - - - - - -Wellington Oppc Fxd Inc N GBP Acc H 93 124 95 149 - - - - - - - -Wellington World Bond N GBP Acc Hdg 97 70 99 122 103 91 104 117 - - 0.70 -Average/Total 95 180 101 178 104 156 120 138 147 79 0.77 2.77

(IA) GLOBAL EMERGING MARKET BOND - BLENDEDASI Emerging Markets Bond I Acc 84 15 87 14 89 12 100 9 - - - 6.94Barings EM Debt Blnd Ttl Ret C GBP Acc 89 6 93 9 96 7 - - - - 0.89 -Capital Group EmMkts Dbt (LUX) Z 90 4 99 3 99 2 125 3 150 2 0.90 -Eaton Vance Intl(IRL)EmMktsDbtOpps S$Acc 89 5 101 2 106 1 136 1 - - - 3.65GS Em Mkts Dbt Blnd R Inc GBP 87 11 93 8 95 9 110 8 - - 0.89 5.65Invesco Global Emerg Mkts Bd UK Z Acc 81 17 89 12 89 13 - - - - - 7.27Investec EM Blnded Dbt I Acc GBP 86 12 93 10 92 11 115 7 - - - 5.31Lazard Em Mrkts Ttl Ret Dbt A Acc USD 95 1 104 1 98 4 119 5 - - 0.99 -Lazard Emerg Mrkts Dbt Blnd A Acc USD 88 7 98 4 98 5 119 6 - - 1.00 -Lazard EmMkts DbtUnrtrcd Blnd A Acc USD 87 9 96 6 96 8 - - - - - -Legg Mason WA EM TR Bd A USD Dis(D) 90 3 98 5 97 6 123 4 149 3 1.79 4.57M&G Emerging Markets Bond GBP I Acc 85 13 95 7 99 3 133 2 174 1 0.81 6.16Mirabaud Global Emerg Mkt Bd DH GBP Acc 84 14 87 15 - - - - - - 0.85 -Neuberger Berman EM Dbt Blnd GBP I Acc 87 10 92 11 93 10 - - - - 0.89 -TCW Fds Emerging Mkts Income RGHG-QD 82 16 84 16 - - - - - - 0.95 6.68Templeton Emerging Mkts Bd W(Qdis)GBP-H1 92 2 88 13 84 14 96 10 - - 0.98 11.94Wellington Blended Oppc Em Mkts Dbt N H 88 8 - - - - - - - - - -Average/Total 87 17 94 16 95 14 118 10 158 3 0.99 6.46

(IA) GLOBAL EMERGING MARKET BOND - HARD CURRENCYAXAWF Em Mkts Sh Dur Bds F Cap USD 89 5 97 4 99 4 128 4 - - 0.86 -Barings EM Corp Bd A GBP Acc 86 19 89 22 94 16 - - - - 0.70 -Barings EM Debt Short Duration A USD Dis 89 6 96 6 99 3 - - - - 0.63 6.45Barings EM Sovereign Debt Tr A GBP Acc 91 3 99 2 - - - - - - 0.69 -BNY Mellon Em Mkts Corp Dbt GBP W Acc H 84 22 89 23 93 20 105 14 - - 0.82 5.45Candriam Bds Em Mkts C USD Cap 81 27 89 24 91 22 122 9 177 1 1.28 -Fidelity Emerging Mkt Dbt A-Acc-EUR 80 28 89 25 91 23 118 11 156 4 1.66 -First State Emerg Mkts Bd B Hdg Acc GBP 86 18 90 20 92 21 101 18 - - - 5.98GAM Multibond Emerging Bond USD B 90 4 97 5 96 10 127 5 169 2 1.95 -GlobalAccess Emerging Mkt Dbt M Dis GBP 87 15 90 19 94 18 102 17 138 7 - 5.15GS EM Corp Bd R Inc GBP Hdg 88 8 93 13 97 6 107 13 - - 0.87 5.51GS Em Mkts Dbt R Inc GBP Hdg 85 21 87 26 89 24 100 19 - - 0.87 6.85Invesco Emerging Markets Bond A USD SD 84 24 94 11 93 19 122 8 164 3 - 5.52JPM Emerging Markets Debt A (dist) GBP 83 25 92 14 94 17 121 10 - - 1.45 5.87L&G EM Govt Bond US$ Index I Acc 93 1 102 1 100 1 133 1 - - - 4.92Lazard Em Markets Bond A Acc USD 87 14 95 8 99 5 130 3 - - 0.96 -Lord Abbett EM Corp Dbt I USD Acc 88 9 - - - - - - - - - -M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 84 23 95 10 - - - - - - 0.81 -Merian Emerging Market Debt U1 GBP Inc 85 20 96 7 97 7 127 7 - - 0.96 7.63MFS Meridian Emerging Mkts Dbt WH1 GBP 89 7 92 16 94 15 99 20 - - 1.10 -Neuberger Berman EM Corp Dbt GBP I Acc 88 12 91 18 95 14 104 15 - - 1.00 -Neuberger Berman EM DbtHrdCcy GBP I C 87 16 90 21 95 13 - - - - 0.17 -Neuberger Berman Shrt DurEM DbtGBP I Acc 92 2 93 12 96 8 - - - - 0.64 -Pictet-Global Emerging Debt I GBP 88 11 98 3 100 2 131 2 - - 0.83 -PIMCO GIS Em Mkts Bd Instl GBPH Acc 88 10 92 15 96 9 109 12 145 6 0.77 -PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 88 13 91 17 96 11 104 16 - - 0.95 5.00T. Rowe Price EM Bd Ih GBP 10 83 26 85 27 88 25 - - - - 0.40 -Threadneedle EM Bd Z Inc GBP 86 17 95 9 96 12 127 6 153 5 - 6.66Average/Total 87 28 93 27 95 25 116 20 157 7 0.93 5.92

(IA) GLOBAL EMERGING MARKET BOND - LOCAL CURRENCYASI EM Local Ccy Bond Tracker B Acc 89 6 98 3 - - - - - - - 4.24Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 87 15 96 15 94 8 110 14 110 4 0.84 5.78Baillie Gifford Emerging Mkts Bd B Inc 85 25 94 20 87 21 108 17 103 8 0.76 7.08Barings EM Local Debt C GBP Acc 88 12 89 25 - - - - - - 0.85 -


BNY Mellon EM Dbt Lcl Ccy GBP C Inc 86 22 92 21 88 19 104 18 96 10 1.19 7.58Candriam Bds Em Dbt Lcl Ccis C USD Cap 89 3 97 5 93 13 111 11 - - 1.36 -Capital Group EM Lcl Ccy Dbt(LUX) Z 89 7 98 4 96 3 121 1 - - 0.90 -Eaton Vance Intl (IRL) EMLclInc I $ Acc 89 5 104 1 104 1 121 2 113 2 - -GAM Multibond Local Emerging Bond GBP R 86 20 88 26 87 20 90 19 92 11 1.29 -GS Emerging Mkts Dbt Lcl R Inc GBP 86 18 95 18 92 15 110 13 110 3 0.88 6.19HSBC GIF Global EM Local Dbt AD 89 2 95 16 91 17 108 16 106 6 1.60 2.74Investec EmMkts Lcl Ccy Dbt I Acc GBP 87 16 97 6 95 6 112 9 107 5 0.95 5.72JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 88 13 97 10 94 9 109 15 - - 1.30 4.92L&G EM Govt Bond Lcl Ccy Index I Acc 88 9 98 2 96 2 - - - - - 6.01Lazard Emerging Mrkts Lcl Dbt A Acc USD 87 14 97 9 94 7 114 6 - - 1.00 -Merian Local Ccy EmMkt Dbt U1 GBP Inc 86 21 96 14 92 16 111 12 - - 1.42 9.38MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP 85 26 89 24 89 18 88 21 - - 1.09 -Neuberger Berman EM Dbt LclCcy GBP I Acc 86 19 89 23 - - - - - - 1.01 -Nomura Fds Emerging Market LC Debt I USD 88 8 97 8 96 4 118 4 - - 1.29 -Pictet-Emerging Local Ccy Dbt I dy GBP 88 10 96 13 94 10 111 10 105 7 0.94 6.46Pictet-Shrt-Trm Em Lcl Ccy Dbt HI dy GBP 90 1 90 22 86 22 89 20 - - 0.84 5.05PIMCO GIS Emerg Lcl Bd Instl GBP UnH Acc 86 23 95 17 94 11 114 5 117 1 0.89 -Quilter Inv Em Mkts Bd U2 (GBP) Acc 87 17 97 7 - - - - - - - 8.98Russell Inv EMkt Dbt Lcl Ccy I GBP 89 4 96 12 93 14 112 8 - - - 4.67T. Rowe Price Em Lcl Mkts Bd Q EUR 88 11 97 11 96 5 121 3 - - 0.82 -Threadneedle EM Local Z Inc GBP 85 24 95 19 94 12 113 7 100 9 0.90 8.23Average/Total 87 26 95 26 93 22 109 21 105 11 1.05 6.20

(IA) GLOBAL EMERGING MARKETSAB Emerging Markets Gr I Acc 83 44 86 43 89 62 109 60 128 25 1.21 -Allianz Emerging Markets Equity C Acc 86 15 88 31 93 42 114 50 109 41 1.19 2.36Alquity Future World USD Y 73 106 71 103 - - - - - - 1.90 -Artemis Global Emerging Mkts I Acc GBP 80 66 83 72 93 46 - - - - 0.98 4.35AS SICAV I Em Mkts Eq X Acc GBP 81 62 85 50 86 75 107 67 134 19 1.30 -AS SICAV I EM Smlr Coms X Acc GBP 77 87 80 87 78 93 95 84 136 16 1.47 -ASI (SLI) Emerging Markets Equity P1 Acc 84 26 88 26 98 20 123 21 - - - 2.44ASI Emerging Markets Eq Enh Index B Acc 84 31 87 37 95 34 118 27 124 30 0.84 2.99ASI Emerging Markets Equity I Acc 80 75 84 59 85 78 105 69 137 14 1.20 1.01ASI Emerging Markets Income Eq P1 Acc 83 43 88 25 101 13 128 16 - - - 3.26Aviva Investors Glb EM Eq Uncons 2GBPAcc 85 24 - - - - - - - - - -AXA Framlington EmerG Markets Z GBP Acc 82 57 88 24 94 40 117 34 128 26 0.90 0.95Baillie Gifford Em Mkts Lead Coms B Acc 87 9 92 8 112 2 145 2 163 2 0.87 1.22Baillie Gifford Emerging Mkts Gr B Acc 84 40 88 30 107 6 137 6 160 3 0.83 1.31Barings Global Emerging Mkts I GBP Acc 84 27 89 22 104 11 133 12 132 20 1.00 -BlackRock Emerging Markets D Acc 87 8 93 5 110 4 134 10 152 4 0.92 1.68BMO Emerging Markets Equity 2 Acc 78 86 81 82 86 74 108 62 112 40 0.84 2.12BMO LGM Glbl EmMkts Gr and Inc B USD Acc 77 88 80 86 87 68 109 61 136 15 1.05 -BNY Mellon Emerging Income Inst W Acc 80 69 85 52 82 86 99 81 - - - 4.94BNY Mellon Global Emerging Mkts Int WAcc 92 2 96 2 100 15 125 20 - - - 0.45Candriam Eqs L Em Mkts C EUR Cap 87 12 90 16 95 35 117 33 130 23 2.06 -Carmignac Pf Emerg Discv W GBP Acc 76 97 75 101 87 71 112 53 - - 1.49 -Carmignac Pf Emergents W GBP Acc 92 1 97 1 97 21 116 40 - - 1.15 -Comgest Growth Emerging Mkts Flx I Acc 85 23 88 29 89 58 105 72 - - 1.26 -Comgest Growth Emerging Mkts GBP U Acc 82 56 85 51 89 63 110 58 137 13 1.09 -Comgest Growth GEM Promis Coms USD I Acc 69 108 67 106 59 98 76 90 89 46 1.40 -Dimensional Emerging Mkts Core Eq Acc 78 85 81 83 84 80 107 66 120 31 0.78 2.49Eaton Vance Intl (IRL) Pr EM I GBP Acc 75 102 76 99 78 94 94 85 - - 0.76 -Edinburgh Partners Emerging Opps I £ Inc 80 72 80 84 81 88 105 71 - - 1.00 2.48Fidelity Index Emerging Markets P Acc 84 30 87 35 94 37 116 39 - - - 2.79Fidelity Instl Emerg Mkts W Acc 83 42 90 14 100 17 118 31 - - - 1.72First State Glb Emerg Mkts Foc B Acc GBP 74 103 79 89 - - - - - - - 1.02FP Carmignac Emerging Discv A GBP Acc 84 34 - - - - - - - - - -FP Carmignac Emerging Markets A GBP Acc 92 3 - - - - - - - - - -FP Henderson Rowe FTSE RAFI Em Mkt B 79 84 82 74 90 56 122 23 - - - 3.88GAM Multistock EM Equity GBP C 82 58 84 58 91 51 118 32 - - 1.10 -GAM Star Emerging Equity Instl GBP Acc 83 50 84 55 89 59 121 24 - - 1.38 1.03GlobalAccess Emerging Mkt Eq M Acc GBP 81 64 78 93 85 79 88 88 - - - 2.11GS EM CORE Eq R Inc GBP Close 84 33 85 48 92 47 120 25 147 9 0.85 2.41GS Emerging Markets Eq R Inc GBP 86 16 91 10 102 12 133 11 149 6 1.04 1.01Guinness Emerging Mkts Eq Inc Y GBP Dist 81 59 84 54 95 31 - - - - 0.99 4.42Hermes Global EM SMID Eq F GBP Acc 79 79 84 53 - - - - - - - -Hermes Global Emerging Mkts F GBP Acc 85 25 90 13 104 9 136 7 170 1 1.13 -HSBC GIF Global Emerging Mkts Eq AD 88 6 89 21 95 32 116 41 104 43 1.90 1.11Invesco Global Emerg Mkts UK Z Acc 80 70 82 76 87 69 113 52 135 18 - 1.94Investec Emerg Markets Equity I Acc 84 32 86 38 96 25 115 43 - - 0.97 2.19iShares Emerging Mkts Eq Idx (UK) D Acc 84 36 87 32 94 39 116 36 - - 0.27 3.05Janus Henderson Emerg Mkts Opps I Acc 83 46 84 56 82 85 107 64 115 37 - 1.80JOHCM Global Emerging Mkts Opps GBP A 81 63 83 66 93 45 114 49 - - 1.04 3.06JPM Em Mkts Small Cap A (dist) perf GBP 77 91 80 88 87 66 117 35 148 8 1.85 1.11JPM Emerging Markets B Net Acc 86 17 93 4 109 5 137 5 151 5 1.18 0.84JPM Emerging Markets Income C Net Acc 83 48 88 27 97 22 118 28 - - 0.87 4.46Jupiter Global Emerging Markets I Acc 75 99 78 92 75 96 97 83 - - 1.11 2.10L&G Global Emerging Markets Index I Acc 84 37 87 33 94 41 115 44 - - 0.49 2.79Lazard Developing Markets C Acc 79 80 83 67 90 57 125 19 - - - 1.03Lazard Developing Markets Eq C Inc USD 84 39 87 36 95 33 133 13 - - 0.94 0.89Lazard Emerging Markets A Acc 77 89 81 79 79 89 103 76 113 38 1.06 2.89Lazard Emerging Markets Eq A Inc USD 77 93 80 85 78 91 100 80 107 42 1.19 2.83Lazard Emerging Mrkts Core Eq A Acc USD 81 61 83 68 91 52 107 65 - - 1.26 -Lazard Emerging World C Acc GBP 83 49 86 41 95 36 111 55 - - - -Lazard MENA A Acc USD 68 110 70 104 87 70 111 54 - - 1.77 -Legg Mason IF MC Emerg Mkts X Acc £ 87 10 92 9 106 7 136 8 145 10 - 1.29Legg Mason QS Em Mkts Eq A USD Acc 76 98 77 94 78 92 90 87 81 47 1.97 -Liontrust Emerging Markets C Acc GBP 82 54 84 61 91 53 119 26 116 34 0.90 3.20M&G Global Emerging Markets GBP I Acc 73 107 77 95 82 87 104 74 115 36 0.99 3.19Magna Emerging Markets B EUR Acc 77 96 78 91 - - - - - - - -Magna Emerging Markets Div B GBP Inc 75 100 77 96 87 73 104 75 - - 1.40 5.24Marlborough Emerging Markets Trust P Inc 80 71 83 71 83 84 113 51 113 39 - 2.45Merian Global Emerging Mkts R GBP Acc 79 78 84 62 89 61 105 68 - - 1.13 -MFS Meridian Emerging Mkts Eq WH1 GBP 80 68 76 98 87 67 87 89 90 44 1.28 -MI Somerset Emerg Mkts Div Gr A Acc 75 101 81 77 83 83 98 82 138 12 1.30 3.64MI Somerset Emerg Mkts Sm Cp B Acc 74 104 77 97 78 90 101 79 - - 1.72 2.01MI Somerset Glbl Em Mkts Screened A Acc£ 80 67 85 46 89 60 - - - - - 2.72MI Somerset Global Emerg Mkts B Acc 81 60 85 47 90 54 115 46 136 17 1.35 1.15Mirabaud Equities Glbl Em Mkts D GBP Acc 90 5 90 12 99 19 118 30 - - 1.05 -Neuberger Berman Em Mkts Eq USD A Acc 83 47 85 49 90 55 115 47 - - 2.32 -NFU Mutual Global Emerging Markets C 77 90 83 69 88 65 118 29 116 35 - 2.47Pictet-Emerg Mkt Sustainable Eq I GBP 79 81 82 75 87 72 102 77 - - 1.16 -Pictet-Emerging Markets I USD 84 28 89 23 93 44 116 37 117 32 1.06 -Pictet-Emerging Markets Index I GBP 85 21 86 39 95 28 116 42 - - 0.37 -

Unit Trusts 6



£ £ £ £ £ % %Pictet-Emerging Mkts High Div I dm GBP 83 45 89 19 95 29 114 48 - - 1.08 5.06PIMCO GIS RAE Em Mkts Instl GBP UnH Acc 74 105 76 100 78 95 - - - - 0.75 -Polar Capital Emerging Markets Inc I Acc 77 92 79 90 85 77 101 78 - - 1.15 -Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 87 11 95 3 112 1 142 3 - - - 1.09Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc 82 52 86 45 - - - - - - - 2.97Quilter Inv Em Mkts Eq U2 (GBP) Acc 79 83 84 65 - - - - - - - 1.46Robeco Emerging Markets Equities I $ 84 35 86 42 95 26 123 22 131 21 0.96 -Robeco Emerging Stars Equities F £ 81 65 84 60 91 49 - - - - 1.01 -Robeco QI Emerging Cnsrv Eqs F £ 80 73 84 64 91 48 107 63 - - 0.87 -Royal London EM ESG Ldrs Eq Trkr Z £ Acc 86 13 89 18 - - - - - - - 1.98Russell Inv Emerging Markets I 82 53 84 63 88 64 111 56 125 29 1.40 1.39RWC Global Emerging Markets R GBP Acc 79 77 81 80 86 76 - - - - - -Sarasin IE Systematic EM Div GBP A Acc 86 14 90 11 91 50 109 59 - - - 2.77Schroder Global Emerg Mkt Z Acc 84 29 89 17 100 14 127 18 142 11 0.95 1.83Schroder ISF QEP Glbl EM Z Acc GBP 80 76 81 81 84 82 104 73 - - 1.09 -Schroder QEP Glbl EMM Z GBP Acc 80 74 82 73 84 81 105 70 - - - 3.63Scottish Widows Emerg Markets A 85 22 86 40 93 43 115 45 116 33 1.73 1.60T. Rowe Price EM Discv Eq CAccGBP 77 94 - - - - - - - - - -T. Rowe Price EM Discv Eq Qdn GBP 9 77 95 71 102 - - - - - - 0.92 3.20T. Rowe Price EM Eq Q GBP 85 19 90 15 104 10 132 15 148 7 1.17 -Templeton Em Mkts Smlr Coms W(acc)GBP 69 109 67 105 71 97 92 86 129 24 1.49 -Templeton Global Emerging Markets W Acc 84 38 88 28 99 18 127 17 90 45 1.20 1.32Threadneedle Global EM Eq Z Acc GBP 86 18 93 6 96 24 110 57 126 27 0.93 0.77TT Emerging Markets Equity H GBP Acc 82 51 83 70 95 30 135 9 - - 1.13 -UBS Global Emerging Markets Equity C Acc 83 41 86 44 100 16 133 14 131 22 - 2.25UBS Global Emerging Mkts Opp Q GBP 87 7 89 20 104 8 139 4 - - 0.98 -Vanguard Emerg Mkts Stk Idx GBP Acc 85 20 87 34 95 27 116 38 126 28 0.40 2.92Vanguard Global Emerging Markets A Acc 79 82 81 78 94 38 - - - - - 2.28Vontobel mtx Sust EmMkts Ldrs N GBP 90 4 93 7 111 3 153 1 - - 1.00 -Wellington Em Mkts Rsrch Eq N GBP UH Acc 82 55 84 57 97 23 - - - - - -Average/Total 81 110 84 106 91 98 115 90 128 47 1.14 2.31

(IA) GLOBAL EQUITY INCOMEAptus Global Financials B Acc 66 55 66 53 64 48 73 38 - - - 8.31Architas Global Equity Income A Inc 82 36 90 32 - - - - - - - 4.62Artemis Global Equity Income I Inc GBP 77 47 82 45 80 46 - - - - 0.95 4.03Artemis Global Income I Inc 77 46 82 44 80 45 101 32 - - 0.99 4.30ASI Global Income Equity P1 Acc 84 26 95 18 97 27 121 20 200 7 - 2.20ASI World Income Equity I Acc 77 45 83 42 85 38 102 31 - - - 4.98Aviva Investors Global Eq Inc 2 GBP Acc 86 17 95 16 106 12 132 11 213 4 1.14 3.18Baillie Gifford Gbl Inc Gr B Inc 88 10 98 10 110 6 147 3 234 2 0.70 3.03Baillie Gifford Rspnb Glb Eq Inc B Inc 89 8 100 5 - - - - - - - 2.85BlackRock Global Income D Acc 86 15 93 26 98 24 133 10 - - - 3.53BNY Mellon Global Income Inst W Acc 84 29 95 17 105 14 148 2 241 1 - 3.56BNY Mellon Sust Glbl Eq Inc Inst W Acc 84 28 - - - - - - - - - -Courtiers Glbl (ex UK) Eq Inc Retl R 80 42 83 41 85 37 - - - - - 5.61Davy Defensive Equity Income H GBP Acc 91 3 100 6 103 18 - - - - - -Davy Global Equity Income U GBP Acc 84 23 93 23 100 21 - - - - - -Fidelity Global Dividend W Inc 89 7 102 4 112 4 147 4 - - - 3.23Fidelity Global Enhanced Income W Inc 89 9 99 7 108 10 142 6 - - - 5.43Fidelity Global Infras W-Acc-GBP 76 49 82 43 84 41 100 34 155 14 1.18 -GlobalAccess Global Equity Inc M Acc GBP 80 41 81 46 82 43 88 37 - - - 3.87Guinness Global Equity Income Y GBP Acc 88 11 96 13 112 5 143 5 - - 0.98 -HSBC Global Equity Income C Inc 87 13 94 22 - - - - - - - 3.12Invesco Global Equity Inc UK Z Acc 78 44 84 39 89 34 111 25 201 6 - 3.12Janus Henderson Global Eq Inc I Inc 84 27 91 29 96 28 123 18 221 3 1.05 4.50JPM Global Equity Income C Net Acc 86 14 97 12 109 9 140 7 - - 0.93 2.66Jupiter Global Equity Income I Acc 86 16 93 24 98 25 127 17 - - - 3.71Kames Global Equity Income GBP C Inc 84 22 95 19 105 15 137 8 - - 0.60 3.59Kempen (Lux) Global High Dividend I GBP 73 54 78 51 85 40 111 26 - - 0.91 -Lazard Global Equity Income C Acc 80 43 86 37 90 33 105 29 - - - 5.68Legg Mason IF CB Glbl Eq Inc X Inc 76 50 80 47 78 47 99 36 159 13 - 4.97Legg Mason IF MC Glb Eq Inc X Acc £ 83 33 94 20 101 19 123 19 - - - 2.80Legg Mason IF RARE Gbl Infras Inc X Inc 87 12 98 9 109 8 - - - - - 6.02LF Canlife Global Equity Income C Acc 85 19 90 31 98 22 129 12 - - - 4.18LF Miton Global Infrastructure Inc B Acc 85 18 99 8 104 17 - - - - - 4.65Liontrust Global Dividend C Acc GBP 91 4 105 1 120 2 128 15 - - - 2.99Liontrust Global Income I Inc 74 52 78 52 83 42 100 33 164 12 0.91 7.60Merian Global Eq Inc (IRL) R GBP Inc 81 40 86 38 94 29 - - - - 1.02 3.65Mirabaud Global Equity Hi Inc D GBP Acc 85 21 94 21 109 7 129 13 - - 1.05 -Morgan Stanley Glb Brands Eq Inc I Inc 92 2 102 3 120 1 - - - - - 4.25Overstone Global Eq Inc Fd I Acc 75 51 80 48 91 32 114 24 - - - 4.53Premier Global Infrastructure Inc C Inc 81 37 88 35 87 36 115 22 128 15 1.25 6.47Premier Global Optimum Income C GBP Inc 89 6 91 27 - - - - - - - 7.46Quilter Inv Glbl Eq Val U2 (GBP) Acc 84 24 96 15 106 13 148 1 - - - 3.63Sarasin Global Dividend P Acc 85 20 96 14 107 11 137 9 - - - 2.19Sarasin Global Dividend Stg Hdg P Acc 84 25 91 28 104 16 114 23 - - - 1.97Sarasin Global Higher Div P Acc 84 32 93 25 101 20 128 14 207 5 - 2.78Sarasin Global Higher Div Stg Hdg P Acc 84 31 89 34 98 23 106 28 172 11 - 2.78Schroder Global Equity Income Z Acc 74 53 78 50 85 39 108 27 190 9 0.90 5.96TB Chawton Global Equity Inc B GBP Inc 90 5 - - - - - - - - - -TB Evenlode Global Income B GBP Inc 84 30 97 11 - - - - - - - 2.73TB Saracen Global Income and Growth BAcc 77 48 79 49 80 44 103 30 - - 1.02 5.31Threadneedle Glbl Eq Inc Z Inc GBP 81 38 89 33 92 31 119 21 198 8 0.88 3.85Trojan Global Income Fund O Acc 92 1 102 2 116 3 - - - - - 3.07UBS Global Enhanced Equity Income C Acc 82 35 84 40 89 35 99 35 - - - 10.92Vanguard Global Equity Income A GBP Acc 81 39 87 36 93 30 - - - - - 4.33Veritas Global Equity Income A GBP 83 34 90 30 97 26 127 16 174 10 1.13 4.29Veritas Global Equity Income A GBP 83 34 90 30 97 26 127 16 174 10 1.13 4.29Average/Total 83 56 90 54 97 49 120 39 189 16 0.99 4.31

(IA) JAPANAB Japan Strategic Val I Acc 84 60 91 64 86 65 113 56 144 45 1.18 -Allianz Japan Equity RT GBP 89 25 98 27 96 52 130 27 179 24 1.05 -AS SICAV I Japanese Eq X Acc GBP 91 13 104 10 98 43 124 45 203 11 0.92 -ASI Japan Equity Enhanced Index B Acc 88 37 97 40 100 38 129 34 - - - 2.42ASI Japan Equity Tracker B Acc 88 31 98 28 - - - - - - - 2.28ASI Japanese Equity I Acc 92 11 104 6 99 41 125 44 212 7 1.11 0.86ASI Japanese Growth Equity P1 Acc 89 27 98 24 102 32 127 40 180 22 - 0.68Aviva Investors Japan Eq MoM 1 2 GBP Inc 84 61 92 59 92 60 116 54 153 42 1.32 1.18AXA Framlington Japan Z Inc 83 65 92 61 98 46 141 12 209 9 - 0.98AXA Rosenberg Japan Z 87 43 96 43 98 47 129 32 160 36 1.08 2.03Baillie Gifford Japanese B Acc 82 67 91 62 104 21 141 15 246 4 0.68 1.29Baillie Gifford Japanese Inc Gr B £ Inc 82 68 91 63 104 20 - - - - - 2.81Barings Japan Growth I GBP Acc 90 19 102 12 111 14 149 9 209 10 - 0.53Capital Group Japan Equity (LUX) Z 88 32 97 37 103 22 132 22 198 14 0.90 -


Comgest Growth Japan GBP I Acc 93 3 104 8 129 2 179 4 - - 0.89 -Fidelity Index Japan P Acc 87 40 97 36 102 29 129 37 - - - 2.37Fidelity Instl Japan Acc 90 15 100 19 110 16 133 21 195 16 0.88 0.50Fidelity Japan Smaller Companies W Acc 90 21 99 22 106 18 141 14 217 6 - 0.48Fidelity Japan W Acc 92 12 104 9 111 15 134 20 157 38 - 0.74First State Japan Focus B Acc GBP 92 10 110 1 135 1 185 2 - - - -GAM Multistock Japan Equity JPY R 90 17 98 32 100 37 130 28 183 20 1.14 -GAM Star Japan Ldrs Instl GBP Acc 93 8 104 5 114 11 168 6 196 15 1.67 0.57GlobalAccess Japan M Acc GBP 87 48 87 70 95 54 94 61 - - - 1.37GS Japan Equity Ptnrs R Inc GBP Hdg 94 2 101 18 121 7 - - - - 0.95 0.29GS Japan Equity R Inc GBP Snap 90 20 101 17 109 17 137 19 187 19 0.89 0.79Halifax Japanese C 85 56 93 56 95 55 119 52 155 41 1.53 1.49HSBC Japan Index C Acc 88 29 98 31 103 28 130 26 176 26 0.23 2.12HSBC Japan Multi-Factor Eq Instl A Acc 87 44 96 42 99 39 126 41 163 35 0.56 2.03Invesco Japan UK Z Acc 78 72 81 72 81 68 106 60 127 46 - 2.42iShares Japan Equity Index (UK) D Acc 88 28 98 30 103 27 131 25 - - 0.17 2.30Janus Henderson Instl Jpn Idx Opps A Acc 88 34 97 39 100 35 125 42 - - 1.70 1.67Janus Henderson Japan Opps I Acc 90 18 101 15 102 33 141 13 211 8 0.87 1.00JOHCM Japan Dividend Growth A GBP Inc 85 57 94 53 89 63 109 59 - - 0.77 2.68JOHCM Japan GBP A 81 71 89 69 89 64 110 58 156 39 0.84 1.60JPM Japan C Net Acc 93 6 105 3 126 4 164 8 257 3 0.93 0.35JPM Japan Select Equity A (dist) JPY 87 45 95 48 101 34 125 42 148 43 1.80 0.35Jupiter Japan Income I Acc 88 38 102 13 114 9 148 10 203 12 - 2.65Jupiter Japan Select D USD Acc 87 41 101 16 114 12 142 11 188 17 0.95 -L&G Japan Index I Acc 88 30 97 33 102 30 129 33 175 27 0.27 2.27Lazard Japanese Strategic Eq C Inc GBP H 86 52 90 66 90 62 93 62 - - 1.28 0.51Legg Mason IF Japan Equity X Acc 87 47 98 26 126 5 219 1 651 1 - -LF Morant Wright Japan B Acc 86 51 92 58 93 58 127 38 179 23 1.17 1.54LF Morant Wright Nippon Yield B Acc 85 55 92 60 94 56 130 30 - - 1.41 3.61Lindsell Train Japese Eq B GBP QutdInc 97 1 105 4 127 3 183 3 268 2 - 1.59Liontrust Japan Equity C Acc GBP 84 62 95 52 91 61 - - - - 0.90 1.74Liontrust Japan Opportunities C Acc GBP 82 69 85 71 85 66 82 63 117 47 - 1.92M&G Japan GBP I Acc 82 66 89 67 84 67 116 55 177 25 0.92 2.17Man GLG Japan CoreAlpha Profl Acc C 77 73 81 73 81 69 110 57 155 40 0.91 2.70Matthews Asia-Japan I GBP Acc 91 14 99 21 105 19 - - - - 1.50 -MFS Meridian Japan Equity A1 USD 90 16 97 35 100 36 124 46 167 34 2.03 -New Capital Japan Equity JPY Inst Acc 88 33 98 23 98 45 120 51 170 33 1.05 -Nikko AM Japan Value D GBP 87 49 95 51 - - - - - - 0.90 -Nomura Fds Japan High Conviction I GBP 89 24 100 20 - - - - - - - -Nomura Fds Japan Strategic Value R JPY 81 70 89 68 93 59 - - - - 0.85 -OYSTER Japan Opportunities R JPY 85 58 96 41 97 49 140 16 - - 1.30 -Pictet-Japan Index I GBP 89 26 98 25 103 25 129 36 - - 0.29 -Pictet-Japanese Equity Opps I GBP 84 59 95 50 98 44 131 24 202 13 0.98 -Pictet-Japanese Equity Sel I GBP 83 63 95 49 96 50 124 47 - - 0.91 -Polar Capital Japan Value S 83 64 90 65 96 51 129 35 - - 0.48 -Quilter Investors Jpn Eq U2 (GBP) Acc 87 42 96 46 97 48 127 39 - - - 1.92Royal London Japan Tracker Z Acc 88 36 97 38 102 31 129 31 174 29 1.03 2.18Russell Inv Japan Equity I 88 39 94 54 103 24 138 18 183 21 0.99 0.87RWC Nissay Japan Focus R GBP Acc Unhdg 92 9 106 2 125 6 169 5 - - 3.73 -Santander Japan Equities A 88 35 96 44 99 40 122 50 158 37 1.03 1.36Schroder Tokyo Z Acc £ 86 54 93 57 94 57 123 49 187 18 0.92 1.82Scottish Widows Japan Gr A 86 53 94 55 95 53 119 53 146 44 1.65 1.22SLI Japanese Trust 87 50 96 47 99 42 124 48 172 32 0.86 0.88SLMT Standard Life Japan Inst S Acc 87 46 96 45 - - - - - - - 1.27State Street Japan Equity Tracker 89 22 97 34 103 26 131 23 175 28 0.90 -T. Rowe Price Jap Eq CAccGBP 93 5 102 11 115 8 - - - - - 0.87T. Rowe Price Jap Eq Q EUR 93 7 102 14 114 10 165 7 230 5 0.87 -Threadneedle Japan Z Acc GBP 93 4 104 7 112 13 139 17 174 30 - 0.81Vanguard Japan Stock Index GBP Acc 89 23 98 29 103 23 130 29 173 31 0.30 2.07Average/Total 88 73 97 73 102 69 133 63 192 47 1.05 1.52

(IA) JAPANESE SMALLER COMPANIESAS SICAV I Jpn SmlrComs X Acc GBP 87 3 100 2 110 2 136 6 287 2 0.93 -Baillie Gifford Japan Small Co B Acc 82 5 85 5 115 1 170 1 377 1 0.61 0.30BGF Japan Small & MidCap Opps D2 88 2 99 3 105 4 142 5 216 6 1.06 -BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 84 4 91 4 108 3 150 3 - - 0.92 0.86Invesco Japanese Smlr Coms UK Z Acc 80 7 84 7 98 5 150 4 217 5 - -Janus Henderson Hrzn Jpn Smr Coms H2 USD 89 1 104 1 97 6 159 2 283 3 1.07 -M&G Japan Smaller Companies GBP I Acc 81 6 84 6 79 7 120 7 229 4 0.93 1.86Average/Total 84 7 92 7 101 7 147 7 268 6 0.92 1.01

(IA) MIXED INVESTMENT 0-35% SHARES7IM AAP Income C Acc 87 54 91 51 92 50 99 37 129 16 1.25 3.497IM AAP Moderately Cautious C Acc 93 27 97 28 97 41 101 35 130 14 0.65 1.717IM Cautious C Acc 95 9 99 15 100 18 - - - - - 1.497IM Income Gross Inc 89 50 92 49 95 45 105 29 - - - 3.297IM Moderately Cautious C Acc 91 38 95 37 94 46 97 40 127 17 1.36 2.477IM Personal Injury C Acc 95 11 98 17 100 19 105 31 139 12 0.72 1.74Architas MA Active Moderate Income A Acc 92 32 98 18 99 27 109 13 139 11 1.57 1.50Architas MM Monthly High Inc A Acc 88 52 91 52 93 47 100 36 130 15 0.94 4.25AXA Defensive Distribution Z Acc Gross 91 43 95 36 98 36 109 14 141 10 1.02 2.24Barclays Wealth Global Mkts 1 R Acc GBP 97 2 100 11 103 9 108 17 - - 0.93 2.04BlackRock Consensus 35 D Acc 94 16 100 10 104 7 122 2 - - 0.29 1.95EF Brompton Global Cnsrv B GBP Acc 92 33 97 24 99 25 111 9 - - 1.84 0.58EF New Horizon Cautious B Inc 90 47 94 48 92 49 98 39 115 21 1.69 0.01EF New Horizon Inc B Inc 88 51 92 50 91 52 95 41 119 20 1.75 3.87Fidelity Mlt Asst Allctr Defesv W Acc 96 3 102 3 105 5 111 8 - - - 1.30Fidelity MltAsst Income W Inc 89 49 94 40 99 29 111 10 153 3 - 4.73Fidelity MltAsst Open Def W Acc 92 30 97 25 100 22 109 12 - - - -FP Russell Invsmts Multi Asst Gr I C Acc 92 37 95 35 97 40 - - - - - 1.87GS Global MA Cnsv R Inc GBP PtH 93 29 97 23 100 20 109 15 - - 0.85 2.15IFML Vitality Multi-Asset Income D 93 23 94 43 99 23 105 28 - - - 3.67IFSL Avellemy 3 B GBP Inc 93 21 - - - - - - - - - -IFSL Brooks Macdonald Def Inc A Inc 91 39 96 33 99 30 106 25 145 6 1.06 2.65IFSL Brunsdon Cautious Gr C Acc 92 36 96 29 98 32 105 30 - - - 1.52IFSL Sinfonia Income Portfolio A Acc 94 15 100 7 102 12 112 6 145 5 1.85 1.26Investec Diversified Income I Acc GBP 94 17 95 38 100 17 107 22 143 8 0.86 3.39Janus Henderson Mlt-Mgr Divers I Inc 92 35 96 30 98 35 104 34 149 4 - 3.11Jupiter Distribution I Acc 94 20 98 21 98 31 108 19 157 1 0.90 3.21Jupiter Merlin Conservative I Acc 93 24 100 13 105 3 115 5 - - 0.95 2.70L&G Mixed Investment 0-20% I Acc 94 18 98 19 101 13 - - - - - 2.13L&G Mixed Investment 0-35% I Acc 91 40 96 32 101 16 110 11 - - - 2.62L&G Mixed Investment Income 0-35% I Acc 89 48 94 47 98 37 - - - - - 4.30LF Canlife Managed 0%-35% C Acc 91 41 94 41 98 34 - - - - - 2.29LF Canlife Portfolio III C Acc 93 25 99 16 102 11 112 7 - - - 1.88LF Miton Defensive Multi Asset B Acc 95 10 100 6 101 14 108 20 127 18 1.38 2.05

Unit Trusts 7



£ £ £ £ £ % %Libero Cautious B Acc 94 13 97 22 98 38 106 23 - - - 0.56MI Charles Stanley Monthly Hi Inc Acc 92 34 95 34 98 33 104 33 142 9 1.10 4.69Optimal Multi Asset Defensive A GBP 94 19 94 46 92 48 98 38 - - - -Quilter Investors Cirilium Cnsrv R 88 53 90 53 91 51 104 32 - - 1.09 2.58Royal London Cautious Managed A Acc 95 8 99 14 104 8 - - - - - 2.34Royal London GMAP Defensv M GBP Acc 91 42 94 39 97 39 - - - - - 1.74Royal London Sustainable Mgd Gr C Acc 96 6 102 2 111 1 124 1 - - - 2.67Sarasin IE GlobalSar Income GBP P Acc 96 7 100 12 103 10 109 16 - - - 2.31Scottish Widows Cautious A Acc 96 5 101 4 104 6 108 18 144 7 1.50 1.08SVS Brown Shipley Cautious I Acc 93 22 98 20 99 26 - - - - - 1.69Thesis Optima Income B Acc 93 26 97 26 101 15 107 21 139 13 - 2.42Threadneedle Managed Bond Fcs Z Acc 94 14 101 5 105 4 117 4 155 2 - 1.52TM UBS (UK) - Global Yield C Acc 90 46 94 42 97 42 105 27 - - - 2.66Vanguard LifeStrategy 20% Eq A Grs Acc 96 4 102 1 109 2 119 3 - - 0.29 1.54VT AJ Bell Cautious I Acc 95 12 100 9 - - - - - - - 2.18VT Garraway Multi Asset Divs I Acc 80 55 84 54 80 53 80 42 107 22 - 12.32VT Greystone Conservative Managed R Acc 92 31 96 31 99 28 106 26 - - - -VT Grosvenor Cautious A GBP Acc 90 44 94 44 97 44 - - - - - 1.64VT SmartFund Cautious Strategy Z GBP Acc 100 1 100 7 100 21 - - - - - -WAY Global Cautious Portfolio E Acc 93 28 97 27 97 43 106 24 120 19 1.69 -Wesleyan Low Risk/Rwd Gr X Acc 90 45 94 45 99 24 - - - - - 1.73Average/Total 92 55 96 54 99 53 107 42 136 22 1.15 2.51

(IA) MIXED INVESTMENT 20-60% SHARES7IM AAP Balanced C Acc 90 55 94 62 96 66 103 89 140 50 0.60 1.697IM Balanced C Acc 89 72 92 79 93 92 99 111 137 56 1.47 2.147IM Sustainable Balance C Acc 92 24 98 17 104 12 114 20 155 14 1.57 2.10ACUMEN Income Portfolio Acc 84 155 87 140 88 133 - - - - - 4.09ACUMEN Portfolio 4 Acc 88 82 92 78 95 82 107 61 - - - 0.80Architas Diversified Global Income A£Acc 85 136 88 131 89 126 97 117 - - - 4.98Architas MA Active Interm Inc A Acc 88 83 95 46 97 55 111 30 - - - 1.91Architas Positive Future S 95 8 - - - - - - - - - -Artemis Monthly Distribution I Inc 85 141 90 117 91 115 112 26 - - - 4.88ASC Phoenix B Income 94 13 99 14 106 6 117 14 155 16 0.89 2.32ASI Diversified Income I Acc 89 67 91 100 93 102 103 87 151 30 - 5.78ASI Dynamic Distribution P1 Acc 85 138 87 133 91 110 98 115 157 12 - 4.34ASI Multi-Manager Cautious Managed I Acc 88 87 94 55 97 49 109 44 148 34 - 2.27ASI Multi-Manager Diversity D Acc 91 38 96 35 99 31 108 55 133 64 1.87 1.40ASI Multi-Manager Multi-Asset Dist I Acc 84 153 89 121 91 114 103 90 142 45 - 4.00Aviva Investors Distribution 2 GBP Inc 87 104 92 84 97 57 107 62 165 4 0.83 3.95Aviva Investors Multi-Mgr 20-60% 2 £Acc 91 41 96 29 99 32 110 39 155 15 1.39 1.15AXA Distribution Z Acc 87 109 92 90 96 63 108 53 151 29 1.03 3.13AXA Ethical Distribution Z Acc 87 107 92 80 94 90 106 64 164 5 1.05 3.25AXA Global Distribution Z Acc 90 52 97 21 104 15 126 4 178 2 1.02 1.83AXA IM Lifetime Distribution A GBP Inc 86 117 93 68 99 34 118 11 - - - 2.92Barclays Multi-Asset High Inc R Dis GBP 85 143 89 125 92 107 100 109 - - 1.45 3.76Barclays Multi-Asset Income R Acc GBP 88 92 92 91 94 87 101 99 - - - 3.67Barclays Wealth Global Mkts 2 R Acc GBP 93 19 97 23 103 16 112 23 - - 1.00 1.98Barclays Wealth Global Mkts 3 R Acc GBP 90 54 96 38 104 14 116 15 - - 1.11 2.33BlackRock Consensus 60 D Acc 90 56 95 41 100 30 116 16 - - 0.27 2.26BlackRock Global Multi Asset Inc D Acc 84 150 87 139 92 109 99 110 134 63 - 5.37BMO MM Navigator Cautious C Acc 83 156 87 137 89 129 101 96 137 55 - 3.53BMO MM Navigator Distribution C Inc 81 163 83 153 85 138 95 122 149 33 - 5.93BNY Mellon Global Multi-StrategyInstWAcc 85 139 91 105 94 84 101 98 - - - 1.05Carmignac Pf Patrimoine F GBP Acc Hdg 97 4 101 6 95 79 91 129 - - 1.15 -Close Conservative Portfolio X Acc 91 44 97 28 103 18 109 43 - - 0.94 1.12Close Diversified Income Port X Acc 91 32 94 51 98 41 108 51 - - 0.83 4.34Close Managed Conservative X Acc 90 59 94 56 97 50 108 50 - - 1.13 2.11Close Managed Income X Acc 86 114 90 109 93 100 104 76 - - 1.18 4.71Close Tactical Select Passv Cnsrv X Acc 88 80 94 58 98 44 111 29 - - 0.68 1.97Courtiers Total Return Cautious Risk 92 25 94 52 98 39 109 42 147 35 1.88 0.20Discovery Balanced B GBP Inc 85 131 90 118 93 98 104 82 152 27 - 3.23DMS Sequel Cau Trgt Ret Strat B£Acc 84 146 85 148 86 135 94 123 - - - 3.10DMS Sequel Cautious Inc Strat Retl£Inc 84 148 85 149 83 139 89 130 - - - 5.67DMS Verbatim Multi-Index Portfolio 3 A 92 23 97 22 102 21 112 25 - - 0.80 1.62DMS Verbatim Multi-Index Portfolio 4 A 91 45 96 31 101 25 115 18 - - 1.68 1.74EF Brompton Global Balanced B GBP Acc 88 81 94 59 96 61 112 22 - - 1.90 0.69EF Brompton Global Inc B GBP Inc 86 126 90 113 92 108 106 65 - - 1.89 3.78EF Brunswick Diversified Port B Acc GBP 89 73 95 47 99 33 110 35 135 62 1.79 0.62EF FACET Balanced Discretionary C Acc 85 135 84 152 90 125 94 126 - - 2.00 2.08EF New Horizon Balanced Inc & Gr B Inc 85 134 90 114 89 128 101 102 155 19 0.98 1.07EF Tellsons Endeavour RF GBP Acc 95 7 100 10 105 11 111 33 - - - 1.83Elite Income Trust B Acc 87 100 91 99 95 73 104 74 144 43 2.10 2.97ES R&M Dynamic Asset Allocation Cl B Acc 90 50 92 82 98 43 110 41 - - - 0.79ES Share Centre Multi Manager Inc A Inc 87 105 91 101 92 105 103 83 136 60 2.00 3.11Fidelity Mlt Asst Allctr Strat W Acc 93 20 99 11 103 17 113 21 - - - 1.24Fidelity MltAsst Bal Inc W Inc 88 85 93 73 97 53 110 38 - - - 4.29Fidelity MltAsst Open Str W Acc 89 79 94 61 99 35 112 27 149 32 - -FP Carmignac Emerging Patrim A GBP Acc H 95 9 - - - - - - - - - -FP Carmignac Patrimoine A GBP Acc H 98 3 - - - - - - - - - -FP Russell Invsmts Mlt Asst Gr II C Acc 89 62 93 67 97 59 - - - - - 1.76FP Russell Invsmts Mlt Asst Gr III C Acc 86 115 90 106 95 74 103 84 - - - 1.75FP Russell Invsmts Multi Asset Inc C Inc 82 162 86 142 86 136 93 127 - - - 5.14GS Global MA Bal R Inc GBP PtH 90 58 94 53 98 37 111 32 - - 0.90 1.42GS Global MA Inc R Inc GBP-Prtly Hdg 87 106 92 92 96 60 110 37 - - 0.90 4.04Halifax Cautious Managed C 86 121 90 112 93 95 103 85 138 54 1.50 2.48HL Multi-Manager Equity & Bond A Acc 85 140 86 144 86 137 96 120 146 38 1.38 3.66HSBC World Selection Div Dis Port C Acc 86 122 91 103 95 81 110 40 156 13 1.43 4.30IFML Vitality Multi-Asset Moderate D 90 51 97 25 - - - - - - - 0.96IFSL Avellemy 4 B GBP Inc 91 36 - - - - - - - - - -IFSL Avellemy 5 B GBP Inc 88 89 - - - - - - - - - -IFSL Beaufort Multi Asset Blend Bal AAcc 90 48 - - - - - - - - - -IFSL Brooks Macdonald Cautious Growth A 87 98 92 87 96 71 108 56 146 39 2.17 2.02IFSL Ravenscroft Huntress Balanced B Inc 92 26 97 24 - - - - - - - 0.61IFSL Sanlam Cautious A Inc 91 43 97 27 - - - - - - - 2.10IFSL Sinfonia Cautious Managed A Acc 89 65 95 40 98 36 111 31 154 22 1.84 1.76IFSL Sinfonia Income and Growth A Acc 86 125 92 94 95 77 108 52 154 23 1.93 3.24Invesco Distribution UK Z Acc 88 95 92 88 96 62 102 91 155 20 - 5.17Invesco European High Inc UK Z Acc 86 127 90 115 94 88 111 34 155 18 0.91 4.29Invesco Global Income Fund UK Z Acc 84 154 87 136 92 103 102 94 - - - 4.85Investec Cautious Managed I Acc 82 159 84 151 81 140 93 128 124 71 0.84 1.27Janus Henderson Cautious Mgd I Acc 87 97 90 107 93 97 100 106 144 40 - 3.99Janus Henderson Mlt-Mgr Distr I Inc 88 96 92 77 95 76 104 81 138 53 - 3.68Janus Henderson Mlt-Mgr Inc & Gr I Inc 88 86 93 76 96 65 106 67 141 49 - 2.92JPM Multi-Asset Income C Net Acc 85 133 89 129 94 89 99 113 143 44 0.83 4.16


Jupiter Enhanced Distribution I Acc 92 22 96 33 96 70 - - - - - 4.01Jupiter Merlin Income I Acc 90 49 96 36 101 23 111 28 155 17 1.46 3.03Kames Diversified Monthly Inc GBP B Inc 85 144 88 130 97 48 109 46 - - - 5.78Kames Ethical Cautious Managed GBP B Acc 91 30 96 34 97 58 104 78 176 3 - 1.93L&G Distribution Trust I Acc 87 99 90 119 91 113 99 112 135 61 0.67 4.17L&G Mixed Investment 20-60% I Acc 88 94 93 74 97 56 109 48 - - - 2.56L&G Mixed Investment Income 20-60% I Acc 85 137 90 116 93 93 - - - - - 4.43L&G Multi Manager Income I Acc 86 128 90 110 94 91 103 86 126 70 1.75 2.64LF Canlife Diversified Monthly Inc C Inc 87 112 - - - - - - - - - -LF Canlife Managed 20%-60% C Acc 89 64 94 54 - - - - - - - 1.58LF Canlife Portfolio IV C Acc 91 39 96 32 100 28 112 24 - - - 1.93LF Miton Cautious Multi Asset B Acc 89 77 94 50 95 75 107 59 130 69 0.99 3.44LF Ruffer Total Return C Acc 100 2 104 3 102 20 110 36 149 31 - 1.51LionTst Sust Fut Defesv Mgd 2 Net Inc 94 15 100 7 112 2 126 3 - - - 2.14M&G Episode Allocation GBP I Acc 84 152 86 143 90 122 101 105 137 58 0.84 2.44M&G Episode Income GBP I Acc 86 123 93 70 98 42 108 58 - - 0.74 3.05M&G Sustainable Mlt Asst Stlg I GBP Acc 89 63 95 42 - - - - - - - 2.37Margetts Providence Strategy R GBP Acc 86 118 89 126 91 112 100 107 139 51 0.62 3.70Marlborough Cautious P Inc 87 101 92 96 93 101 101 97 133 65 - 2.74Mazarin Cautious A GBP Acc 87 110 - - - - - - - - - -MGTS Clarion Prudence Portfolio R Acc 89 66 92 86 94 83 102 93 141 47 2.32 2.05MGTS Frontier Cautious R Acc 85 129 89 127 90 119 96 119 133 66 1.36 3.42MGTS Future Money Income R Acc 85 130 89 122 93 99 103 88 147 37 0.90 4.06MGTS Future Money Real Growth R Acc 88 91 92 83 96 72 105 71 144 42 0.87 2.00MGTS Future Money Real Value R Acc 91 33 95 49 97 54 104 75 137 57 0.91 1.75MI Charles Stanley Multi Asst2 Cau A£Acc 94 14 97 26 - - - - - - - 1.50MI Hawksmoor Vanbrugh C Acc 89 76 92 95 97 51 114 19 158 10 - 2.19MI Miton Cautious Mthly Inc A Acc units 84 149 89 124 89 130 98 114 - - - 5.17NFU Mutual Mixed Portfolio 20-60% C 86 113 90 111 - - - - - - - 2.14Optimal Multi Asset Balanced A GBP 90 53 92 97 90 120 101 95 - - - -PIMCO GIS Glb Cr Ast Allc Instl GBPH Inc 89 68 90 108 98 40 101 101 - - 0.95 4.48Premier Diversified Cautious Gr D Inc 91 42 94 57 - - - - - - - 2.45Premier Diversified Income D GBP INC 89 71 93 72 - - - - - - - 5.33Premier Liberation No. IV Class C Acc 86 116 89 128 92 106 106 68 152 26 1.41 2.29Premier Liberation No. V Class C Acc 84 151 87 141 90 117 106 66 159 9 1.34 1.88Premier Multi Asset Cnsrv Gr C 91 31 94 60 98 46 105 73 132 67 1.03 1.37Premier Multi-Asset Distribution C Inc 82 160 85 146 90 116 102 92 163 6 1.43 5.49Premier Multi-Asset Monthly Inc C Inc 83 157 85 147 90 118 101 103 161 8 - 6.05Quilter Investors Cirilium Balanced R 85 142 87 135 90 121 105 72 153 24 1.24 2.45Quilter Investors Divers R (GBP) Acc 87 108 91 104 91 111 94 125 119 73 - 2.00RBS Collective Stakeholder Invest 88 88 93 69 96 68 105 70 144 41 1.50 1.66RBS Managed Defensive 1 Acc 92 28 - - - - - - - - - -RBS Managed Income 1 Inc 84 145 - - - - - - - - - -Royal London GMAP Bal M GBP Acc 90 60 93 65 98 47 - - - - - 1.61Royal London Sustainable Div C Inc 95 10 105 2 118 1 139 2 220 1 - 1.52Sarasin Globalsar Strategic P Acc 95 6 102 5 108 4 121 8 162 7 - 1.49Sarasin IE GblSar Strategic USD P Acc 97 5 108 1 112 3 140 1 - - - 1.96Sarasin IE GlobalSar Strategic EUR A Acc 92 21 99 13 104 13 125 5 - - - 1.48Sarasin IE GlobalSar Strategic GBP P Acc 94 11 100 9 106 9 118 10 - - - 1.87Schroder MM Diversity Income Z Acc 86 120 87 134 89 127 96 121 - - 1.40 3.94Schroder MM Diversity Z Acc 91 40 92 81 92 104 97 116 - - 1.21 0.97Schroder Monthly Income Z Acc 82 161 84 150 89 132 101 104 - - 1.17 6.61Scottish Widows Balanced A 89 69 95 43 98 45 109 49 154 21 2.00 0.67Sentinel Income B Acc 88 93 93 75 94 86 - - - - - 2.74SVS Brown Shipley Income I Acc 90 47 95 45 98 38 107 63 151 28 1.93 2.63T. Bailey Dynamic A Inc 86 124 88 132 93 96 104 77 141 48 1.79 1.84TB Doherty Cautious Managed B GBP Acc 84 147 87 138 86 134 94 124 121 72 - 1.15TB Doherty Distribution B Acc 86 119 89 123 90 124 - - - - - 4.47Thesis Optima Balanced B Acc 91 35 96 39 101 26 109 47 153 25 - 2.71Threadneedle Glbl Mlt Ast Inc Z Inc 90 46 96 37 100 27 117 13 - - - 3.22Threadneedle Managed Eq and Bond Z Acc 91 34 98 19 102 22 115 17 158 11 - 1.44TM UBS (UK) - Global Balanced C Acc 87 103 92 89 96 69 107 60 - - - 1.54TM UBS (UK) - UK Balanced C Acc 87 102 92 93 96 64 108 57 - - - 1.89UBS Global Diversified Income C GBP Acc 88 90 93 63 - - - - - - - 5.13UBS Multi-Asset Income L Gross Inc 88 84 91 98 95 80 96 118 - - - 5.40Vanguard LifeStrategy 40% Equity A Acc 93 18 99 12 107 5 122 7 - - 0.30 1.48Vanguard Target Retirement 2015 Acc 94 16 99 16 106 7 - - - - - 1.18Virgin Bond, Gilt and UK Share 89 70 93 71 96 67 105 69 - - - 1.88Volare Cautious A GBP Acc 92 29 96 30 101 24 - - - - - 0.90VT AJ Bell Moderately Cau I Acc 92 27 98 20 - - - - - - - 2.72VT Garraway Multi Asset Bal I Acc 80 164 83 154 79 141 78 131 112 74 - 6.74VT Greystone Cautious Managed R Acc 83 158 86 145 89 131 101 100 142 46 - 4.27VT Seneca Diversified Income B Inc 79 165 81 155 90 123 104 80 137 59 - 6.98VT SmartFund Balanced Strategy Z GBP Acc 100 1 100 8 100 29 100 108 - - - -VT Tatton Blended Balanced A Acc 87 111 92 85 - - - - - - - 1.36VT Tatton Blended Cautious A Acc 89 61 95 48 - - - - - - - 0.96VT Tatton Oak Cautious Growth B Acc 90 57 95 44 97 52 109 44 147 36 1.39 0.81Waverton Multi-Asset Income P GBP Inc 93 17 99 15 103 19 117 12 - - - 3.84WAY Global Balanced Portfolio E Acc 89 75 93 64 95 78 108 54 138 52 - -WAY MA Cautious Portfolio E Acc 89 78 93 66 93 94 104 79 131 68 1.88 -Wellington Dynamic Divers N GBP Inc Hdg 89 74 91 102 - - - - - - - 3.88Wesleyan Moderate Risk/Rwd Gr X Acc 85 132 89 120 94 85 - - - - - 2.01Zurich Horizon Multi-Asset I Z Acc 94 12 102 4 106 8 120 9 - - - 0.89Zurich Horizon Multi-Asset II Z Acc 91 37 98 18 105 10 123 6 - - - 1.47Average/Total 88 165 93 155 96 141 106 131 147 74 1.28 2.80

(IA) MIXED INVESTMENT 40-85% SHARES7IM AAP Moderately Adventurous C Acc 87 82 91 98 96 84 105 97 150 61 0.63 1.617IM Moderately Adventurous C Acc 85 115 89 123 91 123 100 108 144 64 1.50 1.51ACUMEN Portfolio 5 Acc 87 68 91 95 97 69 109 76 - - - 0.24Architas MA Active Prog A Acc 85 119 92 91 97 70 115 38 162 31 1.63 1.70ASC Balanced Bridge Income 93 11 100 7 106 14 122 18 172 18 0.83 3.05ASI Global Balanced Growth P1 Acc 87 70 94 58 99 56 115 40 176 16 - 1.73ASI Multi-Asset I Acc 88 60 94 50 103 40 116 33 168 24 1.49 1.12ASI Multi-Manager Balanced Managed I Acc 84 130 91 100 95 86 109 78 152 53 - 1.76Aviva Investors Multi-Mgr 40-85% 2 £Acc 86 93 92 83 97 72 112 52 167 25 1.52 1.17AXA Framlington Managed Balanced Z Acc 90 38 98 16 104 26 121 20 187 9 - 1.33Baillie Gifford Managed B Acc 94 5 100 6 115 4 142 3 224 2 0.47 1.45Barclays Dividend and Growth I Acc GBP 82 153 88 135 91 120 98 110 - - 1.65 3.43Barclays Multi-Impact Growth R Acc GBP 93 9 99 13 - - - - - - - 0.54Barclays Wealth Global Mkts 4 R Acc GBP 88 66 93 72 103 39 118 30 - - 1.05 2.22BlackRock Balanced Growth D Acc 90 24 98 18 105 18 120 27 161 35 - 2.10BlackRock Balanced Managed A Acc 89 40 95 44 103 42 115 36 155 42 1.59 0.34BlackRock Consensus 70 D Acc 89 48 95 48 100 52 117 31 - - 0.26 2.36BlackRock Consensus 85 D Acc 87 73 94 68 100 50 120 24 - - 0.23 2.59

Unit Trusts 8



£ £ £ £ £ % %BMO MM Navigator Balanced C Acc 83 148 88 134 90 127 105 95 147 63 - 2.69BNY Mellon Dynamic Total Ret USD A Acc 91 20 99 14 97 66 - - - - 2.21 -BNY Mellon Global Balanced Expt 1 Acc 89 45 97 22 108 10 126 12 180 14 0.55 1.96BNY Mellon Mlt-Asst Balanced Inst W Acc 89 46 98 20 104 29 118 29 157 38 - 2.41Castlefield B.E.S.T Port Founder Inc 89 47 95 49 - - - - - - - 2.65Climate Assets B GBP Acc 91 22 100 10 110 9 130 7 203 5 1.36 2.22Close Balanced Portfolio X Acc 87 75 94 51 104 34 111 54 - - 0.86 1.29Close Managed Balanced X Acc 88 55 94 59 100 47 114 41 - - 1.37 1.40Close Tactical Select Passive Bal X Acc 85 114 91 93 97 76 113 43 - - 0.65 2.11Consistent Practical Investment A Acc 78 170 80 162 86 135 100 109 174 17 1.11 4.56Courtiers Total Return Balanced Risk 89 43 92 85 99 57 115 39 171 20 1.90 0.22DMS Kleinwort Hambros Multi AstBal A Acc 90 31 95 39 99 59 111 56 135 72 1.72 -DMS Sequel Bal Trgt Ret Strat B£Acc 82 160 83 156 85 139 93 118 - - - 3.90DMS Sequel Glbl Trgt Inc Strat A£Acc 77 171 78 163 80 142 91 119 137 71 1.92 6.86DMS Verbatim Multi-Index Portfolio 5 A 88 59 94 60 99 58 115 37 - - 0.80 2.19EdenTree Higher Income B 82 156 86 149 91 124 103 103 157 36 0.83 5.74EF Brompton Global Growth B GBP Acc 86 107 91 94 94 97 110 66 - - 1.92 0.40Elite Balanced Trust B Acc 88 61 92 87 98 63 109 70 150 58 2.05 0.35ES Share Centre Multi Mgr Gr&Inc A Inc 85 112 91 102 96 78 111 55 140 69 2.50 2.51Family Balanced International B 84 140 88 133 91 119 103 102 141 65 1.15 2.24Fidelity MltAsst Inc & Gr W Inc 87 74 92 90 96 82 111 62 - - - 4.37Fidelity MltAsst Open Gr W Acc 86 98 92 92 97 68 112 48 150 59 - -Fidelity MoneyBuilder Balanced W Inc 89 39 93 74 93 108 105 98 168 23 - 4.77Fidelity Multi Asset Allctr Growth W Acc 90 37 97 27 101 43 113 42 - - - 1.37FP Mattioli Woods Balanced E GBP Inc 88 56 94 56 - - - - - - - 1.24FP Russell Invsmts Mlt Asst Gr IV C Acc 84 131 89 125 93 109 - - - - - 1.60FP Russell Invsmts Multi Asst Gr V C Acc 82 159 86 143 91 121 - - - - - 1.66GS Global MA Gr R Inc GBP PtH 86 105 90 111 96 81 111 60 - - 1.00 1.10HL Multi-Manager Balanced Managed A Acc 83 142 87 139 89 128 106 91 154 47 1.46 1.78HSBC Balanced Acc C 85 124 89 122 93 105 107 85 151 56 - 2.84IFML Vitality Multi-Asset Balanced D 88 57 95 41 - - - - - - - 0.77IFSL AMR Diversified A GBP Acc 84 129 89 124 94 98 - - - - - 4.65IFSL Avellemy 6 B GBP Inc 86 101 - - - - - - - - - -IFSL Avellemy 7 B GBP Inc 84 139 - - - - - - - - - -IFSL Beaufort Multi Asset Blend Gr A Acc 85 111 - - - - - - - - - -IFSL Brooks Macdonald Balanced A Acc 86 103 91 101 97 67 109 72 153 48 1.12 1.30IFSL James Hambro Barnham Broom 91 21 97 24 106 16 121 23 - - - 0.66IFSL James Hambro Harrier Bal Inc 92 16 98 15 106 13 - - - - - 0.33IFSL James Hambro Harrier Cap Gr Inc 91 23 98 19 107 12 120 26 - - - 0.87IFSL James Hambro Master 90 33 97 29 105 22 119 28 171 21 0.86 1.77IFSL James Hambro Penrhos GBP Inc 90 27 96 35 104 28 116 34 181 13 1.61 1.92IFSL James Hambro Rires 90 34 96 36 106 15 121 22 171 19 1.42 0.45IFSL Sanlam Balanced A Inc 88 54 95 47 - - - - - - - 1.78IFSL Sinfonia Adventurous Growth A Acc 82 154 88 129 92 115 107 84 152 54 2.12 2.45IFSL Sinfonia Balanced Managed A Acc 83 141 89 116 93 107 107 83 155 43 1.96 2.10Invesco Global Balanced Idx UK (NoTr)Acc 82 158 85 151 88 132 104 99 165 27 0.70 2.75Invesco Managed Income UK Z Acc 80 167 82 161 81 141 96 114 148 62 - 2.97Janus Henderson Instl Gl Rpnsb Mgd I Acc 92 14 103 5 114 5 129 9 214 4 0.85 1.60Janus Henderson Mlt-Mgr Managed I Acc 87 67 92 84 97 75 111 59 152 52 - 1.50Jupiter Distribution and Growth I Inc 80 165 82 159 78 143 88 120 140 68 1.06 5.51Jupiter Merlin Balanced I Acc 88 62 94 54 104 31 123 17 182 12 1.66 2.39L&G Mixed Investment 40-85% I Acc 85 123 90 108 96 77 113 45 - - - 3.02L&G Multi Manager Balanced I Acc 84 133 89 115 95 85 106 93 127 75 1.77 1.65L&G Real Capital Builder I Acc 92 17 97 26 - - - - - - - 1.11L&G Real Income Builder I Acc 86 104 91 97 96 80 - - - - - 2.99Lazard Managed Balanced A Acc 86 92 93 80 103 41 120 25 185 11 0.86 2.35LF Canlife Balanced C Acc 86 106 91 99 94 91 110 67 156 40 - 2.08LF Canlife Portfolio V C Acc 89 44 94 57 99 60 112 50 - - - 1.77LF Canlife Portfolio VI C Acc 87 79 92 89 97 71 110 65 - - - 2.23LF Miton Balanced Multi Asset B Acc 88 58 95 43 - - - - - - - 2.56LF Odey Portfolio Sterling Instl Acc 87 69 93 77 93 111 94 116 - - - 0.80LF Resilient MM Balanced Managed X Acc 85 116 90 114 94 102 110 63 152 55 2.64 2.19LF Waverton Charity Growth & Inc Acc 93 8 - - - - - - - - - -Libero Balanced B Acc 86 90 93 76 97 65 112 51 - - - 2.33Libero Strategic B Acc 87 85 93 82 95 87 106 88 - - - 0.47Liontrust Balanced C Acc GBP 95 2 104 3 118 3 131 5 187 10 - 0.06Liontrust Sust Fut Cau Mgd 2 Net Inc 93 12 99 12 113 6 130 8 - - - 2.22Liontrust Sust Fut Mgd 2 Net Inc 92 13 100 8 121 2 142 2 221 3 0.85 1.18M&G Episode Growth GBP I Acc 87 87 89 119 92 113 106 87 141 67 0.94 2.25Man Balanced Managed Profl Acc C 84 128 88 128 93 106 103 104 153 50 0.92 1.76Margetts Select Strategy R GBP Acc 85 121 89 121 92 118 105 94 154 44 0.68 1.86Marks & Spencer Worldwide Mgd Acc 83 151 88 126 93 112 111 61 165 28 1.66 2.02Marlborough Balanced P Acc 87 83 94 61 97 64 117 32 153 51 - 1.34Marlborough Extra Income P Inc 85 118 92 86 99 61 111 58 189 7 - 4.78Mazarin Balanced A GBP Acc 85 120 - - - - - - - - - -McInroy & Wood Balance Pers Inc 90 25 96 34 104 32 123 16 189 8 1.00 1.08McInroy & Wood Income Pers Inc 90 28 97 25 99 55 112 46 165 26 - 3.25MFM Hathaway Inc 86 95 93 75 105 21 131 6 200 6 1.59 1.34MGTS Clarion Meridian Portfolio R Acc 86 99 90 110 93 103 106 90 157 39 2.32 1.02MGTS Future Money Dynamic Growth R Acc 87 89 92 88 96 79 109 75 157 37 0.87 1.22MI Charles Stanley Multi Asst 4 Gr B Acc 89 42 95 46 99 54 106 89 132 73 0.98 2.07MI Charles Stanley Multi Asst3 Mod A£Acc 92 15 96 33 - - - - - - - 1.61MI Hawksmoor Distribution C Acc 85 117 86 144 94 94 112 49 - - - 5.15New Capital Global Balanced GBP Acc 94 7 98 17 - - - - - - 1.17 -NFU Mutual Mixed Portfolio 40-85% C 83 150 87 141 - - - - - - - 2.67Optimal Multi Asset Opportunities A GBP 86 100 87 138 88 131 102 106 - - - -Orbis OEIC Global Balanced Standard 86 97 88 131 89 129 121 21 - - - -Premier Diversified Balanced Gr D Inc 90 30 94 63 - - - - - - - 2.43Premier Diversified Growth D Inc 90 32 94 55 105 25 127 11 - - 1.43 2.45Premier Liberation No. VI Class C Acc 81 163 84 154 88 130 106 92 163 29 1.66 2.25Premier Multi-Asset Growth&Inc C Inc 82 157 86 146 91 126 109 71 179 15 - 3.61Quilter Investors Cirilium Moderate R 82 161 85 152 87 133 104 100 161 33 1.24 1.99RBS Managed Growth 1 Acc 85 113 - - - - - - - - - -Royal London GMAP Adventurous M GBP Acc 84 137 88 127 96 83 - - - - - 2.38Royal London GMAP Gr M GBP Acc 86 108 90 107 97 74 - - - - - 2.17Royal London Sustainable World C Acc 94 3 108 1 128 1 162 1 288 1 - 0.91Sarasin FoF Global Diversified Gr P Acc 92 18 97 23 101 44 112 47 - - 1.29 0.54Sarasin IE GlobalSar Dynamic GBP P Acc 93 10 99 11 107 11 121 19 - - - 1.56Sarasin IE GlobalSar Dynamic USD P Acc 94 4 104 2 111 7 140 4 - - - 1.77Schroder Managed Balanced Z Acc 86 96 90 103 94 92 108 82 150 60 - 1.88Schroder MM Diversity Balanced Z Acc 83 145 86 147 86 134 98 111 - - 1.36 1.54Scottish Friendly Managed Growth 85 126 85 153 85 138 97 113 141 66 1.46 -Scottish Widows High Reserve A Acc 80 168 82 158 85 137 95 115 130 74 1.36 5.64Scottish Widows Progressive A 84 135 90 106 93 104 109 77 163 30 2.00 0.73Sentinel Growth B Acc 94 6 103 4 111 8 - - - - - 0.92


Sentinel Universal B Acc 85 125 88 132 94 99 111 53 154 46 - 3.28Smith & Williamson MM Endurance Bal B 82 155 87 142 91 122 100 107 139 70 - 1.92SVS Brown Shipley Balanced I Acc 89 49 94 70 100 53 111 57 - - - 1.99SVS Brown Shipley Growth I Acc 88 63 93 79 100 48 113 44 162 32 1.97 1.96SVS Church House Balanced Eq Inc A Inc 83 144 85 150 94 101 105 96 161 34 1.57 3.84TB Doherty Active Managed B GBP Acc 81 164 83 155 83 140 94 117 124 77 - 0.36TB Doherty Balanced Managed B GBP Acc 83 149 86 148 86 136 97 112 124 76 - 0.85TB New Sarum Real Return Fund A Inc 83 146 87 137 94 100 109 74 - - - 1.58TB Opie Street Balanced R GBP Inc 87 71 - - - - - - - - - -TB Opie Street Growth R GBP Acc 86 91 - - - - - - - - - -Thesis Optima Growth B Acc 83 147 88 130 92 114 104 101 150 57 - 1.53Threadneedle Managed Eq Focused Z Acc 89 51 95 45 100 46 116 35 169 22 - 1.45TM UBS (UK) - Global Growth C Acc 84 136 89 118 94 90 109 73 - - - 1.82TM UBS (UK) - UK Growth C Acc 84 132 89 120 95 88 110 69 - - - 2.26TM UBS (UK) - UK Income Focus C Acc 83 143 87 140 91 125 102 105 - - - 4.26Vanguard Global Balanced A GBP Acc 88 64 97 30 105 20 - - - - - 1.99Vanguard LifeStrategy 60% Equity A Acc 90 35 96 32 105 23 125 13 - - 0.31 1.68Vanguard LifeStrategy 80% Equity A Acc 87 84 93 73 103 36 128 10 - - 0.29 1.93Vanguard Target Retirement 2020 Acc 91 19 98 21 106 17 - - - - - 1.51Vanguard Target Retirement 2025 Acc 90 29 97 31 105 19 - - - - - 1.64Vanguard Target Retirement 2030 Acc 89 41 96 38 105 24 - - - - - 1.55Vanguard Target Retirement 2035 Acc 88 53 95 42 104 27 - - - - - 1.67Vanguard Target Retirement 2040 Acc 88 65 94 53 104 33 - - - - - 1.60Vanguard Target Retirement 2045 Acc 87 78 94 66 103 38 - - - - - 1.67Vanguard Target Retirement 2050 Acc 87 77 94 65 103 37 - - - - - 1.68Vanguard Target Retirement 2055 Acc 87 80 94 67 103 35 - - - - - 1.68Vanguard Target Retirement 2060 Acc 87 81 94 69 - - - - - - - 1.28Vanguard Target Retirement 2065 Acc 87 75 94 64 - - - - - - - 1.44Verus Sustainable Balanced Fd A GBP Acc 90 36 95 40 100 51 110 68 - - - 1.99Virgin Bond, Gilt, UK and Overseas Share 85 122 90 113 94 95 108 80 - - - 2.36Volare Balanced A GBP Acc 89 50 94 71 98 62 - - - - - 1.08Volare Growth A GBP Acc 85 127 90 105 97 73 - - - - - 0.92Volare Strategic Income A GBP Inc 87 86 91 96 94 93 - - - - - 3.95VT AJ Bell Balanced I Acc 90 26 97 28 - - - - - - - 2.33VT AJ Bell Moderately Adv I Acc 87 72 94 62 - - - - - - - 2.31VT Cantab Balanced A GBP Acc 86 102 93 78 - - - - - - - 0.64VT Cantab Moderate A GBP Acc 87 88 94 52 - - - - - - - 1.37VT Garraway Multi Asset Growth I Acc 80 166 83 157 77 144 78 121 - - - 5.18VT Greystone Balanced Managed R Acc 81 162 86 145 92 116 108 81 - - - 1.52VT Seneca Diversified Growth B Acc 79 169 82 160 94 89 108 79 155 41 - 5.82VT SmartFund Growth Strategy Z GBP Acc 100 1 100 9 100 49 - - - - - -VT Tatton Blended Active A Acc 84 138 89 117 - - - - - - - 1.53VT Tatton Oak Capital Growth B Acc 84 134 90 112 92 117 107 86 153 49 1.45 1.74VT Vanneck Defensive GBP Acc 86 94 90 109 - - - - - - - 2.48WAY Global Growth Portfolio E Acc 85 110 90 104 94 96 110 64 154 45 2.14 -Wesleyan Moderate High Rk/Rwd Inc X Acc 82 152 87 136 93 110 - - - - - 2.93Zurich Horizon Multi-Asset III Z Acc 88 52 96 37 104 30 125 15 - - - 1.70Zurich Horizon Multi-Asset IV Z Acc 86 109 93 81 101 45 125 14 - - - 1.71Average/Total 87 171 92 163 98 144 112 121 163 77 1.31 2.06

(IA) NORTH AMERICAAB American Gr Ptf I Acc 97 5 108 5 146 4 203 4 417 7 0.97 -AB Select US Equity I USD Acc 87 76 97 65 115 49 154 55 - - 1.20 -Allianz Best Styles US Equity RT GBP 90 44 98 59 113 63 150 66 - - 0.80 -Allianz US Equity C Acc 88 68 98 63 109 85 149 68 250 67 0.87 0.48Artemis US Extended Alpha I Acc GBP 92 28 105 18 126 27 191 11 - - 0.81 -Artemis US Select I Acc GBP 91 37 104 22 134 18 184 15 - - 0.82 0.22AS SICAV I North Amer Eq X Acc GBP 91 34 103 30 120 36 152 62 243 76 0.98 -ASI American Equity Enh Index B Acc 89 53 99 52 115 55 154 56 - - - 1.58ASI American Equity I Acc 92 32 103 25 122 32 156 50 260 60 1.12 0.50ASI American Equity Tracker B Acc 88 58 100 46 - - - - - - - 5.88ASI American Income Eq P1 Acc 90 39 103 31 113 62 - - - - - 1.03ASI American Unconstrained Equity P1 Acc 89 47 102 35 107 89 144 80 274 52 - 0.40Aviva Investors US Eq Inc 2 GBP Acc 77 131 87 124 91 121 125 106 - - 0.88 3.77Aviva Investors US Equity Inc II 2 £ Acc 76 135 86 125 90 127 123 108 - - - 3.55AXA Framlington American Growth Z Acc 96 10 105 21 137 15 172 23 355 14 0.72 -AXA Rosenberg American Z 85 104 95 91 107 88 145 77 284 45 1.05 1.13Baillie Gifford American B Acc 108 1 111 2 168 1 240 1 461 2 0.67 -BGF US Basic Value D2 77 133 84 133 87 129 111 118 199 85 1.06 -Blackrock ACS US Equity Tracker T1 89 50 100 41 118 39 166 27 - - - -BlackRock US Dynamic D Acc 87 79 97 75 112 67 157 48 281 46 0.94 0.92BlackRock US Opportunities D Acc 75 140 87 122 90 122 115 116 221 83 - 1.70BMO North American Equity 2 Acc 85 100 95 90 110 77 147 74 288 43 0.81 1.29BNY Mellon US Equity Income GBP W Inc 70 145 81 143 86 130 - - - - - 3.13BNY Mellon US Equity Income Instl W Acc 73 144 84 134 - - - - - - - 3.37BNY Mellon US Opps Inst W Acc 90 41 87 121 98 109 124 107 224 80 - 0.65Brown Advisory US Equity Growth $ B 94 20 108 8 154 3 198 7 383 10 0.91 -Brown Advisory US Flexible Eq B $ Acc 87 75 98 58 120 35 157 49 - - 0.93 -Brown Advisory US Mid-Cap Gr $ C Acc 82 113 94 105 - - - - - - - -Brown Advisory US Sust Gr USD C Acc 96 12 108 4 - - - - - - - -Candriam Quant Equities USA C Cap USD 85 102 94 102 101 100 136 92 249 68 1.80 -Candriam Sust North America C USD Cap 87 77 95 92 98 107 126 105 227 79 2.16 -Capital Group AMCAP (LUX) Z 91 35 97 72 118 40 158 44 314 26 - -Capital Group Inv Co of Amer(LUX) Z 88 69 94 97 105 97 146 76 267 58 0.80 -Comgest Growth America USD I Acc 93 24 106 16 133 20 178 18 334 18 0.85 -Dodge & Cox Worldwide US Stock A GBP 77 134 83 137 91 120 133 94 247 72 0.66 -Fidelity American Special Sits W Acc 79 127 83 135 87 128 120 110 248 71 - 0.96Fidelity American W Acc GBP 89 45 101 38 116 47 144 81 255 63 0.92 0.39Fidelity Index US P Acc 89 51 100 45 117 41 165 28 - - - 1.77Fidelity Instl America 86 96 95 88 105 94 142 84 273 54 0.88 2.87Franklin US Opportunities W Acc 96 8 106 15 133 21 169 25 351 15 0.83 -GAM Multistock Health Innovt Eq USD B 96 9 94 95 103 98 111 117 391 8 1.80 -GAM North American Growth Instl GBP Acc 73 143 80 144 90 125 117 114 236 78 0.98 0.28GAM Star Capital Apprec US Eq Instl £Acc 81 123 92 111 110 79 128 101 245 73 2.16 -GAM Star US All Cap Equity Instl GBP Acc 89 46 97 68 113 65 147 72 - - 1.14 -GlobalAccess US Equity M Acc GBP 86 92 91 114 100 101 110 119 - - - 0.62GS US CORE® Equity R Inc Snap GBP 86 88 94 98 111 75 152 60 300 37 0.70 0.73GS US Equity R Inc GBP 87 82 97 70 110 83 140 88 249 69 0.95 0.38GS US Focused Growth Equity R Inc GBP 96 11 102 36 129 26 164 29 293 39 1.15 -Guinness US Equity GBP X 88 65 96 82 110 82 - - - - 1.24 -Halifax North American C 88 63 98 62 110 80 149 69 287 44 1.51 0.67Harris Associates US Equity Fd R/A GBP 81 122 - - - - - - 212 84 1.95 -HSBC American Index C Acc 89 52 100 43 117 43 163 31 321 22 0.18 1.64HSBC US Multi-Factor Eq Instl A Acc 88 57 99 50 115 51 158 46 309 29 0.54 1.48Invesco US Enhanced Index UK Z Acc 88 73 97 67 112 70 - - - - - 0.83

Unit Trusts 9



£ £ £ £ £ % %Invesco US Equity UK Z Acc 88 71 93 108 95 110 127 104 224 81 - 0.98Investec American Franchise I Acc GBP 94 21 106 12 136 16 193 10 277 50 0.85 0.20iShares North American Eq Idx (UK) D Acc 88 60 100 47 116 45 161 35 - - 0.17 1.83iShares US Equity Index (UK) D Acc 89 48 101 39 117 42 164 30 - - - 1.77Janus Henderson Instl NA Idx Opps A Acc 88 55 100 48 115 53 155 51 279 47 1.76 1.27Janus Henderson INTECH US Cor A USD Acc 82 119 91 115 102 99 135 93 266 59 1.75 -Janus Henderson Oppc Alp A USD Inc 82 114 95 93 100 102 118 112 187 86 2.50 -Janus Henderson US Forty A USD Acc 93 23 106 13 138 14 177 20 324 21 2.20 -Janus Henderson US Growth I Acc 93 26 107 10 131 23 158 43 306 33 1.09 0.09Janus Henderson US Research A USD Acc 85 99 94 96 111 73 138 90 252 65 2.13 -JPM America Equity A (dist) USD 84 107 94 104 111 71 152 64 278 49 1.71 0.01JPM US Equity Income C Net Acc 82 117 93 110 105 96 143 82 303 35 0.93 2.71JPM US Select C Net Acc 93 27 103 26 119 37 161 34 319 23 0.93 0.95JPM US Select Equity Plus A (dist) GBP 90 42 98 57 110 78 147 75 279 48 1.80 0.06Jupiter North American Income I Acc 82 115 94 99 100 103 140 86 251 66 1.04 2.59L&G US Index I Acc 88 70 98 61 116 48 160 36 315 25 0.25 1.70Lazard US Equity Concntr C Acc USD 84 106 97 76 111 76 - - - - 0.99 -Legg Mason CB US Agrsv Gr X USD Dis(A) 86 90 91 116 93 114 117 113 256 62 1.11 -Legg Mason CB US Apprec X USD Dis(A) 86 91 98 60 115 54 155 51 276 51 1.00 0.38Legg Mason CB US Eq Sust Ldrs X GBP Acc 91 36 107 11 129 25 - - - - 1.10 -Legg Mason CB US Lg Cp Gr X USD Acc 92 30 102 37 131 22 187 14 364 12 1.09 -Legg Mason IF CB US Eq Inc X Inc 83 111 96 83 112 69 150 65 - - 1.05 2.11Legg Mason IF CB US Eq X Acc 75 139 83 140 85 131 108 120 182 87 - 0.75Legg Mason IF MC US Uncons X Acc £ 95 14 108 6 136 17 175 21 311 27 - -LF Canlife North American C Acc 88 64 99 54 105 95 154 57 270 57 0.81 0.93LF Miton US Opportunities B Acc 88 62 99 53 113 64 160 38 - - - 0.38Liontrust US Income C Acc GBP 85 105 94 100 107 87 148 71 - - - 2.32Liontrust US Opportunities C Acc GBP 88 67 97 74 124 29 145 78 253 64 - -Loomis Sayles US Equity Inc Fd R/A USD 83 112 89 117 99 105 131 97 244 74 1.70 -Lord Abbett US Gr Ldrs I USD Acc 100 3 106 17 145 5 182 16 - - 1.00 -M&G North American Dividend GBP I Acc 85 103 95 87 115 50 159 42 273 55 0.91 1.31M&G North American Value GBP I Acc 81 121 86 126 92 116 130 99 237 77 0.91 1.71Majedie Asset Mgmt US Equity Z GBP Acc 84 109 97 77 111 74 142 83 - - - -Marlborough US Multi-Cap Income P Inc 94 19 114 1 134 19 174 22 301 36 - 1.50Merian North American Equity R GBP Acc 86 93 94 103 107 91 152 63 347 16 0.90 0.54Merian US Equity Income R GBP Acc 84 108 91 112 95 111 128 102 - - 1.15 -MFS Meridian US Concentrated Gr WH1 GBP 88 66 97 79 131 24 140 89 - - 1.20 -MFS Meridian US Equity Income WH1 GBP 82 116 83 138 91 119 - - - - 0.85 -MFS Meridian US Value WH1 GBP 80 125 85 131 92 118 101 121 - - 1.00 -MGTS AFH DA North American Eq I GBP Acc 86 97 93 107 - - - - - - - 0.91Morgan Stanley US Advantage I Acc GBP 95 15 105 20 142 11 - - - - - -MS INVF US Advantage I 94 22 103 27 144 7 197 8 431 3 0.89 -MS INVF US Growth Z 105 2 106 14 159 2 225 2 482 1 0.85 -Natixis Loomis Sayles US Eq Ldrs N/A £ 97 6 107 9 139 12 203 5 - - - 0.07Neuberger Berman US MltCp Opps GBP I Acc 79 128 83 139 - - - - - - 0.99 -New Capital US Future Leaders GBP UnHAcc 90 38 93 109 - - - - - - - -New Capital US Growth GBP Acc 95 13 96 81 118 38 129 100 - - 0.84 -OYSTER US Selection R GBP D 78 129 82 141 95 113 133 95 - - 1.28 1.58Pictet-USA Index I GBP 87 84 97 73 114 56 159 41 - - 0.29 -Polar Capital North American I 80 124 87 120 100 104 137 91 - - 0.99 -Quilter Inv Nrth Amer Eq U2 (GBP) Acc 86 94 94 101 - - - - - - - 0.25Quilter Inv US Eq Small/MC U2 GBP Acc 77 132 87 123 92 117 131 98 - - - 0.37Quilter Investors US Eq Gr A (GBP) Acc 99 4 109 3 138 13 190 12 - - - -Quilter Investors US Eq Inc U2 (GBP) Acc 74 141 85 130 - - - - - - - 3.24Robeco BP US Large Cap Equities F £ 75 138 83 136 90 123 119 111 - - 0.80 -Robeco QI US Conservative Equities F £ 78 130 88 119 99 106 - - - - 0.66 -Royal London US Growth 90 43 99 56 106 93 141 85 258 61 1.55 -Royal London US Tracker Z Acc 89 49 100 44 117 44 161 33 317 24 0.23 1.48Russell Inv US Quant I 85 101 94 94 106 92 144 79 290 41 1.83 0.42Sanlam US Dividend A GBP Acc 81 120 84 132 93 115 140 87 - - 0.97 -Santander United States Equities A 87 81 95 86 108 86 147 73 297 38 1.03 0.72Schroder QEP US Core I Acc 88 56 99 55 113 61 158 45 304 34 0.32 1.64Schroder US Eq Inc Mxmsr Fund Z Acc £ 87 80 97 80 - - - - - - - 5.47Schroder US Mid Cap Z Acc 76 136 85 129 90 124 127 103 248 70 - 0.31Scottish Widows American Growth A 88 59 97 69 110 81 148 70 273 53 1.62 0.32Seilern America USD U I 92 31 105 19 144 6 214 3 418 6 1.31 -SLI North American Trust 92 29 104 23 114 60 154 58 289 42 0.84 0.52Smith & Williamson North American Eq B 88 61 99 49 121 34 153 59 270 56 0.86 0.51State Street North America Equity Trkr 86 86 97 78 114 59 158 47 291 40 0.90 -StocksPLUS Instl USD Acc 86 95 96 84 114 57 160 39 334 19 0.55 -T. Rowe Price US Blue Chip Eq Q GBP 94 18 102 33 142 10 195 9 423 4 0.82 -T. Rowe Price US Eq CAccGBP 88 72 99 51 114 58 - - - - - -T. Rowe Price US Eq Q GBP 87 85 98 64 112 66 159 40 307 32 0.82 -T. Rowe Price US Lg Cap Gr Eq CAccGBP 95 16 103 29 - - - - - - - -T. Rowe Price US Lg Cap Gr Eq Q GBP 95 17 102 34 143 9 200 6 423 5 0.80 -T. Rowe Price US Lg Cap Val Eq CAccGBP 79 126 89 118 95 112 - - - - - 1.95T. Rowe Price US Lg Cap Val Eq Q GBP 76 137 85 128 90 126 122 109 224 82 0.82 -Threadneedle Amer Extnd Alpha Ins AccGBP 92 33 102 32 125 28 178 19 344 17 0.81 -Threadneedle American Sel Z Acc GBP 93 25 104 24 122 31 171 24 310 28 0.82 0.03Threadneedle American Z Acc GBP 90 40 103 28 122 33 166 26 331 20 0.81 0.56Threadneedle US Eq Inc Z Inc GBP 87 74 100 42 111 72 152 61 - - - 2.74UBS S&P 500 Index C Acc 87 78 97 66 116 46 163 32 - - - 1.80UBS US Equity C Acc 82 118 91 113 98 108 132 96 243 75 - 0.48UBS US Growth C Acc 96 7 108 7 143 8 189 13 389 9 - -Vanguard US 500 Stock Index Ins USD Acc 87 83 97 71 115 52 160 37 308 30 0.20 -Vanguard US Equity Index Acc 86 98 95 89 112 68 155 53 308 31 0.20 1.70Vanguard US Fundamental Val Inv GBP Inc 65 146 71 145 71 133 99 122 175 88 0.95 1.51Vanguard US Opportunities Inv GBP Inc 84 110 85 127 107 90 154 54 359 13 0.95 -Vontobel US Equity I USD 86 89 101 40 123 30 182 17 372 11 1.17 -VT De Lisle America B GBP 74 142 81 142 77 132 115 115 - - 1.33 1.08VT Tyndall North American A GBP Net Acc 89 54 93 106 - - - - - - - -Wellington US Research Eq N GBP UnH Inc 86 87 96 85 109 84 150 67 - - - 0.21Average/Total 87 146 96 145 113 133 153 122 295 88 1.04 1.31

(IA) NORTH AMERICAN SMALLER COMPANIESAllianz US Micro Cap Equity C GBP Acc 82 7 - - - - - - - - - -Artemis US Smaller Companies I Acc GBP 82 8 90 6 115 4 164 2 - - 0.92 0.02BMO US Smaller Companies C Inc 71 18 76 17 84 15 113 12 213 8 - 0.01Brown Advisory US Small Cap Blend B $ 73 16 80 14 91 10 123 9 - - 1.25 -Brown Advisory US SmlrComs Dollar B Acc 81 9 88 8 111 6 153 4 310 3 0.93 -GlobalAccess US Sm & Md Cp Eq M Acc GBP 74 14 76 16 85 14 96 15 - - - -GS US Sm Cp CORE® Eq R Inc GBP Snap 73 17 78 15 87 13 115 11 244 6 0.85 0.45Hermes US Smid Equity F GBP Acc 76 12 87 10 91 11 126 7 - - 0.87 -Janus Henderson US Venture A USD Acc 80 11 83 11 102 8 125 8 287 4 2.47 -JPM US Small Cap Growth C Acc 90 2 94 4 130 1 167 1 331 2 0.93 -


Legg Mason IF Royce US Smlr Coms X Acc 74 13 81 13 84 16 110 13 172 10 - 0.57Legg Mason RY US SmCp Opp X USD Acc 68 19 73 18 74 17 102 14 187 9 1.21 -LF Miton US Smaller Companies B Acc 92 1 97 1 - - - - - - - -Neuberger Berman US Sm Cap USD A Acc 83 6 92 5 104 7 140 5 - - 1.92 -New Capital US Small Cp Gr GBP UnHInsAcc 88 3 89 7 113 5 - - - - 1.12 -Schroder US Smaller Comp Z Acc 73 15 83 12 88 12 122 10 236 7 - 0.15T. Rowe Price US Smlr Cm Eq CAccGBP 85 4 97 2 118 2 - - - - - -T. Rowe Price US Smlr Cm Eq Q GBP 84 5 96 3 117 3 156 3 348 1 1.07 -Threadneedle AmerSmlrComs(US) Z Acc GBP 80 10 88 9 95 9 126 6 262 5 - 0.39Average/Total 79 19 86 18 99 17 129 15 259 10 1.23 0.26

(IA) PROPERTY OTHERASI European Real Estate Share I Acc 87 4 97 4 118 3 127 5 223 3 - 3.17ASI Global Real Estate P1 Acc 97 2 104 1 112 5 130 3 162 15 - 2.19ASI Global Real Estate Share P1 Acc 75 25 80 24 93 20 84 29 146 19 - 3.38ASI Global REIT Tracker B 73 28 - - - - - - - - - -ASI UK Real Estate Share I Acc 90 3 99 3 118 2 122 9 248 2 - 2.12AXAWF Fram Global Rl Est Secs F Cap EUR 76 21 85 16 96 18 113 15 201 10 1.15 -BMO European Real Estate Scs B Acc GBP 85 6 92 8 112 4 129 4 - - 1.81 -BMO Global Real Estate Securities 3 Acc 77 18 86 15 98 17 118 12 - - - 1.73BMO Property Growth & Income I Acc 85 5 89 12 102 13 107 19 172 13 - 4.86Fidelity Global Property W Acc 81 12 90 11 102 12 119 11 205 7 - 2.27First State Asian Prpty Secs B Acc GBP 74 26 79 27 90 27 107 17 158 16 1.53 3.85First State Glbl Prpty Secs B Acc GBP 82 8 94 5 103 11 118 13 215 4 1.11 2.51GlobalAccess Global Prpty Secs M Acc GBP 73 29 76 31 90 26 88 28 - - - 3.50HSBC Global Property C Acc 78 17 82 21 91 24 101 24 155 18 1.59 2.90iShares Glb Prpty Secs Eq Idx (UK) D Acc 73 30 81 23 91 25 109 16 - - - 3.43Janus Henderson Hrzn AsPac Pty Eqs H2USD 81 9 90 10 104 10 122 10 166 14 1.12 -Janus Henderson Hrzn Glbl Pty Eqs H2 USD 79 14 91 9 109 6 132 2 210 6 1.47 -Janus Henderson Hrzn PanEurpPtyEqs H2EUR 84 7 93 6 122 1 139 1 253 1 1.37 -Kempen (Lux) Global Property J 74 27 81 22 96 19 - - - - 0.91 4.87L&G Global Real Estate Div Index I Acc 71 31 78 28 89 28 - - - - - 3.56MS INVF Global Property IX 71 32 74 32 82 31 94 26 155 17 1.04 3.26Neuberger Berman Glb RE Secs EUR M Acc 79 16 84 20 93 21 - - - - 3.22 -Neuberger Bm US Rel Est Sec GBP I Inc 79 15 88 13 101 14 105 20 189 11 1.39 1.38Premier Pan Europe Prop Share C Acc 81 11 84 18 101 15 102 23 211 5 1.04 4.37Principal Glb Propty Secs I Acc USD 75 23 84 19 99 16 115 14 203 8 0.91 -Quilter Inv Glbl Prpty Scs R GBP HPt Inc 75 24 78 29 92 23 93 27 - - - 2.91Sarasin IE Sust Glb Rl Est Eq GBP P Acc 76 22 80 25 87 29 102 21 - - - 3.67Sarasin IE Sust Glb Rl Est Eq USD P Acc 76 19 79 26 86 30 101 25 - - - 3.70Schroder Glbl Cities Real Estt Inc Z Acc 68 33 76 30 81 32 102 22 - - 0.98 5.51Schroder Global Cities Real Estt Z Acc 81 10 93 7 106 9 122 8 202 9 1.18 1.25Scot Wid MM Global Rel Est Sec A Inc 76 20 85 17 92 22 107 18 175 12 1.90 3.19SKAGEN m2 A 80 13 87 14 108 7 125 6 - - 1.50 -TM Home Investor D Unbnd Net 101 1 101 2 108 8 123 7 - - - 0.98Average/Total 79 33 86 32 99 32 112 29 192 19 1.40 3.11

(IA) SHORT-TERM MONEY MARKETBlackRock Cash D Acc 100 4 101 4 101 4 101 4 103 2 0.31 0.49Fidelity Cash W Acc 100 3 101 3 102 3 102 3 103 4 - 0.66ILF GBP Liquidity 1 100 5 100 5 101 6 101 6 102 6 0.20 0.41JPM GBP Liquidity LVNAV Agcy (dist.) 100 6 100 6 101 5 101 5 103 3 0.25 0.40L&G Cash Trust I Acc 100 2 101 2 102 2 102 2 103 1 0.21 0.65Royal London Short Term Money Mkt Y Acc 100 1 101 1 102 1 102 1 103 4 - 0.72Scottish 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 0.51

(IA) SPECIALISTAB RMB Income Plus I2 Acc 99 17 101 34 108 30 126 50 - - 0.85 -AB Select Abs Alpha I GBP H Acc 94 44 96 75 103 47 106 102 - - 1.22 -ACUMEN Portfolio 8 Acc 81 140 84 155 - - - - - - - 0.15Allianz China Strategic Bond P H2 GBP 86 117 86 147 88 133 85 187 - - 0.51 6.71Allianz German Equity P GBP 82 135 90 123 86 142 108 93 - - 0.95 1.23Allianz Global Agricultural Trds RT GBP 79 152 84 153 83 155 89 176 125 68 1.18 -Allianz Income and Growth RM H2 GBP 90 84 91 115 102 60 109 90 - - 0.90 7.35Allianz Oriental Income AT USD 95 35 103 17 114 14 141 15 188 20 1.80 -Allianz Renminbi Fixed Income P H2 GBP 102 7 98 55 107 31 104 113 - - 0.55 3.28Alquity Africa GBP Y 74 181 76 193 71 192 64 206 - - 1.90 -Alquity Indian Subcontinent USD Y 66 227 60 245 - - - - - - - -Alquity Latin America USD Y 61 237 65 236 61 215 - - - - - -Architas Diversified Real Assets D Acc 91 79 94 90 96 93 105 109 - - - 3.41AS SICAV I Indian Equity X Acc GBP 76 176 82 165 87 134 109 88 179 25 1.09 -ASI Diversified Growth R Acc 88 94 89 136 91 119 - - - - - 3.63ASI Dynamic MA Gr P1 Acc 90 86 92 105 99 76 100 130 - - - -ASI Eastern European Equity I Acc 76 175 89 139 87 136 122 61 100 97 1.27 3.01ASI Financial Equity I Inc 80 146 88 141 102 59 129 40 167 30 - 1.45ASI Latin American Equity I Acc 58 246 64 238 66 207 96 148 - - 1.30 2.65ASI Multi-Manager Ethical I Acc 84 125 92 107 97 86 123 60 182 23 - 0.27Aviva Investors Glbl Convert Ia GBP Inc 95 39 103 22 104 45 128 45 163 33 0.79 0.15AXA Framlington Biotech GBP Z Acc 113 1 103 18 114 13 109 87 414 2 0.80 -AXA Framlington FinTech Z GBP Acc 87 96 97 60 111 20 139 16 192 17 - 4.95AXA Framlington Health Z Inc 97 24 102 24 109 23 124 56 295 7 - 0.24AXAWF Fram Global Conv F Cap EUR pf 94 45 97 62 102 57 126 49 - - 0.86 -AXAWF Fram Robotech F Cap USD 92 64 101 33 121 6 - - - - 0.99 -Barings Australia I GBP Acc 72 192 79 177 81 160 98 138 110 83 1.00 -Barings Eastern Europe I GBP Acc 71 202 82 163 87 137 126 47 79 111 1.00 -Barings German Growth I GBP Acc 75 178 80 174 77 172 102 119 178 26 0.82 2.03Barings Global Agriculture I GBP 77 161 86 146 91 123 108 96 134 54 1.15 1.14Barings Global Resources I GBP Acc 69 213 72 210 70 195 82 190 59 123 1.00 -Barings Korea I GBP Acc 84 127 78 183 76 175 89 177 115 78 0.94 0.77Barings Latin America I GBP Acc 63 233 66 230 69 203 83 189 59 125 0.99 -BGF Emerging Europe D2 67 221 79 176 83 153 113 79 88 103 1.45 -BGF India D2 69 215 71 213 77 171 104 114 139 48 1.21 -BGF Latin American D2 60 240 63 240 69 198 90 173 64 120 1.35 -BGF Sustainable Energy D2 90 85 100 35 108 26 137 23 142 47 1.31 -BGF World Energy D2 60 241 59 247 55 222 58 208 54 129 1.31 -BGF World Mining D2 79 153 78 186 88 130 109 91 53 130 1.32 -BlackRock Dynamic Allocation D GBP Acc 95 32 97 63 104 44 - - - - - 0.44BlackRock Dynamic Diversified Gr D Acc 94 47 95 83 103 52 101 126 127 67 - 1.23BlackRock Gold and General D Acc 85 121 109 9 94 108 145 13 79 112 1.16 0.23BlackRock Managed Volatility I C 94 42 100 37 105 36 116 73 - - 0.24 1.56BlackRock Managed Volatility II C 93 55 99 41 105 39 118 70 - - 0.24 1.86BlackRock Managed Volatility III C 91 73 98 54 104 43 119 67 - - 0.26 1.78BlackRock Market Advantage D GBP Acc 90 82 93 101 99 73 102 122 - - - 0.69BlackRock Ntrl Resources Gr & Inc D Acc 72 194 73 205 74 183 94 154 - - - 4.58BlackRock Strategic Growth D GBP Acc 92 60 97 67 - - - - - - - 1.65

Unit Trusts 10



£ £ £ £ £ % %Blackrock UK Managed Volatility I C £Acc 96 29 101 25 105 38 111 85 - - - 0.84Blackrock UK Managed Volatility II C£Acc 92 71 96 73 98 80 106 105 - - - 1.38Blackrock UK Managed Volatility IIIC£Acc 88 90 92 106 95 100 103 117 - - - 2.01BMO Diversified Monthly Income 1 Inc 90 83 90 124 90 126 92 165 92 100 1.72 6.16BMO Overseas Equity-Linked UK Gilt 3 Acc 86 109 99 40 116 11 137 21 335 4 0.39 -BMO Overseas Equity-Linked UK Infl 3 Acc 79 150 90 122 106 34 132 33 318 5 0.39 -BMO UK Equity-Linked Gilt 3 Acc 79 151 91 119 100 64 128 46 262 8 0.37 -BMO UK Equity-Linked Inflation 3 Acc 73 183 83 161 92 117 123 59 249 10 0.43 -BNY Mellon 50/50 Global Eq Expt 1 Acc 80 142 89 138 96 91 111 84 165 31 0.55 2.40BNY Mellon Brazil Equity GBP W Acc 63 235 68 220 78 168 123 58 80 110 1.02 2.95BR Global Funds - Nutrition D2 USD 85 123 91 112 91 122 108 95 137 51 1.30 -Brown Advisory Latin American B USD Inc 60 243 60 243 54 224 70 202 68 117 - 1.35Candriam Eqs L Australia C AUD Cap 68 220 75 196 76 177 96 147 112 82 1.85 -Candriam Eqs L Biotech C USD Cap 113 2 108 10 120 7 126 48 421 1 1.83 -Capital Group New World (LUX) Z 84 130 91 114 104 46 129 42 168 29 1.03 -Carmignac Emergents A EUR Acc 92 70 95 82 94 103 112 81 133 57 2.04 -Carmignac Pf Commodities W GBP Acc 67 223 65 234 65 210 75 200 - - 1.15 -Carmignac Pf L-S Eurp Eqs F GBP Acc 106 5 103 21 126 4 - - - - 1.81 -Comgest Growth Latin America USD I Acc 64 232 69 217 66 206 80 194 72 116 1.49 -Consistent Opportunities Unit Trust Inc 73 188 74 199 64 211 69 204 100 98 1.13 2.36CQS Global Convertible UCITS A GBP Acc 92 59 94 95 99 78 - - - - - -DMS Charteris Gold and Prec Mtls B Acc 82 136 105 15 82 159 - - - - - 0.97Eaton Vance Intl (IRL) PrGl DefEq I£Acc 86 110 90 128 - - - - - - 0.60 -EF WM Global Trend B Acc GBP 93 49 99 44 89 129 104 112 - - - 0.92ES Gold and Precious Metals B Acc 83 133 95 89 59 218 95 151 - - - -Fidelity Emerg Eur Mid East&Africa W Acc 67 225 73 206 75 180 89 178 105 89 - 6.12Fidelity India Focus Y-GBP 72 190 74 201 85 146 108 98 156 36 1.22 -Fidelity Latin America W-Acc-GBP 59 245 63 239 68 205 90 174 67 118 1.23 -First State Indian SubcontnnAllCap B GBP 71 199 74 198 81 163 109 89 236 12 - -FP Foresight UK Infras Inc A GBP Acc 92 68 99 42 - - - - - - - 2.81FP Octopus Dynamic Mixed Asset B Acc 89 88 95 86 100 70 115 76 135 53 0.82 1.32FP Russell Invsmts Real Assets C GBP Acc 80 147 84 158 86 144 90 171 110 85 1.24 1.80FP SCDavies Global Alts A Acc GBP 91 74 94 96 91 121 90 175 - - 2.06 -Franklin India W(acc)GBP 72 196 75 195 75 181 97 143 144 45 1.07 -GAM Multibond ABS EUR B 94 43 97 66 97 83 117 71 114 80 1.09 -GAM Star Alpha Technology USD Inc 99 18 111 5 126 3 172 3 - - 4.03 -GAM Star Cat Bond Institutional GBP Acc 101 11 103 19 105 40 112 82 - - 1.37 -GAM Star MBS Total Return Instl GBP Acc 84 132 85 150 88 131 95 153 - - 1.20 -GAM Systematic Alt Rsk Pre GBP Acc 95 40 97 64 97 87 98 142 - - 0.99 1.57GS BRICs Eq R Inc GBP 86 118 92 109 116 8 147 11 138 50 1.25 0.88GS Glbl Strat Inc Bd R Inc GBP Hdg 94 48 93 99 92 116 94 157 - - 0.75 3.97GS Glbl Strat Macro Bd R Inc GBP Hdg 99 16 97 57 94 104 104 111 - - 0.67 2.78GS India Equity R Inc GBP 73 187 74 200 79 167 105 106 180 24 1.10 0.13GS N-11® Equity R Inc GBP 73 184 77 187 74 184 78 196 - - 1.21 1.44GS NA Engy & Engy Infras Eq R Acc USD 55 250 54 248 50 225 45 209 - - 1.05 -GS Strat Abs Ret Bd I R Inc GBP Hdg 99 20 99 45 99 74 102 124 - - 0.45 1.91GS Strat Abs Ret Bd II R Inc GBP Hdg 97 25 97 69 95 98 100 132 - - 0.75 2.43GS US Mortgg Bckd Secs R Acc USD 102 8 112 4 112 17 137 22 168 28 0.52 -GS US RlEstt Bal R Acc USD 84 131 96 76 102 55 135 27 - - 0.94 -GSF II GS Balanced Allc R USD Inc 93 57 101 26 106 33 - - - - 0.74 1.26HL Multi-Mgr Asia and Emerging Mkt A Acc 80 149 84 152 85 149 - - - - - 1.12HSBC GIF Brazil Equity AD 57 248 60 244 66 208 86 183 44 133 2.15 3.34HSBC GIF BRIC Markets Equity AD 74 180 79 178 92 115 130 37 113 81 1.85 2.12HSBC GIF GEM Debt Total Return M1D 91 75 96 77 90 125 112 83 133 58 1.35 2.89HSBC GIF Indian Equity AD 66 226 66 232 69 202 83 188 80 108 1.90 -HSBC GIF Russia Equity AD 76 174 90 129 95 96 159 7 91 101 2.15 4.42Invesco Emerging European UK Z Acc 72 193 82 164 91 120 137 20 110 84 - 6.00Invesco Global Fincl Cptl UK Z Acc 81 141 84 157 88 132 96 149 - - - -Invesco India Equity A USD AD 69 214 72 207 76 178 101 127 147 44 2.12 -Invesco Latin American UK Z Acc 59 244 62 242 62 213 77 198 57 127 - 3.36Investec Diversified Gr I Acc 87 98 90 130 90 127 90 169 129 63 1.00 1.19Investec Enhanced Natural Res I Acc 77 164 83 159 81 162 101 125 89 102 0.00 3.02Investec Glb Energy I Acc GBP 66 228 67 226 63 212 65 205 59 124 0.89 3.81Investec Glb Gold I Acc GBP 87 99 114 3 115 12 170 5 97 99 0.87 0.14Investec MA Protector 2 I Acc 91 76 94 91 100 69 107 100 - - 1.46 0.67Investec Multi Asset Protector A Acc 90 80 93 98 98 82 102 120 128 65 2.08 -Investec UK Total Return I Acc 67 222 67 227 71 193 78 197 104 92 0.74 2.91Janus Henderson Diversified Alts Y Acc 90 81 92 111 102 58 115 75 - - - 2.66Janus Henderson Global Fncls I Acc 85 122 97 61 108 29 132 35 188 19 1.09 1.42Janus Henderson Latin American H Acc 56 249 59 246 61 216 85 186 - - 0.99 3.85Janus Henderson Secured Lns Y Acc GBP 88 93 90 126 94 107 102 121 131 60 1.04 4.18JPM Africa Equity A perf (dist) GBP 71 200 72 209 76 176 69 203 83 106 1.80 2.65JPM Brazil Equity A (dist) USD 58 247 65 235 72 189 95 150 51 132 1.80 1.87JPM Emerging Europe Equity C Net Acc 77 162 89 135 92 118 124 53 87 105 0.93 5.75JPM Emerging Middle East Eq A (dist) USD 80 144 82 162 100 65 105 107 122 71 1.80 2.70JPM Global Convert (EUR) A (dist) GBP H 93 50 93 102 95 99 94 155 121 73 1.55 0.08JPM India A (dist) USD 66 229 67 224 68 204 80 192 105 88 1.80 0.02JPM Korea Equity A (dist) USD 82 138 81 171 87 135 113 78 130 61 1.80 0.10JPM Latin America Equity A (dist) USD 61 238 67 229 69 199 87 182 67 119 1.80 1.61JPM Natural Resources C Net Acc 70 212 70 214 77 173 98 140 51 131 0.93 4.15JPM Russia A (dist) USD 76 170 90 121 96 92 150 9 87 104 1.80 6.24Junior Gold P Acc 67 224 77 189 54 223 90 168 19 134 - -Junior Oils P Acc 43 252 37 250 32 226 30 210 14 135 - 0.64Jupiter Emerging European Opps I Acc 72 197 84 156 93 111 131 36 82 107 1.21 4.78Jupiter Financial Innovt D GBP Acc 86 113 96 80 109 25 134 28 187 22 0.95 -Jupiter Financial Opportunities I Acc 85 120 96 72 116 10 139 17 164 32 1.00 0.37Jupiter India I Acc 70 208 67 222 58 220 86 184 117 75 1.12 0.79Jupiter India Select D USD Acc 70 207 67 228 59 219 88 181 114 79 0.95 -Jupiter International Fincls I Acc 86 112 96 78 110 22 132 32 188 21 1.02 -Jupiter Monthly Alternative Income I Acc 86 119 89 134 97 88 116 74 190 18 0.97 5.10Kames Diversified Growth GBP B Acc 93 51 95 85 101 63 104 110 - - 0.56 2.95L&G Future World Sustainable Opps I £Acc 100 12 101 27 - - - - - - - 0.51LF Bentley Sterling Income Inc 100 13 101 28 101 62 101 129 105 87 2.30 1.11LF Bentley USD Balanced Acc 94 46 102 23 103 49 120 65 159 34 2.39 0.13LF Canlife Global Infrastructure C Acc 77 165 85 149 93 113 113 80 - - - 3.75LF Canlife Global Resource C Acc 65 230 65 233 62 214 76 199 - - - 2.42LF Ruffer Gold C Acc 93 52 125 1 123 5 229 1 76 114 - -LF Ruffer Pacific & Emerging Mkts C Acc 86 111 85 151 89 128 98 139 152 41 - 1.48LF Waverton Alternatives II B Inc 99 15 100 38 96 94 93 158 101 95 2.63 0.06Liontrust India C Acc GBP 68 218 62 241 59 217 79 195 101 96 1.77 -Liontrust Latin America C Acc GBP 60 239 65 237 73 185 108 99 80 109 - 3.61Liontrust Russia C Acc GBP 79 156 89 137 112 18 179 2 106 86 - 5.96LO Funds Cmdty Risk Premia USD NA 80 148 81 167 81 161 91 167 - - 1.00 -Loomis Sayles Strat Alpha Bd H-N/D GBP 95 37 95 87 95 102 98 141 - - 1.00 3.20M&G Global Convertibles GBP I Acc 92 67 100 36 95 101 118 69 153 40 0.92 2.85


Magna MENA G EUR Acc 72 195 80 175 102 54 145 12 - - 5.47 -Marlborough Commodity Class P Acc 80 145 78 181 78 170 80 193 55 128 - -Matthews Asia-India I GBP Acc 68 219 68 218 72 188 88 180 - - 1.25 -McInroy & Wood Emerging Mkts Pers Inc 76 169 81 170 87 139 102 123 137 52 1.50 2.27Merian Financial Cntgnt Cptl R GBP H Acc 86 104 94 97 - - - - - - 0.97 -Merian Gold & Silver R GBP Acc 79 154 98 52 82 158 - - - - 0.99 -MFS Meridian Latin American Eq WH1 GBP 70 211 68 219 72 191 70 201 - - 1.35 -MFS Meridian Managed Wealth WH1 GBP 96 28 97 65 97 84 - - - - 1.01 -MFS Meridian Prudent Wealth W1 GBP 105 6 114 2 133 1 - - - - 1.27 -MI TwentyFour AM Monument Bond I Acc 95 38 96 79 100 68 103 115 123 69 1.01 -Mirabaud Convertible Bds Eurp A EUR Acc 91 72 97 70 93 112 110 86 - - 1.67 -MS INVF Global Balanced Income IR 91 77 95 84 96 89 118 68 - - 1.01 4.50MS INVF Global Fixed Income Opps I 93 56 103 20 108 27 134 31 - - 0.64 -Neuberger Berman AbsRetMltStrt GBP I Acc 95 33 98 50 98 81 93 160 - - 1.95 -Neuberger Berman Divers Ccy USD A Acc 98 21 104 16 103 48 124 52 127 66 1.91 -Neuberger Berman Glb Bd AbsRt GBP I4 Acc 87 97 86 148 86 143 89 179 - - 0.45 -Neuberger Berman Glb Eq Idx PW GBP I Acc 86 116 86 145 - - - - - - 1.08 -Neuberger Berman US Eq Idx PW GBP I Acc 87 101 89 140 - - - - - - 0.81 -Nomura Fds India Equity I USD 71 206 76 191 83 154 124 51 155 37 1.21 -Pictet - Emerging Europe P dy GBP 75 179 90 125 90 124 122 62 77 113 1.87 4.80Pictet Absolute Ret Fxd Inc HI GBP 98 22 101 32 103 50 105 108 - - 0.67 -Pictet TR - Atlas I GBP 102 9 105 13 - - - - - - 1.85 -Pictet-Biotech I dy GBP 110 4 105 14 113 15 114 77 315 6 1.20 -Pictet-Health I dy GBP 92 61 97 58 111 19 117 72 248 11 1.22 -Pictet-India Index I GBP 73 189 74 202 82 157 99 135 - - 0.42 -Pictet-Indian Equities I GBP 71 203 76 194 80 165 107 101 130 62 1.06 -Pictet-Nutrition I dy GBP 84 124 93 104 105 35 124 54 155 38 1.21 0.25Pictet-Russia Index I GBP 74 182 90 127 105 37 159 6 - - 0.45 -Pictet-Russian Equities I GBP 76 173 87 144 94 106 170 4 102 94 1.19 -Pictet-Timber I dy GBP 78 159 81 166 83 152 102 118 151 42 1.21 1.74PIMCO GIS Capital Scs E USD Acc 88 95 98 48 100 66 129 41 - - 1.69 -PIMCO GIS Cmdty Real Ret Instl GBP H Acc 76 171 73 204 69 196 - - - - 0.72 -PIMCO GIS Dynamic Bd Instl GBP H Acc 96 27 96 74 99 77 103 116 117 74 0.90 -PIMCO GIS Em Asia Bd E USD Inc 96 30 107 11 109 24 130 38 - - 1.50 4.17PIMCO GIS Glb Lw Dur Rl Rt Ins GBP H Inc 98 23 99 46 99 75 101 128 - - 0.49 1.25PIMCO GIS Infl Strat Ins GBP Prtly H Acc 81 139 84 154 85 147 86 185 - - 0.90 -PIMCO Sel Dynamic Bd Ret GBP Acc 96 26 96 81 95 97 96 146 - - - -Polar Capital Biotech I Inc 111 3 101 31 126 2 158 8 - - 2.20 -Polar Capital Financial Opports R Inc 71 205 76 190 76 179 94 156 - - 1.17 1.23Polar Capital Glbl Convert I Acc 92 69 95 88 103 51 124 55 - - 1.14 -Polar Capital Global Ins R Acc 77 166 91 113 103 53 149 10 - - 0.96 -Polar Capital Healthcare Opports I Inc 93 53 91 117 116 9 132 34 398 3 1.24 -Polar Capital Hlthcare Blue Chip I Acc 95 36 98 49 113 16 134 29 - - 0.87 -Principal Preferred Secs I Acc USD 89 89 101 30 104 42 136 26 213 14 0.45 -Quilter Inv Natrl Res Eq U2 (GBP) Acc 76 168 78 182 82 156 106 103 - - - 3.24Quilter Investors PM Eq U2 (GBP) Acc 86 107 109 8 93 109 143 14 - - - 0.55Robeco Global FinTech Equities F £ 83 134 93 103 - - - - - - 0.95 -RWC Core Plus B EUR Acc 93 54 97 68 99 72 119 66 104 91 1.24 -RWC Enhanced Income Fund R GBP Acc 80 143 80 173 86 140 93 162 - - 1.17 -RWC Global Convertibles Fund R GBP Acc 94 41 94 93 95 95 97 144 134 55 1.10 -RWC Income Opportunities Fund R GBP Acc 77 163 79 179 86 145 97 145 - - 1.12 -Sanlam Real Assets A GBP Inc 92 63 99 39 - - - - - - 0.97 2.73Sarasin Food & Agriculture Opps P Acc 76 167 81 168 99 71 128 44 158 35 0.99 1.36Schroder Diversified Growth I Acc 91 78 94 94 96 90 99 136 134 56 0.80 1.98Schroder GAIA Egerton Equity A Dis GBP 92 65 96 71 111 21 137 19 170 27 2.42 -Schroder India Equity Z 79 155 - - - - - - - - - -Schroder ISF Asian Ttl Ret C Acc USD 87 100 89 133 102 56 134 30 233 13 1.34 -Schroder ISF Emerging Europe C Acc EUR 70 209 81 169 94 105 137 24 123 70 1.34 -Schroder ISF Eurp Div Mxmsr Z Acc EUR 71 204 71 212 78 169 90 172 122 72 1.07 -Schroder ISF Glb Div Mxmsr Z DisGBP QF 73 186 76 192 79 166 99 133 154 39 1.06 9.42Schroder ISF Glb Em Mkt Opps C Acc USD 82 137 89 131 101 61 130 39 132 59 1.35 -Schroder ISF Indian Equity C Acc USD 72 198 74 203 83 151 108 97 151 43 1.37 -Schroder ISF Latin American C Acc USD 63 234 67 225 72 190 93 159 64 122 1.34 -Schroder ISF Wealth Presv C Acc EUR 95 34 101 29 97 85 124 57 103 93 1.01 -Schroder Small Cap Discovery Z Acc 78 160 77 188 74 182 90 170 - - - 1.15Scottish Widows Latin Amer A Acc 62 236 68 221 69 200 99 134 64 121 1.81 1.53SKAGEN Vekst A 78 158 83 160 84 150 108 94 116 77 1.00 -Smith & Williamson Artfcl Intllgnc Z GBP 99 14 110 7 - - - - - - - -Smith & Williamson Global Gold & Res B 86 115 106 12 85 148 136 25 73 115 - -Stewart Inv Indian Sbctnt Sustnby B GBP 75 177 79 180 87 138 109 92 - - - -Stewart Investors AsiaPac Ldrs B Acc GBP 86 108 91 118 100 67 121 63 210 15 0.89 -Stewart Investors AsiaPac Sust B Acc GBP 84 126 89 132 104 41 128 43 259 9 1.00 -Stewart Investors Glbl EM Ldrs B Acc GBP 73 185 74 197 73 187 93 161 142 46 0.91 -Stewart Investors Glbl EM Sust B Acc GBP 84 128 91 120 99 79 121 64 202 16 1.03 -Stewart Investors Global EM B Acc GBP 70 210 71 211 73 186 93 163 138 49 1.06 -Stewart Investors Latin Amer B Acc GBP 65 231 67 223 71 194 106 104 116 76 1.14 -T. Rowe Price Frontier Mkts Eq Q GBP 72 191 78 185 77 174 98 137 - - 1.27 -T. Rowe Price Glb Nat Res Eq CAccGBP 68 217 70 215 69 197 - - - - - -T. Rowe Price Glb Nat Res Eq Q GBP 69 216 70 216 69 201 - - - - 0.92 -TB Guinness Global Energy I Acc 51 251 52 249 55 221 63 207 - - 0.87 3.06Templeton BRIC A(acc)USD 86 114 88 143 106 32 138 18 104 90 2.46 -Threadneedle Latin America Z Acc GBP 60 242 66 231 66 209 81 191 57 126 - 2.56TIME UK Infrastructure Income Acc 92 58 97 59 - - - - - - - 4.80TM Fulcrum Diversified Liqd Alts CGBPAcc 89 87 92 108 - - - - - - - 0.25TM Stonehage UK Equity Income B Inc 71 201 72 208 80 164 91 166 129 64 1.65 8.79UTI India Dynamic Equity USD RDR Acc 76 172 78 184 - - - - - - 1.36 -Vontobel Clean Technology N GBP 87 102 99 47 - - - - - - 0.98 -VT Gravis UK Infras Inc C GBP Acc 92 66 98 51 108 28 - - - - - 5.00VT icf Absolute Return Portfolio F GBP 92 62 94 92 93 114 95 152 - - 2.06 -VT Protean Capital Elder Net Acc 88 91 91 116 - - - - - - - 4.66Vt Protean Capital Procsi Core A GBP Acc 96 31 98 53 - - - - - - - -VT RM Alternative Income Retail GBP Acc 88 92 93 100 - - - - - - - 4.40VT SG UK Defined Return Assets A Acc 78 157 81 172 - - - - - - - -Waverton Absolute Return A GBP 99 19 99 43 93 110 92 164 - - - -WAY Global Momentum E Acc 86 103 92 110 86 141 100 131 - - 1.55 1.13Wellington EmergingMarket Devpmt N £ UnH 86 106 - - - - - - - - - -Wellington FinTech N GBP Unhedged Acc 84 129 98 56 - - - - - - - -Winton Diversified UCITS I GBP Inc 86 105 88 142 - - - - - - - -Winton Trend UCITS I GBP Acc 101 10 110 6 - - - - - - - -Average/Total 82 252 87 250 90 226 109 210 136 135 1.23 2.50

(IA) STANDARD MONEY MARKETASI Sterling Money Market I Acc 100 1 101 1 102 1 102 1 104 3 0.37 0.67Invesco Money UK Z Acc 100 3 101 3 101 2 102 2 105 2 - 0.60LF Canlife Sterling Liquidity I Acc 100 2 101 2 - - - - - - - 0.54

Unit Trusts 11



£ £ £ £ £ % %Premier UK Money Market B Inc 100 4 101 4 101 3 102 3 105 1 - 0.61Average/Total 100 4 101 4 101 3 102 3 104 3 0.37 0.60

(IA) TARGETED ABSOLUTE RETURN7IM Real Return C Acc 92 83 94 80 94 70 101 38 - - - 1.13Absolute Insight Credit B2p2 GBP 94 58 96 67 98 46 97 55 - - 2.84 -Absolute Insight Emerg Mkt Debt B3p GBP 91 88 93 86 90 88 89 71 - - 1.22 -Absolute Insight Eq Mkt Netrl B3p GBP 99 27 99 43 97 51 98 49 110 30 1.10 -Absolute Insight W 94 59 96 69 94 69 93 64 112 29 - 1.26Allianz Fixed Income Macro E GBP Acc 104 7 105 8 - - - - - - - 2.79Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 91 90 87 101 84 92 99 45 - - 0.92 0.45Artemis US Absolute Return I Hdg Acc GBP 100 24 101 32 106 11 115 8 - - 0.95 0.38ASI Global Absolute Ret Strat P1 Acc 99 33 101 28 101 30 97 56 131 15 - 2.19ASI Target Return Bond I Acc 97 42 100 37 100 34 102 35 110 31 - 1.38Aviva Investors Mlt-Strat Trgt Inc 2£Inc 91 85 94 78 92 81 93 66 - - - 4.56Aviva Investors Mlt-Strat Trgt Ret 2£Acc 98 38 101 27 98 43 98 50 - - - 1.07Baillie Gifford Diversified Gr B1 Acc 88 99 91 91 96 62 103 34 140 11 0.86 1.84Baillie Gifford Multi Asset Gr B1 Acc 87 100 91 92 96 60 - - - - - 1.54Barings Multi Asset I GBP Acc 83 112 86 107 90 86 97 54 127 20 0.79 4.83BlackRock Absolute Return Bond D Acc 96 54 96 66 98 45 100 40 - - - 2.05BlackRock Emerging Mkts Abs Alpha D Acc 86 102 85 110 86 91 92 68 - - - -BlackRock European Absolute Alpha D Acc 104 5 106 5 118 4 120 6 152 8 0.97 -BlackRock Glbl Long/Short Eq D Acc 99 29 97 57 108 8 - - - - - -BlackRock UK Absolute Alpha D 99 32 102 25 102 28 111 17 122 22 0.93 0.12BMO Global Equity Market Netrl V10 C Acc 83 111 75 115 68 97 - - - - - 2.00BNY Mellon Absolute Ret Bd EUR X Acc 97 48 99 48 94 71 114 12 - - 0.07 -BNY Mellon Absolute Ret Eq GBP U Acc 99 30 98 49 96 59 98 48 - - 0.96 -BNY Mellon Global Absolute Ret Inst WAcc 89 97 93 85 97 53 97 52 - - - 1.30BNY Mellon Global Dynamic Bd Inst Inc 96 51 100 38 102 29 104 29 127 19 0.81 2.88BNY Mellon Mlt-Asst Divers Ret Inst WAcc 87 101 92 89 97 55 108 19 144 9 - 2.94BNY Mellon Real Return Inst W Acc 92 80 98 55 102 27 105 25 131 16 - 2.43BNY Mellon Sus Real Return Ins W Acc 92 75 98 54 - - - - - - - 2.21Castlefield Real Return Instl 83 110 87 104 89 89 94 60 116 25 2.23 1.15Eaton Vance Intl (IRL) Glb Mac I GBP Acc 94 60 99 46 - - - - - - 1.15 -FP Argonaut Absolute Return R GBP Acc 126 1 140 1 148 1 114 11 216 1 - -FP Octopus Global Strategies B 94 65 95 75 93 72 95 58 - - 1.62 0.12FP Pictet Multi Asset Portfolio A Acc 90 92 94 83 93 77 - - - - - 0.34Franklin Absolute Return Bd W(acc) 89 94 90 97 - - - - - - - 3.14GAM Multistock Abs Ret Eurp Eq GBP Rh 96 52 98 53 93 74 93 67 - - 0.74 -GAM Star (Lux) - Convert Alpha I EUR Acc 89 95 92 90 91 85 114 13 106 33 1.38 -GAM Star (Lux) - European Alpha I GBP 94 63 96 65 100 33 98 51 - - 1.53 -GAM Star Emerging Market Rates Instl£Inc 102 14 104 15 104 16 111 16 - - 1.25 2.17GAM Star Global Rates GBP Acc 86 104 84 111 82 94 77 78 92 37 3.13 -GS Global Absolute Ret R Inc GBP Hdg 92 79 94 79 92 80 - - - - 0.85 1.17H2O Multireturns N/D GBP 71 115 81 112 95 66 103 33 - - - 1.22Hermes Absolute Ret Crdt F GBP Hdg Acc 93 72 96 70 97 52 - - - - 0.94 -IFML Vitality Targeted Absolute Ret Bd D 98 37 99 42 93 76 91 69 - - - 0.41IFSL Brooks Macdonald Def Cap A Acc 84 109 88 100 90 87 100 43 142 10 0.81 -Insight Absolute Insight Ccy B3p GBP 101 18 102 26 94 68 89 72 101 34 0.95 -Invesco Global Targeted Inc UK Z Acc 97 41 98 51 97 54 - - - - - 3.72Invesco Global Tgtd Rets UK Z Acc 100 23 101 30 98 42 103 31 - - - 1.77Janus Henderson Abs Ret Fxd Inc I GBPAcc 101 20 102 23 - - - - - - - 1.65Janus Henderson Eurp Abs Ret I Acc 102 12 104 14 105 14 107 20 158 5 1.11 0.32Janus Henderson Mlt-Ast AbsRet I Acc 93 66 94 82 95 64 99 47 114 28 - -Janus Henderson UK Absolute Return I Acc 102 17 102 20 104 19 112 15 154 7 1.08 -JPM Global Macro C Net Acc 101 19 103 18 105 12 104 30 119 24 0.83 -JPM Global Macro Opportunities C Net Acc 102 13 105 11 122 3 119 7 - - 0.93 -JPM Unconstrained Bond C Grs Acc 97 44 99 45 100 35 104 28 123 21 0.68 3.14Jupiter Absolute Return I Acc 86 103 86 108 80 95 90 70 96 36 0.84 1.51Jupiter Merlin Real Return I GBP Acc 93 73 97 59 - - - - - - - -Kames Absolute Return Bond GBP B Acc 98 40 99 44 99 38 101 36 - - 0.67 -Kames Global Eq Mkts Netrl GBP B Acc 103 8 104 13 104 18 - - - - 1.12 -Kames UK Equity Absolute Ret GBP B Acc 104 4 110 3 102 26 100 44 120 23 0.82 -L&G Multi-Asset Target Return I Acc 92 78 90 96 98 44 - - - - - 5.01LF Odey Absolute Return Sterling I Acc 92 77 86 109 95 63 86 76 209 2 5.06 -Liontrust GF Absolute Ret Bd C5 Acc GBP 97 46 98 56 - - - - - - - -Liontrust GF EurpStratEq C3 H Instl Acc£ 85 106 86 106 93 78 - - - - - -M&G Absolute Return Bond GBP I Acc 94 64 97 58 101 32 - - - - - 2.13M&G Global Target Return GBP I Acc 98 39 96 64 98 48 - - - - - 0.72Man Dyn Allc Professional C Acc 88 98 95 73 - - - - - - - 0.25Man GLG Absolute Value Profl CX £ Acc 102 15 103 16 - - - - - - - -Man GLG Alpha Select Alt IL GBP Acc 106 2 110 2 131 2 138 3 154 6 2.15 -Man GLG European Alpha Alt IN H GBP 98 36 99 40 103 21 101 39 115 27 2.73 -Merian Global Equity Abs Ret R GBP H Acc 93 69 87 105 87 90 94 59 137 12 1.42 -Merian Strategic Abs Ret Bd F2 GBP H Acc 102 16 105 10 106 9 103 32 115 26 0.70 -Merian UK Opportunities R GBP Acc 101 21 103 19 96 61 89 74 - - - -Merian UK Specialist Equity R GBP Acc 102 11 105 9 111 6 - - - - 1.05 -MI Activus Investment Z GBP Acc 93 70 96 68 97 56 - - - - - 0.72New Capital Global Alpha GBP Inst Acc 93 68 96 71 97 50 - - - - 0.98 -Newton Managed Targeted Ret Inst W Acc 96 50 103 17 102 25 113 14 - - - 1.80Nordea 1 - GBP Diversified Return BC GBP 97 47 100 35 103 24 - - - - 1.00 -Orbis OEIC Global Cautious Std GBP 90 93 90 95 - - - - - - - 0.04OYSTER Absolute Return GBP R GBP D 98 35 102 24 103 22 104 27 - - 0.76 1.40Polar Capital UK Absolute Eq I GBP 73 114 75 114 99 40 139 2 - - 9.50 -Premier Defensive Growth C Inc 95 57 93 87 92 84 94 61 - - - 0.87Premier Multi Asset Absolute Ret C Acc 93 74 95 74 96 58 100 41 129 18 1.20 0.16Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc 93 67 87 103 - - - - - - - 0.03Quilter Investors Abs Rt Bd U2 GBP Acc 99 31 101 29 - - - - - - - 1.56Royal London Abs Ret Govt Bd M GBP Acc 100 22 100 39 99 37 100 42 - - - -Royal London Duration Hedged Crdt Z Acc 96 49 97 60 103 23 107 21 - - - 2.96RWC Pensato Europa Absolute Ret R GBPAcc 105 3 107 4 - - - - - - - -Sanlam Multi Strat A GBP Acc 95 56 99 47 106 10 115 9 - - 1.03 -Schroder Absolute Return Bond Z GBPAcc 92 76 94 77 95 67 96 57 109 32 0.92 2.40Schroder European Eq Abs Ret P2 Acc Euro 99 28 102 21 93 73 109 18 100 35 1.01 -Schroder ISF Asn Bd TR Z Acc USD 96 53 105 12 108 7 - - - - 0.94 -Schroder ISF EM Dbt Abs Rt Z Acc EUR H 93 71 95 72 92 79 114 10 92 38 1.07 -Schroder Multi-Asset Total Return Z Acc 89 96 91 94 - - - - - - - -Schroder UK Dynamic Abs Ret P2 GBP Acc 94 61 97 62 99 41 121 5 174 4 1.25 -SLI Abs Ret Glb Bd Strats A Acc GBP 97 43 98 52 97 57 97 53 - - - -Smith & Williamson Defensive Growth B 85 108 87 102 95 65 105 26 136 14 - 0.45Smith & Williamson Enterprise C 94 62 98 50 99 39 105 24 136 13 0.93 -SVS Church House Tenax AbsRt Strts A Acc 96 55 97 63 98 47 105 23 131 17 1.35 0.45Threadneedle Dynamic Rl Ret Z Acc 92 82 94 81 98 49 106 22 - - - 1.30Threadneedle UK Abs Alpha Z Acc GBP 91 86 94 84 92 83 94 62 - - 0.93 0.33Tideway High Income Real Ret A GBP Inc 85 107 91 93 92 82 93 65 - - - 4.11


TM Fulcrum Divers Cor Abs Ret C GBP Acc 104 6 102 22 104 17 101 37 - - - -TM Fulcrum Diversified Abs Ret C GBP Acc 102 10 101 33 103 20 99 46 - - - -TM Fulcrum Income C GBP Inc 100 25 99 41 - - - - - - - 5.40TM Neuberger Berman Absolute Alpha F Acc 91 87 88 99 - - - - - - - -TM TELLWRT UK SEL A ACC 102 9 105 7 93 75 94 63 - - - -TMI Diversified Assets GBP Acc Hdg 92 81 97 61 100 36 - - - - - -Uni-Global Cross Asset Navigator RA-USD 90 91 100 34 105 13 125 4 - - 0.75 -Veritas Global Real Return A Inc GBP 97 45 105 6 116 5 148 1 202 3 1.17 0.11Vontobel Ttfr Abs Ret Crdt G GBP 98 34 100 36 105 15 - - - - 0.37 -VT iFunds Absolute Return Green A Acc 85 105 89 98 82 93 87 75 - - - -VT iFunds Absolute Return Orange A Acc 77 113 80 113 76 96 81 77 - - - 0.14VT Woodhill UK Equity Strat Net Inc GBP 92 84 92 88 101 31 89 73 - - - -Wellington Glbl Ttl Ret GBP N Acc H 100 26 101 31 - - - - - - - -Winton Absolute Return Futures I GBP Acc 91 89 95 76 - - - - - - 1.00 -Average/Total 95 115 97 115 98 97 103 78 132 38 1.34 1.67

(IA) TECHNOLOGY AND TELECOMMUNICATIONSAS SICAV I Technology Eq X Acc GBP 101 4 114 2 138 10 186 8 307 8 0.95 -AXA Framlington Gbl Technology Z Acc 97 10 107 11 155 4 231 3 449 2 - -Close FTSE TechMark X Acc 87 15 99 13 108 13 130 10 274 9 1.04 1.76Fidelity Global Technology W-Acc-GBP 96 11 111 4 150 6 247 2 441 3 1.16 -Herald Worldwide Technology B 100 5 109 7 158 3 230 5 - - - -Janus Henderson Global Technology I Acc 99 9 110 6 148 7 223 6 398 5 1.03 -L&G Global Technology Index I Acc 100 6 114 1 152 5 231 4 418 4 0.32 0.87Liontrust Gbl Technology C GBP Acc 100 7 107 10 158 2 - - - - 0.93 -Marlborough Technology Fund P 89 14 89 15 108 14 137 9 315 7 - -Pictet - RoboticsI GBP 91 13 101 12 128 11 - - - - 1.20 -Pictet-Digital I dy GBP 91 12 98 14 125 12 187 7 367 6 1.20 -Polar Capital Global Tech I Inc 104 1 113 3 169 1 268 1 505 1 1.75 -T. Rowe Price Glb Tech Eq CAccGBP 102 2 109 8 141 8 - - - - - -T. Rowe Price Glb Tech Eq Qd GBP 102 3 108 9 139 9 - - - - 0.97 -Wellington Asia Technology N UnH GBP Acc 99 8 110 5 - - - - - - - -Average/Total 97 15 106 15 141 14 207 10 386 9 1.06 1.32

(IA) UK ALL COMPANIES7IM UK Equity Value C Inc 78 87 78 169 85 128 - - - - - 6.74Allianz UK Mid Cap C Acc 73 216 77 187 80 177 93 160 174 59 - 1.47Allianz UK Opportunities C Acc GBP 72 217 76 204 83 152 100 103 142 139 - 3.43Architas MM UK Equity A Acc 77 140 83 87 87 100 99 113 151 115 1.25 2.52Ardevora UK Equity B GBP Acc 102 1 107 1 118 3 141 5 - - - -Artemis Capital I Acc 74 196 76 207 81 171 94 152 169 67 0.94 5.26Artemis Instl UK Special Sits IN Acc 77 116 82 97 79 186 91 170 159 89 0.77 3.17Artemis UK Select I Acc 76 164 80 146 83 153 94 159 176 56 0.84 4.18Artemis UK Special Situations I Acc 78 96 82 95 80 178 92 167 150 116 0.81 3.07Artorius A GBP Acc 79 76 90 23 100 24 127 13 - - - 0.57AS SICAV I UK Eq X SInc GBP 82 38 88 37 96 36 105 62 162 76 0.98 1.59ASI UK All Share Tracker C Acc 77 129 81 132 86 107 100 99 145 133 - 5.03ASI UK Equity Enhanced Index B Acc 76 161 78 168 84 131 - - - - - 5.39ASI UK Equity I Acc 82 34 89 35 96 32 107 57 167 71 1.10 1.65ASI UK Equity Index Managed B Acc 77 113 81 126 86 106 100 96 143 135 - 5.25ASI UK Ethical Equity P1 Acc 74 193 78 181 86 114 102 76 191 34 - 2.52ASI UK Growth Equity P1 Acc 77 120 79 158 83 148 91 172 126 178 - 4.20ASI UK High Alpha Equity P1 Acc 72 218 73 223 75 211 85 200 158 94 - 4.86ASI UK Impact Employ Opprt Eq P1 Acc 80 66 83 88 - - - - - - - 2.56ASI UK Mid-Cap Equity I Acc 86 11 92 19 105 16 125 17 235 14 - 1.72ASI UK Opportunities Equity P1 Acc 83 30 86 51 97 28 108 45 159 91 - 1.19ASI UK Recovery Equity P1 Acc 52 251 44 249 40 240 58 223 86 191 - 4.79ASI UK Responsible Equity I Acc 83 33 91 20 103 20 120 20 176 55 - 1.99ASI UK Unconstrained Equity P1 Acc 63 249 63 248 64 232 65 220 150 117 - 4.48Aviva Investors UK Index Tracking 2 £Inc 78 83 82 103 88 84 102 77 147 127 0.23 5.25Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 67 243 65 246 68 230 73 215 127 174 0.78 6.11Aviva Investors UK Lstd Eq MoM1 2 GBPInc 81 49 93 14 117 5 140 6 328 1 1.03 1.14Aviva Investors UK Lstd Eq Uncons2GBPAcc 75 181 75 209 79 192 94 151 156 97 0.82 5.27Aviva Investors UK Lstd S&M Cap2 GBP Acc 73 211 79 154 87 104 100 98 160 85 0.82 2.40AXA Framlington UK Growth Z GBP Acc 83 27 93 12 97 30 109 40 179 52 0.72 2.18AXA Framlington UK Mid Cap Z Acc 81 55 87 39 95 40 115 26 - - 0.93 1.79AXA Framlington UK Select Opps ZI Acc 75 170 81 137 86 110 94 155 173 62 - 2.57AXAWF Fram UK F Cap GBP 78 85 83 80 92 55 - - - - 1.00 -Baillie Gifford UK Equity Alpha B Acc 79 71 85 58 107 15 125 16 206 25 0.69 1.90Baillie Gifford UK Equity Core B Acc 77 142 81 134 - - - - - - - 4.21Baillie Gifford UK Equity Focus B GBPAcc 84 21 86 46 - - - - - - - 1.89Barclays UK Alpha R Acc GBP 74 182 77 195 78 200 89 182 151 112 - 3.79Barclays UK Alpha S2 R Acc GBP 75 173 78 185 79 193 90 177 - - - 3.27Barclays UK Core R Acc GBP 76 162 79 156 82 163 98 122 138 151 - 3.46Barclays UK Lower Cap R Acc GBP 76 166 79 163 82 165 106 59 - - - 1.95Barclays UK Opportunities R Acc GBP 76 153 82 91 90 68 108 47 182 48 - 3.18BlackRock UK D Acc 82 40 89 36 100 23 119 24 168 70 0.92 1.99BlackRock UK Equity D Acc 79 79 86 48 94 42 113 31 - - - 2.82BlackRock UK Special Situations D Acc 78 97 84 66 96 34 112 32 191 33 0.92 2.43BMO FTSE All-Share Tracker 2 Inc 77 127 81 131 86 111 100 101 146 132 0.38 5.24BMO Responsible UK Equity 2 Acc 77 111 83 76 95 38 111 36 193 32 0.81 2.99BMO Select UK Equity 2 Acc 73 208 77 193 80 181 94 154 124 180 0.86 3.66BMO UK Mid-Cap C Acc 67 245 70 235 74 216 88 187 199 27 - 4.16BNY Mellon UK Equity Inst W Acc 79 72 85 60 92 51 107 55 151 111 - 4.31BNY Mellon UK Opportunities Inst W Acc 78 92 86 55 90 69 107 58 179 51 - 2.89Castlefield CFP SDL UK Bufftlgy Inst Inc 81 56 89 32 113 9 162 3 - - - 1.21Cavendish Opportunities B Inc 66 247 67 240 69 226 88 186 195 30 0.83 3.15CFP SDL Free Spirit General (Acc) 93 2 98 4 119 1 - - - - - 0.64Dimensional UK Core Equity GBP Acc 75 168 78 170 85 125 99 106 153 105 0.36 5.09Dimensional UK Value Acc 69 234 70 233 75 212 83 203 117 186 0.54 6.51EdenTree Amity UK B 82 48 86 47 89 72 101 94 186 41 0.87 3.01EdenTree UK Equity Growth B 78 86 82 94 92 56 105 64 233 16 0.84 3.00ES R&M UK Dynamic Equity B Acc 78 90 82 98 84 141 103 67 186 39 1.19 3.55ES R&M UK Equity High Alpha Fund B Acc 72 223 73 226 78 201 96 141 169 66 0.82 4.36ES R&M UK Recovery Fund B Inc 72 219 73 220 78 203 99 113 188 36 1.17 3.51Family Asset Trust 77 106 81 127 85 127 95 142 134 161 1.03 4.60Family Charities Ethical Tr Inc 82 41 85 61 91 65 99 107 130 170 1.46 3.39Fidelity FAST UK Y-ACC-GBP 83 29 89 29 100 25 119 23 - - 1.28 -Fidelity Index UK P Acc 78 95 82 106 87 86 102 78 149 124 - 4.98Fidelity Instl UK Acc 80 60 83 78 84 137 98 120 160 83 0.87 3.36Fidelity Special Situations W Acc 70 231 72 229 76 209 95 143 156 99 - 4.37Fidelity UK Opportunities W Acc 82 46 86 53 82 156 109 42 - - - 2.98Fidelity UK Select W Acc 78 91 83 84 92 59 107 50 173 61 - 2.88FP Octopus UK Equity B Acc 78 81 80 143 83 155 95 146 154 101 1.11 2.34FP Russell Invsmts UK Growth Assts C Acc 71 225 75 210 80 179 90 179 142 138 1.07 3.67Franklin UK Managers' Focus W Acc 80 63 85 56 90 70 108 48 224 22 0.83 3.19

Unit Trusts 12



£ £ £ £ £ % %Franklin UK Mid Cap W Acc 74 190 84 74 95 37 107 56 238 13 0.82 4.13Franklin UK Opportunities W Acc 79 78 84 67 89 73 102 73 161 82 0.55 4.38Franklin UK Rising Dividends W Acc 82 44 87 44 94 45 114 30 185 42 0.55 4.38GlobalAccess UK Opportunities M Acc GBP 76 149 83 83 91 63 108 44 - - 0.81 3.45GVQ Opportunities A GBP Inc 69 235 73 222 71 225 - - - - - 5.52GVQ UK Focus I GBP Inc 68 239 74 217 72 223 82 208 182 47 1.00 5.76Halifax Special Situations C 72 220 78 184 83 151 91 171 107 188 1.51 1.01Halifax UK FTSE 100 Idx Track C 77 108 81 141 85 126 96 137 130 173 1.53 2.43Halifax UK FTSE AllSh Idx Track C 77 119 81 139 85 124 97 124 138 150 1.50 4.17Halifax UK Growth C 74 183 77 196 81 170 93 162 130 169 1.51 3.97HL Multi-Manager UK Growth A Acc 75 172 78 177 80 180 96 140 - - - 3.00HL Select UK Growth A Acc 87 8 94 10 108 12 - - - - - 1.69HSBC Common For Growth Income 76 158 78 173 79 185 86 194 139 147 0.75 5.82HSBC FTSE 100 Index Accumulation C 78 98 81 111 87 94 101 93 142 137 0.17 5.42HSBC FTSE 250 Index C Acc 78 102 83 85 87 87 101 87 190 35 0.18 3.41HSBC FTSE All Share Index C Acc 77 121 81 119 87 98 101 88 149 121 0.17 5.25HSBC UK Focus R Acc 75 177 78 174 78 199 86 196 139 148 1.54 4.20HSBC UK Growth & Income C Acc 74 194 77 194 79 195 85 199 127 175 1.00 5.31HSBC UK Multi-Factor Eq Instl A Inc 77 125 81 123 87 93 99 108 149 122 0.53 5.20IFML Vitality UK Listed Equity D 83 31 87 42 93 48 107 52 - - - 2.85IFML Vitality UK Listed Equity Income D 83 25 90 27 96 33 114 29 - - - 2.77Invesco High Income UK Z Acc 68 237 66 241 63 236 69 217 130 172 - 5.55Invesco Income UK Z Acc 68 241 66 242 63 233 68 219 127 176 - 5.38Invesco UK Companies UK Z Acc 76 146 79 160 77 206 85 198 161 79 - 4.54Invesco UK Enhanced Index UK(NoTrail)Acc 76 148 80 150 88 83 102 71 163 75 0.41 5.56Invesco UK Focus UK Z Acc 79 80 81 116 81 169 94 158 181 50 - 4.28Invesco UK Growth UK Z Acc 77 144 79 161 80 183 89 181 173 60 - 4.45Invesco UK Strategic Inc UK Z Acc 71 229 69 238 63 234 68 218 137 153 - 5.81Investec UK Alpha I Inc 82 42 87 43 93 47 108 46 208 24 0.87 3.03Investec UK Equity Income I Acc 83 26 90 26 97 29 115 27 - - - 2.88Investec UK Special Situations I Acc 67 244 69 237 73 220 82 206 134 162 0.85 4.10Investec UK Sustainable Equity I GBP Acc 91 3 100 3 - - - - - - - 1.53iShares 100 UK Equity Index (UK) D Acc 77 115 81 122 87 96 101 85 - - - 5.76iShares Mid Cap UK Equity Idx (UK) D Acc 76 163 81 128 85 122 99 105 - - 0.19 3.87iShares UK Equity Index (UK) D Acc 77 136 81 138 87 101 101 89 150 119 0.16 5.43Janus Henderson Instl Hi Alp UK Eq I Acc 77 136 80 142 87 102 97 131 172 63 0.77 5.19Janus Henderson Instl MainstrmUKEq I Acc 77 133 81 130 88 85 98 115 167 72 0.54 5.00Janus Henderson Instl UK Eq Trck A Inc 77 143 80 144 84 133 96 138 137 152 1.04 4.27Janus Henderson Instl UK Idx Opps I Acc 77 117 81 118 87 95 101 82 151 108 0.52 4.88Janus Henderson UK Alpha I Acc 75 169 78 178 85 129 101 90 136 156 1.06 3.61JOHCM UK Dynamic A Acc 68 240 73 224 78 205 94 150 174 58 1.00 6.09JOHCM UK Growth GBP A Inc 75 180 77 197 74 215 80 211 136 154 0.79 3.20JOHCM UK Opportunities A GBP Acc 82 39 85 57 90 67 107 49 179 53 0.79 3.72JPM UK Dynamic C Net Acc 73 209 74 216 79 196 93 161 161 80 0.93 4.95JPM UK Equity Core E Net Acc 77 110 82 104 86 115 102 72 157 96 0.40 4.95JPM UK Equity Growth C Net Acc 79 75 84 68 92 53 110 38 186 38 0.93 3.35JPM UK Equity Plus C Net Acc 81 50 86 50 94 43 - - - - - 3.88JPM UK Strategic Equity Income C Net Acc 69 233 71 231 74 218 87 192 136 155 0.93 6.99Jupiter Growth & Income I Acc 74 191 76 203 72 222 77 213 140 144 1.01 5.67Jupiter Responsible Inc I Acc 80 57 86 54 85 130 91 169 158 95 - 5.03Jupiter UK Alpha I Acc 73 206 73 225 68 229 74 214 135 157 0.86 5.47Jupiter UK Growth I Acc 68 236 65 244 61 238 62 222 122 183 1.03 3.63Jupiter UK Special Situations I Acc 75 179 78 172 79 194 97 130 177 54 0.78 4.78Kames Ethical Equity GBP B Acc 86 12 91 22 91 62 99 110 194 31 0.82 2.21Kames UK Equity GBP B Acc 80 61 84 65 84 134 97 127 145 134 0.82 3.00Kames UK Opportunities GBP B Acc 85 13 93 11 90 71 99 109 154 104 1.10 1.31L&G (N) Tracker I Acc 77 109 81 117 87 97 101 86 147 129 - 5.27L&G Ethical I Acc 77 118 82 105 88 80 95 148 168 68 0.32 4.69L&G Future Wld Gender Lead UK Idx I Acc 78 105 82 101 - - - - - - - 4.99L&G Future World ESG UK Index I £ Acc 77 123 - - - - - - - - - -L&G Growth I Acc 74 202 79 153 82 159 107 53 141 141 0.79 1.38L&G UK 100 Index I Acc 78 84 81 112 87 89 101 84 143 136 0.24 5.59L&G UK 350 Index A Acc 77 126 81 135 85 121 97 132 135 158 1.42 4.89L&G UK Alpha I Acc 71 227 66 243 54 239 63 221 108 187 0.80 1.45L&G UK Index I Acc 77 112 81 113 87 92 101 80 150 118 0.23 5.21L&G UK Mid Cap Index I Acc 74 199 79 165 82 162 - - - - - 4.07L&G UK Select Equity I Acc 73 214 75 212 74 219 88 185 130 171 - 3.98L&G UK Special Situations I Acc 70 230 70 234 69 228 89 183 138 149 0.83 4.03Lazard UK Omega C Acc 75 174 77 189 79 190 91 173 - - - 4.37Legg Mason IF QS UK Equity X Acc 82 47 84 70 83 154 92 164 140 145 - 5.81LF Canlife UK Equity C Acc 76 152 77 188 81 173 82 205 - - - 4.12LF IM UK Growth A Inc 80 62 85 63 91 64 105 63 - - 1.44 3.17LF Lindsell Train UK Equity Acc 82 35 94 8 115 7 139 7 320 3 0.83 2.21LF Majedie UK Equity X Acc 77 124 79 166 78 198 92 168 160 84 0.78 4.49LF Majedie UK Focus X Acc 76 154 78 175 84 132 97 125 183 46 1.53 3.26LF Miton UK Value Opps B Instl Acc 76 155 84 75 86 109 109 39 - - - 2.59LF Purisima UK Total Return A PCG 79 67 84 69 88 82 97 128 149 123 1.46 2.69Liontrust Macro UK Growth I Acc 76 159 77 190 79 197 82 207 - - - 6.22Liontrust Special Situations I Inc 84 20 89 34 104 17 134 10 302 4 0.92 2.20Liontrust Sust Fut UK Gr 2 Net Acc 84 18 91 21 107 13 126 14 225 20 0.85 2.11Liontrust UK Ethical 2 Net Acc 83 28 92 16 109 10 125 15 228 18 - 2.58Liontrust UK Growth I Inc 81 51 86 52 95 41 120 21 225 19 0.92 2.81Liontrust UK Mid Cap C Acc GBP 74 200 75 213 67 231 78 212 203 26 - 3.84Liontrust UK Opportunities C Acc GBP 74 203 80 152 73 221 82 209 151 114 - 2.54M&G Index Tracker GBP A Acc 78 103 81 110 87 103 100 102 148 126 0.46 4.85M&G Recovery GBP I Acc 64 248 63 247 63 235 73 216 92 190 0.91 3.40M&G UK Select GBP I Acc 84 19 86 49 93 49 102 70 159 92 0.91 2.66Man GLG Undervalued Assets Profl Acc C 72 224 70 232 83 150 98 118 - - - 4.67Marks & Spencer UK 100 Comp Acc 77 139 81 140 84 135 97 129 133 165 1.03 5.11Marks & Spencer UK Selection Acc 73 215 76 205 76 210 83 204 122 182 1.61 3.98Marlborough Multi-Cap Growth P Inc 82 37 90 24 102 22 129 12 250 7 - 0.81Merian UK Alpha R GBP Acc 73 204 77 191 83 147 91 175 154 102 - 5.31Merian UK Dynamic Equity R GBP Inc 76 160 81 115 86 119 119 22 290 5 1.05 1.43Merian UK Mid Cap R GBP Acc 74 186 79 164 81 174 109 41 246 10 0.85 1.57MFM Bowland 90 4 97 6 118 4 168 2 248 9 2.09 1.97MFM UK Primary Opportunities P Inc 79 69 82 89 92 54 115 28 146 131 - 3.93MFS Meridian UK Equity W1 GBP 80 59 84 73 91 66 103 66 161 81 1.00 -MGTS AFH DA UK Multi-Cap Gr I GBP Acc 77 122 82 102 - - - - - - - 5.05MI Brompton UK Recovery Trust Acc 77 131 80 149 87 99 100 100 163 74 2.55 1.35MI Charles Stanley Equity A Acc 86 10 96 7 102 21 110 37 182 49 1.60 3.44MI Chelverton UK Equity Growth B Acc 83 32 92 18 116 6 176 1 - - - 1.56Mirabaud UK Equity High Alpha A GBP Acc 80 64 78 182 84 142 96 134 134 160 1.55 -Montanaro UK Income GBP 85 16 90 25 98 27 - - - - 0.87 4.82NFU Mutual UK Growth C 81 52 85 62 97 31 112 34 159 88 - 3.39Ocean UK Equity B Acc 82 43 90 28 - - - - - - - 2.81


Polar Capital UK Value Opports I GBP Acc 76 157 78 179 84 138 - - - - 1.69 -Premier Ethical C Inc 84 22 89 30 93 46 108 43 214 23 0.99 1.89Premier UK Growth C Inc 84 23 89 31 100 26 116 25 185 44 1.03 2.13Quilter Inv UK Eq Opports U2 (GBP) Acc 77 138 82 93 79 188 91 174 - - - 3.40Quilter Investors Equity 1 A (GBP) Acc 74 184 78 180 79 189 107 51 233 15 1.10 1.66Quilter Investors UK Eq Gr U2 (GBP) Acc 78 100 85 59 91 61 106 60 - - - 3.14Quilter Investors UK Equity U2 (GBP) Acc 77 135 81 136 - - - - - - - 4.03Rathbone UK Opportunities I Inc 85 14 87 41 86 108 101 91 186 37 0.81 2.84RBS UK Equity 1 Acc 78 89 - - - - - - - - - -Royal London FTSE 350 Tracker Z Acc 78 104 81 121 87 90 101 92 151 113 0.12 5.17Royal London Sustainable Leaders C Acc 88 7 102 2 118 2 138 8 250 8 - 2.00Royal London UK All Share Tracker Z Acc 78 101 81 124 87 91 101 81 151 109 0.13 4.84Royal London UK Dividend Growth M 78 82 83 81 92 52 102 74 160 86 - 5.21Royal London UK Equity M Acc 79 77 83 79 92 57 104 65 156 98 0.53 4.37Royal London UK FTSE4Good Tracker 77 107 82 90 88 78 98 119 139 146 1.50 5.08Royal London UK Growth 77 114 82 92 89 75 98 121 151 107 1.53 2.46Royal London UK Mid-Cap Growth Instl M 76 147 83 82 96 35 105 61 241 12 0.74 2.30Royal London UK Opportunities M Acc 73 205 78 183 77 207 84 201 133 167 0.72 3.68RWC UK Focus R GBP Acc 81 53 82 100 81 167 93 163 - - 1.15 -Sanlam Active UK A GBP 79 73 80 148 86 117 90 178 133 166 1.11 -Santander UK Equities A 77 128 81 125 84 145 95 145 133 164 1.01 3.77Santander UK Growth RA Acc 79 74 82 96 86 113 98 117 131 168 1.26 4.15Sarasin Charity Thematic UK Eq GBP A Acc 79 70 85 64 92 58 96 135 - - 0.95 2.63Sarasin UK Equity P Acc 79 68 84 71 88 77 94 153 134 163 0.96 3.04Schroder Core UK Equity Z Acc 75 178 78 176 80 184 89 184 126 177 0.84 5.86Schroder MM UK Growth Z Acc 74 185 77 199 78 202 88 188 142 140 1.40 3.60Schroder Prime UK Equity I Acc 75 167 80 145 86 116 99 111 155 100 0.51 4.77Schroder Recovery Z Acc 71 228 69 236 74 217 85 197 159 90 0.92 4.92Schroder Responsible Value UK Eq I Acc 74 192 74 219 81 166 96 136 160 87 0.77 4.85Schroder UK Alpha Plus Z Acc 76 156 79 167 82 158 94 156 154 103 0.90 3.85Schroder UK Equity Z Acc 73 212 74 215 75 213 86 195 147 128 0.91 4.83Schroder UK Mid 250 Z Acc 70 232 72 228 75 214 81 210 162 77 0.91 3.65Schroder UK Opportunities Z Acc 74 189 77 192 78 204 84 202 168 69 0.82 4.23Scot Wid MM UK Equity Focus A Acc 74 187 79 155 84 144 95 147 141 142 1.81 2.75Scot Wid MM UK Equity Growth A Acc 72 221 75 208 79 191 86 193 134 159 1.82 2.70Scottish Friendly UK Growth 77 134 77 186 82 161 94 157 148 125 1.56 -Scottish Widows UK All Share Track I Acc 77 145 81 133 85 120 99 112 147 130 0.35 5.01Scottish Widows UK Growth A 74 198 77 198 80 182 90 180 119 184 1.61 4.24Scottish Widows UK Select Gr A 74 197 80 151 84 139 92 166 103 189 1.61 1.54Scottish Widows UK Tracker G Acc 76 151 80 147 84 146 95 144 - - - 4.59Slater Growth P Acc 85 15 94 9 103 19 131 11 325 2 0.79 0.85Slater Recovery P Acc 89 6 98 5 114 8 149 4 242 11 0.78 0.56SLI UK Equity General Trust Retl Acc 76 165 77 200 79 187 88 189 123 181 0.84 2.36Smith & Williamson UK Equity Gr B Inc 73 210 79 162 83 149 94 149 158 93 - 3.25State Street UK Equity Tracker 78 94 81 109 87 88 102 75 149 120 0.70 -SVM UK Growth Instl 76 150 81 129 89 74 101 83 195 29 1.16 1.21SVM UK Opportunities Instl 73 213 75 211 81 172 100 97 184 45 1.09 2.40SVS Church House UK Equity Growth A Acc 81 54 83 77 91 60 107 54 161 78 1.59 1.73TB Evenlode Income B Inc 82 36 92 17 109 11 137 9 266 6 - 3.76TB Saracen UK Alpha B Acc 71 226 73 221 84 140 99 104 175 57 1.44 3.52Threadneedle UK Equity Opps Z Inc GBP 72 222 75 214 77 208 92 165 - - - 4.34Threadneedle UK Extnd Alpha Ins Acc GBP 75 176 79 157 84 143 101 95 170 65 1.17 3.49Threadneedle UK Growth & Inc Z Inc 77 141 84 72 85 123 101 79 185 43 - 4.79Threadneedle UK Institutional Ins Acc 75 175 79 159 82 164 96 139 151 110 0.78 4.06Threadneedle UK Mid 250 Z Acc GBP 77 132 82 99 86 112 98 123 196 28 0.87 1.96Threadneedle UK Select Z Inc GBP 80 65 83 86 84 136 97 126 171 64 - 3.71Threadneedle UK Sustainable Eq Z Acc 82 45 88 38 93 50 - - - - - 2.33Threadneedle UK Z Inc GBP 74 188 78 171 80 175 96 133 165 73 - 4.14TM CRUX UK Core Fund B Inc 80 58 87 40 94 44 112 35 186 40 1.18 2.51TM CRUX UK Opportunities FUND A ACC 83 24 89 33 82 157 - - - - - 4.89TM CRUX UK Special Situations I GBP Acc 67 246 72 227 - - - - - - - 2.10TM UBS (UK) - UK Eq C Acc 77 130 81 114 88 81 103 68 - - - 3.10UBS UK Opportunities C Acc Net 68 238 69 239 71 224 87 191 124 179 - 6.66Unicorn Outstanding British Co Instl 84 17 86 45 95 39 112 33 231 17 1.18 1.60Unicorn UK Growth A 74 195 76 206 86 105 123 18 224 21 1.97 1.53Vanguard FTSE 100 Index A GBP Acc 78 88 82 107 88 76 - - - - - 5.32Vanguard FTSE U.K. All Shr Idx UT Acc 78 93 81 108 88 79 103 69 152 106 0.15 5.27Virgin UK Idx Tracking Trust 78 99 81 120 86 118 98 116 140 143 1.00 4.94VT Cape Wrath Focus GBP A Net Acc 62 250 65 245 62 237 - - - - - 4.46VT Castlebay UK Equity A Accumulation 87 9 93 15 107 14 121 19 - - - 3.21VT Garraway UK Equity Mrkt F GBP net Acc 73 207 74 218 81 168 88 190 - - - 5.87VT Munro Smart Beta UK A Acc Retail 75 171 76 201 80 176 90 176 118 185 2.40 7.32VT Sorbus Vector A 89 5 93 13 104 18 - - - - - 1.95VT Tyndall Real Income GBP A Acc 67 242 72 230 69 227 - - - - - 3.34Wesleyan UK Growth X Acc 74 201 76 202 82 160 - - - - - 4.49Average/Total 77 251 81 249 86 240 100 223 166 191 0.96 3.66

(IA) UK DIRECT PROPERTYAberdeen UK Property Feeder UT I Acc 93 22 91 27 98 24 99 18 137 10 - 3.07Aberdeen UK Property I Acc 94 21 91 26 98 23 99 17 137 9 0.89 3.08ARC TIME Commercial Lg Inc A Gross Acc 102 5 104 1 114 3 130 1 - - - 3.16ARC TIME Commercial Lng Inc Fdr I NetAcc 102 7 103 3 112 6 125 4 - - - 2.56ARC TIME Social Long Inc Fdr Tr I NetAcc 102 6 103 5 - - - - - - - 3.12ARC TIME Social Long Income A Gross Acc 102 4 104 2 - - - - - - - 3.70Aviva Inv UK Prpty Fdr Acc 1 GBP Acc 92 28 91 25 99 22 95 21 123 15 - 2.48Aviva Inv UK Prpty Fdr Inc 1 GBP Inc 92 27 90 28 99 20 95 20 123 14 - 1.54Aviva Investors UK Property 2 GBP Acc 93 26 91 23 100 17 97 19 127 13 - 3.03BMO UK Property 2 Inc 106 1 101 6 109 8 119 7 - - 1.19 3.18BMO UK Property Feeder 1 Acc 106 2 100 11 107 9 - - - - - 2.11Janus Henderson UK Pty PAIF Feeder I Acc 99 13 100 10 112 5 116 9 160 5 - 3.22Janus Henderson UK Pty PAIF I Acc 99 12 100 9 112 4 116 8 160 4 - 3.25Kames Property Inc Feeder(Acc) GBP B Acc 97 20 97 16 99 21 109 13 - - - 4.82Kames Property Income GBP B Gross Acc 97 19 98 15 101 14 113 10 - - - 4.28L&G UK Property Feeder I Acc 99 10 100 7 114 1 127 2 179 1 - 2.51L&G UK Property I Acc 99 10 100 7 114 1 127 2 179 1 - 2.23LF Canlife UK Property ACS I Acc 93 25 93 20 - - - - - - - 4.11M&G Feeder of Property GBP I Acc 93 23 92 22 100 19 101 16 135 12 1.34 3.34M&G Property Portfolio GBP I Acc 93 24 91 24 100 18 101 15 136 11 1.39 3.54MGTS St Johns High Income Property Acc 101 8 103 4 111 7 123 5 - - - 2.13MGTS St Johns Property Athrsd Tr GBP Acc 103 3 - - - - - - - - - -Royal London Property A Acc 99 9 99 12 107 10 120 6 170 3 0.85 3.27SLI UK Real Estate Acc Feeder P 1 Acc 97 18 96 18 106 13 - - - - - 3.19SLI UK Real Estate Inc Feeder P 1 Inc 97 17 96 19 107 12 - - - - - 3.43SLI UK Real Estate Platform 1 Acc 97 16 97 17 107 11 108 14 143 6 - 3.79Threadneedle UK Prpty Authrsd GBP InsInc 98 15 98 13 101 15 110 11 140 7 - 4.70

Unit Trusts 13>|



£ £ £ £ £ % %Threadneedle UK Prpty Authrsd Invmt INI 98 14 98 14 101 16 110 12 140 8 - 4.71VT Redlands Prpty A GBP Acc 91 29 93 21 - - - - - - - 3.31Average/Total 98 29 97 28 105 24 111 21 146 15 1.13 3.24

(IA) UK EQUITY AND BOND INCOMECavendish UK Balanced Income B 66 7 70 7 69 7 79 7 - - 0.63 7.50HSBC Monthly Income C Acc 79 6 83 6 85 6 93 6 137 6 - 4.78LF Canlife UK Eq and Bond Inc C Acc 85 1 89 2 92 2 106 2 163 4 0.80 5.41M&G UK Income Distribution GBP I Acc 82 5 85 4 90 3 103 3 170 2 0.84 5.09Royal London UK Income with Growth 82 4 85 5 88 5 94 5 145 5 1.53 6.79Threadneedle Managed Eq Inc Z Inc 82 3 87 3 89 4 102 4 169 3 - 4.85Threadneedle Mthly Etr Inc Z Inc GBP 83 2 89 1 93 1 108 1 195 1 - 4.66Average/Total 80 7 84 7 87 7 98 7 163 6 0.95 5.58

(IA) UK EQUITY INCOMEAllianz UK Equity Income C Inc 77 36 83 26 90 12 98 25 157 27 - 6.94Ardevora UK Income C GBP Inc 78 25 81 32 84 30 96 28 - - - 6.10Artemis Income I Inc 78 30 84 21 90 10 103 11 176 11 0.79 5.83ASI UK High Income Equity P1 Acc 73 74 73 77 74 74 80 71 127 55 - 6.65ASI UK Income Equity I Acc 83 7 90 3 92 4 103 14 165 19 1.10 4.99ASI UK Income Unconstrained Eq P1 Acc 72 79 69 83 72 76 77 74 155 32 - 6.80Aviva Investors UK Listed Eq Inc 2 £ Acc 77 42 81 34 85 26 99 23 - - 0.81 5.83AXA Framlington Monthly Income Z GBP Inc 75 58 79 47 84 28 100 20 167 18 0.84 6.89AXA Framlington UK Equity Income Z £ Acc 83 10 88 5 89 14 101 16 173 13 - 4.69Barclays UK Equity Income R Acc GBP 74 67 75 63 79 53 89 49 - - - 6.91Barclays UK Equity Income S2 R Acc GBP 74 66 75 64 79 54 89 53 - - - 6.61BlackRock UK Income D Acc 81 14 86 12 89 17 103 10 158 24 0.92 5.02BMO Responsible UK Income 2 Inc 80 18 85 14 92 3 106 6 188 6 0.85 5.39BMO UK Equity Income 2 Inc 77 38 80 38 83 36 100 21 141 47 1.85 6.85BNY Mellon Equity Income Bster Inst WAcc 75 60 76 60 77 65 87 60 137 50 - 10.55BNY Mellon Equity Income Inst W Acc 75 59 76 56 81 46 92 44 155 34 - 6.84BNY Mellon UK Income Inst W Acc 80 20 84 19 90 11 105 9 136 52 - 5.72Castlefield B.E.S.T. Sust Inc Instl 82 13 87 9 84 31 89 50 136 51 2.87 5.24Courtiers UK Equity Income Retl R 74 61 74 73 83 39 - - - - - 7.88DMS Charteris Premium Income I Acc 83 12 83 25 80 48 93 38 113 59 - 7.56DMS Kleinwort Hambros Eq Inc A Acc 75 55 77 50 77 63 84 69 129 53 2.30 6.20ES Ardevora UK Income Instl Net Acc 78 31 81 35 83 38 96 30 - - 1.31 5.74ES R&M UK Equity Income Fund B Inc 84 5 85 15 88 19 102 15 175 12 0.93 5.82Fidelity Enhanced Income W Inc 83 11 86 13 84 33 93 41 147 41 - 8.85Fidelity MoneyBuilder Dividend W INC 83 8 86 11 84 29 97 27 171 14 0.67 6.46FP Miton Income B Acc 78 29 81 33 81 44 96 35 158 25 0.93 5.35FP Octopus UK Multi Cap Income S GBP Acc 91 1 98 1 - - - - - - - 4.88Franklin UK Equity Income W Acc 79 24 82 27 89 15 107 4 187 7 0.54 5.90GAM UK Equity Income Instl Acc 76 45 75 67 - - - - - - - 5.63Halifax UK Equity Income C 74 63 76 61 79 56 90 47 121 57 1.54 6.62HL Multi-Manager Income & Growth A Acc 76 51 76 58 76 68 86 66 152 40 1.31 6.73HL Select UK Income Shares A Acc 86 3 88 6 90 13 - - - - - 5.18HSBC Income Accumulation C 74 68 77 55 78 60 85 67 129 54 - 5.49Invesco Income & Growth UK Z Acc 78 27 83 23 85 25 96 32 152 39 - 4.97Janus Henderson UK Eq Inc&Gr I Inc 71 80 73 76 69 77 78 73 164 20 0.82 6.93Janus Henderson UK Responsible Inc I Inc 79 22 87 7 93 2 103 13 207 3 0.84 5.37JOHCM UK Equity Income A GBP Acc 69 82 70 80 75 71 87 63 159 22 0.80 8.02JPM UK Equity Income C Net Acc 81 15 84 22 - - - - - - - 7.25Jupiter Income Trust I Acc 73 76 75 69 76 67 93 42 147 42 0.94 6.47Kames UK Equity Income GBP B Inc 78 28 82 30 84 27 99 22 158 23 1.11 6.16L&G UK Equity Income I Acc 73 71 73 75 73 75 82 70 - - 0.88 7.24Lazard Multicap UK Income A Acc 75 56 78 48 82 41 95 37 161 21 1.01 6.39LF ASI Income Focus A Sterling Acc 70 81 58 85 51 79 - - - - - 10.33LF Canlife UK Equity Income C Acc 76 43 79 43 81 45 93 40 144 45 0.93 5.86LF Gresham House UK Mlt Cap Inc C £ Acc 90 2 94 2 - - - - - - - 4.70LF Majedie UK Income X Acc 76 46 77 51 83 40 87 61 - - 0.79 6.41LF Miton UK Multi Cap Inc B Acc Instl 85 4 87 8 92 5 112 2 - - 0.82 5.67Liontrust Income C Acc GBP 78 33 82 31 90 9 106 7 157 26 - 5.33Liontrust Macro Equity Income I Acc 75 53 77 52 80 50 88 57 147 43 - 7.42M&G Dividend GBP I Acc 76 47 79 45 77 64 88 55 138 48 0.91 5.75M&G Equity Investment for Chrts GBP Inc 77 35 82 28 89 16 101 17 177 10 0.47 6.98Man GLG Income Professional Acc C 76 50 76 59 91 7 109 3 169 16 0.91 7.49Marlborough Multi Cap Income P Acc 77 37 79 40 87 21 96 33 - - - 6.57Merian UK Equity Income R GBP Acc 74 64 74 70 77 61 84 68 155 31 0.94 6.89MI Chelverton UK Equity Income B Acc 69 84 71 79 77 62 95 36 219 2 1.00 7.14MI Downing Monthly Income Acc 75 54 77 49 74 73 79 72 - - 1.93 6.91NFU Mutual UK Equity Income C 76 44 79 42 84 34 98 24 155 33 - 6.57Premier Income C Inc 73 70 75 68 76 69 89 54 153 38 0.88 7.50Premier Monthly Income C 74 65 75 65 77 66 89 51 157 28 0.95 7.69Premier Optimum Income C Inc 73 75 74 72 76 70 87 62 155 30 1.44 10.11Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 78 32 84 20 89 18 101 18 - - - 6.97Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 80 19 85 18 91 8 106 5 - - - 6.05Quilter Investors UK Eq Inc U2 (GBP) Acc 73 69 74 71 - - - - - - - 7.00Rathbone Income I Inc 77 40 80 37 82 43 96 29 178 9 0.81 5.63Royal London UK Equity Income M 76 52 80 39 86 22 100 19 - - 0.68 6.23Santander Enhanced Income II 83 9 87 10 92 6 105 8 145 44 0.80 6.62Santander Equity Income RI 79 23 82 29 86 23 97 26 156 29 1.28 6.47Schroder Income Fd Z Acc 72 77 70 82 78 57 89 52 153 37 0.91 7.29Schroder Income Maximiser Z Acc 74 62 73 78 80 51 88 56 138 49 0.91 10.77Schroder UK Alpha Income Z Inc 78 26 80 36 80 49 88 58 170 15 0.86 6.63Scot Wid MM UK Equity Income A Acc 77 41 79 41 80 47 91 45 142 46 1.81 6.00Scottish Widows UK Equity Income A Acc 73 73 76 62 78 59 88 59 118 58 1.36 6.88Slater Income P Inc 76 48 77 53 80 52 90 48 - - 0.80 6.68SVS Albion Olim UK Equity Acc 73 72 76 57 79 55 92 43 154 35 1.50 6.10TB Guinness UK Eq Inc Y Clean Income 75 57 79 46 74 72 - - - - - 5.90TB Saracen UK Income B Acc 69 83 70 81 78 58 87 64 - - - 7.96Threadneedle UK Eq Inc Z Inc GBP 80 17 85 16 88 20 103 12 192 5 - 5.46Threadneedle UK Equity Alpha Inc Z Inc 80 16 85 17 85 24 96 31 187 8 0.88 5.84Threadneedle UK Monthly Inc Z Inc 80 21 83 24 83 37 93 39 167 17 - 6.35TM RWC UK Equity Income R Acc 72 78 73 74 - - - - - - - 5.62Trojan Income O Acc 83 6 89 4 93 1 113 1 200 4 1.05 4.41UBS UK Equity Income C Acc Net 67 85 67 84 68 78 86 65 127 56 - 8.00Unicorn UK Ethical Income B Inc 77 39 75 66 84 32 - - - - - 6.67Unicorn UK Income B Inc 76 49 77 54 84 35 96 34 229 1 0.89 6.65Vanguard FTSE U.K. Eq Inc Idx Acc 78 34 79 44 82 42 90 46 154 36 0.25 7.12Average/Total 77 85 79 85 82 79 94 74 158 59 1.05 6.56

(IA) UK GILTSAllianz Gilt Yield C Inc 103 8 111 7 116 6 126 7 168 10 0.53 1.08ASI (AAM) Sterling Govt Bond I Acc 103 9 111 10 114 10 123 18 163 16 - 0.54ASI Sterling Inflation-Linked Bond I Acc 96 29 106 26 113 23 138 5 212 4 - 1.01


ASI Sterling Lg Dtd Govt Bond I Acc 105 1 119 1 127 2 147 1 241 2 - 0.88ASI Sterling Short Term Govt Bond I Acc 101 26 103 28 103 28 104 25 112 21 - 0.37ASI UK Government Bond P1 Acc 103 6 111 6 114 12 123 16 164 14 - 0.61BNY Mellon Long Gilt Exempt 2 Acc 105 2 118 5 125 4 145 3 243 1 0.25 1.16Franklin UK Gilt W Acc 102 23 110 17 114 15 - - - - - 1.15HSBC Gilt & Fixed Interest C Acc 102 19 110 22 113 20 122 21 159 19 - 1.83HSBC UK Gilt Index C Acc 103 13 110 12 114 14 124 11 - - 0.17 2.18iShares Over 15 Yrs Gilts Idx (UK) D Acc 105 3 118 2 129 1 - - - - - 1.23iShares UK Gilts All Stks Idx (UK) D Acc 103 15 110 14 115 8 125 8 - - 0.16 1.12Janus Henderson Instl Lg Datd Gilt I Acc 104 5 118 3 124 5 142 4 233 3 0.54 1.19Janus Henderson Instl UK Gilt I Acc 102 24 110 15 113 21 122 20 163 17 0.54 1.43L&G All Stocks Gilt Index I Acc 103 16 110 18 114 16 124 13 168 9 - 1.12LF Canlife UK Government Bond C Inc 103 11 110 20 112 24 121 23 154 20 - 1.20M&G Gilt & Fixed Interest Inc GBP I Acc 102 21 109 25 112 26 122 22 164 13 0.66 0.76Quilter Investors Gilt Index A GBP Acc 103 7 111 8 114 11 123 17 165 12 0.69 2.30Royal London Short Duration Gilts M Inc 100 28 101 29 102 29 103 26 - - - 0.81Royal London UK Government Bond M Acc 103 14 110 19 114 19 124 15 164 15 - 2.17Santander Sterling Government Bond IA 102 25 110 23 114 17 124 12 169 7 - 1.17Schroder Gilt & Fxd Int A Acc GBP 102 22 110 21 113 22 123 19 159 18 0.56 2.19Scottish Widows Gilt G Acc 102 20 109 24 112 25 119 24 - - - 0.11Scottish Widows UK Fix-Int Trkr I Acc 103 10 110 13 115 9 125 10 169 8 0.37 1.17Threadneedle Sterling Bond Z Inc 103 17 110 16 114 18 124 14 165 11 - 0.90Threadneedle UK Fixed Interest Z Acc 103 12 110 11 114 13 125 9 172 6 - 0.78Vanguard UK Govt Bd Idx GBP Acc 102 18 111 9 116 7 127 6 178 5 0.12 1.13Vanguard UK Lg Dur Gilt Idx A Grs Acc 104 4 118 4 126 3 146 2 - - 0.15 1.64Wesleyan Risk Averse A Acc 101 27 103 27 105 27 - - - - - 0.92Average/Total 103 29 111 29 115 29 126 26 175 21 0.40 1.18

(IA) UK INDEX-LINKED GILTSAllianz Index-Linked Gilt W GBP Acc 98 1 108 1 - - - - - - - 0.78AXA Sterling Index Lkd Bond Z Gross 96 8 106 5 113 3 139 3 230 1 0.33 -Baillie Gifford Act IdxLnkd Glt InvmBInc 95 12 105 10 111 6 134 8 - - 0.42 1.16BNY Mellon Index Linked Gilt Exempt 2Acc 97 2 107 2 115 1 140 1 227 2 0.25 1.25iShares Index Linked Gilt Idx (UK) D Acc 95 9 106 6 113 4 139 2 - - 0.29 0.27Janus Henderson Index-Linked Bond I Acc 95 11 106 4 111 8 136 5 223 3 0.54 -L&G All Stocks Index Linked Gt Idx I Acc 96 6 106 7 111 7 135 6 211 6 - -M&G Index-Linked Bond GBP I Acc 96 4 105 11 110 11 134 9 213 5 0.56 -Royal London Index Linked M Acc 97 3 106 3 114 2 138 4 218 4 - -Schroder All Mats Idx Lnkd Bd I Acc 96 6 105 8 111 9 134 7 207 8 0.28 0.36Scottish Widows UK Idx Lnkd Trkr I Acc 95 10 104 12 112 5 133 11 210 7 0.37 0.16Threadneedle UK Index Lnkd Ins Acc 96 5 105 9 111 10 133 10 205 9 - 0.90Vanguard UK Infl-LnkdGltIdx A Grs Acc 90 13 100 13 106 12 129 12 - - 0.15 -Average/Total 96 13 105 13 111 12 135 12 216 9 0.35 0.70

(IA) UK SMALLER COMPANIESAberforth UK Small Companies Acc 65 51 68 51 68 46 83 45 176 39 0.86 4.61Artemis UK Smaller Companies I Acc 72 48 77 41 85 31 119 28 234 30 0.84 3.33ASI (AAM) UK Smaller Companies I Acc 88 4 92 5 103 9 123 18 236 29 - 1.85ASI UK Smaller Companies P1 Acc 89 2 96 1 118 1 161 3 333 7 - 1.06Aviva Investors UK Smaller Coms 2 £ Acc 83 17 86 17 97 19 112 34 253 24 1.13 1.62AXA Framlington UK Smlr Coms Z GBP Acc 77 37 80 33 91 27 121 23 301 9 0.88 0.99Baillie Gifford British Smlr Coms B Acc 84 14 82 26 78 43 91 44 217 35 0.69 0.78BlackRock UK Smaller Companies D Acc 80 22 86 16 99 14 132 14 277 18 0.92 1.79BMO UK Smaller Companies 2 Acc 76 39 77 38 89 30 114 32 270 21 0.85 2.36Castlefield B.E.S.T Sust UK SmComs Instl 85 10 89 10 98 15 128 15 252 26 2.77 0.65Cavendish AIM B 73 45 76 44 107 6 163 2 283 17 0.89 1.35Dimensional UK Smlr Coms Acc 73 47 77 40 81 39 95 41 197 37 0.66 3.81Elite Webb Cap Smaller Co Inc & Gr B Acc 57 52 51 52 65 47 67 47 - - - 0.83ES R&M UK Equity Smaller Coms Fd B Acc 87 6 89 9 96 21 127 16 340 4 0.95 1.87Fidelity UK Smaller Companies W Acc 70 50 74 48 79 42 101 36 - - - 2.87FP Octopus UK Micro Cap Gr P Acc 90 1 94 3 116 2 151 6 252 25 - -Franklin UK Smaller Companies W Acc 84 12 89 11 99 12 123 20 226 33 0.83 1.63Halifax Smaller Coms C 75 43 75 46 82 38 97 39 174 40 1.51 2.03Invesco UK Smaller Coms Eq UK Z Acc 79 25 87 15 100 11 138 10 274 20 - 1.68Investec UK Smaller Companies I Inc 85 11 89 13 103 10 121 22 294 10 0.85 1.75Janus Henderson UK Smaller Coms I Acc 79 26 83 24 94 24 117 29 293 11 0.82 2.05Janus Henderson UK&Irish Smr Coms I Acc 79 29 82 27 82 37 92 43 160 41 - 2.08JPM UK Smaller Companies C Acc 83 16 90 8 98 16 120 26 244 27 0.93 2.05Jupiter UK Smaller Companies Fd I 72 49 72 49 98 17 140 8 263 22 - 1.46Kames UK Smaller Companies GBP B Acc 84 13 87 14 99 13 120 27 230 31 1.10 1.81L&G UK Smaller Companies I Acc 81 20 84 20 84 33 98 38 228 32 - 2.32Lazard UK Smaller Companies C Inc 78 34 81 31 83 35 100 37 - - - 2.78LF Gresham House UK Micro Cap C Acc 87 7 89 12 112 5 142 7 365 2 - 0.93LF Gresham House UK Smaller Coms C Acc 80 23 85 19 - - - - - - - 0.39LF Miton UK Smaller Companies B Acc 86 8 74 47 73 45 93 42 - - - 0.17LF Tellworth UK Smaller Companies R Acc 82 18 84 21 - - - - - - - 0.72Liontrust UK Micro Cap I Acc 88 5 92 6 115 3 - - - - - 0.28Liontrust UK Smaller Companies I Inc 89 3 94 2 112 4 168 1 384 1 - 0.29M&G Smaller Companies GBP I Acc 80 24 85 18 95 22 121 24 224 34 0.91 2.65Marlborough Nano Cap Growth P Acc 73 46 77 39 98 18 134 12 - - - 0.22Marlborough Special Situations P Acc 79 27 81 29 89 29 123 19 293 12 - 1.36Marlborough UK Micro Cap Growth P Acc 79 30 81 32 95 23 139 9 340 5 - 0.77Merian UK Smaller Companies R GBP Acc 82 19 83 22 94 25 136 11 288 14 1.05 0.96Merian UK Smaller Coms Foc R GBP Inc 78 32 79 35 94 26 159 4 354 3 0.84 1.27MFM Techinvest Special Situations A Acc 78 33 78 36 75 44 117 30 207 36 1.84 -MGTS AFH DA UK Smaller Coms I GBP Acc 79 28 83 25 - - - - - - - 2.49MI Discretionary Unit Inc 75 42 77 42 84 34 126 17 288 15 0.42 1.30MI Downing UK Micro-Cap Growth B 75 41 68 50 58 48 73 46 152 42 2.04 -Royal London UK Smaller Companies M 85 9 92 4 103 8 120 25 276 19 - 1.07Schroder Instl UK Smaller Cos I Acc 79 31 82 28 90 28 122 21 291 13 0.52 2.55Schroder UK Dynamic Smaller Coms Z Acc 78 35 77 37 80 41 114 31 301 8 0.86 1.92Schroder UK Smaller Companies Z Acc 77 36 80 34 83 36 114 33 263 23 0.91 1.72Scottish Widows UK Smlr Coms A 74 44 75 45 81 40 96 40 188 38 1.61 1.66TB Amati UK Smaller Companies B 80 21 83 23 106 7 158 5 338 6 1.39 1.46Threadneedle UK Smaller Coms Z Inc 84 15 91 7 97 20 133 13 286 16 - 0.75Unicorn UK Smaller Companies A 76 40 76 43 84 32 108 35 243 28 1.86 2.37VT Teviot UK Smaller Companies Net Acc 77 38 81 30 - - - - - - - 3.28Average/Total 79 52 82 52 92 48 120 47 264 42 1.09 1.67

(IA) UNCLASSIFIED SECTORAbbotsford GBP Acc 91 91 97 75 105 40 121 50 183 29 1.22 1.51Arbor GBP Inc 90 101 98 62 105 45 122 47 157 73 1.56 0.23Architas MM Divers Prot 85 R Net Acc 97 22 101 24 101 87 103 169 - - 0.02 -Architas MM Diversified Protector 70 94 50 101 27 102 73 109 125 126 134 2.39 -Architas MM Diversified Protector 80 96 26 101 19 102 79 105 149 117 139 2.20 -Artemis Instl Equity Income IN Acc 78 244 84 228 90 206 102 170 175 43 0.78 5.63

Unit Trusts 14>|



£ £ £ £ £ % %ASI Diversified Core Adventurous I Acc 89 115 91 166 98 127 - - - - - 3.43ASI Diversified Core Cautious I Acc 95 39 98 69 99 124 - - - - - 2.51ASI Diversified Core Conservative I Acc 98 20 100 35 102 80 - - - - - 1.11ASI Diversified Core Growth I Acc 92 77 95 116 97 153 - - - - - 2.71ASI Sterling Bond I Acc 101 8 108 8 113 10 120 55 160 67 - 1.03Baillie Gifford Act Lng Glt Invmt B Inc 104 3 117 3 123 3 142 4 236 5 0.43 1.40Baillie Gifford Active Glt Invmt B Inc 102 7 110 6 113 9 123 41 165 59 0.42 1.16Baillie Gifford UK and Worldwide Eq B 84 207 90 190 - - - - - - - 2.17BlackRock Growth and Recovery A Acc 83 219 89 205 102 76 135 10 270 1 1.03 1.51Carmignac Pf Sécurité F GBP Acc Hdg 96 25 100 39 100 111 103 162 - - 0.71 -Carmignac Sécurité A EUR Acc 96 32 101 23 99 116 119 61 111 144 0.98 -CG Shenkman Hansa High Yield 86 167 91 174 96 165 120 59 - - - 2.90Chestnut Fund Inc 89 119 94 120 101 91 107 137 - - - -DMS Stirling House Balanced Acc 95 42 101 21 106 29 119 63 - - - 0.47DMS Stirling House Dynamic Acc 91 94 98 63 106 30 123 40 - - - 0.33DMS Stirling House Growth Acc 93 60 100 36 106 34 120 57 - - - 0.43DMS Stirling House Monthly Inc Ret Acc 93 59 98 53 101 98 105 150 - - - 2.54DMS Verbatim Portfolio 3 B Acc 92 73 96 89 101 95 112 96 152 87 1.32 1.13DMS Verbatim Portfolio 4 B Acc 89 117 94 127 99 118 111 108 151 89 1.33 1.40DMS Verbatim Portfolio 5 Growth B Acc 86 182 91 181 96 167 109 116 151 90 1.33 1.57DMS Verbatim Portfolio 5 Income B Inc 86 191 91 171 96 169 107 133 158 70 1.22 3.96DMS Verbatim Portfolio 6 B Acc 85 202 90 192 94 179 108 129 146 101 1.35 1.69DMS Verbatim Portfolio 7 B Acc 82 222 88 212 92 197 109 117 158 71 1.34 1.68Elite Specialist Portolio Instl Inc 87 141 93 137 86 221 90 200 105 149 1.39 0.29Fidelity Diversified Growth A 86 173 92 156 97 151 106 139 139 115 1.18 2.37Fidelity Inst Lng Bd Inc 105 2 118 2 125 2 145 3 250 3 0.33 1.61Fidelity Instl Europe ex UK Acc 86 172 99 45 107 25 121 48 183 31 0.89 1.07Fidelity Instl Index Linked Bond Inc 96 31 107 10 113 8 139 7 231 6 0.33 0.09Fidelity Instl Select Emerg Mkt Acc 84 210 89 199 96 163 122 46 130 133 1.16 1.31Fidelity Instl Select Global Eqs Acc 86 171 96 99 104 55 130 13 217 9 0.88 1.03Fidelity Instl UK Gilt Inc 103 4 110 4 115 5 126 24 176 41 0.32 1.32Folla Inc 86 164 93 145 101 88 114 87 142 108 1.14 1.22FP Apollo Multi Asset Adven D GBP Acc 77 245 80 233 82 226 87 202 - - 2.45 0.67FP Apollo Multi Asset Bal D GBP Acc 83 220 85 226 86 220 95 192 108 145 1.97 1.07FP Apollo Multi Asset Cau D GBP Acc 86 178 89 202 90 204 99 186 115 140 2.15 0.70FP CAF Alternative Strategies A Acc 94 52 95 114 94 186 94 194 - - 1.47 0.49FP CAF Fixed Interest A Acc 94 48 99 44 101 92 105 148 - - 1.00 2.30FP CAF International Equity A Acc 84 209 93 143 102 65 132 12 - - 1.17 0.82FP CAF UK Equity A Acc 78 240 80 234 82 224 94 193 - - 1.24 3.55FP Frontier MAP Balanced C 80 236 82 231 82 225 84 203 99 151 1.27 1.07FP Luceo 3 A Acc 92 78 98 68 100 100 - - - - - 0.57FP Luceo 4 A Acc 89 118 95 106 100 110 - - - - - 0.61FP Luceo 5 A Acc 87 146 93 144 97 145 - - - - - 0.68FP Luceo 6 A Acc 86 186 91 176 96 161 - - - - - 0.78FP Luceo 7 A Acc 84 214 89 204 93 193 - - - - - 0.89FP Russell Invsmts Defensive Assts C Acc 96 28 100 40 102 67 104 157 113 141 0.88 3.15Hawthorn Portfolio A Inc 91 82 97 88 102 63 110 113 - - - 0.94HSBC Common For Income Income 102 5 110 5 114 6 124 35 168 54 0.50 2.29HSBC Global Sust MA Bal C GBP Acc 90 99 97 86 - - - - - - - 0.89HSBC Global Sust MA Cons C GBP Acc 92 71 98 55 - - - - - - - 1.07HSBC World Selection Advent Port Acc C 86 179 92 158 102 82 129 16 - - - 1.50HSBC World Selection Balanced C Acc 88 131 93 136 99 117 116 77 167 55 1.22 1.94HSBC World Selection Cautious C GBP Acc 94 44 99 51 102 74 109 120 141 110 1.18 1.42HSBC World Selection Conser Port Acc C 90 98 95 110 99 121 110 112 - - - 1.82HSBC World Selection Dynamic C Acc 87 162 92 157 100 103 124 36 183 30 1.27 1.85HSBC World Selection Intst Inc C Acc 89 126 93 134 96 159 106 138 - - 1.25 4.38Insight Inv UK Broad Mkt Bd Gross P 99 12 106 12 110 16 122 45 177 38 0.37 1.59Insight UK Govt Long Mat Bd P2 105 1 118 1 126 1 147 1 249 4 0.38 1.00Janus Henderson Diversified Gr A Acc 92 72 97 84 100 104 106 143 - - 1.72 0.10Janus Henderson Instl Hi Alp Crdt I Acc 102 6 109 7 112 11 120 60 176 40 0.68 5.15Janus Henderson Instl Hi Alp Gilt Y Acc 99 14 107 9 109 18 116 75 164 63 0.68 1.29Janus Henderson Mlt Ast Crdt I Acc GBPH 89 123 91 168 95 173 103 163 - - - 2.42LF Aegon Multi-Asset 1 A Acc 98 18 - - - - - - - - - -LF Aegon Multi-Asset 2 A Acc 94 45 - - - - - - - - - -LF Aegon Multi-Asset 3 A Acc 91 92 - - - - - - - - - -LF Aegon Multi-Asset 4 A Acc 87 153 - - - - - - - - - -LF Aegon Multi-Asset 5 A Acc 84 211 - - - - - - - - - -LF Boyer Global A GBP Acc 91 95 - - - - - - - - - -LF Broden 90 111 98 72 105 42 122 44 179 36 1.29 0.74LF Buxton Acc 98 21 100 37 101 84 110 110 164 62 0.64 -LF Circus 93 68 101 25 107 26 123 39 169 51 1.26 0.80LF Crystal Fund 98 17 104 14 107 28 130 15 177 39 1.11 0.81LF Dartmoor Fund 96 33 99 48 103 61 112 95 156 76 1.48 -LF Davids 92 75 96 97 98 136 110 115 154 80 1.35 0.38LF Drygate 85 197 90 189 93 189 99 183 149 97 1.43 2.06LF Greenmount Inc 86 165 95 113 102 70 118 64 164 61 1.61 1.00LF Gulland 90 110 97 85 104 56 125 31 189 20 1.29 1.21LF Heartwood Balanced Multi Asset I Acc 89 124 92 149 94 182 103 164 138 118 1.22 1.56LF Heartwood Balanced Sust MA B Acc 90 105 - - - - - - - - - -LF Heartwood Cautious Multi Asset I Acc 92 81 95 107 97 146 104 161 133 132 1.23 1.59LF Heartwood Cautious Sust MA B Acc 93 57 - - - - - - - - - -LF Heartwood Defensive Multi Asset I Acc 93 64 96 91 96 156 101 178 - - 1.29 0.96LF Heartwood Defensive Sust MA B Acc 95 43 - - - - - - - - - -LF Heartwood Growth Multi Asset I Acc 85 193 90 184 94 181 105 147 149 99 1.39 1.03LF Heartwood Growth Sustainable MA B Acc 87 155 - - - - - - - - - -LF Heartwood Income Multi Asset I Inc 90 112 93 146 94 187 100 181 - - 1.27 4.18LF Heartwood Income Plus Multi Ast I Inc 86 175 89 207 91 203 99 185 138 117 1.26 5.12LF Holly Fund 76 247 76 237 74 228 89 201 51 153 1.20 3.27LF KH Feelgood Trust £ Inc 88 127 95 115 97 143 111 105 149 98 1.12 0.64LF Lorimer Trust 81 230 88 211 96 164 109 123 174 44 0.81 1.91LF Mermaid 95 40 98 58 95 176 102 172 149 100 1.33 -LF New Grande Motte GBP 93 70 100 34 108 23 124 33 190 18 1.33 1.04LF New Institutional World Inc 93 55 99 49 - - - - - - - 0.42LF New Viaduct Inc 91 84 99 50 110 17 125 29 198 14 1.40 0.37LF New Villture Inc 93 67 97 74 104 53 114 84 156 77 1.35 0.27LF Robin A Acc 92 74 97 78 103 58 113 92 150 93 0.95 0.03LF Ruffer Absolute Return O Acc 98 16 103 16 99 113 107 136 143 104 1.53 1.70LF The Mulberry 96 24 105 13 112 13 127 19 171 47 1.38 0.63M&G (Lux) Em Mkts Inc Opps CH GBP Acc 77 246 78 236 - - - - - - 0.98 -M&G Episode Macro GBP T-H Acc 98 19 99 47 102 69 112 101 - - 0.94 1.16MGTS AFH Tactical Core R Acc 85 201 89 201 87 218 98 187 136 125 - 1.25MGTS IBOSS 1 R Acc 93 54 98 67 100 109 - - - - - 0.91MGTS IBOSS 2 R Acc 91 85 96 92 99 120 - - - - - 1.08MGTS IBOSS 4 R Acc 89 122 95 119 98 134 - - - - - 1.25MGTS IBOSS 6 R Acc 87 154 93 132 97 147 - - - - - 1.26


Navajo GBP Acc 90 108 99 46 108 21 129 17 185 24 1.48 0.15New Capital Swiss Sel Eq CHF Ord Acc 85 203 93 142 88 214 126 22 - - 1.56 -OHP Fund 89 116 97 79 106 32 124 38 184 26 1.53 0.63Prestney GBP Inc 95 38 100 43 106 31 123 43 156 75 1.32 0.97Quilter Inv Cirilium Advnturs Pasv R 85 196 95 109 - - - - - - - 1.63Quilter Inv Cirilium Balanced Pasv R 91 90 97 83 102 68 121 53 - - 0.85 2.04Quilter Inv Cirilium Cnsrv Pasv R 96 35 100 31 104 51 117 69 - - 0.85 1.67Quilter Inv Cirilium Dynamic Pasv R 83 217 90 182 97 139 121 51 - - 0.85 2.65Quilter Inv Cirilium Moderate Pasv R 87 160 94 129 100 108 121 49 - - 0.85 2.45Quilter Inv Creation Advnturs R GBP Acc 81 232 88 213 - - - - - - - 2.08Quilter Inv Creation Bal R (GBP) Acc 88 130 92 150 93 190 100 182 134 128 - 2.21Quilter Inv Creation Cnsrv R (GBP) Acc 91 93 94 126 95 177 101 176 134 129 - 2.26Quilter Inv Creation Mod R (GBP) Acc 86 185 91 177 92 198 99 184 137 123 - 2.11Quilter Inv Generation CPI+ 3 R GBP Inc 87 161 90 194 90 212 94 195 - - - 3.29Quilter Inv Generation CPI+ 4 R GBP Inc 86 168 90 195 89 213 93 198 - - - 3.31Quilter Inv Generation CPI+ 5 R GBP Acc 84 213 88 214 87 216 - - - - - 2.98Quilter Investors Equity 2 A (GBP) Acc 69 248 69 238 73 229 83 204 133 131 1.08 5.03Rathbone Active Income and Growth Inc 87 152 93 139 101 86 117 71 - - - 3.18Rathbone Dragon Trust £ Acc 88 135 93 138 102 75 126 25 176 42 0.89 0.87Rathbone Global Alpha Instl GBP Acc 82 225 88 209 97 142 118 65 - - - 0.90Rathbone Heritage Inst Inc 87 151 92 151 96 168 114 83 - - - 1.81Rathbone Spenser 87 156 93 141 98 132 111 104 141 111 1.16 1.18Rathbone Sussex Growth 85 204 89 200 99 112 121 52 183 28 1.62 0.95Rathbone Sussex Income 80 235 83 230 93 195 104 159 171 48 1.26 4.87Royal London Cash Plus M Inc 100 11 100 32 101 85 102 171 - - - 0.80Royal London Enhanced Cash Plus Y Acc 99 13 100 33 102 72 - - - - - 1.40S&W Acacia 88 129 96 95 112 12 139 6 251 2 0.78 -S&W Bay 89 120 98 56 115 4 145 2 227 7 0.84 1.95S&W Beech 79 238 85 224 90 208 98 188 138 122 0.84 -S&W Brighton Rock 90 107 98 52 106 35 123 42 186 22 1.57 -S&W Daisybelle 96 34 101 20 98 126 106 141 150 95 1.16 -S&W Endeavour II Acc 85 200 90 185 96 157 117 70 154 79 1.67 -S&W Enterprise Trust 86 184 93 131 102 64 121 54 152 85 1.31 -S&W Gryphon Dover Net Inc 78 243 78 235 77 227 81 205 111 143 2.00 -S&W Gryphon East River Net Inc 87 159 91 180 92 199 108 126 135 126 1.71 -S&W Gryphon Peapod Net Inc 88 140 92 161 95 170 115 79 158 69 1.74 -S&W Headway 90 97 96 98 104 54 117 68 153 82 1.49 -S&W Jetwave Trust Acc 86 190 89 203 99 125 113 91 166 57 1.40 3.08S&W Knotts Investment Inc 86 176 91 169 98 135 107 135 161 65 1.02 3.34S&W Lancaster 82 228 87 216 90 205 105 155 139 113 1.96 -S&W Langham Trust 81 233 87 217 87 219 96 191 107 146 1.92 -S&W Magnum 85 195 92 159 98 137 110 109 172 46 1.03 -S&W Marathon Inc 83 218 86 223 97 140 113 89 166 56 1.31 -S&W MF 82 223 86 222 98 133 120 56 169 53 1.92 1.82S&W Millennium Inc 84 208 89 198 92 200 105 146 134 130 1.42 -S&W Milne 92 80 98 64 101 93 114 88 142 107 1.33 1.27S&W Norton 88 139 95 118 97 141 108 128 150 94 1.40 1.88S&W Skye Inc 78 242 86 218 90 207 97 190 191 16 0.63 -S&W Staffordshire Portfolio 88 132 96 100 106 33 126 23 165 60 1.18 1.82S&W Stellar 93 66 98 54 108 20 125 32 183 27 1.05 2.01S&W Sylvan Alder Invest 90 113 96 94 105 46 119 62 182 33 0.83 1.18S&W Sylvan Bromfield 87 157 94 122 102 66 117 72 187 21 0.95 -S&W Sylvan Global Opportunities 87 150 95 117 103 62 117 67 182 32 0.62 -S&W Sylvan Hornbeam 86 166 92 152 100 101 114 82 180 35 0.69 -S&W The Rosslyn Net Inc 90 109 93 133 96 158 109 118 - - - -S&W Thoroughbred 83 216 88 210 95 171 106 142 162 64 1.46 -S&W Witch General Inc 85 205 92 163 101 83 113 94 170 50 1.25 -S&W Worldwide 90 103 94 121 100 99 111 107 146 103 2.03 -Santander Atlas Income Portfolio II 88 138 92 160 92 196 103 166 154 78 2.15 5.32Santander Balanced International Trg RA 85 198 91 167 96 160 111 106 159 68 1.50 0.52Santander Investment Income Port RI 95 37 101 22 105 48 112 97 152 84 1.01 3.17Santander Investment Portfolio RA 97 23 103 17 106 38 113 93 153 81 0.99 1.96Santander Max 100% Shares Portfolio RA 86 187 94 124 103 57 132 11 190 19 1.90 0.89Santander Max 30% Shares Income Port RI 93 56 98 59 101 90 107 132 - - - 3.47Santander Max 30% Shares Portfolio RA 93 61 98 61 101 94 107 131 - - - 2.71Santander Max 50% Shares Portfolio RA 90 104 95 108 98 129 109 119 152 83 1.48 2.18Santander Max 60% Shares Income RA 87 145 91 179 93 191 101 177 142 106 1.83 4.67Santander Max 70% Shares Portfolio RA 87 148 93 140 96 155 109 124 151 91 1.82 2.41Santander Max 70% Shares RA 86 169 91 170 95 174 109 121 150 96 1.34 2.02Santander Multi Index 1 RA 94 46 100 42 105 50 - - - - - 1.96Santander Multi Index 2 RA 91 88 97 87 102 71 - - - - - 1.56Santander Multi Index 3 RA 88 133 94 128 99 114 - - - - - 1.75Santander Multi Index 4 RA 85 192 91 173 - - - - - - - 1.58Santander Sterling Bond A 96 29 102 18 105 44 112 98 152 88 1.02 2.08Schroder Instl Growth I Acc 94 47 95 111 92 202 91 199 95 152 0.47 0.47Schroder Managed Wealth Portfolio Z Acc 87 144 91 164 94 188 108 127 139 112 - 0.99Schroder Stlg Broad Mkt Bd I Acc 99 15 106 11 111 15 124 34 181 34 0.32 2.71Scottish Widows Adventurous Gr D Acc 78 241 82 232 85 222 101 174 - - 1.82 1.90Scottish Widows Balanced Gr D Acc 86 177 89 197 94 184 105 156 - - 1.76 1.71Scottish Widows Balanced Growth A 86 189 90 193 93 194 104 160 138 120 1.65 1.77Scottish Widows Cautious Gr D Acc 92 76 95 112 99 122 105 152 - - 1.77 1.57Scottish Widows Corporate Bd Trkr W Acc 95 36 101 29 106 39 116 76 - - - 2.70Scottish Widows Diversified 88 136 91 172 94 183 103 168 124 137 1.86 0.20Scottish Widows Dynamic Income A Acc 87 143 92 162 95 178 103 165 138 119 1.40 2.38Scottish Widows Environmental Inv G 85 194 95 105 106 36 115 78 - - - 1.19Scottish Widows Ethical G Acc 79 239 89 206 98 128 107 130 - - - 1.18Scottish Widows IPS Growth P Net Inc 84 212 89 196 96 162 114 81 165 58 1.00 2.10Scottish Widows Managed Income A Acc 93 69 97 81 99 115 107 134 136 124 1.40 1.85Scottish Widows Momentum Income A Acc 91 87 96 102 98 131 105 151 139 114 1.39 2.08Scottish Widows Progressive Gr D Acc 82 226 85 225 90 209 105 154 - - 1.77 1.95Scottish Widows Stockmarket Gr A 79 237 83 229 87 217 103 167 143 105 1.67 2.02Scottish Widows Strategic Growth A 81 229 86 219 90 211 105 153 146 102 1.63 1.94Sentinel Defensive B Acc 95 41 96 90 97 154 101 179 125 135 - -Smith & Williamson Cash 100 9 100 30 101 96 101 173 103 150 0.73 0.41Smith & Williamson Eagle 86 180 91 175 100 107 113 90 157 72 2.17 -Smith & Williamson Forest 89 125 96 96 106 37 135 9 197 15 1.70 0.73Smith & Williamson Orchard 85 199 90 188 97 149 125 30 179 37 2.20 -Smith & Williamson Plain Andrews UT GBP 82 227 86 221 85 223 94 197 106 148 1.47 -SVS Capital Balanced Scheme Acc 86 181 93 147 100 102 116 74 - - - -SWIP Asset Allocator A Acc 87 142 90 191 90 210 94 196 107 147 2.06 0.80SWIP Managed Growth 4 L Net GBP Acc 87 147 92 148 97 152 109 122 - - - 1.96SWIP Managed Growth 6 L Net GBP Acc 85 206 90 186 95 175 110 111 - - - 2.30The Alkerton Trust Income I/A 81 231 84 227 87 215 98 189 142 109 1.28 -The Aurinko Acc 88 134 92 154 101 97 114 80 169 52 1.44 -The Beamish 93 65 98 71 102 77 106 144 111 142 0.44 -

Unit Trusts 15



£ £ £ £ £ % %The Cranmer Investment 91 83 96 101 97 150 104 158 138 121 2.34 -The Jay 91 89 98 65 107 27 114 86 161 66 1.08 -The Kingfisher Fund Acc 100 10 100 38 100 106 100 180 - - - -The Mishka Fund 90 102 95 104 95 172 105 145 124 136 1.68 1.99The Monoux 86 183 92 153 102 78 125 27 212 11 1.39 0.14The New Floco Inc 87 163 94 123 102 81 126 20 213 10 1.21 0.37The New Jaguar Inc 89 114 98 70 105 43 130 14 222 8 1.35 0.71The Oenoke Acc 90 100 98 60 105 47 125 28 173 45 1.42 0.94The Pendennis Acc 90 106 97 82 108 19 126 21 185 23 1.29 1.19The Sardasca 88 128 92 155 93 192 101 175 117 138 1.27 -The Windrush Inc 96 27 101 28 101 89 112 100 152 86 1.53 -Thesis Abaco GBP 86 188 90 183 94 180 106 140 134 127 1.05 -Thesis Darin A Inc 82 224 90 187 99 123 124 37 170 49 1.47 1.80Thesis Eden Investment Inc 94 49 100 41 105 41 118 66 157 74 1.85 0.77Thesis Headway A Inc 91 86 94 130 98 130 112 99 139 116 1.57 1.65Thesis Lion Growth Inc 94 53 101 26 113 7 139 8 199 13 1.89 -Thesis Ord Acc 88 137 96 93 111 14 140 5 209 12 1.19 0.88Thesis PM A Acc 92 79 98 57 105 49 125 26 184 25 1.39 0.70Threadneedle Managed Bond Z Acc 96 30 103 15 108 22 120 58 151 92 - 1.58TM New Court A 2011 Inc 93 63 97 76 103 60 110 114 - - - 0.16TM Oak 91 96 98 73 103 59 127 18 191 17 1.26 0.88TM Opus Inc 87 149 93 135 98 138 117 72 - - - 0.34TM Private Portfolio Trust A2000 Inc 93 62 97 77 104 52 112 102 - - - 0.60Trojan Ethical Income Fund O Acc 86 170 95 103 107 24 - - - - - 3.16Volare Defensive A GBP Acc 94 51 97 80 - - - - - - - 0.09VT Active Portfolio Overlay C Acc 83 215 88 208 94 185 - - - - 0.92 1.33VT Aggressive Portfolio Overlay C Acc 81 234 86 220 92 201 - - - - - 1.62VT Balanced Portfolio Overlay C Acc 86 174 91 165 96 166 - - - - - 1.11VT Cautious Portfolio Overlay C Acc 89 121 94 125 97 144 - - - - - 0.85VT Defensive Portfolio Overlay C Acc 93 58 98 66 100 105 - - - - - 0.65VT Rossie House Portfolio B Inc 87 158 91 178 97 148 112 103 - - - 1.46VT Vanneck Equity B GBP Acc 83 221 87 215 99 119 114 85 - - - 5.25Average/Total 89 248 94 238 99 229 112 205 159 153 1.28 1.66

(IA) VOLATILITY MANAGEDAllianz RiskMaster Cnsrv Mlt Asst C Acc 90 54 94 54 96 77 109 54 - - - 0.91Allianz RiskMaster Growth Mlt Asst C Acc 84 117 88 113 90 104 107 66 - - - 1.24Allianz RiskMaster Mod Mlt Asst C Acc 87 86 91 85 92 95 106 69 - - - 1.07Architas MA Active Reserve A Acc 97 8 102 8 103 15 112 41 139 29 1.22 1.74Architas MA Blended Growth A Acc 82 132 87 118 93 91 114 31 151 18 1.53 1.63Architas MA Blended Interm A Acc 88 71 94 57 99 48 115 25 158 7 1.13 1.53Architas MA Blended Moderate A Acc 90 48 96 35 100 35 115 28 157 8 1.11 1.34Architas MA Blended Prog A Acc 85 108 90 98 96 71 115 26 158 6 1.23 1.62Architas MA Blended Reserve A Acc 93 26 98 17 102 25 112 37 145 26 1.02 1.93Architas MA Passive Dynamic A Acc 83 129 90 102 97 67 120 15 - - 0.65 1.98Architas MA Passive Growth A Acc 82 133 89 108 97 60 121 12 - - 0.65 2.27Architas MA Passive Interm A Acc 89 63 96 41 102 19 121 13 164 5 0.65 1.92Architas MA Passive Moderate A Acc 91 39 98 19 104 11 121 10 165 2 0.65 1.70Architas MA Passive Prog A Acc 85 104 92 75 100 33 122 8 164 4 0.65 2.04Architas MA Passive Prudent R Acc 94 16 99 16 102 22 113 35 - - 1.30 0.39Architas MA Passive Reserve A Acc 94 17 102 9 107 7 123 7 - - 0.65 1.42ASI MyFolio Index I Inst B Fixed Acc 94 20 98 20 - - - - - - - 0.86ASI MyFolio Index II Inst B Fixed Acc 91 44 96 38 - - - - - - - 0.82ASI MyFolio Index III Inst B Fixed Acc 88 75 94 61 - - - - - - - 0.35ASI MyFolio Index IV Inst B Fixed Acc 85 99 92 84 - - - - - - - 0.68ASI MyFolio Index V Inst B Fixed Acc 84 118 91 93 - - - - - - - 1.07ASI MyFolio Managed I P1 Acc 92 28 95 46 98 58 103 80 - - - 1.72ASI MyFolio Managed II P1 Acc 90 52 92 71 96 78 104 77 - - - 1.82ASI MyFolio Managed III P1 Acc 87 87 89 104 93 90 103 82 - - - 2.03ASI MyFolio Managed IV P1 Acc 85 107 88 117 92 96 104 75 - - - 2.38ASI MyFolio Managed V P1 Acc 84 121 87 121 91 100 105 73 - - - 2.59ASI MyFolio Market I P1 Acc 92 29 96 33 100 29 108 56 - - - 2.03ASI MyFolio Market II P1 Acc 89 57 94 58 99 43 110 46 - - - 2.09ASI MyFolio Market III P1 Acc 86 95 91 90 97 61 112 38 - - - 2.51ASI MyFolio Market IV P1 Acc 84 120 89 107 96 68 115 27 - - - 2.77ASI MyFolio Market V P1 Acc 82 134 88 112 96 79 117 20 - - - 2.66ASI MyFolio Mlt-Mgr I P1 Acc 92 31 95 47 97 63 103 83 - - - 0.69ASI MyFolio Mlt-Mgr Inc IV P1 Acc 80 138 86 125 88 107 97 92 - - - 4.73ASI MyFolio Multi-Man Inc II P1 Acc 87 88 91 88 93 92 100 88 - - - 3.31ASI MyFolio Multi-Man Inc III P1 Acc 83 124 88 115 90 102 99 89 - - - 4.26ASI MyFolio Multi-Manager II P1 Acc 89 62 92 74 95 84 103 78 - - - 0.59ASI MyFolio Multi-Manager III P1 Acc 85 109 88 111 92 98 102 85 - - - 0.69ASI MyFolio Multi-Manager IV P1 Acc 83 127 87 123 90 101 103 79 - - - 1.52ASI MyFolio Multi-Manager V P1 Acc 80 137 85 126 88 106 103 81 - - - 1.29Aviva Investors Mlt-asset I 2 GBP Acc 97 9 101 10 103 17 108 61 - - - 0.72Aviva Investors Mlt-asset II 2 GBP Acc 91 42 97 25 100 31 110 51 - - - 1.58Aviva Investors Mlt-asset III 2 GBP Acc 88 70 95 49 98 49 112 39 - - - 1.82Aviva Investors Mlt-asset IV 2 GBP Acc 85 100 92 73 96 73 111 43 - - - 2.12Aviva Investors Mlt-asset V 2 GBP Acc 82 131 90 103 95 87 113 34 - - - 1.99BlackRock Volatility Strategy I C Acc 91 41 97 27 104 12 122 9 - - - 1.88BlackRock Volatility Strategy II C Acc 89 64 94 53 102 18 120 14 - - - 2.16BlackRock Volatility Strategy III C Acc 86 91 92 77 101 27 119 16 - - - 2.40BlackRock Volatility Strategy IV C Acc 85 111 91 94 100 30 117 21 - - - 2.62BMO MM Lifestyle 3 B Inc 92 32 96 37 99 40 108 55 - - - 2.17BMO MM Lifestyle 4 B Inc 89 65 93 65 98 57 109 53 153 15 1.19 2.28BMO MM Lifestyle 5 B Inc 86 97 90 99 96 75 109 52 155 13 1.19 2.28BMO MM Lifestyle 6 B Inc 83 126 87 122 93 94 106 68 156 10 1.19 2.46BMO MM Lifestyle 7 B Inc 80 136 84 127 90 105 104 76 149 21 1.19 2.56BMO Universal MAP Balanced C Acc 89 59 95 50 - - - - - - - 2.14BMO Universal MAP Cautious C Acc 92 35 97 21 - - - - - - - 1.87BMO Universal MAP Growth C Acc 87 84 93 70 - - - - - - - 2.54Carmignac Pf Uncons Euro FI F GBP Acc H 101 1 103 6 104 10 111 42 - - 0.75 -EF 8AM Multi-Strategy II A Inc 84 116 87 119 92 99 102 86 124 30 2.06 1.87EF 8AM Multi-Strategy III A Inc 80 139 83 128 87 108 99 90 - - 2.70 1.07EF 8AM Multi-Strategy IV A Inc 77 140 81 129 85 109 98 91 - - 3.20 0.40GAM Star Defensive Instl GBP Acc 101 5 107 5 110 5 118 19 - - 1.69 -GAM Star Dynamic Gr Instl GBP Acc 100 6 112 1 120 1 141 1 - - 1.96 -GAM Star Gbl Growth Instl GBP Acc 101 3 112 2 118 2 134 2 - - 1.68 -GAM Star Global Bal Instl GBP Acc 101 4 111 3 116 3 129 4 - - 1.66 -GAM Star Global Cautious Instl GBP Acc 101 2 110 4 114 4 125 6 - - 1.64 -HSBC Global Strategy Adventurous AC 87 81 94 59 - - - - - - - 1.61HSBC Global Strategy Balanced C Acc 91 37 97 22 107 8 127 5 - - 0.82 1.43HSBC Global Strategy Cautious C Acc 97 10 102 7 108 6 119 18 - - 0.72 1.32HSBC Global Strategy Cnsv Port AC 94 19 99 12 - - - - - - - 1.24HSBC Global Strategy Dynamic C Acc 89 66 95 45 106 9 132 3 - - 0.94 1.34


Invesco Balanced Risk 10 UK Z Acc 88 76 90 101 97 65 102 87 - - - 0.92Invesco Balanced Risk 8 UK Z Acc 90 51 92 79 98 52 102 84 - - - 0.75Invesco Summit Growth 1 UK Z Acc 92 27 96 39 - - - - - - - 0.75Invesco Summit Growth 2 UK Z Acc 89 60 93 62 - - - - - - - 0.98Invesco Summit Growth 3 UK Z Acc 87 90 91 86 - - - - - - - 1.03Invesco Summit Growth 4 UK Z Acc 85 105 90 100 - - - - - - - 1.14Invesco Summit Growth 5 UK Z Acc 83 128 88 114 - - - - - - - 1.95Janus Henderson Core 3 Income I Inc 93 24 97 26 100 34 108 62 - - - 3.94Janus Henderson Core 4 Income I Inc 90 55 94 56 97 62 107 67 - - - 4.55Janus Henderson Core 5 Income I Inc 87 83 92 82 96 81 107 64 - - - 4.88Janus Henderson Core 6 Inc&Gr I Inc 86 96 91 87 96 72 110 48 - - - 4.54L&G Multi-Index 3 I Acc 94 18 99 14 104 13 114 29 - - - 1.89L&G Multi-Index 4 I Acc 91 45 96 36 102 23 114 30 - - - 1.93L&G Multi-Index 5 I Acc 88 80 93 64 100 32 116 22 - - - 2.23L&G Multi-Index 6 I Acc 85 106 91 92 99 46 115 24 - - - 2.43L&G Multi-Index 7 I Acc 83 123 89 105 98 59 116 23 - - - 2.55L&G Multi-Index Income 4 I Acc 89 61 94 52 99 39 - - - - - 3.56L&G Multi-Index Income 5 I Acc 85 103 90 97 95 83 - - - - - 3.85L&G Multi-Index Income 6 I Acc 83 130 88 116 93 93 - - - - - 4.46LF Prudential Risk Managed Actv 1 P Acc 92 34 96 30 101 28 110 50 147 24 - 2.22LF Prudential Risk Managed Actv 2 P Acc 89 58 94 55 98 54 108 63 149 20 - 1.98LF Prudential Risk Managed Actv 3 P Acc 88 78 92 78 96 70 107 65 152 17 - 1.92LF Prudential Risk Managed Actv 4 P Acc 85 110 89 106 94 88 105 71 153 16 - 1.85LF Prudential Risk Managed Actv 5 P Acc 83 122 87 120 92 97 105 74 155 11 - 1.73LF Prudential Risk Managed Pasv 1 P Acc 91 38 97 28 101 26 113 32 148 22 - 2.30LF Prudential Risk Managed Pasv 2 A Acc 90 47 96 34 99 37 - - - - - 1.73LF Prudential Risk Managed Pasv 3 P Acc 88 69 94 51 99 41 113 36 156 9 - 2.32LF Prudential Risk Managed Pasv 4 A Acc 87 89 93 69 97 66 - - - - - 1.97LF Prudential Risk Managed Pasv 5 A Acc 85 113 91 91 96 80 - - - - - 2.10MyMap 3 D GBP Acc 98 7 - - - - - - - - - -MyMap 4 D GBP Acc 95 11 - - - - - - - - - -MyMap 5 D GBP Acc 93 25 - - - - - - - - - -MyMap 6 D GBP Acc 89 56 - - - - - - - - - -Quilter Inv Cirilium Advnturs Blend U1 £ 83 125 - - - - - - - - - -Quilter Inv Cirilium Balanced Blend U1 £ 91 40 - - - - - - - - - -Quilter Inv Cirilium Cnsrv Blend U1 £ 95 12 - - - - - - - - - -Quilter Inv Cirilium Dynamic Blend U1£ 85 112 - - - - - - - - - -Quilter Inv Cirilium Moderate Blend U1 £ 88 74 - - - - - - - - - -Quilter Investors Mly Inc & Gr U1 GBPAcc 85 101 - - - - - - - - - -Quilter Investors Monthly Inc U1 GBP Acc 87 85 - - - - - - - - - -Rathbone Multi Asset Enhanced Gr S Acc 88 79 92 80 103 16 121 11 - - - 1.69Rathbone Multi Asset Strategic Gr S Inc 90 49 95 48 103 14 119 17 165 3 - 1.77Rathbone Multi Asset Total Return S Inc 94 15 98 18 102 20 110 47 141 28 - 1.51Rathbone Strategic Income Portfolio Acc 88 68 93 68 98 56 - - - - - 3.85Santander Atlas Portfolio 3 IA 95 13 100 11 102 21 108 57 144 27 - 2.08Santander Atlas Portfolio 4 IA 92 33 96 31 100 36 110 49 151 19 - 2.00Santander Atlas Portfolio 5 IA 87 82 92 76 95 82 106 70 147 23 - 2.18Santander Atlas Portfolio 6 IA 85 102 91 95 95 86 108 58 146 25 - 1.86Santander Atlas Portfolio 7 IA 84 114 91 96 95 85 111 45 155 12 - 3.02Schroder Dynamic Planner Port 3 Z Acc 93 23 99 15 - - - - - - - 1.28Schroder Dynamic Planner Port 4 Z Acc 90 53 95 43 - - - - - - - 1.40Schroder Dynamic Planner Port 5 Z Acc 86 93 92 81 - - - - - - - 1.40Schroder Dynamic Planner Port 6 Z Acc 84 119 89 109 - - - - - - - 2.34Schroder Dynamic Planner Port 7 Z Acc 81 135 86 124 - - - - - - - 2.78Schroder Fusion 3 F Acc 94 14 99 13 102 24 - - - - - 0.93Schroder Fusion 4 F Acc 91 43 96 42 98 51 - - - - - 1.00Schroder Fusion 5 F Acc 89 67 93 63 96 74 - - - - - 1.22Schroder Fusion 6 F Acc 86 92 91 89 94 89 - - - - - 1.16Schroder Fusion 7 F Acc 84 115 89 110 90 103 - - - - - 1.09SVS Cornelian Cautious D Acc 92 36 96 32 99 44 108 60 155 14 1.24 1.99SVS Cornelian Cautious RMP G GBP Acc 92 30 97 29 99 42 - - - - - 1.98SVS Cornelian Defensive D Acc 93 21 97 23 99 45 105 72 - - 1.61 1.76SVS Cornelian Defensive RMP G GBP Acc 93 22 97 24 98 50 - - - - - 1.84SVS Cornelian Growth D Acc 88 77 93 67 96 69 111 44 170 1 1.21 1.61SVS Cornelian Growth RMP G GBP Acc 88 73 94 60 98 53 - - - - - 2.18SVS Cornelian Managed Growth D Acc 90 46 96 40 99 38 112 40 - - 1.31 2.01SVS Cornelian Managed Gwth RMP G GBP Acc 90 50 95 44 99 47 - - - - - 2.15SVS Cornelian Managed Income D GBP Acc 88 72 93 66 97 64 108 59 - - - 3.59SVS Cornelian Progressive D Acc 86 98 92 83 96 76 113 33 - - 1.36 1.32SVS Cornelian Progressive RMP G GBP Acc 86 94 92 72 98 55 - - - - - 2.15Average/Total 89 140 94 129 98 109 112 92 152 30 1.29 1.95

(IA) £ CORPORATE BONDASI (AAM) Sterling Short Dtd Corp I Inc 97 15 99 79 101 86 - - - - - 1.93ASI (SLI) Corporate Bond P1 Acc 95 60 101 36 107 27 114 47 168 19 - 3.49ASI AAA Bond P1 Acc 100 1 103 9 106 45 111 68 146 55 - 1.70ASI Corporate Bond I Acc 96 30 102 11 107 23 116 22 168 21 - 2.69ASI Ethical Corporate Bond P1 Acc 95 69 101 54 105 59 113 52 159 40 - 2.43ASI Investment Grade Corp Bnd P1 Acc 95 68 100 55 105 50 113 58 158 42 - 2.78ASI Short Dated Corp Bd P1 Acc 97 13 99 76 101 88 - - - - - 1.26ASI Short Dated Stlg Corp Bd Trkr B Acc 98 3 100 64 - - - - - - - 1.37ASI Short Duration Credit P1 Acc 95 70 97 93 100 90 104 81 136 59 - 2.14ASI Sterling Corp Bond Tracker B Acc 97 18 - - - - - - - - - -Aviva Investors Corporate Bd 2 GBP Inc 96 39 101 34 105 47 113 56 159 38 0.72 2.50Aviva Investors Mthly Inc Pls 2 GBP Acc 96 34 102 17 107 25 114 40 158 46 - 2.89AXA Sterling Corporate Bond Z Gross Acc 96 35 101 29 107 18 118 14 164 25 0.56 3.07AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 97 9 99 82 101 89 104 83 - - 0.38 1.55AXA £ Buy and Maintain Crdt Z Acc Grs 95 63 100 56 105 61 115 37 - - - 2.53Baillie Gifford Investment Grd Bd B Inc 95 71 101 41 106 41 114 43 169 15 0.30 3.11Baillie Gifford Invm Grd Lng Bd B Inc 95 52 104 4 113 2 125 4 208 3 0.27 3.07Barclays Sterling Corporate Bd R Acc GBP 96 28 102 23 105 51 112 61 160 35 - 3.24BlackRock Corporate Bond 1-10 Year D Acc 95 65 99 83 103 74 111 66 - - 0.17 2.62BlackRock Corporate Bond D Acc 94 86 98 89 105 60 115 27 169 16 0.58 2.78BMO Corporate Bond C Inc 95 73 99 73 104 69 113 59 160 36 - 2.97BMO Long Dated Sterling Corp Bd 3 Acc 94 81 104 3 112 4 127 2 - - - 2.88BMO Responsible Sterling Corp Bd C Inc 96 44 101 30 106 40 114 46 158 44 - 2.36BMO Sterling Corporate Bond 3 Acc 96 49 101 27 107 29 117 19 - - - 2.47BNY Mellon Corporate Bond Inst W Acc 95 56 101 43 105 49 116 24 162 31 - 2.57BNY Mellon Global Credit GBP W Acc H 96 41 102 22 106 36 110 73 - - 0.53 2.31BNY Mellon Long Corp Bd Exempt 1 Acc 96 48 104 6 109 9 124 7 194 6 0.26 2.65Close Bond Income Portfolio X Acc 97 25 101 48 106 30 115 33 - - 0.54 2.93EdenTree Amity Short Dated Bond B 98 2 100 67 - - - - - - - 1.27Fidelity Instl Lng Dtd Stlg Corp Bd Inc 93 93 102 15 110 7 125 6 204 4 0.42 3.01Fidelity Instl Sterling Corp Bond Inc 97 27 102 13 108 15 118 13 172 12 0.42 2.50Fidelity MoneyBuilder Income W Inc 96 47 101 32 106 38 113 49 162 33 0.57 3.25

Unit Trusts 16



£ £ £ £ £ % %Fidelity Short Dated Crprate Bd W Acc 97 10 99 75 102 81 - - - - - 4.09Franklin Sterling Corporate Bd W GBP Acc 94 77 100 60 105 57 - - - - - 2.61GlobalAccess Global Corp Bd M Dis GBP 95 62 100 57 105 64 109 75 - - - 2.63GS Sterling Credit R Acc GBP 94 78 100 59 105 48 115 29 167 23 0.65 -Halifax Corporate Bd C 95 75 100 69 105 62 110 72 139 58 1.01 2.98HSBC Corporate Bond C Acc 95 72 101 51 106 32 115 28 163 28 - 3.18HSBC Sterling Corp Bd Idx Acc C 96 40 102 26 106 34 - - - - - 3.16Invesco Corporate Bond UK Z Acc 97 19 101 35 107 28 113 51 154 50 - 3.12iShares Corporate Bond Index (UK) D Acc 95 54 101 42 106 39 115 31 - - 0.17 2.37Janus Henderson All Stocks Credit I Acc 96 29 102 20 107 24 115 26 162 32 0.55 2.38Janus Henderson Instl Lg Datd Crdt I Inc 94 84 104 5 112 3 125 3 200 5 0.55 2.59Janus Henderson Sterling Bond UT I Acc 96 31 102 21 108 16 116 21 170 14 - 2.37JPM Sterling Corporate Bond C Grs Acc 95 55 101 37 105 46 115 36 164 26 0.68 2.05Jupiter Corporate Bond I Acc 97 22 103 10 107 21 115 35 158 45 - 2.58Kames Ethical Corporate Bond GBP B Acc 96 36 101 28 106 44 114 41 160 34 0.58 2.82Kames Investment Grade Bond GBP B Acc 95 51 101 47 105 58 113 48 167 22 0.81 2.39Kames Sterling Corporate Bond GBP B Acc 96 42 101 39 106 31 114 44 164 24 0.58 2.94L&G Fixed Interest I Acc 94 76 100 58 106 37 116 25 169 17 0.34 2.74L&G Managed Monthly Income I Acc 95 64 101 45 107 22 118 15 172 11 0.44 2.77L&G Short Dated £ Corporate Bd Idx I Acc 97 16 99 72 103 79 108 76 - - - 2.17L&G Sterling Corporate Bond Index I Acc 97 12 102 12 107 26 116 23 - - - 2.02L&G Sterling Income I Acc 95 58 98 88 103 76 110 71 152 54 - 3.40LF Canlife Corporate Bond C Acc 94 80 100 65 105 56 114 45 156 48 0.81 3.50LF Canlife Short Duration Corp Bd C Acc 97 24 98 91 100 91 - - - - - 2.52Liontrust Monthly Income Bond B Grs Inc 94 88 97 94 102 84 111 67 - - 0.67 5.58Liontrust Sust Fut Corp Bd 2 Grs Inc 93 92 99 86 104 70 114 38 163 29 0.60 3.88M&G Corporate Bond GBP I Acc 93 90 99 74 105 63 113 55 162 30 0.66 2.98M&G Short Dated Corp Bd GBP I Inc 97 23 99 84 101 87 105 80 116 60 0.57 2.15M&G Strategic Corporate Bond GBP I Acc 92 96 97 92 102 83 109 74 155 49 0.66 3.15Marlborough Bond Income P Inc 94 79 98 87 103 75 111 65 159 39 - 2.90Merian Corporate Bond R GBP Acc 97 14 104 7 109 11 115 34 170 13 0.74 2.82Morgan Stanley UK Sterling Corp Bd I Acc 94 89 99 85 103 72 112 60 168 20 0.60 2.77Neuberger Berman Corp Hyb Bd GBP I Acc 91 97 97 95 103 78 - - - - 0.77 -PIMCO GIS GlInGd Crdt Instl GBPH Acc 93 91 98 90 103 71 110 70 153 52 0.48 -PIMCO GIS UK Corporate Bd Instl GBP Acc 94 85 100 62 106 42 117 20 178 10 0.46 -PIMCO GIS UK L/T Corp Bd Instl GBP Acc 93 95 102 14 110 6 125 5 209 2 0.46 -Premier Corporate Bond Monthly Income C 96 38 99 77 102 80 105 79 140 57 1.00 3.09Quilter Inv Stlg Corp Bd U2 GBP Acc 96 50 101 44 106 43 113 57 - - - 3.30Quilter Investors Bond 2 A (GBP) Acc 95 66 100 61 104 65 111 69 153 53 0.99 4.54Quilter Investors Corp Bd U2 (GBP) Acc 97 7 105 2 - - - - - - - 2.18Quilter Investors IG Corp Bd U2 GBP Acc 97 8 102 24 106 35 113 53 - - - 2.28Rathbone Ethical Bond I Inc 96 46 101 38 110 8 120 10 186 7 0.70 4.09Rathbone High Quality Bond S Acc 98 5 100 70 - - - - - - - 2.47Royal London Corporate Bond M Acc 95 53 101 40 108 17 118 16 180 9 - 3.74Royal London Corporate Bond Monthly Inc 96 37 101 31 107 20 114 42 153 51 1.04 3.78Royal London Inv Grade SD Credit Z Inc 98 6 100 63 103 73 - - - - - 2.52Royal London Sterling Credit M Acc 95 61 101 52 107 19 117 18 - - - 3.86Royal London Sustainable Mgd Inc C Acc 97 20 102 16 108 12 117 17 - - - 3.59Santander Corporate Bond IA 96 45 102 25 105 54 113 54 - - - 3.01Sarasin Responsible Corporate Bond P Acc 95 57 101 46 105 53 - - - - - 3.11Schroder All Maturities Corp Bd Z Acc 97 11 104 8 109 10 119 11 159 41 0.46 3.69Schroder Long Dtd Corporate Bond I 96 32 108 1 117 1 135 1 218 1 0.27 3.67Schroder Sterling Corporate Bond Z Acc 94 82 101 50 110 5 121 8 169 18 0.61 4.08Scottish Widows Corporate Bd G Acc 95 59 101 53 104 67 112 63 - - - 2.03Smith & Williamson Fxd Interest B 96 33 101 33 105 52 112 64 156 47 - 2.42SVS Church House Invmt Grd Fxd Intr Acc 97 26 99 80 101 85 106 77 140 56 1.05 2.19Threadneedle SterlingCorpBd Ins Inc 94 87 99 81 104 68 114 39 158 43 0.55 2.60Threadneedle Stlg MLD Corp Bd InsGrsInc£ 95 67 102 18 108 13 120 9 180 8 - 2.48Threadneedle Stlg SD Corp Bd Ins Inc £ 94 83 96 96 99 92 104 82 - - - 2.05Threadneedle UK Social Bd Z Acc£ 97 21 100 68 103 77 112 62 - - - 2.24TwentyFour Corporate Bond GBP Acc 97 17 102 19 108 14 118 12 - - - 3.37UBS Corporate Bond UK Plus K Acc Gross 93 94 99 78 105 55 115 30 159 37 0.03 3.17UBS Sterling Corporate Bd Indexed K Acc 95 74 100 71 104 66 113 50 - - - 2.41Vanguard UK Inv Grd Bd Idx GBP Acc 96 43 101 49 106 33 115 32 164 27 0.20 2.46Vanguard UK Short-Term IG Bd Idx GBP Acc 98 4 100 66 102 82 106 78 - - 0.20 1.42Average/Total 96 97 101 96 106 92 114 83 165 60 0.56 2.79

(IA) £ HIGH-YIELDASI European High Yield Bond I Acc 85 27 89 27 93 26 103 20 - - - 5.56ASI Global High Yield Bond I Acc 87 20 90 18 95 20 99 27 137 18 - 5.66ASI High Yield Bond P1 Acc 88 15 91 13 96 13 105 12 145 13 - 3.50Aviva Investors High Yield Bd 2 GBP Inc 89 8 93 5 95 19 104 18 153 4 0.74 4.63AXA Global High Income Z Gross Acc 89 10 91 15 96 11 103 21 146 9 0.82 5.80AXA Pan European High Yld Bond Z Grs Acc 85 32 89 31 94 23 104 17 148 7 - 4.30Baillie Gifford High Yield Bond B Inc 85 33 89 26 97 10 106 7 157 3 0.38 4.71Barings Dev and EM HY Bd I GBP H Inc 84 42 86 39 90 35 92 32 105 22 1.01 8.02Barings European High Yield Bd B GBP Acc 85 30 88 34 - - - - - - 0.52 -Barings Global High Yield Bond I GBP Acc 86 24 89 29 94 25 - - - - 0.70 -Barings US High Yield Bond A GBP Dis 88 11 91 16 - - - - - - 0.40 5.22BMO Multi-Sector Higher Income Bd C Inc 92 2 96 1 103 1 112 1 153 5 - 4.26BNY Mellon Gbl High Yld Bd Int WAcc 90 3 95 2 101 2 110 2 139 16 - 5.26BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 88 12 90 17 96 14 - - - - - 5.39Eaton Vance Intl(IRL) US HY Bd I GBP Acc 87 17 90 20 94 22 103 22 - - 0.75 -Fidelity Global High Yield W Acc 84 36 87 37 92 29 106 10 - - 0.87 4.45GlobalAccess Global Hi Yld Bd M Dis GBP 87 19 89 28 92 28 100 26 145 11 - 6.21GS Europe High Yield Bd R Inc GBP Hdg 84 39 89 30 95 16 103 24 - - 0.85 4.01Hermes Global High Yld Crdt F GBP Acc H 85 31 89 23 95 18 104 16 - - 0.82 -Invesco High Yield UK Z Acc 85 35 89 25 97 9 102 25 161 1 - 7.44Investec Monthly High Income I Acc GBP 87 18 90 21 94 24 106 9 135 20 0.75 4.17JPM Global High Yield Bond C Grs Acc 89 9 92 7 98 6 106 8 146 10 0.73 6.26Kames High Yield Bond GBP B Acc 82 45 85 40 92 31 97 30 141 15 0.81 6.43Kames Short Dated HY Glbl Bd GBPH B Acc 90 5 92 6 - - - - - - 0.72 -L&G High Income I Acc 85 29 88 35 92 30 103 19 135 19 0.42 6.87Liontrust GF High Yield Bond C5 Acc GBP 87 22 91 14 - - - - - - - -Lord Abbett Global High Yield I USD Acc 84 37 - - - - - - - - - -Lord Abbett High Yield Core I GBP H Acc 84 40 - - - - - - - - - -Lord Abbett High Yield I GBP Hdg Acc 86 26 88 32 - - - - - - 0.80 -M&G Global Fltng Rt Hi Yld GBP I-H Acc 84 41 85 41 88 36 95 31 - - 0.83 4.50M&G Global High Yield Bond GBP I Acc 88 14 91 10 96 12 105 13 143 14 0.81 4.91Man GLG High Yield Opports Profl Acc C 85 34 - - - - - - - - - -Marlborough High Yield Fixed Int P Inc 88 13 92 8 96 15 107 4 145 12 - 6.16Neuberger Berman Glb HY Bd GBP I Acc 85 28 88 33 - - - - - - 1.01 -Neuberger Berman HY Bd GBP A Acc 87 21 89 24 92 32 98 29 - - 1.38 -Neuberger Berman Shrt Dur HY Bd £InsAccH 90 4 91 11 95 21 98 28 - - 0.80 -PIMCO GIS Glb Hi Yld Bd Instl GBP H Inc 90 6 93 4 99 3 107 5 149 6 0.55 5.44


PIMCO GIS US Hi Yld Bd Instl GBPH Acc 89 7 92 9 97 8 108 3 160 2 0.55 -Quilter Investors Hi Yld Bd U2 GBP Acc 86 25 90 22 98 7 105 11 - - - 4.64Royal London Global High Yield Bd M£Inc 87 23 90 19 95 17 104 15 - - - 5.45Royal London Shrt Dur Glbl HY Bd M£Inc 92 1 94 3 98 4 103 23 - - - 5.27Schroder High Yield Opportunities Z Acc 83 43 83 42 90 34 105 14 137 17 0.82 7.63Scottish Widows High Income Bd Acc 84 38 87 36 90 33 91 33 122 21 1.63 5.15T. Rowe Price Glb High Inc Bd Qdh GBP 83 44 87 38 93 27 - - - - 0.77 6.25Threadneedle HY Bd Z Inc GBP 87 16 91 12 98 5 106 6 147 8 - 4.57Average/Total 87 45 90 42 95 36 103 33 143 22 0.79 5.42

(IA) £ STRATEGIC BONDAllianz Strategic Bond C Inc 111 1 119 1 129 1 132 1 192 1 0.91 1.38Architas MM Strategic Bond A Acc 90 78 93 81 96 77 103 63 128 38 1.07 2.76Artemis High Income I Inc 87 87 89 88 95 80 103 62 164 7 0.71 6.10Artemis Strategic Bond I Quarterly Acc 96 28 99 32 105 23 115 12 160 9 0.58 3.02ASI (SLI) Strategic Bond P1 Acc 95 36 99 33 103 36 108 41 153 22 - 2.99ASI Global Opprtunistic Bd I Acc 93 51 98 39 103 40 106 51 - - - 2.96ASI Sterling Opp Corp Bond I Acc 96 23 100 28 103 34 112 25 124 41 - 2.63ASI Strategic Bond I Acc 95 34 99 34 104 28 110 32 - - - 3.46Aviva Investors Higher Inc Pls 2 GBP Inc 92 60 98 51 102 46 110 30 159 10 0.62 3.88Aviva Investors Managed Hi Inc 2 GBP Inc 91 72 95 66 100 59 108 42 157 14 0.63 4.84Aviva Investors Strategic Bd 2 GBP Inc 97 17 101 21 102 44 108 40 154 19 0.73 3.39AXA Framlington Managed Income Z Grs Acc 86 89 89 87 96 78 106 50 159 11 - 5.53AXA Sterling Strategic Bond Z (G) Acc 101 4 108 4 113 4 122 2 174 5 0.54 1.56Baillie Gifford Sterling Agg Bd C Acc 98 9 105 6 110 5 - - - - - 2.35Baillie Gifford Stlg Agg Pls Bd C Acc 97 15 104 8 108 10 - - - - - 2.65Baillie Gifford Strategic Bond B Inc 90 76 96 63 104 30 113 15 180 3 0.55 3.69Barclays Sterling Bond R Acc GBP 100 5 106 5 110 6 121 4 - - - 1.83BlackRock Fixed Inc Global Opps D Acc 95 30 98 48 100 62 101 66 113 45 - 3.13BlackRock Sterling Strategic Bd D £ Acc 92 64 94 72 100 56 - - - - - 2.61BMO Multi-Sector Bond C Inc 94 43 98 42 104 31 110 29 154 20 - 3.14BNY Mellon Global Dynamic Bd IncInstWInc 94 46 98 47 100 55 - - - - - 4.00BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 94 45 98 50 101 50 111 28 - - - 2.42BNY Mellon Sus Stlg Bd Inst W Acc 97 19 102 14 - - - - - - - 2.73Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 96 22 104 10 102 42 107 45 - - 1.45 -Close Select Fixed Income X Inc 94 47 97 55 103 38 112 24 - - - 4.43DMS Kleinwort Hambros Fxd Inc A Acc 95 35 98 49 98 72 101 67 - - 1.12 2.84EdenTree Amity Sterling Bond B 95 32 99 35 106 18 112 22 159 12 0.78 4.14Fidelity Extra Income W Inc 91 73 96 64 102 45 110 31 157 13 0.78 3.83Fidelity Strategic Bond W Inc 96 21 100 25 105 26 107 46 152 24 0.68 2.09GAM Star Credit Opps (GBP) Instl GBP Acc 90 82 93 78 101 54 116 9 - - 1.14 4.75Hermes Multi-Strategy Credit F GBP Acc H 88 85 91 85 94 82 102 64 - - 0.79 -Hermes Unconstrained Credit F GBP H Acc 94 42 99 38 - - - - - - - -HL Multi-Manager Strategic Bond A Acc 95 39 99 36 102 41 109 39 145 31 1.26 2.98Invesco Monthly Inc Plus UK Z Acc 91 74 95 70 99 63 106 56 153 21 - 5.76Invesco Tactical Bond UK Z Acc 99 7 101 22 101 49 105 59 140 34 - 3.32Investec Global Total Ret Crdt I GBP Acc 90 80 92 83 - - - - - - - 3.03Janus Henderson Fxd Intr MthInc I Inc 93 58 99 37 107 15 117 7 157 15 0.78 4.55Janus Henderson Preference & Bond I Acc 93 57 98 40 106 20 114 13 154 18 0.68 4.11Janus Henderson Strategic Bond I Inc 95 37 101 23 107 14 113 16 153 23 0.68 2.91JPM Global Bond Opportunities C Grs Acc 96 27 100 27 105 25 111 27 - - - 3.26Jupiter Strategic Bond I Acc 97 16 102 15 108 12 115 10 168 6 0.73 3.58Kames Strategic Bond GBP B Acc 93 56 98 43 104 33 106 53 137 35 - 2.24L&G Dynamic Bond I Acc 93 49 97 56 97 74 95 70 122 43 0.64 4.69Legg Mason IF BW Glbl Inc Optr X Inc 98 11 104 9 106 17 116 8 - - 1.10 3.05Legg Mason IF WA Glb Mlt Strat Bd X Inc 89 83 93 82 95 79 101 68 119 44 - 6.47Legg Mason IF WA Retirement Inc Bd X Inc 94 40 98 44 102 47 109 35 123 42 - 3.61Legg Mason WA Mcr OppBd X GBPH Acc 91 71 95 69 100 61 109 37 - - 1.25 -LF IM Bond A Inc 95 31 102 17 104 29 107 47 - - 1.54 1.89Liontrust Strategic Bond B Gross Acc 94 44 97 53 - - - - - - - 2.50Loomis Sayles Strategic Inc H-N/DG GBP 90 75 94 77 98 73 109 38 - - - 4.28M&G Optimal Income GBP I Acc 91 67 94 75 98 70 106 55 151 26 0.91 2.59M&G UK Inflation Lnkd Corp Bd GBP I Acc 98 13 100 29 102 43 107 49 - - 0.66 0.52Man GLG Strategic Bond I GBP Cap 87 86 93 79 103 37 115 11 - - - -Man GLG Strategic Bond Profl Acc C 88 84 94 71 94 81 94 71 - - 0.83 3.54Marks & Spencer High Income Acc 92 62 96 58 99 69 105 58 142 32 1.00 4.54Merian Global Strategic Bond R GBP Acc 102 3 109 3 114 3 110 33 127 39 0.64 2.19Merian Monthly Income Bond R GBP Acc 96 26 102 18 105 22 107 48 147 29 0.85 4.06MI TwentyFour AM Dynamic Bond I Acc 92 66 96 65 101 48 108 44 - - 1.10 4.22Muzinich Global Tact Crdt HGBP Inc H 93 53 98 46 101 52 - - - - 0.81 3.32NFU Mutual Gilt & Corp Bond C 96 20 100 26 103 35 113 17 157 16 - 2.63Nomura Fds Global Dynamic Bond I GBP H 95 38 103 13 110 7 113 19 - - 0.83 -PIMCO GIS Divers Inc Dur H Ins GBP H Acc 86 90 87 90 92 83 100 69 - - 0.69 -PIMCO GIS Divers Inc Instl GBPH Inc 92 61 97 52 104 32 112 23 152 25 0.68 4.31PIMCO GIS Income Instl GBPH Inc 92 59 94 73 99 64 109 36 - - 0.55 4.36PIMCO Sel UK Income Bond Instl GBP Acc 93 50 96 62 99 67 104 61 - - 0.49 -Quilter Inv Stlg Divers Bd U2 (GBP) Acc 98 8 103 12 107 13 111 26 - - - 2.45Quilter Investors Bond 1 A (GBP) Inc 96 25 99 30 105 27 109 34 156 17 1.08 5.21Quilter Investors Divers Bd U2 (GBP) Acc 95 29 101 20 - - - - - - - 4.13Quilter Investors Strat Bd R GBP Inc 90 81 94 74 97 75 101 65 131 37 - 3.86Rathbone Strategic Bond Instl Inc 95 33 98 45 103 39 112 20 - - 1.28 3.42RBS Global Bond 1 Inc 92 63 - - - - - - - - - -RLBF II Royal London Ethical Bond M Acc 96 24 101 19 108 11 118 5 179 4 - 3.36RLBF II Royal London Shrt Dur Crdt M Inc 97 18 99 31 105 24 113 18 - - - 4.75Royal London Global Bd Opps Z GBP 87 88 90 86 100 60 - - - - - 6.88Royal London GMAP Cnsrv M GBP Acc 97 14 102 16 106 19 - - - - - 1.53Royal London Monthly Income Bd M GBP Inc 90 79 93 80 - - - - - - - 6.03Royal London Sterl Extra Yld Bd A 86 91 89 89 101 53 114 14 185 2 0.88 6.72Santander Strategic Bond IA 93 55 96 61 100 58 106 54 133 36 - 3.25Sarasin Sterling Bond I Acc 98 10 104 7 108 9 118 6 162 8 0.86 2.90Schroder Strategic Bond Z Acc 91 68 95 68 99 68 105 57 - - - 3.69Schroder Strategic Credit Z GBP Acc 90 77 92 84 97 76 105 60 126 40 - 4.74Scottish Widows Strategic Income A Acc 91 70 96 60 99 65 106 52 149 27 1.38 2.35SLI Total Return Credit B Acc GBP 91 69 96 59 100 57 - - - - - -TCW Fds MetWest Unconstrain Bd RGHG-QD 94 41 96 57 99 66 - - - - 0.85 5.07TCW Funds Tcw Income IGHG YD Inc 92 65 94 76 98 71 - - - - - 5.88Threadneedle Strategic Bond Z Inc 93 48 97 54 101 51 108 43 141 33 - 2.62Tideway GBP Credit A GBP Acc 98 12 101 24 107 16 - - - - - -Tideway GBP Hybrid Capital Bd A GBP Acc 93 54 98 41 109 8 - - - - - -UBS Global Strategic Bond C Acc 93 52 95 67 - - - - - - - 3.49Virgin Money Bond & Gilt Fd GBP 99 6 103 11 105 21 112 21 148 28 1.00 1.17VT Garraway Divers Income R Acc 76 92 78 91 76 84 77 72 - - - 11.38Waverton Sterling Bond A GBP 104 2 111 2 117 2 122 3 145 30 1.06 3.41Average/Total 94 92 98 91 103 84 109 72 150 45 0.87 3.65

Unit Trusts 17

>| Investment Trusts 1

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

ASIA PACIFICAberdeen New Dawn 84 8 88 6 102 6 120 7 166 8 1.92 -10.18All Active Asset Capital Limited 175 1 140 1 10 9 6 9 - - - 121.59Asia Dragon 87 5 91 3 107 5 125 6 183 7 1.30 -8.40Invesco Asia 85 7 85 8 96 7 129 4 206 2 2.87 -7.69Pacific Assets 73 9 74 9 90 8 106 8 198 5 1.28 -5.97Pacific Horizon 94 2 90 4 123 1 148 2 203 4 - -3.97Schroder AsiaPacific 91 4 89 5 108 3 141 3 230 1 2.35 -9.91Schroder Asn Total Return Inv. Company 85 6 86 7 114 2 156 1 206 3 1.99 -1.12Witan Pacific 91 3 97 2 108 4 129 5 198 6 2.31 -7.17Average/Total 96 9 93 9 95 9 118 9 199 8 2.00 7.46

ASIA PACIFIC INCOMEAberdeen Asian Income 74 4 77 4 84 4 96 4 161 3 5.49 -8.27Henderson Far East Income 78 3 85 2 93 2 111 3 154 4 7.31 4.80JPMorgan Asia Growth & Income plc 93 1 97 1 123 1 156 1 201 2 4.29 0.72Schroder Oriental Income 79 2 82 3 88 3 114 2 211 1 4.88 2.36Average/Total 81 4 85 4 97 4 119 4 182 4 5.49 -0.10

ASIA PACIFIC SMALLER COMPANIESAberdeen Standard Asia Focus 70 2 72 1 76 2 91 2 197 1 2.41 -13.28Fidelity Asian Values 71 1 70 2 79 1 121 1 178 2 2.94 -1.46Scottish Oriental Smaller Cos 66 3 68 3 70 3 84 3 168 3 1.58 -14.49Average/Total 69 3 70 3 75 3 99 3 181 3 2.31 -9.74

BIOTECHNOLOGY & HEALTHCAREAdams 138 1 367 1 56 7 52 6 - - - 95.73BB Healthcare 99 5 93 6 118 3 - - - - 3.76 1.63Biotech Growth 117 2 111 2 109 5 103 5 463 3 - -7.85International Biotechnology 101 4 99 4 114 4 128 3 494 1 3.96 -0.97Polar Capital Glb Healthcare 90 8 92 7 98 6 120 4 - - 0.96 -8.25Polar Capital Glb Healthcare ZDP 2024 96 6 98 5 - - - - - - - -2.88Syncona 94 7 81 8 148 1 183 1 - - 1.00 13.29Worldwide Healthcare 111 3 108 3 130 2 158 2 474 2 0.87 1.95Average/Total 106 8 131 8 110 7 124 6 477 3 2.11 11.58

COMMODITIES & NATURAL RESOURCESBaker Steel Resources 86 1 97 3 121 1 150 1 - - - -33.43BlackRock Energy and Resources Income 64 5 62 7 69 3 72 4 56 2 8.02 -12.41BlackRock World Mining Trust plc 80 3 80 4 92 2 124 2 70 1 7.50 -10.54CQS Natural Resources G&I 62 6 64 6 53 5 67 5 42 4 9.89 -18.18Geiger Counter 58 7 52 8 42 6 53 6 15 5 - 0.80Global Resources IT 68 4 118 2 27 8 19 8 - - - 104.86Golden Prospect Precious Metal 83 2 127 1 68 4 97 3 48 3 - -13.86Polo Resources 56 8 38 9 31 7 28 7 10 6 - -79.80Riverstone Energy 25 10 16 10 12 10 14 10 - - - -78.85Tiger Resource 55 9 75 5 23 9 19 9 7 7 - -51.61Average/Total 64 10 73 10 54 10 64 10 35 7 8.47 -19.30

COUNTRY SPECIALIST: ASIA PACIFIC - EXCLUDING JAPANAberdeen New India 66 8 71 8 74 8 93 6 150 6 - -16.40Aberdeen New Thai 58 11 65 10 73 9 86 8 214 5 4.77 -5.35Ashoka India Equity Investment 73 6 82 4 - - - - - - - -3.41EIH 75 5 102 2 84 6 89 7 236 4 70.00 -31.51Fidelity China Special 100 2 94 3 115 2 160 3 - - 1.71 -7.75India Capital Growth 47 12 40 12 40 11 59 10 65 8 - -33.10JPMorgan China Growth & Income plc 115 1 124 1 161 1 186 1 262 3 1.02 -0.41JPMorgan Indian 60 10 62 11 64 10 79 9 107 7 - -14.54Vietnam Enterprise 66 7 78 7 102 3 - - - - - -9.30VietNam Holding 64 9 67 9 93 5 155 4 321 1 - -25.64VinaCapital Vietnam Opp Fund 79 4 82 5 101 4 174 2 274 2 3.17 -20.71Weiss Korea Opportunity 81 3 81 6 81 7 104 5 - - 3.32 -1.07Average/Total 74 12 79 12 90 11 119 10 204 8 14.00 -14.10

COUNTRY SPECIALIST: EUROPE - EX UKJPMorgan Russian Securities 73 1 98 1 116 1 182 1 111 1 6.32 -9.34


Average/Total 73 1 98 1 116 1 182 1 111 1 6.32 -9.34

COUNTRY SPECIALIST: LATIN AMERICAJPMorgan Brazil 59 1 68 1 68 1 89 1 - - 1.82 -15.59Average/Total 59 1 68 1 68 1 89 1 - - 1.82 -15.59

DEBT - DIRECT LENDINGBioPharma Credit 91 3 96 3 105 2 - - - - 7.73 -8.60GCP Asset Backed Income 70 9 73 8 82 7 - - - - 7.39 -16.58Honeycomb Investment Trust 76 6 72 9 85 6 - - - - 10.74 -26.78HWSI Realisation Fund Limited 65 10 53 11 54 10 - - - - 20.34 -52.23Pollen Street Secured Lending 89 4 91 4 108 1 81 2 - - 6.96 -30.53RDL Realisation 98 2 104 1 69 8 - - - - 10.45 -4.66Riverstone Credit Opportunities Income 41 12 - - - - - - - - 6.54 -60.07RM Secured Direct Lending 74 7 77 7 85 5 - - - - 6.72 -17.09RM Secured Direct Lending ZDP 2021 99 1 102 2 - - - - - - - -4.37SME Credit Realisation Fund 60 11 59 10 54 9 - - - - 10.71 -48.07SQN Secured Income 84 5 87 5 95 4 - - - - 9.45 -16.83VPC Specialty Lending Investments 72 8 83 6 96 3 82 1 - - 17.39 -51.21Average/Total 76 12 82 11 83 10 81 2 - - 10.40 -28.08

DEBT - LOANS & BONDSAlcentra Eur Floating Rate Inc 80 8 83 9 85 6 90 9 - - 6.17 -13.69Axiom European Financial Debt Fund 92 1 93 2 90 4 - - - - 8.28 -8.98City Merchants High Yield 84 4 93 1 95 2 107 4 174 2 6.15 1.00CQS New City High Yield 71 15 77 12 81 8 95 7 143 4 9.63 2.13CVC Credit Partners Euro Opps EUR 76 14 75 14 81 7 111 1 - - 7.91 -12.57CVC Credit Partners Euro Opps GBP 77 11 74 15 79 11 92 8 - - 7.24 -9.07Henderson Diversified Income 81 6 86 6 91 3 100 6 163 3 5.24 2.28Invesco Enhanced Income 77 9 85 7 87 5 100 5 200 1 8.20 4.51M&G Credit Income Investment 84 5 87 5 - - - - - - 4.45 -7.45NB Distressed Debt Inv Extended Life 81 7 79 11 71 14 74 13 - - 1.45 -24.90NB Distressed Debt New Glb 77 12 76 13 77 12 80 12 - - 1.29 -13.27NB Distressed Debt 86 3 88 4 76 13 85 11 - - 0.01 3.50NB Gbl Floating Rate Income USD 77 10 84 8 79 9 107 3 - - 6.99 -14.64NB Global Floating Rate Income GBP 77 13 79 10 79 10 88 10 - - 6.83 -13.06TwentyFour Select Monthly Income 87 2 92 3 100 1 110 2 - - 8.13 11.16Average/Total 80 15 83 15 84 14 95 13 170 4 5.86 -6.20

DEBT - STRUCTURED FINANCEBlackstone/GSO Loan Financing 66 4 67 4 68 3 95 1 - - 20.58 -45.36Carador Income Fund USD 31 8 32 8 31 6 41 4 169 1 34.43 -59.24Carador Income Repurchase Pool 41 7 44 7 - - - - - - - -33.75Chenavari Toro Income Fund Limited 74 3 84 2 93 1 - - - - 14.75 -45.15Fair Oaks Income 2017 50 6 50 6 52 5 76 3 - - 4.58 -64.01Marble Point Loan Financing 104 1 111 1 - - - - - - 11.18 6.98TwentyFour Income 83 2 81 3 88 2 92 2 - - 6.88 1.08UK Mortgages 64 5 55 5 52 4 - - - - 9.15 -49.42Average/Total 64 8 65 8 64 6 76 4 169 1 14.51 -36.11

ENVIRONMENTALImpax Environmental Markets 86 1 94 1 121 1 173 1 244 1 1.10 6.10Jupiter Green 84 2 91 2 95 2 113 2 188 2 1.30 -2.01Menhaden 74 3 82 3 94 3 - - - - 0.96 -21.07Average/Total 81 3 89 3 103 3 143 2 216 2 1.12 -5.66

EUROPEBaillie Gifford European Growth Tst 99 1 102 1 102 4 112 5 187 6 3.90 -8.43BlackRock Greater Europe 84 4 95 3 113 2 134 2 216 4 1.45 -3.02European Opportunities Trust 78 6 90 6 107 3 125 3 333 1 0.79 -5.37

© 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.

Fidelity European Values 88 2 99 2 120 1 136 1 237 2 2.77 -6.16Henderson European Focus Trust 81 5 90 5 82 7 101 6 204 5 2.90 -11.01Henderson EuroTrust 87 3 95 4 101 5 119 4 233 3 2.97 -10.27

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>|


JPMorgan European Growth Pool 77 7 84 7 82 6 95 7 160 8 3.81 -11.36JPMorgan European Income Pool 69 8 72 8 75 8 89 8 162 7 6.01 -9.90Average/Total 83 8 91 8 98 8 114 8 216 8 3.08 -8.19

EUROPEAN EMERGING MARKETSBaring Emerging Europe 62 1 72 1 83 1 116 1 81 1 5.85 -11.91Average/Total 62 1 72 1 83 1 116 1 81 1 5.85 -11.91

EUROPEAN SMALLER COMPANIESEuropean Assets 74 2 78 2 78 3 91 4 230 2 7.78 -7.59JPMorgan European Smaller Comp 70 4 73 4 79 2 115 2 197 3 2.30 -14.87Montanaro European Smaller 86 1 100 1 130 1 181 1 264 1 1.02 -0.97TR European Growth 73 3 76 3 71 4 110 3 177 4 3.28 -14.74Average/Total 76 4 82 4 89 4 124 4 217 4 3.60 -9.54

FARMLAND & FORESTRYCambium Global Timberland 60 1 63 1 89 1 41 1 11 1 - -53.13Average/Total 60 1 63 1 89 1 41 1 11 1 - -53.13

FINANCIALSChenavari Capital Solutions 71 4 70 5 67 2 71 2 - - 4.60 -41.67EJF Investments 100 1 95 2 - - - - - - 7.78 -26.47EJF Investments ZDP 2022 97 2 100 1 - - - - - - - -0.93Polar Capital Global Financials 71 5 80 4 82 1 113 1 - - 4.31 -5.27Trian Investors 1 93 3 93 3 - - - - - - 0.62 -30.68Average/Total 86 5 88 5 74 2 92 2 - - 4.33 -21.00

FLEXIBLE INVESTMENTAberdeen Diversified Income & Growth 86 8 82 15 90 13 88 17 124 13 5.80 -7.09BMO Managed Portfolio Growth 81 13 84 13 95 10 113 10 186 4 - -3.60BMO Managed Portfolio Income 77 19 80 18 85 15 99 15 165 10 5.65 0.45Caledonia Investments 81 14 83 14 97 8 123 9 191 3 2.40 -23.57Capital Gearing 96 4 102 2 111 2 128 4 170 7 0.55 2.05CIP Merchant Capital 66 24 61 24 - - - - - - - -37.36Hansa Trust 'A' Class A 73 21 71 22 84 17 90 16 106 14 2.13 -34.29Hansa Trust 72 22 69 23 79 19 83 18 101 15 2.12 -32.53Henderson Alternative Strategies Trust 79 17 79 19 78 20 101 14 88 16 2.17 -21.54Invesco Perp Select Balanced Risk Alloc 91 5 95 6 99 7 105 12 - - 1.18 -1.63JPMorgan Global Core Real Assets 85 9 - - - - - - - - 3.33 -5.90JPMorgan Multi-Asset 84 12 88 10 - - - - - - 4.90 -9.90JZ Capital Partners 28 26 30 25 24 21 35 19 60 17 - -75.99JZ Capital Partners ZDP 2022 80 16 81 17 84 16 - - - - - -19.98Livermore Investments 81 15 98 5 91 12 124 7 290 1 9.53 -56.58Miton Global Opportunities 76 20 74 20 86 14 124 8 172 6 - -0.06New Star Investment Trust 89 6 94 7 99 6 142 2 134 11 1.39 -28.71Personal Assets 98 2 103 1 106 3 127 5 167 8 1.33 -0.98RIT Capital Partners 85 10 87 11 101 5 126 6 196 2 1.86 -4.72Ruffer Investment Company 97 3 101 3 93 11 102 13 131 12 0.81 -1.96Seneca Global Income & Growth Trust 71 23 73 21 81 18 107 11 167 9 5.41 0.57UIL 55 25 82 16 96 9 154 1 185 5 5.08 -40.54UIL ZDP 2020 99 1 100 4 111 1 132 3 - - - -0.61UIL ZDP 2022 86 7 89 8 104 4 - - - - 0.01 -8.77UIL ZDP 2024 77 18 84 12 - - - - - - - -22.28UIL ZDP 2026 85 11 88 9 - - - - - - - -19.99Average/Total 80 26 83 25 90 21 111 19 155 17 3.09 -17.52

GLOBALAlliance Trust 81 9 88 8 99 10 140 10 236 9 2.04 -5.51AVI Global Trust 76 15 78 14 89 14 114 13 155 14 2.80 -10.42Bankers 90 5 99 5 124 6 152 7 287 4 2.42 0.93Brunner 85 7 96 7 110 8 143 8 227 10 2.49 0.94EP Global Opportunities 78 11 78 13 85 15 100 15 151 15 2.38 -9.32F&C Investment Trust 81 8 84 10 106 9 140 9 243 8 1.94 -5.66JPMorgan Elect Managed Growth 77 12 83 11 95 11 114 12 200 12 2.28 -4.30Lindsell Train 77 13 74 15 139 3 270 1 675 1 2.37 25.71Majedie Investments 70 16 69 16 67 16 84 16 137 16 5.45 -8.68Manchester & London 106 2 116 1 170 1 257 2 247 7 2.72 -3.09Martin Currie Global Portfolio 94 4 104 4 121 7 157 6 278 6 1.49 -1.61Mid Wynd International Inv Tr PLC O Inc 96 3 107 3 130 4 172 5 350 3 1.11 3.77Monks 90 6 97 6 128 5 191 4 280 5 0.22 3.01Scottish Investment Trust 79 10 84 9 89 13 117 11 176 13 3.37 -8.85Scottish Mortgage 114 1 113 2 160 2 224 3 534 2 0.52 2.47Witan 76 14 81 12 91 12 112 14 215 11 3.11 -1.11Average/Total 86 16 91 16 113 16 155 16 275 16 2.29 -1.36

GLOBAL EMERGING MARKETSAberdeen Emerging Markets 81 4 86 5 94 5 113 4 119 6 4.55 -13.60Aberdeen Frontier Markets Investment 71 12 69 11 53 12 61 12 82 8 4.97 -15.90Africa Opportunity 91 1 90 2 83 8 75 10 115 7 - -5.63Ashmore Global Opp GBP 51 16 43 16 40 13 40 13 23 10 - -42.45Ashmore Global Opp USD 54 15 54 15 58 11 66 11 40 9 - -33.59BlackRock Frontiers 65 14 65 14 64 10 90 9 - - 6.28 -0.11Fundsmith Emerging Equities Trust 81 5 75 10 81 9 90 8 - - 0.33 -15.12Genesis Emerging Markets Fund 79 6 85 6 98 4 120 3 135 4 2.29 -8.81Gulf Investment Fund 76 8 87 4 98 3 105 5 209 1 3.06 -12.67JPMorgan Emerging Markets 84 3 91 1 113 1 140 1 171 2 1.63 -6.78


JPMorgan Global Emerg Mkts Inc 77 7 81 7 88 6 104 6 - - 5.02 -8.86Jupiter Emerging & Frontier Income 74 10 76 9 - - - - - - 4.97 -2.64Mobius Investment Trust 76 9 67 13 - - - - - - 0.43 -10.78ScotGems 73 11 68 12 - - - - - - - -19.40Templeton Em Mkts Invmt Tr TEMIT 84 2 88 3 106 2 130 2 132 5 2.44 -10.53Utilico Emerging Markets 69 13 77 8 83 7 101 7 171 3 4.41 -11.80Average/Total 74 16 75 16 81 13 95 13 120 10 3.36 -13.67

GLOBAL EQUITY INCOMEHenderson International Income 77 4 84 4 93 4 114 4 - - 4.20 5.61Invesco Perp Select Glo Eq Inc 72 6 77 5 84 5 104 6 168 4 4.55 -5.88JPMorgan Global Growth & Income 87 2 97 2 111 3 152 2 231 3 4.42 2.09Murray International 74 5 77 6 81 6 106 5 151 5 5.69 1.00Scottish American 85 3 96 3 114 1 168 1 246 2 3.05 6.00Securities Trust of Scotland 88 1 103 1 113 2 141 3 248 1 3.65 2.20Average/Total 80 6 89 6 99 6 131 6 209 5 4.26 1.84

GLOBAL HIGH INCOMEBlue Planet Investment Trust 68 1 74 1 72 1 98 1 - - 9.41 -6.59Average/Total 68 1 74 1 72 1 98 1 - - 9.41 -6.59

GLOBAL SMALLER COMPANIESBMO Global Smaller Companies 66 5 70 5 72 4 94 4 223 4 1.64 -9.19Edinburgh Worldwide 98 1 99 2 165 1 204 1 341 1 0.01 4.62Herald 85 3 90 3 119 2 158 2 299 3 - -11.34North Atlantic Smaller Cos 84 4 87 4 99 3 132 3 303 2 1.12 -35.27Smithson Investment Trust 93 2 101 1 - - - - - - - 4.17Average/Total 85 5 89 5 114 4 147 4 291 4 0.92 -9.40

GROWTH CAPITALAdamas Finance Asia 80 2 60 3 20 2 19 1 1 1 - -76.79Merian Chrysalis Investment Company 71 3 79 2 - - - - - - - -26.66Schiehallion Fund 108 1 117 1 - - - - - - - 26.95Schroder UK Public Private Trust plc 48 4 27 4 23 1 - - - - 0.03 -52.09Average/Total 77 4 71 4 22 2 19 1 1 1 0.03 -32.15

HEDGE FUNDSAlternative Liquidity Fund 81 7 61 10 89 6 - - - - - -75.74BH Global GBP 109 4 112 4 129 4 129 4 147 5 - -12.22BH Global USD 109 3 125 3 139 3 170 2 197 3 - -4.69BH Macro GBP 111 2 130 2 142 2 140 3 171 4 - 2.69BH Macro USD 115 1 142 1 159 1 183 1 232 2 - 0.45Boussard & Gavaudan EUR 83 5 87 6 81 8 121 5 133 6 - -34.21Boussard & Gavaudan GBP 76 9 78 8 73 9 91 7 112 7 - -40.38Gabelli Merger Plus+ Trust 63 10 71 9 - - - - - - 8.46 -36.94Highbridge Tactical Credit Fund 83 6 79 7 82 7 88 8 104 8 - -21.76Third Point Offshore USD 78 8 92 5 94 5 101 6 249 1 - -24.00Average/Total 91 10 98 10 110 9 128 8 168 8 8.46 -24.68

INFRASTRUCTURE3i Infrastructure 85 5 93 5 138 1 172 1 321 1 3.66 7.73BBGI SICAV 104 1 111 1 135 2 165 2 - - 4.22 25.57GCP Infrastructure Investment 92 4 95 4 105 5 131 5 - - 6.37 11.14HICL Infrastructure PLC 100 3 109 2 111 4 132 4 234 2 5.35 3.67Infrastructure India 47 7 79 7 14 7 6 7 1 4 - -96.14International Public Partnerships 101 2 107 3 114 3 142 3 213 3 4.76 3.24Sequoia Economic Infrastructure Inc 84 6 88 6 100 6 113 6 - - 6.07 -3.17Average/Total 88 7 97 7 103 7 123 7 192 4 5.07 -6.85

INFRASTRUCTURE SECURITIESEcofin Global Utilities & Infra 92 1 114 1 141 1 - - - - 4.48 0.48Premier Gbl Infrastructure ZDP 2020 91 2 94 2 97 2 - - - - - -5.27Premier Global Infrastructure 71 3 78 3 66 3 72 1 101 1 11.21 4.85Average/Total 85 3 96 3 101 3 72 1 101 1 7.84 0.02

INSURANCE & REINSURANCE STRATEGYIESCATCo Reinsurance Opps C 143 1 114 4 - - - - - - 12.36 -30.29CATCo Reinsurance Opps 112 2 107 5 20 1 29 1 - - 14.32 -30.69Life Settlement Assets A 99 3 115 3 - - - - - - - -17.94Life Settlement Assets B 69 6 70 6 - - - - - - - -53.46Life Settlement Assets D 83 5 210 1 - - - - - - - 31.22Life Settlement Assets E 85 4 199 2 - - - - - - - -2.74Average/Total 99 6 136 6 20 1 29 1 - - 13.34 -17.32

JAPANAberdeen Japan 92 1 107 1 104 3 113 4 217 4 2.83 -15.24Baillie Gifford Japan 76 5 83 5 99 4 142 2 343 1 0.53 -4.46CC Japan Income & Growth 73 6 81 6 89 5 - - - - 3.83 -4.23Fidelity Japan Trust 84 3 97 2 120 1 160 1 243 3 0.01 -10.87JPMorgan Japanese 87 2 96 3 115 2 137 3 248 2 1.21 -12.51Schroder Japan Growth 80 4 86 4 81 6 106 5 189 5 2.86 -14.55Average/Total 82 6 92 6 101 6 131 5 248 5 1.88 -10.31

JAPANESE SMALLER COMPANIESAtlantis Japan Growth 79 3 85 3 110 2 128 3 165 3 1.34 -17.15AVI Japan Opportunity 90 1 90 2 - - - - - - - 0.21Baillie Gifford Shin Nippon 77 4 79 4 108 3 196 1 496 1 0.01 -2.19JPMorgan Japan Smaller Cos 88 2 98 1 113 1 153 2 241 2 4.71 -9.28





Average/Total 84 4 88 4 110 3 159 3 301 3 2.02 -7.10

LATIN AMERICAAberdeen Latin American Income 64 1 71 1 72 2 97 1 - - 8.04 -14.20BlackRock Latin American 64 2 67 2 74 1 94 2 62 1 8.68 -7.76Average/Total 64 2 69 2 73 2 95 2 62 1 8.36 -10.98

LEASINGAmedeo Air Four Plus 49 3 47 3 48 2 - - - - 0.03 -65.94Doric Nimrod Air One 39 6 39 6 37 6 44 3 - - 25.71 -69.18Doric Nimrod Air Three 43 5 45 4 44 3 47 2 - - 22.00 -41.33Doric Nimrod Air Two 38 7 39 7 39 5 41 5 - - 25.90 -62.40DP Aircraft I 32 8 29 8 32 7 44 4 - - 0.05 -79.05SQN Asset Finance Income C 68 2 67 2 63 1 - - - - 8.12 -48.61SQN Asset Finance Income 47 4 43 5 41 4 49 1 - - 14.63 -60.21Tufton Oceanic Assets 78 1 84 1 - - - - - - 8.97 -19.50Average/Total 49 8 49 8 43 7 45 5 - - 13.18 -55.78

LIQUIDITY FUNDSInvesco Perp Select Liquidity 99 2 100 2 101 2 100 2 106 1 0.80 -3.33JPMorgan Elect Managed Cash 100 1 101 1 103 1 104 1 106 2 0.39 -0.78Average/Total 99 2 101 2 102 2 102 2 106 2 0.60 -2.06

NORTH AMERICABaillie Gifford US Growth 108 1 111 1 - - - - - - - 3.99BlackRock North American 75 4 86 3 99 2 142 3 - - 5.52 -1.43Gabelli Value Plus+ Trust 62 6 68 6 63 5 80 5 - - 0.87 -17.33JPMorgan American 82 2 91 2 108 1 145 2 273 1 1.58 -5.78Middlefield Canadian Income 76 3 85 4 86 4 106 4 160 3 6.54 -13.39North American Income Trust 71 5 79 5 96 3 145 1 231 2 3.81 -4.58Average/Total 79 6 87 6 90 5 124 5 221 3 3.66 -6.42

NORTH AMERICAN SMALLER COMPANIESJPMorgan US Smaller Companies 68 2 74 2 82 2 117 1 288 1 0.71 -4.45Jupiter US Smaller Companies 71 1 79 1 92 1 113 2 207 2 - -12.75Average/Total 69 2 77 2 87 2 115 2 248 2 0.71 -8.60

PRIVATE EQUITY3i 69 18 83 9 118 4 198 2 384 2 4.87 -13.88Apax Global Alpha 77 10 84 8 89 12 - - - - 6.94 -24.72Better Capital PCC 2009 72 17 72 18 66 17 93 16 85 15 0.03 -58.59Better Capital PCC 2012 57 23 61 21 40 22 23 20 - - 0.22 -78.27BMO Private Equity Trust 81 8 88 7 102 9 157 4 304 6 3.94 0.43Dunedin Enterprise 74 14 77 14 140 2 151 6 203 10 12.30 -43.74Electra Private Equity 61 22 62 20 51 20 85 17 200 11 - -67.75EPE Special Opportunities 74 15 77 13 54 19 126 10 433 1 - -46.93FastForward Innovations Limited 106 2 74 17 84 13 104 15 36 17 - -42.79HarbourVest Global Priv Equity 78 9 97 4 114 6 153 5 - - - -37.80HgCapital Trust 98 3 110 1 157 1 232 1 343 4 2.22 -13.77ICG Enterprise Trust 76 12 81 11 105 8 129 9 250 8 3.33 -39.84JPEL Private Equity 76 11 76 15 83 14 136 8 111 13 - -44.13LMS Capital 50 24 59 23 67 16 35 19 55 16 - -57.42NB Private Equity Partners 61 21 66 19 73 15 107 14 226 9 5.59 -44.23NB Private Equity ZDP 2022 97 4 97 5 105 7 - - - - - -3.47NB Private Equity ZDP 2024 94 6 96 6 - - - - - - - -6.07Oakley Capital Investments 86 7 99 3 135 3 125 12 200 12 2.33 -41.65Origo Partners 110 1 81 10 8 24 3 22 1 20 - -92.86Pantheon International Ord PLC 72 16 80 12 98 10 124 13 312 5 - -35.32Princess Private Equity 95 5 101 2 115 5 191 3 362 3 6.42 -27.35Reconstruction Capital II 66 19 60 22 56 18 125 11 24 18 - -51.29St Peter Port Capital 62 20 47 25 37 23 18 21 9 19 - -81.98Standard Life Private Eq 74 13 75 16 94 11 136 7 277 7 4.40 -33.16Symphony International Holding 49 25 49 24 50 21 67 18 96 14 7.94 -67.87Average/Total 77 25 78 25 85 24 115 22 196 20 4.66 -42.18

PROPERTY - DEBTEnergiser Investments 150 1 90 1 38 5 28 4 21 2 - 1.12ICG-Lgbow Senior Sec. UK Prop Debt Inv 77 4 78 3 86 3 93 3 - - 8.48 -26.99Real Estate Credit Investments 72 5 74 5 88 2 96 2 163 1 11.06 -31.64Starwood European Real Estate Finance 78 3 77 4 83 4 97 1 - - 7.75 -18.26TOC Property Backed Lending 86 2 88 2 99 1 - - - - 6.98 -3.01Average/Total 93 5 81 5 79 5 78 4 92 2 8.57 -15.76

PROPERTY - EUROPEAberdeen Standard European Logistics Inc 100 2 100 2 - - - - - - 5.32 -4.24Alpha Real Trust 78 7 88 6 131 3 246 1 264 1 3.00 -36.94Dragon Ukrainian Properties 113 1 100 1 141 2 85 3 32 2 13.61 -66.67Globalworth Real Estate Investments 78 6 91 5 145 1 178 2 - - 8.63 -17.22Phoenix Spree Deutschland 89 5 74 8 122 4 - - - - 2.40 -34.74Schroder European Real Estate Inv Trust 66 8 76 7 78 5 - - - - 9.35 -35.47Tritax EuroBox Euro 96 3 94 3 - - - - - - 3.41 -11.65Yew Grove REIT 91 4 94 4 - - - - - - 7.71 -10.24Average/Total 89 8 90 8 123 5 169 3 148 2 6.68 -27.15

PROPERTY - REST OF WORLDAseana Properties 72 3 65 3 65 2 91 2 94 2 - -50.45Ceiba Investments 81 2 68 2 - - - - - - 0.02 -47.04


Dolphin Capital Investors 47 5 43 4 30 4 10 4 4 4 - -86.25Macau Property Opportunities 48 4 41 5 34 3 29 3 55 3 - -67.84Pacific Alliance China Land 98 1 102 1 112 1 153 1 320 1 - 6.02Average/Total 69 5 64 5 60 4 71 4 118 4 0.02 -49.11

PROPERTY - UK COMMERCIALAEW UK REIT 76 14 80 13 89 10 - - - - 11.22 -24.56Alternative Income REIT PLC 71 17 59 18 - - - - - - 11.53 -48.85BMO Commercial Property Trust 66 18 66 17 59 14 69 10 134 5 7.40 -37.14BMO Real Estate Investments 89 8 85 9 81 12 89 7 168 3 9.03 -46.09Custodian REIT 87 9 94 5 105 5 120 4 - - 6.52 -3.64Drum Income Plus REIT 90 7 79 14 87 11 - - - - 8.63 -16.91Ediston Property Investment Company 55 19 47 19 50 16 56 11 - - 12.64 -55.99Ground Rents Income Fund Plc 83 12 76 15 56 15 74 9 - - 5.59 -34.80LXI REIT 85 10 92 7 118 2 - - - - 5.52 -8.76Regional REIT 83 11 84 10 102 7 - - - - 10.58 -24.09Schroder Real Estate Invest 72 16 74 16 72 13 78 8 168 2 0.03 -38.29Secure Income REIT 72 15 81 12 104 6 123 2 - - 5.23 -21.41Standard Life Inv. Prop. Inc. 99 3 99 4 113 3 125 1 262 1 6.20 -9.32Supermarket Income REIT 108 1 113 1 - - - - - - 5.31 14.35The Local Shopping REIT 101 2 111 2 105 4 103 5 51 6 - 1.61Tritax Big Box 77 13 82 11 89 9 120 3 - - 5.81 -19.45UK Commercial Property REIT 91 5 91 8 99 8 101 6 152 4 5.45 -22.20Urban Logistics REIT plc 98 4 110 3 118 1 - - - - 5.55 -6.45Warehouse REIT 91 6 94 6 - - - - - - 6.81 -10.56Average/Total 84 19 85 19 90 16 96 11 156 6 7.17 -21.71

PROPERTY - UK HEALTHCAREImpact Healthcare REIT 85 2 91 2 104 2 - - - - 6.59 -8.65Target Healthcare REIT 96 1 98 1 111 1 135 1 - - 6.24 -0.40Average/Total 90 2 95 2 108 2 135 1 - - 6.42 -4.52

PROPERTY - UK RESIDENTIALCivitas Social Housing 115 1 107 1 102 1 - - - - 5.48 -10.10GCP Student Living 79 5 90 4 100 2 140 1 - - 4.78 -24.22PRS REIT 88 4 82 5 - - - - - - 6.54 -21.22Residential Secure Income 95 3 99 2 - - - - - - 5.77 -20.84Triple Point Social Housing REIT 100 2 95 3 - - - - - - 5.60 -13.34Average/Total 95 5 95 5 101 2 140 1 - - 5.63 -17.94

PROPERTY SECURITIESTR Property 76 1 83 1 111 1 117 1 267 1 3.86 -2.20Average/Total 76 1 83 1 111 1 117 1 267 1 3.86 -2.20

RENEWABLE ENERGY INFRASTRUCTUREAquila European Renewables Income Fund 88 10 - - - - - - - - 3.03 -2.94Bluefield Solar Income Fund 100 4 102 6 135 2 162 2 - - 6.03 11.93Foresight Solar 91 8 101 7 122 4 142 4 - - 6.23 10.08Gore Street Energy Storage Fund 109 1 116 2 - - - - - - 6.28 5.79Greencoat Renewables 105 2 119 1 - - - - - - 5.48 9.24Greencoat UK Wind 98 5 103 5 134 3 160 3 - - 5.04 18.46Gresham House Energy Storage 90 9 92 9 - - - - - - 4.79 -2.66JLEN Environmental Assets Group 95 6 105 4 120 5 136 5 - - 6.05 8.50NextEnergy Solar 86 12 91 10 109 6 133 6 - - 5.94 12.11Renewables Infrastructure Grp 104 3 115 3 141 1 166 1 - - 4.94 18.23SDCL Energy Efficiency Income 87 11 93 8 - - - - - - 5.61 1.35US Solar Fund 92 7 - - - - - - - - 2.17 -6.19Average/Total 95 12 104 10 127 6 150 6 - - 5.13 6.99

ROYALTIESHipgnosis Songs 98 1 100 1 - - - - - - 4.85 0.29Average/Total 98 1 100 1 - - - - - - 4.85 0.29

TECHNOLOGY & MEDIAAllianz Technology Trust 107 2 111 2 182 1 277 1 576 1 - 2.84Augmentum Fintech 58 4 59 4 - - - - - - - -25.21Polar Capital Technology 112 1 125 1 168 2 270 2 540 2 - 2.02Sure Ventures 95 3 101 3 - - - - - - - 1.84Average/Total 93 4 99 4 175 2 274 2 558 2 - -4.63

UK ALL COMPANIESArtemis Alpha Trust 89 1 87 2 97 2 103 7 115 11 2.09 -14.33Aurora 76 4 74 5 82 7 108 4 97 12 2.62 2.92Baillie Gifford UK Growth 85 2 86 3 94 3 107 5 167 8 2.89 -8.63Fidelity Special Values 67 10 69 9 82 8 104 6 190 7 3.97 1.17Henderson Opportunities 71 9 68 10 71 10 79 10 207 5 3.77 -22.65Independent 71 8 66 11 86 6 131 1 239 4 3.10 -5.70Invesco Perp Select UK Equity 67 11 70 8 70 11 81 9 194 6 5.64 -9.47JPMorgan Mid Cap 75 5 80 4 91 4 115 3 283 1 3.39 -0.01Jupiter UK Growth 63 12 61 12 56 12 60 12 121 10 5.00 -2.65Keystone 73 6 73 6 72 9 73 11 153 9 5.05 -15.81Mercantile 84 3 90 1 105 1 130 2 246 2 3.60 3.85Schroder UK Mid Cap 72 7 73 7 90 5 100 8 245 3 4.33 -2.25Average/Total 74 12 75 12 83 12 99 12 188 12 3.79 -6.13

UK EQUITY & BOND INCOMEAcorn Income Fund (Split) ZDP 2022 94 1 95 1 101 1 111 1 - - - -5.88





Acorn Income Fund 80 2 78 2 81 2 109 2 377 1 7.50 5.15Henderson High Income 71 3 76 3 74 3 85 3 178 2 7.48 -3.30Average/Total 82 3 83 3 85 3 102 3 278 2 7.49 -1.34

UK EQUITY INCOMEAberdeen Standard Equity Inc Trust 71 24 66 25 73 21 79 24 143 22 7.13 0.30BlackRock Income and Growth 75 19 82 10 82 15 94 13 151 17 4.30 2.49BMO Capital & Income 74 21 77 18 84 14 106 6 158 16 4.84 4.25BMO UK High Income B Share 73 22 75 20 75 19 86 19 124 26 7.89 -14.95BMO UK High Income 76 16 77 17 78 17 89 16 144 20 7.78 -10.25BMO UK High Income Units 75 18 77 16 78 18 87 17 144 21 7.95 -15.03British & American 105 1 89 6 66 25 70 26 131 25 25.22 47.88Chelverton UK Dividend Trust 58 28 58 28 49 27 72 25 206 5 12.10 3.66Chelverton UK Dividend Trust ZDP 2025 94 2 93 4 - - - - - - - -6.32City of London 79 10 82 9 89 9 102 8 191 9 5.73 5.27Diverse Income Trust 77 12 78 15 84 12 97 11 - - 4.63 -1.15Dunedin Income Growth 89 3 96 1 107 2 115 4 197 7 5.04 -1.24Edinburgh Investment 75 17 71 22 69 24 80 22 164 15 6.27 -8.85Finsbury Growth & Income 81 9 93 2 116 1 142 1 355 1 2.19 1.31Invesco Income Growth 82 7 86 8 84 13 90 15 184 11 5.40 -10.25Investment Company 86 4 89 7 92 8 87 18 258 2 5.81 -6.23JPMorgan Claverhouse 74 20 75 21 86 11 100 9 172 14 5.49 1.43JPMorgan Elect Managed Inc 76 15 77 19 79 16 91 14 149 19 5.89 -1.74Law Debenture Corporation 82 7 80 11 94 6 108 5 215 3 4.91 10.66Lowland 72 23 70 23 70 22 83 20 204 6 6.40 -1.27Merchants Trust 77 13 80 13 92 7 100 10 177 13 6.53 11.87Murray Income Trust 85 6 93 3 105 3 119 2 195 8 4.83 -4.16Perpetual Income & Growth 65 26 64 26 60 26 61 27 133 24 6.92 -11.90Schroder Income Growth 77 14 80 12 86 10 95 12 182 12 5.50 1.38Shires Income 78 11 79 14 95 5 103 7 188 10 6.72 -6.08Temple Bar 62 27 61 27 70 23 79 23 142 23 6.60 0.07Troy Income & Growth 86 5 93 5 99 4 119 3 210 4 4.07 2.11Value And Income 68 25 69 24 74 20 82 21 150 18 6.53 -20.30Average/Total 77 28 79 28 83 27 94 27 179 26 6.77 -0.97

UK SMALLER COMPANIESAberdeen Smaller Companies Inc 80 17 83 14 111 7 126 10 317 9 3.65 -15.00Aberforth Smaller Companies 67 21 67 19 75 16 89 15 199 13 3.60 -2.59Aberforth Split Level Income 58 25 53 25 - - - - - - 8.31 11.29Aberforth Split Level Income ZDP 2024 93 2 94 4 - - - - - - - -8.74Athelney Trust 84 9 80 17 84 15 111 12 216 12 5.17 -9.86BlackRock Smaller Companies 82 14 84 11 114 5 152 4 411 2 2.56 1.59BlackRock Throgmorton Trust plc 82 13 93 5 129 1 178 2 402 3 2.09 1.09Chelverton Growth Trust 77 18 64 22 41 21 75 16 188 14 - -27.55Crystal Amber 32 26 31 26 28 22 47 18 66 17 7.94 -57.17Downing Strategic Micro-Cap Inv. Trust 65 22 61 23 - - - - - - 1.98 -25.03Gresham House Strategic plc 85 7 95 3 116 4 - - - - 2.37 -17.92Henderson Smaller Companies 80 16 85 10 106 9 132 8 381 5 3.20 -0.94Invesco Perpetual UK Smaller 74 19 82 16 93 13 136 6 323 8 4.70 -5.87JPMorgan Smaller Companies 84 10 92 6 113 6 133 7 308 10 2.81 -13.54Marwyn Value Investors 60 24 66 20 62 18 41 19 138 16 0.01 -48.18Marwyn Value Investors Realisation 82 12 82 15 118 2 - - - - - 0.00Miton UK Microcap 64 23 56 24 51 19 - - - - 0.59 -18.67Montanaro UK Smaller Companies 95 1 100 1 110 8 127 9 272 11 4.88 -7.80Odyssean Investment Trust 89 4 91 7 - - - - - - - 3.24Oryx International Growth 89 5 87 9 105 10 144 5 401 4 - -23.11Rights & Issues Investment Trust 88 6 83 13 93 12 184 1 561 1 2.00 0.02River and Mercantile UK Micro Cap 68 20 66 21 72 17 103 13 - - - -26.32Standard Life UK Smaller Co. 92 3 99 2 117 3 165 3 373 7 1.79 -3.00Strategic Equity Capital 83 11 88 8 88 14 98 14 376 6 0.84 -13.68SVM UK Emerging 80 15 83 12 104 11 119 11 140 15 - -19.94Worsley Investors Limited 85 8 76 18 48 20 65 17 63 18 - -36.83Average/Total 78 26 78 26 90 22 117 19 285 18 3.25 -14.58

VCT AIM QUOTEDAmati AIM VCT 87 2 92 2 109 2 146 1 234 3 6.44 -6.16Artemis VCT PLC O Inc 70 7 69 8 81 6 141 2 261 1 17.78 -14.64Hargreave Hale AIM VCT 81 4 81 4 85 5 96 6 167 5 10.78 -6.35New Century AIM 2 VCT 68 8 70 7 88 4 99 5 102 8 8.29 2.47New Century AIM VCT 89 1 91 3 109 1 130 3 137 7 5.38 5.81Octopus AIM VCT 2 79 6 80 5 75 8 92 7 150 6 7.24 -6.15Octopus AIM VCT 80 5 79 6 77 7 92 8 192 4 5.91 -6.36Unicorn AIM VCT 87 2 95 1 98 3 120 4 261 2 9.87 -9.29Average/Total 80 8 82 8 90 8 115 8 188 8 8.96 -5.08

VCT GENERALISTAlbion Development VCT 101 13 105 15 140 3 158 2 235 10 5.66 -4.76Albion Enterprise VCT 104 6 106 13 136 4 164 1 237 9 5.45 -4.38Albion Technology & Gen VCT 100 15 113 4 141 2 137 13 216 17 5.06 -3.75Albion VCT 102 9 104 16 130 6 155 4 212 20 6.97 -5.22Baronsmead Second Venture Trust 86 32 90 28 87 33 106 28 186 26 22.58 -4.02Baronsmead Venture Trust 85 35 88 29 87 34 106 27 199 24 23.93 -5.63British Smaller Companies VCT 107 3 107 10 122 12 156 3 271 5 8.51 11.37British Smaller Companies VCT2 103 7 104 17 111 17 139 11 208 22 7.81 -6.86


Calculus VCT 50 46 61 40 40 42 - - - - 9.71 -46.24Chrysalis VCT 69 44 73 37 89 31 98 31 193 25 32.67 -41.18Crown Place VCT 95 23 96 23 125 9 140 9 211 21 6.78 -12.54Downing Four VCT DP67 80 41 113 5 97 24 106 26 95 31 90.05 -31.97Downing Four VCT DSO 1 D 187 1 187 1 146 1 149 8 - - 0.09 0.92Downing ONE VCT 84 36 82 35 86 36 94 33 108 29 16.67 -2.00Downing Three VCT 'F' 100 15 108 8 109 18 93 34 - - 31.25 -39.16Downing Three VCT 'H' 84 37 62 39 55 39 50 37 - - 33.90 -11.14Downing Three VCT 'J' 74 43 48 42 46 40 46 38 - - 5.88 -15.00Downing Two VCT 'F' 119 2 119 2 88 32 83 35 - - 94.74 -28.30Downing Two VCT 'G' 76 42 67 38 70 38 65 36 - - 44.44 -34.92Downing Two VCT 'K' 53 45 51 41 44 41 - - - - - -20.53Draper Esprit VCT 84 38 81 36 84 37 98 30 226 14 7.23 -23.29Foresight 4 VCT 103 8 105 14 123 11 150 7 108 30 6.72 -8.46Foresight VCT 94 29 104 18 112 16 108 25 217 16 16.81 -10.53Kings Arms Yard VCT 100 17 103 19 124 10 154 5 567 1 5.69 -4.18Maven Income & Growth VCT 3 95 25 94 26 97 25 122 19 250 8 22.50 -10.57Maven Income & Growth VCT 4 98 19 98 22 104 22 122 18 213 18 6.45 -3.89Maven Income & Growth VCT 5 95 27 93 27 109 19 136 14 256 7 3.67 -8.79Maven Income & Growth VCT 96 21 96 24 106 20 126 17 268 6 29.88 -3.43Mobeus Income & Growth 2 VCT 94 28 111 6 127 7 139 12 479 2 36.88 -16.73Mobeus Income & Growth 4 VCT 95 26 111 7 126 8 140 10 232 12 40.65 -4.15Mobeus Income & Growth VCT 96 22 116 3 135 5 152 6 424 3 28.07 -0.76Northern 2 VCT 83 39 86 31 89 30 117 23 218 15 8.42 -5.00Northern 3 VCT 83 40 85 32 86 35 118 21 200 23 5.71 -2.78Northern Venture Trust 85 34 87 30 92 28 119 20 231 13 7.41 -1.10Octopus Apollo VCT 99 18 103 20 104 21 113 24 144 28 7.32 -4.43Octopus Titan VCT 105 5 107 11 113 15 129 16 234 11 5.75 -4.40Pembroke VCT 97 20 98 21 91 29 94 32 - - 3.16 -25.65Pembroke VCT B 102 11 106 12 116 14 - - - - 2.84 -5.90ProVen Growth and Income VCT 86 31 84 33 94 27 102 29 171 27 3.92 -6.59ProVen VCT 85 33 83 34 103 23 118 22 212 19 4.07 -5.53Puma VCT 11 95 24 95 25 95 26 - - - - 8.00 -1.73The Income & Growth VCT 94 30 108 9 119 13 135 15 329 4 9.02 -4.00Triple Point Income VCT C 102 10 - - - - - - - - 6.76 -10.93Triple Point Income VCT D 101 12 - - - - - - - - 6.14 -10.29Triple Point VCT 2011 A 106 4 - - - - - - - - 7.41 -42.01Triple Point VCT 2011 B 101 14 - - - - - - - - 5.21 -4.84Average/Total 94 46 96 42 102 42 119 38 237 31 16.62 -11.64

VCT GENERALIST PRE-QUALIFYINGDowning Four Generalist Shs 77 6 65 4 62 2 - - - - - -20.10Puma VCT 12 99 2 91 1 86 1 - - - - 4.82 1.14Puma VCT 13 91 4 87 2 - - - - - - - -5.39Seneca Growth Capital VCT B 90 5 87 3 - - - - - - 1.79 -5.30Triple Point 2011 Venture Shares 96 3 - - - - - - - - - -3.03Triple Point Income VCT E 101 1 - - - - - - - - 5.85 -11.26Average/Total 92 6 82 4 74 2 - - - - 4.15 -7.32

VCT SPECIALIST: ENVIRONMENTALForesight Solar & Technology VCT plc 95 9 93 9 105 9 108 9 - - 7.45 -10.16Gresham House Renewable Energy VCT 1 100 5 98 8 117 8 123 8 - - 5.19 -6.97Gresham House Renewable Energy VCT 2 99 7 99 7 117 7 136 7 - - 5.19 -5.87Ventus VCT 2 C 101 4 111 4 133 2 181 4 204 3 6.40 -7.20Ventus VCT 2 D 104 2 113 3 129 4 142 5 - - 3.85 -12.16Ventus VCT 2 111 1 122 1 146 1 208 1 195 4 6.21 0.25Ventus VCT C 100 6 110 6 132 3 185 3 214 2 6.30 -6.77Ventus VCT D 102 3 110 5 126 5 140 6 - - 3.85 -12.69Ventus VCT 98 8 116 2 125 6 188 2 225 1 7.55 -4.25Average/Total 101 9 108 9 126 9 157 9 209 4 5.78 -7.31

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGYSeneca Growth Capital VCT 100 1 117 1 110 1 79 1 110 1 45.45 -27.63Average/Total 100 1 117 1 110 1 79 1 110 1 45.45 -27.63

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE-QUALIFYINGDowning Four Healthcare Shs 75 1 60 1 60 1 - - - - - -22.78Average/Total 75 1 60 1 60 1 - - - - - -22.78

VCT SPECIALIST: MEDIA, LEISURE & EVENTSEdge Performance VCT 'H' 116 1 173 1 91 1 55 1 - - 10.39 -49.28Edge Performance VCT 'I' 105 2 69 2 44 2 26 2 - - 0.07 -56.59Average/Total 111 2 121 2 68 2 40 2 - - 5.23 -52.94

VCT SPECIALIST: TECHNOLOGYOxford Technology VCT 2 95 3 60 4 162 1 303 1 128 4 6.67 -22.95Oxford Technology VCT 3 116 1 88 3 127 2 195 2 206 2 - -48.55Oxford Technology VCT 4 100 2 100 1 81 4 126 3 131 3 11.32 -36.75Oxford Technology VCT 94 4 94 2 97 3 70 4 296 1 - -24.83Average/Total 101 4 85 4 117 4 174 4 190 4 9.00 -33.27



FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM£ £ £ % (£m)

AFRICA & MIDDLE EAST EQUITYXtrackers MSCI GCC Select Swap ETF 1C 81 81 103 0.65 XGLF $ 15 IRL AFRICA EQUITYXtrackers MSCI Africa Top 50 Swap ETF 1C 69 71 69 0.65 XMKA $ 16 LUX ALT - CURRENCYFirst Trust FactorFX ETF A USD 96 104 - 0.75 FTFX $ 7 IRLFirst Trust FactorFX ETF B GBP 95 96 - - FXGB £ 7 IRL ALT - LONG/SHORT CREDITTabula EurpiTraxxCrsvrCrdtShrtETFEURJAcc 112 113 - - TECS € 14 IRL ALT - LONG/SHORT EQUITY - GLOBALJPM Equity Long-Short ETF EUR Acc H 83 84 - - JLEE € 15 IRLJPM Equity Long-Short ETF GBP Acc H 83 83 - 0.67 JLSP £ 15 IRLJPM Equity Long-Short ETF USD Acc 83 88 - 0.67 JELS $ 15 IRL ALT - OTHERLyxor US Curve Flattening 2-10 ETF Acc 100 - - - FLTU $ 1 LUXLyxor US Curve Stpng 2-10 ETF USD Acc 100 - - - STPU $ 94 LUXTabula JPM Glb Crdt Vol Prm ETF EUR JAcc 91 - - - TVOL € 10 IRL ALT - RELATIVE VALUE ARBITRAGELyxor EUR 2-10Y Infl Expct ETF C EUR 96 97 95 0.25 INFL £ 872 LUXLyxor US$ 10Y Inflation Expct ETF C USD 94 97 93 0.25 EUIN $ 94 LUX ALT - SYSTEMATIC FUTURESJPM Managed Futures ETF EUR Acc H 85 92 - - JMFE € 75 IRLJPM Managed Futures ETF GBP Acc H 85 91 - - JMFP £ 75 IRLJPM Managed Futures ETF USD Acc 85 97 - 0.57 JPMF $ 75 IRL ALT - VOLATILITYWisdomTree CBOE S&P 500 PutWrite ETF$Acc 82 90 - - PUTW $ 1 IRL ASIA BONDXtrackers II $ Asia ex Jpn CorpBd ETF 1D 96 107 110 0.30 ALQD $ 15 LUX ASIA BOND - LOCAL CURRENCYiShares Em Asia Lcl Govt Bd ETF USD Acc 96 104 - 0.50 IGAA $ 61 IRLiShares Em Asia Lcl Govt Bd ETF USD Dist 96 104 107 0.50 IS0S $ 61 IRL ASIA EXCLUDING JAPAN EQUITYFranklin LibertyQ AC Asia ex Japan ETF 87 88 - - FVSJ $ 3 IRLHSBC MSCI AC FAR EAST ex JAPAN ETF 93 93 105 0.45 HMAD $ 249 IRLHSBC MSCI EM Far East ETF 95 96 107 0.60 H4ZI $ 9 IRLLyxor MSCI EM Asia ETF 92 93 - 0.12 LCUA $ 44 LUXSPDR® MSCI EM Asia ETF 92 92 104 0.55 SPYA $ 566 IRLWisdomTree Emerging Asia Equity Inc ETF 85 84 93 0.54 WTEA $ 5 IRLXtrackers MSCI AC Asia ex Jpn Swap ETF1C 91 91 102 0.65 DXS5 $ 373 LUX ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITYiShares MSCI AC FarEast exJpn SC ETF$Dis 99 106 119 0.74 IUS9 $ 32 IRL ASIA-PACIFIC EQUITYSPDR® S&P Pan Asia Div Aristocrats ETF 84 89 101 0.55 ZPRA $ 139 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITYSciBeta HFE Pacific ex-Jap Eq 6F EW ETF 72 74 - - PHEF € 22 IRLVanguard FTSE Dev AsiaPac exJpn ETF $Dis 81 84 88 0.22 VAPX $ 340 IRLVanguard FTSE Dev AsiaPac exJpnETFUSDAcc 81 - - - VGEK $ 340 IRL AUSTRALIA & NEW ZEALAND EQUITYiShares MSCI Australia ETF USD Acc 72 80 81 0.50 SAUS $ 151 IRL BRAZIL EQUITYFranklin FTSE Brazil UCITS ETF 58 - - - FLXB $ 2 IRLHSBC MSCI Brazil ETF 61 64 70 0.60 H4ZG $ 29 IRL CANADA EQUITYHSBC MSCI Canada ETF 76 85 87 0.35 HCAD $ 22 IRLiShares MSCI Canada ETF USD Acc 76 85 88 0.48 SXR2 $ 415 IRLXtrackers MSCI Canada ETF 1C 76 85 88 0.35 D5BH $ 132 LUX CHINA EQUITYFranklin FTSE China UCITS ETF 103 - - - FLXC $ 13 IRLHSBC MSCI China ETF 102 99 122 0.60 HMCD $ 295 IRLICBCCS WisdomTree S&P China 500 ETF B 100 99 117 0.75 CHIN $ 38 LUXLyxor MSCI China ETF Acc 103 99 - 0.30 LCCN $ 47 LUXXtrackers Harvest FTSE China A-H 50ETF1D 94 99 123 0.65 AH50 $ 8 LUX CHINA EQUITY - A SHARESHSBC MSCI China A Inclusion ETF 100 101 - 0.60 HMCT $ 26 IRLiShares MSCI China A ETF USD Acc 100 100 109 0.40 CNYA $ 594 IRLKraneShares MSCI China A Share ETF USD 99 - - - KBA $ 73 IRLL&GE Fund MSCI China A ETF 99 97 101 0.88 CASH $ 18 IRLLyxor Hwabao WP MSCI China A DR ETF Acc 100 99 102 0.65 CNAA $ 34 FRAXtrackers CSI300 Swap ETF 1C 99 101 124 0.50 XCHA $ 519 LUXXtrackers Harvest CSI300 ETF 1D 96 96 108 - RQFI $ 322 LUX CONVERTIBLE BOND - GLOBALSPDR® Thomson Reuters Glb Convert Bd ETF 95 101 104 0.50 ZPRC $ 817 IRL EUR CORPORATE BONDiShares Corp Bond ESG ETF EUR Dist 94 99 - - SUOE € 775 IRLiShares CorpBd IntrRt Hdg ETF EUR Dist 94 97 98 0.25 IS0Y € 799 IRLiShares Core Corp Bond ETF EUR Acc 94 99 - 0.20 IEAA € 9,773 IRLiShares Core Corp Bond ETF EUR Dist 93 99 104 0.20 IEAC € 9,773 IRL


JPM EUR Corporate Bd Rsh Enh ETF EUR Acc 93 99 - 0.19 JREB € 55 IRL EUR CORPORATE BOND - SHORT-TERMiShares Corp Bond 1-5yr ETF EUR Dist 96 99 102 0.20 IE15 € 3,269 IRLiShares Floating Rate Bond ETF EURDist 97 99 - 0.10 EFRN € 32 IRLJPM EUR Corp Bd 1-5yr Rsh Enh ETF EURAcc 96 99 - 0.19 JER5 € 23 IRL EUR GOVERNMENT BONDiShares France Govt Bond ETF EUR Dist 98 106 114 0.20 IFRB € 291 IRL EUR GOVERNMENT BOND - SHORT-TERMJPM BetaBuilders EURGovtBd1-3yrETFEURAcc 99 102 - - J13E € 79 IRL EUR HIGH-YIELD BONDiShares High Yield CorpBd ETF EUR Acc 87 91 - 0.50 HIGH € 4,320 IRLiShares High Yield CorpBd ETF EUR Dist 87 91 97 0.50 IHYG € 4,320 IRL EUR ULTRA SHORT-TERM BONDiShares Ultrashort Bond ETF EUR Dist 98 101 101 0.09 ERNE € 2,417 IRLJPM EUR Ultra-Short Income ETF EUR Acc 99 102 - 0.22 JEST € 396 IRL EUROPE EQUITY INCOMEiShares MSCI Europe Qual Div ETF EUR Dis 100 106 - 0.28 EQDS € 35 IRLWisdomTree Europe Equity Income ETF 74 79 85 0.32 EEIE € 26 IRLWisdomTree Europe Equity Income ETF Acc 75 79 86 0.32 EEIP € 26 IRL EUROPE EX-UK EQUITYL&G Europe ex UK Equity ETF 83 92 - 0.10 LGEG € 76 IRL EUROPE LARGE-CAP BLEND EQUITYiShares Core MSCI Europe ETF EUR Acc 82 89 95 0.12 IMAE € 1,427 IRLiShares Edge MSCI Eurp Mini Vol ETF Acc 87 95 105 0.25 EUN0 € 1,073 IRLiShares Edge MSCI Eurp Mltfctr ETF Acc 83 88 94 0.45 FSEU € 166 IRLiShares Edge MSCI Eurp Mom Fctr ETF Acc 92 101 109 0.25 CEMR € 214 IRLiShares Edge MSCI Eurp QualFctr ETF Acc 87 95 105 0.25 CEMQ € 110 IRLiShares Edge MSCI Eurp QualFctr ETFDist 87 95 - 0.25 IEQD € 110 IRLJPM Europe Rsrch Enh Eq ESG ETF EUR Acc 84 92 - 0.25 JREE € 41 IRLL&G Europe Equity Res Exclsn ETF EUR Acc 84 - - 0.16 RIEG € 72 IRLSciBeta HFE Europe Equity 6F EW ETF 80 87 - - EHEF € 89 IRLWisdomTree Europe Equity ETF EUR Acc 76 83 85 0.35 WTDF € 72 IRL EUROPE LARGE-CAP VALUE EQUITYiShares Edge MSCI Eurp Val Fctr ETF Acc 75 79 80 0.25 CEMS € 569 IRLiShares Edge MSCI Eurp Val Fctr ETFDist 75 78 - 0.25 IEDL € 569 IRL EUROPE MID-CAP EQUITYiShares Edge MSCI Eurp Sz Fctr ETF Acc 79 85 88 0.25 CEMT € 23 IRLiShares MSCI Europe Mid Cap ETF EUR Acc 81 88 - 0.15 EUMD € 299 IRLiShares MSCI Europe Mid Cap ETF EUR Dist 81 88 - 0.15 EMID € 299 IRL

EUROPE SMALL-CAP EQUITYWisdomTree Europe SmallCap Div ETF 75 78 79 0.38 DFEE € 26 IRLWisdomTree Europe SmallCap Div ETF Acc 75 78 79 0.38 WTD7 € 26 IRL

EUROZONE LARGE-CAP EQUITYWisdomTree Euroz Eqlty Div Gr ETF EUR 87 94 102 - EGRP € 17 IRLWisdomTree Euroz Eqlty Div Gr ETF EURAcc 87 94 103 - EGRA € 17 IRL

GBP CORPORATE BONDiShares Core £ Corp Bond ETF GBP Dist 94 100 105 0.20 SLXX £ 1,719 IRLiShares £ Corp Bond 0-5yr ETF GBP Dist 98 100 102 0.20 IS15 £ 1,259 IRLiShares £ Corp Bond ex-Fncl ETF GBP Dist 95 102 107 0.20 ISXF £ 219 IRLLyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 94 99 107 0.09 COUK.LN £ 84 LUXSPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 96 98 101 0.20 SYBQ £ 134 IRLSPDR® Blmbrg Bcly Stlg Corp Bd ETF 94 100 105 0.20 SYBS £ 202 IRL

GBP DIVERSIFIED BOND - SHORT-TERMiShares £ Ultrashort Bond ETF GBP Dist 99 99 101 0.09 ERNS £ 737 IRLJPM GBP Ultra-Short Income ETF GBP Acc 100 - - - JGSA £ 98 IRLJPM GBP Ultra-Short Income ETF GBP Inc 100 100 - 0.22 JGST £ 98 IRLPIMCO Sterling Short Maturity Source ETF 99 100 101 - QUID £ 172 IRL GBP GOVERNMENT BONDInvesco UK Gilt 1-5 Year ETF GBP Inc 101 102 - - GLT5 £ 15 IRLInvesco UK Gilts ETF GBP Acc 102 - - - GLTA £ 23 IRLInvesco UK Gilts ETF GBP Inc 102 110 - - GLTP £ 23 IRLiShares Core UK Gilts ETF GBP Dist 102 110 115 0.20 IGLT £ 1,644 IRLiShares UK Gilts 0-5yr ETF GBP Dist 100 101 101 0.20 IGLS £ 1,121 IRLJPM BetaBuilders UK Gilt 1-5 yrETFGBPInc 100 102 - - JG15 £ 24 IRLLyxor FTSE Actr UK Gilts (DR) ETF D GBP 102 110 114 0.07 GILS.LN £ 572 LUXLyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 100 101 102 0.07 GIL5 £ 156 LUXSPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 100 101 101 0.15 SYB5 £ 390 IRLSPDR® Blmbrg Bcly 15+ Yr Gilt ETF 104 118 126 0.15 SYBL £ 97 IRLSPDR® Blmbrg Bcly UK Gilt ETF 102 110 115 0.15 SYBG £ 237 IRLVanguard U.K. Gilt ETF GBP Acc 103 113 - - VGVA £ 185 IRLVanguard UK Gilt UCITS ETF 103 112 117 0.12 VGOV £ 185 IRL© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may notbe copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

GBP INFLATION-LINKED BONDiShares £ Index-Lnkd Gilts ETF GBP Dist 92 102 107 0.25 INXG £ 898 IRLLyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 93 102 108 0.07 GILI.LN £ 65 LUX GERMANY EQUITYWisdomTree Germany Eq ETF EUR Acc 76 82 78 0.32 WTEZ € 5 IRL

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>|



GLOBAL BONDiShares Core Global Aggt Bd ETF USD Dist 100 109 - 0.10 AGGG $ 2,835 IRLiShares Global AAA-AA Govt Bd ETF $ Acc 100 110 - 0.20 GAAA $ 126 IRLiShares Global AAA-AA Govt Bd ETF $ Dist 100 108 112 0.20 IS0Z $ 126 IRLiShares Global Govt Bond ETF USD Acc 102 113 - 0.20 IGLA $ 1,114 IRLiShares Global Govt Bond ETF USD Dist 102 113 114 0.20 IGLOz $ 1,114 IRLSPDR® Blmbrg Bcly Glb Aggr Bd ETF USD 100 109 - 0.10 SYBZ $ 694 IRL GLOBAL BOND - GBP HEDGEDiShares Core Global Aggt Bd ETF GBPHDist 100 105 - 0.10 AGBP £ 2,835 IRLiShares Global Govt Bond ETF GBP H Dist 103 108 - 0.25 IGLH £ 1,114 IRLVanguard Global Aggt Bd ETF GBP H Acc 100 - - - VAGS £ 671 IRLVanguard Global Aggt Bd ETF GBP H Inc 100 - - - VAGP £ 671 IRLXtrackers II Glb Agg Bd Swap ETF 3D £ H 100 105 109 0.30 XBGG £ 686 LUXXtrackers II Global Govt Bd ETF 2D GBP H 102 108 112 0.25 XGSG £ 2,236 LUX GLOBAL BOND - USD HEDGEDiShares Core Global Aggt Bd ETF USD HAcc 100 111 - 0.10 AGGU $ 2,835 IRLVanguard Global Aggt Bd ETF USD H Acc 100 - - - VAGU $ 671 IRLXtrackers II Global Govt Bd ETF 3C USD H 103 116 - 0.25 XGSI $ 2,236 LUX GLOBAL CORPORATE BONDiShares Global Corp Bond ETF USD Acc 96 107 - 0.20 CRPA $ 1,540 IRLiShares Global Corp Bond ETF USD Dist 96 106 110 0.20 IS0X $ 1,540 IRL GLOBAL CORPORATE BOND - GBP HEDGEDBMO Bbg Barc 1-3Y Glb Corp Bd (GBPH) ETF 100 101 102 0.30 ZC1G £ 140 IRLiShares Global Corp Bond ETF GBP H Dist 96 101 - 0.25 CRHG £ 1,540 IRL GLOBAL CORPORATE BOND - USD HEDGEDiShares Global Corp Bond ETF USD H Acc 97 109 - 0.25 CRPU $ 1,540 IRL GLOBAL EMERGING MARKETS BONDiShares JP Morgan $ EM Bd ETF USD Acc 89 99 - 0.45 JPEA $ 5,648 IRLiShares JP Morgan $ EM Bond ETF USD Dist 87 98 101 0.45 IEMB $ 5,648 IRLiShares JP Morgan ESG $ EM Bd ETF USDAcc 91 102 - - EMSA NA $ 456 IRLiShares JP Morgan ESG $ EM Bd ETFUSDDist 90 101 - - EMES $ 456 IRLJPM USD Emerging Mkts Sov Bd ETF USD Inc 88 101 - - JPMB $ 340 IRLSPDR® ICE BofAML0-5YrEM$GovBdETF$Dis 95 102 103 0.42 ZPR5 $ 153 IRLVanguard USD EmMktsGovBd ETFUSDAcc 92 102 - - VDEA $ 389 IRLVanguard USD EmMktsGovBd UCITS ETF 92 102 105 - VDET $ 389 IRLXtrackers $ Emerging MktsBdQualWghtETF1D 93 105 107 0.50 XQUA $ 67 IRL GLOBAL EMERGING MARKETS BOND - EUR BIASEDiShares JP Morgan $ EM Bond EURH ETF Dis 87 93 95 0.84 EMBE € 2,423 IRLJPM USD Emerging Mkts Sov Bd ETF EURAccH 87 95 - - JMBE € 340 IRL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCYiShares JPMorgan EM Lcl Govt Bd ETF$Acc 89 97 - 0.50 EMGA $ 5,108 IRLiShares JPMorgan EM Lcl Govt Bd ETF$Dist 88 97 95 0.50 IEML $ 5,108 IRLPIMCO EM Advtg Lcl Bd Res ETF Acc USD 89 99 97 - EMLB $ 268 IRLPIMCO EM Advtg Lcl Bd Res ETF Inc USD 89 99 97 - EMLI $ 268 IRLSPDR® Blmbrg Bcly EM Lcl Bd ETF Dis 91 100 100 0.55 SYBM $ 2,572 IRLVanEck Vectors JPM EM LC Bd ETF A USD 87 94 - - G2X1 $ 52 IRL GLOBAL EMERGING MARKETS CORPORATE BONDiShares JPMorgan $ EM Corp Bd ETF $ Acc 89 99 - 0.50 EMCA $ 811 IRLiShares JPMorgan $ EM Corp Bd ETF $ Dist 90 100 103 0.50 IS0Q $ 811 IRLSPDR® ICE BofAML EM Corp Bd ETF 92 103 106 0.50 SYBE $ 10 IRLVanEck Vectors Em Mkts HY Bd ETF A USD 88 96 - - HYEM $ 15 IRL GLOBAL EMERGING MARKETS EQUITYFidelity Emerg Mkts Qual Inc ETF USD Acc 81 83 - 0.50 FYEM $ 36 IRLFidelity Emerg Mkts Qual Inc ETF USD Inc 82 - - - FYEQ $ 36 IRLFirst Trust Em Mkts AlphaDEX® ETF A Acc 74 77 84 0.80 FEM $ 43 IRLFranklin LibertyQ Emerging Markets ETF 81 84 - 0.55 FLXE $ 41 IRLHSBC MSCI Emerg Mkts ETF 86 87 95 0.40 HMEM $ 155 IRLInvesco FTSE Em Mkts Hi Div Low Vol ETF 76 79 84 0.49 EMHD $ 34 IRLInvesco Goldman Sachs Eq Fac EM ETF AUSD 85 86 - - EFIM $ 127 IRLInvesco MSCI Emerging Markets ETF 85 86 95 0.29 EMSM $ 345 IRLiShares Core MSCI EM IMI ETF USD Acc 85 86 94 0.25 EMIM $ 9,453 IRLiShares Core MSCI EM IMI ETF USD Dist 85 86 - 0.18 EIMU $ 9,453 IRLiShares Edge MSCI EM Mini Vol ETF $ Acc 83 86 96 0.40 EUNZ $ 331 IRLiShares Edge MSCI EM Val Fac ETF USD Acc 84 86 - 0.40 - $ 26 IRLiShares EM Dividend ETF USD Dist 77 80 86 0.65 EUNY $ 257 IRLiShares MSCI EM ETF USD Acc 85 86 95 0.50 IEMA $ 430 IRLiShares MSCI EM IMI ESG Scrn ETF USD Acc 85 87 - 0.18 AYEM $ 348 IRLiShares MSCI EM IMI ESG Scrn ETF USDDist 85 87 - 0.18 SEDM $ 348 IRLiShares MSCI EM SRI ETF USD Acc 80 84 91 0.35 QDVS $ 430 IRLJPM Global EM Rsh Enh Eq ESG ETF USD Acc 86 89 - 0.30 JREM $ 149 IRLLyxor FTSE Emerging Minimum VarETF C USD 80 82 86 0.40 MVMX $ 6 LUXLyxor MSCI Emerging Mkt Ex China ETF Acc 76 - - - EMXC $ 50 LUXOssiam EM Minimum Var NR ETF 1C USD 78 78 86 0.75 DEMV $ 84 LUXSciBeta HFE EM Equity 6F EW ETF 77 76 - - EMHF € 44 IRLSPDR S&P EmMks Dividend Aristocrats ETF 75 77 86 0.55 SPYV $ 73 IRLSPDR® MSCI Emerging Markets ETF 86 87 96 0.42 SPYM $ 282 IRLVanguard FTSE Emerg Markets ETF $Dis 85 87 95 0.29 VDEM $ 1,277 IRLVanguard FTSE Emerg Markets ETF USD Acc 85 - - - VFEA $ 1,277 IRLWisdomTree Emerging Mkts Eq Inc ETF 79 82 92 0.46 WTEI $ 30 IRLWisdomTree Emerging Mkts Eq Inc ETF Acc 79 82 92 0.46 WTD8 $ 30 IRLXtrackers MSCI Emerging Markets ETF 1C 85 87 - 0.20 XMME $ 1,801 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITYiShares MSCI EM Small Cap ETF USD Dist 76 76 75 0.74 IEMSz $ 165 IRLSPDR® MSCI Emerging Markets SmallCap ETF 75 75 74 0.55 EMSCz $ 44 IRLWisdomTree Emerging Markets SmCp Div ETF 76 77 83 0.54 WTED $ 18 IRL GLOBAL EQUITY INCOMEFidelity Global Qual Inc ETF Inc 85 95 - 0.40 FGEQ $ 149 IRLFranklin LibertyQ Global Dividend ETF 82 91 - 0.45 FLXX $ 17 IRLiShares MSCI World Qual Div ETF USD Dist 84 93 - 0.38 WDQV $ 81 IRLLyxor SG Global Qual Inc NTR ETF C GBP 83 88 91 0.45 SGQL £ 1,066 LUXSPDR® S&P Global Div Aristocrats ETF 72 79 85 0.45 ZPRG $ 362 IRLVanguard FTSE AllWld HiDivYld ETF $Dis 80 86 91 0.29 VHYL $ 1,533 IRLVanguard FTSE AllWld HiDivYld ETF USDAcc 80 - - - VHYA $ 1,533 IRLWisdomTree Glbl Eqlty Div Gr ETF USD Acc 90 101 119 0.33 GGRA $ 27 IRLWisdomTree Glbl Qual Div Gr ETF USD 91 102 120 0.33 GGRP $ 27 IRL GLOBAL FLEX-CAP EQUITYiShares Ageing Population ETF USD Acc 83 85 88 0.40 AGED $ 176 IRLVanguard Glb Liqd Fac ETFShrUSDAcc 79 86 95 - VDLQ $ 10 IRLVanguard Glb Momt Fac ETFShrUSDAcc 85 93 106 - VDMO $ 44 IRLVanguard Global Val Fac ETFUSDAcc 68 71 72 0.22 VDVA $ 135 IRL GLOBAL FRONTIER MARKETS EQUITYXtrackers S&P Select Frntr Swap ETF 1C 66 69 72 0.95 DX2Z $ 47 LUX GLOBAL HIGH-YIELD BONDiShares Fallen Angels HY CorpBd ETF $Acc 90 100 - 0.50 WIAU $ 284 IRLiShares Fallen Angels HY CorpBd ETF$Dist 90 100 106 0.50 WING $ 284 IRLiShares Global HY Corp Bd ETF GBP H Dist 88 - - - GHYG £ 1,009 IRLiShares Global HY Corp Bd ETF USD Acc 89 95 - 0.50 HYEA $ 1,009 IRLiShares Global HY Corp Bd ETF USD Dist 88 94 99 0.50 HYLD $ 1,009 IRLVanEck Vectors Glb Flln Angl HY BdETFA$ 93 101 - - GFA $ 6 IRL GLOBAL HIGH-YIELD BOND - EUR HEDGEDiShares Fallen Angels HY CorpBdETFHDist 90 96 - 0.55 IBC7 € 284 IRL GLOBAL HIGH-YIELD BOND - GBP HEDGEDiShares Fallen Angels HY CorpBdETF£HDist 89 93 - 0.55 WIGG £ 284 IRLiShares Global HY Corp Bd GBPH ETF Dist 88 90 95 0.55 GHYS £ 163 IRL


GLOBAL INFLATION-LINKED BONDiShares Global Infl Lnkd GovBd ETF $ Acc 97 107 109 0.25 IGIL $ 497 IRLLyxor Cr Glb Inf-Ld 1 10Y Bd DR ETF Inc 99 106 - - GIST $ 18 LUX GLOBAL INFLATION-LINKED BOND - EUR HEDGEDiShares Global Infl Lnkd GovBd ETFHDist 97 105 - 0.25 GILE € 497 IRL GLOBAL INFLATION-LINKED BOND - GBP HEDGEDXtrackers II Glb Infl-Lnkd Bd ETF 3D £ H 98 103 107 0.25 XGIG £ 1,104 LUX GLOBAL INFLATION-LINKED BOND - USD HEDGEDXtrackers II Glb Infl-Lnkd Bd ETF 2C $ H 97 110 112 0.25 XG7U $ 1,104 LUX GLOBAL LARGE-CAP BLEND EQUITYFranklin LibertyQ Global Equity SRI ETF 87 96 - 0.40 FLXG $ 28 IRLHSBC MSCI World ETF 87 96 110 0.15 HMWDl $ 1,007 IRLHSBC Multi Factor Worldwide Equity ETF 85 92 101 0.25 H41J $ 255 IRLInvesco Elwood Global Blockchain ETF 89 128 - - BNXG $ 53 IRLInvesco Global Buyback Achievers ETF 81 90 97 0.39 BUIB $ 24 IRLInvesco Goldman Sachs Equity Fac Wld ETF 81 89 100 - EFIW $ 414 IRLInvesco MSCI World ESG Unvsl Scrn ETF 89 - - - ESGW $ 4 IRLInvesco MSCI World ETF 86 96 108 0.45 SC0J $ 880 IRLInvesco Quant Strats ESGGlbEqMFETFUSDAcc 84 - - - IQSA $ 61 IRLiShares Core MSCI World ETF USD Acc 85 94 107 0.20 IWDA $ 16,143 IRLiShares Dow Jones Glb Sust Scrn ETF $Acc 88 98 109 0.60 IGSG $ 190 IRLiShares Edge MSCI Wld Min Vol ETF $ Acc 86 99 114 0.30 IQQ0 $ 3,300 IRLiShares Edge MSCI Wld Mltfct ETF $ Acc 85 91 101 0.50 IFSW $ 305 IRLiShares Edge MSCI Wld Qual Fctr ETF $Acc 88 97 114 0.30 IWFQ $ 953 IRLiShares MSCI ACWI ETF USD Acc 86 94 106 0.60 IUSQ $ 634 IRLiShares MSCI World ESG Enh ETF USD Dist 88 98 - 0.20 EEWD $ 18 IRLiShares MSCI World ESG Scrn ETF USD Acc 87 97 - 0.20 SNAW $ 438 IRLiShares MSCI World ESG Scrn ETF USD Dist 87 97 - 0.20 S6DW $ 438 IRLiShares MSCI World ETF USD Dist 86 96 108 0.50 IWRD $ 3,447 IRLiShares MSCI World SRI ETF EUR Acc 89 101 - 0.30 SUSW € 992 IRLiShares MSCI World SRI ETF USD Dist 90 102 - 0.30 SUWS $ 992 IRLJPM Global Equity Multi-Fac ETF USD Acc 81 - - - JPGL $ 13 IRLJPM Global Rsrch Enh Eq ESG ETF USD Acc 87 97 - 0.25 JREG $ 29 IRLL&G Global Equity ETF 87 96 - 0.10 LGGL $ 26 IRLLyxor Core MSCI World (DR) ETF 86 96 - 0.12 LCUW $ 90 LUXLyxor Global Gender Eqlty (DR) ETF C USD 81 90 - 0.20 ELLE $ 14 LUXLyxor Msci All Country World ETF USD Acc 86 95 - 0.45 ACWU $ 351 LUXLyxor MSCI World ESG TrendLdrs(DR)ETFAcc 87 97 - 0.30 LESW $ 36 LUXMS Scientific Beta Glb Eq Fact ETF USD 81 90 99 - GEF $ 1 IRLSPDR® MSCI ACWI IMI UCITS ETF 85 93 103 0.40 SPYI $ 126 IRLSPDR® MSCI ACWI UCITS ETF 86 95 106 0.40 SPYY $ 1,265 IRLSPDR® MSCI World ETF 86 96 - - SWRD $ 104 IRLVanguard FTSE All-World ETF USD Acc 86 - - - VWCE $ 3,597 IRLVanguard FTSE All-World UCITS ETF 85 93 105 0.25 VWRD $ 3,597 IRLVanguard FTSE Dev World ETF $Dis 85 94 107 - VEVE $ 344 IRLVanguard FTSE Dev World ETF USD Acc 87 - - - VHVE $ 344 IRLXtrackers ESG MSCI World ETF 1C 89 100 - 0.20 XZW0 $ 255 IRLXtrackers FTSE All-World ex UK ETF 1C 86 95 107 0.40 XDEX £ 28 IRLXtrackers MSCI World ETF 1C 85 94 107 0.19 XDWD $ 3,330 IRLXtrackers MSCI World ETF 1D 86 96 - 0.19 XDWLz $ 3,330 IRL GLOBAL LARGE-CAP GROWTH EQUITYiShares Edge MSCI Wld Mom Fctr ETF $ Acc 92 104 133 0.30 IWFM $ 1,142 IRL GLOBAL LARGE-CAP VALUE EQUITYHSBC Economic Scale Worldwide Equity ETF 80 85 92 0.25 HEWD $ 260 IRLiShares Edge MSCI Wld Val Fctr ETF $Acc 81 86 90 0.30 IWFV $ 1,342 IRLiShares Edge MSCI Wld Val Fctr ETF $Dist 80 85 - 0.30 IWVU $ 1,342 IRLiShares Thomson Reuters Incl & Divst ETF 84 93 - 0.25 OPEN $ 5 IRLOssiam World Minimum Var NR ETF 1C USD 82 94 103 0.65 WDMV $ 15 LUX GLOBAL SMALL-CAP EQUITYiShares Edge MSCI Wld Size Fctr ETF $Acc 79 86 92 0.30 IS3T $ 407 IRLiShares MSCI World Small Cap ETF USD Acc 77 82 - 0.35 WSML $ 635 IRLSPDR® MSCI World Small Cap ETF 78 83 90 0.45 ZPRS $ 241 IRL INDIA EQUITYFranklin FTSE India UCITS ETF 73 - - - FLXI $ 3 IRLiShares MSCI India ETF USD Acc 73 73 - 0.65 QDV5 $ 238 IRLWisdomTree India Quality ETF USD Acc 78 80 81 - WTD0 $ 3 IRLXtrackers Nifty 50 Swap ETF 1C 70 72 80 0.85 DBX7 $ 67 LUX INDONESIA EQUITYHSBC MSCI Indonesia ETF 65 67 69 0.60 HIDD $ 26 IRL ISLAMIC EQUITY - OTHERiShares MSCI EM Islamic ETF USD Dist 87 88 98 0.85 ISEM $ 32 IRLiShares MSCI USA Islamic ETF USD Dist 86 91 102 0.50 ISUS $ 45 IRL ISLAMIC GLOBAL EQUITYiShares MSCI World Islamic ETF USD Dist 85 91 100 0.60 ISWD $ 93 IRL ISRAEL LARGE/MID-CAP EQUITYiShares TA-35 Israel ETF USD Acc 79 92 96 0.60 QDVM $ 14 IRL JAPAN LARGE-CAP EQUITYInvesco MSCI Japan ETF 89 98 103 0.45 SC0I $ 3 IRLiShares Core MSCI Japan IMI ETF USD Acc 88 97 103 0.20 IJPA $ 2,547 IRLiShares MSCI Japan ESG Enh ETF USD Dist 89 100 - 0.20 EEJD $ 19 IRLiShares MSCI Japan ESG Scrn ETF USD Acc 89 98 - 0.15 SGAJ $ 108 IRLiShares MSCI Japan ESG Scrn ETF USD Dist 89 98 - 0.15 SODJ $ 108 IRLiShares MSCI Japan ETF USD Acc 88 97 102 0.48 SXR5 $ 306 IRLiShares MSCI Japan ETF USD Dist 88 97 102 0.59 IJPN/L $ 852 IRLiShares MSCI Japan SRI ETF 95 108 109 0.30 SUJP $ 222 IRLL&G Japan Equity ETF 88 97 - 0.10 LGJP $ 84 IRLSciBeta HFE Japan Equity 6F EW ETF 85 90 - - JHEF € 45 IRLVanguard FTSE Japan ETF $Dis 89 97 103 0.19 VJPN $ 1,282 IRLVanguard FTSE Japan ETF USD Acc 89 - - - VJPA $ 1,282 IRLWisdomTree Japan Equity ETF JPY Acc 85 92 91 0.40 WTIZ $ 40 IRLXtrackers ESG MSCI Japan ETF 1C 93 105 - 0.20 XZMJ $ 101 IRLXtrackers MSCI Japan ETF 1C 89 98 103 0.50 DBXJ $ 1,642 LUX JAPAN SMALL/MID-CAP EQUITYiShares MSCI Japan Small Cap ETF USD Dis 85 93 98 0.58 IDJP $ 310 IRLWisdomTree Japan SmallCap Div ETF USD 86 93 - - DFJ $ 1 IRLWisdomTree Japan SmallCap Div ETF USDAcc 86 93 - - DFJA $ 1 IRL KOREA EQUITYFranklin FTSE Korea UCITS ETF 88 - - - FLXK $ 4 IRLHSBC MSCI KOREA CAPPED ETF 88 88 87 0.60 HKOD $ 6 IRL LATIN AMERICA EQUITYHSBC MSCI EM LA ETF 61 64 66 0.60 HMLD $ 9 IRLiShares MSCI EM Latin Amer ETF USD Dist 62 65 66 0.74 LTAM $ 95 IRL MONEY MARKET - OTHERLyxor Fed Funds US Dollar Cash ETF C USD 100 107 106 0.10 FEDF $ 27 LUXLyxor Smart Cash ETF C GBP 100 101 102 0.05 CSH2 £ 1,136 LUXLyxor Smart Cash ETF C USD 100 107 107 0.11 - $ 1,136 LUXXtrackers II $ Overnight Rt Swap ETF 1C 100 107 - 0.15 DXSZ $ 205 LUXXtrackers II £ Overnight Rt Swap ETF 1D 100 100 101 0.15 DXS1 £ 107 LUXXtrackers USD Overnight Rate Swap ETF 1C 100 107 106 0.15 3011 $ 14 LUX OTHER BONDFinEx Tradable Russian Corp Bds ETF USD 94 105 109 0.50 FXRU $ 57 IRLInvesco AT1 Capital Bond ETF 90 101 - - AT1 $ 317 IRLInvesco AT1 Capital Bond ETF GBP Hdg Dis 88 93 - - AT1S £ 317 IRLInvesco Preferred Shares ETF 89 100 - - PRFD $ 90 IRLInvesco Preferred Shares ETF USD Acc 89 100 - - PRAC $ 90 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 78 78 - 0.50 FAGB £ 47 IRLInvesco US Treasury Bond ETF GBP H Dis 107 - - - TRGB £ 64 IRLInvesco US Trs Bd 1-3 Yr ETF GBP H Dis 103 - - - T3GB £ 12 IRLInvesco US Trs Bd 3-7 Yr ETF GBP Hdg Dis 105 109 - - TR7S £ 25 IRLInvesco US Trs Bd 7-10 Yr ETF GBP H Dis 108 114 - - TRXS £ 2,047 IRLInvesco Variable Rate Preferred ETF 85 96 - - VRPS $ 9 IRLInvesco Variable Rate Preferred ETF USD 86 96 - - VPAC $ 9 IRLiShares $ Corp Bond ETF EUR H Dist 98 108 - 0.25 LQEE € 5,651 IRLiShares $ Corp Bond ETF GBP H Dist 98 105 - 0.25 LQGH £ 5,651 IRLiShares $ Floating Rate Bd ETF GBPH Dist 95 96 - 0.12 FLOS £ 2,075 IRLiShares $ High Yld Corp Bd ETF EURH Dist 89 93 - 0.55 IHYE € 2,766 IRLiShares $ High Yld Corp Bd ETF GBPH Dist 89 90 - 0.55 IHHG £ 2,766 IRLiShares $ TIPS 0-5 ETF GBP H Dist 99 101 - 0.12 TI5G £ 354 IRLiShares $ TIPS ETF EUR H Acc 100 106 - 0.27 ITPE € 1,850 IRLiShares $ TIPS ETF GBP H Dist 102 106 - 0.27 ITPG £ 1,850 IRLiShares $ Treasury Bd 1-3yr ETF EURH Acc 102 105 - 0.22 IBTE € 6,421 IRLiShares $ Treasury Bd 1-3yr ETF GBPHDist 103 104 - 0.22 IBTG £ 6,421 IRLiShares $ Treasury Bd 20+y ETF EUR HDist 116 134 - 0.10 DTLE € 822 IRLiShares $ Treasury Bond ETF GBP H Dist 107 - - - GOVP £ 18 IRLiShares $ Trs Bd 7-10yr ETF GBP H Dist 108 115 - - IGTM £ 4,499 IRLiShares $CorpBd 0-3y ESG UCITS ETF£H Dis 99 - - - SGSU £ 35 IRLiShares Corp Bond ESG ETF GBP Hdg Inc 94 - - - SUOG £ 775 IRLiShares High Yield Corp Bd ETF USDHAcc 87 96 - 0.55 HYGU $ 4,320 IRLiShares Core Corp Bond ETF GBP H Dist 94 97 - 0.25 IEAH £ 9,773 IRLiShares Italy Govt Bond ETF USD H Acc 97 116 - 0.22 ITEH $ 806 IRLiShares JP Morgan $ EM Bd ETF GBP H Dist 87 91 - 0.50 EMHG £ 5,648 IRLiShares Spain Govt Bond ETF USD H Acc 97 112 - 0.22 SPEH $ 659 IRLiShares US Aggregate Bond ETF EUR H Acc 102 109 - 0.30 IUAE € 2,124 IRLiShares US Aggregate Bond ETF GBP H Dist 103 107 - 0.30 IUGA £ 2,124 IRLITI Funds Russia-Fcs USD EurobondETFAUSD 96 110 - - RUSB $ 7 LUXJPM BetaBuilders US TreasuryBdETFGBPHAcc 107 - - - BBTP £ 70 IRLLyxor $ Floating Rate Note ETF MH D GBP 95 96 - 0.15 SWIH £ 117 LUXLyxor US TIPS (DR) ETF MthlyH D GBP 102 106 106 0.20 TIPH £ 1,535 LUXPIMCO ST HY Corp Bd Sour ETF EURH Acc 87 90 - - STEA € 903 IRLPIMCO ST HY Corp Bd Sour ETF GBPH Inc 88 89 94 - STHS £ 903 IRLPIMCO ST HY Corp Bd Sour ETF Inc EURH 88 91 95 - STHE € 903 IRLSPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 84 94 91 0.55 SYBI $ 86 IRLTabula European Perf Crdt ETF EUR G Dis 89 93 - - TCED € 15 IRLTabula European Perf Crdt ETF EUR J Acc 89 94 - - TCEP € 15 IRLTabula European Perf Crdt ETF GBPH C Dis 88 - - - TCEG £ 15 IRLTabula Eurp iTraxx Crsvr Crdt ETFEURJAcc 89 92 - - TECC € 5 IRLUBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 100 102 102 0.20 UBTP £ 947 LUXUBS ETF BlombgBarcl US Liq Corp GBPH A 98 106 111 0.23 UC85 £ 560 LUXUBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 97 100 102 0.23 - £ 718 LUXVanEck Vectors Preferred US Equity ETF 90 102 - - PRF $ 6 IRLWisdomTree AT1 CoCo Bond ETF GBP Hdg 87 92 - - COGO £ 44 IRLWisdomTree AT1 CoCo Bond ETF USD 88 98 - - CCBO $ 44 IRLWisdomTree AT1 CoCo Bond ETF USD Acc 88 98 - - COCB $ 44 IRLWisdomTree AT1 CoCo Bond ETF USD Hdg 88 100 - - CODO $ 44 IRL OTHER EQUITYFidelity Europe Qual Inc ETF GBP H Acc 85 90 - - FEQP £ 11 IRLFidelity Global Qual Inc ETF GBP H Acc 83 88 - 0.45 FGQP £ 149 IRLFidelity US Quality Income ETF GBP H Acc 82 88 - 0.35 FUSP £ 752 IRLHSBC MSCI Malaysia ETF 83 84 85 0.60 HMYD $ 3 IRLHSBC MSCI Mexico Capped ETF 69 73 61 0.60 HMED $ 5 IRLHSBC MSCI SAUDI ARABIA 20/35CAP UCITSETF 79 - - - HMSA $ 7 IRLInvesco EQQQ NASDAQ-100 ETF (GBP Hdg) 102 106 - 0.35 EQGB £ 2,201 IRLInvesco JPX-Nikkei 400 ETF (USD Hdg) 89 96 104 - N4US $ 107 IRLInvesco MSCI Saudi Arabia ETF 79 75 - - MSAU $ 101 IRLiShares Core FTSE 100 ETF USD H Acc 78 87 - 0.20 ISFD $ 7,164 IRLiShares Core MSCI EMU UCITS ETF £ H Dist 79 85 - 0.12 CEMP £ 1,842 IRLiShares Core MSCI World ETF GBP H Dist 86 90 - 0.30 IWDG £ 16,143 IRLiShares Core S&P 500 ETF GBPH Dist 88 92 - 0.10 GSPX £ 24,727 IRLiShares Edge MSCI Wld Min Vol ETFGBPHAcc 87 94 - 0.35 WMVG £ 3,300 IRLiShares Edge S&P 500 MinVol ETF EURH Acc 100 103 115 0.25 IS31 € 1,608 IRLiShares MSCI EMU USD Hedged ETF Acc 79 90 94 0.38 CEBP $ 153 IRLiShares MSCI Europe ex-UK GBPH ETF Dist 83 89 96 0.40 EUXS £ 87 IRLiShares MSCI Japan EUR Hedged ETF Acc 88 91 98 0.64 IJPE € 691 IRLiShares MSCI Japan GBP Hedged ETF Acc 88 89 96 0.64 IJPH £ 101 IRLiShares MSCI Japan USD Hedged ETF Acc 89 96 104 0.64 IJPD $ 184 IRLiShares MSCI Saudi Arabia Cpd ETF USDAcc 77 - - - IUSS $ 130 IRLiShares MSCI Saudi Arabia Cpd ETFUSDDist 78 - - - IUSW $ 130 IRLiShares MSCI World EUR Hedged ETF Acc 86 92 104 0.55 IWDE € 1,541 IRLiShares MSCI World GBP Hedged ETF Acc 86 90 102 0.55 IGWD £ 247 IRLiShares S&P 500 EUR Hedged ETF Acc 88 94 111 0.20 IUES € 2,809 IRLiShares S&P 500 GBP Hedged ETF Acc 88 93 110 0.45 IGUS £ 432 IRLKMEFIC FTSE Kuwait Equity ETF Acc 83 - - - KUW8 $ 13 IRLLyxor Core MSCI Japan (DR) ETF DHGBP Acc 88 90 - 0.20 LCJG £ 479 LUXLyxor Euro Stoxx 50 DR ETF DH GBP Acc 79 86 89 0.20 MSEX £ 3,957 FRALyxor Euro Stoxx 50 DR ETF DH USD Acc 79 92 94 0.20 MSEU $ 3,957 FRALyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 89 90 97 0.25 JPXX £ 314 LUXLyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 88 96 103 0.25 JPXU $ 314 LUXLyxor MSCI World ETF MH USD Dist A/I 87 97 110 0.30 WLDU $ 2,734 FRALyxor S&P 500 ETF Daily Hedged C GBP 88 92 - - SP5G £ 6,617 LUXLyxor SG Global Qual Inc NTR ETF MH CGBP 84 86 92 0.45 SGQX £ 1,066 LUXMU Lux Lyxor FTSE 100 ETF Mly H USD Acc 78 87 - 0.30 100H $ 281 LUXNomura JPX-Nikkei 400 Net TR Dly $Hg ETF 89 97 104 - NJXU $ 9 IRLNomura JPX-Nikkei 400 Net TR Dly Hg ETF 88 91 98 - NJXE € 39 IRLNomura Nikkei 225 EUR-Hedged ETF 87 92 104 0.60 NXKE € 27 IRLNomura Nikkei 225 USD-Hedged ETF 88 97 109 0.60 NXKU $ 17 IRLUBS ETF Fact MSCI USA PrmVal H GBP A dis 82 85 98 0.35 UPVL £ 21 IRLUBS ETF Fact MSCI USA Qual H GBP A dis 95 100 126 0.35 UQLT £ 129 IRLUBS ETF MSCI Canada GBPH A acc 82 85 90 0.43 UC87 £ 852 LUXUBS ETF MSCI Canada GBPH A dis 101 102 107 0.43 UC88 £ 852 LUXUBS ETF MSCI EMU GBPH A acc 78 84 - 0.28 UB0E £ 1,134 LUXUBS ETF MSCI EMU GBPH A dis 78 84 - 0.28 UB0F £ 1,134 LUXUBS ETF MSCI Japan GBPH A acc 88 90 - 0.45 UB0C £ 1,663 LUXUBS ETF MSCI Japan GBPH A dis 88 90 - 0.45 UB0D £ 1,663 LUXUBS ETF MSCI Swtzl 20/35 GBPH A acc 93 102 120 0.30 UC93 £ 1,006 LUXUBS ETF MSCI Swtzl 20/35 GBPH A dis 93 102 120 0.30 UC94 £ 1,006 LUXUBS ETF S&P 500 ESG A GBP H Dis 89 - - - 5ESG £ 256 IRLVanguard Glb Min Vol ETFShr USDAcc 82 94 103 - VDMV $ 34 IRLWisdomTree Europe Equity ETF GBP Hedged 76 81 84 0.35 HEDP £ 72 IRLWisdomTree Europe Equity ETF USD Hdg Acc 77 87 89 0.58 HEDS $ 72 IRLWisdomTree Europe Equity ETF USD Hedged 77 87 89 0.58 WTDH $ 72 IRLWisdomTree Germany Eq ETF GBP Hedged 76 80 77 0.35 DXGP £ 5 IRLWisdomTree Germany Eq ETF USD Hedged 77 86 83 0.48 DXGE $ 5 IRLWisdomTree ISEQ 20® ETF 88 91 88 0.49 WTIE € 10 IRLWisdomTree Japan Equity ETF GBP Hedged 84 84 85 0.45 DXJP £ 40 IRLWisdomTree Japan Equity ETF USD Hdg Acc 86 92 90 - DXJA $ 40 IRLWisdomTree Japan Equity ETF USD Hedged 85 91 92 0.48 WTDX $ 40 IRLWisdomTree US Equity Inc ETF GBP Hdg Acc 77 80 85 0.35 DHSG £ 42 IRLXtrackers JPX-Nikkei 400 ETF 2D - £ H 88 90 97 0.30 XDNG £ 204 IRLXtrackers JPX-Nikkei 400 ETF 4C - $ H 89 96 104 0.30 XDNU $ 204 IRLXtrackers MSCI EMU ETF 1C - USD Hedged 79 91 95 0.25 XD5D $ 1,407 LUXXtrackers MSCI EMU ETF 2C - GBP Hedged 79 85 89 0.25 XD5S £ 1,407 LUXXtrackers MSCI Japan ETF 2D USD H 88 96 104 0.60 XMUJL $ 1,642 LUXXtrackers MSCI Japan ETF 6C GBP H 88 90 98 0.60 XMJG £ 1,642 LUXXtrackers MSCI Mexico ETF 1C 69 73 61 0.65 D5BI $ 34 LUXXtrackers MSCI World ETF 2D GBP H 86 90 - 0.29 XDWG £ 3,330 IRLXtrackers MSCIEMEurpMdlEast&AfrSwapETF1C 73 76 78 0.65 XMEAs $ 26 LUXXtrackers S&P 500 ETF 2C - GBP H 89 93 111 0.09 XDPG £ 927 IRL PACIFIC EXCLUDING JAPAN EQUITYHSBC MSCI Pacific ex Japan ETF 78 82 88 0.40 H4ZH $ 26 IRLiShares MSCI Pacific ex-Jpn ETF USD Dist 78 82 88 0.60 SPXJm $ 125 IRLL&G Asia Pacific ex Japan Equity ETF 79 84 - 0.10 LGAP $ 25 IRLLyxor MSCI Pacific Ex Japan ETF D USD 78 82 89 0.30 PAXJ $ 1 LUXXtrackers MSCI Pacific ex Japan ETF 1C 78 82 88 0.45 XPXJm $ 311 LUX POLAND EQUITYiShares MSCI Poland ETF USD Acc 66 64 68 0.74 IPOL $ 32 IRL PROPERTY - INDIRECT EUROPEiShares MSCI Target UK Rl Est ETF £ Dist 86 91 97 0.40 2B7N £ 61 IRL PROPERTY - INDIRECT GLOBALHSBC FTSE EPRA/NAREIT Developed ETF 72 80 90 0.40 HPRD $ 106 IRL


iShares Dev Mkts Prpty Yld ETF USD Acc 72 79 - 0.59 DPYA $ 1,688 IRLSPDR® Dow Jones Global Real Estate ETF 71 78 85 0.40 SPYJ $ 635 IRL PROPERTY - INDIRECT NORTH AMERICAInvesco Real Estate S&P US Sel Sec ETF 80 93 108 - XRES $ 17 IRLiShares US Property Yield ETF USD Dist 69 78 86 0.40 IUSPz $ 485 IRL PROPERTY - INDIRECT OTHERiShares Dev Mkts Prpty Yld ETF EURH Acc 72 77 - 0.64 DPYE € 1,688 IRLiShares Dev Mkts Prpty Yld ETF GBPH Dist 71 74 - 0.64 DPYG £ 1,688 IRLiShares UK Property ETF GBP Dist 81 84 89 0.40 IUKP £ 669 IRL RMB BOND - ONSHOREXtrackers II Harvest China Govt Bd ETF1D 103 105 109 0.55 CGB $ 40 LUX RUSSIA EQUITYHSBC MSCI Russia Capped ETF 74 90 106 0.60 HRUD $ 80 IRLInvesco RDX ETF 70 82 94 1.20 RDXS $ 7 IRLITI Funds RTS Equity ETF A USD 73 90 - - RUSE $ 2 LUXLyxor MSCI Russia ETF Dist 71 86 - - RUSU £ 251 LUXXtrackers MSCI Russia Capped Swap ETF 1C 74 89 104 0.65 DBXV $ 81 LUX SECTOR EQUITY AGRICULTUREiShares Agribusiness ETF USD Acc 79 85 90 0.55 IS0C $ 36 IRL SECTOR EQUITY BIOTECHNOLOGYInvesco NASDAQ Biotech ETF 110 104 113 0.40 SBIO $ 377 IRLiShares Nasdaq US Biotech ETF USD Acc 109 103 - 0.35 BTEK $ 48 IRLiShares Nasdaq US Biotech ETF USD Dist 109 103 - 0.35 BTEE $ 48 IRLL&G Pharma Breakthrough ETF 108 99 - 0.49 BIOT $ 6 IRL SECTOR EQUITY COMMUNICATIONSInvesco Comms S&P US Slct Sec ETF $ Acc 90 102 - - XLCS $ 448 IRLiShares S&P 500 Comm Sect ETF USD Acc 92 103 - 0.15 IUCM $ 61 IRLLyxor MSCI World TelecomSvcsTR ETF C USD 90 101 101 0.36 TELW $ 22 LUXSPDR® MSCI World Comm Svcs ETF USD Acc 90 101 101 0.30 WTEL $ 14 IRLSPDR® S&P® US Comm Svcs Sel Sect ETF 91 102 - 0.15 ZPDK $ 132 IRLXtrackers MSCI Wld Comm Svc ETF 1C 89 100 101 0.30 XWTS $ 112 IRL SECTOR EQUITY CONSUMER GOODS & SERVICESAmundi IS S&P Global Luxury ETF-C USD 82 86 - - LUXU $ 54 LUXInvesco Consumer Discr S&P US SelSec ETF 81 92 116 0.30 XLYS $ 87 IRLInvesco Consumer Stap S&P US Sel Sec ETF 91 106 109 0.30 XLPS $ 45 IRLiShares Elctrc Vhcl&Drvng Tech ETFUSDAcc 74 79 - 0.40 IEVD $ 44 IRLiShares MSCI EM Consumer Gr ETF USD Acc 89 92 96 0.60 CEMG $ 29 IRLiShares S&P 500 Cnsmr Discr Sect ETF$Acc 85 95 120 0.15 IUCD $ 71 IRLiShares S&P 500 Cnsmr Stpls Sect ETF$Acc 91 106 110 0.15 2B7D $ 58 IRLLyxor MSCI World Cnsmr Disc TR ETF C USD 84 94 109 0.35 DISW $ 34 LUXLyxor MSCI World Cnsmr Stp TR ETF C USD 89 101 107 0.36 STAW $ 39 LUXSPDR® MSCI Wld Cnsmr Discret ETF USD 84 94 110 0.30 WCOD $ 13 IRLSPDR® MSCI World Cnsmr Stapl ETF 89 102 107 0.30 WCOS $ 31 IRLSPDR® S&P US Cnsmr Discret Sel Sect ETF 83 93 118 0.15 ZPDD $ 45 IRLSPDR® S&P US Cnsmr Staples Sel Sect ETF 91 107 110 0.15 ZPDS $ 179 IRLVanEck Vectors Video Gmng &eSptsETFAUSD 115 - - - ESPO $ 59 IRLXtrackers MSCI USA Consumer Disc ETF 1D 88 97 - 0.12 XUCD $ 33 IRLXtrackers MSCI USA Consumer Stp ETF 1D 91 106 - 0.12 XUCS $ 34 IRLXtrackers MSCI Wld Consumer Dscrt ETF 1C 83 93 110 0.30 - $ 77 IRLXtrackers MSCI Wld Consumer Stp ETF 1C 89 101 107 0.30 XDWS $ 238 IRL SECTOR EQUITY ENERGYAmundi IS MSCI World Energy ETF-C USD 58 57 - - CWEU $ 25 LUXInvesco Energy S&P US Select Sector ETF 52 50 48 0.30 XLES $ 26 IRLInvesco Morningstar US EnrgInfrMLPETF 35 36 31 0.50 MLPS $ 131 IRLInvesco Morningstar US EnrgInfrMLPETFDis 35 36 31 - MLPD $ 131 IRLiShares S&P 500 Energy Sect ETF USD Acc 52 51 49 0.15 IUES $ 66 IRLL&G US Energy Infrastructure MLP ETF 35 35 29 0.25 XMLP $ 7 IRLLyxor MSCI World Energy TR ETF C USD 58 57 58 0.34 NRGW $ 39 LUXSPDR® MSCI World Energy ETF 59 57 59 0.30 WNRG $ 131 IRLSPDR® S&P US Energy Select Sector ETF 53 51 49 0.15 ZPDE $ 47 IRLXtrackers MSCI USA Energy ETF 1D 52 50 - 0.12 XUEN $ 3 IRLXtrackers MSCI World Energy ETF 1C 58 57 58 0.30 - $ 82 IRL SECTOR EQUITY FINANCIAL SERVICESAmundi IS MSCI World Financials ETF-CUSD 75 85 - - CWFU $ 39 LUXInvesco Financials S&P US Select Sec ETF 76 89 95 0.30 XLFS $ 205 IRLiShares S&P 500 Financials Sect ETF $Acc 77 89 95 0.15 IUFS $ 278 IRLiShares S&P U.S. Banks ETF 65 75 - 0.35 IUS2 $ 5 IRLLyxor MSCI World Financials TR ETF C USD 75 85 85 0.36 FINW $ 13 LUXLyxor S&P 500 Banks ETF USD Acc 72 83 - 0.20 BNKU $ 4 LUXSPDR® MSCI World Financials ETF USD Acc 75 85 85 0.30 WFIN $ 64 IRLSPDR® S&P US Financials Select Sect ETF 77 89 95 0.15 ZPDF $ 100 IRLXtrackers MSCI USA Financials ETF 1D 76 88 - 0.12 XUFN $ 41 IRLXtrackers MSCI World Financials ETF 1C 75 85 85 0.30 - $ 84 IRL SECTOR EQUITY HEALTHCAREHAN-GINS Indxx Healthcare Innovt ETF Acc 99 - - - WELL $ 3 IRLInvesco Health Care S&P US Sel Sec ETF 100 105 127 0.30 XLVS $ 161 IRLiShares Healthcare Innov ETF USD Acc 105 96 122 0.40 HEAL $ 382 IRLiShares S&P 500 Health Care Sect ETF$Acc 100 105 127 0.15 IUHC $ 1,029 IRLL&G Healthcare Breakthrough ETF 101 - - 0.49 DOCT $ 10 IRLLyxor MSCI World HealthCare TR ETF C USD 101 107 125 0.35 HLTW $ 335 LUXSPDR® MSCI World Health Care ETF 101 107 125 0.30 WHEA $ 155 IRLSPDR® S&P US Health Care Select Sect ETF 100 105 127 0.15 ZPDH $ 129 IRLXtrackers MSCI USA Health Care ETF 1D 100 105 - 0.12 XUHC $ 321 IRLXtrackers MSCI World Health Care ETF 1C 100 106 124 0.30 - $ 426 IRL SECTOR EQUITY INDUSTRIAL MATERIALSInvesco Industrials S&P US Sel Sec ETF 78 86 96 0.30 XLIS $ 70 IRLInvesco Materials S&P US Select Sec ETF 80 90 94 0.30 XLBS $ 3 IRLiShares S&P 500 Indstr Sect ETF USD Acc 78 86 96 0.15 2B7C $ 26 IRLiShares S&P 500 Matrls Sect ETF USD Acc 80 90 93 0.15 2B7B $ 3 IRLLyxor MSCI World Materials TR ETF C USD 81 87 93 0.34 MATW $ 19 LUXLyxor MSCI WorldIndustrials TR ETF C USD 79 88 96 0.36 INDW $ 22 LUXSPDR® MSCI World Industrials ETF USD Acc 79 88 96 0.30 WNDU $ 21 IRLSPDR® MSCI World Materials ETF USD Acc 81 87 93 0.30 WMAT $ 10 IRLSPDR® S&P US Industrials Select Sect ETF 78 86 98 0.15 ZPDI $ 41 IRLSPDR® S&P US Materials Select Sect ETF 80 90 93 0.15 ZPDM $ 6 IRLXtrackers MSCI World Industrials ETF 1C 79 88 96 0.30 XDWI $ 59 IRLXtrackers MSCI World Materials ETF 1C 80 86 92 0.30 XDWM $ 17 IRL SECTOR EQUITY INFRASTRUCTUREXtrackers S&P Global Infras Swap ETF 1C 74 83 89 0.60 DX2E $ 125 LUX SECTOR EQUITY NATURAL RESOURCESiShares Oil & Gas Explr&Prod ETF USD Acc 48 44 40 0.55 IS0D $ 52 IRLL&G Battery Value-Chain ETF 90 94 - 0.49 BATT $ 39 IRLVanEck Vectors Global Mining ETF A USD 81 84 - - GDIG $ 4 IRLVanEck Vectors Natural Resources ETF 74 78 - - HAP $ 1 IRL SECTOR EQUITY PRECIOUS METALSiShares Gold Producers ETF USD Acc 92 116 111 0.55 IS0E $ 983 IRLL&G Gold Mining ETF 89 112 106 0.65 AUCO $ 157 IRLVanEck Vectors Gold Miners ETF 91 114 109 0.51 GDX $ 201 IRLVanEck Vectors Junior Gold Miners ETF 82 98 82 0.52 GDXJl $ 100 IRL SECTOR EQUITY PRIVATE EQUITYiShares Listed Private Eq ETF USD Dist 73 88 97 0.75 IPRV $ 269 IRL SECTOR EQUITY TECHNOLOGYEMQQ Emerging Mkts Internet&Ecomm ETFAcc 102 103 - - EMQQ $ 12 IRLFirst Trust Cloud Computing ETF A USD 99 103 - 0.60 SKYE $ 51 IRLFirst Trust Dow Jones Internet ETF A USD 94 96 - 0.55 FDNE $ 8 IRLFirst Trust IndxxInnvtvTrsctn&PrcssETFA$ 87 93 - - LEGR $ 24 IRLHAN-GINS Cloud Technology ETF Acc 98 109 - - 5XYE $ 8 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)HAN-GINS Innovative Technologies ETF Acc 97 102 - - T3KE $ 4 IRLInvesco KBW NASDAQ Fintech ETF 86 95 137 - FTEK $ 33 IRLInvesco Technology S&P US Sel Sec ETF 103 119 162 0.30 XLKS $ 328 IRLiShares Automation&Robotics ETF USD Acc 88 94 116 0.40 RBOT $ 1,534 IRLiShares Automation&Robotics ETF USD Dist 87 94 - 0.40 RBOD $ 1,534 IRLiShares Digital Security ETF USD Acc 90 97 - 0.40 LOCK $ 315 IRLiShares Digital Security ETF USD Dist 90 97 - 0.40 SHLD $ 315 IRLiShares Digitalisation ETF USD Acc 84 88 111 0.40 DGTL $ 444 IRLiShares S&P 500 Info Tech Sect ETF$Acc 103 120 167 0.15 IUIT $ 828 IRLKraneShares CSI China Internet ETF USD 109 102 - - KWEB $ - IRLL&G Artificial Intelligence ETF 96 - - 0.49 AIAI $ 6 IRLL&G Cyber Security ETF 96 101 134 0.75 ISPY $ 859 IRLL&G Ecommerce Logistics ETF 90 97 - 0.49 ECOM $ 5 IRLL&G ROBO Global Rbtc and Atmtn ETF 89 93 109 0.80 ROBO $ 515 IRLLyxor MSCI World Info Tech TR ETF C USD 101 115 157 0.34 TNOW $ 326 LUXLyxor Robotics & AI ETF 92 100 - 0.40 ROAI $ 105 LUXSPDR® MSCI World Technology ETF USD Acc 101 115 158 0.30 WTEC $ 166 IRLSPDR® S&P US Technology Select Sect ETF 103 119 162 0.15 ZPDT $ 181 IRLWisdomTree Artificial Intlgc ETF USD Acc 91 102 - - WTAI $ 48 IRLWisdomTree Cloud Computing ETF USD Acc 105 - - - WCLD $ 18 IRLXtrackers MSCI USA Info Tech ETF 1D 102 118 - 0.12 XUTC $ 67 IRLXtrackers MSCI Wld Info Tech ETF 1C 101 116 158 0.30 XDWT $ 721 IRL SECTOR EQUITY UTILITIESInvesco Utilities S&P US Select Sec ETF 89 107 122 0.30 XLUS $ 23 IRLiShares S&P 500 Utilts Sect ETF USD Acc 88 105 121 0.15 2B7A $ 31 IRLLyxor MSCI World Utilities TR ETF C USD 88 102 117 0.37 UTIW $ 37 LUXSPDR® MSCI World Utilities ETF USD Acc 88 102 118 0.30 WUTI $ 10 IRLSPDR® S&P US Utilities Select Sect ETF 88 106 121 0.15 ZPDU $ 25 IRLXtrackers MSCI World Utilities ETF 1C 88 103 118 0.30 XDWU $ 57 IRL SECTOR EQUITY WATERiShares Global Water ETF USD Dist 88 100 114 0.65 IH2O $ 844 IRLL&G Clean Water ETF 86 - - 0.49 GLUG $ 9 IRL SOUTH AFRICA & NAMIBIA EQUITYHSBC MSCI South Africa ETF 68 67 65 0.60 HZAD $ 2 IRLiShares MSCI South Africa ETF USD Acc 68 67 65 0.65 IRSA $ 74 IRL TAIWAN LARGE-CAP EQUITYHSBC MSCI Taiwan Capped ETF 94 106 113 0.60 HTWD $ 9 IRL TURKEY EQUITYHSBC MSCI Turkey ETF 70 84 57 0.60 HTRD $ 6 IRL UK EQUITY INCOMEiShares UK Dividend ETF GBP Dist 70 71 66 0.40 IUKD £ 571 IRLSPDR® S&P UK Dividend Aristocrats ETF 82 85 80 0.30 SPYG £ 92 IRLWisdomTree UK Equity Income ETF 76 75 79 0.29 WUKD £ 8 IRL UK FLEX-CAP EQUITYFirst Trust UK AlphaDEX® A GBP 69 73 79 0.75 FKU £ 16 IRLFirst Trust UK AlphaDEX® B GBP 69 73 79 0.75 FKUD £ 16 IRL UK LARGE-CAP EQUITYHSBC FTSE 100 ETF 78 82 88 0.07 H4ZB £ 246 IRLInvesco FTSE 100 ETF 78 81 87 0.35 SC0A £ 7 IRLInvesco FTSE RAFI UK 100 ETF 75 76 81 0.50 PSRU £ 7 IRLiShares Core FTSE 100 ETF GBP Dist 78 82 88 0.07 ISF/L £ 7,164 IRLL&G UK Equity ETF 78 81 - 0.05 LGUK £ 9 IRLLyxor Core Morningstar UK NT (DR) ETF 77 81 - 0.04 LCUK £ 15 LUXLyxor FTSE 100 ETF Acc 78 81 88 0.15 L100 £ 281 LUXLyxor FTSE 100 ETF Inc 78 - - 0.15 100D £ 281 LUXOssiam FTSE 100 Minimum Var ETF 1C GBP 83 87 92 0.45 UKMV £ 5 LUXSPDR® FTSE UK All Share ETF Acc 78 81 87 0.20 SPYF £ 446 IRLUBS ETF MSCI UK IMI SRI GBP A dis 81 86 90 0.28 UKSR £ 238 IRLVanguard FTSE 100 ETF GBP Acc 80 - - - VUKG £ 2,664 IRLVanguard FTSE 100 UCITS ETF 78 82 88 0.09 VUKE £ 2,664 IRLXtrackers FTSE 100 ETF 1C 78 82 88 0.09 XDUK £ 55 LUXXtrackers FTSE 100 Income ETF 1D 78 82 88 0.30 XUKX/L £ 63 LUXXtrackers FTSE All-Share ETF 1D 78 82 88 0.40 DBXZ £ 40 LUX UK MID-CAP EQUITYHSBC FTSE 250 ETF 77 81 86 0.35 HMCX £ 32 IRLInvesco FTSE 250 ETF 76 81 85 0.35 SC0B £ 127 IRLiShares FTSE 250 ETF GBP Dist 76 81 85 0.40 MIDD/L £ 997 IRLVanguard FTSE 250 ETF GBP Acc 77 - - - VMIG £ 1,795 IRLVanguard FTSE 250 UCITS ETF 76 81 85 0.10 VMID £ 1,795 IRLXtrackers FTSE 250 ETF 1D 76 81 86 0.35 DBXY £ 41 LUX US LARGE-CAP BLEND EQUITYAmundi IS S&P 500 Buyback ETF-C USD 77 86 - - BYBU $ 33 LUXFirst Trust US Lg Cp Cor AlphaDEX® A USD 80 88 98 0.75 FEX $ 83 IRLFranklin LibertyQ U.S. Equity ETF 86 96 - 0.25 FLXU $ 35 IRLGS ActiveBeta® US Lrg Cp Eq ETF USD Acc 89 - - - GSLC $ 18 IRLHSBC S&P 500 ETF 89 99 118 0.09 H4ZF $ 2,483 IRLInvesco MSCI USA ESG Universal Scrn ETF 91 - - - ESGU $ 30 IRLInvesco MSCI USA ETF 89 100 118 0.30 SC0H $ 574 IRLInvesco S&P 500 ETF 89 100 119 0.05 P500 $ 5,779 IRLInvesco S&P 500 QVM ETF 86 95 - 0.35 QVMP $ 4 IRLiShares Edge MSCI USA Mltfct ETF USD Acc 85 93 103 0.35 IFSU $ 52 IRLiShares Edge MSCI USA Mltfct ETF USDDist 85 93 - 0.35 UFSD $ 52 IRLiShares Edge MSCI USA Momt Fac ETF $ Acc 91 104 138 0.20 QDVA $ 282 IRLiShares Edge MSCI USA Momt Fac ETF $Dist 91 103 - 0.20 IUMD $ 282 IRLiShares Edge MSCI USA Qual Fac ETF $ Acc 90 100 120 0.20 IUQF $ 545 IRLiShares Edge MSCI USA Qual Fac ETF $Dist 90 100 - 0.20 IUQD $ 545 IRLiShares Edge S&P 500 Min Vol ETF USD Acc 85 98 114 0.20 IBCK $ 1,608 IRLiShares Edge S&P 500 MinVol ETF USDDist 87 100 - 0.20 SPMD $ 1,608 IRLiShares MSCI USA ESG Enh ETF USD Dist 90 101 - 0.10 EEDS $ 152 IRLiShares MSCI USA ESG Scrn ETF USD Acc 90 101 - 0.07 SGAS $ 478 IRLiShares MSCI USA ESG Scrn ETF USD Dist 89 100 - 0.07 SLUS $ 478 IRLiShares MSCI USA SRI ETF USD Acc 89 101 126 0.30 QDVR $ 1,627 IRLiShares S&P 500 ETF USD Dist 87 97 116 0.07 IUSA/L $ 6,445 IRLiShares US Equity Buyback Achiev ETF$Acc 69 76 77 0.55 CEM2 $ 5 IRLJPM BetaBuilders US Equity ETF USD Acc 89 - - - BBUS $ 6 IRLJPM BetaBuilders US Equity ETF USD Inc 89 - - - BBUD $ 6 IRLJPM US Equity Multi-Factor ETF USD Acc 79 - - - JUMF $ 7 IRLJPM US Research Enh Eq ESG ETF USD Acc 89 100 - 0.25 JREU $ 160 IRLL&G US Equity ETF 89 100 - 0.05 LGUS $ 122 IRLLyxor Core Morningstar US (DR) ETF-Dist 88 99 - 0.04 LCUS $ 41 LUXLyxor FTSE USA Minimum Var ETF C USD 80 91 105 0.20 MVAU $ 86 LUXLyxor MSCI USA ESG Trend Ldrs(DR)ETFAcc 89 100 - 0.25 LESU $ 36 LUXLyxor S&P 500 ETF D USD 87 98 117 0.15 LSPU $ 6,617 LUXMS Scientific Beta US Eq Fact ETF USD 81 92 103 - USEF $ 16 IRLOssiam Shiller BclyCp®US SectValTR 1C$ 87 97 115 0.65 UCAP $ 1,425 LUXSciBeta HFE US Equity 6F EW ETF 78 90 - - USHF € 340 IRLSPDR® S&P 500 ETF 87 97 116 0.09 SPY5 $ 2,773 IRLVanEck Vectors Morningstar US WidMotETF 89 101 123 - GMVM $ 147 IRLVanguard FTSE North America ETF USD Acc 89 - - - VNRA $ 560 IRLVanguard FTSE North America UCITS ETF 88 99 116 0.10 VNRT $ 560 IRLVanguard S&P 500 ETF USD Acc 90 - - - VUAA $ 17,093 IRLVanguard S&P 500 UCITS ETF 87 97 116 0.07 VUSD $ 17,093 IRLWisdomTree US Eqlty Div Gr ETF USD 88 99 118 0.38 DGRP $ 29 IRLWisdomTree US Eqlty Div Gr ETF USD Acc 88 99 119 0.38 DGRA $ 29 IRLWisdomTree US Multifactor ETF USD 83 92 - - USMF $ 1 IRLWisdomTree US Multifactor ETF USD Acc 83 92 - - FCTR $ 1 IRLXtrackers ESG MSCI USA ETF 1C 91 104 - 0.15 XZMU $ 125 IRLXtrackers MSCI USA ETF 1C 87 97 116 0.07 - $ 3,631 IRLXtrackers MSCI USA Minimum Vol ETF 1D 86 100 121 0.20 XMVU $ 5 IRLXtrackers S&P 500 Swap ETF 1C 87 98 117 0.20 XSPUl $ 4,047 LUX US LARGE-CAP GROWTH EQUITYLyxor Russell 1000 Growth ETF Acc 97 108 141 0.40 RUSG $ 114 FRA


US LARGE-CAP VALUE EQUITYFidelity US Quality Income ETF Acc 84 96 - 0.30 FUSA $ 752 IRLFidelity US Quality Income ETF Inc 84 96 - - FUSD $ 752 IRLInvesco FTSE RAFI US 1000 ETF 79 88 96 0.39 PSRF $ 181 IRLInvesco S&P 500 High Div LowVol ETF 72 79 84 0.30 HDLG $ 58 IRLiShares Edge MSCI USA Val Fac ETF $ Acc 79 87 95 0.20 IUVF $ 477 IRLiShares Edge MSCI USA Val Fac ETF $ Dist 79 87 - 0.20 IUVD $ 477 IRLiShares MSCI USA Quality Div ETF USD Dis 83 93 107 0.35 QDIV $ 214 IRLLyxor Russell 1000 Value ETF Acc 79 89 95 0.40 RUSV $ 20 FRASPDR® MSCI USA Value ETF USD Acc 78 87 92 0.25 ZPRU $ 50 IRLSPDR® S&P 500 Low Volatility ETF 82 97 116 0.35 SPY1 $ 273 IRLSPDR® S&P US Dividend Aristocrats ETFDis 80 88 101 0.35 SPYD $ 1,934 IRLWisdomTree US Equity Inc ETF 77 86 91 0.29 DHSD $ 42 IRLWisdomTree US Equity Inc ETF Acc 78 86 92 0.29 WTD9 $ 42 IRL US MID-CAP EQUITYiShares Edge MSCI USA Size Fac ETF $ Acc 78 85 95 0.20 IUSF $ 43 IRLSPDR® S&P 400 US Mid Cap ETF 76 82 88 0.30 SPY4 $ 378 IRLXtrackers Russell Midcap ETF 1C 79 87 100 0.35 XRSM $ 133 IRL US SMALL-CAP EQUITYFirst Trust US Sm Cap Core AlphaDEX® ETF 69 72 78 0.75 FYX $ 1 IRLInvesco Russell 2000 ETF 76 80 87 0.45 SC0K $ 28 IRLInvesco S&P SmallCap 600 ETF 73 79 - - USML $ 3 IRLiShares S&P SmallCap 600 ETF USD Dist 73 78 85 0.40 IDP6 $ 412 IRLL&G Russell 2000 US Small Cap ETF 76 80 86 0.45 RTWO $ 31 IRLLyxor Russell 2000 ETF Acc 76 80 88 0.40 RUS2 $ 5 FRASPDR® MSCI USA Small Cap Val Wtd ETF USD 67 70 71 0.30 ZPRV $ 17 IRLSPDR® Russell 2000 US Small Cap ETF 76 80 87 0.30 ZPRR $ 317 IRLWisdomTree US SmallCap Dividend ETF 66 71 72 0.38 DESD $ 6 IRLXtrackers Russell 2000 ETF 1C 76 80 86 0.30 XRS2 $ 373 IRL USD CORPORATE BONDFranklin Liberty USD Invmt Grd CorpBdETF 97 110 - 0.35 FVUI $ 11 IRLInvesco USD Fltng Rt Note ETF 94 101 - - UFLT $ 9 IRLiShares $ Corp Bond ETF USD Acc 99 114 - 0.20 LQDA $ 5,651 IRLiShares $ Corp Bond ETF USD Dist 99 114 118 0.20 LQDA $ 5,651 IRLiShares $ Corp Bond Intr Rt H ETF $ Acc 90 98 - 0.25 HLQD $ 228 IRLiShares $ Corp Bond Intr Rt H ETF $ Dist 90 98 100 0.25 IS3F $ 228 IRLiShares $ CorpBd 0-3y ESG UCITS ETF$Dist 99 107 - - SUSU $ 35 IRLiShares $ Floating Rate Bd ETF USD Acc 95 102 - 0.10 FLOA $ 2,075 IRLiShares $ Floating Rate Bd ETF USD Dist 94 101 - 0.10 FLOT $ 2,075 IRLiShares $ Intermdt Crdt Bd ETF USD Dist 98 109 - 0.15 ICBU $ 57 IRLiShares $ Short Dur Corp Bd ETF USD Acc 98 107 - 0.20 SDIA $ 3,114 IRLiShares $ Short Dur Corp Bd ETF USD Dist 99 108 108 0.20 SDIG $ 3,114 IRLiShares $ Ultrashort Bond ETF USD Acc 97 104 - 0.09 ERNA $ 618 IRLiShares $ Ultrashort Bond ETF USD Dist 97 104 104 0.09 ERND $ 618 IRLJPM USD Corporate Bd Rsh Enh ETF USD Acc 99 113 - 0.19 JRUB $ 81 IRLLyxor $ Floating Rate Note ETF D USD 95 102 - 0.10 BUOY $ 117 LUXLyxor USD Liq Inv GrdCorpBdsETF D USD 99 114 117 0.09 USIG $ 167 LUXPIMCO LowDur US CorpBd Sour ETF USD Inc 97 106 107 0.39 LDCU $ 117 IRLSPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 99 107 107 0.20 SYBF $ 51 IRLSPDR® Blmbrg Bcly 1-10 Yr US Corp BdETF 98 110 112 0.20 SYBR $ 45 IRLSPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 97 116 123 0.20 SYBN $ 120 IRLSPDR® Blmbrg Bcly US Corp Bd ETF 98 111 115 0.20 SYB1 $ 17 IRLUBS ETF BlombgBarcl US LqCrp1-5Yr USD A 98 107 108 0.18 UEF7 $ 718 LUXUBS ETF BlombgBarclMSCI USLqCpSu $ A dis 99 113 117 0.20 UC97 $ 465 LUXVanguard USD Corp 1-3yr Bd UCITS ETF 99 107 - - VUSC $ 273 IRLVanguard USD Corp Bd ETF USD Acc 99 112 - - VDPA $ 294 IRLVanguard USD Corp Bd UCITS ETF 98 111 114 - VDCP $ 294 IRLVanguard USD Corp1-3yrBd ETFUSDAcc 99 108 - - VDCA $ 273 IRLXtrackers iBoxx $ CorpoRt Bd Yld PlETF1D 94 107 - 0.25 XYLD $ 29 IRLXtrackers USD Corporate Bond ETF 1D 100 114 119 0.16 XDGU $ 1,079 IRL USD DIVERSIFIED BONDiShares US Aggregate Bond ETF USD Acc 103 114 - 0.25 IUAA $ 2,124 IRLiShares US Aggregate Bond ETF USD Dist 102 114 115 0.25 EUNX $ 2,124 IRLSPDR® Blmbrg Bcly US Aggt Bd ETF 103 115 116 0.17 SYBU $ 35 IRL USD DIVERSIFIED BOND - SHORT-TERMJPM USD Ultra-Short Income ETF USD Acc 98 - - - JPPA $ 151 IRLJPM USD Ultra-Short Income ETF USD Inc 98 106 - 0.22 JPST $ 151 IRLPIMCO USD Short Mat Source ETF 98 105 105 - MINT $ 2,643 IRL USD GOVERNMENT BONDInvesco US Treasury Bond ETF USD Dis 107 119 - - TRES $ 64 IRLInvesco US Trs Bd 1-3 Yr ETF USD Dis 103 111 - - TRE3 $ 12 IRLInvesco US Trs Bd 3-7 Yr ETF USD Dis 106 116 - - TRE7 $ 25 IRLInvesco US Trs Bd 7-10 Yr ETF USD Dis 108 122 - - TREX $ 2,047 IRLiShares $ Treasury Bd 0-1yr ETF USD Acc 101 108 - 0.07 IB01 $ 4,044 IRLiShares $ Treasury Bd 0-1yr ETF USD Dist 101 108 - 0.07 IBCC $ 4,044 IRLiShares $ Treasury Bd 1-3yr ETF USD Acc 103 111 - 0.20 IBTA $ 6,421 IRLiShares $ Treasury Bd 20+y ETF USD Acc 116 141 - 0.07 DTLA $ 822 IRLiShares $ Treasury Bd 20+y ETF USD Dist 116 141 149 0.07 IS04 $ 822 IRLiShares $ Treasury Bd 7-10yr ETFUSD Dist 108 122 124 0.20 BTMA $ 4,499 IRLiShares US Mortg Backed Secs ETF USD Dis 102 111 111 0.28 QDVP $ 1,997 IRLiShares US Mortgage Backed Secs ETF $Acc 102 111 - 0.28 IMBA $ 1,997 IRLJPM BetaBuilders US Trs Bd0-1yrETFUSDAcc 101 - - - BBLL $ 157 IRLJPM BetaBuilders US TrsBd1-3 yrETFUSDAcc 103 111 - - JA13 $ 101 IRLLyxor Core $ Treasury 7-10YDR ETF 108 122 123 0.07 US71 $ 120 LUXLyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 105 115 114 0.06 US35 $ 8 LUXSPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 103 111 109 0.15 SYBW $ 150 IRLSPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 116 140 148 0.15 SPPX $ 14 IRLSPDR® Blmbrg Bcly 3-7 Yr US Trs Bd ETF 106 116 115 0.15 SPP3 $ 16 IRLSPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 108 122 123 0.15 SPP7 $ 41 IRLSPDR® Blmbrg Bcly US Trs Bd ETF 107 119 119 0.15 SYBT $ 499 IRLVanguard USD Trs Bd ETF USD Acc 107 119 - - VDTA $ 319 IRLVanguard USD Trs Bd UCITS ETF 107 119 119 - VDTY $ 319 IRLWisdomTree USD Fl Rt Trs Bd ETF USD 100 107 - - USFR $ 11 IRLWisdomTree USD Fl Rt Trs Bd ETF USD Acc 100 107 - - TFRN $ 11 IRLXtrackers II US Treasuries 1-3 ETF 1D 103 111 109 0.15 XUT3 $ 91 LUXXtrackers II US Treasuries ETF 1D 107 120 120 0.15 XUTD $ 1,006 LUX USD HIGH-YIELD BONDInvesco US High Yield Faln Angl ETF 79 84 88 0.45 HYFA $ 47 IRLiShares $ High Yld Corp Bd ETF USD Acc 90 98 - 0.50 IHYA $ 2,766 IRLiShares $ High Yld Corp Bd ETF USD Dist 91 98 103 0.50 IS0R $ 2,766 IRLiShares $ Short Dur HY CorpBd ETF $ Acc 92 99 - 0.45 SDHA $ 772 IRLiShares $ Short Dur HY CorpBd ETF $ Dist 91 99 103 0.45 SDHY $ 772 IRLLyxor BofAML $ High Yield Bd ETF D USD 89 97 101 0.30 UHYG $ 77 LUXLyxor BofAML $ ST H Yld Bd ETF D USD 89 95 - 0.30 HYST $ 27 LUXPIMCO ST HY Corp Bd Sour ETF Inc 88 96 100 - STHY $ 903 IRLPIMCO ST HY Corp Bd Sour ETF USD Acc 88 95 99 - STYC $ 903 IRLSPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 89 95 100 0.40 SYBK $ 75 IRLXtrackers USD High Yield Corp Bd ETF 1D 91 100 - 0.35 XUHY $ 167 IRL

USD INFLATION-LINKED BONDiShares $ TIPS 0-5 ETF USD Dist 100 107 - 0.10 TIP5 $ 354 IRLLyxor US TIPS (DR) ETF D USD 102 112 112 0.09 TIPU $ 1,535 LUXSPDR® Blmbrg Bcly US TIPS ETF 103 113 113 0.17 SYBY $ 310 IRL

USD MODERATE ALLOCATIONSPDR® Morningstar Mlt-Asst Glb Infrs ETF 85 95 104 0.40 ZPRI $ 621 IRL

VIETNAM EQUITYXtrackers FTSE Vietnam Swap ETF 1C 66 68 89 0.85 DXS7 $ 136 LUX

Exchange-Traded Funds 4>|


>| Cash Savings/Investment

Savings AccountsInstant-Access Branch AccountsProvider Contact Account Notice Min. % Int details or term deposit gross paidKent Reliance kentreliance.co.uk Easy Access - Issue 36 Instant £1,000 1.20% YlyBuckinghamshire BS via branch Single Access Saver Issue 2 Instant £100 1.15% YlyFamily Building Society familybuildingsociety.co.uk Market Tracker Saver (1) Instant £500 1.13% YlyCambridge BS cambridgebs.co.uk Your Saver Instant £100 1.05% YlyChorley Building Society via branch Easy Access Saver Issue 3 Instant £500 1.05% YlyFamily Building Society via branch Branch Saver (3) Instant £500 1.01% Yly

No Notice AccountsMarcus by Goldman Sachs marcus.co.uk Online Savings Account None £1 1.30% MlySAGA saga.co.uk Saga Easy Access Sav Acc None £1 1.30% A MlyInvestec Bank plc investec.co.uk E-asy Access Account None £10,000 1.20% MlyNational Savings & Inv nsandi.com Income Bonds None £500 1.16% MlyShawbrook Bank shawbrook.co.uk Easy Access - Issue 20 None £1,000 1.15% YlyVirgin Money virginmoney.com Virgin Money Instant Savings None £1 1.00% Qly

Internet Accounts Virgin Money virginmoney.com Double Take E-Saver Iss 15 None £1 1.31% YlyAldermore aldermore.co.uk Easy Access Issue 11 None £1,000 1.25% YlyParagon Bank paragonbank.co.uk Easy Access (Issue 8) None £1 1.21% YlyCoventry BS coventrybuildingsociety.co.uk Easy Access (Online) (3) None £1 1.20% YlyRCI Bank UK rcibank.co.uk Freedom Savings Account None £100 1.20% YlyFamily Building Society familybuildingsociety.co.uk Online Saver (2) None £100 1.06% Yly

Notice AccountsICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 95 Day £1 1.60% MlyInvestec Bank plc investec.co.uk Notice Plus 95 Day £10,000 1.60% MlyHampshire Trust Bank htb.co.uk 95 Day Notice (Issue 21) 95 Day £1,000 1.50% YlyBank and Clients via post 6 Month Notice Account 6 Month £1,000 1.50% YlySecure Trust Bank securetrustbank.com 90 Day Notice Account 90 Day £1,000 1.48% QlyWyelands Bank wyelandsbank.co.uk 95 Day Notice Account 95 Day £5,000 1.47% Yly

Monthly InterestICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 95 Day £1 1.60% MlyInvestec Bank plc investec.co.uk Notice Plus 95 Day £10,000 1.60% MlyWyelands Bank wyelandsbank.co.uk 95 Day Notice Account 95 Day £5,000 1.47% MlyMoneybox moneyboxapp.com 95 Day Notice Sav Account 95 Day £1 1.45% MlyICICI Bank UK icicibank.co.uk HiSAVE Notice Sav Account 45 Day £1 1.40% MlyParagon Bank paragonbank.co.uk 120 Day Notice (Issue 15) 120 Day £500 1.40% 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% MlyBath BS via branch Junior Saver Instant £1 2.50% YlyVirgin Money 0345 606 7685 Young Saver Issue 6 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% MlySantander 0800 912 3123 123 Current Account Instant £0 1.49% MlyBank of Scotland 0345 721 3141 Classic - with Vantage Instant £1 0.99% Mly

Cash ISAsCash ISAs £1,000Provider Contact Notice Min. % Interest details or term deposit gross paidParagon Bank paragonbank.co.uk 120 Day £500 1.31% YlyBath BS via branch Instant £1 1.25% YlyMonmouthshire BS monbs.com 30 Day £10 1.25% YlyPenrith BS via branch Instant £100 1.25% YlyTeachers BS teachersbs.co.uk 90 Day £100 1.25% YlyBank and Clients via post 90 Day £1,000 1.25% YlyParagon Bank paragonbank.co.uk None £1 1.21% YlySainsbury’s Bank sainsburysbank.co.uk None £500 1.21% YlyTipton & Coseley BS via branch 30 Day £100 1.20% YlyKent Reliance kentreliance.co.uk 60 Day £1,000 1.20% Yly

Cash ISAs £20,000Paragon Bank paragonbank.co.uk 120 Day £500 1.31% YlyBath BS via branch Instant £1 1.25% YlyMonmouthshire BS monbs.com 30 Day £10 1.25% YlyPenrith BS via branch Instant £100 1.25% YlyTeachers BS teachersbs.co.uk 90 Day £100 1.25% YlyBank and Clients via post 90 Day £1,000 1.25% YlyFamily BS familybuildingsociety.co.uk 35 Day £15,000 1.25% YlyParagon Bank paragonbank.co.uk None £1 1.21% YlySainsbury’s Bank sainsburysbank.co.uk None £500 1.21% YlyTipton & Coseley BS via branch 30 Day £100 1.20% Yly

Fixed Cash ISAs £1,000Paragon Bank paragonbank.co.uk 1 Year £500 1.35% YlyKent Reliance kentreliance.co.uk 1 Year £1,000 1.35% OMPost Office Money® postoffice.co.uk 1 Year £500 1.30% YlyFord Money fordmoney.co.uk 1 Year £500 1.25% YlyAl Rayan Bank C alrayanbank.co.uk 12 Month £1,000 1.21% QlySaffron BS saffronbs.co.uk 1 Year £500 1.20% OMMetro Bank via branch 1 Year £1 1.15% YlyHampshire Trust Bank htb.co.uk 1 Year £1 1.10% YlyPost Office Money® postoffice.co.uk 1 Year £500 1.10% YlyHodge Bank hodgebank.co.uk 1 Year £1,000 1.10% OM

Fixed Cash ISAs £20,000Paragon Bank paragonbank.co.uk 1 Year £500 1.35% YlyKent Reliance kentreliance.co.uk 1 Year £1,000 1.35% OMPost Office Money® postoffice.co.uk 1 Year £500 1.30% YlyFord Money fordmoney.co.uk 1 Year £500 1.25% YlyAl Rayan Bank C alrayanbank.co.uk 12 Month £1,000 1.21% QlySaffron BS saffronbs.co.uk 1 Year £500 1.20% OMMetro Bank via branch 1 Year £1 1.15% YlyHampshire Trust Bank htb.co.uk 1 Year £1 1.10% YlyPost Office Money® postoffice.co.uk 1 Year £500 1.10% YlyHodge Bank hodgebank.co.uk 1 Year £1,000 1.10% OM

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 3 April 2020.


Analysis>|

I nvestments in alternative investments such as rare coins, classic cars, art and fine

wine have always offered a way to combine a collector’s passion with the potential for profit.

Since the financial crisis, investors have increasingly looked to assets which have intrinsic value as a way to diversify a portfolio of traditional stocks and shares, as well as an alternative to cash holdings in a persistently low-interest-rate environment.

It is a strategy that has not disappointed in the long term. According to the Coutts Passion Index, so-called ‘passion’ assets have risen by 90.4% at an average of 5.1% per year since the Index began in 2005. Based on the latest Coutts Passion Index 2019 (Figure 1), classic cars have been the best passion investment performer yielding a return of 245.8% since 2005, followed by coins (228.8%) and fine wine (198.0%).

Indeed, for those who can tell their Chateau Latour from a Chateauneuf-du-Pape, there have been some excellent, full-bodied performances in the fine

wine investment market over the medium to long-term.

According to Liv-Ex, which compiles and tracks fine wine prices around the world, the Fine Wine 1000 Index has outperformed all major indices except for the Nasdaq, on a cumulative basis since 2004 to date (Figure 2). Similarly, over five years to January 2020, the Index has provided decent returns of 42.8% against a 14.9% return achieved by the FTSE 100.

Navigating uncertaintyIn the short term, however, performance has been lacklustre.

According to the 2020 Fine Wine Investment Outlook from Cult Wines, 2019 has proven to be a challenging year for the sector, with the majority of Liv-ex indices suffering a downturn.

Tom Gearing, managing director and co-founder of Cult Wines puts poor performance down to geopolitical and economic uncertainty fuelled by US-China trade tensions, US tariffs and an impending Brexit weakening investor

Fine wine can keep you in good spirits

Deborah Benn investigates the performance and prospects of fine wine as a non-traditional asset class

Retu

rns

(%)

-50

0

50

100

150

200

250

Art Finewine

Stamps Coins Classiccars

Impressionist& modern

Old master& C19th

Post-War &contemporary

TraditionalChinese

CouttsPassionIndex

Figure 1: Passion asset returns since 2005

Source: Coutts Investment

Retu

rns

(%)

400

300

200

100

2004 2008 2012 2016

LVX1000FTSEHang SengDow Jones Industrial

NasdaqS&P500Nikkei225

Figure 2: Fine wine vs major indices

Source: Cult Wines


Analysis>|

confidence over the year. Other factors include the divergence in regional performance in the fine wine market.

So what is 2020 likely to bring for fine wine investment enthusiasts? Looking ahead, Gearing believes the uncertain macroeconomic backdrop will continue to weigh on investor sentiment, and regional performance factors will persist.

In this climate, he believes both undervalued regions and those showing resilience in times of uncertainty should be the focal point for investors in 2020.

Take a regional focusJust as in a traditional portfolio, diversification has a critical role to play when looking to invest in fine wines. Taking a regional approach that factors in quality and value is also key.

“Going into 2020, we recommend an overweight stance to defensive and high-quality regions such as Italy and Champagne; a selective, relative value-based approach to more traditional investment regions such as Bordeaux and Burgundy; and an opportunistic allocation to emerging and better-valued regions such as Rhone, Chile, Argentina and Spain,” said Gearing.

In terms of Italian vintages in 2020, the outlook remains positive, according to the report: “Super Tuscans which have provided steady returns and stability, as well as high-quality Barolo and Barbaresco should be well represented within a diversified wine portfolio.”

An equally positive outlook applies to the Champagne region where the prices of back vintages mainly appreciate over time, irrespective of vintage variation or quality.

In addition: “Super-premium brands have reported an increase in global sales, and, with its accessible prices and improved market exposure, grower Champagne is now attracting new investors.”

Nor should investors ignore the potential of the Rhone region where investors and their advisers are becoming increasingly familiar with the region’s producers and high-quality vintages capable of yielding high profits.

A noteworthy example, according to the report, is the Château Rayas, Chateauneuf-du-Pape 2005, which priced at £2,400 per case just ten years ago now trades at £9,000 per case, representing a 275% return.

“As an emerging investment region with a performance less correlated with the wider fine wine market, adding Rhone to a portfolio is expected to provide investors with superior, risk-adjusted returns and a strong opportunity for capital appreciation,” noted the report.

In contrast, two regions the report highlighted as under-performers are Burgundy and Bordeaux. Bordeaux, in particular, has shown itself to be sensitive to the broader market slowdown. However, prime vintages such as 2005, 2009 and 2010 have the potential to deliver decent risk-adjusted returns over the coming months.

“Liquidity, brand, quality and robust overseas demand driven largely by Asia further support the region’s presence in the savvy investor’s portfolio.”

As for the Burgundy region, ongoing demand and limited production mean Burgundy remains a reliable source of return, suggested the report.

Non-traditional asset, traditional approachAs investors increasingly seek out non-traditional asset classes to supplement their portfolio, the fine wine investment market offers potential both as a traditional asset class diversifier as well as scope for profit. But without specific knowledge and experience, it can be a complex market to navigate, particularly in the short term.

As with any asset, the fundamental rules of investing apply with attention to due diligence, volatility, risk and a long term outlook vital.

A full copy of the Fine Wine Investment Outlook 2020 can be found at www.wineinvestment.com/wine-investment/fine-wine-investment-outlook-2020?r=hp.

See www.liv-ex.com for more information on the fine wine indices.

Deborah Benn is an independent financial journalist.

Top 10 factors that influence wine prices1. Market strength: The fine wine market experiences cycles2. Region: Some regions can command higher prices3. Scarcity: Rare wines come at a premium4. Commission: Expect professional buyers to take commission5. Classification: The wine’s position in the regional hierarchy6. Critic scores: Higher scores often mean higher prices7. Producer popularity: Popular brands can cost more8. Tax status: Has duty and tax been paid or is it in bond?9. Age/vintage: Older wines and top vintages command premiums10. Condition: Damaged bottles reduce prices

Source: Liv-Ex

2020 Regional OutlookBurgundy: Positive but cautious on high value big namesBordeaux: Maintain underweight stance but be selective and opportunisticChampagne: Growing global demand supporting returnsItaly: Reliability and outperformanceRhone: Attractive source of return enhancements and diversification

Source: Cult Wines Fine Wine Investment Outlook 2020

http://www.wineinvestment.com/wine-investment/fine-wine-investment-outlook-2020?r=hp



http://www.liv-ex.com


>| The Last Word | Peter Elston

No health without wealthPeter Elston is concerned that policymakers tackling coronavirus are underestimating the risk of a depression

While it is essential that we protect the integrity of health services, it is equally important that we stop what will undoubtedly be severe recessions for many countries turning into a global economic depression. I fear policymakers are underestimating the risk of the latter, and I therefore worry that financial markets, as well as societies more broadly, remain extremely vulnerable.

My concern is twofold.The first relates to human

beings not generally being able to grasp the extent to which conditions around them can in an instant deteriorate rapidly. Our brains think ‘linearly’, meaning that in our daily lives we see the world progressing in a ‘straight line’ fashion – or arithmetically – with one day passing after another, one meal after another etc. Much of the world, however, does not work that way. Populations and bushfires grow exponentially – or geometrically – not linearly. Interest on bank accounts gets compounded.

A tale to illustrate the power of compounding goes like this. Wishing to thank the inventor of chess for his wonderful new game, the emperor of India asks him to name his reward. The man replies that his wishes are simple and that he would like one grain of rice on the first square of the board, two on the second, four on the third and so forth for all 64 squares. The emperor gladly agrees, until he realises that he owes the man 18 billion billion grains of rice.

I realise that for many, life has become extremely difficult in recent weeks. However, there are also many for whom it has been bearable. The temptation may be to think that this can continue, and thus to remain unaware that a tipping point could be reached, perhaps as soon as tomorrow.

Governments around the world have been ramping up their net borrowing, both to finance the

Mark Woolhouse, professor of infectious disease epidemiology at the University of Edinburgh, is a supporter of ‘enhanced shielding’. “Very crudely, for 80% of us who are not vulnerable this is a nasty virus, it is certainly a significant health problem, but it would not overwhelm the healthcare system and it would not lock down society”, he told the

BBC in April.

Playing politicsWhich brings me to my second concern, the politicisation of decision making.

While lifting lockdowns for low risk individuals while applying an ‘enhanced shielding’ approach for the

vulnerable may be the best way to avoid a depression, it may not be the one governments choose, at least not as soon as they should.

Mortality rates for those in younger age groups and with no underlying health conditions are low, but not zero. Governments will want to avoid newspaper headlines blaming them for even one death that would result from them having lifted lockdowns; the temptation to wait a bit longer would be great.

Most governments have been ignoring for years

warnings about the risk of pandemics such as the

current one. It would be unforgiveable if they compounded the mistake of not being cautious enough before this

crisis by being too cautious now.

Of course, we must protect the vulnerable,

both for their own sake and to prevent health

services being overwhelmed. If the world were allowed to slip into economic depression, however, we can kiss our health services goodbye. The same goes for financial markets.

Peter Elston is the former chief investment officer of Seneca Investment Managers.

“If the world were allowed

to slip into economic

depression, we can kiss our

health services goodbye”

rise in spending relating to, say, private sector employee furlough programs, or to fill holes left by lower tax revenues. Thus far, faith that governments can honour these debts down the road has been maintained, with short- and long-term bond yields remaining close to the lows reached in March.

It would be foolish in the circumstances to think of this confidence as being anything other than fickle – history is littered with collapsed ‘safe haven’ bond markets and the associated problems of high inflation and depressed economic growth. It is essential therefore that we get people back to work and spending again without, of course, putting health services at risk.

We can do this through ‘enhanced shielding’, in which lockdowns are lifted for low risk groups – while keeping measures in place to limit transmission – but kept in place for the vulnerable, until such time as a treatment or vaccine is available that is.

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GCI_subsad.indd 1 17/04/2020 12:31

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